+,*









(<(6,17+('$5. 

$2QH5RXQG' ' /,9,1**5(<+$:.Å Å

+LJKIRON5HJLRQDO$GYHQWXUH
9HUVLRQ





E\$QGUHD3DXOLQVNL
53*$+4UHYLHZHUV&KULVWRSKHU/LQGVD\DQG6WHSKHQ5DGQH\0DF)DUODQG




0RWKHUVZDUQWKHLUFKLOGUHQRIWKHWKLQJVWKDWFDQGHYRXUWKHPLQWKHQLJKW)RUWKHVPDOOYLOODJHRI&U\VWDO6SULQJLQ
WKH+LJKYDOHWKLVKDVEHFRPHDEORRG\UHDOLW\+HURHVRI+LJKIRONDUHFDOOHGWRLQYHVWLJDWHWKLVRFFXUUHQFHLQFOXGLQJ
\RX5HFRPPHQGHGIRUEUDYHKHURHVDQGZRXOGEH.QLJKWVRIWKH+LJK)RUHVW$QDGYHQWXUHIRUFKDUDFWHUVOHYHO



%DVHG RQ WKH RULJLQDO '81*(216  '5$*216Ì UXOHV FUHDWHG E\ ( *DU\ *\JD[ DQG 'DYH $UQHVRQ DQG WKH QHZ '81*(216  '5$*216 JDPH
GHVLJQHGE\-RQDWKDQ7ZHHW0RQWH&RRN6NLS:LOODPV5LFKDUG%DNHUDQG3HWHU$G NLVRQ


7KLV:L]DUGVRIWKH&RDVWJDPHSURGXFWFRQWDLQVQR2SHQ*DPH&RQWHQW1RSRUWLRQRIWKLVZRUNPD\EHUHSURGXFHGLQDQ\IRUPZLWKRXWZULWWHQ
SHUPLVVLRQ7ROHDUQPRUHDERXWWKH2SHQ*DPLQJ/LFHQVHDQGWKHGV\VWHP/LFHQVHSOHDVHYLVLW ZZZZL]DUGVFRPG


'81*(216  '5$*216 ' ' *5(<+$:. DQG 53*$Ì DUH UHJLVWHUHG WUDGHPDUNV RI :L]DUGV RI WKH &RDVW ,QF /,9,1* *5(<+$:. LV D WUDGHPDUN RI
:L]DUGVRIWKH&RDVW,QF6FHQDULRGHWDLOFRS\ULJKWE\:L]DUGVRIWKH&RDVW,QF$//5,*+765(6(59('7KLVVFHQDULRLVLQWHQGHGIRUWRXUQDPHQW
XVHRQO\DQGPD\QRWEHUHSURGXFHGZLWKRXWDSSURYDORIWKH53*$1HWZRUN


7KLV LV DQ 53*$ 1HWZRUN VFHQDULR IRU WKH '81*(216 
'5$*216 JDPH 0RVW VDQFWLRQHG HYHQWV GHOHJDWH D IRXU
KRXUWLPHEORFNIRUHDFKURXQGRIWKLVVFHQDULRZLWKDFWXDO
SOD\LQJWLPHEHLQJDURXQGWKUHHKRXUV7KHUHVWRIWKHWLPH
LV VSHQW LQ SUHSDUDWLRQ EHIRUH JDPH SOD\ UHZDUG
GLVWULEXWLRQ DQG VFRULQJ DIWHU WKH JDPH 7KH IROORZLQJ
JXLGHOLQHV DUH KHUH WR KHOS \RX ZLWK ERWK WKH SUHSDUDWLRQ
DQGYRWLQJVHJPHQWRIWKHJDPH5HDGWKLVSDJHFDUHIXOO\VR
WKDW \RX NQRZ DQG FDQ FRPPXQLFDWH WR \RXU SOD\HUV WKH
VSHFLDODVSHFWVRISOD\LQJDQ53*$VFHQDULR
 ZKLFKPHWKRGWRXVHIRUWKLVVFHQDULR
35(3$5$7,21
)LUVW SULQW WKLV VFHQDULR 7KLV VFHQDULR ZDV FUHDWHG WR
VXSSRUW GRXEOHVLGHG SULQWLQJ EXW SULQWLQJ LW VLQJOH VLGHG
ZRUNV DV ZHOO 7KHUH LV HQRXJK URRP DORQJ WKH LQVLGH
PDUJLQWRELQGWKHDGYHQWXUHLI\RXGHVLUH
 5HDGWKLVHQWLUHDGYHQWXUHDWOHDVWRQFHEHIRUHUXQQLQJ
WKH HYHQW 7DNH WLPH WR UHYLHZ DQ\ VSHFLDO UXOHV VSHOOV RU
HTXLSPHQW SUHVHQWHG LQ WKH DGYHQWXUH ,W PD\ KHOS WR
KLJKOLJKWSDUWLFXODUO\LPSRUWDQWSDVVDJHV
 :KHQ \RX UXQ DQ 53*$ ' ' DGYHQWXUH ZH DVVXPH
WKDW \RX KDYH DFFHVV WR WKH IROORZLQJ ERRNV WKH 3OD\HUV
+DQGERRN WKH '81*(21 0$67(5V *XLGH DQG WKH 0RQVWHU
0DQXDO:HDOVRDVVXPHWKDW\RXKDYHDVHWRIGLFHDWOHDVW
RI WKH DGYHQWXUH <RX VKRXOG UHYLHZ DOO RI WKHVH VWDWLVWLFV
EHIRUH WKH JDPH VWDUWV WR UHIUHVK \RX PHPRU\ RI WKH
FUHDWXUHVDELOLWLHV

6&25,1*
$IWHU WKH SOD\HUV KDYH FRPSOHWHG WKH VFHQDULR RUWKHWLPH
DOORWWHGWRUXQWKHVFHQDULRKDVUXQRXWWKHSOD\HUVDQG'0
VFRUH WKH JDPH 7KH 53*$ KDV WKUHH ZD\V WR VFRUH LWV
JDPHV&RQVXOW\RXUFRQYHQWLRQFRRUGLQDWRUWRGHWHUPLQH
 1RYRWH VFRULQJ 7KH SOD\HUV ZULWH WKHLU QDPHV DQG
53*$ QXPEHUV RQ WKHVFRULQJSDFNHWJULG<RXILOOLQWKH
WRSRIWKHJULG7KDWLVDOO1RRQHLVUDWHG7KLVPHWKRGLV
XVHGIRUSHRSOHZKRDUHMXVWSOD\LQJIRUIXQ
 3DUWLDOVFRULQJ7KHSOD\HUVUDWHWKHJDPHPDVWHUDQG
WKH VFHQDULR RQ WKHLU SOD\HU YRWLQJ VKHHW DQG SURYLGH
SHUVRQDOLQIRUPDWLRQEXWGRQWYRWHIRURWKHUSOD\HUV7KH
JDPHPDVWHUUDWHVWKHVFHQDULRDQGFRPSOHWHVSHUVRQDODQG
HYHQWLQIRUPDWLRQEXWGRHVQRWUDWHWKHSOD\HUVDVDWHDPRU
YRWH IRU SOD\HUV 7KLV PHWKRG LV XVHG ZKHQ WKHUH LV QR
FRPSHWLWLRQ EXW WKH HYHQW FRRUGLQDWRU ZDQWV LQIRUPDWLRQ
RQKRZWKH'0VDUHSHUIRUPLQJRUWKHJDPHPDVWHUZDQWV
IHHGEDFNRQKLVRUKHURZQSHUIRUPDQFH
 9RWLQJ 3OD\HUV DQG JDPH PDVWHUV FRPSOHWH WKH
RQH G G G G G DQG G VRPH VFUDS SDSHU D
SHQFLODQ53*$VFRULQJSDFNHWDQG\RXUVHQVHRIIXQ,WV
DOVR D JRRG LGHD WR KDYH D ZD\ WR WUDFN PRYHPHQW GXULQJ
FRPEDW7KLVFDQEHDVVLPSOHDVDSDGRIJUDSKSDSHUDQGD
SHQFLO DV KDQG\ DV D YLQ\O JULG PDS DQG FKLWV RU DV
HODERUDWHDVUHVLQGXQJHRQZDOOVDQGPLQLDWXUHV
 ,QVWUXFW WKH SOD\HUV HLWKHU WR SUHSDUH WKHLU FKDUDFWHUV
QRZRUZDLWXQWLO\RXUHDGWKHLQWURGXFWLRQGHSHQGLQJRQ
WKH UHTXLUHPHQWV RI WKH VFHQDULR GHVFULEHG LQ WKH
LQWURGXFWLRQ
 .HHSLQPLQGWKDW\RXPXVWKDYHDWOHDVWWKUHHSOD\HUV
HQWLUH SDFNHW LQFOXGLQJ YRWLQJ IRU EHVW SOD\HU ,I WKLV
PHWKRG LV XVHG EH VXUH WR DOORZ DERXW  PLQXWHV IRU
WKHSOD\HUVWREULHIO\GHVFULEHWKHLUFKDUDFWHUVWRWKHRWKHU
SOD\HUVDQGDERXWPLQXWHVIRUYRWLQJ7KLVPHWKRGLV
XVHGZKHQWKHSOD\HUVZDQWWRNQRZZKRSOD\HGWKH|EHVW}
DPRQJVW WKH JURXS RU ZKHQ WKH DGYHQWXUH LV UXQ LQ
WRXUQDPHQWIRUPDWZLWKZLQQHUVDQGSUL]HV
 :KHQXVLQJYRWLQJUDQNWKHSOD\HUVLQRUGHURI\RXU
YRWLQJFKRLFHZKLOHWKH\DUHFRPSOHWLQJWKHLUIRUPVVRWKDW
\RXDUHQRWLQIOXHQFHGE\WKHLUFRPPHQWVRQ\RXUDELOLWLHV
,WV D JRRG LGHD WR KDYH WKH SOD\HUV YRWH ZKLOH \RX
QRW FRXQWLQJ WKH '0 IRU WKH JDPH VHVVLRQ WR EH D GHWHUPLQHWUHDVXUHDQGH[SHULHQFHDZDUGVIRUWKHVFHQDULR
VDQFWLRQHG 53*$ HYHQW <RX FDQQRW KDYH PRUH WKDQ VL[  $IWHU YRWLQJ JLYH WKH 6FRULQJ 3DFNHW WR \RXU HYHQW
SOD\HUVSDUWLFLSDWLQJLQWKHJDPH FRRUGLQDWRU
 2QFH\RXDUHUHDG\WRSOD\LWLVKDQG\WRLQVWUXFWHDFK
SOD\HU WR SODFH D QDPHWDJ LQ IURQW RI KLP RU KHU 7KH WDJ
VKRXOG KDYH WKH SOD\HUV QDPH DW WKH ERWWRP DQG WKH
FKDUDFWHUVQDPHUDFHDQGJHQGHUDWWKHWRS7KLVPDNHVLW
HDVLHUIRUERWKWKHSOD\HUVDQGWKH'0WRNHHSWUDFNRIZKR
LVSOD\LQJZKDWFKDUDFWHU
 7KH SOD\HUV DUH IUHH WR XVH WKH JDPH UXOHV WR OHDUQ
DERXWHTXLSPHQWDQGZHDSRQVWKHLUFKDUDFWHUVDUHFDUU\LQJ
%XWDVWKH'0\RXFDQEDUWKHXVHRIHYHQ&RUH5XOHERRNV
GXULQJ FHUWDLQ WLPHV RI SOD\ )RU H[DPSOH XVXDOO\ WKH
SOD\HUVDUHQRWIUHHWRFRQVXOWWKH'XQJHRQ0DVWHUV*XLGH
ZKHQ FRQIURQWHG ZLWK D WUDS RU KD]DUG RU WKH 0RQVWHU
0DQXDOZKHQFRQIURQWHGZLWKDPRQVWHU
 7H[W WKDW DSSHDUV LQ EROG LWDOLFV LV SOD\HU LQIRUPDWLRQ
ZKLFK \RX PD\ UHDG DORXG RU SDUDSKUDVH DV DSSURSULDWH
7H[WLQDSSHQGL[HVFRQWDLQVLPSRUWDQW'0QRWHVIRU\RX
RIIHULQJ LQVLJKW WR LVVXHV SDUWLFXODU WR WKH DGYHQWXUH
0RQVWHU DQG QRQSOD\HU FKDUDFWHU 13& VWDWLVWLFV DUH
SURYLGHG ZLWK HDFK HQFRXQWHU LQ DEEUHYLDWHG IRUP )XOO
PRQVWHUVWDWLVWLFVIRUVWDQGDUGPRQVWHUVDUHSURYLGHGLQWKH
0RQVWHU 0DQXDO ZKLOH VWDWLVWLFV IRU XQXVXDO PRQVWHU DQG
XQLTXHLQGLYLGXDOVDUHSURILOHGLQWKH$SSHQGL[DWWKHHQG

(\HVLQWKH'DUN  3DJH
7KLV LV D /,9,1* *5(<+$:. DGYHQWXUH $V D /,9,1*Î
DGYHQWXUH LW LV H[SHFWHG WKDW SOD\HUV EULQJ WKHLU RZQ
FKDUDFWHUV ZLWK WKHP ,I SOD\HUV GR QRW KDYH D /,9,1*
*5(<+$:.FKDUDFWHUJHQHUDWHGJHWDFRS\RIWKHFXUUHQW
/,9,1**5(<+$:.FKDUDFWHUJHQHUDWLRQJXLGHOLQHVDQGD
FKDUDFWHUVKHHWIURP\RXUFRQYHQWLRQFRRUGLQDWRURUWKH
HLWKHU\RXUFKDUDFWHUZDVQRWDVFKDOOHQJHGDVQRUPDORU
UHOLHG RQ KHOS E\ KLJKHUOHYHO FKDUDFWHUV WR UHDFK WKH
REMHFWLYHV

1RWH /,9,1* *5(<+$:. DGYHQWXUHV DUH GHVLJQHG IRU
$3/DQGKLJKHU7KUHHRUIRXURUVRPHWLPHVHYHQILYH
53*$ :HEVLWH ZZZZL]DUGVFRPUSJD DQG WKHQ KDYH VWOHYHO FKDUDFWHUV PD\ ILQG GLIILFXOW\ ZLWK WKH
DQ\ SOD\HUV ZLWKRXW D FKDUDFWHU FUHDWH RQH 2QFH DOO FKDOOHQJHV LQ D /,9,1* *5(<+$:. DGYHQWXUH ,I \RXU
SOD\HUV KDYH D /,9,1* *5(<+$:. FKDUDFWHU SOD\ FDQ JURXS LV $3/  WKHUH DUH WKUHH WKLQJV WKDW\RXFDQGRWR
EHJLQ KHOSHYHQWKHVFRUH
 $ORQJZLWKWKHRWKHUPDWHULDOVWKDW\RXDUHDVVXPHG   $WWHPSW WR FUHDWH D WDEOH RI VL[ VWOHYHO
WR KDYH LQ RUGHU WR UXQ D ' ' JDPH LW LV DOVR FKDUDFWHUV RU WU\ WR HQOLVW KLJKHUOHYHO FKDUDFWHUV WR SOD\
UHFRPPHQGHG WKDW \RX KDYH D FRS\ RI WKH /,9,1* DWWKDWWDEOH
*5(<+$:.*D]HWWHHU   $GYLVH FKDUDFWHUV WR EX\ ULGLQJ GRJV WR KHOS
 SURWHFW WKHP DQG ILJKW IRU WKHP $OO ULGLQJ GRJV DUH
/,9,1**5(<+$:./(9(/62)3/$< FRQVLGHUHG WUDLQHG WR DWWDFN &KDUDFWHUV ZKR ZDQW WKHLU
GRJ WR DWWDFN WKH\ PXVW VXFFHHG DW D +DQGOH $QLPDO RU
%HFDXVH SOD\HUV EULQJ WKHLU RZQ FKDUDFWHUV WR /,9,1* &KDULVPDFKHFN'&)DLOXUHLQGLFDWHVWKDWWKHDQLPDO
*5(<+$:. JDPHV WKLV DGYHQWXUH
V FKDOOHQJHV DUH ZLOOQRWDWWDFNWKDWURXQG7KLVLVXVXDOO\DIUHHDFWLRQVHH
SURSRUWLRQHG WR WKH DYHUDJH FKDUDFWHU OHYHO RI WKH '81*(210$67(56*XLGH&KDSWHU&KDUDFWHUVWKDWPD\
FKDUDFWHU SDUWLFLSDWLQJ LQ WKH DGYHQWXUH 7R GHWHUPLQH EHDWWHPSWHGHDFKURXQG,IDQDQLPDOORVHVKDOIRUPRUH
WKH$YHUDJH3DUW\/HYHO$3/ KS LQ D VLQJOH URXQG LW IOHHV XQOHVV DQRWKHU FKHFN LV
  'HWHUPLQH WKH FKDUDFWHU OHYHO IRU HDFK FKDUDFWHU VXFFHVVIXO
SDUWLFLSDWLQJLQWKHDGYHQWXUH   $ JURXS RI $3/  DGYHQWXUHUV ZKR GHVLUH DQ
 ,IFKDUDFWHUVEULQJDQLPDOVWKDWKDYHEHHQWUDLQHG H[WUDKDQGFDQHQOLVWDQLFRQLF7KHVWDWVIRUWKHVWOHYHO
IRU FRPEDW XVXDOO\ ZDU KRUVHV DQG ULGLQJ GRJV RWKHU YHUVLRQV RI 7RUGHN 0LDOHH /LGGD DQG -R]DQ DUH JLYHQ DW
WKDQ WKRVH EURXJKW E\ YLUWXH RI D FODVV DELOLW\ VXFK DV WKH HQG RI HDFK DGYHQWXUH 7KH JURXS PD\ SLFN RQH RI
DQLPDOFRPSDQLRQVIDPLOLDUVDSDODGLQ
VPRXQWVDQGVR WKHVHFKDUDFWHUVWRMRLQWWKHPRQWKLVDGYHQWXUH7KH'0
IRUWKXVHWKHIROORZLQJFKDUWWRGHWHUPLQHWKHQXPEHURI FRQWUROVWKDW13&
OHYHOV \RX DGG WR WKH VXP DERYH $GG HDFK FKDUDFWHU
V 
DQLPDOVVHSDUDWHO\$VLQJOHFKDUDFWHUPD\RQO\EULQJIRXU 
RU IHZHU DQLPDOV RI WKLV W\SH DQGDQLPDOVZLWKGLIIHUHQW
&5VDUHDGGHGVHSDUDWHO\ 7,0(81,76$1'83.((3
 7KLV LV D VWDQGDUG RQHURXQG 5HJLRQDO DGYHQWXUH VHW LQ
 &5      WKH +LJKIRON $OO FKDUDFWHUV SD\ RQH 7LPH 8QLW WR
DQG     SDUWLFLSDWH LQ WKH DGYHQWXUH $GYHQWXUHV 6WDQGDUG
DQG     8SNHHSFRVWVJS5LFK8SNHHSFRVWVJSDQG/X[XU\
       8SNHHSFRVWVJS
        
       
      
