Beruflich Dokumente
Kultur Dokumente
/DVW
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZV
QHDUWKHVZDPSODQG
PDUW\ 3RVWHG7KX30
35,023267
0\ZLIHDQG,DUHEXLOGLQJDQNNVTXDUHIRRWDGGLWLRQRQWRRXUKRXVHDQGZHUHGRLQJLWFRPSOHWHO\E\RXUVHOYHV
)UDPLQJVKHDWKLQJURRILQJGRRUVZLQGRZVIORRULQJSOXPELQJHOHFWULFDOKRXVHZUDSNLWFKHQVWDLUVWLOHWULPHYHU\WKLQJEXWWKH
FRQFUHWHDQGVLGLQJ$QGZHODWHUJRWOD]\RQWKHGU\ZDOOWRR2XUH[LVWLQJKRXVHLVVTXDUHIHHWEHGURRPEDWKEXWWKH
NLWFKHQVXFNVDQGZHKDYHQRJDUDJHDQGKDYHDEVROXWHO\QRVWRUDJHVSDFHHYHUVLQFHZHPRYHGLQZHWDONHGDERXWEXLOGLQJDQ
DGGLWLRQEXWDOOZHHYHUGLGZDVEXLOGD[VKHGWKDWEHFDPHRXUODZQPRZHUJDUDJHVWRUDJHURRPZRRGVKRSDXWRVKRSJDUGHQ
VKHGZKLFKKHOSHGEXWLVZRHIXOO\LQDGHTXDWH7KHQHZDGGLWLRQDGGVDQHZNLWFKHQFDUJDUDJHZRUNVKRSDUHDEHGURRPV
PRUHDFFXUDWHO\DVHZLQJURRPJXHVWEHGURRPDQGVWRUDJHURRPDEDWKURRPDQGDOLYLQJURRP
2XUKRXVHEHIRUHWKHDGGLWLRQ
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
7KH[VKHGWKDWUHSUHVHQWHGWKHZKROHRIRXUFDUSHQWU\H[SHULHQFH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
7KHJDUJDJHGLVSRVDOWKDWUHSUHVHQWHGWKHZKROHRIP\SOXPELQJH[SHULHQFHDQGPRVWRIP\SUDFWLFDOHOHFWULFDOH[SHULHQFH
2XUJRDOVIRUWKHHYHQWXDODGGLWLRQZHUHIROGJDUDJHVWRUDJHDQGQHZNLWFKHQ8QIRUWXQDWHO\ZLWKWKHVWDWHRIRXUVHSWLFV\VWHP
DQG]RQLQJVHWEDFNUHVWULFWLRQVDQ\DGGLWLRQZDVDSLSHGUHDP%XWWKHQLQ0DUFKZHIRXQGRXWWKDWDGHYHORSHUKDGERXJKW
XSDOOWKHYDFDQWORWVLQRXUQHLJKERUKRRGWKDWZRXOGQWSHUNDQGZDVJRLQJWREHLQVWDOOLQJFLW\VHZHU7KLVZDVTXLWHDJRGVHQG
ILUVWRIIWKHODQGEDFNKHUHLVVZDPSODQGIORRGHGKDOIWKH\HDUDQGVKRXOGQHYHUKDYHEHHQEXLOWRQZHZHUHYHU\PXFKORRNLQJ
IRUZDUGWREHLQJDEOHWRUHOLDEO\IOXVKWRLOHWVDIXOOPRQWKVRXWRIWKH\HDUDQGHYHQZKHQLWVUDLQLQJ$OVREHLQJDEOHWRFORVH
WKHVHSWLFILHOGPHDQWZHFRXOGILQDOO\EXLOGWKHDGGLWLRQ6RZHVWDUWHGSODQQLQJLQHDUQHVW
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
