3HUVRQDO
  'HYHORSPHQW
6XFFHVV³4XRWHV´
             'DLO4XRWHV
                     
3HUVRQDO'HYHORSPHQW,QVWLWXWH
                                 
                                 




        INFORMATION AND EDUCATION SERVICES
                   www.thepdi.com
                     
                     
                     
    3HUVRQDO'HYHORSPHQW6XFFHVV4XRWHV
                   RPSLOHGE'RQDOG*DUW




    RXUWHVRI3HUVRQDO'HYHORSPHQW,QVWLWXWH
    ‹3HUVRQDO'HYHORSPHQW,QVWLWXWH$OO5LJKWV5HVHUYHG




         ZZZSHUVRQDOGHYHORSPHQWLQVWLWXWHFRP
,QWURGXFWLRQ
                                                  
                          7KLVH%RRNLVSDUWRIWKHIUHHH%RRNVFROOHFWLRQ
                               $YDLODEOHDWKWWSZZZWKHSGLFRP

    3OHDVHIHHOIUHHWRVHQGLWWRRXUIULHQGV,IRXZDQWWRVHOOLWDGGLWWRRXUVLWHRUXVH
                                                    




                         LWLQDQZDSOHDVHFRQWDFWGRQDOG#WKHSGLFRP

                                   )RUWKH*UHDWHVWROOHFWLRQRI





      6HOI+HOS6XFFHVV6SLULWXDODQG3HUVRQDO7UDQVIRUPDWLRQH%RRNVDYDLODEOHRQOLQH
                    3OHDVHYLVLWKWWSZZZWKHSGLFRP6XFFHVV/LEUDUKWP
                                                   
                7KH3HUVRQDO'HYHORSPHQW6XFFHVV4XRWHRI7KH'D
                                                   
           7KHTXRWHVDUHDUUDQJHGLQFDOHQGDURUGHUVRRXFDQHDVLOUHDGDQGWKLQN
                              DERXWHDFK6XFFHVV4XRWHRI7KH'D
                                                   
                               +RZ7R$FFHVV7KH4XRWHV'DLO
                         6DYHLWRQRXUFRPSXWHU
VGHVNWRS+HUH
VKRZ
                          *RWRRXUFRPSXWHU
VPDLQGHVNWRSVFUHHQ
                                   5LJKWFOLFNRQRXUPRXVH
                                  6HOHFW1HZWKHQ6KRUWFXW
                          OLFN%URZVHILQGWKLVILOHDQGFOLFNRQLW
                               OLFN2.1H[WWKHQ)LQLVK
               6LPSOGRXEOHFOLFNWKHLFRQZKHQRXZDQWWRUHDGLWHDFKGD
                                                   
                             +RZ7R6HDUFK7KH4XRWHV%'DWH
                                                   
        7RVHDUFKWKHTXRWHVEGDWHFOLFNRXU6HDUFKRU)LQGLFRQRU³(GLW´DQG
          ³)LQG´DQGWSHLQWKHPRQWKDQGGDQXPEHUV7KHGDWHVDUHIRUPDWWHGDV
                            PRQWKGDVXFKDVIRU-DQXDU3/
                                                   
                  3HUVRQDO'HYHORSPHQW6XFFHVV4XRWHV
                                                   
      7KLV FROOHFWLRQ RI 6XFFHVV TXRWHV
LV WKH UHVXOW RI ZRUNLQJ WKURXJK  PDMRU
      TXRWH ERRNV ERRNV RI P SHUVRQDO OLEUDU DQGPDQFRPSUHKHQVLYHLQWHUQHW
      FROOHFWLRQV IURP DURXQG WKH ZRUOG $OO WRJHWKHU D ILUVW KDUYHVW KDYLQJUHDG VRPH
       :HVWHUQDQG (DVWHUQ TXRWHV 0 RQO FULWHULD ZHUH WKDW WKH TXRWHKDG WR
      PDNH PH VPLOHZRZ RU EHWKRXJKWIXO , DYRLGHG WKRVH ZLWK WRR PXFK VXSHUILFLDO
      KROLQHVV DQG PRUDO GRFWULQH +RSH RX HQMR ZKDW ,
YHIRXQG)HHOLQYLWHGWRFRS
      RXUIDYRULWHTXRWHVEXWSOHDVHGRQ
WUHSXEOLVKWKHZKROHFROOHFWLRQ'RQDOG*DUW
                                                   