 $'9(1785(6800$5<$1'
  6XP WKH UHVXOWV RI  DQG  DQG GLYLGH E\ WKH
QXPEHURIFKDUDFWHUVSOD\LQJLQWKHDGYHQWXUHURXQGXS
%$&.*5281'
 ,I\RXDUHUXQQLQJDWDEOHRIVL[FKDUDFWHUVDGGRQH
WRWKDWDYHUDJH
 VSULQJWKDWLVVDLGWRKDYHFRPHIURPWKH9HOYHUG\YD%XW
%\ IROORZLQJ WKHVH IRXU VWHSV \RX KDYH GHWHUPLQHG WKH
PRGLILHG $3/ 7KURXJKRXW WKLV DGYHQWXUH $3/V
FDWHJRUL]H WKH OHYHO RI FKDOOHQJH WKDW WKH FKDUDFWHUVIDFH
$3/VDUHJLYHQLQHYHQQXPEHUHGLQFUHPHQWV,IWKH$3/
RI \RXU JURXS IDOOV RQ DQ RGG QXPEHU DVN WKHP EHIRUH
WKH DGYHQWXUH EHJLQV ZKHWKHU WKH\ ZRXOG OLNH WR SOD\ D
KDUGHU RU HDVLHU DGYHQWXUH %DVHG RQ WKHLU FKRLFH XVH
HLWKHUWKHKLJKHURUWKHORZHUDGMDFHQW$3/
 $3/ DOVR DIIHFWV WKH DPRXQW RI H[SHULHQFH \RX PD\
VGUHDGIRUFHV+HFDSWXUHGDQG
JDLQDWWKHHQGRIDQDGYHQWXUH,I\RXUFKDUDFWHULVWKUHH
FKDUDFWHU OHYHOV RU PRUH HLWKHU KLJKHU RU ORZHU WKDQ WKH
$3/ WKDW WKLV DGYHQWXUH LV SOD\HG DW SOD\LQJ DW WKDW
FKDUDFWHU ZLOO UHFHLYH RQO\ KDOI RI WKH H[SHULHQFH SRLQWV
DZDUGHG IRU WKH DGYHQWXUH 7KLV VLPXODWHV WKH IDFW WKDW
(\HVLQWKH'DUN
2QFH XSRQ D WLPH WKHUH ZDV D OLWWOH YLOODJH RQ WKH
+LJKYDOH FDOOHG |&U\VWDO 6SULQJ} NQRZQ IRU LWV VPDOO
WKDW ZDV QRW ZKDW LW ZDV RQO\ NQRZQ IRU /HJHQGV RI D
WHUULI\LQJ EHDVW KDYH URFNHG WKLV VPDOO YLOODJH IRU D
GHFDGH \HW LW LV RQO\ D OHJHQGw WKDW LV XQWLO RQH GD\ D
ZKROHIDPLO\WXUQHGXSGHDGLQWKHLUKRPH
 (QWHU 0HOLD D IHPDOH HOYHQ .QLJKW RI WKH +LJK
)RUHVW2QDPLVVLRQWRJXDUGDFDUDYDQLQWKHEHJLQQLQJ
RI &<  VKH UDQ LQWR D ZRRG HOI ZL]DUG QDPHG .DYHQ
DQG KLV EDQG RI JREOLQRLGV 7KLV ZL]DUG ZDV QR RUGLQDU\
ZL]DUGEXWVHUYHGLQ,X]
GRPLQDWHG KHU DQG PDGH KHU LQWR KLV PLQLRQ (YHU\
ZHHNKHPDNHVKHUFRPSOHWHVRPHWDVNRQO\WRUHWXUQVR
WKDWKHPD\GRPLQDWHKHURQFHPRUH
 0HOLDV RUGHUV DUH VLPSOH  )LUVW EHIRUH WKH JREOLQV
DWWDFN VKH PXVW KDQJ DERXW WKH SODFH VR WKDW VKH PD\
 3DJH
WHUURUL]H KHU IRUPHU HPSOR\HU 6HFRQG VKH PXVW DFW WKH  1LJKWWLPH IDOOV XSRQ &U\VWDO 6SULQJ 6WUDQJH WKLQJV
SDUW RI D .QLJKW DQG EULQJ WKH EHDVW WR MXVWLFH NLOOLQJ KDYH VHHPHG WR KDSSHQ ZKHUHYHU WKH KHURHV DUH QRW
DQRWKHU PLQLRQ WKDW LV DQ RUF ZLWK GXVW RI LOOXVLRQ RQ 0HOLD KDV UHWXUQHG DQG FODLPV WKDW 5DOWKLQ KDV EHHQ
KLPVHOI EHIRUH WKH WRZQVSHRSOHV YHU\ H\HV DQG WKHQ
OHDG KHU EDQG RI JREOLQRLGV DJDLQVW WKH DWWDFN RI WKLV
WRZQ7KLVDFWQRWRQO\GLVFUHGLWVWKH.QLJKWVRIWKH+LJK
)RUHVWEXWIRUFHVPRUHGLVWUXVWLQWKHWRZQ0HOLDVVLVWHU
EHLQJWKH|WUDLWRU}DVVDVVLQDWHGLQKHURZQWDYHUQWKH\HDU
EHIRUH6KHRQO\QHHGVWRFRPSOHWHWKHILQDOVWHSw
 7KH .QLJKWV RI WKH +LJK )RUHVW KDYH WKHLU RZQ
KDQGVIXOO/LNHWKH5DQJHUVRIWKH9HVYHWKHLUIRUFHVDUH
EHLQJ VSUHDG WKLQ GHIHQGLQJ WKH WRZQV RI WKH +LJKYDOH
DJDLQVW JREOLQRLG DWWDFNV 5DODWKLQ 1DVLOLD RI &ODQ
0RRQERZ DQRWKHU HOYHQ .QLJKW RI WKH +LJK )RUHVW LV
VWDWLRQHG LQ &U\VWDO 6SULQJ DZDLWLQJ DQ DWWDFN +H KDV
GXJXSVRPHLQIRUPDWLRQRQWKHVHKDXQWLQJVDQGILQGVLW
RGG WKDW 0HOLD D .QLJKW WKDW PRVW WKRXJKW GHDG ZRXOG
VKRZXSWRVODXJKWHUWKLVEHDVWVRFRQYHQLHQWO\
 .DYHQ RUGHUV 0HOLD WR SODQW LQFULPLQDWLQJ HYLGHQFH
DJDLQVW 5DODWKLQ WR KLGH KHU JXLOW DQG WR NLOO KLP DW KHU
DFWLQJRGGDQGKDVIRXQGHYLGHQFHWRSURYHKLVJXLOW$V
WKH WRZQVSHRSOH JR RQ D .QLJKW KXQW WKH KHURHV PD\
FRQIURQW0HOLDDWWDFNKHURUDVNIRUWKHHYLGHQFH
 'XULQJ WKH QLJKW D VWUD\ OLWWOH JREOLQ FDXVHV D
FRPPRWLRQLQWKHEDU+HKDVVWUD\HGIURPWKHSDFNDQG
LV GUXQN DQG VLQJLQJ D PHUU\ WXQH DERXW KLV WULFNVWHU
PDVWHU ZKR KDV FDXJKW DQRWKHU PLVWUHVV )URP WKLV
JREOLQ WKH KHURHV FDQ OHDUQ RI 0HOLD DQG 5DODWKLQV
SOLJKWDQGOHDUQRIWKHJREOLQRLGDWWDFNWKDWLVWREHOHDG
E\WKHGRPLQDWHG0HOLDWKHQH[WQLJKW 
 1RZ WKH KHURHV KDYH D FKRLFH 7KH\ PD\ FKRRVH WR
WDNH WKH DWWDFN WR WKHP IRUWLI\ WKH WRZQ RU WHOO WKH
UHVLGHQWV RI &U\VWDO 6SULQJ WR HYDFXDWH 7KH ILUVW WZR
UHVXOWLQDPDVVLYHEDWWOHLQZKLFKVRPHRIWKH.QLJKWVRI
WKH+LJK)RUHVWPD\MRLQLQLIWKHKHURHVVDYHG5DODWKLQV
OLIH
 $IWHU WKH\ OHDYH WKH WRZQ RU NLOO RII WKH EDQG WKH
ILUVWFKDQFH/XFNLO\IRU5DODWKLQDQGWKHIXWXUHRI&U\VWDO
6SULQJKHKDVVHQWZRUGWR+LJKIRONWKDWWKHYLOODJHLVLQ
H[WUDQHHGRIDVVLVWDQFH
 7KH QLJKW EHIRUH WKH KHURHV DUULYH 0HOLD FDSWXUHV
5DODWKLQ DIWHU VXFFHVVIXOO\ SRLVRQLQJ KLP DQG GUDJV KLV
ERG\ WR D ORFDWLRQ D PLOH IURP WKH WRZQ 7KH JREOLQRLG
LQYDVLRQLVVHWWZRQLJKWVIURPWKHQDQGDOOLVULJKWZLWK
.DYHQ
VSODQw
 ,Q WKH PHDQWLPH WKH DWWDFNV RQ RWKHU +LJKYDOH
FRPPXQLWLHVLQFUHDVHDQGSHRSOHLQ+LJKIRONGHPDQGWR
NQRZZKDWVJRLQJRQw
 7KHXQNQRZLQJKHURHVDGYHQWXUHEHJLQVZLWKWKHP
EHLQJFDXJKWXSLQD~ULRWFHQWHUHGRQWKH7RZQ+DOO7KH
SHRSOHRI+LJKIRONDUHXSWLJKWKDYLQJKHDUGRIJREOLQRLG
DWWDFNV DJDLQVW VRPH RI WKH WRZQV RI WKH +LJKYDOH DQG
GHPDQG WR NQRZ ZKDWV JRLQJ RQ $PLGVW WKH FKDRV D
EXOOHWLQ LV SRVWHG DW WKH ERDUG DVNLQJ IRU DOO DEOH
DGYHQWXUHUV WR KHOS DJDLQVW WKHVH DWWDFNV 7KRVH ZKR
TXDOLI\VKRXOGPHHW&RQVWDEOH3D[DQDLPPHGLDWHO\
 ,I DQG ZKHQ WKH KHURHV PHHW XS ZLWK KHU VKH
H[SODLQV WKH SUREOHP WKH JREOLQRLG UDLGV LQ WKH 9HVYH
KDYHEHFRPHDODUJHUSUREOHPPRYLQJLQWRWKHWRZQVRI
WKH9DOH6KHKDVKHDUGVRPHVWUDQJHRFFXUUHQFHVIURPD
.QLJKW RI WKH +LJK )RUHVW VWDWLRQHG LQ &U\VWDO 6SULQJ
DQGVHQGVWKHKHURHVRXWWKHUHWRLQYHVWLJDWH
 2QWKHZD\WR&U\VWDO6SULQJDZDQGHULQJ.QLJKWRI
WKH +LJK )RUHVW VWRSV WKH KHURHV +H DIILUPV WKH
SUREOHPVWKDWDUHRFFXUULQJDQGHQFRXUDJHVWKRVHKHURHV
ZKR ZDQW WR EHFRPH .QLJKWV RI WKH +LJK )RUHVW WR
GLVSOD\WKHLUSURZHVVLQWKHHYHQWVWKDWDUHWRFRPH
 )LQDOO\WKHKHURHVDUULYHLQ&U\VWDO6SULQJDQGKDYH
WKH RSWLRQ RI JRLQJ WR PDQ\ SODFHV WKH LQQ WKH WDYHUQ
WKH VSULQJ LWVHOI WKH JHQHUDO VWRUH D VPDOO VKULQH WR
3K\WRQ DQG VHYHUDO KRPHV +HUH WKH\ OHDUQ DERXW 0HOLD
DQG5DODWKLQDQGPD\JDWKHUVHYHUDOFOXHV2QHPLOHIURP
WKHWRZQLV5DODWKLQVUHVWLQJSODFH,IWKHKHURHVILQGKLP
EHIRUHQLJKWWLPHKHLVEDUHO\DOLYHDQGJLYHVWKHPDQRWH
WRWHOORIKLVZRHV0HOLDKDVIUDPHGKLPDQGLVSODQQLQJ
VRPHWKLQJWKRXJKKHGRHVQRWNQRZZKDW
(\HVLQWKH'DUN
KHURHV DQG SHUKDSV YLOODJHUV UHWXUQ WR +LJKIRON
5DODWKLQDQG0HOLDVQDPHVPD\EHFOHDUHGDQGHVSHFLDOO\
DEOHKHURHVDUHUHFRJQL]HG


,1752'8&7,21
,W LV D FRRO &ROGHYHQ GD\ LQ +LJKIRON 5DLQ IDOOV LQ D OLJKW
GUL]]OHOHDYLQJOLWWOHSXGGOHVLQWKHVWUHHWIRUSHRSOHWRDYRLGRU
FKLOGUHQ WR VSODVK LQ 7RGD\ ZRXOG EH D SHDFHIXO GD\ LQ
+LJKIRONH[FHSWIRUWKHORXGVKRXWVRISURWHVWWKDWVHHPWRFRPH
IURPWKH7RZQ+DOO

+DYH WKH KHURHV EH DQ\ZKHUH WKH\ ZLVK:KHUHYHUWKH\
DUHWKHDQJU\YRLFHVRIWKHPREVXUURXQGLQJWKH+DOODUH
ORXG DQG KDUG WR PLVV 6KRXOG DQ\ DVN D SHUVRQ RQ WKH
VWUHHWZKDWLVKDSSHQLQJWKH\VD\WKDWWKHUHLVDPHHWLQJ
DW WKH 7RZQ +DOO 6KRXOG WKH KHURHV LQYHVWLJDWH
FRQWLQXH

6XUURXQGLQJWKH7RZQ+DOOLVDODUJHPRERI+LJKIRONFLWL]HQV
WKHLUIDFHVGDUNZLWKDQJHUDWWKHSRRUVHFUHWDU\ZKRLVVWDQGLQJ
EHIRUH WKHP 7KH KDOIHOYHQ PDQ LV WU\LQJ WR FDOP WKHP GRZQ
SHDFHIXOO\EXWWKHSHRSOHZLOOQRWKDYHLW|3OHDVHSOHDVHSHRSOH}
KH SOHDGV |:H DUH WU\LQJ WR GHDO ZLWK WKLV SUREOHP DV EHVW DV
KXPDQO\SRVVLEOH}
 |:KDWLGLRWVGR\RXWDNHXVIRU"+RZVRRQZLOOWKHUDLGV
VSUHDGWR+LJKIRON"}
 |:KDWDERXWWKH9DOH"6RPHRIP\IDPLO\OLYHVWKHUH}
 7KH ORXG DQJU\ YRLFHV FRQWLQXH DV WKH KDOIHOI
XQVXFFHVVIXOO\DWWHPSWVWRFRROWKHLUDQJHU
 
&DOPLQJ GRZQ WKH PRE LV D PRVW LPSRVVLEOH WDVN 7KH\
DUHDQXSWLJKWEXQFKWKDWLVZRUULHGIRUWKHVDIHW\RIWKH
+LJKYDOH DQG +LJKIRON ,I D FKDUDFWHU FDQ ILQG VRPH
FUHDWLYHZD\WRFDOPGRZQWKHPREOHWKLPDQGDOWHUWKH
ER[WH[WWRILWWKHPRRG
 ,IWKHFKDUDFWHUVDVNSHRSOHLQWKHPREZKDWLVJRLQJ
RQ WKH\ GLVFRYHU WKDW WKH UDLGV WKDW WKH 5DQJHUV RI WKH
9HVYH ZHUH GHDOLQJ ZLWK LQ WKH 9HVYH KDYH WXUQHG LQWR
 3DJH
WKH UDLGV WKDW DUH QRZ SODJXLQJ WKH +LJKYDOH 6HYHUDO 3D[DQD(YHQWKLO)HPDOHKDOIHOI5RJ)WU
VPDOO +LJKYDOH YLOODJHV KDYH DVNHG +LJKIRON IRU KHOS 
&LWL]HQV DUH ZRUULHG IRU WKH VDNH RI WKHLU IDPLOLHV LQ WKH 3D[DQD LV WKH &RQVWDEOH RI +LJKIRON DQG LV LQ FKDUJH RI
9DOH DQG ZKHWKHU RU QRW WKH UDLGV VKRXOG FRPH XSRQ WKH )LIWK 'LVWULFW RI WKH 7RZQ 0LOLWLD D +LJKIRON
+LJKIRON PHWDRUJDQL]DWLRQ 6KH JUHHWV DQ\ PHPEHU RIKHUPLOLWLD
 7KH VHFUHWDU\V QDPH LV 0LOLQRU 9HUUD 6KRXOG WKH DQG DQ\ RWKHU DGYHQWXUHU VKH KDV PHW LQ SUHYLRXV
KHURHVKHOSKLPLQKLVTXHVWWRFDOPWKHPREGRZQKHLV VFHQDULRVE\QDPH3D[DQDKHUVHOILVDNLQGVRXOWKDWPRVW
JUDWHIXO WKRXJK KH GRHV QRW DQG FDQQRW JLYH PXFK RIWKHFLWL]HQU\VHHPVWROLNHD&RQVWDEOHWKDWOLNHVWRDFW
LQIRUPDWLRQ WR WKH KHURHV RWKHU WKDQ ZKDW KH WHOOV WKH UDWKHU WKDQ GHDO ZLWK SDSHUZRUN DV VHHQ E\ WKH PHVVLQ
FLWL]HQV KHURIILFH
  $WWKHPRPHQWKHUPDLQFRQFHUQLVWKHWURXEOHVRI
0LOLQRU9HUUD0DOHKDOIHOI&RP WKH+LJKYDOH3D[DQDGRHVQRWZDQWSOHDVDQWFKLWFKDWRU
 DQ\ KHURHV ZKR MRNH DERXW ZK\ WKH\DUHKHUH6KHZDLWV
'R QRW OHW WRR PXFK WLPH SDVV EHIRUH 3D[DQDV QRWLFH LV RQO\EULHIO\IRUWKHULJKWDQVZHUEHIRUHFRQWLQXLQJ
SRVWHG 
 |*RRG:HVHHPWREHKDYLQJWURXEOHVZLWKWKHJREOLQRLGUDLGHUV
$ VPDOO KDOIOLQJ KHDG SHHNV RXW RI WKH GRRU RI WKH 7RZQ +DOO RI WKH 9HVYH ,I \RX UHFDOO WKH\ ZHUH JLYLQJ WKH 5DQJHUV WKH
7KHPREVHHPVWRWDNHQRPLQGWRWKHKDOIOLQJDQGWKHSLHFHRI WURXEOH7KLVWLPHLWLVWKH.QLJKWV}6KHVWDUWVWRSDFHWKHURRP
SDUFKPHQW WKDW KH KDV LQ KLV KDQG :LWK VOLFN VSHHG KH WDFNV FRQWLQXLQJ WR WDON |7KH JREOLQRLG UDLGV KDYH QRZ PRYHG LQWR
WKH SDUFKPHQW RQWR D SRVW DQG WKHQ SRNHV WKH VHFUHWDU\ 7KH WKH +LJKYDOH DQG KDYHRQO\EHJXQWRDWWDFNWKHYLOODJHVWKHUH
KDOIHOYHQ PDQ ORRNV UHOLHYHG XSRQ VHHLQJ WKH QRWH DQG ZDYHV 7KH .QLJKWV RI WKH +LJK )RUHVWKDYHWDNHQFDUHRIVRPHRIWKH
KLVKDQGVIRUWKHFURZGWREHVLOHQW7KHORXGQRLVHWXUQVLQWRD SUREOHPWKRXJKOLNHWKH5DQJHUVRIWKH9HVYHWKHLUIRUFHVDUHQRW
GXOOURDU WKH ODUJHVW 7KH\UH KDYLQJ VRPH WURXEOHV RXW WKHUH} 7KH JRRG
 |*RRGFLWL]HQV:HKDYHMXVWSRVWHGDQRWLFHIURPRXURZQ FRQVWDEOHVWRSVDQGORRNVWRDOORI\RX|7KDWLVZK\,KDYHDVNHG
&RQVWDEOH 3D[DQD ,I \RX FDQ KHOSDLGWKHHIIRUWSOHDVHUHDGLW SHRSOHOLNH\RXWRKHOSRXW,WPD\EHGDQJHURXVEXW,KDYHVRPH
DQGFRPHWRKHUULJKWDZD\*RRGGD\WR\RXDOOIULHQGV}7KH JRRGSHRSOHKHUHWKDW,NQRZ,FDQFRXQWRQ}
KDOIOLQJDQGWKHKDOIHOIGLVDSSHDULQWRWKHEXLOGLQJ0RVWRIWKH 
FURZG DUH JOXHG WR WKHLU VWDQGLQJ SODFHV VRPH SHRSOH OHDYLQJ 1RZWKHKHURHVPD\DVN3D[DQDFHUWDLQTXHVWLRQV
WKHLU SODFHV WR JODQFH DW WKH SRVW RWKHUV VLPSO\ OHDYLQJ WR JR 
KRPHDQGZDLW N :KDWGRZHKDYHWRGR"
 |,KDYHEHHQVHQGLQJRWKHUJURXSVRXWWRGLIIHUHQWWRZQVWR
7KH QRWLFH RQ WKH DGYHQWXUHUV SRVW LV +DQGRXW  D QRWH KHOSLQWKHLUHIIRUWV+RZHYHU,KDYHDVSHFLDOWDVNIRU\RX
IURP3D[DQDDVNLQJDOODEOHERGLHGFLWL]HQVWRKHOSGHIHQG 7KHUH LV D .QLJKW RI WKH +LJK )RUHVW VWDWLRQHG RXW LQ
WKHWRZQVRIWKH+LJKYDOHIURPWKHDWWDFNV &U\VWDO6SULQJQDPHG5DODWKLQ1DVLOLD7KURXJKKLVRZO
 7KHPREKDVQRZFDOPHGGRZQ6RPHDUHFRQILGHQW KH KDV VHQW XV VRPH LQWHUHVWLQJ LQIRUPDWLRQ WKDW , QHHG
WKDW WKH ZRUWK\ &RQVWDEOH 3D[DQD LV QRZ RQ WKH FDVH FKHFNLQJ XS RQ , WKRXJKW LW EHVW WKDW D EUDYH JURXS
ZKLOHRWKHUVDUHZHDULHU6RPHMXVWZDQWWRJRKRPHRUWR KRSHIXOO\VXFKDV\RXUVHOYHVVKRXOGEHVWDWLRQHGWKHUH}
WKHEDUWRGULQNWKHLUFDUHVDZD\ 
 ,I DQG ZKHQ WKH KHURHV GHFLGH WR DFW XSRQ 3D[DQDV N :KDWZDVWKDWLQIRUPDWLRQ"
QRWLFHSURFHHGWR(QFRXQWHU |7KHUH VHHPV WR EH D OHJHQG RI D JUHDW EHDVW WKDW LV LQ
 &U\VWDO6SULQJWKDWHDWVXSOLWWOHFKLOGUHQDWQLJKW,WVHHPV
 WR NHHS WKH FKLOGUHQ LQ OLQH WKRXJK MXVW UHFHQWO\ DIDPLO\
(1&2817(5,17+( KDV WXUQHG XS GHDG +H WKLQNV WKLV PD\ KDYH WR GR ZLWK
WKHDWWDFNV}6KHZDONVRYHUWRWKHGHVNDQGSXOOVRXWDSLHFH
2)),&(2)3$;$1$ RI EDWWHUHG SDUFKPHQW 3OD\HU +DQGRXW  IURP WKH PHVV
WKHQKDQGVLWWRQDPHRI3&
3D[DQDVRIILFHLVODUJHDQGFRPIRUWDEOH$ZRPDQKDGWROG\RX 
WR ZDLW ZLWK RWKHU JURXSV RI DGYHQWXUHUV RXWVLGH DV 3D[DQD N :KDWGRHV5DODWKLQORRNOLNH"
WDONHGZLWKRWKHUVLQWHUHVWHGDQGFKDWWHGSOHDVDQWO\ZLWKWKRVH |, GRQW NQRZ WKRXJK DOO .QLJKWV RI WKH +LJK )RUHVW DUH
ZDLWLQJWREHVHHQQH[W6RRQDIWHUZDUG\RXZHUHHVFRUWHGLQWR HOYHV DQG KDOIHOYHV DQG WKHUHV QRW YHU\ PDQ\ RI WKHP
3D[DQDV RIILFH D SODFH WKDW FRXOG KDYH EHHQ KLW E\ D ODUJH 7KDWPD\EHDVWDUW}
W\SKRRQ 3DSHUV DUH VWUHZQ DERXW KDSKD]DUGO\ VRPH O\LQJ RQ 
WKH IORRU UDWKHU WKDQ VWDFNHG QHDWO\ RQ WKH GHVN 6HYHUDO SOXVK
FKDLUVIDFH3D[DQDVGHVNDQGDKHDGRI\RXLVDODUJHPDSRIWKH N :KHUHLV5DODWKLQVRZO"
WRZQRI+LJKIRON+HUIDFHLVDKDJJDUGPHVVWKRXJKWKHVPLOH |*RQH , LPDJLQH KH ZHQW EDFN WR WKH .QLJKWV WR LQIRUP
VKHJLYHV\RXVKLQHVWKURXJK WKHPRI5DODWKLQVILQGLQJV}
 |3OHDVH EH VHDWHG} 6KH PRWLRQV D KDQG ORRVHO\ WRZDUGWKH 
VHDWV EXW GRHV QRW VLW KHUVHOI ,QVWHDG VKH JD]HV DW WKH PDS |, N :KHUHLV&U\VWDO6SULQJ"
WUXVW\RXUHKHUHEHFDXVHRIWKHQRWLFH,WDFNHGXS} |5RXJKO\ WZR DQG D KDOI GD\V ,I \RXYH EHHQ WR:HHSLQJ
 :LOORZEHIRUHDV,LPDJLQHVRPHRI\RXKDYHLWLVDKDPOHW
WKDW\RXKDYHSDVVHG,WVNQRZQIRUWKHVPDOOVSULQJLQWKH