,YHJRWDERXWD\HDUVZRUWKRIKRXVHEORJZULWWHQXSWKDW,OOSRVWDVVRRQDV,SURRIUHDGWKHP$QGWKHQLIWKHUHVLQWHUHVW
LQWHUPLWWHQWSRVWVLQWKHFRPLQJZHHNVDVZHJHWPRUHZRUNGRQH)HHOIUHHWRDVNTXHVWLRQV,GRQWPLQGWU\LQJWRKHOSRWKHU',<V
RUDQ\RQHHOVHZKR
VFXULRXV
(GLW2RSVEOHZD\HDU
VZRUWKRIEDQGZLGWKLQOHVVWKDQDGD\6ZLWFKHGPRVWRIWKHLPDJHVWRZDIIOHLPDJHVQRZ7KHDUFKLYHV
VKRXOGEHKDSSLHUWRR
,
YHEHHQWHOOLQJSHRSOHIRUDORQJWLPHWKDWWKHDGGLWLRQLV
DOPRVW
GRQHEXWLVVWLOOPLVVLQJWKHODVWYLWDOFRPSRQHQWDQGGD\V
DJRLWZDVFRPSOHWHG:HZHUHJRLQJWRZDLWXQWLO)HEUXDU\ZLWKWKHWD[UHIXQGEXWMXVWFRXOGQ
WZDLWDQGDUHQRWWKHSURXG
RZQHUVRIDS'/3+'79*RWDJUHDWGHDORQLWDQRWKHURIIWKDWSOXVQRLQWHUHVWIRUPRQWKV+DGWRJREX\DQHZ
UHFLHYHUVLQFHRXUROGRQHFUDSSHGRXWODVW\HDUDQGJRWPRVWRIWKHVXUURXQGVRXQGKRRNHGXS+DYH+'0/FRPSRQHQWYLGHR
726OLQNVDQGD9$836LQWKHPDLOKRSHIXOO\DUULYLQJEHIRUHFKULVWPDV)RUQRZ,
PXVLQJVRPHDXGLRFDEOHVDVDWHPSRUDU\
FRPSRQHQWYLGHROLQNDQGVWXFNZLWKGROE\SURORJLFOLNHLW
VDJDLQEXWVWLOOORRNVDQGVRXQGV*5($7DQGZH
UHYHU\SV\FKHG
IRUIRRWEDOO
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
+HUH
VP\FRVWEUHDNGRZQ7RWDOVTXDUHIRRWDJHLVVTXDUHIHHWPHDVXUHGH[WHUQDOO\LQFOXGLQJDVTXDUHIRRWJDUDJH
3HUPLWV
0DWHULDOVIRUWKHVWUXFWXUHLQFOXGLQJVWDLUVIORRUMRLVWVVKHDWKLQJHWF
5RRILQFOXGLQJWUXVVHVVKLQJOHVHWF
)RXQGDWLRQ VODEVLQFOXGLQJODERU
,QVXODWLRQ
'RRUV ZLQGRZV
6LGLQJLQFOXGLQJODERU
(OHFWULFDO
3OXPELQJLQFOXGLQJEDWKURRPVWXII
/LJKWV
+9$&LQFOXGLQJODERUIRUKRRNXSFKDUJLQJRIWKHKHDWSXPS
'U\ZDOO SODVWHULQFOXGLQJODERU
.LWFKHQPDWHULDOVRQO\H[FHSWWKHFRXQWHULQVWDOODWLRQODERUZKLFKZDVLQFOXGHGLQWKHFRXQWHUSULFH
0LVFSDLQWJDUDJHGRRURSHQHUVODQGVFDSLQJLQFOEDFNKRHODERUHWF
<HWWRJRHVWLPDWHG
ILQLVKHGVWDLUVDQGUDLOLQJ
)ORRUFRYHULQJXSVWDLUVWULP
7RWDOSULFHLVVTXDUHIRRWLI\RXJRE\WKHH[WHULRUGLPHQVLRQVOLNHWKHUHDOHVWDWHDSSUDLVHUVGR)RUMXVWWKHGULHGLQH[WHULRU
VLGLQJZLQGRZVGRRUVURRILWZDVDERXWVTXDUHIRRW,SULFHGRXW,&)ZDVUHDOO\JXQJKRIRUWKHFRQFHSWEXWLWZDVJRLQJWR
