Sie sind auf Seite 1von 338



(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VXQOSL] ,WoVDSHQFLO
(VWRHVXQYDVR 7KLVLVDJODVV
4XHVHVWR" :KDWoVWKLV"
4XHV" :KDWLVLW"
(VXQFRFKH" ,VLWDFDU"

'QGHHVWHOPR" :KHUHoVPLQH"
+D\XQDIEULFDFHUFDGHDTX 7KHUHoVDIDFWRU\QHDUKHUH
'DPHHOOLEUR *LYHPHWKHERRN
9HQDPLFDVD &RPHWRP\KRXVH
VWDHVODQLFDDOWHUQDWLYD 7KLVLVWKHRQO\DOWHUQDWLYH

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

'QGHYLYHHOOD" :KHUHGRHVVKHOLYH"
$TXWHGHGLFDV" :KDWGR\RXGR"
/OXHYHPXFKRHQHOQRUWH ,WUDLQVDORWLQWKHQRUWK
1RPHJXVWDWXWUDMH ,GRQoWOLNH\RXUVXLW
3RUTXHVWVDTX" :K\DUH\RXKHUH"



7HHVWQHVSHUDQGR 7KH\oUHZDLWLQJIRU\RX
1RORKDJDVWRGDYD 'RQoWGRLW\HW
+D\SUREOHPDV" $UHWKHUHDQ\SUREOHPV"
4XYDVDGHFLUOH" :KDWDUH\RXJRLQJWRWHOOKLP"
4XLEDVDGHFLUOH" :KDWZHUH\RXJRLQJWRWHOO

KLP"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XLEDVDGHFLU" :KDWZHUH\RXJRLQJWRVD\"
1RYDDSDVDUQDGD 1RWKLQJoVJRLQJWRKDSSHQ
1RHVORTXHSLHQVDV ,WoVQRWZKDW\RXWKLQN
3UXEDORWHJXVWDU 7U\LW\RXoOOOLNHLW
6HHVWKDFLHQGRWDUGH ,WoVJHWWLQJODWH

+DKDELGRXQUHWUDVR 7KHUHoVEHHQDGHOD\
(VWXGHFLVLQ ,WoVXSWR\RX
(VWRVHHVWFRPSOLFDQGR 7KLVLVJHWWLQJFRPSOLFDWHG
4XWHKDFHSHQVDUHVR" :KDWPDNHV\RXWKLQNWKDW"
<RTXHWQRORKDUD ,ZRXOGQoWGRLWLI,ZHUH\RX

+HDG &DEH]D

%DFN (VSDOGD

$UP %UD]R

)HHW 3LHV

/HJ 3LHUQD

9RFDEXODULR%RG\ &XHUSR
0LGGOH$GYDQFHG
1RWHSXHGHVHFKDUDWUV <RXFDQoWEDFNRXW
1RPHEDMHVHOQLYHO 'RQoWORZHUP\OHYHO
&UHRTXHOVHKDHQDPRUDGR ,WKLQNKHoVIDOOHQLQORYH
1RKLFLHURQQDGDDOUHVSHFWR 7KH\GLGQoWGRDQ\WKLQJDERXWLW
1RGLVFXWDPRVKR\ /HWoVQRWDUJXHWRGD\



)RU(QJOLVKVXSHUVWDUVRQO\
7HQJRFDUQHGHJDOOLQD,KDYHJRRVHSLPSOHV
/HYDQWDHOSXHQWHOHYDGL]R5DLVHWKHGUDZEULGJH
6HGHVSHJHOVHOOR 7KHVWDPSFDPHRII
+D\XQYLHMRGLFKRTXHGLFH7KHUHoVDQROGVD\LQJWKDWVD\V
3XHGRGHVFDUWDUHVWD
DOWHUQDWLYD ,FDQUXOHRXWWKLVDOWHUQDWLYH

Z Z ZY D X V \ V  F R P

(/&8562'(),1,7,92

&RPPRQVD\LQJV

3URQRPEUHVGHPRVWUDWLYRV

$ELUGLQKDQGLVZRUWKWZRLQWKHEXVK
(VPHMRUSMDURHQPDQRTXHFLHQWR
YRODQGR

$QH\HIRUDQH\HDQGDWRRWKIRU
DWRRWK
2MRSRURMR\GLHQWHSRUGLHQWH

7RNLOOWZRELUGVZLWKRQHVWRQH
0DWDUGRVSMDURVGHXQWLUR

,WFRVWVDQDUPDQGDOHJ
&XHVWDXQRMRGHODFDUD

$OOWKDWJOLWWHUVLVQRWJROG
1RHVRURWRGRORTXHUHOXFH

fDGLDPRQGLQWKHURXJK
fXQGLDPDQWHHQEUXWR

|RMR

7KLVLVDSHQ(VWRHVXQEROJUDIR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
$TXHOORHVXQEROJUDIR"
(VWRHVXQDQLOOR
$TXHOORQRHVXQDYLQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

DWHQFLQDODSURQXQFLDFLQ

&RXQWULHVDQGQDWLRQDOLWLHV
6SDLQ
)UDQFH
*HUPDQ\
,WDO\
*UHDW%ULWDLQ
(QJODQG
6FRWODQG
,UHODQG LUODQG
%HOJLXP
*UHHFH JULV
7XUNH\ WUNL
5XVVLD UVLD
6ZHGHQ VXLGHQ
1RUZD\ QUZHL
'HQPDUN
)LQODQG
3RODQG
$XVWULD
7KH1HWKHUODQGVRU+ROODQG
&XED NLED

6SDQLVK
)UHQFK
*HUPDQ
,WDOLDQ
%ULWLVK
(QJOLVK
6FRWWLVK
,ULVK
%HOJLDQ
*UHHN
7XUNLVK
5XVVLDQ
6ZHGLVK
1RUZHJLDQ
'DQLVK GLQLV
)LQQLVK
3ROLVK
$XVWULDQ
'XWFK|RMR
&XEDQ NLEDQ

7KH8QLWHG6WDWHV
&DQDGD NQDGD
0H[LFR
3HUX
&RORPELD
&KLOH
%UD]LO
$UJHQWLQD
-DSDQ
&KLQD
,QGLD
$IULFD
$VLD LVLD
.RUHD FRQp.q
$XVWUDOLD
0RURFFR PRUFR
(J\SW FKLSW
,VUDHO
$OJHULD
,UDQ

$PHULFDQ
&DQDGLDQ
0H[LFDQ
3HUXYLDQ|RMR
&RORPELDQ
&KLOHDQ
%UD]LOLDQ
$UJHQWLQHR$UJHQWLQLDQ
-DSDQHVH
&KLQHVH
,QGLDQ
$IULFDQ
$VLDQ $VLDWLF
.RUHDQ
$XVWUDOLDQ
0RURFFDQ
(J\SWLDQ
,VUDHOL LVULOL
$OJHULDQ
,UDQLDQ

(VWLPDGR6U6PLWK

'HDU0U6PLWK

*UDFLDV SRU VX FDUWD GHO  GH DJRVWR UHIHUHQWH D FXUVRV GH
IRUPDFLQ SDUD QXHVWURV YHQGHGRUHV /OHYDPRV WUHV DRV
FRQWUDWDQGRORVVHUYLFLRVGHXQDHPSUHVDGHFRQVXOWRUDSDUD
HVWHQ\HVWDPRVEDVWDQWHFRQWHQWRVFRQORVUHVXOWDGRVRE
WHQLGRVKDVWDODIHFKD

7KDQN\RXIRU\RXUOHWWHURI$XJXVWZLWKUHJDUGWRWUDLQLQJ
FRXUVHVIRURXUVDOHVSHRSOH)RUWKHSDVWWKUHH\HDUVZHKDYH
EHHQ FRQWUDFWLQJ WKH VHUYLFHV RI D FRQVXOWLQJ UP IRU WKLV
SXUSRVH DQG DUH TXLWH VDWLVHG ZLWK WKH UHVXOWV REWDLQHG WR
GDWH

1RREVWDQWHDJUDGHFHPRVVXRIHUWD\ODPDQWHQGUHPRVHQ
QXHVWURVDUFKLYRVSDUDIXWXUDUHIHUHQFLD

1HYHUWKHOHVVZHDSSUHFLDWH\RXURIIHUDQGZLOONHHSLWLQRXU
OHVIRUIXWXUHUHIHUHQFH

$WHQWDPHQWH

6LQFHUHO\\RXUV

(VWLPDGRDPLJR\DOXPQR<RD\HUSOD\DFKLFDUHVWDXUDQWHGLVFRWHFDKRWHOQRFKHDPDP$FDERGHH[SUHVDUFRQFLHUWRLPSDFWR\KDVWD
FRQFLHUWDHORFXHQFLDXQDVHULHGHDFWLYLGDGHVTXHUHDOLFD\HUWDUGH HVWRGRPHQWLUD 6LWHMDVQRKHXWLOL]DGRQLQJQYHUER\DSHVDUGH
HOORKHORJUDGRWUDQVPLWLUFRQHFDFLDXQDVVLWXDFLRQHV0XFKRVHVSDROHVWHPLVWDQWRFRPHWHUHUURUHVJUDPDWLFDOHVTXHRVHQUHGLVX
RVFDOOLVDQWHVGHOOHJDUDODSDUWHGHOUHVWDXUDQWH6L\RFRPRSURIHVRUWXYLHUDTXHHOHJLUHQWUHXQRTXHKDFHXQDFDUQLFHUDFRQPLLGLRPD
SHURGLFHORTXHSLHQVD\XQRTXHDOQDOVHFDOODSRUORTXHHQLQJOVOODPDPRVpSDUOLVLVSRUDQOLVLVqSUHHURHOSULPHUR5HFXHUGDQRYDV
DKDEODUXQLQJOVSHUIHFWRQXQFD3HURHVLPSRUWDQWHTXHDGTXLHUDVODFRQDQ]DVXFLHQWHFRPRSDUDVXSHUDUHOVHQWLGRGHOULGFXOR\VDOWDU
DODSLVFLQD/RV&'oV\'9'oVGHOPWRGR9DXJKDQGLVSRQLEOHVFDGDGRPLQJRFRQ(/081'2WHD\XGDUQDFRQVHJXLUOR
5LFKDUG9DXJKDQ

(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

(OOLEURHVYHUGH 7KHERRNLVJUHHQ
4XLQHV" :KRLVLW"
6R\SURIHVRU ,oPDWHDFKHU
VWDHVXQDPHVD 7KLVLVDWDEOH
'QGHHVW$OHPDQLD" :KHUHoV*HUPDQ\"

(OWX\RHVLPSRUWDQWH <RXUVLVLPSRUWDQW
(VWQHQODVDODGHHVSHUD 7KH\oUHLQWKHZDLWLQJURRP
0LVOLEURVVRQSHVDGRV 0\ERRNVDUHKHDY\
7XVFDOFHWLQHVVRQD]XOHV<RXUVRFNVDUHEOXH
6XVSDGUHV GHO HVWQDTX +LVSDUHQWVDUHKHUH

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

1RWDUGHV 'RQoWEHODWH
7UHPHOR %ULQJLWWRPH
0XVWUDPHOR 6KRZLWWRPH
'PHOR *LYHLWWRPH
(QWUJDPHOR 'HOLYHULWWRPH

|9HQJD|9PRQRV &RPHRQ/HWoVJR
$GQGHTXLHUHVLU" :KHUHGR\RXZDQWWRJR"
3RUTXWHQJRTXHKDFHUOR" :K\GR,KDYHWRGRLW"
+D]ORTXHGLJR 'RZKDW,VD\
+D]ORTXHWHGLJR 'RZKDW,WHOO\RX

6KRXOGHU +RPEUR

(OERZ &RGR

:ULVW 0XHFD

.QHH 5RGLOOD
$QNOH 7RELOOR

9RFDEXODULR-RLQWV $UWLFXODFLRQHV

+LJK,QWHUPHGLDWH
0HHQFDQWWXSUHVHQWDFLQ ,ORYHG\RXUSUHVHQWDWLRQ
<DVHORKHGLFKR DO  ,oYHDOUHDG\WROGKLP
&XQGRSLHQVDVKDFHUOR" :KHQDUH\RXSODQQLQJWRGRLW"
4XWHKDFHSHQVDUHVR" :KDWPDNHV\RXWKLQNWKDW"
0HREOLJDURQDKDFHUOR 7KH\PDGHPHGRLW

/RZ$GYDQFHG
6HWHROYLGUPDUOR <RXIRUJRWWRVLJQLW
'QGHGHERUPDUOR" :KHUHDP,VXSSRVHGWRVLJQLW"
&DVLQXQFDHVWVGHDFXHUGR <RXKDUGO\HYHUDJUHH
9R\DPDQWHQHUPLSDODEUD ,oPJRLQJWRNHHSP\ZRUG
0HSUHJXQWRGQGHHVWDUQ ,ZRQGHUZKHUHWKH\DUH

0LGGOH$GYDQFHG
|'HKDEHUORVDELGR +DG,NQRZQ
1RPHVXHQD IDPLOLDU  ,WGRHVQoWULQJDEHOO
OHVGLJQRGHFRQDQ]D +HoVWUXVWZRUWK\
1RPHGHFHSFLRQHV 'RQoWOHWPHGRZQ
&XHQWRFRQWLJR ,oPFRXQWLQJRQ\RX

)RU(QJOLVKVXSHUVWDUVRQO\
<DQRSXHGRFRQHOOR ,FDQoWWDNHLWDQ\PRUH
%URPHDVRTX" $UH\RXNLGGLQJ"
$FHOHUDHOULWPR 6SHHGXSWKHSDFH
1RWHTXHGHVDWUV 'RQoWIDOOEHKLQG
0HHVWVSLVDQGR <RXoUHVWHSSLQJRQPH

Z Z ZY D X V \ V  F R P

(/&8562'(),1,7,92
p3HRSOHqUHTXLHUHHOSOXUDOGHOYHUER

&RPPRQVD\LQJV

3HRSOHDUH

7REHDWDURXQG DERXW WKHEXVK


$QGDUVHFRQURGHRV

%RWWRPVXS
|$OFHQWUR\SDoGHQWUR

,WoVQRWP\FXSRIWHD
1RHVORPR

7RSDVVWKHEXFN
3DVDUODSHORWD

%ORRGLVWKLFNHUWKDQZDWHU
/DVDQJUHWLUD

7RFDOODVSDGHDVSDGH
/ODPDUDOSDQSDQ\DOYLQRYLQR

/DJHQWHHV

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
/DJHQWHHQ,WDOLDHVLWDOLDQD
/DJHQWHHQ1RUXHJDHVQRUXHJD
/DJHQWHHQ6XL]DHVVXL]D
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV


p,QIURQWRIqVLJQLFDpGHODQWHGHqQRpHQIUHQWHGHq
+DFHDRVVXIUODVFRQVHFXHQFLDVGHXQPDOHQWHQGLGRHQLQJOV
GHELGRDHVWDH[SUHVLQ'DEDFODVHDXQGLUHFWLYR\SRUXQRV
GDVPLFRFKHHVWDEDHQHOWDOOHU/DFODVHHUDDODVRFKRGHOD
PDDQD\TXHGFRQHOGLUHFWLYRHQTXHPHUHFRJLHUDDODV
SDUDLUFRQODVXRFLQDSDUDGDUODFODVH
3XHVWRTXHQRPHJXVWDEDKDEODUFDVWHOODQRHQFODVHOHGLMHTXH
OHHVSHUDUDpLQIURQWRI1XHYRV0LQLVWHULRVq(OSDUHFHQWHQ
GHUPHSHUIHFWDPHQWH

$ODPDDQDVLJXLHQWH\RHVWDEDWDQIHOL]HVSHUQGROHGHODQ
WHGH1XHYRV0LQLVWHULRV\OLJXDOPHQWHIHOL]HVSHUQGRPH
HQIUHQWHGH1XHYRV0LQLVWHULRVHVGHFLUHQHOODWHUDOGHOD
&DVWHOODQDHQHOODGRWRWDOPHQWHRSXHVWR
8QDKRUDPVWDUGH\DSRUWHOIRQROPHDFXVGHKDEHUOH
GDGRSODQWQ<ROHDFXVGHQRKDEHUSUHVWDGRODDWHQFLQ
GHELGDDPLVH[SOLFDFLRQHVJUDPDWLFDOHV
'HOLR4XLxRQHVSURIHVRU9DXJKDQ

(VWLPDGD6UWD-RKQVRQ

'HDU0LVV-RKQVRQ

(Q SULPHU OXJDU TXLHUR H[SUHVDU PL DJUDGHFLPLHQWR SRU HO


H[FHOHQWHVHUYLFLRTXHVXHPSUHVDQRVSUHVWGXUDQWHODUH
FLHQWHFDPSDDGHYHQWDV7LHQH9GXQH[FHOHQWHHTXLSRGH
SURIHVLRQDOHV \ OD LQIRUPDFLQ TXH QRV SURSRUFLRQDURQ IXH
PX\YDOLRVD

)LUVWRIDOO,ZDQWWRH[SUHVVP\DSSUHFLDWLRQIRUWKHH[FHOOHQW
VHUYLFH \RXU FRPSDQ\ JDYH XV GXULQJ WKH UHFHQW VDOHV FDP
SDLJQ <RX KDYH DQ H[FHOOHQW WHDP RI SURIHVVLRQDOV DQG WKH
LQIRUPDWLRQWKH\SURYLGHGXVZLWKZDVYHU\YDOXDEOH

&RPRVDEHORVSUHSDUDWLYRVSDUDODFDPSDDGHLQYLHUQRFR
PHQ]DUQDPHGLDGRVGHVHSWLHPEUH\SRUVXSXHVWRTXHUH
PRV TXH VX HTXLSR YXHOYD D D\XGDUQRV D Q GH DVHJXUDU HO
PLVPRQLYHOGH[LWRTXHKHPRVGLVIUXWDGRHVWHYHUDQR

$V \RX NQRZ WKH SUHSDUDWLRQV IRU WKH ZLQWHU FDPSDLJQ ZLOO
EHJLQLQWKHPLGGOHRI6HSWHPEHUDQGRIFRXUVHZHZDQW\RXU
WHDPWRKHOSXVDJDLQLQRUGHUWRHQVXUHWKHVDPHOHYHORIVXF
FHVVZHHQMR\HGWKLVVXPPHU

$WHQWDPHQWH

9HU\WUXO\\RXUV

(VWLPDGRDPLJR\DOXPQR/RPVLPSRUWDQWHDODKRUDGHGRPLQDUXQVHJXQGRLGLRPDHQVLWXDFLRQHVSUFWLFDVHVSRVHHUXQRGRQVLPR
SDUDFDSWDUVLQHVIXHU]RORVVLJQLFDGRV\PDWLFHVGHWXVLQWHUORFXWRUHV(VWRQRVHSXHGHREWHQHUDWUDYVGHODXODQLFRQHOPHMRUPWRGR
QLFRQHOPHMRUSURIHVRUGHOPXQGR/DQLFDIRUPDGHFRQVHJXLUORVGHVSXVGHDSUHQGHUODVIRUPDV\HVWUXFWXUDVHQVXVHQWLGRWHULFRHV
H[SRQLHQGRHORGRDFLHQWRVGHKRUDVGHLQJOVSURQXQFLDGRSRUFHQWHQDUHVGHSHUVRQDVFRQVXVGLVWLQWRVDFHQWRVYHORFLGDGHV\WHPSHUD
PHQWRV/DFRPXQLFDFLQVLHPSUHHPSLH]DSRUHORGR6LHVWHDVSHFWRQRIXQFLRQDWRGRVORVGHPVFRQRFLPLHQWRV\KDELOLGDGHVVLUYHQGH
PX\SRFR3RGUVLPSUHVLRQDUDWXSURIHVRUFRQWXH[FHOHQWHGRPLQLRGHORVYHUERVLUUHJXODUHVSHURQRSRGUVGHVHQYROYHUWHHQDEVROXWR
HQQLQJQIRURGHFRPXQLFDFLQ(ORGRORHVWRGR3RUHOORWHLQVLVWRHQTXHDGHPVGHOHHUQXHVWUROLEURFDGDGRPLQJRDWUDYVGH(/
081'2GHGLTXHVWXWLHPSRFRPRSULRULGDGDHVFXFKDUHO&'GHDXGLRTXHORDFRPSDD\DYHUHQHO'9'ODVWUHVFODVHVLPSDUWLGDVSRU
XQVHUYLGRU
5LFKDUG9DXJKDQ

(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

(UHVPLHVSRVD <RXoUHP\ZLIH
6R\WXPDULGR ,oP\RXUKXVEDQG
6RQPLVKLMRV 7KH\oUHP\FKLOGUHQ
VWHHVPLSHUUR 7KLVLVP\GRJ
VWRVVRQPLVOLEURV 7KHVHDUHP\ERRNV

(OTXHHVWDOOHVPR7KHRQHRYHUWKHUHLVPLQH
'HTXLQHVHVWHOSL]":KRVHSHQFLOLVWKLV"
9LYRHQ(VSDD,OLYHLQ6SDLQ
7UDEDMRHQXQDIEULFD,ZRUNLQDIDFWRU\
7HHVWR\KDEODQGR,oPWDONLQJWR\RX

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

0HJXVWDLUDOO ,OLNHWRJRWKHUH JRLQJ 


1ROOXHYHPXFKRDTX ,WGRHVQoWUDLQPXFKKHUH
7HORYR\DGHFLU ,oPJRLQJWRWHOO\RX
1RORYDQDKDFHU 7KH\oUHQRWJRLQJWRGRLW
/RKDFHQPX\DPHQXGR 7KH\GRLWYHU\RIWHQ

6HWDUGDPXFKR,WWDNHVDORQJWLPH
7HYDVDFDQVDUGHP<RXoUHJRLQJWRJHWWLUHGRIPH
3XHGRKDFHUOR\RWDPELQ"&DQ,GRLWWRR"
1RPHGLFXHQWD,GLGQoWUHDOL]H
+DEDYDULRVDVXQWRV7KHUHZHUHVHYHUDOPDWWHUV

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&RQIDHQP 7UXVWPH


6ORTXHKDJR ,NQRZZKDW,oPGRLQJ


9DVDHVWURSHDUORWRGR <RXoUHJRLQJWRUXLQHYHU\WKLQJ
(VWR\HQSHURGRGHSUXHED ,oPRQDWULDOSHULRG
+D\XQYLHMRUHIUQTXHGLFH 7KHUHoVDQROGVD\LQJWKDWVD\V

4XVHVLHQWHDOVHUPLOORQDULR"+RZGRHVLWIHHOWREH

DPLOOLRQDLUH"
9DQDLQWHQWDUGHVWUXLUWH7KH\oUHJRLQJWRWU\WRGHVWUR\

\RX
'HHVRSXHGHVHVWDUVHJXUR<RXFDQEHVXUHRIWKDW
3UXEDWHOR\GHVSXVFPSUDOR7U\LWRQDQGWKHQEX\LW
(VHWLSRQRPHDVXVWDSDUDQDGD7KDWJX\GRHVQoWVFDUHPHDWDOO

(\HV 2MRV

(DUV 2UHMDV
0RXWK %RFD

1RVH 1DUL]
&KLQ %DUELOOD

9RFDEXODULR)DFH &DUD
0LGGOH$GYDQFHG
<DORVXSHUDUV <RXoOOJHWRYHULW
(VSHUMXGLFLDOSDUDWXVDOXG ,WoVKDUPIXOWR\RXUKHDOWK
<RTXHWOHOOHYDEDDOO ,I,ZHUH\RX,oGWDNHKLPWKHUH
6LQRKXELHUDVLGRSRUWL ,ILWKDGQoWEHHQIRU\RX
/RVLHQWRQRORSXHGRHYLWDU ,oPVRUU\,FDQoWKHOSLW

)RU(QJOLVKVXSHUVWDUVRQO\
&PRTXHHVWVFDQVDGR":KDWGR\RXPHDQ\RXoUHWLUHG"
4XVLJQLFD27$1":KDWGRHV27$1VWDQGIRU"
|1RPHGLJDV<RXGRQoWVD\
,QWHQWKDFHUOHOD]DQFDGLOOD,WULHGWRWULSKLP
7HHVWVVRQURMDQGR<RXoUHEOXVKLQJ

Z Z ZY D X V \ V  F R P

(/&8562'(),1,7,92

&RPPRQVD\LQJV

(QIRTXHYHUEDOGHODVHPDQD

'RQoWSXWWKHFDUWEHIRUHWKHKRUVH
1RHPSH]DUODFDVDSRUHOWHMDGR

7KDWoVDKRUVHRIDGLIIHUHQW
FRORXU
(VRHVKDULQDGHRWURFRVWDO

7KH\FDXJKWPHUHGKDQGHG
0HFRJLHURQFRQODVPDQRVHQODPDVD
$FKLSRIIWKHROGEORFN
'HWDOSDORWDODVWLOOD

7REHLQWKHGROGUXPV
(VWDUGHFDSDFDGD


7RWDNH 

7DUGDU

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
6HWDUGDGRVKRUDVHQLUGH/RQGUHVD0DGULG
OWDUGDPLQXWRVHQDIHLWDUVH
7DUGRPXFKRHQOOHJDUDOWUDEDMR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

*RLQJ&RPLQJ*RLQJEDFN&RPLQJEDFN
(OFRQWUDULRGHpJRLQJq \HQGR HVpFRPLQJq YLQLHQGR 6H
SURQXQFLDFPLQJ
7DPELQYDPRVDYHUDTXODSUHSRVLFLQpEDFNq GHYXHOWD 
&XDQGRpEDFNqVLJDDORVYHUERVpJRLQJqRpFRPLQJqODH[SUH
VLQHTXLYDOHDOYHUERpWRUHWXUQq YROYHU p5HWXUQqHVXQYHUER
LPSRUWDQWHSHURVHXVDPXFKRPHQRVTXHpJREDFNqRpFRPH
EDFNq(VFXULRVRPXFKRVHVSDROHVFRQIXQGVODGLIHUHQFLD
WHULFDHQWUHpJREDFNq\pFRPHEDFNqSXHVWRTXHDPERVVLJQL
FDQpYROYHUq$KRUDELHQXQRVLJQLFDpYROYHUSDUDDOOq\RWUR
pYROYHUKDFLDDTXq,PDJLQHPRVTXHYLYHVHQ0DGULG\TXHYDV
DYLDMDUPDDQDGHVGH0DGULGKDVWD%DUFHORQD\TXHSDVDGR
PDDQDYDVDUHJUHVDUD0DGULGSDUDOXHJRYROYHUD%DUFHOR
QDODVHPDQDTXHYLHQH\UHJUHVDUGHQXHYRDOGDVLJXLHQWH
(VWXGLHPRVODVIUDVHVFRUUHVSRQGLHQWHVHQLQJOVSDUDH[SUHVDU
HVWHSODQGHYLDMH9R\DXVDUHOSUHVHQWHFRQWLQXRFRQpJRLQJq\
pFRPLQJqGHQWURGHXQDLGHDGHIXWXURLQPHGLDWR
,oPJRLQJWR%DUFHORQDWRPRUURZ
9R\D%DUFHORQDPDDQD

pJRLQJq \HQGR

,oPFRPLQJEDFNWR0DGULGWKHQH[WGD\
9XHOYRD0DGULGDOGDVLJXLHQWH

pFRPLQJEDFNq
YLQLHQGRGHUHJUHVR

7KHQ,oPJRLQJEDFNWR%DUFHORQD
QH[WZHHN
/XHJRYROYHUD%DUFHORQDODSU[LPD
VHPDQD

pJRLQJEDFNq
\HQGRGHUHJUHVR

)LQDOO\,oPFRPLQJEDFNWR0DGULG
WKHQH[WGD\
3RUOWLPRYROYHUD0DGULGDOGD
VLJXLHQWH

pFRPLQJEDFNq
YLQLHQGRGHUHJUHVR

5HFDSLWXODQGRVLHOSURIHVRUVHOHYDQWDGHODPHVDHQGRQGH
HVWFRQWLJR\VHGLULJHKDFLDODSXHUWDOHSRGUVGHFLU
<RXUHJRLQJWRWKHGRRU
6LOXHJRYXHOYHDODPHVDGRQGHWHVWVGLUV
<RXUHFRPLQJEDFNWRWKHWDEOH
6LGHVSXVYXHOYHDGLULJLUVHKDFLDODSXHUWDGLUV
<RXUHJRLQJEDFNWRWKHGRRU

DWHQFLQDODSURQXQFLDFLQ

(VWLPDGRDPLJR\DOXPQR
9HUGDGQ 8QRSXHGHGRPLQDUODJUDPWLFDDEDUFDUXQYRFDEXODULRH[WHQVR\VHUSRUQDWXUDOH]DGHFLGLGR\UHVXHOWRSHURVLDODKRUDGHOD
YHUGDGQRHQWLHQGHWRGRDODSULPHUDVXGRPLQLRVXGHFLVLQ\VXYRFDEXODULRVHGHUUXPEDQ\DFDEDQYDOLHQGRSDUDPX\SRFR
9HUGDGQ 6LXQRTXHGRPLQDGHYHUGDGHOLGLRPDHVLJXDOPHQWHFDSD]GHHQWHQGHUWRGRDODSULPHUDVHFRQYLHUWHHQXQFRPXQLFDGRUFDVL
WDQHFD]HQLQJOVFRPRHQVXSURSLDOHQJXD6LHQWHTXHFRQWURODODVLWXDFLQ\HVWFPRGRHQFXDOTXLHUIRUR\DPELHQWH
9HUGDGQ 6LXQRFRQPHQRVFRQRFLPLHQWRVGHOLQJOVGHUHSHQWHHPSLH]DDHQWHQGHUWRGRRFDVLWRGRDODSULPHUDVXVFRQRFLPLHQWRVOLPL
WDGRVRUHFHQKDVWDOPLWHVLQVRVSHFKDGRV\VXPRWLYDFLQSDUDKDFHUVHFRQORVGHPVDVSHFWRVGHOLGLRPDVXEHPLOHQWHURV
9HUGDGQ 1RKD\QDGDSHRUTXHODDQJXVWLDGHQRVHJXLUELHQODGLQPLFDYHUEDOHQXQDUHXQLQGHDOWRQLYHO/HFRQGHQDDXQRDFDOODU
VH\DVHQWLUVHYLROHQWRHLQWLO
/DFRPSUHQVLQDXGLWLYDHVFRQPXFKDGLIHUHQFLDHODVSHFWRPVLPSRUWDQWHTXHXQRGHEHGRPLQDUDODKRUDGHKDEODUHFD]PHQWHXQ
LGLRPD&PRGHEHXQRPHMRUDUVXQLYHODXGLWLYR"2\HQGR\HVFXFKDQGRHOLGLRPDGXUDQWHPXFKDVKRUDV1RH[LVWHQRWUDVIUPXODVPV
USLGDVRHIHFWLYDV<ORPHMRUHVHPSH]DUFRQORV&'oV\'9'oVGHOPWRGR9DXJKDQTXH(/081'2WHRIUHFHFDGDGRPLQJRHQWXTXLRVFR

5LFKDUG9DXJKDQ

(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

(VSDUDP ,WoVIRUPH
6RQSDUDWL 7KH\oUHIRU\RX
(VSDUDO ,WoVIRUKLP
6RQSDUDHOOD 7KH\oUHIRUKHU
(VSDUDQRVRWURV ,WoVIRUXV

(OPRHVSDUDP 0LQHLVIRUPH
(OWX\RHVSDUDWL <RXUVLVIRU\RX
(OVX\R GHO HVSDUDO+LVLVIRUKLP
(OVX\R GHHOOD HVSDUDHOOD +HUVLVIRUKHU
(OQXHVWURHVSDUDQRVRWURV2XUVLVIRUXV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(VWHPSH]DQGRDOORYHU ,WoVVWDUWLQJWRUDLQ
&XQGRHPSLH]DODFODVH" :KHQGRHVWKHFODVVEHJLQ"
&XQGRWHUPLQD" :KHQGRHVLWHQG"
&XQGRWHUPLQDV" :KHQGR\RXQLVK"
&XQWRWLHPSRGXUDODFODVH" +RZORQJGRHVWKHFODVVODVW"

3UHJXQWDV" $Q\TXHVWLRQV"
7HSXHGRKDFHUXQDSUHJXQWD"&DQ,DVN\RXDTXHVWLRQ"
/RTXHTXLHUDV $Q\WKLQJ
4XLQGHVFXEULHOWRPR" :KRGLVFRYHUHGWKHDWRP"
/RGHVFXEUL(LQVWHLQ" 'LG(LQVWHLQGLVFRYHULW"

3DJHV 3JLQDV

&RYHU &XELHUWD

7LWOH 7WXOR

6SLQH /RPR

-DFNHW 6REUHFXELHUWD

9RFDEXODULR%RRN /LEUR

+LJK,QWHUPHGLDWH
4XLHURRVWHRDTXO ,ZDQWHLWKHUWKLVRQHRUWKDWRQH
1RTXLHURQLHOXQRQLHORWUR ,GRQoWZDQWHLWKHURQH
&XDOTXLHUDHVWELHQ (LWKHURQHLVQHZLWKPH
0DQWQPHLQIRUPDGR .HHSPHLQIRUPHG
7RGRHVWIXHUDGHFRQWURO (YHU\WKLQJLVRXWRIFRQWURO

/RZ$GYDQFHG
&DEH" 'RHVLWW"
$QWHVFDED ,WXVHGWRW
7HYHRFDQVDGR <RXORRNWLUHG
'HEHQGHHVWDUORFRV7KH\PXVWEHFUD]\
1RVTXFUHHU ,GRQoWNQRZZKDWWRWKLQN

0LGGOH$GYDQFHG
1RSLHUGDVGHYLVWDODPHWD 'RQoWORVHVLJKWRIWKHJRDO
&UX]DURQODPHWD 7KH\FURVVHGWKHQLVKOLQH
(OLQJOVHVPLOHQJXDPDWHUQD (QJOLVKLVP\PRWKHUWRQJXH


$QWHVKDEDPVQLHYH 7KHUHXVHGWREHPRUHVQRZ
$QWHVQHYDEDPV ,WXVHGWRVQRZPRUH

)RU(QJOLVKVXSHUVWDUVRQO\
1RPHPDOLQWHUSUHWHV 'RQoWJHWPHZURQJ
/RKLFHVLQTXHUHU ,GLGQoWPHDQWRGRLW
4XLHUROHHUXQDFLWDGH/DUUD ,ZDQWWRUHDGDTXRWHIURP

/DUUD
+D\HVFDVH]GHHVFRFHVHV 7KHUHoVDVKRUWDJHRI6FRWV
7HQHPRVXQVXSHUYLWGHFDMD:HKDYHDFDVKVXUSOXV

Z Z ZY D X V \ V  F R P

(/&8562'(),1,7,92

&RPPRQVD\LQJV

3KUDVDO9HUEGHODVHPDQD

:LOGKRUVHVFRXOGQoWNHHSPHDZD\
1RPHORSHUGHUDSRUQDGDGHOPXQGR

7KHGLHLVFDVW
/DVXHUWHHVWHFKDGD

'RQoWORRNDJLIWKRUVHLQWKHPRXWK
$FDEDOORUHJDODGRQROHPLUHVHOGLHQWH

,WoVP\VKRXW
|,QYLWR\R

7RFKDQJHKRUVHVLQPLGVWUHDP
&DPELDUGHRSLQLQDPLWDGGHFDPLQR

7KH\ZHUHGURSSLQJOLNHLHV
&DDQFRPRPRVFDV

7RJHWRQ

6XELU

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
6XERDODXWREVDOQDOGHPLFDOOH
7HQFXLGDGRFXDQGRVXEDVDODXWREV
0HFDFXDQGRVXEDODXWREV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

+LVs+HUs7KHLU 6XGHOs6XGHHOODs6XGHHOORV
(QFDVWHOODQRpVXqSXHGHGDUOXJDUDFRQIXVLQSXHVWRTXH
SXHGHVLJQLFDUpGHOqpGHHOODqpGHHOORVqpGHHOODVqpGH9Gq
RpGH9GVq

(OSHULRGLVWDTXLVRDFODUDU
4XLHUHGHFLUTXHHVWHQ&XEDHQVXSDVQDWDO$UJHQWLQDRHQ
PLSDV(VSDD"

(QHODR)LGHO&DVWURUHFLELDXQJUXSRGHSHULRGLVWDV
HVSDROHV'XUDQWHHOWUDQVFXUVRGHODFRQIHUHQFLDGHSUHQVDXQ
SHULRGLVWDHVSDROOHSUHJXQW
'QGHVHHQFXHQWUDDKRUD&KH*XHYDUD"

&DVWURVRQUL\GLMR
9GWHQGUTXHHQFRQWUDUODUHVSXHVWDDHVDSUHJXQWD
(QLQJOVDIRUWXQDGDPHQWHQRVROHPRVVXIULUFRQIXVLRQHVGH
HVWHWLSR1XHVWURVDGMHWLYRVSRVHVLYRVVRQPVSUHFLVRV

&DVWUROHUHVSRQGL
(VWHQVXSDV

(VWLPDGR3HWHU

'HDU3HWHU

5HFLEWXFDUWD\HVWR\FRPSOHWDPHQWHGHDFXHUGRFRQWXIRU
PDGHYHUODVFRVDV1RVR\QHFHVDULDPHQWHXQJUDQGHIHQVRU
GHHVWHWLSRGHDQOLVLVSHURHQHVWHFDVRFUHRTXHHVLPSRU
WDQWH HVWDU DEVROXWDPHQWH VHJXUR DQWHV GH ODQ]DU HO QXHYR
SURGXFWR

, UHFHLYHG \RXU OHWWHU DQG FRPSOHWHO\ DJUHH ZLWK \RXU ZD\ RI
VHHLQJWKLQJV,PQRWQHFHVVDULO\DJUHDWGHIHQGHURIWKLVNLQG
RIDQDO\VLVEXWLQWKLVFDVH,WKLQNLWVLPSRUWDQWWREHDEVROX
WHO\VXUHEHIRUHODXQFKLQJWKHQHZSURGXFW

5HFXHUGRXQFDVRSDUHFLGRKDFHXQRVDRV(QDTXHOHQ
WRQFHV RPLWLPRV DOJXQRV HQVD\RV RSFLRQDOHV SRU IDOWD GH
WLHPSR 0DUNHWLQJWHQDSULVD \PVWDUGHVXIULPRVODVFRQ
VHFXHQFLDV3RUORWDQWRSXHGHVFRQWDUFRQPLDSR\RHVWDYH]
VLGHFLGHVXVDUWXDXWRULGDGSDUDGHWHQHUODSURGXFFLQ

,UHPHPEHUDVLPLODUFDVHVRPH\HDUVDJR$WWKDWWLPHZH
VNLSSHG VRPH RSWLRQDO WHVWV IRU ODFN RI WLPH 0DUNHWLQJ ZDV
LQDKXUU\ DQGZHODWHUVXIIHUHGWKHFRQVHTXHQFHV7KHUHIRUH
\RXFDQFRXQWRQP\VXSSRUWWKLVWLPHLI\RXGHFLGHWRXVH\RXU
DXWKRULW\WRVWRSSURGXFWLRQ

8QVDOXGR

5HJDUGV

(VWLPDGRDPLJR\DOXPQR1RKDFHPXFKRXQFRQRFLGRKRPEUHGHQHJRFLRVHVSDROFHUUHQXQSDVGHOVXGHVWHDVLWLFRXQFRQWUDWR
SDUDODYHQWDGHFLGRIRVIULFR'HUHJUHVRFRPHQWDVXVGRVFRODERUDGRUHVTXHVXVLQWHUORFXWRUHVHQODQHJRFLDFLQWUHVPLHPEURVGHO
0LQLVWHULRGH,QGXVWULDGHOSDVHQFXHVWLQKDEDQVLPSDWL]DGRFRQOQDGDPVLQLFLDUODVSULPHUDVURQGDVGHODODUJDVHULHGHHQFXHQWURV
p3DUHFDTXHVHPDUDYLOODEDQGHODIRUPDHQTXHPHH[SUHVDEDq$XQTXH\RWHSLGRXQHVIXHU]RSRUGHUULEDUXQDGHWUVGHRWUDODVPOWLSOHV
EDUUHUDVSDUDOOHJDUDODPHWDFRQWXLQJOVVSHUIHFWDPHQWHTXHHVXQDWDUHDODUJD\GLIFLO1RWRGRHOPXQGROOHJDSHURWHQJRXQUHVSHWR
WUHPHQGRSRUORVTXHDXQTXHQROOHJDQSRQHQWRGDODFDUQHHQHODVDGRUHQLQWHUWDUOR7HGLJRXQVHFUHWRVLDOJQGDOOHJDVDODPHWD
HQWHQGHUVODVDWLVIDFFLQGHHVHKRPEUHGHQHJRFLRVHVSDRO3RGHUH[SUHVDUVHELHQHQRWUDOHQJXD\GHVHQYROYHUVHVLQGLFXOWDGHVFRQ
SHUVRQDVGHRWUDFXOWXUDSURGXFHXQDVDWLVIDFFLQWUHPHQGD
5LFKDUG9DXJKDQ

(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

(VHVWRXQEROJUDIR" ,VWKLVDSHQ"
(VXQWHOIRQR" ,VLWDWHOHSKRQH"
4XHV" :KDWLVLW"


'HTXFRORUHV" :KDWFRORXULVLW"
(UHVGH6XHFLD" $UH\RXIURP6ZHGHQ"



'QGHYLYHV":KHUHGR\RXOLYH"
6DEHVPLQRPEUH"'R\RXNQRZP\QDPH"
7HQJRFRFKH\GRVPRWRV,KDYHDFDUDQGWZR

PRWRUF\FOHV
1RWHQJRSHUUR,GRQoWKDYHDGRJ
&XQWRVKLMRVWLHQHV"+RZPDQ\FKLOGUHQGR\RX

KDYH"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

+DFHEXHQWLHPSR 7KHZHDWKHULVQLFH
4XWLHPSRKDFHKR\" :KDWoVWKHZHDWKHUOLNHWRGD\"
1RTXLHURVDOLUKR\ ,GRQoWZDQWWRJRRXWWRGD\
3UHHURTXHGDUPHHQFDVD ,SUHIHUWRVWD\DWKRPH
1RPHJXVWDHOPDOWLHPSR ,GRQoWOLNHEDGZHDWKHU

3RUTXQRVHORGLFHV":K\GRQoW\RXWHOOKLP"
4XLHURTXHPHHVFXFKHV,ZDQW\RXWROLVWHQWRPH
+DEODVGHPDVLDGR<RXWDONWRRPXFK
3UXHEDKDFLQGRORDV7U\GRLQJLWWKLVZD\
6KDFHUOR,NQRZKRZWRGRLW

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

,UDSRUHOOLEUR ,oOOJRDQGJHWWKHERRN
&RPSUXHEDTXHWLHQHVWRGR &KHFNWKDW\RXKDYHHYHU\WKLQJ
$VHJUDWHGHTXHHVWQOLVWRV 0DNHVXUHWKH\oUHUHDG\
/HVOOHYR\DDOKRWHO" 6KDOO,WDNHWKHPWRWKHKRWHO"
$EURODYHQWDQD" 6KDOO,RSHQWKHZLQGRZ"

4XHVWDUQKDFLHQGR",ZRQGHUZKDWWKH\oUHGRLQJ
'MDPHORDP/HDYHLWWRPH
'DWHODYXHOWD7XUQDURXQG
(QVDPHORTXHWLHQHV6KRZPHZKDW\RXKDYH
|(VXQKRPEUHWDQH[WUDR+HoVVXFKDVWUDQJHPDQ

(\HEURZV &HMDV
(\HOLGV 3USDGRV

(\HODVKHV 3HVWDDV

3XSLO 3XSLOD
,ULV ,ULV

9RFDEXODULR(\HV 2MRV

0LGGOH$GYDQFHG
(VWR\DJRWDGR ,oPH[KDXVWHG
/HVUHFRJHUFDPLQRGHFDVD ,oOOSLFNWKHPXSRQWKHZD\KRPH
(VWVHQPHGLR <RXoUHLQWKHZD\
4XWDWHGHHQPHGLR *HWRXWRIWKHZD\
7PEDWH\GHVFDQVDXQUDWR /LHGRZQDQGUHVWIRUDZKLOH

)RU(QJOLVKVXSHUVWDUVRQO\
6DOHKXPRGHODUHMLOOD6PRNHoVFRPLQJRXWRIWKHYHQW
,QFRUSUDWH6LWXS
8QWDODWRVWDGDFRQPDQWHTXLOOD6SUHDGEXWWHURQWKHEUHDG
|1LVHWHRFXUUD'RQoW\RXGDUH
(VWRDOLYLDUHOGRORU7KLVZLOOUHOLHYHWKHSDLQ

Z Z ZY D X V \ V  F R P

(/&8562'(),1,7,92

&RPPRQVD\LQJV
7KHHDUO\ELUGFDWFKHVWKHZRUP
$OTXHPDGUXJD'LRVOHD\XGD

3XQWRJUDPWLFDOGHODVHPDQD
fDIDWHZRUVHWKDQGHDWK
3UHIHULUDPRULUPHTXH

$ERXWWR

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

7KHPRUHWKHPHUULHU
7REHOWK\ULFK
&XDQWRVPVPHMRU VHUHHUHDSHUVRQDV  (VWDUIRUUDGR GHGLQHUR 
7KHH[FHSWLRQSURYHVWKHUXOH
/DH[FHSFLQFRQUPDODUHJOD

$SXQWRGH

7KHUHDUHSOHQW\RIVKLQWKHVHD
+D\PXFKRPVGRQGHHOHJLU
QXHYDSDUHMD

(OWUHQHVWDSXQWRGHVDOLU
(OHGLFLRHVWDSXQWRGHYHQLUVHDEDMR
0LHTXLSRHVWDSXQWRGHJDQDUOD/LJD

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

4XHUHPRVDKRUDFRQIXQGLURVDWRGRVYHDPRVORVFRQWDEOHV\ORVLQFRQWDEOHV
$TXYDPRVDHQWUDUHQDOJRTXHSDUDORVHVSDROHVSDUHFHFODUR
FXDQGRORDSUHQGLVSHURTXHVHKDFHFRQIXVRGHVSXV4XL]
VHDSRUTXHORVOLEURVGHWH[WRVLHPSUHKDEODQGHpFRQWDEOHVH
LQFRQWDEOHVqORFXDOREOLJDDODOXPQRDKDFHUXQDHVSHFLHGH
HVWXGLRHQDEVWUDFWR
DERRN XQOLEUR 





(VWHVXVWDQWLYR ERRN HVXQDSDODEUD


FRQFUHWD3XHGHVVHDODUORSRUHMHPSOR\
GHFLUXQOLEUR7DPELQSXHGHVFRQWDU
OLEURVVLWLHQHVEDVWDQWHVRQHWZR
WKUHHHWF

ZDWHU DJXD 





(VWHVXVWDQWLYR ZDWHU HVXQDSDODEUD


DEVWUDFWD6LODVHDODVQRSXHGHVGHFLU
XQDJXD1RSXHGHVFRQWDUHOpDJXDqVLQRTXH
WLHQHVTXHUHIHULUWHDSDODEUDVFRQFUHWDVR
XQLWDULDV







XQDERWHOODGHDJXD
GRVOLWURVGHDJXD

PRQH\ GLQHUR 














(VWHVXVWDQWLYRWDPELQHVDEVWUDFWR
LQFRQWDEOH$KRUDPHGLUVp&PRTXH
HVLQFRQWDEOHHOGLQHUR"$PXFKDJHQWH
OHHQFDQWDFRQWDUVXGLQHURq(VWR\GH
DFXHUGRSHURVLJRHQPLVWUHFH(OGLQHUR
QRHVFRQWDEOH8QRQRSXHGHGHFLU
p7HQJRWUHVGLQHURVq7LHQHVTXHUHIHULUWHD
XQDXQLGDGFRQWDEOH
 7HQJRWUHVHXURV
 7HQJRGRVVDFRVGHGLQHUR
/DVSDODEUDVpHXURqRpVDFRqVRQSDODEUDV
FRQFUHWDVFRQWDEOHV8QRSXHGHFRQWDU
pVDFRVqRpHXURVq$KRUDELHQXQRQRSXHGH
FRQWDUpGLQHURVqRpDJXDVq

(VWLPDGR-XDQ

'HDU-RKQ

6LJXLHQGRQXHVWUDFRQYHUVDFLQWHOHIQLFDGHHVWDPDDQD
WH FRQUPR SRU OD SUHVHQWH QXHVWUD DVLVWHQFLD DO FXUVR GH
IRUPDFLQGHSURIHVRUHV0LLGHDGHPRPHQWRHVPDQGDUDO
HTXLSRQFOHRVRODPHQWHSRUORTXHQHFHVLWDUVKDFHUUHVHU
YDVGHKRWHO\FXUVRSDUDQXHYHSHUVRQDV

,QOLQHZLWKRXUWHOHSKRQHFRQYHUVDWLRQWKLVPRUQLQJ,KHUHE\
FRQUPRXUDWWHQGDQFHDWWKHWHDFKHUWUDLQLQJFRXUVH0\LGHD
DW WKLV WLPH LV WR VHQG WKH FRUHVWDII RQO\ ZKHUHE\ \RX ZLOO
QHHGWRPDNHKRWHODQGFRXUVHUHVHUYDWLRQVIRUQLQHSHRSOH

0HJXVWDHOIRUPDWRGHOFXUVRTXHPHPDQGDVWHSRUID[\HV
WR\VHJXURGHTXHPLVSURIHVRUHVVHEHQHFLDUQGHOPLVPR
7HQJR LQWHQFLQ GH DVLVWLU D XQD GH ODV VHVLRQHV GHO OWLPR
GDSHURYROYHUDSRQHUPHHQFRQWDFWRFRQWLJRSDUDFRQU
PDUORVGHWDOOHV

, OLNH WKH FRXUVH IRUPDW WKDW \RX ID[HG WR PH DQG ,P VXUH
P\ WHDFKHUV ZLOO EHQHW IURP LW , SODQ WR DWWHQG RQH RI WKH
VHVVLRQVRQWKHODVWGD\EXW,ZLOOFRQWDFW\RXDJDLQWRFRQUP
WKHGHWDLOV

6DOXGRV

%HVWUHJDUGV

(VWLPDGRDPLJR\DOXPQR0HFRVWWUDEDMR\VXGRUHVKDFHUPHFRQWXLGLRPDHOFXDODERUGHQVHULRDORVDRV'HGLTXPLOKRUDVDHVH
REMHWLYR3DUDHOLQJOVWDPSRFRH[LVWHQDWDMRVYOLGRVVDOYRHOHVIXHU]RSHUVRQDOGHFDGDXQR(OSU[LPRGRPLQJRWHDQLPRDVHJXLUFRQ
QXHVWURPWRGRVREUHWRGRHQVXYHUWLHQWHDXGLWLYD\WHOHYLVLYD/RVOLEURV9DXJKDQSRQGUQPXFKRVSXQWRVVREUHPXFKDVHVHQORUHIH
UHQWHDHVWUXFWXUD\JUDPWLFDDVSHFWRVHVWWLFRVSHURVLWHHQWUHJDVFRQEXHQQLPR\FRQODPHQWHDELHUWDDO&'\'9'GHFDGDVHPDQD
WHHPSDSDUVGHXQLQJOVWUHPHQGDPHQWHGLQPLFR\FRQQXHVWURHVWLORGLYHUWLGR<FRQFDGDVHPDQDTXHSDVDWXRGRLUDFRVWXPEUQ
GRVHPV\PVDORVVRQLGRVGHOLGLRPD\WXFRQDQ]DDXPHQWDUDOPLVPRWLHPSR7HORDVHJXUR
5LFKDUG9DXJKDQ



(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

(VDTXHOORXQFRFKH" ,VWKDWDFDU"
6LQRHVXQFRFKHTXHV" ,ILWoVQRWDFDUZKDWLVLW"
4XHVHVR" :KDWoVWKDW"
(VHVWRXQEROJUDIR" ,VWKLVDSHQ"
(VXQOLEUR" ,VLWDERRN"

4XKDFHVORVVEDGRV":KDWGR\RXGRRQ6DWXUGD\V"
4XHVWVKDFLHQGRDKRUD":KDWDUH\RXGRLQJQRZ"
7HJXVWDWXFDVDQXHYD"'R\RXOLNH\RXUQHZKRXVH"
4XLHURXQFRFKHQXHYR,ZDQWDQHZFDU
+D\DJXDHQHOYDVR7KHUHoVVRPHZDWHULQWKHJODVV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

OTXLHUHKDEODUFRQWLJR +HZDQWVWRWDONWR\RX
1HFHVLWRWXD\XGD ,QHHG\RXUKHOS
(OWX\RHVHOD]XO <RXUVLVWKHEOXHRQH
(VQHFHVDULRDKRUD" ,VLWQHFHVVDU\QRZ"
(QTXSLHQVDV" :KDWDUH\RXWKLQNLQJDERXW"

/RYDVDSHUGHU<RXoUHJRLQJWRORVHLW
6LHPSUHORSLHUGHV<RXDOZD\VORVHLW
9LHQHVRQR"$UH\RXFRPLQJRUQRW"
,UVLGHMDGHOORYHU,oOOJRLILWVWRSVUDLQLQJ
6PVTXHW,NQRZPRUHWKDQ\RXGR

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

'HYHUGDGFUHHVWRGRHVR" 'R\RXUHDOO\EHOLHYHDOOWKDW"
1ROOHJDURQDXQDFXHUGR 7KH\GLGQoWUHDFKDQDJUHHPHQW
/DVFRVDVHVWQPHMRUDQGR 7KLQJVDUHJHWWLQJEHWWHU
'LPHORTXHTXLHUHV 7HOOPHZKDW\RXZDQW
'QGHFRPSUDHOODVXURSD" :KHUHGRHVVKHEX\KHUFORWKHV"

7HYDDHQFDQWDU<RXoUHJRLQJWRORYHLW
1RPHSUHVLRQHVPV'RQoWSUHVVXUHPHDQ\PRUH
)DOWDDOJXLHQ6RPHRQHoVPLVVLQJ
4XLHURTXHPHORH[SOLTXHQ,ZDQWWKHPWRH[SODLQLWWRPH
7HULQGHV"'R\RXJLYHXS"
%DWKURRP &XDUWRGHEDR

.LWFKHQ &RFLQD

/LYLQJ5RRP 6DODGHHVWDU

%HGURRP 'RUPLWRULR

'LQLQJ5RRP &RPHGRU

9RFDEXODULR+RXVH &DVD

0LGGOH$GYDQFHG
(VWDPRVSRUGHODQWHGHWRGRV :HoUHDKHDGRIHYHU\RQH
OWXYRTXHWUDJDUVHVXRUJXOOR +HKDGWRVZDOORZKLVSULGH
6LHQWRKDEHUORKHFKR ,oPVRUU\,GLGLW
7HQGUVTXHSDUWLUGHFHUR :HoOOKDYHWRVWDUWIURPVFUDWFK
|4XIROOQ :KDWDPHVV

)RU(QJOLVKVXSHUVWDUVRQO\
'HELVWHKDFHUORKDFHDRV<RXVKRXOGoYHGRQHLW\HDUVDJR
1RODSDJXHVFRQPLJR'RQoWWDNHLWRXWRQPH
6LWHSLFDHOFRGRUVFDWHOR,I\RXUHOERZLWFKHVVFUDWFKLW
$UUDQTXXQDSJLQDGHOOLEUR,WRUHDSDJHRXWRIWKHERRN
(VWVPHWLGRHQXQEXHQOR<RXoUHLQWURXEOH



Z Z ZY D X V \ V  F R P

(/&8562'(),1,7,92

&RPPRQVD\LQJV

3XQWRJUDPWLFDOGHODVHPDQD

7RNLFNWKHEXFNHW
(VWLUDUODSDWD

,WoVZDWHUXQGHUWKHEULGJH
$JXDSDVDGDQRPXHYHPROLQR

+HGLGLWDFFLGHQWDOO\RQSXUSRVH
/RKL]RVLQTXHUHUTXHULHQGR

%HZDUHRI*UHHNVEHDULQJJLIWV
7HQFXLGDGRSXHGHKDEHUJDWR
HQFHUUDGR

%HDXW\LVLQWKHH\HRIWKHEHKROGHU
7RGRHVVHJQHOFRORUGHOFULVWDOFRQ
TXHVHPLUD

|*RRGULGGDQFH
|$GLV\KDVWDQXQFD

,ZDQW\RXWRGRf4XLHURTXHKDJDVf
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
4XLHURTXHODHPSUHVDFUH]FD
4XLHUHVTXH(VSDDJDQH"
<RQRTXHUDTXHKLFLHUDVHVR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

4XHUHPRVDKRUDFRQIXQGLUOHVGHQXHYRFRQWDEOHVHLQFRQWDEOHVspVRPHq\pDQ\q
 &XDQGRODSDODEUDHVVLQJXODU\FRQWDEOH OLEURVLOODHWF 
XVDPRVpDqRpDQq
 7KHUHoVDERRNRQWKHWDEOH
 7KHUHLVQoWDERRNRQWKHWDEOH
 ,VWKHUHDERRNRQWKHWDEOH"
 7KHUHoVDQDSSOHLQP\SRFNHW
 7KHUHLVQoWDQDSSOHLQP\SRFNHW
 ,VWKHUHDQDSSOHLQP\SRFNHW"
 &XDQGRODSDODEUDHVVLQJXODUHLQFRQWDEOH WLQWDGLQHURHWF 
XVDPRVpVRPHqRpDQ\q
 7KHUHoVVRPHLQNLQWKHERWWOH
 7KHUHLVQoWDQ\LQNLQWKHERWWOH
 ,VWKHUHDQ\LQNLQWKHERWWOH"

 &XDQGRODSDODEUDHVSOXUDO\FRQWDEOH OLEURVVLOODVHWF 
XVDPRVpVRPHqRpDQ\q
 7KHUHDUHVRPHERRNVRQWKHWDEOH
 7KHUHDUHQoWDQ\ERRNVRQWKHWDEOH
 $UHWKHUHDQ\ERRNVRQWKHWDEOH"
 1RH[LVWHQSDODEUDVTXHVHDQSOXUDOHVHLQFRQWDEOHV(VLPSR
VLEOH1RSRGHPRVGHFLUpGLQHURVqpDJXDVqRpWLQWDVqHQLQJOV
(QFDVWHOODQRDYHFHVVVREUHWRGRFRQODSDODEUDpOHFKHqSHUR
HVWRVXVRVQRVRQHVWQGDU

0X\VHRUHVPRV

'HDU6LUV

0HGLULMRD9GVFRQUHIHUHQFLDDQXHVWURSHGLGRQGHO
GHVHSWLHPEUHGHHVWHDRHQHOFXDOVROLFLWDPRVPH
FKHURVFRQQXHVWURORJRWLSR&RPRSXHGHQYHUHQODFRSLDGHO
SHGLGRDGMXQWDODIHFKDGHHQWUHJDHUDSDUDHOGHRFWXEUH

,DPZULWLQJ WR \RXLQUHIHUHQFHWRRXURUGHUQRRI6HS
WHPEHU  RI WKLV \HDU LQ ZKLFK ZH UHTXHVWHG  FLJDUHWWH
OLJKWHUVZLWKRXUORJR$V\RXFDQVHHRQWKHHQFORVHGFRS\RI
WKHRUGHUWKHGHOLYHU\GDWHZDVIRU2FWREHU

&RPRKR\HVHOGHRFWXEUH\QRKHPRVUHFLELGRORVPHFKH
URVTXLVLUDPRVVDEHUODVLWXDFLQGHOSHGLGR\VLSRGHPRV
HVSHUDU R QR OD HQWUHJD HQ ORV SU[LPRV GDV 6L QR QRV YH
UHPRVREOLJDGRVDFDQFHODUHOSHGLGR\DTXHQROOHJDUQORV
PHFKHURVDWLHPSRSDUDLQFOXLUVHHQHOPDLOLQJSUHYLVWRSDUD
HOGHRFWXEUH

$VWRGD\LV2FWREHUDQGZHKDYHQRWUHFHLYHGWKHOLJKWHUVZH
ZRXOGOLNHWRNQRZWKHVWDWXVRIWKHRUGHUDQGZKHWKHURUQRW
ZHFDQH[SHFWGHOLYHU\LQWKHQH[WIHZGD\V2WKHUZLVHZHZLOO
EHIRUFHGWRFDQFHOWKHRUGHUDVWKHOLJKWHUVZLOOQRWDUULYHLQ
WLPHWREHLQFOXGHGLQWKHPDLOLQJVHWIRU2FWREHU

$WHQWDPHQWH

6LQFHUHO\\RXUV

(VWLPDGRDPLJR\DOXPQR$GLIHUHQFLDGHORTXHDOJXQRVSUHJRQDQSRUDKHVPX\GLIFLODSUHQGHUDXWLOL]DUHFD]PHQWHXQVHJXQGRLGLR
PD3DVDUGHXQQLYHOLQVXFLHQWHDXQEXHQQLYHOH[LJHFRPRPQLPRKRUDVGHFODVHKRUDVGHHVWXGLRRDWHQFLQSHUVRQDO\
KRUDVPVGHDSXURVGHFRPXQLFDFLQHQODYLGDUHDO6LDOJXLHQWHGLFHRWUDFRVDPLHQWH1LQJXQDSHUVRQDHQHVWHSODQHWDKDOOHJDGRGH
DGROHVFHQWHRGHDGXOWRDXQDOWRQLYHOGHHFDFLDFRPXQLFDWLYDHQLQJOVVLQKDEHUOHGHGLFDGRXQPQLPRGHGRVPLOKRUDV<UHFXHUGDGH
HVDVGRVPLOKRUDVOHH[LJHQFHUUDUORVRMRVWDSDUODQDUL]\VDOWDUDODJXDHQODSDUWHPVSURIXQGDGHODSLVFLQD(QRWUDVSDODEUDVQR
WHKDUVFRQXQEXHQGRPLQLRGHPLLGLRPDVLQRWUDJDVPXFKDDJXD/RVLHQWRSHURHVDV6LSXGLHUDGHFLUWHRWUDFRVDWHORGLUD6LSXGLHUD
DKRUUDUWHDOJRGHGRORUORKDUD
5LFKDUG9DXJKDQ



(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

4XLQHVXVWHG" :KRDUH\RX"
'QGHHVWV" :KHUHDUH\RX"
(VWR\HQ,WDOLD ,oPLQ,WDO\
,WDOLDHVXQSDV ,WDO\LVDFRXQWU\
5RPDHVXQDFLXGDG 5RPHLVDFLW\

6XVRMRV GHHOOD VRQERQLWRV+HUH\HVDUHSUHWW\


1XHVWUDVFDVDVVRQSHTXHDV2XUKRXVHVDUHVPDOO
9XHVWUDURSDHVWVXFLD<RXUFORWKHVDUHGLUW\
6XVSODQHV GHHOORV VRQEXHQRV7KHLUSODQVDUHJRRG
&XOHVVRQWXVLQWHQFLRQHV":KDWDUH\RXULQWHQWLRQV"

6LQN )UHJDGHUR

)UHH]HU &RQJHODGRU

+RE 3ODFD

)ULGJH 1HYHUD
2YHQ +RUQR

9RFDEXODULR.LWFKHQ &RFLQD
/RZ,QWHUPHGLDWH
(QVDPHOR GLGFWLFDPHQWH  7HDFKLWWRPH
/OYDVHORDO 7DNHLWWRKLP
3GHPHOR $VNPHIRULW
&OODWH %HTXLHW
(VWDWHTXLHWR %HVWLOO



0LGGOH,QWHUPHGLDWH
'VHOR DO 7HOOKLP
6ORTXHTXLHUHQ,NQRZZKDWWKH\ZDQW
1RPHORGHVDV'RQoWJLYHLWWRPHOLNHWKDW
(VWQHPSH]DQGRDHQIDGDUVH7KH\oUHVWDUWLQJWRJHWDQJU\
'LMHORPLVPRHOPHVSDVDGR,VDLGWKHVDPHWKLQJDPRQWK

DJR

+LJK,QWHUPHGLDWH
'MDPHKDFHUORXQDYH]PV /HWPHGRLWRQHPRUHWLPH
4XLHURDVXPLUPVWDUHDV ,ZDQWWRWDNHRQPRUHWDVNV
(VWQWRPQGRWHHOSHOR 7KH\oUHSXOOLQJ\RXUOHJ
3RUTXQRIXQFLRQD" :K\GRHVQoWLWZRUN"


)XQFLRQDUVLORWUDWDVELHQ ,WoOOZRUNLI\RXWUHDWLWZHOO

/RZ$GYDQFHG
|1RPHKDJDVHVWR'RQoWGRWKLVWRPH
0HDOHJURGHKDEHUODYLVWR,oPJODG,VDZKHU
7HLPSRUWDTXHDEUDODSXHUWD"'R\RXPLQGLI,RSHQWKHGRRU"
+D\XQDVHULHGHWHPDVTXH7KHUHoVDVHULHVRIVXEMHFWV

WKDW
7HSDVDDOJR",VVRPHWKLQJZURQJ"

0LGGOH$GYDQFHG
<DWHLQIRUPDU ,oOOOHW\RXNQRZ
6XEHHOYROXPHQXQSRFR 7XUQLWXSDOLWWOH
0HVHQWPX\DERFKRUQDGR ,IHOWYHU\HPEDUUDVVHG
1RWHGHVDQLPHV 'RQoWJHWGLVFRXUDJHG
$KUUDPHORVGHWDOOHV 6SDUHPHWKHGHWDLOV

)RU(QJOLVKVXSHUVWDUVRQO\
(VWRPHSRQHHQIHUPR7KLVPDNHVPHVLFN
6LHVWWRUFLGRHQGHU]DOR,ILWoVFURRNHGVWUDLJKWHQLW
6LHVHVWUHFKRHQVQFKDOR,ILWoVQDUURZZLGHQLW
6LHVODUJRDFUWDOR,ILWoVORQJVKRUWHQLW
6LHVGELOIRUWDOFHOR,ILWoVZHDNVWUHQJWKHQLW



Z Z ZY D X V \ V  F R P

(/&8562'(),1,7,92

&RPPRQVD\LQJV

&RQMXQFLQGHODVHPDQD
1HYHUWKHOHVVf1RREVWDQWHf

%HJJDUVFDQoWEHFKRRVHUV
$PXFKDKDPEUHQRKD\SDQGXUR

$UH\RXXSIRULW"
7HDSXQWDV"

$QDSSOHDGD\NHHSVWKHGRFWRUDZD\
$GLDULRXQDPDQ]DQDHVFRVDVDQD

/DXJKWHULVWKHEHVWPHGLFLQH
/DULVDHVHOPHMRUUHPHGLR

7KHUHoVQRVPRNHZLWKRXWUH
&XDQGRHOURVXHQDDJXDOOHYD

/HWE\JRQHVEHE\JRQHV
/RSDVDGRSDVDGRHVW

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
1RPHJXVWD1RREVWDQWHHVWDUHQOD
UHXQLQ
1RHVWR\GHDFXHUGR1RREVWDQWHRVDSR\R
1RHVEXHQRSDUDODVDOXG1RREVWDQWH
WRPDURWUR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

/DSURQXQFLDFLQGHpPRQH\qHVpPQLq
$ORPHMRUVDEHVGHFLUpJUDFLRVRqHQLQJOV'HFLPRVIXQQ\
SURQXQFLDGRIQL 

WRGDYDQRFRQR]FRDQDGLHTXHSURQXQFLHELHQHVWDSDODEUDWDQ
LPSRUWDQWHpPRQH\q

3XHVVL\DFRQRFHVODSDODEUDpIXQQ\qHQLQJOVHQWRQFHVKD]
FDGDGDHOHMHUFLFLRTXHFRQVLVWHHQGHFLUPLOYHFHVGLQHUR
JUDFLRVR

<VLHVWVPX\HQDPRUDGRGHWXFQ\XJHSXHGHVSUDFWLFDU
GLFLHQGR,KDYHDORWRIIXQQ\PRQH\KRQH\/DVWUHVOWLPDVSD
ODEUDVULPDQSHUIHFWDPHQWH\OHJXVWDUTXHOHOODPHVpPLHOq
WUPLQRTXHVHWUDGXFHDTXFRPRpHQFDQWRPRq 

IXQQ\PRQH\
/DVGRVSDODEUDVVXHQDQH[DFWDPHQWHLJXDOULPDQ3UDFWFDODV
SRUTXHHQORVDRVTXHOOHYRHQVHDQGRLQJOVDHVSDROHV

DWHQFLQDODSURQXQFLDFLQ

(VWLPDGR6U-RKQVRQ

'HDU0U-RKQVRQ

*UDFLDVSRUVXFDUWDGHOGHRFWXEUH\SRUHODSR\RTXHQRV
KDSUHVWDGRDORODUJRGHHVWRVPHVHV/DFRQDQ]DTXH9G
KDPRVWUDGRHQQXHVWURVPWRGRV\SURFHGLPLHQWRVQRVKD
SHUPLWLGRVHJXLUDGHODQWH\FRQVHJXLUORVEXHQRVUHVXOWDGRV
TXHWRGRVHVSHUEDPRV

7KDQN\RXIRU\RXUOHWWHURI2FWREHUDQGIRUWKHVXSSRUW\RX
KDYH JLYHQ XV RYHU WKH SDVW IHZ PRQWKV7KH FRQGHQFH \RX
KDYHVKRZQLQRXUPHWKRGVDQGSURFHGXUHVKDVHQDEOHGXVWR
PRYHIRUZDUGDQGDFKLHYHWKHQHUHVXOWVZHDOOH[SHFWHG

+D\PRPHQWRVHQORVTXHXQRGHEHFRQDUHQODIH\DSHVDU
GHRSLQLRQHVFRQWUDULDVKDFHUHOHVIXHU]RTXHHO[LWRH[LJH
6LQ VX IH \ VX FRQVWDQWH DSR\R QRV KDEUD VLGR PXFKR PV
GLIFLODOFDQ]DUHO[LWR

7KHUHDUHWLPHVLQZKLFKRQHPXVWUHO\RQIDLWKDQGLQVSLWH
RI FRQWUDU\ RSLQLRQV PDNH WKH HIIRUW WKDW VXFFHVV GHPDQGV
:LWKRXW\RXUIDLWKDQG\RXUFRQVWDQWVXSSRUWLWZRXOGKDYH
EHHQPXFKPRUHGLIFXOWIRUXVWRDFKLHYHVXFFHVV

$WHQWDPHQWH

9HU\WUXO\\RXUV

(VWLPDGRDPLJR\DOXPQR+DFHWUHVVHPDQDVXQDOWRHMHFXWLYRGHXQDHPSUHVDHVSDRODGHKHUUDPLHQWDVYROYLGH=XULFKIUXVWUDGR\
HQIDGDGR&RPRP[LPRUHVSRQVDEOHGHVXHPSUHVD\SUHVLGHQWHGHODDVRFLDFLQHVSDRODTXHHQJOREDEDDORVIDEULFDQWHVGHVXVHFWRU
SRUSULPHUDYH]KDEDDVLVWLGRFRPRQLFRUHSUHVHQWDQWHHVSDRODODUHXQLQGHODDVRFLDFLQHXURSHDTXHYHODSRUORVLQWHUHVHVGHVXV
OLDOHVQDFLRQDOHV$OOGXUDQWHGRVGDVQXHVWURHMHFXWLYR\VXVKRPORJRVGHRQFHSDVHVPVKDEDQDLUHDGRXQDODUJDVHULHGHSUREOH
PDVGHOVHFWRU(UDLPSRUWDQWHOOHJDUDXQDFXHUGRHVWDEOHFHUXQIUHQWHFRPQ\HOHYDUORVWHPDVDFRUGDGRVDODFRPLVLQGH%UXVHODVTXH
KDELWXDOPHQWHSXEOLFDODVGLUHFWLYDVTXHDIHFWDQDODVHPSUHVDVPLHPEUR'HUHJUHVRDVXRFLQDH[KDXVWRGHOHVIXHU]ROHFRPHQWVX
H[SHULHQFLDDVXVHFUHWDULD\QLFRFRQGHQWHp1XQFDPHKHVHQWLGRWDQLQWLO+DVLGRGHYHUGDGYLROHQWR+DEODEDQGHFRVDVTXHFRQR]FR
PHMRUTXHHOORV\QRKHSRGLGRGHFLUQDGD(QFXDQWRSHUGDHOKLORGHODVFRQYHUVDFLRQHVQRPHDWUHYDQLDDEULUODERFD$YHFHVQRHVWDED
VHJXURVLWRGDYDHVWDEDQHQHOSXQWRGHORUGHQGHOGDRVL\DKDEDQSDVDGRDOSXQWR<GHODFRQYHUVDFLQHQODVFRPLGDV\FHQDVQRWH
GLJRQDGDq$PLJR\DOXPQRHVWDFDQFLQHVDOJREDVWDQWHFRPQHQWUHORVDOWRVGLUHFWLYRVGH(VSDD\GHPXFKRVRWURVSDVHV(VWXGLDFRQ
QRVRWURV\KD]WRGRHOHVIXHU]RSRVLEOHSDUDVXSHUDUODVGLFXOWDGHV7HD\XGDUHPRVHQWRGRORSRVLEOHDHYLWDUHOPDOWUDJRTXHKDSDVDGR
QXHVWURDPLJRTXHVHIXHD=XULFKGHSHQGHPVGHWLTXHGHP
5LFKDUG9DXJKDQ



(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

$TXHOORVVRQWXVFXDGHUQRV 7KRVHDUH\RXUQRWHERRNV
&XQGRHVODHVWD" :KHQoVWKHSDUW\"
$TXKRUDHVODUHXQLQ" :KDWWLPHLVWKHPHHWLQJ"
6XOLEUR GHO HVJUDFLRVR +LVERRNLVIXQQ\
(VDVSHUVRQDVVRQPX\DOWDV 7KRVHSHRSOHDUHYHU\WDOO

(VWR\KDEODQGRLQJOV,oPVSHDNLQJ(QJOLVK
(VWR\VHQWDGRHQPLVLOOD,oPVLWWLQJLQP\FKDLU
(VWR\GHSLHGHODQWHGHWL,oPVWDQGLQJLQIURQWRI\RX
1RHVWR\GHSLHGHWUVGHWL,oPQRWVWDQGLQJEHKLQG\RX
(VWR\VHQWDGRDOODGRGHHOOD,oPVLWWLQJQH[WWRKHU

&ROODU &XHOOR

6OHHYH 0DQJD
3RFNHW %ROVLOOR

%XWWRQ %RWQ
&XII 3XR

9RFDEXODULR6KLUW &DPLVD
/RZ,QWHUPHGLDWH
1RORKDFHQORVVEDGRV 7KH\GRQoWGRLWRQ6DWXUGD\V
1RPHORGHVWRGDYD 'RQoWJLYHLWWRPH\HW
<DORWHQJR ,DOUHDG\KDYHLW
0HJXVWDQORVQXHYRVYHFLQRV ,OLNHWKHQHZQHLJKERXUV
/OHYDHVWRDOGHVSDFKRGH-XDQ 7DNHWKLVWR-RKQoVRIFH



0LGGOH,QWHUPHGLDWH
9HQDYHUOR&RPHDQGVHHLW
&XQWRYDDGXUDU"+RZORQJLVLWJRLQJWRODVW"
0HDOHJURGHTXHORVHSDV,oPJODG\RXNQRZDERXWLW
4XLQVDEHGRQGHHVW-XDQ":KRNQRZVZKHUH-RKQLV"
'HEHGHKDEHUXQPDOHQWHQGLGR7KHUHPXVWEHD

PLVXQGHUVWDQGLQJ

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XVLJQLFDHVWDSDODEUD" :KDWGRHVWKLVZRUGPHDQ"
<DKHFXELHUWRHVHSXQWR ,oYHDOUHDG\FRYHUHGWKDWSRLQW
$TXVDEH" :KDWGRHVLWWDVWHOLNH"
+XHOHDRUHV ,WVPHOOVOLNHRZHUV VPHOOVRI 
(VWVHQJRUGDQGR <RXoUHJHWWLQJIDW

+DVSHUGLGRHOWRTXHPJLFR<RXoYHORVW\RXUPDJLFWRXFK
4XGDWHGRQGHHVWV6WD\ZKHUH\RXDUH
<DQRVTXLQVR\,GRQoWNQRZZKR,DPDQ\PRUH
$QWHVFUHDTXHHUDHOMHIHDTX,XVHGWRWKLQN,ZDVWKHERVV
$QWHVODJHQWHPHUHVSHWDED3HRSOHXVHGWRUHVSHFWPH

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

4XLQVDFHVHWHPD" :KREURXJKWXSWKDWVXEMHFW"
1RVDOLHOWHPD 7KHVXEMHFWGLGQoWFRPHXS


0HFDDODJXD ,IHOOLQWRWKHZDWHU
0HTXHGGRUPLGRHQHOFLQH ,IHOODVOHHSLQWKHFLQHPD
(VGLIFLOKDFHUDPLJRVDTX ,WoVKDUGWRPDNHIULHQGVKHUH

+DVRGROROWLPR"+DYH\RXKHDUGWKHODWHVW"
1RVQDGDGHO,KDYHQoWKHDUGDQ\WKLQJIURP

KLP
4XLHURODVPHGLGDVH[DFWDV,ZDQWWKHH[DFWPHDVXUHPHQWV
(OUH]DUQRD\XGDU3UD\LQJZRQoWKHOS
7HQJRXQDDPSROODHQHOWDOQ,KDYHDEOLVWHURQP\KHHO



Z Z ZY D X V \ V  F R P

(/&8562'(),1,7,92
9HUERLUUHJXODUGHODVHPDQD

&RPPRQVD\LQJV

7HOO

7KHSHQLVPLJKWLHUWKDQWKHVZRUG
0VSXHGHODSOXPDTXHODHVSDGD

7KHUHoVDOZD\VDFDWFK
1RKD\PLHOVLQKLHO

/HWVOHHSLQJGRJVOLH
0HMRUQRUHYROYHUHODVXQWR

<RXFRXOGoYHKHDUGDSLQGURS
1RVHRDQLXQDPRVFD

7KHJUDVVLVDOZD\VJUHHQHURQ
WKHRWKHUVLGH
1DGLHHVWFRQWHQWRFRQVXVXHUWH

<RXFDQoWKDYH\RXUFDNHDQGHDW
LWWRR
1RVHSXHGHWHQHUWRGR


DWHQFLQDODSURQXQFLDFLQ

'HFLU

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
3XHGHVGHFUPHORDKRUD"
OPHORGLMRD\HU
7HORGLUORDQWHVSRVLEOH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KHIDPLO\
SDUHQWV
IDWKHU
PRWKHU
VLVWHU
EURWKHU
EURWKHUVDQGVLVWHUV
VRQ
GDXJKWHU
FKLOGUHQ
JUDQGSDUHQWV

SDGUHV
SDGUH
PDGUH
KHUPDQD
KHUPDQR
KHUPDQRV
KLMR
KLMD
KLMRV RQLRV
DEXHORV

JUDQGIDWKHU
JUDQGPRWKHU
JUDQGVRQ
JUDQGGDXJKWHU
JUDQGFKLOGUHQ
DXQW DQW
XQFOH QFDO
DXQWDQGXQFOH
QHSKHZ QX
QLHFH QLV

DEXHOR
DEXHOD
QLHWR
QLHWD
QLHWRV
WD
WR
WRV
VREULQR
VREULQD

FRXVLQ NVHQ
SDUHQWVLQODZ
IDWKHULQODZ
PRWKHULQODZ
VLVWHULQODZ
EURWKHULQODZ
VRQLQODZ
GDXJKWHULQODZ
LQODZV
UHODWLYHV

SULPRRSULPD
VXHJURV
VXHJUR
VXHJUD
FXDGD
FXDGR
\HUQR
QXHUD
SDULHQWHVSROWLFRV
SDULHQWHVHQJHQHUDO

(VWLPDGR'DYLG

'HDU'DYLG

&RPRFRQWLQXDFLQDQXHVWUDFRQYHUVDFLQWHOHIQLFDTXLVLH
UD DDGLU DOJR TXH SRU OR YLVWR SDVDPRV SRU DOWR 6L UHFXHU
GDV XQR GH ORV SUREOHPDV HUD SUHFLVDPHQWH OD FDQWLGDG GH
HQHUJDTXHWHQDPRVTXHSURGXFLUSDUDHOHYDUODVXVWDQFLD
DOSXQWRGHHEXOOLFLQ6LEDMDPRVODSUHVLQSRGUHPRVEDMDU
DODYH]HOSXQWRGHHEXOOLFLQKDFLHQGRPHQRVFDUDODRSHUD
FLQ\PVUHQWDEOHHOSURFHVRHQVXWRWDOLGDG

$VDIROORZXSWRRXUWHOHSKRQHFRQYHUVDWLRQ,ZRXOGOLNH
WRDGGVRPHWKLQJWKDWZHDSSDUHQWO\RYHUORRNHG,I\RX
UHPHPEHURQHRIWKHSUREOHPVZDVSUHFLVHO\WKHDPRXQW
RIHQHUJ\ZHKDGWRSURGXFHWRUDLVHWKHVXEVWDQFHWRWKH
ERLOLQJSRLQW,IZHORZHUWKHSUHVVXUHZHFDQORZHULQWXUQ
WKHERLOLQJSRLQWDQGPDNHWKHRSHUDWLRQOHVVFRVWO\DQGWKH
RYHUDOOSURFHVVPRUHSURWDEOH

1R VR\ PX\ H[SHUWR HQ FPR UHDOL]DU OD PRGLFDFLQ SHUR
HVWR\VHJXURGHTXHFRVWDUPHQRVEDMDUODSUHVLQTXHHOH
YDUODWHPSHUDWXUDEDMRFRQGLFLRQHVDWPRVIULFDVQRUPDOHV
3RQWH FRQ HVWR HQ VHJXLGD \ DYVDPH FXDQGR WHQJDV DOJR
&RPRELHQVDEHVQRQRVTXHGDPXFKRWLHPSR

,DPQRWYHU\H[SHUWLQKRZWRSHUIRUPWKLVPRGLFDWLRQEXW
,PVXUHLWZLOOFRVWOHVVWRORZHUWKHSUHVVXUHWKDQWRUDLVHWKH
WHPSHUDWXUHXQGHUQRUPDODWPRVSKHULFFRQGLWLRQV
*HWRQWRWKLVULJKWDZD\DQGOHWPHNQRZZKHQ\RXKDYH
VRPHWKLQJ$V\RXZHOONQRZZHGRQWKDYHPXFKWLPHOHIW

8QVDOXGR

5HJDUGV

(VWLPDGRDPLJR\DOXPQR+R\WHQJRSRFRHVSDFLRSDUDHVFULELUDVTXHVHUEUHYH/DJUDPWLFDHQVQRYDOHSDUDQDGDVLWQRWHHVIXHU]DV
SDUDDUWLFXODUODFRQDJLOLGDGHQFRQYHUVDFLRQHV6LQRWLHQHVFRQTXLQKDEODUSDUDHVWLPXODUHQODSUFWLFDWXGRPLQLRWHULFRGHODVHVWUXF
WXUDVKD]ORFRQODSDUHG/HHHQYR]DOWDWRGDVODVIUDVHVTXHJXUDQHQHVWDVOPLQDV\HQHOOLEURTXHUHFLELUVFDGDGRPLQJR3DJDUVDOWRV
GLYLGHQGRV LWZLOOSD\KDQGVRPHGLYLGHQGV $VORKLFH\RFRQVXLGLRPD
5LFKDUG9DXJKDQ



(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

6RQSDUDYRVRWURV 7KH\oUHIRU\RX
(VSDUDHOORV ,WoVIRUWKHP
(VSDUDP" ,VLWIRUPH"
6RQSDUDWL" $UHWKH\IRU\RX"
(VSDUDHOOD" ,VLWIRUKHU"

(OYXHVWURHVSDUDYRVRWURV<RXUVLVIRU\RX
(OVX\R GHHOORV HVSDUDHOORV7KHLUVLVIRUWKHP
'DPHHOPR*LYHPHPLQH
'DOHDOHOVX\R*LYHKLPKLV
'DOHDHOODHOVX\R*LYHKHUKHUV

,QVROH 3ODQWLOOD

7RQJXH /HQJHWD
/DFHV &RUGRQHV

6ROH 6XHOD

+HHO 7DFQ

9RFDEXODULR6KRH =DSDWR

/RZ,QWHUPHGLDWH
&XQGRKD\XQGHVFDQVR" :KHQLVWKHUHDEUHDN"
0HJXVWDWXIRUPDGHHQVHDU ,OLNH\RXUZD\RIWHDFKLQJ
/RKDUVLPHD\XGDV ,oOOGRLWLI\RXKHOSPH
1RORSXHGRKDFHUVROR ,FDQoWGRLWDORQH
4XLQORYDDKDFHU" :KRoVJRLQJWRGRLW"

0LGGOH,QWHUPHGLDWH
4XLQOHYLR":KRVDZKLP"
/HYLVWHW"'LG\RXVHHKLP"
4XLQORKL]R":KRGLGLW"
/RKLFLVWHW"'LG\RXGRLW"
'HMDGHKDFHUPHSUHJXQWDV6WRSDVNLQJPHTXHVWLRQV

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

1RFUHRQDGDGHORTXHGLFHV ,GRQoWEHOLHYHDQ\WKLQJ\RXVD\


+DVWDTXHQRORSUXHEDV 8QWLO\RXWU\LW
4XRSLQDVGHO" :KDWGR\RXWKLQNRIKLP"
(VWVSHQVDQGRHQO" $UH\RXWKLQNLQJDERXWKLP"
3LQVDORDQWHVGHDFWXDU 7KLQNDERXWLWEHIRUHDFWLQJ

&PRORJUDVWHFRQYHQFHUOH"+RZGLG\RXPDQDJHWR

FRQYLQFHKLP"
+DVMDGRREMHWLYRVDPELFLRVRV<RXoYHVHWDPELWLRXVREMHFWLYHV
7HQJRXQDPHWDHQODYLGD,KDYHDJRDOLQOLIH
1RKDFHIDOWDTXHPHORPDQGHV<RXGRQoWKDYHWRVHQGLWWRPH
9DOHODSHQD",VLWZRUWKLW"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

<DQRQLHYDPXFKR ,WGRHVQoWVQRZPXFKDQ\PRUH
/HVGLMHORTXHPHGLMLVWH ,WROGWKHPZKDW\RXWROGPH
/HHQWHUUDURQDOGDVLJXLHQWH 7KH\EXULHGKLPWKHQH[WGD\
1RIXLDOHQWLHUUR ,GLGQoWJRWRWKHEXULDO
([SUHVPLFRQGROHQFLDV ,RIIHUHGP\FRQGROHQFHV

&REUDQSLH]DV\PDQRGHREUD7KH\FKDUJHIRUSDUWVDQGODERXU
(VWVUDOHQWL]DQGRODFODVH<RXoUHVORZLQJGRZQWKHFODVV
$FHOHUD6SHHGXS
1RWHDSR\HVHQODPHVD'RQoWOHDQRQWKHWDEOH
'HVFRQIDGHWRGRV'RQoWWUXVWDQ\RQH



Z Z ZY D X V \ V  F R P

(/&8562'(),1,7,92

&RPPRQVD\LQJV

9RFDEXODULR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

/HWE\JRQHVEHE\JRQHV pELJRQVq 
/RSDVDGRSDVDGRHVW

,WoVDVPDOOZRUOG
(OPXQGRHVXQSDXHOR

:KHQLWUDLQVLWSRXUV
6LHPSUHOOXHYHVREUHPRMDGR

2QHPDQoVPHDWLVDQRWKHUPDQoV
SRLVRQ
1XQFDOOXHYHDJXVWRGHWRGRV

2QFHDWKLHIDOZD\VDWKLHI
4XLHQUREDXQDYH]UREDGLH]


$QDSSOHDGD\NHHSVWKHGRFWRU
DZD\
$GLDULRXQDPDQ]DQDHVFRVD
VDQD

1RVHSXHGHREOLJDUDODJHQWHDDVLVWLUDOD
FRQIHUHQFLD
7UDEDMRDMRUQDGDLQWHQVLYDDTXGHVGHKDFH
PVGHXQDR
7XYLHURQTXHUHFXUULUDODYLROHQFLD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(QFDVWHOODQRVLKDEODVGHGRVOLEURVXQRD]XO\RWURYHUGH
GLFHV(OD]XOHVWHQODPHVD\HOYHUGHHVWHQODVLOOD

7KHRQHRQWKHWDEOHLVEOXH
7KHRQHRQWKHFKDLULVJUHHQ

(QLQJOVGHFLPRVOLWHUDOPHQWH(OD]XOXQRHVWHQODPHVD\HO
YHUGHXQRHVWHQODVLOOD
7KHEOXHRQHLVRQWKHWDEOHDQGWKHJUHHQRQHLVRQWKHFKDLU

(QFDVWHOODQRHVWDVHULHGHSUHJXQWDV\DUPDFLRQHVVHUDFRPR
VLJXH

(OXVRGHpRQHqFRPRSURQRPEUHVHH[WLHQGHDODVVLJXLHQWHV
H[SUHVLRQHV)MDWHELHQHQORVHMHPSORV
:KLFKERRNLVEOXHWKHELJRQHRUWKHVPDOORQH" 7KHVPDOORQHLV
:KLFKRQHLVJUHHQ"  
7KHELJRQHLV
:KLFKRQHLVRQWKHWDEOH"
:KLFKRQHLVRQWKHFKDLU"

7KHEOXHRQHLV
7KHJUHHQRQHLV

4XOLEURHVD]XOHOJUDQGHRHOSHTXHR" (OSHTXHR ORHV 


&XOHVYHUGH"
 
(OJUDQGH ORHV 
&XOHVWHQODPHVD" 
&XOHVWHQODVLOOD" 

(OD]XO ORHVW 
(OYHUGH ORHVW 

(O TXH HVWHQODPHVDHVD]XO


(O TXH HVWHQODVLOODHVYHUGH

(VWLPDGR6U%URRNO\Q

'HDU0U%URRNO\Q

*UDFLDVSRUVXFDUWDGHGHQRYLHPEUH\SRUODLQIRUPDFLQ
DGMXQWDTXHOHVROLFLW
$OKRMHDUODYHRTXHVXVVHUYLFLRVVHDMXVWDQSHUIHFWDPHQWHD
QXHVWUDVQHFHVLGDGHV6LQHPEDUJRVXVSUHFLRVSDUHFHQPX\
DOWRVHQFRPSDUDFLQFRQORVGHVXVFRPSHWLGRUHVDOJXQRV
GHORVFXDOHVQRVKDQSURSRUFLRQDGRXQH[FHOHQWHVHUYLFLRHQ
HOSDVDGR
6R\FRQVFLHQWHGHOKHFKRGHTXHVXFRPSDDSRVHHXQSUR
FHVR QXHYR \ UHYROXFLRQDULR FDSD] GH UHGXFLU D OD PLWDG HO
WLHPSRGHHVSHUDSHURVXSUHFLRHVXQSRUFLHQWRPD\RU
TXHHOGHVXFRPSHWLGRUGHSUHFLRPVDOWR
$QRVHUTXH9GVQRVSXHGDQFRQYHQFHUGHORFRQWUDULRPH
YHUREOLJDGRDSRVSRQHUXQDGHFLVLQVREUHVXRIHUWD\VH
JXLUFRQQXHVWURSURYHHGRUKDELWXDO

7KDQN\RXIRU\RXUOHWWHURI1RYHPEHUDQGIRUWKHHQFORVHG
LQIRUPDWLRQWKDW,UHTXHVWHG
8SRQ ORRNLQJ WKURXJK LW , VHH WKDW \RXU VHUYLFH WV RXU
QHHGV SHUIHFWO\ +RZHYHU \RXU SULFHV DUH VXUSULVLQJO\ KLJK LQ
FRPSDULVRQZLWK\RXUFRPSHWLWRUVVRPHRIZKRPKDYHJLYHQ
XVH[FHOOHQWVHUYLFHLQWKHSDVW
,DPDZDUHRIWKHIDFWWKDW\RXUFRPSDQ\SRVVHVVHVDQHZDQG
UHYROXWLRQDU\SURFHVVFDSDEOHRIFXWWLQJZDLWLQJWLPHLQKDOI
EXW \RXU SULFH LV  SHUFHQW KLJKHU WKDQ \RXU KLJKHVW SULFHG
FRPSHWLWRUV
8QOHVV \RX FDQ FRQYLQFH XV RWKHUZLVH , ZLOO EH IRUFHG WR
SRVWSRQH D GHFLVLRQ RQ \RXU RIIHU DQG WR FRQWLQXH ZLWK RXU
UHJXODUVXSSOLHU

$WHQWDPHQWH

6LQFHUHO\

(VWLPDGRDPLJR\DOXPQR+DFHXQRVGDVUHFLEXQFRUUHRHOHFWUQLFRGHXQGLUHFWLYRGHHPSUHVDTXHGHFDORVLJXLHQWHp0LSUREOHPDQR
HVHOGLQHURSXHGRSDJDUHOFXUVRTXHTXLHUD0LSUREOHPDHVHOWLHPSRqUPDGR)HOLSH/HUHVSRQGp(VWLPDGR)HOLSHVLQWLHPSRDPLJR
PRQRKD\QDGDTXHKDFHU6LHQWRGHFLUORSHURWHQGUVTXHEXVFDUKDVWDGHEDMRGHODVSLHGUDVSDUDDUDDUWLHPSRHQHOGDHQODVHPDQD
\HQORVPHVHVSDUDHVWHWHPD+DFHUVHGHDGXOWRFRQXQDDOWDFDSDFLGDGGHFRPXQLFDFLQHQLQJOVHVKDUWDPHQWHGLIFLO4XLQGLJDOR
FRQWUDULRRSUHJRQHVROXFLRQHVUSLGDV\IFLOHVPLHQWH/RVTXHGLJDQHVWDVFRVDVVRQVLPSOH\OODQDPHQWHRSRUWXQLVWDVTXHVHDSURYHFKDQ
GHODGHVHVSHUDFLQGHODJHQWH\VXEVTXHGDGHVROXFLRQHVLQGRORUDV3DVDORPLVPRHQHOVHFWRUGHORVDGHOJD]DQWHV3RUORWDQWR\SDUD
QDOL]DUGLUTXHODFXHVWLQPVLPSRUWDQWHDODKRUDGHKDFHUVHFRQXQVHJXQGRLGLRPDQRHVHOGLQHUR(VHOWLHPSR\HOHVIXHU]Rq
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

'HGQGHHUHV" :KHUHDUH\RXIURP"


(UHVIUDQFV"ffffff $UH\RX)UHQFK"
'HTXQDFLRQDOLGDGHUHV" :KDWQDWLRQDOLW\DUH\RX"
(V7RQ\%ODLUSROLWLFR" ,V7RQ\%ODLUDSROLWLFLDQ"
(VSURIHVRU" ,VKHDWHDFKHU"

7LHQHVKHUPDQRV"'R\RXKDYHDQ\EURWKHUVDQG

VLVWHUV"
9LYHVFRQWXVSDGUHV"'R\RXOLYHZLWK\RXUSDUHQWV"
'QGHYLYHQWXVSDGUHV":KHUHGR\RXUSDUHQWVOLYH"
0LVWRVYLYHQFHUFDGHDTX0\DXQWDQGXQFOHOLYHQHDUKHUH
0LWRWUDEDMDHQXQDIEULFD0\XQFOHZRUNVLQDIDFWRU\

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

/XFHHOVRO 7KHVXQLVVKLQLQJ
6DOJDPRVGHSDVHR /HWoVJRRXWIRUDZDON
6DOJDPRVGHSDVHR HQFRFKH  /HWoVJRRXWIRUDGULYH
4XLHUHVYHQLUFRQQRVRWURV" 'R\RXZDQWWRFRPHZLWKXV"
$GQGHYDLV" :KHUHDUH\RXJRLQJ"

6GQGHYLYHQ,NQRZZKHUHWKH\OLYH
1RVTXKRUDHV,GRQoWNQRZZKDWWLPHLWLV
+HWRPDGRXQDGHFLVLQ,oYHPDGHDGHFLVLRQ WDNHQ
(VWOORYLHQGRDFQWDURV,WoVUDLQLQJFDWVDQGGRJV
0HSXHGHVSUHVWDUWXSDUDJXDV"&DQ\RXOHQGPH\RXUXPEUHOOD"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

1RPLUHVDWUV 'RQoWORRNEDFN
/HJXVWD DO FRQWDUFKLVWHV +HOLNHVWHOOLQJMRNHV WRWHOO 
&XQWDQRVWRGDODKLVWRULD 7HOOXVWKHZKROHVWRU\
&PELDORSRURWUR &KDQJHLWIRUDQRWKHU RQH 
6HPHKDFDGR ,GURSSHGLW

7LUODOHFKHDOVXHOR,VSLOWWKHPLONRQWRWKHRRU
0HFDDODJXD,IHOOLQWRWKHZDWHU
&KRTXFRQWUDHOPXUR,UDQLQWRWKHZDOO
6XEKDVWDODSODQWD,ZHQWXSWRWKHWKRRU
$SHQDVSRGDUHVSLUDU,FRXOGKDUGO\EUHDWKH

%UDQFK 5DPD
/HDI +RMD

7UXQN 7URQFR

%DUN &RUWH]D

5RRWV 5DFHV

9RFDEXODULR7UHH UERO

0LGGOH$GYDQFHG
VWDVVRQODVUHJODVGHOMXHJR 7KHVHDUHWKHUXOHVRIWKHJDPH
7PDORRGMDOR 7DNHLWRUOHDYHLW
6HIXHVLQSURQXQFLDUSDODEUD +HOHIWZLWKRXWVD\LQJDZRUG
'HMDGHPRUGHUWHODVXDV 6WRSELWLQJ\RXUQDLOV
&DXVDVWHEXHQDLPSUHVLQ" 'LG\RXPDNHDJRRGLPSUHVVLRQ"

)RU(QJOLVKVXSHUVWDUVRQO\
3UHGLFDFRQHOHMHPSOR3UDFWLFHZKDW\RXSUHDFK
/RURPSHQSHGD]RV FDUWD ,WRUHLWXS
4XLQVHFUHHTXHHV" O :KRGRHVKHWKLQNKHLV"
0VYDOHWDUGHTXHQXQFD,WoVEHWWHUODWHWKDQQHYHU
6HPHKDWUDVSDSHODGRODFDUWD,oYHPLVSODFHGWKHOHWWHU



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

$GMHWLYRV

$IRRODQGKLVPRQH\DUHVRRQSDUWHG
$ORVWRQWRVQROHVGXUDHOGLQHUR
:KDWWKHERVVVD\VJRHV
'RQGHKD\SDWUQQRPDQGDPDULQHUR
$FWLRQVVSHDNORXGHUWKDQZRUGV
(OPRYLPLHQWRVHGHPXHVWUDDQGDQGR

)RROVUXVKLQZKHUHDQJHOVIHDU
WRWUHDG
(OQHFLRHVDWUHYLGR\HOVDELR
FRPHGLGR
7KHHDUO\ELUGFDWFKHVWKHZRUP
$OTXHPDGUXJD'LRVOHD\XGD
*RRGULGGDQFH
|$GLV\KDVWDQXQFD

&PRHVWV" +RZDUH\RX"s&PRHUHV" :KDWDUH\RXOLNH"


)MDWHHQODVGRVIUDVHV(QHVSDROVORVHFDPELDHOYHUERGHHVWDU
DVHU6LQHPEDUJRHQLQJOVDOQRH[LVWLUGRVYHUERVGLVWLQWRVSDUD
HOFRQFHSWRpWREHqGHEHPRVEXVFDURWUDIRUPDGHH[SUHVDUODLGHD
GHpFPRHVq3DUDHOORKDFHPRVXVRGHODSDODEUDpOLNHqGHVSXV
GHOYHUERpWREHq(VIFLOHQWHQGHUHOFRQFHSWRSXHVWRTXH\DVD
ELVPXFKRVHOXVRGHpOLNHqFRQORVYHUERVGHVHQWLGR
+HORRNVOLNH(OYLV3UHVOH\
,WVPHOOVOLNHJDUOLF  
,WWDVWHVOLNHIURJOHJV 
,WIHHOVOLNHPLQN
 
,WVRXQGVOLNHDVRQJE\WKH%HDWOHV

 

6HSDUHFHD(OYLV3UHVOH\
+XHOHDDMR
6DEHDDQFDVGHUDQD
3DUHFHYLVQ DOWDFWR
6XHQDDXQDFDQFLQGHORV
%HDWOHV

/RVDGMHWLYRVVXHOHQSUHFHGHUDOVXVWDQWLYRTXH
GHVFULEHQHQLQJOV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
%DUFHORQDHVXQDFLXGDGJUDQGHRXQD
FLXGDGSHTXHD"
(O1LORHVXQURODUJRRXQURFRUWR"
0LOQHVJUDQGHRSHTXHR"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3DUDGHFLUpFPRHUHVqRpFPRVRQqRpFPRHVHOODqHWFUHFXUUL
PRVDOPLVPRKELWRTXHFRQORVYHUERVGHVHQWLGR
(OODHVFRPRVXKHUPDQD
&PRHVWXQXHYRMHIH"
&PRHVHQVHDULQJOV
SRUODUDGLR"
 
 
 
&PRHVYLYLUHQ6XHFLD"

 
&PRKDVLGRODUHXQLQ"
&PRIXHWUDEDMDUFRPRWD[LVWD"

 



6KHoVOLNHKHUVLVWHU
:KDWoV\RXUQHZERVVOLNH"
:KDWoVLWOLNHWHDFKLQJ
(QJOLVKRQWKHUDGLR"
RpWRWHDFKq
:KDWoVLWOLNHOLYLQJLQ
6ZHGHQ" RpWROLYHq
:KDWZDVWKHPHHWLQJOLNH"
:KDWZDVLWOLNHZRUNLQJ
DVDWD[LGULYHU" RpWRZRUNq

(VWLPDGD6UWD7D\ORU

'HDU0LVV7D\ORU

/HHVFULERFRQUHIHUHQFLDDVXFDUWDGHOGHMXQLRSDVDGRHQ
ODFXDOVROLFLWDXQDOQHDGHFUGLWRGHPHVHVSRULPSRUWH
GHFRQHOQGHQDQFLDUODFRPSUDGHXQDIXUJRQH
WDSDUDVXQHJRFLR
/DV OQHDV GH FUGLWR D FRUWR SOD]R VXHOHQ FRQFHGHUVH SDUD
D\XGDU D ODV HPSUHVDV D VXSHUDU SUREOHPDV WHPSRUDOHV GH
WHVRUHUDQRSDUDLQYHUWLUHQDFWLYRVMRV&UHRTXHHQVXFDVR
VHUDDFRQVHMDEOHTXHQRVYLVLWDUDSDUDTXHMXQWRVSRGDPRV
EXVFDUODIUPXODPVDSURSLDGDSDUDUHVROYHUHVWDFXHVWLQ

, DP ZULWLQJ WR  \RX LQ UHIHUHQFH WR \RXU OHWWHU RI ODVW -XQH 
LQ ZKLFK \RX UHTXHVW D PRQWK FUHGLW OLQH LQ WKH DPRXQW RI
  LQ RUGHU WR QDQFH WKH SXUFKDVH RI D YDQ IRU \RXU
EXVLQHVV
6KRUWWHUPFUHGLWOLQHVDUHXVXDOO\JUDQWHGWRKHOSFRPSDQLHV WR 
RYHUFRPHWHPSRUDU\FDVKSUREOHPVQRWWRLQYHVWLQ[HGDVVHWV,
EHOLHYHWKDWLQ\RXUFDVHLWZRXOGEHDGYLVDEOHWKDW\RXYLVLWXVVR
WKDWWRJHWKHUZHFDQORRNIRUWKHPRVWVXLWDEOHIRUPXODWRVROYH
WKLVPDWWHU

$WHQWDPHQWH

6LQFHUHO\\RXUV

4XLHUHVHUELOLQJH"2OYGHOR<DHVGHPDVLDGRWDUGH0LVKLMRVVRQELOLQJHV6HKDQFULDGRR\HQGRLQJOV\HVSDROGHVGHHOGDHQTXHQD
FLHURQ+DQYLVWRGLH]PLOKRUDVGHWHOHYLVLQ\FLQHHQHVSDRO\WUHVPLOKRUDVHQLQJOV'HVGHSUHHVFRODUKDVWDODXQLYHUVLGDGKDQDVLVWLGRDSODQHV
GHHVWXGLRLQJOHVHVRDPHULFDQRVDEVRUELHQGRPVGHKRUDVGHYRFHVQDWLYDVVREUHWHPDV\DVLJQDWXUDVGHJUDQYDULHGDG66RQELOLQJHV
6LTXLHUHVHUELOLQJHFRPRPLVKLMRVROYGHOR1ROHYDVHUSRVLEOHHQHVWDYLGD(VDEVROXWDPHQWHLPSRVLEOHTXHXQDSHUVRQDGHVSXVGHORVRFKR
DRVGHHGDGOOHJXHDGRPLQDUXQVHJXQGRLGLRPDFRQODPLVPDDJLOLGDGDFHQWR\HVSRQWDQHLGDGTXHVXOHQJXDPDWHUQD

4XLHUHVHUELOQJH"p1RSUREOHPq'HPHPHVHVGHVXWLHPSR6R\ELOLQJH&XDQGRFDPELRGHPLLQJOVQDWLYRDOFDVWHOODQRVHPH
QRWDHQVHJXLGDXQDFHQWRDPHULFDQR6LXVWHGVHMDPXFKRDSUHFLDUDOJQWURSLH]RIRQWLFRHQPLGLFFLQ\RFDVLRQDOHVLPSUHFLVLRQHVJUDPDWL
FDOHV8VRHOFDVWHOODQRDGLDULRSDUDUHVROYHUXQVLQQPHURGHDVXQWRVPXFKRVGHJUDQLPSRUWDQFLD6LHVWR\KDEODQGRHQLQJOVFRQXQHVSDRO
\SHUFLERTXHQRPHHQWLHQGHFLHUWRVPDWLFHVFDPELRDOLQVWDQWHDOFDVWHOODQRSDUDDVHJXUDUODHFDFLDGHPLDUJXPHQWDFLQRHOLPSDFWRGHPL
GHVFULSFLQ66R\ELOLQJH6LTXLHUHXVWHGVHUELOLQJHFRPR\RWLHQHPXFKRWUDEDMRSRUGHODQWHSHURVLVLJXHODVLQVWUXFFLRQHVTXHSRQJRDVX
GLVSRVLFLQHQHVWHPWRGRTXHOHRIUHFH(O0XQGRORSRGUFRQVHJXLUHQPHVHVFRPRPQLPRGHSHQGLHQGRGHOWLHPSR\HVIXHU]RTXHLQYHUWD
HQODWDUHD
&RPRYHH[LVWHQGRVGHQLFLRQHVSDUDHOWUPLQRpELOLQJHq\DPEDVVRQYOLGDVSHURODQLFDDODTXHXVWHGGHEHDVSLUDU\ODQLFDDODTXHSXHGH
DVSLUDUVLHQGRUHDOLVWDHVODVHJXQGDGHQLFLQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

4XLQHVHOOD" :KRLVVKH"
&PRVHOODPDHOOD :KDWoVKHUQDPH"
'QGHHVWVXFRFKH" HOOD :KHUHoVKHUFDU"
VWHHVVXFRFKH 7KLVLVKHUFDU
6XFRFKHHVURMR +HUFDULVUHG

OWHFRQRFH+HNQRZV\RX
/HFDHVELHQ+HOLNHV\RX
OYLYHFHUFDGHDTX+HOLYHVQHDUKHUH
7UDEDMDOHMRVGHVXFDVD+HZRUNVIDUIURPKLVKRXVH
/HJXVWDWUDEDMDU+HOLNHVWRZRUN

/REVWHU /DQJRVWD

2\VWHU 2VWUD
0XVVHO 0HMLOOQ

3UDZQ *DPED

&UDE &DQJUHMR

9RFDEXODULR6HDIRRG 0DULVFR

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

1RWLHQHVTXHGHFLUQDGD <RXGRQoWKDYHWRVD\DQ\WKLQJ
/OHYDHOLQIRUPHDOMHIH 7DNHWKHUHSRUWWRWKHERVV
(OMHIHORHVWHVSHUDQGR 7KHERVVLVZDLWLQJIRULW
7HHVWQEXVFDQGR 7KH\oUHORRNLQJIRU\RX
(OODPHOODPDPXFKR 6KHFDOOVPHDORW

/RKDUHQFXDQWRSXHGD,oOOGRLWDVVRRQDV,FDQ
|'DWHSULVD+XUU\XS
+DVJDVWDGRWRGRWXGLQHUR<RXoYHVSHQWDOO\RXUPRQH\
$KRUDTXYDVDKDFHU"1RZZKDWDUH\RXJRLQJWRGR"
(VSHUDKDVWDTXHWHOODPHQ:DLWXQWLOWKH\FDOO\RX

+LJK,QWHUPHGLDWH
0HUHWXYLHURQDOOKRUDV 7KH\NHSWPHWKHUHIRUKRXUV
7DUGPXFKRHQKDFHUOR,WWRRNPHDORQJWLPHWRGRLW
1RORSXHGROHYDQWDU ,FDQoWOLIWLW
1RVR\ORVXFLHQWHPHQWHDOWR ,oPQRWWDOOHQRXJK
6R\GHPDVLDGREDMR ,oPWRRVKRUW

/RZ$GYDQFHG
/OHJDUSRUPLVSURSLRVPHGLRV,oOOJHWWKHUHRQP\RZQ
<DQRHVORTXHHUD,WoVQRWZKDWLWXVHGWREH
<DWHDFRVWXPEUDUV<RXoOOJHWXVHGWRLW
1LORLQWHQWHV'RQoWHYHQWU\
+HHFKDGRXQYLVWD]RDOSODQ,oYHORRNHGRYHUWKHSODQ

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

7HLPSRUWDUDQRJULWDU":RXOG\RXPLQGQRWVKRXWLQJ"
1RKDFHIDOWDTXHPHJULWHV <RXGRQoWKDYHWRVKRXWDWPH
'LPHTXHQRHVYHUGDG 7HOOPHLWoVQRWWUXH
1RUHQHQODVFRQGLFLRQHV7KH\GRQoWTXDOLI\
OVHFD\GHVXSHGHVWDO +HIHOORIIKLVSHGDVWDO

0XFKDVJUDFLDV VLQFHUR 7KDQN\RXYHU\PXFK


|0XFKDVJUDFLDV VDUFVWLFR 7KDQNVDORW
0VYDOHSUHYHQLUTXHFXUDU,WoVEHWWHUWREHVDIHWKDQVRUU\
'LRVORVFUD\HOORVVHMXQWDQ%LUGVRIDIHDWKHURFNWRJHWKHU
/HJXVWDGHVPRQWDUVXVMXJXHWHV+HOLNHVWRWDNHKLVWR\VDSDUW



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
0XFKPDQ\

&RPPRQVD\LQJV
7LPHLVDJUHDWKHDOHU
(OWLHPSRORFXUDWRGR

/LYHDQGOHWOLYH
+D\GHWRGRHQODYLDGHO6HRU

7KHVTXHDN\ZKHHOJHWVWKHRLO JUHDVH 
(OTXHQROORUDQRPDPD

,WoVPRUHEOHVVHGWRJLYHWKDQWR
UHFHLYH
+D\PVIHOLFLGDGHQGDUTXHHQ
UHFLELU

7KHVKRHPDNHUoVVRQDOZD\VJRHV
EDUHIRRW
(QFDVDGHOKHUUHURFXFKLOORGHSDOR

p0XFKqVHHPSOHDFRQVXVWDQWLYRVQRFRQWDEOHV
PLHQWUDVTXHpPDQ\qVHHPSOHDFRQVXVWDQWLYRV

FRQWDEOHVHQSOXUDO
3RQWH D SUXHED 6DEHV GHFLU ODV VLJXLHQWHV
IUDVHVHQLQJOV"
1RKD\PXFKDLQIRUPDFLQHQHVWHFDWORJR
4XHGDPXFKRGLQHURHQWXFXHQWDDILQDOGHPHV"
&RQRFLVWHDPXFKDJHQWHHQHOFUXFHUR"

1HFHVVLW\LVWKHPRWKHURILQYHQWLRQ
/DQHFHVLGDGKDFHPDHVWURV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

$OJXLHQOODPDDODSXHUWD
4XLQVHU"

,VWKLV-RKQ"+HOOR-RKQWKLV
LV0DU\
6RPHRQHLVNQRFNLQJDWWKH
GRRU,ZRQGHUZKRLWLV

(QLQJOVKDVWDTXHQRVHLGHQWLTXHHOVH[RGHXQDSHUVRQDHP
SOHDPRVHOSURQRPEUHQHXWURpLWqRORVSURQRPEUHVGHPRVWUDWL
YRVpWKLVqRpWKDWq(QODVSULPHUDVRFKRIUDVHVQRDSDUHFHQLpKHq
QLpVKHqVLHPSUHpLWqpWKLVqRpWKDWq

6LHV-XDQGLOHTXHQRHVWR\
$WUDYVGHODSXHUWD 4XLQHV"
6R\\R|$EUH
(VHVWHVHRUHOVHRU-RKQVRQ"
4XLQHVHVDSHUVRQD"
&UHRTXHHV&DUORV
4XHVWKDFLHQGRDTXD
HVWDVKRUDV"

,ILWoV-RKQWHOOKLP,oPQRWKHUH
:KRLVLW"
,WoVPH2SHQXS
,VWKLV0U-RKQVRQ"
:KRoVWKDW"
,WKLQNLWoV&KDUOHV
:KDWoVKHGRLQJKHUHDWWKLV
WLPHRIWKHGD\ RUQLJKW "

6R\\R








,WoVPH HQIUDQFVHV
FRPRHQLQJOVFoHVWPRL

6RPRVQRVRWURV

,WoVXV HQIUDQFVFoHVWQRXV

3HGUR"(UHVW"








3HWHULVWKDW\RX" HQ
IUDQFV3LHUUHFoHVWWRL"

(UHV-XDQ"+ROD-XDQVR\0DUD

(VWLPDGR+DQV

'HDU+DQV

(QSULPHUOXJDUTXLHURDJUDGHFHUWXD\XGD\DVHVRUDPLHQWRHQ
ODRUJDQL]DFLQGHQXHVWUDQXHYDVXFXUVDO<DHVWDPRVIXQFLR
QDQGRDSHVDUGHTXHWHQHPRVXQDVRODOQHDGHWHOIRQR
/DUD]QSULQFLSDOSRUODTXHWHHVFULERHVSDUDSHGLUWHXQSH
TXHRIDYRU6LQGXGDUHFRUGDUVD-XDQ3UH]HOVHRUPD\RU
TXHHQWUHYLVWDVWHSDUDHOSXHVWRGHFRQWDEOHSDUDODVXFXUVDO
7LHQHXQKLMRGHDRVTXHDFDEDGHWHUPLQDUVXVHVWXGLRV\
TXHTXLHUHSDVDUXQDRWUDEDMDQGR\HVWXGLDQGRHQ$OHPDQLD
SUHIHULEOHPHQWHYLYLHQGRFRQXQDIDPLOLD
6LPHSXHGHVD\XGDUHQHVWHDVXQWRWHORDJUDGHFHUDGHYHUDV
3UH]KDUHVXOWDGRVHUXQDXWQWLFRYHWHUDQRHQFPRPRQWDU
XQDRFLQD\VXD\XGDHVW\HQGRPXFKRPVDOOGHODPHUD
FRQWDELOLGDG(VSRUHVWRSRUORTXHTXLVLHUDD\XGDUOH\SRUOR
TXHSLGRWXFRODERUDFLQ

)LUVWRIDOO,ZDQWWRWKDQN\RXIRU\RXUKHOSDQGDGYLFHLQWKH
RUJDQL]DWLRQ RI RXU QHZ EUDQFK:H DUH DOUHDG\ RSHUDWLQJ LQ
VSLWHRIWKHIDFWWKDWZHKDYHRQO\RQHWHOHSKRQHOLQH
7KHPDLQUHDVRQIRUP\ZULWLQJ WR \RXLV WRDVN\RXDVPDOO
IDYRU1RGRXEW\RXUHPHPEHU-XDQ3HUH] WKHROGHUPDQ\RX
LQWHUYLHZHGIRUWKHMRERIEUDQFKDFFRXQWDQW+HKDVD\HDU
ROG VRQ ZKR KDV MXVW QLVKHG KLV VWXGLHV DQG ZKR ZDQWV WR
VSHQGD\HDUZRUNLQJDQGVWXG\LQJLQ*HUPDQ\SUHIHUDEO\OLYLQJ
ZLWKDIDPLO\
,I\RXFDQKHOSPHRXWLQWKLVPDWWHU,ZRXOGUHDOO\DSSUHFLDWH
LW 3HUH] KDV WXUQHG RXW WR EH D WUXH YHWHUDQ LQ KRZ WR VHW XS
DQ RIFH DQG KLV KHOS LV JRLQJ IDU EH\RQG PHUH DFFRXQWLQJ
7KDWVZK\,ZRXOGOLNHWRKHOSKLPDQGZK\,PDVNLQJIRU\RXU
FROODERUDWLRQ

8QVDOXGR

%HVWUHJDUGV

(VWLPDGRDOXPQR\DPLJR6L\ROHRIUHFLHUDXQWUDEDMRHQOD218VHJXUDPHQWHGHFOLQDUDPLRIHUWDDOHJDQGRXQGRPLQLRSREUHGHO
LQJOV6LQHPEDUJRHVPX\SRVLEOHTXHODPLWDGGHODJHQWHTXHVWUDEDMDHQODRUJDQL]DFLQHQFXHVWLQSRVHDFRQRFLPLHQWRVFRPRORV
VX\RVRPX\SRFRVPV6LXVWHGVXELHUDFRQPLJRXQDSRUXQDODVSODQWDVGHODVHGHQHR\RUTXLQDGHOD218REVHUYDUDDOJRLQFOXVR
PVVRUSUHQGHQWHWRGDYDHQWHQGHUDSHUIHFWDPHQWHDWRGRVFXDQGRKDEODQHQLQJOVSRUWHOIRQRRFDUDDFDUD
(VWDVSHUVRQDVHMHUFHQIXQFLRQHVLPSRUWDQWHVTXHH[LJHQXQGRPLQLRGHOLGLRPDLQJOV\GHKHFKRVXGRPLQLRHVVXFLHQWHSDUDUHDOL]DU
FRQ[LWRODVFLWDGDVIXQFLRQHV6LXVWHGORVHQWLHQGHSHUIHFWDPHQWHSRUTXPHGLFHTXHVXQLYHOGHLQJOVHVLQVXFLHQWHVLYXHOYRD
RIUHFHUOHHOWUDEDMRGHDQWHV"
4XWLHQHQHVWVSHUVRQDVTXHXVWHGQRWLHQH"3RUTXDSHVDUGHHQWHQGHUODVSHUIHFWDPHQWHQRVHDWUHYHDDFHSWDUPLRIHUWD"7LHQH
DOSDUHFHUORVPLVPRVFRQRFLPLHQWRVTXHWLHQHQHOORV&XOHVHOSUREOHPD"
(OSUREOHPDHVTXHOHIDOWDQDXVWHGSUHFLVDPHQWHODVWUHVFRVDVTXHHOORVVSRVHHQRGRFRQDQ]DDOKDEODU\DJLOLGDGRUDOFRQODJUDP
WLFDPVEVLFD\VHQFLOODGHOLGLRPD2,'2s&21),$1=$s$*,/,'$'*5$0$7,&$/


5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

(VXQFRFKHJUDQGH ,WoVDELJFDU
6XFDVDHVSHTXHD +HUKRXVHLVVPDOO
3HURHVXQDFDVDERQLWD %XWLWoVDSUHWW\KRXVH
(OODHVDOWD\DWUDFWLYD6KHoVWDOODQGDWWUDFWLYH
(OODHVGH-DSQ 6KHoVIURP-DSDQ

9DDOWUDEDMRHQFRFKH +HGULYHVWRZRUN
+D\DOJXQRVSUREOHPDVDKRUD 7KHUHDUHVRPHSUREOHPVQRZ
+D\SUREOHPDVWRGRVORVGDV 7KHUHDUHSUREOHPVHYHU\GD\
+D\RUHVHQODFRFLQD7KHUHDUHVRPHRZHUVLQWKHNLWFKHQ
+D\SDQHQODFRFLQDWDPELQ 7KHUHoVVRPHEUHDGLQWKHNLWFKHQWRR

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&UHRTXHOWHFRQRFH ,WKLQNKHNQRZV\RX
0HORSXHGHVWUDHUDKRUD"&DQ\RXEULQJLWWRPHQRZ"
1ROHVHQVHHVHVR 'RQoWVKRZWKHPWKDW
&XOGHORVGRVTXLHUHV" :KLFKRQHGR\RXZDQW"
VWHHVPHMRUTXHDTXO 7KLVRQHoVEHWWHUWKDQWKDWRQH

1RKDJDVQDGDKDVWDTXHWHGLJD'RQoWGRDQ\WKLQJXQWLO,WHOO\RX
6LJXHPLVFRQVHMRV )ROORZP\DGYLFH VLQJXODU 
/ORUDUQRD\XGDDQDGD &U\LQJGRHVQoWKHOSDWDOO
6LSXHGRWHOOHYDUDOO ,I,FDQ,oOOWDNH\RXWKHUH
*UDFLDVSRUWRGR 7KDQN\RXIRUHYHU\WKLQJ

7RZHU 7RUUH

6FUHHQ 3DQWDOOD
.H\V 7HFODV

.H\ERDUG 7HFODGR
0RXVH 5DWQ

9RFDEXODULR-RLQWV $UWLFXODFLRQHV

+LJK,QWHUPHGLDWH
(VWGHPDVLDGROHMRVSDUDOHHUOR ,WoVWRRIDUDZD\WRUHDG
$FUFDORPV\OROHHU %ULQJLWFORVHUDQG,oOOUHDGLW
+D]ORVHJQHOSURVSHFWR 'RLWDFFRUGLQJWRWKHGLUHFWLRQV
1RGHEHUDVKDEODUDV <RXVKRXOGQoWWDONOLNHWKDW
OPHYDDVXELUHOVXHOGR +HoVJRLQJWRUDLVHP\VDODU\

/RZ$GYDQFHG
7XHQIRTXHHVGLVWLQRDOPR <RXUDSSURDFKLVGLIIHUHQWIURPPLQH
1RKD\WDQWRVFRPRDQWHV 7KHUHDUHQoWDVPDQ\DVEHIRUH
$QWHVKDEDPV 7KHUHXVHGWREHPRUH
0HJXVWDFPRUPDVODVFDUWDV ,OLNHWKHZD\\RXVLJQOHWWHUV
1RHVWR\DOGDHQWRGRHVWR ,oPQRWXSWRGDWHRQDOOWKLV

0LGGOH$GYDQFHG
1XQFDPHKHHQDPRUDGR ,oYHQHYHUIDOOHQLQORYH
(OTXHYHQJDQRQR :KHWKHUWKH\FRPHRUQRW
/RHVSHURFRQLOXVLQ ,oPORRNLQJIRUZDUGWRLW
'DOHODYXHOWDDODWRUWLOOD 7XUQWKHRPHOHWRYHU
4XLPSRUWD" :KDWGLIIHUHQFHGRHVLWPDNH"

)RU(QJOLVKVXSHUVWDUVRQO\
4XLQORVYXHOYHDPRQWDU" :KRSXWVWKHPEDFNWRJHWKHU"
7HKDVSDVDGRHVWDYH] <RXoYHJRQHWRRIDUWKLVWLPH
1RVDEUDVSRUFDVXDOLGDGf" <RXZRXOGQoWKDSSHQWRNQRZ"
7HQGUVTXHDJXDQWDUWH <RXoOOKDYHWRJULQDQGEHDULW
1RJXDUGRUHQFRU ,GRQoWKROGDJUXGJH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

9HUERVLUUHJXODUHV
5HFXHUGDTXHHOSDVDGRGHOYHUERpWRWKLQNqVH
SURQXQFLDp]RUWq\QRFRPRVHHVFULEH

/DXJKWHULVWKHEHVWPHGLFLQH
/DULVDHVHOPHMRUUHPHGLR

+RQHVW\LVWKHEHVWSROLF\
/RPHMRUHVVHUIUDQFR

6SULQJLVLQWKHDLU
/DSULPDYHUDODVDQJUHDOWHUD

7KHSHQLVPLJKWLHUWKDQWKHVZRUG
0VSXHGHODSOXPDTXHODHVSDGD

+HDOWKLVEHWWHUWKDQZHDOWK
/DVDOXGHVODPHMRUULTXH]D

7KHUHoVQRVXEVWLWXWHIRUH[SHULHQFH
0VVDEHHOGLDEORSRUYLHMRTXH
SRUGLDEOR

6RQPXFKDVODVYH]TXHPLVDPLJRPHSLGHQTXHOHVFXHQWHFPRPH
HQIDGRFXDQGRPLVHVWXGLDQWHQRXVDQODpVqDOQDOGHODVRUDFLQHQ
LQJO2VDVHJXURTXHVLUHFLELHUDGRVGODUSRUODVYH]TXHPLVDOXPQR
QRXVDQODGLFKRVDpVqVHUDPLOORQDULRFRPRORVPDJQDWHXRWURFDVRV
VLPLODU
/DV SDODEUD SXHGHQ VHU SDODEUDV VLQJXODU R SDODEUDV SOXUDO /RV
VXVWDQWLYRV VLQJXODU QR OOHYDQ XQD pVq DO QDO \ ORV VXVWDQWLYRV
SOXUDOVODOOHYDQ&XDQGRORVHVWXGLDQWHVHVSDROQRSURQXQFLDQ
ODpVqDOQDOGHORVSOXUDOVXHQDIDWDO0LWHQVLQVDQJXQHDVXEH
YDULRSXQWRV\FDVLSLHUGRORVHVWULER&XDQGRPLVDOXPQRPHQR
WDQDVPHGLFHQ3HURKRPEUHTXPVGD"6LQRSURQXQFLDPRV
OD pVq FXDQGR KDEODPRV HQ FDVWHOODQR VLPSOHPHQWH FUHHQ TXH
VRPRVDQGDOX]3XHELHQWDOYHQRVXHQHPDOHQYXHVWUDOHQJXD
SHURHQLQJOVXHQDKRUULEOHPHQWHPDO4XWDOVXHQDHQHVSD
ROHOSUUDIRDFRQWLQXDFLQ"

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
4XLHURTXHODHPSUHVDFUH]FD
4XLHUHVTXH(VSDDJDQH"
<RQRTXHUDTXHKLFLHUDVHVR


,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ

HVWDVIUDVHV

0HHQFDQWDQWXVRMRD]XO6LWHGLMHUDODVYH]TXHKHVRDGRFRQWXV
ODELR\FRQHOSHUIXPHGHWXVFDEHOOR\FPRDQKHORVHQWLUWXRMRVFOD
YDGRHQORVPR1XQFDPHFDQVRGHMDUPHHQWXVDQGDUHQODIRUPD
HQTXHPXHYHVODVFDGHUD0HHQFDQWDFXDQGRVHWHVXEHQORVFRORU
VREUHWRGRFXDQGRKDEODVGHODVH[WUDDVYLVLQTXHWLHQHVDOJXQDV
YH]$PVHPHSRQHQORVSHORGHSXQWD
6LWIXHUDVSURIHVRUGHHVSDROFXOVHUDWXUHDFFLQHQFODVHVLWRGR
WXVDOXPQRKDEODUDQDVFRQVWDQWHPHQWHGDWUDVGDPHVWUDPHV
DRWUDDR6HJXUDPHQWHFRJHUDVPDQDDODHQVHDQ]D\VREUHWRGR
DOGLFKRVRYLFLRGHQRUHPDWDUORVSOXUDO7HQGUDVJDQDGHWLUDUODWRDOOD
3XHORVHVSDROWHQLVODPDOGLWDPDQDGHFRPHURVODVpVqFDGDGRV
SRUWUH2VDVHJXURGHTXHVLSXGLUDLVFRUUHJLUVRODPHQWHHVWHHUURU\
QLQJXQRPYXHVWURQLYHOGHLQJOPHMRUMDUDHQXQDOLQVWDQWH2
VHDHOGHODIDOWDGHFDOLGDGGHYXHVWURLQJOVHGHEHDTXHRJXVWD
PXFKRFRPHURODGLFKRVDpVqDOSURQXQFLDUORVSOXUDO

0X\VHRUPR

'HDU6LU

(OGHDEULOGHHVWHDR KDFHPHV\PHGLR FRPSUXQDODYD


GRUD:+,7(/,1(HQXQDSHTXHDWLHQGDGHEDUULRFHUFDGHPL
FDVD/DSDJXHQHIHFWLYR\XQMRYHQGHODWLHQGDPHODLQVWDODO
GDVLJXLHQWH GHDEULO 'RVGDVGHVSXVSRUFDXVDVTXHWDQWR
PLHVSRVDFRPR\RGHVFRQRFHPRVODODYDGRUDGHMGHIXQFLR
QDUHLQXQGQXHVWUDFRFLQDFDGDYH]TXHLQWHQWDPRVSRQHUOD
HQPDUFKD

2Q $SULO  RI WKLV \HDU D PRQWK DQG D KDOI DJR  , ERXJKW D
:+,7(/,1( ZDVKLQJ PDFKLQH LQ D VPDOO QHLJKERUKRRG VKRS
QHDU P\ KRXVH , SDLG IRU LW LQ FDVK DQG D \RXQJ PDQ IURP
WKH VKRS LQVWDOOHG LW IRU PH WKH IROORZLQJ GD\ $SULO   7ZR
GD\VODWHUIRUFDXVHVQHLWKHUP\ZLIHQRU,NQRZWKHZDVKLQJ
PDFKLQHVWRSSHGZRUNLQJDQGRRGHGRXUNLWFKHQHYHU\WLPH
ZHWULHGWRVWDUWLW

$OSRQHUQRVHQFRQWDFWRFRQODWLHQGDQRVGLMHURQTXHQRKD
FDQPDQWHQLPLHQWR\TXHOODPUDPRVDOIDEULFDQWHHVGHFLUD
9GV&XDQGRQRVSXVLPRVHQFRQWDFWRFRQ9GVVXGHSDUWDPHQ
WRGHVHUYLFLRQRVLQIRUPTXHQRSRGDSUHVWDUQRVVHUYLFLRFRQ
DUUHJORDODVFRQGLFLRQHVGHODJDUDQWD\DTXHODWLHQGDGRQGH
FRPSUDPRVODODYDGRUDQRHUDXQFRQFHVLRQDULRDXWRUL]DGR

8SRQ FRQWDFWLQJ WKH VKRS WKH\ WROG XV WKH\ GLG QRW GR
PDLQWHQDQFHDQGWKDWZHVKRXOGFDOOWKHPDQXIDFWXUHUWKDW
LV \RX :KHQ ZH FRQWDFWHG \RX \RXU VHUYLFH GHSDUWPHQW
LQIRUPHG XV WKDW LW FRXOG QRW JLYH XV VHUYLFH XQGHU WKH
FRQGLWLRQVLQWKHZDUUDQW\VLQFHWKHVKRSZKHUHZHERXJKWWKH
ZDVKLQJPDFKLQHZDVQRWDQDXWKRUL]HGGHDOHU

3DUDGHFLUOHODYHUGDGQRHQWLHQGRQDGD6LHPSUHKHWHQLGRXQ
DOWRFRQFHSWRGH:+,7(/,1(\PHSDUHFHH[WUDRTXHXQDFRP
SDDWDQSUHVWLJLRVDSXHGDGHMDUDXQFOLHQWHWDQGHVDPSDUDGR
FRPRKDVLGRPLFDVR

7RWHOO\RXWKHWUXWK,GRQWXQGHUVWDQGDWKLQJ,KDYHDOZD\V
KDGDKLJKUHJDUGIRU:+,7(/,1(DQGLWVHHPVVWUDQJHWRPH
WKDW VXFK D SUHVWLJLRXV FRPSDQ\ FRXOG OHDYH D FXVWRPHU VR
KHOSOHVVDVKDVEHHQP\FDVH

$WHQWDPHQWH

9HU\WUXO\\RXUV

(VWLPDGRDPLJR\DOXPQR/DVHRUDGHODL]TXLHUGDPDQHMDFRQWLQR\DFLHUWRWUHVRFXDWURWLHPSRVGH
ORVYHUERV\XQDVSDODEUDVGHYRFDEXODULR/RVPDQHMDFRQVHQFLOOH]SHURFRQDJLOLGDG6LXVWHGHV
FRPRODPD\RUDGHPLVDOXPQRVHVSDROHVHQWRQFHVVHSDUHFHPVDOVHRUGHODGHUHFKDTXLHQFUHH
TXHDSUHQGHUVLJQLFDVHJXLUDFXPXODQGRFRQRFLPLHQWRVQXHYRV\VHJXLUDGHQWUQGRVHHQWHUUHQRV
PVOHMDQRV\DYDQ]DGRVGHOLGLRPD3RUFLHUWRFRQR]FRDODVHRUD(VSUHVLGHQWDGHODOLDOHVSDROD
GHXQDJUDQPXOWLQDFLRQDOLQJOHVD7DPELQFRQR]FRDOVHRUGHODGHUHFKD$SHVDUGHOOHYDUDRVLQ
WHQWDQGRHQWHQGHU\DVLPLODUODHVWUXFWXUDGHOLQJOVPHGLDQWHFODVHV\PVFODVHVXQDRV\RWURQR
QRVHDWUHYHVDOLUDOH[WUDQMHURSDUDVXFRPSDDQLGXHUPHELHQFXDQGROHGLFHQTXHGHEHUHFLELUXQD
YLVLWDGHIXHUD\DWHQGHUOD
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

'HGQGHVRQ" :KHUHDUHWKH\IURP"
6RQGH5XVLD" $UHWKH\IURP5XVVLD"
6RPRVGH86$ :HoUHIURPWKH6WDWHV
(OODHVULFD 6KHoVULFK
(VULFROWDPELQ",VKHULFKWRR"

(VWVFRPLHQGRPXFKR<RXoUHHDWLQJDORW
6LQWDWHSRUIDYRU6LWGRZQSOHDVH
1RWHOHYDQWHV'RQoWJHWXS
0UDORV/RRNDWWKHP
/HOR\IUPDOR5HDGLWDQGVLJQLW

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

9HQGUQFXDQGR\ROHVOODPH 7KH\oOOFRPHZKHQ,FDOOWKHP
'QGHOOXHYHPVDTX":KHUHGRHVLWUDLQWKHPRVWKHUH"
(VWDPRVMXJDQGRDODVFDUWDV :HoUHSOD\LQJFDUGV
6R\PVDOWRTXHW,oPWDOOHUWKDQ\RXDUH
1ROHJXVWDLUDOSDUTXH +HGRHVQoWOLNHWRJRWRWKHSDUN
1RHUHVWDQDOWRFRPR\R<RXoUHQRWDVWDOODV,DP
4XHVORTXHOHJXVWDKDFHU" :KDWGRHVKHOLNHWRGR"
+D\PVDUHQDDTXTXHDOO7KHUHoVPRUHVDQGKHUHWKDQWKHUH
&XQGRWLHQHHOODVXFODVH" :KHQGRHVVKHKDYHKHUFODVV"
1RKD\WDQWDDUHQDFRPRDTX7KHUHLVQoWDVPXFKVDQGWKHUH
DVKHUH

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

1RVORTXHTXLHUHVGHFLU ,GRQoWNQRZZKDW\RXPHDQ
4XVLJQLFDHVWDSDODEUD" :KDWGRHVWKLVZRUGPHDQ"
3RUTXPLHQWHOWDQWR" :K\GRHVKHOLHVRPXFK"
1XQFDVHKDKHFKR ,WoVQHYHUEHHQGRQH
3RUTXQXQFDVHKDKHFKR" :K\KDVQoWLWHYHUEHHQGRQH"
(VLQWLOFRQWLQXDU ,WoVSRLQWOHVVWRFRQWLQXH

)RUPXODREMHWLYRVSULPHUR6HWREMHFWLYHVUVW
0HGXHOHHOKRPEURGHUHFKR0\ULJKWVKRXOGHUKXUWV
'QGHWHGXHOH":KHUHGRHVLWKXUW
(VWRSHUMXGLFDUQXHVWUDVYHQWDV7KLVZLOOKXUWRXUVDOHV
+D]ORTXHGLJRQRORTXHKDJR'RZKDW,VD\QRWZKDW,GR
$YDQFHDWRGDPTXLQD)XOOVSHHGDKHDG IXOOVWHDPf

+DQGOHEDUV 0DQLOODU

6DGGOH 6LOOQ

:KHHOV 5XHGDV

&KDLQ &DGHQD

3HGDOV 3HGDOHV

9RFDEXODULR%LF\FOH %LFLFOHWD

0LGGOH$GYDQFHG
(VXQDSUGLGDGHWLHPSR ,WoVDZDVWHRIWLPH
7LHQHVEXHQDVSHFWRKR\ <RXORRNJRRGWRGD\ QLFH 
6HPHDFHUF\VRQUL +HFDPHXSWRPHDQGVPLOHG
(VWR\WRWDOPHQWHGHVSLHUWR ,oPZLGHDZDNH

)RU(QJOLVKVXSHUVWDUVRQO\
1RWHDJDFKHVSDUDUHFRJHUOR'RQoWEHQGGRZQWRSLFNLWXS
(VPLVLQR,WoVP\IDWH
(UHVJDIH<RXoUHDMLQ[
3ULPHURVDOGDQGRPDUFKDDWUV)LUVWEDFNRXW



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

)XWXURFRQpJRLQJWRq

%UDLQLVEHWWHUWKDQEUDZQ
0VYDOHPDDTXHIXHU]D
%HWWHUODWHWKDQQHYHU
0VYDOHWDUGHTXHQXQFD
+LVEDUNLVZRUVHWKDQKLVELWH
3HUURODGUDGRUSRFRPRUGHGRU

/LJKWQLQJQHYHUVWULNHVWZLFHLQWKH
VDPHSODFH
1RKD\WHPSHVWDGTXHPXFKRGXUH
<RXoOOJHWRYHULW
<DORVXSHUDUV
0DQFDQQRWOLYHE\EUHDGDORQH
1RVORGHSDQYLYHHOKRPEUH

/DIRUPDGHH[SUHVDUHOIXWXURPVXWLOL]DGD

HQLQJOV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
OYDDOODPDUPVWDUGH
1RRVYDDJXVWDUODSURSXHVWD
9DDIXQFLRQDUPLSODQ"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3ULPHURYR\DODSOD\D\GHVSXVDOTXLRVFR\GHVSXVDOEDU\GHVSXVYROYHUDFDVD
(QHVWDIUDVHODSDODEUDpGHVSXVqDSDUHFHFXDWURYHFHV
|1RVHOHRFXUUDMDPVXVDUODSDODEUDpDIWHUqHQHVWRVFDVRVHQLQJOV
$IWHU GHVSXVGH
7KHQ GHVSXV
6LXVDUDODSDODEUDpDIWHUqHQODFLWDGDIUDVHWUDGXFLGDDOLQJOVHV
WDUDGLFLHQGRORVLJXLHQWH3ULPHURYR\DLUDODSOD\D\GHVSXV
GHDOTXLRVFR\GHVSXVGHDOEDU\GHVSXVGHYROYHUDFDVD
3RUORWDQWRQRXVHQXQFDpDIWHUqFXDQGRTXLHUHH[SUHVDUHQIRU
PDQDUUDWLYDpGHVSXVqRpOXHJRq8VHpWKHQqRpDQGWKHQq

)MHVHHQHVWDQDUUDWLYD
3DXOD(LVHQEDFKLVJRLQJRQYDFDWLRQWRPRUURZPRUQLQJ6KHoOO
UHQW D FDU DQG GULYH WR 3DULV 6KHoOO VSHQG WKUHH GD\V LQ 3DULV
DQGWKHQGULYHWR0RQWH&DUORZKHUHVKHoOOVWD\IRUWZRQLJKWV
7KHQVKHoOOGULYHWR,WDO\WRYLVLW3LVD)ORUHQFHDQG9HQLFH6KHoOO
VWD\VL[GD\VLQ,WDO\7KHQVKHoOOGULYHEDFNWR*HUPDQ\WKURXJK
$XVWULD6KHoOOVWD\RQHQLJKWLQ,QQVEUXFNDQGWKHQGULYHEDFN
WR+HLGHOEHUJ

(VWLPDGRVVHRUHV

*HQWOHPHQ

(OSUHVHQWHGRFXPHQWRHVXQLPSUHVRGHSHGLGRTXH9GGHEH
OHHU\UPDUVLHVWFRQIRUPHFRQODVFRQGLFLRQHVH[SXHVWDV
HQHOPLVPR6LQRHVWFRQIRUPHSQJDVHHQFRQWDFWRFRQOD
SHUVRQDLQGLFDGDHQODFDVLOODTXHDSDUHFHHQODSDUWHLQIHULRU
GHUHFKDGHHVWHGRFXPHQWR

7KLVGRFXPHQWLVDQRUGHUIRUPWKDW\RXVKRXOGUHDGDQGVLJQ
LI \RX DJUHH ZLWK WKH WHUPV VHW GRZQ KHUHLQ ,I \RX GR QRW
DJUHHFRQWDFWWKHSHUVRQLQGLFDWHGLQWKHER[WKDWDSSHDUVLQ
WKHERWWRPULJKWKDQGFRUQHURIWKLVGRFXPHQW

5RJDPRV OHD ODV VLJXLHQWHV FRQGLFLRQHV FRQ HO Q GH HYLWDU


SRVLEOHVPDOHQWHQGLGRV
/DIDFWXUDLQGLFDUHOQPHURGHSHGLGRTXHDSDUHFHHQOD
FDVLOODGHODSDUWHVXSHULRUGHUHFKDGHHVWHGRFXPHQWR
/DIDFWXUDLQFOXLUHOEDQFR\QPHURGHFXHQWDDORVTXH
KDGHHIHFWXDUVHHOSDJR
&RSLDVGHODIDFWXUD\GHODOEDUQGHEHUQHVWDUYLVLEOHVHQ
HOH[WHULRUGHOHPEDODMH
6LWLHQHFXDOTXLHUSUHJXQWDDFHUFDGHOFRQWHQLGRGHHVWHGR
FXPHQWRQRGXGHHQSRQHUVHHQFRQWDFWRFRQQRVRWURV
$WHQWDPHQWH

3OHDVHUHDGWKHIROORZLQJFRQGLWLRQVLQRUGHUWRDYRLGSRVVLEOH
PLVXQGHUVWDQGLQJV
7KHLQYRLFHVKDOOLQGLFDWHWKHRUGHUQXPEHUWKDWDSSHDUVLQ
WKHWRSULJKWKDQGFRUQHURIWKLVGRFXPHQW
7KHLQYRLFHVKDOOLQFOXGHWKHEDQNDQGDFFRXQWQXPEHUWR
ZKLFKWKHSD\PHQWVKRXOGEHPDGH
&RSLHVRIWKHLQYRLFHDQGGHOLYHU\QRWHVKDOOEHYLVLEOHRQ
WKHRXWVLGHRIWKHSDFNDJH
,I\RXKDYHDQ\TXHVWLRQVRQWKHFRQWHQWVRIWKLVGRFXPHQWGR
QRWKHVLWDWHWRFRQWDFWXV

6LQFHUHO\

(VWLPDGRDPLJR\DOXPQR9DDQHFHVLWDUXQDOXSDSDUDOHHUORTXHGLFHQXHVWURDPLJRDODL]TXLHUGD6HWUDWD
GHOPHMRUSURIHVRUGHLQJOVTXHFRQR]FR\OOHYRDRVREVHUYDQGRHOWUDEDMRGHFHQWHQDUHVGHSURIHVRUHV6XV
DOXPQRVOHDGRUDQDSHVDUGHTXHOOHVH[LJHDGLDULRDKDFHUXQHVIXHU]RJUDQGH/HVSUHVLRQDOHVDQLPDOHV
LPSORUDOHVSURYRFDOHVVXSOLFDOHVDPHQD]DOHVLQVLVWHOHVSHUVLJXHOHVSUHGLFDOHVVHUPRQHDOHVLUULWDOHVSLQ
FKDOHVUHWDOHVGHVDIDOHVDJUDGDOHVHQWUHWLHQH\HQGHQLWLYDOHVHQVHDFRQDEVROXWDFLHQFLD\DUWH+DFLDO
VXVDOXPQRVVLHQWHQUHVSHWRDSUHFLR\KDVWDDGPLUDFLQ\VLHQWHQODREOLJDFLQ\HOGHVHRGHWUDEDMDUDOP[LPR
SDUDSURJUHVDU\QDOPHQWHUHPDWDUODIDHQD/RKDFHQSRUO\HQOWLPRWUPLQRSDUDHOORVPLVPRV(VHODOXP
QRTXLHQUHVXHOYHHOWHPDGHOLQJOVSHURHVHOSURIHVRUTXLHQGHVHPSHDHOSDSHOPVFUWLFRHLPSUHVFLQGLEOH
HOSDSHOGHPRWLYDUDOP[LPRDODOXPQR6LVXSURIHVRUQROHWUDWDFRPRPLDPLJRGHDOODGRWUDWD\PRWLYDDVXV
DOXPQRVEXVTXHRWURSURIHVRU\VLJDEXVFDQGRKDVWDHQFRQWUDUOR
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

(VDUHJLQHVSREUH 7KDWUHJLRQLVSRRU
/DJHQWHDOOHVSREUH 7KHSHRSOHWKHUHDUHSRRU
&KLQDHVXQSDVPX\JUDQGH &KLQDoVDYHU\ELJFRXQWU\
(VWHQ$VLD ,WoVLQ$VLD
$VLDHVXQFRQWLQHQWH $VLDoVDFRQWLQHQW

1RVHORGHVD3HGUR 'RQoWJLYHLWWR3HWHU
$FXVWDWH *RWREHG
(VFUEHORFRQHVWHEROJUDIR :ULWHLWZLWKWKLVSHQ
1ROOHYHVFRVDVSHVDGDV 'RQoWFDUU\KHDY\WKLQJV
7HHVWR\HVFXFKDQGR ,oPOLVWHQLQJWR\RX

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&PRIXQFLRQD" +RZGRHVLWZRUN"
$TXVHGHGLFDHOOD" :KDWGRHVVKHGR"
4XKDFHHOODDKRUD" :KDWoVVKHGRLQJQRZ"
3RUTXIXPDHOODHQFODVH" :K\GRHVVKHVPRNHLQFODVV"
4XLQODFRQRFH" :KRNQRZVKHU"

+D\PVJHQWHTXHDQWHV 7KHUHDUHPRUHSHRSOHWKDQEHIRUH
1RKD\WDQWDJHQWHFRPRDQWHV 7KHUHDUHQoWDVPDQ\SHRSOHDVEHIRUH
7UWDOHVFRQPXFKRFXLGDGR 7UHDWWKHPYHU\FDUHIXOO\
0HDOHJURGHTXH-XDQHVW ,oPJODG-RKQoVKHUH
0HDOHJURGHTXHOYLQLHUD ,oPJODGKHFDPH

&RDW 3HOR

7DLO &ROD
/HJ 3DWD
6QRXW 0RUUR

&ODZV *DUUDV

3DZ 3LH

9RFDEXODULR'RJ 3HUUR

+LJK,QWHUPHGLDWH
1XQFDORKDJR ,QHYHUGRLW
3RUTXQXQFDORKDFHV" :K\GRQoW\RXHYHUGRLW"
1XQFDORKDUQ 7KH\oOOQHYHUGRLW
3RUTXQXQFDORKDUQ" :K\ZRQoWWKH\HYHUGRLW"
&XQGRVHKDU" :KHQZLOOLWEHGRQH"

/RZ$GYDQFHG
6LJDWRGRUHFWR *RVWUDLJKWDKHDG
1RPHDPHQDFHV 'RQoWWKUHDWHQPH
6LHVGHPDVLDGRFRUWRDOUJDOR ,ILWoVWRRVKRUWOHQJWKHQLW
(VWRWHDODUODPHQWH 7KLVZLOOVKDUSHQ\RXUPLQG
/HGLXQDSUHWQGHPDQRV ,VKRRNKDQGVZLWKKLP

0LGGOH$GYDQFHG
(VWSURIXQGDPHQWHGRUPLGR +HoVVRXQGDVOHHS
,QYHQWDXQDKLVWRULD 0DNHXSDVWRU\
0HPXHURGHKDPEUH ,oPVWDUYLQJ
(VWVDSXQWRGHSHUGHUORWRGR <RXoUHDERXWWRORVHHYHU\WKLQJ
(VWR\KDUWRGHOLQJOV ,oPVLFNDQGWLUHGRI(QJOLVK

)RU(QJOLVKVXSHUVWDUVRQO\
1RWHDVRPHVSRUODYHQWDQD 'RQoWOHDQRXW RI WKHZLQGRZ
&PRWHORSXHGRFRPSHQVDU" +RZFDQ,PDNHLWXSWR\RX"
$SDJDODYHOD %ORZRXWWKHFDQGOH
<DQRYDOHODSHQD ,WoVQRWZRUWKLWDQ\PRUH
1RSXHGRGREODUODURGLOOD ,FDQoWEHQGP\NQHH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

(OXVRGHOLPSHUVRQDO

,WoVOLNHWDONLQJWRDEULFNZDOO
(VFRPRKDEODUDODSDUHG

/HWVOHHSLQJGRJVOLH
0HMRUQRUHPRYHUHODVXQWR

:DOOVKDYHHDUV
+D\URSDWHQGLGD

0LVIRUWXQHVDOZD\VFRPHLQWKUHHV
1RKD\GRVVLQWUHV

7KHFRDVWLVFOHDU
1RKD\PRURVHQODFRVWD


,IDWUVW\RXGRQoWVXFFHHGWU\
DQGWU\DJDLQ
3HUVHYHUD\WULXQIDUV


6SHDNYV7DON





,ZRXOGOLNHWRVSHDNWR\RX
,ZRXOGOLNHWRWDONWR\RX
,ZRXOGOLNHWRVSHDNZLWK\RX
,ZRXOGOLNHWRWDONZLWK\RX

+DVWDTXHQRVHSDPRVODLGHQWLGDGGHODSHUVRQD
FRQTXLHQHVWDPRVKDEODQGRVROHPRVHPSOHDU
ODIRUPDLPSHUVRQDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VWHHV1LJHO3HUNLQV"
(V3KLOOLS-RKQVRQ"
4XLQHV"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

'LUHFWR\IRUPDO6HJQHOWRQRHPSOHDGRSRGUDLQWLPLGDUXQSRFR
'LUHFWR\PHQRVIRUPDO+DFHIDOWDIRU]DUHOWRQREDVWDQWHSDUDTXHLQWLPLGH
'DODLGHDGHFRQVXOWDUIRUPDOPHQWHFRQODRWUDSHUVRQD
'DODLGHDGHFKDUODULQIRUPDOPHQWH

(OYHUERpWRVSHDNqVLJQLFDpKDEODUqHQHOVHQWLGRGHHPLWLUVRQLGRVLQWHOLJLEOHVGHQWURGHXQOHQJXDMHFRPSUHQVLEOH(OYHUERpWRWDONq
VLJQLFDpKDEODUqHQHOVHQWLGRGHPDQWHQHUXQDFRQYHUVDFLQ)MDWHHQODVIUDVHVVLJXLHQWHV\FPRDOJXQDVVXHQDQDEVXUGDV









<RXQHHGWRVSHDNORXGHU
<RXQHHGWRWDONORXGHU
7KHPXPP\RSHQHGKLVH\HVDQGVSRNHWRPH
7KHPXPP\RSHQHGKLVH\HVDQGWDONHGWRPH
<RXUFKLOGVSHDNVDORWLQFODVV
<RXUFKLOGWDONVDORWLQFODVV
:HUH\RXVSHDNLQJWRPH"
:HUH\RXWDONLQJWRPH"

1HFHVLWDVKDEODUPVDOWR
1HFHVLWDFRQYHUVDUPVDOWR HVWDIUDVHQRHVDEVXUGDHQLQJOV6HSXHGHGHFLU
/DPRPLDDEULVXVRMRV\PHKDEO
/DPRPLDDEULVXVRMRV\PHFRQWXQDVFXDQWDVFRVDV
6XKLMRSDUWLFLSDRUDOPHQWHPXFKRHQFODVH
6XKLMRKDEODPXFKRHQFODVH +D\TXHOODPDUOHODDWHQFLQ 
6HHVWDEDGLULJLHQGRXVWHGDP"
0HKDEODEDVDP"

(VWLPDGR-XDQ

'HDU-RKQ

3ULPHURTXLHURUHFRUGDUWHTXHWHQHPRVXQDUHXQLQSUHYLV
WDSDUDHOSU[LPRPLUFROHVGDHQODVDODD]XOGHOKRWHO
=XUEDUQ7HGLJRHVWRSRUTXHUHFXHUGRTXHODOWLPDYH]TXH
MDPRVXQDUHXQLQSDUHFLGDFRQWDQWDDQWHODFLQVHWHRO
YLG(VSHURTXHWXPHPRULDQRWHIDOOHHVWDYH]

)LUVW RI DOO , ZDQW WR UHPLQG \RX WKDW ZH KDYH D PHHWLQJ
VFKHGXOHGIRUQH[W:HGQHVGD\WKHWKLQWKHEOXHURRPRIWKH
=XUEDUDQ+RWHO,PWHOOLQJ\RXWKLVEHFDXVH,UHPHPEHUWKDWWKH
ODVW WLPH ZH VHW D VLPLODU PHHWLQJ VR IDU LQ DGYDQFH \RX IRUJRW
DERXWLW,KRSH\RXUPHPRU\GRHVQWIDLO\RXWKLVWLPH

7HHVFULERSRUTXHHORWURGDWURSHFFRQ&KDUOH\3RUWHUFXDQ
GRFRPDFRQHOYLFHSUHVLGHQWHGHO%DQFR3XH\RHQ(O*UDQHUR
+DDGHOJD]DGRPXFKR\PHGLFHTXHDKRUDWUDEDMDFRPRFRQ
VXOWRUHQWHPDVUHODFLRQDGRVFRQIXVLRQHV\DGTXLVLFLRQHV/H
FRQWTXHHVWDEDVEXVFDQGRXQDIRUPDGHYHQGHUSDUWHGHWX
HPSUHVDDXQVRFLRH[WUDQMHUR\OSDUHFLPX\LQWHUHVDGRHQ
FRQRFHUPVGHWDOOHV/HGLWXQPHURGHWHOIRQR

,PZULWLQJ WR \RXEHFDXVHWKHRWKHUGD\,UDQLQWR&KDUOH\3RUWHU
ZKHQ , ZDV KDYLQJ OXQFK ZLWK WKH YLFHSUHVLGHQW RI WKH 3XH\R
%DQNLQ(O*UDQHUR+HVORVWDORWRIZHLJKWDQGKHWHOOVPHWKDW
KHQRZZRUNVDVDFRQVXOWDQWLQVXEMHFWVUHODWHGWRPHUJHUVDQG
DFTXLVLWLRQV,WROGKLPWKDW\RXZHUHORRNLQJIRUDZD\WRVHOOSDUW
RI\RXUFRPSDQ\WRDIRUHLJQSDUWQHUDQGKHVHHPHGYHU\LQWHUHVWHG
LQNQRZLQJPRUHGHWDLOV,JDYHKLP\RXUWHOHSKRQHQXPEHU

(VSHURTXHQRWHLPSRUWH3XHGHTXH&KDUOH\QRVHDODSHUVR
QDPVDJUDGDEOHGHOPXQGRSHURWLHQHVTXHUHFRQRFHUTXH
FRQRFHODVUHJODVGHOMXHJRPHMRUTXHODPD\RUD

, KRSH \RX GRQW PLQG &KDUOH\ PD\ QRW EH WKH PRVW SOHDVDQW
SHUVRQLQWKHZRUOGEXW\RXKDYHWRDGPLWKHNQRZVWKHUXOHVRI
WKHJDPHEHWWHUWKDQPRVW

0DQWHQPHDOFRUULHQWH

.HHSPHLQIRUPHG

6DOXGRV

5HJDUGV

(VWLPDGRDPLJR\DOXPQR0HTXHGDSRFRHVSDFLRDTXDEDMRSDUDGHFLUWHDOJRFRQVWUXFWLYRSHURYR\DLQWHQWDUOR6LWHGLMHUDORTXHFREUR
SRUXQDFODVHPHGLUDVp|TXFDURq<DQWHWXUHDFFLQ\RWHGLUDFRQPXFKDFDOPD4XGHVHDVFODVHVGHLQJOVRDSUHQGHULQJOV"6LOR
TXHGHVHDVVRQFODVHVGHLQJOVHQWRQFHVVVR\FDURSHURVLORTXHTXLHUHVHVDSUHQGHUGHXQDYH]SRUWRGDVPLLGLRPDHQWRQFHVVR\HO
PVEDUDWRGHOPHUFDGR6VR\HOPVEDUDWRHQWUPLQRVGHXQLGDGGHDSUHQGL]DMHSRUHXURJDVWDGR5HFXHUGDODIRUPDFLQH[LVWHSDUD
FDPELDUDODJHQWH\VLHOFDPELRQROOHJDHOMXLFLRHVFRQFOX\HQWHSRUPXFKRDKRUURQHJRFLDGRHQHOSUHFLRHOGLQHURJDVWDGRHVGLQHURGH
XQQHFLR

5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

%DUFHORQDHVWFHUFDGH*HURQD %DUFHORQDLVQHDU*HURQD
&XOHVWXFRFKH":KLFKRQHoV\RXUFDU"
*HURQDHVWOHMRVGH&GL] *HURQDLVIDUIURP&DGL]
(OPRHVHOURMR0LQHLVWKHUHGRQH
1RHVWR\FDQVDGR ,oPQRWWLUHG
(OVX\R GHHOOD HVHOD]XO+HUVLVWKHEOXHRQH
OQRWLHQHKDPEUH +HoVQRWKXQJU\
(OVX\R GHHOOD HVWDOODGR
GHOGH3HWHU",VKHUVWKHRQHQH[WWR3HWHUoV"
7LHQHVVHG" $UH\RXWKLUVW\"
1RHOGH3HWHUHVWDOODGRGHOPR1R3HWHUoVLVQH[WWRPLQH

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

'LMHTXHHUDXQDEXHQDLGHD,VDLGLWZDVDJRRGLGHD
+D\VDOHQODPHVD" ,VWKHUHDQ\VDOWRQWKHWDEOH"
1RKD\DJXDHQODQHYHUD 7KHUHLVQoWDQ\ZDWHULQWKHIULGJH
/HGLMHTXHHUDXQDEXHQDLGHD,WROGKHULWZDVDJRRGLGHD
OGLVIUXWDWUDEDMDQGRORV 'RHVKHHQMR\ZRUNLQJ
1RHVWR\WDQHQIRUPDFRPR
VEDGRV"RQ6DWXUGD\V"PLKHUPDQR,oPQRWDVWDVP\EURWKHU
OYLHQHPDDQD +HoVFRPLQJWRPRUURZ
1RVORTXHTXLHUHVGHFLU,GRQoWNQRZZKDW\RXPHDQ
+DFHIURIXHUD" ,VLWFROGRXWVLGH"
5HDOPHQWHQRWLHQHLPSRUWDQFLD,WUHDOO\GRHVQoWPDWWHU

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

/HVSHGTXHPHD\XGDVHQ,DVNHGWKHPWRKHOSPH
'LMHURQFXQGRORVDEUDQ" 'LGWKH\VD\ZKHQWKH\ZRXOG
NQRZ"
1RHVWR\WDQHQIRUPDFRPR
DQWHV ,oPQRWDVWDV,XVHGWREH
6LHPSUHKHVLGRPDOVLPRHQ
PDWHPWLFDV ,oYHDOZD\VEHHQWHUULEOHDWPDWKV
(OLQJOVHVFDGDYH]PV (QJOLVKLVPRUHDQGPRUH
LPSRUWDQWHKR\HQGD
LPSRUWDQWQRZDGD\V

'HEHUDVSHGLUOHD\XGD DHOOD  <RXVKRXOGDVNKHUIRUKHOS


3RUTXQROHHVFULEHV" DO  :K\GRQoW\RXZULWHWRKLP"
1RVFRQGXFLUXQFRFKH ,GRQoWNQRZKRZWRGULYHDQ
DXWRPDWLFFDU
DXWRPWLFR
(VWQDSXQWRGHUPDUHO 7KH\oUHDERXWWRVLJQWKH
FRQWUDFW
FRQWUDWR
7LHQHVKXHYRHQODEDUELOOD <RXoYHJRWVRPHHJJRQ\RXUFKLQ

&RFNSLW &DELQDGHOSLORWR

7DLOQ &ROD

(QJLQH 0RWRU

:LQJV $ODV

$LOHURQ $OHUQ

9RFDEXODULR3ODQH $YLQ

0LGGOH$GYDQFHG
3HUPWHPHTXHWHSUHVHQWHD
PLPXMHU
3UHIHULUDTXHQRGLMHUDVQDGD
(QWUHQODHPSUHVDKDFHGLH]DRV
'HEHUDKDEHUVDELGRTXHHVR
RFXUULUD
0HSUHJXQWRVLOVHUFDSD]GH
DYHULJXDUORVROR


)RU(QJOLVKVXSHUVWDUVRQO\

/HWPHLQWURGXFH\RXWRP\ZLIH

(VWR\OH\HQGRXQOLEURDVGHJRUGR ,oPUHDGLQJDERRNWKDWWKLFN

,oGUDWKHU\RXGLGQoWVD\DQ\WKLQJ
,MRLQHGWKHFRPSDQ\WHQ\HDUVDJR
,VKRXOGKDYHNQRZQWKDW
ZRXOGKDSSHQ
,ZRQGHULIKHoOOEHFDSDEOHRI
ZRUNLQJLWRXWRQKLVRZQ

1RWLHQHEXHQDSLQWD ,WoVQRWORRNLQJJRRG
1RPHJXVWDUDHVWDUHQVXSLHO ,ZRXOGQoWOLNHWREHLQKLVVKRHV
|2MDOQRKXELHVHQDFLGRQXQFD ,ZLVK,oGQHYHUEHHQERUQ
/RVSUHFLRVGHODVDFFLRQHVKDQ 6KDUHSULFHVKDYHSOXPPHWHG
FDGRHQSLFDGROWLPDPHQWH UHFHQWO\



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV
7RHDFKKLVRZQ
&DGDRYHMDFRQVXSDUHMD
0RQH\WDONV
&RQGLQHUREDLODHOSHUUR
(DVLHUVDLGWKDQGRQH
'HOGLFKRDOKHFKRKD\XQWUHFKR

*LPQDVLDYHUEDO6DEHUKDFHUDOJR
+HPHWKLVPDWFK
6HHQFRQWUFRQODKRUPDGHVX
]DSDWR
0RQH\GRHVQoWJURZRQWUHHV
(OGLQHURQRFUHFHHQORVUEROHV
/LIHLVQoWDEHGRIURVHV
/DYLGDQRHVXQOHFKRGHURVDV

0X\LPSRUWDQWHODSURQXQFLDFLQGHpPRQH\qHVpPQLq
$ORPHMRUVDEHVGHFLUpJUDFLRVRqHQLQJOV6HGLFHIXQQ\ SURQXQ
FLDGRpIQLq 
3XHVVL\DFRQRFHVODSDODEUDpIXQQ\qSUDFWLFDXQDVPLOYHFHVDOGD
HOVLJXLHQWHHMHUFLFLRGLQHURJUDFLRVR


1RROYLGHVTXHpVDEHUKDFHUDOJRqVHGLFHpWR
NQRZKRZWRGRVRPHWKLQJq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(OODVDEHWRFDUHOSLDQR
OVDEHYHQGHUKLHORDORVHVTXLPDOHV
1RVDEHVQDGDU"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

IXQQ\PRQH\
/DV GRV SDODEUDV VXHQDQ H[DFWDPHQWH LJXDO ULPDQ 3UDFWFDODV
SRUTXHHQORVDRVTXHOOHYRHQVHDQGRLQJOVDHVSDROHVWR
GDYDQRFRQR]FRDQDGLHTXHSURQXQFLHELHQODSDODEUDpPRQH\q

(VWLPDGR6U%RQLOOD

'HDU0U%RQLOOD

7DO\FRPRDFRUGDPRVHQQXHVWUDUHXQLQGHOPDUWHVOHDGMXQWR
FRQODSUHVHQWHXQDUHODFLQFRPSOHWDGHODVSHUVRQDVTXHSRVHHQ
DFFLRQHVHQVXFRPSDD/DOLVWDLQFOX\HSHUVRQDVQRVORGH(V
SDDVLQRGHO5HLQR8QLGR(VWDGRV8QLGRV\/HMDQR2ULHQWH3DUH
FHTXHVXHPSUHVDHVEDVWDQWHSRSXODUHQWUHDOJXQRVJHVWRUHVGH
IRQGRVGHSHQVLRQHVTXHSRUORYLVWRWLHQHQPVIHHQHOIXWXUR
GHOQHJRFLRTXH9GPLVPR

$V DJUHHG XSRQ LQ RXU 7XHVGD\ PHHWLQJ , KDYH HQFORVHG


KHUHZLWKDFRPSOHWHOLVWRIWKHSHRSOHZKRRZQVKDUHVLQ\RXU
FRPSDQ\ 7KH OLVW LQFOXGHV SHRSOH QRW RQO\ IURP 6SDLQ EXW
IURPWKH8QLWHG.LQJGRPWKH8QLWHG6WDWHVDQGWKH)DU(DVW
,WVHHPV\RXUFRPSDQ\LVTXLWHSRSXODUDPRQJVRPHSHQVLRQ
IXQGPDQDJHUVZKRDSSDUHQWO\KDYHPRUHIDLWKLQWKHIXWXUH
RIWKHEXVLQHVVWKDQ\RX\RXUVHOIGR

5HIHUHQWHDODQXHYDHPLVLQGHFDSLWDO FDSLWDOVWRFNLVVXH QR


SXHGRGHFLUOHWRGDYDVLKD\VXFLHQWHLQWHUVSRUSDUWHGHORVLQ
YHUVRUHVHQFXEULUOD1HFHVLWRFRQWLQXDUPLVFRQWDFWRVFRQFLHUWRV
DQDOLVWDVEXUVWLOHVSDUDWHQHUXQDJDPDFRPSOHWDGHRSLQLRQHV

&RQFHUQLQJ D QHZ FDSLWDO VWRFN LVVXH , FDQQRW WHOO \RX \HW


LI WKHUH LV HQRXJK LQWHUHVW RQ WKH SDUW RI LQYHVWRUV WR FRYHU
LW,QHHG WRFRQWLQXHP\FRQWDFWVZLWKFHUWDLQVWRFNPDUNHW
DQDO\VWVLQRUGHUWRJHWDFRPSOHWHUDQJHRIRSLQLRQV

(VSHURYROYHUDSRQHUPHHQFRQWDFWRFRQ9GFRPRPVWDUGHHO
PLUFROHVGHODVHPDQDSU[LPD(QWUHWDQWROHHQYRPLVPVFRU
GLDOHVVDOXGRV

,KRSHWREHEDFNLQWRXFKZLWK\RXE\:HGQHVGD\RIQH[WZHHN
DWWKHODWHVW,QWKHPHDQWLPHP\ZDUPHVWUHJDUGV

$WHQWDPHQWH

6LQFHUHO\

(VWLPDGRDPLJR\DOXPQRWHEULQGRXQSRHPDTXHQDUUDXQKHFKRTXHWXYROXJDUKDFHXQRVDRV
)HOLSHTXHUtDSHGLUXQDVFHQVR
4XHUtDUHVSHWREXVFDEDFRQVHQVR
4XHUtDGLQHURVHFUHtDH[SHUWR
<HQHVRVHIXHDKDEODUFRQ$OEHUWR
0HPDQHMRHQWRGR
5HVXHOYR\DUUDVR
6R\OLVWRQRERER
6ROYHQWRFDGDFDVR
0HPHUH]FRPiVSDVWD
<XQGHVSDFKRFRQYLVWDV
6R\XQWtRFRQFDVWD
<GHODVPHQWHVPiVOLVWDV
&RQHVWR$OEHUWRFRQXQJHVWRVLQFHUR
6HHFKySDUDDWUiVHQVXVLOODGHFXHUR
$PLJR)HOLSHHUHVWRGRXQWtR
3HURWHIDOWDXQDFRVDTXHQRVFDXVDXQOtR
7XLQJOpVHVGHSHQDHVXQKHFKRVDELGR
<ORVWtRVFRQFDVWDVRQELOLQJHVFRQEUtR

3RUDTXHOHQWRQFHV)HOLSHWHQGUDXQRVDRV(UDXQMRYHQLQTXLHWR\FRQPXFKRDIQGH
VXSHUDFLQ 'LULJD XQD VHFFLQ GHQWUR GH OD OLDO GH XQD HPSUHVD QRUWHDPHULFDQD GH SUR
GXFWRVGHSHUIXPHUD6HFUHDXQIHQPHQR\HQFLHUWDPHGLGDORHUD6LQHPEDUJR$OEHUWR
YHWHUDQRGLUHFWRUGH5HFXUVRV+XPDQRVOHSXVRHQVXVLWLR\)HOLSHSDVRWURVFXDWURDRVHQ
ODFDVDDQWHVGHVHUSURPRFLRQDGR
+DUWRGHQRHQFRQWUDUVXFDPLQRSURIHVLRQDOSRUFXOSDGHOLQJOVGHMODHPSUHVD\GHGLFXQ
DRDUHVROYHUHOWHPDGHOLGLRPD6HJDVWPLOHXURVKRUDVGHFODVHVSDUWLFXODUHVHQ
(VSDDVHJXLGDVGHWUHVPHVHVHQXQFDPSXVXQLYHUVLWDULRHQ&DQDGHVWXGLDQGRDSOLFDFLR
QHVLQIRUPWLFDVPDUNHWLQJ\GLUHFFLQLQWHUQDFLRQDO6HFRGHDEDDGLDULRFRQXQRVFRP
SDHURVHQFODVHWRGRVFDQDGLHQVHVRQRUWHDPHULFDQRV+L]RPXFKDVDPLVWDGHV\FRQYLUWL
ODVKRUDVWHULFDVGHFODVHHQXQDFRQVWDQWHSUFWLFDHQ&DQDG
$KRUDQXHYHDRVPVWDUGH)HOLSHHVHOGLUHFWRUJHQHUDOGHXQDOLDOHVSDRODGHXQDDVH
JXUDGRUDLQJOHVD*DQDYHFHVPVGHORTXHJDQDEDFXDQGRWUDEDMDEDHQODHPSUHVDGH
SHUIXPHUD

5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

'HGQGHHVHOOD" :KHUHoVVKHIURP"
(VGH)UDQFLD" HOOD  ,VVKHIURP)UDQFH"
OQRHVGH,QJODWHUUD +HoVQRWIURP(QJODQG
(UHVLQJOV" $UH\RX(QJOLVK"
'HTXQDFLRQDOLGDGHUHV" :KDWQDWLRQDOLW\DUH\RX"

(OOLEURD]XOHVWGHEDMRGHODPHVD7KHEOXHERRNLVXQGHUWKHWDEOH
/DPHVDHVWDOODGRGHODSXHUWD7KHWDEOHLVQH[WWRWKHGRRU
/DSXHUWDHVWHQIUHQWHGHOHVSHMR7KHGRRULVRSSRVLWHWKHPLUURU
(OHVSHMRHVWHQODSDUHG7KHPLUURULVRQWKHZDOO
1RKD\SXHUWDHQDTXHOODSDUHG7KHUHLVQoWDGRRULQWKDWZDOO

3ODWH 3ODWR
)RUN 7HQHGRU

NQLIH &XFKLOOR

6SRRQ &XFKDUD

1DSNLQ 6HUYLOOHWD

9RFDEXODULR&XWOHU\ &XEHUWHUD

/RZ,QWHUPHGLDWH
7UDEDMDVFRPRSURIHVRU" 'R\RXZRUNDVDWHDFKHU"
OWUDEDMDFRPRGHQWLVWD +HZRUNVDVDGHQWLVW
7UDEDMRFRPRXQHVFODYR,ZRUNOLNHDVODYH
+D\PHQRVUEROHVHQPL7KHUHDUHIHZHUWUHHVLQP\
MDUGQTXHHQHOMDUGQGH'DYH JDUGHQWKDQLQ'DYHoVJDUGHQ
|/OPDPHFXDQGROOHJXHV &DOOPHZKHQ\RXJHWWKHUH

0LGGOH,QWHUPHGLDWH
1XQFDKHLGRD6XHFLD ,oYHQHYHUEHHQWR6ZHGHQ
9LYRDTXGHVGHKDFHWUHVDRV ,oYHOLYHGKHUHIRUWKUHH\HDUV
(OODYLYHDTXGHVGH 6KHoVOLYHGKHUHVLQFH
+DVLGRD=XULFKDOJXQDYH]" +DYH\RXHYHUEHHQWR=XULFK"
+DVWHUPLQDGR\D" +DYH\RXQLVKHG\HW"

+LJK,QWHUPHGLDWH
7HQJREDVWDQWHGLQHURSDUD ,KDYHHQRXJKPRQH\WREX\
FRPSUDUPHXQFRFKH
DFDU
/DSHOFXODGXUKRUD\PHGLD7KHOPODVWHGDQKRXUDQGDKDOI
7DUGDPRVWUHVVHPDQDV\,WWRRNXVWKUHHDQGDKDOIZHHNV
PHGLDHQOOHJDUDKHQELFLFOHWD WRJHWWKHUHE\ELNH
6HVXHOHWDUGDUPV ,WXVXDOO\WDNHVORQJHU
1RWDUGDPRVWDQWRODOWLPDYH],WGLGQoWWDNHXVDVORQJODVWWLPH

/RZ$GYDQFHG
6XVSHQGWRGRVPLVH[PHQHV,IDLOHGDOOP\H[DPV
6XHORTXHGDUPHHQEODQFR,XVXDOO\JREODQNZKHQ,KDYH
FXDQGRWHQJRTXHKDEODUHQ WRVSHDNLQSXEOLF
SEOLFR
$QWHVRGLDEDMXJDUDOUXJE\,XVHGWRKDWHSOD\LQJUXJE\
0HUHFHODSHQD" ,VLWZRUWKLW"
0HUHFHODSHQDLUDYHUOD,V LW ZRUWK JRLQJ WR VHH WKH
7RUUH(LIIHO"
(LIIHO7RZHU"

0LGGOH$GYDQFHG
1RVYHPRVDPLWDGGHVHSWLHPEUH,oOOVHH\RXLQPLG6HSWHPEHU
'HEHUDPRVKDEHUWHUPLQDGR:HVKRXOGKDYHQLVKHGE\WKH
SDUDQDOHVGHPHV
HQGRIWKHPRQWK
0HSDJDQDSULQFLSLRVGHPHV,JHWSDLGDWWKHEHJLQQLQJRI
WKHPRQWK
9HRDPLVXHJUDXQPHVV\ ,VHHP\PRWKHULQODZHYHU\
RWKHUPRQWK
RWURQR
|3XHGHVFRQWDUFRQPLJR<RXFDQFRXQWRQPH

)RU(QJOLVKVXSHUVWDUVRQO\
'HOGLFKRDOKHFKRKD\XQJUDQ 7KDWoVHDVLHUVDLGWKDQGRQH
WUHFKR
0HHQWHUSRUHOERFDDERFD ,KHDUGDERXWLWWKURXJK
ZRUGRIPRXWK
0LFRFKHQRGHMDGHFDODUVH0\FDUNHHSVVWDOOLQJ
(VKRUDGHTXHWHYD\DVDODFDPD ,WoVWLPH\RXZHQWWREHG
ODSDJODYHODDQWHVGH+HEOHZRXWWKHFDQGOHEHIRUH
DSDJDUODOX]
VZLWFKLQJRIIWKHOLJKW



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

3KUDVDO9HUE

,WWDNHVWZRWRWDQJR
(VDVFRVDVQRVHKDFHQVLQFRRSHUDFLQ

,WZDVDEOHVVLQJLQGLVJXLVH
1RKD\PDOTXHSRUELHQQRYHQJD

,WoVDELWWHUSLOOWRVZDOORZ
(VXQWUDJRDPDUJR

<RXVKRXOGFRXQW\RXUEOHVVLQJV
'HEHUDVGDUJUDFLDVSRUORTXHWLHQHV

:HoOOKDYHWRVZHHWHQWKHSLOO
7HQGUHPRVTXHGRUDUODSOGRUD

2QFHLQDEOXHPRRQ
'H3DVFXDVD5DPRV

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
'QGHWHUHFRMR"
1RWHSXHGRUHFRJHUPDDQD
7HUHFRJHUPDDQDSRUODPDDQD


,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

)ULGD\WKHWK
(Q(VSDDHOGDGHODPDODVXHUWHHVHOPDUWHV\(QLQJOV
HOYLHUQHV)MDWHFPRORGHFLPRVHQLQJOV)ULGD\WKHWK
&XQWDVYHFHVDODVHPDQDHQHOWUDEDMRVHGLFHQIUDVHVTXHFRQ
WLHQHQUHIHUHQFLDVDIHFKDVFRQFUHWDVWDOHVFRPRHOGDHO
OXQHVGDHOPDUWHVGDHWF
3XHV HQ LQJOV WDPELQ UHFXUULPRV D HVWD IRUPD GH SUHFLVLQ
SDUDODVIHFKDVSHURXVDQGRQPHURVRUGLQDOHV SULPHURVHJXQ
GRWHUFHURHWF 
fHOGD
fHOOXQHVGD

5HFXHUGD TXH QR VH SXHGH GHFLU pWR SLFN XS


\RXqVLQRKD\TXHGHFLUpWRSLFN\RXXSqFRQHO
SURQRPEUH p\RXq HQPHGLR

RQWKHUG
0RQGD\WKHWK

(OPDUWHVGD
(OSU[LPRYLHUQHVGD
/RTXLHURSDUDHOMXHYHVGD
(VWDUQHOVEDGRGD
(VKR\GD"
6HHQWUHJDUHOOXQHVGD

7XHVGD\WKHWK
1H[W)ULGD\WKHWK
,ZDQWLWE\7KXUVGD\WKHWK
7KH\oOOEHKHUHRQ6DWXUGD\WKHWK
,VWRGD\WKHWK"
,WoOOEHGHOLYHUHGRQ0RQGD\WKHVW

$VTXHQRWHTXHGDPVUHPHGLRTXHDSUHQGHUDPDQHMDUGHIRU
PDJLOORVQPHURVRUGLQDOHV6LQRORKDFHVWXVIXWXURVLQWHUOR
FXWRUHVQRWDUQORRMRTXHHVWVFRQHOLQJOVDXQTXHPXFKDV
RWUDFRVDVODVVHSDVGHFLUELHQ

(VWLPDGD6UWD/ODPDV

'HDU0LVV/ODPDV

0HGLULMRD9GFRQUHIHUHQFLDDPLSOL]DGHVHJXURGHFRFKH
Q+HUHFLELGRXQDFDUWDUPDGDSRU9GGLFLQGRPH
TXH SXHVWR TXH QR KH DERQDGR OD SULPD FRUUHVSRQGLHQWH D
HVWHDRPLSOL]DTXHGDFDQFHODGDMXQWRFRQODFREHUWXUD

,DPZULWLQJ WR \RXZLWKUHIHUHQFHWRP\FDULQVXUDQFHSROLF\
QR,KDYHUHFHLYHGDOHWWHUVLJQHGE\\RXWHOOLQJPHWKDW
VLQFH,KDYHQRWSDLGWKHSUHPLXPFRUUHVSRQGLQJWRWKLV\HDU
P\SROLF\LVKHUHE\FDQFHOHGWRJHWKHUZLWKWKHFRYHUDJH

6L9GLQYHVWLJDXQSRFRYHUTXHHOSDJRGHPLSOL]DHV\
VLHPSUHKDVLGRDWUDYVGHPLEDQFR/HDGMXQWRXQDFRSLD
GHOLPSUHVRLQLFLDOGHVROLFLWXGGHODSOL]DGRQGHHQFRQWUD
U WRGRV ORV GHWDOOHV GHO SURFHVR 3RU OR YLVWR DOJXLHQ HQ VX
GHSDUWDPHQWR GH LQIRUPWLFD FRPHWL XQ HUURU \ FDGD DR
VX FRPSDD LQWHQWD FREUDU OD SULPD D WUDYV GH XQ EDQFR
HTXLYRFDGR

,I \RX LQYHVWLJDWH D ELW \RX ZLOO VHH WKDW WKH SD\PHQW RI P\
SROLF\ LV DQG KDV DOZD\V EHHQ WKURXJK P\ EDQN , KDYH
HQFORVHG D FRS\ RI WKH LQLWLDO SROLF\ UHTXHVW IRUP ZKHUH \RX
ZLOOQGDOOWKHGHWDLOVRIWKHSURFHVV$SSDUHQWO\VRPHRQHLQ
\RXU GDWD SURFHVVLQJ GHSDUWPHQW PDGH D PLVWDNH DQG HYHU\
\HDU\RXUFRPSDQ\ WULHV WRFROOHFW WKHSUHPLXP WKURXJK WKH
ZURQJEDQN

(VWH HV HO WHUFHU DR FRQVHFXWLYR TXH HVFULER XQD FDUWD GH
HVWHWLSRSDUDUHVROYHUHVWHSUREOHPD\HVSHURTXHVHDODOWL
PDYH]1RPHJXVWDODVHQVDFLQGHFRQGXFLUVLQFREHUWXUD
GHVHJXUR\VLQRYHRXQDVROXFLQUSLGD\HFD]DHVWHSUR
EOHPDPHYHUREOLJDGRDFDPELDUGHDVHJXUDGRUD

7KLVLVWKHWKLUG\HDULQDURZWKDW,KDYHZULWWHQDOHWWHURIWKLV
NLQGWRVROYHWKLVSUREOHPDQG,KRSHLWLVWKHODVWWLPH,GRQRW
OLNHWKHIHHOLQJRIGULYLQJZLWKRXWLQVXUDQFHFRYHUDJHDQGLI,
GRQRWVHHDTXLFNDQGHIIHFWLYHVROXWLRQWRWKLVSUREOHP,ZLOO
EHIRUFHGWRFKDQJHLQVXUDQFHFRPSDQLHV

$WHQWDPHQWH

6LQFHUHO\

(VWLPDGRDOXPQR\DPLJR+DFHSRFRXQVHRUGHDRVFRQRFLGRGHXQDPLJRPRVHFLWFRQPLJRHQPLGHVSDFKRSDUDTXHOHUHFR
PHQGDUDFPRUHPHGLDUGHXQDYH]SRUWRGDVVXSVLPRLQJOV(VWDEDGHVHVSHUDGR\DSUHQGHUHOLGLRPDHUDVHJQVXVSURSLDVSDODEUDV
XQDFXHVWLQGHYLGDRPXHUWH/HKLFHXQDSUXHED\WHQDXQQLYHOSUHLQWHUPHGLRHVGHFLUSULQFLSLDQWHDOWR)LQDOL]DGDODSUXHEDGLVH
GHODQWHGHOFRQSDSHO\OSL]XQERUUDGRUSDUDXQSODQGHDWDTXHTXHLQFOXDKRUDVGHFODVHVLQGLYLGXDOHVVLHWHSURJUDPDVLQWHQVLYRV
UHVLGHQFLDOHVGHQGHVHPDQDDORODUJRGHXQDR FDGDPHV\PHGLR \XQSODQSHUVRQDOGHWUDEDMRTXHFRQVLVWDHQSLH]DVGHPDWHULDO
GLGFWLFR\KRUDVGHWUDEDMRSHUVRQDO/HGLMHp6U3UH]DOFDERGHORVPHVHVGHSURJUDPDXVWHGSRVHHUXQQLYHODYDQ]DGREDMR\
SRGUVROYHQWDUVLQGLFXOWDGHVODPD\RUDGHODVVLWXDFLRQHVDODVTXHVHHQIUHQWHHQVXYLGDSURIHVLRQDO/HFRVWDUWRGRPDWHULDOHVLQFOXL
GRVHXURVq(OVHRUPHPLUVRUSUHQGLGRpHXURV"(VWXVWHGORFR"'QGHYR\DHQFRQWUDUHXURVSDUDDSUHQGHU
LQJOV"q/HUHVSRQGp8VWHGWLHQHXQQLYHOFDVLGHSULQFLSLDQWH\VHJQPHKDGLFKRHVXQDFXHVWLQGHYLGDRPXHUWH$SUHQGHUDPDQHMDU
ELHQXQVHJXQGRLGLRPDDORVDRVH[LJHXQWUHPHQGRHVIXHU]Rq$OQDOHO6U3UH]VHIXHDRWURFHQWURGHIRUPDFLQHQEXVFDGHDO
JXLHQTXHIXHUDPHQRVUHDOLVWDTXH\R$OSRFRWLHPSRPHHQWHUSRUPLDPLJRTXHVHFRPSUXQPHVGHVSXVXQ%0:SRUHXURV
(VWFODURGQGHHVWDEDQVXVSULRULGDGHV\HOSRUTXQRKDOOHJDGRQXQFDDGRPLQDUHOLGLRPDGHOLQJOV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

(VWDOO ,WoVRYHUWKHUH
(VWQFRQPLJR 7KH\oUHZLWKPH
1RHVWVHQODOLVWD <RXoUHQRWRQWKHOLVW
&XOHVODFDSLWDOGH(VSDD" :KDWoVWKHFDSLWDORI6SDLQ"
4XHVHVR" :KDWoVWKDW"

1RORFXEUDVFRQHVWR'RQoWFRYHULWZLWKWKLV
1RPHEXVTXHV'RQoWORRNIRUPH
'LWXQRPEUH6D\\RXUQDPH
'LOHWXDSHOOLGR7HOOKLP\RXUVXUQDPH ODVWQDPH
(OD]XOHVWHQHOVXHOR7KHEOXHRQHLVRQWKHRRU

3HQ %ROJUDIR
5XOHU 5HJOD
0DUNHU 5RWXODGRU
3HQFLO /SL]

5XEEHU *RPD

9RFDEXODULR6WDWLRQHU\ $UWFXORVGHSDSHOHUD

/RZ,QWHUPHGLDWH
4XWDOHVWV" +RZDUH\RXGRLQJ"
0HHQFXHQWURPDO ,GRQoWIHHOZHOO
4XLHURRWUDRSRUWXQLGDG ,ZDQWDQRWKHUFKDQFH
3RQORDTXDOODGRGHODSXHUWD 3XWLWKHUHQH[WWRWKHGRRU
/OQDORGHDJXD )LOOLWZLWKZDWHU

0LGGOH,QWHUPHGLDWH
7HQJRPLHGRGHHOOD,oPDIUDLGRIKHU
'HTXWLHQHVPLHGR":KDWDUH\RXDIUDLGRI"
7HQJRPLHGRGHYRODU,oPDIUDLGRI\LQJ
7HQJRPLHGRGHKDEODUFRQO,oPDIUDLGWRWDONWRKLP
1RLEDVDKDEODUFRQO":HUHQoW\RXJRLQJWRWDONWRKLP"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

1RWHQJRQLLGHD ,KDYHQRLGHD
$TXVDEH" :KDWGRHVLWWDVWHOLNH"
7RGRYDDVDOLUELHQ (YHU\WKLQJZLOOWXUQRXWQH
0HORSXHGHVUHFRUGDU" &DQ\RXUHPLQGPH"
4XLHUHQTXHSDUHPRVWRGR 7KH\ZDQWXVWRVWRSHYHU\WKLQJ

6HHVWKDFLHQGRWDUGH,WoVJHWWLQJODWH
3ULPHURWHHQVHDUODIEULFD)LUVW,oOOVKRZ\RXDURXQGWKHIDFWRU\
+ROD-XDQ"6R\3HGUR+HOOR-RKQ"7KLVLV3HWHU
1RHVHOPRPHQWRPVSURSLFLR7KLVLVQRWWKHEHVWWLPH
6R\SDUWLGDULRGHKDFHUOR,oPLQIDYRXURIGRLQJLW

0LGGOH$GYDQFHG


0D[LPL]DWXVJDQDQFLDV 0D[LPLVH\RXUSURWV
0HSRQGUFRQHOORHQVHJXLGD ,oOOJHWULJKWRQWRLW
*UDFLDVD'LRVTXHHVWVDTX 7KDQN*RG\RXoUHKHUH
1RSRGULU DXQDLQYLWDFLQ  ,ZRQoWEHDEOHWRPDNHLW
1REDMHVODJXDUGLD'RQoWOHW\RXUJXDUGGRZQ

)RU(QJOLVKVXSHUVWDUVRQO\

1RSLHUGDVORVHVWULERV'RQoWORVH\RXUWHPSHU
0DQWQODFDOPD.HHS\RXUFRRO
+DEODQGRGHOUH\GH5RPD6SHDNLQJRIWKHGHYLO
7HQJRXQDOHYHFRMHUD,KDYHDVOLJKWOLPS
1RGHVHOEUD]RDWRUFHU'RQoWJLYHLQ



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

*LPQDVLDYHUEDO7KHUHWREH

7KHOXOOEHIRUHWKHVWRUP
/DFDOPDTXHSUHFHGHDODWRUPHQWD

,FRXOGHDWDKRUVH
0HFRPHUDXQDYDFDHQWHUD

7KHVN\oVWKHOLPLW
7RGRHVSRVLEOH

7KHWUXWKZLOORXW
6HSLOODDXQPHQWLURVRDQWHV
TXHDXQFRMR

7KHVDPHROGVWRU\
/DPLVPDKLVWRULDGHVLHPSUH

+HoVDIUDLGRIKLVRZQVKDGRZ
7LHQHPLHGRKDVWDGHVXSURSLD
VRPEUD

6LHPSUHSLHQVDTXHODSDODEUDpWKHUHqIXQFLRQD
FRPR VXMHWR FRQ OR TXH KD\ TXH LQYHUWLUOD FRQ
HO YHUER pWR EHq FXDQGR TXLHUHV KDFHU XQD
SUHJXQWD
3RQWH D SUXHED 6DEHV GHFLU ODV VLJXLHQWHV
IUDVHVHQLQJOV"
1RGHEHUDKDEHUSUREOHPDV
3XHGHTXHKD\DXQDUD]QSDUDHOOR
+DEDXQSUREOHPDFRQWXPYLO"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7HQJRWUHVPLOHVGHHXURVHQHOEDQFR
6XHQDH[WUDDODIUDVHGHOWWXORYHUGDG"(QLQJOVWDPELQVRQDUD
H[WUDRGHFLUpWKUHHWKRXVDQGVRIHXURVq3HURHQLQJOVVXHQDLJXDOGH
H[WUDRGHFLUpWHQJRWUHVPLOORQHVGHHXURVHQHOEDQFRq)LMDRV

 
 
 

'RVPLOSMDURV
'RVPLOORQHVGHSMDURV
'RVELOORQHVGHSMDURV

(VGHFLUHQLQJOVpPLOOLRQqpELOOLRQq\pWULOOLRQqWLHQHQHOPLVPRWUD
WDPLHQWRTXHpPLOq,JXDOTXHQRGLFHVHQFDVWHOODQRpWHQJRGRVPLOHV
GHHXURVqHQLQJOVQRGHFLPRVpWHQJRGRVPLOORQHVGHHXURVq'HFL
PRVpWHQJRGRVPLOOQHXURVq

'RVPLOSMDURV
'RVPLOOQSMDURV
'RVELOOQSMDURV

7ZRWKRXVDQGELUGV
7ZRPLOOLRQELUGV
7ZRELOOLRQELUGV

/DWUDGXFFLQGHODFROXPQDGHODGHUHFKDHVWRGRXQGHVFDODEURHQ
FDVWHOODQR6LQHPEDUJRDVORGHFLPRVHQLQJOV
(VWLPDGR6U$ORQVR

'HDU0U$ORQVR

0HGLULMRD9GSDUDLQIRUPDUOHGHODSU[LPDIHULDGHHOHFWURGR
PVWLFRVSUHYLVWDSDUDODVHJXQGDVHPDQDGHQRYLHPEUH&RPR
HQDRVDQWHULRUHVKHPRVUHVHUYDGRSURYLVLRQDOPHQWHSDUDVX
HPSUHVDXQVWDQGGHHVTXLQDGHPHWURVFXDGUDGRV/HDJUD
GHFHUDPRVQRVFRQUPDUDHVWRRQRVLQGLFDUDODVPRGLFDFLR
QHVTXHGHVHHUHDOL]DU

,DPZULWLQJWRLQIRUP\RXRIWKHXSFRPLQJHOHFWULFDODSSOLDQFH
IDLUVFKHGXOHGIRUWKHVHFRQGZHHNRI1RYHPEHU$VLQSUHYLRXV
\HDUVZHKDYHWHQWDWLYHO\UHVHUYHGDVTXDUHPHWHUFRUQHU
ERRWKIRU\RXUFRPSDQ\:HZRXOGDSSUHFLDWH\RXUFRQUPLQJ
WKLVRULQGLFDWLQJWKHFKDQJHV\RXZLVKWRPDNH

(VWHDRODIHULDYDDVHUXQPD\RUFRQODSDUWLFLSDFLQGH
QXPHURVDVHPSUHVDVPXOWLQDFLRQDOHV(VWDPRVVHJXURVGHTXH
VXFRPSDDHQFRQWUDUHODPELHQWHLGHDOSDUDODSURPRFLQGH
VXQXHYDOQHDGHSURGXFWRVTXH\DHVWWHQLHQGRWDQWR[LWRHQ
HOPHUFDGRQDFLRQDO

7KLV \HDU WKH IDLU LV JRLQJ WR EH  SHUFHQW ODUJHU ZLWK WKH
SDUWLFLSDWLRQ RI QXPHURXV PXOWLQDWLRQDO UPV :H DUH VXUH
WKDW \RXU FRPSDQ\ ZLOO QG WKH DWPRVSKHUH LGHDO IRU WKH
SURPRWLRQRI\RXUQHZOLQHRISURGXFWVZKLFKDUHDOUHDG\VR
VXFFHVVIXOLQWKHGRPHVWLFPDUNHW

/HDGMXQWRODOLVWDGHSUHFLRVSDUDHVWHDR(OSOD]RSDUDHOSDJR
LQLFLDOGHOWHUPLQDHOGHRFWXEUH

,KDYHHQFORVHGWKHSULFHOLVWIRUWKLV\HDU7KHGHDGOLQHIRUWKH
LQLWLDOSD\PHQWRISHUFHQWLV2FWREHU

$ODHVSHUDGHVXVQRWLFLDV

/RRNLQJIRUZDUGWR\RXUUHSO\,DP

UHFLEDXQFRUGLDOVDOXGRGH

6LQFHUHO\\RXUV

&RQUDGRLQVLVWtDRWUDYH]HQORPLVPR
&RQVXDFWLWXGGHVLHPSUHGHDEVROXWRHVWRLFLVPR
+DEODUpLQJOpVFXDQGRORKD\DDSUHQGLGR
<PLHQWUDVHVSHUDUpTXHGDHQWHQGLGR"
1HFHVLWRPiVFODVHV\DPSOLDUYRFDEXODULR
1HFHVLWRPiVJUDPiWLFDXQFRPSOHWRLQYHQWDULR
1RVR\FRPXQLFDGRUFRPRDOJXQRVWHPHUDULR
6R\FDXWR\KX\RGHFXDOTXLHUHVFHQDULR
'RQGHPHIDOWHPLEORF\PLHOGLFFLRQDULR
3RUTXHPLLQJOpVWRGDYtDHVEDVWDQWHSUHFDULR
0HQLHJRDKDEODUXQLQJOpVOLEHUWDULR
1LUD\DUSRUXQPRPHQWRXQOHQJXDMHHVWUDIDODULR
+DEODUpFXDOPHYLVWRFRQHOFRUUHFWRYHVWXDULR
3RUORWDQWRVLJDPRVFRQHOFOiVLFRLWLQHUDULR

(VWLPDGRDPLJR\DOXPQR1XHVWURDPLJR&RQUDGRWLHQHXQVHULRSUREOH
PD1RYDDOOHJDUQXQFDDPDQHMDUELHQHOLQJOV$ERUGDHOLGLRPDFRPR
XQPDWHPWLFRDERUGDXQDHFXDFLQGLIHUHQFLDO&UHHTXHDSUHQGHULQJOV
VLJQLFDFXEULUFDGDWHUUHQRHVWDQFRGHOLGLRPDKDVWDHQWHQGHUORSHUIHF
WDPHQWH,QJOVDSUXHEDGHDJXDDSUXHEDGHJROSHV\DSUXHEDGHEDODV
(VWDQTXLGDGSHUIHFWD/RTXH&RQUDGRVHQLHJDDDFHSWDUHVTXHQXQFDYDD
KDEODUXQLQJOVFRUUHFWR6XDIQGHWUDWDUHVWHFDPSRGHOVDEHUFRPRXQD
FLHQFLDH[DFWDOHFRQGHQDDSDVDUHOUHVWRGHVXYLGDHQXQDFODVHFRQSUR
IHVRU\PWRGR\DSRVSRQHULQGHQLGDPHQWHORVLQFPRGRVHVFHQDULRV
GHXVRSUFWLFRHQVLWXDFLRQHVUHDOHV/RTXH&RQUDGRVHQLHJDDDFHSWDU
SRUPLHGRRSRUWR]XGH]HVTXHHOLQJOVHVDUWH\FLHQFLDJUDFLD\WFQLFD
DOHJUD\UHVSRQVDELOLGDG0LHQWUDV&RQUDGRLQVLVWDHQSHUIHFFLRQDUVXPD
QHMRGHOVLPXODGRUGHYXHORSRVSRQHORPVHVHQFLDOGHWRGRYRODU(OGD
TXHYXHOHSRUSULPHUDYH]HVDSULPHUDKRUDGHYXHORYDOGUSRUKRUDV
GHVLPXODGRU6DOWHDODJXD'RQ&RQUDGR0MHVH
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

(VHVHWXOLEURHVR" ,VWKDW\RXUERRN"
&PRWHOODPDV"ffffff :KDWoV\RXUQDPH"
&PRVHOODPDO" :KDWoVKLVQDPH"
&XOHVVXGLUHFFLQ" GHHOOD  :KDWoVKHUDGGUHVV"
'QGHHVWDVXFDVD" GHHOORV  :KHUHoVWKHLUKRXVH"

(OPRHVHOYHUGH0LQHLVWKHJUHHQRQH
(OGHHOODHVFRPRHOWX\R+HUVLVOLNH\RXUV
'QGHHVWQORVQXHVWURV":KHUHDUHRXUV"
1RPHWUDLJDVHOGHO'RQoWEULQJPHKLV
1RORKDJDVFRPR\RORKDJR'RQoWGRLWOLNH,GRLW

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

7HQFXLGDGR %HFDUHIXO
3RUTXQROHVOODPDV" :K\GRQoW\RXFDOOWKHP"
(VWQHVSHUDQGRWXOODPDGD 7KH\oUHH[SHFWLQJ\RXUFDOO
+D]ORHQFXDQWRSXHGDV 'RLWDVVRRQDV\RXFDQ
4XPHGLMLVWH" :KDWGLG\RXWHOOPH"

/RKDJRSRUTXHPHJXVWD,GRLWEHFDXVH,OLNHWR
+XERXQLQFHQGLRSRUODQRFKH7KHUHZDVDUHGXULQJWKHQLJKW
1RYLVWHORTXH\RYL<RXGLGQoWVHHZKDW,VDZ
7HQJRTXHHVWDUDOODODVGRV,KDYHWREHWKHUHDWRoFORFN
$OJXLHQOODPDDODSXHUWD6RPHRQHoVNQRFNLQJDWWKHGRRU

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

7HSHGTXHQRGLMHUDVQDGD ,DVNHG\RXQRWWRVD\DQ\WKLQJ
1RVHKDEODQ 7KH\GRQoWWDONWRHDFKRWKHU
1RWHHQIDGHVWDQWR 'RQoWJHWVRDQJU\
1RWHTXLWHVODFKDTXHWD 'RQoWWDNH\RXUMDFNHWRII
fVREUHWRGRFXDQGRFDQWHVHVSHFLDOO\ZKHQ\RXVLQJ

&RJHOLEUHHOYLHUQHV\GHVFDQVD7DNH)ULGD\RIIDQGJHWVRPHUHVW
OHVEXHQRFRQORVQPHURV+HoVJRRGDWQXPEHUV
$FDEDVGHFRPHWHUXQHUURU<RXoYHMXVWPDGHDPLVWDNH
&XQWRDQWHVPHMRU7KHVRRQHUWKHEHWWHU
7HQHPRVTXHSDUWLUGHFHUR:HKDYHWRVWDUWIURPVFUDWFK

%DWKWXE %DHUD

6KRZHU 'XFKD
7DSV *ULIRV

:DVKEDVLQ /DYDER

7RLOHW 9WHU

9RFDEXODULR%DWKURRP &XDUWRGHEDR

0LGGOH$GYDQFHG
<RWHUHOHYR ,oOOWDNHRYHUIRU\RX
|4XSDVDDTX" :KDWoVJRLQJRQKHUH"
QHWHDQRVRWURV -RLQXV
1RDJXDQWRDJHQWHFRPRO ,FDQoWVWDQGSHRSOHOLNHKLP
(OWLHPSRHVWGHQXHVWUDSDUWH 7LPHLVRQRXUVLGH

)RU(QJOLVKVXSHUVWDUVRQO\
(QTXWHKDVPHWLGR":KDWKDYH\RXJRW\RXUVHOILQWR"
(VXQWRWDQWHVWDUXGR+HoVVXFKDKDUGKHDGHGJX\
7HQJRXQWUDEDMRGHRFLQD,KDYHDGHVNMRE
$FHSWRPLSDUWHGHODFXOSD,DFFHSWP\VKDUHRIWKHEODPH
(VWR\KHFKRXQOR,oPDOOPL[HGXS



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

9RFDEXODULR

,WVSUHDGOLNHZLOGUH
6HH[WHQGLFRPRXQUHJXHURGHSOYRUD

7RWDNHWKHEXOOE\WKHKRUQV
$JDUUDUDOWRURSRUORVFXHUQRV

:KHQWKHGXVWKDVVHWWOHG
&XDQGRKD\DSDVDGRODWRUPHQWD

7RVZLPDJDLQVWWKHWLGH
,UFRQWUDFRUULHQWH

:DWFK\RXUVWHS
&XLGDGRFRQHOHVFDOQ

7RVOHHSOLNHDORJ
'RUPLUFRPRXQWURQFR


3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
1RUPDOPHQWHKD\XQSHULRGRGHSUXHEDGH
VHLVPHVHV
(VYDJDEXQGRGHVGHKDFHTXLQFHDRV
/RVHQFKXIHVHVSDROHVQRIXQFLRQDQHQ
,QJODWHUUD

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KHPRQWKVRIWKH\HDUDQGWKHLUSURQXQFLDWLRQ
-DQXDU\
)HEUXDU\
0DUFK
$SULO
0D\
-XQH
-XO\
$XJXVW
6HSWHPEHU
2FWREHU
1RYHPEHU
'HFHPEHU

FKQLXHUL
IEUXHUL
PDUFK
LSUDO
PL
FKQ
FKXOL
XJDVW
VHSWPEHU
DNWEHU
QRIPEHU
GLVPEHU

HQHUR
IHEUHUR
PDU]R
DEULO
PD\R
MXQLR
MXOLR
DJRVWR
VHSWLHPEUH
RFWXEUH
QRYLHPEUH
GLFLHPEUH

3ULPHUSXQWR/RVPHVHVDOLJXDOTXHORVGDVGHODVHPDQDVLHP
SUHVHHVFULEHQHQPD\VFXOD
0DUFK
6HJXQGRSXQWR+HKHFKRXQLQWHQWRGHDFHUFDUPHORPVSRVL
EOHDODSURQXQFLDFLQGHODpMqHQLQJOV6HWUDWDGHXQVRQLGR
IRQWLFRTXHQRH[LVWHHQFDVWHOODQR5HDOPHQWHHOVRQLGRHVXQD
pFKqXVDQGRODVFXHUGDVYRFDOHVDOPLVPRWLHPSR YHUpFKQLXH
ULqRpFKQqRpFKXOLq 
7HUFHUSXQWR/DpYqHQLQJOVVHSDUHFHPVDODpIqHVSDRODTXH
DODpEq YHUpQRIPEHUq 

(VWLPDGR3HGUR

'HDU3HWHU

$QWHVTXHQDGDHQKRUDEXHQDSRUWXHOHFFLQFRPRSUHVLGHQ
WHGHO&OXEGHORV/HRQHV<DHUDKRUDGHTXHDOJXLHQFRQLGHDV
QXHYDVRFXSDUDHVHSXHVWR6L3UH]KXELHUDVLGRUHHOHJLGRHVWR\
VHJXURGHTXHPXFKDJHQWHVHKDEUDPDUFKDGRGHOFOXE

)LUVWRIDOOFRQJUDWXODWLRQVRQ\RXUHOHFWLRQDVSUHVLGHQWRIWKH
/LRQV&OXE,WVDERXWWLPHVRPHRQHZLWKQHZLGHDVRFFXSLHG
WKDW SRVLWLRQ ,I 3HUH] KDG EHHQ UHHOHFWHG ,P VXUH D ORW RI
SHRSOHZRXOGKDYHOHIWWKHFOXE

7HHVFULERSRUTXHDOSDUHFHUYDPRVDYHUQRVHQ1XHYD<RUNHQ
HO&RQJUHVRGHO$WQGHO$WOQWLFR1RUWH0HHQWHUD\HUGHTXH
LEDVDDVLVWLUDOFRQJUHVRHQQRPEUHGH3HVFDEXHQD\TXLHURTXH
VHSDVTXHYR\DLUWDPELQHQQRPEUHGHO0LQLVWHULRGH$JUL
FXOWXUD

,PZULWLQJWR\RXEHFDXVHDSSDUHQWO\ZHUHJRLQJWRVHHHDFK
RWKHU LQ 1HZ <RUN DW WKH 1RUWK $WODQWLF 7XQD &RQYHQWLRQ ,
IRXQGRXW\HVWHUGD\WKDW\RXZHUHJRLQJWRDWWHQGRQEHKDOI
RI 3HVFDEXHQD DQG , ZDQW \RX WR NQRZ WKDW ,OO EH JRLQJ RQ
EHKDOIRIWKH0LQLVWU\RI$JULFXOWXUH

3RUFLHUWRYD3DTXLWDFRQWLJR"0DQROLVLHPSUHVHDEXUUHHQHV
WRVHYHQWRVSHURVLYDVDOOHYDUD3DTXLWDHVRFDPELDODVFRVDV

%\WKHZD\LV3DTXLWDJRLQJZLWK\RX"0DQROLDOZD\VJHWVER
UHG DW WKHVH HYHQWV EXW LI \RXUH JRLQJ WR WDNH 3DTXLWD WKDW
FKDQJHVWKLQJV

$YVDPH UHVSHFWR D WXV SODQHV7HQJR XQDV JDQDV WHUULEOHV GH


DOHMDUPH GHO QXHYR PLQLVWUR SRU XQRV GDV 1R KD\ TXLHQ OH
DJXDQWH

/HWPHNQRZ\RXUSODQV,FDQWZDLWWRJHWDZD\IURPWKHQHZ
PLQLVWHUIRUDIHZGD\V1RERG\FDQVWDQGWKHJX\

+DVWDSURQWR

6HH\RXVRRQ

(VWLPDGRDPLJR\DOXPQR'HVGHTXHYLYRHQ(VSDDGHYH]HQFXDQGRKHYLVWRSXEOLFDGRVORVUHVXOWDGRVGHGLYHUVDVHQFXHVWDVDFHUFD
GHOQLYHOGHLQJOVGHORVHVSDROHV6HJQODHQFXHVWDODFLIUDGHSHUVRQDVTXHVHGHVHQYXHOYHQHQLQJOVSXHGHRVFLODUHQWUHXQ\XQ
<RWUDVDRVGHH[SHULHQFLD\REVHUYDFLQVLWRODFLIUDSRUGHEDMRGHO'HVHQYROYHUVHVLQSUREOHPDVHQLQJOVVLJQLFD
 3RGHUDVLVWLUDXQDUHXQLQGHDOWRQLYHOFRQFLQFRQDWLYRVGHKDEODLQJOHVD\HQWHQGHUWRGRDODSULPHUDGHIRUPDTXHXQRSXHGDLQWHU
YHQLUHQORVPRPHQWRVSURSLFLRV\PHWHUED]DVLHVSUHFLVR
 &RPSDUWLUFRQHVWRVPLVPRVQDWLYRVORVPRPHQWRVVRFLDOHVGHODUHODFLQSURIHVLRQDOFRPRODVFRPLGDVSDXVDVSDUDFDIFFWHOHV
HWF\VDEHUPDQWHQHUHOWLSRKDVWDHOSXQWRGHSRGHUSDUWLFLSDUWDPELQGHOEXHQDPELHQWHUHLQDQWH
 6DEHUHVFULELUXQLQIRUPHGHIHQGLHQGRXQSXQWRGHYLVWDDQWHODVHGHH[WUDQMHUDGHVSOHJDQGRDORODUJRGHOPLVPRGHIRUPDHFD]\
HORFXHQWHORVDUJXPHQWRVGHQWURGHXQDFRUUHFWDJUDPWLFDVLQWD[LV\RUWRJUDID
'HORVFDVLPLOORQHVGHSHUVRQDVTXHYLYHQHQ(VSDDQLSRVHHQHVWHQLYHO
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

6R\HVSDRO ,oP6SDQLVK
(UHVIUDQFV <RXoUH)UHQFK
(OODHVDOHPDQD 6KHoV*HUPDQ
6RPRVLQJOHVHV :HoUH(QJOLVK
6RQFKLQRV 7KH\oUH&KLQHVH

(VWOORYLHQGR,WoVUDLQLQJ
+DFHVRO,WoVVXQQ\
+DFHYLHQWR,WoVZLQG\
+DFHFDORU,WoVKRW
+DFHIUR,WoVFROG

+HDGERDUG &DEHFHUR

%HGVLGHODPS /PSDUDGHODPHVLOOD

3LOORZ $OPRKDGD

%HGVLGHWDEOH 0HVLOODGHQRFKH

%HG &DPD

9RFDEXODULR%HGURRP 'RUPLWRULR

/RZ,QWHUPHGLDWH
3RUTXHVWVOORUDQGR" :K\DUH\RXFU\LQJ"
OHVWHTXLYRFDGR +HoVZURQJ
7HQHPRVUD]Q :HoUHULJKW
(VWRVVRQPRV 7KHVHDUHPLQH
&PRHQFXHQWUDHOWLHPSR" +RZGRHVKHQGWKHWLPH"



0LGGOH,QWHUPHGLDWH
'QGHHVWXYLVWHDQRFKH":KHUHZHUH\RXODVWQLJKW"
(VWDEDFRQPLQRYLD,ZDVZLWKP\JLUOIULHQG
&XQGRQDFLVWH":KHQZHUH\RXERUQ"
7HSXHGRKDFHUXQD&DQ,DVN\RXDSHUVRQDO
SUHJXQWDSHUVRQDO"TXHVWLRQ"
+DEODPHQRVTXHVXKHUPDQD+HVSHDNVOHVVWKDQKLVVLVWHU

+LJK,QWHUPHGLDWH
6ORHVWDEDEURPHDQGR ,ZDVMXVWMRNLQJ
1RORKHYLVWRWRGDYD ,KDYHQoWVHHQLW\HW
'HTXHVWEDPRVKDEODQGR" :KDWZHUHZHWDONLQJDERXW"
4XLHURTXHPHORGLJDVDKRUD ,ZDQW\RXWRWHOOPHQRZ
/OHYRDRVYLYLHQGRHQ6HYLOOD ,oYHEHHQOLYLQJLQ6HYLOOH
IRU\HDUV

/RZ$GYDQFHG
1RKD\PRWLYRSRUHOTXH7KHUHoVQRQHHGWRZRUU\
SUHRFXSDUVH
%VFDORHQ,QWHUQHW/RRNLWXSRQWKH,QWHUQHW
OHVXQSHVDGR+HoVDSDLQLQWKHQHFN
|7UDQTXLOR7DNHLWHDV\
(OODHVJXDSVLPD6KHoVJRUJHRXV

0LGGOH$GYDQFHG
|4XDOLYLR :KDWDUHOLHI
6LQRKXELHUDVLGRSRUWLKDEUD ,ILWKDGQoWEHHQIRU\RX,oG
JDQDGRKDYHZRQ
OUHVXOWVHUXQGHVDVWUH +HWXUQHGRXWWREHDGLVDVWHU
1LVLTXLHUDYLQRHOSURIHVRU 1RWHYHQWKHWHDFKHUFDPH
'HTXLQIXHHVDLGHD" :KRVHLGHDZDVWKDW"

)RU(QJOLVKVXSHUVWDUVRQO\
|4XOLVWLOORHUHV<RXoUHVXFKDVPDUWDOHF
/RWHQDQWRGRFDOFXODGR7KH\KDGLWDOOJXUHGRXW
'HPRPHQWR\KDVWDQXHYRDYLVR)RUWKHWLPHEHLQJ
<DQRSXHGRPV7KLQJVDUHJHWWLQJRQWRSRIPH
|3UHSDUDGRVOLVWRV\D5HDG\VWHDG\JR




Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

9RFDEXODULR

:HoUHEDFNWRVTXDUHRQH
(VWDPRVRWUDYH]SDUWLHQGRGHFHUR

7KHUHoVQRWKLQJWRLW
(VIDFLOVLPR1RWLHQHPD\RUVHFUHWR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

7KDWoVWKHZD\WKHFRRNLHFUXPEOHV
$VHVODYLGD4XVHOHYDDKDFHU"

fWKURXJKWKLFNDQGWKLQ
WDQWRDODVGXUDVFRPRDODV
PDGXUDV

&XOHVQXHVWURSUHVXSXHVWR"
0HHVWVOODPDQGRPHQWLURVR"
&RPSUDUWLQWDSDUDODLPSUHVRUD


(QJOLVKLVDSLHFHRIFDNH
(OLQJOVHVSDQFRPLGR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

6WLFNDURXQG
4XGDWH1RWHYD\DV


+HOOR
+L
*RRGPRUQLQJ
*RRGDIWHUQRRQ

+ROD
+ROD
%XHQRVGDV
%XHQDVWDUGHV

*RRGHYHQLQJ

%XHQDVWDUGHV

*RRGQLJKW

%XHQDVQRFKHV

*RRGE\H
%\H
%\HE\H
6HH\RXODWHU
6HH\RXWRPRUURZ
6HH\RXVRRQ
+RZGR\RXGR"
+RZDUH\RX"
+RZDUH\RXGRLQJ"
+RZoVLWJRLQJ"
+RZDUHWKLQJVJRLQJ"
9HU\ZHOOWKDQN\RX
)LQHWKDQN\RX
3OHDVHGWRPHHW\RX
,WoVDSOHDVXUH
1LFHWRPHHW\RX
*ODGWRPHHW\RX
*RRGWRPHHW\RX
7KDQN\RX
7KDQNV
7KDQN\RXYHU\PXFK
7KDQNVDORW

$GLV
$GLV
$GLV
+DVWDOXHJR
+DVWDPDDQD
+DVWDSURQWR
&PRHVW"
&PRHVW"
4XWDO"
&PRYDQODVFRVDV"
&PRYDQODVFRVDV"
0X\ELHQJUDFLDV
%LHQJUDFLDV
(QFDQWDGR
(VXQSODFHU
(QFDQWDGR
(QFDQWDGR
(QFDQWDGR
*UDFLDV
*UDFLDV
0XFKDVJUDFLDV
0XFKDVJUDFLDV

<RXoUHZHOFRPH

'HQDGD

1RWDWDOO
'RQoWPHQWLRQLW
7KDQN\RX

'HQDGD
'HQDGD
$9G

'HXVRXQLYHUVDO
'HXVRXQLYHUVDODKRUDDQWHVVORHQ((88
6HGLFHKDVWDPHGLRGD
6HGLFHHQWUHPHGLRGD\ODFDGDGHOVRORKDVWDTXHXQRWHUPLQH
GHWUDEDMDU
6HGLFHSRUODWDUGHFXDQGRXQR\DHVWPVUHODMDGRGHVSXVGH
WUDEDMDU$OJXQRVGLFHQTXHpDIWHUQRRQqFDPELDDpHYHQLQJqFRQ
HOSULPHUZKLVN\
6DOXGRGHGHVSHGLGDFXDQGRXQRVHYDDODFDPDRVHGHVSLGHGH
VXVDQWULRQHV\DPX\GHQRFKH
'HVSHGLGDHVWQGDUSHURTXL]ODPHMRU
'HVSHGLGDEUHYH\USLGDPX\XVDGD
'HVSHGLGDPVFDULRVD
0X\FRUULHQWH
6HXVDPVHQFDVWHOODQRTXHHQLQJOV
6HXVDPVHQFDUWDVTXHDOKDEODU
6DOXGRIRUPDODOVHUSUHVHQWDGRDXQH[WUDR
6DOXGRPHQRVIRUPDOSDUDFRQRFLGRV
6DOXGRIDPLOLDUXVDGRFRQDPLJRV
6DOXGRPX\FRUULHQWH
6DOXGRPX\FRUULHQWH
0X\IRUPDO
8VDHVWDIRUPDVLHPSUH
6DOXGRDOJRIRUPDODOVHUSUHVHQWDGR
6DOXGRDOJRIRUPDODOVHUSUHVHQWDGR
6DOXGRPHQRVIRUPDODOVHUSUHVHQWDGR
6DOXGRPHQRVIRUPDODOVHUSUHVHQWDGR
6DOXGRPHQRVIRUPDODOVHUSUHVHQWDGR
$JUDGHFLPLHQWRSUHIHULGR
$JUDGHFLPLHQWRUSLGRHQWUHDPLJRV
(OPHMRUGHORVDJUDGHFLPLHQWRV
&XLGDGRFRQHVWDIRUPD(VODTXHVHXVDFXDQGRGLFHVpPXFKDV
JUDFLDVqGHIRUPDVDUFVWLFD
8VDGRHQ((88 SHURVHHVWLPSRQLHQGRHQRWURVSDVHV
DQJORVDMRQHVWDPELQ 
'HXVRXQLYHUVDO
8VDGRDOJRPHQRV
0X\XVDGRVREUHWRGRDOGHFLUp$9GqDGHSHQGLHQWHVGHWLHQGD
RVLPLODU6HDFHQWDHOp\RXq

(VWLPDGRDPLJR\DOXPQR3RUQXHVWURJUDQGHVHRGHSUHVHQWDUWHWRGDFODVHGHVDOXGRVGHVSHGLGDVHWFKHPRVSUHVFLQGLGRKR\GHODFDUWD
FRPHUFLDO(VLPSRUWDQWHTXHDSUHQGDVELHQODVIRUPDVVHQFLOODVH[SXHVWDVHQHVWDFKD\DTXHSRUPX\ELHQTXHDOJXLHQGRPLQHHOLQJOV
PXFKDVYHFHVVLHQWHFLHUWDLQVHJXULGDGDODKRUDGHH[SUHVDUODVIRUPDVPVVHQFLOODVGHHWLTXHWDVRFLDO(ODOXPQRHVSDROWLHQGHDSHQVDU
TXHSURJUHVDUVLJQLFDDFXPXODUFRQRFLPLHQWRVWHULFRVFDGDYH]PVFRPSOHMRV\GLIFLOHV(VWRQRHVFLHUWR3URJUHVDUVLJQLFDFRQVROLGDU
XQJLOXVRRUDOGHODEDVHJUDPDWLFDO\GHIRUPDV\HVWUXFWXUDVVHQFLOODVFRPRODVH[SXHVWDVHQHVWDSJLQD
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

OHVPLWR +HoVP\XQFOH
(VXQFRFKHFDURffffff ,WoVDQH[SHQVLYHFDU
1RVR\GH0DGULG ,oPQRWIURP0DGULG
1RHUHVPX\LQWHOLJHQWH <RXDUHQoWYHU\LQWHOOLJHQW
1RVRQPLVSULPRV7KH\DUHQoWP\FRXVLQV

9HQDTXDKRUD&RPHKHUHQRZ
%DLODSDUDP'DQFHIRUPH
1RKDEOHVFRQHOOD'RQoWVSHDNWRKHU
&RQWHVWHODSUHJXQWD$QVZHUWKHTXHVWLRQ
3LQVDWHOR7KLQNDERXWLW

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&RQTXIUHFXHQFLDYDVDODLJOHVLD" +RZRIWHQGR\RXJRWRFKXUFK"
(OODWRFDPX\ELHQHOSLDQR 6KHSOD\VWKHSLDQRYHU\ZHOO
'QGHYDVGHYDFDFLRQHV :KHUHDUH\RXJRLQJRQKROLGD\
HVWHDR"WKLV\HDU"
9PRQRV /HWoVJR
6LHPSUHPHOHYDQWRWHPSUDQR ,DOZD\VJHWXSHDUO\

&HQFRQHOMHIHDQRFKH,KDGGLQQHUZLWKWKHERVVODVW

QLJKW
3RUTXOHGLMLVWHHVR DHOOD ":K\GLG\RXVD\WKDWWRKHU"
/HHVHOLEURFXDQGRWHQD,UHDGWKDWERRNZKHQ,ZDV
9LVWHODSHOFXODHQHOFLQH"'LG\RXVHHWKHOPDWWKHFLQHPD"
&XQWRGXUDODSHOFXOD"+RZORQJGRHVWKHOPODVW"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

8QDVYDFDFLRQHVPHYHQGUDQELHQ,FRXOGGRZLWKDKROLGD\
6HPHROYLGGHFUVHOR DHOORV  ,IRUJRWWRWHOOWKHP
3RUTXWHHQIDGDVWHSRUHVR" :K\GLG\RXJHWDQJU\DERXWWKDW" 'HEHUDVKDEUPHORGLFKR<RXVKRXOGKDYHWROGPH
0HJXVWDUDTXHWVHOR ,oGOLNH\RXWRDVNKLP
3RQORDOUHYV3XWLWWKHRWKHUZD\URXQG
SUHJXQWDUDV DO 6LOHVWXYLHUDDTXQRKDEUD,IKHZHUHKHUHWKHUHZRXOGQoW
6LJXHVYLYLHQGRFRQWXVREULQD" $UH\RXVWLOOOLYLQJZLWK\RXUQLHFH"SUREOHPD
EHDQ\SUREOHP
0HFXHVWDOOHJDUDQGHPHV ,QGLWGLIFXOWWRPDNHHQGVPHHW $SJDORVDQWHVGHTXHWHPDUFKHV7XUQWKHPRIIEHIRUH\RXOHDYH


UDVHXQDYH]2QFHXSRQDWLPH

3DLQWLQJ &XDGUR
3DLQWEUXVK 3LQFHO

(DVHO &DEDOOHWH

&DQYDV /LHQ]R

3DOHWWH 3DOHWD

9RFDEXODULR$UW $UWH
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

0HFXHVWDHQWHQGHUWH ,KDYHWURXEOHXQGHUVWDQGLQJ\RX 9LYLHURQIHOLFHV\FRPLHURQSHUGLFHV7KH\OLYHGKDSSLO\HYHUDIWHU


3XHGHTXHKD\DKDELGRXQHUURU 7KHUHPLJKWKDYHEHHQDPLVWDNH 4XSDVDFRQWLJR":KDWoVXSZLWK\RX"
7HLPSRUWDUDEDMDUODPVLFD" :RXOG\RXPLQGWXUQLQJWKH
0HHQFDQWDTXHGDUPHHQOD,ORYHKDYLQJDOLHLQ
PXVLFGRZQ"FDPDKDVWDWDUGH
$\HUPHHQWHUGHTXHVHKDQ ,IRXQGRXW\HVWHUGD\WKDWWKH\ 7XWUDMHHVWFRPSOHWDPHQWH<RXUVXLWoVWRWDOO\FUHDVHG
GLYRUFLDGRJRWGLYRUFHGDUUXJDGR
0HFXHVWDOOHJDUDQGHPHV ,QGLWGLIFXOWWRPDNH
1ROHFRMRHOWUXFR,FDQoWJHWWKHKDQJRILW

HQGVPHHW



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

3UHJXQWDVFRQODSUHSRVLFLQIURPq

7KDWPDNHVWZRRIXV
<DVRPRVGRV

7REHSDUWRIWKHIXUQLWXUH D
SHUVRQ 
)RUPDUSDUWHGHOGHFRUDGR

7KHRWKHUVLGHRIWKHFRLQ
/DRWUDFDUDGHODPRQHGD

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
OHVGH)UDQFLD"
'HGQGHHVHOOD"
'HGQGHHUHV"


7LPHLVDJUHDWKHDOHU
(OWLHPSRORFXUDWRGR

7KHWLSRIWKHLFHEHUJ
/DSXQWDGHOLFHEHUJ

:HoUHUXQQLQJRXWRIWLPH
6HQRVDFDEDHOWLHPSR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KH6SDQLVKVXEMXQFWLYHLQ(QJOLVK
7HDFKHU3DFRWHOO0DUDWRWHOO
PHWRJHWXS
3DFR0DUDWHOOWKHWHDFKHUWR
JHWXS
0DUD*HWXSSOHDVH
7HDFKHU3DFRZKDWLV0DUD
WHOOLQJPH"
3DFR6KHoVWHOOLQJ\RXWRJHWXS

5HFXHUGDTXHFXDQGRSUHJXQWDPRVGHGQGHHV
DOJXLHQODSUHSRVLFLQpIURPqVHFRORFDDOQDO
HMHPSORV\ 

3URIHVRU3DFRGLD0DUDTXHPH
GLJDTXHPHOHYDQWH
3DFR0DUDGLDOSURIHVRUTXHVH
OHYDQWH
0DUD/HYQWDWHSRUIDYRU
3URIHVRU3DFRTXPHHVW
GLFLHQGR0DUD"
3DFR7HHVWGLFLHQGRTXHWH
OHYDQWHV

(VWXGLDORVPHQVDMHVLQWHUFDPELDGRVHQLQJOVHQWUHORVWUHVSDUWLFLSDQ
WHV\GHVSXVFRPSUDORVFRQVXWUDGXFFLQDOFDVWHOODQR)MDWHHQOD

GLIHUHQFLDTXHH[LVWHHQWUHHOXVRGHOVXEMXQWLYRHQHVSDRO TXHPH
GLJDTXHPHOHYDQWHHWF \FPRORKDFHPRVHQLQJOV
(OVXEMXQWLYRH[LVWHHQLQJOVSHURVORHQRFDVLRQHVSRFRIUHFXHQWHV
)MDWHHQODIUDVHDFRQWLQXDFLQ
7HOOKLPWRFRPHWRP\RIFHDVVRRQDVSRVVLEOH
'LOHTXHYHQJDDPLRFLQDORDQWHVSRVLEOH
)MDWHHQODSDUWHVXEUD\DGDGHODLQVWUXFFLQp7HOOKLPWRFRPHq(Q
LQJOVQRGHFLPRVp'LOHTXHYHQJDqVLQROLWHUDOPHQWHp'LOHYHQLUq

(VWLPDGR6U*DUFD

'HDU0U*DUFtD

(VWDUGHDFXHUGRFRQQRVRWURVHQTXHHO[LWRGHXQDHPSUHVD
WLHQHPXFKRTXHYHUFRQODLPDJHQTXHSUR\HFWD/DJHQWHVXHOH
FRPSUDUXQGHWHUPLQDGRSURGXFWRSRUTXHWLHQHFRQDQ]DHQOD
PDUFDRHQODFRPSDDTXHORIDEULFD(VWDFRQDQ]DVHGHEHLQ
GXGDEOHPHQWHDODLPDJHQGHODHPSUHVDRGHVXVPDUFDV

<RXZLOODJUHHZLWKXVWKDWDFRPSDQ\VVXFFHVVKDVDORWWRGR
ZLWKWKHLPDJHLWSURMHFWV3HRSOHXVXDOO\EX\DFHUWDLQSURGXFW
EHFDXVHWKH\KDYHFRQGHQFHLQWKHEUDQGRULQWKHFRPSDQ\
WKDW PDQXIDFWXUHV LW 7KLV FRQGHQFH LV GXH SUHFLVHO\ WR WKH
LPDJHRIWKHFRPSDQ\RULWVEUDQGV

'HVGHKDFHDRV,0$*(%8,/',1*,1&HVOGHUPXQGLDOHQ
FUHDULPJHQHVTXHVHWUDGXFHQHQYHQWDV\EHQHFLRV1XHVWUR
HTXLSRGHSURIHVLRQDOHVWLHQHDRVGHH[SHULHQFLDWUDWDQGRFRQ
ORVPHGLRVGHFRPXQLFDFLQ\SXHGHQHQPHQRVWLHPSRGHOR
TXH9GSLHQVDFUHDURFDPELDUXQDLPDJHQFRUSRUDWLYD\OOHYDU
XQDHPSUHVDKDFLDXQDSRVLFLQGHOLGHUD]JRHQHOPHUFDGR

)RU WKH SDVW  \HDUV ,0$*(%8,/',1* ,1& KDV EHHQ WKH
ZRUOGOHDGHULQFUHDWLQJLPDJHV WKDW WUDQVODWHLQWRVDOHVDQG
SURWV 2XU WHDP RI SURIHVVLRQDOV KDV \HDUV RI H[SHULHQFH
GHDOLQJ ZLWK WKH PHGLD DQG WKH\ FDQ LQ OHVV WLPH WKDQ \RX
WKLQNFUHDWHRUFKDQJHDFRUSRUDWHLPDJHDQGFDUU\DFRPSDQ\
WRZDUGDSRVLWLRQRIPDUNHWOHDGHUVKLS

'QRVXQDRSRUWXQLGDGSDUDGHPRVWUDUOHORTXHSRGHPRVKDFHU
6HUODPHMRULQYHUVLQTXHVXHPSUHVDSXHGDUHDOL]DU

*LYHXVDQRSSRUWXQLW\WRVKRZ\RXZKDWZHFDQGR,WZLOOEH
WKHEHVWLQYHVWPHQW\RXUFRPSDQ\FDQPDNH

$WHQWDPHQWH

6LQFHUHO\\RXUV

3DUDHOSLORWRQRYDWRHOVLPXODGRU\SUiFWLFDV
DGTXLHUHKDELOLGDGHVHQXQSULQFLSLRHVWiWLFDV
6LKX\HGHYRODULQVLVWLHQGRHQVLPXODU
SRGUiVLTXLHUHGLH]PLOKRUDVDFXPXODU
SHURVLQKRUDVGHYXHORHVD~QSULQFLSLDQWH
\TXLpQVHRIUHFHUtDFRPRSULPHUDFRPSDxDQWH"
3HURFRQVyORFLHQKRUDVGHVLPXODGRU
PiVRWUDVFLQFXHQWDGHDYLDGRU
ODFXHVWLyQ\DHVRWUD\KDEUtDEDVWDQWHV
GLVSXHVWRVDVXELUVLQPLHGRQLFDOPDQWHV
SRUTXHVDEHQTXHGLH]KRUDVGHDYLDGRU
HTXLYDOHQDPLOGHVLPXODGRU

(VWLPDGRDPLJR\DOXPQR/DFODVHHOSURIHVRU\HOPWRGRVRQQHFHVDULRV
SDUDDGTXLULUXQDEDVHWHULFDJUDPDWLFDO\SDUDUHDOL]DUSUFWLFDVGHUHSUR
GXFFLQRUDOFRQHOQGHFRQVROLGDUKELWRVDXWRPDWL]DGRVGHODQWHGHO
SURIHVRUHQHOFPRGRDPELHQWHGHODXOD3HURHOWURFODVHSURIHVRUPWR
GRQRGHMDGHVHUXQSHUIHFWRHTXLYDOHQWHDOVLPXODGRUGHYXHORGRQGHVL
XQRVHHVWUHOODQRPXHUH7HDWUHYHUDVDPRQWDUFRQXQSLORWRQRYDWROD
SULPHUDYH]TXHSLORWDVHXQDYLQ"/RKDUDVVLHOQRYDWR\DWXYLHUDPLOKR
UDVGHDGLHVWUDPLHQWRHQXQVLPXODGRU"3UREDEOHPHQWHWDPSRFR/DFODVH
GHLQJOVHOSURIHVRU\HOPWRGRFRQVWLWX\HQHQHOPHMRUGHORVFDVRVXQ
VLPXODGRUGHYXHORGRQGHVLWHHVWUHOODVQRPXHUHV6LTXLHUHVKDFHUWH
GHYHUGDGFRQHOLQJOVYDVDWHQHUTXHYRODUPXFKRSDUDVXSHUDUHOPLHGR
HVFQLFR\HOVHQWLGRGHOULGFXOR
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

1RHVWPX\FRQWHQWD 6KHoVQRWYHU\KDSS\
1RVRPRVKHUPDQRV :HDUHQoWEURWKHUV
3RUTXHVWDELHUWR" :K\LVLWRSHQ"
'QGHHVWHOODDKRUD" :KHUHLVVKHQRZ"
4XLQHVVRQWXVDPLJRV" :KRDUH\RXUIULHQGV"



(VWR\HVWXGLDQGRHQXQD ,oPVWXG\LQJDWDQDFDGHP\
DFDGHPLD
0LWDYLYHHQXQDSDUWDPHQWR 0\DXQWOLYHVLQDDW
7LHQHVPDVFRWDV" 'R\RXKDYHDQ\SHWV"
&PRVHGHOHWUHDWXQRPEUH" +RZGR\RXVSHOO\RXUQDPH"
1RTXLHURWXVH[FXVDV ,GRQoWZDQW\RXUH[FXVHV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

'QGHFRPSUDVWXURSD" :KHUHGR\RXEX\\RXUFORWKHV"
1HFHVLWRKDEODUFRQWXVSDGUHV ,QHHGWRVSHDNWR\RXUSDUHQWV
1RFUHRTXHWHQJDWLHPSR ,GRQoWWKLQN,KDYHWKHWLPH
1XQFDVHUHQ 7KH\QHYHUODXJK
3RUTXKDFHHVR" :K\GRHVKHGRWKDW"



/RFRPSUHODRSDVDGR +HERXJKWLWODVW\HDU
3HQVTXHHVWDEDVFDVDGR ,WKRXJKW\RXZHUHPDUULHG
)XHHOODFRQWLJRDOPGLFR" 'LGVKHJRZLWK\RXWRWKHGRFWRU"
1RHVWDPRVOLVWRVWRGDYD :HoUHQRWUHDG\\HW
(OODWUDMRVXRUGHQDGRUDFODVH 6KHEURXJKWKHUFRPSXWHUWR

WKHFODVV

6DLO 9HOD

'HFN &XELHUWD
%RZ 3URD
3RUWKROH 2MRGHEXH\

+XOO &DVFR

9RFDEXODULR%RDW %DUFR

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

<RTXWQRORKDUD ,I,ZHUH\RX,ZRXOGQoWGRLW
+DEDPHQRVGHORTXHHVSHUDED 7KHUHZHUHIHZHUWKDQ,H[SHFWHG
6R\FXUDGHVGHKDFHDRV ,oYHEHHQDSULHVWIRU\HDUV
&XQWRWDUGDUDPRVVL +RZORQJZRXOGLWWDNHXVLIZH
6HSDUHFHDVXPDGUH" 'RHVVKHORRNOLNHKHUPRWKHU"YROVHPRV"HZ"
7RPHPRVXQGHVFDQVR /HWoVWDNHDEUHDN
|4XLPEFLOHUHV <RXoUHVXFKDIRRO
1RPHGHMEHVDUOD 6KHGLGQoWOHWPHNLVVKHU
&XQGRSHQVDEDVGHFUVHOR :KHQZHUH\RXSODQQLQJWRWHOO

DHOOD "KHU"


2MDOHVWXYLHUDVDTX ,ZLVK\RXZHUHKHUH

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

/OHJDUVREUHODVRFKR ,oOOEHWKHUHDWHLJKWLVK
(VXQWRUEHOOLQR +HoVDUHDOOLYHZLUH
(VWR\SHODGR ,oPEURNH
+HFRQYRFDGRXQDUHXQLQ ,oYHFDOOHGDPHHWLQJRQ0RQGD\
6HPHTXHGDURQSHJDGDVODV ,RYHUVOHSW
SDUDHOOXQHV
VEDQDV

7HQGUHPRVTXHDSOD]DUOR :HoOOKDYHWRSXWLWRIIXQWLO0D\
1RVORTXHKDUDVLQWL ,GRQoWNQRZZKDW,oGGRZLWKRXW\RXKDVWDPD\R
(QTXGHPRQLRVHVWDEDV :KDWWKHKHOOZHUH\RXWKLQNLQJRI" 0HTXHGLSDGR,ZDVJREVPDFNHG
SHQVDQGR"

&RQVOWDORFRQODDOPRKDGD 6OHHSRQLW



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

3KUDVDOYHUE

+HoVDWRXJKQXWWRFUDFN
OHVXQKXHVRGXURGHURHU

)LUVWWKLQJLQWKHPRUQLQJ
$SULPHUDKRUDGHODPDDQD

$OORIDVXGGHQ
'HUHSHQWH

,QWKHPHDQWLPH
0LHQWUDVWDQWR

$VIDUDV,oPFRQFHUQHG
3RUPHQORTXHDPVHUHHUH

,QDOLWWOHZKLOH
'HQWURGHSRFR

7RPDNHLWXSZLWKVRPHRQH
+DFHUODVSDFHVFRQDOJXLHQ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
6HUIFLOKDFHUODVSDFHVFRQO
7RGDYDQRKDKHFKRODVSDFHVFRQVXPHMRU
DPLJD
+DVKHFKRODVSDFHVFRQWXFRPSDHURGH
WUDEDMR\D"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

:KDWWLPHGR\RXKDYHEUHDNIDVW"
(QLQJOVHPSOHDPRVHOYHUERpWRKDYHqSDUDFRQVXPLFLRQHV(Q
FDVWHOODQR HPSOHLV pWRPDUq R XVLV XQ YHUER HVSHFFR FRPR
pGHVD\XQDUqpDOPRU]DUqRpFHQDUq7HSLGRSRUIDYRUTXHUHFXHU
GHVHVWRVLHPSUH\DTXHORVSURIHVRUHVGHLQJOVHVWDPRVFDQVD
GRVGHRUWDQWRpWRWDNHDFRIIHHq6HGLFHWRKDYHDFRIIHH
WRKDYHEUHDNIDVW
WRKDYHOXQFK
WRKDYHGLQQHU
WRKDYHDGULQN
WRKDYHVRPHWKLQJWRHDW

GHVD\XQDU
DOPRU]DURFRPHU
FHQDU
WRPDUXQDFRSD
WRPDUDOJRGHFRPHU

WRKDYHDEHHU
WRKDYHDVQDFN
WRKDYHDFXSRIFRIIHH
WRKDYHDFXSRIWHD

WRPDUXQDFHUYH]D
PHUHQGDU
WRPDUXQDWD]DGHFDI
WRPDUXQDWD]DGHW

/DQLFDH[FHSFLQHVFXDQGRXQRWRPDPHGLFLQDV(QHVWRVFD
VRVHPSOHDPRVHOYHUERpWRWDNHqFRPRHQHVSDRO
7DNH\RXUV\UXS
+HWRRNWZRVOHHSLQJSLOOV
<RXWDNHWRRPXFKPHGLFLQH

7PDWHWXMDUDEH
6HWRPGRVSDVWLOODVSDUDGRUPLU
7RPDVGHPDVLDGRVPHGLFDPHQWRV

(VWLPDGR6U,YDQRYLFK

'HDU0U,YDQRYLFK

+HPRVUHFLELGRHOHQYRGHFDPLVDV\DOLQVSHFFLRQDU
ODV KHPRV HQFRQWUDGR DOJR PX\ H[WUDR7RGDV \ FDGD XQD
GH ODV FDPLVDV WLHQHQ OR TXH SDUHFH VHU XQD TXHPDGXUD GH
FLJDUULOOR FLJDUHWWHEXUQ HQVXPDQJDGHUHFKD

:H KDYH UHFHLYHG WKH VKLSPHQW RI  VKLUWV DQG XSRQ
LQVSHFWLQJWKHPZHKDYHIRXQGVRPHWKLQJYHU\VWUDQJH(DFK
DQGHYHU\RQHRI WKHVKLUWVKDVZKDWVHHPV WREHDFLJDUHWWH
EXUQRQWKHULJKWVOHHYH

+XHOJDGHFLUTXHQRSRGHPRVDFHSWDUHOHQYR\TXHGDPRVDOD
HVSHUDGHVXVLQVWUXFFLRQHVHQFXDQWRDTXKDFHUFRQHOOR6LQ
HPEDUJRORTXHQRVSUHRFXSDDKRUDVRQORVSOD]RVTXHWHQHPRV
TXHFXPSOLUFRQORVPD\RULVWDV\DTXHHOORVHVSHUDQWHQHUODV
FDPLVDVHQVXVDOPDFHQHVQRPVWDUGHGHOGHGLFLHPEUH

,WJRHVZLWKRXWVD\LQJWKDWZHFDQQRWDFFHSWWKHVKLSPHQWDQG
ZHDZDLW\RXULQVWUXFWLRQVDVWRZKDWWRGRZLWKLW+RZHYHU
ZKDWZRUULHVXVQRZDUHWKHGHDGOLQHVZHKDYHWRPHHWZLWK
WKH ZKROHVDOHUV VLQFH WKH\ H[SHFW WR KDYH WKH VKLUWV LQ WKHLU
ZDUHKRXVHVQRODWHUWKDQ'HFHPEHU

$YVHQRV FXDQWR DQWHV VREUH FPR SLHQVDQ UHVROYHU HVWH


WHPD+D\PXFKRGLQHURHQMXHJR\VHUDXQDOVWLPDTXHQR
SXGLUDPRVVXPLQLVWUDUODPHUFDQFDSDUDODWHPSRUDGDGH
1DYLGDG

/HW XV NQRZ DV VRRQ DV SRVVLEOH KRZ \RX SODQ WR VROYH WKLV
PDWWHU 7KHUH LV D ORW RI PRQH\ LQYROYHG DQG LW ZRXOG EH D
SLW\LIZHFRXOGQRWVXSSO\WKHPHUFKDQGLVHIRUWKH&KULVWPDV
VHDVRQ

$WHQWDPHQWH

6LQFHUHO\

/DSDVWLOODGHORVFLHQPLOHXURV
(VWLPDGRDOXPQR\DPLJR(QXQDUHFLHQWHHQFXHVWDUHDOL]DGDSRU9DXJKDQ6\VWHPVHOGHORVHQFXHVWDGRVJHQWHHQVXPD\RUDGHOUHD
GHUHFXUVRVKXPDQRVGHGLIHUHQWHVHPSUHVDVDUPDURQTXHGHH[LVWLUXQDSDVWLOODSRUYDORUGHFLHQPLOHXURVFDSD]GHGRWDULQPHGLDWDPHQWH
GHLQJOVDTXLHQODWRPDVHVXGLUHFWRUJHQHUDOVFRPSUDUDSDVWLOODVSDUDYDULDVSHUVRQDVGHODRUJDQL]DFLQ'HKHFKRXQRDDGLTXHVX
GLUHFWRUFRPSUDUDVLHWHFXDWURSDUDVXVLQPHGLDWRVVXERUGLQDGRVXQDSDUDO\GRVSDUDVXVGRVKLMRV(VGHFLUHOVHRUJDVWDUDHXURV
GHJROSHSDUDTXLWDUGHHQPHGLRHOSUREOHPDGHOLQJOV3HURJDVWDUDORPLVPRVLHQYH]GHLQJOVODSDVWLOODFRQULHUDORVFRQRFLPLHQWRVGH
XQSUHVWLJLRVR0%$"3UREDEOHPHQWHQRORFXDOPHFRQGXFHDXQDUHH[LQFXULRVD(OVHFWRUGHODHQVHDQ]DGHLGLRPDVHVWDWRPL]DGR\
JR]DGHSRFRSUHVWLJLRDOFRPSDUDUVHFRQRWURVVHFWRUHVGHODIRUPDFLQGLUHFWLYD6LIXUDPRVDODSXHUWDGHVDOLGDGHFXDOTXLHUHVFXHODGH
QHJRFLRVSUHVWLJLRVD\SUHJXQWVHPRVDFDGDUHFLQJUDGXDGRFRQVXWRJD\ELUUHWHVLOHJXVWDUDLQLFLDUVXFDUUHUDHQXQFHQWURGHIRUPDFLQ
HQLGLRPDVQRVGLUDTXHQLKDEODUTXHOHHVSHUDXQSXHVWRHQXQEDQFRGHLQYHUVLRQHVRHQXQDSUHVWLJLRVDUPDGHFRQVXOWRUD6LQHPEDU
JRDOFDERGHXQRVDRVTXHUUDWDQWRFRPRDTXHOGLUHFWRUJHQHUDOODSDVWLOODPJLFDGHORVFLHQPLOHXURV\SRVLEOHPHQWHSDJDUDHOSUHFLR
0RUDOHMDFXDQGRODPDJLDHQWUDHQODHFXDFLQHODSUHQGL]DMHGHOLQJOVDVXPHVXSRVLFLQFRUUHFWDHQODMHUDUTXDGHORVYDORUHVIRUPDWLYRV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

/DVPXMHUHVHVSDRODVVRQJXDSDV 6SDQLVKZRPHQDUHSUHWW\
(O-DSRQVHVXQLGLRPDGLIFLO -DSDQHVHLVDGLIFXOWODQJXDJH
(VXQDSHOFXODFRUWD ,WoVDVKRUWOP
7XSDGUHHVXQKRPEUHJUDFLRVR <RXUIDWKHULVDIXQQ\PDQ
5XVLDHVXQSDVPX\JUDQGH 5XVVLDLVDYHU\ELJFRXQWU\

+D\XQDILHVWDPDDQDHQHOSDUTXH7KHUHoVDSDUW\WRPRUURZLQWKHSDUN
(OSHUURGH)UDQNHVWORFR)UDQNoVGRJoVFUD]\
TXKRUDFRPHV":KDWWLPHGR\RXKDYHOXQFK"
4XPVLFDWHJXVWD":KDWPXVLFGR\RXOLNH"
1RWHQJRGLQHUR,GRQoWKDYHDQ\PRQH\

/ROOLSRS 3LUXOHWD

6ZHHWV &DUDPHORV
&KHZLQJXP &KLFOH

&KRFRODWH %RPEQ
)UXLWJXP *RPLQROD

9RFDEXODULR&RQIHFWLRQDU\ *RORVLQDV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

+D\PXFKDVPXMHUHVHQ $UHWKHUHPDQ\ZRPHQLQ\RXU
WXHPSUHVD"FRPSDQ\"
4XVLJQLFDHVR" :KDWGRHVWKDWPHDQ"
0LWRKDEODFLQFRLGLRPDV 0\XQFOHVSHDNVYHODQJXDJHV
&XQGRVHORYDVDSUHJXQWDU :KHQDUH\RXJRLQJWRDVNKLP"
DO "
1RKD\DJXDHQODERWHOOD 7KHUHLVQoWDQ\ZDWHULQWKHERWWOH

6DEHVTXKRUDHV"'R\RXNQRZZKDWWKHWLPHLV"
6LPHORGDVWHORDEULU,I\RXJLYHLWWRPH,oOORSHQLWIRU\RX
&RQTXLQHVWXYLVWHD\HU":KRZHUH\RXZLWK\HVWHUGD\"
1RHVWDEDFRQQDGLH,ZDVQoWZLWKDQ\RQH
1RVSRUTXORYHQGL,GRQoWNQRZZK\KHVROGLW

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

1RLUDPHQRVTXHGHMHGHOORYHU,ZRQoWJRXQOHVVLWVWRSVUDLQLQJ
+DVUHVHUYDGRXQDFLWDFRQHO +DYH\RXPDGHDQDSSRLQWPHQW
PGLFR\D"
ZLWKWKHGRFWRU\HW"
0HJXVWDUDTXHOROH\HUDVHQ ,oGOLNH\RXWRUHDGLWDORXG
YR]DOWD

&XQWRWLHPSROOHYDVFDVDGR" +RZORQJKDYH\RXEHHQPDUULHG"
3RUTXQRSHGLVWHHOOLEUR :K\GLGQoW\RXDVNIRUWKH
GHUHFODPDFLRQHV"
FRPSODLQWVERRN"

3RUTXQRIXLVWHLQYLWDGR":K\ZHUHQoW\RXLQYLWHG"
4XLQWHKDFHJUDFLD":KRPDNHV\RXODXJK"
'HEHVKDEHUWHHTXLYRFDGR<RXPXVWKDYHPDGHDPLVWDNH
(VSHURFRQLOXVLQYHUWH,ORRNIRUZDUGWRVHHLQJ\RX
3LUGHWH*HWORVW

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

1RVHORGLJDVDQDGLH .HHSLWWR\RXUVHOI
(VXQJUDQDFLRQDGRDOSXHQWLQJ +HoVUHDOO\LQWREXQJHHMXPSLQJ
&PRWHJDQDVODYLGD" +RZGR\RXPDNHDOLYLQJ"
7HQJRDOHUJLD ,oYHJRWKD\IHYHU
+XELHUDWDUGDGRGHPDVLDGR ,WZRXOGKDYHWDNHQWRRORQJ





(OEDUHVWDEDUHSOHWR7KHEDUZDVSDFNHG
2MDOQROHKXELHVHVGLFKRQDGD,ZLVK\RXKDGQoWVDLGDQ\WKLQJ
WRKLP
'HEHUDKDEHUKDELGRXQ7KHUHVKRXOGKDYHEHHQD
JXDUGLDGHVHJXULGDGVHFXULW\JXDUG
|'DPHXQUHVSLUR*LYHPHDEUHDN
|4XUROOR:KDWDGUDJ



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
(VWLORLQGLUHFWR

&RPPRQVD\LQJV
2QWKHRWKHUKDQG
(QFDPELR

<RXoUHSXOOLQJP\OHJ
0HHVWVWRPDQGRHOSHOR

,oPDOOHDUV
7LHQHVWRGDPLDWHQFLQ

<RXoOOKDYHWRWZLVWKLVDUP
7HQGUVTXHSUHVLRQDUOH

$UPHGWRWKHWHHWK
$UPDGRKDVWDORVGLHQWHV

5HFXHUGDTXHHQXQDSUHJXQWDLQGLUHFWDHO
VXMHWRVLHPSUHSUHFHGHHOYHUER
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
6DEHVVLWHQHPRVVXFLHQWHGLQHUR"
6DEHVGQGHHVWQPLVOODYHV"
6DEHVGHTXFRORUVRQ"


$WWKHHQGRIWKHGD\
(QHODQOLVLVQDO

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7RODVW
(VWHYHUERPHUHFHXQDPHQFLQDSDUWHSXHVWRTXHORVHVSDROHVFDVL
QXQFDORXVLV6LQHPEDUJRVLJQLFDpGXUDUqSRUORTXHHVLPSRUWDQ
WHXVDUOR4XL]QRORXVLVSRUTXHHVLGQWLFRDODGMHWLYRpODVWq OWL
PR \RVHQWUDODGXGD6LQHPEDUJRWLHQHVTXHKDFHUWHFRQHVWHYHUER
SRUTXHVHXVDPXFKR7HPXHVWURDFRQWLQXDFLQIUDVHVFRQHOYHUER
pWRODVWq
7KRVHPHHWLQJVDOZD\VODVWD
ORQJWLPH
+RZORQJGRHVDPRYLHODVW"

(VDVUHXQLRQHVVLHPSUHGXUDQ
PXFKRWLHPSR
&XQWRWLHPSRGXUDXQDSHOFXOD"

+RZORQJGRHVWKLVFODVVODVW"
,WODVWVRQHKRXU
+RZORQJGRHVDFLJDUHWWHODVW"
,WODVWVPLQXWHV
+RZORQJGRHVDYLGHRJDPH
XVXDOO\ODVW"
,WODVWVDERXWPLQXWHV

&XQWRWLHPSRGXUDHVWDFODVH"
'XUDXQDKRUD
&XQWRWLHPSRGXUDXQFLJDUUR"
'XUDPLQXWRV
&XQWRWLHPSRVXHOHGXUDUXQ
YLGHRMXHJR"
'XUDXQRVPLQXWRV

'R\RXQHHGDORQJODVWLQJFXUHIRU\RXU(QJOLVK"

(VWLPDGD6UWD3D\QH

'HDU0LVV3D\QH

/HDGMXQWRHOLQIRUPHGHDVLVWHQFLDGHQRYLHPEUHGHVJORVDGR
SRUJUXSRV/DDVLVWHQFLDJOREDOIXHGHO\VLQOXJDUDGXGDV
OD PHMRU DVLVWHQFLD IXH HQWUH ORV JUXSRV GH PDDQD FRQ XQD
WDVDGHOFRPSDUDGDFRQHOSDUDORVJUXSRVGHWDUGH

, KDYH HQFORVHG WKH DWWHQGDQFH UHSRUW IRU 1RYHPEHU EURNHQ


GRZQE\JURXSV7KHRYHUDOODWWHQGDQFHZDVDQGZLWKRXW
D GRXEW WKH EHVW DWWHQGDQFH ZDV DPRQJ WKH PRUQLQJ
JURXSVZLWKDSHUFHQWUDWHFRPSDUHGWRSHUFHQWIRUWKH
DIWHUQRRQJURXSV

1RREVWDQWHGHEHPRVWHQHUHQFXHQWDTXHODVFODVHVGHWDUGHVH
FRPSRQHQSULQFLSDOPHQWHGHJHQWHGHOGHSDUWDPHQWRFRPHUFLDO
TXLHQHVWLHQHQTXHYLDMDUPVDPHQXGRTXHODVSHUVRQDVGHI
EULFDODPD\RUDGHODVFXDOHVUHFLEHQVXVFODVHVSRUODPDDQD
$KRUDTXHHOSURJUDPDOOHYDGRVPHVHVIXQFLRQDQGRVHUDDFRQ
VHMDEOHHVWXGLDUODVFLIUDVGHDVLVWHQFLDLQGLYLGXDOHV\WRPDUODV
PHGLGDVQHFHVDULDV
$WHQWDPHQWH

1HYHUWKHOHVV ZH VKRXOG NHHS LQ PLQG WKDW WKH DIWHUQRRQ


FODVVHVDUHFRPSRVHGSULPDULO\RISHRSOHIURPWKHFRPPHUFLDO
GHSDUWPHQW ZKR KDYH WR WUDYHO PRUH RIWHQ WKDQ IDFWRU\
SHRSOHPRVWRIZKRPUHFHLYHWKHLUFODVVHVLQWKHPRUQLQJ
1RZWKDWWKHSURJUDPKDVEHHQLQSURJUHVVIRUWZRPRQWKVLW
ZRXOGEHDGYLVDEOHWRVWXG\WKHLQGLYLGXDODWWHQGDQFHJXUHV
DQGWDNHWKHQHFHVVDU\PHDVXUHV
6LQFHUHO\

(VWLPDGRDPLJR\DOXPQR(OYHUDQRSDVDGRXQDMRYHQHMHFXWLYDGHODOLDOHVSDRODGHXQDLPSRUWDQWHHPSUHVDPXOWLQDFLRQDOSDV
XQPHVHQ3KLODGHOSKLD$QWHVGHLUGHVGH(VSDD\DWUDYVGH,QWHUQHWVHDSXQWDXQDVHULHGHFXUVRVPXFKRVGHHOORVFXULRVRV
TXHVHRIUHFHQJUDWXLWDPHQWHDSHUVRQDVMXELODGDV\DSUHFLRVPGLFRVDGHVHPSOHDGRV1XHVWUDHMHFXWLYDVHDSXQWDXQDVFODVHV
GHFRFLQDEDLOHGHVDOQFRPXQLFDFLQLQWHUSHUVRQDODHUELFFPRKDEODUHQSEOLFRFLHQFLDGLHWDULDHOPDQHMRGH$FFHVV\([FHO\
HODUWHGHKDFHUFHVWDVGHPLPEUH
(VWXYRXQDPHGLDGHVLHWHKRUDVFDGDGDLQYROXFUDGDHQORVFXUVRV\VHFRGHDEDDGLDULRFRQXQDVSHUVRQDVGLVWLQWDVWRGDVQRU
WHDPHULFDQDV$OFDERGHWUHVGDV\DWHQDXQJUDQQPHURGHDPLJRV\HQODVGRVOWLPDVVHPDQDVGHVXHVWDQFLDMDPVFHQDEDHQ
QLQJQVLWLRTXHQRIXHUDODFDVDGHXQFRPSDHURGHFXUVR6HORSDVHQJUDQGH\YROYLD(VSDDFRQXQLQJOVUHDOPHQWHEXHQR
VREUHWRGRHQHODVSHFWRDXGLWLYR
3RU OR WDQWR OR UHFRPHQGDEOH HV VDOLU IXHUD SDUD PHMRUDU HO LQJOV QR SDUD HVWXGLDUOR 'HGLFDU WLHPSR HVWXGLDQGR ORV YHU
ERVLUUHJXODUHV\ORVSURQRPEUHVUHODWLYRVHQ/RQGUHVRHQ'DOODVHVSHUGHUORPVULFR\SURGXFWLYRGHODH[SHULHQFLD(VUHQXQ
FLDU D UHODFLRQDUVH GH IRUPD GLQPLFD FRQ SHUVRQDV QDWLYDV D FDPELR GHO HVWXGLR DVSWLFR GH OD PHFQLFD HVWWLFD GHO LGLRPD
0RUDOHMD1RVDOJDVIXHUDSDUDUHFLELUFODVHVGHLQJOV6DOIXHUDSDUDUHFLELUFODVHV(1LQJOV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

'QGHHVWWXFDVD":KHUHLV\RXUKRXVH"
0ODJDHVWHQHOVXUGH(VSDD 0DODJDLVLQWKHVRXWKRI6SDLQ
(VFRFLDHVWDOQRUWHGH,QJODWHUUD 6FRWODQGLVWRWKHQRUWKRI(QJODQG
0DQFKHVWHUHVWHQHOQRUWH 0DQFKHVWHULVLQWKHQRUWK
GH,QJODWHUUDRI(QJODQG
(VXQDFLXGDGRXQSXHEOR" ,VLWDFLW\RUDWRZQ"

4XKDFHVPDDQD":KDWDUH\RXGRLQJWRPRUURZ"
3RUTXHVWXGLDVDOHPQ":K\GR\RXVWXG\*HUPDQ"
(VWRVVRQORV]DSDWRVGH/LQGD7KHVHDUH/LQGDoVVKRHV
&DOHVWXFRPLGDSUHIHULGD":KDWoV\RXUIDYRXULWHIRRG"
1RPHVLHQWRPX\ELHQ,GRQoWIHHOYHU\ZHOO

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

9R\DEXVFDUOR ,oPJRLQJWRORRNIRULW
4XHRSLQDVGHOQXHYRMHIH" :KDWGR\RXWKLQNRIWKHQHZERVV"
1RKDEOHVFRQFRPLGDHQODERFD 'RQoWVSHDNZLWKIRRGLQ\RXU

PRXWK
&XQWDVKDELWDFLRQHVWLHQH +RZPDQ\EHGURRPVGRHV\RXU
WXFDVD"KRXVHKDYH"
3RUTXPHHVWVPLUDQGRDV" :K\DUH\RXORRNLQJDWPHOLNHWKDW"

7DUGDWUHVKRUDVHQOOHJDUDOO,WWDNHVWKUHHKRXUVWRJHWWKHUH
/DFRQRFFXDQGRHVWXYHHQ/RQGUHV,PHWKHUZKHQ,ZDVLQ/RQGRQ
1RKXERPVLFDHQODHVWD7KHUHZDVQoWDQ\PXVLFDWWKHSDUW\
1RKXERFKLFDVWDPSRFR7KHUHZHUHQoWDQ\JLUOVHLWKHU
0HSXHGHVGHFLUGQGHHVWQ&DQ\RXWHOOPHZKHUHWKH
ORVVHUYLFLRV"WRLOHWVDUH"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

$YVDQRVFXDQWRDQWHV/HWXVNQRZDVVRRQDVSRVVLEOH
&XQWRWDUGDVWHHQDSUHQGHU +RZORQJGLGLWWDNH\RXWR
HVSDRO"OHDUQ6SDQLVK"
3DUHFHFRPRVLQRKXELHUDV<RXORRNOLNH\RXKDYHQoWVOHSW
6LVXSLHUDODUHVSXHVWDWHORGLUD ,I,NQHZWKHDQVZHU,oGWHOO\RX GRUPLGR



3XHGHVUHFRUGDUTXHVWDEDV &DQ\RXUHPHPEHUZKDW\RX
1HFHVLWRVDFDUGLQHURGHOEDQFR,QHHGWRWDNHVRPHPRQH\RXW
KDFLHQGRFXDQGRSDV"ZHUHGRLQJZKHQLWKDSSHQHG"RIWKHEDQN
1DGLHPHKDGLFKRQDGDWRGDYD 1RRQHKDVWROGPHDQ\WKLQJ\HW 6LSHQVDUDVXQSRFRPVQR,I\RXWKRXJKWDOLWWOHPRUH\RX
1RUHFXHUGRODOWLPDYH]TXH ,FDQoWUHPHPEHUWKHODVWWLPH
RIHQGHUDVDODJHQWH
ZRXOGQoWRIIHQGSHRSOH
PHHPERUUDFK,JRWGUXQN
|1RVHDVQLR*URZXS

)LOOLQJ (PSDVWH

*XPV (QFDV
7HHWK 'LHQWHV

7RQJXH /HQJXD

/LSV /DELRV

9RFDEXODULR0RXWK %RFD

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

|+DEODPVDOWR 6SHDNXS
+DEUDVYHQLGRVLWHORKXELHUD :RXOG\RXKDYHFRPHLI,oGWROG
GLFKR"\RX"
3RUTXHVWVVLHPSUH :K\DUH\RXDOZD\VSLFNLQJ
PHWLQGRWHFRQPLJR"RQPH"
/DUJXPRQRVGHDTX /HWoVJHWRXWRIKHUH
7HQGUVTXHDJXDQWDUODXQ <RXoOOKDYHWRSXWXSZLWKKHU
SRFRPVIRUDOLWWOHORQJHU

'HWDOSDORWDODVWLOOD$FKLSRIIWKHROGEORFN
4XKDVHVWDGRKDFLHQGR:KDWKDYH\RXEHHQJHWWLQJXS
OWLPDPHQWH"WRODWHO\"
(VWR\SDFKXFKR,oPIHHOLQJXQGHUWKHZHDWKHU
'HQGHWH6WDQGXSIRU\RXUVHOI
+D]OHIUHQWH6WDQGXSWRKLP




Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
3ULPHUFRQGLFLRQDO

&RPPRQVD\LQJV

1RROYLGHVTXHQXQFDVHXVDpZLOOqHQOD
PLVPDRUDFLQTXHODSDODEUDpLIqHQXQ
FRQGLFLRQDO

,WOHIWDEDGWDVWHLQP\PRXWK
0HGHMFRQPDOVDERUGHERFD

%DSWLVPRIUH
%DXWLVPRGHIXHJR

,oPRXWRIVKDSH
1RHVWR\HQIRUPD IVLFD 

'RQoWEHDWDURXQGWKHEXVK fDERXW
WKHEXVK 
1RDQGHVSRUODVUDPDV

*LYHPHEDOOSDUNJXUH
'DPHXQDFLIUDDSUR[LPDGD

7KDWoVEHVLGHWKHSRLQW
(VRQRYLHQHDOFDVR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\
FRPSUXHEDWXVUHVSXHVWDVHVWHGRPLQJRDOFRPSUDU
(/&8562'(,1*/6'(),1,7,92GH9DXJKDQ1RVOR
VDEUVVLKDVDFHUWDGRVLQRTXHSRGUVHVFXFKDUFPR
VHSURQXQFLDQHVWDVIUDVHV

<RDSUHFLRODVRUHV
WROLNH JXVWDUOHDXQR
WRHQMR\ GLVIUXWDUGHJXVWDUOHDXQR
(OYHUERpWROLNHqHVHOYHUERTXHPVVROLVFRQIXQGLUORVHVSDR
OHV3RUHMHPSORHQYH]GHGHFLUpPHJXVWDQODVRUHVqGHFVFRQ
EDVWDQWHIUHFXHQFLDp<RJXVWRDODVRUHVq
0HJXVWDQODVRUHV ,OLNHRZHUV
)LMRVTXHHQLQJOVVR\\RTXLHQHMHUFHODLQXHQFLDVREUHODVR
UHV QR ODV RUHV VREUH P 4XL] SDUD DFODUDU OD GLIHUHQFLD DQ

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
6LWLHQHVTXHSDJDUPVWHTXHMDUV"
1RFRQVHJXLUHPRVQDGDVLQRKDFHPRVXQ
JUDQHVIXHU]R
(OODVHGRUPLUVLOHFDQWDPRV

PVVLFDEHHOYHUERpWROLNHqSRGUDWUDGXFLUVHFRPRpDSUHFLDUq
RpYDORUDUq
,OLNHRZHUV $SUHFLRODVRUHV
(QRWUDVSDODEUDVHQLQJOVH[SUHVDPRVpJXVWDUqDOUHYV5HFXHU
GR TXH FXDQGR KDFH DRV ORV VROGDGRV QRUWHDPHULFDQRV GH OD
%DVHGH7RUUHMQLEDQDGLVFRWHFDVDYHFHVVHOHVRDHQVXPDO
FDVWHOODQRGHFLUDXQDFKLFDJXDSDp<RJXVWRWq(VWDEDQWUDGX
FLHQGROLWHUDOPHQWHGHOLQJOVp,OLNH\RXq

(VWLPDGR6U'XUNKHLP

'HDU0U'XUNKHLP

$OUHYLVDUHOERUUDGRUQDOGHVXOLEURGHWH[WRKHPRVHQFRQWUD
GRXQSDVDMHTXHQRHVWGHQWURGHOHVSULWXGHQXHVWURJUXSR
HGXFDWLYR 1RV UHIHULPRV HVSHFFDPHQWH D ORV WUHV SULPHURV
SUUDIRVGHODSJLQDHQORVFXDOHV9GLQWHQWDMXVWLFDUHO
XVRGHODIXHU]DSDUDGLVSHUVDUODVPDQLIHVWDFLRQHVSROWLFDV

8SRQUHYLHZLQJWKHQDOGUDIWRI\RXUWH[WERRNZHKDYHIRXQG
DSDVVDJHWKDWLVQRWZLWKLQWKHVSLULWRIRXUHGXFDWLRQDOJURXS
:HUHIHUVSHFLFDOO\WRWKHUVWWKUHHSDUDJUDSKVRQSDJH
LQZKLFK\RXWU\WRMXVWLI\WKHXVHRIIRUFHWRGLVSHUVHSROLWLFDO
GHPRQVWUDWLRQV

1RVRPRVSDUWLGDULRVQHFHVDULDPHQWHGHFRQYRFDUPDQLIHVWD
FLRQHV6LQHPEDUJRQRSRGHPRVGHQLQJXQDPDQHUDDSR\DUHO
XVRGHODIXHU]DFXDOTXLHUDTXHVHDHOREMHWLYR6RPRVXQDRUJD
QL]DFLQSDFFDGHGLFDGDH[FOXVLYDPHQWHDXQDQREOHFDXVDOD
HGXFDFLQGHODPHQWH&XDOTXLHUUHIHUHQFLDDOXVRGHODIXHU]D
HVSRUORWDQWRDMHQDDQXHVWUDORVRID

:H DUH QRW QHFHVVDULO\ LQ IDYRU RI FDOOLQJ GHPRQVWUDWLRQV


+RZHYHU ZH FDQQRW LQ DQ\ ZD\ VXSSRUW WKH XVH RI IRUFH QR
PDWWHUZKDWWKHREMHFWLYH:HDUHDSHDFHORYLQJRUJDQL]DWLRQ
GHYRWHG H[FOXVLYHO\ WR D QREOH FDXVH WKH HGXFDWLRQ RI WKH
PLQG$Q\UHIHUHQFHWRWKHXVHRIIRUFHLVWKHUHIRUHIRUHLJQWR
RXUSKLORVRSK\

3RU HVWD UD]Q OH SHGLUDPRV TXH PRGLFDUD ORV SUUDIRV HQ
FXHVWLQ'HRWURPRGRQRSRGUHPRVDSUREDUHOERUUDGRUQDO

)RUWKLVUHDVRQZHZRXOGDVN\RXWRPRGLI\WKHSDUDJUDSKVLQ
TXHVWLRQ2WKHUZLVHZHFDQQRWDSSURYHWKHQDOGUDIW

$WHQWDPHQWH

<RXUVVLQFHUHO\

(VWLPDGRDPLJR\DOXPQR3RUTXVRQPXGRVORVVRUGRPXGRV"8QPGLFROHGLUTXHWLHQHQSHUIHFWDPHQWHODVFXHUGDVYRFDOHVDOLJXDO
TXHQRVRWURV(QWRQFHVSRUTXWLHQHQTXHXVDUODVPDQRVSDUDFRPXQLFDUVH"/DUHVSXHVWDODVDEHPRVWRGRVXQVRUGRPXGRHVPXGR
SRUTXHHVVRUGR$OQRRUQRDSUHQGHDGHVDUUROODUODVGHPVKDELOLGDGHVQHFHVDULDVSDUDODFRPXQLFDFLQ'HEHIRU]RVDPHQWHUHFXUULUD
ODVPDQRV2FXUUHH[DFWDPHQWHORPLVPRDODKRUDGHLQWHQWDUGRPLQDUXQVHJXQGRLGLRPD7SXHGHVWHQHUXQDJUDPWLFDSXOLGVLPD
XQYRFDEXODULRH[WHQVR\XQDSURQXQFLDFLQGLJQDGHHORJLRSHURVLDODKRUDGHODYHUGDGQRHQWLHQGHVELHQORVVLJQLFDGRV\ORVPDWLFHV
HVWVWDQFRQGHQDGRDODLQFRPXQLFDFLQFRPRHOVRUGRPXGR(VLPSRUWDQWHTXHHQWLHQGDVHVWRSRUTXHHOHVSDROPHGLRLQYLHUWHVXV
SULRULGDGHV\SRQHFDVLWRGRVXHPSHRHQDSUHQGHUWHRUDJUDPDWLFDO\HQDPSOLDUVXYRFDEXODULR'HGLFDVXGLQHUR\VXWLHPSRDDWHQGHU
ODVSULRULGDGHVPHQRVFUWLFDV3LHQVDTXHFRQDSUHQGHUVHORVYHUERVLUUHJXODUHVSRGUHQWHQGHUDQDWLYRVFXDQGRKDEODQ3RVHHUXQDPSOLR
YRFDEXODULR\SURIXQGRVFRQRFLPLHQWRVJUDPDWLFDOHVSHURFRQXQRGRSRFRQRHTXLYDOHDVHUHOFLHUYRPVYHOR]GHOPXQGRSHURVLQRGR
QLROIDWR6XWUHPHQGDYHORFLGDGQROHYDOHSDUDQDGDVLQRVDEHRUQLROHUODDSUR[LPDFLQGHODPDQDGDGHORERV6HFRQYLHUWHHQPDQMDU
GHORVGHSUHGDGRUHV
5LFKDUG9DXJKDQ






(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

7HQJRPXFKDVHG ,oPYHU\WKLUVW\
+D\DJXDHQODERWHOOD" ,VWKHUHDQ\ZDWHULQWKH
ERWWOH"
OHVLQWHOLJHQWH" ,VKHLQWHOOLJHQW"
)HEUHURHVWGHVSXVGHHQHUR )HEUXDU\LVDIWHU-DQXDU\
0DU]RHVWDQWHVGHDEULO 0DUFKLVEHIRUH$SULO

0HHVWVHVFXFKDQGR" $UH\RXOLVWHQLQJWRPH"
-XDQHVWVHQWDGRGHWUVGHO -XDQLVVLWWLQJEHKLQGWKH
FRQGXFWRU
GULYHU
0DUDHVWVHQWDGDGHODQWH 0DUDLVVLWWLQJLQIURQWRI-XDQ
GH-XDQ
1RKDEORUXVR ,GRQoWVSHDN5XVVLDQ
1DFKRHVWVHQWDGRDOODGR 1DFKRLVVLWWLQJQH[WWR-XDQ
GH-XDQ

)LQJHUV 'HGRV

.QXFNOHV QXGLOORV

3DOP 3DOPD
1DLO 8D

7KXPE 3XOJDU

9RFDEXODULR+DQGV 0DQRV
/RZ,QWHUPHGLDWH
&XQGRYDLVDHPSH]DU" :KHQDUH\RXJRLQJWRVWDUW"
&RQTXIUHFXHQFLDORKDFHQ" +RZRIWHQGRWKH\GRLW"
+D\PXFKRD]FDUHQHOVXHOR 7KHUHoVDORWRIVXJDURQWKH
RRU
/RKDUSDVDGRPDDQD ,oOOGRLWWKHGD\DIWHU
WRPRUURZ
4XLHURKDEODULQJOVPVD ,ZDQWWRVSHDN(QJOLVKPRUH
PHQXGR
RIWHQ

0LGGOH,QWHUPHGLDWH
&UHHVTXHGHEHUDLU" 'R\RXWKLQN,VKRXOGJR"
6HWHYDDROYLGDU <RXoUHJRLQJWRIRUJHW
(OLQJOVHVPVIFLOGHORTXH (QJOLVKLVHDVLHUWKDQ,
SHQVDED
WKRXJKW
+DEDSUREOHPDV" :HUHWKHUHDQ\SUREOHPV"
-XDQWUDEDMDFDGDYH]PVGXUR -XDQLVZRUNLQJKDUGHUDQG
KDUGHU

+LJK,QWHUPHGLDWH
|1RORKDJDV 'RQoWGRLW
|1RPHORGLJDV 'RQoWWHOOPH
|1RJULWHV 'RQoWVKRXW
|1RVDOWHV 'RQoWMXPS
|1RFDQWHV 'RQoWVLQJ

/RZ$GYDQFHG
&UHRTXHHOODTXLVRGHFLU ,WKLQNVKHPHDQWVRPHWKLQJ
RWUDFRVD
HOVH
3XHGHTXHYD\DPRVDODSOD\D :HPLJKWJRWRWKHEHDFK
PDDQD
WRPRUURZ
(OODVLHPSUHWLHQHUD]Q\ 6KHoVDOZD\VULJKWDQGQHYHU
QXQFDVHHTXLYRFD
ZURQJ
3HSHPDVWLFDGHIRUPDPX\ 3HSHFKHZVYHU\QRLVLO\
UXLGRVD
(VWR\SHQVDQGRHQMXELODUPH ,oPWKLQNLQJDERXWUHWLULQJ

0LGGOH$GYDQFHG
0HSLFDODQDUL] 0\QRVHLWFKHV
+D\DOJRUDURHQO 7KHUHoVVRPHWKLQJVWUDQJH
DERXWKLP
&PRIXHODFRVHFKDGH +RZZDVODVW\HDUoVZKHDW
WULJRHODRSDVDGR"
KDUYHVW"
+DKDELGRPXFKDVGHPRUDV +DYHWKHUHEHHQPDQ\GHOD\V
HVWHPHV"
WKLVPRQWK"
0HJXVWDVHQWDUPHDOODGR ,OLNHWRVLWE\WKHUH
GHODFKLPHQHD
UHSODFH 

)RU(QJOLVKVXSHUVWDUVRQO\
0HJXVWDUDKDEHUSRGLGRLU ,ZRXOGOLNHWRKDYHEHHQDEOH
WRJR
(VWDPRVSDUDGRVHQXQDWDVFR :HoUHVWXFNLQDWUDIFMDP
(ODJXDHVWPVFDOLHQWH 7KHZDWHULVZDUPHULQWKH
GRQGHVHWRFDIRQGR
VKDOORZHQG
0LSDVDSRUWHHVWDSXQWR 0\SDVVSRUWLVDERXWWRUXQ
GHFDGXFDU
RXW
1RWHUHVXOWDH[WUHPDGDPHQWH'RQoW\RXQGWKLVFKDLU
LQFPRGDHVWDVLOOD"
H[WUHPHO\XQFRPIRUWDEOH"

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

&RPPRQVD\LQJV

9RFDEXODULR

,WoVEHWWHUWREHVDIHWKDQVRUU\
0VYDOHSUHYHQLUTXHFXUDU

%DSWLVPRIUH
%DXWLVPRGHIXHJR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

,oPRXWRIVKDSH
1RHVWR\HQIRUPD IVLFD 

,QWKHEOLQNRIDQH\H
(QXQDEULU\FHUUDUGHRMRV

*LYHPHDEDOOSDUNJXUH
'DPHXQDFLIUDDSUR[LPDGD


7KDWoVEHVLGHWKHSRLQW
(VRQRYLHQHDOFDVR

'HTXFRORUHV"
(VVWHXQDXWREVURMRRXQ
DXWREVYHUGH"
(VXQDXWREVURMR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KHHOHSKDQWVLQP\OLYLQJURRPDUHJUHHQ
/DUHJODHQLQJOVGLFHTXHFXDQGRQRVUHIHULPRVDFRVDVHQJHQHUDOQR
XVHPRVQLQJQDUWFXOR
/RVHOHIDQWHVVRQJULVHV (OHSKDQWVDUHJUD\ LQJOVDPHULFDQR
6R\SDUWLGDULRGHODIRUPDLQJOHVDRVHDQRFRPSDUWRFRQHOFDVWHOODQR
ODSUFWLFDGHSRQHUXQDUWFXORGHWHUPLQDGRGHODQWHGHVXVWDQWLYRV
pJHQHUDOL]DGRVq&UHRTXHHVLQFRUUHFWRHQVXHVHQFLD&XDQGRPHUH
HURDpHOHIDQWHVqHQJHQHUDOQRGHERXVDUXQDUWFXORpGHWHUPLQDGRq
SRUTXHHVWR\KDEODQGRGHHOHIDQWHVpLQGHWHUPLQDGDPHQWHqHVGHFLU
HQJHQHUDO(VSHURTXHORVGRVHMHPSORVVLJXLHQWHVWHDFODUHQPLSXQWR

GHYLVWDUHVSHFWRDOFDVWHOODQR\ODUHJODHQLQJOV
(OHSKDQWVDUHJUH\ LQJOV
EULWQLFR
7KHHOHSKDQWVWKDWDUHLQP\
OLYLQJURRPDUHJUHHQ

/RVHOHIDQWHVVRQJULVHV XQD
JHQHUDOL]DFLQ
/RVHOHIDQWHVTXHHVWQHQPL
VDOQVRQYHUGHV

(QHOVHJXQGRHMHPSORVTXHHVWR\KDFLHQGRXQDUHIHUHQFLDpGHWHUPL
QDGDqDXQJUXSRHVSHFFRGHHOHIDQWHVHVGHFLUORVTXHVHHQFXHQWUDQ
HQHVWRVPRPHQWRVHQPLVDOQ

(VWLPDGR-XDQ

'HDU-RKQ

*UDFLDVSRUWXFDUWDGHOGHRFWXEUH(VWR\FRPSOHWDPHQWHGH
DFXHUGRFRQWXGHFLVLQGHVHJXLUDGHODQWHFRQHOSODQ,,'HKHFKR
\RKXELHUDHOHJLGRHVHSODQGHVGHHOSULQFLSLR\DTXHHUDHOQLFR
TXHFRQWHPSODEDODFRQVWUXFFLQGHXQDOPDFQHQ=DUDJR]D

7KDQN\RXIRU\RXUOHWWHURI2FWREHU,FRPSOHWHO\DJUHHZLWK
\RXU GHFLVLRQ WR JR DKHDG ZLWK SODQ ,, ,Q IDFW , ZRXOG KDYH
FKRVHQWKDWSODQIURPWKHEHJLQQLQJVLQFHLWZDVWKHRQO\RQH
WKDWLQFOXGHGWKHFRQVWUXFWLRQRIDZDUHKRXVHLQ=DUDJR]D

0DDQDYR\DSUHVHQWDUHOSODQDO&RQVHMRGH$GPLQLVWUDFLQ6H
YDQDTXHMDUGHOFRVWHHVRWHORSXHGRDVHJXUDU3HURHVWR\VHJXUR
GHTXHWHUPLQDUQSRUDSUREDUOR/DFRPSDDYDELHQHQHVWRV
PRPHQWRV\DSHVDUGHTXH0RUJDQVHDWDQFRQVHUYDGRUFRQHO
GLQHURFUHRTXHLQFOXVROHVWDUGLVSXHVWRDGDUODOX]YHUGH

7RPRUURZ,DPJRLQJWRSUHVHQWWKHSODQWRWKH%RDUG7KH\ZLOO
FRPSODLQDERXWWKHFRVW,FDQDVVXUH\RXRIWKDW%XW,DPFHUWDLQ
WKDWWKH\ZLOOHQGXSDSSURYLQJLW7KHFRPSDQ\LVJRLQJZHOODWWKLV
WLPHDQGLQVSLWHRIWKHIDFWWKDW0RUJDQLVVRFRQVHUYDWLYHZLWK
FDVK,WKLQNHYHQKHZLOOEHZLOOLQJWRJLYHWKHJUHHQOLJKW

7HOODPDUHQFXDQWRVHSDDOJR

,OOFDOO\RXDVVRRQDV,NQRZDQ\WKLQJ

8QVDOXGR

5HJDUGV




(OFDPLQRVHFUHWRDOLQJOV
/RKDJRORKLFHORKDUpORKHKHFKR
HVWDVFRVDVSURQXQFLpVLQUHQFRUQLGHVSHFKR
PLOYHFHVDOGtDHQORVDxRVVHWHQWD
ODERUTXHGHVXGRUHVQRHVWDEDH[HQWD
4XHUtDGRPLQDUSRUFRPSOHWRODHVWUXFWXUD
TXHUtDPHWHUYXHVWUDOHQJXDHQFLQWXUD
TXHUtDTXHODJHQWHDSUHFLDUDPLWDODQWH
LQFOXVRHQXQDOHQJXDSDUDPtGLVRQDQWH
(OWHPDHOHVTXHPDHOHPEOHPDHOSUREOHPD
3RUTXpPDVFXOLQR"'LRVPtRTXpGLOHPD
/DPDQRODPRWRODOODYHODPDU
3RUTXpIHPHQLQR"0HYR\DGHVLQDU

7REHFRQWLQXHGLQWKHQH[WLQVHUWf

(VWLPDGRDPLJR\DOXPQR(OSRHPDGHODL]TXLHUGDHVXQSRFRODUJR2FXSDU
WUHVRFXDWURFKDVSRUORTXHQRROYLGHVFRPSUDUWH(/081'2ORVSU[LPRVWUHV
RFXDWURGDV(OSRHPDGHVFULEHFRQSUHFLVLQPLH[SHULHQFLDSDUDKDFHUPHFRQ
WXLGLRPD/OHJXD(VSDDFXDQGRWHQDDRVGHVSXVGHKDEHUFXUVDGROD
DVLJQDWXUDGHHVSDROFRPROHQJXDH[WUDQMHUDDORODUJRGHVHLVDRVHQODHVFXHOD
VHFXQGDULD'RPLQDEDEDVWDQWHELHQODWHRUDJUDPDWLFDOGHOLGLRPD\VDEDpVR
EUHYLYLUqHQFRQYHUVDFLRQHVFDUDDFDUDVREUHWHPDVFRWLGLDQRV6LQHPEDUJRQDGD
PVDWHUUL]DUDTXPHGLFXHQWDGHTXHHVWDEDDDRVOX]GHSRGHUWUDQVPLWLUPL
SHUVRQDOLGDG\PLVKDELOLGDGHVDWUDYVGHPLPRGHVWRGRPLQLRSUFWLFRGHOLGLR
PD$ORODUJRGHWUHVDRVGHGLTXHQWRUQRDWUHVKRUDVGLDULDVDFRQVROLGDUPL
GRPLQLR0HFRVWKRUDVDSUHQGHUELHQWXOHQJXD\VLWHGLMHUDTXHOOHJDUV
DGRPLQDUODPDHQPHQRVWHHVWDUDKDFLHQGRXQDFRIDYRU0HJXVWDUDGHFLUWH
TXHFRQPLOSDODEUDVRFRQHOPWRGRUHYROXFLRQDULRp;qSRGUDVKDFHUWHFRQPL
LGLRPDVLQGRORUQLLQFLVLQSHURWHHVWDUDPLQWLHQGR
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

+LJK%HJLQQHU

/RZ%HJLQQHU

(VWR\KDEODQGRFRQO ,oPWDONLQJWRKLP
(OODHVWKDEODQGRFRQPLJR 6KHoVWDONLQJWRPH
(VWDPRVKDEODQGRFRQHOORV :HoUHWDONLQJWRWKHP
0HHVWVKDEODQGR" $UH\RXWDONLQJWRPH"
1RHVWQKDEODQGRFRQHOOD 7KH\oUHQRWWDONLQJWRKHU

(VWVOLVWR" $UH\RXUHDG\"
(VWVFDQVDGR" $UH\RXWLUHG"
(VWVDTX" $UH\RXKHUH"
(VWVDOO" $UH\RXWKHUH"
(VWVIHOL]" $UH\RXKDSS\"

0LGGOH,QWHUPHGLDWH

/RZ,QWHUPHGLDWH
(OODLUVLOHSDJDV 6KHoOOJRLI\RXSD\KHU
7RFRHOSLDQRSHRUTXHO ,SOD\WKHSLDQRZRUVHWKDQKH
GRHV
OWRFDHOSLDQRPHMRUTXH\R +HSOD\VWKHSLDQREHWWHUWKDQ
,GR
3XHGHVHQYLUPHOR" &DQ\RXVHQGLWWRPH"
(VJUDWLV" ,VLWIUHH"

7HUPLQDODVWUHV\PHGLD ,QLVKHGDWKDOISDVWWKUHH
4XSDV" :KDWKDSSHQHG"
4XHVWSDVDQGR" :KDWoVKDSSHQLQJ"
4XSDVDU" :KDWZLOOKDSSHQ"
4XSDVD" :KDWoVKDSSHQLQJ"
QXQFD:KDWKDSSHQV"

/RZ$GYDQFHG

+LJK,QWHUPHGLDWH
4XOHSDV" :KDWKDSSHQHGWRKLP"
4XOHHVWSDVDQGR" :KDWoVKDSSHQLQJWRKLP"
4XOHSDVDU" :KDWZLOOKDSSHQWRKLP"
4XOHSDVD" :KDWoVWKHPDWWHUZLWKKLP"
QXQFD:KDWoVKDSSHQLQJWR
KLP"
5HDOPHQWHWLHQHLPSRUWDQFLD" 'RHVLWUHDOO\PDWWHU"

0HUHFHODSHQDTXHWHWRPHV ,WoVZRUWKWDNLQJ\RXUWLPH
WXWLHPSR
6LJRWHQLHQGRSUREOHPDV ,oPVWLOOKDYLQJSUREOHPVZLWK
FRQPLRUGHQDGRU
P\FRPSXWHU
3UVWDPHODVOODYHVGHWX /HQGPH\RXUFDUNH\VULJKW
FRFKHDKRUDPLVPR
QRZ
|3RUQPLQXHUDKDGHMDGR 0\GDXJKWHULQODZKDVJLYHQ
GHIXPDU
XSVPRNLQJDWORQJODVW
3RVHRHOFRFKHPVEDUDWR ,RZQWKHFKHDSHVWFDULQWKH
GHOPXQGR
ZRUOG

6WDPS 6HOOR
3RVWPDUN 0DWDVHOORV

$GGUHVV 'LUHFFLQ

(QYHORSH 6REUH

3RVWFRGH &GLJRSRVWDO

9RFDEXODULR0DLO &RUUHR
)RU(QJOLVKVXSHUVWDUVRQO\

0LGGOH$GYDQFHG
7HKDVHQWHUDGRGHOROWLPR" +DYH\RXKHDUGWKHODWHVW"
1RWHDSHWHFHYROYHUDFDVD" 'RQoW\RXIHHOOLNHJRLQJEDFN
KRPH"
1RVHGDQFXHQWDGHORGXUR 7KH\GRQoWUHDOLVHKRZKDUG

TXHHV
LWLV
/DIHFKDGHODQ]DPLHQWRQR 7KHODXQFKGDWHFDQQRWEH
VHSXHGHUHWUDVDU
EURXJKWEDFN
6XELHOFRVWHGHODYLGDXQ 7KHFRVWRIOLYLQJURVHSHU
SRUFLHQWRHQPD\R
FHQWLQ0D\

*DVWPVGHODFXHQWDHO ,RYHUVSHQWODVWPRQWK
PHVSDVDGR
1RVSHUGLPRVHQORVEDUULRV :HJRWORVWLQWKHEDFNVWUHHWV

SREUHVGH/RQGUHV
RI/RQGRQ
|+HPRVVLGRGHVFXELHUWRV :HoYHEHHQIRXQGRXW
$KRUDTXHORGLFHVf 1RZ\RXFRPHWRPHQWLRQLWf
*UDQL]ODQRFKHHQWHUD ,WKDLOHGWKHZKROHQLJKWORQJ



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

:DVJRLQJWR

7RUHDGEHWZHHQWKHOLQHV
/HHUHQWUHOQHDV

%LUGVRIDIHDWKHURFNWRJHWKHU
'LRVORVFUD\HOORVVHMXQWDQ

8QDHVWUXFWXUDTXHHPSOHDPRVSDUDGHFLUOR
TXHWHQDPRVLQWHQFLQGHKDFHUSHURTXHDO
QDOQROOHJDPRVDKDFHU

%H\RQGWKHVKDGRZRIDGRXEW
1LODPVPQLPDGXGD

7RELWHWKHGXVW
0RUGHUHOSROYR

+HoVDELJVKLQWKHRUJDQLVDWLRQ
(VXQSH]JRUGRHQODRUJDQL]DFLQ

+HoVDVEOLQGDVDEDW
(VWPVFLHJRTXHXQWRSR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
<RLEDDHVFULELUOH DHOOD SHURPHOODPD\HU
7HGLMHTXHHOODLEDDGHFLUHVR
7HLEDDOODPDU|WHORMXUR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,ZDQW\RXWRLPSURYH\RXU(QJOLVK
)MDWHHQHVWDVGRVIUDVHVHQFDVWHOODQR
4XLHURYHQLU4XLHURTXHOYHQJD
$KRUDPUDODVHQLQJOV
,ZDQWWRFRPH,ZDQWKLPWRFRPH
1RWDUVTXHODSDUWHVXEUD\DGDGHODVGRVIUDVHVQRFDPELDHQDEVROX
WR8QLFDPHQWHLQVHUWDPRVHOSURQRPEUHTXHKDFHGHFRPSOHPHQWR
GLUHFWRpKLPq
(VPX\VHQFLOOR\GHKHFKRHVPXFKRPVIFLOHQLQJOVTXHHQFDV
WHOODQR\DTXHHQWXLGLRPDKD\TXHDSUHQGHUWRGDXQDVHULHGHFRQ
MXJDFLRQHV GHQWUR GHO VXEMXQWLYR YHQJD YHQJDV YHQJD YHQJDPRV

YHQJLVYHQJDQf $KRUDELHQODIRUPDHQLQJOVGHH[SUHVDUHVWDLGHD
HVPX\GLIHUHQWHDKDFHUORHQFDVWHOODQRSRUORTXHGHEHVKDFHUXQHV
IXHU]RSDUDDVLPLODUOR
,ZDQWf
,ZDQWf
,ZDQWf
,ZDQWf
,ZDQWf
7KH\ZDQWf

<28
+,0
+(5
86
7+(0
0(

fWROHDUQ(QJOLVK
fWROHDUQ(QJOLVK
fWROHDUQ(QJOLVK
fWROHDUQ(QJOLVK
fWROHDUQ(QJOLVK
fWROHDUQ(QJOLVK

(VWLPDGD6UWD/HVWHU

'HDU0LVV/HVWHU

'HVHRH[SUHVDUOHQXHVWUDVGLVFXOSDVSRUHOWUDWRTXHSRUORYLVWR
UHFLELHO6U3UH]HQVXYLVLWDDQXHVWUDIEULFD&RPR9GVDEH
QXHVWURSURFHVRGHIDEULFDFLQHPSOHDXQDWFQLFDUHYROXFLRQDULD
TXHWRGDYDUHTXLHUHXQDOWRJUDGRGHSURWHFFLQFRQWUDHOHVSLR
QDMHLQGXVWULDO

,ZLVKWRH[SUHVVRXUDSRORJLHVIRUWKHWUHDWPHQWWKDW0U3HUH]
DSSDUHQWO\UHFHLYHGLQKLVYLVLWWRRXUIDFWRU\$V\RXNQRZRXU
PDQXIDFWXULQJ SURFHVV HPSOR\V D UHYROXWLRQDU\ WHFKQLTXH
WKDWVWLOOUHTXLUHVDKLJKGHJUHHRISURWHFWLRQIURPLQGXVWULDO
HVSLRQDJH

(O6U3UH]DOSDUHFHUQRVHLGHQWLFDOHQWUDUHQHOUHFLQWR SUHPL
VHV \HOJXDUGDGHVHJXULGDGQROHUHFRQRFLSRUTXHHUDQXHYR(V
QXHVWUDSROWLFDFDPELDUGHJXDUGDFDGDGRVPHVHV(VWR\VHJXUR
GHTXH9GHQWHQGHUTXHGHEHPRVHQWRGRPRPHQWRPDQWHQHU
ODPVHVWULFWDVHJXULGDG\VLHQWRFXDOTXLHUSUREOHPDTXHHVWD
SROWLFDSXHGDRFDVLRQDU

0U 3HUH] DSSDUHQWO\ GLG QRW LGHQWLI\ KLPVHOI XSRQ HQWHULQJ


WKH SUHPLVHV DQG WKH VHFXULW\ JXDUG GLG QRW UHFRJQL]H KLP
EHFDXVH KH ZDV QHZ  ,W LV RXU SROLF\ WR FKDQJH JXDUGV HYHU\
WZR PRQWKV , DP VXUH \RX ZLOO XQGHUVWDQG WKDW ZH PXVW DW
DOO WLPHV PDLQWDLQ WKH VWULFWHVW VHFXULW\ DQG , DP VRUU\ IRU
ZKDWHYHULQFRQYHQLHQFHWKLVSROLF\PD\FDXVH

$WHQWDPHQWH

6LQFHUHO\\RXUV


(OFDPLQRVHFUHWRDOLQJOV FRQW
3HURFRQWLHPSR\XQDFDxD\XQHVIXHU]RWUHPHQGR
DSUHQGtYXHVWUDOHQJXDVLQVXUDQLUHPLHQGR
0LDFHQWRHVJXLULSHURPLGRPLQLRFDXWLYD
\HPEDXFRDPXFKRVFRQPLYR]VXJHVWLYD
3HURVDEHVDPLJRHOPRQWRGHPLLQYHUVLyQ"
6DEHVGHYHUDVHODOFDQFHGHPLLQPHUVLyQ"
'HGLTXpWUHVPLOKRUDVDDOFDQ]DUHOREMHWLYR
GHGRPLQDUYXHVWUDOHQJXDGHXQPRGRGHQLWLYR

7REHFRQWLQXHGLQWKHQH[WLQVHUWf

(VWLPDGRDPLJR\DOXPQR(OSRHPDGHODL]TXLHUGDHVFRQWLQXDFLQGHOOWLPR
GD&RPRGLJRHQODSULPHUDHVWURIDWHQJRDFHQWRDPHULFDQRFXDQGRKDEORHQ
HVSDRO'HKHFKRVLPHDSXUDVWHGLUTXHFRPHWRFLHUWRVHUURUHVGHJUDPWLFD\
GHIRQWLFDFXDQGRKDEOR\PVWRGDYDFRQIRUPHDYDQ]RFRQODHGDG\EDMRPV
ODJXDUGLD6LQHPEDUJRODJHQWHPHORSHUGRQDWRGRSRUTXHREVHUYDTXHWHQJR
XQDFDSDFLGDGFRPXQLFDWLYDPX\DOWDHQWXLGLRPD(VLPSRUWDQWHUHFRUGDUHVWR
HLQFLGHHQORTXH\DWHKHGLFKRHQQXPHURVDVRFDVLRQHVWQXQFDYDVDKDEODU
XQLQJOVJUDPDWLFDOPHQWHSHUIHFWRQLYDVDSURQXQFLDUPLOHQJXDFRPRXQQDWL
YRQLGHOHMRV6LQHPEDUJRHVWVSHUIHFWDPHQWHFDSDFLWDGRSDUDOOHJDUDH[KLELU
GHODQWHGHSURSLRV\H[WUDRVXQSURIXQGRGRPLQLRGHOLQJOVFRPRYHKFXORGH
FRPXQLFDFLQ
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

(VWHOLEURHVPX\LQWHUHVDQWH 7KLVERRNLVYHU\LQWHUHVWLQJ
(VHOLEURQRHVPX\LQWHUHVDQWH7KDWERRNLVQoWYHU\
LQWHUHVWLQJ
6RQHVWRVWXVJXDQWHV" $UHWKHVH\RXUJORYHV"
(VLPSRUWDQWH" ,VLWLPSRUWDQW"
(VPR ,WoVPLQH

/HVHVWR\HVFULELHQGRDHOORV ,oPZULWLQJWRWKHP
(OODPHHVFULEHWRGRVORVGDV 6KHZULWHVWRPHHYHU\GD\
OHVWKDEODQGRGHVXPXMHU +HoVWDONLQJDERXWKLVZLIH
/OHYDXQDFDUSHWDHQODPDQR +HoVFDUU\LQJDIROGHULQKLV
KDQG
(VWR\KDEODQGRSRUWHOIRQR ,oPWDONLQJRQWKHSKRQH

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

|&DQWDSDUDHOSUHVLGHQWH 6LQJIRUWKHSUHVLGHQW0DULO\Q
0DULO\Q
(OORVQRORVDEHQ 7KH\GRQoWNQRZ
/HKLFH DO XQDSUHJXQWD ,DVNHGKLPDGLIFXOWTXHVWLRQ
GLIFLO
|+D]XQHVIXHU]R 0DNHDQHIIRUW
7LHQHVTXHSUHJXQWDUSRU-RKQ <RXKDYHWRDVNIRU-RKQ

3RUPQRKD\SUREOHPD ,WoVQHE\PH
6DEHVGQGHHVWHO 'R\RXNQRZZKHUH)UHGoV
GHVSDFKRGH)UHG"
RIFHLV"
|4XLHURTXHYHQJDV\D ,ZDQW\RXWRFRPHQRZ
&XQWRGXU" +RZORQJGLGLWODVW"
'XUPXFKRWLHPSR" 'LGLWODVWORQJ"

6WDPHQ (VWDPEUH
%XG &DSXOOR
3HWDO 3WDOR

6WHP 7DOOR
/HDI +RMD

9RFDEXODULR)ORZHU )ORU
+LJK,QWHUPHGLDWH
(QTXHVWVSHQVDQGR" :KDWDUH\RXWKLQNLQJDERXW"
&RQTXLQHVWDEDVFHQDQGR" :KRZHUH\RXKDYLQJGLQQHU
ZLWK"
3DUDTXLQVRQHVDVRUHV" :KRDUHWKRVHRZHUVIRU"
OHVFULELHODUWFXORHQXQD +HZURWHWKHDUWLFOHLQDVLQJOH

VRODQRFKH
QLJKW
/RHVFULELHQIUDQFV +HZURWHLWLQ)UHQFK

/RZ$GYDQFHG
$FDERGHHVWRUQXGDU ,oYHMXVWVQHH]HG
|-HVV %OHVV\RX
1RVXHORHVWRUQXGDU ,GRQoWXVXDOO\VQHH]H
$QWHVHVWRUQXGDEDPV ,XVHGWRVQHH]HPRUH
)LQJHVWDUPDOR ,SUHWHQGHGWREHLOO

0LGGOH$GYDQFHG
0HVRQHQFXDQWRHQFRQWU ,EOHZP\QRVHDVVRRQDV,
PLSDXHOR
IRXQGP\KDQGNHUFKLHI
1RSXHGRGHVKDFHUPHGH ,FDQoWJHWULGRIWKLVFROG
HVWHUHVIULDGR
1RVORTXHHVWVLQVLQXDQGR ,GRQoWNQRZZKDW\RXoUH
JHWWLQJDW
(OSDUDEULVDVHVPLQVFXOR 7KHZLQGVFUHHQLVWLQ\
6HPHKDQDFDEDGRODVLGHDV ,oYHUXQRXWRILGHDV

)RU(QJOLVKVXSHUVWDUVRQO\
1RWHUHVXOWDJUDFLRVR" 'RQoW\RXQGLWIXQQ\"
&RPDQGDQWHFUHRTXHOHVDOH &DSWDLQ,WKLQNWKHUHoVVPRNH
KXPRGHOPRWRU
FRPLQJRXWRIWKHHQJLQH
/DSDQWDOODHVWPX\ERUURVD 7KHVFUHHQoVJRQHKD]\ IX]]\ 
$FDEDGHRFXUULU 
6LQDGLHGDFRQXQDLGHDPHMRU,IQRRQHFRPHVXSZLWKD
WHQGUHPRVTXHDGRSWDUDTXHOOD EHWWHULGHDZHoOOKDYHWRJR
ZLWKWKDWRQH
6HPHKDQGHVDWDGRORV 0\VKRHODFHVKDYHFRPH
FRUGRQHV
XQGRQH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

9RFDEXODULR

+HoVEXUQLQJWKHFDQGOHDWERWKHQGV
7UDEDMDGHPDVLDGR9DDUHYHQWDU

E\WKHVNLQRI\RXUWHHWK
SRUORVSHORV

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

7REXU\WKHKDWFKHW
(QWHUUDUHOKDFKDGHJXHUUD

E\ZRUGRIPRXWK
SRUHOERFDDERFD

(OWUHQVDOHGHODQGQ
+D\PXFKRWUFRSRUGHODQWH
0LVYHFLQRVVRQPX\HQWURPHWLGRV

,KDYHEXWWHULHVLQP\VWRPDFK
7HQJRKRUPLJXHRGHORVQHUYLRV

:KDWoVEXJJLQJ\RX"
4XPRVFDWHKDSLFDGR"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

*LYH3HWHUWKHERRN*LYHLWWRKLPQRZ
(QLQJOVWDQWRORVFRPSOHPHQWRVGLUHFWRVFRPRORVFRPSOHPHQ
WRVLQGLUHFWRVHQVXYHUVLQpSURQRPEUHqVRQORVPLVPRV
PH\RXKLPKHULWXV\RXWKHP
9DPRVDSRQHUSULPHURIUDVHVVLQSURQRPEUHV\OXHJRVXHTXLYD
OHQWHFRQSURQRPEUHV
,oPJLYLQJ-RKQWKHERRN
,oPJLYLQJLWWRKLP

(VWR\GDQGRD-XDQHOOLEUR
(VWR\GQGRVHOR

,oPVKRZLQJ0DUDWKHSLFWXUH
,oPVKRZLQJLWWRKHU

(VWR\HQVHDQGRD0DUDODIRWR
(VWR\HQVHQGRVHOD

,oPJLYLQJ\RXWKHERRNV
,oPJLYLQJWKHPWR\RX

(VWR\GQGRWHORVOLEURV
(VWR\GQGRWHORV

6KHoVVKRZLQJ3HWHUDQG7RP
WKHSLFWXUH
6KHoVVKRZLQJLWWRWKHP

(OODHVWHQVHDQGRODIRWRD
3HWHU\7RP
(OODHVWHQVHQGRVHOD

&XDQGRHOFRPSOHPHQWRGLUHFWRHVXQVXVWDQWLYR QRXQSURQRP
EUH QRUPDOPHQWHSRQHPRVSULPHURHOFRPSOHPHQWRLQGLUHFWR
VHJXLGRGHOFRPSOHPHQWRGLUHFWR
,oPJLYLQJ-RKQWKHERRN
 FLQGLUHFWR  FGLUHFWR
$KRUD ELHQ FXDQGR DPERV FRPSOHPHQWRV VRQ SURQRPEUHV OR
KDFHPRVDOUHYV
,oPJLYLQJLWWRKLP
 FGLUHFWR  FLQGLUHFWR 

(VWLPDGR-DNH

'HDU-DNH

&XDQGRUHFLEWXID[D\HUOODPD&DUORV\OHSHGTXHQRVKL
FLHUDXQSUHVXSXHVWRSDUDWUHVPLOIROOHWRV1ROHGLMHQDGDGH
ODRIHUWDGH%UXQR6LVXSUHFLRQRVXSHUDDOGH%UXQRHQXQ
FUHRTXHGHEHUDPRVVHJXLUFRQO<DFRQRFHPRVFPR
WUDEDMD\VDEHPRVTXHVSHUDU3XHGHTXH%UXQRVHDPVED
UDWRSHURQRPHJXVWDFRUUHUULHVJRVHQHVWHWHPD

:KHQ,JRW\RXUID[\HVWHUGD\,FDOOHG&DUORVDQGDVNHGKLP
IRUDQHVWLPDWHIRUEURFKXUHV,GLGQWWHOOKLPDQ\WKLQJ
DERXW%UXQRVRIIHU,IKLVSULFHGRHVQRWH[FHHG%UXQRVE\
,WKLQNZHVKRXOGFRQWLQXHZLWKKLP:HDOUHDG\NQRZKRZKH
ZRUNVDQGZHNQRZZKDWWRH[SHFW%UXQRPD\EHFKHDSHUEXW
,GRQWOLNHWRUXQULVNVRQWKLVPDWWHU

$SURSVLWRPHOODP.DWK\D\HUSDUDGHFLUPHTXH\DHVWD
EDGHYXHOWD4XLHUHTXHODOODPHVSDUDKDEODUGHOGLQHURTXH
WHGHEH'HEHHVWDUVLQEODQFDSRUTXHPHSUHJXQWVLSRGD
RIUHFHUOHXQWUDEDMR%XHQDVXHUWH

%\WKHZD\.DWK\FDOOHGPH\HVWHUGD\WRWHOOPHVKHZDVEDFN
6KHZDQWV\RX WRFDOOKHU WR WDONDERXW WKHPRQH\VKHRZHV
\RX6KHPXVWEHEURNHEHFDXVHVKHDVNHGPHLI,FRXOGRIIHU
KHUDMRE*RRGOXFN

8QVDOXGR

5HJDUGV


(OFDPLQRVHFUHWRDOLQJOV FRQW
6LPHFRVWyWUHVPLOKRUDV\\RVR\OLQJLVWD
GHYHUGDGW~SUHWHQGHVODPLVPDFRQTXLVWD
GHOLGLRPDLQJOpVFRQFODVHVFRQYHQFLRQDOHV
HVTXLYDQGRDOSDVRORVHVIXHU]RVH[FHSFLRQDOHV"
1RVHDVLOXVRTXH\DKD\EDVWDQWHV
ODVSDODEUDVTXHVLJXHQQRVRQSHWXODQWHV
6RQHOIUXWRGHDxRVREVHUYDQGRHOSURFHVR
GHDSUHQGHUHOLQJOpVFRQXQDOWRSURJUHVR

7REHFRQWLQXHGLQWKHQH[WLQVHUWf

(VWLPDGRDPLJR\DOXPQR(OSRHPDGHODL]TXLHUGDHVFRQWLQXDFLQGHOGHORV
GRVOWLPRVGDV$TXUHLWHURTXHPHFRVWWUHVPLOKRUDVGHWUDEDMRKDFHUPHFRQ
XQEXHQGRPLQLRGHOFDVWHOODQR(QODVGRVHVWURIDVGHODL]TXLHUGDLQVLQRTXH
HODGXOWRHVSDROWLHQGHDSHQVDUTXHSXHGHDSUHQGHULQJOVVLQKDFHUHOPLVPR
HVIXHU]RTXH\RKHKHFKRSDUDDSUHQGHUVXOHQJXD&UHHHTXLYRFDGDPHQWHTXHVH
DSUHQGHLQJOVDVLVWLHQGRDFODVHV1DGLHHQODKLVWRULDGHOPXQGRVHKDKHFKRFRQ
XQVHJXQGRLGLRPDGHDGXOWROLPLWQGRVHDDVLVWLUDFODVHVVWDVQRFRQVWLWX\HQ
QXQFDPVGHOGHODVDFFLRQHVQHFHVDULDVSDUDVROXFLRQDUHOSUREOHPD(ORWUR
VHGLYLGHHQWUHHOHVWXGLRRWUDEDMRSHUVRQDO\HOSDVDUPXFKRVDSXURVGHFR
PXQLFDFLQHQVLWXDFLRQHVUHDOHV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

(ORUGHQDGRUHVWURWR 7KHFRPSXWHULVEURNHQ
(VWR\HQHOFRFKH ,oPLQWKHFDU
(VWR\HQHODXWREV ,oPRQWKHEXV
(VWR\HQHODYLQ ,oPRQWKHSODQH
(VWR\HQHODVFHQVRU ,oPLQWKHOLIW

(VWQIXPDQGRHQHOEDU 7KH\oUHVPRNLQJLQWKHEDU
7HHVWR\GDQGRXQDPRQHGD ,oPJLYLQJ\RXDFRLQ
'DYLGHVWWUDEDMDQGRPXFKR 'DYLGLVZRUNLQJDORW
6HYLOODHVWOHMRVGH*LMQ 6HYLOOHLVIDUIURP*LMQ
)UDQFLDHVWDOQRUWHGH(VSDD )UDQFHLVWRWKHQRUWKRI6SDLQ

:LQGRZSDQH &ULVWDO
:LQGRZIUDPH 0DUFR

%OLQGV 3HUVLDQDV

&XUWDLQV &RUWLQDV
:LQGRZVLOO $OIL]DU

9RFDEXODULR:LQGRZ 9HQWDQD
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

+DFHEXHQWLHPSRKR\ 7KHZHDWKHULVQLFHWRGD\
6LHPSUHOOXHYHORVYLHUQHV ,WDOZD\VUDLQVRQ)ULGD\V
1XQFDOHHQWLHQGRD3DXO ,QHYHUXQGHUVWDQG3DXOZKHQ
KHVSHDNV
FXDQGRKDEOD
$YHFHVOWHUPLQDDODVWUHV 6RPHWLPHVKHQLVKHVDWWKUHH
1RPHJXVWDQORVOXQHV ,GRQoWOLNH0RQGD\V

(VSHURXQDOODPDGDDODVVHLV ,oPH[SHFWLQJDFDOODWVL[
0HORLEDVDGHFLU" :HUH\RXJRLQJWRWHOOPH"
(VWDEDDIHLWQGRPHFXDQGR ,ZDVVKDYLQJZKHQKHFDOOHG
OOODP
1RFRQR]FRDQDGLHTXH ,GRQoWNQRZDQ\RQHZKRFDQ
GRWKDW
SXHGDKDFHUHVR
0LFRFKHQRHVWWDQR[LGDGR 0\FDULVQoWDVUXVW\DV\RXUVLV
FRPRHOWX\R

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

(VHPRFLRQDQWHYHUGDG" ,WoVH[FLWLQJLVQoWLW"
(VWFDVDGRFRQ-XOLDYHUGDG" +HoVPDUULHGWR-XOLDLVQoWKH"
OSXHGHKDEODUJULHJRYHUGDG"+HFDQVSHDN*UHHNFDQoWKH"
*DQDURQHOSDUWLGRYHUGDG" 7KH\ZRQWKHPDWFKGLGQoW
WKH\"
/HVJDQDURQYHUGDG" 7KH\EHDWWKHPGLGQoWWKH\"