(\HVLQWKH'DUN  3DJH
 PLGGOH RI WKH WRZQ WKDW WKH\ FODLP FRPHV IURP DQ +HURHV FDQ DVN KLP D SOHWKRUD RI TXHVWLRQV VHH EHORZ
XQGHUJURXQGVWUHDPRIIRIWKH9HOYHUG\YD:KHWKHUWKDWV 2QFH WKH\ PHQWLRQ 5DODWKLQ DQG &U\VWDO 6SULQJ KH
WUXH RU QRW , GRQW NQRZ , FDQ JLYH \RX D PDS LI \RX LPPHGLDWHO\UHSOLHVZLWKWKHIROORZLQJLQIRUPDWLRQ
ZLVK} 
 |5DODWKLQ HKw 7KDW LV PLJKW\ LQWHUHVWLQJ , KDYH KHDUG WKDW
N :KDWLVWKHOHJHQG" RQHRIRXURZQKDVVODLQWKHEHDVWRI&U\VWDO6SULQJ&RXOGWKDW
|,GRQWNQRZPXFKDERXWLW/LNH5DODWKLQVQRWHVDLGLWV EHKLP",VLWUHDOO\DOHJHQG"}+HSDXVHVDPRPHQWLQWKRXJKW
DERXW D EHDVW WKDW KDXQWV WKH WRZQ HYHU\ QLJKW 7KH WKHQ FRQWLQXHV |<RX DUH LQYHVWLJDWLQJ WKLV" , ZLVK \RX OXFN ,
WRZQVSHRSOH LQ &U\VWDO 6SULQJ DUH PRUH OLNHO\ WR NQRZ DPJODGWKDW+LJKIRONKDVEUDYHVRXOVOLNH\RXWRVWHSRQWKH2OG
DERXWLWWKDQ,DP} 2QHVWRHVDQGILOOLQIRUWKHGHSDUWHGw}+LVVWURQJYRLFHWUDLOV
 RIILQWRDVLJK
N :KDWRWKHUWRZQVKDYHEHHQDWWDFNHG" 
|2QO\ D IHZ :HHSLQJ :LOORZ ZDV RQH RI WKHP /XFNLO\ N :KRDUH\RX"
WKH.QLJKWVDQGVHYHUDOFLWL]HQVGURYHWKHUDLGHUVRIIZLWK +HUDLVHVDQH\HEURZDW\RXULQTXLU\|,DPNQRZQDV~&DW,
PLQLPDOFDVXDOWLHVRQWKHLUVLGH} KDYHQRRWKHUQDPHRULI,GLGWKHQ,YHORVWLWORQJDJR,DPD
 .QLJKWRIWKH+LJK)RUHVW}
N +RZPXFKZLOO,JHWSDLG" N :KDWDUH<28GRLQJKHUH"
|7KH7RZQ&RXQFLOLVYHU\LQWHUHVWHGLQ\RXUZRUN:KLOH +H VKDNHV KLV KHDG GLVWDVWHIXOO\ |,VHYHU\RQHVRXQWUXVWZRUWK\
,P\VHOIFDQQRWJLYH\RXDQ\WKLQJPRQHWDU\,FDQWHOO\RX WKHVHGD\V",KDYHMXVWJRWWHQEDFNIURPFDUDYDQGXW\+DGDQ
WKDW\RXDUHGRLQJWKLVIRUSHRSOHZKRQHHG\RX7KHSHRSOH HDV\ MRE  VXUSULVLQJO\  RI JXDUGLQJ RQH IURP +LJKIRON WR
\RX DUH KHOSLQJ PD\ DOVR PDNH XS VRPH UHZDUG  ,I WKDW 9HUEHHJ+LOOw<RX'2NQRZRIWKHSUREOHPVWKDWWKH9DOHLV
VWLOOGRHVQRWVDWLVI\\RXWKHQ,QHHGQHZDGYHQWXUHUV} KDYLQJZLWKJREOLQUDLGVGRQW\RX"<RXKDGEHVWEHFDUHIXORQ
 \RXUMRXUQH\}
N $Q\WKLQJHOVH\RXFDQWHOOXV" 
|*RRGOXFN0RVWJREOLQRLGVDUHHDV\WRKDQGOHDORQHEXWLQ N 1Rw:KDWVKDSSHQLQJZLWKWKH9DOH"
QXPEHUV WKH\ DUH ILHUFH 0D\ (KORQQD SURWHFW \RX IURP |(YLO JREOLQRLGV KDYH EHHQ FRPLQJ RXW RI WKH ZRRGZRUN
KDUP7KDWLVDOOVWDOZDUWKHURHV OLWHUDOO\7KHJREOLQVWKDWKDYHEHHQWHUURUL]LQJWKH9HVYHKDYH
 QRZLQYDGHGWKH9DOHDVRIDIHZZHHNVRUVRDJR7KH.QLJKWV
 DUHNHHSLQJEXV\}

(1&2817(529(57+( N %XV\GRLQJZKDW"
9$/( |0DQ\ RI XV KDYH EHHQ KLUHG DV JXDUGV IRU FDUDYDQ GXW\
8QIRUWXQDWHO\ VRPH RI XV GLGQW PDNH LWw} +LV H\HV ORRN
7KHEHDXW\RIWKHVORZO\FUHHSLQJVSULQJFDQEHVHHQDV\RXWUDYHO GRZQFDVWRQWKHZHWIRUHVWIORRU
WKHWZRDQGDKDOIGD\VWR&U\VWDO6SULQJ1RWKLQJH[FLWLQJKDV 
KDSSHQHG GXULQJ \RXU WUDYHOV VDYH IRU WKH UHWXUQ RI ELUGV DQG N :KHUHDUH\RXJRLQJ"
ZLOGOLIHWRWKHORYHO\UHJLRQ |,DPJRLQJWR+LJKIRONQRZWRJHWDVVLJQHGWRDQHZWDVN}
  
,W WDNHV WZR DQG D KDOI GD\V WR JHW WR &U\VWDO 6SULQJ N :KDWGRHV5DODWKLQORRNOLNH"
1RWKLQJLQWHUHVWLQJRFFXUVGXULQJWKHWULSH[FHSWIRUWKH |+HLVKDUGWRPLVV+HLVDKLJKHOIDOPRVWILYHKHDGVWDOOZHDUV
HOINQLJKW,I\RXIHHOWKDW\RXGRQRWKDYHHQRXJKWLPHWR WKH VDPH FORWKHV , ZHDU +LV KDLU LV EURZQ DQG LV XVXDOO\ WLHG
UXQ WKLV HQFRXQWHU IHHO IUHH WR VNLS KLV DSSHDUDQFH ,W LV EDFNWRWKHVPDOORIKLVEDFN}
QRWQHFHVVDU\WKRXJKGRHVJLYHVRPHLQIRUPDWLRQ 

8SDKHDG\RXVHHDVKRUWILJXUHDSSURDFK\RX+HZHDUVEURZQ N :KDWVWKHPDWWHU"
DQG JUHHQ OHDWKHU DUPRU DQG KLV JORYHV EHDU WKH V\PERO RI D |1RWKLQJ([FHSWw,PLVVWKHFRPSDQ\RIP\ODG\ORYH6KHKDV
VPDOO SDLU RI JROGHQ VWDJ KRUQV RQ D JUHHQ EDFNJURXQG JRQH PLVVLQJ VLQFH WKH EHJLQQLQJ RI WKH \HDU DQG ZH SUHVXPH
|*UHHWLQJVWUDYHOHUV:KDWEULQJV\RXWRWKHVHSDUWV"} KHUGHDG}+LVIDFHFRQWRUWVLQWRGHHSDQJHU|&XUVHWKH2OG2QH
 IRUWDNLQJKHUIURPPHEXWZHPXVWHQGXUH}
+LV QLFNQDPH LV |&DW} DQG ZKLOH KH KDV D UHDO QDPH KH 
FDQQRWUHPHPEHULWIRUWKHOLIHRIKLP+HKDVMXVWJRWWHQ N &DQ\RXWHOOXVPRUHDERXWLW"
EDFNIURPHVFRUWLQJDFDUDYDQIURP+LJKIRONWR9HUEHHJ |,W SDLQV WR WDON DERXW 0HOLDVRw}+HIDOOVVLOHQWDQGVD\VQR
+LOO DQG LV JRLQJ EDFN WR +LJKIRON IRU KLV QH[W PRUH +H GRHV QRW ZLVK WR WDON DERXW 0HOLD DQG DQ\ DWWHPSW
DVVLJQPHQW +H GRHV QRW VKDUH WKDW LQIRUPDWLRQ XQOHVV ZLOOJDLQKLVVFRUQ
WKH KHURHV SUHVV KLP IRU LWDQGHYHQWKHQKHGHYHORSVD 
GLVOLNHRIWKHP 7RDQ\DVSLULQJ.QLJKWVRIWKH+LJK)RUHVWRU+DUWKH
 SXOOVDVLGHWKDWKHURDQGWDONVWRKLPKHUSULYDWHO\
|&DW}0DOHKLJKHOI)WU |,I,PD\KDYHDZRUGZLWK\RXDPRPHQW}+HSXOOV\RXDVLGH
 DQG VSHDNV TXLHWO\ |<RXU DFFRPSOLVKPHQWV RU IDLOLQJV LQ WKH
XSFRPLQJ GD\V ZLOO EH QRWLFHG 6XFFHHG DQG \RX VKDOO KDYH D

(\HVLQWKH'DUN  3DJH
JUHDW FKDQFH RI DFKLHYLQJ \RXU JRDO )DLO DQG WKH URDG DKHDG RZQHURIVHYHUDOIDUPVLQWKH9DOH,QIDFWWKHVHILQHER\VZRUN
ZLOOEHDPRXQWDLQRXVRQH,ZLVK\RXWKHEHVWRIOXFN} VRPHRIWKHP'RQW\DER\V"}
  |:HVXUHGRSRSV}WKH\DQVZHUKLPJULQQLQJZLOGO\
7KHUHVWRIWKHWULSWR&U\VWDO6SULQJLVXQHYHQWIXO 
 N :K\LVWKLVSODFHGFDOOHG|7KH/LO\,QQ}"
 |1DPH RI PH ZLIH DQG GDXJKWHU ORQJ DJR /RVW WKHP LQ WKH
$]XUH6HD&RXOGQWEXU\~HPVRWKLVLVWKHLUPHPRULDO3K\WRQ
(1&2817(5%($87,)8/ EOHVV~HP}
72:1 
N :KDWFDQ\RXWHOOPHDERXWWKHEHDVW"
7KLV HQFRXQWHU LV WKH ODUJHVW RI WKH VFHQDULR 7KHUH LV |7ZHUHDERXWDGHFDGHDJRZKHQWKHEHDVWVWDUWHGVWDONLQWKHVH
PXFK WR GR LQ &U\VWDO 6SULQJ ,W LV XS WR WKH MXGJH KRZ SDUWV$ILHUFHWKLQJ~WZDVZLWKJORZLQJ\HOORZH\HVLQWKHGDUN
ORQJ HDFK SDUW RI WKLV HQFRXQWHU WDNHV DQG ZKHQ WKDW VFDUHG WKH NLGGLHV LQWR WKHLU EHGV DW QLJKW ~7ZHUHQW UHDO
(QFRXQWHU  QLJKWIDOO DQG 0HOLDV UHWXUQ WDNHV SODFH
$OORZ VRPH URRP IRU WKH KHURHV WR UHDOL]H ZKDWV JRLQJ
RQ \HW UHPHPEHU DQ\ WLPH OLPLWV ERWK LQ DQG RXW RI
JDPH
 DIXUUHGKHDGPRXQWHGRQWKHZDOO/RQJIDQJVSURWUXGHIURPLWV
/,/<,11
$ULFNHW\ROGZRRGHQEXLOGLQJVWDQGVEHIRUH\RXVHHPLQJWREH
RQLWVODVWOHJV7KHRQHSODQNVLJQGDQJOHVE\RQO\RQHVLGHRILWV
FKDLQWKHRWKHUVLGHUXVWHGWKURXJK:ULWWHQRQLWDUHWKHZRUGV
|/LO\,QQ}
 ,QVLGH WKH LQQ KRZHYHU LV DQRWKHU VWRU\ )LQH SLQH
IXUQLVKHVWKHIUHVKO\VFHQWHGGHFRURIWKHEDUDQGLWVSDWURQVORRN
XS WR \RX DQG VPLOH 7KH EDUWHQGHU D UDWKHU WKLQ DQG VKRUW
KXPDQPDQJULQVDWRRWK\JULQDQGFDOOVRXWWR\RX|:HOFRPH
WR/LO\,QQ:LOO\RXEHQHHGLQDURRPRUVRPHGHOLFLRXVPHDOV
WRGD\"}
 6LWWLQJRQWKHRSSRVLWHVLGHRIKLPLVDUDJJHGPDQGUHVVHG
LQOLWWOHPRUHWKDQWKLQVWULSVRIFORWK+HVHHPVWRVKULQNEDFN
DV \RX HQWHU WU\LQJ WR KLGH XQVXFFHVVIXOO\ IURP YLHZ 2Q WKH
RSSRVLWHVLGHVRIKLPDUHWZRIXOO\JURZQPHQERWKVWURQJPDOHV
WKDWDUHDOLWWOHPRUHWKDQGLUW\
 FRPLQEDFN}
7KLV LQQNHHSHUV QDPH LV 0DHQ *UXH D NLQG VRXO WKDW
OLVWHQV WR SHRSOHV SUREOHPV DQG WULHV KLV EHVW WR KHOS
WKHP RXW ZLWK DGYLFH RU VRPH H[WUD PRQH\ 7KH VFDUHG
PDQ LV 'ORE\ %LOH WKH ODVW VXUYLYRU RI .DYHQV DWWDFN RQ
VRPH WKRXJKW EXW WKHQ WKH UHDO H\HV EHJDQ VKLQLQ $ ZKROH
IDPLO\ ZDV VODLQ E\ WKH EHDVWLH LQ WKHLU KRPH %XW WKHQ RXU
VDYLRU FDPH 6KH EH D .QLJKW RI WKH +LJK )RUHVW VKH LV 6KH
NLOOHGLWDQGEURXJKWXVLWVKHDG}+HOLIWVKLVKDQGDQGSRLQWVWR
PRXWK DQG LWV \HOORZ H\HV VHHP WR EXUQ LQWR \RXU YHU\ VRXO
6KXGGHULQJ KH FRQWLQXHV |0HOLD EH WKH QDPH RI RXU VDYLRU D
VWURQJ HOYHQ ZRPDQ VKH LV 6KH HYHQ KDV D IUHH URRP KHUH
WKRXJKVKHLVRXWIRUWKHGD\}

N :KDWFDQ\RXWHOOPHDERXW5DOLWKLQ1DVLOLD"
|+H EH DQRWKHU .QLJKW RI WKH +LJK )RUHVW 3DUW RI WKH FODQ
0RRQERZZLWKKHDUWVRISXUHKDWUHGIRUWKH2OG2QHVGHQL]HQV
<RXFDQILQGKLPVOHHSLQDWWKH*HQ\GDOKRPHMXVWDIHZVWHSV
\RQGHU+HKDVFRPHKHUHWRSURWHFWXVIURPWKHJREOLQVWKRXJK
ZK\ZHEHQHHGLQWZR.QLJKWV,GRQWNQRZ}

N :KDWFDQ\RXWHOOPHDERXWWKH*HQ\GDOV"
|7KH\EHDKDOIOLQJIDPLO\LQWKHVHSDUWV2QO\KDOIOLQJVLQWKLV
WRZQ 7KH\ OHW 5DOLWKLQ VOHHS WKHUH EHIRUH WKH\ GLVDSSHDUHG
VHYHUDOZHHNVDJR1RRQHNQRZVZKHUHWKH\ZHQWRULIWKH\UH

N :KDWFDQ\RXWHOOPHDERXW0HOLD"
|6XFKDEUDYHDQGNLQGOLWWOHVRXOLVVKH+HUKDLULVGDUNDQG
VKRUW DQG VKH VD\V VKH KDV VRPH VLVWHUV LQ +LJKIRON 2IWHQ VKH
WKH FDUDYDQ EHVLGHV 0HOLD +H KDV FRPH KHUH WR IRUJHW OHDYHVXVIRUDZHHNDWDWLPHWRGR.QLJKWEXVLQHVVEXWZKHQ
DERXW KLV ZRHV DQG GULQN KLV FDUHV DZD\ +DQYHU DQG VKHFRPHVEDFNZHDUHKDSS\}
=RXN5HVWRQDUHWZLQEURWKHUVZKRZRUNDORQJVLGHHDFK 
RWKHU |PHUFHQDU\} IDUPHUV ZKR ZRUN LQ GLIIHULQJ IDUPV N 'R\RXNQRZZKHUHVKHJRHV"
RIWKH9DOHWRJDLQPRQH\ |1R,GRQW7KH.QLJKWVEHQHHGLQVRPHSULYDF\WRGRZKDWHYHU
 LWLVWKDWWKH\GR}
0DHQ*UXH0DOHKXPDQ([S 
'ORE\%LOH0DOHKXPDQ:DU N :KDWFDQ\RXWHOOPHDERXW'ORE\"
+DQYHUDQG=RXN5HVWRQ0DOHKXPDQ([S 7KH WZR PHQ EHVLGH 'ORE\ ODXJK DV WKH PDQ VKULQNV HYHQ
 IXUWKHULQWRKLPVHOI0DHQIURZQVDQGVPDFNVWKHER\VKDQGV
7RHDWDQGVOHHSLQ/LO\,QQFRVWVDJUDQGWRWDORIVPDOO |%H JRRG :HOO IULHQGV WKHUH EH QRWKLQ WR WHOO PXFK RI 'ORE\
OXQDUV VS SHU QLJKW 0DHQ FDQ NHHS KLV SULFHV FKHDS +HEHDVLOHQWIHOORZZKRGULQNVXQWLOKHJRHVWRVOHHSDWQLJKW
ZKLOHKLVIDUPVDUHVWLOOSURVSHURXVWKRXJKKHLVZRUULHG )ULHQGVRIPLQHIRXQGKLPGXULQJWKHZLQWHUDVKHOLPSHGKLV
DERXWWKHJREOLQRLGUDLGVWKDWDUHIRUWKFRPLQJ ZD\LQWRWRZQ+HZDVEOHHGLQDQGFU\LQ'RQWNQRZQRWKLQJ
  HOVHEXWPHJXHVVLVKHLVDYLFWLPRIDUDQGRPDWWDFN}'ORE\OHWV
 RXWDZKLPSHUEXWIDOOVVLOHQW
0DHQ*UXH  
N :KRDUH\RX" N :KDWFDQ\RXWHOOPHDERXW+DQYHUDQG=RXN"
|0DHQ*UXHEHP\QDPH,EHHQKHUHDOOP\OLIHDQGWKHQVRPH |6WURQJ ER\V EXW D OLWWOH UXGH 7KH\ KHOS PH LQ P\ ILHOGV DQG
0H IDPLO\ EHHQ KHUH HYHU VLQFH WKLV SODFH ZDV EXLOW ,P DQ KHOSRWKHUVLQWKHLUILHOGV1HYHUVHHQVXFKJRRGZRUNKDQGV}