        RXFDQ+HOS8VRQWLQXHWR0DNH)5((3HUVRQDO
               'HYHORSPHQW5HVRXUFHV$YDLODEOH
                   3OHDVH0DNH$'RQDWLRQ
-DQXDU
                                                 
                                               
                                                 
           $QWKLQJLQOLIHZRUWKKDYLQJLVZRUWKZRUNLQJIRU$QGUHZDUQHJLH
                                                 
                                               
                                                 
 6XFFHVVRIWHQFRPHVWRWKRVHZKRGDUHWRDFW,WVHOGRPJRHVWRWKHWLPLGZKRDUHHYHU
                       DIUDLGRIWKHFRQVHTXHQFHV-DZDKDUODO1HKUX
                                                 
                                               
                                                 
             6XFFHVVLVQHYHUHQGLQJIDLOXUHLVQHYHUILQDO'U5REHUW6FKXOOHU
                                                 
                                               
                                                 
      ,MXVWORYHZKHQSHRSOHVD,FDQ¶WGRVRPHWKLQJEHFDXVHDOOPOLIHSHRSOHVDLG
                            ,ZDVQ¶WJRLQJWRPDNHLW7HG7XUQHU
                                                 
                                               
                                                 
     *UHDWWKRXJKWVVSHDNRQOWRWKHWKRXJKWIXOPLQGEXWJUHDWDFWLRQVVSHDNWRDOO
                                  PDQNLQG(PLO3%LVVHOO
                                                 
                                               
                                                 
2EVWDFOHVDUHWKRVHIULJKWIXOWKLQJVRXFDQVHHZKHQRXWDNHRXUHHVRIIRXUJRDO
                                         +HQU)RUG
                                                 
                                               
                                                 
  ,WWDNHVDVWURQJILVKWRVZLPDJDLQVWWKHFXUUHQW(YHQDGHDGRQHFDQIORDWZLWKLW
                                          -RKQURZH
                                                 
                                               
                                                 
        RXZLOOQHYHUILQGWLPHIRUDQWKLQJRXPXVWPDNHLWKDUOHV%X[WRQ
                                                 
                                               
                                                 
                         5HPRYHIDLOXUHDVDQRSWLRQ-RDQ/XQGHQ
                                                 
                                              
                                                 
      7KHUHLVQRRQHJLDQWVWHSWKDWGRHVLW,W
VDORWRIOLWWOHVWHSV3HWHU$RKHQ
6KRRWIRUWKHPRRQ(YHQLIRXPLVVRXZLOOODQGDPRQJWKHVWDUV/HV
                                            %URZQ
                                                
                                             
                                                
      6RPHRIXVKDYHJUHDWUXQZDVDOUHDGEXLOWIRUXV,IRXKDYHRQHWDNHRII
      %XWLIRXGRQ
WKDYHRQHUHDOL]HLWLVRXUUHVSRQVLELOLWWRJUDEDVKRYHODQG
     EXLOGRQHIRURXUVHOIDQGIRUWKRVHZKRZLOOIROORZDIWHURX$PHOLD(DUKDUW
                                                
                                             
                                                
   :RUNOLNHRXGRQ
WQHHGWKHPRQH/RYHOLNHRX
YHQHYHUEHHQKXUW'DQFHOLNH
                            QRERGLVZDWFKLQJ0DUN7ZDLQ
                                                
                                             
                                                
    :KDWWKHPLQGRIPDQFDQFRQFHLYHDQGEHOLHYHLWFDQDFKLHYH1DSROHRQ+LOO
                                                
                                             
                                                
7KHUHDUHQRVHFUHWVWRVXFFHVV,WLVWKHUHVXOWRISUHSDUDWLRQKDUGZRUNDQGOHDUQLQJ
                               IURPIDLOXUHROLQ3RZHOO
                                                
                                             
                                                
  :KDWOLHVEHKLQGXVDQGZKDWOLHVEHIRUHXVDUHWLQPDWWHUVFRPSDUHGWRZKDWOLHV
                            ZLWKLQXV5DOSK:DOGR(PHUVRQ
                                                
                                             
                                                
       *UHDWZRUNVDUHSHUIRUPHGQRWEVWUHQJWKEXWESHUVHYHUDQFH6DPXHO
                                          -RKQVRQ
                                                
                                             
                                                