OQXQFDKDGHPRVWUDGRVX +HKDVQHYHUSURYHQKLV
LQQRFHQFH
LQRFHQFLD
0LMHUVH\HQFRJL 0\MXPSHUVKUDQN
7UDVXQDODUJDEVTXHGD $IWHUDOHQJWK\VHDUFK,IRXQG
ZKDW,ZDVORRNLQJIRU
HQFRQWUORTXHEXVFDED
9R\DWRFDUHOWLPEUH ,oPJRLQJWRULQJWKHEHOO
1RTXLHURTXHDGHODQWHVD ,GRQoWZDQW\RXWRRYHUWDNH
WKDWFDU
DTXHOFRFKH

0LGGOH$GYDQFHG
&RQVHJXHOWUDEDMR ,JRWWKHMRE
&RQVHJXOOHJDUDOWUDEDMR ,PDQDJHGWRJHWWRZRUN
EHIRUHVHYHQ
DQWHVGHODVVLHWH
6R\UHVSRQVDEOHGHO ,oPLQFKDUJHRIWKHDFFRXQWV
GHSDUWDPHQWRGHFRQWDELOLGDG GHSDUWPHQW
'HSHQGRGHOGLUHFWRUJHQHUDO ,UHSRUWWRWKHJHQHUDO
PDQDJHU
*HVWLRQRXQHTXLSRGH ,PDQDJHDWZHQW\SHUVRQ
WHDP
SHUVRQDV


)RU(QJOLVKVXSHUVWDUVRQO\
6HKDTXLWDGRODEDUED +HoVVKDYHG VKDYHQ KLVEHDUG
RII
0HYR\DGHMDUODEDUED ,oPJRLQJWRJURZDEHDUG
/DEDUEDWHKDFHPD\RU <RXUEHDUGPDNHV\RXORRN
ROGHU
0HHVWQVDOLHQGRFDQDV ,oPJHWWLQJJUH\KDLU
4XWHSDUHFHQORVKRPEUHV :KDWGR\RXWKLQNRIPHQZKR
G\HWKHLUKDLU"
TXHVHWLHQHOSHOR"



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

6HJXQGRFRQGLFLRQDO
5HFXHUGDTXHHQXQFRQGLFLRQDOQXQFDVH
XWLOL]DpZRXOGqHQODPLVPDRUDFLQTXHOD
SDODEUDpLIq

:KRFDOOVWKHVKRWVKHUH"
4XLQWLHQHODOWLPDSDODEUDDTX"

3HWHUoVDWWKHKHOP
3HGURHVWDOWLPQ

:KRoVLQFKDUJHKHUH"
4XLQHVWDOPDQGRDTX"

:KRFDOOVWKHWXQHKHUH"
4XLQOOHYDODYR]FDQWDQWHDTX"

:KRoVWKHERVVKHUH"
4XLQPDQGDDTX"

,FDQWDNHRYHUIRUKLP
/HSXHGRVXVWLWXLU\R

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
6L\ROH\HUDPVWHQGUDXQYRFDEXODULRPV
DPSOLR
OQRVHUDFDPSHQVLQRIXHUDHOPHMRU
6LJDQDUDVODORWHUDWHFRPSUDUDVXQ\DWH"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

5HH[LYHSURQRXQV
P\VHOI
\RXUVHOI
KLPVHOI
KHUVHOI
LWVHOI
RXUVHOYHV
\RXUVHOYHV
WKHPVHOYHV

<RPLVPRPPLVPR
7PLVPRWLPLVPR
OPLVPRVPLVPR
(OODPLVPDVPLVPD
(OORPLVPRVPLVPRHQV
1RVRWURVPLVPRV
9RVRWURVPLVPRV
(OORVPLVPRVVPLVPRVHQV

,oPWDONLQJWRP\VHOI
(VWR\KDEODQGRFRQPLJRPLVPR
<RXoUHORRNLQJDW\RXUVHOILQWKH (VWVPLUQGRWHHQHOHVSHMR
PLUURU
+HOS\RXUVHOI
6UYHWHWPLVPR XQDLQYLWD
FLQDVHUYLUVH
OVLHPSUHVHHOLJHDVPLVPR
+HDOZD\VFKRRVHVKLPVHOI

(OODDPHQXGRLQWHQWDPDWDUVH
VXLFLGDUVH 
(OVLWLRHQVQRHVWGHPDVLDGR
7KHSODFHLWVHOILVQoWWRREDG
PDOSHUR
EXW
6LHPSUHORKDFHPRVQRVRWURV
:HDOZD\VGRLWRXUVHOYHV
PLVPRV
6ROLVJXDUGDUORPHMRUSDUD
<RXXVXDOO\VDYHWKHEHVWIRU
YRVRWURVPLVPRV
\RXUVHOYHV
7KH\FRQVLGHUWKHPVHOYHVYHU\ 6HFRQVLGHUDQDVPLVPRVPX\
LPSRUWDQWHV
LPSRUWDQW
+D]WHODVLJXLHQWHSUHJXQWD
$VN\RXUVHOIWKHIROORZLQJ
TXHVWLRQ
|0UDWH
/RRNDW\RXUVHOI
+HWDNHVKLPVHOIYHU\VHULRXVO\ OVHORWRPDPX\HQVHULR
7LHQHVTXHYHQGHUWHDWLPLVPR
<RXKDYHWRVHOO\RXUVHOI

6KHRIWHQWULHVWRNLOOKHUVHOI

(VWLPDGR6U%UXQR

'HDU0U%UXQR

&RQUHIHUHQFLDDVXRIHUWDGHGLVHDUHLPSULPLUIROOHWRV
DGRVFRORUHVODPHQWRLQIRUPDUOHTXHQXHVWUDGHFLVLQHVFRQ
WLQXDUFRQQXHVWURDFWXDOSURYHHGRU(OPRWLYRGHHVWDGHFLVLQ
HVHOGHVHRSRUSDUWHGHOD'LUHFFLQGHXWLOL]DUORVVHUYLFLRVGHO
PLVPRSURYHHGRUTXHSURSRUFLRQDVHUYLFLRDQXHVWUDFDVDPD
WUL]HQ$OHPDQLD1RKHPRVGHVFDUWDGRVXRIHUWDSRUUD]RQHV
GHFDOLGDGRSUHFLR

5HJDUGLQJ \RXU RIIHU WR GHVLJQ DQG SULQW  WZRFRORU


EURFKXUHV , DP VRUU\ WR LQIRUP \RX WKDW RXU GHFLVLRQ LV WR
FRQWLQXHZLWKRXUFXUUHQWVXSSOLHU7KHUHDVRQIRUWKLVGHFLVLRQ
LVWKHGHVLUHRQWKHSDUWRIWKH0DQDJHPHQWWRXVHWKHVHUYLFHV
RIWKHVDPHVXSSOLHUWKDWSURYLGHVVHUYLFHWRRXUKHDGTXDUWHUV
LQ *HUPDQ\:H KDYH QRW UXOHG RXW \RXU RIIHU IRU UHDVRQV RI
TXDOLW\RUSULFH

1RREVWDQWHDJUDGHFHPRVVXRIHUWD\HVSHUDPRVWHQHUODRSRU
WXQLGDGGHXVDUVXVVHUYLFLRVHQHOIXWXUR

1HYHUWKHOHVV ZH DSSUHFLDWH \RXU RIIHU DQG KRSH WR KDYH WKH
RSSRUWXQLW\WRXVH\RXUVHUYLFHVLQWKHIXWXUH

$WHQWDPHQWH

6LQFHUHO\\RXUV


(OFDPLQRVHFUHWRDOLQJOV FRQW
(VEODQFRRQHJURHOJULVQRH[LVWH
FRQXQHVIXHU]RDPHGLDVHOUHVXOWDGRHVWULVWH
WUHVPLOKRUDVVRQPXFKDVORVpORFRPSUHQGR
SHURFRQGHGLFDUPXFKDVPHQRVQRKD\GLYLGHQGR
6LQRSXHGHVHQWUDUHQWDQIXHUWHDSXHVWD
SRUIDOWDGHJDQDVRSRUORPXFKRTXHFXHVWD
HQWLHQGRpQRSUREOHPqTXHDSXQWHVPiVEDMR
SHURQRSLGDVHOFLHORQLTXHWHEXVTXHXQDWDMR
$SUHQGHXQLQJOpVSDUDDQGDUSRUFDVD
\GHMDGHUHPRYHUXQDWLHUUDWDQHVFDVD

(VWLPDGRDPLJR\DOXPQR&RQHVWDHQWUHJDWHUPLQDPRVHOSRHPDVREUHHOHV
IXHU]RTXHXQRWLHQHTXHKDFHUVLGHVHDGHYHUGDGFRQVHJXLUXQJUDQGRPLQLRHQ
XQVHJXQGRLGLRPD/DSULPHUDOQHDGLFHTXHDSUHQGHULQJOVHVEODQFRRQHJUR
8QRGHEHRLUDSRUWRGDVRUHQXQFLDUDWRGRHOOR5HVSHWRODVGRVGHFLVLRQHV6LQ
HPEDUJRODLQPHQVDPD\RUDGHODVSHUVRQDVPHGLFHQTXHTXLHUHQLUDSRUWR
GDVSHURSRFRGHVSXVSRQHQSHURV\SHUHWHVDOFRVWHDOSURJUDPDDOHVIXHU]R
QHFHVDULRf0XFKRVVHSLHQVDQTXHDSUHQGHULQJOVHVORPLVPRTXHDSXQWDUVHD
XQFXUVRGH3RZHU3RLQWRVLPLODU&UHHQTXHFRQXQDVKRULWDVGHFODVHOOHJDUQD
VHUELOLQJHV8QRSXHGHOOHJDUDDOFDQ]DUXQQLYHOLQWHUPHGLRGHLQJOVFRQXQDV
KRUDVGHGHGLFDFLQSHURVLTXLHUHGHVHQYROYHUVHFRQHFDFLDFRQPHQRVGH
KRUDVHVLPSRVLEOH
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

+LJK%HJLQQHU

/RZ%HJLQQHU
'QGHHVWHODHURSXHUWR" :KHUHoVWKHDLUSRUW"
(VXQDHURSXHUWRJUDQGH" ,VLWDELJDLUSRUW"
(VWQDTX" $UHWKH\KHUH"
'QGHHVWQ" :KHUHDUHWKH\"
6RPRVDPLJRV :HDUHIULHQGV

(VWVVHQWDGRRGHSLH" $UH\RXVLWWLQJRUVWDQGLQJ"
$TXHOODVLOODHVPD 7KDWFKDLULVPLQH
(VWR\VHQWDGRHQHOVXHOR ,oPVLWWLQJRQWKHRRU
6XFDVD GHHOORV HVWOHMRV 7KHLUKRXVHLVIDUIURPKHUH
GHDTX
$TXHOORVQRHVWQDTX 7KRVHDUHQRWKHUH

0LGGOH,QWHUPHGLDWH

/RZ,QWHUPHGLDWH
+D\XQEDQFRFHUFDGHDTX" ,VWKHUHDEDQNQHDUKHUH"
+D\XQRHQHVWDFDOOH 7KHUHoVRQHRQWKLVVWUHHW
(VRQRHVORTXHQHFHVLWR 7KDWoVQRWZKDW,QHHG
4XQHFHVLWDQ" :KDWGRWKH\QHHG"
3UHJQWDOHV $VNWKHP

(VWDPRVHPSH]DQGRD :HoUHVWDUWLQJWRJHWWLUHG
FDQVDUQRV
1RGRUPELHQDQRFKH ,GLGQoWVOHHSZHOOODVWQLJKW
0HOHYDQWPX\WHPSUDQR ,JRWXSYHU\HDUO\
$TXKRUDOOHJDVWHDOWUDEDMR" :KDWWLPHGLG\RXJHWWRZRUN"
/OHJXDOWUDEDMRPVWDUGH ,JRWWRZRUNODWHUWKDQXVXDO
TXHGHFRVWXPEUH

/RZ$GYDQFHG

+LJK,QWHUPHGLDWH
&XQGRLEDVDHFKDUORDO :KHQZHUH\RXJRLQJWR

FRUUHR"
SRVWLW"
3HQVDEDTXHORKDEDVKHFKR ,WKRXJKW\RXKDGGRQHLW
<RTXHWQRORKDUD ,ZRXOGQoWGRLWLI,ZHUH\RX
4XOHGLUDVDO" :KDWZRXOG\RXVD\WRKLP"
1ROHGLUDQDGD ,ZRXOGQoWWHOOKLPDQ\WKLQJ

(VWVGLVSXHVWRDSDUWLFLSDU" $UH\RXZLOOLQJWRSDUWLFLSDWH"
'HEHUDKDEHUPVTXHHVWR 7KHUHVKRXOGEHPRUHWKDQ
WKLV
'LOHTXHTXLHURTXHYHQJD 7HOOKLP,ZDQWKLPWRFRPH
&XDQGRVHWHUPLQHGPHOR :KHQLWoVQLVKHGWHOOPH
1ROHVGHMHVVDOLUKDVWDTXH 'RQoWOHWWKHPOHDYHXQWLOLWoV
VHWHUPLQH
QLVKHG

&DS *RUUR
*RJJOHV *DIDVGHQDWDFLQ
$UPEDQGV 0DQJXLWRV

7RZHO 7RDOOD

7UXQNV %DDGRU

9RFDEXODULR6ZLPPLQJ 1DWDFLQ

)RU(QJOLVKVXSHUVWDUVRQO\

0LGGOH$GYDQFHG
6XFRFKHKDVLGRUREDGR +LVFDUKDVEHHQVWROHQ
'QGHVHHQFRQWUHOFRFKH" :KHUHZDVWKHFDUIRXQG"
/RFXEULUHOVHJXUR" :LOOWKHLQVXUDQFHFRYHULW"
'HEHUDVKDFHUWHXQVHJXUR <RXVKRXOGWDNHRXWLQVXUDQFH
/DUXHGDWLHQHXQSLQFKD]R 7KHWLUHKDVDSXQFWXUH

$TXYLHQHWDQWRDOERURWR" :KDWoVDOOWKHIXVVDERXW"
(UDXQDSOD\DGHJXLMDUURV ,WZDVDSHEEOHEHDFK
&DDDJXDQLHYH ,WZDVVOHHWLQJ
0LVFDOFHWLQHVHVWDEDQ 0\VRFNVZHUHVRDNLQJ
HPSDSDGRV
|(VIXU]DWH 3XOO\RXUVRFNVXS



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

9RFDEXODULR

,WoVWLSSLQJLWGRZQZLWKUDLQ
(VWOORYLHQGRDFQWDURV

7RODQGIHHWUVW
&DHUGHSLH

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
1ROHKDJDVFRVTXLOODV DHOOD 1ROHJXVWD
1RFXHQWHVFRQ3DEORSDUDGDUWHFRPLGD(V
PX\DJDUUDGR
3HWHUFDVLVHGHVPD\FXDQGRYLRODVFLIUDV

+HZDVFDXJKWUHGKDQGHG
/HSLOODURQFRQODVPDQRVHQODPDVD

+HoVDFUHDWXUHRIKDELW
(VXQDQLPDOGHFRVWXPEUHV

,WoVGLUWFKHDS
(VEDUDWVLPR

+HGRHVQoWFXWWKHPXVWDUG
1RHVWDODDOWXUD1RSRVHHOR
QHFHVDULR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

:KRVSHDNVSHUIHFW&KLQHVHf\RXRU\RXUERVV"1HLWKHURIXVGR
:KLFKFRXQWU\LVLQ$VLDf
&KLQDRU,QGLD"
:KLFKFRXQWU\LVLQ$VLDf
0H[LFRRU6SDLQ"
:KLFKFRXQWU\LVLQ$VLDf
&KLQD-DSDQRU,QGLD"
:KLFKFRXQWU\LVLQ$VLDf
0H[LFR6SDLQRU)UDQFH"

%RWKRIWKHPDUHLQ$VLD
$OWHUQDWLYH7KH\oUHERWKLQ$VLD

1HLWKHURIWKHPLVLQ$VLD
$OORIWKHPDUHLQ$VLD
$OWHUQDWLYH7KH\oUHDOOLQ$VLD

$UH\RXULFKRULV\RXUEURWKHUULFK"
,V(PLOLR%RWQULFKRULV
$PDQFLR2UWHJDULFK"

1HLWKHURIXVLVULFK

%RWKRIWKHPDUHULFK

:KRoVULFKf\RX\RXUEURWKHU
RU\RXUVLVWHU"
:KRoVULFKf%RWQ2UWHJDRU
WKH2VERUQHIDPLO\"

1RQHRIXVLVULFK
$OORIWKHPDUHULFK

&XDQGRVRQGRVXVDPRVpERWKqRpQHLWKHUq&XDQGRVRQWUHVR
PVXVDPRVpDOOqRpQRQHq

1RQHRIWKHPLVLQ$VLD
p1HLWKHUqWLHQHGRVSURQXQFLDFLRQHVDFHSWDEOHVpQ]HUqpQL]HUq
/DSURQXQFLDFLQGHpQRQHqULPDFRQRQHGRQHWRQVRQVXQ
IXQUXQJXQZRQ

(VWLPDGR6U0RUHQR

'HDU0U0RUHQR

/HHVFULERSRUPHGLDFLQGH-XDQ%ODQFRTXLHQPHKDLQGLFDGR
TXHVXHPSUHVDHVWEXVFDQGRXQDSHUVRQDSDUDRFXSDUHOQXH
YRSXHVWRGHMHIHGH6HUYLFLRVGH0DUNHWLQJ

,DPZULWLQJ WR \RXWKURXJK-XDQ%ODQFRZKRKDVLQIRUPHG
PH WKDW \RXU FRPSDQ\ LV ORRNLQJ IRU D SHUVRQ WR RFFXS\ WKH
QHZSRVLWLRQRI0DUNHWLQJ6HUYLFHV0DQDJHU

7HQJR  DRV \ VR\ OLFHQFLDGR HQ &LHQFLDV (PSUHVDULDOHV SRU


OD8QLYHUVLGDGGH1XHYR0[LFRFRQXQ0DVWHUHQ0DUNHWLQJ
\3XEOLFLGDGSRUHO,QVWLWXWR*LOEXQNLHQ'HVGHKDFHDRVPH
HQFDUJRGHWRGRHODVSHFWRFRPHUFLDOGH0$&52/,1(6,%(5,&$
IDFWXUDFLQ  PLOORQHV GH HXURV  OD FXDUWD FRPSDD PV
JUDQGHGH(VSDDHQHOVHFWRUGHOWUDQVSRUWHGHSLHOHV IXU 0L
ODERU FRQVLVWH HQ IRUPXODU OD HVWUDWHJLD FRPHUFLDO FRQWUDWDU \
IRUPDU DO HTXLSR GH YHQGHGRUHV VXEFRQWUDWDU ODV DJHQFLDV GH
SXEOLFLGDG\VXSHUYLVDUHOWUDEDMRUHDOL]DGR

,DP\HDUVROGDQGKROGDGHJUHHLQ%XVLQHVV$GPLQLVWUDWLRQ
IURP WKH 8QLYHUVLW\ RI 1HZ 0H[LFR ZLWK D 0DVWHUV LQ
0DUNHWLQJDQG$GYHUWLVLQJIURP WKH*LOEXQNLHQ,QVWLWXWH)RU
WKHSDVWVHYHQ\HDUV,KDYHEHHQLQFKDUJHRIDOOWKHPDUNHWLQJ
DQGVDOHVDVSHFWVLQ0$&52/,1(6,%(5,&$ VDOHVPLOOLRQ
HXURV WKHIRXUWKODUJHVWFRPSDQ\LQ6SDLQLQWKHIXUWUDQVSRUW
LQGXVWU\0\MREFRQVLVWVRIIRUPXODWLQJWKHVDOHVDQGPDUNHWLQJ
VWUDWHJ\UHFUXLWLQJDQGWUDLQLQJWKHVDOHVIRUFHVXEFRQWUDFWLQJ
DGYHUWLVLQJDJHQFLHVDQGVXSHUYLVLQJWKHZRUNSHUIRUPHG

0HLQWHUHVDODSRVLELOLGDGGHWUDEDMDUFRQVXFRPSDDSRUTXH
PHJXVWDUDWHQHUODRSRUWXQLGDGGHDSOLFDUPLVFRQRFLPLHQWRV
DPHUFDGRVPVJUDQGHV\GLQPLFRV

,DPLQWHUHVWHGLQWKHSRVVLELOLW\RIZRUNLQJIRU\RXUFRPSDQ\
EHFDXVH , ZRXOG OLNH WR KDYH WKH RSSRUWXQLW\ WR DSSO\ P\
NQRZOHGJHWRODUJHUDQGPRUHG\QDPLFPDUNHWV

/HDGMXQWRPLFXUULFXOXPYLWDH

,KDYHHQFORVHGP\&9IRU\RXUUHIHUHQFH

$ODHVSHUDGHVXVQRWLFLDV

$ZDLWLQJ\RXUUHSO\,DP

/HVDOXGDDWHQWDPHQWH

9HU\WUXO\\RXUV

(VWLPDGRDPLJR\DOXPQR(OPHMRUDOXPQRTXHKHWHQLGRHQPLYLGDIXHXQWHQLHQWHFRURQHOGH$UWLOOHUDGLUHFWRUGHOD(VFXHODGH$UWL
OOHUDGH6HJRYLD(PSH]GHSULQFLSLDQWHDORVDRV\GRVDRVPVWDUGHFRQDVLVWDDUHXQLRQHV\DFWRVFRQPLOLWDUHVGHOD27$1
6HGHVHQYROYDFRQEDVWDQWHVROWXUD&XDQGROHFRQRFHQVXSULPHUDFODVHPHVDQWLJp'HDU/RUGZK\RQHDUWKLVWKLVVWXGHQWIRUPH,
ZRXOGUDWKHUEHIRUFHGWRJLYHFODVVWRDWUHHq6LQHPEDUJRHVWHPLOLWDUSURQWRPHVRUSUHQGL\PHKL]RYHUTXHQDGLHHUDXQQHJDGRSDUD
ORVLGLRPDV$SOLFXQDGLVFLSOLQDPLOLWDUDODWDUHD\HQPHQRVGHXQDROOHJDXQQLYHOLQWHUPHGLRDOWR&DGDQRFKHHQFDVDHVFXFKDED
XQFXHQWRGHXQDVSJLQDVHQFDVHWH\FRQDXULFXODUHV0HFRVWWUDEDMRVXPLQLVWUDUOHWDQWRPDWHULDOSHURDOQDOPLDPLJRHOPLOLWDU
VXPHQOHFWXUD\DXGLFLQPVGHSJLQDVGHLQJOV6LHPSUHGHFDp$PLJR5LFKDUGTXHUHUHVSRGHU&DGDGDUH]RD'LRVSDUDTXH
PHD\XGHFRQHOLQJOV\FDGDYH]OPHGLFHTXHORKDUDFRQGLFLQGHTXHORHVWXGLHDWRSH(VXQSDFWRTXHWHQHPRVq0HHQVHOD
H[SUHVLQp$'LRVURJDQGR\FRQHOPD]RGDQGRqH[SUHVLQTXHSXHGHVDSOLFDUWHWWDPELQ
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VURMRRYHUGH" ,VLWUHGRUJUHHQ"
(VD]XORQDUDQMD" ,VLWEOXHRURUDQJH"
(VJULVRQHJUR" ,VLWJUH\RUEODFN"
(VPDUUQRPRUDGR" ,VLWEURZQRUSXUSOH"
(VDPDULOORREODQFR" ,VLW\HOORZRUZKLWH"

+D\D]FDUHQHOVXHOR 7KHUHoVVRPHVXJDURQWKH
RRU
+D\WLQWDHQODPHVD 7KHUHoVVRPHLQNRQWKHWDEOH
+D\DJXDHQHOYDVR 7KHUHoVVRPHZDWHULQWKH
JODVV
+D\WLQWDHQPLFDPLVD" ,VWKHUHDQ\LQNRQP\VKLUW"
+D\YLQRHQODERWHOOD" ,VWKHUHDQ\ZLQHLQWKHERWWOH"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

$YHFHVYR\DOSDUTXH ,VRPHWLPHVJRWRWKHSDUN
(OODYDDOJLPQDVLRDPHQXGR 6KHRIWHQJRHVWRWKHJ\P
&DVLQXQFDYDQDO 7KH\KDUGO\HYHUJRWRWKH

VXSHUPDUNHW
VXSHUPHUFDGR
&DVLVLHPSUHYDQDO 7KH\DOPRVWDOZD\VJRWRWKH

K\SHUPDUNHW
KLSHUPHUFDGR
1XQFDYDQDODFDUQLFHUD 7KH\QHYHUJRWRWKHEXWFKHUoV

9R\DHQFHQGHUODOX] ,oPJRLQJWRWXUQRQWKHOLJKW
WEpVZLWFKRQq
9R\DDSDJDUODOX] ,oPJRLQJWRWXUQRIIWKHOLJKW
WEpVZLWFKRIIq
9R\DHQFHQGHUXQDYHOD ,oPJRLQJWROLJKWDFDQGOH
9R\DDSDJDUODYHOD ,oPJRLQJWREORZRXWWKH
FDQGOH
|$SJDOD ODYHOD  %ORZWKHFDQGOHRXW

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&XDQWRDQWHVPHMRU 7KHVRRQHUWKHEHWWHU
&XDQWRPVJUDQGHPHMRU 7KHELJJHUWKHEHWWHU
&XDQWRPVUSLGRPHMRU 7KHIDVWHUWKHEHWWHU
&XDQWRPVEDUDWRPHMRU 7KHFKHDSHUWKHEHWWHU
&XDQWRPVVHJXURPHMRU 7KHVDIHUWKHEHWWHU

&XOHVHOPHMRUPRGRGH :KDWoVWKHEHVWZD\WRGRLW"
KDFHUOR"
&XOHVHOPHMRUPRGRGH :KDWoVWKHEHVWZD\WRVROYH
LW"
VROXFLRQDUOR"
+D\XQDPDQHUDPVVHJXUD 7KHUHoVDVDIHUZD\WKDQWKDW
EHOLHYHPH
TXHHVDFUHPH
(VWVVHJXURGHTXHKD\ $UH\RXVXUHWKHUHoVDVDIHU
ZD\"
XQDPDQHUDPVVHJXUD"
(VRQRIXQFLRQDUDGH 7KHUHoVQRZD\WKDWZRXOG
ZRUN
QLQJXQDPDQHUD

5RG &DD
/LQH 6HGDO

+RRN $Q]XHOR
5HHO &DUUHWH

%DLW &HER

9RFDEXODULR)LVKLQJ 3HVFD
0LGGOH$GYDQFHG
1DGLHFRQRFHDQDGLHTXH 1RERG\NQRZVDQ\ERG\ZKR

FDQGRDQ\WKLQJ
SXHGDKDFHUFXDOTXLHUFRVD
1DGLHTXHFRQR]FRVDEH 1RERG\,NQRZNQRZV

DQ\WKLQJDERXWWKHPDWWHU
QDGDGHOWHPD
&XDOTXLHUDSRGUDKDFHU $Q\ERG\FRXOGGRWKDWZLWK

WKHLUH\HVVKXW
HVRFRQORVRMRVFHUUDGRV
3HVWDHDUHVFRPRJXLDU %OLQNLQJLVOLNHZLQNLQJZLWK

ERWKH\HVDWWKHVDPHWLPH
ORVGRVRMRVDODYH]
|7HYDVDTXHGDUEL]FR <RXoUHJRLQJWRJRFURVVH\HG

)RU(QJOLVKVXSHUVWDUVRQO\
7LHQHVXQDSHVWDDMXVWR <RXKDYHDQH\HODVKMXVW

HQFLPDGHOODELRVXSHULRU
DERYH\RXUXSSHUOLS
0HHQWUXQDDVWLOOD ,JRWDVSOLQWHUZKLOVWVDQGLQJ

PLHQWUDVOLMDEDODPHVD
GRZQWKHWDEOH
0HGLXQJROSHHQHOGHGR ,EDQJHGP\ELJWRHRQWKH
JUDQGHGHOSLHFRQHOURGDSL
VNLUWLQJERDUG
0HVDOHQSHFDVHQYHUDQR ,FRPHRXWLQIUHFNOHVLQWKH
VXPPHU
5RJHUVDOLGHODUPDULR 5RJHUFDPHRXW RIWKHFORVHW 

DFRXSOHRIPRQWKVDJR
KDFHXQSDUGHPHVHV



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

(OSURQRPEUHGHPRVWUDWLYR

,WoVGD\OLJKWUREEHU\
(VXQWLPRPDQLHVWR

,WoVGRJHDWGRJ
&RPSHWHQFLDIHUR]VLQUHJODV

,WoVDULSRII
(VXQDXWQWLFRURER

'RQoWKROG\RXUEUHDWK
1RVHUQDGDGHORWURPXQGR

7KHGHYLOoVDGYRFDWH
(ODERJDGRGHOGLDEOR


7KDWoVDGRXEOHHGJHGVZRUG
(VXQDUPDGHGREOHOR

5HFXHUGDTXHXQDYH]TXHXWLOL]DPRVXQ
SURQRPEUHGHPRVWUDWLYRQRYROYHPRVD
XWLOL]DUOR|1RKDFHIDOWDVHDODUDOJRGRV
YHFHV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VWRVVRQOLEURV
$TXHOORVQRVRQOLEURVVRQUHYLVWDV
6RQHVWRVEROJUDIRV"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,oPJRLQJWRWHDFK\RXVRPHWKLQJ
&XDQGR YLQH D (VSDD D ORV  DRV QR KDEODED HVSDRO PX\
ELHQ6LQHPEDUJRHQGRVGDV\DHUDFDSD]GHKDEODUVREUHDFFLR
QHVGHIXWXURVLQJUDQGHVSUREOHPDV&PRORFRQVHJX"

3XHV HQ LQJOV WH UHFRPLHQGR OR PLVPR DSUQGHWH ELHQ p,oP
JRLQJWRq\OXHJRDDGHWRGRVORVYHUERVTXHSXHGDV
,oPJRLQJWRJR,oPJRLQJWRHDW,oPJRLQJWRFRPH,oPJRLQJWRFDOO

$SUHQGODH[SUHVLQpYR\Dq\OXHJRPHKLFHFRQWRGRVORVLQQL
WLYRVTXHSRGDLUFRPHUYHQLUOODPDUHWF/XHJRORVMXQWDED\
\DHVWKDEODEDXLGDPHQWHXWLOL]DQGRHOWLHPSRGHOIXWXUR

'HVSXVFDPELDp,oPqDp\RXoUHqpKHoVqpVKHoVqpLWoVqpZHoUHq
pWKH\oUHq\\DHVW+DEUVDSUHQGLGRSHUIHFWDPHQWHDKDEODU
VREUHDFFLRQHVGHIXWXUR

9R\DLU9R\DFRPHU9R\DYHQLU9R\DOODPDU(WF

(VWLPDGR6U3DVWRU

'HDU0U3DVWRU

*UDFLDVSRUVXFDUWDGHOGHQRYLHPEUH\SRUHOLQWHUHVDQWHLQIRU
PHVREUHHOVHFWRUGHODFHURHQ&RUHDGHO6XU\-DSQ&RQUHVSHFWR
DODSUHJXQWDTXHQRVKDFHHQVXFDUWDQXHVWUDLQWHQFLQHQHVWRV
PRPHQWRVHVFRQWLQXDUFRQODLGHDGHFHUUDUQXHVWUDVIEULFDVGH
3LWWVEXUJK\$NURQ\FRPHQ]DUODFRQVWUXFFLQGHGRVQXHYDVI
EULFDVHQ0LFKLJDQEDVDGDVHQODQXHYDWHFQRORJD%ODQFKDUG

7KDQN\RXIRU\RXUOHWWHURI1RYHPEHUDQGIRUWKHLQWHUHVWLQJ
UHSRUWRQWKHVWHHOLQGXVWU\LQ6RXWK.RUHDDQG-DSDQ&RQFHUQLQJ
WKHTXHVWLRQWKDW\RXDVNXVLQ\RXUOHWWHURXULQWHQWLRQDWWKLV
SRLQW LV WR FRQWLQXH ZLWK WKH LGHD RI FORVLQJ RXU IDFWRULHV LQ
3LWWVEXUJKDQG$NURQDQGVWDUWLQJWKHFRQVWUXFWLRQRIWZRQHZ
IDFWRULHVLQ0LFKLJDQEDVHGRQWKHQHZ%ODQFKDUGWHFKQRORJ\

<DKHPRVOOHJDGRDXQDFXHUGRFRQHO6LQGLFDWRGHORV7UDEDMD
GRUHV GHO $FHUR VREUH HO SODQ GH LQGHPQL]DFLQ SDUD ORV 
WUDEDMDGRUHVTXHQRVYHUHPRVREOLJDGRVDGHVSHGLU(QFXDQWRD
ODVQXHYDVIEULFDVGH0LFKLJDQVORYDPRVDUHTXHULUXQDV
SHUVRQDVHQWUHWUDEDMDGRUHVGLUHFWRVHLQGLUHFWRV

:HKDYHDOUHDG\UHDFKHGDQDJUHHPHQWZLWKWKH6WHHOZRUNHUV
8QLRQRQDVHYHUDQFHSD\SODQIRU WKHZRUNHUV WKDWZH
ZLOO EH IRUFHG WR OD\ RII $V IRU WKH QHZ IDFWRULHV LQ 0LFKLJDQ
ZHDUHRQO\JRLQJWRQHHGVRPHSHRSOHEHWZHHQGLUHFWDQG
LQGLUHFWZRUNHUV

$WHQWDPHQWH

6LQFHUHO\


$UH\RXP\QHZWHDFKHUPLSURIHQXHYD"
0\QDPHLV5D~O\PLLQJOpVHVGHFXHYD
,WDONOLNHDFDYHPDQGHVWUR]DQGRJUDPiWLFD
,WU\YHU\KDUGDXQTXHGHIRUPDHUUiWLFD
,KRSH\RXDUHSDWLHQWTXHQRVR\PX\FOpYHU
<VLFRQWLJRDSUHQGR,ZLOOORYH\RXIRUHYHU
<RXVHHPLUODQGHVDDQG\RXUVPLOHPHHQFDQWD
$UH\RXDJRRGWHDFKHU"7LHQHVFDUDGHVDQWD
0\(QJOLVKLVEDG\PHWDFKDQGHYDJR
7KH\FDOOPHPX\EHVWLDVHUiXQKDODJR"
6HUpPHVXSRQJRXQSRFRFRPRHOEXKR
DORPHMRUQRDSUHQGRSHURPHMRPXFKR

(VWLPDGRDPLJR\DOXPQR5DOHVXQFDVREDVWDQWHWSLFRHQWUHGLUHFWLYRVWFQL
FRV\HPSOHDGRVHVSDROHV'LJDPRVTXHUHSUHVHQWDXQGHORVFDVRV6XIDOWD
GHLQJOVOHPROHVWD\HVFRQGHVXHQIDGRGHWUVGHXQDDFWLWXGJUDFLRVD\SRFR
VHULD/RWULVWHGHHVWRVFDVRVHVTXHVHWUDWDFDVLVLHPSUHGHXQDSHUVRQDSRWHQ
FLDOPHQWHEULOODQWH/DJUDFLDTXHH[KLEHUHYHODXQDPHQWHJLOWDQJLOTXHSLHQVD
TXHSXHGHUHVROYHUODVFRVDVFRQPXFKRLQJHQLR\SRFRWUDEDMR(VWRHVSRVLEOH
SDUDDOJXQRVUHWRVSHURSDUDHOLQJOVQRIXQFLRQD1XHVWURDPLJR5DOWHQGUTXH
FDPELDUVLTXLHUHDSUHQGHULQJOVGHYHUGDG7HQGUTXHGDUXQJLURGHJUDGRV
SXHVWRTXHHOLQJHQLR\ODDJXGH]DVORD\XGDQHQXQ/DLQWHOLJHQFLDD\XGDHQ
RWUR(OUHVWDQWHVHUHGXFHDXQDVRODFXHVWLQHVIXHU]RSHUVRQDO
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

&XOHVODFDSLWDOGH$XVWULD" :KDWoVWKHFDSLWDORI$XVWULD"
&XOHVODFDSLWDOGH6XHFLD" :KDWoVWKHFDSLWDORI6ZHGHQ"
&XOHVODFDSLWDOGH6XL]D" :KDWoVWKHFDSLWDORI
6ZLW]HUODQG"
5RGH-DQHLURQRHVODFDSLWDO 5LRGH-DQHLURLVQoWWKHFDSLWDO

RI%UD]LO
GH%UDVLO
6\GQH\QRHVODFDSLWDOGH 6\GQH\LVQoWWKHFDSLWDORI
$XVWUDOLD
$XVWUDOLD

%REHVWPLUDQGRD-DQH %RELVORRNLQJDW-DQH
-DQHHVWPLUDQGRVXUHORM -DQHLVORRNLQJDWKHUZDWFK
3DXOHVWPLUDQGRHOUHORM 3DXOLVORRNLQJDWWKHFORFNRQ
WKHZDOO
GHODSDUHG
+HQU\HVWYLHQGRODWHOHYLVLQ +HQU\LVZDWFKLQJWHOHYLVLRQ
6DQG\HVWGXUPLHQGRHQ 6DQG\LVVOHHSLQJRQWKHVRID
HOVRI

0LGGOH,QWHUPHGLDWH

/RZ,QWHUPHGLDWH
'DQWUDEDMDORVPDUWHVHQ 'DQZRUNVLQ0DQFKHVWHURQ
7XHVGD\V
0DQFKHVWHU
7UDEDMDORVPLUFROHVHQ +HZRUNVLQ%LUPLQJKDPRQ
:HGQHVGD\V
%LUPLQJKDP
7UDEDMDORVMXHYHVHQVX +HZRUNVLQKLVRIFHRQ

7KXUVGD\V
GHVSDFKR
7UDEDMDORVVEDGRVHQ/LYHUSRRO+HZRUNVLQ/LYHUSRRORQ
6DWXUGD\V
/RVGRPLQJRVQRWUDEDMD +HGRHVQoWZRUNRQ6XQGD\V

1RVTXGHFLU ,GRQoWNQRZZKDWWRVD\
1RVDGQGHLU ,GRQoWNQRZZKHUHWRJR
1RVFPRKDFHUOR ,GRQoWNQRZKRZWRGRLW
1RVDTXLQSUHJXQWDU ,GRQoWNQRZZKRPWRDVN
(VWR\DOJRFRQIXVR ,oPDELWFRQIXVHG

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

6LPDDQDYLHQHVWHOR ,I\RXFRPHWRPRUURZ,oOOVKRZ

LWWR\RX
HQVHDU
1RWHORHQVHDUVLQRYLHQHV ,ZRQoWVKRZLWWR\RXLI\RX
GRQoWFRPH
1RORKDUDQRVHUTXHYHQJDV,ZRQoWGRLWXQOHVV\RXFRPH
1RORKDUKDVWDTXHQRYHQJDV,ZRQoWGRLWXQWLO\RXFRPH
/RKDUHQFXDQWRYHQJDV ,oOOGRLWDVVRRQDV\RXFRPH

/OHYRWUHVDRVLQWHQWDQGR ,oYHEHHQWU\LQJWRORFDWHKLP
IRUWKUHH\HDUV
ORFDOL]DUOH
/OHYRGRFHDRVHVWXGLDQGR ,oYHEHHQVWXG\LQJ(QJOLVKIRU
WZHOYH\HDUV
LQJOV
/OHYRWUHVPHVHVWUDEDMDQGR ,oYHEHHQZRUNLQJRQWKLV
SURMHFWIRUWKUHHPRQWKV
HQHVWHSUR\HFWR
/OHYRWUHLQWDPLQXWRV ,oYHEHHQFRQFHQWUDWLQJRQWKLV
FHQWUQGRPHHQHVWHDUWFXOR DUWLFOHIRUWKLUW\PLQXWHV
/OHYRWUHVKRUDVHVFULELHQGR ,oYHEHHQZULWLQJRXWFKHTXHV
IRUWKUHHKRXUV
FKHTXHV

6NLVXLW 7UDMHGHHVTX

*ORYH *XDQWH
6NLSROH %DVWQ

6NLERRW %RWDGHHVTX
6NL (VTX

9RFDEXODULR6NLLQJ (VTX
)RU(QJOLVKVXSHUVWDUVRQO\

0LGGOH$GYDQFHG
0HUREDURQHQ3DUV ,ZDVUREEHGLQ3DULV
/HWLPDURQHQ5RPD 7KH\ZHUHFRQQHGLQ5RPH
WEpULSSHGRIIq
/HUREDURQHOEROVRHQHO +HUKDQGEDJZDVVWROHQDWWKH
DLUSRUW
DHURSXHUWR
1RVHQJDDURQHQODHVWDFLQ :HZHUHWULFNHGDWWKHVWDWLRQ
1RVUHVFDWDURQMXVWRDWLHPSR :HZHUHUHVFXHGMXVWLQWLPH

(OPLQLVWURGH([WHULRUHV 7KH)RUHLJQ6HFUHWDU\WRUHXS

WKHSLHFHRISDSHU
URPSLHOSDSHO
(OPLQLVWURGHO,QWHULRUMXJ 7KH+RPH6HFUHWDU\SOD\HGD
XQSDSHOLPSUHVFLQGLEOHHQHO YLWDOUROHLQWKHDIIDLU
DVXQWR
1DGLHHVLPSUHVFLQGLEOH 1RERG\LVLQGLVSHQVDEOH
3XHGRFDPELDUPHGHPHVD" &DQ,FKDQJHWDEOHV"0LQHLV

/DPDHVWFRMD
ZRQN\
6HOHFD\HOSHORWUDVFDHUVH +LVKDLUIHOORXWZKHQKHIHOO

GHXQUEROGHQLR
RXWRIDWUHHDVDER\

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

&RPPRQVD\LQJV

$VfDV
$XQTXHHPSOHLVGRVSDODEUDVGLVWLQWDVHQ
HVSDROQRVRWURVXWLOL]DPRVODPLVPDGRV
YHFHV

+HoVDGRZQWRHDUWKSHUVRQ
(VXQDSHUVRQDVHQFLOOD\SUFWLFD

+HGULQNVOLNHDVK
%HEHFRPRXQFRVDFR

+HoVGUDJJLQJKLVIHHW
(VWUDOHQWL]DQGRODVFRVDVDSRVWD

+HGULYHVPHXSWKHZDOO
0HVDFDGHPLVFDVLOODV

,KDYHWRGUDZWKHOLQH
+DVWDDTXKHPRVOOHJDGR

,oOOGURS\RXDOLQH
7HHVFULELUXQDVOQHDV

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
1RKDFHWDQWRIURFRPR\RSHQVDED
1RFRQGX]FRWDQUSLGRFRPRPLKHUPDQR
1RGLVSRQJRGHWDQWRWLHPSRFRPRW
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,oPPRYLQJEDFNWR7H[DVQH[W\HDU
)MDWHHQHVWDVIUDVHVHQFDVWHOODQR

:KHQDUH\RXJRLQJWRWKHFOLQLF"
,oPJRLQJWR%DUFHORQDWRPRUURZ
7KH\oUHEULQJLQJWKHUHVXOWVWRPRUURZ
,oPWDNLQJP\ZLIHWRWKHGRFWRUWRPRUURZ

4XKDFHVPDDQDSRUODPDDQD"
&XQGRYDVDODFOQLFD"
9R\PDDQDD%DUFHORQD
0DDQDQRVWUDHQORVUHVXOWDGRV
/OHYRDPLPXMHUDOPGLFRPDDQD
(QWRGDVHVWDVIUDVHVHQFDVWHOODQRKHPRVXWLOL]DGRHOSUHVHQWHSDUD
H[SUHVDUDFFLRQHVTXHYDQDWHQHUOXJDUHQHOIXWXUR
(QLQJOVPXFKDVYHFHVKDFHPRVORPLVPRSHURVROHPRVXVDUHO
SUHVHQWHFRQWLQXR7HSRQJRORVPLVPRVHMHPSORV
:KDWDUH\RXGRLQJWRPRUURZPRUQLQJ"

(VWDIRUPDWDQFRUULHQWHGHH[SUHVDUDFFLRQHVIXWXUDVVRODPHQWH
SXHGHXVDUVHSDUDXQQPHUROLPLWDGRGHYHUERV
&RPRYHVDGHPVGHOIXWXURFRQpZLOOq\HOIXWXURFRQpJRLQJWRq
KD\YHFHVHQODVTXHHPSOHDPRVHOSUHVHQWHFRQWLQXRSDUDDFFLRQHV
GHIXWXUR\DUPHPHQWHSURJUDPDGDV3HURHQHODQOLVLVQDOQRGH
EHVSUHRFXSDUWHSRUORVSHTXHRVPDWLFHVTXHGLIHUHQFLDQDODVWUHV
IRUPDVGHIRUPXODUHOWLHPSRIXWXUR4XL]ORPHMRUVHDXVDUVLHPSUH
pJRLQJWRLQQLWLYRqVDOYRFXDQGRTXLHUDVH[SUHVDUXQDFRQGLFLQ
HQFX\RFDVRFRQYLHQHXVDUpZLOOq ,ZLOOJRLI\RXSD\PH 

(VWLPDGD6XVDQ

'HDU6XVDQ

4XLHURDFXVDUUHFLERGHODPDTXHWDGHODSRUWDGDSDUDQXHVWUD
QXHYDVHULHGHOLEURV'HKHFKR V LQWHQWOODPDUWHD\HUSRUOD
WDUGHSDUDGDUWHPLVFRPHQWDULRV(VWR\UHDOPHQWHLPSUHVLRQDGR
FRQHOPDWHULDOJUFR\PHSDUHFHTXHW\WXHTXLSRKDELVFRQ
VHJXLGRWUDQVPLWLUHOHVSULWXGHHVWDQXHYDLQLFLDWLYDHGLWRULDO

,MXVWZDQWWRDFNQRZOHGJHUHFHLSWRIWKHPRFNXSFRYHUIRURXU
QHZ VHULHV RI ERRNV $FWXDOO\ , GLG WU\ WR SKRQH \RX \HVWHUGD\
DIWHUQRRQLQRUGHUWRJLYH\RXP\IHHGEDFN,UHDOO\DPLPSUHVVHG
ZLWKWKHDUWZRUNDQGIHHOWKDW\RXDQG\RXUWHDPKDYHPDQDJHG
WRFRQYH\WKHVSLULWEHKLQGWKLVQHZSXEOLVKLQJYHQWXUH

6LQ HPEDUJR V FUHR TXH QHFHVLWDPRV UHXQLUQRV XQD YH] PV


FRQHOQGHGHEDWLUHOGLVHRGHORVORPRVGHORVOLEURV9R\D
HVWDUGLVSRQLEOHWRGDODVHPDQDTXHYLHQHDVTXHVLQRWHLP
SRUWDGDUPHXQWRTXHSRGUHPRVMDUXQDKRUDSDUDYHUQRV

+RZHYHU,GRIHHOWKDWZHQHHGWRJHWWRJHWKHURQFHPRUHLQ
RUGHUWRGLVFXVVWKHGHVLJQRIWKHERRNVSLQHV,DPJRLQJWREH
IUHHDOOQH[WZHHNVRLI\RXGRQWPLQGJLYLQJPHDULQJZH
FDQDUUDQJHDWLPHWRPHHWXS

8QFRUGLDOVDOXGR

%HVWUHJDUGV


/DGXUDOHFFLQGHODPLJR9LFHQWH
9LFHQWHHVWiWULVWHDVXVWDGR\WHQVR
6XDSORPRGHVLHPSUHYDHQFODURGHVFHQVR
6XFRVWXPEUHGHPDQGDUHQVXVIXHURVLQWHUQRV
VHKDKHFKRDxLFRVHQHVWRVODUHVH[WHUQRV
(OPRWLYRGHVXPDOGHVXDQJXVWLDYLWDO
HVDOJRGHLPSRUWDQFLDSDUDpOFDSLWDO
5HSUHVHQWDUD(VSDxDHQXQHQFXHQWURWDQFODYH
\QRFD]DURQGDHVGHYHUGDGPX\JUDYH
9LFHQWHGLULJHODDVRFLDFLyQQDFLRQDO
TXHYHODSRUTXHWRGRVHDFODUR\UDFLRQDO
(QODVP~OWLSOHVUPDVTXHFRPSRQHQHOVHFWRU
UDFLRQDOL]DQGRDODYH]HODSDUDWRSURGXFWRU

7REHFRQWLQXHGLQWKHQH[WLQVHUWf

(VWLPDGRDPLJR\DOXPQR/HSUHVHQWRWUHVHVWURIDVGHODVTXHFRPSRQHQHO
SRHPDVREUHPLDPLJR9LFHQWH+HFDPELDGRVXQRPEUHSHURVHWUDWDGHXQDSHU
VRQDUHDO/RTXHOHSDVORTXHXVWHGYDDYHUQDUUDGRKR\\HQVXFHVLYRVGDVHV
XQDKLVWRULDYHUGLFD9LFHQWHHVXQDSHUVRQDGHJUDQ[LWRHQODYLGDHFRQPLFD
GH(VSDDSHURHQXQPRPHQWRGHWHUPLQDGRGHVXWUD\HFWRULDSURIHVLRQDOVHYLR
WUHPHQGDPHQWHDIHFWDGRSRUODIDOWDGHOLQJOV6XFDVRGHEHVHUOHGRSRUWRGRV
ORVHVWXGLDQWHVGH,QJHQLHUD(FRQPLFDV'HUHFKR(PSUHVDULDOHV\RWUDVFDUUHUDV
SXHVWRTXHODPD\RUDGHHVWRVMYHQHVTXHYDQDGLULJLUORVGHVLJQLRVGHHVWHSDV
HQHOIXWXURWLHQHXQQLYHOGHLQJOVSDUHFLGRDOGHQXHVWURDPLJR9LFHQWH6LQRVH
FRQFLHQFLDQDKRUDPLVPRGHODLPSRUWDQFLDGHTXLWDUGHHQPHGLRHOSHVDGRODVWUH
GHOLQJOVORYDQDDUUDVWUDUHOUHVWRGHVXYLGD6LWLHQHDRVRPHQRVRWLHQH
KLMRVRQLHWRVHQHVWDHGDGDVHJUHVHGHDWDMDUHVWHSUREOHPDDKRUDPLVPR\QR
FHMHHQVXHPSHRKDVWDHOLPLQDUORGHOWRGR
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

4XHVHVR" :KDWoVWKDW"
(VXQPYLO" ,VLWDPRELOH"
(UHVUXVR" $UH\RX5XVVLDQ"
(VXQSDVJUDQGH ,WoVDELJFRXQWU\
&XOHVODFDSLWDOGH5XVLD" :KDWoVWKHFDSLWDORI5XVVLD"

9LYHVHQODFXLGDG" 'R\RXOLYHLQWKHFLW\"
(VXQDPXMHUPX\DOWD 6KHoVDYHU\WDOOZRPDQ
1RFRQR]FRVXQRPEUH ,GRQoWNQRZKHUQDPH
(VWFDVDGD 6KHoVPDUULHG
&XQWRVQLRVWLHQHQ" +RZPDQ\FKLOGUHQGRWKH\
KDYH"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(O6U6PLWK\DQRYLYHDTX 0U6PLWKGRHVQoWOLYHKHUH
DQ\PRUH
$TXVHGHGLFD" :KDWGRHVKHGR"
(VSHULRGLVWD +HoVDMRXUQDOLVW
(QWRQFHVGQGHYLYH" :KHUHGRHVKHOLYHWKHQ"
9LYHFHUFDGHPLFXDGD +HOLYHVQHDUP\VLVWHULQODZ

0HHQFDQWDWXFRUEDWDQXHYD ,ORYH\RXUQHZWLH
)XHFDUD" :DVLWH[SHQVLYH"
)XHPVEDUDWDTXHODWX\D ,WZDVFKHDSHUWKDQ\RXUV
&PRORVDEHV" +RZGR\RXNQRZ"
0HORGLMRWXPXMHU <RXUZLIHWROGPH

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

9DPRVDWRPDUXQDFRSD /HWoVJRIRUDGULQN
7HLQYLWRDXQDFRSD ,oOOEX\\RXDGULQN
,QYLWDPRVDWXDPLJR" 6KDOOZHLQYLWH\RXUIULHQG"
OQXQFDEHEHHQWUHVHPDQD +HQHYHUGULQNVRQZHHNGD\V
1RORLQYLWHPRVHQWRQFHV /HWoVQRWLQYLWHKLPWKHQ

+DFDWDQWRFDORUTXHPH ,WZDVVRKRW,IDLQWHG
GHVPD\
7RGRHOPXQGRDOOHVWDED (YHU\RQHWKHUHZDVVZHDWLQJ
VXGDQGR
(ORUDGRUHVWDEDDJRWDGR 7KHVSHDNHUZDVH[KDXVWHGE\
DOQDO
WKHHQG
&DVLVXIULXQFRODSVR +HQHDUO\FROODSVHG
1RIXHXQDLGHDWDQEXHQD ,WZDVQoWVXFKDJRRGLGHD

6WDOOV 3DWLRGHEXWDFDV
&LUFOH 3ODWHD

$LVOH 3DVLOOR

6HDW %XWDFD

5RZ )LOD

9RFDEXODULR7KHDWUH 7HDWUR
0LGGOH$GYDQFHG
2MDOKXELHVHVHVWDGRDOO ,ZLVK\RXoGEHHQWKHUH
7HQGUDVTXHKDEHUOHYLVWR <RXVKRXOGKDYHVHHQKLP

DFWXDU
SHUIRUP
1XQFDKDEDYLVWRQDGD ,oGQHYHUVHHQDQ\WKLQJOLNHLW

SDUHFLGR
0VYDOHTXHQRWHDFHUTXHV <RXoGEHWWHUQRWJRXSWRKLP

DO
(VSUREDEOHTXHWHGXQ +HoVOLNHO\WRSXQFK\RX
SXHWD]R

)RU(QJOLVKVXSHUVWDUVRQO\
7HJXVWDQORVSDQWDORQHV <RXOLNHEDJJ\WURXVHUVGRQoW

DQFKRVYHUGDG"
\RX"
OJDQHORURHQORV +HZRQWKHJROGLQWKH

PHWURVYDOOD
PHWUHVKXUGOHV
6XSHOXFD GHO VDOWDDODYLVWD+LVZLJVWLFNVRXWDPLOH
0LSDUHMDQRVRSRUWDODV 0\SDUWQHUFDQoWVWDQG]]\

EHELGDVJDVHRVDV
GULQNV
3UXHEDGHMDQGRORVSLHVHQ 7U\VRDNLQJ\RXUIHHWLQVRPH
UHPRMRFRQDJXDFDOLHQWH
KRWZDWHU



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

([SUHVLQGHODVHPDQD

7RJR'XWFK
3DJDUDODDPHULFDQD

7RGRORTXHVXEHEDMD
:KDWJRHVXSPXVWFRPHGRZQ

7RHDWKXPEOHSLH
$GPLWLUHOHUURU\SDVDUYHUJHQ]D

+HZRQIDLUDQGVTXDUH
*DQFRQWRGDVODVGHODOH\

(YHU\7RP'LFNDQG+DUU\
&XDOTXLHUKLMRGHYHFLQR

)DPLOLDULW\EUHHGVFRQWHPSW
'RQGHKD\FRQDQ]DGDDVFR

1RYDOHFRQWUDGXFLUHVWDVIUDVHVGHIRUPD
OLWHUDO\DTXHH[SUHVDGDVHQSUHVHQWHVLPSOH
VLQXVRGHXQDX[LOLDUVXHQDQUDUDV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
1RWHRLJR
1RRLJRODPVLFD
|1RRLJRXQFDUDMR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

LFDQJR,FQWJR
6LQRHQWLHQGHVHOWWXORGHHVWDVHFFLQIMDWHSRUTXHHVWR\GL
FLHQGRORVLJXLHQWH

VLEOHVPDOHQWHQGLGRV6LRSWDVSRUXVDUODFRQWUDFFLQHQWRQFHV
SRQDWHQFLQDHVWDVGRVH[SOLFDFLRQHV

,FDQJR,FDQoWJR

 &XDQGRDUPDPRVGLFLHQGRSRUHMHPSORp,FDQJRqVROHPRV
VLQGDUQRVFXHQWDDVHQWLUFRQODFDEH]D,QYHUVDPHQWHFXDQGR
QHJDPRVGLFLHQGRSRUHMHPSORp,FDQoWJRqVROHPRVVLQGDU
QRVFXHQWDQHJDUFRQODFDEH]D7XSURIHVRUVHJXUDPHQWHQRVH
KDEUGDGRFXHQWDGHHVWHKHFKRSHURFDVLVLHPSUHVHUHSLWH(V
FXULRVR

5HDOPHQWHHOXVRGHpFDQqHVEDVWDQWHIFLO(OSUREOHPDYLHQHVL
TXLHUHVGLIHUHQFLDUHQWUHHODUPDWLYR\HOQHJDWLYR\DTXHpFDQq\
ODFRQWUDFFLQpFDQoWqVXHQDQPX\SDUHFLGRV'HKHFKRVXHQDQWDQ
SDUHFLGRVTXHLQFOXVRORVQDWLYRVDYHFHVWHQHPRVTXHFRQUPDUVL
HOLQWHUORFXWRUWDPELQQDWLYRHVWDUPDQGRRQHJDQGR
3RUHOOR\RPXFKDVYHFHVUHFRPLHQGRDPLVDOXPQRVTXHQRXVHQ
ODFRQWUDFFLQpFDQoWqTXHGLJDQpFDQQRWqFRQHOQGHHYLWDUSR

 0V LPSRUWDQWH FXDQGR DUPDPRV DFHQWXDPRV PXFKR HO


VXMHWRp,FDQJRq&XDQGRQHJDPRVDFHQWXDPRVPXFKRHO
YHUERpFDQoWqp,FDQoWJRq

(VWLPDGD0DUD

'HDU0DULD

$QWHVTXHQDGDTXLHURGDUWHODVJUDFLDVSRUODD\XGDTXHQRV
SUHVWDVWHHQMXOLR6LQRKXELHUDVLGRSRUWXFRQYHUVDFLQFRQ9L
FHQWH%DOGRPLQRVHVWR\VHJXURGHTXHQRKDEUDPRVFRQVHJXL
GRHOFRQWUDWR$KRUDHVWDPRVWUDEDMDQGRFRQ%DOGRPLQRVFDVL
WRGRVORVGDV\HVWFODURTXHWLHQHXQFRQFHSWRPX\DOWRGHWL

)LUVWRIDOO,ZDQWWRWKDQN\RXIRUWKHKHOS\RXJDYHXVLQ-XO\,I
LWKDGQWEHHQIRU\RXUFRQYHUVDWLRQZLWK9LFHQWH%DOGRPLQRV
,PVXUHZHZRXOGQWKDYHJRW WHQ WKHFRQWUDFW1RZZHDUH
ZRUNLQJZLWK%DOGRPLQRVDOPRVWHYHU\GD\DQGLWLVFOHDUWKDW
KHKDVDYHU\KLJKUHJDUGIRU\RX

(QFXDQWRDORVIROOHWRVWHQGUVTXHHVSHUDUXQRVGDVPV6L
QRUHFXHUGRPDOORVQHFHVLWDEDVSDUDHOGDGHHVWHPHVOR
FXDOQRVGDWLHPSRGHVREUDSDUDWHQHUORWRGROLVWR

$VIRUWKHEURFKXUHV\RXZLOOKDYHWRZDLWDIHZPRUHGD\V,I
,UHPHPEHUULJKW\RXQHHGWKHPIRUWKHWKRIWKLVPRQWK
ZKLFKJLYHVXVSOHQW\RIWLPHWRKDYHHYHU\WKLQJUHDG\

'DOHUHFXHUGRVPRVD$OIUHGR+DFHPVGHXQDRTXHQROH
YHR9DDSHQVDUTXHPHKHROYLGDGRGHO

*LYHP\UHJDUGVWR$OIUHG,WVEHHQPRUHWKDQD\HDUVLQFH,ODVW
VDZKLP+HVJRLQJWRWKLQN,YHIRUJRWWHQDERXWKLP

8QVDOXGR

%HVWUHJDUGV




/DGXUDOHFFLQGHODPLJR9LFHQWH
(VH[SHUWRHQORVX\R\FRQFHGHHQWUHYLVWDV
DSROtWLFRV\SHULRGLVWDVSRSXODUHV\SURJUHVLVWDV
6XVHFWRUHVWDQFODYH\VXYR]WDQEXVFDGD
TXHQXQFDKDVWDDKRUDVHKDSDUDGRDQWHQDGD
3HURDKRUDVXDVSHFWRGHHVWDPSDLPSRUWDQWH
VHHQFXHQWUDDFKLFDGRQHUYLRVRYDFLODQWH
0DxDQDOHWRFDRWURGtDUHSOHWR
GHUHXQLRQHVHQLQJOpVFRQHOIRURFRPSOHWR
6RQVyORKRPEUHVKRPEUHVH[SHUWRV
TXHDOLJXDOTXH9LFHQWHQHFHVLWDQFRQFLHUWRV
&RQODFRPLVLyQGH%UXVHODVTXHSXEOLFDGLUHFWLYDV
TXHDIHFWDQDOVHFWRU\DVXVEXHQDVSHUVSHFWLYDV

7REHFRQWLQXHGLQWKHQH[WLQVHUWf

(VWLPDGRDPLJR\DOXPQR$TXWHQHPRVDQXHVWURDPLJR9LFHQWHHQVXYHUWLHQ
WHGHKRPEUHLPSRUWDQWH HQ(VSDD \HQVXQXHYDVLWXDFLQGHYXOQHUDELOLGDG
IXHUDGHOSDV (VXQKRPEUHDFRVWXPEUDGRDO[LWRDPDQGDU\DVHUHVFXFKDGR
$XQTXHHVXQDSHUVRQDGHUPHEUDPRUDODGPLWHTXHQROHGLVJXVWDVHQWLUVH
LPSRUWDQWHHLQX\HQWH3HURDKRUDWRGRHVWRKDFDPELDGRSRUTXHSRUSULPHUD
YH]GHEHVDOLUDOH[WUDQMHURFRPRQLFRUHSUHVHQWDQWHHVSDROMXQWRDUHSUHVHQ
WDQWHVPVGHRWURVSDVHVGHOD8QLQ(XURSHD6HGDFXHQWDGHTXHVDEHWDQWR
RPVTXHVXVKRPORJRVVREUHORVSXQWRVDWUDWDUHQODUHXQLQGHGRVMRUQDGDV
DODTXHGHEHDVLVWLUSHURVHVLHQWHWRWDOPHQWHLQWLOSRUTXHDSHQDVHQWLHQGHODV
FRUULHQWHVGHGLVFXVLQTXHVHFUX]DQGHIRUPDGLQPLFDGHXQODGRDRWURGHOD
JUDQPHVDGHFDREDGRQGHWLHQHOXJDUODUHXQLQ1RVDEHTXKDFHU\HVFRQV
FLHQWHGHTXHQXQFDVHKDVHQWLGRWDQDSXUDGR\YLROHQWRFRPRKDVWDDKRUD6L
OHSUHJXQWDQDOJRVREUH(VSDDQRVDEUSUREDEOHPHQWHGHTXDVXQWROHHVWQ
KDEODQGR7LHQHXQJUDYHSUREOHPD
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92

/RZ%HJLQQHU

+LJK%HJLQQHU

'QGHHVWWXMHIH" :KHUHoV\RXUERVV"
(VW O HQ3DUV" ,VKHLQ3DULV"
(VW O HQHOVXUGH)UDQFLD +HoVLQWKHVRXWKRI)UDQFH
(VIUDQFV" ,VKH)UHQFK"
1RQRORHV 1RKHoVQRW

(V6DQ6HEDVWLQXQD ,V6DQ6HEDVWLDQDSUHWW\FLW\"
FLXGDGERQLWD"
(VWHFRFKHHVPX\YLHMR 7KLVFDULVYHU\ROG
$TXHOJDWRHVWPX\JRUGR 7KDWFDWLVYHU\IDW
6RQWX\RVHVWRVEROJUDIRV" $UHWKHVHSHQV\RXUV"
6RQVX\RV GHO DTXHOORV $UHWKRVHERRNVKLV"
OLEURV"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

6LQWDWHSRUIDYRU 6LWGRZQSOHDVH
+D\PXFKDVVLOODVDTX 7KHUHDUHDORWRIFKDLUVKHUH
+D\XQVLOOQDOO" ,VWKHUHDQDUPFKDLURYHU
WKHUH"
+D\PXFKRGLQHURHQODFDMD 7KHUHLVDORWRIPRQH\LQWKH
ER[
1RIXPHVHQODRFLQD 'RQoWVPRNHLQWKHRIFH

6DEHVGQGHHVWQ" 'R\RXNQRZZKHUHWKH\DUH"
6DEHOTXLQVR\" 'RHVKHNQRZZKR,DP"
/HGLUVSRUTXHVWR\DTX" :LOO\RXWHOOKLPZK\,oPKHUH"
6DEDTXHQRVHORGLUDV ,NQHZ\RXZRXOGQoWWHOOKLP
3XHVHQWRQFHVORKDU\R :HOO,oOOGRLWWKHQ

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

OQRKDHVFULWRWRGDYDHO +DVQoWKHZULWWHQWKHUHSRUW
\HW"
LQIRUPH"
7XYLHURQXQDGLVFXVLQ 7KH\oYHKDGDQDUJXPHQW
(VWXYLPRVKDEODQGRGHHVR :HZHUHGLVFXVVLQJWKDWODVW
QLJKW
DQRFKH
1RGHEHUDVSRQHUWHHQ 6KRXOGQoW\RXFRQWDFWKHU"

FRQWDFWRFRQHOOD"
(OODLEDDHFKDUORDOFRUUHR 6KHZDVJRLQJWRSRVWLW

6LJXHKDFLHQGRORTXHHVWV &DUU\RQGRLQJZKDW\RXoUH
GRLQJ
KDFLHQGR
1RPHGHIUDXGHV 'RQoWOHWPHGRZQ
(VWDPRVPX\RUJXOORVRVGHWL :HoUHYHU\SURXGRI\RX
+DQOXFKDGRPXFKRSRUOR 7KH\oYHIRXJKWKDUGIRUZKDW
WKH\KDYH
TXHWLHQHQ
6HPHKDEDROYLGDGRSRU ,oGFRPSOHWHO\IRUJRWWHQ
FRPSOHWR

6HW 'HFRUDGR

&XUWDLQ 7HOQ

%DFNGURS 7HOQGHIRQGR

:LQJV %DVWLGRUHV
2UFKHVWUD3LW )RVR

9RFDEXODULR6WDJH (VFHQDULR
0LGGOH$GYDQFHG
(VSHURTXHQRHVWV ,KRSH\RXoUHQRWH[SHFWLQJ

YLVLWRUV
HVSHUDQGRYLVLWDV
0HGLVJXVWDPXFKRTXH ,ZLVK\RXZRXOGQoWGRWKDW

KDJDVHVR
(OSUREOHPDHVTXHOHVW 7KHWURXEOHLVWKDWKHoVEURNH

VLQXQGXUR
|4XSHVDGLOOD :KDWDQLJKWPDUH
(VRORHVWURSHDUDWRGR 7KDWZRXOGUXLQHYHU\WKLQJ


)RU(QJOLVKVXSHUVWDUVRQO\
7HQJRPXFKRHQODFDEH]D ,KDYHDORWRQP\PLQG

9DPRVDGHMDUORSDUDRWURGD /HWoVFDOOLWDGD\
6DOJRXQPRPHQWRSDUD ,oPSRSSLQJRXWWRJHWVRPH

FRPSUDUOHFKH
PLON
1RROYLGHVDEURFKDUWHHO 'RQoWIRUJHWWRIDVWHQ\RXU

FLQWXUQ
VHDWEHOW
6HPHHVWQWDSRQDQGR 0\HDUVDUHSRSSLQJ

ORVRGRV



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

7HUFHUFRQGLFLRQDO

7RJKWDQXSKLOOEDWWOH
/XFKDUHQFLUFXQVWDQFLDVDGYHUVDV

)LUVWFRPHUVWVHUYHG
'LVSRQLELOLGDGVHJQRUGHQGHOOHJDGD

(YHU\WKLQJLVQHDQGGDQG\
7RGRHVWUHTXHWHELHQ

,WVHUYHVKLPULJKW
|/HHVWELHQHPSOHDGR

)LUHDZD\
$GHODQWH3UHJQWHPHORTXHTXLHUD

7KHUHoVVRPHWKLQJVK\KHUH
$TXKD\JDWRHQFHUUDGR

5HFXHUGDTXHQXQFDQXQFDQXQFDGHFLPRV
pZRXOGKDYHqHQODPLVPDRUDFLQTXHOD
SDODEUDpLIqHQXQFRQGLFLRQDO6LHPSUHYDHQ
ODRWUDRUDFLQ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
6LPHKXELHVHDFRUGDGRWHKDEUDOODPDGR
(OODKDEUDHVWDGRGHDFXHUGRVLKXELHUDV
LQVLVWLGR
6LKXELHUDVLGRLPSRUWDQWHPHORKDEUDV
GLFKR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,QHYHUPDNHPLVWDNHV'R\RXHYHUPDNHPLVWDNHV"
/DFRORFDFLQHQODVIUDVHVGHORVDGYHUELRVGHIUHFXHQFLD DOZD\V
QHYHUXVXDOO\HWF HVODVLJXLHQWH
  6LODIUDVHFRQWLHQHHOYHUERpWREHq\HVDUPDWLYDHODGYHUELR
VHFRORFDLQPHGLDWDPHQWHGHVSXVGHOYHUERpWREHq
+HLVDOZD\VDQJU\
6KHLVQHYHUUHDG\
7KH\DUHDOZD\VFRPSODLQLQJ

OVLHPSUHHVWHQIDGDGR
(OODQXQFDHVWOLVWD
(OORVVLHPSUHHVWQTXHMQGRVH

 6LODIUDVHFRQWLHQHHOYHUERpWREHq\HVLQWHUURJDWLYDHODGYHU
ELRVHFRORFDLQPHGLDWDPHQWHGHVSXVGHOVXMHWRGHODIUDVH
,VKHDOZD\VDQJU\"
,VVKHXVXDOO\WLUHG"
$UHWKH\DOZD\VFRPSODLQLQJ"

(VWOVLHPSUHHQIDGDGR"
(VWHOODQRUPDOPHQWH
FDQVDGD"
(VWQHOORVVLHPSUHTXHMQGRVH"

 6LODIUDVHFRQWLHQHXQYHUERTXHQRVHDpWREHq\HVDUPDWLYD
HODGYHUELRVHFRORFDHQWUHHOVXMHWR\HOYHUER

+HRIWHQKDVOXQFKDWKRPH
6KHQHYHUKDVWLPHIRUPH
7KH\XVXDOO\KDYHFRIIHH

ODPHQXGRDOPXHU]DHQFDVD
(OODQXQFDWLHQHWLHPSRSDUDP
(OORVQRUPDOPHQWHWRPDQFDI

  6LODIUDVHFRQWLHQHXQYHUERTXHQRVHDpWREHq\HVQHJDWLYD
HODGYHUELRVHFRORFDHQWUHHOYHUERDX[LOLDU\HOYHUERSULQFL
SDO
+HGRHVQoWXVXDOO\KDYHWLPH
,GRQoWDOZD\VKDYHHQRXJK
PRQH\

OQRWLHQHQRUPDOPHQWHWLHPSR
1RVLHPSUHWHQJRVXFLHQWH
GLQHUR

  6LODIUDVHFRQWLHQHXQYHUERTXHQRVHDpWREHq\HVLQWHUURJD
WLYDHODGYHUELRVHFRORFDHQWUHHOVXMHWR\HOYHUERSULQFLSDO
'R\RXDOZD\VKDYHOXQFKDW
KRPH"
'RHVKHXVXDOO\KDYHHQRXJK
WLPH"

6LHPSUHDOPXHU]DVHQFDVD"
1RUPDOPHQWHWLHQHOVXFLHQWH
WLHPSR"


/DGXUDOHFFLQGHODPLJR9LFHQWH
3HURWRGRVORVLQFOXLGRHOLWDOLDQR
VHH[SUHVDQHQLQJOpVFRPRVLIXHUDFULVWLDQR
<9LFHQWHVHYHREOLJDGRDDJXDQWDU
GRFHKRUDVDOGtDDSXQWRGHUHYHQWDU
*RWLWDVGHVXGRUVHOHIRUPDQHQODIUHQWH
HVFXFKDQGRDVXFROHJDVFRQFDOPDDSDUHQWH
6XSRFRLQJOpVOHDQXODSRUFRPSOHWR
FRPRVLIXHUDXQIHQyPHQRGHORPiVREVROHWR
1XQFDPiVSLHQVDpOPHQLHJRDDFHSWDU
HVWDYHUJHQ]DWDQIXHUWHHVWHGHVWLQRWDQYXOJDU
0HQLHJRDVHQWLUPHWDQYLROHQWR\WRQWR
KDUpDOJRDOUHVSHFWR\ORKDUpPX\SURQWR

7REHFRQWLQXHGLQWKHQH[WLQVHUWf

(VWLPDGR DPLJR \ DOXPQR 1XHVWUR DPLJR 9LFHQWH OR HVW SDVDQGR PX\ PDO
&RPR UHFLQ QRPEUDGR SUHVLGHQWH GH XQD LPSRUWDQWH DVRFLDFLQ QDFLRQDO TXH
YHODSRUODEXHQDPDUFKDGHXQVHFWRUHQWHURGHODHFRQRPDHVSDRODVWDHV
ODSULPHUDYH]TXHDVLVWHDODUHXQLQDQXDOGHWRGRVORVGHPVSUHVLGHQWHVGH
ODVDVRFLDFLRQHVDQHVGHORVSULQFLSDOHVSDVHVGHOD8QLQ(XURSHD&RPRFDGD
DRORV9LFHQWHLQFOXLGRFRPHQWDQODVLWXDFLQGHOVHFWRUHQVXVUHVSHFWLYRV
SDVHV\GHEDWHQODUHGDFFLQGHXQGRFXPHQWRSDUDHOHYDUDODFRPLVLQFRUUHV
SRQGLHQWHHQ%UXVHODVTXHSXEOLFDGLUHFWLYDVTXHDIHFWDQDOVHFWRU/RVGRVGDVGH
UHXQLQVLUYHQSDUDHVWDEOHFHUHQWUHWRGRVXQIUHQWHFRPQDQWHODFRPLVLQHQ
FXHVWLQ2EYLDPHQWHHVLPSUHVFLQGLEOHHQWHQGHUSHUIHFWDPHQWHHOLQJOV\VDEHU
H[SUHVDUVHHQHVWHLGLRPDVLQGLFXOWDGHV9LFHQWHHVXQDHPLQHQFLDHQVXFDPSR
+DFRQVDJUDGRVXYLGDDODDFWLYLGDGHFRQPLFDGHVXVHFWRU\QDGLHVDEHPVTXH
O3HURDKRUDWRGRHVWRQROHYDOHSDUDQDGD
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
+LJK%HJLQQHU

/RZ%HJLQQHU
1RVR\DOWR ,oPQRWWDOO
0LSDGUHHVPX\DOWR 0\IDWKHULVYHU\WDOO
OHVWFRQPLKHUPDQD +HoVZLWKP\VLVWHU
6RQGH,WDOLD 7KH\oUHIURP,WDO\
'QGHHVWPLSHUUR" :KHUHoVP\GRJ"

4XHVORTXHHVWGHEDMR :KDWoVXQGHUWKHWDEOH"
GHODPHVD"
6XKHUPDQR GHHOOD TXLHUH +HUEURWKHUZDQWVVRPH
FDI
FRIIHH
&XQWRVKHUPDQRVWLHQHV" +RZPDQ\EURWKHUVDQGVLVWHUV
GR\RXKDYH"
0LPHMRUDPLJRWLHQHGRV 0\EHVWIULHQGKDVWZRVLVWHUV
KHUPDQDV
<RQRWHQJRKHUPDQRV ,GRQoWKDYHDQ\EURWKHUVDQG
VLVWHUV

0LGGOH,QWHUPHGLDWH

/RZ,QWHUPHGLDWH
$WXMHIHOHJXVWDHOYLQRWLQWR" 'RHV\RXUERVVOLNHUHGZLQH"
4XLHUHVVDOLUHVWDQRFKH" 'R\RXZDQWWRJRRXWWRQLJKW"
1RTXLHURYHUOH ,GRQoWZDQWWRVHHKLP
'QGHWUDEDMDHOOD" :KHUHGRHVVKHZRUN"
7UDEDMDQWRGRVORVVEDGRV" 'RWKH\ZRUNHYHU\6DWXUGD\"

$OOKDEDGHPDVLDGDJHQWH 7KHUHZHUHWRRPDQ\SHRSOH
WKHUH
1RVHDVWDQQHJDWLYR 'RQoWEHVRQHJDWLYH
(VWR\VHJXURGHTXHLUV ,oPVXUH\RXoOOJR
3RUTXPHHVWGLFLHQGR :K\LVKHWHOOLQJPHWKLV"
HVWR"
'DGOHXQDRSRUWXQLGDG *LYHKLPDFKDQFH

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XOLEURTXLHUHQTXHOHDV" :KLFKERRNGRWKH\ZDQW\RX
WRUHDG"
4XLHUHQTXHOHDHOTXHHVW 7KH\ZDQWPHWRUHDGWKHRQH

QH[WWR\RXUV
DOODGRGHOWX\R
1RSXHGHVOHHUORVGRV" &DQoW\RXUHDGWKHPERWK"
0HDEXUULUGHVSXVGHODV ,oOOJHWERUHGDIWHUWKHUVWYH
SDJHV
SULPHUDVFLQFRSJLQDV
7HQJRTXHHOHJLURHOWX\R ,KDYHWRFKRRVHHLWKHU\RXUV

RUKLV
RHOGHO

1RSXGHFUHHUORTXHGLMHURQ ,FRXOGQoWEHOLHYHZKDWWKH\
VDLG
'LUDVHVWRVLHOODHVWXYLHUD :RXOG\RXVD\WKDWLIVKHZHUH
KHUH"
DTX"
)XHWDQUDURORTXHGLMR ,WZDVVXFKDVWUDQJHWKLQJWR
VD\
'LPHH[DFWDPHQWHORTXH 7HOOPHH[DFWO\ZKDWVKHVDLG
GLMRHOOD
/HGLMHDHOODTXHQRVHOR ,WROGKHU,ZRXOGQoWWHOO
DQ\ERG\
GLUDDQDGLH

6WULQJV &XHUGDV

)UHW 7UDVWH

7XQLQJSHJ &ODYLMD

1HFN 0VWLO

%ULGJH 3XHQWH

9RFDEXODULR*XLWDU *XLWDUUD

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

7LHQHTXHKDEHUXQDOLQWHUQD 7KHUHKDVWREHDWRUFKKHUH

VRPHZKHUH
SRUDTXHQDOJQVLWLR
1RPHGLJDVTXHROYLGDVWH 'RQoWWHOOPH\RXIRUJRWWREX\
EDWWHULHV
FRPSUDUSLODV
/DVTXHPHYHQGLHURQVRQ 7KHRQHVWKH\VROGPHDUHWKH

ZURQJVL]H
GHXQWDPDRHTXLYRFDGR
9XHOYHDODWLHQGD\SLGHTXH *REDFNWRWKHVKRSDQGDVN

IRU\RXUPRQH\EDFN
WHGHYXHOYDQHOGLQHUR
<DKHWLUDGRHOWLFNHW ,oYHDOUHDG\WKURZQDZD\WKH
UHFHLSW

+XELHVHMXUDGRTXHOHFRQRFD,FRXOGKDYHVZRUQ,NQHZKLP
3RUTXWLHQHVORVRMRVWDQ :K\DUH\RXUH\HVVRVZROOHQ"
KLQFKDGRV"
0WHWHODFDPLVDSDUHFHV 7XFNLQ\RXVKLUW\RXORRNOLNH

XQYDJDEXQGR
DWUDPS
'LOHTXHWDPELQVHFHSLOOH 7HOOKLPWREUXVKKLVKDLUWRR

HOSHOR
&PRFRQVLJXHVTXHWXSHOR +RZGR\RXDOZD\VJHW\RXU

HVWVLHPSUHWDQHQUHGDGR"
KDLUVRWDQJOHG"

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

&RPPRQVD\LQJV
)OHVKDQGEORRG
'HFDUQH\KXHVR
7RJHW\RXUIRRWLQWKHGRRU
/RJUDULQWURGXFLUVHHQDOJR
)RUWKHWLPHEHLQJ
'HPRPHQWR

9RFDEXODULR
<RXFDQoWVHHWKHIRUHVWIRUWKHWUHHV
/RVUEROHVQRWHGHMDQYHUHO
ERVTXH
7KHIRXUFRUQHUVRIWKHHDUWK
/RVFXDWURSXQWRVFDUGLQDOHV
7RVWDUWIURPVFUDWFK
3DUWLUGHVGHFHUR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
6ORQJDQRRUWH
0LSHUURVHUDVFDVLQSDUDUFXDQGRWLHQH
SXOJDV
|(VXQPLODJURTXHKD\DVDSUREDGRWRGRVWXV
H[PHQHV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7REHZRUWK 9DOHU
6HWUDWDGHXQDH[SUHVLQHQSULQFLSLRH[WUDDSXHVWRTXHUHTXLH
UHHOXVRGHOYHUERpWREHqORFXDOKDFHTXHVXWUDGXFFLQOLWHUDO
VXHQHDEVXUGD VHUYDOHGHUR" 6LQHPEDUJRORXVDPRVDGLDULR
&RQWHVWDDODVVLJXLHQWHVSUHJXQWDV
 2QHKXQGUHGSRXQGVLVZRUWK
PRUHWKDQRQHKXQGUHGGROODUV
 $JRRGVHFUHWDU\LVZRUWKKHUZHLJKWLQJROG
 3RVVHVVLQJDWRWDOPDVWHU\RI(QJOLVKLVZRUWK
WKHHTXLYDOHQWRIWZRDQQXDOVDODULHV

7UXH
)DOVH
7UXH
)DOVH
7UXH
)DOVH

/DVUHVSXHVWDVVRQ7UXH)DOVH7UXH3XHGHTXHQRHVWVGHDFXHU

GRFRQODUHVSXHVWDDODVHJXQGDSUHJXQWDSHURVLODVHFUHWDULD
SHVDSRUHMHPSORNLORVHQWRQFHVHOHTXLYDOHQWHHQRURYDOGUD
ZRXOGEHZRUWK HXURV(OSUHFLRGHONLORGHRURDGDGH
KR\HVGHHXURV,Q\RXURSLQLRQZKLFKLVZRUWKPRUHD
JRRGVHFUHWDU\RUNLORVRIJROG"
1RGHEHPRVFRQIXQGLUODH[SUHVLQpWREHZRUWKqFRQHOFRVWH
GHDOJR
,GRQoWNQRZKRZPXFKP\ZHGGLQJULQJFRVW0\ZLIHERXJKW
LWIRUPHEHIRUHWKHFHUHPRQ\,WoVDQLFHULQJ0D\EHLWFRVW
HXURV,I,PHOWHGLWGRZQDQGVROGWKHJROGLWZRXOGSUREDEO\EH
ZRUWKQRPRUHWKDQHXURVRUPD\EHHYHQOHVV6HQWLPHQWDOO\
KRZHYHULWoVZRUWKPLOOLRQV

(VWLPDGR6U7UDLQRU

'HDU0U7UDLQRU

/HDGMXQWRXQOLEURFRQFDUWDVFRPHUFLDOHVHQHVSDRO+DQVLGR
FUHDGDVSDUDTXHVXVDOXPQRVODVWUDGX]FDQ\DSUHQGDQODVIRUPDV
PVFRPXQHVTXHDSDUHFHQHQODVFDUWDVFRPHUFLDOHVHQLQJOV

,KDYHHQFORVHGDERRNZLWKEXVLQHVVOHWWHUVLQ6SDQLVK7KH\KDYH
EHHQFUHDWHGIRU\RXUVWXGHQWVWRWUDQVODWHLQWR(QJOLVKDQGWROHDUQ
WKHPRVWFRPPRQIRUPVDSSHDULQJLQEXVLQHVVOHWWHUVLQ(QJOLVK

&XDQGRODVUHSDVHQRWDUTXHHOHVWLORGHDOJXQDVGHODVFDUWDVHQ
HVSDROQRHVGHOWRGRQDWLYR(OPRWLYRHVSRUTXHTXHUHPRVHVFUL
ELUGHQWURGHXQHVWLORTXHD\XGHDODOXPQRDIDPLOLDUL]DUVHFRQHO
HVWLORTXHGHEHXVDUDOUHGDFWDUHQLQJOV(QRWUDVSDODEUDVSRGUQ
YHUHOLQJOVDWUDYVGHOHVSDRO

:KHQ\RXJRRYHUWKHP\RXZLOOQRWLFHWKDWWKHVW\OHRIVRPHRIWKH
OHWWHUVLQ6SDQLVKLVQRWHQWLUHO\QDWLYH7KHUHDVRQLVWKDWZHZDQWWR
ZULWHZLWKLQDVW\OHWKDWZLOOKHOSVWXGHQWVWREHFRPHIDPLOLDUZLWK
WKHVW\OHWKDWWKH\PXVWXVHZKHQZULWLQJLQ(QJOLVK,QRWKHUZRUGV
WKH\ZLOOEHDEOHWRVHHWKH(QJOLVKWKURXJKWKH6SDQLVK

/OHYDPRVFLQFRDRVXVDQGRHVWHPWRGRGHUHGDFFLQFRQJUDQ
[LWR(VHOQLFRPWRGRTXHKHPRVHQFRQWUDGRFDSD]GHPHMRUDU
ODHVFULWXUDGHQXHVWURVDOXPQRVHQXQSOD]RUD]RQDEOHGHWLHPSR

)RUWKHSDVWYH\HDUVZHKDYHEHHQXVLQJWKLVZULWLQJPHWKRGZLWK
JUHDWVXFFHVV,WLVWKHRQO\PHWKRGWKDWZHKDYHIRXQGFDSDEOHRI
LPSURYLQJRXUVWXGHQWVZULWLQJVNLOOVLQDUHDVRQDEOHSHULRGRIWLPH

$WHQWDPHQWH

6LQFHUHO\


/DGXUDOHFFLQGHODPLJR9LFHQWH
0HQLHJRDYROYHUDDJXDQWDUKRUDV
GHGLVFXVLyQHQLQJOpVSRUTXHDSDUWLUGHDKRUD
DSUHQGHUpHOLGLRPDRPRULUpHQHOHPSHxR
'HPLSURSLRGHVWLQRQRUHQXQFLRDVHUGXHxR
-DPiVHQPLYLGDORKHSDVDGRWDQPDO
HVSRUWDQWRPLGHFLVLyQ\HVXQLODWHUDO
4XHDSUHQGHUpHOLQJOpVDXQTXHPHFXHVWHXQGLQHUDO
\VLQRORFRQVLJRVLJQLFDUiPLIXQHUDO
(VLQDGPLVLEOHTXHXQDSHUVRQDGHPLWDODQWH
QRVHSDLQJOpVKDVWDHVKXPLOODQWH
0DxDQDPHWRFDXQGtDWHUULEOH
SHURSDVDGRPDxDQDVHUpLQGHVWUXFWLEOH
7REHFRQWLQXHGLQWKHQH[WLQVHUW

(VWLPDGRDPLJR\DOXPQR1XHVWURDPLJR9LFHQWHKDWRPDGRXQDGHFLVLQ$SDUWLU
GHSDVDGRPDDQDGHUHJUHVRD(VSDDYDDLQYHUWLUORQHFHVDULRHQGLQHURWLHPSR\
HVIXHU]RSDUDTXLWDUVHGHHQPHGLRHOSHVDGRODVWUHGHOLQJOV'LFHWH[WXDOPHQWHp'H
PLSURSLRGHVWLQRQRUHQXQFLRDVHUGXHRq(VXVWHGGXHRGHVXSURSLRGHVWLQR"1R
HVIFLOVHUOR\VHJXUDPHQWHHVLPSRVLEOHOOHJDUDVHUORDO1RREVWDQWHODJHQWH
TXHWULXQIDHQODYLGDWLHQHODFDSDFLGDGVXFLHQWHFRPRSDUDGRPLQDUORVKHFKRV\
ORVDFRQWHFLPLHQWRVDVXDQWRMR6DEHFRQYHUWLUODVRSRUWXQLGDGHVHQORJURVSHUVRQD
OHV(VWHWLSRGHSHUVRQDVKDHQWHQGLGRGHVGHMRYHQODLPSRUWDQFLDGHOLQJOV\DFWD
DYHFHVLPSODFDEOHPHQWHSDUDUHVROYHUHOSUREOHPD3RUHVRQRPHFDQVRGHUHSHWLU
TXHODJHQWHTXHPVPHKDLPSUHVLRQDGRFRQVXLQJOVHQ(VSDDORKDFRQVHJXLGR
SRUVXFXHQWDVLQPLD\XGD9LFHQWHHVXQDSHUVRQDEULOODQWHSHURHVXQDH[FHSFLQ
&XDQGRHUDMRYHQQRDSOLFVXIXHU]DGHYROXQWDGHQHVWHDVSHFWRDVXIRUPDFLQ\
SUHSDUDFLQ3HURDSHVDUGHVXHGDGYDDSRQHUUHPHGLR\FRPRVXHOHQGHFLUDTX
QXQFDHVWDUGHVLODGLFKDHVEXHQD
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(QHVWDFDVDWUHVQLRVHVWQ ,QWKLVKRXVHWKUHHFKLOGUHQDUH

FRQWHQWRV
KDSS\
(QDTXHOODFDVDGRVQLRV ,QWKDWKRXVHWZRFKLOGUHQDUH

HVWQFRQWHQWRVWDPELQ
KDSS\WRR
3HURHQHVWDFDVDXQQLR %XWLQWKLVKRXVHRQHFKLOGLV

HVWWULVWH
VDG
(QHVWDHPSUHVDGRV ,QWKLVFRPSDQ\WZRSHRSOH

SHUVRQDVVRQDOHPDQDV
DUH*HUPDQ
(QDTXHOODHPSUHVDXQD ,QWKDWFRPSDQ\RQHSHUVRQ

SHUVRQDHVLUODQGHVD
LV,ULVK

6RQODVGRV\FXDUWR ,WoVTXDUWHUSDVWWZR
6RQODVWUHV\YHLQWH ,WoVWZHQW\SDVWWKUHH
6RQODVRFKRPHQRVFXDUWR ,WoVTXDUWHUWRHLJKW
6RQODVFXDWUR\FLQFR ,WoVYHSDVWIRXU
6RQODVQXHYHHQSXQWR ,WoVQLQHRoFORFNRQWKHGRW

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(VWVHVFXFKDQGR9DXJKDQ $UH\RXOLVWHQLQJWR9DXJKDQ

5DGLR ZZZYDXJKDQUDGLRFRP " 5DGLR ZZZYDXJKDQUDGLRFRP "
(VWR\HVFXFKDQGRPL ,oPOLVWHQLQJWRP\IDYRXULWH

SURJUDPPH
SURJUDPDIDYRULWR
/RHVWR\HVFXFKDQGRHQHOFRFKH,oPOLVWHQLQJWRLWLQWKHFDU
/RHVFXFKRWRGRVORVGDV ,OLVWHQWRLWHYHU\GD\
6ORORHVFXFKRHQHOFRFKH ,RQO\OLVWHQWRLWLQWKHFDU

$TXKRUDOOHJDWXWUHQ" :KDWWLPHGRHV\RXUWUDLQ
DUULYH"
9DVDOOHJDUWDUGH" $UH\RXJRLQJWREHODWH"
/OHJDUDWLHPSR ,oOODUULYHRQWLPH
6XHOROOHJDUDWLHPSR ,XVXDOO\DUULYHRQWLPH
/OHJDUDODVGRV\PHGLDVL ,oOODUULYHDWKDOISDVWWZRLI,oP
OXFN\
KD\VXHUWH

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG
)XHFRQVWUXLGRSRUORVURPDQRV ,WZDVEXLOWE\WKH5RPDQV
)XHHVFULWRSRUXQKRPEUHFLHJR ,WZDVZULWWHQE\DEOLQGPDQ
)XHHQFRQWUDGRSRUXQRV ,WZDVIRXQGE\VRPHUHWLUHG
DUFKDHRORJLVWV
DUTXHORJRVMXELODGRV
)XHSHUPLWLGRSRUXQMXH] ,WZDVDOORZHGE\DZHOO
NQRZQMXGJH
FRQRFLGR
)XHHPSH]DGRSRUXQORFR ,WZDVVWDUWHGE\DPDGPDQ

4XLQORFRQVWUX\" :KREXLOWLW"
4XLQORHVFULEL" :KRZURWHLW"
4XLQORHQFRQWU" :KRIRXQGLW"
4XLQORSHUPLWL" :KRDOORZHGLW"
4XLQORHPSH]" :KRVWDUWHGLW"

)ORZHUV )ORUHV

*UDVV &VSHG

)ORZHUSRW 0DFHWD

%XVK $UEXVWR

3DWLR 3DWLR

9RFDEXODULR*DUGHQ -DUGQ
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

|7HQJRXQDVJDQDVGHYHUOH ,FDQoWZDLWWRVHHKLVIDFH

ODFDUD
6LKXELHUDVLGRFRQVWUXLGR ,ILWKDGEHHQEXLOWE\WKH

5RPDQVLWZRXOGEHLQDEHWWHU
SRUORVURPDQRVHVWDUD
VWDWHWRGD\
HQPHMRUHVWDGRKR\GD
|0HQRVPDOTXHWUDMLVWHXQ ,WoVMXVWDVZHOO\RXEURXJKWDQ

XPEUHOOD
SDUDJXDV
|4XFXDGURPVLQWHUHVDQWH :KDWDQLQWHUHVWLQJSLFWXUH

,ORYHWKHIUDPH
0HHQFDQWDHOPDUFR
0HORGHMHQKHUHQFLDPLWR 0\JUHDWXQFOHOHIWLWWRPHLQ
KLVZLOO
DEXHOR

'HMDGHMXJDUFRQORVSDOLOORV 6WRSSOD\LQJZLWKWKHWRRWK

GHGLHQWHVTXLHUHV"
SLFNVZLOO\RX"
$UUDVDWRGRVHQHOGHEDWH +HZLSHGWKHRRUZLWK
HYHU\RQHLQWKHGHEDWH
(OSDUDEULVDVVHHVW 7KHZLQGVFUHHQLVVWHDPLQJXS

FXEULHQGRGHYDKR
6HPHFD\XQERWQ\SDUHFH 2QHRIP\EXWWRQVFDPHRII

TXHWDPELQKHSHUGLGR
DQG,VHHPWRKDYHORVWWKH
HOGHUHSXHVWR
VSDUHRQH
/DFDPSDDSUHQDYLGHDHVOD 7KHUXQXSWR&KULVWPDVLVWKH
SRFDFRQPVPRYLGDGHODR EXVLHVWWLPHRI\HDU



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

3UHVHQWHFRQWLQXR

)URPWKHZRUGJR
'HVGHHOPLVPRLQLFLR

7KHUXOHVRIWKHJDPH
/DVUHJODVGHMXHJR

)URPWKHERWWRPRIP\KHDUW
'HVGHHOIRQGRGHPLFRUD]Q

*DPHSODQ
(VWUDWHJLD

+HoVIXOORIKRWDLU
6ORGLFHWRQWHUDV


+HJHWVRQP\QHUYHV
0HSRQHGHORVQHUYLRV

+HPRVUHGDFWDGRHVWDVIUDVHVSDUDTXHHO
HVSDROVHFLDORPVSRVLEOHDOLQJOV
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VWVGQGRPHXQOLEUR
1RHVWQGQGRQRVXQOLEUR
OHVWGQGROHXQOLEURDHOOD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

0DQ\s0XFKs$ORWRI
0XFKRV DOXPQRV LQFOXVR GH QLYHOHV DYDQ]DGRV PH SLGHQ TXH
YXHOYDDH[SOLFDUOHVFXDQGRGHEHQXVDUXQDXRWUDH[SUHVLQ3DUD
PHVEDVWDQWHVHQFLOOR
 08&+VLJQLFDpPXFKRqSHURVORVHXVDHQHOQHJDWLYRRHO
LQWHUURJDWLYRFXDQGRHOREMHWRGHODIUDVHHVVLQJXODURLQFRQ
WDEOH



,GRQoWKDYHPXFKWLPH 1RWHQJRPXFKRWLHPSR
'R\RXKDYHPXFKWLPH" 7LHQHVPXFKRWLHPSR"

 0$1<VLJQLFDpPXFKRVq\QRUPDOPHQWHVHXVDHQHOQHJDWL
YRRHOLQWHUURJDWLYRFXDQGRHOREMHWRGHODIUDVHHVSOXUDO
 7DPELQVHSXHGHXVDUpPDQ\qHQDUPDWLYRSHURHVPHQRV
FRPQTXHORVLJXLHQWH



,GRQoWKDYHPDQ\SUREOHPV 1RWHQJRPXFKRVSUREOHPDV
'R\RXKDYHPDQ\SUREOHPV" 7LHQHVPXFKRVSUREOHPDV"

 $/272)VLJQLFDpPXFKRqRpPXFKRVq\SXHGHXVDUVHHQHO
DUPDWLYRQHJDWLYRHLQWHUURJDWLYR(VGLJDPRVXQDH[SUHVLQ
pXQLYHUVDOq9DOHSDUDWRGRVREUHWRGRSDUDHODUPDWLYR




,KDYHDORWRIWLPH 7HQJRPXFKRWLHPSR
,KDYHDORWRISUREOHPV 7HQJRPXFKRVSUREOHPDV




,GRQoWKDYHDORWRIWLPH 1RWHQJRPXFKRWLHPSR
,GRQoWKDYHDORWRISUREOHPV 1RWHQJRPXFKRVSUREOHPDV




'R\RXKDYHDORWRIWLPH" 7LHQHVPXFKRWLHPSR"
'R\RXKDYHDORWRISUREOHPV" 7LHQHVPXFKRVSUREOHPDV"

$ODQDOL]DUORVWUHVSXQWRVDQWHULRUHVODFRQFOXVLQHVODVLJXLHQ
WHXVDVLHPSUHpDORWRIq
7HUHFRPLHQGRTXHXVHVpDORWRIqVLHPSUH\DVHYLWDUVFDHUHQ
XQHUURUp$ORWRIqVHSURQXQFLDPVRPHQRVpDOWDIq$KRUD
ELHQWHDGYLHUWRTXHFXDQGRQRPHQFLRQDPRVHOREMHWRTXLWD
PRVODOWLPDSDODEUDpRIq
&RQPHQFLQGHOREMHWR
'R\RXKDYHDORWRIPRQH\" 

<HV,KDYHDORWRIPRQH\

6LQPHQFLRQDUHOREMHWR
'R\RXKDYHDORWRIPRQH\" 

<HV,KDYHDORW



<PLVKLMRV"(VWiFODURPHYDQDREHGHFHU
9HQFHUiQHOLQJOpVVLQGHVIDOOHFHU
/DOLEHUWDGORHVWRGRSHURDKRUDHVHYLGHQWH
TXHODOLEHUWDGQRVHREWLHQHSRUDUWHQLDFFLGHQWH
/DOLEHUWDGFRPRODVXHUWHHVDOJRTXHVHODEUD
1RYLHQHGH'LRVQLGHDEUDFDGDEUD
6HJDQDGRWiQGRVHGHFRQRFLPLHQWRV
GHKDELOLGDGHV\GHVWUH]DVGHDGLHVWUDPLHQWR
)LQ

/DGXUDOHFFLQGHODPLJR9LFHQWH

(VWLPDGRDPLJR\DOXPQR'HVSXVGHVXSHQRVDSULPHUDH[SHULHQFLDHQ=XULFK
OXJDUGHODIDPRVDUHXQLQGHGRVGDVQXHVWURDPLJR9LFHQWHORWHQDPX\FODUR
&XDQGRYROYLD(VSDDSXVRHQPDUFKDVXSURSVLWR'XUDQWHORVPHVHVTXH
VLJXLHURQDVXDPDUJDH[SHULHQFLDDVLVWLDKRUDVGHFODVHLQGLYLGXDO\WUDV
ODVSULPHUDVKRUDVDFXGLDHQFXHQWURVUHVLGHQFLDOHVFRQSURIHVRUHVXQQ
GHVHPDQDDOPHV)LQDOPHQWHHQHOOWLPRPHVGHVXSURJUDPDDVLVWLGXUDQWH
GRVVHPDQDVDORTXHGHQRPLQDPRV9DXJKDQWRZQGRQGHGXUDQWHGDVWXYR
TXHRU\UHFLWDUPVGHFLHQPLOIUDVHVDFRPSDDGRGHJHQWHQDWLYDGHKDEODLQ
JOHVDGHWRGRHOPXQGR(QWRWDO9LFHQWHUHFLELPVGHPLOKRUDVGHIRUPDFLQ
HVHDRWRGDVHQUJLPHQLQGLYLGXDO,QYLUWLRWUDVKRUDVGHWUDEDMRSHUVRQDO
HVWXGLDQGRORVPDWHULDOHVQDYHJDQGRSRUODZHEHQLQJOV\YLHQGRGRFXPHQWDOHV
\SURJUDPDVGHQRWLFLDVGHO5HLQR8QLGR\GH(VWDGRV8QLGRV+DQSDVDGRRFKR
DRV\GHVGH9LFHQWHHVYLFHSUHVLGHQWHGHOD$VRFLDFLQ(XURSHDGHVXVHFWRU
8VDHOLQJOVGXUDQWHHOGHVXWLHPSRGHWUDEDMR6XVGRVKLMRVWLHQHQ\
DRVUHVSHFWLYDPHQWH\VHPDQHMDQFRQVROWXUDHQHOLGLRPD9LFHQWHQRGHMDGH
UHSHWLUp/DOLEHUWDGFRPRODVXHUWHHVDOJRTXHVHODEUD1RYLHQHGH'LRVQLGH
DEUDFDGDEUDq7DQWROFRPRVXVKLMRVWLHQHQODVXHUWHGHWHQHUXQDPSOLRDEDQLFR
GHRSRUWXQLGDGHVSURIHVLRQDOHVSDUDHOHJLU6XHUWH"%XHQRUHFWLFR6XSDGUHKD
WHQLGRHODFLHUWRGHHQWHQGHUTXHODOLEHUWDGHVDOJRTXHVHODEUD
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(OSXHEORHVWDOODGRGHXQD 7KHYLOODJHLVQH[WWRD
PRQWDD
PRXQWDLQ
/DLJOHVLDHVWHQIUHQWHGHOEDU 7KHFKXUFKLVRSSRVLWHWKHEDU
(OVXSHUPHUFDGRHVWFHUFD 7KHVXSHUPDUNHWLVQHDUWKH

GHODSOD]D
VTXDUH
(OSXHEORHVWOHMRVGHODFDSLWDO7KHYLOODJHLVIDUIURPWKH

FDSLWDO
(OFXUDHVYLHMR\VDELR 7KHSULHVWLVROGDQGZLVH

3XHGHVKDEODULQJOV" &DQ\RXVSHDN(QJOLVK"
OSXHGHWUDEDMDUHQHVHSDV" &DQKHZRUNLQWKDWFRXQWU\"
1RPHDFXHUGRGHVXQRPEUH ,FDQoWUHPHPEHUKHUQDPH

GHHOOD 
&XOHVVXQRPEUH GHHOOD " :KDWoVKHUQDPH"
&XOHVVXDSHOOLGR GHHOORV " :KDWoVWKHLUVXUQDPH"

%OXVKHU &RORUHWH

(\HVKDGRZ 6RPEUDGHRMRV

)RXQGDWLRQ %DVH
/LSVWLFN 3LQWDODELRV

(\HOLQHU /SL]GHRMRV

9RFDEXODULR0DNHXS 0DTXLOODMH
/RZ,QWHUPHGLDWH
|+D]ODFDPD 0DNHWKHEHG
|+D]XQHVIXHU]R 0DNHDQHIIRUW
|+D]XQUXLGR 0DNHDQRLVH
|+D]XQDSURPHVD 0DNHDSURPLVH
|3LGHXQGHVHR 0DNHDZLVK

0LGGOH,QWHUPHGLDWH
OQRVDEHQDGDGHHOOR +HGRHVQoWNQRZDQ\WKLQJ
DERXWLW

7HORH[SOLFDU ,oOOH[SODLQLWWR\RX
|([SOFDPHOR ([SODLQLWWRPH
1RVTXLQHVVRQ ,GRQoWNQRZZKRWKH\DUH
&XQGRVHFDVDURQ" :KHQGLGWKH\JHWPDUULHG"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

'HEHUDVYHUDXQHVSHFLDOLVWD<RXVKRXOGVHHDVSHFLDOLVW
OGHEHUDGHMDUGHIXPDU +HVKRXOGVWRSVPRNLQJ
&UHHVTXHGHEHUDLUDODERGD"'R\RXWKLQN,VKRXOGJRWRWKH
ZHGGLQJ"

&RQRFDXQPDWULPRQLRPX\,PHWDYHU\QLFHPDUULHG
FRXSOHRQKROLGD\
VLPSWLFRHQODVYDFDFLRQHV
4XRSLQDVVREUHHO :KDWGR\RXWKLQNDERXW

PDUULDJH"
PDWULPRQLR"

/HGLMH DHOOD TXHQRWHORGLMHUD ,WROGKHUQRWWRWHOO\RX


'HFLGQRGHFLUQDGD ,GHFLGHGQRWWRVD\DQ\WKLQJ
7RGRRFXUULPX\USLGR ,WDOOKDSSHQHGYHU\TXLFNO\
7HQJRWRGRORTXHTXLHUR ,KDYHHYHU\WKLQJ,ZDQW
1RORWRTXHV|3XHGHTXH 'RQoWWRXFKWKDW,WPLJKWELWH
\RX
WHPXHUGD

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

0HKDEUMXELODGRFXDQGR ,oOOKDYHUHWLUHGE\WKHWLPH\RX
JHWPDUULHG
WWHFDVHV
7HQGUDRVFXDQGR ,oOOEHZKHQWKDWKDSSHQV
HVRRFXUUD
+DEUDOFDQ]DGRORVFLQFXHQWD ,oOOKDYHUHDFKHGE\WKHWLPH
WKDWKDSSHQV
FXDQGRHVRRFXUUD
/OHYDUWUDEDMDQGRWUHLQWDDRV,oOOKDYHEHHQZRUNLQJIRUWKLUW\
\HDUVE\WKHWLPH,UHDFK
FXDQGRDOFDQFHORVFLQFXHQWD
+DUDRVDTXDHVWDV,oOOKDYHEHHQKHUHIRU\HDUV
E\WKLVWLPHQH[W\HDU
DOWXUDVGHODRTXHYLHQH

6HPHFD\HOMDUUQVLQTXHUHU,GURSSHGWKHYDVHE\PLVWDNH
\VHURPSLHQSHGD]RV
DQGLWVKDWWHUHG
6HPHFD\HOSDSHOLWR\VHOR ,GURSSHGWKHSLHFHRISDSHU
OOHYHOYLHQWR
DQGLWEOHZDZD\
&RUUGHWUVGHHOORSHURVH ,UDQDIWHULWEXWLWEOHZRXWRI
OROOHYHOYLHQWRIXHUDGHPL
UHDFK
DOFDQFH
)UHQGHPDVLDGRWDUGH\OHGLXQ,EUDNHGWRRODWHDQGGHQWHG
JROSHDOSDUDFKRTXHVGHOFRFKH WKHFDULQIURQWoVEXPSHU
GHGHODQWH
(VSHURTXHQRWHLPSRUWHTXHWH,KRSH\RXGRQoWPLQGPH
ORGLJDSHURWXFUHPDOOHUDHVW WHOOLQJ\RXEXW\RXULHVDUH
DELHUWD
XQGRQH

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

&RPPRQVD\LQJV

7KHUHZDVWKHUHZHUH

/HWoVJHWWKHEDOOUROOLQJ
(PSHFHPRVFRQHVWR\D

+HKDVDJLIWRIWKHJDE
7LHQHPXFKDODELD

+HKDVDORWRIJHWXSDQGJR
7LHQHPXFKDHQHUJD\HPSXMH

&DQ\RXJLYHPHDKDQG"
0HSXHGHVHFKDUXQDPDQR"

,JRWP\ZLUHVFURVVHG
6HPHKDQFUX]DGRORVFDEOHV

+HoVDJOXWWRQIRUSXQLVKPHQW
(VXQPDVRFD

5HFXHUGDTXHHQLQJOVKD\TXHGLIHUHQFLDU
HQWUHHOSOXUDO\HOVLQJXODUFXDQGRGHFLPRVHO
HTXLYDOHQWHGHpKXERq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
+XERPXFKRVIDPRVRVHQHOHVWUHQR
1RKXERFKLFDVHQODHVWD
+XERXQDVHQVDFLQGHGHFHSFLQFRQVX
QXHYRGLVFR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

'R\RXNQRZZKR,DP"
'R\RXNQRZZKDWWLPHLWLV"
<HV,NQRZZKDWWLPHLWLV
:KDWWLPHLVLW"
,WoVRoFORFN

PDWLYRSRUTXHODSUHJXQWDQRHVVREUHGQGHYLYHVLQRVLpVDEHVq
GQGHYLYH/DVHJXQGDIUDVHHVDUPDWLYDHQWRGRVORVVHQWLGRV
6RODPHQWHODWHUFHUDIUDVHHVXQDSUHJXQWDGLUHFWDFRQpOLYHqSRU
ORTXHVHXVDHODX[LOLDUpGRHVq

(Q HVWH HMHPSOR QRWDUV TXH pLW LVq HQ ODV GRV SULPHUDV IUDVHV
HVW HQ DUPDWLYR VXMHWR  YHUER  /D WHUFHUD IUDVH HV GLIHUHQ
WH\DTXHHVXQDSUHJXQWDGLUHFWDSRUORTXHpLWLVqVHLQYLHUWHD
pLVLW"q
5HJOD 6OR GHEHV SRQHU HO YHUER GHODQWH GHO VXMHWR FXDQGR VH
WUDWDGHXQDSUHJXQWDGLUHFWD/DSULPHUDSUHJXQWDHVWDPELQ
GLUHFWDSHURODSUHJXQWDHVpGR\RXNQRZ"q

0VHMHPSORV

'R\RXNQRZZKHUH5REHUW5HGIRUGOLYHV"
<HV,NQRZZKHUHKHOLYHV
:KHUHGRHVKHOLYH"
+HOLYHVLQ&DOLIRUQLD
5HJOD6ORVHXVDXQYHUERDX[LOLDU pGRqHQHVWHFDVR FXDQGRVH
WUDWDGHXQDSUHJXQWDGLUHFWD)MDWHHQODVGRVSULPHUDVIUDVHV(O
YHUERpOLYHVqHVWHQDUPDWLYR(QODSULPHUDIUDVHHVWHQDU

(OPDHVWURDUSRQHUR
4XHUHPRVGHQXHYRTXHWXEXHQDHPSUHVD
QRVD\XGHDUHVROYHU\GHIRUPDH[SUHVD
XQSUREOHPDLPSRUWDQWHSDUDHOiUHDFRPHUFLDO
FHQWUDGRHVRVtHQXQKRPEUHHVSHFLDO

(VHOKRPEUHSHUIHFWRFRQSHULFLD\WLQR
XQIHQyPHQRDQGDQWHFRQXQFODURGHVWLQR
FRQpOODHPSUHVDUHSXQWDUiPX\SURQWR
SRUTXH7DQFUHGRQRWLHQHQLXQSHORGHWRQWR
3HURWHQHPRVXQSUREOHPDORSRGUiVDGLYLQDU
QXHVWUDVHGHGH2KLRYDDDOXFLQDU
&XDQGRVHSDTXH7DQFUHGRQXHVWUDDUPDVHFUHWD
VDEHWDQWRLQJOpVFRPR%XVKGHSDQGHUHWDV

'R\RXNQRZKRZWDOOKHLV"
<HV,NQRZKRZWDOOKHLV
+RZWDOOLVKH"
+HoVWZRPHWHUVWDOO

'R\RXNQRZZKHUH5RPHLV"
<HV,NQRZZKHUH5RPHLV
:KHUHoV5RPH"
,WoVLQ,WDO\

'R\RXNQRZZKHUH,OLYH"
<HV,NQRZZKHUH\RXOLYH
:KHUHGR,OLYH"
<RXOLYHLQ0DGULG

'R\RXNQRZZKDWWKLVLV"
<HV,NQRZZKDWLWLV
:KDWLVLW"
,WoVDERRN

'R\RXNQRZZKR3ULQFHLV"
<HV,NQRZZKR3ULQFHLV
:KRLV3ULQFH"
+HoVDURFNVWDUIURP0LQQHVRWD

(VWLPDGRDPLJR\DOXPQR7DQFUHGRHVUHDO\HVFDVLELOLQJHDKRUD$ORVDRV
FXDQGRHQWUFRPRGLUHFWRUFRPHUFLDOHQXQDHPSUHVDHQDSXURVQRVDEDGH
FLUQLp\HVq3HURDSHVDUGHHOORIXHFKDGRFRPRVDOYDGRUSRUODOLDOHVSDROD
GHXQDPXOWLQDFLRQDOQRUWHDPHULFDQD7DQFUHGR\DWHQDIDPDHQHOVHFWRUGHVHU
XQDSHUVRQDFDSD]GHKDFHUPLODJURV6LQHPEDUJRQXQFDKDEDWUDEDMDGRHQXQD
PXOWLQDFLRQDOSRUORTXHMDPVKDEDQHFHVLWDGRVDEHULQJOV(UDXQKRPEUHTXH
VHKDEDKHFKRDVPLVPRDEDQGRQDQGRORVHVWXGLRVDORVDRVSDUDWUDEDMDU
GHDSUHQGL]HQODPLVPDDFWLYLGDGTXHDKRUDLEDDGLULJLUDQLYHOQDFLRQDO1RWHQD
HVWXGLRVVXSHULRUHVQLVHFXQGDULRV(UDXQKRPEUHWDQUXGRTXHLQFOXVRGHVWUR]D
EDHOFDVWHOODQRFRQIUDVHVFRPRp&RQWUDPVODGLJRTXHQRPHVLUYDFRFUHWDVq
$KRUDFRPRKHGLFKRDOSULQFLSLRHVFDVLELOLQJH
(VHOUHVSRQVDEOHGHYHQWDVGHWRGDOD5HJLQ,,]RQDTXHLQFOX\HWRGD(XURSD\HO
QRUWHGHIULFD5HFXHUGRRUOHGHFLUFRQVXVRQULVDGHSLOORp,KDYHVHYHQW\FLQFR
SHRSOHLQP\GHSDUWPHQWq
/DSUHJXQWDGHOPLOOQHVFPRGHPRQLRVXQKRPEUHFRPR7DQFUHGROOHJDVHU
FDVLELOLQJH")FLOODHPSUHVDJDVWHXURVVRODPHQWHHQOSDUDTXHGRPL
QDUDHOLQJOV6LSXVLUDPRVSUHFLRDOWLHPSRTXH7DQFUHGRHVWXYRDXVHQWHGHVX
WUDEDMRSRUDSUHQGHULQJOVODFLIUDQDOURQGDUDORVHXURV

6XQRPEUHHV7DQFUHGR\DQDOGHHQHUR
VHUiQXHVWURQXHYRPDHVWURDUSRQHUR
6XVDUSRQHVDODGRVDSXQWDGRVDOPHUFDGR
DXPHQWDUiQQXHVWUDVYHQWDVGHXQPRGRGHVWD
FDGR

'R\RXNQRZZKR,DP"
<HV,NQRZZKR\RXDUH
:KRDP,"
<RXoUHWKHWHDFKHU

7LHQHXVWHGHXURVSDUDDSUHQGHULQJOV"0HLPDJLQRTXHQR7DPSRFRVHPHRFXUULUDSURSRQHUOHXQDFLIUDWDQDOWD6LQHP
EDUJRKHFRQRFLGRDPXFKDVSHUVRQDVTXHKDQLQYHUWLGRHVWHGLQHURHQHVIXHU]R7DPELQKHFRQRFLGRDSDGUHVTXHVHKDQSUHRFXSD
GRSDUDTXHVXVKLMRVDSUHQGLHUDQDKDEODULQJOVLJXDORPHMRUTXH7DQFUHGRJDVWDQGRHOHTXLYDOHQWHDHXURVHQSODQLFDFLQ
HLQWHUVSHUVRQDO(VWDVSHUVRQDVKDQKHFKRHVWDVLQYHUVLRQHVVDEHGRUDVGHTXHXQDOWRQLYHOGHLQJOVDXPHQWDDOUHGHGRUGH
HXURVVXVXHOGRDORODUJRGHVXYLGDSURIHVLRQDODGHPVGHD\XGDUOHVDFRQVHJXLUXQDPD\RUOLEHUWDGGHHOHFFLQ
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

6RQLQWHOLJHQWHV" $UHWKH\LQWHOOLJHQW"
6RQUSLGRV" $UHWKH\TXLFN"
6RQDOWRV" $UHWKH\WDOO"
6RQVLPSWLFRV" $UHWKH\QLFH"
(VWQFRQWHQWRV" $UHWKH\KDSS\"

7LHQHQUD]Q" $UHWKH\ULJKW"
7LHQHQKDPEUH" $UHWKH\KXQJU\"
7LHQHQPLHGR" $UHWKH\VFDUHG"
7LHQHQVXHR" $UHWKH\VOHHS\"
7LHQHQVHG" $UHWKH\WKLUVW\"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

0LMHIHVHFRJHXQUHVIULDGR 0\ERVVFDWFKHVDFROGHYHU\

\HDU
FDGDDR
0LYHFLQRYHODWHOHYLVLQ 0\QHLJKERXUZDWFKHV

WHOHYLVLRQHYHU\QLJKW
WRGDVODVQRFKHV
0LFRPSDHURGHWUDEDMRWHUPLQD0\FROOHDJXHQLVKHVZRUNDW
ODMRUQDGDDODVGHODWDUGH
SP
0LKHUPDQRHQVHDIUDQFV 0\EURWKHUWHDFKHV)UHQFKRQ

ORVYLHUQHV
)ULGD\V
0LKHUPDQDODYDVXJDWR 0\VLVWHUZDVKHVKHUFDWRQFH

XQDYH]DOPHV
DPRQWK

(OODGHEHGHHVWDUIRUUDGD 6KHPXVWEHORDGHG
7HQJRTXHWUDEDMDUHQ3DOHQFLD ,KDYHWRZRUNLQ3DOHQFLD
XQDVHPDQDVRWUDQR
HYHU\RWKHUZHHN
,UGQGHTXLHUDV ,oOOJRZKHUHYHU\RXZDQW
+DUORTXHTXLHUDV ,oOOGRZKDWHYHU\RXZDQW
3RGHPRVHPSH]DUFXDQGR :HFDQVWDUWZKHQHYHU\RX
TXLHUDV
OLNH

/LG 7DSD

&KDLQ &DGHQD

7RLOHWSDSHU 3DSHOKLJLQLFR

6HDW $VLHQWR

7RLOHWEUXVK (VFRELOOD

9RFDEXODULR7RLOHW 5HWUHWH
+LJK,QWHUPHGLDWH
'HEHUDVGHFUPHORSURQWR <RXVKRXOGWHOOPHVRRQ
'HEHUDVKDEUPHORGLFKRDQWHV <RXVKRXOGKDYHWROGPHVRRQHU
+HFRPLGRHQDTXHOUHVWDXUDQWH,oYHRIWHQHDWHQDWWKDW
DPHQXGR
UHVWDXUDQW
'HEHUDFRPHUPVDPHQXGR <RXVKRXOGHDWPRUHRIWHQ
&XDQWRPHQRVFRPHVPV 7KHOHVV\RXHDWWKHWKLQQHU
GHOJDGROOHJDVDHVWDU
\RXEHFRPH

/RZ$GYDQFHG
6LJRSHQVDQGRTXHHVXQD ,VWLOOWKLQNLWoVDJRRGLGHD
EXHQDLGHD
6LJRWHQLHQGRDOJXQDVGXGDV ,VWLOOKDYHVRPHGRXEWV
8QDYH]TXHKD\DVUPDGRHO 2QFH\RXoYHVLJQHGWKH
GRFXPHQWRSRGHPRVSURFHGHU GRFXPHQWZHFDQSURFHHG
1RIXQFLRQDEDELHQODSDQWDOOD0\FRPSXWHUVFUHHQZDVQoW
GHPLRUGHQDGRU
ZRUNLQJSURSHUO\
OQRHVGHDU +HoVQRWWUXVWZRUWK\

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

6LHOODVHKXELHVHHQWHUDGRDQWHV ,IVKHKDGIRXQGRXWHDUOLHUZH
SRGUDPRVKDEHUUHDFFLRQDGR
ZRXOGKDYHEHHQDEOHWRUHDFW
6LKXELHVHVLGRLQIRUPDGRKDEUD ,I,KDGEHHQWROG,ZRXOGKDYH
UHWUDQVPLWLGRHOPHQVDMH
SDVVHGRQWKHPHVVDJH
6LHPSUHPHFXHVWDUHFRUGDUORV,DOZD\VKDYHWURXEOH
QRPEUHVGHODJHQWH
UHPHPEHULQJSHRSOHoVQDPHV
6XSUHJXQWD GHHOOD PHUHVXOW ,IRXQGKHUTXHVWLRQH[WUHPHO\
H[WUHPDGDPHQWHGLIFLOGH
GLIFXOWWRDQVZHU
FRQWHVWDU
&RQWRGRHVHUXLGRQRSXHGR :LWKDOOWKDWQRLVH,FDQoW
FRQFHQWUDUPH
WKLQNVWUDLJKW

(OYLHUQHVPHYDQDVDFDUXQ,oPKDYLQJP\WRRWKRXWRQ
GLHQWH
)ULGD\
0HYDQDFRUWDUHOSHORHO,oPKDYLQJP\KDLUFXWRQ
PLUFROHV
:HGQHVGD\
9DQDDOLFDWDUPLFXDUWRGH,oPKDYLQJP\EDWKURRPWLOHG
EDRHOVEDGR
RQ6DWXUGD\
9DQDUHFRUWDUPLVHWRHO ,oPKDYLQJP\KHGJHWULPPHG

GRPLQJR
RQ6XQGD\
9DQDUHYLVDUPLFRFKHHO,oPKDYLQJP\FDUVHUYLFHGRQ
PDUWHVSRUODWDUGH
7XHVGD\HYHQLQJ



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
/DPD\RULDGH

&RPPRQVD\LQJV
7RJRIRUEURNH
-XJDUVHHOWRGRSRUHOWRGR

7RJRRIIRQDWDQJHQW
6DOLUVHSRUODWDQJHQWH

7RJREURNH
$UUXLQDUVH

,QVORZPRWLRQ
$FPDUDOHQWD

7REHEURNH
(VWDUVLQEODQFD

7RJRZLWKWKHRZ
'HMDUVHOOHYDUSRUODFRUULHQWH

1LVHWHRFXUUDGHFLUp7KHPRVWfq
(VWULFWDPHQWHSURKLELGRHOXVRGHODUWFXOR
DQWHVGHODSDODEUDpPRVWqHQHVWRVFDVRV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
/DPD\RUDGHODVDUDDVVRQLQRIHQVLYDV
/DPD\RUDGHORVDOFRKOLFRVHVWQHEULRVD
GLDULR
/DPD\RUDGHODJHQWHHQPLFDOOHHVHVSDROD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

6RGR,s0HWRR
0HJXVWDODFRPLGDHVSDROD 

,OLNH6SDQLVKIRRG





$PWDPELQ 7UHVSRVLELOLGDGHV





0HWRR
,GRWRR
6RGR,

:K\GR,UHFRPPHQGWKHOHDVWFRUUHFWIRUP"s7KUHHUHDVRQV

7RVLPSOLI\\RXUOLIH
7RJLYH\RXRQHXQLYHUVDOZD\WRVD\p\RWDPELQq
 7R DYRLG FRPSOLFDWLQJ \RXU OLIH E\ PDNLQJ \RX WU\ WR OHDUQ
VRPHWKLQJWKDW\RXZLOOQHYHUDVVLPLODWH
6LQRHVWVGHDFXHUGRFRQPLJR\TXLHUHVDSUHQGHUDUHSURGXFLU
FRQWRWDOHVSRQWDQHLGDG\DJLOLGDGODIRUPDPVFRUUHFWDGHGHFLU
p\R WDPELQq HQWRQFHV DSUQGHWH OD OLVWD RIUHFLGD D FRQWLQXD
FLQKDVWDHOSXQWRGHSRGHUUHVSRQGHUDOLQVWDQWHDQWHFXDOTXLHU
DUPDFLQGHWXLQWHUORFXWRU3DUDFRQVHJXLUORWHQGUVTXHDG
TXLULUXQDDJLOLGDGLQVOLWDFRQORVYHUERVDX[LOLDUHVXQDDJLOLGDG
VLPLODUDODGHORVPHMRUHVPDODEDULVWDVGHOPXQGR

,oPKDSS\$QG\RX" 6RDP,
,KDYHDFDU$QG\RX" 6RGR,
,oYHJRWDFDU$QG\RX" 6RKDYH,
,oOOJRWKHUHWRPRUURZ$QG\RX" 6RZLOO,
,oPJRLQJWRVHHKLP$QG\RX" 6RDP,
,ZHQWWKHUH\HVWHUGD\$QG\RX" 6RGLG,
,ZDVERUQLQDKRVSLWDO$QG\RX" 6RZDV,
,oYHEHHQWKHUHWZLFH$QG\RX" 6RKDYH,
,FDQGRLW$QG\RX" 6RFDQ,
,ZRXOGOLNHWRVHHKHU$QG\RX" 6RZRXOG,
,VKRXOGPDNHDQHIIRUW$QG\RX" 6RVKRXOG,
,FRXOGJRLI,KDGWLPH$QG\RX" 6RFRXOG,
,PD\JRWKHUH$QG\RX" 6RPD\,
,KDGDOUHDG\GRQHLW$QG\RX" 6RKDG,
,PXVWJRWKHUH$QG\RX"6RPXVW,

,oPQRWKDSS\$QG\RX"1HLWKHUDP,
,GRQoWKDYHDFDU$QG\RX"1HLWKHUGR,
,KDYHQoWJRWDFDU$QG\RX"1HLWKHUKDYH,
,ZRQoWJRWKHUHWRPRUURZ$QG\RX"1HLWKHUZLOO,
,oPQRWJRLQJWRVHHKLP$QG\RX"1HLWKHUDP,
,GLGQoWJRWKHUH\HVWHUGD\$QG\RX"1HLWKHUGLG,
,ZDVQoWERUQLQDKRXVH$QG\RX"1HLWKHUZDV,
,KDYHQoWEHHQWKHUHODWHO\$QG\RX"1HLWKHUKDYH,
,FDQoWGRLW$QG\RX"1HLWKHUFDQ,
,ZRXOGQoWOLNHWRVHHKHU$QG\RX"1HLWKHUZRXOG,
,VKRXOGQoWPDNHDQHIIRUW$QG\RX"1HLWKHUVKRXOG,
,FRXOGQoWJRLILWUDLQHG$QG\RX"1HLWKHUFRXOG,
,PD\QRWJRWKHUH$QG\RX",PD\QRWHLWKHU
,KDGQoWGRQHLW\HW$QG\RX"1HLWKHUKDG,
,PXVWQoWJRWKHUH$QG\RX"1HLWKHUPXVW,

$OWHUQDWLYD5HSHWLUODVIUDVHV 0HWRR

$OWHUQDWLYD5HSHWLUODVIUDVHV0HQHLWKHU

&XOGHODVWUHVIRUPDVHVODPHMRU"6RGR,
&XOUHSUHVHQWDXQDDEHUUDFLQJUDPDWLFDO"0HWRR
&XOUHFRPLHQGRTXHXVHV"0HWRR

/DSDODEUDpQHLWKHUqDGPLWHGRVDOWHUQDWLYDVGHSURQXQFLDFLQQ]HURQL]HU

(VWLPDGR DPLJR \ DOXPQR (O SDVDGR VEDGR FRQRF D XQ FRQVXOWRU QRUWHDPHULFDQR FRQ JUDQ
H[SHULHQFLDHQHOWUDWRFRQODEDQFD\FRQGLYHUVRVJRELHUQRVHQWHPDVUHODFLRQDGRVFRQIXVLRQHV\
DGTXLVLFLRQHV/HSUHJXQWTXKDFDHQ(VSDD\PHFRQWXQDFRQYHUVDFLQTXHKDEDWHQLGRHVD
PLVPDPDDQDFRQXQYLFHSUHVLGHQWHGHXQRGHORVJUDQGHVEDQFRVHVSDROHV
6SDQLVKEDQNHU:HoYHWKRXJKWDERXWEX\LQJRXWDQ$PHULFDQEDQNEXWZHSUHIHUWRVWD\LQ6RXWK
$PHULFD
$PHULFDQFRQVXOWDQW:KDWGR\RXKDYHDJDLQVW86EDQNV"
6SDQLVKEDQNHU1RWKLQJEXWZHGRQoWOLNHRXWVRXUFLQJRXUGXHGLOLJHQFHWRWKLUGSDUWLHV)RU
WKLQJVOLNHWKLVZHGRQoWWUXVWDQ\RQHRXWVLGHRXURZQRUJDQL]DWLRQ
$PHULFDQFRQVXOWDQW:K\GRQoW\RXSHUIRUPWKHGXHGLOLJHQFH\RXUVHOYHV"
6SDQLVKEDQNHU:HGRQoWKDYHHQRXJKSHRSOHZKRVHFRPPDQGRI(QJOLVKLVJRRGHQRXJK
$PHULFDQFRQVXOWDQW$PRQJPDQDJHUVDQGHPSOR\HHV"
6SDQLVK EDQNHU ,WoV LQFUHGLEOH LVQWo LW" %XW WKHUHoV QRERG\ LQ WKLV FRXQWU\ ZLWK WKH ULJKW
FRPPDQGRIWKHODQJXDJH


([DJHUDHOEDQTXHUR"6LQRH[DJHUD
FXiQWDVRSRUWXQLGDGHVGHQHJRFLR
VHHVWiQGHVDSURYHFKDQGRSRUHO
GHVFRQRFLPLHQWRJHQHUDOGHLQJOpV
HQWUHHPSUHVDULRV\FXDGURVGLUHFWL
YRV"<QRKDEOHPRVGHORVSROtWLFRV
PiVLPSRUWDQWHVGHOSDtV(OHVSDxRO
HVXQH[FHOHQWHJHVWRUHPSUHVDULR\
QHJRFLDGRUFXDQGRVHVLHQWHVHJXUR
GHVtPLVPR3HURKDVWDTXHQRVH
FRQFLHQFLHGHDERUGDUFRQDEVROXWD
VHULHGDGHOLQJOpVRWURVVHKDUiQFRQ
ODVWDMDGDVPiVJUDQGHVGHOFUHFLHQWH
SDVWHOGHODHFRQRPtDPXQGLDO
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU
(OODTXLHUHYHQLUFRQQRVRWURV 6KHZDQWVWRFRPHZLWKXV
(OODQRTXLHUHLUFRQHOORV 6KHGRHVQoWZDQWWRJRZLWKWKHP
/HVJXVWDDHOORV" 'RWKH\OLNHKHU"
/HJXVWDQDHOOD" 'RHVVKHOLNHWKHP"
1RORV ,GRQoWNQRZ

(VWDPRVDTX :HoUHKHUH
(VWDPRVFRQHOORV :HoUHZLWKWKHP
(VWQFRQQRVRWURV 7KH\oUHZLWKXV
1RHVWDOO ,WoVQRWWKHUH
'QGHHVW" :KHUHLVLW"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XWHJXVWDUDSDUDFHQDU" :KDWZRXOG\RXOLNHIRUGLQQHU"
7HJXVWDODFRPLGDLQJOHVD" 'R\RXOLNH(QJOLVKIRRG"
3UHHURODFRPLGDHVSDROD ,SUHIHU6SDQLVKIRRG
,oPJRLQJWRSUHSDUH
9R\DSUHSDUDUDOJRGHOLFLRVR
VRPHWKLQJGHOLFLRXV
|(VRWLHQHEXHQDSLQWD 7KDWORRNVQLFH

+D]PHXQDSUHJXQWD $VNPHDTXHVWLRQ
6DEUODUHVSXHVWD" :LOO,NQRZWKHDQVZHU"
6LHPSUHFRPHWRHUURUHV ,DOZD\VPDNHPLVWDNHV
OQXQFDKDFHVXVGHEHUHV +HQHYHUGRHVKLVKRPHZRUN
4XLQLEDDKDFHUORSRUO" :KRZDVJRLQJWRGRLWIRUKLP"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

'MDPHKDFHUORSRUWL /HWPHGRLWIRU\RX
1RGHMHVTXHHOSHUURHQWUHHQ'RQoWOHWWKHGRJLQWKHURRP
ODKDELWDFLQ
1RHVWSHUPLWLGRHQODFDVD ,WoVQRWDOORZHGLQWKHKRXVH
'MDORHQPLPHVDGHWUDEDMR /HDYHLWRQP\GHVN
|'MDPHHQSD] /HDYHPHDORQH

/RKHEXVFDGRHQWRGDVSDUWHV ,oYHORRNHGHYHU\ZKHUHIRULW
+DVPLUDGRGHEDMRGHO +DYH\RXORRNHGXQGHUWKHSLOH
RIFORWKHV"
PRQWQGHURSD"
,QFOXVRKHPLUDGRHQFLPD ,oYHHYHQORRNHGRQWRSRIWKH
ZDUGUREH
GHODUPDULR
<GHWUVGHODQHYHUD" :KDWDERXWEHKLQGWKHIULGJH"
7HQJRPLHGRGHORTXHSXHGD ,oPVFDUHGZKDW,PLJKWQG
WKHUH
HQFRQWUDUDOO

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

0LLPSUHVRUDVHKDTXHGDGR 0\SULQWHUKDVUXQRXWRILQN
VLQWLQWD
7LHQHVXQFDUWXFKRGHPV" 'R\RXKDYHDVSDUHFDUWULGJH"
1RWHQJRQLLGHDGHFDUJDUOR ,KDYHQRLGHDKRZWRORDGLW
&DVLORURPSODOWLPDYH] ,QHDUO\EURNHLWWKHODVWWLPH
<RTXHWOODPDUDDXQH[SHUWR,I,ZHUH\RX,oGFDOODQH[SHUW

&RQR]FRDXQKRPEUHTXHSXHGH,NQRZDPDQZKRFDQIHOOD
WDODUXQUEROHQGRVPLQXWRV
WUHHLQPLQXWHV
/DDUGLOODOLVWDKDDUUDQFDGR 7KHFKLSPXQNKDVVWULSSHGDOO

WRGDODFRUWH]D
WKHEDUNRII
|(VWHYLQRKXHOH\VDEHDFRUFKR7KLVZLQHLVFRUNHG
|7RGDYDIDOWDPRVFLQFR:HoUHVWLOOYHVKRUW
6KDXQHVTXLODRYHMDV6KDXQVKHDUVVKHHS

%HOO 7LPEUH

/LIW $VFHQVRU

%HOOER\ %RWRQHV
5HFHSWLRQ 5HFHSFLQ

/REE\ UHDGHUHFHSFLQ

9RFDEXODULR+RWHO +RWHO




Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

/DH[SUHVLQGHODVHPDQD
(QLQJOVQRpKDFHPRVSUHJXQWDVqVLQR
pSUHJXQWDPRVSUHJXQWDVq

'RQoWJRRYHUERDUG
1RWHSDVHV

7REHDJXLQHDSLJ
6HUFRQHMLOORGH,QGLDV

<RXKDYHWKHJUHHQOLJKW
7LHQHVOX]YHUGH DXWRUL]DFLQ 

+HoVDELJPRXWK
(VXQERFD]DV

*ULQDQGEHDULW
$MR\DJXD

<RXoUHLQJRRGKDQGV
(VWVHQEXHQDVPDQRV


3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
4XLHURKDFHUWHXQDSUHJXQWD
7HSXHGRKDFHUXQDVSUHJXQWDV"
1XQFDKDJRHVDSUHJXQWDDODVPXMHUHV

+HZDVERUQRQDPRXQWDLQWRSLQ7HQQHVVHH 'DY\&URFNHWW
(OYHUERpQDFHUqQRH[LVWHHQLQJOV6LQHPEDUJRORVDQJORSDU
ODQWHVQDFHPRVLJXDOTXHYRVRWURVORVKLVSDQRKDEODQWHV/RTXH
KDFHPRV HQ ORV SDVHV GH KDEOD LQJOHVD HV pVHU SDULGRVq WR EH
ERUQ /DSDODEUDpERUQqHVXQSDUWLFLSLRSDVDGRTXHSURYLHQHGHO
YHUERpWREHDUqYHUERTXHVLJQLFDpSDULUq3RUORWDQWRSDUDGH
FLUTXHXQQLRQDFHFDGDVHJXQGRVHQHOPXQGRGHFLPRVOLWH
UDOPHQWHp8QQLRHVSDULGRFDGDVHJXQGRVHQHOPXQGRq
$EDE\LVERUQHYHU\VHFRQGVLQWKHZRUOG
$V TXH SDUD GHFLU p\R QDFq WLHQHV TXH GHFLU p, ZDV ERUQq IXL

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

SDULGR 9HDPRVDOJXQRVHMHPSORV
:KHQZHUH\RXERUQ"
&XQGRQDFLVWH" 
:KHUHZHUH\RXERUQ"
'QGHQDFLVWH" 

,ZDVERUQLQ
1DFHQ
,ZDVERUQLQ+RXVWRQ
1DFHQ+RXVWRQ

&UHRTXHQRKDFHIDOWDH[WHQGHUVHPVVREUHHVWR/RLPSRUWDQWH
DTX QR HV KDFHUWH FRQ HO SDUWLFLSLR pERUQq VLQR JDQDU DJLOLGDG
FRQpZDVq\pZHUHq

$SUHFLDGR%UXFH

'HDU%UXFH

'XUDQWHORVOWLPRVPHVHVHVWDPRVWHQLHQGREDVWDQWHVSHWLFLR
QHVHQQXHVWUDSDSHOHUDGHSURGXFWRVKHFKRVFRQSDSHOUHFLFODGR
1RVRWURVQXQFDKHPRVWUDEDMDGRHVWHWLSRGHPDWHULDOSHURGDGR
HOQIDVLVTXHORVPHGLRVGHFRPXQLFDFLQKDQSXHVWRHQWHPDV
PHGLRDPELHQWDOHV SDUHFH TXH KD\ XQD FUHFLHQWH GHPDQGD GH
SURGXFWRVUHFLFODGRVHVSHFLDOPHQWHHQWUHODJHQWHPVMRYHQ

'XULQJWKHODVWIHZPRQWKVZHKDYHKDGTXLWHDIHZUHTXHVWVLQRXU
VWDWLRQHU\ VKRS IRU SURGXFWV PDGH RI UHF\FOHG SDSHU:HYH QHYHU
FDUULHGWKLVW\SHRIPDWHULDOEXWJLYHQWKHHPSKDVLVWKHPHGLDKDV
SXWRQHQYLURQPHQWDOLVVXHVLWVHHPVWKDWWKHUHLVDJURZLQJGHPDQG
IRUUHF\FOHGSURGXFWVHVSHFLDOO\DPRQJ\RXQJHUSHRSOH

&RPRVXPLQLVWUDGRUKDELWXDOGHODPD\RUSDUWHGHQXHVWURVSUR
GXFWRVSLHQVRTXH9GSRGUDPDQGDUPHLQIRUPDFLQVREUHHVWH
PHUFDGR0HJXVWDUDVDEHUTXSURGXFWRVWLHQHGLVSRQLEOHVWD
OHVFRPRFDUSHWDVFDUSHWDVFRQDQLOODVFDOHQGDULRVGHPHVDSD
SHOUD\DGR\HQEODQFRHWF+HRGRTXHHVWRVSURGXFWRVVRQDOJR
PVFDURVTXHORVWUDGLFLRQDOHVDVTXHSRUIDYRULQFOX\DXQDOLVWD
GHSUHFLRV\GPHXQDLGHDGHTXPUJHQHVGHEHQHFLRSXHGR
HVSHUDU

$VWKHUHJXODUVXSSOLHURIPRVWRIRXUSURGXFWV,WKRXJKW\RXPLJKW
EHDEOHWRVHQGPHVRPHLQIRUPDWLRQRQWKLVPDUNHW,ZRXOGOLNH
WRNQRZZKDWSURGXFWV\RXKDYHDYDLODEOHVXFKDVIROGHUVELQGHUV
GHVNFDOHQGDUVOLQHGDQGXQOLQHGSDSHUHWF,KDYHKHDUGWKDWWKHVH
SURGXFWVDUHVRPHZKDWPRUHH[SHQVLYHWKDQWKHWUDGLWLRQDORQHVVR
SOHDVHLQFOXGHDSULFHOLVWDQGJLYHPHDQLGHDRIZKDWSURWPDUJLQV
,FDQH[SHFW

8QFRUGLDOVDOXGR

%HVWUHJDUGV



(VWLPDGRDPLJR\DOXPQR&DGDGRPLQJRYR\DYLODRD3DOHQFLDSDUDDEULURWURFXUVROODPDGR9DXJKDQWRZQGRQGHHVSDROHV
\DQJORSDUODQWHVSDVDQKRUDVMXQWRVKDEODQGRHQLQJOV(QFDGDDSHUWXUDKDEORGHODQWHGHOJUXSR\SUHJXQWRDFDGDXQR
GHGQGHHV6LHPSUHRFXUUHORVLJXLHQWH+HOOR0DQXHOZKHUHDUH\RXIURP"<0DQXHOQRVGLFHp0DGUq$QWHHVWRSUHJXQWR
DORVDQJORSDUODQWHVpGHGQGHKDGLFKRTXHHVq\VHHQFRJHQGHKRPEURVp0DQXHOGPHORRWUDYH]:KHUHDUH\RXIURP"qO
UHSLWHp0DGUq'HQXHYRORVDQJORSDUODQWHVPHPLUDQFRQFDUDGHQRHQWHQGHUp0DQXHOUHSHDW
0$s'5,'
p0DGUq1R0DQXHO0$'5,'p0DGUq
0DQXHO VH GHPXHVWUD LQFDSD] GH GHFLU HO QRPEUH GH VX FLXGDG GH QLQJXQD IRUPD TXH QR VHD OD SURQXQFLDFLQ FDVWL]D<R OH
SUHJXQWRDXVWHG(VW0DQXHOFDSDFLWDGRSDUDDSUHQGHULQJOV"(VWGHYHUGDGKDFLHQGRXQHVIXHU]RSDUDDSUHQGHU"
6LXVWHGQRSXHGHSURQXQFLDUHOQRPEUHGHVXSURSLDFLXGDGSDUDTXHXQH[WUDQMHUROHHQWLHQGDHQWRQFHVDOJRIDOOD2KDUD
ELHQHQROYLGDUVHLQJOVSRUQRVHUFDSD]GHDSUHQGHUORRQRHVWKDFLHQGRXQHVIXHU]R&XDQGRKDEORHQHVSDROVREUH5REHUW
5HGIRUGVLHPSUHGLJRpUUUUUEHUUUUUGIRUqSRUTXHVLQRQDGLHDTXHQWHQGHUDTXLHQPHUHHUR6LXVWHGQRSXHGHKDFHUOR
PLVPRHQVHQWLGRFRQWUDULRHQWRQFHVPLRSLQLQHVTXHQRHVWWRPDQGRHQVHULRHODSUHQGL]DMHGHOLQJOV1RHVIFLODSUHQGHU
DSURQXQFLDUELHQRWURLGLRPDSHURWRGDYDQRKHFRQRFLGRDQLQJQDOXPQRHVSDROTXHQRORKD\DFRQVHJXLGRVLQJUDQGHV
SUREOHPDVFXDQGRKDFHXQSHTXHRHVIXHU]R
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VVWHWXSHULGLFR" ,VWKLV\RXUQHZVSDSHU"
1RQRORHV(VVXSHULGLFR 1RLWLVQoW,WoVKHUQHZVSDSHU

GHHOOD 
1RHVXQSHULGLFRHVXQD ,WoVQRWDQHZVSDSHULWoVD

UHYLVWD
PDJD]LQH
(VLQWHUHVDQWH" ,VLWLQWHUHVWLQJ"
6ORHV <HVLWLV

'QGHHVWQORVPRV" :KHUHDUHPLQH"
(VWQDOODGRGHORVGHO 7KH\oUHQH[WWRKLV
6RQDTXHOORVORVVX\RV GHHOOD " $UHWKRVHKHUV"
1RQRORVRQ6RQGHHOODV 1RWKH\oUHQRW7KH\oUHWKHLUV
4XLQWLHQHORVPRVHQWRQFHV" :KRKDVPLQHWKHQ"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&XQWDJHQWHKDEDHQOD +RZPDQ\SHRSOHZHUHWKHUH

LQWKHPHHWLQJ"
UHXQLQ"
7RGRHOPXQGRHVWXYRDOO (YHU\ERG\ZDVWKHUH
+DEODURQGHORVSUREOHPDV 'LGWKH\WDONDERXWWKH

SUREOHPVZHoUHKDYLQJ"
TXHHVWDPRVWHQLHQGR"
1RKXERWLHPSRVXFLHQWH 7KHUHZDVQoWHQRXJKWLPHIRU

WKDW
SDUDHVR
(QWRQFHVGHTXKDEODVWHLV 7KHQZKDWGLG\RXWDONDERXW
IRUKRXUV"
GXUDQWHGRVKRUDV"

VWDKDVLGRODSHRUFRPLGD 7KLVKDVEHHQWKHZRUVWPHDO
,oYHHYHUHDWHQ
TXHMDPVKHFRPLGR
+DVSUREDGRDOJXQDYH]OD +DYH\RXHYHUWULHG(QJOLVK
IRRG"
FRPLGDLQJOHVD"
1RSRUTX"&PRHV" 1RZK\":KDWoVLWOLNH"
1RHVWDQEXHQDFRPRVWD ,WLVQoWDVJRRGDVWKLV
'LRVPRGHEHGHVHUDVTXHURVD *RRG/RUGLWPXVWEHGLVJXVWLQJ

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

6LIXHUDVIDPRVRTXLQWH ,I\RXZHUHIDPRXVZKRZRXOG
\RXOLNHWREH"
JXVWDUDVHU"
(QSULPHUOXJDUQRPHJXVWDUD)LUVWRIDOO,ZRXOGQoWZDQWWR
EHIDPRXV
VHUIDPRVR
3RUTXQR"1RHVSDUDWDQWR :K\QRW",WoVQRWWKDWEDG
1RTXLHURTXHPLFDUDHVWHQ ,GRQoWZDQWP\IDFHWREHRQ

WKHFRYHURIPDJD]LQHV
ODSRUWDGDGHODVUHYLVWDV
|1RFUHRTXHDQDGLHOHJXVWDUD ,GRQoWWKLQNDQ\ERG\ZRXOG

ZDQWWRVHHWKDWHLWKHU
YHUHVRWDPSRFR

0HGLMLVWHTXHLEDVDYHQLUD <RXWROGPH\RXZHUHJRLQJWR
FRPHWRP\SDUW\
PLHVWD
9DQDRSHUDUDPLVXHJUDHVHGD 0\PRWKHULQODZoVKDYLQJDQ
RSHUDWLRQWKDWGD\
1RSXHGHDSOD]DUORXQSDU &DQoWVKHSXWLWRIIDFRXSOHRI
GD\V"
GHGDV"
3RUVXSXHVWRTXHQR(VXQ 2IFRXUVHQRWLWoVDYHU\
VHULRXVPDWWHU
DVXQWRPX\JUDYH
|4XDJXDHVWDVHUHV :KDWDSDUW\SRRSHU\RXDUH

3LJ &HUGR
&RZ 9DFD
+HQ *DOOLQD

'XFN 3DWR

*RRVH *DQVR

9RFDEXODULR)DUP *UDQMD
0LGGOH$GYDQFHG
1RPHORKXELHVHFUHGRVL ,ZRXOGQoWKDYHEHOLHYHGLWLI,
KDGQoWVHHQLW
QRORKXELHUDYLVWR
3RUTX"4XGHPRQLRVSDV" :K\":KDWWKHKHOOKDSSHQHG"
9LDPLFRQWDEOHYHVWLGR ,VDZP\DFFRXQWDQWGUHVVHGDV
DZRPDQ
GHPXMHU
$QGD\DGHEHVHVWDUGHEURPD <HDKULJKW\RXPXVWEHMRNLQJ
(VWDEDGHFDPLQRDXQDHVWD +HZDVRQKLVZD\WRDIDQF\
GUHVVSDUW\
GHGLVIUDFHV

)RU(QJOLVKVXSHUVWDUVRQO\
'HMDGHIDVWLGLDUPHTXLHUHV"6WRSKDVVOLQJPHZLOO\RX"
3RUTXWLHQHVXQDOPDWDQ:K\DUH\RXVXFKDVHQVLWLYH
VHQVLEOH"
VRXO"
<SRUTXQRPHSXHGHVGHMDU$QGZK\FDQoW\RXHYHUOHDYH
QXQFDHQSD]"
PHDORQH"
1RORSXHGRHYLWDU,FDQoWKHOSLW
$OJQGDVHOOHYDUVXPHUHFLGR+HoOOJHWKLVFRPHXSSDQFHRQHGD\



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

/HWoV

+HoVKDUGRIKHDULQJ
(VGXURGHRGR

1RVZHDW
1LQJQSUREOHPD'HVFXLGD

,oPKDYLQJDEODVW
0HORHVWR\SDVDQGRERPED

,KHDUGLWWKURXJKWKHJUDSHYLQH
/RRSRUUDGLRPDFXWR

+HDGVZLOOUROO
9DQDURGDUFDEH]DV

+HKDVDKHDUWRIJROG
7LHQHXQFRUD]QGHRUR


7RGRHOPXQGRVDEHTXHpOHWoVJRqVLJQLFD
pYDPRVq3XHVpOHWoVqWDPELQVHHPSOHDFRQ
FXDOTXLHURWURYHUEREVLFR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
|(PSHFHPRV
|6LJDPRV
|9D\PRQRVIXHUDHOQGHVHPDQD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,NQRZPRUHSHRSOHWKDQ\RX
+HHDUQVPRUHPRQH\WKDQKHU
:HJRWRPRUHIRRWEDOOJDPHVWKDQWKHP
,GULQNPRUHZLQHWKDQP\ZLIH
(QODVHJXQGDFROXPQDQRWDUVTXHFXDQGRHOVXVWDQWLYRHVFRQ
WDEOH SHRSOHJDPHV XVDPRVpIHZHUqHQOXJDUGHpOHVVq
pIHZHUqVHSURQXQFLDHU
8QLQFLVR(VJUDPDWLFDOPHQWHPVFRUUHFWRHQODVIUDVHVFLWDGDV
XVDUHOSURQRPEUHSHUVRQDODOQDOGHFDGDIUDVHHOYHUERDX[L
OLDU7HSRQJRHOSULPHUHMHPSOR
,NQRZPRUHSHRSOHWKDQ\RXGR <RXNQRZIHZHUSHRSOHWKDQ,GR
6LQHPEDUJRHQHOOHQJXDMHQRUPDOGHOGDDGDXQDPD\RUDGH
(VWLPDGR6U-HQNLQV
+DFHXQRVGDVPLHQWUDVKRMHDEDHO%XVLQHVV1HZVOHTXH9G
KDEDVLGRQRPEUDGR&RQVHMHUR'HOHJDGRGH$JUL,QWHUQDWLRQDO
4XLHURH[SUHVDUOHPLVIHOLFLWDFLRQHVPVVLQFHUDVSRUVXQRPEUD
PLHQWR
1RREVWDQWHODQRWLFLDQRKDVLGRQLQJXQDVRUSUHVDSDUDORVTXH
WUDEDMDPRVFRQ9GHQHOSDVDGR\VDEHPRVFRQTXHHFDFLDRE
WLHQHUHVXOWDGRV6ORKD\TXHYHUFRPRHVWDEDVXHPSUHVDHQHO
UDQNLQJFXDQGR9GRFXSHOFDUJRGH*HUHQWHGH3URGXFFLQKDFH
GRVDRV\HOOXJDUTXHRFXSDDKRUD7RGRVVRPRVFRQVFLHQWHVGH
TXLQPHUHFHHOUHFRQRFLPLHQWRSRUODPHMRUD
(VSHURTXHVXQRPEUDPLHQWRQRVORUHIXHUFHODVEXHQDVUH
ODFLRQHV TXH \D VRQ WUDGLFLQ HQWUH QXHVWUDV GRV HPSUHVDV
VLQRTXHWDPELQDEUDODSXHUWDDXQDPD\RUFRRSHUDFLQHQ
QXHYRVFDPSRV
'HQXHYRHQKRUDEXHQD

<RXNQRZIHZHUSHRSOHWKDQPH
6KHHDUQVOHVVPRQH\WKDQKLP
7KH\JRWRIHZHUIRRWEDOOJDPHVWKDQXV
6KHRPHMRU0\ZLIHGULQNVOHVVZLQHWKDQPH
ORVDQJORSDUODQWHVGHMDPRVIXHUDHOYHUERDX[LOLDU\FDPELDPRV
HO SURQRPEUH SHUVRQDO SRU XQ SURQRPEUH FRPSOHPHQWR 'HFL
PRVIUDVHVFRPR7MXHJDVDOWHQLVPHMRUTXHP
(VWRQRHVFRUUHFWRJUDPDWLFDOPHQWHHQLQJOVSHURHVFDVLXQL
YHUVDOHQVXXVRSRUORTXHSUHHURHQVHDUOR\DTXHHVORTXH
PV VH R\H $KRUD ELHQ VL SUHHUHV LQWHQWDU XVDU OD IRUPD JUD
PDWLFDOPHQWHFRUUHFWDWLHQHVWRGRPLDSR\RSDUDHOOR3HURSDUD
XVDUORFRUUHFWDPHQWHWHQGUVTXHWHQHUXQH[FHOHQWHGRPLQLRGH
WRGRVORVYHUERVDX[LOLDUHV DPLVGRGRHVGLGKDVZDVHWF 
'HDU0U-HQNLQV
$IHZGD\VDJRDV,ZDVORRNLQJWKURXJK%XVLQHVV1HZV,UHDGWKDW
\RXKDGEHHQQDPHG&(2RI$JUL,QWHUQDWLRQDO,ZDQWWRH[SUHVV
P\ZDUPHVWFRQJUDWXODWLRQVRQ\RXUDSSRLQWPHQW
1RQHWKHOHVV WKH QHZV FDPH DV QR VXUSULVH WR WKRVH RI XV ZKR
ZRUNHGZLWK\RXLQWKHSDVWDQGZKRNQRZKRZHIFLHQWO\\RX
REWDLQUHVXOWV2QHRQO\KDVWRORRNDWKRZ\RXUFRPSDQ\UDQNHG
ZKHQ \RX WRRN RYHU DV 3URGXFWLRQ 0DQDJHU WZR \HDUV DJR
DQGZKHUHLWVWDQGVQRZ:HDUHDOODZDUHRIZKRGHVHUYHVWKH
UHFRJQLWLRQIRUWKHLPSURYHPHQW
, KRSH WKDW \RXU DSSRLQWPHQW QRW RQO\ VWUHQJWKHQV WKH QH
UHODWLRQVWKDWKDYHEHHQDWUDGLWLRQEHWZHHQRXUWZRFRPSDQLHV
EXWDOVRRSHQVWKHGRRUWRIXUWKHUFRRSHUDWLRQLQQHZHOGV
$JDLQFRQJUDWXODWLRQV
%HVWUHJDUGV

8QFRUGLDOVDOXGR



(VWLPDGRDPLJR\DOXPQR+DEDTXHKDFHUSUXHEDVGHQLYHOSDUDORVHPSOHDGRVGHXQDHPSUHVD&LQFRPLQXWRVFRQFDGDXQREDVWDED
SDUDVDEHUVXQLYHODSUR[LPDGRSDUDHOLQLFLRGHOSURJUDPDIRUPDWLYR6RQLDIXHGHODVOWLPDV\HQWUHQODVDODFRQFDUDGHPLHGR7HQGUD
DRV&RPRHQRWURVFDVRVFRPRHOVX\RTXLVHWUDQTXLOL]DUODFRQSUHJXQWDVVHQFLOODVpGHGQGHHUHV"qpFXQGRWHUPLQDVWHWXV
HVWXGLRV"qHWF6RQLDQRIXHFDSD]GHIRUPXODUUHVSXHVWD(VWDEDDSXUDGD&DPELDOHVSDRO\FRQXQDVRQULVDFRPSDVLYDOHGLMHp4XL]
FRQYHQJDSDUWLUGHFHURQRFUHHV"q(OODDVLQWL\OXHJROHSUHJXQWp+DVHVWXGLDGRDOJXQDYH]LQJOV"qp6RFKRDRVHQHOFROHJLRq
0HTXHGGHSLHGUD&PRHVSRVLEOHTXHHVWRRFXUUD"&PRHVSRVLEOHTXHKD\DSURIHVRUHVGHSULPDULDHQVHDQGRLQJOVVLQVDEHUOR
KDEODU"(QVHDQHOLGLRPDFRPRHOOJHEUDXQDVHULHGHHFXDFLRQHVJUDPDWLFDOHV\SDUDGHFRQWDU/XHJRORVSURIHVRUHVGHLQVWLWXWRHQ
VXPD\RUDHVSDROHVDPDQWHVGHOLQJOVLQWHQWDQUHSDUDUHOGDR\DFRPHWHUXQDUHFRQVWUXFFLQSHURVHHQIUHQWDQFRQHOLPSHUDWLYR
GHDWHQHUVHDODVSDXWDVRFLDOHVGRQGHODGHPRVWUDFLQWHULFDSULPDVREUHODFDSDFLWDFLQSUFWLFD$OQDOORVMYHQHVOOHJDQDOD
XQLYHUVLGDGVLQVDEHUORKDEODUHQDEVROXWR3HURQRKD\TXHSUHRFXSDUVH/DVXQLYHUVLGDGHVDVLJQDQFHURLPSRUWDQFLDDOWHPD(VpXQD
PDUDq7RGRVDSUXHEDQ<DVDRWUDVDR(OVLVWHPDSEOLFRWLHQHDORVDOXPQRVGHVGHORVKDVWDORVDRV/RVWLHQHGXUDQWHODUJRV
DRV\DQDVORVHQWUHJDQDOPHUFDGRODERUDOFRQXQQLYHOpPHQRVXQRqSXHVWRTXHGHVSXVFRPSHWHDSHUVRQDVFRPR\RGHVKDFHUHO
HQWXHUWR\HQGHUH]DUODPDODSURQXQFLDFLQODGHIHFWXRVDJUDPWLFD\HQJHQHUDOHORGLRTXHODJHQWHWLHQHKDFLDPLLGLRPD
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VWXPDGUHHVFRFHVD" ,V\RXUPRWKHU6FRWWLVK"
1RQRORHVHVGH,UODQGD 1RVKHLVQoWVKHoVIURP,UHODQG
(VGHOVXUGHHVHSDV" ,VVKHIURPWKHVRXWKRIWKDW
FRXQWU\"
6ORHV(VGHOVXURHVWH <HVVKHLV6KHoVIURPWKH

VRXWKZHVWWREHH[DFW
SDUDVHUH[DFWR
(VPX\EHOOR ,WoVYHU\EHDXWLIXO

'QGHHVWHOFXDUWRGH :KHUHoVWKHEDWKURRPSOHDVH"
EDRSRUIDYRU"
6XEHODHVFDOHUD\HVODSULPHUD*RXSWKHVWDLUVDQGLWoVWKH
UVWGRRURQWKHOHIW
SXHUWDDODL]TXLHUGD
(VWELHQVLPHGXFKR" ,VLWDOULJKWLI,KDYHDVKRZHU"
&ODURWLHQHVXQDWRDOOD" 6XUHGR\RXKDYHDWRZHO"
1RSRGUDVGDUPHXQD 1R,GRQoWFRXOG\RXJLYHPH
RQHSOHDVH"
SRUIDYRU"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

'HTXHTXLSRHUHV" :KLFKIRRWEDOOWHDPGR\RX
VXSSRUW"
6R\KLQFKDGHO/LYHUSRRO ,oPDIDQRI/LYHUSRRO
/RV%HDWOHVHUDQGHDOO 7KH%HDWOHVZHUHIURPWKHUH
6DVHV\PXFKRVIXWEROLVWDV <HVWKDWoVULJKWDQGPDQ\
6SDQLVKIRRWEDOOSOD\HUVOLYH
HVSDROHVYLYHQDOODKRUD
WKHUHWRRQRZ
WDPELQ
(VXQDSHQDTXHSHUGLHUDQ ,WoVDSLW\WKH\ORVWWKHQDOODVW

\HDU
ODQDOHODRSDVDGR

&XQWRVDRVWHQDVFXDQGR +RZROGZHUH\RXZKHQ\RX
FDPHWR6SDLQ"
YLQLVWHD(VSDD"
9LQHGHVSXVGHOLFHQFLDUPH ,FDPHDIWHUJUDGXDWLQJIURP
XQLYHUVLW\
HQODXQLYHUVLGDG
3RUTXGHFLGLVWHYHQLUDTX" :K\GLG\RXGHFLGHWRFRPH
KHUH"
7RGRHOPXQGRPHGLMRTXH (YHU\ERG\WROGPH,ZRXOG
KDYHDORWRIIXQ
PHGLYHUWLUDPXFKR
7HQDQUD]Q" :HUHWKH\ULJKW"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

6LWHGLMHUDTXHVR\XQIXJLWLYR,I,WROG\RX,ZHUHDIXJLWLYH
ZKDWZRXOG\RXVD\"
TXGLUDV"
'LUDTXHPHHVWVPLQWLHQGR ,oGVD\WKDW\RXZHUHO\LQJWRPH
<VLWHGLMHUDTXHVR\%XGD $QGLI,VDLGWKDW,ZDV%XGGKD

ZKDWZRXOG\RXGR"
TXKDUDV"
7HDFRQVHMDUDTXHIXHUDVD ,oGDGYLVH\RXWRYLVLWD

SV\FKLDWULVW
XQSVLTXLWUD
1RVYDPRVDOSXE" 6KDOOZHJRWRWKHSXE"

3RUTXQRWHSUXHEDVHVH :K\GRQoW\RXWU\WKDWGUHVV
RQ"
YHVWLGR"
1XQFDHQFXHQWURYHVWLGRV ,FDQQHYHUQGGUHVVHVWKDW
WPH
TXHPHTXHGHQELHQ
7HVHQWDUDGHPDUDYLOOD ,WZRXOGORRNJUHDWRQ\RX
1XQFDSRGUDSHUPLWUPHOR ,FRXOGQHYHUDIIRUGLW
3RUTXQRLQYLHUWHVGLQHURHQ :K\GRQoW\RXLQYHVWPRQH\LQ
WKH6WRFN0DUNHW"
%ROVD"

(DUV 2UHMDV

7XVN &ROPLOOR
,YRU\ 0DUO
&DOI &UD
7UXQN 7URPSD

9RFDEXODULR(OHSKDQW (OHIDQWH
0LGGOH$GYDQFHG
2VWHORGHOURERGHDQRFKH" 'LG\RXKHDUDERXWODVWQLJKWoV
UREEHU\"
&XQWRVHOOHYDURQ" +RZPXFKGLGWKH\JHWDZD\
ZLWK"
'RVPLOORQHVGHHXURV\ PLOOLRQHXURVDQG

PDVWHUSLHFHV
REUDVPDHVWUDV
(OHGLFLRHVWDEDELHQ :DVWKHEXLOGLQJZHOO
SURWHFWHG"
SURWHJLGR"
1RKDEUDSDVDGRVLKXELHUD ,WZRXOGQoWKDYHKDSSHQHGLI
KDELGRXQJXDUGLDGHVHJXULGDG WKHUHKDGEHHQDVHFXULW\JXDUG

)RU(QJOLVKVXSHUVWDUVRQO\
6DEHVORTXHHVHOFRFNQH\ 'R\RXNQRZZKDWFRFNQH\
UK\PLQJVODQJ"
UK\PLQJVODQJLV"
(VXQLGLRPDHQFODYHGHODFODVH,WoVDZRUNLQJFODVVFRGH
REUHUDEDVDGRHQULPDV
ODQJXDJHEDVHGRQUK\PH
)XHLQYHQWDGRSRUFKRUL]RV ,WZDVLQYHQWHGE\FURRNVWR

SDUDGHVSLVWDUDORVSROLV
PLVOHDGWKHFRSV
$TXIHFKDVHUHPRQWD" :KHQGRHVLWGDWHEDFNWR"
+DFLDQDOHVGHOVLJOR;,; 7RZDUGVWKHHQGRIWKHWK
FHQWXU\



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

9RFDEXODULR

3RQWHDSUXHED6DEHVGHFLUORVVLJXLHQWHV
YHUERVHQLQJOV"

<RXKLWWKHQDLORQWKHKHDG
+DVGDGRHQHOFODYR

,oPLQD[
(VWR\HQXQDSULHWR

+HKLWWKHURRI
6HSXVRIXULRVR

7HOOPHLQDQXWVKHOO
'PHORHQGRVSDODEUDV

7RIHHOLOODWHDVH
6HQWLUVHLQTXLHWRHLQFPRGR


,QDQLQVWDQW
(QXQVDQWLDPQ

+DFHUXQDSUHJXQWD
3UHJXQWDUVREUHDOJR
6HDODU FRQODPDQR 
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

DVDGMHWLYRDV
DVPXFKVXVWDQWLYRLQFRQWDEOHDV
DVPDQ\VXVWDQWLYRFRQWDEOHSOXUDODV








)UDVHVFRQDGMHWLYR

)UDVHVFRQVXVWDQWLYRLQFRQWDEOH

)UDVHVFRQVXVWDQWLYRFRQWDEOHSOXUDO


5RQQ\LVDVWDOODVKLVIDWKHU
1DSROHRQZDVQoWDVWDOODV:HOOLQJWRQ
7KHUHLVDVPXFKVXQOLJKWLQ,WDO\DVLQ6SDLQ
7KHUHLVQoWDVPXFKROLYHRLOLQ*HUPDQ\DVLQ6SDLQ
0\VRQKDVDVPDQ\WR\VDVP\QHLJKERUoVVRQ
7KHUHDUHQoWDVPDQ\HOHSKDQWVLQ6SDLQDVLQ$IULFD

7DPELQKDFHPRVDOLJXDOTXHHQFDVWHOODQRIUDVHVHQODVTXHHOVXVWDQWLYRHVLPSOFLWR\QRDSDUHFH
,KDYHDVPXFKDV\RX 7HQJRWDQWRFRPRW
,KDYHDVPDQ\DV\RX 7HQJRWDQWRVFRPRW




(VWLPDGD6UD0XUUD\

'HDU0V0XUUD\

*UDFLDVSRUVXFDUWDGHOGHPD\R7HQJRORFDOL]DGDODLQIRUPD
FLQTXH9GQRVVROLFLW\DGHPVDGMXQWRODVKRMDVGHHVSHFL
FDFLRQHVSDUDHO6LVWHPDGH$ODUPDV$QWLUURERHOFXDOLQFOX\H
SDQHOGHFRQWUROVHQVRUHV\XQLGDGH[WHULRUGHDODUPDFRQVLUHQD
\OXFHVGHGHVWHOOR
/RV SURGXFWRV DUULED LQGLFDGRV SXHGHQ VHU DGTXLULGRV HQ FXDO
TXLHUDGHQXHVWURVGLVWULEXLGRUHVDXWRUL]DGRV$GMXQWDPRVXQD
UHODFLQGHORVPLVPRVHQVXUHD6LQHPEDUJRQRVRWURVQRWUD
EDMDPRVHOKLORGHFREUHTXH9GQHFHVLWDUSDUDKDFHUODLQVWD
ODFLQSHURSXHGHFRPSUDUORHQFXDOTXLHUDOPDFQGHUHSXHVWRV
HOFWULFRV
6LQHFHVLWDLQIRUPDFLQDGLFLRQDODFHUFDGHHVWHXRWURSURGXFWR
FRQWDFWHFRQQXHVWUR'HSDUWDPHQWRGH$WHQFLQDO&OLHQWH
*UDFLDVSRUVXLQWHUVHQORVSURGXFWRVGH6HFXULW\6\VWHPV(VSH
UDPRVSRGHUVHUYLUOHRWUDYH]HQHOIXWXUR

7KDQN\RXIRU\RXUOHWWHURI0D\,KDYHORFDWHGWKHLQIRUPDWLRQ
WKDW\RXUHTXHVWHGDQGLQDGGLWLRQ,KDYHHQFORVHGWKHVSHFLFDWLRQ
VKHHWV IRU WKH %XUJODU $ODUP 6\VWHP ZKLFK LQFOXGHV WKH FHQWUDO
FRQWUROSDQHOWKHVHQVRUVDQGWKHRXWGRRUDODUPXQLWZLWKVLUHQDQG
DVKLQJOLJKWV
7KHDERYHSURGXFWVFDQEHSXUFKDVHGIURPDQ\RIRXUDXWKRUL]HG
GLVWULEXWRUV:HKDYHHQFORVHGDOLVWRIRQHVLQ\RXUDUHD+RZHYHUZH
GRQRWFDUU\WKHFRSSHUZLULQJWKDW\RXZLOOQHHGIRU\RXULQVWDOODWLRQ
EXW\RXFDQEX\LWDQ\HOHFWULFDOVXSSOLHVVWRUH
6KRXOG \RX QHHG DGGLWLRQDO LQIRUPDWLRQ DERXW WKHVH RU RWKHU
SURGXFWVSOHDVHFRQWDFWRXU&XVWRPHU6HUYLFH'HSDUWPHQW
7KDQN \RX IRU \RXU LQWHUHVW LQ 6HFXULW\ 6\VWHPV SURGXFWV:H ORRN
IRUZDUGWREHLQJRIVHUYLFHWR\RXDJDLQLQWKHIXWXUH
6LQFHUHO\

$WHQWDPHQWH




(VWLPDGRDPLJR\DOXPQR0XFKRVHQYLGLDQDORVIXWEROLVWDVH[WUDQMHURVTXHDOSRFRWLHP
SRGHYLYLUHQ(VSDDFRQWHVWDQHQHVSDRODODVSUHJXQWDVGHORVSHULRGLVWDV6DEHQPHQRV
HVSDROTXHXVWHGLQJOVSHURKDEODQVLQLQPXWDUVH\GHODQWHGHFPDUDVGHWHOHYLVLQ$
GLIHUHQFLDGHXVWHGTXLHQSUHHUHQRUPDOPHQWHXVDUHOLQJOVVRODPHQWHHQFODVHFRQVX
SURIHVRUHOIXWEROLVWDYLYHDVHGLDGRSRUHOLGLRPD/RVLQSXWVOLQJVWLFRVJLUDQDVXDOUHGH
GRUHQORVHQWUHQDPLHQWRVHQODWHOHYLVLQHQWRGDVSDUWHV(VOJLFRTXHSURQWRVLQWRQLFH\
GLJDVXVFXDWURSDODEUDV(OGHORVHVWXGLDQWHVGHLQJOVHQ(VSDDSUHHUHQHYLWDUWHQHU
TXHXVDUHOLGLRPD(VTXLYDQRKX\HQGHRSRUWXQLGDGHVGHXVR6DEHQFLQFRYHFHVPVLQJOV
HQWHRUDTXHDTXHOORVUXVRVREOJDURVTXHDORVWUHVPHVHVKDEODQHVSDROGHODQWHGHWRGR
HOPXQGR6LXVWHGVHVLHQWHDOXGLGRDTXHQWRQFHVLQWHQWHVXSHUDUHOVHQWLGRGHOULGFXOR
SRUTXHVLQRORFRQVLJXHMDPVOOHJDUDXQQLYHOPQLPRVXFLHQWH
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VXQUHVWDXUDQWHFDUR" ,VLWDQH[SHQVLYHUHVWDXUDQW"
(VFDURSHURHVPX\EXHQR ,WoVH[SHQVLYHEXWLWoVYHU\
JRRG
(VWFHUFDGHDTX" ,VLWQHDUKHUH"
1RHVWXQSRFROHMRV 1RLWoVDOLWWOHIDU
(VRQRHVPX\EXHQR 7KDWoVQRWYHU\JRRG

&XQWRVDRVWLHQHWX +RZROGLV\RXUEURWKHU"
KHUPDQR"
7LHQHDRV +HoV\HDUVROG
|9D\D(VRHVXQKHUPDQRPD\RU |:RZ7KDWoVDQROGEURWKHU
<RWHQJRWDPELQ ,oPWRR
|6RLVJHPHORVHQWRQFHV <RXoUHWZLQVWKHQ

<RON <HPD

6KHOO &VFDUD

:KLWH &ODUD

7HDVSRRQ &XFKDULWD

(JJFXS +XHYHUD

9RFDEXODULR%RLOHGHJJ +XHYRSDVDGRSRUDJXD

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

'QGHLUVHVWDV1DYLGDGHV" :KHUHZLOO\RXJRWKLV
&KULVWPDV"
&UHRTXHYROYHUDFDVD ,WKLQN,oOOJRKRPH
,UWXQRYLDFRQWLJR" :LOO\RXUJLUOIULHQGJRZLWK\RX"
1RYHQGUFRQPLJR 6KHZRQoWFRPHZLWKPH
7LHQHTXHHVWXGLDUSDUDXQRV 6KHKDVWRVWXG\IRUVRPH
LPSRUWDQWH[DPV
H[PHQHVLPSRUWDQWHV

6DEHVGQGHHVW*RPHUD" 'R\RXNQRZZKHUH*RPHUDLV"
0HSXHGHVGHFLUTXKRUDHV" &DQ\RXWHOOPHZKDWWKHWLPHLV"
1RPHDFXHUGRGQGHIXHHOOD ,GRQoWUHPHPEHUZKHUHVKH
ZHQW
6DEHOFXQGRHPSH]" 'RHVKHNQRZZKHQLWVWDUWHG"
1RVSRUTXYLQLHURQ ,GRQoWNQRZZK\WKH\FDPH

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XIXHORSULPHURTXH :KDWZDVWKHUVWWKLQJ\RX

GLGZKHQ\RXJRWXSWRGD\"
KLFLVWHDOOHYDQWDUWHKR\"
+LFHODVFRVDVGHFDVD ,GLGWKHKRXVHZRUN
1RGHVD\XQDVWHQDGD" 'LGQoW\RXKDYHDQ\WKLQJIRU
EUHDNIDVW"
&RPEDFRQVDOFKLFKDV ,DWHEDFRQVDXVDJHV
FKDPSLRQHVKXHYRV\DOXELDV PXVKURRPVHJJVDQGEHDQV
7HYDVDSRQHUPX\JRUGR <RXoUHJRLQJWRJHWUHDOO\IDW

0HJXVWDUDTXHWHHVIRU]DUDV ,oGOLNH\RXWRPDNHDELJJHU
HIIRUW
PV
4XWHJXVWDUDTXHKLFLHUD :KDWZRXOG\RXOLNHPHWRGR
H[DFWO\"
H[DFWDPHQWH"
7HQGUDVTXHOOHJDUDWLHPSR <RXoUHVXSSRVHGWRDUULYHRQ
WLPHIRUZRUN
DOWUDEDMR
(UHVGHPDVLDGRH[LJHQWH <RXoUHWRRGHPDQGLQJ
|7LHQHVGHPDVLDGDFDUD <RXoYHJRWWRRPXFKFKHHN

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

&XQWRWDUGDUDVHQWHUPLQDU +RZORQJZRXOGLWWDNH\RXWR
QLVKLI\RXKDGPRUHWLPH"
VLWXYLHUDVPVWLHPSR"
3XHGHTXHQHFHVLWHRWUD ,PLJKWQHHGDQRWKHUIRUWQLJKW
TXLQFHQD
$PSOLDUWXSOD]RGRV ,oOOH[WHQG\RXUGHDGOLQHE\
ZHHNVWKHQ
VHPDQDVHQWRQFHV
1RWHIDOODU ,ZRQoWOHW\RXGRZQ
|$VHJUDWHGHHOOR 0DNHVXUHRILW

4XVLJQLFDUZDQGHU" ,ZRQGHUZKDWpZDQGHUq
PHDQV"
1RTXLHUHGHFLUpSUHJXQWDUVH 'RHVQoWLWPHDQpWRDVNRQHVHOI
VRPHWKLQJq"
DOJRq"
(VRHVFRQpRq\RPHUHHURD 7KDWoVZLWKDQpRq,oPUHIHUULQJ

WRWKHZRUGZLWKDQpDq
ODSDODEUDFRQpDq
$SUHQGHULQJOVVXSRQHXQ /HDUQLQJ(QJOLVKLVYHU\

FKDOOHQJLQJ
JUDQGHVDIR
4XHUHUHVSRGHU :KHUHWKHUHoVDZLOOWKHUHoVD
ZD\



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

0VTXH0HQRVTXH

,QEURDGGD\OLJKW
$SOHQDOX]GHOGD

+HoVLQWKHFOLQN
(VWHQFKLURQD

,QFROGEORRG
$VDQJUHIUD

,QWKHORQJUXQf
$ODODUJD

,ZRXOGQoWOLNHWREHLQKLVVKRHV
1RPHJXVWDUDHVWDUHQVXSHOOHMR

.HHSPHLQWKHORRS
0QWHQPHHQHOFUFXORGHORV
LQIRUPDGRV

5HFXHUGDTXHKD\GRVIRUPDVGHWUDGXFLU
pPHQRVqpOHVVqVHHPSOHDSDUDVXVWDQWLYRV
QRFRQWDEOHV\pIHZHUqSDUDVXVWDQWLYRV
FRQWDEOHVHQSOXUDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
3RUTXWLHQHVPVFRPLGDTXH\R"
'HEHUDFRPHUPVIUXWDGHODTXHFRPR
0VWLHQHPHQRVOHWUDVTXHPHQRV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UHVHQWH 7KHUHLVDSDUW\QRZ
7KHUHDUHVHYHUDOSDUWLHVQRZ

+D\XQDHVWDDKRUD
+D\YDULDVHVWDV
DKRUD

3DVDGR

+XERXQDHVWDD\HU
+XERYDULDVHVWDV
D\HU

7KHUHZDVDSDUW\\HVWHUGD\
7KHUHZHUHVHYHUDOSDUWLHV
\HVWHUGD\

)XWXUR

7KHUHZLOOEHDSDUW\WRPRUURZ +DEUXQDHVWD
PDDQD
7KHUHLV
7KHUHDUH
1RWDFPRVLHPSUHHPSH]DPRVODIUDVH
7KHUHZDV
FRQODSDODEUDpWKHUHqVHJXLGDGHXQD
7KHUHZHUH
FRQMXJDFLQGHOYHUERpWREHq
7KHUHZLOOEH

6U$OFDOGH
/DSURSXHVWDDGMXQWDHVER]DQXHVWURSODQSDUDPHMRUDUODSUR
GXFWLYLGDGGHOSHUVRQDOGHVX'HSDUWDPHQWRGH3DUTXHV\0HGLR
$PELHQWH1XHVWURSURJUDPDOHSHUPLWHDSURYHFKDUORVUHFXUVRV
WDQWRHFRQPLFRVFRPRKXPDQRVVLQGHVSHGLUHPSOHDGRVRUH
GXFLUODDWHQFLQDOSEOLFR
(O6U+XJK%DFKHQFDEH]DUQXHVWURVWDIIGHHVSHFLDOLVWDVsXQHTXL
SRTXHDSRUWDDHVWDWDUHDXQWRWDOFRPELQDGRGHDRVGHH[
SHULHQFLDHQFDPSRVSDUHFLGRV(O6U%DFKOHLQIRUPDUFDGDPHVGH
ORVUHVXOWDGRVGHOHTXLSRGXUDQWHHODRTXHGXUDHOHVWXGLR
(QVLWXDFLRQHVVLPLODUHV6DZ\HUDQG)ULVN6$DXPHQWODSUR
GXFWLYLGDGHQWUHXQ\XQSRUFLHQWR/RFRQVHJXLPRVGHVD
UUROODQGRXQDPHMRUFRPXQLFDFLQHQWUHHO6WDII\OD'LUHFFLQ\
HQWUHHOSHUVRQDOGHOGHSDUWDPHQWR\HOSEOLFR/RVPHFDQLVPRV
TXHLPSODQWDPRVSDUDGDUDFRQRFHUODVTXHMDVPHMRUDURQQRWD
EOHPHQWHODPRUDOGHORVHPSOHDGRV
1XHVWURSURJUDPDKDGHPRVWUDGRVHUXQSRGHURVRDOLDGRSDUD
DERUGDUSUREOHPDVGHLQDFLQ\UHGXFFLRQHVSUHVXSXHVWDULDV
$WHQWDPHQWH

(VWDUHJODQXQFDFDPELD(QIXWXUDVFKDVYHUHPRVH[SUHVLRQHV
PVGHVDUUROODGDVGHHVWDIUPXODFRPRpKDKDELGRqpKDEUDq
pGHEHKDEHUqpWLHQHTXHKDEHUqHWF
6LHPSUHHVODSDODEUDpWKHUHqPVXQDFRQMXJDFLQGHOYHUERpWR
EHq0VHMHPSORV
:KHQZLOOWKHUHEHDPHHWLQJ"
7KHUHZLOOEHDPHHWLQJ
WRPRUURZ
:LOOWKHUHEHDQRSSRUWXQLW\IRU
PH"
7KHUHZRQoWEHDGHFLVLRQXQWLO
QH[WZHHN
7KHUHZLOOEHDORWRISHRSOHDW
WKHZHGGLQJ

&XQGRKDEUXQDUHXQLQ"
+DEUXQDUHXQLQPDDQD
+DEUXQDRSRUWXQLGDGSDUD
P"
1RKDEUXQDGHFLVLQKDVWDOD
VHPDQDSU[LPD
+DEUPXFKDJHQWHHQOD
ERGD

'HDU0D\RU%HUNVRQ
7KH HQFORVHG SURSRVDO RXWOLQHV RXU SODQ WR LPSURYH HPSOR\HH
SURGXFWLYLW\ LQ \RXU 3DUNV DQG (QYLURQPHQW 'HSDUWPHQW 2XU
SURJUDP HQDEOHV \RX WR PDNH WKH PRVW RI ERWK HFRQRPLF DQG
KXPDQ UHVRXUFHV ZLWKRXW OD\LQJ RII DQ\ HPSOR\HHV RU UHGXFLQJ
UHVSRQVLYHQHVVWRWKHSXEOLF
0U+XJK%DFKZLOOKHDGRXUVWDIIRIVSHFLDOLVWVDWHDPZKLFKEULQJV
WR WKLV DVVLJQPHQW D FRPELQHG WRWDO RI  \HDUV RI H[SHULHQFH LQ
UHODWHGHOGV0U%DFKZLOOUHSRUWWKHWHDPVQGLQJVWR\RXHDFK
PRQWKGXULQJWKHRQH\HDUVWXG\
,QVLPLODUVLWXDWLRQV6DZ\HUDQG)ULVN,QFLQFUHDVHGSURGXFWLYLW\WR
SHUFHQW:HDFKLHYHGWKLVE\GHYHORSLQJEHWWHUFRPPXQLFDWLRQV
EHWZHHQ VWDII DQG 0DQDJHPHQW DQG EHWZHHQ GHSDUWPHQW
SHUVRQQHO DQG WKH SXEOLF7KH PHFKDQLVPV ZH LQVWDOOHG IRU DLULQJ
JULHYDQFHVPDUNHGO\LPSURYHGHPSOR\HHPRUDOH
2XUSURJUDPKDVSURYHGWREHDSRZHUIXODOO\LQWDFNOLQJWKHSUREOHPV
RILQDWLRQDQGEXGJHWFXWEDFNV
9HU\WUXO\\RXUV

5LFKDUG9DXJKDQ


(VWLPDGRDPLJR\DOXPQR8QGLUHFWLYRGHXQDPXOWLQDFLRQDOIDUPDFXWLFDSRQHOD&11QDGDPVOOHJDUDFDVD/XHJROHHFHQD\FKDUOD
FRQVXIDPLOLDFRQXQLQJOVGHIRQGRTXHOHYDDFDULFLDQGRHORGR(OQGHVHPDQDOHHHOSHULGLFRHQHVSDROFRQFDVFRVSXHVWRV\XQ
&'VXPLQLVWUDQGRLQJOVDVXVRGRV1ROHSUHVWDDWHQFLQDOJXQDSHURHQXQDRDEVRUEHKRUDVGHpPVLFDqLQJOHVD(OGLUHFWRU
GHXQDHPSUHVDTXPLFDWXYRRWUDLGHD2EOLJDGRSRUVXPGLFRDXQDKRUDGLDULDGHELFLFOHWDHVWWLFDGHFLGLSRQHUVHDXULFXODUHV\
HVFXFKDULQJOV(QSRFRVPHVHVODDQJXVWLDGHODVUHXQLRQHVVHKDEDUHGXFLGRDOPQLPR2WURGHXQEDQFRLQJOVHPSH]DOHYDQWDUVH
DQWHV\FDIHQPDQRHPSDSDUVHGHO6N\1HZVLQJOV(QWUHVRUERVRDPHGLDKRUDGLDULDGHQRWLFLDV$YHFHVVXPHQWHYDJDEDSHURVXV
RGRVUHJLVWUDEDQWRGR\SURQWRHPSH]DEDDHQWHQGHUPHMRUDVXVLQWHUORFXWRUHV(OVHFUHWRHVWHQORTXHHQLQJOVOODPDPRVpH[SRVX
UHq(VPVHFD]pRUqLQJOVTXHHVFXFKDUOR1RVHHQWLHQGHDRWURMQGRVHHQVXVSDODEUDVVLQRDEVRUELHQGRHOVHQWLGRGHVXVRUDFLR
QHV(VHVWDDFWLWXGGHUHODMDGDDEVRUFLQORTXHXQRGHEHIRPHQWDU3RQHUXQYGHRGLFLHQGRpYR\DHQWHQGHUHVWDSHOFXODDXQTXHPH
PXHUDHQHOHPSHRqHVFRQWUDSURGXFHQWH8QRGHEHSRQHUODSHOFXODSHURQRHVIRU]DUVHSDUDHQWHQGHUOD6LDOQDOQRKDHQWHQGLGR
QDGDSXHVTXHSRQJDRWUDPDDQD\GHVSXVRWUD$ORVVHLVPHVHVVYDDHQWHQGHUFRVDVPXFKDVFRVDV





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(UHVPLDPLJR" $UH\RXP\IULHQG"
1RQRORVR\/RVLHQWR 1R,oPQRW,oPVRUU\
'QGHHVWQ" :KHUHDUHWKH\"
$TXHOORVVRQWXVDPLJRV" $UHWKRVH\RXUIULHQGV"
1RHVDHVPLIDPLOLD 1RWKDWoVP\IDPLO\

4XKDFHV" :KDWDUH\RXGRLQJ"
9R\DOPGLFR ,oPJRLQJWRWKHGRFWRU
3RUTX"&XOHVHOSUREOHPD" :K\":KDWoVWKHSUREOHP"
7HQJRGRORUGHPXHODV ,KDYHDWRRWKDFKH
7LHQHVTXHLUDOGHQWLVWD <RXKDYHWRJRWRWKHGHQWLVW
QRWWKHGRFWRU
QRDOPGLFR

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&RQTXIUHFXHQFLDYDVDOD +RZRIWHQGR\RXJRWR
FKXUFK"
LJOHVLD"
9R\SRFDVYHFHVDKRUD ,VHOGRPJRQRZ
4XTXLHUHGHFLUpSRFDVYHFHVq":KDWGRHVpVHOGRPqPHDQ"
4XLHUHGHFLUXQDYH]DODR ,WPHDQVRQFHD\HDUDW

&KULVWPDV
HQ1DYLGDG
(VODQLFDYH]DODRTXHYDV" ,VWKDWWKHRQO\WLPHLQWKH\HDU
\RXJR"

+DVSUREDGRDOJXQDYH]VXVKL" +DYH\RXHYHUWULHGVXVKL"
1RQRPHJXVWDODFRPLGD 1R,GRQoWOLNHIRUHLJQIRRG
H[WUDQMHUD
0HYDVDGHFLUTXHQRFRPHV $UH\RXJRLQJWRWHOOPH\RX
SDWDWDVRDUUR]"
GRQoWHDWSRWDWRHVRUULFH"
7RGRHOPXQGRFRPHHVDV (YHU\ERG\HDWVWKRVHIRRGV
FRPLGDV
3XHVHUDQFRPLGDVH[WUDQMHUDV :HOOWKH\ZHUHIRUHLJQIRRGV
KDFHFLHQWRVGHDRVWDPELQ KXQGUHGVRI\HDUVDJRWRR

0LGGOHQJHU &RUD]Q

,QGH[QJHU QGLFH
5LQJQJHU $QXODU

/LWWOHQJHU 0HLTXH

7KXPE 3XOJDU

9RFDEXODULR7KH+DQG /D0DQR
+LJK,QWHUPHGLDWH
7HGHMDQWXVSDGUHVSDVDU 'R\RXUSDUHQWVOHW\RXVWD\

WRGDODQRFKHIXHUD"
RXWDOOQLJKW"
1RPHKDFHQYROYHUSURQWR 1RWKH\PDNHPHFRPHKRPH
HDUO\
$TXKRUDWLHQHVTXHYROYHU :KDWWLPHGR\RXKDYHWRJR

KRPH"
DFDVD"
&XDQGRHOVROVHSRQJD :KHQWKHVXQVHWV
3RGUVKDFHUORTXHTXLHUDV :LOO\RXEHDEOHWRGR
ZKDWHYHU\RXZDQWZKHQ
FXDQGRVHDVPD\RU"
\RXoUHROGHU"

/RZ$GYDQFHG
6HKDFHQERFDGLOORVDTX
6HHVWFRQVWUX\HQGRDKRUD
6HJUDEHODRSDVDGR
&XQGRVHUP"
6HFUH\HURQPXFKDVPHQWLUDV
WX\DV

0LGGOH$GYDQFHG

6DQGZLFKHVDUHPDGHKHUH
,WoVEHLQJEXLOWQRZ
,WZDVUHFRUGHGODVW\HDU
:KHQZDVLWVLJQHG"
0DQ\RI\RXUOLHVZHUH
EHOLHYHG

)RU(QJOLVKVXSHUVWDUVRQO\

&XDQWRPVSLHQVRPVPH 7KHPRUH,WKLQNWKHPRUH,
ZRUU\
SUHRFXSR
&XDQWRPVPHSUHRFXSRPV 7KHPRUH,ZRUU\WKHPRUH
LQWHQVHP\KHDGDFKHVDUH
LQWHQVRVVRQPLVGRORUHVGH
FDEH]D
&XDQWRSHRUHVVRQPLVGRORUHV7KHZRUVHP\KHDGDFKHVDUH
GHFDEH]DPHQRVGXHUPR
WKHOHVV,VOHHS
&XDQWRPHQRVGXHUPRSHRU 7KHOHVV,VOHHSWKHZRUVH,
DVSHFWRWHQJR
ORRN
(QWRQFHV\DHVKRUDGHTXHGHMH7KHQLWoVWLPH,VWRSSHG
GHSHQVDU
WKLQNLQJ

7RGDYDYDVGHWUVGHHVDFKLFD"$UH\RXVWLOODIWHUWKDWJLUO"
&XQGRYDVDLQWHQWDU :KHQDUH\RXJRLQJWRWU\DQG

OLJUWHOD"
SXOOKHU"
7LHQHVPLHGRGHTXHWH $UH\RXIULJKWHQHGVKHoVJRLQJ

UHFKDFH"
WRNQRFN\RXEDFN
4XLHQQRVHDUULHVJDQRJDQD 1RWKLQJYHQWXUHGQRWKLQJ
JDLQHG
9R\DFRQVXOWDUORFRQOD ,oPJRLQJWRVOHHSRQLW
DOPRKDGD



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

([SUHVLQGHODVHPDQD

7REHLQWKHUHG
(VWDUHQQPHURVURMRV GHFLWDULR 

,WoVLQWKHSLSHOLQH
(VWHQIDVHGHGHVDUUROOR

|2MR7RGDVHVWDVIUDVHVVHH[SUHVDQFRQXQ
YHUERDX[LOLDUGHPV

7REHLQWKHEODFN
1RHVWDUHQQPHURVURMRV

+HYDQLVKHGLQWRWKLQDLU
'HVDSDUHFLVLQGHMDUUDVWUR

:HoUHLQWKHVDPHERDW
(VWDPRVORVGRVHQODPLVPDVLWXDFLQ

+HoVDMDFNRIDOOWUDGHV
(VXQPDRVRTXHVDEHKDFHUGH
WRGR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(OODQRVHDFXHUGDGHFXDQGROHFRQRFL
1RPHDFXHUGRGHWXQRPEUH
OQRVHDFXHUGDGHQDGDGHODHVWD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(YHU\WKLQJDERXWWKHZHDWKHU
+DFHEXHQGD 7KHZHDWKHUoVQLFH
R,WoVDQLFHGD\
+DFHEXHQWLHPSR 7KHZHDWKHUoVQLFH
+DFHXQWLHPSRHVSOQGLGR ,WoVDQHGD\R,WoVD
EHDXWLIXOGD\
+DFHPDOWLHPSR 7KHZHDWKHUoVEDG
+DFHXQWLHPSRKRUULEOH 7KHZHDWKHUoVDZIXO
/OXHYHRHVWOORYLHQGR ,WoVUDLQLQJ
+DFHXQGDOOXYLRVR ,WoVDUDLQ\GD\
+DFHFDORU ,WoVKRW
+DFHIUR ,WoVFROG
+DFHXQGDWHPSODGR ,WoVZDUP
+DFHIUHVFR ,WoVFRRO
+DFHYLHQWR ,WoVZLQG\
+DFHIUR\OOXYLD ,WoVFROGDQGUDLQ\
+DFHIUR\YLHQWR ,WoVFROGDQGZLQG\
+D\QLHEOD ,WoVIRJJ\
(OFLHORHVWGHVSHMDGR 7KHVN\oVFOHDU
(VWQXEODGR ,WoVFORXG\ NORGL
(OFLHORHVWWDSDGRGHQXEHV 7KHVN\oVRYHUFDVW
1LHYD ,WoVVQRZLQJ
/OXHYHDFQWDURV ,WoVUDLQLQJFDWVDQGGRJV
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7LHQHTXHKDEHUXQDIRUPDPVVHQFLOODGHKDFHUHVWR+HOHGR
ODVLQVWUXFFLRQHVXQD\RWUDYH]\DQQRPHSXHGRFUHHUTXHVWD
VHDODQLFDPDQHUDGHKDFHUOR'DPHXQGDRGRV\DYHULJXRXQ
DWDMRTXHQRVDKRUUDUPXFKRWLHPSR,QFOXVRSXHGHTXHLQWHQWH
GLVHDUXQSURJUDPDLQWHUQRGHVGHFHUR&XDOTXLHUFRVDHVPHMRU
TXHKDFHUORFRPRLQGLFDQODVLQVWUXFFLRQHV


&DHJUDQL]R
/XFHHOVRO
6HHVWQXEODQGR
(OFLHORVHHVWGHVSHMDQGR
(VWVDOLHQGRHOVRO SRUGHWUVGHODVQXEHV 
7RUPHQWD
7LHPSRWRUPHQWRVR
5D\RV\WUXHQRV

,WoVKDLOLQJ
7KHVXQoVVKLQLQJ
,WoVJHWWLQJFORXG\
7KHVN\oVFOHDULQJXS
7KHVXQoVFRPLQJRXW
6WRUP
6WRUP\ZHDWKHU
/LJKWQLQJDQGWKXQGHU

&XDQGRSUHJXQWDPRVSRUHOWLHPSRVROHPRVXWLOL]DUGRV
H[SUHVLRQHV
+RZoVWKHZHDWKHU"
:KDWoVWKHZHDWKHUOLNH"
/DSULPHUDH[SUHVLQODXVDPRVQRUPDOPHQWHFXDQGRVOR
TXHUHPRVWHQHUFRQYHUVDFLQ3RUHMHPSORVLHVWR\KDEODQGR
FRQXQDPLJRTXHHVWHQ(VWRFROPROHSXHGRSUHJXQWDUp+RZoV
WKHZHDWKHULQ6WRFNKROP"q5HDOPHQWHQRQHFHVLWRVDEHUFPR
HVWHOWLHPSRSRUTXHQRPHDIHFWD$KRUDELHQVLHVWR\HQPL
KDELWDFLQGHFLGLHQGRTXSRQHUPHSDUDVDOLUSXHGRSHGLUDPL
PXMHUTXHPLUHSRUODYHQWDQD\PHGLJDTXWLHPSRKDFH(Q
HVWHFDVRGLUDp:KDWoVWKHZHDWKHUOLNHWRGD\"q

7KHUHoVJRWWREHDQHDVLHUZD\WRGRWKLV,oYHUHDGWKHLQVWUXFWLRQV
RYHUDQGRYHUDJDLQDQG,VWLOOFDQoWEHOLHYHWKDWWKLVLVWKHRQO\
ZD\WRGRLW*LYHPHDGD\RUWZRDQG,oOOJXUHRXWDVKRUWFXW
WKDWoOOVDYHXVDORWRIWLPH,PD\HYHQWU\WRGHVLJQDQLQKRXVH
SURJUDPIURPVFUDWFK$Q\WKLQJoVEHWWHUWKDQGRLQJLWWKHZD\
WKHLQVWUXFWLRQVVD\


(OODPHQWRGHODEHOOD(OYLUD

(VFRQPXFKRSHVDUTXHRVFXHQWRHOFXHQWR
'HFyPR(OYLUDPXMHUFRQWDOHQWR
6HYLRLPSRWHQWH\WUXQFDGRVXVXHxR
<FyPRVXPXQGRWHUPLQyWDQSHTXHxR
(OYLUDIXHOLVWDPiVOLVWDTXHQLQJXQR
'HVXFODVHIXHVLHPSUHODQ~PHURXQR
&XUVyXQJUDQ0DVWHUHOPHMRUGHOSDtV
<IXHPX\GXOFHPiVGXOFHTXHHODQtV
(QFDQWDEDDWRGRVFRQPDJLD\KHFKL]R
(UDJXDSDFRQJDQDVFRQXQDLUHFDVWL]R
6XLQWHQFLyQHUDFODUDTXHUtDFRQTXLVWDU
(OPXQGRHQWHUR\DWRGRVGHVOXPEUDU
7REHFRQWLQXHG

(VWLPDGRDPLJR\DOXPQR&RQRFD(OYLUDHQFXDQGRYLQRDPLHPSUHVDSDUDUHDOL]DU
SUFWLFDV7HQGUDXQRVDRVHQHVHPRPHQWR\HVWDEDHQHOOWLPRDRGH,FDGH(UDXQD
MRYHQHVSDELODGD\OLVWD\PHH[WUDTXHQRVXSLHUDQDGDGHLQJOV6HORDGYHUW\HOODHVWDED
GHDFXHUGRHQTXHWHQDTXHDERUGDUHVWHWHPDSHURVXSULPHUDSULRULGDGHUDWHUPLQDUOD
FDUUHUD\DFWRVHJXLGRUHDOL]DUXQRGHORVPDVWHUVPVIDPRVRVGH(VSDDORFXDOUHTXHUD
TXH VH WUDVODGDUD GRV DRV D %DUFHORQD 'HVSXV GH VXV FXDWUR PHVHV GH SUFWLFDV HQ PL
HPSUHVDVHJXLPRVHQFRQWDFWR\FRPRVHKDEDSURSXHVWRIXHD%DUFHORQD\GRVDRVPV
WDUGHWHUPLQFRQ[LWRHOPDVWHUHQFXHVWLQ&RQRFLDXQMRYHQGH$OLFDQWHFRPSDHURGH
FXUVR\VHKLFLHURQQRYLRV'HFLGLHURQDQFDUVHHQ&DWDOXD\(OYLUD\DSUHSDUDGDHQWRGRV
ORVDVSHFWRVVHSURSXVRIRUMDUXQDYLGDSURIHVLRQDOHQ%DUFHORQD(VWDEDFRQYHQFLGDGHTXH
VDEUDWUDVODGDUORV[LWRVDFDGPLFRVDOPXQGRSURIHVLRQDO6HJXLUHPRVVXKLVWRULDHQODV
SU[LPDVFKDVGH(/081'2
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

'QGHHVWPLEROVR" :KHUHoVP\EDJ"
(VWGHEDMRGHODPHVD ,WoVXQGHUWKHWDEOH
4XPHVD" :KLFKWDEOH"
/DPHVDGHOULQFQGHVX 7KHWDEOHLQWKHFRUQHURIKHU
KDELWDFLQ
URRP
3RUTXHVWDOO" :K\LVLWWKHUH"

4XLHURVDOLUFRQO ,ZDQWWRJRRXWZLWKKLP
3RUTXTXLHUHVVDOLUFRQO" :K\GR\RXZDQWWRJRRXW
ZLWKKLP"
1RHVWR\VHJXURFUHRTXH ,oPQRWVXUH,WKLQNKHKDV
VRPHWKLQJGLIIHUHQW
WLHQHDOJRGLIHUHQWH
3XHVQRWLHQHQLGLHQWHVQLSHOR :HOOKHGRHVQoWKDYHDQ\WHHWK
RUKDLU
(VWR\KDEODQGRGHVXEHOOH]D ,oPWDONLQJDERXWKLVLQQHU
EHDXW\
LQWHULRU

/RZ,QWHUPHGLDWH
+DEODVWHFRQWXMHIDD\HU" 'LG\RXVSHDNWR\RXUERVV
\HVWHUGD\"
1RWXYHQDGDGHWLHPSR ,GLGQoWKDYHDQ\WLPH
+DEODUVFRQHOODKR\" :LOO\RXVSHDNWRKHUWRGD\"
/DYHUVLHQFXHQWURWLHPSR ,oOOVHHKHULI,FDQQGWLPH
7LHQHVTXHHQFRQWUDUWLHPSR <RXKDYHWRQGWLPH

0LGGOH,QWHUPHGLDWH
+DVKDEODGRFRQHOODKR\" +DYH\RXVSRNHQWRKHUWRGD\\HW"
7RGDYDQRKDOOHJDGR 6KHKDVQoWDUULYHG\HW
4XLHUHVTXHKDEOHFRQHOOD" 'R\RXZDQWPHWRVSHDNWRKHU"
(VRHVWDUDUHDOPHQWHELHQ 7KDWZRXOGEHUHDOO\QLFH
FRXOG\RX"
SRGUDV"
0HGHEHVXQIDYRUHQWRQFHV <RXRZHPHDIDYRXUWKHQ

+LJK,QWHUPHGLDWH
(VXQDPXMHUGHPXFKR[LWR 6KHoVDUHDOO\VXFFHVVIXOZRPDQ
3RUTXKDWHQLGRWDQWR[LWR":K\KDVVKHKDGVRPXFKVXFFHVV"
7UDEDMDGXUR\KDWHQLGR 6KHZRUNVKDUGDQGKDVEHHQ

OXFN\
PXFKDVXHUWH
$XQTXHVXKHUPDQRHVXQ $OWKRXJKKHUEURWKHUoVDUHDO
IDLOXUH
DXWQWLFRIUDFDVDGR
1LWUDEDMDGXURQLKDWHQLGR +HQHLWKHUZRUNVKDUGQRUKDV
KDGPXFKOXFN
PXFKDVXHUWH

/RZ$GYDQFHG
7HORKDEUDGLFKRVLOR ,ZRXOGKDYHWROG\RXLI,KDG
NQRZQ
KXELHUDVDELGR
'HEHUDVKDEUPHORGLFKR <RXVKRXOGKDYHWROGPH
&PRWHORSRGUDKDEHU +RZFRXOG,KDYHWROG\RXLI,
GLGQoWNQRZ"
GLFKRVLQRORVDED"
/RKDEUDVVDELGRVLKXELHUDV <RXoGKDYHNQRZQLI\RXoG
EHHQLQWKHULJKWSODFH
HVWDGRHQHOVLWLRDSURSLDGR
4XFUHHVTXHVR\"8Q :KDWGR\RXWKLQN,DP"$
ZL]DUG"
PDJR"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

7LHQHVHOGHVJORVHGHHVDV 'R\RXKDYHWKHEUHDNGRZQRQ
WKRVHJXUHV"
FLIUDV"
3DUDPLQRWLHQHQPXFKR 7KH\GRQoWPDNHPXFKVHQVH
WRPH
VHQWLGR
6HVXSRQHTXHHUHVXQEXHQ <RXoUHVXSSRVHGWREHDJRRG
DFFRXQWDQW
FRQWDEOH
1RSXHGRKDFHUPLODJURV1R ,oPQRWDPLUDFOHZRUNHU,P
QRWDZL]DUG
VR\PDJR
3XHGHTXHWHQJDTXHEXVFDUD ,PLJKWKDYHWRORRNIRU
VRPHRQHZKRLV
DOJXLHQTXHORVHD

(V7KH(FRQRPLVWGHGHUHFKDV,V7KH(FRQRPLVWULJKWRU
RGHL]TXLHUGDV"
OHIWZLQJ"
(QFXDQWRDSROWLFDVVRFLDOHV $VIDUDVVRFLDOSROLFLHVDUH

HVEDVWDQWHOLEHUDO
FRQFHUQHGLWoVTXLWHOLEHUDO
(VWDIDYRUGHORVPDWULPRQLRV,WoVLQIDYRXURIJD\PDUULDJHV
JD\V\ODOHJDOL]DFLQSDUFLDO
DQGSDUWLDOOHJDOLVDWLRQRI
GHODVGURJDV
GUXJV
(QUHODFLQDODSROWLFDH[WHULRU ,QWHUPVRI$PHULFDQIRUHLJQ
HVWDGRXQLGHQVHHVDOJR
SROLF\LWoVVRPHZKDW
FRQVHUYDGRU
FRQVHUYDWLYH
(FRQPLFDPHQWHKDEODQGR (FRQRPLFDOO\VSHDNLQJLWoV

HVFDVLQHROLEHUDO
DOPRVWQHROLEHUDO

)DVWIRUZDUG $YDQ]DU
5HZLQG 5HERELQDU

3OD\ 5HSURGXFLU

5HFRUG *UDEDU

3DXVH 3DXVD

9RFDEXODULR5HPRWHFRQWURO 0DQGRDGLVWDQFLD




Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

8VHGWR

-XVWDURXQGWKHFRUQHU
-XVWRDODYXHOWDGHODHVTXLQD

.HHS\RXUQJHUVFURVVHG
4XHWHQJDVVXHUWH

-XVWLQWKHQLFNRIWLPH
-XVWRDWLHPSRSRUORVSHORV

+HUNQLJKWLQVKLQLQJDUPRU
6XSUQFLSHD]XO

7RNHHSDEUHDVWZLWKf
0DQWHQHUVHDOGDVREUH

7RXFKZRRG.QRFNRQZRRG
7RFDUPDGHUD


&XDQGRKDEODPRVGHFRVDVTXHDQWHV
KDFDPRVFRQIUHFXHQFLDHPSOHDPRVOD
H[SUHVLQpXVHGWRqPVHOYHUEREVLFR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
|$QWHV\RSHQVDEDTXHDSUHQGHULQJOVVHUD
IFLO
|$QWHV\RSHQVDEDTXHODYLGDHUDIFLO
$QWHVQREHEDWDQWRFDIFRPREHERDKRUD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,WVRXQGVOLNHKHORRNVOLNH\RX 6HJQPHFXHQWDVSDUHFHTXHOVHSDUHFHDWL
/RVYHUERVGHVHQWLGR\ODVUHJODVTXHORVDFRPSDDQ
7KHYHVHQVHV
7KHVHQVHRIVLJKW
7KHVHQVHRIWRXFK
7KHVHQVHRIVRXQG
7KHVHQVHRIVPHOO
7KHVHQVHRIWDVWH

7KHYHYHUEVRIVHQVH
7RORRN
7RIHHO
7RVRXQG
7RVPHOO
7RWDVWH

pIHHOZHOOqSHURVLJQLFDpVHQWLUVHUHFXSHUDGRq(OXVRGHpZHOOq
HQHVWRVGRVOWLPRVFDVRVLPSOLFDUDTXHODSHUVRQDHQFXHVWLQ
HVWDEDHQIHUPD
5HJOD&XDQGRHOYHUERGHVHQWLGRYDVHJXLGRGHXQVXVWDQWLYR
VHOHDDGHpOLNHq

5HJOD/RVYHUERVGHVHQWLGRVORTXLHUHQDORVDGMHWLYRV'HV
GHDQDORVDGYHUELRV

<RXORRNOLNH5REHUW5HGIRUG
,IHHOOLNHDQHZPDQ

<RXORRNJRRG
,IHHOJRRG
<RXULGHDVRXQGVJRRG
<RXUFRORJQHVPHOOVJRRG
7KHIRRGWDVWHVJRRG

<RXULGHDVRXQGVOLNH3DFRoV
<RXUFRORJQHVPHOOVOLNHJDVROLQH
7KHIRRGWDVWHVOLNHGHWHUJHQW

7HYHRELHQ
0HVLHQWRELHQ
7XLGHDVXHQDELHQ
7XFRORQLDKXHOHELHQ
/DFRPLGDVDEHELHQ

7HSDUHFHVD5REHUW5HGIRUG
0HVLHQWRFRPRXQKRPEUH
QXHYR
7XLGHDVHSDUHFHDODGH3DFR
7XFRORQLDKXHOHDJDVROLQD
/DFRPLGDVDEHDGHWHUJHQWH

/RVEULWQLFRVHLUODQGHVHVDYHFHVGLFHQpVPHOOVRIqRpWDVWHVRIq
DXQTXHWDPELQXWLOL]DQpOLNHq

1RVHSXHGHGHFLUHQLQJOVpVRXQGVZHOOqQLpVPHOOVZHOOqQL
pWDVWHVZHOOq6LQHPEDUJRHVSRVLEOHGHFLUpORRNVZHOOqSHUR
VLJQLFDPVELHQpSDUHFHUUHFXSHUDGRq7DPELQVHSXHGHGHFLU

+LVFORWKHVVPHOORIFLJDUHWWHVPRNH
6XURSDKXHOHDKXPRGHWDEDFR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
+HPRVHVWDGRUHSDVDQGRODVFXHQWDVGHOQXHYRSUR\HFWRGHFRQV
WUXFFLQ\FUHHPRVTXHDQQRHVHOPRPHQWRGHEXVFDUXQVRFLR
/DOWLPDDYHQWXUDFRQMXQWDHQODTXHQRVLQYROXFUDPRVDFDE
VLHQGRXQDVFR\WRGDYDORHVWDPRVSDJDQGR1RVJXVWDUDWH
QHUXQSDUGHPHVHVPVSDUDYHUFPRSURJUHVDQHQJHQHUDOODV
RSHUDFLRQHVDQWHVGHFRPSURPHWHUQRVFRQXQDQXHYDDOLDQ]D

:HoYHEHHQJRLQJRYHUWKHJXUHVRQWKHQHZFRQVWUXFWLRQSURMHFW
DQGZHIHHOWKDWLWoVQRWWKHULJKWWLPH\HWWRVHHNDSDUWQHU7KH
ODVWMRLQWYHQWXUHZHJRWLQYROYHGLQZDVDDVFRLQWKHHQGDQG
ZHoUHVWLOOSD\LQJIRULW:HoGOLNHDFRXSOHPRUHPRQWKVWRVHHKRZ
RSHUDWLRQVDUHSURJUHVVLQJLQJHQHUDOEHIRUHFRPPLWWLQJWRDQHZ
DOOLDQFH




(OODPHQWRGHODEHOOD(OYLUD

6XSULPHUDHQWUHYLVWDIXHXQIUDFDVRURWXQGR
(OWUDEDMRTXHTXHUtDPiVTXHQDGDHQHOPXQGR
([LJtDHOLQJOpVDOJROyJLFR\QRUPDO
<HOLQJOpVGH(OYLUD"QLHVFULWRQLRUDO
(OMHIHGHVHOHFFLyQDSHVDUGHOKHFKL]R
&RQWyTXHODHPSUHVDGHXQJUXSRVXL]R
%XVFDEDDJHQWHFRQPXFKDVFXDOLGDGHV
,QFOXLGRHOLQJOpVSDUDWRGDVODVDFWLYLGDGHV
(OYLUDQRFUHtDORTXHHVWDEDSDVDQGR
$TXpHVWDEDHVWHWtRHVWHMHIHMXJDQGR"
5HFKD]DUODDHOODODQ~PHURXQR
/DPiVJXDSDODPiVOLVWDPHMRUTXHQLQJXQR
7REHFRQWLQXHG

(VWLPDGR DPLJR \ DOXPQR (VWR\ H[DJHUDQGR VHJXUDPHQWH OD UHDFFLQ GH (OYLUD WUDV VX
SULPHUDHQWUHYLVWDGHWUDEDMR6HWUDWDEDGHXQDHPSUHVDIDPRVVLPDHQWRGRHOPXQGR
FX\DOLDOHVSDRODWLHQHVXVHGHHQ%DUFHORQD(OFRQVHMHURGHOHJDGRGHODOLDOKDEDGDGR
XQDFKDUODKDFLDHOQDOGHOVHJXQGRDRHQHOPDVWHUTXH(OYLUDFXUVDEDHQ%DUFHORQD7UDV
ODFKDUODHOODOHKDEDFRQRFLGR\VWHOHDQLPDWRPDUFRQWDFWRFRQODHPSUHVD/RTXHHOOD
QROHGLMRQLVHOHRFFXULGHFUVHORHUDTXHQRVDEDLQJOV+DEDQKDEODGRGHOUHDGH
PDUNHWLQJDOJRTXHOHLQWHUHVDEDHQHVSHFLDOD(OYLUDTXLHQSHQVDEDTXHVHUDXQVXHR
KHFKR UHDOLGDG HQWUDU HQ HO GHSDUWDPHQWR GH PDUNHWLQJ GH OD HPSUHVD QPHUR XQR GHO
PXQGRHQVXVHFWRU7RGDVXYLGDKDEDVLGRXQDVXFHVLQGH[LWRVDFDGPLFRV\DKRUDLEDD
FRPHQ]DUODFDGHQDGH[LWRVHQODYLGDSURIHVLRQDO6LQHPEDUJRIXHUHFKD]DGDGHSODQRHQ
ODSULPHUDHQWUHYLVWDSRUVXIDOWDGHLQJOV7HQDDRV\KDEDH[SHULPHQWDGRVXSULPHU
FRQWUDWLHPSR9HDPRVGHTXHVWKHFKD9HDPRVVLVDEHUHPRQWDU
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

7XFDUDHVUHGRQGD <RXUIDFHLVURXQG
6XVSLHUQDVVRQODUJDV GHHOOD  +HUOHJVDUHORQJ
6XVSLHVVRQJUDQGHV GHO  +LVIHHWDUHELJ
6XVRUHMDVVRQURMDV GHHOORV  7KHLUHDUVDUHUHG
0LQDUL]HVSHTXHD 0\QRVHLVVPDOO

4XLQHVHO3ULPHU0LQLVWUR :KRLVWKH%ULWLVK3ULPH
0LQLVWHU"
%ULWQLFR"
(V*RUGRQ%URZQ ,WoV*RUGRQ%URZQ
1RHV7RQ\%ODLU" ,VQoWLW7RQ\%ODLU"
1RWLHQHRWURWUDEDMRDKRUD 1RKHKDVDQRWKHUMREQRZ
4XHVWKDFLHQGR" :KDWoVKHGRLQJ"

/RZ,QWHUPHGLDWH
&UHRTXHV ,WKLQNVR
&UHRTXHQR ,GRQoWWKLQNVR
(VSHURTXHV ,KRSHVR
(VSHURTXHQR ,KRSHQRW
3RUVXSXHVWR&ODUR 2IFRXUVH

0LGGOH,QWHUPHGLDWH
/RFRPSUHQ(O&RUWH,QJOV ,ERXJKWLWLQ(O&RUWH,QJOV
(OODWUDMRVXFPDUDDOWUDEDMR 6KHEURXJKWKHUFDPHUDWRZRUN
/XFKHQODSULPHUD*XHUUD +HIRXJKWLQWKHUVW*XOI:DU
GHO*ROIR
0HHQVHDURQHVSDROHQHO 7KH\WDXJKWPH6SDQLVKDW
FROHJLR
VFKRRO
3HQVDEDTXHYHQDV ,WKRXJKW\RXZHUHFRPLQJ

+LJK,QWHUPHGLDWH
'QGHHVWDEDVFRPLHQGR :KHUHZHUH\RXHDWLQJZKHQLW
FXDQGRVXFHGL"
KDSSHQHG"
4XKDFDVFXDQGRVHFD\HURQ:KDWZHUH\RXGRLQJZKHQ
ODV7RUUHV*HPHODV"
WKH7ZLQ7RZHUVIHOO"
,EDHQFRFKHDOWUDEDMR ,ZDVGULYLQJWRZRUNZKHQ,

FXDQGRODYL
VDZKHU
0HGLMRHOODTXHLEDDYHQLU 6KHVDLGVKHZDVJRLQJWRFRPH
4XGHFDPRV" :KDWZHUHZHVD\LQJ"

/RZ$GYDQFHG
(QYDPHORSRU606SRUOD 7H[WPHLQWKHPRUQLQJ
PDDQD
7HDGMXQWRXQDUFKLYR3') ,oPDWWDFKLQJDSGIOH
(VFUEHPHD# DUURED  :ULWHWRPHDW
HOPXQGR SXQWR FRP
# DW HOPXQGR GRW FRP
(QYDPHORSRUFRUUHR (PDLOPHLW
HOHFWUQLFR 
1RWHPROHVWHVHQHQYLUPHOR 'RQoWERWKHUID[LQJPHLW
SRUID[

)LUHPDQ %RPEHUR

+RVH 0DQJXHUD

)LUH ,QFHQGLR

/DGGHU (VFDOHUD

)LUHHQJLQH &RFKHGHERPEHURV

9RFDEXODULR7KH)LUH%ULJDGH &XHUSRGH%RPEHURV
0LGGOH$GYDQFHG
'HEHUDKDEHUPVELOOHWHV 7KHUHVKRXOGEHPRUHQRWHVLQ
HQPLFDUWHUD
P\ZDOOHW
+DKDELGRXQORFRQORV 7KHUHKDVEHHQDPL[XSZLWK
LQYLWDGRV
WKHJXHVWV
+DEUDKDELGRSUREOHPDVVL 7KHUHZRXOGKDYHEHHQ
QRKXELHUDVOODPDGR
SUREOHPVLI\RXKDGQoWFDOOHG
6LKXELHUDKDELGRSROLFDVDOO ,IWKHUHKDGEHHQVRPH
QRKDEUDSDVDGR
SROLFHWKHUHLWZRXOGQoWKDYH
KDSSHQHG
3XHGHTXHKD\DKDELGRXQ 7KHUHPLJKWKDYHEHHQD
PDOHQWHQGLGR
PLVXQGHUVWDQGLQJ

)RU(QJOLVKVXSHUVWDUVRQO\
1RKD\QLQJQMXJDGRU 7KHUHDUHQR6SDQLVKSOD\HUVLQ

HVSDROHQHOLQLFLDO
WKHVWDUWLQJ
(VHH[WUHPRL]TXLHUGRHV 7KDWOHIWZLQJHULVUHDOO\IDVW

PX\USLGR
&HQWUDODSHORWDGHPDUDYLOOD +HFURVVHVWKHEDOOZRQGHUIXOO\
|4XHFDEH]D]RGHOGHODQWHUR :KDWDKHDGHUIURPWKHFHQWUH
FHQWUR
IRUZDUG
|2KQR/HKDQH[SXOVDGR 2KQR+HoVEHHQVHQWRII

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

&RPPRQVD\LQJV

$RV

<RXNQRZIXOOZHOOWKDWf
6DEHVSHUIHFWDPHQWHTXH

7KHOHVVHURIWZRHYLOV
(OPHQRUGHORVPDOHV

$QWHVGH&ULVWRVHGLFHp%&q6DEHVFPR
GHFLPRVpG&qHQLQJOV"

7KHODVWVWUDZ
/DJRWDTXHFROPHOYDVR

$QHFHVVDU\HYLO
8QPDOQHFHVDULR

7KHODXJKLQJVWRFN
(OKD]PHUUHU

$OHYHOSOD\LQJHOG
5HJODVGHMXHJRHTXLWDWLYDV


3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
-XOLR&VDUIXHDVHVLQDGRHQD&
$OHMDQGUR0DJQRPXULHQD&
(OHPSHULRURPDQRFD\HQG&

3URQXQFLDWLRQ&ORVH\RXUPRXWKZLWKWKHOHWWHUpPq3OHDVH
LPDPQLPDXPDQ
)MDWHFRQDWHQFLQHQODVGRVH[WUDDVSDODEUDVTXHKHHVFULWR\WUDWD
GHYRFDOL]DUODV$OVHJXQGRLQWHQWRWHGDUVFXHQWDGHTXHVHWUDWDGH
p,oPDPDQq\p,oPDZRPDQq<SRUTXKHUHFXUULGRDXQDRUWRJUDID
WDQH[WUDD"3XHVSRUTXHVORDVSXHGRWUDQVPLWLUDORVHVSDROHVOD
LPSRUWDQFLDGHFHUUDUODERFDDOSURQXQFLDUODOHWUDpPqHQLQJOV
1RUPDOPHQWHORVHVSDROHVHQOXJDUGHGDUOHXQOLEURDOOHGDLVXQ
OLEURDXQDJDOOLQD ,JDYHpKHQqDERRN (QOXJDUGHHQVHDUOHVXQD
IRWRHQVHLVpHQWRQFHVqXQDIRWR ,VKRZHGpWKHQqDSKRWR (QYH]
GHLUDOJLPQDVLRYDLVDODJLQHEUD ,JRWRWKHpJLQqHYHU\GD\ (QYH]
GHOODPDUDPLDPLJR-LPSRUVXQRPEUHOHSRQLVQRPEUHGHPXMHU
KHOORp-HDQqKRZDUH\RX" HWFWHUD/OHYRDRVOXFKDQGRDIDYRU
GHODpPqLQJOHVD\HVWR\SHUGLHQGRODEDWDOODSHURSXHVWRTXHQRVH
OOHJDDODQREOHFDWHJRUDGHYHQFLGRVLQKDEHUOXFKDGRVLUYDHVWDSJL
QDFRPRXQLQWHQWRPVHQODODUJDJXHUUDSRUHOELHQGHODpPq3HUR
DQWHVGHVHJXLUPLVLQVWUXFFLRQHVPVDEDMRGLPLOYHFHVHQYR]DOWD
HOVLJXLHQWHQRPEUHSURFXUDQGRVLHPSUHFHUUDUODERFDFRQODOWLPD
OHWUD'DYLG%HFNKDP
+HSXHVWRXQDOLVWDGHSDODEUDVTXHWHUPLQDQHQpPq4XLHURTXH
UHSLWDVFDGDSDODEUDYHFHVDOGDGXUDQWHXQDR6LWHFXHVWD
DDGHXQOLJHURVRQLGRGHpDqGHVSXVGHODpPq
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
0LUD-RKQWHQHPRVTXHHQFRQWUDUXQDIRUPDGHDPRUWLJXDUHO
UXLGRHQOD]RQDFRPQGHODRFLQD/DDFVWLFDHVPDOVLPD\
FXDQGRWRGRHOPXQGRHVWDOWHOIRQRORVUXLGRVUHERWDQHQHO
VXHORSDUHGHV\WHFKRFRPRERODVGHSLQJSRQJ1RSRGUQUH
GXFLUXQSRFRHOUXLGRXQDVFXDQWDVDOIRPEUDV\TXL]XQDRGRV
SODQWDVDGLFLRQDOHV"


&ODP
'DP
/DPE
+DP
-DP
*UDP
([DP
7KHP

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

DOPHMD
SUHVD
FRUGHUR ODpEqHVPXGD
MDPQ
FRQWXUD
JUDPR
H[DPHQ
HOORV

*\P
-LP
6OLP
+\PQ
)URP
6XP
6RPH
7KXPE

JLPQDVLR
GLPLQXWLYRGH-DPHV
HVEHOWR
KLPQR ODpQqHVPXGD
GHGHVGH
VXPD
DOJXQRV
GHGRSXOJDU pEqPXGD

6HJXQGRODVHFFLQGHDEDMRFRQWLHQHIUDVHVFRQYDULDVpPq5HSL
WHODVIUDVHVFHUUDQGRODERFDFDGDYH]TXHDSDUHFHODOHWUD
6RPHRIWKHVXPVDUHIURPWKHH[DP
$OJXQDVGHODVVXPDVVRQGHOH[DPHQ 
-LPLVJRLQJWRSLFNWKHPXSIURPWKHKDPDQGFKHHVHVKRS
-LPYDDUHFRJHUOHVGHODWLHQGDGHMDPQ\TXHVR
,oPDVOLPDQLPDO 6R\XQDQLPDOHVEHOWR
$P,JRLQJWREHFRPHDFODPLQDPRPHQW"
9R\DFRQYHUWLUPHHQDOPHMDGHQWURGHXQPRPHQWR"
-LPZLOOKXPWKHK\PQLQVRPHRIWKHJ\PV
-LPWDUDUHDUHOKLPQRHQDOJXQRVGHORVJLPQDVLRV
,oPLQP\PRWKHUoVPHPRU\ (VWR\HQODPHPRULDGHPLPDGUH

/LVWHQ -RKQ ZHoYH JRW WR QG D ZD\ WR DEVRUE WKH QRLVH LQ WKH
JHQHUDORIFHDUHD7KHDFRXVWLFVDUHWHUULEOHDQGZKHQHYHU\RQHoV
RQ WKH SKRQH WKH QRLVH ERXQFHV RII WKH RRU ZDOOV DQG FHLOLQJ
OLNH FUD]\ SLQJSRQJ EDOOV &RXOGQoW D IHZ UXJV RQ WKH RRU DQG
PD\EHDQDGGLWLRQDOSODQWRUWZRUHGXFHVRPHRIWKHQRLVH"


(OODPHQWRGHODEHOOD(OYLUD

(VWLPDGRDPLJR\DOXPQR(OYLUDWLHQHPX\EXHQDDFWLWXG$OSULQFLSLRVHHQIDGFRQ
HOUHVSRQVDEOHGHUHFXUVRVKXPDQRVGHODHPSUHVDGRQGHVHHQWUHYLVWSRUSULPHUD
YH]3HURDSHVDUGHHVWDUDFRVWXPEUDGDDWHQHU[LWRHQWRGRORTXHHPSUHQGHWLHQH
VXFLHQWHKXPLOGDGSDUDGDUVHFXHQWDGHTXHXQRQRSXHGHJDQDUVLHPSUH3HURHQPL
RSLQLQHVWFRPHWLHQGRVXVHJXQGRHUURUHOFXDOFRQVLVWHHQVHJXLUEXVFDQGRWUDEDMR
4XHUtDOXFLUHQHUJtD\EULOODQWH]
VDELHQGRTXHQRVHPDQHMDHQDEVROXWRHQLQJOV'HEHUDSDUDUWRGR\YROFDUVHHQ
<VHHQWUHJyFRQJDQDV\VLQGHMDGH]
HOHVWXGLRGHOLQJOVFRPRVHKDYROFDGRKDVWDDKRUDHQVXYLGDDFDGPLFD$KRUD
$EXVFDUXQWUDEDMRHQXQDHPSUHVDGHSULPHUD(Q
GHEHGHGLFDUHOPLVPRWLHPSR\HVIXHU]RDOLQJOVTXHKDGHGLFDGRGXUDQWHGRVDRV
XQDHPSUHVDER\DQWHHQXQDHPSUHVDSXQWHUD
DOPDVWHUHQGLUHFFLQGHHPSUHVDV6XSULPHUHUURUSRUFLHUWRIXHQRSRVSRQHUHO
7HQtDXQDPLVLyQHQODYLGDORVDEtD
PDVWHUKDVWDGHVSXVGHUHVROYHUHOWHPDGHOLQJOV'HKHFKRHVPHMRUSRVSRQHUOR
'HMDUtDVXKXHOODFRQEUtR\RVDGtD
KDVWDORVDRVFXDQGRXQRWLHQHPVH[SHULHQFLD\PVPDGXUH](QFDPELR
1RSRUQDGDKDEtDWDQWRVDxRVHVWXGLDGR
HOLQJOVFXDQWRPVORSRVSRQHVPVGLIFLOVHWHKDFH
6HIXHIXULRVDSHURQDGDKHULGD
1RLEDDVHQWLUVHQLWULVWHQLDEDWLGD
(UDPX\DSOLFDGDGHYHUGDGORVDEtD
<VXFDUD\VXFXHUSRHUDQSXUDSRHVtD

3DUDYHUDOQDOHOFDPLQRDJULDGR
7REHFRQWLQXHG

5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VVWHHOQDO" ,VWKLVWKHHQG"
1RHVHOFRPLHQ]R 1RLWoVWKHEHJLQQLQJ
(VVDODSULPHUDSJLQD" ,VWKDWWKHUVWSDJH"
1RHVODOWLPDSJLQD 1RLWoVWKHODVWSDJH
1RHUHVPX\LQWHOLJHQWH <RXoUHQRWYHU\LQWHOOLJHQW

+D\YLQRHQODERWHOOD" ,VWKHUHDQ\ZLQHLQWKHERWWOH"
1RQRKD\+D\DOJRHQHOYDVR 1RWKHUHLVQoW7KHUHoVVRPHLQ
WKHJODVV

+D\DOJQSUREOHPD" ,VWKHUHDSUREOHP"
6ORKD\(VXQSUREOHPD <HVWKHUHLV,WoVDKXJH
SUREOHP
HQRUPH
4XGLIHUHQFLDKD\HQWUH :KDWGLIIHUHQFHLVWKHUH
EHWZHHQDQ\DQGVRPH"
DQ\\VRPH"

/RZ,QWHUPHGLDWH
(VWXYLVWHHQODUHXQLQD\HU" :HUH\RXDWWKHPHHWLQJ
\HVWHUGD\"
3RUTXQRHVWXYLVWHDOO" :K\ZHUHQoW\RXWKHUH"
4XHVWDEDVKDFLHQGR" :KDWZHUH\RXGRLQJ"
(VWDUVHQODSU[LPD" :LOO\RXEHDWWKHQH[WRQH"
'HEHVLUDWRGDVODVUHXQLRQHV <RXPXVWJRWRDOOWKH
PHHWLQJV

0LGGOH,QWHUPHGLDWH
&UHYHUXQDPRVFD ,WKRXJKW,VDZD\
/ROH\FXDQGRVHOHYDQW +HUHDGLWZKHQKHJRWXS
9LQHHQFXDQWRRODQRWLFLD ,FDPHDVVRRQDV,KHDUGWKH
QHZV

6HPDUFKFXDQGRVHORGLMH 6KHOHIWZKHQ,WROGKHU
/RYHQGLHURQFXDQGRORV 7KH\VROGLWZKHQWKHSULFHV
URVH
SUHFLRVVXELHURQ

+LJK,QWHUPHGLDWH
7HJXVWR" 'R\RXOLNHPH"
&PRHUDQVXVSDGUHV" :KDWZHUHKHUSDUHQWVOLNH"
/HJXVWDVWHDHOOD" 'LGVKHOLNH\RX"
4XDVSHFWRWLHQH" :KDWGRHVKHORRNOLNH"
(OODWHJXVWYHUGDG" <RXOLNHGKHUGLGQoW\RX"

/RZ$GYDQFHG
1RPHJXVWDHOTXHVR$O ,GRQoWOLNHFKHHVH1HLWKHU
GRHVKH
WDPSRFR
1HFHVLWRXQDFRSD(OODWDPELQ ,QHHGDGULQN6RGRHVVKH
1RHVWDUDOOOWDPSRFR 6KHZRQoWEHWKHUH1HLWKHU
ZLOOKH
0HJXVWDUDVHUPLOORQDULR ,oGOLNHWREHDPLOOLRQDLUH6R
ZRXOGZHDOO
$WRGRVQRVRWURVWDPELQ
0LFDVDQRHVWHQ0DGULG 0\KRXVHLVQoWLQ0DGULG
1HLWKHULVPLQH
/DPDWDPSRFR

6WDSOHU *UDSDGRUD

'UDZLQJSLQ &KLQFKHWD

%XOOGRJFOLS 6XMHWDSDSHOHVFRQSLQ]D

6WDSOH *UDSD

3DSHUFOLS &OLS6XMHWDSDSHOHV

9RFDEXODULR2IFH6XSSOLHV 0DWHULDOGH2FLQD
0LGGOH$GYDQFHG
7HQHPRVTXHFRQYRFDUXQD :HKDYHWRFDOODPHHWLQJ

UHXQLQ
&XQGRVHYDDFHOHEUDU" :KHQLVLWJRLQJWREHKHOG"
6HFHOHEUDUHQODVDODGH ,WoOOEHKHOGLQWKHFRQIHUHQFH

FRQIHUHQFLDV
URRP
3RGHPRVDSOD]DUORKDVWD &DQZHSXWLWRIIXQWLO

0RQGD\"
HOOXQHV"
$QXOPRVOD /HWoVFDOOLWRII

)RU(QJOLVKVXSHUVWDUVRQO\
'HMPRVORSRUKR\ /HWoVFDOOLWDGD\
(VWR\KHFKRSROYR ,oPEHDW
(VWR\SHODGRSHURQR ,oPEURNHEXWQRWEURNHQ

TXHEUDQWDGR
9R\DWXPEDUPH ,oPJRLQJWRKLWWKHVDFN
0HYR\DHFKDUXQDFDEH]DGLWD,oPJRLQJWRKDYHZLQNV



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

(OJHQLWLYRVDMQ

7KHOLJKWDWWKHHQGRIWKHWXQQHO
/DOX]DOQDOGHOWQHO

/RQJWLPHQRVHH
+DFHPXFKRTXHQRWHYHR

/LNHFORFNZRUN
&RPRXQUHORM

+HoVORVWKLVPDUEOHV
6HKDYXHOWRORFR

,NQRZLWOLNHWKHEDFNRIP\KDQG
/RFRQR]FRFRPRODSDOPDGHPLPDQR

7KH\oYHORVWWKHLUVKLUW
+DQSHUGLGRKDVWDODFDPLVD


3DUDGHFLUHOOLEURGH-XDQQRGHFLPRVpWKH
ERRNRI-XDQqVLQRp-XDQoVERRNq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
$TXOHVHODYLQGHO5H\
(OFRFKHGH&DUORVQRHVQHJUR
'QGHHVWHOFRFKHGH/XLJL"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

'HVFXLGDDKRUDOHVOODPR

,I\RXOHWPH,NLOO\RX

WUDVLQWHQFLRQHV)MDWHHQODVVLJXLHQWHVIUDVHVRH[SUHVLRQHVWDQRP
QLSUHVHQWHVHQHVSDRO\VXVHTXLYDOHQWHVLJXDOPHQWHRPQLSUHVHQ
WHVHQLQJOV
9R\SDUDDOO
,oOOEHULJKWWKHUH
$KRUDEDMR
,oOOEHULJKWGRZQ
(QVHJXLGDYXHOYR
,oOOEHULJKWEDFN
$KRUDVXER
,oOOEHULJKWXS
$KRUDWHYHR
,oOOVHH\RXLQMXVWDPLQXWH
$KRUDOOHJDPRVDHVHSXQWR
:HoOOJHWWRWKDWSRLQWVKRUWO\
0DDQDOOXHYHVHJXUR
7RPRUURZLWoVJRLQJWRUDLQIRU
VXUH
6LSXHGRORKDJR
,I,FDQ,oOOGRLW
/HUHFLERVLQRKD\PV
,oOOUHFHLYHKLPLIWKHUHoVQR
UHPHGLR
RWKHUFKRLFH

fWHWDFKDUQGH7DU]QRGH7HUPLQDWRU6XHQDDFXDQGRVHHPSOHD
HOLQQLWLYRHQHVSDROSDUDHOGREODMHGHORVLQGLRVDPHULFDQRV KRP
EUHEODQFRKDEODUFRQOHQJXDEtGD 
(QLQJOVVLHPSUHGHEHPRVXVDUHOWLHPSRIXWXURSDUDH[SUHVDUQXHV

8QHVSDROGHEXHQDIRUPDFLQDFDGPLFDPHLQVLVWLUHQTXHWDP
ELQHQFDVWHOODQRORPVFRUUHFWRHVHPSOHDUHOWLHPSRIXWXURHQHV
WRVFDVRV6LQHPEDUJRVHR\HPVHOSUHVHQWHKDELWXDO\HOGH
PLVDOXPQRVWUDVODGDQHVWHKELWRDOLQJOV

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6LDWLQRWHLPSRUWDPHYR\DPDUFKDU7HQJRTXHLUDXQFRQFLHU
WRRUJDQL]DGRSRUODDVRFLDFLQGRQGHWUDEDMDPLPXMHU(VSHUR
QRTXHGDUPHGRUPLGRDODPLWDG|$K&DVLPHROYLGR+HGHMDGR
HOOWLPRERUUDGRUGHOFRQWUDWRSDUDHOVWDQGHQWXPHVD5HYVDOR
\VLHVWELHQIUPDOR\PQGDVHORD6LPSVRQGHO'HSDUWDPHQWR
/HJDO

,I\RXGRQoWPLQG,oPJRLQJWRWDNHRII,KDYHWRDWWHQGDFRQFHUW
RUJDQL]HGE\WKHDVVRFLDWLRQZKHUHP\ZLIHZRUNV,KRSH,GRQoW
IDOODVOHHSLQWKHPLGGOHRILW2K,DOPRVWIRUJRW,OHIWWKHQDO
GUDIW RI WKH FRQWUDFW IRU WKH VWDQG RQ \RXU GHVN /RRN LW RYHU
DQG LI LWoV RND\ VLJQ LW DQG IRUZDUG LW WR 6LPSVRQ LQ WKH /HJDO
'HSDUWPHQW

8QD SUHJXQWD (V JUDPDWLFDOPHQWH FRUUHFWR HO WWXOR GH HVWD VHF
FLQ"
2LJRDGLDULRIUDVHVFRPRVWDHQHVSDRO\SDUDPQRVRQFRUUHFWDV
3RUTXXWLOL]LVHOSUHVHQWHSDUDDFFLRQHVGHIXWXUR"
(QVHJXLGDYR\0DDQDORKDJR6LPHGHMDVWHPDWR
0HUHVXOWDFXULRVDHVWDIRUPDSHUR\DODKHDVLPLODGR\ODXVRWDPELQ
FXDQGRKDEORHQHVSDRO3HURHQLQJOVVXHQDPX\PDO6XHQDSULPL
WLYRXVDUHOSUHVHQWHKDELWXDO ,JR,GRLWf,NLOO\RX SDUDLQWHQFLRQHV
GHIXWXUR(QLQJOVGHEHPRVSRUREOLJDFLQHPSOHDUHOIXWXUR6LGL
FHVIUDVHVHQLQJOVFRPRVWDV
1RZ,FDOOKLP 7RPRUURZ,GRLW ,JRQRZ




(OODPHQWRGHODEHOOD(OYLUD FRQW

6HLVHQWUHYLVWDVEDVWDURQSDUDTXHDOQDOVXSLHUD
4XHVLQHOLQJOpVVyORTXHGDEDEDUUHQGHUD
7UDVDxRVGHHVWXGLRFRQQRWDEULOODQWH
6HHQIUHQWDEDDDOJRELHQDODUPDQWH
(OLQJOpVHOLQJOpVTXpFUX]TXpSUREOHPD
$KRUDHOLQJOpVVXSRQtDXQGLOHPD
6XVFROHJLRV\SURIHVQRKDEtDQDFHUWDGR
<OHKDEtDQOHJDGRXQIXWXURFRPSOLFDGR
$ODVEXHQDVHPSUHVDVDODVPiVFRWL]DGDV
/HVLQWHUHVDEDQELHQSRFRODVQRWDVODXUHDGDV
1LPLUDEDQORV0DVWHUQLODVPDWUtFXODVGHKRQRU
3RUTXHVLQHOLQJOpVVyORTXHGDEDVROGDGRU
7REHFRQWLQXHG

(VWLPDGR DPLJR \ DOXPQR 'H QXHYR H[DJHUR SHUR VOR XQ SRFR /DV HPSUHVDV XVDQ
HOLQJOVFRPRSULPHUDFULEDSRUTXHHVWROHVSHUPLWHTXLWDUGHHQPHGLRDOGHORV
FDQGLGDWRVVLQWHQHUTXHFLWDUOHVSDUDSUXHEDVSVLFRWFQLFDVQLSULPHUDVHQWUHYLVWDV6L
DOJXLHQGLFHHQVXFXUULFXOXPpQLYHOPHGLRqRPHQRVHVWGHVFDUWDGRLQFOXVRVLWLHQH
QRWDVVREUHVDOLHQWHVHQODFDUUHUD2WUDFRVDTXHKHREVHUYDGRDOJRTXHQRPHJXVWD
HVTXHPXFKDVHPSUHVDVVLQGDUVHFXHQWDDYHFHVFRQFHGHQGHPDVLDGDLPSRUWDQFLDDO
LQJOV6LHQWUDXQMRYHQFRQXQLQJOVLPSHFDEOHHQXQSURFHVRGHVHOHFFLQSDUHFHTXH
DODHPSUHVDVHOHFLHJDHOUDFLRFLQLRDOPHQRVDORVUHVSRQVDEOHVGHUHD/RVGH5HFXUVRV
+XPDQRVVRQPVDYH]DGRV\VDEHQUHFRQRFHUODH[LVWHQFLDRQRGHRWUDVFXDOLGDGHV6LQ
HPEDUJRVWRVVHOHFFLRQDQSDUDRWURVMHIHV\HVWRVMHIHVFXDQGRVHHQWHUDQGHTXHKD\
DOJQFDQGLGDWRFRQXQLQJOVH[FHOHQWHLQVLVWHQDYHFHVHQTXHVHDHOHOHJLGR8QEXHQ
GRPLQLRGHOLQJOVDEUHPXFKDVSXHUWDVHQHOPHUFDGRODERUDO\SURIHVLRQDOHVSDRO
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VXQDFDOOHODUJD ,WoVDORQJVWUHHW
6RQHGLFLRVDOWRV 7KH\oUHWDOOEXLOGLQJV
(VXQDHPSUHVDLPSRUWDQWH ,WoVDQLPSRUWDQWFRPSDQ\
6RQOLEURVLQWHUHVDQWHV 7KH\oUHLQWHUHVWLQJERRNV
(VXQDSHOFXODDEXUULGD ,WoVDERULQJOP

0HFRPSUHQGHV" 'R\RXXQGHUVWDQGPH"
7HFRPSUHQGHVLKDEODV +HXQGHUVWDQGV\RXLI\RX
VSHDN6SDQLVK
HVSDRO
/HVFRQRFHELHQ" 'RHVKHNQRZWKHPZHOO"
/HFRQRFHDOSHURQROD +HNQRZVKLPEXWKHGRHVQoW
NQRZKHU
FRQRFHDHOOD
(OODQROHFRQRFHDOWDPSRFR 6KHGRHVQoWNQRZKLPHLWKHU

/RZ,QWHUPHGLDWH
+DEUFDPELRVHQHVWDHPSUHVD7KHUHZLOOEHFKDQJHVDWWKLV
FRPSDQ\
1RKDEUPXFKDJHQWHDOO 7KHUHZRQoWEHPDQ\SHRSOH
WKHUH
+DEUWLHPSRSDUDLUGH :LOOWKHUHEHDQ\WLPHWRJR

VKRSSLQJ"
FRPSUDV"
&XQWRWLHQHV" +RZPXFKGR\RXKDYH"
&XQWRVQHFHVLWDV" +RZPDQ\GR\RXQHHG"

0LGGOH,QWHUPHGLDWH
6DEHHOODQDGDU" 'RHVVKHNQRZKRZWRVZLP"
1DGDFRPRXQSH] 6KHVZLPVOLNHDVK
6DEHOFDQWDU" 'RHVKHNQRZKRZWRVLQJ"
&DQWDFRPRXQQJHO +HVLQJVOLNHDQDQJHO
1RVDEHVKDFHUQDGD" 'RQoW\RXNQRZKRZWRGR
DQ\WKLQJ"

&RUN &RUFKR

1HFN &XHOOR
/DEHO (WLTXHWD

%RWWOH %RWHOOD

%RWWOHRSHQHU 6DFDFRUFKRV

9RFDEXODULR%RWWOHRI:LQH %RWHOODGH9LQR
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

7HLPSRUWDVLIXPR" 'R\RXPLQGLI,VPRNH"
<RTXHWQRIXPDUDDTX ,I,ZHUH\RX,ZRXOGQoWVPRNH
KHUH
1RPHLPSRUWDORYR\D ,GRQoWFDUH,oPJRLQJWROLJKWLW

HQFHQGHU
0HGHYROYLVWHPLPHFKHUR" 'LG\RXJLYHPHEDFNP\
OLJKWHU"
/HLPSRUWDUDQRIXPDU" :RXOG\RXPLQGQRWVPRNLQJ"

+DEUDQJDQDGRFRQRWUR :RXOGWKH\KDYHZRQZLWKD
GLIIHUHQWFRDFK"
HQWUHQDGRU"
|1LKDEODU 1RZD\
6LKXELHUDQWHQLGRPHMRUHV ,IWKH\KDGKDGEHWWHUSOD\HUV
MXJDGRUHVKDEUDVLGRGLIHUHQWH LWZRXOGKDYHEHHQGLIIHUHQW
(VWVDUPDQGRORREYLR <RXoUHVWDWLQJWKHREYLRXV
7HYR\DGDUXQSXHWD]RHQ ,oPJRLQJWRSXQFK\RXLQWKH
IDFH
ODFDUD

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

1RKDEUDLGRDQRVHUTXH,ZRXOGQoWKDYHJRQHXQOHVV
\RXKDGFRPH
KXELHUDVYHQLGRW
6LHPSUHTXHQRVSDJXHQOR$VORQJDVWKH\SD\XVIRULW
KDUHPRVORPHMRUTXHSRGDPRV ZHoOOGRRXUEHVW
6XSRQLHQGRTXHQROR6XSSRVLQJZHGRQoWQLVKLW
ZKDWZLOOKDSSHQ"
WHUPLQDPRVTXSDVDU"
/OHYDWXEXIDQGDSRUVLDFDVR7DNH\RXUVFDUIMXVWLQFDVH
6LKXELHUDQDFLGRHQ&KLQDVHUD,I,oGEHHQERUQLQ&KLQD,oGEH
&KLQHVH
FKLQR

|2\HWRPHKDVWLUDGRPLFRSD2\PDWH\RXVSLOOHGP\GULQN
|7HODHVWVEXVFDQGR<RXoUHDVNLQJIRULW
&XLGDGRFRQHVDERFD.HHS\RXPRXWKVKXW
6HKDDUPDGRXQDJRUGD,WoVDOONLFNHGRII
+DFHPRVXQVLQSD/HWoVGRDUXQQHU



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

(OVXSHUODWLYR

7RPDNHDNLOOLQJ
)RUUDUVH

7KHPDQLQWKHVWUHHW
(OKRPEUHGHODFDOOH

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

7RPDNHHQGVPHHW
/OHJDUDQGHPHV

*LYHPH\RXUZRUG
'DPHWXSDODEUD

7RPDNHPRQH\KDQGRYHUVW
*DQDUPXFKRGLQHUR$PDQRV
OOHQDV

7RPDNHDPRXQWDLQRXWRIDPROHKLOO
+DFHUXQDPRQWDDGHXQJUDQRGH
DUHQD

(OODKDFHORVEL]FRFKRVPVVDEURVRVGHO
PXQGR
(VODFKLFDPVJXDSDGHOPXQGR
/RSHRUGHHOODHVVXWHPSHUDPHQWR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3URQRPEUHVSRVHVLYRVsHMHUFLFLRVRUDOHV
/RVUHFXDGURVFRQWLHQHQHMHPSORVGHSXUDPHFQLFDJUDPDWLFDO$TX
SRGUVFRQVROLGDUWX\DSUREDEDDJLOLGDGFRQORVDGMHWLYRVSRVHVLYRV
P\\RXURXUHWF FRQORVSURQRPEUHVSRVHVLYRV PLQH\RXUVRXUV
HWF \FRQORVSURQRPEUHVFRPSOHPHQWR PH\RXXVHWF /HHFDGD
IUDVHHQYR]DOWDFLQFRYHFHVDOGDGXUDQWHVHLVPHVHV$VOHHUVFDGD
IUDVHXQDVYHFHV/DUHSHWLFLQDGLQQLWXPHVODQLFDIRUPDGH
FRQVHJXLUXQGRPLQLRVHJXURGHODHVWUXFWXUDJUDPDWLFDOGHRWURLGLR
PD3RUVXSXHVWRQRYR\DHVWDUSUHVHQWHFRQWLJRSDUDVDEHUVLORKD
FHVRQRSHURVHUWXLQJOVQRHOPRHOTXHVXIULUODVFRQVHFXHQFLDV
/XHJRQRWHTXHMHV
(QOD]DELHQODpPqFRQODpDq
(QOD]DELHQODpGqFRQODpRq
/DSULPHUDIUDVHLPDIUQGDIKLV
,oPDIULHQGRIKLV
+HoVDIULHQGRIPLQH
,oPDIULHQGRI\RXUV
<RXoUHDIULHQGRIPLQH
,oPDIULHQGRIKHUV
6KHoVDIULHQGRIPLQH
,oPDIULHQGRIWKHLUV
7KH\oUHIULHQGVRIPLQH
<RXoUHDIULHQGRIRXUV

:HoUHIULHQGVRI\RXUV
+HoVDIULHQGRIRXUV
:HoUHIULHQGVRIKLV
6KHoVDIULHQGRIRXUV
6KHoVDIULHQGRIRXUV
:HoUHIULHQGVRIKHUV
:HoUHIULHQGVRIWKHLUV
7KH\oUHIULHQGVRIRXUV
6KHoVDIULHQGRI\RXUV

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
|'HEHVHVWDUGHEURPD3RUTXHVWDUD\RLQWHUHVDGRHQXQLUPH
D7D\ORU $VRFLDGRV"1RKD\IRUPDGHTXHHOORVPHSDJXHQOR
TXHJDQRDTX$GHPVOOHYRDTXODPLWDGGHPLYLGDODERUDO\
OROWLPRTXHTXLHURKDFHUHVLUPH6LQFHUDPHQWHFUHHVTXHQH
JRFLDUDFRQ7D\ORUDWXVHVSDOGDV"|9HQJD\D|0HFRQRFHVPHMRU
TXHHVR|9DPRV


(OODPHQWRGHODEHOOD(OYLUD FRQW

$VXVWDGD(OYLUDDFRPHWLyHOLQJOpV
&RQYRFDEORVWDQUDURVTXHSDUHFtDMDSRQpV
&RQFRGRV\WHVyQVHSURSXVRYHQFHU
8QLGLRPDTXHSURQWRFRPHQ]yDDERUUHFHU
$OFDERGHXQPHVOHFDPELDURQGHSURIHVRU
<HOQXHYRXQSDVRWDFRQDLUHVGHVHGXFWRU
1RWHQtDQLPpWRGRQLVLVWHPDDOJXQR
1LFHUHEURPiVJUDQGHTXHXQSLQFKRPRUXQR
6HLVPHVHVPiVWDUGHWUDVXQFXDUWRLQWHQWR
(OYLUDHPSH]DEDDHQWRQDUXQODPHQWR
/DVFODVHVODVQRWDVHOVLVWHPDHGXFDWLYR
/HKDEtDQGHSDUDGRPX\SRFRSRVLWLYR
7REHFRQWLQXHG

<RXoUHDIULHQGRIKHUV
+HoVDIULHQGRI\RXUV
<RXoUHDIULHQGRIKLV
:HoUH DOO JRRG IULHQGV FDQoW
\RXWHOO"
&DQoW\RXWHOO" 1RORYHV"

p)ULHQGqVHSURQXQFLDpIUHQGq
p7KHLUVqVHSURQXQFLDp]HUVq
p,oPDqVHSURQXQFLDpLPDq
p<RXUVqVHSURQXQFLDpLUVq

0LQHLVWKHRQHQH[WWR\RXUV
<RXUVLVWKHRQHQH[WWRPLQH
+LVLVWKHRQHQH[WWRKHUV
+HUVLVWKHRQHQH[WWRKLV
7KHLUVLVWKHRQHQH[WWRRXUV
2XUVLVWKHRQHQH[WWRWKHLUV

0LQHEHORQJVWRPH
<RXUVEHORQJVWR\RX
+LVEHORQJVWRKLP
+HUVEHORQJVWRKHU
2XUVEHORQJVWRXV
7KHLUVEHORQJVWRWKHP

0\ERRNLVPLQH
<RXUERRNLV\RXUV
+LVERRNLVKLV
+HUERRNLVKHUV
2XUERRNLVRXUV
7KHLUERRNLVWKHLUV

*LYHPHPLQH
,oOOJLYH\RX\RXUV
*LYHKLPKLV
*LYHKHUKHUV
*LYHXVRXUV
*LYHWKHPWKHLUV

<RXPXVWEHNLGGLQJ:K\ZRXOG,EHLQWHUHVWHGLQMRLQLQJ7D\ORU
$VVRFLDWHV"7KHUHoVQRZD\WKH\oGEHDEOHWRSD\PHZKDW,JHW
KHUH%HVLGHV,oYHEHHQKHUHIRUKDOIP\ZRUNLQJOLIHDQGWKHODVW
WKLQJ , ZDQW WR GR LV OHDYH 'R \RX KRQHVWO\ WKLQN ,oG GHDO ZLWK
7D\ORUEHKLQG\RXUEDFN"&RPHRQQRZ<RXNQRZPHEHWWHUWKDQ
WKDW&RPHRQ


(VWLPDGRDPLJR\DOXPQR1XHVWUDSREUH(OYLUDVHKDGDGRFXHQWDGHTXHVLQLQJOV
WRGRVXEDJDMHHGXFDWLYRYDOHPXFKRPHQRVGHORTXHSHQVDED$KRUDOHWRFDXQWUDJR
DPDUJRFRPHQ]DUHQVHULRDORVDRVDDSUHQGHULQJOVXQLGLRPDGHUD]JHUPQLFD
OOHQDGHVRQLGRV\IRUPDVJUDPDWLFDOHVPX\DOHMDGDVGHODOJLFDODWLQD/RTXHHVSHRU
DOLJXDOTXHWDQWRVHVSDROHVDQWHODLPSHULRVDQHFHVLGDGGHDSUHQGHULQJOV(OYLUDQR
HVWPX\LQVWUXLGDHQFPRDERUGDUHOWHPD&ODVHV"&XUVRVLQWHQVLYRV"8QDHVWDQFLD
HQ ,QJODWHUUD" 8Q SURIHVRU SDUWLFXODU" (VW GHVRULHQWDGD SHUR HOLJH \ SRQH WRGR GH
VXSDUWHFRPRVLHPSUH3HURHOLQJOVQRHVFRPRHOOJHEUDRODKLVWRULDRHODQOLVLV
PDFURHFRQPLFR(VDOJRGLQPLFRTXHQRWLHQHYDOLGH]VLXQRQRVDEHPDQHMDUODV
PLOORQHVGHFRPELQDFLRQHV\SHUPXWDFLRQHVTXHYRFDEORVDGPLWHQ DGHPVGH
HQWHQGHUDFHQWRVGHWRGRVORVFRORUHV $OQDO(OYLUDVHGDFXHQWDGHORGLIFLOTXHHVOD
WDUHD\HPSLH]DDEXVFDUFXOSDEOHV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VWHOODFDVDGD" ,VVKHPDUULHG"
1RORHVWHVWVROWHUD 1RVKHLVQoWVKHoVVLQJOH
(VHVHVXQRYLR" ,VWKDWKHUER\IULHQG"
1RORHVHVVXMHIH 1RLWLVQoWLWoVKHUERVV
(VWVVHJXURGHTXHQRHV $UH\RXVXUHLWLVQoWKHU
VXQRYLR"
ER\IULHQG"

4XSDVDHVWDQRFKH" :KDWoVKDSSHQLQJWRQLJKW"
9DPRVDKDFHUXQDHVWD :HoUHJRLQJWRKDYHDSDUW\
3XHGRLU" &DQ,FRPH"
(VWXHVWDGHFXPSOHDRV ,WoV\RXUELUWKGD\SDUW\
3XHGRLQYLWDUDWRGRVPLV &DQ,LQYLWHDOOP\IULHQGV"
DPLJRV"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

$TXMXHJDQ" :KDWGRWKH\SOD\"
&XQGRFRPLHQ]D" :KHQGRHVLWVWDUW"
'QGHMXJDURQHOOWLPR :KHUHGLGWKH\SOD\WKHODVW

PDWFK"
SDUWLGR"
3RUTXSHUGLHURQ" :K\GLGWKH\ORVH"
4XLQMXHJDHQHOHTXLSR" :KRSOD\VLQWKHWHDP"

%DLORPHMRUTXHW ,GDQFHEHWWHUWKDQ\RX
(OODHVODPHMRUDWOHWDGHVX 6KHoVWKHEHVWDWKOHWHLQKHU
VFKRRO
FROHJLR
6RQPXFKRSHRUTXHQRVRWURV 7KH\oUHPXFKZRUVHWKDQXV
(VHOSHRUSUHVLGHQWHGHOD +HoVWKHZRUVWSUHVLGHQWLQ
KLVWRU\
KLVWRULD
(VWPVOHMRVGHORTXHSLHQVDV ,WoVIXUWKHUWKDQ\RXWKLQN

6WDU (VWUHOOD

3ODQHW 3ODQHWD

6SDFHVKLS 1DYH(VSDFLDO

6KRRWLQJVWDU (VWUHOOD)XJD]

0RRQ /XQD

9RFDEXODULR2XWHU6SDFH (VSDFLR6LGHUDO
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

(UHVWDQHVWSLGR <RXoUHVRVWXSLG
'LFHVFRVDVWDQULGFXODV <RXVD\VXFKULGLFXORXVWKLQJV
6LSHQVDUDVXQSRFRPVQR ,I\RXWKRXJKWDOLWWOHPRUH\RX

ZRXOGQoWVD\WKRVHWKLQJV
GLUDVHVDVFRVDV
3RUTXQRPHGHMDVHQSD]" :K\GRQoW\RXOHDYHPHDORQH"
'HEHUDVVHUPVFRQVLGHUDGR<RXVKRXOGEHPRUHFRQVLGHUDWH

$TXKRUDDSDUHFLHOOD" :KDWWLPHGLGVKHVKRZXS"
1DGLHODUHFRJLHQHO 1RERG\SLFNHGKHUXSIURPWKH
DLUSRUW
DHURSXHUWR
4XVDOLPDO" :KDWZHQWZURQJ"
1RIDFWXUDWLHPSR 6KHGLGQoWFKHFNLQLQWLPH
1RHVPX\VHQVDWDYHUGDG" 6KHoVQRWYHU\VHQVLEOHLVVKH"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

7HOOHYDVELHQFRQHOORV"'R\RXJHWRQZHOOZLWKWKHP"
0HHVWFRVWDQGRVXSHUDUHVWH,oPKDYLQJWURXEOHJHWWLQJRYHU
UHVIULDGR
WKLVFROG
7HGHIHQGLVWHFRQWXLQJOV'LG\RXJHWE\ZLWK\RXU
HQ1XHYD=HODQGD"
(QJOLVKLQ1HZ=HDODQG"
|'HVKD]WHGHHVHFKLFOH*HWULGRIWKDWFKHZLQJJXP
QRZ
1RSXHGRFRPXQLFDUPH,FDQoWJHWWKURXJKWRWKHERVV
WHOHIQLFDPHQWH FRQHOMHIH

3LHQVROXHJRH[LVWR,WKLQNWKHUHIRUH,DP
/RVVDELRVVLHPSUHSHQVDPRV*UHDWPLQGVWKLQNDOLNH
LJXDO
(VXQKDFKD+HoVDUHDOVWDU
0HEORTXHRFXDQGRPHKDEOD0\PLQGJRHVEODQNZKHQKH
VSHDNVWRPH
(VFRUWLWR+HoVDELWWKLFN



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

*LPQDVLDYHUEDO
7KHUHZLOOEH

,WoVDPDWWHURIOLIHDQGGHDWK
(VXQDVXQWRGHYLGDRPXHUWH

+HKDVWKH0LGDVWRXFK
7RGRORTXHWRFDVHFRQYLHUWHHQRUR

,WGLGQoWPHHWP\H[SHFWDWLRQV
1RFXPSOLPLVH[SHFWDWLYDV

0LQG\RXUVWHS
&XLGDGRFRQHOHVFDOQ XRWURREVWFXOR 

7KHUHoVPHWKRGLQKLVPDGQHVV
1RHVWWDQORFRFRPRSDUHFH

0RQH\ODXQGHULQJ
/DYDGRGHGLQHURQHJUR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
&UHRTXHKDEUXQDHVWDHOYLHUQHV
1RKDEUVXFLHQWHFRPLGDSDUDWRGRHO
PXQGR
+DEUYLQRHQODHVWD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KHPDQ\IDFHVRIpIDLUq
%XHQR WLHPSR
DWPRVIULFR
  )DLU )HULD
  )DLU 5HJXODUQRSDUD
WLUDUFRKHWHV
)DUH 7DULIDSDVDMH
)DUH 6DOLU HQXQH[DPHQ
SUXHEDHWF
,WoVQRWIDLUIRUSHRSOHZLWKIDLUVNLQWRIDUHZHOODWWKHFRXQW\IDLU
1RHVMXVWRTXHDODJHQWHGHSLHOFODUDOHVDOJDQELHQODVFRVDVHQ
ODIHULDGHOFRQGDGR  8VRVsss
7KH\UHFHLYHGDIDLUDPRXQWRIFULWLFLVPGHVSLWHWKHIDLUSOD\HYLGHQW
ZKHQVHWWLQJWKHIDUHV
5HFLELHURQEDVWDQWHFUWLFDDSHVDUGHOMXHJROLPSLRHYLGHQWHDOD
KRUDGHMDUODVWDULIDV  8VRVss
7KHIDLUGDPVHOKDGDIDLUFKDQFHRIZLQQLQJWKHKHDUWRI/DQFHORW
EXWKHUPDUNVRQWKHLQWHOOLJHQFHWHVWZHUHRQO\IDLU
/DEHOODGRQFHOODWHQDXQDSUREDELOLGDGEDVWDQWHEXHQDGHJDQDU
HOFRUD]QGH/DQ]DURWHSHURVXQRWDHQODSUXHEDGHLQWHOLJHQFLD
VORIXHXQDSUREDGRUDVSDGR  8VRVss
)DLU -XVWRLPSDUFLDO
 )DLU /LPSLR IDLUSOD\ 
MXHJROLPSLR
 )DLU 5XELR SHOR FODUR WH]
 )DLU %HOORKHUPRVR
 )DLU %DVWDQWHEXHQR
 )DLU &RQVLGHUDEOH

  )DLU

0LUURUPLUURURQWKHZDOOZKRoVWKHIDLUHVWRQHRIDOO"
(VSHMLWRHVSHMLWRTXLQHVODPVEHOODGHOUHLQR"

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6LHOWHOHYLVRUQRWLHQHPDQGRDGLVWDQFLDFRQXQERWQSDUDTXHVHDSD
JXHGHIRUPDDXWRPWLFDHQWRQFHVQRORFRPSUHV/DQLFDFRQGLFLQ
TXH\ROHH[LMRDXQWHOHYLVRUHVTXHVHDSDJXHSRUVVRORGHVSXVGHTXH
PHGXHUPD3DUDPODWHOHYLVLQHVFRPRXQVRPQIHUR1RPHSXH
GRGRUPLUVLQTXHHVWHQFHQGLGDSHURQRPHJXVWDGHMDUODHQFHQGLGD
WRGDODQRFKHRGHVSHUWDUPHDODVGHODPDDQDSDUDDSDJDUOD


+DEU

)DUHZHOO
$GLV OLWHUDOPHQWHTXHWHYD\DELHQRTXHWHVDOJDELHQ 
,GLGQoWIDUHWRRZHOORQWKHH[DP
1RKHVDOLGRPX\ELHQSDUDGRHQORVH[PHQHV
,KDYHVXFKDIDLUFRPSOH[LRQWKDW,QHHGVXQVFUHHQ
7HQJRODWH]WDQFODUDTXHQHFHVLWRSURWHFFLQVRODU
+HoVDIDLUZHDWKHUIULHQG
(VDPLJRFXDQGRWRGRYDELHQ /LWHUDOPHQWHFXDQGRKDFHEXHQWLHPSR 
,WoVFRPSOHWHO\XQIDLULQP\RSLQLRQ
(VWRWDOPHQWHLQMXVWRHQPLRSLQLQ
%RWKWKHWD[LIDUHVDQGWKHEXVIDUHDUHJRLQJXS
6XEHQWDQWRODVWDULIDVGHWD[LFRPRODWDULIDGHODXWREV
7RWHOO\RXWKHWUXWKWKHUHVXOWVZHUHRQO\IDLU
$GHFLUYHUGDGORVUHVXOWDGRVQRIXHURQPX\DOO
,oPIDLUO\LPSUHVVHGZLWKWKHRXWFRPH
(VWR\EDVWDQWHLPSUHVLRQDGRSRUHOGHVHQODFH
7KHWUDGHIDLULVVFKHGXOHGIRUHDUO\-XQH
/DIHULDGHPXHVWUDVHVWSUHYLVWDSDUDSULPHURVGHMXQLR
$OOoVIDLULQORYHDQGZDU
7RGRYDOHHQHODPRU\HQODJXHUUD
,ZRQLWIDLUDQGVTXDUH
/RJDQFRQWRWDOMXVWLFLD /LWHUDOPHQWHFRQWRGDVODVGHODOH\ 
<RXKDYHDIDLUFKDQFHRIZLQQLQJWKHUVWSUL]H
7LHQHVEDVWDQWHVSRVLELOLGDGHVGHJDQDUHOSULPHUSUHPLR

,IWKH79GRHVQoWKDYHDUHPRWHFRQWUROZLWKDEXWWRQWRDXWRPD
WLFDOO\WXUQLWRIIWKHQGRQoWEX\LW7KHRQO\FRQGLWLRQ,UHTXLUH
RQD79LVIRULWWREHDEOHWRWXUQRIIE\LWVHOIDIWHU,IDOODVOHHS
)RUPHD79LVOLNHDVOHHSLQJSLOO,FDQoWIDOODVOHHSZLWKRXWLWRQ
EXW,GRQoWOLNHOHDYLQJLWRQDOOQLJKWRUZDNLQJXSDWDP
WRWXUQLWRII


(OODPHQWRGHODEHOOD(OYLUD FRQW

(VWLPDGR DPLJR \ DOXPQR (Q HO SRHPD H[DJHUR RWUD YH] SHUR QR GHPDVLDGR 8Q
H[FHOHQWH GRPLQLR GHO LQJOV DEUH SXHUWDV D PDQVDOYD 6LQ FRQWDU D JHQWH QDWLYD
UHVLGHQWHHQ(VSDDRDSHUVRQDVFX\RSDGUHRPDGUHHVQDWLYRGHKDEODLQJOHVDQR
KDEUHQWRGD(VSDDPVGHSHUVRQDVFRQXQQLYHOGHLQJOVVLPLODUDOTXHVH
HQFXHQWUDDWRGRVORVQLYHOHVVRFLDOHV\SURIHVLRQDOHVHQ'LQDPDUFD+RODQGD6XHFLD
'XUDQWHGLH]DxRV(OYLUDDVLVWtD
R 1RUXHJD /RV HVSDROHV FRQ EXHQ KLVWRULDO DFDGPLFR R SURIHVLRQDO TXH DO PLVPR
$FODVHVGHLQJOpVFRQFUHFLHQWHDSDWtD
WLHPSRGHPXHVWUDQXQQLYHOUHDOPHQWHDOWRGHLQJOVVHULIDQHQWUHODVHPSUHVDV6L
1RHUDFDSD]GHUHPDWDUODIDHQD
XVWHGKLFLHUDXQDHQFXHVWDGHVXHOGRVHQWUHODVSHUVRQDVGHDDRVTXHWUDEDMDQ
<VHQWtDFRPRVLIXHUDXQDIXHUWHFDGHQD
HQHPSUHVDVHQ(VSDDHQFRQWUDUDTXHHQWUHORVTXHIRUPDQHOSULPHUWLHQHQFDVL
&RQVLJXLyXQWUDEDMRFRPRUHVSRQVDEOHGHFXHQWD WRGRVXQQLYHOGHLQJOVSDUHFLGRDOGHORVHVFDQGLQDYRV(OYLUDDOSDUHFHU\DVHKDGDGR
(QXQDHPSUHVDQDFLRQDOGHGLFDGDDODYHQWD
FXHQWDGHHVWR\DKRUDHVXQSRFRWDUGHSDUDTXHORUHPHGLH$KRUDGHEHJDQDUVHODYLGD
'HSURGXFWRVGHOKRJDUFRQVHGHHQ$OLFDQWH
\FRPRYHUPVDGHODQWHHGXFDUDVXVKLMRV
'LIHUHQFLDUVHHQORVHVWXGLRVQRDEUtDODVSXHUWDV
&RQGLIHUHQFLDUVHHQHOLQJOpVOORYtDQODVRIHUWDV
1LVXVFROHJLRVQLVXIDFXOWDGOHKDEtDQDYLVDGR
4XHVLQHOLQJOpVHVWDEDWRGRGHVRODGR

<XQIXWXURSDUDHOODPX\SRFRH[FLWDQWH

7REHFRQWLQXHG

5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VWDHVPLYLGD 7KLVLVP\OLIH
(VHHVWXSUREOHPD 7KDWLV\RXUSUREOHP
(VWRVVRQPLVHVWXGLDQWHV 7KHVHDUHP\VWXGHQWV
(VRVVRQVXVEROJUDIRV 7KRVHDUHKLVSHQV
(VWDVSDODEUDVVRQQHFHVDULDV"$UHWKHVHZRUGVQHFHVVDU\"

9DDMXJDUFRQQRVRWURV" ,VKHJRLQJWRSOD\ZLWKXV"
1RYDDYHQLU +HLVQoWJRLQJWRFRPH
3RUTXQR"1RSXHGHMXJDU" :K\QRW"&DQoWKHSOD\"
9DDYHUDXQPGLFR +HoVJRLQJWRVHHDGRFWRU
7LHQHDOJQSUREOHPDJUDYH" 'RHVKHKDYHDVHULRXVSUREOHP"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XLHURLUPHDKRUD ,ZDQWWROHDYHQRZ
1HFHVLWDVDEHUORSURQWR +HQHHGVWRNQRZVRRQ
/HVJXVWDFRPHUHQVLWLRV 7KH\OLNHHDWLQJLQGLIIHUHQW
SODFHV
GLIHUHQWHV
/HJXVWDKDEODU 6KHHQMR\VWDONLQJ
OTXLHUHYHUWH +HZDQWVWRVHH\RX

0HGXHOHHOKRPEUR 0\VKRXOGHUKXUWV
7HQJRGRORUGHRGR ,KDYHDQHDUDFKH
0HGXHOHODHVSDOGD ,KDYHDSDLQLQP\EDFN
0HHVWQPDWDQGRORVSLHV 0\IHHWDUHNLOOLQJPH
0HKHURWRODSLHUQD ,EURNHP\OHJ

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

7HSRQHVWULVWHIFLOPHQWH" 'R\RXJHWVDGHDVLO\"
&RQTXIUHFXHQFLDWH +RZRIWHQGR\RXJHWGUXQN"

HPERUUDFKDV"
0HSHUGHQODVFDOOHVHVWUHFKDV,JRWORVWLQWKHQDUURZVWUHHWV
GH6HYLOOD
RI6HYLOOH
$KRUDHVWRVFXUHFLHQGRPV ,WoVJHWWLQJGDUNHUHDUOLHUQRZ

WHPSUDQR
(VGLIFLODFRVWXPEUDUVHD ,WoVGLIFXOWWRJHWXVHGWRWKLV

HVWHFDORU
KHDW

0HDFRQVHMDURQTXHQRIXHUD 7KH\DGYLVHGPHQRWWRJR
4XPVWHGLMHURQ" :KDWHOVHGLGWKH\WHOO\RX"
0HGLMHURQTXHHVSHUDVH 7KH\WROGPHWRZDLWXQWLOQH[W
KDVWDHODRTXHYLHQH
\HDU
(OMHIHWHUHFRUGOODPDUD 'LGWKHERVVUHPLQG\RXWRFDOO
ORVSURYHHGRUHV"
WKHVXSSOLHUV"
(VPX\GLVWUDGR +HoVYHU\DEVHQWPLQGHG

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

6LQRKXELHUDOODPDGRPH,I,KDGQoWSKRQHG\RXoGKDYH
KDEUDVPDWDGR
NLOOHGPH
1XQFDKDUDXQDFRVDDV,oGQHYHUGRDQ\WKLQJOLNHWKDW
7DUGDVWHPXFKRHQSHUGRQDUPH,WWRRN\RXDORQJWLPHWR
IRUJLYHPH
4XKDEUDVKHFKRVLIXHUDV\R":KDWZRXOG\RXKDYHGRQHLI
\RXZHUHPH"
1RKDJDVHOWRQWR'RQoWDFWWKHIRRO

1RHQWLHQGRQDGDGHORTXHGLFH,FDQoWPDNHKHDGQRUWDLORI
ZKDWKHoVVD\LQJ
'HTXHVWDKDEODQGR":KDWoVKHRQDERXW"
0HYXHOYHORFRDYHFHV+HGULYHVPHFUD]\VRPHWLPHV
&UHRTXHOHIDOWDXQWRUQLOOR,WKLQNKHKDVDVFUHZORRVH
6HVXQSRFRUDURYHUGDG"<HDKKHoVDELWZHLUGLVQoWKH"

/LS 7DSD

0XVLF6WDQG $WULO
.H\V 7HFOD

.H\ERDUG 7HFODGR

3HGDOV 3HGDOHV

9RFDEXODULR*UDQG3LDQR 3LDQRGH&ROD




Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

p7RRPXFKq pWRRPDQ\q

,QP\QHFNRIWKHZRRGV
3RUPLVSDJRV

+HoVDQLJKWRZO
(VXQQRFWPEXOR pEKRQRFWXUQRq 

+HKDVQHUYHVRIVWHHO
7LHQHQHUYLRVGHDFHUR

/HWoVJHWGRZQWRWKHQLWW\JULWW\
9D\DPRVDORHVHQFLDODOPHROORGHODVXQWR

$QHVWHJJ
8QRVDKRUURVSDUDOD
MXELODFLQ

,WoVOLNHQGLQJDQHHGOHLQDKD\VWDFN
(VFRPRHQFRQWUDUXQDDJXMDHQXQSDMDU

(PSOHDPRVpWRRPXFKqFRQVXVWDQWLYRV
LQFRQWDEOHV\pWRRPDQ\qFRQVXVWDQWLYRV
FRQWDEOHV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
/RVIXWEROLVWDVWLHQHQGHPDVLDGRGLQHUR
+D\GHPDVLDGDJHQWHHQHO0HWURSRUODV
PDDQDV
+D\GHPDVLDGRVYHUERVLUUHJXODUHVHQLQJOV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

1LFH
7KLVLVDQLFHSODFH
6KHoVDQLFHJLUO
%HQLFHWR\RXUOLWWOHVLVWHU
:KDWDQLFHJHVWXUH
<RXORRNQLFHWRGD\
7KDQN \RX 7KDWoV ZDV YHU\
QLFHRI\RX
,KDYHWREH0U1LFH*X\
+DYHDQLFHGD\
:HKDGDQLFHWLPH

(VWHVLWLRHVDJUDGDEOH
(VXQDFKLFDPDMD
6EXHQRFRQWXKHUPDQLWD
|4XGHWDOOHPVDJUDGDEOH
(VWVJXDSRKR\
*UDFLDV+DVLGRPX\DPDEOHGHWX
SDUWH
7HQJRTXHVHUHOEXHQRGHODSHOFXOD
4XHSDVHXQEXHQGD
1RVORSDVDPRVELHQ

7HQJRXQDPLJRHVSDROGHQRPEUH6HUJLRFX\RLQJOVHVGHQLYHO
QDWLYRFRPRHOPR6HFULHQ((88SHURWDPELQKDEODXQHVSDRO
ULFRHQFRQWHQLGRV\PDWLFHV6ROHPRVKDEODUHQHVSDROQRHQLQJOV
SHURGHYH]HQFXDQGR6HUJLRLQWHUFDODODSDODEUDpQLFHqHQVXOHQJXDMH
0HGLFHIUDVHVFRPRp3DUDHVHSXHVWROROWLPRTXHQHFHVLWDPRVHV
DOJXLHQPX\pQLFHqq
0HOODPDODDWHQFLQHOKHFKRGHTXHXVHpQLFHqFXDQGRVXLPSUH
VLRQDQWH GRPLQLR GHO HVSDRO OH SHUPLWLUD VHU LJXDO H LQFOXVR PV
HORFXHQWHHQVXOHQJXDPDWHUQD/RKDFHSRUTXHQRH[LVWHXQDWUD
GXFFLQGHOWRGRH[DFWDSDUDpQLFHq(QVXVHQWLGRSXURpQLFHqSXHGH
WUDGXFLUVHFRPRpPDMR\DJUDGDEOHq6LQHPEDUJRHVXQDSDODEUDWH
UULEOHPHQWHVRVDVLQRYDDFRPSDDGDGHXQRVDGYHUELRVGHVFULSWLYRV
RGHXQWRQRGHYR]GLIHUHQFLDGRU3RUHMHPSOR
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
+ROD (GGLH &PR WH YD" 'QGH FRQVLJXHV WRGRV HVRV FKLVWHV
TXHPHPDQGDVSRUHPDLO"'HEHVSDVDUWHKRUDVEXVFDQGRWRGDV
HVDVFRVDVHQ,QWHUQHW6DEHVSDUDVHUVLQFHURFDVLSUHIHULUDTXH
QRPHPDQGDUDVWDQWRV7HQJRPXFKRWUDEDMR\QRWHQJRWLHPSR
SDUDOHHUORVWRGRVDSHVDUGHODWHQWDFLQ

(OODPHQWRGHODEHOOD(OYLUD FRQW
(VWDEDDVTXHDGD\TXHUtDFXOSDU
$WHUFHURVSRUVXGHVWLQRXQGHVWLQRWDQYXOJDU
&RQSRFDVDVSLUDFLRQHV\VXEHOOH]DDMDGD
'HFLGLyHPSUHQGHUXQDVDQWDFUX]DGD
'HFLGLyDWDFDUHOVLVWHPDHGXFDWLYR
8QVLVWHPDSDUDHOODWDQSRFRHIHFWLYR
/DHPSUHQGLyFRQVXVSDGUHVORVSREUHVVHxRUHV
&RQVXVPDHVWURV\SURIHVFRQVXVDQWLJXRVWXWRUHV
7RGRVSDUDHOODOHKDEtDQIDOODGR
(UDQWRGRVPLRSHVKDEtDQHVWURSHDGR
(OIXWXURGHHOODSRUVHULJQRUDQWHV
'HORTXHHOPXQGRGHPDQGDDORVPHMRUHVDVSLUDQWHV
7REHFRQWLQXHG

6KHoVQLFH
(VPDMD\DJUDGDEOH
6KHoVUHDOO\QLFH
|4XJXDSDHVHVDFKLFD
6KHoV1,&(
|9D\DSHGD]RGHWD
(QODVHJXQGDIUDVHHODGYHUELRpUHDOO\qFDPELDUDGLFDOPHQWHHOVLJ
QLFDGRGHpQLFHq(QODWHUFHUDIUDVHVREUDQFRPHQWDULRV$ODFHQWXDU
ODSDODEUDpQLFHqDGHFXDGDPHQWHODIUDVHDVXPHXQVLJQLFDGRWR
WDOPHQWHGLVWLQWR3HURUHSLWRpQLFHqHVVRVRFRPRDGMHWLYRDVRODV\
VLDOJXLHQWHGLFHTXHHOUHVXOWDGRGHOSUR\HFWRHQHOTXHKDVLQYHUWLGR
WUHVDRVGHWXYLGDHVpQLFHqHVSDUDUHWRUFHUOHHOSHVFXH]Rp1LFHqHV
XQDGMHWLYRTXHFXDQGRORXWLOL]DPRVVHQRVIRUPDXQDVRQULVDVXDYH
\GXOFHVLQQLQJXQDFKLVSDHQORVRMRV9HDPRVPVIUDVHVSDUDD\X
GDUWH\TXHVDTXHVWXVSURSLDVFRQFOXVLRQHV
<RXoYH GRQH D QLFH MRE EXW +DVKHFKRXQEXHQWUDEDMRSHUR
KDYH\RXVHHQ3HWHUoVZRUN"
KDVYLVWRHOWUDEDMRGH3HGUR"
,WoVQLFHWRNQRZWKDWVRPHRQH (VWELHQVDEHUTXHDOJXLHQHVW
LVORRNLQJRXWIRUPH
YHODQGRSRUPLELHQ
2KfWKDWoVQLFH
$KEXHQRELHQ
,FDQoWGRWKDWWRKLP,oPWRR 1RSXHGRKDFHUOHHVR6R\GHPD
QLFH
VLDGRDPDEOH\FRPSUHQVLYR
)LQDOPHQWHHVIDPRVDODIUDVHGH/HR'XURFKHUSRSXODUHQWUHQD
GRUGHELVEROTXHGHFDp1LFHJX\VQLVKODVWq /RVEXHQRVWHU
PLQDQORV~OWLPRV (UDSDUWLGDULRGH]DUDQGHDU\GDUOHXQDSDOL]D
DODGYHUVDULRLQFOXVRHQXQMXHJRWDQFLYLOL]DGRFRPRHOELVERO
&ORYHUGDOHLVDQLFHJX\

+L (GGLH +RZoV LW JRLQJ":KHUH GR \RX JHW DOO WKRVH MRNHV \RX
VHQGPHE\HPDLO"<RXPXVWVSHQGKRXUVVHDUFKLQJWKH,QWHUQHW
IRUWKDWVWXII<RXNQRZWRWHOO\RXWKHWUXWK,oGDOPRVWSUHIHU\RX
GLGQoWVHQGPHVRPDQ\,oYHJRWDORWRIZRUNWRGRDQG,MXVWGRQoW
KDYHWLPHWRUHDGWKHPDOOfGHVSLWHWKHWHPSWDWLRQ


(VWLPDGR DPLJR \ DOXPQR (OYLUD TXLHUH HQ HVWRV PRPHQWRV HQFRQWUDU D ORV
FXOSDEOHVGHVXGHVWLQR+D\WUHVHOVLVWHPDHGXFDWLYRHVSDROORVSDGUHVGH(OYLUD
\(OYLUDPLVPD(OVLVWHPDHGXFDWLYRWLHQHFRPRKHGLFKRHQRWUDRFDVLQDRV
SDUDUHVROYHUHVWDFDUHQFLDIRUPDWLYD\QLVLTXLHUDVHDFHUFDDXQDVROXFLQ0VELHQ
HPSHRUDODFRVDGHMDQGRDORVHVWXGLDQWHVFRPRFDUQHGHFDQGHODVDFDGHPLDV
SULYDGDV/RVSDGUHVGH(OYLUDKDEUDQKHFKRELHQHQVDEHUORTXHVXKLMDLEDDQHFHVLWDU
HQODYLGDSDUDSRGHUGHVDUUROODUVHSURIHVLRQDOPHQWHFRQOLEHUWDG+R\HQGDVRQ
FDGDYH]PVORVSDGUHVTXHVHSUHRFXSDQSRUHVWHWHPDSHUROHVFXHVWDPXFKR
GLQHURVXSOLUODLQFDSDFLGDGGHOVLVWHPDHGXFDWLYR3HURODSULQFLSDOFXOSDEOHHQWRGR
HVWRHV(OYLUD$SDUWLUGHORVDRVODFKLFDVHJXUDPHQWHVDEDTXHHOLQJOVHUD
LPSRUWDQWH0XFKRVMYHQHVWLHQHQSRFRLQWHUVDFLHUWDVHGDGHVSRUGRWDUVHGHODV
KDELOLGDGHVHVHQFLDOHVSDUDHO[LWR2WURVFRPR(OYLUDVLPSOHPHQWHVRQPLRSHV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

'QGHHVWQODVKDELWDFLRQHV" :KHUHDUHWKHEHGURRPV"
4XHVXQ/RZ%HJLQQHU" :KDWLVDp/RZ%HJLQQHUq"
4XLQHUHV" :KRDUH\RX"
&XQGRHVODFHQD" :KHQLVGLQQHU"
3RUTXHVWQDTX" :K\DUHWKH\KHUH"

4XLHUHVYHQLUDXQFRQFLHUWR" 'R\RXZDQWWRFRPHWRD
FRQFHUW"
3XHGHVWUDHUDWXKHUPDQD <RXFDQEULQJ\RXUVLVWHU
7HJXVWDHVFXFKDUPVLFD" 'R\RXOLNHOLVWHQLQJWRPXVLF"
0HHQFDQWDODPVLFD ,ORYHPXVLF
7RFDOXQLQVWUXPHQWR" 'RHVKHSOD\DQLQVWUXPHQW"

$HULDO $QWHQD

7UDQVLVWRUUDGLR 7UDQVLVWRU
9ROXPH 9ROXPHQ

6SHDNHU $OWDYR]

7XQHU 6LQWRQL]DGRU

9RFDEXODULR5DGLR 5DGLR
/RZ,QWHUPHGLDWH
'HTXLQHVHVWHPYLO" :KRVHPRELOHLVWKDW"
(VGHHOOD ,WoVKHUV
(VWX\RHVH03" ,VWKDW03\RXUV"
1RQRHVPR&UHRTXHHV 1RLWoVQRWPLQH,WKLQNLWoV

KLV
GHO
'HTXLQIXHHVDLGHD" :KRVHLGHDZDVWKDW"

0LGGOH,QWHUPHGLDWH
6LJXHVWUDEDMDQGRHQOD $UH\RXVWLOOZRUNLQJLQWKH
EDNHU\"
SDQDGHUD"
1R\DQRWUDEDMRDOO 1R,GRQoWZRUNWKHUHDQ\PRUH
7XYHTXHGHMDUOR ,KDGWROHDYHLW
+DVHQFRQWUDGRXQQXHYR +DYH\RXIRXQGDQHZMRE\HW"
WUDEDMR\D"
$FDERGHHPSH]DUHQXQD ,oYHMXVWVWDUWHGLQDEXWFKHUV
FDUQLFHUD

+LJK,QWHUPHGLDWH
7HGHMDQOOHYDUURSDQRUPDO 'RWKH\OHW\RXZHDUQRUPDO

DOWUDEDMR"
FORWKHVWRZRUN"
1RQRVKDFHQOOHYDUWUDMHV\ 1RWKH\PDNHXVZHDUVXLWV
FRUEDWDV
DQGWLHV
4X",QFOXVRDODVPXMHUHV" :KDW"(YHQWKHZRPHQ"
/HVGHMDQYHVWLUVHFRPRHOODV 7KH\OHWWKHPGUHVVKRZHYHU

TXLHUDQ
WKH\ZDQW
(VRHVLQMXVWRGHEHUDV 7KDWoVXQIDLU\RXVKRXOG

TXHMDUWHSRUHOOR
FRPSODLQDERXWLW

/RZ$GYDQFHG
3UHIHULUDVTXHYLQLHUDPV :RXOG\RXUDWKHU,FDPHODWHU"
WDUGH"
3UHIHULUDTXHQRYLQLHUDV\ ,oGUDWKHU\RXGLGQoWFRPHIXOO
SXQWR
VWRS
'HMPRVORSDUDRWURPRPHQWR /HWoVOHDYHLWIRUDQRWKHUWLPH
&DPELDPRVGHWHPD" 6KDOOZHFKDQJHWKHVXEMHFW"
4XWHDSHWHFHKDFHU" :KDWGR\RXIHHOOLNHGRLQJ"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

(VWDPRVHPSH]DQGRFRQPDO :HoUHJHWWLQJRIIWRDEDGVWDUW

SLHFRPRVLHPSUH
DVXVXDO
4XH\RVHSDQRVHKDKHFKR $VIDUDV,NQRZQRWKLQJKDV

QDGD
EHHQGRQH
(VWR\GHDFXHUGRFRQWLJR ,DJUHHZLWK\RXWRDFHUWDLQ

KDVWDFLHUWRSXQWR
H[WHQW
(VWR\GLVSXHVWRDKDFHU ,oPZLOOLQJWRGRDQ\WKLQJ

FXDOTXLHUFRVD
+D\TXHFRUUHUULHVJRVGH <RXKDYHWRWDNHULVNVIURPWLPH

YH]HQFXDQGR
WRWLPH

0HKHHQDPRUDGR,oPKHDGRYHUKHHOVLQORYHZLWK
SHUGLGDPHQWHGHHOOD
KHU
(VWEXHQVLPD6KHoVDVWXQQHU
$XQTXHHVXQSRFRFUHGD$OWKRXJKVKHoVDELWIXOORI
KHUVHOI
/DVDSDULHQFLDVHQJDDQ$SSHDUDQFHVFDQEHGHFHSWLYH
(QHOIRQGRHVXQSRFRWPLGD'HHSGRZQVKHoDELWVK\



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
p7RJHWXVHGWRq pWREHXVHGWRq

&RPPRQVD\LQJV
,GRQoWNQRZDQ\RQHRIIKDQG
1RFRQR]FRDQDGLHDVGHSURQWR

,oPRQJRRGWHUPVZLWK0DQROR
0DQROR\\RQRVOOHYDPRVELHQ

7KH\SOD\HGDWULFNRQ\RX
7HJDVWDURQXQDEURPD

:HoUHQRWRQVSHDNLQJWHUPV
1RQRVKDEODPRV

,oOOJLYHLWWR\RXRQDVLOYHUSODWWHU
7HORGDUHQEDQGHMDGHSODWD

+HoVRQWKHEDOO
(VWLQIRUPDGR\HVSDELODGR

8QRVLJQLFDDFRVWXPEUDUVH\HORWURVLJQLFD
HVWDUDFRVWXPEUDGRSHURFXOHVFXO"
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
<DWHKDVDFRVWXPEUDGRDOVDERUGHOFDI
DPHULFDQR"
1XQFDPHDFRVWXPEUDUDOVHQWLGRGHKXPRU
LQJOV
1RHVWR\DFRVWXPEUDGRDGDUSUHVHQWDFLRQHV
HQLQJOV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

0RVW
0RVWZRPHQLQ6SDLQGRQoWZHDURZHUVLQWKHLUKDLU
0RVWZRPHQLQ6SDLQGRQoWXVHIDQVUHJXODUO\
0RVWZRPHQLQ6SDLQDUHDWWUDFWLYH
0RVWZRPHQLQ6SDLQVSHDNJRRG(QJOLVK
0RVWZRPHQLQ6SDLQDUHPDUULHG
0RVWZRPHQLQ6SDLQGRPRVWRIWKHKRXVHZRUN
0RVWZRPHQLQ6SDLQKDYHFKLOGUHQ
0RVWZRPHQLQ6SDLQGRQoWKDYHDQRXWVLGHMRE
0RVWZRPHQLQ6SDLQDUHRYHUZHLJKW
0RVWZRPHQLQ6SDLQUHDGJRVVLSPDJD]LQHV
0RVWZRPHQLQ6SDLQKDYHWKHLURZQEDQNDFFRXQW
, DJUHH ZLWK VHYHQ RI WKH VHQWHQFHV DERYH
+RZPDQ\GR\RXDJUHHZLWK"
&DGDIUDVHHQHOUHFXDGURFRPLHQ]DFRQODH[SUHVLQpPRVWq
VLQ QLQJXQD SUHSRVLFLQ GHVSXV &XDQGR TXHUHPRV H[
SUHVDUHQLQJOVODLGHDGHXQDPD\RUDGHJHQWHREMHWRV
FDVRVDVXQWRVHWFVROHPRVHPSOHDUODH[SUHVLQpPRVWq
VHJXLGDLQPHGLDWDPHQWHGHOVXMHWRHQFXHVWLQ
0RVWSHRSOHOLYHLQWHPSHUDWHFOLPDWHV
/DPD\RUDGHODJHQWHYLYHHQFOLPDVWHPSODGRV
0RVWPHHWLQJVDUHDZDVWHRIWLPH
/DPD\RUDGHODVUHXQLRQHVVRQXQDSUGLGDGHWLHPSR
0RVWDJVFRQWDLQPRUHWKDQRQHFRORU
/DPD\RUDGHODVEDQGHUDVFRQWLHQHQPVGHXQFRORU

0RVWEDGJX\VHQGXSLQMDLO
/DPD\RUDGHORVPDORVDFDEDQHQODFUFHO
0RVW6ZHGHVVSHDNPRUHWKDQRQHODQJXDJH
/DPD\RUDGHORVVXHFRVKDEODQPVGHXQLGLRPD
(QWRGRVORVHMHPSORVTXHDFDERGHRIUHFHUWHHVWR\KDEODQGRGHOD
PD\RUD GH OD JHQWH HQ JHQHUDO GH OD PD\RUD GH ODV UHXQLRQHV HQ
JHQHUDOGHODPD\RUDGHODVEDQGHUDVHQJHQHUDOHWF$KRUDIMDWHHQ
ODVVLJXLHQWHVIUDVHV
0RVWRIWKHSHRSOH,VDZODVWZHHNZHUH6SDQLVK
/DPD\RUDGHODJHQWHTXHYLODVHPDQDSDVDGDHUDHVSDROD
0RVWRIWKHPHHWLQJV,DWWHQGHGODVW\HDUZHUHERULQJ
/DPD\RUDGHODVUHXQLRQHVDODVTXHDVLVWHODRSDVDGRIXHURQDEXUULGDV
0RVWRIWKHDJVLQ$VLDKDYHWKUHHFRORUV
/DPD\RUDGHODVEDQGHUDVHQ$VLDWLHQHQWUHVFRORUHV
0RVWRIWKHEDGJX\V,NQRZKDYHQHYHUVSHQWDGD\LQMDLO
/DPD\RUDGHORVPDORVTXHFRQR]FRMDPVKDQSDVDGRXQGDHQODFUFHO
0RVWRIWKH6ZHGHVDWWKHSDUW\VSRNHSHUIHFW(QJOLVK
/DPD\RUDGHORVVXHFRVHQODHVWDKDEODEDQXQLQJOVSHUIHFWR
(QORVOWLPRVFLQFRHMHPSORVQRVHVWDPRVUHULHQGRDODPD\RUDGH
XQJUXSRHVSHFFRRGHWHUPLQDGRGHJHQWHUHXQLRQHVEDQGHUDVHWF
3RUHVWRFDPELDPRVGHpPRVWVXMHWRqDpPRVWRIWKHVXMHWRq3DUD
WHUPLQDUHVLPSRUWDQWHVDEHUTXHODH[SUHVLQHQLQJOVSDUDpODPD
\RUDGHODVYHFHVqHV
0RVWRIWKHWLPH pWLPHqVLHPSUHYDHQVLQJXODU 

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RWHORYDVDFUHHUSHUR+DUROGVHGHMODVOODYHVGHQWURGHOFRFKH
7RGDYD HVWDPRV DTX HQ HO EDU GH FDUUHWHUD GHVGH GRQGH WH OODP
KDFHXQDKRUDWUDWDQGRGHHQFRQWUDUXQDIRUPDGHHQWUDUHQHOFRFKH
+HPRVOODPDGRDXQFHUUDMHURORFDOSHURDQQRKDOOHJDGR(QOWLPR
FDVRVLODVFRVDVYDQDSHRUURPSHUXQDGHODVYHQWDQDV


<RXoUHQRWJRLQJWREHOLHYHLWEXW+DUROGOHIWWKHNH\VLQWKHFDU
:HoUHVWLOOKHUHDWWKHURDGVLGHUHVWDXUDQWZKHUH,FDOOHG\RXIURP
DQKRXUDJRWU\LQJWRQGDZD\WREUHDNLQWRWKHFDU:HFDOOHGD
ORFDOORFNVPLWKEXWKHKDVQoWDUULYHG\HW,IZRUVWFRPHVWRZRUVW
,oOOEUHDNRQHRIWKHZLQGRZV


(OODPHQWRGHODEHOOD(OYLUD FRQW
(OYLUD(OYLUDODFXOSDHVGHPXFKRV
3HURHOHJLVWHW~PDOWDPELpQORVFDUWXFKRV
([LVWHVRODPHQWHXQDEDODGHLQWHUpV
(VDEDODTXHULGDPtDHVDEDODHVHOLQJOpV

(VWLPDGRDPLJR\DOXPQR3RGHPRVVDFDUGRVFRVDVLPSRUWDQWHVGHHVWDVHVWURIDVGHO
SRHPD 3ULPHUR DXQTXH H[DJHUR XQ SRFR VREUH OD LPSRUWDQFLD GHO LQJOV FRPSDUDGR
FRQRWUDVFXDOLGDGHV\FRQRFLPLHQWRVVHVFLHUWRTXHHVHOFRQRFLPLHQWRRKDELOLGDGTXH
PVUSLGDPHQWH\PVIFLOPHQWHDEUHODVSXHUWDVDODHPSUHVDSDUDUHFLQOLFHQFLDGRV
3RUHOORHVLPSRUWDQWVLPRTXHWDQWRHOMRYHQPLVPRFRPRVXVSDGUHVVHFRQFLHQFLHQGH
3HUGLVWHHOWUHQ\DHVWDUGHPXMHU
ODQHFHVLGDGGHTXHDTXOVHKDJDFRQXQQLYHOGHLQJOVUHDOPHQWHOODPDWLYR6HJXQGR
<GHFODVHV\PiVFODVHVWHGHEHVDEVWHQHU
FRPRVXJHULPRVD(OYLUDHQHOSRHPDHOPHMRUPRPHQWRSDUDFRPHQ]DUHVFXDQGRHOMRYHQ
3HURWLHQHVGRVKLMRVFULDWXUDVLPSROXWDV
4XHDEVRUEHQDOYXHORFRVDVJUDQGHV\GLPLQXWDV HVWRGDYDQLR'HVGHTXHOOHJDFRQFXDWURGDVGHODFOQLFDXKRVSLWDOKD\IRUPDVSDUD
'HVFRQItDGHOFROHJLR\GHORVGLFWDGRVGHO0LQLVWHULR DVHJXUDU OD SUHVHQFLD GHO LQJOV D VX DOUHGHGRU /RV QLRV DEVRUEHQ \ DVLPLODQ ODV FRVDV
FRQXQDUDSLGH]\XQDIDFLOLGDGHQYLGLDEOHVSHURWDPELQROYLGDQFRQODPLVPDUDSLGH]\
1RVRPHWDVDWXVKLMRVDWXPLVPRFDXWLYHULR
IDFLOLGDG3RUORWDQWRFXDOTXLHUHVWUDWHJLDTXHXVWHGGHFLGDFRQUHVSHFWRDVXVKLMRVGHEHVHU
(PSLH]DDKRUDDGRWDUOHVGHOLGLRPD
4XHOHVDEULUiODVSXHUWDVDXQTXHOHVIDOWHGLSORPD DOJRFRQWLQXDGRHQHOWLHPSR'HEHDSOLFDUHOGLFKRHQHVSDROpVLQSULVDVSHURVLQSDXVDq
7REHFRQWLQXHG

5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VVWHEXHQR" ,VWKLVJRRG"
(VVDPDOD" ,VWKDWEDG"
(VLQWHUHVDQWH" ,VLWLQWHUHVWLQJ"
6RQVWDVLPSRUWDQWHV" $UHWKHVHLPSRUWDQW"
6RQDTXHOODVYHUGHVRD]XOHV" $UHWKRVHJUHHQRUEOXH"

(OODWLHQHXQDFDUDEHOOD 6KHKDVDEHDXWLIXOIDFH
OWLHQHXQDERFDUDUD +HKDVDVWUDQJHPRXWK
OWLHQHORVGLHQWHVPX\EODQFRV +HKDVYHU\ZKLWHWHHWK
(OODQRWLHQHXQDQDUL]ODUJD 6KHGRHVQoWKDYHDORQJQRVH
OQRWLHQHORVEUD]RVIXHUWHV +HGRHVQoWKDYHVWURQJDUPV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

1RKD\PXFKRGLQHURHQHO 7KHUHLVQoWPXFKPRQH\LQWKH

EDJ
EROVR
+D\SRFDGLIHUHQFLDHQWUH 7KHUHoVOLWWOHGLIIHUHQFH

EHWZHHQWKHWZR
ORVGRV
+D\SRFDVSHUVRQDVDTXKR\ 7KHUHDUHIHZSHRSOHKHUHWRGD\
1RKD\PXFKRVKRPEUHV 7KHUHDUHQoWPDQ\PHQZKR

NQRZWKDW
TXHVDEHQHVR
'HTXHVWVKDEODQGR" :KDWDUH\RXWDONLQJDERXW"

(VGHPDVLDGRGLIFLO ,WoVWRRGLIFXOW
7HQHPRVGHPDVLDGRVFRFKHV :HKDYHWRRPDQ\FDUVRQWKH
URDG
HQODFDOOH
+D\GHPDVLDGRUXLGR 7KHUHoVWRRPXFKQRLVH
1RHVORVXFLHQWHPHQWHEDUDWR ,WoVQRWFKHDSHQRXJK
1RKD\VXFLHQWHVUEROHV 7KHUHDUHQoWHQRXJKWUHHV

7LPHV 0XOWLSOLFDGRSRU

0LQXV 0HQRV

'LYLGHGE\ 'LYLGLGRSRU

(TXDOV ,JXDOD

3OXV 0V

9RFDEXODULR&DOFXODWRU &DOFXODGRUD
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

$TXHVWVHVSHUDQGR" :KDWDUH\RXZDLWLQJIRU"
(VSHURTXHOOHJXHPLKHUPDQR,oPH[SHFWLQJP\EURWKHUWR
DUULYHDWDQ\PRPHQW
HQFXDOTXLHUPRPHQWR
7LHQHVLOXVLQSRUYROYHU $UH\RXORRNLQJIRUZDUGWR

VHHLQJKLPDJDLQ"
DYHUOH"
+DFHVLJORVTXHQROHYHR ,WoVEHHQDJHVVLQFH,oYHVHHQKLP
&XQWRKDFHTXHQROHYHV" +RZORQJKDVLWEHHQVLQFH\RX
ODVWVDZKLP"

&PRWHJDQDVODYLGD" +RZGR\RXPDNHDOLYLQJ"
0HEXUORGHODJHQWH ,PDNHIXQRISHRSOH
3XHGHVJDQDUGLQHUR &DQ\RXPDNHPRQH\GRLQJ
WKDW"
KDFLHQGRHVR"
6HSXHGHVLXQRHVXQEXHQ <RXFDQLI\RXoUHDJRRGFORZQ
SD\DVR
'HKHFKRKHKHFKRXQDIRUWXQD ,QIDFW,oYHPDGHDIRUWXQH

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

0VYDOHTXHWHFDOOHV <RXoGEHWWHUVKXWXS
4XLQPHYDDKDFHUFDOODU" :KRoV JRLQJ WR PDNH PH VKXW
XS"
6LJXHPLVFRQVHMRVVLQR 7DNHP\DGYLFHRWKHUZLVH
(VWVPRQRFXDQGRWHHQIDGDV <RX ORRN FXWH ZKHQ \RX JHW
DQJU\
&RQKDODJRVQRYDVD )ODWWHU\ZLOOJHW\RXQRZKHUH
FRQVHJXLUQDGD

4XRSLQDVGHOFDOHQWDPLHQWR:KDWGR\RXWKLQNDERXWJOREDO
JOREDO"
ZDUPLQJ"
1RHVPVTXHXQDWRQWHUD ,WoVMXVWDORWRIKRWDLU
1RGLJDVEREDGDV 'RQoWVSHDNQRQVHQVH
(VWFLHQWFDPHQWHSUREDGR ,WoVVFLHQWLFDOO\SURYHQ
(VRORGLUVW 6SHDNIRU\RXUVHOI



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

*LPQDVLDYHUEDOp7KHUHLVq

%HWKHUHDWRoFORFNRQWKHGRW
(VWWHDOODODVHQSXQWR

:HoUHRQWKHVDPHZDYHOHQJWK
(VWDPRVHQODPLVPDORQJLWXGGHRQGD

<RXUMRELVRQWKHOLQH
7XSXHVWRGHWUDEDMRHVWHQSHOLJUR

+HGLGLWRQWKHVO\
/RKL]RDODFKLWDFDOODQGR

1HYHUQHYHUODQG
/DWLHUUDGHQXQFDMDPV

,IHHORQWRSRIWKHZRUOG
|0HVLHQWRGHPDUDYLOOD



3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
+D\XQSROORHQODFRFLQD"
+D\XQSHUURGHWUVGHOVRI"
+D\XQKRPEUHHQPLRFLQD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

$OPRVWfEXWQRWTXLWH
4XHVWLRQ +DYH \RX UHDFKHG \RXU JRDO RI EHFRPLQJ ULFK DQG
IDPRXV"$QVZHU1RWTXLWH
(QWLHQGHVODUHVSXHVWD"(VWHOVHRUFHUFDROHMRVGHVXPHWD"
9HDPRVPVHMHPSORV
*LYHPHWZRPLQXWHV,oPQRWTXLWHUHDG\\HW
'DPHGRVPLQXWRV(VWR\FDVLFDVLOLVWR
,oPQRWTXLWHVXUHZKHWKHUWRFDOOKLPRUQRW
1RHVWR\GHOWRGRVHJXURVLOODPDUOHRQR
,oPQRWTXLWHRYHUP\FROG\HW
&DVLHVWR\UHFXSHUDGRGHPLUHVIULDGRSHURPHTXHGDDOJR
+LVp0U&OHDQqLPDJHLVQRWTXLWHGHVHUYHG
6XLPDJHQGHp0VWHU3URSHUqQRHVGHOWRGRPHUHFLGD
,WoVQRWTXLWHULJKW
1RHVWELHQGHOWRGR
8WLOL]DPRVDGLDULRODH[SUHVLQpQRWTXLWHq VHSURQXQFLDpTXLWq 
\VLQHPEDUJRQRFRQR]FRDQLQJQHVSDROFDSD]GHHQWHQGHU
VLTXLHUDVXVLJQLFDGR1LQJQOLEURGHJUDPWLFDORH[SOLFD\VH
QRVROYLGDDORVSURIHVRUHVGHLQJOVPHQFLRQDUOR6LQHPEDUJR
QDGDPVGHMDUHODXODORXWLOL]DPRVFRQQXHVWURVDPLJRVDQJOR
SDUODQWHV(OVLJQLFDGRPVH[DFWRHVpFDVLFDVLqHQPXFKRVFD
VRV\pQRGHOWRGRqHQRWURV(QHOFDVRGHpFDVLFDVLqFDSWDPRV
ODLGHDSRUODSXHUWDWUDVHUDHPSOHDQGRXQDH[SUHVLQEDVDGD
HQXQDQHJDFLQ
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
+DKDELGRXQDYLRODFLQHQODVHJXULGDG$QRFKHDOJXLHQHQWUHQ
HOVHUYLGRU\HVWURSHYDULRVDUFKLYRVGHODEDVHGHGDWRV1HFHVL
WDUHPRVXQSDUGHGDVSDUDGHMDUODVFRVDVFRPRHVWDEDQSHUR
HVWR\SUHRFXSDGRSRUFPRRFXUULHVWR4XLHQTXLHUDTXHIXHVH
SRGDKDEHUGHVWUXLGRPVGHXQDRGHWUDEDMR

(OODPHQWRGHODEHOOD(OYLUD FRQW
1RFRQItHVHQORVGHPiVSDUDUHVROYHUWXSUREOHPD
1LHQHOHVWDGRQLHQHOVLVWHPDSDUDVROYHQWDUFDGDWHPD
<DYHVORTXHSDVDFXDQGRVLJXHVODVSDXWDV
'HORVVLVWHPDVHGXFDWLYRVTXHQRVDEHQQLDXWDV
6REUHFyPRHQWUHJDUDODYLGDUHDO
([SHUWRVSUHSDUDGRVFRQEDJDMHSURIHVLRQDO
)LQ

,oPDOPRVWUHDG\
,WoVDOPRVWWLPH
+DYHZHDUULYHG\HW"$OPRVW
7KLVLVDOPRVWZKDW,ZDQW

,oPQRWTXLWHUHDG\
,WoVQRWTXLWHWLPH\HW
+DYHZHDUULYHG\HW"1RWTXLWH
7KLVLVQRWTXLWHZKDW,ZDQW

$GLIHUHQFLDGHpDOPRVWqFXDQGRHPSOHDPRVpQRWTXLWHqIRU]D
PRVODHQWRQDFLQFRQXQOHYHJHVWRGHUHVLJQDFLQ
'LG\RXUHDFKWKHQDOV"
1RWTXLWH
/OHJDVWHDODQDO"
1RfSHURFDVL
+DYH\RXPDGHXSZLWK\RXUJLUOIULHQG\HW"
1RWTXLWH
7HKDVUHFRQFLOLDGRFRQWXQRYLD"
1RGHOWRGR
/DH[SUHVLQpQRWTXLWHqWDPELQSXHGHDSDUHFHUGHQWURGHXQD
FRQMXJDFLQ3XHGHVGHFLUSRUHMHPSORp,GRQoWTXLWHXQGHUVWDQG
\RXq 1RWHDFDERGHHQWHQGHUGHOWRGR (QHVWHFDVRpQRWqHVW
FRQWUDGRGHQWURGHODH[SUHVLQpGRQRWq2SRUHMHPSORpWKH\
KDYHQoW TXLWH PDGH XS WKHLU PLQGq 1R DFDEDQ GH GHFLGLUVH GHO
WRGR  /R LPSRUWDQWH HV UHFRUGDU TXH OD PLWDG GH ODV YHFHV TXH
R\HVODSDODEUDpTXLWHqHQXQDIUDVHVHJXUDPHQWHVHWUDWDGHOD
LGHDGHpFDVLFDVLqRpQRGHOWRGRq
,oYHEHHQWHDFKLQJ(QJOLVKIRU\HDUVDQG,oPVWLOOQRWTXLWHVXUH
KRZ WR H[SODLQ FHUWDLQ H[SUHVVLRQV LQ WKH ODQJXDJH LQFOXGLQJ
pQRWTXLWHq

7KHUHoVEHHQDEUHDFKLQVHFXULW\/DVWQLJKWVRPHERG\JRWLQWRWKH
VHUYHUDQGPHVVHGXSVHYHUDOGDWDEDVHOHV:HoOOQHHGDFRXSOHRI
GD\VWRJHWWKLQJVEDFNWKHZD\WKH\ZHUHEXW,oPZRUULHGDERXW
KRZWKLVKDSSHQHG:KRHYHULWZDVFRXOGoYHGHVWUR\HGPRUHWKDQ
D\HDUoVZRUN