(\HVLQWKH'DUN  3DJH
 
N :KDWFDQ\RXWHOOPHDERXW&HOHPDQWKHWKHJHQHUDOVWRUH 7KH%URWKHUV
NHHSHU" N :KRDUH\RX"
|&HOHPDQWKH VHOOV JRRG SURGXFWV EXW VKH EH D VWUDQJH RQH 6KH |,P+DQYHU}WKHRQHRQWKHULJKWVD\V|$QG,P=RXN:HUH
KDVQRWDVWHIRUHOYHV} WKH 5HVWRQ ER\V} 7KH\ ODXJK UDXFRXVO\ DV LI LW LV WKH IXQQLHVW
 MRNHLQWKHZRUOGWRWKHP7KHPDQVDQGZLFKHGEHWZHHQWKHP
N :KDWFDQ\RXWHOOPHDERXW&U\VWDO6SULQJ" FULQJHV|:HIDUPWKHILHOGVRIWKH9DOH<RXJRWDMRE"}
|7KHPRVWEHDXWLIXOSODFHLQRXUIDLUUHJLRQ7KHVSULQJLVFOHDU 
DQGIXOORI9HOYHUG\YDZDWHU1RGULHGXSROGHPLJRGFDQUXLQ N :KDWFDQ\RXWHOOPHDERXWWKHEHDVW"
LW} |$ ZROI WKH VL]H RI D KXPDQ ,W DWH WKH 0HZDWK\O IDPLO\ DQG
 ILQDOO\ZDVGHVWUR\HGE\RQHRIWKH.QLJKWVRIWKH+LJK)RUHVWD
N :KDWFDQ\RXWHOOPHDERXW6RQZHUFOHULFRI3K\WRQ" ODVVE\WKHQDPHRI0HOLD6KHVDFXWHRQHWKDWHOI\}
|$JUHDWPDQWKDWGRHVJUHDWWKLQJVIRUWKLVWRZQ<RXEHEHVWWR 
YLVLWKLPLI\RXFDQ7HOOKLP,VHQW\D} N :KDWFDQ\RXWHOOPHDERXW5DODWKLQ1DVLOLD"
 =RXN VQRUWV LQ SURWHVW RI WKH TXHVWLRQ |+HVDQRWKHU.QLJKWRI
N :KDWFDQ\RXWHOOPHDERXWWKHIDPLO\WKDWZDVPXUGHUHG" WKH+LJK)RUHVWKHUH6WD\LQZLWKWKH*HQ\GDOVRU:$6VWD\LQJ
|(YHQWKRXJK,EHHQKHUHIRUDOOP\OLIH,VWLOOGRQWNQRZPXFK ZLWK WKHP XQWLO WKH\ GLVDSSHDUHG , GRQW OLNH KLP DOO WKDW
DERXWWKH0HZDWK\OV$OO,NQRZLVWKDWWKH\KDGWZRFKLOGUHQ PXFK+HVEHHQVQRRSLQDURXQGKHUHZKHQ0HOLDDLQWDURXQG
WZR GDXJKWHUV  DQG WZR JUDQGFKLOGUHQ E\ RQH RI ~HP 7KDW +DYHQW VHHQ KLP IRU DZKLOH WKRXJK $ GD\ RU VR 0D\EH KH
IDPLO\OLNHGWRNHHSVHFUHWV,WHOOV\D,I\RXZDQWWRNQRZPRUH ZHQWKRPH}
DERXW~HP\RXFDQWDONWRWKHZLIHVVLVWHU0HUD6KHOLYHVWKUHH  |7KDQNWKHJRGV}
EXLOGLQJVGRZQIURPKHUH} 
 N :KDWFDQ\RXWHOOPHDERXWWKH*HQ\GDOV"
'ORE\%LOH |1LFH KDOIOLQJ IDPLO\ WKDW OLYHV KHUH} |7KH 21/< KDOIOLQJ
|<RX DLQW JRQQD KDYH PXFK OXFN WDONLQ WR 'ORE\} RQH RI WKH IDPLO\WKDWOLYHVKHUH}WKHRWKHUFRQWLQXHVIRUKLVEURWKHU|/RWV
EURWKHUV PXWWHUV VRIWO\ LQWR KLV GULQN DV WKH PDQ LQ TXHVWLRQ RINLGVORWVRIRWKHUUHODWLYHV5HDOQLFH1RRQHZRXOGZDQQDGR
VKULQNVIURP\RX|+HGRQWWDONWRDQ\RQH} WKHPKDUP}
 
'ORE\WDONVWRQRRQHRQO\VKULQNLQJIXUWKHUDQGIXUWKHU N :KDWFDQ\RXWHOOPHDERXW0HOLD"
DZD\ IURP WKH KHURHV DV WKH\ DVN IXUWKHU TXHVWLRQV ,I D |,ZLVK,ZHUHDQHOI}=RXNFKXFNOHV
KHUR GHFLGHV WR WU\ DQ LQWHUHVWLQJ ZD\ WR WU\ WR EHFRPH  |6KHVDVPDUWRQH7KHWRZQVIRONFDOOVKHUWKHLUVDYLRUIRU
IULHQGV ZLWK 'ORE\ VXFK DV FKDUP SHUVRQ RU D YHU\ KLJK NLOOLQJRIIWKHEHDVWWKDWKDXQWHGDQGNLOOHGWKH0HZDWK\OV6KH
'LSORPDF\ UROO '&  EH VXUH WR QRWH WKDW RQ WKH JRHV RII IRU D ZHHN DW D WLPH WR GR VRPH .QLJKW EXVLQHVV RU
FKDUDFWHUVORJVKHHWDV|)ULHQGWR'ORE\}7KHRQO\WKLQJ VRPHWKLQJ:HJHWUHDOORQHO\QRRQHWRVKDUHRXUGULQNZLWK}
'ORE\VD\VWRKLVQHZIULHQGLV 
 N :KDWFDQ\RXWHOOPHDERXW'ORE\"
|+XQGUHGV RI WKHP 7KH\ KDG VODLQ WKH EHVW RI XV 0XUGHUHUV |+HVLQVDQH+HQHYHUWDONVWRDQ\RQH-XVWGULQNV}
9LOHPXUGHUHUV9LOH.DYHQ}  |:HUH JRQQD JHW \RX WR WDON WR XV VRPHGD\ 'ORE\}
 +DQYHUVODSV'ORE\RQWKHEDFN7KHSRRUPDQZKLPSHUV
+H LV UHIHUULQJ WR WKH PDQ EHKLQG WKH DWWDFNV ZKRP KH 
KDG VHHQ DQG KHDUG KLP UHIHUHQFHG DV VLPSO\ |.DYHQ} N :KDWFDQ\RXWHOOPHDERXW0DHQ"
'ORE\ JRHV LQWR QR IXUWKHU GHWDLO DERXW WKLV RU DQ\ |7+,6ROGPDQ"}
LQFLGHQW  |+HVWKHJUHDWHVW:HZRUNIRUKLPRQKLVIDUPPRVWRIWKH
 (OYHVRUKDOIHOYHVZKRDUHDSDUWRIWKH(OYHQ&ODQV WLPH5HDOULFKZLWKDOOWKRVHILHOGVKHRZQV}
PHWDRUJDQL]DWLRQ DQG KHURHV ZKR KDYH .QRZOHGJH 
+LJKIRON PD\ PDNH D FKHFN '&  WR UHFRJQL]H WKH
QDPHFODQVPHQUROODVWUDLJKW,QWHOOLJHQFHFKHFN%ULQJ
WKRVHKHURHVDVLGHDQGUHDGWKHIROORZLQJ

,WZDVDORQJWLPHVLQFH\RXKDGKHDUGWKDWQDPH/LNHPDQ\RI
WKHFODQVRIWKH9HVYHWKLVQDPHEULQJVWKHPHPRULHVRIDFODQ
EHWUD\HG\HDUVDJRD\RXQJZRRGHOIFDPHWRWKHRQFHSURXG
&ODQ)HUH\WKWRMRLQWKHP\HDUVDJRKDOIRIWKDWFODQZDV
GHVWUR\HGDQGVRRQWKHUHVWZDVWRIROORZ7KH%RQHKHDUWRI,X]
VR LW LV VDLG ZDV VROHO\ UHVSRQVLEOH IRU )HUH\WKV GHVWUXFWLRQ
N :KDWFDQ\RXWHOOPHDERXW&HOHPDQWKHJHQHUDOVWRUH"
|6KHDQG'ORE\VKRXOGJHWWRJHWKHU7KRXJK,WKLQNVKHVULJKW
DERXW RQH WKLQJw 7KDW 5DODWKLQ LV DQ XQHDV\ IHOOD ,G EH
FDUHIXOLI,ZDV\RX}

N :KDWFDQ\RXWHOOPHDERXW&U\VWDO6SULQJ"
|7KHJUHDWHVWWKLQJVLQFHLO\PLUWKZLQH7KHVSULQJLVJRUJHRXV,
JRWKHUHWRPHGLWDWHZKHQHYHU,FDQ}

.DYHQZDVKLVQDPH N :KDWFDQ\RXWHOOPHDERXW6RQZHUFOHULFRI3K\WRQ"
 |.LQG ROG PDQ 6HHPV WKDW DOO WKH ROG PHQ DUH DOZD\V NLQG
1RRQHLQWKHEDUNQRZVRI.DYHQQRUGRHVDQ\RQHHOVH DUHQWWKH\"}
EHVLGHV 5DODWKLQ DQG 0HOLD 7KLV FKHFN PD\ EH PDGH 
ZKHQHYHU.DYHQVQDPHLVPHQWLRQHG

(\HVLQWKH'DUN  3DJH
N :KDWFDQ\RXWHOOPHDERXWWKHIDPLO\WKDWZDVPXUGHUHG OLJKWERRWHGSULQWVVWRSSLQJILYHIHHWLQIURQWRIWKHSRRO
0HZDWK\O" ZKHUH LW VHHPV WKDW WKH OLJKWZHLJKW SHUVRQ FURXFKHG
|7KH\UH DV VKURXGHG LQ P\VWHU\ DV WKLV JX\ ULJKW KHUH , GRQW GRZQDQGWKHQZDONHGRII$6HDUFKFKHFN'&QHDU
NQRZ PXFK DERXW KLP WKRXJK WKHUHV D UHODWLYH RI WKHLUV WKDW WKHSRROUHYHDOVDQXQFRUNHGYLDOZLWKVRPHJUHHQOLTXLG
OLYHVKHUH8Kw} OHIW LQ LW $OFKHP\ RU GHWHFW SRLVRQ LV DOO WKDWV QHHGHG WR
 |0HUD}WKHRWKHUDQVZHUVIRUKLP GLVFRYHUWKDWLWLVSRLVRQVDVVRQHOHDIUHVLGXH
 |7KDWVULJKW6KHVVRPHORQHUZRPDQ1RRQHWDONVWRKHU  7KH WUDFNV OHDG WZR ZD\V FRPLQJ LQWR WKH VSULQJ
IRU VRPH UHDVRQ 0RVW ILQG KHU FUHHS\ :HDUV DOO EODFN DQG DUHD DQG RXW RI WKH DUHD $IWHU D IHZ IHHW RI OHDYLQJ WKH
GRHVQWJRRXWPXFK} DUHD WKH WUDFNV P\VWHULRXVO\ GLVDSSHDU 0HOLD XVHG WKH
 ODVWRIDZDQGRISDVVZLWKRXWWUDFH&RPLQJLQWRWKHDUHDLV
7KH*HQHUDO5RRPV DQRWKHU VWRU\ DQG OHDGV WKH KHURHV WR 5DODWKLQV UHVWLQJ
7KHUH DUH VL[ URRPV DOO WRJHWKHU WZR WKDW DUH RFFXSLHG SODFHSDUWRIWKLVHQFRXQWHU
RQH E\ 0HOLD RQH E\ WKH EURWKHUV (DFK URRP LV FR]\
DQGFRPI\ZLWKE\LQVSDFH$EXQNEHGOLHVLQWKH
FRUQHU RI WKH URRP QH[W WR D ZLQGRZ RYHUORRNLQJ WKH
VSULQJLWVHOI7KHZLQGRZLVSURWHFWHGZLWKDPDJLFDOWUDS
7KHUHLVDFKHVWZLWKDJRRGORFNWRNHHSWKLQJVLQDQGD
GUDZHU IRU FORWKHV $ YDQLW\ LV RQ WKH RWKHU VLGH RI WKH
URRP,QVLGHWKHGUDZHULVDVHWRIFOHDQZKLWHVKHHWVDQG
VRPHFRPPRQHUVFORWKLQJ
 RIWKDWOLIH+HUIUL]]OHGEORQGHKDLUIOLHVRXWLQPDQ\GLUHFWLRQV
0HOLDV5RRP
$WVRPHSRLQWWKHKHURHVPD\ZDQWWRVQHDNLQWR0HOLDV
URRP0DHQUHIXVHVWRDOORZDQ\HQWUDQFHLQWRKLVJXHVWV
URRPV RQO\ JRLQJ LQWR WKH URRP KLPVHOI LI LW LV D ELJ

&(/(0$17+(}6*(1(5$/6725(
%HIRUH\RXOD\DUDWKHUSODLQORRNLQJZRRGHQEXLOGLQJ%XUQHG
LQWRDVLJQDUHWKHZRUGV|&HOHPDQWKH*HQHUDO}7KHUHLVQROLIH
VXUURXQGLQJ WKH VWRUHWKHJUDVVHVDOOEURZQDQGVWLOOEXULHGE\
WKHVQRZ
 (QWHULQJ DW \RXU RZQ SHULO D KDUGHQHG ZRPDQ LQ KHU
PLGGOH\HDUVRIOLIHVWDUHV\RXGRZQDVLI\RXDUHDERXWWRUREKHU
|<HV ZKDW LV LW"} VKH DVNV \RX LQ D ORZ WRQH LQVSHFWLQJ \RXU
FORWKLQJDQGJLYLQJHDFKRI\RXKDUGORRNV

&HOHPDQWKH 3UXQ LV D EDWWOHKDUG\ ROG SUXQH 6KH KDV D
HPHUJHQF\ 7KH KHURHV KDYH WR EUHDN LQWR WKH URRP WR VWURQJGLVOLNHIRUHOYHVQRWKDOIHOYHVDQGVKRZVLWWRDQ\
HQWHULW HOYHQKHURHVSUHVHQW
 
$3/(/ &HOHPDQWKH3UXQ)HPDOHKXPDQ([S
(OHFWULILHG 'RRU &5  HQWLUH GRRU G 5HIOH[ 6DYH 
'&IRUKDOIGDPDJH6HDUFK'&'LVDEOH'HYLFH ,QVLGHKHUVWRUHDUHWKHXVXDOJRRGVWKDWFDQEHIRXQGLQ
'&'LVSHO'& WKH *RRGV DQG 6HUYLFHV VHFWLRQ RI WKH 3OD\HUV +DQGERRN
 SDJH  DOO H[FHSW ORGJLQJ DQG PRXQWV 7R HOYHV
KRZHYHUVKHUHTXLUHVHLWKHUDPDUNXSRU,QIOXHQFH
$3/(/ LQ WKH 7RZQ &RXQFLO |7KHP HOYHV HDW PH RXW RI KRXVH DQG
(OHFWULILHG 'RRU &5  HQWLUH GRRU G 5HIOH[ 6DYH KRPH}LVKHUELJRWHGH[SODQDWLRQ
'&IRUKDOIGDPDJH6HDUFK'&'LVDEOH'HYLFH 
'&'LVSHO'& N :KRDUH\RX"
 7KHROGZRPDQVQRUWV|&HOHPDQWKH3UXQ:KDWVLWWR\D"}
$3/(/ 
N :K\GR\RXKDWHHOYHV"
(OHFWULILHG 'RRU &5  HQWLUH GRRU G 5HIOH[ 6DYH |7KH\YHQHYHUVKRZQ0(WKHNLQGQHVVRIWKHLUZD\V$OOWKHLU
'&IRUKDOIGDPDJH6HDUFK'&'LVDEOH'HYLFH OLWWOH SUDQFLQJ DURXQG WKLQNLQJ WKH\ RZQ WKH IRUHVW :H ZHUH
'&'LVSHO'& WKH RQHV ZKR FXOWLYDWHG LW ZKR EURXJKW VRFLHW\ WR WKHP 7KH\
 VKRXOGEHWKDQNIXO}
$IWHU WKH WUDS JRHV RII LW UHVHWV XQWLO HLWKHU GLVSHOOHG RU  ,IIXUWKHUSUHVVHGVKHEXUVWVRXW
WKHGRRULVXQORFNHG |,GRQWFDUHZKDW\RXVD\7KH\NLOOHGP\KXVEDQGDQGWKDWV
 ,QVLGH WKH URRP LV WKH VDPH DV DQ\ RWKHU 5HIHU WR DOOWKDWPDWWHUV%HJRQHZLW\D}
WKH *HQHUDO 5RRP GHVFULSWLRQ 0HOLD KDV OHIW D FOHDQ 
JXLOWIUHHHQYLURQPHQW ,IHYHQIXUWKHUSUHVVHG
 |:K\ DUHQW \RX JRQH \HW" 7KDW HOI ZDV D VPDOO OLWWOH ZUHWFK
7+(635,1* GDUNVNLQQHG ZRUH IHDWKHUV +H FULHG WR KLV SURSKHW DQG WKHQ
NLOOHG P\ SRRU PDQ} 6KH EXUVWV RXW FU\LQJ DQG ZDYHV \RX
6LWWLQJLQWKHPLGGOHRIWKHWRZQLVDFU\VWDOFOHDUSRRORIZDWHU DZD\
WKDWULSSOHVZLWKWKHZLQG7KHQHZVSULQJJUDVVLVDOUHDG\JUHHQ 
DQGEHDXWLIXODQGPDQ\ERRWHGWUDFNVFRPHDQGJRWRWKLVPDLQ $WWKLVSRLQWQRPRUHLQIRUPDWLRQDERXWWKHJUXJDFKRU
DWWUDFWLRQ RWKHUZLVHFDQEHWDNHQRXWRIWKLVZRPDQ
 
6RPH RI WKRVH ERRWHG WUDFNV DUH PRUH WKDQ MXVW VLPSOH
WRZQVIRON KRZHYHU $ 7UDFNLQJ FKHFN '&  UHYHDOV N :KDWFDQ\RXWHOOPHDERXWWKHEHDVW"

(\HVLQWKH'DUN  3DJH
|$IRONWDOHWROGE\VRPHPRWKHUVWRGLVFLSOLQHWKHLUVRQV3HRSOH 3+<721}6+20(
VD\WKDWWKHEHDVWOHJHQGLVWUXHDQGWKDWLWNLOOHGWKH0HZDWK\OV
,WVDOODOLH,VDZWKDWHOIWKDW5DODWKLQHQWHUWKHLUKRPHDIWHU &RPLQJXSIURPWKHJURXQGLVDVPDOOSHGHVWDO$KRO\V\PERORI
WKHLU PXUGHU 1R FUHDWXUH VDQH RU QRW HQWHUVDKRXVHRIGHDWK 3K\WRQKDVEHHQHWFKHGLQWRWKHZRRGDQGVWDQGLQJEHKLQGLWDV
XQOHVVLWLVJXLOW\RIVRPHWKLQJ,WKLQNWKDWKHNLOOHGWKHP+H \RXDSSURDFKLVDQROGHUPDQZLWKDJUD\LQJPXVWDFKHDQGD
ORRNVJXLOW\KHKDVVKLIW\H\HVKHWDONVWRQRRQHKHHYHQNLOOV EDOGSDWH +HVPLOHVEURDGO\|:HOFRPHP\IULHQGVWR3K\WRQV
WKH*HQ\GDOVDIWHUWKH\WRRNKLPLQ} +RPH 2UwZKDW :,// EH 3K\WRQV +RPH :H KDYH \HW WR
 EXLOG LW EXW ZKHQ WKH WLPH LV ZDUPHU LW VKDOO EH GRQH :KDW
3DUW RI WKLV LV WUXH 5DODWKLQ ',' HQWHU WKH FULPH VFHQH PD\,GRIRU\RX"}
DIWHUWKHLUPXUGHUEXWRQO\WRLQYHVWLJDWHLW 
 6RQZHU LV D PDQ LQ KLV HDUO\ ILIWLHV +H LV NLQG WR DOO KH
PHHWV HYHQ WKRVH ZKR DUH UXGH WR KLP $Q\ TXHVWLRQV
N :KDWFDQ\RXWHOOPHDERXW5DODWKLQ1DVLOLD"
|$PRUHJXLOW\PDQWKDW,KDYHHYHUVHHQ+LVH\HVDUHRIWKDWRI
D WKLHI +H VD\V OLWWOH WR WKH RWKHU WRZQVIRON +H PXVW KDYH
PXUGHUHGWKH*HQ\GDOVDQGWKH0HZDWK\OV,EHWP\OLIHRQLW}

N :KDWFDQ\RXWHOOPHDERXWWKH*HQ\GDOV"
|7KH VZHHWHVW IDPLO\ WKDW \RX FDQ HYHU HQFRXQWHU 1LFH OLWWOH
DERXWSHRSOHVXFKDV0HOLD5DODWKLQHWFKHDQVZHUVWKH
VDPH

|3HUKDSV \RX VKRXOG JHW WR NQRZ WKHP \RXUVHOI , GR QRW
HQFURDFKLQWRWKHDIIDLUVRIRWKHUVXQWLOWKH\KDYHDVNHGPHIRU
WKHLUJXLGDQFH8QWLOWKHQ,RIIHUQRKHDUVD\}