EHDQDVVORDGPRUHH[SHQVLYHWKDQMXVWVWLFNIUDPLQJLW
:$<PRUH2IWKHNDERXWNLVLQPDWHULDOV5XOHRIWKXPELVWKDWODERULVDERXWDVPXFKDVWKHPDWHULDOVVRILJXUHN
7KHQDGGRQIRUWKHJHQHUDOFRQWUDFWRUN$GGHGRQWRRXUODVWNDSSUDLVDOJLYHVDWRWDORINZKLFKLVRQWKHORZ
HQGRIZKDWQHZKRXVHVRIWKLVVL]HDUHJRLQJIRU
2QHRIWKHLQWDQJLEOHVLVWKDWDGGLQJDQGIORRU5($//<FKDQJHVWKHZD\RXUKRXVHLVDSSUDLVHGDVDVWRU\LW
VFRPSDUHGWRWKH
VKLWW\UXQGRZQVWRULHVLQWKHDUHDWKDWDUHGHSUHVVHGRQSULFH$VDVWRU\LW
VQRZFRPSDUHGWRWKHQHZVWRU\KRXVHVJRLQJLQ
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
DOOWKHELJGHYHORSPHQWV6RDGGLQJDQGVWRU\OLNHO\TXLWHOLWHUDOO\DGGHGDERXWNWRWKHYDOXHRIRXUKRXVHE\LWVHOI
$WDQ\UDWH,
YHJRWNWLHGXSLQDVTXDUHIRRWEHGURRPEDWKKRXVHZKLFK,WKLQNLVSUHWW\JRRG'
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
7KH\
UHOLJKWEXWVWURQJ%XLOWSURSHUO\DQGNHSWXSZRRGIUDPHFRQVWUXFWLRQFDQZLWKVWDQGDFDWHJRU\KXUULFDQHDQGODVWVHYHUDO
KXQGUHG\HDUV,QIDFWWKHUHDUHDORWRI\HDUROGKRXVHVLQWKH86)RUWKHPRVWSDUWWDVWHVDQGVWDQGDUGVQRWWRPHQWLRQ
WHFKQRORJ\FKDQJHWKRXJKDQGSHRSOHGRQ
WZDQWWRGHDOZLWKWKHSUREOHPVRIROGKRXVHVODFNRILQVXODWLRQLQVXIILFLHQWZLULQJ
IRUWRGD\
VDSSOLDQFHVVWHHSQDUURZVWDLUFDVHVHWF$QGKRQHVWO\ZKHQ\RX
UHGHDOLQJZLWK[VLW
V62FKHDSWREXLOGWKHEDVLF
KRXVHIUDPHWKDWLW
VDOPRVWLQYDULDEO\PRUHFRVWHIIHFWLYHMXVWWRGHPROLVKDQGVWDUWIURPVFUDWFKWKHQWRWU\WRUHPRGHOZLWKLQWKH
H[LVWLQJIUDPH(VSHFLDOO\QRWZKHQZHFDQEXLOGDKRXVHWKDWORRNVOLNHD\HDUROGKRXVHIURPWKHRXWVLGHEXWLV[WKHVL]HRI
DQ\DYDLOLEOH\HDUROGKRXVHH[DFWO\ZKHUH\RXZDQWLWDQGIXOORIHYHU\PRGHUQFRQYHQLHQFH
7KHFLW\FDPHRXWDQGIDLOHGPHWKRXJK6DLG,KDGWRRPDQ\WKLQJVRQDVLQJOHKDOILQFKSLSH,SURWHVWHGVD\LQJWKDWWKHFKDQFHRI
XVGRLQJPRUHWKDQWKLQJVVLPXOWDQHRXVO\LVORZDQGWKHLPSDFWRIWXUQLQJRQRUWKLQJVHYHQORZHUZKDWWKHWRLOHWZLOOILOOXS
VORZHU"DQGWKDW,GPXFKUDWKHUKDYHSLSHWKURXJKDQLQVXODWHGVSDFHWKDQIUHH]LQJLQP\DWWLFEXWWKH\ZRXOGQWEXGJH