(VWLPDGR DPLJR \ DOXPQR $TX DWDFR D WRGRV ORV VLVWHPDV HGXFDWLYRV GHO
PXQGRSRUTXHHQPLRSLQLQQRVDEHQSUHSDUDUDODJHQWHDGHFXDGDPHQWH
(OPHMRUVLVWHPDXQLYHUVLWDULRSDUDPHVHOQRUWHDPHULFDQR3HURSHFDGHPX\
FDUR\QRSXHGHVDOYDUDWDQWRVTXHOOHJDQGHXQVLVWHPDSULPDULR\VHFXQGDULR
TXHYDGHPDOHQSHRU0HMRUDUODHGXFDFLQH[LJHPXFKRWLHPSRHVIXHU]R\
SDFLHQFLD(Q(VSDDVHFDPELDGHORVRID\HQIRTXHHGXFDWLYRVFDGD
DRVORFXDOGLFXOWDDQPVODFRQVROLGDFLQGHPHMRUDV3HURVR\RSWLPLVWD\
HQORTXHVHUHHUHDOLQJOV\DHVWDPRVHPSH]DQGRDYHUFRVDVSRVLWLYDV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

6RQWXVSDGUHV" $UHWKH\\RXUSDUHQWV"
1RORVRQVRQPLVWRV 1RWKH\oUHQRWLWoVP\XQFOH
DQGP\DXQW
1RHVWR\PX\FRQWHQWR ,oPQRWYHU\KDSS\
3RUTXHVWVWULVWH" :K\DUH\RXVDG"
1RORV ,GRQoWNQRZ

+D\VLOODVHQHVDKDELWDFLQ" $UHWKHUHDQ\FKDLUVLQWKDW
URRP"
6KD\DOJXQDVHQPLGHVSDFKR <HVWKHUHDUHVRPHLQP\RIFH
+D\PRQWDDVHQ/RQGUHV" $UHWKHUHPDQ\PRXQWDLQVLQ
/RQGRQ"
1RQRKD\PRQWDDVHQHVD 1RWKHUHDUHQoWDQ\PRXQWDLQV
LQWKDWFLW\
FLXGDG
4XHVWVSHQVDQGR" :KDWDUH\RXWKLQNLQJ"

/RZ,QWHUPHGLDWH
&XQWDOHFKHWHQHPRV" +RZPXFKPLONGRZHKDYH"
&XQWRVYDVRVQHFHVLWDHOOD" +RZPDQ\JODVVHVGRHVVKH
QHHG"
3RUTXKDEODHOODDV" :K\GRHVVKHWDONOLNHWKDW"
&RQTXLQHVWVDOLHQGRO" :KRLVKHJRLQJRXWZLWK"
9LYHQMXQWRV" 'RWKH\OLYHWRJHWKHU"

0LGGOH,QWHUPHGLDWH
'LPHGRQGHHVWXYLVWHDQRFKH 7HOOPHZKHUH\RXZHUHODVW
QLJKW
'LMRORTXHHVWDEDKDFLHQGR" 'LGKHVD\ZKDWKHZDVGRLQJ"
1RVGLMRSRUTXQRYLQR +HWROGXVZK\KHGLGQoWFRPH
2VWHFRQTXLQVDOL" 'LG\RXKHDUZKRKHZHQWRXW
ZLWK"
6DEHVFRPROOHJDOO" 'R\RXNQRZKRZKHJRWWKHUH"

+LJK,QWHUPHGLDWH
3RUTXQRKDYHQLGRWRGDYD":K\KDVQoWKHFRPH\HW"
3RUTXQRIXLLQYLWDGR" :K\ZDVQoW,LQYLWHG"
3RUTXQRVHORGLMLVWH" :K\GLGQoW\RXWHOOWKHP"
3RUTXQRHVWDUVDOO" :K\ZRQoW\RXEHWKHUH"
3RUTXQROHFUHHUDV" :K\ZRXOGQoW\RXEHOLHYHLW"

/RZ$GYDQFHG
7UDEDMRSDUDTXHPLIDPLOLD ,ZRUNVRWKDWP\IDPLO\KDV
IRRGRQWKHWDEOH
WHQJDFRPLGDHQODPHVD
/RVHOHIDQWHVLQGLRVWLHQHQODV ,QGLDQHOHSKDQWVKDYHVPDOO
RUHMDVSHTXHDVPLHQWUDVTXH HDUVZKHUHDVWKH$IULFDQRQHV
ORVDIULFDQRVODVWLHQHQJUDQGHV DUHELJ
0LHQWUDVTXHYLYDVDTX $VORQJDV\RXOLYHKHUH\RXoOO
REH\P\UXOHV
REHGHFHUVPLVUHJODV
(QFXDQWROOHJXHDTXQRV $VVRRQDVKHJHWVKHUHZHoOO
EHRII
SLUDPRV
3DUHFHFRPRVLQRKXELHUDV <RXORRNDVLI\RXKDGQoWVOHSW
GRUPLGR

0LGGOH$GYDQFHG
&XQGRVHDQXQFLDU":KHQZLOOLWEHDQQRXQFHG"
&XQWRWLHPSRVHSXHGH+RZORQJFDQLWEHNHSWLQWKH
IULGJH"
JXDUGDUHQODQHYHUD"
&XOHVHOQLFRHGLFLRTXH:KDWoVWKHRQO\EXLOGLQJWKDW
FDQEHVHHQIURPWKHPRRQ"
VHSXHGHYHUGHVGHODOXQD"
&PRVHKDU"+RZZLOOLWEHGRQH"
3XHGHTXHVHFDQFHOH,WPLJKWEHFDQFHOOHG

)RU(QJOLVKVXSHUVWDUVRQO\
0HHQFDQWDUDXQSLQFKRGH,oGORYHDSLHFHRI6SDQLVK
WRUWLOODGHSDWDWD
RPHOHW
&RPLVFDOORVGHYHUGDG"'R\RXUHDOO\HDWWULSH"
1XQFDWHQJRKDPEUHGHVSXV,oPQHYHUKXQJU\DIWHUHDWLQJ
GHFRPHUFRFLGR
VWHZ
1RKD\QDGDPHMRUTXHHO<RXFDQoWEHDW6SDQLVKKDP
MDPQHVSDRO
4XLQFRUWDHOEDFDODRDTX":KRUXQVWKHVKRZKHUH"

3OLHUV 3LQ]DV

6FUHZGULYHU 'HVWRUQLOODGRU

+DPPHU 0DUWLOOR
6DZ 6LHUUD

6SDQQHU /ODYHGHWXHUFDV

9RFDEXODULR7RROER[ &DMDGHKHUUDPLHQWDV

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

&RPPRQVD\LQJV

*LPQDVLDYHUEDOp7RRq p(QRXJKq

<RXKDYHWREHRQ\RXUWRHV
7LHQHVTXHHVWDUDOHUWD

,oPJRLQJRXWRIP\PLQG
0HHVWR\YROYLHQGRORFR

7RWKLQNRXWRIWKHER[
3HQVDUGHIRUPDFUHDWLYD

2YHUP\GHDGERG\
7HQGUVTXHSDVDUSRUHQFLPDGHPLFDGYHU

<RXoUHRXWRI\RXUPLQG
|(VWVORFR

'RQoWOHWLWJRWR\RXUKHDG
4XHQRVHWHVXEDDODFDEH]D

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
1RWHQJRVXFLHQWHDUUR]SDUDKDFHUXQD
SDHOOD
(OODQRFRQRFHDVXFLHQWHVSHUVRQDVSDUD
RUJDQL]DUXQDHVWD
(OODQRHVORVXFLHQWHPHQWHSRSXODUSDUD
RUJDQL]DUXQDHVWD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(QJOLVKLVWZLFHDVHDV\DV6SDQLVK
7KHUHDUHHLJKWPLOOLRQSHRSOHLQ/RV$QJHOHV7KHUHDUHPLOOLRQ
SHRSOHLQ&DLUR:KDWFDQZHVD\DERXWWKHWZRFLWLHV"
&DLURLVWZRWLPHVELJJHUWKDQ/RV$QJHOHV
&DLURLVWZLFHDVELJDV/RV$QJHOHV
:KLFKVHQWHQFHLVPRUHFRUUHFW"%RWKDUHSHUIHFWO\FRUUHFW:KLFK
VHQWHQFHLVPRUHFRPPRQ"7KHVHFRQGRQHLVWZLFHDVFRPPRQ
DVWKHUVW WZRWLPHVPRUHFRPPRQ 
'RVYHFHVPVIFLO
7UHVYHFHVPVDOWR
8QPLOOQGHYHFHVPV
FRPSOLFDGR

7ZLFHDVHDV\
7KUHHWLPHVDVWDOO
$PLOOLRQWLPHVDVFRPSOLFDWHG

HVpGRVYHFHVWDQJUDQGHqFRPR/RVQJHOHV6LQHPEDUJRHVOD
IRUPDTXHKDELWXDOPHQWHXWLOL]DPRVFXDQGRFRPSDUDPRVFRVDV
HPSOHDQGRPDJQLWXGHVQXPULFDV$KRUDELHQQRHVQHFHVDULR
TXHDVLPLOHVHVWDIRUPDSXHVWRTXHODIRUPDPVVHQFLOODWDP
ELQHVFRUUHFWDDGHPVGHLGQWLFDDODIRUPDHVSDROD3HURFRQ
YLHQHTXHHVWVDOPHQRVIDPLOLDUL]DGRFRQHOODSRUTXHODYDVDRU
FRQVWDQWHPHQWHVLOOHJDVDWHQHUPXFKRFRQWDFWRFRQHOLQJOV
9DXJKDQ6\VWHPVLVWZLFHDVJRRGDVLWVFRPSHWLWRUV
0RXQW(YHUHVWLVWKUHHWLPHDVKLJKDVWKH0RQFD\RLQ$UDJQ
7KHEULJKWVLGHRIWKLVVDWHOOLWHUHHFWVDERXWWLPHVDVPXFK
VXQOLJKWDVWKHGDUNVLGH
6\PPHWULFDOJRULWKPVDUHDWKRXVDQGWLPHVDVIDVWDV
DV\PPHWULFRQHV
7KLVQHZFRPSXWHUV\VWHPLVYHWLPHVDVIDVWDVWKHROGRQH

6HWUDWDGHXQDIRUPDDOJRH[WUDD\FRPSOLFDGDGHH[SUHVDUHVWH
WLSRGHFRPSDUDWLYR/LWHUDOPHQWHGHFLPRVHQLQJOVTXH(O&DLUR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RPHDSHWHFHWUDEDMDUHVWDPDDQD0HKHWRPDGRWUHVWD]DV
GHFDI\WRGDYDQRSXHGRPDQWHQHUORVRMRVDELHUWRV$QRFKH
FDVLQRGRUPGHVSXVGHTXHPHGHVSHUWDUDODWRUPHQWDGHJUD
QL]R'HEDGHVHUDOUHGHGRUGHODVFXDQGRPHSXGHYROYHUD
GRUPLU3DUHFHTXHFXDQWRPVPD\RUPHKDJRPVPHFXHVWD
WHQHUXQDEXHQDQRFKHGHGHVFDQVR

,GRQoWIHHOOLNHZRUNLQJWKLVPRUQLQJ,oYHKDGWKUHHFXSVRIFRIIHH
DQG,VWLOOFDQoWNHHSP\H\HVRSHQ,KDUGO\VOHSWODVWQLJKWDIWHU
WKHKDLOVWRUPZRNHPHXS,WPXVWKDYHEHHQDURXQGEHIRUH,
ZDVDEOHWRJREDFNWRVOHHS,WVHHPVWKDWWKHROGHU,JHWWKHPRUH
WURXEOH,KDYHJHWWLQJDJRRGQLJKWoVVOHHS


0LDPLJR-RV
0\PRVWPHPRUDEOHVWXGHQWWKHEHVWRQHRIDOO
:DVDVKRUWOLWWOHPDQZLWKDPRXVWDFKHTXLWHVPDOO
+HEHJDQKLVUVWFODVVDEHJLQQHUDWEHVW
$WDJHEXWZLWKYLJRXUDQG]HVW
$SURIHVVLRQDOVROGLHUDUWLOOHU\ZDVKLVJDPH
$QGWRDQQLKLODWH(QJOLVKKLVLPPHGLDWHDLP
+HZDVRQHPHWHUIW\EXWVWURQJDQGUREXVW
$QGGHWHUPLQHGWRJKWDVVXFFHVVZDVDPXVW
7KHUVWWKLQJKHOHDUQHGZDVP\QDPHLV-RVp
$QGRQKHDULQJKLVDFFHQW,VWDUWHGWRSUD\
'HDU*RGZK\RQHDUWKLVWKLVVWXGHQWIRUPH
,ZRXOGUDWKHUEHIRUFHGWRJLYHFODVVWRDWUHH
7REHFRQWLQXHG

(VWLPDGR DPLJR \ DOXPQR(VWH SRHPD HV GH XQ DOXPQR TXH WXYH HQWUH  \
5HFXHUGRODSULPHUDFODVHFRPRVLIXHUDD\HU(QWUHQHODXOD\PHGLMRp7HQJR
DRV\PHGLFHQTXHDKRUDWHQJRTXHDSUHQGHULQJOV/HGLJRGHHQWUDGDTXHQR
PHKDFHJUDFLDWHQHUTXHDSUHQGHUDOJRQXHYRDHVWDVDOWXUDVSHURVRQODVUGHQHVq
'HVSXVHPSHFXQDFODVHWSLFDGHSULQFLSLDQWH\PHTXHGDVXVWDGRGHVXQLYHO
(UDXQQLYHOFHURDEVROXWRDEVROXWR1RVDEDVLTXLHUDTXHSDUDQHJDUHQLQJOV
VHGHFDpQRq7DPELQPHTXHGGHVLQDGRDORUVXSURQXQFLDFLQ(UDOJLFR(O
EXHQPLOLWDUQRKDEDWHQLGRTXHSURQXQFLDUSDODEUDDOJXQDHQRWURLGLRPDHQ
DRV/DSULPHUDFODVHGXUGRVKRUDV\FXDQGRWHUPLQOPHGLMRp(VXVWHGEXHQ
SURIHVRU0HKDJXVWDGRODFODVH&UHRTXHYR\DDSUHQGHUHVWHLGLRPDFRQXVWHG
4XWHQJRTXHKDFHUSDUDPDDQD"q$SDUWLUGHHVHPRPHQWRpPLDPLJR-RVqHO
PLOLWDUSURJUHVPVUSLGDPHQWHTXHHOGHWRGRVORVDOXPQRVTXHKHWHQLGR
HQPLYLGDHLQFOX\RDJHQWHGHWRGDVODVHGDGHV&XOIXHVXVHFUHWR"<DORLUHPRV
YLHQGRHQODVSU[LPDVFKDV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VHVHWXFRFKH" ,VWKDW\RXUFDU"
6ORHV <HVLWLV
(VMDSRQV" ,VLW-DSDQHVH"
1RQRORHV(VXQFRFKHDOHPQ1RLWLVQoW,WoVD*HUPDQFDU
/RVFRFKHVDOHPDQHVVRQPX\ *HUPDQFDUVDUHYHU\JRRG
EXHQRV

0HJXVWDWXSHOR ,OLNH\RXUKDLU
'QGHYDVDFRUWUWHOR" :KHUHGR\RXJRWRFXWLW"
0LQRYLRPHORFRUWDHQFDVD 0\ER\IULHQGFXWVLWDWKRPH
(VVHVXWUDEDMRQRUPDO" ,VWKDWKLVQRUPDOMRE"
1RHVVXKREE\7UDEDMDHQXQ 1RLWoVKLVKREE\+HZRUNVLQ
DEDQN
EDQFR

/RZ,QWHUPHGLDWH
'HTXLQHVHVHFRFKH" :KRVHFDULVWKDW"
'HTXLQHUDODHVWD" :KRVHSDUW\ZDVLW"
'HTXLQVRQHVDVRUHV" :KRVHRZHUVDUHWKRVH"
'HTXLQHVHVWDURSD" :KRVHFORWKHVDUHWKHVH"
'HTXLQHVHVWDFRSD" :KRVHGULQNLVWKLV"

0LGGOH,QWHUPHGLDWH
6DOLPRVHVWDQRFKH" 6KDOOZHJRRXWWRQLJKW"
&RQWHVWRDOWHOIRQR" 6KDOO,DQVZHUWKHSKRQH"
/HVGHFLPRVTXHQRSRGHPRVLU" 6KDOOZHWHOOWKHPZHFDQoWJR"
$SDJRHORUGHQDGRU" 6KDOO,WXUQWKHFRPSXWHURII"
$EULPRVODWLHQGDDKRUD" 6KDOOZHRSHQWKHVKRSQRZ"

%ROWV 3HUQRV

:DVKHUV $UDQGHODV

1DLOV &ODYRV

6FUHZV 7RUQLOORV

1XWV 7XHUFDV

9RFDEXODULR7RROER[ &DMDGHKHUUDPLHQWDV

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&XQWRWLHPSROOHYDOORYLHQGR"+RZORQJKDVLWEHHQUDLQLQJ"
(VWOORYLHQGRGHVGHTXHQRV ,WoVEHHQUDLQLQJVLQFHZHJRW
XS
OHYDQWDPRV
(VWDVGHVGHKDFHVHLVKRUDV ,WoVEHHQOLNHWKLVIRUVL[KRXUV
&XQWRFUHHVTXHGXUDU" +RZORQJGR\RXWKLQNLWZLOO
ODVW"
1RVQRVR\HOKRPEUHGHO ,GRQoWNQRZ,oPQRWWKH

ZHDWKHUPDQ
WLHPSR

4XWHKDFHUHU" :KDWPDNHV\RXODXJK"
1RVXHORUHUPXFKR ,GRQoWXVXDOO\ODXJKPXFK
4XWHKDUDFDPELDUGH :KDWZRXOGPDNH\RXFKDQJH
\RXUPLQG"
RSLQLQ"
3RUTXQRPHKDFHVXQD :K\GRQoW\RXPDNHPHDQ
RIHUWDTXHQRSXHGDUHFKD]DU" RIIHU,FDQoWUHIXVH"
(VRFDPELDWRWDOPHQWHODVFRVDV 7KDWPDNHVDOOWKHGLIIHUHQFH

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

7HHVWVTXHGDQGRDWUVHQWXV<RXoUHIDOOLQJEHKLQGLQ\RXU
VWXGLHV
HVWXGLRV
+D]XQHVIXHU]RSDUDSRQHUWH0DNHDQHIIRUWWRFDWFKXS
DOGD
9R\WDQUSLGRFRPRSXHGR,oPJRLQJDVIDVWDV,FDQ
/RVLHQWRHVRQREDVWD,oPVRUU\WKDWoVQRWJRRG
HQRXJK
|(QWRQFHVORGHMR,TXLWWKHQ

|4XWUDEDMRPVFKDSXFHUR:KDWDORXV\MRE\RXoYHGRQH
KDVKHFKRDOO
WKHUH
1XQFDGLMHTXHIXHVHXQ ,QHYHUVDLG,ZDVDKDQG\PDQ
PDQLWDV
(VDVEDOGDVHVWQWRWDOPHQWH7KRVHVKHOYHVDUHWRWDOO\
WRUFLGDV
ZRQN\
1RWHQDXQQLYHOGHEXUEXMD,GLGQoWKDYHDVSLULWOHYHO
7HFRJLVWHXQSHGRDQWHVGH'LG\RXJHWSLVVHGEHIRUH
KDFHUOR"
GRLQJLW"



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

*LPQDVLDYHUEDO'HTXLQf"VH
WUDGXFHFRPRp:KRVHf"q

7KHSODFHZDVSDFNHGOLNHVDUGLQHV
(OVLWLRHVWDEDGHERWHHQERWH

+HDOZD\VSDVVHVWKHEXFN
6LHPSUHSDVDODSHORWD

+HoVDSDLQLQWKHQHFN
(VXQSHVDGR

+HoVDSHQQ\SLQFKHU
(VXQDJDUUDGR

7KDWoVSDUIRUWKHFRXUVH
(VRHVWGHQWURGHORKDELWXDO

:KRoVJRLQJWRSLFNXSWKHWDE"
4XLQYDDSDJDU ODVFRQVXPLFLRQHV "

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
'HTXLQVRQHVRVEROJUDIRV"
1RVGHTXLQVRQORVEROJUDIRV
1RVGHTXLQHVODFDVD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,JUHZXSZKHUH,ZDVEURXJKWXSDQGHGXFDWHG
,PSRUWDQWHHOYHUERFRPSXHVWRpWRJURZXSqVLJQLFDKDFHUVH
PD\RU FULDUVH R HGXFDUVH 1R VLJQLFD pFUHFHUq 2LJR FRQ FLHUWD
IUHFXHQFLD D PXFKRV GLUHFWLYRV HVSDROHV GHFLU pRXU FRPSDQ\ LV
JURZLQJXSq0HFXHVWDQRUHUPHFXDQGRORRLJRSRUTXHHVWQGL
FLHQGROLWHUDOPHQWHpQXHVWUDHPSUHVD\DVHHVWKDFLHQGRPD\RU
FLWDq6LTXLHUHVKDEODUGHOEXHQFUHFLPLHQWRGHWXHPSUHVDGL
2XUFRPSDQ\LVJURZLQJ
$KRUDIMDWHELHQHQODVFXDWURIUDVHVVLJXLHQWHV
,JUHZXSLQ7H[DV
,ZDVEURXJKWXSLQ7H[DV
,ZDVHGXFDWHGLQ7H[DV
0\SDUHQWVEURXJKWPHXS
OHQLHQWO\

0HFULHQ7H[DV
)XLHGXFDGRHQ7H[DV
&XUVPLIRUPDFLQ
DFDGPLFDHQ7H[DV
0LVSDGUHVPHHGXFDURQFRQ
FLHUWDSHUPLVLYLGDG

r p7R JURZ XSq HV OR TXH XQD SHUVRQD H[SHULPHQWD HQ VX LQ
IDQFLDQLH]\DGROHVFHQFLD7DPELQORSXHGHH[SHULPHQWDU
PHQWDORSVLFROJLFDPHQWH\DGHDGXOWR'HFLPRVpJURZXSq
FXDQGRTXHUHPRVGHFLUDDOJXLHQ|1RVHDVLQIDQWLO
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6LQRWHGHFLGHVSURQWRDOJXLHQORKDUSRUWL7HQHPRVTXHWH
QHU\DXQDGHFLVLQVREUHHOSUR\HFWRGH3HWHUVRQSDUDQDOHVGH
PHVRQRVDUULHVJDPRVDSHUGHUWRGRHOFRQWUDWR(UHVHO'LUHFWRU
*HQHUDO\HOORVFUHHQTXHWHUHVTXLQOOHYDODYR]FDQWDQWHHQ
WRGRHVWR1RVHUDEXHQRGDUOHVXQDLPSUHVLQGLVWLQWDDHVWDV
DOWXUDV

0LDPLJR-RV FRQW
%XWP\SDWLHQFHLVJROGHQDQGP\VPLOHQHYHUHQGLQJ
$QG,QHYHUJHWDQJU\RUVRXQGFRQGHVFHQGLQJ
$VDSHUIHFWSURIHVVRU,FDQZHOOPDVTXHUDGH
$QGP\SDWLHQFHLVYDVWZKHQ,NQRZ,OOEHSDLG
(YHU\GD\IRUWZR\HDUVIURPHLJKWWKLUW\WRWHQ
+HUHSHDWHGHDFKVWUXFWXUHDJDLQDQGDJDLQ
+LVPLOLWDU\GLVFLSOLQHDQGWRWDOGHYRWLRQ
3XVKHGKLVSURJUHVVEH\RQG1HZWRQVWKLUGODZRIPRWLRQ
,QD\HDUKHFRXOGKDQGOHZLWKUHODWLYHHDVH
5RXWLQHVLWXDWLRQVRIGLIIHUHQWGHJUHHV
$QGLQWZR\HDUVKLVOHYHOZDVPRUHWKDQHQRXJK
7RQHJRWLDWHFRQWUDFWVZLWKPRUHWKDQRQHEOXII
7REHFRQWLQXHG

r p7REULQJXSqHVFULDURHGXFDUDRWUDSHUVRQDp,EURXJKWXS
P\FKLOGUHQq (GXTXDPLVKLMRV 

r (O YHUER pWR HGXFDWHq VLJQLFD pIRUPDUq PV TXH pHGXFDUq


(VWQWLPDPHQWHOLJDGRDODHVFRODUL]DFLQ

r 7DPELQXWLOL]DPRVORVYHUERVpWRUHDUq\pWRUDLVHqSDUDGHFLU
pFULDUqRpHGXFDUqSHURRVRQPHQRVXVXDOHV FDVRGHpUHDUq R
PHQRVUHFRPHQGDEOHV FDVRGHpUDLVHq (OYHUERpWRUDLVHqHQ
HVWHFRQWH[WRGHEHXVDUVHSDUDODFUDGHDQLPDOHVQRSDUDOD
FUDGHKLMRVSHURDSHVDUGHHVWRVHXVDPXFKRp,ZDVUDLVHG
LQ7H[DVq )XLFULDGR\HGXFDGRHQ7H[DV 

r (O VXVWDQWLYR pXSEULQJLQJq HV OD SDODEUD PV DSURSLDGD


SDUDODFULDQ]DRHGXFDFLQGHODVSHUVRQDVp+HKDGDVWULFW
XSEULQJLQJq 7XYR XQD HGXFDFLQ HVWULFWD  (O VXVWDQWLYR
SURYLHQHGHOYHUERFRPSXHVWRpWREULQJXSq
3RUWDQWRXQDEXHQDWUDGXFFLQSDUDHOWWXORGHHVWDOPLQDVHUD

0HFULGRQGHIXLHGXFDGR\IRUPDGR

,I\RXGRQoWPDNHXS\RXUPLQGSUHWW\VRRQVRPHERG\ZLOOPDNHLW
XSIRU\RX:HoYHJRWWRKDYHDGHFLVLRQRQWKH3HWHUVRQSURMHFWE\
WKHHQGRIWKLVPRQWKRUZHoOOULVNORVLQJWKHHQWLUHFRQWUDFW<RXoUH
WKHJHQHUDOPDQDJHUDQGWKH\WKLQN\RXoUHFDOOLQJDOOWKHVKRWVRQ
WKLV ,W ZRXOGQoW EH JRRG WR JLYH WKHP D GLIIHUHQW LPSUHVVLRQ DW
WKLVSRLQWLQWLPH


(VWLPDGR DPLJR \ DOXPQR 0L DPLJR -RV PLOLWDU GH SURIHVLQ QR GHM GH
LPSUHVLRQDUPHGXUDQWHORVGRVSULPHURVDRVGHVXDSUHQGL]DMH0LVWHPRUHV
GHO SULPHU GD SURQWR GHVDSDUHFLHURQ DQWH XQD DGPLUDFLQ SRU HO HVIXHU]R
TXHKDFDHODUWLOOHUR$FULELOODEDDEDOD]RVHOLQJOV&RQXQDFHQWRWXUROHQVH
\ODYR]URQFD\VSHUDWSLFDGHVXHGDG\GHVXUDQJRPLOLWDUIXHUHSLWLHQGR
KDVWDODVDFLHGDGIUDVHWUDVIUDVHHQLQJOVGHVGHODPVVHQFLOODKDVWDODPV
FXULRVD /H HQFDQWDED GHFLUWKH WUDIF LV EXPSHU WR EXPSHU HO WUFR HVW
DWDVFDGRHVGHFLUGHSDUDFKRTXHDSDUDFKRTXH 2WUDIUDVHVX\DHUDWKHVN\LV
RYHUFDVW HOFLHORHVWWDSDGRGHQXEHV (OFDVRHVTXHOHHQFDQWDEDHOUHWRGH
DSUHQGHULQJOVVSHUROHHQFDQWDEDSRUTXHWHQDGHODQWHDXQSURIHVRUDOTXH
UHVSHWDED\DGPLUDEDSURIHVLRQDOPHQWH0RUDOHMDHOSURIHVRUORHVWRGR6LHV
XQSHWDUGRQDGLHDSUHQGHDSHVDUGHODWUDFWLYRGHOWHPD6LHVXQIHQPHQR
KDVWDORVWHPDVPVFRPSOLFDGRVVHKDFHQDWUDFWLYRV\HODSUHQGL]DMHDGTXLHUH
WUD\HFWRULDVVRUSUHQGHQWHV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

&XOHVVXWUDEDMR" :KDWoVKLVMRE"
(VSROLFD +HoVDSROLFHPDQ
(VHHVXQWUDEDMRGLIFLO 7KDWoVDGLIFXOWMRE
(VXQSURIHVLRQDOPX\EXHQR +HoVDYHU\JRRGSURIHVVLRQDO
6XKHUPDQRHVSROLFD ,VKLVEURWKHUDSROLFHPDQWRR"
WDPELQ"

0HHQFDQWDODPVLFD ,ORYHPXVLF
4XPVLFDWHJXVWD" :KLFKPXVLFGR\RXOLNH"
0HJXVWDWRGR ,OLNHHYHU\WKLQJ
+D\DOJXQDPVLFDTXHQR ,VWKHUHDQ\PXVLF\RXGRQoW
OLNH"
WHJXVWH"
1RPHJXVWDPXFKRHOUDS ,GRQoWOLNHUDSPXFK

/RZ,QWHUPHGLDWH
7XQRYLRYDDYHQLUDODHVWD" ,V\RXUER\IULHQGJRLQJWR
FRPHWRWKHSDUW\"
1RHVWDUDTXHVHQGH +HZRQoWEHKHUHWKDW

ZHHNHQG
VHPDQD
'QGHLU" :KHUHZLOOKHJR"
9DDLUDODERGDGHXQDPLJR +HoVJRLQJWRJRWRDIULHQGoV
ZHGGLQJ
1RTXLHUHVLUFRQO" 'RQoW\RXZDQWWRJRZLWKKLP"

0LGGOH,QWHUPHGLDWH
7HJXVWDUDWRPDUXQDWD]D :RXOG\RXOLNHWRKDYHDFXS
RIWHD"
GHW"
1RJUDFLDVQRWHQJRVHG 1RWKDQNV,oPQRWWKLUVW\
4XWDODOJRGHFRPHU" +RZDERXWVRPHWKLQJWRHDW"
1RJUDFLDVWDPSRFRWHQJR 1RWKDQNV,oPQRWKXQJU\
HLWKHU
KDPEUH
'PHORFXDQGRTXLHUDVDOJR 7HOOPHZKHQ\RXZDQW
VRPHWKLQJ

+LJK,QWHUPHGLDWH
'QGHGHMPLPYLO" :KHUHGLG,OHDYHP\PRELOH"
1RORGHMDVWHGHEDMRGHOD 'LGQoW\RXOHDYHLWXQGHUWKH

VWDLUV"
HVFDOHUD"
0HORSHGLVWHSUHVWDGRQR" <RXERUURZHGLWGLGQoW\RX"
3HURWHORGHYROYKDFH %XW,JDYHLWEDFNWR\RXDQ

KRXUDJR
XQDKRUD
0HSXHGHVSUHVWDUHOWX\RXQ &DQ\RXOHQGPH\RXUVIRUD

PRPHQW"
VHJXQGR"

/RZ$GYDQFHG
0HSXHGHVJUDEDUXQDV &DQ\RXUHFRUGVRPHWDSHVIRU
PH"
FLQWDV"
3RUTXTXLHUHVTXHKDJD :K\GR\RXZDQWPHWRGR
WKDW"
HVR"
0HD\XGDUDDSUHSDUDUPL ,WZRXOGKHOSPHWRSUHSDUH
P\FLYLOVHUYLFHH[DP
RSRVLFLQ
&XOHVPLSOD]R" :KDWoVP\GHDGOLQH"
1RFRUUHSULVD 7KHUHoVQRUXVK

&RDW $EULJR

-XPSHU -HUVH\
6FDUI %XIDQGD

+DW *RUUR
*ORYHV *XDQWHV

9RFDEXODULR:LQWHUFORWKHV 5RSDGHLQYLHUQR

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

&XQGRWXYROXJDUHO :KHQGLGWKHNLGQDSSLQJWDNH
SODFH"
VHFXHVWUR"
&XQWRVUHKHQHVKDED" +RZPDQ\KRVWDJHVZHUH
WKHUH"
&XQWRSLGLHURQGHUHVFDWH" :KDWUDQVRPGLGWKH\DVNIRU"
5HVFDWDURQDORVUHKHQHV" 'LGWKH\UHVFXHWKHKRVWDJHV"
7RGDYDORVWLHQHQSUHVRV 7KH\oUHVWLOOEHLQJKHOG
SULVRQHU

&XOHVODGLIHUHQFLDHQWUHXQ:KDWoVWKHGLIIHUHQFHEHWZHHQ
VRERUQR\XQFKDQWDMH"
DEULEHDQGEODFNPDLO"
(OSULPHURHVFXDQGRSDJDVD7KHIRUPHULVZKHQ\RXSD\
DOJXLHQDFDPELRGHTXHWH
VRPHRQHLQUHWXUQIRUWKHP
KDJDQXQIDYRU
GRLQJ\RXDIDYRXU
(OVHJXQGRHVXQDHVSHFLHGH7KHODWWHULVDNLQGRIWKUHDW
DPHQD]D
6LDPHQD]RFRQSXEOLFDUDOJXQDV,I,WKUHDWHQWRSXEOLVKVRPH
IRWRVFRPSURPHWLGDVWX\DV
FRPSURPLVLQJSKRWRVRI\RXUV
HVRHVFKDQWDMH
WKDWoVEODFNPDLO
1RWHDWUHYHUDVYHUGDG"<RXZRXOGQoWGDUHZRXOG\RX"



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

*LPQDVLDYHUEDO

7RSOD\LWE\HDU
,PSURYLVDU WRFDUGHRGDV 

6KHoVZRUWKKHUZHLJKWLQJROG
(OODYDOHVXSHVRHQRUR

,oPSUHVVHGIRUWLPH
9R\FRQHOWLHPSRMXVWR

&DQ\RXSXOOVRPHVWULQJVIRUPH"
0HSXHGHVD\XGDUDWUDYVGHWXVFRQWDFWRV"

+HoVQRWSXOOLQJKLVZHLJKW
,KDYHWRSRZGHUP\QRVH
1RHVWSRQLHQGRGHVXSDUWH 7HQJRTXHLUDOVHUYLFLR HPSROYDUODQDUL] 



<RXVWDUW\RXUFDUHHURQFH\RXoYHQLVKHG\RXUVWXGLHV

7RGDVHVWDVIUDVHVFRQWLHQHQODSDODEUD
pUDWKHUqHQYH]GHpSUHIHUq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
4XLHUHVLUDODSOD\DRSUHHUHVLUDOD
PRQWDD"
4XLHUHVMXJDUDOWHQLVRSUHHUHVMXJDUDO
EDORQFHVWR"
4XLHUHVXQYDVRGHYLQRRSUHHUHVWRPDU
XQDFHUYH]D"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

6LHQPLVDRVGHHQVHDQ]DKXELHUDUHFLELGRXQHXURSRUFDGDYH]
TXHKHRGRGHFLUDXQHVSDROpFDUHHUqDOUHIHULUVHDVXFDUUHUDXQLYHU
VLWDULDVHUDPLOORQDULR(QLQJOVODSDODEUDpFDUHHUqVORVHUHHUHD
WXYLGDRFDUUHUDSURIHVLRQDO7XpFDUHHUqQRHPSLH]DKDVWDTXHQRKD
\DVWHUPLQDGRORVHVWXGLRV\HPSUHQGLGRWXWUD\HFWRULDSURIHVLRQDO
0\GHJUHHLVLQHQJLQHHULQJEXWP\FDUHHUKDVEHHQLQDFFFRXQWLQJ
DQGQDQFH
0HOLFHQFLHQLQJHQLHUDSHURPLYLGDSURIHVLRQDOODKHGHGLFDGR
DODFRQWDELOLGDG\QDQ]DV
%HIRUHFKRRVLQJDGHJUHHSODQFRQVLGHUWKHSURVDQGFRQVRIWKH
FDUHHULWZLOOOHDG\RXWR
$QWHV GH HOHJLU XQD FDUUHUD XQLYHUVLWDULD VRSHVD ORV SURV \ ORV
FRQWUDVGHODDFWLYLGDGDODFXDOGLFKDFDUUHUDWHFRQGXFLU
:KDW GHJUHH \RX RULJLQDOO\ REWDLQHG KDV OLWWOH LQXHQFH RQ WKH
FDUHHUSDWKZHSORWIRU\RXLQWKLVRUJDQL]DWLRQ
/DFDUUHUDXQLYHUVLWDULDTXHRULJLQDOPHQWHKLFLVWHLQX\HSRFRHQ
HOFDPLQRSURIHVLRQDOTXHWHWUD]DPRVHQHVWDRUJDQL]DFLQ
,PHWKHUZKHQ,ZDVDWWKHXQLYHUVLW\
/DFRQRFFXDQGRKDFDODFDUUHUD

,PHWKHUWZR\HDUVLQWRP\FDUHHUDVDODZ\HU
/DFRQRFDORVGRVDRVGHLQLFLDUPLDQGDGXUDFRPRDERJDGR
0RVWSHRSOHHQGXSLQDFDUHHUSODQWKDWWKH\GLGQoWVWXG\IRU
/DPD\RUDGHODJHQWHDFDEDWUDEDMDQGRHQDOJRSDUDORTXHQR
KDHVWXGLDGR
6KHoVGRLQJDODZGHJUHH
(OODHVWKDFLHQGRODFDUUHUDGH'HUHFKR
,SDLGIRUDOOP\FKLOGUHQoVFROOHJHHGXFDWLRQ ((88
,SDLGIRUDOOP\FKLOGUHQoVXQLYHUVLW\HGXFDWLRQ 58
3DJXODFDUUHUDGHWRGRVPLVKLMRV
5HFXHUGDODSDODEUDpFDUHHUqQRWLHQHQDGDTXHYHUFRQODFDUUHUD
XQLYHUVLWDULD(VXQDSDODEUDTXHQRHQWUDHQHVFHQDKDVWDTXH
XQRQRLQLFLHGHYHUGDGXQDDFWLYLGDGGHQWURGHXQDRULHQWDFLQ
SURIHVLRQDOFRQFUHWD+D\JHQWHTXHYDGDQGRWXPERVSRUVXYLGD
ODERUDO VLQ QXQFD GHGLFDUVH D XQD DFWLYLGDG TXH SXGLHUD GHQR
PLQDUVHpP\FDUHHUq0LSDGUHVHOLFHQFLHQHPSUHVDULDOHV KH
REWDLQHG D GHJUHH LQ %XVLQHVV $GPLQLVWUDWLRQ  6LQ HPEDUJR VX
WUD\HFWRULDSURIHVLRQDOVHRULHQWSRUFRPSOHWRDOPXQGRGHOVH
JXURGHYLGD KLVFDUHHUZDVLQOLIHLQVXUDQFH 

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
$OIUHG$GOHUXQIDPRVRSVLFORJRDXVWUDFRGLMRXQDYH]TXHHO
SULQFLSDOSHOLJURGHODYLGDHVTXHWRPDPRVGHPDVLDGDVSUHFDX
FLRQHV(VRHVIFLOGHGHFLUVREUHWRGRVLFRPR$OIUHG$GOHUWLH
QHVSRFDVSUHRFXSDFLRQHVHFRQPLFDV3DUDJHQWHQRUPDOFRPR
\R WHQHPRV TXH VHU H[WUHPDGDPHQWH FXLGDGRVRV FRQ QXHVWUR
GLQHUR\FRQFPRORLQYHUWLPRV

$OIUHG $GOHU D IDPRXV $XVWULDQ SV\FKRORJLVW RQFH VDLG WKDW WKH


FKLHI GDQJHU LQ OLIH LV WKDW ZH PD\ WDNH WRR PDQ\ SUHFDXWLRQV
7KDWoV HDV\ WR VD\ HVSHFLDOO\ LI OLNH $OIUHG $GOHU \RX KDYH IHZ
QDQFLDOZRUULHV)RUQRUPDOSHRSOHOLNHPH,KDYHEHH[WUHPHO\
FDUHIXOZLWKP\PRQH\DQGKRZ,LQYHVWLW



0LDPLJR-RV FRQW
,Q\HDUQXPEHUWKUHH,IRXQGVRPHWKLQJTXLWHVWUDQJH
$QG,VWDUWHGWRQRWLFHDWURXEOLQJFKDQJH
+LVLQFUHGLEOHSURJUHVVEHJDQWRVXEVLGH
$QG,VDZWKHUHZDVVRPHWKLQJKHZDQWHGWRKLGH
1HDUWKHHQGRIWKH\HDULWZDVWRWDOO\FOHDU
7KDWWKHHIIRUWDQGZLOORIWKLVDUP\HQJLQHHU
:DVXQDEOHWRVWRSWKHVWHDG\GHFOLQH
,QKLVPDVWHU\RI(QJOLVKRQH\HDUSULRUGLYLQH
%XWKLVDWWHQGDQFHZDVSHUIHFWDQGKLVHIIRUWVXSUHPH
$QGKLVVSLULWSHUVLVWHQWDQGKLVSDVVLRQIXOOVWHDP
%XWKLVJUDPPDUZDVEUHDNLQJDQGKLVPHPRU\VSHQW
$QGKLVSURJUHVVZDVQRZLQDVSLUDOOLQJGHVFHQW
7REHFRQWLQXHG

(VWLPDGR DPLJR \ DOXPQR 'XUDQWH HO WHUFHU DR GH FODVH PL DPLJR -RV
FRQWUDMRXQDHQIHUPHGDGTXHDFDEFRQVXYLGD1RPHGLMRQDGDSHURVSHUFLE
XQFDPELRHQVXSURJUHVR$OSULQFLSLRORDFKDFDEDDVXHGDG,EDDFXPSOLU
ORVDRV\\RSHQVDEDTXHHUDOJLFRTXHODPHPRULDHPSH]DUDDIDOODUOH
\TXHHOJUDQHVIXHU]RTXHKDEDKHFKRFRPHQ]DVHDSDVDUOHIDFWXUD3HURDO
FDERGHXQRVPHVHVHVWDEDFODURTXHKDEDDOJRPV6XGRPLQLRGHOLQJOVVH
UHVTXHEUDMDED<RQRGHFDQDGD0HOLPLWDEDDVHJXLUHQVHQGROHORPHMRU
TXHVDED(OQRGHMHQQLQJQPRPHQWRDDVLVWLUDFODVH\DHVWXGLDU0V
WDUGHVXSHTXH\DVDEDTXHOHTXHGDEDSRFRWLHPSRSHUROHHQFDQWDEDODFODVH
\OHJXVWDEDWHQHUXQUHWRWRGDYDHQODYLGDHQHVWHFDVRHOLQJOV5HFXHUGR
SHUIHFWDPHQWHFPRDYHFHVOHUHJDDEDSRUKDEHUROYLGDGRXQDHVWUXFWXUD
RSRUFDHUHQHOPLVPRHUURUSRUHQVLPDYH]0LDPLJR-RVVLPSOHPHQWHVH
GLVFXOSDED\VHJXDWUDEDMDQGRDWRSH
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

'HGQGHVRQWXVSDGUHV" :KHUHDUH\RXUSDUHQWVIURP"
6RQGH7DVPDQLD 7KH\oUHIURP7DVPDQLD
'QGHHVWD7DVPDQLD :KHUHLV7DVPDQLD"
(VWHQ$XVWUDOLD ,WoVLQ$XVWUDOLD
1RVRQHXURSHRV 7KH\oUHQRW(XURSHDQ

/RVD]XOHVVRQWX\RV" $UH\RXUVWKHEOXHRQHV"
1RVRQGHPLKHUPDQD 1RWKH\oUHP\VLVWHUoV
&XOHVVRQORVWX\RV" :KLFKRQHVDUH\RXUV"
/RVPRVVRQORVYHUGHV 0LQHDUHWKHJUHHQRQHV
&XQWRVWLHQHV" +RZPDQ\GR\RXKDYH"

/RZ,QWHUPHGLDWH
&XQWRVDRVWHQDVFXDQGR +RZROGZHUH\RXZKHQ,ZDV

ERUQ"
\RQDF"
7HQDWUHVFXDQGRQDFLVWH ,ZDVZKHQ\RXZHUHERUQ
1RHUHVWDQYLHMRFRPRPL <RXoUHQRWDVROGDVP\

EURWKHU
KHUPDQR
&XQWRVDRVWLHQHO" +RZROGLVKH"
(VPXFKRPD\RUTXHW +HoVPXFKROGHUWKDQ\RX

0LGGOH,QWHUPHGLDWH
'QGHFRQVHJXLVWHHVH :KHUHGLG\RXJHWWKDWKDW"
VRPEUHUR"
0HORUHJDOPLDEXHOR 0\JUDQGIDWKHUJDYHLWWRPH
(VRVVRPEUHURVHVWQGH 7KRVHKDWVDUHLQIDVKLRQQRZ
PRGDDKRUD
0HGDLJXDOQRVLJRODPRGD ,GRQoWFDUH,GRQoWIROORZ
IDVKLRQ
6HQRWDSRUORVSDQWDORQHV <RXFDQWHOOIURPWKHWURXVHUV
TXHOOHYDVSXHVWRV
\RXoUHZHDULQJ

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&XQWRKDFHTXHQRYHVD +RZORQJKDVLWEHHQVLQFH\RX

'DYH"
VDZ'DYH"
/OHYRFXDWURDRVVLQYHUOH ,KDYHQoWVHHQKLPIRUIRXU
\HDUV
3RUTXQROHKDVYLVWRHQORV :K\KDYHQoW\RXVHHQKLPLQ

WKHODVWIHZ\HDUV"
OWLPRVDRV"
7XYLPRVXQDIXHUWHGLVFXVLQ :HKDGDELJDUJXPHQW

6LHPSUHOHJXVWGLVFXWLU +HDOZD\VOLNHGWRDUJXH

6LPHGLHUDQXQDOLEUDSRUFDGD,I,KDGDSRXQGIRUHYHU\WLPH
VRPHERG\VDLGWKDWWRPH
YH]TXHPHKDQGLFKRHVRf
&XQWRKDEUDVDKRUUDGR" +RZPXFKZRXOG\RXKDYH
VDYHG"
7HQGUDDKRUUDGDVXQDVWUHV ,oGKDYHVDYLQJVRIDERXWWKUHH
SRXQGV
OLEUDV
&XOHVHOWLSRGHFDPELR :KDWoVWKHH[FKDQJHUDWH
EHWZHHQWKHSRXQGDQGWKH
HQWUHODOLEUD\HOHXUR"
HXUR"
8QDOLEUDVLJXHYDOLHQGRPV $SRXQGLVVWLOOZRUWKPRUH
WKDQDHXUR
TXHXQHXUR

7VKLUW &DPLVHWD

)OLSRSV &KDQFODV
&DS *RUUD
6KRUWV 3DQWDOQFRUWR

6ZLPPLQJWUXQNV %DDGRU

9RFDEXODULR6XPPHUFORWKHV 5RSDGHYHUDQR
0LGGOH$GYDQFHG
(VDVRUHVVHHVWQ7KRVHRZHUVDUHZLWKHULQJ

PDUFKLWDQGR
6HPHROYLGUHJDUODV,IRUJRWWRZDWHUWKHP
'HEHUDVFXLGDUODVSODQWDV<RXVKRXOGORRNDIWHUSODQWVDV

FRPRVLIXHUDQXQDPDVFRWD LIWKH\ZHUHDSHW
4XGHEHUDGDUOHV":KDWVKRXOG,IHHGWKHP"
7HUQXUDFDULR\PXFKR7HQGHUQHVVDIIHFWLRQDQGDORW

FXLGDGR
RIFDUH

)RU(QJOLVKVXSHUVWDUVRQO\
'HPDVLDGDVFRFLQHUDV 7RRPDQ\FRRNVVSRLOWKHEURWK

HVWURSHDQHOFDOGR
0XFKDVPDQRVIDFLOLWDQHO 0DQ\KDQGVPDNHOLJKWZRUN

WUDEDMR
/DDXVHQFLDKDFHTXHHO $EVHQFHPDNHVWKHKHDUWJURZ

FRUD]QVHHQFRMDPV
IRQGHU
2MRVTXHQRYHQFRUD]QTXH 2XWRIVLJKWRXWRIPLQG

QRVLHQWH
/DRULJLQDOLGDGQRHVPLIXHUWH 2ULJLQDOLW\LVQRWP\VWURQJ
SRLQW



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

9HUERVLUUHJXODUHV

7RJKWUHZLWKUH
3DJDUFRQODPLVPDPRQHGD

<RXoOOKDYHWRSXW\RXUIRRWGRZQ
7HQGUVTXHLPSRQHUWXYROXQWDG

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

6KRYHLW
0WHWHORGRQGHWHTXHSD

3XW\RXUFDUGVRQWKHWDEOH
3RQHUWXVFDUWDVVREUHODPHVD

<DKDVPROLGRHOFDI"
4XLQFDYHODJXMHUR"
$SDJXODYHOD VRSODQGR 

+HoVSXVKLQJXSGDLVLHV
(VWFULDQGRPDOYDV

+HoVQHYHUVHWIRRWLQDFKXUFK
1XQFDKDSXHVWRHOSLHHQXQDLJOHVLD

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KHVWRU\RIKLVWRU\DQGWKHKLVWRU\RIVWRULHV
/RV HVSDROHV VROLV FRQIXQGLU FRQ FLHUWD IUHFXHQFLD ODV SDODEUDV
pKLVWRU\q\pVWRU\q/DSULPHUDVHUHHUHQLFDPHQWHDODGRFXPHQ
WDFLQHLQWHUSUHWDFLQGHDFRQWHFLPLHQWRVGHOSDVDGR/DVHJXQGDHV
QXHVWUDSDODEUDHQLQJOVSDUDFXHQWRUHODWRQDUUDWLYDRXQDKLVWRULD
TXHVHFXHQWD
6XHQDH[WUDRRUIUDVHVFRPRODVLJXLHQWHp,KHDUGDIXQQ\KLVWRU\
\HVWHUGD\q 'H KHFKRXQDQJORSDUODQWHWDUGDUDXQRV VHJXQGRV HQ
GDUVHFXHQWDGHORTXHHVWGLFLHQGRVXLQWHUORFXWRU/DSULPHUDSDUWH
GHOWWXORGHHVWDVHFFLQSRGUDWUDGXFLUVHDOJRDVFRPRp(OUHODWRGH
ODKLVWRULDq:LOO'XUDQWXQJUDQKLVWRULDGRUQRUWHDPHULFDQRGHGLF
DRVGHVXYLGDDHVFULELUp7KH6WRU\RI&LYLOL]DWLRQqGHS
JLQDV3RUTXQRORWLWXOp7KH+LVWRU\RI&LYLOL]DWLRQq"

r 7KH6WRU\RI&LYLOL]DWLRQXQDQDUUDWLYDTXHUHODWDHOGLVFXUULU
GHODFLYLOL]DFLQGHVGHVXDSDULFLQKDVWDKR\

r 7KH+LVWRU\RI&LYLOL]DWLRQXQDHQXPHUDFLQ\GHVFULSFLQGH
ORVDFRQWHFLPLHQWRVTXHKDQFRQIRUPDGRODFLYLOL]DFLQ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
$PHGLGDTXHHOSROLFDVHDFHUFDEDDOFHQWURFRPHUFLDOSDUDHFKDU
XQYLVWD]RDXQLQFLGHQWHGHKXUWRHQXQDWLHQGDVHSHUFDWGHXQ
KRPEUHFRQYDULDVEROVDVGHSOVWLFRDQGDQGRUSLGDPHQWHKDFD
XQFRFKHDSDUFDGR2UGHQDOKRPEUHTXHVHSDUDUDJULWQGROH
WUHVYHFHV)LQDOPHQWHVDFVXDUPD\OHGLVSDUPDWQGROH(O
KRPEUHQXQFDR\ODRUGHQGHOSROLFDSRUTXHHUDHVWXGLDQWHGH
XQDHVFXHODFHUFDQDSDUDVRUGRV

/DKLVWRULDGH5RPDHVLQWHUHVDQWH
7KHKLVWRU\RI5RPHLVLQWHUHVWLQJ
/DKLVWRULDTXHPHHVWVFRQWDQGRHVLQWHUHVDQWH
7KHVWRU\\RXoUHWHOOLQJPHLVLQWHUHVWLQJ
/DKLVWRULDHVXQDODUJDKLVWRULDGHODYDQLGDGKXPDQD
+LVWRU\LVDORQJVWRU\RIKXPDQYDQLW\
1RPHYHQJDVFRQODPLVPDKLVWRULD
'RQoWWHOOPHWKHVDPHVWRU\DJDLQ
/DKLVWRULDWXYRXQQDOIHOL]
7KHVWRU\KDGDKDSS\HQGLQJ
(OOLEURUHODWDODKLVWRULDGHODH[SHGLFLQDO3ROR6XU
7KHERRNWHOOVWKHVWRU\RIWKHH[SHGLWLRQWRWKH6RXWK3ROH
6R\OLFHQFLDGRHQKLVWRULDGHODUWH
,KDYHDGHJUHHLQDUWKLVWRU\
/DKLVWRULDGHODUWHLQFOX\HODKLVWRULDGHFDGDSLQWRU
$UWKLVWRU\LQFOXGHVWKHVWRU\RIHYHU\DUWLVW
(OSURIHVRUGHKLVWRULDQRVFXHQWDKLVWRULDVDFHUFDGHVXDEXHOR
7KHKLVWRU\WHDFKHUWHOOVXVVWRULHVDERXWKLVJUDQGIDWKHU


$VWKHSROLFHPDQDSSURDFKHGWKHVKRSSLQJFHQWHUWRFKHFNRQD
VKRSOLIWLQJ LQFLGHQW KH QRWLFHG D PDQ ZLWK VHYHUDO SODVWLF EDJV
ZDONLQJ TXLFNO\ WRZDUG D SDUNHG FDU +H RUGHUHG WKH PDQ WR
VWRSVKRXWLQJWKHRUGHUWKUHHWLPHV)LQDOO\KHSXOOHGRXWKLVJXQ
DQG VKRW KLP GHDG7KH PDQ QHYHU KHDUG WKH SROLFHPDQoV RUGHU
EHFDXVHKHZDVDVWXGHQWDWWKHORFDOVFKRROIRUWKHGHDI




(VWLPDGRDPLJR\DOXPQR7UDVODPXHUWHGH-RVVXHVSRVDPHHQWUHJXQDFDUWD
HQODTXHHOPLOLWDUKDEODEDGHPLpPWRGRqTXHWDQWROHKDEDJXVWDED3HURVH
HTXLYRFDED1RHUDPLPWRGRORTXHOHJXVWDEDDQXHVWURDPLJR-RV)XHPLHVWLOR
GHHQVHDQ]DSURGXFWRGHODHQHUJD\GHODSDVLQTXHDSOLFRDFDGDFRVDTXHKDJR
&XDOTXLHUPWRGRGHHQVHDQ]DHQPDQRVGHXQDSDVLRQDGRSRUODHQVHDQ]D\D
VHDGHLQJOVGHOJHEUDRGHDQWURSRORJDSURGXFLUUHVXOWDGRVVRUSUHQGHQWHVHQ
'HDUWHDFKHU,POHDYLQJZLWKRXWKDYLQJSDLG
ORVDOXPQRV$ODLQYHUVDXQRSXHGHHQWUHJDUHOPHMRUPWRGRMDPVGLVHDGRFRQ
7KHGHEWWKDW,RZHIRU\RXUKRO\FUXVDGH
HVSHFWFXORGHOX]\VRQLGRDXQSURIHVRUGHOPRQWQ\ORVDOXPQRVVHJXLUQFRQ
0\ODVW\HDUVZHUHIXQZLWKWKHSURYRFDWLYHUHWR
ODDSDWDGHVLHPSUH6RQORVDOXPQRVTXLHQHVDSUHQGHQQRHOSURIHVRU\FRPSHWH
7RPDVWHU\RXUODQJXDJHZLWK\RXUGHOLJKWIXOOLEUHWR
D VWH VHU HO FDWDOL]DGRU GHO DSUHQGL]DMH &XDOTXLHU WHPD HV LQWHUHVDQWH \ KDVWD
,I,PUHLQFDUQDWHGZKLOH\RXDUHVWLOOKHUH
IDVFLQDQWHFXDQGRHVHQVHDGRSRUXQDSDVLRQDGRSURIHVRUFDSD]GHFRQHFWDUFRQ
,ZLOOVHQGRXWGHWHFWLYHVZLWKHOHFWURQLFJHDU
VXVDOXPQRV&XDQGRXQDOXPQRVHGDFRQXQSURIHVRUGHHVWHWLSRHODSUHQGL]DMH
7RQG\RXDQGEULQJ\RXWRWHDFKPHRQFHPRUH
FDPELDGHWUD\HFWRULD\DGTXLHUHYHORFLGDGHVVXSHUVQLFDV(ODOXPQROLWHUDOPHQWH
:LWKWKDWPHWKRG\RXXVHWKDW,VRPXFKDGRUH
)LQ GHYRUDHOUHDGHVDEHUHQFXHVWLQ7RGRJLUDHQWRUQRDOSURIHVRU
0LDPLJR-RV FRQW

7KHQRQH6XQGD\-XOLWDWKHZLIHRI-RVp
*DYHWKHQHZVWKDWKHUKXVEDQGKDGMXVWSDVVHGDZD\
+HKDGOHIWPHDOHWWHUZKLFK,VWLOONHHSWRGD\
7KHODVWOHWWHUZULWWHQE\P\JRRGIULHQG-RVp

5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VDHVXQDPHVDURMD 7KDWoVDUHGWDEOH
(VWHHVXQWHOIRQREODQFR 7KLVLVDZKLWHSKRQH
(VWDVVRQLGHDVSHTXHDV 7KHVHDUHVPDOOLGHDV
(VDVVRQSDODEUDVJUDQGHV 7KRVHDUHELJZRUGV
4XLQHUHV" :KRDUH\RX"

&XQWRVSULPRVWLHQHHOOD" +RZPDQ\FRXVLQVGRHVVKH
KDYH"
&UHRTXHVORWLHQHXQR ,WKLQNVKHRQO\KDVRQH
$TXKRUDHPSLH]DDWUDEDMDU" :KDWWLPHGRHVVKHVWDUW
ZRUN"
1RHPSLH]DKDVWDHOPHGLRGD 6KHGRHVQoWVWDUWXQWLOPLGGD\
&XQWDVKRUDVWUDEDMDFDGDGD" +RZPDQ\KRXUVGRHVVKH
ZRUNHDFKGD\"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(VFULELVWHDWXWD" 'LG\RXZULWHWR\RXUDXQW"
3RUTXWHQJRTXHHVFULELUOH":K\GR,KDYHWRZULWHWRKHU"
DHOOD
3DUDGDUOHODVJUDFLDVSRUHO 7RVD\WKDQNVIRUWKHSUHVHQW

VKHERXJKW\RX
UHJDORTXHWHFRPSU
6ORIXHXQFHSLOORGHGLHQWHV,WZDVRQO\DWRRWKEUXVK
(VLPSRUWDQWHVHUHGXFDGR,WoVLPSRUWDQWWREHSROLWH

7HGLYHUWLVWHPXFKRHVWH 'LG\RXKDYHDORWRIIXQWKLV
VXPPHU"
YHUDQR"
1RPHWHPRTXHQR 1R,oPDIUDLGQRW
3RUTXORSDVDVWHWDQPDO" :K\GLG\RXKDYHDEDGWLPH"
+L]RPX\PDOWLHPSR 7KHZHDWKHUZDVUHDOO\EDG
4XWLHPSRHVSHUDEDVHQ :KDWZHDWKHUGLG\RXH[SHFW
LQ$ODVND"
$ODVND"

/XQJV 3XOPRQHV
+HDUW &RUD]Q
/LYHU +JDGR

,QWHVWLQHV ,QWHVWLQRV

.LGQH\V 5LRQHV

9RFDEXODULR2UJDQV UJDQRV
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

'MDPHHFKDUXQYLVWD]R /HWPHKDYHDORRN
1RHUHVORVXFLHQWHPHQWH <RXoUHQRWROGHQRXJK

PD\RU
7XVSDGUHVPHPDWDUDQVLOR <RXUSDUHQWVZRXOGNLOOPHLI

WKH\NQHZ
VXSLHUDQ
0LVSDGUHVWLHQHQXQD 0\SDUHQWVDUHYHU\RSHQ

PLQGHG
PHQWDOLGDGPX\DELHUWD
7HORHQVHDUHPRVFXDQGR :HoOOVKRZ\RXZKHQ\RXJURZ

XSDOLWWOH
VHDVXQSRFRPVPDGXUR

'HTXVLUYHLQWHQWDUOR" :KDWoVWKHSRLQWLQWU\LQJ"
1XQFDWHQGUV[LWRVLQROR <RXoOOQHYHUVXFFHHGLI\RX
GRQoWWU\
LQWHQWDV
0HDEXUURPX\IFLOPHQWH ,JHWERUHGYHU\HDVLO\
'HEHUDVGDUXQEXHQHMHPSOR <RXVKRXOGVHWDJRRGH[DPSOH
WRWKHRWKHUV
DORVGHPV
1RTXLHURVHUXQPRGHORD ,GRQoWZDQWWREHDQ\ERG\oV
UROHPRGHO
LPLWDUSRUQDGLH

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

/DLQDFLQKDVXELGRRWUDYH],QDWLRQKDVULVHQDJDLQ
/DVOWLPDVFLIUDVGHGHVHPSOHR7KHODWHVWXQHPSOR\PHQW
JXUHVDUHHQFRXUDJLQJ
VRQDOHQWDGRUDV
1RSXHGRSHUPLWLUPHHVWD ,FDQoWDIIRUGWKLVPRUWJDJH

KLSRWHFD
/DVWDVDVGHLQWHUVVRQ 7KHLQWHUHVWUDWHVDUHFULSSOLQJ

DJRELDQWHV
&XOHVVRQODVFRQGLFLRQHV :KDWDUHWKHERUURZLQJWHUPV"

GHOSUVWDPR"

7HGHPDQGDUSRUFDOXPQLD ,oOOVXH\RXIRUOLEHO
/DDFXVDFLQQRVHPDQWHQGU 7KHFDVHZRQoWVWDQGXSLQ

HQHOWULEXQDO
FRXUW
|1RHVWVWDQVHJXUR ,ZRXOGQoWEHWRQLW
7HQJRXQDERJDGRGHSULPHUD,KDYHDUVWUDWHODZ\HU
7HQJRDORVMXHFHVHQPLEROVLOOR,KDYHWKHMXGJHVLQP\SRFNHW



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
+RZPXFKf"

&RPPRQVD\LQJV
+HZHQWIURPUDJVWRULFKHV
3DVGHODSREUH]DDODULTXH]D

7KHUHoVDORWRIUHGWDSHLQYROYHG
,QFOX\HPXFKRSDSHOHREXURFUWLFR

*LYHWKHPUHGFDUSHWWUHDWPHQW
7UWDORVDFXHUSRGHUH\

,WoVZLWKRXWUK\PHRUUHDVRQ
1RWLHQHQLSLHVQLFDEH]D

,VPHOODUDW
+D\DOJRVRVSHFKRVRDTX

6DYHLWIRUDUDLQ\GD\
*XUGDORSDUDFXDQGRWHSXHGD
KDFHUIDOWD

1RROYLGHVTXHHOVXVWDQWLYRpPRQH\qHV
LQFRQWDEOHHQLQJOV
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
&XQWRGLQHURKD\HQODFXHQWDQPHUR
"
+D\HQODFXHQWDQPHUR
1RKD\GLQHURHQODFXHQWDQPHUR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

:HVDLOHGVWUDLJKWWKURXJKWKHVWUDLW 1DYHJDPRVWRGRUHFWRDWUDYVGHOHVWUHFKR
<DKHPRVGLFKRTXHpVWUDLJKWqVLJQLFDUHFWRRGHUHFKR6LQHP
EDUJRHVXQDSDODEUDTXHVHXVDPXFKVLPR\TXHDGPLWHPV
GHDGMHWLYRVRDGYHUELRVPVHQFDVWHOODQR(QODVGRVSU[L
PDVFKDVYDPRVDHQWUDUGHOOHQRDHQXPHUDUWRGRVVXVXVRV
PXFKRVLQWHUHVDQWHV\KDVWDFXULRVRVSHURSULPHURTXLHURKDFHU
PHQFLQGHOYHUERHQLQJOVTXHSURYLHQHGHODGMHWLYRRGHODG
YHUELRpVWUDLJKWq6HWUDWDGHpWRVWUDLJKWHQq

&RPR WRGRV VDELV HO VLJQLFDGR FOVLFR GH pVWUDLJKWq HV UHFWR
RGHUHFKR6HSURQXQFLDpVWUHLWqDOLJXDOTXHODSDODEUDLQJOHVD
SDUDGHQRPLQDUXQHVWUHFKRJHROJLFRHOFXDOVHHVFULEHpVWUDLWq
7KH6WUDLWRI*LEUDOWDU
7KH6WUDLWRI0DJHOODQ 'R\RXNQRZZKHUHWKHVHVL[LPSRUWDQW
7KH6WUDLWRI+RUPX] VWUDLWVDUHORFDWHG"1RWLFHKRZZHXVH
7KH6WUDLWRI0DODFFD WKH/DWLQVW\OHRIVSHHFKH[FHSWZKHQ
7KH6WUDLWRI2UDQWR UHIHUULQJWRWKH%HULQJ6WUDLW
7KH%HULQJ6WUDLW
6RPXFKIRUVWUDLWV \DHVWELHQGHHVWUHFKRV 'HDKRUDHQDGH
ODQWH IURP QRZ RQ  YR\ D FHQWUDUPH HQ OD SDODEUD pVWUDLJKWq
FRPRDGMHWLYR\DGYHUELR
&RPRDGMHWLYR 7KLVLVDVWUDLJKWOLQH

 
(VWDHVXQDOQHDUHFWD
&RPRDGYHUELR +HZHQWVWUDLJKWKRPHDIWHUZRUN

 
)XHGLUHFWDPHQWHDFDVDGHVSXVGHOWUDEDMR

7RVWUDLJKWHQHQGHUH]DU
6WUDLJKWHQ\RXUEDFN 3QWHGHUHFKR
7RVWUDLJKWHQRXWUHVROYHUDUUHJODU
,WWRRNPHDQKRXUWRVWUDLJKWHQHYHU\WKLQJRXW 7DUG
XQDKRUDHQUHVROYHUORWRGR
7RVWUDLJKWHQXSRUGHQDU
6WUDLJKWHQXS\RXUURRPEHIRUHOHDYLQJ 2UGHQDWXKD
ELWDFLQDQWHVGHVDOLU

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
5HDOPHQWHFUHHVTXHVHYDQDFUHHUHVDKLVWRULD"3RUTXQROHV
FXHQWDVODYHUGDG"6HGDUQFXHQWDGHTXHDOQ\DOFDERHUHV
KXPDQR\SUREDEOHPHQWHWHSHUGRQDUQ$GHPVWRGRVROYLGD
PRVUHXQLRQHVRFLWDVHQDOJQPRPHQWRDVTXHSRUTXLEDV
DVHUWGLIHUHQWH"/DQLFDGLIHUHQFLDDTXHVTXHQRHUDXQDFLWD
FXDOTXLHUD(UDWXSURSLDERGD

'R\RXUHDOO\WKLQNWKH\oUHJRLQJWREHOLHYHWKDWVWRU\":K\GRQoW
\RXMXVWWHOOWKHPWKHWUXWK"7KH\oOOUHDOL]HWKDW\RXoUHKXPDQDIWHU
DOODQGZLOOSUREDEO\IRUJLYH\RX%HVLGHVZHDOOIRUJHWPHHWLQJV
RUDSSRLQWPHQWVDWVRPHSRLQWVRZK\VKRXOG\RXEHGLIIHUHQW"
7KHRQO\GLIIHUHQFHKHUHLVWKDWLWZDVQoWMXVWDQ\DSSRLQWPHQW,W
ZDV\RXURZQZHGGLQJ



(VWLPDGRDPLJR\DOXPQR0XFKRVHVWXGLDQWHVDOQDOL]DUODFDUUHUDSRVSRQHQVXHQ 0iVWHUHQ'LUHFFLyQGH(PSUHVDV

5LFKDUG9DXJKDQ

0iVWHUHQ'HUHFKR&RPXQLWDULR
0iVWHUHQ5HODFLRQHV/DERUDOHV
0iVWHUHQ*HVWLyQGH3DWULPRQLRV
0iVWHUHQ'LUHFFLyQGH3UR\HFWRV
0iVWHUHQ5HFXUVRV+XPDQRV
0iVWHUHQ%ROVD\0HUFDGRVQDQFLHURV
0iVWHUHQ7HFQRORJtD(QHUJpWLFD
0iVWHUHQ7ULEXWDFLyQ
0iVWHUHQ&RPHUFLR,QWHUQDFLRQDO
0iVWHUHQ'LUHFFLyQ,QWHUQDFLRQDO
0iVWHUHQ3HULRGtVPR
0iVWHUHQ+RVSLWDOLW\0DQDJHPHQW
0iVWHUHQ'LUHFFLyQ\*HVWLyQQDQFLHUD
0iVWHUHQ'LUHFFLyQ0HGLRDPELHQWDO
0iVWHUHQ$VHVRUtDLQWHJUDO
0iVWHUHQ'LVHxRPXOWLPHGLD
0iVWHUHQ*OREDOPDUNHWLQJ
0iVWHUHQ&RPXQLFDFLyQ\0HUFDGRWHFQLD
0iVWHUHQ3XEOLFLGDG\'LVHxRJUiFR
0iVWHUHQ6XSSO\FKDLQPDQDJHPHQW
0iVWHUHQ6RIWZDUHGHJHVWLyQ

WUDGDHQHOPHUFDGRODERUDOSDUDKDFHUDOJQWLSRGH0VWHU([LVWHXQDEDQLFRLPSUHVLR
QDQWHGHRSFLRQHV,QFOX\RDODGHUHFKDVORGHODVPVGHFLHQSRVLELOLGDGHV$OJXQRV
MYHQHVTXLHUHQDDGLUXQHOHPHQWRSUFWLFRDORVHVWXGLRVH[FHVLYDPHQWHWHULFRVGHOD
XQLYHUVLGDG2WURVVLPSOHPHQWHGHVHDQDODUJDUHOSHURGRGHHVWXGLRDQWHVGHHQWUDUHQOD
YLGDUHDO6HDSXQWDQDXQPVWHU\GHGLFDQIFLOPHQWHKRUDV\DYHFHVPXFKDVPV
DODREWHQFLQGHOWWXOR'HVSXVHQWUDQQDOPHQWHHQHOPHUFDGRODERUDO\DODPD\RUD
VH OHV FLHUUDQ ODV PHMRUHV SXHUWDV SRU OD IDOWD GH XQ DOWR QLYHO GH LQJOV 'HVSXV VL OHV
SUHJXQWDVVLHVWQGLVSXHVWRVDGHGLFDUKRUDVRPVDOLGLRPDWHGLUQTXHQRWLHQHQ
HVHWLHPSRQLHVHGLQHUR6LQHPEDUJRKDQJDVWDGRVLQSHVWDHDUXQGLQHUDOHQWLHPSR
\GLQHURSDUDKDFHUXQPVWHUTXHHQHODQOLVLVQDOQROHVGLIHUHQFLDHQHOPHUFDGR6L
DORVDRVXQMRYHQKDFHXQPVWHUHVWFRPHWLHQGRXQHUURUSXHVWRTXHORVPVWHU
VRQYHFHVPVDSURYHFKDEOHVVLHOMRYHQWLHQHDRV\FLHUWDH[SHULHQFLDHQHO
PXQGRUHDO(VDORVDRVFXDQGRGHEHVLQIDOWDDFRPHWHUHOLQJOVVLQRORKDKHFKR
DQWHV'HVSXVHVLPSRVLEOHUHVROYHUOR8QR\DWLHQHQRYLRQRYLDRFQ\XJHMHIHKLMRV
KLSRWHFDFROHJLRVGRVFRFKHVTXHSDJDUHWF(OLQJOVHVPXFKRPVGLIFLOGHGRPLQDUTXH
FXDOTXLHUDGHODVUHDVGHFRQRFLPLHQWRVPHQFLRQDGRVHQORVPVWHUUHODFLRQDGRVDODGHUH
FKD6LORVMYHQHVQRORUHVXHOYHQGHOWRGRDQWHVGHHQWUDUHQHOPHUFDGRODERUDOHOQROR
YDQDUHVROYHUQXQFD





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

4XGDHV" :KDWGD\LVLW"
4XPHVHV" :KDWPRQWKLVLW"
(QTXHVWDFLQHVWDPRV" :KDWVHDVRQDUHZHLQ"
4XDRHV" :KDW\HDULVLW"
'HTXQDFLRQDOLGDGHUHV" :KDWQDWLRQDOLW\DUH\RX"

9PRQRVDOSDUTXH /HWoVJRWRWKHSDUN
3RUTXTXLHUHVKDFHUHVR" :K\GR\RXZDQWWRGRWKDW"
+DFHEXHQWLHPSR 7KHZHDWKHUoVQLFH
&RPSUHPRVXQKHODGR /HWoVEX\DQLFHFUHDP
7LHQHVGLQHUR" 'R\RXKDYHDQ\PRQH\"

/DQFH /DQ]D
+HOPHW <HOPR

6KLHOG (VFXGR

$UPRXU $UPDGXUD

6ZRUG (VSDGD

9RFDEXODULR.QLJKW &DEDOOHUR
/RZ,QWHUPHGLDWH
7HSXHGRD\XGDU" &DQ,KHOS\RX"
4XLHURXQNLORGHSDWDWDVSRU ,oGOLNHDNLORRISRWDWRHV

SOHDVH
IDYRU
4XLHUHVDOJRPV" 'R\RXZDQWDQ\WKLQJHOVH"
1DGDPVJUDFLDV 1RWKLQJHOVHWKDQN\RX
&XQWRFXHVWD" +RZPXFKGRHVLWFRVW"

0LGGOH,QWHUPHGLDWH
3RUTXQRPHORGLMLVWH" :K\GLGQoW\RXWHOOPH"
3RUTXQROHVKDVOODPDGR" :K\KDYHQoW\RXFDOOHGWKHP"
3RUTXQRPHKDEODUV" :K\ZRQoW\RXVSHDNWRPH"
3RUTXQRKDVLGRDOWUDEDMR" :K\KDYHQoW\RXJRQHWR
ZRUN"
3RUTXQRKDELGRUHXQLRQHV :K\KDYHQoWWKHUHEHHQDQ\
PHHWLQJVODWHO\"
OWLPDPHQWH"

+LJK,QWHUPHGLDWH
0HORGLUDVVLORVXSLHUDV" :RXOG\RXWHOOPHLI\RXNQHZ"
6LWHORGLMHUDFDPELDUDDOJR" ,I,WROG\RXZRXOGLWPDNHD
GLIIHUHQFH"
6LIXHUDPDULQHURQDYHJDUD ,I,ZHUHDVDLORU,oGVDLOWKH

VHYHQVHDV
SRUORVVLHWHPDUHV
6LIXHUDVDVWUHFRVHUDPXFKDV ,I,ZHUHDWDLORU,oGVHZVHYHUDO

VHDPV
FRVWXUDV
6LIXHUDFLUXMDQRYHUDPXFKDV ,I,ZHUHVXUJHRQ,oGVHH

VHYHUHGOLPEV
H[WUHPLGDGHVFRUWDGDV

/RZ$GYDQFHG
$YVDPHFXDQGRHVWVOLVWR /HWPHNQRZZKHQ\RXoUH
UHDG\
6HUXQDHWHUQLGDG ,WoOOEHDJHV
$TXYLHQHWDQWDSULVD" :KDWoVWKHKXUU\"
|0HPDUFKR ,oPRII
|(VSHUDTXH\DYR\ +ROGRQ,oPFRPLQJ

0LGGOH$GYDQFHG
'HELGRDFLUFXQVWDQFLDV 'XHWRXQIRUHVHHQ
LPSUHYLVWDVf
FLUFXPVWDQFHVf
'HPRPHQWR\KDVWDQXHYR )RUWKHWLPHEHLQJWKHVKRZ
DYLVRHOHVSHFWFXORVHKD
KDVEHHQFDQFHOOHG
FDQFHODGR
0HQRVPDOHUDXQDDXWQWLFD -XVWDVZHOOLWZDVDUHDO
SDWDWD
WXUNH\
5HFLELEXHQDVFUWLFDV ,WJRWJRRGUHYLHZV
6ORHQODSUHQVDDPDULOOD 2QO\LQWKHWDEORLGSUHVV

)RU(QJOLVKVXSHUVWDUVRQO\
'QGHSXHGRHQFRQWUDUDPL :KHUHFDQ,QGP\3ULQFH
&KDUPLQJ"
3UQFLSH$]XO"
6ORH[LVWHQHQORVFXHQWRV +HRQO\H[LVWVLQIDLU\WDOHV
GHKDGDV
9LYRHQXQPXQGRGHHQVXHR,OLYHLQDGUHDPZRUOG
UDVHXQDYH] 2QFHXSRQDWLPHf
fYLYLHURQIHOLFHV\FRPLHURQ fDQGWKH\OLYHGKDSSLO\HYHU
DIWHU
SHUGLFHV



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

9RFDEXODULR

'RHVWKDWQDPHULQJDEHOO"
7HVXHQDHVHQRPEUH"


:KHQLQ5RPHGRDVWKH5RPDQVGR
'RQGHIXHUHVKD]ORTXHYLHUHV

7RULVHIURPWKHGHDG
5HVXFLWDUGHHQWUHORVPXHUWRV

+HUXEVVKRXOGHUVZLWKLPSRUWDQWSHRSOH
6HFRGHDFRQJHQWHLPSRUWDQWH

5RPHZDVQoWEXLOWLQDGD\
7KDWoVULJKWXSP\DOOH\
1RVHJDQ=DPRUDHQXQDKRUD (VRHQFDMDH[DFWDPHQWHFRQPLVDSWLWXGHV

/RYHOHWWHUVVWUDLJKWIURP\RXUKHDUW
/RYHOHWWHUVfVWUDLJKWIURP\RXUKHDUW
.HHSXVVRQHDUZKLOHDSDUW
,oPQRWDORQHLQWKHQLJKW
ZKHQ,FDQKDYHDOOWKHORYH\RXZULWH
(OYLV3UHVOH\
&DUWDVGHDPRUfGLUHFWDPHQWHGHVGHWXFRUD]Q(OYLVVDEDPX\
ELHQFXDQGRXVDUODSDODEUDpVWUDLJKWq\HQHVWDFKD\HQODVL
JXLHQWHYR\DLQWHQWDUTXHWHIDPLOLDULFHVFRQVXVYDULDGRVXVRV
/LVR SHOR
+HKDVVWUDLJKWKDLU+HGRHVQoWKDYHFXUO\KDLURUZDY\KDLUEXW
VWUDLJKWKDLU
7LHQHHOSHOROLVR1RWLHQHHOSHORQLUL]DGRQLRQGXODGRVLQRHOSHOROLVR
5HFWR
$ULJKWDQJOHLVWKHFRQYHUJHQFHRIWZRVWUDLJKWOLQHVWKDWIRUPD
GHJUHHDQJOH
8QQJXORUHFWRHVODFRQYHUJHQFLDGHGRVOQHDVUHFWDVTXHIRU
PDQXQQJXORGHJUDGRV
&ODURDFODUDUHQWHQGHU
/HW PH JHW WKLV VWUDLJKW<RX VD\ \RX VDZ D GRJ GULYLQJ D FDU ,V
WKDWULJKW"
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(OODWUDWGHHFKDUPHODFXOSDSRUHOIUDFDVRGHOSUR\HFWR<RHVWDED
HQFDUJDGRGHORVDVSHFWRVWFQLFRV\HOODVXSHUYLVDEDODVYHQWDV\
HODSR\RSRVWsYHQWD&DGDLQIRUPHTXHUHFLELPRVGHORVXVXDULRV
DODEDEDHOGLVHR\HOIXQFLRQDPLHQWRGHODPTXLQD6REUHORTXH
VHTXHMDEDQDPDUJDPHQWHHUDVLQHPEDUJRGHOPDQWHQLPLHQWR\
HOVHUYLFLR\HOODHUDODUHVSRQVDEOHGHHVRQR\R

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
'XGRTXHHVWXYLHUDGLFLHQGRODYHUGDG
(QUHDOLGDGQRSRGUDGHFLUVLHVWXYLHUD
GLFLHQGRODYHUGDG
(OMDUGQHVWOOHQRGHPDODVKLHUEDV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

$YHUVLHQWLHQGRWRGRHVWR'LFHXVWHGTXHYLRDXQSHUURFRQGX
FLHQGRXQFRFKH(VDV"
6LQFHUR\VLQURGHRV
6WRSEHDWLQJDURXQG WKHEXVK,ZDQW\RX WRJLYHPHDVWUDLJKW
DQVZHU
'HMDGHGDUURGHRV4XLHURTXHPHGHVXQDUHVSXHVWDFODUD\VLQFHUD
'LUHFWDPHQWH
*HQWOHPHQOHWPHJHWVWUDLJKWWRWKHSRLQW
6HRUHVSHUPWDQPHLUGLUHFWDPHQWHDOJUDQR
&RQVHFXWLYRVHJXLGR
,VSHQWYHVWUDLJKWGD\VOLYLQJOLNHDFORLVWHUHGPRQNLQDPRQDVWHU\
(VWXYHFLQFRGDVVHJXLGRVYLYLHQGRFRPRXQPRQMHGHFODXVXUD
HQXQPRQDVWHULR
$SDORVHFR
3RXUPHDZKLVN\VWUDLJKW
'HPHXQZKLVN\fDSDORVHFR
(UJXLGR
,FDQDOZD\VUHFRJQL]HKLPDPRQJWKHUXQQHUV+HUXQVZLWKKLV
EDFNVWUDLJKW
6LHPSUHOHUHFRQR]FRHQWUHORVFRUUHGRUHV&RUUHFRQODHVSDOGDHUJXLGD

6KHWULHGWREODPHPHIRUWKHIDLOXUHRIWKHSURMHFW,ZDVLQFKDUJH
RIWKHWHFKQLFDODVSHFWVDQGVKHRYHUVDZWKHVDOHVDQGDIWHUVDOHV
VXSSRUW (YHU\ UHSRUW ZH UHFHLYHG IURP XVHUV SUDLVHG WKH GHVLJQ
DQG RSHUDWLRQ RI WKH PDFKLQH :KDW WKH\ ELWWHUO\ FRPSODLQHG
DERXWWKRXJKZDVWKHPDLQWHQDQFHDQGVHUYLFHDQGVKHZDVLQ
FKDUJHRIWKDWQRWPH



(VWLPDGRDPLJR\DOXPQR$ODGHUHFKDWHSRQJRXQDOLVWDGHWHPDVTXHTXLHURTXHLQYHVWLJXHVDWUDYVGH
:LNLSHGLD6LWLHQHVRUGHQDGRUH,QWHUQHWDEUHODSJLQDKWWSHQZLNLSHGLDRUJ\HQODFROXPQDL]TXLHUGD
GHODSJLQDYHUVXQUHFXDGURGHEVTXHGDWLWXODGRpVHDUFKq(VFULEHDOOPLVPRHOSULPHUWHPDTXHDSDUHFH
DODGHUHFKD\OHHHODUWFXORFRUUHVSRQGLHQWHGHSULQFLSLRDQ7HUPLQDUVPXFKRPVH[SHUWRVREUH&ODUN
*DEOH\WXLQJOVKDEUPHMRUDGRXQSRFRWDPELQ$OGDVLJXLHQWHKD]ORPLVPRSDUDHOVHJXQGRWHPD\
DVVXFHVLYDPHQWHKDVWDFXEULUORVTXHWHVXJLHUR6LORGHVHDVSXHGHVSRUVXSXHVWREXVFDURWURVWHPDV
\DTXHORTXHTXLHURFRQVHJXLUHVTXHOHDVWRGRORSRVLEOHGHQWURGHXQLQJOVGLUHFWR\VHQFLOOR\:LNLSHGLD
VH SUHVWD EDVWDQWH D HVWH Q 5HFXHUGD TXH FDGD DUWFXOR FRQWLHQH FRPR SURPHGLR  IUDVHV HQ LQJOV
WRGDVFRUUHFWDPHQWHFRQVWUXLGDV6LHQGDVSXHGHVOHHUORVDUWFXORVFLWDGRVKDEUVDEVRUELGR
IUDVHVHQLQJOV6LGHVSXVORJUDVOHHUXQDUWFXORSRUGDGXUDQWHXQDRWXFHUHEURFDSWDUFRQVFLHQWHR
LQFRQVFLHQWHPHQWHFDVLIUDVHVWRGDVHQXQLQJOVSHUIHFWR/DOHFWXUDHVPX\UHFRPHQGDEOHSDUD
PHMRUDUHOLQJOVKDEODGRVLHPSUHTXHVHDXQLQJOVQRWFQLFRRUHEXVFDGR6LQHPEDUJRSDUDTXHIXQFLRQH
WLHQHVTXHGHGLFDUFLHUWRWLHPSRFDGDGDRFDGDVHPDQDDODOHFWXUD
5LFKDUG9DXJKDQ

&ODUN*DEOH
(O&LG
&DEH]DGH9DFD
*HQJKLV.KDQ
3RFDKRQWDV
6XOOD
%LOO\WKH.LG
$OIUHG+LWFKFRFN
2SWLPLVP
.UDNDWRD
/LWWOH,FH$JH
6DOHPZLWFKWULDOV
&RFKLVH
0DU\6KHOOH\
-RVHSK %LEOH
([LVWHQWLDOLVP





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(UHVHOQXHYRHVWXGLDQWH" $UH\RXWKHQHZVWXGHQW"
(VHVDODSURIHVRUD" ,VWKDWWKHWHDFKHU"
(VXQSRFRMRYHQ 6KHoVDOLWWOH\RXQJ
4XKRUDHV" :KDWWLPHLVLW"
(VPHGLDQRFKH ,WoVPLGQLJKW

4XVLJQLFDpfq" :KDWGRHVpfqPHDQ"
&PRVHGLFHpqHQLQJOV" +RZGR\RXVD\pqLQ
(QJOLVK"
1RHQWLHQGR ,GRQoWXQGHUVWDQG
3XHGHVUHSHWLUORSRUIDYRU" &DQ\RXUHSHDWWKDWSOHDVH"
3XHGHVKDEODUPVGHVSDFLR &DQ\RXVSHDNPRUHVORZO\
SOHDVH"
SRUIDYRU"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&RQRFHVDDOJXLHQDTX" 'R\RXNQRZDQ\ERG\KHUH"
1RQRFRQR]FRDQDGLH 1R,GRQoWNQRZDQ\ERG\
6DEHVDOJRGHFRFKHV" 'R\RXNQRZDQ\WKLQJDERXW
FDUV"
6DOJXQDVFRVDV ,NQRZVRPHWKLQJV
1XQFDVDEHQDGD +HQHYHUNQRZVDQ\WKLQJ

0HSXHGHVHFKDUXQDPDQR" &DQ\RXJLYHPHDKDQG"
(QTXSXHGRVHUYLUOH" +RZFDQ,KHOS"
3XHGHVSRQHUODPHVD" &DQ\RXVHWWKHWDEOH"
+DVSODQFKDGRFDPLVDV +DYH\RXHYHULURQHGVKLUWV"
DOJXQDYH]"
4XPVVDEHVKDFHU" :KDWHOVHGR\RXNQRZKRZ
WRGR"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

'HEHGHKDEHUXQDPDQHUD 7KHUHPXVWEHDZD\WRGRLW

GHKDFHUOR
'HEHUDGHKDEHUPVJHQWH 7KHUHVKRXOGEHPRUHSHRSOH

KHUH
DTX
+DEUDPVVLQRHVWXYLHUD 7KHUHZRXOGEHPRUHLILW

ZHUHQoWUDLQLQJ
OORYLHQGR
9DDKDEHUXQDKXHOJD 7KHUHoVJRLQJWREHDVWULNH

WRPRUURZ
PDDQD
1RODKDEUYHUGDG" 7KHUHZRQoWEHZLOOWKHUH"

3RGUVDVLVWLUDOEDXWL]R" :LOO\RXEHDEOHWRDWWHQGWKH
EDSWLVP"
3DUDTX" :KDWIRU"
4XTXLHUHVGHFLUFRQpSDUD :KDWGR\RXPHDQpZKDW
IRUq"
TXq"
3RUTXHVWVVLHPSUH :K\DUH\RXDOZD\VPDNLQJ
H[FXVHV"
SRQLHQGRH[FXVDV"
1RWHQJRQLLGHD ,KDYHQRLGHD

6ZRUGVK (PSHUDGRU
6DUGLQH 6DUGLQD
+DNH 0HUOX]D

&RG %DFDODR

0RQNVK 5DSH

9RFDEXODULR)LVK 3HVFDGR
0LGGOH$GYDQFHG
$TXKRUDOOHJDVWH" :KDWWLPHGLG\RXWXUQXS"
$OQDOQRSXGHLU ,FRXOGQoWPDNHLWLQWKHHQG
3DVDEDDOJR" :DVDQ\WKLQJZURQJ"
7HQJRMDTXHFDVWHUULEOHV ,oYHEHHQKDYLQJUHDOO\EDG
PLJUDLQHVODWHO\
OWLPDPHQWH
,QFOXVRHORWURGDPHGHVPD\ 7KHRWKHUGD\,HYHQSDVVHG
RXW

)RU(QJOLVKVXSHUVWDUVRQO\
9DQDURGDUFDEH]DVSRUHVWR +HDGVZLOOUROOIRUWKLV
3XHGHTXHHQFXHQWUHQXQ7KH\PLJKWQGDVFDSHJRDW
FDEH]DGHWXUFR
(VRVHUDORPVQRUPDO 7KDWZRXOGEHSDUIRUWKH
FRXUVH
&XQGRFUHHVTXHVHGHFLGLUQ" :KHQGR\RXUHFNRQWKH\oOO
PDNHXSWKHLUPLQGV"
1RPHORH[SOLFR ,WEHDWVPH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV
:KRUXQVWKHVKRZKHUH"
4XLQPDQGDDTX"

3UHVHQWHSHUIHFWRHOLQWHUURJDWLYR

6D\ZKHQ
'LFXDQWR DOVHUYLUWRFDI 

p$OJXQDYH]qHQHVWHFRQWH[WRVHWUDGXFHSRU
ODSDODEUDpHYHUq

7KH\DUULYHGVDIHDQGVRXQG +HUXQVULQJVDURXQG\RXRQWKDWVXEMHFW
/OHJDURQVDQRV\VDOYRV
7HGDPLOYXHOWDVHQHVHWHPD
6DYH\RXUVNLQ
6DOYDHOSHOOHMR

$VDUXOHRIWKXPE
&RPRUHJODJHQHUDO OLWHUDOPHQWHpGHSXOJDUq 

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
+DVYLVWRDOJXQDYH]XQ291,"
+DVKDEODGRDOJXQDYH]FRQ-XOLR,JOHVLDV"
+DVDOJXQDYH]FRPLGRRUHMDGHFHUGR"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KUHHVWUDLJKWSDJHVDERXWpVWUDLJKWq
$GHPV GH ORV DGMHWLYRV \ DGYHUELRV TXH DSDUHFHQ HQ HVWD 
FKD \ HQ OD DQWHULRU WHQHPRV DGMHWLYRV FRPSXHVWRV PX\ LP
SRUWDQWHV HQ LQJOV FRQ OD SDODEUD pVWUDLJKWq (O PV FRPQ HV
pVWUDLJKWIRUZDUGq HO FXDO VH WUDGXFH OLWHUDOPHQWH FRPR pUHFWR
KDFLDGHODQWHq6LQHPEDUJRVXVLJQLFDGRUHDOHVpVLQFHURIUDQFR
\UHFWRqp-RKQLVDVWUDLJKWIRUZDUGSHUVRQq -XDQHVXQDSHUVRQD
VLQFHUDIUDQFD\UHFWD 
-XVWRH[DFWDPHQWH
+HURIFHLVVWUDLJKWDFURVVWKHKDOOIURPPLQH
6XGHVSDFKRHVWMXVWRHQIUHQWHGHOPRFUX]DQGRHOSDVLOOR
$OIUHQWH
$OZD\VORRNVWUDLJKWDKHDG'RQoWORRNVLGHZD\V
0LUHVLHPSUHDOIUHQWH1RPLUHDORVODGRV
'HUHFKR
7KHPXPP\NHSWZDONLQJVWUDLJKWWRZDUGVPH
/DPRPLDVHJXDDQGDQGRGHUHFKDKDFLDP
6WDQGXSVWUDLJKW RUpVLWXSVWUDLJKWq
3QWHGHUHFKR

'LUHFWDPHQWH
,GUDQNWKHZLQHVWUDLJKWIURPWKHERWWOH
%HEHOYLQRGLUHFWDPHQWHGHODERWHOOD
,oOOWHOOLWWR\RXVWUDLJKWWR\RXUIDFH
7HORGLUGLUHFWDPHQWHDODFDUD
(QVHJXLGD
,oOOGRLWVWUDLJKWDZD\
/RKDUHQVHJXLGD
&RQFODULGDG
,FRXOGQoWWKLQNVWUDLJKWIRUWKUHHGD\VDIWHUWKHEDGH[SHULHQFH,KDG
1RSXGHSHQVDUFRQFODULGDGGXUDQWHWUHVGDVGHVSXVGHODPDOD
H[SHULHQFLDTXHWXYH
6HULR\VLQLQPXWDUVH
+HWROGRYHUMRNHVDQGNHSWDVWUDLJKWIDFHWKURXJKRXW
&RQWPVGHFKLVWHV\PDQWXYRODFDUDVHULDGHSULQFLSLRDQ
&ODULGDGHQGHQLWLYD
+HoOOQHYHUORRNVWUDLJKWLQWR\RXUH\HVDQGJLYH\RXDVWUDLJKWDQVZHU
1XQFDWHPLUDUGLUHFWDPHQWHDODFDUDSDUDGDUWHXQDUHVSXHVWD
FODUD

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(VFXULRVRTXHGLJDVHVR-XVWRKDFHGRVVHPDQDVHVWDEDKDEODQ
GRFRQXQDPLJRGHHVWHWHPD\PHGLMRORPLVPRTXHPHKDV
GLFKRW-RKQVRQYDDVHUGHVSHGLGRSRUHO&RQVHMRGH$GPLQLV
WUDFLQHQVXSU[LPDUHXQLQ6LHVWLVHQORFLHUWRHQWRQFHVQR
YHQGHUWRGDYDPLVDFFLRQHV&RQ-RKQVRQIXHUDGHOSDQRUDPD
HVWR\VHJXURGHTXHHOSUHFLRGHODVDFFLRQHVVXELU

,WoVIXQQ\\RXVD\WKDW-XVWWZRZHHNVDJR,ZDVWDONLQJZLWKD
IULHQGDERXWWKHVDPHTXHVWLRQDQGKHVDLGH[DFWO\WKHVDPHWKLQJ
\RXGLG-RKQVRQLVJRLQJWREHUHGE\WKHERDUGRIGLUHFWRUVLQ
WKHQH[WERDUGPHHWLQJ,IWKHWZRRI\RXDUHULJKWWKHQ,ZRQoW
VHOOP\VKDUHV\HW:LWK-RKQVRQRXWWKHSLFWXUH,oPVXUHWKHVWRFN
SULFHZLOOJRXS



(VWLPDGRDPLJR\DOXPQR5HFRPLHQGRGRVWLSRVGHOHFWXUDODSDVLYD\ODOHFWXUDHQYR]DOWD3DUDODSULPHUDUHFRPLHQGRQRYHODVGH
WLSREHVWVHOOHUHVGHFLUHOWLSRGHOLEURTXHXQRHQFXHQWUDHQORVDHURSXHUWRV1RHVTXHPHJXVWHQQHFHVDULDPHQWHHVWRVOLEURVGHVGH
HOSXQWRGHYLVWDFXOWXUDOSHURVRQH[FHOHQWHVSDUDODDEVRUFLQGHPXFKRLQJOVHQSRFRWLHPSR(VWHWLSRGHQRYHODVXHOHEDVDUVHHQ
XQDWUDPDGHFLHUWRVXVSHQVH\PXFKDVYHFHVODIXHU]DGHODWUDPDKDFHTXHWHROYLGHVHQTXLGLRPDHVWVOH\HQGR(QRWUDVSDODEUDV
ODIXHU]DGHODWUDPDHVPVTXHODGLFXOWDGGHOLGLRPD(VLPSRUWDQWHHQHVWRVFDVRV12(03/($581',&&,21$5,2'HEHVOHHU
SJLQDWUDVSJLQDVLJXLHQGRODWUDPDVRODPHQWH9HUVPXFKDVSDODEUDVTXHGHVFRQRFHVSHURVLQRTXLWDQGHODFRPSUHQVLQGHOR
TXHHVWSDVDQGRQRWHSUHRFXSHV6LJXHOH\HQGR6LSDUDVHVSDUDEXVFDUODHQHOGLFFLRQDULRYHUDVTXHHQHOGHORVFDVRVVHWUDWD
GHXQDSDODEUDUHEXVFDGDRSRFRQHFHVDULDSDUDHOGDDGD6ORHFKDPDQRDOGLFFLRQDULRVLWURSLH]DVFRQXQDSDODEUDRH[SUHVLQ
TXHKDFHTXHQRSXHGDVVHJXLUHQWHQGLHQGRSRUGRQGHYDODKLVWRULD+DFHFLQFRDRVUHFRPHQGDOGLUHFWRUGHUHFXUVRVKXPDQRVGH
XQRVODERUDWRULRVLPSRUWDQWHVODOHFWXUDGHXQDQRYHODDOPHV$OFDERGHDR\PHGLROHYROYDYHUHQXQDFRPLGD\PHGLFHp5LFKDUG
OOHYRQRYHODVOHGDV\QRYHDVFPRKDPHMRUDGRPLLQJOV7HQDVPXFKDUD]Qq(QQ<DYHV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU
(OYLVHUDHOUH\ (OYLVZDVWKH.LQJ
'LDQDHUDXQDSULQFHVD 'LDQDZDVDSULQFHVV
0LSHUURVHOODPD3UQFLSH 0\GRJoVQDPHoV3ULQFH
-RKQ:D\QHHUDHOGXTXH -RKQ:D\QHZDVWKH'XNH
)UHGGLH0HUFXU\HUD4XHHQ )UHGGLH0HUFXU\ZDV4XHHQ

(VWQDTX 7KH\oUHKHUH
(OODHVWDOO 6KHoVWKHUH
(VDKRUD" ,VLWQRZ"
&XQGRHV" :KHQLVLW"
1RHVWDUGH ,WLVQoWODWH

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

5HVHUYDVWHXQDPHVDHQHVH 'LG\RXERRNDWDEOHDWWKDW

QHZUHVWDXUDQW"
QXHYRUHVWDXUDQWH"
/RVLHQWRVHPHROYLG ,oPVRUU\,IRUJRW
&RQTXIUHFXHQFLDVHWH +RZRIWHQGR\RXIRUJHWWRGR

WKLQJV"
ROYLGDKDFHUODVFRVDV"
3DUDVHUVLQFHUDQRPHDFXHUGR7REHKRQHVW,FDQoWUHPHPEHU
(VHHVXQFKLVWHPDOR 7KDWoVDEDGMRNH

&XQWRWDUGDVWHLVHQOOHJDU" +RZORQJGLGLWWDNH\RXWRJHW
KHUH"
1RVKDWDUGDGRXQDHWHUQLGDG ,WKDVWDNHQXVDQHWHUQLW\
&RQTXDHUROQHDYRODVWH" :KLFKDLUOLQHGLG\RX\ZLWK"
9LQHHQPLEXUUR ,FDPHRQP\GRQNH\
1RPHVRUSUHQGHTXHKD\DV ,oPQRWVXUSULVHGLWWRRN\RXD
WDUGDGRWDQWRWLHPSR ORQJWLPH

5RVHPDU\ 5RPHUR

0LQW 0HQWD

3DUVOH\ 3HUHMLO

7K\PH 7RPLOOR
%DVLO $OEDKDFD

9RFDEXODULR+HUEV +LHUEDV
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

7RPDPRVXQGHVFDQVR" 6KDOOZHWDNHDEUHDN"
7RGDYDQRKHPRVKHFKRQDGD:HKDYHQoWGRQHDQ\WKLQJ\HW
(VWR\DJRWDGR ,oPH[KDXVWHG
(UHVODSHUVRQDPVYDJDTXH <RXoUHWKHOD]LHVWSHUVRQ,oYH

HYHUNQRZQ
MDPVKHFRQRFLGR
7RGDYDWLHQHVTXHFRQRFHUD <RXVWLOOKDYHWRPHHWP\

QHSKHZ
PLVREULQR

5HFDOLQWDORHQHOPLFURRQGDV 5HKHDWLWLQWKHPLFURZDYH
/RYR\DSRQHUHQXQDROOD ,oPJRLQJWRSXWLWLQD
VDXFHSDQ
1RROYLGHVUHPRYHUORPXFKR 'RQoWIRUJHWWRVWLULWDORW
'HEHUDVHJXLUODUHFHWD" 6KRXOG,IROORZWKHUHFLSH"
$UULHVJDUHVODPHMRUPDQHUD 7DNLQJULVNVLVWKHEHVWZD\WR
OHDUQ
GHDSUHQGHU

0LGGOH$GYDQFHG
)XLVWHDOHVWUHQRGHHVH 'LG\RXJRWKHSUHPLHUHRI

WKDWQHZVKRZ"
QXHYRHVSHFWFXOR"
2TXHUHFLELPX\PDODV ,KHDUGLWJRWUHDOO\EDG

UHYLHZV
FUWLFDV
6ORGHPRGHUQLOORV 2QO\IURPWUHQG\W\SHV
'HYHUGDGWHDSHWHFHLUDYHU 'R\RXUHDOO\IHHOOLNHJRLQJWR
VHHDPXVLFDOZLWKVRQJVIURP
XQPXVLFDOFRQFDQFLRQHVGH
WKHVL[WLHV"
ORVDRVVHVHQWD"
<RPHDSXQWRDXQERPEDUGHR ,oPXSIRUDQ\WKLQJ



)RU(QJOLVKVXSHUVWDUVRQO\
|4XUROOR :KDWDGUDJ
'HTXKDEODV" :KDWDUH\RXRQDERXW"
7HQJRTXHDJXDQWDUDPLV ,KDYHWRSXWXSZLWKWKH

SDULHQWHVSROWLFRVHVWDQRFKH LQODZVWRQLJKW
1RQRVOOHYDPRVGHPDUDYLOOD :HGRQoWJHWRQOLNHDKRXVH
RQUH
(VXQDSHQDPLVXHJUDHV 7KDWoVDVKDPHP\

PRWKHULQODZoVJUHDW
JHQLDO



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

,WGHSHQGV

<RXVFDUHGWKHGD\OLJKWVRXWRIPH
|0HKDVGDGRXQVXVWRGHPXHUWH

6HHLQJLVEHOLHYLQJ
9HUSDUDFUHHU

+HKDVDVFUHZORRVH
/HIDOWDXQWRUQLOOR

2QVHFRQGWKRXJKWf
3HQVQGRORELHQ

,oPKDYLQJVHFRQGWKRXJKWVDERXWLW
0HHVWQHQWUDGRGXGDVDOUHVSHFWR


:HGRQoWVHHH\HWRH\HRQWKDW
1RHVWDPRVGHDFXHUGRVREUH
HVHSXQWR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

'HDWKDQG<RJKXUW
8QDDPLJDPDHVSDRODSURIHVRUDGHLQJOVVHIXHFRQVXPDGUHGHYLVLWD
D(VWDGRV8QLGRV(OODKDEODPX\ELHQLQJOVSHURVXDFHQWRDOLJXDOTXH
HOPRHQFDVWHOODQRQRHVQDWLYR6XPDGUHHVGLDEWLFD\FXDQGRKD\
XQDHPHUJHQFLD\QRWLHQHVXPHGLFLQDDPDQRVLHPSUHWRPDXQ\RJXU
(VWDQGRFRPLHQGRHQXQUHVWDXUDQWHHQ:DVKLQJWRQODPDGUHFRPHQ]
DHQFRQWUDUVHPDO\ODKLMDPLDPLJDSLGLFRQFLHUWRDSXURXQpFKRNUWq
3URQXQFLODp\qLQJOHVDFRPRVLIXHUDXQDp\qHVSDRODHVGHFLUFRPR
XQDpFKqFRQODVFXHUGDVYRFDOHVYLEUDQGR(OFDPDUHURQRHUDFDSD]GH
HQWHQGHUODVWHOODPDXQFRPSDHURSHURQRKXERVXHUWHWDPSRFR
+DVWDFXDWURHPSOHDGRVGHOUHVWDXUDQWHFRQFDUDGHSUHRFXSDFLQLQWHQ
WDEDQGHVFLIUDUORTXHPLDPLJDTXHUDGHFLU0\PRWKHULVDGLDEHWLFDQG
VKHQHHGVpFKRJUWq$OYHUTXHQDGLHODHQWHQGDFDPELGHWFWLFD\SUR
QXQFLODSDODEUDDFHQWXDQGRODSULPHUDVODED0\PRWKHULVDGLDEHWLF
DQGVKHQHHGVpFKJXUWq6LQHPEDUJRORVFDPDUHURVSHUSOHMRVVHJXDQ
VLQHQWHQGHUOD3UHVDGHOSQLFRPLDPLJDVDFXQEROJUDIR\HVFULELOD
SDODEUDHQXQWUR]RGHSDSHO&XDQGRORVFXDWURHPSOHDGRVPLUDURQHOSD
SHOFDVLDOXQVRQRGLMHURQ$KpLJXUWq:KDW\RXZDQWLVpLJXUWq:K\
GLGQoW\RXVD\VR"q
4XLQWXYRODFXOSDHQHVWHPDOHQWHQGLGR"
7HYR\DGHFLUDOJR\WLHQHVTXHFUHHUPH3RUPXFKRTXHWHHVIXHUFHVHQ
SURQXQFLDUELHQ\SRUPXFKRTXHWXVLQWHUORFXWRUHVDQJORSDUODQWHVVHHV
IXHUFHQHQHQWHQGHUWHQRORJUDUVTXHWHHQWLHQGDQQXQFDVLSURQXQFLDV
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/DREUD GHWHDWUR IXHXQ[LWRURWXQGR7RP.HOOHUHVFULELXQ
DUWFXORGHGRVFROXPQDVHQHO&KLFDJR7ULEXQHDOGDVLJXLHQWH
DODEDQGR HO UHSDUWR \ OD GLUHFFLQ<R QR HVWXYH DOO SHUR WHQJR
SUHYLVWRLUHVWDQRFKHVLFRQVLJRXQDHQWUDGD0HDOHJUDGHTXH
SRUQ-HQQLIHUKD\DDOFDQ]DGRHOUHFRQRFLPLHQWRTXHVHPHUHFH
3HUVRQDOPHQWHFUHRTXHHVODPHMRUGLUHFWRUDGHWHDWURGHOSDV

(VWDH[SUHVLQVXHOHLUHQWHUFHUDSHUVRQDOR
FXOVLJQLFDTXHQRGHEHVROYLGDUODpVqDO
QDOGHOYHUER
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
'HSHQGHGHODFRPLGDTXHFRPDV
'HSHQGHGHVLWHQJRWLHPSRRQR
'HSHQGHGHORTXHTXLHUDVKDFHUFRQHOUHVWR
GHWXYLGD

PDOFLHUWDVOHWUDVRVLDFHQWDVPDOFLHUWDVSDODEUDV+R\YR\D
FHQWUDUPHQLFDPHQWHHQODp\qTXHVHSURQXQFLDFRPRXQDpLq
ODWLQD
LJRVODYLD
<XJRVODYLD
<HDU
LU
<XP\XP DPDP LPLP
<HOORZ
LOR
LSL
6FRWODQG<DUG VFWODQLUG <XSSLH
LW
<HW
<DKRR
LZKR
LN
<RNH \XJR
<DQNHH
LQNL
<RON \HPDGHKXHYR LN
<HPHQ
LPHQ
QLLUN
1HZ<RUN
<HVWHUGD\
LVWHUGD\
L
<RX
<RJD
LJD
LQN
<RXQJ
<RGD
LGD
LU
<RXU
<RJKXUW
LJXUW
LL
<R\R
<RJL%HDU
LJXLYHU
LV
<HV
<DFKW
LW
<RXQJ<DQNHHVZKRGR\RJDLQ<HPHQDUHXVXDOO\\XSSLHV
,QLQNLVLJDLPHQLVXDOLLSLV
6LTXLHUHVKDFHUUHUDORVDQJORSDUODQWHVGLOHVFRQWXDFHQWRHV
SDROTXHHVWVLQWHUHVDGRHQRMHDUODV3JLQDV$PDULOODV/RVHV
SDROHVVLHPSUHGHFVp7KH<HOORZ3DJHVqTXHSDUDHOORVVXHQD
FRPRpWKHMHOORSDJHVq ODVSJLQDVGHJHODWLQDFRQVDERUDIUXWD 

7KHSOD\ZDVDUHVRXQGLQJVXFFHVV7RP.HOOHUZURWHDWZRFROXPQ
UHYLHZLQWKH&KLFDJR7ULEXQHWKHIROORZLQJGD\SUDLVLQJWKHFDVW
DQGGLUHFWLRQ,ZDVQoWWKHUHEXW,oPSODQQLQJWRJRWKLVHYHQLQJ
LI , FDQ JHW D WLFNHW ,oP UHDOO\ JODG -HQQLIHUoV QDOO\ JRWWHQ WKH
UHFRJQLWLRQVKHGHVHUYHV,SHUVRQDOO\WKLQNVKHoVWKHEHVWIHPDOH
VWDJHGLUHFWRULQWKLVFRXQWU\



(VWLPDGRDPLJR\DOXPQR$\HUWHUHFRPHQGGRVWLSRVGHOHFWXUDODSDVLYDFRQVLVWHQWHHQOHHUXQDQRYHODDOPHVVLQGLFFLRQDULR\OD
OHFWXUDHQYR]DOWD+R\TXLHURKDEODUGHHVWDOWLPD$GLIHUHQFLDGHODOHFWXUDSDVLYDODDFWLYDGHEHKDFHUVHHQYR]DOWDSDUDSUDFWLFDU
ULWPRHQWRQDFLQSURQXQFLDFLQ\ORPVLPSRUWDQWHXLGH]\VROWXUDHQHOKDEODU3HURHVPX\LPSRUWDQWHHQHVWHWLSRGHHMHUFLFLRTXH
VHDVKXPLOGH\FRPSUHVQRYHODVVLPSOLFDGDVGHQLYHOHOHPHQWDOVRODPHQWHLQFOXVRVLFUHHVTXHWXQLYHOGHLQJOVHVDOWR&XDQGRWHQJDV
XQDRYDULDVQRYHODVGHHVWHQLYHOOHODVHQYR]DOWDGHSLHSUHIHULEOHPHQWH,PDJLQDTXHSHUVRQDVWHHVWQHVFXFKDQGR\OHHSDUDTXH
WHRLJDQGHFODPDQGRHOLGLRPDVLHVSUHFLVR$OWHUPLQDUHOSULPHUOLEURODVROWXUD\HOLPSDFWRGHWXLQJOVKDEODGRKDEUPHMRUDGRHQ
XQ'HVSXVOHHRWUDQRYHODUHSLWRGHQLYHOHOHPHQWDO/DVFDVDVTXHSUHSDUDQ\SXEOLFDQHVWDVQRYHODVGHGLFXOWDGJUDGXDGDPLGHQ
ODGLFXOWDGFRQIRUPHDXQEDUHPROLWHUDULRHVGHFLUHOOLEURGHQLYHOLQWHUPHGLRHVPVGLIFLOTXHHOGHQLYHOHOHPHQWDOSRUTXHYDVLHQGR
PVOLWHUDULRFRQYRFDEXODULRSRFRWLOSDUDSHUVRQDVFRPRWTXLHQVHJXUDPHQWHWLHQHVTXHXVDUHOLQJOVSDUDVLWXDFLRQHVQRUPDOHV
GHFRPXQLFDFLQ$GHPVODVQRYHODVGHQLYHOHOHPHQWDOFRQWLHQHQHOGHWRGRORTXHQHFHVLWDUVSDUDDQGDUSRUHOPXQGRFRQHO
LQJOV7DPELQHVYHUGDGTXHHQODVQRYHODVPVHOHPHQWDOHVFRQRFHUVFDVLWRGRHOYRFDEXODULR\HVWUXFWXUDV\VDEUVSURQXQFLDUODV
FRUUHFWDPHQWHHYLWDQGRLQFUXVWDUYLFLRVGHSURQXQFLDFLQ<SRUOWLPRGXGRTXHWHQJDVXQDDJLOLGDG\HVSRQWDQHLGDGWRWDOHVFRQODV
HVWUXFWXUDVSUHVHQWHVHQODVQRYHODVVLPSOLFDGDVGHQLYHOHOHPHQWDO2WUDYH]WHSLGRKXPLOGDGHQHOHVIXHU]R\HQHOHQIRTXH
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

6XVRMRV GHHOOD VRQD]XOHV +HUH\HVDUHEOXH


6XVRUHMDV GHO QRVRQ +LVHDUVDUHQoWELJ

JUDQGHV
6RQKRPEUHVDOWRV 7KH\oUHWDOOPHQ
6RPRVPXMHUHVHVSDRODV :HoUH6SDQLVKZRPHQ
(VWR\FRQWHQWRKR\ ,oPKDSS\WRGD\

7LHQHVXQPRPHQWR" 'R\RXKDYHDPRPHQW"
7HQJRPVGHXQPRPHQWR ,KDYHPRUHWKDQDPRPHQW
&XQWRWLHQHV" +RZPXFKGR\RXKDYH"
&XQWRHVWVEXVFDQGR" +RZPXFKDUH\RXORRNLQJIRU"
7HQJRWRGRHOWLHPSRGHO ,KDYHDOOWKHWLPHLQWKHZRUOG
PXQGR

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&XQWDVYHFHVKDEODVWHFRQ +RZPDQ\WLPHVGLG\RXVSHDN

WRKHU\HVWHUGD\"
HOODD\HU"
1RODYL ,GLGQoWVHHKHU
&XQGRIXHODOWLPDYH] :KHQZDVWKHODVWWLPHVKH

ZDVKHUH"
TXHHVWXYRDOO"
1RHVWXYRDTXSRUWXHVWD :DVQoWVKHKHUHIRU\RXU

ELUWKGD\SDUW\"
GHFXPSOHDRV"
(VRIXHKDFHPHVHV 7KDWZDVPRQWKVDJR

(OODKDEODPXFKRQR" 6KHWDONVDORWGRHVQoWVKH"
1RKDEODWDQWRFRPRVX 6KHGRHVQoWWDONDVPXFKDV
KHUEURWKHU
KHUPDQR
OQXQFDSDUDGHKDEODU +HQHYHUVWRSVWDONLQJ
3RUTXKDEODWDQWR" :K\GRHVKHWDONVRPXFK"
(VSHULRGLVWDHQODUDGLR +HoVDUDGLRMRXUQDOLVW

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

7HSUHRFXSDHQYHMHFHU" 'R\RXZRUU\DERXWJHWWLQJROG"
<RQXQFDPHSUHRFXSRSRU ,QHYHUZRUU\DERXWDQ\WKLQJ

QDGD
&PRSXHGHVVHUWDQ +RZFDQ\RXEHVRFDUHIUHH"
GHVSUHRFXSDGR"
6RQODVSUHRFXSDFLRQHVODV ,WoVZRUU\LQJWKDWPDNHV\RX

TXHWHKDFHQHQYHMHFHU
JHWROG
7HLPSRUWDVLWRPRSUHVWDGD 'R\RXPLQGLI,ERUURZ\RXU

WXORVRID"
SKLORVRSK\"

0VYDOHTXHOHVDYLVHVTX <RXoGEHWWHUOHWWKHPNQRZ
YDPRVDOOHJDUWDUGH
ZHoOOEHODWH
6HGLVJXVWDQIFLOPHQWH" 'RWKH\JHWXSVHWHDVLO\"
7LHQGHQDVHUXQSRFR 7KH\WHQGWREHDOLWWOHWRXFK\
VXVFHSWLEOHVDYHFHV DWWLPHV
3RUTXKD\JHQWHWDQVHQVLEOH" :K\DUHVRPHSHRSOHVR
VHQVLWLYH"
3UHHUHVTXHODJHQWHWHQJD 'R\RXSUHIHUSHRSOHWRKDYHD
HOFRUD]QGHSLHGUD"
KHDUWRIVWRQH"

3KHDVDQW )DLVQ

*XLQHDIRZO *DOOLQDGH*XLQHD

*URXVH 8URJDOOR

4XDLO &RUGRQL]

3DUWULGJH 3HUGL]

9RFDEXODULR*DPHELUGV $YHVGHFD]D
0LGGOH$GYDQFHG
&XQGRYDLVDHQPDUFDU :KHQDUH\RXJRLQJWRIUDPH
HVWDVIRWRV"
WKHVHSLFWXUHV"
&XDQGRQRVORSRGDPRV :KHQZHFDQDIIRUGWR
SHUPLWLU
(VWLVOOHJDQGRDQGHPHV" $UH\RXPDNLQJHQGVPHHW"
1RHVSDUDWDQWRWRGDYD ,WoVQRWWKDWEDG\HW
2VJXVWDUDTXHRVSUHVWDUD :RXOG\RXOLNHWRPHWROHQG
DOJRHQHIHFWLYR"
\RXVRPHFDVK"

)RU(QJOLVKVXSHUVWDUVRQO\
&XQWDVH[LRQHVSXHGHV +RZPDQ\SUHVVXSVFDQ\RX

KDFHU"
GR"
+LFHDEGRPLQDOHVD\HU ,GLGVLWXSV\HVWHUGD\
'HEHVGHWHQHUXQDEXHQD <RXPXVWKDYHDJRRGVL[SDFN

WDEOHWD
6HSRGUDGHFLUTXHHVWR\ <RXFRXOGVD\,oPDELWRIDKXQN

EDVWDQWHFDFKDV
3LHQVRTXHpJLOLqVHUDPV ,WKLQNSUDWZRXOGEHPRUH

DFFXUDWH
SUHFLVR



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

7RVHSDUDWHWKHZKHDWIURPWKHFKDII
6HSDUDUHOWULJRGHODSDMD

<RXoUHVNDWLQJRQWKLQLFH
(VWVSLVDQGRWHUUHQRUHVEDODGL]R

,WoVDVKRWLQWKHGDUN
+D\XQDPX\UHPRWDSRVLELOLGDG

+HKDVVNHOHWRQVLQKLVFORVHW
7LHQHVHFUHWRVYHUJRQ]RVRVTXH
RFXOWDU

,oPVLFNDQGWLUHGRI(QJOLVK
(VWR\KDUWRGHOLQJOV

7REHZRUWK

2XUFKDQFHVDUHVOLP
1XHVWUDVSRVLELOLGDGHVVRQUHPRWDV

5HFXHUGDTXHVLXQYHUERYLHQHGHVSXVGH
HVWDH[SUHVLQWLHQHTXHLUHQJHUXQGLR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
0HUHFHODSHQDLUDO0XVHRGHO3UDGR
0HUHFHODSHQDSHUVHYHUDU
0HUHFHODSHQD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

)UDQNO\P\GHDU,GRQoWJLYHDGDPQ
7UDGXFFLQOLWHUDO)UDQFDPHQWHTXHULGDQRGR\XQDPDOGLFLQ
7UDGXFFLQFRUUHFWD)UDQFDPHQWHFDULRPHLPSRUWDXQFDUDMR
)RUPDVHQLQJOVSDUDWUDQVPLWLUODLGHDGHTXHDOJRQRWHLPSRUWD
5KHWW%XWOHUHODSXHVWRSURWDJRQLVWDGHp*RQHZLWKWKH:LQGqHP
SOHODVSDODEUDVGHOWWXORGHHVWDVHFFLQHQHOPRPHQWRHQTXH
DEDQGRQDED SDUD VLHPSUH D 6FDUOHWW 2o+DUD \ VWD GHVHVSHUDGD
DQWHODLGHDGHTXHGDUVHVRODOHGLMRp:KDWZLOO,GRZLWKRXW\RX"q
5KHWW%XWOHUSRGUDKDEHUVLGRPVHGXFDGRHQVXUHVSXHVWDRDO
FRQWUDULRPVJURVHUR6HDPRVJXLRQLVWDVGHFLQH\YHDPRVODV
SRVLELOLGDGHV
 )UDQNO\P\GHDULWoVQRWLPSRUWDQWWRPH
(VWDUHVSXHVWDQRHVQLVRVDQLIXHUWH(VODGHFODUDFLQ
DVSWLFDGHXQKHFKRHQRSLQLQGH5KHWW1RKLHUHQLQJXQD
VHQVLELOLGDG
 )UDQNO\P\GHDULWGRHVQoWPDWWHUWRPH
(VWDUHVSXHVWDHVXQSRFRFUXHO&XDQGRGLFHVpLWGRHVQoW
PDWWHUqHVWVGLFLHQGRTXHQLHQWUDHQWXFRQVLGHUDFLQ
,QGLIHUHQFLDWRWDO
 )UDQNO\P\GHDULWGRHVQoWPDNHDQ\GLIIHUHQFHWRPH

r
r
r

(VWDIRUPDpGRHVQoWPDNHDQ\GLIIHUHQFHqHVXQVLQQLPR
SHUIHFWRGHpLWGRHVQoWPDWWHUq6RQH[SUHVLRQHVLGQWLFDV
7DPELQVHSXHGHGHFLUpLWPDNHVQRGLIIHUHQFHWRPHq
 )UDQNO\P\GHDU,GRQoWFDUH
(QHVWHFRQWH[WRODH[SUHVLQp,GRQoWFDUHqHVXQSRFRIXHU
WH(VWVGLFLHQGROLWHUDOPHQWHpPHWUDHVLQFXLGDGRq
 )UDQNO\P\GHDU,GRQoWJLYHDGDPQ
/DH[SUHVLQp,GRQoWJLYHDGDPQqHVPX\FRUULHQWHHQLQJOV
0HOODPPXFKRODDWHQFLQFXDQGROOHJXD(VSDD\RD
H[SUHVLRQHVFRPRp0HLPSRUWDXQUEDQRq1RODVHQWHQGD
SRUTXHEXVFDEDHOQHJDWLYR%XVFDEDDOJRDVFRPRp1R
PHLPSRUWDQLXQUEDQRq/DIUDVHp,GRQoWJLYHDqDGPLWH
PXFKDVSDODEUDVVXVWLWXWLYDVGHpGDPQqGHVGHODVPV
VXDYHVKDVWDODVPVIXHUWHV5HFRPLHQGRVLHPSUHODVPV
VXDYHVFRPRSRUHMHPSORp,GRQoWJLYHDKRRWq PHLPSRUWD
XQpJULWRGHEKRq 
3RUOWLPRFRQYLHQHUHFRUGDUTXHODH[SUHVLQp,GRQoWPLQGqVLJQLFD
pQRPHLPSRUWDqVRODPHQWHFXDQGRHVWVGDQGRSHUPLVRDDOJXLHQ
SDUDTXHKDJDDOJR 'R\RXPLQGLI,VPRNH"1R,GRQoWPLQG

r
r

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6HVXSRQHTXHKR\QRGHEDOORYHU$KRUDFPRYR\DOOHJDUKDV
WDPLFRFKHVLQFDODUPHKDVWDORVKXHVRV"$TXKRUDHVQXHVWUD
SU[LPDUHXQLQ"6LWHQHPRVWLHPSRSUHIHULUDHVSHUDUKDVWDTXHOD
WRUPHQWDDPDLQHDQWHVGHFUX]DUODFDOOHDODSDUFDPLHQWR'HKHFKR
SUHIHULUDOOHJDUWDUGHDODUHXQLQDQWHVTXHHQWUDUHPSDSDGR

,WZDVQoWVXSSRVHGWRUDLQWRGD\1RZKRZDP,JRLQJWRJHWWR
P\FDUZLWKRXWJHWWLQJVRDNHGWRWKHERQH":KDWWLPHLVRXUQH[W
PHHWLQJ" ,I ZH KDYH WLPH ,oG UDWKHU ZDLW XQWLO WKH VWRUP EORZV
RYHUEHIRUHFURVVLQJWKHVWUHHWWRWKHSDUNLQJORW,QIDFW,oGUDWKHU
DUULYHODWHIRUWKHPHHWLQJWKDQZDONLQVRDNLQJZHW


(VWLPDGRDPLJR\DOXPQR/RVHUURUHVTXHFRPHWHQORVHVSDROHVDODERUGDUHOLQJOVVRQ 3LHQVDQTXHFRQKRUDVGHFODVHSXHGHQ
SDVDUGHXQQLYHOEVLFRDXQGRPLQLRVXFLHQWH(QWUHFODVHVHVWXGLRSHUVRQDO\XVRHQODYLGDUHDOODFLIUDHVWHQKRUDVHVGHFLU
YHFHVPV 3LHQVDQTXHVHDSUHQGHLQJOVDWUDYVGHFODVHV1RVHGDQFXHQWDGHTXHVWDVFRQVWLWX\HQVORHOGHODVROXFLQ
(ORWURHVWHQXQGHGLFDGRDOHVWXGLRSHUVRQDO\RWURFDSHDQGRDSXURVOLQJVWLFRVHQODYLGDUHDO 1RTXLHUHQUHFRQRFHU
TXHKD\XQDSDUWHRGLRVDLQHYLWDEOHHQHOSURFHVRHOHVWXGLRSHUVRQDO\HOGRPLQLRRUDOJLOGHODJUDPWLFD 1RSUHVWDQVXFLHQWH
DWHQFLQDODFRPSUHQVLQDXGLWLYD3LHQVDQTXHVLHQWLHQGHQDVXSURIHVRUHQWHQGHUQHQVLWXDFLRQHVUHDOHV &UHHQTXHSURJUHVDU
VLJQLFD VXPDU PV JUDPWLFD \ YRFDEXODULR (Q UHDOLGDG GHVSXV GH  KRUDV GH FODVH SURJUHVDU VLJQLFD SRWHQFLDFLQ DXGLWLYD \
IRPHQWRGHODFRQDQ]DDOKDEODU3HURFXDQGRSUHVWDPRVDWHQFLQDHVWRVOWLPRVDVSHFWRVHOHVWXGLDQWHHVSDROVHTXHMDGHTXHQRHVW
pSURJUHVDQGRq &RQFHGHQPHQRVLPSRUWDQFLDDOLQJOVTXHDRWURVDVSHFWRVGHVXIRUPDFLQ/RSRVSRQHQKDVWDGHVSXVGHODFDUUHUD
\DORVDRV\DQRWLHQHQODPLVPDIDFLOLGDGTXHDQWHVSDUDDSUHQGHUQLWLHQHQPXFKRWLHPSRGLVFUHFLRQDO 1RVRQFRQVWDQWHVHQHO
HVIXHU]R6HGHVDQLPDQFRQIDFLOLGDGREXVFDQH[FXVDVSDUDQRVHUFRQVHFXHQWHVFRQVXUHVROXFLQ 1RDFHSWDQTXHKDFHUVHFRQXQ
EXHQGRPLQLRGHOLQJOVH[LJHXQDLQYHUVLQIXHUWHHQGLQHUR\HQWLHPSR3DUDHOORVWLHQHTXHKDEHUSRUIXHU]DXQDVROXFLQLQGRORUDDOD
YXHOWDGHODHVTXLQD &RQIXQGHQSULRULGDGHVDOFUHHUTXHGHEHQDVSLUDUDXQSHUIHFWRGRPLQLRKDEODGRDOJRLPSRVLEOHGHFRQVHJXLU6X
SULRULGDGVLHPSUHGHEHVHUHODVSHFWRDXGLWLYR &UHHQTXH\HQGRDOH[WUDQMHURVHKDUQFRQHOLQJOV(VWRQRVXHOHVHUYHUGDGDQRVHU
TXHSDVHQYDULRVDRVIXHUD
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VWHPSUDQR ,WoVHDUO\
&PRHVWWXSDGUHKR\" +RZoV\RXUIDWKHUWRGD\"
(VWPHMRUJUDFLDV +HoVEHWWHUWKDQN\RX
<WXPDGUHHVWELHQ" $QG\RXUPRWKHU",VVKHRN"
(VWGHYDFDFLRQHVHQHVWH 6KHoVRQKROLGD\DWWKH
PRPHQWR
PRPHQW

3LHQVDHOODTXHHVWR\ORFR" 'RHVVKHWKLQN,oPFUD]\"
&UHRTXHSLHQVDTXHHUHV ,WKLQNVKHWKLQNV\RXoUH
VWUDQJH
H[WUDR
7DOYH]VR\XQH[WUDRSHUR 0D\EH,oPDVWUDQJHUEXW,oP
QRWVWUDQJH
QRVR\H[WUDR
'HGQGHVDFDHVDVLGHDV" :KHUHGRHVVKHQGKHULGHDV"
(OODOHHPXFKRVOLEURV 6KHUHDGVDORWRIERRNV

6FDOH (VFDPD

)LQ $OHWD

7DLO &ROD

*LOO $JDOODEUDQTXLD

%RQH (VSLQD

9RFDEXODULR)LVK 3H]
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&RQTXIUHFXHQFLDYDVDOD +RZRIWHQGR\RXJRWR

FKXUFK"
LJOHVLD"
3RUTXTXLHUHVVDEHUOR" :K\GR\RXZDQWWRNQRZ"
0HGLMLVWHTXHHUDVFDWOLFR <RXWROGPH\RXZHUHD&DWKROLF
6XSRQJRTXHYR\XQDVWUHV ,VXSSRVH,JRDERXWWKUHH

WLPHVD\HDU
YHFHVDODR
%RGDVEDXWL]RV\SULPHUDV :HGGLQJV%DSWLVPVDQG)LUVW
&RPPXQLRQV
FRPXQLRQHV

6DEHVMXJDUDODMHGUH]" 'R\RXNQRZKRZWRSOD\FKHVV"
1RKHMXJDGRHQDRV ,KDYHQoWSOD\HGIRU\HDUV
(VXQHMHUFLFLRPX\EXHQR ,WoVDYHU\JRRGH[HUFLVHIRUWKH
PLQG
SDUDODPHQWH
/DVSRVLELOLGDGHVVRQLQQLWDV 7KHSRVVLELOLWLHVDUHHQGOHVV
+D\TXHMXJDUFRQDOJXLHQ <RXQHHGWRSOD\ZLWK
VRPHRQHZKRKDVWKHVDPH
TXHWHQJDHOPLVPRQLYHO
OHYHODV\RX
TXHW

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XLQJDQHOSUHPLR" :KRZRQWKHSUL]H"
3UHPLDURQDOIDYRULWR 7KH\DZDUGHGLWWRWKH
IDYRXULWH
&UHHVTXHORPHUHFH" 'R\RXWKLQNKHGHVHUYHVLW"
0LRSLQLQQRFXHQWDSDUD 0\RSLQLRQGRHVQoWFRXQWIRU

PXFK
PXFKR
4XLQGHEHUDKDEHUJDQDGR" :KRVKRXOGKDYHZRQ"

(UHVORPHMRUTXHPHKD <RXoUHWKHEHVWWKLQJWKDWoV
HYHUKDSSHQHGWRPH
SDVDGRQXQFD
'LFHVODVFRVDVPVGXOFHV <RXVD\WKHVZHHWHVWWKLQJV
7HQJRXQDOHQJXDGHD]FDU 0\WRQJXHoVPDGHRIVXJDU
7LHQHVXQSLFRGHRUR <RXKDYHWKHJLIWRIWKHJDE
7RGDYDWHTXHGDWRGRXQ <RXVWLOOKDYHDZKROHZRUOGWR
GLVFRYHU
PXQGRSRUGHVFXEULU

0LGGOH$GYDQFHG
'HVFDUJDVPVLFD" 'R\RXGRZQORDGPXVLF"
<RVLJRFRPSUDQGRORV&'oV ,VWLOOEX\ROGIDVKLRQHG&'oV

GHWRGDODYLGD
(VLPSRUWDQWHDSR\DUOD ,WoVLPSRUWDQWWRVXSSRUWOLYH

PXVLF
PVLFDHQYLYR
/DVGLVFRJUFDV\DQR 5HFRUGFRPSDQLHVDUHQoW

LQYHVWLQJLQQHZPXVLFLDQV
LQYLHUWHQHQQXHYRVPVLFRV
DQ\PRUH
/RVEHQHFLRVVLJXHQVLHQGR 3URWoVVWLOOWKHERWWRPOLQH

ORIXQGDPHQWDO

)RU(QJOLVKVXSHUVWDUVRQO\
+DVSUREDGRDOJXQDYH]HO +DYH\RXHYHUWULHGEXQJHH

SXHQWLQJ"
MXPSLQJ"
1RSHURVR\PX\DFLRQDGR 1REXW,oPDELJIDQRI

DOIRRWLQJ
MRJJLQJ
6XIULXQFDVRKRUULEOHGH 6KHVXIIHUHGDKRUULEOHFDVHRI

PREELQJHQHOWUDEDMR
KDUDVVPHQWDWZRUN
0HWHHOFRFKHHQHOSDUNLQJ 3XWWKHFDULQWKDWGHSDUWPHQW

GHHVHJUDQDOPDFQ
VWRUHoVFDUSDUN
1RVHVXSRQHTXHODV $UHQoWZRUGVHQGLQJLQLQJ

SDODEUDVWHUPLQDGDVHQLQJ
VXSSRVHGWREHWKHVDPHLQ
VRQLJXDOHVHQLQJOV"
(QJOLVK"



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
/DIDPLOLD

&RPPRQVD\LQJV

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

,WZDVDVOLSRIWKHWRQJXH
)XHXQODSVXVOLQJXDH

7UHDWWKHPZLWKDYHOYHWJORYH
7UWDORVFRQJXDQWHVGHVHGD

0U.QRZLWDOO
'RQVDEHORWRGR

$QGVRRQDQGVRIRUWK
(WFWHUDHWFWHUDHWFWHUD

+HVPRNHVOLNHDFKLPQH\
)XPDFRPRXQFDUUHWHUR

6RPHRWKHUWLPH
(QDOJQRWURPRPHQWR VLQGHQLU 


$OEHUWRHVHOKLMRGH6DQGUR
1DWDOLDHVODDEXHODGH5REHUWR
6DQGURHVHOFXDGRGH0DULR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(VSHURTXHQRHVSHUHVTXHWHHVSHUH ,KRSH\RXGRQoWH[SHFWPHWRZDLWIRU\RX

r 7RKRSH(VSHUDUFRQLOXVLQTXHDOJRVXFHGDSHURVLQVDEHUVLVXFH
GHURQR8QRUH]DXQSRFRSDUDTXHVHDYHUGDGRVHSURGX]FD
 7RH[SHFW(VSHUDUFRQIXQGDPHQWRTXHDOJRYDDVXFHGHU/R
WLHQHVSUHYLVWRGHQWURGHWXVH[SHFWDWLYDV7HVRUSUHQGHUDVVL
QRVXFHGLHUDSHURWDPSRFRHVDOJRVHJXURDO
 7RZDLWIRU(VSHUDUDYHFHVFRQFLHUWDLPSDFLHQFLDDTXHDOJR
WRWDOPHQWHSUHYLVWRVXFHGD$YHFHVVHWUDWDGHDOJRTXHWHQD
TXHKDEHUVXFHGLGRSHURTXHHVWWDUGDQGRHQVXFHGHU$QD
GLHOHJXVWDWHQHUTXHHVSHUDU 1RERG\OLNHVWRZDLW 
,KRSHVKHoVQRWH[SHFWLQJDEDE\
(VSHURTXHHOODQRHVWHVSHUDQGRXQEHE
,KRSH\RXGRQoWKDYHWRZDLWWRRORQJ
(VSHURTXHQRWHQJDVTXHHVSHUDUGHPDVLDGR
,H[SHFWHGDERXWDPLQXWHZDLW
(VSHUDEDXQDHVSHUDGHXQRVPLQXWRV

7KHGHIHQGDQWLVZDLWLQJIRUWKHMXU\WRUHWXUQIRUDYHUGLFW
+HoVKRSLQJIRUWKHEHVWEXWKHoVH[SHFWLQJWKHZRUVW
(ODFXVDGRHVWHVSHUDQGRDTXHHOMXUDGRYXHOYDSDUDHOYHUHGLF
WR6XVHVSHUDQ]DVHVWQHQTXHSDVHORPHMRUSHURSUHYORSHRU
,KRSHWKH\GRQoWH[SHFWWRRPXFKIURPPHWRRVRRQ
(VSHURTXHQRHVSHUHQGHPDVLDGRGHPGHPDVLDGRSURQWR
:HKDYHDORWRIKRSHVSODFHGLQWKHPEXWPRVWSHRSOH
DUHQoWH[SHFWLQJWRRPXFK
7HQHPRVPXFKDVHVSHUDQ]DVSXHVWDVHQHOORVSHURODPD\RUDGH
ODJHQWHQRHVSHUDGHPDVLDGR
,ZDVH[SHFWLQJDQLPSRUWDQWSKRQHFDOODWSPDQGQRZLWoV
,oPVWDUWLQJWRJHWWLUHGRIZDLWLQJ,KRSHWKH\FDOOVRRQ
(VSHUDEDXQDOODPDGDLPSRUWDQWHDODVGHODWDUGH\DKRUD
VRQODV(VWR\HPSH]DQGRDFDQVDUPHGHHVSHUDU(VSHURTXH
OODPHQSURQWR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RHVSHUHVTXH0DUDVLJDWXFRQVHMR/DFRQR]FRGHVGHKDFHDRV
\QXQFDKDVHJXLGRXQRGHPLVFRQVHMRV(OODHVSDWROJLFDPHQWH
LQGHSHQGLHQWH \ OH JXVWD KDFHU YDOHU HVWH KHFKR &XDQGR WLHQH
TXH WRPDU XQD GHFLVLQ LPSRUWDQWH VXHOH SUHJXQWDU D PXFKD
JHQWHSHURDFDEDGLVHDQGRVXSURSLDVROXFLQ

'RQoWH[SHFW0DUDWRIROORZ\RXUDGYLFH,oYHNQRZQKHUIRUDJHV
DQGVKHoVQHYHURQFHIROORZHGDQ\DGYLFHRIPLQH6KHoVSDWKROR
JLFDOO\LQGHSHQGHQWDQGOLNHVWRDVVHUWWKLVIDFW:KHQVKHQHHGV
WR PDNH DQ LPSRUWDQW GHFLVLRQ VKH RIWHQ FRQVXOWV ZLWK D ORW RI
SHRSOHEXWVKHXVXDOO\HQGVXSGHVLJQLQJKHURZQVROXWLRQ

r
r


(VWLPDGRDPLJR\DOXPQR5HFXHUGDTXHQXQFDKDEODUVLQJOVSHUIHFWDPHQWHQLHQJUDPWLFDQLHQIRQWLFDQLHQYRFDEXODULR
6LHUHVSHUIHFFLRQLVWDVORFRQODFRPSUHQVLQDXGLWLYDSXHVWRTXHHVWRVLHPSUHHVODSULRULGDGQPHURXQR2GRFRQDQ]D\
DJLOLGDGRUDOFRQODJUDPWLFDEVLFDVWDVVRQODVWUHVSULRULGDGHV$FRQWLQXDFLQYHUVFROXPQDVFRQIUDVHVHQLQJOVWRGDVFRQ
HOYHUERpWRGRq(QWHQGHUVELHQFDGDIUDVH\SHQVDUVTXHWHHVWR\VRPHWLHQGRDXQHMHUFLFLRSDUDSULQFLSLDQWHV6LQHPEDUJR
WHUHWRDGHPRVWUDUTXHSXHGHVVLQSHVWDHDUUHSURGXFLUODVHVSRQWQHDPHQWH3ULPHURWUDGFHODVDOFDVWHOODQRHQRWURSDSHO\
GHVSXVLQWHQWDWUDGXFLUODVRUDOPHQWHRWUDYH]DOLQJOV$VSRGUVYHULFDUODDJLOLGDGTXHWLHQHVFRQHOYHUERpWRGRq
5LFKDUG9DXJKDQ
:KHQGLGVKHGRLW"
:K\GLGWKH\GRLW"
:K\GLGQW\RXGRLWWRR"
:K\KDYHQWWKH\GRQHLW\HW"
:K\KDVQWKHGRQHLW\HW"
:KHQDUH\RXJRLQJWRGRLW"
+RZDUH\RXJRLQJWRGRLW"
+RZDP,JRLQJWRGRLW"
:KHQDP,JRLQJWRGRLW"
:KRVJRLQJWRGRLW"
:KRGLGLWODVWQLJKW"
:KRVGRLQJLWQRZ"
:KRVGRQHLWODWHO\"
'RLWSOHDVH
,WKDVQWEHHQGRQH\HW

+HGRHVQWGRLWRIWHQ
+HKDVQWGRQHLWODWHO\
+HZRQWGRLWWRPRUURZ
+HVQRWJRLQJWRGRLW
,ZRXOGGRLWLIKHFRXOG
+HZRXOGQWGRLWIRUPRQH\
,GRQWGRLWOLNHVKHGRHVLW
+HGRHVQWGRLWOLNH,GRLW
+RZGR\RXGR"
:KDWGR\RXGRRQ6XQGD\V"
:KDWGRHVVKHGRIRUDOLYLQJ"
,WVEHHQGRQH
,WKDVQWEHHQGRQH
:KHQZDVLWGRQH"
:K\ZDVQWLWGRQH"

:K\KDVQWLWEHHQGRQH\HW"
:KHQZLOOLWEHGRQH"
'RQWGRLWSOHDVH
:KRVGRLQJLWQRZ"
:KRGLGLW\HVWHUGD\"
:KRXVXDOO\GRHVLW"
:K\GRHVLWGRLW"
+RZDUH\RXGRLQJ" TXpWDO"
:KDWDUH\RXGRLQJ"
,PGRLQJQH HVWR\ELHQ
,PGRLQJQRWKLQJ
<RXGLGWKHULJKWWKLQJ
:KDWFDQ,GRIRU\RX"
:KDWGRHV\RXUVLVWHUGR"
'RZKDWKHGRHV

,GRLWRIWHQ
,GLGLW\HVWHUGD\
,YHGRQHLWWZLFHWKLVZHHN
,OOGRLWWRPRUURZ
:KRGRHVLW"
'R\RXGRLW"
'RHVKHGRLW"
'RWKH\GRLW"
:K\GRHVVKHGRLW"
:K\GR\RXGRLW"
:KHQGRWKH\GRLW"
+RZGRHVKHGRLW"
+RZGRWKH\GRLW"
:KHQZLOO\RXGRLW"
+RZRIWHQKDYH\RXGRQHLW"





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VHVWHHOFXDUWRGHEDR" ,VWKLVWKHEDWKURRP"
(VDHVODFRFLQD 7KDWoVWKHNLWFKHQ
'QGHHVWHOVDOQ" :KHUHoVWKHOLYLQJURRP"
(VWDVVRQODVKDELWDFLRQHV 7KHVHDUHWKHEHGURRPV
(VXQDFDVDEHOOD ,WoVDEHDXWLIXOKRXVH

4XHVWKDFLHQGR" :KDWoVKHGRLQJ"
(VWHVFULELHQGRXQDFDUWDD +HoVZULWLQJDOHWWHUWRKLV
JUDQGSDUHQWV
VXVDEXHORV
9LYHQHQORV(VWDGRV8QLGRV" 'RWKH\OLYHWKH8QLWHG6WDWHV"
1RYLYHQHQ,UODQGD 1RWKH\OLYHLQ,UHODQG
&XQGRYHQDVXVQLHWRV" :KHQGRWKH\VHHWKHLU
JUDQGFKLOGUHQ"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

+D\DOJRLQWHUHVDQWHHQHO ,VWKHUHDQ\WKLQJLQWHUHVWLQJLQ
WKHQHZVSDSHUWRGD\"
SHULGLFRKR\"
+D\PXFKDVFRVDVTXHWHQJR 7KHUHDUHPDQ\WKLQJV,KDYH
WRUHDG
TXHOHHU
&XQWRVSHULGLFRVOHHVDO +RZPDQ\QHZVSDSHUVGR\RX
UHDGDGD\"
GD"
&XOWHJXVWDOHHU" :KLFKGR\RXOLNHWRUHDG"
(O0XQGRSRUVXSXHVWR (O0XQGRRIFRXUVH

&XQGRIXHODOWLPDYH] :KHQZDVWKHODVWWLPH\RX
HZLQDSODQH"
TXHYRODVWHHQXQDYLQ"
1XQFDKHYRODGRHQQDGD ,oYHQHYHURZQLQDQ\WKLQJ
&XQGRIXHODOWLPDYH]TXH :KHQZDVWKHODVWWLPH\RX
JUHZ\RXUKDLUORQJ"
WHGHMDVWHFUHFHUHOSHOR"
1XQFDPHORKHGHMDGRFUHFHU ,oYHQHYHUJURZQP\KDLUORQJ
6R\FDOYRGHVGHORVDRV ,oYHEHHQEDOGVLQFH,ZDV

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

1RVHVXSRQHTXHHVWVHQHO $UHQoW\RXVXSSRVHGWREHDW

VFKRRO"
FROHJLR"
+R\HVXQGDGHIRUPDFLQ ,WoVWHDFKHUWUDLQLQJGD\WRGD\
SDUDORVSURIHVRUHV
1RVHVXSRQHTXH\DHVWQ $UHQoWWKH\VXSSRVHGWREH
IRUPDGRV"
WUDLQHGDOUHDG\"
1XQFDVHSXHGHGHMDUGH <RXFDQQHYHUVWRSOHDUQLQJ
DSUHQGHUFRVDVHQHVWDYLGD
WKLQJVLQWKLVOLIH
|&XQWDUD]QWLHQHVKLMRPR +RZULJKW\RXDUHP\VRQ

6HOHVKDGLFKR\D" +DYHWKH\EHHQWROG\HW"
1DGLHOHVKDLQIRUPDGR 1RERG\oVLQIRUPHGWKHP\HW"
WRGDYD"
:KHQDUHWKH\JRLQJWREH
&XQGRVHOHVYDDGHFLU" WROG"
0DDQDVHOHVGDUHOQLTXLWR 7KH\oOOEHJLYHQWKHLUQDOSD\
WRPRUURZ
3RUTXVHOHVGHVSLGL" :K\ZHUHWKH\VDFNHG"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

3XHGHVGHVFLIUDUHVHOHWUHUR" &DQ\RXPDNHRXWWKDWVLJQ"
7HQHPRVTXHUHFXSHUDUHO :HKDYHWRPDNHXSIRUORVW
WLPH
WLHPSRSHUGLGR
3RUTXHVWVVLHPSUH :K\DUH\RXDOZD\VPDNLQJXS
H[FXVHV"
LQYHQWQGRWHH[FXVDV"
+DVKHFKRODVSDFHVFRQWX +DYH\RXPDGHXSZLWK\RXU
JLUOIULHQG\HW"
QRYLD\D"
(VSDDVHFRPSRQHGH 6SDLQLVPDGHXSRI
SURYLQFHV
SURYLQFLDV

(VXQDSHUVRQDHQFDQWDGRUD 6KHoVDGHOLJKWIXOSHUVRQ
3RUTXHUHVVLHPSUHWDQ :K\DUH\RXDOZD\VVR

JUXQ"
JUXPS\"
(VXQDDXWQWLFDFRWLOOD 6KHoVDUHDOJRVVLS

<PX\HQWURPHWLGDWDPELQ $QGYHU\QRV\WRR

<WTXLQWHFUHHVTXHHUHV $QGZKRGR\RXWKLQN\RXDUH
6DQ-XDQ%DXWLVWD"
6W-RKQWKH%DSWLVW"

&DUWRQ 7HWUDEULN

7XE 7DUULQD

-DU 7DUUR
7XEH 7XER
&DQ /DWD

9RFDEXODULR&RQWDLQHUV 5HFLSLHQWHV



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

&RPPRQVD\LQJV

)RU 6LQFH

+HoVWKHVSLWWLQJLPDJHRIP\EURWKHU
(VODYLYDLPDJHQGHPLKHUPDQR
,WoVVWDWHRIWKHDUW
(VOROWLPR WHFQRORJDYDQJXDUGLVWD 
6WHHUFOHDURIWKRVHSHRSOH
(YLWDHQWUDUHQFRQWDFWRFRQHVDJHQWH


,oPQRWJRLQJWRVWLFNP\QHFNRXW
IRU\RX
|1RYR\DDUULHVJDUHOFXHOORSRUWL
$VWRUPLQDWHDFXS
8QDWRUPHQWDHQXQYDVRGHDJXD
+HoVDVVWXEERUQDVDPXOH
(VPVWHUFRTXHXQDPXOD


3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
9LYRHQPLFDVDDFWXDOGHVGHKDFHVLHWH
DRV
6HFRQRFHQGHVGHKDFHYDULRVPHVHV
1RODYHRGHVGHHOOXQHV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3URRIRIEORRGRQWKHSRRUFRRNoVGRRU (YLGHQFLDGHVDQJUHHQODSXHUWDGHOSREUHFRFLQHUR
(OWWXORGHHVWDVHFFLQHVXQIUDJPHQWRGHIUDVHTXHFRQWLHQHFLQFRSDODEUDVFRQGREOHpRq&XULRVDPHQWHQLQJXQDGHODVFLQFRSDODEUDV
ULPDQLVXHQDLJXDO7RGDVVHSURQXQFLDQGHIRUPDGLVWLQWD&PRHVSRVLEOHHVWR"&PRHVSRVLEOHTXHHOLGLRPDPVLPSRUWDQWHGHO
PXQGRWHQJDWDQSRFDOJLFDHQVXSURQXQFLDFLQ"'HVGHKDFHGRVVLJORVVHLQWHQWDUDFLRQDOL]DUODRUWRJUDIDLQJOHVDSHURVLQ[LWR3RUHO
PRPHQWRQRWLHQHVPVUHPHGLRTXHPHPRUL]DU\SUDFWLFDULQFHVDQWHPHQWHODSURQXQFLDFLQLQFOXLGRVORVFDVRVHQORVTXHQRH[LVWHQLQ
JXQDHTXLYDOHQFLDIRQWLFDGHQWURGHODVYRFDOHVHVSDRODV/RVUHFXDGURVH[SXHVWRVDFRQWLQXDFLQGLYLGHQODVSULQFLSDOHVSDODEUDVLQJOHVDV
FRQGREOHpRqVHJQVXVWHUPLQDFLRQHV&RQHVWRLQWHQWRRIUHFHUWHDOJQWLSRGHSDWUQGHSURQXQFLDFLQ
6RQLGRGHpXQq
VRRQ
VSRRQ
QRRQ
EDOORRQ
FDUWRRQ
SODWRRQ
KDUSRRQ
EDVVRRQ
PRQVRRQ
VDORRQ
ODJRRQ
W\SKRRQ
UDFFRRQ
FRFRRQ

DIWHUQRRQ
6RQLGRGHpXPq
EORRP
ERRP
EURRP
GRRP
JORRP
JURRP
URRP
]RRP
6RQLGRTXHQR
H[LVWHHQHVSDRO
IRRW
6RQLGRGHpXSq
ORRS

WURRSV
6RQLGRGHpXIq
*RRI\
SURRI
VSRRI
URRI
6RQLGRGHpX]q
WRRWK
ERRWK
WROOERRWK
VPRRWK
6RQLGRTXHQR
H[LVWHHQHVSDRO
ERRN
FRRN

FURRN
KRRN
ORRN
URRN
VKRRN
WRRN
6RQLGRGHpRUq
GRRU
RRU
6RQLGRGHpXUq
0RRU
SRRU
6RQLGRGHpXGq
PRRG
IRRG

6RQLGRTXHQR
H[LVWHHQHVSDRO
KRRG
ZRRG
JRRG
VWRRG
6RQLGRFDVL
GHpDGq
EORRG
6RQLGRGHpXWq
ERRW
URRW
VKRRW
6RQLGRGHpXVq
ORRVH

FKRRVH
JRRVH
PRRVH
6RQLGRGHpXOq
FRRO
SRRO
IRRO
VFKRRO
WRRO
6RQLGRGHpXq
)LMDRVHQOD
DFHQWXDFLQ
EDPER
WDER
WDWWR

<KRR
NDQJDUR
FFNRR
VKDPSR
YRGRR
JORR
:WHUORR
7RR
PRR
ERR
]RR

3XHGHVLGHQWLFDUHQWUHODVSDODEUDVGHDUULEDODVTXHFRUUHVSRQGHQDODVVLJXLHQWHVSDODEUDVHQFDVWHOODQR"
IDJRWVRQLGRGHYDFDHVWDGRGHQLPRUD]FDELQDGHSHDMHSHUVRQDMHGH'LVQH\JDURPRURFLUFXQYDODFLQRMR
PDSDFKHIDWDOGHVWLQRKDUSQVDQJUHODGUQOLVRSDURGLDRFDJORER\GLEXMRDQLPDGR
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
+RODHOVHRU$GDPV"0LQRPEUHHV3KLOOLS3HDUVRQ\PHKDQSHGL
GRTXHFRQWDFWHFRQ9GFRQUHVSHFWRDOHQYRGHOLEURVD(VSDD
7HQHPRV ORV OLEURV \ VRODPHQWH QHFHVLWDPRV VDEHU FPR SUHHUH
TXH VH ORV HQYLHPRV SRU DYLQ R SRU YD PDUWLPD 8Q HQYR SRU
DYLQWDUGDUDHQWUH\GDV\HOPDUWLPRXQDVVHLVVHPDQDV

+HOOR0U$GDPV"0\QDPHLV3KLOOLS3HDUVRQDQG,oYHEHHQLQVWUXF
WHGWRFRQWDFW\RXFRQFHUQLQJWKHVKLSPHQWRIERRNVWR6SDLQ
:HKDYHWKHERRNVRQKDQGDQGRQO\QHHGWRNQRZKRZ\RXZRXOG
SUHIHUWKHPWREHVKLSSHGE\DLURUVXUIDFHPDLO"$QDLUVKLSPHQW
ZRXOGWDNHIURPWZRWRGD\VDQGVXUIDFHDERXWVL[ZHHNV



(VWLPDGRDPLJR\DOXPQR9LQHD(VSDDDORVDRV(Q2NODKRPD\DKDEDFXUVDGRVHLVDRVGHOHQJXDHVSDROD\DSHVDUGH
HVWRQRHQWHQGDDQDGLHGXUDQWHPLVSULPHUDVVHPDQDVDTX9LYFRQXQDIDPLOLDHVSDROD\DORVSRFRVGDV\DVDODFRQQXHYRV
DPLJRV\DPLJDVWRGRVHVSDROHV(OFRQWDFWRTXHWXYHFRQHOHVSDROIXHGHYDULDVKRUDVFDGDGDPXFKDVYHFHVHQVLWXDFLRQHV
FRPSOLFDGDV GLVFXVLRQHVSHWLFLRQHVFRQYHUVDFLRQHVWHOHIQLFDVFRQWDFWRVFRQIXQFLRQDULRVGHOD$GPLQLVWUDFLQHWF $SHVDUGH
WRGRHVWHULFRFRQWDFWRFRQHOLGLRPDHVSDROWDUGVLHWHPHVHVHQVHQWLUPHVHJXUR\HFD]HQODVFRPXQLFDFLRQHV(VWDVHJXULGDG
HVWDED QWLPDPHQWH OLJDGD D PL FDSDFLGDG SDUD HQWHQGHU D OD JHQWH D OD SULPHUD VLQ KDFHU XQ HVIXHU]R 5HFXHUGR PX\ ELHQ OD
DQJXVWLD\IUXVWUDFLQGHQRSRGHUPHH[SUHVDUELHQSRUTXHQRHVWDEDGHOWRGRVHJXURGHORTXHGHFDODJHQWHRGHORVPDWLFHVGHVX
FRQYHUVDFLQ6LHWHPHVHVWDUGYLYLHQGRHQ(VSDD,PDJQDWHORTXHYDVDWDUGDUWHQFRQVHJXLUORPLVPRYLYLHQGRFRPRYLYHVHQ
XQSDVGHKDEODQRLQJOHVD3RUORWDQWRLQWHQWDVLHPSUHURGHDUWHGHOVRQLGRGHOLQJOVWRGDVODVKRUDVGHOGDTXHSXHGDVSRUTXHVL
QRORJUDVGHVDUUROODUXQRGRQVLPRSDUDHOLQJOVVLHPSUHYDVDVHQWLULQVHJXULGDG
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

&XOHVWXSURIHVLQ" :KDWoV\RXUMRE"
6R\SURIHVRU ,oPDWHDFKHU
(VWRVVRQWXVDOXPRV" $UHWKHVH\RXUVWXGHQWV"
6ORVRQ <HVWKH\DUH
6RQPX\MYHQHV 7KH\DUHYHU\\RXQJ

+D\DJXDHQODERWHOOD" ,VWKHUHDQ\ZDWHULQWKHERWWOH"
1RHVWYDFD 1RLWoVHPSW\
+D\RWUD" ,VWKHUHDQRWKHU"
1RKD\ERWHOODVDKRUD 7KHUHDUHQoWDQ\ERWWOHVQRZ
+D\OHFKHHQHVHYDVR 7KHUHoVVRPHPLONLQWKDWJODVV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&XQWRVLGLRPDVVDEHV +RZPDQ\ODQJXDJHVFDQ\RX

VSHDN"
KDEODU"
1RVKDEODUQLQJXQR ,FDQoWVSHDNDQ\
'HEHVKDEODUWXOHQJXD <RXPXVWVSHDN\RXUPRWKHU
WRQJXH
PDWHUQD
3HQVDEDTXHKDEODEDVGH ,WKRXJKW\RXZHUHWDONLQJ
DERXWRWKHUODQJXDJHV
RWURVLGLRPDV
6DEHVFRQGXFLU" &DQ\RXGULYH"

&XOHVODFLXGDGPV :KDWoVWKHZHWWHVWWRZQLQ
6SDLQ"
KPHGDGH(VSDD"
6LQRPHHTXLYRFRHVWHQ ,I,oPQRWPLVWDNHQ,WKLQNLWoV
LQ&GL]
&GL]
|1LKDEODU'HEHGHHVWDUHQ 1RZD\,WPXVWEHLQ*DOLFLD
*DOLFLD
(VRHVORTXHSLHQVDWRGRHO 7KDWoVZKDWHYHU\ERG\WKLQNV
PXQGR
$FDERGHUHFRUGDUVHOODPD ,oYHMXVWUHPHPEHUHGLWoV
*UD]DOHPD
FDOOHG*UD]DOHPD
2DWV $YHQD

:KHDW 7ULJR
%DUOH\ &HEDGD

5\H &HQWHQR

%UDQ 6DOYDGR

9RFDEXODULR&HUHDOV &HUHDOHV
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XKDUDVVLQRWXYLHUDVTXH :KDWZRXOG\RXGRLI\RX

WUDEDMDUQXQFDPV"
QHYHUKDGWRZRUN"
0HJXVWDUDWUDEDMDUSDUDXQD ,oGOLNHWRZRUNIRUDFKDULW\RU

VRFLHGDGEHQFDRXQD21* DQ1*2
<RYLDMDUDSRUWRGRHOPXQGR ,oGWUDYHOWKHZKROHZRUOGDQG

\YLYLUDFRPRXQSOD\ER\
OLYHOLNHDSOD\ER\
(VRHVWSLFRGHWLHUHVWDQ 7KDWoVW\SLFDORI\RX\RXoUHVR

VXSHUFLDO
VXSHUFLDO
6LSXGLHUDVWHQHUFLQFRFDVDV ,I\RXFRXOGKDYHKRXVHV

GQGHODVFRPSUDUDV"
ZKHQZRXOG\RXEX\WKHP"

0HHVWFRVWDQGRFROJDUHVH ,oPKDYLQJWURXEOHKDQJLQJ
FXDGUR
WKLVSLFWXUH
'QGHFRQVHJXLVWHHVH :KHUHGLG\RXJHWWKDW
PDUWLOOR\HVRVFODYRV"
KDPPHUDQGWKRVHQDLOV"
0LDPLJRHVGXHRGHXQD 0\IULHQGRZQVDKDUGZDUH
IHUUHWHUD
VWRUH
(VHHVXQPDUFRSUHFLRVR 7KDWoVDEHDXWLIXOIUDPH
(VXQDPH]FODGHPDUO\UREOH ,WoVDPL[WXUHRILYRU\DQGRDN

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

(VDSHOFXODIXHXQJUDQ[LWR 7KDWOPZDVDELJKLW
7HQDXQRVSODQRVPX\ ,WKDGVRPHUHDOO\LQWHUHVWLQJ
LQWHUHVDQWHV
VKRWV
<DSHURKDEDGHPDVLDGRV <HDKEXWWKHUHZHUHWRRPDQ\
SULPHURVSODQRV
FORVHXSV
/DEDQGDVRQRUDIXHPHPRUDEOH 7KHVRXQGWUDFNZDV
PHPRUDEOH
/DVLQWHUSUHWDFLRQHVIXHURQ 7KHDFWLQJZDVUDWKHUZRRGHQ
DFDUWRQDGDV

&XOHVVRQORVVLHWHSHFDGRV" :KDWDUHWKH6HYHQ'HDGO\
6LQV"
$YDULFLD*XOD,UDTXPV" *UHHG*OXWWRQ\:UDWKfZKDW
HOVH"
(QYLGLD6REHUELD3HUH]D\ (QY\3ULGH6ORWKDQG/XVW

/XMXULD
/DOXMXULDHVXQSHFDGRGH ,VOXVWUHDOO\DVLQ"

YHUGDG"
3XHVHQHVHFDVRHVWR\ :HOO,oPGRRPHGWRDQHWHUQDO

FRQGHQDGRDXQLQHUQRHWHUQR KHOOLQWKDWFDVH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq  

+DYHMXVW
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

&RPHLQWRWKHKRXVH
(QWUDHQODFDVD WHVWVGHQWUR 

/RRNLQWRWKHPDWWHU
,QYHVWLJDHODVXQWR

*RLQWRWKHKRXVH
(QWUDHQODFDVD WHVWVIXHUD 

,IHOOLQWRWKHZDWHU
0HFDDODJXD

/RRNLQWRWKHER[
0LUDHQODFDMD

7KH\LQYLWHGPHLQWRWKHLUKRXVH
0HLQYLWDURQDHQWUDUHQVXFDVD

$FDERGHWHQHUXQDLGHD
$FDEDPRVGHDEULUXQDFXHQWDEDQFDULDGH
,QWHUQHW
(OODDFDEDGHHQWUDUHQHOTXLUIDQR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

'RVIRUPDVGLIHUHQWHVGHOSDVDGR
&XDQGR WHQD  DRV VLHPSUH LED FRQ PL QRYLD D XQ JUDQ ODJR
FHUFDGH6DSXOSD 2NODKRPD 3ULPHURLEDDVXFDVD\ORVGRVHQ
JDQFKEDPRVODODQFKDIXHUDERUGDGHVXSDGUHDOSDUDFKRTXHV
GHPLFRFKH'HVSXVEDPRVDOODJREDMEDPRVODODQFKDDODJXD
DSDUFEDPRVHOFRFKH\VXEDPRVDODODQFKD'HVSXVSDVEDPRV
WUHVKRUDVHVTXLDQGRFRPLHQGR\GLYLUWLQGRQRV3RUODWDUGHGHM
EDPRVODODQFKDDQFODGDFHUFDGHXQDRULOODDSDUWDGD\QRVDGHQ
WUEDPRVHQHOERVTXHGRQGHYROYDPRVDSDVDUORELHQ
:KHQ,ZDV\HDUVROG,ZRXOGDOZD\VJRZLWKP\JLUOIULHQGWR
DELJODNHQHDU6DSXOSD2NODKRPD)LUVW,ZRXOGJRWRKHUKRXVH
DQG WKH WZR RI XV ZRXOG KLWFK WKH RXWERDUG PRWRUERDW WR WKH
EXPSHURIP\FDU7KHQZHZRXOGJRWRWKHODNHORZHUWKHERDW
LQWRWKHZDWHUSDUNWKHFDUDQGJHWLQWRWKHERDW7KHQZHZRXOG
VSHQGWKUHHKRXUVVNLLQJHDWLQJDQGKDYLQJDJRRGWLPH,QWKH
DIWHUQRRQ ZH ZRXOG OHDYH WKH ERDW DQFKRUHG QHDU D VHFOXGHG
VKRUHDQGZHZRXOGZDONLQWRWKHIRUHVWZKHUHZHZRXOGKDYHD
JRRGWLPHRQFHDJDLQ

$QWHVYLYDHQ2NODKRPD
$QWHVKDEODEDXQVRORLGLRPD
$QWHVWHQDPVWLHPSROLEUH
$QWHVHUDWPLGR
$QWHVWUDEDMDEDPXFKRPHQRVTXHDKRUD
$QWHVQHYDEDPVTXHDKRUD
$QWHVKDEDPVDXWRULGDGSRUDTX
$QWHVSRGDSURQXQFLDUHVSDROVLQSUREOHPD
,XVHGWROLYHLQ2NODKRPD
,XVHGWRVSHDNRQO\RQHODQJXDJH
,XVHGWRKDYHPRUHIUHHWLPH
,XVHGWREHVK\
,XVHGWRZRUNPXFKOHVVWKDQ,GRQRZ
,WXVHGWRVQRZPRUHWKDQQRZ
7KHUHXVHGWREHDXWKRULW\DURXQGKHUH
,XVHGWREHDEOHWRSURQRXQFH6SDQLVKZLWKRXWDQ\SUREOHPV

&XDQGRGHVFULEHVDFFLRQHVUHSHWLWLYDVRKDELWXDOHVGHOSDVD
GRORPVFRUULHQWHHVHPSOHDUHOYHUERDX[LOLDUpZRXOGq(VWD
IRUPDHVPX\FRUULHQWHHQLQJOV\FXULRVDPHQWHORVOLEURVGH
JUDPWLFDLQJOHVDQRVXHOHQKDFHUPHQFLQGHHOOD6LQHP
EDUJRHVODIRUPDPVFRPQGHFRQWDUDFWLYLGDGHVRDFFLR
QHVKDELWXDOHVHQHOSDVDGR\HVODIRUPDTXHPVVHDVHPHMD
DODH[SUHVLQpVRODqHQFDVWHOODQR

&XDQGR TXLHUHV GHMDU FRQVWDQFLD GH DOJR TXH HUDV HVWDEDV


KDFDVWHQDVHWFRTXHSDVDEDRTXHKDEDHQHOSDVDGRVLQ
SUHFLVDUFXQGRRGXUDQWHFXQWRWLHPSRGHMDQGRDOPLVPR
WLHPSRODFRQVWDQFLDFODUDGHTXHWDOH[LVWHQFLDKELWRFRQR
FLPLHQWRRUHDOLGDG\DQRHVYLJHQWHHQHOSUHVHQWHHQWRQFHV
VORSXHGHVXVDUODH[SUHVLQpXVHGWRqPVHOLQQLWLYR(V
WDVGRVSDODEUDVVHSURQXQFLDQLVWX

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
|1RPHORSXHGRFUHHU|/RKDQKHFKRRWUDYH]9HQJRDTXDOPHQRV
GRVYHFHVSRUVHPDQD\SLGRXQDKDPEXUJXHVDVLQSHSLQLOORV\VLQ
FHEROOD&DVLVLHPSUHVHROYLGDQ\OHVKDJRSUHSDUDUPHRWUDKDPEXU
JXHVD1ROHVGHMRTXHTXLWHQHOSHSLQLOOR\ODFHEROODGHODTXHPH
KDQVHUYLGRSRUTXHVR\DOUJLFRDDPEDVFRVDV7HQJRTXHLQVLVWLU
FDGDYH]TXHWLHQHQTXHSUHSDUDUPHRWUDKDPEXUJXHVDQXHYD

, FDQoW EHOLHYH LW7KH\ GLG LW DJDLQ , FRPH KHUH DW OHDVW WZLFH D
ZHHN DQG RUGHU D KDPEXUJHU ZLWK QR SLFNOHV DQG RQLRQV 7KH\
IRUJHW DOPRVW HYHU\ WLPH DQG , KDYH WR PDNH WKHP SUHSDUH
DQRWKHUKDPEXUJHU,GRQoWOHWWKHPWDNHWKHSLFNOHVDQGRQLRQV
RIIWKHRQHWKH\JDYHPHEHFDXVH,oPDOOHUJLFWRERWK,KDYHWR
LQVLVWHYHU\WLPHWKDWWKH\PDNHPHDQHZEXUJHU


(VWLPDGRDPLJR\DOXPQRp|||2IHUWDHVSHFLDO||8QDOLFHQFLDWXUDXQLYHUVLWDULDHQVORPHVHV/D8QLYHUVLGDG&OHPHQWLQDGH
6DOHPOHRIUHFHODRSRUWXQLGDGGHREWHQHUXQDWLWXODFLQXQLYHUVLWDULDWRWDOPHQWHDFUHGLWDGD\HQODFDUUHUDTXHXVWHGHOLMDHQ
VORPHVHV$WUDYVGHQXHVWURQXHYRVLVWHPDUHYROXFLRQDULRGHHVWXGLRXVWHGSRGUREWHQHUXQDWLWXODFLQFRQXQPQLPR
GHHVIXHU]R\PHGLDQWHFXDWURH[PHQHVIFLOHVGHDSUREDU/DWLWXODFLQHVUHFRQRFLGDHQWRGRVORVFRQWLQHQWHV\HQWRGRVORV
PELWRVGHODDFWLYLGDGHPSUHVDULDOHLQGXVWULDO/RVSULPHURVDOXPQRVTXHVHPDWULFXOHQHQOD8QLYHUVLGDG&OHPHQWLQDGH
6DOHPUHFLELUQFRPSOHWDPHQWHJUDWLVHO'LFFLRQDULR2[IRUGGHOD/HQJXD,QJOHVD\XQEROJUDIR3DUNHUFKDSDGRHQRURq
3UHJXQWDQ&RQVLGHUDVHVWDRIHUWDOHJWLPD"3RUVXSXHVWRTXHQR1RHUHVWRQWR1DGLHFRQVLGHUDUDOHJWLPDXQDRIHUWDDV
3UHJXQWDQ3RUTXFRQVLGHUDVOHJWLPDVRIHUWDVFRPRVWDFXDQGRWLHQHQTXHYHUFRQHODSUHQGL]DMHGHOLQJOV"
$XQTXHRVDQLPDPRVDVDFDUWRGRHOSURYHFKRSRVLEOHGHHVWHFXUVRGHLQJOVTXHRIUHFHPRVDWUDYVGH(/081'2QRGHMDPRV
GHUHFRUGDURVTXHDSUHQGHUELHQLQJOVH[LJHHOPLVPRHVIXHU]RTXHVDFDUXQDVHJXQGDOLFHQFLDWXUDHQHVWHFDVRXQDVHJXQGD
5LFKDUG9DXJKDQ
OLFHQFLDWXUDGHYHUGDG





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

4XLQHVHOSUHVLGHQWH" :KRLVWKHSUHVLGHQW"
'HTXSDV" :KLFKFRXQWU\"
4XLQHVHOSUHVLGHQWHGH :KRLVWKHSUHVLGHQWRI

$OHPDQLD"
*HUPDQ\"
&UHRTXHHVXQDPXMHU ,WKLQNLWoVDZRPDQ
(V$QJHOD0HUNHO ,WoV$QJHOD0HUNHO

'HTXFRORUVRQORVRMRVGH :KDWFRORXUDUH-RKQoVH\HV"
-RKQ"
6RQPDUURQHVRVFXURV 7KH\oUHGDUNEURZQ
3RUTXQRVRQD]XOHVVXVRMRV" :K\DUHQoWKLVH\HVEOXH"
6XVSDGUHVWLHQHQORVRMRV +LVSDUHQWVKDYHEOXHH\HV
D]XOHV
/RVRMRVGHVXSDGUHVRQ +LVIDWKHUoVH\HVDUHEURZQ
PDUURQHV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&RPSUDVWHHVHFRFKH" 'LG\RXEX\WKDWFDU"
7RGDYDQR 1RW\HW
&XQGRYDVDFRPSUDUOR" :KHQDUH\RXJRLQJWREX\LW"
6LWHQJRHOGLQHURORFRPSUDU ,I,KDYHWKHPRQH\,oOOEX\LW
&XQGRWHSDJDWXHPSUHVD" :KHQGRHV\RXUFRPSDQ\SD\
\RX"

+DVWHQLGRWXVYDFDFLRQHV\D" +DYH\RXKDG\RXUKROLGD\V\HW"
(VWXYHGHYDFDFLRQHVKDFH ,ZDVRQKROLGD\DORQJWLPH
PXFKRWLHPSR
DJR
&XQWRWLHPSRHVKDFH +RZORQJLVDORQJWLPHDJR"
PXFKRWLHPSR"
1RKHLGRDQLQJXQDSDUWH ,KDYHQoWJRQHDQ\ZKHUHVLQFH
GHVGH6HPDQD6DQWD
(DVWHU
(QWRQFHVQRPLHQWHV <RXoUHQRWO\LQJWKHQ

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&XQWRYDOHWXFDVD" +RZPXFKLV\RXUKRXVHZRUWK"
1RYDOHWDQWRFRPRFXDQGROD ,WoVQRWZRUWKDVPXFKDVZKHQ

FRPSU
,ERXJKWLW
1RYDOHODSHQDFRPSUDUQDGD ,WoVQRWZRUWKEX\LQJDQ\WKLQJ

HQHVWHPRPHQWR
DWWKHPRPHQW
/DVLQYHUVLRQHVVLHPSUHYDOHQ ,QYHVWPHQWVDUHDOZD\VZRUWK

ODSHQD
LW
<RTXHWVHUDXQSRFRPV ,I,ZHUH\RX,oGEHDOLWWOHPRUH
SDFLHQWH\HVSHUDUDXQSDUGH SDWLHQWDQGZDLWDFRXSOHRI
DRV
\HDUV

(VXQJHQLRGHODSXEOLFLGDG +HoVDQDGYHUWLVLQJJHQLXV
1RHVWXGL(PSUHVDULDOHVHQ 'LGQoWKHGR%XVLQHVV6WXGLHV
+DUYDUG"
DW+DUYDUG"
3URSRQHXQDVLGHDVJHQLDOHV +HFRPHVXSZLWKEULOOLDQW
LGHDV
6XWDOHQWRQRVHDFDEDQXQFD 7KHUHoVQRHQGWRKLVWDOHQW
(VXQDSHQDTXHVHDWDQ ,WoVDVKDPHKHoVVR
ZLWKGUDZQ
UHWUDGR

%RG\ORWLRQ /HFKHFRUSRUDO

6KRZHUJHO *HOGHGXFKD

7DOFXPSRZGHU 3ROYRVGHWDOFR
%DWKWRZHO 7RDOODGHEDR
6RDS -DEQ

9RFDEXODULR%DWKWLPH +RUDGHEDR

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

1HFHVLWRXQLQIRUPHHQ ,QHHGDQLQGHSWKUHSRUW
SURIXQGLGDG
4XLHURTXHPHORGHVDSULPHUD ,ZDQW\RXWRJLYHLWWRPHUVW
KRUDGHODPDDQD
WKLQJLQWKHPRUQLQJ
(QQRPEUHGHODGLUHFFLQ 2QEHKDOIRIWKHPDQDJHPHQW
TXLHURDJUDGHFHURVWRGR
,ZDQWWRWKDQN\RXDOO
(QUHVXPLGDVFXHQWDVVHKD ,QVKRUWLWoVEHHQFDOOHGRII
FDQFHODGR
$ODODUJDWHQGUHPRVTXH ,QWKHORQJUXQZHoOOKDYHWR
FRQWUDWDUDPVJHQWH
KLUHPRUHSHRSOH

(UHVSDUWLGDULRGHOOLEUH $UH\RXDVXSSRUWHURIIUHH
FRPHUFLR"
WUDGH"
(VWR\HQFRQWUDGH ,oPDJDLQVWSURWHFWLRQLVP
SURWHFFLRQLVPR
3HURORVDUDQFHOHVD\XGDQD %XWWDULIIVRIWHQKHOSWRSURWHFW
SURWHJHUQXHVWUDVLQGXVWULDV
RXULQGXVWULHV
7DPELQVLUYHQSDUDPDQWHQHU 7KH\DOVRVHUYHWRNHHSWKH
DO7HUFHU0XQGRHQODSREUH]D 7KLUG:RUOGLQSHUPDQHQW
SHUPDQHQWH
SRYHUW\
(VXQWHPDFRPSOLFDGLOORQR",WoVDWULFN\OLWWOHLVVXHLVQoWLW"



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq  

|2MDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

*HWLQWRWKHFDU
0WHWHHQHOFRFKH

:HUDQLQWRWKHVWUHHWODPS
&KRFDPRVFRQWUDODIDUROD

7KH\MXPSHGLQWRWKHSRRO
6DOWDURQDODSLVFLQD

:HUDQLQWRDQROGIULHQG
7URSH]DPRVFRQXQDQWLJXRDPLJR

,ZDONHGLQWRWKHEXLOGLQJ
(QWU DQGDQGR HQHOHGLFLR

,GURYHLQWRWKHJDUDJH
(QWU FRQGXFLHQGR HQHOJDUDMH



|2MDOHQWHQGLHUDODWHOHYLVLQ
QRUWHDPHULFDQD
|2MDOQRKDEODUDIUDQFVWDQPDO
|2MDOIXHUDPVYDOLHQWH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

+HOSIXOH[SUHVVLRQV  
$FFRUGLQJWR 6HJQHQRSLQLQGH
3ULRUWR $QWHVGH
7RJHWPL[HGXS
3URYLGHGWKDW $FRQGLFLQGHTXH
7REHZLOOLQJWR
VLHPSUHTXH
7REHZRUWKLW
7REUHDNWKHLFH
$VORQJDV $FRQGLFLQGHTXH
VLHPSUHTXH
7RJDLQWLPH
7RJHWRIIWRDJRRGVWDUW
5HJDUGLQJ 5HIHUHQWHD
7RJHWRIIWRDEDGVWDUW
&RQFHUQLQJ 5HIHUHQWHD
7RJHWULGRI
5LJKWDZD\ (QVHJXLGD
7RNHHSDQH\HRQ
6DIHDQGVRXQG 6DQR\VDOYR
7RUHO\RQ
6RIDU +DVWDDKRUD
7RUHVRUWWR
6RRQHURUODWHU 7DUGHRWHPSUDQR
7RUXOHRXW
(YHQWXDOO\ 7DUGHRWHPSUDQRDO
QDO
7RUXQULVNV
7RWDNHULVNV
7RDFHUWDLQH[WHQW +DVWDFLHUWRSXQWR
7RVHWDQH[DPSOH
7REHDZDUHRI 6HUFRQVFLHQWHGH
7RJLYHDQH[DPSOH
7REHLQWRXFK (VWDUHQFRQWDFWR
7RVWDQGWKHSDFH
7RNHHSLQWRXFK 6HJXLUHQFRQWDFWR
7RVWDUWIURPVFUDWFK
7REHPL[HGXS (VWDUFRQIXQGLGRHVWDU

KHFKRXQOR
7RWKLQNRXWORXG
&RQIXQGLUVH
7RWLHORRVHHQGV
(VWDUGLVSXHVWRD
8QOHVV
9DOHUODSHQD
5RPSHUHOKLHOR
8SVDQGGRZQV
*DQDUWLHPSR
:KHUHDV
6DOLUFRQEXHQSLH
:LWKRXWDGRXEW
6DOLUFRQPDOSLH
1RGRXEW
'HVKDFHUVHGH
$VDJHQHUDOUXOH
9LJLODU
2QWKHZKROH
&RQDUHQ
$VIDUDV,NQRZ
5HFXUULUD
$VIDUDV,oP
'HVFDUWDU
FRQFHUQHG
&RUUHUULHVJRV SHOLJUR
$KHDGRI
&RUUHUULHVJRV FDOFXODGR
$WEHVW
'DUHMHPSOR
%H\RQG
3RQHUXQHMHPSOR
%\FKDQFH
$JXDQWDUHOULWPR
%\IDU
3DUWLUGHFHUR

3HQVDUHQYR]DOWD
$WDUFDERVVXHOWRV
$QRVHUTXHDPHQRV
TXH
$OWLEDMRV
0LHQWUDVTXH
6LQGXGD
6LQGXGD
&RPRUHJODJHQHUDO
(QWUPLQRVJHQHUDOHV
4XH\RVHSD
(QORTXHDPVH
UHHUH
3RUGHODQWHGH
(QHOPHMRUGHORVFDVRV
0VDOOGH
3RUFDVXDOLGDG
&RQPXFKDGLIHUHQFLD

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
9R\DWHQHUTXHSURKLELUWHFXDOTXLHUWLSRGHHMHUFLFLRLQWHQVRSRU
HOPRPHQWR6TXHODYLGDVLQHOWHQLVHVFRPRODYLGDVLQR[JHQR
SHURVLTXLHUHVTXHWXURGLOODVHFXUHODQLFDUHFHWDHVWUHVPHVHV
GHGHVFDQVR\UHFXSHUDFLQ3DUDVHSWLHPEUHXRFWXEUHGHEHUDV
VHUFDSD]GHKDFHUIRRWLQJXRWURHMHUFLFLRPHQRVLQWHQVRSHURQR
WHUHFRPLHQGRYROYHUDODVFDQFKDVGHWHQLVSRUORPHQRVKDVWDOD
SU[LPDSULPDYHUD

,oP JRLQJ WR KDYH WR SURKLELW DQ\ NLQG RI VWUHQXRXV H[HUFLVH IRU
WKHWLPHEHLQJ,NQRZWKDWOLIHZLWKRXWWHQQLVLVOLNHOLIHZLWKRXW
R[\JHQEXWLI\RXZDQW\RXUNQHHWRKHDOWKHRQO\SUHVFULSWLRQLV
WKUHHPRQWKVRIUHVWDQGUHFXSHUDWLRQ%\6HSWHPEHURU2FWREHU
\RX VKRXOG EH DEOH WR GR VRPH MRJJLQJ RU RWKHU OHVV VWUHQXRXV
H[HUFLVHEXW,ZRXOGQoWUHFRPPHQG\RXUHWXUQWRWKHWHQQLVFRXUWV
DWOHDVWXQWLOQH[WVSULQJ


(VWLPDGRDPLJR\DOXPQR6HJXUDPHQWHWHHVWVFDQVDQGRXQSRFRGHPLVVHUPRQHV1RTXLHURVHUDJXDHVWDVSHURVTXHQDGLHVHKDFH
FRQXQEXHQQLYHOHQRWURLGLRPDVLQVXGDUHOHTXLYDOHQWHDPDUDWRQHV3HURSXHVWRTXH\DKHH[SOLFDGRHVWRGHPDQHUDVGLIHUHQWHV
YR\DGHVFDQVDUGXUDQWHXQDVFKDVHLQWHQWDUHQWUHWHQHUWHXQSRFRFRQHOLQJOV$ORODUJRGHODVSU[LPDVHQWUHJDVYDPRVDYHUGRV
SRHPDVJUDFLRVRV\GRVSRHPDVGHDPRU1RFRQWLHQHQPHQVDMHVGLUHFWRVQLVXEOLPLQDOHVLQVWQGRWHDKDFHUXQHVIXHU]RDVTXHSXHGHV
WRPDUWHXQSHTXHRGHVFDQVR(OSULPHUSRHPDGHVFULEHFPRXQSURIHVRUJDQDHOFRUD]QDVXEHOODDOXPQDPHGLDQWHODHQVHDQ]DGHO
FRQGLFLRQDO(VWHQLQJOV\HQHVSDRO
5LFKDUG9DXJKDQ
)ORUHQWLQDDQGWKH&RQGLWLRQDO
(VKHUPRVDHVRVt\XQDDOXPQDDSOLFDGD
'HHVWDPSDLQFUHtEOHFRQHOSHORHQFDVFDGD
$WRGRVQRVWLHQHSHUGLGDPHQWHHQDPRUDGRV
<DKRUDFRQVXUHWRXQSHOtQDFDORUDGRV

3HURKD\XQQXHYRSURIHTXHPHGLFHQQXQFDIDOOD
8QSURIHTXHPHGLFHQODFRQYHUWLUiHQVXYDVDOOD
$KtODWLHQHVVROLWDVROLWDHQVXDXOD
2TXL]iPHMRUGLFKRODHUDHQVXMDXOD

1RVUHWDDHQVHxDUOHFRQDLUHDYLVSDGR
(OPDQHMRGHOFRQGLFLRQDOHQSUHVHQWH\SDVDGR
$UPDTXHMDPiVHQVXYLGDKDKDELGR
3HUVRQDFDSDFLWDGDSDUDJDQDUOHWDOSDUWLGR

*RRGHYHQLQJ)ORUHQWLQDZRXOG\RXOHWPHEH\RXUWHDFKHU
,I,SURPLVHG\RXDJDUGHQIXOORIHYHU\JRUJHRXVFUHDWXUH"
:RXOG\RXOLVWHQWRPHFDUHIXOO\DQGSXWIRUWK\RXUYHU\EHVW
,I,ORRNHGLQWR\RXUH\HVDQGVKRZHGDVPLOHRIKHDUWIHOW]HVW"
7REHFRQWLQXHG





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

6RQHVRVWXVFLJDUURV" $UHWKRVH\RXUFLJDUHWWHV"
1RQRORVRQ 1RWKH\DUHQoW
%LHQIXPDUHVPDOR *RRGVPRNLQJLVEDG
6RQVXVFLJDUURV 7KH\oUHKLVFLJDUHWWHV
|3HURHVHHVWXKLMR %XWWKDWoV\RXUVRQ

'HTXLQHVHVDURSD" :KRVHFORWKHVDUHWKRVH"
(VPD 7KH\oUHPLQH
4XKDFHDOO" :KDWDUHWKH\GRLQJWKHUH"
(VWR\ODYQGROD ,oPZDVKLQJWKHP
3RUTXORHVWVKDFLHQGRHQ :K\DUH\RXGRLQJLWLQWKH
ULYHU"
HOUR"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

6DEHVPXFKRGHRUGHQDGRUHV"'R\RXNQRZPXFKDERXW
FRPSXWHUV"
3XHGHVHFKDUXQYLVWD]RDO &DQ\RXWDNHDORRNDWPLQH"

PR"
7LHQHDOJQSUREOHPD" 'RHVLWKDYHDSUREOHP"
1RIXQFLRQDPX\ELHQ ,WGRHVQoWZRUNYHU\ZHOO
&PSUDWHXQRQXHYR %X\DQHZRQH

'XUDQWHFXQWRWLHPSRKDV +RZORQJKDYH\RXKDGWKRVH
WUDLQHUV"
WHQLGRHVDV]DSDWLOODV"
/DVWHQJRGHVGHKDFHWUHVDRV ,oYHKDGWKHPIRUDERXWWKUHH
\HDUV
&XQWRWLHPSRKDFHTXHODV +RZORQJKDYH\RXEHHQ
ZHDULQJWKHP"
OOHYDVSXHVWDV"
/DVOOHYRSXHVWDVGHVGHHO ,oYHEHHQZHDULQJWKHPVLQFH
6XQGD\
GRPLQJR
'HEHUDVFDPELDUODVKXHOHQ <RXVKRXOGFKDQJHWKHPWKH\
VPHOOEDG
PDO

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

0HHVWR\FDQVDQGRGHWRGR ,oPJHWWLQJWLUHGRIDOOWKLV
HVWR
4XWHSDVD" :KDWoVWKHPDWWHUZLWK\RX"
6HPHHVWDFDEDQGROD 0\LQVSLUDWLRQLVUXQQLQJRXW

LQVSLUDFLQ
7RPDXQGHVFDQVRHQWRQFHV 7DNHDEUHDNWKHQ
&UHRTXHPHGDUXQSDVHR ,WKLQN,oOOKDYHDVWUROOLQWKH
SRUHOSDUTXH
SDUN

9DVDSDJDUFRQHIHFWLYRRFRQ $UH\RXJRLQJWRSD\LQFDVKRU
WDUMHWDGHFUGLWR"
E\FUHGLWFDUG"
3UHIHULUDSDJDUFRQWDUMHWD ,oGUDWKHUSD\E\FDUG
&XOHVODIHFKDGHFDGXFLGDG" :KDWoVWKHH[SLUDWLRQGDWH"
&PRKDOODPDGRDHVWD :KDWGLGVKHFDOOWKLV
PTXLQD"
PDFKLQH"
/DSXHGHVOODPDUFDMHURR <RXFDQVD\FDVKPDFKLQHRU
pDJXMHURHQODSDUHGq
KROHLQWKHZDOO

6KLUW &DPLVD

-DFNHW $PHULFDQD

7LH &RUEDWD

%ULHIFDVH 0DOHWQ

7URXVHUV 3DQWDORQHV

9RFDEXODULR%XVLQHVVVXLW 7UDMHGHQHJRFLRV
0LGGOH$GYDQFHG
(VDHVXQDFLFDWUL]IHD 7KDWoVDQDVW\VFDU
&PRHVTXHWHODKLFLVWHHQ +RZGLG\RXJHWLWRQ\RXU
ODEDUELOOD"
FKLQ"
0HHVWDEDDIHLWDQGRFRQXQD ,ZDVVKDYLQJZLWKDIDXOW\
FXFKLOODGHIHFWXRVD
EODGH
'HPDQGDVWHDODHPSUHVD 'LG\RXVXHWKHFRPSDQ\IRU
SRUHOOR"
WKDW"
0HGLHURQXQDLQGHPQL]DFLQ 7KH\JDYHPHDKDQGVRPH
JHQHURVD
FRPSHQVDWLRQ

)RU(QJOLVKVXSHUVWDUVRQO\
|%XHQWLUR *RRGVKRW
|+DVGDGRHQHOEODQFR <RXKLWWKHEXOOVH\H
0LSXQWHUDQRHVWDQSUHFLVD 0\DLPoVQRWWKDWDFFXUDWH
(OEODQFRQRHVSUHFLVDPHQWH 7KHWDUJHWoVQRWH[DFWO\WLQ\

GLPLQXWR
/DPRGHVWLDWHIDYRUHFH 0RGHVW\EHFRPHV\RX

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq  


0HQRVPDO

,EDFNHGLQWRWKHJDUDJH
(QWUPDUFKDDWUVHQHOJDUDMH

:HVWUDSSHGKLPLQWRWKHVHDW
/HVXMHWDPRVHQHODVLHQWR FRQFRUUHD 

,IHOOLQWRWKHWUDS
&DHQODWUDPSD

:HVSOLWLWLQWRWZRHTXDOSDUWV
/RGLYLGLPRVHQGRVSDUWHVLJXDOHV

,WRRNKHULQWRP\DUPV
/DHVWUHFKHQWUHPLVEUD]RV

+HWDONHGPHLQWRJRLQJ
0HKDEOKDVWDFRQYHQFHUPHSDUDTXH
IXHUD

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
0HQRVPDOTXHVDEHVGHORTXHKDEODV
|0HQRVPDOTXHQRWHOODPDQWHV
0HQRVPDOTXHWXPDGUHQRVHHQWHU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

+HOSIXOH[SUHVVLRQV 
%\WKHZD\
'HVSLWH
,QVSLWHRI
'HVSLWHWKHIDFWWKDWf
,QVSLWHRIWKHIDFWWKDWf
'XHWR
'XHWRWKHIDFWWKDWf
2QDFFRXQWRI
2QDFFRXQWRIWKHIDFW
WKDWf
%HFDXVHRI
(YHU\RWKHUGD\
)LUVWWKLQJLQWKHPRUQLQJ
)RUJRRG
)RUWKHWLPHEHLQJ
,QWKHPHDQWLPH
,IQHHGEH
,QDJRRGPRRG

3RUFLHUWRDSURSVLWR
$SHVDUGH
$SHVDUGH
$SHVDUGHTXH
$SHVDUGHTXHf
'HELGRD
'HELGRDTXH
'HELGRD
'HELGRDTXH
'HELGRD
8QGDV\RWURQR
GDVDOWHUQRV
$SULPHUDKRUDGHOD
PDDQD
3DUDVLHPSUH
'HPRPHQWR
0LHQWUDVWDQWR
6LHVQHFHVDULR
'HEXHQKXPRU

,QDEDGPRRG
,QDQDZIXOPRRG
,QDGGLWLRQWR
,QDGYDQFH
,QDQ\FDVH
,QDQ\HYHQW
,QFKDUJHRI
,QGHSWK
,QVKRUW
,QWKHORQJUXQ
,QWKHRU\
,QYLHZRI
,WoVDZDVWHRIWLPH
,WoVSRLQWOHVV
7KHUHoVQRSRLQW
,QZULWLQJ
:ULWHLWGRZQ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&XDQGR$OHMDQGUR0DJQRHVWDEDHQ&RULQWRXQDFLXGDGHVWDGRGH
OD$QWLJXD*UHFLDOHOOHYDURQDXQOXJDUGRQGHVLHPSUHVHVHQWDED
XQOVRIRIDPRVR\GDEDFRQVHMRVVREUHODYLGD\HOXQLYHUVR&XDQ
GRHOJHQHUDOOHGLMRDOOVRIRTXHOHFRQFHGHUDFXDOTXLHUGHVHRHO
OVRIRVLPSOHPHQWHOHSLGLTXHVHDSDUWDUDXQRVPHWURVDXQODGR
SRUTXHOHTXLWDEDODOX]GHOVROQHFHVDULDSDUDOHHU


,WGRHVQoWPDWWHU
'HPDOKXPRU
,WGRHVQoWPDNH
'HKXPRUGHSHUURV
DQ\GLIIHUHQFH
$GHPVGH
-XVWLQFDVH
3RUDGHODQWDGR
1HYHUWKHOHVV
'HWRGDVIRUPDV
+RZHYHU
'HWRGDVIRUPDV
(QFDUJDGRGH
2QSXUSRVH
(QSURIXQGLGDG
(QUHVXPLGDVFXHQWDV
2QEHKDOIRI
$ODODUJD
2QWKHFRQWUDU\
(QWHRUD
:KDWoVXS"
(QYLVWDGH
+RZoVLWJRLQJ"
(VXQDSUGLGDGH
+RZDUHWKLQJV
WLHPSR
JRLQJ"
(VXQDSUGLGDGH
+RZoVHYHU\WKLQJ
WLHPSR
JRLQJ"
(VXQDSUGLGDGH
0D\,KHOS\RX"
WLHPSR
0D\,WDNHDPHVVDJH"
3RUHVFULWR
,WoVJHWWLQJODWH
$SQWDOR
7DNHLWHDV\

'DLJXDO
'DLJXDO
3RUVLDFDVR
1RREVWDQWH
6LQHPEDUJR
$SRVWD
GHOLEHUDGDPHQWH
(QQRPEUHGH
$OFRQWUDULR
4XKD\GHQXHYR"
&PRYDODFRVD"
&PRYDQODVFRVDV"
&PRYDWRGR"
(QTXOHSXHGRVHUYLU"
'HVHDGHMDUXQUHFDGR"
6HHVWKDFLHQGRWDUGH
7RPDODVFRVDVFRQ
ORVRID

:KHQ$OH[DQGHUWKH*UHDWZDVLQ&RULQWKDFLW\VWDWHLQDQFLHQW
*UHHFH KH ZDV WDNHQ WR WKH SODFH ZKHUH D IDPRXV SKLORVRSKHU
DOZD\VVDWDQGJDYHDGYLFHRQOLIHDQGRQWKHXQLYHUVH:KHQWKH
JHQHUDOWROGWKHSKLORVRSKHUWKDWKHZRXOGJUDQWKLPDQ\ZLVK
WKH SKLORVRSKHU VLPSO\ DVNHG KLP WR PRYH D IHZ PHWHUV WR RQH
VLGHEHFDXVHKHZDVEORFNLQJWKHVXQOLJKWQHHGHGIRUUHDGLQJ


)ORUHQWLQDDQGWKH&RQGLWLRQDO FRQW

:RXOG\RXSUDFWLFHHYHU\VHQWHQFHWKDW,DVNHG\RXWRUHSHDW
,I,VRIWO\ZKLVSHUHGSUDLVHDQGMR\DQGHQFRXUDJHPHQWUHSOHWH"
:RXOG\RXPDNHWKHQHHGHGHIIRUWWRDEVRUEWKHEDVLFIRUPV
,I,VSUHDGDORYHO\FDQRS\WRVKLHOG\RXIURPWKHVWRUPV"
:RXOG\RXOLVWHQWRPHFDUHIXOO\DEVRUELQJP\DGYLFH
,I,EDNHGDFKRFRODWHFDNHIRU\RXDQGJDYH\RXHYHU\VOLFH"
:RXOG\RXVWXG\HYHU\QLJKWDQGGD\WRGHPRQVWUDWH\RXUZRUWK
,I,WRRN\RXLQP\DUPVDQGHZ\RXKLJKDERYHWKHHDUWK"
:RXOG\RXPDVWHUHYHU\VHQWHQFHDQGLPSUHVVPHHYHU\GD\
,I,XVHGP\KDQGVWRPRXOG\RXOLNHDVXSSOHZLOOLQJFOD\"
:RXOG\RXQDYLJDWHFRQGLWLRQDOVOLNH9HQHWLDQJRQGROLHUV
,I,FXWWKHPRRQLQWZRKDOYHVWRPDNHHDUULQJVIRU\RXUHDUV"
:RXOG\RXQDOO\)ORUHQWLQDEHFRPHH[SHUWZLWKWKLVWHQVH
,I,QDOO\PDGH\RXUHDOL]HWKDWZLWKPHWKHUHoVQRGHIHQVH"
:RXOG\RXJLYHXSLSVRIDFWRDQGDGPLWWKDW\RXKDYHORVW
,I,WROG\RXWKDWP\QDPHLVUPO\RQ\RXUKHDUWHPERVVHG"

(VWLPDGRDPLJR\DOXPQR$ODL]TXLHUGDWLHQHVODVFXDWUROWLPDVHVWURIDV
GHO LQWHQWR SRU SDUWH GHO QXHYR SURIHVRU GH FRQYHQFHU D )ORUHQWLQD GH
TXHHVFDSD]GHDSUHQGHUHOPDQHMRGHOFRQGLFLRQDO(PSOHDXQHQIRTXH
XQWDQWRFXULRVRSHURFRPREXHQSURIHVRUQRGHVFDUWDQLQJQDUWLFLRVL
FRQ HOOR DOFDQ]D VX REMHWLYR SHGDJJLFR (VWXGLD HO SRHPD SDUD KDFHUWH
FRQHOYRFDEXODULR\ODVH[SUHVLRQHV'HVSXVOHORHQYR]DOWDWUDWDQGRGH
FRQVHJXLUHPXODUHOULWPR\ODPWULFD3RUFLHUWRYHUVXQYHUVRTXHGLFH
p,I,WRRN\RXLQP\DUPVq6LPLUDVDUULEDHQODVHFFLQGHp3KUDVDOYHUEVq
YHUVXQDIUDVHFDVLLGQWLFDSHURTXHGLFHp,WRRNKHULQWRP\DUPVq3RU
TXpLQqHQODIUDVHGHOSRHPDHpLQWRqHQODIUDVHGHDUULED"(QHVWHFDVR
FRQFUHWRDPEDVIRUPDVVRQYOLGDVDXQTXHXQSXULVWDGLUDpLQWRqVLHPSUH
3HURORVSXULVWDVVRQDEXUULGRV\QXQFDORJUDQKDFHUVHFRQXQEXHQGRPLQLR
HQORVLGLRPDV6HDSUHQGHXQLGLRPDHQDPRUQGRVHGHO\VLHOSURIHVRU
D\XGDFRPRHOGHOSRHPDDTXHWHHQDPRUHVGHVXUHDGHOVDEHUHQWRQFHV
VHWUDWDVLQGXGDGHXQH[FHOHQWHSURIHVRU
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

&PRHVWWXKHUPDQD" +RZoV\RXUVLVWHU"
(VWHQ)UDQFLDHQHVWH 6KHoVLQ)UDQFHDWWKHPRPHQW
PRPHQWR
3RUTXHVWDOO" :K\LVVKHWKHUH"
(VWHQHOKRVSLWDO 6KHoVLQKRVSLWDO
(VWELHQHVHQIHUPHUD ,WoVRNVKHoVDQXUVH

4XLHUHVFRPHU" 'R\RXZDQWWRHDW"
1RJUDFLDVQRWHQJRKDPEUH 1RWKDQNV,oPQRWKXQJU\
7LHQHVVHG" $UH\RXWKLUVW\"
6WHQJR7HQJRPXFKDVHG <HV,DP,oPYHU\WKLUVW\
4XLHUHVEHEHUDOJR" 'R\RXZDQWWRGULQN
VRPHWKLQJ"

6SOLQW 7DEOLOOD
$QWLVHSWLF $QWLVSWLFR
%DQGDJH 9HQGD

*DX]H *DVD

6\ULQJH -HULQJD

9RFDEXODULR)LUVWDLG 3ULPHUDX[LOLR
/RZ,QWHUPHGLDWH
4XKDUVFXDQGRGHMHVOD :KDWZLOO\RXGRZKHQ\RX

OHDYHXQLYHUVLW\"
XQLYHUVLGDG"
&UHRTXHYLDMDUGXUDQWH ,WKLQN,oOOWUDYHOIRUD\HDU
XQDR
'QGHLUV" :KHUHZLOO\RXJR"
(VSUREDEOHTXHYD\DD$VLD ,oOOSUREDEO\JRWR$VLDZLWKP\
IULHQGV
FRQPLVDPLJRV
9DQDYLDMDUFRQWLJR" $UHWKH\JRLQJWRWUDYHOZLWK
\RX"

0LGGOH,QWHUPHGLDWH
&XQWRWDUGDVWHHQDSUHQGHU +RZORQJGLGLWWDNH\RXWR
OHDUQ)LQQLVK"
QODQGV"
+HWDUGDGRWRGDPLYLGD ,WoVWDNHQPHDOOP\OLIH
3RUTXKDVWDUGDGRWDQWR" :K\KDVLWWDNHQ\RXVRORQJ"
3RUTXHHVWDQGLIFLOGH %HFDXVHLWoVVRGLIFXOWWR
QLVK
WHUPLQDU
(VHHVHOIDPRVRVHQWLGRGHO 7KDWoVWKHIDPRXV(QJOLVK
VHQVHRIKXPRXULVQoWLW"
KXPRULQJOVQR"

+LJK,QWHUPHGLDWH
0HSXHGHVSUHVWDUWXFRFKH &DQ\RXOHQGPH\RXUFDUWKLV
ZHHNHQG"
HVWHQGHVHPDQD"
1RWHYR\DGHMDUFRQGXFLUPL ,oPQRWJRLQJWROHW\RXGULYH

P\FDU
FRFKH
3RUTXQRPHYDVDGHMDU" :K\ZRQoW\RXOHWPH"
3RUTXHHUHVXQORFRGHWUV %HFDXVH\RXoUHFUD]\EHKLQG
WKHZKHHO
GHOYRODQWH
-DPVRXQDWRQWHUDLJXDO ,oYHQHYHUKHDUGVXFK
QRQVHQVH

/RZ$GYDQFHG
$QWHVQRKDEDPVWLHQGDV 'LGQoWWKHUHXVHWREHPRUH
VKRSVLQWKLVVWUHHW"
HQHVWDFDOOH"
1RGHEHUDGHKDEHUPV 6KRXOGQoWWKHUHEHPRUH
VWULQJVRQWKLVJXLWDU"
FXHUGDVHQHVWDJXLWDUUD"
3XHGHTXHKD\DKDELGRXQOR" 0LJKWWKHUHKDYHEHHQDPL[
XS"
3RUTXQRKDKDELGRQLQJQ :K\KDYHQoWWKHUHEHHQDQ\
FKDQJHV"
FDPELR"
1RKDEUPDQHUDGHTXHMDUVH:RQoWWKHUHEHDQ\ZD\WR
FRPSODLQDERXWLW"
SRUHOOR"

0LGGOH$GYDQFHG
4XVLJQRGHO=RGDFRHUHV" :KDWVWDUVLJQDUH\RX"
6R\*HPLQLVSHURQRVR\ ,oP*HPLQLEXW,oPQRW

VXSHUVWLWLRXV
VXSHUVWLFLRVR
&DPLQDVSRUGHEDMRGHODV 'R\RXZDONXQGHUODGGHUV"

HVFDOHUDVGHPDQR"
7LUDVODVDOSRUHQFLPDGHWX 'R\RXWKURZVDOWRYHU\RXU

VKRXOGHULI\RXVSLOOLW"
KRPEURVLODGHUUDPDV"
7LUDVDODEDVXUDORVHVSHMRV 'R\RXWKURZDZD\EURNHQ

URWRV"
PLUURUV"

)RU(QJOLVKVXSHUVWDUVRQO\
(VXQDXWQWLFRJROIR +HoVDUHDOMDFNWKHODG
&UHHVTXHVHQWDUODFDEH]D 'R\RXWKLQNKHoOOHYHUVHWWOH

DOJQGD"
GRZQ"
(VGHPDVLDGRPXMHULHJR +HoVWRRPXFKRIDZRPDQLVHU
$XQTXHHVXQEXHQSDUWLGR $OWKRXJKKHoVDJRRGFDWFK
QR"
LVQoWKH"
(VWIRUUDGR +HoVORDGHG



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq  

3URQRPEUHV3HUVRQDOHV

+HEURXJKWKHULQWRRXUFODVVURRP
OODWUDMRDQXHVWUDDXOD

7KHSODQHHZLQWRHQHP\DLUVSDFH
(ODYLQHQWUHQHVSDFLRDUHRHQHPLJR

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

:HZDQWWREX\LQWR\RXUFRPSDQ\
4XHUHPRVSDUWLFLSDUHQVXHPSUHVD

7KH\WRRNKHULQWRWKHRWKHUFODVVURRP
/DOOHYDURQDODRWUDDXOD

$TXHOORVVRQVX\RV GHO 


VWHQRHVVX\R GHHOOD 
(VVWHWX\R"

7KHFDUFXWLQWRP\ODQH
(OFRFKHVHPHWLHQPLFDUULO

7KHZLQGEOHZWKHOHDYHVLQWRWKHKRXVH
/DVKRMDVGHODFDVDODVWUDMRHOYLHQWR


,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3URQXQFLDWLRQWKURXJKUK\PLQJ
7RGDVODVSDODEUDVH[SXHVWDVDFRQWLQXDFLQULPDQ3XHGHSDUH
FHUPHQWLUDSHURHVFLHUWR/DVSDODEUDVLQJOHVDVpFXUYHq\pQHUYHq
ULPDQDODSHUIHFFLQ3RUHVRQRPHJXVWDTXHPLVDOXPQRVYHDQ
ODSDODEUDHVFULWDHQLQJOVDQWHVGHRUOD/DOHFWXUDVLQXQDDX
GLFLQ SUHYLD GHVSLVWD \ FRQGXFH DO DOXPQR D DGTXLULU YLFLRV GH
)LUVW
/HDUQ
7XUQ
<RXU
<RXoUH
)XU
6XUH
6XUI
(DUQ
&RQFUQ
%OXU
6SXU
5HIU
2FFU
3UHIU
7UQVIHU
:HUH
6WLU
3HU

3ULPHUR
$SUHQGHU
*LUDU
7X
7HUHVHVWV
3LHO GHDQLPDO
6HJXUR
+DFHUVXUI
*DQDU
&RQFHUQLU
8QDPDVDERUURVD
(VSXHOD
5HIHULU
2FXUULU
3UHIHULU
7UDQVIHULU
3DVDGRGHpWREHq
5HPRYHU
3RU

+HU
6KLUW
+XUW
'LUW
)OLUW
6OXU
6NLUW
&RQYUW
&QFHUW
'VHUW
'HVVUW
3UYHUW
$OUW
%LUG
7KLUG
:RUG
+HDUG
+HUG
:RUU\

'HHOOD
&DPLVD
'DDUSHUMXGLFDU
7LHUUDVXFLHGDG
)OLUWHDU
$UUDVWUDUODVSDODEUDV
)DOGD
&RQYHUWLU
&RQFLHUWR
'HVLHUWR
3RVWUH
3HUYHUWLGR
$OHUWD
3MDUR
7HUFHUR
3DODEUD
3DVDGRGHpRUq
0DQDGD
3UHRFXSDUVH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/RV VHQWLPLHQWRV VLJXHQ D ODV DFFLRQHV &XDQGR SDVDPRV WLHPSR
SHQVDQGRHQFPRQRVVHQWLPRVQRVYDPRVHQFRQWUDQGRGHSULPL
GRV3HURFXDQGRHPSOHDPRVQXHVWUDHQHUJDLQWHQWDQGRKDFHUTXH
RWURVVHVLHQWDQPHMRUQRVYDPRVVLQWLHQGRFDGDYH]PVVDWLVIHFKRV
\FRQWHQWRVFRQQXHVWUDVYLGDV4XLHUHVXQDFXUDDVHJXUDGDFRQWUDOD
GHSUHVLQ"(QWRQFHVHQFXHQWUDDJHQWHTXHQHFHVLWHD\XGD\FHQWUD
WXDWHQFLQHQD\XGDUOHV

SURQXQFLDFLQGLIFLOHVGHHUUDGLFDUGHVSXV/HHWRGDVODVSDOD
EUDVGHODOLVWD(OVRQLGRGHYRFDOTXHSUHFHGHDODpUqHVLGQWLFR
HQWRGDVODVSDODEUDV7RGRVORVVRQLGRVULPDQFRQODVODEDpLUq
GHpUVWq3DUDD\XGDURVKHWLOGDGRDOJXQDVGHODVSDODEUDVSDUD
DVHJXUDUXQDFRUUHFWDSURQXQFLDFLQGHODVPLVPDV
+XUU\
6HUYH
&OHUN
:RUN
3HUN
4XLUN
-HUN
7HUP
)LUP
*HUP
:RUP
$IIUP
&RQIUP
%XUS
%XUQ
%XUVW
:RUVH
:RUVW
7KLUVW

'DUVHSULVD
6HUYLU
$GPLQLVWUDWLYR
7UDEDMDU
([WUDVDODULDO
3HFXOLDULGDG
8QPHPR
7UPLQR
(PSUHVD
*HUPHQ
*XVDQRORPEUL]
$UPDU
&RQUPDU
(UXFWDU
4XHPDU
5HYHQWDU
3HRU
(OSHRUGHWRGRV
6HG

7KLUVW\
1XUVH
&XUVH
5HKDUVH
,PPUVH
5HLPEUVH
9HUVH
5HYUVH
'LYUVH
'LVSUVH
3XUVH
&XUYH
1HUYH
1UYRXV
'HVUYH
2EVUYH
5HVUYH
&RQVUYH

6HGLHQWR
(QIHUPHUD
0DOGLFLQ
(QVD\DU
6XPHUJLU
5HHPEROVDU
9HUVR
5HYHUVR
'LYHUVR
'LVSHUVDU
0RQHGHUR
&XUYD
1HUYLR
1HUYLRVR
0HUHFHU
2EVHUYDU
5HVHUYDU
&RQVHUYDU

)HHOLQJVIROORZDFWLRQV:KHQZHVSHQGRXUWLPHWKLQNLQJDERXW
KRZ ZH IHHO ZH JURZ LQFUHDVLQJO\ GHSUHVVHG %XW ZKHQ ZH
VSHQGRXUHQHUJLHVWU\LQJWRPDNHRWKHUVIHHOEHWWHUZHEHFRPH
LQFUHDVLQJO\ VDWLVHG DQG KDSS\ ZLWK RXU OLYHV 'R \RX ZDQW D
VXUHUHFXUHIRUGHSUHVVLRQ"7KHQQGSHRSOHZKRQHHGKHOSDQG
IRFXV\RXUPLQGRQKHOSLQJWKHP


(VWLPDGRDPLJR\DOXPQR(VWRVYHUVRVVRQODFRQWLQXDFLQGHOSHTXHRSRHPD
TXHWHLQFOXHQODFKDQ3RUWDQWRUHFRPLHQGRTXHPLUHVHVDFKDSULPHUR
*RRGPRUQLQJ5DO,oP&ODUD3DXOHWH
SDUDFRPSUHQGHUHOSRUTXGHODGXUDDFWLWXGGH&ODUD3DXOHWH(QHOSRHPDGHOD
0\(QJOLVKLVSHUIHFWEXW,oPIURP$OEDFHWH
L]TXLHUGD&ODUDVHSUHVHQWD\FRPHQWDDOGVFRORDOXPQRTXHDXQTXHWLHQHFDUDGH
0\PRWKHULV(QJOLVKDQG,JUHZXSLQ%ULVWRO
VDQWDJXDUGDXQDSLVWRODSDUDFRQVHJXLUVXVREMHWLYRV$OQDOHOODOHGLFHTXHQRVH
$QGP\VPLOHPD\EHVDLQWO\EXW,WHDFKZLWKDSLVWRO
<RXZDQWWROHDUQ(QJOLVKDQG\RXoUHSD\LQJJRRGPRQH\ KDJDHOWRQWR GRQoWSOD\GXPE 3RUFLHUWRODpEqDOQDOGHpGXPEqHVPXGD/D
0\MRELVWRWHDFK\RXVRGRQoWWU\WREHIXQQ\
SDODEUDULPDSHUIHFWDPHQWHFRQpFRPHq&ODUD3DXOHWHHVPX\EXHQDSURIHVRUD/D
:HoOOVWDUWZLWKWKHSDVWWHQVHEXWWKHIXWXUHZLOOFRPH FRQR]FRELHQ\VTXHVXVDOXPQRVVLHPSUHDSUHQGHQLQFOXVRORVGVFRORVXQDYH]
$IXWXUHRIOHDUQLQJDQGZLWKPHGRQoWSOD\GXPE
TXHDSUHQGDQDVHUPVKXPLOGHVRDWRPDUVHODWDUHDPVHQVHULR
(OGXURVHUPQGH&ODUD3DXOHWH

7REHFRQWLQXHGLQWKHQH[WLQVHUWf

5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

&XOHVHOSUREOHPD" :KDWoVWKHSUREOHP"
1RHVWR\PX\FRQWHQWD ,oPQRWYHU\KDSS\
3RUTXHVWVWULVWH" :K\DUH\RXVDG"
0LQRYLDHVWHQRWUDFLXGDG 0\JLUOIULHQGLVLQDGLIIHUHQW

FLW\
4XFLXGDG" :KLFKFLW\"

|9DPRVDKDFHUXQDHVWD :HoUHJRLQJWRKDYHDSDUW\
4XHVWDPRVFHOHEUDQGR" :KDWDUHZHFHOHEUDWLQJ"
(VPLFXPSOHDRVODVHPDQD ,WoVP\ELUWKGD\QH[WZHHN
TXHYLHQH
(VRHVYR\DFXPSOLUDRV 7KDWoVULJKW,oPJRLQJWREH
|(QKRUDEXHQD &RQJUDWXODWLRQV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

1RPHHQFXHQWURPX\ELHQ ,GRQoWIHHOYHU\ZHOO
+DFHVDOJRGHHMHUFLFLR" 'R\RXGRDQ\H[HUFLVH"
1XQFDKDJRQDGDDV ,QHYHUGRDQ\WKLQJOLNHWKDW
7LHQHVTXHKDFHUDOJRGH <RXKDYHWRGRVRPHVSRUWDQG
HDWZHOO
GHSRUWH\FRPHUELHQ
0HWRPDUXQDFHUYH]D\PH ,oOOKDYHDEHHUDQG,oOOWKLQN
DERXWLW
ORSHQVDU

3UXEDWHHVWRV]DSDWRV 7U\WKHVHVKRHVRQ
3ULPHURWLHQHVTXHTXLWDUWH <RXKDYHWRWDNH\RXURQHVRII
UVW
ORVWX\RV
$TXWLHQHVSQWHORV +HUH\RXJRSXWWKHPRQ
1RFDEHQORVGHGRVGHPLVSLHV 0\WRHVGRQoWW
4XWDWHORVSXHV 7DNHWKHPRIIWKHQ

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

3RUTXHVWVYLHQGRODWHOH :K\DUH\RXZDWFKLQJ79
LQVWHDGRIVWXG\LQJ"
HQYH]GHHVWXGLDU"
(QYH]GHFRPSUDUORGHEHUDV 5DWKHUWKDQEX\LQJLW\RX

VKRXOGUHQWLW
DOTXLODUOR
9DPRVDTXHGDUQRVHQFDVDHQ /HWoVVWD\LQUDWKHUWKDQJRLQJ

RXW
YH]GHVDOLUSRUDK
6LOHFRQRFLHUDQRGLUDHVR ,IVKHNQHZKLPVKHZRXOGQoW
VD\WKDW
1RFUHRTXHVHDWDQPDOR ,GRQoWWKLQNKHoVWKDWEDG

3RUFLHUWROHGLMLVWHDOJR" %\WKHZD\GLG\RXVD\
DQ\WKLQJWRKLP"
0HWURSHFFRQOSRU ,EXPSHGLQWRKLPE\FKDQFH
LQWKHVWUHHW
FDVXDOLGDGHQODFDOOH
'HUUDPVXEHELGDHQFLPD +HVSLOWKLVGULQNRQPHRQ
SXUSRVH
GHPDSURSVLWR
*XDUGDODVGLVWDQFLDVFRQO 6WD\DZD\IURPKLPIURPQRZ
RQ
DSDUWLUGHDKRUD
/OHYDWXSRUWWLO RUGHQDGRU  7DNH\RXUODSWRSMXVWLQFDVH
SRUVLDFDVR
5LGHU -LQHWH

5LGLQJFURS )XVWD

6DGGOH 6LOODGHPRQWDU

5HLQV 5LHQGDV

6WLUUXS (VWULER

9RFDEXODULR+RUVHULGLQJ (TXLWDFLQ
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

0HUHVSDOGDUVDQWHHOMHIH" :LOO\RXEDFNPHXSLQIURQWRI
WKHERVV"
3XHGHTXHWHQJDTXHHFKDUPH,PD\KDYHWREDFNRXWRIWKH
GHDO
DWUVHQHODFXHUGR
1XQFDFHGHHQXQDGLVFXVLQ +HQHYHUEDFNVGRZQLQDQ
DUJXPHQW
3RUTXKDVWHQLGRTXH :K\GLG\RXKDYHWREULQJWKDW
XSDJDLQ"
PHQFLRQDUHVRRWUDYH]"
0HFULDURQHQORVEDUULRV ,ZDVEURXJKWXSLQWKHVOXPV
RI/RQGRQ
EDMRVGH/RQGUHV

4XVLJQLFDpFRQVXPLU :KDWGRHVpEHVWEHIRUHq

SUHIHUHQWHPHQWHDQWHVGHq"
PHDQ"
7LHQHVTXHFRPHUORDQWHVGH <RXKDYHWRHDWLWEHIRUHLW
TXHVHHFKHDSHUGHU
JRHVRII
(VWHSDQHVWPDQLGR 7KLVEUHDGLVVWDOH
4XPHKDEUDSDVDGRVLOR :KDWZRXOGKDYHKDSSHQHGWR

KXELHUDFRPLGR"
PHLI,KDGHDWHQLW"
7HKDEUDVLQWR[LFDGR <RXoGKDYHJRWIRRGSRLVRQLQJ



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq  

+DYH7R

+RZGLG\RXJHWLQWRWKLVPHVV"
&PRWHKDVPHWLGRHQHVWHIROOQ"

,WoVKDUGWRSXWLWLQWRZRUGV
(VGLIFLOGDUOHIRUPDPHGLDQWHSDODEUDV

7KH\OHWPHLQWRWKHKRXVH
0HGHMDURQHQWUDUHQODFDVD

7UDQVODWHWKLVLQWR6SDQLVKIRUPH
7UDGFHPHHVWRDOHVSDRO

,SD\LQWRWKHVRFLDOVHFXULW\V\VWHP
3DJRDODVHJXULGDGVRFLDO

+HoVJURZQLQWRDJRRGORRNLQJ\RXQJPDQ
6HKDFRQYHUWLGRHQXQMRYHQPX\DSXHVWR

3URQXQFLDWLRQWKURXJKUK\PLQJ
p2XqHQLQJOVFDVLVLHPSUHWLHQHHOPLVPRVRQLGRTXHpDRq$TX
ORV HVSDROHV FRPHWLV PXFKRV HUURUHV GH SURQXQFLDFLQ TXH
LPSRVLELOLWDQ OD FRPSUHQVLQ 6L XQR SURQXQFLD pPRXQWDLQq WDO
FRPRVHHVFULEH\DSXHGHUHSHWLUODSDODEUDKDVWDGHOGDGHO-XL
FLR )LQDO TXH XQ DQJORSDUODQWH QR OH HQWHQGHU ,QFOXVR SXHGH
0DKRX 8QDFHUYH]D
HVSDROD
&ORXG 1XEH
/RXG $OWR GHUXLGR
7URXW 7UXFKD
$ERXW $FHUFDGH
%RXW &RPEDWHGHER[HR
2XW )XHUD
:LWKRXW 6LQ
6KRXW *ULWDU
6FRXW 5DVWUHDGRU
'HYRXW 'HYRWR
%ORXVH %OXVD
3RXW +DFHUSXFKHURV
'RXEW 'XGDU

3URXG
$ORXG
$FFRXQW
$URXQG
5RXQG
'URXJKW
(QFRXQWHU
&RXQWHU
$FFRXQWDQW
'LVFRXQW
*URXQG
)ORXU
)RXQGHU
)RXQG
/RXQJH

2UJXOORVR
(QYR]DOWD
&XHQWD
$OUHGHGRUGH
5HGRQGR
6HTXD
(QFRQWUDUVHFRQ
0RVWUDGRU
&RQWDEOH
'HVFXHQWR
7LHUUDWHUUHQR
+DULQD
)XQGDGRU
)XQGDU
6DOQ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6LWLHQHVXQSRFRGHSDFLHQFLDWHHQVHDUDXWLOL]DUODQXHYDKH
UUDPLHQWD+DVLGRGLVHDGDSRUHO'HSDUWDPHQWRGH,QIRUPWL
FD\VLDSUHQGHVDXWLOL]DUODFRUUHFWDPHQWHFDQDOL]DUWRGRVORV
FRQWDFWRVGHHPDLODXQDUFKLYRFHQWUDOSDUDTXHWRGRHOPXQGR
VHSDORTXHWRGRVORVGHPVKDQGLFKRRKHFKRFRQXQFRQWDFWR
GHWHUPLQDGR'HHVWDIRUPDFXDQGROODPDVDXQFOLHQWHRDXQ
LQWHUHVDGRWHQGUVXQDUFKLYRGHDQWHFHGHQWHVGHFDGDFRQWDFWR
TXHVHKD\DKHFKRGHVGHDTXFRQHVDSHUVRQDRHPSUHVD

p7HQHUTXHKDFHUDOJRqHVPX\SDUHFLGRHQ
LQJOVGHFLPRVpKDYHWRGRVRPHWKLQJq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7HQJRTXHFRPSUDUOHFKH
1RWXYLPRVTXHKDFHUORDOQDO
7LHQHVTXHOHYDQWDUWHWHPSUDQRPDDQD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

GHFLUODSDODEUDDOPLVPRWLHPSRTXHVHDODXQDIRWRGHO(YHUHVW
TXHHODQJORSDUODQWHVHJXLUVLQHQWHQGHUORTXHHVWTXHULHQGR
GHFLU6HSURQXQFLDpPRQWHQq(PSHFHPRVFRQHVWDOLVWDGHSD
ODEUDVTXHULPDQFRQODIDPRVDFHUYH]DHVSDRODp0DKRXq(VWR
QRVD\XGDUDUHFRUGDUHOVRQLGRTXHEXVFDPRV
/RXV\
)RXO
+RXU
+RXVH
0RXWK
6RXQG
6RXU
7URXVHUV
%RXQFH
1RXQ
6RXWK
6SRXVH
2XQFH
3URIRXQG
6XUURXQG

&KDSXFHURSVLPR
)DOWD HQGHSRUWH
+RUD
&DVD
%RFD
6RQLGR
$JULR
3DQWDORQHV
%RWDU
6XVWDQWLYR
6XU
&Q\XJH
2Q]D
3URIXQGR
5RGHDU

5HERXQG
$ERXQG
0RXQWDLQ
3URQRXQFH
0RXVH
7KRXVDQG
3ORXJK
&RXQFLO
&RXQW
&RXFK
$QQRXQFH

5HERWH
$EXQGDU
0RQWDD
3URQXQFLDU
5DWQ
0LO
$UDU
&RQVHMR
&RQWDU
6RI
+DFHUXQ
FRPXQLFDGR
$PRXQW &DQWLGDG
2XUV (OQXHVWUR

,I\RXoOOMXVWEHDOLWWOHSDWLHQW,oOOVKRZ\RXKRZWRXVHWKHQHZ
WRRO ,W ZDV GHVLJQHG E\ WKH SHRSOH RYHU LQ ,7 DQG LI \RX OHDUQ
WRXVHLWULJKWLWoOOFKDQQHODOOHPDLOFRQWDFWVLQWRDFHQWUDOOHVR
WKDWHYHU\RQHZLOONQRZZKDWHYHU\RQHHOVHKDVVDLGRUGRQHZLWK
DJLYHQFRQWDFW7KDWZD\ZKHQ\RXFDOODFXVWRPHURUSURVSHFW
\RXoOOKDYHDQLPPHGLDWHEDFNJURXQGOHRQHYHU\FRQWDFWPDGH
IURPKHUHZLWKWKDWSHUVRQRUUP


(OGXURVHUPQGH&ODUD3DXOHWH FRQW
<RXUFRQWURORIWKHEDVLFVLVIDUIURPSRHWLF
$QG\RXUXVHRIWKHWHQVHVLVIUDQNO\SDWKHWLF
<RXUFKDUPLVDWWUDFWLYHEXWWKHUHoVZRUNWREHGRQH
<HVWKHUHoVZRUNWREHGRQHDQGPRVWLVQRWIXQ
<RXoUHDW\SLFDOPDQRI6SDQLVKH[WUDFWLRQ
:KRVHDFWLRQVDUHURRWHGLQFOHYHUUHDFWLRQ
<RXUVPLOHDQG\RXUFKDUPPDNHWKHDWPRVSKHUHSOHDVDQW
$QGDVDUHVXOW,KDYHEURXJKW\RXDSUHVHQW
$SUHVHQWFDOOHGKRPHZRUNIWHHQKRXUVDZHHN
$SUHVHQWGHVLJQHGWRSURYLGHZKDW\RXVHHN
0\SODQQHYHUIDLOVDQGWKDWoVZK\,DPKHUH
<RXUERVVNQRZVP\IHHVDSULFHTXLWHVHYHUH
%XW,DOZD\VVXFFHHG,QHYHUKDYHIDLOHG
$QGZLWKSHRSOHOLNH\RX,KDYHDOZD\VSUHYDLOHG
7REHFRQWLQXHGLQWKHQH[WLQVHUWf

(VWLPDGRDPLJR\DOXPQR$TXQXHVWUDDPLJD&ODUDVHUPRQHDDOSREUH5DO
TXLHQSHQVHQXQSULQFLSLRTXHSRGUDFRQODVHRULWD5HVXOWDTXH&ODUDFRQRFH
ELHQDHVDHVWLUSHHVSHFFDGHDOXPQRVTXHDGRUQDODVDXODVGHLQJOVDRWUDV
DRVLQSDVDUQXQFDGHXQQLYHOLQWHUPHGLR6RQSHUVRQDVTXHHQHOIRQGRQR
TXLHUHQ DSUHQGHU LQJOV SRUTXH VDEHQ SHUIHFWDPHQWH TXH QR YDQ D KDFHU HO
HVIXHU]RTXHVHUHTXLHUH$OJXQRVSLHQVDQTXHDOJQGDHQFRQWUDUQXQPWRGR
UHYROXFLRQDULRFRQHOTXHDSUHQGDQHOLGLRPDVLQHVIXHU]R\HQXQWLHPSRUFRUG
&ODUD3DXOHWHHQVHVXQPWRGRUHYROXFLRQDULRSRUTXHHVGHHVRVSURIHVRUHV
TXHUHDOPHQWHHVSDELODQDVXVDOXPQRVOHVGRWDQGHXQDFROXPQDYHUWHEUDO
JUDPDWLFDO \ OHV KDFHQ UHSHWLU \ SUDFWLFDU OR HVHQFLDO KDVWD TXH VH OHV IRUPD
VXGRUHQHOODELRVXSHULRU$KRUDOHWRFDHQGHUH]DUD5DO\OHUHFXHUGDTXHHVOD
HPSUHVDTXLHQHVWSDJDQGRODIRUPDFLQ\TXHSRUWDQWRODFRVDYDPX\HQ
VHULR3DUDHPSH]DUOHKDFHXQERQLWRUHJDORKRUDVVHPDQDOHVGHGHEHUHV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

4XLQHVHVDPXMHU" :KRoVWKDWZRPDQ"
(VODQXHYDMHID ,WoVWKHQHZERVV
&PRVHOODPD" :KDWoVKHUQDPH"
6HOODPD&DURO +HUQDPHoV&DURO
(VVLPSWLFD" ,VVKHQLFH"

7LHQHQRYLR" 'RHVVKHKDYHDER\IULHQG"
6WLHQHXQQRYLRIUDQFV <HVVKHKDVD)UHQFK
ER\IULHQG
9LYHFRQHOOD" 'RHVKHOLYHZLWKKHU"
1RQRYLYHFRQHOOD 1RKHGRHVQoWOLYHZLWKKHU
3RUTXQRYLYHQMXQWRV" :K\GRQoWWKH\OLYHWRJHWKHU"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

$TXLQHVWVHVFULELHQGR" :KRDUH\RXZULWLQJWR"
4XHVWHOODHVFXFKDQGR" :KDWLVVKHOLVWHQLQJWR"
4XHVWQPLUDQGR" :KDWDUHWKH\ORRNLQJDW"
&RQTXLQHVWOKDEODQGR" :KRLVKHWDONLQJZLWK"
$TXLQHVWLVHVSHUDQGR" :KRDUH\RXZDLWLQJIRU"

&XQWRGLQHURWHTXHGD" +RZPXFKPRQH\GR\RXKDYH
OHIW"
1RPHTXHGDQDGD ,GRQoWKDYHDQ\WKLQJOHIW
&XQGRJDVWDVWHWRGRORTXH :KHQGLG\RXVSHQGZKDW,
JDYH\RX"
WHGL"
1RPHGXUPXFKR ,WGLGQoWODVWPHYHU\ORQJ
'HEHUDVWHQHUPVFXLGDGR <RXVKRXOGWDNHPRUHFDUH
ZLWK\RXUZDOOHW
FRQWXGLQHUR

6NXOO &UQHR

-DZ 0DQGEXOD

6KRXOGHUEODGH 2PSODWR
&ROODUERQH &ODYFXOD

5LEFDJH &DMDWRUFLFD

9RFDEXODULR%RQHV +XHVRV
+LJK,QWHUPHGLDWH
3RUTXQRORVKDVEXVFDGR :K\KDYHQoW\RXORRNHGIRU

WKHP\HW"
WRGDYD"
5HDOPHQWH\DQRORVQHFHVLWR ,GRQoWUHDOO\QHHGWKHP
DQ\PRUH
<DQRVRQORVXFLHQWHPHQWH 7KH\oUHQRWELJHQRXJK

DQ\PRUH
JUDQGHV
3RUTXQRORVGDVDXQD :K\GRQoW\RXJLYHWKHPWR

FKDULW\"
RUJDQL]DFLQEHQFD"
&UHHVTXHPLVREULQRORV 'R\RXWKLQNP\QHSKHZ

ZRXOGZHDUWKHP"
OOHYDUD"

/RZ$GYDQFHG
3RGUDVEDMDUODVOXFHVXQSRFR" &RXOG\RXWXUQGRZQWKHOLJKWV
DOLWWOH"
7HGLMHTXHODVEDMDUDVQRTXH ,WROG\RXWRWXUQWKHPGRZQ
QRWWXUQWKHPRII
ODVDSDJDUDV
3XHGHVHQFHQGHUODWHOHVLWH <RXFDQSXWWKH79RQLI\RX
OLNH
DSHWHFH
7HLPSRUWDHVFXFKDUORFRQ 'R\RXPLQGOLVWHQLQJWRLW
ZLWK\RXUKHDGSKRQHVRQ"
ORVDXULFXODUHVSXHVWRV"
6FDORVGHOFDMQHQWRQFHV 7DNHWKHPRXWRIWKHGUDZHU
WKHQ

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

3RGHPRVFRQWDUFRQWLJR &DQZHFRXQWRQ\RXWRJRRQ
VWULNH"
SDUDODKXHOJD"
3XHGHTXHWHQJDTXHVDOLUPH ,PLJKWKDYHWRGURSRXWRIWKH
WHDP
GHOHTXLSR
1RSXHGHVHFKDUWHDWUVDKRUD<RXFDQoWEDFNRXWQRZ
7HQJRTXHOOHJDUDQGHPHV,KDYHWRPDNHHQGVPHHW
7HFRQYHUWLUVHQXQSDULD <RXoOOEHFRPHDQRXWFDVW

4XLHUHVFHUYH]DUXELDRQHJUD"'R\RXZDQWODJHURUVWRXW"
1LQJXQDGHODVGRVJUDFLDV 1HLWKHUWKDQNV,oYHTXLW
+HGHMDGRGHEHEHU
GULQNLQJ
(VGHPDVLDGRJUDQGHWX ,V\RXUEHHUEHOO\WRRELJWKHVH
EDUULJDFHUYHFHUDKR\HQGD"
GD\V"
1RVORODKHGHMDGRGXUDQWH 1R,oYHRQO\JLYHQLWXSIRU
OD&XDUHVPD
/HQW
,UHPRVGHERUUDFKHUDFXDQGR :HoOOJRRQDELQJHZKHQLWoV

QDOLFH
QLVKHG



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq  

3KUDVDO9HUE7RUXQRYHU

6HQGWKHPLQWRP\RIFH
0QGDOHVDPLGHVSDFKR

:HKHOSHGKLPLQWRKLVEHG
/HD\XGDPRVDTXHVHDFRVWDUD

+HVKXWKLPVHOILQWRKLVURRP
6HHQFHUUHQVXKDELWDFLQ

6KHVHGXFHGPHLQWRKHUEHGURRP
(OODPHVHGXMRKDVWDVXGRUPLWRULR

7KH\WKUHZKLPLQWRDZHOO
/HWLUDURQDXQSR]R

)LUVWSRXUWKHZDWHULQWRWKHSDQ
3ULPHURHFKDHODJXDDOFD]R

3URQXQFLDWLRQWKURXJKUK\PLQJ
p2DqHQLQJOVFDVLVLHPSUHWLHQHHOPLVPRVRQLGRTXHpRXqHQHV
SDRO&UHRFRQRFHUXQDVRODH[FHSFLQTXHYDLQFOXLGDHQODOLVWD
GH DEDMR 2LJR D PLV DOXPQRV GHFLU PXFKDV YHFHV ODV SDODEUDV
pURDGqRpORDGqFRQXQDSURQXQFLDFLQPX\DODHVSDROD,QWHQ
$RDW
$SSURDFK
%RDVW
%RDW
%URDFK
&RDFK
&RDO
&RDVW
&RDW
&URDN
)ORDW
)RDP
*RDO
*RDW

DRXW
DSUXFK
ERXVW
ERXW
EURXFK
FRXFK
FRXO
FRXVW
FRXW
FURXN
RXW
IRXP
JRXO
JRXW

$RWH
(QIRTXH
3UHVXPLU
%DUFD
%URFKH
(QWUHQDGRU
&DUEQ
&RVWD
$EULJR
&URDU
)ORWDU
(VSXPD
*ROPHWD
&DEUD

+RD[
/RDG
7RDVW
/RDI
/RDQ
0RDQ
0RDW
2DN
2DWV
2DWK
3RDFK
5RDFK
5RDG
5RDP

KRXNV
ORXG
WRXVW
ORXI
ORXQ
PRXQ
PRXW
RXN
RXWV
RX]
SRXFK
URXFK
URXG
URXP

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
0H HVWR\ HPSH]DGR D FDQVDU GH VXV FDPELRV GH KXPRU 3XHGH
TXHSRWHQFLDOPHQWHVHDHOPHMRU'LUHFWRUGH9HQWDVHQODKLVWRULD
GH QXHVWUD HPSUHVD SHUR WRGRV HVWDPRV WHQLHQGR GLFXOWDGHV
WUDWDQGRFRQOHQHODVSHFWRSHUVRQDO+D\GDVHQORVTXHHVW
RWDQGRSRUODVQXEHVDODEDQGRDWRGRHOTXHYH\RWURVGDVR
ELHQ HVW JUXQ H LQFRPXQLFDWLYR R ELHQ LUULWDEOH \ FRUWDQWH
$OJXQDVSHUVRQDVVHVLHQWHQLQWLPLGDGDV

(OGXURVHUPQGH&ODUD3DXOHWH FRQW
,I\RXPDNHP\WDVNWRXJKZLWK\RXUWSLFDVJUDFLDV
7HFDHUQPLOWRUPHQWDV\XQPRQWQGHGHVJUDFLDV
7KH\VD\\RXoUHTXLWHEULJKWDPDQZLWKDYLVLRQ
%XWIRUPH\RXoUHDPDQZKRLVODFNLQJGHFLVLRQ
<RXUOHYHORI(QJOLVKLVVKRFNLQJO\ORZ
:KLFKUHHFWVRQ\RXUFKDUDFWHUDQGSXWV\RXEHORZ
7KHPLOOLRQVRISHRSOHZKRKDYHPDVWHUHGWKHVSHHFK
6RJUDFLDVDSDUWHP\MRELVWRWHDFK
$QG,oOOWHDFK\RXWKLVODQJXDJHRPRULUHQHOLQWHQWR
3HURDQWHVGHPRULUUPDUWXOLQFKDPLHQWR
7KHUHoVDVD\LQJLQ(QJOLVKpZKHUHWKHUHoVDZLOOWKHUHoVDZD\q
$QGLI,IDLOLQWKLVSURMHFW\RXoUHWKHRQHZKRZLOOSD\
6REHJLQZLWK\RXUKRPHZRUN\FRUWDHOUROOR
3RUTXHDSDUWLUGHDKRUDVXGDUVFRPRXQSROOR
)LQ

6LJQLFDpDWURSHOODUq\VHHPSOHDWDQWR
UHVSHFWRDSHUVRQDVFRPRDDQLPDOHV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
+DVDWURSHOODGRDOJXQDYH]DXQDQLPDO"
|+DVDWURSHOODGRPLSLH
|(VHFRFKHFDVLPHDWURSHOO
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

WHPRVDFODUDUGHXQDYH]SRUWRGDVXQDUHJODGHSURQXQFLDFLQ
IFLOGHDSUHQGHU\IFLOGHUHFRUGDU7RGDVODVSDODEUDVSUHVHQWD
GDVDFRQWLQXDFLQULPDQPHQRVODOWLPD

(QJDR
&DUJD
7RVWDGD
%DUUD GHSDQ
3UVWDPR
*HPLU
)RVR GHFDVWLOOR
5REOH
$YHQD
-XUDPHQWR
(VFDOIDU
&XFDUDFKD
&DPLQRFDUUHWHUD
9DJDUGHDPEXODU

5RDVW
6RDN
6RDS
7KURDW
7RDG
:KRD

URXVW
VRXN
VRXS
]URXW
WRXG
XRX

$VDU
3RQHUHQUHPRMR
-DEQ
*DUJDQWD
6DSR
|6R DOFDEDOOR

/DQLFDH[FHSFLQDHVWDUHJODTXHUHFXHU
GR VRQ ODV SDODEUDV TXH RV DQRWR D FRQWL
QXDFLQ\TXHVHEDVDQWRGDVHQpEURDGq
%URDG DPSOLR
$EURDG HQHOH[WUDQMHUR
%URDGZD\ QRPEUHGHFDOOH

,oPVWDUWLQJWRJHWDOLWWOHWLUHGRIKLVPRRGFKDQJHV+HPD\EH
SRWHQWLDOO\WKHEHVWVDOHVPDQDJHULQWKHKLVWRU\RIRXUFRPSDQ\
EXWDOORIXVDUHKDYLQJDKDUGWLPHGHDOLQJZLWKKLPRQDSHUVRQDO
EDVLV6RPHGD\VKHoVRDWLQJRQWKHFORXGVSUDLVLQJHYHU\RQHLQ
VLJKWDQGRWKHUGD\VKHoVHLWKHUJUXPS\DQGXQFRPPXQLFDWLYHRU
LUULWDEOHDQGVQDSS\6RPHSHRSOHIHHOLQWLPLGDWHGE\KLP

(VWLPDGRDPLJR\DOXPQRp,I\RXPDNHP\WDVNWRXJKq/DpWqLQJOHVDHVXQD
H[SORVLQGHDOLHQWR6LTXLHUHVGHFLUELHQHVWDIUDVHFRORFDWXPDQRGHODQWHGH
ODERFD\SURFXUDTXHODVGRVOWLPDVSDODEUDV WDVNWRXJK SURGX]FDQXQD
H[SXOVLQGHDLUH6LKDFHVORPLVPRHQFDVWHOODQRGLFLHQGRSRUHMHPSORpW
SDUDWLqQRVHQWLUVQLQJXQDERFDQDGDGHDLUHFHUR3HURVLGLFHVHQLQJOV
pWHDIRUWZRqVHQWLUVGRVIXHUWHVH[SORVLRQHVGHDLUHHQODSDOPDGHWXPDQR
$KHVWXQDGHODVGLIHUHQFLDVIRQWLFDVPVOODPDWLYDVTXHH[LVWHQHQWUHHO
LQJOV\HOHVSDRO
p7KH\VD\\RXoUHTXLWHEULJKWq/DSDODEUDpEULJKWqDGHPVGHUHIHULUVHDXQD
OX]TXHGHVOXPEUDDODYLVWDWDPELQHVQXHVWUDIRUPDGHGHFLUpLQWHOLJHQWH\
HVSDELODGRq(QHOFDVRGHQXHVWURDPLJR5DO&ODUD3DXOHWH\DSHUFLEHTXHHV
XQDSHUVRQDHVSDELODGD6LQHPEDUJRWDPELQSHUFLEHTXHWLHQHXQQLYHOGH
LQJOVEDMRSRUORTXHVDFDXQDFRQFOXVLQTXHHVODFRUUHFWDHQHOGHORV
FDVRV6LDOJXLHQLQWHOLJHQWHQRVDEH\DFRQDRVKDEODUELHQLQJOVHQWRQFHV
HVTXHDOJRIDOOD'HORVVHLVPLOPLOORQHVGHKDELWDQWHVGHHVWHSODQHWDFXDWUR
PLO VRQ QDWLYRV GH KDEOD LQJOHVD \ RWURV PLO PLOORQHV OR KDEODQ ELHQ FRPR
VHJXQGDOHQJXD6LWLHQHVDRV\QRHVWVHQWUHHVHFDVLTXHORKDEOD
ELHQFRPRVHJXQGDOHQJXDRDOJRWHIDOODRWLHQHVPXFKRWUDEDMRSRUGHODQWH
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

4XHVHVWR" :KDWoVWKLV"
(VPLQXHYRRUGHQDGRU ,WoVP\QHZFRPSXWHU
(VXQDFRVDPX\SHTXHD ,WoVDYHU\VPDOOWKLQJ
(VEDUDWR" ,VLWFKHDS"
1RQRORHV(VPX\FDUR 1RLWLVQoW,WoVYHU\H[SHQVLYH

0HHQFDQWDHVWHOXJDU ,ORYHWKLVSODFH
3RUTXWHHQFDQWD" :K\GR\RXORYHLW"
3RUTXHHVWUDQTXLOR\EHOOR %HFDXVHLWoVTXLHWDQG
EHDXWLIXO
(VXQDSOD\DPDUDYLOORVD ,WoVDZRQGHUIXOEHDFK
&RQTXIUHFXHQFLDYHQVDTX" +RZRIWHQGR\RXFRPHKHUH"

/RZ,QWHUPHGLDWH
1RLUGHYDFDFLRQHVHODR ,ZRQoWJRRQKROLGD\QH[W\HDU
TXHYLHQH
3RUTXQRPHD\XGDUV" :K\ZRQoW\RXKHOSPH"
'QGHHVWXYLVWHD\HUSRUOD :KHUHZHUH\RX\HVWHUGD\

PRUQLQJ"
PDDQD"
1RHVWXYLVWHHQHOWUDEDMR <RXZHUHQoWDWZRUN
3RUTXQRHVWDEDVWUDEDMDQGR":K\ZHUHQoW\RXZRUNLQJ"

0LGGOH,QWHUPHGLDWH
+DEDDOJXLHQDTXFXDQGR :DVWKHUHDQ\RQHKHUHZKHQ
\RXDUULYHG"
OOHJDVWH"
1RKDEDQDGLHVDOYRHOSHUUR 7KHUHZDVQoWDQ\RQHH[FHSW
WKHGRJ
&RQRFHVDDOJXLHQTXHFDQWH 'R\RXNQRZDQ\RQHZKR
VLQJVRSHUD"
RSHUD"
&RQR]FRDDOJXLHQTXHEDLOD ,NQRZVRPHRQHZKRGDQFHV
OLNHD5XVVLDQ
FRPRXQUXVR
1RKDEDDOJXLHQDOOTXH :DVQoWWKHUHDQ\RQHZKR
FRXOGGRLW"
SRGDKDFHUOR"

+LJK,QWHUPHGLDWH
3RUTXHUHVWDQWHUFR" :K\DUH\RXVRVWXEERUQ"
6XSRQJRTXHVR\FRPRPL ,VXSSRVH,oPOLNHP\IDWKHU
SDGUH
%XHQRQRHUHVFRPRWXPDGUH :HOO\RXoUHQRWOLNH\RXU

PRWKHUDWDOO
SDUDQDGD
4XTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW"
(VODSHUVRQDPVFRPSUHQVLYD6KHoVWKHPRVWXQGHUVWDQGLQJ
SHUVRQ,oYHHYHUPHW
TXHMDPVKHFRQRFLGR

/RZ$GYDQFHG
7HDSHWHFHXQDSLQWD" 'R\RXIDQF\DSLQW"
6XSRQJRTXHWHHVWVUHULHQGR ,SUHVXPH\RXoUHUHIHUULQJWRD
SLQWRIEHHU
DXQDSLQWDGHFHUYH]D
3UHIHULUDVXQDSLQWDGHOHFKH" :RXOG\RXUDWKHUDSLQWRI
PLON"
(VPX\SRFRSUREDEOHTXHPH ,WoVYHU\XQOLNHO\WKDW,oGGULQN
WKDW
EHELHUDHVR
0HSRGUDVHFKDUXQYDVRGH &RXOG\RXSRXUPHDJODVVRI
ZLQH"
YLQR"
3ODVWHU +RUPLJQ

6ODWH 3L]DUUD
&RQFUHWH 5HYRTXH
5RRIWLOH 7HMD
%ULFN /DGULOOR

9RFDEXODULR%XLOGLQJPDWHULDOV 0DWHULDOHVGHFRQVWUXFFLQ

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

4XWHJXVWDUDTXHWHFRPSUDUD:KDWZRXOG\RXOLNHPHWREX\
\RXIRU\RXUZHGGLQJ"
SDUDYXHVWUDERGD"
3XHGHVDPRUWL]DUQXHVWUD &DQ\RXSD\RIIRXUPRUWJDJH"
KLSRWHFD"
(VWDEDSHQVDQGRPVHQ ,ZDVWKLQNLQJPRUHRIVKHHWV
RUVRPHWKLQJOLNHWKDW
VEDQDVRDOJRDV
1RVYHQGUDELHQXQ :HFRXOGGRZLWKD
GLVKZDVKHU
ODYDYDMLOODV
2VFRPSUDUXQDVDOPRKDGDV ,oOOEX\\RXVRPHSLOORZVDQG
VRPHFXVKLRQV
\XQRVFRMLQHV

7RGDYDQRKDVWHUPLQDGRWX +DYHQoW\RXQLVKHG\RXU/DZ
FDUUHUDGH'HUHFKR"
'HJUHH\HW"
0HJUDGXFRQVREUHVDOLHQWH ,JRWDUVW
9DVDKDFHUXQGRFWRUDGR $UH\RXJRLQJWRGRD3K'
HQWRQFHV"
WKHQ"
(VWR\GHVHRVRSRUVDOLUDO ,oPLWFKLQJWRJHWRXWLQWRWKH
PXQGRUHDO
UHDOZRUOG
4XWHJXVWDUDKDEHU :KDWZRXOG\RXOLNHWRKDYH
FRQVHJXLGRFXDQGRWHQJDV DFKLHYHGZKHQ\RXoUH"
DRV"



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq  

3KUDVDO9HUE7RKDYHVRPHRQHRQ
WRSXOOVRPHRQHoVOHJ

7KHJHQLHFKDQJHGPHLQWRDIURJ
(OJHQLRPHFRQYLUWLHQXQDUDQD

:HFRQWLQXHGLQWRWKHQH[WSKDVH
$FRQWLQXDFLQSDVDPRVDODIDVH
VLJXLHQWH
7KH\IROORZHGPHLQWRWKHURRP
,FDUULHGKHULQWRWKHVXLWH
(QWUDURQGHWUVGHPHQODVDOD
&RQHOODHQWUHPLVEUD]RVHQWUHQOD
VXLWH
:HPRYHGLQWRWKLVDWODVWPRQWK 7KH\FDOOHGPHLQWRWKHPHHWLQJ
1RVFDPELDPRVDHVWHSLVRHOPHV
0HOODPDURQSDUDTXHHQWUDVHDOD
SDVDGR
UHXQLQ

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7HHVWR\WRPDQGRHOSHOR
6OROHVHVWDEDWRPDQGRHOSHOR
0HHVWVWRPDQGRHOSHOR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3URQXQFLDWLRQWKURXJKUK\PLQJ
/DV GRV FROXPQDV H[SXHVWDV D FRQWLQXDFLQ FRQWLHQHQ SDODEUDV
FRQpRZq/DPLWDGGHHOODVVXHQDQFRPRpDRq\ODRWUDPLWDGFRPR
pRXq6LQHPEDUJRWRGDVUHSLWRWRGDVVHHVFULEHQFRQpRZq&RPR
\DKHGLFKRHQDQWHULRUHVRFDVLRQHVDSUHQGHULQJOVVLQHVFXFKDU
UHSHWLGDPHQWHFDGDSDODEUDWDQVORWHFRQGXFHDKDEODUORGHIRU
PDTXHQDGLHWHHQWLHQGD6LQXQDSR\RDXGLWLYRODSDODEUDHVFULWD
HVFRQWUDSURGXFHQWH6L\RIXHUDPLQLVWURGH(GXFDFLQFRQSOHQRV
SRGHUHVGHVWHUUDUDGHODVHVFXHODVODHQVHDQ]DGHODSDODEUDHV
%RZ
&RZ
1RZ
3ORZ
9RZ
:RZ
$OORZ
0HRZ
7RZQ
&URZQ
'RZQ

ER

3URDKDFHUXQD
UHYHUHQFLD
NR
9DFD
$KRUD
QR
SOR $UDGR RUWRJUDID
DPHULFDQD
IR
9RWR SURPHVD
|JXDR |*XDR
DOR 3HUPLWLU
PLR 0LDX
WRQ 3XHEOR
NURQ &RURQD
GRQ +DFLDDEDMR

'URZQ
)URZQ
%URZQ
&URZG
2ZO
7RZHO
5HQRZQ
%RZ
%ORZ
&URZ
)ORZ
)ORZQ
*ORZ

GURQ
IURQ
EURQ
NURG
RO
WRO
UHQRQ
EX
EOX
NUX
X
XQ
JOX

*URZ
.QRZ
/RZ
0RZ
2ZH

JUX
QX
OX
PX
X

5RZ
6KRZ
/D]R GHDWDU
6ORZ
6RSODU
6QRZ
&XHUYR
7KURZ
)OXLU
3DUWLFLSLRGHp\q %HORZ
2ZQ
5HVSODQGRU

UX
VKX
VOX
VQX
]UX
ELOX
RQ

$KRJDUVH
)UXQFLUHOFHR
0DUUQ
0XFKHGXPEUH
%KR
7RDOOD
5HQRPEUH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(QVHDU\DSUHQGHUVRQGRVDFFLRQHVGLVWLQWDVTXHQRVHVRODSDQ
H[FHSWRHQHOGHOWLHPSR8QSURIHVRUHVHQFLDOPHQWHQRHQ
VHDVLQRTXHIDFLOLWDHOSURFHVRGHDSUHQGL]DMH/DJHQWHDSUHQ
GHSRUTXHHVWPRWLYDGDSDUDDSUHQGHU\HOSDSHOSULQFLSDOGHXQ
SURIHVRUHVHOGHGLVHDU\SUHVHQWDUODPDWHULDGHWDOIRUPDTXH
HVWLPXOHDORVDOXPQRVDDVLPLODUOR\DPSOLDUOR/OPDPHSURIHVRU
VLTXLHUHVSHURHQUHDOLGDGVR\XQIDFLOLWDGRUGHODSUHQGL]DMH


8QIUDFDVROLQJVWLFR
/DHVSRHQODSOD\DFRQYHVWLGRGHQRFKH
&DPLQDQGRGHVFDO]D]DSDWRVHQODPDQR
/XPLQRVDOXQDOOHQDFDVLPHGLDQRFKH
<VXEHOORDVSHFWRHVVREUHKXPDQR
|4XKHUPRVXUDGHPXMHU|&ULDWXUDGHOLFLRVD
6XYHVWLGRVXSHORVXVRQULVDVXVRPEUD
/DVRODVPXUPXUDQGHVXHVWDPSDSURGLJLRVD
<ODDUHQDDEUHSDVRDWHUFLRSHODGDDOIRPEUD
(QPLYLGDKHFRQWHPSODGRDOJRWDQUDGLDQWH
/DYR\DFRQTXLVWDUHQWRGRVXHVSOHQGRU
(VWVRODFRPR\R\QRKD\DWHQXDQWH
$OOYR\FRQPLQREOH]D\FRQWRGRPLFDQGRU
p4XWDOFPRHVWV"8QDQRFKHSUHFLRVD
7XYHVWLGRPHJXVWD\WXVRQULVDDJUDGD
(QODSOD\DWXJXUDHVWDQQDPLVWHULRVD
4XHQRSXHGRUHVLVWLUHVWDFRUD]RQDGD
7REHFRQWLQXHGLQWKHQH[WLQVHUWf

FULWDHQLQJOVKDVWDORVDRVPRPHQWRHQTXHORVHVWXGLDQWHV
WLHQHQ\DXQDFDSDFLGDGDQDOWLFDWSLFDGHODSRVSXEHUWDG$QWHV
GHHVDHGDGORVFKLFRVDODSUHQGHUDOHHUHQFDVWHOODQRWUDVODGDQ
DXWRPWLFDPHQWHDOLQJOVVXKELWRGHSURQXQFLDUODVSDODEUDVWDO
FRPRVHOHHQ$KRUDDRVPVWDUGHPHWRFDDPHQGH
UH]DUHOHQWXHUWR\GHPRVWUDUTXHXQRQRSXHGHDUVHMDPVGHOD
OHFWXUDHQLQJOVSDUDSURQXQFLDUORFRUUHFWDPHQWH3HURVXHOHVHU
GHPDVLDGRWDUGHSDUDFRUUHJLUORVYLFLRVDGTXLULGRV
&UHFHU
6DEHUFRQRFHU
%DMR
&RUWDU KLHUED
'HEHU GLQHUR
IDYRU
5HPDU
0RVWUDU
/HQWR
1LHYH
/DQ]DUDUURMDU
3RUGHEDMRGH
3RVHHU

)MDWHHQODSULPHUDSDODEUD
GHFDGDJUXSRHVODPLVPD
6LQHPEDUJRVHJQVXVLJ
QLFDGR VX SURQXQFLDFLQ
HV UDGLFDOPHQWH GLVWLQWD
6LHQWR GHFUWHOR SHUR HQ
LQJOV XQR WLHQH IRU]RVD
PHQWH TXH PHPRUL]DU OD
SURQXQFLDFLQ FRUUHFWD GH
ODV SDODEUDV +D\ UHJODV
SHURUDUDPHQWHVRQDSOLFD
EOHVDWRGRVORVFDVRV

7HDFKLQJDQGOHDUQLQJDUHWZRVHSDUDWHDFWLRQVWKDWGRQoWRYHUODS
H[FHSW SHUKDSV  RI WKH WLPH $ WHDFKHU LQ HVVHQFH GRHVQoW
WHDFK EXW UDWKHU IDFLOLWDWHV WKH OHDUQLQJ SURFHVV 3HRSOH OHDUQ
EHFDXVHWKH\DUHPRWLYDWHGWROHDUQDQGDWHDFKHUoVSULPDU\UROH
LVWRGHVLJQDQGSUHVHQWWKHVXEMHFWLQVXFKDZD\WKDWVWXGHQWVDUH
VWLPXODWHGWRDVVLPLODWHLWDQGH[SDQGRQLW&DOOPHDWHDFKHULI
\RXZDQWEXW,oPUHDOO\DOHDUQLQJIDFLOLWDWRU


(VWLPDGRDPLJR\DOXPQR&RPRORSURPHWLGRHVGHXGD DSURPLVHLVDSURPLVH YR\DGHMDU


DVHUPRQHDUVREUHWXREOLJDFLQFRQHOLQJOVSDUDFRQWDUWHXQDKLVWRULDYHUGLFDTXHOHSDV
DXQRGHPLVH[DOXPQRVXQMRYHQGHDRVDTXLHQOHJXVWDEDEXVFDURSRUWXQLGDGHVHQ
ODVGLVFRWHFDVHQODVSOD\DVHQFXDOTXLHUSDUWH+DFHDRVDQGDEDSRUHOSDVHRPDUWLPR
GH 3HVFROD XQD QRFKH GH QDOHV GH VHSWLHPEUH (UD PHGLDQRFKH \ KDFD PX\ EXHQ
WLHPSR+DEDOXQDOOHQD,EDGHUHJUHVRDOKRVWDOGRQGHVHKRVSHGDEDFRQXQJUXSRGH
DPLJRV\YLRODVLOXHWDGHVOXPEUDQWHGHXQDMRYHQFRQRMRVVRDGRUHVFDPLQDQGRGHVSDFLR
SRUODDUHQDGHODSOD\DHOODVROD,QFOXVRODVRODV\ODDUHQDSDUHFDQQRWDUVXSUHVHQFLD/DV
SDODEUDVGHPLH[DOXPQRUHFRJLGDVHQHOSRHPDVRQEDVWDQWHHORFXHQWHV PLGRPLQLRGHO
HVSDROQROOHJDDWDOH[WUHPR \HVWFODURTXHHVWDEDXQWDQWRREQXELODGRSRUODVLWXDFLQ
WDQREQXELODGRTXHQRVHMHQTXHODFKLFDHQFXHVWLQWHQDHOSHORFDVWDR\ODWH]FODUD
+DEDXQDSUREDELOLGDGGHOGHTXHVHWUDWDVHGHXQDH[WUDQMHUD3RUDTXHOHQWRQFHVPL
H[DOXPQRKDEDUHFLELGRWDQVORGRVVHPDQDVGHFODVHFRQPLJR$SHQDVVDEDFRQMXJDU
HOYHUERpWREHq<VLODFKLFDQRKDEODEDHVSDRO"+DEUSRGLGRQXHVWURDPLJRFDSHDUOD
VLWXDFLQ"/RYHUHPRVHQODVSU[LPDVFKDV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

'QGHHVWQWXVSDGUHV" :KHUHDUH\RXUSDUHQWV"
(VWQDOO 7KH\oUHRYHUWKHUH
4XLQHVHVDJHQWHTXHHVW :KRDUHWKRVHSHRSOHZLWK
FRQHOORV"
WKHP"
6RQWXVDEXHORV" $UHWKH\\RXUJUDQGSDUHQWV"
1RQRVRQ6RQPLVWRV 1RWKH\oUHQRW7KH\oUHP\
XQFOHDQGDXQW

4XSLHQVDHOOD" :KDWGRHVVKHWKLQN"
'HTXHVWVKDEODQGR" :KDWDUH\RXWDONLQJDERXW"
0HHVWVHVFXFKDQGR" $UH\RXOLVWHQLQJWRPH"
3UHJQWDOHDHOODORTXHSLHQVD $VNKHUZKDWVKHWKLQNV
(VWDUDTXPDDQD" :LOOVKHEHKHUHWRPRUURZ"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XLHUHDSUHQGHUHOODDKDEODU 'RHVVKHZDQWWROHDUQ

(QJOLVK"
LQJOV"
6DEHOKDEODUIUDQFV" 'RHVKHNQRZKRZWRVSHDN
)UHQFK"
1RKDEODQLQJQLGLRPD +HGRHVQoWVSHDNDQ\IRUHLJQ
ODQJXDJHV
H[WUDQMHUR
9HQGLVWHWXFDVDHODR 'LG\RXVHOO\RXUKRXVHODVW
\HDU"
SDVDGR"
&RPSUXQFRFKHQXHYR" 'LGVKHEX\DQHZFDU"

$OJXQDYH]KDVWHQLGR +DYH\RXHYHUKDGSUREOHPV
ZLWKKHU"
SUREOHPDVFRQHOOD"
$OJXQDYH]KDMXJDGRDOSROR" +DVKHHYHUSOD\HGSROR"
$OJXQDYH]HOODKDUREDGR +DVVKHHYHUVWROHQDQ\WKLQJ"
DOJR"
$OJXQDYH]KHPRVHVWDGRDOO" +DYHZHHYHUEHHQWKHUH"
$OJXQDYH]WHKHKDEODGRGH +DYH,HYHUVSRNHQ\RXDERXW
P\XQFOH"
PLWR"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XGLUDVVLWHGLMHUDTXHWH :KDWZRXOG\RXVD\LI,WROG

\RX,ORYHG\RX"
TXLHUR"
7HQDVSHQVDGRGHFLUPHHVR" $UH\RXSODQQLQJRQWHOOLQJPH
WKDW"
'HSHQGHGHFXDOVHDWX ,WGHSHQGVRQZKDW\RXU
DQVZHULV
UHVSXHVWD
(VWVHQDPRUDGDGHP" $UH\RXLQORYHZLWKPH"
'HEHVVDEHUTXHHVWR\ <RXPXVWNQRZWKDW,oPPDGO\
LQORYHZLWK\RX
ORFDPHQWHHQDPRUDGRGHWL

&PRVRQVXVRWUDVQRYHODV" :KDWDUHKLVRWKHUQRYHOVOLNH"
&RPSDUDGDVFRQVXSULPHUD &RPSDUHGZLWKKLVUVWRQH
WKH\oYHYHU\GLVDSSRLQWLQJ
VRQPX\GHFHSFLRQDQWHV
3DUHFHTXHVHOHDFDEDURQODV ,WVHHPVKHUDQRXWRILGHDV
TXLFNO\
LGHDVSURQWR
+DKHFKRDOJROWLPDPHQWH" +DVKHGRQHDQ\WKLQJODWHO\"
/OHYDFLQFRDRVFRQXQEORTXHR+HKDVKDGZULWHUVEORFNIRU
WKHODVWYH\HDUV
GHHVFULWRU

%LVKRS $OO

.QLJKW &DEDOOR
3DZQ 3HQ
4XHHQ 5HLQD

5RRN 7RUUH

9RFDEXODULR&KHVV $MHGUH]
0LGGOH$GYDQFHG
6LSXGLHUDVKDEHUQDFLGRHQ ,I\RXFRXOGKDYHEHHQERUQ
LQDGLIIHUHQWFRXQWU\ZKLFK
RWURSDVFXOKDEUDVLGR"
ZRXOGLWKDYHEHHQ"
0HKDEUDJXVWDGRKDEHU ,oGKDYHOLNHGWRKDYHEHHQ
ERUQRQWKHPRRQ
QDFLGRHQODOXQD
/D+LVWRULDKDEUDVLGR:RXOGKLVWRU\KDYHEHHQ
GLIIHUHQWLI+LWOHUKDGQoWEHHQ
GLIHUHQWHVL+LWOHUQRKXELHUD
ERUQ"
QDFLGR"
6LQGXGDHOVLJOR;;KDEUDVLGR1RGRXEWWKHWZHQWLHWK
FHQWXU\ZRXOGKDYHEHHQOHVV
PHQRVGRORURVR
SDLQIXO
2MDOVXVSDGUHVKXELHUDQ ,IRQO\KLVSDUHQWVKDGXVHG
VRPHIRUPRIFRQWUDFHSWLRQ
XWLOL]DGRDOJXQDIRUPDGH
DQWLFRQFHSWLYR

.LQJ 5H\

)RU(QJOLVKVXSHUVWDUVRQO\
+XERXQDWUDFRHQHOEDQFR 7KHUHZDVDKROGXSDWWKH
EDQN
6HOOHYDFDERSRUDWUDFDGRUHV,WZDVFDUULHGRXWE\DUPHG
UREEHUVLQEDODFODYDV
DUPDGRVFRQSDVDPRQWDDV
$WDURQ\DPRUGD]DURQDO 7KH\ERXQGDQGJDJJHGWKH
PDQDJHU
JHUHQWH
(OFRFKHHQHOTXHKX\HURQORV 7KHWKLHYHVoJHWDZD\FDUZDV
ODGURQHVHUDXQFRFKHIQHEUH DKHDUVH
6XSRQJRTXHSXVLHURQHO ,VXSSRVHWKH\SXWDOOWKHORRW
LQWKHFRIQ
ERWQHQHODWDG

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq  

7RORRNOLNHVRPHRQH

'LYLGHLWLQWRWKUHHHTXDOSDUWV
'LYGHORHQWUHVSDUWHVLJXDOHV

,UHDFKHGLQWRWKHER[DQGWRRNRXWDEDOORW
0HWHOEUD]RHQODFDMD\VDTXXQDSDSHOHWD

,FKHFNHGLQWRWKHKRWHO
0HUHJLVWUHQHOKRWHO

7KH\DVNHGPHLQWRWKHPHHWLQJ
0HSLGLHURQTXHHQWUDVHHQODUHXQLQ

7KH\UXVKHGLQWRWKHURRP
(QWUDURQDSUHVXUDGDPHQWHHQOD
VDOD

7KHKHOLFRSWHUFURVVHGLQWRWKHSODQHoVSDWK
(OKHOLFSWHURHQWUHQUXWDGHODYLQ


3URQXQFLDWLRQWKURXJKUK\PLQJ
&UHRTXHODSULPHUDSDODEUDGHFDGDXQDGHODVFXDWURFROXPQDV
H[SXHVWDVDFRQWLQXDFLQWHVHUPX\IFLOGHSURQXQFLDUFRUUHF
WDPHQWH$KRUDELHQWRGDVODVGHPVVHSURQXQFLDQGHODPLVPD
IRUPDDSHVDUGHODVJUDQGHVGLIHUHQFLDVRUWRJUFDVTXHH[LVWHQ
HQWUHHOODV3RUHMHPSORODH[SUHVLQpKLMRGHOVROqVHGLFHHQLQJOV
pVRQRIWKHVXQq6LXQDQJORSDUODQWHHVFXFKDUDHVWDIUDVHHQLQJOV
VLQOHHUODQRVDEUDVLVHWUDWDGHpKLMRGHOVROqRpVROGHOKLMRq6L
SUHJXQWDVHVpTXKDKHFKRODPRQMD"qWHFRQYHUWLUDVHQXQSRH
&RPH
6RPH
6XP
'XPE
7KXPE
5XP
*XP
3OXP
6OXP
1XPE
%XP
&UXPE
'UXP

9HQLU
$OJXQRV
6XPD
7RQWR pEqPXGD
'HGRSXOJDU pEqPXGD
5RQ
&KLFOH
&LUXHOD
%DUULREDMR
(QWXPHFLGR pEqPXGD
9DJDEXQGR
0LJDGHSDQ pEqPXGD
7DPERU

0XP
6XQ
6RQ
'RQH
)XQ
1RQH
1XQ
:RQ
2QH
5XQ
3XQ
+XQ
%HJXQ

0DP EULWQLFR
6RO
+LMR
+HFKR
'LYHUWLGR
1LQJXQR
0RQMD
3DVDGRGHpZLQq
8QR
&RUUHU
-XHJRGHSDODEUDV
+XQR
&RPHQ]DGR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
<RTXHWQROHOODPDUD/HJXVWDVHQWLUVHQHFHVLWDGR\FUHHTXHHV
LPSUHVFLQGLEOH'HKHFKRFUHHTXHHVHOQLFRFRQWRGDVODVUHVSXHV
WDV\TXHWRGRVORVGHPVHVWDPRVDTXSDUDDGRUDUOH\VHUYLUOH6LOH
OODPDVVORUHIRU]DUVVXFRQYLFFLQGHTXHHVWDFRPSDDHVYLDEOH
JUDFLDVDO\VRODPHQWHDO


&XDQGRGHFLPRVTXHXQDSHUVRQDVHSDUHFH
IVLFDPHQWHDRWUDHPSOHDPRVHO
YHUERpWRORRNOLNHq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
-RKQVHSDUHFHDVXSDGUH
1RFUHRTXHPHSDUH]FDDPLPDGUH
(OODVHSDUHFHDVXKHUPDQD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

WDVLQGDUWHFXHQWD\DTXHGLUDVp:KDWKDVWKHQXQGRQH"q7H
SDVDUDORPLVPRVLPHSUHJXQWDUDVTXFKR]DFHUUDOGHFLUp:KDW
KXWGLG\RXVKXW"q7RGDVHVWDVSDODEUDVVHEDVDQHQHOVRQLGRIR
QWLFRPVFRPQTXHH[LVWHHQLQJOVODpDqWDO\FRPRVHSUR
QXQFLDFXDQGRVHHPSOHDFRPRDUWFXORLQGHWHUPLQDGR DERRND
SHQDVWUHHWDFDUHWF /RUHDOPHQWHFXULRVRHVTXHQLQJXQDGHODV
SDODEUDVGHODVOLVWDVFRQWLHQHODOHWUDpDq$VHVHOLQJOV'HEHUDQ
KDEHUIXVLODGRDOTXHLQYHQWODRUWRJUDIDLQJOHVD
7RQ
/RYH
$ERYH
'RYH
*ORYH
2I
6KRYH
&XII
6WXII
5RXJK
7RXJK
%OXII
(QRXJK

7RQHODGD
$PRU
3RUHQFLPDGH
3DORPD GHFDPSR
*XDQWH
'H
(PSXMDU
3XR GHFDPLVD
0DWHULD
5XJRVRGXUR
VSHURGXUR
)DURO GHSNHU
6XFLHQWH

%XW
1XW
+XW
6KXW
&XW
*XW
:KDW
)ORRG
%ORRG
0XG

3HUR
7XHUFDIUXWRVHFR
&KR]D
&HUUDU
&RUWDU
7ULSD
4X
5LDGD
6DQJUH
%DUURIDQJR

,ZRXOGQoWFDOOKLPLI,ZHUH\RX+HOLNHVIHHOLQJQHHGHGDQGKH
WKLQNVKHoVLQGLVSHQVDEOH,QIDFWKHWKLQNVKHoVWKHRQO\RQHZLWK
WKH DQVZHUV DQG WKDW DOO WKH UHVW RI XV DUH KHUH WR ZRUVKLS DQG
VHUYHKLP,I\RXFDOOKLP\RXoOORQO\UHLQIRUFHKLVFRQYLFWLRQWKDW
WKLVFRPSDQ\LVYLDEOHWKDQNVWRKLPDQGKLPDORQH

8QIUDFDVROLQJVWLFR FRQW

<RXUHFXWH<RXUHWKHPDQWKDW,ZDQWLQP\OLIH
p3HUGRQD"4XKDVGLFKR"0HORSRGUDVUHSHWLU"q
<RXUHFXWH<RXUHWKHPDQWKDW,ZDQWLQP\OLIH
,QJOV"DOHPQ"|$OJRVHPHWLHQHTXHRFXUULU
<RXUHFXWH<RXUHWKHPDQWKDW,ZDQWLQP\OLIH
3HURQRVLQJOVTXPHGLFHVSULQFHVD"
<RXUHFXWH<RXUHWKHPDQWKDW,ZDQWLQP\OLIH
|'LRVPR4XPHGLFHHVWDEHOODLQJOHVD"
<RXUHFXWH<RXUHWKHPDQWKDW,ZDQWLQP\OLIH
1RKDEODVFULVWLDQR"'HLQJOVQRVQDGD
:KHQ\RXQDOO\OHDUQ(QJOLVKWKHQ,OOEH\RXUZLIH
3XHGHDOJXLHQWUDGXFLUORTXHGLFHHVWDPRQDGD"
,PVRUU\P\ORYH\RXUHFXWHEXW\RXYHIDLOHG
:LWK(QJOLVK,PVXUHWKDW\RXZRXOGKDYHSUHYDLOHG
,PFUD]\IRU6SDQLDUGVDQG\RXUHRQHRIWKHEHVW
%XW\RXUXQIRUWXQDWH(QJOLVKPDNHV\RXMXVWOLNHWKHUHVW
)LQ

(VWLPDGRDPLJR\DOXPQR0LSREUHDPLJRORHVWSDVDQGRPDO(VWIDVFLQDGR
SRU XQD FKLFD \ HVW XVDQGR WRGDV ODV DUPDV D VX DOFDQFH 6LQ HPEDUJR KD
WURSH]DGR FRQ XQ LPSHGLPHQWR LQHVSHUDGR HO LQJOV $O SDUHFHU OD GHOLFLRVD
FULDWXUDQRVDEHHVSDROSRUORTXHODJHVWDKDGHPDWHULDOL]DUVHHQRWURLGLRPD
3RUVXHUWHHOFKLFRORWLHQHWRGRDVXIDYRU'HKHFKRODFKLFDHVWPX\LQWHUHVDGD
HQO/HOODPDpFXWHq NLW WUPLQRTXHVHXVDPXFKRHQ((88SDUDJXDSRR
PRQR/XHJRDDGHTXHHVSRWHQFLDOPHQWHHOKRPEUHGHVXYLGD6LQHPEDUJR
PL DOXPQR QR OD HQWLHQGH 6HU SRVLEOH" 1R VH GD FXHQWD GH TXH OD SUHFLRVD
H[WUDQMHUDVHOHHVWFDVLGHFODUDQGR|4XGHVSHUGLFLR|4XUDELD
(VWRSDVKDFHDRV0LDOXPQRGHQRPEUH-RV&DUORVPHFRQWHVWDKLVWRULD
XQDV VHPDQDV PV WDUGH \D GH UHJUHVR D 0DGULG \ D ODV FODVHV FRQPLJR )XH
DOXPQRPRGXUDQWHGRVDRV\DSUHQGLPXFKR'HVSXVWUDEDMVHLVDRVHQ
7RURQWR\DKRUDVHPDQHMDHQLQJOVFRQDEVROXWDVROWXUD&RPLPRVMXQWRVKDFH
XQRVPHVHV\PHGLMRHQLQJOV,oYHQHYHUVHHQDZRPDQDVIDVFLQDWLQJDVWKDW
EHDXWLIXOJLUORQWKHEHDFKLQ3HVFROD,IRQO\,FRXOGWXUQWKHFORFNEDFN
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VWHQRHVPLQXHYROLEUR 7KLVLVQoWP\QHZERRN
(VHQRHVWXFRFKH 7KDWLVQoW\RXUFDU
(VWRVQRVRQVXVEROLV GHHOOD 7KHVHDUHQoWKHUSHQV
(VRVQRVRQVXVSDSHOHV GHO 7KRVHDUHQoWKLVSDSHUV
'QGHHVWQPLVFRVDV" :KHUHDUHP\WKLQJV"

4XYDVRHVHOWX\R" :KLFKJODVVLV\RXUV"
4XLHUHVRWUDEHELGD" 'R\RXZDQWDQRWKHUGULQN"
+D\YLQRHQODFRFLQD 7KHUHoVVRPHZLQHLQWKH
NLWFKHQ
+D\]XPRHQHVDERWHOOD" ,VWKHUHDQ\MXLFHLQWKDW
ERWWOH"
&XQWDVSHUVRQDVYDQDYHQLU" +RZPDQ\SHRSOHDUHJRLQJWR
FRPH"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

|/HYQWDWH *HWXS
|6LQWDWH 6LWGRZQ
|9HQDTX &RPHKHUH
|'PHORDKRUD *LYHLWWRPHQRZ
|1RSDUHV 'RQoWVWRS

'HTXWLHQHVPLHGR" :KDWDUH\RXDIUDLGRI"
7HQJRPLHGRGHOIUDFDVR ,oPDIUDLGRIIDLOXUH
4XWHKDFHOORUDU" :KDWPDNHV\RXFU\"
/DVFHEROODVPHKDFHQOORUDU 2QLRQVPDNHPHFU\
6DEHVDOJQFKLVWHEXHQR" 'R\RXNQRZDQ\JRRGMRNHV"

6HZLQJ0DFKLQH 0TXLQDGHFRVHU

6HZLQJ%DVNHW &RVWXUHUR
7KUHDG +LOR

1HHGOH $JXMD

)DEULF 7HOD

9RFDEXODULR6HZLQJ &RVWXUD
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

'HVGHFXQGRODTXLHUHV" +RZORQJKDYH\RXORYHGKHU"
/DTXLHURGHVGHODSULPHUDYH] ,oYHORYHGKHUVLQFH,UVWVDZ

KHU
TXHODYL
)XHDPRUDSULPHUDYLVWD" :DVLWORYHDWUVWVLJKW"
&XQWRWLHPSROOHYLVFDVDGRV"+RZORQJKDYH\RXEHHQ
PDUULHG"
(VWDPRVFDVDGRVGHVGHTXHVH:HoYHEHHQPDUULHGVLQFHVKH
JRWSUHJQDQW
TXHGHPEDUD]DGD

(VDSDQWDOODHVWVXFLD 7KDWVFUHHQLVOWK\
(VSHUIHFWDPHQWHYLVLEOHQR ,WoVSHUIHFWO\YLVLEOHLWoVQRW
EOXUUHGRUDQ\WKLQJ
HVWERUURVDQLQDGD
1RYHVODFDSDGHSROYRGH &DQoW\RXVHHWKHOD\HURIGXVW
RQLW"
HQFLPD"
4XLWRHOSROYRGHODSDQWDOOD" 6KDOO,GXVWWKHVFUHHQ"
/HYR\DSDVDUXQWUDSR ,oPJRLQJWRZLSHLW

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

(VHHVXQDSDUDWRPX\FKLF 7KDWoVDIDQF\JDGJHWZKDW
LVLW"
TXHV"
(VWHFQRORJDGHYDQJXDUGLD ,WoVVWDWHRIWKHDUWWHFKQRORJ\
(VHOOWLPR03FRQSDQWDOOD ,WoVWKHODWHVW03ZLWKEXLOWLQ
YLGHRVFUHHQ
GHYGHRLQFRUSRUDGD
'DGHFRPHUDORVFURV 'RHVLWIHHG\RXUNLGVDVZHOO"

WDPELQ"
7RGDYDTXHGDPXFKRFDPLQR 7KHUHoVVWLOODORQJZD\WRJR

IRUWKDW
SRUUHFRUUHUSDUDHVR

3RUTXQRORVXEUD\DV" :K\GRQoW\RXXQGHUOLQHLW"
3RUTXKDVXWLOL]DGRHVWD :K\KDYH\RXXVHGWKLVIRQW"

IXHQWH"
/ODPDUDPVODDWHQFLQVLOR ,WZRXOGJHWPRUHDWWHQWLRQLI

SXVLHUDVHQQHJULWD
\RXSXWLWLQEROG
4XHUDTXHORHVFULELHVHV ,ZDQWHG\RXWRZULWHLWDOOLQ
WRGRHQPD\VFXOD
FDSLWDOOHWWHUV
3RUTXWLHQHVWDQWDGHELOLGDG:K\GR\RXKDYHVXFKD
SRUODOHWUDFXUVLYD"
ZHDNQHVVIRULWDOLFV"



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq  

7RKDYH

'RQoWORRNXS
1RPLUHVDUULED

/RRNXSKLVDGGUHVVLQWKHSKRQHERRN
%XVFDVXGLUHFFLQHQODJXDWHOHIQLFD

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

/RRNXSWKHZRUGLQWKHGLFWLRQDU\
%XVFDODSDODEUDHQHOGLFFLRQDULR

7KLQJVDUHORRNLQJXS
/DVFRVDVSURPHWHQ

7HQJRGRVUHORMHVHQPLSDUHG
7LHQHVXQDOPSDUDHQWXPHVDGHWUDEDMR
7HQJRXQSHULGLFRHQPLEROVD

/RRNPHXSLI\RXFRPHWR0DGULG
/OPDPHVLYLHQHVD0DGULG

+HDOZD\VORRNHGXSWRKLVIDWKHU
6LHPSUHDGPLUDVXSDGUH


,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3URQXQFLDWLRQWKURXJKUK\PLQJ
7RGDVODVSDODEUDVSUHFHGLGDVSRUHOQPHURWLHQHQHOVRQLGRpXq/DVSUHFHGLGDVSRUHOQPHURRIUHFHQGRVRSFLRQHVYOLGDV pXq
HpLq (OWHUFHUJUXSRVHEDVDHQHOVRQLGRpLq
7UXH
%OXH
&OXH
*OXH
)OHZ
)OX
6KRH
%RR
'R
:KR
&KHZ
%UHZ
&UHZ
'UHZ
-HZ
/RR

WUX
EOX
FOX
JOX
X
X
VKX
EX
GX
MX
FKX
EUX
FUX
GUX
FKX
OX

9HUGDG
$]XO
3LVWDLQGLFLR
3HJDPHQWR
3DVDGRGHp\q
*ULSH
=DSDWR
$EXFKHDU
+DFHU
4XLQ
0DVWLFDU
%UHEDMH
7ULSXODFLQ
3DVDGRGHpGUDZq
-XGR
%DR FRORTXLDO

7KUHZ
7KURXJK
7R
7RR
7ZR
=RR
&DQRH
3HUX
6KDPSRR
7DERR
7DWWRR
.DQJDURR

]UX
]UX
WX
WX
WX
VX
FDQ
SHU
VKDPS
WDE
WDW
NDQJDU

'HZ
'XH WR
1HZ

GXRGL 5RFR
GXRGL 'HELGR D
QXRQL 1XHYR

3DVDGRGHpWKURZq
$WUDYVGH
$
7DPELQGHPDVLDGR
'RV
=RR
&DQRD
3HU
&KDPS
7DE
7DWXDMH
&DQJXUR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/DYLHMHFLWDUHFLELWUHVOODPDGDVWHOHIQLFDVGHXQKRPEUHTXH
DSHQDVSRGDGHFLUXQDSDODEUDLQWHOLJLEOHSHURFX\DYR]VRQDED
SRUUDURTXHSDUH]FDFRPRODGHVXGLIXQWRPDULGR$ODPDDQD
VLJXLHQWHVHIXHDOFHPHQWHULR\HQFRQWUTXHHOYHQGDYDOGHOD
QRFKHDQWHULRUKDEDURWRYDULRVFDEOHVGHWHOIRQR\XQRGHHOORV
KDEDFDGRGLUHFWDPHQWHHQODWXPEDGHVXPDULGR


.QHZ
6WHZ
6XH
3XUVXH
5HQHZ

QXRQL
VWXRVWL
VXRVL
SHUVRSHUVL
UHQRUHQL

NL
NL
YL

KL pKq
DVSLUDGD
'HEXW GHLEL
5HYLHZ UHYL
L
<RX
&XH
4XHXH
9LHZ
)HZ
+XJK

3DVDGRGHpNQRZq
(VWRIDGR
'HPDQGDU SOHLWR
3HUVHJXLU
5HQRYDU
6HDOGHLQLFLR
&ROD
9LVWD
3RFRV
1RPEUHPDVFXOLQR
(VWUHQR
5HYLVLQUHSDVR
9G

7KH ROG ZRPDQ UHFHLYHG WKUHH WHOHSKRQH FDOOV IURP D PDQ ZKR
FRXOG KDUGO\ VD\ DQ LQWHOOLJLEOH ZRUG EXW ZKRVH YRLFH VRXQGHG
VWUDQJHO\ OLNH WKDW RI KHU GHDG KXVEDQG 7KH QH[W PRUQLQJ VKH
ZHQW WR WKH FHPHWDU\ DQG IRXQG WKDW WKH VWRUP\ ZLQGV WKH
QLJKWEHIRUHKDGEURNHQVRPHWHOHSKRQHZLUHVDQGRQHRIWKHPKDG
IDOOHQGLUHFWO\RQKHUKXVEDQGoVJUDYH

7KH&RQTXHVWRI'DQLHOD

|'LRVPR<DHVWRWURSHVDGR
6XLQJOVOHKDFHDXQPVUHWUDVDGR
0HDFRVDQORVFKLFRV\DQRVTXKDFHU
6HFUHHQTXHHQLQJOVPHVDEUQFRPSODFHU
+HOORDUH\RXORQHO\",DP-XDQ&KDPRUUR
,OLNH\RX<RXSUHWW\,FDOO\RXWRPRUURZ"
,KDYHRQH%XJDWWL,WDNH\RXDGULYH
,JRWRP\FDUQRZ<RXFRPHDQGDUULYH"
(QFLPDXQIUHVFRTXHSUHVXPHGHFRFKH
&RQSRFRLQJOVD\PHQXGRIDQWRFKH
4XVHFUHHQHVWRVFKLFRVTXHFRQFXEDWDRFRFKH
&RQVHJXLUQTXHOHVGORPHMRUGHODQRFKH"

(VWLPDGRDPLJR\DOXPQR'DQLHODHVDPLJDGHPLKLMD&RPRVWDVHFULHQXQD
IDPLOLDELOLQJHGHSDGUHHVSDRO\PDGUHLQJOHVD3HURDSHVDUGHVHUPLWDGHV
SDROD\GHKDEHUVHFULDGRHQ(VSDDSRUVXDVSHFWRSRGUDSDVDUSRUXQDUHFLQ
OOHJDGDGH/LYHUSRRO$ORVDRVFRQRFLHQXQDGLVFRWHFDDOKRPEUHTXHDKRUD
HVVXPDULGR&XDQGRQRVFRQWFPRVHFRQRFLHURQ\HQTXDPELHQWHGHFLGGH
GLFDUOHXQRVYHUVRVTXHFRPLHQ]DQHQHVWDFKD

*RRGQLJKWKRZDUH\RX",OLNH\RXUSDPpOD
0\QDPHLV5D~ODQG,WKLQN\RXUH(VWHOD
7KHVLVWHURI7ULQLDIULHQGRIP\EURWKHU
,KDYHDFXEDWDGR\RXOLNHDQRWKHU"

&RPRHVGHVXSRQHU'DQLHODHVDWUDFWLYD/RVFKLFRVSLHQVDQTXHSRUVHUJXLULVHU
SUHVDIFLO\XWLOL]DQHOSRFRLQJOVTXHVDEHQSDUDSUREDUVXHUWH&RPRDXWRUGHO
SRHPDQRPHFRVWPXFKRWUDEDMRHPXODUODIRUPDGHKDEODUGHORVFKLFRVGHOD
GLVFRSRUTXHODHVFXFKRWRGRVORVGDVHQODVHPSUHVDV/DLQPHQVDPD\RUDGHORV
GLUHFWLYRV\WFQLFRVHQ(VSDDJHQWHTXHGLULJHORVGHVLJQLRVGHHVWHSDVWRGDYD
KDEODQFRPRFXDQGROLJDEDQHQODVGLVFRWHFDV3HURKD\XQGLFKRHVSDROTXHGLFH
TXHpODH[FHSFLQFRQUPDODUHJODq
+DEUDOJXQDH[FHSFLQHVWDQRFKHHQODGLVFR"
5LFKDUG9DXJKDQ

7REHFRQWLQXHGLQWKHQH[WLQVHUW





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(QFDQWDGRGHFRQRFHUOH +RZGR\RXGR"
0XFKRJXVWR 3OHDVHGWRPHHW\RX
(OSODFHUHVPR ,WoVP\SOHDVXUH
&PRHVWV" +RZDUH\RX"
1RHVWR\PDO\W" ,oPQRWWRREDGDQG\RX"

4XKDFHVHVWDQRFKH" :KDWDUH\RXGRLQJWRQLJKW"
0HHVWR\ODYDQGRHOSHOR ,oPZDVKLQJP\KDLU
3HURHVWOLPSLR %XWLWoVFOHDQ
|9HQJDVDOFRQPLJR &RPHRQFRPHRXWZLWKPH
1RSXHGRORVLHQWR ,FDQoW,oPVRUU\

:LFN 0HFKD
)ODPH /ODPD
:D[ &HUD
0DWFK &HULOOD

&DQGOH+ROGHU &DQGHOHUR

9RFDEXODULR&DQGOH 9HOD
/RZ,QWHUPHGLDWH
6DOLKDFHGRVKRUDV +HZHQWRXWWZRKRXUVDJR
3HQVDEDTXHHVWDEDVHQIHUPD 6KHWKRXJKW\RXZHUHLOO
&RPLPRVHVRD\HU :HDWHWKDW\HVWHUGD\
&RJXQWD[L ,WRRNDWD[L
'XUPLHURQGXUDQWHGLH]KRUDV 7KH\VOHSWIRUWHQKRXUV

0LGGOH,QWHUPHGLDWH
/OHYRWRGDODPDDQD ,oYHEHHQZDLWLQJIRU\RXDOO
PRUQLQJ
HVSHUQGRWH
'QGHKDVHVWDGR" :KHUHKDYH\RXEHHQ"
+HSDVDGRWRGRHOGDGH ,VSHQWWKHZKROHGD\
VKRSSLQJ
FRPSUDV
&RPSUDVWHDOJRERQLWR" 'LG\RXEX\DQ\WKLQJQLFH"
7HFRPSUHVWHUHORMGHSXOVHUD ,ERXJKW\RXWKLVZDWFK

+LJK,QWHUPHGLDWH
6LSXGLHUDVKDEODUFRQHO ,I\RXFRXOGVSHDNZLWKWKH

SUHVLGHQWZKDWZRXOG\RXVD\"
SUHVLGHQWHTXOHGLUDV"
6LSXGLHUDVYLDMDUHQHO ,I\RXFRXOGWUDYHOLQWLPHZKDW
\HDUZRXOG\RXYLVLW"
WLHPSRTXDRYLVLWDUDV"
6LIXHUDVXQVXSHUKURHTX ,I\RXZHUHDVXSHUKHURZKDW

VSHFLDOSRZHUVZRXOG\RXKDYH"
SRGHUHVHVSHFLDOHVWHQGUDV"
6LSXGLHUDVVHUXQSHUVRQDMH ,I\RXFRXOGEHDFKDUDFWHULQD
ERRNZKRZRXOGLWEH"
GHXQOLEURTXLQVHUDV"
6LWHSDJDUDXQPLOOQGHHXURV,I,SDLG\RXDPLOOLRQHXURV
ZRXOG\RXVOHHSZLWKPH"
WHDFRVWDUDVFRQPLJR"

/RZ$GYDQFHG
0HGHMDUVWXFRFKHHVWHQ :LOO\RXOHWPHXVH\RXUFDU
WKLVZHHNHQG"
GHVHPDQD"
(VWVLHQGRUHSDUDGRHQHVWH ,WoVEHLQJUHSDLUHGDWWKH
PRPHQW
PRPHQWR
$OJXLHQKDGHMDGRVXFPDUD 6RPHRQHoVOHIWWKHLUFDPHUD
KHUH
DTX
$OJXLHQHVWHQHOSDVLOORRLJR 6RPHRQHLVLQWKHFRUULGRU
,FDQKHDUWKHLUIRRWVWHSV
VXVSDVRV
7LHQHVPX\EXHQRGR <RXKDYHYHU\JRRGVHQVHRI
KHDULQJ

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

|<DHUDKRUD $ERXWWLPHWRR
/RVLHQWRHVWDEDPHWLGRHQ 6RUU\,ZDVVWXFNLQDWUDIF
MDP
XQDWDVFR
1RFRQRFHVQLQJQDWDMR 'RQoW\RXNQRZDQ\VKRUWFXWV
WRJHWKHUH"
SDUDOOHJDUDTX"
1RKDJDVXQDPRQWDDGHXQ 'RQoWPDNHDPRXQWDLQRXWRI
DPROHKLOO
JUDQRGHDUHQD
1RVVLQRVGHMDUQHQWUDU ,GRQoWNQRZLIWKH\oOOOHWXVLQ
QRZ
DKRUD

|'HMDGHDFDSDUDUHOPDQGRD 6WRSKRJJLQJWKHUHPRWH

GLVWDQFLD
FRQWURO
6ORHVWR\KDFLHQGR]DSSLQJ ,oPRQO\FKDQQHOKRSSLQJ
6DEHVELHQTXHQXQFDKD\ :HOO\RXNQRZWKHUHoVQHYHU
QDGDHQODWHOH
DQ\WKLQJRQ79
,QWHQWRHQFRQWUDUHOFDQDOGH ,oPWU\LQJWRQGWKH
ORVYLGHQWHV
FODLUYR\DQWoVFKDQQHO
6LHVDVWHSXHGRGHFLUTXHWX ,IWKDWoVWKHFDVH,FDQWHOO\RX

IXWXURVHSUHVHQWDVRPEUR
\RXUIXWXUHORRNVEOHDN



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
3KUDVDO9HUE7RORRNRXWRIWKH
ZLQGRZ

3KUDVDOYHUEVZLWKpXSq  
7KHSROLFHPDQFDPHXSWRPH
(OSROLFDVHDFHUFDP

7KHROGPDQVORZO\ZDONHGXSWRPH
(OYLHMRVHDFHUFDPDSDVROHQWR

,ZHQWXSWRWKHSROLFHPDQ
0HDFHUTXDOSROLFD

,VZDPXSWRWKHGDP
0HDFHUTXDQDGRKDVWDODSUHVD

7KHOLWWOHER\UDQXSWRPH
(OQLRVHDFHUFFRUULHQGRDP

,GURYHWKHFDUXSWRWKHSXPS
$FHUTXHOFRFKHKDVWDHOVXUWLGRU


1RVHVXHOHGHFLUpWRORRNWKURXJKWKH
ZLQGRZqHQLQJOVVLQRpWRORRNRXW RI WKH
ZLQGRZq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
0HDVRPSRUODYHQWDQDSHURQRYLDQDGLH
(OODSDVDKRUDVPLUDQGRSRUODYHQWDQD
0LUDSRUODYHQWDQLOOD\DYHUVLYHVXQPROLQR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UH[HV6HOI

7RGDVODVSDODEUDVTXHDSDUHFHQDFRQWLQXDFLQFRPLHQ]DQSRUHOSUHMRpVHOIq/DVSDODEUDVHQLQJOVGHOSULPHUJUXSRVRQPX\FRUULHQWHV\
VHHVFXFKDQFDVLDGLDULR/DVGHOVHJXQGRVRQLPSRUWDQWHVWDPELQSHURPHQRVWLOHVSDUDHOGDDGD
6HOIDVVXUHG
6HOIFHQWHUHG
6HOIFRQGHQFH
6HOIFRQGHQW
6HOIFRQVFLRXV
6HOIGHIHQVH
6HOIGLVFLSOLQH
6HOIGLVFLSOLQHG
6HOIHPSOR\HG
6HOIHVWHHP
6HOIH[SODQDWRU\
6HOVK
6HOVKQHVV
6HOIUHOLDQW

6HJXURGHVPLVPR
(JRFQWULFR
&RQDQ]DHQVPLVPR
&RQDGRHQVPLVPR
7PLGRSRUVHUDOJRDFRPSOHMDGR
(QGHIHQVDSURSLD
$XWRGLVFLSOLQD
$XWRGLVFLSOLQDGR
$XWQRPR ODERUDO
$XWRHVWLPD
0X\FODUR\IFLOGHHQWHQGHU
(JRVWD
(JRVPR
,QGHSHQGLHQWH\TXHVHYDOHSRU
VPLVPR

6HOIUHVSHFW 'LJQLGDG
6HOIVXIFLHQW $XWRVXFLHQWHH
LQGHSHQGLHQWH
6HOIFRQWURO 'RPLQLRGHVPLVPR

6HOIDGGUHVVHG &RQHOQRPEUH\
GLUHFFLQGHOUHPLWHQWH
6HOIDQDO\VLV $XWRDQOLVLV
6HOIDVVXUDQFH 6HJXULGDGHQVPLVPR
6HOIFRPSRVHG &RPSXHVWRVHUHQR
6HOIFULWLFDO $XWRFUWLFR
6HOIGHFHSWLRQ $XWRHQJDR
6HOIGHIHDWLQJ &RQWUDSURGXFHQWH
6HOIGHQLDO 6DFULFLRDEQHJDFLQ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1HFHVLWDVHVWDUSUHSDUDGRSDUDFXDOTXLHUHYHQWXDOLGDG(QHVWHWLSR
GHWUDEDMRGRQGHWLHQHVTXHWUDEDMDUFRQXQDPSOLRHVSHFWURGHSHU
VRQDOLGDGHV \ WHPSHUDPHQWRVQXQFDVDEHVTXHVSHUDU /D JHQWH
KDUODVFRVDVPVH[WUDDV<HQWRQFHVSRUVXSXHVWRWHVRUSUHQ
GHUQDYHFHVFRQGHWDOOHVPDUDYLOORVRVRFRQVROXFLRQHVLQJHQLRVDV
SDUDORVSUREOHPDV(VRVQRWHDEXUULUVHQWXQXHYRWUDEDMRHVRWH
ORSXHGRDVHJXUDU


7KH&RQTXHVWRI'DQLHOD FRQW

0HYDDGDUDOJRKDVWDHOPLVPRJHUHQWH
0HDFRVDHQXQLQJOVFDVLLQH[LVWHQWH
0HYR\PVQRSXHGRDGLVPX\EXHQDV
$JXDQWDUWRGRHVWRHVDJXDQWDUPLOFRQGHQDV
([FXVHPH,WKLQN\RXIRUJRW\RXUXPEUHOOD
<RXUHOHDYLQJDVIDVWDVWKHIDLU&LQGHUHOOD
%XWLWVUDLQLQJRXWVLGH\RXZRQWZDQWWRJHWZHW
6RKHUHLVDQREMHFW\RXPXVWQHYHUIRUJHW
$SODTXHRQWKHKDQGOHVKRZVWKHQDPH'DQLHOD
1RW'RULVQRW3HWUDQRW&UX]QRU(VWHOD
7KHXPEUHOODEHORQJVWRDWDO'DQLHOD
$UH\RXWKHQHRZQHURIWKLVJUDFHIXOXPEUHOOD"

7REHFRQWLQXHGLQWKHQH[WLQVHUW

$XWRGHVWUXLUVH
$XWRGHVWUXFFLQ
$XWRGHWHUPLQDFLQ
$XWRGLGDFWD
,PDJHQGHVPLVPR
3UHVXPLGRHQJUHGR
$XWRLPSXHVWR
'HVLQWHUHVDGR
'HVLQWHUHVDGDPHQWH
$XWRUUHWUDWR
$XWRSURFODPDGR
$XWRSURSXOVDGR
'RPLQLRGHVPLVPR

<RX QHHG WR EH SUHSDUHG IRU DQ\ HYHQWXDOLW\ ,Q WKLV NLQG RI MRE
ZKHUH\RXKDYHWRZRUNZLWKDEURDGVSHFWUXPRISHUVRQDOLWLHVDQG
WHPSHUDPHQWV\RXQHYHUNQRZZKDWWRH[SHFW3HRSOHZLOOGRWKH
VWUDQJHVWWKLQJV$QGWKHQRIFRXUVHWKH\ZLOOVXUSULVH\RXDWWLPHV
ZLWK ZRQGHUIXO JHVWXUHV RU LQJHQLRXV VROXWLRQV WR SUREOHPV <RX
FHUWDLQO\ZRQoWJHWERUHGLQ\RXUQHZMREWKDW,FDQDVVXUH\RX

(VWLPDGRDPLJR\DOXPQR'HVSXVGHXQWHUFHUHSLVRGLRGHDFRVRHVWDYH]SRUSDU
WHGHOUHODFLRQHVSEOLFDVGHODGLVFRWHFDODSREUH'DQLHODVHFDQVD\VHGLULJHDOD
VDOLGD6LQHPEDUJRGHMDROYLGDGRVXSDUDJXDV\SRUVXHUWHDOJXLHQVHSHUFDWD\OH
DYLVD/DSHUVRQDHQFXHVWLQKDEODXQLQJOVHORFXHQWHHQFRPSDUDFLQFRQHOGHORV
DQWHULRUHVSUHWHQGLHQWHVVREUHWRGRSRUTXHKLODODVIUDVHVFRUUHFWDPHQWH\FRQMXJD
ORVYHUERVFRQDFLHUWR

:KHUHGR\RXDUHFRPHIURP"<RXUIDFHLWGRHVVRXQGPH
3DUtV0RQWHFDUORRUSHUKDSVDUHVRUWVNL"
,DP$QGUpV3R]RWKHSXEOLFUHODWLRQV
,QWKLVGLVFRWHFDFDOOHG:HHNHQG9LEUDWLRQV

6HOIGHVWUXFW
6HOIGHVWUXFWLRQ
6HOIGHWHUPLQDWLRQ
6HOIHGXFDWHG
6HOILPDJH
6HOILPSRUWDQW
6HOILPSRVHG
6HOHVV
6HOHVVO\
6HOISRUWUDLW
6HOISURFODLPHG
6HOISURSHOOHG
6HOIUHVWUDLQW

0LUHPRVXQRVLQVWDQWHVODJUDPWLFDGHODVIUDVHV\HOHVWLORHQJHQHUDO(QODSULPHUD
OQHDGHODWHUFHUDHVWURIDYHPRVFRPRHOFKLFRHVSDROHPSOHDSHUIHFWDPHQWHHO
SDVDGRVLPSOH ROYLGDVWH FXDQGRHQFDVWHOODQRVHXVDUDHOSUHWULWRSHUIHFWR KDV
ROYLGDGR 6HSXHGHQXVDUODVGRVIRUPDVSHURHVPVFRPQHOSDVDGRHQHVWRVFDVRV
)MDWHWDPELQFRPRHQODVHJXQGDOQHDGHODPLVPDHVWURIDGLFHp\RXoUHOHDYLQJq
HOSUHVHQWHFRQWLQXRFXDQGRHQFDVWHOODQRGLUDPRVpWHYDVqRpWHPDUFKDVq(QOD
WHUFHUDOQHDGHODPLVPDHVWURIDIMDWHFPRGLFHpZRQoWZDQWq QRTXHUUV /D
IRQWLFDHVpXRWXQWq(QODOWLPDOQHDGHODFXDUWDHVWURIDODSDODEUDpQHqVH
WUDGXFHHQHVWHFDVRFRPRpQR\HOHJDQWHq
4XHGDQVLHWHHVWRIDVPV6HGLJQDU'DQLHODDKDEODUHQLQJOVDOFKLFR"6HDEODQ
GDUXQSRFR"7HQGUVTXHDGTXLULUDOPHQRVGRVFKDVPVSDUDDYHULJXDUOR
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

4XLQHV" :KRLVLW"
6R\\R ,WoVPH
(VWVFRQWXDPLJR" $UH\RXZLWK\RXUIULHQG"
1RHVWR\VROR 1R,oPDORQH
(QWUD &RPHLQ

4XHVWOH\HQGRHOOD" :KDWLVVKHUHDGLQJ"
(VWOH\HQGRXQOLEURGHXQ 6KHoVUHDGLQJDERRNE\D
)UHQFKZULWHU
HVFULWRUIUDQFV
+DEODIUDQFV" 'RHVVKHVSHDN)UHQFK"
6DEHFXDWURLGLRPDV 6KHNQRZVIRXUODQJXDJHV
'QGHHVWXGLD" :KHUHGRHVVKHVWXG\"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&XQWRWLHPSRHVWXYLVWHLVHQ +RZORQJZHUH\RXLQ/RQGRQ"

/RQGUHV"
1RVTXHGDPRVDOOXQSDU :HVWD\HGWKHUHIRUDFRXSOH
GHGDV
RIGD\V
3RUTXQRSDVDVWHLVPV :K\GLGQoW\RXVSHQGPXFK
WLHPSRDOO"
WLPHWKHUH"
(VGHPDVLDGRFDUR\VRPRV ,WoVWRRH[SHQVLYHDQGZHoUH

WRRSRRU
GHPDVLDGRVSREUHV
(VXQDGHODVFLXGDGHVPV ,WoVRQHRIWKHPRVWH[SHQVLYH
FLWLHVLQWKHZRUOG
FDUDVGHOPXQGR

$TXLQYLVWHDQRFKH" :KRGLG\RXVHHODVWQLJKW"
4XLQWHYLRFRQHOORV" :KRVDZ\RXZLWKWKHP"
&RQTXLQIXHO" :KRGLGKHJRZLWK"
4XLQIXHFRQHOOD" :KRZHQWZLWKKHU"
4XLQWHGLMRHVR" :KRWROG\RXWKDW"

+DLUEDQG &LQWLOOR

%RZ /D]R

&XUOHU 5XOR

+DLUFOLS 3LQ]D

+DLUSLQ +RUTXLOOD

9RFDEXODULR+DLU$FFHVVRULHV $FFHVRULRVGHSHOR
+LJK,QWHUPHGLDWH
1RHVWDEDKDEODQGRFRQQDGLH,ZDVQoWWDONLQJWRDQ\RQH
1LQJXQRGHHOORVVRQWX\RV1RQHRIWKHPDUH\RXUV
1RKDHVWDGRHQQLQJXQDSDUWH6KHKDVQoWEHHQDQ\ZKHUH
1XQFDKHPRVUREDGRQDGD:HoYHQHYHUVWROHQDQ\WKLQJ
1LQJXQRGHORVGRVHVWXYR1HLWKHURIWKHPZHUHORVW
SHUGLGR

/RZ$GYDQFHG
6HYHQGHUHOHVWDGLR" :LOOWKHVWDGLXPEHVROG"
&UHRTXHYDDVHUGHUUXPEDGR ,WKLQNLWoVJRLQJWREHNQRFNHG
GRZQ
4XSLHQVDQKDFHUFRQHO :KDWGRWKH\SODQWRGRZLWK
VXHOR"
WKHODQG"
6HHVWGLVHDQGRXQFHQWUR $VKRSSLQJFHQWUHLVEHLQJ
FRPHUFLDO
GHVLJQHG
1RSRGUDKDEHUFRQVWUXLGR &RXOGQoWWKH\KDYHEXLOWDSDUN
XQSDUTXHRDOJRDV"
RUVRPHWKLQJ"

0LGGOH$GYDQFHG
(VWURSHDUVWXVSXOPRQHVVL <RXoOOUXLQ\RXUOXQJVLI\RX
VLJXHVIXPDQGR
NHHSRQVPRNLQJ
$QWHVWHQDPXFKDPV ,XVHGWRKDYHPXFKPRUH
UHVLVWHQFLD
VWDPLQD
4XFRQWURODQORVULRQHV" :KDWGRWKHNLGQH\VFRQWURO"
(OKJDGRHVWDIHFWDGRSRU 7KHOLYHULVDIIHFWHGE\ODUJH
JUDQGHVGRVLVGHDOFRKRO
GRVHVRIDOFRKRO
<ODYHMLJDWDPELQ $QGWKHEODGGHUWRR

)RU(QJOLVKVXSHUVWDUVRQO\
&UHHVHQODWHRUDGHHYROXFLQ'R\RXEHOLHYHLQ'DUZLQoV
GH'DUZLQ"
WKHRU\RIHYROXWLRQ"
&UHRHQODOH\GHOPVIXHUWH ,EHOLHYHLQVXUYLYDORIWKH
WWHVW
1RGHEHUDKDEHUQLQJXQD 6KRXOGQoWWKHUHEHDQ\IRUPRI
VRFLDOVHFXULW\WKHQ"
IRUPDGHVHJXULGDGVRFLDO
HQWRQFHV"
1RDERJRSRUHOHVWLORGHYLGD ,GRQoWDGYRFDWHWKH$PHULFDQ

HVWDGRXQLGHQVH
ZD\RIOLIH
7RGRHOPXQGRGHEHUDWHQHU (YHU\ERG\VKRXOGKDYHHTXDO
LJXDOGDGGHRSRUWXQLGDGHV
RSSRUWXQLWLHVLQOLIH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
6WLOO

3KUDVDOYHUEVZLWKpXSq  
&DQ\RXFRPHXSWRP\RIFH"
3XHGHVVXELUDPLGHVSDFKR"

,KDYHWRJREDFNXSWRKLVRIFH
7HQJRTXHYROYHUDVXELUDVXGHVSDFKR

&DQ\RXFRPHEDFNXSWRP\RIFH"
3XHGHVYROYHUDVXELUDPL
GHVSDFKR"
,KDYHWRJRXSWRKLVRIFH
7HQJRTXHVXELUDVXGHVSDFKR

,UDQXSWRKLVRIFH
6XEFRUULHQGRDVXGHVSDFKR
:HoOOGULYHXSWRWKHYLHZSRLQW
6XELUHPRV HQFRFKH KDVWDHOPLUDGRU

3UH[HV8Q  

&XDQGRpWRGDYDqVHHQFXHQWUDHQXQD
RUDFLQHQDUPDWLYRQRHPSOHDPRVp\HWq
VLQRpVWLOOq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7RGDYDWHQJRWRGRVPLVGLHQWHV
7RGDYDPHJXVWDODPVLFDGHORVDRV
VHWHQWD
(OODWRGDYDPHTXLHUH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

$SDUWLUGHHVWDFKDYDPRVDYHUEDVWDQWHYRFDEXODULRFX\RVLJQLFDGRGHSHQGHGHOSUHMRFRQTXHFRPLHQ]DFDGDSDODEUD
8QDEOH
8QDFFHSWDEOH
8QDFFRPSDQLHG
8QDFFXVWRPHG
8QDOWHUHG
8QDVVLVWHG
8QDWWDLQDEOH
8QDWWUDFWLYH
8QDXWKRUL]HG
8QDYDLODEOH
8QDYRLGDEOH
8QDZDUH
8QEHDUDEOH
8QEHDWHQ
8QEHOLHYDEOH
8QELDVHG
8QEUHDNDEOH
8QEXWWRQ
8QFHUWDLQ
8QFKDQJHG
8QFKDUDFWHULVWLF
8QFRPIRUWDEOH

,oPXQDEOHWRDWWHQGWKHHYHQW
<RXUDWWLWXGHLVXQDFFHSWDEOH
+HDUULYHGXQDFFRPSDQLHG
6KHoVXQDFFXVWRPHGWRRXUDFFHQW
:HOHIWWKHFRQWUDFWXQDOWHUHG
+HPDQDJHGWRRSHQWKHGRRUXQDVVLVWHG
7KDWJRDOLVXQDWWDLQDEOH LQDOFDQ]DEOH 
,WZDVDQXQDWWUDFWLYHGHVLJQ
<RXoUHXQDXWKRUL]HGWRHQWHUWKLVDUHD
7KHFKDLUPDQZDVXQDYDLODEOHIRUFRPPHQW
7KHDFFLGHQWZDVXQDYRLGDEOH
,ZDVXQDZDUHWKDW)HOLSHKDGEHHQUHG
,WVRRQEHFDPHDQXQEHDUDEOHVLWXDWLRQ
2XUWHDPLVXQEHDWHQVRIDU
7KHIDFWWKDWWKH\ZRQLVXQEHOLHYDEOH
0\RSLQLRQLVXQELDVHG LPSDUFLDO 
+HKDVDQXQEUHDNDEOHZLOO
,FDQoWXQEXWWRQWKHWRSEXWWRQ
,oPXQFHUWDLQDERXWWKHRXWFRPH LQVHJXUR 
0\RSLQLRQLVXQFKDQJHG
+LVEHKDYLRUZDVXQFKDUDFWHULVWLF UDUR 
7KLVFKDLULVXQFRPIRUWDEOH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(O IXHJR VH YD D DSDJDU VL QR OH HFKDV PV OHD 7HQHPRV TXH
PDQWHQHUORYLYRVHDFRPRVHD1RVKHPRVTXHGDGRVLQFHULOODV
\QDGLHDTXWLHQHXQPHFKHURDVTXHVDOJDPRVWRGRVDURPSHU
UDPDVGHORVUEROHVSDUDTXHHOIXHJRFRQWLQHWRGDODQRFKH'H
QRVHUDVQRVFRQJHODUHPRVYLYRV