KDOIOLQJV0UV*HQ\GDODQG,XVHGWRH[FKDQJHUHFLSHV1RZVKH 6RQZHU0DOHKXPDQ&OU3K\WRQ
LVJRQHw} 

N :KRDUH\RX"
N :KDWFDQ\RXWHOOPHDERXW0HOLD" |0\QDPHLV6RQZHU}WKHROGPDQVD\VZLWKDZDUPVPLOH|,
|6KH DQG KHU HOYHQ ZD\V +PSK ,W ZDV RQO\ FRLQFLGHQFH WKDW EHORQJWR3K\WRQWKH:RRGVKDSHU}
VKH NLOOHG WKDW ZRUJ ZKHQ LW ZDV WKHUH 6KH LV D KDUG RQH WR 
IROORZ WKDW RQH $IDOVHVDYLRU,EHWVKHHQMR\VKHUXQGHVHUYHG
IDPH} N :KDWFDQ\RXWHOOPHDERXWWKHEHDVW"
 |,WZDVDJUHDWEHDVWWKH\VD\,WKDGVODLQWKH0HZDWK\OVDQG
ZDVVODLQE\WKH\RXQJJLUORIWKH+LJK)RUHVW0UV3UXQVHHPV
N :KDWFDQ\RXWHOOPHDERXW'ORE\" WRWKLQNLWZDVDZRUJ)URPWKHVRXQGVRIWKHSHRSOHWKDWZHUH
|$SRRUPDQGRZQRQKLVOXFN:HIRXQGKLPVHYHUDOPRQWKV VODLQ,DPDJUHHLQJZLWKKHU+RZHYHUwZKDWLVVWUDQJHLVWKDW
DJR +H ORRNHG WR KDYH UXQ DZD\ IURP VRPHWKLQJ +H GRHVQW ,DVNHG0DHQWRVKRZPHWKLVKHDG7KHKHDGKHGLVSOD\VLQKLV
WDONVRZHGRQWNQRZ} ,QQLVDIDNH3HUKDSVWKHZRUJZDVXWWHUO\GHVWUR\HGSHUKDSVLW
 LV VWLOO LQMXUHGDQGVWDONVWKHWRZQPRUHRUSHUKDSVLWLVQRWD
N :KDWFDQ\RXWHOOPHDERXWWKHEURWKHUV" ZRUJDWDOO}+LVVPLOHFKDQJHVLQWRDIURZQ|,GRQRWZLVKWR
|<RXQJEUDWV7KH\DUHJRRGZRUNHUVWKRXJK} MXPSWRFRQFOXVLRQVEXW,IHHOWKDWWKLVEHDVWLVVWLOORXWWKHUH}
 
N :KDWFDQ\RXWHOOPHDERXW0DHQ" N :KDWFDQ\RXWHOOPHDERXW&U\VWDO6SULQJV"
|+H GHVHUYHV PRUH WKDQ KH KDV 0DHQV DOZD\V EHHQ WKHUH IRU |0RVW SHRSOH DUH KDSS\ KHUH 8QIRUWXQDWHO\ , IHDU WKDW WKH
HYHU\RQH *LYHV XV JRRG ZRUGV RU PRQH\ ZKHQ KH QHHGV LW , JREOLQRLG LQYDVLRQV WKDW 5DODWKLQ ZDV WHOOLQJ XV DERXW DUH
GRQWWKLQNKHRUWKHRWKHUVUHDOL]HZKDWVJRQQDKDSSHQZKHQ FRPLQJ WR RXU WRZQ VRRQ 1R RQH H[FHSW 0UV 3UXQ VHHPV WR
WKH JREOLQV LQYDGH RXU WRZQ +LV IDUPV DUH JRQQD EH OHVV EHOLHYHKLP}
SURVSHURXVDQGWKHQKHOOKDYHWRFORVHGRZQKLVLQQRUXSKLV 
SULFHV,NHHSWU\LQJWRWHOOKLPWKDWEXWKHGRHVQWZDQQDOLVWHQ N :KDWFDQ\RXWHOOPHDERXWWKHIDPLO\WKDWZDVNLOOHG"
WRUHDVRQ} |5DWKHUWKDQWHOO\RXDERXWWKHP,FDQWHOO\RXZKDWWKH\VDLG
 WR PH DIWHU WKH\ GLHG 7KHLU ERGLHV KDYH UHWXUQHG WR WKH HDUWK
N :KDWFDQ\RXWHOOPHDERXW&U\VWDO6SULQJ" IHUWLOL]LQJ RXU VRLO 7KH\ ZHUH FUHPDWHG DQG VSUHDG RYHU
|7KLV SODFH LV D SODFH RI FRQIXVLRQ 3HRSOH FRPH KHUH WR IRUJHW WKH ILHOGV %HIRUH WKHLU UHWXUQ WR 3K\WRQ , KDG WKH FKDQFH WR
WKHLUWURXEOHVDQGGRQWUHDOL]HWKHPDVNVWKDWSHRSOHZHDU2QO\ DVNWKHPZKDWKDSSHQHG
,UHDOL]H6RQZHUVFORVHEHKLQGPH}  |7KH IDWKHU DQG PRWKHU LQGHHG GHVFULEHG WKH EHDVW LQ WKH
 OLNHQHVV RI D ZRUJ 7KHLU GDXJKWHUV ZHUH VOHHSLQJ DQG GLG QRW
N :KDWFDQ\RXWHOOPHDERXW6RQZHU" UHPHPEHU DQ\WKLQJ H[FHSW SDLQ DQG WKHQ GHDWK 2QH RI WKH
|(YHU\RQHORYHV6RQZHU+HVDJRRGPDQDQGKHPDUULHGP\ JUDQGGDXJKWHUVRQWKHRWKHUKDQGZDVLQDQRWKHUURRPZKHQ
KXVEDQGDQGPH}6KHDYHUWVKHUH\HVDQGVLJKV|$JRRGSULHVW LWKDSSHQHG6KHZDVWKHILUVWWRGLHDQGKHUERG\ZDVQRWZKROH
,DPJODGZHKDYHKLPZLWKXV} VR,FRXOGQRWJHWPRUHGHWDLOHGLQIRUPDWLRQ
  |,DVNHGKHUZKDWVKHVDZDQGVKHVDLG~3LJPDQDQGOLWWOH
N :KDWFDQ\RXWHOOPHDERXWWKHIDPLO\WKDWZDVNLOOHG" RQH , DVNHG ZKDW KDSSHQHG ZLWK WKHP DQG VKH UHVSRQGHG
|1RRQHUHDOO\NQRZVDERXW~HPQRUWKHZRPDQWKDW.QLJKWOHIW ~6SULQNOHwIDLU\ GXVWwOLWWOH RQH GLVDSSHDUw ZROI PDQ ILQG
EHKLQG0HUD6KHVDVWUDQJHZRPDQ'UHVVHVLQEODFN,WULHGWR DQGKXUWPH,FRXOGQRWJHWDQ\PRUHLQIRUPDWLRQRXWRIKHU}
VHHKHURQFHEXWVKHSUHWHQGHGQRWWREHKRPH} 


(\HVLQWKH'DUN  3DJH
,Q RWKHU ZRUGV WKH JUDQGGDXJKWHU ZDV LQ WKH URRP DQG
KLG ZKHQ VKH VDZ 0HOLD DQG WKH RUF HQWHU 0HOLD
VSULQNOHG WKH RUF ZLWK WKH 'XVW RI LOOXVLRQ DQG PDGH
KHUVHOI LQYLVLEOH ZKLOH WKH GXVWHG RUF EHFDPH WKH ZRUJ
WKDW NLOOHG KHU %HFDXVH KHU ERG\ ZDV QRW ZKROH FDVWLQJ
VSHDNZLWKGHDGRQO\JDYHSDUWLDOLQIRUPDWLRQ~/LWWOHRQH
IDU DV \RX FDQ WHOO LV HPSW\ 6RPHWKLQJ VWUDQJH PXVW KDYH
KDSSHQHGKHUH

7KH KRPH FRQVLVWV RI VHYHUDO URRPV D NLWFKHQGLQLQJ
DUHD D PHGLXPVL]HG EHGURRP DQG D ODUJH EHGURRP $Q
RXWKRXVHLVEHKLQGWKHKRPH0RVWRIWKHURRPVWXUQXS
FRXOG OHDG WR HLWKHU WR WKH HOYHV 0HOLD RU 5DODWKLQ RU QRWKLQJ $EVROXWHO\ HYHU\WKLQJ KDV EHHQ WDNHQ LQ WKH
HYHQ0DHQ7KHUHLVQRJHQGHUVSHFLILFVLQYROYHG NLWFKHQDQGPHGLXPEHGURRPDQGQRWUDFNVVKRZXS
 :KHQWKHKHURHVDUHDERXWWROHDYH6RQZHUVD\V  6HDUFKLQJ WKH ODUJH EHGURRP '&  WKH KHURHV
 ILQG D SHFXOLDU PHVVDJH +DQGRXW  DQG DQ RUFV KHDG
|3OHDVHFRPHEDFNDOLWWOHODWHUSHUKDSVGXULQJWKHQLJKW7KHUH XQGHUQHDWK VRPH GLVFDUGHG VKHHWV ,WLVDWILUVWJODQFHD
LVVRPHWKLQJ,ZLVKWRJLYH\RXWKDWPD\EHRIKHOSEXW,PXVW GLDU\ RI 5DODWKLQV WKDW SURFODLPV KLV JXLOW $ )RUJHU\
ILQGLWILUVW} FKHFN '&  UHYHDOV WKDW ZKLOH LW ORRNV OLNH LW LV KLV
 KDQGZULWLQJVRPHRQHHOVHKDGDKDQGLQLW
+H IHDUV WKDW DQRWKHU DWWDFN LV LPPLQHQW DQG ZLVKHV WR  0DNLQJD7UDFNLQJFKHFN'&UHYHDOVWZRVHWVRI
ILQGKLVORVWZDQGRIFXUHOLJKWZRXQGVWRJLYHWRWKHP ERRWSULQWV%RWKDUHPHGLXPVL]HGOLJKWKXPDQRLGVHOI
 $6HDUFKFKHFN'&UHYHDOVDWLQ\VSRWRIEORRGRQWKH
0(5$}6+20( IORRU$+HDOFKHFN'&UHYHDOVLWWREHDGD\RUWZR
ROG7KHWUDFNVOHDGWRWKHGRRUEXWWKHQERWKGLVDSSHDU
6WDQGLQJDSDUWIURPDOOWKHRWKHUEXLOGLQJVLVWKHKRPHRI0HUD 7KHUH ZDV D VFXIIOH LQ WKH NLWFKHQ 0HOLD DFFLGHQWDOO\
VLVWHU WR 0UV 0HZDWK\O $ FKLOO UXQV GRZQ \RXU VSLQH DV \RX DOORZHG 5DODWKLQ WR EOHHG 6KH IRUFHG KLP WR WDON WR WKH
FRPHFORVHU GRRUNQRFNHGKLPRXWSLFNHGKLPXSXVHGKHUZDQGRI
 SDVV ZLWKRXW WUDFH FDVW LQYLVLELOLW\ IURP D VFUROO RQ ERWK RI
0HUD3D[LVDZRPDQRIP\VWHU\DQGZRQGHU6KHVSHDNV WKHPDQGFDUULHGKLPWRKLVUHVWLQJSODFH
MXVW DERYH D ZKLVSHU VRPH DLOPHQW KDYLQJ UXLQHG KHU 
YRFDOFRUGVVRPHWLPHDJR6KHLVSDOHDQGGRHVQRWJRRXW
XQOHVVLWLVWRYLVLWKHUVLVWHURUFROOHFWQHFHVVLWLHVRUVSHOO 5$/$7+,1}65(67,1*3/$&(
FRPSRQHQWVw ,WKDVEHHQDJRRGKDOIKRXUVLQFH\RXYHVWDUWHGRQWRWKHWUDLO
 RQH PLOH RI WUDYHO DZD\ IURP WKH WRZQ RI &U\VWDO 6SULQJ DQG
0HUD3D[)HPDOHKXPDQ:L]1HFURPDQFHU LQWR WKH 9DOH -XVW EH\RQG DUH IODW SODLQV ZLWK D VPDWWHULQJ RI
 WUHHVKHUHDQGWKHUH,WLVWKRVHWUHHVWKDW\RXGLVFRYHUDQHOYHQ
,IWKHKHURHVNQRFNRQWKHGRRUUHDGWKHIROORZLQJ PDQOD\LQJDJDLQVWDVWRQH+HLVGHFNHGLQDVXLWRIUHGRUDQJH
7KHNQRFNUHVRXQGVORXGO\DFOXHWKDWQRWPXFKOLHVLQVLGHWKLV DQG\HOORZOHDYHVDQGEHVLGHKLPLVDORQJVZRUGDQGORQJERZ
GRRU $ IHZ VHFRQGV ODWHU IRRWVWHSV TXLHWO\ FUHHS XS WR WKH GRRU +LV ORQJ EURZQ KDLU LV SODVWHUHG WR KLV VZHDW\ IDFH FRYHULQJ D
DQGWZRYHU\EODFNH\HVJD]HDW\RXWKRXJKDFUDFNLQWKHGRRU GHHSVFUDWFKRYHUKLVFKHHN$SLHFHRISDUFKPHQWOLHVDWKLVVLGH
$WWDFKHGWRWKHVHH\HVLVDSDOHIDFHRIDYHU\WKLQDQGKDJJDUG 7KH PDQ GRHV QRW VHHP WR QRWLFH \RX WRR RFFXSLHG ZLWK KLV
ZRPDQ ZLWK ORQJ EODFN KDLU 6KH KROGV KHU JD]H ZDLWLQJ IRU VKDOORZSDLQHGEUHDWKV
\RXWRH[SODLQ\RXUSUHVHQFH 
 7KLV LV 5DODWKLQ 1DVLOLD +H KDV EHHQ SRLVRQHG ZLWK WKH
,IWKHKHURHVZLVKWRVSHDNRIWKH0HZDWK\OVVKHVSHDNV VDVVRQH OHDI UHVLGXH FRQFRFWLRQ KLV &RQVWLWXWLRQ DQGKLW
+RZHYHURWKHUWDONVLPSO\JHWVDVKDNHRIWKHKHDGDVLI SRLQWVWDNLQJDODUJHKLW
VKH GRHV QRW XQGHUVWDQG $Q\ WDON RI WKH 0HZDWK\OV 
EULQJVWKHIROORZLQJLQIRUPDWLRQ
 
|0\ VLVWHU DQG KHU KXVEDQG DQG WKHLU FKLOGUHQ DQG WKHLU
FKLOGUHQV FKLOGUHQ DUH DOO LQQRFHQW} +HU WKLQ YRLFH LV EDUHO\
DERYH D ZKLVSHU |,W ZDV WKH ODG\ .QLJKW ZKR GLG WKH GHHG RI
GHDWK WKDW GD\/HWWKHLUVRXOVUHVWLQHWHUQDOSHDFH}$QGZLWK
WKDWVKHVKXWVWKHGRRUORXGO\
$IWHU WKLV H[FKDQJH DQ\ RWKHU DWWHPSWV WR JHW 0HUD RXW
UHVXOWLQIDLOXUH
 DQGWHOOVWKHPWRKLGHKLPRIILQDQRWKHUWUHH+LVIHOORZ
7+(*(1<'$/5(6,'(1&(
7KH *HQ\GDO KRPH LV D VPDOO FDELQ ILW IRU WKH WDOOHVW RI HOYHV
2XWVLGHWKHSODFHLVFRPIRUWLQJ)ORZHUVDUHVSULQJLQJIURPWKH
JURXQGZDLWLQJIRUWKHULJKWWLPHWREORRP7KHJUDVVLVJUHHQ
KHUHDQGZHOOWHQGHG7KHGRRULVRSHQDVLIWRZHOFRPH\RXLQ
 8SRQHQWHULQJKRZHYHU\RXVHHWKDWSHUKDSVDOOLVQRWZHOO
DVLWILUVWVHHPHG0XGGLHGERRWVVFXIIOHWKHZRRGHQNLWFKHQIORRU
V
DQGH[LWWKHKRPHDVLILQDKXUU\7KHLQWHULRURIWKHKRPHDV
(\HVLQWKH'DUN
5DODWKLQ1DVLOLD0DOHKLJKHOIPDOH)WU&RQKS
6KRXOGWKHKHURHVDSSURDFKZLWKLQILYHIHHW

|2KWKDQN(KORQQD}KHEUHDWKHVKLVYRLFHUDVS\DQGVWUDLQHG
|3OHDVHwWDNHWKLVQRWHwEHIRUHWKH\VHH\RX}

+H LV WRR ZHDNHQHG WR DQVZHU DQ\ PRUH TXHVWLRQV
6KRXOG WKH KHURHV KHDO KLP VRPHKRZ KH WKDQNV WKHP
.QLJKWVDUHVXUHWRILQGKLPLIKHLVKLGGHQ
 7KH QRWH KH LV VSHDNLQJ RI LV KLV FROOHFWHG WKRXJKWV
DQG ILQGLQJV RQ WKH ZKROH RUGHDO VRPHWKLQJ 0HOLD GLG
QRWFDWFK6LQFHEHLQJSRLVRQHGKHKDVILQLVKHGWKHQRWH
WKRXJKLWZDVYHU\SDLQIXOIRUKLP
 5DODWKLQ SDVVHV DZD\ LI WKH KHURHV KDYH QRW IRXQG
KLP E\ ILUVW OLJKW KLV KDQG VWLOO FOXWFKLQJ WKH QRWH 7KH
KHURHV PD\ GR ZLWK KLP DV WKH\ ZLVK EXW D .QLJKW
EXULDOLVGHILQLWHO\LQRUGHUKLVDUPRUJRHVZLWKKLP$Q\
 3DJH
KHURHV DWWHPSWLQJ D VSHDN ZLWK GHDG JDLQ DV PXFK |$VFDUHGOLWWOHPDQ,VXVSHFWKLVFDUDYDQZDVDWWDFNHGDQGDOO
LQIRUPDWLRQDVKHNQRZVZKLFKLVDJRRGGHDO
 
7UHDVXUH 6KRXOG WKH FKDUDFWHUV PDQDJH WR ILQG 5DODWKLQ
EHIRUH KH GLHV DQG FXUH KLP DV ZHOO KH JLYHV WKH JURXS
KLV$XWXPQ6W\OH/HDI$UPRULQJUDWLWXGH
 N :KRLV|&DW}"
 |,wGRQWNQRZ}
(1&2817(5*22'1,*+7
6:((70(/,$
:KHQ\RXDVWKH'0IHHOWKDWQLJKWLVDSSURSULDWHKHDG
WR WKLV HQFRXQWHU ,W LV PRVW FRQYHQLHQW DIWHU ILQGLQJ
5DODWKLQVERG\7KHPRERISHRSOHLVVRPHZKHUHZKHUH
WKHKHURHVDUHQRW

'DUNQHVVKDVIDOOHQRYHUWKHWRZQRI&U\VWDO6SULQJ\HWILUHVDUH
EXUQLQJIURPWRUFKHVKHOGE\PDQ\RIWKHWRZQVIRON6SHDNLQJWR
WKHP LV D VKRUW KLJK HOI ZLWK VKRUW GDUN KDLU ZHDULQJ ZKDW
DSSHDUVWREH.QLJKWRIWKH+LJK)RUHVWUHJDOLD7KHSHRSOHDUH
GURZQLQJKHUZRUGV6KHZDYHVKHUKDQGWRVLOHQFHWKHP
 |*RRG SHRSOH RI &U\VWDO 6SULQJ , KDYH IRXQG \RXU
PXUGHUHU 5DODWKLQ 1DVLOLD QRW WKH EHDVW RI \RXU WRZQ KDV
NLOOHG WKH 0HZDWK\O IDPLO\} 7KH WRZQVIRON EXUVW RXW LQ UDJH
ZDYLQJ WKHLUWRUFKHVKDSKD]DUGO\|,YHIRXQGHYLGHQFHDJDLQVW
KLPWKDWPRUHWKDQSURYHVKLVJXLOW+HLVQRWD.QLJKWDWDOO
EXWRQHZKRKLGHVKLVWUHDFKHU\EHKLQGWKHLUJRRGQDPH:KHUH
LVKH":KHUHLVWKHPXUGHUHU"}
 |+HVQRWKHUH}
 |/HWVILQGKLPDQGJXWKLP}
 :LWKRXW DQRWKHU ZRUG WKH\ GLVSHUVH VSOLWWLQJ XS LQWR
RIWKHSHRSOHNLOOHGE\WKHJREOLQRLGVRIWKH9HVYH}
N $UH\RXDWUXH.QLJKWRIWKH+LJK)RUHVW"
6KHUDLVHVDQH\HEURZ|:KDWPDNHV\RXWKLQN,DPQRW"}


N :KDWFDQ\RXWHOOXVRI6DULQGLQDVSORW"
|6DULQGLQD"2K\HVKHU0\VLVWHU}6KHSDXVHVIRUDPRPHQW
KHUIDFHGHYRLGRIDQ\HPRWLRQ|6KHZDVDGHDOHURILQIRUPDWLRQ
IRU WZR ULYDO RUJDQL]DWLRQV RQH ZKLFK KDSSHQHG WR EH WKH
6KDGRZFODZ ,W VHHPV WKH 6KDGRZFODZ GLGQW DSSUHFLDWH KHU
FRQWLQXRXVO\VZLWFKLQJVLGHVDQGNLOOHGKHURII}

N :KDWGR\RXNQRZRIWKHFDUDYDQDWWDFN"
|1RWKLQJ:KDWDUH\RXWDONLQJDERXW"}

N :KDWGR\RXNQRZRI5DODWKLQ"
|/LNHHYHU\RQH,NQRZKHLVDWUDLWRUWRKLVNLQG+HVHWXSWKLV
EHDVW SORW DQG NLOOHG WKH IDPLO\ 6FXP OLNH WKDW VKRXOG EH
SXQLVKHGVHYHUHO\}