DSSDUHQWO\,PUHTXLUHGWREHDEOHWRZDWHUP\JDUGHQDQGZDVKP\FDUWKHVDPHWLPH,PUXQQLQJP\GLVKZDVKHUWDNLQJDVKRZHU
DQGIOXVKLQJWKHWRLOHW
$OOWKDWZDVOHIWDWWKLVSRLQWZDVWRURXJKWKH+9$&)LUVWVWHSZDVWRJHWPRUHPRQH\WKLVHQGHGXSEHLQJHDVLHUWKDQ,H[SHFWHG
DVWKHEDQNKDSSLO\EXPSHGWKHYDOXHRIP\KRXVHXSDJUHDWGHDOEDVHGRQP\ZRUGDORQHDQGJDYHPHDQRWKHUNKRPHHTXLW\
ORDQ7KHLQWHUHVWUDWHZDVQWDVJRRGDVWKHRQHEHIRUHVLQFHWKHUDWHVZHUHULVLQJEXWZDVVWLOOSUHWW\JRRG
8QIRUWXQDWHO\,FRXOGQWILQGDQ\RQHZKRZRXOGVHOO+9$&VXSSOLHVWRPHDQGWULHGWRFRQWUDFWLWRXWEXWWKHELGVZHUHWRRKLJKVR
,ZHQWEDFNWRSODQ$DQGGLGLWP\VHOI,KDGRULJLQDOO\GRQHHVWLPDWHVRQ%78DQG&)0YLDWKHVTXDUHIRRWPHWKRGDQGWDONHGWR
WZR+9$&JX\VZKRVDLGP\HVWLPDWHVZHUHULJKWRQ:KHQ,ILQDOO\UHDOL]HG,ZDVJRLQJWREHGRLQJDOOWKHZRUNP\VHOI,GLGVRPH
PRUHGHWDLOHGFDOFXODWLRQV,GRQWKDYHPDQXDO-RUPDQXDO6EXW,GRKDYHDOOWKHPLOVSHFJXLGHVIRUPLOLWDU\IDFLOLWLHV
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
/RZHVDQG+RPH'HSRWKDGVRPHRIWKHIOH[GXFWDQGILWWLQJVEXWQRWHQRXJKWRGRDQ\UHDOZRUN,GRQWXQGHUVWDQGLWDQ\LGLRW
LGLRWRIIWKHVWUHHWFDQZDONLQWRDQ\HOHFWULFDORUSOXPELQJVXSSO\KRXVHEXWWKH+9$&SHRSOHRQO\ZDQWWRVHOOWROLFHQVHG+9$&
FRQWUDFWRUV":7)"$IWHUFDOOLQJDGR]HQSODFHV,IRXQGDVKHHWPHWDOVXSSOLHUZKRZRXOGVHOOPHWKHVKHHWPHWDOILWWLQJVDQGD
VXSSOLHULQIORULGDZKRKDGFKHDSKHDWSXPSV
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
6WLOOWRGR
5HJUDGHWKHVLGHDQG\DUGDOORZLQJPHWRLQVWDOOWKHRXWVLGHKDOIRIWKHKHDWSXPS
,QVWDOOWKHDLUKDQGOHUDQGGXFWLQWKHJDUDJH
6WDLUVDQGUDLOLQJV
IORRUFRYHULQJ
NLWFKHQPROGLQJ
LQWHULRUGRRUV
EDWKURRPVLQN WRLOHW
SUHWW\PXFKDOOWKHIORRUFRYHULQJV
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
:H
YHUXQRXWRIPRQH\DJDLQWKRXJKVRPRVWRIWKLVZLOOKDYHWRZDLWXQWLO,JHWP\WD[UHIXQGKH
$OVREHFDXVH,KDYHDVHSWLFILHOG,KDGWRJHWDSHUPLWIURPWKHKHDOWKGHSDUWPHQWZKLFKZDVVXUSULVLQJO\GLIILFXOW)LUVW,KDGWR
SURYH,VWD\HG