7KH&RQTXHVWRI'DQLHOD FRQW
6VPXFKDVJUDFLDVTXFDEH]DODPD
7DQWDSULVDWHQDTXHQRORVDED
'HQXHYRPLOJUDFLDVHVXVWHGPX\DPDEOH
6XJHVWRKDVLGRXQJHVWRORDEOH
7KHH[LWLVKHUHOHWPHVKRZ\RXWKHZD\
7KLVGLVFRLVFURZGHGDVLWLVHYHU\GD\
$QXPEUHOODOLNH\RXUVVKRXOGQRWVXIIHUWKHQRLVH
1RUWKHVPRNHQRUWKHGULQNQRUWKHVLOO\\RXQJER\V
,OLNH\RXUXPEUHOODLWVDKDQGVRPHDPLJR
7KDWPDWFKHVWKHFRORUVRI\RXUORYHO\DEULJR
$QGWKHOLJKWLQ\RXUH\HVLVMXVWVLPSO\LQYLWLQJ
<RXFHUWDLQO\VHHPWREHZDUPDQGH[FLWLQJ
(VWHKRPEUHPHJXVWDHVFRUWV\DPDEOH
6XVRQULVDHVGXOFH\VXLQJOVLPSHFDEOH
6XYR]PHDWUDH\VXPLUDGDPHFDOPD
+DEUHQFRQWUDGRPLFRPSDHURGHODOPD"
7REHFRQWLQXHGLQWKHQH[WLQVHUW

8QFRPPLWWHG
8QFRPPRQ
8QFRQUPHG
8QFRQVFLRXV
8QFRQVWLWXWLRQDO
8QFRQWUROODEOH
8QFRQYLQFHG
8QFRRSHUDWLYH
8QFRYHU
8QGHFLGHG
8QGHIHDWHG
8QGHQLDEOH
8QGLJQLHG
8QGLVSXWHG
8QGLVWLQJXLVKHG
8QGR
8QGRXEWHGO\
8QGUHVV
8QHDV\
8QHPSOR\HG
8QHPSOR\PHQW
8QHYHQ

,oPXQFRPPLWWHGIRUQRZ
,WoVXQFRPPRQWRVHHKLPZLWKRXWDVXLW
7KHQDOUHVXOWLVVWLOOXQFRQUPHG
+HZDVXQFRQVFLRXVIRUDWOHDVWWHQPLQXWHV
7KDWODZZDVIRXQGXQFRQVWLWXWLRQDO
+LVWHPSHULVXQFRQWUROODEOH
<RXORRNXQFRQYLQFHG HVFpSWLFR 
+HoVDQXQFRRSHUDWLYHSHUVRQ
7KH\XQFRYHUHGWKHVFDQGDO GHVWDSDU 
,oPVWLOOXQGHFLGHGDERXWZKRWRLQYLWH
:HoUHWKHRQO\XQGHIHDWHGWHDPLQWKHOHDJXH
,WoVXQGHQLDEOHWKDWKHoVDQLQWHOOLJHQWPDQ
<RXEHKDYHGLQDQXQGLJQLHGPDQQHU
+HoVWKHXQGLVSXWHGZRUOGFKDPSLRQ
+HZDVXQGLVWLQJXLVKHGDWVFKRRO PHGLRFUH 
&DQ\RXXQGRWKLVNQRW" GHVKDFHU 
+HoVXQGRXEWHGO\WKHEHVWLQWKHFODVV
<RXQHHGWRXQGUHVVIRUWKHPHGLFDOFKHFNXS
,IHHOXQHDV\DERXWWKHVLWXDWLRQ LQTXLHWR 
+HoVEHHQXQHPSOR\HGIRUVHYHUDOPRQWKV
7KHXQHPSOR\PHQWUDWHLQ6SDLQLVSHUFHQW
7KHWHUUDLQLVTXLWHXQHYHQ GHVQLYHODGR 

7KH UHoV JRLQJ WR JR RXW LI \RX GRQoW SXW VRPH PRUH ZRRG RQ
LW:HKDYHWRNHHSLWEXUQLQJQRPDWWHUZKDW:HoYHUXQRXWRI
PDWFKHVDQGQRRQHKHUHKDVDFLJDUHWWHOLJKWHUVROHWoVDOOJRRXW
DQG EUHDN RII EUDQFKHV IURP WKH WUHHV WR NHHS WKH UH JRLQJ DOO
QLJKW2WKHUZLVHZHoOOIUHH]HWRGHDWK


(VWLPDGRDPLJR\DOXPQR'DQLHODWRGDYDQRVHKDGLULJLGRHQLQJOVDODSXHVWR
MRYHQTXHDFDEDGHHQWUHJDUOHVXSDUDJXDV3DUHFHXQSRFRGHVSLVWDGD)MDWHFPR
HOFKLFRVHRIUHFHDDFRPSDDUOHKDVWDODSXHUWDGHVDOLGD
OHWPHVKRZ\RXWKHZD\
)MDWHWDPELQFPRHPSOHDPRVODSDODEUDQRU
VKRXOGQRWVXIIHUWKHQRLVHQRUWKHVPRNHQRUWKHGULQNQRU
WKHVLOO\\RXQJER\V
3RUOWLPRHPSOHDPRVHOYHUERWRPDWFKSDUDODLGHDGHFDVDURKDFHUMXHJR
WKDWPDWFKHVWKHFRORUVRI\RXUORYHO\DEULJR
(OFKLFRWLHQHWDOHQWRHVWFODUR+DVWDKDFHSRHVDPH]FODQGRGRVLGLRPDV3HUR
'DQLHODSHUPDQHFHFDXWD
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VHVHWXPGLFR" ,VWKDW\RXUGRFWRU"
6LHVO <HVWKDWoVKLP
'HTXSDVHV" :KLFKFRXQWU\LVKHIURP"
(VGH/D,QGLD +HoVIURP,QGLD
(VXQEXHQPGLFR" ,VKHDJRRGGRFWRU"

9LYHVFRQWXVSDGUHV" 'R\RXOLYHZLWK\RXUSDUHQWV"
6SHURTXLHURFRPSUDUPH <HV,GREXW,ZDQWWREX\D
KRXVH
XQDFDVD
7XQRYLDORVDEH" 'RHV\RXUJLUOIULHQGNQRZ"
6ORVDEH9DPRVDYLYLUMXQWRV <HVVKHGRHV:HDUHJRLQJWR
OLYHWRJHWKHU
/DVFDVDVVRQPX\FDUDV +RXVHVDUHYHU\H[SHQVLYH

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XLQIXHODSHUVRQDPV :KRZDVWKHPRVWLQWHOOLJHQW
SHUVRQRIWKHODVWFHQWXU\"
LQWHOLJHQWHGHOVLJORSDVDGR"
&XOIXHWXSHOFXODSUHIHULGD :KDWZDV\RXUIDYRXULWHOP
ODVW\HDU"
GHODRSDVDGR"
&XOHVODXQLYHUVLGDGPV :KDWoVWKHROGHVWXQLYHUVLW\LQ
WKHZRUOG"
DQWLJXDGHOPXQGR"
4XLQHVODFKLFDPVJXDSD :KRoVWKHSUHWWLHVWJLUOLQ\RXU
RIFH"
GHWXRFLQD"
&XOHVHOSHRUHTXLSRGH :KDWoVWKHZRUVWIRRWEDOOWHDP
LQ6SDLQ"
IWEROGH(VSDD"

(OMHIHKDSHGLGRYHUWH 7KHERVVKDVDVNHGWRVHH\RX
3RUTX"4XKHKHFKR" :K\":KDWKDYH,GRQH"
6L\RIXHUDWLUDHQVHJXLGD ,I,ZHUH\RX,oGJRULJKWDZD\
(VSHURTXHQRKD\DKHFKR ,KRSH,KDYHQoWGRQHDQ\WKLQJ
ZURQJ
QDGDPDOR
3RUTXWHSUHRFXSDVWDQWR" :K\GR\RXZRUU\VRPXFK"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

7RPHPRVXQGHVFDQVR /HWoVWDNHDEUHDN
7FUHHVTXHPHUHFHPRVXQ 'R\RXWKLQNZHGHVHUYHD

EUHDN"
GHVFDQVR"
/OHYDPRVWRGDODPDDQD :HoYHEHHQZRUNLQJDOO

PRUQLQJ
WUDEDMDQGR
7LHQHVWRGDODUD]QHVWR\ <RXoUHFRPSOHWHO\ULJKW,oP

H[KDXVWHG
H[KDXVWR
4XVQGZLFKHVKDVWUDGR :KDWVDQGZLFKHVKDYH\RX
EURXJKWZLWK\RXWRGD\"
KR\"

&XDQGROOHJXHV\DKDEU %\WKHWLPH\RXFRPH,oOO
DOUHDG\KDYHQLVKHG
WHUPLQDGR
(OPDUWHV\DHVWDUHQ9DOHQFLD %\7XHVGD\,oOOEHLQ9DOHQFLD
$\HU\DVHYHDFODURTXHHUD %\\HVWHUGD\LWZDVFOHDUWKDW
LWZDVSRLQWOHVV
LQWLO
0HKDEUPDUFKDGRGHFDVDD ,oOOKDYHOHIWP\KRXVHE\WKDW
WLPH
HVDKRUD
4XKDEUVFRQVHJXLGR :KDWZLOO\RXKDYHDFKLHYHG
E\WKHWLPH\RXoUH"
FXDQGRWHQJDV"

,'&DUG '1,

&UHGLW&DUGV 7DUMHWDGH&UGLWR

7UDYHO&DUG $ERQRGH7UDQVSRUWH
&RLQV 0RQHGDV
1RWHV %LOOHWHV

9RFDEXODULR:DOOHW &DUWHUD

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

3XHGHVHQYLDUPHXQDIDFWXUD"&DQ\RXVHQGPHDQLQYRLFH"
4XSRUFHQWDMHGH,53)WLHQHV:KDWSHUFHQWDJHRILQFRPH
WD[GR\RXKDYHWRSD\"
TXHSDJDU"
(VWVH[HQWRGHSDJDU,9$" ,VWKDWH[HPSWRI9$7"
3UHHURDFHSWDUGLQHURSRU ,SUHIHUWRDFFHSWPRQH\XQGHU
WKHWDEOH
GHEDMRGHODPHVD
6HQLHJDDDSR\DUHOPHUFDGR +HUHIXVHVWRDGGWRWKHEODFN
PDUNHW
QHJUR

&XOHVWXJQHURSUHIHULGR :KDWoV\RXUIDYRXULWHJHQUH
GH79"
RI79"
0HJXVWDQPXFKRODVQRWLFLDV ,UHDOO\OLNHWKHQHZVDQG
\ORVGRFXPHQWDOHV
GRFXPHQWDULHV
7DPELQWHQJRGHELOLGDGSRU ,DOVRKDYHDVRIWVSRWIRUWUDYHO
ORVSURJUDPDVGHYLDMHV\GH
DQGFRRNHU\SURJUDPPHV
FRFLQD
<TXWDOORVFRQFXUVRV\ORV :KDWDERXWJDPHVKRZVDQG
UHDOLWLHV"
UHDOLW\VKRZV"
3UHIHULUDROHUHOVREDFRGHXQ ,oGUDWKHUVPHOODJRULOODoV
JRULOD
DUPSLW



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq  

7RKRSH

7KH\GLGQoWVKRZXSIRUWKHPHHWLQJ
1RVHSUHVHQWDURQSDUDODUHXQLQ

,\RXGRQoWSLFNXSWKHSHQ,oOOSLFNLWXS
6LQRUHFRJHVHOEROJUDIRORUHFRJHU\R

7KH\GLGQoWWXUQXSIRUWKHPHHWLQJ
1RVHSUHVHQWDURQSDUDODUHXQLQ

,VWD\HGXSODWH
0HTXHGOHYDQWDGRKDVWDODVWDQWDV

&DQ\RXWXUQXSWKHUDGLR"
3XHGHVVXELUODUDGLR" HOYROXPHQ

7KH\oYHFRPHXSZLWKDJRRGLGHD
6HOHVKDRFXUULGRXQDEXHQDLGHD

6LJQLFDpHVSHUDUqHQHOVHQWLGRGH
HVSHUDQ]D([SUHVDORTXHQRVJXVWDUDKDFHU
RORTXHTXHUUDPRVTXHSDVDVH
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VSHURSRGHULUDODHVWD
(VSHURTXHPHWRTXHODORWHUD
(VSHURTXHPHDFXHUGHGHVXQRPEUH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UH[HV8Q  

(QHVWDFKDVHJXLPRVYLHQGRYRFDEXODULRFX\RVLJQLFDGRGHSHQGHGHOSUHMRFRQTXHFRPLHQ]DFDGDSDODEUD1LQJXQDGHODVSDODEUDVH[
SXHVWDVDFRQWLQXDFLQHVUHEXVFDGD6HR\HQDGLDULR(QPXFKRVFDVRVHQFDVWHOODQRVHXVDHODGMHWLYRpSRFRq XQLQVSLUHG SRFRLQVSLUDGR
8QKHOSIXO GHSRFDD\XGDHWF 
8QH[SHFWHG
8QH[SHFWHGO\
8QH[SODLQHG
8QH[SORLWHG
8QH[SORUHG
8QIDLU
8QIDLUO\
8QIDLWKIXO
8QIDPLOLDU
8QIDYRXUDEOH
8QQLVKHG
8QW
8QIROG 
8QIROG $
8QIROG 
8QIRUFHG
8QIRUHVHHQ
8QIRUJHWWDEOH
8QIRUJLYDEOH
8QIRUWXQDWH
8QIRUWXQDWHO\
8QIRXQGHG
8QIULHQGO\

:HUHFHLYHGDQXQH[SHFWHGYLVLWIURPRXUDXQW
6KHDUULYHGXQH[SHFWHGO\
:HUHGKHUDIWHUWKUHHXQH[SODLQHGDEVHQFHV
<RXKDYHDORWRIXQH[SORLWHGWDOHQWV
,GRQoWZDQWWRJRLQWRXQH[SORUHGWHUULWRU\
+LVWUHDWPHQWRI\RXZDVFRPSOHWHO\XQIDLU
7KH\WUHDWHGPHXQIDLUO\
+HZDVXQIDLWKIXOWRKLVZLIH
,oPXQIDPLOLDUZLWKWKLVSDUWRIWKHSURJUDP
+HPDGHDQXQIDYRXUDEOHLPSUHVVLRQRQHYHU\RQH
,VWLOOKDYHVRPHXQQLVKHGEXVLQHVVWRGR
+HoVWRWDOO\XQWIRUWKHMRE
+RZGLGWKHPHHWLQJXQIROG"
,WZLOOGHSHQGRQKRZHYHQWVXQIROG
,I\RXIROGLWGRQoWXQIROGLWXQWLOWRPRUURZ
7KHFKDPSLRQPDGHWKUHHXQIRUFHGHUURUV
'XHWRXQIRUHVHHQFLUFXPVWDQFHVZHKDYHf
7KHEDOOHWSHUIRUPDQFHZDVXQIRUJHWWDEOH
+HUEHKDYLRXULQWKHPHHWLQJZDVXQIRUJLYDEOH
,WZDVXQIRUWXQDWHWKDWWKHZHDWKHUZDVVREDG
8QIRUWXQDWHO\LWUDLQHGFDWVDQGGRJVDOOGD\
<RXUODFNRIVHOIFRQGHQFHLWWRWDOO\XQIRXQGHG
,oYHQHYHUPHWVXFKDQXQIULHQGO\SHUVRQ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RYR\DSRGHUHVWDUHQODUHXQLQGHHVWDWDUGH7HQJRFLWDHQHO
PGLFR(VHGRORUGHJDUJDQWDGHOTXHPHYHQJRTXHMDQGRQRWHU
PLQDGHLUVH\SDUHFHTXHHVWHPSHRUDQGR0HGXHOHPXFKRDO
WUDJDU\KHWHQLGRXQDVGFLPDVGHHEUHGXUDQWHODVOWLPDV
KRUDV1RWHSUHRFXSHVSRUPHQODUHXQLQ3RGUVGHIHQGHUWH
DQWHFXDOTXLHUSUHJXQWDTXHQRVSXHGDQSODQWHDU
7KH&RQTXHVWRI'DQLHOD FRQW
+HUHoVWKHGRRUEXWEHFDUHIXOLWoVUDLQLQJDORW
7KHEXVVWRSLVQHDUWKHRQO\GU\VSRW
&DQ,VKDUH\RXUXPEUHOOD\RXUVSHFLDODPLJR"
:LWKRXWLW,oOOJHWZHWWHUWKDQWKDWSREUHPHQGLJR
7KHEXVQXPEHUQLQHJRHVQHDU&DVD&RUHOOD
:KHUHWKH\oOOVHUYH\RXWKHYHU\EHVWGXFNZLWKJURVHOOD
,WoVDVPDOOFRV\UHVWDXUDQWDFRJHGRU\ERQLWR
)RUDZRPDQZKRVHEHDXW\OOHJDDOLQQLWR
3RUVXSXHVWREXHQKRPEUH,oOOJRZLWK\RXWKHUH
,FDQQRWEHOLHYHLWTXHQRSXHGHVHU
3OHDVHWHOOPH\RXUQDPHPLQHoV'DQLHOD
$QG,oOOIROORZIRUHYHULQ\RXUJRUJHRXVHVWHOD
)LQ

8QKDSS\
8QKDUPHG
8QKHDOWK\
8QKHOSIXO
8QLPSUHVVHG
8QLQIRUPHG
8QLQKDELWHG
8QLQVSLUHG
8QMXVWLHG
8QNQRZLQJO\
8QNQRZQ 
8QNQRZQ 
8QOLNH
8QOLNHO\
8QOLPLWHG
8QORDG
8QORFN
8QOXFN\
8QPLVWDNDEOH
8QQDWXUDO
8QQRWLFHG
8QRIFLDO
8QRSSRVHG

6KHVHHPVOLNHDYHU\XQKDSS\SHUVRQ
0\UHSXWDWLRQZDVXQKDUPHGE\WKHVFDQGDO
+RZFDQ\RXOLYHLQVXFKDQXQKHDOWK\SODFH"
<RXUDWWLWXGHKDVEHHQTXLWHXQKHOSIXO
,ZDVXQLPSUHVVHGZLWKWKHRXWFRPH
,ZDVXQLQIRUPHGDERXWWKHVLWXDWLRQ
7KHLVODQGZDVWRWDOO\XQLQKDELWHG
,ZDVXQLQVSLUHGE\WKHRXWFRPH
7KHLUDWWLWXGHZDVWRWDOO\XQMXVWLHG
,XQNQRZLQJO\UHYHDOHGWKHVHFUHWSODQV
7KHVSDFHVKLSWUDYHOOHGLQWRWKHXQNQRZQ
7KHDFWRUZDVXQNQRZQWRHYHU\RQHODVW\HDU
8QOLNHP\EURWKHU,GROLNHFXFXPEHUV
,WoVXQOLNHO\WKDWWKH\ZLOOVWDUWWKLV\HDU
7KLVUHQWDOFDUDOORZVIRUXQOLPLWHGPLOHDJH
<RXFDQXQORDGWKHJRRGVRQWKLVSODWIRUP
,WWRRNPHYHPLQXWHVWRXQORFNWKHGRRU
,WoVEHWWHUWREHXQOXFN\LQFDUGVWKDQLQORYH
<RXUYRLFHLVXQPLVWDNDEOH
,WoVXQQDWXUDOIRUDSHUVRQWROHDUQVRVORZO\
+LVDEVHQFHZHQWXQQRWLFHG
+LVDSSRLQWPHQWLVVWLOOXQRIFLDO
+LVFDQGLGDF\ZHQWFRPSOHWHO\XQRSSRVHG

,ZRQoWEHDEOHWRPDNHLWWRWKHPHHWLQJWKLVDIWHUQRRQ,oYHJRW
D GRFWRUoV DSSRLQWPHQW7KDW VRUH WKURDW ,oYH EHHQ FRPSODLQLQJ
DERXW MXVW ZRQoW JR DZD\ DQG LW VHHPV WR EH JHWWLQJ ZRUVH ,W
KXUWVDORWWRVZDOORZDQG,WKLQN,oYHEHHQUXQQLQJDVOLJKWIHYHU
IRUWKHSDVWKRXUV'RQoWZRUU\DERXWPHDWWKHPHHWLQJ<RXoOO
EHDEOHWRKDQGOHDQ\TXHVWLRQWKH\PD\ZDQWWREULQJXS

(VWLPDGRDPLJR\DOXPQR(YHU\ERG\OLNHVDKDSS\HQGLQJDQG,oPKDSS\WRWHOO
\RXWKDWWKLVSRHPLVKDSS\QHZVIRUHYHU\RQH'DQLHODKDVIRXQGKHUVRXOPDWH
DQGVKHLVVRLPSUHVVHGE\KLVDELOLW\WRPL[WKHWZRODQJXDJHVWKDWVKHQGVKLP
LUUHVLVWLEOH%\WKHZD\WKH\JRWPDUULHGPRQWKVODWHU
9DULRVSXQWRVDFRQVLGHUDU
6HJXQGRYHUVRVSRW OXJDUSDUDMH
1RYHQRYHUVRFRV\ QWLPRFOLGR\DFRJHGRU WDPELQVHHVFULEHFR]\ 
'FLPRYHUVRZKRVHEHDXW\ FX\DEHOOH]D
OWLPRYHUVRJRUJHRXV SUHFLRVD
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(OGHVD\XQRHVSRUODPDDQD %UHDNIDVWLVLQWKHPRUQLQJ
8QVDQGZLFKDODVRQFH $VDQGZLFKDWHOHYHQRoFORFN
/DFRPLGDHVSRUODWDUGH /XQFKLVLQWKHDIWHUQRRQ
(OWDODVFXDWUR 7HDDWIRXURoFORFN
/DFHQDHVSRUODQRFKH 'LQQHULVDWQLJKW

6R\\R ,WoVPH
(VO ,WoVKLP
(VHOOD ,WoVKHU
6RPRVQRVRWURV ,WoVXV
6RQHOORV ,WoVWKHP

/RZ,QWHUPHGLDWH
3XHGRKDEODUFRQHOVHRU &DQ,VSHDNWR0U$OOHQ
SOHDVH"
$OOHQSRUIDYRU"
/RVLHQWRQRHVWHQHVWH ,oPVRUU\KHLVQoWKHUHDWWKH
PRPHQW
PRPHQWR
(VWDUDOOHVWDWDUGH" :LOOKHEHWKHUHWKLV
DIWHUQRRQ"
1RHVWGHYDFDFLRQHV 1RKHoVRQKROLGD\
&XQGRYROYHU" :KHQZLOOKHFRPHEDFN"

0LGGOH,QWHUPHGLDWH
7RGDYDQRKDVHQFRQWUDGR +DYHQoW\RXIRXQG\RXUNH\V
\HW"
WXVOODYHV"
(VWDEDQHQFLPDGHXQDUPDULR 7KH\ZHUHRQWRSRID
FXSERDUGLQWKHNLWFKHQ
HQODFRFLQD
+DVDSUHQGLGRDFRQGXFLU\D" +DYH\RXOHDUQWKRZWRGULYH
\HW"
1RWRGDYDYR\DOWUDEDMRHQ 1R,VWLOOJRWRZRUNRQP\
ELNH
PLELFL
3RUTXQXQFDKDVUHFLELGR :K\KDYH\RXQHYHUWDNHQ
GULYLQJOHVVRQV"
FODVHVGHFRQGXFLU"

+LJK,QWHUPHGLDWH
1RWLHQHVEXHQDVSHFWR <RXGRQoWORRNYHU\ZHOO
&UHRTXHFRPDOJRTXHQR ,WKLQN,DWHVRPHWKLQJWKDW
GLGQoWDJUHHZLWKPH
PHVHQWELHQ
&DUQHSHVFDGRRPDULVFR" 0HDWVKRUVHDIRRG"
1RFRFLQORVXFLHQWHORV ,GLGQoWFRRNWKHHJJVHQRXJK
LQP\RPHOHWWH
KXHYRVHQPLWRUWLOOD
'HEHUDVWHQHUPVFXLGDGR <RXVKRXOGEHPRUHFDUHIXO

/RZ$GYDQFHG
&XOHUDHODSHOOLGRGHVROWHUD :KDWoVP\PRWKHUoVPDLGHQ
QDPH"
GHPLPDGUH"
1RWHQJRODPVPQLPDLGHD ,KDYHQoWWKHVOLJKWHVWLGHD
7HGR\XQDSLVWD" 6KDOO,JLYH\RXDFOXH"
&RUWDFDUQH\WLHQHFXFKLOORV +HFXWVPHDWDQGKDVVKDUS
NQLYHV
DODGRV
2ELHQHVFDUQLFHURRELHQ ,WoVHLWKHU%XWFKHURU6HULDO
NLOOHU
DVHVLQRHQVHULH

6QRUNHO (VQUNHO
0DVN *DIDVGH%XFHR
$LU7DQN %RWHOOD

:HWVXLW 1HRSUHQR

)OLSSHUV $OHWDV

9RFDEXODULR6FXED'LYLQJ 6XEPDULQLVPR
0LGGOH$GYDQFHG
3RUTXYDVDPDWDUDHVH :K\DUH\RXJRLQJWRNLOOWKDW
EXJ"
ELFKR"
3RUTXHHOSHTXHRYDPSLUR %HFDXVHWKHOLWWOHYDPSLUH
VXFNVP\EORRG
FKXSDPLVDQJUH
9DVDDUPDUXQDWUDPSD" $UH\RXJRLQJWRVHWLWDWUDS"
/RYR\DDSODVWDUFRQPLSXR ,oPJRLQJWRFUXVKLWZLWKP\
VW
(VRHVHFD]SHURQRPX\ 7KDWoVHIIHFWLYHEXWQRWYHU\
HIFLHQW
HFLHQWH

)RU(QJOLVKVXSHUVWDUVRQO\
3VDPHODVLHUUDSRUIDYRU 3DVVPHWKHVDZSOHDVH
4XDVSHFWRWLHQHODVLHUUD" :KDWGRHVDVDZORRNOLNH"
3DUHFHXQWLEXUQVRQULHQGR ,WORRNVOLNHDVKDUNVPLOLQJ
(VHVDTXHHVWDOODGRGHO ,VWKDWWKHRQHQH[WWRWKH

PDUWLOOR"
KDPPHU"
(VRHVXQGHVWRUQLOODGRUOD 7KDWoVWKHVFUHZGULYHUWKHVDZ
VLHUUDHVWGHEDMRGHODOODYH
LVXQGHUWKHPRQNH\ZUHQFK
LQJOHVD



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
7RZDLW

3KUDVDOYHUEVZLWKpXSq  
,oOOFDOOKLPXSWRPRUURZ
/HOODPDUPDDQD


7KHUDLQKDVQoWOHWXSDOOGD\
/DOOXYLDQRKDDPDLQDGRHQWRGRHOGD

7KLVFKDLUWDNHVXSDORWRIVSDFH ,ZRQoWOHWXSXQWLO,JHWLW
(VWDVLOODRFXSDPXFKRHVSDFLR
1REDMDUODSUHVLQKDVWDTXHQRORFRQVLJD
'RQoWOHWXSQRZ
|1RDRMHVHOULWPRDKRUD

'RQoWZDLWXSIRUPH
1RPHHVSHUHVOHYDQWDGR OOHJDUWDUGH 


3UH[HV8Q  

6LJQLFDpHVSHUDUqHQHOVHQWLGROLWHUDO
&XDQGRHVSHUDPRVDOJRRDDOJXLHQVLHPSUH
HPSOHDPRVODSUHSRVLFLQpIRUq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VWR\HVSHUDQGRHODXWREV
(VSHUHOWUHQGXUDQWHWUHVKRUDV
OHVSHUWRGDODWDUGHSDUDFRQVHJXLUXQD
HQWUDGD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(VWDHVODWHUFHUDFKDGHGLFDGDDYRFDEXODULRFX\RVLJQLFDGRGHSHQGHGHOSUHMRFRQTXHFRPLHQ]DFDGDSDODEUD1LQJXQDGHODVSDODEUDV
H[SXHVWDVDFRQWLQXDFLQHVUHEXVFDGD6HR\HQDGLDULR(QPXFKRVFDVRVVHXVDHQFDVWHOODQRHODGMHWLYRpSRFRq XQUHDOLVWLF SRFRUHDOLVWD
XQRUWKRGR[ SRFRRUWRGR[RHWF 
8QRUWKRGR[ <RXUZD\RIGRLQJLWLVTXLWHXQRUWKRGR[
8QUHOHQWLQJ +HZDVXQUHOHQWLQJLQWKHSUHVVXUHKHDSSOLHG
8QSDFN ,oPWRRWLUHGWRXQSDFNQRZ
8QUHOLDEOH <RXFDQoWFRXQWRQKLP+HoVTXLWHXQUHOLDEOH
8QSDLG  +HWRRNWZRPRQWKVoXQSDLGYDFDWLRQ
8QUHPDUNDEOH +HOHGDGXOOXQUHPDUNDEOHOLIH
8QSDLG  7KLVLQYRLFHLVVWLOOXQSDLG
8QUHVROYHG 7KHFULPHUHPDLQVXQUHVROYHG
8QSDUDOOHOHG 7KDWIHDWLVXQSDUDOOHOHGLQKXPDQKLVWRU\
8QUHVW 7KHUHoVEHHQDORWRIODERXUXQUHVWODWHO\
8QSDYHG %HFDUHIXOEHFDXVHWKHURDGLVVWLOOXQSDYHG
8QULYDOOHG 7KHVHLQVHUWVDUHXQULYDOOHGLQXVHIXOQHVV
8QSOHDVDQW ,WZDVDQXQSOHDVDQWH[SHULHQFHIRUHYHU\RQH
8QURPDQWLF 'R\RXKDYHWREHVRXQURPDQWLF"
8QSOXJ 8QSOXJWKHWRDVWHUEHIRUHWU\LQJWR[LW
8QVDIH /HWoVJHWRXWRIKHUH7KLVSODFHLVXQVDIH
8QSRSXODU 7KHER\ZDVYHU\XQSRSXODUDWWKHVFKRRO
8QVDWLVIDFWRU\ 7KHUHVXOWVZHUHXQVDWLVIDFWRU\LQP\RSLQLRQ
8QSUHGLFWDEOH +HUEHKDYLRULVDOZD\VXQSUHGLFWDEOH
8QVDWLVHG ,oPXQVDWLVHGZLWKWKHVROXWLRQ
8QSUHSDUHG ,ZDVXQSUHSDUHGIRUKHUUHDFWLRQ
8QVFUXSXORXV 7KHSROLWLFLDQZDVXQVFUXSXORXVLQKLVDFWV
8QSURGXFWLYH 7KLVKDVEHHQDYHU\XQSURGXFWLYHPHHWLQJ
8QVNLOOHG :HQHHGPRUHXQVNLOOHGZRUNHUV
8QSURIHVVLRQDO +LVEHKDYLRUDWWKHPHHWLQJZDVXQSURIHVVLRQDO
8QVRFLDEOH :K\GR\RXKDYHWREHVRXQVRFLDEOH"
8QSURWDEOH 7KHFRPSDQ\ZDVXQSURWDEOHDWWKHEHJLQQLQJ
8QVROG 2XUKRXVHLVVWLOOXQVROG
8QSURQRXQFHDEOH <RXUVXUQDPHLVXQSURQRXQFHDEOH
8QVSRNHQ 7KHUHDUHFHUWDLQXQVSRNHQUXOHVLQWKLVKRXVH
8QSXQLVKHG 7KHFULPHZHQWXQSXQLVKHG
8QVWDEOH 7KLVWDEOHLVDELWXQVWDEOH
8QTXDOLHG +HoVXQTXDOLHGIRUWKHMRE
8QVXFFHVVIXO +LVDWWHPSWWRUHDFKWKHWRSZDVXQVXFFHVVIXO
8QTXHVWLRQDEO\ +HoVXQTXHVWLRQDEO\WKHEHVWPDQIRUWKHMRE
8QVXLWDEOH 7KLVMRELVXQVXLWDEOHIRU\RX
8QTXRWH +HVDLGp,KDWH\RXqTXRWHXQTXRWH
8QVXUH 0\GDXJKWHULVXQVXUHDERXWKHUIXWXUH
8QUDYHO 6KHUORFN+ROPHVXQUDYHOOHGWKHP\VWHU\
8QVXUSDVVHG 7KHTXDOLW\RIWKHVHLQVHUWVLVXQVXUSDVVHG
8QUHDO :RZ,WZDVOLNHXQUHDOPDQ:RZ
8QWDSSHG 7KHUHDUHXQWDSSHGUHVRXUFHVLQWKLVUP
8QUHDOLVWLF <RXUH[SHFWDWLRQVDUHXQUHDOLVWLF
8QWKLQNDEOH ,WoVXQWKLQNDEOHWRFRQVLGHUKLPIRUWKHMRE
8QUHDVRQDEOH /LVWHQWRPHDQGGRQoWEHVRXQUHDVRQDEOH
8QWLH &DQ\RXXQWLHP\VKRHVIRUPH"
8QUHDVRQDEO\ ,WoVEHHQXQUHDVRQDEO\KRWWKLVVXPPHU
8QXVXDO ,WoVXQXVXDOWRVHHKLPGUHVVHGOLNHWKDW
8QUHFHSWLYH +HZDVXQUHFHSWLYHWRP\LGHDV
8QYHLO 7KHSUHVLGHQWXQYHLOHGDSODTXHDWWKHEDQTXHW
8QUHFRJQL]DEOH +HZDVXQUHFRJQL]DEOHLQWKDWVXLWDQGWLH
8QZLOOLQJ +HoVXQZLOOLQJWRFRRSHUDWHZLWKXV
8QUHQHG <RXVKRXOGQoWHDWXQUHQHGROLYHRLO
8QZLVH ,WKLQNLWoVXQZLVHWRLQLWLDWHWKHSODQQRZ
8QUHODWHG 7KLVHYHQWLVFRPSOHWHO\XQUHODWHGWRWKHRWKHU
8QZHOFRPH 7KDWNLQGRIEHKDYLRULVXQZHOFRPHKHUH
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
3RUTXHUHVWDQFDEH]RWD"7XVQRFLRQHVURPQWLFDVVREUHQXHV
WUD OQHD GH SURGXFWRV QRV YDQ D OOHYDU D OD EDQFDUURWD +HPRV
UHDOL]DGR GRV LQYHVWLJDFLRQHV GH PHUFDGR \ DPEDV PXHVWUDQ
FODUDPHQWHTXHHVWHFKDPSQXHYRQRYDDLUELHQHQQLQJXQR
GH QXHVWURV PHUFDGRV REMHWLYR 3RU TX HUHV WDQ LQVLVWHQWH HQ
VHJXLU DGHODQWH" 1RV FRVWDU PV GH FLQFR PLOORQHV GH GODUHV
VRODPHQWHHOSUHSDUDUHOSURFHVRGHSURGXFFLQ

:K\ DUH \RX VR KDUGKHDGHG"<RXU URPDQWLF QRWLRQV DERXW RXU


SURGXFW OLQH DUH JRLQJ WR GULYH XV LQWR EDQNUXSWF\ :HoYH GRQH
WZRPDUNHWVXUYH\VDQGERWKRIWKHPFOHDUO\WHOOXVWKDWWKLVQHZ
VKDPSRR LV QRW JRLQJ WR GR ZHOO LQ DQ\ RI RXU WDUJHW PDUNHWV
:K\DUH\RXVRLQVLVWHQWRQSXVKLQJDKHDG",WZLOOFRVWXVRYHUYH
PLOOLRQGROODUVMXVWWRSUHSDUHWKHSURGXFWLRQSURFHVV


(VWLPDGRDPLJR\DOXPQR'HPRPHQWRSUHVFLQGRGHODSRHVD0LVGLVFXOSDV6HPHKDDJRWDGRODLQVSLUDFLQSRUDKRUDDVTXHYROYDPRV
DORVVHUPRQHV+DFHFLQFRPHVHVHVWXYHHQ9DOHQFLDSDUDGDUXQDFKDUODHQXQDGHODVXQLYHUVLGDGHVGHHVWDFRPXQLGDG0LSEOLFRHUD
UHGXFLGR6HWUDWDEDGHXQRVHVWXGLDQWHVMYHQHVTXHFXUVDEDQ\GH0DJLVWHULRFRQHVSHFLDOLGDGHQOHQJXDLQJOHVD6HVXSRQH
TXHYDQDVHUIXWXURVSURIHVRUHVGHLQJOVHQODVHVFXHODVSULPDULDV$ORVPLQXWRVGHODFKDUODPHGLFXHQWDGHTXHFLHUWRVDVLVWHQWHV
QRPHHVWDEDQVLJXLHQGRDSHVDUGHTXHKDEODEDXQLQJOVFODURGHVSDFLR\QWLGR$ORVPLQXWRVHPSHFDGHPRVWUDUOHVGLIHUHQWHV
WFWLFDVDHPSOHDUHQFODVHFRQHOQGHKDFHUPVGLQPLFDVODVVHVLRQHV3DUDHOORTXLVHLQYROXFUDUDORVSURSLRVDVLVWHQWHVHVGHFLUDORV
IXWXURVSURIHVRUHVGHLQJOV&XDOIXHPLVRUSUHVDFXDQGRYLTXHQRPVGHFLQFRGHORVHVWXGLDQWHVHUDQFDSDFHVGHKDEODUHQLQJOV
\GHHVWRVFLQFRVRODPHQWHXQDMRYHQKDEODEDFRQEXHQDFHQWR\VLQHUURUHVH[FHVLYRV/DOWLPDKRUDGHODFKDUODHQHVSDROODGHGLTX
DKDEODUOHVGHODLPSRUWDQFLDGHDGTXLULUXQEXHQQLYHOKDEODGR\DXGLWLYRHQLQJOVSDUDHQVHDUORGHIRUPDGLYHUWLGD\GLQPLFD0HGLR
ODLPSUHVLQTXHPVGHODPLWDGGHODVDODPHPLUDEDFRPRVLIXHUDXQELFKRUDUR(QQTXOHYDPRVDKDFHU"(QXQRRGRVDRVHVWRV
MYHQHVSURIHVRUHVYDQDSREODUODVDXODVGHODVHVFXHODVSULPDULDVSDUDHQVHDULQJOV\QLVLTXLHUDHOORVPLVPRVVDEHQKDEODUOR,PDJLQD
TXHWHOOHFWRUWXYLHUDVTXHFRPHQ]DUHOSU[LPRPHVDHQVHDUPHFQLFDGHODXWRPYLODDGROHVFHQWHVGH)3HQVXSULPHUWULPHVWUH
0HLPDJLQRTXHGHGLFDUDVXQDVKRUDVDHPSROODUWHHOWHPD\TXHGHVSXVWHHVIRU]DUDVVREUHPDQHUDSDUDQRKDFHUHOULGFXOR3XHV
PHGDODLPSUHVLQGHTXHHVWRVXFHGHWRGRVORVDRVHQORVFROHJLRV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

+D\VHVHQWDVHJXQGRVHQXQ 7KHUHDUHVL[W\VHFRQGVLQD

PLQXWR
PLQXWH
+D\VHVHQWDPLQXWRVHQXQD 7KHUHDUHVL[W\PLQXWHVLQDQ
KRUD
KRXU
+D\YHLQWHFXDWURKRUDVHQ 7KHUHDUHWZHQW\IRXUKRXUVLQ
XQGD
DGD\
+D\VLHWHGDVHQXQDVHPDQD7KHUHDUHVHYHQGD\VLQDZHHN
+D\FLQFXHQWD\GRVVHPDQDV 7KHUHDUHIW\WZRZHHNVLQD
HQXQDR
\HDU

1RTXLHURKDEODUFRQHOORV ,GRQoWZDQWWRVSHDNWRWKHP
(OODQRQHFHVLWDWUDEDMDUDOO 6KHGRHVQoWQHHGWRZRUNWKHUH
$OOHJXVWDFDQWDUHQHOFXDUWR+HOLNHVWRVLQJLQWKH
EDWKURRP
GHEDR
2GLDQOOHJDUWDUGH 7KH\KDWHWREHODWH
1RVHQFDQWDHVFXFKDUPVLFD :HORYHWROLVWHQWRPXVLF

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&XQGRVXFHGL" :KHQGLGLWKDSSHQ"
6XFHGLDOFRPLHQ]RGHDR ,WKDSSHQHGDWWKHEHJLQQLQJ
RIWKH\HDU
/DYLDPHGLDGRVGHDJRVWR ,VDZKHULQWKHPLGGOHRI$XJXVW
&XQGRFUHHVTXHFHUUDUHVD:KHQGR\RXWKLQNWKDWVKRS
ZLOOFORVH"
WLHQGD"
,PDJLQRTXHDQDOHVGHDR ,LPDJLQHDWWKHHQGRIWKH
\HDU

6XSLHURQGQGHIXHWXSULPR" 'LGWKH\NQRZZKHUH\RXU
FRXVLQZHQW"
3RGUDHOODGHFLUPHFXQWRV &RXOGVKHWHOOPHKRZPDQ\
ZHQHHG"
QHFHVLWDPRV"
6HDFXHUGDOHQTXDR 'RHVKHUHPHPEHUZKDW\HDU
WKH\FDPHKHUH"
YLQLHURQ"
1RPHJXVWDUDSHQVDUDTX ,ZRXOGQoWOLNHWRWKLQNZKDW
WLPHVKHJRWKRPH
KRUDOOHJDFDVD
1RVDEHVFXQWRFREUDHOOD" 'RQoW\RXNQRZKRZPXFKVKH
FKDUJHV"

7UDIF/LJKW 6HPIRUR

/DPSSRVW )DUROD
5RXQGDERXW 5RWRQGD

=HEUD&URVVLQJ 3DVRGHFHEUD
6LGHZDON $FHUD

9RFDEXODULR6WUHHW &DOOH
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

(VWR\GHDFXHUGRFRQWXVLGHDV,DJUHHZLWK\RXULGHDV
(VWXYRHOODGHDFXHUGRFRQ 'LGVKHDJUHHZLWK\RXU
SURSRVDO"
WXSURSXHVWD"
1XQFDKDHVWDGRGHDFXHUGR 6KHKDVQHYHUDJUHHGZLWKPH

RQDQ\WKLQJ
FRQPLJRHQQDGD
(VWDUQGHDFXHUGRFRQORV :LOOWKH\DJUHHZLWKWKH

FKDQJHV"
FDPELRV"
1RHVWDUDGHDFXHUGRFRQWLJR,ZRXOGQoWDJUHHZLWK\RXLI
VLPHSDJDUDVXQPLOOQGHHXURV \RXSDLGPHDPLOOLRQHXURV

(VWR\PXHUWRGHDEXUULPLHQWR ,oPERUHGRXWRIP\PLQG
6HQWWDQWDYHUJHQ]DTXH ,IHOWVRHPEDUUDVVHG,FRXOG
KDYHGLHG
GHVHHVWDUPXHUWR
6HPXHUHGHJDQDVGHIXPDU +HoVG\LQJIRUDFLJDUHWWH
XQFLJDUULOOR
1RWHORKDEUDDJUDGHFLGRVL +HZRXOGQoWKDYHWKDQNHG\RX
LI\RXKDGGRQHLW
ORKXELHUDVKHFKR
1RVHDVWDQWHVWDUXGR 'RQoWEHVRSLJKHDGHG

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

+DEOHPVDOWRSRUIDYRU 6SHDNXSSOHDVH
7HQGUVTXHLQYHQWDUWHXQD <RXoOOKDYHWRPDNHXSDVWRU\

KLVWRULD
/HJXVWDSUHVXPLU +HOLNHVWRVKRZRII
6HUHGXFHDXQDFXHVWLQGH ,WERLOVGRZQWRDTXHVWLRQRI

PRQH\
GLQHUR
7HUPLQPRVOR\DGHXQDYH] /HWoVJHWLWRYHUZLWK

1DFLHQ1RFKHYLHMD +HZDVERUQRQ1HZ<HDUoV(YH
/OHJDPRVD(VWDGRV8QLGRVHO :HDUULYHGLQWKH8QLWHG6WDWHV
GDGH$FFLQGH*UDFLDV
RQ7KDQNVJLYLQJ'D\
/D1RFKHEXHQDVXHOHVHUXQD &KULVWPDV(YHLVXVXDOO\D

GHFHSFLQVLVDOHV
OHWGRZQLI\RXJRRXW
/RVFDWOLFRVQRGHEHUDQFRPHU&DWKROLFVVKRXOGQoWHDWVKRQ
SHVFDGRHQ9LHUQHV6DQWR
*RRG)ULGD\
0XFKDJHQWHYDDORV $ORWRISHRSOHJRWR

FHPHQWHULRVHO'DGHWRGRV
FHPHWHULHVRQ$OO6RXOoV'D\
ORV6DQWRV



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq  

,QWHUURJDWLYR

,GRQoWSODQWREULQJXSWKHVXEMHFW
1RSLHQVRVDFDUHOWHPD

6KDSHXSRUVKLSRXW
|2HQWUDVHQYHUHGDRWHODUJDV

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

<RXoOOKDYHWRPDNHXSDVWRU\
7HQGUVTXHLQYHQWDUXQDKLVWRULD

7KLQJVDUHVWDUWLQJWRVKDSHXS
/DVFRVDVHVWQHPSH]DQGRDWRPDUIRUPD

7LHQHQQLHWRV"
7HQHPRVPXFKRWUDEDMR"
7LHQHQFRFKH"

'RQoWJLYHXSQRZ
|1RDEDQGRQHVDKRUD

3HWHUoVFRPHXSZLWKDJRRGLGHD
3HGURKDGDGRXQDEXHQDLGHD

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UH[HV8QGHU
(OSUHMRpXQGHUqHVPHQRVFRUULHQWHTXHRWURVSUHMRVTXHYDPRVDYHUHQHVWDVFKDV6LQHPEDUJRKD\PXFKDVSDODEUDVLPSRUWDQWHVHQ
LQJOVTXHSDUWHQGHHVWHSUHMR/DVPVLPSRUWDQWHVHQPLRSLQLQVRQORVYHUERVpWRXQGHUHVWLPDWHqpWRXQGHUJRq\pWRXQGHUWDNHq
\ORVDGMHWLYRVpXQGHUSDLGq\pXQGHUVWDIIHGq
8QGHUFORWKHV
8QGHUFRRN
8QGHUFRYHU
8QGHUFXUUHQW
8QGHUFXW
8QGHUGHYHORSHG
8QGHUGRJ
8QGHUHVWLPDWH
8QGHUJR
8QGHUJUDGXDWH
8QGHUJURXQG 
8QGHUJURXQG 
8QGHUJURXQG 
8QGHUJURZWK
8QGHUOLQH 
8QGHUOLQH 
8QGHUO\LQJ
8QGHUPLQH
8QGHUSDLG
8QGHUSDQWV

+HZRUHWKHVDPHXQGHUFORWKHVIRUWKUHHGD\V
7KHVWHDNLVXQGHUFRRNHG&DQ\RXWDNHLWEDFN"
0D[LVRXUXQGHUFRYHUDJHQWLQWKH%DONDQV
7KHUHZDVDQXQGHUFXUUHQWRIDQJHULQKLVZRUGV
:HFDQXQGHUFXWWKHLUSULFHE\SHUFHQW
&KDGLVFRQVLGHUHGDQXQGHUGHYHORSHGFRXQWU\
,OLNHLWZKHQWKHXQGHUGRJGHIHDWVWKHIDYRULWH
'RQoWXQGHUHVWLPDWHKLVVWUHQJWK
<RXQHHGWRXQGHUJRDVHULHVRIPHGLFDOWHVWV
8QGHUJUDGXDWHVWXGHQWVPXVWOLYHRQFDPSXV
7KHXQGHUJURXQGLQ/RQGRQLVFDOOHGWKHWXEH
+HoVDPHPEHURIDQXQGHUJURXQGRUJDQL]DWLRQ
7KHUHoVDQXQGHUJURXQGFDUSDUNTXLWHQHDUKHUH
7KHUHoVYHU\OLWWOHXQGHUJURZWKLQSLQHIRUHVWV
,ZDQW\RXWRXQGHUOLQHWKHQRXQVLQWKHVHQWHQFH
,ZDQWWRXQGHUOLQHWKHLPSRUWDQFHRIWKLV
7KHXQGHUO\LQJFDXVHLVUHDOO\HQY\
+LVDWWLWXGHLVXQGHUPLQLQJP\DXWKRULW\
,IHHO,oPXQGHUSDLGIRUP\MRE
7KHWRSSDUWRI\RXUXQGHUSDQWVLVVKRZLQJ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(VWDPDDQDOOHJDURQDODHVWDFLQGHVGH'HWURLWEULOODQWHV\QXH
YRVDWDGHV'HVGHDOOVHUQHQYLDGRVDORVGLIHUHQWHVFRQFHVLRQDULRV
DOUHGHGRUGHO(VWHGH0LVVLVVLSSL3RUVXSXHVWRORVDUWFXORVQR
SUHWHQGHQVHUDWDGHVSHURHVRHVORTXHDOJXQRVWHUPLQDUQVLHQGR
XQDYH]TXHHVWQHQPDQRVGHQHJOLJHQWHVFRQGXFWRUHV

8QGHUSDVV
8QGHUSULFHG
8QGHUSULYLOHJHG
8QGHUUDWH
8QGHUVFRUH 
8QGHUVFRUH 
8QGHUVKLUW
8QGHUVWDIIHG
8QGHUVWDWH
8QGHUVWDWHPHQW
8QGHUWDNH
8QGHUWDNHU
8QGHUWDNLQJ
8QGHUXWLOL]HG
8QGHUYDOXHG
8QGHUZDWHU
8QGHUZHDU
8QGHUZHLJKW
8QGHUZRUOG

7KLVFLW\LVIXOORIRYHUSDVVHVDQGXQGHUSDVVHV
7KHERRNLVXQGHUSULFHGDWHXURV
2XUJURXSKHOSVXQGHUSULYLOHJHGFKLOGUHQ
'RQoWXQGHUUDWHKLVDELOLWLHV
8QGHUVFRUHHYHU\QRXQ\RXQGLQWKHWH[W
,ZDQWWRXQGHUVFRUHWKHLPSRUWDQFHRIWKLV
+HDOZD\VZHDUVDQXQGHUVKLUWLQZLQWHU
7KHQHZRIFHLVJURVVO\XQGHUVWDIIHG
<RXoUHXQGHUVWDWLQJWKHLPSRUWDQFHRIWKLV
7KH(QJOLVKDUHIDPRXVIRUXQGHUVWDWHPHQW
:HPXVWXQGHUWDNHDVHULHVRIREOLJDWLRQV
8QGHUWDNHUVHPEDOPDQGEXU\ERGLHV
7KLVSURMHFWLVDQLPSRUWDQWXQGHUWDNLQJ
7KLVFRPSDQ\KDVPDQ\XQGHUXWLOL]HGDVVHWV
7KHLQYHQWRU\LQWKLVFRPSDQ\LVXQGHUYDOXHG
,OLNHWRVZLPXQGHUZDWHU
+HPRGHOVXQGHUZHDUIRUDOLYLQJ
)RUPHKHoVDERXWYHNLORVXQGHUZHLJKW
$O&DSRQHZDVDPHPEHURIWKHXQGHUZRUOG

VKLQ\QHZFRIQVMXVWDUULYHGLQWKHWUDLQVWDWLRQIURP'HWURLW
HDUOLHU WRGD\ )URP WKHUH WKH\ ZLOO EH VKLSSHG WR WKH GLIIHUHQW
GHDOHUVKLSV DURXQG HDVWHUQ 0LVVLVVLSSL 2I FRXUVH WKH  LWHPV
DUHQRWLQWHQGHGWREHFRIQVEXWWKDWoVZKDWDIHZRIWKHPZLOO
HQGXSEHLQJRQFHWKH\oUHLQWKHKDQGVRIFDUHOHVVGULYHUV


(VWLPDGRDPLJR\DOXPQR$ODGHUHFKDYHUVSDODEUDVHQLQJOVFX\RVLJQLFDGR
VHJXUDPHQWHVDEHVRLQWX\HVFRQFDVLWRWDOSUHFLVLQ6HWUDWDGHSDODEUDVHQLQJOV
TXH SURYLHQHQ GHO ODWQ TXH VH XVDQ FRQ FLHUWD IUHFXHQFLD DO KDEODU VREUH WRGR
HQWUHSHUVRQDVFX\ROHQJXDMHHVGHDOWRQLYHO/DVSDODEUDVODVKHH[WUDGRGHODV
SULPHUDVSJLQDVGHODVTXHFRPSRQHQORVWUHVWRPRVGH:HEVWHUoV7KLUG
,QWHUQDWLRQDO 'LFWLRQDU\ +DFLHQGR XQ SHTXHR FOFXOR PDWHPWLFR SRGHPRV
SXHVGHGXFLUTXHKD\IFLOPHQWHPVGHPLOSDODEUDVGHXVRFRPQHQLQJOVTXH
FRQRFHUVDOLQVWDQWHQDGDPVYHUODV$OJXQDVWLHQHQXQVLJQLFDGRGLIHUHQWHTXH
VXSULPRKHUPDQRHVSDRODTXOODVTXHOODPDPRVIDOVHIULHQGVSHURODPD\RUD
GH ODV PLVPDV VLJQLFDQ OR PLVPR HQ DPERV LGLRPDV 3RU OR WDQWR \D SXHGHV
DUPDUTXHVDEHVPLOSDODEUDVHQLQJOV$SDUWLUGHHVWDFKDYR\DLQFOXLUXQD
RGRVFROXPQDVGHSDODEUDVLQJOHVDVGHUD]ODWLQDVREUHWRGRSDUDTXHSXHGDVLU
GQGRWHFXHQWDGHTXHWXYRFDEXODULRHQPLLGLRPDQRHVHQDEVROXWRSREUHVLQR
EDVWDQWHULFR
5LFKDUG9DXJKDQ

$EGLFDWH
$EGLFDWLRQ
$EHUUDWLRQ
$EROLVK
$EROLWLRQ
$EVWHPLRXV
$IIDEOH
$IUPDWLRQ
$IUP
$IUPDWLYH
$GMDFHQW
$GXODWLRQ
$GXODWH
$GXOWHUDWH
$GYHUVH
$GYHUVLW\
$JUDULDQ

$JURQRP\
$JURQRPLVW
$JJUHJDWH
$JHQF\
$OLHQ
$OWHUFDWLRQ
$OWUXLVW
$OWHU
$OWLPHWHU
$PELJXRXV
$PELHQFH
$PEXODQFH
$PLDEOH
$QJXLVK
$QLPRVLW\
$QQDOV
$QQXDO

$QWLGLOXYLDQ
$QWLTXLW\
$QWLTXDWHG
$QWLTXDU\
$SSUHKHQVLYH
$GDSW
$GDSWDEOH
$GDSWDELOLW\
$GDSWDWLRQ
$SW
$SWLWXGH
$TXHGXFW
$TXLIHU
$UELWUDWLRQ
$UGHQW
$UGXRXV
$ULG





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(OLQYLHUQRHVIUR :LQWHULVFROG
(OYHUDQRHVFDOLHQWH 6XPPHULVKRW
(ORWRRHVYHQWRVR $XWXPQLVZLQG\
/DSULPDYHUDHVKPHGD 6SULQJLVZHW
(ODRHVODUJR 7KH\HDULVORQJ

(VHVH'9'PR" ,VWKDW'9'PLQH"
&PRVHGHOHWUHD'9'" +RZGR\RXVSHOO'9'"
(UHVWRQWRGHYHUGDG <RXUHDOO\DUHYHU\VWXSLG
'DPHPLVFRVDV *LYHPHP\WKLQJV
4XLHUHVVHUPLDPLJR" 'R\RXZDQWWREHP\IULHQG"

&RFNURDFK &XFDUDFKD

$QW +RUPLJD

'UDJRQ\ /LEOXOD

6SLGHU $UDD

%HH $EHMD

9RFDEXODULR,QVHFWV ,QVHFWRV
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

$TXKRUDYDQDOOHJDU" :KDWWLPHDUHWKH\JRLQJWR
DUULYH"
9DQDYHQLUHVWDWDUGH 7KH\DUHFRPLQJWKLV
DIWHUQRRQ
6DEHVVLYDQDWUDHUDOQLR" 'R\RXNQRZLIWKH\oUH
EULQJLQJWKHEDE\"
/RVDEXHORVYDQDFXLGDUOR 7KHJUDQGSDUHQWVDUHORRNLQJ
DIWHULW
&XQWRVDRVWLHQHQVXV +RZROGDUHWKHLUJUDQGSDUHQWV"
DEXHORV"

+HSHUGLGRPLWUHQ ,oYHPLVVHGP\WUDLQ
7HLPSRUWDVLPHTXHGRSRUOD'R\RXPLQGLI,VWD\WKHQLJKW"
QRFKH"
1RFUHRTXHPLVSDGUHVWHGHMHQ ,GRQoWWKLQNP\SDUHQWVZLOO
OHW\RX
1RWLHQHQSRUTXVDEHUQDGD 7KH\GRQoWKDYHWRNQRZ
DQ\WKLQJ
7HQGUVTXHLUWHWHPSUDQR <RXoOOKDYHWROHDYHHDUO\LQ
WKHPRUQLQJ
SRUODPDDQD

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

|'HMDGHVHUWDQSHVLPLVWD 6WRSEHLQJVRSHVVLPLVWLF
3RUTXVLHPSUHGLFHVWDQWDV :K\DUH\RXDOZD\VVD\LQJVR

PDQ\QHJDWLYHWKLQJV"
FRVDVQHJDWLYDV"
1RGHEHUDVHVFXFKDUWDQWR <RXVKRXOGQoWOLVWHQWRZKDW
RWKHUVVD\VRPXFK
ORTXHGLFHQORVGHPV
/DYLGDSRGUDVHUPXFKR /LIHFRXOGEHPXFKEHWWHULI
\RXEHOLHYHGDOLWWOHPRUHLQ
PHMRUVLFUH\HVHVXQSRFR
\RXUVHOI
PVHQWLPLVPR
3RUTXHVWVWDQVHJXURGH :K\DUH\RXVRVHOIFRQGHQW"
WLPLVPR"

7XYRTXHYHUFRQORTXHSDV
HQHOSXEDQRFKH
4XWLHQHTXHYHUHVR
FRQPLJR"
7LHQHWRGRTXHYHUFRQWLJR
(OODQRTXLHUHWHQHUQDGDTXH
YHUFRQWLJRDKRUD
3RUTXWHQDTXHVDOLUDV"

0LGGOH$GYDQFHG

,WKDGWRGRZLWKZKDW
KDSSHQHGDWWKHSXEODVWQLJKW
:KDWGRHVWKDWKDYHWRGR
ZLWKPH"
,WKDVHYHU\WKLQJWRGRZLWK\RX
6KHGRHVQoWZDQWWRKDYH
DQ\WKLQJWRGRZLWK\RXQRZ
:K\GLGLWKDYHWRZRUNRXW
OLNHWKLV"

)RU(QJOLVKVXSHUVWDUVRQO\

6RPRVWRGRVGHWUHLQWD\ :HoUHDOOWKLUW\VRPHWKLQJV
WDQWRV
(OODWLHQHFXDUHQWD\SRFRV 6KHoVLQKHUHDUO\IRUWLHV
OHVWHQYHLQWLWDQWRV +HoVLQKLVPLGWZHQWLHV
7LHQHQVHVHQWD\PXFKRV 7KH\oUHLQWKHLUODWHVL[WLHV
6HHVWQKDFLHQGRYLHMRV 7KH\oUHJHWWLQJROG

OVOROHHORVSHULGLFRVGH +HRQO\UHDGVWKH(QJOLVK
JUDQIRUPDWR
EURDGVKHHWV
0LKHUPDQDGHYRUDODSUHQVD 0\VLVWHUGHYRXUVWKHWDEORLGV

DPDULOOD
+D\DOJXQDGLIHUHQFLDHQWUH ,VWKHUHDQ\GLIIHUHQFH
ODSUHQVDVHQVDFLRQDOLVWD\OD EHWZHHQWKHVHQVDWLRQDOLVW
SUHQVDDPDULOOD"
SUHVVDQGWKHWDEORLGV"
1RWHQLVUHYLVWDVDQRGLQDV 'RQoW\RXKDYHEODQGFHOHEULW\

GHFHOHEULGDGHV"
PDJD]LQHV"
7HQHPRVH[DFWDPHQWHODPLVPD:HKDYHH[DFWO\WKHVDPH
ED]RDTXHYRVRWURVDTX
PXFNDV\RXGRKHUH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq  

6KRXOG

+ROGXSWKHWURSK\IRUXVWRVHH
/HYDQWDHOWURIHRSDUDTXHORYHDPRV

,ZDVKHOGXSLQWUDIF
(VWXYHUHWHQLGRHQXQDWDVFR

+ROG\RXKHDGXSZKHQ\RXZDON
$QGDFRQODFDEH]DDOWD

<RXoUHKROGLQJXSSURJUHVVRQWKHSURMHFW
(VWVHQWRUSHFLHQGRHOSURJUHVRGHO
SUR\HFWR

7KHSLOODUVKROGXSWKHURRI
/RVSLODUHVVRSRUWDQHOWHMDGR

7KHUREEHUVKHOGXSWKHEDQN
/RVODGURQHVDWUDFDURQHOEDQFR

3UH[HV,Q 
,QDELOLW\
,QDFFHVVLEOH
,QDFFXUDF\
,QDFFXUDWH
,QDGHTXDWH
,QDGYHUWHQWO\
,QDSSURSULDWH
,QDXJXUDWH
,QDXJXUDWLRQ
,QERXQG
,QFDOFXODEOH
,QFDSDEOH
,QFDSDFLWDWH
,QFRKHUHQW
,QFRPLQJ
,QFRPSDWLEOH
,QFRPSHWHQFH
,QFRPSHWHQW
,QFRPSOHWH

+HH[KLELWVDFOHDULQDELOLW\WRFRRSHUDWH
7KHSXEOLFDWLRQLVLQDFFHVVLEOHWRQRQPHPEHUV
7KHUHZHUHDORWRILQDFFXUDFLHVLQWKHDUWLFOH
<RXUYHUVLRQRIZKDWKDSSHQHGLVLQDFFXUDWH
7KHPRQH\\RXRIIHUHGZDVWRWDOO\LQDGHTXDWH
,LQDGYHUWHQWO\VWHSSHGRQWKH.LQJoVIRRW
<RXUEHKDYLRUZDVLQDSSURSULDWHIRUWKHRFFDVLRQ
7KHSUHVLGHQWLQDXJXUDWHGWKHQHZPRWRUZD\
$OOWKHPLQLVWHUVDWWHQGHGWKHLQDXJXUDWLRQ
$OOLQERXQGLJKWVWR2SRUWRZHUHUHURXWHGWR9LJR
7KHORVVHVZHUHLQFDOFXODEOH
+HoVLQFDSDEOHRIVKRXWLQJDWDVXERUGLQDWH
7KHDFFLGHQWLQFDSDFLWDWHGKLPIRUWKUHHPRQWKV
+LVQDOZRUGVZHUHLQFRKHUHQW
,QFRPLQJFDOOVZLOOEHWUDQVIHUUHGWRDFDOOFHQWHU
7KHMRELVLQFRPSDWLEOHZLWKP\FXUUHQWSRVLWLRQ
7KHLULQFRPSHWHQFHZDVFOHDUWRHYHU\RQH
+RZFDQVRPHRQHEHVRLQFRPSHWHQW"
7KHFRPSRVLWLRQ\RXZURWHLVVWLOOLQFRPSOHWH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7XFRUEDWDQRYDDMXHJRFRQWXWUDMH'HEHUDVEXVFDUTXLHQWH
D\XGH FXDQGR YDV D FRPSUDU URSD $\HU R DQWHD\HU OOHYDVWH XQ
FLQWXUQ PDUUQ \ FDOFHWLQHV PDUURQHV FRQ XQ WUDMH D]XO FODUR
0UDWHHQHOHVSHMRSRUXQPRPHQWR7LHQHVTXHDGPLWLUTXHKD\
DOJRPDO

,JXDOTXHpPXVWqOHVLJXHHOYHUEREVLFR
LQQLWLYRVLQpWRq 
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
'HEHUDVLUDOGHQWLVWD
'HEHUDVLUDOPGLFR
'HEHUDVLUDORFXOLVWD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,QFRPSUHKHQVLEOH
,QFRQFHLYDEOH
,QFRQFOXVLYH
,QFRQVLGHUDWH
,QFRQVLVWHQW
,QFRQVSLFXRXV
,QFRQYHQLHQW
,QFRQYHQLHQFH 
,QFRQYHQLHQFH 
,QFRUUHFW
,QFRUULJLEOH
,QFUHGLEOH
,QFXUDEOH
,QGHFHQW
,QGHFLSKHUDEOH
,QGHFLVLRQ
,QGHFLVLYH
,QGHIHQVLEOH
,QGHQLWH

+LVEHKDYLRUZDVLQFRPSUHKHQVLEOH
,WoVLQFRQFHLYDEOHWKDWKHUHIXVHVGWKHRIIHU
7KHSUHOLPLQDU\UHVXOWVZHUHLQFRQFOXVLYH
7KDWZDVLQFRQVLGHUDWHRIKLPWRVD\WKDW
+LVFRQGXFWLVLQFRQVLVWHQWZLWKKLVEHOLHIV
,PDGHP\VHOILQFRQVSLFXRXVLQWKHFURZG
,WoVLQFRQYHQLHQWIRUPHWRJRWKHUHQRZ
,oPUHDOO\VRUU\IRUWKHLQFRQYHQLHQFH
'RHVWKLVFKDQJHLQFRQYHQLHQFH\RX"
1LQHRXWRIWHQDQVZHUVZHUHLQFRUUHFW
+LVEHKDYLRULVLQFRUULJLEOH
,FDQoWEHOLHYHLW,WoVVLPSO\LQFUHGLEOH
<RXoYHFRQWUDFWHGDQLQFXUDEOHGLVHDVH
+HXVHGLQGHFHQWODQJXDJHLQWKHPHHWLQJ
+LVKDQGZULWLQJLVLQGHFLSKHUDEOH
+LVLQGHFLVLRQLVGULYLQJPHFUD]\
<RXFDQoWEHLQGHFLVLYHLQWKLVNLQGRIMRE
<RXUSRVLWLRQLVLQGHIHQVLEOH
&RQVLGHU\RXUFXUUHQWVLWXDWLRQLQGHQLWH

<RXUWLHGRHVQoWPDWFK\RXUVXLW<RXVKRXOGKDYHVRPHRQHKHOS
\RXRXWZKHQ\RXVKRSIRUFORWKHV<HVWHUGD\RU WKHGD\EHIRUH
\HVWHUGD\ \RX ZRUH D EURZQ EHOW DQG EURZQ VRFNV ZLWK D OLJKW
EOXHVXLW/RRNDW\RXUVHOILQWKHPLUURUIRUDVHFRQG<RXKDYHWR
DGPLWWKDWVRPHWKLQJoVZURQJ

5LFKDUG9DXJKDQ

(VWLPDGRDPLJR\DOXPQR+DFHSRFRXQR\HQWHGH9DXJKDQ5DGLRPHSUHJXQWVLHOVLVWHPDHGXFDWLYRHVSDRO
0VSDODEUDVLQJOHVDV
HVWDEDSRQLHQGRORVPHGLRVDGHFXDGRVSDUDUHVROYHUODFDUHQFLDTXHH[LVWHHQHOSDVFRQUHVSHFWRDOLQJOV
GHUD]ODWLQD
0LUHVSXHVWDIXHTXHQR3HURODFXHVWLQQRWLHQHTXHYHUFRQORVPHGLRVHFRQPLFRVVLQRPVELHQFRQORV
PHGLRVKXPDQRV\ODHVWUDWHJLDSHGDJJLFD/DYR]QDWLYDWLHQHTXHLPSHUDUVLHPSUHGHVGHODHVFXHODLQIDQWLO $UPDGD
$XJXVW
KDVWDHOOWLPRDRGHFDUUHUDXQLYHUVLWDULD6HJXQGRKD\TXHYROFDUWRGDODHQHUJDHQODFDOLGDG\VDWLVIDFFLQ $UPLVWLFH
$XVSLFHV
$XVWHUH
$UDEOH
GHO SURIHVRUDGR \ HQ HOLPLQDU WUDEDV EXURFUWLFDV (O SURIHVRU VLHPSUH GHEH VHU HO FHQWUR GHO XQLYHUVR HQ OD
$XVWHULW\
HQVHDQ]D8QSURIHVRUH[FHOHQWHDPDQWHGHVXHVSHFLDOLGDGWUDQVPLWHDVXVDOXPQRVFRQWDQWDSDVLQTXH $UWLVDQ
$X[LOLDU\
VWRVVHHQDPRUDQGHODWHPWLFDHQFXHVWLQ\ODDFDEDQGHYRUDQGR&XDQGRHVWRSDVDHOSURIHVRUGHMDGHVHU $UWLFXODWH
$YDULFH
SURIHVRU\FRPLHQ]DDVHUORQLFRTXHGHEHVHUXQFDWDOL]DGRUGHODSUHQGL]DMH(OTXHDSUHQGHHVHODOXPQR $UWLFXODWLRQ
\ODODERUGHOSURIHVRUHVFRQYHUWLUDVWHHQVXFPSOLFH/DQLFDIRUPDHQTXHHOSURIHVRUSXHGHPRGLFDU $VFHQGHQF\ %HOOLJHUHQW
%HOOLJHUHQFH
UDGLFDOPHQWHODWUD\HFWRULDGHDSUHQGL]DMHHVKDFLHQGRTXHODVFODVHVVHDQWDQLQWHUHVDQWHVSDUDTXHORVDOXPQRV $VWXWH
(PEHOOLVK
VDOJDQGHODFODVHGLFLHQGRFRPRPRODHOQXHYRSURIHVWHHVHOQLFREDUHPRGHPHGLFLQGHODFDOLGDGGHXQ $VWXWHQHVV
$WURFLW\
%HQHGLFWLRQ
SURIHVRU(OWHPDPVDEXUULGRHQDSDULHQFLDVHKDFHLQWHUHVDQWHHQPDQRVGHXQEXHQSURIHVRU\DODLQYHUVD
$WURFLRXV
%HQHIDFWRU
ORPVSRWHQFLDOPHQWHIDVFLQDQWHVHKDFHDEXUULGR\DQRGLQRHQPDQRVGHXQSURIHVRUGHOPRQWQ3RUWDQWR $WWHQWXDWH %HQHFLDU\
VORSLGRGRVFRVDVDOVLVWHPDHGXFDWLYR ODSUHVHQFLDFRQWLQXDGHODYR]QDWLYD\ SURIHVRUHVFDSDFHVGH $XWKRU
%HQHYROHQW
DFWLYDUSDVLRQHVSRUHOLQJOV/RSULPHURHVSRVLEOH/RVHJXQGRSXHGHSDUHFHUGLIFLOSHURXQEXHQSURIHVLRQDO $XWKRUL]H %HQHYROHQFH
GHODEVTXHGD\VHOHFFLQVDEHGQGHHQFRQWUDUSHUOHVHQOQHDFRQORTXHUHFRPLHQGR(OR\HQWHGHUDGLR $XWKRUL]DWLRQ
%HQLJQ
WDPELQPHSUHJXQWVLORVHVSDROHVWHQDQPXFKDYHUJHQ]DDODKRUDGHKDEODULQJOV6\QR7RGRVWHQHPRV $XWKRUL]HG
%HQHFLDO
YHUJHQ]DHLQVHJXULGDGFXDQGRSLVDPRVWHUUHQRUHVEDODGL]RGRQGHQRFRQWURODPRVHOHQWRUQR(VODQDWXUDOH]D $XWKRULWDULDQ %HQHFLDU\
%HQHW
KXPDQD3HURWDPELQKHFRQVWDWDGRHQPLVDRVHQHVWHSDVTXHHOHVSDROPHGLRVXIUHXQDDYHUVLQDO $XGDFLRXV
%RQDQ]D
$XGLW
ULHVJRVXSHULRUDSHUVRQDVGHRWUDVQDFLRQDOLGDGHVTXHFRQR]FR3RUHVWRVHSURGXFHQPHQRVHPSUHGHQGRUHV\
%RQERQ
HPSUHVDULRVHQ(VSDDTXHHQRWUDVODWLWXGHV+D\JUDQGVLPDVH[FHSFLRQHVDHVWRSHURODDYHUVLQDOULHVJRVH $XGLWRU
%RYLQH
$XGLWRULXP
SDOSDDTX(QHOIRQGRHQFXHQWURDOHVSDROPX\FRQVHUYDGRUHQVXIRUPDGHHQIRFDUODYLGD





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(OOXQHVHVWDQWHVTXHHOPDUWHV0RQGD\LVEHIRUH7XHVGD\
(OMXHYHVHVWGHVSXVTXHHO 7KXUVGD\LVDIWHU:HGQHVGD\

PLUFROHV
(OVEDGRHVWHQWUHHOYLHUQHV 6DWXUGD\LVEHWZHHQ)ULGD\DQG
\HOGRPLQJR
6XQGD\
4XGDHVWDQWHVGHOMXHYHV":KDWGD\LVEHIRUH7KXUVGD\"
4XGDHVWGHVSXVGHO :KDWGD\LVDIWHU7XHVGD\"
PDUWHV"

/DTXLHUR ,ORYHKHU
3RUTXODTXLHUHV" :K\GR\RXORYHKHU"
3RUTXHHVJXDSDULFDH %HFDXVHVKHoVSUHWW\ULFKDQG
LQWHOOLJHQW
LQWHOLJHQWH
<HOODWHTXLHUHDWL" $QGGRHVVKHORYH\RX"
(VSHURTXHV ,KRSHVR

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

OHVWHQVHDQGRVXFDUQGH +HoVVKRZLQJWKHSROLFHPDQ

KLV,'FDUG
LGHQWLGDGDOSROLFD
6HORHVWHQVHDQGR DO  +HoVVKRZLQJLWWRKLP
(OODOHGLRHOLQIRUPHDVXMHID 6KHJDYHKHUERVVWKHUHSRUW
\HVWHUGD\
D\HU
6HORGLRD\HU DHOOD  6KHJDYHLWWRKHU\HVWHUGD\
$TXLQVHORGLR" :KRGLGVKHJLYHLWWR"

&XQGRQRVYHUHPRVGHQXHYR" :KHQZLOOZHVHHHDFKRWKHU
DJDLQ"
'HMDGHKDEODUFRQWLJRPLVPR 6WRSWDONLQJWR\RXUVHOI
6HTXLHUHQ 7KH\ORYHHDFKRWKHU
(VWHQDPRUDGRGHVPLVPR +HoVLQORYHZLWKKLPVHOI
6HFRQRFHQ" 'RWKH\NQRZHDFKRWKHU"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

'QGHHVWODSXHUWDGH :KHUHoVWKHERDUGLQJJDWH"

HPEDUTXH"
$TXKRUDGHVSHJDHODYLQ" :KDWWLPHGRHVWKHSODQHWDNH
RII"
|9DPRVDHFKDUXQYLVWD]RDODV/HWoVKDYHDORRNDWWKHVFUHHQV
SDQWDOODV
<FXQGRDWHUUL]D" $QGZKHQGRHVLWODQG"
$EUFKHQVHORVFLQWXURQHVGH )DVWHQ\RXUVDIHW\EHOWV

SOHDVH
VHJXULGDGSRUIDYRU

4XHVXQIDOVRDPLJR" :KDWoVDIDOVHIULHQG"
(VDOJXLHQTXHQJHVHUWX,WoVVRPHRQHZKRSUHWHQGVWR
DPLJRSHURHQUHDOLGDGQRORHV EH\RXUIULHQGEXWLQIDFWLVQoW
4XHUDGHFLUOLQJVWLFDPHQWH ,PHDQWOLQJXLVWLFDOO\VSHDNLQJ
KDEODQGR
(VXQDSDODEUDTXHVHSDUHFHD ,WoVDZRUGWKDWORRNVOLNHRQH
XQDHQWXLGLRPDSHURTXHWLHQH LQ\RXUODQJXDJHEXWKDVD
XQVLJQLFDGRGLIHUHQWH
GLIIHUHQWPHDQLQJ
6RQSDODEUDVHQJDRVDV 7KH\oUHGHFHLWIXOZRUGV

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

4XVHUVHUf :KDWZLOOEHZLOOEHf
3DVHORTXHSDVH &RPHZKDWPD\
|7UDQTXLOR 7DNHLWHDV\
|&XLGDGR :DWFKRXW
|(VSHUD +ROGXS

3RUTXWHHVWVHQFRJLHQGR :K\DUH\RXVKUXJJLQJ\RXU
GHKRPEURV"
VKRXOGHUV"
|1RPHIUXQ]DVHOFHR 'RQoWIURZQDWPH
6LHPSUHKDFHSXFKHURVFRPR +HDOZD\VSRXWVOLNHDVSRLOW
XQQLRPLPDGR
FKLOG
9HRTXHHVWVUDVFQGRWHOD ,VHH\RXoUHWZLGGOLQJ\RXU

EDUULJDFRPRVLHPSUH
WKXPEVDVXVXDO
6DOXGDFRQODPDQRFRPRVL 6KHZDYHVDVLIVKHZHUHWKH
IXHUDODUHLQDGH,QJODWHUUD
4XHHQRI(QJODQG

5RXQGDERXW 7LRYLYR
6ZLQJV &ROXPSLRV
6OLGH 7RERJQ
6HHVDZ 6XELEDMD

0RQNH\%DUV 3DUDOHODV

9RFDEXODULR3OD\JURXQG 3DWLRGHUHFUHR



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq  

3KUDVDO9HUE7RWXUQXS

&DQ\RXWXUQXSWKHYROXPH"
3XHGHVVXELUHOYROXPHQ"

&RXOG\RXVSHDNXSSOHDVH"
3RGUD9GKDEODUPVDOWRSRUIDYRU"

7KHVN\KDVQDOO\FOHDUHGXS
(OFLHORSRUQVHKDGHVSHMDGR

:RXOGHYHU\ERG\SOHDVHVWDQGXS"
3QJDQVHWRGRVHQSLHSRUIDYRU

,oOOFOHDULWXSIRU\RX
7HORDFODUDU

<RXVKRXOGVWDQGXSIRU\RXUULJKWV
'HEHUDVGHIHQGHUWXVGHUHFKRV


3UH[HV,Q 
,QGHSHQGHQW
,QGHSHQGHQFH
,QGHVFULEDEOH
,QGHVWUXFWLEOH
,QGLIIHUHQW
,QGLIIHUHQFH
,QGLJHVWLRQ
,QGLUHFW
,QGLVFUHHW
,QGLVSHQVDEOH
,QGLVSRVHG
,QGLVSXWDEOH
,QGLVWLQFWO\
,QGRRU
,QGRRUV
,QHGLEOH
,QHIIHFWLYH
,QHIFLHQW
,QHYLWDEOH

:HOLYHLQDQLQGHSHQGHQWFRXQWU\
:HZRQRXULQGHSHQGHQFHDIWHUDORQJVWUXJJOH
7KHDYRXURIWKHLFHFUHDPZDVLQGHVFULEDEOH
2XUQHZDLUFUDIWFDUULHULVLQGHVWUXFWLEOH
+HLVWRWDOO\LQGLIIHUHQWWRRXUIDWH
7KHRSSRVLWHRIORYHLVQRWKDWHEXWLQGLIIHUHQFH
7DNHWKLVEOXHSLOOLI\RXVXIIHULQGLJHVWLRQ
<RXoUHXVLQJDQLQGLUHFWZD\WRJHWZKDW\RXZDQW
<RXPXVWQoWEHLQGLVFUHHWFRQFHUQLQJWKLVPDWWHU
1RERG\LVLQGLVSHQVDEOH
6KHZDVIHHOLQJLQGLVSRVHGDQGGHFLGHGWRJRKRPH
+HoVWKHLQGLVSXWDEOHOHDGHURIWKHJDQJ
<RXFDQXVHWKHPLQGLVWLQFWO\
,SUHIHULQGRRUVSRUWVWRRXWGRRUVSRUWV
7KHZHDWKHUZDVVRFROGWKDWZHVWD\HGLQGRRUV
7KLVIRRGLVLQHGLEOH
<RXUQHZWDFWLFVVHHPWREHWRWDOO\LQHIIHFWLYH
.LOOLQJLHVZLWKFDQQRQVLVUDWKHULQHIFLHQW
+LVUHDFWLRQZDVLQHYLWDEOHJLYHQWKHVLWXDWLRQ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7H LPSRUWDUD EDMDU XQ SRFR OD FDOHIDFFLQ" +DFH PXFKR FDORU
DTXGHQWURSRUORPHQRVHQHVWD]RQDGHODRFLQD+HSHGLGRDOD
HPSUHVDTXHPDQGHQXQWFQLFRSDUDUHYLVDUWRGRHOVLVWHPDSHUR
QRSDUHFHQVHUPX\HFLHQWHVHQFXPSOLPHQWDUODVVROLFLWXGHVGH
VHUYLFLR5HDOPHQWHFUHRTXHHVXQSUREOHPDGHGLVHR\TXHQR
KD\XQDIRUPDGHVROXFLRQDUORVLQJDVWDUQRVPXFKRGLQHUR/DGLV
WULEXFLQGHORVFRQGXFWRVGHODLUHHVFRPSOHWDPHQWHLOJLFD

6LJQLFDpOOHJDUq6HXWLOL]DSDUDSHUVRQDV
TXHOOHJDQWDUGHRTXHOOHJDQGHIRUPD
LQHVSHUDGD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
$TXKRUDOOHJ"
1ROOHJKDVWDODVVHLV
/OHJDWLHPSR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,QH[DFW
,QH[SHQVLYH
,QH[SHULHQFHG
,QH[SOLFDEOH
,QIDOOLEOH
,QIDPRXV
,QGHOLW\
,QJKWLQJ
,QQLWH
,QH[LEOH
,QRZ
,QIRUPDO
,QIUHTXHQW
,QJUDWLWXGH
,QKRVSLWDEOH
,QKXPDQH
,QODQG
,QRSSRUWXQH
,QRUJDQLF

7KHLQIRUPDWLRQ\RXSURYLGHLVLQH[DFW
:HQHHGWRQGDQLQH[SHQVLYHVROXWLRQ
+HoVWRRLQH[SHULHQFHGWRKDQGOHWKHMRE
+LVEHKDYLRXULVWRWDOO\LQH[SOLFDEOH
7KH3RSHoVLQWHUSUHWDWLRQLVLQIDOOLEOH
+LVWHPSHULVLQIDPRXV
,QGHOLW\LVDFRPPRQFDXVHIRUGLYRUFH
7KHUHoVDORWLQLQJKWLQJLQWKDWFRPSDQ\
7KHSRVVLELOLWLHVDUHLQQLWH
:HDUHLQH[LEOHRQWKLVSRLQW
7KHLQRZRIPRQH\LVFRQWLQXRXV
+HJDYHDQLQIRUPDOWDONRQWKHPDWWHU
7KHVHNLQGVRIRXWFRPHVDUHLQIUHTXHQW
,FDQoWEHOLHYHWKHH[WHQWRIKLVLQJUDWLWXGH
,IRXQGWKH5RPDQVTXLWHLQKRVSLWDEOH
7KH\UHFHLYHGLQKXPDQHWUHDWPHQW
7KHVKLSZDVIRXQGNLORPHWUHVLQODQG
<RXUUHTXHVWFDPHDWLQLQRSSRUWXQHWLPH
,QRUJDQLFPDWWHUH[KLELWVQRIHHOLQJV

:RXOG \RX PLQG WXUQLQJ GRZQ WKH KHDW D ELW" ,WoV UHDOO\ KRW LQ
KHUH DW OHDVW LQ WKLV DUHD RI WKH RIFH ,oYH DVNHG WKH FRPSDQ\
WRVHQGDWHFKQLFLDQWRORRNDWWKHHQWLUHV\VWHPEXWWKH\GRQoW
VHHP WR EH YHU\ HIFLHQW LQ OOLQJ WKHLU VHUYLFH RUGHUV , UHDOO\
WKLQNV LWoV D GHVLJQ SUREOHP DQG WKHUHoV QR ZD\ ZH FDQ [ WKDW
ZLWKRXWVSHQGLQJDORWRIPRQH\7KHGLVWULEXWLRQRIWKHDLUGXFWV
LVFRPSOHWHO\LOORJLFDO

(VWLPDGRDPLJR\DOXPQR6LJUDEDVHVKRUDVGHFRQYHUVDFLQHQWUHGRVQDWLYRVGHKDEODLQJOHVD\GHVSXV
WUDQVFULELHVHV HQ SDSHO HVDV PLVPDV KRUDV GH FRQYHUVDFLQ \ QDOPHQWH VXEUD\DVHV FDGD YHUER FRQMXJDGR
TXHDSDUHFHHQODWUDQVFULSFLQYHUDVTXHGHODVSDODEUDVSURQXQFLDGDVXQDVVHUDQYHUERV
FRQMXJDGRV 'H HVRV  YHUERV  VHUDQ DOJXQD IRUPD GHO YHUER pWR EHq RWURV  VHUDQ DOJQ
GHULYDGRGHOYHUERpWRJRqRWURVDOJXQDIRUPDGHOYHUERpWRKDYHq\RWURVGHOYHUERpWRGRq6LPH
DSXUDVHOGHWRGDVODVLQFLGHQFLDVGHYHUERHQODVKRUDVGHFRQYHUVDFLQHQWUHORVGRVDQJORSDUODQWHVHQ
FXHVWLQVHUDQGHULYDGRVGHORVYHUERVTXHJXUDQHQODVLJXLHQWHOLVWD
7REH
7RJR
7RKDYH
7RGR
7RZDQW

7RNQRZ
7RPDNH
7RVD\
7RWHOO
7RVHH

+DFHXQRVPHVHVXQDOXPQRPHSUHJXQWSRUODGLIHUHQFLDHQWUHpWRERWKHUq\pWRDQQR\q/HUHVSRQGTXHDPERV
YHUERVVLJQLFDQpPROHVWDUqSHURTXHKD\OLJHURVPDWLFHVGHGLIHUHQFLDHQDOJXQRVFDVRVFRQFUHWRV'HVSXVPH
SXVHDSHQVDUXQSRFRSDUDVDFDUXQHMHPSOR\DFDEGLFLQGROH$GHFLUYHUGDGQRVFXOHVODGLIHUHQFLDHQWUH
ORVGRVYHUERV/RTXHVVHVTXHXVRHOYHUERpWRERWKHUqTXL]VXQDYH]SRUVHPDQD\XVDUHOYHUERpWRDQQR\q
XQDYH]FDGDGRVPHVHV$KRUDELHQXVRDOJXQDIRUPDGHOYHUERpWREHqVHLVYHFHVSRUPLQXWR3RUWDQWRQRWH
PROHVWHVHQDSUHQGHUODGLIHUHQFLDSHURDVHJUDWHGHWHQHUXQGRPLQLREUEDURGHOYHUERpWREHqHQSUHVHQWH
SDVDGR\IXWXUR\HQDUPDWLYRQHJDWLYRHLQWHUURJDWLYR&RQRFHUORVPDWLFHVHQWUHYRFDEXODULRGHXVRSXQWXDOHV
XQDSUGLGDGHWLHPSRVLXQRGHDQWHPDQRQRSRVHH\DXQDDJLOLGDGDFWLYDWRWDOFRQORVGLH]YHUERVTXHDFDERGH
5LFKDUG9DXJKDQ
PHQFLRQDU








0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
&DQGLG
%UHYLW\
&DQGRU
%ULHI
&DQLQH
%XFROLF
&DGHQFH
(PDQFLSDWH
&DVFDGH (PDQFLSDWLRQ
'HFDGHQFH ,QFDSDFLWDWH
'HFDGHQW ,QFDSDFLWDWHG
,QFLGHQW
,QFDSDFLW\
,QFLGHQWDO
3UHFHSW
2FFLGHQW
&DSLWDO
2FFLGHQWDO
&DSLWDOLVP
&RQFLVH
&DSLWXODWLRQ
&RQFLVLRQ
&DSLWDOLVWLF
5HFDSLWXODWH
,QFLVLYH
,QFLVLRQ 5HFDSLWXODWLRQ
,QFDUFHUDWH
&HOHVWLDO
&DODPLWRXV &DUQLYRURXV
&DUQLYRUH
&DODPLW\
&DUQLYDO
&DOXPQ\





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VGLIFLO" ,VLWGLIFXOW"
1RQRORHV(VIFLO 1RLWLVQoW,WoVHDV\
6RQFDURV" $UHWKH\H[SHQVLYH"
1RQRORVRQ6RQEDUDWRV 1RWKH\DUHQoW7KH\oUHFKHDS
3RUTXVRQEDUDWRV" :K\DUHWKH\FKHDS"

+D\XQEDQFRFHUFDGHDTX" ,VWKHUHDEDQNQHDUKHUH"
+D\PXFKRVEDQFRVOHMRVGH 7KHUHDUHPDQ\EDQNVIDUIURP
KHUH
DTX
&XQWDVKDELWDFLRQHVKD\HQ +RZPDQ\EHGURRPVDUHWKHUH
LQ\RXUKRXVH"
WXFDVD"
6ORKD\XQD 7KHUHLVRQO\RQH
&RQTXLQYLYHV" :KRGR\RXOLYHZLWK"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&RQTXIUHFXHQFLDOHVYHV" +RZRIWHQGR\RXVHHWKHP"
1XQFDOHVYHR ,QHYHUVHHWKHP
&XQGRIXHODOWLPDYH]TXH:KHQZDVWKHODVWWLPH\RX
VSRNHWRWKHP"
KDEODVWHFRQHOORV"
/DOWLPDYH]TXHPHKDEODURQ7KHODVWWLPHWKH\VSRNHWRPH
ZDVZKHQ,ZDVHOHYHQ
IXHFXDQGRWHQDRQFHDRV
9LQLHURQDPLHVWDGH 7KH\FDPHWRP\ELUWKGD\
SDUW\
FXPSOHDRV

7DQWR-RKQFRPR6DUDKKDEODQ%RWK-RKQDQG6DUDKVSHDN
*HUPDQ
DOHPQ
(OODQLEDLODQLFDQWDPX\ELHQ 6KHQHLWKHUGDQFHVQRUVLQJV
YHU\ZHOO
3RGUDPRVLURELHQDXQ :HFRXOGJRWRHLWKHUDQ
,WDOLDQUHVWDXUDQWRUDQ,QGLDQ
UHVWDXUDQWHLWDOLDQRRELHQD
RQH
XQRKLQG
$SDUWHGHVHUHVFULWRUDHOODHV $VZHOODVEHLQJDZULWHUVKHoV
DSURIHVVLRQDOPXVLFLDQ
PVLFRSURIHVLRQDO
1RVPDUFKDUHPRVHQFXDQWR :HoOOOHDYHDVVRRQDVWKH\
DUULYH
OOHJXHQ

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

|(OGRORUGHFDEH]DPHHVW 0\KHDGDFKHLVNLOOLQJPH

PDWDQGR
'HEHUDVLUDOPGLFR <RXVKRXOGJRWRWKHGRFWRU
0HSXHGHVFRJHUXQDFLWD" &DQ\RXJHWDQDSSRLQWPHQW
IRUPH"
5HFXUGDPHTXHORKDJD 5HPLQGPHWRGRLWODWHU
GHVSXV
6LQRWHLPSRUWDSXHGHV ,I\RXGRQoWPLQGFDQ\RXGR

LWQRZ"
KDFHUORDKRUD"

2MDOQRORVKXELHUDVLQYLWDGR ,ZLVK\RXKDGQoWLQYLWHGWKHP
|'HKDEHUORVDELGR ,IRQO\,KDGNQRZQ
2MDOQRIXHUDVWDQWHUFR ,ZLVK\RXZHUHQoWVRVWXEERUQ
2MDOWXYLHUDRFKREUD]RV ,IRQO\,KDGHLJKWDUPVOLNHDQ
RFWRSXV
FRPRXQSXOSR
7HQGUDXQDVSHFWRXQSRFR <RXoGORRNDOLWWOHVWUDQJH
ZRXOGQoW\RX"
UDURQR"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

&XQWRKDFHTXHQRGRQDV +RZORQJKDVLWEHHQVLQFH\RX
VDQJUH"
GRQDWHGEORRG"
1XQFDKHSRGLGRGRQDUVDQJUH,oYHQHYHUEHHQDEOHWRGRQDWH
HQ(VSDDSRUVHULQJOV
EORRGLQ6SDLQEHFDXVH,oP
(QJOLVK
(VRHVXQSRFRUDFLVWDQR" 7KDWoVVRPHZKDWUDFLVWLVQoWLW"
1RWLHQHQDGDTXHYHUFRQ ,WKDVQRWKLQJWRGRZLWK
UDFLVPR
UDFLVP
(VXQDPHGLGDGHVHJXULGDG ,WoVDVDIHW\PHDVXUHDJDLQVW
FRQWUDORVSUREOHPDVFDXVDGRVSRU WKHSUREOHPVFDXVHGE\0DG
ODHQIHUPHGDGGHODVYDFDVORFDV &RZoV'LVHDVH

+D\TXHDFRUWDUHVWRV 7KHVHWURXVHUVQHHGWDNLQJXS
SDQWDORQHV
3RGUDVDODUJDUODVPDQJDV &RXOG\RXOHQJWKHQWKHVOHHYHV
SRUIDYRU"
SOHDVH"
7HQGUTXHPHGLUWXFLQWXUD ,oOOKDYHWRPHDVXUH\RXUZDLVW
/HJXVWDUDQXQRVJHPHORV :RXOG\RXOLNHVRPHFXILQNV
SDUDHVDFDPLVD"
IRUWKDWVKLUW"
(VXQDFHQDGHHWLTXHWD ,WoVDEODFNWLHGLQQHU

%URDFK %URFKH

5LQJ $QLOOR
(DUULQJ 3HQGLHQWH
%UDFHOHW 3XOVHUD
1HFNODFH &ROODU

9RFDEXODULR-HZHOU\ -R\DV




Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq  

2XJKW

,oPJRLQJWRSXWP\DWXSIRUVDOH ,oPVDYLQJXSIRUDQHZFDU
9R\DSRQHUPLSLVRHQYHQWD
(VWR\DKRUUDQGRSDUDXQFRFKHQXHYR
:KRSXWXSWKHFXUWDLQV"
4XLQFROJODVFRUWLQDV"

'RQoWZRUU\:HFDQSXW\RXXS
'HVFXLGD3XHGHGRUPLUHQQXHVWUDFDVD

:KDWoVXS"
4XKD\"

:K\GRQoW\RXWDNHXSFKHVV"
3RUTXQRDSUHQGHVDMHGUH]FRPRKREE\"

3DUHFLGRDp'R\RXWKLQN"qLQYHUWLPRVHO
VXMHWR\pRXJKWqVHJXLGRGHpWRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
'HEHUDSHGLUSHUPLVR"
'HEHUDPRVLUQRV"
&UHHVTXHGHEHUDSDUDU"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UH[HV,Q 
,QVDQH
,QVDQLW\
,QVDWLDEOH
,QVHFXUH
,QVHFXULW\
,QVHSDUDEOH
,QVLJKW
,QVLJKWIXO
,QVLJQLFDQW
,QVLQFHUH
,QVROYHQW
,QVWDELOLW\

,oPJRLQJWRJRLQVDQHLI,KDYHWROLYHZLWKKLP
7KHFULPLQDOSOHDGHGWHPSRUDU\LQVDQLW\
+HKDVDQLQVDWLDEOHDSSHWLWHIRUDOPRQGV
,IHHODELWLQVHFXUHLQPHHWLQJVOLNHWKHODVWRQH
3HRSOHQRZVXIIHUJUHDWHULQVHFXULW\WKDQEHIRUH
7KHWZRIULHQGVDUHLQVHSDUDEOH
,JDLQHGDORWRILQVLJKWLQWRKXPDQEHKDYLRXU
7KDWZDVDYHU\LQVLJKWIXOFRPPHQW
,WoVLQVLJQLFDQWZKHWKHUWKH\VDZLWRUQRW
7KHZD\KHVPLOHVVHHPVYHU\LQVLQFHUHWRPH
6LQFHWKHFULVLVWKHFRPSDQ\LVWRWDOO\LQVROYHQW
7KHUHoVPRUHLQVWDELOLW\LQWKHHFRQRP\QRZ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
,QFOQDWHHLQWHQWDWRFDUWHORVGHGRVGHORVSLHVVLQGREODUODVUR
GLOODV 9HV QHFHVLWDV KDFHU DOJXQRV HMHUFLFLRV GH HVWLUDPLHQWR
&XDQGR YXHOYD OD VHPDQD TXH YLHQH TXLHUR YHU QR VOR TXH WH
WRFDVORVGHGRVGHORVSLHVVLQRTXHWRFDVHOVXHOR'HVSXVDOD
VHPDQD VLJXLHQWH PH VRUSUHQGHUV SRQLHQGR ODV SDOPDV GH ODV
PDQRVHQHOVXHORVLQGREODUODVURGLOODV

,QVXIIHUDEOH
,QVXIFLHQW
,QWDQJLEOH
,QWROHUDEOH
,QWROHUDQW
,QWUDQVLJHQW
,QYDOLGDWH
,QYDOXDEOH
,QYLQFLEOH
,QYLVLEOH
,QYROXQWDU\
,QYXOQHUDEOH

$VDFODVVPDWHKHoVTXLWHLQVXIIHUDEOH
<RXUHIIRUWLVLQVXIFLHQWIRUSURJUHVV
:HVHOOLQWDQJLEOHV
+LVEHKDYLRXUZDVLQWROHUDEOH
,oPLQWROHUDQWRIWKDWNLQGRIEHKDYLRXU
+HoVWRWDOO\LQWUDQVLJHQWRQWKDWTXHVWLRQ
7KHQHZGHFLVLRQLQYDOLGDWHVWKHROGRQH
<RXUFRQWULEXWLRQKDVEHHQLQYDOXDEOH
7KH)UHQFKQDWLRQDOWHDPVHHPVLQYLQFLEOH
6RPHWLPHV,ZRXOGOLNHWREHLQYLVLEOH
+LVDFWLRQVZHUHFRQVLGHUHGLQYROXQWDU\
7KHFDVWOHZDVFRQVLGHUHGLQYXOQHUDEOH

%HQGRYHUDQGWU\WRWRXFK\RXUWRHVZLWKRXWEHQGLQJ\RXUNQHHV
<RXVHHf\RXQHHGWRGRVRPHVWUHWFKLQJH[HUFLVHV:KHQ,FRPH
EDFNQH[WZHHN,ZDQWWRVHH\RXQRWRQO\WRXFKLQJ\RXUWRHVEXW
WRXFKLQJRRUDVZHOO7KHQWKHIROORZLQJZHHN\RXoOOVXUSULVHPH
E\SXWWLQJ\RXUKDQGVSDOPVGRZQRQWKHRRUZLWKRXWEHQGLQJ
\RXUNQHHV


(VWLPDGRDPLJR\DOXPQR+DFHSRFRHQXQHQFXHQWURGLJLWDOXQSDUWLFLSDQWHPHSUHJXQWDFHUFDGH
FXQWDVSDODEUDVVHQHFHVLWDQSDUDPDQWHQHUXQDFRQYHUVDFLQHQLQJOVGHPDQHUDXLGD7DPELQPH
SUHJXQWVLHUDLPSUHVFLQGLEOHFRQWDUFRQFRQRFLPLHQWRVSURIXQGRVGHJUDPWLFDSDUDFRQVHJXLUOR+H
DTXPLUHVSXHVWD

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
$FFHVVLEOH
,QFHVVDQW

&LUFXPVWDQFHV
&LUFXPYHQW

5LFKDUG9DXJKDQ

&XULRVDPHQWHPDQWHQHUXQDFRQYHUVDFLQXLGDRFRPRGLFHVFRQWDUFRQFRQRFLPLHQWRVSURIXQGRVGH
&LUUKRVLV
,QWHUFHGH
JUDPWLFDGHSHQGHHQJUDQSDUWHGHFPRWHH[SUHVHVHQWXSURSLRLGLRPD6LHUHVXQDSHUVRQDSDUFD
&LWL]HQ
3UHFHGHQW
HQSDODEUDVHQFDVWHOODQRRDFRVWXPEUDGDDGHFLUODVFRVDVFRQVHQFLOOH]HQWRQFHVWDPSRFRQHFHVLWDUV
5HFHVVLRQ
&LWULF
XQO[LFRRSXOHQWRHQLQJOV$ODLQYHUVDVLHUHVXQDSHUVRQDDODTXHOHJXVWDGHVSOHJDUXQDDEDQLFRGH
&HOHULW\
&LYLF
FRORULGROLQJVWLFRHQFDVWHOODQRORYDVDWHQHUPX\FUXGRDODKRUDGHWUDVODGDUWXVDVSLUDFLRQHVDOLQJOV
&HQVRU
&LYLO
(QPLWUDEDMRWHQJRTXHKDEODUHQSEOLFRFRQPXFKDIUHFXHQFLDDYHFHVGXUDQWHGRVKRUDVVHJXLGDV\ &HQVRUVKLS
&LYLOLDQ
VLQJXLQ$YHFHVH[SRQJRHQFDVWHOODQR\DYHFHVHQLQJOV&XDQGRORKDJRHQLQJOVPHFRQWHQJR\
&LYLOL]DWLRQ
&HQVXUH
KDEORFRQXQO[LFRVHQFLOORWRWDOPHQWHDODOFDQFHGHPLSEOLFRFX\RQLYHOPHGLRGHLQJOVQRHVVLHPSUH
&LYLOL]HG
&HQVXV
&LYLOL]H
DOWR$OQDOGHODFKDUODVLHPSUHOHKDJRXQDVHULHGHSUHJXQWDVDOSEOLFR +DELVSRGLGRVHJXLUPH &HQWHQQLDO
&ODLUYR\DQW
&HUHEUDO
ELHQ"6LHPSUHPHUHVSRQGHQTXHVTXHSHUIHFWDPHQWH +DELVHQFRQWUDGRHORFXHQWHHLPSDFWDQWH
&ODQGHVWLQH
'LVFHUQ
PLFKDUOD"7DPELQPHUHVSRQGHQTXHVTXHPX\LPSDFWDQWH\H[SUHVLYD<QDOPHQWH 2VGDLV
&ODQ
'LVFUHWLRQ
FXHQWDGHTXHFRQXQLQJOVVSHUVHQFLOORXQLQJOVTXHKDELVHQWHQGLGRDODSHUIHFFLQKHORJUDGR
&ODULFDWLRQ
'LVFUHHW
WUDQVPLWLUXQPHQVDMHGHIRUPDHORFXHQWHHLPSDFWDQWH"0HUHVSRQGHQTXHVWDPELQ&RQFOXVLQ
&ODULI\
,QGLVFUHHW
SDUDVHUHORFXHQWHHLPSDFWDQWHQRWLHQHVTXHXVDUXQO[LFRDPSOLRUHEXVFDGRRGHJUDQFRORULGR&RQ
&ODULW\
'LVFUHWLRQDO
XQRVFXDQWRVYHUERVXQRVFXDQWRVVXVWDQWLYRVXQRVDGMHWLYRVXQRVDGYHUELRVXQDVSUHSRVLFLRQHV\
&ODULQHW
&LUFXLW
WDOYH]FXDWURFRQMXQFLRQHVSXHGHVDUUDVDUVLFUHHVHQWXWHPD\VLHQWHVODXUJHQFLDGHWUDQVPLWLUWX &LUFXPIHUHQFH
&ODVV
SDVLQDRWURV3RUORWDQWRQRKDFHIDOWDTXHSRVHDVXQYRFDEXODULRDPSOLRQLTXHWHQJDVFRQRFLPLHQWRV
&ODVVLFDO
&LUFOH
SURIXQGRVGHJUDPWLFDSDUDVHUSHUIHFWDPHQWHHFD]HLQFOXVRHORFXHQWHDODKRUDGHKDEODULQJOV
&ODVVLF
&LUFXV
3HURVHVLPSRUWDQWHTXHWHQJDVHVWDFDSDFLGDGHQWXSURSLRLGLRPD/RVEXHQRVFRPXQLFDGRUHVDOD
&ODVVLFDWLRQ
&LUFXODU
KRUDGHKDEODULQJOVFRPRVHJXQGDOHQJXDVRQVLHPSUHEXHQRVFRPXQLFDGRUHVHQVXOHQJXDPDWHUQD
&ODVVLVW
&LUFXODWH
\DODLQYHUVDORVTXHVHH[SUHVDQPDOHQVXSURSLRLGLRPDQRWLHQHQQLODPVUHPRWDSRVLELOLGDGGH &LUFXPFLVH
&ODXVH
H[SUHVDUVHELHQHQXQVHJXQGRLGLRPDDXQTXHUHFLEDQKRUDVGHIRUPDFLQ6LWXYLHUDTXHGDUWH &LUFXPFLVLRQ &ODXVWURSKRELD
XQFRQVHMRVHUDVHJXLUODSROWLFD.,66 .HHS,W6LPSOH6WXSLG 





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

6R\PGLFR ,oPDGRFWRU
7HUHVHVWXGLDQWH <RXoUHDVWXGHQW
OHVSROLFD +HoVDSROLFHPDQ
(OODHVSURIHVRUD 6KHoVDWHDFKHU
6RQKRPEUHVGHQHJRFLRV 7KH\oUHEXVLQHVVPHQ

0HSXHGHVGDUGLQHURSRU &DQ\RXJLYHPHVRPHPRQH\
SOHDVH"
IDYRU"
3RUTXQHFHVLWDVGLQHUR" :K\GR\RXQHHGPRQH\"
4XLHURFRPSUDUHOSHULGLFR ,ZDQWWREX\WKHQHZVSDSHU
7LHQHV,QWHUQHW" 'R\RXKDYH,QWHUQHW"
3XHGHVOHHUORDOO <RXFDQUHDGLWWKHUH

7UHDGPLOO &LQWD

/RFNHUV 7DTXLOOD

0DW (VWHULOOD
5RZLQJ0DFKLQH 0DTXLQDGH5HPR

:HLJKWV 3HVDV

9RFDEXODULR*\P *LPQDVLR
/RZ,QWHUPHGLDWH
$TXMXJDURQ" :KDWGLGWKH\SOD\"
'QGHHVWDEDQMXJDQGR" :KHUHZHUHWKH\SOD\LQJ"
4XLQMXJ" :KRSOD\HG"
&PRMXJDURQ" +RZGLGWKH\SOD\"
3RUTXHVWDEDMXJDQGRO" :K\ZDVKHSOD\LQJ"

0LGGOH,QWHUPHGLDWH
&XQWRKDFHTXHQRYDVDO +RZORQJKDVLWEHHQVLQFH\RX
ZHQWWRWKHGHQWLVW"
GHQWLVWD"
1RYR\GHVGHTXHWHQDDRV ,KDYHQoWEHHQVLQFH,ZDV
3HURHVRIXHKDFHDRV %XWWKDWZDV\HDUVDJR
(QUHDOLGDGQLQJXQRGHPLV $FWXDOO\QRQHRIP\WHHWKDUH
PLQH
GLHQWHVHVPR
$TXLQSHUWHQHFHQHQWRQFHV" :KRGRWKH\EHORQJWRWKHQ"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

)XLLQYLWDGDQR" ,ZDVLQYLWHGZDVQoW,o"
1RORGLMRGHYHUGDGQR" +HGLGQoWUHDOO\VD\WKDWGLGKH"
'HEHUDSRQHUPHXQDFRUEDWD,VKRXOGSXWDWLHRQVKRXOGQoW,"
QR"
0HUHVSHWDUVGHVSXVQR" <RXZLOOUHVSHFWPHDIWHUZDUGV
ZRQoW\RX"
1RWHPHQWLUDQR" ,ZRXOGQoWOLHWR\RXZRXOG,"

+DVUHFRJLGR\DDORVQLRV +DYH\RXSLFNHGWKHFKLOGUHQ
XSIURPVFKRRO\HW"
GHOFROHJLR"
/HVUHFRJHUFXDQGRWHUPLQH ,oOOSLFNWKHPXSZKHQ,QLVK
SOD\LQJJROI
GHMXJDUDOJROI
&PRSXHGHVSHUPLWLUWHHO +RZFDQ\RXDIIRUGWREHVR
OXMRGHVHUWDQGHVSUHRFXSDGR" FDUHIUHH"
(VWQHQVD\DQGRSDUDODREUD 7KH\oUHUHKHDUVLQJIRUWKH
VFKRROSOD\
GHWHDWURGHOFROHJLR
4XSDSHOHVYDQDKDFHUWXV :KDWUROHVDUH\RXUFKLOGUHQ
JRLQJWRSOD\"
QLRV"

0LGGOH$GYDQFHG
'HMDGHJULWDUPH|TXLHUHV 6WRSVKRXWLQJDWPHZLOO\RX
(UHVGHPDVLDGRVXVFHSWLEOH <RXoUHWRRWKLQVNLQQHG
1XQFDWLHQHVFRQVLGHUDFLQ <RXQHYHUVKRZFRQVLGHUDWLRQ
WRRWKHUV
FRQODJHQWH
'HMDGHVHUWDQVDQWXUURQD 6WRSEHLQJVRVHOIULJKWHRXV
ZLOO\RX
|TXLHUHV
<DEDVWDSRUKR\ /HWoVFDOOLWDGD\

)RU(QJOLVKVXSHUVWDUVRQO\
3RUTXOHSXVRDOGHSDWLWDV :K\GLGVKHNLFNKLPRXW"
HQODFDOOH"
3RUTXHOHHVWDEDHQJDDQGR %HFDXVHKHZDVWZRWLPLQJKHU
FRQRWUD
1RDJXDQWRDODJHQWHLQHO ,FDQoWVWDQGXQIDLWKIXOSHRSOH
6XUHODFLQQRHVWDED 7KHLUUHODWLRQVKLSZDVQoW
IXQFLRQDQGRELHQ
ZRUNLQJRXW
0HQRVPDOTXHHOODVHHQWHU -XVWDVZHOOVKHIRXQGRXWLQ
DWLHPSR
WLPH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq  

$ERXWWR


+DYH\RXDGGHGXSDOOWKHFROXPQV" +HZDQWVWRPRYHXSWKHFRUSRUDWHODGGHU
+DVVXPDGRWRGDVODVFROXPQDV"
4XLHUHVXELUHOHVFDODIQ

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

+DYH\RXFOHDQHGXS\RXUURRP\HW"
+DVRUGHQDGR\DWXKDELWDFLQ"
<RXoUHPRYLQJXSLQWKHZRUOG
|(QKRUDEXHQD|(VWVSURVSHUDQGR

:HoUHXVLQJXSRXUQDWXUDOUHVRXUFHV
(VWDPRVDJRWDQGRQXHVWURVUHFXUVRV
QDWXUDOHV
:DVKXSEHIRUHFRPLQJWRGLQQHU
/YDWHODVPDQRVDQWHVGHYHQLUDFHQDU

3UH[HV'LV
'LVDELOLW\
'LVDEOHG
'LVDGYDQWDJH
'LVDJUHH
'LVDJUHHPHQW
'LVDSSHDU
'LVDSSHDUDQFH
'LVDSSRLQW
'LVDSSRLQWHG
'LVDSSRLQWPHQW
'LVDSSRLQWLQJ
'LVDSSURYDO
'LVDSSURYH
'LVDUP
'LVDUPLQJ
'LVDVVHPEOH
'LVDVVRFLDWH
'LVEHOLHI
'LVFRQQHFW
'LVFRQWLQXH

+HGLGQoWGLHEXWKHVXIIHUHGSHUPDQHQWGLVDELOLW\
'LVFRXUDJH
+HZDVWHPSRUDULO\GLVDEOHGEHFDXVHRIWKHDFFLGHQW 'LVFRXUDJHG
,oPDWDGLVDGYDQWDJHFRPSDUHGWR3HGUR
'LVFRXUDJLQJ
,GLVDJUHHZLWKDOPRVWHYHU\WKLQJKHSURSRVHV
'LVHPEDUN
2XUGLVDJUHHPHQWVKDYHEHFRPHIDPRXV
'LVHQFKDQWHG
2QWKHFRXQWRIWKUHH,ZLOOGLVDSSHDU
'LVIDYRXU
+LVGLVDSSHDUDQFHZDVDP\VWHU\WRHYHU\RQH
'LVJUDFH
<RXUDWWLWXGHGLVDSSRLQWVPH
'LVJUDFHIXO
,ZDVGLVDSSRLQWHGZLWKWKHQDOUHVXOW
'LVKHDUWHQLQJ
+HH[SUHVVHGKLVGLVDSSRLQWPHQWWRHYHU\RQH
'LVKRQHVW
,WZDVDGLVDSSRLQWLQJH[SHULHQFHIRUPH
'LVKRQHVW\
6KHH[SUHVVHGKHUGLVDSSURYDORIRXUDFWLRQV
'LVLOOXVLRQHG
,WRWDOO\GLVDSSURYHRIKLVEHKDYLRXUDWWKHHYHQW
'LVLQFOLQHG
+LVVPLOHDOZD\VGLVDUPVPH
'LVLQKHULW
+LVVPLOHFDQEHTXLWHGLVDUPLQJ
'LVLQWHJUDWH
:HKDGWRGLVDVVHPEOHWKHHQWLUHHQJLQH
'LVOLNH
<RXVKRXOGGLVDVVRFLDWH\RXUVHOIIURPWKRVHSHRSOH
'LVORFDWH
:KHQ,DSSHDUHGKHORRNHGDWPHLQGLVEHOLHI
'LVOR\DO
:KHQ3HWHUVWDUWVWDONLQJ,VLPSO\GLVFRQQHFW
'LVOR\DOW\
,ZDQWWRGLVFRQWLQXHWKHFODVV
'LVPDQWOH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7LHQHVTXHDIURQWDUHOKHFKRGHTXHWHHVWVKDFLHQGRPD\RU1R
HUHVWDQKELOFRPRDQWHVSDUDPDQHMDUFLHQWRVGHFRVDVDODYH]
$GHPVWXPHPRULDHVWHPSH]DQGRDIDOODU1XQFDWHKDVSUH
JXQWDGRSRUTXORVDOWRVHMHFXWLYRVDORVRVLHPSUHWLHQHQ
GRV R WUHV VHFUHWDULDV DWHQGLHQGR WRGDV VXV QHFHVLGDGHV" &RQ OD
HGDG ORV HMHFXWLYRV VH FRQYLHUWHQ HQ H[FHOHQWHV HVWUDWHJDV SHUR
VRQLQFRPSHWHQWHVHQORTXHVHUHHUHDORVGHWDOOHVGHOGDDGD

/DRSHUDFLQHVWDSXQWRGHUPDUVH
/DFDVDHVWDSXQWRGHGHUULEDUVH
(OODHVWDSXQWRGHVHUDVFHQGLGD

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

<RXVKRXOGGLVFRXUDJHKLPIURPGRLQJLW
:HZHUHDOOGLVFRXUDJHGDIWHURXUVHYHQWKORVV
,WZDVDGLVFRXUDJLQJH[SHULHQFHIRUHYHU\RQH
3DVVHQJHUVVKRXOGGLVHPEDUNWKURXJKJDWH
+HEHFDPHGLVHQFKDQWHGZLWKKLVQHZMRE
+HIHOOLQWRGLVIDYRXUZLWKWKHQHZERVV
+LVEHKDYLRXUZDVDGLVJUDFHWRWKHZKROHIDPLO\
+LVEHKDYLRXUZDVGLVJUDFHIXO
7KHORVVWRRXUELJULYDOZDVGLVKHDUWHQLQJ
+HoVWKHPRVWGLVKRQHVWSHUVRQ,oYHHYHUPHW
,WVHHPVWKDWGLVKRQHVW\LVDJRRGSROLF\KHUH
+HVRRQEHFDPHGLVLOOXVLRQHGZLWKKLVPDUULDJH
,oPGLVLQFOLQHGWRJLYH\RXSHUPLVVLRQWRJR
+LVIDWKHUGLVLQKHULWHGKLP
7KHERQGVWKDWKHOGWKHPWRJHWKHUGLVLQWHJUDWHG
,GLVOLNHVWXG\LQJ(QJOLVK
,QUXJE\\RXFDQGLVORFDWH\RXUVKRXOGHU
7KHVROGLHUVZHUHGLVOR\DOWRWKHLUDJ
7KH\VKRZHGHYLGHQWGLVOR\DOW\LQEDWWOH
,oPJRLQJWRGLVPDQWOHWKHVFDIIROGLQJ

<RX KDYH WR IDFH WKH IDFW WKDW \RXoUH JHWWLQJ ROGHU <RXoUH QRW
DV VNLOOHG DV \RX XVHG WR EH DW PDQDJLQJ D KXQGUHG WKLQJV DW
WKHVDPHWLPH$QG\RXUPHPRU\LVVWDUWLQJWRIDLO\RXDVZHOO
+DYHQoW\RXHYHUZRQGHUHGZK\WRSH[HFXWLYHVLQWKHLUVDQG
V DOZD\V KDYH WZR RU WKUHH VHFUHWDULHV WHQGLQJ WR WKHLU HYHU\
QHHG" %\ WKDW DJH H[HFXWLYHV PD\ EH H[FHOOHQW VWUDWHJLVWV EXW
WKH\oUHLQFRPSHWHQWZKHUHGD\WRGD\GHWDLOVDUHFRQFHUQHG


0VSDODEUDVLQJOHVDV
(VWLPDGR DPLJR \ DOXPQR +DFH SRFR UHFLE XQ FRUUHR HOHFWUQLFR GH XQ R\HQWH GH 9DXJKDQ 5DGLR TXH
GHUD]ODWLQD
GHFD&DGDYH]HQWLHQGRPHMRUSHURFPRKDEODUPHMRU"&PRVROWDUPHDKDEODU"%DVWDQFODVHVGH
&ODYLFKRUG
&RHUFLRQ
FRQYHUVDFLQ"/HUHVSRQG
&OLHQW

&RHUFLYH

(VWLPDGRR\HQWH6LSURPHWHVQRUHUWHGHPWHGLUXQRGHORVVHFUHWRVTXHHPSOHKDFHDRVSDUDDGTXLULU &OLHQWHOH
&RH[LVW
VROWXUDRUDOFRQWXLGLRPD+DEODEDFRQODSDUHG\PDQWHQDODUJDVFRQYHUVDFLRQHVLQWHUHVDQWVLPDVFRQHO &OLPDWH
&RH[LVWHQFH
SDVDMHURLPDJLQDULRTXHPHDFRPSDDEDHQPLVGHVSOD]DPLHQWRVHQFRFKH1LODSDUHGQLHOSDVDMHURHQ &OLPDWRORJ\
&RIIHH
FXHVWLQ PH FRUUHJDQ OD JUDPWLFD QL OD IRQWLFD SHUR PH GDED LJXDO (Q HVRV PRPHQWRV PL SULRULGDG &OLPDWLF
&RJQDF
HUDODDGTXLVLFLQGHVROWXUDQRODFRUUHFFLQ\SUHFLVLQJUDPDWLFDO(QHVRVPRPHQWRVTXHUDKXLUGHOD &OLPD[ &RKDELWDWLRQ
&OLQLF
&RKHUHQFH
SRVLELOLGDGGHVXIULUSDUiOLVLVSRUDQiOLVLV/DVFODVHVGHFRQYHUVDFLQFRPRVXJLHUHVYDOHQVLWLHQHVWLHPSR
&RKHUHQW
\QRWHFREUDQ3DUDPHVLQPRUDOSDJDUDDOJXLHQSDUDFRQYHUVDU6LWLHQHVGHODQWHDXQSURIHVRUSDJDGR &OLQLFDO
&RKHVLRQ
VWHGHEH]DUDQGHDUWHSDUDTXHHVSDELOHV\PHMRUHVXQDEDUEDULGDG6LQRWUDOHSRUODYHQWDQD\EVFDWH &OLQLFDOO\
RWURSURIHVRU6LORTXHTXLHUHVHVFRQYHUVDUYHWHXQDYH]DODRRFDGDPHVHVD9DXJKDQWRZQ ZZZ &RDJXODWH &RLQFLGHQFH
&RDVW
&RLQFLGH
YDXJKDQWRZQFRP $OOKDEODUVPVHQGDVTXHHQWUHVDRVGHFODVHVUHJXODUHVGHFRQYHUVDFLQ\OR
&RDVWDO
&ROLVHXP
KDUVFRQJHQWHGHORPVYDULRSLQWDTXHDOPLVPRWLHPSRWHUHWDUQHORGR/DVFODVHVGHFRQYHUVDFLQFRQ
&RDVWJXDUG &ROODERUDWH
XQSURIHVRUGHLQJOVVRQGHODVIRUPDVPVSREUHVTXHH[LVWHQSDUDSRWHQFLDUODVROWXUDDOKDEODU(OSURIHVRU
&ROODERUDWLRQ
&REUD
WHKDEODHQYRFDEORVFODURV HVVXGHIRUPDFLQSURIHVLRQDO \QRUPDOPHQWHQRWHREOLJDDH[SUHVDUWHIXHUDGH
&ROODERUDWRU
&RGH
WX]RQDGHFRQIRUW(VFRPRHVWDUHQXQDELFLFOHWDHVWWLFDTXHVORDGPLWHKDVWDNLOPHWURVSRUKRUD
&ROODSVH
&RGLI\
5LFKDUG9DXJKDQ &RHIFLHQW

&ROOHDJXH





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VWDHVXQDVLOODSHTXHD 7KLVLVDVPDOOFKDLU
(VHHVXQJUDQSUREOHPD 7KDWoVDELJSUREOHP
(VWRVVRQGDVFDOXURVRV 7KHVHDUHKRWGD\V
(VRVVRQFRFKHVUSLGRV 7KRVHDUHIDVWFDUV
(VVWDXQDSUHJXQWD" ,VWKLVDTXHVWLRQ"

4XKDFHWXSDGUH" :KDWGRHV\RXUIDWKHUGR"
7UDEDMDHQXQDHPSUHVDJUDQGH+HZRUNVLQDELJFRPSDQ\
WKDWPDNHVPRELOHV
TXHKDFHPYLOHV
'QGHORVKDFHQ" :KHUHGRWKH\PDNHWKHP"
6RQGH)LQODQGLD 7KH\oUHIURP)LQODQG
&XOHVODFDSLWDOGHHVHSDV" :KDWoVWKHFDSLWDORIWKDW
FRXQWU\"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

7HVWXYLVWHFRQHOORVSHUR\R <RXZHUHZLWKWKHPEXW,
ZDVQoW
QR
<RKDEORDOHPQSHUROQR ,VSHDN*HUPDQEXWKHGRHVQoW
(OODSXHGHYHQLUSHURHOORVQR 6KHFDQFRPHEXWWKH\FDQoW
7KDVHVWDGRHQ(VFRFLDSHUR <RXoYHEHHQWR6FRWODQGEXW

VKHKDVQoW
HOODQR
<RHVWXYHDOOSHURWQR ,ZDVWKHUHEXW\RXZHUHQoW

'QGHHVWEDPRV" :KHUHZHUHZH"
4XLEDVDGHFLU" :KDWZHUH\RXJRLQJWRVD\"
4XGHFDPRV" :KDWZHUHZHVD\LQJ"
4XLEDDKDFHU\R" :KDWZDV,JRLQJWRGR"
1RPHLEDVDGHFLUDOJR" :HUHQoW\RXJRLQJWRWHOOPH
VRPHWKLQJ"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

'HEHUDVD\XGDUOHV <RXVKRXOGKHOSWKHP
(OODGHEHUDKDEHULGR 6KHVKRXOGKDYHJRQH
3RGUDKDEHUVLGRWDQGLIHUHQWH,WFRXOGKDYHEHHQVRGLIIHUHQW
4XSRGUDKDEHUKHFKR\R" :KDWFRXOG,KDYHGRQH"
1RGHEHUDKDEHUORGLFKR ,VKRXOGQoWKDYHVDLGWKDW

<RTXHWRUGHQDUDWX ,I,ZHUH\RX,oGWLG\XS\RXU
URRP
KDELWDFLQ
0VYDOHTXHORKDJDVDKRUD <RXoGEHWWHUGRLWQRZ
RWKHUZLVH
VLQR
1RTXLHUHVTXHWXPDGUHWH <RXGRQoWZDQW\RXUPRWKHUWR
WHOO\RXRII
ULD
1RHVWR\EURPHDQGRORGLJR ,oPQRWMRNLQJ,PHDQLW
HQVHULR
9DOHYDOHVHJXLUWXVFRQVHMRV $OULJKWDOULJKW,oOOWDNH\RXU
DGYLFH

/LJKWV /XFHV

7LQVHO (VSXPLOOQ
)DLU\ +DGD

'HFRUDWLRQV $GRUQRVHQJHQHUDO

%DXEHOV $GRUQRHVIULFR

9RFDEXODULR&KULVWPDVWUHH UEROGH1DYLGDG
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

&XOHVODPHMRUPDQHUDGH :KDWoVWKHEHVWZD\WRJHWULG

RIWKHKLFFXSV"
TXLWDUVHHOKLSR"
6LDVXVWDVDDOJXLHQVXHOH ,I\RXIULJKWHQVRPHRQHWKDW

XVXDOO\ZRUNV
IXQFLRQDU
3RGUDVEHEHUXQYDVRGHDJXD <RXFRXOGGULQNDJODVVRI
ZDWHUZLWK\RXUKHDGXSVLGH
FRQODFDEH]DPLUDQGRKDFLD
GRZQ
DEDMR
0DQWQODUHVSLUDFLQWDQWR +ROG\RXUEUHDWKIRUDVORQJDV

\RXFDQ
WLHPSRFRPRSXHGDV
&HQWUDWRGDWXDWHQFLQHQHO )RFXV\RXUDOODWWHQWLRQRQWKH
RULJHQGHOSUREOHPDFRPRXQ VRXUFHRIWKHSUREOHPOLNHD
=HQPDVWHU
PDHVWURGH=HQ

6LJXHVGHWUVGHHVDFKLFD" $UH\RXVWLOODIWHUWKDWJLUO"
1RWHODKDVOLJDGRDQ" +DYHQoW\RXSXOOHGKHU\HW"
'HKHFKRQRVHQUROODPRVOD $FWXDOO\ZHJRWRIIZLWKHDFK

VHPDQDSDVDGD
RWKHUODVWZHHN
&PRFRQVHJXLVWHHVR" +RZGLG\RXSXOOWKDWRII"
&RQKDODJRVVHFRQVLJXHWRGR )ODWWHU\JHWV\RXHYHU\ZKHUH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq  

7RKDYHEUHDNIDVWOXQFKDQGGLQQHU

&DOOKLPXSWR\RXURIFH
/OPDOHSDUDTXHVXEDDWXGHVSDFKR

:HoUHJRLQJWRVWDUWXSDQHZEXVLQHVV
9DPRVDFUHDUXQQXHYRQHJRFLR

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

,oOOVHWLWXSIRU\RX
7HORRUJDQL]DUWRGR

,IHHOUHVWHGXSDIWHUWKHORQJZHHNHQG
0HVLHQWRGHVFDQVDGRGHVSXVGHOSXHQWH

'HVD\XQRHQHOEDUGHDOODGRGHPLFDVD
&HQDPRVDODVQXHYH
(Q,QJODWHUUDODJHQWHFRPHDODXQD

<RXSDVVXSPDQ\RSSRUWXQLWLHV
'HMDVSDVDUPXFKDVRSRUWXQLGDGHV

6KHWRUHXSWKHSKRWRRIKHUH[ER\IULHQG
5RPSLODIRWRGHVXH[QRYLR


&KULVWPDV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

/DQDYLGDGYLHQHUHSOHWDGHYRFDEXODULR\GHH[SUHVLRQHVQXHYDV5HVXOWDPVGLIFLODSUHQGHUORVELHQ\DTXHVORDSDUHFHQ
DHVWDVDOWXUDVGHODR/XHJRVHHPSDTXHWDQ\VHJXDUGDQMXQWRFRQWRGDVODVGHPVGHFRUDFLRQHVQDYLGHDVKDVWDHODR
VLJXLHQWH$TXWLHQHVXQDRSRUWXQLGDGGHHVWXGLDUXQDVFXDQWDVH[SUHVLRQHVTXHLJXDOHVFXFKDUVHQHVWDSRFDGHODR
(OPXQGRGHODQDYLGDG
3RQHPRVHOUEROGH1DYLGDGHVWHQGHVHPDQD"
/RWHQHPRVTXHTXLWDUSDUDODQRFKHGH5H\HV
1XQFDHQYRWDUMHWDVGHIHOLFLWDFLQ
4XYDLVDFRPHUHQ1DYLGDG"
6LHPSUHFRPHPRVUHVWRVHOGD
9DVDFROJDUWXFDOFHWQSDUD3DS1RHO"
4XTXLHUHVSDUD1DYLGDG"
&UHHVTXHYDDVHUXQDp%ODQFD1DYLGDGq"
7HQGUVTXHHVFULELUWXVFDUWDVGHDJUDGHFLPLHQWR
0HSDUHFHTXHKD\JHQWHFDQWDQGRYLOODQFLFRVDODSXHUWD
7LHQHVEDVWDQWHSDSHOGHUHJDOR"
4XSXHGRFRPSUDUSDUDPLVXHJUD"
9DVDLUDODPLVDGHOJDOOR"
$QWHVSRQDPRVXQEHOQHQHOMDUGQSDUDORVQLRV
1DYLGDGHVXQDERQLWDSRFDGHODRIDPLOLDU
1DYLGDGHVXQSHULRGRGHODRSDUDORVH[FHVRV
(VWUDGLFLQEHVDUVHGHEDMRGHOPXUGDJR
(OSHULRGRSUHYLRDODV1DYLGDGHVHVFDWLFRHQODVWLHQGDV
+DVJODVHDGRHOSDVWHOGH1DYLGDG"

7KHZRUOGRI&KULVWPDV
6KDOOZHSXWXSWKH&KULVWPDVWUHHWKLVZHHNHQG"
:HKDYHWRWDNHLWGRZQEHIRUH7ZHOIWK1LJKW
,QHYHUVHQGDQ\&KULVWPDVFDUGV
:KDWDUH\RXJRLQJWRKDYHIRU&KULVWPDVGLQQHU"
:HDOZD\VHDWOHIWRYHUVRQ%R[LQJ'D\
$UH\RXJRLQJWRKDQJXS\RXUVWRFNLQJIRU)DWKHU&KULVWPDV"
:KDWZRXOG\RXOLNHIRU&KULVWPDV"
'R\RXWKLQNLWoVJRLQJWREHDZKLWH&KULVWPDV"
<RXoOOKDYHWRZULWH\RXUWKDQN\RXOHWWHUV
7KDWVRXQGVOLNHVRPHFDUROVLQJHUVDWWKHGRRU
+DYH\RXJRWHQRXJKZUDSSLQJSDSHU"
:KDWFDQ,JHWP\PRWKHULQODZ"
$UH\RXJRLQJWRJRWRPLGQLJKWPDVV"
:HXVHGWRSXWDFULELQWKHJDUGHQIRUWKHFKLOGUHQ
&KULVWPDVLVDQLFHIDPLO\WLPHRIWKH\HDU
&KULVWPDVLVDWLPHIRURYHULQGXOJHQFH
,WoVWUDGLWLRQDOWRNLVVXQGHUVRPHPLVWOHWRH
7KHUXQXSWR&KULVWPDVLVFKDRWLFLQWKHVKRSV
+DYH\RXLFHGWKH&KULVWPDVFDNH\HW"

(VWLPDGRDPLJR\DOXPQR0DDQDHV1DYLGDGDVTXHHQOXJDUTXHVHJXLUFRQPVVHUPRQHVRPLVSRHPDVTXLHURHVFULELUDOJR
HQLQJOVWSLFRDODSRFDQDYLGHD$KYD
7KH&KULVWPDVVHDVRQLVXSRQXVDQG,DQGDOOP\IULHQGVDQGFROOHDJXHVDW9DXJKDQ6\VWHPVZDQWWRZLVKHYHU\RQHDYHU\0HUU\
&KULVWPDVDQGDSURVSHURXV1HZ<HDU7KLVPHVVDJHLVQRWRQO\IRUWKRVHSHRSOHZKRDUHIROORZLQJWKHZHHNO\DQGGDLO\(QJOLVK
SURJUDPGHVLJQHGE\9DXJKDQEXWWRHYHU\UHDGHURI(/081'2DVZHOO&KULVWPDVLVDPRPHQWIRUUHHFWLRQDQGRIFRXUVH1HZ
<HDUoV'D\LVDPRPHQWIRUUHVROXWLRQV)RUPHWKLV&KULVWPDVFRLQFLGHVDOPRVWH[DFWO\ZLWKWKHWKDQQLYHUVDU\RIP\ZHGGLQJ
,PDUULHGDEHDXWLIXO6SDQLVKZRPDQRQ'HFHPEHUDQGZHoUHVWLOOWRJHWKHU2XUFKLOGUHQDUHJURZQQRZDQGVHHPWREH
QGLQJWKHLUZD\LQOLIH:HKDYHDORWWREHWKDQNIXOIRU
0HSHUVRQDOO\"'R,KDYHDORWWREHWKDQNIXOIRUWRR"8QGRXEWHGO\7KLUW\IRXU\HDUVDJR,DGRSWHGDFRXQWU\WKDWKDVWUHDWHGPH
YHU\ZHOO,KDYHZDWFKHG6SDLQSDVVIURPDQDXWKRULWDULDQUHJLPHWRDYLJRURXVDQGSURVSHURXVGHPRFUDF\,KDYHZDWFKHGLW
SDVVIURPDFOHDUO\VHFRQGZRUOGFRXQWU\WRRQHRIWKHWRSWHQHFRQRPLHVJOREDOO\,KDYHKDGWKHSULYLOHJHWRREVHUYHUVWKDQG
DEULOOLDQWSROLWLFDOWUDQVLWLRQIROORZHGE\DOPRVWWKUHHGHFDGHVRIJURZWKDQGPDWXULW\,KDYHEHHQDEOHWRSURVSHUDQGHQMR\D
VWLPXODWLQJFDUHHUWKDWKDVPDGHPHKXQGUHGVRI6SDQLVKIULHQGV6R\HVf,KDYHDORWWREHWKDQNIXOIRUSHUVRQDOO\DVZHOO

$QGZKDWoV P\ 1HZ<HDUoVUHVROXWLRQ",WoVWKHVDPHDVHYHU\\HDUWRFRQWLQXHORRNLQJIRUWKHPDJLFIRUPXODWRKHOSP\6SDQLVK
IULHQGVQDOO\OHDUQ(QJOLVK,WoVDQLQWHUHVWLQJDQGSURYRFDWLYHFKDOOHQJHDQG,ZLOOFRQWLQXHWRVHDUFKKLJKDQGORZXQWLOWKHHQGRI
P\GD\V+RQHVWO\,FDQoWWKLQNRIDQ\WKLQJPRUHIXQ
$QGZKDWZRXOG,UHFRPPHQGWKDW \RX UHHFWXSRQWKLV&KULVWPDVVHDVRQ":KDW1HZ<HDUoVUHVROXWLRQZRXOG,VXJJHVW"$VIRU
DUHHFWLRQZK\QRWWKLQNDERXWOLIHLQJHQHUDO":HDOZD\VFRPSODLQDERXWWKHSUHFDULRXVQHVVRIOLIHDQG,oPVXUHWKDWZHZLOO
FRQWLQXHWRFRPSODLQDERXWLWIRUFHQWXULHVWRFRPH%XWDVDVWXGHQWRIKLVWRU\,FDQWHOO\RXWKDWZHKDYHQHYHUEHHQPRUHFDSDEOH
WKDQZHDUHWRGD\RIIDFLQJSUHFDULRXVQHVVDQGYDQTXLVKLQJLW2XUVWDQGDUGRIOLYLQJDQGTXDOLW\RIOLIHDPRQJDOOVRFLDOVWUDWD
ZRXOGKDYHEHHQWKHVWXIIRIGUHDPVRQO\\HDUVDJR
$QGP\UHFRPPHQGDWLRQWR\RXFRQFHUQLQJD1HZ<HDUoVUHVROXWLRQ"7KDWoVDQHDV\RQH6WXG\(QJOLVKfHYHU\GD\f2ND\"+RZDP
,JRLQJWRVXFFHHGLQ P\ UHVROXWLRQLI\RXGRQoWKHOSPH"
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

&XOHVWXDSHOOLGR" :KDWoV\RXUVXUQDPHODVW
QDPH"
0LDSHOOLGRHV&KDQJ/L 0\VXUQDPHLV&KDQJ/L
(VHVHXQQRPEUHHVSDRO" ,VWKDWD6SDQLVKQDPH"
1RHVXQDSHUVRQDLQWHOLJHQWH +HLVQoWDQLQWHOOLJHQWSHUVRQ
(VXQQRPEUHFKLQR|WRQWR ,WoVD&KLQHVHQDPHVLOO\

(VWVOLVWR" $UH\RXUHDG\"
'DPHXQVHJXQGR *LYHPHDVHFRQG
3RUTXQRHVWVOLVWR" :K\DUHQoW\RXUHDG\"
(VWR\ODYQGRPHHOSHORHQ ,oPZDVKLQJP\KDLULQWKH
VKRZHU
ODGXFKD
|3HURPHHVWVKDEODQGRSRU %XW\RXoUHWDONLQJWRPHRQWKH
SKRQH
HOWHOIRQR

/RZ,QWHUPHGLDWH
'QGHHVWXYLVWHFXDQGR :KHUHZHUH\RXZKHQLW

KDSSHQHG"
VXFHGL"
1RUHFXHUGRGQGHHVWXYH ,GRQoWUHPHPEHUZKHUH,ZDV
1RHVWXYLVWHHQHOWUDEDMR" :HUHQoW\RXDWZRUN"
7LHQHVUD]QHVWDED <RXoUHULJKW,ZDVZRUNLQJ

WUDEDMDQGR
1XQFDHVWVHTXLYRFDGR <RXoUHQHYHUZURQJ

0LGGOH,QWHUPHGLDWH
1RKHYLVWRWDQWDVSHOFXODVHVWH ,KDYHQoWVHHQDVPDQ\OPV
WKLV\HDUDVODVW\HDU
DRFRPRHODRSDVDGR
1RKDQWHQLGRWDQWDVXHUWH 7KH\KDYHQoWKDGDVPXFK
OXFNLQWKLVWRXUQDPHQWDVWKH
HQHVWHWRUQHRFRPRHQHO
SUHYLRXVRQH
DQWHULRU
1RGLUDTXHHOODHVWDQOLVWD ,ZRXOGQoWVD\VKHoVDVFOHYHU
DVKHUVLVWHU
FRPRVXKHUPDQD
1RKDOORYLGRHVWHPHVWDQWR 7KHUHKDVQoWEHHQDVPXFKUDLQ
WKLVPRQWKDVODVWPRQWK
FRPRHOSDVDGR
1RSLHQVRWDQWRHQWLFRPR ,GRQoWWKLQNDERXW\RXDV
PXFKDV,XVHGWR
DQWHV

&KULVWPDVSXGGLQJ 3XGGLQJGH
QDYLGDGGHFRORURVFXURKHFKRD
EDVHGHIUXWDFRQWDGD\FRDF
FRQIRUPDUHGRQGD

7XUNH\ 3DYR

&UDFNHU 8QDHVSHFLHGHSLDWD
SHTXHDTXHVHDEUHGXUDQWHOD
FHQDWLUDQGRGHORVH[WUHPRV\
TXHFRQWLHQHXQUHJDORSHTXH
RXQFKLVWH\XQDFRURQDGH
SDSHO

6WXIQJ 5HOOHQR
&UDQEHUU\VDXFH 6DOVDGHDUQGDQR

9RFDEXODULR&KULVWPDVGLQQHU &HQDGH1DYLGDG
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

3RUTXTXLHUHVWUDEDMDUFRQ :K\GR\RXZDQWWRZRUNIRU

XV"
QRVRWURV"
3RUTXGHEHUDPRVGDUWHHO :K\VKRXOGZHJLYH\RXWKH

MRE"
WUDEDMR"
'XUDQWHFXQWRWLHPSR +RZORQJZRXOG\RXVWD\ZLWK

XV"
SHUPDQHFHUDVFRQQRVRWURV"
&XOHVVRQWXVSXQWRVIXHUWHV:KDWDUH\RXUVWUHQJWKVDQG
ZHDNQHVVHV"
\GELOHV"
3RUTXWHPDUFKDVGHWX :K\DUH\RXOHDYLQJ\RXU

SUHVHQWSRVLWLRQ"
DFWXDOSXHVWR"

3XHGHTXHOHVWGXUPLHQGR +HPLJKWEHVOHHSLQJ
3XHGHTXHOOXHYDKR\ ,WPLJKWUDLQWRGD\
3XHGHTXHWHQJDPRV :HPLJKWKDYHSUREOHPVLIZH
GRWKDW
SUREOHPDVVLKDFHPRVHVR
3XHGHTXHHOODQRYHQJD 6KHPLJKWQRWFRPHDIWHUDOO
GHVSXVGHWRGR
3XHGHTXHQRHVWQGHDFXHUGR7KH\PLJKWQRWDJUHHZLWKXV
FRQQRVRWURV

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

&RPRELHQVHDOXVWHG $V\RXKDYHTXLWHULJKWO\
SRLQWHGRXW
(VWR\GHDFXHUGRKDVWDFLHUWR ,DJUHHXSWRDSRLQW
SXQWR
5HFRPLHQGRSOHQDPHQWHHVWH ,WKRURXJKO\UHFRPPHQGWKLV
ZLQH
YLQR
(VMXVWRORTXH\RKDED 7KLVLVH[DFWO\ZKDW,KDGLQ
PLQG
SHQVDGR
|&PRVHDWUHYHDGHFLUHVR +RZGDUHKHVD\WKDW

$PRGRGHLQWURGXFFLQ%\ZD\RILQWURGXFWLRQOHWPH
SHUPWHPHFRPHQ]DUGLFLHQGRf VWDUWE\VD\LQJf
(VXQWSLFRGHFLUTXHORV ,WoVDFOLFKWRVD\WKDWPHQ
KRPEUHVQRVDEHQKDFHUGRV
FDQoWGRWZRWKLQJVDWWKH
FRVDVDODYH]
VDPHWLPH
3DVHPRVDH[DPLQDUORVSURV\ /HWXVQRZORRNDWWKHSURVDQG
ORVFRQWUDV
FRQV
([LVWHRWURSODQWHDPLHQWRSRVLEOH 7KHUHPD\EHDQRWKHUDSSURDFK
$QGHFXHQWDV :KHQDOOLVVDLGDQGGRQH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq  

6KRXOGKDYHSDUWLFLSLR

+HGLGQoWOLYHXSWRH[SHFWDWLRQV
,UHDOO\VFUHZHGXS
1RHVWXYRDODDOWXUDGHORHVSHUDGR /DKHIDVWLGLDGRSHURELHQ

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

7KHSRQGFRPSOHWHO\GULHGXS
/DFKDUFDVHVHFSRUFRPSOHWR

'RQoWJHWVRZRUNHGXS
|1RWHSRQJDVWDQGLVJXVWDGR\H[DOWDGR

'HEHUDVKDEHUWHOHYDQWDGRDQWHV
|'HEHUDKDEHUORVDELGR
'HEHUDVKDEHUSHGLGRSHUPLVR

<RXPHVVHGXSWKHZKROHSODQ
+DVIDVWLGLDGRWRGRHOSODQ

6HQGKLPXSWRP\RIFH
0QGDOHSDUDTXHVXEDDPLGHVSDFKR


,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UH[HV'H
'HEULHI
'HEULHQJ
'HFODVVLI\
'HFRPSRVH
'HFRQWDPLQDWLRQ
'HHVFDODWH
'HRZHU
'HIRUHVWDWLRQ
'HKXPDQL]H

7KHVS\GHEULHIHGKLVVXSHULRUVRQKLVSURJUHVV
7KHGHEULHQJVHVVLRQZDVORQJHUWKDQH[SHFWHG
,oYHGHFLGHGWRGHFODVVLI\WKHVHVHFUHWGRFXPHQWV
7KHERG\GHFRPSRVHGRYHUDSHULRGRIWLPH
7KHGHFRQWDPLQDWLRQSURFHVVLVDELWFRPSOLFDWHG
.HQQHG\ZDQWHGWRGHHVFDODWHWKH9LHWQDP:DU
5RPHGHRZHUHG6SDLQRIDOOLWVQDWXUDOUHVRXUFHV
+RXVLQJGHYHORSPHQWFDXVHVGHIRUHVWDWLRQ
<RXUPDQDJHPHQWVW\OHZLOOGHKXPDQL]HWKHUP

'HPRWH
'HQDWLRQDOL]H
'HPLVWLI\
'HRGRUDQW
'HSROLWLFL]H
'HUDLO
'HUHJXODWH
'HVWDELOL]H
'HYDOXH

+HZDVGHPRWHGWRDORZHUSRVLWLRQLQWKHUP
+HoVGHQDWLRQDOL]LQJPDQ\VWDWHFRPSDQLHV
,ZDQWWRGHPLVWLI\SKUDVDOYHUEVIRU\RX
,GRQoWWKLQNKHSXWVRQGHRGRUDQWLQWKHPRUQLQJ
:HQHHGWRGHSROLWFL]HWKHGHEDWH
7KHQHZGHYHORSPHQWVGHUDLOHGWKHQHJRWLDWLRQV
7KHJRYHUQPHQWGHUHJXODWHGWKHHQHUJ\VHFWRU
7KLVQHZODZFRXOGGHVWDELOL]HWKHVWDWXVTXR
:HPXVWQoWGHYDOXHRXUFXUUHQF\ULJKWQRZ

3UH[HV,P
,PEDODQFH
,PPDWHULDO
,PPDWXUH
,PPDWXULW\
,PPLJUDQW
,PPRELOL]H
,PPRUDO
,PSDUWLDO
,PSDWLHQW

7KHUHoVDFOHDULPEDODQFHLQWKHWDVNVDVVLJQHG
,PSDWLHQFH
,WoVLPPDWHULDOZKHWKHUWKHZLWQHVVVDZLWRUQRW
,PSHQHWUDEOH
+LVLPPDWXUHDWWLWXGHLVFDXVLQJDORWRIWURXEOHKHUH ,PSHUFHSWLEOH
+HVKRZVDKLJKGHJUHHRILPPDWXULW\
,PSHUIHFWLRQ
,PPLJUDQWVXVXDOO\HQWHU6SDLQIURPWKHVRXWK
,PSHUVRQDO
7KHVXUJHRQKDGWRLPPRELOL]HWKHSDWLHQWoVDUP
,PSHUWLQHQW
(WKLFVVWXGLHVZKDWLVPRUDODQGLPPRUDO
,PSROLWH
<RXURSLQLRQLVQRWLPSDUWLDOEXWUDWKHUVODQWHG
,PSRVVLEOH
,oPLPSDWLHQWWRVHHWKHUHVXOWV
,PSURSHU

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6LHQWRLQWHUUXPSLUSHURWHQJRD7HG5RELQVRQDOWHOIRQR\HVW
IXULRVRSRUHOLQFUHPHQWRHQORVSUHFLRVGHOPRGHOR.'LFHTXHQR
VHOHKDLQIRUPDGR\TXH\DKDGDGRVXSDODEUDDPVGHFOLHQ
WHVQXHYRVHQODVOWLPDVWUHVVHPDQDV1RVHVWSLGLHQGRTXHOH
PDQWHQJDPRVHOSUHFLRDQWLJXRKDVWDQDOGH0DU]R6ORIDOWD
XQPHV\PHGLRSHURVLVHHQWHUDQORVRWURVGLUHFWRUHVUHJLRQDOHV
SRGUDPRVHQFRQWUDUQRVFRQXQSUREOHPD

+LVLPSDWLHQFHLVVWDUWLQJWRJHWRQP\QHUYHV
6RPHSDUWVRIWKLVMXQJOHDUHLPSHQHWUDEOH
+LVQHUYRXVWLFZDVDOPRVWLPSHUFHSWLEOH
1RRQHLVWRWDOO\IUHHRILPSHUIHFWLRQV
7KHDWPRVSKHUHZDVTXLWHLPSHUVRQDO
,GRQoWDSSUHFLDWH\RXULPSHUWLQHQWUHPDUNV
,WoVQRWJRRGWREHLPSROLWHWRWKHZDLWHUV
,WoVLPSRVVLEOHWR\OLNH3HWHU3DQ
<RXoYHPDGHLPSURSHUXVHRI\RXUOLFHQVH

,oPVRUU\WRLQWHUUXSWEXW,oYHJRW7HG5RELQVRQRQWKHSKRQHDQG
KHoVIXULRXVDERXWWKHSULFHLQFUHDVHRQWKH.PRGHOV+HVD\VKH
ZDVQoWLQIRUPHGDQGWKDWKHoVDOUHDG\JLYHQKLVZRUGWRRYHU
QHZFXVWRPHUVLQWKHODVWWKUHHZHHNV+HoVDVNLQJXVWRKRQRUWKH
ROGSULFHXQWLOWKHHQGRI0DUFK7KDWoVRQO\DPRQWKDQGDKDOI
DZD\EXWLIWKHRWKHUWHUULWRU\PDQDJHUVQGRXWZHFRXOGKDYH
DSUREOHPRQRXUKDQGV

(OIRJRQHUR\HOPDHVWURDUSRQHUR

&DVLWRGRVORVVHFWRUHVHFRQPLFRV\VRFLDOHVGH
(VSDDHVWQREVHVLRQDGRVFRQHOWHPDGHOLQJOV
\ ODV HPSUHVDV JDVWDQ LQJHQWHV FDQWLGDGHV GH
GLQHURSDUDRIUHFHURSRUWXQLGDGHVGHIRUPDFLQD
VXSODQWLOODRSHGLUVROXFLRQHVHVSHFFDVSDUDVX
SHUVRQDOFODYH(OFDVRGH7DQFUHGRHVPX\WSLFR
6XQRPEUHHV7DQFUHGR\DQDOGHHQHUR
\ D WUDYV GH VX KLVWRULD SRGUV FRQVWDWDU TXH
6HUQXHVWURQXHYRPDHVWURDUSRQHUR
QL ODV JUDQGHV HPSUHVDV FRQ VXV SUHVXSXHVWRV
6XVDUSRQHVDODGRVDSXQWDGRVDOPHUFDGR
$XPHQWDUQQXHVWUDVYHQWDVGHXQPRGRGHVWDFDGR GH IRUPDFLQ VDEHQ DERUGDU FRQ SHULFLD \ WLQR
HO WHPD GH LQJOV 0X\ SRFDV KDQ REWHQLGR
(VHOKRPEUHSHUIHFWRFRQSHULFLD\WLQR
XQD UHQWDELOLGDG HQ ORV  DRV TXH ODV YHQJR
8QIHQPHQRDQGDQWHFRQXQFODURGHVWLQR
REVHUYDQGR
&RQOODHPSUHVDUHSXQWDUPX\SURQWR
4XHUHPRVGHQXHYRTXHWXEXHQDHPSUHVD
1RVD\XGHDUHVROYHU\GHIRUPDH[SUHVD
8QSUREOHPDLPSRUWDQWHSDUDHOUHDFRPHUFLDO
&HQWUDGRHVRVHQXQKRPEUHHVSHFLDO

3RUTXH7DQFUHGRQRWLHQHQLXQSHORGHWRQWR
7REHFRQWLQXHGf

5LFKDUG9DXJKDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
&RPPHQWDWRU
&RPPHUFH
&RPPHUFLDO
&RPPLVVLRQ
&RPPLW
&RPPLWPHQW
&RPPLWWHH
&RPPRQ
&RPPRWLRQ
&RPPXQH
&RPPXQLFDWH
&RPPXQLFDWLRQ
&RPPXQLRQ
&RPPXQLFDWLYH
&RPPXQLVP
&RPPXQLVW
&RPPXQLW\

(VWLPDGRDPLJR\DOXPQR(OSRHPDTXHYLHQHDFRQWLQXDFLQGHVFULEHXQKHFKRUHDO+HFDPELDGR
ORVQRPEUHVSHURVHWUDWDGHXQDVLWXDFLQTXHWXYROXJDUDPHGLDGRVGHORV7HGHMRFRQHO
SULQFLSLRGHOSRHPD\DSDUWLUGHODSU[LPDFKDWHLUFRQWDQGRHQSURVDORTXHODSRHVDH[SOLFD
FRQEDVWDQWHFODULGDG

&RPSDFW
&RPSDQLRQ
&RPSDQ\
&RPSDUDEOH
&RPSDUDWLYH
&RPSDUH
&RPSDULVRQ
&RPSDUWPHQW
&RPSDVV
&RPSDVVLRQ
&RPSDWLELOLW\
&RPSDWLEOH
&RPSDWULRW
&RPSHQGLXP
&RPSHQVDWH
&RPSHQVDWLRQ
&RPSHWHQFH





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VHVWHVXJDWR" ,VWKLVKHUFDW"
(VHVHVXSHUUR" ,VWKDWKLVGRJ"
'QGHHVWPLSHORWD" :KHUHLVP\EDOO"
(VWGHEDMRGHODPHVD ,WoVXQGHUWKHWDEOH
3RUTXHVWDOO" :K\LVLWWKHUH"

/DQRYLDGHPLKHUPDQRHV 0\EURWKHUoVJLUOIULHQGoV
3RUWXJXHVH
SRUWXJXHVD
/DVHFUHWDULDGHVXSDGUHHV +HUIDWKHUoVVHFUHWDU\oV
*HUPDQ
DOHPDQD
(OQRYLRGHVXKHUPDQDHVLWDOLDQR +LVVLVWHUoVER\IULHQGoV,WDOLDQ
(OFRFKHGHQXHVWURSURIHVRUHV2XUWHDFKHUoVFDUoV-DSDQHVH
MDSRQV
(OQRPEUHGHVXPGLFRHVIUDQFV 7KHLUGRFWRUoVQDPHoV)UHQFK
-RVHSK -RV

0DU\ 0DUD

7KH7KUHH.LQJV /RV5H\HV0DJRV
6KHSKHUG 3DVWRU

0DQJHU 3HVHEUH

9RFDEXODULR1DWLYLW\6FHQH %HOQ
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

'HTXLQHVHVWHFRFKH" :KRVHFDULVWKLV"
&XOHVHOWX\R" :KLFKRQHLV\RXUV"
'HTXLQVRQHVRVOLEURV" :KRVHERRNVDUHWKRVH"
&XOHVVRQORVVX\RV :KLFKRQHVDUHWKHLUV"

GHHOORV "
'HTXLQIXHHVDLGHD" :KRVHLGHDZDVWKDW"

1RKHSRGLGRWHUPLQDUOR ,KDYHQoWEHHQDEOHWRQLVKLW
&XQGRYDVDSRGHU :KHQDUH\RXJRLQJWREHDEOH
HQYLUPHOR"
WRVHQGLWWRPH"
1RSRGUDVLVWLU 6KHZRQoWEHDEOHWRDWWHQG
3RGUVFXPSOLUHOSOD]R" :LOO\RXEHDEOHWRPHHWWKH
GHDGOLQH"
(VWR\SUHSDUDGR\OLVWR ,oPUHDG\DQGZLOOLQJ

+LJK,QWHUPHGLDWH
$FRUWRSOD]RGHEHUDPRV ,QWKHVKRUWWHUPZHVKRXOG

FRQVLGHUDURWUDVRSFLRQHV
FRQVLGHURWKHURSWLRQV
&XOHVVRQWXVREMHWLYRVD :KDWDUH\RXUORQJWHUPJRDOV"
ODUJRSOD]R"
1RKDVDSURYHFKDGRWXV <RXKDYHQoWWDNHQDGYDQWDJH

RSRUWXQLGDGHV
RI\RXURSSRUWXQLWLHV
$QWHVHUDVPVWUDEDMDGRU <RXXVHGWREHPRUHKDUG
ZRUNLQJ
4XWHSDVD" :KDWoVWKHPDWWHUZLWK\RX"

/RZ$GYDQFHG
0HSXHGHVSODQFKDUODFDPLVD" &DQ\RXLURQP\VKLUW"
3RUTXQRKDVEDUULGRHOVXHOR" :K\KDYHQoW\RXVZHSWWKH
RRU"
/OHYDVVLJORVVLQOLPSLDUHOSROYR <RXKDYHQoWGXVWHGLQDJHV
&XQGRYDVDIUHJDUODFRFLQD" :KHQDUH\RXJRLQJWRPRS
WKHNLWFKHQ"
|'MDPHHQSD]|2GLRODVWDUHDV/HDYHPHDORQH,KDWH
KRXVHZRUN
GRPVWLFDV

0LGGOH$GYDQFHG
3XHGHTXHVHOHKD\DQSHJDGR +HPLJKWKDYHRYHUVOHSW
ODVVEDQDV
3XHGHTXHHOODKD\DVDOLGRGH 6KHPLJKWKDYHEHHQRXWRQ
WKHWRZQODVWQLJKW
MXHUJDDQRFKH
3XHGHTXHKD\DKDELGRXQ 0LJKWWKHUHKDYHEHHQD
PLVXQGHUVWDQGLQJ"
PDOHQWHQGLGR"
|'HEHUDKDEHUORVDELGR ,PLJKWKDYHNQRZQ
|+DEUPHORGLFKR <RXPLJKWKDYHWROGPH

)RU(QJOLVKVXSHUVWDUVRQO\
/RVEHQHFLRVQHWRV 1HWSURWLQFUHDVHGE\LQ

DXPHQWDURQXQHQHO
WKHUVWKDOIRI
SULPHUVHPHVWUHGH
(OGODUFD\XQQXHYRPQLPR7KHGROODUIHOOWRDQHZORZ
IUHQWHDOHXUR
DJDLQVWWKHHXUR
/DHPSUHVDVHYLRREOLJDGDD 7KHFRPSDQ\ZDVIRUFHGWRFXW

UHGXFLUVXSHUVRQDOHQXQ RILWVZRUNIRUFH
(OSUHFLRGHODYLYLHQGDFD\SRU+RXVHSULFHVIHOOIRUWKHIRXUWK
FXDUWRWULPHVWUHFRQVHFXWLYR
TXDUWHULQDURZ
/DFRQDQ]DGHORVFRQVXPLGRUHV&RQVXPHUFRQGHQFHLQWKH86
KDFDGREUXVFDPHQWHHQ((88 KDVIDOOHQVKDUSO\



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
7REHLQDKXUU\

3KUDVDOYHUEVZLWKpXSq  

3DUDGHFLUpWHQHUSULVDqQRGHFLPRVQXQFDpWR
KDYHKXUU\q

7KHGUDLQLVVWRSSHGXS
(OGHVDJHHVWDWDVFDGR

:RXOG\RXVKXWXSSOHDVH"
7HTXLHUHVFDOODUSRUIDYRU"

&DQ\RXKHOSPHXS"
0HD\XGDVDOHYDQWDUPH"

,oOOULQJKLPXSWRPRUURZPRUQLQJ
/HGDUXQWRTXHPDDQDSRUODPDDQD

+HWKUHZXSDOORYHUWKHEDFNVHDW
'HYROYLSRUWRGRHODVLHQWRGHDWUV

<RXoYHUXQXSDKHIW\ELOO
+DVLGRDFXPXODQGRXQDFXHQWD
FRQVLGHUDEOH

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

3UH[HV,U
,UUDWLRQDO
,UUHJXODU
,UUHOHYDQW
,UUHSODFHDEOH

+LVEHKDYLRXUZDVWRWDOO\LUUDWLRQDO
<RXDUHVXIIHULQJDQLUUHJXODUKHDUWEHDW
:KHWKHUWKH\JRRUQRWLVWRWDOO\LUUHOHYDQWWRPH
&HUWDLQSOD\HUVRQWKHWHDPDUHLUUHSODFHDEOH

,UUHSUHVVLEOH
,UUHVLVWLEOH
,UUHVSRQVLEOH
,UUHYHUVLEOH

7LHQHQSULVDSRUWHUPLQDUHOLQIRUPH
3RUTXVLHPSUHWLHQHVSULVDFXDQGRWHYHR"
-RKQWHQDSULVDSRUOOHJDUDOEDQFRDQWHVGH
TXHFHUUDUD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

+HULUUHSUHVVLEOHODXJKWHUHQGVXSFDXVLQJSUREOHPV
:KHQVKHVPLOHVVKHoVVLPSO\LUUHVLVWLEOH
,WVHHPVDOORXUQHZSHRSOHDUHWRWDOO\LUUHVSRQVLEOH
7KHSURFHVVLVLUUHYHUVLEOH7KHUHoVQRWKLQJ,FDQGR

3UH[HV0LV
0LVEHKDYH
0LVFDUULDJH
0LVFRQFHSWLRQ
0LVFRQGXFW
0LVIRUWXQH
0LVJLYLQJV
0LVJXLGHG
0LVKDQGOH
0LVLQIRUPHG
0LVLQIRUPDWLRQ
0LVLQWHUSUHW
0LVMXGJH
0LVOHDG

7KHLUFKLOGLVDOZD\VPLVEHKDYLQJDWVFKRRO
0LVOHDGLQJ
+LVZLIHVXIIHUHGDVHULHVRIPLVFDUULDJHV
0LVOHDG
7KHLGHDWKDWVQDNHVDUHVOLP\LVDPLVFRQFHSWLRQ
0LVPDQDJHG
7KHUHoVDORWRIPLVFRQGXFWLQFHUWDLQ1*2V
0LVSODFH
,KDGWKHPLVIRUWXQHWREHDSSRLQWHGVSRNHVPDQ
0LVSULQW
,KDYHVRPHVHULRXVPLVJLYLQJVDERXWWKHSURMHFW
0LVSURQRXQFH
,EHOLHYH\RXUDFWLRQVDUHPLVJXLGHG
0LVTXRWH
7KH35GHSDUWPHQWPLVKDQGOHGWKHDIIDLU
0LVVSHOO
,EHOLHYH\RXoYHEHHQPLVLQIRUPHG
0LVVSHOOLQJV
7KHJRYHUQPHQWLVLVVXLQJPLVLQIRUPDWLRQRQWKLV
0LVWUHDW
3OHDVHGRQoWPLVLQWHUSUHWP\ZRUGV
0LVWUHDWHG
'RQoWPLVMXGJHKLVLQWHQWLRQV+HnVDJKWHU
0LVXQGHUVWDQG
7KHXQLRQERVVHVDUHPLVOHDGLQJWKHZRUNHUV
0LVXQGHUVWDQGLQJ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&XDQGROOHJXHHOPRPHQWRGHWHQHUXQDFKDUODVHULDFRQHOODWH
ORKDUVDEHU3RUDKRUDORHVWKDFLHQGRELHQ\QRFUHRTXHVHDHO
PRPHQWRRSRUWXQRSDUDWUDWDUHOWHPDGHOPDWULPRQLR7HUPLQD
UVLHQGRHODGPLQLVWUDGRUGHOSDWULPRQLRIDPLOLDU\REYLDPHQWH
HOEODQFRGHORVHQFDQWRVGHPXFKRVKRPEUHV(OODQHFHVLWDUVD
EHUFPRMX]JDUVXVLQFHULGDGHVSHFLDOPHQWHODGHDTXHOORVTXH
OHSURSRQJDQHOPDWULPRQLR

7KLVLQIRUPDWLRQFDQEHYHU\PLVOHDGLQJ
7KH*HUPDQVZHUHPLVOHGE\WKHLUOHDGHUV
7KHPLQLVWHUWRWDOO\PLVPDQDJHGWKHDIIDLU
,WKLQN,oYHPLVSODFHGP\ZDOOHW
7KHUHDPLVSULQWRQSDJHSDUDJUDSK
<RXDOZD\VPLVSURQRXQFHP\ODVWQDPH
7KHFKDLUPDQZDVPLVTXRWHGE\WKHSUHVV
<RXoYHPLVVSHOOHGP\QDPHDJDLQ
7KHUHDUHORWVRIPLVVSHOOLQJVLQWKHUHSRUW
,KDWHSHRSOHZKRPLVWUHDWDQLPDOV
7KHSRRUKRUVHZDVPLVWUHDWHGE\LWVRZQHU
'RQoWPLVXQGHUVWDQGPH,GRVXSSRUW\RX
,WKLQNWKHUHoVEHHQDPLVXQGHUVWDQGLQJ

:KHQWKHWLPHFRPHVWRKDYHDVHULRXVWDONZLWKKHU,oOOOHW\RX
NQRZ6KHoVGRLQJRND\IRUWKHWLPHEHLQJDQG,GRQoWIHHOLWoVWKH
ULJKW PRPHQW \HW WR DSSURDFK WKH VXEMHFW RI PDUULDJH 6KH ZLOO
HQG XS EHLQJ WKH DGPLQLVWUDWRU RI WKH HQWLUH IDPLO\ HVWDWH DQG
REYLRXVO\WKHREMHFWRIPDQ\PHQoVFKDUPV6KHoOOQHHGWRNQRZ
KRZ WR MXGJH WKHLU VLQFHULW\ HVSHFLDOO\ WKH RQHV ZKR SURSRVH
PDUULDJH

(VWLPDGRDPLJR\DOXPQR7DQFUHGRVTXHHVXQIHQPHQR$KRUDGLULJHWRGD(XURSD\HOQRUWHGH
0VSDODEUDVLQJOHVDV
IULFD(VXQPDJRHQORFRPHUFLDO\GHVSOLHJDVXPDJLDHQHOGHODHPSUHVDQRUWHDPHULFDQD
GHUD]ODWLQD
SDUDODTXHWUDEDMDGHVGH<DWHKDEOGHOHQXQDFKDDQWHULRUSHURHVWDYH]TXLHURFRQWDU &RPSHWHQW
&RPSRVLWLRQ
ODKLVWRULDGHVXVLQLFLRV\FPRORJUDPRVFRQYHQFHUDVXQXHYDHPSUHVDGHKDFHUORQHFHVDULRSDUD &RPSHWLWLRQ
&RPSRVHU
UHVROYHUGHXQDYH]SRUWRGDVODFDUHQFLDIRUPDWL &RPSHWLWLYH
&RPSRVXUH
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
&RPSUHKHQG
YDTXHSUHVHQWDEDHVWHpVDOYDGRUq(OUHWRHVWDED &RPSHWLWRU
VHUYLGR7DQFUHGRWHQDDRV\HUDSULQFLSLDQWH &RPSLODWLRQ &RPSUHKHQVLYH
3HURWHQHPRVXQSUREOHPDORSRGUVDGLYLQDU
&RPSUHVVLRQ
&RPSLOH
HQLQJOV'HMORVHVWXGLRVDORVDRVSDUDVHU
1XHVWUDVHGHGH2KLRYDDDOXFLQDU
&RPSXOVLRQ
&XDQGRVHSDTXH7DQFUHGRQXHVWUDDUPDVHFUHWD
DSUHQGL] GH PHFQLFR \ VX WHVQ H LQWHOLJHQFLD &RPSOHPHQW
6DEHWDQWRLQJOVFRPR%XVKGHSDQGHUHWDV
QDWXUDOOHD\XGDURQDTXHDRVPVWDUGHIXH &RPSOHPHQWDU\ &RPSXOVLYH
&RPSOHWH
&RPSXWH
UDFKDGRFRPRHOQRYDPVGHWRGRHOVHFWRU
'HYHQGHUVDEHPXFKRFRPRFKXUURVGHIHULD
&RPSOHWHO\
&RPSXWHU
3HURODHPSUHVDHVQRUWHDPHULFDQD\DVXVJUDQ
<VDEUFPRVDFDUQRVGHHVWDPLVHULD
&RPSOH[
&RPUDGH
3HURHQFRVDVPVQDVHVXQSRFRSDUDGR
GHVMHIHVGH2KLRQROHVJXVWDFRQDUGHPDVLDGR &RPSOH[LW\
&RQFDYH
<HQLGLRPDVHVXQKRPEUHPX\SRFRLOXVWUDGR
HQJHQWHTXHQRKDEODHOLGLRPDGHODFDVD3RU &RPSOLFDWH
&RQFHGH
WDQWR7DQFUHGRGHEDDSUHQGHULQJOV\QXHVWUD
(QVORVHLVPHVHVWHQGUTXHDVLVWLU
&RPSOLFDWHG
&RQFHLYH
HPSUHVD9DXJKDQ6\VWHPVUHFLELHOHQFDUJRGH &RPSOLFDWLRQ
$ODVUHXQLRQHVWULPHVWUDOHVTXHVXHOHQFRQVLVWLU
&RQFHQWUDWH
(QH[DPLQDUORFRQVHJXLGR\HQMDUHOREMHWLYR
ERFDGHOGLUHFWRUGH5HFXUVRV+XPDQRVQXHVWUR
&RPSOLFLW\
&RQFHQWUDWLRQ
'HVGHORPVFRPHUFLDOKDVWDORPVDGPLQLVWUDWLYR
QDUUDGRUGXUDQWHHVWDSDUWHGHOSRHPD
&RPSRQHQW
&RQFHQWULF
7REHFRQWLQXHGf

5LFKDUG9DXJKDQ

&RPSRVH

&RQFHSW





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

0LQRYLDHVJXDSD 0\JLUOIULHQGoVSUHWW\
7XQRPEUHHVODUJR <RXUQDPHoVORQJ
6XMHIHHVKRUULEOH GHO  +LVERVVLVKRUULEOH
6XPDGUHHVVLPSWLFD +HUPRWKHUoVQLFH
1XHVWUDFDVDHVWHQODFLXGDG 2XUKRXVHLVLQWKHFLW\

|%DLODFRQPLJR 'DQFHZLWKPH
|&QWDPHXQDFDQFLQ 6LQJPHDVRQJ
|&RPHWXFRPLGD (DW\RXUIRRG
|'LPHDKRUD 7HOOPHQRZ
|'DPHHVR *LYHPHWKDW

/RZ,QWHUPHGLDWH
/RVLHQWRVHPHROYLGGHFUWHOR6RUU\,IRUJRWWRWHOO\RX
/OHYDEDVSXHVWDHVDFRUEDWDD\HU<RXZRUHWKDWWLH\HVWHUGD\
0HVHQWPX\FDQVDGDFXDQGR,IHOWYHU\WLUHGZKHQ,ZRNH
XS
PHGHVSHUW
OHOLJLODEODQFD +HFKRVHWKHZKLWHRQH
3HQVDEDTXHODFRQRFLVWHHQ ,WKRXJKW\RXPHWKHUDWWKH

SDUW\
ODHVWD

0LGGOH,QWHUPHGLDWH
4XLQPVVDEDHVR" :KRHOVHNQHZWKDW"
4XPVTXLHUHVTXHGLJD" :KDWHOVHGR\RXZDQWPHWR
VD\"
(QTXRWURVLWLRSRGUDPRV :KHUHHOVHFRXOGZHKROGWKH
PHHWLQJ"
FHOHEUDUODUHXQLQ"
'HTXRWUDPDQHUDVHSRGUD+RZHOVHFRXOGLWEHVROYHG"
UHVROYHU"
3RUTXRWURPRWLYRORGLUD" :K\HOVHZRXOGVKHVD\WKDW"

+LJK,QWHUPHGLDWH
4XWHWUDHSRUDTX" :KDWEULQJV\RXKHUH"
4XOHKDUDDHOODFDPELDUGH :KDWZRXOGPDNHKHUFKDQJH

KHUPLQG"
RSLQLQ"
4XOHVKL]RPDUFKDUVH" :KDWPDGHWKHPOHDYH"
4XVXFHGLFXDQGROOHJVX :KDWKDSSHQHGZKHQKHU

KXVEDQGDUULYHG"
PDULGR"
4XSXHGRKDFHUSDUDTXH :KDWFDQ,GRWRPDNH\RXORYH

PH"
WPHTXLHUDV"

/RZ$GYDQFHG
8QSROLFDVHPHDFHUF $SROLFHPDQFDPHXSWRPH
1RVKHPRVTXHGDGRVLQGLQHUR :HoYHUDQRXWRIPRQH\
6HOHKDDFDEDGRODSDFLHQFLD +HKDVUXQRXWRISDWLHQFH
0DQWHQOHDOHMDGRGHHOOD .HHSKLPDZD\IURPKHU
/RVERUUDFKRVFDQWDQGRHQOD 7KHGUXQNVVLQJLQJRQWKH
FDOOHPHWXYLHURQHQYHODWRGD VWUHHWNHSWPHXSDOOQLJKW
ODQRFKH

(OYHV (OIRV
6DFN 6DFRFRQUHJDORV

6OHLJKEHOO &DVFDEHO

6OHLJK 7ULQHR

5HLQGHHU 5HQR

9RFDEXODULR)DWKHU&KULVWPDV 3DSD1RHO

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

9R\DOLPDUPHODVXDV ,oPJRLQJWROHP\QDLOV
0HSXHGHVSUHVWDUFUHPD &DQ\RXOHQGPHVRPH
KLGUDWDQWH"
PRLVWXUL]LQJFUHDP"
&PRWHGHSLODVODVD[LODV" +RZGR\RXUHPRYHWKHKDLU
IURP\RXUDUPSLWV"
9DVDXQDSHOXTXHUDSDUD 'R\RXJRWRDKDLUGUHVVHUoVWR
VWUDLJKWHQ\RXUKDLU"
OLPDUWHODVXDV"
&RQTXIUHFXHQFLDWHOLPSLDV+RZRIWHQGR\RXRVV\RXU
WHHWK"
ORVGLHQWHVFRQKLOR"

8QJUDQJXLRFPSOLFHD-RKQ$ELJNQRZLQJZLQNWR-RKQIRU
SRUORTXHVLJXH
WKLVRQH
,PDJLQDTXHQRKD\SRVHVLRQHV,PDJLQHQRSRVVHVVLRQV,
PHSUHJXQWRVLSXHGHVf
ZRQGHULI\RXFDQf
1RKD\LQHUQREDMRQRVRWURV 1RKHOOEHORZXVDERYHXVRQO\
VREUHQRVRWURVVORKD\FLHOR
VN\
6LQQHFHVLGDGGHDYDULFLDR 1RQHHGIRUJUHHGRUKXQJHUD
KDPEUHXQDKHUPDQGDGGH
EURWKHUKRRGRIPDQ
KRPEUHV
'LUVTXHVR\XQVRDGRU <RXPD\VD\,oPDGUHDPHUEXW
SHURQRVR\HOQLFR
,oPQRWWKHRQO\RQH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq 

/DYR]SDVLYD

:KHQ,ZDVZDONLQJGRZQWKHVWUHHWf
&XDQGRLEDDQGDQGRSRUODFDOOH

7KH\VKXWGRZQWKHIDFWRU\ODVWPRQWK
&HUUDURQODIEULFDHOPHVSDVDGR

7KH\WXUQHGGRZQWKHRIIHU
5HFKD]DURQODRIHUWD

7KHZROIEOHZWKHKRXVHGRZQ
(OORERGHUULEODFDVDVRSODQGR

&DQ\RXWXUQGRZQWKHUDGLR"
3XHGHVEDMDUODUDGLR"

7KHZLQGEOHZWKHWUHHVGRZQ
(OYLHQWRGHUULEORVUEROHV

(OFRPSOHPHQWRGLUHFWRGHXQYHUERDFWLYRVH
FRQYLHUWHHQHOVXMHWRGHXQYHUERHQSDVLYD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(O&DVWLOORVHFRQVWUX\HQHOVLJOR
/DVRUHVIXHURQSODQWDGDVGHQRFKH
/DVIDURODVIXHURQGLVHDGDVHQ1RUXHJD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UH[HV2XW
2XWERDUG
2XWEUHDN
2XWEXUVW
2XWFDVW
2XWFRPH
2XWGDWHG
2XWGR
2XWGRRU
2XWGRRUV
2XWW
2XWJRLQJ
2XWJURZ
2XWODZ

0\ERDWKDVDQRXWERDUGPRWRUDWWDFKHGWRLW
2XWOLQH
7KHUHZDVDQRXWEUHDNRIFKROHUDLQ6UL/DQND
2XWOLYH
+LVDQJU\RXWEXUVWZDVWRWDOO\XQMXVWLHG
2XWORRN
,IHHOOLNHDQRXWFDVWLQWKLVFORVHGVRFLHW\
2XWPDQRHXYUH
7KHRXWFRPHRIWKHLUHIIRUWVLVVWLOOWREHVHHQ
2XWQXPEHU
7KRVHLGHDVDUHFRPSOHWHO\RXWGDWHG
2XWRIGDWH
,FDQRXWGR\RXRQDQ\WKLQJ\RXSURSRVH
2XWRIWKHZD\
,SUHIHURXWGRRUVSRUWVWRLQGRRUVSRUWV
2XWSXW
,OLNHWRVSHQGWLPHLQWKHRXWGRRUV
2XWUDQN
,OLNH\RXURXWW:KHUHGLG\RXEX\LW"
2XWUXQ
0\ERVVLVDYHU\RXWJRLQJSHUVRQ
2XWVNLUWV
<RXUVRQZLOOVRRQRXWJURZWKDWNLQGRIEHKDYLRXU
2XWVSRNHQ
2NODKRPDXVHGWREHDVDIHKDYHQIRURXWODZV
2XWVWDQGLQJ

,QHHGDEULHIRXWOLQHRIWKHRYHUDOOSURMHFW
:RPHQXVXDOO\RXWOLYHPHQ
6KHKDVDYHU\KHDOWK\RXWORRNRQOLIH
2XUULYDOVVHHPWRKDYHRXWPDQRHXYUHGXV
7KH5XVVLDQVRXWQXPEHUHGWKH*HUPDQVE\WR
7KDWWHFKQRORJ\LVDOUHDG\RXWRIGDWH
,QGRXWRIWKHZD\SODFHVWRVSHQGP\KROLGD\V
)DFWRU\RXWSXWWKLV\HDULVPRYLQJDWDUHFRUGSDFH
7HDFKLQJRXWUDQNVUHVHDUFKDWPRVWXQLYHUVLWLHV
$FKHHWDKFDQRXWUXQDOLRQDQ\GD\RIWKHZHHN
0\QHZKRXVHLVORFDWHGRQWKHRXWVNLUWVRI3DULV
+HoVTXLWHRXWVSRNHQZKHQLWFRPHVWRVDIHW\
<RXoYHGRQHDQRXWVWDQGLQJMRE&RQJUDWXODWLRQV

7KH\OLYHLQDPXOWLOHYHOKRXVH
0DQ\SHRSOHLQ/X[HPERXUJDUHPXOWLOLQJXDO
+LVGUHDPLVWREHFRPHDPXOWLPLOOLRQDLUH

1HVWOLVD6ZLVVPXOWLQDWLRQDOFRUSRUDWLRQ
7KLVDDPXOWLSXUSRVHKRXVHFOHDQLQJPDFKLQH
:RPHQVD\WKDWPHQFDQoWPXOWLWDVN

3UH[HV0XOWL
0XOWLOHYHO
0XOWLOLQJXDO
0XOWLPLOOLRQDLUH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(QYLGLR D OD JHQWH TXH SXHGH FRQVHJXLU WHQHU VX PHVD OLPSLD \
RUGHQDGD&RQR]FRDOGLUHFWRUJHQHUDOGHXQDHPSUHVD\VXPHVD
QXQFDWLHQHQDGDQLXQSDSHOQLVLTXLHUDXQRUGHQDGRU6LHVWV
FRQ O \ QHFHVLWD HVFULELU DOJR DEUH XQ FDMQ VDFD XQD KRMLWD GH
SDSHOHVFULEHXQDVSDODEUDV\ORPHWHHQHOEROVLOORGHUHFKRGHVX
FKDTXHWD1RWHQJRQLLGHDGHTXKDFHFRQHOSDSHOGHVSXV

0XOWLQDWLRQDO
0XOWLSXUSRVH
0XOWLWDVN

,HQY\SHRSOHZKRFDQPDQDJHWRNHHSWKHLUGHVNFOHDQDQGWLG\,NQRZ
DJHQHUDOPDQDJHURIRQHFRPSDQ\ZKRVHGHVNQHYHUKDVDVLQJOHLWHP
RUSLHFHRISDSHURQLWQRWHYHQDFRPSXWHU,I\RXoUHZLWKKLPDQGKH
QHHGVWRZULWHVRPHWKLQJGRZQKHRSHQVDGUDZHUWDNHVRXWDOLWWOH
SLHFHRIZKLWHSDSHUZULWHVDIHZZRUGVDQGSXWVWKHSLHFHRISDSHULQ
KLVULJKWMDFNHWSRFNHW:KDWKHGRHVZLWKLWDIWHUWKDW,KDYHQRLGHD

7REHFRQWLQXHGf

5LFKDUG9DXJKDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
&RQFHSWLRQ
&RQFHSWXDO
&RQFHUQ
&RQFHUQLQJ
&RQFHUW
&RQFHVVLRQ
&RQFLHUJH
&RQFLOLDWH
&RQFLOLDWLRQ
&RQFLVH
&RQFODYH
&RQFOXGH
&RQFOXVLRQ
&RQFRUGDQFH
&RQFRUG
&RQFUHWH
&RQFXELQH
&RQFXUUHQFH

&RQGHPQ
&RQGHPQDWLRQ
&RQGHQVH
&RQGHQVDWLRQ
&RQGHVFHQG
&RQGLPHQW
&RQGLWLRQ
&RQGLWLRQDO
&RQGROHQFHV
&RQGRU
&RQGXFW
&RQGXFWRU
&RQIHUHQFH
&RQIHUH
&RQIHVV
&RQIHVVLRQ
&RQIHVVRU
&RQGHQFH


(VWLPDGRDPLJR\DOXPQR(OGLUHFWRUGH5HFXUVRV+XPDQRVKDEODFRQHOSURYHHGRUGHODIRUPDFLQ
FRQFLHUWDDOWLYH]1RORKDUDVLHOSURYHHGRUIXHUDXQDSUHVWLJLRVDFRQVXOWRUDGHHVWUDWHJLDRXQD
IDPRVD HVFXHOD GH QHJRFLRV (O VHFWRU GH OD HQVHDQ]D GH LGLRPDV WDQWR HQ (VSDD FRPR HQ HO
UHVWR GHO PXQGR HVW DWRPL]DGR \ GHVSUHVWLJLDGR 0XFKDV YHFHV SDVD TXH HO FOLHQWH \D VHD XQ
SDUWLFXODU R XQD HPSUHVD GHVFRQID GH OD
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
FDOLGDG\FUHHTXHWLHQHWDQWRGHUHFKRFRPR
(VLPSHUDWLYRSRUWDQWRTXHWXEXHQDHPSUHVD
HOSURYHHGRUGHRSLQDUVREUHFPRUHVROYHU
1RVYXHOYDDFDXVDUXQDJUDWDVRUSUHVD
XQDFDUHQFLDIRUPDWLYD1RVHOHRFXUULUDD
(VLPSHUDWLYRTXH7DQFUHGRHVWFPRGR\VXHOWR
QDGLH VXJHULU D XQ FLUXMDQR FPR RSHUDU D
<VHVLHQWDHQLQJOVXQKRPEUHGHVHQYXHOWR
FRUD]Q DELHUWR SHUR VH VLHQWH WRWDOPHQWH
4XHPHKDJDVXQDSURSXHVWD\TXHVHDHFD]
OHJLWLPDGR SDUD RSLQDU VREUH FPR TXLHUH
3XHVHQHVWRHVWFODURQRKD\TXHVHUSHUVSLFD]
TXH VH GLVHH XQ SURJUDPD GH IRUPDFLQ
3UHSUDPHXQSURJUDPDTXHQRVUHVXHOYDODSDSHOHWD
HQLQJOV(QHOSRHPDHOGLUHFWRUGH5HFXU
6ROXFLQHVRVGHQLWLYD\FRPSOHWD
VRV +XPDQRV HVW VROLFLWDQGR XQ PLODJUR
(VWLPDGR6U7HOPROHDJUDGH]FRODFRQDQ]D
4XLHUHTXHGRWHPRVGHLQJOVDXQFXUWLGR
&RPRPLHPSUHVDQRKD\QLQJXQDPHMRUHQODHQVHDQ]D
YHQGHGRU GH  DRV TXH QR VDEH GHFLU QL
$7DQFUHGROHFRQR]FRHOUHWRHVWVHUYLGR
\HV&XOHVQXHVWURSULPHUUHWR"3URQWR
(OSODQ"1XHVWURMDUDEHFRQERQLDWRKHUYLGR
ORYHUHPRV





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

+R\HVHOSUHVHQWH 7RGD\LVWKHSUHVHQW
0DDQDHVHOIXWXUR 7RPRUURZLVWKHIXWXUH
$\HUHVHOSDVDGR <HVWHUGD\LVWKHSDVW
&XQGRHVVXFXPSOHDRV" :KHQoVKHUELUWKGD\"
1XHVWURWLHPSRHVDKRUD 2XUWLPHLVQRZ

1RWHHVWR\KDEODQGRDWL ,oPQRWWDONLQJWR\RX
1RHVWHVWXGLDQGRPXFKRHQ 6KHLVQoWVWXG\LQJPXFKDWWKH
PRPHQW
HVWHPRPHQWR
(VWDPRVFRPLHQGRHQHOMDUGQ :HoUHHDWLQJLQWKHJDUGHQ
(VWHVFXFKDQGRODUDGLR" ,VKHOLVWHQLQJWRWKHUDGLR"
3RUTXORHVWQFRQVWUX\HQGR:K\DUHWKH\EXLOGLQJLWWKHUH"
DOO"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

1RHVWDQEXHQRFRPRVX ,WoVQRWDVJRRGDVWKHLUUVW

SULPHUGLVFR
UHFRUG
(VHVWRORPHMRUTXHSXHGHV ,VWKLVWKHEHVWWKDW\RXFDQ

KDFHU"
GR"
1RHVWQWDQFRQWHQWRVFRPR 7KH\oUHQRWDVKDSS\DVWKH\

HVWDEDQKDFHXQDVKRUDV
ZHUHDIHZKRXUVDJR
6DEHQWDQWRFRPRQRVRWURV 7KH\NQRZDVPXFKDVZHGR

DFHUFDGHOWHPD
DERXWWKHVXEMHFW
1RKD\WDQWDVSHUVRQDVDTX 7KHUHDUHQoWDVPDQ\SHRSOH

FRPRKXERODVHPDQDSDVDGD KHUHDVWKHUHZHUHODVWZHHN

&SLDOR\SJDOR &RS\DQGSDVWHLW
&XQWRHVSDFLROLEUHWHTXHGD +RZPXFKIUHHVSDFHGR\RX
HQHOGLVFRGXUR"
KDYHOHIWRQ\RXUKDUGGULYH"
6HUDEXHQDLGHDKDFHUXQD ,WZRXOGEHDJRRGLGHD
FRSLDGHVHJXULGDGGHWRGR
WRPDNHDVDIHW\FRS\RI
HYHU\WKLQJ
&XQWRVDUFKLYRVKD\HQHVD +RZPDQ\OHVDUHWKHUHLQ
WKDWIROGHU"
FDUSHWD"
0HORSXHGHVJUDEDUHQXQ&'" &DQ\RXUHFRUGLWIRUPHRQD&'"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

0HGXHOHODJDUJDQWD ,KDYHDVRUHWKURDW
7LHQHVPXFKDWRV <RXoYHJRWDEDGFRXJK
0HWRUFHOWRELOORMXJDQGRDO ,WZLVWHGP\DQNOHSOD\LQJ

IRRWEDOO
IXWERO
&PRWHKDVFRUWDGR" +RZGLG\RXFXW\RXUVHOI"
6HURPSLWUHVKXHVRVGHOD +HEURNHWKUHHERQHVLQKLV

ULJKWOHJ
SLHUQDGHUHFKD

4XWUHVSDODEUDVHPSOHDUDV :KDWWKUHHDGMHFWLYHVZRXOG
\RXXVHWRGHVFULEH\RXUVHOI
SDUDGHVFULELUWHGHPDQHUD
SRVLWLYHO\"
SRVLWLYD"
(QFDQWDGRURFXUUHQWH\ &KDUPLQJZLWW\DQGKXPEOH
KXPLOGH
<FPRGHVFULELUDQWXVDPLJRV$QGKRZZRXOG\RXUIULHQGV
WXVPDODVFXDOLGDGHV"
GHVFULEH\RXUEDGSRLQWV"
4XLVTXLOORVRYROXEOH\ )XVV\PRRG\DQGPHVV\
GHVRUGHQDGR
3DUHFHVVHUXQDSHUVRQD <RXVRXQGOLNHDFRPSOH[
FRPSOHMD
SHUVRQ

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

/OHYRWRGRHOGDHVWRUQXGDQGR ,oYHEHHQVQHH]LQJDOOGD\
+HXWLOL]DGRPXFKRVSDXHORV ,oYHXVHGVRPDQ\WLVVXHV
VRQQGRPHODQDUL]
EORZLQJP\QRVH
3RUTXHVWVERVWH]DQGR :K\DUH\RX\DZQLQJVR
WDQWR"
PXFK"
1RORVQRORSXHGRHYLWDU ,GRQoWNQRZ,FDQoWKHOSLW
$YHUVLSDUDVPHORHVWV ,ZLVK\RXoGVWRS\RXoUHJLYLQJ
SHJDQGRDP
LWWRPH

4XFDXVDHOFDOHQWDPLHQWR :KDWFDXVHVJOREDOZDUPLQJ"
JOREDO"
(VHOHIHFWRLQYHUQDGHURQR" 7KDWoVWKHJUHHQKRXVHHIIHFW
LVQoWLW"
<TXSDVDFRQHODJXMHURGH :KDWDERXWWKHKROHLQWKH
ODFDSDGHR]RQR"
R]RQHOD\HU"
&XHVWDFUHHUORSHURDUUHJODURQ ,WoVKDUGWREHOLHYHEXWWKH\
HVR
VROYHGWKDW
4XHGDGHPRVWUDGRTXHTXHUHU,WMXVWJRHVWRVKRZWKDWZKHUH
HVSRGHU
WKHUHoVDZLOOWKHUHoVDZD\

+HOPHW &DVFR

&OLPEHU (VFDODGRU

+DUQHVV $UQV

5DYLQH %DUUDQFR

5RSH &XHUGD

9RFDEXODULR5RFN&OLPELQJ (VFDODGD



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq 

/Dp6qGHOD7HUFHUD3HUVRQD

+HWULHGWREUHDNGRZQWKHGRRU
,QWHQWGHUULEDUODSXHUWD

:K\GLGWKHQHJRWLDWLRQVEUHDNGRZQ"
3RUTXIUDFDVDURQODVQHJRFLDFLRQHV"

6KHEURNHGRZQDQGVWDUWHGFU\LQJ
3HUGLHOFRQWURO\VHSXVRDOORUDU

0\FDUEURNHGRZQRQWKHZD\KHUH
0LFRFKHVHDYHULFDPLQRGHDTX

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
%HERGRQGHHOODEHEH
9LDMRGRQGHHOODYLDMD
0HVLHQWRGRQGHHOODVHVLHQWD

%UHDNLWGRZQLQWRVPDOOHUSDUWV
5HGFHORDFRQFHSWRVPVVHQFLOORV

&DQ\RXEUHDNGRZQWKHVDOHVE\UHJLRQ"
3XHGHVGHVJORVDUODVYHQWDVSRUUHJLRQHV"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UH[HV2YHU
2YHUDOO
2YHUERRN
2YHUERRNLQJ
2YHUERDUG
2YHUEXUGHQ
2YHUFDVW
2YHUFKDUJH
2YHUFRDW
2YHUFRPH
2YHUFRQGHQW
2YHUFRRN
2YHUFURZGHG
2YHUGR
2YHUGRQH
2YHUGRVH
2YHUGXH
2YHUHVWLPDWH
2YHURZ
2YHUKHDG
2YHUKHDU
2YHUKHDW
2YHUODS
2YHUORDG

2YHUDOOVDOHVLQFOXGLQJHYHU\OLQHJUHZ
$LUOLQHVRIWHQRYHUERRNWKHLULJKWV
:HVXIIHUHGWKHFRQVHTXHQFHVRIRYHUERRNLQJ
7KHSLUDWHVWKUHZWKH'XWFKRIFHURYHUERDUG
<RXRYHUEXUGHQ\RXUSHRSOHZLWKPHQLDOWDVNV
7KHVN\KDVEHHQRYHUFDVWIRUWZRVWUDLJKWGD\V
7KH\RYHUFKDUJHGPHIRUWKHFRIIHH
,ZHDUDQRYHUFRDWHYHQLQWKHVXPPHU
,WWRRNPHDORQJWLPHWRRYHUFRPHWKHWUDJHG\
+LVRYHUFRQGHQWDWWLWXGHFRXOGEULQJGLVDVWHU
7KH\RYHUFRRNHGP\VWHDN,RUGHUHGLWUDUH
0DQ\SULVRQVLQ&DOFXWWDDUHRYHUFURZGHG
'RQoWRYHUGRLW0RGHUDWLRQLVWKHNH\ZRUG
7KH\EURXJKWP\VWHDNRYHUGRQH,ZDQWLWUDUH
+HGLHGRIDQRYHUGRVHRISDLQUHOLHYHUV
7KHSD\PHQWRI\RXUELOOLVDPRQWKRYHUGXH
SHRSOH"'RQoWRYHUHVWLPDWHWKHWXUQRXW
7KHEDWKWXERYHURZHGDQGRRGHGWKHKRXVH
7KHUHZHUHMHWV\LQJRYHUKHDG
,FRXOGQoWKHOSEXWRYHUKHDU\RXUFRQYHUVDWLRQ
7KHHQJLQHLQP\FDUNHHSVRYHUKHDWLQJ
7KHVHWZRFRQFHSWVWHQGWRRYHUODS
'RQoWRYHUORDGWKHNLGVZLWKVRPXFKKRPHZRUN

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RQRVTXHGDQH[LVWHQFLDV+DFHGRVPHVHVTXHSHGLPRVPVGH
PLOOLEURVQXHYRV\WRGDYDQRORVKHPRVUHFLELGR(OOLEURDSDUH
FDDQXQFLDGRHQXQDFRQRFLGDUHYLVWDKDFHXQSDUGHVHPDQDV\
KHPRVUHFLELGRPXFKRVHQFDUJRVTXHQRSRGHPRVDWHQGHU0H
DYHQWXUDUDDGHFLUTXHKHPRVSHUGLGRPVGHWUHVPLOHXURVHQ
YHQWDVHQWDQVORGRVVHPDQDV0HLPDJLQRTXHSRGUHPRVDWHQ
GHUDPXFKDVGHHVDVSHWLFLRQHVXQDYH]TXHWHQJDPRVH[LVWHQ
FLDVSHURDOJXQRVGHHOORVYDQDVHURSRUWXQLGDGHVSHUGLGDV

2YHUORRN
2YHUQLJKW
2YHUSD\
2YHUSRSXODWHG
2YHUSRZHULQJ
2YHUUDWH
2YHUUHDFW
2YHUULGH
2YHUH[WHQGHG
2YHUVHH
2YHUVHDV
2YHUVKDGRZ
2YHUVLJKW 
2YHUVLJKW 
2YHUVLPSOLI\
2YHUVOHHS
2YHUVSHQG
2YHUVWDIIHG
2YHUWKURZ
2YHUWLPH
2YHUZHLJKW
2YHUZKHOPLQJ
2YHUZRUNHG

<RXoYHRYHUORRNHGWKHPRVWLPSRUWDQWSRLQW
6LQDWUDZDVWKHUVWFDVHRIDQRYHUQLJKWVXFFHVV
,WKLQNWKH\RYHUSDLGPHODVWPRQWK
0RVWPDMRUFDSLWDOVLQ$VLDDUHRYHUSRSXODWHG
+LVEDGEUHDWKZDVRYHUSRZHULQJ
'RQoWRYHUUDWHKLVVNLOOV/HWKLPSURYHKLVZRUWK
,WKLQN\RXRYHUUHDFWHGWRWKHEDGQHZV
,oPWKHERVVDQGP\GHFLVLRQVRYHUULGHWKHUHVW
,WKLQNZHoYHRYHUH[WHQGHGRXUUHVRXUFHV
7KHVXSHUYLVRUoVMRELVWRRYHUVHHSURGXFWLRQ
2XURYHUVHDVGLYLVLRQLVGRLQJEHWWHUWKDQXVXDO
+LVVLVWHUoVIDPHRYHUVKDGRZHGKLVDFKLHYHPHQWV
,oPDPHPEHURIWKHRYHUVLJKWFRPPLWWHH
,oPVRUU\,GLGQoWLQFOXGH\RX,WZDVDQRYHUVLJKW
'RQoWWU\WRRYHUVLPSOLI\WKHWDVNVDWKDQG
7KHODVWWLPH,RYHUVOHSWZDVWKUHH\HDUVDJR
<RXQJFRXSOHVRYHUVSHQGRQHQWHUWDLQPHQW
7KHUPLVRYHUVWDIIHGIRULWVYROXPHRIEXVLQHVV
7KHPLOLWDU\RYHUWKUHZWKHJRYHUQPHQW
0DQ\SHRSOHPDNHH[WUDPRQH\ZRUNLQJRYHUWLPH
2YHUZHLJKWSHRSOHUXQJUHDWHUKHDOWKULVNV
7KHHYLGHQFHLQ\RXUIDYRXULVRYHUZKHOPLQJ
<RXORRNRYHUZRUNHG:K\QRWWDNHDIHZGD\VRII"

:HoUHRXWRIVWRFN:HRUGHUHGRYHUDWKRXVDQGQHZERRNVWZR
PRQWKV DJR DQG ZH VWLOO KDYHQoW UHFHLYHG WKHP 7KH ERRN ZDV
ZULWWHQXSLQDSRSXODUQHZVPDJD]LQHDFRXSOHRIZHHNVDJRDQG
ZHoYHUHFHLYHGDORWRIRUGHUVZHFDQoWOO,oGJXHVVZHoYHORVWRYHU
WKUHHWKRXVDQGHXURVLQVDOHVLQMXVWWZRZHHNV,LPDJLQHZHFDQ
OOPDQ\RIWKRVHRUGHUVRQFHWKHERRNVDUHLQVWRFNEXWVRPHRI
WKHPZLOOEHORVWVDOHVRSSRUWXQLWLHV


(VWLPDGRDPLJR\DOXPQR$OGLUHFWRUGH5HFXUVRV+XPDQRVOHHQWUHJXXQDSURSXHVWDFRQXQSUHFLR 0VSDODEUDVLQJOHVDVGHUD]ODWLQD
WRWDOTXHDVFHQGDDWUHLQWDPLOHXURV&UHRTXHIXHODSULPHUDYH]HQVXYLGDTXHYLRXQDFLIUDVLPL
&ROOHFW
&RPELQDWLRQ
&ROOHFWLRQ
&RPELQH
ODUSDUDXQSURJUDPDGHLQJOV&RPRFDVLWRGRHOPXQGRSHQVDEDTXHFRQODFRQWUDWDFLQGHXQDV
&ROOHFWLYH
&RPELQHG
FODVHVFRQVHJXLUDPRVFRQYHUWLUD7DQFUHGRHQELOLQ
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
&ROOLGH
&RPEDW
JH1DGLHHQODKLVWRULDVHKDKHFKRGHDGXOWRFRQ
$VXVDRVHVDQSULQFLSLDQWH
&ROOLVLRQ
&RPEXVWLEOH
XQEXHQGRPLQLRGHXQVHJXQGRLGLRPDVLQLQYHUWLU
6XHVSDROGHIHFWXRVRHVRWURDJUDYDQWH
&ROORTXLDO
&RPHGLDQ
XQPQLPRGHHXURV\DVHDGLFKDLQYHUVLQ
&RPHQ]DWUDEDMDUVLHQGRDQDGROHVFHQWH
&ROORTXLDOLVP
&RPHG\
HQHVIXHU]RHQGLQHURRHQXQDFRPELQDFLQGHODV
<HVWDQQRWDQQRFRPRHOSHRUDJXDUGLHQWH
&RORJQH
&RPHW
GRVFRVDV,OXVRVKD\HQWRGDVSDUWHVSHURSDUHFHQ
&RORQ
&RPIRUW
'RWDUOHGHLQJOVHQXQSOD]RUD]RQDEOH
DFDPSDUHQHVSHFLDOHQHOPXQGRGHORVDVSLUDQWHVD
&RORQLDO
&RPIRUWDEOH
([LJLUXQHVIXHU]RFLHUWDPHQWHFRQVLGHUDEOH
DSUHQGHULQJOV3RUHVRWDQSRFDJHQWHDFDEDUHPD
&RORQLDOLVP
&RPLF
(QGLQHURWUHLQWDPLO\HQWLHPSR"ODWLUD
WDQGRODIDHQD3LFRWHDQVREUHGHOSUREOHPDGXUDQ
&RORQL]DWLRQ
&RPLFDO
3HURDOQDOKDEODULQJOVDOLJXDOTXHUHVSLUD
WHDRVUHDOL]DQGRHVSRUGLFDVLQFXUVLRQHVGHSRFD
&RORQL]H
&RPPD 
0HKDVGLFKRWUHLQWDPLO"%URPHDVRTX"
PRQWD$OFDERGHDRVDSHQDVKDQSURJUHVDGR
&RORU
&RPPDQG
3RUWUHLQWDPLOOHHQVHDVKDVWDFDOD3HO
SHURHQGLQHURDFXPXODGRKDQWHUPLQDGRJDVWDQGR
&ROXPQ
&RPPDQGHU
6HLVPLOHVORP[LPRTXHSRGHPRVGHVWLQDU
XQDIRUWXQDWRGRHQEDOGH
&ROXPQLVW
&RPPDQGR
7UHLQWDPLOPHRIHQGHQRVTXLHUHVDUUXLQDU"

7REHFRQWLQXHGf

5LFKDUG9DXJKDQ

&RPD
&RPDWRVH

&RPPHPRUDWH
&RPPHQFH





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

/RVQPHURVVRQLQWHUHVDQWHV 1XPEHUVDUHLQWHUHVWLQJ
&XQWRHVODPLWDGGHGLHFLVLV":KDWoVWKHKDOIRIVL[WHHQ"
&XQWRHVHOGLH]SRUFLHQWR :KDWoVWHQSHUFHQWRIWZR

GHGRVFLHQWRV"
KXQGUHG"
&XQWRVRQGRVPVGRV" :KDWoVWZRSOXVWZR"
&XQWRHVXQFXDUWRGHFLHQ" :KDWoVDTXDUWHURIRQH
KXQGUHG"

4XLQYDDYHQLUDODFHQD" :KRoVJRLQJWRFRPHWRWKH
GLQQHU"
1RSXHGRLU ,FDQoWJR
3XHGHYHQLUWXKHUPDQD" &DQ\RXUVLVWHUFRPH"
1RYDDHVWDUHQ(VSDDHQ 6KHLVQoWJRLQJWREHLQ6SDLQ
LQ'HFHPEHU
GLFLHPEUH
4XYDDKDFHUHOOD" :KDWoVVKHJRLQJWRGR"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(/081'2HVXQSHULGLFRGLDULR(/081'2LVDGDLO\QHZVSDSHU
+D\UHXQLRQHVVHPDQDOHV 7KHUHDUHZHHNO\PHHWLQJVRQ

WKDWVXEMHFW
DFHUFDGHHVHWHPD
(VXQDUHYLVWDTXHVDOH ,WoVDPDJD]LQHWKDWFRPHVRXW

PRQWKO\
PHQVXDOPHQWH
7ULPHVWUDOPHQWHVLJQLFDFDGD 4XDUWHUO\PHDQVHYHU\WKUHH

PRQWKV
WUHVPHVHV
6HUHXQHQDQXDOPHQWH 7KH\PHHWDQQXDOO\

1RKDKDELGRPXFKDOOXYLD 7KHUHKDVQoWEHHQPXFKUDLQ
ODWHO\
OWLPDPHQWH
&XQGRIXHODOWLPDYH]TXH:KHQZDVWKHODVWWLPHWKHUH
KXERXQDUHYROXFLQHQ,QJODWHUUD" ZDVDUHYROXWLRQLQ(QJODQG"
1RKDKDELGRXQDUHYROXFLQ 7KHUHKDVQoWEHHQDSROLWLFDO
SROWLFDGHVGHKDFHPVGH UHYROXWLRQIRURYHU\HDUV
DRV
'HVGHFXQGRKD\XQDIXHQWH+RZORQJKDVWKHUHEHHQD
IRXQWDLQLQWKLVVTXDUH"
HQHVWDSOD]D"
6LHPSUHKDKDELGRSUREOHPDV 7KHUHKDYHDOZD\VEHHQ
SUREOHPVZLWKWKHV\VWHP
FRQHOVLVWHPD
6SDUURZ *RUULQ

6HDJXOO *DYLRWD

6WRUN &LJHD
2ZO %KR

6ZDQ &LVQH

9RFDEXODULR%LUGV 3MDURV
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

1RVHORGLMLVWHYHUGDG" <RXGLGQoWWHOOWKHPGLG\RX"

DHOORV
+DKDELGRPDODVQRWLFLDVQR" 7KHUHoVEHHQVRPHEDGQHZV
KDVQoWWKHUH"
1RSRGUWHUPLQDUODFDUUHUD 6KHZRQoWEHDEOHWRQLVKWKH

UDFHZLOOVKH"
YHUGDG"
'HEHUDVHVWDUHQHOFROHJLR <RXVKRXOGEHDWVFKRRO

VKRXOGQoW\RX"
QR"
(VRIXHXQHUURUGHVDVWURVR 7KDWZDVDGLVDVWURXVPLVWDNH

ZDVQoWLW"
YHUGDG"

1RWDUGDUDPRVWDQWRVL ,WZRXOGQoWWDNHXVVRORQJLI
WKHUHZHUHPRUHSHRSOHKHUH
KXELHUDPVJHQWHDTX
&XQWRWDUGDUQHQWHUPLQDU" +RZORQJZLOOLWWDNHWKHPWR
QLVK"
1XQFDKHWDUGDGRWDQWRHQ ,WoVQHYHUWDNHQPHVRORQJWR
JHWKHUH
OOHJDUDTX
&XQWRKDEUDLVWDUGDGRVL +RZORQJZRXOGLWKDYHWDNHQ
KXELHVHLVWHQLGRXQFRFKHPV \RXLI\RXoGKDGDIDVWHUFDU"
USLGR"
1RKDEUDPRVWDUGDGRPHQRV:RXOGQoWLWKDYHWDNHQXVOHVV
WLPHLIZHoGWDNHQWKHWROO
VLKXELVHPRVFRJLGROD
URDG"
FDUUHWHUDGHSHDMH"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

'HERGLVFXOSDUPHSRUOR ,PXVWDSRORJL]HIRUZKDW
KDSSHQHG
VXFHGLGR
7HGHERXQDGLVFXOSD ,RZH\RXDQDSRORJ\
/HVURJDPRVDFHSWHQQXHVWUDV 3OHDVHDFFHSWRXUDSRORJLHVIRU
WKHLQFRQYHQLHQFHFDXVHG
GLVFXOSDVSRUODVPROHVWLDV
RFDVLRQDGDV
/DPHQWDPRVWHQHUTXH :HUHJUHWWRLQIRUP\RXWKDW
LQIRUPDUOHGHTXHODHPSUHVD WKHFRPSDQ\KDVJRQHLQWR
OLTXLGDWLRQ
KDHQWUDGRHQOLTXLGDFLQ
1RORKLFLPRVDSURSVLWR :HGLGQoWGRLWRQSXUSRVH

&RORFDODWDUMHWDERFDDUULED 3ODFHWKHFDUGIDFHXS
'HMDGORVH[PHQHVERFD /HDYH\RXUH[DPLQDWLRQSDSHUV

DEDMR
IDFHGRZQ
/HGLRODYXHOWDDOFDOFHWQ 6KHWXUQHGWKHVRFNLQVLGHRXW
/OHYDVSXHVWRWXVXWHUDO <RXoUHZHDULQJ\RXUVZHDWHU

UHYV
LQVLGHRXW
(VWVOH\HQGRHVHOLEURDO <RXoUHUHDGLQJWKDWERRN

UHYV
XSVLGHGRZQ

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq 

/RTXHpZKDWq

'RQoWOHWLWEULQJ\RXGRZQ
1RGHMHVTXHWHGHSULPD

&DQ\RXFRPHGRZQWRP\RIFH"
3XHGHVEDMDUDPLGHVSDFKR"

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

<RXQHHGWREULQJGRZQWKHSULFH
7LHQHVTXHEDMDUHOSUHFLR

,WFRPHVGRZQWRDTXHVWLRQRIPRQH\
6HUHGXFHDXQDFXHVWLRQGHGLQHUR

1RVORTXHYL
OKL]RORTXHSXGR
1RHQWHQGORTXH O GHFD

<RXoOOKDYHWRFRPHGRZQWRRXUOHYHO
7HQGUVTXHEDMDUDQXHVWURQLYHO

,WERLOVGRZQWRDTXHVWLRQRIPRQH\
6HUHGXFHDXQDFXHVWLRQGHGLQHUR

3UH[HV5H
5HDFW
5HDFWLRQ
5HDOLJQ
5HDUUDQJH
5HDVVXUH
5HDVVXUDQFH
5HDZDNHQLQJ
5HELUWK
5HEXLOG
5HFKDUJH
5HFRQTXHU
5HFRQTXHVW
5HFRQVLGHU
5HFRQVWUXFW
5HFRQVWUXFWLRQ
5HFUHDWH
5HF\FOH
5HF\FOLQJ
5HGHQH
5HGHSOR\
5HGLDO

+HGLGQoWUHDFWOLNH,H[SHFWHGKLPWR
5HGLVFRYHU
+LVUHDFWLRQWRWKHQHZVLWXDWLRQZDVXQH[SHFWHG
5HHOHFW
:HPXVWUHDOLJQRXUUHVRXUFHVWRWKHQHZWLPHV
5HHYDOXDWH
,oYHUHDUUDQJHGWKHIXUQLWXUHLQWKHOREE\
5HH[DPLQH
/HWPHUHDVVXUH\RX<RXUQDPHLVRQWKHOLVW
5HQDQFH
<RXUZRUGLVHQRXJKUHDVVXUDQFHIRUPH
5HKDELOLWDWH
7KH5HQDLVVDQFHZDVDFXOWXUDOUHDZDNHQLQJ
5HKDELOLWDWLRQ
,WZDVDUHELUWKRIFODVVLFDOLGHDV
5HLQIRUFH
:HQHHGWRUHEXLOGWKHPRUDOHLQWKHFRPSDQ\
5HLWHUDWH
,QHHGMXPSHUFDEOHVWRUHFKDUJHP\EDWWHU\
5HORFDWH
,WWRRN\HDUVWRUHFRQTXHU6SDLQIURPWKH0RRUV
5HPDUU\
7KH&KULVWLDQUHFRQTXHVWHQGHGLQ*UDQDGD
5HPRGHO
,WKLQN\RXZRXOGGRZHOOWRUHFRQVLGHU\RXUGHFLVLRQ 5HPRGHOOLQJ
*HUPDQ\QHHGHG\HDUVWRUHFRQVWUXFWLWVHFRQRP\
5HQDPH
7KHUHFRQVWUXFWLRQSURFHVVLQ%RVQLDKDVEHHQWRXJK 5HQHJRWLDWH
,ZDQWWRUHFUHDWHDVFHQHIURP/RSHGH9HJD
5HRUJDQL]H
:HWU\WRUHF\FOHDOOWKHZDVWHVZHSURGXFH
5HSD\
7KHUHF\FOLQJSURFHVVLVTXLWHH[SHQVLYH
5HUHDG
<RXQHHGWRUHGHQHWKHJRDOVDQGREMHFWLYHV
5HVFKHGXOH
7KHJHQHUDOUHGHSOR\HGWKHWURRSVRQVHYHUDOIURQWV
5HXQLI\
,VHWWKHSKRQHWRUHGLDOWKHQXPEHUHYHU\PLQXWHV
5HZULWH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7XIRUPDGHHVFULELUWLHQGHDVHUGHPDVLDGRRULGD$\HUHVWDEDOH\HQ
GRODHGLWRULDOTXHHVFULELVWH\QRSXGHDYHULJXDUTXUD]RQDPLHQWR
KDFDVKDVWDHOWHUFHUSUUDIR/DPD\RUDGHODJHQWHVRQOHFWRUHVLP
SDFLHQWHV\VLQRDWUDHVVXDWHQFLQHQODSULPHUDOQHDRSRUORPHQRV
HQHOSULPHUSUUDIRHQWRQFHVOHVKDVSHUGLGR7LHQHVTXHVHUPVHV
FXHWR\DQXQFLDUWXVLQWHQFLRQHVHQHOSULPHUSUUDIR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

$IWHU\HDUV,UHGLVFRYHUHGWKHMR\RIUHDGLQJ
:HZRQoWUHHOHFW\RXXQOHVV\RXDJUHHWRWKLV
,WKLQNZHVKRXOGUHHYDOXDWHWKHZKROHSURMHFW
,WKLQNZHVKRXOGUHH[DPLQHWKHVWUDWHJ\
7KHVHFRQGPRUWJDJHZLOOUHQDQFHWKHUVW
:HZDQWWRUHKDELOLWDWHWKHHQWLUHFLW\FHQWUH
7KHUHKDELOLWDWLRQFRVWVZLOOEHTXLWHORZ
7KLVUHSRUWUHLQIRUFHVRXUSRVLWLRQ
/HWPHUHLWHUDWHRXULQWHUHVWLQWKHSURMHFW
7KH\ZDQWPHWRUHORFDWHWR=DUDJR]D
6KHKDVUHPDUULHGVHYHQWLPHV
,oPJRLQJWRKDYHP\KRXVHUHPRGHOOHG
7KHUHPRGHOOLQJZLOOEHGRQHQH[W\HDU
5HQDPHWKHOHp7*/q
:HQHHGWRUHQHJRWLDWHWKHFRQWUDFW
7KH\oUHSODQQLQJWRUHRUJDQL]HWKHHQWLUHUP
+HUHSDLGP\HIIRUWVZLWKDSDWRQWKHEDFN
5HUHDGWKHOHWWHUEHIRUHZULWLQJDQDQVZHU
&DQ,UHVFKHGXOHWKHDSSRLQWPHQWIRU)ULGD\"
7KHGHFLVLRQWRUHXQLI\*HUPDQ\ZDVXQDQLPRXV
,KDGWRUHZULWHWKHHQWLUHGRFXPHQW

<RXUZULWLQJWHQGVWREHWRRRZHU\-XVW\HVWHUGD\,ZDVUHDGLQJ
WKHHGLWRULDO\RXZURWHDQG,FRXOGQoWJXUHRXWZKDWDUJXPHQW\RX
ZHUHPDNLQJXQWLOWKHWKLUGSDUDJUDSK0RVWSHRSOHDUHLPSDWLHQW
UHDGHUVDQGLI\RXGRQoWJHWWKHLULQWHUHVWLQWKHUVWOLQHRUDWOHDVW
WKH UVW SDUDJUDSK WKHQ \RXoYH ORVW WKHP<RX KDYH WR EH PRUH
FRQFLVHDQGDQQRXQFH\RXULQWHQWLRQVLQWKHUVWSDUDJUDSK

'HXQDKDELOLGDGQXHYD\SRUSRFRGLQHUR
7REHFRQWLQXHGf

5LFKDUG9DXJKDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
&RQIXVH
&RQGHQW
&RQIXVLRQ
&RQGHQWLDO
&RQIXVLQJ
&RQGHQWLDOLW\
&RQIXVHG
&RQJXUDWLRQ
&RQJHVWHG
&RQJXUH
&RQJHVWLRQ
&RQQH
&RQQHPHQW &RQJORPHUDWH
&RQJORPHUDWLRQ
&RQUP
&RQUPDWLRQ &RQJUDWXODWH
&RQVFDWH &RQJUDWXODWLRQV
&RQVFDWLRQ
&RQJUHJDWH
&RQDJUDWLRQ &RQJUHJDWLRQ
&RQLFW
&RQJUHVV
&RQXHQFH &RQJUHVVLRQDO
&RQIRUP
&RQJUXHQW
&RQIRUPDQFH &RQJUXHQFH
&RQIRUPLW\
&RQLFDO
&RQIURQW
&RQLIHURXV
&RQIURQWDWLRQ &RQMHFWXUH

(VWLPDGRDPLJR\DOXPQR7SLFRWSLFRWSLFR&RPRGLMHHQODOWLPDFKDOOHYRDRVHQVHDQ
GR LQJOV HQ HPSUHVDV \ HQ WRGR HVWH WLHPSR QR KH YLVWR QLQJQ SODQWHDPLHQWR pLPSXHVWRq SRU
ODHPSUHVDFDSD]GHSURPHWHUQLUHPRWDPHQWHXQDSRVLELOLGDGGH[LWR/RVGLUHFWLYRVVLQRFRQ
SRFRLQJOVSLHQVDQTXHFRQXQDVFODVHVSXHGHQDSUHQGHUOR\FXDQGRQRDOFDQ]DQXQDOWRQLYHO
HQFLHQKRUDVGHFODVHHFKDQODFXOSDDOSURYHHGRU
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
< WLHQHQ UD]Q SRUTXH HO SURYHHGRU QR VH KD DWUH
YLGRDVHQWDUVHFRQHOGLUHFWLYRHQFXHVWLQRFRQHO
<HQFXDQWRDOWLHPSR"3XHV7DQFUHGRHVXQFDVR
3DUDOHOWLHPSRHVXQELHQPX\HVFDVR
'HSDUWDPHQWRGH5HFXUVRV+XPDQRVSDUDKDFHUOHV
0HGLFHTXHTXLHUHXQFXUVRLQWHQVLYR
YHU TXH HQ OXJDU GH FLHQ KRUDV VRQ FRPR PQLPR
3HURHOSURJUDPDTXHSURSRQHVOHSDUHFHH[FHVLYR
PLOKRUDVGHFRQWDFWRFRQHOLGLRPDODVTXHVHYDQD
QHFHVLWDU/DVDFDGHPLDVGHLGLRPDVVRQHQVXPD
/RVQHVGHVHPDQDSDUDOVRQVDJUDGRV
<ORVSURIHVRUHVGHEHUQHVWDUSUHSDUDGRV
\RUD HPSUHVDV SHTXHDV \ DFHSWDQ FXDOTXLHU HQ
3DUDH[LELOL]DUVXVKRUDULRVVHJQODDJHQGD
FDUJRLPSXHVWRSRUHOFOLHQWHVLVWHHVXQDHPSUHVD
4XH7DQFUHGRPDQHMDXQDDJHQGDWUHPHQGD
JUDQGH1RVHDWUHYHQDGHFLUOHODYHUGDGRVRQWDQ
SRFRSURIHVLRQDOHVTXHVHFUHHQFDSDFHVGHSURGXFLU
3HUGRQH6U7HOPRSHURPHWLHQHTXHHVFXFKDU
(OGLQHURGHVXHPSUHVDQRORYR\DGHUURFKDU
XQPLODJUR$OQDOWRGRHOVHFWRUGHODHQVHDQ]D
'RWDUDVXQXHYRPDHVWURDUSRQHUR
GHLGLRPDVVHTXHGDGHVSUHVWLJLDGR





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

3RUTXHVWHVWHEROLHQPL :K\LVWKLVSHQLQP\EDJ"

EROVD"
4XLQHVHVHKRPEUH" :KRLVWKDWPDQ"
4XHVHVRGHWXFDEH]D" :KDWoVWKDWRQ\RXUKHDG"
'HGQGHVRQHVDVFKLFDV" :KHUHDUHWKRVHJLUOVIURP"
4XVRQHVWRVSDSHOHVGHPL :KDWDUHWKHVHSDSHUVRQP\

PHVD"
WDEOH"

&XQWRVGDVKD\HQXQDR" +RZPDQ\GD\VDUHWKHUHLQD
\HDU"
+D\GDVHQXQDR 7KHUHDUHGD\VLQD\HDU
&XQWRVGDVKD\HQXQPHV" +RZPDQ\GD\VDUHWKHUHLQD
PRQWK"
$OJXQRVWLHQHQGDV\RWURV 6RPHKDYHGD\VDQGRWKHUV
KDYH

)HEUHURHVGLIHUHQWHWLHQH )HEUXDU\LVGLIIHUHQWLWKDV
GD\V
GDV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

3XHGRKDEODUFRQ&DUORVSRU &DQ,VSHDNWR&DUORVSOHDVH"

IDYRU"
4XLQOODPD" :KRoVFDOOLQJ"
6R\+HOHQOODPRGHVGH 7KLVLV+HOHQ,oPFDOOLQJIURP

(QJODQG
,QJODWHUUD
OQRHVWTXLHUHVGHMDUXQ +HoVQRWKHUHGR\RXZDQWWR

OHDYHDPHVVDJH"
UHFDGR"
3XHGHVGHFLUOHTXHOODP+HOHQ"&DQ\RXWHOOKLP+HOHQFDOOHG"

+DVHVFULWRDOJRDWXVDEXHORV+DYH\RXZULWWHQVRPHWKLQJ
WR\RXUJUDQGSDUHQWV\HW"
\D"
7RGDYDHVWR\HVFULELHQGROD ,oPVWLOOZULWLQJWKHOHWWHU
FDUWD
3RUTXHVWVWDUGDQGRWDQWR" :K\LVLWWDNLQJ\RXVRORQJ"
1RHVWR\DFRVWXPEUDGRD ,oPQRWXVHGWRZULWLQJZLWKDQ
LQNSHQ
HVFULELUFRQXQDSOXPD
$QQRKDQFRPSUDGRXQ +DYHQoWWKH\ERXJKWD
FRPSXWHU\HW"
RUGHQDGRU"

)OXWH )ODXWD
+DUS $USD
%DVV %DMR

&HOOR &KHOR

'UXP 7DPERU

9RFDEXODULR0XVLFDO,QVWUXPHQWV ,QVWUXPHQWRV0XVLFDOHV
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

$XQTXHVHTXLHUHQQRVHKDQ $OWKRXJKWKH\ORYHHDFKRWKHU

WKH\KDYHQoWJRWPDUULHG\HW
FDVDGRDQ
$SHVDUGHOWUFROOHJDURQD ,QVSLWHRIWKHWUDIFWKH\

DUULYHGRQWLPH
WLHPSR
$XQTXHWXYLHUDHOGLQHURQROR (YHQLI,KDGWKHPRQH\,

ZRXOGQoWEX\LW
FRPSUDUD
3DUHFHFRPRVLKXELHVHVYLVWR <RXORRNDVLI\RXoGVHHQD

JKRVW
XQIDQWDVPD
1RWHQGUV[LWRDPHQRVTXH <RXZRQoWVXFFHHGXQOHVV\RX

ZRUNKDUGHU
WUDEDMHVPXFKR

&UHRTXHQRVGDUQOX]YHUGH ,WKLQNWKH\oOOJLYHXVWKHJUHHQ
OLJKWIRUWKHSURMHFW
SDUDHOSUR\HFWR
&PRVHJXLUHPRVDGHODQWHVL+RZZLOOZHJRRQLIWKH\GRQoW
JLYHLWWRXV"
QRQRVORGDQ"
7HQGUHPRVTXHHQFRQWUDUXQD :HoOOKDYHWRQGDZD\
PDQHUD
(VDSROWLFDSXHGHFDXVDU 7KDWSROLF\PD\FDXVHVRPH
FRQWURYHUVLD
FRQWURYHUV\
0HLPSRUWDXQEOHGR ,FRXOGQoWFDUHOHVV

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

+DVLGRXQSUR\HFWRH[LWRVRH ,WKDVEHHQDVXFFHVVIXO
LQQRYDGRU
LQQRYDWLYHSURMHFW
(QOXJDUGHJXHUUDKD\SD] ,QVWHDGRIZDUWKHUHLVSHDFH
+HPRVSDVDGRGHODVGLFWDGXUDV:HoYHJRQHIURPGLFWDWRUVKLSV
DODVGHPRFUDFLDV
WRGHPRFUDFLHV
3XHEORVTXHDQWHVHVWDEDQ 3HRSOHVZKRXVHGWREHIXOORI
OOHQRVGHRGLRDKRUDVHUHVSHWDQ KDWHQRZUHVSHFWHDFKRWKHU
/DSREUH]DKDVLGRUHHPSOD]DGD3RYHUW\KDVEHHQUHSODFHGE\
SRUODSURVSHULGDG
SURVSHULW\

7UDWDPRVFRQRUJDQL]DFLRQHV :HGHDOZLWKQRQSURW

VLQQLPRGHOXFUR
RUJDQLVDWLRQV
/DHFRQRPDPXQGLDOHVW 7KHZRUOGHFRQRP\LVJRLQJ

SDVDQGRSRUXQDFULVLV
WKURXJKDFULVLV
7HQHPRVTXHIRPHQWDUOD :HKDYHWRSURPRWHFXVWRPHU

GHOLGDGGHOFOLHQWH
OR\DOW\
(VWDPRVHQXQPHUFDGRHQDO]D:HoUHLQDJURZLQJPDUNHW
(VXQDDPHQD]DSDUDQXHVWUD ,WoVDWKUHDWWRRXUPDUNHW

FXRWDGHPHUFDGR
VKDUH

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq 

7RGRORTXHp(9(5<7+,1*q

'RQoWFRPHGRZQRQPH
|1RODVSDJXHVFRQPLJR

+HoVFRPHGRZQZLWKWKHX
+DFRQWUDGRODJULSH

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

+HUKDLUFRPHVGRZQWRKHUZDLVW
6XSHOROOHJDKDVWDODFLQWXUD

7KH\FXWGRZQDOOWKHWUHHV
7DODURQWRGRVORVUEROHV

+LFHWRGRORTXHPHSHGLVWHTXHKLFLHUD
&RPSUWRGRORTXHTXHUD
9LHURQWRGRORTXHTXHUDQYHU

&RPHGRZQIURPWKHWUHHULJKWQRZ <RXQHHGWRFXWGRZQRQIDWW\IRRGV
|%DMDGHOUERODKRUDPLVPR
7LHQHVTXHFRPHUPHQRVDOLPHQWRVJUDVRV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UH[HV'LV
'LVREHGLHQFH
'LVREHGLHQW
'LVREH\
'LVRUGHU
'LVRUGHUO\
'LVRUJDQL]HG
'LVTXDOLFDWLRQ
'LVTXDOLHG
'LVTXDOLI\

7KHUHLVFOHDUO\DSUREOHPRIGLVREHGLHQFHKHUH
'LVUHJDUG
7KHVROGLHUVZHUHGLVREHGLHQWWRZDUGVWKHLUVXSHULRUV
'LVUHVSHFW
<RXVKRXOGQHYHUGLVREH\\RXUSDUHQWV
'LVUHVSHFWIXO
+HVXIIHUVIURPDOLYHUGLVRUGHU
'LVVDWLVIDFWLRQ
+HZDVQHGIRUGLVRUGHUO\FRQGXFW
'LVVDWLVHG
7KLVFRPSDQ\LVWRWDOO\GLVRUJDQL]HG
'LVVHUYLFH
+LVGLVTXDOLFDWLRQIURPJROIZDVXQIDLU
'LVWDVWHIXO
+HZDVGLVTXDOLHGEHFDXVHRIGLVRUGHUO\FRQGXFW
'LVWUXVW
+HoOOGLVTXDOLI\\RXLIKHNQRZV\RXWDNHGUXJV
'LVWUXVWIXO

3OHDVHGLVUHJDUGHYHU\WKLQJ,VDLGODVWQLJKW
,QHYHUVKRZGLVUHVSHFWWRZDUGVROGHUSHRSOH
<RXUDWWLWXGHLQWKHPHHWLQJZDVGLVUHVSHFWIXO
+HVKRZHGDFHUWDLQGHJUHHRIGLVVDWLVIDFWLRQ
+HZDVH[WUHPHO\GLVVDWLVHGZLWKWKHUHVXOWV
+HoVGRLQJDGLVVHUYLFHWRKLVVRQ DFRIDYRU
)LULQJHPSOR\HHVLVDOZD\VGLVWDVWHIXO
,GLVWUXVWDQ\ZRPDQZKRZHDUVKHDY\PDNHXS
,oPGLVWUXVWIXORIKHUPRWLYHV

0\IRUHDUPLVEHWZHHQP\ZULVWDQGP\HOERZ
7KHZHDWKHUIRUHFDVWFDOOVIRUUDLQDOOQH[WZHHN
7KH\IRUHFORVHGRQP\KRXVH HMHFXWDUKLSRWHFD
7KHUHKDYHEHHQDORWRIPRUWJDJHIRUHFORVXUHV
2XUIRUHIDWKHUVFDPHWRWKLVODQGVHHNLQJIUHHGRP
3UH]LVWKHWHQQLVSOD\HULQWKHIRUHFRXUW
3HSHLVWKHPDQLQWKHIRUHJURXQGRIWKHSKRWR
-DQH$XVWHQZDVDIRUHUXQQHUWRWKH%URQWHVLVWHUV

0\IRUHKDQGLVZHDNHUWKDQP\EDFNKDQG
,KDYHDVFDURQWKHULJKWVLGHRIP\IRUHKHDG
7KHIRUHPDQRYHUVHHVWKHDVVHPEO\DUHD
)LUVWDQGIRUHPRVWZHPXVWVDYHWKHSHRSOH
,GRQoWIRUHVHHDQ\SUREOHPV
,VHHQRSUREOHPVLQWKHIRUHVHHDEOHIXWXUH
+LVSXQLVKPHQWLVDIRUHWDVWHRIZKDWoVWRFRPH
/HWPHIRUHZDUQ\RX3HSHLVDGLIFXOWPDQ

3UH[HV)RUH
)RUHDUP
)RUHFDVW
)RUHFORVH
)RUHFORVXUH
)RUHIDWKHU
)RUHFRXUW
)RUHJURXQG
)RUHUXQQHU

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&UHR TXH HO RUR GH WX DQLOOR GH FDVDGR WH HVW LUULWDQGR OD SLHO
3XHGHTXHVHDVDOUJLFRDORUR7HKDSDVDGRDOJXQDYH]"&XQ
WR WLHPSR KDV OOHYDGR HO DQLOOR" <R WH UHFRPHQGDUD TXH QR OR
OOHYDUDVGXUDQWHXQSDUGHVHPDQDV\DSOLFDUDVHVWDFUHPDHQOD
]RQDDIHFWDGDGRVYHFHVDOGD(OSUREOHPDGHEHUDGHVDSDUHFHU
\HQWRQFHVWHSXHGHVYROYHUDSRQHUHODQLOOR3HURVLHOSUREOHPD
UHDSDUHFHK]PHORVDEHU\EXVFDUHPRVRWUDVROXFLQ

)RUHKDQG
)RUHKHDG
)RUHPDQ
)RUHPRVW
)RUHVHH
)RUHVHHDEOH
)RUHWDVWH
)RUHZDUQ

, WKLQN WKH JROG LQ \RXU ZHGGLQJ ULQJ LV LUULWDWLQJ \RXU VNLQ
<RX PLJKW EH DOOHUJLF WR JROG +DV WKLV HYHU KDSSHQHG WR \RX
EHIRUH"+RZORQJKDYH\RXEHHQZHDULQJ\RXUZHGGLQJULQJ",oG
UHFRPPHQG\RXQRWZHDULWIRUDFRXSOHRIZHHNVDQGDSSO\WKLV
FUHDP WR WKH DIIHFWHG DUHD WZLFH D GD\7KH SUREOHP VKRXOG JR
DZD\DQGWKHQ\RXFDQSXWWKHULQJEDFNRQ%XWLIWKHSUREOHP
FRPHVEDFNOHWPHNQRZDQGZHoOOORRNIRUDQRWKHUVROXWLRQ

(VWLPDGRDPLJR\DOXPQR&XQWRYDOHFRQVHJXLUXQEXHQQLYHOGHLQJOV"6XYDORUHVUHODWLYRRDE
VROXWR"7DQFUHGRWHQGUXQVXHOGRDQXDOQHWRGHFLHQPLOHXURVORFXDOVLJQLFDTXHDODHPSUHVDOH
FRVWDUHQWUHWRGRVORVFRQFHSWRVHQWRUQRDHXURV6LDDGLPRVORVLQFHQWLYRVTXHJDQDU
VLFRPRVHHVSHUDKDFHPLODJURV\GDODYXHOWDDODVFRVDVHQWRQFHVQRVHUDH[WUDRTXHWHUPLQDUD
HODRFRQPXFKRPVGLQHUR$KRUDELHQDDGLUXQD
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
LPSRUWDQWHKDELOLGDGDGLFLRQDODXQDSHUVRQDWDQFU
WLFDSDUDODRUJDQL]DFLQHVDOJRGHPXFKRYDORU3DUD
(OFRVWHGH7DQFUHGRFRQVHJXULGDGVRFLDO
6HUXQLPSRUWHVHJXUDPHQWHVXVWDQFLDO
ODHPSUHVDHOFRVWHQRGHEHVHUXQIDFWRULPSRUWDQWH
&LHQPLOHXURVSRUDRHVHOFRVWHKDELWXDO
HQODGHFLVLQVLQRQLFDPHQWHODSUREDELOLGDGGH[L
'HVDOYDGRUHVFRPROHQHOPHUFDGRODERUDO
WRGHODDFFLQIRUPDWLYD$TXHO6U7HOPRTXLHUHXQ
PLODJURSHURHVWSRQLHQGRSHURV\SHUHWHVDWRGR0H
8QWHUFLRGHFLHQPLOHVORQLFRTXHSLGR
8QWHUFLRGHOSULPHUVXHOGRDQXDOFRQYHQLGR
SLGHFRQVHJXLUXQREMHWLYR\GHVSXVSURFHGHDDWDU
$FDPELROHGDUXQDQXHYDKDELOLGDG
PHXQDPDQRGHWUVGHODHVSDOGD(VWRHVFRUULHQWH
$OJRTXHOHGRWHGHPD\RUXWLOLGDG
HQ ODV HPSUHVDV \ HV XQR GH ORV PRWLYRV SRU HO FXDO
PX\ SRFRV GLUHFWLYRV LPSRUWDQWHV VH KDFHQ FRQ XQ
6LWDQEXHQR\ERQLWRHVVXPDHVWURDUSRQHUR
0LSUHFLRHQWRQFHVHVPX\SRFRGLQHUR
DOWR QLYHO GH LQJOV XQD YH] VLWXDGRV HQ OD RUJDQL]D
3HURHOWLHPSRORVHVXQELHQPX\HVFDVR
FLQ\HQHOGDDGD
3HURVLQWLHPSR6U7HOPRHOQDOHVIUDFDVR
7REHFRQWLQXHGf

5LFKDUG9DXJKDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
&RQVROLGDWLRQ
&RQVRPP
&RQVRQDQFH
&RQVRQDQW
&RQVRUW
&RQVRUWLXP
&RQVSLUDF\
&RQVSLUH
&RQVWDQW
&RQVWHOODWLRQ
&RQVWLWXWH
&RQVWLWXWLRQ
&RQVWLWXWLRQDO
&RQVWUXFW
&RQVWUXFWLRQ
&RQVWUXFWLYH
&RQVXO
&RQVXODU
&RQVXODWH

&RQVXOW
&RQVXOWDQW
&RQVXOWDWLRQ
&RQVXPH
&RQVXPHU
&RQVXPSWLRQ
&RQWDFW
&RQWDJLRXV
&RQWDLQ
&RQWDLQHU
&RQWDPLQDWH
&RQWDPLQDWLRQ
&RQWHPSODWH
&RQWHPSODWLRQ
&RQWHPSRUDU\
&RQWHQW
&RQWH[W
&RQWLJXRXV
&RQWLQHQW





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

'HGQGHHVWXIDPLOLD":KHUHLV\RXUIDPLO\IURP"
6RQGH,UODQGD7KH\oUHIURP,UHODQG
7XVSDGUHVVRQGH,UODQGD$UH\RXUSDUHQWVIURP,UHODQG
WDPELQ"
WRR"
'HTXSDUWHGH,UODQGDVRQ":KLFKSDUWRI,UHODQGDUHWKH\
IURP"
6RQGHORHVWH7KH\oUHIURPWKHZHVW

4XKDFHOHQVXWLHPSROLEUH" :KDWGRHVKHGRLQKLVIUHHWLPH"
'QGHYDHOODORVQHVGH :KHUHGRHVVKHJRDWWKH
ZHHNHQGV"
VHPDQD"
&XQGRHPSLH]DODFODVH" :KHQGRHVWKHFODVVEHJLQ"
&PRVDEHOHVR" +RZGRHVKHNQRZWKDW"
&RQTXIUHFXHQFLDOOXHYHDTX" +RZRIWHQGRHVLWUDLQKHUH"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

'DPHHOD]XO *LYHPHWKHEOXHRQH
(VHYHUGHHVWURWR 7KDWJUHHQRQHLVEURNHQ
&XOHVHOVX\R" GHHOORV  :KLFKRQHLVWKHLUV"
0HJXVWDQORVFDURV ,OLNHWKHH[SHQVLYHRQHV
$TXHOORVVRQPRV 7KRVHRQHVDUHPLQH

'QGHSRGUDQHVWDUPLVOODYHV" :KHUHFRXOGP\NH\VEH"
'HEHQHVWDUGQGHODVGHMDVWH 7KH\PXVWEHZKHUH\RXOHIW
WKHP
*UDFLDVSRUHVHFRQVHMRWLO 7KDQNVIRUWKDWXVHIXOSLHFHRI
DGYLFH
1RODVFROJDVWHHQHOPLVPR 'LGQoW\RXKDQJWKHPLQWKH
VDPHSODFHDVXVXDO"
VLWLRGHVLHPSUH"
6LVXSLHUDGQGHHVWQQRODV ,I,NQHZZKHUHWKH\ZHUH,
ZRXOGQoWEHORRNLQJIRUWKHP
HVWDUDEXVFDQGR

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

3RGUDOOHQDUPLYDVRSRU &RXOG\RXOOP\JODVVXS

SOHDVH"
IDYRU"
9HUWLHOZKLVNH\SRUHO +HSRXUHGWKHZKLVNH\GRZQ

WKHVLQN
IUHJDGHUR
7HKDFDGRYLQRHQODFDPLVD <RXoYHVSLOWUHGZLQHRQ\RXU
VKLUW
6HUGLIFLOGHVKDFHUVHGHHVD ,WoOOEHGLIFXOWWRJHWULGRIWKH

VWDLQ
PDQFKD
FKDOHXQSRFRGHYLQREODQFR 3XWVRPHZKLWHZLQHRQLWWKDW
ZLOOUHPRYHWKHVWDLQ
HVRTXLWDUODPDQFKD

0HUHFHQUHFLELUHORJLRVSRUVX 7KH\GHVHUYHSUDLVHIRUWKHLU
SHUIRUPDQFH
DFWXDFLQ
7LHQHODVKDELOLGDGHVSDUD +HKDVWKHVNLOOVWRFDUU\RXW
WKHPLVVLRQ
UHDOL]DUODPLVLQ
/DSODQWLOODFXHQWDFRQXQRV 7KHVWDIILVPDGHXSRIDURXQG
HPSOR\HHV
HPSOHDGRV
7RGRVVHVLHQWHQLPSOLFDGRVHQ (YHU\ERG\IHHOVLQYROYHGLQWKH
SURMHFW
HOSUR\HFWR
(VWHFXUVRGHIRUPDFLQHVW 7KLVWUDLQLQJFRXUVHLVDLPHGDW
OHDGHUVKLS
RULHQWDGRDOOLGHUD]JR

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

+DVLGRXQUHYVSHOLJURVR ,WKDVEHHQDGDQJHURXV
VHWEDFNWRWKHSHDFHSURFHVV
SDUDHOSURFHVRGHSD]
/DFRDOLFLQGHSHQGHGHORV 7KHFRDOLWLRQUHOLHVRQULJKW
ZLQJSDUWLHVIRULWVPDMRULW\
SDUWLGRVGHGHUHFKDVSRUVX
PD\RUD
/DFLXGDGKDSHUPDQHFLGR 7KHFLW\KDVUHPDLQHGXQGHU
EDMRWRTXHGHTXHGDGHVGHORV FXUIHZVLQFHODVWZHHNoVULRWV
GLVWXUELRVGHODVHPDQDSDVDGD
/DHOHFFLQFRLQFLGLFRQHO 7KHHOHFWLRQFRLQFLGHGZLWKDQ
RXWEUHDNRIHUFHJKWLQJ
DUUDQTXHGHHQIUHQWDPLHQWRV
IHURFHV
(FKDURQDORVVLQGLFDWRVOD 7KHXQLRQVZHUHEODPHG
IRUWKHEUHDNGRZQLQWKH
FXOSDSRUHOIUDFDVRGHODV
QHJRWLDWLRQV
QHJRFLDFLRQHV

3HUURODGUDGRUSRFRPRUGHGRU +LVEDUNLVZRUVHWKDQKLVELWH
1RVHQFRQWUDPRVHQWUHOD :HKDGRXUVZRUGDJDLQVWWKH
HVSDGD\ODSDUHG
ZDOO
6HKDGHVFXELHUWRWRGRHOSDVWHO7KHFDWoVRXWRIWKHEDJ
6RQFRPRHOGD\ODQRFKH 7KH\oUHDVGLIIHUHQWDVFKDON
DQGFKHHVH
1RWHORMXHJXHVWRGRDXQD 'RQoWSXWDOO\RXUHJJVLQRQH
EDVNHW
FDUWD

3HDUO 3HUOD

'LDPRQG 'LDPDQWH
5XE\ 5XE
(PHUDOG (VPHUDOGD

6DSSKLUH =DUR

9RFDEXODULR-HZHOV -R\DV




Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
7RDVNIRUWURXEOH

3KUDVDOYHUEVZLWKpGRZQq 

(QLQJOVFXDQGREXVFDPRVXQOR
OLWHUDOPHQWHpSHGLPRVSUREOHPDVq

+HIHOOGRZQDQGKXUWKLVNQHH
6HFD\\VHKL]RGDRDODURGLOOD

,oPIHHOLQJGRZQ
0HVLHQWRDOJRGHSULPLGD

:HGURYHGRZQWRWKHYLOODJH
%DMDPRVDOSXHEOR HQFRFKH

,oPIHHOLQJGRZQLQWKHGXPSV
(VWR\FRQORVQLPRVSRUORVVXHORV

:HoUHJRQJWRGULYHGRZQWKHSULFHV
9DPRVDIRU]DUORVSUHFLRVDODEDMD

/HWoVJRGRZQDQGVHHKLP
%DMHPRVDYHUOH

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"



*HVWLRQDODKLSRWHFD pPQHFKqWKHpPUJXHFKq

(QHVWDFKDFRQWLQXDPRVFRQSDOD
EUDVHQLQJOVTXHWHUPLQDQHQpJHq
\FX\RVRQLGRIRQWLFRHVFRPRXQD
pFKq HVSDROD /DV SDODEUDV PV
LPSRUWDQWHVGHODOLVWDVRQODVTXH
FLWR GHEDMR GH HVWH SUUDIR $SDUH
FHQDODGHUHFKDFRQVXVLJQLFDGR
&XQWDVFRQRFHV\D"

+XJH
,PDJH
-XGJH
.QRZOHGJH
/DQJXDJH
/DUJH
/RXQJH

/XJJDJH
0DQDJH
0DUULDJH
0HVVDJH
0RUWJDJH
3DFNDJH
3DJH

)RUJH
)ULGJH
)XGJH
*DXJH
*RUJH
*DUDJH
*DUEDJH
*UXGJH
+HGJH
+LQJH
+RPDJH
+XJH
,PDJH
,QGXOJH
,QIULQJH
-XGJH
.QRZOHGJH
/DQJXDJH
/DUJH
/HDNDJH
/LQHDJH

)RUFK
)ULFK
)DFK
*XHLFK
*RUFK
*UDFK
*UEDFK
*UDFK
-HFK
-HQFK
-PDFK
-LFK
PHFK
(QGOFK
(QIUQFK
-FK
1OHFK
/QJHFK
/DUFK
/NHFK
/QLHFK

)RUMD
)ULJRUFR
'XOFHGHOHFKH
0HGLGRU
*DUJDQWD *HRO
*DUDMH
%DVXUD
5HQFLOODUHQFRU
6HWR
%LVDJUDJR]QH
+RPHQDMH
(QRUPH
,PDJHQ
&RQVHQWLUPLPDU
,QFXPSOLU
-XH]
&RQRFLPLHQWRV
,GLRPD
*UDQGH
)XJDHVFDSH
/LQDMH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
+DVYLVWRTXUSLGRWHFOHDHVHWLSR"(VWXYHFRQOHVWDPDDQD
\ PH SLGL TXH OH GLFWDUD DOJR SDUD TXH OR PHWLHUD DO RUGHQDGRU
(PSH]DWHFOHDUWDQUSLGRTXHSHQVTXHVLPSOHPHQWHHVWDED
MXJDQGR FRQ HO WHFODGR &XDQGR PLU D OD SDQWDOOD YL TXH KDED
PHFDQRJUDDGRSHUIHFWDPHQWHWRGDODIUDVHTXHOHKDEDGLFKR
&RQWLQXGLFWDQGRODFDUWDHQWHUD\OQRPLUQLXQDVRODYH]DO
WHFODGRSHURHVFULELFDVLWRGRDODYHORFLGDGTXH\RVHOROHD

7HORHVWVEXVFDQGRVLYDVDDTXHOEDUULR
7HORHVWVEXVFDQGRVLQRWHSRQHVHO
FLQWXUQ
|7HORHVWVEXVFDQGR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

/LQNDJH
/RGJH
/RXQJH
/XJJDJH
0DQDJH
0DUULDJH
0HODQJH
0HVVDJH
0DVVDJH
0LOHDJH
0LUDJH
0LVFDUULDJH
0LVMXGJH
0RUWJDJH
2QVWDJH
2UDQJH
2USKDQDJH
2XWUDJH
2YHUFKDUJH
3DFNDJH
3DJH

$FRSODPLHQWR
$ORMDUVH
6DOQ
(TXLSDMH
*HVWLRQDU
0DWULPRQLR
0H]FOD
0HQVDMH
0DVDMH
.LORPHWUDMH
(VSHMLVPR
$ERUWR DFFLGHQWDO
-X]JDUPDO
+LSRWHFD
(QHVFHQD
1DUDQMD
2UIDQDWR
,QGLJQDFLQ
&REUDUGHPV
3DTXHWH
3JLQD

+DYH\RXVHHQKRZIDVWWKHJX\W\SHV",ZDVZLWKKLPWKLVPRUQLQJ
DQGKHDVNHGPHWRGLFWDWHVRPHWKLQJWRKLPVRWKDWKHFRXOGHQWHU
LW LQWR WKH FRPSXWHU +H VWDUWHG W\SLQJ VR IDVW WKDW , WKRXJKW KH
ZDVMXVWSOD\LQJZLWKWKHNH\ERDUG:KHQ,ORRNHGRQWKHVFUHHQ
,VDZWKDWKHKDGMXVWW\SHGRXWSHUIHFWO\WKHVHQWHQFH,KDGVDLG,
ZHQWRQWRGLFWDWHWKHHQWLUHOHWWHUDQGKHQHYHURQFHORRNHGDWWKH
NH\ERDUGEXWW\SHGHYHU\WKLQJDOPRVWDWWKHVSHHG,UHDGLW

5LFKDUG9DXJKDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
&RQWLQHQWDO
&RQWULEXWRU
&RQWLQJHQF\
&RQWURO
&RQWLQJHQW
&RQWUROODEOH
&RQWLQXRXV
&RQWURYHUVLDO
&RQWLQXDWLRQ &RQWURYHUV\
&RQWLQXH
&RQWXVLRQ
&RQWRUWLRQ
&RQYDOHVFH
&RQWRUWLRQLVW &RQYDOHVFHQFH
&RQWUDEDQG
&RQYHQH
&RQWUDFW
&RQYHQLHQFH
&RQWUDFWLRQ
&RQYHQLHQW
&RQWUDFWXDO
&RQYHQWLRQ
&RQWUDGLFW
&RQYHQWLRQDO
&RQWUDGLFWLRQ
&RQYHUJH
&RQWUDGLFWRU\ &RQYHUJHQFH
&RQWUDU\
&RQYHUVDWLRQ
&RQWUDVW
&RQYHUVH
&RQWULEXWH
&RQYHUVHO\
&RQWULEXWLRQ
&RQYHUW


(VWLPDGRDPLJR\DOXPQR/DVGRVSULPHUDVOQHDVGHOSRHPDSDUHFHQFRQWUDGLFWRULDVHQWUHV'LJRD
PLLQWHUORFXWRUTXHQRPHSLGDORLPSRVLEOH\TXHQRVR\PDJR6LQHPEDUJRDFRQWLQXDFLQOHGLJR
TXHKDJRPLODJURV&PRHVHVWR"(VVHQFLOOR&XDQGRHOFOLHQWHRHODOXPQRVHGHMDJXLDUSRUQRVR
WURV\VHVRPHWHDODWHUDSLDTXHOOHYDPRVDRVDSUHQGLHQGR\SHUIHFFLRQDQGRQRHVLQXVXDOTXH
VH FRQVLJDQ UHVXOWDGRV UHDOPHQWH VRUSUHQGHQWHV 1R
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
VRQ PLODJURV HQ UHDOLGDG VLQR UHVXOWDGRV OJLFRV RE
1RPHSLGDORLPSRVLEOHTXHPDJRQRVR\
WHQLGRVSRUPHGLRGHXQGLVHROHFWLYR\SHGDJJLFR
3HURPLODJURVVKDJR\SDUDHVWRHVWR\
UHDOLVWDHQVXVH[SHFWDWLYDV\UDFLRQDOHQVXGHVDUUROOR
0LMDUDEHPLVERQLDWRVPLVDUPDVVHFUHWDV
&DQWDUQFRPRORVYHUVRVGHODVPHMRUHVRSHUHWDV 4XGLUDXQFLUXMDQRFX\RSDFLHQWHKDPXHUWRVLHO
KRVSLWDOSDUDDKRUUDUFRVWHVOHREOLJDUDDTXHRSHUDVH
7DQFUHGRQRVORDUUDVDUHQODVYHQWDV
FRQELVWXUGHSOVWLFR\OX]GHODWDUGHFHU6L\RSXGLHUD
&DSHDUFRQDUURMRODVSHRUHVWRUPHQWDV
DQWHODPD\RUDGHORVpGLVHRVIRUPDWLYRVqLPSXHVWRV
1RWHQGULVTXHFXEULUOHDQWHODVHGHFHQWUDO
SRUHOFOLHQWHFRUSRUDWLYROHVUHFRPHQGDUDTXHDEULH
1LEXVFDUOHLQWUSUHWHSDUDODUHXQLQWULPHVWUDO
VHQ OD YHQWDQD \ WLUDVHQ IXHUD WRGR HO GLQHUR SUHVX
0LHPSUHVDKDEUYXHOWRDUHVROYHURVODSDSHOHWD
SXHVWDGR'HKDFHUORDVVORVHSHUGHUDHOGLQHUR'H
6ROXFLQFRPRGLFHGHQLWLYD\FRPSOHWD
QRKDFHUORVHSHUGHUDWDQWRHOGLQHURFRPRHOYDOLRVR
/RQLFRTXHLPSRUWDHQXQUHWRGHIRUPDFLQ
WLHPSRGHORVDOXPQRV
(VXQUHVXOWDGRIHOL]VLQPVFRQWHPSODFLQ
7REHFRQWLQXHGf

/QNHFK
/DFK
/DRQFK
/NDFK
0QDFK
0UHFK
0HOQFK
0VDFK
0DVFK
0LOHFK
0LUFK
0VNHUHFK
0LVFKFK
0UJXHFK
2QVWLFK
UDQFK
UIDQHFK
RWUHLFK
2IHUFKUFK
3NHFK
3LFK





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

'LFLHPEUHHVPLPHVSUHIHULGR 'HFHPEHULVP\IDYRXULWHPRQWK
3RUTXHVWXPHVSUHIHULGR" :K\LVLW\RXUIDYRXULWHPRQWK"
3RUTXHHV1DYLGDG %HFDXVHLWoV&KULVWPDV
4XIHFKDHVHOGDGH :KDWGDWHLV&KULVWPDV'D\"
1DYLGDG"
(VHOGHGLFLHPEUH ,WoVWKHWK WZHQW\IWK RI
'HFHPEHU

4XYDVDKDFHUHVWHDR" :KDWDUH\RXJRLQJWRGRWKLV
\HDU"
9DVDYHUDWXIDPLOLDHQ $UH\RXJRLQJWRVHH\RXU
IDPLO\LQ(QJODQG"
,QJODWHUUD"
&UHRTXHHVWDUHQ(VSDD ,WKLQN,oOOEHLQ6SDLQWKLV\HDU
HVWHDR
(VPX\GLIHUHQWHOD1DYLGDG ,V&KULVWPDVLQ(QJODQGYHU\
GLIIHUHQWIURP6SDLQ"
HQ(VSDDTXHHQ,QJODWHUUD"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&UHHVTXHKD\PXFKDV 'R\RXWKLQNWKHUHDUHPDQ\

GLIIHUHQFHV"
GLIHUHQFLDV"
7DPELQGDPRVORVUHJDORV $OVRZHJLYHWKHSUHVHQWVRQ

&KULVWPDV'D\
HOGDGH1DYLGDG
(QTXIHFKDUHFLEHODJHQWH :KDWGDWHGRSHRSOHUHFHLYH

WKHLUSUHVHQWVLQ6SDLQ"
VXVUHJDORVHQ(VSDD"
(OGHHQHURHVXQGDPX\ 7KHWK VL[WK RI-DQXDU\LVD

YHU\LPSRUWDQWGD\KHUH
LPSRUWDQWHDTX

&DGDDROD1DYLGDGHPSLH]D (YHU\\HDU&KULVWPDVEHJLQV
HDUOLHU
DQWHV
4XTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW"
<VLWHFUH\HUDVORVDQXQFLRVGH$QGLI\RXEHOLHYHGWKHDGYHUWV
IURPWKHELJGHSDUWPHQWVWRUHV
ORVJUDQGHVDOPDFHQHVf
SHQVDUDVTXHHV1DYLGDGHQ \RXZRXOGWKLQNLWoV&KULVWPDV
FXDQWRWHUPLQDQODVYDFDFLRQHV DVVRRQDV\RXQLVK\RXU
VXPPHUKROLGD\V
GHYHUDQR

&URZQ &RURQD
6FHSWUH &HWUR
)UDQNLQFHQVH ,QFLHQVR
0\UUK 0LUUD
*ROG 2UR

9RFDEXODULR7KH7KUHH:LVH0HQ /RV5H\HV0DJRV
+LJK,QWHUPHGLDWH
&XQWDPHDOJRVREUH3DS 7HOOPHDOLWWOHDERXW)DWKHU

&KULVWPDV
1RHO
(Q(VWDGRV8QLGRVVXHOHQ ,QWKH8QLWHG6WDWHVWKH\

XVXDOO\VD\6DQWD&ODXV
GHFLU6DQWD&ODXV
'HKHFKRHVWHWUPLQRHVXQD,QIDFWWKLVWHUPLVD
PLVSURQXQFLDWLRQRI6DLQW
PDODSURQXQFLDFLQGH6DQ
1LFKRODV
1LFROV
3RUTXVHYLVWHFRQHVHWUDMH :K\GRHVKHGUHVVLQWKDWUHG
VXLW"
URMR"

/RZ$GYDQFHG
0XFKDVSHUVRQDVFUHHQTXH 0DQ\SHRSOHWKLQNWKDWWKLV
LPDJHZDVLQYHQWHGE\&RFD
HVWDLPDJHQIXHLQYHQWDGD
&ROD
SRU&RFD&ROD
'HKHFKRHVWRHVXQDOH\HQGD $FWXDOO\WKLVLVDQXUEDQ
OHJHQG
XUEDQD
6LQHPEDUJRJUDFLDVDXQD +RZHYHUWKDQNVWRRQH
GHVXVHQRUPHVFDPSDDVGH RIWKHLUKXJHDGYHUWLVLQJ
FDPSDLJQV
SXEOLFLGDGf
VHSRSXODUL]RQORVFRORUHVURMRWKH\GLGSRSXODULVHWKHUHG
\EODQFRSDUDSDUHFHUVHDODODWD DQGZKLWHFRORXUVWRUHVHPEOH
WKHFDQ

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

'LFHQTXHYLDMDSRUHOPXQGR 7KH\VD\KHWUDYHOVDURXQGWKH
ZKROHZRUOGRQ&KULVWPDV(YH
HQWHURHQ1RFKHEXHQD
6XVUHQRVGHEHQWHQHUPXFKD +LVUHLQGHHUVPXVWKDYHDORW
RIVWDPLQD
UHVLVWHQFLD
7HGHMDFDUEQVLKDVVLGR 'RHVKHOHDYH\RXFRDOLI\RXoYH
EHHQEDGGXULQJWKH\HDU"
PDORGXUDQWHHODR"
'HMDORVUHJDORVHQXQ +HOHDYHVWKHJLIWVLQD
&KULVWPDVVWRFNLQJ
&KULVWPDVVWRFNLQJ

7DPELQOHGDPRVXQDFRSD :HDOVRJLYHKLPDJODVVRI
GHMHUH]\XQRVSDVWHOHVGH
VKHUU\DQGVRPHPLQFHSLHV
SLFDGLOORGHIUXWD
|4XUDURVVRLV <RXORWDUHZHLUG
/RV5H\HV0DJRVVRQPXFKR 7KH7KUHH:LVH0HQDUHPXFK
PHMRUHVTXH3DS1RHO
EHWWHUWKDQ)DWKHU&KULVWPDV
3RUORPHQRVWLHQHQDOJRTXH $WOHDVWWKH\KDYHVRPHWKLQJ
YHUFRQHOYHUGDGHURPHQVDMH WRGRZLWKWKHUHDOPHVVDJHRI
GH1DYLGDG
&KULVWPDV



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq 

7R/LNH

+HFDQoWKROGGRZQDMRE
1RSXHGHFRQVHUYDUXQHPSOHR

<RXVKRXOGNHHS\RXUH[SHQVHVGRZQ
'HEHUDVFRQWHQHUWXVJDVWRV

:HQHHGWRKROGGRZQSULFHV
1HFHVLWDPRVFRQWHQHUORVSUHFLRV

&RXOG\RXNHHSWKHQRLVHGRZQSOHDVH"
3RGLVEDMDUHOWRQRSRUIDYRU"

+HoVOHDGLQJXVGRZQWKHZURQJSDWK
1RVOOHYDSRUHOPDOFDPLQR

:HoOO\GRZQWR0DODJDWRVHH\RX
%DMDUHPRVD0ODJDDYHUWH HQDYLQ


*HVWLRQDODKLSRWHFD pPQHFKqWKHpPUJXHFKq

(QHVWDFKDFRQWLQXDPRVFRQSDOD
EUDVHQLQJOVTXHWHUPLQDQHQpJHq
\FX\RVRQLGRIRQWLFRHVFRPRXQD
pFKq HVSDROD /DV SDODEUDV PV
LPSRUWDQWHVGHODOLVWDVRQODVTXH
FLWR GHEDMR GH HVWH SUUDIR $SDUH
FHQDODGHUHFKDFRQVXVLJQLFDGR
&XQWDVFRQRFHV\D"

3HUFHQWDJH
3ULYLOHJH
5DJH
5DQJH
5HDUUDQJH
6WDJH
6WRUDJH

6WUDQJH
8UJH
8VDJH
3RVWDJH
3DVVDJH
6DOYDJH
6DXVDJH

3DUWULGJH
3DVVDJH
3DWURQDJH
3HUFHQWDJH
3LOJULPDJH
3LOODJH
3OHGJH
3OXQJH
3RVWDJH
3UHMXGJH
3UHVDJH
3ULYLOHJH
3XUJH
5DJH
5DQJH
5DYDJH
5HDUUDQJH
5HFKDUJH
5HIXJH
5LGJH
6DERWDJH

SUWUHFK
SVDFK
SLWUDQHFK
SHUVQWHFK
SOJUDPHFK
SOLFK
SOHFK
SODQFK
SVWHFK
SULFKFK
SUVHFK
SUOHFK
SHUFK
ULFK
ULQFK
UIDFK
ULDULQFK
ULFKUFK
UXFK
ULFK
VERWDFK

3HUGL]
3DVDMH
3DWURFLQLR
3RUFHQWDMH
3HUHJULQDMH
3LOODMH
-XUDPHQWR
6XPHUJLU
)UDQTXHR
3UHMX]JDU
3UHVDJLDU
3ULYLOHJLR
3XUJDU
&OHUDIXULD
5DQJRPELWR
+DFHUHVWUDJRV
5HRUGHQDU
5HFDUJDU
5HIXJLR
3UHFLSLFLR
6DERWDMH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7UDVSDVDUWUHVDRVLQYHVWLJDQGRORVRUJHQHVHOGHVDUUROOR\HO[L
WRGHODFDGHQDp.HQWXFN\)ULHG&KLFNHQqKHOOHJDGRDODFRQFOXVLQ
GHTXHHO[LWRGHOH[FQWULFRIXQGDGRUHOFRURQHO+DUODQG6DQGHUV
WHQDTXHYHUPX\SRFRFRQVXVHFUHWRGHRQFHKLHUEDV\HVSHFLDV
(OYHUGDGHURVHFUHWRGHOFRURQHOHUDVXDEVROXWDDXGDFLD\H[WUDRU
GLQDULDFRQDQ]DHQVPLVPR

([SUHVDPRVpJXVWDUqDOUHYVTXHHQHVSDRO
6XMHWRYHUERFRPSOHPHQWR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7HJXVWR
/HVJXVWDPRV
1RVJXVWDQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

6DOYDJH
6DXVDJH
6KRUWDJH
6LHJH
6SOXUJH
6SRQJH
6WDJH
6WRUDJH
6WUDQJH
6XEPHUJH
6\ULQJH
7HHQDJH
8QGHUFKDUJH
8UJH
8VDJH
9HUJH
9LOODJH
9LQWDJH
9ROWDJH
9R\DJH
:DJH

VOIDFK
VVDFK
VLUHFK
VLFK
VSOHUFK
VSDQFK
VWHLFK
VWUDFK
VWULQFK
VDEPUFK
VXUQFK
WLQLFK
DQGHUFKUFK
HUFK
LVHFK
IHUFK
IOLFK
IQWHFK
IOWHFK
ILHFK
XFK

6DOYDUUHVFDWDU
6DOFKLFKD
(VFDVH]
6LWLR GHVLWLDU
'HUURFKDU
(VSRQMD
(VFHQDULR
$OPDFHQDMH
([WUDR
6XPHUJLU
-HULQJXLOOD
'HODDGROHVFHQFLD
&REUDUGHPHQRV
*DQDVH[KRUWDU
8VR
%RUGH DOERUGHGH
$OGHD
$HMR
9ROWDMH
9LDMH HQEDUFR
6DODULRSDJD

$IWHU VSHQGLQJ WKUHH \HDUV UHVHDUFKLQJ WKH RULJLQV GHYHORSPHQW


DQGVXFFHVVRIWKH.HQWXFN\)ULHG&KLFNHQFKDLQ,oYHFRPHWRWKH
FRQFOXVLRQWKDWWKHVXFFHVVRIWKHH[FHQWULFIRXQGHU&RORQHO+DUODQG
6DQGHUVKDGYHU\OLWWOHWRGRZLWKKLVHOHYHQVHFUHWKHUEVDQGVSLFHV
7KH &RORQHOoV UHDO VHFUHWV ZHUH KLV XQPLWLJDWHG DXGDFLW\ DQG KLV
H[WUDRUGLQDU\VHOIFRQGHQFH


(VWLPDGRDPLJR\DOXPQR&RQHVWDVGRVHVWURIDVWHUPLQRHOSRHPD6RQVORGRVHVWURIDVSHURFRQWLHQHQ
0VSDODEUDVLQJOHVDV
XQPHQVDMHPX\LPSRUWDQWH([LVWHXQGLFKRHQHVSDRO/REDUDWRHVFDUR+D\WUHVIDFWRUHVGHFRVWH
GHUD]ODWLQD
LPSRUWDQWHVFXDQGRXQRTXLHUHKDFHUVHGHYHUGDGFRQXQEXHQGRPLQLRHQXQVHJXQGRLGLRPDXQH[ &RQYHUWLELOLW\
&RUGLDOO\
FHOHQWHSURIHVRU RSURIHVRUHV PXFKRHVIXHU]RSHUVRQDO\ODEVTXHGDGHPXFKDVVLWXDFLRQHVUHDOHVGH
&RURQDU\
&RQYH[
FRPXQLFDFLQ7RGRVORVIDFWRUHVGHFRVWHVRQFRVWRVRV\VLWUDWDVGHDEDUDWDUFRQWUDWDQGRDXQSURIHVRU &RQYHUWLEOH
&RURQDWLRQ
PHGLRFUHHVFDWLPDQGRHVIXHU]RVRHYLWDQGRSDVDUDSXURVHQVLWXDFLRQHVUHDOHVQRYDVDDSUHQGHULQJOV
&RUSRUDO
&RQYLFW
(VRWHORSXHGRDVHJXUDU8QH[FHOHQWHSURIHVRUGHLQJOVVHPHUHFHJDQDUORVXFLHQWHSDUDSRGHUVLTXLH
&RUSRUDWLRQ
&RQYLFWLRQ
&RUSXOHQW
&RQYLQFH
UHGHGLFDUVHDODHQVHDQ]DFRPRYRFDFLQQLFD\YLWDOLFLD\SDUDSRGHUIRUPDUXQDIDPLOLD\SDJDUXQD
&RUUDO
&RQYLQFHG
KLSRWHFD(VWRVLHQWRGHFLUORVHWUDGXFHHQWDULIDVSRUKRUDGHFODVHTXHPXFKRVFRQVLGHUDUDLVFDUDV6LQ
&RUUHFW
HPEDUJRVRQODVWDULIDVPVEDUDWDVGHOPHUFDGRSRUTXH &RQYLQFLQJ
&RUUHFWLRQ
&RQYRNH
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
FRQH[FHOHQWHVSURIHVRUHVDSUHQGHVPXFKRLQJOV1RWH
&RUUHFWLYH
&RQYR\
/DIRUPDFLQH[LVWHSDUDFDPELDUDODJHQWH
TXHMHV GHO FRVWH GH WXV FODVHV VL HVWV DSUHQGLHQGR 1R
&RUUHFWO\
&RRSHUDWH
<VLHOFDPELRQRYLHQHHOMXLFLRHVFRQFOX\HQWH
EXVTXHVXQSUHFLRPVHFRQPLFRSRUTXHXQSUHFLREDUD
&RUUHODWH
&RRSHUDWLRQ
3RUPXFKRDKRUURQHJRFLDGRHQHOSUHFLR
WRVLJQLFDSDJDUPHQRVGLQHURSHURDFDPELRGHDEVROX
&RRSHUDWLYH
&RUUHODWLRQ
(OGLQHURJDVWDGRHVGLQHURGHXQQHFLR
WDPHQWHQDGD0XFKDJHQWH\PXFKDVHPSUHVDVDFDEDQ &RRUGLQDWH
&RUUHVSRQG
JDVWDQGRPXFKRGLQHURDORODUJRGHORVDRVDFDPELR &RRUGLQDWLRQ &RUUHVSRQGHQW
1RPHEDMHHOSUHFLRQLPHSRQJDFRQGLFLRQHV
/HHQWUHJDUXQPLODJURVLQOLPLWDFLRQHV
GHQDGD(VWROHVSDVDSRUTXHPLUDQHOFRVWHSRUHQFLPD &RRUGLQDWRU &RUUHVSRQGLQJ
/DPDUDYLOODGHVXQXHYRPDHVWURDUSRQHUR
GHODEVTXHGDGHODFDOLGDG3RVHHUXQUPHGRPLQLRGHO
&RS\
&RUULGRU
6HUPVPDUDYLOODFRQPLPDHVWURIRJRQHUR
LQJOVSDJDDOWVLPRVGLYLGHQGRV\TXLHQEXVFDHFRQRPDV
&RUGLDO
&RUURERUDWH
5LFKDUG9DXJKDQ
)LQ VLPSOHPHQWHWHUPLQDPRQROLQJH
&RUGLDOLW\
&RUURERUDWLRQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

&XOHVVRQWXVSODQHVSDUD :KDWDUH\RXUSODQVIRU

&KULVWPDV"
1DYLGDG"
(VWVGHYDFDFLRQHV" $UH\RXRQKROLGD\"
(VWR\GHYDFDFLRQHVGXUDQWH ,oPRQKROLGD\IRUWZRZHHNV

GRVVHPDQDV
0LIDPLOLDHVWDTXHQPL 0\IDPLO\LVKHUHLQP\KRXVH

XQWLOWKHHQGRIWKH\HDU
FDVDKDVWDQDOGHDR
(VWXIDPLOLDRODIDPLOLDGH ,VLW\RXUIDPLO\RU\RXUZLIHoV

IDPLO\"
WXPXMHU"

/RVSDGUHVGHPLPXMHU\ORV 0\ZLIHoVSDUHQWVDQGPLQH
PRVWDPELQHVWDUQDTX
WRRZLOOEHKHUH
(VWVVHJXURTXHHVXQD $UH\RXVXUHLWoVDJRRGLGHD"
EXHQDLGHD"
4XYDVDKDFHUFRQHOORV" :KDWDUH\RXJRLQJWRGRZLWK
WKHP"
1RWHQJRQLLGHD ,KDYHQRLGHD
7DOYH]WHQGUHPRVXQD1DYLGDG0D\EHZHoOOKDYHDWUDGLWLRQDO
WUDGLFLRQDOLQJOHVD
(QJOLVK&KULVWPDV

&KULVWPDVFDUGV &ULVPDVWDUMHWDV

0DQWHOSLHFH 5HSLVDGHODFKLPDQHD

6WRFNLQJ &DOFHWQJUDQGHSDUD
UHOOHQDUFRQUHJDORV
3UHVHQWV 5HJDORV

&RDO &DUEQ

9RFDEXODULR)LUHSODFH &KLPHQHD
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

'HFRUDUHPRVHOUEROFRQ :HoOOGHFRUDWHDWUHHZLWKORWV

PXFKDVOXFHV
RIOLJKWV
'HMDUHPRVPXFKRVUHJDORV :HoOOOHDYHORWVRISUHVHQWVDW

DSLHGHOUERO
WKHERWWRPRIWKHWUHH
3RQGUHPRVXQQJHOHQFLPD :HoOOSXWDQDQJHORQWRS
(OGDSUHSDUDUHPRVXQD 2QWKHWKZHoOOSUHSDUHDELJ

JUDQFRPLGD
PHDO
%HEHUHPRVGHPDVLDGR :HoOOGULQNWRRPXFK

/XHJRLUHPRVDPLVDD 7KHQZHoOOJRWRPLGQLJKW
PHGLDQRFKHHQODLJOHVLD
PDVVDWWKHFKXUFK
&DQWDUHPRVHQYR]DOWDSRUTXH:HoOOVLQJORXGO\EHFDXVHZHoOO
HVWDUHPRVXQSRFRERUUDFKRV EHDOLWWOHGUXQN
1RVOHYDQWDUHPRVHOGDGH :HoOOJHWXSHDUO\RQ&KULVWPDV
1DYLGDGFRQGRORUHVGHFDEH]D 'D\ZLWKKHDGDFKHV
0LUDUHPRVSRUODYHQWDQDSDUD :HoOOORRNRXWWKHZLQGRZWR
YHUVLHVWQHYDQGR
VHHLILWoVVQRZLQJ
(VWDUHPRVHPRFLRQDGRV :HoOOEHH[FLWHGDVZHRSHQ
PLHQWUDVDEULPRVQXHVWURV
RXUSUHVHQWV
UHJDORV

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

)LQJLUHPRVHVWDUIHOLFHVFRQ :HoOOSUHWHQGWREHKDSS\ZLWK

QXHVWURVUHJDORV
RXUSUHVHQWV
3RUTXVLHPSUHUHFLER :K\GR,DOZD\VJHWVRFNVDQG

FDOFHWLQHV\FRUEDWDV"
WLHV"
3UXEDWHHOMHUVH\ 7U\WKHVZHDWHURQ
|1RHVWR\GHDFXHUGRHOURVDWH ,GRQoWDJUHHSLQNORRNVJUHDW

TXHGDJHQLDO
RQ\RX
3RUVXSXHVWRTXHQRPH 2IFRXUVH,ZRQoWEHRIIHQGHGLI

RIHQGHUVLORFDPELDV
\RXFKDQJHLW

,QWHQWHPRVQRGLVFXWLUHVWHDR /HWoVWU\QRWWRDUJXHWKLV\HDU
4XLHUHVTXHWHHFKHXQFDEOH 'R\RXZDQWPHWRJLYH\RXD
HQODFRFLQD"
KDQGLQWKHNLWFKHQ"
3RQODWHOHODUHLQDYDDKDFHU 3XWWKH79RQWKHTXHHQLVJRLQJ
VXGLVFXUVRGH1DYLGDG
WRPDNHKHU&KULVWPDVVSHHFK
1RVHPHRFXUULUDXQDLGHDSHRU ,FRXOGQoWLPDJLQHDZRUVHLGHD
|1RWHHPERUUDFKHVDQWHVGH 'RQoWJHWGUXQNEHIRUHZHHDW
TXHFRPDPRV
OXQFK

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

+D\DOJXQRVFURVHQODSXHUWD7KHUHDUHVRPHNLGVDWWKHGRRU
FDQWDQGRYLOODQFLFRV
VLQJLQJ&KULVWPDVFDUROV
'LOHVTXHVHSLHUGDQ 7HOOWKHPWRJHWORVW
6HVXSRQHTXHHOSDYRWLHQH ,VWKHWXUNH\VXSSRVHGWREH
TXHHVWDUDVGHVHFR"
WKLVGU\"
FKDOHXQSRFRGHVDOVDGH 3RXUDOLWWOHJUDY\RQLW
FDUQHHQFLPD
9R\DHFKDUPHXQDVLHVWD ,oPJRLQJWRKDYHDQDS

'HVSLHUWDDWXSDGUHHVW :DNH\RXUIDWKHUXSKHoV
URQFDQGR
VQRULQJ
-XJDPRVDXQMXHJRGHPHVD" 6KDOOZHSOD\DERDUGJDPH"
4XLQTXLHUHEHVDUPHEDMRHO:KRZDQWVWRNLVVPHXQGHU
PXUGDJR"
WKHPLVWOHWRH"
7HORHVWVSDVDQGRELHQ $UH\RXKDYLQJDJRRGWLPH
VREULQR"
QHSKHZ"
1RHQFXHQWURSDODEUDV :RUGVIDLOPH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq 
'RQoWSXWKLPGRZQOLNHWKDW
|1ROHUHEDMHVDV

7R+XUW

7KH\FDOOHGLQWKH$UP\WRSXWGRZQWKH
UHYROW
/ODPDURQDO(MUFLWRSDUDDSODVWDUODUHYXHOWD

<RXFDQSXW\RXUKDQGGRZQQRZ
<DSXHGHVEDMDUODPDQR
3XWLWGRZQRQSDSHU
$SQWDORHQXQSDSHO
3XWWKHOHWWHUGRZQRQWKHWDEOH
'HMDODFDUWDHQODPHVD
,SXWDKXQGUHGGROODUVGRZQDVDGHSRVLW
3DJXFLHQGODUHVFRPRGHSVLWR

7KHUDLQLQ6SDLQVWD\VPDLQO\RQWKHSODLQ

/DPD\RUDGHODVSDODEUDVLQJOH
VDVTXHFRQWLHQHQODVOHWUDVpDLq
GLFKDVOHWUDVVHSURQXQFLDQ

(L
/DIUDVHGHOWWXORGHHVWDVHFFLQ
VH SURQXQFLDUD p7KH UHLQ LQ
6SHLQVWHLVPLQO\RQWKHSOLQq
(QODSU[LPDFKDYHUHPRVTXH
ODSURQXQFLDFLQHVFDVLVLHPSUH
ODPLVPDHQUHIHUHQFLDDODVSD
ODEUDV TXH FRQWLHQHQ ODV OHWUDV
pD\q GD\SOD\HWF 
/DV H[FHSFLRQHV D HVWDV UHJODV
ODVYHUVHQODWHUFHUDFROXPQDD
SDUWLUGHODSDODEUDpDLUq

$LG
$LOPHQW
$LP
%DLO
%DLW
&DLQ
'DLO\

LG
LOPHQW
LP
ELO
ELW
NLQ
GLOL

$\XGD
'ROHQFLD
$SXQWDU
)LDQ]D FUFHO
&HER
&DQ %LEOLD
'LDULDPHQWH

'DLV\
)DLO
)DLQW
)DLWK
*DLQ
+DLO
+DLWL
-DLO
/DLG
0DLG
0DLO
0DLQ
0DL]H
1DLO
3DLG
3DLO
3DLQ
3DLQW
5DLG
5DLO
5DLQ
5DLVH
5DLVLQV

GLVL
ILO
ILQW
IL]
JXLQ
MLO
MLWL
FKLO
OLG
PLG
PLO
PLQ
PLV
QLO
SLG
SLO
SLQ
SLQW
ULG
ULO
ULQ
ULV
ULVHQV

0DUJDULWD
)UDFDVDU
'HVPD\DUVH
)H
*DQDU
*UDQL]DU
+DLW
&UFHO
3DVDGRGHqOD\q
&ULDGD
&RUUHR
3ULQFLSDO
0D]
&ODYR
3DJDGR
&XER
'RORU
3LQWXUD
,QFXUVLQ
3DVDPDQRV
/OXYLD
(OHYDU
3DVDV

6HXVDFXDQGRTXHUHPRVH[SUHVDUTXHDOJR
GXHOH
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
0HGXHOHHOGHGRGHSLH
/HVGXHOHQORVSLHV
1RVGXHOHQODVSLHUQDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

6DLO
6DLQW
7DLO
7DLORU
9DLQ
:DLVW
:DLW
:DLWHU

VLO
VLQW
WLO
WLOHU
ILQ
XLVW
XLW
XLWHU

1DYHJDU
6DQWR
5DER
6DVWUH
9DQR
&LQWXUD
$JXDUGDU
&DPDUHUR

$LU
'DLU\
)DLU
)DLU\
+DLU
3DLU

HU
GUL
IHU
IUL
MHU
SHU

$LUH
/FWHR
-XVWR
+DGD
3HOR
3DU

1DYH

QDI

,QJHQXR

$LVOH
&DLUR
.DLVHU
7DLZDQ

LO
NLUR
NLVHU
WDLXQ

3DVLOOR
(O&DLUR
.DLVHU
7DLZDQ

6DLG

VHG

3DVDGRGHpVD\q

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(V9GXQDSHUVRQDDEOH\GHUHFXUVRV"7LHQHPXFKDHQHUJDLQ
WXLFLQHLQLFLDWLYD"9LVWHELHQ\WLHQHDSWLWXGHVFRQHORUGHQDGRU"
(VWGLVSXHVWRDUHFRJHUDFOLHQWHVHQHODHURSXHUWRIUHJDUSODWRV
DVSLUDUDOIRPEUDVOOHYDUDFDERHQFXHVWDVWHOHIQLFDVKDFHUUHFDGRV
\WRGDVODVGHPVFRVDVTXHQRWHQHPRVWLHPSRGHKDFHU"6RPRV
XQDHPSUHVDGHSXEOLFLGDGFRQFOLHQWHVQDFLRQDOHV\QHFHVLWDPRVD
XQVXSHUD\XGDQWH1DGDGHTXHMLFDV1DGDGHJHQWHYDJD

$UH\RXGHSHQGDEOHDQGUHVRXUFHIXO"'R\RXKDYHORWVRIHQHUJ\
LQWXLWLRQ DQG LQLWLDWLYH" 'R \RX GUHVV ZHOO DQG KDYH FRPSXWHU
VNLOOV"$UH\RXZLOOLQJWRSLFNXSFOLHQWVDWWKHDLUSRUWZDVKGLVKHV
YDFXXPFDUSHWVFRQGXFWWHOHSKRQHVXUYH\VUXQHUUDQGVDQGGRDOO
WKHRWKHUWKLQJVZHGRQoWKDYHWLPHWRGR":HDUHDQDGYHUWLVLQJ
UP ZLWK FOLHQWV QDWLRQZLGH DQG ZH QHHG D VXSHU KHOSHU 1R
ZKLQHUV1ROD]\SHRSOH


(VWLPDGRDPLJR\DOXPQR1HFHVLWRFUX]DUXQDGHQVDMXQJODSDUDOOHJDUDPLGHVWLQR6HWUDWDGHXQGHVWLQR 0VSDODEUDVLQJOHVDV
TXHGHVHRFRQPXFKDIXHU]D/RVVHQGHURVDWUDYVGHODMXQJODHVWQOOHQRVGHPDOH]DOLDQDV]DU]DV\UDPDV
GHUD]ODWLQD
EDMDV/RLQWHQWR"6LVLJRDGHODQWHVHJXUDPHQWHPHYHUIUHQDGRDFDGDSDVRSRUORVREVWFXORV/DVOLDQDVVH
&RUURVLRQ
&RXQW
HQUHGDUQDOUHGHGRUGHPLVWRELOORV(OHVSHVRUDPDMHPHDUDDUORVEUD]RV\ODFDUD0HTXHGDUHQJDQFKDGR
&RUURVLYH
&RXQWHVV
\HQUHGDGRDFDGDSDVR0LSURJUHVRVHUOHQWR\WRUWXRVR\KDVWDPHROYLGDUGHFPRHVDQGDUFRQSDVRUPH
&RUUXSW
&RXSRQ
\OLJHUR4XKDJR"8QDPLJRPRH[SHUWRHQYLDMDUSRUODVMXQJODVPHUHFRPLHQGDTXHYXHOYDDODFDSLWDOD &RUUXSWLRQ
&RXUW
GRVVHPDQDVGHFDPLQRSDUDFRPSUDUPHXQQXHYRLQYHQWROODPDGRPXOWLPDFKHWHPHFQLFR6HWUDWDGHOR
&RUWLVRQH &RXUWHRXV
&RVPHWLF
&RXUDJH
OWLPRSDUDGHVSHMDUVHQGHURVHQODMXQJOD0HFRVWDUWUDEDMRYROYHUGHQXHYRDODFDSLWDO\PHFRVWDUWDPELQ
&RVPHWLFV &RXUWHVDQ
EDVWDQWHGLQHURVLQKDEODUGHOYLDMHGHYXHOWDDGRQGHHVWR\DKRUD0HGDSHUH]DYROYHU0HYDDUHVXOWDUSHVDG
&RVPLF
&R\RWH
VLPRSHUGHUWRGRXQPHV HOYLDMHGHLGD\YXHOWDDODFDSLWDO 3HURPLDPLJRLQVLVWHHQTXHMDPVYROYHUDDQGDU
&UHDP
GHVSDFLRFRQHOPXOWLPDFKHWHPHFQLFR0HGLFHTXHVHUXQFDPLQDQWHGHFLGLGR\UHVXHOWRFXDOTXLHUDTXHVHD &RVPRQDXW
ODMXQJODTXHPHHVSHUH6LHPSUHWHQGUHOFDPLQRGHVSHMDGR\SRGUDQGDUSRUODMXQJODFRPR3HGURSRUVXFDVD &RVPRSROLWDQ &UHDWH
&UHDWLRQ
&RVPRV
<RJUDFLDVD'LRV\DWHQJRXQPXOWLPDFKHWHPHFQLFRSHURSDUDODMXQJODJUDPDWLFDOGHOFDVWHOODQR+DFHDRV
&UHDWLYH
&RVVDFN
GHGLTXHOWLHPSRQHFHVDULRDDGTXLULUSUHFLVLQ\DJLOLGDGFRQODJUDPWLFDEVLFDGHWXLGLRPD\GHVGHHQWRQ
&UHDWLYLW\
&RVW
FHVWHQJRORVVHQGHURVGHVSHMDGRVVLQOLDQDV\VLQPDOH]DTXHPHUDOHQWLFHQ7HQJRVROWXUDJUDFLDVDOGRPLQLR
&RXQFLO
&UHDWRU

GHODJUDPWLFDEVLFD$KRUDWHWRFDDWLFRQVHJXLUORPLVPRFRQHOLQJOV
5LFKDUG9DXJKDQ



(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VHOOWLPRGDGHHVWHDR ,WoVWKHODVWGD\RIWKLV\HDU
(VHOSULPHUGDGHOSU[LPRDR,WoVWKHUVWGD\RIQH[W\HDU
4XIHFKDVVRQ" :KDWGDWHVDUHWKH\"
6RQHOGHGLFLHPEUH\HO 7KH\DUHWKHVW WKLUW\UVW 

GHHQHUR
RI'HFHPEHUDQGWKHVW UVW 
RI-DQXDU\
(VXQDQRFKHSDUDJUDQGHV ,WoVDQLJKWIRUELJSDUWLHV

HVWDV

&PRVHGLFH1RFKHYLHMDHQ +RZGR\RXVD\1RFKHYLHMDLQ
(QJOLVK"
LQJOV"
6HGLFH1HZ<HDUoV(YH :HVD\1HZ<HDUoV(YH
4XKDFLVHVDQRFKH" :KDWGR\RXGRRQWKDWQLJKW"
+DFLVODVFRVDVGHPDQHUD 'R\RXGRWKLQJVLQDGLIIHUHQW
GLIHUHQWHDORVHVSDROHV" ZD\IURPWKH6SDQLVK"
&PRORFHOHEULVDOO" +RZGR\RXFHOHEUDWHLWWKHUH"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

/DIDPLOLDQRHVWDQLPSRUWDQWH7KHIDPLO\LVQoWDVLPSRUWDQW
DVLWLVKHUH
FRPRORHVDTX
/DJHQWHVXHOHVDOLUFRQVXV 3HRSOHXVXDOO\JRRXWZLWK

WKHLUIULHQGV
DPLJRV
1RKD\XQDFHQDWUDGLFLRQDO 7KHUHLVQoWDWUDGLWLRQDOGLQQHU

EHIRUHPLGQLJKW
DQWHVGHPHGLDQRFKH
9DQDSXEVRHVWDVDOUHGHGRU 7KH\JRWRSXEVRUSDUWLHVDW

DURXQGVHYHQRUHLJKWRoFORFN
GHODVVLHWHRODVRFKR
,QWHQWDQEHEHUWDQWRFRPR 7KH\WU\WRGULQNDVPXFKDV

WKH\FDQ
VHDSRVLEOH

&RPLVODVXYDVFRPRQRVRWURV'R\RXHDWJUDSHVOLNHXVDW
PLGQLJKW"
DPHGLDQRFKH"
1XQFDKHFRPSUHQGLGRPX\ ,oYHQHYHUXQGHUVWRRGYHU\
ZHOOZK\\RXGRWKDW
ELHQSRUTXKDFLVHVR
6LFRPHVXYDVHQ ,I\RXHDWJUDSHVLQ
VHFRQGV\RXZLOOKDYHJRRG
VHJXQGRVWHQGUVEXHQD
OXFNLQWKDW\HDU"
VXHUWHHVWHDR"
7RGRHOPXQGRFUHHTXHHVR 'RHVHYHU\ERG\EHOLHYHWKDWoV
WUXH"
HVYHUGDG"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XSLHQVDVKDFHUHVWHDR" :KDWDUH\RXSODQQLQJWRGR
WKLV\HDU"
6XSRQJRTXHYROYHUDFDVD ,VXSSRVH,oOOJREDFNKRPH
$XQTXHSXHGHTXHORSDVHFRQ$OWKRXJK,PLJKWVSHQGLWZLWK
PLIDPLOLDSROWLFD
P\IDPLO\LQODZ
7XIDPLOLDWHHFKDUGHPHQRV <RXUIDPLO\ZLOOPLVV\RX
/HVYHUDSULQFLSLRVGH$R ,oOOVHHWKHPDWWKHEHJLQQLQJ

1XHYR
RIWKH1HZ<HDU

1RPHLEDVDGHFLUFXOHVOD :HUHQoW\RXJRLQJWRWHOOPH
WUDGLFLQLQJOHVDDPHGLDQRFKH" ZKDWWKH(QJOLVKWUDGLWLRQLVDW
PLGQLJKW"
1RKDFHPRVQDGDHQ :HGRQoWGRDQ\WKLQJLQ
SDUWLFXODU
SDUWLFXODU
&DQWDPRVFRPRWRQWRV\QRV :HVLQJOLNHIRROVDQGJDWKHU
UHXQLPRVDOUHGHGRUGHODWHOHR URXQGWKH79RUOLVWHQWRWKH
UDGLR
HVFXFKDPRVODUDGLR

.QRFNHU $OGDED

+LQJHV %LVDJUD
/HWWHUER[ %X]Q
'RRUPDW )HOSXGR

'RRUEHOO 7LPEUH

9RFDEXODULR(QWUDQFH (QWUDGD
0LGGOH$GYDQFHG
'DPRVEHVRVDWRGRHOPXQGR :HJLYHHYHU\ERG\DNLVVRQ

WKHFKHHNV
HQODVPHMLOODV
2VLHUHVXQVROWHURRXQ 2ULI\RXoUHVLQJOHRUDGUXQN

\RXWU\WRJHWRIIZLWK
ERUUDFKRLQWHQWDVHQUROODUWH
HYHU\ERG\
FRQWRGRHOPXQGR
(OGDVLJXLHQWHLQWHQWDV 7KHIROORZLQJGD\\RXWU\WR

UHFRUGDUGHVLKLFLVWHHOULGFXOR UHPHPEHULI\RXPDGHDIRRO
RI\RXUVHOI
7HDUUHSLHQWHVSRUORTXHGLMLVWH<RXUHJUHWZKDW\RXVDLGDQG
GLG
HKLFLVWH

)RU(QJOLVKVXSHUVWDUVRQO\
7HQGHPRVDVDOLUFRQQXHVWURV :HWHQGWRJRRXWZLWKRXU
DPLJRVGHVSXVGHTXHORV
IULHQGVDIWHUWKHFORFNVKDYH
UHORMHVGHQODPHGLDQRFKH
VWUXFNPLGQLJKW
/DPDQHUDHVSDRODPHSDUHFH7KH6SDQLVKZD\VHHPVPXFK
PXFKRPVFLYLOL]DGD
PRUHFLYLOLVHGWRPH
6DEDVTXHHQ,WDOLDFRPHQ 'LG\RXNQRZLQ,WDO\WKH\HDW

OHQWHMDVHQYH]GHXYDV"
OHQWLOVLQVWHDGRIJUDSHV"
7DPSRFRWLHQHQXQDSDODEUD 7KH\GRQoWKDYHDZRUGIRU

SDUDUHVDFDHQLWDOLDQR
KDQJRYHULQ,WDOLDQHLWKHU
(VRVLWDOLDQRVUHERVDQ 7KRVH,WDOLDQVRR]H
VRVWLFDFLQQR"
VRSKLVWLFDWLRQGRQoWWKH\"



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
0LJKW3XHGHTXH$ORPHMRU

3KUDVDOYHUEVZLWKpGRZQq 

(VXQYHUERDX[LOLDUTXHH[SUHVDSRVLELOLGDG
,IHHOUXQGRZQ
0HVLHQWRFDQVDGR\VLQHQHUJD

<RXoOOUXQGRZQWKHEDWWHU\LI\RXGRWKDW
$JRWDUVODEDWHUDVLKDFHVHVR

*LYHPHDUXQGRZQRQWKHSODQ
([SOFDPHHOSODQ

6HQGKLPGRZQWRP\RIFH
0QGDOHSDUDTXHEDMHDPLGHVSDFKR

3XHGHTXHOOXHYDPDDQD
3XHGHTXHWRGDYDFRMDVWXWUHQ
3XHGHTXHWRGDYDYHQGDQODHPSUHVD

:K\GR\RXDOZD\VUXQKLPGRZQ"
3RUTXVLHPSUHOHFULWLFDVWDQWR"

6HWLWGRZQRQWKHWDEOH
&ROFDORHQODPHVD DOJRTXHSHVD 

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

3UD\IRUWKHKD\LQ0D\WRVWD\JUD\ 5H]DSDUDTXHHOKHQRGHPD\RSHUPDQH]FDGHFRORUJULV
6DOYR ODV GRV H[FHSFLRQHV
FLWDGDV DO QDO GH OD VH
JXQGD FROXPQD OD FRPEL
QDFLQ pD  \q VLHPSUH VH
SURQXQFLDHQLQJOV

(L
<DVDEHVSURQXQFLDUpGD\q
pSD\q R pZD\q DV TXH
DSOLFD OD PLVPD SURQXQ
FLDFLQ VLHPSUH TXH YHDV
pD\q

%D\
%D\RQHW
&OD\
&UD\VK
&UD\RQ
'D\
'HOD\
*UD\
+D\
/D\
/D\HU
/D\RII
/D\RXW
0D\
0D\EH
0D\RU

EL
EHLRQW
NOHL
NULVK
NULRQ
GHL
GHOL
JUL
ML
OL
OLHU
OLDI
OLDRW
PL
PLEL
PLHU

%DKD
%D\RQHWD
$UFLOOD
&DQJUHMRGHUR
/SL]GHFRORU
'D
5HWUDVR
*ULV ((88
+HQR
3RQHUFRORFDU
&DSD
'HVSHGLU DSHUVRQDO
'LVSRVLFLQHQSODQWD
0D\R
7DOYH]
$OFDOGH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&XDQGRFRPSUDPRVHOSLVRWLUDPRVWRGDVODVSDUHGHVLQWHULRUHV\
FRQVWUXLPRVGHQXHYRHOLQWHULRU'LVHDPRVHOVDOQHOFRPHGRU\
ODFRFLQDGHWDOIRUPDTXHDSURYHFKEDPRVFDGDPHWURFXDGUDGR
GHHVSDFLR(OLPLQDPRVODHQWUDGD\ORJUDPRVUHGXFLUHOSDVLOORDOD
PLWDGGHVXORQJLWXGDVLQFUHPHQWDQGRHOWDPDRGHORVWUHVGRU
PLWRULRV&XDQGRXQDUTXLWHFWRDPLJRQXHVWURYLRORVUHVXOWDGRVQR
SRGDFUHHUTXHQRORKXELHUDKHFKRXQGHFRUDGRUGHLQWHULRUHV

3D\
3D\PHQW
3D\UROO
3OD\
3OD\HU
3UD\
3UD\HU
5D\
6D\
6D\LQJ
6WD\
7UD\
:D\

SL
SLPHQW
SLURO
SOL
SOLHU
SUL
SULHU
UL
VL
VLLQJ
VWL
WUL
XL

3DJDU
3DJR
1PLQD
-XJDU
-XJDGRU
5H]DU
2UDFLQ
5D\R
'HFLU
'LFKR
4XHGDUVH
%DQGHMD
0DQHUD

.D\DN
0D\D

NL\DN
PL\D

.D\DN
0D\D

:KHQZHERXJKW WKHDWZH WRUHGRZQDOO WKHLQWHULRUZDOOVDQG


UHEXLOW WKH LQVLGH:H GHVLJQHG WKH OLYLQJ URRP GLQLQJ URRP DQG
NLWFKHQLQVXFKDZD\DVWRWDNHDGYDQWDJHRIHYHU\VTXDUHPHWHURI
VSDFH:HHOLPLQDWHGWKHHQWUDQFHKDOODOWRJHWKHUDQGPDQDJHGWR
UHGXFHWKHKDOOZD\WRKDOILWVOHQJWKWKXVLQFUHDVLQJWKHVL]HRIWKH
WKUHHEHGURRPV:KHQDQDUFKLWHFWIULHQGRIRXUVVDZWKHQDOUHVXOW
KHFRXOGQoWEHOLHYHWKDWLWKDGQoWEHHQGRQHE\DQLQWHULRUGHFRUDWRU

5LFKDUG9DXJKDQ

&UXFL[

&XOWXUH


0VSDODEUDVLQJOHVDV
(VWLPDGRDPLJR\DOXPQR$SUHQGHULQJOVHVFRPROOHQDUXQHPEXGRGH
GHUD]ODWLQD
DJXDDEDVHGHXQOHQWRJRWHR,PDJQDWHXQHPEXGRJUDQGHERFDDUULED
&UXFL[LRQ
FRQODDSHUWXUDLQIHULRUHVWUHFKDFHUUDGDGHIRUPDTXHSRGDPRVOOHQDUOR &UHDWXUH
&UXGH
VLTXHUHPRV7HGR\XQSHTXHRFXHQWDJRWDVSDUDTXHOHQWDPHQWHYD &UHGHQWLDOV
&UXHO
\DVOOHQDQGRHOHPEXGR$OSULQFLSLRHOSURJUHVRHVUSLGRSXHVWRTXHHO &UHGLELOLW\
&UHGLEOH
&UXHOW\
HVWUHFKRFXHOORLQIHULRURFXSDSRFRVFHQWPHWURVFELFRV6HOOHQDHQVHJXL
&UHGLW
&UXVDGH
GDORFXDOQRVGDFLHUWRRSWLPLVPR'HVSXVVLQHPEDUJRHOHPEXGRVHDEUH
&UHGLWRU
&UXVWDFHDQ
UDGLFDOPHQWH\FDGDJRWDDGLFLRQDODSHQDVKDFHVXELUHOQLYHO(VIUXVWUDQWH\D
&UHGXORXV
&U\SW
TXHQRSDUDPRVGHHFKDUJRWDVSHURHOQLYHOQRSDUHFHVXELU$SUHQGHUXQVHJXQ
&UHHG
&U\VWDO
GRLGLRPD\DGHDGXOWRHVH[DFWDPHQWHORPLVPRTXHOOHQDUXQHPEXGRFRQFXHQ
&UHPDWH
&U\VWDOOLQH
WDJRWDV&XDQGRHUHVSULQFLSLDQWHWRGRSDUHFHDOFDQ]DEOH&DGDGDDSUHQGHVFRVDV &UHPDWLRQ
&XEH
QXHYDV\HOLQJOVSDUHFHDEDUFDEOH'HVSXV\DHQODSDUWHSOHQDPHQWHH[SDQVLYDGHO
&UHVW
&XELF
HPEXGRWHGDVFXHQWDGHODLQPHQVLGDGGHOLGLRPD\WXUHWR\DQRHVOLQJVWLFRVLQR
&XELFOH
&ULPH
PRWLYDFLRQDO7HHQWUDHVDVHQVDFLQGHFXDQWRPiVVpPiVPHGR\FXHQWDGHORSRFRTXHVp(OSUREOH
&XELVP
&ULPLQDO
PDHVVHQFLOORGHH[SOLFDUDSDUWLUGHOQLYHOLQWHUPHGLRGHUHSHQWHVHOHDEUHDODOXPQRODLQPHQVLGDG
&XELVW
&ULVLV
GHXQQXHYRLGLRPD6RQFDVLLQQLWDVODVSRVLELOLGDGHVGHFRPELQDUYRFDEXODULRYHUERVSURSRVLFLRQHV &ULWHULRQ
&XOLQDU\
&XOPLQDWH
&ULWHULD
FRQMXQFLRQHVDGMHWLYRV\WRGRORGHPV&DGDIUDVHDGPLWHPDQHUDVGHPDWL]DUVH&DGDYHUERLP
&XOPLQDWLRQ
&ULWLF
SRUWDQWH GHOLGLRPDDGPLWHKDVWDYDULDFLRQHV VHJQ TX SUHSRVLFLQ OH HQJDQFKH FRQ GRV R WUHV
&ULWLFDO
&XOW
YDULDFLRQHVPVSRUFDGDSUHSRVLFLQVHJQVHLQFOX\DHQODRUDFLQXQQRPEUHRXQSURQRPEUH(VHQ
&ULWLFL]H
&XOWLYDWH
HVWHQLYHOLQWHUPHGLRGRQGHVHDWDVFDHOGHORVHVWXGLDQWHVGHLQJOV6HTXHGDQDWDVFDGRVGHSRU
&XOWLYDWHG
YLGD\HVWRHVSRUTXHRQRTXLHUHQRSRUTXHQDGLHOHVKDLQVWDGRDWUDEDMDURUDOPHQWHODJUDPWLFDFRQ &URXSLHU
&UXFLDO
&XOWXUDO
ODPLVPDGLVFLSOLQDTXHORVDFUEDWDVGHFLUFRSHUIHFFLRQDQVXVQPHURV





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

0RVFHVXQDFLXGDGIUD 0RVFRZLVDFROGFLW\
FLMDHVXQSXHEORFDOXURVR FLMDLVDKRWWRZQ
(O0DQ]DQDUHVHVXQURSHTXHR7KH0DQ]DQDUHVLVDVPDOOULYHU
/DJHQWHHVSDRODHVVLPSWLFD6SDQLVKSHRSOHDUHQLFH
|$QWLFRQVWLWXFLRQDOPHQWHHV $QWLFRQVWLWXWLRQDOO\LVDORQJ

XQDSDODEUDODUJD
ZRUG

&RQRFHHOODPXFKDJHQWH 'RHVVKHNQRZDORWRI
$PHULFDQSHRSOH"
HVWDGRXQLGHQVH"
1ROHRPXFKRVOLEURV ,GRQoWUHDGPDQ\ERRNV
OQRWLHQHPXFKDLQWHOLJHQFLD +HGRHVQoWKDYHPXFK
LQWHOOLJHQFH
&XQWDFRPLGDWHQHPRV" +RZPXFKIRRGGRZHKDYH"
1RKD\PXFKRVFXDGURVHQ 7KHUHDUHQoWPDQ\SDLQWLQJVLQ
WKLVPXVHXP
HVWHPXVHR

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

7LHQHVFDORU" $UH\RXKRW"
3DUDVHUVLQFHURWHQJRXQSRFR 7REHKRQHVW,oPDOLWWOHFROG

GHIUR
'HTXWLHQHVPLHGR" :KDWDUH\RXDIUDLGRI"
1RWHQJRPLHGRGHQDGD ,oPQRWDIUDLGRIDQ\WKLQJ
9PRQRVDODFDPDWHQJRVXHR/HWoVJRWREHG,oPVOHHS\

1RYDVDGHFLUQDGD" $UHQoW\RXJRLQJWRVD\
DQ\WKLQJ"
1RPHLEDVDGHFLUDOJR" :HUHQoW\RXJRLQJWRWHOOPH
VRPHWKLQJ"
1RYDQDLUDQLQJXQDSDUWHSRU7KH\DUHQoWJRLQJWRJR
DQ\ZKHUHIRUWKHLUKROLGD\V
VXVYDFDFLRQHV
1RLEDDJULWDUDQDGLH ,ZDVQoWJRLQJWRVKRXWDW
DQ\RQH

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

6LIXHUDVDVWUHFRVHUDPXFKDV ,I,ZHUHDWDLORU,ZRXOGVHZ

PDQ\WKLQJV
FRVDV
6LIXHUDJUDQMHURFXOWLYDUD ,I,ZHUHDIDUPHU,ZRXOGJURZ

ORWVRIYHJHWDEOHV
PXFKDVYHUGXUDV
6LIXHUDERPEHURDSDJDUDORV ,I,ZHUHDUHPDQ,oGSXWRXW

UHV
LQFHQGLRV
6LIXHUDIRQWDQHURFREUDUD ,I,ZHUHDSOXPEHU,oGFKDUJH
PXFKRGLQHURSRUFRVDVSHTXHDV ORWVRIPRQH\IRUOLWWOHWKLQJV
6LIXHUDVROGDGRWHQGUDTXH ,I,ZHUHDVROGLHU,oGKDYHWR

NLOOSHRSOH
PDWDUDODJHQWH

3UHIHUUDVHUXQJRUULQTXH ,oGUDWKHUEHDVSDUURZWKDQD
VQDLO
XQFDUDFRO
3UHIHULUDVHUXQPDUWLOORTXH ,oGUDWKHUEHDKDPPHUWKDQ
DQDLO
XQFODYR
3UHIHULUDVHUXQERVTXHTXH ,oGUDWKHUEHDIRUHVWWKDQD
VWUHHW
XQDFDOOH
3UHIHULUDVHQWLUODWLHUUDEDMR ,oGUDWKHUIHHOWKHHDUWK
EHQHDWKP\IHHW
PLVSLHV
3UHIHULUDVHU3DXO6LPRQTXH ,oGUDWKHUEH3DXO6LPRQWKDQ
$UW*DUIXQNHO
$UW*DUIXQNHO

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

3RUTXWLHQHVWDQWDVJDQDV :K\DUH\RXVRHDJHUWROHDYH"
GHLUWH"
(UDUHDFLRDGHFLUOHVDOJR ,ZDVUHOXFWDQWWRWHOOWKHP
DQ\WKLQJ
(VWEDPRVDVRPEUDGRVDOYHU :HZHUHDPD]HGWRVHHWKDW
HVRHQODSRUWDGD
RQWKHIURQWSDJH
(VWDUHQFDQWDGRGH ,oGEHGHOLJKWHGWRDFFRPSDQ\
\RXWRWKHGDQFH
DFRPSDDUWHDOEDLOH
1RVGLRSHQDHVFXFKDUVREUHWX:HZHUHVRUU\WRKHDUDERXW
\RXUORVV
SUGLGD

/RVPYLOHVGHKR\VHSDUHFHQ 0RELOHVWRGD\EHDUOLWWOH

SRFRDORVGHKDFHDRV
UHVHPEODQFHWRSKRQHVRI
\HDUVDJR
(OMHIHDQWHULRUQRHUDQLPXFKR7KHIRUPHUERVVZDVQRZKHUH
QHDUDVVWULFWDVWKHQHZRQH
PHQRVWDQHVWULFWRFRPRHO
QXHYR
(VDOJRHQORTXHQRPHKH ,WoVQRWVRPHWKLQJ,oYHJLYHQ

SDUDGRDSHQVDU
PXFKWKRXJKWWR
1RWHQJRXQDRSLQLQPX\ ,GRQoWIHHOVWURQJO\DERXWWKH

GHQLGDVREUHHOWHPD
LVVXH

6KULQH 6DQWXDULR
3ULHVW &XUD

$OWDU $OWDU
1XQ 0RQMD
3HZ %DQFR

9RFDEXODULR&KXUFK ,JOHVLD

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92
,QWHUURJDWLYRs0D\,"

3KUDVDOYHUEVZLWKpGRZQq 
6LWGRZQDQGOLVWHQWRPH
6LQWDWH\HVFFKDPH

:HoOOZHDUGRZQWKHLUUHVLVWDQFH
$FDEDUHPRVFRQVXUHVLVWHQFLD

,oPJRLQJWRFORVHGRZQWKHEXVLQHVV 7DNHGRZQP\QDPHDQGQXPEHU
9R\DFHUUDUHOQHJRFLR
$SXQWDPLQRPEUH\WHOIRQR
7KHUHLVVWDUWLQJWRGLHGRZQ
(OLQFHQGLRHPSLH]DDDSDJDUVH

:HKDYHWRWDNHGRZQWKH&KULVWPDV
OLJKWV
7HQHPRVTXHTXLWDUODVOXFHVGH1DYLGDG

&XDQGRKDFHVXQDSUHJXQWDFRQpPD\qHVWV
SLGLHQGRSHUPLVRGHXQDPDQHUDPX\IRUPDO
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
0HSHUPLWHKDFHUXQDSUHJXQWD"
0HSHUPLWHLUDOVHUYLFLR"
6|SRUVXSXHVWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KHEDVLFVRISROLWLFVDQGHFRQRPLFVDUHVWDWLVWLFVDQGpFRVPHWLFVq
7RGDVODVSDODEUDVH[SXHVWDVDFRQWLQXDFLQWHUPLQDQFRQODVOHWUDVpFVq$OJXQDVVRQSDODEUDVPX\LPSRUWDQWHVGHOGDDGDHQHOPXQGR
SURIHVLRQDO7RGDVSURYLHQHQGHOJULHJR
$FRXVWLFV
$HURELFV
$HURG\QDPLFV
$HURQDXWLFV
$WKOHWLFV
%DOOLVWLFV
7KHEDVLFV
&HUDPLFV
&RVPHWLFV
'\QDPLFV

$FVWLFD
$HUELFR
$HURGLQPLFD
$HURQXWLFD
'HSRUWHVDWOHWLVPR 58
%DOVWLFD
/RVIXQGDPHQWRV
&HUPLFD
&RVPWLFRV
'LQPLFD

(FRQRPLFV
(OHFWURQLFV
(WKLFV
*HQHWLFV
*\PQDVWLFV
+\GUDXOLFV
/LQJXLVWLFV
7KHO\ULFV
0DWKHPDWLFV
0HFKDQLFV

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/H JXVWD JDVWDU EURPDV D OD JHQWH 'H KHFKR KDU FXDOTXLHU FRVD
SDUDOODPDUVXDWHQFLQ7LHQHXQFRFKHLQJOV\DVDEHVGHORVTXH
WLHQHQHOYRODQWHDODGHUHFKD&XDQGRORFRPSULQVWDOXQYRODQWH
IDOVRHQHOODGRGHOFRSLORWR\HQVHDVXSHUURDVHQWDUVHHQHVH
ODGR\DSRQHUODVSDWDVVREUHHOYRODQWH(QWRQFHVHPSH]DEDDFRQ
GXFLUSRUODFLXGDGFRQVXSHUURDOYRODQWH$QORKDFH\KDVWDORV
SHULGLFRVKDEODQGHHOOR7RGRHOPXQGRVDEHTXLQHV\VXQHJRFLR
HVWVXELHQGRFRPRODHVSXPD

&LHQFLDV(FRQPLFDV
(OHFWUQLFD
WLFD
*HQWLFD
*LPQDVLD
+LGUXOLFD
/LQJVWLFD
/HWUD GHXQDFDQFLQ
0DWHPWLFD
0HFQLFD

0HWDSK\VLFV
1XPLVPDWLFV
2SWLFV
3HGLDWULFV
3KRQHWLFV
3K\VLFV
3ROLWLFV
5RERWLFV
6HPDQWLFV
6WDWLVWLFV

0HWDIVLFD
1XPLVPWLFD
SWLFD
3HGLDWUD
)RQWLFD
)VLFD
3ROWLFD
5REWLFD
6HPQWLFD
(VWDGVWLFD

+H OLNHV WR SOD\ MRNHV RQ SHRSOH ,Q IDFW KHoOO GR DQ\WKLQJ WR JHW
DWWHQWLRQ+HKDVDQ(QJOLVKFDUf\RXNQRZWKHRQHVWKDWKDYHWKH
VWHHULQJZKHHORQWKHULJKW:KHQKHERXJKWLWKHLQVWDOOHGDIDNH
VWHHULQJZKHHORQWKHSDVVHQJHUVLGHDQGWDXJKWKLVGRJWRVLWLQWKH
SDVVHQJHUVHDWZLWKLWVSDZVRQWKHZKHHO7KHQKHVWDUWHGGULYLQJ
DURXQGWKHWRZQZLWKKLVGRJDWWKHZKHHO+HVWLOOGRHVLWDQGHYHQ
WKHQHZVSDSHUVKDYHZULWWHQDERXWLW(YHU\ERG\NQRZVZKRKHLV
QRZDQGKLVEXVLQHVVLVERRPLQJ
0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
&XUDEOH
&XUH
&XULRVLW\
&XULRXV
&XUUHQW
&XUULFXOXP
&XUU\
&XUVLYH
&XUVRU
&XUWDLQ
&XUYDWXUH
&XUYH
&XVWRG\
&XVWRP
&XWLFOH
&\EHUQHWLFV
&\FOH
&\FOLVW
&\FORQH
&\FORSV
&\FORWURQ

