5HDGLQJDQG:ULWLQJy3DUW

4XHVWLRQV±

:KLFKQRWLFH$±+VD\VWKLV±"
)RUTXHVWLRQV±PDUNWKHFRUUHFWOHWWHU$±+RQ\RXUDQVZHUVKHHW

([DPSOH

$%&'()*+
 <RXFDQQRWXVH\RXUSKRQH $QVZHU 
   
   
   
  
 <RXVKRXOGSXWWKLQJVEDFNLQWKH
$
 ULJKWSODFH H
 
   
 *RKHUHLI\RXKDYHORVWVRPHWKLQJ C 
 
%
 
 <RXPXVWZDONLQWKLVSODFH
G
   
  
 7KHVHVWXGHQWVGRQRWKDYHDOHVVRQ D
&
 
 
 <RXFDQQRWJRLQWKURXJKKHUH A  
  
 
'
 
 
   
  
 
(
 
 
   
  
 
)
 
 
   
  
 
*
 
 
   
  
 
+
 
 



 
5HDGLQJDQG:ULWLQJy3DUW
4XHVWLRQV±

5HDGWKHVHQWHQFHVDERXWDQLQWHUQHWFDIp
&KRRVHWKHEHVWZRUG$%RU&IRUHDFKVSDFH
)RUTXHVWLRQV±PDUN$%RU&RQ\RXUDQVZHUVKHHW

([DPSOH          

 /DVWPRQWKDQLQWHUQHWFDIpQHDU,YDQ¶VKRXVH

$%&
 $ RSHQHG % EHJDQ & DUULYHG  $QVZHU 



 7KHLQWHUQHWFDIpTXLFNO\EHFDPHZLWK,YDQDQGKLVIULHQGV

 $ IDYRXULWH % SRSXODU & H[FHOOHQW
      

 ,WRQO\,YDQILYHPLQXWHVWRJHWWRWKHFDIp

 $ WDNHV % KDV & JHWV
      

 ,YDQRIWHQKLVIULHQGVWKHUHDIWHUVFKRRO

 $ ZDLWV % PHHWV & JRHV
      

 7KHFDIpKDVGLIIHUHQWRIFRPSXWHUJDPHVWKDWWKH\FDQSOD\

 $ WKLQJV % ZD\V & NLQGV
      

 ,YDQWKLQNVWKHUHLVDORWRILQIRUPDWLRQRQWKHLQWHUQHW

 $ FHUWDLQ % VXUH & XVHIXO
      


  7XUQRYHUŹ
5HDGLQJDQG:ULWLQJy3DUW
4XHVWLRQV±

&RPSOHWHWKHILYHFRQYHUVDWLRQV
)RUTXHVWLRQV±PDUN$%RU&RQ\RXUDQVZHUVKHHW

([DPSOH







$%&
         $QVZHU 





 :K\GLGQ¶W\RXFRPHWRWKHSRRO\HVWHUGD\" $ ,GLGQ¶WVHHWKHPWKHUH
  % ,WZDVDJUHDWWLPH
  & ,ZDVGRLQJVRPHWKLQJHOVH


 ,KDYHWRJRKRPHQRZ $ +DYH\RXEHHQEHIRUH"
  % ,W¶VVWLOOTXLWHHDUO\
  & +RZORQJZDVLWIRU"


 :KRVHSKRQHLVWKDW" $ ,W¶VQRWWKHUH
  % :DVQ¶WLW"
  & ,¶PQRWVXUH


 7KHUHZHUHQ¶WDQ\PRUHWLFNHWVIRUWKHPDWFK $ 7KDW¶VDSLW\
  % ,WLVQ¶WHQRXJK
  & ,KRSHVR


 6KDOOZHSOD\WKDWQHZFRPSXWHUJDPH" $ ,W¶VDOOULJKW
  % <HVLWLV
  & ,I\RX¶GOLNHWR




 
4XHVWLRQV±

&RPSOHWHWKHWHOHSKRQHFRQYHUVDWLRQEHWZHHQWZRIULHQGV
:KDWGRHV-RVKVD\WR0DWW"
)RUTXHVWLRQV±PDUNWKHFRUUHFWOHWWHU$±+RQ\RXUDQVZHUVKHHW

([DPSOH        

0DWW +L-RVK,W¶V0DWW 
    $%&'()*+
-RVK &
««««    
$QVZHU  
   
   
0DWW 2KVRUU\,¶PSKRQLQJDERXWWKH  
 VNDWHERDUGLQJFRPSHWLWLRQWKLV $ ,¶GOLNHDQHZRQHEXW,GRQ¶WWKLQN,¶PJRRG
 DIWHUQRRQ  HQRXJKWRZLQ
   