IURPWKHILHOG6HFRQGWKHKHDOWKGHSWSURKLELWHGPHIURPKDYLQJFORVHWV
+HDOWK'HSWVTXDUHIRRWDGGLWLRQ"2KVRUU\\RXFDQ
WGRWKDW\RXKDYHFORVHWV
0H:KDW"
+HDOWK'HSW<HDKVRUU\WKDW
VLOOHJDO&DQ
W\RXZDLWXQWLOVHZHUFRPHV"
0H1R,ZDQWWRVWDUWQRZ:7)":KDWLI,WDNHRXWWKHFORVHWV"
0RVWO\LQWXLWLRQ,JXHVV1RQHRIWKLVVWXIILVURFNHWVFLHQFHDQGQRUPDOSHRSOHGRLWDOOWKHWLPH-XVWXVXDOO\QRWVRPXFKDOO
WRJHWKHU ,KDYHDVROLGHQJLQHHULQJEDFNJURXQGDQGEHWZHHQWKHFRGHERRNVDQGH[DPSOHVIURPWKHZHE,ZDVDEOHWRGRPRVWRI
LW,KDGDIHZTXHVWLRQVWKDW,SRVWHGWR',<IRUXPVEXWWREHKRQHVWLWZDVQ
WYHU\KHOSIXOWKH\ZHUHPRVWO\DOOWKDW
VEH\RQGD
',<MRE\RXQHHGWRKLUHDSUR
0\ZLIHDQG,DUHERWK$''DQGLW
VEHHQKDUGDWWLPHZH
YHJRQHWKURXJKSHULRGVZKHUHQRWKLQJZLOOJHWGRQHP\QRUPDOPRGHLV
WRGRRQHRUWZRVPDOOWKLQJVDQGWDNHDKRXUEUHDN'ULYHVP\ZLIHQXWV2WKHUWLPHV,
OOZRUNQRQVWRSDOOGD\
1RWWKDWP\ZLIHKDVDQDGGHUDOOSUHVFULSWLRQVKH
OOJRDWLWOLNHDPDFKLQHXQWLORUDPVRPHGD\VDQGJHWWRQVGRQH5LJKWQRZ,
WKLQNVKH
VDELWXSVHWEHFDXVHDOO,
YHGRQHRQWKHIORRULQJDOOGD\LVRQHWLQ\SLHFHZKLFK,ILQLVKHGDQGWKHQLPPHGLDWHO\WRRND
KRXUEUHDNORO6SHDNLQJRIZKLFK,VKRXOGSUREDEO\JRSXWVRPHPRUHIORRULQJLQEHIRUHVKHJHWVEDFNIURP/RZHV,
YHVSHQW
PRVWRIWKHODVWKRXUVFRPSRVLQJDQGUHSO\LQJWRWKLVWKUHDG
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
$ERXWWKLVWLPH,WDONHGWRWKHFLW\WRILQGRXWZKHQZHPLJKWEHDEOHWRKRRNXSWRWKHVHZHUDQGWKH\VDLGZHFRXOGKRRNXSDQ\
WLPH6R,FDOOHGWKHEDFNKRHEDFNDQGGXJDWUHQFKZKLFKSURPSWO\FROODSVHGPLQXWHVDIWHUKHOHIWEXU\LQJWKHSLSHLQRI
VRSS\PXG:HIRXJKWIRUKRXUVEHIRUHFDOOLQJKLPEDFN+HFDPHRXWWKHQH[WGD\DQGUHGXJLWDQGZHJRWWKHSLSHVLQ,SDLGD
EXGG\WRKHOSPHGLJDWUHQFKLQWKHEDFN\DUGIURPWKHVKDOORZHQGRIWKHSLSHWRLQWHUFHSWWKHVHSWLFSLSH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
2IFRXUVHWKHFLW\FDPHDQGIDLOHGXV7KH\UHTXLUHDFOHDQRXWULJKWDWWKHFRQQHFWLRQKDYLQJRQHDZD\DWP\JDUDJHLVQWJRRG
HQRXJK6R,FOLPEHGLQDJDLQDQGSXWRQDFOHDQRXW+HIDLOHGPHDJDLQLQVLVWHG,+$9(WRXVHDZ\HDQGDVSHFLDOGHJUHH