&\OLQGHU
&\OLQGULFDO
&\QLF
&\QLFDO
&\QLFLVP
&\SUHVV
&\ULOOLF
&]DU
'DQFH
'DWD
'HEDFOH
'HEDWDEOH
'HEDWH
'HELOLWDWH
'HELW
'HEXW
'HFDGH
'HFDGHQFH
'HFDGHQW
'HFDSLWDWH
'HFDWKORQ


(VWLPDGRDPLJR\DOXPQR0XFKDJHQWHHQ(VSDDSLHQVDTXHSDUDGRPLQDUGHQLWLYDPHQWHHOLQJOV
KD\TXHLUDOH[WUDQMHUR(VWRHVFLHUWRVLVHGDQHVWDVWUHVFRQGLFLRQHV HODOXPQR\DSRVHHRLQVLVWHHQ
DGTXLULULQVLWXXQDIXHUWHEDVHJUDPDWLFDODFWLYD HODOXPQRSDVDDOPHQRVGRVDRVYLYLHQGRHQXQ
SDVGHKDEODLQJOHVD\ HODOXPQRUHDOL]D\DHQHOH[WUDQMHURDFWLYLGDGHVDFDGPLFDVRODERUDOHVTXH
OHH[LMHQGHVHQYROYHUVHGLDULDPHQWHFRQQDWLYRV5HVSHFWRDODSULPHUDFRQGLFLQVLHODOXPQRSDVDXQR
RGRVDRVHQXQSDVGHKDEODLQJOHVDVLQSRVHHUDQWHVRVLQDGTXLULULQVLWXXQDUPHEDVHJUDPDWLFDO
YROYHUD(VSDDFKDSXUUHDQGRHOLGLRPDFRQFLHUWDVROWXUDSHURVLQFDOLGDG7DPSRFRVDEUH[SUHVDUVH
GHFHQWHPHQWHSRUHVFULWR(QFXDQWRDODVHJXQGDFRQGLFLQKHFRQVWDWDGRXQD\RWUDYH]TXHXQVRORDR
HQHOH[WUDQMHURQRGRWDDODSHUVRQDGHXQDOWRQLYHOVDOYRHQORDXGLWLYRORFXDOHVLPSRUWDQWHSHURQR
VXFLHQWH0XFKRVYXHOYHQFRQXQQLYHOLQWHUPHGLRDOWRORFXDOHVSRFDFRVDGDGDODLQYHUVLQHQWLHPSR
\GLQHUR5HFXHUGRPX\ELHQPLSULPHUDRHQ(VSDD6LKXELHUDOOHJDGRDHVWHSDVFRQXQQLYHOPX\
PRGHVWRGHHVSDROHVWR\VHJXURGHTXHQRKDEUDWHUPLQDGRHODRFRQXQEXHQGRPLQLRGHOLGLRPD
$TXPLVPRHQ9DXJKDQ6\VWHPVGRQGH\RWUDEDMRWHQHPRVPXFKRVSURIHVRUHVGHLQJOVRHPSOHDGRVGHO
5HLQR8QLGRGH,UODQGDGH((88HWFTXHWDUGDQWUHVDRVRPVHQDGTXLULUXQQLYHOGHFHQWHGHHVSDRO
3RUWDQWRSDVDUWLHPSRIXHUDQRHVVLQQLPRGHGRPLQLRGHOLGLRPDGHOOXJDUDQRVHUTXHODSHUVRQDVH
GHGLTXHPX\HQVHULRDFRQVHJXLUOR<SRUOWLPRFRQUHVSHFWRDODWHUFHUDFRQGLFLQVLHODOXPQRHVSDRO
QRVHFRGHDDGLDULRFRQODJHQWHORFDOVLVXDFWLYLGDGDFDGPLFDRODERUDOQROHREOLJDDHQWUDUHQFRQWDFWR
GLQPLFRFRQHVWDJHQWHRVLSRUVXIRUPDGHVHUKX\HGHODVSHFWRVRFLDOVXPHMRUDFRQHOLQJOVVHUHGXFLU
DVXWLHPSRGHODQWHGHOWHOHYLVRU\DORVRFDVLRQDOHVPRPHQWRVREOLJDWRULRVGHFRPXQLFDFLQ&RQR]FR
FDVRVHQORVFXDOHVHODOXPQRHVSDROQRKDEODEDQLRDPVGHXQDKRUDQHWDGHLQJOVDOGD3RUWDQWR
DXQTXHHVVLHPSUHSRVLWLYRHOLUVHIXHUDQRHVQHFHVDULDPHQWHODSDQDFHDSDUDHOLPLQDUpHOPDOqGHOLQJOV
<DVHDDTXRHQXQSDVGHKDEODLQJOHVDODVROXFLQGHQLWLYDSDVDLQH[RUDEOHPHQWHSRUPXFKVLPDV
KRUDVGHDWHQFLQ\GHGLFDFLQDOLGLRPDPXFKVLPDV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VWRHVHOFRPLHQ]R 7KLVLVWKHEHJLQQLQJ
1RHVHOQDO ,WLVQoWWKHHQG
(VWR\HQPHGLRGHODFDOOH ,oPLQWKHPLGGOHRIWKHURDG
(VWVHQHVWHODGR <RXoUHRQWKLVVLGH
(OODQRHVWHQHORWURODGR 6KHLVQoWRQWKHRWKHUVLGH

3RUTXHVWVKDEODQGRDV" :K\DUH\RXVSHDNLQJOLNH
WKDW"
1RYDVDLU" $UHQoW\RXJRLQJWRFRPH"
1RFUHRTXHYD\D ,GRQoWWKLQN,oOOJR
&XQGRORYDQDFRPSUDU" :KHQDUHWKH\JRLQJWREX\LW"
4XYDPRVDFRPHUHVWD :KDWDUHZHJRLQJWRHDW
WRQLJKW"
QRFKH"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

6LWHQJRWLHPSRLU ,I,KDYHWLPH,oOOJR
&XDQGRWHQJDWLHPSRLU :KHQ,KDYHWLPH,oOOJR
6LHVWXGLDVPVDSUHQGHUVPV ,I\RXVWXG\PRUH\RXoOOOHDUQ

PRUHTXLFNO\
USLGR
&XDQGROOHJXHWHORGLU :KHQKHDUULYHV,oOOWHOO\RX
6LOHVYHVPHOODPDUVSRU ,I\RXVHHWKHPZLOO\RXFDOO

PHSOHDVH"
IDYRU"

3RGUOOHJDUDOODWLHPSR :LOO\RXEHDEOHWRJHWWKHUH
RQWLPHWRVHHLW"
SDUDYHUOR"
1RSRGUD\XGDUWH ,ZRQoWEHDEOHKHOS\RX
+DVSRGLGRHFKDUXQYLVWD]R +DYH\RXEHHQDEOHWRWDNHD
ORRNDWWKRVHJXUHV"
DHVDVFLIUDV"
/RVLHQWRQRKHHQFRQWUDGR ,oPVRUU\,KDYHQoWEHHQDEOH
WRQGWKHWLPH
WLHPSR
&XQGRSRGUVGDUPHXQD :KHQZLOO\RXEHDEOHWRJLYH
PHDQDQVZHU"
UHVSXHVWD"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

7HKDEUDVGDGRFXHQWDVLQRWH <RXoGKDYHUHDOLVHGLI\RX

KDGQoWEHHQGUXQN
KXELHUDVHPERUUDFKDGR
|,PEFLO3RGUDVKDEHUOHV <RXIRRO<RXFRXOGKDYHNLOOHG

WKHP
PDWDGR
OGHEHUDKDEHUHVSHUDGRD +HVKRXOGKDYHZDLWHGXQWLO,

JRWWKHUH
TXH\ROOHJDVHDOO
'HEHKDEHUVLGRXQDSHUVRQD 6KHPXVWKDYHEHHQD

ZRQGHUIXOSHUVRQ
PDUDYLOORVD
(ODRTXHYLHQHPHKDEU ,ZLOOKDYHJUDGXDWHGE\QH[W

\HDU
JUDGXDGR

(VWR\GHFDPLQR ,oPRQP\ZD\
1RYHRODSDQWDOODWXFDEH]D ,FDQoWVHHWKHVFUHHQ\RXU
KHDGoVLQWKHZD\
HVWSRUPHGLR
|4XWDWHGHOPHGLR *HWRXWRIP\ZD\
7HQHPRVPXFKRFDPLQRSRU :HKDYHDORQJZD\WRJR
UHFRUUHU
|1LKDEODU 1RZD\

&XUG &XDMDGD
&UPH&DUDPHO )ODQ
)UXLW6DODG 0DFHGRQLD

&XVWDUG 1DWLOODV

5LFH3XGGLQJ $UUR]FRQ/HFKH

9RFDEXODULR'HVVHUWV 3RVWUHV
0LGGOH$GYDQFHG
+D\XQDUXHGDGHUHSXHVWRHQ,VWKHUHDVSDUHW\UHLQWKH
ERRW"
HOPDOHWHUR"
(VWQIXQFLRQDQGRORV $UH\RXUZLQGVFUHHQZLSHUV
ZRUNLQJ"
OLPSLDSDUDEULVDV"
7LHQHHOHYDOXQDV" 'RHVLWKDYHHOHFWULFZLQGRZV"
7LHQHXQPRWRUGHFDEDOORV ,WKDVDKRUVHSRZHUHQJLQH
3RUTXWLHQHVWDQWDVSHJDWLQDV:K\GR\RXKDYHVRPDQ\
VWLFNHUVRQWKHGDVKERDUG"
HQHOVDOSLFDGHUR"

)RU(QJOLVKVXSHUVWDUVRQO\
|6FXDQGRODVUDQDVFUHQSHOR <HVDQGSLJVPLJKW\
/RTXHWGLFHVPHUHVEDOD :KDW\RXVD\UXQVRIIPHOLNH
ZDWHURIIDGXFNoVEDFN
1RPHGLJDVFKRUUDGDV 'RQoWJLYHPHWKDWEXOO
7HKDFRPLGRODOHQJXDHOJDWR"+DVWKHFDWJRW\RXUWRQJXH"
$FDGDFHUGROHOOHJDVX6DQ (YHU\GRJKDVLWVGD\

0DUWQ



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
/HDYHPHDORQH

3KUDVDOYHUEVZLWKpGRZQq 
+HIROORZHGPHGRZQWKHSDWK
OPHVLJXLSRUHOVHQGHUR

7KHSDLQWLQJVZHUHSDVVHGGRZQWRPH
+HKHUHGDGRODVSLQWXUDV

,KHOSHGKLPGRZQWKHPRXQWDLQ
/HD\XGDEDMDUGHODPRQWDD

6KHMXPSHGGRZQIURPWKHORZHUOLPE
(OODVDOWGHVGHODUDPDPVEDMD

7KH\SXVKHGKLPGRZQ
/HWXPEDURQFRQXQHPSXMQ

7KLVH[DPZLOOSXOOGRZQP\DYHUDJH
(VWHH[DPHQKDUEDMDUPLQRWDPHGLD

6LJQLFDp'MDPHHQSD]q\DXQTXHVHSXHGH
WUDGXFLUOLWHUDOPHQWHFDVLQXQFDVHKDFH
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
|'MDPHHQSD]
3RUTXQRLQWHQWDVGHMDUOHVHQSD]"
'HMDDWXKHUPDQDHQSD]WLHQHTXHHVWXGLDU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

&DPELDODFDGHQD p&KLQFKqWKHpFKLQq
/DV GRV FROXPQDV GH OD GHUH
FKD FRQWLHQHQ SDODEUDV TXH
WHUPLQDQ HQ pJHq 7RGDV WLH
QHQODPLVPDSURQXQFLDFLQDO
QDOTXHVXHQDFDVLFRPRXQD
VLPSOH pFKq HQ HVSDRO +D\
PXFKVLPDVSDODEUDVHQLQJOV
FRQHVWDWHUPLQDFLQ\ORVHV
SDROHV VROLV SURQXQFLDUODV
PDOVREUHWRGRODVTXHWHUPL
QDQHQpQJHqFRPRpFKDQJHq
'HFVpFKLQqHQYH]GHpFKQ
FKqGHMDQGRVLQSURQXQFLDUOD
OWLPD VODED \ FRPR FRQVH
FXHQFLDKDFLHQGRTXHHOLQWHU
ORFXWRU HQWLHQGD pFDGHQDq HQ
YH]GHpFDPELRq
(QODVSU[LPDVFKDVYDPRVD
YHUWRGDVODVSDODEUDVTXHWHU
PLQDQHQpJHq

$GYDQWDJH
$JH
$UUDQJH
$YHQJH
$YHUDJH
%DFNVWDJH
%DGJH
%DJJDJH
%DQGDJH
%DUJH
%HLJH
%HVLHJH
%HYHUDJH
%LUGFDJH
%ORFNDJH
%ULGJH
%URNHUDJH
&DEEDJH
&DJH
&DPRXDJH
&DUULDJH

DGIQWDFK
LFK
DULQFK
DYQFK
IHUFK
EDNVWLFK
EDFK
EJDFK
EQGDFK
EDUFK
EHLFK
EHVFK
EIHUHFK
EUWNHLFK
EONHLFK
EULFK
EUNHUHFK
NEHFK
NLFK
NPRDFK
NULFK

9HQWDMD
(GDG
$UUHJODU
9HQJDU
3URPHGLR
(QWUHEDVWLGRUHV
,QVLJQLD
(TXLSDMH
9HQGD
%DUFD]D
%HLJH
6LWLDU
%HELGD
-DXODGHSMDURV
2EVWUXFFLQ
3XHQWH
&RUUHGXUD
5HSROOR
-DXOD
&DPXDMH
&DUUXDMH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
|'HEHVHVWDUEURPHDQGR&PRVHVXSRQHTXHYR\DKDFHUHVWRVLQ
DOJXLHQTXHPHD\XGH"0HOOHYDUPVGHGRVVHPDQDVVRODPHQWH
ORFDOL]DUODLQIRUPDFLQGHQRPEUHVGLUHFFLRQHV\QPHURVGHWHO
IRQR'HVSXVWHQGUTXHFRQWDFWDUFRQFDGDSHUVRQD\FRQYHQFHUOH
GHTXHGRQHHOGHVXVLQJUHVRVDXQDIXQGDFLQGHODTXHMDPV
KDRGRKDEODU

&KDOOHQJH
&KDQJH
&KDUJH
&ROOHJH
&RWWDJH
&RXUDJH
&RYHUDJH
'DPDJH
'LVDGYDQWDJH
'LVFRXUDJH
'LYXOJH
'RGJH
'RVDJH
'UDLQDJH
'UHGJH
7KHHGJH
(PHUJH
(QFRXUDJH
(QJDJH
(VSLRQDJH
([FKDQJH

FKOHQFK
FKLFK
FKDUFK
FOHFK
FWHFK
NUHFK
NIHUHFK
GPHFK
GLVDGIQWDFK
GLVNUHFK
GDLIOFK
GDFK
GVHFK
GULQHFK
GUHFK
HFK
LPUFK
HQNUHFK
HQJXLFK
VSLRQDFK
HNVFKLFK

5HWR
&DPELR
&REUDU
8QLYHUVLGDG
&DVLWD
9DORU
&REHUWXUD
'DR
'HVYHQWDMD
'HVDQLPDU
5HYHODU
(VTXLYDU
'RVLV
'UHQDMH
'UDJDU
(OERUGH
(PHUJHU
$QLPDU
&DSWDUDWUDHU
(VSLRQDMH
,QWHUFDPELDU

<RXPXVWEHNLGGLQJ"+RZDP,VXSSRVHGWRGRWKLVLI,GRQoWKDYH
DQ\RQHWRKHOSPH",WoOOWDNHPHRYHUWZRZHHNVMXVWWRWUDFNGRZQ
WKH LQIRUPDWLRQ RQ QDPHV DGGUHVVHV DQG WHOHSKRQH QXPEHUV
7KHQ ,oOO KDYH WR FRQWDFW HDFK SHUVRQ RQH E\ RQH DQG FRQYLQFH
WKHPWRGRQDWHRIWKHLULQFRPHWRDIRXQGDWLRQWKH\oYHQHYHU
KHDUGRI


(VWLPDGRDPLJR\DOXPQR0LJXHOIXHWUHVPHVHVD%ULVWRODHVWXGLDULQJOV7XYRFODVHGHJUXSRVHLVKRUDVDOGDFRQGRVSURIHVRUHV
QDWLYRV6XVFRPSDHURVHUDQGRVOLWXDQRVXQLWDOLDQR\XQWXUFR6HKL]RPX\DPLJRGHOWXUFR\SDVDEDQDOPHQRVGRVKRUDVDO
GDMXQWRVKDEODQGRHQLQJOVSRUVXSXHVWR&XDQGRUHJUHVD(VSDDQRWTXHKDEDPHMRUDGRSHURHVSHUDEDPV8QGDQRV
VHQWDPRVO\\RDKDFHUQPHURV
7RWDOKRUDVR\HQGRDVXVSURIHVRUHVKDEODUGHJUDPWLFDHWF 
7RWDOKRUDVKDEODQGRHQFODVHFRQVXVSURIHVRUHV 
7RWDOKRUDVR\HQGR\KDEODQGRFRQHOWXUFR 
7RWDOKRUDVKDFLHQGRGHEHUHVSDUDODDFDGHPLD 
7RWDOKRUDVR\HQGR\KDEODQGRFRQJHQWHGH%ULVWRO
7RWDOKRUDVR\HQGRLQJOVGHIRQGRHQODFDOOHSXEVHWF
7RWDOKRUDVR\HQGR\KDEODQGRFRQODIDPLOLDFRQTXHYLYD 
7RWDOKRUDVR\HQGRLQJOVSRUWHOHYLVLQ




7RWDOKRUDVGHFRQWDFWRFRQHOLQJOVGXUDQWHORVWUHVPHVHV 
7RWDOKRUDVGHFRQWDFWRGLQPLFRFRQJHQWHUHDO SXQWRV\ 










/DVVHLVKRUDVGLDULDVHQJUXSRUHGXFLGRGXUDQWHGDVOHFRVWDURQ KRUD HODORMDPLHQWRHOGHVD\XQR\ODFHQDFRQOD


IDPLOLDORVYXHORV\VXVJDVWRVFRUULHQWHVVXPDURQ(QWRWDOORVWUHVPHVHVOHFRVWDURQ(QPLRSLQLQVX
FXUVRHQ%ULVWROVDOLSRUKRUDFDUVLPR HOFRVWHWRWDOGLYLGLGRSRUORVSXQWRV\ /RVSXQWRV\VHSXHGHQKDFHULJXDOGH
ELHQHQ(VSDD\SRUPHQRVGLQHUR<VLPHDSXUDVWDPELQORVSXQWRV\VLOHHFKDVXQSRFRGHLPDJLQDFLQRYDORUDODVXQWR
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU
0HJXVWDHOYLQR ,OLNHZLQH
7HJXVWDHOTXHVR" 'R\RXOLNHFKHHVH"
7HJXVWDUDXQSRFRGHYLQR" :RXOG\RXOLNHDOLWWOHZLQH"
0HJXVWDUDXQDWD]DGHFDI ,oGOLNHDFXSRIFRIIHHSOHDVH
7HJXVWDEDLODU" 'R\RXOLNHGDQFLQJ"

(VWDODGHUHFKD ,WoVRQWKHULJKW
(VWDODL]TXLHUGD ,WoVRQWKHOHIW
1RHVWDOO ,WLVQoWRYHUWKHUH
3RUTXQRHVWDTX" :K\LVQoWLWKHUH"
1RORV ,GRQoWNQRZ

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

3RUTXQRHVWIXQFLRQDQGR" :K\LVQoWLWZRUNLQJ"
3RUTXQRPHHVFXFKDV :K\GRQoW\RXOLVWHQWRPH

ZKHQ,WDONWR\RX"
FXDQGRWHKDEOR"
3RUTXQRKD\VLOODVHQHVWH :K\DUHQoWWKHUHDQ\FKDLUVLQ

WKLVURRP"
FXDUWR"
3RUTXQRSLHQVDXQSRFR :K\GRHVQoWVKHWKLQNDOLWWOH

EHIRUHVSHDNLQJ"
DQWHVGHKDEODU"
3RUTXQRVDOGUVFRQPLJR" :K\ZRQoW\RXJRRXWZLWKPH"

+DEODVGHPDVLDGR <RXWDONWRRPXFK
OQROHHORVXFLHQWH +HGRHVQoWUHDGHQRXJK
(OODYHGHPDVLDGDVSHOFXODV 6KHZDWFKHVWRRPDQ\EDG
OPV
PDODV
1RGLVWHGHWDOOHVVXFLHQWHV <RXGLGQoWJLYHHQRXJKGHWDLO
LQ\RXUSUHVHQWDWLRQ
HQWXSUHVHQWDFLQ
/RQGUHVHVGHPDVLDGRFDUD\QR/RQGRQLVWRRH[SHQVLYHDQG
QRWKRWHQRXJK
ORVXHQWHPHQWHFDOXURVD

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

(OODKDEODELHQLWDOLDQR0L 6KHVSHDNV,WDOLDQZHOO6RGRHV

KHUPDQRWDPELQ
P\EURWKHU
1RSXHGHFRPHUPVFRPLGD +HFDQoWHDWDQ\PRUHIRRG

<RWDPSRFR
1HLWKHUFDQ,
1RIXLLQYLWDGR\WWDPSRFR ,ZDVQoWLQYLWHGDQGQHLWKHU
ZHUH\RX
'HEHUDKDFHUPVHMHUFLFLR\ ,VKRXOGGRPRUHH[HUFLVHDQG

HOORVWDPELQ
VRVKRXOGWKH\
7XFRFKHHVD]XO\HOPR <RXUFDUoVEOXHDQGVRLVPLQH

WDPELQ

7HDSHWHFHXQDSL]]D"
4XWHDSHWHFHKDFHU"
/HJXVWDVDHOOD"
1RWDEDTXHHOODWHJXVWDED
6HODVGDGHFRFLQHUR

3XVKFKDLU 6LOOLWDGHSDVHR

'R\RXIDQF\DSL]]D"
:KDWGR\RXIDQF\GRLQJ"
'RHVVKHIDQF\\RX"
,FRXOGWHOO\RXIDQFLHGKHU
+HIDQFLHVKLPVHOIDVDFKHI

'XPP\ &KXSHWH

1DSS\ 3DDO
%LE %DEHUR
%RRWLHV 3DWXFRV

9RFDEXODULR%DE\ %HE
0LGGOH$GYDQFHG
'HYHQWDQLFDPHQWHFRQ ,WoVRQO\DYDLODEOHRQ
SUHVFULSWLRQ
UHFHWDPGLFD
6HFRPSUDVLQUHFHWDPGLFD ,WFDQEHERXJKWRYHUWKH
FRXQWHU
1RWHSUHRFXSHVQRWLHQH 'RQoWZRUU\LWGRHVQoWKDYH
DQ\EDGVLGHHIIHFWV
QLQJQHIHFWRVHFXQGDULR
&XOHVODGRVLVGLDULD :KDWoVWKHUHFRPPHQGHGGDLO\
GRVH"
UHFRPHQGDGD"
3UHIHULUDVXQDSDVWLOODRDOJR :RXOG\RXSUHIHUDSLOORU
VRPHWKLQJWKDWGLVVROYHVLQ
TXHVHGLVXHOYHHQDJXD"
ZDWHU"

)RU(QJOLVKVXSHUVWDUVRQO\
0VYDOHSUHYHQLUTXHFXUDU %HWWHUVDIHWKDQVRUU\
'LRVORVFUD\HOORVVHMXQWDQ %LUGVRIDIHDWKHURFN
WRJHWKHU
1RHVRURWRGRORTXHUHOXFH $OOWKDWJOLWWHUVLVQRWJROG
1RKD\PDOTXHSRUELHQQR (YHU\FORXGKDVDVLOYHUOLQLQJ
YHQJD
$TXLHQPDGUXJD'LRVOHD\XGD7KHHDUO\ELUGFDWFKHVWKH
ZRUP





(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq 

7R(QMR\

'RQoWVWDUWGRZQWKHVDPHURDG
1RYXHOYDVFRQODPLVPDFDQFLQ

6LJQLFDpGLVIUXWDUq\VLHPSUHYDVHJXLGRGHO
JHUXQGLR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
'LVIUXWDVFDQWDQGR"
1RGLVIUXWDQFRFLQDQGR
0DJJLHGLVIUXWDMXJDQGRIWERO

7KH\ZDONHGGRZQWRWKHQHZVVWDQG
%DMDURQDQGDQGRKDVWDHOTXLRVFR

<RXoOOKDYHWRVKRXWKLPGRZQ
,UHDFKHGGRZQWRWKHERWWRPRIWKHEDJ
7HQGUVTXHKDFHUOHFDOODU JULWDQGR  ([WHQGHOEUD]RKDVWDHOIRQGRGHODEROVD
:HLQYLWHGWKHPGRZQWRWKHFRDVW ,SUHIHUODPEZDVKHGGRZQZLWK5LRMDZLQH
/HVLQYLWDPRVDODFRVWD HQHOVXU  3UHHURFRUGHURDFRPSDDGRGHYLQRGH
5LRMD

6XI[HVpfQHVVq
%DOGQHVV
%LWWHUQHVV
&DUHOHVVQHVV
&OHDQOLQHVV
&RPSHWLWLYHQHVV
&UHGLWZRUWKLQHVV
'DUNQHVV
'HFLVLYHQHVV
'LUHFWQHVV
'URZVLQHVV
'UXQNHQQHVV
(IIHFWLYHQHVV
)DLUQHVV
)LUPQHVV
)LWQHVV
)RQGQHVV
)ULHQGOLQHVV
*UHDWQHVV
+DSSLQHVV
+DUVKQHVV
+RSHOHVVQHVV
,OOQHVV
,QGHEWHGQHVV

&DOYLFLH
$PDUJXUD
'HVFXLGR
/LPSLH]D
&RPSHWLWLYLGDG
6ROYHQFLD SHUVRQDIVLFD
2VFXULGDG
'HFLVLQUPH]D
)UDQTXH]D
0RGRUUDVRSRU
(PEULDJXH]
(FDFLD
-XVWLFLD
)LUPH]D
%XHQHVWDGRIVLFR
&DULR
6LPSDWDDPLJDELOLGDG
*UDQGH]D
)HOLFLGDG
$VSHUH]D
'HVHVSHUDQ]D
(QIHUPHGDG
(QGHXGDPLHQWR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/XGZLJ9DQ%HHWKRYHQHVWDEDWRWDOPHQWHVRUGRDORVDRV\
FRPSXVR JUDQ SDUWH GH VXV PHMRUHV REUDV HQ XQ PXQGR VLOHQ
FLRVR/RLPSRUWDQWHHUDVXKDELOLGDGSDUDRUODVVLQIRQDVHQVX
PHQWH3HURHVRQRHVQDGDHVSHFLDO&RPR%HHWKRYHQWRGRVSR
GHPRVRUVHQWLUSUREDU\ROHUHQQXHVWUDPHQWH3RUHVRODSX
EOLFLGDGQRVXHOHGLULJLUVHDOPXQGRH[WHULRUGHVXVFOLHQWHVVLQR
TXHWUDWDGHKDEODUDOPXQGRLQWHULRUGHQWURGHVXVPHQWHV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,QGHFLVLYHQHVV
,QHIIHFWLYHQHVV
,QHSWQHVV
.LQGQHVV
/D]LQHVV
/RQHOLQHVV
0DGQHVV
3URPSWQHVV
4XLFNQHVV
5HDGLQHVV
5HVRXUFHIXOQHVV
6DGQHVV
6HOVKQHVV
6HULRXVQHVV
6KDUSQHVV
6K\QHVV
6LFNQHVV
6WLIIQHVV
7HQGHUQHVV
8VHIXOQHVV
:HDNQHVV
:HDULQHVV
:LOOLQJQHVV

,QGHFLVLQ
,QHFDFLD
7RUSH]D
$PDELOLGDG
3HUH]D
6ROHGDG
/RFXUD
3URQWLWXG
5DSLGH]
3UHSDUDFLQ
,QJHQLRLQYHQWLYD
7ULVWH]D
(JRVPR
6HULHGDG
$JXGH]D
7LPLGH]
(QIHUPHGDG
5LJLGH]GXUH]D
7HUQXUD
8WLOLGDG
'HELOLGDG
&DQVDQFLR
%XHQDGLVSRVLFLQ

/XGZLJYDQ%HHWKRYHQZDVWRWDOO\GHDIE\DJHRIDQGFRPSRVHG
PXFKRIKLVEHVWPXVLFLQDVLOHQWZRUOG:KDWZDVLPSRUWDQWZDV
KLV DELOLW\ WR KHDU V\PSKRQLHV LQ KLV KHDG %XW WKLV LV QRWKLQJ
VSHFLDO/LNH%HHWKRYHQZHDOOFDQVHHKHDUIHHOWDVWHDQGVPHOO
LQRXUKHDG7KDWoVZK\DGYHUWLVLQJGRHVQoWXVXDOO\VSHDNWRWKH
ZRUOGRXWVLGHLWVFXVWRPHUV,W WULHV WRVSHDN WR WKHZRUOGLQVLGH
WKHLUPLQGV


0VSDODEUDVLQJOHVDV
(VWLPDGR
DPLJR \ DOXPQR +R\ HVWR\ FRQ XQ SRFR GH HEUH \ VLQ YR] 0LV FRPSDHURV DTX HQ OD
GHUD]ODWLQD
RFLQDPHHVWQGLFLHQGRTXHQRPHSUHRFXSHSRUHOGRUVRGHODFKDHOFXDOHVFULERGHFDERDUDER
4XLHUHQTXHPHYD\DDFDVD6LQHPEDUJRSUHHURTXHGDUPH\KDFHUOR\RQRSRUTXHQRFRQIHHQPL 'HFHOHUDWLRQ
'HFODVVLI\
JHQWHVLQRSRUTXHPHJXVWD&DGDVHFFLQPHH[LJHSHQVDU\HVWRPHPDQWLHQHHQIRUPD+D\YDULDV
'HFHQF\
'HFOLQH
'HFHQW
'HFRGH
KDELOLGDGHVTXHSRVHHPRVORVKXPDQRVTXHQRVGLIHUHQFLDQGHORVDQLPDOHV7DOYH]ODPVLPSRUWDQWH
HVHOOHQJXDMH/DULTXH]DGHOOHQJXDMHKXPDQRHVWUHPHQGD\TXLHQQRIRPHQWDVXKDELOLGDGHQHVWH 'HFHQWUDOL]DWLRQ 'HFRPSRVH
WHUUHQRSLHUGHXQDRSRUWXQLGDGGHRUR/DVSHUVRQDVFRQEXHQDVGRWHVGHFRPXQLFDFLQHQVXSURSLD 'HFHQWUDOL]H 'HFRPSRVLWLRQ
OHQJXDSULPHURHQSURSLRLGLRPDWLHQHQXQDYHQWDMDLPSRUWDQWHHQODYLGDSURIHVLRQDO\SHUVRQDO/R 'HFHSWLRQ RMR 'HFRPSUHVVLRQ
'HFLEHO
'HFRQWDPLQDWH
ODPHQWDEOHHVTXHVHWUDWDGHXQDUPDGHGREOHOR\HOOLGHUD]JREDVDGRFDVLVLHPSUHHQHOFDULVPDROD
'HFLGH
'HFRUDWH
FDSDFLGDGGHFRPXQLFDFLQSXHGHHPSOHDUVH\VHKDHPSOHDGRSDUDQHVPHQRVQREOHV1RREVWDQWH
'HFLPDO
'HFRUDWLRQ
HVDOJRTXHGHEHVLQWHQWDUPHMRUDUVREUHWRGRVLHUHVMRYHQ(OUHFLQOLFHQFLDGRKDUDPX\ELHQHQ
'HFRUDWRU
'HFLPDWH
GHGLFDUXQDRDDSUHQGHUDPDQHMDUODSDODEUDKDEODGDFRQWLQR\GHVWUH]DSRUTXHVHVRUSUHQGHUD
'HFRUDWLYH
'HFLSKHU
GHODFDQWLGDGGHSHUVRQDVTXHOHFRQFHGHUQFXRWDVGHOLGHUD]JR'HVSXVGHEHFRQVHJXLUORPLVPR
'HFRUXP
'HFLVLRQ
HQLQJOVSRUTXHXQQRDQJORSDUODQWHTXHPDQHMDFRQGHVWUH]DHOLQJOVFRQVLJXHPVDWHQFLQTXH
'HFLVLYH
'HFUHH
XQQDWLYRFRQODVPLVPDVKDELOLGDGHV$QWRQLR%DQGHUDV5LFDUGR0RQWDOEQ0DXULFH&KHYDOLHU\HO 'HFODUDWLRQ
'HGLFDWH

PLVPVLPR'RQ-XDQ&DUORV,GH(VSDDFXDQGRKDEODQHQLQJOVDWUDHQDODQJORSDUODQWHPVTXH
'HFODUH
'HGXFH
RWURVDFWRUHVRSROWLFRVGHKDEODLQJOHVD
5LFKDUG9DXJKDQ



(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VWRHVIDQWVWLFR 7KLVLVIDQWDVWLF
(VRHVWPX\PDO 7KDWoVYHU\EDG
(VWDVQRVRQEXHQDVLGHDV 7KHVHDUHQoWJRRGLGHDV
(VRVQRVRQPLVSUREOHPDV 7KRVHDUHQoWP\SUREOHPV
(VHVWREXHQRSDUDP" ,VWKLVJRRGIRUPH"

&XQGRYDVGHYDFDFLRQHV" :KHQDUH\RXJRLQJRQ
KROLGD\"
1RWHQJRYDFDFLRQHVKDVWDHO ,GRQoWKDYHDQ\KROLGD\VXQWLO
QH[W\HDU
DRTXHYLHQH
'QGHYDVDLU" :KHUHDUH\RXJRLQJWRJR"
1RHVWR\VHJXURWLHQHVDOJXQDV,oPQRWVXUHGR\RXKDYHDQ\
LGHDV"
LGHDV"
7HJXVWDQODVSOD\DV" 'R\RXOLNHEHDFKHV"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(UDVEXHQHVWXGLDQWH" :HUH\RXDJRRGVWXGHQW"
&XDQGRHVWDEDHQHOFROHJLR :KHQ,ZDVDWVFKRRO,ZDV

PRUHLQWHUHVWHGLQVSRUW
HVWDEDPVLQWHUHVDGRHQHO
GHSRUWH
&XQGRHVWXYLVWHHQHOFROHJLR":KHQZHUH\RXDWVFKRRO"
/RV%HDWOHVHVWDEDQMXQWRV 7KH%HDWOHVZHUHWRJHWKHU

FXDQGR\RHVWDEDHQHOFROHJLR ZKHQ,ZDVDWVFKRRO
'HEHVVHUPX\YLHMR <RXPXVWEHYHU\ROG

+DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW
JHWWLQJDWDWWRR"
KDFHUWHXQWDWXDMH"
1XQFDKDKDELGRQDGLHFRPR 7KHUHoVQHYHUEHHQDQ\RQHOLNH
$OH
$OH
$OJXQDYH]WHKDSHJDGR" +DVKHHYHUKLW\RX"
1XQFDKHSRGLGROHYDQWDUPH ,oYHQHYHUEHHQDEOHWRJHWXS
HDUO\
SURQWR
1XQFDKDKDELGRUEROHVHQ 7KHUHKDYHQHYHUEHHQDQ\
WUHHVLQRXUJDUGHQ
QXHVWURMDUGQ

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

+D\XQDIDOWDGHHQWXVLDVPR 7KHUHoVDODFNRIHQWKXVLDVPLQ

HQHVWDHPSUHVD
WKLVFRPSDQ\
'HYXOYHPHORDKRUD *LYHLWEDFNWRPHQRZ
7HQGUHPRVTXHFRQYRFDUXQD :HoOOKDYHWRFDOODPHHWLQJWR

UHXQLQSDUDKDEODUGHHVWH
WDONDERXWWKDWVXEMHFW
WHPD
9DPRVDOOHJDUDOODQWHVSDUD /HWoVJHWWKHUHHDUO\VRWKDWZH

FRQVHJXLUEXHQRVDVLHQWRV
FDQJHWJRRGVHDWV
1RKDKDELGRTXHMDVKDVWDOD 7KHUHKDYHQoWEHHQDQ\

IHFKD
FRPSODLQWVVRIDU

3DUHFHFRPRVLKXELHUDVYLVWR <RXORRNDVLI\RXoYHVHHQD
XQIDQWDVPD
JKRVW
4XDVSHFWRWLHQHGHVSXVGH :KDWGRHVVKHORRNOLNHDIWHU
ODFLUXJD"
WKHVXUJHU\"
7HSDUHFHVDWXSDGUH <RXORRNOLNH\RXUIDWKHU
IVLFDPHQWH 
OVHSDUHFHDVXPDGUH IRUPD+HWDNHVDIWHUKLVPRWKHU
GHVHU 
3DUHFDGLVIUXWDUGHOFRQFLHUWR +HVHHPHGWRHQMR\WKHFRQFHUW

&ORZQ 3D\DVR
7UDSH]H 7UDSHFLR

7LJKWURSH &XHUGD)ORMD

/LRQ7DPHU 'RPDGRUGHOHRQHV

5LQJPDVWHU 0DHVWURGH&HUHPRQLDV

9RFDEXODULR&LUFXV &LUFR
0LGGOH$GYDQFHG
1RVHGHEHUDQGHFLUVHPHMDQWHV6XFKWKLQJVVKRXOGQoWEHVDLG
LQSXEOLF
FRVDVHQSEOLFR
'HEHKDFHUVHDOJRSRUHVWDJHQWH 6RPHWKLQJPXVWEHGRQHIRU
WKHVHSHRSOH
6HPROHVWDIFLOPHQWHSRUORV 6KHLVHDVLO\XSVHWE\FUXHO
FRPPHQWV
FRPHQWDULRVFUXHOHV
6HLQYHVWLJDUHODVXQWR 7KHPDWWHUZLOOEHORRNHGLQWR
0HGLMHURQTXHQRVHORGLMHUD ,ZDVWROGQRWWRWHOODQ\RQH
DQDGLH

)RU(QJOLVKVXSHUVWDUVRQO\
|$YHUVLWHHQWHUDV :LVHXS
|)OLSRWR ,oPJREVPDFNHGPDWH
(VWRHVPX\IXHUWH 7KLVLVSUHWW\KHDY\VWXII
7LHQHPX\PDODOHFKH +HoVDQDVW\SLHFHRIZRUN
|2VWUDV &ULNH\





(/&8562'(),1,7,92
7R0LVV

3KUDVDOYHUEVZLWKpDZD\q 

6LJQLFDpSHUGHUqHQHOVHQWLGRGHpQRFRJHU
QRYHUQRRUQRPDUFDUQRDSURYHFKDUq

7KLVKHDGDFKHZRQoWJRDZD\
(VWHGRORUGHFDEH]DQRVHYD

6WD\DZD\IURPP\JLUOIULHQG
1RWHDFHUTXHVDPLQRYLD

*HWDZD\IURPWKHDPHV
$OMDWHGHODOODPDV

7KHEXWWHU\HZDZD\
/DPDULSRVDVHIXHYRODQGR

7DNHKLPDZD\
/OYHVHOR

+HURGHDZD\LQWRWKHVXQVHW
6HDOHMDFDEDOORKDFLDODSXHVWDGHVRO

3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

6XI[HVpfPHQWq  
$EDQGRQPHQW
$FFRPSOLVKPHQW
$FKLHYHPHQW
$FNQRZOHGJHPHQW
$GMRXUQPHQW
$GYDQFHPHQW
$GYHUWLVHPHQW
$JUHHPHQW
$LOPHQW
$OLJQPHQW
$PD]HPHQW
$PHQGPHQW
$QQXOPHQW
$SDUWPHQW
$SSRLQWPHQW
$UJXPHQW
$UPDPHQW
$UUDQJHPHQW
$VVHVVPHQW
$VVLJQPHQW
$VVRUWPHQW
DWWDFKPHQW

DEDQGRQR
ORJUR
ORJUR
UHFRQRFLPLHQWR
VXVSHQVLQ UHXQLQ
SURJUHVR
DQXQFLRSXEOLFLWDULR
DFXHUGR
GROHQFLD
DOLQHDFLQ
DVRPEUR
HQPLHQGD
DQXODFLQ
DSDUWDPHQWR
QRPEUDPLHQWRFLWD
GLVFXVLQ
DUPDPHQWR
DUUHJOR
HYDOXDFLQ
HQFDUJR
VXUWLGR
DFRSODPLHQWR

$VWRQLVKPHQW
%DVHPHQW
&RPPDQGPHQW
&RPPLWPHQW
&RPSDUWPHQW
&RPSOHPHQW
&RPSOLPHQW
&RQGLPHQW
&RQQHPHQW
'HSDUWPHQW
'HSOR\PHQW
'HWULPHQW
'HYHORSPHQW
'LVDJUHHPHQW
'LVDSSRLQWPHQW
'LVDUPDPHQW
'LVEXUVHPHQW
'RFXPHQW
(PEDQNPHQW
(OHPHQW
(PERGLPHQW
(PSOR\PHQW

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RPHPROHVWHVPVFRQHVWDVFRVDV6LQRWHSXHGHVHQFDUJDU
GH SHTXHRV SUREOHPDV FRPR VWRV TX YDV D KDFHU FXDQGR
OOHJXHQORVSUREOHPDVJUDQGHV"7HFRQWUDWSDUDSHUPLWLUPHKD
FHUFRVDVPVLPSRUWDQWHVSDUDHOQHJRFLR(QRWUDVSDODEUDVWH
FRQWUDW SDUD UHVROYHU ORV SHTXHRV SUREOHPDV \ GHMDUPH D P
ORV JUDQGHV 6L WHUPLQDV WUD\QGRPH FDGD SHTXHR SUREOHPD
HQWRQFHVQRPHVLUYHVSDUDPXFKRYHUGDG"

DVRPEUR
VWDQR
PDQGDPLHQWR
FRPSURPLVR
FRPSDUWLPHQWR
FRPSOHPHQWR
FXPSOLGR
FRQGLPHQWR
UHFOXVLQ
GHSDUWDPHQWR
GHVSOLHJXH
GHWULPHQWR
GHVDUUROOR
GHVDFXHUGR
GHFHSFLQ
GHVDUPH
GHVHPEROVR
GRFXPHQWR
WHUUDSOQ
HOHPHQWR
SHUVRQLFDFLQ
HPSOHR

3HUGLXQDRSRUWXQLGDGGHRUR
/RVLHQWRQRRORTXHPHGLMLVWH
3HUGHODXWREVDVTXHWXYHTXHFRJHUXQ
WD[L
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(QFRXUDJHPHQW
(QIRUFHPHQW
(QJDJHPHQW
(QMR\PHQW
(QULFKPHQW
(QODUJHPHQW
(QUROPHQW
(QWHUWDLQPHQW
(TXLSPHQW
(QYLURQPHQW
([FLWHPHQW
([SHULPHQW
)HUPHQW
)UDJPHQW
)XOOPHQW
*RYHUQPHQW
,PSHGLPHQW
,PSOHPHQW
,PSURYHPHQW
,QVWDOPHQW
,QVWUXPHQW
,QYHVWPHQW

'RQoWERWKHUPHZLWKWKHVHWKLQJVDQ\PRUH,I\RXFDQoWKDQGOH
OLWWOHSUREOHPVOLNHWKHVHZKDWDUH\RXJRLQJWRGRZKHQWKHELJ
SUREOHPVFRPHDORQJ",KLUHG\RXWRIUHHPHXSWRGRWKHPRUH
LPSRUWDQWWKLQJVIRUWKHEXVLQHVV,QRWKHUZRUGV,KLUHG\RXWR
VROYHWKHOLWWOHSUREOHPVDQGOHDYHWKHELJRQHVWRPH,I\RXHQG
XS EULQJLQJ HYHU\ RWKHU OLWWOH SUREOHP EDFN WR PH WKHQ , GRQoW
KDYHPXFKXVHIRU\RXGR,"

+RZORQJGRHVLWWDNH"
6KHGRHVQWOLNHWRGRLW
:K\LVQWLWSUHSDUHG"
7KH\JDYHXVDVHFRQGFKDQFH
,FDQWOLIWLW
:KDWGRHVWKLVZRUGPHDQ"
+RZGR\RXVSHOOLW"
'RQWJHWQHUYRXV
7KHUHVEHHQDPLVXQGHUVWDQGLQJ
,WVJHWWLQJODWH
+HVWKHPDQZKRVHVRQLVDSROLWLFLDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD


(VWLPDGR DPLJR \ DOXPQR $EDMR WLHQHV GRV FROXPQDV XQD HQ HVSDRO \ RWUD HQ PL LGLRPD 7DSD
ODFROXPQDHQLQJOVFRQODPDQRRFRQXQSDSHO\WUDWDGHGHFLUHQYR]DOWD\HQLQJOVODVIUDVHV
HQHVSDRO'HVSXVYHEDMDQGRODPDQRRHOSDSHOSDUDFRPSUREDUORVDFLHUWRV$TXHVXQEXHQ
HMHUFLFLRGHDJLOLGDGRUDOJUDPDWLFDO",PDJLQDKDFHUHVWRPLQXWRVDOGDGXUDQWHGDVDODR
1RFUHHVTXHJDQDUDVHQDJLOLGDG\SUHFLVLQ"$TXHQ9DXJKDQWHQHPRVOLEURVFRQPVGH
IUDVHVFRPRVWDV5HFXHUGDPLQXWRVDOGD$JLOLGDGJUDPDWLFDO
5LFKDUG9DXJKDQ
&XQWRVHWDUGD"
$HOODQROHJXVWDKDFHUOR
3RUTXQRHVWSUHSDUDGR"
1RVGLHURQXQDVHJXQGDRSRUWXQLGDG
1RORSXHGROHYDQWDU
4XVLJQLFDHVWDSDODEUD"
&PRVHHVFULEH"
1RWHSRQJDVQHUYLRVR
+DKDELGRXQPDOHQWHQGLGR
6HKDFHWDUGH
(VHOVHRUFX\RKLMRHVSROWLFR

QLPR
FXPSOLPLHQWR
QRYLD]JR
SODFHUGLVIUXWH
HQULTXHFLPLHQWR
DPSOLDFLQ
PDWUFXOD
HQWUHWHQLPLHQWR
HTXLSR
HQWRUQR
HPRFLQ
H[SHULPHQWR
IHUPHQWR
IUDJPHQWR
FXPSOLPLHQWR
JRELHUQR
LPSHGLPHQWR
SRQHUHQSUFWLFD
PHMRUD
SOD]RGHSDJR
LQVWUXPHQWR
LQYHUVLQ

'HGXFW
'HQLWLYH
'HGXFWLRQ
'HDWLRQ
'HIDPDWLRQ
'HIRUP
'HIHFW
'HIRUPDWLRQ
'HIHFWLYH
'HIRUPHG
'HIHQFH
'HIRUPLW\
'HIHQG
'HJHQHUDWH
'HIHUHQFH 'HJHQHUDWLRQ
'HIHUHQWLDO
'HJUDGLQJ
'HFLHQF\
'HJUDGH
'HFLHQW
'HJUHH
'HFLW
'HKXPDQL]H
'HQH
'HK\GUDWH
'HQLWH
'HK\GUDWLRQ
'HQLWHO\
'HOHJDWH
'HQLWLRQ
'HOHJDWLRQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

4XLQHVHOQXHYRMHIH" :KRLVWKHQHZERVV"
'HGQGHHVHVWHYLQR" :KHUHLVWKLVZLQHIURP"
&XOHVODGLIHUHQFLD" :KDWLVWKHGLIIHUHQFH"
&XOHVVRQWXVSUREOHPDV" :KDWDUH\RXUSUREOHPV"
&XQGRHVHOGHVD\XQR" :KHQLVEUHDNIDVW"

+D\XQVXSHUPHUFDGRFHUFD ,VWKHUHDVXSHUPDUNHWQHDU
KHUH"
GHDTX"
4XTXLHUHVFRPSUDU" :KDWGR\RXZDQWWREX\"
1RQHFHVLWRQDGD ,GRQoWQHHGDQ\WKLQJ
3RUTXPHHVWVSUHJXQWDQGR" :K\DUH\RXDVNLQJPH"
(VLPSRUWDQWHVDEHUHVWDVFRVDV ,WoVLPSRUWDQWWRNQRZWKHVH
WKLQJV

7RPDWR 7RPDWH
2QLRQ &HEROOD

$VSDUDJXV (VSUUDJR

/HWWXFH /HFKXJD

7XQD $WQ

9RFDEXODULR6DODG (QVDODGD
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&XQWDPHXQDKLVWRULD 7HOOPHDVWRU\
4XFODVHGHKLVWRULDVWH :KDWNLQGRIVWRULHVGR\RX

JXVWDQ"
OLNH"
&RQRFHVKLVWRULDVGHJXHUUD" 'R\RXNQRZDQ\ZDUVWRULHV"
1ROXFKHQQLQJXQDJXHUUD ,GLGQoWJKWLQDQ\ZDU
3HUGRQDSHQVDEDTXHWHQDV ,oPVRUU\,WKRXJKW\RXZHUH

PVDRV
ROGHU

<DVHKDEDPDUFKDGRFXDQGR 6KHoGDOUHDG\OHIWZHZKHQZH
OOHJDPRV
FDPH
(ODYLQ\DKDEDGHVSHJDGR 7KHSODQHKDGDOUHDG\WDNHQ
FXDQGROOHJDODHURSXHUWR
RIIKHJRWWRWKHDLUSRUW
<DKDEDSHUGLGRHOWUHQFXDQGR,oGDOUHDG\PLVVHGWKHWUDLQ
PHGHVSHUW
ZKHQ,ZRNHXS
<DKDEDWHUPLQDGRODFHQD +HoGDOUHDG\QLVKHGGLQQHU
FXDQGRHOODOOHJDFDVD
ZKHQVKHJRWKRPH
<DKDEDQJDQDGROD/LJDFXDQGR7KH\oGDOUHDG\ZRQWKH/HDJXH
MXJDURQVXOWLPRSDUWLGR
ZKHQWKH\SOD\HGWKHLUODVW
JDPH

+LJK,QWHUPHGLDWH
6FDODGHWXERFD 7DNHLWRXWRI\RXUPRXWK
9XHOYDDSRQHUODHQVXEROVLOOR 3XWLWEDFNLQ\RXUSRFNHW
5HFJHOH\OOYDOHDODHVWDFLQ 3LFNKLPXSDQGWDNHKLPWR
WKHVWDWLRQ
$SJDOR\OXHJRGHVHQFKIDOR 6ZLWFKLWRIIDQGWKHQXQSOXJLW
2ORSRQHVHQVXVLWLRRORWLUDV 3XWLWDZD\RUWKURZLWDZD\

/RZ$GYDQFHG
0HWHPRTXHVHYDDDQXODU ,oPDIUDLGLWoVJRLQJWREH
FDQFHOOHG
0HVLHQWRIDWDOSRUHOOR ,IHHODZIXODERXWLW
6LHQWRSHQDSRUHOORV ,IHHOVRUU\IRUWKHP
0HDOHJURTXHOHVKD\DVSHGLGR,oPJODGWKDW\RXDSRORJLVHG
WRWKHP
SHUGQ
1RSXHGRHYLWDUOORUDUFXDQGR ,FDQoWKHOSFU\LQJZKHQ,VHH
WKHP
ORVYHR

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

7LHQHVTXHVHUPVIUDQFRFRQ <RXQHHGWREHPRUHVWUDLJKW

IRUZDUGZLWKSHRSOH
ODJHQWH
(VXQDWDUHDTXHUHTXLHUH ,WoVDYHU\WLPHFRQVXPLQJ

WDVN
PXFKRWLHPSR
(VXQDQRWLFLDWUDQTXLOL]DGRUD 7KDWoVDUHDVVXULQJSLHFHRI
QHZV
(VWHFDORUHVDJRELDQWH 7KLVKHDWLVRYHUZKHOPLQJ
6ORXQDGHFDGDGLH]SHUVRQDV2QO\RQHLQWHQSHRSOHDUHOHIW
KDQGHG
HV]XUGD

(VGXURFRPRXQDURFD +HoVDVKDUGDVQDLOV
(VWPVVRUGDTXHXQDWDSLD 6KHoVDVGHDIDVDSRVW
(VFRVHU\FDQWDU ,WoVDVHDV\DVSLH
(VWDEDYRODGR +HZDVDVKLJKDVDNLWH
0LVHYDFXDFLRQHVVRQFRPR 0\PRYHPHQWVDUHDVUHJXODU

XQUHORM
DVFORFNZRUN



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
7R0LVV

3KUDVDOYHUEVZLWKpDZD\q 
7KH\VKXWKLPDZD\LQDQDV\OXP
/HHQFHUUDURQHQXQDVLOR
+HJRWLQWKHFDUDQGGURYHDZD\
6HPHWLHQHOFRFKH\VHIXH
.HHSDZD\IURPSHRSOHOLNHKLP
0DQWQWHDOHMDGRGHJHQWHFRPRO

+HEURNHDZD\IURPWKHSDFNDQGWRRN
WKHOHDG
'HMDWUVDOSHORWQ\DVXPLHOPDQGR
,GURSSHGWKHELOODQGLWEOHZDZD\
6HPHFD\HOELOOHWH\HOYLHQWRVHOROOHY
:HoYHGRQHDZD\ZLWKFHUWDLQSULYLOHJHV
+HPRVVXSULPLGRFLHUWRVSULYLOHJLRV

6XI[HVpfPHQWq  
,QYROYHPHQW
-XGJPHQW
/DPHQW
/LJDPHQW
0DQDJHPHQW
0HDVXUHPHQW
0LVPDQDJHPHQW
0LVWUHDWPHQW
0RQXPHQW
0RYHPHQW
1RXULVKPHQW
2LQWPHQW
2UQDPHQW
3DUFKPHQW
3DUOLDPHQW
3D\PHQW
3ODFHPHQW
3RVWSRQHPHQW
3UHGLFDPHQW
3URFXUHPHQW
3XQLVKPHQW
5HFUXLWPHQW

LPSOLFDFLQ
MXLFLR
ODPHQWDU
OLJDPHQWR
JHVWLQ
PHGLFLQ
PDODJHVWLQ
PDORVWUDWRV
PRQXPHQWR
PRYLPLHQWR
DOLPHQWR
XQJHQWR
DGRUQR
SHUPDJLQR
SDUODPHQWR
SDJR
FRORFDFLQ
DSOD]DPLHQWR
DSXURDSULHWR
DGTXLVLFLQREWHQFLQ
FDVWLJR
UHFOXWDPLHQWR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1R FUHHV TXH \D HV KRUD GH DVHQWDUWH \ HPSH]DU D KDFHU DOJR
FRQVWUXFWLYRFRQWXYLGD"1RPHLPSRUWDTXHWHWRPHVXQRVDRV
SDUD YHU PXQGR SHUR WLHQHV  DRV \ KDV OOHJDGR D XQ SXQWR
HQHOTXHODYLGDQPDGD\DQRHVXQDH[SHULHQFLDHGXFDWLYD/D
PD\RUDGHODJHQWHGHWXHGDGHVWFDVDGD\FULDQGRDVXVKLMRV
RDYDQ]DQGRHQVXGHVDUUROORSURIHVLRQDO&XOHVVRQWXVSODQHV
SDUDORVSU[LPRVRDRV"

7DPELQVLJQLFDpDRUDUqRpHFKDUGH
PHQRVq&XDQGROHVLJXHXQYHUERVWH
VLHPSUHVHH[SUHVDHQJHUXQGLR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
3HWHUHFKDPXFKRGHPHQRVDVXORUR
(FKDVGHPHQRVHOKXPRULQJOV"
(FKRGHPHQRVGDUSDVHRVDORODUJRGHOD
RULOODGHOPDU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

5HIUHVKPHQW
5HJLPHQW
5HLPEXUVHPHQW
5HLQIRUFHPHQW
5HLQVWDWHPHQW
5HSODFHPHQW
5HTXLUHPHQW
5HVHQWPHQW
5HWLUHPHQW
5XGLPHQW
6DFUDPHQW
6HGLPHQW
6HJPHQW
6HQWLPHQW
6HWWOHPHQW
6KLSPHQW
6WDWHPHQW
6XSSOHPHQW
7HPSHUDPHQW
7HVWDPHQW
7UHDWPHQW
8QHPSOR\PHQW

UHIULJHULR
UHJLPLHQWR
UHHPEROVR
UHIXHU]R
UHLQFRUSRUDFLQ DXQSXHVWR
VXVWLWXFLQ
UHTXLVLWR
UHVHQWLPLHQWR
MXELODFLQ
UXGLPHQWR
VDFUDPHQWR
VHGLPHQWR
VHJPHQWR
VHQWLU RSLQLQ
OLTXLGDFLQFRORQLD
HQYR
GHFODUDFLQDUPDFLQ
VXSOHPHQWR
WHPSHUDPHQWR
WHVWDPHQWR
WUDWDPLHQWR
GHVHPSOHR

'RQoW \RX WKLQN LWoV DERXW WLPH \RX VHWWOHG GRZQ DQG VWDUWHG
GRLQJ VRPHWKLQJ FRQVWUXFWLYH ZLWK \RXU OLIH" , GRQoW PLQG \RX
JRLQJRIIIRUDIHZ\HDUVWRVHHWKHZRUOGEXW\RXoUH\HDUVROG
QRZDQG\RXoYHUHDFKHGDSRLQWLQZKLFK\RXUQRPDGLFZD\RIOLIH
LVQRWDQHGXFDWLRQDOH[SHULHQFHDQ\PRUH0RVWSHRSOH\RXUDJH
DUH PDUULHG DQG UDLVLQJ NLGV RU PRYLQJ DORQJ WKHLU FDUHHU SDWK
:KDWDUH\RXUSODQVIRUWKHQH[WWR\HDUV"


(VWLPDGRDPLJR\DOXPQR$EDMRDODL]TXLHUGDWHQHPRVDXQDQLDSURGLJLRDVSLUDQWHDVHUDOJQGD
0VSDODEUDVLQJOHVDV
ODSULPHUDPXMHUMXJDGRUDGH3ULPHUD'LYLVLQ$ODGHUHFKDWHQHPRVDXQFXUWLGRSURIHVLRQDO$PERV
GHUD]ODWLQD
WLHQHQDOJRHQFRPQ$PERVGHGLFDQORVSULPHURVPLQXWRVGHFDGDVHVLQGHHQWUHQDPLHQWRD
'HOLEHUDWH
'HPRFUDF\
HMHUFLFLRVGHFRQWUROGHEDOQ(OSURIHVLRQDOOOHYD\DDVXVDRVWHPSRUDGDVSHUIHFFLRQDQGR
'HPRFUDW
VX FRQWURO \ VDEH SHUIHFWDPHQWH TXH XQ DEVROXWR GRPLQLR GH HVWRV PRYLPLHQWRV WDQ EVLFRV \ 'HOLEHUDWHO\
'HPRFUDWLF
IXQGDPHQWDOHVGHOMXHJRHVORTXHOHGLIHUHQFLDGHORVDFLRQDGRV+D\MXJDGRUHVGHRWUDVGLYLVLRQHV 'HOLEHUDWLRQ
'HOLFDF\
'HPRJUDSKHU
PV YHORFHV TXH O PV DOWRV R PV IXHUWHV PV HVSHFWDFXODUHV HQ ORV UHJDWHV SHUR VX DEVROXWR
'HOLFDWH
'HPRJUDSKLF
GRPLQLR D OD KRUD GH FRQWURODU HO EDOQ HV OR TXH OH FRORFD HQWUH ORV PHMRUHV7RGRV ORV GDV HQ HO
'HOLFLRXV
'HPRJUDSK\
FDPSR GH SUFWLFDV UHDOL]D ORV PLVPRV HMHUFLFLRV TXH OD
'HPROLVK
'HOLQTXHQF\
QLD SURGLJLR HVW DSUHQGLHQGR HQ VX HTXLSR GH DOHYLQHV
'HPROLWLRQ
'HOLQTXHQW
6LQFRQWUROGHOEDOQQRKD\GRPLQLRSURIHVLRQDO\VLQPLOHV
'HPRQ
'HPDJRJXH
GHHMHUFLFLRVSDUDFRQVROLGDUORV KELWRV QR KD\ FRQWURO GHO
'HPDQG
'HPRQVWUDEOH
EDOQ (Q HO LQJOV HV OR PLVPR 6LQ XQD FRPSOHWD DJLOLGDG
'HPDQGLQJ
'HPRQVWUDWH
FRQ OD JUDPWLFD PV EVLFD QR KD\ GRPLQLR 6H WUDWD GHO
'HPHQWLD
'HPRQVWUDWLRQ
UHDGHOLGLRPDPVVHQFLOODHQDSDULHQFLDSHURPVFUWLFD
'HPHQWHG 'HPRQVWUDWLYH
\ OD TXH PV FXHVWD OOHJDU D GRPLQDU 3RU TX" 3RUTXH OD
'HPLOLWDUL]H 'HPRUDOL]DWLRQ
JHQWHQRTXLHUHSUHVWDUOHODGHELGDDWHQFLQ
'HPRELOL]DWLRQ 'HPRUDOL]H
'HPRELOL]H
'HPRUDOL]LQJ
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VWQHQPLEROVD 7KH\oUHLQP\EDJ
1RHVWGHEDMRGHWXFDPD ,WLVQoWXQGHU\RXUEHG
(VWHQVXFDEH]D GHO  ,WoVRQKLVKHDG
(VWHOODHQODSXHUWD" ,VVKHDWWKHGRRU"
(VWQHQVXFDVD" $UHWKH\LQWKHLUKRXVH"

&XQWRVOLEURVOHHVDODR" +RZPDQ\ERRNVGR\RXUHDG
D\HDU"
&XQWRDJXDEHEHVFDGDGD" +RZPXFKZDWHUGR\RXGULQN
HDFKGD\"
&XQWRGLQHURTXLHUHV" +RZPXFKPRQH\GR\RXZDQW"
&XQWRVKHUPDQRVWLHQHV" +RZPDQ\EURWKHUVDQGVLVWHUV
GR\RXKDYH"
&XQWRFXHVWDQ" +RZPXFKGRWKH\FRVW"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&XQWRVDRVWLHQHQWXV +RZROGDUH\RXUJUDQGSDUHQWV"

DEXHORV"
&XQWRVDRVWHQDVFXDQGR +RZROGZHUHZKHQ\RXFDPH

WR6SDLQ"
YLQLVWHD(VSDD"
&XQWRVDRVWHQDQWXV +RZROGZHUH\RXUSDUHQWV

ZKHQWKH\JRWPDUULHG"
SDGUHVFXDQGRVHFDVDURQ"
&XQWRVDRVWHQGUVFXDQGR+RZROGZLOO\RXEHZKHQ\RX
UHWLUH"
WHMXELOHV"
7LHQHVPVDRVTXHWX $UH\RXROGHUWKDQ\RXU

EURWKHU"
KHUPDQR"

9XHOYHDOODPDUOHVPVWDUGH &DOOWKHPEDFNODWHU
&XQGRYROYHUHPRVDYHUQRV" :KHQZLOOZHVHHHDFKRWKHU
DJDLQ"
1RYXHOYDVDSHJDUPHMDPV 'RQoWHYHUKLWPHDJDLQ
0HKHYXHOWRDHTXLYRFDU ,oYHPDGHDPLVWDNHDJDLQ
1RORKDUQXQFDPV ,ZRQoWGRLWHYHUDJDLQ

$QNOH 7RELOOR
+HHO 7DOQ
7RH 'HGR
6ROH 3ODQWD

$UFK $UFR

9RFDEXODULR)RRW 3LH
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&XDQGRPXHUDYR\DGHMDUWRGR:KHQ,GLH,oPJRLQJWROHDYH
DOOP\PRQH\WRP\SHWV
PLGLQHURDPLVPDVFRWDV
&XQGRYDVDGHMDUGHIXPDU" :KHQDUH\RXJRLQJWRJLYHXS
VPRNLQJ"
'MDPH /HWPHVHH
'MDOHTXHLQWHQWHFRQYHQFHUOHV/HWKLPWU\WRFRQYLQFHWKHP
'MDPHWXEROLXQVHJXQGR *LYHPH\RXUSHQDVHFRQG

9DHQFRQWUDGHODSROWLFDGH ,WJRHVDJDLQVWFRPSDQ\SROLF\
ODHPSUHVD
&RUUHUDPRVHOULHVJRGHRIHQGHU:HoGUXQWKHULVNRIRIIHQGLQJ
RXUFOLHQWV
DQXHVWURVFOLHQWHV
&REULVSRUKRUDVRWHQLVXQD'R\RXFKDUJHE\WKHKRXURU
GR\RXKDYHD[HGUDWH"
WDULIDMD"
&RQFXQWDDQWHODFLQ +RZORQJLQDGYDQFHZLOOZH
QHHGWREHWKHUH"
WHQGUHPRVTXHHVWDUDOO"
0HSRGUDIDFLOLWDUHOQRPEUH &RXOG\RXSOHDVHJLYHPHWKH
QDPHRIDJRRGVXSSOLHU"
GHXQEXHQSURYHHGRU"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

1XHVWURHTXLSRGHYHQWDV 2XUVDOHVWHDPFRQVWLWXWHVD
YDOXDEOHDVVHWWRWKHFRPSDQ\
FRQVWLWX\HXQDFWLYRYDOLRVR
SDUDODHPSUHVD
(ODFWLYR\HOSDVLYRGHEHQVHU $VVHWVDQGOLDELOLWLHVVKRXOGEH
HTXDO
LJXDOHV
6LHVWHQHJRFLRIXHUDUHQWDEOH ,IWKLVEXVLQHVVZHUHSURWDEOH
QRWHQGUDPRVTXHGHVSHGLUD ZHZRXOGQoWKDYHWROD\RII
SHRSOH
JHQWH
+DKDELGRGHVSLGRVPDVLYRV 7KHUHKDYHEHHQPDVVLYH
OD\RIIVLQWKDWLQGXVWU\
HQHVHVHFWRU
3RUPXFKRTXHWUDEDMHVQRYDV 1RPDWWHUKRZKDUG\RXZRUN
\RXoUHQRWJRLQJWRHDUQPRUH
DJDQDUPVGLQHUR
PRQH\

(VWRVELOOHWHVHVWQIDOVLFDGRV 7KHVHQRWHVDUHFRXQWHUIHLWHG
1RSXHGRFUHHUTXHHVDREUD ,FDQoWEHOLHYHWKDWPDVWHUSLHFH
PDHVWUDUHVXOWDVHVHUXQD
WXUQHGRXWWREHDIDNH
IDOVLFDFLQ
$OJXQDYH]KDVQJLGRHVWDU +DYH\RXHYHUIDNHGDQLOOQHVV"

HQIHUPR"
(VHWRQRWHUHVXOWDVHUXQ 'RQoW\RXQGWKDWJX\WREHD

SRFRIDUVDQWH"
ELWRIDSKRQH\"
0HKDQHVWDIDGR ,oYHEHHQFRQQHG

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92
0DNH\RXUPLQGXS

3KUDVDOYHUEVZLWKpDZD\q 
7KHJXDUGVOHGWKHSULVRQHUDZD\
/RVJXDUGLDVVHOOHYDURQDOSULVLRQHUR

7KHOLWWOHER\UDQDZD\IURPKRPH
(OQLRKX\GHVXIDPLOLD

7KH\PDGHDZD\ZLWKWKHUDQVRP
6HHVFDSDURQFRQHOUHVFDWH

'RQoWUXQDZD\
1RWHYD\DVFRUULHQGR

3XWDZD\\RXUWR\V
*XDUGDWXVMXJXHWHV

6HQGKLPDZD\
|2UGHQDSDUDTXHVHYD\D

6XI[HVpfLVWq
$FWLYLVW
$ODUPLVW
$OWUXLVW
$QWKURSRORJLVW
$UVRQLVW
$UWLVW
$WKHLVW
%LRORJLVW
&DSLWDOLVW
&DUGLRORJLVW
&DUWRRQLVW
&ROXPQLVW
&RQIRUPLVW
&\FOLVW
'HQWLVW
'HUPDWRORJLVW
(FRQRPLVW
(FRORJLVW
(OLWLVW
([LVWHQWLDOLVW
([KLELWLRQLVW

DFWLYLVWD
DODUPLVWD
DOWUXLVWD
DQWURSORJR
SLUPDQR
DUWLVWD
DWHR
ELORJR
FDSLWDOLVWD
FDUGLORJR
FDULFDWXULVWD
FROXPQLVWD
FRQIRUPLVWD
FLFOLVWD
GHQWLVWD
GHUPDWORJR
HFRQRPLVWD
HFRORJLVWD
HOLWLVWD
H[LVWHQFLDOLVWD
H[KLELFLRQLVWD

)DVFLVW
)HPLQLVW
)LQDOLVW
*XLWDULVW
*\QHFKRORJLVW
+DLUVW\OLVW
+XPDQLVW
-RXUQDOLVW
/HIWLVW
/LQJXLVW
0DVRFKLVW
0DWHULDOLVW
0HWHRURORJLVW
0LOLWDULVW
0RGHUQLVW
0RQDUFKLVW
1HJDWLYLVW
1HXURORJLVW
1RQFRQIRUPLVW
1RYHOLVW
1XGLVW

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1XQFD PDQGR IHOLFLWDFLRQHV GH 1DYLGDG (Q VX OXJDU VLHPSUH
FRPSURPVGHSRVWDOHVGXUDQWHPLVYDFDFLRQHVGHYHUDQR
\ VH ODV HQYR D PLV DPLJRV FROHJDV GHO WUDEDMR FOLHQWHV \ SUR
YHHGRUHV 6LHPSUH SDUHFHQ DSUHFLDU PLV SRVWDOHV GHVGH OXJDUHV
H[WLFRVHLQFOXVROHHQPLQRWDHVFULWDDPDQRHQODTXHGHEUR
PD LQWHQWR TXH PH HQYLGLHQ (VWR\ VHJXUR GH TXH ODV SRVWDOHV
YHUDQLHJDVFDSWDQPXFKDPVDWHQFLQ\VHDFHSWDQPHMRUTXH
ODV IHOLFLWDFLRQHV QDYLGHDV GRQGH VR\ XQD FDUWD PV GH HQWUH
FLHQWDVTXHUHFLEHQ

6LJQLFDpGHFLGLUVHq\VHSXHGHGHFLUWDQWR
pWRPDNHXS\RXUPLQGqFRPRpWRPDNH\RXU
PLQGXSq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
|'HFGHWH\D
+DGHFLGLGRUHQXQFLDUDVXSXHVWR
3HVFDGRRFDUQH"1RPHSXHGRGHFLGLU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

IDVFLVWD
IHPLQLVWD
QDOLVWD
JXLWDUULVWD
JLQHFORJR
SHOXTXHURHVWLOLVWD
KXPDQLVWD
SHULRGLVWD
L]TXLHUGLVWD
OLQJLVWD
PDVRTXLVWD
PDWHULDOLVWD
PHWHRUORJR
PLOLWDULVWD
PRGHUQLVWD
PRQUTXLFR
QHJDWLYLVWD
QHXUORJR
LQFRQIRUPLVWD
QRYHOLVWD
QXGLVWD

2SSRUWXQLVW
3DFLVW
3DWKRORJLVW
3HUFXVVLRQLVW
3K\VLFLVW
3LDQLVW
3K\VLRWKHUDSLVW
3URWHFWLRQLVW
3V\FKLDWULVW
3V\FKRORJLVW
3XULVW
5DFLVW
5DSLVW
5HDOLVW
6DGLVW
6FLHQWLVW
6HSDUDWLVW
6RFLDOLVW
6SHFLDOLVW
6WUDWHJLVW
7HUURULVW

RSRUWXQLVWD
SDFLVWD
SDWORJR
SHUFXVLRQLVWD
IVLFR
SLDQLVWD
VLRWHUDSHXWD
SURWHFFLRQLVWD
SVLTXLDWUD
SVLFORJR
SXULVWD
UDFLVWD
YLRODGRU
UHDOLVWD
VGLFR
FLHQWFR
VHSDUDWLVWD
VRFLDOLVWD
HVSHFLDOLVWD
HVWUDWHJD
WHUURULVWD

,QHYHUVHQGRXW&KULVWPDVFDUGV,QVWHDG,DOZD\VEX\RYHU
SRVWFDUGVGXULQJP\VXPPHUYDFDWLRQDQGVHQGWKHPWRIULHQGV
EXVLQHVVFROOHDJXHVFXVWRPHUVDQGVXSSOLHUV7KH\DOZD\VVHHP
WR DSSUHFLDWH P\ SRVWFDUGV IURP H[RWLF SODFHV DQG HYHQ UHDG
P\ KDQGZULWWHQ QRWH LQ ZKLFK , MRNLQJO\ WU\ WR PDNH WKHP
IHHOHQYLRXV,oPVXUHWKDWVXPPHUWLPHSRVWFDUGVJHWDORWPRUH
DWWHQWLRQDQGDUHEHWWHUUHFHLYHGWKDQ&KULVWPDVFDUGVZKHUH,oP
MXVWRQHPRUHFDUGRXWRIKXQGUHGVWKH\UHFHLYH


(VWLPDGRDPLJR\DOXPQR(VWDEDLODULQDVHOODPD(NDWHULQD0D[LPRYD
6H FXHQWD HQWUH ODV PHMRUHV GHO VLJOR ;; 6X UHJLVWUR DUWVWLFR HV WRWDO H
LQFOX\HSDSHOHVGHVHQIDGDGRVDOHJUHV\FPLFRV6XGRPLQLRHWFQLFR
HV SHUIHFWR IUXWR GH PLOHV GH KRUDV HQ OD EDUUD GH EDOOHW GHODQWH GHO
HVSHMR3RVHHORTXHOODPDQpXQDOQHDOPSLDqXQLQFUHEOHMXHJRGHSLHV
\ OD FDSDFLGDG SDUD LPSULPLU SDVLQ \ GUDPD HQ ORV PRYLPLHQWRV PV
PLQVFXORV&XDQGROHSUHJXQWDQHOVHFUHWRGHVX[LWRVLHPSUHGLFHOR
PLVPR PLOHV GH KRUDV SHUIHFFLRQDQGR VX WFQLFD p0XFKDV EDLODULQDV
SRVHHQ JDUER \ HOHJDQFLD HQ ORV PRYLPLHQWRV SHUR PX\ SRFDV WLHQHQ
OD GLVFLSOLQD QHFHVDULD FRPR SDUD EULOODU HQ ORV DVSHFWRV HVWULFWDPHQWH
WFQLFRV /D TXH IXVLRQD ODV GRV FRVDV HV OD TXH QDOPHQWH WULXQIDq (O
GRPLQLRGHXQVHJXQGRLGLRPDH[LJHORPLVPR8QRQRSXHGHH[SUHVDUVH
FRQHFDFLD\DSORPRVLQRWLHQHXQVOLGRGRPLQLRGHORVDVSHFWRVWFQLFRV\HVWRVDVSHFWRVVRQOD
JUDPWLFDEVLFDTXH\DYLVWHHQORVOLEURV\HQORVQLYHOHVSULQFLSLDQWH\SUHLQWHUPHGLR
5LFKDUG9DXJKDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
'HSRSXODWH
'HQLJUDWH
'HQRPLQDWLRQ 'HSRSXODWLRQ
'HSRUW
'HQRPLQDWRU
'HQRXQFH
'HSRUWDWLRQ
'HQVH
'HSRVLW
'HQVLW\
'HSUHFLDWH
'HQWDO
'HSUHFLDWLRQ
'HQWLVW
'HSUHVVLRQ
'HRGRUDQW
'HSUHVVLYH
'HSDUWPHQW
'HSUHVVXUL]H
'HSDUWPHQWDO
'HULYDWLRQ
'HSHQG
'HULYDWLYH
'HSHQGHQFH
'HULYH
'HSORUDEOH
'HUPDWLWLV
'HSORUH
'HUPDWRORJ\
'HSROLWLFL]H 'HUPDWRORJLVW





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

'QGHHVWQODVWLHQGDV" :KHUHDUHWKHVKRSV"
(VHVWHHOPHUFDGR" ,VWKLVWKHPDUNHW"
(VHVRSHVFDGR" ,VWKDWVK"
4XFDUQHHVHVD" :KDWPHDWLVWKLV"
&XQWRHV" +RZPXFKLVLW"

7HJXVWDFRFLQDU" 'R\RXOLNHWRFRRN"
'QGHYDPRVDFHQDU" :KHUHDUHZHJRLQJWRKDYH
GLQQHU"
4XLQYDDKDFHUHOGHVD\XQR" :KRoVJRLQJWRPDNH
EUHDNIDVW"
OQRTXLHUHVDOLUDFRPHU +HGRHVQoWZDQWWRJRRXWIRU
OXQFK
+D\XQUHVWDXUDQWHLWDOLDQR ,VWKHUHDQ,WDOLDQUHVWDXUDQW
QHDUKHUH"
FHUFDGHDTX"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

|7RPDXQDFHUYH]D +DYHDEHHU
&PRKLFLVWHHVWDSDHOOD" +RZGLG\RXPDNHWKLVSDHOOD"
'QGHFRPSUDVWHORV :KHUHGLG\RXEX\WKH

LQJUHGLHQWV"
LQJUHGLHQWHV"
(VPVIFLOKDFHUHVWRTXH ,VLWHDVLHUWRPDNHWKLVWKDQD

FRFLGR"
XQFRFLGR"
&XQWDVYHFHVORKDVFRPLGR +RZPDQ\WLPHVKDYH\RX

HDWHQLWLQWKHODVWPRQWK"
HQHOOWLPRPHV"

7XPDGUHWHHQVHDKDFHUOR" 'LG\RXUPRWKHUWHDFKHU\RX
KRZWRPDNHLW"
4XLQWHHQVH" :KRWDXJKW\RX"
&UHHVTXH\RSRGUDDSUHQGHU 'R\RXWKLQN,FRXOGOHDUQKRZ
WRPDNHLW"
DKDFHUOR"
&XQWRVHWDUGDHQSUHSDUDUOR" +RZORQJGRHVLWWDNHWRSUHSDUH"
&XQWRWDUGDVWHHQ +RZORQJGLGLWWDNH\RXWR
SUHSDUHLW\HVWHUGD\"
SUHSDUDUORD\HU"

5DLQERZ $UFRLULV

5DLQ /OXYLD

7KXQGHU 7UXHQR

/LJKWQLQJ 5D\RV

+DLO *UDQL]R

9RFDEXODULR:HDWKHU 7LHPSR
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&XQWRVXHOHWDUGDUHQKHUYLU+RZORQJGRHVLWXVXDOO\WDNH
WRERLOWKHULFH"
HODUUR]"
&XQWRVRODVWDUGDUHQKDFHUOR+RZORQJGLGLWXVHWRWDNH\RXWR
PDNHLWZKHQ\RXZHUH\RXQJHU"
FXDQGRHUDVPVMRYHQ"
&XQWRWDUGDUDVVLDOJXLHQ +RZORQJZRXOGLWWDNH\RXLI

VRPHRQHKHOSHG\RX"
WHD\XGDUD"
7HJXVWDUDTXH\RWHD\XGDU" :RXOG\RXOLNHPHWRKHOS\RX"
9HQJDWHHFKDUXQDPDQR &RPHRQ,oOOJLYH\RXDKDQG

(VWDPRVFDVLOLVWRVSXHGHV :HoUHDOPRVWUHDG\FDQ\RX
VHWWKHWDEOH"
SRQHUODPHVD"
6DFRODVVHUYLOOHWDV" 6KDOO,WDNHWKHVHUYLHWWHVRXW"
'HTXRWUDPDQHUDYDVD +RZHOVHZRXOG\RXFOHDQ\RXU
OLPSLDUWHODERFDPLHQWUDVFRPHV" PRXWKZKLOH\RXHDW"
6XHORXWLOL]DUODPDQJDGHPL ,XVXDOO\XVHP\VKLUWVOHHYH
FDPLVD
0HSUHJXQWDEDSRUTXVLHPSUH,ZRQGHUHGZK\\RXDOZD\V
VPHOORIVHDIRRG
KXHOHVDPDULVFR

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

/DFDVDHVWOOHQDGHYDSRU 7KHKRXVHLVIXOORIVWHDPVKDOO
,RSHQDZLQGRZ"
DEURXQDYHQWDQD"
6LQRWHLPSRUWDHVRVHUDJHQLDO ,I\RXGRQoWPLQGWKDWZRXOG
EHJUHDW
&PRVXERHVWDVSHUVLDQDV" +RZGR,SXOOWKHEOLQGVXS"
3RUTXQRHPSOHDVXQSRFR :K\\RXGRQoW\RXXVHDELWRI
GHVHQWLGRFRPQSRUXQDYH]" FRPPRQVHQVHIRURQFH"
3RUTXHFRPRWXVHQWLGRGHO %HFDXVHOLNH\RXUVHQVH
KXPRUHVHOPHQRVGHVDUUROODGR RIKXPRXULWoVWKHOHDVW
GHYHORSHGRIP\VHQVHV
GHPLVVHQWLGRV

(VWHPDQWHOHVWVXFVLPR 7KLVWDEOHFORWKLVOWK\
1RWHSUHRFXSHVODFXEHUWHUD 'RQoWZRUU\WKHFXWOHU\DQGWKH

\ODYDMLOODHVWQOLPSLDV
FURFNHU\DUHFOHDQ
6HVXSRQHTXHWHQJRTXH $P,VXSSRVHGWREHJUDWHIXO

HVWDUDJUDGHFLGRSRUHVR"
IRUWKDW"
(QKRUDEXHQDSRUVHUHO &RQJUDWXODWLRQVIRUEHLQJWKH

FRPHQVDOPVJUXQGHODR
JUXPSLHVWIHOORZGLQHURIWKH
\HDU
(VSHUHPRVTXHODFRPLGDVHD /HWoVKRSHWKHIRRGLVEHWWHU

WKDQ\RXUPDQQHUV
PHMRUTXHWXVPRGDOHV

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92
3KUDVDO9HUE7R*HW$W

3KUDVDOYHUEVZLWKpDZD\q 
7KH\VWROHDZD\LQWRWKHQLJKW
,ZDVFDOOHGDZD\IURPWKHPHHWLQJ
6HIXHURQVLJLORVDPHQWHHQODQRFKH 0HOODPDURQSDUDTXHVDOLHUDGHODUHXQLQ
7KURZWKDWDZD\
7LUDHVR

'RQoWJHWFDUULHGDZD\
1RWHSDVHVFRQORHPRWLYRGHODVXQWR

,oPJRLQJWRZLQKHUDZD\IURPKLP 7KHOHWWHUVKDYHZRUQDZD\
6HODYR\DJDQDUDO VXQRYLD 
/DVOHWUDVKDQGHVDSDUHFLGR SRUHURVLQ 

9HUERVTXHWHUPLQDQHQpHQq

6LJQLFDpTXHUHUGHFLUqRpLQVLQXDUq6HHPSOHD
VREUHWRGRFXDQGRKD\XQDGXGDUHVSHFWRDOR
TXHDOJXLHQTXLHUHGHFLU
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
4XLHUHVGHFLUDOJRHQSDUWLFXODU"
(VRHVH[DFWDPHQWHORTXHTXLHURGHFLU
7RGDYDQRKDVFRPSUHQGLGRORTXHTXLHUR
GHFLU"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

&LHUWRVDGMHWLYRV\VXVWDQWLYRVVHFRQYLHUWHQDXWRPWLFDPHQWHHQYHUERVDODDGLUOHVODVODEDpHQq7HPRVWUDPRVDTX
XQDOLVWDFRQPXFKRVGHHOORVDOJXQRVPX\LPSRUWDQWHV
$ZDNH
%ODFN
%ULJKW
%URDG
&KHDS
&KULVW
'DPS
'DUN
'HDG
'HDI
)ODW
)UHVK
+DUG
+DVWH
/HQJWK
/HVV
/LNH
/RRVH

GHVSLHUWR
QHJUR
EULOODQWH
DPSOLR
EDUDWR
-HVXFULVWR
KPHGR
RVFXUR
PXHUWR
VRUGR
SODQROODQR
IUHVFR
GXUR
SULVD
ORQJLWXG
PHQRV
VLPLODUD
RMR

7RDZDNHQ
7REODFNHQ
7REULJKWHQ
7REURDGHQ
7RFKHDSHQ
7RFKULVWHQ
7RGDPSHQ
7RGDUNHQ
7RGHDGHQ
7RGHDIHQ
7RDWWHQ
7RIUHVKHQ
7RKDUGHQ
7RKDVWHQ
7ROHQJWKHQ
7ROHVVHQ
7ROLNHQ
7RORRVHQ

GHVSHUWDU
HQQHJUHFHU
LOXPLQDUPV
DPSOLDU
TXLWDUOHYDORU
EDXWL]DU
KXPHGHFHU
RVFXUHFHU
DPRUWLJXDU
HQVRUGHFHU
DSODQDU
UHIUHVFDU
HQGXUHFHU
DSUHVXUDUVH
DODUJDU
GLVPLQXLU
FRPSDUDUDOJR
DRMDU

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&KDUOHVHVHODQWURSORJRPVIDPRVRGH(VWDGRV8QLGRV/RFX
ULRVRGHVXFDVRHVTXHDGPLWHTXHQLVLTXLHUDVDEDORTXHHUDOD
$QWURSRORJDFXDQGRHQWUHQOD8QLYHUVLGDG7HQDTXHKDFHUXQ
FXUVR HQ &LHQFLDV 6RFLDOHV \ HOLJL $QWURSRORJD 5HVXOW TXH DO
SURIHVRUOHDSDVLRQDEDVXWUDEDMR\IXHFDSD]GHWUDQVPLWLUHVWD
SDVLQ D VXV DOXPQRV &KDUOHV FDPEL VX SODQ GH FDUUHUD HQ HO
SULPHUPHV\GHVGHHQWRQFHVHVWXGL$QWURSRORJD

0RLVW
4XLFN
5LSH
6DG
6KDUS
6KRUW
6LFN
6RIW
6WUDLJKW
6WUHQJWK
6ZHHW
7KLFN
7KUHDW
7LJKW
7RXJK
:HDN
:KLWH
:LGH

KPHGR
USLGR
PDGXUR
WULVWH
DODGR
FRUWR
HQIHUPR
EODQGR
UHFWR
IXHU]D
GXOFH
HVSHVR
DPHQD]D
DSUHWDGR
GXUR
GELO
EODQFR
DQFKR

KXPHGHFHU
DFHOHUDU
PDGXUDU
HQWULVWHFHU
DODU
DFRUWDU
GDUUDELD
DEODQGDU
HQGHUH]DU
UHIRU]DU
HQGXO]DU
HVSHVDU
DPHQD]DU
DSUHWDU
HQGXUHFHU
GHELOLWDU
EODQTXHDU
HQVDQFKDU

&KDUOHV LV WKH PRVW IDPRXV DQWKURSRORJLVW LQ WKH 8QLWHG 6WDWHV
:KDWoVVWUDQJHDERXWKLVFDVHLVWKDWKHDGPLWVKHGLGQoWHYHQNQRZ
ZKDWDQWKURSRORJ\ZDVZKHQKHUVWZHQWWRWKHXQLYHUVLW\+H
KDGWRWDNHDFRXUVHLQVRFLDOVFLHQFHDQGKHFKRVHDQWKURSRORJ\
,W WXUQV RXW WKH SURIHVVRU ORYHG KLV SURIHVVLRQ DQG ZDV DEOH WR
FRQYH\KLVORYHWRRWKHUV&KDUOHVFKDQJHGKLVGHJUHHSODQLQWKH
UVWPRQWKDQGVWXGLHGDQWKURSRORJ\IURPWKHQRQ

(VWLPDGRDPLJR\DOXPQR2WUDYH]WHRIUH]FRXQSRHPDSHURHQVWHWLURSLHGUDVVREUHPLSURSLR
WHMDGRSXHVWRTXHHVWR\KDFLHQGRXQDFUWLFDDYHFHVGLUHFWD\DYHFHVYHODGDGHORVFROHFFLRQDEOHV
SDUDDSUHQGHULQJOV(QODVSULPHUDVHVWURIDVYHUV
TXH WUDWD VREUH DOJXLHQ TXH FUHH TXH DOJQ GD
(QEXVFDGHOLQJOV
GDU FRQ XQ PWRGR PLODJURVR FDSD] GH GRWDUOH GH
7LHQHTXHHVWDUDODYXHOWDGHODHVTXLQD
LQJOVVLQKDFHUQLQJQHVIXHU]R3RUWDQWRQRHVWR\
7LHQHTXHHVWDUFRQVRQULVDGHVSOHJDGD
FULWLFDQGR GHO WRGR HO FRQFHSWR GHO FROHFFLRQDEOH
$OOHVWDUHQVXIRUPDJHQXLQD
VLQRHQVHQGRWHTXHVORTXHQRGHEHVHVSHUDUGHO
(OLQJOVTXHQHFHVLWRHVSHUDQGRPLOOHJDGD
PLVPR&XDQGRODJHQWHPHSUHJXQWDVREUHPWRGRV
/RVIDVFFXORVTXHDQXQFLDQDERPER\SODWLOOR
VLHPSUH OHV GLJR TXH WRGRV YDOHQ VL HO DOXPQR OHV
&DGDPHGLDKRUDHQODWHOHYLVLQ
0HUHVROYHUQHOSUREOHPDFRPRDOGHGRHODQLOOR" GHGLFDKRUDVGHHVWXGLRUHDO(VWRHVYHUGDGHQ
SDUWH$OJXQRVPWRGRVVRQWDQDEXUULGRVRWDQSRFR
0HGDUHOLQJOVVLQGRORUQLLQFLVLQ"
SURIHVLRQDOHV TXH HV KDUWDPHQWH GLIFLO FRQVHJXLU
7LHQHTXHHVWDUDODYXHOWDGHODHVTXLQD
TXHHODOXPQRVHDQLPH\HVIXHUFH(OQXHVWURQR3RU
/DIUPXODPJLFDTXHEXVFRVLQSDUDU
OR WDQWR OHH HO SRHPD VREUH HO LOXVR GH WXUQR SHUR
6LHOLQJOVQRDSUHQGRVHUPLUXLQD
GHVSXVHVWXGLDHVWHFROHFFLRQDEOHKDVWDUHYHQWDU
$VTXHYHQJDEXHQLQJOVWHTXLHURGHFODUDU
7REHFRQWLQXHG

7RPRLVWHQ
7RTXLFNHQ
7RULSHQ
7RVDGGHQ
7RVKDUSHQ
7RVKRUWHQ
7RVLFNHQ
7RVRIWHQ
7RVWUDLJKWHQ
7RVWUHQJWKHQ
7RVZHHWHQ
7RWKLFNHQ
7RWKUHDWHQ
7RWLJKWHQ
7RWRXJKHQ
7RZHDNHQ
7RZKLWHQ
7RZLGHQ

5LFKDUG9DXJKDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
'HVFHQG
'HVFHQGHQW
'HVFULEH
'HVFULSWLRQ
'HVFULSWLYH
'HVHFUDWH
'HVHFUDWLRQ
'HVHUW
'HVHUWHU
'HVHUWLFDWLRQ
'HVHUWLRQ
'HVLJQDWH
'HVLJQDWLRQ
'HVLVW
'HVRODWH
'HVRODWLRQ
'HVSHUDWLRQ

'HVSRW
'HVSRWLF
'HVSRWLVP
'HVWDELOL]H
'HVWLQDWLRQ
'HVWLQ\
'HVWUR\
'HVWUXFWLRQ
'HVWUXFWLYH
'HWDLO
'HWHFW
'HWHFWLYH
'HWHFWRU
'HWHQWLRQ
'HWHUJHQW
'HWHULRUDWH
'HWHULRUDWLRQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

8QDKDELWDFLQSDUDHVWD $URRPIRUWKHQLJKWSOHDVH

QRFKHSRUIDYRU
&XQWRFXHVWDSRUQRFKH" +RZPXFKLVLWSHUQLJKW"
8QDKDELWDFLQLQGLYLGXDOR $VLQJOHURRPRUDGRXEOH

GREOH"
URRP"
&XOHVODGLIHUHQFLDHQHO :KDWLVWKHGLIIHUHQFHLQWKH

SUHFLR"
SULFH"
8QDKDELWDFLQGREOHFRQGXFKD$GRXEOHURRPZLWKVKRZHUIRU
SDUDWUHVQRFKHVSRUIDYRU
WKUHHQLJKWVSOHDVH

3XHGRYHUODKDELWDFLQ" &DQ,VHHWKHURRP"
&XQWDVKDELWDFLRQHVKD\HQ +RZPDQ\URRPVDUHWKHUHLQ
WKLVKRWHO"
HVWHKRWHO"
(VWLQFOXLGRHOGHVD\XQR" ,VEUHDNIDVWLQFOXGHG"
7LHQHVDOJRPVEDUDWR" 'R\RXKDYHVRPHWKLQJFKHDSHU"
0HSXHGHGDUODOODYHSRU &DQ\RXJLYHPHWKHNH\
SOHDVH"
IDYRU"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XLQHV"|$GHODQWH :KRLVLW"&RPHLQ
+D\DOJQPHQVDMHSDUDP" $UHWKHUHDQ\PHVVDJHVIRUPH"
$TXKRUDVHVLUYHODFRPLGD" :KDWWLPHGR\RXVHUYHOXQFK"
9XHOYDPVWDUGHSRUIDYRU &RPHEDFNODWHUSOHDVH
0HPDUFKRSXHGHVOLPSLDUOD ,oPOHDYLQJ\RXFDQFOHDQWKH

URRPQRZ
KDELWDFLQDKRUD

3RGUDVWUDHUXQDVWRDOODVDOD &RXOG\RXEULQJVRPHWRZHOV
WRURRPSOHDVH"
KDELWDFLQSRUIDYRU"
(VWDYH]DVHJUHVHGHTXH 7KLVWLPHPDNHVXUHWKH\oUH
FOHDQ
HVWQOLPSLDV
1HFHVLWDVTXHWHWUDLJDPRV 'R\RXQHHGXVWREULQJ\RX
DQ\WKLQJHOVH"
DOJRPV"
&XQWRPHFRVWDUDODSD] +RZPXFKZRXOGLQQHUSHDFH
DQGHWHUQDOKDSSLQHVVFRVWPH"
LQWHULRU\ODIHOLFLGDGHWHUQD"
0HWHPRTXHVORWHQJDPRV ,oPDIUDLGZHRQO\KDYHWRZHOV
WRDOODVMDEQ\SDSHOKLJLQLFR VRDSDQGWRLOHWSDSHUDWLQ
WKHPRUQLQJ
DODVGHODPDDQD

'URQH =QJDQR
%HH $EHMD

%XPEOHEHH $EHMRUUR
4XHHQ%HH $EHMDUHLQD
+RQH\ 0LHO

9RFDEXODULR%HHKLYH &ROPHQD
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

3XHGRGHMDUHVWRHQODFDMD &RXOG,OHDYHWKLVLQWKHVDIH"

IXHUWH"
7HLPSRUWDVLWHSUHJXQWRTXHV"'R\RXPLQGLI,DVNZKDWLWLV"
7HLPSRUWDUDVLWHGLMHUDTXHQR":RXOG\RXPLQGLI,VDLGpQRq"
0HKDFHQKDFHUHVWDVSUHJXQWDV7KH\PDNHPHDVNWKHVH
TXHVWLRQV
7HORGLUVLPHGHMDVLQYLWDUWH ,oOOWHOO\RXLI\RXOHWPHWDNH
\RXRXWWRGLQQHU
DFHQDU

7HQLVVHUYLFLRGHODYDQGHUD" 'R\RXKDYHDODXQGU\VHUYLFH"
7HQJRPDQFKDVGHWLQWDHQHO ,KDYHLQNVWDLQVRQP\VKLUW
FROODU
FXHOORGHPLFDPLVD
1HFHVLWRTXHDOJXLHQSODQFKH ,QHHGVRPHERG\WRLURQP\
WURXVHUV
PLVSDQWDORQHV
3RGUDGHVSHUWDUPHDODV &RXOG\RXZDNHPHXSDWHLJKW
SOHDVH"
RFKRSRUIDYRU"
$TXKRUDKD\TXHGHMDU :KDWoVWKHFKHFNRXWWLPH"
OLEUHODKDELWDFLQ"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

3XHGHVGHFLUDORVOLPSLDGRUHV &DQ\RXDVNWKHFOHDQHUV
TXHKDJDQPHQRVUXLGRHQORV WRPDNHOHVVQRLVHLQWKH
FRUULGRUV"
SDVLOORV"
$TXLQDYLVRVLKD\DOJQ :KRGR,FRQWDFWLIWKHUHDUH
DQ\SUREOHPV"
SUREOHPD"
1RTXHGDDJXDPLQHUDOHQHO 7KHUHoVQRPLQHUDOZDWHUOHIWLQ

WKHPLQLEDU
PLQLEDU
(OODYDERSDUHFHHVWDUDWDVFDGR 7KHVLQNVHHPVWREHEORFNHG
&PRSXHGREDMDUOD +RZFDQ,WXUQGRZQWKH
WHPSHUDWXUHRIWKHDLU
WHPSHUDWXUDGHODLUH
FRQGLWLRQLQJ"
DFRQGLFLRQDGR"

1RSXHGRGRUPLUHQFROFKRQHV,FDQoWVOHHSRQPDWWUHVVHVWKDW
TXHWLHQHQPXHOOHVGHQWUR
KDYHVSULQJVLQVLGH
1RHVSHUDEDXQDOLWHUDFXDQGR,ZDVQoWH[SHFWLQJDEXQNEHG
SHGXQDGREOH
ZKHQ,DVNHGIRUDGRXEOH
7HQLVXQDJDPDGHDOPRKDGDV"'R\RXKDYHDUDQJHRI
SLOORZV"
$TXFODVHGHDOPRKDGDV :KDWVRUWRISLOORZLV6LU

DFFXVWRPHGWR"
HVWDFRVWXPEUDGRHOVHRU"
6ORSXHGRGRUPLUPHVLWLHQHQ,FDQRQO\IDOODVOHHSLIWKH\
XQUHOOHQRGHSOXPDVGHSDWR KDYHGXFNIHDWKHUOOLQJ

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDZD\q 

3URQRPEUHV5HH[LYRV

7KH\PRYHGDZD\ODVW\HDU
.HHSRQHSXSS\DQGJLYHDZD\WKHUHVW
6HPXGDURQGHDTXHODRSDVDGR 4XGDWHFRQXQFDFKRUUR\UHJDODORV
GHPV
0RYHWKHWDEOHDZD\IURPWKHGRRU
$OHMDODPHVDGHODSXHUWD
0DNHDZLVKDQGORRNDZD\
3LGHXQGHVHR\PLUDHQRWUDGLUHFFLQ
<RXFDQoWWDNHDZD\P\GLJQLW\
1RSXHGHVTXLWDUPHODGLJQLGDG
+HSDVVHGDZD\DIWHUDORQJLOOQHVV
)DOOHFLGHVSXVGHXQDODUJDHQIHUPHGDG


3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VWVVHDOQGRWHDWLPLVPR
(VWR\HVFXFKQGRPHDPPLVPR
(VWDPRVDXWRHQVHQGRQRV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

5HSRUWHGVSHHFK 
$ODL]TXLHUGDWHQHPRVGRVGLORJRV\DODGHUHFKDVXVYHUVLRQHVHQXQHVWLORLQGLUHFWRQDUUDWLYR)MDWHFPRFDPELDHOWLHPSRGHORVYHUERV
3UDFWLFDOH\HQGRHQYR]DOWDDPEDVYHUVLRQHVODGLUHFWD\ODLQGLUHFWDDQGHDGTXLULUODPD\RUDJLOLGDGSRVLEOHFRQVXVIRUPDV\HVWUXFWXUDV
-RH
-LOO
-RH
-LOO
-RH
-LOO
-RH

+DYH\RXHYHUYLVLWHGWKH%ODFN)RUHVW"
,oYHVHHQLWIURPWKHDLUEXW,oYHQHYHUGULYHQWKURXJKLW
,KDYHDKRXVHWKHUH,ZRXOG\RXOLNHWRYLVLWWKHDUHD"
,oGORYHWRVHHLWEXW,GRQoWKDYHDQ\WLPHULJKWQRZ
:KHQDUH\RXSODQQLQJWRFRPHWR6WXWWJDUWDJDLQ"
,GRQoWNQRZ,WGHSHQGVRQ\RXUWHFKQLFDOGHSDUWPHQW
,oOOJHWLQWRXFKZLWKWKHPDQGWKHQJHWEDFNWR\RX

$QQD:LOO\RXEHDWWKHDLUSRUWWRSLFNPHXS"
.DUO 7KHZKROHIDPLO\ZLOOEHWKHUH
$QQD<RXPDNHPHIHHOOLNHDIRUHLJQGLJQLWDU\
.DUO :HoUHDOOORRNLQJIRUZDUGWRVHHLQJ\RX
$QQD%XWGR\RXUSDUHQWVUHPHPEHUPH"
.DUO 2IFRXUVHWKH\GR<RXoUHWKHLUIDYRXULWHQLHFH
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
'XUDQWHODJXHUUDGHHQWUH,QJODWHUUD\(VWDGRV8QLGRV6DP:LO
VRQGHVGH1HZ+DPSVKLUHDEDVWHFLDO(MUFLWRDPHULFDQRGHFDUQH
GHUHV(QHVRVPRPHQWRVQRVHVRODFRQRFHUD$PULFDFRPRp(VWD
GRV8QLGRVq 86 DVTXHFXDQGR6DPPDUFVXVEDUULOHVGHFDUQHFRQ
ODVLQLFLDOHV86HQJUDQGHQRWRGRHOPXQGRHVWDEDVHJXURGHORTXH
VLJQLFDEDQ&XDQGRXQLQVSHFWRUIHGHUDOSUHJXQWHOVLJQLFDGRGH
ODVLQLFLDOHVPDUFDGDVHQORVEDUULOHVXQYLJLODQWHVXJLULp&UHRTXH
VLJQLFD7R6DPq 8QFOH6DP 'HHVWDPDQHUDQDFLXQDOH\HQGD

-RHDVNHG-LOOLIVKHKDGHYHUYLVLWHGWKH%ODFN)RUHVWDQGVKHWROG
KLPWKDWVKHKDGVHHQLWIURPWKHDLUEXWWKDWVKHKDGQHYHUGULYHQ
WKURXJKLW-RHWROGKHUWKDWKHKDGDKRXVHWKHUHDQGDVNHGKHULI
VKHZRXOGOLNHWRYLVLWWKHDUHD-LOOVDLGWKDWVKHZRXOGORYHWREXW
WKDWVKHGLGQoWKDYHWLPHULJKWQRZ:KHQ-RHDVNHGKHULIVKHZDV
SODQQLQJWRFRPHWR6WXWWJDUWDJDLQVKHDQVZHUHGWKDWVKHGLGQoW
NQRZEHFDXVHLWGHSHQGHGRQKLVWHFKQLFDOGHSDUWPHQW-RHWROGKHU
WKDWKHZRXOGJHWLQWRXFKZLWKWKHPDQGWKHQJHWEDFNWRKHU
$QQD DVNHG .DUO LI KH ZRXOG SLFN KHU XS DW WKH DLUSRUW DQG .DUO
DQVZHUHG WKDW WKH ZKROH IDPLO\ ZRXOG EH WKHUH $QQD WROG KLP
WKDWLWPDGHKHUIHHOOLNHDIRUHLJQGLJQLWDU\DQG.DUOUHSOLHGWKDWDOO
RIWKHPZHUHORRNLQJIRUZDUGWRVHHLQJKHU$QQDDVNHGKLPLIKLV
SDUHQWVUHPHPEHUHGKHUDQGKHDVVXUHGKHUWKDWWKH\GLGDQGWKDW
VKHZDVLQIDFWWKHLUIDYRXULWHQLHFH

'XULQJWKH:DURIEHWZHHQ(QJODQGDQGWKH8QLWHG6WDWHV
6DP:LOVRQIURP1HZ+DPSVKLUHVXSSOLHGWKH$PHULFDQDUP\
ZLWKEHHI$PHULFDDWWKDWWLPHZDVQRWRIWHQUHIHUUHGWRDVWKH
p8QLWHG6WDWHVqVRZKHQ6DPPDUNHGKLVEDUUHOVRIDUP\PHDW
ZLWKDELJp86qQRWHYHU\RQHZDVVXUHZKDWLWPHDQW:KHQD
IHGHUDOLQVSHFWRUDVNHGDZDWFKPDQZK\p86qZDVPDUNHGRQ
WKHEDUUHOVWKHZDWFKPDQPDGHDJXHVVp,WKLQNLWPHDQV8QFOH
6DP7KXVZDVDOHJHQGPDGH

5LFKDUG9DXJKDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
'HWHUPLQDQW 'HWULPHQW
'HWHUPLQDWLRQ 'HYDOXDWLRQ
'HWHUHPLQH
'HYDOXH
'HWHUPLQVP
'HYDVWDWH
'HWHVW
'HYDVWDWLQJ
'HWHVWDEOH 'HYDVWDWLRQ
'HWKURQH
'HYLDWLRQ
'HWRQDWH
'HYLDWH
'HWRQDWLRQ
'HYRWH
'HWRQDWRU
'HYRWHG
'HWR[LFDWH
'HYRWLRQ
'HWR[LFDWLRQ
'HYRXU
'LDEHWHV
'HWUDFW
'LDEHWLF
'HWUDFWRU
'LDEROLFDO
'HWULPHQWDO


(VWLPDGRDPLJR\DOXPQR9DVDFRQYHUWLUPLPWRGRHQXQDGRUQRPVGHWXELEOLRWHFD"+HHVWDGRHQPX
FKDVFDVDVHQ(VSDD\UHFXHUGRKDEHUYLVWRPXFKRVFROHFFLRQDEOHVGHLQJOVGHFRUDUXQDHVWDQWHUD\VLHPSUH
KHSUHJXQWDGRp3XGLVWHDSUHQGHUDOJRFRQHVWHPWRGR"q/DUHVSXHVWDVLHPSUHKDVLGRODPLVPDp/HGHGL
TXXQRVPLQXWRVHQWRWDOq3XHVVLDOQDOXVDVHVWHPWRGR
FRPRXQDGRUQRPVGHWXELEOLRWHFDHVWDUVKDFLQGRWHXQ
(QEXVFDGHOLQJOV FRQW
DFRIDYRU1RPHJXVWDQRUPDOPHQWHSUHVXPLUSHURHVWR\FRQ
(VDWLDTXLHQTXLHURQRPHR\HVHOFRUD]yQ"
YHQFLGRGHTXHVHWUDWDGHOPHMRUPWRGRGHLQJOVMDPVSUHSD
'HVGHMRYHQWHEXVFRFRQRFKRPLODUWHV
3HURPLVHVIXHU]RVKDVWDKR\VyORWUDHQGHVD]yQ UDGRSDUDORVHVSDROHV7RGRVORVGHPVPWRGRVVHHODERUDQ
3RUTXpQRPHTXLHUHV"0HOHYDQWDVEDOXDUWHV HQ SDVHV GH KDEOD LQJOHVD SDUD XQD DXGLHQFLD SDQHXURSHD
$VHVWDQGDUL]DQORJUDQPD\RUHVHFRQRPDVGHHVFDOD\JDQDQ
+HKHFKRPLOFRVDVSDUDJDQDUWXDIHFWR
PXFKRPVGLQHUR/RVPWRGRVTXHKDVYLVWRHQHOSDVDGRVH
)DVFtFXORVOLEURV\&'VDPRQWRQHV
YHQGDQDOPLVPRWLHPSRHQ)UDQFLD,WDOLD3RORQLD\RWURVSDVHV
'HOLQJOpVSUHHURREYLDUDUTXLWHFWR
<FRQVWUXLUPLLQJOpVVREUHEXHQRVSRQWRQHV
HXURSHRV(OQXHVWURIUXWRGH9DXJKDQ6\VWHPV\GHJHQWHPX\
LOXVLRQDGDGH(/081'2HVWGLVHDGRHVSHFFDPHQWHSDUD
6HxDOGHPLDPRUHVPLELEOLRWHFD
WL\VLDOQDOQROHVDFDVSURYHFKRFROHFFLQDORKDVWDHOQDO\
&RQOLEURVSUHFLRVRV\HVWXFKHVGHFRORUHV
3HURPLLQJOpVVLJXHVLHQGRXQDSHVDGDKLSRWHFD JXUGDOREDMROODYH\HQEXHQDVFRQGLFLRQHV$VORSRGUVOHJDU
<ODVFROHFFLRQHVQRORJUDQTXLWDUPHORVGRORUHV DWXVKLMRVRDWXVQLHWRVSRUTXHORVYHUERVLUUHJXODUHVQRFDGX
7REHFRQWLQXHG FDQQLWDPSRFRORVEXHQRVPWRGRVGHDSUHQGL]DMH





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

|6RFRUUR +HOS
'QGHHVWODFRPLVDUD" :KHUHLVWKHSROLFHVWDWLRQ"
(UHVSROLFD" $UH\RXDSROLFHPDQ"
7HSXHGRD\XGDU" &DQ,KHOS\RX"
&XOHVWXSUREOHPD" :KDWLV\RXUSUREOHP"

1RKDEORPX\ELHQLQJOV ,GRQoWVSHDN(QJOLVKYHU\ZHOO
+D\DOJXLHQTXHKDEOHHVSDRO" 'RHVDQ\RQHVSHDN6SDQLVK"
(VWR\SHUGLGR ,oPORVW
'QGHQHFHVLWDVLU" :KHUHGR\RXQHHGWRJR"
&PRVHYDDOKRVSLWDO" +RZGR,JHWWRWKHKRVSLWDO"

+HDUVH &RFKHIQHEUH
8QGHUWDNHU 'LUHFWRUGHIXQHUDULD

&RUSVH &DGYHU

0RXUQHU 'ROLHQWH
&RIQ $WDG

9RFDEXODULR'HDWK /DPXHUWH
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XSDV" :KDWKDSSHQHG"
$OJXLHQLQWHQWUREDUPHHOEROVR6RPHRQHWULHGWRVWHDOP\EDJ
'QGHHVWDEDVFXDQGRHVWR :KHUHZHUH\RXZKHQWKLV

KDSSHQHG"
VXFHGL"
(VWDEDHQHOFDMHUR ,ZDVDWWKHFDVKPDFKLQH
(OKRPEUHLEDVRORRHVWDED:DVWKHPDQDORQHRUZLWK
VRPHERG\HOVH"
FRQDOJXLHQPV"

4XWHGLMR" :KDWGLGKHVD\WR\RX"
7TXFUHHV"0HGLMRTXHOH :KDWGR\RXWKLQN"+HWROGPH
WRJLYHKLPP\PRQH\
GLHUDPLGLQHUR
<VHORGLVWH" $QGGLG\RXJLYHLWWRKLP"
/HJROSHHQODFDUDFRQPLEROVR ,KLWKLPLQWKHIDFHZLWKP\EDJ
1RVVLHUHVYDOLHQWHR ,GRQoWNQRZLI\RXoUHEUDYHRU
VWXSLG
HVWSLGR

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

0HDPHQD]FRQXQFXFKLOOR +HWKUHDWHQHGPHZLWKDNQLIH
/HGLXQDSDWDGDHQVX]RQD ,NLFNHGKLPLQKLVYXOQHUDEOH

DUHD
YXOQHUDEOH
6HFD\DOVXHOR\HPSH]D +HIHOOWRWKHJURXQGDQG

VWDUWHGWRFU\
OORUDU
(QWRQFHVQRHUDXQODGUQ +HZDVQoWDQH[SHULHQFHGWKLHI
WKHQ
H[SHULPHQWDGR
1RPHH[WUDDUDVLIXHUDVX ,ZRXOGQoWEHVXUSULVHGLILWZHUH

KLVUVWDWWHPSWWRUREVRPHRQH
SULPHULQWHQWRGHUREDU

3XHGHTXHVHDXQGURJDGLFWR +HPLJKWEHDGUXJDGGLFW
1RFUHRKDEODEDFRQDFHQWR ,GRQoWWKLQNVRKHVSRNHZLWK
DSRVKDFFHQW
GHSLMR
4XVHVXSRQHTXHVLJQLFD :KDWoVWKDWVXSSRVHGWR
PHDQ"
HVR"
1LHUDODGUQQLWR[LFPDQR +HZDVQHLWKHUDWKLHIQRUD
GUXJDGGLFW
4XWHDSXHVWDV" 'R\RXZDQWDEHW"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

4XLHUHVGHQXQFLDUOH" 'R\RXZDQWWRUHSRUWKLP"
(QUHDOLGDGFUHRTXHKH $FWXDOO\,WKLQN,oYHFKDQJHG
P\PLQG
FDPELDGRGHRSLQLQ
4XDVSHFWRWHQD" :KDWGLGKHORRNOLNH"
0HUHFRUGD0DQROR(VFREDU +HUHPLQGHGPHRID\RXQJ
0DQROR(VFREDU
GHMRYHQ
7HUPLQFDQWQGRWHDOJR" 'LGKHHQGXSVLQJLQJ\RX
VRPHWKLQJ"

$OQDOPHGLRXQSRFRGH ,QWKHHQG,IHOWDELWVRUU\IRU

SHQLWD
KLP
/HUHFRJGHOVXHOR\OHPLU ,SLFNHGKLPXSRIIWKHJURXQG

MDPHQWH
DQGVWDUHGDWKLP
/HUH ,WROGKLPRII
/HDGYHUWTXHQRYROYLHVHD ,ZDUQHGKLPQRWWRGR

KDFHUQDGDSDUHFLGR
DQ\WKLQJOLNHWKLVDJDLQ
%LHQHVWORTXHELHQDFDED $OOoVZHOOWKDWHQGVZHOO



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDZD\q 

(DFK2WKHU

,SXVKHGKLPDZD\IURPWKHGRRU
/HDOHMGHODSXHUWDDHPSXMRQHV

<RXoUHZDVWLQJDZD\LQWKLVMRE
7HHVWVFRQVXPLHQGRHQHVWHWUDEDMR

'HFLPRVpHDFKRWKHUqSDUDH[SUHVDUpXQRD
RWURq

/HWPHZLSHDZD\WKHWHDUV
'HMDTXHWHVHTXHODVOJULPDV

6KHWXUQHGDQGZDONHGDZD\
(OODVHGLRODYXHOWD\VHIXH DQGDQGR 

7KHVWRUPZDVKHGWKHSLHUDZD\
/DWRUPHQWDVHOOHYHOHPEDUFDGHUR

+HoVDZD\RQEXVLQHVV
(VWIXHUDGHYLDMHGHQHJRFLRV


3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
1RVHVWDPRVPLUDQGR
2VHVWLVHVFULELHQGR"
1RVJXVWDPRV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(OXVRSURIHVLRQDOGHODVIHFKDV
$ORODUJRGHPLFDUUHUDSURIHVLRQDOKHLPSDUWLGRIRUPDFLQDGL
UHFWLYRV\SHUVRQDOGHHPSUHVDGHWRGRVORVQLYHOHVGHVGHSULQ
FLSLDQWHV KDVWD FDVL ELOLQJHV 3HUR FXULRVDPHQWH QR UHFXHUGR
DQLQJXQRTXHKD\DVDELGRPDQHMDUODVIHFKDVHQLQJOV(QXQ
FRQWH[WRSURIHVLRQDOODIRUPDPVFRUUHFWD\FRPQGHH[SUHVDU
XQDIHFKDHVSULPHURGHFLUHOGD\GHVSXVODIHFKD(Q(VSDD
0RQGD\WKHUVW WKHVW
7XHVGD\WKHVHFRQG WKHQG
:HGQHVGD\WKHWKLUG WKHUG
7KXUVGD\WKHIRXUWK WKHWK
)ULGD\WKHIWK WKHWK
6DWXUGD\WKHVL[WK WKHWK
6XQGD\WKHVHYHQWK WKHWK
0RQGD\WKHHLJKWK WKHWK
7XHVGD\WKHQLQWK WKHWK
:HGQHVGD\WKHWHQWK WKHWK
7KXUVGD\HOHYHQWK WKHWK

WDPELQVHKDFHDV6HGLFHHOOXQHVGDfHOMXHYHVGDfHO
PDUWHVGDHWF(QLQJOVKDFHPRVORPLVPRSHURXWLOL]DPRV
ORVQPHURVRUGLQDOHV SULPHURVHJXQGRWHUFHURHWF 'HEDMRGH
HVWDVOQHDVWHLQFOX\RXQPHVHQWHUR\WHUHFRPLHQGRTXHXQD
YH]DOGDUHSLWDVORVGDV\ODVIHFKDVTXHWHFLWRDQGHFRQVROL
GDUXQXVRFRUUHFWR\JLO

)ULGD\WKHWZHOIWK WKHWK
6DWXUGD\WKHWKLUWHHQWK WKHWK
6XQGD\WKHIRXUWHHQWK WKHWK
0RQGD\WKHIWHHQWK WKHWK
7XHVGD\WKHVL[WHHQWK WKHWK
:HGQHVGD\WKHVHYHQWHHQWK WKHWK
7KXUVGD\WKHHLJKWHHQWK WKHWK
)ULGD\WKHQLQHWHHQWK WKHWK
6DWXUGD\WKHWZHQWLHWK WKHWK
6XQGD\WKHWZHQW\UVW WKHVW

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
$FDERGHFRPSUDUPHXQSLVRQXHYRTXHFDVLQRUHTXLHUHJDVWRV
GHSXHVWDDSXQWR/DQLFDUHIRUPDTXHYR\DKDFHUHVHOEDR
9R\DTXLWDUODEDHUDHLQVWDODUXQMDFX]]L7DPELQYR\DLQVWDODU
XQDGXFKDDVFRPRXQDHQFLPHUDODUJDFRQGRVODYDERV)LQDO
PHQWHYR\DSRQHUHQHOVXHORXQDPRTXHWDHVSHFLDOVXDYHSDUD
ORVSLHV\TXHVHVHTXHUSLGDPHQWH|$KSRUFLHUWRHOMDFX]]LHV
SDUDGRV7HJXVWDUDXQLUWH\SUREDUORDOJXQDYH]"

0RQGD\WKHWZHQW\VHFRQG WKHQG
7XHVGD\WKHWZHQW\WKLUG WKHUG
:HGQHVGD\WKHWZHQW\IRXUWK WKHWK
7KXUVGD\WKHWZHQW\IWK WKHWK
)ULGD\WKHWZHQW\VL[WK WKHWK
6DWXUGD\WKHWZHQW\VHYHQWK WKHWK
6XQGD\WKHWZHQW\HLJKWK WKHWK
0RQGD\WKHWZHQW\QLQWK WKHWK
7XHVGD\WKHWKLUWLHWK WKHWK
:HGQHVGD\WKHWKLUW\UVW WKHVW

,oYHMXVWERXJKWDQHZDWWKDWZRQoWUHTXLUHKDUGO\DQ\H[WUD
H[SHQVHWRJHWXSDQGUHDG\7KHRQO\WKLQJ,oPJRLQJWRGRLV
UHPRGHOWKHEDWKURRP,oPJRLQJWRKDYHWKHEDWKWXEUHPRYHG
DQGDMDFX]]LLQVWDOOHG,oPDOVRJRLQJWRKDYHDVKRZHUVWDOOSXW
LQDVZHOODVDORQJFRXQWHUZLWKWZREDVLQV)LQDOO\,oPJRLQJ
WR KDYH WKH RRU FDUSHWHG ZLWK D VSHFLDO PDWHULDO VRIW WR WKH
IHHWDQGWKDWGULHVTXLFNO\2KE\WKHZD\WKHMDFX]]LLVIRUWZR
SHRSOH:RXOG\RXOLNHWRMRLQPHDQGWU\LWRXWVRPHWLPH"

5LFKDUG9DXJKDQ

'LDWULEH

'LIIHUHQWLDO


(VWLPDGRDPLJR\DOXPQR0XFKDJHQWHEXVFDFRPRQXHVWURDPLJRGHOSRHPDXQDVROXFLQH[WHUQDDVX 0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
SUREOHPDFRQHOLQJOV&UHHTXHXQPWRGRXQDDFDGHPLDRXQSURIHVRUOHYDQDGDUORTXHQHFHVLWD1R
VHOHRFXUUHSHQVDUTXHODVROXFLQGHQLWLYDHVWGHQWUR
'LDGHP
'LFKRWRP\
GHXQRPLVPR9R\DUHSHWLUDOJRTXHKHGLFKRGHFLHQIRU 'LDJQRVH 'LFWDSKRQH
(QEXVFDGHOLQJOV FRQW
PDVGLIHUHQWHVDWUDYVGHHVWDVFKDVQDGLHVHKDFHFRQ 'LDJQRVLV
'LFWDWH
3HURWLHQHTXHHVWDUDODYXHOWDGHODHVTXLQD
XQEXHQQLYHOGHRWURLGLRPDVLQGHGLFDUOHHQWUHGRV\WUHV 'LDJRQDO
'LFWDWRU
(VWiVDKtEXHQDPLJR"7HKHHQFRQWUDGRSRUQ"
PLO KRUDV GH HVWXGLR \ XVR HQ VLWXDFLRQHV SUFWLFDV +D\ 'LDJUDP 'LFWDWRULDO
$KRUDGR\FODVHVFRQXQDSURIHVRUDQHR\RUTXLQD
PWRGRVPHMRUHVTXHRWURVSHURWRGRVSURGXFHQEXHQRV
'LFWDWRUVKLS
'LDO
3DUDDYDQ]DUWDQUiSLGRFRPRHQHODJXDHOGHOItQ
UHVXOWDGRVVLHODOXPQROHVGHGLFDODVKRUDVUHFRPHQGDGDV
'LFWLRQ
'LDOHFW
'RVKRUDVSRUVHPDQDHQFODVHLQGLYLGXDO
6LQHPEDUJRQRORKDFH\HVWROHFRQYLHUWHHQXQDOXPQR 'LDOHFWLFDO 'LFWLRQDU\
6yORHOOD\\R\HOOLEURGHJUDPiWLFD
'LGDFWLF
HWHUQRTXHVHOLPLWDDKDFHULQFXUVLRQHVSXQWXDOHVGHSRFD 'LDORJXH
1HFHVLWRXQSURJUHVRPXFKRPiVTXHJUDGXDO
'LHVHO
'LDO\VLV
PRQWDHQEXVFDGHXQDVROXFLQ$OQDOVXIDOWDGHGHGL
8QDYDQFHGHYHUGDGQRGHIRUPDHVWiWLFD
'LDPHWHU
'LHW
FDFLQ\WUDEDMR\ODEVTXHGDFRQVWDQWHGHXQDVROXFLQ
3HURHOFDPELRQRYLHQHHVWR\GHVFRQFHUWDGR
'LDPRQG
'LHWDU\
H[WHUQDEHQHFLDQDOVHFWRUGHODHQVHDQ]DGHLGLRPDV
1LSURIHVQLOLEURVPHGDQORTXHTXLHUR
'LIIHU
1RVDFDEDDSRUWDQGRPXFKRGLQHURSRUTXHHODOXPQRQR 'LDSKUDP
(VWDUpDOQDOPX\SRFRFDSDFLWDGR
'LDUUKHD
'LIIHUHQFH
SDUHFHHQWHUDUVHTXHODVFRVDVYDOLRVDVHQODYLGDVORVH
3DUDFRQWURODUHVWDQDYHFRPRXQEXHQQDYLHUR"
'LDU\
'LIIHUHQW
7REHFRQWLQXHG FRQVLJXHQDWUDYVGHPXFKRHVIXHU]R





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

$TXHVWDPRV +HUHZHDUH
VWDHVPLFDVD 7KLVLVP\KRPH
(VXQDFDVDEHOOD ,WoVDEHDXWLIXOKRXVH
VWHHVPLSDGUH\VDHVPL 7KLVLVP\IDWKHUDQGWKDWoVP\

PDGUHHQHOMDUGQ
PRWKHULQWKHJDUGHQ
+RODHQFDQWDGRGHFRQRFHUOH +HOORSOHDVHGWRPHHW\RX

%LHQYHQLGRDQXHVWUDFDVD :HOFRPHWRRXUKRXVH
9PRQRVDOVDOQ /HWoVJRWRWKHOLYLQJURRP
4XLHUHVXQDEHELGD" 'R\RXZDQWDGULQN"
7LHQHVZKLVN\" 'R\RXKDYHDQ\ZKLVNH\"
1REHEHPRVHVDVFRVDVHQ :HGRQoWGULQNWKRVHWKLQJVLQ
WKLVIDPLO\
HVWDIDPLOLD

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XKDFHWXQRYLR" :KDWGRHV\RXUER\IULHQGGR"
3RUTXQROHSUHJXQWDVDO" :K\GRQoW\RXDVNKLP"+H

NQRZVKRZWRVSHDN
6DEHKDEODU
0LKLMDPHGLMRTXHHUHVDUWLVWD 0\GDXJKWHUWROGPHWKDW
\RXoUHDQDUWLVW
4XFODVHGHFRVDVWHJXVWD :KDWNLQGRIWKLQJVGR\RXOLNH
WRSDLQW"
SLQWDU"
/DVSDUHGHVVRQPLHVSHFLDOLGDG:DOOVDUHP\VSHFLDOLW\

'LOHDWXPDGUHTXHYHQJDDTX 7HOO\RXUPRWKHUWRFRPHKHUH
7HQGUVTXHJULWDUHVWXQ <RXoOOKDYHWRVKRXWVKHoVD
OLWWOHGHDIWKHVHGD\V
SRFRVRUGDHVWRVGDV
4XGHFD\R" :KDWZDV,VD\LQJ"
'HTXHVWEDPRVKDEODQGR" :KDWZHUHZHWDONLQJDERXW"
(QTX8QLYHUVLGDG :KLFK8QLYHUVLW\GLG\RXVWXG\
DW"
HVWXGLDVWH"

*RG 'LRV
:LQJV $ODV

+DUS $USD
$QJHO QJHO

&ORXG 1XEH

9RFDEXODULR+HDYHQ 3DUDVR
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&XQWRWDUGDVWHHQWHUPLQDU +RZORQJGLGLWWDNH\RXWR

QLVK\RXUGHJUHH"
ODFDUUHUD"
3XHGHVGHMDUGHKDFHUOH &DQ\RXVWRSDVNLQJKLPVR

PDQ\TXHVWLRQV"
WDQWDVSUHJXQWDV"
6ORLQWHQWRURPSHUHOKLHOR ,oPMXVWWU\LQJWREUHDNWKHLFH

DOLWWOH
XQSRFR
+DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW

WHOOLQJDMRNH"
FRQWDUXQFKLVWH"
1XQFDPHDFXHUGRGHQLQJQ ,FDQQHYHUUHPHPEHUDQ\

MRNHV
FKLVWH

'HWRGRVPRGRVTXRVWUDH $Q\ZD\ZKDWLVLWWKDWEULQJV
\RXKHUHWRGD\"
SRUDTXKR\"
/OHYLVVLJORVVLQYLVLWDUQRV <RXKDYHQoWYLVLWHGXVLQDJHV
7RPTXHUDSUHJXQWDUWHDOJR 7RPZDQWHGWRDVN\RX
VRPHWKLQJLVQoWWKDWULJKW7RP"
QRHVFLHUWR7RP"
3DUHFHTXHKXELHUDVYLVWRXQ <RXORRNDVLI\RXKDGVHHQD
JKRVW
IDQWDVPD
3XHGHTXHVHDPHMRUKDEODUOR ,WPLJKWEHEHWWHUWRWDONDERXW
LWODWHU
GHVSXV

0LGGOH$GYDQFHG
3RUTXKDVHPSH]DGRD :K\KDYH\RXEHJXQWR
VWXWWHU"
WDUWDPXGHDU"
1RVXHORSRQHUPHWDQQHUYLRVR ,GRQoWXVXDOO\JHWVRQHUYRXV
+HYHQLGRSDUDSHGLUOHOD ,oYHFRPHWRDVN\RXIRU\RXU
GDXJKWHUoVKDQGLQPDUULDJH
PDQRGHVXKLMD
(VSHURTXHQRHVWHVSHUDQGR,KRSHVKHoVQRWH[SHFWLQJD
EDE\
XQEHE
0VYDOHTXHQRHVWV <RXoGEHWWHUQRWEHSUHJQDQW
HPEDUD]DGD

)RU(QJOLVKVXSHUVWDUVRQO\
(OODVLJQLFDPXFKVLPRSDUDP6KHPHDQVWKHZRUOGWRPH
9HQJDSDSHVXQEXHQ &RPHRQGDGKHoVDJRRG
SDUWLGR
FDWFK
&ODURTXHV|\\RVR\ 2IFRXUVHKHLVDQG,oP/LWWOH
&DSHUXFLWD5RMD
5HG5LGLQJ+RRG
<DQRDJXDQWRPVHVWR ,FDQoWWDNHWKLVDQ\PRUH
,QGHSHQGLHQWHPHQWHGHORTXH5HJDUGOHVVRIZKDW\RXVD\
GLJDVQRVYDPRVDFDVDU
ZHoUHJRLQJWRWLHWKHNQRW



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpRYHUq 

3KUDVDO9HUE7R*HW/RVW

7KHVWRUPEOHZRYHU
:K\GRQoW\RXFRPHRYHUWKLVHYHQLQJ"
/DWRUPHQWDSDVVLQGHVFDUJDU 3RUTXQRYHQVDQXHVWUDFDVDHVWDQRFKH"
%ULQJLWRYHUWRP\KRXVH
7UHORDPLFDVD

7KH\EXLOWWKHFLW\RYHUWKHUXLQVRIWKHIRUXP
(GLFDURQODFLXGDGVREUHODVUXLQDVGHOIRUR

7KH\FDPHRYHUWRRXUVLGH
6HSDVDURQDQXHVWUREDQGR

7KHFDUFXWRYHULQIURQWRIPH
(OFRFKHVHPHWLGHODQWHGHP

&DVLQXQFDWUDGXFLPRVpPHSHUGqSRUp,ORVW
P\VHOIq/DWUDGXFFLQPVFRUUHFWDHVp,JRW
ORVWq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
0HSHUGHQORVEDUULRVSREUHVGH%DUFHORQD
1RVSHUGLPRVFXDQGRLQWHQWDPRVFRJHUXQ
DWDMR
|'MDPHHQSD]
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KHSDVVLYHYRLFH

/DYR]SDVLYDVHXVDHQLQJOVPHQRVTXHODYR]DFWLYDDXQTXHGHKHFKRVHUHFRPLHQGDLQWHQWDUXVDUODYR]DFWLYDHQWRGRPRPHQWRSXHVWRTXH
HVXQPWRGRPVGLUHFWR\UHVROXWLYR(VPHMRUGHFLUSRUHMHPSORp:HPDGHWKHGHFLVLRQWRFDQFHOWKHSURMHFWqTXHVXHTXLYDOHQWHHQSDVLYD
p7KHGHFLVLRQZDVPDGHWRFDQFHOWKHSURMHFWq6LQHPEDUJRODYR]SDVLYDHVODTXHVXHOHXVDUVHFXDQGRQRVHPHQFLRQDHODFWRURFXDQGRHV
LUUHOHYDQWHVDEHUTXLQHVHODFWRU3RUHMHPSORp6SDLQZDVFRQVLGHUHGDVHFRQGUDWHSRZHULQWKHWKFHQWXU\q$FRQWLQXDFLQWHRIUH]FROD
SRVLELOLGDGGHHVWXGLDUODYR]SDVLYDHQWRGRVORVWLHPSRVYHUEDOHV(QHVWRVFDVRVVDEHUTXLQHVHODFWRUHVORTXHPHQRVLPSRUWD
$FWLYHYRLFH
6RPHRQHLVGRLQJLWQRZ
6RPHRQHGRHVLWHYHU\GD\
6RPHRQHZDVGRLQJLWZKHQ,DUULYHG
6RPHRQHGLGLW\HVWHUGD\
6RPHRQHFDQGRLW
6RPHRQHZLOOGRLWWRPRUURZ
:KHQLVVRPHRQHJRLQJWRGRLW"
6RPHRQHKDVGRQHLW
6RPHRQHZRXOGGRLWLIWKHUHZHUHPRUHPRQH\
6RPHRQHPD\GRLWEXW,oPQRWVXUH
6RPHRQHPD\KDYHGRQHLW\HVWHUGD\EXW,oPQRWVXUH
6RPHRQHPXVWGRLW
6RPHRQHKDVWRGRLW
6RPHRQHVKRXOGGRLWDVVRRQDVSRVVLEOH
6RPHRQHPXVWKDYHGRQHLW
6RPHRQHFRXOGKDYHGRQHLW,WoVQRWLPSRVVLEOHWRGR
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
|(VWR\PXHUWRGHFDQVDQFLR0HOHYDQWHVWDPDDQDDODV
SDUDFRJHUHOYXHORGHODVD%DUFHORQD7XYHGRVUHXQLRQHV\
GHVSXVXQDODUJDFRPLGDGHQHJRFLRVFRQGRVSURYHHGRUHV/OH
JXDODHURSXHUWRGH%DUFHORQDDODVSHURWXYHTXHHVSHUDU
KDVWDODVSDUDFRJHUXQYXHOR$KRUDPLVPRVRQODV\
DFDERGHHQWUDUHQFDVD0LPXMHUHVWGRUPLGDGHODQWHGHOWHOH
YLVRU\PLFHQDHVWHQFLPDGHOPLFURRQGDVHQIULQGRVH

3DVVLYHYRLFH
,WoVEHLQJGRQHQRZ
,WoVGRQHHYHU\GD\
,WZDVEHLQJGRQHZKHQ,DUULYHG
,WZDVGRQH\HVWHUGD\
,WFDQEHGRQH
,WoOOEHGRQHWRPRUURZ
:KHQLVLWJRLQJWREHGRQH"
,WoVEHHQGRQH
,WZRXOGEHGRQHLIWKHUHZHUHPRUHPRQH\
,WPD\EHGRQHEXW,oPQRWVXUH
,WPD\KDYHEHHQGRQHEXW,oPQRWVXUH
,WPXVWEHGRQH
,WKDVWREHGRQH
,WVKRXOGEHGRQHDVVRRQDVSRVVLEOH
,WPXVWoYHEHHQGRQH
,WFRXOGKDYHEHHQGRQH,WoVQRWLPSRVVLEOHWRGR

,oPGHDGWLUHG,JRWXSDWDPWKLVPRUQLQJWRFDWFKWKH
LJKWWR%DUFHORQD,KDGWZRPHHWLQJVDQGWKHQDORQJEXVLQHVV
OXQFKZLWKWZRVXSSOLHUV,JRWWRWKH%DUFHORQDDLUSRUWDW
EXWKDGWRZDLWXQWLOWRJHWDLJKWRXW,WoVULJKWQRZ
DQG,MXVWZDONHGLQWKHGRRU0\ZLIHLVDVOHHSLQIURQWRIWKH79
DQGP\GLQQHULVRQWRSRIWKHPLFURZDYHJHWWLQJFROG

3DUDTXHHOPpWRGRPHFXQGD\PHPDUTXHHOWUD\HFWR

)LQ

5LFKDUG9DXJKDQ

'LJQLWDU\
'LJUHVVLRQ

'LRGH
'LR[LGH


(VWLPDGRDPLJR\DOXPQR(QHOSRHPDHOVHRUGLFHTXHHOPWRGRHVUHYROXFLRQDULRTXHKDVLGRHOD
0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
ERUDGRSRUXQHTXLSRGHH[SHUWRVTXHJDUDQWL]DUHVXOWDGRV\TXHUHJDODXQGLFFLRQDULR7HVXHQDHVWD
FDQFLyQ"(Q9DXJKDQQRWHUHJDODPRVXQGLFFLRQDULR
'LIIHUHQWLDWH 'LODSLGDWHG
(QEXVFDGHOLQJOV FRQW
SRUTXHHVWRQRD\XGDDTXHDSUHQGDVLQJOV1RGH 'LIIHUHQWLDWLRQ
'LODWH
FLPRVTXHVHWUDWDGHXQPWRGRUHYROXFLRQDULRSRU
3HURWLHQHTXHHVWDUDODYXHOWDGHODHVTXLQD
'LIFXOW
'LODWLRQ
TXHQRH[LVWHQWDOHVPWRGRV(OQLFRPWRGRUHYR
(QODSUy[LPDHVTXLQDDKtWLHQHTXHHVWDU
'LOHPPD
'LIFXOW\
OXFLRQDULRHVWXSURSLDIXHU]DGHYROXQWDG7DPSRFR
(QODWHOHDQXQFLDQXQDUHFHWDJHQXLQD
'LOLJHQFH
'LIIXVH
4XHPXFKRGLQHURQRPHYDDFRVWDU
WH JDUDQWL]DPRV UHVXOWDGRV SRUTXH QR FRQWURODPRV
'LOLJHQW
'LIIXVLRQ
QL PDQHMDPRV WX PRWLYDFLQ \ HVIXHU]R /R QLFR
'LOXWH
'LJHVW
'HVFULEHQXQPpWRGRWRWDOPHQWHUHYROXFLRQDULR
'LOXWLRQ
'LJHVWLRQ
TXHWHRIUHFHPRVVRQSJLQDVGHPWRGR
(ODERUDGRFRQFXLGDGRSRUXQHTXLSRGHH[SHUWRV
'LPHQVLRQ
'LJHVWLYH
*DUDQWL]DQUHVXOWDGRV\UHJDODQXQGLFFLRQDULR
KRUDV GH DXGLR \  KRUDV GH YGHR WRGR GHQWUR GH
'LPLQLVK
'LJLWDO
<DUPDQYHUGDGHVTXHVRQJUDQGHVDFLHUWRV
XQDOJLFD\XQHVWLORLQPHMRUDEOHVIUXWRGHDRV
'LJLWDOL]H
'LPLQXWLYH
HQVHDQGRLQJOVDHVSDROHV(OHTXLSRGHH[SHUWRV
$KtYR\FRQPLVFXDUWRVDFRPSUDUHOLQYHQWR
'LJQLI\
'LQRVDXU
VRPRV\R\XQRVPV3HURHO[LWRYDDGHSHQGHU
&RQWDSDV\ORPRVGHEHOORDVSHFWR
'LJQLW\
'LRFHVH
+D\HVWDQWHVWRGDYtDHQPLSHTXHxRDSDUWDPHQWR
GHXQDVRODSHUVRQD<HVDSHUVRQDHUHVW





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

%XHQRVGDV +DVWDODVGH *RRG0RUQLQJ



ODPDDQD
%XHQDVWDUGHV 'HVSXVGHODV *RRG$IWHUQRRQ

\KDVWDTXHRVFXUHFH
%XHQDVWDUGHV 'HVSXVGH *RRG(YHQLQJ

TXHRVFXUH]FD
%XHQDVQRFKHV $QWHVGHLUD *RRG1LJKW

ODFDPD
|2JDSRUIDYRU ([FXVHPH

7HQJRKDPEUH ,oPKXQJU\
7LHQHVVHG" $UH\RXWKLUVW\"
1RWHQJRPXFKRFDORU ,oPQRWYHU\KRW
7HQHPRVPXFKRIUR :HoUHYHU\FROG
&XQWRVDRVWLHQHHOOD" +RZROGLVVKH"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

0HSXHGHVUHFRPHQGDUXQ &DQ\RXUHFRPPHQGDJRRG
EXHQUHVWDXUDQWH"
UHVWDXUDQW"
4XHUDUHVHUYDUXQDPHVD ,oGOLNHWRERRNDWDEOHIRUWZR

SDUDGRVSHUVRQDV
SHRSOH
0HSXHGHVGDUODFDUWDSRU &RXOG\RXJLYHPHWKHPHQX

IDYRU"
SOHDVH"
+D\SODWRGHOGD" ,VWKHUHDGLVKRIWKHGD\"
<RYR\DWRPDUHVWR ,oOOKDYHWKLV

7HQLVXQPHQGHOGD" 'R\RXKDYHDVHWSULFHPHQX"
+D\DOJQSODWRYHJHWDULDQR" $UHWKHUHDQ\YHJHWDULDQ
GLVKHV"
&RQTXYLHQHHOELVWHF" :KDWGRHVWKHVWHDNFRPHZLWK"
3RFRKHFKRPHGLRKHFKRR 5DUHPHGLXPUDUHRUZHOO
ELHQKHFKR"
GRQH"
&XQWRVXHOHGHMDUODJHQWH +RZPXFKGRSHRSOHXVXDOO\
GHSURSLQDDTX"
WLSKHUH"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

(VWRQRHVORTXHKHSHGLGR 7KLVLVQoWZKDW,RUGHUHG
4XLHURKDFHUXQDUHFODPDFLQ ,ZDQWWRPDNHDFRPSODLQW
/OHYDPRVPXFKRWLHPSR :HoYHEHHQZDLWLQJIRUDYHU\

ORQJWLPH
HVSHUDQGR
3RGUDKDEODUFRQHOHQFDUJDGR&RXOG,VSHDNWRWKHPDQDJHU
SOHDVH"
SRUIDYRU"
4XLHURTXHPHGHYXHOYDQHO ,ZDQWP\PRQH\EDFN

GLQHUR

6R\DOUJLFRDOPDULVFR ,oPDOOHUJLFWRVKHOOVK
&RQWLHQHFDFDKXHWHV" 'RHVLWFRQWDLQSHDQXWV"
(OKJDGR\ORVULRQHVQRPH /LYHUDQGNLGQH\VGRQoWDJUHH
ZLWKPH
VLHQWDQELHQ
1RSXHGRFRPHUKXHYRVFUXGRV ,FDQoWHDWUDZHJJV
(VWRHVDVTXHURVR 7KLVLVGLVJXVWLQJ

*URXVH 8URJDOOR
7XUNH\ 3DYR
4XDLO &RGRUQL]
3DUWULGJH 3HUGL]
&KLFNHQ 3ROOR

9RFDEXODULR)RZO $YH
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

0LHQKRUDEXHQDDOFRFLQHUR 0\FRPSOLPHQWVWRWKHFKHI
(VHOSODWRPVH[TXLVLWRTXH ,WoVWKHPRVWH[TXLVLWHGLVK,oYH
WULHGLQ\HDUV
KHSUREDGRHQDRV
(VXQSRFRFDULOORHVWHVLWLRQR",WoVDELWSULFH\WKLVSODFHLVQoWLW"
7LHQHHQFDUJDGRGHOJXDUGDUURSD,WKDVDFORDNURRPDWWHQGDQW
DQGDZLQHZDLWHU
\VXPLOOHU
7DPELQHVODSULPHUDYH]TXH ,WoVDOVRWKHUVWWLPH,oYH
VHHQDUHVWDXUDQWZLWKYDOHW
KHYLVWRXQUHVWDXUDQWHFRQ
SDUNLQJ
VHUYLFLRGHDSDUFDPLHQWR


$OJXLHQWLHQHXQVDFDFRUFKRV" 'RHVDQ\ERG\KDYHD
FRUNVFUHZ"
(VWHYLQRWLHQHVDERUDFRUFKR 7KLVZLQHLVFRUNHG
(VXQYLQRGHODFRVHFKDGH ,WoVDYLQWDJHZLQHIURP
6HKDJXDUGDGRHQEDUULFDVGH ,WoVEHHQNHSWLQRDNFDVWVIRU
\HDUV
UREOHGXUDQWHDRV
1RKD\TXHSHUGHUVHHVWH 7KLVUHVWDXUDQWLVDPXVW
UHVWDXUDQWH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpRYHUq 
'RLWRYHU
9XHOYHDKDFHUOR

3KUDVDO9HUE7R7KURZ$ZD\
7KH\IHOORYHUWKHPVHOYHVWRKHOSXV
6HSUHVWDURQDD\XGDUQRVFRQPXFKD
HQHUJD

7KH\GURYHRYHUWRRXUKRXVH
9LQLHURQDQXHVWUDFDVD HQFRFKH  ,KDYHWRGRLWDOORYHUDJDLQ
7HQJRTXHYROYHUDWUV\KDFHUORGHQXHYR
+HIHOORYHUWKHUDLOLQJ
6HFD\SRUODEDUDQGLOOD
7KH/HDQLQJ7RZHURI3LVDLVIDOOLQJRYHU
/D7RUUHLQFOLQDGDGH3LVDVHFDH

7KHUHWREH
+D\KDEDKDEUKDEUDSDUHFHKDEHUSXHGHTXHKD\DfHWF(Q
LQJOVQXHVWUDIRUPDSDUDH[SUHVDUORPLVPRHVFRQODSDODEUD
pWKHUHq\XQDFRQMXJDFLQGHOYHUERpWREHq7KHUHLVWKHUHDUH
WKHUHZDVfWKHUHZHUHfWKHUHKDYHEHHQfWKHUHVKRXOGEHfWKHUH

6LJQLFDpWLUDUqHQHOVHQWLGRGHTXLWDUGHHQ
PHGLRRGHWLUDUDODEDVXUD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
1RWLUHVHVRVSHULGLFRV
&XQGRYDVDWLUDUHVWDEDVXUD"
7LUWRGDPLURSDYLHMD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

PD\KDYHEHHQfWKHUHPXVWEHfHWF$FRQWLQXDFLQOHHHQYR]
DOWDHOSUUDIRGHDEDMRXQDYH]DOGDGXUDQWHXQDR7DUGDUV
GRVPLQXWRVHQKDFHUORSHURFRQVROLGDUVXQJLOGRPLQLRGHOD
HVWUXFWXUD

7KHUHKDYHEHHQDORWRIFRPSODLQWVODWHO\DERXWWKHQHZVHUYLFHV\VWHP7KHUHPXVWKDYHEHHQDWOHDVWWKLUW\FRPSODLQWV\HVWHUGD\
7KHUHZHUHQoWDQ\FRPSODLQWVZLWKWKHROGV\VWHP7KHUHoVDSHUVRQRQWKHSKRQHULJKWQRZFRPSODLQLQJDERXWLWDQGWKHUHZHUHWKUHH
SHRSOHRQWKHOLQHYHPLQXWHVDJRPDNLQJWKHVDPHFRPSODLQWV7KHUHGRHVQoWDSSHDUWREHDVROXWLRQIRUWKHPRPHQWVR,H[SHFW
WKHUHZLOOEHDORWRIFRPSODLQWVLQWKHIXWXUH7KHUHZRXOGQoWEHVRPDQ\FRPSODLQWVQRZLIWKHUHKDGEHHQDEHWWHUFRQWUROV\VWHP
GXULQJWKHGHVLJQVWDJH%XWVLQFHWKHUHZDVQoWDVWULFWFRQWUROV\VWHP,oPVXUHWKHUHDUHJRLQJWREHDORWRIFRPSODLQWVRYHUWKHQH[W
IHZPRQWKV1H[WZHHNWKHUHZLOOEHDPHHWLQJEHWZHHQWKHGHVLJQHUVDQGWKHVHUYLFHSHUVRQQHO7KHUHZLOOEHDUJXPHQWVGHIHQGLQJ
WKHROGV\VWHPDQGDUJXPHQWVGHIHQGLQJWKHQHZRQH2QHWKLQJ,oPVXUHRILVWKDWWKHUHZRQoWEHDQDOGHFLVLRQPDGHXQWLOWKHUH
LVDQDJUHHPHQWUHDFKHGDWWKHWRSPDQDJHPHQWOHYHO7KHUHoVEHHQDORWRIPRQH\VSHQWLQFKDQJLQJWKHV\VWHPDQGWKHUHZLOOEH
DORWRIUHVLVWDQFHWRFKDQJLQJEDFNWRWKHROGRQH7KHUHoVDQROGVD\LQJWKDWJRHV:KHUHWKHUHoVDZLOOWKHUHoVDZD\DQG,oPVXUH
WKHUHZLOOEHDVWURQJHIIRUWPDGHWRFRUUHFWWKHGHIHFWVLQWKHQHZV\VWHP7KHUHoVJRWWREHDZD\WRPDNHLWZRUNEHWWHUDQGWKHUH
DUHDORWRIJRRGGHVLJQHUVKHUHFDSDEOHRIPDNLQJLWZRUNEHWWHUVRWKHUHoVVWLOOKRSHWKDWWKHUHZLOOEHDQDOVROXWLRQVDWLVIDFWRU\WR
DOOLQYROYHG
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
3RGUDVHQFRQWUDUDDOJXLHQHQODRFLQDTXHVHRFXSHGHHVWH
WHPD"(VVHQFLOORSHURVHWDUGDPXFKRWLHPSR\\RQHFHVLWRWHU
PLQDUHVWDSURSXHVWDSDUDHOYLHUQHVRYDPRVDWHQHUSUREOHPDV
+D]PHVDEHUHOUHVXOWDGR\DTXHQRUPDOPHQWHVR\\RHOTXHFRQ
WDFWD FRQ ORV SHULRGLVWDV SDUD HVWRV HYHQWRV 3XHGH TXH 'DYH R
-HQQLIHUVHDQODPHMRURSFLQSHURDTXLHQTXLHUDTXHWHUPLQHV
GDQGRHVWDWDUHDTXHPHPDQGHFRSLDGHFDGDHPDLO\TXHPH
LQIRUPHGHFDGDOODPDGDWHOHIQLFD

&RXOG \RX QG VRPHERG\ LQ WKH RIFH WR KDQGOH WKLV PDWWHU"
,WoV VLPSOH EXW WLPHFRQVXPLQJ DQG , UHDOO\ QHHG WR QLVK WKLV
SURSRVDO E\ )ULGD\ RU ZHoUH LQ WURXEOH -XVW OHW PH NQRZ WKH
RXWFRPHVLQFH,oPWKHRQHZKRXVXDOO\FRQWDFWVMRXUQDOLVWVIRU
WKHVH HYHQWV 'DYH RU -HQQLIHU PLJKW EH WKH EHVW FKRLFHV EXW
ZKRHYHU\RXHQGXSJLYLQJWKHWDVNWRKDYHWKHPFRS\PHRQ
HYHU\HPDLODQGOHWPHNQRZWKHUHVXOWRIHYHU\SKRQHFDOO

0VSDODEUDVLQJOHVDV
(VWLPDGRDPLJR\DOXPQR/DIRWRHVGH*OHQ&XQQLQJKDPFRUUHGRUQRUWHDPHULFDQRGHPHGLRIRQGRTXHRV
GHUD]ODWLQD
WHQWHQHOUFRUGPXQGLDOGHODPLOOD7DPELQWXYRXQSDSHOGHVWDFDGRHQORV-XHJRV2OPSLFRVGH
\/HOODPDEDQ7KH.DQVDV)O\HU$ORVRFKRDRVHQVX.DQVDVQDWDOIXHDOFDQ]DGRSRUXQDH[SORVLQGH 'LSKWKHULD
'LVDVWURXV
JDVROLQD\VXIULTXHPDGXUDVLPSRUWDQWHVHQWRGRVXFXHUSR/RVPGLFRVUHFRPHQGDURQDPSXWDUVXVGRV 'LSKWKRQJ
'LVFHUQ
SLHUQDVSHURVXPDGUHQRORSHUPLWL
'LSORGRFXV
'LVFLSOLQH
'LSORPD
'LVFLSOLQDU\
1RREVWDQWHORVPGLFRVGLMHURQTXHHOFKLFRQXQFDYROYHUDDDQGDU$QWHHVWHQHJUR
'LSORPDF\
'LVFLSOLQHG
SDQRUDPDSULPHUR*OHQ&XQQLQJKDPDSUHQGLDDQGDUGHQXHYRGRVDRVGHVSXV
'LSORPDW
'LVFRQFHUW
GHODFFLGHQWH\QDOPHQWHDFRUUHU6XWHVQ\GHWHUPLQDFLQOHOOHYDURQDVHUFDP
'LSORPDWLF
'LVFRQWHQW
SHQGHFDPSRDWUDYVHQVXFROHJLR\GHVSXVDOSLQFXORGHOGHSRUWH7DPELQEUL
'LUHFW
'LVFRQQHFW
OOHQORDFDGPLFRGRFWRUQGRVHHQOD8QLYHUVLGDGGH1XHYD<RUN(QPLVDRVGH
'LUHFWLRQ
'LVFRQWLQXH
SURIHVLQKHYLVWRHQPXFKDVRFDVLRQHVHOUHVXOWDGRGHOWHVQ\GHOHVIXHU]R-DPVKH
'LUHFWLYH
'LVFRUG
YLVWRIUDFDVDUDDOJXLHQTXHKDSXHVWRWRGRGHVXSDUWHHQXQDLQLFLDWLYD+HYLVWRSRU
'LUHFWO\
'LVFRUGDQW
ORPHQRVDFLQFRSHUVRQDVGHPVGHDRVSDVDUGHXQQLYHOGHLQJOVFDVLLQH[LV
'LVDELOLW\
'LVFRXQW
WHQWHDXQQLYHOPVTXHVXFLHQWHSDUDVXVFRPXQLFDFLRQHVUXWLQDULDV0LVDPLJRV
'LVDGYDQWDJH 'LVFRWKHTXH
\FROHJDV\DHVWQFDQVDGRVGHRUPHXWLOL]DUODH[SUHVLQpTXHUHUHVSRGHUq ZKHUH
'LVDSSHDU 'LVFRXUWHRXV
WKHUHoVDZLOOWKHUHoVDZD\ SHURSDUDPHVXQDYHUGDGWDQHYLGHQWH\TXHKHYLVWR
'LVDSSHDUDQFH 'LVFRYHU
FXPSOLUVHWDQWDVYHFHVTXHFRQVLGHURXQGHEHUUHFRUGURVOR4XHUHUHVSRGHU
'LVFRYHU\
'LVDUP
5LFKDUG9DXJKDQ

'LVDVWHU

'LVFUHGLW





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VWDPRVOHMRVGHODHURSXHUWR" $UHZHIDUIURPWKHDLUSRUW"
1RQRHVWPX\OHMRVHVWDPRV 1RLWLVQoWIDUZHoUHYHU\QHDU
PX\FHUFD

|0LUDDOOHVW /RRNWKHUHLWLV
(VVWDODHQWUDGD" ,VWKLVWKHHQWUDQFH"
'QGHHVWQPLVEROVRV" :KHUHDUHP\EDJV"

$TXKRUDHVWXYXHOR" :KDWWLPHLV\RXULJKW"
6DOHDODVFXDWUR\FXDUWR ,WOHDYHVDWTXDUWHUSDVWIRXU
'QGHYDLV" :KHUHDUH\RXJRLQJ"
9RODPRVD(VWDGRV8QLGRV :HoUH\LQJWRWKH8QLWHG6WDWHV
4XFLXGDGHVYDLVDYLVLWDU" :KLFKFLWLHVDUH\RXJRLQJWR
YLVLW"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

|9PRQRVDIDFWXUDFLQ /HWoVJRWRWKHFKHFNLQ
+D\PXFKDJHQWHHQODFROD 7KHUHLVDORWRISHRSOHLQWKH
TXHXH
7HQGUHPRVTXHHVSHUDUDTX :HoOOKDYHWRZDLWKHUHIRUD

ORQJWLPH
PXFKRWLHPSR
3RUTXVLHPSUHVRPRVORV :K\DUHZHDOZD\VWKHODVWWR

DUULYH"
OWLPRVHQOOHJDU"
1RWHSUHRFXSHVHODYLQQR 'RQoWZRUU\WKHSODQHZRQoW

WDNHRIIZLWKRXWXV
GHVSHJDUVLQQRVRWURV

&XQWDVPDOHWDVWHQLV" +RZPDQ\VXLWFDVHVGR\RX
KDYH"
/OHYLVHTXLSDMHGHPDQRD $UH\RXWDNLQJDQ\KDQG
OXJJDJHRQERDUG"
ERUGR"
+L]RXVWHGPLVPRVXHTXLSDMH" 'LG\RXSDFN\RXUOXJJDJH
\RXUVHOI"
1RGHMDXQSDUGHWHUURULVWDV1R,OHWDFRXSOHRIWHUURULVWV
GRLW
KDFHUOR
|3RUVXSXHVWRTXHORKLFH\R 2IFRXUVH,GLGLWP\VHOI:KDW
PLVPR|4XSUHJXQWDVKDFLV TXHVWLRQV\RXDVN

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

3RGUDVSRQHUWXVOODYHV &RXOG\RXSXW\RXUNH\VZDOOHW

FDUWHUD\PYLOHQODEDQGHMD" DQGPRELOHLQWKLVWUD\"
/HLPSRUWDTXLWDUVHHO 'R\RXPLQGWDNLQJRII\RXU

FLQWXUQ"
EHOWSOHDVH"
0HYDVDKDFHUXQDSURSXHVWD$UH\RXJRLQJWRPDNHPHDQ
LQGHFHQWH"
LQGHFHQWSURSRVDO"
0HWHPRTXHWHQLVTXH ,oPDIUDLG\RXKDYHWRWDNHRII

TXLWDURVORV]DSDWRVWDPELQ \RXUVKRHVDVZHOO
0HQRVPDOTXHPHSXVHXQRV ,WoVDJRRGWKLQJ,SXWFOHDQ

FDOFHWLQHVOLPSLRVHVWDPDDQD VRFNVRQWKLVPRUQLQJ

&XOHVODSXHUWDGHHPEDUTXH:KLFKJDWHLVLWIRULJKWf"
GHOYXHORf"
'LUMDQVHDODSXHUWDQPHUR 3OHDVHJRWRJDWHQXPEHU
YHLQWH
WZHQW\
'QGHHVWWXWDUMHWDGH :KHUHoV\RXUERDUGLQJFDUG"
HPEDUTXH"
(OHPEDUTXHVHHIHFWXDUHQ %RDUGLQJZLOOWDNHSODFH
EUHYH
VKRUWO\
OWLPDOODPDGDSDUDORV /DVWFDOOIRUSDVVHQJHUVRQ
SDVDMHURVGHOYXHOR
LJKW

)OHDV 3XOJDV

/LFHV 3LRMRV

:RUPV /RPEULFHV

0LWHV FDURV

7LFNV *DUUDSDWDV

9RFDEXODULR3DUDVLWHV 3DUVLWRV
0LGGOH$GYDQFHG
(VSHURTXHQXHVWURYXHORQR ,KRSHRXULJKWLVQoWGHOD\HG
VDOJDFRQUHWUDVR
3RGUDTXLWDUVHORVFDVFRV" &RXOG\RXUHPRYH\RXU
KHDGSKRQHVSOHDVH"
$EUFKHQVHORVFLQWXURQHVGH )DVWHQ\RXUVHDWEHOWV
VHJXULGDG
$OJXLHQWLHQHXQERWLTXQGH 'RHVDQ\ERG\KDYHDUVWDLG
NLW"
XUJHQFLD"
(QHOFDVRSRFRSUREDEOHGH ,QWKHXQOLNHO\HYHQWRIDQ
TXHKD\DXQDXUJHQFLDUH]DG HPHUJHQF\SUD\

)RU(QJOLVKVXSHUVWDUVRQO\
1RWHQJRQDGDTXHGHFODUDU ,KDYHQRWKLQJWRGHFODUH

H[FHSWRPLJHQLR
H[FHSWP\JHQLXV
1RVHDVWDQIUHVFRFRQHVWRV 'RQoWEHVRFKHHN\ZLWKWKHVH

DGXDQHURVHVWDGRXQLGHQVHV
$PHULFDQFXVWRPVRIFHUV
1HFHVLWDPRVTXHQRVGHQVXV :HQHHG\RXWRJLYHXV\RXU

KXHOODVGDFWLODUHV
QJHUSULQWV
3RUTX"1RWHQLVODV :K\"'RQoW\RXKDYH\RXURZQ

YXHVWUDVSURSLDV"
RQHV"
|<DHVW|8QUHJLVWURFRPSOHWR7KDWoVLW$IXOOERG\VHDUFK
DHVWDSHUVRQDFRQJXDQWHVGH ZLWKUXEEHUJORYHV
JRPD



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
3KUDVDO9HUE7R6HOO2XW

3KUDVDOYHUEVZLWKpRYHUq 
7KHWZRER\VIRXJKWRYHUWKHJLUO ,FDQoWJHWRYHUKRZKHVZHHWWDONHGWKHP
/RVGRVFKLFRVSHOHDURQSRUODFKLFD |1RPHSXHGRFUHHUFPROORVHQJDWXV
:HHZRYHUWKH*UDQG&DQ\RQ
9RODPRVVREUHHO*UDQ&DQ

+HOSPHJHWRYHUWKHZDOO
$\GDPHDSDVDUDORWURODGRGHOPXUR

<RXoOOJHWRYHULW
<DORVXSHUDUV

/HWoVJHWLWRYHUZLWK
$FDEHPRVFRQHVWRGHXQDYH]

7KHUHWREH 

6LJQLFDpDJRWDUH[LVWHQFLDVq\VHHPSOHD
SDUDFXDOTXLHUWLSRGHPHUFDQFD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
6HOHVDJRWDURQODVHQWUDGDVHQVHJXLGD
/RVSOWDQRVVHQRVKDQDJRWDGR
/OHJXHDOOSURQWRVHOHVVXHOHDJRWDUWRGR
PX\SURQWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

)MDWHHQODVIUDVHVHQLQJOV)MDWHFPRLQLFLDPRVFDGDXQDGHHOODVFRQODSDODEUDpWKHUHqVHJXLGDGHXQDFRQMXJDFLQFRQHOYHUER
pWREHq(QDOJXQDVGHODVIUDVHVGHODFROXPQDHQLQJOVVXEUD\RDVSHFWRVJUDPDWLFDOHVTXHQRVXHOHQJXUDUHQFDVWHOODQR
+D\XQOLEURHQODPHVD
1RKD\QLQJQSHUURHQPLFDVD
+D\JHQWHHQODVDODGHHVSHUD
1RKD\DFWRUHVHQHOHVFHQDULR
1RKD\FDIHQODFDIHWHUD
+D\WLQWDHQODPDQJDGHWXFDPLVD
+XERXQDWRUPHQWDWHUULEOHDQRFKH
+DEDDJXDHQHOVXHORFXDQGROOHJXDTX
+DEDHUURUHVHQWXLQIRUPH
1RKDEDSDSHOHQODPTXLQDGHID[D\HU
+DEUXQDHVWDDTXPDDQDSRUODQRFKH
1RKDEUWLHPSRVXFLHQWHSDUDHVRPDDQD
9DDKDEHUXQDUHXQLQLPSRUWDQWHDTXODVHPDQDSU[LPD
,EDDKDEHUXQDUHXQLQSHURVHFDQFHO
+DKDELGRPXFKDVERGDVOWLPDPHQWHHQHVWDLJOHVLD
&UHRTXHKDKDELGRXQPDOHQWHQGLGR
'HEHUDKDEHUVXFLHQWHVVLOODVSDUDWRGRHOPXQGR
'HEHKDEHU IRU]RVDPHQWH XQDIRUPDPHMRU
7LHQHTXHKDEHUXQDVROXFLQDHVWHSUREOHPD
3DUHFHKDEHUXQPDOHQWHQGLGRDTX
3XHGHTXHKD\DXQDSRVLELOLGDGVLHQVD\DPRVHVWHHQIRTXH
1RSDUHFHKDEHURWUDDOWHUQDWLYD
+DEUDKDELGRXQDHVWDVLKXELUDPRVJDQDGRHOSDUWLGR
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/DSXUDUHDOLGDGHVTXHHOFHUHEURKXPDQRQRSXHGHFRPSUHQGHU
ODSDODEUDHVFULWDKDVWDTXHQRVHKDWUDGXFLGRDSDODEUDKDEODGD
HQODPHQWH+DVWDTXHHOUHDGHDVRFLDFLQDXGLWLYDGHOFHUHEUR
pR\HqODSDODEUDVWDQRWLHQHVLJQLFDGR+DVHVWDGRDOJXQDYH]
OH\HQGRHQODFDPD\WHKDVGDGRFXHQWDGHTXHWXVRMRVOOHYDQ
YDULRVPLQXWRVOH\HQGRHOPLVPRSUUDIRSHURQRWLHQHVQLLGHD
GHORTXHGLFH"(VWRHVSRUTXHWXVRMRVHVWQYLHQGRSDODEUDVTXH
WXPHQWH\DQRpHVFXFKDq

7KHUHoVDERRNRQWKHWDEOH
7KHUHLVQoWDGRJLQP\KRXVH
7KHUHDUHVRPHSHRSOHLQWKHZDLWLQJURRP
7KHUHDUHQoWDQ\DFWRUVRQWKHVWDJH
7KHUHLVQoWDQ\FRIIHHLQWKHFRIIHHPDNHU
7KHUHoVVRPHLQNRQWKHVOHHYHRI\RXUVKLUW
7KHUHZDVDWHUULEOHVWRUPODVWQLJKW
7KHUHZDVVRPHZDWHURQWKHRRUZKHQ,JRWKHUH
7KHUHZHUHVRPHPLVWDNHVLQ\RXUUHSRUW
7KHUHZDVQoWDQ\SDSHULQWKHID[PDFKLQH\HVWHUGD\
7KHUHZLOOEHDSDUW\KHUHWRPRUURZHYHQLQJ
7KHUHZRQoWEHHQRXJKWLPHIRUWKDWWRPRUURZ
7KHUHoVJRLQJWREHDQLPSRUWDQWPHHWLQJKHUHQH[WZHHN
7KHUHZDVJRLQJWREHDPHHWLQJEXWLWZDVFDQFHOOHG
7KHUHKDYHEHHQDORWRIZHGGLQJVODWHO\LQWKLVFKXUFK
,WKLQNWKHUHoVEHHQDPLVXQGHUVWDQGLQJ
7KHUHVKRXOGEHHQRXJKFKDLUVIRUHYHU\ERG\
7KHUHPXVWEHDEHWWHUZD\
7KHUHKDVWREHDVROXWLRQWRWKLVSUREOHP
7KHUHVHHPVWREHDPLVXQGHUVWDQGLQJKHUH
7KHUHPD\EHDSRVVLELOLW\LIZHWU\WKLVDSSURDFK
7KHUHGRHVQoWVHHPWREHDQ\RWKHUDOWHUQDWLYH
7KHUHZRXOGKDYHEHHQDSDUW\KHUHLIZHKDGZRQWKHPDWFK

7KHVLPSOHWUXWKLVWKDWWKHKXPDQEUDLQFDQQRWXQGHUVWDQGWKH
ZULWWHQZRUGXQWLOLWKDVEHHQWUDQVODWHGLQWRWKHVSRNHQZRUG
LQ WKH PLQG 8QWLO WKH DXGLWRU\ DVVRFLDWLRQ DUHD RI WKH EUDLQ
pKHDUVqDZRUGLWKDVQRPHDQLQJ+DYH\RXHYHUEHHQUHDGLQJ
LQEHGWKHQUHDOL]HGWKDW\RXUH\HVKDYHEHHQVFDQQLQJWKHVDPH
SDUDJUDSKIRUVHYHUDOPLQXWHVEXW\RXKDYHDEVROXWHO\QRLGHD
RI ZKDW LW VD\V"7KLV LV EHFDXVH \RXU H\HV DUH WDNLQJ LQ ZRUGV
WKDWDUHQRORQJHUEHLQJpKHDUGqLQ\RXUPLQG


(VWLPDGRDPLJR\DOXPQR(OSUUDIRTXHDFDEDVGHYHUHQFLPDGHHVWDVSDODEUDVTXHHVWR\HVFULELHQGRGLFH
DOJRPX\LPSRUWDQWH/RVIVLOHVPVDQWLJXRVGHOKRPRVDSLHQVVHUHPRQWDQDODIULFDGHKDFH
DRV'HVGHHQWRQFHVKDVWDKDFHVRODPHQWHDRVHOKRPEUHDQDOL]DEDWRGDODLQIRUPDFLQPHGLDQWH
VXFDSDFLGDGDXGLWLYD(VWRVLJQLFDTXHHVWDPRVWRGDYDPXFKRPVSUHSDUDGRVSDUDDSUHQGHUDWUDYVGHO
RGRTXHDWUDYVGHODSDODEUDHVFULWDDXQTXHDYHFHVQRVDIHUUHPRVDHVWDOWLPDSDUDWDQWDVFRVDV6DQ
3DEORJDQDGHSWRVHQWUHORVJULHJRVKDEOQGROHV6XVFDUWDVYDULDVGHODVFXDOHVFRQVWLWX\HQSDUWHGHO1XHYR
7HVWDPHQWRQRWXYLHURQHOPLVPRLPSDFWRTXHVXSUHVHQFLDIVLFD\VXYR]&XDOTXLHUH[SHUWRHQSXEOLFLGDG
WHGLUORPLVPRTXHXQEXHQpMLQJOHqRHVORJDQDXGLWLYRHVFLHQYHFHVPVHFD]TXHXQDIUDVHOHGD3RU
HVRORVEXHQRVFRPXQLFDGRUHVLQX\HQHQQRVRWURVGLFLHQGRFRVDVTXHGHOHHUODVQRVSDUHFHUDQVHQFLOODV\
OJLFDV5LFKDUG%URZQHQPXFKDVGHODVSJLQDVGHORVOLEURVGHO0WRGR9DXJKDQWHUHFXHUGDTXHHOVHFUHWR
HVWHQHVFXFKDUORV&'oV<WLHQHUD]Q1RWHDIHUUHVDODSDODEUDHVFULWDQREXVTXHVHQORVOLEURVODUHVSXHVWD
DWXLQJOV([SQHORGRDOLQJOVDWUDYVGHORV&'oV\'9'oVGHOPWRGR([SQHORGRDODVPLOHVGHKRUDV
DXGLWLYDVGLVSRQLEOHVHQ,QWHUQHW6ORDVWHOLEUDUVGHOODVWUH\ODWLUDQDGHODSDODEUDHVFULWD\DSUHQGHUVD
PDQWHQHUWHDRWHGHYHUGDGFRQHOLQJOV
5LFKDUG9DXJKDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
'LVFUHGLW
'LVFUHHW
'LVFUHSDQF\
'LVFUHWLRQ
'LVFXV
'LVFXVV
'LVFXVVLRQ
'LVHPEDUN
'LVHQFKDQW
'LVKRQHVW
'LVKRQRXU
'LVLOOXVLRQ
'LVLQIHFW

'LVLQKHULW
'LVNHWWH
'LVORFDWH
'LVOR\DO
'LVOR\DOW\
'LVPDQWOH
'LVPRXQW
'LVRUGHU
'LVRULHQW
'LVSDULW\
'LVSHUVH
'LVSXWH
'LVUHVSHFW





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VVWHHOGHVSDFKRGHOGLUHFWRU",VWKLVWKHPDQDJHUoVRIFH"
6ORHV\RVR\VXVHFUHWDULD <HVLWLV,oPKLVVHFUHWDU\
(VWRFXSDGRHQHVWH ,VKHEXV\DWWKHPRPHQW"

PRPHQWR"
1RQRORHVW6U%URZQHO6U)LVK1RKHLVQoW0U%URZQ0U
HVWDTXSDUDYHUOH
)LVKLVKHUHWRVHH\RX
$K6U)LVKHQWUH\VLQWHVH $K0U)LVKFRPHLQDQGVLW
GRZQ

(VWR\XQSRFRQHUYLRVRHVPL ,oPDOLWWOHQHUYRXVLWoVP\UVW
WLPHLQ\RXURIFH
SULPHUDYH]HQVXGHVSDFKR
(VSHURTXHQRVHDODOWLPD ,KRSHLWoVQRWWKHODVWHLWKHU
WDPSRFR
3RUTXTXLHUHYHUPH" :K\GR\RXZDQWWRVHHPH"
4XLHURKDEODUGHVXIXWXUR ,ZDQWWRWDONDERXW\RXUIXWXUH
VWDYDDVHUXQDFRQYHUVDFLQ,VWKLVJRLQJWREHDORQJ
ODUJD"
FRQYHUVDWLRQ"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&XQGRHPSH]DVWHDWUDEDMDU:KHQGLG\RXVWDUWZRUNLQJ
FRQQRVRWURV"
ZLWKXV"
&RPHQ]KDFHWUHVDRV ,EHJDQWKUHH\HDUVDJR
(QTXGHSDUWDPHQWRHVWV :KLFKGHSDUWPHQWDUH\RX

ZRUNLQJLQ"
WUDEDMDQGR"
1RVHDFXHUGD"7UDEDMRHQHO 'RQoW\RXUHPHPEHU",ZRUNLQ

WKHVDOHVGHSDUWPHQW
GHSDUWDPHQWRGHYHQWDV
6LHPSUHVHPHROYLGDQODVFRVDV,oPDOZD\VIRUJHWWLQJWKLQJV,
WHQJRPX\PDODPHPRULD
KDYHDYHU\EDGPHPRU\

6DEHVFXOHVODVLWXDFLQ 'R\RXNQRZZKDWWKHFXUUHQW
DFWXDOGHODHPSUHVD"
VLWXDWLRQRIWKHFRPSDQ\LV"
+DVYLVWRODVFLIUDVGHYHQWDV +DYH\RXVHHQWKLV\HDUoVVDOHV
GHHVWHDR"
JXUHV"
&XQWRKDVYHQGLGRHVWHDR" +RZPXFKKDYH\RXVROGWKLV
\HDU"
&XQWRVGDVKDVHVWDGRGH +RZPDQ\GD\VKDYH\RXEHHQ
RIIVLFN"
EDMD"
/RVEHQHFLRVVRQPXFKRPV 3URWVDUHPXFKORZHUWKDQ
ODVW\HDU
EDMRVTXHHODRSDVDGR
5LYHU 5R

2FHDQ 2FDQR
6WUHDP $UUR\R

/DNH /DJR

6HD 0DU

9RFDEXODULR:DWHU $JXD
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

+HPRVWHQLGRTXHDQDOL]DUORV :HoYHKDGWRDQDO\VHWKH

FRPSDQ\oVH[SHQVHV
JDVWRVGHODHPSUHVD
1RVKHPRVYLVWRREOLJDGRVD :HoYHEHHQIRUFHGWRWDNH

VRPHGLIFXOWGHFLVLRQV
WRPDUGHFLVLRQHVGLIFLOHV
4XVLJQLFDWRGRHVWR" :KDWGRHVDOOWKLVPHDQ"
7RGRVXHQDPX\SUHRFXSDQWH ,WDOOVRXQGVYHU\ZRUU\LQJ
(VWLVDSXQWRGHGDUPHPDODV <RXoUHDERXWWRJLYHPHVRPH

EDGQHZVDUHQoW\RX"
QRWLFLDVQR"

1RQRVSRGHPRVSHUPLWLU :HFDQoWDIIRUGWRNHHS
VSHQGLQJVRPXFKPRQH\
VHJXLUJDVWDQGRWDQWRGLQHUR
7HQHPRVTXHGHVSHGLUD :HKDYHWROD\RIIVRPH
HPSOR\HHV
DOJXQRVHPSOHDGRV
/DJHQWHTXHOOHYDPHQRVWLHPSR 7KHSHRSOHZKRKDYHEHHQ
DTXVHUQORVSULPHURVHQLUVH KHUHIRUWKHOHDVWWLPHZLOOEH
WKHUVWWRJR
0X\DPLSHVDUHVWVHQWUH 0XFKWRP\UHJUHW\RXDUH
DPRQJWKRVHXQIRUWXQDWHRQHV
HVRVGHVDIRUWXQDGRV
1RWHORWRPHVWDQDSHFKR 3OHDVHGRQoWWDNHLWWRKHDUW

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

(QRWUDVSDODEUDVPHHVWLV ,QRWKHUZRUGV\RXoUHULQJ

PH
HFKDQGRDODFDOOH
'HEHUDLVGHVSHGLUDORVSHRUHV<RXVKRXOGGLVPLVVWKHZRUVW
HPSOHDGRVQRDORVPVQXHYRV HPSOR\HHVQRWWKHQHZHVWRQHV
6HHOLJLHVWDSROWLFDSRUTXH 7KLVSROLF\ZDVFKRVHQEHFDXVH

QRVSDUHFLTXHVHUDODPDQHUD LWVHHPHGWRXVWREHWKH
IDLUHVWZD\
PVMXVWD
1RHVSHUDEDHVWRSDUDQDGD ,ZDVQoWH[SHFWLQJWKLVDWDOO
&XQWRVHUPLLQGHPQL]DFLQ+RZPXFKZLOOP\UHGXQGDQF\
SD\EH"
SRUGHVSLGR"

2MDOQRKXELHUDYHQLGRDO ,ZLVK,KDGQoWFRPHWRZRUN
WUDEDMRKR\
WRGD\
1RWHFRVWDUQDGDHQFRQWUDU <RXoOOKDYHQRWURXEOHQGLQJ

RWURWUDEDMR
DQRWKHUMRE
7HQJRODH[WUDDVHQVDFLQGH,KDYHDIXQQ\IHHOLQJ\RXoUH
TXHRVYDLVDDUUHSHQWLUGHHVWR
JRLQJWRUHJUHWWKLV
|1LVHWHRFXUUDDPHQD]DUQRV 'RQoW\RXGDUHWKUHDWHQXV
/RTXHVHVLHPEUDVHFRVHFKD <RXUHDSZKDW\RXVRZ

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92
+RZ/RQJ"

3KUDVDOYHUEVZLWKpRYHUq 
+DYH\RXJRQHRYHU\RXUQRWHV"
+DVUHSDVDGRWXVDSXQWHV"

,GRQoWZDQWWRJRRYHUWKDWDJDLQ
1RTXLHURYROYHUDVDFDUHVRVWHPDV

/HWoVJREDFNRYHUWKLVRQHPRUHWLPH :HFDQKDYHWKHPRYHUIRUGLQQHU
9ROYDPRVDUHSDVDUHVWRXQDYH]PV 3RGHPRVLQYLWDUOHVDFHQDUHQFDVD
,ZHQWRYHUWR3HSHoVRIFH
0HDFHUTXDOGHVSDFKRGH3HSH

,VWKHUHDQ\IRRGOHIWRYHUIURPODVWQLJKW"
4XHGDFRPLGDGHDQRFKH"


5HSRUWHGVSHHFK 

(PSOHDPRVHOSUHVHQWHSHUIHFWRFRQWLQXRMXQWR
FRQpKRZORQJ"qSDUDGHFLUpFXQWRWLHPSR"q
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
&XQWRWLHPSROOHYDVKDEODQGRLQJOV"
&XQWRWLHPSROOHYDVWRFDQGRHOSLDQR"
&XQWRWLHPSROOHYDVYLYLHQGRHQ(VSDD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

)MDWHGHQXHYRHQFPRPRGLFDPRVORVWLHPSRVYHUEDOHVFXDQGRKDEODPRVHQpUHSRUWHGVSHHFKq ODQDUUDWLYDLQGLUHFWD 
1DQF\ ,VSRNHWR*HRUJH&ORRQH\ODVWQLJKW
3KLOOLS 'RHVKHVRXQGWKHVDPHRQWKHSKRQHDVLQWKHPRYLHV"
1DQF\ +HoVYHU\SROLWHDQGIULHQGO\
3KLOOLS:KHQDUH\RXJRLQJWRPHHWZLWKKLP"
1DQF\ ,KDYHWREHLQ$VSHQQH[W7XHVGD\
3KLOOLS+DYH\RXUHFHLYHGKLVKRXVHSODQV"
1DQF\ (GGLHKDVQoWVHQWWKHPWRPH\HW

1DQF\WROG3KLOOLSWKDWVKHKDGVSRNHQWR*HRUJH&ORRQH\WKHQLJKW
EHIRUH3KLOOLSDVNHGKHULIKHVRXQGHGWKHVDPHRQWKHSKRQHDVLQ
WKHPRYLHVDQG1DQF\UHSOLHGWKDWKHZDVYHU\SROLWHDQGIULHQGO\
3KLOOLSWKHQDVNHGKHUZKHQVKHZDVJRLQJWRPHHWZLWKKLPDQG
VKHDQVZHUHGWKDWVKHKDGWREHLQ$VSHQWKHIROORZLQJ7XHVGD\
3KLOOLSQDOO\DVNHGKHULIVKHKDGUHFHLYHGKLVKRXVHSODQVDQGVKH
WROGKLPWKDW(GGLHKDGQoWVHQWWKHPWRKHU\HW

5RQQ\ ,PD\VWDUWZRUNLQJZLWKDEXVLQHVVJURXSIURP&RUVLFD
1LJHO :KDWoVWKHQDPHRIWKHJURXS"
5RQQ\,WoVDGLYHUVLHGJURXSUXQE\WKH7XUTXLIDPLO\
1LJHO 7KDWQDPHVRXQGVIDPLOLDU'RWKH\KDYHDZLQH

EXVLQHVV"
5RQQ\7KH\KDYHDORWRIEXVLQHVVHVfWRRPDQ\WRFRXQW
1LJHO $UH\RXVXUH\RXNQRZZKDW\RXoUHGRLQJ"
5RQQ\'RQoWZRUU\,NQRZPXFKPRUHDERXW\DFKWVWKDQ

WKH\GR

5RQQ\ WROG KLV IDWKHU 1LJHO WKDW KH PLJKW VWDUW ZRUNLQJ ZLWK D
EXVLQHVVJURXSIURP&RUVLFD1LJHODVNHGKLPZKDWWKHQDPHRIWKH
JURXSZDVDQG5RQQ\DQVZHUHGWKDWLWZDVDGLYHUVLHGJURXSUXQ
E\WKH7XUTXLIDPLO\1LJHOVDLGWKDWWKHQDPHVRXQGHGIDPLOLDUDQG
DVNHGLIWKH\KDGDZLQHEXVLQHVVWRZKLFK5RQQ\UHVSRQGHGWKDW
WKH\KDGDORWRIEXVLQHVVHVfWRRPDQ\WRFRXQW1LJHOQDOO\DVNHG
KLVVRQLIKHZDVVXUHKHNQHZZKDWKHZDVGRLQJDQG5RQQ\WROG
KLVIDWKHUQRWWRZRUU\WKDWKHNQHZPXFKPRUHDERXW\DFKWVWKDQ
WKH\GLG

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7HUHFRPHQGDUDTXHYROYLHUDVDFRQVLGHUDUWXGHFLVLQ/DDUTXL
WHFWXUDHVXQFDPSRGHHVWXGLRQREOH\GHFDOLGDG\VLFRQVLJXHV
VXSHUDUODVDVLJQDWXUDV\WHJUDGDVHQWRQFHVHVWDUVUHVWULQJLGR
DJDQDUWHODYLGDHQHVWHFDPSR\VRODPHQWHHQHVWHFDPSR(V
UDURHQFRQWUDUVHFRQXQDUTXLWHFWRHQRWUDVSURIHVLRQHV$TXHOORV
DUTXLWHFWRVTXHWLHQHQ[LWRYLYHQPX\ELHQ\OOHJDQPXFKDVYH
FHVDVHUIDPRVRV$TXHOORVTXHQRYLYHQXQDYLGDSUHFDULDOOHQD
GHDPELFLRQHVSHUGLGDV\GHFHSFLQ

,ZRXOGVWURQJO\DGYLVH\RXWRWDNHDFORVHUORRNDW\RXUGHFLVLRQ
$UFKLWHFWXUHLVDQHDQGQREOHHOGRIVWXG\DQGLI\RXJHWWKURXJK
WKHWRXJKFRXUVHORDGDQGJUDGXDWHWKHQ\RXZLOOEHUHVWULFWHGWR
PDNLQJ\RXUOLYLQJLQ WKLVHOGDQGLQ WKLVHOGRQO\,WoVUDUH WR
QGDUFKLWHFWVLQRWKHUZDONVRIOLIH7KRVHDUFKLWHFWVZKRVXFFHHG
OLYHYHU\ZHOOLQGHHGDQGRIWHQEHFRPHIDPRXV7KRVHZKRGRQoW
OLYHDSUHFDULRXVOLIHIXOORIORVWDPELWLRQVDQGGLVDSSRLQWPHQW


(VWLPDGRDPLJR\DOXPQR1DGLHHQODKLVWRULDKDDSUHQGLGRXQVHJXQGRLGLRPDOLPLWQGRVHDDVLVWLUD
0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
XQDFODVHDXQTXHVWDKD\DVLGRVXSHULQWHQVLYD7RGRVORVTXHKDQOOHJDGRDEXHQSXHUWRKDQSDVDGR
DSXURVPXFKRVDSXURVHQVLWXDFLRQHVUHDOHV8QDKRUDHQXQDVLWXDFLQFRPSURPHWLGDGHFRPXQLFDFLQ 'LVFULPLQDWH 'LVTXDOLFDWLRQ
FRQDQJORSDUODQWHVUHDOHV QRSURIHVRUHV YDOHSRUKRUDVGHFODVH5HSLWRODUHODFLQHVGHXQRD 'LVFULPLQDWLRQ 'LVUHSXWDEOH
0HGLDKRUDUHVROYLHQGRODSUGLGDGHOHTXLSDMHHQHODHURSXHUWRGH'DOODVYDOHSRUKRUDVGHFODVH3RU 'LVFULPLQDWRU\ 'LVVDWLVIDFWLRQ
TX"3RUTXHVLORJUDVVDOLUELHQGHOHQYLWHWHQGUVPXFKDPVFRQDQ]DHQWXFDSDFLGDGGHFRPXQLFDFLQ 'LVHTXLOLEULXP 'LVUHVSHFWIXO
'LVVDWLVHG
DSHVDUGHORVHUURUHVFRPHWLGRV1HFHVLWDVKRUDVRPVSDUDFRQVHJXLUHVDFRQDQ]DFRQXQSURIHVRUHQ 'LVLQIHFWDQW
'LVVHFW
ODDUWLFLDOLGDGGHODXOD6LKX\HVGHODRSRUWXQLGDGGHSDVDUDSXURV\GHFDSHDUVLWXDFLRQHVFRPSURPHWLGDV 'LVLQWHJUDWH
'LVORFDWLRQ
'LVVHFWLRQ
WHFRQGHQDVDDVLVWLUDFODVHVDRWUDVDRHQXQLQWHQWRGHDSUHQGL]DMHTXHDFDEDULQH[RUDEOHPHQWH
HQHOIUDFDVR/OHJDUVDXQQLYHOLQWHUPHGLRHVRVSHURGHDKQRSDVDUV3RUHVWR(VSDDHVWOOHQDGH 'LVREHGLHQFH 'LVVHPLQDWH
pDOXPQRVHWHUQRVqTXHGHVGHDVLVWHQDVXVGRVKRULWDVVHPDQDOHVGHFODVHVLQFRQVHJXLUMDPVXQ 'LVREHGLHQW 'LVVHPLQDWLRQ
'LVRUJDQL]HG
'LVVLSDWH
SURJUHVRLPSRUWDQWH6LHPSUHYXHOYRDODPHWIRUDGHOSLORWRQRYDWR6LPDDQDHVVXSULPHUYXHORUHDOQR
'LVRULHQWDWH
'LVVLSDWLRQ
YR\DVXELUFRQODXQTXHKD\DDFXPXODGRKRUDVSUHSDUQGRVHHQHOVLPXODGRU$ODLQYHUVDVLVOR
'LVRULHQWDWLRQ
'LVVROYH
WLHQHKRUDVGHVLPXODGRUPVGHDYLDGRUHQWRQFHVHVWDUPVGLVSXHVWRDVXELUFRQO6LQHPEDUJR 'LVSDVVLRQDWH
'LVVRQDQFH
HQHVWHOWLPRFDVRHOQRYDWRVORWLHQHKRUDVGHIRUPDFLQFRQWUDGHORWUR$SHVDUGHHOORVXER 'LVSHQVDEOH
'LVVRQDQW
FRQHOGHODVKRUDV<WQR"8QDKRUDGHYXHORYDOHSRUGHVLPXODGRU<XQDKRUDSDVDQGRDSXURVGH
'LVSRVLWLRQ
'LVVXDGH
FRPXQLFDFLQHQLQJOVYDOHSRUGHFODVH\PWRGR
'LVSURSRUWLRQ
'LVVXDVLRQ 
5LFKDUG9DXJKDQ



(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

4XGDHVHOPHUFDGR" :KDWGD\LVWKHPDUNHW"
(VWDELHUWRORVPDUWHV\ORV ,WoVRSHQRQ7XHVGD\VDQG

MXHYHV
7KXUVGD\V
+R\QRHVPDUWHV" ,VQoWWRGD\7XHVGD\"
(VRHVWSRUDOO" ,VWKDWLWRYHUWKHUH"
9HQFRQPLJRDOPHUFDGR &RPHZLWKPHWRWKHPDUNHW

/HSXHGRD\XGDU" &DQ,KHOS\RX"
1RHVWELHQJUDFLDV6OR 1RLWoVRNWKDQNV,oPMXVW
ORRNLQJ
HVWR\PLUDQGR
4XHVWEXVFDQGR" :KDWDUH\RXORRNLQJIRU"
1HFHVLWRXQUHJDORGH1DYLGDG ,QHHGD&KULVWPDVSUHVHQWIRU
P\KXVEDQG
SDUDPLPDULGR
(VWR\LQWHUHVDGRHQHVHREMHWR ,oPLQWHUHVWHGLQWKDWREMHFW

1XUVH (QIHUPHUD

6XUJHRQ &LUXMDQR
6FDOSHO %LVWXU

2SHUDWLQJ5RRP 4XLUIDQR

9RFDEXODULR2SHUDWLRQ 2SHUDFLQ
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

'HTXHVWKHFKR :KDWoVLWPDGHIURPH[DFWO\"
H[DFWDPHQWH"
(VXQDPH]FODGHPDGHUD\RUR ,WoVDPL[WXUHRIZRRGDQGJROG
(VDXWQWLFRHORUR" ,VWKHJROGUHDO"
(VWKHFKRDPDQR" :DVLWKDQGPDGH"
/RWLHQHHQRWURVFRORUHV" 'R\RXKDYHLWLQDQ\RWKHU
FRORXUV"

0HWHPRTXHVORKD\XQ ,oPDIUDLGWKHUHLVRQO\RQH
FRORXU
FRORU
6LQHPEDUJRWHQHPRVXQD +RZHYHUZHKDYHDUDQJHRI
VL]HV
JDPDGHWDPDRV
0HSRGUDSDVDUHVHSRUIDYRU" &RXOG\RXSDVVWKDWRQHSOHDVH"
$FXOVHUHHUH" :KLFKRQHDUH\RXUHIHUULQJWR"
(OTXHVHDPVJUDQGHSHUR 7KHRQHWKDWoVELJJHUWKDQWKLV
PHQRVFDURTXHHOTXHHVWHQ RQHEXWOHVVH[SHQVLYHWKDQ
WKHRQHLQ\RXUKDQG
VXPDQR

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&XQWROOHYDYHQGLGRHQOR +RZPDQ\KDYH\RXVROGVRIDU

WRGD\"
TXHOOHYDPRVGHGD"
'HPDVLDGRVSDUDFRQWDU 7RRPDQ\WRFRXQW
3RGUDSDJDUFRQWDUMHWD" &RXOG,SD\E\FDUG"
0LHQWUDVQRVHDODWDUMHWDGH $VORQJDVLWoVQRW\RXUOLEUDU\

FDUG
ODELEOLRWHFD
&XQWRTXLHUHSRUHVHPDUFR" +RZPXFKGR\RXZDQWIRU
WKDWSLFWXUHIUDPH"

(VWGLVSXHVWRDQHJRFLDU" $UH\RXZLOOLQJWRQHJRWLDWH"
0HGHMDUDWUHVSRUHOSUHFLR :RXOG\RXJLYHPHWKUHHIRU
WKHSULFHRIWZR"
GHGRV"
6LKLFLHUDHVRHVWDUDWLUDQGR ,I,GLGWKDW,oGEHWKURZLQJP\
PRQH\DZD\
PLGLQHUR
(VRHVXQSRFRH[FHVLYR 7KDWoVDELWVWHHS
&UHHVTXHHVWR\PRQWDGRHQ 'R\RXWKLQN,oPPDGHRI
PRQH\"
HOGODU"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

(VPLOWLPDRIHUWD|ORWRPDR ,WoVP\QDORIIHUWDNHLWR
OHDYHLW
ORGHMD
/HHVWR\KDFLHQGRXQDRIHUWD ,oPPDNLQJ\RXDQRIIHU\RX
FDQoWUHIXVH
TXHQRVHSXHGHUHFKD]DU
0HSDUHFHXQEXHQWUDWRPH ,WVHHPVOLNHDIDLUGHDOWRPH
,oOOWDNHLW
OROOHYR
|(VODJDQJDGHODRGLUD\R ,WoVWKHEDUJDLQRIWKH\HDU,oGVD\
3XHGHHQYROYUPHORSRU &DQ\RXZUDSLWXSIRUPH
SOHDVH"
IDYRU"

1XQFDVXSHTXHHUDVXQDFKLFD,QHYHUNQHZ\RXZHUHVXFKD
WDQOLVWD
VPDUWJLUO
'QGHDSUHQGLVWHDUHJDWHDU :KHUHGLG\RXOHDUQWRKDJJOH

DV"
OLNHWKDW"
$QWHVWUDEDMDEDHQXQ ,XVHGWRZRUNLQDVWUHHW

PHUFDGLOORHQ0DUUXHFRV
PDUNHWLQ0RURFFR
|0HHVWVWRPDQGRHOSHOR <RXoUHKDYLQJPHRQ
/RGLJRHQVHULR|QDGLHSRGD ,PHDQLWQRRQHFRXOGVHOOD

YHQGHUXQDDOIRPEULOODFRPR\R UXJOLNH,FRXOG



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpRYHUq 

,&DQ7HOO

+HEHQWRYHUDQGSLFNHGLWXS
6HDJDFKSDUDUHFRJHUOR

5HDGLWRYHUEHIRUHVLJQLQJLW
'DOHXQDOHFWXUDDQWHVGHUPDUOR

/HWWKHPRYHUWKHEULGJH
'MDOHVTXHFUXFHQHOSXHQWH

,oYHUHDGRYHU\RXUUVXPDQG,oPLPSUHVVHG
+HOHGRVXFXUULFXOXP\HVWR\LPSUHVLRQDGR

+HSXWRQHRYHURQPH IUDVHKHFKD  &DQ\RXUXQRYHUWRWKHSKDUPDF\"


0HHQJDSHURELHQ
7HSXHGHVDFHUFDUUSLGRDODIDUPDFLD"

6HSXHGHWUDGXFLUFRPRpVHQRWDTXHqRpV
TXH SRUTXHHVREYLR q
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
6HQRWDTXHQRHVWVPX\FRQYHQFLGR
6HQRWDEDTXHQRTXHUDVHVWDUDOO
6LHPSUHVHQRWDFXDQGRHVWVPLQWLHQGR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

8VHGWRLQQLWLYRsWRJHWXVHGWRJHUXQGLRsWREHXVHGWRJHUXQGLR
7HSLGRTXHHVWXGLHVFRQGHWHQLPLHQWRHOSUUDIRHQLQJOVH[SXHVWRDFRQWLQXDFLQ(VWUHPHQGDPHQWHLPSRUWDQWHSRUTXHORVHVSDROHVHVWLV
WUHPHQGDPHQWHGDGRVDXVDUPDOHVWDVHVWUXFWXUDVKDVWDHOSXQWRGHFRQIXQGLUDYXHVWURVLQWHUORFXWRUHVp8VHGWRLQQLWLYRqHVXQDIRUPD
GHOSDVDGRIRUPDHQODFXDOQRVHKDFHUHIHUHQFLDDFXQGRQLGXUDQWHFXQWRWLHPSRp7RJHWXVHGWRJHUXQGLRqHVQXHVWUDIRUPDSDUDGHFLU
pDFRVWXPEUDUVHDLQQLWLYRq3RUOWLPRpWREHXVHGWRJHUXQGLRqHVHOHTXLYDOHQWHDpHVWDUDFRVWXPEUDGRLQQLWLYRq(QWRGRVORVFDVRV
MXQWDPRVODVGRVSDODEUDVpXVHGWRqHQXQVORVRQLGRIRQWLFRLVWX(VFDVLLGQWLFRDOVRQLGRHVSDROSDUDHO0RQDVWHULRGHp<XVWHqFDPELDQ
GRODpHqQDOSRUXQDpXq,PDJLQDTXHHOPRQDVWHULRHQFXHVWLQVHOODPDVHHO0RQDVWHULRGHp<XVWXq\DKWLHQHVODSURQXQFLDFLQGHpXVHGWRq
*XV0RUJDQXVHGWREHDQLPSRUWDQWSHUVRQ+HXVHGWREHULFK+H
XVHGWRKDYHDORWRIFDUV+HXVHGWRDSSHDULQWKHJRVVLSPDJD]LQHV
ZLWKEHDXWLIXOZRPHQDWKLVDUP+HXVHGWRWKLQNWKDWWKHIXWXUH
ZDVEULJKW
+RZHYHU WKDW ZDV EHIRUH KH ZHQW WR SULVRQ 1RZ KH KDV D QHZ
OLIHDQGKHKDVWRJHWXVHGWRDORWRIQHZWKLQJV+HoVQRWXVHGWR
OLYLQJLQDSULVRQFHOO+HXVHGWROLYHLQDOX[XULRXVPDQVLRQEXW
QRZKHKDVWRJHWXVHGWROLYLQJLQDSULVRQFHOOVPDOOHUWKDQKLVROG
EDWKURRP+HoVQRWXVHGWRVOHHSLQJRQDKDUGQDUURZEHG+HXVHG
WRVOHHSRQDNLQJVL]HEHGEXWQRZKHKDVWRJHWXVHGWRVOHHSLQJ
RQDEHGRQO\FHQWLPHWHUVZLGH
7KHELJJHVWFKDQJHKRZHYHULVWKHIRRG*XV0RUJDQXVHGWRHDW
LQ WKH EHVW UHVWDXUDQWV DQG GULQN WKH EHVW ZLQHV +HoV QRW XVHG
WRHDWLQJWKHVDPHIRRGHYHU\GD\+HoVQRWXVHGWRHDWLQJRQO\
EHDQVDQGERLOHGSRWDWRHV+HXVHGWRHDWFDYLDUEHHIVKDQG
ODPE1RZKHKDVWRJHWXVHGWRHDWLQJRQO\EHDQVDQGSRWDWRHV
+HoVQRWXVHGWRGULQNLQJRQO\ZDWHUHLWKHU+HXVHGWRGULQNWKH
EHVWZLQHVIURPWKH%RUGHDX[UHJLRQRI)UDQFH1RZKHKDVWRJHW
XVHGWRGULQNLQJZDWHUDQGRQO\ZDWHU
*XV0RUJDQXVHGWREHWKHpNLQJRIWKHPRXQWDLQq+HXVHGWRGR
ZKDWHYHU KH ZDQWHG DQG JR ZKHUHYHU KH ZDQWHG +HoV QRW XVHG
WRKDYLQJWRVWD\LQRQO\RQHSODFHDQGKHoVQRWXVHGWRIROORZLQJ
RUGHUV +H XVHG WR JLYH RUGHUV QRW IROORZ RUGHUV %XWQRZKHoVLQ
SULVRQDQGKHKDVWRJHWXVHGWRDQHZZD\RIOLIH+HoVQRWXVHGWRLW
\HWEXWOLNHHYHU\RWKHUSULVRQHUKHZLOOJHWXVHGWRLWHYHQWXDOO\
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
2\H-RKQDQWHVGHTXHWHYD\DVWLHQHVXQPLQXWRSDUDUHYLVDUHVWHS
UUDIR"FKDOHXQYLVWD]RUSLGR(VSDUDXQDQXQFLRTXHYDPRVDSRQHU
HQHO6DQ)UDQFLVFR+HUDOGDYLVDQGRGHQXHVWUDSUHVHQFLDHQHO&RQJUHVR
GHO&OXE6DIDUL,QWHUQDFLRQDO-HQQLIHUVXHOHHVFULELUHVWDVFRVDVSHUR\D
TXHQRHVWDTXORWHQJRTXHKDFHU\R(VXQDQXQFLRSHTXHRTXH
DYLVDGHQXHVWUDLQWHQFLQGHWHQHUXQSXHVWRSDUDYHQGHUSURGXFWRV
H[WLFRVGHFXHURGHIULFD\2ULHQWHPHGLR,QFOXVRDSDUHFHUQDOJXQDV
SHUVRQDVTXHQRVRQFD]DGRUHVSDUDYHUTXHVORTXHRIUHFHPRV

*XV0RUJDQDQWHVHUDXQDSHUVRQDLPSRUWDQWH(UDULFR7HQDPXFKRV
FRFKHV$SDUHFDHQODVUHYLVWDVGHOFRUD]QFRQKHUPRVDVPXMHUHVFR
JLGDVGHVXEUD]R$QWHVSHQVDEDTXHHOIXWXURHUDSURPHWHGRU
6LQHPEDUJRHVRHUDDQWHVGHTXHIXHUDDODSULVLQ$KRUDWLHQHXQD
YLGDQXHYD\WLHQHTXHDFRVWXPEUDUVHDPXFKDVFRVDVQXHYDV1R
HVWDFRVWXPEUDGRDYLYLUHQXQDFHOGDGHSULVLQ$QWHVYLYDHQXQD
OXMRVDPDQVLQSHURDKRUDWLHQHTXHDFRVWXPEUDUVHDXQDFHOGDGH
SULVLQPVSHTXHDGHVXDQWLJXRFXDUWRGHEDR1RHVWDFRV
WXPEUDGRDGRUPLUHQXQDFDPDHVWUHFKD\GXUD$QWHVGRUPDHQ
XQDFDPDGHJUDQWDPDRSHURDKRUDWLHQHTXHDFRVWXPEUDUVHD
GRUPLUHQXQDFDPDGHVORFHQWPHWURVGHDQFKR
(OFDPELRPVJUDQGHVLQHPEDUJRHVODFRPLGD*XV0RUJDQDQ
WHVFRPDHQORVPHMRUHVUHVWDXUDQWHV\EHEDORVPHMRUHVYLQRV
1RHVWDFRVWXPEUDGRDFRPHUODPLVPDFRPLGDWRGRVORVGDV
1RHVWDFRVWXPEUDGRDFRPHUVRODPHQWHMXGDV\SDWDWDVFRFL
GDV$QWHVFRPDFDYLDUFDUQHGHEXH\SHVFDGR\FRUGHUR$KRUD
WLHQHTXHDFRVWXPEUDUVHDFRPHUVORMXGDV\SDWDWDV7DPSR
FRHVWDFRVWXPEUDGRDEHEHUVRODPHQWHDJXD$QWHVEHEDORV
PHMRUHVYLQRVGHODUHJLQIUDQFHVDGH%XUGHRV$KRUDWLHQHTXH
DFRVWXPEUDUVHDEHEHUDJXD\VRODPHQWHDJXD
*XV0RUJDQDQWHVHUDHOpUH\GHODPRQWDDq$QWHVKDFDORTXHTXHUD
HLEDGRQGHTXHUD1RHVWDFRVWXPEUDGRDSHUPDQHFHUHQXQVROR
VLWLR\QRHVWDFRVWXPEUDGRDVHJXLUUGHQHV$QWHVGDEDUGHQHVQR
VHJXDUGHQHV3HURDKRUDHVWHQSULVLQ\WLHQHTXHDFRVWXPEUDUVH
DXQDQXHYDIRUPDGHYLGD1RHVWDFRVWXPEUDGRDHOODWRGDYDSHUR
FRPRORVGHPVSUHVRVDODODUJDVHDFRVWXPEUDUDHOOD
+H\-RKQEHIRUH\RXOHDYHGR\RXKDYHDPLQXWHWRSURRIUHDG
WKLVSDUDJUDSK"7DNHDTXLFNORRNDWLW,WoVIRUDQDGZHoUHJRLQJ
WRSODFHLQWKH6DQ)UDQFLVFR+HUDOGDQQRXQFLQJRXUSUHVHQFHDW
WKH 6DIDUL &OXE ,QWHUQDWLRQDO FRQYHQWLRQ -HQQLIHU XVXDOO\ ZULWHV
WKHVHWKLQJVEXWVLQFHVKHoVQRWKHUH,KDYHWRGRLW,WoVDVPDOODG
DQQRXQFLQJRXUSODQVIRUDVWDQGWRVHOOH[RWLFOHDWKHUJRRGVIURP
$IULFDDQGWKH0LGGOH(DVW(YHQVRPHQRQKXQWHUVZLOOVKRZXS
WRVHHZKDWZHKDYHWRRIIHU


(VWLPDGRDPLJR\DOXPQR+R\WHQJRSRFRHVSDFLRDVTXHVHUEUHYH(OPXQGRHVWOOHQRGHPXFKRVWLSRVGH 0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
SHUVRQDSHURKD\WUHVWLSRVTXHGHEHVHYLWDUFRPRODSHVWHORVVREHUELRVORVYDJRV\ORVFQLFRV6RQSHOLJURVRV
SRUTXHDEXQGDQ\OHVJXVWDDEDWLUWXQDWXUDORSWLPLVPR\PRWLYDFLQ\VLOHVKDFHVFDVRORORJUDQ7RGRVDTXHOORV 'LVVXDVLYH 'LVWLOODWLRQ
FX\R SURJUHVR FRQ HO LQJOV PH KD VRUSUHQGLGR KDQ VLGR SHUVRQDV TXH UHXQDQ WUHV FDUDFWHUVWLFDV KXPLOGDG 'LVWDQFH 'LVWLOOHU\
DXWRFRQDQ]D\GLVSRVLFLQSDUDHOWUDEDMR<QRKDFDQFDVRDORVFQLFRVQLDORVVREHUELRVQLDORVYDJRV
'LVWDQW
'LVWLQFW
5LFKDUG9DXJKDQ

'LVWLOO

'LVWLQFWLRQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

'QGHHVWQORVFRFKHV" :KHUHDUHWKHFDUV"
(VWQGHWUVGHODHVWDFLQGH 7KH\DUHEHKLQGWKHWUDLQ

WUHQHV
VWDWLRQ
'HTXFRORUHVQXHVWURFRFKH":KDWFRORXULVRXUFDU"
&UHRTXHHVDPDULOOR ,WKLQNLWoV\HOORZ
|$TXHVW +HUHLWLV


1RHVHVHDPDULOOR|HVHVWHGH ,WLVQoWWKDW\HOORZRQHLWoVWKLV
VLOYHURQH
SODWD
(VPX\JUDQGHQR" ,WoVYHU\ELJLVQoWLW"
1RYDDYHQLUWXDPLJRFRQ ,VQoW\RXUIULHQGFRPLQJZLWK
XV"
QRVRWURV"
1RSXHGHWLHQHTXHWUDEDMDUKR\ +HFDQoWKHKDVWRZRUNWRGD\
|9PRQRV /HWoVJR

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&XQWRFXHVWDDOTXLODUHVWH +RZPXFKGRHVWKLVFDUFRVW

WRUHQW"
FRFKH"
&XHVWDGRVFLHQWRVHXURVDOGD ,WFRVWVWZRKXQGUHGHXURVD

GD\SOXVWKHSHWURO
PVJDVROLQD
'HTXSDVYLHQHHVWHFRFKH" :KLFKFRXQWU\GRHVWKLVFDU
FRPHIURP"
(VHVWDGRXQLGHQVHORXWLOL]DQ ,WoV$PHULFDQWKH\XVHLWLQWKH

DUP\
HQHOHMUFLWR
(VGLIFLOFRQGXFLUOR" ,VLWGLIFXOWWRGULYH"

6HSDUHFHPVDXQWDQTXHTXH,WORRNVPRUHOLNHDWDQNWKDQ
DFDU
DXQFRFKH
$OJXLHQWUDMRPVLFDSDUDHO 'LGDQ\RQHEULQJPXVLFIRUWKH
MRXUQH\"
YLDMH"
'HMDGHIXPDUWDQWRHOFRFKH 6WRSVPRNLQJVRPXFKWKHFDU
LVIXOORIVPRNH
HVWOOHQRGHKXPR
7RGRHOPXQGRQRVPLUD|VRPRV(YHU\ERG\oVORRNLQJDWXVZHoUH
WKHNLQJVRIWKHPRWRUZD\
ORVUH\HVGHODFDUUHWHUD
3DUHPRVHQXQDJDVROLQHUD /HWoVVWRSDWDSHWUROVWDWLRQWR
OOXS
SDUDHFKDUJDVROLQD

3DQW\ %UDJD
%UD 6XMHWDGRU
/LQJHULH /HQFHUD
3DQW\KRVH 3DQW\V
7LJKWV 0HGLDV

9RFDEXODULR:RPHQoV8QGHUZHDU 5RSD,QWHULRUSDUD0XMHUHV
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

$DOJXLHQOHDSHWHFHXQD 'RHVDQ\RQHIHHOOLNHDEHHU"

FHUYH]D"
4XGLUDQWXVDPLJRVVL :KDWZRXOG\RXUIULHQGVVD\LI
WKH\NQHZWKH\VHUYHEHHULQ
VXSLHVHQTXHVHVLUYHFHUYH]D
SHWUROVWDWLRQVKHUH"
HQJDVROLQHUDVGHDTX"
'LUDQp9DPRVDFRJHUHO 7KH\oGVD\p:HoUHJRLQJWR

WDNHWKHQH[WLJKWWR6SDLQq
SU[LPRYXHORSDUD(VSDDq
&PRVHDSDJDQHVWDVOXFHV +RZGR\RXWXUQWKHVHLQWHULRU

OLJKWVRII"
LQWHULRUHV"
&XOHVODVDOLGDGH&FHUHV" :KLFKH[LWLVLWIRU&FHUHV"

&RJHPRVODDXWRSLVWDGHSHDMH" 6KDOOZHWDNHWKHWROOPRWRUZD\"
0VYDOHTXHUHGX]FDVOD <RXoGEHWWHUVORZGRZQ
RWKHUZLVHWKH3ROLFHZLOOVWRSXV
YHORFLGDGVLQROD3ROLFDQRV
SDUDU
4XKDFHPRVVLWHQHPRVXQD :KDWGRZHGRLIZHEUHDN
GRZQ"
DYHUD"
$TXKRUDOHVGLMLVWHTXH :KDWWLPHGLG\RXWHOOWKHP
ZHoGDUULYH"
OOHJDUDPRV"
&PRGHPRQLRVYDPRVD +RZRQHDUWKDUHZHJRLQJWR
SDUNWKLVPRQVWHU"
DSDUFDUHVWHPRQVWUXR"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

'DOHVXQWRTXHSDUDYHUVLHVWQ*LYHWKHPDEHOOWRVHHLI
WKH\oUHDWKRPH
HQFDVD
$YVDOHVTXHHVWDPRVDSXQWR /HWWKHPNQRZZHoUHDERXWWR
DUULYH
GHOOHJDU
0LUDSRUHOWHFKRFRUUHGL]R /RRNRXWRIWKHVXQURRI
1XHVWURVFROHJDVHVWQDOO 2XUPDWHVDUHXSWKHUHRQWKH
EDOFRQ\
DUULEDHQHOEDOFQ
+DJDVORTXHKDJDVQRGHMHV :KDWHYHU\RXGRGRQoWOHW
TXHOOHYHQHOFRFKHDQLQJQVLWLR WKHPWDNHWKHFDUDQ\ZKHUH

1DGLHTXHHVWHQVXVDQRMXLFLR1RERG\LQWKHLUULJKWPLQG
KDUDDOJRDV
ZRXOGGRVRPHWKLQJOLNHWKDW
|$TXQRORDGLYLQDV$OJXLHQ *XHVVZKDW6RPHRQHMXVW

DFDEDGHUREDUHOFRFKH
VWROHWKHFDU
(OVHJXURDWRGRULHVJRLED :DVIXOO\FRPSUHKHQVLYH

LQFOXLGRHQHOSUHFLR"
LQVXUDQFHLQFOXGHGLQWKHSULFH"
(VWRQRVYDDFRVWDUXQULQ 7KLVLVJRLQJWRFRVWXVDQDUP
DQGDOHJ
<RORDUUHJODUDOTXLODUHVWH ,oOOVRUWLWRXWKLULQJWKLVFDU

ZDVDZKLPRIPLQH
FRFKHIXHFDSULFKRPR



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpRYHUq 

7R)RFXV2Q

7KHFDUUDQRYHUWKHSRRUGRJ
(OFRFKHDWURSHOODOSREUHSHUUR

7KHPLOLWDU\WRRNRYHUWKHJRYHUQPHQW
/RVPLOLWDUHVVHDSRGHUDURQGHO*RELHUQR

/HWPHWDNHRYHUIRU\RX
'MDPHTXHWHUHOHYH

6HQGKLPRYHUWRP\RIFH
0QGDOHDPLGHVSDFKR HQODPLVPD
SODQWD 
0\ERVVLVDOZD\VVWDQGLQJRYHUPH
0LMHIHVLHPSUHHVWDPLODGRYLJLOQGRPH

1RERG\ZDQWVWRWDNHRYHU
1DGLHTXLHUHDVXPLUHOPDQGR

&XDQGRHOXVRGHpWRqHVWWHUPLQDQWHPHQWHSURKLELGR

6LJQLFDpFHQWUDUVHHQq7HQFXLGDGRSRUTXH
QXQFDVHXVDFRQODSUHSRVLFLQpLQq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7LHQHVTXHFHQWUDUWHPVHQWXWUDEDMR
7HQGUHPRVTXHFHQWUDUQRVPVHQQXHVWUDV
HVWUDWHJLDVGHPDUNHWLQJ
(QTXYDPRVDFHQWUDUQRVHQODUHXQLQGH
KR\"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(QDSDULHQFLDORTXHSRQJRDFRQWLQXDFLQHVSRFDFRVD6HLVIUD
VHVVHQFLOODVFRQVHLVDGYHUWHQFLDV(QFLPDPHYDVDGHFLUTXH\D
VDEHV GH VREUD TXH QR VH XVD pWRq HQ HVWDV IUDVHV 3XHV LQVLVWR
HQGHGLFDUSDUWHGHHVWDFKDDUHFRUGUWHORGHQXHYR\HVWR\VH
JXURGHTXHWRGRVORVSURIHVRUHVGHLQJOVGHHVWHSDVHVWDUQ
GHDFXHUGRFRQPLJRHQTXHLQVLVWDSRUHQVLPDYH]HQHVWR(Q

WRGRVPLVDRVGHHQVHDQ]DKHRGRPXFKRPVODSDODEUDpWRq
HQHVWDVIUDVHVTXHVXDXVHQFLD&RQpFDQqpPXVWq\pOHWqMDPV
DSDUHFH OD SDUWFXOD pWRq<D HVW /R KH YXHOWR D GHFLU 3HUR PH
DSXHVWRORTXHVHDTXHYXHOYHVDLQVHUWDUpWRqGHVSXVGHDOJXQR
GHHVWRVWUHVYHUERVYHFHVPVHQORVSU[LPRVDRV

,FDQWRVHHKLP

6KHPXVWWRGRLW

7KH\FDQWRFRPH

:HPXVWQoWWRJRWKHUH

/HWWKHPWRFRPH
/HWPHWRKHOS\RX
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7XYLPRVXQGHEDWHGHPLQXWRVVREUHORVSRPRV\SLFDSRUWHVGH
SXHUWD6DTXHOWHPDFDVLFRPRXQDEURPDSHURUHDOPHQWHKL]R
TXHODJHQWHKDEODUD$OSULQFLSLRODPD\RUDGHODJHQWHSUHIHUD
ORVSRPRVSHURDPHGLGDTXHHOGHEDWHFRQWLQXDEDHVWDEDQGH
DFXHUGRFDGDYH]PVHQTXHORVSLFDSRUWHVVRQPVHOHJDQWHV\
PVWLOHV6LOOHYDVDOJRFRQDPEDVPDQRVWLHQHVTXHGHMDUORD
XQODGRSDUDDEULUXQDSXHUWDFRQSRPRSHURVLKD\XQSLFDSRUWH
SXHGHVXVDUHOFRGRRLQFOXVRODFDEH]DSDUDDEULUODSXHUWD

:H KDG D PLQXWH GHEDWH RQ GRRU NQREV DQG GRRU KDQGOHV ,
EURXJKWWKHVXEMHFWXSDOPRVWDVDMRNHEXWLWFHUWDLQO\JRWSHRSOH
WDONLQJ$WUVWPRVWSHRSOHLQ WKHJURXSSUHIHUUHGGRRUNQREV
EXW DV WKH GHEDWH SURJUHVVHG PRUH DQG PRUH DJUHHG WKDW GRRU
KDQGOHV DUH PRUH HOHJDQW DQG PRUH XVHIXO ,I \RXoUH FDUU\LQJ
VRPHWKLQJZLWKERWKKDQGV\RXKDYHWRSXWWKHWKLQJGRZQWR
RSHQDGRRUZLWKDGRRUNQREEXWLIWKHUHoVDKDQGOH\RXFDQXVH
\RXUHOERZRUHYHQ\RXUKHDGWRRSHQWKHGRRU

(VWLPDGRDPLJR\DOXPQR(OKRPEUHGHODIRWRHV7DQFUHGR6DOD]DU(QGRVRFDVLRQHVWHKHKDEODGR
GHO&RPHQ]DDSUHQGHULQJOVDORVDRVKDELHQGRGHMDGRORVHVWXGLRVDORVSDUDWUDEDMDU
FRPRDSUHQGL]GHPHFQLFR)XHFKDGRDRVPVWDUGHSDUDGLULJLUWRGDODDFFLQFRPHUFLDOGHOD
OLDOHVSDRODGHXQDJUDQPXOWLQDFLRQDOQRUWHDPHULFDQD&XDQGROHFRQRFOHDGYHUWGHGRVFRVDV
SULPHURTXHDSUHQGHULQJOVDVXHGDG\FRQVXSRFDLQFOLQDFLQ
DFDGPLFDLEDDVHUXQUHWRPX\GLIFLOVHJXQGROHGLMHTXHVX
QXHYDHPSUHVDHVWDEDPX\HTXLYRFDGDVREUHHOFRVWHHQGLQHUR
\HVIXHU]RTXHHOUHWROHLEDDVXSRQHU7DQFUHGRPHPLUVRQUL
\GLMRp1RWHSUHRFXSHVVHRU5FKDUG(VWR\DFRVWXPEUDGRDORV
UHWRV 1R SXHGR YLYLU VLQ HOORV &XQGR HPSH]DPRV"<D YHUV
TXHORFRQVHJXLUHPRV7HDVHJXURTXHYR\DYHQFHUDOLQJOV9R\
DOOHYDUPHHOJDWRDODJXDq<ORFRQVLJXL7DUGPHVHV\GRV
PLO KRUDV GH WUDEDMR SHUR OR FRQVLJXL 8Q DR PV WDUGH PH
PDQGODIRWRGHDOODGR$OGRUVRKDEDHVFULWRp9HV"6LHPSUH
PHOOHYRHOJDWRDODJXDq
5LFKDUG9DXJKDQ


0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
'LVWLQJXLVK
'LVWRUW
'LVWRUWLRQ
'LVWUDFW
'LVWUDFWLRQ
'LVWUDFWHG
'LVWULEXWH
'LVWULEXWLRQ
'LVWULEXWRU
'LVWULFW
'LVXQLWH
'LVXQLRQ
'LXUHWLF
'LYHUJHQFH
'LYHUJHQW
'LYHUVH

'LYHUVLFDWLRQ
'LYHUVLHG
'LYHUVLRQ
'LYHUVLW\
'LYLGH
'LYLGHQG
'LYLQH
'LYLQLW\
'LYLVLEOH
'LYLVLRQ
'LYLVRU
'LYRUFH
'LYXOJH
'RFLOH
'RFWRU
'RFWRUDO





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VHVWHWXEHE" ,VWKLV\RXUEDE\"
(VFKLFRRFKLFD" ,VLWDER\RUDJLUO"
6XVRMRVVRQJUDQGHV\D]XOHV +HUH\HVDUHELJDQGEOXH
6XSHORHVFRUWR\PRUHQR +HUKDLULVVKRUWDQGEURZQ
(VXQDQLDPX\JXDSD 6KHoVDYHU\SUHWW\JLUO

&XQWRVFURVWHQLV" +RZPDQ\NLGVGR\RXKDYH"
&XQWRVDRVWLHQHHOPV +RZROGLVWKH\RXQJHVW"
MRYHQ"
7XKLMRYDDOPLVPRFROHJLR 'RHV\RXUVRQJRWRWKHVDPH
TXHWXVKLMDV"
VFKRRODV\RXUGDXJKWHUV"
$TXKRUDVHYDQGHFDVD" :KDWWLPHGRWKH\OHDYH
KRPH"
&RPHQHQHOFROHJLRRYXHOYHQ'RWKH\KDYHOXQFKDWVFKRRORU
GRWKH\FRPHEDFNKRPHWRHDW"
DFDVDSDUDFRPHU"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(UDVEXHQHVWXGLDQWHFXDQGR :HUH\RXDJRRGVWXGHQWZKHQ

\RXZHUHDWVFKRRO"
HVWDEDVHQHOFROHJLR"
$TXFROHJLRLEDV" :KLFKVFKRROGLG\RXJRWR"
3RUTXQRHVWXGLDQWXVQLRV:K\GRQoW\RXUFKLOGUHQVWXG\LQ
HQXQFROHJLRPVFHUFDGHFDVD" DVFKRROQHDUHUWR\RXUKRPH"
&XQGRYDQDHPSH]DUHQHO :KHQDUHWKH\JRLQJWRVWDUW

VHFRQGDU\VFKRRO"
FROHJLR"
/RVSXHGROOHYDU\RPDDQDVL ,FDQWDNHWKHPWRPRUURZ

PRUQLQJLI\RXOLNH
TXLHUHV

0LVGRVQLRV\DVRQ %RWKP\FKLOGUHQDUHWHHQDJHUV
QRZ
DGROHVFHQWHV
0LKLMRPD\RU\DKDHPSH]DGR 0\HOGHVWVRQKDVDOUHDG\
VWDUWHGWRVKDYH
DDIHLWDUVH
$SHQDVKDEODDPHQRVTXH +HKDUGO\WDONVXQOHVVKH
TXLHUDTXHMDUVHRSDUDSHGLUQRV ZDQWVWRFRPSODLQRUWRDVNXV
IRUPRQH\
GLQHUR
3DVDQWRGRHOGDFKDWHDQGR 7KH\VSHQGWKHZKROHGD\
FKDWWLQJRQWKHLUFRPSXWHUV
HQVXVRUGHQDGRUHV
&UHHVTXHYDVDVDOLUYHVWLGD 'R\RXWKLQN\RXoUHJRLQJWR
JRRXWGUHVVHGOLNHWKDW"
DV"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

<DQRVRQFURV 7KH\oUHQRWNLGVDQ\PRUH
+DWUDGRDFDVDDVXQRYLR\D" +DVVKHEURXJKWKHUER\IULHQG
KRPH\HW"
1RYR\DGHMDUWHSRQHUXQ ,oPQRWJRLQJWROHW\RXJHW

\RXUWRQJXHSLHUFHG
SLHUFLQJHQODOHQJXD
8QWDWXDMHHQHOKRPEUR" $WDWWRRRQ\RXUVKRXOGHU"<RX

PXVWEHMRNLQJ
7LHQHVTXHHVWDUEURPHDQGR
6LVDFDUDVPHMRUHVQRWDVHQHO ,I\RXJRWEHWWHUPDUNVDW
FROHJLRWDOYH]WHGHMDUDKDFHU VFKRROPD\EH,oGOHW\RXGR
WKHVHWKLQJV
HVWDVFRVDV

2MDOQRPDGXUDVHQWDQSURQWR ,ZLVKWKH\GLGQoWJURZXSVR
TXLFNO\
&XQWRYDVDWDUGDUHQWHUPLQDU +RZORQJLVLWJRLQJWRWDNH
\RXWRQLVK\RXUGHJUHH"
ODFDUUHUD"
6LKXELHUDVHVWXGLDGR'HUHFKR ,I\RXKDGVWXGLHG/DZ\RX
FRXOGKDYHEHFRPHDODZ\HU
SRGUDVKDEHUOOHJDGRDVHU
DERJDGR
1RKD\WDQWRVFKRUL]RVHQ 7KHUHDUHQoWDVPDQ\FURRNVLQ
6SDLQDVODZ\HUV
(VSDDFRPRDERJDGRV
4XSLHQVDVKDFHUFRQHOUHVWR:KDWDUH\RXSODQQLQJWRGR
ZLWKWKHUHVWRI\RXUOLIH"
GHWXYLGD"

%ULHIV 6OLSV

9HVW &DPLVHWD,QWHULRU

/RQJ-RKQV &DO]RQFLOORV/DUJRV
%R[HU%ULHIV &DO]RQHV

%R[HUV &DO]RQFLOORV

9RFDEXODULR0HQoV8QGHUZHDU 5RSD,QWHULRUSDUD+RPEUHV
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

4XLQKXELHUDSHQVDGRTXH :KRZRXOGKDYHWKRXJKW\RX
OOHJDUDVDVHUXQQHXURFLUXMDQR" ZRXOGEHFRPHDEUDLQVXUJHRQ"
(UDVXQDQLDWDQWUDYLHVD\ <RXZHUHVXFKDQDXJKW\
UHEHOOLRXVJLUO
UHEHOGH
(QYH]GHWDWXDMHV\DWLHQHVXQD,QVWHDGRIWDWWRRVQRZ\RXRZQ
DPRUWJDJHDQGORWVRIVKDUHV
KLSRWHFD\PXFKDVDFFLRQHV
3HURFXQGRYDVDVHQWDUOD %XWZKHQDUH\RXJRLQJWR
VHWWOHGRZQDQGJHWPDUULHG"
FDEH]D\FDVDUWH"
<DHVKRUDGHTXHWHQJDVQLRV ,WoVDERXWWLPH\RXKDGFKLOGUHQ


1RTXLHUHVTXHGDUWHSDUDYHVWLU<RXGRQoWZDQWWREHOHIWRQ
VDQWRV
WKHVKHOI
3RUQKR\HVVXJUDQGD )LQDOO\WKLVLVKHUELJGD\
+DFHQXQDSDUHMDHQFDQWDGRUD 7KH\PDNHDORYHO\FRXSOH
(VXQDSHQDTXHOVHDFRMR\ ,WoVDSLW\DERXWKLVOLPSDQG
MRUREDGR
KXQFKEDFN
(VSHUHPRVTXHQXHVWURVQLHWRV/HWoVKRSHRXUJUDQGFKLOGUHQ
VHSDUH]FDQDODPDGUH
ORRNOLNHWKHPRWKHU

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92
7KH<HDU%HIRUH/DVW

3KUDVDOYHUEVZLWKpRYHUq 
7KLQNLWRYHU
3LQVDWHOR6RSVDOR

:HoOOFKDQJHRYHUWRWKHQHZV\VWHPVRRQ
&DPELDUHPRVSURQWRDOQXHYRVLVWHPD

,oOOKDYHWRWKLQNLWRYHU
0HORWHQGUTXHSHQVDU

7KHULRWVSLOOHGRYHULQWRWKHERUGHULQJ
DUHDV
(OPRWQVHH[WHQGLDODV]RQDVOLQGDQWHV

,SRXUHGRYHUWKHGRFXPHQW
5HSDVOQHDSRUOQHDHOGRFXPHQWR :HZRQKLPRYHUWRRXUFDXVH
/HFRQYHQFLPRVDSDVDUDQXHVWUREDQGR

/DH[SUHVLQpWKH\HDUEHIRUHODVWqVLJQLFDpHO
DRDQWHULRUDOSDVDGRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHVIUDVHV
HQLQJOV"
(ODRDQWHULRUDOSDVDGRHOYLHQWRVRSODEDPX\
IXHUWH
(ODRDQWHULRUDOSDVDGRJXDUGDPRVWRGRVORV
WLTXHWV
(ODRDQWHULRUDOSDVDGRODVYHQWDVFUHFLHURQXQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '( ,1*/6
'(),1,7,92GH9DXJKDQ1RVORVDEUVVLKDVDFHUWDGRVLQR
TXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

9HUERVUHJXODUHV
/RVYHUERVUHJXODUHVDSHQDVUHFLEHQDWHQFLQSRUSDUWHGHORVSURIHVRUHVGHLQJOV/DREVHVLQHVVLHPSUHFRQORVYHUERVLUUHJXODUHV6LQHPEDU
JRDTXOORVVRQPVQXPHURVRV\VHJQHOYHUERHQFXHVWLQLJXDOPHQWHLPSRUWDQWHV
6RQLGRGHpGqGXUD
/RVYHUERVGHHVWDFROXPQDDSDUHFHQHQVX
IRUPD DUPDWLYD GHO SDVDGR \ SDUWLFLSLR $O
LQQLWLYR GHO YHUER VH OH DDGH pHGq R VL HO
LQQLWLYRWHUPLQDHQpHqXQDpGqVLPSOH/D
SURQXQFLDFLQHVGHXQDpGqGXUDDOQDOGH
ODSDODEUD$ODDGLUODpGqRpHGqQRVHDDGH
XQDVODEDPV'RQGHKD\XQYHUERTXHWHU
PLQDHQp\qSUHFHGLGDSRUXQDYRFDOVHTXLWD
ODp\q\VHDDGHpLHGq FU\sFULHG 
$FKLHYHG
$GYLVHG
$JUHHG
$OORZHG
$QVZHUHG
$SSHDUHG
$UUDQJHG
$VVXUHG
$UULYHG
%HOLHYHG
%HORQJHG
%RUURZHG
&DOOHG
&DUULHG
&DXVHG
&KDQJHG
&OHDQHG
&ORVHG
&RPSDUHG
&RPSODLQHG
&RQUPHG
&RQWLQXHG
&RQVLGHUHG
&RSLHG
&RYHUHG
&ULHG
'HOLYHUHG
'HVFULEHG
'LVFRYHUHG

'HVHUYHG
3ODQQHG
'HVWUR\HG
3UHSDUHG
'LHG
3OD\HG
(DUQHG
3UHIHUUHG
(QMR\HG
3XOOHG
([SODLQHG
5DLQHG
)DLOHG
5DLVHG
)LOHG
5HDOL]HG
)LOOHG
5HFRJQL]HG
)ROORZHG
5HFHLYHG
*DLQHG
5HWLUHG
+DQGOHG
5HYLHZHG
+DSSHQHG
6DYHG
+LUHG
6HHPHG
+XUULHG
6HUYHG
,GHQWLHG
6KRZHG
,PDJLQHG
6LJQHG
-RLQHG
6PLOHG
/LVWHQHGWR
6QRZHG
/LYHG
6ROYHG
/RZHUHG
6XIIHUHG
0DLQWDLQHG
6WD\HG
0HDVXUHG
6WXGLHG
0HQWLRQHG 6XUSULVHG
0RYHG
7UDYHOOHG
2IIHUHG
7ULHG
2ZQHG
8VHG
2ZHG
:RUULHG
3HUIRUPHG

3DUD ORV KLVSDQRKDEODQWHV HV GLIFLO


SURQXQFLDU IRQWLFDPHQWH OD pGq GXUD
DO QDO GH HVWDV SDODEUDV (Q OD UHDOLGDG
FXDQGR HO YHUER HQ SDVDGR VH HQOD]D FRQ
RWUDSDODEUDTXHHPSLH]DSRUYRFDOVHXQHQ
PHGLDQWHODpGqGXUD ZHVWD\HGDWKRPH
VWD\GDW &XDQGRQRVHHQOD]DHOVRQLGRVH
DFHUFDDXQDpWq

6RQLGRGHpWq
/RV YHUERV GH HVWD FROXPQD DSDUHFHQ
HQVXIRUPDDUPDWLYDGHOSDVDGR\HO
SDUWLFLSLR $O LQQLWLYR GHO YHUER VH OH
DDGHpHGqRVLHOLQQLWLYRWHUPLQDHQ
pHqXQDpGqVLPSOH/DSURQXQFLDFLQ
HVGHXQDpWqDOQDOGHODSDODEUD$O
DDGLUODpGqRpHGqDOQDOQRVHDD
GHXQDVODEDPV

$FFRPSOLVKHG
$VNHG
&KHFNHG
%RRNHG
&RQYLQFHG
&RRNHG
&URVVHG
'DQFHG
'HFUHDVHG
'HYHORSHG
'LVFXVVHG
(UDVHG
(VFDSHG
(VWDEOLVKHG
)L[HG
)LQLVKHG
)RUFHG
+HOSHG
+RSHG
,PSURYHG
,QFUHDVHG
-XPSHG
/DXJKHG
/LNHG
/DFNHG
/RFNHG
/RRNHG

0L[HG
0LVVHG
1RWLFHG
3DFNHG
3DUNHG
3DVVHG
3LFNHG
3UDFWLFHG
3URGXFHG
3URJUHVVHG
3URPLVHG
3URWHFWHG
3XVKHG
5HDFKHG
5HGXFHG
5HOD[HG
5HSODFHG
6WRSSHG
6ZLWFKHG
7DONHG
7RXFKHG
7\SHG
:DONHG
:DVKHG
:DWFKHG
:LVKHG
:RUNHG

(VGLFLOWDPELQSURQXQFLDUIRQWLFD
PHQWHODpWqHQHVWDFROXPQD+D\TXH
SUDFWLFDUORPXFKR(OYHUERPVGLIFLO
GHWRGRVHVpDVNHGq DVNW 6LQHPEDU
JRFXDQGRKDEODPRVUSLGDPHQWHGH
FLPRVPXFKDVYHFHVDVW

6RQLGRGHpLGq VODEDDGLFLRQDO
/RVYHUERVGHHVWDFROXPQDDSDUHFHQ
HQVXIRUPDDUPDWLYDGHOSDVDGR\HO
SDUWLFLSLR$OLQQLWLYRGHOYHUERVHOH
DDGH pHGq R VL HO LQQLWLYR WHUPLQD
HQpHqXQDpGqVLPSOH/DSURQXQFLD
FLQ HV GH XQD pLGq DO QDO GH OD SD
ODEUDORFXDOKDFHTXHHOYHUERWHQJD
XQDVODEDPV DFFHSWsDFFHSWHG 

3ULQWHG
([LVWHG
$FFHSWHG
3URPRWHG
([SDQGHG
$FWHG
([SHFWHG 3URQRXQFHG
$GGHG
3URYLGHG
$SSRLQWHG ([SRUWHG
5HDFWHG
([WHQGHG
$WWHQGHG
+DWHG 5HFRPPHQGHG
$WWUDFWHG
$YRLGHG ,PSOHPHQWHG 5HMHFWHG
5HQWHG
&RPSOLFDWHG ,PSRUWHG
5HTXHVWHG
,QFOXGHG
&RQVXOWHG
5HVWHG
&RQWDFWHG ,QGLFDWHG
6HOHFWHG
,QVLVWHG
&RXQWHG
6HSDUDWHG
,QYHQWHG
&UHDWHG
'HFLGHG ,QYHVWLJDWHG 6KRXWHG
6WDUWHG
,QYLWHG
'HGLFDWHG
6XSSRUWHG
/DQGHG
'HIHQGHG
6XFFHHGHG
/LIWHG
'HPDQGHG
6XVSHFWHG
'HSHQGHGRQ /DVWHG
7HVWHG
/LVWHG
'HYRWHG
7UDQVODWHG
/RDGHG
'LVWULEXWHG
7UHDWHG
/RFDWHG
'LYLGHG
7UXVWHG
'RXEWHG 0RWLYDWHG
9LVLWHG
1HHGHG
(OLPLQDWHG
:DLWHG
3DLQWHG
(VWLPDWHG
:DQWHG
(YDOXDWHG 3DUWLFLSDWHG
:DVWHG
3RLQWHG
([FOXGHG
(VWD FROXPQD HV OD PV IFLO SDUD
SURQXQFLDU (O QLFR YHUER UHDOPHQWH
GLIFLO SDUD HVSDROHV HV HO SULPHUR
GH OD OLVWD DFFHSWHG  6H SURQXQFLD
DNVSWLG
7LHQH TXH RLUVH FODUDPHQWH HO VRQLGR
GHpNq\HOVRQLGRGHpSq

(VWLPDGRDPLJR\DOXPQR'HELGRDODLPSRUWDQFLDGHGRPLQDUODSURQXQFLDFLQGHORVYHUERVUHJXODUHVSUHHURHQHVWDFKDSUHVFLQGLU
GHOSUUDIR\ODVSDODEUDVGHUD]ODWLQD$VOHVGDPRVDORVYHUERVUHJXODUHVXQHVSDFLRIVLFRHQFRQVRQDQFLDFRQVXLPSRUWDQFLD+DEODUELHQ
LQJOVLPSOLFDSUDFWLFDUPXFKRVDVSHFWRVWFQLFRPHFQLFRVDEXUULGRVVLQHPEDUJRHVQHFHVDULRVLXQRDVSLUDDKDEODUELHQXQVHJXQGR
LGLRPD3DUDGRPLQDUODpUqHQHVSDROHVWR\VHJXURGHTXHGLMHPVGHYHFHVp(OSHUURGH6DQ5RTXHQRWLHQHUDERSRUTXH5DPQ5D
PUH]VHORKDFRUWDGR(OSHUURGH5DPQ5DPUH]QRWLHQHUDERSRUTXHVHORKDQUREDGR4XLQOHKDUREDGRHOUDERDOSHUURGH6DQ5RTXH"
5DPQ5DPUH]KDUREDGRHOUDERGHOSHUURGH6DQ5RTXH"q

5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VHVHWXEDQFR" ,VWKDW\RXUEDQN"
1RQRORHV0LEDQFRHVWDO 1RLWLVQoW0\EDQNLVQH[WWR
ODGRGHHVHQXHYRKRWHO
WKDWQHZKRWHO
'QGHHVWODGLUHFWRUD" :KHUHLVWKHPDQDJHU"
(VWHOODKR\",VVKHKHUHWRGD\"
6HVW6XGHVSDFKRHVOD <HVVKHLV+HURIFHLVWKH
VHJXQGDSXHUWDDODL]TXLHUGD VHFRQGGRRURQWKHOHIW

%XHQRVGDV7RPHDVLHQWR *RRGPRUQLQJ+DYHDVHDW
0HDOHJURGHYHUOHGHQXHYR ,oPJODGWRVHH\RXDJDLQ
(VWPHMRUVXPDGUHDKRUD" ,V\RXUPRWKHUEHWWHUQRZ"
1ROHYHPRVPX\DPHQXGR :HGRQoWVHH\RXYHU\RIWHQ
DTXHQHOEDQFR KHUHDWWKHEDQN
(VWXVWHGEXVFDQGRGLQHUR" $UH\RXORRNLQJIRUPRQH\"

&KRFRODWHV &KRFRODWH

&DUGV 7DUMHWDV

6ZHHWV &DUDPHORV

)ORUHV )ORZHUV

+HDUWV &RUD]RQHV

9RFDEXODULR9DOHQWLQHoV'D\ 'DGH6DQ9DOHQWQ
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&PRYDVXQHJRFLR" +RZoV\RXUEXVLQHVVJRLQJ"
1RYDQDGDPDO ,WoVQRWEDGDWDOO
4XHVORTXHKDFHVXHPSUHVD":KDWLVLWWKDW\RXUFRPSDQ\
GRHV"
&RPSUDPRV\YHQGHPRV :HEX\DQGVHOOIXUQLWXUH

PXHEOHV
(VHHVXQEXHQQHJRFLROD 7KDWoVDJRRGEXVLQHVVSHRSOH

ZLOODOZD\VQHHGWRVLWDQGWR
JHQWHVLHPSUHQHFHVLWDU
VOHHS
VHQWDUVH\GRUPLU

'QGHFRPSUDXVWHGOD :KHUHGR\RXEX\PRVWRI
\RXUIXUQLWXUH"
PD\RUDGHORVPXHEOHV"
5HFRJHPRVORTXHHQFRQWUDPRV :HSLFNXSZKDWZHQGLQWKH
VWUHHW
HQODFDOOH
(QWLHQGREXHQRHVLPSRUWDQWH ,VHHZHOOLWoVLPSRUWDQWWR
UHF\FOHLVQoWLW"
UHFLFODUQR"
$VTXHGJDPHSRUTXKD 6RWHOOPHZK\\RXoYHFRPHWR
VHHXVWRGD\
YHQLGRDYHUQRVKR\
1HFHVLWRTXHHOEDQFRPHG,QHHGWKHEDQNWRJLYHPHD
ORDQ
XQSUVWDPR

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

3RUGHVJUDFLDQRUHJDODPRV 8QIRUWXQDWHO\ZHGRQoWJLYH
PRQH\DZD\ZHOHQGLW
GLQHURORSUHVWDPRV
<VORPHORSUHVWDUQXVWHGHV $QG\RXoOORQO\OHQGLWWRPHLI,
FDQSURYHWKDW,GRQoWQHHGLW
VLSXHGRGHPRVWUDUTXHQR
PHKDFHIDOWD
3RUTXQHFHVLWDTXHOHGHPRV :K\GR\RXQHHGXVWRJLYH

HVWHSUVWDPR"
\RXWKLVORDQ"
(VLPSUHVFLQGLEOHTXH ,WoVHVVHQWLDOWKDWZHEX\D
FRPSUHPRVXQFDPLQRDO
WUXFNRUDWOHDVWDYDQ
PHQRVXQDIXUJRQHWD
&XQWRFRVWDUDHVR"+RZPXFKZRXOGWKDWFRVW"

3ULPHURWHQGUHPRVTXHHFKDU )LUVWRIDOOZHoOOKDYHWRWDNHD
XQYLVWD]RDVXVQDQ]DV
ORRNDW\RXUQDQFHV
&XQWRVXHOHJDQDUDOPHV" +RZPXFKGR\RXXVXDOO\HDUQ
DPRQWK"
7LHQHKLSRWHFDXRWURV 'R\RXKDYHDPRUWJDJHRUDQ\
SUVWDPRV"
RWKHUORDQV"
7UDEDMDXVWHGSRUFXHQWDSURSLD" $UH\RXVHOIHPSOR\HG"
(VWEXVFDQGRXQSUVWDPR $UH\RXORRNLQJIRUDVKRUWRUD
DFRUWRRDODUJRSOD]R"
ORQJWHUPORDQ"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

&XQWRVRQORVSDJRV +RZPXFKDUH\RXUPRQWKO\
PHQVXDOHVGHODKLSRWHFD"
PRUWJDJHUHSD\PHQWV"
(VWGRPLFLOLDGDVXQPLQD ,V\RXUVDODU\SDLGLQWRDQ
HQXQDFXHQWDFRQHVWHEDQFR" DFFRXQWZLWKWKLVEDQN"
&PRSLHQVDUHHPEROVDUHO +RZDUH\RXSODQQLQJWRUHSD\
GLQHUR"
WKHPRQH\"
(QFLHQFXRWDVGHGRVFLHQWRV ,QRQHKXQGUHGUHSD\PHQWVRI
\FLQFXHQWDHXURVFDGDXQR
WZRKXQGUHGDQGIW\HXURV
1RFUHRTXHYD\DDKDEHU ,GRQoWWKLQNWKHUHDUHJRLQJWR

SUREOHPDV
EHDQ\SUREOHPV

7HQGUHPRVTXHDYHULJXDUXQ :HoOOKDYHWRZRUNRXWD
SODQGHUHDPRUWL]DFLQ
UHSD\PHQWVFKHGXOH
1RVSRGUDHQVHDUVXOWLPD &RXOG\RXVKRZXV\RXUODVW

GHFODUDFLQGHODUHQWD"
LQFRPHWD[UHWXUQ"
&XQGRYDQDSRQHUHO :KHQDUH\RXJRLQJWRPDNH
GLQHURDPLGLVSRVLFLQ"
WKHPRQH\DYDLODEOHWRPH"
1RYHQGDVODSLHOGHORVR 'RQoWFRXQW\RXUFKLFNHQV
DQWHVGHFD]DUOR
EHIRUHWKH\oUHKDWFKHG
7HQGUHPRVTXHHVSHUDUDTXH:HoOOKDYHWRZDLWIRUKHDG
ODVHGHFHQWUDOQRVGHOX]YHUGH
RIFHWRJLYHXVWKHJUHHQOLJKW

Z Z ZY D X V \ V  F R P






(/&8562'(),1,7,92
7RPDQDJH

3KUDVDOYHUEVZLWKpRYHUq  
'RQoWFU\RYHUWKLQJVOLNHWKDW
1ROORUHVSRUFRVDVDV

&DQ\RXSXOORYHUSOHDVH"
6HSXHGHHFKDUDXQODGRSRUIDYRU"

0RYHRYHU
&UUHWHXQSRFRSDUDDOO

+HVWD\HGRYHUIRUWKHQLJKW
6HTXHGDGRUPLUHQQXHVWUDFDVD

7KHSROLFHSXOOHGXVRYHU
:K\GRQoW\RXDVNKLPRYHU"
/DSROLFDQRVSDU HQFDUUHWHUD  3RUTXQROHLQYLWDVDWXFDVD"


6RIDU

p&RQVHJXLUKDFHUDOJRqHVpWRPDQDJHWRGR
VRPHWKLQJq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(OODFRQVLJXHYHUDVXVSDGUHVXQDYH]FDGD
TXLQFHQD
/RJUWHUPLQDUHOLQIRUPHDWLHPSRSDUDOD
UHXQLQ
&RQVHJXLPRVKDEODUFRQODSHUVRQDUHVSRQ
VDEOHGHOSUR\HFWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

/DH[SUHVLQpVRIDUqWLHQHGRVVLJQLFDGRV WDQOHMRV\ KDVWDDKRUD2EYLDPHQWHHOVHJXQGRHVHOTXHQRVYDOHDTX/DH[SUHVLQpVRIDUqHV


PX\FRUULHQWH'HKHFKRPXFKDVYHFHVFXDQGRDOJXLHQPHSUHJXQWDTXWDOPHYDQODVFRVDVOHGLJRVRIDUVRJRRG KDVWDKRUDWRGRPDUFKD
ELHQ p6RIDUqVLJQLFDpKDVWDDKRUDLQFOXVLYHq8QDH[SUHVLQVLQQLPDHVpXSWRQRZq$KRUDELHQPXFKRVDOXPQRVGHFVpXQWLOQRZq(VWD
H[SUHVLQHVFRUUHFWDJUDPDWLFDOPHQWHSHURSXHGHGHVSLVWDUDOLQWHUORFXWRUp8QWLOQRZqSXHGHHQWHQGHUVHFRPRpKDVWDDKRUDSHURDSDUWLUGH
DKRUDQRqPLHQWUDVTXHpXSWRQRZqRpVRIDUqVHHQWLHQGHQFRPRpKDVWDDKRUDLQFOXVLYH\FRQFRQWLQXDFLQHQHOIXWXURORPVVHJXURq
(QHODRKXERXQDUHXQLQHQWUHYDULRVGLUHFWLYRVGHODFDVDPDWUL]DPHULFDQDGHXQDHPSUHVDPXOWLQDFLRQDO\ODSODQD
GLUHFWLYDGHVXOLDOHVSDROD(OGLUHFWRUJHQHUDOGHODOLDOHUDXQDUJHQWLQRFULDGR\HGXFDGRHQ,QJODWHUUDSRUORTXHVDEDLQJOV
SHUIHFWDPHQWH(OGLUHFWRUFRPHUFLDOHUDHVSDROSHURKDEODEDLQJOVEDVWDQWHELHQ
'XUDQWHHOWUDQVFXUVRGHODUHXQLQXQRGHORVDPHULFDQRVSUHJXQWDOGLUHFWRUFRPHUFLDOHVSDROp&PRYDQODVYHQWDVGHUHSXHVWRV"q
(OGLUHFWRUFRPHUFLDOFRQWHVWp8QWLOQRZQHq(ODPHULFDQRLQPHGLDWDPHQWHUHVSRQGLp&XOHVHOSUREOHPDDKRUD"q
(QHVWHPRPHQWRHOGLUHFWRUJHQHUDODUJHQWLQRLQWHUYLQRSDUDDFODUDUTXHVXKRPEUHTXLVRGHFLUp8SWRQRZQHq6HGLRFXHQWD
GHTXHVXGLUHFWRUFRPHUFLDOKDEDGHVSLVWDGRDVXLQWHUORFXWRU$OGHFLUHOGLUHFWRUFRPHUFLDOpXQWLOQRZQHqVWHGDEDDHQWHQGHU
TXHWRGRKDEDLGRELHQKDVWDDKRUDSHURTXHDKRUDSRGUDKDEHUSUREOHPDV
$VTXHVLTXLHUHVH[SUHVDUODLGHDGHpKDVWDDKRUDLQFOXVLYHqXVDpVRIDUqRpXSWRQRZqp8QWLOQRZqVHXVDPVHQXQVHQWLGRGHOSDVDGR
8QWLOQRZ,DOZD\VDWHLQWKHVDPHUHVWDXUDQWEXW
8SWRQRZ,oYHDOZD\VHDWHQLQWKHVDPHUHVWDXUDQW

+DVWDDKRUDVLHPSUHFRPDHQHOPLVPRUHVWDXUDQWHSHUR
+DVWDDKRUDVLHPSUHFRPRHQHOPLVPRUHVWDXUDQWH

)MDWHHQHOVHJXQGRHMHPSOR(QLQJOVXVDPRVHOSUHVHQWHSHUIHFWR KHFRPLGR PLHQWUDVTXHHQHVSDROORKDELWXDOHVHPSOHDUHO


SUHVHQWHKDELWXDO FRPR 
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/DUHDOLGDGGHOPDDQDVHFUHDFRQODLPDJLQDFLQGHKR\(OPXQ
GRWLHQHXQDIRUPDGHGDUWHORTXHWHPHUHFHV6LHVWVDVXVWDGR
\EXVFDVIUDFDVR\SREUH]DORVWHQGUVSRUPXFKRTXHLQWHQWHV
WULXQIDU/DIDOWDGHFRQDQ]DHQXQRPLVPRHQFPRODYLGDWH
YDDWUDWDUWHVHSDUDGHODVFRVDVEXHQDVGHOPXQGR(VSHUDYLF
WRULD\ORJUDUVYLFWRULD

7RPRUURZoV UHDOLW\ LV FUHDWHG E\ WRGD\oV LPDJLQDWLRQ7KH ZRUOG


KDVDZD\RIJLYLQJ\RXZKDW\RXGHVHUYH,I\RXDUHIULJKWHQHG
DQG ORRN IRU IDLOXUH DQG SRYHUW\ \RX ZLOO JHW WKHP QR PDWWHU
KRZKDUG\RXPD\WU\WRVXFFHHG/DFNRIIDLWKLQ\RXUVHOILQZKDW
OLIHZLOOGRIRU\RXFXWV\RXRIIIURPWKHJRRGWKLQJVLQWKHZRUOG
([SHFWYLFWRU\DQG\RXPDNHYLFWRU\


(VWLPDGR DPLJR \ DOXPQR /R TXH GLFH HO SUUDIR DQWHULRU HV SDUD P XQD YHUGDG FRPR XQ JUDQ UREOH \ 0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
WUHPHQGDPHQWHLPSRUWDQWH&DGDYH]TXHRLJRDFLHUWDVSHUVRQDVTXHMDUVHGHVXVXHUWHHQODYLGDHVWR\PV
FRQYHQFLGRGHTXHWHQGUDQODPLVPDVXHUWHDXQTXHOHVGLVHPRVRSRUWXQLGDGHVPVGHYLYLUVXYLGD
'RFWRUDWH
GHQXHYR6RQSHUVRQDVTXHHVWQSURJUDPDGDVSDUDWHQHUSRFDVXHUWHHQODYLGD6XDFWLWXGDQWHODVFRVDV
'RFWULQH
OHVFRQGHQDDIUDFDVDU([LVWHQPXFKRVVQWRPDVTXHSRGHPRVUHFRQRFHUHQDOJXQRVFDVRVXQDWHQGHQFLD
'RFXPHQW
DVHQWLUVHYFWLPDXQDLQFOLQDFLQDVHQWLUHQYLGLDSRUORVGHPVXQDSURSHQVLQDUHDFFLRQDUFRQFLQLVPR
'RFXPHQWDU\
DQWH OD VLQFHULGDG R HO HVIXHU]R KRQHVWR XQD WHQGHQFLD D GLVIUXWDU GHO PDO DMHQR R GHO IUDFDVR GH RWURV
'RFXPHQWDWLRQ
XQDSUHIHUHQFLDSRUWXPEDUDOTXHWULXQIDHQOXJDUGHLQWHQWDUFRPSHWLUFRQO\JDQDUOH(QRWURVFDVRV
'RJPD
VHPDQLHVWDDWUDYVGHXQDLGHDQHJDWLYDDQWHODYLGDXQDEDWLPLHQWRDXWRLPSXHVWRDQWHODFRQYLFFLQ
'RJPDWLF
'RJPDWLVP
GHTXHODYLGDHVSUHFDULD\SRFRDPLJD([LVWHQHQ(VSDDGRVUHIUDQHVTXHSRUGHFUHWROH\GHEHUDQVHU
'ROSKLQ
GHVWHUUDGRVGHQLWLYDPHQWHGHOUHIUDQHURTXHVRQ 3LHQVDPDO\DFHUWDUV\ 0VYDOHORPDORFRQRFLGR
'RPDLQ
TXHOREXHQRSRUFRQRFHU/DYLGDRIUHFHXQDEDQLFRWDQDPSOLR\DELJDUUDGRGHRSRUWXQLGDGHVTXHKDVWD
'RPH
PDUHD GH HPRFLQ D DTXHOODV SHUVRQDV TXH WLHQHQ XQD DFWLWXG SRVLWLYD \ JDQDV GH VDFDUOH WRGR HO MXJR
'RPHVWLF
SRVLEOHDODVSRVLELOLGDGHV0DFEHWKHQXQPRPHQWRGDGRGHVXKLVWRULDGHFDpODYLGDHVXQSREUHDFWRU
TXHSDYRQHDVXKRUDHQHOHVFHQDULRSDUDGHVSXVGHVDSDUHFHUVLQVHDOQLUDVWURq<RSHUVRQDOPHQWHQR
GHVFDUWRTXH0DFEHWKSXHGDWHQHUDOJRGHUD]QSHURVLHVDVSLHQVRGHGLFDUHVWDKRUDPDHQHOHVFHQDULR
DSDYRQHDUPHHQFRQGLFLRQHV\DGLVIUXWDUFRPRXQHQDQR
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

'QGHHVWQORVPXVHRVHQ :KHUHDUHWKHPXVHXPVLQWKLV

HVWDFLXGDG"
FLW\"
+D\PXFKRVHQHOFHQWUR 7KHUHDUHPDQ\LQWKHFHQWUH
6RQPXVHRVGH$UWHRGH $UHWKH\$UWRU+LVWRU\

+LVWRULD"
PXVHXPV"
(OPHMRUPXVHRGH(VSDDHVW7KHEHVWPXVHXPLQ6SDLQLV
DELHUWRKR\
RSHQWRGD\
(VFDURRHVJUDWLV" ,VLWH[SHQVLYHRULVLWIUHH"

7HJXVWDHODUWH" 'R\RXOLNHDUW"
0HHQFDQWD ,ORYHLW
6DEHVPXFKRVREUHDUWH" 'R\RXNQRZPXFKDERXWDUW"
1RVPXFKRSHURVORTXH ,GRQoWNQRZPXFKEXW,NQRZ
ZKDW,OLNH
PHJXVWD
(VRHVORTXHGLFHWRGRHO 7KDWoVZKDWHYHU\ERG\VD\V
PXQGR

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(VVWDWXSULPHUDYLVLWDDO3UDGR",VWKLV\RXUUVWYLVLWWRWKH3UDGR"
1RYLQHDTXFRQGRFHDRV 1R,FDPHKHUHZKHQ,ZDV
WZHOYH\HDUVROG
+DFHPXFKRWLHPSRHQWRQFHV $ORQJWLPHDJRWKHQ
+DQFDPELDGRPXFKDVFRVDV 7KH\oYHFKDQJHGDORWRIWKLQJV

VLQFHWKHODVWWLPH\RXZHUH
GHVGHODOWLPDYH]TXH
KHUH
HVWXYLVWHDTX
(QTXODGRGHOHGLFLRHVW :KLFKVLGHRIWKHEXLOGLQJLV

WKHHQWUDQFHRQ"
ODHQWUDGD"

+DVHVWDGRDTXDOJXQDYH]" +DYH\RXHYHUEHHQKHUH"
3RUVXSXHVWRTXHV6XHOR 2IFRXUVH,KDYH,XVXDOO\FRPH
WZLFHD\HDU
YHQLUGRVYHFHVDODR
&XQWRVHWDUGDHQYLVLWDU" +RZORQJGRHVLWWDNHWRYLVLW"
(VRGHSHQGHGHFXDQWR 7KDWGHSHQGVRQKRZORQJLW
WDNHVXVWRORRNDWHDFKSDLQWLQJ
WDUGHPRVHQYHUFDGDFXDGUR
1HFHVLWDUHPRVSRUORPHQRV :HoOOQHHGDWOHDVWDIHZ
KRXUV
XQDVKRUDV

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

6DEDVTXHDFDEDQGHDEULU 'LG\RXNQRZWKDWWKH\oYHMXVW

RSHQHGDQHZEXLOGLQJ"
XQQXHYRHGLFLR"
(O5HLQD6RIDWLHQHWDQWRV 'RHVWKH5HLQD6RIDKDYHDV

PDQ\SDLQWLQJVDVWKLVRQH"
FXDGURVFRPRVWH"
3RUGQGHHPSH]DPRV" :KHUHVKDOOZHVWDUW"
/RVVHUYLFLRV0HPXHURGH 7KHWRLOHWV,oPG\LQJWRJR

JDQDVGHLU
|'DWHSULVD +XUU\XS

+D\DOJXQDSDUWHGRQGHSXHGD,VWKHUHDQ\ZKHUH,FDQOHDYH
P\FRDW"
GHMDUHODEULJR"
(OJXDUGDUURSDHVWDOODGR 7KHFORDNURRPLVQH[WWRWKH
JLIWVKRS
GHODWLHQGDGHUHJDORV
+D\DOJXQDSRVLELOLGDGGH ,VWKHUHDQ\FKDQFHZHFDQJR
WKHUHUVW"
TXHSRGDPRVLUDOOSULPHUR"
(VWHPSH]DQGRDSRQHUPH <RXoUHEHJLQQLQJWRJHWRQP\
QHUYHV
ORVQHUYLRVGHSXQWD
6LHPSUHMX]JRXQPXVHRSRUOD,DOZD\VMXGJHDPXVHXPE\
FDOLGDGGHVXWLHQGDGHUHFXHUGRV WKHTXDOLW\RILWVVRXYHQLUVKRS

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

(PSHFHPRVSRUODVDODSULQFLSDO/HWoVVWDUWLQWKHPDLQKDOO
6HOHFRQVLGHUDHOPHMRUDUWLVWD+HoVFRQVLGHUHGWKHEHVW
HVSDROGHWRGRVORVWLHPSRV 6SDQLVKDUWLVWRIDOOWLPH
/RTXHPVPHJXVWDGHOVRQ:KDW,OLNHPRVWDERXWKLPDUH
KLVIUDPHV
VXVPDUFRV
1RHUHVXQJUDQHQWHQGLGR <RXoUHQRWPXFKRID
FRQQRLVVHXUDUH\RX"
YHUGDG"
7HKHGLFKRDOJXQDYH]TXHWH +DYH,HYHUWROG\RX\RXORRN

SDUHFHVDXQFXDGURGH3LFDVVR" OLNHRQHRI3LFDVVRoVSDLQWLQJV"

1RSRGHPRVYHUDOJXQRV &DQoWZHVHHVRPHVHOI

DXWRUUHWUDWRV"
SRUWUDLWV"
7RGRHVWHDUWHPHHVWPDUHDQGR$OOWKLVDUWLVPDNLQJPHGL]]\
0HHVWR\DEXUULHQGRTXLHUR ,oPJHWWLQJERUHG,ZDQWWR

FRPSUDUDOJXQDVUHSURGXFFLRQHV EX\VRPHSULQWV
0LUDODVSLQFHODGDVGHHVWH /RRNDWWKHEUXVKVWURNHVRI

JHQLR
WKLVJHQLXV
6LHUDWDQJHQLRSRUTXVH ,IKHZHUHVXFKDJHQLXVZK\

FRUWODRUHMD"
GLGKHFXWKLVHDURII"

9DXOW %YHGD
$UFK $UFR
&DSLWDO &DSLWHO
%XWWUHVV &RQWUDIXHUWH
&ROXPQ &ROXPQD

9RFDEXODULR$UFKLWHFWXUDOIHDWXUHV 3DUWHV$UTXLWHFWQLFDV



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
&DQ ,

3KUDVDOYHUEVZLWKpRYHUq 
/HWoVFURVVRYHU
&UXFHPRVODFDOOH

,WZHQWULJKWRYHUKLVKHDG
1RVHHQWHUGHQDGDGHORTXHGHFDQ

7KHFODVVLVRYHU
/DFODVHKDWHUPLQDGR

,WKLQN,FDQMXPSRYHUWKHVWUHDP
&UHRTXHSXHGRVDOWDUHODUUR\R

7KHSDUW\oVRYHU
6HDFDEODHVWD

,UHDFKHGRYHUDQGWRRNEDFNP\,'
0HHVWLU\UHFXSHUPL'1,


1RFRQR]FR6XHFLDQRPHODKDQSUHVHQWDGR

8QR GH ORV YHUERV PV SRSXODUHV VLJQLFD


pSRGHUq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
3XHGRFRFLQDUSHURQRSXHGRFRQGXFLU
3XHGRKDEODUHVSDROSHURQRSXHGRKDEODU
SRUWXJXV
3XHGRWRFDUHOSLDQRSHURQRSXHGRWRFDUHO
YLROQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(VPX\FRUULHQWHHQHVSDROXVDUHOYHUERpFRQRFHUqSDUDH[SUHVDUODLGHDGHTXH\DKDVYLVLWDGRDOJQSDVRXQOXJDUGHWHUPLQDGR
9RVRWURVVROLVGHFLUSRUHMHPSORpQRFRQR]FR6XHFLDqp&RQRFHV1XHYD<RUN"qHWF6LWUDVODGDVHVWHKELWROLQJVWLFRDOLQJOVWH
HQWHQGHUQSHUIHFWDPHQWHDXQTXHVRQDUDOJRJUDFLRVR(QLQJOVGHFLPRVVLHPSUH+DYH\RXHYHUEHHQWR"
'R\RXNQRZ0DUJDULWD" 1RWKH\KDYHQoWLQWURGXFHGPHWRKHU\HW
+DYH\RXHYHUEHHQWR6ZHGHQ" 1R,KDYHQoWKDGWKHRSSRUWXQLW\WRYLVLW6ZHGHQ\HW
6HWUDWDGHXQFRQFHSWRPX\VHQFLOOR\DSDUHQWHPHQWHIFLODXQTXHHQHOPRPHQWRGHODYHUGDGORVHVSDROHVLQGHSHQGLHQWHPHQWH
GHYXHVWURQLYHOGHGRPLQLRGHOLQJOVYROYLVPXFKDVYHFHVDODIRUPDHVSDROD\KDEOLVGHpWHQHUXQDUHODFLQGHFRQRFLPLHQWRqFRQ
XQSDVROXJDU WRNQRZ (QLQJOVVLHPSUHGHFLPRVp+DYH\RXHYHUEHHQWR")MDWHTXHVHXVDODSUHSRVLFLQpWRq(QRWUDVSDODEUDV
HVWDPRVOLWHUDOPHQWHGLFLHQGR+DVHVWDGRDOJXQDYH]D6XHFLD"3XHGHTXHWHVXHQHUDURSHURHVDV
+DYH\RXHYHUEHHQWRWKH)DU(DVW" 1R,oYHQHYHUEHHQWRWKH)DU(DVW
+DYH\RXHYHUEHHQWR5XVVLD" <HV,oYHEHHQWR5XVVLD,ZDVWKHUHLQ
+DYH\RXHYHUEHHQWRWKHQRUWKRI6SDLQ" <HV,oYHEHHQWRWKHQRUWKRI6SDLQPDQ\WLPHV,WoVEHDXWLIXO
+DYH\RXHYHUEHHQWRDK\SHUPDUNHW" 2IFRXUVH,oYHEHHQWRDK\SHUPDUNHW:KRKDVQoW"
+DYH\RXHYHUEHHQWRDWKUHHULQJFLUFXV" <HV,oYHEHHQWRDWKUHHULQJFLUFXV,WoVWKHPRVWFRPPRQLQWKH86
+DYH\RXHYHUEHHQWRWKH0LGGOH(DVW" <HV,oYHEHHQWKHUHRQFH,ZDVLQ,VUDHODQG-RUGDQLQ
+DYH\RXHYHUEHHQWR2NODKRPD" <HV,oYHEHHQWR2NODKRPD,QIDFW,OLYHGWKHUHIRUQLQH\HDUV
+HDTXXQDFDQFLQGHORV7KUHH'RJ1LJKWXQJUXSRGHQDOHVGHORVDRVTXHVLHPSUHFDQWRHQODUDGLR\HQODWHOHYLVLQFXDQGR
HQVHRGHQXHYRpKDYH\RXHYHUEHHQWRq
:HOO,oYHQHYHUEHHQWR6SDLQEXW,oYHEHHQWR2NODKRPD$QGWKH\ 3XHVQRFRQR]FR(VSDDSHURVFRQR]FR2NODKRPD0HGLFHQTXH
WHOOPH,ZDVERUQWKHUHEXW,UHDOO\GRQoWUHPHPEHU,Q2NODKRPD QDFDOOSHURUHDOPHQWHQRPHDFXHUGR(Q2NODKRPDHQ$UL]R
LQ$UL]RQDZKDWGRHVLWPDWWHU":KDWGRHVLWPDWWHU"
QD|TXLPSRUWD|4XLPSRUWD
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
$PPHFDHELHQHOWLSR6LHPSUHHVWEXVFDQGRFPRKDFHUTXH
ODRFLQDWUDEDMHGHPDQHUDPVHFLHQWH'XUDQWHORVSULPHURV
 R  DRV QR WHQD HPSOHDGRV \ SDVDED PXFKR WLHPSR KD
FLHQGRYLVLWDVGHYHQWD3RUHVWRVHYLRREOLJDGRDGLVHDUSURFH
VRVLQWHUQRVVXSHUHFLHQWHVHQODRFLQDSDUDDVHJXUDUVHGHTXH
HOWUDEDMRVHKDFD$KRUDWLHQHDPVGHSHUVRQDVWUDEDMDQGR
DVXFDUJRSHURQXQFDKDDEDQGRQDGRODORVRIDGHPDQWHQHU
XQDRFLQDHFLHQWH\UDFLRQDOL]DGD

,OLNHWKHJX\+HoVDOZD\VORRNLQJIRUZD\VWRPDNHWKHRIFHPRUH
HIFLHQW )RU WKH UVW  RU  \HDUV KH KDG QR HPSOR\HHV DQG
KHVSHQWDORWRIWLPHLQWKHHOGVHOOLQJ%HFDXVHRIWKLVKHZDV
IRUFHGWRGHVLJQVXSHUHIFLHQWRIFHSURFHVVHVWRPDNHVXUHWKH
ZRUNZDVGRQH1RZKHKDVRYHUSHRSOHZRUNLQJIRUKLPEXW
KHoVQHYHUDEDQGRQHGWKHSKLORVRSK\RIDQHIFLHQWVWUHDPOLQHG
RIFH


(VWLPDGRDPLJR\DOXPQR+D\XQGLFKRHQLQJOVGLJQRGHLGLRWDV'LFHDV,JQRUDQFHLVEOLVV\VHWUDGXFHPV 0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
RPHQRVFRPRpODLJQRUDQFLDHVODIHOLFLGDGDEVROXWDq'HEHVHUTXHH[LVWHQPXFKDVSHUVRQDVTXHSLHQVDQTXH
FXDQWRVPVFRQRFLPLHQWRV\VDELGXUDSRVHHXQRPVVHGDFXHQWDGHORGLIFLOTXHHVVHUIHOL]+D\SHUVRQDVTXH
'RPHVWLFDWH
VHUHJRFLMDQGHVDEHUPX\SRFRRTXHVHHQRUJXOOHFHQGHVXDSDWDDQWHODVFRVDV6HR\HQPXFKDVH[SUHVLRQHVFRPR
'RPHVWLFDWLRQ
p\RTXVqpSDVRqpQRVQLPHLPSRUWDqHWF4XSHQDFRQORSRWHQFLDOPHQWHERQLWDTXHHVODYLGD2IUHFHWDQWDV
'RPLFLOH
'RPLQDQFH
RSRUWXQLGDGHVTXHHVXQDOVWLPDREVHUYDUFPRVRQWDQWRVORVFQLFRV\ORVSHVLPLVWDV+D\RWURGLFKRTXHGLFHp8Q
'RPLQDQW
SHVLPLVWDHVXQRSWLPLVWDFRQH[SHULHQFLDq<RWHQJRDRV\PLYLGDODERUDOVHLQLFLDORVDVTXHH[SHULHQFLD
'RPLQDWH
WHQJRSHURDSHVDUGHHOORPHJXVWDOODPDUPHXQRSWLPLVWDHPSHGHUQLGR2WURVPHOODPDQHOKRPEUHRWDGRU
'RPLQDWLRQ
FRPSDUQGRPHFRQXQRWDGRUGHSLVFLQDTXHWUDWDVGHPDQWHQHUFRQHOSLHHQHOIRQGRGHVWD\VLHPSUHVHHVFDSD
'RPLQR
SDUDVXELUDODVXSHUFLHHQPHQRVGHXQVHJXQGR(VXQDDFWLWXGDQWHODYLGD\VLXQRWLHQHODDFWLWXGDGHFXDGDOH
'RQRU
FXHVWDPXFKRPHQRVTXHDRWURVKDFHUVHFRQODVDSWLWXGHVDGHFXDGDV$FWLWXGDSWLWXG([LVWHXQDFRUUHODFLQPX\
'RUPDQW
LPSRUWDQWHHQWUHHVWDVGRVSDODEUDVSHURVLHPSUHHQXQVRORVHQWLGR&DVLODWRWDOLGDGGHSHUVRQDVGHHVWHPXQGR
'RUPLWRU\
SRVHHH[FHOHQWHVDSWLWXGHVHQSRWHQFLDHVSHUDQGRODWHQWHVDTXHVHPDQLHVWHQ<VLODSHUVRQDWLHQHXQDDFWLWXG
KXPLOGHDELHUWDSRVLWLYD\RSWLPLVWDHOFDXGDOGHDSWLWXGHVVHULPSUHVLRQDQWH
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VWHOMHIHHQODRFLQD" ,VWKHERVVLQWKHRIFH"
1RHVWDTXKR\ +HoVQRWKHUHWRGD\
(VWGHYDFDFLRQHV +HoVRQKROLGD\
+D\DOJQSUREOHPD" ,VWKHUHDSUREOHP"
6ORKD\7HQHPRVXQ <HVWKHUHLV:HKDYHD

SUREOHPDFRQODRWUDHPSUHVD SUREOHPZLWKWKHRWKHU
FRPSDQ\

7HQJRTXHKDEODUFRQHOORV ,KDYHWRVSHDNZLWKWKHP,oP
YHU\DQJU\
HVWR\PX\HQIDGDGR
3XHGRXWLOL]DUWXWHOIRQR" &DQ,XVH\RXUSKRQH",WoVD
ORFDOFDOO
(VXQDOODPDGDORFDO
3XHGRKDEODUFRQ3HGUR%ODQFR &DQ,VSHDNWR3HGUR%ODQFR
SOHDVH"
SRUIDYRU"
'HSDUWHGHTXLQSRUIDYRU" :KRoVFDOOLQJSOHDVH"
6R\3HWH:KLWHOODPDQGR 7KLVLV3HWH:KLWHFDOOLQJIURP
%LJ&RPSDQ\
GHVGH%LJ&RPSDQ\

&KRS &KXOHWD

5LEV &RVWLOODV

7HQGHUORLQ 6RORPLOOR
7ERQHVWHDN &KXOHWQ

/RLQ /RPR

9RFDEXODULR%XWFKHUVoFXWV &RUWHVGH&DUQLFHUD
/RZ,QWHUPHGLDWH
1RVHUHWLUHSRUIDYRU +ROGWKHOLQHSOHDVH
(VWIXHUDGHODRFLQD +HoVRXWRIWKHRIFHKHoOOEH

YROYHUHQPHGLDKRUD
EDFNLQKDOIDQKRXU
4XLHUHGHMDUOHDOJQUHFDGR" 'R\RXZDQWWROHDYHD
PHVVDJHIRUKLP"
'LOHTXHPHOODPHFXDQGR 7HOOKLPWRFDOOPHZKHQKH

JHWVEDFN
UHJUHVH
%LHQOHGLUTXHXVWHGKD 2N,oOOWHOOKLP\RXFDOOHG

OODPDGR

0LGGOH,QWHUPHGLDWH
/HSXHGRORFDOL]DUHQVXPYLO" &DQ,ORFDWHKLPRQKLVPRELOH"
/RVLHQWRQRPHGHMDGDUHVH ,oPVRUU\KHGRHVQoWOHWPH
QPHUR
JLYHRXWWKDWQXPEHU
9HUVLKD\DOJXLHQHQRWUR ,oOOVHHLIVRPHERG\LQDQRWKHU
GHSDUWDPHQWRTXHOHSXHGD
GHSDUWPHQWFDQKHOS\RX
D\XGDU
1RLPSRUWD/ODPDURWUDYH] 1HYHUPLQG,oOOFDOOEDFNLQKDOI
HQPHGLDKRUD
DQKRXU
+DYXHOWR\DDODRFLQDHO6U +DV0U%ODQFRUHWXUQHGWRWKH
%ODQFR"
RIFH\HW"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

0HSXHGHSRQHUFRQOSRU &DQ\RXSXWPHWKURXJKWR
IDYRU"
KLPSOHDVH"
1RFRQVLJRORFDOL]DUOHHVW ,FDQoWJHWWKURXJKWKHOLQHLV

FRPXQLFDQGR
EXV\
3UHHUHHVSHUDUROHGLJRTXH :RXOG\RXSUHIHUWRKROGRU

OHYXHOYDDOODPDU"
VKDOO,WHOOKLPWRFDOO\RXEDFN"
8QVHJXQGRSRUIDYRUOHSDVR 2QHPRPHQWSOHDVH,oP
SXWWLQJ\RXWKURXJK
&UHRTXHOHKDQSDVDGRPDO ,WKLQN\RXoYHEHHQWUDQVIHUUHG
WRWKHZURQJQXPEHU

,QWHQWRSDVDUODOODPDGDRWUD 6KDOO,WU\WRWUDQVIHU\RXUFDOO
DJDLQ"
YH]"
6U%ODQFROODPDXQWDO0U 0U%ODQFRWKHUHoVD0U:KLWH
:KLWH
RQWKHOLQH
'LOHTXHPHHVWR\OLPDQGRODV 7HOOKLP,oPOLQJP\QDLOVRU
VRPHWKLQJOLNHWKDW
XDVRDOJRDV
(O6U%ODQFRHVWUHXQLGRHQ 0U%ODQFRLVQRWDYDLODEOHDW
WKHPRPHQW
HVWRVPRPHQWRV
6LQRPHDWLHQGHHQVHJXLGD ,IKHGRHVQoWDWWHQGPHULJKW
DZD\,oOOEHIRUFHGWRFDQFHODOO
PHYHUREOLJDGRDFDQFHODU
WRGRVQXHVWURVSHGLGRV
RXURUGHUV

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

1RFXHOJXHWRGDYD 'RQoWKDQJXS\HW
9R\DLQWHQWDUFRPXQLFDURWUD ,oOOWU\WRUHFRQQHFW\RX
YH]
(VWVRQDQGRSHURQRFRQWHVWD ,WoVULQJLQJEXWWKHUHoVQRUHSO\
$KRUDODVHDOGHOQHDPHGD 1RZ,oPJHWWLQJWKHQXPEHU
FRPRGHVFRQHFWDGD
XQREWDLQDEOHVLJQDO
/HLPSRUWDUDYROYHUDPDUFDU" :RXOG\RXPLQGGLDOOLQJDJDLQ"

/RVLHQWRYR\DWHQHUTXH ,nPVRUU\,oPJRLQJWRKDYHWR

FROJDU
FXW\RXRII
|3RQPHFRQORVLQRYHUV 3XWPHWKURXJKWRKLPRUHOVH
+DVOODPDGRDOFRQWHVWDGRU <RXoYHUHDFKHGWKHYRLFHPDLO

DXWRPWLFRGH3HGUR%ODQFR
RI3HGUR%ODQFR
'HMHVXPHQVDMHGHVSXVGH 3OHDVHOHDYH\RXUPHVVDJH

ODVHDO
DIWHUWKHWRQH
|/RTXHIDOWDED 7KDWoVWKHODVWVWUDZ

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDFURVVq 
,FDPHDFURVVDZRUG,GLGQoWNQRZ
'LFRQXQDSDODEUDTXHQRFRQRFD

$ORQH

6KHFRPHVDFURVVDVVWULFWEXWVKHoVQRW
'DODLPSUHVLQGHVHUHVWULFWDSHURQRORHV

7KHFDUFXWDFURVVLQIURQWRIXV
:HoOOVDYHWLPHLIZHFXWDFURVVWKHHOG
(OFRFKHDWUDYHVGHODQWHGHQRVRWURV $KRUUDUHPRVWLHPSRVLDWUDYHVDPRVHO
FDPSR
,GURYHDFURVVWKHEULGJH
$WUDYHVHOSXHQWH HQFRFKH
+HGURYHDFURVV$XVWUDOLD
$WUDYHV$XVWUDOLDGHSXQWDDSXQWD

6LJQLFDpVRORqFRQHOPDWL]GHpVLQRWURVqRpGH
IRUPDH[FOXVLYDq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
0LWRDEXHORYLYHVROR
6ROROHVFDSD]GHJDQDUOHDOFDPSHQ
&XDQGRVXVKLMRVDEDQGRQDURQHOQLGRHOODVH
VHQWDPX\VROD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

6LPSOHSDVWYVSUHVHQWSHUIHFW
(OSDVDGRH[SUHVDDFFLRQHVTXHWXYLHURQOXJDUHQXQSHULRGRGHWLHPSRTXHKDQDOL]DGR )MDWHTXHQRKHGLFKRpTXHKDQWHQLGROXJDUq (O
SUHVHQWHSHUIHFWRH[SUHVDDFFLRQHVTXHKDQWHQLGROXJDUHQXQSHURGRGHWLHPSRTXHWRGDYDHVWHQYLJRU
3DVDGRVLPSOH
3UHVHQWHSHUIHFWR

,GLGPDQ\WKLQJVODVWZHHN
,oYHGRQHPDQ\WKLQJVWKLVZHHN

+LFHPXFKDVFRVDVODVHPDQDSDVDGD
+HKHFKRPXFKDVFRVDVHVWDVHPDQD

(QVHJXLGDVHOHYHHOSOXPHURDXQPDOWUDGXFWRUFXDQGRVHOHHQODVWUDGXFFLRQHVDOLQJOVGHODVPHPRULDVDQXDOHVGHODVHPSUHVDVHVSDRODV
(VFRVWXPEUHTXHHQHVSDROVHXVHHOSUHVHQWHSHUIHFWR 'XUDQWHHOSDVDGRHMHUFLFLRODVYHQWDVKDQFUHFLGRHQXQ 
6LHOWUDGXFWRUSRQHp'XULQJWKHSDVWVFDO\HDUVDOHVKDYHJURZQE\qHQWRQFHVWHGDUVFXHQWDGHTXHRQRGRPLQDHOLQJOVFRPRHVGHELGR
RVXLQJOV\DKDVLGRpFRQWDPLQDGRqSRUODLQXHQFLDGHOFDVWHOODQR
(OHMHUFLFLRSDVDGR\DHVSDVDGRHVGHODRTXHKDQDOL]DGRQRUPDOPHQWHHO6LHPSUHKD\TXHHPSOHDUHOSDVDGRVLPSOH9HDPRV
HMHPSORVGHIUDVHVWSLFDVGHODVPHPRULDVDQXDOHV\FPRGHEHQWUDGXFLUVHVWDVDOLQJOV
/DVYHQWDVKDQFUHFLGRHQXQ
+HPRVKHFKRXQHVIXHU]RSDUDUHGXFLU
+HPRVDOFDQ]DGRXQDFLIUDUFRUGGH
(ODRKDQDOL]DGRFRQXQEHQHFLRGH

6DOHVJUHZE\ FUHFLHURQ
:HPDGHDQHIIRUWWRUHGXFH KLFLPRV
:HUHDFKHGDUHFRUGJXUHRI DOFDQ]DPRV
7KH\HDUHQGHGZLWKDSURWRI QDOL]

3RUWDQWRUHFXHUGDVLHPSUHXVDUHOSUHVHQWHSHUIHFWRSDUDDFFLRQHVTXHKDQWHQLGROXJDURTXHHVWQWHQLHQGROXJDUGHQWURGHXQSHULRGRGH
WLHPSRTXHWRGDYDHVWYLJHQWH HVWHPHV 

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(VWDEDVHQWDGRHQXQDPHVDGHUHXQLRQHVFXDQGRXQFOLHQWHSRWHQFLDO
PHH[WHQGLXQLPSRUWDQWHFKHTXH&XEULHOFKHTXHFRQVXPDQR\
PHGLMRp6LWHGR\HVWHGLQHURTXPHJDUDQWL]DV"q(VXQDSUHJXQWD
TXHPHKDFHQFRQFLHUWDIUHFXHQFLDSRUORTXHSXVHPLPDQRHQFLPD
GHODVX\DOHPLUDORVRMRV\OHGLPLUHVSXHVWDHVWQGDUp7HJDUDQWL]R
TXHQXQFDYROYHUVDYHUHVWHGLQHURq

,GLGQoWJRWR3DULVODVWPRQWK
,KDYHQoWJRQHWR3DULVVRIDUWKLVPRQWK

,ZDVVLWWLQJDWDFRQIHUHQFHWDEOHZKHQDSURVSHFWLYHFOLHQWODLGD
ODUJHFKHFNLQIURQWRIPH+HFRYHUHGWKHFKHFNZLWKKLVKDQGDQG
VDLGp,I,JLYH\RXWKLVPRQH\ZKDWZLOO\RXJXDUDQWHHPH"q,WoVD
TXHVWLRQ,oPDVNHGURXWLQHO\VR,SXWP\KDQGRQWRSRIKLVORRNHG
LQWRKLVH\HVDQGJDYHKLPP\VWDQGDUGDQVZHUp,JXDUDQWHHWKDW
\RXoOOQHYHUVHHWKLVPRQH\DJDLQq

(VWLPDGRDPLJR\DOXPQR(OSUUDIRDQWHULRUFXHQWDXQDHVFHQDTXHWXYROXJDUKDFH\DPVGHDRV0HYLVLW
XQGLUHFWLYRGHXQRVDRVTXHTXHUDDSUHQGHULQJOV\TXHLEDDSDJDUHOFXUVRGHVXSURSLREROVLOOR(VWDED
OJLFDPHQWHSUHRFXSDGRSRUTXHVXGLQHUROHULQGLHUD\TXHUDVDEHUVLSRGUDFRQDUHQP\HQPLVSURIHVRUHV
6LQHPEDUJRODIRUPDHQTXHORH[SUHVPHOODPODDWHQFLQ VDFDQGRXQFKHTXHGHODQWHGHP\UHOODQQGROR
FRQXQLPSRUWH 'HVSXVGLMRODSDODEUDTXH\RQXQFDVXHORSURQXQFLDUJDUDQWL]DUp6L\ROHGR\HVWHGLQHUR
TXPHJDUDQWL]D"&XDQGRVHWUDWDGHODSUHQGL]DMHGHOLQJOVQRSXHGRJDUDQWL]DUQDGDVDOYRTXHHOFKHTXHHQ
FXHVWLQYDDVHULQJUHVDGRHQPLFXHQWDq<DVVHORGLMH/HGLMHTXHQRSRGDJDUDQWL]DUQXQFDXQDSUHQGL]DMHVL
HODOXPQRQRSRQDWDQWRGHVXSDUWHFRPR\R/HJDUDQWLFH[FHOHQWHVSURIHVRUHV\XQH[FHOHQWHPWRGRSHUR
GHVSXVOHDGYHUWGHTXHVLOQRPHSHUPLWDSURJUDPDUXQYROXPHQVXFLHQWHGHKRUDVOHFWLYDVSDUDFRQVHJXLU
HOREMHWLYR\VLQRHVWXGLDEDHQVHULRXQYROXPHQGHKRUDVHTXLYDOHQWHDODVKRUDVOHFWLYDVSURSXHVWDVHQWRQFHV
GHJDUDQWDVQDGD(OVHRUVHIXH\QRQRVFRQWUDW7DOYH]IXLXQSRFRUDGLFDOHQPLUHVSXHVWD(QQ3HURTXLHUR
DKRUDDGYHUWLUWHDWLWDPELQ/RVKD\\ORVKDEUTXHWHJDUDQWL]DUQUHVXOWDGRV\DVHDSDUDDSUHQGHULQJOVX
RWUDFRVD/DQLFDJDUDQWDTXHH[LVWHHVODTXHWPLVPRSXHGDVVDFDUGHWXSURSLDSHUVRQDGHWXLQWHJULGDG\
GHWXDFWLWXGDQWHORVSUREOHPDV\UHWRV
5LFKDUG9DXJKDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
'RUVDO
'RVVLHU
'RXEOH
'UDFRQLDQ
'UDJRQ
'UDPD
'UDPDWLF
'UDVWLF
'UDVWLFDOO\
'URPHGDU\
'UXJ
'UXLG

'XDO
'XDOLW\
'XFWLOH
'XQH
'XR
'XRGHQDO
'XRGHQXP
'XSOH[
'XSOLFDWH
'XSOLFDWLRQ
'XSOLFLW\
'XUDELOLW\

+RZPDQ\WLPHVGLG\RXJRWR3DULVODVWPRQWK"
$QGVRIDUWKLVPRQWK"





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

&PRHVWWXKHUPDQDDKRUD" +RZoV\RXUVLVWHUQRZ"
(VWPXFKRPHMRUJUDFLDV 6KHoVPXFKEHWWHUWKDQNV
<WTXWDO" $QG\RXKRZDUH\RXGRLQJ"
1RHVWR\PX\ELHQ ,oPQRWYHU\ZHOO
3RUTX"(VWVHQIHUPR" :K\"$UH\RXLOO"

7HQJRGRORUGHPXHODV ,KDYHDSDLQLQP\WRRWK
3RUTXQRYDVDOGHQWLVWD" :K\GRQoW\RXJRWRWKH
GHQWLVW"
1RPHJXVWDPXFKRPLGHQWLVWD ,GRQoWOLNHP\GHQWLVWPXFK
$QDGLHOHJXVWDVXGHQWLVWD 1RERG\OLNHVWKHLUGHQWLVWEXW
,OLNHPLQH
SHURDPVPHJXVWDHOPR
0HSXHGHVGDUVXQPHUR &DQ\RXJLYHPHKLVQXPEHU
SOHDVH"
SRUIDYRU"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&RQTXIUHFXHQFLDYDVDO +RZRIWHQGR\RXJRWRWKH

GHQWLVW"
GHQWLVWD"
7UDWRGHLUXQDYH]FDGDGLH]DRV,WU\WRJRRQFHHYHU\WHQ\HDUV
&XQGRIXHODOWLPDYH]TXH :KHQZDVWKHODVWWLPH\RX

ZHQW"
IXLVWH"
/DOWLPDYH]TXHYLDXQ 7KHODVWWLPH,VDZDGHQWLVW

ZDVLQWKHQLQHWLHV
GHQWLVWDIXHHQORVQRYHQWD
'HEHUDVLUGRVYHFHVDODR <RXVKRXOGJRWZLFHD\HDU

4XHUDSHGLUKRUDSDUDODVWUHV ,oGOLNHWRPDNHDQDSSRLQWPHQW
IRUWKUHHRoFORFN
3RGUDWRPDUDVLHQWRHQOD &RXOG\RXWDNHDVHDWLQWKH
ZDLWLQJURRP"
VDODGHHVSHUD"
7HQJRXQSRFRGHPLHGRHQ ,oPDOLWWOHDIUDLGRIWKHVH
SODFHV
HVWRVVLWLRV
3RUTXQROHHVDOJRHLQWHQWDV :K\GRQoW\RXUHDGVRPHWKLQJ
DQGWU\WRUHOD["
UHODMDUWH"
+D\DOJXQDVUHYLVWDVHQODV 7KHUHDUHVRPHPDJD]LQHVRQ
WKHVKHOYHV
HVWDQWHUDV

&DVVHUROH &D]XHOD
3RW 2OOD
6DXFHSDQ &D]R
'HHSIU\HU )UHLGRUD
)U\LQJSDQ 6DUWQ

9RFDEXODULR&RRNZDUH %DWHUDGHFRFLQD
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&XQWRKDFHTXHQRYLHQHV" +RZORQJKDVLWEHHQVLQFH\RX
ODVWFDPH"
/OHYRGLH]DRVVLQLUDXQ ,KDYHQoWEHHQWRDGHQWLVWLQ

WHQ\HDUV
GHQWLVWD
4XFODVHGHFHSLOORGH :KDWW\SHRIWRRWKEUXVKGR

\RXXVXDOO\XVH"
GLHQWHVXWLOL]DV"
4XPDUFDGHSDVWDGH :KDWPDNHRIWRRWKSDVWHGR

\RXOLNH"
GLHQWHVWHJXVWD"
&RQTXIUHFXHQFLDWHODYDV +RZRIWHQGR\RXEUXVK\RXU

WHHWK"
ORVGLHQWHV"

(OLQWHULRUGHWXERFDVHSDUHFH 7KHLQVLGHRI\RXUPRXWKORRNV
OLNHDSLDQRNH\ERDUG
DOWHFODGRGHXQSLDQR
&XQWRVHPSDVWHVWLHQHV" +RZPDQ\OOLQJVGR\RXKDYH"
4XH\RVHSDVORWHQJRVLHWH $VIDUDV,NQRZ,RQO\KDYH
VHYHQ
7LHQHVXQDVFDULHVHQGRVGH <RXKDYHVRPHGHFD\LQWZRRI
\RXUZLVGRPWHHWK
ODVPXHODVGHOMXLFLR
0HWHPRTXHODVWHQJDPRV ,oPDIUDLGZHoUHJRLQJWRKDYH
WRWDNHWKHPRXW
TXHVDFDU

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

3RGUDVVDFDUODOHQJXD" &RXOG\RXVWLFN\RXUWRQJXH
RXWDPRPHQW"
7HODYDVODVHQFDVDGHPV 'R\RXFOHDQ\RXUJXPVDVZHOO
DV\RXUWHHWK"
GHORVGLHQWHV"
6HUDUHFRPHQGDEOHXWLOL]DU ,WZRXOGEHUHFRPPHQGDEOHWR
XVHDPRXWKZDVK
XQHQMXDJXHEXFDO
+DVLQWHQWDGRXWLOL]DUKLOR +DYH\RXHYHUWULHGXVLQJ
GHQWDORVV"
GHQWDODOJXQDYH]"
3XHGHTXHHVWRWHGXHODXQSRFR 7KLVPLJKWKXUW\RXDOLWWOH

(VWHVLOOQUHFOLQDEOHHVPX\ 7KLVUHFOLQLQJFKDLULVDORWRI

GLYHUWLGR
IXQ
0LUDKDFLDHOWHFKRFRQOD /RRNDWWKHFHLOLQJZLWK\RXU

ERFDPX\DELHUWD
PRXWKZLGHRSHQ
,QWHQWDGHMDUGHEDEHDUSRUIDYRU7U\WRVWRSGURROLQJSOHDVH
7HYR\DLQ\HFWDUFRQXQ ,oPJRLQJWRLQMHFW\RXZLWKD

SHTXHRDQDOJVLFR
VPDOOSDLQNLOOHU
$TXWHORHVWVSDVDQGR ,EHW\RXoUHKDYLQJDZKDOHRID
ERPEDHK"
WLPHDUHQoW\RX"

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92
(DUO\ODVWZLQWHU

3KUDVDOYHUEVZLWKpDFURVVq 
:HHZDFURVVWKH$WODQWLF
&UX]DPRVHO$WOQWLFR HQDYLQ

7KHVKDGRZRIWKHWUHHIHOODFURVVWKHSDWLR
/DVRPEUDGHOUERODWUDYHVDEDHOSDWLR

:HQDOO\JRWDFURVVWKHULYHU
3RUQFRQVHJXLPRVFUX]DUHOUR

+RZFDQ,JHWWKLVLGHDDFURVVWRP\SHRSOH
&PRSXHGRWUDQVPLWLUHVWDLGHDDPL
JHQWH"

<RXoUHQRWJHWWLQJDFURVV
1RWHHVWVH[SOLFDQGRELHQ

0RVHVOHGWKH-HZVDFURVVWKH5HG6HD
0RLVVJXLDORVMXGRVDFUX]DUHO0DU5RMR

8QWUXFRSDUDGRPLQDUORVSDUWLFLSLRV

6LJQLFDpDSULQFLSLRVGHOLQYLHUQRSDVDGRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
$SULQFLSLRVGHOLQYLHUQRSDVDGRVHOHVDQJU
ODQDUL]GH+DUU\
$SULQFLSLRVGHOLQYLHUQRSDVDGRVHPH
FRQJHODURQORVSHQVDPLHQWRV
$SULQFLSLRVGHOLQYLHUQRSDVDGRPLKLMD
PRQWHQEXUUR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7DSDODFROXPQDGHUHFKD\WUDWDGHFRQWHVWDUFRQVLQFHULGDGODVIUDVHVGHODFROXPQDGHODL]TXLHUGD'HVSXVPLUDVLKDVDFHUWDGRHQ
HOXVRGHOSUHVHQWHSHUIHFWR\GHOSDUWLFLSLR3UDFWLFDHVWHHMHUFLFLRXQDYH]DOGDGXUDQWHXQDR
:KHQGLG\RXODVWEUHDNDZRUOGUHFRUG"
:KHQGLG\RXODVWEX\DSHWFURFRGLOH"
:KHQGLG\RXODVWFDWFKSQHXPRQLD"
:KHQZDVWKHODVWWLPH\RXGLGKRPHZRUNLQIURQWRIPH"
:KHQZDVWKHODVWWLPH\RXGURYHP\FDU"
:KHQZDVWKHODVWWLPH\RXDWHLQD0RQJROLDQUHVWDXUDQW"
:KHQZDVWKHODVWWLPH\RXIHOOIURPWKHWRSRIDEXLOGLQJ"
:KHQZDVWKHODVWWLPH\RXJDYHPHDJROGZDWFK"
:KHQZDVWKHODVWWLPH\RXJUHZDORQJEHDUG"
:KHQZDVWKHODVWWLPH\RXNQHZKRZWR\OLNH3HWHU3DQ"
:KHQGLG\RXODVWORVHDPLOOLRQGROODUVLQWKHFDVLQR"
:KHQGLG\RXODVWPHHWZLWKPHLQD7XUNLVKEDU"
:KHQGLG\RXODVWVHOOPHDVHWRIWXSSHUZDUH"
:KHQGLG\RXODVWVOHHSXQGHUDEULGJH"
:KHQGLG\RXODVWWHDFKPHWKHLUUHJXODUYHUEVLQ)UHQFK"
:KHQZDVWKHODVWWLPH\RXVSRNHWRPHDERXW\RXUVLVWHU"
:KHQZDVWKHODVWWLPHWKHVXQURVHLQWKHZHVW"
:KHQZDVWKHODVWWLPH\RXVWROHDSDLQWLQJIURPWKH3UDGR"
:KHQZDVWKHODVWWLPH\RXWKUHZDZD\DGLDPRQGULQJ"
:KHQGLG\RXODVWZHDUDSLQNVXLW"
:KHQGLG\RXODVWZLQWKH&KULVWPDVORWWHU\"
:KHQGLG\RXODVWJKWLQDFLYLOZDU"
:KHQGLG\RXODVWWKLQNDERXWWKHSUREOHPVLQ$OEDQLD"
:KHQGLG\RXODVWOHDYHKRPHIRUZRUNDWDP"
:KHQZDVWKHODVWWLPH\RXZHQWWRWKH1RUWK3ROH"
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
8QDHQFXHVWDUHFLHQWHHQFRQWUTXHODVPXMHUHVSUHHUHQDKRP
EUHVVLQEDUEDRELJRWH6RODPHQWHHOGHODVPXMHUHVSUHHUH
DORVKRPEUHVFRQEDUED\VORHOFRQELJRWH(QFXDQWRDOD
PRGDHQORVOWLPRVDRVHQHOTXHORVKRPEUHVVHGHMDQEDUED
GHGRVRWUHVGDVVRODPHQWHHOGHODVPXMHUHVHQFXHVWDGDV
HQFRQWUDURQHVDPRGDGHVXJXVWR$VTXHKRPEUHV\DVDELVOR
TXHWHQLVTXHKDFHUDIHLWDURVFDGDGD

,oYHQHYHUEURNHQDZRUOGUHFRUG
,oYHQHYHUERXJKWDSHWFURFRGLOH
,oYHQHYHUFDXJKWSQHXPRQLD
,oYHQHYHUGRQHKRPHZRUNLQIURQWRI\RX
,oYHQHYHUGULYHQ\RXUFDU
,oYHQHYHUHDWHQLQD0RQJROLDQUHVWDXUDQW
,oYHQHYHUIDOOHQIURPWKHWRSRIDEXLOGLQJ
,oYHQHYHUJLYHQ\RXDJROGZDWFK
,oYHQHYHUJURZQDORQJEHDUG
,oYHQHYHUNQRZQKRZWR\OLNH3HWHU3DQ
,oYHQHYHUORVWDPLOOLRQGROODUVLQWKHFDVLQR
,oYHQHYHUPHWZLWK\RXLQD7XUNLVKEDU
,oYHQHYHUVROG\RXDVHWRIWXSSHUZDUH
,oYHQHYHUVOHSWXQGHUDEULGJH
,oYHQHYHUWDXJKW\RXWKHLUUHJXODUYHUEVLQ)UHQFK
,oYHQHYHUVSRNHQWR\RXDERXWP\VLVWHU
7KHVXQKDVQHYHUULVHQLQWKHZHVW
,oYHQHYHUVWROHQDSDLQWLQJIURPWKH3UDGR
,oYHQHYHUWKURZQDZD\DGLDPRQGULQJ
,oYHQHYHUZRUQDSLQNVXLW
,oYHQHYHUZRQWKH&KULVWPDVORWWHU\
,oYHQHYHUIRXJKWLQDFLYLOZDU
,oYHQHYHUWKRXJKWDERXWWKHSUREOHPVLQ$OEDQLD
,oYHQHYHUOHIWKRPHIRUZRUNDWDP
,oYHQHYHUJRQHWRWKH1RUWK3ROH
$UHFHQWVXUYH\IRXQGWKDWZRPHQSUHIHUPHQZLWKRXWIDFLDOKDLU
2QO\WKUHHSHUFHQWRIZRPHQOLNHPHQZLWKEHDUGVDQGRQO\HLJKW
SHUFHQWOLNHPRXVWDFKHV$VIRUWKHIDVKLRQLQUHFHQW\HDUVLQZKLFK
PHQOHDYHRQHRUWZRGD\VRIEHDUGJURZWKRQO\WZRSHUFHQWRI
WKHZRPHQVXUYH\HGIRXQGWKDWIDVKLRQWRWKHLUOLNLQJ6RPHQ
\RXNQRZZKDW\RXKDYHWRGRVKDYHHYHU\GD\


(VWLPDGRDPLJR\DOXPQR/OHJXSRUSULPHUDYH]D(VSDDFRQFUHWDPHQWHD%DUFHORQDHQDJRVWRGH$OOHVWXYHGRV 0VSDODEUDV
VHPDQDVHQXQDUHVLGHQFLDHVWXGLDQWLOMXQWRDXQJUXSRGHHVWXGLDQWHVQRUWHDPHULFDQRV/DVGRVSULPHUDVVHPDQDVODV LQJOHVDVGHUD]
ODWLQD
GHGLFDPRVDFRQRFHUDIRQGRODFLXGDG\DUHGDFWDUDOQDOXQDVFLQFRSJLQDVDFHUFDGHQXHVWUDH[SHULHQFLD6HWUDWDED
GHXQPLQLFXUVRTXHQRVLEDDYDOHUDFDGDXQRGRVFUGLWRVXQLYHUVLWDULRV5HFXHUGRTXHPXFKRVHVWXGLDQWHVVHTXHMDEDQ
'XUDWLRQ
GHTXHQRVHVHQWDQFDSDFHVGHH[SUHVDUFRQSDODEUDVODULTXH]DGHVXH[SHULHQFLDGXUDQWHHVDVGRVVHPDQDV3DUDP
'XULQJ
TXHHVWDEDQLQWHQWDQGROLEUDUVHGHODWDUHDVLQPV1RREVWDQWHUHFXHUGRPX\ELHQODVSDODEUDVGHXQRGHORVSURIHVRUHV
'\QDPLF
TXHDFRPSDDEDDOJUXSR1RVGLMRTXHQXHVWUDVLPSUHVLRQHVVHQVDFLRQHVVHQWLPLHQWRVSHQVDPLHQWRV\HPRFLRQHVQR '\QDPLFV
YDODQSDUDQDGDVLQRUDPRVFDSDFHVGHWUDQVPLWLUODVDRWURVGHIRUPDHFD]ELHQSRUHVFULWRRELHQPHGLDQWHXQDEXHQD '\QDPLVP
H[SUHVLQRUDO1RVUHFRUGTXHXQDPDQHUDFRPQGHDVSLUDUDODYLGDHWHUQDHVGHMDQGRQXHVWUDKXHOODHQHVWDWLHUUD '\QDPL]H
DWUDYVGHODSDODEUDHVFULWD$VHOSURIHVRUQRVLQVWDEDDHVIRU]DUQRVSDUDSODVPDUVREUHHOSDSHOODVLPSUHVLRQHVWDQ
'\QDPR
QXHYDV\GLIHUHQWHVTXHKDEDPRVH[SHULPHQWDGRHQ%DUFHORQD6XIRUPDGHGHFUQRVORQRIXHHVSHFLDOPHQWHLPSDFWDQWH
'\QDVWLF
'\QDVW\
SHURQRODKHROYLGDGRMDPV\QRODKHROYLGDGRSRUTXHGHVGHHQWRQFHVKHFRQVWDWDGRXQD\RWUDYH]TXHHOOHQJXDMHOR
HVWRGRVLTXHUHPRVGRWDUGHFDOLGDGQXHVWURVSHQVDPLHQWRVRQXHVWUDVDVSLUDFLRQHV3REUH]DHQODDXWRH[SUHVLQ\D '\VHQWHU\
VHDHVFULWDXRUDOFRQGHQDDXQRDQRUHDOL]DUHVDVDVSLUDFLRQHV/DFDOLGDGGHORTXHEURWDGHQXHVWURFHUHEURVORWLHQH '\VIXQFWLRQDO
'\VOH[LD
HVRFDOLGDGHQODPHGLGDHQTXHVDEHPRVDGRUQDUORFRQQXHVWUROHQJXDMH(VLPSHUDWLYRSXHVTXHLQWHQWHPRVVLHPSUH
(DUQHVW
PHMRUDUQXHVWUDFDSDFLGDGGHFRPXQLFDFLQSULPHURHQQXHVWUDSURSLDOHQJXD\GHVSXVHQRWUDVVLHVSRVLEOH
5LFKDUG9DXJKDQ

(EXOOLHQFH





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

&XQGRHVWXERGD" :KHQLV\RXUZHGGLQJ"
(VHQPDU]R ,WoVLQ0DUFK
1XHVWUDERGDHVHQSULPDYHUD 2XUZHGGLQJLVLQVSULQJ
(QTXIHFKDHVODERGD" :KDWGDWHLVWKHZHGGLQJ"
(VHOOWLPRGDGHPHV ,WoVRQWKHODVWGD\RIWKH
PRQWK

(VWVQHUYLRVDSRUHOOR" $UH\RXQHUYRXVDERXWLW"
<RQRSHURPLPDULGRV ,oPQRWEXWP\KXVEDQGLV
&UHRTXHHVWVKDEODQGRGH ,WKLQN\RXoUHWDONLQJDERXW
\RXUER\IULHQG
WXQRYLR
%XHQRWHQWLHQGHVORTXH :HOO\RXXQGHUVWDQGZKDW,oP
VD\LQJ
HVWR\GLFLHQGR
(VWOLVWRWRGR" ,VHYHU\WKLQJUHDG\"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&XQWDJHQWHKDEU" +RZPDQ\SHRSOHZLOOWKHUHEH"
(VHVHHODQLOORTXHWHFRPSU",VWKDWWKHULQJKHERXJKW\RX"
&XQGRWHSLGLTXHWH :KHQGLGKHDVN\RXWRPDUU\

KLP"
FDVDUDVFRQO"
4XLHUHVTXH\RRUJDQLFHODV 'R\RXZDQWPHWRRUJDQLVH

WKHRZHUV"
RUHV"
(QTXLJOHVLDRVYDLVDFDVDU" :KLFKFKXUFKDUH\RXJRLQJWR
JHWPDUULHGLQ"

+DVHQYLDGRODVLQYLWDFLRQHV +DYH\RXVHQWRXWWKH
LQYLWDWLRQV\HW"
\D"
7RGDYDHVWDPRVGHFLGLHQGR :HoUHVWLOOGHFLGLQJRQKRZ
PDQ\JXHVWVWKHUHZLOOEH
FXQWRVLQYLWDGRVKDEU
+DVFRPSUDGRHOYHVWLGR\D" +DYH\RXERXJKW\RXUGUHVV\HW"
6\DKHHQFRQWUDGRDOJR <HV,oYHDOUHDG\IRXQG
VRPHWKLQJ
'QGHYDLVGHOXQDGHPLHO" :KHUHDUH\RXJRLQJRQ
KRQH\PRRQ"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

7HFDVDUVGHEODQFR" :LOOLWEHDZKLWHZHGGLQJ"
+DSUHSDUDGROXQGLVFXUVR" +DVKHSUHSDUHGDVSHHFK"
/HTXHGDPXFKRWLHPSRDQWHV +HKDVDORWRIWLPHOHIWEHIRUH

KHKDVWRGRWKDW
GHTXHWHQJDTXHKDFHUHVR
7HOOHYDVELHQFRQVXVSDGUHV" 'RHVKHJHWRQZHOOZLWK\RXU
SDUHQWV"
|9DPRVDVHUFXDGDV :HoUHJRLQJWREHVLVWHUVLQODZ

&XQWDVGDPDVGHKRQRUYDV +RZPDQ\EULGHVPDLGVDUH\RX
JRLQJWRKDYH"&DQ,EHRQH"
DWHQHU"3XHGRVHU\RXQD"
'HMDGHKDFHUPHWDQWDV 6WRSDVNLQJPHVRPDQ\
TXHVWLRQV
SUHJXQWDV
|(UHVXQDDXWQWLFDSHVDGD <RXoUHDUHDOSDLQLQWKHQHFN
1RORSXHGRHYLWDUHVWR\WDQ ,FDQoWKHOSLW,oPVRH[FLWHG
HPRFLRQDGD
3HQVLVWHQHUKLMRVHQXQ $UH\RXSODQQLQJWRKDYH
IXWXURFHUFDQR"
FKLOGUHQLQWKHQHDUIXWXUH"

=LS &UHPDOOHUD
+DQGOH $VD

3DGORFN &DQGDGR

:KHHOV 5XHGDV

/RFN &LHUUH

9RFDEXODULR6XLWFDVH 0DOHWD
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

'QGHFHOHEUDVWHODGHVSHGLGD:KHUHGLG\RXFHOHEUDWH\RXU
KHQQLJKW"
GHVROWHUD"
+LFLVWHWUDYHVXUDV" 'LG\RXJHWXSWRPLVFKLHI"
6LKXELHUDKHFKRDOJRQRWHOR ,I,KDGGRQHDQ\WKLQJ,
ZRXOGQoWWHOO\RX
GLUD
<OWXYRXQDGHVSHGLGDGH $QGGLGKHKDYHDVWDJSDUW\"
VROWHUR"
6SHURPHSURPHWLTXHVH <HVEXWKHSURPLVHGPHWKDW
KHEHKDYHGKLPVHOI
FRPSRUWELHQ

7HWRPRDWLFRPRPLHVSRVD ,WDNH\RXWREHP\ZLIH
3DUDELHQRSDUDPDOHQOD 7KURXJKJRRGDQGWKURXJK
ULTXH]DRHQODSREUH]DHQOD
EDGIRUULFKRUIRUSRRULQ
VDOXGRHQODHQIHUPHGDG
VLFNQHVVRULQKHDOWK
3DUDDPDUWH\UHVSHWDUWHKDVWD7RORYHDQGUHVSHFW\RXXQWLO
TXHODPXHUWHQRVVHSDUH
GHDWKGRXVSDUW
+DEODDKRUDRFDOODSDUDVLHPSUH 6SHDNQRZRUIRUHYHUKROG\RXU
SHDFH
<DSXHGHEHVDUDODQRYLD <RXPD\QRZNLVVWKHEULGH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92
8QWLO

3KUDVDOYHUEVZLWKpDFURVVq 
7KH\GLGQoWPDNHLWDFURVVWKHEULGJH ,UDQDFURVVDQLQWHUHVWLQJVLWHRQWKHZHE
1RORJUDURQFUX]DUHOSXHQWH
+HGDGRFRQXQVLWLRLQWHUHVDQWHHQODZHE
/HWWKHPDFURVVWKHEULGJH
'MDOHVTXHFUXFHQHOSXHQWH
6KHVDWDFURVVIURPPH
6HVHQWHQIUHQWHGHP

(Q(VSDDVHVXHOHDSUHQGHUODSDODEUD
pXQWLOqSDUDGHFLUpKDVWDqORFXDOHVFLHUWR
SHURRMRQRHQWRGRVORVFDVRV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