-RVK «««« % ,GLGQ¶WVHHLW,VWKHFRPSHWLWLRQRQDOO
   DIWHUQRRQ"
0DWW 5HDOO\"7KHUHZDVVRPHLQIRUPDWLRQ  
 DERXWLWLQRXUFOXEPDJD]LQH & +L<RX¶UHFDOOLQJHDUO\
   
-RVK ««««  ' 'RWKHZLQQHUVJHW&'VOLNHODVW\HDU"
   
0DWW -XVWIURPWLOOSP7KH\JLYHRXW ( ,ZDVQ¶WYHU\JRRGWKHQ
 WKHSUL]HVDWSP  
  ) ,GLGQ¶WNQRZWKDWZDVWRGD\
-RVK ««««   
  * ,KDYHQ¶WJRWRQHRIWKRVH
0DWW 7KHSUL]HVDUHEHWWHUWKLVWLPH7KH  
 WRSSUL]HLVDVNDWHERDUG + 0D\EHZH¶OOVHH6KDOOZHPHHWLQWKHSDUN
   DW"
-RVK ««««   
   
0DWW <RX¶UHPXFKEHWWHUWKDQ\RXZHUH  
 ODVW\HDU  
   
-RVK ««««   
   
0DWW *UHDW6HH\RXWKHQ  
   









  7XUQRYHUŹ
5HDGLQJDQG:ULWLQJy3DUW
4XHVWLRQV±

5HDGWKHDUWLFOHDERXWD\RXQJVZLPPHU
$UHVHQWHQFHV±µ5LJKW¶$RUµ:URQJ¶%"
,IWKHUHLVQRWHQRXJKLQIRUPDWLRQWRDQVZHUµ5LJKW¶$RUµ:URQJ¶%FKRRVHµ'RHVQ¶WVD\¶&
)RUTXHVWLRQV±PDUN$%RU&RQ\RXUDQVZHUVKHHW





$QD-RKQVRQ

$QD-RKQVRQLVD\HDUROGVZLPPHUZKROLYHVLQ0HOERXUQHLQ
$XVWUDOLD+HUGUHDPLVWRVZLPIRU$XVWUDOLDLQWKHQH[W2O\PSLFV
6KH VZLPV LQ ERWK ORQJ DQG VKRUW UDFHV DQG VKH KDV DOUHDG\ FRPH ILUVW LQ PDQ\ LPSRUWDQW
FRPSHWLWLRQV

$VZHOODVVSHQGLQJPDQ\KRXUVLQWKHSRRO$QDDOVRPDNHVWLPHIRUVWXG\LQJDQGIRUIULHQGV
µ,KDYHORWVRIIULHQGVZKRVZLPDQGZH¶UHYHU\FORVH,W¶VPXFKHDVLHUWRKDYHIULHQGVZKRDUH
VZLPPHUVEHFDXVHWKH\DOVRKDYHWRJHWXSHDUO\WRSUDFWLVHOLNHPHDQGWKH\XQGHUVWDQGWKLV
NLQGRIOLIH%XW,¶PQRWVRGLIIHUHQWIURPRWKHUSHRSOHP\DJH,QP\IUHHWLPH,DOVRHQMR\
JRLQJWRWKHPRYLHVDQGSDUWLHV7KHUHDUHDOVRVRPHJRRGWKLQJVDERXWVZLPPLQJIRUDFOXE,
WUDYHO D ORW IRU FRPSHWLWLRQV DQG ,¶YH PDGH IULHQGV ZLWK VZLPPHUV IURP RWKHU $XVWUDOLDQ FLWLHV
DQGIURPRWKHUSDUWVRIWKHZRUOG¶

$QD LV EHFRPLQJ ZHOO NQRZQ LQ $XVWUDOLD DQG VKH EHOLHYHV LW LV LPSRUWDQW WR JHW PRUH \RXQJ
SHRSOHLQWHUHVWHGLQVZLPPLQJµ,GRQ¶WPLQGWDONLQJWRMRXUQDOLVWVDQGKDYLQJP\SKRWRJUDSK
WDNHQ%XWODVW\HDU,ZDVRQ79DQGWKDWZDVPXFKPRUHIXQ¶



 

([DPSOH
      
 $QD¶VKRPHLVLQ0HOERXUQH
      
$%&
 $ 5LJKW % :URQJ & 'RHVQ¶WVD\$QVZHU 
      
      