FDVWLURQFOHDQRXWER[WKDWZDVKDUGWRILQGDQGFRVWZKLFK,SXWRQDQGKRRNHG7KLVSDVVHG6RZHKDGWKHVHSWLFWDQN
SXPSHG7KHQ,JURXQGWKHWHHWKRIIVDZ]DOOEODGHVDQGDKDFNVDZEHIRUHEUHDNLQJPHWDOFXWWLQJEODGHVDQGP\FLUFXODUVDZ
WU\LQJWRFXWWKH\HDUROGFDVWLURQVHSWLFSLSH+DGWRJRRXWDQGEX\DQDQJOHJULQGHUWRILQLVKLWEXWJRWKRRNHGXSDQGZH
FRXOGIOXVKWRLOHWV2IFRXUVHWKHQH[WGD\LWUDLQHGDQGWKHELJWUHQFKFROODSVHGDQGIORRGHGDQGWKHSLSHIORDWHGXSDQGEURNH,WV
GD\VEHIRUH&KULVWPDVDQG,HQGHGXSKDYLQJWRJRRXWZDLVWGHHSLQVHZHUZDWHUDQGPXGZLWKP\DUPVXSWRP\HOERZVWU\LQJ
WRUHFRQQHFWWKHSLSHVXQGHUZDWHU
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
(GLW2KDQGWKHWLHLQZLWKWKHH[LVWLQJKRXVH,QP\FDVH,GHFLGHGLWZDVHDVLHUMXVWWRSXWLQDQGZDOODV,ZRXOGKDYHKDGWR
GLFNWRRPXFKZLWKWKHURRIWRWU\WRWLHVWUDLJKWLQWKHH[LVWLQJIRRWHUZDVQ
WUHDOO\EXLOWIRUDVWRU\KRXVHHLWKHU7KLVZLOODOVR
DOORZIRUWKHVHWWOLQJLQWKHDGGLWLRQWRKRSHIXO\EHHYHQ,HQGHGXSXQGHUFXWWLQJP\IRXQGDWLRQDQGSRXULQJDQHZIRRWHUDERXWD
IRRWGHHSHUWKDQWKHROGIRRWHUZKLFKWKHPDVRQVEORFNHGXSZLWKDJDS:DVQ
WHQRXJKWKHH[LVWLQJZDOOERZHGLQZKLFK
HQGHGXSPHVVLQJZLWKP\QHZZDOOVWRRZKLFKVXFNHG <RXFDQ
WWHOOLQWKHILQLVKHGKRXVHEXWLWZDVUHDGLO\DSSDUHQWZKHQ
KDQJLQJWKHNLWFKHQFDELQHWVDQGLWVWLOOERWKHUVPHWKDWP\ZDOOLVQ
WSHUIHFWO\SOXPE7KHWZRZDOOVDUHQDLOHGWRJHWKHUDWVHYHUDO
SODFHVPRVWQRWDEO\,QDLOHGWKHWKHFHLOLQJLQWKHROGNLWFKHQWRWKHKHDGHU,SXWRQWKHQHZZDOOZKHQ,EURNHWKHQHZRSHQLQJ
EHWZHHQWKHWZR,SODFHGD[DERYHWKHH[LVWLQJMRLVWVLQWKHDWWLFXVHG'QDLOVWRQDLOWKURXJKWRWKHQHZWULSHG[KHDGHU
DQGSXWRQKXUULFDQHVWUDSVWRVXSSRUWWKHH[LVWLQJMRLVWV7KHQ,NQRFNHGRXWWKH[VKROGLQJWKHFHLOLQJXS6RHVVHQWLDOO\WKH
FHLOLQJLVQRZVXVSHFWHGE\KXUULFDQHVWUDSVIURPDERDUGQDLOHGWKURXJKVKHDWLQJLQWRWKHRWKHUZDOO,KRSHWKHUHLVQ
WPXFK
VHWWOLQJVEHWZHHQWKHZDOOVKHK
7KHEDFNKRHJX\VKRZHGXSZLWKQRPRUQLQJILUVWWKLQJ\HVWHUGD\PRUQLQJWRILOOLQWKHVHSWLFWDQNDQGUHJUDGHRXUEDFN\DUG