,oPJRLQJWRVHQGKLPDFURVVWKHRFHDQ
/HYR\DPDQGDUDORWURODGRGHORV
PDUHV

6HTXHGDUDOOKDVWDTXHVHPXHUD
1RORVDEUKDVWDTXHQRVHSXEOLTXHQORV
UHVXOWDGRV
7HHVSHUDUHPRVKDVWDODVFLQFR

:HWRRNKLPDFURVVWKHULYHU
/HOOHYDPRVDORWURODGRGHOUR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

)DPRXV)RUXV$PELJXRXV)RUXV1HUYRXV)RUXV

|4XWWXORPVH[WUDR3RUTXLQFOX\RWUHVYHFHVODH[SUHVLQpIRUXVq"4XWLHQHTXHYHUpIRUXVqFRQIDPRVRDPELJXRRQHUYLRVR"
3XHVWLHQHPXFKRTXHYHUDODKRUDGHGHPRVWUDUWHFPRSURQXQFLDUHOQDOGHODVWUHVSDODEUDVTXHWHDFDERGHFLWDU/DVODEDpRXVqDO
QDOGHFDGDSDODEUDVHSURQXQFLDFRPRpXVqHQODH[SUHVLQpIRUXVq/RVHVSDROHVSURQXQFLLVPDOODVSDODEUDVHQLQJOVTXHWHUPL
QDQHQpRXVqPX\PDODYHFHVKDVWDHOSXQWRGHLPSRVLELOLWDUODFRPSUHQVLQ7RGDVODVSDODEUDVH[SXHVWDVDFRQWLQXDFLQWHUPLQDQ
FRQVRQLGRIRQWLFRpDVq'LODVWRGDVHQYR]DOWDHOPD\RUQPHURGHYHFHVTXHSXHGDV
DGIDQWLFKDV
DGIQFKXUDV
DPENLXDV
DPEVLDV
LQNVLDV
NVLDV
NQVLDV
NDQWLFKDV
NDQWQLXDV
NUWLDV
NLULDV
GLQFKHUDV
GHOVLDV
GLVVWHUDV
HQUPDV
QDV
IELXODV
ILPDV
IHUVLDV
FWVLDV
IUYRODV
ULDV
FKQHUDV
JOPRUDV

YHQWDMRVR
LQWUSLGR
DPELJXR
DPELFLRVR
DQVLRVR
FDXWR
FRQVFLHQWH
FRQWDJLRVR
FRQWLQXR
FRUWV
FXULRVR
SHOLJURVR
GHOLFLRVR
GHVDVWURVR
HQRUPH
HQYLGLRVR
IDEXORVR
IDPRVR
IHUR]
FWLFLR
IUYROR
IXULRVR
JHQHURVR
JODPRURVR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RFUHRTXHFRQWUDWDUDDOJXLHQDKRUDVHDXQDGHFLVLQPX\DFHU
WDGD/DVYHQWDVKDQFDGR\SDUHFHTXHHVWDPRVHQWUDQGRHQXQ
SHURGR GH UHFHVLQ 6 TXH WHQHPRV PXFKR GLQHUR RFLRVR VLP
SOHPHQWHJHQHUDQGRLQWHUHVHVSHURSUHIHULUDTXHLQYLUWLHUDVHVH
GLQHURHQXQDLQLFLDWLYDUHQWDEOHRTXHORGHMDUDVHQXQDFXHQWDUH
PXQHUDGDDFRUWRSOD]RDPRGRGHFROFKQPHMRUTXHJDVWDUORHQ
XQHPSOHDGRQXHYRTXHQHFHVLWDUIRUPDFLQ\WDUGDUDOPHQRV
VHLVRVLHWHPHVHVKDVWDOOHJDUDVHUXQDFWLYRSDUDODRUJDQL]DFLQ

*ORULRXV
*RUJHRXV
+LODULRXV
-HDORXV
0DUYHORXV
0HWLFXORXV
0LUDFXORXV
0RXQWDLQRXV
0RQRWRQRXV
0\VWHULRXV
1HUYRXV
2EYLRXV
3RLVRQRXV
3UHFLRXV
3UHYLRXV
5HOLJLRXV
6HULRXV
6SRQWDQHRXV
6XSHUVWLWLRXV
6XVSLFLRXV
7UHPHQGRXV
9DULRXV
9LFLRXV
9LUWXRXV

JOULDV
JUFKDV
MLOULDV
FKODV
PUIHODV
PHWNLXODV
PLUNLXODV
PRQWDQDV
PDQWDQDV
PLVWULDV
QUIDV
EDV
SLVDQDV
SUVLDV
SUYLDV
UHOFKDV
VULDV
VVVVSRQWLQLDV
VXSHUVWVLDV
VDVSVLDV
WUHPQGDV
IULDV
IVLDV
IUFKXDV

JORULRVR
SUHFLRVR
GLYHUWLGVLPR
FHORVR
PDUDYLOORVR
PHWLFXORVR
PLODJURVR
PRQWDRVR
PRQWRQR
PLVWHULRVR
QHUYLRVR
REYLR
YHQHQRVR
YDOLRVVLPR
SUHYLR
UHOLJLRVR
VHULR
HVSRQWQHR
VXSHUVWLFLRVR
VRVSHFKRVR
WUHPHQGR
GLYHUVRV
HURIHUR]VDOYDMH
YLUWXRVR

,GRQoWWKLQNLWoVDZLVHGHFLVLRQWRKLUHVRPHRQHULJKWQRZ6DOHV
DUHGRZQDQGZHVHHPWREHHQWHULQJDUHFHVVLRQ,NQRZZHoYH
JRWDORWRILGOHFDVKRQKDQGVLPSO\HDUQLQJLQWHUHVWEXW,ZRXOG
UDWKHU\RXLQYHVWHGWKDWPRQH\LQDSURGXFWLYHYHQWXUHRUMXVWOHIW
LWLQDVKRUWWHUPLQWHUHVWDFFRXQWDVDFDVKFXVKLRQWKDQVSHQGLW
RQDQHZLQGLUHFWHPSOR\HHZKRoOOQHHGWUDLQLQJDQGDWOHDVWVL[RU
VHYHQPRQWKVWREHFRPHDQDVVHWWRWKHRUJDQL]DWLRQ

(VWLPDGRDPLJR\DOXPQR/DVHFFLQFHQWUDOGHOGRUVRGHHVWDFKDSUHVHQWDSDODEUDVTXHWHUPLQDQHQpRXVq6LWH
MDVHQODVFROXPQDVHQD]XOFODURGRQGHKDJRXQLQWHQWRSRUGHVFULELUODSURQXQFLDFLQWHGDUVFXHQWDGHORGLIFLO
TXHHVDFODUDUODIRQWLFDLQJOHVDDWUDYVGHODRUWRJUDIDHVSDROD([LVWHXQDOIDEHWRIRQWLFRSHURVWHFLUFXOD
VRODPHQWHHQWUHOLQJLVWDVHVSHFLDOLVWDV\IRURIRVGHODIRQWLFD3HURLQFOXVRGRPLQDQGRHVWHDOIDEHWRHVSHFLDO
WHQGUDVLPSRUWDQWHVSUREOHPDVDODKRUDGHDSUHQGHUFRUUHFWDPHQWHODSURQXQFLDFLQGHODVSDODEUDVHQLQJOV
+D\SRFDVUHJODV\PLOHVGHDXWQWLFDVDEHUUDFLRQHVRUWRJUFDV1RSXHGHVFDVLQXQFDDUWHGHODSDODEUDHVFULWD
SDUDTXHWHGDOJXQDSLVWDVREUHVXSURQXQFLDFLQ(VSRUHVWRSRUORTXHLQVLVWRWDQWRHQODVFXHVWLRQHVDXGLWLYDV
(V LPSHUDWLYR TXH H[SRQJDV WX RGR D ORV VRQLGRV GHO LQJOV GXUDQWH PXFKVLPDV KRUDV 8QD KRUD GHGLFDGD
SXUDPHQWHDODDXGLFLQYDOHSRUKRUDVGHGLFDGDVDOHVWXGLRSDVLYRGHJUDPWLFD\YRFDEXODULR&DGDXQLGDG
GHDYDQFHUHDOHQHODVSHFWRKDEODGRGHOLGLRPDYDSUHFHGLGDSRUFLQFRXQLGDGHVGHDYDQFHHQHODVSHFWRDXGLWLYR
(VWHPWRGRLQFOX\HOLEUR&'\'9'6L\RHVWXYLHUDHQWXOXJDUGHGLFDUDHOGHWRGRPLWLHPSRGHHVWXGLRDOD
HVFXFKDGHO&'XQDOYLVLRQDGRGHO'9'\WDQVORHOGHOWLHPSRDORVOLEURV3RGUDVGHGLFDUFLQFRPLOKRUDV
DPDFKDFDUORVOLEURV\DQDVQRWHGDUDQORTXHKRUDVGHDXGLFLQ
5LFKDUG9DXJKDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
(EXOOLHQW (FRQRP\
(FFHQWULF (FRV\VWHP
(FKR
(FVWDV\
(FOHFWLF
(FVWDWLF
(FOLSVH
(F]HPD
(FRORJLFDO
(GLFW
(FRORJ\
(GLFH
(FRORJLVW (GLFDWLRQ
(FRQRPLF
(GLW
(FRQRPLFDO (GLWLRQ
(FRQRPLFV
(GLWRU
(FRQRPLVW (GLWRULDO
(FRQRPL]H (GXFDWH




$GYDQWDJHRXV
$GYHQWXURXV
$PELJXRXV
$PELWLRXV
$Q[LRXV
&DXWLRXV
&RQVFLRXV
&RQWDJLRXV
&RQWLQXRXV
&RXUWHRXV
&XULRXV
'DQJHURXV
'HOLFLRXV
'LVDVWURXV
(QRUPRXV
(QYLRXV
)DEXORXV
)DPRXV
)HURFLRXV
)LFWLWLRXV
)ULYRORXV
)XULRXV
*HQHURXV
*ODPRURXV



(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

4XKRUDHV" :KDWWLPHLVLW"
6RQODVRQFH ,WoVHOHYHQRoFORFN
6RQODVRFKR\PHGLD ,WoVKDOISDVWHLJKW
6RQODVVLHWH\FXDUWR ,WoVDTXDUWHUSDVWVHYHQ
(VODXQDPHQRVFXDUWR ,WoVDTXDUWHUWRWZHOYH

(OGHVD\XQRHVSRUODPDDQD ,KDYHEUHDNIDVWLQWKHPRUQLQJ
&RPRSRUODWDUGH |/DWDUGH ,KDYHOXQFKLQWKHDIWHUQRRQ
LQJOHVDHQWUHODV\HO
DQRFKHFHU 
&HQRSRUODWDUGH |/DWDUGH,KDYHGLQQHULQWKHHYHQLQJ
LQJOHVDHVDSDUWLUGHODQRFKHFHU
/DVHVWUHOODVHVWQHQHOFLHOR 7KHVWDUVDUHLQWKHVN\DW
SRUODQRFKH
QLJKW
1RWUDEDMRHOQGHVHPDQD ,GRQoWZRUNDWWKHZHHNHQG

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

/HUHXQLQHVHOPLUFROHV 7KHPHHWLQJLVRQ:HGQHVGD\
6LHPSUHYR\DODLJOHVLDORV ,DOZD\VJRWRFKXUFKRQ

GRPLQJRV
6XQGD\V
-XHJRDOIWEROWRGRVORVVEDGRV,SOD\IRRWEDOOHYHU\6DWXUGD\
/DIHFKDGHKR\HVPDUWHV 7KHGDWHWRGD\LV7XHVGD\WKH

GHDEULO
WZHQW\WKLUGRI$SULO
1DFLVWHHOGHIHEUHURGHO <RXZHUHERUQRQWKHIWKRI


)HEUXDU\

1RSRGULUHVWHMXHYHV ,ZRQoWEHDEOHWRJRWKLV
7KXUVGD\
7HQJRFODVHVGHJXLWDUUDXQ ,KDYHJXLWDUFODVVHVHYHU\
RWKHU0RQGD\
OXQHVV\RWURQR
7HYHUHOYLHUQHVSRUODQRFKH ,oOOVHH\RX)ULGD\QLJKW
7KHFRXUVHZLOOODVWDIRUWQLJKW
(OFXUVRGXUDUXQDTXLQFHQD
/DPD\RUDGHODJHQWHVXHOH 0RVWSHRSOHXVXDOO\JRRQ
KROLGD\LQ$XJXVW
LUVHGHYDFDFLRQHVHQDJRVWR

6FUHHQ 3DQWDOOD

+DQGVIUHH 0DQRVOLEUHV

.H\ 7HFOD

%DWWHU\ %DWHUD

&DUG 7DUMHWD

9RFDEXODULR0RELOH 0YLO
+LJK,QWHUPHGLDWH
/DQDOGHOD/LJDGH&DPSHRQHV7KH&KDPSLRQV/HDJXHQDO
WDNHVSODFHLQ0D\
WLHQHOXJDUHQPD\R
/DVKRMDVFDHQGHORVUEROHV /HDYHVIDOOIURPWKHWUHHVLQ

DXWXPQ
HQRWRR
/DVRUHVRUHFHQHQSULPDYHUD)ORZHUVEORRPLQVSULQJ
(OKRPEUHDWHUUL]HQODOXQD 0DQODQGHGRQWKHPRRQLQ


HQ
(OSUHVLGHQWH.HQQHG\IXH 3UHVLGHQW.HQQHG\ZDV

DVVDVVLQDWHGLQ
DVHVLQDGRHQ

/RZ$GYDQFHG
(VWHWLSRGHLQFLGHQWHVRFXUUH ,QFLGHQWVRIWKLVNLQGDUHD
GDLO\RFFXUUHQFH
GLDULDPHQWH
7HQHPRVUHXQLRQHVVHPDQDOHV :HKDYHZHHNO\PHHWLQJV
FRQHOHTXLSRGHYHQWDV
ZLWKWKHVDOHVWHDP
/HVSDJDQPHQVXDOPHQWH 7KH\DUHSDLGPRQWKO\
7RGRVORVHPSOHDGRVUHFLEHQ $OOHPSOR\HHVUHFHLYHD
XQDHYDOXDFLQFDGDWULPHVWUH TXDUWHUO\DVVHVVPHQW
6HSLQWDHOSXHQWHFDGDDR 7KHEULGJHLVSDLQWHGDQQXDOO\

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

(OFKDUOHVWRQVHKL]RSRSXODU 7KH&KDUOHVWRQEHFDPHD

SRSXODUGDQFHLQWKHWZHQWLHV
HQORVDRVYHLQWH
/DJHQWHVHYHVWDFRQSDQWDORQHV3HRSOHZRUHDUHVLQWKH
VHYHQWLHV
FDPSDQDHQORVVHWHQWD
+X\D*DOHVDSULQFLSLRVGH 6KHHGWR:DOHVLQWKHHDUO\
VL[WLHV
ORVVHVHQWD
(OYLV3UHVOH\VHKL]RIDPRVRD (OYLV3UHVOH\EHFDPHIDPRXVLQ

WKHPLGIWLHV
PHGLDGRVGHORVFLQFXHQWD
0XFKDVHPSUHVDVGH,QWHUQHW 0DQ\,QWHUQHWFRPSDQLHVZHQW
TXHEUDURQDQDOHVGHORVQRYHQWD EDQNUXSWLQWKHODWHQLQHWLHV

/DV2OLPSLDGDVVLHPSUH 7KH2O\PSLFVDOZD\VFRLQFLGH

FRLQFLGHQFRQORVDRVELVLHVWRV ZLWKOHDS\HDUV
/D8QLYHUVLGDGGH2[IRUGVH 2[IRUG8QLYHUVLW\GDWHVEDFN

UHPRQWDDOVLJORRQFH
WRWKHHOHYHQWKFHQWXU\
1RPHKHFRUWDGRODVXDVGHO ,KDYHQoWFOLSSHGP\WRHQDLOV

SLHHQVLJORV
LQDJHV
IXHHODQLYHUVDULRGHO ZDVWKHIRXUKXQGUHWK

FXDUWRFHQWHQDULRGH'RQ4XLMRWH DQQLYHUVDU\RI'RQ4XL[RWH
(OSUREOHPDLQIRUPWLFRGHO 7KHPLOOHQQLXPFRPSXWHUEXJ

HIHFWRIXHXQJUDQHQJDR ZDVDKXJHKRD[

Z Z ZY D X V \ V  F R P






(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDFURVVq 

4XLWHDELW

,WKUHZWKHVWRQHDFURVVWKHULYHU
/DQFODSLHGUDDORWURODGRGHOUR

+HOLYHVDFURVVWKHVWUHHWIURPXV
9LYHHQIUHQWHGHQRVRWURV

,FDUULHGKHUDFURVVWKHWKUHVKROG
&UXFHOXPEUDOFRQHOODHQEUD]RV

7KH\PRYHGDFURVVWKHFRXQWU\
6HPXGDURQKDVWDHORWURODGRGHOSDV

7KH\IROORZHGPHDFURVVWKHEULGJH
0HVLJXLHURQKDVWDODRULOODFRQWUDULD

+HHVFDSHGDFURVVWKHULYHU
6HIXJDWUDYHVDQGRHOUR

p4XLWHDELWqVLJQLFDpEDVWDQWHq\HVPX\
XWLOL]DGRFRPRDGYHUELR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VWR\EDVWDQWHPVJRUGRGHORTXHHVWDEDOD
OWLPDYH]TXHWHYL
'DQHVEDVWDQWHPVJUDFLRVRTXHVXMHIH
(OSDQWDQRHVWEDVWDQWHPVOOHQRGHORTXH
HVWDEDHODRSDVDGR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

<HVVLU
6LU/DQFHORWf6LU*DODKDGf6LU*DZDLQf6LU3HUFHYDO6LU&XPIHUHQFHf
&RQRFHVDOTXLQWRFDEDOOHURGHODPHVDUHGRQGDTXHPHQFLRQRDUULED"6HWUDWDGHXQJUDQFDEDOOHURTXHVXSRFDOFXODUODGLVWDQFLD
TXHKD\DOUHGHGRUGHXQFUFXOR/DFLUFXQIHUHQFLDTXHIRUPDXQFUFXORVHGLFHHQLQJOVpFLUFXPIHUHQFHqFDVLLJXDOTXHHQHVSDRO
6LQHPEDUJRODSURQXQFLDFLQHVELHQGLIHUHQWH\H[LJHXQDLPSRUWDQWHFRQFLHQFLDFLQGHODOXPQRHQVXSURQXQFLDFLQ/DSULPHUD
VODEDVHSURQXQFLDFRPRpVLUqHQODH[SUHVLQp\HVVLUq\ODVHJXQGDODTXHOOHYDODDFHQWXDFLQVHSURQXQFLDFRPRHOYHUERpWRFRPHq
YHQLU VLUs&0(sIHUQVp6LUqVXHQDPVDODSDODEUDHVSDRODpVXUqTXHDOVRQLGRIRQWLFRpVLUqGH6LUDFXVD/DOLVWDH[SXHVWDD
FRQWLQXDFLQFRQWLHQHPXFKDVSDODEUDVLPSRUWDQWHVVREUHWRGRSDUDSHUVRQDVGHSXHVWRVWFQLFRVRGHGLUHFFLQ6RQSDODEUDVTXH
ORVHVSDROHVWHQGLVDSURQXQFLDUWDQLQFRUUHFWDPHQWHTXHGLFXOWDODFRPSUHQVLQ
&LUFOH
&LUFXLW
&LUFXLWU\
&LUFXODU
&LUFXODWH
&LUFXODWLRQ
&LUFXPIHUHQFH
&LUFXPQDYLJDWH
&LUFXPVFULEH
&LUFXPVWDQFHV
&LUFXV
&LUUKRVLV

6UNDO
6UNHW
6UNHWUL
6UNLXOHU
6UNLXOHLW
6HUNLXOLVLDQ
6HUNPIHUHQV
6HUNDPQIHJXHLW
6UNDPVFUDLE
6UNDPVWDQVHV
6UNDV
VHUVLV

FUFXOR
FLUFXLWR
VLVWHPDGHFLUFXLWRV
UHGRQGRFLUFXODU
FLUFXODU YHUER
FLUFXODFLQ
FLUFXQIHUHQFLD
FLUFXQQDYHJDU
OLPLWDUUHVWULQJLU
FLUFXQVWDQFLDV
FLUFR
FLUURVLVKHSWLFD

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
$SUHQGHUXQDOHQJXDH[WUDQMHUDFRQXQSURIHVRUHVFRPRDSUHQGHUD
YRODUFRQXQVLPXODGRUGHYXHOR1XQFDIUDQTXHDUVODEDUUHUDQDO
GHODFRPXQLFDFLQKDVWDTXHQRWHQJDVVLWXDFLRQHVUHDOHVGRQGHWX
GRPLQLRGHODOHQJXDSXHGHLQXLUHQHO[LWRRIUDFDVRGHWXHVIXHU]R
(QXQVLPXODGRUGHYXHORVLWHHVWUHOODVQRWHPXHUHV(QVLWXDFLRQHV
GHFRPXQLFDFLQUHDOGHODYLGDVLWHHVWUHOODVWXVUHVWRVTXHGDQVDOSL
FDGRVHQXQUDGLRGHPVGHPHWURV8QDKRUDGHFRPXQLFDFLQ
UHDOHQXQDOHQJXDH[WUDQMHUDHTXLYDOHDKRUDVGHFODVH

(QODFROXPQDFHQWUDOGHSURQXQFLDFLQODVSDODEUDV
FRPLHQ]DQFRQODVODEDIRQWLFDpVHUq6LQHPEDUJRHO
VRQLGRUHDOHVDOJRDVHQWUHODpHq\ODpXqHVSDRODV
6HUs6XU
6LWUDWDVGHKDFHUXQVRQLGRIRQWLFRDFDEDOORHQWUHpVHUq
\pVXUqHOVRQLGRUHVXOWDQWHVHUHOPLVPRTXHXVDPRVHQ
LQJOVSDUDGHFLUp6VHRUq
<HVVLU

/HDUQLQJDIRUHLJQODQJXDJHZLWKDWHDFKHULVOLNHOHDUQLQJWR\
ZLWK D LJKW VLPXODWRU<RX ZLOO QHYHU EUHDN WKH QDO EDUULHU WR
FRPPXQLFDWLRQXQWLO\RXoYHH[SHULHQFHGUHDOOLIHVLWXDWLRQVZKHUH
\RXUFRPPDQGRIWKHODQJXDJHFDQLQXHQFHWKHVXFFHVVRUIDLOXUH
RI\RXUHQGHDYRU,QDLJKWVLPXODWRULI\RXFUDVK\RXGRQoWGLH
,QUHDOFRPPXQLFDWLRQVLWXDWLRQVLI\RXFUDVK\RXoUHVSODWWHUHG
RYHU D PHWHU UDGLXV 2QH KRXU RI UHDO FRPPXQLFDWLRQ LQ D
IRUHLJQODQJXDJHLVZRUWKKRXUVRIFODVV


(VWLPDGRDPLJR\DOXPQR(QHOSUUDIRDQWHULRUUHLWHURDOJRTXHKHGLFKR\DPXFKDVYHFHVDORODUJRGHHVWDV 0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
FKDV([FHSWXDQGRDORVSULQFLSLDQWHVXQDKRUDFDSHDQGRXQDVLWXDFLQLPSRUWDQWHGHFRPXQLFDFLQHQODYLGD
UHDOHTXLYDOHDKRUDVGHFODVH&UHPH(VFLHUWR1RH[DJHURHQDEVROXWR/DUHODFLQHVGHXQRDFLHQ6L
(GXFDWLRQ
WLHQHVXQQLYHOLQWHUPHGLRGHLQJOV\PHSLGHVTXHVHDWXSURIHVRUHVWDUVHQFDQWDGRFRQPLVFODVHV\WHQGUVOD
(GXFDWLRQDO
VHQVDFLQFRUUHFWDHQFLHUWDPHGLGDGHTXHHVWVSURJUHVDQGR$KRUDELHQVLHQYH]GHGDUWH\RFODVHWHOOHYDUD
(GXFDWRU
DWUDEDMDUVROLWRDODFDVHWDGHLQIRUPDFLQGHODHURSXHUWRGH+HDWKURZGXUDQWHFLHQKRUDVODERUDEOHVVHJXLGDV
(IIHFW
ODFRQVROLGDFLQGHWXGRPLQLRGHPLLGLRPDFRQHVDVFLHQKRUDVVXSHUDUDFRQFUHFHVORTXH\RHQFODVHSXGLHUD
(IIHFWLYH
GDUWHFRQGLH]PLOKRUDV5HSLWRSDUWLHQGRGHXQQLYHOLQWHUPHGLRGHLQJOVQROOHJDUDVQLFRQKRUDVGH
(IIHFWLYHO\
FODVHSULYDGDFRQPLJRDOGRPLQLRUHVXHOWRTXHFRQVHJXLUDVFRQHVDVFLHQKRUDVGHDSXURV\DQJXVWLDVDWHQGLHQGR
(IIHPLQDWH
(IIHUYHVFHQFH
ODVPOWLSOHVSUHJXQWDVGHYLDMHURVLQJOHVHVFDGDGDGXUDQWHGDVGHWUDEDMR3RUWDQWR\SRUHQVLPD
(IIHUYHVFHQW
YH]WHORUHSLWRQRFRQIHVHQODVFODVHVFRQYHQFLRQDOHVGHLQJOVSDUDOOHJDUDWHQHUXQEXHQGRPLQLR/DVFODVHV
(IFDFLRXV
VRQQHFHVDULDVHQODSULPHUDHWDSDGHSULQFLSLDQWH\FRPRVHVLRQHVGHRULHQWDFLQ\PRWLYDFLQHQODVHWDSDV
(IFDF\
SRVWHULRUHV3HURORQLFRTXHWHYDDDXSDUDOQLYHOTXHUHDOPHQWHTXLHUHVHVODUPHGLVSRVLFLQSRUWXSDUWH
(IFLHQF\
GHHQWUDUHQODERFDGHOORER<GQGHSXHGHVHQFRQWUDUDPELHQWHVOLQJVWLFRVDV"&XUVDQGRHVWXGLRVQRGH
(IFLHQW
LQJOVHQHOH[WUDQMHUR 2PWLFD&RFLQD+LVWRULD&RUWH\FRQIHFFLQ$QWURSRORJDHWFGRQGHWXVFRPSDHURV
GHFODVHVRQJHQWHORFDO R\HQGRD9DXJKDQWRZQ ZZZYDXJKDQWRZQFRP (VWROWLPRFXHVWDPVSRUKRUDGH
pDSXURVqSHURVXSHUDLQFOXVRODVDQJXVWLDVGHODFDVHWDGHLQIRUPDFLQGH+HDWKURZ
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(OPDUWHVTXHYLHQHHVHOIXWXUR1H[W7XHVGD\LVWKHIXWXUH
(VWDVHPDQDHVHOSUHVHQWH7KLVZHHNLVWKHSUHVHQW
(OPHVSDVDGRHVHOSDVDGR/DVWPRQWKLVWKHSDVW
(OSDVDGRHVPX\LPSRUWDQWH7KHSDVWLVYHU\LPSRUWDQW
VWDHVXQDFODVHGH+LVWRULD7KLVLVDKLVWRU\FODVV

(Q GRVPLORFKR  ,QWZRWKRXVDQGDQGHLJKW


(QHODR GRVPLO  ,QWKH\HDU
(Q PLOQRYHFLHQWRV ,QQLQHWHHQQLQHW\HLJKW
QRYHQWD\RFKR 
(Q PLORFKRFLHQWRVVLHWH  ,QHLJKWHHQRVHYHQ
(Q PLOTXLQLHQWRV  ,QIWHHQKXQGUHG

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(QHOSUQFLSH)HOLSHVH,Q3ULQFH3KLOLSPDUULHG
FDVFRQ/HWLFLD
/HWLFLD
(QODSHVHWDGHVDSDUHFL\,QWKHSHVHWDGLVDSSHDUHG
HPSH]DPRVDXVDUHOHXUR
DQGZHVWDUWHGWRXVHWKHHXUR
(QODV2OLPSLDGDVWXYLHURQ,QWKH2O\PSLFVWRRN
OXJDUHQ%DUFHORQD
SODFHLQ%DUFHORQD
(Q(VSDDLQJUHVHQOD ,Q6SDLQMRLQHGWKH

8QLQ(XURSHD
(XURSHDQ8QLRQ
(QORVVRFLDOLVWDVJDQDURQ,QWKHVRFLDOLVWVZRQWKH
ODVHOHFFLRQHVJHQHUDOHV
JHQHUDOHOHFWLRQV

(Q(VSDDIXHHOSDV ,Q6SDLQZDVWKHKRVW
DQWULQGHO0XQGLDO
FRXQWU\RIWKH:RUOG&XS
(QVHUPOD&RQVWLWXFLQ,QWKH6SDQLVK
(VSDROD
&RQVWLWXWLRQZDVVLJQHG
(Q$GROIR6XUH]IXH ,Q$GROIR6XUH]ZDV
HOHJLGRSUHVLGHQWH
HOHFWHGSUHVLGHQW
(Q-XDQ&DUORV,VH ,Q-XDQ&DUORV,EHFDPH
FRQYLUWLHQUH\
NLQJ
(Q(VSDDSDVDVHU ,Q6SDLQEHFDPHDPHPEHU
PLHPEURGHODV1DFLRQHV8QLGDV RIWKH8QLWHG1DWLRQDO

6RXQG&DUG 7DUMHWDGHVRQLGR

+DUG'LVN 'LVFRGXUR

*UDSKLF&DUG 7DUMHWDJUFD
5$0 0HPRULD5$0

'LVN'ULYH 'LVTXHWHUD

9RFDEXODULR&RPSXWHU 2UGHQDGRU
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

(QHPSH]ODGLFWDGXUD ,QWKHGLFWDWRUVKLSRI

GH)UDQFR
)UDQFREHJDQ
(QFRPHQ]OD*XHUUD ,QWKH6SDQLVK&LYLO:DU

&LYLO(VSDROD\GXUWUHVDRV VWDUWHGDQGODVWHGWKUHH\HDUV
(QVHHVWDEOHFLOD ,QWKH6HFRQG5HSXEOLF

6HJXQGD5HSEOLFD
ZDVHVWDEOLVKHG
(Q$OIRQVR;,,,VXELDO ,Q$OIRQVR;,,,FDPHWR

WURQR
WKHWKURQH
(Q(VSDDSHUGLVX ,Q6SDLQORVWLWVODVW

OWLPDFRORQLDDPHULFDQD&XED $PHULFDQFRORQ\&XED

,QOD&RQVWLWXFLQ ,QWKH6SDQLVK&RQVWLWXWLRQ
(VSDRODFX\RVREUHQRPEUH
ZKRVHQLFNQDPHLV/D3HSD
HV/D3HSDHQWUHQYLJRU
FDPHLQWRHIIHFW
(QKXERXQOHYDQWDPLHQWR,QWKHUHZDVDQXSULVLQJ
HQ0DGULGFRQWUDORVIUDQFHVHV LQ0DGULGDJDLQVWWKH)UHQFK
(QHOUHLQDGRGH)HOLSH9 ,QWKHUHLJQRI3KLOLS9
OOHJDVXQDO
FDPHWRDQHQG
(QPXULHOHVFULWRU ,QWKHPRVWIDPRXV
HVSDROPVIDPRVRGHWRGRV 6SDQLVKZULWHURIDOOWLPHGLHG
ORVWLHPSRV
,QOD$UPDGD(VSDROD ,QWKH6SDQLVK$UPDGD
IXHGHUURWDGD
ZDVGHIHDWHG

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

(Q&DUORV,GH(VSDDIXH ,Q&KDUOHV,RI6SDLQZDV
FRURQDGR(PSHUDGRUGHO6DFUR FURZQHGWKH+RO\5RPDQ
,PSHULR5RPDQR&DUORV9
(PSHURU&KDUOHV9
(Q&ROQ]DUSDO1XHYR ,Q&ROXPEXVVHWVDLOIRU

0XQGR
WKH1HZ:RUOG
(QHOPLVPRDRFD\HOOWLPR,QWKHVDPH\HDUWKHODVW
UHLQRUDEH*UDQDGD
0RRULVKNLQJGRP*UDQDGDIHOO
(QHOHQODFHHQWUH,VDEHO\ ,QWKHPDUULDJHRI,VDEHOOD
)HUQDQGROOHYDODXQLQHQWUH DQG)HUQDQGROHGWRWKHXQLRQ
&DVWLOOD\$UDJQ
RI&DVWLOHDQG$UDJQ
(QHOVLJOR;,,,)HUQDQGR,,, ,QWKHWKFHQWXU\)HUQDQGR
YROYLDWRPDUPXFKDVFLXGDGHV ,,,UHWRRNPDQ\LPSRUWDQW
LPSRUWDQWHV
FLWLHV

(QHOFDGYHUGH6DQWLDJRIXH,QWKHFRUSVHRI6W-DPHV
GHVFXELHUWRHQ&RPSRVWHOD
ZDVGLVFRYHUHGLQ&RPSRVWHOD
(QHOODYLFWRULDFULVWLDQD,QWKH&KULVWLDQYLFWRU\DW
HQ&RYDGRQJDOOHYDODIRUPDFLQ &RYDGRQJDOHGWRWKHIRUPDWLRQ
GHOUHLQRGH$VWXULDV
RIWKH$VWXULDQNLQJGRP
(QHOORVUDEHVLQYDGLHURQ ,QWKH$UDEVLQYDGHG
\FRQTXLVWDURQODSHQQVXODHQ DQGFRQTXHUHGWKHSHQLQVXOD
VLHWHDRV
ZLWKLQVHYHQ\HDUV
(QHOD&HPSH]OD ,Q%&WKH5RPDQ
FRORQL]DFLQURPDQDGH(VSDD FRORQL]DWLRQRI6SDLQEHJDQ
(QHOD&KDEDDOJXQRV ,Q%&WKHUHZHUHVRPH
DVHQWDPLHQWRVSUHKLVWULFRV
SUHKLVWRULFVHWWOHPHQWVDURXQG
DOUHGHGRUGH6DQWDQGHU
6DQWDQGHU

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq 

3UHVHQWHFRQWLQXRSDUDH[SUHVDUHO
IXWXUR

,oOOEHDURXQGLI\RXQHHGPH
(VWDUSRUDTXVLPHQHFHVLWDV

,oOOEULQJLWDURXQGZKHQ,FDQ
/RWUDHUSRUDTXFXDQGRSXHGD

:HEHJDQDURXQG
(PSH]DPRVDOUHGHGRUGHODV

$ORWRISHRSOHFDPHDURXQGWRJUHHWPH
0XFKDJHQWHYLQRSDUDVDOXGDUPH

$YHFHVXWLOL]DPRVHOSUHVHQWHFRQWLQXR
FXDQGRKDEODPRVGHOIXWXUR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7UDLJRXQDPLJRHVWDQRFKH
(OODOOHJDPDDQDSRUODPDDQD
7XVSDGUHVYDQD0DGULG HQDYLQ "

,EURXJKWKLPDURXQGWRP\YLHZSRLQW +HoOOFRPHDURXQGWRRXUYLHZSRLQW
/HFRQYHQFVREUHPLSXQWRGHYLVWD <DVHLUFRQYHQFLHQGRGHORQXHVWUR


,UUHJXODUYHUEV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

4XLHURTXHHVWDVFKDVLQFOX\DQXQDOLVWDFOVLFDGHORVYHUERVLUUHJXODUHV+D\XQRVYHUERVLUUHJXODUHVHQLQJOV6LQHPEDUJR
FRQVLGHURLPSRUWDQWHVWDQVORXQRVSDUDHOGDDGD3DUDSUDFWLFDUORVQRUHFRPLHQGRODIRUPDWUDGLFLRQDOGHpJRsZHQWsJRQHq
TXHHVFRPRUHFLWDUODVWDEODVGHPXOWLSOLFDU3UHHURTXHFRQFDGDYHUERKDJDVORVLJXLHQWH
(YHU\GD\,JR
<HVWHUGD\,ZHQW
/DWHO\,YHJRQH
(YHU\GD\,EUHDN
<HVWHUGD\,EURNH
/DWHO\,YHEURNHQ
(WF
(WF
(WF
DPLVDUH
EHFRPH
EHJLQ
EORZ
EUHDN
EULQJ
EXLOG
EX\
FDWFK
FKRRVH
FRPH
FRVW
FXW
GHDOZLWK
GR
GULQN
GULYH
HDW
IDOO
IHHO
JKW
QG
\

ZDVZHUH
EHFDPH
EHJDQ
EOHZ
EURNH
EURXJKW
EXLOW
ERXJKW
FDXJKW
FKRVH
FDPH
FRVW
FXW
GHDOWZLWK
GLG
GUDQN
GURYH
DWH
IHOO
IHOW
IRXJKW
IRXQG
HZ

EHHQ
EHFRPH
EHJXQ
EORZQ
EURNHQ
EURXJKW
EXLOW
ERXJKW
FDXJKW
FKRVHQ
FRPH
FRVW
FXW
GHDOWZLWK
GRQH
GUXQN
GULYHQ
HDWHQ
IDOOHQ
IHOW
IRXJKW
IRXQG
RZQ

IRUJHW
JHW
JLYH
JR
JURZ
KDYH
KHDU
KROG
KXUW
NHHS
NQRZ
OHDG
OHDYH
OHQG
OHW
ORVH
PDNH
PHDQ
PHHW
SD\
SXW
TXLW
UHDG

IRUJRW
JRW
JDYH
ZHQW
JUHZ
KDG
KHDUG
KHOG
KXUW
NHSW
NQHZ
OHG
OHIW
OHQW
OHW
ORVW
PDGH
PHDQW
PHW
SDLG
SXW
TXLW
UHDG

IRUJRWWHQ
JRWJRWWHQ
JLYHQ
JRQH
JURZQ
KDG
KHDUG
KHOG
KXUW
NHSW
NQRZQ
OHG
OHIW
OHQW
OHW
ORVW
PDGH
PHDQW
PHW
SDLG
SXW
TXLW
UHDG

ULQJ
ULVH
UXQ
VD\
VHH
VHOO
VHQG
VHW
VKXW
VLW
VOHHS
VSHDN
VSHQG
VWDQG
VWHDO
WDNH
WHDFK
WHOO
WKLQN
WKURZ
XQGHUVWDQG
ZHDU
ZLQ
ZULWH

UDQJ
URVH
UDQ
VDLG
VDZ
VROG
VHQW
VHW
VKXW
VDW
VOHSW
VSRNH
VSHQW
VWRRG
VWROH
WRRN
WDXJKW
WROG
WKRXJKW
WKUHZ
XQGHUVWRRG
ZRUH
ZRQ
ZURWH

UXQJ
ULVHQ
UXQ
VDLG
VHHQ
VROG
VHQW
VHW
VKXW
VDW
VOHSW
VSRNHQ
VSHQW
VWRRG
VWROHQ
WDNHQ
WDXJKW
WROG
WKRXJKW
WKURZQ
XQGHUVWRRG
ZRUQ
ZRQ
ZULWWHQ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
)UHFXHQWHPHQWHODJHQWHPHSUHJXQWDp4XHVORTXHORVHPSUHQ
GHGRUHVFRQ[LWRWLHQHQHQFRPQ"4XHVORTXHOHVGLIHUHQFLDGH
ORVGHPV"q&DGDYH]TXHPHKDFHQHVDSUHJXQWDUHVSRQGRFRQOD
PLVPDUHVSXHVWDp/RVHPSUHQGHGRUHVFRQ[LWRVRQDTXHOORVTXH
VLHQWHQSDVLQSRUVXQHJRFLR\TXHWLHQHQHOGLQHURQHFHVDULRSDUD
VREUHYLYLUDVXVHUURUHV2FDVLRQDOPHQWHKHYLVWRHO[LWRVLQGLQHUR
VXFLHQWHSHURQLXQDVRODYH]KHYLVWRTXHRFXUUDVLQSDVLQq

3HRSOHRIWHQDVNPHp:KDWGRVXFFHVVIXOHQWUHSUHQHXUVDOOKDYH
LQ FRPPRQ" :KDW LV LW WKDW PDNHV WKHP GLIIHUHQW"q (DFK WLPH
,oPDVNHGWKDWTXHVWLRQ,UHVSRQGZLWKH[DFWO\WKHVDPHDQVZHU
p6XFFHVVIXOHQWUHSUHQHXUVDUHWKRVHZKRKDYHDSDVVLRQIRUWKHLU
EXVLQHVVDQGWKHPRQH\WRVXUYLYHWKHLUPLVWDNHV,oYHRFFDVLRQDOO\
VHHQ VXFFHVV KDSSHQ ZLWKRXW VXIFLHQW IXQGLQJ EXW ,oYH QHYHU
RQFHVHHQLWKDSSHQZLWKRXWSDVVLRQq


(VWLPDGRDPLJR\DOXPQR+HGDGRFODVHSHUVRQDOPHQWHDXQDVSHUVRQDVGHODVFXDOHV

HVWDEDQSHUIHFWDPHQWHFDSDFLWDGDVSDUDDSUHQGHUDXVDUHOLQJOVFRQFLHUWDRPXFKDHFD
FLD6LQHPEDUJRGHHVDVSHUVRQDVXQDVFLQFRTXH\RUHFXHUGHUHDOPHQWHPHVRUSUHQGLH
URQSRUVXSURJUHVROOHJDQGRDWHQHUXQQLYHOH[FHOHQWH2WUDVDSUR[LPDGDPHQWHSURJUHVDURQ
DXQULWPRPHQRVVRUSUHQGHQWHSHURPX\EXHQROOHJDQGRDSRGHUGHVHQYROYHUVHELHQHQLQJOV
/RVGHPVDOXPQRVODVRWUDVSHUVRQDVTXHKDQVLGRGXUDQWHDOJQWLHPSRSXSLORVPRV
KDQORJUDGRLQGHSHQGLHQWHPHQWHGHOQPHURWRWDOGHKRUDVGHFODVHUHFLELGDVVXELUXQSXQWRHQ
PLHVFDODGHOXQRDOGLH]RWDOYH]SXQWR\PHGLRFRPRP[LPR1RGDEDQQLJROSHQRUPDOPHQWH
\VHJXUDPHQWHVLJDQLJXDOKR\DVLVWLHQGRDFODVHVGHLQJOVVLQVXSHUDUHOVHPSLWHUQRQLYHOLQWHU
PHGLR&UHHQTXHFRQDVLVWLUYDQDLPEXLUVHGHOLGLRPDDXWRPWLFDPHQWHSRULQWHUYHQFLQGLYLQD6RQFRPRHOFRQGXFWRUGHOMHHS
GHODLPDJHQGHDUULED(VSHOLJURVDPHQWHREHVR\ORVPGLFRVOHKDQUHFHWDGRYDULDVYHFHVGLHWD\HMHUFLFLR3HURDOQDOSDVHDDVX
SHUURHQFRFKH1RWLHQHVROXFLQ<FRQUHVSHFWRDOLQJOVWLHQHVWVROXFLQ"
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

'HGQGHHVWXIDPLOLD" :KHUHLV\RXUIDPLO\IURP"
6RQGH,UODQGD 7KH\oUHIURP,UHODQG
7XVSDGUHVVRQGH,UODQGD $UH\RXUSDUHQWVIURP,UHODQG
WDPELQ"
WRR"
'HTXSDUWHGH,UODQGDVRQ" :KLFKSDUWRI,UHODQGDUHWKH\
IURP"
6RQGHORHVWH 7KH\oUHIURPWKHZHVW

4XKDFHOHQVXWLHPSROLEUH" :KDWGRHVKHGRLQKLVIUHHWLPH"
'QGHYDHOODORVQHVGH :KHUHGRHVVKHJRDWWKH
ZHHNHQGV"
VHPDQD"
&XQGRHPSLH]DODFODVH" :KHQGRHVWKHFODVVEHJLQ"
&PRVDEHOHVR" +RZGRHVKHNQRZWKDW"
&RQTXIUHFXHQFLDOOXHYHDTX" +RZRIWHQGRHVLWUDLQKHUH"

6XJDU $]FDU
.HWFKXS .HWFKXS
3HSSHU 3LPLHQWD
0XVWDUG 0RVWD]D

6DOW 6DO

9RFDEXODULR&RQGLPHQWV &RQGLPHQWRV
/RZ,QWHUPHGLDWH
'DPHHOD]XO *LYHPHWKHEOXHRQH
(VHYHUGHHVWURWR 7KDWJUHHQRQHLVEURNHQ
&XOHVVX\R" GHHOORV  :KLFKRQHLVWKHLUV"
0HJXVWDQORVFDURV ,OLNHWKHH[SHQVLYHRQHV
$TXHOORVVRQPRV 7KRVHRQHVDUHPLQH

0LGGOH,QWHUPHGLDWH
'QGHSRGUDQHVWDUPLVOODYHV" :KHUHFRXOGP\NH\VEH"
'HEHQGHHVWDUGQGHODV 7KH\PXVWEHZKHUH\RXOHIW
GHMDVWH
WKHP
*UDFLDVSRUHVHFRQVHMRWLO 7KDQNVIRUWKDWXVHIXOSLHFHRI
DGYLFH
1RODVFROJDVWHHQHOPLVPR 'LGQoW\RXKDQJWKHPLQWKH
VDPHSODFHDVXVXDO"
VLWLRGHVLHPSUH"
6LVXSLHUDGQGHHVWQQRODV ,I,NQHZZKHUHWKH\ZHUH,
ZRXOGQoWEHORRNLQJIRUWKHP
HVWDUDEXVFDQGR

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

3RGUDOOHQDUPLYDVRSRUIDYRU"&RXOG\RXOOP\JODVVXSSOHDVH"
9HUWLHOZKLVNH\SRUHO +HSRXUHGWKHZKLVNH\GRZQ

WKHVLQN
IUHJDGHUR
7HKDFDGRYLQRHQODFDPLVD <RXoYHVSLOWUHGZLQHRQ\RXU
VKLUW
6HUGLIFLOGHVKDFHUVHGHHVD ,WoOOEHGLIFXOWWRJHWULGRIWKH

VWDLQ
PDQFKD
FKDOHXQSRFRGHYLQREODQFR 3XWVRPHZKLWHZLQHRQLWWKDW

ZLOOUHPRYHWKHVWDLQ
HVRTXLWDUODPDQFKD

0HUHFHQUHFLELUHORJLRVSRUVX 7KH\GHVHUYHSUDLVHIRUWKHLU
SHUIRUPDQFH
DFWXDFLQ
7LHQHODVKDELOLGDGHVSDUD +HKDVWKHVNLOOVWRFDUU\RXWWKH
PLVVLRQ
UHDOL]DUODPLVLQ
/DSODQWLOODFXHQWDFRQXQRV 7KHVWDIILVPDGHXSRIDURXQG
HPSOR\HHV
HPSOHDGRV
7RGRVVHVLHQWHQLPSOLFDGRVHQ (YHU\ERG\IHHOVLQYROYHGLQWKH
SURMHFW
HOSUR\HFWR
(VWHFXUVRGHIRUPDFLQHVW 7KLVWUDLQLQJFRXUVHLVDLPHGDW
OHDGHUVKLS
RULHQWDGRDOOLGHUD]JR

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

+DVLGRXQUHYVSHOLJURVRSDUD,WKDVEHHQDGDQJHURXVVHWEDFN
WRWKHSHDFHSURFHVV
HOSURFHVRGHSD]
/DFRDOLFLQGHSHQGHGHORV 7KHFRDOLWLRQUHOLHVRQULJKWZLQJ
SDUWLHVIRULWVPDMRULW\
SDUWLGRVGHGHUHFKDVSRUVX
PD\RUD
/DFLXGDGKDSHUPDQHFLGR 7KHFLW\KDVUHPDLQHGXQGHU
EDMRWRTXHGHTXHGDGHVGHORV FXUIHZVLQFHODVWZHHNoVULRWV
GLVWXUELRVGHODVHPDQDSDVDGD
/DHOHFFLQFRLQFLGLFRQHO 7KHHOHFWLRQFRLQFLGHGZLWKDQ
DUUDQTXHGHHQIUHQWDPLHQWRV RXWEUHDNRIHUFHJKWLQJ
IHURFHV
(FKDURQDORVVLQGLFDWRVODFXOSD7KHXQLRQVZHUHEODPHGIRUWKH
SRUHOIUDFDVRGHODVQHJRFLDFLRQHV EUHDNGRZQLQWKHQHJRWLDWLRQV

3HUURODGUDGRUSRFRPRUGHGRU +LVEDUNLVZRUVHWKDQKLVELWH
1RVHQFRQWUDPRVHQWUHOD :HKDGRXUEDFNVDJDLQVWWKH

HVSDOGD\ODSDUHG
ZDOO
6HKDGHVFXELHUWRWRGRHOSDVWHO7KHFDWoVRXWRIWKHEDJ
6RQFRPRHOGD\ODQRFKH 7KH\oUHDVGLIIHUHQWDVFKDONDQG
FKHHVH
1RWHORMXHJHVWRGRDXQDFDUWD'RQoWSXWDOO\RXUHJJVLQRQH
EDVNHW

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq 

6RPHWKLQJ $Q\WKLQJ

,ZDQWWR\DURXQGWKHZRUOG
4XLHURYRODUDOUHGHGRUGHOPXQGR

+HOLNHVWRMXVWGULYHDURXQG
/HJXVWDVLPSOHPHQWHSDVHDU HQFRFKH 

,JHWDURXQG
0HPXHYR7HQJRPXFKRPXQGR

'ULYHDURXQGWRWKHEDFNRIWKHZDUH
KRXVH
9D\DDODSDUWHWUDVHUDGHODOPDFQ
FRFKH 

$OJR1RROYLGHVTXHHPSOHDPRV
pVRPHWKLQJqHQDUPDWLYR\pDQ\WKLQJqHQ
QHJDWLYR\LQWHUURJDWLYR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
+D\DOJRHQOTXHQRPHJXVWD
9LVWHDOJR"
+D\DOJRTXHSXHGDKDFHU"

,XVHP\FDUWRJHWDURXQG
8VRPLFRFKHSDUDPRYHUPH

,IHOWDURXQGLQWKHGDUNIRUP\NH\V
%XVFDEDDWLHQWDVPLVOODYHVHQODRVFXULGDG

7KH),&+85RI35&+8*$/LVWKH)&+85RUP\/.&+85

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KHIXWXUHRI3RUWXJDOLVWKHIHDWXUHRIP\OHFWXUH HOIXWXURGH3RUWXJDOHVHOWHPDFHQWUDOGHPLFRQIHUHQFLD 
(QLQJOVFXDQGRODVOHWUDVpWXqYDQFRORFDGDVGRQGHODVYHV QRDOSULQFLSLR SXHGHVHVWDUVHJXURGHTXHVHSURQXQFLDQpFKXq
$GYHQWXUH
$JULFXOWXUH
$UFKLWHFWXUH
&DQGLGDWXUH
&DSWXUH
&DULFDWXUH
&RQMHFWXUH
&UHDWXUH
&XOWXUH
&XUYDWXUH
'HQWXUH
'HSDUWXUH
)HDWXUH
)L[WXUH
)UDFWXUH
)XUQLWXUH
)XWXUH
*HVWXUH
,PPDWXUH
/HFWXUH
/HJLVODWXUH
/LWHUDWXUH
0DQXIDFWXUH

DGIQFKXU
JULNDOFKXU
UNHWHNFKXU
NQGHGDFKXU
NSFKXU
NUHNDFKXU
FRQFKNFKXU
NUFKXU
NOFKXU
NUIDFKXU
GQFKXU
GLSUFKXU
IFKXU
INVFKXU
IUNFKXU
IUQHFKXU
FKXU
FKVFKXU
HPDFKU
ONFKXU
OFKLVOLFKXU
OWHUDFKXU
PDQLXINFKXU

DYHQWXUD
DJULFXOWXUD
DUTXLWHFWXUD
FDQGLGDWXUD
FDSWXUDU
FDULFDWXUD
FRQMHWXUD
FULDWXUD
FXOWXUD
FXUYDWXUD
SUWHVLVGHQWDO
VDOLGD WUHQDYLQ
UDVJR
LQVWDODFLQ
IUDFWXUD
PXHEOHV
IXWXUR
JHVWRGHWDOOH
LQPDGXUR
FRQIHUHQFLD
OHJLVODWXUD
OLWHUDWXUD
IDEULFDU

0DWXUH
0LQLDWXUH
0L[WXUH
0RLVWXUH
1DWXUH
1XUWXUH
2YHUWXUH
3DVWXUH
3LFWXUH
3RVWXUH
3UHPDWXUH
3XQFWXUH
5XSWXUH
6FULSWXUH
6FXOSWXUH
6LJQDWXUH
6WDWXUH
6WUXFWXUH
7HPSHUDWXUH
7H[WXUH
7RUWXUH
9HQWXUH

PDFKU
PQLDFKXU
PNVFKXU
PLVFKXU
QLFKXU
QUFKXU
IHUFKXU
SVFKXU
SNFKXU
SVFKXU
SULPDFKU
SQNFKXU
USFKXU
VFSFKXU
VNOSFKXU
VJQDFKXU
VWFKXU
VWUNFKXU
WPSHUDFKXU
WNVFKXU
WUFKXU
IQFKXU

PDGXUR
PLQLDWXUD
PH]FOD
KXPHGDG
ODQDWXUDOH]D
FULDUFXOWLYDU
REHUWXUD PXVLFDO
SUDGR
FXDGURLPDJHQ
SRVWXUDSRUWH
SUHPDWXUR
SLQFKD]R UXHGD
URPSHUUHYHQWDU
ODVVDJUDGDVHVFULWXUDV
HVFXOWXUD
UPD
WDOOD IDPD
HVWUXFWXUD
WHPSHUDWXUD
WH[WXUD
WRUWXUD
LQLFLDWLYDHPSUHVDULDO

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&XGDWH\QRWHPHWDVHQORV6HDPDEOHFRQWXPDGUH\D\GDODGH
YH]HQFXDQGRFRQORVSODWRV\FRQODFDVD$KRUDHUHVHOQLFRKRP
EUHGHODFDVDDVTXHWXUHVSRQVDELOLGDGHVDVHJXUDUWHTXHWRGRV
HVWQELHQ\HVRLQFOX\HDWXVKHUPDQDVJHPHODV6ORWLHQHQ
DRV\WDVTXHWHUHVHQTXLHQVHYDQDMDUFRPRJXD7HU
PLQDUVVLHQGRXQDJXUDSDWHUQDOSDUDHOODVDVTXHDFXUGDWHGH
FRPSRUWDUWHDGHFXDGDPHQWHSRUORPHQRVFXDQGRHVWVHQFDVD

7DNHFDUHRI\RXUVHOIDQGGRQoWJHWLQWRWURXEOH%HQLFHWR\RXUPRWKHU
DQGKHOSKHUIURPWLPHWRWLPHZLWKWKHGLVKHVDQGWKHKRXVHNHHSLQJ
<RXoUHWKHRQO\PDQLQWKHKRXVHQRZVRLWoVRQ\RXUVKRXOGHUVWRPDNH
VXUHWKDWHYHU\RQHLVRND\fDQGWKDWLQFOXGHV\RXUWZROLWWOHWZLQVLV
WHUV7KH\oUHRQO\QLQH\HDUVROGDQG\RXoUHVRLWoV\RXWKH\oOOORRNXS
WRIRUJXLGDQFH<RXoOOHQGXSEHLQJDIDWKHUJXUHIRUWKHPVRUHPHP
EHUWREHKDYHDFFRUGLQJO\DWOHDVWZKHQ\RXoUHDWKRPH


(VWLPDGRDPLJR\DOXPQR+DFHXQRVGDVUHFLEXQFRUUHRHOHFWUQLFRGHXQDSHUVRQDGHDRVTXHHVWFROHFFLRQDQGRHOPWRGR9DXJ
KDQDWUDYVGH(/081'20HH[SOLFTXH\DWHQDDRV\PHIRUPXOXQDVHULHGHSUHJXQWDVVREUHFPRDERUGDUFRUUHFWDPHQWHHO
XVRGHODVGLIHUHQWHVVHFFLRQHVGHOPWRGR+HDTXPLUHVSXHVWD
0HKRQUDVDEHUTXHXQDSHUVRQDGHVXHGDGHVWKDFLHQGRXQQXHYRLQWHQWRSRUDSUHQGHULQJOV+HWHQLGRSHUVRQDOPHQWHDOXPQRVGHPV
HGDGTXHXVWHG\FRQWHVQHLOXVLQKDQSRGLGROOHJDUDXQQLYHOLQWHUPHGLRVOLGR\WLOSDUDODVFRPXQLFDFLRQHVUXWLQDULDV/H\HQGRVX
FRUUHRPHGDODLPSUHVLQGHTXHEXVFDXQDPDQHUDGHUDFLRQDOL]DUHODSUHQGL]DMHPVDOOGHORSRVLEOH0XFKDJHQWHSLHQVDTXHXQRSXHGH
DSUHQGHUXQVHJXQGRLGLRPDGHODPLVPDIRUPDTXHXQRYDDYDQ]DQGRHQHOOJHEUDSDUDOXHJRSDVDUDODWULJRQRPHWUD\QDOPHQWHSDVDU
DOFOFXOR/RVLGLRPDVVRQXQGHOJLFDpHVWXGLDEOHq\XQGHRGR\FRUD]Q3DUDVDOWDUHWDSDVDOpKDFHUVHFRQXQLGLRPDq QRPHJXV
WDHOYHUERpDSUHQGHUq XQRGHEHIRU]RVDPHQWHVDOWDUDODSLVFLQD\WUDJDUSRFDRPXFKDDJXDDXQTXHWRGDYDQRVHSDODWFQLFDFRUUHFWDGH
QDWDFLQ(QVXFDVRSDUWLFXODUOHUHFRPLHQGRTXHOHDGHWHQLGDPHQWHORVOLEURV\HVFXFKHPXFKDVYHFHVORV&'oVFRQ5LFKDUG%URZQ&XDQGR
GLJRpHVFXFKDUPXFKDVYHFHVqTXLHURTXHQRVORORVHVFXFKHVLQRTXHORVRLJDHVGHFLUTXHGHMHHOVRQLGRGHORV&'oVFHUFDGHVXRGRLQFOXVR
FXDQGRHVWOH\HQGRHOSHULGLFRRFHQDQGRFRQVXHVSRVD7LHQHTXHDSUHQGHUDGHMDUGHDIHUUDUVHDODLGHDpHWDSDVHVWDQFDVGHDSUHQGL]DMHq
\HPSH]DUDDUURSDUVHGHOVRQLGRGHOLQJOVGHMDQGRTXHODVHVWUXFWXUDVOHQWDPHQWHYD\DQSHQHWUQGROHSRUORVSRURV(VLPSRVLEOHDVXHGDG
DSUHQGHUXQLGLRPDPHGLDQWHHOHVWXGLROJLFR2WLHQHTXHLUD9DXJKDQWRZQ ZZZYDXJKDQWRZQFRP \SDVDUDSXURVGHFRPXQLFDFLQR
ELHQH[SRQHUHORGRDXQDULDGDGHLQJOVHQHVWHFDVRORV&'oVGHOpPWRGRGHQLWLYRq
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VPLYLGD ,WoVP\OLIH
(VWXLGHD ,WoV\RXULGHD
OHVHOVLJXLHQWH +HoVQH[W
(VHOODQXHYDDTX" ,VVKHQHZKHUH"
+R\QRHVPLGD 7RGD\LVQRWP\GD\

1RTXLHURYHUODWHOH ,GRQoWZDQWWRZDWFK79
OQRVDOHORVQHVGHVHPDQD +HGRHVQoWJRRXWDWWKH
ZHHNHQGV
(OODQRSLHQVDDQWHVGHKDEODU 6KHGRHVQoWWKLQNEHIRUH
VSHDNLQJ
1RQLHYDPXFKRDTX ,WGRHVQoWVQRZPXFKKHUH
1RFUHHQHQ'LRV 7KH\GRQoWEHOLHYHLQ*RG

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

0HGHVSHUWFRQXQGRORUGH ,ZRNHXSZLWKDEDFNDFKHWKLV

PRUQLQJ
HVSDOGDVHVWPDDQD
(OODVHOHYDQWPVWDUGHTXH 6KHJRWXSODWHUWKDQXVXDO

\HVWHUGD\
GHFRVWXPEUHD\HU
OKL]RXQJUDQGHVD\XQRLQJOV +HPDGHDELJ(QJOLVK
EUHDNIDVW
6HPDUFKDURQGHVXFDVDDODV 7KH\OHIWWKHLUKRXVHDWKDOI

SDVWHLJKW
RFKR\PHGLD
1RKDEDPXFKRWUFR 7KHUHZDVQoWPXFKWUDIF

&RQTXVRDVWHDQRFKH" :KDWGLG\RXGUHDPDERXWODVW
QLJKW"
7XYHXQDSHVDGLOODKRUULEOH ,KDGDWHUULEOHQLJKWPDUH
$FHUFDGHTX" :KDWDERXW"
(VWDEDFRUULHQGRSHURQR ,ZDVUXQQLQJEXW,GLGQoWJHW
DQ\ZKHUH
OOHJDEDDQLQJXQDSDUWH
6HJQ)UHXGHVRLQGLFDUD $FFRUGLQJWR)UHXGWKDW
XQDIDOWDGHVHJXULGDGHQXQR ZRXOGLQGLFDWHDODFNRIVHOI
FRQGHQFH
PLVPR

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

7HJXVWDOOHYDUMR\DV" 'R\RXOLNHWRZHDUMHZHOOHU\"
1XQFDKHOOHYDGRSXHVWRDOJRDV,oYHQHYHUZRUQDQ\WKLQJOLNHWKDW
$OJXQDYH]KDVOOHYDGRSXHVWR:RXOG\RXQHYHUSXWD
XQFROODURXQDSXOVHUD"
QHFNODFHRUDEUDFHOHWRQ"
&ODURTXHQR7DPSRFROOHYDUD 2IFRXUVHQRW,ZRXOGQoWZHDU

SHQGLHQWHV
HDUULQJVHLWKHU
0HHVWVGLFLHQGRTXHHVH $UH\RXWHOOLQJPHWKDWWKDW

UHORMTXHOOHYDVSXHVWRQRHV
ZDWFK\RXoUHZHDULQJLVQoWD
XQDMR\D"
SLHFHRIMHZHOOHU\"

9DPRVDVDOLUQR" /HWoVJRRXWVKDOOZH"
6R\XQLGLRWDDXWQWLFRQR" ,oPDUHDOLGLRWDUHQoW,"
&OODWHTXLHUHV" 6KXWXSZLOO\RX"
&DPELHPRVGHWHPDQR" /HWoVFKDQJHWKHVXEMHFWVKDOO
ZH"
6R\RQRVR\ODHQFDUJDGDDTX" $P,RUDUHQoW,LQFKDUJHKHUH"

6NXOODQGFURVVERQHV &DODYHUD

(\HSDWFK 3DUFKH
+RRN *DUR

3HJOHJ 3DWDGHSDOR

&XWODVV $OIDQMH

9RFDEXODULR3LUDWHV 3LUDWDV
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

6KDNHVSHDUHHUDXQGUDPDWXJR6KDNHVSHDUHZDVDUHQRZQHG
SOD\ZULJKW
UHQRPEUDGR
$OPRGYDUHVHOFLQHDVWDPV $OPRGYDULV6SDLQoVPRVW
IDPRXVOPPDNHU
IDPRVRGH(VSDD
-.5RZOLQJHVHODXWRUTXHPV-.5RZOLQJLVWKHZRUOGoVEHVW
VHOOLQJDXWKRU
OLEURVYHQGHHQHOPXQGR
&DODWUDYD\)RVWHUVRQORVPHMRUHV&DODWUDYDDQG)RVWHUDUHWKH
SDJDGRVDUTXLWHFWRVGHOPXQGR ZRUOGoVKLJKHVWSDLGDUFKLWHFWV
3DXO0F&DUWQH\KDVLGRXQ 3DXO0F&DUWQH\KDVEHHQDQ
LQFUHGLEO\VXFFHVVIXOVLQJHU
FDQWDXWRULQFUHEOHPHQWH
VRQJZULWHU
H[LWRVR

3RUTXVLHPSUHHUXFWDV :K\GR\RXDOZD\VEXUSDIWHU

GHVSXVGHFRPHU"
HDWLQJ"
(VPLPRGRGHGDUOD ,WoVP\ZD\RISD\LQJ

HQKRUDEXHQDDOFRFLQHUR
FRPSOLPHQWVWRWKHFKHI
1RGHEHUDVKDFHUORGHPXHVWUD<RXVKRXOGQoWGRLWLWVKRZV
XQDPX\PDODHGXFDFLQ
YHU\EDGPDQQHUV
(FKDUVHXQSHGRVHUDPXFKR 7RIDUWZRXOGEHPXFKZRUVH

SHRU\PXFKRPVJURVHUR
DQGPXFKUXGHU
1RVHVXSRQHTXHYRVRWURVORV$UHQoW\RX(QJOLVKVXSSRVHGWR
LQJOHVHVWHQLVPVFODVH"
KDYHPRUHFODVV"

Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq 

7RKDYHDJRRGWLPH

6KHoVUXQQLQJDURXQGZLWKROGHUPHQ
(VWVDOLHQGRFRQKRPEUHVPD\RUHV

(VWDH[SUHVLQQRWLHQHQDGDTXHYHUFRQHO
WLHPSR(VQXHVWUDIRUPDGHGHFLUpSDVDUORELHQq

6HH\RXDURXQG
|+DVWDODYLVWD

,oPUXQQLQJDURXQGSXWWLQJRXWUHV
(VWR\GHXQODGRDRWURDSDJDQGR
IXHJRV
/HWoVUXQDURXQGWKHSDUN
'PRVODYXHOWDDOSDUTXH FRUULHQGR

+HZDVVLWWLQJDURXQGGRLQJQRWKLQJ
(VWDEDVHQWDGRVLQKDFHUQDGD

/HWoVMRJDURXQGWKHSDUN
'PRVODYXHOWDDOSDUTXH IRRWLQJ

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
0HORSDVPX\ELHQHQODHVWD
7HORHVWVSDVDQGRELHQ"
7HORSDVDVWHELHQHORWURGD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR 
$ORODUJRGHVWD\GHODVSU[LPDVFKDVWHDFODUDUHPRVODGLIHUHQFLDHQWUHORVWUPLQRVFLWDGRVHQHOWWXOR+R\pKDYHWRq
+DYHWR
8QDQJORSDUODQWHXVDUXRLUHVWDH[SUHVLQRVXHTXLYDOHQWHpKDYHJRWWRqFDGDFLQFRPLQXWRVDORODUJRGHVXYLGD6LJQLFDpWHQHU
TXHq\H[SUHVDXQDREOLJDFLQQRUPDOPHQWHLPSXHVWDSRUFLUFXQVWDQFLDVH[WHUQDVVREUHODVTXHQRWLHQHVQLQJQFRQWURO
,KDYHWRZRUN R,oYHJRWWRZRUN
,KDYHWREHWKHUHDW R,oYHJRWWREHWKHUHDW
(VWDQFRUULHQWHHVWDH[SUHVLQTXHKHPRVGHIRUPDGRXQSRFRVXSURQXQFLDFLQ'HFLPRV
,KDIWRZRUN
(VGHFLUFRQYHUWLPRVODpYqVXDYHGHpKDYHqHQXQDpIqDFHQWXDGD
/DH[SUHVLQDOWHUQDWLYDp,oYHJRWWRqHVLJXDOPHQWHFRUULHQWHSHURVHXVDVRODPHQWHHQHODUPDWLYRHLQWHUURJDWLYRGHOWLHPSRSUHVHQ
WH(QHOQHJDWLYRGHOSUHVHQWH\HQORVGHPVWLHPSRVVHXVDQLFDPHQWHODH[SUHVLQHVWQGDU
,KDYHWRJR
,oYHJRWWRJR
'R\RXKDYHWRJR"
+DYH\RXJRWWRJR"

7HQJRTXHLUPH
7HQJRTXHLUPH
7LHQHVTXHLUWH"
7LHQHVTXHLUWH"

,GRQoWKDYHWRJR
,KDYHQoWJRWWRJR
,KDGWRJR
,KDGJRWWRJR
,oOOKDYHWRJR
,oOOKDYHJRWWRJR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(O VHFUHWR GH VROLFLWDU SUVWDPRV HV HQWHQGHU HO SXQWR GH YLVWD
GHORVEDQTXHURV&XDQGRKDVDSUHQGLGRDFRQWHVWDUDWRGDVODV
SUHJXQWDVGHXQEDTXHURHQWUPLQRVFRQWDEOHVTXHHVVXOHQ
JXD PDWHUQD WLHQHV PXFKDV PV SRVLELOLGDGHV GH FRQVHJXLU HO
SUVWDPRTXHQHFHVLWDVSDUDVREUHYLYLUDOUSLGRFUHFLPLHQWRGH
WXQHJRFLR/RVEDQTXHURVDSUHFLDQDORVHPSUHVDULRVTXHWLHQHQ
XQGRPLQLRGHODSDUWHQDQFLHUDGHVXQHJRFLR

1RWHQJRTXHLUPHQRKDFHIDOWDTXH
PHYD\D
7XYHTXHLUPH
7HQGUTXHLUPH

7KH VHFUHW RI ERUURZLQJ PRQH\ LV XQGHUVWDQGLQJ KRZ EDQNHUV


YLHZWKHZRUOG:KHQ\RXoYHOHDUQHGWRDQVZHUDOO\RXUEDQNHUoV
TXHVWLRQV LQ DFFRXQWLQJ WHUPV ZKLFK LV WKH EDQNHUoV QDWLYH
ODQJXDJH\RXoUHDORWPRUHOLNHO\WRJHWWKHORDQ\RXoOOQHHGWR
VXUYLYH WKH UDSLG JURZWK RI \RXU EXVLQHVV %DQNHUV DSSUHFLDWH
EXVLQHVVRZQHUVZKRKDYHDFRPPDQGRIWKHQDQFLDOVLGHRIWKH
EXVLQHVV


(VWLPDGRDPLJR\DOXPQR6LEXVFDVHQ,QWHUQHWFXUVRVSDUDKDEODUHQSEOLFRHQFRQWUDUVPXFKDVSJLQDVRIUHFLQGRWHPVRPHQRVOR
PLVPRODRUJDQL]DFLQGHODSUHVHQWDFLQHODQOLVLVGHOSEOLFRDVLVWHQWHODUHGDFFLQGHOJXLQHOHQVD\RGHODH[SRVLFLQHOXVRGHODV
PDQRV\ORVRMRVODSUR\HFFLQHLQH[LQGHODYR]ODVD\XGDVYLVXDOHVODVFRQFOXVLRQHVHWF1RGHVFDUWRTXHHVWRVFXUVRVD\XGHQDPXFKRVD
H[SRQHUPHMRUSHURFUHRTXHORVPDHVWURVGHODH[SUHVLQHQSEOLFRSRVHHQXQVHFUHWRTXHQRJXUDHQQLQJQGHVJORVHGHFXUVRODSDVLQ
SRUHOWHPD3DUDUHDOPHQWHDUUDVDUGHODQWHGHOSEOLFRKD\SDUDPFXDWURFRQVLGHUDFLRQHVFODYHV WHQHUXQWHPD FRQRFHUORDIRQGR 
FUHHUDSDVLRQDGDPHQWHHQODLPSRUWDQFLDGHOPLVPR\ VHQWLUODXUJHQFLDGHWUDQVPLWLUHVWDSDVLQDORVGHPV$XQTXHHVWVKDEODQGR
DDJUQRPRVVREUHODLPSRUWDQFLDGHOHVWLUFROHQODSURGXFWLYLGDGDJUFRODGHOD&RPDUFDGH2VRQDGHEHVLQWHQWDUVHUDSDVLRQDGRRDO
PHQRVXQSRFRSRUODPDWHULD6LORORJUDVWHVRUSUHQGHUVGHORUSLGRFRQTXHWHKDFHVFRQHOWHPD\ORHORFXHQWHFRQTXHQDOPHQWHOR
H[SRQHV3DEORGH7DUVRFXDQGRVHIXHDOPXQGRKHOQLFRSDUDFRQYHUWLUORDO&ULVWLDQLVPRMDPVVHSUHRFXSGHD\XGDVYLVXDOHVQLWFQLFDV
GHLQWURGXFFLQ\FRQFOXVLQ([SXVRFRQFRQYLFFLQ\IHUYRU\DOKDFHUORVHQWODVEDVHVSDUDODFUHDFLQGHODUHOLJLQPVLPSRUWDQWHGH
OD+LVWRULD/DSDODEUDKDEODGDFXDQGRVHXVDELHQHVWUHPHQGDPHQWHSRWHQWH/DVSDODEUDVHVFULWDVPXFKRPHQRV6LIXHUDVDXQSXHEOR
GH6XPDWUDFRQHMHPSODUHVGHO1XHYR7HVWDPHQWRORVGLVWULEX\HUDVDSHUVRQDVGHODLVODHLQVWDUDVDFDGDXQDGHHOODVDOHHUOR\D
pFRQYHUWLUVHqFXQWDVSHUVRQDVFUHHVTXHDFDEDUDQFRQYLUWLQGRVH"1LQJXQD6LHQYH]GHGDUOHVHOOLEUROHVKDEODUDVGHOFRQWHQLGRGHOPLV
PR\ORKLFLHUDVFRQSDVLQ\FRQRFLPLHQWRGHFDXVDQRGHVFDUWRTXHFRPHQ]DUDVDJDQDUDOJXQRVDGHSWRV(QHOVLVWHPDHGXFDWLYRHVSDRO
VHSUHVWDQXODDWHQFLQDODH[SRVLFLQRUDOGHODQWHGHODFODVHRGHORVJUXSRV'HVSXVHQHOPXQGRSURIHVLRQDOORVDVFHQVRV\ORV[LWRV
YDQPXFKDVYHFHVDORVEXHQRVFRPXQLFDGRUHVDTXHOORVFDSDFHVGHWRFDUODEUDVHQVLEOHHQODFRPXQLFDFLQLQWHUSHUVRQDO\DQWHSEOLFRV
1RVXEHVWLPHVODWUHPHQGDLPSRUWDQFLDGHDGTXLULUXQDEXHQDFDSDFLGDGSDUDODFRPXQLFDFLQ(OOWLPRGHODSURPRFLQGHOD3ROLWFQLFD
OOHJDUDQWHVTXHVXVFRPSDHURVDVHUSUHVLGHQWHGHXQDJUDQHPSUHVDVLVXSHUDDVWRVHQODH[SUHVLQRUDO
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(OFDIHVQHJUR &RIIHHLVEODFN
/RVSOWDQRVVRQDPDULOORV %DQDQDVDUH\HOORZ
/DVIUHVDVVRQURMDV 6WUDZEHUULHVDUHUHG
/DVPDQ]DQDVVRQURMDVRYHUGHV$SSOHVDUHUHGRUJUHHQ
|<TXVRUSUHVD/DVQDUDQMDV $QGZKDWDVXUSULVH2UDQJHV

VRQQDUDQMDV
DUHRUDQJH

3RUTXHVWVHVWXGLDQGR :K\DUH\RXVWXG\LQJ(QJOLVK"
LQJOV"
/RQHFHVLWRSDUDPLWUDEDMR ,QHHGLWIRUP\MRE
&RQTXIUHFXHQFLDKDEODV +RZRIWHQGR\RXVSHDN
(QJOLVKWKHUH"
LQJOVDOO"
|1XQFDSRUTXHQRVKDEODU 1HYHUEHFDXVH,FDQoWVSHDN
(QJOLVK
LQJOV
(VSRUHVRTXHORHVWR\ 7KDWoVZK\,oPOHDUQLQJLWQRZ
DSUHQGLHQGRDKRUD

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XLQHVODSHUVRQDPVIHOL] :KRoVWKHKDSSLHVWSHUVRQ\RX

TXHFRQRFHV"
NQRZ"
&XOHVHOH[DPHQPVIFLO :KDWoVWKHHDVLHVWH[DP

TXHMDPVKDVKHFKR"
\RXoYHHYHUGRQH"
4XLQHVODPXMHUPVVH[\ :KRoVWKHVH[LHVWZRPDQLQ

GHOPXQGR"
WKHZRUOG"
&XOHVODSHOFXODPVJUDFLRVD:KDWoVWKHIXQQLHVWOP
TXHMDPVKDVYLVWR"
\RXoYHHYHUVHHQ"
&XOHVODFLXGDGPVVXFLDGH:KDWoVWKHGLUWLHVWFLW\LQ
(VSDD"
6SDLQ"

&XQGRTXLHUHVTXHOOHJXHPRV:KHQGR\RXZDQWXVWRJHW
DOO"
WKHUH"
1HFHVLWRTXHHVWLVDTXDODV ,QHHG\RXWREHKHUHDW
VHLVHQSXQWR
RoFORFNVKDUS
/HVGLMRTXHOHHQYLDUDDOXQ +HWROGWKHPWRVHQGKLPDQ
FRUUHRHOHFWUQLFR
HPDLO
0HSLGLTXHGHMDUDGHKDEODU 6KHDVNHGPHWRVWRSWDONLQJ
/HVJXVWDUDTXHOOHYVHPRV 7KH\ZRXOGOLNHXVWRZHDUD
SXHVWDXQDFRUEDWD
WLH

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

7HDFRQVHMRTXHQRYD\DVDOO ,oPDGYLVLQJ\RXQRWWRJR
WKHUH
0HSHUVXDGLTXHQRPH6KHSHUVXDGHGPHQRWWRKDYH
WKHRSHUDWLRQ
RSHUDUD
5XVLDOHVKDDGYHUWLGRTXHQR 5XVVLDKDVZDUQHGWKHPQRWWR

DWWDFN
DWDTXHQ
0HFRQYHQFLHURQTXHQRGLMHUD 7KH\FRQYLQFHGPHQRWWRVD\

DQ\WKLQJ
QDGD
7HVXSOLFRTXHQRPHGHMHV ,EHJ\RXQRWWROHDYHPH

&UHHVHQODYLGDGHVSXVGHOD 'R\RXEHOLHYHLQWKHDIWHUOLIH
PXHUWHRHQODUHHQFDUQDFLQ" RULQUHLQFDUQDWLRQ"
6LHQODRWUDYLGDSXGLHUDVVHU,ILQ\RXUQH[WOLIH\RXFRXOG
VRPHRQHIDPRXVZKRZRXOG
DOJXLHQIDPRVRTXLQVHUDV"
LWEH"
:RRG\$OOHQGLMRTXHOHJXVWDUD:RRG\$OOHQVDLGKHZRXOG
OLNHWREHUHERUQDV:DUUHQ
UHQDFHUFRPRORVGHGRVGH
%HDWW\oVQJHUV
:DUUHQ%HDWW\
1RORSLOOR1XQFDKHRGRKDEODU,GRQoWJHWLW,oYHQHYHUKHDUG
RIWKHODWWHU
GHOVHJXQGR
(VDFWRU\HUDXQPXMHULHJR +HoVDQDFWRUDQGZDVD
OHJHQGDU\ZRPDQLVHU
OHJHQGDULR

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

/HTXHGDSRFRSDUDGDUDOX] 6KHoVKHDYLO\SUHJQDQW
OHVWDEDPX\DYHUJRQ]DGR +HZDVYHU\HPEDUUDVVHG
(VWR\PX\FRQVWLSDGR ,KDYHDYHU\EDGFROG
/OHYRWUHVGDVHVWUHLGR ,oYHEHHQFRQVWLSDWHGIRUWKUHH
GD\V
7DPELQXQRWLHQHTXH 2QHDOVRKDVWREHYHU\FDUHIXO
ZLWKWKHSURQXQFLDWLRQRI
WHQHUPXFKRFXLGDGRFRQOD
pEUHDNIDVWq
SURQXQFLDFLQGHEUHDNIDVW

(VVHJXURTXHVHHQWHUDU 6KHoVERXQGWRQGRXW
(VVHJXURTXHRFXUULU ,WoVERXQGWRKDSSHQ
3RUTXWHHVWVDFDORUDQGR :KDWDUH\RXJHWWLQJVR
ZRUNHGXSDERXW"
WDQWR"
3RUTXQRWHWUDQTXLOL]DVXQ :K\GRQoW\RXVHWWOHGRZQD
OLWWOH"
SRFR"
7HFUHHVWDQVDELRQR" <RXWKLQN\RXoUHVRZLVHGRQoW
\RX"

6QHDNHUV =DSDWLOODV

+LJKKHHOV 7DFRQHV

6DQGDOV 6DQGDOLDV
%RRWV %RWDV

9RFDEXODULR)RRWZHDU &DO]DGR


Z Z ZY D X V \ V  F R P





(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq 

:KDWPDGH\RXGRWKDW"

,ZHDULWDURXQGWKHKRXVH
/ROOHYRFXDQGRHVWR\SRUFDVD

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

,JODQFHGDURXQG
(FKXQDPLUDGDDPLDOUHGHGRU
,WRRNKLPDURXQGWRPHHWHYHU\RQH
/HOOHYDFRQRFHUDWRGRV

'RQoWMXVWVWDQGDURXQGDQGGRQRWKLQJ
1RWHTXHGHVDOOGHSLHPLUDQGR|+D]
DOJR
+HOLNHVWRWKURZKLVPRQH\DURXQG
/HJXVWDGHUURFKDUGLQHUR
:HDUWKLVDURXQG\RXUQHFN
/OHYDHVWRDOUHGHGRUGHWXFXHOOR

3RUTXWHGLRSRUKDFHUXQDFRVDDV"
3RUTXWHGLRSRUGHMDUGHIXPDU"
3RUTXOHGLR DO SRUFDVDUVHFRQDOJXLHQDV"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR 
'RQWKDYHWR
(VWDH[SUHVLQHVODFRQWUDULDGHpKDYHWRqRpPXVWq6LJQLFDpQRKDFHIDOWDqRpTXHQRHVQHFHVDULRq
<RXGRQoWKDYHWRFRPH
6KHGRHVQoWKDYHWRSD\LQDGYDQFH

1RHVQHFHVDULRTXHYHQJDV
1RKDFHIDOWDTXHHOODSDJXHSRUDGHODQWDGR

1HHGQoW
(VWDH[SUHVLQHVODFRQWUDFFLQGHpQHHGQRWq\HVVLQQLPDGHpGRQoWKDYHWRq6HXVDPX\SRFRHQ((88
<RXQHHGQoWZRUU\DERXWLW

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6DP HV XQ YHQGHGRU FRPR QLQJXQR \ VRODPHQWH YHQGH KXHYRV
YHUGHVFRQMDPQ3DUDFRQVHJXLUTXHVXVFOLHQWHVFRPSUHQKXH
YRVYHUGHVFRQMDPQOHVSLGHPVGHYHFHVTXHORVSUXHEHQ
6DPVDEHTXHODYHQWDPHGLDVHFRQVLJXHFXDQGRVHOHSUHJXQWD
DOFOLHQWHFLQFRYHFHVVLOHJXVWDUDSUREDUHOSURGXFWR(OYHQGHGRU
PHGLRVORSUHJXQWDGRVYHFHV3RUWDQWRWHVXJLHURTXHKDEOHV
FRQWXVYHQGHGRUHVGH6DPHOJHQLDOYHQGHGRU

1RKDFHIDOWDTXHWHSUHRFXSHVSRUHOOR
1RWLHQHVTXHSUHRFXSDUWHSRUHOOR

6DP LV D VXSHU VDOHVPDQ DQG KH RQO\ VHOOV JUHHQ HJJV DQG KDP
7RJHWKLVFXVWRPHUVWREX\JUHHQHJJVDQGKDPKHDVNVWKHPQR
OHVVWKDQWLPHVWRWU\WKHP6DPNQRZVWKDWWKHDYHUDJHVDOH
LVPDGHZKHQWKHFXVWRPHUKDVEHHQDVNHGYHWLPHVZKHWKHUKH
ZRXOGOLNHWRH[DPLQHDSURGXFW7KHDYHUDJHVDOHVSHUVRQZLOODVN
RQO\WZLFH6R,VXJJHVW\RXWDONWR\RXUVDOHVSHRSOHDERXW6DP
WKHVXSHUVDOHVPDQ

(VWLPDGRDPLJR\DOXPQR7HRIUH]FRDFRQWLQXDFLQHOLQLFLRGHXQGLVFXUVRHQLQJOV
/DGLHVDQGJHQWOHPHQLWLVDSOHDVXUHWREHKHUHWRWDONDERXWDVXEMHFWWKDWLVYHU\LPSRUWDQW
WRPH(YHU\ERG\OLNHVDKDSS\HQGLQJDQG,DPKDSS\WRVD\WKDWWKHVWRU\,DPJRLQJWRWHOO
\RXKDVDKDSS\HQGLQJ7KLUW\IRXU\HDUVDJR,DUULYHGLQWKLVFRXQWU\ZLWKGROODUVLQP\
SRFNHWDQGQRIULHQGV1RZWKLUW\IRXU\HDUVODWHU,KDYHHQRXJKIULHQGVIRUWHQOLIHWLPHVDQG
HQRXJKLQWHUHVWLQJH[SHULHQFHVWROOWHQQRYHOV6SDLQKDVEHHQJRRGWRPHDQGQRZ,ZDQW
WRJLYHVRPHWKLQJWR6SDLQLQUHWXUQ9DXJKDQ5DGLRDQG$SUHQGH,QJOpV79DUHWZRSURMHFWV
WKDW SHUPLW PH WR RIIHU (QJOLVK OHDUQLQJ DEVROXWHO\ IUHH  KRXUV D GD\ RQ WZR GLIIHUHQW
SODWIRUPVUDGLRDQG79
(VWR\VHJXURGHTXHHQWLHQGHVSHUIHFWDPHQWHHVWHLQLFLRGHOGLVFXUVRHQLQJOV(VSRVLEOH
LQFOXVR TXH OR HQFXHQWUHV LQWHUHVDQWH \ HORFXHQWH 7H KDV MDGR TXH WRGR HO LQJOV TXH
XWLOL]RVHWUDWDGHHVWUXFWXUDV\YRFDEXODULRTXHVHHQFXHQWUDQHQORVGRVSULPHURVOLEURVGH
ORVQLYHOHVSULQFLSLDQWHHLQWHUPHGLR"1RWLHQHVTXHSRVHHUXQDPSOLRYRFDEXODULRQLVDEHU
PDQHMDUFRPSOHMDVHVWUXFWXUDVSDUDKDEODUPX\ELHQHQLQJOV&RQXQHFD]PDQHMRGHOR
TXH\DVDEHVSRGUVDQGDUSRUHOPXQGR\FHUUDUPLOFRQWUDWRV(VRVVLHPSUHTXHWHQJDV
XQRGRQVLPRFDSD]GHFDSWDUORWRGRDODSULPHUD

0VSDODEUDVLQJOHVDVGHUD]ODWLQD
(IIRUW
(IIXVLRQ
(IIXVLYH
(JDOLWDULDQ
(JRLVP
(JRLVW
(ODERUDWH
(ODERUDWLRQ
(ODSVH
(ODVWLF
(ODVWLFLW\

(OHFW
(OHFWLRQ
(OHFWRU
(OHFWRUDWH
(OHFWULF
(OHFWULFDO
(OHFWULFLDQ
(OHFWULI\
(OHFWULI\LQJ
(OHFWURFXWH

5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

4XLQHVWGHODQWHGHHOOD" :KRoVLQIURQWRIKHU"
4XHVHVRGHGHWUVGHO" :KDWoVWKDWEHKLQGKLP"
(VHVWRSDUDHOORV" ,VWKLVIRUWKHP"
3DUDTXLQHV" :KRLVLWIRU"
(VLQWHUHVDQWHWXOLEUR" ,V\RXUERRNLQWHUHVWLQJ"

+D\XQKRPEUHDOWRFRQHOORV 7KHUHoVDWDOOPDQZLWKWKHP
1RKD\OHRQHVHQ,QJODWHUUD 7KHUHDUHQoWDQ\OLRQVLQ
(QJODQG
+D\XQPRWLYRSDUDHVWR" ,VWKHUHDUHDVRQIRUWKLV"
+D\YDVRV" $UHWKHUHDQ\JODVVHV"
3RUTXQRKD\QDGLHDTX" :K\DUHQoWWKHUHDQ\SHRSOH
KHUH"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

$OJXLHQSXHGHYHUOR" &DQDQ\RQHVHHLW"
3RUTXQRVDEHQDGLHOD :K\GRHVQoWDQ\RQHNQRZWKH

DQVZHU"
UHVSXHVWD"
7RGRHOPXQGRTXLHUHDDOJXLHQ(YHU\RQHORYHVVRPHERG\
&XDOTXLHUDVDEHHVR $Q\ERG\NQRZVWKDW
1DGLHYLQR 1RERG\FDPH

4XOHGLMRWXSDGUHFXDQGR :KDWGLG\RXUIDWKHUVD\WR
KHUZKHQKHVDZKHU"
ODYL"
/HSUHJXQWGQGHLEDHOOD" +HDVNHGKHUZKHUHVKHZDV
JRLQJ"
4XGLMRHOOD" :KDWGLGVKHVD\"
(OODOHGLMRTXHLEDDFDVDGHVX 6KHWROGKLPVKHZDVJRLQJWR
KHUER\IULHQGoVKRXVH
QRYLR
<GHVSXVTXHKL]RO" $QGWKHQZKDWGLGKHGR"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

6LHPSUHHVWR\DTXDODVFLQFR ,oPDOZD\VKHUHDWRoFORFN
(VWR\DTXGHVGHKDFHFLQFR ,oYHEHHQKHUHIRUKRXUV
KRUDV
1RWHTXHUUSDUDVLHPSUH ,ZRQoWORYH\RXIRUHYHU
7HTXLHURGHVGHKDFHXQDKRUD ,oYHORYHG\RXIRUDQKRXU
&XQWRKDFHTXHQRYHVDWX :KHQZDVWKHODVWWLPH\RX

VREULQD"
VDZ\RXUQLHFH"

6HKDWRPDGRXQDGHFLVLQ\D" +DVDGHFLVLRQEHHQWDNHQ\HW"
<DVHKDQGHFLFLGR 7KH\oYHDOUHDG\PDGHXSWKHLU
PLQGV
3RGUDVKDEUPHORGLFKR <RXFRXOGKDYHWROGPH
'HKHFKRGHEHUDVKDEUPHOR ,QIDFW\RXVKRXOGKDYHWROG
GLFKRHQVHJXLGD
PHVWUDLJKWDZD\
&XQWRWLHPSROOHYDV +RZORQJKDYH\RXEHHQ
SODQHDQGRHVWR"
SODQQLQJWKLV"

,FH6NDWHU 3DWLQDGRU

(DUPXIIV 2UHMHUDV

,FH +LHOR

5LQN 3LVWD

6NDWHV 3DWLQHV

9RFDEXODULR,FH6NDWLQJ 3DWLQDMHVREUHKLHOR
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

4XKDUDVVLGHVDSDUHFLHUD :KDWZRXOG\RXGRLI,

GLVDSSHDUHGRIIWKHIDFHRIWKH
GHODID]GHODWLHUUD"
HDUWK"
6DOWDUDGHMELOR ,oGMXPSIRUMR\
<TXHKDUDVVLWHDSXQWDUD $QGZKDWZRXOG\RXGRLI,

SRLQWHGDJXQDW\RX"
FRQXQDSLVWROD"
(VWDUDPXHUWRGHPLHGR ,oGEHVFDUHGVWLII
(VWDFRQYHUVDFLQHVXQFDOOHMQ7KLVFRQYHUVDWLRQLVDGHDGHQG
VWUHHW
VLQVDOLGD

6HPHIXHHOVDQWRDOFLHOR ,WFRPSOHWHO\VOLSSHGP\PLQG
'HMDGHWRFDUWHODQDUL] 6WRSSLFNLQJ\RXUQRVHZLOO
TXLHUHV"
\RX"
(VHWLSRHVXQSHVDGRGHQDULFHV7KDWJX\LVDSDLQLQWKHQHFN
|4XIDVWLGLRHQYHMHFHU :KDWDGUDJLWLVJHWWLQJROG
6HVDEHWRGDVODVUHVSXHVWDV <RXNQRZDOOWKHDQVZHUVEXW

SHURQDGLHWHKDFHODVSUHJXQWDV QRERG\DVNV\RXWKHTXHVWLRQV



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq 

$OPRVW +DUGO\

7KH\oYHFKDQJHGWKHSLFWXUHVDURXQG
+DQFDPELDGRORVFXDGURVGHOXJDU

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

:HIROORZHGKLPDURXQGWKHWRZQ
/HVHJXLPRVSRUWRGRHOSXHEOR
7KH\XVHGWROLYHDURXQGKHUH
$QWHVYLYDQSRUDTX

:HZHUHDOZD\VPRYLQJDURXQG
6LHPSUHQRVPXGEDPRVGHXQODGR
DRWUR
'RQoWSOD\DURXQGZLWKP\IHHOLQJV
1RDQGHVMXJDQGRFRQPLVVHQWLPLHQWRV

&DVLJDQDURQHOSDUWLGR
3RUSRFRSHUGLPRVHOWUHQ
&DVLQXQFDYR\DK

,oOOVKRZ\RXDURXQGWKHRIFH
7HHQVHDUODRFLQD

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92GH9DXJKDQ1RVORVDEUVVLKDVDFHUWDGRVLQR
TXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR 
0XVW
p0XVWqWLHQHWUHVVLJQLFDGRVRXVRV
 2EOLJDFLQQRUPDOPHQWHDXWRLPSXHVWD\FRQFRQWHQLGRPRUDO(VXQDHVSHFLHGHREOLJDFLQTXHVDEHVTXHGHEHVXUJHQWHPHQWH
DWHQGHUSHURTXHQDGDRQDGLHWHORLPSRQHQHFHVDULDPHQWH
,PXVWQGDZD\WRTXLWVPRNLQJ
:HPXVWLQFUHDVHRXUSURGXFWLYLW\

'HER SRUWRGRVORVPHGLRV HQFRQWUDUXQDIRUPDGHGHMDUGHIXPDU


'HEHPRV SRUWRGRVORVPHGLRV DXPHQWDUQXHVWUDSURGXFWLYLGDG

 &RQVHMRFRQIXHUWHLQVLVWHQFLDLQVWDQGRDDOJXLHQDKDFHUDOJR
<RXPXVWVWXG\PRUH
7KH\PXVWEHFDUHIXOZLWKWKLVVXEVWDQFH

|'HEHV FRPRVHD HVWXGLDUPV


'HEHQWHQHUFXLGDGRFRQHVWDVXVWDQFLD

 &RQFOXVLQOJLFDDQWHXQDHYLGHQFLDFDVLVHJXUD
(QFDVWHOODQRHVWDIRUPDGHpPXVWqVHWUDGXFHSRUpGHEHGHq3RUHMHPSORVLYHVDXQVHRUFRQGXFLHQGRXQ5ROOV5R\FHSXHGHV
GHFLU(VHVHRUGHEHGHVHUULFR(QLQJOVXVDPRVpPXVWq
7KDWPDQPXVWEHULFK
7KDWZRPDQLVFDUU\LQJDER[RINOHHQL[6KHPXVWKDYHDFROG
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(QPLWDWDUDEXHORPDWDXQKRPEUHHQXQDFDOOHGH7H[DV
(OKRPEUHVHOODPDED)UDQN&OD\WRQ\HUDXQDOERURWDGRUDTXLHQ
OHJXVWDEDDPHQD]DUHLQWLPLGDUDODJHQWH8QGDWURSH]FRQ
PLWDWDUDEXHORHQODFDOOH\OHGLMRTXHLEDDLUDVXFDVDDSRUVX
HVFRSHWD\TXHYROYHUDSDUDPDWDUOH0LWDWDUDEXHORQROHGLROD
RSRUWXQLGDGGHOOHYDUDFDERVXDPHQD]D6DFVX&ROW\OHGLV
SDUGHPXHUWH7UHVVHPDQDVPVWDUGHOHGHFODUDURQLQRFHQWH
GHDVHVLQDWR

,Q  P\ JUHDW JUDQGIDWKHU NLOOHG D PDQ RQ D 7H[DV VWUHHW
7KHPDQoVQDPHZDV)UDQN&OD\WRQDQGKHZDVD WURXEOHPDNHU
ZKROLNHGWRWKUHDWHQDQGLQWLPLGDWHSHRSOH2QHGD\KHUDQLQWR
P\ JUHDW JUDQGIDWKHU RQ WKH VWUHHW DQG WROG KLP KH ZDV JRLQJ
WRJRKRPHIRUKLVVKRWJXQDQGFRPHEDFNWRNLOOKLP0\JUHDW
JUDQGIDWKHUGLGQoWJLYHWKHPDQDFKDQFHWRFDUU\RXWKLVWKUHDW
+HSXOOHGRXWKLV&ROWDQGVKRWKLPGHDGWKHQDQGWKHUH7KUHH
ZHHNVODWHUKHZDVIRXQGLQQRFHQWRIPXUGHU

(VWLPDGR DPLJR \ DOXPQR +D\ XQ UHIUQ DOJR FXULRVR TXH GLFH p$\X 0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
GDDXQKRPEUHHQDSULHWRV\VHDFRUGDUGHWLFXDQGRYXHOYDDHVWDUHQ
DSULHWRVq1RHVWR\GHOWRGRGHDFXHUGRFRQHVWHUHIUQSRUTXHFUHRHQOD
(OHFWURGH
JUDWLWXGVLQFHUDDXQTXHVTXHQRWRGDVODVH[SUHVLRQHVGHHVWDQGROH
(OHFWURQ
ORVRQ(QHOFDVRGHWXLQJOV\RMXQWRFRQPLVFRPSDHURVGH9DXJKDQ
(OHFWURQLF
TXHUHPRVKDFHUWRGRORSRVLEOHSDUDVDFDUWHGHWXDSULHWR\DGLIHUHQFLD
(OHFWURQLFV
GHOUHIUQVDEHPRVSHUIHFWDPHQWHTXHYDVDYROYHUDPHWHUWHHQPXFKRV
(OHJDQFH
DSULHWRVPV\FRQEXHQDYROXQWDGWHD\XGDUHPRVDVDOLUGHHOORV$SULH
(OHJDQW
WRVFRQODYR]SDVLYDDSULHWRVFRQHOFRQGLFLRQDODSULHWRVFRQORVYHUERV
(OHJ\
DX[LOLDUHVRDSULHWRVFRQHOYHUERWRJHW$SUHQGHUDPDQHMDUFRQGHVWUH
(OHPHQW
(OHPHQWDO
]DXQVHJXQGRLGLRPDH[LJHHQGHUH]DUPLOHVGHHQWXHUWRVJUDPDWLFDOHV
(OHPHQWDU\
IRQWLFRVRUWRJUFRVDXGLWLYRVHVWLOVWLFRV\GHH[SUHVLQ&RPRHPSUH
(OHSKDQW
VDOOHYDPRVDRVVDFDQGRDODJHQWHGHDSXURV\GHDSULHWRVFRQHOLGLRPDLQJOV\QRVDEHPRVKDFHURWUD
(OHYDWH
FRVD&XQWRV[LWRVKHPRVFRVHFKDGR"'RQGHHODOXPQRQRVKDD\XGDGRDWRSHWRGDYDQRFRQRFHPRVHO
(OHYDWLRQ
IUDFDVR<HQHVWHFDVRHODJUDGHFLPLHQWRHVPXWXRf\VLQFHUR
5LFKDUG9DXJKDQ

(OHYDWRU





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

&XOHVVRQVXVQRPEUHV" :KDWDUHWKHLUQDPHV"
'QGHHVWVXPDGUH" :KHUHoVWKHLUPRWKHU"
(VXQDPXMHUPX\LQWHOLJHQWH 6KHoVDYHU\LQWHOOLJHQWZRPDQ
(VXQDLGHDPX\EXHQD ,WoVDYHU\JRRGLGHD
6RQLQIRUPHVPX\LPSRUWDQWHV 7KH\oUHYHU\LPSRUWDQWUHSRUWV

9HDODYHQWDQD *RWRWKHZLQGRZ
9HQDPLODGR &RPHWRP\VLGH
+D]ORDKRUD 'RLWQRZ
4XGDWHDOO 6WD\WKHUH
(VWDWHSUHSDUDGR %HSUHSDUHG

5KLQRFHURV 5LQRFHURQWH
-HHS -HHS
+\HQD +LHQD

/LRQ /HQ
+LSSRSRWDPXV +LSRSWDPR

9RFDEXODULR6DIDUL 6DIDUL
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

1RYR\DGHFLUOHVQDGD ,oPQRWJRLQJWRWHOOWKHP
DQ\WKLQJ
4XTXLHUHGHFLUHOOD" :KDWGRHVVKHPHDQ"
7VDEHVORTXHHOODTXLHUHGHFLU <RXNQRZZKDWVKHPHDQV
3RUTXQRORYDVDFRPSUDU" :K\DUHQoW\RXJRLQJWREX\LW"
3RUTXHKDJRORTXHTXLHUR %HFDXVH,GRZKDW,ZDQW

3RUTXQRQRVEXVFDUQ" :K\ZRQoWWKH\ORRNIRUXV"
1RWHSUHRFXSHVQRSHUGHU 'RQoWZRUU\,ZRQoWPLVVWKH
WUDLQ
HOWUHQ
1XQFDYROYHUDGHFLUHVR ,oOOQHYHUVD\WKDWDJDLQ
(OODQXQFDYROYHUVLOHVWDTX 6KHoOOQHYHUFRPHEDFNLIKHoV
KHUH
1RQHYDUKDVWDHOPHVTXH ,WZRQoWVQRZXQWLOQH[WPRQWK
YLHQH

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

0HJXVWDHVWDSRFDGHODR ,OLNHWKLVWLPHRI\HDU
7HJXVWDWDQWRFRPR\RWH 'R\RXOLNHLWDVPXFKDV\RX

OLNHPH"
JXVWR"
0HFDHVELHQSHURODVUHEDMDV ,OLNH\RXEXWWKHVDOHVKDYH

WLHQHQPXFKRPVTXHRIUHFHU PXFKPRUHWRRIIHU
3RUTXWHJXVWDQWDQWRODV :K\GR\RXOLNHWKHVDOHVVR

PXFK"
UHEDMDV"
0HKDFHQVHQWLUOLEUH 7KH\PDNHPHIHHOIUHH

/DJHQWHFRPSUDFRVDVTXHQL 3HRSOHEX\WKLQJVWKDWWKH\
QHLWKHUQHHGQRUZDQW
QHFHVLWDQLTXLHUH
&UHHQTXHWRGRHVXQDJDQJD 7KH\WKLQNHYHU\WKLQJLVD
EDUJDLQ
'HWRGDVIRUPDVODPD\RUDGH $Q\ZD\PRVWWKLQJVDUH
OHIWRYHUV
ODVFRVDVVRQUHVWRV
/RVJUDQGHVDOPDFHQHVHVWQ 7KHGHSDUWPHQWVWRUHVDUH
DOZD\VSDFNHGZLWKSHRSOH
VLHPSUHDUHERVDUGHJHQWH
+D\JHQWHFRUULHQGRSRUWRGDV 7KHUHDUHSHRSOHUXVKLQJ
HYHU\ZKHUH
SDUWHV

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

1XQFDSXHGRSHUPLWLUPH ,FDQQHYHUDIIRUGWREX\

DQ\WKLQJLQWKHVDOHV
FRPSUDUQDGDHQODVUHEDMDV
6LHPSUHHVWR\DGRVYHODV ,oPDOZD\VEURNH
7DUGHRWHPSUDQRWHQGUTXH 6RRQHURUODWHU,oOOKDYHWRVHOO

RQHRIP\NLGQH\V
YHQGHUXQRGHPLVULRQHV
1RHVSDUDWDQWRQR" ,WoVQRWWKDWEDGLVLW"
+DVYLVWRFXQWRKDQVXELGR +DYH\RXVHHQKRZPXFK

SULFHVKDYHULVHQODWHO\"
ORVSUHFLRVOWLPDPHQWH"

&DGDYH]HVPVGLIFLOOOHJDUD ,WoVJHWWLQJPRUHDQGPRUH

QGHPHV
GLIFXOWWRPDNHHQGVPHHW
7HQGUHPRVTXHDSUHWDUQRVORV :HoOOKDYHWRWLJKWHQRXUEHOWV

FLQWXURQHV
(VWVKDFLHQGRXQDPRQWDD <RXoUHPDNLQJDPRXQWDLQRXW

GHXQJUDQRGHDUHQD
RIDPROHKLOO
(VXQDWRUPHQWDHQXQYDVR ,WoVDVWRUPLQDWHDFXS

GHDJXD
|1RWHSRQJDVQHUYLRVD 'RQoWJHW\RXUNQLFNHUVLQD
WZLVW



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq 

7REHLQDJRRGPRRG

6WD\DURXQGIRUDZKLOH
4XGDWHSRUDTXXQUDWRPV

&KHFNDURXQG
9HFRPSUREDQGRSRUDK

&DQ\RXVWLFNDURXQG"
7HSXHGHVTXHGDUXQSRTXLWR"

,ORRNDURXQGEHIRUHEX\LQJDFDU
(VWXGLRODRIHUWDDQWHVGHFRPSUDUXQ
FRFKH

(VWDH[SUHVLQVLJQLFDpHVWDUGHEXHQ
KXPRUq/LWHUDOPHQWHGHFLPRVpHVWDUHQXQ
EXHQKXPRUq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
*DU\QXQFDHVWGHPDOKXPRU
(VWR\GHPX\EXHQKXPRUKR\
/DUU\VLHPSUHHVWGHEXHQKXPRU

,oOODVNDURXQG
,USRUDKSUHJXQWDQGRDODJHQWH

,SDVVHGDURXQGWKHFKRFRODWHV
2IUHFFKRFRODWLQDVDWRGRVXQRSRUXQR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR 
0XVWQoW
(VWDH[SUHVLQHVVLPSOHPHQWHHOQHJDWLYRGHpPXVWqHQVXVHQWLGRGHREOLJDFLQDXWRLPSXHVWDRGHFRQVHMRVHULRHLQVLVWHQWH
<RXPXVWQoWVWDUWVPRNLQJDJDLQ
,PXVWQoWPDNHWKDWPLVWDNHDJDLQ

1RGHEHVHPSH]DUDIXPDURWUDYH]
1RGHERFRPHWHUHVHHUURURWUDYH]

p0XVWQoWqVHSURQXQFLDpPVHQWq\FDVLVLHPSUHH[LVWHHQVXIRUPDGHFRQWUDFFLQ
1HHGQoW
<DYLPRVHVWDH[SUHVLQHQOD)LFKD$GHPVGHVHUORFRQWUDULRGHpKDYHWRqWDPELQORHVGHpPXVWq
:HPXVWPDNHDQHIIRUW
7KH\PXVWEHFDUHIXO
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(VFULELUHVWRVSUUDIRVSXHGHVHUPX\GLYHUWLGR0HVLHQWRGHODQ
WHGHXQDSDQWDOODGHRUGHQDGRUHQEODQFR\HPSLH]RDHVFULELU
XQDIUDVH(VWDIUDVHQRUPDOPHQWHPHDEUHODPHQWHDPLOHVGH
LQFLGHQWHV\H[SHULHQFLDVTXHKHWHQLGRGXUDQWHORVOWLPRV
DRV \ PH OOHYD D DOJR LQWHUHVDQWH GLYHUWLGR LQIRUPDWLYR R LQ
WULJDQWH7DUGRXQRVPLQXWRVHQHVFULELUORVVHLVSUUDIRVTXH
FRQIRUPDQFDGDSJLQDGHHVWHOLEUR

:HQHHGQoWPDNHDQHIIRUW
7KH\QHHGQoWEHFDUHIXO

:ULWLQJWKHVHVKRUWSDUDJUDSKVFDQEHDORWRIIXQ,VLWLQIURQWRI
D EODQN FRPSXWHU VFUHHQ DQG MXVW VWDUW WR ZULWH D VHQWHQFH7KLV
VHQWHQFH XVXDOO\ RSHQV P\ PLQG WR WKH WKRXVDQGV RI LQFLGHQWV
DQGH[SHULHQFHV,oYHKDGRYHUWKHSDVW\HDUVDQGOHDGVPHWR
VRPHWKLQJ LQWHUHVWLQJ DPXVLQJ LQIRUPDWLYH RU LQWULJXLQJ ,W
WDNHVPHDERXWPLQXWHVWRZULWHWKHVL[SDUDJUDSKVWKDWPDNH
XSHDFKSDJHRIWKLVERRN

5LFKDUG9DXJKDQ


(VWLPDGRDPLJR\DOXPQR(QODIRWRGHODL]TXLHUGDWLHQHVD*UHJRULRLQFDQVDEOHHVWXGLDQWHGHLQJOVTXHSLHQVDTXHSDUDDSUHQ
GHUORELHQWLHQHTXHOHHUUHOHHU\KDVWDPHPRUL]DUODVUHJODVJUDPDWLFDOHVGHVGHHOYHUERWREHHQWRGRVVXVWLHPSRV\SHUVRQDV
KDVWDHOSOXVFXDPSHUIHFWR\HOSDVDGRFRQGLFLRQDO1RVLHQWHPXFKRFDULRSRUPLLGLRPDSRUTXHPXFKDVGHODVHVWUXFWXUDVTXH
HVWXGLDVRQDMHQDVDODOJLFDODWLQDRFDVWHOODQD/HVXHQDQDFKLQRFXDQGRODVYHVREUHHOSDSHO\DOGHFLUODVSDUDVXVDGHQWURV
QRVHFXLGDGHSURQXQFLDUODVELHQLQFUXVWDQGRYLFLRVIRQWLFRVTXHGHVSXVPHFXHVWDKRUURUHVHUUDGLFDU$ODGHUHFKDWHQHPRVD
-RV5DPQ7LHQHHOPLVPRQLYHOTXH*UHJRULRSHURSUHHUHOHHUOLEURVSHULGLFRV\UHYLVWDVHQHVSDROPLHQWUDVVXVRGRVUHFLEHQ
XQVXDYHPDVDMHOLQJVWLFRGHYRFDEORVLQJOHVHVSURQXQFLDGRVSRUQDWLYRV(VWDEVRUWRHQVXOHFWXUDVLQSUHVWDUODPVPQLPD
DWHQFLQDOLQJOV'HKHFKRVLGHMDVHGHOHHU\SUHVWDVHWRWDODWHQFLQDORTXHR\HHQWHQGHUDPHQRVGHOGHOFRQWHQLGR6LQ
HPEDUJRQRVXHOHKDFHUOR6HGHGLFDDOHHUHQHVSDROXQDKRUDDOGD\GRVKRUDVHQVEDGR\HQGRPLQJR6XVRGRVDEVRUEHQ
ODPXVLFDOLGDGGHOLQJOV\JUDGXDOPHQWHYDQGLVFULPLQDQGRORVVRQLGRV-RV5DPQVDEHTXHVLYLHUDSRUHVFULWRHVHTXHQR
HVWHQWHQGLHQGRDXGLWLYDPHQWHORHQWHQGHUDFDVLWRGR'HELGRDHVWRHVWVLJXLHQGRPLFRQVHMRGHQRDQJXVWLDUVH\HQWUHQDUHO
RGRDPHGLR\ODUJRSOD]R(QVHLVPHVHVFXDQGRYXHOYDDGHMDUODOHFWXUDSDUDSUHVWDUWRWDODWHQFLQDOLQJOVTXHR\HHQWHQGHU
HO(OLQJOVDPLJROHFWRUQRHVXQDFLHQFLDH[DFWDHVWUXFWXUDGDDEDVHGHFRPSDUWLPHQWRVHVWWLFRV\HVWDQFRV(VXQYHKFX
ORGHFRPXQLFDFLQULFR\GLQPLFRWDQOJLFR\H[SUHVLYRFRPRFXDOTXLHURWURLGLRPDLPSRUWDQWHGHOPXQGR1XQFDYDVDOOHJDU
DGRPLQDUORHQVXDVSHFWRKDEODGRDOLJXDOTXHQRGRPLQDVQLWXSUR
SLRLGLRPDHQFXHVWLRQHVGHLPSDFWRHORFXHQFLDRH[SUHVLYLGDG3HURHV
LPSHUDWLYRTXHORGRPLQHVHQVXDVSHFWRDXGLWLYR&PR"([SRQLHQGR
HORGRGXUDQWHPLOHVGHKRUDV1RHVSRVLEOHOOHJDUDXQEXHQQLYHOVLQ
SRVHHUXQH[FHOHQWHQLYHODXGLWLYR<RMRHQWHQGHUELHQDWXSURIHVRUGH
LQJOVQRVLJQLFDQDGD(OSURIHVRUQRWHGDQLXQGHORTXHYDVD
RUSRUDKHQHOPXQGRUHDO+DEODFRQGHPDVLDGDQLWLGH]\HVFRJHVLQ
GDUVHFXHQWDXQYRFDEXODULRDWXDOFDQFH





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

(VWQDTXSRUTXHVRQPLV 7KH\oUHKHUHEHFDXVHWKH\oUH

SDGUHV
P\SDUHQWV
'HGQGHVRQ" :KHUHDUHWKH\IURP"
9XHVWURVDEXHORVVRQGHDOO $UH\RXUJUDQGSDUHQWVIURP

WDPELQ"
WKHUHWRR"
1RVRQGHODPLVPDFLXGDG 7KH\oUHQRWIURPWKHVDPHFLW\
3RUTXQRHVWQDTXDKRUD" :K\DUHQoWWKH\KHUHQRZ"

1RMXHJXHVFRQVXSHUUR GH 'RQoWSOD\ZLWKWKHLUGRJ


HOORV 
(VSHOLJURVRQRORWRTXHV ,WoVGDQJHURXVGRQoWWRXFKLW
|'HVSLUWDWH :DNHXS
|/HYQWDWH *HWXS
|&OODWH 6KXWXS

%DUPDQ &DPDUHUR

%HHU &DD
6KRW &KXSLWR
&RFNWDLO &FWHO
6SLULW &RSD

9RFDEXODULR%DU %DU
/RZ,QWHUPHGLDWH
7UDEDMDVGHPDVLDGR <RXZRUNWRRPXFK
7UDEDMDVGHPDVLDGDVKRUDV <RXZRUNWRRPDQ\KRXUV
+DFHGHPDVLDGRIURSDUDP ,WoVWRRFROGIRUPHLQZLQWHU

HQLQYLHUQR
&RVWGHPDVLDGR ,WFRVWWRRPXFK
3RUTXHVWDQFDUR" :K\LVLWVRH[SHQVLYH"

0LGGOH,QWHUPHGLDWH
4XWHJXVWDUDKDFHU" :KDWZRXOG\RXOLNHWRGR"
+DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW
MXELODUWH"
UHWLULQJ"
(VOROWLPRTXHTXLHURKDFHU ,WoVWKHODVWWKLQJ,ZDQWWRGR
1RFUHHVTXHQHFHVLWDVXQ 'RQoW\RXWKLQN\RXQHHGD
GHVFDQVR"
UHVW"
4XSUHQWHQGHVGHFLUPH" :KDWDUH\RXWU\LQJWRWHOOPH"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

/OHYDPLKHUPDQRDOTXLRVFR ,WRRNP\EURWKHUWRWKH
QHZVVWDQG
/HSUHJXQWVLTXHUDTXHOH ,DVNHGKLPLIKHZDQWHGPHWR

FRPSUDUDXQDUHYLVWD
EX\KLPDPDJD]LQH
0HUHFRUGTXHQRSRGDOHHU +HUHPLQGHGPHWKDWKH

HOHVSDRO
FRXOGQoWUHDG6SDQLVK
0HSLGLTXHOHFRPSUDUD +HDVNHGPHWREX\KLPVRPH

FKLFOH
FKHZLQJJXP
1LQJXQRGHORVGRVWXYLPRV 1HLWKHURIXVKDGDQ\FKDQJH

FDPELR

3DUH]FRVH[\FRQHVWHWUDMH" 'R,ORRNVH[\LQWKLVVXLW"
6LQRWXYLHUDVHVDEDUULJD ,I\RXGLGQoWKDYHWKDWEHOO\
HVWDUDVPXFKRPHMRU
\RXoGORRNPXFKEHWWHU
0LEDUULJDPHKDFHSDUHFHU 0\EHOO\PDNHVPHORRNOLNHD
FRPRXQKRPEUHGHHVWDGR
VWDWHVPDQ
(VSRUHVRTXHHUHVFDOYR ,VWKDWZK\\RXoUHEDOGDVZHOO"
WDPELQ"
6LQRIXHUDVWDQHQFDQWDGRUD ,I\RXZHUHQoWVRFKDUPLQJ,
QRPHJXVWDUDVWDQWR
ZRXOGQoWOLNH\RXVRPXFK

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

0HSRQGUDUJLPHQFXDQGR ,oOOJRRQDGLHWZKHQ,WXUQ
FXPSODORV
0HGHVKDUGHPLEDUULJD ,oOOJHWULGRIP\EHOO\
1RVDEDTXHHUDVXQKRPEUH ,GLGQoWNQRZ\RXZHUHVXFKD
WDQUHOLJLRVR
UHOLJLRXVPDQ
4XTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW"
3XHVHVHYLGHQWHTXHFUHHVHQ :HOO\RXREYLRXVO\EHOLHYHLQ
ORVPLODJURV
PLUDFOHV

(VPLEXHQSURSVLWRGHDR ,WoVP\1HZ<HDUoVUHVROXWLRQ

QXHYR
0X\ELHQVDEHVTXHQXQFD <RXNQRZYHU\ZHOOWKDW\RX

ORVFXPSOHV
QHYHUNHHSWKHP
(ODRSDVDGRGLMLVWHTXHLEDV /DVW\HDU\RXVDLG\RXZHUH

DKDFHUSXHQWLQJ
JRLQJWRGRDEXQJHHMXPS
$GHPVWHHQFDQWDGHPDVLDGR %HVLGHV\RXORYHHDWLQJIDWW\

FRPHUFRPLGDFRQJUDVD
IRRGWRRPXFK
&XDQWRPVJUDQGHHVPL 7KHELJJHUP\EHOO\LVWKHPRUH

EDUULJDPVTXLHUR
WKHUHLVWRORYH



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq 

(ODUWFXORpDQq

,KHOSKLPDURXQGWKHKRXVH
/HD\XGRDPRYHUVHSRUODFDVD

,oPWLUHGRIZDLWLQJDURXQG
(VWR\FDQVDGRGHHVSHUDUSRUDTX

,OLNHWRZDONDURXQGWKHIDFWRU\
0HJXVWDSDVHDUSRUODIEULFD

7KH\FURZGHGDURXQGWRVHHWKHERG\
6HDSLDURQDOUHGHGRUSDUDYHUHO
FXHUSR

7XUQDURXQGDQGORRNDWPH
'DWHODYXHOWD\PUDPH

7KHUHoVDUXPRUJRLQJDURXQGWKDWf
&RUUHXQUXPRUGHTXH

1RROYLGHVTXHFXDQGRXQVXVWDQWLYRRDGMHWLYR
HPSLH]DFRQXQDYRFDORXQVRQLGRGHYRFDOHO
DUWFXORLQGHQLGRpDqVHFRQYLHUWHHQpDQq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
&UHRTXHRLJRDXQEKR
OHVXQLPSRUWDQWHFOLHQWHQXHVWUR
6XMHIH GHHOOD HVXQDPXMHULPSDFLHQWH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR 
6KRXOG
(VWDH[SUHVLQHVPX\LPSRUWDQWH7LHQHWUHVDFHSFLRQHV
 8QDUHFRPHQGDFLQRVXJHUHQFLD6HSXHGHWUDGXFLUFRPRpGHEHqRpGHEHUDq
<RXVKRXOGWDNHDIHZGD\VRII
'HEHUDVWRPDUWHXQRVGDVOLEUHV
<RXVKRXOGVSHQGPRUHWLPHZLWK\RXUIDPLO\
'HEHVSDVDUPVWLHPSRFRQWXIDPLOLD
 /DH[SUHVLQGHXQDDFWLWXGXRSLQLQFRQXQFRPSRQHQWHPRUDO
:HVKRXOGWUHDWSHRSOHUHVSHFWIXOO\
'HEHPRVWUDWDUDODJHQWHUHVSHWXRVDPHQWH
(YHU\RQHVKRXOGKDYHWKHULJKWWRDMRE
7RGRVGHEHQWHQHUHOGHUHFKRDXQHPSOHR
 /DH[SUHVLQGHDOJRTXHYDDRFXUULUFRQWRGDVHJXULGDG
7KH\VKRXOGEHKHUHLQDERXWPLQXWHV
,WVKRXOGWDNHPHDERXWPLQXWHV
,WVKRXOGQoWWDNHWKHPORQJ

(VWDUQDTXVHJXUDPHQWHHQXQRVPLQXWRV
7DUGDUVHJXUDPHQWHXQRVPLQXWRV
1RWDUGDUQPXFKRVHJXUDPHQWH

3DUDUHVXPLUODSULQFLSDOGLIHUHQFLDHQWUHpKDYHWRqpPXVWq\pVKRXOGqIMDWHHQHVWDVIUDVHV
<RXKDYHWRVWXG\WKLV0DQXDO
<RXPXVWVWXG\WKLV0DQXDO
<RXVKRXOGVWXG\WKLV0DQXDO
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&PR WH HQFXHQWUDV KR\" $QRFKH HVWDEDV EDVWDQWH WRFDGR
&XQWDV FRSDV GH FKDPSQ WH EHELVWH" 7H WXYLPRV TXH OOHYDU
DO FRFKH SHGLU D 1DQF\ TXH WH OOHYDUD D FDVD \ WH PHWLHUD HQ OD
FDPD7HDFXHUGDVGHDOJR"'LFHTXHHVWXYLVWHHQFDQWDGRUFRPR
GHFRVWXPEUH\TXHQRSHUGLVWHHOFRQRFLPLHQWR1RPHSXHGR
FUHHUTXHHVWVDTXKR\WUDEDMDQGRFRPRVLHPSUH

7LHQHV SRUQDULFHV TXHHVWXGLDUHVWH0DQXDO


'HEHV WHLPSORUR HVWXGLDUHVWH0DQXDO
'HEHV WHUHFRPLHQGR HVWXGLDUHVWH0DQXDO

+RZGR\RXIHHOWRGD\"/DVWQLJKW\RXZHUHLQSUHWW\EDGVKDSH
+RZPDQ\JODVVHVRIFKDPSDJQHGLG\RXGULQN":HKDGWRFDUU\
\RX WR WKH FDU DQG KDYH 1DQF\ WDNH \RX KRPH DQG SXW \RX WR
EHG'R\RXUHPHPEHUDQ\WKLQJ"6KHVD\V\RXZHUH\RXUQRUPDO
FKDUPLQJ VHOI DQG QHYHU SDVVHG RXW , FDQoW EHOLHYH \RXoUH KHUH
WRGD\ZRUNLQJDVXVXDO



(VWLPDGRDPLJR\DOXPQR(ORWURGDHQXQIRURSEOLFRGH,QWHUQHWDOJXLHQPHSUHJXQWVL\RKDEDREVHUYDGR 0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
XQFDPELRLPSRUWDQWHHQHOQLYHOGHLQJOVGHORVHVSDROHVGHVGHTXHFRPHQFDHQVHUVHORHQ/HUHV
SRQGTXHKDEDKDELGRXQDPHMRUDHQPLRSLQLQHQWRUQRDO3HURGHVSXVOHDGYHUWTXHHVDPHMRUDWDQ
(OLPLQDWH
SURQXQFLDGDVHKDEDSURGXFLGRVREUHXQFROHFWLYRWDQSHTXHRTXHHQUHDOLGDGWDPSRFRHUDSDUDWLUDUFRKHWHV
(OLPLQDWLRQ
/HLQYLWDLUFRQPLJRDKDFHUSUXHEDVGHQLYHOHQWUHORVHVWXGLDQWHVGHOOWLPRDRGHOD3ROLWFQLFD\FRQVWDWDU
(OLWH
TXHVORFLQFRGHFDGDFLHQGHORVIXWXURVLQJHQLHURVTXHWUDEDMDUQHQXQPXQGRJOREDOL]DGRWHQDQXQLQJOV
(OLWLVP
VXFLHQWHFRPRSDUDUHSUHVHQWDUDGHFXDGDPHQWHDVXHPSUHVDRD(VSDDHQORVIRURVLQWHUQDFLRQDOHV(Q
(OLWLVW
HVDFLIUDHVWDEDHQXQRGHFDGDFLHQORFXDOPHGDODUD]QHQHOVHQWLGRGH
(OL[LU
(OOLSVH
XQDPHMRUDQRWDEOH6LQHPEDUJRHORWURODGRGHODPRQHGDQRVGLFHTXHHQ
(OOLSWLFDO
YH]GHHVWDUHOGHORVIXWXURVLQJHQLHURVHQSDRVPHQRUHVHQORTXHVH
(ORFXWLRQ
UHHUHDOLQJOVDKRUDVRODPHQWHHVWHO6LHOHVWDGRRODV&RPXQLGD
(ORTXHQFH
GHV$XWQRPDVQRKDFHQDOJRUHDOPHQWHUDGLFDO\SURQWRPLVQLHWRVYDQD
(ORTXHQW
JDQDUVHODYLGD\PX\ELHQHQVHDQGRLQJOVDWXVQLHWRV<VLHOHVWDGRR
(OXGH
ODV&RPXQLGDGHVQRORJUDQHQGHUH]DUHOHQWXHUWRHQWRQFHVWHFRPSHWHD
(OXVLYH
WLKDFHUORHVRHVVLTXLHUHVTXHWXVKLMRVRWXVQLHWRVWHQJDQODOLEHUWDGGH
(PDQDWH
HOHFFLQHQODYLGDSURIHVLRQDOTXHXQEXHQGRPLQLRGHLQJOVSURSRUFLRQD
(PDQFLSDWH

5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

'HGQGHHV" :KHUHLVLWIURP"
3DUDTXLQHV" :KRLVWKLVIRU"
(QTXFDMDHVW" :KLFKER[LVLWLQ"
'HTXLQHVHVWDFDUWD" :KRLVWKLVOHWWHUIURP"
SURFHGHQFLD
3RUTXHVWVFRQHOORV" :K\DUH\RXZLWKWKHP"

'PHOR *LYHLWWRPH
'PHORV *LYHWKHPWRPH
'VHORDHOORV *LYHLWWRWKHP
3RUTXPHORHVWVGDQGR" :K\DUH\RXJLYLQJLWWRPH"
1RQRVORGHVDQRVRWURV 'RQoWJLYHWKHPWRXV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

1DGLHVDEHSRUTXOVHIXH 1RERG\NQRZVZK\KHOHIW
7RGRHOPXQGRVDEHORTXH (YHU\ERG\NQRZVZKDW

KDSSHQHG
SDV
$OJXLHQYLRORTXHUREDURQ" 'LGDQ\ERG\VHHZKDWWKH\
VWROH"
$OJXLHQWLHQHTXHWHQHUXQ 6RPHERG\KDVWRKDYHDSHQ

EROJUDIR
3RUTXQRYLQRQDGLH" :K\GLGQoWDQ\ERG\FRPH"

0HGLMHURQTXHWHQDTXHYHQLU 7KH\WROGPH,KDGWRFRPH
KHUH
DTX
1DGLHVDEDTXHLEDDRFXUULU 1RERG\NQHZLWZDVJRLQJWR
KDSSHQ
3RUTXQDGLHQRGLMRQDGD" :K\GLGQoWDQ\ERG\VD\
DQ\WKLQJ"
1RHUDPLFXOSD ,WZDVQoWP\IDXOW
'HTXLQHUDODFXOSDHQWRQFHV" :KRVHIDXOWZDVLWWKHQ"

3RFNHW $JXMHUR

&XH 3DORGHELOODU

&KDON 7L]D
&XVKLRQ %DQGD
%LOOLDUG7DEOH 0HVDGHELOODU
)UDPH 7ULDQJXOR

9RFDEXODULR%LOOLDUGV %LOODU
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XLHURTXHWRGRHOPXQGRVHD ,ZDQWHYHU\RQHWREHKDSS\

IHOL]
1RTXLHURTXHQDGLHHVWWULVWH ,GRQoWZDQWDQ\RQHWREHVDG
1RTXLHUHTXHQDGLHOHYHD 6KHGRHVQoWZDQWDQ\RQHWR
VHHKHU
3RUTXQRQHFHVLWDTXHQDGLH:K\GRHVQoWKHQHHGDQ\ERG\
WRKHOSKLP"
OHD\XGH"
$OJXLHQTXLHUHTXH\RVLJDFRQ'RHVDQ\ERG\ZDQWPHWR
FRQWLQXHZLWKWKHVHSKUDVHV"
HVWDVIUDVHV"

9DVDLUDHVTXLDUHOPHVTXH $UH\RXJRLQJVNLLQJQH[W
PRQWK"
YLHQH"
3RUVXSXHVWRTXHV9R\FDGD 2IFRXUVH,DP,oYHJRQHHYHU\
LQYLHUQRGHVGHKDFHDRV
ZLQWHUIRU\HDUV
$OJXQDYH]WHKDRFXUULGRDOJR+DVDQ\WKLQJEDGHYHU
PDORHQODVSLVWDV"
KDSSHQHGWR\RXRQWKHVORSHV"
8QDYH]XQRVRVHSXVRHQPL $EHDURQFHJRWLQP\ZD\
FDPLQR
/HDSXDOFRQPLEDVWQGH ,VWDEEHGKLPZLWKP\VNLSROH
HVTX

0LGGOH$GYDQFHG
6HSXHGHDOTXLODUHOHTXLSDMH" &DQ\RXKLUHWKHHTXLSPHQW"
3RGUD\RHVTXLDUFRQPLWUDMH &RXOG,VNLLQP\OHDWKHU
PRWRUELNHVXLW"
GHFXHURGHPRWRFLFOLVWD"
0HSDUHFHUDD-DPHV%RQG ,oGORRNOLNH-DPHV%RQG
3DUHFHUDVXQDXWQWLFRLPEFLO<RXoGORRNOLNHDUHDOIRRO
7HDSHWHFHDFRPSDDUPHHVWH'R\RXIDQF\FRPLQJZLWKPH
WKLV\HDU"
DR"

)RU(QJOLVKVXSHUVWDUVRQO\
1RTXLVLHUDTXHWHORSHUGLHUDV ,ZRXOGQoWZDQW\RXWRPLVV
RXWRQLW
-DPVVHPHRFXUULUDKDFHUWDO ,ZRXOGQoWGUHDPRIGRLQJVXFK

DWKLQJ
FRVD
3HQVDEDTXHWHHVWDED ,WKRXJKW\RXZHUHEHJLQQLQJ

WROLNHPH
HPSH]DQGRDJXVWDU
6LHPSUHVHWHRFXUUHQHVWDV <RXoUHDOZD\VFRPLQJXSZLWK

WKHVHPDGFDSLGHDV
LGHDVGLVSDUDWDGDV
4XWLHQHHVRGHUDUR" :KDWoVVRVWUDQJHDERXWLW"



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpE\q 
%ULQJLWE\P\SODFHEHIRUH\RXOHDYH
7UHPHORDFDVDDQWHVGHLUWH
&RPHE\RQ\RXUZD\KRPH
3DVDSRUPLFDVDFDPLQRGHODWX\D
'URSE\RQ\RXUZD\KRPH
+D]PHXQDYLVLWDFDPLQRGHFDVD

*LYHPHPLQH
'ULYHE\P\KRXVHRQ\RXUZD\KRPH
3DVDSRUPLFDVDFDPLQRGHODWX\D
FRFKH 
7KH\IHOOE\WKHZD\VLGH
6HTXHGDURQDPHGLRFDPLQR HQVX
PHWD 
7KHZHHNKDVRZQE\
|/DVHPDQDKDSDVDGRYRODQGR

(QHVWDHVWUXFWXUDHOFRPSOHPHQWRLQGLUHFWR
QRUPDOPHQWHSUHFHGHDOSURQRPEUHSHUVRQDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
'DQRVHOQXHVWUR
1ROHVWUDLJDVHOWX\R
1ROHVHQYHVHOPR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3(23/($5(3(23/($5(3(23/($5(3(23/($5(
7HQJRXQDFXHUGRFRQ6HUJLRPLPHMRUDPLJR6LPHPXHURDQWHVTXHOD\XGDUDPLIDPLOLDDRUJDQL]DUXQIXQH
UDODOHVWLORDPHULFDQRHQHOFXDOHVWR\HQXQDWDGDELHUWRGXUDQWHODPLVDDQWHVGHTXHPHOOHYHQDOFHPHQWHUR
6LQHPEDUJRDQWHVGHLQLFLDUODFHUHPRQLD6HUJLRWLHQHLQVWUXFFLRQHVGHDFHUFDUVHDODWDG\GHFLUHQYR]ELHQ
DOWD7KHSHRSOHLVKHUH(VWR\VHJXUR\6HUJLRWDPELQGHTXHUHVXFLWDUGHORVPXHUWRVSDUDFRUUH
JLUOH/RYDPRVDSUREDUSRUTXHFXDOTXLHUEXHQSURIHVRUGHLQJOVWHGLUTXHVXVLVWHPDQHUYLRVRVH
SRQHDFLHQSRUKRUDFXDQGRR\HODSDODEUDSHRSOHSUHFHGLGDRVHJXLGDGHDOJQYHUERQRUPDOR
DX[LOLDUGHODWHUFHUDSHUVRQDGHOVLQJXODU3XHVWRTXHYDDVHU6HUJLRTXLHQVHHQFDUJXHGHODSUXHED
SXHGRHQWRQFHVSURFHGHUDGDUWHXQDVHULHGHIUDVHVFDGDXQDGHODVFXDOHVTXLHURTXHGLJDVHQYR]
DOWDXQDVYHFHVDOPHVKDVWDHUUDGLFDUGHOWRGRHVWHYLFLRJUDPDWLFDO


 

6SDQLVKSHRSOHDUHLQWHOOLJHQW
)UHQFKSHRSOHOLYHTXLWHZHOO
$UHWKHSHRSOHLQWKHQH[WURRP*HUPDQ"
'RPRVWSHRSOHLQ6SDLQVPRNH"
3HRSOHGRWKHVWUDQJHVWWKLQJV
:KDWGRSHRSOHGRZKHQWKH\ORVHWKHLUWHPSHU"
+DYHWKHSHRSOHFRPH\HW"
3HRSOHDUHDOZD\VWU\LQJWRPHHWPH
:HUHWKHSHRSOH,VDZ\HVWHUGD\0H[LFDQ"
3HRSOHZHUHPRUHFRXUWHRXVZKHQ,ZDVJURZLQJXS
3HRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(VWDEDWXPEDGRHQODFDPDGHOKRVSLWDOFRQODFDEH]DYHQGDGD\
XQDHVFD\RODHQHOEUD]RGHUHFKR0HKDEDFDGRGHPLPRWRWUDV
TXHGDUPHGRUPLGRDFLHQNLOPHWURVSRUKRUD&XDQGRHOPGLFR
HQWUHQODKDELWDFLQVDFHOKLVWRULDOGHVXFDUSHWDDOSLHGHPL
FDPD\ORPLUSRUXQPRPHQWR(QWRQFHVVHYROYLKDFLDP\PH
GLMRp1RVFPRGHFLUOHHVWRSHURKHPRVGHVFXELHUWRTXHWLHQH
XQDHQIHUPHGDGKHUHGLWDULDSDUDODTXHQRKD\WUDWDPLHQWR6H
OODPDHVWXSLGH]q

,ZDVO\LQJLQDKRVSLWDOEHGZLWKEDQGDJHVDURXQGP\KHDGDQG
DFDVWRQP\ULJKWDUP,KDGIDOOHQRIIP\PRWRUF\FOHDIWHUIDOOLQJ
DVOHHSDWDKXQGUHGNLORPHWHUVDQKRXU:KHQWKHGRFWRUHQWHUHG
WKHURRPKHSXOOHGWKHFKDUWVRXWRIWKHIROGHUDWWKHIRRWRIP\
EHGDQGORRNHGDWWKHPIRUDPRPHQW7KHQKHWXUQHGWRPHDQG
VDLGp,GRQoWNQRZKRZWRWHOO\RXWKLVEXWZHoYHGLVFRYHUHGWKDW
\RXKDYHDKHUHGLWDU\FRQGLWLRQIRUZKLFKWKHUHLVQRWUHDWPHQW
,WoVFDOOHGVWXSLGLW\q



+HOOR3DXO"7KLVLV%iUEDUD&RUWpV,UHFHLYHG\RXUHPDLODQG,DJUHHZLWK\RXWKDWLWLVLPSRUWDQWWRKDYHWKHFDVKRZDQDO\VLVUHDG\IRU
WKH)ULGD\PHHWLQJ+RZHYHUZHKDYHGLVFRYHUHGVRPHFRVWVWKDWZHUHQRWLQFOXGHGLQWKHUVWDQDO\VLVDQG,WKLQNLWZRXOGEHEHWWHUWR
SRVWSRQHWKHPHHWLQJXQWLOQH[W0RQGD\,IWKLVLVSRVVLEOHWKHQ,WKLQNZHZLOOKDYHDPRUHUHDOLVWLFSLFWXUHRIWKHLQYHVWPHQWSURMHFW
DQGZHZLOOEHDEOHWRPDNHDQDOGHFLVLRQEDVHGRQEHWWHULQIRUPDWLRQ:HKDYHQWFKDQJHG\RXUKRWHOUHVHUYDWLRQVLQFDVH\RXZRXOG
OLNHWRFRPHWR0DGULGRQ)ULGD\DQGVWD\IRUWKHZHHNHQG,I\RXGHFLGHQRWWRFKDQJH\RXUSODQVWKHQ,ZRXOGOLNHWRLQYLWH\RXWR
GLQQHUWKDWVDPHQLJKW7KHUHDUHVHYHUDOWKLQJV,QHHGWRGLVFXVVZLWK\RXLQDGGLWLRQWRWKHLQYHVWPHQWSURMHFW
(VWLPDGRDPLJR\DOXPQR(VWHSUUDIRHVWSLFRGHXQDFRQYHUVDFLQHQWUHLQJHQLHURVGHSURGXFFLQRGLUHFWRUHVQDQFLHURV&XQ
WRVWUPLQRVWFQLFRVKD\HQODFRQYHUVDFLQ"3DUDPVRODPHQWHXQRFDVKRZDQDO\VLV6LPHDSXUDVLQFOXLUDORVRWURVWUPLQRV
VXEUD\DGRVSHURDUHJDDGLHQWHV0XFKRVGLUHFWLYRV\SURIHVLRQDOHVPHSLGHQLQJOVQDQFLHURLQJOVGHPDUNHWLQJLQJOVWFQLFR
LQJOVPGLFRLQJOVMXUGLFRHWF\VLHPSUHOHVGLJRORPLVPR7HYR\DGDUXQFXUVRGHLQJOVQRUPDO&XDQGRVHPXHVWUDQHQGHV
DFXHUGROHVUHFXHUGRTXHODWHUPLQRORJDSURSLDGHXQUHDGHHVSHFLDOL]DFLQFRQVWLWX\HFRPRPXFKRHOGHWRGRORTXHVHGLFHHQ
XQDUHXQLQRHQXQDFRQYHUVDFLQHQWUHSURIHVLRQDOHVFRPRPXFKR(QODFRQYHUVDFLQGHDUULEDGHODVSDODEUDVSURQXQFLDGDV
VORWUHVRXQSXHGHQFRQVLGHUDUVHWFQLFDV'HKHFKRORVSURIHVLRQDOHVHVSDROHVVXHOHQFRQRFHUODMHUJDSURSLDGHVXUHDPHMRU
TXH\R'RQGHIDOODQPXFKDVYHFHVHVWUHSLWRVDPHQWHHVDOHQOD]DUGLFKRVWUPLQRVFRQXQLQJOVGHFHQWHFRQVWUXLGRGHFHQWHPHQWH
7HLQYLWRDWUDGXFLUDOHVSDROHOSUUDIRGHDUULED\GHVSXVWUDGXFLUORGHQXHYRDOLQJOVRUDOPHQWHRSRUHVFULWR\VLQPLUDUHORULJLQDO
3RVLEOHPHQWHWHGDUVFXHQWDGHORTXHYHQJRGLFLHQGRDORVSURIHVLRQDOHVGXUDQWHWRGDPLYLGDSURIHVLRQDO
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

/DPDGUHGHWXDPLJDHVIUDQFHVD<RXUIULHQGoVPRWKHULV)UHQFK
/DQXHYDMHIDHVPX\VHULD 7KHQHZERVVLVYHU\VHULRXV
(OFRFKHGHVXVHFUHWDULDHVD]XO+LVVHFUHWDU\oVFDULVEOXH
/DFDVDGHVXQRYLRHVPX\ +HUER\IULHQGoVKRXVHLVYHU\

JUDQGH
ELJ
/RVRMRVGH0DU\VRQYHUGHV 0DU\oVH\HVDUHJUHHQ

3RUTXHVIUDQFHVDODPDGUH :K\LV\RXUIULHQGoVPRWKHU
)UHQFK"
GHWXDPLJD"
3RUTXHVPX\VHULDODQXHYD :K\LVWKHQHZERVVYHU\
VHULRXV"
MHID"
3RUTXHVD]XOHOFRFKHGHVX :K\LVQoWKLVVHFUHWDU\oVFDU
ELJJHU"
VHFUHWDULD"
3RUTXQRHVWHQODFLXGDG :K\LVQoWKHUER\IULHQGoV
KRXVHLQWKHFLW\"
ODFDVDGHVXQRYLR"
3RUTXVRQYHUGHVORVRMRVGH :K\DUH0DU\oVH\HVJUHHQ"
0DU\"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XLQHQYLHVDFDUWD" :KRVHQWWKDWOHWWHU"
$TXLQORHQYLDVWH" :KRGLG\RXVHQGLWWR"
3RUTXQRPHHQYLDVWHXQD :K\GLGQoW\RXVHQGPHD

FRS\"
FRSLD"
4XLQWHYLR" :KRVDZ\RX"
$TXLQYLVWH" :KRGLG\RXVHH"

&XQWRWLHPSRQRVTXHGD" +RZPXFKWLPHGRZHKDYHOHIW"
1RVTXHGDXQDKRUD :HKDYHDQKRXUOHIW
4XHGDDOJXLHQ" ,VWKHUHDQ\ERG\OHIW"
1LQJXQRGHHOORVVHKDLGR\D 1RQHRIWKHPKDYHOHIW\HW
$YVDPHFXDQGRHVWQDSXQWR /HWPHNQRZZKHQWKH\oUH
DERXWWROHDYH
GHLUVH

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

3RUTXVHWHFD\" :K\GLG\RXGURSLW"
|5HFJHOR 3LFNLWXS
'HYXOYHVHORDWXKHUPDQD *LYHLWEDFNWR\RXUVLVWHU
1RORYXHOYDVDDSDJDU 'RQoWVZLWFKLWRIIDJDLQ
7HGLMHTXHQRORDSDJDUDV ,WROG\RXQRWWRVZLWFKLWRII

(VPX\DUULHVJDGRLQYHUWLUDKRUD ,WoVYHU\ULVN\WRLQYHVWQRZ
/RVEDQFRVVHQLHJDQDSUHVWDU %DQNVDUHUHIXVLQJWROHQG
PRQH\
GLQHUR
/DPDQRGHREUDHVFDUD 0DQSRZHULVH[SHQVLYH
1DGLHTXLHUHDKRUUDU 1RERG\ZDQWVWRVDYH
(OSDURHVWVXELHQGR 8QHPSOR\PHQWLVLQFUHDVLQJ

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

<DHVKRUDGHTXHWRPVHPRV ,WoVDERXWWLPHZHPDGHD
GHFLVLRQ
XQDGHFLVLQ
2MDOWXYLUDPRVPV ,ZLVKZHKDGPRUH
LQIRUPDWLRQ
LQIRUPDFLQ
$OPHQRVQRVVHQWLUDPRVPV $WOHDVWZHoGIHHOPRUH
UHDVVXUHG
WUDQTXLORV
7RGRVDOGUELHQ (YHU\WKLQJZLOOWXUQRXWQH
1RSXHGRHYLWDUSUHRFXSDUPH ,FDQoWKHOSZRUU\LQJ

1DGLHSXHGHVDFDUOHQLSLHVQL 1RERG\FDQPDNHKHDGVRU
WDLOVRILW
FDEH]D
|9D\DFDUDTXHWLHQHVKR\ <RXORRNDZIXOWRGD\
1RKHSHJDGRRMRHQWRGDOD ,GLGQoWVOHHSDZLQNODVWQLJKW
QRFKH
4XWHSDVD" :KDWoVXSZLWK\RX"
$QWHVHUDVWDQIXHUWHFRPRXQ <RXXVHGWREHDVVWURQJDV
EXH\
DQR[

&RZER\ 9DTXHUR

3HQ (QFLHUUR

%XOO 7RUR

/DVVR /D]R

:KLS /WLJR

9RFDEXODULR5RGHR 5RGHR



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpE\q 
,NQRZHQRXJK)UHQFKWRJHWE\
6VXFLHQWHIUDQFVSDUDDSDDUPH
,FDQJHWE\ZLWKP\)UHQFK
6DOJRGHOSDVRFRQPLIUDQFV
,oOOKDYHWRJHWE\ZLWKOHVV
7HQGUTXHDUUHJOUPHODVFRQPHQRV

:KDWHOVHf"
,JHWE\RQDPRGHVWLQFRPH
0HODVDUUHJORFRQXQRVLQJUHVRVPR
GHVWRV
,JRE\WKHQDPHRI&ORYHUGDOH
0HLGHQWLFRSRUHOQRPEUHp&ORYHUGDOHq

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
4XPVSLHQVD O FRPSUDU"
$GQGHPVIXLVWH"
4XLQPVHVWXYRHQODHVWD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

$VWLPHJRHVE\f
&RQIRUPHSDVDHOWLHPSR

7RRVRWRRPXFKWRRPDQ\VKRXOGVKRXOGQoW
3URIHVRU 5RQQ\KDVSUREOHPVEHFDXVHKHVSHQGVWRRPXFK
$OXPQR +HVKRXOGQoWVSHQGVRPXFK

WRRPXFK GHPDVLDGR
VRPXFK WDQWR

3URIHVRU 5RQQ\KDVDFFLGHQWVEHFDXVHKHGULYHVWRRIDVW
$OXPQR +HVKRXOGQoWGULYHVRIDVW

WRRIDVW GHPDVLDGRUSLGR
VRIDVW WDQUSLGR

3URIHVRU 5RQQ\LVIDWEHFDXVHKHHDWVWRRPDQ\VZHHWV
$OXPQR +HVKRXOGQoWHDWVRPDQ\VZHHWV

WRRPDQ\ GHPDVLDGRV
VRPDQ\ WDQWRV

'HPDVLDGR VHJXLGRGHXQDGMHWLYRRDGYHUELR
7DQ VHJXLGRGHXQDGMHWLYRRDGYHUELR
'HPDVLDGR VHJXLGRGHXQVXVWDQWLYRLQFRQWDEOH
7DQWR VHJXLGRGHXQVXVWDQWLYRLQFRQWDEOH
'HPLDVLDGRV VHJXLGRGHXQVXVWDQWLYRSOXUDO
7DQWRV VHJXLGRGHXQVXVWDQWLYRSOXUDO
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&UHRTXHPLSDGUHQXQFDWHUPLQGHOHHUXQDVRODQRYHOD(QVX
YLGD6HQFLOODPHQWHQRWHQDODSDFLHQFLDSDUDOHHUSJLQDVR
PV&XDQGR\RHUDQLRHUDFRPRO1XQFDWHQDHOWLHPSRQLOD
SDFLHQFLDSDUDVHQWDUPHDOHHUDOJR6LHPSUHKDFDEXHQWLHPSR
IXHUD \ DOO HV GRQGH TXHUD HVWDU MXJDQGR FRQ PLV DPLJRV SRU
WRGDODFDOOH3HURHQXQPRPHQWRGDGRODVHRUDPD\RUTXHYLYD
DOODGRPHUHJDOXQOLEUROODPDGRp/DFDVDHQHODFDQWLODGRqXQD
KLVWRULDGHGHWHFWLYHVFRQGRVDGROHVFHQWHVOODPDGRVORVFKLFRV
+DUG\'HVGHHQWRQFHVPLYLGDQXQFDKDYXHOWRDVHUODPLVPD

+HGULYHVWRRIDVW
+HVKRXOGQoWGULYHVRIDVW
+HGULQNVWRRPXFKZKLVNH\
+HVKRXOGQoWGULQNVRPXFKZKLVNH\
+HHDWVWRRPDQ\VZHHWV
+HVKRXOGQoWHDWVRPDQ\VZHHWV

,WKLQNP\IDWKHUQHYHUQLVKHGUHDGLQJDVLQJOHQRYHOLQKLVOLIH
+HMXVWGLGQoWKDYHWKHSDWLHQFHWRUHDGSDJHVRUPRUH:KHQ
,ZDVDNLG,ZDVOLNHKLP,QHYHUKDGWKHWLPHRUSDWLHQFHWRVLW
GRZQDQGUHDGVRPHWKLQJ7KHZHDWKHUZDVDOZD\VQLFHRXWVLGH
DQG WKDWoV ZKHUH , ZDQWHG WR EH SOD\LQJ ZLWK IULHQGV XS DQG
GRZQWKHVWUHHW%XWWKHQWKHROGODG\ZKROLYHGQH[WGRRUJDYH
PHDERRNFDOOHGp7KH+RXVHRQWKH&OLIIqDGHWHFWLYHVWRU\ZLWK
WZRWHHQDJHUVFDOOHGWKH+DUG\%R\V(YHUVLQFHWKHQP\OLIHKDV
QHYHUEHHQWKHVDPH

(VWLPDGRDPLJR\DOXPQR$SDUWLUGHODFKDYR\DHQWUDUXQSRFRPVGHORKDELWXDOHQHOWLSRGHLQJOVTXHVHXVDDGLDULR
HQIEULFDVRFLQDVPLQLVWHULRVGHVSDFKRV\RWURVFHQWURVGHDFWLYLGDGODERUDORSURIHVLRQDO6TXHDOJXQRVGHPLVDOXPQRVVRQ
DPDVGHFDVDRSHUVRQDVMXELODGDVTXHQRQHFHVLWDQXVDUHOLQJOVHQHVWRVFRQWH[WRV6LQHPEDUJRODLQPHQVDPD\RUDGHYRVRWURV
VQHFHVLWLVPHMRUDUHOXVRGHOLGLRPDSDUDODDFWLYLGDGODERUDO&RPR\DWHKHFRQWDGRHQQXPHURVDVRFDVLRQHVHOpLQJOVGHORVQH
JRFLRVqHVHQUHDOLGDGHOLQJOVQRUPDOGHFDGDGDSXHVWRTXHODWHUPLQRORJDSURSLDGHFDGDDFWLYLGDGGHFDGDJUHPLRRGHFDGD
GLVFLSOLQDQROOHJDDFRQVWLWXLUQLHOGHORTXHVHGLFH'RQGHIDOODODJHQWHHVVLHPSUHVLQH[FHSFLQHQORVYHUERVQRUPDOHVODV
FRQMXJDFLRQHVQRUPDOHV\ODVLQWD[LVQRUPDOGHPLLGLRPD9DPRVDFRPHQ]DUGHQWURGHGRVFKDV\HQHOGRUVRGHODVPLVPDVFRQ
XQDKLVWRULDWLWXODGD3HWHUV3URPRWLRQ6HWUDWDGHXQDKLVWRULDUHDOTXHREVHUYGHFHUFDKDFHXQRVDRVHQODOLDOHVSDROD
GHXQDPXOWLQDFLRQDODOHPDQD3RQGUQRPEUHVDQJORVDMRQHV\FDPELDUDOJQTXHRWURDFRQWHFLPLHQWRSDUDQRGDUSLVWDVVREUH
ODHPSUHVD\ODVSHUVRQDVHQFXHVWLQSHURVHJXLUHPRVORVGLORJRV\FRQYHUVDFLRQHVGHYDULDVSHUVRQDVGHODRUJDQL]DFLQDOR
ODUJRGHXQRVPHVHVPHVHVUHSOHWRVGHUHXQLRQHVDVFHQVRVULYDOLGDGHV\OHFFLRQHVDDSUHQGHUWRGRHQLQJOV,UGHVSDFLRFRQ
HOQGHSRGHUH[SOLFDUDOODGRHQRWUDFROXPQDHOSRUTXGHFDGDSDODEUDRH[SUHVLQGHLQWHUV(VWR\VHJXURGHTXHXQHVWXGLR
FRQFLHQ]XGRGHODKLVWRULDTXHWHYR\DSUHVHQWDUODFXDORFXSDUIFLOPHQWHFKDVWHD\XGDUPXFKRSDUDHVWDUPHMRUHQ
IXWXURVHVFHQDULRVSURIHVLRQDOHVHQLQJOV
&RQ UHVSHFWR D ORV '9'oV GH YGHR \D HVWR\ JUDEDQGR SHUVRQDOPHQWH  KRUDV GH LQJOV KDEODGR VREUH POWLSOHV DVSHFWRV GHO
PXQGRSURIHVLRQDO\FUHRTXHLQFOXVRODVSHUVRQDVDMHQDVDHVWHPXQGRHQFRQWUDUQODVJUDEDFLRQHVLQWHUHVDQWHV\SURGXFWLYDV
$VLPLVPR5LFKDUG%URZQHQODJUDEDFLQGHORV&'oVGHDXGLRDDGLUFLHUWDVWRQDOLGDGHVGHLQJOVSURIHVLRQDOHQORVPLQXWRV
GHGLQPLFDOLQJVWLFDTXHWHRIUHFHFDGDVHPDQD7HLQYLWR\DQLPRDVHJXLUDGHODQWHFRQQRVRWURVHQODVVHPDQDVDGLFLRQDOHV
TXHWHQHPRVSRUGHODQWH$OQDOVHUVSRVHHGRUGHXQDFROHFFLQLQYDOLRVVLPDHLQLJXDODEOHSDUDKDFHUWHGHQLWLYDPHQWHFRQHO
LQJOVRSDUDOHJDUDWXVKLMRVRQLHWRV
5LFKDUG9DXJKDQ





(/&8562'(),1,7,92
/RZ%HJLQQHU

+LJK%HJLQQHU

4XHVORTXHKD\HQWXEROVR" :KDWoVLQ\RXUEDJ"
4XHVORTXHHVWHQODSDUHG" :KDWoVRQWKHZDOO"
(VWQGHODQWHGHQRVRWURV 7KH\oUHLQIURQWRIXV
(VWDPRVGHWUVGHHOODV" $UHZHEHKLQGWKHP"
(VWDOODGRGHODYHQWDQD" ,VLWQH[WWRWKHZLQGRZ"

$TXOHVHOPR 7KDWRQHoVPLQH
VWHHVHOWX\R 7KLVRQHoV\RXUV
(VVDODWX\DWDPELQ" ,VWKDWRQH\RXUVWRR"
'QGHHVWQORVQXHVWURV" :KHUHDUHRXUVRXURQHV"
&XOHVVRQORVYXHVWURV" :KLFKRQHVDUH\RXUV"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

3RUTXHVWVHVFXFKQGROHV" :K\DUH\RXOLVWHQLQJWRWKHP"
&RQTXLQHVWQMXJDQGR" :KRDUHWKH\SOD\LQJZLWK"
(OODOHVHVWGHVSHUWDQGRDKRUD 6KHoVZDNLQJWKHPXSQRZ
1RTXLHURFRPSUDUQDGD ,GRQoWZDQWWREX\DQ\WKLQJ
(VWDPRVHPSH]DQGRD :HoUHEHJLQQLQJWRXQGHUVWDQG
KLP
FRPSUHQGHUOH DO 

/RKDUHQFXDQWRSXHGD ,oOOGRLWDVVRRQDV,FDQ
6HORH[SOLFDUHPRV DHOOD  :HoOOH[SODLQLWWRKHUZKHQ
VKHoVUHDG\
FXDQGRHVWOLVWD
'RODPXFKRPVGHORTXH ,WKXUWPXFKPRUHWKDQ,
H[SHFWHG
HVSHUDED
'QGHWHGXHOH" :KHUHGRHVLWKXUW"
0HGXHOHHOKRPEUR ,WKXUWVP\VKRXOGHU

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

(OHVSHFWFXORIXHXQIUDFDVR 7KHVKRZZDVDFRPSOHWH

WRWDO
IDLOXUH
3RUTXQRWXYR[LWR" :K\GLGQoWLWVXFFHHG":K\
ZDVQoWLWVXFFHVVIXO"
'HTXLQIXHODLGHD" :KRVHLGHDZDVLW"
)XHLGHDGH-XDQDVTXHIXH ,WZDV-XDQoVLGHDVRLWZDVKLV

IDXOW
VXFXOSD
1RFUHRTXHIXHUDFXOSDGH ,GRQoWWKLQNLWZDVDQ\ERG\oV

IDXOW
QDGLH

6HKDSXHVWR\DHOVRO" +DVWKHVXQVHW\HW"
<DVHKDSXHVWRDXQTXHQR ,WoVDOUHDG\VHWDOWKRXJK,
FDQoWVHHWKHPRRQ\HW
YHRODOXQDWRGDYD
(OVROQRVDOLD\HU 7KHVXQGLGQoWULVH\HVWHUGD\
'HMDGHGHFLUWRQWHUDVHOVRO 6WRSWDONLQJQRQVHQVHWKHVXQ
DOZD\VULVHV
VLHPSUHVDOH
7HYDVDTXHGDUFLHJRVLQRWH <RXoUHJRLQJWRJREOLQGLI\RX
GRQoWSXW\RXUVXQJODVVHVRQ
SRQHVODVJDIDVGHVRO

+D]HOQXW $YHOODQD

&DVKHZ $QDFDUGR

$OPRQG $OPHQGUD

3HDQXW &DFDKXHWH

:DOQXW 1XH]

9RFDEXODULR1XWV )UXWRV6HFRV
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

1RWHQDQLLGHDGHTXH\DWH ,KDGQRLGHDWKDW\RXKDG

DOUHDG\UHWLUHG
KDEDVMXELODGR
0HHQWHUGHHOORDWUDYVGHOD ,IRXQGRXWDERXWLWIURPWKH

KHDGRIKXPDQUHVRXUFHV
MHIDGH5HFXUVRV+XPDQRV
0HQRVPDOTXHPHWURSHF -XVWDVZHOO,UDQLQWRKHUWKH

RWKHUGD\
FRQHOODHORWURGD
7HKDVUHFXSHUDGR\DGHODJULSH"+DYH\RXJRWRYHUWKHX\HW"
0DQWHQPHDOGDGHFPRYDV .HHSPHXSWRGDWHRQKRZ
\RXoUHGRLQJ

6DOGUELHQDODODUJD ,WoOOZRUNRXWLQWKHORQJUXQ
9DPRVDWHQHUTXHHPSH]DU :HoUHJRLQJWRKDYHWRVWDUW

GHFHUR
IURPVFUDWFK
3HQVQGRORELHQFUHRTXHPH 2QVHFRQGWKRXJKWV,WKLQN,oOO

TXHGDUHQFDVDHVWDQRFKH
VWD\LQWRQLJKW
0HDVHJXUDUGHTXHVHKDJD ,oOOVHHWRLWWKDWLWJHWVGRQH
/RWLHQHVELHQPHUHFLGR ,WVHUYHV\RXULJKW



Z Z ZY D X V \ V  F R P



(/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpE\q 

:LWKRXWYHUER

,NQRZHQRXJK)UHQFKWRJHWE\
6VXFLHQWHIUDQFVSDUDDSDDUPH

&DQ\RXUXQWKDWE\PHRQHPRUHWLPH"
0HSXHGHVH[SOLFDUHVRXQDYH]PV"

(QLQJOVFXDQGRXQYHUERVLJXHDODSDODEUD
pZLWKRXWqVHSRQHHQJHUXQGLR

+HMXVWVDWE\DQGGLGQRWKLQJ
9LRWRGR\QRKL]RQDGDSRUHYLWDUOR

6WDQGE\PH
(VWDWHFRQPLJRHQODVGXUDV\HQODV
PDGXUDV

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
OVDOLGHOUHVWDXUDQWHVLQSDJDU
(OODYHQGLHOFRFKHVLQGHFUPHOR
0DUNVHIXHVLQGHFLUQLXQDSDODEUD

+HMXVWVWRRGE\DQGGLGQRWKLQJ
9LRWRGR\QRKL]RQDGDSRUHYLWDUOR

,VWDQGE\P\SULQFLSOHV
0HDWHQJRDPLVSULQFLSLRV

6WLOO<HW$OUHDG\$Q\PRUH

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92GH9DXJKDQ1RVORVDEUVVLKDVDFHUWDGRVLQR
TXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

2VFXHVWDPXFKRWUDEDMRDORVHVSDROHVLQFRUSRUDUHVWDVFXDWURSDODEUDVDYXHVWURO[LFR\VREUHWRGRXVDUODVFRUUHF
WDPHQWH+HHQFRQWUDGRTXHPHGLDQWHH[SOLFDFLRQHVWHULFDVQROOHJRDQLQJXQDSDUWH6ORORJURFRQIXQGLUPV3RU
WDQWRYR\DSRQHUWHDFRQWLQXDFLQXQRVHMHPSORVVREUHVXXVR\HVSHURTXHOH\QGRORV\SUDFWLFQGRORVFRQVLJDVDOJR
GHIHHOLQJKDFLDVXXVR
+DHPSH]DGR\DODFODVH"
1RODFODVHQRKDHPSH]DGRWRGDYD
6ODFODVH\DKDHPSH]DGR
<DQRHVWDPRVHVSHUDQGRTXHHPSLHFH

+DVWKHFODVVVWDUWHG\HW"
1RWKHFODVVKDVQoWVWDUWHG\HW
<HVWKHFODVVKDVDOUHDG\VWDUWHG
:HDUHQoWZDLWLQJIRULWWRVWDUWDQ\PRUH

6LJXHQMXJDQGRDODMHGUH]
<DQRHVWQMXJDQGRDODMHGUH]
<DKDQWHUPLQDGRGHMXJDU
1RKDQHPSH]DGRODSDUWLGDWRGDYD

7KH\oUHVWLOOSOD\LQJFKHVV
7KH\DUHQoWSOD\LQJFKHVVDQ\PRUH
7KH\oYHDOUHDG\QLVKHGSOD\LQJ
7KH\KDYHQoWVWDUWHGWKHVHFRQGPDWFK\HW

7RGDYDHUHVDPLJRPR"
6LJXHVVLHQGRPLDPLJR"
6WRGDYDVR\WXDPLJR
1R\DQRVRPRVDPLJRV
<DKHHQFRQWUDGRRWURDPLJR
1RKHHQFRQWUDGRRWURDPLJRWRGDYD
7RGDYDPHTXLHUHV"
6WRGDYDWHTXLHUR
1R\DQRWHTXLHUR
<DKHHQFRQWUDGRDRWUDSHUVRQD

$UH\RXVWLOODIULHQGRIPLQH"
$UH\RXVWLOOP\IULHQG"
<HV,oPVWLOO\RXUIULHQG
1RZHoUHQRWIULHQGVDQ\PRUH
,oYHDOUHDG\IRXQGDQRWKHUIULHQG
,KDYHQoWIRXQGDQRWKHUIULHQG\HW
'R\RXVWLOOORYHPH"
<HV,VWLOOORYH\RX
1R,GRQoWORYH\RXDQ\PRUH
,oYHDOUHDG\IRXQGVRPHRQHHOVH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
)HOLSHQRKDEODEDPX\ELHQHOLQJOV\HOSREUHKRPEUHWHQDTXH
LUDXQDHVWDSDUDHOSHUVRQDOGHODHPSUHVD/HSUHVHQWDURQD
GRFHQDV GH DPHULFDQRV \ WRGRV GHFDQ SOHDVHG WR PHHW \RX R
JRRGWRPHHW\RXRQLFHWRPHHW\RX)HOLSHQRFRQVHJXDHQ
WHQGHUH[DFWDPHQWHTXHUDORTXHOHGHFDQSHURVLHPSUHFRQ
WHVWDED p5REHUW 0LWFKXPq \ WRGRV ORV DPHULFDQRV SDUHFDQ HQ
FDQWDGRVFRQVXLQJOV\OHHQWHQGDQSHUIHFWDPHQWH

)HOLSH GLGQoW VSHDN (QJOLVK YHU\ ZHOO DQG WKH SRRU JX\ KDG WR
DWWHQGDFRFNWDLOSDUW\IRUFRPSDQ\SHUVRQQHO+HZDVLQWURGXFHG
WRGR]HQVRI$PHULFDQVDQGWKH\DOOVDLGpSOHDVHGWRPHHW\RXqRU
pJRRGWRPHHW\RXqRUpQLFHWRPHHW\RXq)HOLSHFRXOGQoWJXUH
RXWZKDWLWZDVH[DFWO\WKDWWKH\ZHUHVD\LQJEXWKHDOZD\VVDLG
EDFN p5REHUW 0LWFKXPq DQG DOO WKH $PHULFDQV VHHPHG SOHDVHG
ZLWKKLV(QJOLVKDQGDSSHDUHGWRXQGHUVWDQGKLPSHUIHFWO\

(VWLPDGRDPLJR\DOXPQR(QODSU[LPDFKDFRPHQ]DUHPRVDWUDYVGH3HWHUV3URPRWLRQDFRQRFHUODYLGD\PLODJURVGHYDULRV
SHUVRQDMHVHQHOPELWRGHVXYLGDODERUDO&RQRFHUHPRVHQWURVRWURVD3HWHU)LHOGVHOMYHQ\SURPHWLGRUMHIHGHIRUPDFLQGHYHQ
GHGRUHVD&KDUOHV+HQGHUVRQHOVDJD]GLUHFWRUGHGHVDUUROORFRUSRUDWLYRD*HRUJH5RELQVRQHOGLVWUDGRGLUHFWRUJHQHUDOSU[LPR
DVXMXELODFLQD6DUDK(YDQVODVHULDGLUHFWRUDGHUHFXUVRVKXPDQR\D-RKQ2OVRQHOH[GLUHFWRUFRPHUFLDOTXHTXLHUHDWUDHUDVX
QXHYDHPSUHVDDDOJXQRGHORVFLWDGRV/RVGLORJRV\FRQYHUVDFLRQHVHQWUHORVSHUVRQDMHVVXPDQHQWRWDOXQDVSDODEUDV\OD
IRUPDHQTXHVHH[SUHVDQUHHMDFRQGHOLGDGHOOHQJXDMHVHR\HWRGRVORVGDVHQWRGDVODVHPSUHVDVSEOLFDV\SULYDGDVGHOPXQGR
GHKDEODLQJOHVD1RWDUVXQDIRUPDGHH[SUHVLQDOJRPVGLVWHQGLGD\HPWLFDGHORTXHKDELWXDOPHQWHVHSDOSDHQORVGHVSDFKRV
\SDVLOORVGHOPXQGRSURIHVLRQDOHVSDROGRQGHODJHQWHLQ\HFWDDOJRPVGHJHQLR\VHQWLPLHQWRODWLQRVHQORVLQWHUFDPELRVYHU
EDOHV&RQIRUPHYD\DVFROHFFLRQDQGRODVIXWXUDVFKDVSRGUVKDVWDPHPRUL]DUODVIUDVHVDVFRPRVXHQWRQDFLQ\FDGHQFLDSDUD
QDOPHQWHDGTXLULUXQDDJLOLGDGQXHYDHLPSRUWDQWHHQWXGRPLQLRGHOLQJOV&XDQGR\RDSUHQGDHVSDROUHFXHUGRTXHXQDSDUWH
LPSRUWDQWHGHPLSURJUHVRVHGHELDOKELWRGHPHPRUL]DU\UHFLWDUDYHFHVHQFODVHHQODXQLYHUVLGDGSRHPDVHQWHURVRSDVDMHV
ODUJRVGHQRYHODVIDPRVDV+XERXQPRPHQWRHQTXHSRGDUHFLWDUFLQFRSRHPDVGHO5RPDQFHUR*LWDQRGH/RUFD\WUHVGHORVPV
HPSDODJRVRVGH5XEQ'DUR6LHPSUHIXHXQHMHUFLFLRPX\SURGXFWLYRHQPLLPSODFDEOHHVIXHU]RSRUKDFHUPHFRQXQQLYHOXLGR\
FRQVROLGDGRGHOHVSDRO$KRUDWHLQVWRDKDFHUORPLVPRHQLQJOVSHURQRFRQSRHVDVVLQRFRQXQRVGLORJRV\XQDVFRQYHUVDFLRQHV
WUHPHQGDPHQWHWLOHV\UHOHYDQWHVSDUDHOGDDGDGHODYLGDODERUDO\SURIHVLRQDO
5LFKDUG9DXJKDQ




/RZ%HJLQQHU

+LJK%HJLQQHU

OHVGHXQSXHEORSHTXHR +HoVIURPDVPDOOWRZQ
1RHVGHXQDFLXGDGJUDQGH +HoVQRWIURPDELJFLW\
(OODHVWHQHVDKDELWDFLQRVFXUD6KHoVLQWKDWGDUNURRP
0DDQDWHQJRXQDHQWUHYLVWD ,KDYHDQLPSRUWDQWLQWHUYLHZ

LPSRUWDQWH
WRPRUURZ
&XOHVVRQODVWSLFDV :KDWDUHWKHW\SLFDOTXHVWLRQV"
SUHJXQWDV"

7HGDUXQDOLVWDODUJDGHODV ,oOOJLYH\RXDORQJOLVWRIWKH
TXHVWLRQV
SUHJXQWDV
7DOYH]ODSULPHUDYDDVHU 0D\EHWKHUVWRQHZLOOEHp7HOO
PHDOLWWOHDERXW\RXUVHOIq
p&XQWDPHXQSRFRVREUHWLq
3RUTXTXLHUHWUDEDMDUXVWHG :K\GR\RXZDQWWRZRUNZLWK
XV"
FRQQRVRWURV"
4XVDEHGHQXHVWUDHPSUHVD" :KDWGR\RXNQRZDERXWRXU
FRPSDQ\"
(VXQEXHQJHUHQWH" $UH\RXDJRRGPDQDJHU"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XEXVFDHQXQWUDEDMR" :KDWGR\RXORRNIRULQDMRE"
(VWWUDEDMDQGRDKRUDPLVPR" $UH\RXZRUNLQJDWWKH
PRPHQW"
3RUTXVHPDUFKGHVX :K\GLG\RXOHDYH\RXUODVW
MRE"
OWLPRWUDEDMR"
4XPHSXHGHVFRQWDUGH :KDWFDQ\RXWHOOPHDERXW
RXULQGXVWU\"
QXHVWURVHFWRU"
&XOIXHHOOWLPROLEURTXH :KDWZDVWKHODVWERRN\RX
UHDG"
OH\"

&PRVHGHVFULELUD" +RZZRXOG\RXGHVFULEH
\RXUVHOI"
4XOHDWUDHPVGHOSXHVWR" :KDWGR\RXQGPRVW
DWWUDFWLYHDERXWWKLVSRVLWLRQ"
6HFRQVLGHUDDVLPLVPRXQ 'R\RXFRQVLGHU\RXUVHOID
OHDGHU"
OGHU"
6LSXGLHUDKDFHUFXDOTXLHU ,I\RXFRXOGGRDQ\MREZKDW
ZRXOGLWEH"
WUDEDMRFXOVHUD"
4XKDFHXQEXHQJHUHQWH" :KDWPDNHVDJRRGPDQDJHU"

6XQGDH +HODGRHODERUDGR

)UHQFK)ULHV 3DWDWDVIULWDV

+DPEXUJHU +DPEXUJXHVD

3L]]D 3L]]D

+RW'RJ 3HUULWRFDOLHQWH

9RFDEXODULR)DVW)RRG &RPLGDUSLGD
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

3RUTXGHEHUDPRVGDUOHHO :K\VKRXOGZHJLYH\RXWKH

MRE"
WUDEDMR"
4XWHQGHQFLDVLPSRUWDQWHV :KDWLPSRUWDQWWUHQGVGR\RX

IRUHVHHLQWKHLQGXVWU\"
SUHYHQHOVHFWRU"
6LKDEODUDFRQVXH[MHIHFXOHV ,I,VSRNHWR\RXUERVVZKDW

GLUDTXHVRQWXVSXQWRVIXHUWHV" ZRXOGKHVD\\RXUVWUHQJWKVDUH"
6LSUHJXQWDUDDVXVDPLJRVSRU ,I,DVNHG\RXUIULHQGVDERXW
\RXUZHDNQHVVHVZKDWZRXOG
VXVSXQWRVGELOHVTXPH
WKH\WHOOPH"
GLUDQ"
&PRGHFUHDWLYRHVXVWHG" +RZFUHDWLYHDUH\RX"

4XEXVFDFXDQGRFRQWUDWDD :KDWGR\RXORRNIRUZKHQ
\RXKLUHSHRSOH"
JHQWH"
$OJXQDYH]KDWHQLGRTXH +DYH\RXHYHUKDGWRUH
VRPHRQH"
GHVSHGLUDDOJXLHQ"
&PRUHDFFLRQDDQWHOD +RZGR\RXUHDFWWRSUHVVXUH"
SUHVLQ"
/HFXHVWDFXPSOLUORVSOD]RV" 'R\RXKDYHWURXEOHPHHWLQJ
GHDGOLQHV"
6LSXGLHUDYROYHUDHPSH]DU ,I\RXFRXOGVWDUWDJDLQZKDW
TXKDUDGHPDQHUDGLIHUHQWH" ZRXOG\RXGRGLIIHUHQWO\"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

&XOHVVRQVXVREMHWLYRVD :KDWDUH\RXUORQJWHUP

JRDOV"
ODUJRSOD]R"
&PRGHH[LWRVRFUHHTXHKD +RZVXFFHVVIXOGR\RXWKLQN

\RXoYHEHHQVRIDU"
VLGRKDVWDHOPRPHQWR"
&XQWRWDUGDUDHQKDFHUXQD +RZORQJZRXOGLWWDNH\RXWR

PDNHDPHDQLQJIXOFRQWULEXWLRQ"
FRQWULEXFLQVLJQLFDWLYD"
&XOHVKDQVLGRVXVPD\RUHV :KDWKDYHEHHQ\RXUJUHDWHVW

SURIHVVLRQDODFKLHYHPHQWV"
ORJURVSURIHVLRQDOHV"

|%DVWD\D 7KDWoOOGR7KDWoVHQRXJK
0HSXHGHVGDUDOJXQFRQVHMR&DQ\RXJLYHPHVRPHWLSVIRU
SDUDODHQWUHYLVWD"
WKHLQWHUYLHZ"
1RPHGLJDVTXHVHD\RPLVPR 'RQoWWHOOPHWREHP\VHOI
/OHYDXQDXULFXODU\XQ 7DNHDQHDUSLHFHDQGDZLUH

PLFUIRQRRFXOWR
<\RWHVRSODUODVUHVSXHVWDV $QG,oOOZKLVSHUWKHDQVZHUV
WR\RX



Z Z ZY D X V \ V  F R P


7REHH[FLWHGDERXWVRPHWKLQJ

3KUDVDOYHUEVZLWKpE\q 
3OD\E\WKHUXOHV
-XJDGVHJQODVUHJODV

,oOOWDNHLWE\KLVKRXVHRQP\ZD\KRPH
/ROOHYDUDVXFDVDFDPLQRGHODPD

+HSDVVHGE\ZLWKRXWVD\LQJDZRUG
3DVGHODUJRVLQPHGLDUSDODEUD

,ZDVSDVVLQJE\DQGGHFLGHGWRGURSLQ
3DVDEDSRUOD]RQD\GHFLGYHUVL
HVWDEDV

'RQoWOHWWKLVRSSRUWXQLW\SDVV\RXE\
1RGHVDSURYHFKHVHVWDRSRUWXQLGDG

7KHVH\HDUVKDYHSDVVHGE\VRTXLFNO\
|(VWRVDRVKDQSDVDGRWDQUSLGR

(VHOHTXLYDOHQWHGHLOXVLRQDUVHRHVWDU
HQWXVLDVPDGRFRQDOJR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VWDPRVLOXVLRQDGRVFRQHOSODQ
3RUTXHVWQLOXVLRQDGRVFRQHOOR"
(VWR\PX\LOXVLRQDGRGHOYLDMH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 
&KDUOHV+HQGHUVRQDJHKDVMXVWUHWXUQHGIURPDQHLJKWPRQWKDVVLJQPHQWWRWKH)UHQFKVXEVLGLDU\RIWKHPXOWLQDWLRQDOFRPSDQ\ZKHUH
KHZRUNV)RUWKHPRPHQW*HRUJH5RELQVRQWKHJHQHUDOPDQDJHUKDVJLYHQ&KDUOHVDQHZO\FUHDWHGSRVLWLRQZLWKWKHWLWOHRIFRUSRUDWH
GHYHORSPHQWPDQDJHU&KDUOHVLVIDPLOLDUL]LQJKLPVHOIZLWKDOOWKHFKDQJHVWKDWKDYHWDNHQSODFHGXULQJWKHHLJKWPRQWKVKHZDVDEVHQW
+HLVHVSHFLDOO\LQWHUHVWHGLQWKHVDOHVDUHD7KLVUVWFRQYHUVDWLRQLVEHWZHHQ&KDUOHVDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHU
&KDUOHV

6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV

6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV

6DUDK

:HOO6DUDK,VHHWKDW\RXKDYHQoWLQFOXGHGDQ\WKLQJLQ
\RXUUHSRUWDERXWWKHWKHVDOHVIRUHFDVW"
'RQoWZRUU\LWZLOOEHLQFOXGHGLQWKHQDOGUDIW
+RZPDQ\SHRSOHZHUHLQYROYHGLQWKHSODQ"
,SUHSDUHGLWP\VHOI
'RQoW\RXWKLQN-RKQVKRXOGoYHEHHQLQFOXGHG"
+HGRHVQoWZRUNKHUHDQ\PRUH
'R\RXPHDQKHOHIWWKHFRPSDQ\"
'LGQoW\RXNQRZ"
'RQoWIRUJHWWKDW,oYHEHHQRXWRIWKHFRXQWU\IRUHLJKW
PRQWKV
:HOOKHOHIWDERXWWKUHHPRQWKVDJR
:KHUHGLGKHJR"
+HVWDUWHGKLVRZQEXVLQHVV
:KDWNLQGRIEXVLQHVVGLGKHVWDUW"
+HKDVKLVRZQFRQVXOWLQJUP
+RZoVKHGRLQJ"
,KDYHQRLGHD
:KRUHSODFHGKLP"
:HKDYHQoWIRXQGDUHSODFHPHQW\HW
'R\RXPHDQ\RXKDYHQoWKDGDVDOHVPDQDJHUIRU
WKUHHPRQWKV"
3HWHUoVEHHQKDQGOLQJPRVWRI-RKQoVZRUNVLQFHKHOHIW

VDOHVIRUHFDVW SUHYLVLQGHYHQWDV
QDOGUDIW ERUUDGRUQDO
LQYROYHG LQYROXFUDGR
VKRXOGoYH VKRXOGKDYH
HLJKWPRQWKV FXDQGRXQQPHURHVGHXQVRORGJLWROR
FRUUHFWRHVHVFULELUORHQOHWUD6LHVGHGRVGJLWRVRPVVHVXHOH
HVFULELUHQIRUPDQXPULFD
WRVWDUWDEXVLQHVV VWDHVODIRUPDPVFRUULHQWHHQLQJOVGH
GHFLUpPRQWDUXQQHJRFLRq
FRQVXOWLQJUP HQHOLQJOVEULWQLFRVHVXHOHGHFLUpFRQVXOWDQF\q
KRZoVKHGRLQJ" &PROHYD"

5LFKDUG9DXJKDQ

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
(PEDUJR
(PLUDWH
(PEDUN
(PLU
(PEDVV\
(PLVVDU\
(PEHOOLVK
(PLVVLRQ
(PEOHP
(PLW
(PEU\R
(PRWLRQ
(PEU\RQLF (PRWLRQDO
(PHUDOG
(PRWLYH
(PHUJH
(PSDWKHWLF
(PHUJHQFH (PSDWKL]H
(PHUJHQF\ (PSDWK\
(PLJUDQW
(PSHURU
(PLJUDWH
(PSKDVLV
(PLJUDWLRQ (PSKDVL]H
(PLQHQFH
(PSKDWLF
(PLQHQW
(PSLUH


(VWLPDGRDPLJR\DOXPQR3DUDGDUPVHVSDFLRDOLQLFLRGH3HWHUV3URPRWLRQKHTXHULGRVXSULPLUHO
SUUDIRTXHFDGDGDRIUHFHPRVHQHVSDRO\HQLQJOV(QIXWXUDVFKDVYROYHUHPRVDRIUHFHUORVHJQHO
GD\ODVH[LJHQFLDVGHOJXLQ(QODFROXPQDGHUHFKDGHODKLVWRULDYR\DH[WHQGHUPHEDVWDQWHHQPX
FKRVPRPHQWRVSDUDH[SOLFDUHOSRUTX\HOFPRGHPXFKDVSDODEUDV\H[SUHVLRQHVTXHVHR\HQDGLDULR
HQHOPXQGRODERUDO1RYR\DVLPSOLFDUQDGDVLQRDSUHVHQWDUHOLQJOVWDOFXDOVHGLFH\VHR\H$SHVDU
GHHVWRQRWDUVDPHGLGDTXHQRVDGHQWUHPRVHQODKLVWRULDTXHHQWHQGHUVWRGRFDVLDODSHUIHFFLQ
ORFXDOYLHQHDFRQUPDUORTXH\DWHGLFKRUHSHWLGDVYHFHVHVPX\SRVLEOHTXHWXVFRQRFLPLHQWRVGHO
LQJOV\DVXSHUHQHOQLYHOQHFHVDULRSDUDTXHWHGHVHQYXHOYDVFRQHFDFLDHQFXDOTXLHUIRURRVLWXDFLQ
SURIHVLRQDO(OTXHQRVHDVFDSD]GHKDFHUORWRGDYDVHGHEHVHJXUDPHQWHDTXHWXRGRQRHVWELHQ
IRUPDGRSDUDORVVRQLGRVGHOLQJOVRTXHKDVWDDKRUDWHKDVFHQWUDGRGHPDVLDGRHQODWHRUDJUDPDWLFDO
\PX\SRFRHQODSUFWLFDRUDO\JLOGHGLFKDJUDPWLFD$HVWHQYXHOYRDSRQHUOD
LPDJHQGHODH[SHUWDPDODEDULVWDTXHORJUDFRQYHQFHUQRVPHGLDQWHVXGRPLQLRWRWDO
FRQVORWUHVSHORWDVHQHODLUH'LHQYR]DOWDWRGDVODVIUDVHVGH3HWHUV3URPRWLRQ
'HKHFKRVLIXHUDVXQDSHUVRQDWDQUDUDFRPR\RWHSURSRQGUDVDPHPRUL]DUSRU
FRPSOHWRODREUDHQWHUDFRQHOQGHUHFLWDUODFLHQYHFHVHQORVSU[LPRVPHVHV<R
HQOHFXDWURQRYHODVGH3R%DURMDHQYR]DOWD/DVJUDQGHVDVSLUDFLRQHVH[LJHQ
JUDQGHVHVIXHU]RV




/RZ%HJLQQHU

+LJK%HJLQQHU

6XFDVD GHHOORV HVPX\JUDQGH7KHLUKRXVHLVYHU\ELJ


(VXQDFDVDPX\JUDQGH ,WoVDYHU\ELJKRXVH
7XSDGUHHVPX\MRYHQ <RXUIDWKHULVYHU\\RXQJ
(VXQSDGUHPX\MRYHQ +HoVDYHU\\RXQJIDWKHU
6RQSUHJXQWDVPX\GLIFLOHV 7KH\oUHYHU\GLIFXOWTXHVWLRQV

'QGHHVWHOGLQHURGHO :KHUHoVWKHODZ\HUoVPRQH\"
DERJDGR"
3RUTXOOHYDVSXHVWDODURSD :K\DUH\RXZHDULQJ\RXU
GHWXKHUPDQD"
VLVWHUoVFORWKHV"
1RHQFXHQWURODFDVDGHWX ,FDQoWQG\RXUIULHQGoVKRXVH
DPLJR
3RUTXHVWDPRVKDEODQGR :K\DUHZHWDONLQJDERXWRXU
GHORVSUREOHPDVGHQXHVWURV QHLJKERXUoVSUREOHPV"
YHFLQRV"
/RVUHVXOWDGRVGHORVHVWXGLDQWHV 7KHVWXGHQWoVUHVXOWVDUHYHU\
VRQPX\PDORV
EDG
+HDGOLQH 7LWXODU

$UWLFOH $UWFXOR

7LWOH 7WXOR

&ROXPQ &ROXPQD
$GYHUWLVHPHQW $QXQFLR

9RFDEXODULR1HZVSDSHU 3HULGLFR
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

/RPDQGR\RVLTXLHUHV ,oOOVHQGLWLI\RXZDQW
/RPDQGDUVVLWHGR\HO :LOO\RXVHQGLWLI,JLYH\RXWKH

GLQHUR"
PRQH\"
/RPDQGDUFXDQGRWPHGLJDV ,oOOVHQGLWZKHQ\RXWHOOPH
1RORPDQGDUDPHQRVTXH ,ZRQoWVHQGLWXQOHVV\RXDVN

PHORSLGDV
PHWR
3RUTXQRORPDQGDVWH" :K\GLGQoW\RXVHQGLW"

3XHGHVLUDGRQGHTXLHUDV <RXFDQJRZKHUHYHU\RXZDQW
+D]ORTXHTXLHUDV 'RZKDWHYHU\RXZDQW
3XHGHVKDEODUFRQTXLHQTXLHUDV <RXFDQWDONWRZKRHYHU\RX
ZDQW
3RGHPRVPDUFKDUQRVFXDQGR :HFDQOHDYHZKHQHYHU\RX
ZDQW
TXLHUDV
&RMHHOTXHTXLHUDV 7DNHZKLFKHYHURQH\RXZDQW

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

(OSODQQRKDVLGRDSUREDGR 7KHSODQKDVQoWEHHQDSSURYHG
(VHSUREOHPDQXQFDKDVLGR 7KDWSUREOHPKDVQHYHUEHHQ

UHVROYHG
UHVXHOWR
+DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW

WKDWSRVVLELOLW\"
HVDSRVLELOLGDG"
1RKDQYLVWRQDGDDQ 7KH\KDYHQoWVHHQDQ\WKLQJ
\HW
3RUTXQRVHKDKHFKRDQ" :K\KDVQoWLWEHHQGRQH\HW"

1XQFDKDKDELGRQDGDFRPR 7KHUHoVQHYHUEHHQDQ\WKLQJ
OLNHWKLV
HVWR
6LVLJXHODVGLUHFWULFHVWRGRLU ,I\RXIROORZWKHJXLGHOLQHV
HYHU\WKLQJZLOOWXUQRXWQH
ELHQ
2MDODQRPHORKXELHUDVGLFKR ,ZLVK\RXKDGQoWWROGPH
0HFULHQORVEDUULRVEDMRV ,JUHZXSLQWKHVOXPV
'HEHUDKDEHUDSUHQGLGRXQ ,VKRXOGoYHOHDUQHGDWUDGH
RFLR

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

0HVLHQWRPDUHDGR ,IHHOGL]]\
7HQJRHOHVWPDJRUHYXHOWR ,KDYHDQXSVHWVWRPDFK
&UHRTXHYR\DGHYROYHU ,WKLQN,oPJRLQJWRWKURZXS
7RPDXQVRUERGHHVWR +DYHDVLSRIWKLV
1RWHSUHRFXSHVQRLQWHQWR 'RQoWZRUU\,oPQRWWU\LQJWR
SRLVRQ\RX
HQYHQHQDUWH

7HQGUVTXHGDUPDUFKDDWUV <RXoOOKDYHWRUHYHUVHWRJHWRXW

SDUDVDOLU
0HWHSULPHUDSDUDDUUDQFDU 3XWLWLQUVWJHDUWRVWDUW
7LHQHVTXHTXLWDUHOIUHQRGH <RXKDYHWRUHOHDVHWKH

PDQR
KDQGEUDNH
8VDHOHPEUDJXHSDUDFDPELDU 8VHWKHFOXWFKWRFKDQJHJHDU

GHPDUFKD
0DQWQODVGRVPDQRVHQHO .HHSERWKKDQGVRQWKH

YRODQWH
VWHHULQJZKHHO



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpE\q 

:DV :HUHHQLQWHUURJDWLYR

1RRQHHYHUGURSVE\DQ\PRUH
1DGLHYLHQH\DDKDFHUQRVYLVLWDV

,oOOVWRSE\\RXUSODFHRQP\ZD\KRPH
3DVDUSRUWXFDVDFDPLQRGHODPD

)RUPDPRVHOLQWHUURJDWLYRLJXDOTXHHQHO
SUHVHQWHVLPSOHLQYLUWLHQGRVXMHWR\YHUER

6WDUWE\SUHVVLQJWKLVEXWWRQ
(PSLH]DSXOVDQGRHVWHERWQ

:K\GRQoW\RXVWRSE\DQGKDYHDGULQN"
3RUTXQRYLHQHVDPLFDVDSDUDXQD
FRSD"

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VWDEDVFRQO"
(UDQDPLJRV"
)XHD\HU"

7KDWoVQHE\PH
3RUPQRKD\QLQJQSUREOHPD

%HEDFNE\SP
9XHOYHDQWHVGHODVFRPRWDUGH

3HWHUoV3URPRWLRQ 

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

&KDUOHV+HQGHUVRQMXVWEDFNIURPHLJKWPRQWKVZRUNLQJLQWKH)UHQFKVXEVLGLDU\LVWDONLQJWR6DUDK(YDQVWKH+5PDQDJHU6DUDKLVEULQJLQJ
&KDUOHVXSWRGDWH WREULQJVRPHRQHXSWRGDWH SRQHUOHDXQRDOGD RQFRPSDQ\VDOHV6KHPHQWLRQVWKHJRRGZRUNGRQHE\3HWHU)LHOGV
ZKRWRRNRYHUDVDFWLQJVDOHVPDQDJHUZKHQ-RKQ2OVRQOHIWWKHFRPSDQ\ DFWLQJVDOHVPDQDJHU GLUHFWRUFRPHUFLDOHQIXQFLRQHV 
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK

,VKHGRLQJDJRRGMRE"
6RIDUHYHU\WKLQJoVEHHQJRLQJTXLWHZHOO
,VQoWKHDOLWWOH\RXQJWREHGHDOLQJZLWKVRPDQ\DJHQWV"
+HVHHPVWREHKDQGOLQJWKLQJVH[WUHPHO\ZHOO
,VKHVWLOOZRUNLQJLQWUDLQLQJ"
:HoYHKLUHGDQRXWVLGHUPWRKDQGOHWUDLQLQJIRUWKH
WLPHEHLQJ
+RZDUHWKHVDOHVJXUHVIRUWKLVTXDUWHU"
6DOHVDUHXSRYHUWKHVDPHSHULRGIRUODVW\HDU
7KDWVRXQGVZRQGHUIXO&RQJUDWXODWLRQV
'RQoWFRQJUDWXODWHPH3HWHUoVEHHQGRLQJDWHUULFMRE
:KDWoVKLVVHFUHW"
,KDYHQRLGHD
%XWKHPXVWEHGRLQJVRPHWKLQJJRRG
+HVHHPVWRKDYHDVSHFLDODELOLW\IRUPRWLYDWLQJDJHQWV
+DYH\RXUDLVHGFRPPLVVLRQV"
2QWKHFRQWUDU\ZHoYHKDGWRORZHUWKHPWHPSRUDULO\
:K\oVWKDW"
,WoVDORQJVWRU\,GRQoWZDQWWRERUH\RX

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
'HVKL]R OD PDOHWD VH GXFK \ VH XQL D OD FHQD FRQ ORV GHPV
PLHPEURVGHOFRQVHMR+DEDQOOHJDGRHQDYLQGHVGHWRGRVORV
ULQFRQHVGHOPXQGRSDUDORTXHVHVXSRQDLEDDVHUXQLQWHUFDP
ELRGHLGHDVVREUHHOGHVDUUROORGHODHPSUHVDHQORVSU[LPRV
DRV$KRUDSDUHFDTXHLEDQDKDEODUGHFPRGHVPRQWDUODHQ
ORVSU[LPRVGDV

VRIDUHYHU\WKLQJoVEHHQJRLQJTXLWHZHOO +DVWDDKRUDWRGRYD
EDVWDQWHELHQ0HPRUL]DHVWDIUDVHHQLQJOV\SURQQFLDODFLHQ
YHFHVKR\PLVPR
WRGHDOZLWK WUDWDUFRQ
LQYROYHG LQYROXFUDGR
ZHoYHKLUHG WDPELQVHSXHGHGHFLUpZHoYHFRQWUDFWHGq(O
YHUERpWRKLUHqHVHOXVDGRSDUDFRQWUDWDUDSHUVRQDVDXQTXHVH
SXHGHXVDUSDUDFRQVXOWRUDVWDPELQ
DQRXWVLGHUP XQDHPSUHVDH[WHUQD
TXDUWHU WULPHVWUH
WKDWVRXQGVZRQGHUIXO |TXELHQ
,KDYHQRLGHD 1RWHQJRQLLGHD
WRUDLVHWRORZHU VXELUEDMDU pUDLVHqVHSURQXQFLDpULVq 
RQWKHFRQWUDU\ DOFRQWUDULR

+HXQSDFNHGWRRNDVKRZHUDQGMRLQHGWKHRWKHUERDUGGLUHFWRUV
IRUGLQQHU7KH\KDGRZQLQIURPDOORYHUWKHZRUOGIRUZKDWZDV
VXSSRVHGWREHDQH[FKDQJHRILGHDVRQWKHGHYHORSPHQWRIWKH
FRPSDQ\RYHUWKHQH[WWHQ\HDUV1RZLWORRNHGDVLIWKH\PLJKW
EHWDONLQJDERXWKRZWRGLVPDQWOHLWLQWKHQH[WWHQGD\V



0VSDODEUDV
(VWLPDGRDPLJR\DOXPQR6DFDXQSDSHO\WUDGXFHDOLQJOVORPVUSLGDPHQWHSRVLEOHODVIUDVHVHQHVSDROTXH
LQJOHVDVGHUD]ODWLQD
WHSRQJRDFRQWLQXDFLQ
 'HTXGHSHQGH"
6HWUDWDGHIUDVHVVHQFLOODVTXHVHXVDQDGLDULRWRGDVGHQWURGHXQDJUD
 +DKDELGRXQPDOHQWHQGLGR PWLFDEVLFDTXHGHEHUDVVDEHUUHSURGXFLURUDOPHQWHVLQSHVWDHDU6L
 1RORSDUHFH
WRGDYDQRODVSXHGHVWUDGXFLUDYXHODSOXPD\FRUUHFWDPHQWHHQWRQFHV
 3RUTXHVWDQGLIFLO"
HVSUREDEOHTXHWXIDOWDGHGRPLQRGHOLQJOVHQHODVSHFWRRUDOVHGHEH
 4XLQHVFULELHVWDFDUWD"
DXQDIDOWDGHDWHQFLQDOGHVDUUROORGHODDJLOLGDGRUDOFRQODJUDPWLFD
 &XQGRSDV"
EVLFD
 :KDWGRHVLWGHSHQGRQ"
6LHPSUH LQVLVWR HQ WUHV FRVDV RGR FRQDQ]D \ DJLOLGDG FRQ OD JUD
 7KHUHVEHHQDPLVXQGHUVWDQGLQJ
PWLFDEVLFD/DVHJXQGDFRVDFRQDQ]DYLHQHDXWRPWLFDPHQWHVL
 ,WGRHVQWVHHPOLNHLW
FRQVLJXHVODSULPHUD\ODWHUFHUD6LQRWLHQHVDJLOLGDGFRQOREVLFR
 :K\LVLWVRGLIFXOW"
GHMDGHDGHQWUDUWHPVHQHOLGLRPD\SRQWHDGHFLUHQYR]DOWDPLO
 :KRZURWHWKLVOHWWHU"
IUDVHVSRUVHPDQDVDFDGDVGHORVOLEURVHOHPHQWDOHV
5LFKDUG9DXJKDQ
 :KHQGLGLWKDSSHQ"

(PSLULFDO
(PSOR\
(PSOR\PHQW
(PSOR\HH
(PSOR\HU
(PSRULXP
(PSUHVV
(PXODWH
(PXODWLRQ
(QFKDQW
(QFODYH
(QF\FORSHGLD




/RZ%HJLQQHU

+LJK%HJLQQHU

VWHHVPLSUHIHULGR 7KLVRQHLVP\IDYRXULWH
VHHVPVLQWHUHVDQWH 7KDWRQHLVPRUHLQWHUHVWLQJ
VWDVVRQQXHYDV 7KHVHRQHVDUHQHZ
$TXHOORVVRQYLHMRV 7KRVHRQHVDUHROG
4XSHUURHVJUDQGHVWHR :KLFKGRJLVELJWKLVRQHRU

TXHO"
WKDWRQH"

&XOHVHOPRVWHRTXHO" :KLFKRQHoVPLQHWKLVRQHRU
WKDWRQH"
&XOHVVRQORVGHO" :KLFKRQHVDUHKLV"
6RQVWRVRDTXOORV" $UHWKH\WKHVHRQHVRUWKRVH
RQHV"
&XOHVHOVLJXLHQWH" :KDWoVWKHQH[WRQH"
&XOIXHODOWLPD" :KDWZDVWKHODVWRQH"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

6LHPSUHWHQJRTXHKDFHUOR ,DOZD\VKDYHWRGRLW
1XQFDWLHQHQTXHYHQLUDTX 7KH\QHYHUKDYHWRFRPHKHUH
$PHQXGRHOODWLHQHTXH 6KHRIWHQKDVWRKHOSXV

D\XGDUQRV
1RUPDOPHQWHWHQJRTXH ,XVXDOO\KDYHWRFRUUHFWKLP

DORW
FRUUHJLUOHPXFKR
$YHFHVWHQHPRVTXHUHSHWLUOR :HVRPHWLPHVKDYHWRUHSHDWLW

4XLQORFDPEL" :KRFKDQJHGLW"
3RUTXQRORFDPELDQWHV" :K\GLGQoWKHFKDQJHLW
HDUOLHU"
4XLQOHKL]RFDPELDUOR" :KRPDGHKLPFKDQJHLW"
4XLQQRKDYLVWRHOFDPELR :KRKDVQoWVHHQWKHFKDQJH
\HW"
DQ"
$TXLQFUHHVTXHOHYDD :KRGR\RXWKLQNLVJRLQJWR
OLNHWKHFKDQJH"
JXVWDUHOFDPELR"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

(VWVHQJRUGDQGR <RXoUHJHWWLQJIDW
(VWR\LQWHQWDQGRDGHOJD]DU ,oPWU\LQJWRORVHZHLJKW
1RHVWVWHQLHQGRPXFKR <RXoUHQRWKDYLQJPXFK

[LWRQR"
VXFFHVVDUH\RX"
&XQWRSHVDV" +RZPXFKGR\RXZHLJK"
'XGRTXHSHVHWDQWRFRPRW ,GRXEW,ZHLJKDVPXFKDV\RX

0HSLFDODQDUL] 0\QRVHLVLWFK\
(QWRQFHVSRUTXQRWHOD :K\GRQoW\RXVFUDWFKLWWKHQ"
UDVFDV"
/DSLPLHQWDPHKDFHHVWRUQXGDU 3HSSHUPDNHVPHVQHH]H
|-HVV %OHVV\RX
6XQDWHWLHQHVXQFOQH[" %ORZ\RXUQRVHGR\RXKDYHD
WLVVXH"

+DLUGUHVVHU 3HOXTXHUR

0RGHO 0RGHOR

0DNHXSDUWLVW 0DTXLOODGRU

3KRWRJUDSKHU )RWJUDIR

'HVLJQHU 'LVHDGRU

9RFDEXODULR&DWZDON 3DVDUHOD
0LGGOH$GYDQFHG
6LKXELHUDVYHQLGRKDEUDPRV ,I\RXKDGFRPHZHZRXOG
KDYHZRQ
JDQDGR
*DQDUQRHVORPVLPSRUWDQWH:LQQLQJLVQRWWKHPRVW
LPSRUWDQWWKLQJ,WoVWDNLQJ
/RLPSRUWDQWHHVSDUWLFLSDU
SDUWWKDWFRXQWV
6LFUHHVHVRFUHHUVHQFXDOTXLHU ,I\RXEHOLHYHWKDW\RXoOO
EHOLHYHDQ\WKLQJ
FRVD
/HVYHQFHUHPRV :HoOOEHDWWKHP
1RVHUHPRVGHUURWDGRV :HZLOOQRWEHGHIHDWHG

)RU(QJOLVKVXSHUVWDUVRQO\
4XKRUVFRSRHUHV" :KDWVWDUVLJQDUH\RX"
1RFUHRHQHVDVWRQWHUDV ,GRQoWEHOLHYHLQWKDWUXEELVK
&PRSXHGHQORVSODQHWDV +RZFDQWKHSODQHWVFKDQJH
FDPELDUQXHVWURHVWDGRGH
RXUPRRGV"
QLPR"
3RUTXQR"/DOXQDLQX\HHQ :K\QRW"7KHPRRQLQXHQFHV

ODVPDUHDV
WKHWLGHV
<HOVROHVWDXQDGLVWDQFLDGH $QGWKHVXQLVPLOOLRQ
PLOORQHVGHNLOPHWURV\GD NLORPHWUHVDZD\DQGJLYHVOLIH
YLGDDWRGDOD7LHUUD
WRDOORI(DUWK



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRQq 
&RPXQLFDFLQSRUWHOIRQR
,oPRQVSHFLDOPHGLFDWLRQ
(VWR\DEDVHGHPHGLFDFLQHVSHFLDO
+HoVRQGUXJV
(VWWRPDQGRGURJDV
:KDWEURXJKWRQWKDWUHDFWLRQ"
4XKDSURYRFDGRHVDUHDFFLQ"


<RXoYHEURXJKWDOO\RXUWURXEOHVRQ
\RXUVHOI
(UHVWPLVPRHOFDXVDQWHGHWXV
SUREOHPDV
<RXoOOFDWFKRQ
<DLUVDSUHQGLHQGRHOLQWUQJXOLV
&RPHRQ
|9HQJD|9DPRV

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(QTXOHSXHGRD\XGDU"
0HSXHGHGHFLUTXLQOODPDSRUIDYRU"
1ROHSXHGRIDFLOLWDUQRPEUHVORVLHQWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 
&KDUOHV+HQGHUVRQSUDLVHVWKHMRERI3HWHU)LHOGVZKRIRUWKHSDVWIHZPRQWKVKDVEHHQWKHDFWLQJVDOHVPDQDJHU DFWLQJ HQIXQFLRQHV 
6DUDKGRHVQoWVHHPWREHDVHIIXVLYHDV&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV

:K\GR\RXVD\WKDW"
6DOHVKDYHJURZQE\ZLWKDORZHUFRPPLVVLRQUDWH
3HWHUoVWKHRQHWRWKDQNIRUWKDW+HVKRXOGJHWWKHFUHGLW
,KDGQRLGHDKHZDVVXFKDQHIIHFWLYHZRUNHU
(YHU\ERG\oVVXUSULVHGDURXQGKHUH
+DYH\RXUDLVHGKLVVDODU\"
+HoVHDUQLQJWKHVDPHDVZKHQKHZDVWUDLQLQJPDQDJHU
+DVQoWKHVDLGDQ\WKLQJ"
+HVHHPVWREHKDSS\WKRXJK,LPDJLQHKHoOODVNIRU
DUDLVHVRRQ
,I,ZHUH\RX,ZRXOGQoWZDLWIRUKLPWRDVNIRURQH
'R\RXPHDQZHVKRXOGUDLVHLWQRZ"
,IHYHU\WKLQJ\RXWHOOPHLVWUXH\RXVKRXOGKDYHUDLVHG
LWDWOHDVWWKUHHPRQWKVDJR
+RZPXFKGR\RXWKLQNZHVKRXOGUDLVHLW"
7KDWoVXSWR\RX
,oGUDWKHUZDLWIRUDIHZPRUHPRQWKV
,I\RXZDLWWRRORQJ\RXPLJKWORVHKLP
:KDWGR\RXPHDQ"
-RKQPLJKWWU\WRKLUHKLP7KHLUZLYHVDUHJRRGIULHQGV
,GLGQoWNQRZWKDW
7KDWoVZK\3HWHUFDPHWRWKLVFRPSDQ\LQWKHUVWSODFH
<RXFHUWDLQO\VHHPWREHZHOOLQIRUPHG
'RQoWIRUJHWWKDW,XVHGWREHWKH3HUVRQQHO0DQDJHUKHUH

E\ 6ROHPRVXVDUpE\qGHODQWHGHORVSRUFHQWDMHVFXDQGR
KDEODPRVGHFUHFLPLHQWR
7RJHWWKHFUHGLW UHFLELUHOPULWR
WKRXJK DOWKRXJK
7KDWoVXSWR\RX (VSDUDWLGHFLGLU
f\RXPLJKWORVHKLP SXHGHTXHOHSLHUGDV
7KDWoVZK\ HVSRUHVRSRUORTXH
,XVHGWREH DQWHVHUD



(VWLPDGRDPLJR\DOXPQR
5XQQLQJLQWKHRXWVLGHODQH$ORVDRVJDQHOFDPSHRQDWRGH2NODKRPDHQODSUXHEDGHORVPHWURVOLVRVHQHOWRUQHRQDOHQWUH
LQVWLWXWRVGHVHJXQGDHQVHDQ]D5HFXHUGRPX\ELHQODFDUUHUDIDOWDUDPVSXHVWRTXHJDQ3HURODUHFXHUGRSRUXQPRWLYRPX\HVSHFLDO
\DTXHDSUHQGXQDOHFFLQTXHFUHRTXHWRGRVGHEHPRVDSUHQGHU\SRUIRUWXQDORKLFHVLHQGRDQPX\MRYHQ/DFDUUHUDGHORVPHWURV
HVGXUD/DGHQRPLQDQVSULQWHVGHFLUXQDFDUUHUDSDUDYHORFLVWDVFRPRORVRORVPHWURV6LQHPEDUJRORVOWLPRVPHWURVGHOD
FDUUHUDH[LJHQXQHVIXHU]RIVLFRWDQEUXWDOTXHDOJXQRVFRUUHGRUHVSLHUGHQSVLFROJLFDPHQWHODFDUUHUDDQWHVGHFRPHQ]DUODUDPRVRFKR
HQODQDO\PHFRORFDURQHQODOWLPDFDOOHHVGHFLUODGHODSDUWHH[WHULRUGHODSLVWD(QORVPHWURVOLVRVVLDUUDQFDVGHVGHODFDOOHQR
SXHGHVYHUDWXVFRPSHWLGRUHVHQQLQJQPRPHQWRDQRVHUTXHWHDGHODQWHQORFXDOVLJQLFDTXH
\DHVWVSHUGLGR(VWDUHQODFDOOHWHFRQGHQDDUHDOL]DUODFDUUHUDGHDFXHUGRFRQWXSURSLDHVWUD
WHJLDVLQPHGLUWHFRQQDGLH\VLQHPSOHDUWFWLFDVVHJQGRQGHHVWQWXVFRPSHWLGRUHV(QRWUDV
SDODEUDVWLHQHVTXHFRUUHUFRPRXQGLDEORGHVGHHOSULQFLSLRFLHJRDWRGRH[FHSWRDWXSURSLR
HVIXHU]R(QODQDOHVRHVH[DFWDPHQWHORTXHKLFH\JDQ$ORVDRVDSUHQGTXHORQLFRTXH
WHQDTXHKDFHUSDUDWHQHU[LWRHQFXDOTXLHUDFWLYLGDGHUDFRUUHUFRPRXQGLDEORVLQSUHVWDUDWHQ
FLQDORVGHPVQLDVXVUHDFFLRQHVRWFWLFDV'HVGHHQWRQFHVXQRGHPLVOHPDVKDVLGRVLHPEUH
UXQQLQJLQWKHRXWVLGHODQH FRUULHQGRSRUODFDOOHH[WHULRU &XDQGRWHPLGHVGHPDVLDGRSRUORV
GHPVFXDQGRWLHQHVGHPDVLDGRHQFXHQWDTXKDFHQRFPRUHDFFLRQDQORVGHPVSLHUGHVGH
YLVWDORHVHQFLDOSDUDFRQVHJXLUHO[LWRWXDXWRFRQDQ]D\WXSURSLRHVIXHU]R 5LFKDUG9DXJKDQ




/RZ%HJLQQHU

+LJK%HJLQQHU

6R\HVWXGLDQWH ,DPDVWXGHQW
1RHUHVSURIHVRU <RXDUHQoWDWHDFKHU
OHVHVWXGLDQWHWDPELQ" ,VKHDVWXGHQWWRR"
(OODQRHVODSURIHVRUDWDPSRFR 6KHLVQoWWKHWHDFKHUHLWKHU
1RVRPRVWRGRVHVWXGLDQWHV" $UHQoWZHDOOVWXGHQWV"

-XHJRDOIWEROWRGDVODV ,SOD\IRRWEDOOHYHU\ZHHN
VHPDQDV
OMXHJDVLWLHQHWLHPSR +HSOD\VLIKHKDVWLPH
(OODQRMXHJDSRUTXHQROH 6KHGRHVQoWSOD\EHFDXVHVKH
JXVWDQORVGHSRUWHV
GRHVQoWOLNHVSRUWV
-XJDURQXQEXHQSDUWLGR 7KH\SOD\HGDJRRGPDWFK
1RMXJDURQELHQ 7KH\GLGQoWSOD\ZHOO

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

-XJDUVLYLHQHVFRQPLJR ,ZLOOSOD\LI\RXFRPHZLWKPH
3XHGHVMXJDUWDPELQVLTXLHUHV <RXFDQSOD\WRRLI\RXZDQW
(OODGHEHMXJDUSRUTXHHVOD 6KHPXVWSOD\EHFDXVHVKHoV

FDSLWDQD
WKHFDSWDLQ
OQRMXJDUVLHVWOORYLHQGR +HZRQoWSOD\LILWoVUDLQLQJ
1RSXHGHQMXJDUSRUTXHVRQ 7KH\FDQoWSOD\EHFDXVHWKH\oUH
GHPDVLDGRYLHMRV
WRRROG

-XJDUDPRVVLIXVHPRVPV :HoGSOD\LIZHZHUH\RXQJHU
MYHQHV
'HEHUDMXJDUPV ,VKRXOGSOD\PRUH
3RGUDQMXJDUVLQRVSDJDUDQ 7KH\FRXOGSOD\LIWKH\SDLGXV
3RGUDQMXJDUFRQWUHVDRV 7KH\FRXOGSOD\ZKHQWKH\
ZHUHWKUHH\HDUVROG
<RQRMXJDUDVLIXHUDW ,ZRXOGQoWSOD\LI,ZHUH\RX

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

3XHGHTXHHOODMXHJXHVLODGHMDQ 6KHPLJKWSOD\LIWKH\OHWKHU
-XHJRDOJROIXQGDVL\RWURQR ,SOD\JROIHYHU\RWKHUGD\
-XHJRDOJROIGHVGHKDFHDRV,oYHSOD\HGJROIIRU\HDUV
/OHYRPHGLRDRVLQMXJDU ,KDYHQoWSOD\HGJROIIRUKDOI

DOJROI
D\HDU
/OHYRMXJDQGRDOJROIGHVGH ,oYHEHHQSOD\LQJJROIIRUD

KDFHXQSDUGHKRUDV
FRXSOHRIKRXUV

+DEUDVMXJDGRELHQVLKXELHVHV<RXoGKDYHSOD\HGEHWWHULI\RX
GRUPLGRPV
KDGVOHSWPRUH
'HEHUDKDEHUMXJDGRSRUOD <RXVKRXOGKDYHSOD\HGLQWKH
PDDQD
PRUQLQJ
3RGUDVKDEHUMXJDGRVLKXELHVHV<RXFRXOGKDYHSOD\HGLI\RXoG
OOHJDGRDWLHPSR
DUULYHGRQWLPH
'HEHQGHKDEHUMXJDGRMXQWRV 7KH\PXVWKDYHSOD\HG
DQWHV
WRJHWKHUEHIRUH
3XHGHTXH\DKD\DQMXJDGRSHUR7KH\PLJKWKDYHSOD\HG
QRHVWR\VHJXUR
DOUHDG\EXW,oPQRWVXUH

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

1RKDEUPXFKDJHQWHDOO 7KHUHZRQoWEHPDQ\SHRSOH
WKHUH
'HEHUDKDEHUXQRHQHOFDMQ 7KHUHVKRXOGEHRQHLQWKH
GUDZHU
3RGUDKDEHUPVGHORTXH 7KHUHFRXOGEHPRUHWKDQ\RX
WKLQN
SLHQVDV
1RSDUHFHKDEHUXQDVROXFLQ 7KHUHGRHVQoWVHHPWREHD
VROXWLRQ
3XHGHTXHKD\DXQDPDQHUD 7KHUHPLJKWEHDZD\WRVROYHLW
GHUHVROYHUOR

$QWHVKDEDVHUHQRVHQODV 7KHUHXVHGWREHQLJKW
ZDWFKPHQRQWKHVWUHHWV
FDOOHV
+DEUDKDELGRJUDYHVSUREOHPDV 7KHUHZRXOGKDYHEHHQVHULRXV
SUREOHPVLIWKHUHKDGQoWEHHQ
VLQRKXELHUDKDELGR3ROLFD
3ROLFH
3XHGHTXHKD\DKDELGRXQ 7KHUHPLJKWKDYHEHHQD
PLVXQGHUVWDQGLQJ
PDOHQWHQGLGR
4XLHURTXHKD\DXQLQWUSUHWH ,ZDQWWKHUHWREHDQLQWHUSUHWHU
7UHPHORTXHKD\D %ULQJPHZKDWHYHUWKHUHLV

)DLU\ +DGD

2JUH 2JUR

*QRPH *QRPR
(OI (OIR

'ZDUI 'XHQGH

9RFDEXODULR0\WKLFDO%HLQJV 6HUHVPWLFRV


Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpRQq 
&RPXQLFDFLQLQWHUQD
&RPHRQXS
6XEH HVWR\HQXQDSODQWDVXSHULRU 

,KDYHDIHYHUFRPLQJRQ
(VWR\HPSH]DQGRDWHQHUGFLPDV

&RPHRQGRZQ
%DMD HVWR\HQXQDSODQWDLQIHULRU 

7KHOLJKWVFRPHRQDXWRPDWLFDOO\
/DVOXFHVVHHQFLHQGHQDXWRPWLFDPHQWH

&RPHRQLQ
3DVDSDVD HQWUDU 

7KHDFWRUQDOO\FDPHRQVWDJH
(ODFWRUSRUQVDOLDOHVFHQDULR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VWR\SUHSDUDQGRXQVSRWSXEOLFLWDULR 79 
/DHQFXHVWDQRDUURMDQDGDQXHYR
9DPRVDJDQDUDODFRPSHWHQFLD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 
7KHIROORZLQJFRQYHUVDWLRQLVWKHEHJLQQLQJRIDORQJDQGLQWHUHVWLQJFKDWEHWZHHQWKHYHWHUDQ&KDUOHV+HQGHUVRQDQGWKHUHODWLYHO\
\RXQJWUDLQLQJPDQDJHU3HWHU)LHOGVZKRLVDOVRDFWLQJVDOHVDQGPDUNHWLQJPDQDJHU GLUHFWRUFRPHUFLDOHQIXQFLRQHV 
&KDUOHV +HOOR3HWHUKRZDUH\RXGRLQJ"
3HWHU
)LQH&KDUOHVKRZDUH\RX",WoVJRRGWRVHH\RXEDFN
DJDLQ
&KDUOHV :HOO LWoV JRRG WR EH EDFN WKRXJK , HQMR\HG P\ WLPH
LQ)UDQFH
3HWHU
+RZORQJZHUH\RXWKHUH"
&KDUOHV ,ZDVWKHUHIRUDOPRVWPRQWKV
+RZGLG\RXOLNHLW"
3HWHU
&KDUOHV ,WWRRNPHDIHZPRQWKVWRJHWXVHGWRWKHFOLPDWHEXW
,KDGDJUHDWWLPH
3HWHU
'LG\RXWDNH\RXUIDPLO\ZLWK\RX"
&KDUOHV <HV,GLG,QIDFWWKH\oUHVWLOOWKHUH
:KHQZLOOWKH\EHFRPLQJEDFN"
3HWHU
&KDUOHV 7KH\oUHSODQQLQJWRVWD\XQWLOVFKRROHQGVLQ-XQH
3HWHU
6RLQWKHPHDQWLPH\RXoOOEHOLYLQJOLNHDEDFKHORU
&KDUOHV ,oYHEHHQKHUHIRUOHVVWKDQDZHHNDQG,oPDOUHDG\ERUHG
%\WKHZD\,KHDU\RXoYHWDNHQRYHUIRU-RKQ2OVRQ
3HWHU
7KDWoVULJKW+HOHIWDFRXSOHRIPRQWKVDJR
&KDUOHV ,oYHDOVRKHDUGWKDWVDOHVKDYHEHHQJRLQJXSDWDUHFRUG
SDFH
3HWHU
:HOOFRQVXPHUGHPDQGKDVULVHQRYHUWKHSDVWIHZ
PRQWKV
&KDUOHV ,KDYHDIHHOLQJLWoVPRUHWKDQMXVWFRQVXPHUGHPDQG
7KH LPSUHVVLRQ DURXQG KHUH LV WKDW \RXoYH IRXQG WKH
PDJLFIRUPXODIRUVXFFHVV

KRZDUH\RXGRLQJ" 4XWDO"
LWoVJRRGWRVHH\RXEDFNDJDLQ PHDOHJURYHUWHGHQXHYR
WKRXJK DOWKRXJK
KRZGLG\RXOLNHLW" 4XLPSUHVLQWHFDXV"
WRJHWXVHGWRf DFRVWXPEUDUVHDf
ZKHQZLOOWKH\EHFRPLQJEDFN HOXVRGHOIXWXURFRQWLQXR
KDFHTXHODSUHJXQWDVXHQHPHQRVQHXWUDORIRUPDO
LQWKHPHDQWLPH PLHQWUDVWDQWR
DEDFKHORU XQVROWHUR
DWDUHFRUGSDFH DXQULWPRVLQSUHFHGHQWHV
FRQVXPHUGHPDQG ODGHPDQGD
MXVW VLPSOHPHQWH


(VWLPDGRDPLJR\DOXPQR
5XQQLQJLQWKHRXWVLGHODQH/DIDOWDGHIXHU]DGHYROXQWDGKDFDXVDGRPVIUDFDVRVTXHODIDOWDGHLQWHOLJHQFLDRKDELOLGDG'HHVWRHVWR\
VHJXUR+HFRQRFLGRDPXFKRVHPSUHVDULRVGHJUDQ[LWRHQ(VSDDFX\DQLFDYLUWXGHQPLRSLQLQHUDVXLPSHUWXUEDEOHWHQDFLGDG'H
KHFKRVLHVWXGLDUDVWRGRVORVFDVRVHQ(VSDDGHKRPEUHV\PXMHUHVTXHKDQSDVDGRGHODQDGDDWHQHUSHTXHRVRJUDQGHVLPSHULRV
YHUDVTXHVXQLYHOLQWHOHFWXDO\FXOWXUDODVFRPRVXFRHFLHQWHGHLQWHOLJHQFLDQRVXSHUDQRUPDOPHQWHDODPHGLDQDFLRQDO6LQHPEDUJR
GRQGHVVREUHVDOHQHVHQODIXHU]DGHYROXQWDG3ODQWHDQREMHWLYRV\WUDEDMDQLQFDQVDEOHPHQWHSDUDFRQVHJXLUORV<VLTXLHUHVWHGLUXQ
VHFUHWRTXHHOORVQRVXHOHQGHVYHODUVHORSDVDQSLSD3ODQWHDUREMHWLYRVHLUDSRUHOORVFUHDXQFUFXORYLUWXRVRTXHKDFHTXHHOWLHPSR
GHWUDEDMRVHDPVHVWLPXODQWH\GLYHUWLGRTXHFXDOTXLHUSODQWHDPLHQWRGHHVSDUFLPLHQWRXRFLR8QHPSUHVDULRTXHWUDEDMDGHVRODVRO
QRUPDOPHQWHQRHVWWUDEDMDQGRHVWMXJDQGR3XHGHVWDFKDUOHGHHVWDUFDVDGRFRQVXHPSUHVDSHURODYHUGDGHVTXHHVWVLPSOHPHQWH
MXJDQGRDOLJXDOTXHXQDGROHVFHQWHSDVDKRUDVVHJXLGDVGHODQWHGHXQYLGHRMXHJR3HURHOEXHQHPSUHVDULRHVSDRODSHVDUGHQRVHU
PVLQWHOLJHQWHQLPVKELOTXHORVGHPVWLHQHDOJRTXHVLHPSUHPHKDOODPDGRODDWHQFLQXQDWRWDOMDFLQHQORVREMHWLYRVGHVX
DFWLYLGDGHPSUHVDULDO1DGDOHVGHVYDQLOHVGHVSLVWD3DUHFHFRPRHOFDEDOORTXHOOHYDDQWHRMHUDV1RYHQLTXLHUHYHUORTXHKD\IXHUDGHVX
FDPSRGHYLVLQ9DWHQD]PHQWHFDPLQDQGRDJUDQGHV]DQFDGDVKDFLDODFRQVHFXFLQGHVXVREMHWLYRV
6DEHDOLJXDOTXHORVSDVWRUHVDOHPDQHVGHODIRWRTXHODVGLVWUDFFLRQHVpGLVWUDHQq\ORVSHUURVHVWQ
DGLHVWUDGRVSDUDQRFDHUDQWHQLQJXQDWHQWDFLQ6LQRSLHUGHQVXHPSOHR(QPLVDRVGHSURIHVRUGH
LQJOVHOGHPLVDOXPQRVKDQVLGRPDHVWURVHQHODUWHGHHQFRQWUDUGLVWUDFFLRQHVRH[FXVDVSDUDQR
KDFHUHOHVIXHU]RTXHVHH[LJHSDUDKDFHUVHFRQXQEXHQQLYHOGHLQJOV&XDOTXLHUSHTXHDGLVWUDFFLQ
OHVKDEDVWDGRSDUDSHUGHUXQDVFODVHVRSDUDQRHVWXGLDU$OQDOPLFRQFOXVLQHVTXHVLPSOHPHQWHQR
WLHQHQPXFKRLQWHUVHQDSUHQGHULQJOV0HLQVLVWHQHQTXHQRHVDVSHURQXQFDPHORGHPXHVWUDQ<
W"0HORYDVDGHPRVWUDU"(VSHURTXHV
5LFKDUG9DXJKDQ




/RZ%HJLQQHU

+LJK%HJLQQHU

&XOHVVRQVXVQRPEUHV" :KDWDUHWKHLUQDPHV"
'QGHHVWQVXVFDUWDV" GHHOOD :KHUHDUHKHUOHWWHUV"
&PRHVWQVXVDEXHORV" GHO +RZDUHKHUJUDQGSDUHQWV"
4XLQHVVRQVXVSDGUHV" GH :KRDUHWKHLUSDUHQWV"

HOODV
&XQGRHVYXHVWUDHVWD" :KHQoV\RXUSDUW\"

'HTXLQHVHOSHUUR" :KRVHGRJLVLW"
(VWX\R" ,VLW\RXUV"
1RQRHVPR(VGHPLKHUPDQR 1RLWLVQoWPLQH,WoVP\
EURWKHUoV
'HTXLQVRQHVWDVOODYHV" :KRVHNH\VDUHWKHVH"
&UHRTXHVRQGHHOOD ,WKLQNWKH\oUHKHUV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(OODOHHPXFKRSHURDSUHQGH 6KHUHDGVDORWEXWOHDUQVYHU\

OLWWOH
PX\SRFR
OWUDEDMDPXFKRSHURJDQD +HZRUNVDORWEXWHDUQVYHU\

OLWWOH
PX\SRFR
/HJXVWDWUDEDMDUPXFKR +HOLNHVWRZRUNDORW
3RUTXQRJDQDPXFKR" :K\GRHVQoWKHHDUQDORW"
7LHQHTXHEXVFDURWURWUDEDMR +HKDVWRORRNIRUDQRWKHUMRE

1RWHYHR ,FDQoWVHH\RX
0HR\HV" &DQ\RXKHDUPH"
1RWHRLJRPX\ELHQ ,FDQoWKHDU\RXYHU\ZHOO
|+DEODPVDOWR 6SHDNXS
|'HMDGHJULWDUPH 6WRSVKRXWLQJDWPH

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XTXLHUHTXHKDJDPRV" :KDWGRHVVKHZDQWXVWRGR"
1RWHQJRQLODPVUHPRWDLGHD ,KDYHQoWWKHVOLJKWHVWLGHD
1RVHORKDVSUHJXQWDGR" +DYHQoW\RXDVNHGKHU"
0HGDFRUWHKDFHUOR ,oPDOLWWOHHPEDUUDVVHGWRGRLW
&UHRTXHPHKHHQDPRUDGR ,WKLQN,oYHIDOOHQLQORYHZLWK

GHHOOD
KHU

6LHQWRSHQDSRUHOORV ,IHHOVRUU\IRUWKHP
/HVKDFHVWUDEDMDUGHPDVLDGR <RXPDNHWKHPZRUNWRRPXFK
/RVYDVDYROYHUORFRVFRQWDQWR<RXoUHJRLQJWRGULYHWKHP
WUDEDMR
FUD]\ZLWKVRPXFKZRUN
(VSHUDVGHPDVLDGRGHHOORV <RXH[SHFWWRRPXFKIURPWKHP
6ORHVSHURTXHWUDEDMHQELHQ ,RQO\H[SHFWWKHPWRZRUN
QDGDPV
ZHOOQRWKLQJHOVH

1RPDG 1PDGD

'XQH 'XQD

&DFWXV &DFWXV

&DPHO &DPHOOR

6DQG $UHQD

9RFDEXODULR'HVHUW 'HVLHUWR
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

7HQGUHPRVTXHFRQYRFDUXQD :HoOOKDYHWRFDOODPHHWLQJ

UHXQLQ
0HJXVWDUDTXHODDEULHVHVFRQ,oGOLNH\RXWRVWDUWLWRIIZLWKD
EULHISUHVHQWDWLRQ
XQDEUHYHSUHVHQWDFLQ
1RSRGHPRVDGHODQWDUODIHFKD"&DQoWZHPRYHWKHGDWHIRUZDUG"
'HEHUDPRVUHWUDVDUODIHFKD :HVKRXOGPRYHEDFNWKHGDWH
3RVSRQJDPRVODUHXQLQKDVWD /HWoVSXWWKHPHHWLQJRIIXQWLO

WRPRUURZ
PDDQD

/DVFRVDVDYDQ]DQVLQ 7KLQJVDUHUXQQLQJVPRRWKO\

VREUHVDOWRV
/DVYHQWDVKDQVXELGRGH 6DOHVKDYHULVHQVWHDGLO\

PDQHUDFRQVWDQWH
(VWRVORHVXQSODQSURYLVLRQDO 7KLVLVRQO\DWHQWDWLYHSODQ
7HQHPRVTXHVHJXLUXQSURJUDPD:HKDYHWRIROORZDYHU\WLJKW
PX\DSUHWDGR
VFKHGXOH
(VXQDWDUHDTXHFRQVXPH ,WoVDWLPHFRQVXPLQJWDVN

PXFKRWLHPSR



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRQq 
,QJOV6RFLDO
+HGURYHRQIRUDQRWKHUPLOHV
6LJXLFRQGXFLHQGRRWUDVPLOODV
7KH\IRXJKWRQXQWLOGDZQ
6LJXLHURQOXFKDQGRKDVWDHODPDQHFHU
7KH\HZRQGHVSLWHWKHZHDWKHU
6LJXLHURQYRODQGRDSHVDUGHOWLHPSR

7KH\oYHIDOOHQRQKDUGWLPHV
(VWQSDVDQGRSRUXQDPDODUDFKD
HFRQ 
:HJHWRQTXLWHZHOO
1RVOOHYDPRVEDVWDQWHELHQ
*HWRQWKHEXV
6EHWHDODXWREV

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7HHQWXVLDVPDQORVYLQRV"
3XHGRYHUODFDUWDGHORVYLQRV"
0HJXVWDPVHOWLQWRTXHHOEODQFR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 
3HWHU)LHOGVVSHDNVWR&KDUOHV+HQGHUVRQDERXWVRPHRIWKHFKDQJHVKHKDVPDGHVLQFHKHWRRNRYHUIRU-RKQ2OVRQFKDQJHVZKLFKKDYH
EHHQLQVWUXPHQWDOWRVRPHRIWKHVDOHVJURZWKHQMR\HGE\WKHFRPSDQ\
3HWHU

&KDUOHV
3HWHU
&KDUOHV
3HWHU
&KDUOHV

3HWHU
&KDUOHV
3HWHU
&KDUOHV
3HWHU

&KDUOHV
3HWHU
&KDUOHV
3HWHU
&KDUOHV

'RQoW EHOLHYH HYHU\WKLQJ \RX KHDU ,oYH PDGH VRPH


FKDQJHV LQ WKH VDOHV WHUULWRULHV DQG DSSRLQWHG D IHZ
QHZDJHQWV7KDWoVDOO
:KDWFKDQJHVKDYH\RXPDGH"
,oYH GLYLGHG WKH IRXU ODUJHVW WHUULWRULHV LQWR HLJKW
VPDOOHURQHVDQGQDPHGIRXUQHZDJHQWV
+DYHWKHROGDJHQWVFRPSODLQHG"
1RWDWDOO7KH\ZHUHKDYLQJWURXEOHFRYHULQJVXFKELJ
WHUULWRULHV
<RXPXVWKDYHDVSHFLDODELOLW\ZLWKWKHDJHQWV:KHQ
-RKQZDVLQFKDUJHWKH\FRPSODLQHGDERXWHYHU\WKLQJ
XQGHUWKHVXQ
'RQoWIRUJHWWKDWPRVWRIWKHPZHUHWUDLQHGE\PH,oP
OLNHDIDWKHUJXUHWRWKHP
%XWWHOOPHDUH\RXHQMR\LQJWKHMRE"
,FDQoWFRPSODLQ,QIDFW,QGLWTXLWHVWLPXODWLQJ
'R\RXJHWDORQJZLWKWKHUHVWRIWKHPDQDJHUV"
,DWWHQGDOOWKHPHHWLQJVEXW,GRQoWVD\PXFK(YHU\RQH
WDONV KLJKOHYHO VWUDWHJ\ EXW ,oP RQO\ LQWHUHVWHG LQ
VDOHVDQGPRUHVDOHVIRUWKHPRPHQW
, WKLQN WKDWoV WKH ULJKW ZD\ WR GR LW &RQFHQWUDWH RQ
\RXUMRE
1RZWKDW\RXoUHEDFNZKDWZLOOEH \RXU MRE"
:HoUH FUHDWLQJ D QHZ GHSDUWPHQW FDOOHG FRUSRUDWH
GHYHORSPHQW
:KDWGRHVWKDWPHDQ"
:HoUH JRLQJ WR VWXG\ WKH LGHD RI EX\LQJ RXW D IHZ
VPDOOHUORFDOFRPSHWLWRUV

GLYLGHLQWR IMDWHTXHXVDPRVpLQWRq 
ROG DQWLJXRV
WKH\ZHUHKDYLQJWURXEOH OHVFRVWDEDWUDEDMR
\RXPXVWKDYH GHEHVGHWHQHU
PRVWRIWKHP ODPD\RUDGHHOORV
JHWDORQJZLWK OOHYDUVHELHQFRQ
KLJKOHYHOVWUDWHJ\ HVWUDWHJLDGHDOWRQLYHO
WKDWoVWKHULJKWZD\WRGRLW DFLHUWDV
QRZWKDW\RXoUHEDFN DKRUDTXHKDVYXHOWR
ORFDOFRPSHWLWRUV FRPSHWLGRUHVQDFLRQDOHV

$F\QLFFDQFKLOODQGGLVKHDUWHQZLWKDVLQJOHZRUG 5DOSK:DOGR(PHUVRQ
8QFQLFRSXHGHHQIULDU\GHVDOHQWDUFRQXQDVRODSDODEUD
7KHSRZHURIDFFXUDWHREVHUYDWLRQLVFRPPRQO\FDOOHGF\QLFLVPE\WKRVHZKRGRQWKDYHLW *HRUJH%HUQDUG6KDZ
(OSRGHUGHODREVHUYDFLQFHUWHUDHVORTXHVXHOHVHUGHQRPLQDGRFLQLVPRSRUDTXHOORVTXHQRORSRVHHQ
$F\QLFLVDPDQZKRNQRZVWKHSULFHRIHYHU\WKLQJDQGWKHYDOXHRIQRWKLQJ 2VFDU:LOGH
8QFQLFRHVXQKRPEUHTXHFRQRFHHOSUHFLRGHWRGRVLQFRPSUHQGHUHOYDORUGHQDGD

(QRORJ\
(QRUPRXV
(QWKXVLDVP
(QWKXVLDVW
(QWKXVLDVWLF
(QWLUH
(QWLW\
(QWUDQFH

(VWLPDGRDPLJR\DOXPQR'HVGHTXHHPSHFDHQVHDULQJOVKHTXHULGRDQL
0VSDODEUDV
PDUDPLVDOXPQRV\DOSEOLFRHQJHQHUDODUHDOL]DUXQHVIXHU]RKRQHVWRSDUD
LQJOHVDVGHUD]ODWLQD
SURJUHVDU2VDQLPRGHEXHQFRUD]QRFRPRGHFVDTXDSHFKRGHVFXELHUWR0H
(QGHPLF
(QGLYHV
KHWRSDGRGHVGHVLHPSUHFRQSHUVRQDVTXHGHVSUHFLDEDQPLPHQVDMHRTXHVH
(QGRFULQH
EXUODEDQGHPLLQWHQWRSRUDQLPDURVOWLPDPHQWH\FRQIRUPHJDQRPVDXGLHQFLDSRUPLWUDEDMRHQUDGLR\WHOHYL
(QHP\
VLQSHUFLERXQDXPHQWRVLJQLFDWLYRGHHVWHIHQPHQR1RVVLVHUXQHVSHMLVPRSHURRLJRFRQFDGDSDVRTXHGR\
(QHUJHWLF
XQFUHFLHQWHHMUFLWRGHVDUFVWLFRVGHVHRVRVGHHPSHTXHHFHUWRGRORTXHGLJRRGHVHVWLPDUFXDOTXLHUDSHODFLQ
(QHUJ\
DDFWLWXGHV\YDORUHVQREOHV3HUR\DORVFRQR]FR6RQORVFQLFRV$FDPSDQSRUWRGDVSDUWHV\GLVIUXWDQWXPEDQGR
(QJHQGHU
SUHFLVDPHQWHDTXHOORVHVIXHU]RV\DVSLUDFLRQHVTXHKDFHQTXHHOPXQGRSURJUHVH6RQGHWRGRVORVVHUHVKXPDQRV
(QJLQHHU
ORVPHQRVWLOHV6RQVHUHVGHQRFKHTXHVHQXWUHQGHODVDOLPDDVSRUTXHODOLPSLDOX]GHOGDOHVFLHJDREOLJQGROHV
(QJLQHHULQJ
(QJOLVK
DUHQXQFLDUDODYLVLQ\HQOWLPRWUPLQRDGHVGHDUOD1RGHMHVTXHORVFQLFRVWXPEHQRGHVHVWLPHQWXUHVROXFLQ
(QLJPD
GHYHQFHUDOLGLRPDGHOLQJOV([FHSWRXQVORFDVRHQWRGDPLYLGDSURIHVLRQDOQRKHFRQRFLGRDQDGLHLQFDSD]GH
(QLJPDWLF
KDFHUVHFRQXQEXHQQLYHOHQPLLGLRPD(OTXHORFRQVLJDVWQDOPHQWHGHSHQGHQRGHWXFDSDFLGDGVLQRGHWX
(QRORJLVW
IXHU]DGHYROXQWDG
5LFKDUG9DXJKDQ







/RZ%HJLQQHU

+LJK%HJLQQHU

(VGLIFLO ,WoVGLIFXOW
3RUTXHVGLIFLO" :K\LVLWGLIFXOW"
6XVRMRVVRQD]XOHV +HUH\HVDUHEOXH
3RUTXVRQD]XOHVVXVRMRV" :K\DUHKHUH\HVEOXH"
(VLQWHUHVDQWHWXOLEUR" ,V\RXUERRNLQWHUHVWLQJ"

3DVHDPLGHVSDFKR *RLQWRP\RIFH
1RFLHUUHODSXHUWD 'RQoWFORVHWKHGRRU
6LQWHVHSRUIDYRU 6LWGRZQSOHDVH
(VFXFKHORTXHYR\DGHFLU /LVWHQWRZKDW,oPJRLQJWRVD\
/HYQWHVHSRUIDYRU *HWXSSOHDVH

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

1RKDEODUVXQEXHQLQJOVVL <RXZRQoWVSHDNJRRG(QJOLVK

LI\RXGRQoWVWXG\
QRHVWXGLDV
/RVLHQWRQRSRGULU ,oPVRUU\,ZRQoWEHDEOHWRJR
3RGUVGDUPHXQDFODVH :LOO\RXEHDEOHWRJLYHPHD

FODVVWRPRUURZ"
PDDQD"
1RWHD\XGDUDPHQRVTXH ,ZRQoWKHOS\RXXQOHVV\RX

FKDQJH\RXUDWWLWXGH
FDPELHVWXDFWLWXG
$OJXQDYH]OOHJDUVDWLHPSR" :LOO\RXHYHUDUULYHRQWLPH"

+DEUPXFKDJHQWHHVWD :LOOWKHUHEHPDQ\SHRSOH
WRQLJKW"
QRFKH"
1RKDEUWDQWRVFRPROD 7KHUHZRQoWEHDVPDQ\DVWKH
ODVWWLPH
OWLPDYH]
3RUTXKDEUPHQRVJHQWH" :K\ZLOOWKHUHEHIHZHUSHRSOH"
/DJHQWHVHKDDEXUULGRXQ 3HRSOHKDYHJRWDOLWWOHERUHG
RIWKHIRUPDW
SRFRGHOIRUPDWR
,QWHQWDKDFHUORPVLQWHUHVDQWH 7U\WRPDNHLWPRUHLQWHUHVWLQJ

%HGVSUHDG &ROFKD
%HGVKHHW 6EDQD

%ODQNHW 0DQWD

%HGVWHDG 6RPLHU

0DWWUHVV &ROFKQ

9RFDEXODULR%HG &DPD
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

$OJXLHQKDYLVWRDOJXQDYH]XQ+DVDQ\ERG\HYHUVHHQD8)2"
291,"
7RGRHOPXQGRFUHHUDTXHHVWV(YHU\ERG\ZRXOGWKLQN\RXoUH
ORFRVLGLMHUDVHVR
FUD]\LI\RXVDLGWKDW
1RFUHRTXHYD\DDYHQLUQDGLH ,GRQoWWKLQNDQ\ERG\oVJRLQJ
WRFRPH
1DGLHWLHQHWDQWRSRGHU 1RERG\KDVDVPXFKSRZHUDV

KHGRHV
FRPRO
&XDOTXLHUDVDEHHVR $Q\ERG\NQRZVWKDW

/DYLGDQRHVXQOHFKRGHURVDV /LIHLVQRWDEHGRIURVHV
7LHQHVTXHOXFKDUSRUWRGROR <RXKDYHWRJKWIRU
HYHU\WKLQJ\RXJHW
TXHFRQVLJXHV
7LHQHVTXHDSURYHFKDUWRGDV <RXKDYHWRPDNHWKHPRVWRI
WKHVHRSSRUWXQLWLHV
HVWDVRSRUWXQLGDGHV
1XQFDOOHJDUVDQLQJXQDSDUWH<RXoOOQHYHUJHWDQ\ZKHUH
ZLWKWKDWDWWLWXGH
FRQHVDDFWLWXG
'HEHUDVVHQWLUWHDYHUJRQ]DGR <RXVKRXOGIHHODVKDPHGRI
\RXUVHOI

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

&UHTXHWHQDHOLQJOV ,WKRXJKW,KDG(QJOLVK

PDVWHUHG
GRPLQDGR
9HRTXHWRGDYDWHQJRPXFKR ,VHH,VWLOOKDYHDORQJZD\WRJR

FDPLQRSRUUHFRUUHU
$SUHQGHUXQLGLRPDHVXQJUDQ/HDUQLQJDODQJXDJHLVDJUHDW
FKDOOHQJH
UHWR
1RVVLHVWR\SRUODODERU ,GRQoWNQRZLI,oPXSWRWKHWDVN
$QGDDQPDWH1RWHGHVDQLPHV&RPHRQFKHHUXS'RQoWJHW
GLVFRXUDJHG

/DUHXQLQQRDFDEDEDQXQFD 7KHPHHWLQJGUDJJHGRQIRUHYHU
4XLHURVRQGHDUOHVREUHHOWHPD ,ZDQWHGWRVRXQGKLPRXWRQ
WKHVXEMHFW
1XQFDVHPHRFXUUL ,WQHYHUFURVVHGP\PLQG
0DQWQPHLQIRUPDGR .HHSPHSRVWHG
([SOFDPHHVRXQDYH]PV 5XQWKDWE\PHRQHPRUHWLPH



Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpRQq 

7REHPDUULHGWR

,KDYHWRJHWRQP\ZD\
7HQJRTXHSRQHUPHHQFDPLQR

8VHWKHVWLUUXSVWRJHWRQWKHKRUVH
8VDORVHVWULERVSDUDVXELUWHDOFDEDOOR

*HWRQZLWKLW
|3QWH\DFRQHOOR

*RRQf
6LJXHVLJXH

+RZoV0DU\JHWWLQJRQ"
&PROHYDQODVFRVDVD0DUD"

+HoOOJRRQIRUHYHULI\RXOHWKLP
6HJXUKDEODQGRVLQSDUDUVLOHGHMDV

3HWHUoV3URPRWLRQ 

6LJQLFDpHVWDUFDVDGRFRQq1XQFDGHFLPRV
0DUULHGZLWKVRPHRQH
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
OHVWFDVDGRFRQ-DQH
(VWVFDVDGDFRQ3KLO"
(VWHOODFDVDGDFRQ%RER(ULF"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHU)LHOGVVSHDNVWR&KDUOHV+HQGHUVRQDERXWVRPHRIWKHFKDQJHVKHKDVPDGHVLQFHKHWRRNRYHUIRU-RKQ2OVRQFKDQJHVZKLFKKDYH
EHHQLQVWUXPHQWDOWRVRPHRIWKHVDOHVJURZWKHQMR\HGE\WKHFRPSDQ\
3HWHU

7KDWZLOOPHDQPRUHZRUNIRUPHZRQoWLW"

&KDUOHV 1RWIRUWKHPRPHQWEXWHYHQWXDOO\\RXPD\KDYHDQ
DGGLWLRQDOVDOHVIRUFHWRWUDLQDQGGLUHFW
3HWHU

HYHQWXDOO\ WDUGHRWHPSUDQR
\RXUHDOL]H WHGDVFXHQWD

<RXUHDOL]H,VXSSRVHWKDW,oPQRWRIFLDOO\WKHVDOHV
PDQDJHU KHUH ,oYH EHHQ SURYLVLRQDOO\ DSSRLQWHG WR
WKLVSRVLWLRQ

&KDUOHV <RX VKRXOGQoW ZRUU\ DERXW WKDW ,oP VXUH WKDW WKH
DSSRLQWPHQW ZLOO EH PDGH SHUPDQHQW VRRQ ZLWK DOO
WKHDGGLWLRQDOEHQHWVWKDWJRZLWKLW
&KDUOHV +HQGHUVRQ PHHWV ZLWK 6DUDK (YDQV WKH KXPDQ UHVRXUFHV PDQDJHU WR GLVFXVV WKH VDOHV GHSDUWPHQW DQG WR WDON DERXW 3HWHU
)LHOGV6DUDKWHOOVKLPWKDWWKHFRPSDQ\LVORRNLQJRXWVLGHIRUDQHZVDOHVDQGPDUNHWLQJPDQDJHU
&KDUOHV %\ WKH ZD\ 6DUDK , MXVW KDG D QLFH FKDW ZLWK 3HWHU
)LHOGV +H VHHPV WR EH TXLWH KDSS\ UXQQLQJ WKH VDOHV
GHSDUWPHQWDQGKHoVGRLQJDWHUULFMREEXWKHIHHOVD
OLWWOHLQVHFXUHLQWKHSRVLWLRQVLQFHLWoVVWLOOSURYLVLRQDO
6DUDK

:HoYH EHHQ LQWHUYLHZLQJ FDQGLGDWHV IRU WKH MRE DQG


KDYHUHGXFHGLWWRWKUHH

&KDUOHV 'R\RXUHDOO\WKLQNZHQHHGDQRXWVLGHSHUVRQIRUWKHMRE"
6DUDK

$UH\RXVXJJHVWLQJZHNHHS3HWHULQWKHSRVLWLRQ"

&KDUOHV ,I VDOHV DUH DQ LQGLFDWRU RI KLV DELOLWLHV WKHQ , WKLQN
ZHoYHDOUHDG\IRXQGWKHSHUIHFWPDQIRUWKHMRE
6DUDK

%XW 3HWHUoV RQO\  \HDUV ROG +HoV VWLOO WRR \RXQJ WR
PDQDJHVXFKDYHWHUDQWHDPRIDJHQWV

&KDUOHV 'R \RX UHDOL]H WKDW VDOHV KDYH JRQH XS  VLQFH KH
WRRNRYHU"
6DUDK

DQLFHFKDW XQDFRQYHUVDFLQDJUDGDEOH
UXQQLQJ GLULJLHQGR
WHUULF JHQLDO
VLQFH SXHVWRTXH
DQRXWVLGHSHUVRQ XQDSHUVRQDGHIXHUD
VXFKDYHWHUDQWHDPRIDJHQWV XQHTXLSRGHDJHQWHVWDQ
YHWHUDQR
VLQFHKHWRRNRYHU GHVGHTXHVHKL]RFDUJR
FRQVXPHUGHPDQGD HOFRQVXPRSULYDGR

6XUH,GREXWFRQVXPHUGHPDQGKDVJRQHXSWRR$OO
RXUFRPSHWLWRUVDUHJURZLQJDVZHOO

&KDUOHV $FFRUGLQJWRWKHJXUHV,KDYHFRQVXPHU GHPDQGKDV


JRQHXSRQO\:KRoVUHVSRQVLEOHIRUWKHRWKHU"


(VWLPDGRDPLJR\DOXPQR(QOOHYDDOUHGHGRUGHMYHQHVHVSDROHVD((
88SDUDFXUVDUXQDRGH 0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
HVWXGLRVXQLYHUVLWDULRV(VWXYHFRQHOORVGXUDQWHHOSULPHUPHV\GHVSXVYROYKDFLDQDOHVGHODRDFDGPLFR
'XUDQWHHVWDOWLPDYLVLWDPHKL]RPXFKDJUDFLDHOFRPHQWDULRGHODUHVSRQVDEOHGHOSHTXHRFHQWURXQLYHUVLWDULR
(QXPHUDWH
GHO,OOLQRLVUXUDOGRQGHHVWXYLHURQSDVDQGRHODR0HGLMR(VLQFUHtEOHFRQTXpDUWHKLODQH[FXVDVSDUDQRHVWXGLDU
(QXPHUDWLRQ
SDUDQRDVLVWLUDFODVHRSDUDOOHJDUWDUGHFRQUHJXODULGDG$OSULQFLSLRORVSURIHVRUHVVHQWtDQFLHUWDSUHRFXSDFLyQSRU
(QXQFLDWH
HOORVDQWHODVWULVWHVKLVWRULDVGHFRQWDEDQSHURSURQWRQRVGLPRVFXHQWDWRGRVGHTXHHUDQDUWLVWDVGHOHVFDTXHR<\R
(QYLRXV
FUHtDTXHORVDOXPQRVDTXtWHQtDQMHWD(VWRVFKLFRVHVSDxROHVVHOOHYDQODSDOPD5HFXHUGRTXHXQSURIHVRUGHO,(6(
(SKHPHUDO
PHGLMRXQGDTXHORVODWLQRVWHQDQPVLPDJLQDFLQTXHORVQUGLFRV\DQJORVDMRQHV/HUHVSRQGTXHHQORTXH
(SLF
QRVJDQDEDQORVODWLQRVQRHUDHQLPDJLQDFLQVLQRHQSLFDUHVFD/DLPDJLQDFLQHVORTXHKDFHIDOWDSDUDGHVFXEULU
(SLFHQWHU
FUHDULQYHQWDUFRPSRQHUSURJUHVDU\FRQVWUXLU/DSLFDUHVFDHVORTXHKDFHIDOWDSDUDFRQVHJXLUSHTXHDVYLFWRULDV
(SLFXUH
HQHOFRUWRSOD]RTXHHQHOODUJRUHVXOWDQLQWLOHV(VXQDKDELOLGDGTXHGHDQDUVHDVHJXUDHOIUDFDVRHQODYLGD
(SLFXUHDQ
(SLGHPLF
$ORODUJRGHORVDRVKHREVHUYDGRODSLFDUHVFDHQHOHVWXGLRGHOLQJOV([FXVDVGHODVPVSLQWRUHVFDVfH[FXVDV
(SLGHUPLV
GLVHDGDVSDUDJDUDQWL]DUXQSURJUHVRQXOR(QODPD\RUDGHORVFDVRVQRPHKHPROHVWDGRHQDEVROXWRHQUHEDWLU
(SLJUDP
ODH[FXVDSRUTXHHVWDEDFODURTXHODSHUVRQDHQFXHVWLQQRLEDDDSUHQGHULQJOVQXQFDQLVH
(SLOHSV\
JXUDPHQWHLEDDWULXQIDUHQQDGDHQORTXHOHTXHGDEDGHYLGD3UHHURJDVWDUPLVHQHUJDVHQ
(SLOHFWLF
DQLPDU\DOHQWDUDDTXHOORVpPHQRVOLVWRVqSHURLOXVLRQDGRVTXHGHVHHQKDFHUORQHFHVDULRSDUD
(SLORJXH
WULXQIDU(QHVWRVFDVRVJDVWDUWRGDODHQHUJDTXHWHQJRGHQWUR6LDOJQGDQRVFRQRFHPRV
SHUVRQDOPHQWHQRPHKDEOHVGHSRUTXWXLQJOVQRHVSHUIHFWR1RPHGHVH[FXVDV3UHJQWD
PHTXPVWLHQHVTXHKDFHUSDUDYHQFHUGHQLWLYDPHQWHPLLGLRPD\KDUWRGRORTXHSXHGD
SDUDD\XGDUWH
5LFKDUG9DXJKDQ







/RZ%HJLQQHU

+LJK%HJLQQHU

'HTXFRORUHVVXFRFKH" GH :KDWFRORXULVKHUFDU"



HOOD 
'HTXFRORUVRQVXVRMRV" GH :KDWFRORXUDUHWKHLUH\HV"

HOODV 
&XOHVVWHRDTXO" :KLFKRQHLVLWWKLVRQHRUWKDW
RQH"
&XOHVHODPDULOOR" :KLFKRQHLV\HOORZ"
4XLQHVVXMHIH" GHHOORV  :KRoVWKHLUERVV"

4XTXLHUHHOOD" :KDWGRHVVKHZDQW"
1RVDEHTXHHVWR\RFXSDGR" 'RHVQoWVKHNQRZWKDW,oP
EXV\"
'LOHTXHYXHOYDPVWDUGH 7HOOKHUWRFRPHEDFNODWHU
&XQGRFUHHVTXHHVWDUV :KHQGR\RXWKLQN\RXoOOEH
OHVVEXV\"
PHQRVRFXSDGR"
/HOODPDUFXDQGRWHUPLQHHVWH ,oOOSKRQHKHUZKHQ,QLVKWKLV
UHSRUW
LQIRUPH

&DYH3DLQWLQJ 3LQWXUDUXSHVWUH

6WDODFWLWH (VWDODFWLWD

&DYH'ZHOOHU &DYHUQFROD
6WDODJPLWH (VWDODJPLWD
&OXE *DUURWH

9RFDEXODULR&DYH &XHYD
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

3RUTXIXPDOWDQWR" :K\GRHVKHVPRNHVRPXFK"
(OIXPDUOHUHODMD 6PRNLQJUHOD[HVKLP
6XSRQJRTXHHVSRUTXHWLHQH ,VXSSRVHLWoVEHFDXVHKHKDVD

PXFKDVSUHRFXSDFLRQHV
ORWRIZRUULHV
3RUTXVHSUHRFXSDWDQWR" :K\GRHVKHZRUU\VRPXFK"
7LHQHPXFKDUHVSRQVDELOLGDG" 'RHVKHKDYHDORWRI
UHVSRQVLELOLW\"

/RKLFLPRVQRVRWURVPLVPRV :HGLGLWRXUVHOYHV
3RUTXHVWVKDEODQGR :K\DUH\RXWDONLQJWR
FRQWLJRPLVPR"
\RXUVHOI"
'HMDGGHSHJDURV 6WRSKLWWLQJHDFKRWKHU
/RFRQVWUX\OPLVPR +HEXLOWLWKLPVHOI
&DQGRVHHQDPRUDURQ" :KHQGLGWKH\IDOOLQORYHZLWK
HDFKRWKHU"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

(VWXYLHURQGHDFXHUGRFRQWLJR"'LGWKH\DJUHHZLWK\RX"
1RHVWDEDQGHDFXHUGRSDUD 7KH\GLGQoWDJUHHDWDOO

QDGD
1RVHGDQFXHQWDGHTXHHVWQ'RQoWWKH\UHDOLVHWKH\oUH
SHUGLHQGRGLQHUR"
ORVLQJPRQH\"
3RUORYLVWRQR $SSDUHQWO\QRW
7DUGHRWHPSUDQRYDQDWHQHU 6RRQHURUODWHUWKH\oUHJRLQJWR

TXHGDUVHFXHQWD
KDYHWRUHDOLVH

+DVUHOOHQDGRHOLPSUHVR" +DYH\RXOOHGRXWWKHIRUP"
4XLHUHVTXHUHOOHQHHVWH 'R\RXZDQWPHWROORXWWKLV
LPSUHVRGHVROLFLWXG"
DSSOLFDWLRQIRUP"
<TXVHVXSRQHTXHHVWR\ $QGZKDWDP,VXSSRVHGWREH
VROLFLWDQGR"
DSSO\LQJIRU"
<DHVKRUDGHTXHHQFXHQWUHV ,WoVDERXWWLPH\RXIRXQGD
WUDEDMR
MRE
(OWUDEDMRHVWVREUHYDORUDGR :RUNLVRYHUUDWHG

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

0HSLFDODQDUL] 0\QRVHLVLWFK\
6DEHVORTXHVLJQLFDHVRQR" <RXNQRZZKDWWKDWPHDQV
GRQoW\RX"
4XHVWR\DSXQWRGH 7KDW,oPDERXWWRVQHH]H"
HVWRUQXGDU"
6LJQLFDTXHYDVDSHOHDUFRQ ,WPHDQV\RXoUHJRLQJWRKDYH
DOJXLHQ
DJKWZLWKVRPHRQH
|(VRHVXQFXHQWRFKLQR 7KDWoVDFRFNDQGEXOOVWRU\

3RUTXPHHVWVWRVLHQGRDV":K\DUH\RXFRXJKLQJDWPH
OLNHWKDW"
7LHQHVFDUUDVSHUD" 'R\RXKDYHDIURJLQ\RXU
WKURDW"
|'LORKDEOD 6SLWLWRXW
|7LHQHVODEUDJXHWDDELHUWD <RXULHVDUHRSHQ
3XHGHTXHODWHQJDDELHUWDD ,PLJKWKDYHWKHPRSHQRQ

SURSVLWRSDUDDKRUUDUWLHPSR SXUSRVHWRVDYHWLPH



Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpRQq 

0DQ\

7KHPHHWLQJZHQWRQDOODIWHUQRRQ
/DUHXQLQVLJXLWRGDODWDUGH

,oPWRRWLUHGWRJRRQ
(VWR\GHPDVLDGRFDQVDGRSDUDVHJXLU

<RXFDQoWJRRQOLNHWKDW
1RSXHGHVVHJXLUDV

+HZHQWRQWRDFKLHYHJUHDWWKLQJV
/OHJFRQHOWLHPSRDKDFHUJUDQGHVFRVDV

+HNHSWJRLQJRQDERXWKLVVLVWHU
1RSDUDEDGHKDEODUGHVXKHUPDQD

+HZHQWRQDQGRQDERXWKLVRSHUDWLRQ
+DEODEDGDOHTXHGDOHGHVXRSHUDFLQ

3HWHUoV3URPRWLRQ 

6LJQLFDpPXFKRVq\QRUPDOPHQWHVHXVDHQ
HOQHJDWLYRRHOLQWHUURJDWLYRFXDQGRHOREMHWR
GHODIUDVHHVSOXUDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7LHQHVPXFKDVSUHJXQWDV"
6LPRQYDDFRPSUDUPXFKRVUHJDORV"
+D\PXFKRVSDUTXHVHQ/RQGUHV"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHUFRQWLQXHWRDUJXHDERXW3HWHU)LHOGVDQGWKHVWUDWHJ\IRUFRQVROLGD
WLQJWKHVDOHVDQGPDUNHWLQJDUHDRIWKHFRPSDQ\
6DUDK

/LVWHQ&KDUOHV,oPQRWDJDLQVW3HWHU)LHOGV+HoVDQH
\RXQJPDQDQGKHoVGRQHDQH[FHOOHQWMREVLQFH-RKQ
OHIW%XWKHoVVLPSO\QRWWKHULJKWPDQIRUWKHIXWXUH

&KDUOHV :KDWoVZURQJZLWKKLP"
6DUDK

)LUVWRIDOOKHNQRZVQRWKLQJDERXWH[SRUWVDOHVDQG
ZLWKWKHQHZSDQ(XURSHDQVWUDWHJ\WKDWWKH(XURSHDQ
2IFHLVSODQQLQJIRUQH[W\HDU,oPQRWVRVXUHKHoOOEH
DEOHWRKDQGOHLW 6HFRQGO\ZKHQ\RXVWDUWDFTXLULQJ
QHZFRPSDQLHVDQGDGGLQJWKHLUVDOHVIRUFHVWRRXUV
KHoOO KDYH KLV KDQGV VR IXOO WKDW KHoOO SUREDEO\ ORVH D
JUHDW GHDO RI WKH HIIHFWLYHQHVV KH QRZ KDV ZLWK RXU
SUHVHQWVDOHVIRUFHPDQ\RIZKRPKHWUDLQHGKLPVHOI

&KDUOHV , GRQoW EX\ WKDW DUJXPHQW +H PD\ QRW KDYH PXFK
H[SHULHQFHZLWKWKH(XURSHDQ2IFHEXWKHoVWKHRQO\
SHUVRQKHUHZKRVSHDNVXHQW*HUPDQ+HFDQWDONWR
WKHPLQWKHLURZQODQJXDJH+LVPRWKHUZDV*HUPDQ
\RX NQRZ %\ WKH ZD\ GR WKH DJHQWV NQRZ \RXoUH
ORRNLQJIRUDQHZVDOHVPDQDJHU"
6DUDK

ZKDWoVZURQJZLWKKLP" TXWLHQHGHPDOR"
)LUVWRIDOO HQSULPHUOXJDU
6HFRQGO\ HQVHJXQGROXJDU
DJUHDWGHDORI PXFKR
PDQ\RIZKRP PXFKRVGHORVFXDOHV
,GRQoWEX\WKDWDUJXPHQW QRHVWR\GHDFXHUGR
EHWWHUWKDQHYHU PHMRUTXHQXQFD
WKH\PLJKWJHWXSVHW SXHGHTXHVHGLVJXVWHQ
H[SHULHQFHG H[SHULPHQWDGR

:HKDYHQoWLQIRUPHGWKHP\HW

&KDUOHV 'RQoW\RXWKLQNLWZRXOGEHDJRRGLGHDWRFRQVXOWZLWK
WKHP"7KH\oUHZRUNLQJEHWWHUWKDQHYHUZLWK3HWHUDQG
WKH\PLJKWJHWXSVHWLI\RXPDNHDFKDQJHQRZ
6DUDK

DQH\RXQJPDQ XQMRYHQH[FHOHQWH

IDUPHTXLSPHQW PDTXLQDULDDJUFROD
WRKHDG  HQHVWHFDVR KDFHUVHFDUJRGH

/LVWHQ WKH %RVWRQ &RQVXOWLQJ *URXS KDV EHHQ KHUH


IRU WKH SDVW WZR PRQWKV VWXG\LQJ HYHU\ GHSDUWPHQW
DQG WKHLU FRQFOXVLRQ LV WKDW ZH QHHG DQ H[SHULHQFHG
YHWHUDQ LQ IDUP HTXLSPHQW VDOHV WR KHDG WKH VDOHV
GHSDUWPHQW

&KDUOHV 7KHQZKDWoVJRLQJWRKDSSHQWR3HWHU)LHOGV"
6DUDK

+HoOOJREDFNWRWUDLQLQJ:HoUHSD\LQJDIRUWXQHULJKW
QRZWRDQRXWVLGHUPWRKDQGOHWKDW


(VWLPDGRDPLJR\DOXPQR'HVGHTXHYLYRHQ(VSDDYRVRWURVORVHVSDROHVPHGHFVTXHYXHVWURSHFDGRFD 0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
SLWDOQPHURXQRHVODHQYLGLD(QPLSDVFUHRTXHVHUODJXODRODDYDULFLD$KRUDGHVSXVGHDRVYLYLHQGR
(SLVRGH
DTXHVWR\GHDFXHUGRFRQYXHVWUDDSUHFLDFLQ+HH[SHULPHQWDGRHQFDUQHSURSLD\KHREVHUYDGRHQLQQXPHUDEOHV
(SLVWOH
PRPHQWRVFPRODHQYLGLDGHVWUX\HSULPHURDOTXHHQYLGLD\VLOOHJDDVXVOWLPRVH[WUHPRVDOHQYLGLDGR3HUROD
(SLVWRODU\
GHVWUXFFLQVLHPSUHVHFHEDSULPHURFRQHOTXHHQYLGLD\VLQSLHGDG&UHRVLQFHUDPHQWHTXHVHWUDWDGHXQSHFDGR
(SLWDSK
TXHQRVLHQWRHQDEVROXWR\DTXHQRDFDERGHHQWHQGHUHOSRUTXGHODHQYLGLD\ORKHGDGRPVGHXQDSHQVDGD
(SRFK
3DUDPHVHOQLFRSHFDGRFDSLWDOTXHVHSRGUDFRQVLGHUDUHOLQWLO/DJXODWHGHMDJRUGR\IHRSHURDOPHQRV
(TXDO
FRPHVDWXVDQFKDV/DDYDULFLDWHGHMDVLQDOPDSHURDOPHQRVHOGLQHURWHORTXHGDVW\QRORVGHPV/DOXMXULDWH
(TXDOLW\
GHVYDGHODQREOH]DGHODYLGDSHURDOPHQRVSDVDVDOJXQRVUDWRVSODFHQWHURV/DVREHUELDWHLPEX\HGHODLGLRWH]
(TXDWLRQ
VXSUHPDSHURDOPHQRVWHGDSODFHUDOVHQWLUWHLQPRUWDOHQWLHUUDGHPRUWDOHV/DLUDWHUHVWDODFDSDFLGDGSDUDPHGLU
(TXDWRU
FRUUHFWDPHQWHODVFRVDVSHURDOPHQRVWHSHUPLWHXQGHVIRJXHDYHFHVVDQRSDUDODWHQVLQVDQJXQHD<SRUOWLPR
(TXDWRULDO
ODSHUH]DWHDQXODWRGDVODVMR\DVTXHWHRIUHFHODYLGDSHURDOPHQRVWHSHUPLWHXQSRFRSUHVXPLUGHGRQWZRUU\
(TXHVWULDQ
EHKDSS\3HURODHQYLGD"'LPHXQDVRODFRVDSRVLWLYDTXHDSRUWDODHQYLGLD'HWRGRVORV
(TXLGLVWDQW
SHFDGRVFDSLWDOHVHVHOPVLQWLOHLGLRWD(QYLGLDUDRWURHVTXHPDUVHYLYRHQXQDKRJXHUDGH
(TXLOLEULXP
UDELDVLQGLVIUXWDUGHQDGDDFDPELR3DUDVHQWLUVDWLVIDFFLQODHQYLGLDWHREOLJDDWXPEDUDO
(TXLQH
HQYLGLDGRORTXHH[LJHPXFKRWUDEDMRPX\FXHVWDDUULED7HUHFRPLHQGRHQHVWRVFDVRVFDQMHDU
(TXLQR[
(TXLS
ODHQYLGLDSRUODSHUH]D$VSDVDVGHWRGR\GHMDVHQSD]DORVTXHHVWQRFXSDGRVFRQVWUX\HQGR
5LFKDUG9DXJKDQ
(TXLSPHQW
HOPXQGRSDUDWL\SDUDPXFKRVPVFRPRW







/RZ%HJLQQHU

+LJK%HJLQQHU

6DODPDQFDHVIDPRVDSRUVX 6DODPDQFDLVIDPRXVIRULWV

8QLYHUVLGDG
8QLYHUVLW\
(OSUREOHPDGH$QDHVQXHVWUR $QDoVSUREOHPLVRXUSUREOHP

SUREOHPDWDPELQ
WRR
'HTXLQVRQHVWRV]DSDWRV" :KRVHVKRHVDUHWKHVH"
6RQGH0DUN 7KH\oUH0DUNoV
3RUTXHVWQHQODGXFKD" :K\DUHWKH\LQWKHVKRZHU"

1XQFDFRPRFDUQH ,QHYHUHDWPHDW
(OODVLHPSUHFRPHELHQ 6KHDOZD\VHDWVZHOO
1REHEHPXFKRWDPSRFR 6KHGRHVQoWGULQNPXFKHLWKHU
OKDFHHMHUFLFLRWRGDVODV +HGRHVH[HUFLVHHYHU\
PRUQLQJ
PDDQDV
1RSDVDPXFKRWLHPSRFRQVX +HGRHVQoWVSHQGPXFKWLPH
ZLWKKLVIDPLO\
IDPLOLD

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

9HQDTX\WUHPHHVDFDUSHWD &RPHKHUHDQGEULQJPHWKDW
IROGHU
9HDOO\OOYDOH DHOOD HVWDFRSD*RRYHUWKHUHDQGWDNHKHUWKLV
JODVVRIZLQH
GHYLQR
3RUTXOHWUDMLVWHFRQWLJR" :K\GLG\RXEULQJKLPZLWK

\RX"
DO 
/OYDPHHVWDQRFKHD6DQ 7DNHPHWR6DQ)HUQDQGR

WRQLJKW
)HUQDQGR
3RUTXQRTXLHUHV :K\GRQoW\RXZDQWWRDQVZHU

PH"
FRQWHVWDUPH"

$TXKRUDVDOHHODYLQ" :KDWWLPHGRHVWKHSODQHOHDYH"
'HTXSXHUWDVDOH" :KDWJDWHGRHVLWOHDYHIURP"
&XQWDVPDOHWDVWHQGUV" +RZPDQ\VXLWFDVHVZLOO\RX
KDYH"
&XQWRSXHGHSHVDUFDGDXQD" +RZPXFKFDQHDFKRQHZHLJK"
&XOHVODKRUDHVWLPDGDGH :KDWoVWKHHVWLPDWHGODQGLQJ
WLPH"
DWHUUL]DMH"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

0HDOHJURGHTXHKD\DVYHQLGR ,oPJODG\RXFDPH
/OHYDPRVPXFKRWLHPSRVLQ :HKDYHQoWVHHQ\RXURXQG

YHUWHSRUDTX
KHUHIRUDORQJWLPH
'QGHKDVHVWDGRHVWRVOWLPRV:KHUHKDYH\RXEHHQWKHVH
PHVHV"
ODVWIHZPRQWKV"
3HQVDEDTXHWHKDEDVDOLVWDGR ,WKRXJKW\RXoGMRLQHGWKH

HQHO(MUFLWR
$UP\
3RUTXQRQRVOODPDVWH" :K\GLGQoW\RXFDOOXV"

3RUTXSLHQVDVGLPLWLU" :K\DUH\RXSODQQLQJWRUHVLJQ"
6HPHKDDJRWDGRODSDFLHQFLD ,oYHUXQRXWRISDWLHQFH
1RWRPDQHQVHULRPLV 7KH\GRQoWWDNHP\
VXJHUHQFLDV
VXJJHVWLRQVVHULRXVO\
1RPHGHMDQLQXLUHQODSROWLFD7KH\GRQoWOHWPHLQXHQFH
GHODHPSUHVD
FRPSDQ\SROLF\
1RORDJXDQWRPV ,FDQoWWDNHDQ\PRUH

5DNH 5DVWULOOR
:KHHOEDUURZ &DUUHWLOOD
&RPSRVWKHDS /XJDUGRQGHVHDPRQ
WRQDQGHVHFKRVSDUDSUHSDUDUDERQR
/DZQPRZHU &RUWDFVSHG
)HUWLOL]HU $ERQR

9RFDEXODULR*DUGHQLQJ -DUGLQHUD
0LGGOH$GYDQFHG
'HEHUDVKDEHUPHDGYHUWLGR <RXVKRXOGKDYHZDUQHGPH
DERXWWKHGDQJHU
GHOSHOLJUR
0VYDOHTXHWHPDUFKHVDKRUD<RXoGEHWWHUOHDYHQRZ
EHFDXVHRWKHUZLVHf
SRUTXHVLQR
0HHVWVDPHQD]DQGR" $UH\RXWKUHDWHQLQJPH"
6ORVRQPLVFRQVHMRV\PV ,WoVMXVWP\DGYLFHDQG\RXoG
EHWWHUIROORZLW
YDOHTXHORVVLJDV
|1RPHWUDWHVFRQ 'RQoWSDWURQLVHPH
FRQGHVFHQGHQFLD

)RU(QJOLVKVXSHUVWDUVRQO\
(VWVHQODVQXEHV <RXKDYH\RXUKHDGLQWKH
FORXGV
9LYHVHQXQPXQGRGHHQVXHR <RXOLYHLQDGUHDPZRUOG
(VWR\HQHOVSWLPRFLHOR ,oPRQFORXGQLQH
'LUDTXHWHIDOWDXQWRUQLOOR ,oGVD\\RXKDYHDVFUHZORRVH
|(VWDUFKDSDGRDODDQWLJXD <RXoUHDQROGIXGG\GXGG\



Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpRQq 

3KUDVDO9HUE7R*URZ8S

:KDWoVJRLQJRQKHUH"
4XSDVDDTX"

+HoVJRLQJRQVHYHQ
(VWSU[LPRDFXPSOLUORVVLHWHDRV

+RZORQJKDVWKLVEHHQJRLQJRQ"
&XQWRKDFHTXHSDVDHVWR"

+HKDVQRWKLQJWRJRRQ
1RWLHQHHQTXEDVDUODLQYHVWLJDFLQ

$VWLPHJRHVRQf
$PHGLGDTXHSDVDHOWLHPSR

,WoOOJURZRQ\RX
7HLUJXVWDQGRFRQHOSDVRGHOWLHPSR

6LJQLFDpFULDUVHqRpKDFHUVHPD\RUqHQHO
VHQWLGRGHpFRQYHUWLUVHHQDGXOWRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
&XDQGRPLKLMRVHDPD\RUTXLHUHVHUERPEHUR
|0LVKLMRVVHHVWQKDFLHQGRPD\RUHVWDQUSLGR
-DPHVVHFULHQHOVXUGH(VFRFLD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHUQLVKDUVWGLVFXVVLRQDERXW3HWHU)LHOGVDQGWKHQWZRGD\VODWHU
VWDUWDVHFRQGGLVFXVVLRQ GLVFXVVLRQ FRQYHUVDFLQ
&KDUOHV 6R\RXoUHJRLQJWRGLVPLVVWKHEHVWVDOHVPDQDJHUZHoYH
KDGLQRXUKLVWRU\MXVWEHFDXVHWKH%RVWRQ&RQVXOWLQJ
*URXSVD\VVR
6DUDK

+HoVQRWJRLQJWREHGLVPLVVHG+HoVVLPSO\JRLQJWREH
WUDQVIHUUHG EDFN WR KLV RULJLQDO IXQFWLRQV 'RQoW IRUJHW
WKDWKHoVDOVRWKHEHVWWUDLQLQJPDQDJHUZHoYHHYHUKDG

GLVPLVV GHVSHGLU
fVD\VVR DVORGLFH
WHUULF JHQLDO
LQWKHUVWSODFH HQSULPHUOXJDU
WREULQJLQ FRQWUDWDU XQFRQVXOWRU 

&KDUOHV ,ZDVZLWK*HRUJH5RELQVRQWKLVPRUQLQJDQGKHVHHPV
WRDJUHHZLWKPHWKDW3HWHU)LHOGVLVGRLQJDWHUULFMRE

DWRSFODVVSHUVRQ XQDSHUVRQDGHSULPHUD

6DUDK

FDOODPHHWLQJ FRQYRFDUXQDUHXQLQ

,W ZDV *HRUJHoV LGHD LQ WKH UVW SODFH WR EULQJ LQ WKH
%RVWRQ &RQVXOWLQJ *URXS ,WoV EHHQ KLV LGHD VLQFH WKH
EHJLQQLQJWRQGDWRSFODVVSHUVRQIRUVDOHV

&KDUOHV :HOO,KDYHDIHHOLQJKHoVQRWVRFRQYLQFHGDQ\PRUH
0D\EHZHVKRXOGFDOODPHHWLQJRQWKLVVXEMHFWEHIRUH
LWoVWRRODWH
6DUDK

,KDYHDIHHOLQJ WHQJRXQSUHVHQWLPLHQWR
,oPZDUQLQJ\RX WHDGYLHUWR
DQHMRE XQWUDEDMRH[FHOHQWH

,I\RXLQVLVWEXW,oP ZDUQLQJ \RXf3HWHU)LHOGVPD\EH


GRLQJDQHMREQRZEXWWKLQJVDUHJRLQJWRJHWDORWPRUH
FRPSOLFDWHGLQWKHIXWXUHDQGZHKDYHWREHUHDG\IRULW

7KHIROORZLQJLVWKHEHJLQQLQJRIDVHFRQGFRQYHUVDWLRQEHWZHHQ&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHU
7ZRGD\VKDYHSDVVHGDQGWKHGLVFXVVLRQUHPDLQVFHQWHUHGRQWKHVXEMHFWRI3HWHU)LHOGV
&KDUOHV +L6DUDKKRZDUHWKLQJVJRLQJ"

KRZDUHWKLQJVJRLQJ" FPRYDQODVFRVDV"

6DUDK

KRZDERXW\RXUVHOI" <WTXWDO"

1RWWRREDG&KDUOHVKRZDERXW\RXUVHOI"

&KDUOHV 1RWWRREDGHLWKHU7HOOPHKDYH\RXVSRNHQWR*HRUJH
5RELQVRQVLQFHWKHODVWWLPHZHVSRNH"

KHoVKDYLQJVHFRQGWKRXJKWV OHHVWQHQWUDQGRGXGDV

6DUDK

WRUXQ GLULJLU

<HVZHKDGDORQJWDONDIWHUOXQFK\HVWHUGD\,WKLQN
\RXoUHULJKW+HoVKDYLQJVHFRQGWKRXJKWVDERXWKLULQJ
VRPHRQHWRUHSODFH3HWHU)LHOGV,WVHHPV\RXoUHJRLQJ
WRJHW\RXUZD\DIWHUDOO

fJHW\RXUZD\ VDOLUWHFRQODWX\D
EHVLGHV DGHPV

&KDUOHV /LVWHQ6DUDKDV,VDLGWKHRWKHUGD\,oPQRWQHFHVVDULO\
DJDLQVW QGLQJ D WRSFODVV YHWHUDQ WR UXQ WKH VDOHV
GHSDUWPHQW%XW,VLPSO\WKLQNLWoVDOLWWOHWRRHDUO\WR
PDNH VXFK DQ LPSRUWDQW GHFLVLRQ QRZ %HVLGHV ZH
FRXOGULVNORVLQJ3HWHU)LHOGVLIZHVXGGHQO\WUDQVIHUKLP
EDFNWR7UDLQLQJ


(VWLPDGRDPLJR\DOXPQR&RPSUKDFHPXFKRVDRVXQDERODGHFULVWDOTXHGXUDQWHXQDSRFDLPSRUWDQWHGH
0VSDODEUDV
PLYLGDPHD\XGEDVWDQWHDODKRUDGHYHUHOIXWXUR\DGDSWDUPLVDFWXDFLRQHVHQOQHDFRQORTXHODERODPH LQJOHVDVGHUD]ODWLQD
SURQRVWLFDED6LQHPEDUJRKDFHXQRVDRVQRWTXHODERODIXQFLRQDEDFDGDYH]SHRUIDOODQGRHQPXFKRV
(TXLW\
PRPHQWRVSRUORTXHIXLDXQRVJUDQGHVDOPDFHQHVSDUDLQIRUPDUPHVREUHODVQXHYDVJHQHUDFLRQHVGHERODVGH
(TXLYDOHQFH
FULVWDO0HGLMHURQTXH\DWHQDQHQVWRFNODQXHYDVHULH%TXHSURPHWDSUHGHFLUHOIXWXURFRQXQGH
(TXLYDOHQW
DELOLGDG/RFRPSUDSHVDUGHOSUHFLRSDUDPGHVRUELWDGR\PHSXVHDSODQLFDUODVHWDSDV\GHPLIXWXUR1R
(UD
VVLSRUPDODVXHUWHRSRUIDOORVHQODQXHYDWHFQRORJDODERODPHLQGLFDEDFRVDVTXHQRPHJXVWDEDQRTXH\RQR
(UDGLFDWH
TXHUDSHUVHJXLU$OFDERGHXQRVPHVHV\VREUHWRGRDLQVWDQFLDVGHPLPXMHUTXLHQFUHHPVHQPTXH\RPLVPR
(UDGLFDWLRQ
GHFLGKDFHUFDVRRPLVRDODERODGHFULVWDO\FUHDU\RPLVPRPLIXWXUR<VDEHVXQDFRVD"(OSRGHUGHODPHQWH
(UJRQRPLF
FXDQGRVHFHQWUDHQDOJRVXSHUDFRQFUHFHVDODVERODVGHFULVWDOLQFOXVRDODVGHOWLPDJHQHUDFLQ7HORGLJRGH
(URVLRQ
WRGRFRUD]QODPHMRUPDQHUDSDUDSUHGHFLUHOIXWXURHVFUHQGRORWPLVPR<SXHGHVKDFHUORWH
(URWLF
(URWLFLVP
ORDVHJXUR9LVXDOL]DORVGLIHUHQWHVIXWXURVTXHTXLHUHVKDFHUUHDOLGDG\GHVSXVWUDEDMDDWRSHFRQ
(UUDWLF
SDFLHQFLD\EXHQDYROXQWDG\WHVRUSUHQGHUVGHFXQWRVGHHVRVIXWXURVTXHKDVYLVXDOL]DGRVHYDQ
(UURQHRXV
KDFLHQGRUHDOLGDG0HGLFHQTXHVR\LPSDUDEOHSHURORTXHQRVDEHQHVTXHWHQJRXQVHFUHWRfHO
(UURU
VHFUHWRDSUHQGLGRWUDVGHFLGLUDEDQGRQDUODLGHDGHODVXHUWH\GHODVERODVGHFULVWDO(VHVHFUHWRHV
HOSRGHUGHODGHWHUPLQDFLQ\ODIXHU]DGHYROXQWDG\PVLPSRUWDQWHWRGDYDHOSRGHUGHODYLVLQ
5LFKDUG9DXJKDQ
\GHODDFWLWXGSRVLWLYD







/RZ%HJLQQHU

+LJK%HJLQQHU

(UHVPLDPLJR" $UH\RXP\IULHQG"
3RUTXHVWHOODDTXFRQHOORV" :K\LVVKHKHUHZLWKWKHP"
1RHVWQLQWHUHVDGRVHQOD $UHQoWWKH\LQWHUHVWHGLQ

PVLFD"
PXVLF"
3RUTXQRHVWQFRQQRVRWURV" :K\DUHQoWWKH\ZLWKXV"
(VRHVWRGR" ,VWKDWHYHU\WKLQJ"

7HYDVDKRUD" $UH\RXJRLQJQRZ"
'QGHYDHOOD" :KHUHoVVKHJRLQJ"
1RYDPRVFRQHOORV" $UHQoWZHJRLQJZLWKWKHP"
'QGHYDHOODGHVSXVGHO :KHUHGRHVVKHJRDIWHU
VFKRRO"
FROHJLR"
1RYDODOPLVPRFROHJLRTXH 'RHVQoWKHJRWRWKHVDPH
VFKRRODVKHU"
HOOD"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

)XLVWHDVXERGD" GHHOORV  'LG\RXJRWRWKHLUZHGGLQJ"


&RQTXLQIXHO" :KRGLGKHJRZLWK"
,UVVLQP" :LOO\RXJRZLWKRXWPH"
3RUTXQRLUVFRQPLJR" :K\ZRQoW\RXJRZLWKPH"
4XLQIXHDODFODVH" :KRZHQWWRWKHFODVV"


&XQWRVIXHURQ" +RZPDQ\ZHQW"
+DLGRHOODDPLVDOWLPDPHQWH" +DVVKHJRQHWRPDVVODWHO\"
&XQWDVYHFHVKDLGROSDUD +RZPDQ\WLPHVKDVKHJRQH
WRVHHKHU"
YHUOD"
&RQTXIUHFXHQFLDKDVLGR" +RZRIWHQKDYH\RXEHHQ
JRLQJ"
3RUTXQRKHPRVLGRPVD :K\KDYHQoWZHJRQHPRUH
RIWHQ"
PHQXGR"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

'QGHLEDVFXDQGRWHYL" :KHUHZHUH\RXJRLQJZKHQ,
VDZ\RX"
$TXLQLEDVDYHU" :KRZHUH\RXJRLQJWRVHH"
+DEDLVLGRD5RPDDQWHVGH +DG\RXJRQHWR5RPHEHIRUH
\RXUKRQH\PRRQ"
YXHVWUDOXQDGHPLHO"
1RLEDDLUHOODFRQWLJRDO :DVQoWVKHJRLQJWRJRWKH

FRQFHUWZLWK\RX"
FRQFLHUWR"
3RUTXHQRIXHURQDQWHVGH :K\KDGQoWWKH\JRQHEHIRUH,

DUULYHG"
TXHOOHJDUD\R"

3RUTXQRLUVDQRVHUTXH :K\ZRQoW\RXJRXQOHVVVKH
JRHV"
YD\DHOOD"
,UDVLQRHVWXYLHVHHQIHUPD" :RXOGVKHJRLIVKHZHUHQoWLOO"
'QGHLUDPRVVLWXYLVHPRV :KHUHZRXOGZHJRLIZHKDG
WKHPHDQV"
ORVPHGLRV"
3RUTXHOODQRLUDVLVHOR :K\ZRXOGQoWVKHJRLI\RX
DVNHGKHU"
SLGLHVHV"
1RLUDQVLQRIXVHPRVFRQ :RXOGQoWWKH\JRLIZHGLGQoW
JRZLWKWKHP"
HOORV"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

3RUTXQRKDEUDVLGR" :K\ZRXOGQoW\RXKDYHJRQH"
+DEUDVLGRVLDOJXLHQWHOR :RXOG\RXKDYHJRQHLI
VRPHERG\KDGWROG\RX"
KXELHUDGLFKR"
1RKDEUDLGRQDGLHVLQR :RXOGQoWDQ\RQHKDYHJRQHLI
VKHKDGQoWJRQH"
KXELHUDLGRHOOD"
'QGHKDEUDVLGRVLKXELHUDV:KHUHZRXOG\RXKDYHJRQHLI
\RXFRXOGKDYHJRQHDQ\ZKHUH"
SRGLGRLUDFXDOTXLHUVLWLR"
&UHHVTXHVLQRKXELVHPRV 'R\RXWKLQNLIZHKDGQoWJRQH
LGRQRKDEUDKDELGRXQDHVWD" WKHUHZRXOGQoWKDYHEHHQD
SDUW\"

3DUDTXWRGDVHVWDVSUHJXQWDV" :KDWoVZLWKDOOWKHVHTXHVWLRQV"
(VWR\KDVWDODFRURQLOODGH ,oPVLFNDQGWLUHGRIWKLQNLQJ
VRPXFK
SHQVDUWDQWR
|'DPHXQUHVSLUR4XLHUHV" *LYHPHDEUHDNZLOO\RX"
6ORSUHWHQGRHFKDUWHXQFDEOH ,oPMXVWWU\LQJWRJLYH\RXD
KHOSLQJKDQG
(OLQWHUURJDWLYRHVFRPSOLFDGLOOR7KHLQWHUURJDWLYHLVWULFN\LW
|KDFHIDOWDSUDFWLFDUORPXFKR QHHGVWREHSUDFWLVHGDORW

0LFURVFRSH 0LFURVFRSLR

7HVW7XEH 3UREHWD

3HWUL'LVK 3ODFD

6OLGH 3RUWDREMHWRV
/DE5DW 5DWDGHODERUDWRULR

9RFDEXODULR/DERUDWRU\ /DERUDWRULR




Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpRQq 
+HFDPHRXWZLWKQRWKLQJRQ
|6DOLGHVQXGR

+HKHOGRQWRZLQ
$JXDQWORVOWLPRVPHWURVSDUDJDQDU

:KDWGR\RXKDYHRQXQGHUQHDWK"
4XOOHYDVGHEDMR"

+ROGRQWR\RXUMRE
1RSLHUGDVWXHPSOHR

+ROGRQ
|(VSUDWH

&DQ\RXKROGRQIRUDVHFRQG"
3XHGHVHVSHUDUXQPRPHQWR"

3HWHUoV3URPRWLRQ 

&RPXQLFDFLQVRFLDOHOPXQGRGHO
IWERO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
|4XJROD]R
|(VRIXHXQDMXJDGDSUHFLRVD
(VRQRKDVLGRIXHUDGHMXHJR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKH+5PDQDJHUFRQWLQXHWKHLUGHEDWHRQWKHYDOXHRI3HWHU)LHOGVLQWKHRUJDQL]DWLRQ
6DUDK ,GRQoWWKLQN3HWHUZRXOGOHDYHWKHFRPSDQ\,WoVQRW WKDWHDV\ WDQIFLO
WKDWHDV\WRQGDMREQRZ
DVIDUDV,NQRZ TXH\RVHSD
&KDUOHV ,WKLQN\RXVKRXOGNQRZ6DUDKWKDWKHoVDOUHDG\EHHQ
RIIHUHGDMREDQGWKHVDODU\LVDOPRVWGRXEOH
6DUDK

'R\RXPHDQKHoVEHHQORRNLQJIRUDMRE"

&KDUOHV +HKDVQoWEHHQORRNLQJIRUDMRE+HZDVRIIHUHGRQH
E\-RKQ2OVRQ
6DUDK

-RKQ2OVRQ":K\ZRXOGKHRIIHU3HWHUDMRE"$V IDU DV ,


NQRZKHoVKDYLQJWURXEOHJHWWLQJKLVQHZEXVLQHVVJRLQJ

&KDUOHV 7KDWoVZK\KHQHHGV3HWHU)LHOGV+HQHHGVSHRSOHZLWK
GULYHDQGDPELWLRQDQG3HWHUoVMXVWWKHPDQKHQHHGV
%HVLGHVWKHLUZLYHVDUHJRRGIULHQGV'LGQoW\RXNQRZ
WKDW"
6DUDK

,KDGQRLGHD

KHoVKDYLQJWURXEOH OHHVWFRVWDQGRWUDEDMR
JHWWLQJKLVQHZEXVLQHVVJRLQJ SRQHUHQPDUFKDVXQXHYR
QHJRFLR
GULYHDQGDPELWLRQ HPSXMH\GLQDPLVPR
+5 +XPDQ5HVRXUFHV
,PDGHVXUHWKDW PHDVHJXUGHTXH
UDLVH VXELU VHSURQXQFLDpUHLVq 
WKHUHoOOEH KDEU
ZHFDQDIIRUGWREH SRGHPRVSHUPLWLUQRVHOOXMRGHVHU
WKLQQHUPDUJLQV PUJHQHVPVHVWUHFKRV
LQGXVWU\ VHFWRU

&KDUOHV <RX VKRXOG NQRZ WKHVH WKLQJV <RXoUH WKH +5


PDQDJHU :KHQ , ZDV LQ \RXU SRVLWLRQ , PDGH VXUH ,
NQHZHYHU\WKLQJWKDWZDVJRLQJRQ

FRPSHWLWLYHQHVV FRPSHWLWLYLGDG

6DUDK

IXOOFDSDFLW\ SOHQDFDSDFLGDG

6RKHoVRIIHULQJ3HWHUEHWWHUPRQH\7KDWFRPSOLFDWHV
WKLQJV<RXNQRZZHoUHQRWLQDSRVLWLRQULJKWQRZWR
EHWRRJHQHURXV,IZHUDLVH3HWHUoVVDODU\WKHUHoOOEH
RWKHUPDQDJHUVNQRFNLQJRQP\GRRU

&KDUOHV , WKLQN ZH FDQ DIIRUG WR EH PRUH JHQHURXV QRZ
%XVLQHVVLVERRPLQJ
6DUDK

NHHSLQJZDJHVWRDPLQLPXP PDQWHQHUORVVDODULRVDOPQLPR
VHULHV VHULH VLHPSUHFRQpVqDOQDO 
HDUO\oV DSULQFLSLRVGHORV
VFUHDPLQJIRU SLGLHQGRDJULWRV
XQLWPDUJLQV ORVPUJHQHVSRUXQLGDGYHQGLGD
RYHU DORODUJRGH

%XVLQHVVLVERRPLQJEXWRQPXFKWKLQQHUPDUJLQVWKDQ
EHIRUH /DVW \HDU ZDV WKH ZRUVW LQ UHFHQW KLVWRU\ DQG
ZHFDQoWVXGGHQO\VWDUWDFWLQJDVLIWKHUHFHVVLRQLVRYHU
%HVLGHV LI ZH VWDUW UDLVLQJ VDODULHV DW WKH PDQDJHPHQW
OHYHOZHoUHJRLQJWRKDYHWRGRWKHVDPHZLWKWKHZRUNHUV
:HDOUHDG\KDYHWKHKLJKHVWSDLGZRUNHUVLQWKHLQGXVWU\

0VSDODEUDVLQJOHVDV
GHUD]ODWLQD

(VSODQDGH
(UXGLWH
(VSUHVVR
(UXGLWLRQ
(VVHQFH
(UXSW
(VVHQWLDO
(UXSWLRQ
(VWDEOLVK
(VFDODWH
(VFDODWLRQ (VWDEOLVKPHQW
(VWHHP
(VFDODWRU
(VWLPDEOH
(VFDSDGH
(VWLPDWH
(VFDSH
(VWLPDWLRQ
(VNLPR
(VWURJHQ
(VRWHULF
(VWXDU\
(VRSKDJXV
(WFHWHUD
(VSHFLDOO\
(WHUQDO
5LFKDUG9DXJKDQ (VSLRQDJH

&KDUOHV 3URGXFWLYLW\DQGFRPSHWLWLYHQHVVDUHUHODWHGWRPRUH
WKLQJV WKDQ MXVW NHHSLQJ ZDJHV WR D PLQLPXP :LWK
SURGXFWLRQDWIXOOFDSDFLW\QRZZHFDQoWDIIRUGWRVWDUW
RQDQRWKHUORQJVHULHVRIVWULNHVOLNHLQWKHHDUO\oV
7KH DJHQWV DUH VFUHDPLQJ IRU PRUH SURGXFWV DQG ,oP
FRQYLQFHG WKDW XQLW PDUJLQV ZLOO JUDGXDOO\ LPSURYH
RYHUWKHQH[WWRPRQWKV

(VWLPDGRDPLJR\DOXPQR7RGDVODVPDDQDVHPSLH]RXQSURJUDPDGHUDGLRDODVGHODPDDQD
9R\DODHPLVRUDHQFRFKH\DSDUFRHQODFDOOHDXQRVPHWURVGHGLVWDQFLDORFXDOPHREOLJDDFUX]DU
XQSDUTXHFRQPXFKDWLHUUD\SRFRDVIDOWR'HFDGDFLQFRRGLH]YHFHVTXHFUX]RHOSDUTXHWRGDYDHQOD
RVFXULGDGGHODPDGUXJDGDHOTXLRVTXHURFHUFDQRPHYHVHQWDUPHHQXQEDQFR\TXLWDUPHXQ]DSDWR
SDUDVDFDUXQDFKLQD'HVSXVPHOHYDQWR\VLJRFRQSDVRUPHKDVWDODSXHUWD
GHODHPLVRUD/RTXHHOTXLRVTXHURQRYHVLQHPEDUJRVRQODVPLOHVGHYHFHV
TXHPHSDURFDGDDRSDUDVDFDUXQDFKLQDGHPLFDPLQRSURIHVLRQDORSVLFR
OJLFR/DYLGDHVWOOHQDGHREVWFXORVWDQWRVTXHPHJXVWDOODPDUODpORVWUHV
PLOPHWURVREVWFXORVqHQKRQRUDODSUXHEDROPSLFD3HURORVREVWFXORVVH
VRUWHDQ\ODVFKLQDVVHTXLWDQ(VQHFHVDULRVLXQRTXLHUHDQGDUUHFWR\FRQSDVR
UPH3HURFXULRVDPHQWHPHGDODLPSUHVLQGHTXHPXFKRVSUHHUHQSDUDUR
DFKLFDUVHDQWHORVREVWFXORVRGHMDUODFKLQDHQVX]DSDWRVLQEXVFDUUHPHGLR
3UHHUHQGHVDUUROODUXQDFRMHUDFPRGDTXHPROHVWDUVHHQVHQWDUVHDUHVROYHU
HOSUREOHPDRTXLWDUHOREVWFXOR&DPLQDVUHFWR\FRQSDVRUPHR\DWHKDV
DFRVWXPEUDGRDODFKLQD\DFRPRGDGRDXQDFRMHUD"







/RZ%HJLQQHU

+LJK%HJLQQHU

0LFRFKHHVHOPHMRU 0\FDULVWKHEHVW
7XUHVSXHVWDHVODSHRU <RXUDQVZHULVWKHZRUVW
(VWRVUHVXOWDGRVVRQPHMRUHV 7KHVHUHVXOWVDUHEHWWHU
(VRVSHUURVHVWQVXFLRV 7KRVHGRJVDUHGLUW\
/RVFDEDOORVVRQKHUPRVRV +RUVHVDUHEHDXWLIXO

'HTXLQVRQVWRV" :KRVHDUHWKHVH"
6RQQXHVWURV 7KH\oUHRXUV
(VWVVHJXURGHTXHVRQ $UH\RXVXUHWKH\oUHRXUV"
QXHVWURV"
3RUVXSXHVWRTXHV 2IFRXUVH,DP
3RUTXQRPHFUHHV" :K\GRQoW\RXEHOLHYHPH"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XHVWLVDSUHQGLHQGR" :KDWDUH\RXOHDUQLQJ"
(VWDPRVDSUHQGLHQGRDQDGDU :HoUHOHDUQLQJKRZWRVZLP
1RVDELVQDGDU" 'RQoW\RXNQRZKRZWRVZLP"
1DGLHQRVHQVHDKDFHUOR 1RERG\WDXJKWXVKRZWRGRLW
3HURWHQLVFXDUHQWDDRV %XW\RXoUHIRUW\\HDUVROG

)XHWDQDEXUULGDTXHPH ,WZDVVRERULQJWKDW,OHIWWKH
FLQHPD
PDUFKGHOFLQH
&PRVHOODPDEDODSHOFXOD" :KDWZDVWKHQDPHRIWKHOP"
)XHWDQPDODTXHQLPH ,WZDVVREDGWKDW,FDQoWHYHQ
UHPHPEHU
DFXHUGR
7HDFXHUGDVGHTX 'R\RXUHPHPEHUZKDW
QDWLRQDOLW\LWZDV"
QDFLRQDOLGDGHUD"
6LQRPHHTXLYRFRFUHRTXHHUD ,I,oPQRWPLVWDNHQ,WKLQNLW
ZDV-DSDQHVH
MDSRQHVD

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

2\HVHVR" &DQ\RXKHDUWKDW"
6LRLJRTX" ,I,FDQKHDUZKDW"
1RR\HVHVDFDQFLQ" &DQoW\RXKHDUWKDWVRQJ"
0HUHFXHUGDDPLLQIDQFLD ,WUHPLQGVPHRIP\FKLOGKRRG
1RPHGLFXHQWDTXHHUDVWDQ ,GLGQoWUHDOLVH\RXZHUHWKDWROG

YLHMR

(VWVRQDQGRHOWHOIRQR 7KHWHOHSKRQHLVULQJLQJ
/OHYDWRGRHOGDVRQDQGR ,WoVEHHQULQJLQJDOOGD\
&RMHHOWHOHIQRTXLHUHV" $QVZHUWKHSKRQHZLOO\RX"
3RUTXTXLHUHVTXHORFRMD\R" :K\GR\RXZDQWPHWRJHWLW"
4XLQFUHHVTXHHVHOMHIHDTX" :KRGR\RXWKLQNWKHERVVLV
KHUH"

6WHDP5RRP %DRWXUFR

+RW7XE %DHUDFRPXQLWDULD
XWLOL]DGDFRPRPWRGRGHUHOD[
6KRZHUV 'XFKDV

6DXQD 6DXQD

3RRO 3LVFLQD

9RFDEXODULR6SD %DOQHDULR
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

+DOOHJDGRODKRUDGHWRPDU 7KHWLPHKDVFRPHWRPDNHD

GHFLVLRQ
XQDGHFLVLQ
2MDOWXYLHVHPRVPV ,ZLVKZHKDGPRUH

LQIRUPDWLRQ
LQIRUPDFLQ
&PRFDPELDUDHVROD +RZZRXOGWKDWFKDQJHWKH

VLWXDWLRQ"
VLWXDFLQ"
$OPHQRVQRVVHQWLUDPRVPV $WOHDVWZHoGIHHOPRUH

UHDVVXUHG
WUDQTXLORV
3XHGHTXHWHQJDVUD]Q <RXPLJKWEHULJKW

(QUHVXPLGDVFXHQWDVHVWR\ ,QVKRUW,DJUHH

GHDFXHUGR
&RUWDURQODUHXQLQDQWHVGH 7KH\FXWWKHPHHWLQJVKRUW

ORSUHYLVWR
4XLQOOHYDODYR]FDQWDQWH :KRFDOOVWKHVKRWVKHUH"

DTX"
/HJXVWDSUHVXPLUGHVXQXHYD +HOLNHVWRVKRZRIIKLVQHZ

QRYLD
JLUOIULHQG
'MHPHTXHOHGXQFRQVHMR /HWPHJLYHKLPDSLHFHRIDGYLFH



Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpRQq 
,QJOVDOWHOIRQR
,NHHSRQIRUJHWWLQJWRWHOOWKHP
6LHPSUHVHPHROYLGDGHFUVHOR

+HNHSWRQFDOOLQJGHVSLWHP\ZDUQLQJV
6LJXLOODPDQGRDSHVDUGHPLVDGYHUWHQFLDV

,I\RXNHHSRQOLNHWKDW,oOOOHDYH
6LVLJXHVDVPHPDUFKDU

/HDGRQ
$GHODQWH7HVLJR

<RXVKRXOGNHHS\RXUJORYHVRQ
1RGHEHUDVTXLWDUWHORVJXDQWHV

6KHoVOHDGLQJ\RXRQ
(OODWHHVWHQJDWXVDQGR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
+RODKDEORFRQ-RKQVWRQoV2IFH)XUQLVKLQJV"
+RODQHFHVLWRPRQWDUXQGHVSDFKRHQ/RQGUHV
(VSDUDPLMHID7UDEDMDDFWXDOPHQWHGHVGH
(VSDD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKH+5PDQDJHUJRRQWRWDONDERXWDQXSFRPLQJPDQDJHPHQWPHHWLQJ
6DUDK



+RZ FDQ ZH LPSURYH PDUJLQV LI ZH VWDUW UDLVLQJ


HYHU\RQHoV SD\" ,oG ORYH WR HDUQ  PRUH VWDUWLQJ
WRPRUURZ,oYHJRWDQHZ\HDUPRUWJDJHWRSD\RII
,oPVXUHWKH(XURSHDQ2IFHZRXOGEHGHOLJKWHGLIZH
GHFLGHGWRPDNHRXUVHOYHVWKHULFKHVWPDQDJHUVLQWKH
LQGXVWU\

&KDUOHV :KDWoVWKLVDERXWDPRUWJDJH"+DYH\RXERXJKWDQHZ
KRXVH"
6DUDK

<HVLWoVXQGHUFRQVWUXFWLRQQRZ

6DUDK


'RQoW \RX NQRZ 3DUNLQVRQoV /DZV" 2QH RI WKHP VD\V


WKDW LQ D ERDUG PHHWLQJ WKH OHQJWK DQG LQWHQVLW\
RI GLVFXVVLRQ LV DOZD\V LQ LQYHUVH SURSRUWLRQ WR WKH
LPSRUWDQFHRIWKHVXEMHFW

&KDUOHV ,GRQoWZDQWWRVSHQGWZRKRXUVWDONLQJDERXWFRIIHH
PDFKLQHV:HKDYHPRUHLPSRUWDQWWKLQJVWRGLVFXVV

DQG,oOOPDNHVXUHZHJHWWRWKHP
6DUDK

*RRGOXFN

&KDUOHV ,oOOQHHGLWfDQGVRZLOO3HWHU)LHOGV

&KDUOHV :KHUHDUH\RXEXLOGLQJ"
6DUDK

1RWIDUIURP\RXUSODFHfLQ5R\DO2DNV

PRUWJDJH KLSRWHFD

&KDUOHV 5R\DO 2DNV"  :RZ  <RXoUH UHDOO\ PRYLQJ XS LQ WKH
ZRUOG

ZRXOGEHGHOLJKWHG HVWDUDHQFDQWDGD

6DUDK

JURZQXS LQGHSHQGLHQWHV KLMRV 



1RZ WKDW WKH NLGV DUH JURZQ XS ZH FDQ QDOO\ EX\
WKH KRXVH RI RXU GUHDPV %XW ZHoUH JHWWLQJ RII RQ D
WDQJHQW5DLVLQJVDODULHVQRZZLOORQO\EULQJSUREOHPV
DQGWKH(XURSHDQ2IFHZLOOFXWRXUWKURDWV

&KDUOHV :HOO LWoV D ZDVWH RI WLPH WR WDON DERXW LW QRZ ,oP
VXUHLWZLOOFRPHXSLQWKHPDQDJHPHQWPHHWLQJQH[W
0RQGD\,Q DQ\FDVH WKHTXHVWLRQDERXW 3HWHU)LHOGV
ZRUULHVPH,oPJRLQJWRPDNHVXUHLWoVLQFOXGHGLQWKH
DJHQGDIRUWKHPHHWLQJ
6DUDK

,W ZLOO SUREDEO\ EH D SUHWW\ VKRUW PHHWLQJ 7KHUH DUH


RQO\ WZR SRLQWV RQ WKH RUGHU RI EXVLQHVV D URRI IRU
WKHFRPSDQ\SDUNLQJORWDQGWKHLQVWDOODWLRQRIFRIIHH
PDFKLQHVLQWKHIDFWRU\

SODFH FDVD FRORTXLDO 


JHWWLQJRIIRQDWDQJHQW VDOLQGRQRVSRUODWDQJHQWH
ZLOOFXWRXUWKURDWV QRVFRUWDUQHOFXHOOR
ZDVWHRIWLPH SUGLGDGHWLHPSR
LWZLOOFRPHXS VDOGU HOWHPD 
SUHWW\VKRUW EDVWDQWHFRUWD
RUGHURIEXVLQHVV RUGHQGHOGD
ERDUGPHHWLQJ UHXQLQGHFRQVHMR
DQGVRZLOO3HWHU)LHOGV \3HWHU)LHOGVWDPELQ

&KDUOHV ,WVRXQGVOLNHDQLPSRUWDQWPHHWLQJ7KDWoVW\SLFDORI
*HRUJH5RELQVRQfZHDOZD\VHQGXSWDONLQJDERXWWKH

PRVWLQVLJQLFDQWWKLQJV
0VSDODEUDVLQJOHVDV
GHUD]ODWLQD
(WHUQLW\
(WKDQRO
(WKLF
(WKLFDO
(WKLFV
(WKQLF
(WKQRORJ\
(WLTXHWWH
(W\PRORJLVW
(W\PRORJ\
(XFDO\SWXV
(XFKDULVW
(XQXFK
(XSKHPLVP
(XSKHPLVWLF
(XSKRULD

(XSKRULF
(XWKDQDVLD
(YDFXDWH
(YDFXDWLRQ
(YDFXHH
(YDGH
(YDOXDWH
(YDOXDWLRQ
(YDQJHOLFDO
(YDQJHOLVW
(YDSRUDWH
(YDVLRQ
(YDVLYH
(YHQW
(YHQWXDO
(YHQWXDOO\


eUDVH XQD YH] KDFH PXFKRV DxRV XQ YLDMHUR TXH FDPLQDED SRU XQ VHQGHUR GH OD HVWHSD UXVD $OOt ODV
GLVWDQFLDVVRQODUJDV\HOKRPEUHHVWDEDXQSRFRFDQVDGR\QRVDEtDFXiQWROHTXHGDEDSDUDHOSXHEOR
VLJXLHQWH$OVDOLUGHXQDFXUYDHQHOFDPLQRGLYLVyDXQYLHMRKRPEUHGHODEUDQ]DWUDEDMDQGRHQXQFDPSR
VHPEUDGR(OYLDMHURSDUy\OHSUHJXQWR3HUGRQHPHSRGUtDGHFLUFXiQWRWLHPSRGHFDPLQRPHTXHGD
SDUDHOSUy[LPRSXHEOR"(OVHxRUGHOFDPSROHYDQWyXQSRFRODFDEH]DSHURQRUHVSRQGLyYROYLHQGRD
VXWUDEDMR3HUGRQHUHSLWLyHOYLDMHUR6HUtDWDQDPDEOHGHLQGLFDUPHHOWLHPSRTXHPHTXHGDSDUD
OOHJDU DO SXHEOR" 2WUD YH] XQD PLUDGD VLOHQFLRVD $QWH HVWR HO YLDMHUR VH HQFRJLy GH KRPEURV \ YROYLy
D HPSUHQGHU VX PDUFKD7UDV FXEULU XQRV  PHWURV GH FDPLQR HO FDPSHVLQR OH
JULWyDSOHQRSXOPyQ7UHVFXDUWRVGHKRUD6RUSUHQGLGR\XQSRFRH[WUDxDGRHO
YLDMHURVHYROYLyKDFLDHOKRPEUH'tJDPHOHSUHJXQWpGRVYHFHVDQWHVVLQTXHPH
GLMHUDQDGD3RUTXpPHORGLFHDKRUD"(OFDPSHVLQROHUHVSRQGLy(VTXHDQWHV
QRKDEtDYLVWRODYHORFLGDG\ORQJLWXGGHVXV]DQFDGDV(VWLPDGRDPLJR\DOXPQR
HOWLHPSRTXHYD\DVDWDUGDUHQKDFHUWHFRQXQEXHQQLYHOGHLQJOVGHSHQGHU
HQJUDQPHGLGDGHODYHORFLGDG\ORQJLWXGGHWXV]DQFDGDV+D\PXFKDORVRID
EXHQDHQFHUUDGDHQODH[SUHVLQHVSDRODpSLVDQGRIXHUWHq/RTXHFRQVLJDVHQ
ODYLGD\HVSHURFRQHOLQJOVWHQGUXQDFRUUHODFLQPX\HVWUHFKDFRQHOWLQR\
DFLHUWRGHWXV]DQFDGDV$FDPLQDU
5LFKDUG9DXJKDQ




/RZ%HJLQQHU

+LJK%HJLQQHU

/RVLHQWRQRHQWLHQGR ,oPVRUU\,GRQoWXQGHUVWDQG
+DEODXVWHGHVSDRO" 'R\RXVSHDN6SDQLVK"
6ORKDEORXQSRFRGHLQJOV ,RQO\VSHDNDOLWWOH(QJOLVK
3XHGHVUHSHWLUORSRUIDYRU" &DQ\RXUHSHDWWKDWSOHDVH"
3XHGHKDEODUPVGHVSDFLR &DQ\RXVSHDNPRUHVORZO\

SRUIDYRU"
SOHDVH"

&PRVHGHOHWUHDHVR" +RZGR\RXVSHOOWKDW"
4XVLJQLFDIDUW" :KDWGRHVpIDUWqPHDQ"
(VWR\DSUHQGLHQGRLQJOVHQ ,DPOHDUQLQJ(QJOLVKDWWKH
PRPHQW
HVWHPRPHQWR
'QGHHVWVHVWXGLDQGR" :KHUHDUH\RXVWXG\LQJ"
9R\D9DXJKDQ6\VWHPV ,JRWR9DXJKDQ6\VWHPV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

6RQEXHQRV" $UHWKH\JRRG"
6RQORVPHMRUHV 7KH\oUHWKHEHVW
3LHQVRHVWXGLDULQJOVHQHO ,oPWKLQNLQJDERXWVWXG\LQJ
(QJOLVKLQWKHDXWXPQ
RWRR
3RUTXYDVDHVSHUDUWDQWR" :K\DUH\RXJRLQJWRZDLWVR
ORQJ"
7HORGLUPDDQD ,oOOWHOO\RXWRPRUURZ

3RUTXQRPHORSXHGHVGHFLU :K\FDQoW\RXWHOOPHQRZ"
DKRUD"
3RUTXHQDGLHORVDEHWRGDYD %HFDXVHQRERG\NQRZVDERXW
LW\HW
'HTXGHPRQLRVHVWV :KDWRQHDUWKDUH\RXWDONLQJ
DERXW"
KDEODQGR"
1RHVTXHQRTXLHURGHFUWHOR ,WoVQRWWKDW,GRQoWZDQWWRWHOO
\RX
(VTXHQRSXHGRHVXQVHFUHWR ,WoVWKDW,FDQoWWHOO\RXLWoVD
VHFUHW

%DWRQ %DVWQ

'DQFHUV %DLODULQHV
&RVWXPH 'LVIUD]

)ORDW &DUUR]D
&RQIHWWL &RQIHWL

9RFDEXODULR&DUQLYDO &DUQDYDO
+LJK,QWHUPHGLDWH
|1RPHGLJDVTXHOD&,$WHKD 'RQoWWHOOPHWKDWWKH&,$KDV

KLUHG\RX
FRQWUDWDGR
7HFUHHVJUDFLRVRQR" <RXWKLQN\RXoUHIXQQ\GRQoW
\RX"
1RSUHWHQGRVHUJUDFLRVR ,oPQRWWU\LQJWREHIXQQ\
1RGHEHUDVVHUHOSULPHURHQ <RXVKRXOGQoWEHWKHUVWWR

KHDUP\VHFUHW
RUPLVHFUHWR
7HSDVDDOJRPDOR" ,VWKHUHDQ\WKLQJZURQJZLWK
\RX"

/RZ$GYDQFHG
|3RUVXSXHVWRTXHQR 2IFRXUVHWKHUHLVQoW
(QWRQFHVSRUTXWDQWR :KDWoVDOOWKHP\VWHU\DERXW"
PLVWHULR"
'HEHUDGHFUVHORSULPHURDPL ,VKRXOGWHOOP\KXVEDQGUVW
PDULGR
|<DORKHSLOODGR ,oYHJRWLWQRZ
1RGHEHUDKDEHUHPSH]DGRD ,VKRXOGQoWKDYHVWDUWHG
WDONLQJWR\RX
KDEODUFRQWLJR

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

|7UDQTXLOD &DOPGRZQ
3HUGQDPHHVWR\XQSRFR )RUJLYHPH,oPDOLWWOHHGJ\

FULVSDGD
+HDYHULJXDGRWXVHFUHWR ,oYHZRUNHG\RXUVHFUHWRXW
<DPHORVXSRQD ,JXHVVHGDVPXFK
%XHQROLVWLOORGLPHFXOHVPL $OULJKWNQRZLWDOOWHOOPH