N :KDWPDJLFGR\RXKDYHRQ\RX"
6KHORRNVFRQIXVHG|1RQH$JDLQ\RXDUHQWPDNLQJDQ\VHQVH}

,I WKH KHURHV FRQIURQW KHU ZLWK HYLGHQFH VKH EDFNV RII
FODLPLQJ KHU LQQRFHQFH 0HOLD DVVHUWV WKDW VKH KDG
QRWKLQJ WR GR ZLWK LW DQG HYHQ VXJJHVWV WKDW SHUKDSV
5DODWKLQ FKDUPHG KHU $ VXJJHVWLRQ WKDW .DYHQ ZRXOG
VHYHUDOJURXSVIRUWKHVXUURXQGLQJDUHD0HOLDVWDQGVDORQHKHU YHU\PXFKQRWOLNHKHUWRVSHZRXW
IDFHIUR]HQLQDORRNRIDQJHU  ,I WKH KHURHV DWWDFN VKH DWWDFNV EDFN IRU D IHZ
 URXQGV
,I WKH KHURHV DSSURDFK 0HOLD WKH KHURHV ZLWK DQ 
,QWHOOLJHQFH RI  FDQ PDNH DQ ,QWHOOLJHQFH RU 6FU\LQJ $3/(/
FKHFN DW '&  7KRVH ZKR PDNH LW NQRZ WKDW WKH\ DUH 0HOLD)HPDOHKLJKHOI5RJ5JUKSVHH$SSHQGL[
EHLQJVSLHGRQ$VDOZD\V.DYHQZDWFKHVKLVQHZSHWWR ,
JLYHRUGHUVDQGPDNHVVXUHVKHGRHVWKLQJVULJKW 
 &DVWLQJGHWHFWPDJLFQRWRQO\UHYHDOVKHUPDJLFLWHPV
EXWKHUVHOIDVPDJLFDO7KHVSHOORQKHULVGRPLQDWHSHUVRQ
$3/(/
FDVWDWWKOHYHOVWURQJDXUD(QFKDQWPHQW6KRXOGDKHUR 0HOLD)HPDOHKLJKHOI5RJ5JUKSVHH$SSHQGL[
GLVSHOWKHVSHOOUHIHUWRWKHQH[WHQFRXQWHU ,
 
,IWKH\DSSURDFK0HOLDFRQWLQXH $3/(/
|*UHHWLQJV KHURHV RI +LJKIRON} 0HOLDV DQJHU IDGHV LQWR 0HOLD)HPDOHKLJKHOI5RJ5JUKSVHH$SSHQGL[
REVFXULW\|,VWKHUHVRPHWKLQJ\RXYHIRXQG"} ,
 
+HURHV QRZ KDYH D ORDG RI RSWLRQV KHUH 7KH\ FDQ $IWHU WKH IHZ URXQGV RI WKH EDWWOH RU VRPH TXHVWLRQV
FRQIURQWKHUJXLOWMRLQKHULQWKH.QLJKWKXQWDWWDFNKHU FRQWLQXHZLWKWKHPREVUHWXUQLQ(QFRXQWHU
RU TXHVWLRQ KHU 4XHVWLRQV FDQ EH IRXQG EHORZ ,I WKH\ 
DWWDFNVKHILJKWVWKHP,IWKH\EHOLHYHLQ5DODWKLQVJXLOW 
WKH\FDQILQGKLPDWKLVUHVWLQJSODFHVWLOOEDUHO\DOLYH
 (1&2817(56783,'
N :KRDUH\RX"
|,DP0HOLDD.QLJKWRIWKH+LJK)RUHVW$QG\RXDUH"}
*2%/,1
 7KHRQFHTXLHWWRZQDJDLQHPLWVLQWRDUXFNXV,WVHHPVWKDWWKH
N :KDWGR\RXNQRZDERXW'ORE\%LOH" PREKDVUHWXUQHG|:HDLQWILQGLQDQ\5DODWKLQ}
 |%HVWZHMXVWWXUQz|

(\HVLQWKH'DUN  3DJH
 7KHPDQVVXJJHVWLRQLVLQWHUUXSWHGZLWKDEORRGFXUGOLQJ |$ZLVHDQGLPSRUWDQWPDVWHU+HOHDGVXVWRYLFWRU\DJDLQVWWKH
VFUHDPIURPWKHGLUHFWLRQRIWKH/LO\,QQ VLOO\ HOILHV +HV DQ HOI\ KLPVHOI 'RQW NQRZ KLV QDPH .LQGD
 LPSRUWDQWEXWQRWDVLPSRUWDQWDVZKDWVKLVQDPH}
7KH SHRSOH UXVK RYHU WR VHH ZKDWV WKH PDWWHU 0HOLD LI 
VWLOO DOLYH PDNHV WKLV KHU DWWHPSW WR UXQ RU VQHDN DZD\ N :KRLVWKHPLVWUHVV"
6KH RQO\ GRHV WKLV LI WKH KHURHV IRUJHW DERXW KHU LI WKH\ |7KH PLVWUHVV 0HOLD 6KH OHDGV P\ EDQG R IHDUOHVV RQH 6KH
UHPHPEHU VKH SUHWHQGV WR WDNH LQWHUHVW LQ WKLV DV ZHOO GLGQW ZDQW WRDWILUVWEXWPDVWHUXVHGKLVPXPERMXPERDQG
DQGIROORZV
SRRI
VKHOLNHVKLP3RZHUIXOVWXII
KLF
}
 
,IWKHKHURHVUXQWRWKH,QQFRQWLQXH N :KDWGLGWKH\GR"
%HIRUH \RX LV D PRVW SHFXOLDU VLJKW $ JREOLQ REOLYLRXV WR WKH |)RROHG\RXDOO0HOLDQRWGRWKLVRQSXUSRVH0DVWHUWULFNHGKHU
FURZGDURXQGKLPKROGVLQKLVJULP\KDQGDPXJRIDOH7KH +$+$+$1RZVKHOHDGXVWRDWWDFNKHUHWRPRUURZ4XLEEOH
DOHVSLOOVRYHUDVKHGDQFHVDGUXQNHQMLJDQGVLQJV QHHGHGGULQNEHIRUHDWWDFN%LWWKLUVW\}
  
 |7KHPDVWHUVDWULFNVWHU N :KHUHLV\RXUEDQG"
 ZKRFDXJKWKLVOLOPLVWUHVV |7ZR PLOHV KLGGHQ LQ FRYH RI WUHHV /RQJ ZDON EXW ZRUWK LW
 7KURXJKVSHOODQGZRUGV :DQWWRJRWKHUH"/RWVRIXV2QHwWZRIRXUwILIW\RIXV}
 KHPDGHKHUKLV 
 DQGIRROHGWKHIRROV
 /DXJKZLWKPHQRZ\RXLGLRWV N :KRLVLQ\RXUEDQG"
 <RXYHEHHQKDG |2UFV *REOLQV +REJREOLQV *QROOV 2WKHU VWXII /RWV RI RWKHU
 +$+$+$+$} VWXII3UREDEO\EHVW\RXQRWJR<RXJHWNLOOHGHDV\}
+H IDOOVRYHUXQFRQVFLRXVKLVGDQFHDQGVRQJWRRPXFKIRUKLV 
VZHOOLQJEHOO\ ',63(//,1*0(/,$}6'20,1$7,21
 'LVSHOOLQJ 0HOLDV GRPLQDWLRQ LV QRW DQ HDV\ WDVN
,IWKHFKDUPHG0HOLDLVZLWKWKHKHURHVVKHWULHVWRNLOO
WKH JREOLQ DQG WKHQ WKH KHURHV 7KH GUXQNHQ JREOLQ KDV
VDLG WRR PXFK DQG PD\ UHYHDO ZKHUH .DYHQV EDQG LV
ORFDWHG +H QR ORQJHU FDUHV IRU 0HOLDV SOR\V DIWHU WKDW
DQGDWWHPSWVWRJHWKHUNLOOHGE\WKHKHURHV
 7KHWRZQVIRONFDQDVVXUHWKHKHURHVWKDWQRWKLQJKDV
KDSSHQHGLQ/LO\,QQ7KHJREOLQZDQGHUHGLQGHPDQGHG
GULQN JRW LW DQG VWDUWHG VLQJLQJ KLV YHUVH RYHU DQG RYHU
DJDLQ 7KH\ DUH GXPEIRXQGHG DQG NHHS DZD\ IURP DQ\
ILJKWVZLWK0HOLDRUWKHJREOLQ
 VHUYLFHV DQG UHWXUQ WR KLP VR WKDW KH FRXOG UHFDVW WKH
HVSHFLDOO\IRUDORZHUOHYHOSDUW\6RQZHUFDQDWWHPSWKLV
RZQGLVSHOPDJLFDWWKOHYHO
 ,I0HOLDVGRPLQDWLRQLVGLVSHOOHGVKHUHPHPEHUVWKH
IROORZLQJWKLQJVZKLFKVKHWHOOVWKHJURXS6KHKDGEHHQ
JXDUGLQJ D FDUDYDQ GXULQJ D VKLSPHQW IURP +LJKIRON WR
9HUEHHJ +LOO EXW LW ZDV ZD\ODLG E\ D ODUJH JURXS RI
JREOLQRLGV DQG D ZRRG HOYHQ PDQ +H FDSWXUHG KHU DQG
NLOOHGRIIPRVWRIWKHFDUDYDQOHDYLQJ'ORE\WRUXQRIIWR
&U\VWDO 6SULQJ ,Q WKH FRPLQJ ZHHNV KH GRPLQDWHG KHU
DQG XVHG KHU DV D PLQLRQ )RU D ZHHN VKH ZRXOG GR KLV
$//$3/6(/ VSHOOZKLOHVKHZDVVWLOOZLOOLQJ7KHVHUYLFHVZHUHPLQRU
4XLEEOHWKH*REOLQKSVHH0RQVWHU0DQXDOSDJH VWHDOLQJNLOOLQJWUDLWRUVWRWKHFDXVHHWF,QWKHPHDQWLPH
  KHJDYHKHUDXQLWWRFRPPDQG7KH\ZRXOGEHLQYDGLQJ
RQHRIWKH9DOHVWRZQVDORQJZLWKRWKHUJREOLQRLGIRUFHV
48(67,21,1*0(/,$ .DYHQ DV KH ZDV FDOOHG WKRXJKW LW ZRXOG EH IXQ WR
,I FDSWXUHG D FKDUPHG 0HOLD VWLOO LV DQ DQJU\ 0HOLD WRUWXUH WKH SRRU VXUYLYRU RI WKH FDUDYDQ ZKR KDG PDGH
.DYHQ KDV RUGHUHG KHU WR NLOO WKH KHURHV DQG WKH KLVZD\LQWR&U\VWDO6SULQJ+HKDG0HOLDSOD\WKHSDUWRI
ZRUWKOHVV JREOLQ 6KH DQVZHUV QR TXHVWLRQV LQVWHDG VDYLRU WR WKH WRZQ NLOOLQJ RII WKH |ZRUJ} WKDW ZDV
VSLWWLQJ LQ WKH KHURHV IDFHV RU DW WKHLU IHHW GHPDQGLQJ KDXQWLQJWKHPZKLOHDOOWKHZKLOHVKHZDVJRLQJWROHDG
VKHEHOHWJR KHU XQLW LQWR WKH WRWDO GHVWUXFWLRQ RI WKH WRZQ 5DODWKLQ
 XQIRUWXQDWHO\ IRU KLP FDXJKW RQ WR WKLV UXVH DQGLWZDV
48(67,21,1*7+(*2%/,1 0HOLDV MRE WR GLVSRVH RI KLP 6KH SODQWHG HYLGHQFH
DJDLQVWKLPDQGGUDJJHGKLPRIIWRGLHDPLOHDZD\XVLQJ
:KHQ WKH JREOLQ ZDNHV XS KH FDQ EH DVNHG PDQ\ DZDQGRISDVVZLWKRXWWUDFHWRFRYHUKHUWUDFNV%HFDXVHWKH
TXHVWLRQV ZKLFK KH JODGO\ DQVZHUV IRU KH LV GUXQN DQG KHURHV ZHUH LQ WKH WRZQ VKH FRQWLQXHG WKH UXVH E\
GRHVQRWNQRZZKDWKHVD\V DFFXVLQJ 5DODWKLQ RI WKH PXUGHU .DYHQ KLPVHOI LV
 QRZKHUHQHDUWKHKHURHV+HKDVPDGHVXUHWRHUDVHDQ\
N :KRDUH\RX" SDUWRIKHUPHPRU\RIKLVORFDWLRQ
|1RW LPSRUWDQW HQRXJK WR KDYH D QDPH \HW <RX FDQ FDOO PH 
~4XLEEOHWKRXJK} 6KHDGGV
 |,ZRXOGQHYHUKDUPDQ\RQHRQSXUSRVHXQOHVVLWZDVDPLQLRQ
N :KRLVWKHPDVWHU" RI,X]8QIRUWXQDWHO\,EHFDPHRQHXQZLWWLQJO\,DPVRUU\IRU
WKHWURXEOH,FDXVHGDQGIRUWKHIDPLO\}6KHKDQJVKHUKHDGLQ
VKDPH

(\HVLQWKH'DUN  3DJH
  *REOLQVKSHDFKVHH0RQVWHU0DQXDOSDJH 
,I WKH KHURHV VSHDN RI 5DODWKLQV VDIHW\ VKH LV KDSS\  3RVVHVVLRQV VWXGGHG OHDWKHU DUPRU PRUQLQJVWDU 
6RPH.QLJKWVZLOOVXUHO\ILQGKLP MDYHOLQV
 
(1&2817(5:+,&+:$< $3/(/
9HWRKU 0DOH EXJEHDU)WU5RJKSVHH$SSHQGL[
'2:(*2" ,

1RZ KHURHV KDYH VRPH WKLQNLQJ WR GR 7KH\ FDQ HLWKHU
WHOO WKH WRZQVIRON WR HYDFXDWH IRUWLI\ WKH WRZQ IRU WKH 0H[[ DQG 9H[[ 0DOH KREJREOLQ )WU KS  VHH
DWWDFNRUWDNHWKHDWWDFNWRWKHJREOLQRLGV $SSHQGL[,
 
*REOLQVKSHDFKVHH0RQVWHU0DQXDOSDJH 
(9$&8$7,21  3RVVHVVLRQV VWXGGHG OHDWKHU DUPRU PRUQLQJVWDU 
:KLOHWKHWRZQVSHRSOHORYHWKHLUWRZQWKH\QRZUHDOL]H MDYHOLQV
WKDW OHDYLQJ LW PD\ EH WKH EHVW SRVVLEOH DQVZHU 7KH\ GR 
QRWZDQWWRJHWVODXJKWHUHGE\PHUFLOHVVRUFVDQGJREOLQV $3/(/
7KHHYDFXDWLRQJRHVVPRRWKO\DIHZRIWKHSHRSOHFU\LQJ 9HWRKU 0DOH EXJEHDU)WU5RJKSVHH$SSHQGL[
RYHUWKHKRPHVWKDWWKH\YHOHIW*RRQWRWKH&RQFOXVLRQ ,
 
)257,)<,1*7+(72:1 0H[[ DQG 9H[[ 0DOH KREJREOLQ )WU KS  VHH
+HURHV PD\ GHFLGH LW LV EHVW WR IRUWLI\ WKH WRZQ ,Q WKLV $SSHQGL[,
FDVHWKHWRZQVIRONKDYHWKHIROORZLQJRQKDQG 
N EDJVRIFDOWURSV *REOLQ %URWKHUV )RXU 0DOH JREOLQ 5RJ KS  VHH
N HPSW\EDUUHOVLIUHVWDUHHPSWLHG $SSHQGL[,

N JUDSSOLQJKRRNV
N IODVNVRIRLO 48(67,21,1*&$37,9(6
N KHPSURSHV 8QIRUWXQDWHO\ IRU WKH KHURHV WKH IRHV RQO\ NQRZ WKDW
N VLONURSHV WKH\ZHUHVXSSRVHGWRGHVWUR\DQ\DQGDQ\WKLQJWKDWZDV
LQ WKH VPDOO YLOODJH ,I WKHLU EDWWOH OHDGHU 0HOLD ZDV
N 0DQ\PDQ\WRUFKHVDQGIOLQWV FDXJKW WKH\ ZHUH WR FRQWLQXH ZLWK WKH UDPSDJH DV
N 0RUHLWHPVLIQHHGHG VFKHGXOHG
  $IWHUWKHEDWWOHLVRYHUJRWRWKH&RQFOXVLRQ
7KH JURXQG LV FRPSOHWHO\ IODW 7KHUH DUH PDQ\ WUHHV 
DURXQGWKDWWKHIRONFDQFXWGRZQWRXVHIRUSLNHV
 7KHUH DUH QR RWKHU FRRSHUDWLYH VSHOO FDVWHUV EHVLGHV +($',1*7+(02))$77+(3$66
6RQZHU0HUDGRHVQRWKHOS 7KHYLOODJHUVDOOVWDUHLQVLOHQFHDV\RXJRWRPHHWWKHDWWDFNHUV
 EHIRUHWKH\DWWDFNWKHYLOODJH6RPHVD\\RXDUHFUD]\RWKHUVFDOO
'XULQJ\RXUSODQV6RQZHUTXLHWO\VOLSVXSWR\RX|+HUH7KLVLV \RXEUDYH%HIRUH\RXOHIW6RQZHUUXVKHGXSWR\RXDQGKDQGHG
WKHEHVW,FDQGRIRUQRZ}+HKDQGV\RXDZDQGPDGHRIZRRG \RXDZRRGHQZDQG|)RUJRRGOXFN8VHLWLI\RXQHHGKHDOLQJ
|7RFXUH\RXUVHOYHVLQFDVH\RXQHHGLW} ,PVXUH\RXOOQHHGLW}7KDWZDVDQKRXURUVRDJRDQG\RXDUH
:KHQ WKH KHURHV DUH ILQDOO\ GRQH IRUWLI\LQJ WKH WRZQ VXUHWKDWWKHWUHHVDKHDGDUHWKHRQHV\RXDUHORRNLQJIRU
FRQWLQXH  %HIRUH \RX DUH D ODUJH HQFDPSPHQW RI EXJEHDUV JREOLQV
,WKDVEHHQDURXJKGD\EXWQRZWKHDQWLFLSDWLRQLVILQDOO\RYHU DQG KREJREOLQV 6RPH DUH VOHHSLQJ RWKHUV VWDQGLQJ JXDUG DQG
)URPWKHGLVWDQFH\RXFDQKHDUVKRXWVFRPLQJIURPDOODURXQG GRLQJDSRRUMRERILW<RXWKLQN\RXFDWFKVRPHWKLQJRXWRIWKH
\RX7KHJREOLQRLGIRUFHVDUHFRPLQJWRDWWDFN FRUQHU RI \RXU H\H DQG \RX QRWLFH VHYHUDO HOYHQ DQG KDOIHOYHQ
 %XWZDLW:KDWVWKLV"6RPHHOYHVDQGKDOIHOYHVZHDULQJ ZDUULRUV VWDULQJ KDUGO\ LQ WKHLU IRHV GLUHFWLRQ 7KH .QLJKWV RI
EURZQVDQGJUHHQVVWDQGLQEHWZHHQWKHPDQGWKHLUJRDO0DQ\ WKH+LJK)RUHVWDUHKHUHDVZHOO:LWKRXWZDUQLQJWKH\OHDSWR
JREOLQRLGVIDOOWRWKHLUDGYDQFHVEXWVHYHQVWLOODSSURDFKw DWWDFN6HYHQRIWKHIRHVDUHVWLOOOHIWXQHQJDJHGw
 
$3/(/ 7KH HQFDPSPHQW LV  IW E\IW7KHUHDUHQRWHQWV
9HWRKU 0DOH EXJEHDU)WU5RJKSVHH$SSHQGL[ DQGWKHIRUFHVDUHVFDWWHUHGDERXW
, 
 $3/(/
+REJREOLQV  KS  HDFK VHH 0RQVWHU 0DQXDO SDJH 9HWRKU 0DOH EXJEHDU)WU5RJKSVHH$SSHQGL[
 ,
 3RVVHVVLRQV VWXGGHG OHDWKHU DUPRU VPDOO ZRRGHQ 
VKLHOGORQJVZRUGMDYHOLQV +REJREOLQV  KS  HDFK VHH 0RQVWHU 0DQXDO SDJH
 

(\HVLQWKH'DUN  3DJH
 3RVVHVVLRQV VWXGGHG OHDWKHU DUPRU VPDOO ZRRGHQ 68&&(66)8/6$9,1*2)7+(72:1
VKLHOGORQJVZRUGMDYHOLQV
 :KHQ\RXIRXJKWEDFNWKHHQHP\ZLWKWKH.QLJKWVRIWKH+LJK
)RUHVWDQGZRQWKHWRZQKDGQHZVDYLRUV7KH\KDSSLO\FODSSHG
*REOLQVKSHDFKVHH0RQVWHU0DQXDOSDJH 
\RX RQ \RXU EDFNV DQG JDYH \RX IUHH IRRG DQG GULQNV (YHQ
 3RVVHVVLRQV VWXGGHG OHDWKHU DUPRU PRUQLQJVWDU 
&HOHPDQWKHZDVVPLOLQJ7KH.QLJKWVWKDWKHOSHG\RXLQ\RXU
MDYHOLQV
WDVN VLPSO\ QRGGHG WKHLU DSSURYDO DQG ZHUH RII WR GHIHQG