$SSDUHQWO\KHZRUNHGUHDOODWHODVWQLJKWDQGIHOODVOHHSLQWKHZDOPDUWSDUNLQJORWWKHQFDPHVWUDLJKWWRRXUSODFH:HEXVWHGRXU
DVVFOHDQLQJXSWKHEDFN\DUGDQGWDNLQJGRZQRXUIHQFHVPRYLQJWKHJULOODQGODZQPRZHUDQGHYHU\WKLQJHOVHRQO\WRILQGKLPIDVW
DVOHHSLQKLVWUXFN+HVOHSWXQWLOOLNHOHIWIRUOXQFKDQGUHWXUQHGULJKWDERXWGXVNZKHUHKHFDYHGLQWKHVHSWLFWDQNDQGWKHQ
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
GLGKDOIRIDKDOIDVVHGMREUHJUDGLQJWKH\DUGEHIRUHTXLWWLQJIRUWKHQLJKWFRPSODLQLQJDERXWWKHPXG,KDGVRPHZRUGVZLWKKLP
WKLVPRUQLQJZKHQ,ZDVDEOHWRVHHWKHVKLWW\MRELQWKHGD\OLJKW,KRSHKHPDNHVLWEDFNEHIRUHLWUDLQVRULW
VJRLQJWREHDIXFNLQJ
PXGIDUPEDFNWKHUHDJDLQ
:KDW
VWKHILQHIRUWKDWDQ\KRZLVQ
WLWDVODSRQWKHZULVW",
PFHUWDLQO\YLRODWLQJP\ODFNRIDQRFFXSDQF\SHUPLWULJKWQRZEXW,
UHDOO\GRQ
WWKLQNWKH\FDUH2UDWOHDVWKRSHQRW
7KURXJKRXWWKLVZKROHSURFHVV,KDGWKLVIDLQWKRSHRIDSODQ%LQWKHEDFNRIP\KHDGWKDWQRPDWWHUZKDWKDSSHQHGRUZKDW
WHFKQLFDOLW\WKHLQVSHFWRUVIDLOXVRQ,FDQDOZD\VMXVWZDLWXQWLO,JRWP\3(OLFHQVHDQGMXVWVWDPSWKHELWFKP\VHOI,GLGQ
WZDQW
WRFRXQWRQWKDWWKRXJKVLQFHWKHIDLOXUHUDWHLVVRKLJKIRUWKH3(H[DPDQGLWZDVE\QRPHDQVDIRUHJRQHFRQFOXVLRQWKDW,
G
SDVV)LQDOO\ODVWZHHN,JRWWKHUHVXOWVEDFNIURPWKH3(H[DPDQGIRXQGRXW,SDVVHGZRRKRR
,DPQRZDOLFHQVHGSURIHVVLRQDOHQJLQHHULQWKHVWDWHRI9LUJLQLD ,SDVVHGWKH(OHFWULFDO(QJLQHHULQJWHVWH[DPWKH3RZHU
(QJLQHHULQJDIWHUQRRQPRGXOHEXWLQ9$ZH
UHQRWUHVWULFWHGWRWKHPRGXOHZHSDVVDQGFDQSUDFWLFHHQJLQHHULQJLQDQ\DUHDZH
IHHOWRWKHDUHDZHIHHOFRPSHWDQWLQ
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
,QWKHHQGQRIDQF\ULJJLQJRUMLJVZHMXVWVHWXSWKHROGSRUWDEOHZRUNEHQFKILUVWSURMHFWHYHUZKHQZHOLYHGLQDQDSDUWPHQWDQG
DOOZHKDGZDVDWULPVDZDQGXVHGWKDWWRKHIWLWXS$V\RXFDQVHHLW
VQRWUHDOO\LQWKHUHULJKWEXWLW
V83DQGP\ZLIHFXWKHU
KDQGVXSSUHWW\EDGRQWKHVKHHWPHWDODVZHOLIWHG62ZHWUHDWHGKHUKDQGVDQG,JUDEEHGDEHHUDQGZH
OOZRUU\DERXW
VWUDLJKHQLQJLWDOORXWDQGJHWWLQJLWLQWRSODFHDQRWKHUGD\3+(:LW