ZKDWP\VHFUHWLV
VHFUHWR

4XHGDQQXHYHPHVHVDQWHV 7KHUHDUHQLQHPRQWKVOHIW
GHTXHVHDRWRR
EHIRUHLWoVDXWXPQ
4XLQVLQXDV" :KDWDUH\RXJHWWLQJDW"
(VWVHPEDUD]DGDQR"|9DVD <RXoUHSUHJQDQWDUHQoW\RX"

WHQHUXQEHE
<RXoUHJRLQJWRKDYHDEDE\
1RHUHVWDQERERFRPRSDUHFHV <RXoUHQRWDVGXPEDV\RX
ORRN
(VSHUHPRVTXHHOEHEQR /HWoVKRSHWKHEDE\GRHVQoW
LQKHULW\RXUFKDUP
KHUHGHWXVLPSDWD



Z Z ZY D X V \ V  F R P


7RPDNHDPHVVRIVRPHWKLQJ

3KUDVDOYHUEVZLWKpRQq 
'RQoWOHWRQWKDW\RXNQRZPH
4XHQRVRVSHFKHQTXHPHFRQRFHV

<RXoYHSXWRQVRPHZHLJKWODWHO\
+DVHQJRUGDGROWLPDPHQWH

3XWRQ\RXUVRFNV
3RQWHORVFDOFHWLQHV

'RQoWSXWRQDVDGIDFH
1RPHSRQJDVFDUDWULVWH

+HKDGWRSXWRQWKHEUDNHVTXLFNO\
7XYRTXHIUHQDUUSLGDPHQWH

5HDGRQ
6LJXHOH\HQGR

6LJQLFDpHQVXFLDUqpKDFHUDOJRPX\PDOqR
LQFOXVRpDUUXLQDUDOJRq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(OODKDDUUXLQDGRVXYLGDSRUFRPSOHWR
3RUTXVLHPSUHKDFHVODVFRVDVPDO"
6LQRHQVD\DVWHVDOGUPDOHOGLVFXUVR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 

7KHPDQDJHPHQWPHHWLQJEHJLQVZLWKWKHUVWLWHPRQWKHDJHQGDDURRIIRUWKHRXWGRRUSDUNLQJORW
*HRUJH :HOO OHWoV FDOO WKH PHHWLQJ WR RUGHU 6DUDKoV QRW KHUH
\HW EXW , WKLQN ZH FDQ JR DKHDG DQG VWDUW7KHUH DUH
WZRSRLQWVRQWKHDJHQGDIRUWRGD\7KHUVWRQHKDV
WR GR ZLWK D URRI IRU WKH SDUNLQJ ORW -RH JLYH XV DQ
XSGDWHRQ\RXUSURJUHVV
-RH

:HOOZHoYHUHFHLYHGIRXUHVWLPDWHVDQGWKHSULFHVYDU\
TXLWHDELW7KHFKHDSHVWLVOHVVWKDQWKHUHVW

*HRUJH :KDWFRPSDQ\LVWKDW"
-RH

3HUNLQV (QJLQHHULQJ :HoYH QHYHU ZRUNHG ZLWK


WKHP EHIRUH EXW WKH IHOORZ , WDONHG WR PDGH D JRRG
LPSUHVVLRQ RQ PH , FRQWDFWHG D FRXSOH RI UPV WKDW
KDYHXVHGWKHLUVHUYLFHVDQGWKH\KDGQRFRPSODLQWV

*HRUJH :KDWoVWKHLUTXRWH"
-RH



*HRUJH (YHQWKRXJKWKH\oUHWKHFKHDSHVWLWVWLOOVHHPVOLNHD
ORW RI PRQH\ WR PH :HoYH JRWWHQ E\ QH ZLWKRXW D
URRIRQWKHSDUNLQJORWIRU\HDUV:K\GRZHQHHGWR
VSHQGQRZ"
-RH

:HoYHEHHQWDONLQJDERXWWKLVVXEMHFWIRU\HDUV,oPWLUHG
RI KHDULQJ HYHU\ERG\ FRPSODLQ DERXW WKHLU FDUV LQ WKH
VXPPHU0\FDUoVOLNHDQRYHQZKHQ,JHWLQDQG,FDQoWWRXFK
WKHVWHHULQJZKHHOIRUWKHUVWWKUHHRUIRXUPLQXWHV

&KDUOHV /LVWHQIHOORZVZHoYHJRQHRYHUWKLVEHIRUH7KHGHFLVLRQ
ZDVPDGHWREXLOGWKHURRIDQGOHWoVJRDKHDGZLWKLW
7HOOPH-RHZKDWWLPHIUDPHDUHZHWDONLQJDERXW"
-RH

3HUNLQVVD\VWKH\FDQGRLWLQGD\VJLYHRUWDNHDIHZ

&KDUOHV +RZVRRQFRXOGWKH\VWDUW"
-RH

&KDUOHV :HOO ,oP LQ IDYRXU RI VWDUWLQJ ULJKW DZD\ &DQ WKH\
ZRUNWKURXJKWKH&KULVWPDVEUHDN"
-RH

7KH\oOOKDYHWRLI,JLYHWKHPWKHMRE

*HRUJH :HOOLIWKH\FDQJHWVWDUWHGLPPHGLDWHO\,oGVD\OHWoV
JLYHWKHFRQWUDFWWR3HUNLQV$Q\REMHFWLRQV"2ND\-RH
LWoV\RXUEDE\+DYHWKHPVWDUWULJKWDZD\RQLW
FDOOWKHPHHWLQJWRRUGHU HPSH]DUODUHXQLQ
KDVWRGRZLWK WLHQHTXHYHUFRQ
JLYHXVDQXSGDWH SRQQRVDOFRUULHQWH
HVWLPDWHV SUHVXSXHVWRV
PDGHDJRRGLPSUHVVLRQRQPH PHFDXVXQDEXHQDLPSUH
VLQ
TXRWH SUHFLRRIHUWDGR
ZHoYHJRWWHQE\ QRVKHPRVDSDDGR
RYHQ KRUQR
VWHHULQJZKHHO YRODQWH
ZHoYHJRQHRYHUWKLV KHPRVYXHOWRVREUHHVWHWHPD
OHWoVJRDKHDGZLWKLW VLJDPRVDGHODQWHFRQHOOR
WLPHIUDPH SOD]RGHWLHPSR
JLYHRUWDNHDIHZ PVRPHQRV
KRZVRRQ" &XQGR"
JHWVWDUWHG HPSH]DU
LWoV\RXUEDE\ DGHODQWHFRQHOHQFDUJR

$VVRRQDVZHWHOOWKHPWR


(VWLPDGR DPLJR \ DOXPQR $XQTXH QR VR\ XQ DVLGXR OHFWRU GH SUHQVD V KDEU KRMHDGR IFLOPHQWH XQRV WUHV PLO SHULGLFRV HQ
PLYLGD$OJXQDVSHUVRQDVHPSLH]DQSRUHOSULQFLSLROH\HQGRORVWLWXODUHVPLHQWUDVTXHRWURVFRPLHQ]DQGHVGHODOWLPDSJLQD
DYDQ]DQGRHQVHQWLGRFRQWUDULR'HVGHTXHWHQDDRV\\DHPSH]DEDDKRMHDUORVSHULGLFRVPLFDVRKDVLGRGLIHUHQWH6LHPSUH
HPSLH]RSRUODVHFFLQGHSRUWLYD'HGLTXPXFKRVDRVGHPLQLH]\DGROHVFHQFLDDOGHSRUWHGHFRPSHWLFLQ\HUDOJLFRHQHVRV
DRVTXHGHYRUDVHODVHFFLQGHSRUWLYDVLQDSHQDVPLUDUHOUHVWR0LLQWHUVHVWDEDHQORVORJURVGHPLVGHSRUWLVWDVIDYRULWRV3HURKR\
KDJRORPLVPRDSHVDUGHWHQHUPHQRVLQWHUVHQHOGHSRUWH/RKDJRSRUTXHODVHFFLQGHSRUWLYDHVODQLFDTXHUHDOPHQWHHOHYDDO
KRPEUH$OOHQFRQWUDUVVXVORJURVVXVKD]DDVf\QRVXVGHIHFWRVQLVXDYDULFLDQLVXLQGLIHUHQFLDQLVXSHTXHH]GHHVSULWXQL
VXHVWUHFKH]GHPLUDV$GPLUDUHOKDWWULFNGHXQIXWEROLVWDPHHOHYDPXFKRPVODPRUDOTXHHQWHUDUPHGHODV
SHOHDV\GLVFXVLRQHVGHSROWLFRV\FDUJRVSEOLFRV/RVR\HQWHVGH9DXJKDQ5DGLRQRVSLGHQGHYH]HQFXDQGR
TXHDGHPVGHHQVHDULQJOVSRUODVRQGDVRIUH]FDPRVXQUHVXPHQGHODVQRWLFLDV\VLHPSUHPHQLHJR+DFH
DRVHVWXGLODKLVWRULDGHORVOWLPRVFLHQDRVGHOD5HSEOLFDURPDQDGHVGHORVKHUPDQRV*UDFFKLKDVWDOD
PXHUWHGH0DUFR$QWRQLR\&OHRSDWUD$OOHHUDOJXQDVDFWDVGHODVVHVLRQHVGHO6HQDGRGH5RPDPHSDUHFDRUD
ORVSDUODPHQWDULRVGHKR\HQGD0HGFXHQWDTXHODVQRWLFLDV\ODSROWLFDVRQVLPSOHPHQWHXQUHHMRGLDULRGH
ODFRQGLFLQKXPDQD/RVRGLRV\ODSRODUL]DFLQHYLGHQWHVHQOD5HSEOLFDURPDQDVHLQWHUSUHWDQHOPHQWHKR\
DXQTXHFRQGLIHUHQWHVQRPEUHV\DSHOOLGRV0X\SRFRKDFDPELDGRVDOYRHQODFDQDOL]DFLQGHORVVXHRVGHORV
KRPEUHV+R\ODSRVLELOLGDGSDUDTXHXQDSHUVRQDQRUPDOUHDOLFHVXVVXHRVHVLQQLWDPHQWHPD\RUTXHKDFH
GRVPLODRV\HVWRHPSLH]DSULPHURSRUWHQHUXQVXHR\VHJXQGRSRUGRWDUWHGHODFDSDFLGDGSDUDKDFHUOR
UHDOLGDG(PSLH]DSRUWXSURSLDSUHSDUDFLQ\WXSURSLDIXHU]DGHYROXQWDG<HQHOSURFHVRKD]WHFRQPLLGLRPD
7HD\XGDUHQRUPHPHQWHHQODUHDOL]DFLQGHWXVVXHRV
5LFKDUG9DXJKDQ




/RZ%HJLQQHU

+LJK%HJLQQHU

'QGHHVWVXRFLQD" GHHOOD  :KHUHoVKHURIFH"


(VWFHUFDGHPLWLHQGD" ,VLWQHDUP\VKRS"
1RHVWOHMRVGHWXWLHQGD 1RLWoVIDUIURP\RXUVKRS
(VWVFRQWHQWRDOO" $UH\RXKDSS\WKHUH"
6FUHRTXHV <HV,WKLQNVR

7HQJRFDORU ,oPKRW
7LHQHQIUR" $UHWKH\FROG"
&XQWRVDRVWHQLV" +RZROGDUH\RX"
7HQHPRVVXHR :HoUHVOHHS\
1RWHQJDVPLHGR 'RQoWEHDIUDLG

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

/XFKHQOD6HJXQGD*XHUUD +HIRXJKWLQWKHVHFRQGZRUOG

0XQGLDO
ZDU
&RJXQWD[L ,FDXJKWDWD[L
OORFRPSUHQ6XL]D +HERXJKWLWLQ6ZLW]HUODQG
7UDMHURQFLQFRERWHOODVDODHVWD 7KH\EURXJKWYHERWWOHVWR
WKHSDUW\
(OODHQVHIUDQFVGXUDQWH 6KHWDXJKW)UHQFKIRUIRUW\

\HDUV
FXDUHQWDDRV

/HFRQRFHV" 'R\RXNQRZKLP"
1RQXQFDOHKHFRQRFLGR 1R,oYHQHYHUPHWKLP
%XHQROWHFRQRFHDWL\FUHR :HOOKHNQRZV\RXDQG,WKLQN
KHOLNHV\RX
TXHOHFDHVELHQ
0HFRQRFH"&XQGRPH 'RHVKHNQRZPH":KHQGLG
KHPHHWPH"
FRQRFL"
1RORVH4XLHUHVTXHWHOR ,GRQoWNQRZ'R\RXZDQWPH
WRLQWURGXFH\RXWRKLP"
SUHVHQWH"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XLHURYHUWHHQVHJXLGD ,ZDQWWRVHH\RXULJKWDZD\
3RQORDTXPLVPR 3XWLWULJKWKHUH
(QVHJXLGDYXHOYR ,oOOEHULJKWEDFN
/RKDUMXVWRGHVSXVGHFHQDU ,oOOGRLWULJKWDIWHUGLQQHU
(VWMXVWRGHODQWHGHWL ,oOOEHULJKWZLWK\RX

6HORGHFLPRV" DHOODV  6KDOOZHWHOOWKHP"


1RVHORGLJLV 'RQoWWHOOWKHP
6XERHOYROXPHQGHODWHOH" 6KDOO,WXUQWKHYROXPHRIWKH
79XS"
4XKDFHPRV" :KDWVKDOOZHGR"
/ROHRHQYR]DOWD" 6KDOO,UHDGLWRXWORXG"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

4XGHVHDXVWHGWRPDU" :KDWZRXOG\RXOLNHWRKDYH"
0HDSHWHFHTXHHOVRORPLOORGH ,IHHOOLNHWKHYHDOVLUORLQ
WHUQHUD
&PRTXLHUHVXOHWH" +RZGR\RXZDQW\RXUVWHDN"
%LHQKHFKRSRFRKHFKR" :HOOGRQHUDUH"
(QVXSXQWRSRUIDYRU 0HGLXPUDUHSOHDVH

$FDEDOORUHJDODGRQROHPLUHV 'RQoWORRNDJLIWKRUVHLQWKH

HOGLHQWH
PRXWK
(VWVWLUDQGRSLHGUDVFRQWUDWX <RXoUHFXWWLQJ\RXUQRVHRIIWR

SURSLRWHMDGR
VSLWH\RXUIDFH
0HWRFFDUJDUFRQHOPXHUWR ,ZDVOHIWKROGLQJWKHEDE\
3UHGLFDUFRQHOHMHPSOR 7RSUDFWLVHZKDW\RXSUHDFK
$ORVWRQWRVQROHVGXUDHO $IRRODQGKLVPRQH\DUHVRRQ

GLQHUR
SDUWHG

'UDZEULGJH 3XHQWHOHYDGL]R

%DWWOHPHQWV $OPHQDV

7XUUHW 7RUUHQ

'XQJHRQ 0D]PRUUD

0RDW )RVR

9RFDEXODULR&DVWOH &DVWLOOR



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRQq 

3KUDVDOYHUE7REUXVKXSRQ

,VLWRQWKHQDQFHFRPPLWWHH
:HVHQWWKHEDJVRQWRWKHQDOGHVWLQDWLRQ
6R\PLHPEURGHOFRPLWGHQDQ]DV (QYLDPRVODVPDOHWDVKDVWDHOGHVWLQRQDO

6LJQLFDpGDUOHXQUHSDVRqpSRQHUVHDOGDqR
pPHMRUDUHVWXGLDQGRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
1HFHVLWRGDUOHXQUHSDVRDPLLQJOV
1RVDTXPVOHGHEHUDGDUXQUHSDVR
5HSDVHO&GLJRGH&LUFXODFLQDQWHVGH
SUHVHQWDUPHDOH[DPHQGHFRQGXFLU

6OHHSRQLW
&RQVXOWDFRQODDOPRKDGD

+HoVVLWWLQJRQWKHGRFXPHQWV
1RKDGDGRWUPLWHDORVGRFXPHQWRV

'RQoWWDNHRQVRPDQ\WDVNV
1RDFHSWHVWDQWDVWDUHDV

:HFDQWDNHRQRQHPRUHVWXGHQW
3RGHPRVDGPLWLUXQDOXPQRPV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 

*HRUJH5RELQVRQWKH&(2LQWURGXFHVWKHVHFRQGLWHPRQWKHDJHQGDFRIIHHPDFKLQHVLQWKHIDFWRU\
*HRUJH 1RZRXUQH[WVXEMHFWLVFRIIHHPDFKLQHVLQWKHIDFWRU\
3HUVRQDOO\,oPDJDLQVWLW:HDOUHDG\KDYHWZRFRIIHH
PDFKLQHV LQ WKH RIFH ZLQJ DQG HYHU\ WLPH , SDVV
WKURXJK WKRVH DUHDV , KDYH WR JKW P\ ZD\ WKURXJK
DFURZGRIHPSOR\HHV2QHRIWKHVHGD\V,oPJRLQJWR
VHWDUXOHWKDWRQO\WKUHHSHRSOHFDQEHDWWKHFRIIHH
PDFKLQHDWRQHWLPH
-RH

2QHRIWKHUHDVRQVVRPDQ\SHRSOHFRQJUHJDWHDURXQG
WKHPDFKLQHVLVWKDWDORWRIIDFWRU\ZRUNHUVFRPHXS
WRKDYHFRIIHHLQWKHRIFHDUHD,IZHLQVWDOODFRXSOH
RIPDFKLQHVLQWKHVKRSZHSUREDEO\ZRQoWKDYHWKRVH
FURZGV

,oPSHUVRQDOO\DJDLQVWWKHLGHDEXWWKHUHVHHPVWREH
D FRQVHQVXV WR JR DKHDG DQG LQVWDOO WKHP 'R ZH DOO
DJUHH"
6DUDK

:HOO , FHUWDLQO\ DJUHH , KDYH WR VWDUW QHJRWLDWLRQV


ZLWK WKH XQLRQ SHRSOH QH[W ZHHN RQ WKH FROOHFWLYH
EDUJDLQLQJDJUHHPHQWIRUWKHQH[WWZR\HDUV$FRXSOH
RISUHWW\QHZFRIIHHPDFKLQHVLQWKHVKRSPLJKWPDNH
P\MREDELWHDVLHU

*HRUJH :HOO WKHQ LI ZH DOO DJUHH WKHQ OHWoV KDYH WKHP
LQVWDOOHG 6DUDK WKDWoV \RXU DUHD VR FRQWDFW9HQGLQJ
:RUOGDVVRRQDV\RXFDQ

*HRUJH :LOOLWFRVWXVDQ\WKLQJ"

RIFHZLQJ DODGHOHGLFLRSDUDRFLQD

-RH

WRJKWP\ZD\WKURXJK DEULUPHSDVRDSXHWD]RV

1RW D SHQQ\ ,Q IDFW ZHoOO HDUQ WZR FHQWV IRU HYHU\
FRIIHH FRQVXPHG:HOO ZH GRQoW HDUQ LWf LWoV IRU WKH
HPSOR\HHDFWLYLWLHVIXQG7KH\XVHLWWRJRRQVKLQJ
WULSVRURWKHUH[FXUVLRQV7KHRQO\WKLQJZHoOOORVHLVD
IHZVTXDUHPHWHUVRIIDFWRU\VSDFH

VHWDUXOH MDUXQDUHJOD
FRPHXS VXEHQ
QRWDSHQQ\ QLXQFQWLPR

*HRUJH :LOOZHEHZRUNLQJZLWKWKHVDPHYHQGLQJFRPSDQ\"

YHQGLQJFRPSDQ\ GLVWULEXLGRUGHPTXLQDVH[SHQGHGRUDV

-RH

IDLUO\JRRGVHUYLFH EDVWDQWHEXHQVHUYLFLR

<HVZLWK9HQGLQJ:RUOG7KH\LQVWDOOHGWKHPDFKLQHV
ZH KDYH LQ WKH RIFH DUHD DQG WKH\oYH DOZD\V JLYHQ
IDLUO\JRRGVHUYLFHXSWRQRZ

*HRUJH +HOOR6DUDKZKHUHKDYH\RXEHHQ":HoUHDOUHDG\RQ
SRLQWWZRRIWKHDJHQGD
6DUDK

6RUU\ P\ FDU EURNH GRZQ RQ WKH ZD\ KHUH , KDG WR
FDWFKDFDE

*HRUJH :HOOZHDJUHHGWRJLYHWKHSDUNLQJORWFRQWUDFWWRWKH
ORZHVW ELGGHU DW  DQG ZHoUH DSSURYLQJ ULJKW
QRZ WKH LGHD RI WKH FRIIHH PDFKLQHV LQ WKH IDFWRU\

EURNHGRZQ VHDYHUL
FDE WD[L
WKHORZHVWELGGHU HORIHUWDQWHGHPHQRUSUHFLR
WKHUHVHHPVWREH SDUHFHKDEHU
WRJRDKHDG VHJXLUDGHODQWH
WKHXQLRQSHRSOH ORVGHOVLQGLFDWR
FROOHFWLYHEDUJDLQLQJDJUHHPHQW FRQYHQLRFROHFWLYR
VKRS WDOOHU


(VWLPDGRDPLJR\DOXPQR3DUDPXQRGHORVPD\RUHVORJURVHQHVWDYLGDHVFXDQGRXQDSHUVRQDFRQVLJXHTXHODOQHDTXHGLYLGHHO
WUDEDMRGHORFLR\HOMXHJRVHKDJDERUURVD&XDQGRXQRDERUGDODDFWLYLGDGODERUDOFRPRXQMXHJRHQHOTXHVHSXHGHGLYHUWLULQFOXVRORV
WUDEDMRVPVDQRGLQRVVHKDFHQDWUDFWLYRV6LWLHQHVXQWUDEDMRDWUDFWLYRWUDEDMDVFRQPVJDQDVORFXDOFRQGXFHDTXHWHDVFLHQGDQHQ
ODRUJDQL]DFLQRTXHWPLVPRDGTXLHUDVKDELOLGDGHV\FRQYLFFLRQHVTXHWHKDFHQPVDWUDFWLYRHQHOPHUFDGRODERUDO&RPRWRGDVODV
FRVDVEXHQDVHOWHQHUXQDDFWLWXGSRVLWLYDHVXQFUFXORYLUWXRVR8QYHUDQRDQWHVGHFRPHQ]DUOD8QLYHUVLGDGWUDEDMHQXQDOPDFQGH
UDGLDGRUHVGHFRFKH7HQDTXHHPEDODUPLOHVGHUDGLDGRUHVHQFDMDVGHFDUWQDSLODUODVFDMDVHQSDOHWDV\GHVSXVVXELUPHDXQDFDUUHWLOOD
HOHYDGRUDSDUDGHMDUODVSDOHWDVOLVWDVSDUDTXHRWURODVFDUJDVH\\DGHGDHQORVFDPLRQHVTXHOOHJDEDQ7UDEDMDEDGHQRFKHFRPSOHWDPHQ
WHVRORHQXQDOPDFQGHPLOPHWURVFXDGUDGRV/ROODPEDPRVHOWXUQRGHXOWUDWXPED0HSDJDEDQWUHVGODUHVODKRUD\\RVROLWRPHOR
PRQWDEDGHPDUDYLOOD$SDUWLUGHODVHJXQGDQRFKHGHFLGGRVFRVDV HVWDEOHFHUXQUFRUGPXQGLDOFDGDQRFKHSDUDLQWHQWDUEDWLUORDOD
QRFKHVLJXLHQWH\ LPDJLQDUPHXQD\XGDQWHIHPHQLQRSDUDFRPSDUWLUFRQPLJRODVSHQDV<DODVHJXQGDQRFKHORJU
FRORFDUFXDWURSDOHWDV FDMDV HQSRVLFLQSDUDODFDUJDHQORVFDPLRQHV'RVPHVHVGHVSXVHQPLSHQOWLPD
QRFKHEDWPLSURSLRUFRUGSDOHWDVFRQODIULROHUDGHUDGLDGRUHVWRGRVFPRGRV\FDOHQWLWRVHQVXVFDMDVGH
FDUWQ(QODIRWRPHSXHGHVYHUVXELGRDODFDUUHWLOODRUJXOORVRGHPLSURH]DGLVIUXWDQGRDOPLVPRWLHPSRGHODPLUDGD
GHDGPLUDFLQGHPLD\XGDQWHPLFKLFDLPDJLQDULD(QWUHORVGRVFRQVHJXLPRVFRQYHUWLUHOWUDEDMRPVDEXUULGRLPD
JLQDEOHHQXQYHUDQRPHPRUDEOH7UHVGDVDQWHVGHODIRWRHOMHIHPHRIUHFLXQQXHYRWUDEDMRFRQXQVDODULRGHVHLV
GODUHVODKRUD/RUHFKDFSRUTXHWHQDTXHLUDRWUDFLXGDGDHPSH]DUOD8QLYHUVLGDG3HURXQDYH]PVDSUHQGXQD
YDOLRVDOHFFLQGHHVWDYLGDSXHGHVVDFDUXQMXJRGHOLFLRVRHQWRGDVODVH[SHULHQFLDV1RGHEHVMDPVPHQRVSUHFLDU
XQDDFWLYLGDGXQWUDEDMRRXQDFR\XQWXUD+D\OHFFLRQHVYDOLRVDVHQWRGROHFFLRQHVTXHWHLUQWUD\HQGRGLYLGHQGRV
LPSRUWDQWHVFRQHOSDVRGHOWLHPSRVLVLHPSUHPDQWLHQHVXQDDFWLWXGSRVLWLYD
5LFKDUG9DXJKDQ




/RZ%HJLQQHU

+LJK%HJLQQHU

'QGHHVWHVHKRPEUHDOWR" :KHUHLVWKDWWDOOPDQ"
4XLQHVHVDPXMHUJXDSD" :KRoVWKDWSUHWW\ZRPDQ"
&PRHVWQHVRVQLRV +RZDUHWKRVHVLFNFKLOGUHQ"
HQIHUPRV"
3RUTXHVWQHVDVSHUVRQDV :K\DUHWKRVHKRUULEOHSHRSOH
KRUULEOHVDTX"
KHUH"
&XOHVVRQVXVDSHOOLGRV" :KDWDUHWKHLUVXUQDPHV"

(VXQWUDMH GHPXMHU PX\IHR ,WoVDYHU\XJO\GUHVV


/DWLHUUDHVUHGRQGDQR 7KHHDUWKLVURXQGQRWVTXDUH
FXDGUDGD
/RVSXSLWUHVGHORVHVWXGLDQWHV 7KHVWXGHQWVoGHVNVDUHROG
VRQYLHMRV
/DJHQWHMRYHQHVWORFD <RXQJSHRSOHDUHFUD]\
$TXHOODJHQWHHVJULHJD 7KRVHSHRSOHDUH*UHHN

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&XQWRVLGLRPDVKDEODO" +RZPDQ\ODQJXDJHVGRHVKH
VSHDN"
$OJXLHQORVDEH" 'RHVDQ\ERG\NQRZ"
4XLQORVDEH" :KRNQRZV"
4XGLFHOFXDQGRWHYH" :KDWGRHVKHVD\ZKHQKH
VHHV\RX"
1RGLFHQDGD +HGRHVQoWVD\DQ\WKLQJ

4XLQKL]RHVR" :KRGLGWKLV"
4XLQKL]RTX" :KRGLGZKDW"
4XLQURPSLHVWDYHQWDQD" :KREURNHWKLVZLQGRZ"
4XLQFUHHVTXHORURPSL" :KRGR\RXWKLQNEURNHLW"
'HTXLQHVWDPRVKDEODQGR" :KRDUHZHWDONLQJDERXW"

.LWWHQ *DWLWR

3XSS\ &DFKRUUR
&KLFN 3ROOLWR

&DOI 7HUQHUR

)RDO 3RWUR

9RFDEXODULR%DE\$QLPDOV &UDV
+LJK,QWHUPHGLDWH
(VWDVUHXQLRQHVVXHOHQGXUDU 7KHVHPHHWLQJVXVXDOO\ODVWD

PXFKRWLHPSR
ORQJWLPH
&XQWRWLHPSRVXHOHQGXUDU" +RZORQJGRWKH\XVXDOO\ODVW"
6XHOHQGXUDUXQSDUGHKRUDV 7KH\XVXDOO\ODVWDFRXSOHRI
KRXUV
3RUTXGXUDQWDQWR" :K\GRWKH\ODVWVRORQJ"
(OMHIHQXQFDGHMDGHKDEODU 7KHERVVQHYHUVWRSVWDONLQJ

/RZ$GYDQFHG
4XLQKDDSDJDGRODVOXFHV" :KRoVWXUQHGWKHOLJKWVRII"
/DVDSDJX\R ,WXUQHGWKHPRII
<DHVWDEDQHQFHQGLGDVFXDQGR 7KH\ZHUHDOUHDG\RQZKHQ,
OOHJXDTX
JRWKHUH
(QWRQFHVOOHYDQDOPHQRVGRV 7KHQWKH\oYHEHHQRQIRUDW
GDVHQFHQGLGDV
OHDVWWZRGD\V
4XLQGHPRQLRVODVGHM :KRWKHKHOOOHIWWKHPRQ"
HQFHQGLGDV"

0LGGOH$GYDQFHG
(VXQERFD]DV +HoVDELJPRXWK
1DGLHOHDJXDQWD 1RERG\FDQVWDQGKLP
7LHQHUDELHWDVFXDQGRQR +HKDVWDQWUXPVZKHQKH
FRQVLJXHORTXHTXLHUH
GRHVQoWJHWZKDWKHZDQWV
3LHUGHORVHVWULERVDPHQXGR +HRIWHQORVHVKLVWHPSHU
6LHPSUHVHVDOHFRQODVX\D +HDOZD\VJHWVKLVZD\

)RU(QJOLVKVXSHUVWDUVRQO\
3RUFLHUWRSRUTXQRVDFDVWH %\WKHZD\ZK\GLGQoW\RX

HOWHPD"
EULQJXSWKHVXEMHFW"
6HKDEUDKHFKRVLKXELHUD ,WZRXOGKDYHEHHQGRQHLI

KDELGRWLHPSR
WKHUHKDGEHHQWLPH
3XHGHTXH\DVHKD\DKHFKR ,WPD\DOUHDG\KDYHEHHQGRQH
3XHVWRTXHQRKXERWLHPSRQR 6LQFHWKHUHZDVQoWWLPHLW

VHKL]R
ZDVQoWGRQH
4XLQORKDEUKHFKR" ,ZRQGHUZKRGLGLW"



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRQq 

7RDVNIRU

,WORRNVJRRGRQ\RX
7HTXHGDELHQ XQDSUHQGD 

,WKUHZRQP\FRDWDQGUDQRXW
0HSXVHGHSULVDHODEULJR\VDOFRUULHQGR

\HDUVWHDFKLQJZHDUVRQ\RX
DRVHQVHDQGRGHVJDVWD

6KHGRHVQoWZDQWWRWDNHRQWKHUHVSRQVLELOLW\
1RTXLHUHDVXPLUUHVSRQVDELOLGDG

7KH\HDUVZRUHRQ
/RVDRVSDVDEDQVLQFDPELRV

:HoOOWDNHRQDOOFRPSHWLWLRQ
1RVHQIUHQWDUHPRVDWRGDODFRPSHWHQFLD

(OYHUERpSHGLUDOJRqRpSUHJXQWDUSRUDOJRq
HVpWRDVNIRUq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
9R\DSHGLUODFXHQWD
(OODPHSLGLXQIDYRU
/HSHGTXHPHOOHYDUD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 
7KHPDQDJHPHQWPHHWLQJFRQWLQXHVDQG&KDUOHV+HQGHUVRQEULQJVXSWKHVXEMHFWRI3HWHU)LHOGV
&KDUOHV 6SHDNLQJRIFROOHFWLYHEDUJDLQLQJZKDWoVWKHFRPSDQ\oV
SRVLWLRQRQWKHZDJHLQFUHDVHIRUQH[W\HDU"
6DUDK

:HoUH SURSRVLQJ D  SHUFHQW ZDJH LQFUHDVH ,QDWLRQ


LV FXUUHQWO\ DW  SHUFHQW EXW ZH FDQoW DIIRUG WR EH
JHQHURXV\HW,WKLQNWKHZRUNHUVZLOOXQGHUVWDQG

&KDUOHV :HOOQRZWKDWZHoUHRQWKHVXEMHFWRIZDJHVDQGVDODULHV
,ZRXOGOLNHWREULQJXSWKHVXEMHFWRI3HWHU)LHOGV$V\RX
NQRZ *HRUJH ,oYH EHHQ WDONLQJ DW OHQJWK ZLWK 6DUDK
DERXW WKH VXEMHFW DQG ,oYH EHHQ WU\LQJ WR FRQYLQFH KHU
WKDW 3HWHU GHVHUYHV D FRQVLGHUDEOH UDLVH -RKQ 2OVRQ LV
WU\LQJWRKLUHKLPDQGZHGHVSHUDWHO\QHHGDSHUVRQRI
KLVFDOLEHULQVDOHV:HFDQoWDIIRUGWRORVHKLP
6DUDK

:HOOZHKDYHDVPDOOGLOHPPDKHUH2QHRIWKHRXWVLGH
FDQGLGDWHV IRU WKH SRVLWLRQ LV 0DUYLQ 7KRPSVRQ +H
ZDV WKH VDOHV PDQDJHU IRU 1HZ +ROODQG LQ *HUPDQ\
IRUVHYHQ\HDUV+HZDQWVWRPRYHEDFNKHUHIRUIDPLO\
UHDVRQVDQGKHZRXOGEHWKHLGHDOSHUVRQIRUWKHMRE

&KDUOHV +RZPXFKLVKHDVNLQJ"
6DUDK

+H ZDV HDUQLQJ  LQ 1HZ +ROODQG VR ZH DW
OHDVWKDYHWRPHHWWKDWJXUH

&KDUOHV 3HWHU HDUQV  D \HDU DQG KHoV GRLQJ D WHUULF MRE
:HoYHQHYHUKDGDSHUFHQWVDOHVLQFUHDVHLQRXUKLVWRU\
6DUDK

3ULYDWH VSHQGLQJ KDV ULVHQ D ORW DQG HYHU\ERG\ LV


EHQHWLQJIURPWKHXSWXUQLQWKHHFRQRP\
&KDUOHV 3ULYDWH FRQVXPSWLRQ KDV JRQH XS  6LQFH 3HWHU
WRRN RYHU IRU -RKQ 2OVRQ VDOHV KDYH ULVHQ  ,I
P\ EDVLF DULWKPHWLF LV ULJKW KHoV UHVSRQVLEOH IRU D
 LPSURYHPHQW RYHU DQG DERYH WKH ULVH LQ SULYDWH
FRQVXPSWLRQ
ZDJHLQFUHDVH DXPHQWRVDODULDO SDUDRSHUDULRV 
ZHFDQoWDIIRUG QRSRGHPRVSHUPLWLUQRVHOOXMR
RQWKHVXEMHFWRI FRQHOWHPDGH
WREULQJXS VDFDU XQWHPD 
DWOHQJWK GHWHQLGDPHQWH
FDOLEHU HQ5HLQR8QLGRFDOLEUH
PRYHEDFNKHUH WUDVODGDUVHGHQXHYRDTX
WRPHHWWKDWJXUH LJXDODUHVDFLIUD
WHUULF IDQWVWLFR
SULYDWHVSHQGLQJ HOFRQVXPRSULYDGR
XSWXUQ UHSXQWH
SULYDWHFRQVXPSWLRQ HOFRQVXPRSULYDGR
RYHUDQGDERYH DGHPVGH

'RQoW IRUJHW WKDW LWoV D  SHUFHQW LQFUHDVH RYHU ODVW


\HDU ZKLFK ZDV DOVR WKH ZRUVW \HDU LQ RXU KLVWRU\

5LFKDUG9DXJKDQ


(VWLPDGRDPLJR\DOXPQR+D\XQSURYHUELRLQJOVTXHGLFH$VPRRWKVHDQHYHUPDGHDVNLOIXOPDULQHU8QDEXHQDWUDGXFFLQ
VHUDp'HXQPDUHQFDOPDQXQFDKDVDOLGRXQPDULQHURKDELOLGRVRq<HQODYLGDSDVDLJXDO/DJUDQPD\RUDGHODVSHUVRQDVGH
[LWRORKDQFRQVHJXLGRSRUXQHVIXHU]RKRQHVWRDQWHXQHQWRUQRKRVWLO1RORKDQFRQVHJXLGRQLSRUVXHUWHQLSRUPDODDVWXFLD
6HKDQLGRFXUWLHQGRDQWHORVSUREOHPDV\ORVREVWFXORVVLQGHVIDOOHFHU(QPLVDRVGHSURIHVLQ\KRUDVLPSDUWLGDV
KHOOHJDGRDFRQRFHUEDVWDQWHELHQDXQRVFLHQSUHVLGHQWHVFRQVHMHURVGHOHJDGRVRGLUHFWRUHVJHQHUDOHVGHHPSUHVDVGH[LWRHQ
(VSDD\DVHDQVWDVOLDOHVGHPXOWLQDFLRQDOHVRHPSUHVDVQHWDPHQWHHVSDRODV/RVKHOOHJDGRDFRQRFHUELHQSRUTXHIXHURQ
GXUDQWHFLHUWRWLHPSRDOXPQRVPRVORFXDOPHSHUPLWLFRQRFHUORVGHVGHXQDSHUVSHFWLYDLQWHUHVDQWH\FXULRVD3XHVWRTXHQR
HUDQPX\H[SHUWRVHQHOLQJOVVHVHQWDQDOJRYXOQHUDEOHVGHODQWHGHP\SXGHFRQRFHURLQWXLUVXIRUPDGHVHUUHDOVLQODVEDUUH
UDVTXHPXFKRVDOWRVGLUHFWLYRVSRQHQHQWUHV\ODRUJDQL]DFLQ$OQDOVHDEULHURQ\FRQDURQHQPFRQWQGRPHVXVKLVWRULDV
\VHFUHWRV'HODVFLHQSHUVRQDVGLUDTXHQRYHQWDH[KLEDQFODUDPHQWHXQWDOHQWRHVSHFLDOTXHKDFDOJLFRTXHHVWXYLHUDQHQOD
FXPEUHJDQDQGRPXFKRGLQHUR7DPELQHUDQSHUVRQDVTXHSRQLHQGRODPDQRHQHOIXHJRHUDQKRQHVWDV([KLEDQGRWHVGHOLGH
UD]JR\ODJHQWHOHVDSUHFLDED<WRGRVVLQH[FHSFLQKDEDQWUDEDMDGRGXURDORODUJRGHVX
FDUUHUDSURIHVLRQDO1RWRGRVHUDQOLFHQFLDGRVVXSHULRUHV5HFXHUGRDXQRHQHVSHFLDOTXH
ORJUIUDQTXHDUODEDUUHUDTXHH[LVWDHQODHPSUHVDHQWUHORV
LQJHQLHURV VXSHULRUHV \ ORV LQJHQLHURV WFQLFRV 3HUR LQGH
SHQGLHQWHPHQWHGHVXVHVWXGLRVXQLYHUVLWDULRVWRGRVGHEDQ
VX [LWR D OR TXH GHFLPRV HQ LQJOV pWKLQN KDUG DQG ZRUN
KDUGq /RV EXHQRV FDSLWDQHV TXH VXUFDQ ORV RFDQRV VDEHQ
TXHSDUDVREUHYLYLU\WULXQIDUKDQGHSHQVDULQWHQVDPHQWH\
WUDEDMDULQWHQVDPHQWH*RRGFDSWDLQVDUHPDGHIURPURXJK
VHDVDQGGHHSRFHDQV




/RZ%HJLQQHU

+LJK%HJLQQHU

(VHQRHVPLEROJUDIR" ,VQoWWKDWP\SHQ"
VRVQRVRQWXVSDGUHV" $UHQoWWKRVH\RXUSDUHQWV"
1RHVHOODODSURIHVRUD" ,VQoWVKHWKHWHDFKHU"
1RVRQVWDVQXHVWUDVVLOODV" $UHQoWWKHVHRXUFKDLUV"
1RHVXQDFLXGDGFDUD" ,VQoWLWDQH[SHQVLYHFLW\"

1RORVDEHHOOD" 'RHVQoWVKHNQRZ"
1RYDVDYHQLU" $UHQoW\RXJRLQJWRFRPH"
3RUTXQRHVWVSHQVDQGR" :K\DUHQoW\RXWKLQNLQJPRUH"
3RUTXQRHVWDUQDOO" :K\ZRQoWWKH\EHWKHUH"
1RSXHGHVGHFUVHOR" DHOODV  &DQoW\RXWHOOWKHP"

)HDWKHUGXVWHU 3OXPHUR
6RDS -DEQ
&ORWK %D\HWD
6RDSGLVK -DERQHUD

6FRXUHU (VWURSDMR

9RFDEXODULR&OHDQLQJ7RROV 8WHQVLOLRVGHOLPSLH]D
/RZ,QWHUPHGLDWH
1RIXLVWH" 'LGQoW\RXJR"
3RUTXQRPHOODPHOOD" :K\GLGQoWVKHSKRQHPH"
1RQDFLVWHHQ,UODQGDFRPR :HUHQoW\RXERUQLQ,UHODQG

OLNH\RXUSDUHQWV"
WXVSDGUHV"
1RWHHVWDEDHVFXFKDQGR" :DVQoWVKHOLVWHQLQJWR\RX"
3RUTXQRKDEUHVWDHVWD :K\ZRQoWWKHUHEHDSDUW\

WRQLJKW"
QRFKH"

0LGGOH,QWHUPHGLDWH
3RUTXQRDSUREDVWHHO :K\GLGQoW\RXSDVVWKHH[DP"
H[DPHQ"
1RKDVKDEODGRFRQHOORVDQ" +DYHQoW\RXVSRNHQWRWKHP\HW"
1RSXGLVWHGRUPLUDQRFKH" &RXOGQoW\RXVOHHSODVWQLJKW"
1RKDVWHUPLQDGRWXFDUUHUD +DYHQoW\RXQLVKHG\RXU
GHJUHH\HW"
DQ"
3RUTXQRWHKDVYHVWLGRDQ" :K\KDYHQoW\RXJRWGUHVVHG
\HW"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

3RUTXQRKDVYHQLGRSRU :K\KDYHQoW\RXFRPHURXQG

KHUHODWHO\"
DTXOWLPDPHQWH"
1RKDVHVFXFKDGRQLXQD +DYHQoW\RXEHHQOLVWHQLQJWRD

ZRUG,oYHVDLG"
SDODEUDGHORTXHKHGLFKR"
3RUTXQRKXER3ROLFDHQHO :K\ZHUHQoWWKHUHDQ\3ROLFH

DWWKHPDWFK"
SDUWLGR"
3RUTXQRORKDUDV" :K\ZRXOGQoW\RXGRLW"
1RKDKDELGRFRUUHRKR\" +DVQoWWKHUHEHHQDQ\SRVW
WRGD\"

1RKDEDVHVWDGRHQ3DUV +DGQoW\RXEHHQWR3DULV
EHIRUH"
DQWHV"
3RUTXQRVDOGUDVFRQOVL :K\ZRXOGQoW\RXJRRXWZLWK
KLPLIKHDVNHG\RX"
WHORSLGLHUD"
3RUTXQRPHFUHHUDVVLWHOR :K\ZRXOGQoW\RXEHOLHYHPH
LI,WROG\RX"
GLMHUD"
3RUTXQRIXLLQFOXLGR" :K\ZDVQoW,LQFOXGHG"
3RUTXQRVHKL]R" :K\ZDVQoWLWGRQH"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

1RWHVHQWLUDVWRQWRVLVH :RXOGQoW\RXIHHOVLOO\LIWKH\
HQWHUDVHQ"
IRXQGRXW"
3RUTXQRORKDEUDV :K\ZRXOGQoW\RXKDYHWKDQNHG
DJUDGHFLGRVLWHKXELHUDD\XGDGR" KLPLIKHKDGKHOSHG\RX"
1RKDEUDQDSODXGLGRVLHOOD :RXOGQoWWKH\KDYHDSSODXGHG
KXELHUDFDQWDGR"
LIVKHKDGVXQJ"
1RKDEUDKDELGRGLUWXUELRVVL :RXOGQoWWKHUHKDYHEHHQD
OHKXELHUDQFRQGHQDGR"
ULRWLIWKH\KDGVHQWHQFHGKLP"
3RUTXQROHJXVWDUHPRVDHOOD" :K\ZRQoWVKHOLNHXV"

3RUTXQROHVSXHGHV :K\FDQoW\RXSXWXSZLWK
DJXDQWDU"
WKHP"
3RUTXQRPHDYLVDVWHDQWHV :K\GLGQoW\RXOHWPHNQRZ
GHTXHHVWDOODVHQORVSUREOHPDV" EHIRUHWKHWURXEOHEURNHRXW"
3RUTXQRPHUHVSDOGDVWHHQ :K\GLGQoW\RXEDFNPHXSLQ
ODUHXQLQ"
WKHPHHWLQJ"
3RUTXQXQFDWHFDOODV" :K\GRQoW\RXHYHUVKXWXS"
3RUTXQRHVWR\ :K\DUHQoW,XQGHUVWDQGLQJD
FRPSUHQGLHQGRQLXQDSDODEUD ZRUG\RXoUHWHOOLQJPH"
GHORTXHPHGLFHV"



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRQq 
:HDJUHHGRQ
1RVSXVLPRVGHDFXHUGRHQ
7KHGRFWRUFDOOVRQPHZHHNO\
(OPGLFRPHYLVLWDFDGDVHPDQD
&DUU\RQ
&RQWLQH

&RPXQLFDFLQVRFLDOHOPXQGR
LQPRELOLDULR

:K\DUH\RXFDUU\LQJRQOLNHWKDW"
3RUTXHVWVGDOHTXHWHGDOHFRQHO
DVXQWR"

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
/RVSUHFLRVGHODVFDVDVVHKDQGLVSDUDGR
+D\WDQWDVHPSUHVDVSLUDWDVGHFRQVWUXFFLQ
0LUHVGRQGHPLUHVVHYHQJUDV

'RQoWGLHRQPHQRZ
|1RWHPHPXHUDVDKRUD
7KH\oUHJDLQLQJRQXV
1RVHVWQUHGXFLHQGRGLVWDQFLDV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 

7KHPDQDJHPHQWPHHWLQJFRQWLQXHVZLWKDH[FKDQJHEHWZHHQ&KDUOHV+HQGHUVRQDQG*HRUJH5RELQVRQWKHPDQDJLQJGLUHFWRU
*HRUJH , NQRZ 0DUYLQ 7KRPSVRQ SHUVRQDOO\ +HoV D WRXJK
KDUGGULYLQJNLQGRISHUVRQ+HZRXOGSUREDEO\SXVK
RXU DJHQWV WR WKHLU OLPLW 3HWHU )LHOGV JLYHV PH WKH
LPSUHVVLRQ RI EHLQJ D OLWWOH VRIW $QG EHVLGHV KHoV
DZIXOO\\RXQJWREHLQWKHH\HRIWKHKXUULFDQH
&KDUOHV 3HWHU )LHOGV PD\ EH \RXQJ EXW KHoV FHUWDLQO\ QRW VRIW
+LV VW\OH LV VLPSO\ GLIIHUHQW +HoV LPSOHPHQWHG D YHU\
LPDJLQDWLYH DGYHUWLVLQJ FDPSDLJQ DQG KDV UHGHVLJQHG
DQG UHZULWWHQ WKH SURGXFW LQIRUPDWLRQ EXOOHWLQV WKH
DJHQWVXVH7KH\oUHYHU\KDSS\ZRUNLQJZLWK3HWHUDQG
IHHOPXFKPRUHVXSSRUWHGLQWKHLUWHUULWRULHV,WKLQN3HWHU
LVWKHQHZEORRGZHoYHEHHQQHHGLQJIRUDORQJWLPH7KH
DYHUDJHDJHRIWKHPDQDJHPHQWKHUHLVQHDUDQG\RX
PXVWDGPLWWKDWWKHPDUNHWLVFKDQJLQJRXUFRQVXPHUV
DUHFKDQJLQJDQGRXUVWUDWHJLHVQHHGWRNHHSSDFHZLWK
WKHWLPHV,oPFRQYLQFHGWKDW3HWHU)LHOGVLVWKHULJKWPDQ
IRUWKHMRE:KDWGR\RXWKLQN*HRUJH"
*HRUJH , JHW \RXU SRLQW 0DUYLQ 7KRPSVRQ LV H[SHQVLYH EXW
FDQ\RXLPDJLQHZKDWZHFRXOGDFKLHYHLIKHDQG3HWHU
)LHOGVZHUHWRJHWKHU"0DUYLQZRXOGEHWKHSXVKHUDQG
3HWHUWKHPDUNHWLQJZL]DUG7KH\ZRXOGPDNHDJRRG
WDQGHP
&KDUOHV ,KDYHP\GRXEWV)LUVWRIDOO3HWHUZRXOGIHHOXSVHWLI
KH ZHUH SXVKHG DVLGH WR PDNH URRP IRU DQ RXWVLGHU
6HFRQGO\KHDQG0DUYLQ7KRPSVRQDUHRSSRVLWHV7KH\

SUREDEO\ ZRXOGQoW ZRUN ZHOO WRJHWKHU %HVLGHV LI


7KRPSVRQLVEURXJKWLQ,oPVXUH3HWHU)LHOGVZLOOOHDYH
WR ZRUN ZLWK -RKQ 2OVRQ 7KDW ZLOO OHDYH XV ZLWKRXW
D WUDLQLQJ H[SHUW DQG ZLWK D QHZ VDOHV PDQDJHU
ZKR PD\ VWDUW SXVKLQJ WKH DJHQWV WRR KDUG 7KH\oUH
ZRUNLQJZHOOULJKWQRZDQG3HWHUVHHPVWRKDYHIRXQG
WKH IRUPXOD IRU VXFFHVV /HWoV QRW FKDQJH WKLQJV QRZ
WKDWZHoUHJURZLQJDWDUHFRUGSDFH
WRXJK GXUR
KDUGGULYLQJ LQWHQVR
KHoVDZIXOO\\RXQJ HVPX\MRYHQ
QHZEORRG VDQJUHQXHYD
\RXPXVWDGPLW KDVGHUHFRQRFHU
WRNHHSSDFHZLWKWKHWLPHV PDQWHQHUVHFRQORVWLHPSRV
,JHW\RXUSRLQW (QWLHQGRWXDUJXPHQWR
ZL]DUG PDJRJHQLR
LIKHZHUHSXVKHGDVLGH VLIXHUDGHVSOD]DGR
WRPDNHURRPIRU KDFHUVLWLRSDUD
DQRXWVLGHU DOJXLHQGHIXHUD
LVEURXJKWLQ HVFRQWUDWDGR
DWDUHFRUGSDFH DXQULWPRVLQSUHFHGHQWHV

(VWLPDGRDPLJR\DOXPQR(OGHQXHVWURWLHPSRGHYLJLOLDORGHGLFDPRVDOWUDEDMR6LSRUSHUH]DFLQLVPRRGHVFRQDQ]DFRQ
YHUWLPRVHVDPLWDGGHQXHVWUDYLGDHQXQDSHVDGDFUX]HVXQDWUDJHGLD(OWUDEDMRWLHQHTXHVHUDOJRHVWLPXODQWHTXHHOHYHDOVHU
KXPDQRDXQTXHVHWUDWHGHIDEULFDUDOTXLWUQ5HFXHUGRXQHMHPSORXQDYH]DOQDOGHXQODUJRGDODUHFHSFLRQLVWD\\RUDPRV
ODVQLFDVSHUVRQDVTXHTXHGEDPRVHQODRFLQD6HUDQODVKRUDVGHODWDUGH6DODODPTXLQDGHDJXD\ODVDOXG
p4XWDO)HUQDQGD"q
p%LHQSHURPHKDQHQFDVTXHWDGRXQWUDEDMRXQSRFRPRQWRQRSDUDUHPDWDUODWDUGHq
p4XHV"q
p7HQJRTXHPDUFDUGHHVWDOLVWDDWRGDVODVSHUVRQDVTXHVHDQGHOFGLJRSRVWDOq
p&XQWDVKD\HQWRWDO"q
p8QDVq


p9HQDPLGHVSDFKR\WUDHODOLVWDq
)HUQDQGDDFXGLDPLGHVSDFKR\UHSDUWLPRVODVSJLQDVGHOLVWDTXHGQGRPH\RFRQ\HOODFRQ$FWRVHJXLGRVDTXXQD
KRMDHQEODQFR\ODGLYLGFRQPLEROJUDIRHQGRVFROXPQDVXQDHQFDEH]DGDFRQPLQRPEUH\ODRWUDFRQHOGH)HUQDQGD
p9DPRVDKDFHUHVWRMXQWRV\TXLHQPVQRPEUHVHQFXHQWUHFRQHOFGLJRJDQDq
6HWUDWDEDGHODDFWLYLGDGPVPRQWRQDLQLPDJLQDEOHSHURHOUHWRHVWDEDVHUYLGR\WDQWR)HUQDQGDFRPR\RIXLPRVUSLGDPHQWHHQ
EXVFDGHODYLFWRULDOOHQDQGRQXHVWUDVFROXPQDVGHSXQWRVULQGRQRVHQODFDUUHUD\WHUPLQDQGRHOWUDEDMRHQPLQXWRV)HUQDQGD
PHJDQDOQDOSHUR\RWDPELQJDQDOJRDOJRPVLPSRUWDQWHWRGDYD*DQDODPXMHUTXHDKRUDHVODPDGUHGHPLVGRVKLMRV
(PSOHXQWUXFRSDUDFRQYHUWLUXQDWDUHDLQJUDWDHQDOJRGLYHUWLGR\HQHOSURFHVRJDQHOFRUD]QGHXQDMRYHQGHLQWR[LFDQWHEHOOH
]D3HURHOWUXFRORVLJRXWLOL]DQGR\DGLDULR$KRUDDPLPDGXUDHGDGVLJRLPEX\HQGRFDGDWDUHDGHDOJRGHUHWR\HVWHUHWRKDFHTXH
HVHREOLJDWRULRGHPLYLGDHVGHFLUPLTXHKDFHUODERUDOVHYLVWDGHXQFRORULGRTXHOHDDGHDOHJUD\VLJQLFDFLQ
5LFKDUG9DXJKDQ




/RZ%HJLQQHU

+LJK%HJLQQHU

6RQPX\ODUJRV 7KH\oUHYHU\ORQJ
3RUTXQRHVWQDTX" :K\DUHQoWWKH\KHUH"
4XLQHVVRQHOODV" :KRDUHWKH\"
6RQVXVKHUPDQDV" GHHOODV  $UHWKH\WKHLUVLVWHUV"
3RUTXQRHVWQDTXVXV :K\DUHQoWWKHLUEURWKHUVKHUH"

KHUPDQRV" GHHOORV

+D\XQFRQHMRHQQXHVWURMDUGQ 7KHUHoVDUDEELWLQRXUJDUGHQ
'HTXLQHV" :KRVHLVLW"
(OMDUGQHVQXHVWUR 7KHJDUGHQoVRXUV
(VWR\KDEODQGRGHOFRQHMR ,oPWDONLQJDERXWWKHUDEELW
&ODUR3XHVQRWHQJRQLLGHD 2IFRXUVH:HOO,KDYHQRLGHD

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

+D\DOJXLHQDOO" ,VWKHUHDQ\ERG\WKHUH"
1RFUHRTXHKD\DQDGLHDOO ,GRQoWWKLQNWKHUHoVDQ\ERG\
WKHUH
3HURVLHPSUHKD\DOJXLHQDOO %XWWKHUHoVDOZD\VVRPHERG\
WKHUH
$\HUYLQRWRGRHOPXQGR (YHU\ERG\FDPH\HVWHUGD\
&UHHVTXHDOJXLHQYHQGU 'R\RXWKLQNDQ\ERG\ZLOO
FRPHWRPRUURZ"
PDDQD"

$OJXLHQWLHQHDOJXQDSUHJXQWD" 'RHVDQ\ERG\KDYHDQ\
TXHVWLRQV"
3RUTXQDGLHHVWGLFLHQGR :K\LVQoWDQ\ERG\VD\LQJ
DQ\WKLQJ"
QDGD"
&UHRTXHWRGRVWLHQHQPLHGR ,WKLQNWKH\oUHDOODIUDLG
0LHGRGHTX" $IUDLGRIZKDW"
(VWQSUHRFXSDGRVSRUORTXH 7KH\oUHZRUULHGDERXWZKDW
WKHRWKHUVDUHJRLQJWRWKLQN
YDQDSHQVDUORVGHPV

+LJK,QWHUPHGLDWH
0HJXVWDV ,OLNH\RX
7HJXVWR" 'R\RXOLNHPH"
&UHTXHQRWHJXVWDED ,WKRXJKW\RXGLGQoWOLNHPH
6LHPSUHPHKDVJXVWDGR ,oYHDOZD\VOLNHG\RX
7HJXVWDUSDUDVLHPSUH" :LOO\RXOLNHPHIRUHYHU"

/RZ$GYDQFHG
'HEHUDLUPH\D ,VKRXOGOHDYHQRZ
3RGUDVHVSHUDUXQSRFRQR" <RXFRXOGZDLWDOLWWOHFRXOGQoW
\RX"
0HSHUPLWLUDVTXHWHOOHYDUD :RXOG\RXDOORZPHWRWDNH
\RXKRPH"
DFDVD"
6LIXHUDVPVJXDSRV ,I\RXZHUHEHWWHUORRNLQJ,
ZRXOG
3XHGHTXHHVWVSHUGLHQGRXQD <RXPLJKWEHPLVVLQJRXWRQD
ELJRSSRUWXQLW\
JUDQRSRUWXQLGDG

3ROLVKHU (QFHUDGRUD
0RS )UHJRQD

%URRP &HSLOOR

'XVWSDQ 5HFRJHGRU

9DFXXP&OHDQHU $VSLUDGRUD

9RFDEXODULR&OHDQLQJ7RROV 8WHQVLOLRVGHOLPSLH]D
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

|'MDPHHQSD] /HDYHPHDORQH
'HMDGHPROHVWDUPHTXLHUHV" 6WRSERWKHULQJPHZLOO\RX"
3RUTXQRWHVXHOWDVODPHOHQD :K\GRQoW\RXOHW\RXUKDLU

GRZQDELW"
XQSRFR"
1RWHKDVGDGRFXHQWD\DGH +DYHQoW\RXUHDOLVHGWKDW,oP

EDOG\HW"
TXHVR\FDOYR"
(VWDEDKDEODQGRGHPDQHUD ,ZDVVSHDNLQJPHWDSKRULFDOO\

PHWDIULFD

6HURQRVHUXQDHVWUHOODGHO 7REHRUQRWWREHDQ(QJOLVK

LQJOVHVODFXHVWLQ
VXSHUVWDUWKDWLVWKHTXHVWLRQ
(QWUHTXGHEHPVGLJQDPHQWH :KHWKHUnWLVQREOHULQWKH

RSWDUHODOPDQREOHf
PLQGf
HQWUHVXIULUGHODIRUWXQDLPSD fWRVXIIHUWKHVOLQJVDQG

HOSRUDGRUULJRU
DUURZVRIRXWUDJHRXVIRUWXQH
RUHEHODUVHFRQWUDXQPDUGH 2UWRWDNHDUPVDJDLQVWDVHD

GHVGLFKDV
RIWURXEOHV
\DIURQWQGRORGHVDSDUHFHU DQGE\RSSRVLQJHQGWKHP

FRQHOODV

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpRQq 
3UDFWLFDO(QJOLVKFDPELRGHSODQHV
+HOLYHVRQHXURVDPRQWK
6HDSDDFRQHXURVDOPHV

<RXQHHGWRPRYHRQ
7LHQHVTXHVHJXLUDGHODQWHFRQWXYLGD

+LVPHPRU\ZLOOOLYHRQ
6XUHFXHUGRSHUGXUDU

/HWoVPRYHRQWRWKHQH[WLWHPRQWKH
DJHQGD
3DVHPRVHOSU[LPRSXQWRGHORUGHQGHOGD

)URJVOLYHRQLHV
/DVUDQDVVHDOLPHQWDQGHODVPRVFDV ,oPSODQQLQJRQJRLQJWKHUHVRRQ
3LHQVRLUDOOSURQWR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
9R\WDUGH
(VWDPRVGHWHQLGRVHQHOWUFR
(PSLH]DVLQP
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 
7KHPDQDJHPHQWPHHWLQJHQGVZLWKWKHDJUHHPHQWQRWWRKLUH0DUYLQ7KRPSVRQDQGWRSURPRWH3HWHU)LHOGV
*HRUJH :HOO 0DUYLQ 7KRPSVRQ LV FHUWDLQO\ LQWHUHVWHG LQ
ZRUNLQJKHUH,LPDJLQHLIZHGRQoWRIIHUKLPWKHMRE
KHoOO HQG XS LQ 0DVVH\ RU LQ )RUG DQG ZHoOO KDYH WR
FRPSHWHDJDLQVWKLP,GRQoWOLNHWKDWLGHD,SUHIHUKLP
RQRXUVLGH
&KDUOHV :KR NQRZV" +H PLJKW GHFLGH WR VWD\ LQ *HUPDQ\ ,
GRXEW WKDW 0DVVH\ RU )RUG ZRXOG EH ZLOOLQJ WR SD\
KLPD\HDU7KH\oYHEHHQJRLQJWKURXJKWKH
VDPHSUREOHPVZHKDYHDQGWKH\oUHLQDQHYHQZRUVH
SRVLWLRQWKDQZHDUHWRVWDUWSD\LQJVXFKELJVDODULHV
:KDWGR\RXVXJJHVWZHGR6DUDK"
6DUDK

,VXJJHVWWKDW\RXDQG,*HRUJHVLWGRZQDQGKDYHD
ORQJFKDWZLWK3HWHU)LHOGVDERXWWKHIXWXUH,ZDQWWR
NQRZZKDWKHWKLQNVH[DFWO\DQGWRZKDWH[WHQWKHoV
FRPPLWWHGWRXVDQGWRWKHIXWXUHRIWKLVFRPSDQ\,
ZDQWKLPWRFRQYLQFHXVWKDWKHoVWKHPDQ ZH QHHG
,IKHFDQGRWKDWWKHQ,oOOWHOO0DUYLQ7KRPSVRQWKDW
WKHGHDOLVRII

*HRUJH :KHQFDQZHJHWWRJHWKHUZLWKKLP",GRQoWKDYHDQ\
DSSRLQWPHQWVUVWWKLQJLQWKHPRUQLQJ
6DUDK

)LQHQHLWKHUGR,,oOOFDOO3HWHUDQGVHWXSDPHHWLQJIRU
WRPRUURZPRUQLQJLQ\RXURIFH*HRUJH,I\RX
ZDQWWRMRLQXV&KDUOHV\RXoUHZHOFRPH

&KDUOHV 1R WKDQNV <RX DOUHDG\ NQRZ P\ RSLQLRQ RQ WKH
PDWWHU,oGUDWKHUOHDYHLWWRWKHWZRRI\RX
*HRUJH 2ND\ ODGLHV DQG JHQWOHPHQ , WKLQN ZHoYH FRYHUHG
HYHU\WKLQJWRGD\,WoVEHHQDSURGXFWLYHPHHWLQJ/HWoV
JHWEDFNWRZRUN
FHUWDLQO\ VLQGXGD
KHoOOHQGXS DFDEDU
RQRXUVLGH GHQXHVWURODGR
ZRXOGEHZLOOLQJ HVWDUDGLVSXHVWR
JRLQJWKURXJK SDVDQGRSRU
VXFKELJVDODULHV VXHOGRVWDQDOWRV
WRKDYHDORQJFKDWZLWK KDEODUODUJR\WHQGLGRFRQ
WRZKDWH[WHQW KDVWDTXSXQWR
FRPPLWWHGWRXV FRPSURPHWLGRFRQQRVRWURV
WKHGHDOLVRII \DQRKD\DFXHUGR
JHWWRJHWKHUZLWK UHXQLUVHFRQ
UVWWKLQJLQWKHPRUQLQJ DSULPHUDKRUDGHODPDDQD
VHWXSDPHHWLQJ MDUXQDUHXQLQ

(VWLPDGRDPLJR\DOXPQR(OPXQGRHVWOOHQRGHSHUVRQDVTXHKDQOOHJDGRDUULEDDSDUHQWHPHQWHGHODQDGDp'HGQGHKD
YHQLGRVH"qVHR\HFRQIUHFXHQFLDp0HQXGDVXHUWHKDWHQLGRHOWRqVHHVFXFKDHQRWUDVRFDVLRQHV3HURVLWHUHVXQRGHHVRVTXH
PXUPXUDQHVWDVFRVDVKD]XQHVIXHU]RSRUVDOLUGHWXPLRSDGHWXFLQLVPRGHWXHQYLGLDRGHWXLQGROHQFLD\WUDWDGHFRQRFHUXQ
SRFRPHMRUDHVHpDIRUWXQDGRq6LORKDFHVREVHUYDUVHQQXHYHGHFDGDGLH]GHHOORVXQGHVWHOORGHOX]HQORVRMRV\XQDHQHUJD
LQWHULRUTXHWQRSRVHHVRTXHKDVGHVGHDGRHQDOJQPRPHQWRGHWXYLGDKDVWDDSDJDUORVGHOWRGR
(VHSHTXHRSRUFHQWDMHGHSHUVRQDVDSDUHQWHPHQWHGH[LWRHQHVWHPXQGRFPRKDQOOHJDGRDUULED"/RVKD\TXHQDFHQULFRV
/RVKD\TXHVXEHQSRUDVWXFLD\PDOGDG'HVSXVORVKD\TXHOOHJDQSRUORVRWURVGRVFDPLQRVTXHQRVTXHGDQHOGHORVDIRUWX
QDGRV\HOGHORVKRQHVWDPHQWHHQWUHJDGRV6LQRVHQFDUJDVHQUHDOL]DUXQHVWXGLR\SXEOLFDUXQUHSDUWRSRUFHQWXDOGHHVWDVFXDWUR
FDWHJRUDVGHSHUVRQDVGH[LWRFUHRTXHHOUHSDUWRFRUUHFWRVHUDHOVLJXLHQWH
/RVQDFLGRULFRV
/RVDVWXWRV\RPDORV
/RVDIRUWXQDGRV
/RVKRQHVWDPHQWHHQWUHJDGRV







6LHPSUHYDDKDEHUULFRVDVWXWRVPDORV\DIRUWXQDGRVSHURVLHPSUHVHUQXQDPLQRUDHQWUHODVSHUVRQDVGH[LWRHQHVWHPXQGRSRUPX\
GHVFRQDGRV\FQLFRVTXHDOJXQRVTXLHUDQSRQHUVHDQWHHVWDDVHYHUDFLQ(VSUHFLVDPHQWHODGHVFRQDQ]D\FLQLVPRGHHVWDVSHUVRQDVOR
TXHOHVFRORFDELHQHQRWUDFROXPQDDSDUWHUHVHUYDGDSDUDORVIUDFDVDGRVRELHQHQHODSDUWDGRGHDUULEDGHORVDVWXWRV\RPDORV
/DQDWXUDOH]DGHVERUGDEHOOH]D1RVTXHGDPRVDGPLUDGRVDQWHORVFDPELRVHVWDFLRQDOHVDQWHODKHUPRVDIXHU]DGHODVWRUPHQWDV
GHORVYLHQWRVRGHODVQLHYHVDQWHODDUPRQDGHODSHUIHFFLQIVLFDELROJLFD\HFROJLFDGHODQDWXUDOH]D&RPRVHUHVKXPDQRV
IRUPDPRVSDUWHGHHVWHGHVLJQLR1XHVWUDVDFFLRQHV\UHDFFLRQHVIRUPDQXQDSDUWHLQHOXGLEOHGHODQDWXUDOH]DGHODVFRVDV6LQRV
TXHGDPRVWDQDGPLUDGRVDQWHODEHOOH]DGHODQDWXUDOH]DSRUTXQRKHPRVGHTXHGDUQRVLJXDOPHQWHPDUDYLOODGRVDQWHHODVSHF
WRWDOYH]PVLQVOLWRGHWRGDHVWDVLQIRQDHOVHUKXPDQR\VXVFDSDFLGDGHV"
(OWUDEDMRHVODPHMRUYDSRUODTXHHOKRPEUHHOPD\RUHMHPSORGHODJUDQGH]DGHODQDWXUDOH]DSXHGHUHDOL]DUVH\FRQVDJUDUVXOXJDUHQ
HVWHPXQGR<DVFRPRODQDWXUDOH]DIVLFDQRVLPSUHVLRQDHVLJXDOPHQWHLPSUHVLRQDQWHHLQFOXVRPVHOSURGXFWRQDOGHORSWLPLVPR
KXPDQR
5LFKDUG9DXJKDQ




/RZ%HJLQQHU

+LJK%HJLQQHU

4XGDHVKR\" :KDWGD\LVLWWRGD\"
1RORVPDP ,GRQoWNQRZPXPP\
(VHOSULPHUGDGHODVHPDQD ,WoVWKHUVWGD\RIWKHZHHN
&XOHVHOSULPHUGDGHOD :KDWLVWKHUVWGD\RIWKH
VHPDQD"
ZHHN"
(VGRPLQJR" ,VLW6XQGD\"

1RHOGRPLQJRHVHOOWLPR 1R6XQGD\LVWKHODVWGD\RI
WKHZHHN
GDGHODVHPDQD
4XGDYLHQHGHVSXVGHO :KDWGD\FRPHVDIWHU6XQGD\"
GRPLQJR"
'HEHVHUHOVEDGR ,WPXVWEH6DWXUGD\
(OVEDGRYLHQHDQWHVGHO 6DWXUGD\FRPHVEHIRUH
6XQGD\QRWDIWHU
GRPLQJRQRGHVSXV
1RVDEHVTXHHVOXQHV" 'RQoW\RXNQRZLWoV0RQGD\"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

6DEHVTXVHPDQDHV" 'R\RXNQRZZKDWZHHNLWLV"
&ODURTXHV(V6HPDQD6DQWD 2IFRXUVH,GR,WoV6HPDQD6DQWD
&PRVHGLFH6HPDQD6DQWD +RZGR\RXVD\6HPDQD6DQWD
LQ(QJOLVK"
HQLQJOV"
6LUHFXHUGRELHQFUHRTXHVH ,I,UHPHPEHUZHOO,WKLQNLWoV
FDOOHG(DVWHU
OODPD(DVWHU
|4XQRPEUHPVUDUR :KDWDVWUDQJHQDPH

+R\WDPELQHVXQGDPX\ 7RGD\LVDOVRDYHU\LPSRUWDQW
LPSRUWDQWHSDUDORVLUODQGHVHV GD\IRUWKH,ULVK
7DPELQFHOHEUDQ(DVWHUDOO" 'RWKH\FHOHEUDWH(DVWHUWKHUH
WRR"
+D\PXFKRVFDWOLFRVHQ 7KHUHDUHPDQ\&DWKROLFVLQ
,UHODQG
,UODQGD
3HURQRPHUHHURDHVR %XW,oPQRWUHIHUULQJWRWKDW
+R\HVHOGDGH6DQ3DWULFLR 7RGD\LV6DLQW3DWULFNoVGD\

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

/DJHQWHLUODQGHVDSRUWRGRHO ,ULVKSHRSOHDURXQGWKHZRUOG

PXQGRORFHOHEUD
FHOHEUDWHLW
$OJXQRVYDQDPLVD 6RPHJRWRPDVV
3HURFDVLWRGRVHOORVVH %XWDOPRVWDOORIWKHPJHWD

HPERUUDFKDQXQSRFR
OLWWOHGUXQN
,QFOXVRVLHVOXQHV" (YHQLILWoVD0RQGD\"
(QHVHFDVRSXHGHTXHVHDXQ ,QWKDWFDVHLWPLJKWEHDELW

SRFRGLIHUHQWH
GLIIHUHQW

6XHOHQOOHYDUDOJXQDSUHQGD 7KH\XVXDOO\ZHDUDJUHHQLWHP
RIFORWKLQJRQWKDWGD\
YHUGHHVHGD
3DUHFHUDQFRPR5RELQ+RRG 7KH\oGORRNOLNH5RELQ+RRG
ZRXOGQoWWKH\"
QR"
1RYDQYHVWLGRVGHYHUGHGH 7KH\GRQoWJRGUHVVHGIURP
KHDGWRWRHLQJUHHQ
ORVSLHVDODFDEH]D
6ORWLHQHTXHVHUXQDSUHQGD ,WRQO\KDVWREHRQHLWHPRI
FORWKLQJ
8QDFRUEDWDFDOFHWLQHV $WLHVRFNVXQGHUSDQWV
ZKDWHYHU\RXZDQW
FDO]RQFLOORVORTXHTXLHUDV

%DVNHW &DQDVWD

*XDUG (VFROWD

7LPH2XW 7LHPSRPXHUWR
3RLQW*XDUG $OHUR
&HQWHU 3LYRW

9RFDEXODULR%DVNHWEDOO %DORQFHVWR
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

6DEHVTXHSDUHFHVPV'R\RXNQRZ\RXORRNWKLQQHU
GHOJDGDDKRUDPDP"
QRZPXP"
'HMGHFRPHUFRPLGDJUDVLHQWD ,JDYHXSIDWW\IRRGGXULQJ
GXUDQWHOD&XDUHVPD
/HQW
6HJQOD%LEOLD-HVVD\XQ $FFRUGLQJWRWKH%LEOH-HVXV
GXUDQWHFXDUHQWDGDV\
IDVWHGIRUIRUW\GD\VDQGQLJKWV
FXDUHQWDQRFKHV
'HEHKDEHUVLGRPX\GHOJDGR +HPXVWKDYHEHHQYHU\WKLQ
GHVSXVGHWDQWRWLHPSRVLQ
DIWHUVRPXFKWLPHZLWKRXW
FRPHU
HDWLQJ
6SHUROQRORKDFDSRU <HVEXWKHZDVQoWGRLQJLWIRU

PRWLYRVHVWWLFRV
DHVWKHWLFUHDVRQV

6DEHVFPRVHOODPDQORV 'R\RXNQRZZKDWWKHQDPHV

GDVHQ6HPDQD6DQWD"
RIWKHGD\VLQ(DVWHUDUHFDOOHG"
'RPLQJRGH5DPRV 3DOP3DVVLRQ6XQGD\
-XHYHV6DQWR 0DXQG\7KXVGD\
9LHUQHV6DQWR *RRG)ULGD\
'RPLQJR6DQWR (DVWHU6XQGD\

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpRQq 

$ORW

,WoVDSOD\RQZRUGV
(VXQMXHJRGHSDODEUDV

<RXFDQNHHS\RXUKDWRQ
3XHGHVVHJXLUFRQHOVRPEUHURSXHVWR

+HVWD\HGRQDVDFRQVXOWDQW
6HTXHGFRPRFRQVXOWRU

&DQ\RXFKHFNRQWKHNLGV"
3XHGHVYHUVLHVWQELHQORVQLRV"

7U\LWRQ
3UXEDWHOR

,oOOSDVVRQ\RXUPHVVDJHWR3HWHU
3DVDUWXPHQVDMHD3HGUR

6LJQLFDpPXFKRDq\pPXFKRVDVq\VH
SXHGHHPSOHDUHQDUPDWLYRQHJDWLYRLQWH
UURJDWLYR\WDPELQFRQVXVWDQWLYRVFRQWDEOH
\QRFRQWDEOHV
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7HQJRPXFKRVOLEURV
1RWHQJRPXFKRWLHPSR
7LHQHQPXFKDFHUYH]D"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 

&KDUOHV+HQGHUVRQZDQWVWRJHWWRNQRZ3HWHU)LHOGVDELWEHWWHUDQGVWULNHVXS HQWDEODU DFRQYHUVDWLRQZLWKKLP


&KDUOHV ([FXVHPH3HWHUGR\RXKDYHDPLQXWH"
3HWHU

6XUH&KDUOHVFRPHLQ:KDWoVRQ\RXUPLQG"

&KDUOHV ,oPLQWHUHVWHGLQNQRZLQJDOLWWOHPRUHDERXWWKLVQHZ
LQIRUPDWLRQV\VWHP\RXoUHVHWWLQJXSZLWKWKHDJHQWV
,WVHHPVOLNHDSUHWW\FRPSOLFDWHGWKLQJWRPH
3HWHU

:HOOLWoVVRPHWKLQJZHoYHQHHGHGIRUDORQJWLPH8S
WRQRZZHoYHFRPSLOHGWKHVDOHVJXUHVRQDPRQWKO\
EDVLV $JHQWV VHQW LQ ZHHNO\ VXPPDU\ VKHHWV DQG
P\ SHRSOH VSHQW KRXUV HQWHULQJ WKH JXUHV LQWR WKH
FRPSXWHU $V \RX NQRZ RXU PRQWKO\ WRWDOV RQ VDOHV
KDYH QHYHU EHHQ UHDG\ XQWLO DURXQG WKH WK RI WKH
IROORZLQJPRQWK:LWKWKHQHZV\VWHPZHoOOKDYHWKH
GDLO\JXUHVRQDOOVDOHVE\SPHYHU\HYHQLQJ

&KDUOHV 'RZHUHDOO\QHHGGDLO\JXUHV"
3HWHU

1RW QHFHVVDULO\ %XW WKH QHZ V\VWHP DOORZV IRU GDLO\


LQIRUPDWLRQ ZLWKRXW DQ\ H[WUD ZRUN IRU XV RU WKH
DJHQWV,QIDFWDOOWKHWLPHZHQRUPDOO\VSHQGHQWHULQJ
WKHGDWDZLOOEHFXWWR]HUR

3HWHU

(DFKDJHQWZLOOKDYHSHUVRQDODQGSULYDWHDFFHVVWRD
ZHEVLWH ZHoYH GHVLJQHG $W WKH HQG RI HDFK ZRUNLQJ
GD\ WKH\ ZLOO VLPSO\ HQWHU WKH RUGHUV WKURXJK DQ
HDV\IRUPZHoYHGHVLJQHG2XUVHUYHUZLOOUHJLVWHUWKH
LQIRUPDWLRQDQGRUJDQL]HLWLQOLQHZLWKRXUQHHGV

:KDWoVRQ\RXUPLQG" 4XWHWUDHDTX" $VXQWR 


<RXoUHVHWWLQJXS HVWVPRQWDQGR
3UHWW\ EDVWDQWH
:HoYHFRPSLOHG KHPRVUHFRSLODGR
2QDPRQWKO\EDVLV PHQVXDOPHQWH
6XPPDU\VKHHWV KRMDVGHUHVXPHQ
%\SP SDUDODVKRUDVGHODQRFKHFRPRPX\WDUGH
$OORZVIRU SHUPLWH
:LOOEHFXWWR VHUHGXFLUD
)RUP IRUPXODULR

&KDUOHV +RZGRHVWKHV\VWHPZRUN"

5LFKDUG9DXJKDQ


(VWLPDGRDPLJR\DOXPQR+D\GDVHVFRODUHVDODRHQ(VSDD\HQPXFKRVRWURVSDVHVGHOPXQGR3DUHFHQSRFRVYHUGDG"6OR
HOGHORVGDVTXHWLHQHXQDR3HURDQDVFDOFXOHPRVHOWRWDOGHGDVHVFRODUHVHQODYLGDDFDGPLFDGHXQHVWXGLDQWHTXHWHUPLQD
FRQ[LWRODXQLYHUVLGDG$FWXDOPHQWHHQ(VSDDHODOXPQRHQWUDHQSUHHVFRODUDORVWUHVDRVGHHGDG\VLKDFHXQDFDUUHUDTXHQRVHD
,QJHQLHUDWHUPLQDUDORVDRV(VWRVXPDDRVRGDVHVFRODUHV&UHHVTXHHVSRVLEOHDSUHQGHULQJOVGHGLFDQGR
GDV"&RQTXHFDGDFODVHGHDOXPQRVWXYLHUDXQDKRUDGLDULDGHDXGLFLQSDVLYDGHVGHORVWUHVDORVDRVHVWREDVWDUDSDUDTXH
WRGRVWHUPLQDUDQVXHVFRODULGDGFRQXQQLYHOKDEODGRDOWR\XQQLYHODXGLWLYRFDVLQDWLYR1RKDUDQIDOWDH[PHQHV/DQRWDVORWHQGUD
TXHEDVDUVHHQODDVLVWHQFLDDFODVH$KRUDELHQXQQLFRUHTXLVLWRVHUDTXHORVSURIHVRUHVWXYLHUDQDFHQWRQDWLYR\SXGLHUDQDVHJXUDU
TXHODPXVLFDOLGDGGHVXYR]LPSUHJQDVHHODXODGXUDQWHWRGDODKRUDGHFODVH6LTXLVLUDPRVDDGLUGHEHUHVVWRVVHUDQIUDJPHQWRV
GHDXGLFLQ\DGLVSRQLEOHVHQ,QWHUQHWFRQXQFXHVWLRQDULRGHOWLSRYHUGDGHURIDOVRHQSDSHORFROJDGRHQODZHETXHDVHJXUDUDTXH
HODOXPQRHVFXFKDVHHOIUDJPHQWRHQFXHVWLQ/DSDODEUDHVFULWD\ODVH[SOLFDFLRQHVJUDPDWLFDOHVQRDSDUHFHUDQKDVWDWHUFHURGHOD
(62FXDQGRORVFKDYDOHVWXYLHUDQDRV(QRWUDVSDODEUDVORVRQFHSULPHURVDRVGHFODVH KRUDV VHUDQDXGLFLQSXUD\GXUD
SHURRMRFRQYRFHVQDWLYDV\SURIHVRUHV RDQJORSDUODQWHV HQWUHJDGRVDOREMHWLYR<DDORVDRVORVMYHQHVHPSLH]DQDGHVDUUROODU
XQDPHQWHPVDQDOWLFD\VL\DUHFRQRFHQVLQSHVWDHDUODSURQXQFLDFLQGHODVSDODEUDV\ODVLQWD[LVGHODVIUDVHV WUDVRQFHDRVHVFX
FKQGRODV HQWRQFHVVHDGDSWDUQDODHVFULWXUD\JUDPWLFDFRPRHOSH]DODJXD$KRUDELHQHOHQIRTXHVHJXLUDVLHQGRGHXQGH
DXGLFLQLQFOXVRGXUDQWHODFDUUHUDXQLYHUVLWDULD
3RUTXORVWD[LVWDVGHPVWHUGDPR&RSHQKDJXHKDEODQLQJOVDVXVSDVDMHURVH[WUDQMHURVVLQSUREOHPD"7HDGYLHUWRSRUH[SHULHQFLD
TXHHVWRVWD[LVWDVQRKDEODQFRQXQDJUDPWLFDSHUIHFWDQLXQDSURQXQFLDFLQSXOLGD6LQHPEDUJRVHPDQHMDQHQHOLGLRPDFRPROD
FRVDPVQDWXUDOGHOPXQGR1ROHVSLGDVTXHWHH[SOLTXHQODFRQMXJDFLQGHOYHUERWRWDNHQLTXHWHDFODUHQHOXVRGHORVSURQRPEUHV
UHODWLYRVQLTXHWHHQXPHUHQODVGLIHUHQWHVSRVLELOLGDGHVGHJHWVHJQTXSUHSRVLFLQOHHQJDQFKDGHVSXV1RVDEUDQFRQWHVWDUWH
SRUTXHQRORVDEHQ3HURVVDEHQHQWHQGHUDORVWXULVWDVSHUIHFWDPHQWH\FRQWHVWDUOHVFRQXQDJUDPWLFDWDOYH]LPSHUIHFWDSHURFRQXQD
HFDFLDFRPXQLFDWLYDWRWDO(VWRVWD[LVWDVTXHGHMDURQODHVFRODULGDGDORVRDRVVHPDQHMDQPHMRUTXHODLQPHQVDPD\RUDGHORV
HVWXGLDQWHVHVSDROHVGH,QJHQLHUDDOWUPLQRGHVXVVHLVDRVGHFDUUHUD&PRSXHGHVHUHVWR")FLOGHVGHSUHHVFRODUHQ+RODQGDR
'LQDPDUFDQRSDUDQGHRUXQLQJOVELHQKDEODGRGXUDQWHXQDKRUDDOGD(OVLVWHPDHGXFDWLYRGHXQSDVHVHOQLFRDJHQWHFDSD]GHGDU
ODYXHOWDDXQDVLWXDFLQFRPRHVHOLQJOVHQ(VSDD(OGHMDUGHGREODUODVSHOFXODV\VHULHVGHWHOHYLVLQD\XGDUDQPX\SRFRSXHVWRTXH
KD\PXFKRVSDVHVGRQGHQRGREODQ\GRQGHHOQLYHOJHQHUDOGHLQJOVHVWDPELQEDMRFRPRDTXHQ(VSDD/DVROXFLQHVWHQPDQRV
GHORVSRGHUHVSEOLFRV\GHQDGLHPV<R\PLVFRODERUDGRUHVDWUDYVGH(/081'2GH9DXJKDQ5DGLRGH9DXJKDQWRZQGH$SUHQGH
,QJOV79\GHQXHVWUDOXFKDHQPXFKRVPVIUHQWHVHVWDPRVLQWHQWDQGRD\XGDURVDWRGRVFRQHOGLFKRVRWHPDGHOLQJOVSHURKDVWDTXH
HOVLVWHPDHGXFDWLYRQRGHFLGDSRQHUSDWDVDUULEDODIRUPDDFWXDOGHDERUGDUHOLGLRPDQRSUHYHRPXFKRDYDQFH




/RZ%HJLQQHU

+LJK%HJLQQHU

6XSDGUHHVPLKHUPDQR GHHOOD  +HUIDWKHUoVP\EURWKHU


0LVREULQDHVVXKLMD GHO  0\QLHFHLVKLVGDXJKWHU
6XHVSRVDHVPLFXDGD +LVZLIHoVP\VLVWHULQODZ
(OKHUPDQRGHPLFXDGDHV 0\VLVWHULQODZoVEURWKHULVD

FXUD
SULHVW
6XLJOHVLDHVWHQHOQRURHVWH +LVFKXUFKLVLQWKHQRUWKHDVW

GH(VSDD
RI6SDLQ

4XKDFHHOOD" DKRUD  :KDWoVVKHGRLQJ"


(QTXSLHQVDV" :KDWoVVKHWKLQNLQJDERXW"
4XKDFHO" GHWUDEDMR  :KDWGRHVKHGR"
'QGHYDV" :KHUHDUH\RXJRLQJ"
4XGLFHV" :KDWDUH\RXVD\LQJ"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

7HQJRXQWRTXHYLYHHQ6XL]D ,KDYHDQXQFOHZKROLYHVLQ
6ZLW]HUODQG
+DEODVXL]R" 'RHVKHVSHDN6ZLVV"
1RFUHRTXHKD\DXQLGLRPD ,GRQoWWKLQNWKHUHoVDODQJXDJH

WKDWoVFDOOHG6ZLVV
TXHVHOODPHVXL]R
&XQWRVLGLRPDVVHKDEODQ +RZPDQ\ODQJXDJHVGRWKH\

VSHDNLQ6ZLW]HUODQG"
HQ6XL]D"
&RQR]FRDDOJXLHQTXHYLYHDOO ,NQRZVRPHERG\ZKROLYHV
WKHUH

&XQWRWDUGDUV" +RZORQJZLOOLWWDNH\RX"
6XHORWDUGDUXQDKRUD ,XVXDOO\WDNHDQKRXU
7LHQHVSULVD" $UH\RXLQDKXUU\"
1HFHVLWRTXHPHORGHVPDDQD ,QHHG\RXWRJLYHLWWRPH
WRPRUURZPRUQLQJ
SRUODPDDQD
/RVLHQWRWHQGUVTXHHVSHUDU ,oPVRUU\\RXoOOKDYHWRZDLWD
OLWWOHPRUH
XQSRFRPV

5LQJV $QLOODV
+RUVH 3RWUR

3DUDOOHO%DUV 3DUDOHODV

)ORRU 6XHOR
%DODQFH%HDP %DUUD

9RFDEXODULR*\PQDVWLFV *LPQDVLD
+LJK,QWHUPHGLDWH
$TXLQHVWVHVSHUDQGR" :KRDUH\RXZDLWLQJIRU"
(VSHURTXHWRGRHOPXQGR ,H[SHFWHYHU\RQHWRZRUNKDUG

LQWKLVRIFH
WUDEDMHGXURHQHVWDRFLQD
(VWLVHVSHUDQGRXQDQLDR $UH\RXH[SHFWLQJDER\RUD

JLUO"
XQQLR"
(VSHURTXHQROOXHYDHVWDWDUGH ,KRSHLWGRHVQoWUDLQWKLV
DIWHUQRRQ
4XHVSHUDEDVGHXQFKLFR :KDWGLG\RXH[SHFWIURPD

ER\OLNHKLP"
FRPRO"

/RZ$GYDQFHG
(VSHUDPRVWHQHUQRWLFLDVWX\DV :HORRNIRUZDUGWRKHDULQJ
IURP\RXVKRUWO\
PX\SURQWR
2\HVHVR" &DQ\RXKHDUWKDW"
(OWHOIRQRHVWVRQDQGR 7KHWHOHSKRQHLVULQJLQJ
4XLQVHU" ,ZRQGHUZKRLWLV"
&PRVHVXSRQHTXHYR\D +RZDP,VXSSRVHGWRNQRZ
ZKRLWLVJRLQJWREH"
VDEHUTXLQHV"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

4XLQORYDDFRJHU" :KRoVJRLQJWRDQVZHULW"
/RFRMR\R" 6KDOO,JHWLW"
+D\XQKRPEUHHQODOQHD 7KHUHoVDPDQRQWKHOLQH
EUHDWKLQJKHDYLO\
UHVROODQGR
|&XHOJDHQWRQFHV +DQJXSWKHQ
3HUGRQHVHKDHTXLYRFDGRGH ,oPVRUU\\RXoYHJRWWKHZURQJ
QXPEHU
QPHUR

7HHVWVVDOLHQGRSRUODWDQJHQWH <RXoUHJRLQJRIIRQDWDQJHQW
/RVLHQWRORKLFHVLQTXHUHU ,oPVRUU\,GLGQoWPHDQWRGRLW
4XSUHWHQGHVGHFLUFRQHVR" :KDWDUH\RXJHWWLQJDW"
6LQRKXELHUDQTXHEUDGR ,IWKH\KDGQoWJRQHEDQNUXSW
SRGUDPRVKDEHUFREUDGROD
ZHFRXOGKDYHFROOHFWHGWKH
FDQWLGDG
DPRXQW
(VWR\PHWLGRHQXQDWDVFR ,oPVWXFNLQDWUDIFMDP

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpRQq 

7RFDOOVRPHRQH

:K\GR\RXSLFNRQPHVRPXFK"
3RUTXWHPHWHVWDQWRFRQPLJR"

7KHGRJWXUQHGRQLWVPDVWHU
(OSHUURVHYROYLFRQWUDVXDPR

&XDQGRGHFLPRVpOODPDUDDOJXLHQqQXQFD
HPSOHDPRVODSUHSRVLFLQpWRq

,oPVRUU\EXWZHQHHGWRSXVKRQ
/RVLHQWRSHURGHEHPRVVHJXLUHOYLDMH

7KH\MXVWZDONHGRQE\
3DVDURQGHODUJR\VLJXLHURQDQGDQGR

,oPZRUNLQJRQLW
(VWR\WUDEDMDQGRHQHOOR

$VXUSULVHJXHVWZDONHGRQWKHVWDJH
8QLQYLWDGRVRUSUHVDVDOLDOHVFHQDULR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
/ODPDD-DPHVDKRUD
OHVWOODPDQGRDVXQRYLR
/HOODPDUPDDQD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 

&KDUOHV+HQGHUVRQDQG3HWHU)LHOGVFRQWLQXHWDONLQJDERXWWKHFKDQJHVDQGVWUDWHJ\IRUWKHVDOHVDQGPDUNHWLQJDUHDRIWKHFRPSDQ\
&KDUOHV +RZPXFKZLOOLWFRVWWRLPSOHPHQWWKLV"
3HWHU

-RQHV  &ROOLQV LV WKH FRQVXOWLQJ UP ZH FKRVH WR


GHVLJQDQGLPSOHPHQWWKHV\VWHPDVZHOODVWRSURYLGH
WUDLQLQJIRUWKHDJHQWVDQGVHYHQSHRSOHKHUHDW
KHDGTXDUWHUV7KHWRWDOFRVWZLOOFRPHWR

WRJLYHDPRUHHIIHFWLYHVHUYLFHWRWKHDJHQWVQRWRQO\
WKURXJK DGYHUWLVLQJ DQG PHUFKDQGLVLQJ EXW WKURXJK
SHUVRQDO FRQWDFW DQG RULHQWDWLRQ 7KH\ QHHG WR IHHO
WKDW ZHoUH ZDWFKLQJ WKHP VXSSRUWLQJ WKHP DQG
KHOSLQJWKHPRQDGDLO\EDVLVLISRVVLEOH

&KDUOHV ,VXSSRVHDORWRIWLPHZLOOJRLQWRWUDLQLQJ
3HWHU

1RW WRR PXFK (YHQ WKH ROGHU IHOORZV ZLOO QG LW TXLWH
VLPSOH 1DQF\  &DUOVRQ KDV EHHQ ZRUNLQJ ZLWK WKH
FRQVXOWDQWVDQGWKHSURJUDPIRUPRUHWKDQWKUHHPRQWKV
DQGLWoVYHU\XVHUIULHQGO\+HUKXVEDQGZRUNVIRU3URFWHU
DQG*DPEOHDQGWKH\KDYHDVLPLODUV\VWHP6KHVSHQW
DIHZGD\VDW3URFWHUVWXG\LQJKRZWRXVHLW,WKLQNLWoV
JRLQJ WR ZRUN UHDO ZHOO 7KH RQO\ SUREOHP , IRUHVHH LV
ZKDW WR GR ZLWK WKH WZR SHRSOH KHUH ZKR KDYH GRQH
QRWKLQJHOVHEXWHQWHUVDOHVGDWDXSWRQRZ7KH\ZRQoW
KDYHDQ\WKLQJWRGRRQFHWKHV\VWHPLVLQSODFH

&KDUOHV 'R\RXUHDOO\WKLQNLWZLOOKHOSVDOHV"
3HWHU

:LOOFRPHWR DVFHQGHUD
:LOOJRLQWR VHGHGLFDUD
8VHUIULHQGO\ GHIFLOPDQHMRSDUDSURIDQRV
5HDOZHOO PX\ELHQ
)RUHVHH SUHYHU
,QSODFH  HQHVWHFDVR IXQFLRQDQGR
2QWRSRIWKLQJV HQFLPDGHODVFRVDV
0HUFKDQGLVLQJ SXEOLFLGDG\SURPRFLQHQHOSXQWRGHYHQWD
2QDGDLO\EDVLV DGLDULR

5LJKW QRZ ZHoUH VR EXV\ HQWHULQJ DQG FRPSLOLQJ


LQIRUPDWLRQWKDWZHKDUGO\HYHUWDNHWKHWLPHWRVWXG\
LW DQG PDNH GHFLVLRQV , ZDQW WKLV GHSDUWPHQW WR EH
PRUH RQ WRS RI WKLQJV :H VSHQG PRVW RI RXU WLPH
FUHDWLQJ VWDWLVWLFV DQG FDOFXODWLQJ ERQXVHV :H QHHG

5LFKDUG9DXJKDQ


(VWLPDGRDPLJR\DOXPQR$FDERGHWHUPLQDUGHJUDEDUKRUDVGHWHOHYLVLQSDUDORV'9'oVGHODFROHFFLQGHHQWUHJDVGH
LQJOVSURIHVLRQDO LQJOVSDUDHOPXQGRGHOWUDEDMR\GHORVQHJRFLRV \KHYXHOWRDGDUPHFXHQWDXQDYH]PVGHORSRFRTXHVH
GLIHUHQFLDHVWHLQJOVVXSXHVWDPHQWHWFQLFRRSURIHVLRQDOGHOLQJOVQRUPDO\FRUULHQWH'XUDQWHODUJDVKRUDVKHKDEODGRGHODQWH
GHODVFPDUDVVREUHPXFKRVDVSHFWRVGHODGLUHFFLQJHQHUDOGHODGLUHFFLQWFQLFDGHIDEULFDFLQGHPDUNHWLQJGHLQYHUVLRQHV
\RSHUDFLRQHVEXUVWLOHVGHPDFUR\PLFURHFRQRPDGHOIDFWRUKXPDQRHQODRUJDQL]DFLQGHODIRUPXODFLQHLPSODQWDFLQGHOD
HVWUDWHJLDGHODGLQPLFDFRPSHWLWLYDGHQWURGHORVVHFWRUHVGHODHFRQRPDGHODFRQWDELOLGDG\DQOLVLVQDQFLHUR\GHFPRXVDU
HOWHOIRQRHQHODPELHQWHGHODHPSUHVD+HGHGLFDGRLQFOXVRFXDWUREORTXHVGHPLQXWRVSDUDLQWHQWDUFRQYHQFHURVGHLQYHUWLU
FRQPLJRHQXQQHJRFLRSDUDODLPSRUWDFLQ\FRPHUFLDOL]DFLQHQ(VSDDGHOHQWHVGHFRQWDFWRSDUDJDOOLQDV'HODVFLHQPLOSDODEUDV
TXHFDOFXORKHGLFKRDORODUJRGHODVKRUDVDSRVWDUDORTXHIXHUDDTXHQLHUDQSDODEUDVUHDOPHQWHWFQLFDVQDQFLHUDVEXU
VWLOHVRHFRQPLFDV(OGHWRGRORTXHGLMHHUDQIUDVHVQRUPDOHV\SDODEUDV\H[SUHVLRQHVQRUPDOHVDXQTXHHVRVUHIHUHQWHVD
VLWXDFLRQHVSURIHVLRQDOHV\QRSHUVRQDOHV3RUWDQWRGHVPLWLTXHPRVGHXQDYH]SRUWRGDVFXDOTXLHULGHDGHLQJOVSDUDORVQHJRFLRV
(VVLPSOHPHQWHXQLQJOVQRUPDO\FRUULHQWHGHQWURGHOFRQWH[WRVRFLDOGHODDFWLYLGDGODERUDORSURIHVLRQDO0HKDFHJUDFLDFXDQGR
XQDOWRGLUHFWLYRPHSLGHXQFXUVRGHLQJOVWFQLFRFXDQGRDSHQDVORJUDKLODUIUDVHVFRQVXMHWRVYHUERV\SUHGLFDGRVQRUPDOHV(O
HVSDRODGXOWRKX\HFRPRODSHVWHGHXQRGHORVDVSHFWRVPVFUWLFRVGHODEXHQDH[SUHVLQHOGRPLQLR\DJLOLGDGFRQODJUDPWLFD
PVEVLFD(VOJLFRSXHVWRTXHOOHJDUDHVHGRPLQLR\DJLOLGDGH[LJHXQJUDQHVIXHU]R\XQDVGRVLVGHKXPLOGDGTXHODPD\RUDQR
WLHQH$ORVDRVXQDVSLUDQWHDOHVWUHOODWRHPSUHVDULDOQRTXLHUHYROYHUDSUDFWLFDUKDVWDODVDFLHGDGOD
FRQMXJDFLQGHORVYHUERVLUUHJXODUHVPVFRPXQHV6LQHPEDUJRVLQRORKDFHHVFRPRHODVSLUDQWHDJUDQ
PDWHPWLFRTXHQRVHVDEHODVWDEODVGHPXOWLSOLFDU(OMRYHQPDWHPWLFRGHODIRWRGHODL]TXLHUGDUHSUR
GXFDODVWDEODVGHPXOWLSOLFDUDXQDYHORFLGDGVXSHUVQLFDFXDQGRWHQDWDQVORRFKRDRV&RQHVWDEDVH
SXGRFRPRVHYHOOHJDUDXQGRPLQLRUHDOPHQWHLPSUHVLRQDQWHGHVXUHDGHOVDEHU6LWLHQHVDRVHUHV
VXEGLUHFWRUQDQFLHURGHXQDHPSUHVDTXHIDFWXUDPLOORQHVGHHXURVDODRDVSLUDVDOOHJDUDODFLPD
GHOPXQGRHPSUHVDULDOHQ(VSDD\TXLHUHVKDFHUWHFRQHODOWRGRPLQLRGHOLQJOVTXHHVWRVSXHVWRVVXHOHQ
H[LJLUPVYDOHTXHVHSDVWXVWDEODVGHPXOWLSOLFDUDQWHVGHTXHPHOODPHVSLGLHQGRpLQJOVQDQFLHURq6LQR
DFDEDUVVLHQGRREMHWRGHXQRGHPLVIDPRVRVVHUPRQHV\WHDGYLHUWRTXHVR\PX\SHVDGR




/RZ%HJLQQHU

+LJK%HJLQQHU
4XYDVDKDFHUHVWHQGH :KDWDUH\RXJRLQJWRGRWKLV
ZHHNHQG"
VHPDQD"
1RORVSUREDEOHPHQWHPH ,GRQoWNQRZ,oOOSUREDEO\VWD\
KHUH
TXHGDUDTX
1RYDVDYLVLWDUDWXIDPLOLD $UHQoW\RXJRLQJWRYLVLW\RXU
IDPLO\LQWKH&DQDU\,VODQGV"
HQ/DV&DQDULDV"
(VXQDGHODVFRVDVTXHQRPH ,WoVRQHRIWKHWKLQJV,GRQoW
JXVWDGHHVWDVHPDQD
OLNHDERXWWKLVZHHN
9RODU\YLDMDUHVPXFKRPV )O\LQJDQGWUDYHOOLQJLVPXFK
PRUHH[SHQVLYH
FDUR

/DWLHQGDHVWDELHUWD 7KHVKRSLVRSHQ
/DVSXHUWDVQRHVWQFHUUDGDV 7KHGRRUVDUHQoWFORVHG
(VWHOLEURHVLQWHUHVDQWH 7KLVERRNLVLQWHUHVWLQJ
6XVSHOFXODVQRVRQDEXUULGDV +HUOPVDUHQoWERULQJ

GHHOOD 
(VWR\FDQVDGR ,oPWLUHG

0HVD 0HVHWD

3DWK 6HQGHUR

0RXQWDLQ7RS &XPEUH

+LOO &ROLQD

9DOOH\ 9DOOH

9RFDEXODULR0RXQWDLQ 0RQWDD
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(VOD6HPDQD6DQWDPX\ ,V(DVWHUYHU\GLIIHUHQWLQ

GLIHUHQWHHQ,QJODWHUUD"
(QJODQG"
6LFRPSDUDV/RQGUHVFRQ6HYLOOD,I\RXFRPSDUH/RQGRQWR
HVRWURSODQHWD
6HYLOOHLWoVDQRWKHUSODQHW
3RUTXGLFHVHVR" :K\GR\RXVD\WKDW"
/DJHQWHQRHVPX\UHOLJLRVD $UHQoWSHRSOHYHU\UHOLJLRXV

SRUDOO"
RYHUWKHUH"
+D\JHQWHUHOLJLRVDSHURQR 7KHUHDUHUHOLJLRXVSHRSOHEXW

VRQLQJOHVHV
WKH\DUHQoW(QJOLVK

0X\SRFRVWRPDQHQFXHQWD 9HU\IHZWDNHLQWRDFFRXQWWKH
HOVLJQLFDGRRULJLQDO
RULJLQDOPHDQLQJ
(VGHFLUTXHWRGRVHWUDWDGH 7KDWLVWRVD\WKDWLWoVDOO
UHOLJLQ
DERXWUHOLJLRQ
1XQFDKHYLVWRXQDSURFHVLQ ,oYHQHYHUVHHQDSURFHVVLRQLQ
HQODVFDOOHVGHPLSXHEOR
P\WRZQ
1RWHQLVWUDGLFLRQHVR 'RQoW\RXKDYHWUDGLWLRQVRU
FRVWXPEUHVSDUDFHOHEUDUOR"
FXVWRPVWRFHOHEUDWHLW"
$YHUTXHORSLHQVHXQPRPHQWR /HWPHWKLQNDERXWWKDWIRUD
PRPHQW

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

/RVTXHVRQUHOLJLRVRVQRVXHOHQ 7KRVHZKRDUHUHOLJLRXVGRQoW
FRPHUFDUQHHQ9LHUQHV6DQWR XVXDOO\HDWPHDWRQ*RRG)ULGD\
$KHVRHVLJXDOTXHDTX $KWKDWoVWKHVDPHDVLWLVKHUH
(O'RPLQJRGH5HVXUUHFFLQ 2Q(DVWHU6XQGD\FKLOGUHQHDW
ORVQLRVFRPHQKXHYRVGH
FKRFRODWHHJJV
FKRFRODWH
/RVUHFLEHQGHXQFRQHMLWR 7KH\UHFHLYHWKHPIURPDEXQQ\
1RHQWLHQGRQDGDGHORTXH ,GRQoWXQGHUVWDQGDQ\WKLQJ

PHHVWVGLFLHQGR
\RXoUHWHOOLQJPH

4XWLHQHTXHYHUXQFRQHMR\ :KDWGRDUDEELWDQGFKRFRODWH
HOFKRFRODWHFRQ-HVV"
KDYHWRGRZLWK-HVXV"
7LHQHDOJRTXHYHUFRQULWRV ,WKDVWRGRZLWKDQFLHQWULWHV
DQWLJXRVGHODSULPDYHUD
RIVSULQJ
(VXQDODUJDKLVWRULDWHOR ,WoVDORQJVWRU\,oOOWHOO\RXLW
FXHQWRRWURGD
DQRWKHUGD\
$OJXQDYH]KDVYLVWRODV +DYH\RXHYHUVHHQWKH
SURFHVLRQHVHQ$QGDOXFD"
SURFHVVLRQVLQ$QGDOXVLD"
8QSDUGHYHFHVVRQ $FRXSOHRIWLPHVWKH\oUH
DOXFLQDQWHV
DPD]LQJ

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

+D\XQDPELHQWHLQFUHEOH 7KHUHoVDQLQFUHGLEOH
DWPRVSKHUH
$XQTXHHVRVWRVYHVWLGRVGH $OWKRXJKWKRVHJX\VGUHVVHGLQ
EODQFRPHGLHURQPLHGR
ZKLWHVFDUHGPH
|1RPHGLJDVTXHSHQVDEDV 'RQoWWHOOPH\RXWKRXJKWWKH\
TXHHUDQGHO.X.OX[.ODQ
ZHUHIURPWKH...
$QGDEDQGHVFDO]RVFRQFUXFHV 7KH\ZHUHZDONLQJEDUHIRRW
\DJXMHURVHQVXVVRPEUHURV
ZLWKFURVVHVDQGZLWKKROHVLQ
H[WUDRV
WKHLUKDWV
4XVHVXSRQHTXHLEDD :KDWZDV,VXSSRVHGWRWKLQN"
SHQVDU"

6DEHVTXHDQWHVIXL 'R\RXNQRZWKDW,XVHGWREH
PRQDJXLOOR"
DQDOWDUER\"
|$QGD :HOO,QHYHU
0HPHWHQPXFKRVORVFRQORV ,XVHGWRJHWLQWRDORWRI

FXUDV
WURXEOHZLWKWKHSULHVWV
<HVR" +RZVR"
0HFRPDODVKRVWLDVFXDQGR ,ZRXOGHDWWKHKRVWVZKHQ,

WHQDKDPEUH
ZDVKXQJU\

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpRQq 
%XVLQHVVYRFDEXODU\
:HDGGHGRQRQHPRUH
$DGLPRVXQRPV DODOLVWD 

:HQHHGWRDFWRQWKLVULJKWDZD\
'HEHPRVDFWXDU\DVREUHODEDVHGHHVWR

,GHFLGHGRQSODQ%
0HGHFLGSRUHOSODQ%

:HoUHFRXQWLQJRQ\RX'RQoWOHWXVGRZQ
&RQWDPRVFRQWLJR1RQRVGHFHSFLRQHV

,WGHSHQGVRQDORWRIIDFWRUV
'HSHQGHGHPXFKRVIDFWRUHV

7KH\LQVLVWHGRQFRPLQJ
6HHPSHDURQHQYHQLU

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
'R\RXWKLQNRXULQYHVWRUVZLOOQDQFHWKH
SURMHFW"
7KDWoVDNH\DFFRXQWWUHDWWKHPZHOO
2XUFRPSHWLWLRQLVZD\DKHDGRIXV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 
3HWHU)LHOGVFRQWLQXHVWRXSGDWH&KDUOHV+HQGHUVRQRQKLVSODQVIRUWKHVDOHVDQGPDUNHWLQJGHSDUWPHQW
&KDUOHV +RZZLOO\RXKHOSWKHP"

3HWHU

3HWHU

&KDUOHV , ZLOO 3HWHU 7KDWoV ZK\ ,oP KHUH , DP H[FLWHG DERXW
ZKDW\RXoUHGRLQJDQG,ZDQW\RXWRNQRZ,oP
EHKLQG \RX 7KH PRVW LPSRUWDQW WKLQJ IRU PH LV WR
NQRZWKDW\RXoUHH[FLWHGDERXWLWWRRDQGWKDW\RXoUH
JRLQJWRGR\RXUEHVWWRPDNHLWZRUN

7KHQHZFRPSXWHUV\VWHPJLYHVXVDGDLO\VXPPDU\RI
WKHVWRFNOHYHOVLQHYHU\RQHRIWKHRXWOHWVZKHUH
RXUSURGXFWVDUHVROG$WLQWKHPRUQLQJZHKDYH
D OLVWLQJ ZLWK DOO WKH RXWOHWV RUGHUHG E\ VWRFN OHYHO
IURPWKHORZHVWWRWKHKLJKHVW2QWKHVDPHGD\WKH
SURJUDP EUHDNV GRZQ HDFK DJHQWoV WHUULWRU\ LQWR WHQ
GLVWULFWVDQGVHQGVDPDSRIHDFKGLVWULFWPDUNLQJZLWK
DQp;qWKHUHWDLOHUVZKRDUHORZRQVWRFN

&KDUOHV +RZGRWKHDJHQWVJHWWKHPDS"
3HWHU

, IRUJRW WR WHOO \RX 7KH\ UHFHLYH LW E\ HPDLO RQ WKH
VDPHGD\:KHQWKH\JHWKRPHDWQLJKWDQGVHQGXV
WKHLUGDLO\VDOHVWKH\DOUHDG\KDYHPDSVVKRZLQJ
WKHLGHDOVDOHVURXWHIRUWKHQH[WGD\

&KDUOHV ,WVRXQGVSUHWW\LPSUHVVLYH'R\RXWKLQNWKH\oOOIROORZ
WKHURXWH"
3HWHU

7KH\KDYHWR:HoYHFRQYLQFHGWKHPWKDWWKHLUERQXVHV
ZLOO EH HYHQ EHWWHU LI WKH\ GR , EHW ZH ORVH  RI
SRWHQWLDOVDOHVEHFDXVHUHWDLOHUVKDYHUXQRXWRIVWRFN

&KDUOHV :KHQZLOOWKHV\VWHPJRLQWRHIIHFW"
3HWHU

2XUWDUJHWGDWHLV0DUFKVWDQG,WKLQNZHoUHJRLQJWR
PHHW LW7KDWoV WZR ZHHNV DIWHU WKH VDOHV FRQYHQWLRQ
DQGZHoUHJRLQJWRVSHQGDWOHDVWKDOIDGD\ZLWKWKHP
DWWKHFRQYHQWLRQWUDLQLQJWKHPWKRURXJKO\LQKRZWR
RSHUDWHWKHSURJUDP,oPFRQYLQFHGLWoVJRLQJWRZRUN
&KDUOHVDQGZLWKLQD\HDUZHoUHJRLQJWRJHWDWOHDVW
 RI WKRVH VDOHV ZHoYH QHYHU PDGH GXH WR VWRFN
SUREOHPV

&KDUOHV 'RHV*HRUJH5RELQVRQNQRZDQ\WKLQJDERXWWKLV"
3HWHU

+HDSSURYHGWKHEXGJHWIRULWEXWKHGLGQoWVHHPWRR
H[FLWHG+HQHYHUVHHPVWRJHWH[FLWHGDERXWDQ\WKLQJ

3HWHU

:KRZLOOWDNHRYHUIRUKLP"

'RQoWZRUU\DERXWWKDW&KDUOHV,NQRZKRZPXFK\RX
VXSSRUWHG PH ZKHQ \RX JRW EDFN IURP )UDQFH DQG ,
DSSUHFLDWHLW7KHODVWSHUVRQLQWKHZRUOG,oPJRLQJWR
GLVDSSRLQWLV\RX<RXFDQEHVXUHRIWKDW

2XWOHWV SXQWRVGHYHQWD
/LVWLQJ OLVWDGR
6WRFNOHYHO QLYHOGHVWRFN
%UHDNVGRZQ GHVJORVD
5HWDLOHUV PLQRULVWDV
/RZRQVWRFN EDMRVGHVWRFN
3UHWW\ EDVWDQWH
,EHW PHDSXHVWRDTXH
+DYHUXQRXWRIVWRFN KDQTXHGDGRVLQVWRFN
*RLQWRHIIHFW HQWUDUHQIXQFLRQDPLHQWR
7DUJHWGDWH IHFKDGHLQLFLR
7KRURXJKO\ FRQFLHQ]XGDPHQWH
%XGJHW SUHVXSXHVWR
+HQHYHUVHHPVWRJHWH[FLWHG QXQFDSDUHFHHPRFLRQDUVH
+HoOOEHOHDYLQJ VHYD
:KRZLOOWDNHRYHUIRUKLP" TXLQOHVXVWLWXLU"
7KDWoVZK\ HVSRUHVRSRUORTXH
,oPEHKLQG\RX WHDSR\RDO

&KDUOHV :HOO , WKLQN KHoV WRR EXV\ SODQQLQJ KLV UHWLUHPHQW


+HoOOEHOHDYLQJDWWKHHQGRI-XQH



(VWLPDGRDPLJR\DOXPQROWLPDPHQWHQRVSRUTXYDULDVSHUVRQDVPHKDQSUHJXQWDGRVREUHODLPSRUWDQFLDGHODSURQXQFLDFLQ
DODKRUDGHDERUGDUVHULDPHQWHHOHVWXGLRGHOLQJOV$XQTXHHQUDGLR\WHOHYLVLQSXHGDVRUPHRYHUPHLQFLGLHQGRHQFDGDHUURU
IRQWLFRFXDQGRGR\FODVHVQRUPDOHVDSHQDVSUHVWRDWHQFLQDHVWHDVSHFWRGHOLGLRPD&XDQGRWHQJRDFHQWHQDUHVGHPLOHVGH
R\HQWHVRWHOHYLGHQWHVGHWRGRVORVQLYHOHVOLQJVWLFRVLPDJLQDEOHVSUHHURDSURYHFKDUHVWDVSODWDIRUPDVWDQDPSOLDVSDUDHQWUDU
HQDEVROXWDPHQWHWRGRVORVHQWUHVLMRVGHOLGLRPD0XFKDJHQWHGHXQQLYHODOWRGHLQJOVDSUHFLDHOHVWPXORLQWHOHFWXDOTXHSXHGR
SURSRUFLRQDUDOGHVYHODUOHVWUXFRVLQWHUHVDQWHVSDUDDOODQDUXQHVFROORIRQWLFRGHWHUPLQDGRHQPLLGLRPD3HURUHSLWRHQFODVHV
QRUPDOHVHVPLOWLPDSULRULGDGSXHVWRTXHODLQPHQVDPD\RUDGHPLVDOXPQRVWLQFOXLGRVHJXUDPHQWHSURQXQFLLVHOLQJOVOR
VXFLHQWHPHQWHELHQFRPRSDUDVHUHQWHQGLGRV7HQLVTXHUHFRUGDUTXHVLHPSUHYDLVDWHQHUXQDFHQWRHVSDRODOKDEODUHQLQJOV
DOLJXDOTXH\RWHQJRXQDFHQWRDPHULFDQRHQFDVWHOODQR3RUWDQWRVLYXHVWUDSURQXQFLDFLQHVVXFLHQWHPHQWHDFHSWDEOHSDUDTXH
WHHQWLHQGDQVLQGLFXOWDGFHQWUDWXVHVIXHU]RVHQHORGRHQODFRQDQ]DDOKDEODU\HQHOJLOGRPLQLRGHODJUDPWLFDEVLFDGHO
LGLRPD+D\PVSHUVRQDVHQHOPXQGRSURIHVLRQDOTXHVHGHVHQYXHOYHQFRQ[LWRDEDVHGHXQDFHQWRUDURHQLQJOVTXHORVTXH
WLHQHQXQDFHQWRQDWLYRDVTXHQRWHSUHRFXSHVHQH[FHVRSRUHVWHDVSHFWR

5LFKDUG9DXJKDQ




/RZ%HJLQQHU

+LJK%HJLQQHU

+R\HVHOFXPSOHDRVGHPL 7RGD\LVP\VLVWHUoVELUWKGD\

KHUPDQD
(OODWLHQHDRV 6KHoV\HDUVROG
7XGLQHURHVWHQEXHQDVPDQRV <RXUPRQH\LVLQJRRGKDQGV
6XFRFKHHVWHQHOJDUDJH 7KHLUFDULVLQWKHJDUDJH
1XHVWURWLHPSRHVPX\ 2XUWLPHLVYHU\LPSRUWDQW

LPSRUWDQWH

&RQTXLQHVWQHOORV :KRDUHWKH\WDONLQJWR"
KDEODQGR"
3RUTXPHHVWVPLUDQGRDV" :K\DUH\RXORRNLQJDWPHOLNH
WKDW"
(VWR\ODYQGRPHODVPDQRV ,oPZDVKLQJP\KDQGVEHFDXVH
WKH\DUHGLUW\
SRUTXHHVWQVXFLDV
(OODQRTXLHUHYHUWHKR\ 6KHGRHVQoWZDQWWRVHH\RX
WRGD\
3RUTXQRTXLHUHYHUPHKR\" :K\GRHVQoWVKHZDQWWRVHH
PHWRGD\"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

7HSHUWHQHFHHVWR" 'RHVWKLVEHORQJWR\RX"
$TXLQSHUWHQHFH" :KRGRHVLWEHORQJWR"
3RUTXPHORSUHJXQWDVDP" :K\DUH\RXDVNLQJPH"
3RUTXQRFRQWHVWDVOD :K\GRQoW\RXDQVZHUWKH

TXHVWLRQ"
SUHJXQWD"
3RUTXHQRVGHTXHKDEODV %HFDXVH,GRQoWNQRZZKDW
\RXoUHWDONLQJDERXW

3RUTXQRHVWXYLVWHDOO" :K\ZHUHQoW\RXWKHUH"
/HVGLMHTXHLEDVDHVWDUDOO ,WROGWKHP\RXZHUHJRLQJWR
EHWKHUH
0HLEDVDGHFLUDOJR" :HUH\RXJRLQJWRVD\
VRPHWKLQJWRPH"
<DVHPHKDROYLGDGR ,oYHDOUHDG\IRUJRWWHQ
<DQRWHDFXHUGDV" 'RQoW\RXUHPHPEHUDQ\PRUH"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

+D]WXVGHEHUHV 'R\RXUKRPHZRUN
+D]OHVXQDSURPHVD 0DNHWKHPDSURPLVH
+LFLVWHXQDEXHQDLPSUHVLQ <RXPDGHDJRRGLPSUHVVLRQ
1RPHKDJDVUHU 'RQoWPDNHPHODXJK
(VWVKDFLHQGRHOULGFXOR <RXoUHPDNLQJDIRRORI
\RXUVHOI

1RPHIDOOHV 'RQoWOHWPHGRZQ
7UDQTXLORQRWHGHIUDXGDU 'RQoWZRUU\,ZRQoWOHW\RX
GRZQ
1ROHVYDVDGHVHDUVXHUWH" $UHQoW\RXJRLQJWRZLVKWKHP
OXFN"
1LVLTXLHUDVHPHRFXUUL ,WGLGQoWHYHQRFFXUWRPH
1RYXHOYDVDKDFHUHVRQXQFD 'RQoWHYHUGRWKDWDJDLQ

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

1RWHULQGDVWRGDYD 'RQoWJLYHXS\HW
(VRHVYHUGDG"2WHORKDV ,VWKDWWUXH"2UGLG\RXPDNH
LQYHQWDGR"
LWXS"
1RSXHGRUHVROYHUHVWHDFHUWLMR ,FDQoWZRUNWKLVULGGOHRXW
2VOOHYLVELHQHOXQRFRQHO 'R\RXJHWRQZHOOZLWKHDFK
RWUR"
RWKHU"
(VWR\KDUWRGHHVWRVYHUERV ,oPIHGXSZLWKWKHVH(QJOLVK
LQJOHVHV
YHUEV

(QDOJQOXJDUGH/D0DQFKD 6RPHZKHUHLQ/D0DQFKD
GHFX\RQRPEUHQRTXLHUR LQDSODFHZKRVHQDPH,GRQRW
DFRUGDUPH
FDUHWRUHPHPEHU
QRKDPXFKRWLHPSRTXHYLYD DJHQWOHPDQOLYHGQRWORQJ
XQKRPEUH
DJR
GHORVGHODQ]DHQDVWLOOHUR RQHRIWKRVHZKRKDVDODQFHDQG
DGDUJDDQWLJXD
DQFLHQWVKLHOGRQDVKHOIDQG
URFQDFR\JDOJRFRUUHGRU NHHSVDVNLQQ\QDJDQGD
JUH\KRXQGIRUUDFLQJ

7URZHO /ODQD

&HPHQW &HPHQWR

3ODVWHU <HVR
6SLULW/HYHO 1LYHO

%ULFN /DGULOOR
6SDGH 3DOHWD

9RFDEXODULR&RQVWUXFWLRQ &RQVWUXFFLQ


Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpWKURXJKq 

7RWDNHRII

,oPQRWWKURXJK\HW
6KHEURXJKWPHWKURXJKWKHKDUGWLPHV
1RKHWHUPLQDGRWRGDYD ((88  (OODPHJXLHQPLVPRPHQWRVGLIFLOHV
$UH\RXWKURXJK"
+DVWHUPLQDGR" ((88 

<RXoUHFRPLQJWKURXJKORXGDQGFOHDU
7HHVWDPRVHQWHQGLHQGRSHUIHFWDPHQWH

<RXoUHQRWFRPLQJWKURXJK
1RWHUHFLELPRV 1RWHRPRV 

$VXVXDOKHFDPHWKURXJK
&RPRGHFRVWXPEUHOQRQRVIDOO

3HWHUoV3URPRWLRQ 

6LJQLFDpTXLWDUq HQWUHRWUDVFRVDV FRQ


UHIHUHQFLDDSUHQGDVDFFHVRULRVJDIDVUHORMHV
MR\DVHWF
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
OQXQFDVHTXLWDHOVRPEUHUR
3XHGHVTXLWDUWHHOUHORMSRUIDYRU"
1RSXHGRTXLWDUPHHODQLOOR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHU)LHOGVUHFHLYHVDWHOHSKRQHFDOOIURPKLVROGERVV-RKQ2OVRQ-RKQZDQWVWRKLUH3HWHUWRKHOSKLPLQKLVQHZFRPSDQ\
-RKQ

+HOOR3HWHU"7KLVLV-RKQ2OVRQ"

3HWHU

+L-RKQKRZDUH\RXGRLQJ"

-RKQ

)LQHKRZDUH\RX"

3HWHU

1RW WRR EDG ,oP EXV\ SUHSDULQJ WKLQJV IRU WKH VDOHV
FRQYHQWLRQQH[WZHHN

-RKQ

,GRQoWHQY\\RX,PXVWKDYHVSHQWDIXOOPRQWKHYHU\
\HDUSUHSDULQJWKHFRQYHQWLRQZKHQ,ZDVWKHUH

3HWHU

:HOO ,oYH JRW -HUU\ 6PLWK KHOSLQJ PH QRZ DQG KHoV
KDQGOLQJDORWRIWKHVPDOOGHWDLOV,WoVHQRXJKWRGULYH
\RXFUD]\

-RKQ

,NQRZZKDW\RXPHDQ/LVWHQ3HWHUGR\RXUHPHPEHU
RXUFRQYHUVDWLRQDFRXSOHRIPRQWKVDJR"

3HWHU

'R\RXPHDQDERXWP\ZRUNLQJIRU\RX"

-RKQ

7KDWoVULJKW,QHHG\RXWRPDNHDGHFLVLRQ7KLQJVDUH
VWDUWLQJ WR JURZ KHUH DQG , UHDOO\ QHHG VRPHRQH OLNH
\RX

3HWHU

,oPJODGWRNQRZWKLQJVDUHJRLQJZHOOIRU\RX,WoVQRW
HDV\ VWDUWLQJ D EXVLQHVV IURP VFUDWFK (QWUHSUHQHXUV
OLNH\RXDUHRXUPRGHUQGD\KHURHV

-RKQ

7KDQNVIRUWKHQLFHZRUGVEXW,FHUWDLQO\GRQoWIHHOOLNH
DKHUR:KDW,QHHGLVDULJKWKDQGPDQDQG\RXoUHWKH
PDQ,ZDQW:KDWGR\RXWKLQN"

3HWHU

, FDQoW -RKQ ,oP VRUU\ 0\ MRE ZDV PDGH SHUPDQHQW


DFRXSOHRIZHHNVDJRDQG,UHDOO\FDQoWEDFNRXWQRZ
,oPKDSS\KHUHDQGWKLQJVDUHJRLQJZHOO

KRZDUH\RXGRLQJ" TXWDOHVWV"
WRGULYH\RXFUD]\ YROYHUWHORFR
IURPVFUDWFK GHVGHFHUR
HQWUHSUHQHXUV HPSUHQGHGRUHV
PRGHUQGD\KHURHV KURHVPRGHUQRV
WKHQLFHZRUGV ODVSDODEUDVERQLWDV
DULJKWKDQGPDQ XQDPDQRGHUHFKD
EDFNRXW GDUPDUFKDDWUV GHXQDGHFLVLQ 


(VWLPDGRDPLJR\DOXPQR(OQLYHOGHLQJOVPQLPRDOTXHGHEHDVSLUDUFXDOTXLHUMRYHQFRQLQTXLHWXGHVDFDGPLFDV\SURIHVLRQDOHV
HVHOTXHVHSDOSDHQWUHORVSURIHVLRQDOHVHVFDQGLQDYRV\KRODQGHVHV(VHOTXHXQRREVHUYDHQWUHORVWHFQFUDWDVTXHWUDEDMDQHQ
%UXVHODVRHQOD218GH1XHYD<RUN(VHOTXHVHR\HHQORVSDVLOORVGHODUHXQLQDQXDOGHORVOGHUHVLQWHUQDFLRQDOHVHQ'DYRV 6XL]D 
(QGHQLWLYDHQXQPXQGRJOREDOL]DGRFXDOTXLHUSURIHVLRQDOFRQLQTXLHWXGHV\DVSLUDFLRQHVGHEHVDEHUGHVHQYROYHUVHHQLQJOVVLQ
SUREOHPDV<TXVLJQLFDPVH[DFWDPHQWHGHVHQYROYHUVHVLQSUREOHPDV"
 3RGHUDVLVWLUDXQDUHXQLyQGHDOWRQLYHOFRQFLQFRQDWLYRVGHKDEODLQJOHVD\HQWHQGHUDODSULPHUDGHIRUPDTXHXQRSXHGDLQWHUYHQLU
HQORVPRPHQWRVSURSLFLRV\PHWHUED]DVLHVSUHFLVR
 &RPSDUWLUFRQHVWRVPLVPRVQDWLYRVORVPRPHQWRVVRFLDOHVGHODUHODFLyQSURIHVLRQDOFRPRODVFRPLGDVSDXVDVSDUDFDIpFyFWHOHV
HVWDVHWF\VDEHUPDQWHQHUHOWLSRKDVWDWDOSXQWRGHSRGHUDSRUWDUWDPELpQDOEXHQDPELHQWHUHLQDQWH
 6DEHUHVFULELUXQLQIRUPHGHIHQGLHQGRXQSXQWRGHYLVWDDQWHODVHGHH[WUDQMHUDGHVSOHJDQGRDORODUJRGHOPLVPRGHIRUPDHFD]\
HORFXHQWHORVDUJXPHQWRVGHQWURGHXQDFRUUHFWDJUDPiWLFDVLQWD[LV\RUWRJUDItD
0HQRVGHOGHORVGLUHFWLYRV\SURIHVLRQDOHVHQ(VSDDSRVHHQHVWHQLYHO+DFHWUHVDRVWXYHGXUDQWHVHLVPHVHVDXQDOXPQR
PX\HVSHFLDOHOFRQVHMHURGHOHJDGRSDUD(VSDDGHXQRGHODVHPSUHVDVPXOWLQDFLRQDOHVPVJUDQGHVGHOPXQGRXQKRPEUHKDU
WDPHQWHFRQRFLGRHQODSUHQVDHFRQPLFDGHOSDV6XQLYHOHVXQHQODHVFDOD9DXJKDQ SDUDVLWXDURVHOQLYHOHVHOGHXQVXHFR
XKRODQGV (QPLFODVHVHTXHMDEDFRQVWDQWHPHQWHGHODVUHXQLRQHVDODVTXHWHQDTXHDVLVWLUHQ/RQGUHV
(OSUHVLGHQWHPXQGLDOHVFDQDGLHQVH\ORVRWURVVLHWHPLHPEURVGHOFRPLWpVRQLQJOHVHVHVFRFHVHV\XQVXUDIULFDQR6LJRELHQVRODPHQWH
HOGHORTXHGLFHQ\FXDQGRVHDFHOHUDHOFUXFHGLQiPLFRGHFRPHQWDULRVGHXQODGRDORWURGHODPHVDPHTXHGRFRQPHQRVGHO
'HVSXpVHQODVFRPLGDV\FHQDVKDEODQGHSDWLQDMHDUWtVWLFRRGHOEXQJDORZTXHXQRWLHQHHQODV,VODV)LML\PHTXHGRWRWDOPHQWH
DGRVYHODV(QODVFRPXQLFDFLRQHVUXWLQDULDVVLHPSUHPHKHGHIHQGLGRVLQSUREOHPDVSHURGHVGHTXHHVWR\HQODFXPEUHHOUHWRFRPX
QLFDWLYRHVPXFKRPiVHYLGHQWH\ODLPSRUWDQFLDGHHQWHQGHUWRGRDODSULPHUDDEVROXWDPHQWHFUtWLFD
(QUHVXPLGDVFXHQWDVFXDOTXLHUQLYHOLQIHULRUDOTXHDFDERGHUHVHDUHQORVWUHVSXQWRVPVDUULEDHVXQQLYHOLQVXFLHQWHGHLQJOV
/DDQJXVWLDGHHVWHFRQVHMHURGHOHJDGRGHEHVHUVXFLHQWHDOLFLHQWHFRPRSDUDTXHDTXHOORVMYHQHVTXHDVSLUHQDRFXSDUSXHVWRV
FRPRHOVX\RHQHOIXWXUREXVTXHQXQDIUPXODHFD]SDUDUHVROYHUODFDUHQFLD
5LFKDUG9DXJKDQ




/RZ%HJLQQHU

+LJK%HJLQQHU

(VWHQODPHVD" ,VLWRQWKHWDEOH"
1RQRHVWHQODPHVD 1RLWLVQoWRQWKHWDEOH
(VOHVSDRORSRUWXJXV" ,VKH6SDQLVKRU3RUWXJXHVH"
(VYHUGHHOFRFKH" ,VWKHFDUJUHHQ"
(VXQFRFKHYHUGH" ,VLWDJUHHQFDU"

(VWHOSHUURGHSLH" ,VWKHGRJVWDQGLQJ"
1RQRHVWGHSLH 1RLWoVQRWVWDQGLQJ
(VWVHQWDGR ,WoVVLWWLQJ
(VWIXQFLRQDQGR" ,VLWZRUNLQJ"
)XQFLRQD" 'RHVLWZRUN"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(VWDPRVFRPLHQGR :HoUHKDYLQJOXQFK
(OODHVWFHQDQGR 6KHoVKDYLQJGLQQHU
(VWVGHVD\XQDQGR" $UH\RXKDYLQJEUHDNIDVW"
(VWQWRPDQGRYLQRWLQWR 7KH\oUHKDYLQJUHGZLQH
1RHVWQWRPDQGRFHUYH]DV 7KH\oUHQRWKDYLQJEHHUV

/OHYDPXFKRWLHPSROORYLHQGR" +DVLWEHHQUDLQLQJORQJ"
/OHYDWRGRHOGDOORYLHQGR ,WoVEHHQUDLQLQJDOOGD\
0HSXHGHVSUHVWDUWX &DQ\RXOHQGPH\RXU
XPEUHOOD"
SDUDJXDV"
6ORVLPHSURPHWHVTXHQROR 2QO\LI\RXSURPLVHPHWKDW
\RXoUHQRWJRLQJWRORVHLW
YDVDSHUGHU
|6DEHVORGLVWUDGRTXHSXHGHV <RXNQRZKRZDEVHQWPLQGHG
\RXFDQEH
OOHJDUDVHU

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

6LHPSUHSDURDWRPDUXQFDI ,DOZD\VVWRSWRKDYHDFRIIHH

HQHVHEDU
LQWKDWEDU
$KRUDYDPRVDSDUDUSDUDWRPDU 1RZZHoUHJRLQJWRVWRSWR

XQGHVFDQVR
WDNHDEUHDN
+HGHMDGRGHWRPDUODVSDVWLOODV ,oYHVWRSSHGWDNLQJWKHSLOOV
'HEHUDVGHMDUGHHVFXFKDUOH <RXVKRXOGVWRSOLVWHQLQJWR
DO 
KLP
1RGHMDUGHPROHVWDUPH +HZRQoWVWRSERWKHULQJPH

$TXLQYRWDVWH" :KRGLG\RXYRWHIRU"
|<DWLTXWHLPSRUWD 1RQHRI\RXUEXVLQHVV
3RUFXULRVLGDG 2XWRIFXULRVLW\
/DFXULRVLGDGPDWDOJDWR &XULRVLW\NLOOHGWKHFDW
(VRTXHV"8QDDPHQD]D" :KDWoVWKDW"$WKUHDW"

5XEEOH (VFRPEURV

6FDIIROGLQJ $QGDPLRV

&HPHQW0L[HU +RUPLJRQHUD

6NLS &RQWHQHGRUSDUDHVFRPEURV

&RQVWUXFWLRQ:RUNHU 2EUHUR

9RFDEXODULR&RQVWUXFWLRQ &RQVWUXFFLQ
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

7HGLMHTXHQRYROYLHUDVD ,WROG\RXQHYHUWRWKUHDWHQPH

DJDLQ
DPHQD]DUPHMDPV
1RVHDVWDQVXVFHSWLEOH 'RQoWEHVRWRXFK\
6LSHQVDUDVPVDQWHVGHKDEODU ,I\RXWKRXJKWPRUHEHIRUH

WDONLQJ\RXZRXOGQoWRIIHQGVR
QRRIHQGHUDVDWDQWDJHQWH
PDQ\SHRSOH
+D\TXHVHUHODXQRPLVPR <RXKDYHWREHWUXHWR\RXUVHOI
&UHRTXHODGHOLGDGHVW ,WKLQNIDLWKIXOQHVVLV

RYHUUDWHG
VREUHYDORUDGD

|&XQGRODVUDQDVFUHQSHOR <HVDQGSLJVPLJKW\
'H3DVFXDVD5DPRV 2QFHLQDEOXHPRRQ
|1RPHGLJDV :HOO,QHYHU
6HVDOYDURQSRUXQSHOR ,WZDVDFORVHVKDYH
|9D\DIROOQ :KDWDPHVV



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpWKURXJKq 

)URPWLPHWRWLPH

0\SODQVIHOOWKURXJK
0LVSODQHVVHYLQLHURQDEDMR

,KDYHWRFXWWKURXJKWKHUHGWDSH
7HQJRTXHDEULUPHSDVRHQWUHHOSDSHOHR

,FDQoWJHWWKURXJKWR3HWHU
1RORJURFRQWDFWDUFRQ3HGUR

,FDQoWJHWWKURXJKWKHWKLFNXQGHUJURZWK
1RSXHGRDWUDYHVDUODHVSHVDPDOH]D

+HJRWWKURXJKWRWKHQDOV
/OHJ FRQHVIXHU]R DODQDO

,IZHFDQJHWWKURXJKWKHUDLQ\VHDVRQf
6LSRGHPRVVXSHUDUODWHPSRUDGDGHOOXYLDV

6LJQLFDpGHYH]HQFXDQGRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
'HYH]HQFXDQGRYR\DOFLQH
'HYH]HQFXDQGR0DULDYLVLWDDVXVDEXHORV
'HYH]HQFXDQGR-XOLDOODPDDVXDPLJDHQ
$XVWUDOLD

3HWHUoV3URPRWLRQ 

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHU)LHOGVWXUQVGRZQDQRIIHUIURP-RKQ2OVRQWRJRDQGZRUNIRUKLP
-RKQ

6RWKH\GHFLGHGQRWWRKLUH0DUYLQ7KRPSVRQ

3HWHU

+RZGLG\RXNQRZWKDW"

-RKQ

,KDYHP\VRXUFHVRILQIRUPDWLRQ7REHKRQHVW0DUYLQ
FDOOHGPHWKHRWKHUGD\WRQGRXWVRPHWKLQJDERXW
\RX

3HWHU

:K\ ZRXOG 0DUYLQ7KRPSVRQ EH LQWHUHVWHG LQ PH" ,


GRQoWHYHQNQRZKLP

-RKQ

+HZDVVRVXUSULVHGWKDWKHGLGQoWJHWWKHMREWKDWKH
ZDQWHGWRNQRZZKDW\RXUVHFUHWZDV

EHGRQHLQWKHVDOHVGHSDUWPHQW:HoUHLPSOHPHQWLQJ
D FRPSUHKHQVLYH VXSSRUW V\VWHP IRU WKH DJHQWV WKDW
WHOOVWKHPZKDWUHWDLOHUVDUHORZRURXWRIVWRFN,oYH
DOUHDG\ UHRUJDQL]HG IRXU WHUULWRULHV DQG WKHUH DUH DW
OHDVW WKUHH PRUH WKDW QHHG WR EH UHRUJDQL]HG ,WoV D
FKDOOHQJLQJMREDQG,oPHQMR\LQJLW
WREHKRQHVW SDUDVHUVLQFHUR
WRQGRXW DYHULJXDU

, JXHVV WKH\ MXVW GHFLGHG WKDW WKLQJV ZHUH JRLQJ WRR


ZHOO WR PDNH D ELJ FKDQJH QRZ &KDUOHV +HQGHUVRQ
FDPHEDFNIURP)UDQFHLQ2FWREHUDQGJDYHPHDORW
RI VXSSRUW7R EH KRQHVW ZLWK \RX LI KH KDGQoW FRPH
EDFNZKHQKHGLG,SUREDEO\ZRXOGQoWKDYHVWD\HGLQ
WKLVSRVLWLRQ

,JXHVV VXSRQJR

-RKQ

6R&KDUOHV+HQGHUVRQUXLQHGP\SODQVWRKLUH\RX

UHWDLOHUV PLQRULVWDV

3HWHU

,JXHVV\RXFRXOGVD\WKDW

DFKDOOHQJLQJMRE XQWUDEDMRTXHVXSRQHXQUHWR

-RKQ

+RZPXFKDUHWKH\SD\LQJ\RX"

3HWHU

7KH\oYHUDLVHGP\VDODU\E\

-RKQ

7KDWoVVWLOODORWOHVVWKDQ,ZDVHDUQLQJ

3HWHU

%XW \RXoUH  \HDUV ROGHU WKDQ PH DQG \RX KDG 
\HDUVo VHQLRULW\ %HVLGHV PRQH\oV QRW WKH PRWLYDWLQJ
IDFWRUKHUH1RRIIHQVHEXWWKHUHDUHDORWRIWKLQJVWR

3HWHU

UXLQHG HVWURSH
VHQLRULW\ DQWLJHGDG
QRRIIHQVH VLQQLPRGHRIHQGHU
FRPSUHKHQVLYHVXSSRUWV\VWHP VLVWHPDGHDSR\RLQWHJUDO

(VWLPDGRDPLJR\DOXPQR&RQUHVSHFWRDORVXQLYHUVLWDULRVHVSDROHVREVHUYRGHVGHVLHPSUHSHURVREUHWRGRHQORVOWLPRVGLH]
DRVXQDFXULRVDPH]FODGHGHVLGLD\SDVRWLVPRLQFOXVRHQWUHPXFKRVGHORVPHMRUHVHVWXGLDQWHVGHODVIDFXOWDGHV([FHSFLRQHV
KD\FODURHVWSHURHVWR\PX\ELHQSRVLFLRQDGRSDUDRSLQDUFRQFRQRFLPLHQWRGHFDXVDSXHVWRTXHVR\HOEHQHFLDULRPVDGH
ODQWHGHODWUHPHQGDODJXQDTXHH[LVWHHQ(VSDDHQPDWHULDGHLQJOV&HQWHQDUHVGHLQJHQLHURV\RWURVSURIHVLRQDOHVYLHQHQ
DQRVRWURV\DFRQRDRVGHHGDGSLGLQGRQRVTXHOHUHVROYDPRVHOSUREOHPD/OHJDQODPD\RUDFRQQLYHOHVGHLQJOV
IUDQFDPHQWHSREUHVWHQLHQGRHQFXHQWDVXVWLWXODFLRQHV\DVSLUDFLRQHV3RUORWDQWRSXHVWRTXHH[SHULPHQWRVXDQJXVWLDPV
DGHODQWHVSXHGRUHSLWRRSLQDU\PLRSLQLQHVODVLJXLHQWHH[LVWHSRFRLQWHUVHQWUHODPD\RUDGHORVMYHQHVXQLYHUVLWDULRVHQ
(VSDDSRUGRWDUVHGHODVKDELOLGDGHVQHFHVDULDVSDUDHO[LWR(VWXGLDQSDUDORVH[PHQHV\DOQDOPXFKRVORVDSUXHEDQ\DFD
EDQOLFHQFLQGRVH3HURQRVHSUHRFXSDQ QLVHSUHRFXSDQODVLQVWLWXFLRQHVGHHVWXGLRVVXSHULRUHV HQGRWDUVHGHODVKDELOLGDGHV
PVFUWLFDVSDUDHO[LWR\DORVDRVHVWDVKDELOLGDGHVVRQWUHV
  (OPDQHMRSURIXQGR\JLOGHODVDSOLFDFLRQHVLQIRUPWLFDVPVXWLOL]DGDV0XFKRVLQJHQLHURVVDEHQSURJUDPDUFRQFyGLJRSHUR
FXDQGRVHOHVSLGHTXHGLVHxHQXQDVROXFLyQVHQFLOODHQHQWRUQR$FFHVVQRVDEHQKDFHUOR&XDQGRVHOHVSLGHTXHRUJDQLFHQXQDV
LGHDVGHQWURGHXQDSUHVHQWDFLyQGH3RZHU3RLQWPXFKRVWDUGDQHQDSUHQGHUDKDFHUOR
  +DELOLGDGHVFRPXQLFDWLYDVWDQWRLQWHUSHUVRQDOHVFRPRGHODQWHGHJUXSRV&XDQGRSUHJXQWRDMyYHQHVHVSDxROHVGHHQWUH\
DxRVFXiQWDVYHFHVHQWRGRVVXVDxRVGHHVFRODULGDGWXYLHURQTXHOHYDQWDUVHSDUDH[SRQHUGHODQWHGHVXFODVHODPD\RUtDPH
GLFHTXHQXQFD6HPHKLHODODVDQJUHSULPHUR\GHVSXpVGHXQUDWRVHHPSLH]DDKHUYLUSRUHOHQIDGRTXHWHQJRKDFLDODVDXWRUL
GDGHVHGXFDWLYDV
  8QGRPLQLRWRWDOGHOLQJOVHVGHFLUGHODOHQJXDIUDQFDSDUDORTXHUHVWHGHVLJORGHOFRPHUFLRGHODFLHQFLD\GHODWHFQRORJD
(OOWLPRGHODSURPRFLQGHOD3ROLWFQLFDVLJDQDDVXVFRPSDHURVHQODVWUHVKDELOLGDGHVTXHDFDERGHUHVHDUOHVDFDEDU
SDVDQGRDWRGRVHQHOPXQGRUHDO\HQDRVRPHQRV/RKHYLVWRSHUVRQDOPHQWHGXUDQWHGRVGFDGDVKDFLHQGRSDVLOORVDGLDULR
HQHPSUHVDVLQGXVWULDOHV\GHDOWDWHFQRORJD
5LFKDUG9DXJKDQ




/RZ%HJLQQHU

+LJK%HJLQQHU

(VWQEXHQRV" $UHWKH\JRRG"
(VWQGHOLFLRVRV 7KH\oUHGHOLFLRXV
(VJXDSR" ,VKHKDQGVRPH"
(VJXDSR +HoVKDQGVRPH
(VXQKRPEUHPX\JXDSR +HoVDYHU\KDQGVRPHPDQ

OHVWFRUULHQGR +HoVUXQQLQJ
(VWDPRVGDQGRXQSDVHR :HoUHJRLQJIRUDZDON
(OODHVWOH\HQGRHOSHULGLFR 6KHoVUHDGLQJWKHQHZVSDSHU
(VWWRPDQGRXQFDIWDPELQ 6KHoVKDYLQJDFRIIHHWRR
(VWDPRVWUDEDMDQGR :HoUHZRUNLQJ

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XKDFHQ" :KDWDUHWKH\GRLQJ"
(VWQSDJDQGRODFXHQWD 7KH\oUHSD\LQJWKHELOO
3DJXHXURVSRUOD ,SDLGRQHKXQGUHGHXURVIRU

WKHURRP
KDELWDFLQ
&XQWRWHSDJDQDOPHV" +RZPXFKGRWKH\SD\\RXD
PRQWK"
0HSDJDQPX\SRFR 7KH\SD\PHYHU\OLWWOH

'HEHUDVWHQHUPVFXLGDGR <RXVKRXOGEHPRUHFDUHIXO
1RWLHQHSRUTXVHUWDQ +HGRHVQoWKDYHWREHVR
SROLWH
HGXFDGR
1RGHMDUGHKDEODU +HZRQoWVWRSWDONLQJ
1RGHEHVHUPX\TXHULGR +HPXVWQoWEHPXFKORYHG
/HRHQYR]DOWD" 6KDOO,UHDGDORXG"

/LIHJXDUG 6RFRUULVWD

6ZLPPHU 1DGDGRU
'LYLQJ%RDUG 7UDPSROQ

*RJJOHV *DIDVSDUDQDGDU

/DQH &DOOH

9RFDEXODULR3RRO 3LVFLQD
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

6HHVWKDFLHQGRWDUGH ,WoVJHWWLQJODWH
3RUTXQRWHKDV :K\KDYHQoW\RXJRQHWREHG
DFRVWDGRDQ"
\HW"
7RGDYDQRWHQJRVXHR ,oPQRWVOHHS\\HW
+DVSXHVWR\DHOGHVSHUWDGRU" +DYH\RXVHW\RXUDODUPFORFN
\HW"
/RSRQGUPVWDUGH ,oOOVHWLWODWHU

3RUTXWHKDVUHWUDVDGR" :KDWNHSW\RX"
0HTXHGGRUPLGR ,RYHUVOHSW
1RVRQWXGHVSHUWDGRU" 'LGQoW\RXUDODUPFORFNJRRII"
+XERXQDSDJQHQPHGLR 7KHUHZDVDSRZHUFXWLQWKH
GHODQRFKH
PLGGOHRIWKHQLJKW
(VSHUDVTXHPHYR\D 'R\RXH[SHFWPHWREHOLHYH
FUHHUHVR"
WKDW"

0LGGOH$GYDQFHG
3RUTXOOHYDVHVDSDMDULWD :K\DUH\RXZHDULQJWKDW
ULGFXOD"
ULGLFXORXVERZWLH"
3RUTXHPHJXVWDGHVWDFDU %HFDXVH,OLNHWRVWLFNRXW
/DJHQWHVHYDDEXUODUGHWL 3HRSOHDUHJRLQJWRPDNHIXQ
RI\RX
|$PTXPHLPSRUWD :KDWGR,FDUH
(OFKLVPRUUHRQRPHPROHVWD *RVVLSGRHVQoWERWKHUPH

)RU(QJOLVKVXSHUVWDUVRQO\
7XPDULGRHVXQPDQLWDV" ,V\RXUKXVEDQGDKDQG\PDQ"
0HYHQGUDELHQXQDD\XGDHQ ,FRXOGGRZLWKVRPHKHOSLQ

PLFDVD
P\KRXVH
7HQJRTXHGHVPRQWDUXQD ,KDYHWRGLVPDQWOHDERRNFDVH
OLEUHUD
6R\XQDLQWLOFXDQGRVH ,oPKRSHOHVVZKHQLWFRPHV

WUDWDGHEULFRODMH
WR',<
6R\XQPDQD]DV ,KDYHEXWWHUQJHUV



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpWKURXJKq 
+RZFDQ,JHWWKURXJKWR\RX
|$YHUVLPHHQWLHQGHV

p:KDWDERXW"q

,oOOFDOO\RXZKHQ,JHWWKURXJKZLWKWKLV
7HOODPDUFXDQGRWHUPLQHFRQHVWR
((88 

:HFDQWoJHWWKURXJKWR
KHDGTXDUWHUV
1RKD\FRQH[LQFRQODVHGHFHQWUDO

,GRQoWZDQWWRJRWKURXJKWKDWDJDLQ
|1RTXLHURYROYHUDSDVDUSRUHVRQXQFD

,ZHQWWKURXJKHYHU\ER[
%XVTXDWUDYVGHWRGDVODVFDMDV

/HWoVJRWKURXJKLWRQHPRUHWLPH
5HSDVPRVORXQDYH]PV

3HWHUoV3URPRWLRQ 

(VODIRUPDGHDYHULJXDUGHTXLEDDOJRRGH
TXWUDWDED(PSOHDPRVHOYHUERpWREHqSUHFH
GLGRGHODSDODEUDpZKDWq\VHJXLGRGHpDERXWq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
'HTXLEDODSHOFXOD"
'HTXHLEDODUHXQLQ"
'HTXWUDWDEDWRGRHVR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHU)LHOGVQLVKHVKLVFRQYHUVDWLRQZLWK-RKQ2OVRQDQGWKHVWRU\RIp3HWHUoV3URPRWLRQqUHDFKHVDKDSS\HQGLQJ
-RKQ

,WWRRNPH\HDUVWRRUJDQL]HWKHVDOHVIRUFHDQGQRZ
\RXoUH FKDQJLQJ HYHU\WKLQJ :HOO JRRG OXFN , GRQoW
HQY\\RXKDYLQJWRGHDOZLWKDOOWKRVHDJHQWV,KRSH
\RXNQRZZKDW\RXoUHGRLQJ

-RKQ

:HOOOHWPHNQRZLI\RXKDYHDQ\VHFRQGWKRXJKWV

3HWHU

2ND\EXWZKDWHYHUKDSSHQVOHWoVQRWORVHWRXFK

3HWHU

'RQoWZRUU\DERXWPH-RKQ,oOOVXUYLYH

WRGHDOZLWK WUDWDUFRQ

-RKQ

7KHQ,JXHVV,oYHORVW\RX<RXoUHGHGLFDWHGKHDUWDQG
VRXOWRWKHFRPSDQ\QRZ

KHDUWDQGVRXO HQFXHUSR\DOPD

3HWHU

, KDYH D IHHOLQJ ,oP D FRPSDQ\ PDQ ,Q IDFW ,oP QRW


VRVXUH,ZRXOGEHWKHULJKWPDQIRU\RX<RXQHHGD
UHVRXUFHIXOULVNWDNHUQRWDFDOPSODQQHUOLNHPH

VRUU\WROHW\RXGRZQ VLHQWRIDOODUWH

-RKQ

0D\EHVR%XW\RXZRXOGKDYHEHHQWKHSHUIHFWPDQ
IRUWKHMRE,KDGLQPLQG

3HWHU

6RUU\WROHW\RXGRZQEXW,oPVXUH\RXoOOQGVRPHRQH
EHWWHUWKDQPH<RXoYHJRWQLQHOLYHVOLNHDFDW<RXoOO
JHWE\

7KHHQG

,KDYHDIHHOLQJ WHQJRXQSUHVHQWLPLHQWR
\RXoYHJRWQLQHOLYHVOLNHDFDW  HQHOPXQGRDQJORVDMQORV
JDWRVWLHQHQQXHYHYLGDVQRVLHWH 
ZKDWHYHUKDSSHQV SDVHORTXHSDVH
OHWoVQRWORVHWRXFK QRSHUGDPRVHOFRQWDWR

'HVWHUUDGHO<DYDOLVPR

(VWLPDGRDPLJR\DOXPQR/DEUHYHFDUWDTXHKHUHGDFWDGRDFRQWLQXDFLQHVXQLQWHQWRSRUKDFHUWHYHUTXLPSDFWRWLHQHHQORV
DQJORSDUODQWHVPXFKRVGHORVHVFULWRVHQLQJOVTXHVDOHQGHODVHPSUHVDVHVSDRODV
4XHULGD6U3HUH]
0XFKRVJUDFLDVSRUVXFDUWDGHIHEUHURHQFXDOQRVLQYLWDVYLVLWDUVXIDEULFDHQHOVXUGH$OHPDQGXUDQWHHOSUHPLHUVHPDQDGH
$EULO,QIRUWXQDGDPHQWHQRHVSRVVLEOHSDUDQRVRWURVSRUTXHWHQLPRVHQ%DUFHORQDODDQXDOIHULDGHPDTXLQHULDDTXHOODVHPDQD
$WHQWRPHQWH
$TXHFKRFD3HURORFXULRVRHVTXHDPXFKRVGHYRVRWURVRVGDLJXDOHQYLDUDOJRDV6LQRQRPHORH[SOLFR/DUHYLVWDGHOJUHPLR
GHWD[LVWDVGH0DGULGUHYLVWDTXHVHHQFXHQWUDHQODVRODSDGHWUVGHORVDVLHQWRVGHODQWHURVGHWRGRVORVWD[LVGHODFLXGDGHVW
HQHVSDRO\HQLQJOV/DWUDGXFFLQLQJOHVDFRQWLHQHHUURUHVHQFDGDIUDVH/DQXHYDVHFFLQHQLQJOVGHXQFRQRFLGRSHULGLFR
HOHFWUQLFRQXHYDVHFFLQDQXQFLDGDDERPER\SODWLOORFRQWLHQHHUURUHVJDUUDIDOHVKDVWDHQORVWLWXODUHV&XDOTXLHUOHFWRUH[WUDQ
MHURTXHPLUDVHODYHUVLQLQJOHVDGHOFLWDGRSHULGLFRVDFDUDXQDRSLQLQQHIDVWDGHODFDVDHGLWRULDOHQFXHVWLQ<RDQWHVOHDVX
SHULGLFRFRQFLHUWRLQWHUVSHURGHVGHVXSDWWLFDHQWUDGDHQHOPXQGRGHOLQJOV\DOHKHSHUGLGRHOUHVSHWR/DPLWDGGHWRGRV
ORVKRWHOHVGHFXDWUR\FLQFRHVWUHOODVHQ(VSDDWLHQHQWUDGXFFLRQHVDOLQJOVKRUUHQGDVGHVXVSJLQDVZHERGHVXVIROOHWRV
7HVRUSUHQGHUDVGHODJUDQFDQWLGDGGHIDPRVRVUHVWDXUDQWHVHQWRGD(VSDDFX\DVFDUWDVHQLQJOVVHUYLUDQFRPRREMHWRGH
ULVRWDGDVHQWUHDQJORSDUODQWHVELOLQJHV4XLHUHVTXHWHGPVHMHPSORV"$HVWHSDVRWHYDVDHQIDGDUFRQPLJR\GHFLUPHFRQ
UD]QTXH\DHVWELHQGHFULWLFDU3HURFUHRTXHHVLPSRUWDQWHTXHLQFOXVRFDLJDHQODH[DJHUDFLQSRUTXHFDPSDDVXVDQFKDV
HQ(VSDDODORVRIDGHOp\DYDOLVPRq'HVGHTXHYLYRHQHVWHSDVRLJRODH[SUHVLQp\DYDOHqSRUGRTXLHU4XH\DYDOHSRUTX
HVPHUDUVHPVTXH\DYDOH

5LFKDUG9DXJKDQ

1DGLHHVSHUIHFWR\HOSHUIHFFLRQLVPRQRHVUHFRPHQGDEOH6LQHPEDUJRHOWUDEDMRELHQKHFKRHQDOWHFH\SDJDGLYLGHQGRVDFRUWR
\DODUJRSOD]RSDUDTXLHQHVVHHVIXHUFHQSRUFRQVHJXLUOR8QHUURUHQXQWH[WRHVFULWRDGLIHUHQFLDGHXQHUURUDOKDEODUDERIHWHD
DOOHFWRU\OHLQGXFHDSHQVDUQHJDWLYDPHQWHHQHODXWRU6L\RFRPHWRXQHUURUKDEODQGR\DVHDJUDPDWLFDORIRQWLFRQLWHHQWHUDV
RHQWLHQGHVTXHHVWR\HVIRU]QGRPHSDUDH[SUHVDUPHORPHMRUTXHSXHGD$KRUDELHQXQHUURULPSRUWDQWHDODKRUDGHHVFULELU
GRQGHVHVXSRQHTXHHODXWRUWLHQHHOWLHPSRQHFHVDULRSDUDSRQGHUDUFDGDIUDVHRSDUDEXVFDUODD\XGDQHFHVDULDDQGHTXHHO
HVFULWRWHQJDFDOLGDGFDXVDLQPHGLDWDPHQWHXQDPDODLPSUHVLQTXHFRQGXFHDSHQVDUFRQRVLQUD]QTXHHODXWRUHVGHMDGRR
SRFROFLGR6LWHLQVWRFRQVWDQWHPHQWHHQHVWDVFKDVDKDFHUXQHVIXHU]RVLQFHURSDUDPHMRUDUWXLQJOVKDEODGRWHORGLJRFRQ
PVLQVLVWHQFLDWRGDYDFRQUHVSHFWRDWXLQJOVHVFULWR$FDULFLDFDGDIUDVHTXHVDOHGHWXSOXPDRGHWXWHFODGR\VLWLHQHVGXGDV
EXVFDDXQEXHQWUDGXFWRUTXHVHSDHQWHQGHUSHUIHFWDPHQWHHOLGLRPDGHRULJHQ\SODVPDUORHQXQDEXHQDSURVD\HVWLORHQHO
LGLRPDGHGHVWLQR




/RZ%HJLQQHU

+LJK%HJLQQHU

(VHOODEXHQD" ,VVKHJRRG"
(VPHMRUTXHO 6KHoVEHWWHUWKDQKLP
(VODPHMRU 6KHoVWKHEHVW
6RQPDODVHVDVPDQ]DQDV" $UHWKRVHDSSOHVEDG"
6RQKRUULEOHV 7KH\oUHWHUULEOH

4XRSLQDWXDPLJD" :KDWGRHV\RXUIULHQGWKLQN"
3LHQVDTXHHVPX\WDUGHSDUDLU 6KHWKLQNVWKDWLWoVYHU\ODWH
WRJR
1RSRGHPRVLUDKRUD" &DQoWZHJRQRZ"
7LHQHFRFKHWXDPLJD" 'RHV\RXUIULHQGKDYHDFDU"
7LHQHXQFRFKHPX\YLHMR 6KHKDVDYHU\ROGFDU

6NLOLIW 5HPRQWH
6NLSROHV %DVWRQHV
6NLVXLW 0RQR
6NLV (VTXV

6NL6ORSH 3LVWD

9RFDEXODULR6NLLQJ (VTX
/RZ,QWHUPHGLDWH
(VEDQTXHUR +HoVDEDQNHU
(OODHVFRQWDEOH" ,VVKHDQDFFRXQWDQW"
6RQLQIRUPWLFRVPX\EXHQRV 7KH\oUHYHU\JRRGFRPSXWHU
SURJUDPPHUV
6RPRVLQJHQLHURV :HoUHHQJLQHHUV
6RQFDMHURV" $UHWKH\FDVKLHUV"

0LGGOH,QWHUPHGLDWH
&XQWDVFHUYH]DVKDVWRPDGR" +RZPDQ\EHHUVKDYH\RX
KDG"
1RODVVXFLHQWHVWRGDYD 1RWHQRXJK\HW
(VSHURTXHQRYXHOYDVDFDVD ,KRSH\RXoUHQRWGULYLQJ
KRPH
HQFRFKH
&ODURTXHQR 2IFRXUVH,oPQRW
0HYDVDOOHYDUW <RXoUHJRLQJWRWDNHPH

+LJK,QWHUPHGLDWH
&PRVHKDFHXQDWRUWLOOD +RZGR\RXPDNHD6SDQLVK
RPHOHWWH"
HVSDROD"
7LHQHVTXHFRUWDUXQDSDWDWD <RXQHHGWRFXWDSRWDWRLQWR

VPDOOSLHFHV
HQWUR]RVSHTXHRV
/XHJRVHODVIUH 7KHQ\RXIU\WKHP
%DWHVORVKXHYRV <RXEHDWWKHHJJV
0H]FODVWRGR\ORIUHVSRU <RXPL[HYHU\WKLQJDQGWKHQ

\RXIU\LWRQERWKVLGHV
ORVGRVODGRV

/RZ$GYDQFHG
4XGLU"
6DEUO"
4XKDUHOODDKRUD"
'QGHHVWDUQHOORV"
3RUTXGLUDQHVR"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

1RORFRPSUDUSRUPXFKR ,ZRQoWEX\LWQRPDWWHUKRZ
TXHLQWHQWHVSHUVXDGLUPH
KDUG\RXWU\WRSHUVXDGHPH
3HUGHUVSRUPXFKRTXHWH <RXoOOORVHQRPDWWHUKRZKDUG
HVIXHUFHV
\RXWU\
3RUPXFKRTXHYD\DVDOOQR 1RPDWWHUKRZRIWHQ\RXJR
WHYDDYHU
WKHUHVKHLVQoWJRLQJWRVHH\RX
'LJDQORTXHGLJDQWH 1RPDWWHUZKDWWKH\VD\ZHoOO
VHJXLUHPRVDSR\DQGR
VWLOOVXSSRUW\RX
3DVHORTXHSDVHVLHPSUHWH 1RPDWWHUZKDWKDSSHQV,oOO
TXHUU
DOZD\VORYH\RX

,ZRQGHUZKDWKHoOOVD\
,ZRQGHULIKHNQRZV
,ZRQGHUZKDWVKHoOOGRQRZ
,ZRQGHUZKHUHWKH\DUH
,ZRQGHUZK\WKH\VDLGWKDW

8QWUDEDOHQJXDVSDUDGHFLU $WRQJXHWZLVWHUWRVD\RXW
HQYR]DOWD
ORXG
(OODYHQGHFRQFKDVPDULQDV 6KHVHOOVVHDVKHOOVE\WKHVHD
HQODRULOODGHOPDU
VKRUH
/DVFRQFKDVTXHYHQGHVRQ 7KHVKHOOVVKHVHOOVDUHVXUHO\
VLQGXGDFRQFKDVPDULQDV
VHDVKHOOV
$VTXHVLYHQGHFRQFKDVHQ 6RLIVKHVHOOVVKHOOVRQWKH
ODRULOODGHOPDUf
VHDVKRUHf
(VWR\VHJXURTXHYHQGH ,oPVXUHVKHVHOOVVHDVKRUH
FRQFKDVGHODRULOODGHOPDU
VKHOOV



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpWKURXJKq 
,FDQoWJRWKURXJKZLWKLW
1RORSXHGRKDFHU1RWHQJRYDORU

/HWoVJRWKURXJKHYHU\VWHS
9DPRVSXQWRSRUSXQWRSRUFDGDSDVR

7KHDPHQGPHQWVZHQWWKURXJK
RND\
/DVHQPLHQGDVIXHURQDSUREDGDV

:HoYHDOUHDG\JRQHWKURXJKDOORXUVDYLQJV
<DKHPRVDJRWDGRWRGRVQXHVWURVDKRUURV

+HJRHVWKURXJKWZRER[HVRIFHUHDOD
+HZHQWWKURXJKVRPHKDUGWLPHV ZHHN
3DVSRUSRFDVGLIFLOHV
6HIXQGHGRVFDMDVGHFHUHDOHVSRUVHPDQD

%DQNLQJ 

%XVLQHVVYRFDEXODU\
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
6LUHVWDVORVSDVLYRVGHORVDFWLYRVWLHQHVHO
SDWULPRQLRQHWRGHWXHPSUHVD
1XHVWURVFRVWHVGHH[SORWDFLQVHKDQ
GLVSDUDGRHVWHDR
$FRUGDPRVHQIDFWXUDUHOFOLHQWHGDVWUDV
ODHQWUHJDGHODPHUFDQFD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HRSOHRSHQEDQNDFFRXQWVIRUPDQ\UHDVRQVRQHRIZKLFKLVWRNHHSWKHLUPRQH\LQDVDIHSODFH
:KHQ\RXRSHQDEDQNDFFRXQW\RXQHHGWRGHSRVLWDPLQLPXPDPRXQWRIFDVK
7KHEDQNSURYLGHV\RXZLWKDGHSRVLWVOLSDVSURRIWKDW\RXKDYHGHSRVLWHGPRQH\LQ\RXUDFFRXQW
%DQNVRIIHUGLIIHUHQWNLQGVRIDFFRXQWVERWKWRLQGLYLGXDOVDQGWRFRUSRUDWLRQV
$VDYLQJVDFFRXQWRIIHUVDFHUWDLQDPRXQWRILQWHUHVWRQWKHDYHUDJHEDODQFHWKDW\RXPDLQWDLQLQWKHDFFRXQW
&XUUHQWDFFRXQWVRIIHUYHU\OLWWOHLQWHUHVWRUQRLQWHUHVWDWDOO
%DQNVSURYLGH\RXZLWKFKHFNERRNVDQGFUHGLWFDUGVWRHQDEOH\RXWRPDNHSD\PHQWVZLWKRXWWKHQHHGIRUFDVK
,I\RXXVHDFUHGLWFDUGWKHEDODQFHRI\RXUWUDQVDFWLRQVLVSDLGDWWKHHQGRIWKHPRQWKXQOHVV\RXVSHFLI\RWKHUZLVH
0DQ\SHRSOHXVHWKHFUHGLWRSWLRQDQGGHIHUWKHLUSD\PHQWV,QWKHVHFDVHVWKHEDQNFKDUJHVLQWHUHVWRQWKHRXWVWDQGLQJEDODQFH
%DQNVFKDUJHWKHLUFUHGLWFDUGKROGHUVDQDQQXDOIHH
0RVWPHUFKDQWVLQ6SDLQDFFHSWFUHGLWFDUGV0DQ\RIWKHPGRQoWDFFHSWSHUVRQDOFKHFNV

(FRQRPLFV 
(FRQRPLFVLVDERXWWKHGLVWULEXWLRQRIJRRGVDQGVHUYLFHV*RRGVDUHWDQJLEOHSURGXFWVDQGVHUYLFHVDUHLQWDQJLEOH
(FRQRPLFVLVRIWHQFRQVLGHUHGDVRFLDOVFLHQFHEHFDXVHLWoVEDVHGRQKXPDQEHKDYLRXU
0DFURHFRQRPLFVLVFRQFHUQHGZLWKQDWLRQDORUUHJLRQDOHFRQRPLHVDVDZKROH
0DFURHFRQRPLFVWULHVWRXQGHUVWDQGKRZODUJHVHFRQRPLHVZRUN
7KHWKUHHPRVWLPSRUWDQWLQGLFDWRUVDUH*'3WKHXQHPSOR\PHQWUDWHDQGWKHLQDWLRQUDWH
*'3VWDQGVIRUJURVVGRPHVWLFSURGXFW,WoVWKHWRWDOPDUNHWYDOXHRIDOOJRRGVDQGVHUYLFHVSURGXFHGLQDFRXQWU\GXULQJD\HDU
7KHUHSRUWLQJSHULRGIRU*'3LVXVXDOO\WKHFDOHQGDU\HDU
7KHUHSRUWLQJSHULRGIRUFRUSRUDWLRQVLVRIWHQGLIIHUHQWDQGLVFDOOHGpWKHQDQFLDO\HDUqLQWKH8.DQGpWKHVFDO\HDUqLQWKH86
*'3DGGVXSIRXULWHPVFRQVXPSWLRQJURVVLQYHVWPHQWJRYHUQPHQWVSHQGLQJDQGWKHGLIIHUHQFHEHWZHHQH[SRUWVDQGLPSRUWV
&RQVXPSWLRQPHDQVSULYDWHVSHQGLQJ,WLQFOXGHVHYHU\WKLQJWKDWSHRSOHVSHQGPRQH\RQH[FHSWQHZKRXVLQJ
*URVVLQYHVWPHQWPHDQVWKHPRQH\LQYHVWHGLQFDSLWDOH[SHQGLWXUHVE\EXVLQHVVHVDQGKRXVHKROGV

0DQXIDFWXULQJ 
0DQXIDFWXULQJXVXDOO\KDVWRGRZLWKLQGXVWULDOSURGXFWLRQZKHUHUDZPDWHULDOVDUHWUDQVIRUPHGLQWRQLVKHGJRRGV
,QFDSLWDOLVWHFRQRPLHVPDQXIDFWXULQJLVGHYRWHGWRWKHPDVVSURGXFWLRQRISURGXFWVIRUVDOHWRFRQVXPHUV
0DQXIDFWXULQJLQFOXGHVHQJLQHHULQJDQGLQGXVWULDOGHVLJQ
,QDPDQXIDFWXULQJIDFLOLW\HQJLQHHULQJXVXDOO\LQFOXGHVSURGXFWHQJLQHHULQJDQGSURFHVVHQJLQHHULQJ
3URGXFWHQJLQHHULQJLQFOXGHVGHVLJQLQJFRPSOHWHSURGXFWVRUSDUWVRUFRPSRQHQWVRIDSURGXFWIRUODWHUPDQXIDFWXULQJ
3URGXFWHQJLQHHUVQHHGWRFRRUGLQDWHZLWKSURFHVVHQJLQHHUVWRPDNHVXUHWKDWWKHSURGXFWGHVLJQLVSURGXFLEOH
6RPHWLPHVSURGXFWHQJLQHHUVGHVLJQSURGXFWVRUFRPSRQHQWVWKDWDUHWRRH[SHQVLYHWRPDNH
6RPHWLPHVWKH\GHVLJQSURGXFWVRUFRPSRQHQWVWKDWDUHLPSRVVLEOHWRPDQXIDFWXUH
3URGXFWGHVLJQHUVPDNHSURWRW\SHVDQGWHVWWKHPEHIRUHVHQGLQJWKHGHVLJQVWRWKHIDFWRU\IRUPDQXIDFWXULQJ
:KHQSURFHVVHQJLQHHULQJUHFHLYHVWKHGUDZLQJVRIWKHQHZSURGXFWRUFRPSRQHQWWKH\SUHSDUHWKHWRROLQJ
:KHQHQJLQHHUVWDONDERXWWRROLQJWKH\DUHUHIHUULQJWRPDFKLQHWRROV
0DFKLQHWRROVDUHGHYLFHVWKDWDUHXVHGWRPDNHPHWDOSDUWVRUFRPSRQHQWV:HXVXDOO\FDOOWKLVPDFKLQLQJ

(VWLPDGRDPLJR\DOXPQR+R\FRPLHQ]RXQDQXHYDVHFFLQGHGLFDGDDRIUHFHUWHFDVLPLOIUDVHVVREUHODVVLJXLHQWHVUHDV
 %DQNLQJ
 *HQHUDODQGVWUDWHJLFPDQDJHPHQW
 ,QIRUPDWLRQWHFKQRORJ\
 (FRQRPLFV
 ,QYHVWLQJ
 /DZDQGOHJDOFRXQVHO
 0DQXIDFWXULQJ
 +XPDQUHVRXUFHV
 (QWUHSUHQHXUVKLS
 )LQDQFHDQGDFFRXQWLQJ
 6HFUHWDULDODQGDGPLQLVWUDWLRQ
 5HVHDUFKDQGGHYHORSPHQW
 0DUNHWLQJDQGVDOHVPDQDJHPHQW
 2SHUDWLRQV
 7\SLFDORIFHODQJXDJH
&RQHOQGHQRGHGLFDUFDGDFKDHQXQVRORWHPDYR\DLQFOXLUWUHVGHODVUHDVHQFDGDXQD$VSRGUDWHQGHUODVQHFHVLGDGHVHVSHF
FDVGHDOPHQRVWUHVFROHFWLYRVGLIHUHQWHVFDGDGD$OQDOGHODVFKDVTXHQRVTXHGDQSRQGUHPRVDGLVSRVLFLQGHWRGRVORVXVXDULRV
ORVDXGLRVFRUUHVSRQGLHQWHVDODVOHFFLRQHVGHODVFKDVHQIRUPDWR03\VHJQGHPDQGDHQIRUPDWR&'DXGLR6HWUDWDUGHXQDELEOLR
WHFDDXGLWLYDWUHPHQGDPHQWHULFDHQFRQWHQLGRVUHOHYDQWHV7HPDQWHQGUHPRVLQIRUPDGRFRQIRUPHVHDFHUTXHQODVIHFKDV
5LFKDUG9DXJKDQ




/RZ%HJLQQHU

+LJK%HJLQQHU

(VXQSHULGLFR" ,VLWDQHZVSDSHU"
6ORHVHVXQSHULGLFR <HVLWLVLWoVDQHZVSDSHU
(VXQDFKLFDDFD" ,VVKHDWKLQJLUO"
(OODHVDFDFRPRVXKHUPDQD 6KHoVWKLQOLNHKHUVLVWHU
3HURVRQPX\JXDSDV %XWWKH\oUHYHU\SUHWW\

1RHVWQFRQGXFLHQGR 7KH\oUHQRWGULYLQJ
(VWR\OODPDQGRSRUWHOIRQR ,oPFDOOLQJE\SKRQH
(VWR\KDEODQGRSRUWHOIRQR ,oPWDONLQJRQWKHSKRQH
(VWQKDEODQGRSRUHOPYLO" $UHWKH\WDONLQJRQWKHPRELOH
SKRQH"
0HHVWLVHVFXFKDQGR" $UH\RXOLVWHQLQJWRPH"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&PRHVWWXSDGUH" +RZoV\RXUIDWKHU"
&PRHVHOQXHYRMHIH" :KDWoVWKHQHZERVVOLNH"
&PRHVHOWLHPSRHQ :KDWoVWKHZHDWKHULQ1RUZD\

OLNH"
1RUXHJD"
&PRHVWHOJD]SDFKR" :KDWoVJD]SDFKROLNH"
&PRHUDODYLGDKDFHWUHLQWD :KDWZDVOLIHOLNHWKLUW\\HDUV
DJR"
DRV"

9HQDTXDKRUDPLVPR &RPHKHUHULJKWQRZ
|9R\ ,oPFRPLQJ
4XSDVD" :KDWoVWKHPDWWHU"
2OYGDOR 1HYHUPLQG
'DLJXDO ,WGRHVQoWPDWWHU

+LJK,QWHUPHGLDWH
1XQFDKHYLVWRDWDQWDJHQWH ,oYHQHYHUVHHQVRPDQ\SHRSOH

HQWRGDPLYLGD
LQDOOP\OLIH
-DPVVRFRQTXHDFHSWDUD ,QHYHUGUHDPHGVKHZRXOG
DFFHSW
$OJXLHQKDYLVWRPLSHQGULYH" +DVDQ\ERG\VHHQP\SHQGULYH"
1XQFDKHFRQRFLGRDDOJXLHQ ,oYHQHYHUPHWDQ\RQHZKR

ORVHVVRPDQ\WKLQJV
TXHSLHUGHWDQWDVFRVDV
7HOODPXQWDO6U6PHOOH\ $0U6PHOOH\FDOOHG\RX

'UXPPHU %DWHUD

/RZ$GYDQFHG
&XDQWRPVJUDQGHPHMRU 7KHELJJHUWKHEHWWHU
&XDQWDPVSHTXHDPV 7KHVPDOOHUWKHVZHHWHU
GXOFH
&XDQWRPVWLHPSRSDVR 7KHPRUHWLPH,VSHQGZLWK
FRQWLJRPVPHJXVWDV
\RXWKHPRUH,OLNH\RX
&XDQWRPVOHRDFHUFDGHHVWH 7KHPRUH,UHDGDERXWWKLV
WHPDPVSHVLPLVWDPHVLHQWR VXEMHFWWKHPRUHSHVVLPLVWLF
,IHHO
&XDQWRPVOHYHR DO PV 7KHPRUH,VHHKLPWKHPRUH
KDQGVRPH,WKLQNKHLV
JXDSRPHSDUHFH
0LFURSKRQH 0LFUIRQR

6LQJHU &DQWDQWH
%DVV3OD\HU %DMR

*XLWDULVW *XLWDUULVWD

9RFDEXODULR0XVLF*URXS *UXSRGH0VLFD

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

4XKDEUDPRVKHFKRVLQR :KDWZRXOGZHKDYHGRQHLILW
KDGQoWEHHQIRUWKHP"
KXELHUDVLGRSRUHOODV"
&PRKDEUDVVREUHYLYLGRVL +RZZRXOG\RXKDYHVXUYLYHG

LI,KDGQoWKHOSHG\RX"
QRWHKXELHUDD\XGDGR"
'QGHKDEUDWHQLGROXJDU" :KHUHZRXOGLWKDYHWDNHQ
SODFH"
+DEUDKDELGRXQDHVWDVLWXV :RXOGWKHUHKDYHEHHQDSDUW\LI

SDGUHVKXELHVHQHVWDGRHQFDVD" \RXUSDUHQWVKDGEHHQDWKRPH"
6LKXELHVHKDELGRPV ,IWKHUHKDGEHHQPRUHVHFXULW\
VHJXULGDGVHKDEUDSURGXFLGR ZRXOGWKHUHKDYHEHHQD
UREEHU\"
HOURER"

7XQRYLRHVXQSRFRPDFDUUD <RXUER\IULHQGoVDELWRID\RE
(VWHVLWLRHVPX\FXWUH 7KLVSODFHLVDGLYH
3DUHFHVPX\SLMRFRQHVDFDPLVD <RXORRNUHDOO\SUHSS\LQWKDW
VKLUW
7HKDVFRQYHUWLGRHQXQDSLMD <RXoYHEHFRPHDVQRE

GHDFWLWXG 
7LHQHXQDFHQWREDVWDQWHSLMR 6KHKDVTXLWHDSRVKDFFHQW

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpWKURXJKq 
:HPDGHLWWKURXJKRND\
/RJUDPRVSDVDUVLQLQFLGHQFLDV

+HSXWKLPVHOIWKURXJKVFKRRO
+L]RODFDUUHUDSDJQGRVHOROPLVPR

,oOOSXW\RXWKURXJK
/HSRQJR WHOHIRQLVWD 

&DQ\RXSXWPHWKURXJKWRWKHPDQDJHU"
0HSRQHFRQHOJHUHQWH"

/HWoVUXQWKURXJKLWRQHPRUHWLPH 5HDGWKURXJKLWDQGWHOOPHZKDW
\RXWKLQN
(QVD\PRVORXQDYH]PV
/HOR\GLPHORTXHRSLQDV

)LQDQFHDQGDFFRXQWLQJ 

3UDFWLFDO(QJOLVK
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VVWHHOPRVWUDGRUGHIDFWXUDFLQSDUDHO
YXHORGH6LQJDSRUH$LUOLQHVD0DQLOD"
<DKHVDFDGRODWDUMHWDGHHPEDUTXHRQOLQH
KDFHIDOWDUHFRQUPDUPLUHVHUYD"
&XDQWRGXUDHVODHVFDODHQ1XHYD'HOKL"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

$FFRXQWLQJLVWKHODQJXDJHRIEXVLQHVVDQGLVWKHEHVWZD\RINHHSLQJDUHFRUGRIWKHSHUIRUPDQFHRIDFRPSDQ\
$FFRXQWLQJLVEDVHGRQDGRXEOHHQWU\V\VWHPLQYHQWHGE\9HQHWLDQPHUFKDQWV
(YHU\WUDQVDFWLRQLVUHHFWHGLQWZRHQWULHVDGHELWDQGDFUHGLW
(YHU\FRPSDQ\KDVDVVHWVDQGOLDELOLWLHV$VVHWVDUHZKDWWKHFRPSDQ\KDVDQGOLDELOLWLHVDUHZKDWWKHFRPSDQ\RZHV
7KHPRQH\LQWKHFRUSRUDWHEDQNDFFRXQWVLVDQDVVHWEHFDXVHWKHPRQH\EHORQJVWRWKHFRPSDQ\,WoVDOLTXLGDVVHW
7KHPRQH\WKDWFXVWRPHUVRZHWKHFRPSDQ\LVDQDVVHWEHFDXVHLWZLOOVRRQEHFROOHFWHGDQGEHFRPHPRQH\LQWKHEDQN
7KHPRQH\WKDWFXVWRPHUVRZHLVFDOOHGDFFRXQWVUHFHLYDEOHDQGLVFRQVLGHUHGDVKRUWWHUPRUFXUUHQWDVVHW
7KHQDOLQYHQWRU\WKDWWKHFRPSDQ\KDVLQLWVZDUHKRXVHUHDG\IRUVKLSPHQWWRDFRPSDQ\LVDOVRDVKRUWWHUPRUFXUUHQWDVVHW
7KHFRPSDQ\ZLOOVKLSWKHLQYHQWRU\WRLWVGLIIHUHQWFXVWRPHUVDQGWKHVHJRRGVZLOOEHFRPHPRQH\LQWKHEDQNZLWKLQWKHVFDO\HDU
7KHWHUPVFDO\HDULVXVHGLQWKH86DQGWKHWHUPQDQFLDO\HDULVXVHGLQWKH8.7KHQRUPDO\HDULVFDOOHGWKHFDOHQGDU\HDU
7KHODQGDQGIDFWRU\WKDWWKHFRPSDQ\RZQVLVDOVRDQDVVHW+RZHYHULWoVDORQJWHUPRU[HGDVVHW
,IZHZDQWWRWUDQVIRUPD[HGDVVHWLQWRFDVKZKLFKLVDQRWKHUWHUPIRUPRQH\ZHRIWHQQHHGPRUHWKDQD\HDU
,IWKHFRPSDQ\QHHGVWRSD\EDFNDORDQQH[WPRQWKWKDWoVDFXUUHQWRUVKRUWWHUPOLDELOLW\
,IWKHFRPSDQ\SD\VDVXSSOLHUGD\VDIWHUUHFHLYLQJDQLQYRLFHWKLVDPRXQWRZHGWRWKHVXSSOLHULVDOVRDFXUUHQWOLDELOLW\
0RQH\RZHGWRVXSSOLHUVLVFDOOHGDFFRXQWVSD\DEOH&RPSDQLHVXVXDOO\QHJRWLDWHGD\SD\PHQWWHUPV

0DUNHWLQJDQGVDOHVPDQDJHPHQW 
,QDPDUNHWHFRQRP\SXEOLFDQGSULYDWHFRPSDQLHVDUHIRUPHGLQRUGHUWRJHQHUDWHDSURW
,QWKH$QJOR6D[RQZRUOGDSXEOLFFRPSDQ\LVQRWDVWDWHRZQHGFRPSDQ\
$SXEOLFFRPSDQ\LVDFRPSDQ\LQZKLFKWKHJHQHUDOSXEOLFKDVDFFHVVWRSDUWLDORZQHUVKLSWKURXJKDVWRFNPDUNHWRUVWRFNH[FKDQJH
,IWKHFRPSDQ\LVDSULYDWHFRPSDQ\WKHQWKHVKDUHVRIWKHFRPSDQ\DUHQRWDYDLODEOHWRWKHJHQHUDOSXEOLF
,I\RXZDQWWREHFRPHSDUWRZQHURIDSULYDWHFRPSDQ\\RXPXVWFRQWDFWRQHRIWKHRZQHUVGLUHFWO\DQGPDNHDQRIIHU
&RPSDQLHVPXVWJHQHUDWHDSURWLQRUGHUWRVXUYLYHRYHUWKHORQJWHUP
7RPDNHDSURWDFRPSDQ\PXVWJHQHUDWHUHYHQXHLQH[FHVVRILWVRSHUDWLQJFRVWVDQGH[SHQVHV
6RWKHUVWJRDOLQDEXVLQHVVLVWRJHQHUDWHUHYHQXH
0RVWUHYHQXHWKDWDFRPSDQ\JHQHUDWHVFRPHVIURPWKHVDOHRILWVSURGXFWVRUVHUYLFHV6RPHUHYHQXHLVQRQRSHUDWLQJLQFRPH
1RQRSHUDWLQJLQFRPHXVXDOO\UHIHUVWRH[WUDRUGLQDU\LWHPVVXFKDVLQWHUHVWLQFRPHRUQDQFLDOJDLQV
7RJHQHUDWHUHYHQXHDFRPSDQ\PXVWVHOODSURGXFWRUVHUYLFH
,IWKHSURGXFWKDVPDJLFDOSRZHUVSHRSOHZLOOFRPHWR\RXUGRRUWREX\LW<RXZRQoWQHHGWRDGYHUWLVHRUVHOO
+RZHYHUSURGXFWVDQGVHUYLFHVDUHQRWPDJLFDOVRZHQHHGWRFRQYLQFHWKHJHQHUDOSXEOLFWREX\WKHP
,WoVQRWHDV\WRFRQYLQFHSHRSOHWREX\\RXUSURGXFWRUVHUYLFHVR\RXQHHGXVHVWUDWHJLHVDQGWDFWLFVGHVLJQHGWRSHUVXDGHWKHP
<RXQHHGWRSURPRWHEUDQGDZDUHQHVVZKLFKPHDQVJHWWLQJSHRSOHWRNQRZ\RXUSURGXFWRUVHUYLFHDQGWRNQRZWKLQJVDERXWLW

*HQHUDODQGVWUDWHJLFPDQDJHPHQW 
7KHSHUVRQDWWKHWRSRIDEXVLQHVVRUJDQL]DWLRQLVUHVSRQVLEOHIRUWKHVXFFHVVRIWKHRSHUDWLRQV
7KLVSHUVRQFDQEHWKHFKDLUPDQRIWKHFRPSDQ\WKHPDQDJLQJGLUHFWRURUWKH&(2
7KHFKDLUPDQRIWKHERDUGLVWKHUHSUHVHQWDWLYHRIWKHFRPSDQ\LQIURQWRIWKHVKDUHKROGHUV
7KH&(2RUFKLHIH[HFXWLYHRIFHULVDOVRDPHPEHURIWKHERDUGDQGLVUHVSRQVLEOHIRUPDQDJLQJWKHRSHUDWLRQVRIWKHFRPSDQ\
7KHWHUPPDQDJLQJGLUHFWRULVDWHUPXVHGLQFHUWDLQW\SHVRIFRPSDQLHVLQWKH8.IRUWKHVDPHJXUHDVWKH&(2
,QVRPHFRPSDQLHVWKHFKDLUPDQRIWKHERDUGLVDOVRWKH&(2,QWKHVHFDVHVWKLVSHUVRQKDVDORWRISRZHUDQGLQXHQFH
7KHPDLQMRERID&(2LVWRPDNHVXUHWKDWWKHFRPSDQ\SURYLGHVDJRRGUHWXUQRQRZQHUVoHTXLW\
/HWVD\WKHRZQHUVVWDUWDFRPSDQ\E\GHSRVLWLQJLQWKHFRPSDQ\oVQHZEDQNDFFRXQW7KLVLVFDOOHGWKHFDSLWDORUFDSLWDOVWRFN
'XULQJWKHUVW\HDURIRSHUDWLRQVWKHFRPSDQ\PDNHVDSURWRIZKLFKLVYHU\JRRGFRQVLGHULQJLWoVWKHUVW\HDU
7KHRZQHUVQHHGWRGHFLGHZKHWKHUWRFROOHFWWKHPRQH\LQWKHIRUPRIGLYLGHQGVUHPRYLQJLWIURPWKHFRPSDQ\RUWRUHLQYHVWLW
,IWKHFRPSDQ\GRHVQoWQHHGDGGLWLRQDOFDVKWRSURPRWHJUHDWHUJURZWKWKHQLWoVQRUPDOIRUWKHRZQHUVWRSD\WKHPVHOYHVDGLYLGHQG
+RZHYHULIWKHFRPSDQ\QHHGVPRUHFDVKWRFRQVROLGDWHDQGSURPRWHLWVJURZWKWKHQLWoVQRUPDOIRUWKHRZQHUVQRWWRHDUQGLYLGHQGV
,QWKLVFDVHWKHSURWLVOHIWLQWKHFRPSDQ\DQGLVFDOOHGUHWDLQHGHDUQLQJV7KLVPRQH\LVUHLQYHVWHGLQRUGHUWRSURPRWHJURZWK
7KHRULJLQDOFDSLWDORIWKHFRPSDQ\SOXVWKHDFFXPXODWHGUHWDLQHGHDUQLQJVHDFK\HDULVFDOOHGWKHRZQHUVoHTXLW\RUQHWZRUWK
7KHRQO\WUXHREMHFWLYHRIWKH&(2RIDEXVLQHVVRUJDQL]DWLRQZKHWKHULWEHSXEOLFRUSULYDWHLVWRLPSURYHWKHUHWXUQRQHTXLW\RU52(
$VZHNQRZDIWHUWKHUVW\HDUWKHRZQHUVoHTXLW\RIWKHFRPSDQ\LVfRIFDSLWDODQGRIUHWDLQHGHDUQLQJV




/RZ%HJLQQHU

+LJK%HJLQQHU

(VLQWHUHVDQWHHVDUHYLVWD" ,VWKDWPDJD]LQHLQWHUHVWLQJ"
(VXQDUHYLVWDLQWHUHVDQWH" ,VLWDQLQWHUHVWLQJPDJD]LQH"
6RQWRQWRVHVRVQLRV" $UHWKRVHER\VVLOO\"
6RQQLRVWRQWRV" $UHWKH\VLOO\ER\V"
(VVWDXQDSUHJXQWD" ,VWKLVDTXHVWLRQ"

(VWVOODPDQGRDOUHVWDXUDQWH $UH\RXFDOOLQJWKH&KLQHVH
UHVWDXUDQW"
FKLQR"
(VWR\UHVHUYDQGRXQDPHVD ,oPUHVHUYLQJ ERRNLQJ DWDEOH
4XKDFHHOOD" :KDWoVVKHGRLQJ"
(VWOODPDQGRDOKRWHO 6KHoVFDOOLQJWKHKRWHO
(VWUHVHUYDQGRXQDKDELWDFLQ" ,VVKHERRNLQJDURRP"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(OODSLHQVDDVQR" 6KHWKLQNVOLNHWKDWGRHVQoWVKH"
(VWXYLVWHDOOQR" <RXZHUHWKHUHZHUHQoW\RX"
9DQDYHQLUPDDQDQR" 7KH\oUHJRLQJWRFRPH
WRPRUURZDUHQoWWKH\"
3XHGHVKDFHUORQR" <RXFDQGRLWFDQoW\RX"
OVHUHOSU[LPRSUHVLGHQWH +HoOOEHWKHQH[WSUHVLGHQW
ZRQoWKH"
QR"

(VWQSUHVWDQGRDWHQFLQHQ $UHWKH\SD\LQJDWWHQWLRQLQ
\RXUFODVVHV"
WXVFODVHV"
1RWDQWRFRPRPHJXVWDUD 1RWDVPXFKDV,oGOLNH
6XSRQJRTXHHVWQWUDEDMDQGR ,VXSSRVHWKH\oUHZRUNLQJRQ
LW
HQHOOR
1RVRQPX\WUDEDMDGRUHV 7KH\oUHQRWYHU\KDUGZRUNLQJ
DUHWKH\"
YHUGDG"
/HVIDOWDPRWLYDFLQ 7KH\ODFNPRWLYDWLRQ

:KLWH&RIIHH &DIFRQOHFKH

)LOWHU&RIIHH &DIGHFDIHWHUDHOFWULFD

%ODFN&RIIHH &DIDPHULFDQR

,FHG&RIIHH &DIFRQKLHOR

(VSUHVVR &DIVROR

9RFDEXODULR&RIIHH &DI
+LJK,QWHUPHGLDWH
/HGLMHTXHYROYLHUD DO  ,WROGKLPWRFRPHEDFN
0HSLGLTXHQRGLMHUDQDGD 6KHDVNHGPHQRWWRVD\
DQ\WKLQJ
1RVGLMHURQTXHYHQGUDQ 7KH\WROGXVWKH\ZRXOGFRPH
/HVGLMRTXHWRGRVDOGUDELHQ 6KHWROGWKHPWKDWHYHU\WKLQJ
ZRXOGWXUQRXWQH
7HGLMHTXHQRWHSUHRFXSDUDV ,WROG\RXQRWWRZRUU\

/RZ$GYDQFHG
(VSHURTXHYHQJDV
(VSHURTXHSXHGDVYHQLU
2MDOYLQLHUD
2MDOSXGLHUDYHQLU
|2MDOQRKXELHUDYHQLGR

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

7DUGVLJORVHQVXSHUDUODJULSH ,WWRRNPHDJHVWRJHWRYHUWKH
X
1XQFDVXSHUODPXHUWHGHVX +HQHYHUJRWRYHUWKHGHDWKRI
KLVKDPVWHU
KPVWHU
7HDSDDVWHFRQWXLQJOVHQ 'LG\RXJHWE\ZLWK\RXU(QJOLVK
LQ(GLQEXUJK"
(GLPEXUJR"
&KDUOFRQODPXMHUGHOMHIHHQ ,FKDWWHGZLWKWKHERVVoZLIHDW
WKH&KULVWPDVSDUW\
ODHVWDQDYLGHD
|1XQFDVHYDDVDOLUFRQODVX\D <RXoOOQHYHUJHWDZD\ZLWKLW


,KRSH\RXoOOFRPH
,KRSH\RXFDQFRPH
,ZLVKKHZRXOGFRPH
,ZLVKKHFRXOGFRPH
,ZLVKKHKDGQoWFRPH

1XQFDKHYLVWRXQUHVWDXUDQWH ,oYHQHYHUVHHQVXFKDWDFN\
WDQKRUWHUD
UHVWDXUDQW
|4XSULQJDRHUHV :KDWDVXFNHU\RXDUH
(VWDFODVHHVWOOHQDGH 7KLVFODVVLVIXOORIVZRWV
HPSROORQHV
1RVHDVWDQFDUFD 'RQoWEHVXFKDVTXDUH
|9D\DSDQGLOODGHPXHUPRV :KDWDEXQFKRIGULSV



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpWKURXJKq 
,oOOVHH\RXWKURXJKWRWKHHQG
7HD\XGDUKDVWDHOQDO

,FDQVHHWKURXJK\RXUOLWWOHVWRU\
7LHQHVPXFKRFXHQWRQRPHHQJDDV

6HQGLWWKURXJK
0QGDOR DWUDYVGHOSURFHVR 

,VOHSWWKURXJKWKHZKROHPRYLH
(VWXYHGRUPLGRGXUDQWHWRGDODSHOFXOD

,KDGWRVLWWKURXJKWKHHQWLUHWDON
7XYHTXHDJXDQWDUODFKDUODHQWHUD

7KLQNLWWKURXJK
3ODQLIFDORSXQWRSRUSXQWR

,QYHVWLQJ 

$Q\sHQLQWHUURJDWLYR
(QHVSDROQRH[LVWHHTXLYDOHQWHDpDQ\qHQHO
LQWHUURJDWLYR$XQTXHHVSRVLEOHRPLWLUODSDOD
EUDpDQ\qQRVXHOHVRQDUPX\QDWXUDOKDFHUOR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7LHQHVSHJDPHQWR"
+D\PLHOHQHODUPDULR"
+DEDQLHYHHQODVLHUUD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

(YHU\RQHQHHGVPRQH\WRPDNHHQGVPHHW
,I\RXKDYHPRUHPRQH\WKDQ\RXQHHGWRPDNHHQGVPHHWWKHQ\RXKDYHLGOHFDVK
,I\RXKDYHLGOHFDVKLWDFFXPXODWHVDQG\RXQHHGWRQGDGHVWLQDWLRQIRUWKHPRQH\
7KHUHDUHRQO\YHSRVVLEOHGHVWLQDWLRQVIRULGOHFDVK\RXFDQVSHQGLWVDYHLWWKURZLWDZD\JLYHLWDZD\RULQYHVWLW
,I\RXJLYHLWDZD\WKHQ\RXDUHFRQVLGHUHGHLWKHUDJHQHURXVSHUVRQDSKLODQWKURSLVWRUDQLGLRW
,I\RXVDYHWKHPRQH\WKHQ\RXDUHFRQVLGHUHGDFRQVHUYDWLYHZLWK\RXUPRQH\ZKLFKLVXVXDOO\YHU\JRRG
,I\RXLQYHVWLWWKHQ\RXDUHFRQVLGHUHGHLWKHUDFRQVHUYDWLYHRUDULVNWDNHUGHSHQGLQJRQ\RXULQYHVWPHQWVWUDWHJ\
:KHQDSHUVRQLQYHVWVWKHREMHFWLYHLVDOZD\VWKHVDPHWKHJUHDWHVWUHWXUQSRVVLEOHZLWKQRULVNLISRVVLEOH
+RZHYHULWoVLPSRVVLEOHWRQGQDQFLDOLQVWUXPHQWVWKDWRIIHUJRRGUHWXUQVZLWKDEVROXWHO\QRULVN
7KHQDQFLDOLQVWUXPHQWVZLWKWKHORZHVWULVNVDUHVDYLQJVDFFRXQWVDQGJRYHUQPHQWERQGV
$VDYLQJVDFFRXQWLVDYHU\FRQVHUYDWLYHQDQFLDOLQVWUXPHQWRIIHUHGE\EDQNV7KHLQWHUHVWLVYHU\ORZXVXDOO\EHORZLQDWLRQ
,I\RXFRQVLGHUWKHPRQH\WKDW\RXGHSRVLWLQDVDYLQJVDFFRXQWDVDQLQYHVWPHQWWKHQWKHUHWXUQRQ\RXULQYHVWPHQWLVYHU\ORZ
7KHWHUPZHXVHIRUUHWXUQRQLQYHVWPHQWLV52,DQGLIWKHLQWHUHVW\RXUHFHLYHLVEHORZLQDWLRQWKHQWKH52,LVQHJDWLYHLQUHDOWHUPV
:KHQZHLQYHVWZHDOZD\VORRNIRUWKHSHUIHFWEDODQFHEHWZHHQWKHULVNDQGWKHUHWXUQ
,IWKHULVNRIORVLQJRXUPRQH\LVYHU\KLJKWKHQWKHUHWXUQPXVWDOVREHKLJK2WKHUZLVHLWoVDEDGLQYHVWPHQW

+XPDQUHVRXUFHV 
(YHU\LPSRUWDQWFRPSDQ\QHHGVDKXPDQUHVRXUFHVGHSDUWPHQWLQRUGHUWRIXQFWLRQSURSHUO\
7KHKXPDQUHVRXUFHVGHSDUWPHQWSHUIRUPVWKHWUDGLWLRQDOSHUVRQQHODGPLQLVWUDWLRQIXQFWLRQDVZHOODVPDQ\RWKHUFULWLFDOWDVNV
,WVHWVWKHVWUDWHJ\IRUUHFUXLWPHQWDQGWUDLQLQJLQOLQHZLWKWKHRYHUDOOREMHFWLYHVRIWKHRUJDQL]DWLRQ
,WSHUIRUPVWKHDFWXDOKLULQJDQGWUDLQLQJRURYHUVHHVDQGFRQWUROVWKHRXWVRXUFLQJRIWKHVHWZRIXQFWLRQV
,WSURYLGHVWKHIUDPHZRUNIRUSHUIRUPDQFHHYDOXDWLRQDQGHQFRXUDJHVPDQDJHUVDQGHPSOR\HHVWRDGKHUHWRLW
,WLVXVXDOO\UHVSRQVLEOHIRUODERURULQGXVWULDOUHODWLRQVRIWHQLQFOXGLQJPDWWHUVUHODWLQJWRHPSOR\HHRUODERUODZ
,WLVXVXDOO\UHVSRQVLEOHIRUQHJRWLDWLQJWKHFROOHFWLYHEDUJDLQLQJDJUHHPHQWZLWKWKHZRUNHUVDQGHPSOR\HHV
7KHKXPDQUHVRXUFHVGHSDUWPHQWLVXVXDOO\UHIHUUHGWRDVWKH+5GHSDUWPHQWDQGWKHSHRSOHLQWKHGHSDUWPHQWSHUIRUP+5IXQFWLRQV
7KHUHDUHPDQ\FULWLFDOIXQFWLRQVZLWKLQ+52QHRIWKHPRVWLPSRUWDQWRQHVLVSD\UROOVDODU\DGPLQLVWUDWLRQDQGHPSOR\HHEHQHWV
0DQ\SHRSOHFRQVLGHUZRUNIRUFHSODQQLQJDVWKHPRVWFULWLFDOIXQFWLRQIRUD\RXQJFRPSDQ\WKDWLVJURZLQJDQGQHHGVSURSHUVWDIQJ
7RVWDIIDFRPSDQ\PHDQVWROOWKHGLIIHUHQWMREVZLWKWKHULJKWSHRSOH
7KHJHQHUDOPDQDJHPHQWRIWKHFRPSDQ\PXVWVHWWKHVWDWHJ\DQGWKHQZRUNZLWK+5WRHVWDEOLVKWKHULJKWFRUSRUDWHVWUXFWXUH
7KHQWKH+5GHSDUWPHQWSURFHHGVWRQGWKHULJKWSHRSOHWROOWKHQHZYDFDQFLHVWKDWRSHQXS
7KHUHFUXLWLQJSURFHVVLVFULWLFDOIRUWKHVXFFHVVRIWKHFRPSDQ\+5PXVWHVWDEOLVKWKHULJKWSUROHIRUHDFKMREDQGWKHQQGLW
,I+5PDNHVPDQ\PLVWDNHVLQUHFUXLWPHQWQRWHYHQWKHEHVWWUDLQLQJFDQVRIWHQWKHQHJDWLYHLPSDFWRQWKHRUJDQL]DWLRQ

6HFUHWDULDODQGDGPLQLVWUDWLRQ 
6RPHERVVHVVD\WKDWDJRRGVHFUHWDU\FDQLQFUHDVHWKHLUHIIHFWLYHQHVVE\SHUFHQW
6HFUHWDULHVDUHRIWHQWKHRSHUDWLRQDODUPRIWKHERVV
1RZDGD\VLWoVYHU\FRPPRQWRKHDUWKHZRUGpDGPLQLVWUDWLYHDVVLVWDQWqLQVWHDGRIVHFUHWDU\
6HFUHWDULHVNQRZKRZWRLQFUHDVHWKHERVVoVSURGXFWLYLW\
7KHLUMRELQFOXGHVPDQ\GLIIHUHQWDFWLYLWLHVWKHPRVWEDVLFRIZKLFKUHTXLUHDJRRGFRPPDQGRIWKHSUHYDLOLQJRIFHODQJXDJH
7KH\PXVWEHDYHU\IDVWDQGDFFXUDWHW\SLVWVDQGNQRZGLIIHUHQWZD\VRIOLQJDQGUHWULHYLQJSDSHUVHLWKHUSK\VLFDOO\RUHOHFWURQLFDOO\
7KH\PXVWNQRZKRZWRXVHWKHWHOHSKRQHDQGH[KLELWDKLJKOHYHORIWHOHSKRQHHWLTXHWWH
7KH\PXVWNQRZKRZWRGUDZXSWUDYHOLWLQHUDULHVPDNHWKHSHUWLQHQWUHVHUYDWLRQVDQGERRNLQJVDQGRUJDQL]HGLDULHVRUDJHQGDV
7KH\PXVWEHVNLOOHGDWFDOOLQJPHHWLQJVRUJDQL]LQJWKHPDQGDWPDNLQJVXUHWKDWWKHWKHPHHWLQJURRPLVDYDLODEOHDQGHTXLSSHG
*RRGVHFUHWDULHVDOVRQHHGWRSRVVHVVDGPLQLVWUDWLYHVNLOOVWKDWLQFOXGHDFFRXQWLQJ
7KH\FRQWUROWKHDFFHVVWRWKHH[HFXWLYHDQGEHFRPHVDQLQXHQWLDODQGWUXVWHGDVVLVWDQW7KH\RIWHQUHPDLQDYDLODEOHKRXUVDGD\
7KH\LQWHUDFWZLWKWKHJHQHUDOSXEOLFVXSSOLHUVFXVWRPHUVSXEOLFRIFLDOVDQGRWKHULPSRUWDQWJURXSVRISHRSOH
7KH\PXVWPDLQWDLQDVNLOOVOHYHOLQOLQHZLWKWKDWRIWKHLUERVV2IWHQWKH\DGYDQFHLQWKHRUJDQL]DWLRQWRJHWKHUZLWKWKHERVV
0RUHVSHFLFDOO\WKH\VFUHHQLQFRPLQJFDOOVFKHFNWKHERVVoVHPDLOVFKHFNGRFXPHQWDWLRQERRNPHHWLQJVDQGVFKHGXOHUHVHUYDWLRQV
$WKLUGZRUGIRUVHFUHWDU\LVpSHUVRQDODVVLVWDQWqDQGPDQ\FRPSDQLHVUHIHUWRWKHPDVp3$oVq




/RZ%HJLQQHU

+LJK%HJLQQHU

4XGDHVKR\" :KDWGD\LVLWWRGD\"
(VPDUWHV ,WoV7XHVGD\
&XOHVODIHFKDGHKR\" :KDWoVWKHGDWHWRGD\"
(VHOXQRGHDEULO ,WoVWKHUVWRI$SULO
(VHOSULPHUGDGHPHV ,WoVWKHUVWGD\RIWKHPRQWK

&XQWRVKHUPDQRVWLHQHHOOD" +RZPDQ\EURWKHUVDQGVLVWHUV
GRHVVKHKDYH"
1RWLHQHQLQJQKHUPDQR 6KHGRHVQoWKDYHDQ\EURWKHUV
RUVLVWHUV
(VKLMDQLFD 6KHoVDQRQO\FKLOG
7LHQHPXFKRVDPLJRV" 'RHVVKHKDYHPDQ\IULHQGV"
1RVVLWLHQHPXFKRVDPLJRV ,GRQoWNQRZLIVKHKDVPDQ\
IULHQGV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(OODQRORTXHUDSHUR\RV 6KHGLGQoWZDQWLWEXW,GLG
0LSDGUHIXPDSHURPL 0\IDWKHUVPRNHVEXWP\
EURWKHUGRHVQoW
KHUPDQRQR
<RSXHGRKDEODULQJOVSHURPL ,FDQVSHDN(QJOLVKEXWP\

ER\IULHQGFDQoW
QRYLRQR
1RYR\DLUDODHVWDSHURPL ,oPQRWJRLQJWRWKHSDUW\EXW
P\EHVWIULHQGLV
PHMRUDPLJRV
(OODHVWDUHQ3DUVODVHPDQD 6KHoOOEHLQ3DULVQH[WZHHNEXW
,ZRQoW
TXHYLHQHSHUR\RQR

$SQWDOR :ULWHLWGRZQ
5HSWDPHOR 5HSHDWLWIRUPH
([SOFDPHOR ([SODLQLWWRPH
(VFFKDQRV /LVWHQWRXV
(VSUDOHV :DLWIRUWKHP

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

+R\HVHOGDGHODRf 7RGD\LVWKHQLQHW\UVWGD\RI
WKH\HDUf
RHOGDHQXQDRELVLHVWR fRUWKHQLQHW\VHFRQGLQDOHDS
\HDU
/RVDRVELVLHVWRVVLHPSUH /HDS\HDUVDOZD\VFRLQFLGH

FRLQFLGHQFRQODV2OLPSLDGDV ZLWKWKH2O\PSLF*DPHV
(VWHDRWHQGUQOXJDUHQ 7KLV\HDUWKH\ZLOOWDNHSODFH
&KLQD
LQ&KLQD
&XQWDVPHGDOODVYDDJDQDU +RZPDQ\PHGDOVLV6SDLQ

(VSDD"
JRLQJWRZLQ"

6HJXUDPHQWHJDQDUPVTXH 7KH\oOOSUREDEO\ZLQPRUH
WKDQ(QJODQG
,QJODWHUUD
3HURQRFUHRTXHYD\DDJDQDU %XW,GRQoWWKLQNWKH\oUHJRLQJ
WRZLQDVPDQ\DV&KLQD
WDQWDVFRPR&KLQD
7LHQHPXFKDJHQWHSDUDHOHJLU 7KH\KDYHDORWRISHRSOHWR
FKRRVHIURP
&UHRTXHHVRHVTXHGDUVHFRUWR ,WKLQNWKDWoVVRPHWKLQJRIDQ
XQGHUVWDWHPHQW
6XSREODFLQHVWUHLQWDYHFHV 7KHLUSRSXODWLRQLVWKLUW\WLPHV
PVJUDQGHTXHODGH(VSDD DVELJDV6SDLQoV

+HDGUHVW 5HSRVDFDEH]DV

'RRU/RFN 3HVWLOOR

%DFN6HDW $VLHQWRWUDVHUR

$UPUHVW 5HSRVDEUD]RV

+DQGOH 7LUDGRU

9RFDEXODULR&DULQWHULRU ,QWHULRUGH&RFKH
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

+R\HVHOGDGHORVWRQWRV 7RGD\LV$SULO)RROoV'D\
4XGHPRQLRVVLJQLFDHVR" :KDWWKHKHOOGRHVWKDWPHDQ"
(VLJXDOTXHHOGHGLFLHPEUH ,WoVWKHVDPHDVWKHWKRI
'HFHPEHUWKHSUDFWLFDOMRNHGD\
HOGDGHODVLQRFHQWDGDV
+D\TXHJDVWDUXQDEURPDD <RXKDYHWRSOD\DMRNHRQ

VRPHERG\
DOJXLHQ
$XQTXHVHVXSRQHTXHKD\TXH $OWKRXJK\RXoUHVXSSRVHGWR

GRLWEHIRUHPLGGD\
KDFHUORDQWHVGHPHGLRGD

(QRWURVDRVHOGHDEULO 7KHVHWKLQJVKDSSHQHGLQ

VXFHGLHURQHVWDVFRVDV
RWKHU\HDUVRQWKHUVWRI$SULO
(Q+LWOHUHVFRQGHQDGRD ,Q$GROI+LWOHULV

FLQFRDRVGHFUFHO
VHQWHQFHGWRYH\HDUVLQMDLO
(Q)UDQFRGHFODUDHOQ ,Q)UDQFRDQQRXQFHVWKH
GHOD*XHUUD&LYLO
HQGRIWKH&LYLO:DU
(QVHIRUPDODHPSUHVD ,QWKHFRPSDQ\$SSOHLV

$SSOH
IRUPHG
(QQDFH%DUW6LPSVRQ ,Q%DUW6LPSVRQLVERUQf
|1RHVEURPDHVYHUGDG
,WoVQRWDMRNHLWoVWUXH

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpWKURXJKq 
7KH\OLYHGWKURXJKWZRZDUV
9LYLHURQGRVJXHUUDV

,WZRUHWKURXJKWKHOLQLQJ
'HVJDVWHOIRUURKDVWDKDFHUXQDJXMHUR

<RXoOOSXOOWKURXJK
&RQWXHVIXHU]RORVXSHUDUV

7KLVPRQH\FDQFDUU\PHWKURXJK$SULO
(VWHGLQHURPHSHUPLWHOOHJDUDPD\R

&DQ\RXFKHFNWKURXJKLW"
/HSXHGHVGDUXQUHSDVR"

<RXKDYHWRIROORZWKURXJKRQ\RXUGHFLVLRQ
7LHQHVTXHVHUFRQVHFXHQWHFRQWXGHFLVLQ

2SHUDWLRQV 

6RPHsHQLQWHUURJDWLYR
&XDQGRRIUHFHPRVDOJRXVDQGRXQDSUHJXQWD
\FUHHPRVFRQEDVWDQWHFHUWH]DTXHQRVYDQD
FRQWHVWDUpVqVHXVDpVRPHq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7HDSHWHFHXQFDI"
7HDSHWHFHDOJRGHFRPHU"
7HDSHWHFHXQSRFRGHFKDPSDJQH"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

2SHUDWLRQVPDQDJHPHQWLVFRQFHUQHGZLWKWKHSURGXFWLRQRIJRRGVDQGHQVXUHVWKDWEXVLQHVVRSHUDWLRQVDUHHIIHFWLYHDQGHIFLHQW
7KHWHUPpHIIHFWLYHqPHDQVWKHDFKLHYHPHQWRIWKHQDOUHVXOW7KHWHUPpHIFLHQWqKDVWRGRZLWKWKHHIIHFWLYHXVHRIUHVRXUFHV
.LOOLQJDQDQWZLWKFDQQRQLVYHU\HIIHFWLYH+RZHYHULWoVQRWWKHPRVWHIFLHQWZD\RIHOLPLQDWLQJLQVHFWV
7KHLGHDOVFHQDULRLVWRQGDZD\WRNLOOEDGLQVHFWVRIWKHWLPHDQGDWWKHORZHVWSRVVLEOHFRVW
2SHUDWLRQVPDQDJHPHQWDOVRVWXGLHVKRZWRPDQDJHUHVRXUFHVDQGKRZWRGLVWULEXWHJRRGVDQGVHUYLFHVWRFXVWRPHUV
2SHUDWLRQVUHVHDUFKLVDVSHFLDOHOGWKDWXVHVPDWKHPDWLFDODQDO\VLVWRSURPRWHJRRGGHFLVLRQVGHVLJQHGWRRSWLPL]HSURGXFWLRQ
,QGXVWULDOHQJLQHHULQJLVWKHHOGRIHQJLQHHULQJWKDWWULHVWRH[WUDFWPD[LPXPHIFLHQF\IURPSURGXFWLRQSURFHVVHV
7KH(QJOLVKWHUPpLQGXVWULDOHQJLQHHULQJqLVPRUHOLPLWHGWKDQWKH6SDQLVKWHUP,WUHIHUVEDVLFDOO\WRSURFHVVHVDQGHIFLHQF\
$QLQGXVWULDOHQJLQHHULVDSHUVRQZKRFDQEHIRXQGRQWKHIDFWRU\RRUZLWKDVWRSZDWFKLQKDQG
7KHJHQHUDOWHUPpRSHUDWLRQVqXVXDOO\LQFOXGHVGHVLJQHQJLQHHULQJZKLFKLQYROYHVWKHRSWLPXPGHVLJQRIDSURGXFW
,QGXVWULDOHQJLQHHULQJQGVZD\VWRWUDQVIRUPWKHQDOSURGXFWGHVLJQLQWRDWDQJLEOHSURGXFWSURGXFHGDWWKHORZHVWFRVWSRVVLEOH
(YHQVHUYLFHFRPSDQLHVORRNIRUZD\VWRVWUHDPOLQHWKHLURSHUDWLRQVWKURXJKJRRGSURFHVVGHVLJQDQGPDQDJHPHQW
7KHYHUEpWRVWUHDPOLQHqPHDQVWRPDNHVRPHWKLQJDVHIFLHQWDQGG\QDPLFDVSRVVLEOH
+HQU\)RUGLVWKHPRVWIDPRXVLQGXVWULDOHQJLQHHULQKLVWRU\,QVHYHQ\HDUVKHUHGXFHGWKHFRVWRIPDNLQJDFDUE\
7KHJHQLXVRI0U)RUGDOORZHGWKHZRUOGWREHFRPHDFRQVXPHUVRFLHW\ZKHUHHYHQWKHORZHUFODVVHVFRXOGEX\FRVWHIFLHQWJRRGV

,QIRUPDWLRQWHFKQRORJ\ 
7KHDFURQ\Pp,7qVWDQGVIRUpLQIRUPDWLRQWHFKQRORJ\q$QRWKHUDFURQ\PLVp,6qZKLFKVWDQGVIRUpLQIRUPDWLRQV\VWHPVq
,Q(QJOLVKZHGRQoWXVHWKHZRUGpLQIRUPDWLTXHq,WoVD)UHQFKZRUGLPSRUWHGLQWR6SDQLVKPDQ\\HDUVDJR
3HRSOHLQYROYHGLQ,7XVXDOO\QHHGWRVWXG\GHVLJQGHYHORSLPSOHPHQWVXSSRUWDQGPDQDJHFRPSXWHUEDVHGLQIRUPDWLRQV\VWHPV
,QIRUPDWLRQV\VWHPVLQFOXGHKDUGZDUHDQGVRIWZDUHWKDWPXVWFRQYHUWVWRUHSURFHVVWUDQVPLWDQGVHFXUHO\UHWULHYHLQIRUPDWLRQ
,7SURIHVVLRQDOVDUHLQJUHDWGHPDQGEHFDXVHWKH\NQRZKRZWRLQVWDOODSSOLFDWLRQVDQGGHVLJQQHWZRUNVDQGLQIRUPDWLRQGDWDEDVHV
7KHGXWLHVRIDQ,7SURIHVVLRQDOLQFOXGHGDWDPDQDJHPHQWQHWZRUNLQJGDWDEDVHFUHDWLRQDQGPDQDJHPHQWDQGVRIWZDUHGHVLJQ
,QWKHEXVLQHVVZRUOG,7V\VWHPVDUHQHFHVVDU\WRKHOSPDQDJHPHQWPDNHLQWHOOLJHQWGHFLVLRQV
7KHPDQDJHPHQWRIDFRPSDQ\QHHGVLQIRUPDWLRQWRPDNHGHFLVLRQVDQGWKLVLQIRUPDWLRQPXVWEHDFFXUDWHUHOHYDQWDQGWLPHO\
,7V\VWHPVDUHFDSDEOHRISURGXFLQJDYDVWDPRXQWRILQIRUPDWLRQWRRPXFKIRUWKHPDQDJHPHQWWRGLJHVWDQGDFWXSRQ
7KHPDQDJHPHQWPXVWVLWGRZQZLWKWKH,7VSHFLDOLVWVDQGVSHFLI\ZKDWLQIRUPDWLRQLVFULWLFDOWRWKHGHFLVLRQPDNLQJSURFHVV
7KH,7SHRSOHQHHGWRJDLQDJRRGXQGHUVWDQGLQJRIKRZWKHFRPSDQ\ZRUNVDQGZKDWLQIRUPDWLRQLVUHOHYDQWWRJRRGGHFLVLRQPDNLQJ
7KHPDQDJHPHQWNQRZVZKDWWKH\QHHGWRPDNHGHFLVLRQVEXWWKH\RIWHQKDYHWURXEOHPDNLQJLWFOHDUWRWKH,7SHRSOH
2QHLPSRUWDQWVWHSLQVROYLQJWKLVSUREOHPKDVEHHQWKHFUHDWLRQRIWKH&,2RUFKLHILQIRUPDWLRQRIFHU
7KH&,2LVXVXDOO\DPHPEHURIWKHH[HFXWLYHFRPPLWWHHDQGLVLQYROYHGLQWKHIRUPXODWLRQRIFRUSRUDWHVWUDWHJ\DQGLQIRUPDWLRQQHHGV
7KH&,2LVWKHUHIRUHNQRZOHGJHDEOHQRWRQO\RQPDWWHUVUHODWLQJWR,7EXWLVLQWLPDWHO\DZDUHRIWKHQHHGVRIPDQDJHPHQWFROOHDJXHV

/DZDQGOHJDOFRXQVHO 
:HDUHJRLQJWRIRFXVWKLVVHFWLRQEDVLFDOO\RQFRUSRUDWHODZZKLFKLQFOXGHVPDQ\DVSHFWVRIEXVLQHVVODZDQGFRPPHUFLDOODZ
:HZLOODOVRORRNDWPDMRUDVSHFWVRIODERUODZRUDVWKH\FDOOLWLQWKH8.HPSOR\HHODZ
/HJDOSURFHGXUHVPXVWEHIROORZHGLQHYHU\FRXQWU\LI\RXZDQWWRVHWXSDFRPSDQ\
7KHUHDUHPDQ\GLIIHUHQWW\SHVRIFRPSDQLHVDQGGLIIHUHQWFRXQWULHVKDYHGLIIHUHQWIRUPVRILQFRUSRUDWLRQ
:KHQ\RXVWDUWRUVHWXSDFRPSDQ\\RXFDQFKRRVHVHYHUDOGLIIHUHQWZD\VWRLQFRUSRUDWH
7KHPRVWEDVLFIRUPLVWKHVROHSURSULHWRUVKLSLQZKLFKWKHEXVLQHVVLVQRWOHJDOO\VHSDUDWHIURPWKHRZQHU
,IWKHEXVLQHVVKDVDGHEWWKHQLWoVWKHRZQHUoVGHEWDVZHOO7KHUHDUHQRSDUWQHUVRURWKHUVKDUHKROGHUVWRVKDUHWKHGHEW
$VROHSURSULHWRUGRHVQoWSD\FRUSRUDWHWD[EXWUDWKHUQRUPDOSHUVRQDOLQFRPHWD[RQWKHSURWPDGHWKURXJKWKHFRPSDQ\
7KHDGYDQWDJHRIDVROHSURSULHWRUVKLSLVWKDWLWoVYHU\HDV\WRVWDUWRUGLVVROYHWKHEXVLQHVV
$GLVDGYDQWDJHLVWKDWDOOWKHRZQHUoVSHUVRQDODVVHWVVXFKDVDKRXVHRUDUHWLUHPHQWDFFRXQWDUHQRWSURWHFWHGIURPOHJDODFWLRQ
$QRWKHUSRVVLEOHEXVLQHVVIRUPLVWKHSDUWQHUVKLSLQZKLFKVHYHUDORZQHUVRUSDUWQHUVLQYHVWDQGWKHQVKDUHLQWKHSURWVRUORVVHV
$QDGYDQWDJHRIDSDUWQHUVKLSRYHUDFRUSRUDWLRQLVWKDWWD[DWLRQLVXVXDOO\GLIIHUHQW
$SDUWQHUVKLSGRHVQRWXVXDOO\LQFXUWD[HVRQSURWVEHIRUHWKH\DUHGLVWULEXWHGWRWKHRZQHUV,QRWKHUZRUGVWKHUHLVQRGLYLGHQGWD[
&RUSRUDWLRQVDUHWD[HGRQSURWVDQGLIWKH\GLVWULEXWHGLYLGHQGVWRWKHLUVKDUHKROGHUVWKHVHDUHWD[HGDVZHOOFDXVLQJGRXEOHWD[DWLRQ
,QWKH8.WKLVNLQGRIEXVLQHVVLVFDOOHGDOLPLWHGSDUWQHUVKLSZKLFKXVXDOO\FRQVLVWVRIJHQHUDOSDUWQHUVDQGOLPLWHGSDUWQHUV



/RZ%HJLQQHU

+LJK%HJLQQHU

4XFODVHGHSUHJXQWDHVVWD" :KDWNLQGRITXHVWLRQLVWKLV"
(VVDWXPHMRUUHVSXHVWD" ,VWKDW\RXUEHVWDQVZHU"
3RUTXHUHVSURIHVRU" :K\DUH\RXDWHDFKHU"
&XQGRHVODQDO" :KHQLVWKHQDO"
&XQWRVDRVWLHQHWXSDGUH" +RZROGLV\RXUIDWKHU"

(UHVGH&DWDOXDWDPELQ" $UH\RXIURP&DWDORQLDWRR"
0LSDGUHYLHQHGHDOO 0\IDWKHUFRPHVIURPWKHUH
1DFHQ$QGDOXFD ,ZDVERUQLQ$QGDOXVLD
OQRYLYHDTXDKRUD +HGRHVQoWOLYHKHUHQRZ
0LDEXHORQRYLYHDOOWDPSRFR 0\JUDQGIDWKHUGRHVQoWOLYH
WKHUHHLWKHU

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

7XKLMRVDEHQDGDU\D" 'RHV\RXUVRQNQRZKRZWR
VZLP\HW"
7RGDYDQR 1RW\HW
/HYDVDHQVHDUDKDFHUOR" $UH\RXJRLQJWRWHDFKKLP
KRZWRGRLW"
(VIFLODSUHQGHUDQDGDU" ,VLWHDV\WROHDUQKRZWRVZLP"
(VPVIFLOTXHDSUHQGHUD ,WoVHDVLHUWKDQOHDUQLQJKRZWR
VSHDNDQRWKHUODQJXDJH
KDEODURWURLGLRPD

'HMDGHKDEODUFRQWLJRPLVPR 6WRSWDONLQJWR\RXUVHOI
7UDWGHPDWDUVH" 'LGKHWU\WRNLOOKLPVHOI"
-LPL+HQGUL[DSUHQGLDWRFDU -LPL+HQGUL[WDXJKWKLPVHOI
KRZWRSOD\WKHJXLWDU
ODJXLWDUUDSRUVXFXHQWD
3RUTXRVHVWLVPLUDQGR" :K\DUH\RXORRNLQJDWHDFK
RWKHU"
6HTXLHUHGHPDVLDGRDVPLVPD 6KHORYHVKHUVHOIWRRPXFK

0DQDJHU 'LUHFWRU

)OLSFKDUW 3L]DUUD

0LQXWHV $FWDV

(DVHO &DEDOOHWH

5HSRUW ,QIRUPH
3URSRVDO 3URSXHVWD

9RFDEXODULR0HHWLQJ 5HXQLQ
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&XDOTXLHUDSRGUDKDFHUHVR $Q\ERG\FRXOGGRWKDW
&RQRFHVDDOJXLHQTXHSRVHD 'R\RXNQRZDQ\ERG\ZKR

XQDSLVWROD"
RZQVDJXQ"
&RQR]FRDDOJXLHQTXHFRQRFL ,NQRZVRPHERG\ZKRPHW
0DULO\Q0RQURH
D0DULO\Q0RQURH
&RQRFDDOJXLHQTXHFRQRFDD ,PHWVRPHERG\ZKRNQHZ
WXELVDEXHOD
\RXUJUHDWJUDQGPRWKHU
1DGLHVDEHWDQWRFRPRHOOD 1RERG\NQRZVDVPXFKDVVKH
GRHV

6HHQIDGDUQVLQRYR\" :LOOWKH\JHWDQJU\LI,GRQoWJR"
6HHQULTXHFLHQOD%ROVD +HJRWULFKRQWKH6WRFN0DUNHW
$QWHVPHSRQDPXFKRPV ,XVHGWRJHWDORWPRUHMHDORXV
FHORVR
3RUTXWHGHMDVGHSULPLU :K\GR\RXOHW\RXUVHOIJHWVR
WDQWR"
GHSUHVVHG"
6HOHVLRQGHPDQHUDJUDYH +HJRWVHULRXVO\LQMXUHGLQWKH
HQODEDWDOOD
EDWWOH

0LGGOH$GYDQFHG
/OHYRVLJORVVLQYHUDWXVREULQR ,KDYHQoWVHHQ\RXUQHSKHZLQ
DJHV
/OHYDWRGRHODRSUHSDUDQGR +HKDVVSHQWWKHZKROH\HDU
VXVRSRVLFLRQHV
SUHSDULQJIRUKLV&LYLO6HUYLFH
H[DPV
4XLHUHKDFHUVHQRWDULR +HZDQWVWREHFRPHDQRWDU\
6HHQIUHQWDUDPXFKD +HoOOIDFHDORWRIVWLII
FRPSHWHQFLDGXUD
FRPSHWLWLRQ
/HJXVWDGHVDDUVH +HOLNHVWRFKDOOHQJHKLPVHOI


)RU(QJOLVKVXSHUVWDUVRQO\
7HQJRTXHLUD+DFLHQGDKR\ ,KDYHWRJRWRWKH,QODQG
5HYHQXHWRGD\
7LHQHVTXHKDFHUODGHFODUDFLQ'R\RXKDYHWRGR\RXULQFRPH
WD[UHWXUQV"
GHODUHQWD"
2GLRWRGRHVWHSDSHOHR ,KDWHDOOWKLVUHGWDSH
3RUTXWLHQHQTXHFRPSOLFDU :K\GRWKH\KDYHWRPDNH
WKLQJVVRFRPSOLFDWHG"
ODVFRVDVWDQWR"
6LQRQRKDEUDWUDEDMR 2WKHUZLVHWKHUHZRXOGQoW
VXFLHQWHSDUDORVIXQFLRQDULRV EHHQRXJKZRUNIRUWKHFLYLO
VHUYDQWV



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpLQq 

7RSXOORXWDOOWKHVWRSV

&RPHLQ
3DVDSDVD

,ERXJKWLQWRWKHFRPSDQ\
&RPSUXQDSDUWLFLSDFLQHQODHPSUHVD

+HFDPHLQWRVHHPH
(QWUSDUDYHUPH

+HFXWLQOLQH
6HKDFRODGR

,FDPHLQVHFRQG
7HUPLQHQVHJXQGROXJDU

6RPHERG\GLGKLPLQ
$OJXLHQOHOLTXLG

6LJQLFDpKDFHUWRGRORSRVLEOHRKDFHUXVRGH
WRGRVORVUHFXUVRVGLVSRQLEOHVSDUDFRQVHJXLU
WXREMHWLYRqVHDFXDOVHD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7HQGUHPRVTXHXVDUWRGRVQXHVWURVUHFXUVRVVL
TXHUHPRVWHUPLQDUWRGRSDUDODIHFKDWRSH
+HPRVKHFKRWRGRORSRVLEOHSHURQRFUHRTXH
YD\DDVHUVXFLHQWH
/DHPSUHVDKL]RXQHVIXHU]RHQRUPHSDUDJDQDU
HOFRQWUDWR

(QWUHSUHQHXUVKLS 
(QWUHSUHQHXUVDUHSHRSOHZKRVWDUWDFRPSDQ\IURPVFUDWFKDQGZKRWDNHDSHUVRQDODQGQDQFLDOULVNLQWKHSURFHVV
(QWUHSUHQHXUVDUHSHRSOHZLWKEXVLQHVVLGHDVZKRWU\WRWXUQWKHLGHDVLQWRDVXFFHVVIXOEXVLQHVV
:KHQHQWUHSUHQHXUVDUHVXFFHVVIXOWKHEXVLQHVVLGHDVVRRQEHFRPHERRPLQJEXVLQHVVHVDQGWKHHQWLUHVRFLHW\LVWKHEHQHFLDU\
7REHVXFFHVVIXOHQWUHSUHQHXUVQHHGHPSOR\HHVFXVWRPHUVVXSSOLHUVDQGRIFHVSDFH
6XFFHVVIXOHQWUHSUHQHXUVFUHDWHVDODULHVZKHUHEHIRUHWKHUHZHUHQRQH7KH\DGGQHZEXVLQHVVWRWKHERRNVRIVXSSOLHUV
7KH\LQMHFWQHZFRPSHWLWLRQLQWRWKHPDUNHWDQGDVVXFKSURYLGHDGGLWLRQDORSWLRQVWRFXVWRPHUV
7KH\PDNHPRQH\DQGSD\WD[HVWKURXJK9$7DQGFRUSRUDWHLQFRPHWD[HVWKXVLQMHFWLQJIUHVKPRQH\LQWRWKHSXEOLFEXGJHW
:LWKRXWHQWUHSUHQHXUVWKHHQWLUHZRUOGZRXOGVWLOOEHOLYLQJLQFDYHV,QYHQWRUVVFLHQWLVWVDQGHQJLQHHUVZRXOGKDYHQRVSRQVRUV
(QWUHSUHQHXUVDGKHUHWRWKHSURWPRWLYH$OWKRXJKWKH\DUHIDVFLQDWHGZLWKWKHEXVLQHVVLGHDLIWKHUHLVQRSURWWKH\DUHQoWLQWHUHVWHG
(QWUHSUHQHXUVDUHSHRSOHZKRJHWH[FLWHGZKHQWKHUHLVDFKDOOHQJHWKDWLQYROYHVPRQHWDU\DQGSHUVRQDOJURZWK
7KH\oUHWKHW\SHRISHRSOHZKRDUHQRWDIUDLGWRWDNHULVNVDQGWKHVXFFHVVIXORQHVDUHWKRVHZKROHDUQIURPWKHLUPLVWDNHV
7UDGLWLRQDOO\QLQHW\YHSHUFHQWRIHQWUHSUHQHXUVIDLOHGLQWKHUVWYH\HDUVRIWKHLUEXVLQHVV
7KHFUHDWLRQRIWKHIUDQFKLVHFRQFHSWLQWKHoVUHGXFHGWKLVIDLOXUHUDWHWRVL[W\YHSHUFHQWDSHUFHQWLPSURYHPHQW
7KHIUDQFKLVHFRQFHSWZKHUHOHVVFRPSHWHQWEXWKDUGZRUNLQJHQWUHSUHQHXUVFRXOGVXFFHHGZDVDWHFKQRORJLFDOEUHDNWKURXJK
7KHIUDQFKLVHFRQFHSWDOORZVPDQ\HQWUHSUHQHXUVWRGHYHORSWKHLUVNLOOVXQGHUWKHSURWHFWLRQRIDEXVLQHVVLGHDWKDWDOUHDG\ZRUNV

5HVHDUFKDQGGHYHORSPHQW 
5HVHDUFKDQGGHYHORSPHQWLVDQDFWLYLW\WKDWGLUHFWO\LQFUHDVHVRXUNQRZOHGJHDQGXVHVWKHQHZNQRZOHGJHWRFUHDWHQHZDSSOLFDWLRQV
5HVHDUFKDQGGHYHORSPHQWLVLPSRUWDQWLQWKHSXEOLFDQGSULYDWHVHFWRUVDQGLVDQRQJRLQJDFWLYLW\RQXQLYHUVLW\FDPSXVHV
,QPDQ\LQGXVWULHVUHVHDUFKDQGGHYHORSPHQWLVWKHNH\WRVXFFHVVDQGVXUYLYDO,QGXVWU\OHDGHUVDUHXVXDOO\5 'OHDGHUVDVZHOO
7KHDFURQ\Pp5 'qLVFRPPRQO\XVHGZKHQZHUHIHUWRDFWLYLWLHVUHODWLQJWRUHVHDUFKDQGGHYHORSPHQW
5 'DFWLYLWLHVDUHXVXDOO\SHUIRUPHGLQVSHFLDOXQLWVRUGHSDUWPHQWVZLWKLQFRPSDQLHVXQLYHUVLWLHVRUJRYHUQPHQWDODJHQFLHV
7KHLGHDRI5 'LVWRFUHDWHQHZNQRZOHGJHDQGDSSOLFDWLRQVWKDWSXVKEH\RQGWKHEDUULHURIKXPDQNQRZOHGJHDQGVROXWLRQV
7KHQRXQWKDWZHRIWHQXVHLQ(QJOLVKLVpEUHDNWKURXJKqEHFDXVHLWLPSOLHVWKDWZHDUHEUHDNLQJWKURXJKDQH[LVWLQJEDUULHU
,QVFLHQFHDQGWHFKQRORJ\WKLVEDUULHULVRIWHQUHIHUUHGWRDVpWKHVWDWHRIWKHDUWq
:KHQZHLQYHQWGLVFRYHURUGHYHORSNQRZOHGJHRUDSSOLFDWLRQVWKDWFUHDWHDQHZVWDWHRIWKLVDUWWKLVLVFRQVLGHUHGDpEUHDNWKURXJKq
(YHU\LQYHQWRUDQGUHVHDUFKHUGUHDPVRIEUHDNLQJWKURXJKWKHEDUULHUSXVKLQJIRUZDUGWKHVWDWHRIWKHDUWDQGIRUJLQJDpEUHDNWKURXJKq
,QQRYDWLRQLVWKHEUHDGDQGEXWWHURIWKHEXVLQHVVZRUOGWRGD\
:LWKRXWLQQRYDWLRQZHZRXOGVWLOOEHLQWKHGDUNDJHVKLGLQJLQFDYHVRUVHHNLQJSURWHFWLRQLQFDVWOHV
,QQRYDWLRQLVDSURGXFWRIERWKIRUPDODQGLQIRUPDO5 'DQGFDQEHIRXQGLQHYHU\NLQGRIEXVLQHVVDQGVFLHQWLFDFWLYLW\
0DQ\ODUJHFRPSDQLHVDUHVXFFHVVIXOLQRUJDQL]LQJDQGSURPRWLQJRQJRLQJ5 'DFWLYLWLHVWKDWEULQJLQKXQGUHGVRISDWHQWVD\HDU
7KRPDV(GLVRQLVFRQVLGHUHGWKHUVWLQYHQWRUWRRUJDQL]HWKHSURFHVVRILQYHQWLRQLQWRDVWUXFWXUHGSURGXFWLRQV\VWHP

7\SLFDORIFHODQJXDJH 
([FXVHPH3HGURFDQ\RXJHWPHLQIRUPDWLRQRQWKHODWHVWVDOHVJXUHVIRU5HJLRQ,,"
2QHRIRXUPRVWFULWLFDOVXSSOLHUVLVKDYLQJWURXEOHPHHWLQJWKHLUGHOLYHU\GDWHV
:HoYHGHFLGHGWRWDNHDGLIIHUHQWFRXUVHRIDFWLRQDQGDSSO\GLUHFWO\IRUWKHH[SRUWOLFHQVH
+DYH\RXHYHUWKRXJKWDERXWXVLQJDWHPSDJHQF\"
,oPXSWRP\H\HVLQZRUN,GRQoWNQRZZKDWWRGRWRRUJDQL]HWKLQJVEHWWHU,oYHQHYHUEHHQWKLVEXV\LQP\OLIH
7KHUHoVDJHQWOHPDQRQWKHOLQHDVNLQJWRWDONWR\RX+HVD\VKHoVDIULHQGRI&DURO(YDQVo
&DQ\RXJHWKLVSKRQHQXPEHUDQGWHOOKLP,oOOFDOOKLPEDFNODWHUWKLVDIWHUQRRQ"
7KLV\HDUZDVVXSSRVHGWREHWKHEHVWLQRXUKLVWRU\DQGQRZLWVHHPVZHoOOEHOXFN\WRHTXDOODVW\HDUoVUHVXOWV
:HNHHSUXQQLQJLQWRWKHVDPHSUREOHP(YHU\WLPHZHWU\WRRSHQDQRIFHDEURDGWKHORFDODXWKRULWLHVDVNIRUPRQH\XQGHUWKHWDEOH
,WKLQN,oYHVWXPEOHGRQWRDVROXWLRQRQKRZWRVKLSWKHFRQWDLQHUVWR,QGRQHVLD
:K\GRQoWZHFDOODPHHWLQJRQWKDW"$UH\RXIUHHWRPRUURZDW"
/LVWHQ)UHGLI\RXGRQoWPLQG,oGSUHIHUWRSXWWKDWRQKROGIRUDIHZGD\VXQWLOPRUHGDWDFRPHVLQRQ'HFHPEHUVDOHV
7KLQJVDUHWDNLQJRII,oPUHDOO\LPSUHVVHGZLWKWKHUHVSRQVHZHoUHJHWWLQJ<RXZHUHULJKW,GLGQoWH[SHFWWKLVNLQGRIUHVSRQVH
:HQHHGWRSODQWKLVWKLQJWKURXJKUHDOO\ZHOO2QHPLVWDNHDQGZHoUHGHDG
,MXVWKDG-XDQ3HDRQWKHOLQHDQGKHoVDVNLQJIRUDGLVFRXQW:KDWVKRXOG,WHOOKLP"



+LJK%HJLQQHU

/RZ%HJLQQHU
/DVPDQ]DQDVQRVRQSHUDV $SSOHVDUHQRWSHDUV
8QDPDQ]DQD\XQDSHUDQR $QDSSOHDQGDSHDUDUHQoWWZR
DSSOHV
VRQGRVPDQ]DQDV
/DVPDQ]DQDVHQPLMDUGQVRQ 7KHDSSOHVLQP\JDUGHQDUH

JUHHQ
YHUGHV
/DVSHUDVHQODHQVDODGDVRQ 7KHSHDUVLQWKHVDODGDUH

VZHHW
GXOFHV
0LSOWDQRHVDPDULOOR 0\EDQDQDLV\HOORZ

$TXOHVPR 7KDWRQHoVPLQH
VWRVVRQWX\RV 7KHVHRQHVDUH\RXUV
(VWHHVERQLWR 7KLVRQHoVSUHWW\
(OYHUGHHVGHHOOD 7KHJUHHQRQHoVKHUV
/RVD]XOHVVRQGHHOORV 7KHEOXHRQHVDUHWKHLUV

0LGGOH,QWHUPHGLDWH

/RZ,QWHUPHGLDWH
'LVORWXQRPEUHGHSLOD 6D\RQO\\RXUUVWQDPH
'LOHVSRUTXHVWVDTX 7HOOWKHPZK\\RXoUHKHUH
1RGLJDVQDGD 'RQoWVD\DQ\WKLQJ
1ROHVGLJDVQDGD 'RQoWWHOOWKHPDQ\WKLQJ
'LPHORTXHOHVGLMLVWHD\HU 7HOOPHZKDW\RXWROGWKHP
\HVWHUGD\

&XQGRLEDVDSDJDUOR" :KHQZHUH\RXJRLQJWRSD\
IRULW"
&XQGRVHORLEDVDGDUDHOOD" :KHQZHUH\RXJRLQJWRJLYH
LWWRKHU"
4XPHLEDVDH[SOLFDU" :KDWZHUH\RXJRLQJWRH[SODLQ
WRPH"
$TXLQLEDVDYHU" :KRZHUH\RXJRLQJWRVHH"
&RQTXVRDEDVDQRFKH" :KDWZHUH\RXGUHDPLQJ
DERXWODVWQLJKW"

0HQXEDU %DUUDGHOPHQ

,FRQ ,FRQR

6FUROOEDU %DUUDGHGHVSOD]DPLHQWR

:LQGRZ 9HQWDQD

:DOOSDSHU )RQGRGHHVFULWRULR
7RROEDU %DUUDGHDFFHVR

9RFDEXODULR'HVNWRS (VFULWRULR
/RZ$GYDQFHG

+LJK,QWHUPHGLDWH
7XYHTXHHVWDUGHSLHHQHO ,KDGWRVWDQGXSLQWKHEXV

DXWREV
1RWHRIUHFLQDGLHXQDVLHQWR" 'LGQoWDQ\ERG\RIIHU\RXDVHDW"
1RVHGLHURQFXHQWDGHTXH 'LGQoWWKH\UHDOLVH\RXZHUH

HVWDEDVHPEDUD]DGD"
SUHJQDQW"
$OSDUHFHUQR $SSDUHQWO\QRW
/DJHQWHQRHVWDQHGXFDGD 3HRSOHDUHQoWDVSROLWHDVWKH\
FRPRDQWHV
XVHGWREH

'HTXLQIXHODFXOSD" :KRVHIDXOWZDVLW"
1RIXHFXOSDGHQDGLH ,WZDVQoWDQ\ERG\oVIDXOW
1RGHEHUDVHFKDUODFXOSDD <RXVKRXOGQoWEODPHDQ\RQH
QDGLH
$OJXLHQGHELKDFHUOR 6RPHERG\PXVWKDYHGRQHLW
3RUTXEXVFDVXQDFDEH]DGH :K\DUH\RXORRNLQJIRUD
VFDSHJRDW"
WXUFR"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

3ULPHURKDFHPRVXQDSUHYLVLQ )LUVWZHPDNHDVDOHVIRUHFDVW
GHYHQWDV
'HVSXVHODERUDPRVHO 7KHQZHGUDZXSWKHH[SHQVH
EXGJHW
SUHVXSXHVWRGHJDVWRV
/RVJDVWRVJHQHUDOHVVH *HQHUDOH[SHQVHVDUHVKDUHG
6RPHGHSDUWPHQWKHDGV
FRPSDUWHQ
$OJXQRVMHIHVGHGHSDUWDPHQWR FRPSODLQDERXWWKLVSROLF\
VHTXHMDQGHHVWDSROWLFD
+D\PXFKRVDOWLEDMRVDORODUJR 7KHUHDUHPDQ\XSVDQGGRZQV
WKURXJKRXWWKH\HDU
GHODR

|&RQWUODWH4XLHUHV" &RQWURO\RXUVHOIZLOO\RX
/RVLHQWRQRORSXHGRHYLWDU ,oPVRUU\,FDQoWKHOSLW
|$QGDQRHVSDUDWDQWR &RPHRQLWoVQRWWKDWEDG
7RGRHOPXQGRWLHQHGHUHFKRD (YHU\ERG\KDVDULJKWWRIDOO

DVOHHSIURPWLPHWRWLPH
GRUPLUVHGHYH]HQFXDQGR
6SHURQRMXVWRHQPHGLRGHO <HVEXWQRWEDQJLQWKHPLGGOH

RIWKHDPEDVVDGRUoVVSHHFK
GLVFXUVRGHOHPEDMDGRU

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpLQq 
%XVLQHVVYRFDEXODU\
)DOOLQ
|)RUPHQODV

*HWLQ
6EHWH DOFRFKH 

7KHURRIIHOOLQ
(OWHFKRVHYLQRDEDMR

7KHWUDLQJRWLQDWPLGQLJKW
(OWUHQOOHJDPHGLDQRFKH

+HHZLQIRUWKHPHHWLQJ
9LQR HQDYLQ SDUDODUHXQLQ

,FRXOGQoWJHWDZRUGLQHGJHZLVH
+DEODURQWDQWRTXHQRSXGHGHFLUQDGD

%DQNLQJ 

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(ODQXQFLRGHWHOHYLVLQKDGDGRPXFKRTXH
KDEODU
/DUHODFLQSUHFLRFDOLGDGGHHVWDVSUHQGDV
HVWJHQLDO
*HQHUDOPHQWHODV3<0(6VRQSUR\HFWRVFRQ
SRFRULHVJR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

(YHU\PRQWKWKHEDQNVHQGV\RXDEDQNVWDWHPHQWZLWKWKHRSHQLQJEDODQFHFORVLQJEDODQFHDQGPRYHPHQWVGXULQJWKHSHULRG
,I\RXZDQWWRLQFUHDVH\RXUEDQNEDODQFH\RXFDQPDNHDFDVKGHSRVLWDFKHFNGHSRVLWRUGHSRVLWPRQH\E\ZD\RIDZLUHWUDQVIHU
<RXFDQZLWKGUDZFDVKIURP\RXUDFFRXQWE\YLVLWLQJWKHEDQNDQGSUHVHQWLQJDFKHFNWRWKHEHDUHU<RXDUHWKHEHDUHU
<RXFDQDOVRZLWKGUDZFDVKE\XVLQJDQ$70RU$XWRPDWLF7HOOHU0DFKLQH7KHVHFDVKPDFKLQHVFDQEHIRXQGDOPRVWHYHU\ZKHUH
,QWKH8.DQG,UHODQGWKHZRUGXVHGIRU$70LV&DVK3RLQW<RXFDQZLWKGUDZXSWRDFHUWDLQDPRXQWRIFDVKDWWKHVHSRLQWV
<RXUEDQNVWDWHPHQWDOVRUHHFWVWKHGLUHFWGHELWSD\PHQWVWKDW\RXKDYHPDGH
,WLVYHU\FRPPRQLQ6SDLQWRSURYLGH\RXUEDQNGHWDLOVWRYDULRXVHQWLWLHVWKDWGHELW\RXUDFFRXQWGLUHFWO\DVDIRUPRISD\PHQW
,I\RXEX\DQLQVXUDQFHSROLF\LQ6SDLQIRUH[DPSOHLWoVFRPPRQIRUWKHLQVXUDQFHFRPSDQ\WRGHELW\RXUDFFRXQWGLUHFWO\HDFK\HDU
,QWKH(QJOLVKVSHDNLQJZRUOGLWoVPRUHFRPPRQWRUHFHLYHWKHSUHPLXPQRWLFHLQ\RXUKRPHDQG\RXZULWHRXWDFKHFNWRWKHFRPSDQ\
,IVRPHRQHKDVH[WHQGHG\RXDSHUVRQDOFKHFNDQG\RXJRWRWKHEDQNWRFDVKLW\RXPXVWHQGRUVHWKHFKHFNRQWKHEDFN
,I\RXGHFLGHWRGHSRVLWWKHFKHFNLQ\RXURZQDFFRXQW\RXQHHGWRHQGRUVHWKHFKHFNDVZHOO
,IWKHUHLVQoWHQRXJKPRQH\LQWKHSHUVRQoVDFFRXQWWRFRYHUWKHFKHFNWKHQWKHFKHFNZLOOERXQFH
:KHQDFKHFNERXQFHVLWoVRIWHQFDOOHGDpKRWFKHFNq
%DQNVDUHQDQFLDOLQVWLWXWLRQVWKDWSURYLGHQDQFLDOVROXWLRQVWRLQGLYLGXDOVDQGFRUSRUDWLRQV
,I\RXQHHGPRQH\WREX\DFDU\RXUEDQNFDQJLYH\RXDSHUVRQDOORDQ

(FRQRPLFV 
$QLQYHVWPHQWLVZKHQDSHUVRQRUHQWLW\SXUFKDVHVVRPHWKLQJZKRVHYDOXHH[WHQGVEH\RQGWKHSHULRGRIRQH\HDU
,I\RXEX\DKRXVHDFDURUDORQJWHUPDPELWLRXV(QJOLVKFRXUVHWKLVLVQRWDQH[SHQVHEXWUDWKHUDQLQYHVWPHQW
:KHQWKHJRYHUQPHQWSD\VUHWLUHPHQWSHQVLRQVWKLVLVDQH[SHQVH:KHQLWVSHQGVPRQH\RQQHZPRWRUZD\VWKLVLVDQLQYHVWPHQW
2IWHQLQYHVWPHQWVRIWKLVW\SHDUHFDOOHGFDSLWDOH[SHQGLWXUHV7KHZRUGH[SHQGLWXUHLVXVXDOO\DVVRFLDWHGZLWKLQYHVWPHQWV
:KHQZHFDOFXODWH*'3ZHLQFOXGHLQWKHFRQFHSWpJRYHUQPHQWVSHQGLQJqERWKJRYHUQPHQWH[SHQVHVDQGH[SHQGLWXUHV
7KHVDODULHVSDLGWRFLYLOVHUYDQWVE\WKHQDWLRQDOJRYHUQPHQWDQGE\UHJLRQDODQGORFDOJRYHUQPHQWVDUHLQFOXGHGDVJRYHUQPHQWVSHQGLQJ
7KHIRUWKPDMRULWHPLQFDOFXODWLQJ*'3LVWKHGLIIHUHQFHEHWZHHQH[SRUWVDQGLPSRUWV
(YHU\FRXQWU\LQWKHZRUOGLPSRUWVDQGH[SRUWVSURGXFWV7KHQDOPRQHWDU\GLIIHUHQFHLVFDOOHGWKHWUDGHEDODQFH
,IWKHWUDGHEDODQFHLVQHJDWLYHWKHFRXQWU\LVUXQQLQJDWUDGHGHFLW,IWKHWUDGHEDODQFHLVSRVLWLYHWKHQLWoVUXQQLQJDWUDGHVXUSOXV
7KHIDFWWKDWDJLYHQFRXQWU\LVUXQQLQJDWUDGHGHFLWGRHVQoWQHFHVVDULO\PHDQWKDWWKHVLWXDWLRQLVQHJDWLYH
7KH8QLWHG6WDWHVKDVEHHQUXQQLQJDWUDGHGHFLWIRUDWOHDVWFRQVHFXWLYHV\HDUVDQGGHVSLWHWKLVWKHHFRQRP\LVKHDOWK\
:KHQDFRXQWU\UXQVDWUDGHGHFLWLWoVRIWHQEHFDXVHGRPHVWLFVXSSO\FDQQRWPHHWGRPHVWLFGHPDQG
%\DGGLQJWKHQDOWUDGHEDODQFHWRSULYDWHFRQVXPSWLRQJURVVLQYHVWPHQWDQGJRYHUQPHQWVSHQGLQJZHKDYHWKH*'3
$QRWKHUWHUPRIWHQXVHGLQPDFURHFRQRPLFVLVEDODQFHRISD\PHQWV7KLVLVWKHWUDGHEDODQFHSOXVQDQFLDOLPSRUWVDQGH[SRUWV
,I\RXVHQGPRQH\WRDUHODWLYHLQ0H[LFRWKLVPRQH\LVQoWUHJLVWHUHGLQWKHWUDGHEDODQFHEHFDXVHLWGRHVQoWLPSO\JRRGVRUVHUYLFHV

0DQXIDFWXULQJ 
&RQYHQWLRQDOPDQXIDFWXULQJLQYROYHVPDFKLQLQJDQGDVVHPEO\)LUVW\RXPDNHWKHSDUWVDQGWKHQ\RXPXVWDVVHPEOHWKHP
(YHU\FDUKDVIRXUIHQGHUVRYHUHDFKZKHHO7KHVHIHQGHUVDUHFUHDWHGIURPDWVKHHWPHWDOSLHFHVWKDWDUHPDFKLQHGLQWRWKHULJKWVKDSH
7KHIHQGHUVDUHWKHQVHQWWRWKHDVVHPEO\OLQHZKHUHWKH\DUHPRXQWHGDERYHWKHIRXUZKHHOV
0DQXIDFWXULQJLQYROYHVSURFXUHPHQWPDFKLQLQJLQYHQWRU\FRQWUROTXDOLW\FRQWUROQDODVVHPEO\DQGQDOVWRUDJH
3URFXUHPHQWLQYROYHVQGLQJWKHULJKWVXSSOLHUVDQGLQVXULQJWKDWWKHTXDOLW\SDUDPHWHUVDUHPHWDQGWKDWWKHGHOLYHU\GDWHVDUHKRQRXUHG
0DFKLQLQJLQYROYHVWUDQVIRUPLQJUDZPDWHULDOVLQWRQLVKHGSLHFHVSDUWVDQGFRPSRQHQWVIRUWKHLUQDODVVHPEO\
,QYHQWRU\FRQWUROVHHVWKDWWKHPRQH\LQYHVWHGLQSXUFKDVLQJUDZPDWHULDOVLVWUDQVIRUPHGDVTXLFNO\DVSRVVLEOHLQWRQLVKHGSURGXFWV
4XDOLW\FRQWUROLQVXUHVWKDWWKHVXSSOLHUVUDZPDWHULDOVSDUWVFRPSRQHQWVDQGQDOSURGXFWVFRPSO\ZLWKVSHFLFDWLRQV
7KHTXDOLW\FRQWURODUHDLVRIWHQDVHSDUDWHGHSDUWPHQWWKDWUHSRUWVGLUHFWO\WRWKHJHQHUDOPDQDJHPHQW
7KHTXDOLW\FRQWUROPDQDJHURIWHQKDVWKHSRZHUWRVWRSSURGXFWLRQLIWKHTXDOLW\SDUDPHWHUVDUHQRWEHLQJPHW
7KHSURGXFWLRQPDQDJHULVXQGHUSUHVVXUHWRSURGXFHEXWWKHTXDOLW\PDQDJHUKDVWKHSRZHUWRVWRSHYHU\WKLQJLITXDOLW\LVFRPSURPLVHG
7KHUHLVRIWHQDORWRIFRQLFWEHWZHHQWKHSURGXFWLRQDQGTXDOLW\GHSDUWPHQWVHVSHFLDOO\ZKHQVDOHVDUHERRPLQJ
7KHTXDOLW\GHSDUWPHQWRIWHQVSHQGVDORWRIWLPHZLWKVXSSOLHUVWRPDNHVXUHWKDWWKH\DGKHUHWRWKHFRPSDQ\oVTXDOLW\VWDQGDUGV
)LQDODVVHPEO\LVEDVLFDOO\WKHIDPRXVFRQFHSWRIWKHDVVHPEO\OLQHGHYHORSHGWRSHUIHFWLRQE\+HQU\)RUG

+HQU\)RUGoVDVVHPEO\OLQHDQGKLVHIIRUWVWRJDLQHIFLHQFLHVLQSURGXFWLRQZHUHLQVWUXPHQWDOLQFUHDWLQJWKHFRQVXPHUVRFLHW\


/RZ%HJLQQHU

+LJK%HJLQQHU

(VGXURREODQGR" ,VLWKDUGRUVRIW"
6RQQHJURVREODQFRV" $UHWKH\EODFNRUZKLWH"
(VXQDFDOOHODUJDRFRUWD" ,VLWDORQJRUDVKRUWVWUHHW"
6RQSUHJXQWDVIFLOHVR $UHWKH\HDV\RUGLIFXOW
GLIFLOHV"
TXHVWLRQV"
(VXQDSHOFXODLQWHUHVDQWHR ,VLWDQLQWHUHVWLQJRUDERULQJ

DEXUULGD"
OP"

8QPHGLRHVORPLVPRTXH 2QHKDOILVWKHVDPHDVIW\
SHUFHQW
FLQFXHQWDSRUFLHQWR
8QFXDUWRHVORPLVPRTXH 2QHTXDUWHULVWKHVDPHDV
WZHQW\YHSHUFHQW
YHLQWLFLQFRSRUFLHQWR
8QFXDUWRHVGRQGHGXHUPR $URRPLVZKHUH,VOHHS
8QWHUFLRHVXQDERWHOODGH $WHUFLRLVDERWWOHRIEHHU
FHUYH]D
8QGFLPRHVXQELOOHWHGHOD $GFLPRLVD/RWWHU\WLFNHW
/RWHUD

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&XDQGRVHDPD\RUVHUPGLFR :KHQ,oPROGHU,oOOEHDGRFWRU
&XDQGROOHJXHHPSH]DUHPRV :KHQKHDUULYHVZHoOOEHJLQ
ODUHXQLQ
WKHPHHWLQJ
6LOOHJDVDQWHVGHODVGLH] ,I\RXDUULYHEHIRUHWHQRoFORFN
SRGUHPRVHPSH]DUDQWHV
ZHoOOEHDEOHEHJLQWREHJLQ
HDUOLHU
1RWHQGUVTXHGHFLUQDGD <RXZRQoWKDYHWRVD\DQ\WKLQJ
1RKDEUUHXQLQDQRVHUTXH 7KHUHZRQoWEHDPHHWLQJ

XQOHVVWKHPDQDJHUVFRPH
YHQJDQORVJHUHQWHV

(VWXYHWRGDODPDDQD ,VSHQWWKHZKROHPRUQLQJ
FOHDQLQJWKHKRXVH
OLPSLDQGRODFDVD
+HHVWDGRWRGRHOGDRUGHQDQGR ,oYHVSHQWWKHZKROHGD\
WLG\LQJP\GUDZHUV
PLVFDMRQHV
(VWXYHWRGDODWDUGHSODQFKDQGR ,VSHQWWKHZKROHDIWHUQRRQ
LURQLQJVKLUWV
FDPLVDV
3RUTXKDVHVWDGRWRGDOD :K\KDYH\RXVSHQWWKHZKROH
FODVVFKDWWLQJ"
FODVHFKDUODQGR"
+HHVWDGRWRGDODYLGDEXVFDQGR ,oYHVSHQWP\ZKROHOLIH
ORRNLQJIRUVRPHRQHOLNH\RX
DDOJXLHQFRPRW

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&XQWRWLHPSRYDVDWDUGDU" +RZORQJLVLWJRLQJWRWDNH\RX"
1RGHEHUDWDUGDUPXFKR ,WVKRXOGQoWWDNHPHORQJ
7DUGDVWHPXFKRODOWLPDYH] ,WWRRN\RXDORQJWLPHWKHODVW
WLPH
+DQWDUGDGRPXFKR ,WoVWDNHQWKHPDORQJWLPH
/DSHOFXODWHUPLQPVWDUGH 7KHOPQLVKHGODWHUWKDQZH
H[SHFWHG
GHORTXHHVSHUEDPRV

6HPHSHJDURQODVVEDQDV ,RYHUVOHSWWKLVPRUQLQJ
HVWDPDDQD
1RSXHGHVSHUPLWLUWHHOOXMR <RXFDQoWDIIRUGWRRYHUVOHHS
GHTXHGDUWHGRUPLGR
1RVRSRUWRPDGUXJDU ,FDQoWVWDQGJHWWLQJXSHDUO\
0HFXHVWDKRUURUHVOHYDQWDUPH ,KDYHDWHUULEOHWLPHJHWWLQJXS
7DUGRXQDKRUDHQGHVSHMDUPL ,WWDNHVPHDQKRXUWRFOHDUP\
FDEH]D
KHDG

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

2WURDRRWUDVHTXD $QRWKHU\HDUDQRWKHUGURXJKW
6XSRQJRTXHLPSRQGUQ ,VXSSRVHWKH\oOOLPSRVHZDWHU

UHVWULFWLRQV
UHVWULFFLRQHVGHDJXD
7LHQHDOJRTXHYHUFRQHO 'RHVLWKDYHDQ\WKLQJWRGR

ZLWKJOREDOZDUPLQJ"
FDOHQWDPLHQWRJOREDO"
3XHVFODURTXHV :HOORIFRXUVHLWGRHV
&XOHVVRQVXVRWURVHIHFWRV :KDWDUHLWVRWKHUVLGHHIIHFWV"

VHFXQGDULRV"

+DKDELGRXQLQFUHPHQWR 7KHUHKDVEHHQDSURJUHVVLYH
SURJUHVLYRGHODWHPSHUDWXUD LQFUHDVHLQDYHUDJH
WHPSHUDWXUHV
SURPHGLR
+DEUXQDXPHQWRGHOQLYHO 7KHUHZLOOEHDULVHLQVHD
OHYHOV
GHOPDU
(VWDPRVYLHQGRXQDUHGXFFLQ :HoUHVHHLQJDUHGXFWLRQRIWKH
GHORVJODFLDUHVGHOD$QWUWLGD $QWDUFWLFLFHVKHHWV
+DEUPVWRUPHQWDVH 7KHUHZLOOEHPRUHVWRUPVDQG

RRGV
LQXQGDFLRQHV
$XQTXHORVFDPELRVSRGUDQ $OWKRXJKWKHFKDQJHVPD\EH
VHUEHQHFLRVRVSDUDDOJXQDV EHQHFLDOIRUVRPHUHJLRQV
UHJLRQHV

6WHHULQJ:KHHO 9RODQWH

'DVKERDUG 6DOSLFDGHUR
+RUQ %RFLQD

+D]DUG/LJKWV /XFHVGHHPHUJHQFLD
6DWHOOLWH1DYLJDWLRQ 1DYHJDFLQSRUVDWOLWH

9RFDEXODULR&DUFRQWUROV &RQWUROHVGHOFRFKH




Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpLQq 
3UDFWLFDO(QJOLVK(QHOWD[L
+HJRWPHLQ
(OFRQVLJXLTXHPHGHMDVHQHQWUDU

+HKDVLWLQIRUPH
/DWLHQHWRPDGDFRQPLJR

'RQoWJLYHLQ
1RFHGDV1RGHVHOEUD]RDWRUFHU

+ROGLQ\RXUJXW VWRPDFK 
0HWHODWULSD

<RXFDQJRLQQRZ
<DSXHGHXVWHGHQWUDU HQRWUDVDOD 

6KHNHSWKHUVRQLQDOOGD\
(OODQRGHMVDOLUDVXKLMRHQWRGRHOGD

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
$ODFDOOH*OHQGDOHSRUIDYRU
(VWHQODHVTXLQDGH2[IRUGFRQ*UDQJH
4XGDWHFRQHOFDPELR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

)LQDQFHDQGDFFRXQWLQJ 
,IWKHFRPSDQ\RZHVWKHJRYHUQPHQWWD[HVZLWKLQWKHFXUUHQW\HDUWKLVDPRXQWLVDOVRFDOOHGDFXUUHQWRUVKRUWWHUPOLDELOLW\
,IWKHFRPSDQ\ERUURZVPRQH\WKURXJKDORQJWHUPORDQWKLVLVDXVXDOO\FDOOHGDORQJWHUPOLDELOLW\
+RZHYHUWKHSDUWRIWKHSULQFLSDORIWKLVORQJWHUPORDQWKDWPXVWEHSDLGGXULQJWKH\HDUEHFRPHVDFXUUHQWOLDELOLW\
7KHFDSLWDORIWKHFRPSDQ\LVDOVRFRQVLGHUHGDOLDELOLW\,WoVDOLDELOLW\EHFDXVHHYHQWXDOO\LWPXVWEHUHWXUQHGWRWKHRZQHUV
7KLVFDSLWDORIWKHFRPSDQ\LVWKHPRQH\WKDWWKHRZQHUVRULJLQDOO\GHSRVLWHGLQWKHEDQNWRVWDUWWKHEXVLQHVV
,QFRUSRUDWLRQVWKLVLWHPLVXVXDOO\FDOOHGWKHFDSLWDOVWRFN,WoVLVVXHGLQWKHIRUPRIVKDUHV
,IWKHEXVLQHVVLVDSXEOLFFRPSDQ\WKHFDSLWDOVWRFNLVTXRWHGRUOLVWHGRQDSXEOLFVWRFNPDUNHWRUVWRFNH[FKDQJH
,QWKH$QJOR6D[RQZRUOGDSXEOLFFRPSDQ\LVQRWDVWDWHRZQHGFRPSDQ\
$SXEOLFFRPSDQ\LVDFRPSDQ\LQZKLFKWKHJHQHUDOSXEOLFKDVDFFHVVWRSDUWLDORZQHUVKLSWKURXJKDVWRFNH[FKDQJH
6WRFNPDUNHWVRUVWRFNH[FKDQJHVDUHVHFRQGDU\PDUNHWVZKHUHSHRSOHFDQEX\RUVHOOVKDUHVLQFRPSDQLHVWKDWDUHOLVWHGSXEOLFO\
%LOOLRQVRIVKDUHVDUHERXJKWDQGVROGRQDGDLO\EDVLVLQWKHZRUOGVoVWRFNH[FKDQJHV
7KH1HZ<RUN6WRFN([FKDQJHLVWKHELJJHVWLQWKHZRUOG7KHYROXPHRIWUDGLQJRIWHQH[FHHGVRQHELOOLRQWUDQVDFWLRQVGDLO\
2WKHUVWRFNPDUNHWVDUHOHVVWUDQVSDUHQWDQGHIFLHQW6RPHWLPHVDSHUVRQFDQQRWQGDEX\HURUVHOOHUTXLFNO\
:KHQ\RXEX\WKHVKDUHVRIDFRPSDQ\\RXDXWRPDWLFDOO\EHFRPHSDUWRZQHURIWKHEXVLQHVVLQTXHVWLRQ
:KHQSHRSOHEX\WKHVKDUHVRIDSXEOLFO\WUDGHGFRPSDQ\WKH\DUHXVXDOO\ORRNLQJIRUWZRSRVVLEOHVRXUFHVRIUHYHQXH

0DUNHWLQJDQGVDOHVPDQDJHPHQW 
7RDFKLHYHEUDQGDZDUHQHVVWKHPDUNHWLQJGHSDUWPHQWPXVWDGYHUWLVHWKHEUDQGLQTXHVWLRQDPRQJWKHWDUJHWJURXSVRISURVSHFWV
3URVSHFWVDUHSHRSOHRUHQWLWLHVWKDWDUHFRQVLGHUHGSRWHQWLDOFXVWRPHUVRI\RXUSURGXFWRUFOLHQWVRI\RXUVHUYLFH
7RJDLQEUDQGDZDUHQHVV\RXPXVWJHWWKHQDPHRIWKHEUDQGLQIURQWRI\RXUSURVSHFWVDVPXFKDVSRVVLEOH
,WoVQRWVRLPSRUWDQWDWWKLVSRLQWLQWLPHWRWDONDERXWWKHIHDWXUHVRUDGYDQWDJHVRI\RXUSURGXFWEXWUDWKHUWRPDNHSHRSOHDZDUHRILW
2QFH\RXKDYHJDLQHGEUDQGDZDUHQHVVDPRQJ\RXUSURVSHFWVWKHQWKHQH[WVWHSLVWRJDLQEUDQGSUHIHUHQFH
$WWKLVSRLQW\RXUHQWLUHSURPRWLRQDOEXGJHWVKRXOGEHIRFXVHGRQJDLQLQJEUDQGSUHIHUHQFH
7KHPRUHXQLWVDOHV\RXDFKLHYHWKHPRUHPDUNHWVKDUH\RXJDLQ$QGWKHPRUHPDUNHWVKDUH\RXJDLQWKHORZHU\RXUXQLWFRVWV
$GYHUWLVLQJVDOHVSURPRWLRQPHUFKDQGLVLQJDQGSXEOLFUHODWLRQVDUHQRWRQO\GHVLJQHGWRLQFUHDVHWKHVDOHVJXUHVRIDFRPSDQ\
7KHVHDFWLYLWLHVLIWKH\DUHVXFFHVVIXOKHOSWKHFRPSDQ\WRLQFUHDVHPDUNHWVKDUHDQGORZHUXQLWFRVWVWKURXJKHFRQRPLHVRIVFDOH
/HWoVVD\\RXGHFLGHWRVWDUWDFRPSDQ\WRSURGXFHSULYDWHMHWV7KHUVWMHWFRVWV\RXRQHPLOOLRQGROODUVWRPDNHLQ\RXUIDFWRU\
7KHVHFRQGMHW\RXPDNHFRVWVRQO\GROODUVWKDWLVOHVV7KHIRXUWKMHW\RXPDNHFRVWV\RXGROODUV
7KHHLJKWKMHWFRVWV\RXGROODUVDQGWKHWKMHWFRVWV\RXGROODUV7KLVLVFDOOHGWKHpOHDUQLQJFXUYHq
,QGXVWULDOHQJLQHHUVKDYHFDOFXODWHGWKDWHYHU\WLPHDIDFWRU\GRXEOHVLWVSURGXFWLRQHDFKXQLWFRVWVOHVVWRSURGXFH
,QQRQLQGXVWULDODFWLYLWLHVWKLVFRQFHSWLVFDOOHGWKHH[SHULHQFHFXUYH,WoVDWWKHKHDUWRIWKHLGHDRIHFRQRPLHVRIVFDOH
7KHPRUHVDOHV\RXJHQHUDWHWKHPRUHSURGXFWV\RXQHHGWRPDNHDQGWKHFKHDSHULWEHFRPHVWRPDNHHDFKSURGXFW

*HQHUDODQGVWUDWHJLFPDQDJHPHQW 
,Q,QVHUWQRZHOHDUQHGWKDWWKHRZQHUVoHTXLW\RIWKHFRPSDQ\DIWHUWKHUVW\HDUZDV
,IWKHIROORZLQJ\HDUWKH&(2PDQDJHVWRPDNHDSURWDIWHUWD[HVRIWKHQWKHUHWXUQRQHTXLW\ 52( LV
7KLV52(FDQEHJRRGRUEDGGHSHQGLQJRQWKHW\SHRIFRPSDQ\DQGRQWKHLQGXVWU\LQZKLFKLWRSHUDWHV
,QWKHQDODQDO\VLVDQGLQWKHORQJUXQ52(LVSUREDEO\WKHRQO\\DUGVWLFNE\ZKLFKD&(2oVSHUIRUPDQFHFDQEHPHDVXUHG
,QWKHVKRUWWHUPRWKHUREMHFWLYHVFDQEHPRUHLPSRUWDQWEXWDOOHYHQWXDOO\SRLQWWRUHWXUQRQHTXLW\RU52(
6KRUWWHUPVWUDWHJLHVFDQEHPDQ\EXWRQHRIWKHPRVWFRPPRQLVWKHVWUDWHJ\WRJDLQPDUNHWVKDUH
7KHJUHDWHUWKHPDUNHWVKDUHWKHORZHUWKHXQLWFRVWVRISURGXFWLRQDQGWKHJUHDWHUWKHSRWHQWLDOJURVVPDUJLQDQGQDOSURW
6RPHWLPHVDFRPSDQ\ZLOOHYHQVHOOLWVSURGXFWEHORZFRVWLIE\GRLQJVRLWFDQLQFUHDVHLWVPDUNHWVKDUHPRUHTXLFNO\
6RPH-DSDQHVHFRQVXPHUSURGXFWVFRPSDQLHVXVHGWKLVVWUDWHJ\WRJDLQDVWURQJPDUNHWVKDUHTXLFNO\LQIRUHLJQPDUNHWVOLNH6SDLQ
7KH\VROGWKHLUSURGXFWVDWYHU\ORZSULFHVORVLQJPRQH\RQHYHU\XQLWVROG+RZHYHUZLWKLQDIHZ\HDUVWKH\ZHUHPDUNHWOHDGHUV
$VPDUNHWOHDGHUVWKH\ZHUHVHOOLQJDORWRIXQLWVDQGWKHSURGXFWLRQFRVWVRIWKHVHXQLWVZHUHPXFKORZHUWKDQDWWKHEHJLQQLQJ
7KHFRVWRISURGXFWLRQRIHDFKXQLWZDVPXFKORZHUEHFDXVHRIHFRQRPLHVRIVFDOHJDLQHGE\JUHDWHUSURGXFWLRQYROXPHV
:KHQ\RXPDVVSURGXFHPLOOLRQVRIXQLWV\RXORZHUPDQ\FRVWLWHPVHVSHFLDOO\ZKHQQHJRWLDWLQJZLWKVXSSOLHUV
,QPRVWLQGXVWULDODQGPDQXIDFWXULQJFRPSDQLHVWKHPRVWLPSRUWDQWVWUDWHJ\LVWRJDLQVKDUHWRJDLQVFDOHWRFXWFRVWVWRLQFUHDVHSURWV
:KHQWKLVLVDFKLHYHGWKHFRQVXPHUHQMR\VORZHUSULFHVIRUVLPLODUTXDOLW\DQGWKH&(2oVERWWRPOLQHLVJRRGHQKDQFLQJ52(




/RZ%HJLQQHU

+LJK%HJLQQHU

4XLQHVDTXHOKRPEUH" :KRoVWKDWPDQ"
(VHVDPXMHUDOWDVXHVSRVD" ,VWKDWWDOOZRPDQKLVZLIH"
6RQDTXHOORVVXVQLRV" $UHWKRVHWKHLUFKLOGUHQ"
'QGHHVWQVXVMXJXHWHV" :KHUHDUHWKHLUWR\V"
1XHVWURVFRFKHVVRQLJXDOHV 2XUFDUVDUHWKHVDPH

(VWR\HPSH]DQGRXQDQXHYD ,oPEHJLQQLQJDQHZOLIH
YLGD
(VWLVHVFXFKDQGRODUDGLR" $UH\RXOLVWHQLQJWRWKHUDGLR"
(VWQHOODVPLUQGRPH" $UHWKH\ORRNLQJDWPH"
3RUTXQRHVWQWUDEDMDQGR" :K\DUHQoWWKH\ZRUNLQJ"
4XKDFLVPDDQD" :KDWDUH\RXGRLQJWRPRUURZ"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

1RLQWHQWDOKDFHUQDGD" 'RHVQoWKHWU\WRGRDQ\WKLQJ"
1ROOXHYHPXFKRDTX" 'RHVQoWLWUDLQPXFKKHUH"
3RUTXQRIXQFLRQD" :K\GRHVQoWLWZRUN"
6LHPSUHYDOVOR" 'RHVKHDOZD\VJRDORQH"
1RPHHQWLHQGHQDGLH" 'RHVQoWDQ\ERG\XQGHUVWDQG
PH"

(VULFRGHVGHTXHQDFL +HKDVEHHQULFKVLQFHKHZDV
ERUQ
/OXHYHGHVGHODVQXHYHGHOD ,WoVEHHQUDLQLQJVLQFHQLQH
RoFORFNWKLVPRUQLQJ
PDDQD
'HVGHTXHWHFRQR]FRWHTXLHUR ,oYHORYHG\RXVLQFH,PHW\RX
/OHYDOWRGDODQRFKHERUUDFKR +HoVEHHQGUXQNDOOQLJKW
/OHYDPRVFDVDGRVGHVGHTXHOD :HoYHEHHQPDUULHGVLQFH,JRW
KHUSUHJQDQW
GHMHPEDUD]DGD

3URVHFXWLRQ $FXVDFLQ
-XGJH -XH]

:LWQHVV 7HVWLJR

&RXUW2IFHU $OJXDFLO
-XU\ -XUDGR

9RFDEXODULR&RXUWURRP 6DODGHOWULEXQDO
+LJK,QWHUPHGLDWH
4XLQKDFHODVFRPLGDVDTX" :KRPDNHVWKHPHDOVKHUH"
4XOHKDFHDOSHQVDUHVR" :KDWPDNHVKLPWKLQNWKDW"
4XLQWHKL]RGHFLUHVR" :KRPDGH\RXVD\WKDW"
4XWHWUDHDTX" :KDWEULQJV\RXKHUH"
4XRVKL]ROORUDUWDQWR" :KDWPDGH\RXFU\VRPXFK"

/RZ$GYDQFHG
&PRYDHVHGLVFXUVR" +RZoVWKDWVSHHFKJRLQJ"
$VHJUDWHTXHWLHQHVVX 0DNHVXUH\RXKDYHWKHLU
DWHQFLQ
DWWHQWLRQ
$VHJUDWHGHTXHWXYR]OOHJXH 0DNHVXUH\RXUYRLFHUHDFKHV
KDVWDDOIRQGRGHODVDOD
WKHEDFNRIWKHURRP
/RKDVDSUHQGLGRGHPHPRULD" +DYH\RXOHDUQWLWE\KHDUW"
1RGHMHVTXHHOPLFUIRQRWH 'RQoWOHWWKHPLFURSKRQHVFDUH
DVXVWH
\RX

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

$QWHVKDFDPRVWRGRMXQWRV :HXVHGWRGRHYHU\WKLQJ
WRJHWKHU
$KRUDQLVLTXLHUDPHOOHYDVD 1RZ\RXGRQoWHYHQWDNHPH
RXWIRUGLQQHU
FHQDU
<DQRSDUHFHJXVWDUWHQDGD <RXGRQoWVHHPWROLNH
DQ\WKLQJDQ\PRUH
3RUTXHVWVVLHPSUH :K\DUH\RXDOZD\VSLFNLQJ
RQPH"
PHWLQGRWHFRQPLJR"
'HYHUGDGPHHVWVVDFDQGR <RXoUHUHDOO\JHWWLQJRQP\
QHUYHV
GHTXLFLR


7RGRHQHVWDYLGDSDUHFHFXHVWD (YHU\WKLQJLQWKLVOLIHVHHPV
DUULED
XSKLOO
(VWVSDVDQGRSRUXQDPDOD <RXoUHJRLQJWKURXJKDEDG
UDFKDQDGDPV
SDWFKWKDWoVDOO
1RHVWVHQODFULVLVGHORV <RXoUHQRWLQDPLGOLIHFULVLV
FXDUHQWD
$XQTXHWLHQHVXQDVEXHQDV $OWKRXJK\RXGRKDYHVRPH
DJDUUDGHUDV
JRRGORYHKDQGOHV
|7UDQTXLWURQFR &KLOORXWPDQ

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpLQq 
&DQ\RXOHWPHLQSOHDVH"
0HGHMDVHQWUDUSRUIDYRU"

+RZPXFKKDYH\RXSDLGLQ"
&XQWRKDVFRQWULEXLGR" DOIRQGR 

,oOOOHW\RXLQRQDVHFUHW
7HFRQDUXQVHFUHWR

<RXKDYHWRSXWLQDORWRIHIIRUW
7LHQHTXHKDFHUXQJUDQHVIXHU]R

'RQoWOHWWKHGRJLQ
4XHQRHQWUHHOSHUUR

3XWLQDJRRGZRUGIRUPH
'LDOJRELHQGHPYDOH"

,QYHVWLQJ 

&RPXQLFDFLQVRFLDOHOPXQGRGHO
WHDWUR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
|&RQVHJXLPRVXQDVHQWUDGDVPX\EXHQDV
7HLQYLWDUDXQKHODGRHQHOGHVFDQVR
$TXKRUDVHOHYDQWDHOWHOQ"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

0DQ\SHRSOHKDYHORVWDOOWKHLUVDYLQJVEHFDXVHWKH\SODFHGWKHLUPRQH\LQULVN\QDQFLDOLQVWUXPHQWV
2WKHUSHRSOHKDYHORVWWKHLUVDYLQJVEHFDXVHWKH\GLGQoWXQGHUVWDQGFHUWDLQIXQGDPHQWDOVFRQFHUQLQJLQYHVWLQJ
2QHRIWKHVHIXQGDPHQWDOVLVWKDWKLJKUHWXUQVRIRUSHUFHQWDOZD\VLQYROYHDGHJUHHRIULVNWKDWVPDOOLQYHVWRUVVKRXOGDYRLG
0DQ\SHRSOHLQYHVWWKHLUVDYLQJVLQRUGHUWRVORZO\HVWDEOLVKDQDOWHUQDWLYHVRXUFHRIUHYHQXHWKURXJKLQWHUHVWLQFRPHRUVWRFNGLYLGHQGV
6RPHSHRSOHLQYHVWWKHLUVDYLQJVLQRUGHUWRWDNHDGYDQWDJHRIFHUWDLQWD[UHEDWHVRUGHGXFWLRQV
0DQ\SHRSOHLQYHVWWKHLUVDYLQJVWRFUHDWHDQHVWHJJIRUUHWLUHPHQW%\pQHVWHJJqZHPHDQPRQH\VDYHGWRVXSSOHPHQWWKHLUSHQVLRQ
:KHQSHRSOHVWDUWWRVDYHDQGLQYHVWPRQH\RQHRIWKHEHVWLQLWLDOLQYHVWPHQWVLVOLIHLQVXUDQFH
1RUPDOSHRSOHQHHGRU\HDUVWRDFFXPXODWHDODUJHDPRXQWRIVDYLQJVIRUWKHPVHOYHVDQGWKHLUORYHGRQHV
,IWKHSHUVRQGLHVRUEHFRPHVSHUPDQHQWO\GLVDEOHGKHRUVKHFDQQRORQJHUSD\LQWRWKHVDYLQJVSODQ
/LIHLQVXUDQFHFRYHUVWKLVULVNDQGSURYLGHVWKHORYHGRQHVRUEHQHFLDULHVZLWKWKHHTXLYDOHQWQRZRIWKHRULJLQDOQDQFLDOJRDO
/HWoVLPDJLQHD\RXQJPDQZKRLV\HDUVROGZLWKDWDNHKRPHSD\RIHXURVD\HDURUHXURVDPRQWK
/HWoVDVVXPHWKDWWKLVSHUVRQVHWVDJRDORIUHWLULQJDWDJHZLWKHXURVLQDGGLWLRQWRKLVUHWLUHPHQWSHQVLRQ
7KLVPHDQVWKDWKHZLOOQHHGWRVDYHDQDYHUDJHRIHXURVHYHU\PRQWKDQGLQYHVWLWDWDQDYHUDJHLQWHUHVWUDWHRIDQQXDOO\
$YHSHUFHQWLQWHUHVWUDWHLVRIWHQQRWHDV\WRQGVRWKH\RXQJPDQPD\QHHGWRLQYHVWDOLWWOHPRUHPRQH\HDFKPRQWK
,IKHKDVDZLIHDQGFKLOGDWDJHWKHQKHVKRXOGEX\DQLQVXUDQFHSROLF\WRJXDUDQWHHWKLVJRDOHYHQLIKHGLHVRUEHFRPHVGLVDEOHG

+XPDQUHVRXUFHV 
'XULQJJURZWKSHULRGVHYHU\FRPSDQ\ZKHWKHUVPDOOPHGLXPVL]HGRUODUJHQHHGVWRUHFUXLWSHRSOHTXLFNO\DQGHIIHFWLYHO\
,IDFRPSDQ\LVJURZLQJDWDSHUFHQWDQQXDOUDWHRUPRUHWKHSUHVVXUHWRFRYHUPDQSRZHUQHHGVFDQEHYHU\LQWHQVH
$JRRG+5GHSDUWPHQWLVRQHWKDWFDQDQWLFLSDWHWKHVHQHHGVDQGFRYHUWKHPHIFLHQWO\DQGHIIHFWLYHO\
7KHPRVWLPSRUWDQWHOHPHQWLVWRNQRZYHU\ZHOOZKDWNLQGRISHRSOHHDFKGHSDUWPHQWDQGHDFKMREIXQFWLRQUHTXLUHV
$JRRG+5PDQDJHULVDSHUVRQZKRLVNHHQO\DZDUHRIZKDWNLQGRISUROHZRUNVWKHEHVWLQZKDWNLQGRIMRE
$JRRG+5PDQDJHUVKRXOGEHDEOHWRVROYHWKHVWDIQJDQGSHUVRQQHOSUREOHPVRIHYHU\IXQFWLRQDOPDQDJHU
)XQFWLRQDOPDQDJHUVDUHH[SHUWLQWKHIXQFWLRQLQZKLFKWKH\ZRUN7KH\DUHQRWH[SHUWLQGHDOLQJZLWKSHRSOHTXHVWLRQV
$JRRG+5GHSDUWPHQWVROYHVWKHVHSHRSOHSUREOHPVIRUWKHIXQFWLRQDOH[SHUWVDQGIUHHVWKHPXSWRGRZKDWWKH\NQRZKRZWRGREHVW
$Q\H[SHUWLQPDUNHWLQJVDOHVSURGXFWLRQRUQDQFHZLOOWHOO\RXWKDWWKHLUELJJHVWKHDGDFKHVDUHPDWWHUVUHODWLQJWRWKHLUSHRSOH
,WoVWKHUHVSRQVLELOLW\RI+5WRPDNHVXUHWKDWWKHVHNLQGVRISUREOHPVDUHNHSWWRDPLQLPXP
2QHIDPRXVPDUNHWLQJJXUXVDLGWKDWKDOIKLVWLPHZDVVSHQWpFKDQJLQJGLDSHUVqIRUWKHSHRSOHZKRVXSSRVHGO\ZHUHWKHUHWRKHOSKLP
3HRSOHSUREOHPVRUDWWLWXGHSUREOHPVFDQEHFRPHDFRQVWDQWKHDGDFKHLQRUJDQL]DWLRQVWKDWGRQoWKDYHJRRG+5GHSDUWPHQWV
7KHUVWWKLQJWKDW+5PXVWGRLVWRKHOSHDFKGHSDUWPHQWGHQHLWVSHUVRQQHOQHHGVDVFOHDUO\DVSRVVLEOH
7KHVHFRQGHOHPHQWLVJRRGUHFUXLWPHQW7KLVUHGXFHVWKHLQFLGHQFHVRIEDGDWWLWXGHVRUSHRSOHZKRODWHUFDXVHVXUSULVHVDQGSUREOHPV
7KHWKLUGHOHPHQWLVJRRGLQLWLDORULHQWDWLRQWRWKHFRPSDQ\DQGLWVSHRSOH7KLVPDNHVWKHQHZSHUVRQIHHOZHOFRPHGDQGDFFHSWHG

6HFUHWDULDODQGDGPLQLVWUDWLRQ 
6FUHHQLQJFDOOVLVDQLPSRUWDQWDFWLYLW\RID3$,IWKHPDQDJHULVZHOONQRZQRULQXHQWLDOPDQ\SHRSOHZDQWWRPDNHFRQWDFW
$FRPPRQWDFWLFXVHGE\3$oVLVVLPSO\WRVWDWHWKDWWKHERVVLVQRWLQHYHQLIWKLVLVQRWWUXHDVNLQJWKDWWKHFDOOHUOHDYHDPHVVDJH
,IWKHVHFUHWDU\VD\VpPD\,DVNZKRoVFDOOLQJ"qVRPHFDOOHUVZLOOIHHOXQFRPIRUWDEOHDERXWOHDYLQJWKHLUQDPH
,IWKHVHFUHWDU\VD\VpPD\,WDNHDPHVVDJH"qWKHQWKHFDOOHUIHHOVIUHHWROHDYHDQDPHRUVLPSO\WRVD\WKDWWKH\ZLOOFDOOEDFNODWHU
$QDGPLQLVWUDWLYHDVVLVWDQWJURZVWRNQRZZKRDQGZKDWLVLPSRUWDQWIRUWKHERVVDQGZKRDQGZKDWLVQRW
+RZHYHUWKHDVVLVWDQWVKRXOGQHYHUWDNHIRUJUDQWHGWKDWWKHERVVZLOOZDQWWRGRWKLVRUWKDW6KHPXVWFRQVXOWDWDOOWLPHV
,I\RXDVNDYHWHUDQWRSPDQDJHUZKDWWKHPRVWLPSRUWDQWHOHPHQWLVLQDJRRG3$KHRUVKHZLOOVD\RQHZRUGFRQGHQWLDOLW\
0DQ\VHFUHWDULHVKDYHEHHQFKRVHQRYHUDSSDUHQWO\EHWWHUTXDOLHGFDQGLGDWHVVLPSO\EHFDXVHWKH\VHHPHGPRUHSUXGHQWDQGGLVFUHHW
7KHEHVW3$oVDUHDOZD\VWKRVHZKRDQWLFLSDWHWKHERVVoVQHHGVDQGWDNHFDUHRIWKHPEHIRUHWKH\DUHDVNHGWRGRVR
0DQDJHUVDUHDOZD\VYHU\SOHDVDQWO\VXUSULVHGZKHQDPDWWHUWKH\PHQWLRQKDVDOUHDG\EHHQWDNHQFDUHRI
$IRXUWKZRUGXVHGIRUWKLVIXQFWLRQDIWHUVHFUHWDU\DGPLQLVWUDWLYHDVVLVWDQFHDQG3$LVH[HFXWLYHDVVLVWDQW
7KLVUHIHUVWRVHFUHWDULHVZKRSURYLGHVXSSRUWIRUDFRUSRUDWHRIFHURUFKLHIH[HFXWLYHZKRVHGHFLVLRQVDUHFUXFLDOWRWKHRUJDQL]DWLRQ
7KHH[HFXWLYHDVVLVWDQWSHUIRUPVWKHQRUPDOIXQFWLRQVRIDVHFUHWDU\RU3$EXWDOVRDFWVDVWKHpJDWHNHHSHUqLQWKHH[HFXWLYHoVVFKHGXOH
7KHEHVWVHFUHWDULHVFDQGHPRQVWUDWHWRWDOPDVWHU\RIPDQ\GLIIHUHQWVNLOOVQRWRQO\OLQJW\SLQJVFUHHQLQJDQGRUJDQL]LQJ
7KH\NQRZKRZWRRSHUDWHRIFHHTXLSPHQWDQGVRIWZDUH7KH\NQRZKRZWRFRPSRVHHGLWDQGSUHSDUHURXWLQHFRUUHVSRQGHQFH




/RZ%HJLQQHU

+LJK%HJLQQHU

(VVWDRWUDOLVWD" ,VWKLVDQRWKHUOLVW"
6HVRWUDOLVWD <HVLWoVDQRWKHUOLVW
'QGHHVWQPLVRWURVDPLJRV":KHUHDUHP\RWKHUIULHQGV"
4XLQHVHVDRWUDPXMHUTXH :KRLVWKDWRWKHUZRPDQZKR
HVWFRQO"
LVZLWKKLP"
'QGHHVWQORVRWURV" :KHUHDUHWKHRWKHUV"

0HHQFDQWDODPVLFD ,ORYHPXVLF
&PRVHOODPDODPVLFDTXH :KDWoVWKHQDPHRIWKHPXVLF
\RXoUHOLVWHQLQJWR"
HVWVHVFXFKDQGR"
/DVPXMHUHVHVSDRODVVRQ 6SDQLVKZRPHQDUHSUHWW\
JXDSDV
/DVPXMHUHVGHODHVWDGH 7KHZRPHQDWODVWQLJKWoV
SDUW\ZHUHXJO\
DQRFKHHUDQIHDV
(ODPRUHVORQLFRTXH /RYHLVWKHRQO\WKLQJ\RX
QHHG
QHFHVLWDV

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

/DVYHQWDVHVWQFD\HQGR 6DOHVDUHIDOOLQJ
(VWDPRVJDVWDQGRGHPDVLDGR :HoUHVSHQGLQJWRRPXFK

PRQH\
GLQHUR
3RUTXQRHVWLVDKRUUDQGR :K\DUHQoW\RXVDYLQJPRUH
PRQH\"
PVGLQHUR"
&XQWRJDQDVWHHODRSDVDGR" +RZPXFKGLG\RXHDUQODVW
\HDU"
&XQWRWHGLHURQSRUHOFXDGUR" +RZPXFKGLGWKH\JLYH\RX
IRUWKHSDLQWLQJ"

+HPRVGHMDGRODYHQWDQD :HoYHOHIWWKHZLQGRZRSHQ
DELHUWD
1RVGHMDURQJDQDU 7KH\OHWXVZLQ
0LVSDGUHVQRPHGHMDQVDOLU 0\SDUHQWVGRQoWOHWPHJRRXW
GUHVVHGOLNHWKDW
YHVWLGDDV
0HGHMDVXWLOL]DUWXWHOIRQR" :LOO\RXOHWPHXVH\RXUSKRQH"
0HGHMDVWXEROLXQVHJXQGR" &DQ\RXJLYHPH\RXUSHQD
VHFRQG"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XDVSHFWRWLHQHWXKHUPDQR" :KDWGRHV\RXUEURWKHUORRN
OLNH"
+XHOHDSHUIXPHEDUDWR ,WVPHOOVOLNHFKHDSSHUIXPH
6XHQDFRPRVLHVWXYLHUDD ,WVRXQGVDVLILWZHUHJRLQJWR
SXQWRGHURPSHUVH
EUHDN
7LHQHXQWDFWRSDUHFLGRDO ,WIHHOVOLNHFRWWRQ

DOJRGQ
6DEHDFHEROOD ,WWDVWHVOLNHRQLRQ

6HKDQYLVWR\D" +DYHWKH\VHHQHDFKRWKHU\HW"
6HHQYLDUQPDDQDDSULPHUD 7KH\oOOEHVHQWUVWWKLQJ
KRUD
WRPRUURZPRUQLQJ
6HKDQGLFKRPXFKDVWRQWHUDV $ORWRIVLOO\WKLQJVKDYHEHHQ
OWLPDPHQWH
VDLGODWHO\
&XQGRVHYDDODQ]DUHO :KHQLVWKHURFNHWJRLQJWREH
FRKHWH"
ODXQFKHG"
3RUTXVHKDDSOD]DGROD :K\KDVWKHPHHWLQJEHHQSXW
UHXQLQKDVWDHOPDUWHV"
EDFNWLOO7XHVGD\"

,QER[ %DQGHMDGHHQWUDGD

2XWER[ %DQGDGHVDOLGD
6HQW,WHPV (OHPHQWRVHQYLDGRV
'HOHWHG,WHPV (OHPHQWRVHOLPLQDGRV
'UDIWV %RUUDGRUHV

9RFDEXODULR(PDLO &RUUHRHOHFWUQLFR
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

&UHTXHWHLEDQDHFKDUDOD ,WKRXJKWWKH\ZHUHJRLQJWR
VDFN\RX
FDOOH
7XYHXQDVJXDUGDGRHQOD ,KDGDQDFHXSP\VOHHYH

PDQJD
/RJUFKDQWDMHDUDOMHIH ,PDQDJHGWREODFNPDLOWKH
QDFLRQDOGHYHQWDV
QDWLRQDOVDOHVERVV
(VWRQRWHORYDQDFRQVHQWLU <RXZRQoWJHWDZD\ZLWKLW
|4XPRUURWLHQHV :KDWDQHUYH\RXoYHJRW

/DSXOJDSXHGHVDOWDUYHFHV 7KHHDFDQMXPSWLPHVLWV

ODORQJLWXGGHVXFXHUSR
ERG\OHQJWK
(VFRPRVLXQKRPEUHVDOWDUD ,WoVDVLIDPDQMXPSHGWKH
HOODUJRGHXQFDPSRGHIWERO OHQJWKRIDIRRWEDOOSLWFK
/DJHQWHGLHVWUDYLYHXQ 5LJKWKDQGHGSHRSOHOLYHRQ
SURPHGLRGHQXHYHDRV
DYHUDJHQLQH\HDUVORQJHUWKDQ
PVTXHORV]XUGRV
OHIWKDQGHGSHRSOH
7HHVWR\WRPDQGRHOSHOR ,oPKDYLQJ\RXRQ
$FDERGHLQYHQWUPHOR ,MXVWPDGHWKDWXS



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpLQq 
9RFDEXODU\
+RZPXFKWLPHGLG\RXSXWLQ
&XQWRWLHPSRKDVLQYHUWLGR"

,oPJRLQJWRULQJLQVLFN
9R\DOODPDUSDUDGHFLUTXHHVWR\PDOLWR

+DYH\RXVHQWLQ\RXUDSSOLFDWLRQ"
+DVHQYLDGRWXVROLFLWXG"

7KH\VHQWLQWURRSVWRUHVWRUHRUGHU
(QYLDURQWURSDVSDUDUHVWDXUDUHORUGHQ

:HVKXWWKHPLQIRUWZRGD\V
$IHHOLQJRISHVVLPLVPVHWLQ
/HVHQFODXVWUDPRVGXUDQWHGRVGDV 6HH[WHQGLXQDVHQVDFLQGHSHVLPLVPR

2SHUDWLRQV 

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
&UHHVTXHXQSURGXFWRQXHYRGDUXQ
HPSXMQDODVYHQWDV"
/DVSUHYLVLRQHVQRIXHURQQDGDSUHFLVDV
(VHPRGHORIXHUHWLUDGRSURJUHVLYDPHQWH
KDFHDRV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

,I\RXORRNDWDSKRWRJUDSKRIWKHVWUHHWVRI1HZ<RUNLQWKHUHZHUHQoWPDQ\FDUVRQWKHVWUHHW
,I\RXORRNDWWKHVDPHSKRWRJUDSKWDNHQLQWKHUHDUHWUDIFMDPVHYHU\ZKHUH7KLVLVWKDQNVDOPRVWH[FOXVLYHO\WR+HQU\)RUG
+HZDVWKHUVWSHUVRQWRDSSO\LQQRYDWLRQWRWKHPDQXIDFWXULQJWDVNORRNLQJIRUSURGXFWLRQHIFLHQFLHVLQHYHU\VLQJOHRSHUDWLRQ
7KHJUHDWQRYHOLVWDQGWKLQNHU$OGRXV+X[OH\LQKLVQRYHOp$%UDYH1HZ:RUOGqQDPHG+HQU\)RUGDVRXUPRGHUQ&KULVW
+HQU\)RUGLVWKHIDWKHURILQGXVWULDOHQJLQHHUV7KHPRWWRpWKHUHLVDOZD\VDEHWWHUZD\qZDVFRLQHGIROORZLQJKLVH[DPSOH
,QGXVWULDOHQJLQHHUVDQGPDQXIDFWXULQJH[SHUWVDUHDOZD\VORRNLQJIRUZD\VWRVTXHH]HSURGXFWLYLW\RXWRIHPSOR\HHVDQGSURFHVVHV
7KHUHDUHPDQ\HOHPHQWVWKDWJRLQWRWKHQDOFRVWRIDSURGXFW7KHUVWFRVWLWHPLVXVXDOO\WKHUDZPDWHULDOV
7KHVHFRQGFRVWLWHPLVWKHWUDQVSRUWDWLRQRIWKHUDZPDWHULDOVWRWKHSODFHRIWUDQVIRUPDWLRQLQWRQLVKHGSURGXFWV
7KHWKLUGFRVWLWHPLVWKHDFWXDOPDFKLQLQJDQGDVVHPEO\RIWKHSURGXFWWKDWLVWKHWUDQVIRUPDWLRQFRVWV
$IRXUWKFRVWLWHPLVWKHFRVWLQFXUUHGLQWUDQVSRUWLQJWKHSURGXFWWRWKHQDOFXVWRPHUZKHWKHULWLVDPLGGOHPDQRUDQDOXVHU
7KHIWKFRVWLWHPLVWKHVHOOLQJFRVWZKLFKPHDQVWKHFRVWLQFXUUHGLQFRPPLVVLRQVDQGLQFHQWLYHVQHFHVVDU\WRDFKLHYHWKHVDOH
7KHVL[WKFRVWLWHPLVWKHQDQFLDOFRVWWKURXJKRXWWKHHQWLUHSURFHVV7KLVFRVWLVRIWHQFDOOHGWKHFDUU\LQJFRVW
7KLVQDQFLDOFRVWLVWKHPRQH\SDLGRXWIURPWKHEHJLQQLQJDQGQRWUHFRYHUHGXQWLOWKHQDOSURGXFWLVVROGDQGWKHSULFHFROOHFWHG
,WoVFRPPRQWRKHDUFRPSDQLHVFRPSODLQDERXWKRZPXFKPRQH\LVpWLHGXSqLQLQYHQWRU\DQGWKHFROOHFWLRQSHULRG
,QGXVWULDOHQJLQHHUVDQGPDQXIDFWXULQJH[SHUWVDUHDOZD\VORRNLQJIRUZD\VWRVWUHDPOLQHWKHHQWLUHSURFHVVDQGPDNHLWPRUHHIFLHQW

,QIRUPDWLRQWHFKQRORJ\ 
7KURXJKWKH,7GHSDUWPHQWWKH&,2RUFKLHILQIRUPDWLRQRIFHUZRUNVFORVHO\ZLWKDOPRVWHYHU\IXQFWLRQDOPDQDJHULQWKHFRPSDQ\
7KH,7GHSDUWPHQWKHOSVSXUFKDVLQJDQGTXDOLW\FRQWUROE\GHVLJQLQJFRPSXWHUDSSOLFDWLRQVWRVWUHDPOLQHLQFRPLQJLQVSHFWLRQ
7KH\KHOSWKHSURGXFWLRQFRQWURODUHDE\GHVLJQLQJDSSOLFDWLRQVWRPRQLWRUWKHRZRISDUWVDQGPDWHULDOVWKURXJKRXWWKHSURFHVV
7KH\KHOSWKHVFKHGXOLQJDUHDE\GHVLJQLQJDSSOLFDWLRQVWRVWXG\WKHEHVWSURFHVVRZDQGWRIRUHFDVWSRWHQWLDOERWWOHQHFNV
7KH\KHOSSURFHVVHQJLQHHULQJE\VHUYLFLQJWKHQXPHULFDOFRQWUROV\VWHPVWKDWDXWRPDWLFDOO\PDFKLQHSDUWVDQGFRPSRQHQWV
7KH\KHOSLQGXVWULDOHQJLQHHULQJE\GHVLJQLQJDSSOLFDWLRQVWRPHDVXUHKXPDQSHUIRUPDQFHDQGPDQDJHWKHPRQHWDU\LQFHQWLYHV\VWHP
7KH\KHOSWKHSK\VLFDOGLVWULEXWLRQDUHDE\GHVLJQLQJDSSOLFDWLRQVWRFRRUGLQDWHDQGUDWLRQDOL]HSURGXFWVKLSPHQWVWRFXVWRPHUV
7KH\KHOSWKHVDOHVGHSDUWPHQWE\GHVLJQLQJDSSOLFDWLRQVWRPRQLWRUWKHVDOHVDFWLYLW\DQGPDQDJHWKHVDOHVLQFHQWLYHV\VWHP
7KH\KHOSWKHDFFRXQWLQJGHSDUWPHQWE\GHVLJQLQJDSSOLFDWLRQVWRVSHHGXSLQIRUPDWLRQUHWULHYDODQGWKHERRNNHHSLQJSURFHVV
7KH\KHOSWKHWRSPDQDJHPHQWE\SURYLGLQJWLPHO\UHSRUWVRQWKHRYHUDOOSHUIRUPDQFHLQGLFDWRUVRIWKHFRPSDQ\
7KDQNVWR,7DSSOLFDWLRQVWKHWRSPDQDJHPHQWXVXDOO\NQRZVWKHVDOHVSHUIRUPDQFHRQDGDLO\EDVLV
7KDQNVWR,7DSSOLFDWLRQVWKHWRSPDQDJHPHQWXVXDOO\UHFHLYHVLQIRUPDWLRQLQWLPHWRDFWGHFLVLYHO\ZKHQSUREOHPVDULVH
7KDQNVWR,7DSSOLFDWLRQVWKHFRPSDQ\FDQSURYLGHDFFXUDWHLQIRUPDWLRQWRVKDUHKROGHUVQDQFLDOLQVWLWXWLRQVDQGSXEOLFHQWLWLHV
$FRPSDQ\ZLWKDQH[FHOOHQW,7GHSDUWPHQWLVDFRPSDQ\ZHOOSRVLWLRQHGWREHFRPHDOHDGHULQLWVLQGXVWU\
0RVWRIWKHDFWLYLWLHVGHVFULEHGDERYHIRUDPDQXIDFWXULQJFRPSDQ\DUHHTXDOO\DSSOLFDEOHWRWKHSURFHVVHVLQDVHUYLFHFRPSDQ\

/DZDQGOHJDOFRXQVHO 
,QD8.FRPSDQ\VXEMHFWWRFRPPRQODZJHQHUDOSDUWQHUVDUHSHUVRQDOO\OLDEOHIRUWKHFRPSDQ\GHEWV
,IWKHFRPSDQ\JRHVEDQNUXSWWKHFUHGLWRUVFDQJRQRWRQO\DJDLQVWWKHFRPSDQ\oVDVVHWVEXWDJDLQVWWKHRZQHUVoDVVHWVDVZHOO
7KHDGMHFWLYHpOLDEOHqLVWKHWHUPHGXVHGLQ(QJOLVKWRUHIHUWROHJDORUFLYLOUHVSRQVLELOLW\7KHQRXQLVpOLDELOLW\q
,QDFFRXQWLQJDOLDELOLW\LVDQREOLJDWLRQWKDWDFRPSDQ\DVVXPHVWKURXJKSDVWWUDQVDFWLRQV,WLQYROYHVDIXWXUHSURPLVHRISD\PHQW
,QWKHOHJDOZRUOGDOLDELOLW\LVDQREOLJDWLRQWRSD\FRPSHQVDWLRQRUGDPDJHVDULVLQJIURPDFLYLORUFULPLQDOODZVXLW
,QFRPPHUFLDOODZOLPLWHGOLDELOLW\LVDIRUPRIEXVLQHVVRZQHUVKLSZKHUHWKHRZQHUVDUHRQO\OLDEOHIRUWKHPRQH\WKH\KDYHLQYHVWHG
,IWKHFRPSDQ\JRHVEDQNUXSWWKHRZQHUVoSHUVRQDOSURSHUW\DQGEHORQJLQJVFDQQRWEHWRXFKHGE\WKHFRXUWVRUE\FUHGLWRUV
,QFDULQVXUDQFHOLDELOLW\UHIHUVWRWKHW\SHRIPDQGDWRU\LQVXUDQFHWKDWGULYHUVPXVWNHHSLQFDVHWKH\LQMXUHRUGDPDJHWKLUGSDUWLHV
,QWKH86FRUSRUDWHGLUHFWRUVDQGRIFHVRIWHQKDYHLQVXUDQFHWRSURWHFWWKHPDJDLQVWSRVVLEOHODZVXLWVDULVLQJIURPFRUSRUDWHOLDELOLW\
7KHLUSHUVRQDODVVHWVDUHSURWHFWHGIRUH[DPSOHLIWKHFRPSDQ\VXIIHUVDQDFFLGHQWWKDWUHTXLUHVPLOOLRQVRIHXURVLQLQGHPQL]DWLRQ
$FRUSRUDWHGLUHFWRULVDPHPEHURIWKHERDUGRIGLUHFWRUV$FRUSRUDWHRIFHULVDSHUVRQLQYROYHGLQPDQDJLQJWKHFRUSRUDWLRQ
:KLOHPRVWFRUSRUDWHGLUHFWRUVDUHQRWHPSOR\HHVRIWKHFRUSRUDWLRQDOOFRUSRUDWHRIFHUVDUHHPSOR\HHVRQWKHFRPSDQ\oVSD\UROO
7KHWHUPpFRUSRUDWLRQqLQWKH86LVWKHHTXLYDOHQWRIWKHpSXEOLFOLPLWHGFRPSDQ\qLQWKH8.RUWKH$*LQ*HUPDQ\
7KHPRVWLPSRUWDQWOHJDOSHUVRQLQDFRPSDQ\LVWKH&/2RUFKLHIOHJDORIFHU$QRWKHUWHUPLVJHQHUDOFRXQVHO
,QYHU\ODUJHFRPSDQLHVWKDWKDYHPDQ\ODZ\HUVDQGVHYHUDOGLIIHUHQWOHJDOGHSDUWPHQWVWKHWRSH[HFXWLYHLVXVXDOO\FDOOHGWKH&/2 


/RZ%HJLQQHU

+LJK%HJLQQHU

(VWHOSHUURGHWUVGHP",VWKHGRJEHKLQGPH"
(OPXVHRHVWGHODQWHGHWL7KHPXVHXPLVLQIURQWRI\RX
/DFRFLQDHVWDOODGRGHO7KHNLWFKHQLVQH[WWRKLP
1RHVSDUDHOODHVSDUDHOORV,WoVQRWIRUKHULWoVIRUWKHP
(VWQHQIUHQWHGHQRVRWURV"$UHWKH\RSSRVLWHXV"

/DPXMHUGHOMHIHHVWPX\7KHERVVoZLIHLVYHU\VLFN
HQIHUPD
1RHVWQOLVWRVORVLQIRUPHV" $UHQoWWKHUHSRUWVUHDG\"
1RHVWQLQWHUHVDGRVHQ$UHQoWWKH\LQWHUHVWHGLQ
DSUHQGHULQJOV"
OHDUQLQJ(QJOLVK"
1RHVWHOODFDVDGDFRQWX,VQoWVKHPDUULHGWR\RXU
PGLFR"
GRFWRU"
1RHVWHVWRFRQWUDODVUHJODV" ,VQoWWKLVDJDLQVWWKHUXOHV"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(VWQOORUDQGRSRUTXHWLHQHQ7KH\oUHFU\LQJEHFDXVHWKH\oUH
KDPEUH
KXQJU\
(OODVHHVWTXLWDQGRODURSD6KHoVWDNLQJKHUFORWKHVRII
SRUTXHWLHQHFDORU
EHFDXVHVKHoVKRW
OVHHVWSRQLHQGRORVJXDQWHV+HoVSXWWLQJKLVJORYHVRQ
SRUTXHWLHQHIUR
EHFDXVHKHoVFROG
'XHUPHFRQODOX]HQFHQGLGD6KHVOHHSVZLWKWKHOLJKWRQ
SRUTXHWLHQHPLHGR
EHFDXVHVKHoVDIUDLG
1ROHJXVWDDQGDUSRUTXHWLHQH+HGRHVQoWOLNHZDONLQJ
DRV
EHFDXVHKHoV\HDUVROG

1RWHQJRPLSURSLRFRFKH ,GRQoWKDYHP\RZQFDU
7LHQHPXFKDVSURSLHGDGHVHQHO+HRZQVDORWRISURSHUW\LQ
VXU
WKHVRXWK
6RLVGXHRVGHYXHVWUDFDVD" 'R\RXRZQ\RXUKRXVH"
&XQWRRVGHER" +RZPXFKGR,RZH\RX"
/HGHER DO XQIDYRU ,RZHKLPDIDYRXU