 $QDKRSHVVKHZLOOEHFRPHDQ2O\PSLFVZLPPHU
      
 $ 5LJKW % :URQJ & 'RHVQ¶WVD\
      
      
 $QDNQRZVWKDWVKHLVEHWWHUDWVKRUWUDFHVWKDQORQJRQHV
      
 $ 5LJKW % :URQJ & 'RHVQ¶WVD\
      
      
 $QDKDVZRQDORWRIVZLPPLQJFRPSHWLWLRQV
      
 $ 5LJKW % :URQJ & 'RHVQ¶WVD\
      
      
 ,WLVGLIILFXOWIRU$QDWRPDNHIULHQGVZLWKRWKHUSHRSOHZKRVZLP
      
 $ 5LJKW % :URQJ & 'RHVQ¶WVD\
      
      
 $QDOLNHVGRLQJWKHVDPHWKLQJVDVRWKHUWHHQDJHUV
      
 $ 5LJKW % :URQJ & 'RHVQ¶WVD\
      
      
 $QDKDVPHWSHRSOHIURPGLIIHUHQWFRXQWULHVDWVZLPPLQJFRPSHWLWLRQV
      
 $ 5LJKW % :URQJ & 'RHVQ¶WVD\
      
      
 $QDSUHIHUVVSHDNLQJWRMRXUQDOLVWVWREHLQJRQWHOHYLVLRQ
      
 $ 5LJKW % :URQJ & 'RHVQ¶WVD\












  7XUQRYHUŹ
5HDGLQJDQG:ULWLQJy3DUW
4XHVWLRQV±

5HDGWKHDUWLFOHDERXWDFLUFXV
&KRRVHWKHEHVWZRUG$%RU&IRUHDFKVSDFH
)RUTXHVWLRQV±PDUN$%RU&RQ\RXUDQVZHUVKHHW






$IDPRXVFLUFXV


7KHFLUFXV&LUTXHGX6ROHLOEHJDQ««««0RQWUHDO&DQDGD
,WZDVVWDUWHG««««WKH&DQDGLDQ*X\/DOLEHUWpLQ
:KHQKHOHIWFROOHJH/DOLEHUWpWUDYHOOHGDURXQG(XURSHDQGHDUQHG
PRQH\««««PXVLFLQWKHVWUHHWV1RWORQJDIWHUKHUHWXUQHGKRPHKHVWDUWHG&LUTXH
ZLWK  «««« IULHQG 'DQLHO *DXWKLHU  'XULQJ WKH V &LUTXH JUHZ TXLFNO\  ,W QRZ
GRHVVKRZV««««RYHUWKHZRUOGDQGWKHQXPEHURISHRSOHZRUNLQJIRULWKDVJURZQ
IURPWR««««WKDQ

7KH&LUTXHGRHVQRWKDYHDQ\DQLPDOVEXW««««LVPXVLFDQGGDQFHDQGHDFKVKRZ
WHOOVDVWRU\««««VKRZZKLFKLVFDOOHG9DULDQLVDERXWDPDQZKRFRXOGIO\7KH
VKRZVWDUWVZLWKKLPIDOOLQJIURPWKHVN\DQGWHOOVWKHVWRU\RIKRZKH««««WROHDUQ
WRIO\DJDLQ



 
([DPSOH

$ % &
 $ LQ % DW & WR $QVZHU  






 $ IURP % E\ & RI


 $ SOD\HG % SOD\V & SOD\LQJ


 $ WKHLU % KLV & LWV


 $ VRPH % DOO & HQRXJK


 $ PRUH % PXFK & PRVW


 $ WKLV % LW & WKHUH


 $ 2QH % (DFK & %RWK


 $ QHHG % PXVW & KDV



  7XUQRYHUŹ
5HDGLQJDQG:ULWLQJy3DUW
4XHVWLRQV±

5HDGWKHGHVFULSWLRQVRIVRPH 
      
:KDWLVWKHZRUGIRUHDFKRQH"
7KHILUVWOHWWHULVDOUHDG\WKHUH7KHUHLVRQHVSDFHIRUHDFKRWKHUOHWWHULQWKHZRUG
)RUTXHVWLRQV±ZULWHWKHZRUGVRQ\RXUDQVZHUVKHHW

([DPSOH

 ,I\RXOLNHUHDGLQJDERXWPXVLFDQGIDVKLRQ\RXPD\EX\WKLV PBBBBBBB



$QVZHU  PDJD]LQH 

  