DQRWKHUWRZQ
$3/(/  %DFNLQ+LJKIRON3D[DQDKDVFDOOHGDPHHWLQJZLWK\RX
9HWRKU 0DOH EXJEHDU)WU5RJKSVHH$SSHQGL[ 6KHWRRLVVPLOLQJEURDGO\EXWRQO\DV\RXWHOO\RXUKHURLFGHHGV
, $IWHUZDUGV VKH IURZQV D OLWWOH DQG WXUQV WR WKH ODUJH PDS RI
 +LJKIRON |,P JODG , FDQ UHO\ RQ SHRSOH OLNH \RX 7KH 7RZQ
0H[[ DQG 9H[[ 0DOH KREJREOLQ )WU KS  VHH &RXQFLO LV DOVR JODG , MXVW KRSH ZH DUH PRVW VXFFHVVIXO LQ WKH
$SSHQGL[, WLPHWRFRPH*RRGZRUNP\IULHQGV,OOFDOOXSRQ\RXDJDLQ}
 6KHVKDNHVHDFKRI\RXUKDQGVDQG\RXDUHGLVPLVVHG
*REOLQVKSHDFKVHH0RQVWHU0DQXDOSDJH  
 3RVVHVVLRQV VWXGGHG OHDWKHU DUPRU PRUQLQJVWDU  8168&&(66)8/6$9,1*2)7+(72:1
MDYHOLQV
,W ZDV D ORQJ DQG KDUG EDWWOH EXW WKH RGGV ZHUH WRR PXFK

DJDLQVW \RX 7KH .QLJKWV PDQDJHG WR NHHS EDFN PRVW RI
$3/(/ DWWDFNHUV DQG PRVW RI WKH WRZQVIRON IOHG EHIRUH D IHZ RI WKHP
9HWRKU 0DOH EXJEHDU)WU5RJKSVHH$SSHQGL[ ZHUHVODXJKWHUHG
,  $ZHHNODWHU3D[DQDFDOOV\RXLQWRKHURIILFH6KHORRNVD
 ELWXSVHWKHUFKHHNVWDLQHGZLWKDVLQJOHWHDU|,DPQRWDQJU\
0H[[ DQG 9H[[ 0DOH KREJREOLQ )WU KS  VHH ZLWK \RX MXVW D OLWWOH XSVHW} VKH H[SODLQV |, ZLVK WKLQJV
$SSHQGL[, ZRXOGYH JRQH EHWWHU ,I WKH RGGV DUH DJDLQVW \RX SOHDVH EH
 UHPLQGHGWKDWLWLVEHVWWRJHWRXWZKLOH\RXFDQ7KHVXUYLYRUVRI
*REOLQ %URWKHUV )RXU 0DOH JREOLQ 5RJ KS  VHH WKH EDWWOH DQG , WKDQN \RX IRU \RXU HIIRUWV} 6KH GLVPLVVHV \RX
$SSHQGL[, VD\LQJQRWKLQJPRUH
 
48(67,21,1*&$37,9(6 ,)5$/$7+,1:$66$9('$1'$//
8QIRUWXQDWHO\ IRU WKH KHURHV WKH IRHV RQO\ NQRZ WKDW *2(6:(//
WKH\ZHUHVXSSRVHGWRGHVWUR\DQ\DQGDQ\WKLQJWKDWZDV $QRWHDUULYHVIRU\RXDVNLQJ\RXWRJRWRWKH/HDSLQJ'HHU,QQ
LQ WKH VPDOO YLOODJH ,I WKHLU EDWWOH OHDGHU 0HOLD ZDV LQ +LJKIRON LQ D IHZ KRXUV 2QFH WKHUH \RX VHH D UHFRYHULQJ
FDXJKW WKH\ ZHUH WR FRQWLQXH ZLWK WKH UDPSDJH DV 5DODWKLQ VLWWLQJ DW WKH WDEOH ZDLWLQJ IRU \RX +H PRWLRQV \RX
VFKHGXOHG RYHU |, ZRXOG OLNH WR WKDQN \RX IRU VDYLQJ P\ OLIH
 $IWHUWKHEDWWOHLVRYHUJRWRWKH&RQFOXVLRQ 8QIRUWXQDWHO\,DPXQDEOHWRMRLQXSZLWKWKH.QLJKWVRIWKH
 +LJK)RUHVWDJDLQIRUDORQJORQJWLPH3HUKDSVLWLVIRUWKHEHVW
 , ZRXOG OLNH \RX WR KDYH WKLV} +H SXVKHV D ZUDSSHG SDUFHO
WRZDUGV \RX |,W LV P\ OHDI DUPRU , ZLOO QRW EH QHHGLQJ LW IRU
&21&/86,21 DZKLOH}+HVPLOHVDOPRVWELWWHUO\|$QGWKDQN\RX}
7KHFRQFOXVLRQVDUHEDVHGRQKRZWKHKHURHVKDQGOHGWKH 
IRHV ZKDW KDSSHQHG ZLWK 5DODWKLQ DQG 0HOLD DQG LIWKH +H GRHV QRW H[SODLQ WKDW KLV IDLWK LQ KLPVHOI DW EHLQJ D
WRZQLVVDIHRUQRW JRRGNQLJKWKDVEHHQVKDWWHUHGQRUJLYHVDQ\H[SODQDWLRQ
 UDWKHUWKDQKHQHHGVDZHOOGHVHUYLQJEUHDN
(9$&8$7,21&21&/86,21 
7KH HYDFXDWLRQ RI &U\VWDO 6SULQJ ZDV D ELJ VXFFHVV DQG WKH
PDMRULW\ RI WKH WRZQ KDV VHWWOHG LQWR WKHLU QHZ KRPHV LQ
+LJKIRON $ ZHHN ODWHU 3D[DQD FDOOV \RX LQWR KHU RIILFHV RQFH
DJDLQ6KHLVQHLWKHUSOHDVHGQRUDQJU\ZLWK\RX
 |7KHSHRSOHRI&U\VWDO6SULQJZLVKWRWKDQN\RXIRUVDYLQJ
WKHLU OLYHV 5HFRQQDLVVDQFH WHOOV PH WKDW WKH WRZQ LV QRZ D
VPROGHULQJSLOHRIDVK}6KHVLJKVDQGWXUQVDZD\|$WOHDVWWKH\
ZHUHVDYHG,WKDQN\RXDVZHOO}3D[DQDGLVPLVVHV\RX
 +LJKIRONLVVWLOOLQDUXFNXV,I&U\VWDO6SULQJLVJRQHZKRV
WRVD\ZKDWZLOOKDSSHQQH[W"2QO\WLPHVKDOOWHOO
 KDQGV\RXDSDFNDJH|7KLVLVWKHFLUFOHWWKDW.DYHQVWROHIRUPH
(\HVLQWKH'DUN
0(/,$/,9(6$3/6 21/<
3XOO WKH KHUR ZLWK WKH KLJKHVW &KDULVPD DVLGH DQG UHDG
WKHIROORZLQJ
$IWHU WKH GD\V RI &U\VWDO 6SULQJ \RX KDYH WKH VWUDQJH IHHOLQJ
WKDW\RXDUHEHLQJIROORZHG)LQDOO\\RXUHDOL]HWKDW\RXDUHEXW
QRWE\DVWUDQJHU'UHVVHGLQDORQJEODFNFORDNLV0HOLDDQGVKH
PRWLRQV\RXDVLGH
 |, DP RQ DTXHVWWRDWRQHP\VHOI,VKRXOGQWKDYHOHWP\
JXDUGGRZQOHWP\IULHQGVGRZQ,NLOOHGSHRSOH(YHQWKRXJK,
KDGQRFRQWURORYHUP\DFWLRQV,NLOOHGWKHP7KHUHIRUHw}6KH
WRXVH.HHSWKHPVKDUHWKHPZLWK\RXUIULHQGV3OHDVHMXVWJHW
WKHPRXWRIP\OLIHw}

 3DJH
$Q\FRQVROLQJRI0HOLDLVJUHDWO\DSSUHFLDWHGWKRXJKVKH  $3/ [S
KDV PDGH XS KHU PLQG WR DWRQH DQG ILQG .DYHQ WR NLOO  $3/ [S
KLP 
 0D[LPXPSRVVLEOH;3DZDUG 
0(/,$}6'($7+  $3/ [S
 $3/ [S
7KH SDWURQV RI WKH 9HVYHV 7DQNDUG UDLVH WKHLU WRDVW WR KRQRU  $3/ [S
DQRWKHUVLVWHUIDOOHQ&HOHQWKLWKHQHZKHDGEDUPLVWUHVVVD\VD 
IHZ ZRUGV DV WKH 2ZQHU KROGV 5XDQD SHWWLQJ KHU KHDG DV VKH
VREV 75($685(6800$5<
 |7ZROHIW}VD\VRQHSDWURQ
'XULQJ DQ DGYHQWXUH FKDUDFWHUV HQFRXQWHU WUHDVXUH
 |5XDQD DQG /\QH :KRV JRQQD EH QH[W , ZRQGHU} 7KH
2ZQHUVKRRWVKLPDGHDWKO\ORRNZKLFKVKXWVKLPXSTXLFNO\ XVXDOO\ ILQGLQJ LW LQ WKH SRVVHVVLRQ RI WKHLU IRHV (YHU\
 HQFRXQWHU WKDW IHDWXUHV WUHDVXUH KDV D |WUHDVXUH} VHFWLRQ
ZLWKLQ WKH HQFRXQWHU GHVFULSWLRQ JLYLQJ LQIRUPDWLRQ
7+((1'u125($//< DERXW WKH ORRW FRLQV DQG PDJLF LWHPV WKDW PDNH XS WKH
$QRWKHUFKDSWHURI+LJKIRONKDVILQDOO\HQGHG-XVWZKDW,6WR HQFRXQWHUVWUHDVXUHU
EHFRPH RI WKH 9DOH DQG WKH UHVW RI +LJKIRON" 0RUH KHURHV DQG  7KH ORRW WRWDO LV WKH QXPEHU RI JROG SLHFHV HDFK
GHIHQGHUVJDWKHUDVWKHXQUHVWFRQWLQXHVw FKDUDFWHU JDLQV LI WKH IRHV DUH SOXQGHUHG RI DOO WKHLU
 HDUWKO\ SRVVHVVLRQV /RRWLQJ WKH ERGLHV WDNHV DW OHDVW 
  PLQXWHSHUHYHU\HQHPLHVDQGLIWKHFKDUDFWHUVFDQQRW
WDNH WKH WLPH WR ORRW WKH ERGLHV WKH\ GR QRW JDLQ WKLV
3$66:25' JROG ,I \RX IHHO LW LV UHDVRQDEOH WKDW FKDUDFWHUV FDQ JR
$W WKH FRQFOXVLRQ RI WKLV HYHQW \RX VKRXOG JLYH DOO WKH EDFN WR ORRW WKH ERGLHV DQG WKRVH ERGLHV DUH WKHUH WKDW
SOD\HUVWKHSDVVZRUGWRWKLVVFHQDULR7HOOWKHPWRZULWHLW LV QRW FDUWHG RII E\ GXQJHRQ VFDYHQJHUV UHPRYHG IURP
RQ WKHLU DGYHQWXUH ORJV DQG LQIRUP WKHP WKDW LW ZLOO EH WKH VFHQH E\ WKH ORFDO ZDWFK DQG VR RQ FKDUDFWHUV PD\
XVHG WR XQORFN WKH DGYHQWXUH VXPPDU\ GRFXPHQW WKDW UHWXUQ WR UHWULHYH ORRW ,I WKH FKDUDFWHUV GR QRW ORRW WKH
ZLOO EH IRXQG RQ WKH +LJKIRON ZHEVLWH ERG\WKHJROGSLHFHYDOXHIRUWKHORRWLVVXEWUDFWHGIURP
ZZZKLJKIRONRHUWKFRP DSSUR[LPDWHO\ WZR PRQWKV WKHHQFRXQWHUWRWDOVJLYHQEHORZ
IURPWKHFRQFOXVLRQRIWKHSUHPLHUHRIWKLVVFHQDULR7KH  7KH FRLQ WRWDO LV WKH QXPEHU RI JROG SLHFH HDFK
SDVVZRUGIRUWKLVVFHQDULRLVPHOLDDOOORZHUFDVH FKDUDFWHU JDLQV LI WKH\ WDNH WKH FRLQ DYDLODEOH $ QRUPDO
 DGYHQWXULQJ SDUW\ FDQ XVXDOO\ JDWKHU WKLV ZHDOWK LQ D
7KH(QG URXQGRUVR,IIRUVRPHUHDVRQWKH\SDVVXSWKLVWUHDVXUH
 WKH FRLQ WRWDO LV VXEWUDFWHG IURP WKH HQFRXQWHU WRWDOV
JLYHQEHORZ
(;3(5,(1&(32,17  1H[WWKHPDJLFLWHPVDUHOLVWHG0DJLFLWHPWUHDVXUH
LV WKH KDUGHVW WR DGMXGLFDWH EHFDXVH WKH\ DUH YDULHG DQG
6800$5< EHFDXVH FKDUDFWHUV PD\ ZDQW WR XVH WKHP GXULQJ WKH
7RDZDUGH[SHULHQFHIRUWKLVDGYHQWXUHDGGXSWKHYDOXHV DGYHQWXUH 0DQ\ WLPHV FKDUDFWHUV PXVW FDVW LGHQWLI\
IRU WKH REMHFWLYHV DFFRPSOLVKHG 7KHQ DVVLJQ WKH DQDO\]H GZHRPHU RU VLPLODU VSHOO WR GHWHUPLQH ZKDW WKH
H[SHULHQFHDZDUG$ZDUGWKHWRWDOYDOXHWRHDFKFKDUDFWHU LWHP GRHV DQG KRZ WR DFWLYDWH LW 2WKHU WLPHV WKH\ PD\
 DWWHPSW WR XVH WKH LWHP EOLQGO\ ,I WKH PDJLF LWHP LV
(QFRXQWHU FRQVXPDEOH D SRWLRQ VFUROO PDJLF EROWV HWF DQG WKH
'HIHDWLQJWKHWUDS LWHP LV XVHG EHIRUH WKH HQG RI WKH DGYHQWXUH LWV WRWDO LV
 $3/ [S VXEWUDFWHGIURPWKHDGYHQWXUHWRWDOVEHORZ
 $3/ [S  2QFH \RX KDYH VXEWUDFWHG WKH YDOXH IRU XQFODLPHG
 $3/ [S WUHDVXUHV IURP HDFK HQFRXQWHU DGG LW XS DQG WKDW LV
 QXPEHU RI JROG SLHFHV D FKDUDFWHUV WRWDO DQG FRLQ YDOXH
(QFRXQWHU LQFUHDVHDWWKHHQGRIWKHDGYHQWXUH:ULWHWKHWRWDOLQWKH
'HIHDWLQJDQGRUVXFFHVVIXOO\FDSWXULQJ0HOLD  *S*DLQHGILHOGRIWKHDGYHQWXUHFHUWLILFDWH
 $3/ [S 75($685(.(<
 $3/ [S /  /RRWHG JHDU IURP HQHP\ &  &RLQ *HPV -HZHOU\
 $3/ [S DQGRWKHUYDOXDEOHV0 0DJLF,WHPV
 
(QFRXQWHU
'HIHDWLQJWKHHQHPLHV
(QFRXQWHURU&RQFOXVLRQ 
 $3/ [S ,I WKH FKDUDFWHUV NLOO 0HOLD WKH\ JHW WKH /RRW WKDW LV KHU
 $3/ [S JHDU DV ZHOO DV KHU PDJLF FLUFOHW $3/    RQO\ ,I WKH
 $3/ [S FKDUDFWHUV FDSWXUH KHU WKH\ JHW KHU FLUFOHW $3/   
 RQO\
'LVFUHWLRQDU\UROHSOD\LQJDZDUG   $3//JS&JS0

(\HVLQWKH'DUN  3DJH
 $3//JS&JS0FLUFOHWRISHUVXDVLRQYDOXH
JSSHUFKDUDFWHU
 $3//JS&JS0FLUFOHWRISHUVXDVLRQYDOXH
JSSHUFKDUDFWHU
 
(QFRXQWHU
$FFHSW WKH DLG RI WKH ZDQG RI FXUH OLJKW ZRXQGV DQG
VXFFHHGLQGHIHQGLQJWKHWRZQ/RRWLVIURPVWULSSLQJWKH
ERGLHVRIWKHGHIHDWHGJREOLQRLGV
 $3//JS&JS0ZDQGRIFXUHOLJKWZRXQGV
YDOXHJSSHUFKDUDFWHU
 $3//JS&JS0ZDQGRIFXUHOLJKWZRXQGV
YDOXHJSSHUFKDUDFWHU
 $3//JS&JS0ZDQGRIFXUHOLJKWZRXQGV
YDOXHJSSHUFKDUDFWHU

&RQFOXVLRQ
6XFFHVVIXOO\VDYLQJ5DODWKLQVOLIHWKDWFKDUDFWHULVJLILWHG
ZLWK WKH $XWXPQ 6W\OH /HDI $UPRU 7KH FKDUDFWHU PD\
HLWKHU NHHS WKH DUPRU RU VHOO LW RU FKRRVH WR VHOO LW DQG
VSOLWWKHVDOHHTXDOO\WRWKHRWKHUFKDUDFWHUV,IWKH\NHHS
WKHLWHPWKH\PD\WUDQVIHUWKHDUPRUWRWKHLUHTXLSPHQW
OLVW DQG WKHLU WRWDO YDOXH LV LQFUHDVHG E\  JS ,I WKH\
VHOOLWHDFKFKDUDFWHUJDLQVWKHIROORZLQJ
 $3/zJS

7RWDO3RVVLEOH7UHDVXUH 
 $3/JSRU
 $3/JS
 $3/JS

(QFRXQWHU
N ,QIOXHQFH 3RLQW LQ +LJKIRON 7RZQ &RXQFLO  OE 
JS
N 5HFRJQLWLRQRIWKH.QLJKWVRIWKH+LJK)RUHVWJS
 OE )RU GHIHQGLQJ &U\VWDO 6SULQJ DQG VKRZLQJ WUXH
FRXUDJHLQEDWWOH\RXKDYHUHFHLYHGUHFRJQLWLRQIRU\RXU
GHHGV*RRGWKLQJVPD\FRPHWR\RXODWHU

&RQFOXVLRQ
N $XWXPQ 6W\OH /HDI $UPRU  OE ZHLJKW  JS
(OYHQ DUWLVDQV ZHDYH VXLWV RI DUPRU IURP IRUHVW OHDYHV
ZKLFK DUH WKHQ WUHDWHG E\ D VSHFLDO DOFKHPLFDO SURFHVV
WKDW PDNHV WKHP DV WRXJK DQG IOH[LEOH DV OHDWKHU ZLWK
FRQVLGHUDEO\ OHVV ZHLJKW DQG HQFXPEUDQFH 7KLV
SDUWLFXODUDUPRULVLQWKHDXWXPQVW\OHPDGHRIEHDXWLIXO
UHG RUDQJH DQG \HOORZ OHDYHV 7KLV DUPRU FRXQWV DV
VWXGGHG OHDWKHU ZLWK WKH IROORZLQJ FKDQJHV DUFDQH VSHOO
IDLOXUH  PD[LPXP 'H[WHULW\ ERQXV RI  DUPRU
FKHFN SHQDOWLHV DUH DW  7KH RULJLQDO DUWLFOH FRQWDLQLQJ
/HDI $UPRU FDQ EH IRXQG RQ 'UDJRQ0DJD]LQH  SDJH