/LJKW )RFR

3UHVHQWHU 3UHVHQWDGRU

&DPHUD /DFPDUD

&DPHUDPDQ (OFPDUD

6HW 3ODW

9RFDEXODULR7HOHYLVLRQ6WXGLR (VWXGLRGHWHOHYLVLRQ
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

3RUTXTXLHUHVTXHVXVXUUH":K\GR\RXZDQWPHWRZKLVSHU"
&XQWRWLHPSRTXLHUHVTXHPH+RZORQJGR\RXZDQWPHWR
TXHGHDOO"
VWD\WKHUHIRU"
&RQTXIUHFXHQFLDTXLHUHVTXH+RZRIWHQGR\RXZDQWXVWR
UHFHPRV"
SUD\"
&XOTXLHUHVTXHPHSUXHEH":KLFKRQHGR\RXZDQWPHWR
WU\RQ"
3RUTXQHFHVLWDHOODTXHEDUUD:K\GRHVVKHQHHGPHWR
\RHOVXHORHQWHUR"
VZHHSWKHZKROHRRU"

(VWDVLWXDFLQVHKDFRQYHUWLGR 7KLVVLWXDWLRQKDVWXUQHGLQWRD
HQXQFDOOHMQVLQVDOLGD
GHDGHQGVWUHHW
1RYDPRVDQLQJXQDSDUWH :HoUHQRWJHWWLQJDQ\ZKHUH
1RYDPRVDWLUDUODWRDOOD :HoUHQRWJRLQJWRWKURZWKH
WRZHOLQ
1RSRGHPRVUHQGLUQRVDKRUD :HFDQoWJLYHXSQRZ
1RWLHQHQLQJQVHQWLGR ,WGRHVQoWPDNHDQ\VHQVH

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

0VYDOHTXHPHKDJDVFDVR<RXoGEHWWHUSD\DWWHQWLRQWRPH
0VYDOHTXHORFRQVXOWHVFRQOD<RXoGEHWWHUVOHHSRQLW
DOPRKDGD
6HYDQDDSURYHFKDUGHWL7KH\oUHJRLQJWRWDNHDGYDQWDJH
RI\RX
1LVLTXLHUDPHOODPDVWHSDUD<RXGLGQoWHYHQFDOOPHWROHW
DYLVDUPH
PHNQRZ
$QQRVTXHGDWLHPSRSDUD7KHUHoVVWLOOWLPHOHIWIRUXVWR
DUUHJODUOR
[LW


6HWHFDHODEDEDFXDQGRKDEODV<RXVWDUWWRGURROZKHQ\RX
FRQHOOD
WDONWRKHU
0LUDFRPRKHPRVGDGRODYXHOWD/RRNKRZZHoYHWXUQHGWKH
DODWRUWLOOD
WDEOHV
OQRSLFFXDQGRLQWHQWDPRV+HGLGQoWWDNHWKHEDLWZKHQ
VRERUQDUOH
ZHWULHGWREULEHKLP
9ROYHPRVDHPSH]DUGHVGHFHUR/HWoVVWDUWIURPVFUDWFKDJDLQ
0HKHTXHGDGRHQEODQFR0\PLQGoVJRQHEODQN

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpLQq 
,QJOVDOWHOIRQR
&DQ,VLWLQRQWKHFODVV"
3XHGRHVWDUHQODFODVHGHR\HQWH"

+HVWROHLQWRWKHURRP
(QWUVLJLORVDPHQWHHQODKDELWDFLQ

,oPJRLQJWRVOHHSLQWRPRUURZ
9R\DGRUPLUKDVWDWDUGHPDDQD

:HWRRNKLPLQ
/HGLPRVWHFKR\FRPLGD

,oOOVWDQGLQIRU\RX
<RWHVXVWLWXLUKDVWDTXHYXHOYDV

,WZDVWRRPXFKIRUPHWRWDNHLQ
1RSXGHDVLPLODUWRGRORTXHYHD

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
%XHQRVGDV6R\3HWHUGHODHPSUHVD$&%
3XHGRKDEODUFRQHOGLUHFWRU"
6LVR\HOGLUHFWRU7RP6SULJJV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

(QWUHSUHQHXUVKLS 
,QWKH86SHUFHQWRIDOOQHZEXVLQHVVVWDUWXSVIDLOZLWKLQWKHUVWYH\HDUVRIWKHLUOLIH
7KHPRVWFRPPRQUHDVRQIRUWKHIDLOXUHRIWKHVHFRPSDQLHVDFFRUGLQJWRPRVWH[SHUWVLVLQFRPSHWHQFHRQWKHSDUWRIWKHHQWUHSUHQHXU
6RPHSHRSOHVWDUWDEXVLQHVVIRUWKHZURQJUHDVRQV7KH\GRLWWRKDYHPRUHIUHHGRPPRUHWLPHIRUWKHIDPLO\RUWRPDNHPRUHPRQH\
3HRSOHZKRVXFFHHGXVXDOO\KDYHDSDVVLRQRUORYHIRUZKDWWKH\oUHGRLQJDQGEHOLHYHVWURQJO\LQWKHLUSURGXFWDQGLQWKHPDUNHW
6XFFHVVIXOHQWUHSUHQHXUVDUHSK\VLFDOO\DQGPHQWDOO\W7KH\KDYHWKHPHQWDOVWDPLQDWRZLWKVWDQGFKDOOHQJHV
6XFFHVVIXOHQWUHSUHQHXUVKDYHGULYHGHWHUPLQDWLRQSDWLHQFHDQGDSRVLWLYHDWWLWXGH7KH\GRQoWWKURZLQWKHWRZHOHDVLO\
7KH\OHDUQIURPWKHLUPLVWDNHVDQGXVHWKHOHVVRQVOHDUQHGWRVXFFHHGWKHQH[WWLPH7KH\EXLOGRQHDUOLHUIDLOXUHV
7KH\HQMR\LQGHSHQGHQFHDQGWDNHFKDUJHZKHQDFUHDWLYHRULQWHOOLJHQWVROXWLRQLVQHFHVVDU\HVSHFLDOO\ZKHQWKHUHDUHWLPHFRQVWUDLQWV
7KH\DUHKRQHVWWKH\OLNHSHRSOHDQGHQMR\GHDOLQJZLWKRWKHUV7KH\JHWDORQJZLWKDOOGLIIHUHQWW\SHVRILQGLYLGXDOV
3RRUPDQDJHPHQWLVRIWHQWKHPDLQUHDVRQIRUEXVLQHVVIDLOXUH0DQ\HQWUHSUHQHXUVODFNEXVLQHVVDQGPDQDJHPHQWH[SHUWLVH
7KH\oYHVHOGRPZRUNHGLQQDQFHSXUFKDVLQJVHOOLQJSURGXFWLRQRUKLULQJDQGPDQDJLQJHPSOR\HHV
,IHQWUHSUHQHXUVGRQoWUHFRJQL]HZKDWWKH\GRQoWGRZHOODQGVHHNKHOSWKH\FDQVRRQUXQLQWRGLVDVWHU
$QRWKHULPSRUWDQWUHDVRQIRUEXVLQHVVIDLOXUHLVVLPSO\QHJOHFW%XVLQHVVHVUHTXLUHVWXG\RUJDQL]DWLRQSODQQLQJDQGFRQWURO
6XFFHVVIXOHQWUHSUHQHXUVDUHRIWHQJRRGOHDGHUVZKRFUHDWHZRUNFOLPDWHVWKDWHQFRXUDJHSURGXFWLYLW\7KH\KLUHWUDLQDQGGHOHJDWH
7KH\DUHQDWXUDOVWUDWHJLFWKLQNHUVDEOHWRWXUQDYLVLRQLQWRUHDOLW\7KH\DUHH[LEOHDQGDEOHWRFKDQJHLQGLIIHUHQWFLUFXPVWDQFHV

5HVHDUFKDQGGHYHORSPHQW 
6LQFHWKHVXFFHVVRI7KRPDV(GLVRQODUJHRUJDQL]DWLRQVKDYHOHDUQHGWRSURPRWHDQGFKDQQHOUHVHDUFKDQGGHYHORSPHQW
0DQDJLQJ5 'UHTXLUHVLQWHJUDWLQJWKHHIIRUWVRIPDQ\SHRSOH$Q5 'PDQDJHUPXVWSURYLGHRUGHUSXUSRVHDQGIRUHVLJKW
:KHQWDONLQJDERXW5 'ZHXVXDOO\KHDUWKUHHWHUPVEDVLFUHVHDUFKDSSOLHGUHVHDUFKDQGGHYHORSPHQW
,QEDVLFUHVHDUFKWKHPDLQPRWLYDWLRQLVWRH[SDQGRXUNQRZOHGJHQRWWRFUHDWHRULQYHQWVRPHWKLQJ7KHUHLVQRFRPPHUFLDOYDOXH
([DPSOHVRIEDVLFUHVHDUFKDUHWKHDWWHPSWWROHDUQKRZWKHXQLYHUVHEHJDQRUZKDWDQDWRPLVPDGHRI
0RVWVFLHQWLVWVEHOLHYHWKDWDEDVLFXQGHUVWDQGLQJRIDOOEUDQFKHVRIVFLHQFHLVQHFHVVDU\IRUSURJUHVVWRWDNHSODFH
7KH\EHOLHYHWKDWEDVLFUHVHDUFKOD\VWKHIRXQGDWLRQIRUWKHDSSOLHGVFLHQFHWKDWIROORZV,WJHQHUDWHVDSSOLHGUHVXOWV
$SSOLHGUHVHDUFKH[LVWVWRVROYHSUDFWLFDOSUREOHPVRIWKHPRGHUQZRUOGUDWKHUWKDQWRJDLQNQRZOHGJHIRUNQRZOHGJHoVVDNH
([DPSOHVRIDSSOLHGUHVHDUFKDUHLPSURYHPHQWVLQFURSSURGXFWLRQWKHFXUHRIGLVHDVHVRUWKHLPSURYHPHQWRIKHDWLQJHIFLHQF\
6RPHVFLHQWLVWVEHOLHYHWKDWEDVLFUHVHDUFKLVQRWSURGXFLQJHQRXJKUHVXOWVDQGDUHLQIDYRXURIDSSOLHGVFLHQFH
,QGXVWULDODQGWHFKQRORJLFDOFRPSDQLHVSHUIRUPYHU\OLWWOHEDVLFUHVHDUFKQRZDGD\V7KHEXVLQHVVZRUOGLVVLPSO\WRRFRPSHWLWLYH
,QFRPSDQLHVFRPPHUFLDOUHVHDUFKHPSKDVL]HVSURMHFWVWKDWUHTXLUHOHVVWKDQ\HDUVWRGHYHORSDQHZSURGXFWRUSURFHVV
0RVWEDVLFUHVHDUFKDQGORQJWHUPDSSOLHGUHVHDUFKDUHGRQHLQXQLYHUVLW\RUJRYHUQPHQWDOODERUDWRULHV
7KH5 'IXQFWLRQLVFULWLFDOIRUPDQ\FRPSDQLHV$ODUJHSKDUPDFHXWLFDOFRPSDQ\FDQHPSOR\PRUHWKDQSHRSOHLQ5 '
7KHVHODUJHVDUPLHVRIVFLHQWLFDQGWHFKQLFDOSHUVRQQHOFRPHIURPDZLGHYDULHW\RIGLVFLSOLQHVDQGJHRJUDSKLFDOORFDWLRQV

7\SLFDORIFHODQJXDJH 
([FXVHPH3HGURGR\RXPLQGLI,WDONWRKLPUVWEHIRUHWKHPHHWLQJ"+HoVQHUYRXVDERXWWKHIDOOLQVDOHV
,oYHEHHQWU\LQJWRJHWWKURXJKWRKLPDOOPRUQLQJ,oOONHHSWU\LQJ,VHQWKLPDQHPDLOODVWQLJKWEXWKHKDVQoWDQVZHUHG
,IZHORZHUWKHSULFHZHoOOEHVHQGLQJWKHZURQJVLJQDOVWRWKHPDUNHW7KH\oOOFRQVLGHUXVMXVWOLNHDOOWKHUHVW
7DNH\RXUWLPHDQGJHWEDFNWRPHZKHQ\RXKDYHWKHQXPEHUV,I\RXQHHGDQ\KHOSWDONWR-XDQ3HD
,GRQoWFDUHZKDWWKH\WKLQN7KH\KDYHQRWKLQJWRJDLQRUORVH:HoUHWDNLQJWKHULVNDQGZHVKRXOGWUXVWRXURZQMXGJPHQW
,oGUDWKHUWKH\QRWNQRZDQ\WKLQJDERXWLWXQWLOLWoVRIFLDO,oPQRWJRLQJWRVD\DZRUGWRDQ\ERG\XQWLOWKHFRQWUDFWLVVLJQHG
:HoUHVWDUWLQJWRQRWLFHDFKDQJHLQSHRSOHoVKDELWV7KH\oUHDVNLQJPRUHTXHVWLRQVDQGDQDO\]LQJHYHU\WKLQJ
'RQoWJHWPHZURQJ,VXSSRUWWKHSURMHFWDVPXFKDV\RXGR,WoVMXVWWKDW,oGOLNHWRKDYHDOLWWOHPRUHLQIRUPDWLRQDERXWLWWKDWoVDOO
:HoUHKDYLQJVRPHWURXEOHQGLQJHQRXJKVSRQVRUVIRUWKHHYHQW:HPD\KDYHWRIRRWPRVWRIWKHELOORXUVHOYHV
,KDYHQoWKHDUGIURPKLP0D\EHZHRIIHQGHGKLP0\HPDLOZDVDELWVWURQJQRZWKDW,UHDGLWDVHFRQGWLPH
6DUDKZLOOEHRQPDWHUQLW\OHDYHVWDUWLQJQH[WZHHNDQGZHVWLOOGRQoWKDYHDQ\RQHWRWDNHRYHUIRUKHU
)RUQRZ,oPIUHHIRUOXQFKDOOQH[WZHHNEXWJHWEDFNWRPHTXLFNO\0\DJHQGDOOVXSSUHWW\IDVW
,FDQoWJXUHRXWZKDWPDNHVWKDWJX\WLFN,oYHQHYHUEHHQDEOHWRUHDGSHRSOHDQGKHoVDP\VWHU\WRPH
2QFHZHJHWWKURXJKWKHKHDY\UHFUXLWLQJSHULRGWKHQZHoOOEHDEOHWRVLWGRZQDQGPDSRXWDVWUDWHJ\IRU5 '
,WoVWDNHQPHORQJHUWKDQ,WKRXJKWWRQLVKDOOWKHVHUHJLRQDOVDOHVPHHWLQJV:HPD\KDYHWRPRYHWKHVWDUWLQJGDWHEDFNDIHZPRQWKV




+LJK%HJLQQHU

/RZ%HJLQQHU
3RUTXHVWDPRVDTXKR\" :K\DUHZHKHUHWRGD\"
&XQWDVSHUVRQDVKD\" +RZPDQ\SHRSOHDUHWKHUH"
&XQWRHVHOYXHOR" +RZPXFKLVWKHLJKW"
&XQWDVOLVWDVKD\HQWRWDO" +RZPDQ\OLVWVDUHWKHUHLQ
WRWDO"
&XQGRHVHOQ" :KHQLVWKHHQG"

+DJRORTXHHOODGLFH ,GRZKDWVKHVD\V
&RPHQGQGHYDHOOD 7KH\HDWZKHUHVKHJRHV
1RVDOLPRVVLOHVWFDQVDGR :HGRQoWJRRXWLIKHoVWLUHG
(OODFRPSUDORTXHOYHQGH 6KHEX\VZKDWKHVHOOV
3RUTXKDFHVORTXHHOOD :K\GR\RXGRZKDWVKH
ZDQWV"
TXLHUH"

0LGGOH,QWHUPHGLDWH

/RZ,QWHUPHGLDWH
+LFHORTXHPHGLMR ,GLGZKDWVKHVDLG
&RPLHURQGRQGHHOODIXH 7KH\DWHZKHUHVKHZHQW
1RVDOLHURQSRUTXHOHVWXYR :HGLGQoWJRRXWEHFDXVHKH

ZDVWLUHG
FDQVDGR
(OODFRPSUORTXHOYHQGL 6KHERXJKWZKDWKHVROG
3RUTXKLFLVWHORTXHHOOD :K\GLG\RXGRZKDWVKH
ZDQWHG"
TXHUD"

&DVLVLHPSUHVHHTXLYRFD +HDOPRVWDOZD\VPDNHVD
PLVWDNHZKHQKHWULHVWRGRLW
FXDQGRORLQWHQWDKDFHU
&DVLVLHPSUHHOODWLHQHUD]Q 6KHoVDOPRVWDOZD\VULJKW
&DVLQXQFDOOHJDQDWLHPSR 7KH\KDUGO\HYHUDUULYHRQWLPH
&DVLQXQFDFUHRXQDSDODEUD ,KDUGO\HYHUEHOLHYHDZRUG
\RXWHOOPH
GHORTXHPHGLFHV
$SHQDVWUDEDMDQ 7KH\KDUGO\ZRUN

0HDWWHQGHUL]HU 0D]RGHFRFLQD

6NHZHU 3LQFKR

.QLIH6KDUSHQHU $ODGRU
&OHDYHU +DFKDGHFRFLQD

&KRSSLQJ%RDUG 7DEODSDUDFRUWDU

9RFDEXODULR.LWFKHQZDUH 8WHQVLOLRVGHFRFLQD

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

/RPVLPSRUWDQWHVRQORV 7KHPRVWLPSRUWDQWWKLQJDUH

HPSOHDGRV
WKHHPSOR\HHV
/RPHMRUGHWXGLVFXUVRIXHHO 7KHEHVWWKLQJDERXW\RXU

QDO
VSHHFKZDVWKHHQG
/RSHRUGH/RQGUHVHVVX 7KHZRUVWWKLQJDERXW/RQGRQ

WUDQVSRUWHSEOLFR
LVLWVSXEOLFWUDQVSRUW
/RPVSUHRFXSDQWHVRQODV 7KHPRVWZRUU\LQJWKLQJDUH
FLIUDVGHYHQWDV
WKHVDOHVJXUHV
'HKHFKRHVORQLFRTXHPH ,QIDFWLWoVWKHRQO\WKLQJWKDW

SUHRFXSD
ZRUULHVPH

'HELGRDOWUFROOHJXWDUGH 'XHWRWKHWUDIF,DUULYHGODWH
'HELGRDTXHQRWHQJRGLQHUR 'XHWRWKHIDFWWKDW,KDYHQR
QRPHLUGHYDFDFLRQHV
PRQH\,ZRQoWJRRQKROLGD\
$SHVDUGHWXPDODOLHQWRWH ,QVSLWHRI\RXUEDGEUHDWK,oOO
GDUXQEHVR
JLYH\RXDNLVV
$SHVDUGHTXHWHTXLHURQR ,QVSLWHRIWKHIDFWWKDW,ORYH
PHYR\DFDVDUFRQWLJR
\RX,oPQRWJRLQJWRPDUU\\RX
'HVFRQWDQGRODEDQGDVRQRUD $SDUWIURPWKHVRXQGWUDFNWKH
ODSHOFXODHVWXYRPX\ELHQ
PRYLHZDVUHDOO\JRRG

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

4XLHURHQVD\DUHOHIHFWRGHXQD ,ZDQWWRWHVWWKHHIIHFWRID
UHGXFFLQGHSUHFLR
SULFHUHGXFWLRQ
0LWDUHDHVUHDOL]DUODUHFRJLGD 0\WDVNLVWRFDUU\RXWGDWD
GHGDWRV
FROOHFWLRQ
$XQTXHQRPHJXVWDWHQHUTXH $OWKRXJK,GRQoWOLNHKDYLQJWR
LQWURGXFLUWRGRVORVGDWRV
LQSXWDOOWKHGDWD
4XWFQLFDVGHSUHYLVLQ :KDWIRUHFDVWLQJWHFKQLTXHV
HPSOHLV"
GR\RXXVH"
(QTXEDVDVWXVSUHYLVLRQHV :KDWGR\RXEDVH\RXUVDOHV
GHYHQWD"
IRUHFDVWVRQ"

|0HSLUR ,oPRII ,oPRXWRIKHUH


|7HODHVWVEXVFDQGRFKDYDOLWR <RXoUHDVNLQJIRULWODGGLH
(VXQFDO]RQD]RV +HoVXQGHUWKHWKXPE
(VWDFRPLGDHVSDUDFKXSDUVH 7KLVIRRGLVQJHUOLFNLQJJRRG
ORVGHGRV
+DVGDGRHQHOFODYR <RXoYHKLWWKHQDLORQWKHKHDG



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpLQq 
3UDFWLFDO(QJOLVK-RE,QWHUYLHZ,
+HWKUHZLQWKHWRZHO
7LUODWRDOOD

+HZDVDOORZHGLQ
6HOHSHUPLWLHQWUDU

+HWKUHZKLVKDWLQWKHULQJ
6HSUHVHQWFRPRFDQGLGDWR

6KHFDOOHGLQVLFN
+DOODPDGRSDUDGHFLUTXHHVWHQIHUPD

,WKUHZLQDQH[WUDSL]]D
,QFOXHQHOSUHFLRXQDSL]]DGHPV

7KH\FDOOHGLQDQH[SHUW
3LGLHURQODSUHVHQFLDGHXQH[SHUWR

%DQNLQJ 

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7XFXUUFXOXPHVLPSUHVLRQDQWH
7HQJRDRVGHH[SHULHQFLDHQHOVHFWRU
QDQFLHUR
&RPRSXHGHVYHUPHKHJUDGXDGRHQHO0%$
FRQPDWUFXODGHKRQRU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

,I\RXDVNIRUDSHUVRQDOORDQWKHEDQNZLOOJLYHLWWR\RXLIWKHEDQNPDQDJHUWUXVWV\RXDQGFDQFRQYLQFHWKHORDQFRPPLWWHH
,IWKHEDQNPDQDJHUGRHVQoWNQRZ\RXZHOO\RXZLOOSUREDEO\KDYHWRRIIHUVRPHNLQGRIJXDUDQWHH
7KHWZRPRVWFRPPRQIRUPVRIJXDUDQWHHDUHFROODWHUDORUDJXDUDQWRU
&ROODWHUDOLVDSK\VLFDOJXDUDQWHHWREDFNXSWKHORDQ<RXUFDURUKRXVHFDQEHFRQVLGHUHGDVFROODWHUDOWREDFNXSDORDQ
:KHQWKHKRXVH\RXEX\LVXVHGDVFROODWHUDOWKHORDQLVFDOOHGDPRUWJDJH
$JXDUDQWRULVDSHUVRQZKRFRVLJQV\RXUORDQ,WLVXVXDOO\DSHUVRQZKRKDVHQRXJKPRQH\WREDFNXS\RXUORDQLI\RXGHIDXOW
:KHQDSHUVRQRUHQWLW\IDLOVWRSD\XSDORDQRUPRUWJDJHWKH\KDYHLQHIIHFWpGHIDXOWHGqRQWKHORDQ
:KHQDSHUVRQRUHQWLW\GHIDXOWVWKHEDQNIRUHFORVHVRQWKHPRUWJDJHDQGVHOOVWKHSURSHUW\DWDSXEOLFDXFWLRQ
:KHQ\RXDVNIRUDPRUWJDJHWKHEDQNVHQGVDQDSSUDLVHUWR\RXUKRXVHWRDSSUDLVHLWVPDUNHWYDOXHRUWRPDNHDQDSSUDLVDO
7KHEDQNLVXVXDOO\FRQVHUYDWLYHDQGOHQGV\RXDQDPRXQWHTXLYDOHQWWREHWZHHQDQGRIWKHDSSUDLVHGYDOXH
7KHWHUPRIWKHORDQRUPRUWJDJHLVWKHQXPEHURI\HDUV\RXKDYHWRSD\EDFNWKHGHEW
0DQ\\HDUVDJRLQ6SDLQPRUWJDJHWHUPVZHUHXVXDOO\WR\HDUV1RZZHVHHDQGHYHQ\HDUPRUWJDJHWHUPV
7KHSHUVRQZKREX\VDKRXVHZLWKDPRUWJDJHKDVWRSD\VRPHXSIURQWFRVWVVXFKDVQRWDU\IHHVDSSUDLVDOIHHVRSHQLQJIHHVDQGPRUH
$QDGGLWLRQDORQJRLQJFRVWZKHQ\RXSXUFKDVHDKRXVHWKURXJKDPRUWJDJHLVWKHOLIHLQVXUDQFHSUHPLXPWKDW\RXPXVWSD\
7KHOLIHLQVXUDQFHSROLF\FRYHUVWKHEDQNoVULVNVLQFDVH\RXGLHRUEHFRPHSHUPDQHQWO\GLVDEOHGGXULQJWKHWHUPRIWKHPRUWJDJH

(FRQRPLFV 
2QHRIWKHPRVWLPSRUWDQWHOHPHQWVLQXQGHUVWDQGLQJPDFURHFRQRPLFVLVWKHODZRIVXSSO\DQGGHPDQG
&RQVXPHUVGHPDQGJRRGVDQGVHUYLFHVDQGVXSSOLHUVSURYLGHFRQVXPHUVZLWKWKHVHJRRGVDQGVHUYLFHV
:KHQVXSSOLHUVDUHQoWSURGXFLQJHQRXJKJRRGVDQGVHUYLFHVWRPHHWFRQVXPHUGHPDQGSULFHVXVXDOO\JRXS
7KLVLVFDOOHGGHPDQGSXOOLQDWLRQEHFDXVHWKHSULFHVDUHULVLQJEHFDXVHWKHGHPDQGLVpSXOOLQJqWKHSULFHVXS
$FRPPRQZD\WRFRQWUROWKLVNLQGRILQDWLRQLVWRLQFUHDVHLPSRUWVHVSHFLDOO\IURPFRXQWULHVZKHUHSURGXFWLRQFRVWVDUHORZ
,QDQRSHQPDUNHWGHPDQGSXOOLQDWLRQLVOHVVFRPPRQEHFDXVHLPSRUWVHQWHUWKHFRXQWU\IUHHRIKLJKWDULIIV
,IDFRXQWU\KDVKLJKWDULIIVRQLPSRUWHGJRRGVRUVHUYLFHVWKHFRXQWU\LVXVXDOO\FRQVLGHUHGWREHSURWHFWLRQLVW
7KLVNLQGRIFRXQWU\ZDQWVWRSURWHFWGRPHVWLFLQGXVWU\ZKLFKRIWHQOHDGVWRLQDWLRQEHFDXVHSULFHFRPSHWLWLRQLVORZ
$FRXQWU\LQZKLFKWDULIIVDUHORZRUQRQH[LVWHQWLVXVXDOO\FDOOHGDIUHHWUDGLQJQDWLRQ,QWKHVHFRXQWULHVSULFHFRPSHWLWLRQLVKLJK
$VLPSOHH[DPSOHRIGHPDQGSXOOLQDWLRQFDQEHDSRSXODUUHVWDXUDQWZKHUHERRNLQJDWDEOHLVEHFRPLQJPRUHDQGPRUHGLIFXOW
3UREDEO\WKHEHVWSROLF\IRUWKHUHVWDXUDQWRZQHULVWRUDLVHSULFHVXQWLOWKHZDLWLQJOLVWLVUHGXFHGWR]HUR
7KHUHVWDXUDQWLQTXHVWLRQKDVDGGHGWRWKHQDWLRQDOLQDWLRQUDWHEXWLWZDVQHFHVVDU\LQRUGHUWRUDWLRQDOL]HWKHKLJKGHPDQG
7KHRSSRVLWHLVZKHQVXSSO\H[FHHGVGHPDQG:KHQWKLVKDSSHQVWKHHFRQRP\XVXDOO\H[SHULHQFHVSULFHVWDELOLW\RUGHDWLRQ
,QWKLVFDVHVXSSOLHUVKDYHDORWRILQYHQWRU\LQWKHLUZDUHKRXVHVRUVKRSVDQGSHRSOHDUHQRWEX\LQJWKHJRRGVRUVHUYLFHVIDVWHQRXJK
:KHQWKLVKDSSHQVVXSSOLHUVORZHUWKHLUSULFHVLQRUGHUWRHQFRXUDJHGHPDQGDQGVHOORIIWKHLUH[FHVVLQYHQWRULHV

0DQXIDFWXULQJ 
6FLHQWLFDQGWHFKQRORJLFDOEUHDNWKURXJKVKDYHKDGDWUHPHQGRXVLPSDFWRQPDQXIDFWXULQJLQWKHSDVW\HDUV
2QFHFRPSXWHUWHFKQRORJ\EHJDQWRSHUPHDWHLQGXVWU\WKHWHUP&$'&$0EHJDQWRDSSHDU
&$'&$0VWDQGVIRUFRPSXWHUDLGHGGHVLJQFRPSXWHUDLGHGPDQXIDFWXULQJ&$'&$0LQWHJUDWHVGHVLJQDQGPDQXIDFWXULQJ
&RPSXWHUDLGHGGHVLJQ &$' UHIHUVWRFRPSXWHUWRROVXVHGWRKHOSHQJLQHHUVLQGHVLJQLQJSURGXFWVPRUHHIFLHQWO\DQGHIIHFWLYHO\
&$'WDNHVDGYDQWDJHRIWKHFDOFXODWLRQVSHHGRIFRPSXWHUSRZHUWRVROYHTXHVWLRQVVXFKDVVWUHVVDQGWKHUPDODQDO\VLV
&$'V\VWHPVDUHHDV\WRXVHFXWGHVLJQWLPHGRZQWRDPLQLPXPDQGRIIHUFORVHWRSHUIHFWQDOGHVLJQV
&RPSXWHUDLGHGPDQXIDFWXULQJ &$0 DOORZVIRUWKHFRQWURORIURERWLFVDQGPDFKLQHWRROVGXULQJWKHPDQXIDFWXUHRIWKHSURGXFWV
$FRPPRQSUREOHPEHIRUH&$'&$0ZDVWKHWHQGHQF\IRUGHVLJQHUVWRGHVLJQSURGXFWVWKDWFRXOGQRWEHPDQXIDFWXUHG
%\LQWHJUDWLQJWKHWZRFRPSXWHUDLGHGV\VWHPVLWoVXQOLNHO\IRUSURGXFWHQJLQHHUVWRZRUNGLVFRQQHFWHGIURPPDQXIDFWXULQJHQJLQHHUV
$&$'&$0V\VWHPLQFUHDVHVSURJUDPPLQJDFFXUDF\FRPSOLDQFHWRGHVLJQSDUDPHWHUVDQGWKHDELOLW\WRPDNHFRQJXUDWLRQFKDQJHV
,QIRUPDWLRQWHFKQRORJ\KDVUDGLFDOO\FKDQJHGPDQXIDFWXULQJDQGWXUQHGLWLQWRDQH[FLWLQJHOGRIDSSOLHGUHVHDUFKDQGGHYHORSPHQW
7KDQNVWRWKHVHQHZWHFKQRORJLHVPDQXIDFWXULQJKDVEHHQWKHPRWRUIRUFHLQWKHLQFUHGLEOHLQFUHDVHVLQSURGXFWLYLW\ZRUOGZLGH
0DQ\FRPSXWHUUHODWHGV\VWHPVKDYHDSSHDUHGVLQFH&$'&$0WKDWDUHEULQJLQJPRUHSURGXFWLYLW\LPSURYHPHQWV
&1&RUFRPSXWHUQXPHULFDOFRQWUROLVEDVLFDOO\DFRPSXWHUWKDWGULYHVWKHELJPDFKLQHWRROVWKDWPDNHSDUWVDQGFRPSRQHQWV
&1&DXWRPDWLRQKDVUHGXFHGWKHIUHTXHQF\RIHUURUVDQGIUHHGXSWKHKXPDQRSHUDWRUWRSHUIRUPDGGLWLRQDOWDVNV



/RZ%HJLQQHU

+LJK%HJLQQHU

VWDHVXQDFDQFLQPDUDYLOORVD 7KLVLVDZRQGHUIXOVRQJ
VDHVXQDLGHDHVWSLGD 7KDWoVDVWXSLGLGHD
VWRVVRQPLVSULPRVJUDFLRVRV 7KHVHDUHP\IXQQ\FRXVLQV
VDVVRQWXVSULPHUDV 7KRVHDUH\RXUUVW

LPSUHVVLRQV
LPSUHVLRQHV
3RUTXHVGLIFLOSDUDWL :K\LVLWGLIFXOWIRU\RXWR

XQGHUVWDQG"
HQWHQGHUOR"

(VWVSHQVDQGRORTXH\RHVWR\ $UH\RXWKLQNLQJZKDW,oP
WKLQNLQJ"
SHQVDQGR"
(VWVHVFXFKDQGRORTXHHVWR\ $UH\RXOLVWHQLQJWRZKDW,oP
VD\LQJ"
GLFLHQGR"
(VWQOH\HQGRORTXHHVWDPRV $UHWKH\UHDGLQJZKDWZHoUH
ZULWLQJ"
HVFULELHQGR"
(VWLVEHELHQGRORTXHRV $UH\RXGULQNLQJZKDWZHoUH
JLYLQJ\RX"
HVWDPRVGDQGR"
(VWKDFLHQGRORTXHHOODHVW ,VKHGRLQJZKDWVKHoVVD\LQJ"
GLFLHQGR"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XLHURTXHORKDJDV ,ZDQW\RXWRGRLW
1HFHVLWRTXHORKDJDV ,QHHG\RXWRGRLW
7HHVWR\GLFLHQGRTXHORKDJDV ,oPWHOOLQJ\RXWRGRLW
7HSHGTXHORKLFLHUDV ,DVNHG\RXWRGRLW
0HJXVWDUDTXHORKLFLHUDV ,oGOLNH\RXWRGRLW

$SUHQGHULQJOVSXHGHVHU /HDUQLQJ(QJOLVKFDQEHIXQ
GLYHUWLGR
)XPDUHVPX\PDORSDUDOD 6PRNLQJLVYHU\EDGIRU\RXU
VDOXG
KHDOWK
+DFHUHODPRUHVPHMRUTXH 0DNLQJORYHLVEHWWHUWKDQ
KDFHUODJXHUUD
PDNLQJZDU
(OGHVSHUWDUHVHOSHRUPRPHQWR :DNLQJXSLVWKHZRUVWSDUWRI
GHOGD
WKHGD\
3HQVDUGHPDVLDGRSXHGHVHU 7KLQNLQJWRRPXFKFDQEH
SHOLJURVR
GDQJHURXV

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

4XLQVHUDWXQRYLDVLIXHUDV :KRZRXOGEH\RXUJLUOIULHQGLI

'LRV"
\RXZHUH*RG"
6LIXHUDVLQYLVLEOHGRQGHLUDV" ,I\RXZHUHLQYLVLEOHZKHUH
ZRXOG\RXJR"
4XKDUDVVLWXYLHUDVWDQWRV :KDWZRXOG\RXGRLI\RXKDG

DVPDQ\DUPVDVDQRFWRSXV"
EUD]RVFRPRXQSXOSR"
6LSXGLHUDVYLYLUHQRWUDSRFD ,I\RXFRXOGOLYHLQDQRWKHUHUD

ZKLFKZRXOGLWEH"
FXOVHUD"
3UHIHULUDVVHUULFR\IHRR :RXOG\RXUDWKHUEHULFKDQG
XJO\RUKDQGVRPHDQGSRRU"
JXDSR\SREUH"

|&XLGDGR /RRNRXW
'HEHUDVKDEHUWHDJDFKDGR <RXVKRXOGKDYHGXFNHG
3RUTXWHQDTXHKDEHUPH :K\ZDV,VXSSRVHGWRKDYH
GXFNHG"
DJDFKDGR"
3RUTXHDVQRWHKDEUDVPRMDGR %HFDXVHRWKHUZLVH\RXZRXOG
KDYHJRWZHW
$PQRPHLPSRUWDPRMDUPH ,GRQoWPLQGJHWWLQJZHW

0RUWDU 0RUWHUR

*UDWHU 5DOODGRU

&DQ2SHQHU $EUHODWDV

3HHOHU 0RQGDGRU
/DGOH &XFKDUQ

9RFDEXODULR.LWFKHQZDUH 8WHQVLOLRVGHFRFLQD

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

6LHPSUHHVWVPHWLQGRWHHQ <RXoUHDOZD\VJHWWLQJLQWR
ORV
WURXEOH
1RVOOHYDPRVGHPDUDYLOOD :HJHWRQOLNHDKRXVHRQUH
1RPHKHUHFXSHUDGRGHO ,KDYHQoWJRWRYHUWKHVKRFN
FKRTXHWRGDYD
\HW
1RVHOOHYDELHQFRQQDGLH 6KHGRHVQoWJHWRQZLWKDQ\ERG\
1RPHSXHGROLEUDUGHO ,FDQoWJHWRXWRIWKH

FRPSURPLVR
FRPPLWPHQW

'HMDGHDQGDUWHSRUODVUDPDV 6WRSEHDWLQJDURXQGWKHEXVK

|TXLHUHV
ZLOO\RX
1RHVSHUDEDTXHIXHUDVDVHU ,GLGQoWH[SHFW\RXWREHD
XQFKDTXHWHUR
WXUQFRDW
1RYDPRVDEXVFDUOHWUHVSLHV /HWoVQRWVSOLWKDLUV
DOJDWR
9DVDFRUUHUXQWXSLGRYHOR $UH\RXJRLQJWRGUDZD
VREUHHVWR"
GLVFUHHWYHLORYHUWKLV"
0HFDHIDWDO ,FDQoWVWDQGKLP

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpLQq 
&RPXQLFDFLQ,QWHUQD
7KH\oUHFORVLQJLQRQXV
1RVHVWQFHUFDQGR

6KHGHFLGHGQRWWRPRYHLQ
(OODGHFLGLQRYHQLUDYLYLUFRQPLJR

|-RLQLQ
|9HQDSDUWLFLSDUFRQQRVRWURV

+HKDGWRSXOOLQKLVVDLOV
7XYRTXHUHFRJHUYHODV

,ZDVOLVWHQLQJLQ
(VFXFKDEDVLQTXHVHGLHVHQFXHQWD

:HoYHSXOOHGLQRYHUDPLOOLRQ
+HPRVVDFDGRHQOLPSLRPVGHXQPLOOQ

)LQDQFHDQGDFFRXQWLQJ 

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
&RQRFHVDXQEXHQFD]DWDOHQWRV"
+HSDVDGR VXSHUDGR ODVKRUDVP[LPDVSRU
MRUQDGD
+HKHFKRKRUDVH[WUD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

:KHQSHRSOHEX\VWRFNVWKH\FDQHDUQPRQH\LQWKUHHZD\VWKURXJKVWRFNSULFHDSSUHFLDWLRQWKURXJKGLYLGHQGVRUWKURXJKERWK
0DQ\SHRSOHEX\VWRFNVZLWKWKHLGHDRIVHOOLQJWKHPODWHUDWDKLJKHUSULFH:KHQVXFFHVVIXOWKLVLVFDOOHGDFDSLWDOJDLQ
,IWKHVWRFNSULFHIDOOVPDQ\SHRSOHSUHIHUWRKROGRQWRWKHVWRFNXQWLOWKHSULFHFRPHVEDFNXS
,I\RXVHOODVWRFNDWDORVVLWoVFDOOHGDFDSLWDOORVV6RPHWLPHVLWoVEHWWHUWRVHOODVWRFNDQGWDNHWKHORVVWKDQWRKROGRQWRLW
&RUSRUDWLRQVXVXDOO\GRQoWLQYHVWWKHLULGOHFDVKRQWKHVWRFNH[FKDQJH7KH\SUHIHUVKRUWWHUPLQWHUHVWEHDULQJGHSRVLWV
0RVWFRUSRUDWLRQVKRZHYHUQHHGWRQGVRXUFHVRIQDQFLQJUDWKHUWKDQLQVWUXPHQWVWRLQYHVWLQ
0RVWFRUSRUDWLRQVKDYHFDVKQHHGVERWKVKRUWWHUPDQGORQJWHUP
6KRUWWHUPFDVKQHHGVDUHXVXDOO\FRYHUHGE\FUHGLWOLQHV$FUHGLWOLQHLVZKHQWKHEDQNDOORZV\RXWRRYHUGUDZ\RXUDFFRXQW
,I\RXKDYHLQ\RXUEDQNDFFRXQWDQG\RXZULWHDFKHFNIRU\RXKDYHRYHUGUDZQ\RXUDFFRXQWE\
7KHEDQNZLOOFKDUJH\RXDSHQDOW\DQGDYHU\KLJKLQWHUHVWUDWHRQWKHHXURRYHUGUDIWXQOHVV\RXKDYHDSUHYLRXVDJUHHPHQW
:HFDOOWKLVDJUHHPHQWDQRYHUGUDIWIDFLOLW\DQGZKHUHFRPSDQLHVDUHFRQFHUQHGLWoVXVXDOO\FDOOHGDFUHGLWOLQHRUOLQHRIFUHGLW
$FUHGLWOLQHDOORZVWKHFRPSDQ\WRGUDZPRQH\IURPLWVDFFRXQWXSWRDSUHDJUHHGQHJDWLYHEDODQFH
/HWoVVD\DFRPSDQ\QHJRWLDWHVDHXURFUHGLWOLQHIURPDEDQN7KLVDOORZVWKHFRPSDQ\WRRYHUGUDZLWVDFFRXQWXSWR
,IWKHFRPSDQ\RQO\XVHVHXURVRIWKHFUHGLWOLQHLWZLOOSD\LQWHUHVWRQO\RQWKHDPRXQWXVHGWKDWLVHXURV
,QVRPHFDVHVWKHEDQNZLOODOVRDSSO\DVPDOOLQWHUHVWUDWHWRWKHXQXVHGSRUWLRQRIWKHFUHGLWOLQH

0DUNHWLQJDQGVDOHVPDQDJHPHQW 
7RJDLQPDUNHWVKDUHDQGVHOOPRUHFRPSDQLHVXVHPDQ\GLIIHUHQWW\SHVRISURPRWLRQDOWRROV
7KHPRVWSRSXODUWHUPVXVHGWRUHIHUWRWKHVHSURPRWLRQDOWRROVLVWKH0DUNHWLQJ0L[DQGWKHIRXU3oV
:KHQ\RXKHDUWKHWHUPpWKHIRXU3oVq\RXVKRXOGUHPHPEHUSURGXFWSULFHSODFHDQGSURPRWLRQ
+RZHYHUEHIRUHPDNLQJGHFLVLRQVDERXWKRZWRDGGUHVVWKHIRXU3oVHYHU\FRPSDQ\QHHGVDVROLGPDUNHWLQJSODQ
7KHPDUNHWLQJSODQLVSDUWRIWKHRYHUDOOEXVLQHVVSODQRIWKHRUJDQL]DWLRQZKLFKUHHFWVWKHVWUDWHJLFJRDOVRIWKHFRPSDQ\
(YHU\RQHPXVWXQGHUVWDQGWKHEHQHWVRIWKHSURGXFWVRUVHUYLFHVWKDWWKHFRPSDQ\RIIHUVWRWKHFXVWRPHU
2QFHWKLVLVGRQHWKHQDPDUNHWLQJSODQFDQEHGUDZQXSWRFRPPXQLFDWHZLWKWKHPDUNHWDQGVHOOWKHSURGXFWRUVHUYLFH
7KHPRVWFULWLFDOHOHPHQWLQDVXFFHVVIXOPDUNHWLQJSODQLVWRXQGHUVWDQGKRZSHRSOHZLOOEHQHWIURPDUHODWLRQVKLSZLWK\RXUFRPSDQ\
7KHQ\RXUQH[WVWHSLVWRGHVLJQDQHIIHFWLYHFRPPXQLFDWLRQVWUDWHJ\WRPDNHWKHVHEHQHWVFOHDUWR\RXUWDUJHWPDUNHW
$WWKHVDPHWLPH\RXQHHGWRGHYLVHZD\VRIPHDVXULQJWKHUHVXOWVRIWKHSODQWRNQRZKRZZHOOLWoVZRUNLQJ
7KHIRXU3oVKDYHEHHQXVHGWUDGLWLRQDOO\WRIRFXVWKHHQHUJ\DQGHIIRUWVRIWKHVDOHVDQGPDUNHWLQJSHRSOH
7KHUVW3LVSURGXFWDQGWKHVDOHVDQGPDUNHWLQJSHRSOHPXVWFRQFHQWUDWHRQHYHU\WKLQJVXUURXQGLQJWKHSURGXFWHVSHFLDOO\EUDQGLQJ
%UDQGLQJLVWKHHIIRUWPDGHE\DQRUJDQL]DWLRQWRPDNHWKHSURGXFWoVQDPHIDPRXVUHVSHFWHGDQGLQGHPDQG
$EUDQGQDPHFDQEHPRUHYDOXDEOHWKDQWKHFRPSDQ\LWVHOI7KHEUDQGp/HYLoVqLVZRUWKPRUHWKDQWKH/HYL6WUDXVV &RPSDQ\
%LOOLRQVRIGROODUVDUHLQYHVWHGHDFK\HDULQFUHDWLQJpEUDQGHTXLW\q7KLVLQFOXGHVWKHSHUFHLYHGTXDOLW\RIWKHEUDQGDQGEUDQGOR\DOW\

*HQHUDODQGVWUDWHJLFPDQDJHPHQW 
7KHPRVWLPSRUWDQWVWUDWHJLFGHFLVLRQD&(2PDNHVLVWRGHFLGHRQZKHUHWKHFRPSDQ\ZDQWVWREHLQYHWHQRU\HDUV
:KDWHYHUWKHGHFLVLRQWKHQDOPHDVXUHPHQWRIVXFFHVVZLOOEHWKHJURZWKDFKLHYHGLQRYHUDOOSURWVDQGWKHUHWXUQRQHTXLW\ 52( 
,I52(LVKLJKEXWRQSURWVWKDWJURZVORZO\WKHQVKDUHKROGHUVZLOOEHFRPHLPSDWLHQWZLWKWKHUHWXUQRQWKHLULQYHVWPHQW 52, 
7KDWoVZK\&(2VRIWHQXVHWKHWHUPpSURWDEOHJURZWKqRUpSURWDELOLW\DQGFRQWLQXRXVLPSURYHPHQWq
$QLPSRUWDQWVWUDWHJLFWRROXVHGE\&(2VDQGFRQVXOWDQWVLVWKH6:27PRGHO6WUHQJWKV:HDNQHVVHV2SSRUWXQLWLHVDQG7KUHDWV
$&(2QHHGVWRDVVHVVWKHVWUHQJWKVDQGZHDNQHVVHVRIWKHFRPSDQ\DVZHOODVWKHRSSRUWXQLWLHVDQGWKUHDWVLQWKHPDUNHWSODFH
%\DQDO\]LQJVWUHQJWKVDQGZHDNQHVVHVWKH&(2WULHVWRLGHQWLI\LQWHUQDOIDFWRUVLQWKHRUJDQL]DWLRQWKDWPD\EHKHOSIXORUKDUPIXO
%\DQDO\]LQJRSSRUWXQLWLHVDQGWKUHDWVWKH&(2WULHVWRLGHQWLI\H[WHUQDOIDFWRUVWKDWFDQKHOSRUKXUWWKHRUJDQL]DWLRQ
7\SLFDOVWUHQJWKVFDQEHDVWURQJEUDQGDQHVSHFLDOO\HIFLHQWIDFWRU\DVWURQJQDQFLDOSRVLWLRQRUDSURYHQPDQDJHPHQWWHDP
7\SLFDOZHDNQHVVHVFDQLQFOXGHDZHDNEUDQGQDPHSRRUSDWHQWSURWHFWLRQDKLJKFRVWVWUXFWXUHRUDSRRUUHSXWDWLRQDPRQJFXVWRPHUV
7\SLFDORSSRUWXQLWLHVFDQEHDQHZPDUNHWWUHQGVZHDNFRPSHWLWRUVQHZWHFKQRORJLHVDJURZLQJHFRQRP\RUDVKLIWLQEX\LQJKDELWV
7\SLFDOWKUHDWVFDQEHVWURQJORFDOFRPSHWLWRUVDQXQIULHQGO\JRYHUQPHQWIRUHLJQFRPSHWLWLRQRUSXEOLFUHODWLRQVGDQJHUV
$&(2oVUVWMRELVWRHQKDQFHWKHFRPSDQ\oVVWUHQJWKVZKLOHPLQLPL]LQJRUHOLPLQDWLQJLWVZHDNQHVVHV7KLVFDQRIWHQWDNH\HDUV
2QHVWUDWHJ\WKDW&(2VRIWHQXVHLVVLPSO\WRSXUVXHEXVLQHVVRSSRUWXQLWLHVWKDWDUHDJRRGWWRWKHFRPSDQ\oVVWUHQJWKV
$QRWKHUVWUDWHJ\LVWRFRQFHQWUDWHUHVRXUFHVDQGHQHUJ\RQPLQLPL]LQJWKHZHDNQHVVHVLQRUGHUWREHDEOHWRSXUVXHRSSRUWXQLWLHVEHWWHU




/RZ%HJLQQHU

+LJK%HJLQQHU

6XVRUHMDVVRQJUDQGHV GHO  +LVHDUVDUHELJ


6XVPDQRVVRQSHTXHDV +HUKDQGVDUHVPDOO
GHHOOD 
6XVRMRVVRQD]XOHV GHHOODV  7KHLUH\HVDUHEOXH
6XVEUD]RVVRQIXHUWHV GHHOORV  7KHLUDUPVDUHVWURQJ
7XVSLHUQDVVRQODUJDV <RXUOHJVDUHORQJ

6LHPSUHOOORUDFXDQGRVH +HDOZD\VFULHVZKHQKHJHWV
XS
OHYDQWD
1XQFDFDQWDFXDQGRVHGXFKD +HQHYHUVLQJVZKHQKHKDVD
VKRZHU
6LHPSUHFRUUHFXDQGRYDDO +HDOZD\VUXQVZKHQKHJRHV
WRZRUN
WUDEDMR
$YHFHVEHEHFDIFXDQGROOHJD +HVRPHWLPHVGULQNVFRIIHH
ZKHQKHDUULYHVDWZRUN
DOWUDEDMR
6LHPSUHHVWFRQWHQWRFXDQGR +HoVDOZD\VKDSS\ZKHQKH
ZRUNV
WUDEDMD

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

-XJDURQSHRUTXHODVHPDQD 7KH\SOD\HGZRUVHWKDQODVW

SDVDGD
ZHHN
&DQWDVPHMRUFXDQGRKDV <RXVLQJEHWWHUZKHQ\RXoYH
WRPDGRXQDFRSD
KDGDGULQN
-DQHVWPVOHMRVGH0DGULG -DHQLVIXUWKHUIURP0DGULG
TXH/HQ
WKDQ/HQ
7XKHUPDQDQRHVWPVJXDSD <RXUVLVWHULVQoWSUHWWLHUWKDQ

TXHW
\RX
1RVWDQWRFRPRW ,GRQoWNQRZDVPXFKDV\RXGR

/OHYRDRVVLQYHUDPLWR3HSH ,KDYHQoWVHHQP\XQFOH3HSH
IRU\HDUV
/OHYDQPXFKRWLHPSRVLQ 7KH\KDYHQoWVSRNHQWRHDFK
RWKHUIRUDORQJWLPH
KDEODUVH
/OHYDVPXFKRWLHPSRVLQ <RXKDYHQoWFXW\RXUKDLUIRUD
ORQJWLPHKDYH\RX"
FRUWDUWHHOSHORQR"
(O5HDO0DGULGOOHYDVHLVDRV 5HDO0DGULGKDVQoWZRQWKH
VLQJDQDUOD/LJDGH&DPSHRQHV &KDPSLRQV/HDJXHLQVL[\HDUV
/OHYDPRVWUHVPHVHVVLQOOXYLD :HKDYHQoWKDGUDLQIRUWKUHH
PRQWKV
%DE\%DWK %DHUDGHSOVWLFR

&KDQJLQJ0DW FDPELDGRU

6SRQJH (VSRQMD

3RWW\ 2ULQDO
1DSS\5DVK&UHDP &UHPDSDUDODVHVFRFHGXUDV

9RFDEXODULR1XUVHU\ (OFXLGDGRGHOEHE
+LJK,QWHUPHGLDWH
3RUTXPHHVWVPLUDQGRDV" :K\DUH\RXORRNLQJDWPHOLNH
WKDW"
1RWHYR\DKDFHUQDGD ,oPQRWJRLQJWRGRDQ\WKLQJ
WR\RX
1RTXLHUHVGHFLUPHQDGD" 'RQoW\RXZDQWPHWRWHOO
DQ\WKLQJ"
1DGLHVDEHQDGDDTX" 'RHVQoWDQ\ERG\NQRZ
DQ\WKLQJKHUH"
7RGRHOPXQGRVDEHTXHQR (YHU\ERG\NQRZVWKHUHoV
QRERG\WKHUH
KD\QDGLHDOO

/RZ$GYDQFHG
/HVGLVSDUFRQXQDHVFRSHWD
/DDSXDOFRQXQDQDYDMD
/HVFROJDURQFRQXQDFXHUGD
/HVDV[LFRQXQDDOPRKDGD

+HVKRWWKHPZLWKDVKRWJXQ
+HVWDEEHGKHUZLWKDNQLIH
7KH\KXQJWKHPZLWKDURSH
6KHVXIIRFDWHGWKHPZLWKD
SLOORZ
(QYHQHQDURQDODVUDWDVFRQ 7KH\SRLVRQHGWKHUDWVZLWK
DUVHQLF
DUVQLFR

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

/DVGRVHPSUHVDVVHIXVLRQDURQ 7KHWZRFRPSDQLHVPHUJHG
6HWDUGDURQPHVHVHQQHJRFLDU ,WWRRNWKHPPRQWKVWR
ODIXVLQ
QHJRWLDWHWKHPHUJHU
1RSRGDQSRQHUVHGHDFXHUGR 7KH\FRXOGQoWDJUHHRQZKR
HQTXLQLEDVHUHOSUHVLGHQWH ZRXOGEHWKH&(2
/OHJDURQDXQDFXHUGR 7KH\UHDFKHGDFRPSURPLVH
FRQVHQVXDGR
DJUHHPHQW
1RQRPEUDURQDQDGLH 7KH\GLGQoWDSSRLQWDQ\ERG\


|0HDSXQWRDXQERPEDUGHR ,oPXSIRUDQ\WKLQJ
1RVHVWDPRVDJDUUDQGRDXQ :HoUHFOXWFKLQJDWVWUDZVZLWK
FODYRDUGLHQGRFRQHVWR
WKLV
+D\TXHFRJHUHOWRURSRUORV <RXKDYHWRWDNHWKHEXOOE\
FXHUQRV
WKHKRUQV
9DPRVGLUHFWRVDOJUDQR /HWoVJHWVWUDLJKWWRWKHSRLQW
6ORQRVFRQRFHPRVGHYLVWD :HRQO\NQRZHDFKRWKHUE\
VLJKW

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpLQq 
3UDFWLFDO(QJOLVK-RE,QWHUYLHZ,,
6KRZKLPLQSOHDVH
4XHSDVH DFRPSDQGROHXVWHG 

-LPP\VWD\HGLQDIWHUVFKRRO
-DLPLWRVHTXHGGHVSXVGHODVFODVHV

:HoUHVQRZHGLQ
(VWDPRVDLVODGRVSRUODQLHYH

$VNKHULQ
,QYWDODDHQWUDU

,oPJRLQJWRVWD\LQWRQLJKW
&KHFNLQZLWKPHEHIRUH\RXOHDYH
0HYR\DTXHGDUHQFDVDHVWDQRFKH 3DVDDYHUPHDQWHVGHPDUFKDUWH

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
1RHVWVVREUHFXDOLFDGRSDUDHVWHWUDEDMR"
3RUTXGHEHUDPRVFRQWUDWDUWH"
(VWVGLVSXHVWRDYLDMDU"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

,QYHVWLQJ 
2QFHOLIHLQVXUDQFHSURWHFWLRQLVVHFXUHGWKHQDPDUULHGFRXSOHXVXDOO\ZDQWVWREX\DKRXVHDQGVWDUWDVDYLQJVSODQ
,Q6SDLQKRXVLQJKDVEHHQDW\SLFDOVDIHKDYHQIRUVDYLQJV7KHWHUPpVDIHKDYHQqPHDQVDSODFHIRUSURWHFWLRQDQGVDIHUHIXJH
+RXVLQJSULFHVKDYHWUDGLWLRQDOO\DSSUHFLDWHGLQ6SDLQDOORZLQJLQYHVWRUVLQUHDOHVWDWHKDQGVRPHFDSLWDOJDLQV
7KHWHUPpKDQGVRPHqLVWKHDGMHFWLYHWKDWLVRIWHQXVHGZKHQZHUHIHUWRDQLPSRUWDQWQDQFLDORUEXVLQHVVSURW
7KHWHUPpUHDOHVWDWHqUHIHUVWRSURSHUW\LQWKHIRUPRIODQGKRXVHVDWVDSDUWPHQWVEXLOGLQJVRUFRPPHUFLDOSURSHUW\
7KHWHUPpHVWDWHqUHIHUVWRDOOSRVVHVVLRQVWKDWIRUPWKHQHWZRUWKRIDSHUVRQ)RUFRUSRUDWLRQVZHXVXDOO\XVHWKHZRUGpHTXLW\q
,QWKH86DUHDOHVWDWHDJHQWLVWKHLQWHUPHGLDU\EHWZHHQEX\HUVDQGVHOOHUVRIUHDOHVWDWH,QWKH8.WKHWHUPLVpHVWDWHDJHQWq
<RXUQHWHVWDWHLVHYHU\WKLQJ\RXSRVVHVVPLQXVHYHU\WKLQJ\RXRZH7KLVLV\RXUQHWZRUWKRUSHUVRQDOHTXLW\SRVLWLRQ
$EDQNPD\UHTXLUH\RXWRVXEPLWDGRFXPHQWVWDWLQJ\RXUQHWZRUWK7KLVLVXVXDOO\FDOOHGDSHUVRQDOQDQFLDOVWDWHPHQW
8QOHVV\RXoUHDOUHDG\ULFKRUEHFRPHULFKEHIRUHWKHDJHRIWKHQ\RXUJRDOLVWRJHWULFKpVORZO\qWKURXJKJRRGHVWDWHSODQQLQJ
(VWDWHSODQQLQJLQPRVWFRXQWULHVVWDUWVZLWKOLIHLQVXUDQFHWKHQDKRXVHDQGWKHQDVWHDG\VDYLQJVSODQ
7KHVDYLQJVSODQVKRXOGORRNIRUVHFXUHLQYHVWPHQWVWKDWSURYLGHWKHJUHDWHVWUHWXUQSRVVLEOH5LVNVKRXOGEHNHSWWRDPLQLPXP
0DQ\SHRSOHORRNIRUWKHEHVWUHWXUQVRQWKHLULQYHVWPHQWRQO\WRORVHDOOWKHLUPRQH\EHFDXVHRISXWWLQJDOOWKHLUHJJVLQRQHEDVNHW
$Q\KRQHVWH[SHUWZLOOWHOO\RXWKDW\RXPXVWDOZD\VGLYHUVLI\\RXULQYHVWPHQWVDQGGLYHUVLI\ULVN
(YHQWKHPRVWVXFFHVVIXOLQYHVWRUVGRQoWSXWPRUHWKDQSHUFHQWRIWKHLUPRQH\LQKLJKUHWXUQDQGKLJKULVNLQYHVWPHQWV

+XPDQUHVRXUFHV 
:KHQDFRPSDQ\KLUHVDQHZHPSOR\HHRUPDQDJHUXVXDOO\WKLVSHUVRQUHFHLYHVYHU\OLWWOHRULHQWDWLRQDERXWWKHFRPSDQ\DQGLWVSHRSOH
$QHZHPSOR\HHRUPDQDJHUXVXDOO\IHHOVLQVHFXUHDWWKHEHJLQQLQJDQGZRXOGEHQHWIURPDJRRGRQWKHMRERULHQWDWLRQ
6RPHFRPSDQLHVSUHSDUHKDQGERRNVIRUQHZDUULYDOVWKDWH[SODLQWKHPLVVLRQDQGREMHFWLYHVRIWKHFRPSDQ\DVZHOODVWKHRUJDQL]DWLRQ
7KH+5GHSDUWPHQWVLQVRPHFRPSDQLHVPDNHDSRLQWWRHVFRUWWKHQHZDUULYDOWRHYHU\GHSDUWPHQWWRPHHWWKHSHRSOH
7KLVNLQGRIRULHQWDWLRQKDVDVWURQJLPSDFWRQQHZHPSOR\HHVDQGUHGXFHVWKHDFFOLPDWLRQSUREOHPVWKDWRIWHQKXUWSHUVRQDOPRUDOH
7KHWKLUGLPSRUWDQWHOHPHQWLVJRRGWUDLQLQJ(YHU\FRPSDQ\KDVDFXOWXUHDQGDZD\RIGRLQJWKLQJV
,WoVYLWDOIRUQHZHPSOR\HHVDQGPDQDJHUVWRDVVLPLODWHWKHFRUSRUDWHFXOWXUHLWVJRDOVLWVSHUVRQDOLW\DQGLWVPLVVLRQ
7UDLQLQJVKRXOGQRWRQO\EHMREVSHFLFEXWVKRXOGEHGHVLJQHGDVZHOOWRLQFXOFDWHFRUSRUDWHYDOXHV
3HRSOHQHHGWRIHHOWKDWWKH\oUHDSDUWRIDQRYHUDOOMRLQWHIIRUWLQZKLFKHYHU\RQHLVURZLQJLQWKHVDPHGLUHFWLRQ
7KHIRXUWKLPSRUWDQWHOHPHQWLQJRRG+5PDQDJHPHQWLVWRPDNHVXUHWKDWSHRSOHDUHIDLUO\FRPSHQVDWHGIRUWKHLUHIIRUWV
7KHFRPSHQVDWLRQV\VWHPERWKIRUHPSOR\HHVDQGPDQDJHUVLVDKLJKO\VHQVLWLYHWRROWKDWPXVWEHFDUHIXOO\GHVLJQHGDQGPDQDJHG
(YHU\PHPEHURIWKHH[HFXWLYHFRPPLWWHHVKRXOGSDUWLFLSDWHLQWKHQDOGHVLJQDQGDSSURYDORIWKHFRPSHQVDWLRQSODQRUVFKHPH
7KHWHUPpVFKHPHqLVXVHGYHU\IUHTXHQWO\LQ%ULWLVK(QJOLVK,Q$PHULFDQ(QJOLVKWKHZRUGpSODQqLVXVHGLQWKHVHFDVHV
7KHFRPSHQVDWLRQSODQLVRIWHQFDOOHGpHPSOR\HHEHQHWVq+RZHYHUWKHWHUPpHPSOR\HHEHQHWVqLVXVXDOO\QRQVDODU\
7KHFRPSHQVDWLRQSODQLQFOXGHVWKHEDVHVDODU\SOXVH[WUDVFDOOHGpHPSOR\HHEHQHWVqLQWKH86DQGpEHQHWVLQNLQGqLQWKH8.

6HFUHWDULDODQGDGPLQLVWUDWLRQ 
0U(YDQVLVQoWLQDWWKHPRPHQW
0D\,WDNHDPHVVDJH"
:RXOG\RXOLNHWROHDYHDPHVVDJH"
+HoVRXWRIWKHRIFHULJKWQRZ
+HoVDZD\RQEXVLQHVVWKLVZHHN
+HoOOEHEDFNRQ0RQGD\PRUQLQJ
+HoVDZD\RQKROLGD\ 2QYDFDWLRQ
,oOOWHOOKLP\RXFDOOHG
+HoVRQDQRWKHUOLQHDWWKHPRPHQW
,oOOKDYHKLPUHWXUQ\RXUFDOO
:RXOG\RXFDUHWRWDONWRVRPHRQHHOVH"
,EHOLHYH\RXoYHUHDFKHGWKHZURQJQXPEHU
,oPVRUU\EXW,KDYHDQRWKHUFDOORQKROG
0D\,DVNZKRoVFDOOLQJ"
3OHDVHKROGWKHOLQHIRUDPRPHQW

,oOOEHULJKWZLWK\RX
3OHDVHKROGWKHOLQH,oOOSXW\RXWKURXJK
,oOOWU\WRWUDQVIHU\RXUFDOO
<RXFDQORFDWHKLPDWWKLVQXPEHU
0D\,VSHDNWR0U-RKQVRQSOHDVH"
+HOOR,oPFDOOLQJIURPWKH6SDQLVKRIFH
7KLVLV3DXODIURPWKH6SDQLVKVXEVLGLDU\
,oPQRWDXWKRUL]HGWRJLYHRXWKLVQXPEHU
&DQ\RXSXWPHWKURXJKWR0U7KRPSVRQ"
&DQ\RXWHOOPHZKHQKHoOOEHEDFN"
0D\,EHRIDQ\KHOS"
&DQ,OHDYHDPHVVDJHSOHDVH"
<RXoYHEHHQWUDQVIHUUHGWRWKHZURQJQXPEHU
0U(YDQVD0U3UH]LVRQWKHOLQH
:KDWVKDOO,WHOOKLP"

7KHUHoVQRERG\KHUHE\WKDWQDPH
0U(YDQVLVLQDPHHWLQJULJKWQRZ
0U(YDQVVKRXOGEHEDFNDWDQ\PRPHQW
,oPVXUHKHoOODSSUHFLDWH\RXUJHVWXUH
,oOOOHWKLPNQRZWKDW\RXFDOOHG
&RXOG\RXFRPHXSWR0U(YDQoVRIFH"
,oPFDOOLQJRQEHKDOIRI-RKQ(YDQV
&RXOG\RXVSHOO\RXUQDPHSOHDVH"
:RXOG\RXPLQGVSHOOLQJWKDWIRUPH"
&RXOG\RXSOHDVHUHSHDWWKDW"
,GLGQoWFDWFK\RXUODVWQDPH
&RXOG\RXUHSHDWWKHFRPSDQ\QDPH"
0D\,DVNZKHUH\RXoUHFDOOLQJIURP"
0U(YDQVZRQoWEHLQDOOGD\
0DUDLVLOODQG,oPVLWWLQJLQIRUKHU




/RZ%HJLQQHU

+LJK%HJLQQHU

1RHQWLHQGR ,GRQoWXQGHUVWDQG
1RV ,GRQoWNQRZ
1RPHDFXHUGR ,GRQoWUHPHPEHU
1RPHORFUHR ,GRQoWEHOLHYHLW
1RPHJXVWD ,GRQoWOLNHLW

OFRPSUHQGHORTXHHVWDPRV 'RHVKHXQGHUVWDQGZKDW
ZHoUHVD\LQJ"
GLFLHQGR"
6DEHHOODODUHVSXHVWD" 'RHVVKHNQRZWKHDQVZHU"
6HDFXHUGDGHQRVRWURV" 'RHVKHUHPHPEHUXV"
&UHHHOODHQ'LRV" 'RHVVKHEHOLHYHLQ*RG"
7HJXVWDODFHUYH]D" 'R\RXOLNHEHHU"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

'QGHHVWXYLVWHDQRFKH" :KHUHZHUH\RXODVWQLJKW"
7HGLMHGQGHHVWXYH ,oYHWROG\RXZKHUH,ZDV
4XHVWDEDVKDFLHQGRDOO" :KDWZHUH\RXGRLQJWKHUH"
1RVDEHVORTXHHVWDED 'RQoW\RXNQRZZKDW,ZDV
GRLQJWKHUH"
KDFLHQGRDOO"
1RQRVORTXHHVWDEDV 1R,GRQoWNQRZZKDW\RX
ZHUHGRLQJWKHUH
KDFLHQGRDOO

&XDQGRHOODWHQJDWLHPSROR :KHQVKHKDVWLPHVKHoOOGRLW
KDU
6LOHYHRDOVHORGLU ,I,VHHKLP,oOOWHOOKLP
&XDQGRJDQHVVXFLHQWH :KHQ\RXHDUQHQRXJKPRQH\
GLQHURORSRGUVFRPSUDU
\RXoOOEHDEOHWREX\LW
6LKD\XQDHVWDQRLU ,IWKHUHLVDSDUW\,ZRQoWJR
&XDQGROOHJXHQKDEU :KHQWKH\DUULYHWKHUHZLOOEH
SUREOHPDV
SUREOHPV

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

+DVYHQGLGRWXVFXDGURV\D" +DYH\RXVROG\RXUSDLQWLQJV
\HW"
1LVLTXLHUDORVKHWHUPLQDGR ,KDYHQoWHYHQQLVKHGWKHP\HW
1RORVWHQDVTXHWHUPLQDU 'LGQoW\RXKDYHWRQLVKWKHP
DQWHVGH6HPDQD6DQWD"
EHIRUH(DVWHU"
0HHVWFRVWDQGRPXFKR ,WoVWDNLQJPHDORWRIHIIRUWWR

HVIXHU]RWHUPLQDUORV
QLVKWKHP
'HEHUDVGDUWHXQSRFRGHSULVD <RXVKRXOGKXUU\DOLWWOH

3XHGHVUHFRJHUDORVQLRV &DQ\RXSLFNWKHNLGVXSIURP
GHOFROH"
VFKRRO"
&XQGRWHYDVDGHVKDFHUGH :KHQDUH\RXJRLQJWRJHWULG
HVHFKLFR"
RIWKDWER\"
3RUTXOHHVWVPLUDQGR :K\DUH\RXVWDULQJDWKHU"
MDPHQWH"
6HPHDFHUFXQWXULVWDSDUD $WRXULVWFDPHXSWRPHWRDVN
SHGLUGLUHFFLRQHV
IRUGLUHFWLRQV
0HDFHUTXDOSROLFDSDUD ,ZHQWXSWRWKHSROLFHPDQWR
SHGLUOHD\XGD
DVNKLPIRUKHOS

3KDU\Q[ )DULQJH
/DU\Q[ /DULQJH

9RFDO&RUGV &XHUGDVYRFDOHV
$GDPoV$SSOH 1XH]
2HVRSKDJXV (VIDJR

9RFDEXODULR+HDG &DEH]D
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

3RUTXDJXDQWDVHVH :K\GR\RXSXWXSZLWKWKDW

FRPSRUWDPLHQWR"
EHKDYLRXU"
'LOHTXHVHSUHRFXSHGHVXV 7HOOKLPWRPLQGKLVRZQ

SURSLRVDVXQWRV
EXVLQHVV
1RHVDVXQWRVX\R ,WoVQRQHRIKLVEXVLQHVV
(VWVJRQHDQGRHQWXYLGD +HoVSU\LQJLQWR\RXUSULYDWH

SULYDGD
OLIH
3RUTXHUHVWDQHQWURPHWLGR" :K\LVKHVRQRVH\"

4XSDVDFRQWLJR" :KDWoVXSZLWK\RX"
0HVLHQWRIDWDO ,IHHOORXV\
0LFXDGRPHSXVRHQULGFXOR 0\EURWKHULQODZPDGHDIRRO

GHODQWHGHWRGRV
RIPHLQIURQWRIHYHU\RQH
/ROWLPRTXHQHFHVLWDPRVHV 7KHODVWWKLQJZHQHHGLVD
XQERFD]DVFRPRO
ELJPRXWKOLNHKLP
(VXQDYHUJHQ]DTXHWHWUDWH ,WoVDGLVJUDFHKHWUHDWV\RXVR
WDQPDO
EDGO\



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpLQq 
9RFDEXODU\
+HKHOSHGPHLQ
0HD\XGDHQWUDU

+HZDONHGLQDQGSXOOHGRXWDJXQ
(QWU DQGDQGR \VDFXQDUPDGHIXHJR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"

-XPSLQ
|7UDWH SDUDHQWUDUHQODSLVFLQD 

,KDYHQoWWXUQHGLQP\KRPHZRUN\HW
1RKHHQWUHJDGRPLVGHEHUHVWRGDYD

7KH\VWRSSHGLQWRVD\KHOOR
3DVDURQSRUDTXSDUDVDOXGDU

'RQoWWXUQPHLQ
|1RPHHQWUHJXHV DOD3ROLFD 

1HFHVLWDPRVDDOJXLHQFRQXQDJUDQ
FDSDFLGDGGHOLGHUD]JR
9R\DFRJHUXQDH[FHGHQFLDGHWUHVPHVHV
1XHVWUDVFLIUDVGHYHQWDHVWQHQGHFOLYH

2SHUDWLRQV 

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

2SHUDWLRQVPDQDJHPHQWLVDWHUPWKDWUHIHUVWRDFWLYLWLHVVXFKDVSURGXFWFUHDWLRQGHYHORSPHQWSURGXFWLRQDQGGLVWULEXWLRQ
,WoVDKLJKO\FKDOOHQJLQJDFWLYLW\EHFDXVHLWIRFXVHVRQSUDFWLFDOO\HYHU\DFWLYLW\LQDFRPSDQ\ORRNLQJIRUZD\VWRLPSURYH
2SHUDWLRQVH[SHUWVWU\WRLPSURYHWKHSXUFKDVLQJIXQFWLRQZKHUHVDYLQJVFDQEHJDLQHGWKURXJKVXSSOLHUFXVWRPHUFROODERUDWLRQ
0DQ\PDQXIDFWXULQJDQGTXDOLW\H[SHUWVIURPWKHFXVWRPHUVSHQGZHHNVRUPRQWKVKHOSLQJVXSSOLHUVWREHFRPHPRUHHIFLHQW
7KHSXUFKDVLQJIXQFWLRQLWVHOILVORQJDQGWLPHFRQVXPLQJZLWKPXOWLSOHELGVDQGQHJRWLDWLRQV0XFKHIFLHQF\FDQEHDFKLHYHG
7KHGHFLVLRQRQZKHWKHUWRSURGXFHSURGXFWVRUVHUYLFHVLQKRXVHYHUVXVRXWVRXUFLQJLVDQLPSRUWDQWHOHPHQWLQRSHUDWLRQV
$GPLQLVWUDWLYHFRQWUROVDUHDOVRLPSRUWDQWLQRSHUDWLRQV6WDQGDUGL]HGGRFXPHQWVHQVXUHFRPSOHWHDQGFRQVLVWHQWLQIRUPDWLRQ
'RFXPHQWVLQFOXGHWLWOHVDQGGDWHVWRGHWHFWGLIIHUHQWYHUVLRQVRIWKHVDPHGRFXPHQW
,7VROXWLRQVDOORZIRULQWHJUDWHGPDQDJHPHQWLQIRUPDWLRQV\VWHPVDQGSRZHUIXOVRIWZDUHIRUWKHPDQDJHPHQWRISURMHFWV
7KHVHVROXWLRQVDOVRSURYLGHLQIRUPDWLRQV\VWHPVIRUWKHPDQDJHPHQWRIKXPDQUHVRXUFHVDQGIRURIFHDXWRPDWLRQLQJHQHUDO
7KURXJKQDQFLDOUHSRUWVVWDWXVUHSRUWVRUSURMHFWUHSRUWVRUJDQL]DWLRQVFDQPRQLWRUZKDWoVEHLQJGRQHE\ZKDWGHDGOLQHDQGKRZ
,QWKHSDVW\HDUVWKHWHUPpVXSSO\FKDLQqDQGpVXSSO\FKDLQPDQDJHPHQWqKDYHEHFRPHPDLQVWUHDPLQRSHUDWLRQVPDQDJHPHQW
$VXSSO\FKDLQLQYROYHVWKHRUJDQL]DWLRQVSHRSOHWHFKQRORJ\LQIRUPDWLRQDQGUHVRXUFHVWKDWPRYHDSURGXFWIURPVXSSOLHUWRFXVWRPHU
6XSSO\FKDLQPDQDJHPHQWRU6&0WULHVWRLPSURYHKRZUDZFRPSRQHQWVDUHIRXQGWUDQVIRUPHGDQGGHOLYHUHGWRFXVWRPHUV
6&0EHJLQVZLWKDSODQWKDWLVWKHVWUDWHJ\RQKRZWRPDQDJHDOOWKHUHVRXUFHVQHFHVVDU\WRPHHWFXVWRPHUGHPDQGVXFFHVVIXOO\

,QIRUPDWLRQWHFKQRORJ\ 
&HUWDLQ,7JXUXVWDONDERXWWKHHQGRIFRUSRUDWHFRPSXWLQJ%\WKLVWKH\PHDQWKHHQGRIFRPSXWLQJSRZHUDVDQLQKRXVHDVVHW
,QWKHUVW\HDUVRIHOHFWULFLW\PRVWODUJHFRPSDQLHVRZQHGDQGRSHUDWHGWKHLURZQHOHFWULFDOJHQHUDWRUVWRSURYLGHSRZHU
6RRQKRZHYHUWKH\VKLIWHGWRRXWVRXUFLQJWKLVWRXWLOLW\FRPSDQLHVZKLFKLVKRZZHXVXDOO\VD\HOHFWULFFRPSDQLHVLQ(QJOLVK
0DQ\EHOLHYHWKDWWKLVXWLOLW\PRGHOZLOOSHQHWUDWHFRUSRUDWHFRPSXWLQJHOLPLQDWLQJWKHFRVWRIHTXLSPHQWSXUFKDVHDQGPDLQWHQDQFH
8QOLNHHOHFWULFLW\FRUSRUDWHFRPSXWLQJLQFOXGHVLPSRUWDQWVHFXULW\FRQVLGHUDWLRQVWKDWPXVWEHDGGUHVVHG
$QRXWVLGHVXSSOLHUZLOOWDNHUHVSRQVLELOLW\IRUDOORIDFRPSDQ\oV,7UHTXLUHPHQWVIURPLQIUDVWUXFWXUHDQGVWRUDJHWRDSSOLFDWLRQV
:KHWKHUWKLVKDSSHQVRUQRWWKHFRPSDQ\ZLOODOZD\VQHHGWRSURYLGHLQIRUPDWLRQRQWKHEXVLQHVVLWVHOIDQGWKHLQWHUQDOSURFHVVHV
%XVLQHVVLQWHOOLJHQFHLVDFRPPRQZRUGWRUHIHUWRFROOHFWLQJLQWHJUDWLQJDQDO\]LQJDQGSUHVHQWLQJEXVLQHVVLQIRUPDWLRQ
%XVLQHVVLQWHOOLJHQFHV\VWHPVSURYLGHKLVWRULFDOFXUUHQWDQGSUHGLFWLYHYLHZVRIEXVLQHVVRSHUDWLRQV
7KHV\VWHPVVLIWWKURXJKODUJHDPRXQWVRIGDWDH[WUDFWWKHSHUWLQHQWLQIRUPDWLRQDQGWXUQLWLQWRNQRZOHGJHIRUGHFLVLRQVDQGDFWLRQV
7KHYDVWDPRXQWRIUDZLQIRUPDWLRQLVFRQWDLQHGLQZKDWLVXVXDOO\FDOOHGDGDWDZDUHKRXVH
7KHLQIRUPDWLRQLQWKLVGDWDZDUHKRXVHLVPLQHGDQDO\]HGDQGWUDQVIRUPHGLQWRUHSRUWV
7KHRYHUDOOLGHDLVWRSURYLGHPDQDJHUVZLWKUHOHYDQWUHSRUWVLQUHDOWLPHIRUIRUHFDVWLQJDQDO\VLVDQGEXVLQHVVGHFLVLRQPDNLQJ
%XVLQHVVLQWHOOLJHQFHRIWHQXVHVNH\SHUIRUPDQFHLQGLFDWRUV .3,V WRDVVHVVWKHFXUUHQWEXVLQHVVDQGWRSUHVFULEHDFWLRQ
*RRGEXVLQHVVLQWHOOLJHQFHFDQJLYHDFRPSDQ\DVWURQJFRPSHWLWLYHDGYDQWDJHDQGPRUHDQGPRUHFRQVXOWDQWVDUHZRUNLQJLQWKLVHOG

/DZDQGOHJDOFRXQVHO 
$W\SLFDODFWLYLW\SHUIRUPHGE\DFRUSRUDWHOHJDOGHSDUWPHQWLVOLWLJDWLRQEXWPRVWGHSDUWPHQWVFDQQRWGRLWZLWKRXWRXWVLGHKHOS
2WKHUFRPSDQLHVWU\WRNHHSOLWLJDWLRQLQKRXVHLQRUGHUWRVDYHH[SHQVLYHRXWVLGHOHJDOIHHV
(PSOR\PHQWGLVSXWHVDUHRIWHQKDQGOHGLQKRXVHDOWKRXJKVPDOOFRPSDQLHVVWLOOWHQGWRVHHNRXWVLGHKHOS
&RPPHUFLDOGLVSXWHVLQYROYLQJVPDOOSRWHQWLDOOLDELOLW\DOVRWHQGWREHKDQGOHGLQWHUQDOO\E\ODUJHRUJDQL]DWLRQV
/DUJHODZUPVDUHVWDIIHGZLWKH[SHUWVLQGLIIHUHQWDUHDVRIOLWLJDWLRQ+RZHYHUWKH\DUHXVXDOO\RQO\DGYLVDEOHIRUODUJHOHJDOTXHVWLRQV
6PDOOFRPSDQLHVRIWHQXVHGLIIHUHQWVPDOOODZUPVHDFKH[SHUWLQVSHFLDOL]HGDUHDVRIODZ
&RPSDQLHVZKHUHLQWHOOHFWXDOSURSHUW\LVLPSRUWDQWVKRXOGVHHNWKHDGYLFHDQGFRXQVHORIDJRRGODZUPH[SHUWLQWKLVDUHD
0DQ\FRPSDQLHVPDNHLPSRUWDQWPLVWDNHVFRQFHUQLQJQDPHVEUDQGVSDWHQWVWUDGHPDUNVRUFRS\ULJKWV
,IDFRPSDQ\LVLQDSUHFDULRXVVLWXDWLRQUHJDUGLQJHPSOR\HHVWKHQLWVKRXOGVHHNH[SHUWVLQODERXURUHPSOR\PHQWODZ
)LULQJDQHPSOR\HHQRZDGD\VLVGLIFXOWLQLWVHOIDQGHYHQZRUVHLILWEULQJVRQSRVWWHUPLQDWLRQOLWLJDWLRQ
/LWLJDWLRQLVDFRPPRQZRUGZKHQUHIHUULQJWRODZVXLWVWKDWDUHKHDUGDQGGHFLGHGE\DMXGJHRUMXU\LQDFRXUW
%HIRUHUHVRUWLQJWROLWLJDWLRQWKHWZRSDUWLHVRIWHQWU\WRUHDFKDVHWWOHPHQWWKURXJKpDOWHUQDWLYHGLVSXWHUHVROXWLRQq
7KHWZRPRVWFRPPRQIRUPVRIDOWHUQDWLYHGLVSXWHUHVROXWLRQDUHDUELWUDWLRQDQGPHGLDWLRQ
:LWKDUELWUDWLRQWKHDUELWUDWRUPDNHVWKHQDOGHFLVLRQ0HGLDWLRQXVHVDWKLUGSDUW\WRKHOSEULQJDERXWDQDJUHHPHQW
-XGJHVXVXDOO\WU\WRJHWWKHWZRSDUWLHVLQGLVSXWHWRVHHNDUELWUDWLRQRUPHGLDWLRQLQRUGHUWRUHGXFHWKHOHJDOZRUNORDG




/RZ%HJLQQHU

+LJK%HJLQQHU

(VHVHXQOLEURLQWHUHVDQWH" ,VWKDWDQLQWHUHVWLQJERRN"
VWDHVXQDFDQFLQEHOOD 7KLVLVDEHDXWLIXOVRQJ
6RQQLRVEXHQRV 7KH\oUHJRRGFKLOGUHQ
(VRVVRQPLVSDQWDORQHV 7KRVHDUHP\WURXVHUV
6RQHVWRVWXV]DSDWRV" $UHWKHVH\RXUVKRHV"

(VXQHVFULWRUPX\LPSRUWDQWH +HoVDYHU\LPSRUWDQWZULWHULQ
RXUFRXQWU\
HQQXHVWURSDV
|(UHVXQQLRPX\HVWSLGR <RXoUHDYHU\VWXSLGER\
(VWDVVRQOLVWDVPX\GLIFLOHV 7KHVHDUHYHU\GLIFXOWOLVWV
|4XGDPVKRUULEOH :KDWDKRUULEOHGD\
|4XJHQWHPVKRUULEOH :KDWKRUULEOHSHRSOH

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

1RKD\FKLFDVHQWXFROHJLR" $UHQoWWKHUHDQ\JLUOVDW\RXU
VFKRRO"
1RHVXQFROHJLRPL[WR6OR ,WoVQRWDPL[HGVFKRRO7KHUH
DUHRQO\ER\V
KD\FKLFRV
+D\YLQRHQODERWHOOD" ,VWKHUHDQ\ZLQHLQWKHERWWOH"
1RKD\HQODERWHOODSHURKD\ 7KHUHLVQoWDQ\LQWKHERWWOH
EXWWKHUHoVVRPHLQP\JODVV
HQPLYDVR
3RUTXQRKD\JHQWHDTX" :K\DUHQoWWKHUHDQ\SHRSOH
KHUH"

8QFDUQLFHURFRUWDFDUQH $EXWFKHUFXWVPHDW
8QFDUSLQWHURWUDEDMDFRQ $FDUSHQWHUZRUNVZLWKZRRG
PDGHUD
8QERPEHURDSDJDLQFHQGLRV $UHPDQSXWVRXWUHV
8QDHQIHUPHUDFXLGDDORV $QXUVHORRNVDIWHUVLFNSHRSOH
HQIHUPRV
8QIRQWDQHURFREUDPXFKR $SOXPEHUFKDUJHVDORWRI
GLQHUR
PRQH\

/DFH (QFDMH

9HLO 9HOR

%RXTXHW 5DPRGHRUHV
7UDLQ &ROD

:HGGLQJGUHVV 9HVWLGRGHQRYLD

9RFDEXODULR:HGGLQJ %RGD

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

$OJXLHQHVWOODPDQGRDOD 6RPHERG\oVNQRFNLQJDWWKH

SXHUWD
GRRU
4XLQVHU" ,ZRQGHUZKRLWLV
|$EUHODSXHUWDVRPRVQRVRWURV 2SHQWKHGRRULWoVXV
&LHUUDODSXHUWDFRQOODYH\QR /RFNWKHGRRUDQGGRQoWOHW
OHVGHMHVHQWUDU
WKHPFRPHLQ
1RORKDUDPHQRVTXHPHOR ,ZRQoWGRLWXQOHVV\RXDVNPH

SLGDVGHPDQHUDDPDEOH
QLFHO\

3XHGHTXHOOHJXHQWDUGH 7KH\PLJKWDUULYHODWH
3XHGHTXHKD\DDWDVFRVDODV 7KHUHPLJKWEHWUDIFMDPVLQ
DIXHUDVGHODFLXGDG
WKHRXWVNLUWVRIWKHFLW\
3XHGHTXHVHOHKD\DROYLGDGR 6KHPLJKWKDYHIRUJRWWHQ
DHOOD 
3XHGHTXHPHSRQJDXQD ,PLJKWZHDUDZLJIRUWKH
SHOXFDSDUDODHVWD
SDUW\
3XHGHTXHKD\DKDELGRXQ 7KHUHPLJKWKDYHEHHQD
FDPELRHQHOKRUDULR
FKDQJHWRWKHVFKHGXOH

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

&PRYDPRVDVDOLUGHHVWHOR" +RZDUHZHJRLQJWRJHWRXWRI
WKLVPHVV"
6LQRKXELHUDQTXHEUDGR ,IWKH\KDGQoWJRQHEDQNUXSW
SRGUDPRVKDEHUUHFXSHUDGR ZHFRXOGKDYHUHFRYHUHGRXU
QXHVWUDVSUGLGDV
ORVVHV
6HKDFDGXFDGRPLWDUMHWDGH 0\FUHGLWFDUGKDVH[SLUHG
FUGLWR
7HQHPRVORVXFLHQWHSDUD 'RZHKDYHHQRXJKWRJHW
OOHJDUDPD\R"
WKURXJK$SULO"
&PRYDPRVDVDOGDU +RZDUHZHJRLQJWRVHWWOHRXU
QXHVWUDVGHXGDV"
GHEWV"

0LSHUURHVWFULDQGRPDOYDV 0\GRJoVSXVKLQJXSGDLVLHV
/HIDOWDXQWRUQLOORDHVHWR 7KDWJX\oVJRWDVFUHZORRVH
1RWHLPSRUWDXQSLPLHQWR <RXFRXOGQoWFDUHOHVVFRXOG

YHUGDG"
\RX"
1RVPLUDSRUHQFLPDGHO +HORRNVGRZQKLVQRVHDWXV
KRPEUR
9DPRVDWHQHUTXHSRQHUWRGD :HoUHJRLQJWRKDYHWRSXOORXW
DOOWKHVWRSV
ODFDUQHHQHODVDGRU



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpDIWHUq 
9RFDEXODU\
,UDQDIWHUWKHP
&RUUWUDVHOORV

+HoVDIWHUPHWRQLVKLW
(VWGHWUVGHPSDUDTXHORWHUPLQH

6KHoVRQO\DIWHU\RXUPRQH\
(OODVORHVWGHWUVGHWXGLQHUR

<RXWDNHDIWHU\RXUIDWKHU
6DOLVWHDWXSDGUH

+HoVJRLQJWRFRPHDIWHU\RX
9DDYHQLUDSRUWL HQIDGDGR 

,KDYHWRORRNDIWHUWKHNLGV
7HQJRTXHFXLGDUDORVQLRV

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(OSRGHUTXHWLHQHOHQFXDQWRDWRPDGH
GHFLVLRQHVHVPQLPR
/RVLQWHUPHGLDULRVVHHVWQFRPLHQGR
QXHVWURVPUJHQHV
7LHQHQXHVWUDDJHQFLDGHFRPXQLFDFLQ
FRQWDFWRVHQHOVHFWRUWHFQROJLFR"
&RPSUXHED WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/
&8562'(,1*/6'(),1,7,92GH9DXJKDQ

(QWUHSUHQHXUVKLS 
$FRPPRQFDXVHRIIDLOXUHDPRQJEXVLQHVVVWDUWXSVLVKDYLQJLQVXIFLHQWRSHUDWLQJIXQGV
0DQ\SHRSOHXQGHUHVWLPDWHKRZPXFKPRQH\LVQHHGHGWRUXQDEXVLQHVVDQGRIWHQKDYHWRFORVHHYHQZKHQVXFFHVVVHHPVSRVVLEOH
7KH\WHQGWRPDNHXQUHDOLVWLFIRUHFDVWVRILQFRPLQJUHYHQXHVIURPVDOHV
,WoVLPSRUWDQWWRHVWDEOLVKKRZPXFKPRQH\WKHEXVLQHVVLVJRLQJWRQHHGZKLFKLQFOXGHVERWKVWDUWXSDQGRSHUDWLQJFRVWV
0RVWVPDOOEXVLQHVVHVWDNHRQHRUWZR\HDUVWREUHDNHYHQZKLFKPHDQVWKDWHQRXJKPRQH\PXVWEHDYDLODEOHWRFRYHUHDUO\ORVVHV
7KHYHUEpWREUHDNHYHQqLVXVHGZKHQWKHWRWDOPDUJLQDOFRQWULEXWLRQHDFKPRQWKRQVDOHVLVHQRXJKWRFRYHU[HGH[SHQVHV
/HWoVVD\\RXVWDUWDFRPSDQ\LQZKLFK\RXEX\SRWDWRHVIURPDVXSSOLHULQ0RURFFRDQGVHOOWKHPLQ6SDLQ
<RXEX\WKHSRWDWRHVDWRQHHXURDNLORDQG\RXVHOOWKHPDWWKUHHHXURVDNLOR<RXUSULFHLVDQG\RXUYDULDEOHFRVWLV
7KHWHUPpYDULDEOHFRVWqUHIHUVRQO\WRWKRVHFRVWVWKDWDUHQRWLQFXUUHGLI\RXGRQoWVHOOWKHSURGXFW
)L[HGFRVWVDUHWKRVHWKDW\RXPXVWLQFXUHYHQLI\RXGRQoWVHOOWKHSURGXFW7KHVHLQFOXGHVDODULHVUHQWVRYHUKHDGH[SHQVHVHWF
:HNQRZWKDWIRUHYHU\NLORRISRWDWRHV\RXVHOOLQ6SDLQ\RXHDUQDPDUJLQDOFRQWULEXWLRQRI
7KLVLVFDOOHGpFRQWULEXWLRQqEHFDXVHLWoVWKHPRQH\\RXUHDOO\HDUQLQRUGHUWRpFRQWULEXWHqWRFRYHULQJ\RXU[HGFRVWV
/HWoVVD\\RXUHQWDZDUHKRXVHIRUDPRQWK\RXSD\DVHFUHWDU\DPRQWKDQGRWKHURYHUKHDGVWRWDODQRWKHU
7KLVPHDQVWKDW\RXKDYH[HGFRVWVWRWDOOLQJHXURV+RZPDQ\NLORVRISRWDWRHVGR\RXQHHGWRVHOOWRpEUHDNHYHQq"
%\VLPSOHGLYLVLRQLWoVFOHDUWKDWWKHEUHDNHYHQSRLQWLVNLORVRISRWDWRHV8QWLO\RXVHOONLORV\RXoUHQRWPDNLQJDQ\PRQH\

5HVHDUFKDQGGHYHORSPHQW 
&UHDWLQJDVXFFHVVIXO5 'GHSDUWPHQWLQDODUJHRUJDQL]DWLRQLVQRWDQHDV\WDVN,WUHTXLUHVSHRSOHVNLOOVDVZHOODVYLVLRQ
5 'WHDPVGRQoWXVXDOO\GRWKLQJVWKDWKDYHQHYHUEHHQGRQHEHIRUHEXWWKH\PDNHFRQQHFWLRQVZKHUHQRRQHHOVHKDVPDGHWKHP
6FLHQWLFSHUVRQQHOQHHGWREHFORVHWRWKHPDUNHWSODFH7KHPRUHVFLHQWLVWVWDONWRFXVWRPHUVWKHPRUHPDUNHWRULHQWHGWKH\oOOEHFRPH
6RPH5 'GHSDUWPHQWVKLUHSHRSOHZLWKH[SHUWLVHLQRWKHUDUHDV7KHVHSHRSOHRIWHQFKDOOHQJHWKHH[LVWLQJDVVXPSWLRQV
7KHLPSRUWDQWSRLQWKHUHLVWRSURPRWHWKHLGHDRIpWKLQNLQJRXWVLGHRIWKHER[qDFOLFKWKDWLVSRSXODUDPRQJUHVHDUFKHUVDQGLQYHQWRUV
7RpWKLQNRXWVLGHRIWKHER[qPHDQVWRDSSURDFKDSUREOHPIURPDQHZSHUVSHFWLYHZLWKRXWSUHFRQFHSWLRQV
,QDODUJHRUJDQL]DWLRQWKH5 'ODEVDUHRIWHQGHWDFKHGIURPWKHODWHUVXFFHVVRUIDLOXUHRIWKHVROXWLRQVWKH\SURGXFH
7KHEXVLQHVVXQLWVWKDWPDUNHWWKHVROXWLRQVDUHXVXDOO\LQWKHEHVWSRVLWLRQWRMXGJHWKHVXFFHVVRIWKH5 'GHSDUWPHQW
6RPHFRPSDQLHVLQFOXGH5 'WRJHWKHUZLWKWKHGLIIHUHQWEXVLQHVVXQLWVZKHQHVWDEOLVKLQJVDOHVDQGQDQFLDOJRDOVDQGLQFHQWLYHV
:KHQWKLVKDSSHQVWKH5 'SHRSOHEHFRPHOHVVVFLHQWLFDQGPRUHLQWHUHVWHGLQWKHQDOVXFFHVVRIWKHLUFUHDWLRQV
7KHPRUHDFRPSDQ\oVVFLHQWLVWVWDONZLWKFXVWRPHUVWKHPRUHWKH\ZLOOEHJXLGHGE\PDUNHWQHHGVDQGSUREOHPV
0DQ\LQQRYDWLRQVFRPHIURPSHRSOHZKRKDYHHQWHUHGIUHVKIURPWKHRXWVLGH7KH\GRQoWIRFXVRQLPSURYLQJROGDQGIDPLOLDUVROXWLRQV
6RPHFRPSDQLHVPDNHDSRLQWHYHU\IHZ\HDUVRISXVKLQJWKHLUVFLHQWLVWVDQGHQJLQHHUVLQWRXQIDPLOLDUDUHDV
6RPHWLPHVDIDLOHGSURMHFWLQRQHPDUNHWWXUQVRXWWREHDUHYROXWLRQDU\VXFFHVVLQDQRWKHU1HYHUWKURZRXWDIDLOHGSURMHFW
9LDJUDIDLOHGDVDKHDUWPHGLFDWLRQDQGSRVWLWVIDLOHGDVHIIHFWLYHJOXH+RZHYHUWKH\ZHUHVXFFHVVIXOO\UHVXUUHFWHGIRURWKHUXVHV

7\SLFDORIFHODQJXDJH 
,KDYHQoWKDGWLPHWRJRRYHULWFRPSOHWHO\,oOOWDNHLWKRPHZLWKPHWRQLJKW<RXoOOKDYHLWRQ\RXUGHVNE\DPWRPRUURZ
6DOHVDUHGRZQWKURXJKRXWWKHLQGXVWU\:HoUHQRWWKHRQO\RQHVKXUWLQJ3HRSOHKDYHVXGGHQO\VWRSSHGEX\LQJ
'RHVDQ\ERG\NQRZZKHUH0DUJDUHWLV",oYHEHHQORRNLQJDOORYHUIRUKHU6KHVHHPVWRKDYHGLVDSSHDUHG
:HoGEHWWHUJHWJRLQJ,KDG0DUJDUHWFDOODFDEDQGLWVKRXOGEHZDLWLQJGRZQVWDLUV,GRQoWZDQWWRJHWWRWKHUHVWDXUDQWDIWHUWKH\GR
,oPVWDUWLQJWRJHWIDWVLWWLQJLQWKLVFKDLUDOOGD\,XVHGWREHDEOHWRJHWDZD\LQWKHHDUO\DIWHUQRRQWRVZLPDIHZODSVEXWQRWDQ\PRUH
,oOOVHQGDGULYHUWRSLFN\RXDQG)UHGXSDQGEULQJ\RXKHUH7KHPHHWLQJoVVHWIRUEXW,oPVXUHZHZRQoWVWDUWXQWLODTXDUWHUSDVW
,oYHEHHQORRNLQJRYHU\RXU&9DQG\RXVHHPWREULQJWRJHWKHUDORWRIWKHTXDOLFDWLRQVZHQHHG$UH\RXXHQWLQ(QJOLVK"
'RULVFDQ\RXERRNPHLJKWIRU=XULFKHDUO\WRPRUURZPRUQLQJ"0DNHDWHQWDWLYHUHVHUYDWLRQIRUDUHWXUQLJKWLQWKHHDUO\HYHQLQJ
,KRQHVWO\GRXEWWKDWWKH\oGJRWRWKDWH[WUHPH$FRXUWFDVHZRXOGEHGDPDJLQJWRHYHU\RQHLQYROYHG
'RULV,FDQoWJXUHRXWKRZWRXVHWKLVQHZWHOHSKRQH(YHU\WLPH,WU\WRFDOODQH[WHUQDOQXPEHU,JHWDEXV\WRQH
*RRGPRUQLQJ0U(YDQVWKLVLV'RULV3DWWHUVRQ0U-RKQVRQLVQoWLQDWWKHPRPHQW:RXOG\RXOLNHWROHDYHDPHVVDJHIRUKLP"
:K\GRWKHVHSUREOHPVDOZD\VVHHPWRFRPHXSRQD)ULGD\DIWHUQRRQ",ZDVSODQQLQJWRWDNHRIILQPLQXWHV
7KHUHKDYHEHHQTXLWHDIHZFRPSODLQWVDERXWWKHQHZV\VWHP3HRSOHGRQoWVHHPWRRFRQYLQFHGWKDWLWoVJRLQJWRVDYHXVDQ\WLPH
:K\GRQoW\RXRSHQWKHEOLQGVDQGJHWVRPHVXQOLJKWLQWRWKLVRIFH,GRQoWVHHKRZ\RXFDQZRUNLQVXFKDGDUNURRP
,UHPHPEHUZKHQZHXVHGWRMXVWSLFNXSDWHOHSKRQHDQGVROYHSUREOHPVLQPLQXWHV1RZLWUHTXLUHVDPRQWKRIFRQWLQXRXVHPDLOV



+LJK%HJLQQHU

/RZ%HJLQQHU
(VVWDPLWD]DGHFDI" ,VWKLVP\FXSRIFRIIHH"
(VWFDOLHQWHRIUR" ,VLWKRWRUFROG"
0HJXVWDHOFDIFRQOHFKH ,OLNHZKLWHFRIIHH
VWRHVYLQRWLQWRRYLQREODQFR" ,VWKLVUHGRUZKLWHZLQH"
1REHERDOFRKRO ,GRQoWGULQNDOFRKRO

6RQJXDSDVWXVKHUPDQDV" $UH\RXUVLVWHUVSUHWW\"
6RQYHUGHVRD]XOHVWXVRMRV" $UH\RXUH\HVJUHHQRUEOXH"
3RUTXHVWWULVWHWXSULPD" :K\LV\RXUFRXVLQVDG"
(VWOLVWRHOLQIRUPH" ,VWKHUHSRUWUHDG\"
(VWQFDVDGRVWXVDPLJRV" $UH\RXUIULHQGVPDUULHG"

0LGGOH,QWHUPHGLDWH

/RZ,QWHUPHGLDWH
1RPHOODPHVSRUODVPDDQDV 'RQoWFDOOPHLQWKHPRUQLQJV
1ROHVOODPHVWRQWRV 'RQoWFDOOWKHPVWXSLG
1RKDEOHVFRQGHVFRQRFLGRV 'RQoWVSHDNWRVWUDQJHUV
1RWHHQIDGHVSRUIDYRU 'RQoWJHWDQJU\SOHDVH
1RORHQFLHQGDVWRGDYD 'RQoWVZLWFKLWRQ\HW

+DVFROHFFLRQDGRWRGDVHVWDV +DYH\RXFROOHFWHGDOOWKHVH
OLVWV"
OLVWDV"
&XQWRWLHPSROOHYDPRV +RZORQJKDYHZHEHHQ
WRJHWKHU"
MXQWRV"
'HEHVHVWDUDEXUULGRGHWDQWDV <RXPXVWEHERUHGRIVRPDQ\
SKUDVHV
IUDVHV
(VSHURTXHWHD\XGHQXQSRFR ,KRSHWKH\KHOS\RXDOLWWOH
|/RVKDJRFRQPXFKRFDULR ,GRWKHPZLWKORYLQJFDUH

3ROLFH2IFHU $JHQWHGHSROLFD

%DGJH 3ODFD

*XQ 3LVWROD

7UXQFKHRQ 3RUUD

+DQGFXIIV (VSRVDV

9RFDEXODULR3ROLFH /D3ROLFD
+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

|6LJXHKDEODQGR1RWHKH .HHSWDONLQJ,KDYHQoW

HQWHQGLGRWRGDYD
XQGHUVWRRG\RX\HW
|6LJXHLQWHQWQGROR1RWHGHV .HHSWU\LQJ'RQoWJLYHXS

SRUYHQFLGR
6LJXHVVDOLHQGRFRQHVH $UH\RXVWLOOJRLQJRXWZLWK

JUDQMHUR"
WKDWIDUPHU"
OQRGHMDGHPROHVWDUPHFRQ +HNHHSVDQQR\LQJPHZLWKKLV
VXVTXHMDV
FRPSODLQWV
1XQFDGHMDVGHURQFDU <RXQHYHUVWRSVQRULQJ

7HKDVSXHVWRFRORUDGR <RXoYHJRQHUHG
(VGHHVSHUDUQR" ,WoVWREHH[SHFWHGLVQoWLW"
6ORDFDEDVGHGDUWHFXHQWD +DYH\RXRQO\MXVWUHDOLVHG"
DKRUD"
0HSRGUDVKDEHUGLFKR <RXFRXOGKDYHWROGPH
TXHOOHYRWRGRHOGDFRQOD fWKDW,oYHKDGP\LHVXQGRQH
EUDJXHWDDELHUWD
DOOGD\

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

7HQJRTXHSUHSDUDUHO ,KDYHWRGUDZXSWKHEXGJHW
SUHVXSXHVWR
1DGLHKDDVXPLGRHOFRQWURO 1RERG\KDVWDNHQRYHU\HW
WRGDYD
$\GDOHDOHYDQWDUVH +HOSKLPXS
7HSDUHFHVDPLVXHJUR <RXORRNOLNHP\IDWKHULQODZ
IVLFDPHQWH 
7HSDUHFHVDWXELVDEXHOR IRUPD <RXWDNHDIWHU\RXU
GHVHU 
JUHDWJUDQGIDWKHU

8QFXUVREUHYHGH606HQ $EULHIFRXUVHLQ(QJOLVKWH[W
PHVVDJHVIRUWHHQDJHUVf
LQJOVSDUDDGROHVFHQWHVf
1RVYHPRVDODVYDOH" &8#2." 6HH\RXDW
RN" 
*UDFLDVSRUWXPHQVDMH0XFKRV7;<506*;;; 7KDQNVIRU
\RXUPHVVDJH/RWVRINLVVHV 
EHVRV
9DVDLUHVWDQRFKH" 58*2,1721,7(" $UH\RX
JRLQJWRQLJKW" 
4XLHURKDEODUFRQWLJRPV ,:$17/.8/753&0
,ZDQWWRWDONWR\RXODWHU
WDUGH/OPDPHSRUIDYRU
3OHDVHFDOOPH 



Z Z ZY D X V \ V  F R P


9$8*+$15(9,(:
5HYLVWDGH,QJOV

3KUDVDOYHUEVZLWKpE\q 
+HEURXJKWLWE\
0HORWUDMRDTXDFDVD

,QWHUHVWLQJMREVDUHKDUGWRFRPHE\
1RDEXQGDQORVWUDEDMRVLQWHUHVDQWHV

7KH\FDPHE\WRVD\KHOOR
3DVDURQSRUDTXSDUDVDOXGDU

7KHSROLFHGULYHE\HYHU\PLQXWHV
/DSROLFDSDVDFDGDPLQXWRV HQFRFKH 

,EDUHO\PDNHHQRXJKWRJHWE\
$SHQDVJDQRSDUDVDOLUGHOSDVR

,JHWE\ZLWKP\OLPLWHG)UHQFK
0HDSDRFRQPLSRFRIUDQFV

%DQNLQJ 

$SUHQGHFRQODUHYLVWDGHORVSURIHVLRQDOHVGHO
LQJOV9DXJKDQ5HYLHZ
6XVFULSFLQDODRZZZYDXJKDQUHYLHZFRP

,QDGGLWLRQWROHQGLQJDQGRWKHUVHUYLFHVEDQNVVDIHJXDUG\RXUPRQH\DQGYDOXDEOHV
0DQ\SHRSOHKDYHVDIHGHSRVLWER[HVLQWKHLUEDQNVZKHUHWKH\NHHSLPSRUWDQWGRFXPHQWVRUYDOXDEOHV
%DQNVDOVRSURYLGHSD\PHQWVHUYLFHVWKURXJKPRQH\RUGHUVDQGFDVKLHUoVFKHFNV
$PRQH\RUGHULVDSD\PHQWRUGHUWKDWLVPRUHWUXVWHGWKDQDSHUVRQDOFKHFNEHFDXVHWKHIXQGVLQWKHRUGHUDUHDOUHDG\SUHSDLG
$FDVKLHUoVFKHFNZKLFKFDQDOVREHFDOOHGDEDQNGUDIWLVDFKHFNWKDWLVJXDUDQWHHGE\WKHEDQN,WLVFOHDUHGE\WKHEDQNLPPHGLDWHO\
:KHQDSHUVRQDOFKHFNLVH[WHQGHGLWPXVWVSHQGWZRGD\VJRLQJWKURXJKFOHDUDQFH,IWKHFKHFNLVQoWFOHDUHGLWERXQFHV
7KHEDQNLQJLQGXVWU\LVXQGHUWKHFRQWURORIDFHQWUDOEDQNWKDWPRQLWRUVLWVDFWLYLWLHVDQGFRQWUROVWKHPRQH\VXSSO\
7KH(XURSHDQ&HQWUDO%DQNLVORFDWHGLQ)UDQNIXUWDQGWKH86)HGHUDO5HVHUYHLVORFDWHGLQ:DVKLQJWRQ'&
7KHFHQWUDOEDQNRUPRQHWDU\DXWKRULW\LVLQGHSHQGHQWIURPJRYHUQPHQWVDQGVHWVPRQHWDU\SROLF\LQDFRXQWU\RUJURXSRIFRXQWULHV
,WVPDLQUHVSRQVLELOLW\LVWRHQVXUHWKHVWDELOLW\RIWKHFXUUHQF\DQGPRQH\VXSSO\DQGWRFRQWUROLQWHUHVWUDWHVFKDUJHGE\WKHEDQNV
0RVWFHQWUDOEDQNVKDYHVXSHUYLVRU\SRZHUVWRPDNHVXUHWKDWEDQNVDQGRWKHUQDQFLDOLQVWLWXWLRQVEHKDYHSURSHUO\
$QLPSRUWDQWWRROXVHGE\WKHFHQWUDOEDQNWRIRUFHEDQNVWREHFRQVHUYDWLYHLVFDOOHGWKHUHVHUYHUHTXLUHPHQWRUUHTXLUHGUHVHUYHUDWLR
7KURXJKWKLVWRROWKHFHQWUDOEDQNHVWDEOLVKHVWKHPLQLPXPDPRXQWRIOLTXLGUHVHUYHVWKDWEDQNVPXVWNHHSRQKDQG
,QWKH8QLWHG6WDWHVWKHUDWLRLVSHUFHQWRIEDQNGHSRVLWV,QWKH8.WKHUDWLRLV]HUR,QWKH(8WKHUHVHUYHUDWLRLVWZRSHUFHQW
$EDQNUXQLVZKHQSHRSOHSDQLFEHFDXVHRIDUXPRUWKDWDEDQNLVLQVROYHQWDQGDOOJRDWWKHVDPHWLPHWRZLWKGUDZWKHLUGHSRVLWV

(FRQRPLFV 
,QDFRPSHWLWLYHPDUNHWSULFHVVHUYHWRHTXDOL]HWKHTXDQWLW\GHPDQGHGE\FRQVXPHUVDQGWKHTXDQLW\VXSSOLHGE\SURGXFHUV
,IWKHUHLVDQLPEDODQFHSULFHVZLOOULVHRUIDOOXQWLOWKHEDODQFHLVHYHQWXDOO\UHVWRUHG
$IDPRXVVFKRRORIHFRQRPLFWKHRU\LVFDOOHG.H\QHVLDQ(FRQRPLFVQDPHGDIWHUWKH%ULWLVKHFRQRPLVW-RKQ0D\QDUG.H\QHV
7KHWKHRU\SODFHVLPSRUWDQFHRQERWKWKHSXEOLFDQGSULYDWHVHFWRUVDVHVVHQWLDOHOHPHQWVLQDpPL[HGqHFRQRP\
%\PL[HGHFRQRP\ZHPHDQDQHFRQRP\WKDWLVEDVHGRQERWKSULYDWHLQLWLDWLYHDQGJRYHUQPHQWLQWHUYHQWLRQ
7KH.H\QHVLDQ7KHRU\ZDVGUDZQXSGXULQJWKHHFRQRPLFGHSUHVVLRQRIWKHoV
,WZDVDQDQVZHUWRZKDWPDQ\SHRSOHFRQVLGHUHGDQLPSRUWDQWIDLOXUHRIODLVVH]IDLUHFDSLWDOLVPRUHFRQRPLFOLEHUDOLVP
)RU.H\QHVWKHJRYHUQPHQWWKURXJKVFDOSROLF\DQGWKHFHQWUDOEDQNWKURXJKPRQHWDU\SROLF\PXVWPDLQWDLQHFRQRPLFVWDELOLW\
)LVFDOSROLF\LVWKHWHUPXVHGWRUHIHUWRWD[DWLRQDQGJRYHUQPHQWVSHQGLQJ7KHJRYHUQPHQWFRQWUROVWKHVHSROLF\DVSHFWV
,IWKHJRYHUQPHQWUDLVHVWD[HVSHRSOHSD\PRUHWD[HVDQGVSHQGOHVVPRQH\7KLVXVXDOO\FRROVWKHHFRQRP\
,IWKHJRYHUQPHQWORZHUVWD[HVSHRSOHSD\IHZHUWD[HVDQGKDYHPRUHLQFRPHIRUFRQVXPSWLRQ7KLVXVXDOO\KHDWVXSWKHHFRQRP\
,IWKHJRYHUQPHQWUDLVHVWD[HVWRRPXFKSHRSOHVSHQGDORWOHVVDQGWKHHFRQRP\FRROVGRZQWRRPXFKFDXVLQJXQHPSOR\PHQW
,IWKHJRYHUQPHQWORZHUVWD[HVWRRPXFKSULYDWHVSHQGLQJJRHVXSWRRIDVWDQGWKHHFRQRP\KHDWVXSWRRPXFKFDXVLQJLQDWLRQ
7KHUHIRUHFRQFHUQLQJVFDOSROLF\WKHJRYHUQPHQWXVHVWKHWD[UDWHVWRVHHNDSHUIHFWEDODQFHEHWZHHQXQHPSOR\PHQWDQGLQDWLRQ
&RQFHUQLQJPRQHWDU\SROLF\LIWKHFHQWUDOEDQNUDLVHVLQWHUHVWUDWHVSHRSOHZLOOERUURZOHVVDQGWKXVVSHQGOHVV

0DQXIDFWXULQJ 
7KHUHDUHWZREDVLFDSSURDFKHVWRPDQXIDFWXULQJWRSURGXFHWRVWRFNDQGWRSURGXFHRQRUGHU
:KHQDIDFWRU\SURGXFHVWRVWRFNLWPDNHVLWVSURGXFWVVWRUHVWKHPLQDZDUHKRXVHDQGORRNVIRUFXVWRPHUVZLOOLQJWREX\WKHP
:KHQDIDFWRU\SURGXFHVRQRUGHULWPDNHVDSURGXFWRQO\ZKHQLWUHFHLYHVDUPRUGHUIURPDFXVWRPHU
&DUPDQXIDFWXUHVSURGXFHWRVWRFN<RXFDQRIWHQVHHKXJHRXWGRRUORWVIXOORIFDUVZDLWLQJWREHVKLSSHGWRGHDOHUV
6RIWZDUHVROXWLRQVPDNHUVSURGXFHRQRUGHUDVHYHU\VROXWLRQLVWDLORUPDGHWRWKHFXVWRPHU
,QWKHSDVW\HDUV-DSDQHVHPDQXIDFWXUHUVKDYHKDGDVWURQJLPSDFWRQWKHHYROXWLRQRIPDQXIDFWXULQJV\VWHPV
/HDQSURGXFWLRQ-XVW,Q7LPHSURGXFWLRQDQGWKH.DQEDQV\VWHPDUHWKUHHLPSRUWDQW-DSDQHVHFRQWULEXWLRQVWRPDQXIDFWXULQJ
/HDQSURGXFWLRQFRPHVIURPWKH(QJOLVKZRUGpOHDQqZKLFKLVWKHRSSRVLWHRIpIDWqZKHQUHIHUULQJWRPHDW
/HDQSURGXFWLRQPHDQVQRIDWSURGXFWLRQWKDWLVSURGXFWLRQDFKLHYHGZLWKPXFKJUHDWHUHIFLHQF\
/HDQSURGXFWLRQPHDQVOHVVZDVWHOHVVKXPDQHIIRUWOHVVVSDFHIHZHUWRROVOHVVLQYHQWRU\DQGOHVVSURGXFWGHYHORSPHQWWLPH
/HDQPDQXIDFWXULQJIRFXVHVRQWKHpVHYHQZDVWHVqVHWRXWE\7R\RWD7KHUVWZDVWHLVGHIHFWV&XVWRPHUVUHMHFWSURGXFWVZLWKGHIHFWV
7KHVHFRQGZDVWHLVRYHUSURGXFWLRQZKLFKPHDQVWKHSURGXFWLRQRUDFTXLVLWLRQRIPDWHULDOVEHIRUHWKH\DUHUHDOO\QHHGHG
2YHUSURGXFWLRQLVFRQVLGHUHGWKHZRUVWZDVWHRIDOOEHFDXVHWKHPDWHULDOVPXVWEHVWRUHGPDQDJHGDQGSURWHFWHG
$FRPSDQ\WKDWVXIIHUVRYHUSURGXFWLRQIHHOVVDIHEHFDXVHWKH\KDYHWKHPDWHULDOVWKH\QHHGDQGEHFDXVHRIWKLVWKH\JHWOD]\
7KHWKLUGZDVWHLVWUDQVSRUWDWLRQ:KHQDSURGXFWLVPRYHGGDPDJHORVVHVRUGHOD\VFDQRFFXU7UDQVSRUWDWLRQDGGVQRWKLQJWRWKHYDOXH




/RZ%HJLQQHU

+LJK%HJLQQHU

%XHQRVGDV DQWHVGHPHGLRGD  *RRGPRUQLQJKRZDUH\RX"



FPRHVWV"
%XHQDVWDUGHV HQWUHODV\ *RRGDIWHUQRRQZKHQLV
ODV FXQGRHVODFRPLGD" OXQFK"
/DFXHQWDSRUIDYRU 7KHELOOSOHDVH
&XQWRHVODFRPLGD" +RZPXFKLVOXQFK"
(VWR\FDQVDGREXHQDVQRFKHV ,oPWLUHGJRRGQLJKW

7HHVWR\HVFXFKDQGRSHURHOODQR ,DPOLVWHQLQJWR\RXEXWVKH
LVQoW
(OODYLYHHQ0DGULGSHURVX 6KHOLYHVLQ0DGULGEXWKHU
EURWKHUGRHVQoW
KHUPDQRQR
OSXHGHKDEODUIUDQFVSHURVX +HFDQVSHDN)UHQFKEXWKLV
JLUOIULHQGFDQoW
QRYLDQR
(VWR\HVWXGLDQGRSDUDHOH[DPHQ ,oPVWXG\LQJIRUWKHH[DPEXW
P\IULHQGVDUHQoW
SHURPLVDPLJRVQR
0HJXVWDLUDOFROHJLRSHURDPL ,OLNHJRLQJWRVFKRROEXWP\
EHVWIULHQGGRHVQoW
PHMRUDPLJDQR

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&RJXQWD[LSDUDLUDO ,WRRNDWD[LWRJRWRWKH
DLUSRUW
DHURSXHUWR
&RPSUXQDFDOFXODGRUDSDUD ,ERXJKWDFDOFXODWRUWRKHOS
TXHPHD\XGHFRQPLVGHEHUHV ZLWKP\KRPHZRUN
7UDMHXQERFDGLOORSDUDFRPHU ,EURXJKWDVDQGZLFKWRHDWLQ
WKHEUHDN
HQHOGHVFDQVR
)XLDOPXVHRSDUDYHUOD ,ZHQWWRWKHPXVHXPWRVHH
WKHH[KLELWLRQ
H[SRVLFLQ
+LFHXQDWDUWDSDUDFHOHEUDUWX ,PDGHDFDNHWRFHOHEUDWH\RXU

ELUWKGD\
FXPSOHDRV

&XOHVHOPHMRUOLEURTXHKDV :KDWoVWKHEHVWERRN\RXoYH
HYHUUHDG"
OHGRQXQFD"
4XHVORSHRUTXHKDVKHFKR :KDWoVWKHZRUVWWKLQJ\RXoYH
HYHUGRQH"
QXQFD"
&XOHVODSHOFXODPVODUJD :KDWoVWKHORQJHVWOP\RXoYH
HYHUVHHQ"
TXHKDVYLVWR"
&XOHVODSUHQGDPVFDUD :KDWoVWKHPRVWH[SHQVLYH
LWHPRIFORWKLQJ\RXoYHHYHU
TXHKDVFRPSUDGRQXQFD"
4XLQHVODSHUVRQDPV ERXJKW"
:KRoVWKHPRVWLQWHUHVWLQJ
LQWHUHVDQWHFRQODTXHKDV
SHUVRQ\RXoYHHYHUVSRNHQWR"
KDEODGRQXQFD"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

6LIXHUDXQDPRVFDYRODUD ,I,ZHUHD\,oG\
6LIXHUDXQEHEOORUDUD ,I,ZHUHDEDE\,oGFU\
6LIXHUDXQODGUQUREDUD ,I,ZHUHDWKLHI,ZRXOGVWHDO
6LIXHUDVHUSLHQWHPHSHODUD ,I,ZHUHDVQDNH,ZRXOGSHHO
6LIXHUDLQVSHFWRUGH+DFLHQGD ,I,ZHUHDWD[LQVSHFWRU,
QRVHORGLUDDQDGLH
ZRXOGQoWWHOODQ\ERG\

/HVJXVWDHOGLVHRSHURGLFHQ 7KH\OLNHWKHGHVLJQEXWWKH\
TXHVXSHUDVXSUHVXSXHVWR
VD\LWH[FHHGVWKHLUEXGJHW
|1RSXHGHVHU 7KDWoVLPSRVVLEOH
3HURHOSUHFLRIXHSDFWDGR %XWWKHSULFHZDVDJUHHGXSRQ
KDFHVLJORV
DJHVDJR
2VHDWHQGUHPRVTXH ,QRWKHUZRUGVZHoOOKDYHWR
UHQHJRFLDU
UHQHJRWLDWH
1RYHRRWUDVDOLGD ,GRQoWVHHDQ\RWKHUZD\RXW

$FFRXQW1XPEHU 1PHURGHFXHQWD

&KHTXH &KHTXH

$PRXQW &DQWLGDG
6WXE 0DWUL]

6LJQDWXUH )LUPD

9RFDEXODULR&KHTXHERRN 7DORQDULRGHFKHTXHV
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

6LHPSUHPHWRFDDPODFKLQD ,DOZD\VGUDZWKHVKRUWVWUDZ
|1RVHDVWDQSODVWD 'RQoWEHVXFKDERUH
/RWHQJRHQODSXQWDGHOD ,WoVRQWKHWLSRIP\WRQJXH
OHQJXD
&XQGRYDVDVHQWDUFDEH]D" :KHQDUH\RXJRLQJWRVHWWOH
GRZQ"
(UHVXQJDIH <RXoUHDMLQ[

|/RVUXLGRVTXHKDFHQORV 7KHQRLVHVDQLPDOVPDNHLQ

DQLPDOHVHQLQJOV
(QJOLVK
8QSHUURDQLPDGRGLFHpJXDX $QH[FLWHGGRJVD\VpZRRI

JXDXq
ZRRIq
8QSDYRDQVLRVRGLFHpSUXGUX $QDQ[LRXVWXUNH\VD\V

SUXGUXq
pJREEOHVJREEOHVq
8QDUDQDKDPEULHQWDGLFH $KXQJU\IURJVD\VpULEELW
pFURDFURDq
ULEELWq
(OJDOORTXHQRVGHVSLHUWDGLFH 7KHFRFNWKDWZDNHVXVXSVD\V

pTXLTXLULTXq
pFRFNDGRRGOHGRRq

Z Z ZY D X V \ V  F R P




9$8*+$1&/$665220
&ODVHVDWXHPDLO

3KUDVDOYHUEVZLWKpE\q 
,oOOJRE\KLVKRXVHDQGGURSLWRII
3DVDUSRUVXFDVDSDUDGHMUVHOR

,oOOUXQE\WKHSKDUPDF\DQGSLFNLWXS
3DVDUSRUODIDUPDFLDDUHFRJHUOR

/HWWKHPE\
$SUWDWHSDUDGHMDUOHVSDVDU

7KH\VDWE\DQGGLGQRWKLQJ
9LHURQWRGR\QRKLFLHURQQDGDSDUDSDUDUOR

5XQWKDWE\PHRQHPRUHWLPH
([SOFDPHHVRXQDYH]PV

7KH\VWRRGE\DQGGLGQRWKLQJ
9LHURQWRGR\QRKLFLHURQQDGDSDUDSDUDUOR

3RQDSUXHEDWXOLVWHQLQJFRQHODXGLR\
YLGHRTXHYLHQHQHQFDGDOHFFLQ
,QVFUEHWHRQOLQH\UHFLEHWXVFODVHVGHLQJOVJUDWXLWDV
GLUHFWDPHQWHDWXHPDLO
ZZZYDXJKDQFODVVURRPFRP

)LQDQFHDQGDFFRXQWLQJ 
)RUODUJHLQYHVWPHQWSURMHFWVFRPSDQLHVXVXDOO\UHVRUWWRORQJWHUPORDQVRUGHFLGHWRpRDWqERQGV
$ORQJWHUPORDQLVDUUDQJHGZKHQWKHUHSD\PHQWRIWKHORDQDQGWKHXVHIXOOLIHRIWKHDVVHWVSXUFKDVHGDUHH[SHFWHGWRH[FHHGRQH\HDU
,IDFRPSDQ\GHFLGHVWREX\QHZFRPSXWHUHTXLSPHQWDFRPPRQRSWLRQLVWRWDNHRXWDORQJWHUPORDQWRSD\IRUWKHQHZHTXLSPHQW
/RQJWHUPORDQVDUHRIWHQVHFXUHGE\WKHQHZDVVHW,QRWKHUZRUGVWKHDVVHWLVXVHGDVFROODWHUDORQWKHORDQ
,IWKHEDQNLQVLVWVRQVHFXULWL]DWLRQDQGWKHFRPSDQ\GRHVQoWDJUHHWKHQWKHEDQNZLOODVNIRUSHUVRQDOJXDUDQWHHVIURPWKHRZQHUV
2QWKHEDODQFHVKHHWWKHHTXLSPHQWVKRZVXSDVD[HGDVVHWDQGWKHORDQDVDORQJWHUPOLDELOLW\
%DQNVDQGRWKHUOHQGHUVPDNHORDQVWREXVLQHVVHVWKDWVKRZVWURQJPDQDJHPHQWDELOLW\DQGVWHDG\JURZWKSRWHQWLDO
$ZULWWHQEXVLQHVVSODQLQFOXGLQJDFDVKRZIRUHFDVWPXVWEHSUHVHQWHGWRGHPRQVWUDWHWKHFRPSDQ\oVDELOLW\WRSD\EDFNWKHORDQ
7KHWHUPpFDVKRZqPHDQVVLPSO\WKHPRQH\WKDWPRYHVLQWRDQGRXWRIWKHEXVLQHVV,WoVWKHF\FOHRIFDVKLQRZVDQGRXWRZV
,QDFFRXQWLQJWHUPVLWoVWKHSURWDIWHUWD[HVSOXVGHSUHFLDWLRQDQGDPRUWL]DWLRQFRVWVSOXVSURYLVLRQV
'HSUHFLDWLRQDPRUWL]DWLRQDQGSURYLVLRQVDUHH[SHQVHVWKDWDUHQRWUHDOO\PRQH\ORVVHVLQDJLYHQVFDORUQDQFLDO\HDU
,IDFRPSDQ\EX\VDPDFKLQHIRUHXURVLWXVXDOO\SD\VDOOWKHPRQH\XSRQSXUFKDVH7KHQLWDSSOLHVDGHSUHFLDWLRQVFKHGXOH
7KLVPHDQVWKDWRYHUWKHQH[W\HDUVIRUH[DPSOHWKHFRPSDQ\pGHSUHFLDWHVqWKHPDFKLQHE\GHGXFWLQJDH[SHQVHDQQXDOO\
7KHHXURVWKDWWKHFRPSDQ\GHGXFWVHYHU\\HDULVDUHDOH[SHQVHEXWWKHPRQH\ZDVDOUHDG\SDLGRXWXSRQSXUFKDVHLQ\HDU]HUR
%HFDXVHWKHGHSUHFLDWLRQH[SHQVHLVQRWDUHDOORVVRIPRQH\GXULQJWKH\HDULWLVDGGHGEDFNWRWKHQHWSURWWRFDOFXODWHFDVKRZ

0DUNHWLQJDQGVDOHVPDQDJHPHQW 
,QDGGLWLRQWRWKHEUDQGHTXLW\RIDSURGXFWDQRQJRLQJHIIRUWVKRXOGEHPDGHWRRSWLPL]HIXQFWLRQDOLW\VW\OLQJTXDOLW\DQGSDFNDJLQJ
6XFFHVVIXOSURGXFWVDOZD\VZRUNSURSHUO\QHHGOLWWOHRUQRVHUYLFLQJDQGDUHDWWUDFWLYHWRWKHH\H
)LQDOO\GHSHQGLQJRQWKHW\SHRISURGXFWLWZLOOQHHGJRRGDIWHUVDOHVVHUYLFHDQGZDUUDQW\SURWHFWLRQ
7KHVHFRQGp3qDIWHU3URGXFWLVp3ULFHq2IWHQWKHSULFHGHFLVLRQGHSHQGVRQWKHSURGXFWVWUDWHJ\
,IDFRPSDQ\ZDQWVWRJDLQPDUNHWVKDUHDVTXLFNO\DVSRVVLEOHWKHQWKHSULFHLVNHSWORZWRSURPRWHSHQHWUDWLRQ
,IWKHSURGXFWLVPDWXUHRULQGHFOLQHDFRPSDQ\PLJKWGHFLGHRQDKLJKSULFHZLWKWKHLGHDRIpVNLPPLQJqWKHPDUNHW
7KHYHUEpWRVNLPqPHDQVWRWDNHWKHFUHDPRUIDWRIIWKHVXUIDFHRIPLON7RVNLPDSURGXFWPHDQVWRH[SORLWLWIRUPD[LPXPSURW
3ULFLQJFDQDOVREHVXEMHFWWRGLVFRXQWV$TXDQWLW\GLVFRXQWLVZKHQFXVWRPHUVUHFHLYHDGLVFRXQWIRUSXUFKDVLQJLQODUJHTXDQWLWLHV
$FXPXODWLYHTXDQWLW\GLVFRXQWLVZKHQDODUJHQXPEHURIVPDOOLQGLYLGXDORUGHUVDOORZVDFXVWRPHUWRUHFHLYHDTXDQWLW\GLVFRXQW
6HDVRQDOGLVFRXQWVDUHRIIHUHGWRFXVWRPHUVZKREX\WKHSURGXFWRUVHUYLFHLQORZVHDVRQRURIIVHDVRQ
&DVKGLVFRXQWVDUHWKRVHRIIHUHGWRFXVWRPHUVZKRSD\WKHLUELOOVEHIRUHDVSHFLHGGDWH
7UDGHGLVFRXQWVDUHWKRVHRIIHUHGWRPLGGOHPHQRULQWHUPHGLDULHVZKRDUHUHJXODUPHPEHUVRIWKHYDOXHFKDLQ
3URPRWLRQDOGLVFRXQWVDUHWKRVHWKDWDUHRIIHUHGWRWKHSXEOLFLQRUGHUWRVWLPXODWHVDOHV
)RUPDQ\PDUNHWHUVSULFLQJLVWKHPRVWLPSRUWDQWHOHPHQWLQPDUNHWLQJ)RUWKHPLWoVLPSHUDWLYHWRVHWDSULFLQJREMHFWLYH
6RPHFRPSDQLHVVHHNWRSURPRWHTXDOLW\OHDGHUVKLSDQGWKH\XVHSULFHDVDVLJQDORIKLJKTXDOLW\LQDQHIIRUWWRSRVLWLRQWKHLUSURGXFW

*HQHUDODQGVWUDWHJLFPDQDJHPHQW 
0DQ\&(2oVFRQFHQWUDWHRQWKHYDOXHFKDLQRIWKHLUFRPSDQ\7KHUVWHOHPHQWLQWKHYDOXHFKDLQLVLQERXQGORJLVWLFV
,QERXQGORJLVWLFVLQFOXGHVDOOWKHDFWLYLWLHVWKDWDUHSHUIRUPHGE\WKHFRPSDQ\WRJHWWKHUDZPDWHULDOVWRWKHIDFWRU\
7KHVHFRQGHOHPHQWLQWKHYDOXHFKDLQLVRSHUDWLRQVWKDWLVWKHSURFHVVHVQHFHVVDU\WRWUDQVIRUPWKHLQSXWVLQWRQLVKHGSURGXFWV
7KHWKLUGHOHPHQWLVRXWERXQGORJLVWLFVZKLFKLQFOXGHVWKHZDUHKRXVLQJRIQLVKHGSURGXFWVDQGWKHLUGLVWULEXWLRQWKURXJKWKHFKDQQHO
7KHIRXUWKHOHPHQWLVPDUNHWLQJDQGVDOHVZKLFKLQFOXGHVLGHQWLI\LQJWKHQHHGVRIWKHFXVWRPHUDQGJHQHUDWLQJVDOHV
$QGQDOO\WKHIWKHOHPHQWLVWKHVXSSRUWWKDWFXVWRPHUVQHHGDIWHUEX\LQJWKHSURGXFWRUVHUYLFH
7KHVHYHHOHPHQWVDUHVXSSRUWHGE\WKHLQIUDVWUXFWXUHRIWKHFRPSDQ\LWVRUJDQL]DWLRQLWVFRQWUROV\VWHPVDQGWKHFRUSRUDWHFXOWXUH
,WLVDOVRVXSSRUWHGE\WKHKXPDQUHVRXUFHVPDQDJHPHQWZKLFKLQFOXGHVUHFUXLWLQJWUDLQLQJGHYHORSPHQWDQGFRPSHQVDWLRQ
0DQ\&(2oVXVHWKLVPRGHOWRGHQHWKHpFRUHFRPSHWHQFLHVqRIWKHFRPSDQ\DQGLGHQWLI\DFWLYLWLHVWRJLYHLWDFRPSHWLWLYHDGYDQWDJH
7KHUHDUHEDVLFDOO\WZRVWUDWHJLFGHFLVLRQVWKDW&(2oVPDNHDERXWWKHIXWXUHRIWKHLUFRPSDQ\&RVWDGYDQWDJHRUGLIIHUHQWLDWLRQ
,IWKHFRPSDQ\SXUVXHVFRVWDGYDQWDJHWKLVPHDQVWKDWWKHVWUDWHJ\ZLOOEHWRFRPSHWHLQSULFHDQGEHFRPHWKHORZSULFHFRPSHWLWRU
7RDFKLHYHWKLVWKH&(2PXVWQGZD\VWRUHGXFHWKHFRVWRIYDOXHFKDLQDFWLYLWLHVRUUHFRQJXUHWKHYDOXHFKDLQDOWRJHWKHU
5HGXFLQJFRVWVUHTXLUHVDGGUHVVLQJZKDWVWUDWHJLVWVFDOOpFRVWGULYHUVqPDQ\RIZKLFKDUHLQWHUOLQNHGDQGUHODWHGWRHFRQRPLHVRIVFDOH
7KHPRVWLPSRUWDQWHOHPHQWLQFXWWLQJFRVWVLVWRJDLQJUHDWHUPDUNHWVKDUHDQGDVDUHVXOWPRYHGRZQWKHOHDUQLQJRUH[SHULHQFHFXUYH
7KHPRUHXQLWVRIDSURGXFWDFRPSDQ\SURGXFHVWKHORZHUWKHXQLWFRVWRISURGXFWLRQ7KHUHIRUHLQFUHDVLQJPDUNHWVKDUHLVHVVHQWLDO




/RZ%HJLQQHU

+LJK%HJLQQHU

6XFRFKH GHHOORV HVHOD]XO 7KHLUFDULVWKHEOXHRQH


0LFDVDHVODSHTXHD 0\KRXVHLVWKHVPDOORQH
7XDVLHQWRHVHVWH <RXUVHDWLVWKLVRQH
6XEROVRHVHOPDUUQ" ,VKHUEDJWKHEURZQRQH"
1XHVWURVOLEURVVRQORVJUDQGHV 2XUERRNVDUHWKHELJRQHV

7HORHVWR\GDQGRSRUTXHHVWX\R ,oPJLYLQJLWWR\RXEHFDXVHLWoV
\RXUV
(OODPHORHVWGDQGRSRUTXH 6KHoVJLYLQJLWWRPHEHFDXVH
LWoVPLQH
HVPR
3RUTXOVHORHVWGDQGR" :K\LVKHJLYLQJLWWRWKHP"
DHOORV 
1RVORHVWQGDQGR 7KH\oUHJLYLQJLWWRXV
6HORHVWDPRVGDQGR DHOODV  :HoUHJLYLQJLWWRWKHP

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

&RQTXIUHFXHQFLDYDLVDOO" +RZRIWHQGR\RXJRWKHUH"
&XQWDVYHFHVIXLVWHDOO" +RZPDQ\WLPHVGLG\RXJR
WKHUH"
&RQTXIUHFXHQFLDYLHQHWX +RZRIWHQGRHV\RXUEURWKHU
FRPHWR6SDLQ"
KHUPDQRD(VSDD"
6LHPSUHWHQJRTXHGHFLUWHOR ,DOZD\VKDYHWRWHOO\RXWKH

VDPHWKLQJ
PLVPR
3RUTXQXQFDIXQFLRQD" :K\GRHVLWQHYHUZRUN"

6HFRQVLGHUDDVPLVPRXQ +HFRQVLGHUVKLPVHOIDIDLOXUH
IUDFDVDGR
3RUTXIUDFDVDVWH" :K\GLG\RXIDLO"
1RWXYLHURQ[LWR 7KH\GLGQoWVXFFHHG
+DWHQLGRPXFKR[LWRHQOD 6KHoVEHHQYHU\VXFFHVVIXOLQ
KHUOLIH
YLGD
(O[LWRQRHVORQLFRTXH 6XFFHVVLVQoWWKHRQO\WKLQJ
WKDWPDWWHUVLQOLIH
LPSRUWDHQODYLGD
3UHPRODU 3UHPRODU

,QFLVRU ,QFLVLYR

&DQLQH &ROPLOOR
)LOOLQJ (PSDVWH

0RODU 0XHOD

&DYLW\ &DULH

9RFDEXODULR7HHWK 'LHQWHV
+LJK,QWHUPHGLDWH
|4XSHQD :KDWDVKDPH SLW\ 
/DVSHUVRQDVVLQKRJDUPHGDQ ,IHHOUHDOO\VRUU\IRUWKH

KRPHOHVV
PXFKDSHQD
(VWR\WRWDOPHQWHHQFRQWUD ,oPWRWDOO\DJDLQVWWKHGHDWK
SHQDOW\
GHODSHQDGHPXHUWH
1RYDOHODSHQDGLVFXWLUFRQ ,WoVQRWZRUWKDUJXLQJZLWK
WKHP
HOORV
1RPHUHFHODSHQD ,WoVQRWZRUWKLW

/RZ$GYDQFHG
3RUTXVHWHFD\HURQ"
1RORKLFHDSURSVLWR
5HVEDOFRQODSLHOGHXQSOWDQR
1RODVGHMHVHQHOVXHOR
UHFJHODV
1RPHSXHGRDJDFKDUPH
GXHOHODHVSDOGD

:K\GLG\RXGURSWKHP"
,GLGQoWGRLWRQSXUSRVH
,VOLSSHGRQDEDQDQDSHHO
'RQoWOHDYHWKHPRQWKHRRU
SLFNWKHPXS
,FDQoWEHQGGRZQP\EDFN
KXUWV

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

&XOHVHOVDODULRPQLPRHQ :KDWoVWKHPLQLPXPZDJHLQ
WXSDV"
\RXUFRXQWU\"
/DGXUDFLQGHODMRUQDGD 7KHOHQJWKRIWKHZRUNLQJGD\
ODERUDOHVGHRFKRKRUDV
LVKRXUV
(OVXHOGRHVWYLQFXODGRDO 6DODU\LVOLQNHGWRSHUIRUPDQFH
UHQGLPLHQWR
1HJRFLDUQHQQRPEUHGHWRGRV 7KH\oOOQHJRWLDWHRQEHKDOIRI
ORVHPSOHDGRV
DOOWKHHPSOR\HHV
(QFRQWUHVWHWUDEDMRDWUDYV ,IRXQGWKLVMREWKURXJKD
GHXQD(77
WHPSRUDU\ZRUNDJHQF\

1RHVSHUDEDTXHIXHUDVWDQ ,GLGQoWH[SHFW\RXWREHVXFKD
FKDTXHWHUR
WXUQFRDW
9LYHHQHOTXLQWRSLQR +HOLYHVDWWKHEDFNRIEH\RQG
6HSXHGHKDFHUHQXQVDQWLDPQ ,WFDQEHGRQHLQDMLII\
1LVHWHRFXUUDPRQWDUXQ 'RQoWHYHQWKLQNDERXWPDNLQJ
QXPHULWR
DVFHQH
(VWDYH]WHKDVSDVDGRGHODUD\D <RXoYHRYHUVWHSSHGWKHPDUN
WKLVWLPH



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRIq 
3UDFWLFDO(QJOLVKDWDUHVWDXUDQW
:KDWHYHUFDPHRIKLP"
4XIXHGHO"

6SHDNLQJRIWKHGHYLOf
+DEODQGRGHOUH\GH5RPD

,oYHQHYHUKHDUGRIKLP
1RPHVXHQDVXQRPEUHSDUDQDGD

7KLQNRIVRPHWKLQJ
|,QYQWDWHDOJR SDUDGHFUVHORDRWUR 

:KDWGR\RXPDNHRILW"
4XRSLQDV" GHODVLWXDFLQ 

,NQRZRIQRRQHFDSDEOHRIGRLQJLW
1RVGHQDGLHFDSD]GHKDFHUOR

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
8QDPHVDSDUDFXDWURSRUIDYRU
&XOHVHOPHQGHOGD"
9R\DWRPDUHOOHWHSRFRKHFKR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

,QYHVWLQJ 
6WDUWLQJDWDJHLI\RXSXWHXURVDPRQWKLQDVDYLQJVSODQWKDWSURYLGHVDUHWXUQ\RXZLOOKDYHHXURVDWDJH
,I\RXLQFUHDVHWKHHXURVDPRQWKE\RQO\YHHXURVHDFK\HDUWKHQDODPRXQWZLOOFRPHWRHXURV
,I\RXWUDQVIRUPHGWKDWQDOPRXQWLQWRDQDQQXLW\DW\RXZRXOGUHFHLYHRYHUHXURVSHUPRQWKIRUWKHUHVWRI\RXUOLIH
$QDQQXLW\LVDPRQWKO\OLIHWLPHLQFRPHWKDWLQVXUDQFHFRPSDQLHVZLOOSD\\RXRQDQ\DPRXQWRIPRQH\WKDW\RXJLYHWKHP
2IWHQIDPRXVVSRUWVVWDUVZKRHDUQDORWRIPRQH\LQDVKRUWSHULRGRI\HDUVKDQGRYHUDSRUWLRQRIWKRVHHDUQLQJVWRDQLQVXUDQFHUP
7KHUPWUDQVIHUVWKHPRQH\LQWRDQHQGRZPHQWZKLFKWKHVSRUWVVWDUGRHVQoWWRXFKXQWLODJHZKHQWKHHQGRZPHQWPDWXUHV
$IWHUWKHHQGRZPHQWPDWXUHVWKHQWKHH[VSRUWVVWDUFDQWDNHDOOWKHPRQH\RUWUDQVIRUPLWLQWRDQDQQXLW\
,QVXUDQFHFRPSDQLHVRIIHUHQGRZPHQWSROLFLHVWRQRUPDOSHRSOHWRRUHFRPPHQGLQJDQDQQXLW\DWPDWXULW\
7KHVHHQGRZPHQWVDUHORQJWHUPVDYLQJVSODQVVLPLODUWRSHQVLRQIXQGVUHJXODWHGE\WKHJRYHUQPHQWZLWKRQHDGGLWLRQ
$QHQGRZPHQWDOPRVWDOZD\VLQFOXGHVOLIHLQVXUDQFHFRYHUDJHWKDWDOORZVDSHUVRQoVEHQHFLDULHVLPSRUWDQWSURFHHGVLIWKHSHUVRQGLHV
7KHWHUPpSURFHHGVqLVWKHZRUGZHXVHWRUHIHUWRWKHPRQH\DEHQHFLDU\UHFHLYHVIURPDOLIHLQVXUDQFHSROLF\
,QYHVWLQJLQOLIHLQVXUDQFHHQGRZPHQWVLVRQHRIWKHVDIHVWLQYHVWPHQWVWKDWH[LVW7KHUHWXUQLVQRWKLJKEXWLWLVVHFXUH
2WKHUQDQFLDOLQVWUXPHQWVRIIHUJUHDWHUUHWXUQVEXWWKHLQYHVWRUPXVWH[HUFLVHVHOIGLVFLSOLQHDQGLQYHVWPRQH\UHOLJLRXVO\HYHU\\HDU
7KHPRQH\SXWLQWROLIHLQVXUDQFHHQGRZPHQWVLVXVXDOO\E\PHDQVRIGLUHFWGHELWLQWRDEDQNDFFRXQWVLPLODUWRWKHHOHFWULFELOO
2YHUD\HDUSHULRGPRVWSHRSOHFDQQRWPDLQWDLQWKHVDYLQJVGLVFLSOLQHWKDWDOLIHLQVXUDQFHHQGRZPHQWIRUFHVWKHPWRDFTXLUH

+XPDQUHVRXUFHV 
+XPDQUHVRXUFHVPDQDJHPHQWLVEHFRPLQJDQLQFUHDVLQJO\FULWLFDOIXQFWLRQIRUWKHVXFFHVVRIODUJHDQGVPDOORUJDQL]DWLRQV
/HJDOTXHVWLRQVVXFKDVIDLUQHVVLQKLULQJDQGSURPRWLQJDUHEHFRPLQJLQFUHDVLQJO\LPSRUWDQW*RYHUQPHQWVVHHNHTXDORSSRUWXQLW\
,QUHFUXLWPHQW+5PXVWGHWHUPLQHWKHUHFUXLWPHQWQHHGVDQGREMHFWLYHVDQGKRZPXFKLVLQWHUQDOO\VRXUFHGDQGKRZPXFKH[WHUQDOO\
+5QHHGVWRPDQDJHWKHMREDSSOLFDWLRQSURFHVVLQWHUYLHZLQJEDFNJURXQGWHVWLQJSUHHPSOR\PHQWWHVWLQJDQGPHGLFDOH[DPLQDWLRQV
,QWKHDUHDRIFDUHHUSODQQLQJDQGGHYHORSPHQW+5PXVWNQRZKRZWRDFFRPPRGDWHRUJDQL]DWLRQDODQGLQGLYLGXDOQHHGV
7KH+5GHSDUWPHQWVKRXOGDOZD\VRYHUVHHDQGFORVHO\PRQLWRUPRELOLW\ZLWKLQWKHRUJDQL]DWLRQDVZHOODVMREWUDQVLWLRQV
+5LVXVXDOO\WKHDUHDPRVWDFWLYHLQLQGLYLGXDOGLVPLVVDOVFROOHFWLYHOD\RIIVUHWLUHPHQWVDQGHPSOR\HUGHIHQFHVDJDLQVWOLWLJDWLRQ
7KH+5DUHDVKRXOGDOZD\VWU\WRPDLQWDLQDFORVHOLQNEHWZHHQWUDLQLQJDQGWKHJRDOVREMHFWLYHVDQGVWUDWHJLHVRIWKHRUJDQL]DWLRQ
*RRGWUDLQLQJFDQEHYLWDOWRWKHKHDOWKDQGJURZWKRIDQRUJDQL]DWLRQDQG+5VKRXOGDOZD\VDQDO\]HWKHFRVWVDQGEHQHWV
7KHWUDLQLQJDUHDVKRXOGEHHIIHFWLYHLQVHOHFWLQJJRRGWUDLQHUVRUWUDLQLQJUPVDQGLQHVWDEOLVKLQJWKHULJKWW\SHVRIWUDLQLQJSURJUDPV
:KHQGHWHUPLQLQJFRPSHQVDWLRQWKH+5GHSDUWPHQWPXVWDOZD\VFRQVLGHUDOOIDFWRUVWKDWFDQLQXHQFHVDODU\DQGEHQHWV
6RPHRIWKHVHIDFWRUVLQFOXGHLQDWLRQLQWHUHVWUDWHVLQGXVWU\FRPSHQVDWLRQVWDQGDUGVGHPRJUDSKLFVDQGODERXUPDUNHWWUHQGV
&RPSHQVDWLRQSURJUDPVDUHXVXDOO\DGDSWHGDQGWDLORUHGWRWKHRUJDQL]DWLRQoVFXOWXUHVWUXFWXUHDQGREMHFWLYHV
&RPSHQVDWLRQLQFOXGHVWKHEDVHSD\RUVDODU\GLIIHUHQWLDOSD\DQGLQFHQWLYHSD\,QFHQWLYHSD\LQFOXGHVERQXVHVDQGRWKHUEHQHWV
'LIIHUHQWLDOSD\LVDGGLWLRQDOSD\SURYLGHGWRWKRVHHPSOR\HHVZKRKDYHWRZRUNLQXQGHUVSHFLDOFRQGLWLRQVWKDWGLIIHUIURPWKHQRUP

6HFUHWDULDODQGDGPLQLVWUDWLRQ 
3HRSOHLQWHUHVWHGLQVHFUHWDULDOZRUNVKRXOGEHFRPSXWHUOLWHUDWHDQGDZDUHRIQHZWHFKQRORJ\-REWHFKQRORJ\LVHYROYLQJTXLFNO\
*RRG3$oVDOZD\VVWULYHWRVHHNQHZFKDOOHQJHVDQGWDNHRQQHZUHVSRQVLELOLWLHVWKDWZLOOH[SDQGWKHLUVNLOOV
0DQ\SHUVRQDODVVLVWDQWVIDLOEHFDXVHRISRRUSHRSOHVNLOOV,WoVHVVHQWLDOIRUD3$WREXLOGDQGPDLQWDLQSRVLWLYHUHODWLRQVKLSVDWZRUN
$JRRGVHFUHWDU\VKRXOGDOZD\VORRNIRUQHZZD\VWRGRWKLQJVEHWWHUTXLFNHUPRUHHIFLHQWO\DQGPRUHHIIHFWLYHO\
6HFUHWDULHVQHHGWRNQRZKRZWRPXOWLWDVNDVWKH\RIWHQSHUIRUPVHYHUDOWDVNVDWWKHVDPHWLPHZKLFKUHTXLUHVEHLQJZHOORUJDQL]HG
,QH[LEOHDWWLWXGHVZLOORQO\EULQJSUREOHPV$VHFUHWDU\DOPRVWDOZD\VQHHGVWRDGDSWWRWKHZRUNLQJVW\OHRIWKHERVV
$JRRG3$PXVWEHDEOHWRLQWHUDFWDWDOOOHYHOVDVVKHLVRIWHQWKHSRLQWRIFRRUGLQDWLRQEHWZHHQGLIIHUHQWGHSDUWPHQWV
$SURDFWLYHVHFUHWDU\LVDOZD\VWKHEHVW6KHDQWLFLSDWHVZKDWWKHERVVQHHGVDQGLVUHDG\ZKHQWKHUHTXHVWFRPHV
,WoVHVSHFLDOO\LPSRUWDQWWKDWDVHFUHWDU\NQRZKRZWRZULWHZHOOZLWKQRVSHOOLQJHUURUVW\SRVRUJUDPPDWLFDOPLVWDNHVZKHQZULWLQJ
0RVWERVVHVKDYHDVHOHFWLYHPHPRU\IRUZKDWLVFULWLFDOIRUWKHRUJDQL]DWLRQ$JRRG3$PXVWSURYLGHWKHUHVWRIWKHPHPRU\QHHGV
:KHQRUJDQL]LQJPHHWLQJVRXWVLGHWKHFRPSDQ\DVHFUHWDU\QHHGVWRNQRZZKDWORFDOKRWHOVKDYHWRRIIHUDQGZKDWWKHPHHWLQJVUHTXLUH
,QWKHIXWXUHVHFUHWDULHVZLOOEHFRPHSURMHFWPDQDJHUVDQGGHFLVLRQPDNHUV7KH\ZLOOSURYLGHVROXWLRQVLQUXQQLQJDQRIFH
&RPSDQLHVZRXOGEHZLVHWRGHYHORSVHFUHWDULHVDVSUREOHPVROYHUVDQGGHFLVLRQPDNHUV
7RSVHFUHWDULHVNQRZKRZWRVWUXFWXUHRUJDQL]HDQGZULWHOHWWHUVPHPRVDQGUHSRUWVWRDFFXUDWHO\FRPPXQLFDWHEXVLQHVVPDWWHUV
6HFUHWDULHVPXVWEHDEOHWRPDNHRQWKHVSRWGHFLVLRQVDQGGHYHORSVROXWLRQVIRUFRPSOH[SUREOHPV




/RZ%HJLQQHU

+LJK%HJLQQHU

'HGQGHVRQHOODV" :KHUHDUHWKH\IURP"
1RVRQIUDQFHVDV" $UHQoWWKH\)UHQFK"
6XVSDGUHV GHHOOD VRQGH $UHKHUSDUHQWVIURP)UDQFH

)UDQFLDWDPELQ"
WRR"
6RLVLQJOHVDV" $UH\RX(QJOLVK"
6RPRVSURIHVRUDVGHLQJOV :HDUH(QJOLVKWHDFKHUV

'HTXLQHV" :KRVHLVLW"
'HTXLQHVHVWDFDUWD" :KRVHOHWWHULVWKLV"
SHUWHQHQFLD 
'HTXLQHVHVWDFDUWD" :KRLVWKLVOHWWHUIURP"
SURFHGHQFLD 
'HTXLQVRQHVWDVOODYHV" :KRVHNH\VDUHWKHVH"
'HTXLQIXHHVDLGHD" :KRVHLGHDZDVWKDW"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

9HQDTX\WUHPHXQYDVRGH &RPHKHUHDQGEULQJPHD
DJXD
JODVVRIZDWHU
9HDOO\OOHYDHVWHPHQVDMH *RWKHUHDQGWDNHWKLVPHVVDJH
FRQWLJR
ZLWK\RX
4XLQQRVOOHYDUDO :KRZLOOWDNHXVWRWKH
DHURSXHUWR"
DLUSRUW"
4XKDUVVLHOODWHGLFH :KDWZLOO\RXGRLIVKHVD\V
TXHQR"
QR"
4XKDUVFXDQGRHOODWHGLJD :KDWZLOO\RXGRZKHQVKH
VD\VQR"
TXHQR"

(OODQRVHDFXHUGDGHORTXH 6KHGRHVQoWUHPHPEHUZKDW
KL]R
VKHGLG
/HVGLMLVWHGQGHEDPRV" 'LG\RXWHOOWKHPZKHUHZH
ZHUHJRLQJ"
1RHQWLHQGRSRUTXOWLHQH ,GRQoWXQGHUVWDQGZK\KHKDV
WRVD\WKLQJVOLNHWKDW
TXHGHFLUFRVDVDV
6DEHOFXQWDVSHUVRQDV 'RHVKHNQRZKRZPDQ\
SHRSOHWKHUHZLOOEH"
KDEU"
/HVYDVDSUHJXQWDUFXQGR $UH\RXJRLQJWRDVNWKHP
ZKHQWKH\oUHJRLQJWRFRPH"
YDQDYHQLU"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

(VWRV]DSDWRVQRPHKDQ 7KHVHVKRHVGLGQoWFRVWPH
FRVWDGRQDGD
DQ\WKLQJ
1RSLHQVRGDUWHQLQJXQR ,oPQRWSODQQLQJWRJLYH\RX
DQ\
(OODQRKDYLVWRQLQJXQDGH 6KHKDVQoWVHHQHLWKHURIWKRVH
HVDVGRVSHOFXODV
OPV
1LQJXQRGHHVRVDUFKLYRVVRQ 1RQHRIWKRVHOHVDUH\RXUV

WX\RV
1RKDFDQDGDFXDQGRPHYLVWH ,ZDVQoWGRLQJDQ\WKLQJZKHQ
\RXVDZPH

$QQRVHKDWRPDGRQLQJXQD +DVQoWDQ\GHFLVLRQEHHQWDNHQ
GHFLVLQ"
\HW"
7RGDYDHOODVVHHVWQYLVWLHQGR 7KH\oUHVWLOOJHWWLQJGUHVVHG
<DQRSDUHFHTXHYD\DDOORYHU ,WGRHVQoWORRNOLNHLWoVJRLQJWR
UDLQDQ\PRUH
1RGHEHUDKDEHUXQRHQHO 6KRXOGQoWWKHUHEHRQHLQWKH
FDMQ"
GUDZHU"
1RKDEUDKDELGRSUREOHPDVVL :RXOGQoWWKHUHKDYHEHHQ
VHKXELHVHQHQWHUDGR"
SUREOHPVLIWKH\KDGIRXQGRXW"

1DLOYDUQLVKUHPRYHU 4XLWDHVPDOWH

1DLOVFLVVRUV 7LMHUDVGHXDV

1DLOYDUQLVK (VPDOWHGHXDV

1DLOFOLSSHUV &RUWDDV

1DLOOH /LPDGHXDV

9RFDEXODULR0DQLFXUH 0DQLFXUD
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

(OSLVWRVHKDFHFRQFDODEDFLQHV 5DWDWRXLOOHLVPDGHZLWK
FRXUJHWWHVDQGDXEHUJLQHV
\EHUHQMHQDV
4XKD\H[DFWDPHQWHHQOD :KDWoVLQWKHIUXLWVDODG

H[DFWO\"
PDFHGRQLD"
1RPHJXVWDQORVFDOORVSDUD ,GRQoWOLNHWULSHDWDOO

QDGD
(VXQSODWRSDUHFLGRDOEDFDODR ,WoVDGLVKVLPLODUWREDWWHUHG

FRG
UHER]DGR
6HGLFHTXHHOSHUHMLOHVEXHQR ,WoVVDLGWKDWSDUVOH\LVJRRGIRU

WKHEUHDWK
SDUDHODOLHQWR

1RVHKDQWUDJDGRQLXQD 7KH\GLGQoWVZDOORZDZRUG
SDODEUD
RILW
(VWDEDVXGDQGRODJRWDJRUGD ,ZDVVZHDWLQJEXFNHWV
0DQWHQPHDOFRUULHQWHGHOR .HHSPHLQIRUPHGDERXW
TXHSDVD
ZKDWoVJRLQJRQ
6DFLHQFLDFLHUWDTXHQRIXH ,NQRZIRUDIDFWWKDWLWZDVQoW
DV
OLNHWKDW
&XDQGRODRLJRFDQWDUPH :KHQ,KHDUKHUVLQJ,JHW
SRQHODFDUQHGHJDOOLQD
JRRVHEXPSV



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpWRq 
9RFDEXODU\
<RXDUHWREHKHUHDW
7HQLVTXHHVWDUDTXDODV

7KHWRWDOFRPHVWRHXURV
(OWRWDODVFLHQGHDHXURV

:KDWFRQFOXVLRQDUHZHWRGUDZ" :KHQLWFRPHVWRPRQH\%HQLVWKHH[SHUW
4XFRQFOXVLQGHEHPRVVDFDU"
&XDQGRVHWUDWDGHGLQHUR%HQHVHOH[SHUWR
:KHQKHFDPHWRKHVDLGQRWKLQJ ,QHYHUWKRXJKWLWZRXOGFRPHWRWKLV
&XDQGRYROYLHQVQRGLMRQDGD
1XQFDSHQVTXHOOHJDUDDHVWR

2SHUDWLRQV 

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
6HUDXWQRPRWLHQHVXVYHQWDMDV
7DOYH]VLKDFHPRVXQDWRUPHQWDGHLGHDV
VXUJLUQQXHYDVLGHDV
|(QKRUDEXHQD0HGLFHQTXHKDVVLGR
DVFHQGLGR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

$QLPSRUWDQWHOHPHQWLQWKH6&0SODQLVWRGHYHORSPHWULFVWRPRQLWRUWKHFKDLQIRUHIFLHQF\ORZFRVWKLJKTXDOLW\DQGYDOXH
7KHWHUPpPHWULFVqLVXVHGRIWHQLQSODFHRIpPHDVXUHPHQWVqZKHQGHDOLQJZLWK6&0DQG,7PDQDJHPHQW
7KHSODQVKRXOGFOHDUO\LGHQWLI\ZKDWNLQGVRIVXSSOLHUVDUHUHTXLUHGWRGHOLYHUWKHJRRGVDQGVHUYLFHVQHFHVVDU\IRUVXFFHVV
7KHFRPSDQ\ZRUNVZLWKVXSSOLHUVWRHVWDEOLVKVWUHDPOLQHGSURFHVVHVIRUSULFLQJGHOLYHU\DQGSD\PHQWZLWKPHWULFVWRPRQLWRUUHVXOWV
7KHEDVLFDFWLYLWLHVLQFOXGHVKLSPHQWUHFHSWLRQYHULFDWLRQWUDQVIHUWRPDQXIDFWXULQJDQGDXWKRUL]DWLRQRISD\PHQWWRWKHVXSSOLHU
,QPDQXIDFWXULQJWKHPDWHULDOVDUHWUDQVIRUPHGWHVWHGSDFNDJHGDQGSUHSDUHGIRUGHOLYHU\
'XULQJWKHPDQXIDFWXULQJSKDVHPHWULFVDUHSHUIRUPHGRQTXDOLW\SURGXFWLRQRXWSXWDQGZRUNHUSURGXFWLYLW\
3RVWSURGXFWLRQORJLVWLFVLQFOXGHRUGHUUHFHLSWIURPFXVWRPHUVZDUHKRXVLQJWUDQVSRUWDWLRQLQYRLFLQJDQGFROOHFWLRQ
$QDOSKDVHLVWKHQHHGWRFUHDWHDQHWZRUNIRUUHFHLYLQJGHIHFWLYHRUH[FHVVSURGXFWVUHWXUQHGIURPFXVWRPHUV
7KLVSKDVHDOVRLQFOXGHVFUHDWLQJDVWURQJDIWHUVDOHVVXSSRUWV\VWHPWRKHOSFXVWRPHUVWKDWPD\KDYHSUREOHPVZLWKGHOLYHUHGSURGXFWV
,QYHQWRU\PDQDJHPHQWLVRQHRIWKHNH\HOHPHQWVLQRSHUDWLRQVDQGVXSSO\FKDLQPDQDJHPHQW
6XSSO\DQGGHPDQGLQWKHVXSSO\FKDLQLVQHYHUSHUIHFWDQGLQYHQWRU\PDQDJHPHQWLVHVVHQWLDOWRPLQLPL]HLPEDODQFHV
7KHSUREOHPLVFRPSOLFDWHGE\WKHIDFWWKDWGHPDQGLVXQFHUWDLQDQGWKLVXQFHUWDLQW\FDQFDXVHLQYHQWRU\GHSOHWLRQDQGXQOOHGRUGHUV
,I\RXORRNDWRYHUDOORSHUDWLRQVIURPEHJLQQLQJWRHQGWKHORJLFDOVWDUWLQJSRLQWZRXOGEHLQSURGXFWGHYHORSPHQW
7KHUVWFRQVLGHUDWLRQLVWRDVVHVVWKHOLNHOLKRRGWKDWWKHSURGXFWLVDFWXDOO\YLDEOHLQWKHPDUNHWSODFH

,QIRUPDWLRQWHFKQRORJ\ 
,QVPDOOFRPSDQLHVDEUHDFKLQFRPSXWHUVHFXULW\FDQVRPHWLPHVWKUHDWHQWKHOLIHRIWKHEXVLQHVV
,WoVFULWLFDOWRNHHSVHUYHUVVDIHIURPDWWDFNEHFDXVHRQFHWKHVHUYHUVDUHFRPSURPLVHGWKHHQWLUHQHWZRUNLVDWULVN
6HUYHUVVHUYHWKHDSSOLFDWLRQVZHESDJHVRUHPDLOWKDWVPDOOFRPSDQLHVQHHGWRGRWKHLUMRE7KH\VWRUHYDOXDEOHDQGFRQGHQWLDOGDWD
6HUYHUVSURYLGHWKHPHDQVIRUFXVWRPHUVWRFRPPXQLFDWHZLWKWKHFRPSDQ\DQGHYHQLQPDQ\FDVHVWRSXUFKDVHJRRGVRUVHUYLFHV
,IWKHVHUYHUVDUHGRZQDFRPSDQ\ZLOOORVHSURGXFWLYLW\MHRSDUGL]HFXVWRPHUUHODWLRQVKLSVDQGSUREDEO\ORVHPRQH\
*RRG,7VHFXULW\PHDQVVRIWZDUHXSGDWHVYLUXVSURWHFWLRQUHZDOOVWLJKWLQKRXVHVHFXULW\DQGVWURQJSDVVZRUGV
6PDOOFRPSDQLHVQHHGWRKDYHDQLQKRXVHFRPSXWHUWHFKQLFLDQRUDUHOLDEOHRXWVLGHWHFKQRORJ\SDUWQHUWRNHHSWKHV\VWHPVXSWRGDWH
,IWKHFRPSDQ\XVHVRXWVLGHKHOSWKLVFRQVXOWDQWVKRXOGNQRZKRZWRDQDO\]HWKHEXVLQHVVDQGSURYLGHWKHULJKW,7VROXWLRQV
$QLPSRUWDQWTXHVWLRQIRUVPDOOEXVLQHVVHVLVLIWKHLUV\VWHPVFDQZLWKVWDQGDFULVLVDQGLIWKH\KDYHDGLVDVWHUUHFRYHU\SODQ
$QRWKHUFULWLFDOSUDFWLFHWKDWPDQ\VPDOOFRPSDQLHVRYHUORRNLVWKHQHHGWRGRFRPSOHWHGDLO\EDFNXSVRIGDWDDQGLPDJHV
0DQ\VPDOOFRPSDQLHVGRQoWXWLOL]HWKHLUFRPSXWHUV\VWHPVWRWKHIXOOHVWSRWHQWLDOWRUHGXFHFRVWVDQGLPSURYHVHUYLFH
,QERWKELJDQGVPDOOFRPSDQLHVLWoVFRPPRQWRQGHPSOR\HHVZKRDUHXQGHUWUDLQHGRUZKRXVHROGFRPSXWHUZRUNLQJKDELWV
0DQ\FRPSDQLHVSD\RXWVLGHFRQVXOWDQWVWRSHUIRUPVHFXULW\DXGLWVRQWKHLU,7V\VWHPVDQGQHWZRUNV
7KHSK\VLFDOVHFXULW\RIWKHV\VWHPLVWKHPRVWLPSRUWDQWHOHPHQWLQPDLQWDLQLQJRYHUDOOVHFXULW\(YHU\WKLQJPXVWEHSK\VLFDOO\VHFXUH
7KHVHFRQGFRQVLGHUDWLRQLVQHWZRUNVHFXULW\1HWZRUNHGHQYLURQPHQWVDUHPRUHVXVFHSWLEOHWRRXWVLGHDWWDFNVWKDQVWDQGDORQHV\VWHPV

/DZDQGOHJDOFRXQVHO 
$UHFHQWWUHQGLQWKHSDVW\HDUVLQWKH8QLWHG6WDWHVKDVEHHQWKHQRWLFHDEOHLQFUHDVHLQWKHDPRXQWRIOLWLJDWLRQ
&LYLODQGFULPLQDOODZVXLWVDUHPXFKPRUHSUHYDOHQWWRGD\ZLWKSHRSOHVHHNLQJGDPDJHVWKURXJKVRPHWLPHVTXHVWLRQDEOHFODLPV
&DVHVRIWHQKDYHWRGRZLWKQHJOLJHQFHIUDXGRUSURGXFWOLDELOLW\ZLWKGDPDJHVUHDFKLQJVFDQGDORXVSURSRUWLRQV
$QRWKHUDUHDRIODZKDVWRGRZLWKZLOOVDQGHVWDWHV$ZLOOLVWKHWHUPXVHGIRUWKHODVWZLOODQGWHVWDPHQWRIDGHFHDVHGSHUVRQ
$ZLOOWDNHVHIIHFWXSRQGHDWK,WKDVQRIRUFHRUHIIHFWEHIRUHGHDWK,WVSXUSRVHLVWREHTXHDWKSHUVRQDOSURSHUW\
7KHSHRSOHZKRLQKHULWWKHSURSHUW\LQFOXGHGLQWKHZLOODUHFDOOHGWKHKHLUV7KH\UHFHLYHDQLQKHULWDQFHWKURXJKWKHZLOO
(PSOR\PHQWODZLVWKHWHUPXVHGPRVWRIWHQLQWKH(QJOLVKVSHDNLQJZRUOGWRUHIHUWROHJLVODWLRQFRQFHUQLQJODERXUUHODWLRQV
(XURSHDQFRXQWULHVXVXDOO\KDYHODZVWKDWDUHPRUHSURWHFWLYHRIWKHHPSOR\HHWKDQLQ$QJOR6D[RQFRXQWULHV
6H[XDOKDUDVVPHQWLVDFRPPRQFODLPWKDWDULVHVLQWKHZRUOGRIHPSOR\PHQWODZ
7KHUHDUHPDMRUGLIIHUHQFHVEHWZHHQWKHOHJDODQGUHJXODWRU\DWPRVSKHUHVEHWZHHQFRQWLQHQWDO(XURSHDQG$QJOR6D[RQFRXQWULHV
,QWKHSDVW\HDUV(XURSHKDVEHHQPLJUDWLQJIURPVWDWHLQWHUYHQWLRQLVPWRDUHJXODWRU\PRGHO
)RUFHVLQXHQFLQJWKLVFKDQJHDUHJOREDOL]DWLRQ(XURSHDQLQWHJUDWLRQDQGWKHGHFOLQHRIVWDWHRZQHUVKLSDQG.H\QHVLDQHFRQRPLFV
7KHSUHYLRXVVLWXDWLRQZDVRQHRIVWDWHRZQHUVKLSRIVWUDWHJLFLQGXVWULHVDQGSXEOLFXWLOLWLHVWRJHWKHUZLWKVWDWHHFRQRPLFLQWHUYHQWLRQ
7KHFXUUHQWVLWXDWLRQEHJDQLQWKHoVZLWKSULYDWL]DWLRQOLEHUDOL]DWLRQDQGWKHFKDQJHIURPHFRQRPLFPDQDJHPHQWWRUHJXODWLRQ
7KHNH\SOD\HUVLQWKHQHZVLWXDWLRQDUHLQGHSHQGHQWDJHQFLHVSDUOLDPHQWDU\FRPPLWWHHVDQGWKHFRXUWV




/RZ%HJLQQHU

+LJK%HJLQQHU

4XIHFKDHVKR\" :KDWGDWHLVLWWRGD\"
+R\HVGHDEULO 7RGD\LVWKHUGRI$SULO
+R\HVXQGDHVSHFLDO" ,VWRGD\DVSHFLDOGD\"
7RGRVORVGDVVRQGDV (YHU\GD\LVDVSHFLDOGD\
HVSHFLDOHV
(VWR\VHJXURGHTXHKR\HVXQ ,oPVXUHWRGD\LVDOLWWOH

SRFRGLIHUHQWH
GLIIHUHQW

'HTXPHHVWVKDEODQGR" :KDWDUH\RXWDONLQJWRPH
DERXW"
+R\HVXQGDSDUDHVFULWRUHV\ 7RGD\LVDGD\IRUZULWHUVDQG
VDLQWV
VDQWRV
7LHQHVDPLJRVTXHVRQ 'R\RXKDYHDQ\IULHQGVZKR
DUHZULWHUV"
HVFULWRUHV"
&RQR]FRDOJXQRV ,NQRZVRPH
<FXQWRVVDQWRVFRQRFHV" $QGKRZPDQ\VDLQWVGR\RX
NQRZ"

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

6KDNHVSHDUHQDFLKR\ 6KDNHVSHDUHZDVERUQWRGD\
(QTXDRQDFL" :KDW\HDUZDVKHERUQLQ"
'LFHQTXHHQHOPLOTXLQLHQWRV 7KH\VD\LQIWHHQVL[W\IRXU

VHVHQWD\FXDWUR
$VTXHQDFLKDFHFXDWURFLHQWRV 6RKHZDVERUQIRXUKXQGUHG

DQGIRUW\IRXU\HDUVDJR
FXDUHQWD\FXDWURDRV
$VHV(UHVEXHQDHQ 7KDWoVULJKW<RXoUHJRRGDW
0DWKVDUHQoW\RX"
0DWHPWLFDVQR"

4XLHUHVTXHWHFXHQWHRWUD 'R\RXZDQWPHWRWHOO\RX
VRPHWKLQJHOVHDERXWWRGD\"
FRVDGHKR\"
9DOHFRQWLQXDHQWRQFHV $OULJKWJRRQWKHQ
7DQWR&HUYDQWHVFRPR %RWK&HUYDQWHVDQG
6KDNHVSHDUHPXULHURQHVWHGD 6KDNHVSHDUHGLHGRQWKLVGD\
&PRSXHGH6KDNHVSHDUH +RZFDQ6KDNHVSHDUHEHERUQ
DQGGLHRQWKHVDPHGD\"
QDFHU\PRULUHQHOPLVPRGD"
1RQDFL\OXHJRPXULHO +HZDVQoWERUQDQGWKHQGLHG
RQWKHVDPHGD\\RXIRRO
PLVPRGD|LPEFLO

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&ODURQRKDEUDWHQLGRWLHPSR 2IFRXUVHKHZRXOGQoWKDYH

SDUDHVFULELUWDQWR
KDGWLPHWRZULWHVRPXFK
'HKHFKRWRGRORTXHWHKH ,QIDFWHYHU\WKLQJ,oYHWROG\RX

FRQWDGRHVPHQWLUD
LVDOLH
/DIHFKDGHQDFLPLHQWRGH 6KDNHVSHDUHoVELUWKGDWHLVD

6KDNHVSHDUHHVXQDHVWLPDFLQ JXHVV
8WLOL]DURQRWURWLSRGHFDOHQGDULR7KH\XVHGDQRWKHUW\SHRI
HQHVDSRFD
FDOHQGDUDWWKDWWLPH
&HUYDQWHVPXULHO\IXH &HUYDQWHVGLHGRQWKHQG

HQWHUUDGRHO
DQGZDVEXULHGRQWKHUG

7DPELQKR\HVHOGDGH6DQ 7RGD\LV6W*HRUJHoVGD\DV
-RUJH
ZHOO
6DQ-RUJHHVHOSDWUQGH 6W*HRUJHLVWKHSDWURQVDLQW
PXFKDVQDFLRQHV
RIPDQ\QDWLRQV
6HFHOHEUDHVWHGDHQ,QJODWHUUD 7KLVGD\LVFHOHEUDWHGLQ
\&DWDOXD
(QJODQGDQG&DWDORQLD
$XQTXHHVJUDFLRVRSRUTXH6DQ $OWKRXJKLWoVIXQQ\EHFDXVH6W
-RUJHHUDWXUFRHQUHDOLGDG
*HRUJHZDVLQIDFW7XUNLVK
(UDHVHTXLHQGHFDSLWDO +HZDVWKHRQHZKREHKHDGHG
GUDJQQR"
WKHGUDJRQZDVQoWKH"

%XWWHUEHDQV $OXELDVEODQFDV
*UHHQEHDQV $OXELDVYHUGHV
%ODFNH\HGEHDQV -XGDVSLQWDV
6R\DEHDQV 6HPLOODVGH6RMD
5HG.LGQH\%HDQV $OXELDVURMDV

9RFDEXODULR%HDQV $OXELDV

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

(Q&DWDOXDKR\VHUHJDODQ 7RGD\LQ&DWDORQLDWKH\JLYH
URVHVDQGERRNVDVSUHVHQWV
URVDV\OLEURV
/DWUDGLFLQGHUHJDODUXQDURVD 7KHWUDGLWLRQRIJLYLQJDURVH

DVDSUHVHQWGDWHVEDFNWRWKH
VHUHPRQWDDOVLJOR;9
IWHHQWKFHQWXU\
0HSDUHFHXQDWUDGLFLQ ,WKLQNLWoVTXLWHDFKDUPLQJ
WUDGLWLRQ
EDVWDQWHHQFDQWDGRUD
+R\HQ,QJODWHUUDQLUHJDODQ ,Q(QJODQGWKH\JLYHQHLWKHUURVHV
QRUERRNVDVSUHVHQWVWRGD\
URVDVQLOLEURV
/RVFDWDODQHVVRQPV $UH&DWDORQLDQVPRUHURPDQWLF

URPQWLFRV\FXOWRVHQWRQFHV" DQGHGXFDWHGWKHQ"

3RUTXVDEHVWDQWRVREUHHO :K\GR\RXNQRZVRPXFK
GDGHKR\"
DERXWWRGD\"
7HKDVWUDJDGRXQD +DYH\RXVZDOORZHGDQ
HQFLFORSHGLDRTX"
HQF\FORSDHGLDRUZKDW"
1RGHVHRUHYHODUPLVVHFUHWRV ,GRQRWZLVKWRJLYHDZD\P\
VHFUHWV
|$TXHUHVXQWUDPSRVRTXH ,EHW\RXoUHDFKHDWZKRFRSLHV

HYHU\WKLQJIURP:LNLSHGLD
FRSLDWRGRGH:LNLSHGLD
|4XSRFDFRQDQ]DWLHQHVHQ :KDWOLWWOHIDLWK\RXKDYHLQ

PH
P

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpWRq 
9RFDEXODU\
:KHQZLOO,JHWWRGRLW"
&XQGRSRGUKDFHUOR"

3OHDVHGRQoWJRWRDQ\WURXEOH
3RUIDYRUQRVHPROHVWH

,JRWWRZRUNODWH\HVWHUGD\
/OHJXWDUGHDOWUDEDMRD\HU

7KH\oOOJRWRDQ\OHQJWKWRZLQ
+DUQWRGRORQHFHVDULRSDUDJDQDU

$QGWKH2VFDUJRHVWRf
<HO2VFDUHVSDUD

+HKHOGPHWRP\SURPLVH
0HREOLJDPDQWHQHUPLSURPHVD

(QWUHSUHQHXUVKLS 

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
1HFHVLWDPRVDSUREDFLQGHOGHSDUWDPHQWR
GH5HFXUVRV+XPDQRV
1HFHVLWDPRVLQYHUWLUPVHQ,QYHVWLJDFLQ\
'HVDUUROOR
3RUTXQRSDWURFLQDPRVHOHYHQWR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

$SHUVRQZKRLVQRWFDSDEOHRISHUIRUPLQJEUHDNHYHQDQDO\VLVVKRXOGEHFDUHIXOZKHQVWDUWLQJDEXVLQHVVYHQWXUH
$JRRGEXVLQHVVLGHDLVQHEXWLWPXVWEHEDFNHGXSE\EXVLQHVVNQRZOHGJHVDOHVDQGPDQDJHPHQWVNLOOVDQGDORWRISDVVLRQ
7KHDELOLW\WRTXLFNO\FDOFXODWHWKHEUHDNHYHQSRLQWLQDEXVLQHVVYHQWXUHLVHVVHQWLDOWRLGHQWLI\LQJWKHYLDELOLW\RIDEXVLQHVVLGHD
7KHDELOLW\WRXQGHUVWDQGWKHWLPHDQGH[SHQVHQHFHVVDU\WRUHDFKWKHEUHDNHYHQSRLQWLVHVVHQWLDOLQFDOFXODWLQJQDQFLQJQHHGV
7KHDELOLW\WRFRQYLQFHDQGSHUVXDGHSURVSHFWLYHFXVWRPHUVEDQNPDQDJHUVDQGVXSSOLHUVLVDQRWKHUHVVHQWLDODELOLW\WKDWLVQHHGHG
7KHDELOLW\WRKLUHKRQHVWDQGKDUGZRUNLQJSHRSOHDQGWRPRWLYDWHWKHPWRZRUNKDUGIRU\RXLVDQDGGLWLRQDOVNLOOWKDWPXVWEHSUHVHQW
,WoVFULWLFDOIRUDQHQWUHSUHQHXUWRGUDZXSDGHWDLOHGEXVLQHVVSODQIRUWKHQHZYHQWXUH
7KHSODQPXVWEHUHDOLVWLFDQGEDVHGRQDFFXUDWHFXUUHQWLQIRUPDWLRQDQGRQHGXFDWHGSURMHFWLRQVIRUWKHIXWXUH
7KHSODQVKRXOGLQFOXGHDGHVFULSWLRQRIWKHEXVLQHVVWKHYLVLRQWKHJRDOVDQGWKHNH\VWRVXFFHVVIRUWKHYHQWXUH
$QRWKHUVHFWLRQVKRXOGVHWRXWWKHSRWHQWLDOWKUHDWVDQGSUREOHPVDQGKRZWKHVHZLOOEHPHWDQGVROYHG
7KHQDQFLDOVHFWLRQVKRXOGLQFOXGHEDODQFHVKHHWDQGLQFRPHVWDWHPHQWSURMHFWLRQVFDVKRZDQDO\VLVDQGVDOHVDQGH[SHQVHIRUHFDVWV
$QLPSRUWDQWVHFWLRQLQWKHEXVLQHVVSODQVKRXOGGHVFULEHWKHFRPSHWLWLRQWKDWWKHQHZYHQWXUHZLOOIDFHLQWKHPDUNHW
$QRWKHUVHFWLRQVKRXOGGHDOZLWKWKHPDUNHWLQJSODQDQGZKDWNLQGRIDGYHUWLVLQJDQGSURPRWLRQZLOOEHEXGJHWHG
$QDOVHFWLRQVKRXOGWDONDERXWKRZWKHFRPSDQ\LVH[SHFWHGWRJURZLQWKHIXWXUHDQGKRZWKLVJURZWKZLOOEHEXGJHWHGDQGQDQFHG
,IWKHHQWUHSUHQHXUZDQWVWRVHHNQDQFLQJWKURXJKEDQNVRULQVWLWXWLRQDOLQYHVWRUVDJRRGEXVLQHVVSODQLVPDQGDWRU\

5HVHDUFKDQGGHYHORSPHQW 
5HVHDUFKDQGGHYHORSPHQWGRHVQoWLQYROYHRQO\SURGXFWV,WFDQLQYROYHLQQRYDWLRQLQSURFHVVHVDQGSUDFWLFHV
7KH5 'GHSDUWPHQWFDQKHOSGHSDUWPHQWVRUEXVLQHVVXQLWVZLWKLQVLGHLQQRYDWLRQ
6RPHFRPSDQLHVKDYHVPDOO5 'WHDPVWKDWZRUNLQWKHGLIIHUHQWEXVLQHVVXQLWVRIWKHRUJDQL]DWLRQVKDULQJWKHEHVWSUDFWLFHVRIHDFK
5 'SHRSOHZKRKDYHEHHQLQFORVHFRQWDFWZLWKWKHVXSSO\FKDLQLQWKHLUFRPSDQLHVRIWHQFRQWULEXWHLQQRYDWLYHLPSURYHPHQWV
6RPHFRPSDQLHVPDUNHWWKHLU5 'IXQFWLRQ0DQ\H[WHUQDOUPVDQGJRYHUQPHQWDJHQFLHVXVHWKHVHUYLFHVRIFRUSRUDWH5 'GLYLVLRQV
*RRG5 'SHRSOHDOZD\VORRNIRUZD\VWRLQQRYDWH7KH\REVHUYHSURFHVVHVLQRWKHUUPVRUDWWHQGWUDGHIDLUVRQHYHU\FRQWLQHQW
7KH\WDNHIDFWRU\WRXUVHYHQLQEXVLQHVVHVRULQGXVWULHVWRWDOO\XQUHODWHGWRWKHLURZQDFWLYLW\RUEXVLQHVV
+HQU\)RUGJRWKLVLGHDRQWKHDVVHPEO\OLQHZKHQKHZDVYLVLWLQJDVODXJKWHUKRXVHDQGPHDWSDFNLQJSODQWLQ&KLFDJR
6RPHWLPHVWKHWRSPDQDJHPHQWLQODUJHFRPSDQLHVEHFRPHVLPSDWLHQWZLWKWKHSDFHRILQQRYDWLRQFRPLQJRXWRI5 '
7KRPDV(GLVRQRQFHVDLGWKDWWKHVXFFHVVRILQYHQWLRQGHSHQGVRQKRZPDQ\H[SHULPHQWV\RXFDQWLQWRKRXUV
0U(GLVRQWHVWHGRYHUGLIIHUHQWPDWHULDOVEHIRUHKHFDPHXSRQWKHFDUERQODPHQWWKDWZRUNHGIRUWKHOLJKWEXOE
+HDOZD\VVDLGWKDWLQQRYDWLRQLVRQHSHUFHQWLQVSLUDWLRQDQGSHUFHQWSHUVSLUDWLRQ,Q(QJOLVKWRSHUVSLUHPHDQVWRVZHDW
7KHPRVWLPSRUWDQWFRQWULEXWLRQE\7KRPDV(GLVRQZDVQoWDQ\VSHFLFLQYHQWLRQEXWUDWKHUWKHFRQFHSWDW0HQOR3DUN
0HQOR3DUNLQ1HZ-HUVH\ZDVWKHUVWLQVWLWXWLRQVHWXSVSHFLFDOO\WRSURGXFHFRQVWDQWWHFKQRORJLFDOLQQRYDWLRQDQGLPSURYHPHQW
(GLVRQRZQHGWKHSDWHQWRQPRVWRIWKHSURGXFWVLQYHQWHGWKHUHWKRXJKPDQ\RIKLVHPSOR\HHVFDUULHGRXWWKH5 'ZRUN

7\SLFDORIFHODQJXDJH 
$GD\GRHVQoWJRE\ZLWKRXWP\ERVVFDOOLQJPHWRKLVRIFHWRWDONDERXWWKHQHZFRVWFXWWLQJLQLWLDWLYH,WoVKLVIDYRXULWHWR\
*RRGPRUQLQJ0DUJDUHW$Q\FDOOV",IRUJRWWRWHOO\RX\HVWHUGD\WKDWDMRXUQDOLVWIURP7KH(FRQRPLVWZLOOEHKHUHDWRoFORFN
'RQoWZRUU\DERXWWKDWSUREOHP,oOOWDNHFDUHRILW,WoVWKHODVWWKLQJLQWKHZRUOG,IHHOOLNHGRLQJEXWLWoVSDUWRIP\MRE
+DYH\RXKHDUGWKHODWHVW"7RP(YDQVLVOHDYLQJ3HUNLQV,QFRUSRUDWHGDQGZLOOWDNHRYHUIRU3HGUR$OYDUH]DW6DOHP,QGXVWULHV
([FXVHPHWKHUHoVD0U7RP(YDQVRQWKHOLQH+HVD\VKHoVDJRRGIULHQGRI\RXUV:KDWVKDOO,WHOOKLP"
*RRGPRUQLQJHYHU\RQH,oPJODGWRKDYHWKLVRSSRUWXQLW\WRJLYH\RXDEULHISUHVHQWDWLRQRQWKHQHZ6$3DSSOLFDWLRQ
,WKLQNWKHHFRQRP\oVVWDUWLQJWRFRPHRXWRIWKHUHFHVVLRQ:HoUHQRWIHHOLQJLW\HWEXW,oPRSWLPLVWLF
7KH\KDGWROD\RIIKDOIWKHLUVWDIIDQGUHVWUXFWXUHWKHLUGHEWZLWKWKHEDQNV,QP\RSLQLRQWKH\oUHVWLOOQRWRXWRIWKHZRRGV\HW
6DOHVDUHXSDQGZHoUHVORZO\LPSURYLQJRXUPDUJLQV,IWKLQJVJRDVSODQQHGZHVKRXOGEHDEOHWRSD\DGLYLGHQGWKLV\HDU
6RPHWLPHV,IHHOOLNHVHOOLQJWKLVFRPSDQ\WRWKHUVWSHUVRQZKRZDONVWKURXJKWKHGRRU
<RXQHHGWRFRQVLGHUWKHOHJDOUDPLFDWLRQVRIWKHGHFLVLRQ,IZHGRQoWDFWQRZZHFRXOGQGRXUVHOYHVLQFRXUW
:HoUHJRLQJWKURXJKVRPHKDUGWLPHVEXWVRDUHRXUFRPSHWLWRUV,WoVJRRGIRUWKHLQGXVWU\WRJRWKURXJKDVKDNHRXW
,oPJHWWLQJWRWKHSRLQWZKHUH,GRQoWUHDOO\FDUHZKHWKHUWKH\DZDUGXVWKHFRQWUDFWRUQRW
<RXQHHGWRXVHWKHULJKWWDFWLFV7RP(YDQVLVWKHW\SHRIJX\WKDWGRHVQoWQHHGDWHFKQLFDOH[SODQDWLRQ)RUKLPLWoVWKHERWWRPOLQH
,FDQoWJXUHRXWZK\WKHJRYHUQPHQWZDQWVWRUDLVHWKHFRUSRUDWHWD[RQVPDOOEXVLQHVVHV,WMXVWGRHVQoWPDNHDQ\VHQVH




+LJK%HJLQQHU

/RZ%HJLQQHU
&XOHVVXDSHOOLGR GHHOODV " :KDWoVWKHLUODVWQDPH
VXUQDPH"
&XQWRVDRVWLHQHWXPDGUH" +RZROGLV\RXUPRWKHU"
'QGHYLYHV" :KHUHGR\RXOLYH"
4XLQHVWGHODQWHGHWLHQOD :KRoVLQIURQWRI\RXLQWKH

SKRWR"
IRWR"
&PRVHOODPDWXSHUUR" :KDWoV\RXUGRJoVQDPH"

$TXKRUDVHGHVSLHUWD" :KDWWLPHGRHVKHZDNHXS"
$TXKRUDWHOHYDQWDV" :KDWWLPHGR\RXJHWXS"
'HVD\XQDFRQVXVQLRV" 'RHVKHKDYHEUHDNIDVWZLWK
KLVFKLOGUHQ"
4XKDFHO" :KDWGRHVKHGR"
&PRYDDOWUDEDMR" +RZGRHVKHJRWRZRUN"

0LGGOH,QWHUPHGLDWH

/RZ,QWHUPHGLDWH
4XKDUVVLQRSDVDQDGD" :KDWZLOO\RXGRLIQRWKLQJ
KDSSHQV"
$OJRWLHQHTXHSDVDU 6RPHWKLQJKDVWRKDSSHQ
6LHPSUHSDVDDOJRFXDQGR 6RPHWKLQJDOZD\VKDSSHQV
ZKHQ,JRWKHUH
YR\DOO
/OHJDURQPLVGRVDPLJDVD 0\WZRIULHQGVDUULYHGDW

PLGQLJKW
PHGLDQRFKH
3RUTXSDVHVR" :K\GLGWKDWKDSSHQ"

7DQWRPLSDGUHFRPR\R %RWKP\IDWKHUDQG,DUHVFDUHG
WHQHPRVPLHGRGHODVDOWXUDV RIKHLJKWV
1LODMHIDQLVXVHPSOHDGRV 1HLWKHUWKHERVVQRUKHU
HPSOR\HHVFRXOG[LW
SXGLHURQDUUHJODUOR
1LQJXQRGHORVGRVUHDFFLRQ 1HLWKHURIWKHPUHDFWHGLQ
WLPH
DWLHPSR
/RVGRVVRPRV]XUGRV %RWKRIXVDUHOHIWKDQGHG
:HoUHERWKOHIWKDQGHG 
1LQJXQRGHORVVRFLRVTXHUD 1RQHRIWKHPHPEHUVZDQWHG
WRKHDUP\H[FXVH
HVFXFKDUPLH[FXVD

%OXHFKHHVH 4XHVRD]XO

6HPLKDUGFKHHVH 4XHVRVHPLFXUDGR

&UHDPFKHHVH 4XHVRFUHPRVR

&RWWDJHFKHHVH 5HTXHVQ

)UHVKFKHHVH 4XHVRIUHVFR

*UDWHGFKHHVH 4XHVRUDOODGR

9RFDEXODULR&KHHVH 4XHVR

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

&XQWRWDUGDUHPRVHQOOHJDU +RZORQJZLOOLWWDNHXVWRJHW

DOO"
WKHUH"
1RWDUGDULVPXFKR ,WZRQoWWDNH\RXORQJ
3RUTXWDUGDVWHWDQWR" :K\GLGLWWDNH\RXVRORQJ"
&XQWRVXHOHQGXUDUVXV +RZORQJGRWKHLUFRQFHUWV

FRQFLHUWRV GHHOORV "
XVXDOO\ODVW"
(VWHGXUDUPHQRVTXHHO 7KLVRQHZLOOODVWOHVVWKDQWKH
OWLPR
ODVWRQH

1RVHPDUFKDUGHODHPSUHVD :RQoWVKHOHDYHWKHFRPSDQ\
XQOHVVWKH\UHKHU"
DQRVHUTXHODHFKHQ"
6LGLPLWLHUDPHGDUDQXQD ,I,UHVLJQHGZRXOGWKH\JLYH
PHFRPSHQVDWLRQ"
LQGHPQL]DFLQ"
6LWXYLHUDHOHFFLQPHTXHGDUD ,I,KDGDFKRLFH,oGVWD\
6LQRKXELHUDVWHQLGRWDQWD ,I\RXKDGQoWEHHQLQVXFKD
SULVDQRWHKDEUDVHTXLYRFDGR KXUU\\RXZRXOGQoWKDYHPDGH
DPLVWDNH
6HKDEUDQGDGRFXHQWDVLQR :RXOGWKH\KDYHUHDOLVHGLIZH
KDGQoWWROGWKHPDQ\WKLQJ"
OHVKXELVHPRVGLFKRQDGD"

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

6HUEXHQYHQGHGRUHVXQD %HLQJDJRRGVDOHVSHUVRQLVD
UHZDUGLQJH[SHULHQFH
H[SHULHQFLDJUDWLFDQWH
'MDPHGDUWHXQRV /HWPHJLYH\RXVRPHDGYLFH
DERXWWKHERDUGRIGLUHFWRUV
FRQVHMRVVREUHHOFRQVHMRGH
DGPLQLVWUDFLQ
7HUPLQDPRVDQWHVGHOSOD]R :HQLVKHGDKHDGRIVFKHGXOH
HVWDEOHFLGR
+HPRVVDOLGRGHOSDVRKDVWD :HoYHJRWE\ZLWKRXWRQHVR
IDU
DKRUDVLQQLQJXQR
1HFHVLWRODLQIRUPDFLQ ,QHHGWKHULJKWLQIRUPDWLRQDW
WKHULJKWWLPH
DSURSLDGDHQHOPRPHQWR
DGHFXDGR

6HFDVDURQGHSHQDOWL 7KH\KDGDVKRWJXQZHGGLQJ
1RGR\DEDVWRDODVH[LJHQFLDV ,FDQoWNHHSXSZLWKP\ERVVo
GHPDQGV
GHPLMHIH
3RUTXVLHPSUHKDFHVODV :K\GR\RXDOZD\VGRWKLQJV
DQ\ROGKRZ"
FRVDVDOWXQWQ"
$KRUDVORQRVIDOWDSRQHUORV $OOZHKDYHWRGRQRZLVWRGRW

WKHLoVDQGFURVVWKHWoV
SXQWRVVREUHODVHV

Z Z ZY D X V \ V  F R P




%86,1(66(1*/,6+

3KUDVDOYHUEVZLWKpWRq 
,oOOVHHWRLWWKDWLWoVGRQH
0HDVHJXUDUGHTXHVHKDJD

7KHFDWWRRNWRKLPOLNHDVKWRZDWHU
(OJDWRVHHQFDULFRQOFRPRSH]DODJXD

,oOOVHHWRLW
0HHQFDUJR\R

:HDJUHHGWRGRLW
1RVSXVLPRVGHDFXHUGRHQKDFHUOR

:HoUHDOOVHWWRGRLW
7RGROLVWR SDUDKDFHUOR 

/LVWHQWRPH
(VFFKDPH

p,QJOVSDUDWXSXHVWRGHWUDEDMRq
$GPLQLVWUDFLQ55++\0DUNHWLQJ
&RQVJXHORHQZZZYDXJKDQWLHQGDFRP

%DQNLQJ 
7KHPDLQUHDVRQIRUWKH*UHDW'HSUHVVLRQRIWKHoVLQWKH8QLWHG6WDWHVZDVDVHULHVRIEDQNUXQVWKDWFDXVHGHFRQRPLFFROODSVH
6LQFHWKDWWLPHPRVWJRYHUQPHQWVKDYHFUHDWHGSXEOLFHQWLWLHVHTXLSSHGWRLQVXUHEDQNGHSRVLWVXSWRDFHUWDLQDPRXQW
,I\RXGHSRVLWDORWRIPRQH\LQEDQNDFFRXQWVPDNHVXUHWKDWWKHDPRXQWGHSRVLWHGLQHDFKEDQNLVZLWKLQWKHPD[LPXPLQVXUHG
$VHFRQGVDIHJXDUGWRVRIWHQWKHLPSDFWRIEDQNUXQVLVWKHUHTXLUHGUHVHUYHUDWLRWKDWFHQWUDOEDQNVLPSRVHRQQDWLRQDODQGORFDOEDQNV
7KHUHDUHVHYHUDONLQGVRIEDQNVWKDWRSHUDWHLQPDUNHWHFRQRPLHV7KHPRVWFRPPRQLVWKHFRPPHUFLDOEDQN
,QVRPHFRXQWULHVWKHWHUPFRPPHUFLDOEDQNUHIHUVWRQRUPDOEDQNVWKDWSURYLGHUHWDLOEDQNLQJDVRSSRVHGWRLQYHVWPHQWEDQNV
7KHZRUGUHWDLOUHIHUVWRWUDQVDFWLRQVZLWKLQGLYLGXDOVRUQDOXVHUV7KHRSSRVLWHLVZKROHVDOHZKLFKLPSOLHVDQLQWHUPHGLDU\IXQFWLRQ
,QRWKHUFRXQWULHVWKHWHUPFRPPHUFLDOEDQNUHIHUVWREDQNVWKDWPDLQO\GHDOZLWKODUJHEXVLQHVVHVRUFRUSRUDWLRQV
,QPRVWFDVHVKRZHYHUFRPPHUFLDOEDQNVRIIHUDIXOOUDQJHRIVHUYLFHVIRULQGLYLGXDOVEXVLQHVVHVDQGJRYHUQPHQWV
$VDYLQJVEDQNLVDQLQVWLWXWLRQZKRVHPDLQSXUSRVHLVWRDFFHSWVDYLQJVGHSRVLWVDOWKRXJKLWRIWHQSHUIRUPVRWKHUEDQNLQJWUDQVDFWLRQV
,Q6SDLQVDYLQJVEDQNVDUHSXEOLFLQLWLDWLYHVXQGHUJRYHUQPHQWFRQWUROZKRVHSURWVDUHRIWHQHDUPDUNHGIRUVRFLDOLQLWLDWLYHV
7KHYHUEpWRHDUPDUNqPHDQVWRUHVHUYHDOORFDWHRUDVVLJQ3XEOLFPRQLHVDUHRIWHQHDUPDUNHGIRUVSHFLFLQYHVWPHQWSXUSRVHV
6DYLQJVEDQNVDUHFDOOHGpVDYLQJVDQGORDQDVVRFLDWLRQVqLQWKH86DQGpEXLOGLQJVRFLHWLHVqLQWKH8.
,QYHVWPHQWEDQNVDUHQDQFLDOLQVWLWXWLRQVWKDWLVVXHDQGVHOOVHFXULWLHVLQFDSLWDOPDUNHWVDQGDGYLVHLQPHUJHUVDQGDFTXLVLWLRQV
:KHQZHVD\FDSLWDOPDUNHWVZHDUHUHIHUULQJWRVWRFNPDUNHWVDQGERQGPDUNHWV6HFXULWLHVDUHEDVLFDOO\VWRFNVDQGERQGV

(FRQRPLFV 
,IWKHFHQWUDOEDQNUDLVHVLQWHUHVWUDWHVSHRSOHSD\PRUHIRUORDQVDQGPRUWJDJHVDQGWKLVFRROVWKHHFRQRP\DQGFRQWUROVLQDWLRQ
,IWKHFHQWUDOEDQNORZHUVLQWHUHVWUDWHVPRUHSHRSOHWDNHRXWORDQVDQGPRUWJDJHVDQGVWDUWWRVSHQGPRUHZKLFKUHDFWLYDWHVWKHHFRQRP\
,IWKHUHLVKLJKXQHPSOR\PHQWLQDFRXQWU\WKLVXVXDOO\PHDQVWKDWWKHHFRQRP\LVLQDUHFHVVLRQDQGQHHGVDERRVW
,QWKLVFDVH.H\QHVLDQHFRQRPLVWVZRXOGUHFRPPHQGORZHULQJWD[HVDQGORZHULQJLQWHUHVWUDWHVLQRUGHUWRSURPRWHFRQVXPSWLRQ
,QWKHPHGLXPWHUPWKLVXVXDOO\SURPRWHVFRQVXPSWLRQZKLFKUHDFWLYDWHVSURGXFWLRQRIJRRGVDQGVHUYLFHVDQGLQFUHDVHVHPSOR\PHQW
,IWKHJRYHUQPHQWDQGPRQHWDU\DXWKRULWLHVJRWRRIDULQUHDFWLYDWLQJWKHHFRQRP\WKHQVHYHUDOSRVLWLYHIDFWRUVEHFRPHQHJDWLYH
)XOOHPSOR\PHQWPHDQVDWLJKWMREPDUNHWZKLFKPHDQVWKDWHPSOR\HHVDQGZRUNHUVFDQQHJRWLDWHKLJKHUVDODULHVDQGZDJHV
7KLVFDXVHVZKDWLVFDOOHGpFRVWSXVKLQDWLRQqEHFDXVHIXOOHPSOR\PHQWLQFUHDVHVODERXUFRVWVZKLFKLQWXUQpSXVKqXSFRVWVDQGSULFHV
$OVRZLWKIXOOHPSOR\PHQWSHRSOHVSHQGPRUHDQGWKLVFUHDWHVPRUHGHPDQGRQSURGXFHUVZKRRIWHQFDQQRWPHHWWKHGHPDQG
:KHQSURGXFHUVDUHSURGXFLQJDWIXOOFDSDFLW\DQGFDQQRWPHHWKLJKGHPDQGZKROHVDOHDQGUHWDLOSULFHVQDWXUDOO\ULVH
7KLVLVFDOOHGpGHPDQGSXOOqLQDWLRQEHFDXVHWKHLPSUHVVLRQLVWKDWSULFHVDUHULVLQJEHFDXVHWKHGHPDQGLVpSXOOLQJqWKHPXS
7KHUHIRUHZKHQVFDODQGPRQHWDU\SROLF\LVORRVHHFRQRPLHVHYHQWXDOO\KHDWXSDQGSURGXFHWZRW\SHVRILQDWLRQVLPXOWDQHRXVO\
:KHQWKLVKDSSHQVWKHJRYHUQPHQWDQGFHQWUDOEDQNVVZLWFKWRDWLJKWHUVFDODQGPRQHWDU\SROLF\LQRUGHUWRFRROWKHHFRQRP\
7RFRROWKHHFRQRP\WD[HVDQGLQWHUHVWUDWHVDUHUDLVHGWRPDNHLWPRUHGLIFXOWIRUSHRSOHWRERUURZRUVSHQG
7KLVOHDGVWROHVVFRQVXPSWLRQOHVVSURGXFWLRQDQGMREUHGXFWLRQV)LVFDODQGPRQHWDU\DXWKRULWLHVDUHDOZD\VVHHNLQJWKHULJKWEDODQFH

0DQXIDFWXULQJ 
7KHIRXUWKRIWKHVHYHQZDVWHVVHWRXWE\7R\RWDLVpZDLWLQJq7KLVUHIHUVWRWKHWLPHORVWDWVHYHUDOGLIIHUHQWPRPHQWVGXULQJWKHSURFHVV
,QWUDGLWLRQDOPDQXIDFWXULQJSHUFHQWRIDSURGXFWoVOLIHLVVSHQWZDLWLQJWREHSURFHVVHG7KHUHDUHVHYHUDOUHDVRQVIRUWKLV
([DPSOHVLQFOXGHPDWHULDOVRZWKDWLVVORZSURGXFWLRQUXQVWKDWDUHORQJRUGLVWDQFHVEHWZHHQZRUNFHQWUHVWKDWDUHWRRJUHDW
2QHKRXUORVWEHFDXVHRIDVLQJOHERWWOHQHFNLQRQHRSHUDWLRQFDXVHVDRQHKRXUORVVLQWKHHQWLUHIDFWRU\oVRXWSXW
7KHIWKZDVWHLVLQYHQWRU\7KHUHDUHWKUHHW\SHVRILQYHQWRU\UDZPDWHULDOVZRUNLQSURJUHVVDQGQLVKHGJRRGV
7KHVORZHUWKHPRYHPHQWRIWKHVHPDWHULDOVXQQLVKHGJRRGVDQGQLVKHGJRRGVWKHODWHUWKHFRPSDQ\FROOHFWVPRQH\RQVDOHV
7KHVORZHUWKHHQWLUHSURFHVVWKHPRUHWKHLQYHVWPHQWLQUDZPDWHULDOVDQGWUDQVIRUPDWLRQFRVWVLVXQUHDOL]HGFDXVLQJQDQFLDOVWUDLQ
$VORZPDQXIDFWXULQJSURFHVVZLWKH[FHVVLQYHQWRU\FDQDOVRFUHDWHLPSDWLHQWFXVWRPHUVORRNLQJIRUSURPSWJUDWLFDWLRQ
7KHVL[WKZDVWHLVWKHXQQHFHVVDU\RUH[FHVVPRWLRQWKDWRIWHQDFFRPSDQLHVPDQXIDFWXULQJSURFHVVHV
0DQ\IDFWRU\ZRUNHUVVSHQGXQQHFHVVDU\WLPHEHQGLQJGRZQUHDFKLQJVWUHWFKLQJZDONLQJDQGOLIWLQJ$OOWKHVHPRYHPHQWVWDNHWLPH
,QGXVWULDOHQJLQHHUVORRNIRUZD\VWRUHGXFHWKHWLPHDZRUNHUVSHQGVLQH[FHVVPRWLRQRYHUDQKRXUVKLIW
([FHVVPRWLRQDOVRLQFUHDVHVWKHSUREDELOLW\RIZRUNLQJDFFLGHQWVZKLFKFDXVHDGGLWLRQDOWLPHORVVDQGSRVVLEOHOLWLJDWLRQH[SHQVHV
7KHVHYHQWKZDVWHLVRYHUSURFHVVLQJ$FRPPRQDQDORJ\WRGHVFULEHWKLVLVpXVLQJDVOHGJHKDPPHUWRFUDFNDQXWq
2YHUSURFHVVLQJLQYROYHVXVLQJH[SHQVLYHKLJKSUHFLVLRQHTXLSPHQWZKHUHVLPSOHUWRROVZRXOGEHVXIFLHQW
:KHQGHVLJQLQJSURGXFWLRQV\VWHPVPRQH\VKRXOGEHLQYHVWHGLQVPDOOHUPRUHH[LEOHHTXLSPHQWZKHUHYHUSRVVLEOH



/RZ%HJLQQHU

+LJK%HJLQQHU

(VDSHOFXODHVPDOD 7KDWOPLVEDG
(VXQDSHOFXODPDOD ,WoVDEDGOP
(VXQDSHOFXODPX\PDOD ,WoVDYHU\EDGOP
3RUTXHVXQDSHOFXODPX\ :K\LVLWDYHU\EDGOP"

PDOD"
/DKLVWRULDHVPX\DEXUULGD 7KHVWRU\LVYHU\ERULQJ

(QFDQWDGRGHFRQRFHUOH 3OHDVHGWRPHHW\RX
0HDOHJURGHYHUWH ,WoVJRRGWRVHH\RX
4XWDO" +RZDUH\RXGRLQJ"
1RVYHPRVSURQWR 6HH\RXVRRQ
)XHXQSODFHUFRQRFHUWH ,WZDVDSOHDVXUHPHHWLQJ\RX

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

4XWLHPSRKDFHKR\" +RZoVWKHZHDWKHUWRGD\"
+DFHYLHQWR" ,VLWZLQG\"
+DFHVRO\FDORU ,WoVVXQQ\DQGLWoVKRW
+D\QLHEOD ,WoVIRJJ\
$\HUKL]RPXFKRIUR ,WZDVYHU\FROG\HVWHUGD\

4XLQKL]RODFDPD" :KRPDGHWKHEHG"
4XLQSXVRODPHVD" :KRVHWWKHWDEOH"
4XLQQRGLMRQDGD" :KRVDLGQRWKLQJ"
&PRSDV" +RZGLGLWKDSSHQ"
3RUTXWUDMHURQHVWHYLQR :K\GLGWKH\EULQJWKLVEDG
ZLQH"
PDOR"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

+DFHDRVTXHHVWRQRRFXUUD 7KLVKDVQoWKDSSHQHGIRU\HDUV
+DFHDRVTXHQRRFXUUDTX" :KDWKDVQoWKDSSHQHGIRU\HDUV"
1RUHFXHUGRODOWLPDYH]TXH ,GRQoWUHPHPEHUWKHODVWWLPH
PHSUHVWDVHWDQWDDWHQFLQ
\RXSDLGPHVRPXFKDWWHQWLRQ
(UHVPX\FDULRVR <RXoUHYHU\DIIHFWLRQDWH
|4XQLRPVVHQVDWR :KDWDVHQVLEOHER\

/RV$ULHVVRQHQHUJWLFRVH $ULHVDUHHQHUJHWLFDQG
LPSXOVLYRV
LPSXOVLYH
/RV/LEUDVRQDUWVWLFRVH /LEUDDUHDUWLVWLFDQGLQGHFLVLYH
LQGHFLVRV
/RV/HRVRQJHQHURVRV\ /HRDUHJHQHURXVDQGSURXG
RUJXOORVRV
/RV9LUJRVRQDQDOWLFRV\ 9LUJRDUHDQDO\WLFDODQG
SHUIHFFLRQLVWDV
SHUIHFWLRQLVW
/RV&DSULFRUQLRVRQUDFLRQDOHV &DSULFRUQDUHUDWLRQDODQG
\SHVLPLVWDV
SHVVLPLVWLF

%URZQ/HQWLOV /HQWHMDVFDVWHOODQDV

*UHHQ3HDV *XLVDQWHVWLHUQRV

&KLFN3HDV *DUEDQ]RV

6SOLW3HDV *XLVDQWHVVHFRV

5HG/HQWLOV /HQWHMDVURMDV

9RFDEXODULR3HDV /HJXPEUHV

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

/RV7DXURVRQWHUFRV\GLJQRV 7DXUXVDUHVWXEERUQDQG
UHOLDEOH
GHFRQDQ]D
/RV*PLQLVVRQLQJHQLRVRVH *HPLQLVDUHZLWW\DQGUHVWOHVV

LQTXLHWRV
/RV(VFRUSLRVRQDSDVLRQDGRV 6FRUSLRDUHSDVVLRQDWHDQG
\UHVHUYDGRV
VHFUHWLYH
/RV&QFHUVRQVHQVLEOHV\ &DQFHUDUHVHQVLWLYHDQGVK\

WPLGRV
/RV6DJLWDULRVRQRSWLPLVWDV 6DJLWWDULXVDUHRSWLPLVWLFDQG
\IDQIDUURQHV
ERDVWIXO

/RV3LVFLVVRQURPQWLFRV\GH 3LVFHVDUHURPDQWLFDQG

KXPRUYDULDEOH
PRRG\
/RV$FXDULRVRQLGHDOLVWDV\ $TXDULXVDUHLGHDOLVWLFDQG

VXVFHSWLEOHV
WRXFK\
6ORPHVLHQWRVXSHUVWLFLRVR ,RQO\IHHOVXSHUVWLWLRXVZKHQ,

FXDQGRGHUUDPRVDORf
VSLOOVDOWRU
VLWHQJRTXHSDVDUSRUGHEDMR fLI,KDYHWRJRXQGHUDODGGHU

GHXQDHVFDOHUDGHPDQRRf
RU
VLXQJDWRQHJURVHFUX]DHQPLfLIDEODFNFDWFURVVHVP\SDWK
FDPLQR



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRXWq 

3$&.6'((678',2

%ORZRXWWKHPDWFK
$SDJDODFHULOOD

7KH\EURNHRXWRISULVRQ
6HIXJDURQGHODSULVLQ



7KH\EOHZKLVEUDLQVRXW
/HYRODURQODWDSDGHORVVHVRV

7KH)LUVW:RUOG:DUEURNHRXWLQ
/D3ULPHUD*XHUUD0XQGLDOHVWDOOHQ

7KHWLUHEOHZRXW
/DUXHGDUHYHQW

7KHHSLGHPLFEURNHRXWLQWKHELJFLWLHV
/DHSLGHPLDHVWDOOHQODVFLXGDGHVJUDQGHV

3ULQFLSLDQWHLQWHUPHGLR\DYDQ]DGR
5HIXHU]DWXVHVWXGLRVHQFDVD
&RQVJXHORHQZZZYDXJKDQWLHQGDFRP

)LQDQFHDQGDFFRXQWLQJ 
&RPSDQLHVUHSRUWWKHLUVROYHQF\SRVLWLRQWKURXJKIRXUQDQFLDOVWDWHPHQWV7KHUVWWZRDUHWKHEDODQFHVKHHWDQGWKHLQFRPHVWDWHPHQW
7KHEDODQFHVKHHWVKRZVWKHFRPSDQ\oVVLWXDWLRQFRQFHUQLQJLWVDVVHWVOLDELOLWLHVDQGQHWHTXLW\DWDJLYHQSRLQWLQWLPH
7KHLQFRPHVWDWHPHQWDOVRFDOOHGSURWDQGORVVVWDWHPHQWRU3 /VKRZVWKHUHVXOWVRIDFRPSDQ\RYHUDJLYHQSHULRGRIWLPH
7KHVWDWHPHQWRIUHWDLQHGHDUQLQJVVKRZVWKHQDOSURWWKDWWKHFRPSDQ\KDVGHFLGHGQRWWRGLVWULEXWHDVGLYLGHQGV
7KHVWDWHPHQWRIFDVKRZVVKRZVWKHFRPSDQ\oVFDVKRZDFWLYLWLHVHVSHFLDOO\LWVRSHUDWLQJLQYHVWPHQWDQGQDQFLQJDFWLYLWLHV
)LQDQFLDOVWDWHPHQWVVKRXOGEHXQGHUVWDQGDEOHUHOHYDQWUHOLDEOHDQGFRPSDUDEOH7KH\UHHFWQDQFLDOVWUHQJWKDQGSHUIRUPDQFH
2ZQHUVDQGPDQDJHUVDSSO\QDQFLDODQDO\VLVWRWKHVHVWDWHPHQWVWRPDNHLPSRUWDQWEXVLQHVVGHFLVLRQV
'HWDLOHGQDQFLDOVWDWHPHQWVPDNHXSDQLPSRUWDQWSDUWRIWKH$QQXDO5HSRUWVHQWWRWKHVKDUHKROGHUV
(PSOR\HHVXVHWKHVHQDQFLDOVWDWHPHQWVZKHQSUHSDULQJFROOHFWLYHEDUJDLQLQJHVSHFLDOO\FRQFHUQLQJWKHFRPSHQVDWLRQSDFNDJH
3RWHQWLDOLQYHVWRUVDOZD\VUHDGWKHQDQFLDOVWDWHPHQWVFDUHIXOO\WRDVVHVVWKHYLDELOLW\RIDFRPSDQ\WDUJHWHGIRULQYHVWPHQW
)LQDQFLDOLQVWLWXWLRQVVWXG\QDQFLDOVWDWHPHQWVZKHQGHFLGLQJZKHWKHUWRJUDQWORQJDQGVKRUWWHUPORDQVDQGFUHGLWOLQHV
7KHWD[DXWKRULWLHVDXGLWWKHQDQFLDOVWDWHPHQWVRIWKHFRPSDQ\ZKHQGLVDJUHHPHQWH[LVWVRQFRUSRUDWHWD[OLDELOLWLHV
,QGXVWU\DQDO\VWVDQGSHQVLRQIXQGPDQDJHUVFRQVWDQWO\FRPEWKHQDQFLDOVWDWHPHQWVLQVHDUFKRIVWUHQJWKVDQGZHDNQHVVHV
,QDFFRXQWLQJWKHPRVWLPSRUWDQWEUDQFKHVDUHQDQFLDODFFRXQWLQJPDQDJHPHQWDFFRXQWLQJWD[DFFRXQWLQJDQGFRVWDFFRXQWLQJ
)LQDQFLDODFFRXQWLQJLVWKHEDVLFSUHSDUDWLRQRIQDQFLDOVWDWHPHQWVIRUWKHGLIIHUHQWSXEOLFVPHQWLRQHGDERYHLQWKLVVHFWLRQ

0DUNHWLQJDQGVDOHVPDQDJHPHQW 
7KHWKLUGp3qDIWHUSURGXFWLVpSODFHq1RUPDOO\LQPDUNHWLQJWKHWHUPpSODFHqUHIHUVWRGLVWULEXWLRQDQGQDOSRLQWRIVDOH
7KHLPSRUWDQWHOHPHQWFRQFHUQLQJpSODFHqLVKRZWRJHWWKHSURGXFWWRWKHFXVWRPHULQWKHTXLFNHVWDQGPRVWFRVWHIFLHQWZD\
$GHFLVLRQWKDWLVFUXFLDOWRWKHVXFFHVVRIPDQ\FRPSDQLHVLVZKDWGLVWULEXWLRQFKDQQHOVVKRXOGEHXVHG
5HSVROLVDYHUWLFDOO\LQWHJUDWHGFRPSDQ\ZKHUHE\LWRZQVLWVRZQGLVWULEXWLRQFKDQQHOIURPRLOZHOOWRUHQHU\WRVHUYLFHVWDWLRQ
&DUUHIRXUVHOOVLWVJRRGVWKURXJKODUJHVXUIDFHUHWDLOLQJ%HFDXVHRILWVVL]HLWFDQVNLSWKHZKROHVDOHFKDQQHODQGRIIHUORZHUSULFHV
7KH)OH[0DWWUHVV&RPSDQ\XVHVWZRFKDQQHOVODUJHVXUIDFHUHWDLOHUVDQGVPDOOIXUQLWXUHVWRUHV
&KDQHOSUHIHUVWRDYRLGORZSULFHFKDQQHOVVXFKDV&DUUHIRXU'DRU0HUFDGRQDLQIDYRXURIKLJKHUSULFHVFKDQQHOVOLNH(O&RUWH,QJOV
1LYHDXVXDOO\SUHIHUVWREHSUHVHQWLQHYHU\RXWOHWIURPODUJHVXUIDFHUHWDLOHUVRIHYHU\NLQGWRVPDOOQHLJKERXUKRRGVKRSV
6RPHEDE\IRRGPDNHUVSUHIHUWRUHVWULFWWKHLUGLVWULEXWLRQWRSKDUPDFLHV7KLVZD\WKH\VHQGDSDUWLFXODUPHVVDJHWRPRWKHUV
6RPHFRPSDQLHVOLNH(O&RUWH,QJOVSUHIHUWKHLURZQGLVWULEXWLRQZDUHKRXVHVZKLOHVPDOOUHWDLOHUVEX\IURPZKROHVDOHUV
$ZKROHVDOHULVDQLQWHUPHGLDU\ZKREX\VJRRGVIURPIDFWRULHVVWRUHVWKHPLQZDUHKRXVHVDQGVHOOVWKHPWRUHWDLOHUV
5HWDLOHUVDUHEXVLQHVVHVXVXDOO\VPDOORQHVWKDWVHOOPHUFKDQGLVHGLUHFWO\WRWKHSXEOLFWKURXJKVPDOOVKRSVRUVPDOOFKDLQVWRUHV
/DUJHVXUIDFHUHWDLOHUVDUHHQRUPRXVGLVWULEXWLRQFRPSDQLHVOLNH&DUUHIRXU:DO0DUWRU(O&RUWH,QJOVWKDWVHOOGLUHFWO\WRWKHSXEOLF
2WKHUpSODFHqRUGLVWULEXWLRQFRQVLGHUDWLRQVLQFOXGHGHFLVLRQVFRQFHUQLQJPDUNHWVHJPHQWDWLRQ
6RPHFRPSDQLHVSUHIHUWRIRFXVWKHLUHIIRUWVRQRQHVSHFLFVHJPHQWRIWKHPDUNHWLQRUGHUWREHFRPHWKHEHVWIRUWKDWVHJPHQW

*HQHUDODQGVWUDWHJLFPDQDJHPHQW 
6RPHFRPSDQLHVLQRUGHUWRFRQWUROFRVWVGHFLGHWRLQWHJUDWHYHUWLFDOO\7KLVLVFDOOHGpYHUWLFDOLQWHJUDWLRQq
9HUWLFDOLQWHJUDWLRQLVZKHQDFRPSDQ\EX\VRXWVXSSOLHUVRUFXVWRPHUVWKXVpLQWHJUDWLQJqWKHLUDFWLYLWLHVXSVWUHDPDQGGRZQVWUHDP
7KHWHUPpXSVWUHDPqPHDQVWKHSDUWRIDULYHUWKDWLVQHDUWKHVRXUFHp'RZQVWUHDPqLVWKHSDUWRIWKHULYHUQHDUWKHVHD
)RU5HSVROXSVWUHDPDFWLYLWLHVDUHWKHRLODQGJDVH[SORUDWLRQDQGH[WUDFWLRQ'RZQVWUHDPDFWLYLWLHVDUHWKHJDVVWDWLRQVWKDWZHYLVLW
7KHHQWLUHVWUHDPLVH[SORUDWLRQGULOOLQJH[WUDFWLRQWUDQVSRUWDWLRQWRUHQHULHVUHQLQJDGGLWLRQDOWUDQVSRUWDWLRQDQGQDOIXHOVDOHV
(O&RUWH,QJOVKDVSHUIRUPHGpEDFNZDUGLQWHJUDWLRQqE\EX\LQJRXWVRPHRILWVXSVWUHDPVXSSOLHUVVXFKDV,QYHVWUQLFDRU,QGX\FR
7KHRSSRVLWHLVpIRUZDUGLQWHJUDWLRQqZKHUHSURGXFHUVRUZKROHVDOHUVEX\RUFUHDWHGRZQVWUHDPDFWLYLWLHVWRVHOOGLUHFWO\WRWKHSXEOLF
7KHFOHDUHVWFDVHRIWKLVKDVEHHQVRPHRIWKH+ROO\ZRRGPRYLHVWXGLRVWKDWKDYHFUHDWHGFLQHPDFKDLQVWKURXJKRXWWKH86
)RU&(2oVLWoVRIWHQDWHPSWDWLRQWRLQWHJUDWHXSVWUHDPRUGRZQVWUHDPLQRUGHUWRFRQWUROFHUWDLQFULWLFDOHOHPHQWVLQWKHYDOXHFKDLQ
7KHGHFLVLRQDVWRZKHWKHUWRGRLWRUQRWPXVWEHFDUHIXOO\ZHLJKHG,QWHJUDWLQJVPRRWKHVRXWFHUWDLQWUDQVDFWLRQVEXWDGGVQDQFLDOULVNV
$QRWKHUVWUDWHJLFGHFLVLRQKDVWRGRZLWKWKHWLPLQJRIHQWU\LQWRDPDUNHW7RRVRRQFDQEHDVGHDGO\DVWRRODWH
,QWKHHDUO\\HDUVRISHUVRQDOFRPSXWLQJFRPSDQLHVOLNH$SSOHWULHGWREHWKHUVWWRWKHPDUNHWFRQVLGHULQJWKLVWREHDQDGYDQWDJH
,%0KRZHYHUGHFLGHGWRZDLWIRUWKHVHVPDOOHUSOD\HUVWRRSHQWKHPDUNHWDQGSURPRWHGHPDQGEHIRUHHQWHULQJDVDFRPSHWLWRU
,IDFRPSDQ\LVQRWSUHSDUHGWRVHHNDFRVWDGYDQWDJHVWUDWHJ\WKHRWKHUVWUDWHJLFRSWLRQLVGLIIHUHQWLDWLRQ
7KHLGHDEHKLQGGLIIHUHQWLDWLRQLVWRPDNHDSURGXFWWKDWLVVRGLIIHUHQWLQTXDOLW\RUXWLOLW\WKDWSHRSOHZLOOSD\DSUHPLXPWRKDYHLW




/RZ%HJLQQHU

+LJK%HJLQQHU

/RVFKLFRVJUDQGHVHVWQ 7KHELJER\VDUHEHKLQGPH
GHWUVGHP
/DQXHYDWLHQGDHVWGHODQWH 7KHQHZVKRSLVLQIURQWRI\RX
GHWL
/RVSHUURVVXFLRVHVWQGHEDMR 7KHGLUW\GRJVDUHXQGHUWKH
GHODPHVD
WDEOH
(VWODFKLFDJXDSDDOODGRGHO" ,VWKHSUHWW\JLUOQH[WWRKLP"
(VWQORVSODWRVYLHMRVHQOD $UHWKHROGSODWHVRQWKHWDEOH"

PHVD"

/DJHQWHGH)UDQFLDHVIUDQFHVD 3HRSOHIURP)UDQFHDUH)UHQFK
/DJHQWHGH$OHPDQLDHV 3HRSOHIURP*HUPDQ\DUH
DOHPDQD
*HUPDQ
(VLQJOHVDODJHQWHGH(VFRFLD" $UHSHRSOHIURP6FRWODQG
(QJOLVK"
6RQHVFRFHVHV\EULWQLFRV 7KH\DUH6FRWWLVKDQG%ULWLVK
1RHQWLHQGRHVRTXVLJQLFD" ,GRQoWXQGHUVWDQGZKDWGRHV
WKDWPHDQ"

6WXPS 3DOR
%RZOHU /DQ]DGRU
%DWVPDQ %DWHDGRU
3LWFK &DPSRGHFUTXHW

:LFNHW 5DVWULOOR

9RFDEXODULR&ULFNHW &UTXHW
/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

6LJQLFDTXHVLHQWHQ\VRQ ,WPHDQVWKH\IHHODQGWKH\DUH

6FRWWLVKEXWf
HVFRFHVHVSHURf
WLHQHQSDVDSRUWHVEULWQLFRV WKH\KDYH%ULWLVKSDVVSRUWV
3RUTXWLHQHQSDVDSRUWHVGH :K\GRWKH\KDYHSDVVSRUWV
IURPDQRWKHUFRXQWU\"
RWURSDV"
(VFRFLDIRUPDSDUWHGH*UDQ 6FRWODQGLVSDUWRI*UHDW%ULWDLQ

DQGWKH8QLWHG.LQJGRP
%UHWDD\GHO5HLQR8QLGR
&XOHVODGLIHUHQFLDHQWUHHVRV :KDWoVWKHGLIIHUHQFHEHWZHHQ

WKRVHWZRFRXQWULHV"
GRVSDVHV"

4XLHUHVTXWHORH[SOLTXH" 'R\RXZDQWPHWRH[SODLQLW
WR\RX"
&ODURTXHTXLHURTXHPHOR 2IFRXUVH,ZDQW\RXWRH[SODLQ
LWWRPH
H[SOLTXHV
(VGLIFLOH[SOLFUWHOR ,WoVGLIFXOWWRH[SODLQLWWR
\RX
+D\UHJLRQHVGLIHUHQWHVHQ 7KHUHDUHGLIIHUHQWUHJLRQVLQ
6SDLQDUHQoWWKHUH"
(VSDDQR"
7RGRVSHUWHQHFHQDOPLVPR 7KH\DOOEHORQJWRWKHVDPH
FRXQWU\GRQoWWKH\"
SDVQR"

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

(VHHVXQDVXQWRGHOLFDGR 7KDWoVDGHOLFDWHPDWWHUOHWoV

FKDQJHWKHVXEMHFW
FDPELHPRVGHWHPD
9DOHGHTXTXLHUHVTXH $OULJKWZKDWGR\RXZDQWXV

WRWDONDERXW"
KDEOHPRV"
(VFRFLDWHQGUVXSURSLR :LOO6FRWODQGKDYHLWVRZQ
WHDPLQ&KLQDWKLV\HDU"
HTXLSRHQ&KLQDHVWHDR"
4XTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW"
0HUHHURDORV-XHJRV ,oPUHIHUULQJWRWKH2O\PSLF
*DPHV
2OPSLFRV

1RKD\XQHTXLSRHVFRFVQL 7KHUHLVQHLWKHUD6FRWWLVKQRU
XQHTXLSRJDOV
D:HOVKWHDP
(QWRQFHVSRUTXWLHQHQXQD :K\GRWKH\KDYHDQDWLRQDO
VHOHFFLQQDFLRQDOGHIWERO"
IRRWEDOOWHDPWKHQ"
|$KPHKDVSLOODGR <RXoYHJRWPHWKHUH
1RWHQJRODPVPQLPDLGHD ,KDYHQoWWKHVOLJKWHVWLGHD
(VDOJRTXHVLHPSUHPHKD 7KDWoVVRPHWKLQJWKDWoVDOZD\V
FRQIXQGLGRDPWDPELQ
FRQIXVHGPHWRR

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

6L*UDQ%UHWDDKXELHUDWHQLGR ,I*UHDW%ULWDLQKDGKDGRQO\
XQDQLFDVHOHFFLQGHIWEROf RQHIRRWEDOOWHDPf
SRGUDLVKDEHUJDQDGR f\RXFRXOGKDYHZRQPRUH
PXFKRVPVWRUQHRV
WRXUQDPHQWV
1REDPRVDFDPELDUGHWHPD" :HUHQoWZHJRLQJWRFKDQJH
WKHVXEMHFW"
'HTXKDEODPRV" :KDWVKDOOZHWDONDERXW"
4XHVORTXPVWHJXVWDGH :KDWGR\RXOLNHPRVWDERXW
WKH2O\PSLF*DPHV"
ORV-XHJRV2OPSLFRV"


$PVLHPSUHPHHQFDQWDOD ,DOZD\VORYHWKHRSHQLQJ
FHUHPRQLDGHLQDXJXUDFLQ
FHUHPRQ\
<WRGRVHVRVQXHYRVGHSRUWHV $QGDOOWKRVHZHLUGQHZ
UDURV
VSRUWV
4XLQGHPRQLRVLQYHQWHO :KRRQHDUWKLQYHQWHGWKH
VDOWRGHSUWLJD"
SROHYDXOW"
/RLPSRUWDQWHHVSDUWLFLSDU ,WoVWKHWDNLQJSDUWWKDWFRXQWV
|1RWHORFUHHVQLW &RPHRIILW

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpRXWq 
9RFDEXODU\
7KH\ERXJKWXVRXW
+DQDGTXLULGRQXHVWUDHPSUHVD

,H[HUFLVHXQWLO,EUHDNRXWLQWRDVZHDW
+DJRHMHUFLFLRVKDVWDHPSH]DUDVXGDU

+HERXJKWRXWP\VKDUHV
OKDFRPSUDGRPLVDFFLRQHV

7KDWEULQJVRXWWKHEHVWLQKHU
(VRKDFHVDOLUORPHMRUGHHOOD

7KHVWDLQGLGQoWFRPHRXW
/DPDQFKDQRKDVDOLGR

7KH\oUHJRLQJWREULQJRXWDQHZPRGHO
9DQDVDFDUXQQXHYRPRGHOR

,QYHVWLQJ 

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
8WLOL]DPRVFRQWDELOLGDGGHFRVWHVSDUDOOHYDUOD
FXHQWDGHORVJDVWRV
1XHVWUDUHGGHSURYHHGRUHVHVPX\DEOH
+HPRVUDOHQWL]DGRODFRQWUDWDFLQGHSHUVRQDO
SRUHOPRPHQWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

'HSHQGLQJRQ\RXUFXUUHQWVLWXDWLRQ\RXFDQGHFLGHWRORRNIRUVKRUWWHUPLQYHVWPHQWVRUORQJWHUPLQYHVWPHQWV
7\SLFDOVKRUWWHUPLQYHVWPHQWVDUHEDQNVDYLQJVDFFRXQWVPRQH\PDUNHWIXQGVRUFHUWLFDWHVRIGHSRVLWVDOVRFDOOHG&'oV
6KRUWWHUPLQYHVWPHQWVDUHRIWHQXVHGDVSODFHVWRWHPSRUDULO\pSDUNqPRQH\XQWLOLWLVQHHGHGIRURWKHUXVHVODWHU
/RQJWHUPLQYHVWPHQWVVKRXOGDOZD\VEHIDLWKIXOWRDORQJWHUPHTXLW\JURZWKVWUDWHJ\
,QERWKFDVHVWKHLQYHVWPHQWPXVWSURYLGHDUHWXUQHTXDOWRRUDERYHWKHLQDWLRQUDWH<RXPXVWNHHSSDFHZLWKLQDWLRQRUVXUSDVVLW
7KHPRVWFRPPRQDQGLPSRUWDQWQDQFLDOREMHFWLYHLQLQYHVWLQJLVWRFUHDWHDVHFXUHUHWLUHPHQWIXQG
<RXUWLPHKRUL]RQLVWKHQXPEHURI\HDUV\RXZLOOQHHGWRDFKLHYH\RXUQDQFLDOREMHFWLYH
,I\RXZDQWWRLQYHVWZLVHO\DQGRQDQRQJRLQJEDVLVWKHQ\RXQHHGWRHVWDEOLVKDEXGJHWDQGKRZPXFK\RXFDQVDYHHDFKPRQWK
<RXPXVWPDNHSXUFKDVLQJGHFLVLRQVDQGEXGJHW\RXUH[SHQVHVLQVXFKDZD\WKDW\RXDOZD\VKDYHVRPHPRQH\OHIWRYHUHDFKPRQWK
<RXVKRXOGDOVREHDZDUHRI\RXUULVNWROHUDQFH6RPHSHRSOHDUHULVNDYHUVHDQGRWKHUVDUHFRPIRUWDEOHWDNLQJFHUWDLQFKDQFHV
7KHUHDUHPDQ\W\SHVRILQYHVWPHQWYHKLFOHV/RZULVNDQGORZLQWHUHVWYHKLFOHVDUHRIWHQFDOOHGpFDVKHTXLYDOHQWVq
7KHVHYHKLFOHVLQFOXGHFKHFNLQJDQGVDYLQJVDFFRXQWV&'oVPRQH\PDUNHWIXQGVDQGPRQH\PDUNHWDFFRXQWV
0RQH\PDUNHWIXQGVDUHPXWXDOIXQGVZKHUH\RXUPRQH\LVLQYHVWHGLQVKRUWWHUPGHEWREOLJDWLRQVVXFKDV7UHDVXU\%LOOVRU&'oV
6RPHRIWKHPRVWFRPPRQLQYHVWPHQWYHKLFOHVDUHVWRFNVERQGVDQGPXWXDOIXQGV
:KHQ\RXEX\VWRFNLQWKHVWRFNPDUNHW\RXDUHEHFRPLQJDVKDUHKROGHURUSDUWRZQHURIDFRPSDQ\

+XPDQUHVRXUFHV 
$QLPSRUWDQW+5IXQFWLRQHVSHFLDOO\LQ\RXQJRUJDQL]DWLRQVLVpMRESULFLQJq7KLVPHDQVVHWWLQJWKHULJKWVDODU\IRUHDFKMRE
p0DUNHWSULFLQJqLVWKHPRVWFRPPRQIRUPXVHG7KHFRPSDQ\VHWVVDODULHVVLPLODUWRWKRVHLQWKHH[WHUQDOPDUNHWIRUVLPLODUMREV
7KHWHUPpSD\JUDGHqLVRIWHQXVHGWRUHIHUWRWKHGLIIHUHQWSD\FDWHJRULHVWKDWMREVDUHFODVVLHGLQ
:LWKLQHDFKSD\JUDGHWKHUHLVXVXDOO\DpSD\UDQJHqWKDWDOORZVDFRPSDQ\WRLQFUHDVHDSDUWLFXODUVDODU\ZLWKLQDSD\JUDGH
,IWZRSHRSOHKDYHMREVZLWKLQWKHVDPHSD\JUDGHDQGRQHRIWKHWZRZRUNVEHWWHUWKHFRPSDQ\SD\VKLPDWWKHKLJKHUUDQJH
0DQ\ODUJHFRPSDQLHVSHUIRUPRUSXUFKDVHZDJHDQGVDODU\VXUYH\VWRPDNHVXUHWKDWWKHLUFRPSHQVDWLRQSDFNDJHVDUHFRPSHWLWLYH
:DJHVDUHFRPSHQVDWLRQSDLGLQUHODWLRQWRDVSHFLHGDPRXQWRIWLPHZRUNHG:DJHVDUHXVXDOO\PHDVXUHGLQXQLWVRIWLPH
6DODULHVDUHFRPSHQVDWLRQSDLGZLWKRXWDQ\UHIHUHQFHWRDVSHFLHGQXPEHURIKRXUVZRUNHG
&ROOHFWLYHEDUJDLQLQJLVZKDWWDNHVSODFHSHULRGLFDOO\EHWZHHQZDJHHDUQHUVDQGHPSOR\HUVWRHVWDEOLVKWKHpHPSOR\PHQWFRQWUDFWq
0DQ\FRPSDQLHVGLIIHUHQWLDWHEHWZHHQpH[HPSWHPSOR\HHVqDQGpQRQH[HPSWHPSOR\HHVq
([HPSWHPSOR\HHVDUHQRWVXEMHFWWRWKHZDJHDQGKRXUDJUHHPHQWVUHDFKHGGXULQJWKHFROOHFWLYHEDUJDLQLQJQHJRWLDWLRQV
([HPSWHPSOR\HHVHDUQVDODULHVQRWZDJHVDQGGRQoWUHFHLYHGLUHFWDGGLWLRQDOFRPSHQVDWLRQIRUZRUNLQJRYHUWLPH
1RQH[HPSWHPSOR\HHVDUHSDUWRIWKHFRPSHQVDWLRQSDFNDJHQHJRWLDWHGZLWKWKHPDQDJHPHQWDQGDUHSDLGDFFRUGLQJWRKRXUVZRUNHG
2WKHUHPSOR\HHEHQHWVWKDWDFFRPSDQ\FRPSHQVDWLRQLQFOXGHH[WUDVOLNHLQVXUDQFHFKLOGFDUHOXQFKDOORZDQFHVRUFRPSDQ\FDUV
$FRPPRQDQGVRPHWLPHVFRQWURYHUVLDOHPSOR\HHEHQHWLVSURWVKDULQJZKHUHDFRPSDQ\SD\VLQFHQWLYHVOLQNHGWR\HDUHQGSURWV

6HFUHWDULDODQGDGPLQLVWUDWLRQ 
5HFHQWO\DVHFUHWDU\SODFHGWKHIROORZLQJPHVVDJHRQDIRUXP7REHDSSRLQWHGVHFUHWDU\RIDFHUWDLQFRPSDQ\RUFRPPLWWHHLVQRMRNH
,WHQWDLOVERWKNQRZOHGJHDQGVNLOOV2QHKDVWREHFRPSHWHQWHQRXJKWRWUDQVFULEHWKHPLQXWHVRIDPHHWLQJRUGLVFXVVLRQVRUZKDWHYHU
&RPSHWHQFHLQYROYHVNQRZOHGJHLQJUDPPDUDQGFRPSRVLWLRQ6NLOOVZLVHRQHKDVWREHTXLFNHQRXJKWRJUDVSZKDWRWKHUVPHDQ
6SHOOLQJDORXGLVDYHU\FRPPRQHYHU\GD\DFWLYLW\WKDWDVHFUHWDU\SHUIRUPV)RUIRUHLJQVHFUHWDULHVLWoVLPSHUDWLYHWREHVNLOOHGDWWKLV
3UREDEO\KDOIRIDOO(QJOLVKVSHDNLQJSHRSOHKDYHVXUQDPHVWKDWUHTXLUHVSHOOLQJRYHUWKHWHOHSKRQH&RUSRUDWHQDPHVDVZHOO
,I\RXoUHDVHFUHWDU\DQGQRWDQDWLYH(QJOLVKVSHDNHUWKHQ\RXPXVWPDNHVXUHWKDW\RXFDQVSHOORXWORXGDQGXQGHUVWDQGVSHOOLQJ
7KH%ULWLVKVD\IRUH[DPSOHp$IRU$OSKDq7KH$PHULFDQVVD\p$DVLQ$OSKDq,QWKHIROORZLQJOLQHVZHZLOOJRWKURXJKWKHDOSKDEHW
)RURXUSXUSRVHVKHUHZHZLOOXVHWKH%ULWLVKIRUPDQGWKHV\VWHPHPSOR\HGE\WKH,QWHUQDWLRQDO&LYLO$YLDWLRQ2UJDQL]DWLRQ
$IRU$OSKD
%IRU%UDYR
&IRU&KDUO\
'IRU'HOWD
(IRU(FKR HFR
)IRU)R[WURW
*IRU*XOI

+IRU+RWHO KRWO
,IRU,QGLD
-IRU-XQR FKQR
.IRU.LOR
/IRU/LPD
0IRU0LNH
1IRU1RYHPEHU

2IRU2VFDU
3IRU3DSD SSD
4IRU4XHEHF NXHEF 
5IRU5RPHR UPLR
6IRU6LHUUD
7IRU7DQJR WQJR

8IRU8QLIRUP LQLIRUP
9IRU9LFWRU IFWRU
:IRU:KLVNH\
;IRU;UD\
<IRU<DQNHH
=IRU=XOX




/RZ%HJLQQHU

+LJK%HJLQQHU

'QGHHVWQORVQLRV" :KHUHDUHWKHFKLOGUHQ"
(VWQHQFDVD" $UHWKH\DWKRPH"
(VWQHQHOFROHJLR" $UHWKH\DWVFKRRO"
'QGHHVWQ" :KHUHDUHWKH\"
1RORV ,GRQoWNQRZ

(VWOLVWDHVDJHQWH" $UHWKRVHSHRSOHUHDG\"
(VWDJHQWHQRHVHVWSLGD 7KHVHSHRSOHDUHQoWVWXSLG
3RUTXQRKD\JHQWHDTX" :K\DUHQoWWKHUHDQ\SHRSOH
KHUH"
+D\SUREOHPDVFRQHO $UHWKHUHDQ\SUREOHPVZLWK
RUGHQDGRU"
WKHFRPSXWHU"
1RKD\DFHLWHHQHVWDERWHOOD 7KHUHLVQoWDQ\RLOLQWKLV
ERWWOH

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

'QGHFRPSUDVWXURSD" :KHUHGR\RXEX\\RXU
FORWKHV"
&XHVWDPXFKRWXWUDMH GH 'RHV\RXUVXLWFRVWDORW"

KRPEUH "
&XQWRFXHVWD" +RZPXFKGRHVLWFRVW"
3RUTXFXHVWDWDQWR" :K\GRHVLWFRVWVRPXFK"
3RUTXJDVWDVWDQWRHQURSD" :K\GR\RXVSHQGVRPXFKRQ
FORWKHV"

1RLUDPHQRVTXHYHQJDV ,ZRQoWJRXQOHVV\RXFRPH
FRQPLJR
ZLWKPH
'HTXWLHQHVPLHGR" :KDWDUH\RXDIUDLGRI"
1RWHQJRPLHGRGHQDGDQLGH ,oPQRWDIUDLGRIDQ\WKLQJRU
QDGLH
DQ\ERG\
0HWHPRTXHHVRQRHVFLHUWR ,oPDIUDLGWKDWoVQRWWUXH
(VWR\WRWDOPHQWHGHDFXHUGR ,WRWDOO\DJUHHZLWK\RX
FRQWLJR

+LJK,QWHUPHGLDWH
&XQGRKDEUXQDHVWD" :KHQZLOOWKHUHEHDSDUW\"
1RYDDKDEHUQLQJXQDHVWD 7KHUHLVQoWJRLQJWREHDQ\
SDUW\
3RUTXQXQFDKDKDELGRXQD :K\KDVWKHUHQHYHUEHHQD

HVWDHQHVWDFDVD"
SDUW\LQWKLVKRXVH"
6LJDQVHPRVHOFRQFXUVR ,IZHZRQWKHFRPSHWLWLRQ
KDEUDXQDHVWD
WKHUHZRXOGEHDSDUW\
1ROHGLJDVTXHWHORGLMH 'RQoWWHOOKLP,WROG\RX

/RZ$GYDQFHG
&XQGRVHYDDKDFHU" :KHQLVLWJRLQJWREHGRQH"
4XHVORTXHVHKDU" :KDWZLOOEHGRQH"
/RTXHWLHQHTXHKDFHUVH :KDWKDVWREHGRQH
1RVHKDKHFKRDQ" +DVQoWLWEHHQGRQH\HW"
6HKDEUDKHFKRVLKXELHUD ,WZRXOGKDYHEHHQGRQHLI
KDELGRPVWLHPSR
WKHUHKDGEHHQPRUHWLPH

+L)L6\VWHP (TXLSRGHDOWDGHOLGDG

&'3OD\HU /HFWRUGH&'

$PSOLHU $PSOLFDGRU
5DGLR 5DGLR

6SHDNHU $OWDYR]

9RFDEXODULR+RPH(QWHUWDLQPHQW 2FLRHQHOKRJDU
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

/DKXHOJDSHUMXGLFDU 7KHVWULNHZLOOVHULRXVO\KDUP
JUDYHPHQWHODLPDJHQGHOD
WKHFRPSDQ\oVLPDJH
HPSUHVD
6LJXHKDELHQGRPX\SRFDV 7KHUHDUHVWLOOYHU\IHZZRPHQ
PXMHUHVHQODJHVWLQ
LQPDQDJHPHQW
(OVLQGLFDWRHPSH]DUODV 7KHXQLRQZLOOVWDUWQHJRWLDWLRQV

QHJRFLDFLRQHVFRQODGLUHFFLQ ZLWKPDQDJHPHQW
(OHPSUHVDULRGHEHULQIRUPDUVH 7KHHPSOR\HUPXVWJHWLQIRUPHG
VREUHODOH\DFWXDO
DERXWWKHFXUUHQWODZ
(QORTXHYDGHDRKHUHDOL]DGR 6RIDUWKLV\HDU,oYHJRQHRQVL[
VHLVYLDMHVGHQHJRFLRV
EXVLQHVVWULSV

(VDVHFWDOHVKDFRPLGRHOFRFR 7KDWVHFWKDVJRWWKHP
EUDLQZDVKHG
1RWHFRPDVHOFRFRSRUORTXH 'RQoWZRUU\\RXUKHDGRYHU
ZKDWVKHVDLG
WHGLMRHOOD
6XHOHWLUDUODFDVDSRUODYHQWDQD +HVSDUHVQRH[SHQVHVRQKLV

KROLGD\V
HQVXVYDFDFLRQHV
7HQGUHPRVTXHSUHSDUDUHO :HoOOKDYHWRGRWKH

JURXQGZRUNEHIRUHKDQG
WHUUHQRDQWHV
'RUPFRPRXQOLUQDQRFKH ,VOHSWOLNHDORJODVWQLJKW



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRXWq 
9RFDEXODU\
&RPHRXW
6DO HOTXHKDEODHVWIXHUD 

7KHVXQFDPHRXWIURPEHKLQGWKHFORXGV
(OVROVDOLSRUGHWUVGHODVQXEHV

+RZGLGHYHU\WKLQJFRPHRXW"
&PRKDLGRODFRVD"

,oOONLVV\RXZKHQWKHVWDUVFRPHRXW
7HEHVDUFXDQGRVDOJDQODVHVWUHOODV

6RPHSDJHVKDYHFRPHRXW
6HKDQGHVSHJDGRDOJXQDVSJLQDV

+HFDPHRXWLQIDYRXURIWKHWD[
6DOLHQGHIHQVDGHOLPSXHVWR

2SHUDWLRQV 

3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VWDUSUHSDUDGDODPHUFDQFDSDUDHO
WUDQVSRUWH"
+HPRVDXPHQWDGRODSURGXFWLYLGDGXQ
6XHOHVHUPVGLIFLOGLULJLUODVSHTXHDV
HPSUHVDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

,QDGGLWLRQWRWKHVLPSOHTXHVWLRQRISURGXFWYLDELOLW\DQRWKHUVLPSOHEXWFHQWUDOFRQVLGHUDWLRQLVWKHLGHDORUJDQL]DWLRQGHVLJQ
7KHEHVWRUJDQL]DWLRQVPDLQWDLQDQHQWUHSUHQHXULDOFXOWXUHSURPRWHFROODERUDWLRQDQGWHDPZRUNDQGHVWDEOLVKFOHDUDFFRXQWDELOLW\
7KHEHVWRUJDQL]DWLRQVDUHDOVRWKRVHWKDWNQRZKRZWRFRPPLWWKHLUVXSSOLHUVWRFRQWLQXRXVLPSURYHPHQWLQTXDOLW\GHOLYHU\DQGFRVW
6RPHFRPSDQLHVVSHQGDQHQRUPRXVDPRXQWRIWLPHKHOSLQJWKHLUVXSSOLHUVWREHFRPHPRUHHIFLHQW
2WKHUFRPSDQLHVGHFLGHWRLQWHJUDWHEDFNZDUGVLQRUGHUWRJDLQFRPSOHWHFRQWURORYHUWKHLUXSVWUHDPDFWLYLWLHV
:KLFKHYHUWKHVWUDWHJ\WKHFRPSDQ\WKDWJDLQVWKHEHVWTXDOLW\GHOLYHU\DQGFRVWLQWKLVSDUWRIWKHVXSSO\FKDLQZLOOKDYHDQDGYDQWDJH
0RUHDQGPRUHPDWKHPDWLFDOPRGHOVDQGRWKHUDQDO\WLFDOWRROVDUHEHLQJXVHGWRLPSURYHRSHUDWLRQVDQGPDQDJHPHQWGHFLVLRQV
'HFLVLRQDQDO\VLVLVRQHDUHDZKHUHPDWKHPDWLFDOWRROVDUHXVHGWRKHOSDGHFLVLRQPDNHUUHGXFHXQFHUWDLQW\
7KHPRVWFRPPRQW\SHRIGHFLVLRQDQDO\VLVLVWKHGHFLVLRQWUHHZKHUHDOOSRVVLEOHRXWFRPHVDUHVWXGLHGLQFOXGLQJWKHLUFRVWDQGXWLOLW\
7KHLGHDLVWKDWWKHGHFLVLRQWUHHWKURXJKSUREDELOLW\DQDO\VLVWHOOV\RXZKLFKVWUDWHJ\LVWKHPRVWOLNHO\WRUHDFKWKHJRDO\RXZDQW
7KHUHDUHPDQ\GLIIHUHQWZD\VLQZKLFKFRPSDQLHVRUGHSDUWPHQWVFDQIRUHFDVWIXWXUHHYHQWV2QHRIWKHPRVWFRPPRQLVWKHWLPHVHULHV
7KHPRYLQJDYHUDJHLVRQHRIWKHPRVWSRZHUIXOWRROVIRUVWXG\LQJDSDVWWUHQGLQRUGHUWRSURMHFWLWLQWRWKHIXWXUH
0RYLQJDYHUDJHVVPRRWKRXWVKRUWWHUPXFWXDWLRQVWKHUHE\HQDEOLQJWKHDQDO\VWWRVHHORQJHUWHUPWUHQGVRUF\FOHV
$QLQWHUHVWLQJQRQPDWKHPDWLFDOIRUHFDVWLQJPHWKRGLVFDOOHGWKH'HOSKL0HWKRG,WoVDV\VWHPDWLFLQWHUDFWLYHZD\RISUHGLFWLRQ
7KH'HOSKL0HWKRGPDLQWDLQVSDUWLFLSDQWVSK\VLFDOO\VHSDUDWHGVRWKHLUYHUEDOVNLOOVRUSHUVXDVLRQGRQoWLQXHQFHWKHRSLQLRQVRIRWKHUV

,QIRUPDWLRQWHFKQRORJ\ 
1HWZRUNVHFXULW\UHTXLUHVDWKRURXJKXQGHUVWDQGLQJRIWKHFRPSRQHQWVDQGOD\HUVLQWKHV\VWHPDVZHOODVLQWHUDFWLQJH[WHUQDOV\VWHPV
<RXPXVWEHVXUHWKDWWKHRWKHUV\VWHPVWKDWDUHFRQQHFWHGWRWKHVDPHQHWZRUNDUHSK\VLFDOO\DQGHOHFWURQLFDOO\VHFXUH
<RXPXVWPDNHVXUHWKDWQRXQDXWKRUL]HGSHUVRQQHOKDYHDFFHVVWRWKHSK\VLFDOQHWZRUNWRZKLFKWKHV\VWHPLVDWWDFKHG
$WKLUGLPSRUWDQWFRQVLGHUDWLRQLQYROYHVSURWRFROVDQGVHUYLFHV/DUJHV\VWHPVUXQPDQ\VRIWZDUHVDQGSURJUDPVVLPXOWDQHRXVO\
%HFDXVHPRVWVRIWZDUHVDQGSURJUDPVDUHZULWWHQE\GLIIHUHQWSHRSOHLWoVFRPPRQIRUDWOHDVWRQHWRKDYHDVHFXULW\KROH
$IRXUWKFRQVLGHUDWLRQKDVWRGRZLWKXVHUVHFXULW\6RPHV\VWHPVKDYHKXQGUHGVRIXVHUVGLUHFWO\DFFHVVLQJWKHV\VWHPDWWKHVDPHWLPH
<RXQHHGWRGHYHORSDVWDQGDUGPHWKRGIRUFUHDWLQJDQGPDLQWDLQLQJXVHUDFFRXQWV6HWOLPLWVWRZKDWFHUWDLQXVHUVFDQGR
.HHSDFFXUDWHORJVRIXVHUDFWLYLW\ZKLFKLQFOXGHVFRQQHFWLRQWLPHGXUDWLRQDQGZKHUHWKH\FRQQHFWIURP
,WoVFRPPRQWRXVHpSDWUROqSURJUDPVWRGHWHFWXVHUVZKRWU\WRJDLQDGPLQLVWUDWRUSULYLOHJHVRUDFFHVVOHVWKDWWKH\VKRXOGQoW
$IWKFRQFHUQLVGDWDVWRUDJHVHFXULW\7KHUHDUHRIWHQPDQ\FRPSOLFDWHGZD\VWRDFFHVVWKHVDPHGDWDRQDV\VWHP
$SHUVRQLQFKDUJHRI,7VHFXULW\VKRXOGNQRZWKHOHRZQHUVKLSVFKHPHWKDWWKHV\VWHPLPSOHPHQWV,VLWJURXSEDVHGRZQHUEDVHG"
$OOLPSRUWDQWGDWDEDVHVVKRXOGEHDFFHVVLEOHRQO\WRDXWKRUL]HGXVHUVDQGWKLVLQFOXGHVSHRSOHLQVLGHDQGRXWVLGHWKHFRPSDQ\
3DVVZRUGVDUHYLWDOWRHYHU\VHFXULW\VFKHPH7KH\SURWHFWXVHUDFFRXQWVVHQVLWLYHZHEVLWHVDQGV\VWHPVHUYLFHV
7KHEHVWSROLF\LVWRUHTXLUHXQLTXHFRPSOH[SDVVZRUGVIRUDOOXVHUDFFRXQWVQXPEHUVWRJHWKHUZLWKXSSHUDQGORZHUFDVHOHWWHUV
3DVVZRUGVVKRXOGQHYHUEHNHSWIRUPRUHWKDQRQH\HDU,WoVDGYLVDEOHWRSURPRWHSDVVZRUGURWDWLRQDQGH[SLUDWLRQ

/DZDQGOHJDOFRXQVHO 
7KHOHJDOWHUPLQRORJ\LQWKH86DQG8.LVTXLWHGLIIHUHQW7KHWHUPpODZ\HUqLVWKHJHQHUDOZRUGIRUDSHUVRQOLFHQVHGWRSUDFWLFHODZ
,QWKH86ODZ\HUVDUHRIWHQFDOOHGDWWRUQH\V,IWKH\VSHQGDORWRIWLPHLQFRXUWWKHQWKHWHUPLVWULDOODZ\HURUOLWLJDWLRQDWWRUQH\
,I\RXQHHGDODZ\HULQWKH8.\RXFRQWDFWDVROLFLWRUZKRZLOOUHSUHVHQW\RXDQGDGYLVH\RXEXWQRWLQFRXUW
,I\RXQHHGWRJRWRFRXUW\RXUVROLFLWRUZLOOXVHWKHVHUYLFHVRIDEDUULVWHUWRUHSUHVHQWWKHSHUVRQLQDSXEOLFKHDULQJRUFRXUWFDVH
$86DWWRUQH\FDQDUJXHFDVHVLQFRXUWSURYLGHOHJDODGYLFHWRFOLHQWVDQGGUDIWOHJDOGRFXPHQWVVXFKDVZLOOVGHHGVDQGFRQWUDFWV
,QFULPLQDOFRXUWVWKHUHLVDSURVHFXWLQJDWWRUQH\DQGDGHIHQFHDWWRUQH\7KHSURVHFXWLQJDWWRUQH\RIWHQUHSUHVHQWVDSXEOLFMXULVGLFWLRQ
7KHUHDUHPDQ\GLIIHUHQWNLQGVRIODZ&ULPLQDOODZLVWKHERG\RIOHJLVODWLRQWKDWGHQHVFULPLQDORIIHQFHVDQGWKHSHQDOWLHV
7RUWODZLVWKHERG\RIOHJLVODWLRQWKDWHVWDEOLVKHVUHPHGLHVIRUFLYLOZURQJVWKDWDUHQRWDUHVXOWRIFRQWUDFWXDOGXWLHV
7RUWODZLQYROYHVOLDELOLW\GDPDJHVQHJOLJHQFHGHIDPDWLRQFRPSHWLWLRQODZVHOIGHIHQFHHPRWLRQDOGLVWUHVVIUDXGDQGPXFKPRUH
3URSHUW\ODZLQYROYHVWKHYDULRXVIRUPVRIRZQHUVKLSRIUHDOSURSHUW\ RUUHDOHVWDWH DQGSHUVRQDOSURSHUW\
/DERXUODZLVWKHWHUPXVHGWRUHIHUWRWKHLQGXVWULDOUHODWLRQVKLSEHWZHHQZRUNHUHPSOR\HUDQGWUDGHXQLRQ
7D[ODZLQYROYHVWKHUHJXODWLRQVSXWLQWRHIIHFWFRQFHUQLQJSHUVRQDOLQFRPHWD[YDOXHDGGHGWD[LQKHULWDQFHWD[DQGFRUSRUDWHWD[
&RPSHWLWLRQODZDWWHPSWVWRHQVXUHWKDWFRPSHWLWLRQLVIUHHDQGIDLU,QWKH86LWLVRIWHQFDOOHGpDQWLWUXVWODZq
&RXQWULHVWKDWIROORZDFLYLOODZV\VWHPEDVHDXWKRULW\SULPDULO\RQOHJLVODWLRQDQGVHFRQGO\RQFXVWRP/DZVDUHFRGLHG
&RXQWULHVWKDWIROORZDFRPPRQODZV\VWHPEDVHDXWKRULW\RQSUHFHGHQWDQGMXULVSUXGHQFHLVLQVWUXPHQWDOLQHVWDEOLVKLQJODZ



/RZ%HJLQQHU

+LJK%HJLQQHU

6RQSDUDP 7KH\oUHIRUPH
(VSDUDQRVRWURV ,WoVIRUXV
(VWDPRVFRQHOORV :HoUHZLWKWKHP
1RHVWQFRQWLJR 7KH\oUHQRWZLWK\RX
(VWLVDOODGRGHHOORV <RXoUHQH[WWRWKHP

(QWUHSRUIDYRU &RPHLQSOHDVH
6LQWHVH 6LWGRZQ
/HYQWHVH *HWXS
6DOGHDTXDKRUDPLVPR *HWRXWRIKHUHQRZ
1RYXHOYDV 'RQoWFRPHEDFN

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

'QGHHVWXYLVWHDODV :KHUHZHUH\RXODVWQLJKWDW
DQRFKH"
"
3HUGQTXPHKDVGLFKR" 6RUU\ZKDWGLG\RXVD\"
7HSUHJXQWTXHGQGHHVWDEDV ,DVNHG\RXZKHUH\RXZHUH

DQRFKH
ODVWQLJKW
<TXKDFDVDOO" $QGZKDWZHUH\RXGRLQJ
WKHUH"
4XLHURVDEHUTXKDFDVDOO ,ZDQWWRNQRZZKDW\RXZHUH
GRLQJWKHUH

(VWDUGHYXHOWDHQXQSDUGH ,oOOEHEDFNLQDFRXSOHRIGD\V
GDV
(QVHJXLGDYXHOYR ,oOOEHULJKWEDFN
(QVHJXLGDHVWR\FRQWLJR ,oOOEHULJKWZLWK\RX
(QVHJXLGDYR\SDUDDOO ,oOOEHULJKWRYHU
7HQGUUD]Q\DYHUV ,oOOEHULJKW\RXoOOVHH

8PSLUH -XH]GHVLOOD

%DOOER\ 5HFRJHSHORWDV

6HUYH 6DFDU

6HUYLFH/LQH /QHDGHVHUYLFLR
1HW 5HG
%DVHOLQH /QHDGHIRQGR

9RFDEXODULR7HQQLV 7HQLV
+LJK,QWHUPHGLDWH
9PRQRV /HWoVJR
1RVYDPRV" 6KDOOZHJR"
|9R\ ,oPFRPLQJ
9R\DFDVWLJDUOHV ,oPJRLQJWRSXQLVKWKHP
/HVFDVWLJR" 6KDOO,SXQLVKWKHP"

/RZ$GYDQFHG
'HFGHWHTXLHUHV" 0DNHXS\RXUPLQGZLOO\RX"
(ODJXDHVWFRPSXHVWDSRU :DWHULVPDGHXSRIR[\JHQ
R[JHQRHKLGUJHQR
DQGK\GURJHQ
7HQJRTXHUHFXSHUDUODVFODVHV ,KDYHWRPDNHXSODVWZHHNoV
SHUGLGDVGHODVHPDQDSDVDGD ORVWFODVVHV
&PRORSXHGRHQPHQGDU" +RZFDQ,PDNHLWXSWR\RX"
&RQIHFFLRQHPRVXQDOLVWDGH
/HWoVPDNHXSDOLVWRIJXHVWV
LQYLWDGRV

0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

7HGDVFXHQWDGHORTXHPH 'R\RXUHDOLVHZKDW\RXoYHMXVW
DFDEDVGHKDFHU"
GRQHWRPH"
&PRYDPRVDVDOLUGHHVWH +RZDUHZHJRLQJWRJHWRXWRI
OR"
WKLVPHVV"
3XHGHTXHHVWQPHWLGRVHQXQ 7KH\PLJKWEHVWXFNLQDWUDIF
DWDVFR
MDP
&XQGRYDVDGHVKDFHUWHGH :KHQDUH\RXJRLQJWRJHWULG
HVWRVHVFRPEURV"
RIWKLVUXEEOH"
&XDQGRPHGODJDQD :KHQ,IHHOOLNHLW

&PRHUDODPHORGDGH/RV +RZGLGWKHWKHPHWXQHIURP

7HOHxHFRV"
7KH0XSSHWVJR"
7HDFXHUGDVGH3DEOR0UPRO 'R\RXUHPHPEHU%DUQH\
\3HGUR3LFDSLHGUD"
5XEEOHDQG)UHG)OLQWVWRQH"
$TXLQSUHIHUDVGH%DUULR:KRGLG\RXSUHIHUIURP
6pVDPRD(SLRD%ODV"
6HVDPH6WUHHW%HUWRU(UQLH"
6LHPSUHPHFRQIXQGRHQWUHHO ,DOZD\VJHWFRQIXVHGEHWZHHQ

3DWR'RQDOG\HO3DWR/XFDV
'RQDOG'XFNDQG'DII\WKH
'XFN
3RUTXHO&R\RWHQXQFD :K\GLG:LO\(&R\RWHQHYHU
FDWFKWKDWVWXSLG5RDG5XQQHU"
OOHJDSLOODUDHVHHVWSLGR
&RUUHFDPLQRV"



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRXWq 

9$8*+$1&/$665220
&ODVHVDWXHPDLO

7KHPDJD]LQHFRPHVRXWZHHNO\
/DUHYLVWDVDOHVHPDQDOPHQWH

,oPQRWFXWRXWWREHDWHDFKHU
1RHVWR\KHFKRSDUDVHUSURIHVRU

&XWLWRXWZLOO\RX
|3DUD\DTXLHUHV" GHLQFRUGLDU

7KH\IHOORXWDIWHUWZR\HDUV
5LHURQ\VHVHSDUDURQGHVSXVGHGRVDRV

:K\GLGQoW\RXFXWRXWWKHDUWLFOH"
3RUTXQRUHFRUWDVWHHODUWFXOR"

)DOORXW
|5RPSDQODV

3RQDSUXHEDWXOLVWHQLQJFRQHODXGLR\
YLGHRTXHYLHQHQHQFDGDOHFFLQ
,QVFUEHWHRQOLQH\UHFLEHWXVFODVHVGHLQJOVJUDWXLWDV
GLUHFWDPHQWHDWXHPDLO
ZZZYDXJKDQFODVVURRPFRP

(QWUHSUHQHXUVKLS 
6RPHFRPSDQLHVHQGXSIDLOLQJEHFDXVHWKH\pGLHRIVXFFHVVq7KHRZQHUVRYHUH[SDQGLQVWHDGRIIRFXVLQJRQVORZDQGVWHDG\JURZWK
0RVWXQLYHUVLW\FRXUVHVRQ(QWUHSUHQHXUVKLSDSSURDFKWKHVXEMHFWDVLILWFRXOGEHOHDUQHGWKURXJKDWH[WERRN
0RVWVXFFHVVIXOFRPSDQLHVKRZHYHUZHUHVWDUWHGEHFDXVHDSHUVRQOHDUQHGDWUDGHDQGWKHQZHQWLQGHSHQGHQWWRGHYHORSLWEHWWHU
0RVWVXFFHVVIXOHQWUHSUHQXHUVVWDUWHGWKHLUZRUNLQJOLYHVOHDUQLQJWKHpWULFNVRIWKHWUDGHqLQDQHVWDEOLVKHGUP
)URPWKHUHWKH\GHFLGHGWRWU\WKHLURZQKDQGDWLWDQGDSSOLHGHQHUJ\DQGSDVVLRQWRWKHWDVN
+RZHYHUGHVSLWHHQHUJ\DQGSDVVLRQPRUHWKDQSHUFHQWRIQHZEXVLQHVVHVIDLOLQWKHUVWYH\HDUVRIWKHLUOLIH
7REHVXFFHVVIXOHQWUHSUHQXHUVXVXDOO\QHHGWREHDEOHWRVHOOWKHPVHOYHVDQGWKHLULGHDVWRRWKHUV&RPPXQLFDWLRQVVNLOOVDUHLPSRUWDQW
7KH\PXVWEHDEOHWRZKLSXSWKHHQWKXVLDVPRUDWOHDVWJDLQWKHFRQGHQFHRIEDQNHUVLQYHVWRUVFXVWRPHUVDQGHPSOR\HHV
7KH\QHHGWREHOLHYHVWURQJO\LQWKHSRZHURIWKHLUSURGXFWRUVHUYLFHWROOFOHDUDQGLPSRUWDQWQHHGVRUGHVLUHVDPRQJFRQVXPHUV
7KH\QHHGWRNQRZKRZWRLGHQWLI\ZKHUHWKHWDUJHWPDUNHWVDUHDQGEHDEOHWRJXUHRXWKRZWRUHDFKWKHVHPDUNHWVHIIHFWLYHO\
7KH\PXVWEHFRROKHDGHGHQRXJKWRNHHSDUPKDQGRQWKHFRPSDQ\WUHDVXU\DQGPDNHVXUHWKDWPRQH\LVZHOOPDQDJHG
7KH\PXVWEHWLUHOHVVLQQGLQJFRVWHIIHFWLYHZD\VWRGRHYHU\WKLQJDQGWRNHHS[HGH[SHQVHVWRWKHEDUHPLQLPXP
7KH\PXVWEHYLVLRQDULHVDEOHWRVHHWKHGLIIHUHQWIXWXUHVWKH\ZDQWWRFUHDWHDQGDEOHWRFRQYH\WKHLUYLVLRQWRRWKHUV
7KH\PXVWEHGUHDPHUVDQGGRZQWRHDUWKpEHDQFRXQWHUVqDWWKHVDPHWLPHp%HDQFRXQWHUqLVDFROORTXLDOH[SUHVVLRQIRUDQDFFRXQWDQW
7KH\PXVWIXVHVFLHQFHDQGVWRLFSHUVHYHUDQFHDQGGHYRWLRQZLWKGUHDPVDQGYLVLRQV

5HVHDUFKDQGGHYHORSPHQW 
0DQ\SHRSOHWKDQNWKDWLQQRYDWLRQLQXQPDQDJHDEOHEHFDXVHRIXQFHUWDLQWLHVRYHURSWLPLVWLFIRUHFDVWVDQGXQSUHGLFWDEOHFRQVXPHUV
7KHEHVWLQQRYDWLRQLVZKHQVFLHQWLFNQRZOHGJHLVFRPELQHGZLWKPDUNHWLQJVNLOOVWRLGHQWLI\UDGLFDOO\EHWWHUVROXWLRQV
$FRPPRQGHOLPPDLQRUJDQL]DWLRQVLVZKHWKHUWROHDYHLWVLQQRYDWLRQSURFHVVHVXQWRXFKHGRUWRDSSO\SURFHVVPDQDJHPHQWFRQWUROV
6RPH5 'PDQDJHUVSUHIHUWRLPSRVHGLVFLSOLQHGRUVWUXFWXUHGZRUNSURFHVVHVWRWKHLU5 'ZRUNIRUFH
7KHVHSURFHVVHVFDQLQFOXGHWHFKQRORJ\SODQQLQJLGHDJHQHUDWLRQGLVFRYHU\UHVHDUFKDQGQHZSURGXFWRUSURFHVVGHYHORSPHQW
7RGRWKLVWKH5 'PDQDJHUPXVWDOVRFRQVLGHUWKHW\SLFDOWRSLFVRIKLULQJEXGJHWLQJSDWHQWLQJWUDLQLQJDQGSHUVRQQHOGHYHORSPHQW
2QHSUREOHPLVWKDWPRVW5 'HIIRUWVIDLOEXWGHVSLWHWKHVHIDLOXUHV5 'SHRSOHXVXDOO\SHUVHYHUHEHFDXVHWKHUHZDUGVFDQEHJUHDW
$FFRUGLQJWRYHQWXUHFDSLWDOLVWVSDWHQWOLWHUDWXUHDQGRWKHUVXUYH\VLWWDNHVUDZLGHDVWRDFKLHYHRQHFRPPHUFLDOVXFFHVV
6RPHVXUYH\VSRLQWWRWKHIDFWWKDWGHVSLWHWKHLQFUHDVHLQ5 'SURFHVVFRQWUROVXFFHVVUDWHVRYHUWKHSDVWGHFDGHKDYHIDOOHQ
7KHRYHUDOOLQQRYDWLRQSURFHVVLVQRWRQO\ULVN\EXWYHU\FRPSOH[DQGPDQDJLQJWKLVHIIRUWLVQRWHDV\
7KHLQQRYDWLRQSURFHVVLQFOXGHVNQRZOHGJHRIFRPSDQ\VWUDWHJLHVNQRZOHGJHRIWHFKQRORJ\DQGNQRZOHGJHRIWKHPDUNHWV
,IDFRXQWU\ZDQWVWRSURJUHVVLQFRPPHUFHLQGXVWU\DQGWHFKQRORJ\LWPXVWKDYHDVWURQJ5 'EDVH
0DQ\FRXQWULHVVXIIHUDpEUDLQGUDLQqZKHUHE\WKHLUEHVWVFLHQWLVWVDQGHQJLQHHUVVHHNHPSOR\PHQWLQRWKHUPRUHZHOFRPLQJFRXQWULHV
,WoVHVVHQWLDOWKDWWKHXQLYHUVLW\V\VWHPLQDFRXQWU\SURYLGHRSSRUWXQLWLHVIRUH[WHQVLYH5 'DFWLYLWLHVDPRQJLWVVWXGHQWV
$Q\FRXQWU\ZKRVHJRYHUQPHQWLVUHOXFWDQWWRIXQG5 'DFWLYLWLHVLVDFRXQWU\WKDWZLOOQRWSURJUHVVDVIDVWDVLWVQHLJKERUV

7\SLFDORIFHODQJXDJH 
/HWoVJRGRZQDQGJHWDFRIIHHUVWEHIRUHZHWU\WRWDFNOHWKLVLVVXH:HoYHEHHQKHUHIRUWZRKRXUVDOUHDG\DQG,QHHGDEUHDN
,oYHEHHQWKLQNLQJ:K\GRQoWZHFRQWDFWWKH&KDPEHURI&RPPHUFHRQWKLVDQGVHHLIWKH\FDQKHOSXVFRQYLQFHWKHORFDOJRYHUQPHQW"
,WoVWDNLQJORQJHUWKDQ,WKRXJKW7KLVSODQZDVVXSSRVHGWREHDVKRUWFXWEXWZHoYHUXQLQWRPRUHSUREOHPVWKDQZHH[SHFWHG
7KHUHoVDUXPRUJRLQJDURXQGWKDWZHoUHORVLQJPRQH\:KHUHDUHSHRSOHJHWWLQJWKLVLQIRUPDWLRQ":KRoVSURSDJDWLQJWKHVHUXPRUV"
7KHQH[WLWHPRQWKHDJHQGDLVWKHGHFLVLRQWREX\DQHZHHWRIFRPSDQ\FDUV,oPSHUVRQDOO\DJDLQVWWKHLGHDIRUQRZ
,WKLQNKHoVFRPHXSZLWKDQLGHDWKDWFRXOGVDYHXVWKHWLPHDQGWURXEOHRIQGLQJDQHZVHUYLFHSURYLGHU
*RDKHDGDQGFDOOKHU6KHVKRXOGVWLOOEHLQKHURIFH,WULHGWRJHWDKROGRIKHUWKLVPRUQLQJEXWFRXOGQoWJHWWKURXJK
7KHWHOHSKRQHMXVWZRQoWVWRSULQJLQJWKLVPRUQLQJ,oOOEHOXFN\WRJHWDQ\WKLQJGRQHWRGD\
7KHLQGXVWU\LVFKDUDFWHUL]HGE\ORZHQWU\EDUULHUVWKDWDOORZDOPRVWDQ\7RP'LFNRU+DUU\WRMXPSLQDQGFRPSHWHDJDLQVWXV
+DYH\RXWDONHGWR3HGURDERXWWKLV",oPVXUHKHoOOZDQWWRNQRZDERXWLW,WDIIHFWVKLVGHSDUWPHQWHYHQPRUHWKDQ\RXUV
+HOOR0DUJDUHW"&DQ\RXSXWPHWKURXJKWR9LFHQWH:DONHU",IKHoVLQFRQQHFWPHVRWKDW,oPRQWKHOLQHZKHQKHDQVZHUV
7KH\oOOSUREDEO\ZDQWDKHIW\GLVFRXQWRQWKHOLVWHGSULFH7KH\GHVHUYHLWLI\RXZDQWP\RSLQLRQ7KH\oYHQHYHUJLYHQXVDQ\WURXEOH
0\FHOOSKRQHoVVWDUWLQJWRJLYHPHVRPHWURXEOH'RZHVWLOOKDYHDQ\RIWKHQHZRQHVRUKDYH\RXDVVLJQHGWKHPDOORXW"
7HOOKLP,oPQRWJRLQJWRORRNRYHUKLVUHSRUWXQWLOVRPHRQHHOVHSURRIUHDGVLWUVW+HPDNHVWRRPDQ\VSHOOLQJPLVWDNHV
:HoYHPDGHWKHGHFLVLRQWRJRDKHDGZLWK3ODQ$GHVSLWHWKHRSSRVLWLRQRIWZRPHPEHUVRIWKHH[HFXWLYHFRPPLWWHH



+LJK%HJLQQHU

/RZ%HJLQQHU
&XOHVVRQVXVQRPEUHV" :KDWDUHWKHLUQDPHV"
&XQWRVDRVWLHQHQ" +RZROGDUHWKH\"
'HGQGHVRQ" :KHUHDUHWKH\IURP"
'QGHYLYHQ" :KHUHGRWKH\OLYH"
&PRHVWQ" +RZDUHWKH\"

&XOHVHOWX\RVWHRDTXO" :KLFKRQHoV\RXUVWKLVRQHRU
WKDWRQH"
/RVD]XOHVVRQORVPRV 7KHEOXHRQHVDUHPLQH
&XOHVVRQORVGHHOORV" :KLFKRQHVDUHWKHLUV"
/RVTXHHVWQDOOVRQGHHOORV 7KHRQHVRYHUWKHUHDUHWKHLUV
&XOHVHOPHMRU" :KLFKRQHLVWKHEHVW"

0LGGOH,QWHUPHGLDWH

/RZ,QWHUPHGLDWH
&XQGRYDLVDLUGHYDFDFLRQHV" :KHQDUH\RXJRLQJWRJRRQ
KROLGD\"
6HYDQDTXHGDUHQXQKRWHO" $UHWKH\JRLQJWRVWD\LQDKRWHO"
&RQTXFRPSDDYDQDYRODU" :KLFKFRPSDQ\DUHWKH\JRLQJ
WR\ZLWK"
&PRYDQDYROYHU" +RZDUHWKH\JRLQJWRFRPH
EDFN"
3RUTXORVQLRVQRYDQDLU :K\DUHQoWWKHFKLOGUHQJRLQJ
WRJRZLWKWKHP"
FRQHOORV"

4XOHGLMLVWH" DHOOD  :KDWGLG\RXWHOOKHU"


/HGLMHWRGR ,WROGKHUHYHU\WKLQJ
4XLQGLMRHVR" :KRVDLGWKDW"
4XLQWHGLMRHVR" :KRWROG\RXWKDW"
3RUTXQRPHORGLMHURQDP" :K\GLGQoWWKH\WHOOPH"

%XQ 0RR

3LJWDLOV &ROHWDV

3RQ\WDLO &RODGHFDEDOOR
3ODLW 7UHQ]D

%RE 0HOHQD

9RFDEXODULR+DLUVW\OHV 3HLQDGRV
/RZ$GYDQFHG

+LJK,QWHUPHGLDWH
4XGHFDV" :KDWZHUH\RXVD\LQJ"
<RQRGHFDQDGD ,ZDVQoWVD\LQJDQ\WKLQJ
1RPHGHFDVDOJR" :HUHQoW\RXWHOOLQJPH
VRPHWKLQJ"
1RGLMHQDGDHQDEVROXWR ,GLGQoWVD\DQ\WKLQJDWDOO
4XLQWHGLMRTXHGLMHUDVHVR" :KRWROG\RXWRVD\WKDW"

$QWHVWUDEDMDEDHQHOWXUQRGH ,XVHGWRZRUNWKHQLJKWVKLIW
QRFKH
$XQTXHQRSRGD $OWKRXJK,FRXOGQoWJHWXVHGWR
WKHWLPHWDEOH
DFRVWXPEUDUPHDOKRUDULR
$QWHVGHTXHGLJDVQDGD %HIRUH\RXVD\DQ\WKLQJWKLQN
LWRYHUDOLWWOH
UHH[LQDORXQSRFR
$QWHVKDEDPHQRVFRFKHVHQ 7KHUHXVHGWREHIHZHUFDUVRQ
WKHURDG
ODVFDUUHWHUDV
3XHGHTXHOOHJXHPRVXQSRFR :HPLJKWDUULYHDOLWWOHHDUOLHU
DQWHV

)RU(QJOLVKVXSHUVWDUVRQO\

0LGGOH$GYDQFHG
&PRDJXDQWLVHVWHRORU" +RZGR\RXSXWXSZLWKWKLV
VPHOO"
0LFXDGRHVXQSHVDGR 0\EURWKHULQODZLVDSDLQLQ
WKHQHFN
/DPVLFDKHDY\HVPX\SHVDGD +HDY\PHWDOPXVLFLVDSDLQLQ
WKHQHFN
&PRWHSXGRVDOLUWDQPDO +RZFRXOG\RXPDNHVXFKD
SLJoVHDURIWKDWSUHVHQWDWLRQ"
HVDSUHVHQWDFLQ"
1RDGLYLQDUVQXQFDGHORTXH <RXoOOQHYHUJXHVVZKDW,oYH
MXVWIRXQGRXW
PHDFDERGHHQWHUDU

6HYLRREOLJDGRDHFKDUVHDWUV +HZDVIRUFHGWREDFNRXWRI
HQODFDUUHUDKDFLDOD&DVD%ODQFD WKHUDFHIRUWKH:KLWH+RXVH
7HQGUVTXHUHVSDOGDUHVH <RXoOOQHHGWREDFNWKDW

DUJXPHQWXSZLWKIDFWV
UD]RQDPLHQWRFRQKHFKRV
+DVHVWDGRWRPDQGRHOVRO" +DYH\RXEHHQVXQEDWKLQJ"

7LHQHVODFDUDURMD <RXUIDFHLVUHGGLVK
&UHRTXHVXPXMHUWLHQH ,WKLQNKLVZLIHoVIRUW\LVK

DOUHGHGRUGHFXDUHQWDDRV
/DUHXQLQFRPHQ]DUDOUHGHGRU 7KHPHHWLQJZLOOVWDUWDW

GHODVRFKR
HLJKW\LVK

Z Z ZY D X V \ V  F R P




3KUDVDOYHUEVZLWKpRXWq 

%86,1(66(1*/,6+

,oOOIHHOKLPRXWRQWKHVXEMHFW
/HWDQWHDUVREUHHODVXQWR

:HJRWRXWWKURXJKDRSHQLQJLQWKHKHGJH
6DOLPRVDWUDYVGHXQDDEHUWXUDHQHOVHWR

/HWoVJHWRXWRIKHUH
|/DUJXPRQRVGHDTX

,GLGQoWJHWDQ\WKLQJRXWRIWKHFRXUVH
1RVDTXQDGDGHYDORUGHOFXUVR

&DQ\RXJHWPHRXWRIWKLVPHVV"
0HSXHGHVVDFDUGHHVWHOR"

:HFDQoWOHWWKHWUXWKJHWRXW
1RSRGHPRVGHMDUTXHODYHUGDGVHVHSD

p,QJOVSDUDWXSXHVWRGHWUDEDMRq
$GPLQLVWUDFLQ55++\0DUNHWLQJ
&RQVJXHORHQZZZYDXJKDQWLHQGDFRP

%DQNLQJ 
,QWHUHVWRQORDQVLVWKHPDLQVRXUFHRIUHYHQXHIRUPRVWEDQNV7KHLUOHQGLQJGHSDUWPHQWVDUHFULWLFDOIRUVXFFHVV
0RVWFRPPHUFLDOORDQVDUHJUDQWHGWRVWDUWRUH[SDQGDEXVLQHVVRUWRSXUFKDVHLQYHQWRU\DQGFDSLWDOHTXLSPHQW
7KHPRQH\WKDWEDQNVOHQGFRPHVSULPDULO\IURPGHSRVLWVLQFXUUHQWDFFRXQWVDQGVDYLQJVDFFRXQWV&'oVDQGPRQH\PDUNHWDFFRXQWV
7KHVHGHSRVLWVRIWHQHDUQDORZLQWHUHVWEXWWKH\DOVRRIIHUFKHFNLQJFUHGLWFDUGDQGHOHFWURQLFEDQNLQJIDFLOLWLHVIRUHDV\WUDQVDFWLRQV
7HFKQRORJ\LVKDYLQJDPDMRULPSDFWRQEDQNLQJ'LUHFWGHSRVLWDOORZVXVHUVWRHOHFWURQLFDOO\WUDQVIHUSD\PHQWVWRYDULRXVDFFRXQWV
'HELWFDUGVDOORZIRUUHPRWHWUDQVDFWLRQVWKDWLQVWDQWO\GHGXFWWKHPRQH\IURPWKHDFFRXQWLQTXHVWLRQ
(OHFWURQLFEDQNLQJE\SKRQHRUFRPSXWHUDOORZVFXVWRPHUVWRDFFHVVEDQNEDODQFHVEDQNVWDWHPHQWVDQGWRPDNHSD\PHQWV
$GYDQFHPHQWVLQWHFKQRORJ\KDYHDOVRDOORZHGEDQNVWRLPSURYHWKHSURFHVVLQJRILQIRUPDWLRQ
7KHXVHRIFKHFNLPDJLQJDOORZVEDQNVWRVWRUHSKRWRJUDSKHGFKHFNVHOHFWURQLFDOO\LQVWHDGRINHHSLQJWKHSDSHUFKHFNV
7KHDYDLODELOLW\RIFUHGLWFDUGVFRULQJVRIWZDUHDOORZVOHQGLQJGHSDUWPHQWVWRDSSURYHORDQVLQDTXHVWLRQRIPLQXWHVUDWKHUWKDQGD\V
0DQ\EDQNVKDYHGLYHUVLHGE\RIIHULQJQDQFLDOSODQQLQJDVVHWPDQDJHPHQWVHUYLFHVEURNHUDJHVHUYLFHVDQGLQVXUDQFHRSWLRQV
2WKHUEDQNVDUHJRLQJLQWRLQYHVWPHQWEDQNLQJKHOSLQJFRPSDQLHVDQGJRYHUQPHQWVUDLVHPRQH\ZLWKVWRFNVDQGERQGVLVVXHV
%DQNVSURYLGHRQHRIWKHPRVWLPSRUWDQWIXQFWLRQVLQDQ\PRGHUQPDUNHWHFRQRP\
:LWKRXWWKHVHUYLFHVWKDWEDQNVSURYLGHSHUFHQWRIDOOWKHFRPPHUFLDODQGLQGXVWULDODFWLYLW\ZHNQRZWRGD\ZRXOGQRWH[LVW
7KHEDQNLQJLQGXVWU\LVWKHUHVSLUDWRU\V\VWHPRIDQ\KHDOWK\HFRQRP\

(FRQRPLFV 
0DQ\SHRSOHFRQVLGHUHFRQRPLFVWREHDVRFLDOVFLHQFHEHFDXVHLWLVVRGHSHQGHQWRQWKHXQSUHGLFWDELOLW\RIKXPDQEHKDYLRU
7KHPRVWEDVLFWHQHWRIHFRQRPLFVLVWKDWUHVRXUFHVDUHDOZD\VVFDUFHDQGWKDWSHRSOHDQGHQWLWLHVPXVWPDNHFKRLFHV
7KHPRVWDGPLUHGHFRQRPLVWLQWKHFDSLWDOLVWLFZRUOGLV$GDP6PLWKWKH6FRWWLVKDXWKRURIp7KH:HDOWKRI1DWLRQVq
$GDP6PLWKLVFRQVLGHUHGWKHIDWKHURIpODLVVH]IDLUHqFDSLWDOLVPp/DLVVH]IDLUHqLVD)UHQFKWHUPWKDWPHDQVpOHDYHDORQHq
$QRWKHUWHUPIRUWKLVLVHFRQRPLFOLEHUDOLVPDQGLWPHDQVWUXVWLQJWKDWLQGLYLGXDOVHOVKHFRQRPLFGHFLVLRQVZLOOEHJRRGIRUWKHZKROH
$GDP6PLWKEHOLHYHGWKDWUDWLRQDOVHOILQWHUHVWDQGFRPSHWLWLRQZRXOGDOZD\VOHDGWRHFRQRPLFZHOOEHLQJDQGSURVSHULW\
)RU$GDP6PLWKWKHIRXQGDWLRQVRIDIUHHPDUNHWHFRQRP\ZHUHWKHGLYLVLRQRIODERUWKHSXUVXLWRIVHOILQWHUHVWDQGIUHHGRPRIWUDGH
7KHPRVWIDPRXVFRQFHSWSXWIRUZDUGE\$GDP6PLWKZDVWKHFRQFHSWRIWKHpLQYLVLEOHKDQGq
7KHUVWSUHPLVHUHJDUGLQJWKLVFRQFHSWLVWKDWSHRSOHDFWFRQVFLRXVO\RUXQFRQVFLRXVO\LQWKHLURZQVHOILQWHUHVW
7KHVHFRQGSUHPLVHLVWKDWWRSXUVXHVHOILQWHUHVWLVQRWEDGIRUVRFLHW\EHFDXVHLWVWLPXODWHVFRPSHWLWLRQZKLFKSURGXFHVEHQHWV
)RU6PLWKLIWKHUHLVDVKRUWDJHRIDJLYHQSURGXFWWKHSULFHZLOOULVHZKLFKLQWXUQZLOOEHDQLQFHQWLYHIRUSURGXFLQJPRUHRILW
,IDKLJKSULFHFDXVHVSHRSOHWREX\OHVVEXWDWWKHVDPHWLPHLWFDXVHVSURGXFHUVWRPDNHPRUHWKHQVRRQWKHVKRUWDJHZLOOEHUHPHGLHG
*UHDWHUFRPSHWLWLRQDPRQJSURGXFHUVLQFUHDVHVVXSSO\ZKLFKQDOO\FUHDWHVDpQDWXUDOSULFHqZKLFKLVWKHFRVWSOXVDVPDOOSURW
)RU$GDP6PLWKKXPDQPRWLYHVFRQVLGHUHGJUHHG\DQGVHOVKFUHDWHFRPSHWLWLRQLQWKHIUHHPDUNHWWKDWEHQHWVVRFLHW\DVDZKROH
%HFDXVHRI$GDP6PLWKDQGHFRQRPLVWVOLNHKLPWKHWHUPpSURWPRWLYHqLVQRWDQHJDWLYHWHUPOLNHpQLPRGHOXFURqLVLQ6SDQLVK

0DQXIDFWXULQJ 
$QLPSRUWDQWSDUWRIIXWXUHSURJUHVVRQWKLVSODQHWZLOOGHSHQGRQKRZZHOOSURGXFWVDUHPDQXIDFWXUHGRUVHUYLFHVSURGXFHG
/DUJHFRPSDQLHVLQERWKWKHVHFRQGDU\DQGWHUWLDU\VHFWRUVDUHFRQVWDQWO\ORRNLQJIRUQHZLQQRYDWLYHZD\VWRFXWSURGXFWLRQFRVWV
7KHFRVWRIWUDQVSRUWLQJDWUDFWRUIURP,RZDWR9DOODGROLG6SDLQKDVIDOOHQE\SHUFHQWWKDQNVWRFRQWDLQHUVKLSSLQJ
&RQWDLQHUVKLSSLQJKDVDOORZHGFRPSDQLHVZKRVHDPELWLRQVZHUHSXUHO\GRPHVWLFWREHFRPHLQWHUQDWLRQDOFRPSHWLWRUV
5DGLFDOO\ORZHUVKLSSLQJFRVWVKDYHEHHQPRUHLQVWUXPHQWDOLQSURPRWLQJJOREDOL]DWLRQWKDQWKHWHFKQROJLFDOUHYROXWLRQ
/RFDOFRPSDQLHVXQLQWHUHVWHGLQJRLQJLQWHUQDWLRQDOZHUHIRUFHGWRGRVRDVORZHUWUDQVSRUWDWLRQFRVWVEURXJKWLQIRUHLJQFRPSHWLWRUV
%HFDXVHRIWKHFRQWDLQHUUHYROXWLRQWUDQVSRUWDWLRQKDVEHFRPHVRHIFLHQWWKDWIUHLJKWFRVWVKDUGO\DIIHFWHFRQRPLFGHFLVLRQV
7KHFRQWDLQHUUHYROXWLRQLQYROYHVLQQRYDWLRQLQORJLVWLFVDQGSDFNDJLQJEDFNHGXSE\EHWWHUDQGEHWWHU,7VROXWLRQV
5HYROXWLRQVRIWKLVNLQGDUHWDNLQJSODFHLQPDQ\RWKHUHOGVRIPDQXIDFWXULQJDQGVHUYLFHSURGXFWLRQ
,QVXUDQFHFRPSDQLHVDUHQGLQJZD\VWRFXWSHUFHQWRIWKHFRVWRXWRIFODLPVPDQDJHPHQW
6WDQGDUGL]DWLRQDQGHFRQRPLHVRIVFDOHDUHEULQJLQJGRZQWKHFRVWRIIRRGPDQXIDFWXULQJDQGSURFHVVLQJDOORYHUWKHZRUOG
$ORWRIWKH5 'HIIRUWLQPDQ\FRPSDQLHVLVSRLQWHGPRUHDWSURFHVVLPSURYHPHQWWKDQDWSURGXFWGHVLJQRUFUHDWLRQ
,QGXVWU\OHDGHUVDUHDOPRVWDOZD\VWKRVHFRPSDQLHVWKDWSD\FDUHIXODWWHQWLRQWRUHGXFLQJFRVWVDQGJDLQLQJJUHDWHUHIFLHQFLHV
,PSURYHPHQWVLQPDQXIDFWXULQJDQGVHUYLFHSURGXFWLRQDOZD\VOWHULQWRWKHZRUOGHFRQRP\DQGUDLVHVWDQGDUGVRIOLYLQJ
$PDQXIDFWXULQJDQGSURGXFWLRQUHQDLVVDQFHLVXQGHUZD\DQGZLOOFRQWLQXHWRLPSURYHRXUPDWHULDOTXDOLW\RIOLIH




/RZ%HJLQQHU

+LJK%HJLQQHU

VWHHVHOQ 7KLVLVWKHHQG
(VVWDODOWLPD" ,VWKLVWKHODVWRQH"
6ORHV <HVLWLV
/RVLHQWR HVR HVXQDSHQD ,oPVRUU\WKDWoVVDG
1RWHSUHRFXSHVQRHVHOQ 'RQoWZRUU\LWoVQRWWKHHQGRI
GHOPXQGR
WKHZRUOG

VWDHVODOWLPDGHYHUGDG" ,VWKLVUHDOO\WKHODVWRQH"
4XYR\DOHHUPDDQDHQHO :KDWDP,JRLQJWRUHDG
WRPRUURZRQWKHWUDLQ"
WUHQ"
(QFRQWUDUVDOJR <RXoOOQGVRPHWKLQJ
3RUTXQROHHVXQOLEURHQ :K\GRQoW\RXUHDGDERRNLQ
(QJOLVK"
LQJOV"
7DOYH]ORKDJD 0D\EH,ZLOO

/RZ,QWHUPHGLDWH

0LGGOH,QWHUPHGLDWH

(VGLIFLODSUHQGHURWURLGLRPD ,WoVGLIFXOWWROHDUQDQRWKHU
ODQJXDJHLVQoWLW"
QR"
1DGDHVLPSRVLEOHFRPR 1RWKLQJLVLPSRVVLEOHDVWKH\
VD\
VXHOHQGHFLU
0HJXVWHVWXGLDUHVWDVIUDVHV ,HQMR\HGVWXG\LQJWKHVH
SKUDVHV
0HDOHJUDRUOR ,oPJODGWRKHDULW
(VPVIFLODSUHQGHUDOJRVL ,WoVHDVLHUWROHDUQVRPHWKLQJLI

\RXHQMR\GRLQJLW
GLVIUXWDVKDFLQGROR

&XQWDVKDKDELGR" +RZPDQ\KDYHWKHUHEHHQ"
+DKDELGRFRQIUDVHV 7KHUHKDYHEHHQZLWK
SKUDVHVRQHDFKRQH
HQFDGDXQD
(VRVLJQLFDTXHKDKDELGR 7KDWPHDQVWKHUHKDYHEHHQ
PRUHWKDQVL[WKRXVDQGSKUDVHV
PVGHVHLVPLOIUDVHV
$VHV(VEDVWDQWHQR" 7KDWoVULJKW,WoVTXLWHDORW
LVQoWLW"
|'HPDVLDGRGLUD\R 7RRPXFK,oGVD\

+LJK,QWHUPHGLDWH

/RZ$GYDQFHG

/DFODYHHVWHQODUHSHWLFLQ 5HSHWLWLRQLVWKHNH\
5HDOPHQWHODJUDPWLFDLQJOHVD (QJOLVKJUDPPDULVQoWUHDOO\

QRHVWDQGLIFLO
WKDWGLIFXOW
/RPVLPSRUWDQWHHVDGTXLULU 7KHPRVWLPSRUWDQWWKLQJLVWR

DJLOLGDGYHUEDO
DFTXLUHYHUEDODJLOLW\
3DUDFRQVHJXLUHVRKD\TXH 7RDFKLHYHWKDW\RXKDYH
UHSHWLUODVHVWUXFWXUDVPLOHVGH WRUHSHDWWKHVWUXFWXUHV
YHFHV
WKRXVDQGVRIWLPH
7LHQHVRWURVFRQVHMRV" 'R\RXKDYHDQ\RWKHUDGYLFH"

%XHQRDYHUPL3HTXHR :HOOOHWPHVHHP\/LWWOH
6DOWDPRQWHV
*UDVVKRSSHU
(VLPSUHVFLQGLEOHTXHHVFXFKHV ,WoVHVVHQWLDOWROLVWHQWRDV
WRGRHOLQJOVTXHSXHGDV
PXFK(QJOLVKDV\RXFDQ
&XDQWRPVHQWLHQGDVPV 7KHPRUH\RXXQGHUVWDQGWKH
VHJXURWHVHQWLUV
PRUHFRQGHQW\RXoOOIHHO
,QWHQWDHVWXGLDUWRGRVORVGDV 7U\WRVWXG\HYHU\GD\
$XQTXHVORVHDGXUDQWHXQRV (YHQLILWoVRQO\IRUIWHHQ
TXLQFHPLQXWRV
PLQXWHVRUVR

+HUEDO7HD ,QIXVLQ
&DPRPLOH7HD 0DQ]DQLOOD

*UHHQ7HD 7YHUGH

7HDZLWK0LON 7FRQOHFKH
%ODFN7HD 7VROR
,FHG7HD 7FRQKLHOR

9RFDEXODULR7HD 7
0LGGOH$GYDQFHG

)RU(QJOLVKVXSHUVWDUVRQO\

(QWRQFHVPHYDVDHFKDUGH $UH\RXJRLQJWRPLVVPHWKHQ"

PHQRV"
&UHRTXHORVXSHUDU ,WKLQN,oOOJHWRYHULW
&UHTXHPHKDEDVWRPDGR ,WKRXJKW\RXKDGEHFRPHIRQG

RIPH
FDULR
|1RORGLFHVHQVHULR <RXPXVWEHMRNLQJ
|'HVSXVGHIUDVHVHVWR\ $IWHUSKUDVHV,oPORRNLQJ

GHVHDQGRTXHPHGHMHVHQSD] IRUZDUGWR\RXOHDYLQJPH
DORQH


<DKRUDVHDFHUFDHOQDO $QGQRZWKHHQGLVQHDU
<HQWRQFHVQRVHQIUHQWDPRV $QGVRZHIDFHWKHQDO
DOWHOQQDO
FXUWDLQ
1ROORUHVSRUTXHVHDFDEH 'RQoWFU\EHFDXVHLWoVRYHU
6RQUHSRUTXH\DSDV 6PLOHEHFDXVHLWKDSSHQHG
|(VRHVWRGRDPLJRV 7KDWoVDOOIRONV



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRXWq 

3$&.6'((678',2

,IHHOOHIWRXW
0HVLHQWRH[FOXLGR

&DQ\RXPDNHRXWDFKHFNIRU-XDQ"
3XHGHVH[WHQGHUOHXQFKHTXHD-XDQ"



,FDQoWPDNHRXWZKRWKH\DUH
1RGLVWLQJRTXLHQHVVRQ

'RQoWSXW\RXUVHOIRXW
1RWHPROHVWHV

,FDQoWPDNHRXWZKDWLWVD\V
1RGHVFLIURORTXHGLFH

3XWRXWWKHUH
$SDJDHOIXHJR

3ULQFLSLDQWHLQWHUPHGLR\DYDQ]DGR
5HIXHU]DWXVHVWXGLRVHQFDVD
&RQVJXHORHQZZZYDXJKDQWLHQGDFRP

)LQDQFHDQGDFFRXQWLQJ0DUNHWLQJDQGVDOHVPDQDJHPHQW  
:LWKRXWJRRGDQDO\WLFDORUPDQDJHPHQWDFFRXQWLQJLWoVYLUWXDOO\LPSRVVLEOHIRUD&(2WRPDNHJRRGEXVLQHVVGHFLVLRQV
$VFRPSDQLHVJURZLWEHFRPHVPRUHDQGPRUHFULWLFDOIRUGHFLVLRQPDNHUVWRKDYHDFFXUDWHDQGUHOHYDQWLQIRUPDWLRQDWWKHLUGLVSRVDO
,IWKHLQIRUPDWLRQLVLQFRUUHFWRUQRWZKDWWKHGHFLVLRQPDNHUVQHHGWKHQWKH\ZLOOPDNHGHFLVLRQVEDVHGRQLQWXLWLRQ
,QWXLWLRQLVWKHPRVWLPSRUWDQWWRROVXFFHVVIXOPDQDJHUVFDQKDYHEXWWKHLULQWXLWLRQLVWULSOHGLILWoVEDFNHGXSE\JRRGLQIRUPDWLRQ
6DOHVE\UHJLRQDQGSURGXFWOLQHDUHHVVHQWLDOLQDGGLWLRQWRWKHPDUJLQDOFRQWULEXWLRQRIHDFKOLQH
'HFLVLRQPDNHUVQHHGWRNQRZWKHYDULDEOHFRVWVDQGGLUHFWFRVWVIRUHYHU\DUHDRIWKHFRPSDQ\
,IDQ(QJOLVKWHDFKHUHDUQVHXURVDQKRXUDQG\RXVHOOKLVVHUYLFHVIRUHXURVDQKRXUWKHQ\RXUPDUJLQDOFRQWULEXWLRQLVHXURV
,I\RXKDYHDQRIFHVHFUHWDULHVUHFHSWLRQLVWV5 'SHUVRQQHODGPLQLVWUDWLYHVWDIIZKRVHUHQWDQGVDODULHVWRWDOWZRPLOOLRQHXURVf
fWKHQ\RXQHHGWRJHQHUDWHKRXUVRIFODVVMXVWWREUHDNHYHQ7KDWPHDQVWKDW\RXVWDUWWRPDNHDSURWDWKRXUQXPEHU
7KHUHIRUH\RXNQRZWKDW\RXQHHGWRJHQHUDWHDPLQLPXPRIKRXUVDPRQWKMXVWWRFRYHU\RXUFRVWVZKLFKPHDQVWKDWf
f\RXQHHGWRUHFUXLWWUDLQDVVLJQDQGVXSHUYLVHDPLQLPXPRIWHDFKHUVMXVWWREUHDNHYHQ
/HWoVLPDJLQHWKDW\RXPDQDJHWRVHOODYROXPHRIEXVLQHVVWKDWJHQHUDWHVKRXUVRIFODVVHYHU\PRQWK
7KLVSURYLGHV\RXZLWKHXURVDPRQWKLQVDOHV<RXSD\WHDFKHUVZKLFKOHDYHVDPDUJLQDOFRQWULEXWLRQRI
,QDPRQWKSHULRGWKLVFRPHVWRHXURV$IWHUWKH[HGH[SHQVHVRIPLOOLRQHXURV\RXKDYHDQHXURSURW
:LWKDQHXURSURW\RXKDYHWRSD\HXURVLQFRUSRUDWHLQFRPHWD[WRWKHWD[DXWKRULWLHV
,QWKHHQG\RXZLOOKDYHDQHWSURWRIHXURVLI\RXPDQDJH\RXUHPSOR\HHVDQGWHDFKHUVZHOO
,I\RXKDYHJRRGSHRSOHLQQDQFHDQGDFFRXQWLQJ\RXZLOOEHQHWIURPWZRFULWLFDOO\LPSRUWDQWVXSSRUWV
7KHUVWLVWKHLQIRUPDWLRQWKDWZLOODOORZ\RXWRNQRZLI\RXDUHRQWUDFNWRZDUGV\RXUJRDOLQDFKLHYLQJDQGVXUSDVVLQJEUHDNHYHQ
6HFRQG\RXZLOONQRZLQUHDOWLPHZKDWYDULDQFHVDQGSUREOHPVDUHRFFXUULQJWKDWFRXOGVLGHWUDFN\RXIURP\RXUREMHFWLYHV
7KLUG\RXZLOOKDYHDPHDVXULQJVWLFNZLWKZKLFKWRMXGJH\RXUHPSOR\HHVLQWKHLUHIIRUWVWRKHOS\RXWRZDUGV\RXUREMHFWLYHV
)RXUWK\RXZLOOKDYHJRRGDGYLFHDQGFRXQVHOFRQFHUQLQJZD\VWRUHGXFHWKHLPSDFWRIWKHFRUSRUDWHLQFRPHWD[
)LIWK\RXZLOOKDYHSHRSOHZKRNQRZKRZWRWDONWREDQNVDQGJHWWKHPRQH\\RXQHHGWRSHUIRUPWKHHVVHQWLDOPDUNHWLQJIXQFWLRQV
:LWKRXWHQRXJKVHHGFDSLWDODQGFUHGLWOLQHV\RXZLOORQO\EHDEOHWRJURZLQOLQHZLWK\RXUDELOLW\WRSURYLGHVHOIQDQFLQJ
,QDEXVLQHVVZKRVHPDUJLQDOFRQWULEXWLRQLVRQO\HXURVDQKRXUZLWKRXWRXWVLGHQDQFLQJ\RXDUHFRQGHPQHGWRJURZLQJVORZO\
7KHULJKWQDQFHDQGDFFRXQWLQJPDQDJHUQGVPRQH\IRU\RXDQGJLYHV\RXWKHLQIRUPDWLRQWRPDNHPRQH\SURSHUO\
7KHPDUNHWLQJHIIRUWERLOVGRZQWRHVWDEOLVKLQJEUDQGDZDUHQHVVIRU\RXUSURGXFWRUVHUYLFHDQGQDOO\EUDQGSUHIHUHQFH
,WWDNHVPRQH\WRHVWDEOLVKEUDQGDZDUHQHVVDQGSUHIHUHQFHLQDUHDVRQDEOHWLPHIUDPH:LWKRXWVROLGQDQFLQJDOOWKLVLVLPSRVVLEOH
'HSHQGLQJRQWKHSURGXFWRUVHUYLFHEUDQGDZDUHQHVVFRPHVWKURXJK35DGYHUWLVLQJDQGPHUFKDQGLVLQJ
%UDQGSUHIHUHQFHFRPHVWKURXJKDWRSTXDOLW\SURGXFWDFRPSHWLWLYHSULFHDQGJRRGDIWHUVDOHVVHUYLFH
4XDOLW\LQWKHSURGXFWLRQSURFHVVDQGVXSHULRUPDUNHWLQJVNLOOVFDQPDNHVXUHWKDWWKHVHREMHFWLYHVDUHPHW
+RZHYHUZLWKRXWJRRGLQIRUPDWLRQV\VWHPVDFFXUDWHPDQDJHPHQWDFFRXQWLQJDQGWKHR[\JHQRIJRRGQDQFLDOPDQDJHPHQWLWLVf
fYLUWXDOO\LPSRVVLEOHWRDFKLHYHWKHPDUNHWLQJDQGVDOHVREMHFWLYHVRIWKHRUJDQL]DWLRQ
7KHPDWHULDOTXDOLW\RIOLIHWKDWZHHQMR\WRGD\LVWKDQNVWRWKHWLUHOHVVHIIRUWVRISULYDWHLQLWLDWLYH
7KHRQO\WUXHVRXUFHRIZHDOWKLQDQ\QDWLRQLVWKHZHDOWKJHQHUDWHGE\SULYDWHLQLWLDWLYH$OOWKHUHVWH[LVWVWKDQNVWRSULYDWHLQLWLDWLYH

5LFKDUG9DXJKDQ

(VWLPDGRDPLJR\DOXPQR&RQHVWDFKDWHUPLQDPRVp(OFXUVRGHQLWLYRqGH9DXJKDQ6\VWHPVFXUVRGLIXQGLGRJUDFLDVDODEXHQD
LQLFLDWLYD\JUDFLDVDOFRQVWDQWHQLPRGHPXFKRVGLUHFWLYRV\HPSOHDGRVGHOGLDULR(/081'2&XDQGRVHSXVLHURQHQFRQWDFWR
FRQPLJRKDFHPVGHXQDRSDUDSURSRQHUODFUHDFLQ\GLIXVLQGHXQFROHFFLRQDEOHSDUDDSUHQGHULQJOV\RHVWDEDEDVWDQWH
UHDFLRDQWHODLGHD/OHYDEDDRVFULWLFDQGRODWHQGHQFLDGHOSEOLFRDEXVFDUDODYXHOWDGHFDGDHVTXLQDHVHPWRGRUHYROXFLRQDULR
H LQGRORUR TXH OH GRWDVH GHO LQJOV VLQ WHQHU TXH KDFHU XQ HVIXHU]R 3HUR PLV DPLJRV GH (/ 081'2 LQVLVWDQ XQD \ RWUD YH] \
PLSURSLDJHQWHHQWUHODTXHGHVWDFD5LFKDUG%URZQPHDQLPDEDDLQWHQWDUOR$QWHODSUHVLQGHFLGQDOPHQWHTXHVSHURD
FRQGLFLQGHTXHHOHVSULWX9DXJKDQFDODUDSRUWRGRHLPSUHJQDUDWRGRGHVGHORVOLEURV\&'VKDVWDHVWDVFKDVFX\RVGRUVRV
KHHVFULWRSHUVRQDOPHQWHGHFDERDUDER/RODQ]DPRVWRGRDSULQFLSLRVGHOSDVDGRVHSWLHPEUH\ORVUHVXOWDGRVGHVGHODSULPHUD
VHPDQDKDQVLGRVRUSUHQGHQWHVVXSHUDQGRHQXQODVPHMRUHVH[SHFWDWLYDV3HURORTXHKDVLGRPVJUDWLFDQWHWRGDYDHV
HOKHFKRGHTXHKHPRVUHFLELGRLQQLWDVPXHVWUDVGHDSUHFLR\DJUDGHFLPLHQWRSRUODLQLFLDWLYDLQFOXVRSDUDPVPRUERHQWUH
ORVPOWLSOHVXVXDULRVGH(PXOH\RWUDVSJLQDVZHEGHGLFDGDVDKDFHUVHJUDWXLWDPHQWHFRQXQDSURSLHGDGLQWHOHFWXDOTXHPHKD
FRVWDGRDRVDQDU\DFXPXODU$KRUDFRQWRGRHOFROHFFLRQDEOHHQPLDUPDULR ORKHLGRFRPSUDQGRFDGDGD\FDGDGRPLQJR
DOLJXDOTXHWSUHJQWDVHORDOTXLRVTXHURGHODFDOOH-RVGHO+LHUUR PHVLHQWRPX\VDWLVIHFKR\VR\GLJDPRVXQSRFRPHQRV
HVFSWLFRFRQUHVSHFWRDORTXHSXHGDDSRUWDUXQFROHFFLRQDEOHSDUDHODSUHQGL]DMHGHXQVHJXQGRLGLRPD3HURHQFLHUWDPHGLGD
PLHVFHSWLFLVPRVLJXHVLHQWRGHFLUORSRUTXHOOHYRPVGHODPLWDGGHPLYLGDFRQVWDWDQGRTXHPX\SRFRVOOHJDQDEXHQSXHUWR
FRQHOLQJOV\DVHDFRQXQFROHFFLRQDEOHRFRQHOPHMRUSURIHVRUGHLQJOVGHODKLVWRULDGHOPXQGR1ROOHJDQSRUTXHQRTXLHUHQHQ
HOIRQGRGHGLFDUDOLGLRPDODVGRVPLOKRUDVGHDWHQFLQTXHHOREMHWLYRLQH[RUDEOHPHQWHH[LJH<RWDUGGRVPLOKRUDVHQDSUHQGHU
ELHQHVSDRO\YLYLHQGRHQ(VSDD6LTXLHUHVDSUHQGHUELHQLQJOVYLYLHQGRDTXWDQOHMRVGHGRQGHVHKDEODSXHVWXHVIXHU]R
YDDWHQHUTXHVXSHUDUDOPR$VTXHQLPRDPLJR\GHQXHYRPXFKVLPDVJUDFLDVSRUWXDSR\R\WXDPLVWDG



Das könnte Ihnen auch gefallen