VXSZW
,UXLQHGDELJSDWFKRIP\YLQ\OVLGLQJEUHDNLQJLQWKHJULOOODVWZHHN:DVFRRNLQJFKHDSOHDQEXUJHUVKH\FHQWVDOEDQG
WKHJULOOZDVWRRFORVHWRWKHZDOOZKHQDOOWKHJUHDVHFDXJKWILUH,OHDUQHGWKHKDUGZD\WKDWWKHQHZVLGLQJ,ERXJKWLVDSSDUHQWO\
PXFKOHVVKHDWUHVLOLDQWWKDQWKHROGHUVLGLQJ 1RZ,KDYHDELJVHFWLRQWKDW
VDOOPHOWHGDQGZDUSHGWRKHOOWKDW,KDYHWRUHSODFH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
,WRRNWRGD\RIIEHFDXVHP\ZLIHKDGWRGULYHWRQRUWKFDUROLQDWRILJKWDVSHHGLQJWLFNHWJRWNQRFNHGGRZQWRRYHUZLWKQRSRLQWV
KRRUD\6WLOOFRVWWKRXJKERR7KHPHFKDQLFDOJX\IDLOHGPHIRUWKHGUDLQOLQH3WUDSRQO\KDYLQJRIFOHDUDQFHZKHQWKH
LQVWUXFWLRQVUHTXLUHGDQGSDVVHGPHRQSDSHUVDLGKH
GWUXVWPHWRIL[LWDQGFRPHEDFNDQGUHMHFWPHLI,GLGQ
W,SURPLVHG,
ZRXOGDQGIXOO\LQWHQGHGWRFRPSO\EXWWKHPRUH,WKLQNDERXWLWDOOWKDWHIIRUWIRUDODUJHUWUDSVHHPVSUHWW\VLOO\
$VVRRQDVWKHURRPLVILQLVKHGDQGLWZRQ
WEHILQLVKHGXQWLOZHJHWWKDWSSODVPD+'79LQVWDOOHG SUREDEO\IHERUVR
ZLWKWKHWD[UHIXQG)RUQRZLW
VDQLFHELJURRPIRUPHWRIO\P\5&KHOLFRSWHULQ
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
6LQFHWKHLQWHULRUQRQORDGEHDULQJLQWHULRUZDOOVDUHKROORZLQVXODWLRQLVH[SHQVLYHWKH\
UHQRWLFLEO\GLIIHUHQWWRSRXQGRQ$QG
VLQFHWKH\
UHQRQORDGEHDULQJWKH\
UHQRWWLHGLQWRWKHVWUXFWXUHDVZHOOLQIDFWLW
VLOOHJDOWRVHFXUHO\IDVWHQWKHPWRWKHIORRUDQG
FHLOLQJEHFDXVHWKH\
GEHFRPHORDGEHDULQJDQGWUDQVIHUORDGVZKHUHWKH\VKRXOGQ
WEHWUDQVIHUUHGWKHFRQQHFWLRQVKDYHWREHPDGH
YLDGLDSKUDJPRUVOLSMRLQW7KHVHZDOOVGRJLYHDOLWWOHLI\RXVODPDGRRUUHDOKDUG\RXFDQVHHLIYLEUDWHDELW
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
RI 30
LQWKHEHLJHURRPZLWKPLVPDWFKHGZLQGRZVQHDUWKHVZDPSODQGZG KWWSZGGSRUJLQGH[SKS"WRSLFLQWKHEHLJHURRPZLWKPLVPDWFKH
KDSS\ELUWKGD\ 3RVWHG7KX30
P\UDLQQHYHUHYDSRUDWH 3RVWHG7KX30
WKDWVOLWHUDOO\DOOKHVHYHUGRQH
$*$<$50$'$ 3RVWHG7KX30
VRPHRQHPDGHDJURYHUELUWKGD\WKUHDGLQOIDQGWKH\SRVWHGSLFWXUHVRIKLVKLGHRXVKRXVH
RI 30