(\HVLQWKH'DUN  3DJH

$3/
0HOLD )HPDOH KLJK HOI 5RJ5JU &5  0HGLXP
VL]HKXPDQRLG+'GGKS,QLW'H[
$33(1',;,13&6
 6NLOOV DQG )HDWV $QLPDO (PSDWK\  %OXII 
'LSORPDF\  )RUJHU\  *DWKHU ,QIRUPDWLRQ 
+LGH  /LVWHQ  0RYH 6LOHQWO\  6HDUFK 
6SRW   7XPEOH  8VH 0DJLF 'HYLFH 
 ,PSURYHG ,QLWLDWLYH 6SG $&WRXFKIODW :LOGHUQHVV /RUH  $OHUWQHVV ,PSURYHG ,QLWLDWLYH
IRRWHG  $WNV  PHOHH G ORQJ VZRUG 3RLQW%ODQN6KRW 6SHOOV3UHSDUHGEDVH'& VSHOO
DQG  PHOHHGVKRUWVZRUGRUUDQJHG OHYHOVWzHQWDQJOH
G[ ORQJERZ 6$ 6QHDN DWWDFN 64 ,PPXQLW\ WR  3RVVHVVLRQV OHDWKHU DUPRU ORQJERZ ORQJ VZRUG
PDJLF VOHHS VSHOOV DQG HIIHFWV  UDFLDO VDYLQJ WKURZ TXLYHURIDUURZVVKRUWVZRUGFLUFOHWRISHUVXDVLRQ 
ERQXVDJDLQVW(QFKDQWPHQWVSHOOVDQGHIIHFWVORZOLJKW  3HUVRQDOLW\7UDLWVFDOPFRROKHDGHGORQHU
YLVLRQ HYDVLRQ XQFDQQ\ GRGJH 'H[ ERQXV WR $& 
IDYRUHGHQHP\JREOLQRLGV$/&*69)RUW5HI
:LOO6WU'H[&RQ,QW:LV&KD $3/
 6NLOOV DQG )HDWV $QLPDO (PSDWK\  %OXII  9HWRKU0DOHEXJEHDU)WU5RJ&50HGLXPVL]H
'LSORPDF\  )RUJHU\  *DWKHU ,QIRUPDWLRQ  KXPDQRLG +' GGG KS  ,QLW  
+LGH/LVWHQ0RYH6LOHQWO\6HDUFK6SRW 'H[  ,PSURYHG ,QLWLDWLYH 6SG  IW $& WRXFK
7XPEOH8VH0DJLF'HYLFH:LOGHUQHVV/RUH IODWIRRWHG$WNVPHOHHGPRUQLQJVWDU
$OHUWQHVV,PSURYHG,QLWLDWLYH  RU  UDQJHG G MDYHOLQ 6$ 6QHDN DWWDFN 64
 3RVVHVVLRQV OHDWKHU DUPRU ORQJERZ ORQJ VZRUG 'DUNYLVLRQ  IW $/ &( 69 )RUW  5HI  :LOO 
TXLYHURIDUURZVVKRUWVZRUG  6WU'H[&RQ,QW:LV&KD
 3HUVRQDOLW\7UDLWVFDOPFRROKHDGHGORQHU  6NLOOV DQG )HDWV  &OLPE  'LVDEOH 'HYLFH 
 +DQGOH$QLPDO+LGH-XPS/LVWHQ0RYH
$3/ 6LOHQWO\2SHQ/RFN6HDUFK6SRW7XPEOH
$OHUWQHVV,PSURYHG,QLWLDWLYH3RZHU$WWDFN 
0HOLD )HPDOH KLJK HOI 5RJ5JU &5  0HGLXP  3RVVHVVLRQV OHDWKHU DUPRU  MDYHOLQV PRUQLQJVWDU
VL]HKXPDQRLG+'GGKS,QLW'H[ VPDOOZRRGHQVKLHOG 
 ,PSURYHG ,QLWLDWLYH 6SG $&WRXFKIODW 
IRRWHG  $WNV  PHOHH G ORQJ VZRUG
DQG  PHOHHGVKRUWVZRUGRUUDQJHG $3/
G[ ORQJERZ 6$ 6QHDN DWWDFN 64 ,PPXQLW\ WR 9HWRKU0DOHEXJEHDU)WU5RJ&50HGLXPVL]H
PDJLF VOHHS VSHOOV DQG HIIHFWV  UDFLDO VDYLQJ WKURZ KXPDQRLG +' GGG KS  ,QLW  
ERQXVDJDLQVW(QFKDQWPHQWVSHOOVDQGHIIHFWVORZOLJKW 'H[  ,PSURYHG ,QLWLDWLYH 6SG  IW $& WRXFK
YLVLRQ HYDVLRQ XQFDQQ\ GRGJH 'H[ ERQXV WR $& IODWIRRWHG$WNVPHOHHGPRUQLQJVWDU
IDYRUHGHQHP\JREOLQRLGV$/&*69)RUW5HI
:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOV DQG )HDWV $QLPDO (PSDWK\  %OXII 
'LSORPDF\  )RUJHU\  *DWKHU ,QIRUPDWLRQ 
+LGH/LVWHQ0RYH6LOHQWO\6HDUFK6SRW
  7XPEOH  8VH 0DJLF 'HYLFH  :LOGHUQHVV
/RUH  $OHUWQHVV ,PSURYHG ,QLWLDWLYH 3RLQW %ODQN
RU  UDQJHG G MDYHOLQ 6$ 6QHDN DWWDFN 64
'DUNYLVLRQ  IW HYDVLRQ $/ &( 69 )RUW  5HI 
:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOV DQG )HDWV  &OLPE  'LVDEOH 'HYLFH 
+DQGOH$QLPDO+LGH-XPS/LVWHQ0RYH
6LOHQWO\2SHQ/RFN6HDUFK6SRW7XPEOH
 $OHUWQHVV &OHDYH ,PSURYHG ,QLWLDWLYH 3RZHU
6KRW  $WWDFN:HDSRQ)RFXVPRUQLQJVWDU 
 3RVVHVVLRQV OHDWKHU DUPRU ORQJERZ ORQJ VZRUG  3RVVHVVLRQV OHDWKHU DUPRU  MDYHOLQV PRUQLQJVWDU
TXLYHURIDUURZVVKRUWVZRUGFLUFOHWRISHUVXDVLRQ  VPDOOZRRGHQVKLHOG 
 3HUVRQDOLW\7UDLWVFDOPFRROKHDGHGORQHU 
 0H[[ DQG 9H[[ 0DOH KREJREOLQ )WU &5 
$3/ 0HGLXPVL]H KXPDQRLG +' G KS  ,QLW 
'H[6SGIW$&WRXFKIODWIRRWHG$WNV
0HOLD )HPDOH KLJK HOI 5RJ5JU &5  0HGLXP  PHOHH G ORQJ VZRUG RU  UDQJHG G
VL]HKXPDQRLG+'GGKS,QLW'H[ MDYHOLQ64'DUNYLVLRQIW$//(69)RUW5HI
 ,PSURYHG ,QLWLDWLYH 6SG $&WRXFKIODW :LOO6WU'H[&RQ,QW:LV&KD
IRRWHG  $WNV  PHOHH G ORQJ VZRUG  6NLOOV DQG )HDWV &OLPE  -XPS  &RPEDW
DQGUDQJHGG[ORQJERZ6$6QHDNDWWDFN64 5HIOH[HV3RZHUDWWDFN:HDSRQ)RFXVORQJVZRUG 
,PPXQLW\ WR PDJLF VOHHS VSHOOV DQG HIIHFWV  UDFLDO  3RVVHVVLRQV VWXGGHG OHDWKHU DUPRU VPDOO ZRRGHQ
VDYLQJ WKURZ ERQXV DJDLQVW (QFKDQWPHQW VSHOOV DQG VKLHOGORQJVZRUGMDYHOLQV
HIIHFWV ORZOLJKW YLVLRQ HYDVLRQ XQFDQQ\ GRGJH 'H[ 
ERQXV WR $& IDYRUHG HQHP\ JREOLQRLGV $/ &*69
)RUW5HI:LOO6WU'H[&RQ,QW
:LV&KD
(\HVLQWKH'DUN
$3/
9HWRKU0DOHEXJEHDU)WU5RJ&50HGLXPVL]H
KXPDQRLG +' GGG KS  ,QLW  
 3DJH
'H[  ,PSURYHG ,QLWLDWLYH 6SG  IW $& WRXFK
 IODWIRRWHG  $WNV  PHOHH G
PRUQLQJVWDU RU  UDQJHG G MDYHOLQ 6$
6QHDNDWWDFN64'DUNYLVLRQIWHYDVLRQ$/&(69
)RUW5HI:LOO6WU'H[&RQ,QW
:LV&KD
 6NLOOV DQG )HDWV &OLPE  'LVDEOH 'HYLFH 
+DQGOH$QLPDO+LGH-XPS/LVWHQ0RYH
6LOHQWO\2SHQ/RFN6HDUFK6SRW7XPEOH
 $OHUWQHVV &OHDYH &RPEDW 5HIOH[HV ,PSURYHG
,QLWLDWLYH3RZHU$WWDFN:HDSRQ)RFXVPRUQLQJVWDU
 3RVVHVVLRQV OHDWKHU DUPRU  MDYHOLQV PRUQLQJVWDU
VPDOOZRRGHQVKLHOG 

0H[[ DQG 9H[[ 0DOH KREJREOLQ )WU &5 
0HGLXPVL]H KXPDQRLG +' G KS  ,QLW 
'H[6SGIW$&WRXFKIODWIRRWHG$WNV
 PHOHH G ORQJ VZRUG RU  UDQJHG G
MDYHOLQ64'DUNYLVLRQIW$//(69)RUW5HI
:LOO
 6WU'H[&RQ,QW:LV&KD
 6NLOOV DQG )HDWV &OLPE  -XPS  &RPEDW
5HIOH[HV3RZHUDWWDFN:HDSRQ)RFXVORQJVZRUG 
 3RVVHVVLRQV VWXGGHG OHDWKHU DUPRU VPDOO ZRRGHQ
VKLHOGORQJVZRUGMDYHOLQV

*REOLQ %URWKHUV )RXU 0DOH JREOLQ 5RJ 6PDOO
KXPDQRLG +' G KS  ,QLW   'H[ 
,PSURYHG ,QLWLDWLYH 6SG  IW $&  WRXFK  IODW
IRRWHG  $WNV  PHOHH G PRUQLQJVWDU RU 
UDQJHG G MDYHOLQ 6$ 6QHDN DWWDFN 64 'DUNYLVLRQ
IW$/1(69)RUW5HI:LOO6WU'H[
&RQ,QW:LV&KD
 6NLOOV DQG )HDWV %DODQFH  &OLPE  +LGH 
/LVWHQ0RYH6LOHQWO\6HDUFK6SRW7XPEOH
,PSURYHG,QLWLDWLYH 
 3RVVHVVLRQV VWXGGHG OHDWKHU DUPRU PRUQLQJVWDU 
MDYHOLQV



(\HVLQWKH'DUN  3DJH
 +$1'287
3D[DQD(YHQWKLOV1RWLFH 

72$//$%/(%2',('&,7,=(16$1'
$'9(1785(56

+LJKIRONLVLQQHHGRI\RXUVHUYLFHVRQFHDJDLQ$OOWKRVHZLOOLQJVKRXOGUHSRUWWRP\RIILFHVDW+RPH*XDUG
+HDGTXDUWHUVWKLVDIWHUQRRQWRGLVFX VVDQGUHVLVWWKHUDLGVRIWKH9DOH3OHDVHEULQJDOOJHDUZLWK\RX 


3D[DQD


(\HVLQWKH'DUN  3DJH

      +DQGRXW

$EDWWHUHGQRWH 


7RZKRPHYHUUHFHLYHVWKLVQRWH

, KDYH PDGH VWDUWOLQJ GLVFRYHULHV VXUURXQGLQJ &U\VWDO 6SULQJV DQG WKH
OHJHQGRIWKHEHDVWWKDWVSUXQJIURPLW3OHDVHVHQGKHOS

5DODWKLQ1DVLOLD.QLJKWRIWKH+LJK)RUHVW


(\HVLQWKH'DUN  3DJH
 +DQGRXW

5DODWKLQ¶V³'LDU\´SDJH

,W LV VXFKDQLQWHUHVWLQJHYLOGHHGWKDW,KDYHGRQHVRPHWKLQJVRKRUULEOH
WKDWVRPHWLPHV,VFDUHP\VHOI0\IHOORZ.QLJKWVRIWKH+LJK)RUHVWQHYHU
VXVSHFWHGP\DOOHJLDQFHWRWKH2OG2QH

,W ZDV D VLPSOH WDVN $Q RUF ZKRVH DOOHJLDQFH UDQ KLJK WKDW HYHQ GHDWK
ZRXOGEHDZHOFRPHDVVLJQPHQW$EHDVWOHJHQGRIDGHFDGHWKDWKDXQWHG
WKHOLWWOHFKLOGUHQ$IDPLO\ZKRQRRQHHYHQORYHG$IDPLO\WKDWWRRNPH
LQDQGGLGQ·WVXVSHFWP\WUXHLQWHQWLRQV(YHQ0HOLDD.QLJKWRIWKH+LJK
)RUHVWZHNQLJKWVDOOWKRXJKWGHDGSOD\HGLQWRP\KDQGVOLNHVRIWSXWW\$
VSULQNOH RI GXVW RI LOOXVLRQ FDQ IRRO DQ\ IRRO LQWR WKLQNLQJ DQ RUF ZDV D
ZRUJ , HYHQ VDYHG KLV KHDG IRU VDIHNHHSLQJ 1RZ WKHVH VRFDOOHG KHURHV
IURP+LJKIRONVKDOOQHYHUVXVSHFWDWKLQJ(YHQLIWKH\ILQGWKLVOLWWOHQRWH
LWVKDOOEHEH\RQGWKHLUOLWWOHPLQGV

3UDLVHWRWKH2OG2QH

5DODWKLQ


(\HVLQWKH'DUN  3DJH
 +DQGRXW

5DODWKLQV1RWH

, VKRXOG KRSH WKDW WKLV IDOOV L QWR WKH ULJKW KDQGV RU RWKHUZLVH &U\VWDO 6SULQJ DQG
SHUKDSV HYHQ +LJKIRON LV GRRPHG 7KLV FRPSOLFDWHG SORW , KDYH MXVW UHYHDOHG 6R
WZLVWHGLVLWVSOD\HUVWKDW,FDQQRWEXWKRSHWRVHHWKHOLJKWRIWKHGD\ZKHQLWLVGRQH 

'XULQJ WKH EHJLQQLQJ RI WKH \HD U ZH WKRXJKW ZH KDG ORVW 0HOLD WR D FDUDYDQ DWWDFN
7KDWZDVVLPSO\QRWWKHFDVH:KHWKHURUQRWVKHKDGIDOOHQLQWRKHUVLVWHU6DULQGLQD·V
SORW RU QRW , FDQQRW VD\ EXW VKH KDV WDNHQ WR WKH VLGH RI HYLO , KDG EHHQ VWDWLRQHG LQ
&U\VWDO 6SULQJ WR KHOS SUR WHFW WKHP IURP DQ\ IXWXUH LQYDVLRQ ZKHQ , VDZ KHU 7KH
OHJHQGRIWKHEHDVWLQ&U\VWDO6SULQJFDPHWUXHZKHQDIDPLO\ZDVPXUGHUHG,KDGVHHQ
0HOLD HQWHU WKH KRPH VHFRQGV EHIRUH WKH VFUHDPV WKHQ DSSHDU RXW RI QRZKHUH MXVW
KRXUVODWHUZLWKWKHKHDGRIDZR UJ6KHFODLPHGWRKDYHNLOOHGWKHEHDVWRIWKHSODFH
DQGIRUWKDWUHDVRQDOORIWKHWRZQVSHRSOHKDYHFDOOHGKHUWKHLUVDYLRU7KLVKDVPDGH
P\LQYHVWLJDWLRQVRIWKHSODFHYHU\GLIILFXOW7KRXJK,EHOLHYHWKHZRPDQ&HOHPDQWKH
VDZPHHQWHUWKHKRPHDIWHUW KHPXUGHUQRWKLQJKDVEHHQGRQH6RRQDIWHU,FDPHLQWR
WKH*HQ\GDOKRPHWKHKDOIOLQJVWROGPHWKDWLWZDVWLPHIRUWKHPWROHDYHDJDLQ7KH\
ZHUH QRPDGLF DIWHUDOO DQG ZDQWHG WR WU\ 9HUERERQF DV WKHLU QHZ KRPH , FRXOG VHH
KRZWKHSHRSOH·VVXVSLFLRQRI PHDIIHFWHGWKLVRXWFRPH0HOLDZDVRQO\PRUHSOHDVHG
DQG,IHDUVKHLVSODQQLQJWRSXWWKHEODPHRQPHIRUHYHU\WKLQJ 

, KDYH VLQFH YLVLWHG 'ORE\ %LOH DQG KDYH PDGH D VWDUWOLQJ GLVFRYHU\ +H ZDV WKH RQO\
RWKHUVXUYLYRURIWKHFDUDYDQDWWDFNWKDWWRRN 0HOLD:KLOH,GRQRWNQRZWKHGHWDLOVKH
LV YHU\ QHUYRXV HVSHFLDOO\ DURXQG KHU +LV PHQWLRQV RI .DYHQ WKH HQFKDQWHU GR QRW
DJUHH ZLWK PH HLWKHU , EHOLHYH WKDW .DYHQ LV UHVSRQVLEOH IRU WKH GHVWUXFWLRQ RI &ODQ
)HUH\WK LI PHPRU\ VHUYHV DQG WKDW KH LV D SRZHUIXO HQFKDQWHU +DV 'ORE\ %LOH EHHQ
VRUFHOOHGLQWRVLOHQFH" 

YHU\SRRUVFULSW0\VXVSLFLRQRI0HOLDKROGVWUXH6KHKDVDWWDFNHGSRLVRQHGDQGOHIWPH
KHUH WR GLH« 6RPHWKLQJ VHHPV RGG DERXW KHU WKRXJK« 6RPHWKLQJ , FDQQRW SXW P\
ILQJHURQ«

(\HVLQWKH'DUN  3DJH
 0DSRI&U\VWDO6SULQJV


(\HVLQWKH'DUN  3DJH

(1/,67,1*7+(,&21,&
7RUGHN PDOH GZDUI )WU &5 0HGLXPVL]HKXPDQRLGGZDUI+'GKS,QLW6SGIW$&
WRXFKIODWIRRWHG$WNVPHOHHG[GZDUYHQZDUD[HRUUDQJHGG[VKRUWERZ64
'ZDUYHQ WUDLWV $/ /1 69 )RUW  5HI  :LOO  6WU  'H[  &RQ  ,QW  :LV  &KD 
 6NLOOVDQG)HDWV&OLPE-XPS([RWLF:HDSRQ3URILFLHQF\GZDUYHQZDUD[H:HDSRQ)RFXVGZDUYHQ
ZDUD[H 
 3RVVHVVLRQV 7UDYHOHUV RXWILW VFDOH PDLO ODUJH ZRRGHQ VKLHOG GZDUYHQ ZDUD[H VKRUWERZ TXLYHU ZLWK 
DUURZV EDFNSDFN ZLWK ZDWHUVNLQ  GD\ WUDLO UDWLRQV EHGUROO VDFN DQG IOLQW DQG VWHHO

0LDOHH IHPDOH HOI :L] &5  0HGLXPVL]H KXPDQRLG HOI +' G KS  ,QLW  6SG  IW $& 
WRXFKIODWIRRWHG$WNVPHOHHGTXDUWHUVWDIIRUzPHOHHGTXDUWHUVWDIIDQGzPHOHHG
TXDUWHUVWDIIRUUDQJHGG[VKRUWERZ64(OYHQWUDLWV$/169)RUW5HI:LOO6WU'H[
 &RQ  ,QW  :LV  &KD  
 6NLOOV DQG )HDWV &RQFHQWUDWLRQ  .QRZOHGJH DUFDQH  /LVWHQ  6HDUFK  6SHOOFUDIW  6SRW 
6FULEH 6FUROO YLUWXDO 7RXJKQHVV 
 6SHOOV 3UHSDUHG  EDVH '&    VSHOO OHYHO {GD]H UD\ RI IURVW UHDG PDJLF VW{PDJH DUPRU VOHHS 
 6SHOOERRN {DOO RI WKHP VW{FKDUP SHUVRQ PDJH DUPRU PDJLF PLVVLOH VOHHS VXPPRQ PRQVWHU , 
 3RVVHVVLRQV7UDYHOHUVRXWILWTXDUWHUVWDIIVKRUWERZTXLYHURIDUURZVEDFNSDFNZLWKZDWHUVNLQGD\WUDLO
UDWLRQV EHGUROO VDFN IOLQW DQG VWHHO  FDQGOHV PDS FDVH  SDJHV SDUFKPHQW LQN DQG SHQ VSHOO SRXFK
VSHOOERRN 

/LGGD IHPDOH KDOIOLQJ 5RJ &5  6PDOO KXPDQRLG KDOIOLQJ +' G KS  ,QLW  6SG  IW $& 
WRXFKIODWIRRWHG$WNVPHOHHGVKRUWVZRUGRUUDQJHGGOLJKWFURVVERZRU
 PHOHH G GDJJHU RU  UDQJHG G GDJJHU 6$ 6QHDN DWWDFN G 64+DOIOLQJWUDLWV$/
&* 69 )RUW  5HI  :LOO  6WU  'H[  &RQ  ,QW  :LV  &KD 
 6NLOOVDQG)HDWV&OLPE'LVDEOH'HYLFH*DWKHU,QIRUPDWLRQ+LGH-XPS/LVWHQ0RYH
6LOHQWO\  2SHQ /RFNV  6HDUFK  6SRW  7XPEOH  8VH 0DJLF 'HYLFH  ,PSURYHG ,QLWLDWLYH
 3RVVHVVLRQV([SORUHUVRXWILWOHDWKHUDUPRUVKRUWVZRUGOLJKWFURVVERZFURVVERZEROWVGDJJHU%DFNSDFN
ZLWKZDWHUVNLQGD\WUDLOUDWLRQVEHGUROOVDFNIOLQWDQGVWHHOWKHLYHVWRROVKRRGHGODQWHUQSLQWVRIODQWHUQ
RLO 

-R]DQPDOHKXPDQ&OU&50HGLXPVL]HKXPDQRLGKXPDQ+'GKS,QLWz6SGIW$&
 WRXFK  IODWIRRWHG  $WN  PHOHH G KHDY\ PDFH RUz UDQJHG G OLJKW FURVVERZ 6$
7XUQ8QGHDGGD\G$/1*69)RUW5HIz:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOV DQG )HDWV &RQFHQWUDWLRQ  +HDO  /LVWHQ  .QRZOHGJH UHOLJLRQ  6SHOOFUDIW  6SRW 
$OHUWQHVV 6FULEH 6FUROO
 6SHOOV 3UHSDUHG  EDVH '&   VSHOO OHYHO {GHWHFW SRLVRQ JXLGDQFH UHDG PDJLF VW{EOHVV SURWHFWLRQ
IURP HYLO  VKLHOG RI IDLWK 
 'RPDLQVSHOO'HLW\3HORU'RPDLQV*RRGJRRGVSHOOVFDVWDWFDVWHUOHYHODQG+HDOLQJKHDOLQJVSHOOV
FDVW DW  FDVWHU OHYHO
 3RVVHVVLRQV &OHULFV YHVWPHQWV VFDOH PDLO ODUJH ZRRGHQ VKLHOG KHDY\ PDFH OLJKW FURVVERZ  FURVVERZ
EROWV EDFNSDFN ZLWK ZDWHUVNLQ  GD\ RI WUDLO UDWLRQV EHGUROO VDFN IOLQW DQG VWHHO ZRRGHQ KRO\ V\PERO VXQ
GLVN RI 3HORU  WRUFKHV