 3HRSOHZKROLNHZDWFKLQJIRRWEDOORIWHQJRWRWKLVSODFH VBBBBBB
tadium
  


 ,I\RXHQMR\WDNLQJSKRWRJUDSKV\RXZLOOQHHGWKLV FBBBBB
amera
  


 3HRSOHZKROLNHVZLPPLQJLQWKHVHDRIWHQJRKHUH EBBBB
each
  


 <RXPD\SOD\WKLVLQVWUXPHQWLI\RXOLNHPXVLF JBBBBB
uitar
  


 ,I\RXHQMR\FDPSLQJ\RXZLOOQHHGWRWDNHWKLVZLWK\RX WBBB
ent




 
5HDGLQJDQG:ULWLQJy3DUW
4XHVWLRQV±

&RPSOHWHWKHPHVVDJHOHIWRQWKHLQWHUQHWE\DJLUOIURP0H[LFR&LW\
:ULWH21(ZRUGIRUHDFKVSDFH
)RUTXHVWLRQV±ZULWHWKHZRUGVRQ\RXUDQVZHUVKHHW


([DPSOH  LV 






0\QDPH««««(OLVD9DOGH],¶PWZHOYHDQG,OLYHLQ0H[LFR&LW\,««««WZR
EURWKHUV (PLOLR DQG 0LJXHO  %RWK RI  «««« DUH D IHZ \HDUV ROGHU  «««« PH
0\ VLVWHU 0DULD LV  «««« \RXQJHVW LQ P\ IDPLO\ DQG LW ZDV KHU WHQWK ELUWKGD\ 
««««ZHHN

, ORYH VSHQGLQJ WLPH  «««« P\ IULHQGV  :H RIWHQ  «««« VKRSSLQJ RU SOD\
YROOH\EDOO WRJHWKHU  , UHDOO\ HQMR\ GDQFLQJ WRR  , MRLQHG D GDQFH VFKRRO ILYH \HDUV 
««««DQG,JRWKHUHWZLFH««««ZHHNWRSUDFWLVH,¶YHOHDUQHGD««««
RILQWHUHVWLQJWKLQJVDERXWP\FRXQWU\¶VPXVLFDQGGDQFLQJ





 41. have
42. them
43. than
44. the
45. last
this
46. with
47. go
48. ago
49. each
every
a
per
50. lot

  7XUQRYHUŹ
5HDGLQJDQG:ULWLQJy3DUW
4XHVWLRQV±

5HDGWKHLQYLWDWLRQDQGWKHHPDLO
)LOOLQWKHLQIRUPDWLRQLQ/RXLVD¶VQRWHV
)RUTXHVWLRQV±ZULWHWKHLQIRUPDWLRQRQ\RXUDQVZHUVKHHW






 &RPHWRDQLFHVNDWLQJSDUW\
    
RQ6DWXUGD\
DW  )URP  &DUOD 
    
3DUN,FH5LQN

 7R  /RXLVD 
    
6WDUWVDWSP 

<RXZRQ©WQHHGDQ\PRQH\ 6KDOOZHJRWR6DUD¶VLFHVNDWLQJSDUW\WRJHWKHU"
0\GDGZLOOWDNHXVLQWKHFDUEXWZH¶OOQHHGWR
EXWEULQJDZDUPVZHDWHU

FRPHEDFNE\EXV:H¶OOGULYHWR\RXUVDQGJHW
/HWPHNQRZLI\RXFDQFRPH \RXDW5LQJPHWKLVDIWHUQRRQRQP\
PRELOHRUDIWHUSPDWKRPH
E\7KXUVGD\
 WROHWPHNQRZ

6DUD





/RXLVD¶V1RWHV
,FHVNDWLQJSDUW\

  
 3HUVRQKDYLQJSDUW\ 6DUD
    
 
 'D\  
    
 
 7LPH  SP
    
 
 7DNH  
    
 
 7UDYHOWKHUHE\  
    
 
 &DUOD¶VHYHQLQJSKRQHQXPEHU  
   







 
5HDGLQJDQG:ULWLQJy3DUW
4XHVWLRQ

5HDGWKHHPDLOIURP\RXU(QJOLVKIULHQG$OH[


    

 )URP  $OH[ 
    

 7R   
    


,W¶VJUHDW\RXFDQFRPHWRP\KRXVHWKLVHYHQLQJWR
ZDWFK D '9'  :KDW WLPH FDQ \RX FRPH"  :KLFK
'9'GR\RXZDQWWRZDWFK":KDWZRXOG\RXOLNHWR
HDW"



:ULWHDQHPDLOWR$OH[DQGDQVZHUWKHTXHVWLRQV
:ULWH±ZRUGV
:ULWHWKHHPDLORQ\RXUDQVZHUVKHHW





 
 
 'RQRWZULWH\RXUDQVZHUKHUH



 
 
 <RXPXVWZULWH\RXUDQVZHUIRU3DUW
RQ\RXU$QVZHU6KHHW


  7XUQRYHUŹ