 7KHGLIIHUHQFHEHWZHHQDVXFFHVVIXOSHUVRQDQGRWKHUVLVQRWDODFNRIVWUHQJWKQRWD
              ODFNRINQRZOHGJHEXWUDWKHUDODFNRIZLOO9LQFH/RPEDUGL
                                                
                                             
                                                
 7KHPDQZKRIROORZVWKHFURZGZLOOXVXDOOJHWQRIXUWKHUWKDQWKHFURZG7KHPDQ
        ZKRZDONVDORQHLVOLNHOWRILQGKLPVHOILQSODFHVQRRQHKDVHYHUEHHQ
                                      $ODQ$VKOH3LWW
,WWDNHVHDUVWREXLOGDUHSXWDWLRQDQGILYHPLQXWHVWRUXLQLW,IRXWKLQNDERXW
                      WKDWRX
OOGRWKLQJVGLIIHUHQWO:DUUHQ%XIIHWW
                                                  
                                                
                                                  
 KDPSLRQVDUHQ
WPDGHLQWKHJPVKDPSLRQVDUHPDGHIURPVRPHWKLQJWKHKDYH
              GHHSLQVLGHWKHPDGHVLUHDGUHDPDYLVLRQ0XKDPPDG$OL
                                                  
                                               
                                                  
 'ZHOOQRWRQWKHSDVW8VHLWWRLOOXVWUDWHDSRLQWWKHQOHDYHLWEHKLQG1RWKLQJUHDOO
PDWWHUVH[FHSWZKDWRXGRQRZLQWKLVLQVWDQWRIWLPH)URPWKLVPRPHQWRQZDUGVRX
  FDQEHDQHQWLUHOGLIIHUHQWSHUVRQILOOHGZLWKORYHDQGXQGHUVWDQGLQJUHDGZLWKDQ
  RXWVWUHWFKHGKDQGXSOLIWHGDQGSRVLWLYHLQHYHUWKRXJKWDQGGHHG(LOHHQDGG
                                                  
                                                  
                                               
                                                  
  7KHFULWLFDOLQJUHGLHQWLVJHWWLQJRIIRXUEXWWDQGGRLQJVRPHWKLQJ,W
VDVVLPSOHDV
   WKDW$ORWRISHRSOHKDYHLGHDVEXWWKHUHDUHIHZZKRGHFLGHWRGRVRPHWKLQJDERXW
WKHPQRZ1RWWRPRUURZ1RWQH[WZHHN%XWWRGD7KHWUXHHQWUHSUHQHXULVDGRHU
                                         1RODQ%XVKQHOO
                                                  
                                               
                                                  
 :KDWHYHURXYLYLGOLPDJLQHDUGHQWOGHVLUHVLQFHUHOEHOLHYHDQGHQWKXVLDVWLFDOO
                   DFWXSRQPXVWLQHYLWDEOFRPHWRSDVV3DXO-0HHU
                                                  
                                               
                                                  
 .HHSDZDIURPVPDOOSHRSOHZKRWUWREHOLWWOHRXUDPELWLRQV6PDOOSHRSOHDOZDV
GRWKDWEXWWKHUHDOOJUHDWPDNHRXIHHOWKDWRXWRRFDQEHFRPHJUHDW0DUN7ZDLQ
                                                  
                                               
                                                  
    )RUDQWKLQJZRUWKKDYLQJRQHPXVWSDWKHSULFHDQGWKHSULFHLVDOZDVZRUN
SDWLHQFHORYHVHOIVDFULILFH1RSDSHUFXUUHQFQRSURPLVHVWRSDEXWWKHJROGRIUHDO
                                   VHUYLFH-RKQ%XUURXJKV
                                                  
                                               
                                                  
7REHVXFFHVVIXORXPXVWGHFLGHH[DFWOZKDWRXZDQWWRDFFRPSOLVKWKHQUHVROYHWR
                             SDWKHSULFHWRJHWLW%XQNHU+XQW
RXMXVWFDQ
WEHDWWKHSHUVRQZKRQHYHUJLYHVXS%DEH5XWK
                                             
                                           
                                             
    :KHQRXJHWULJKWGRZQWRWKHURRWRIWKHPHDQLQJRIWKHZRUG
VXFFHHG
RX
                ILQGLWVLPSOPHDQVWRIROORZWKURXJK):1LFKRO
                                             
                                           
                                             
        6XFFHVVIXOSHRSOHDUHDOZDVORRNLQJIRURSSRUWXQLWLHVWRKHOSRWKHUV
      8QVXFFHVVIXOSHRSOHDUHDOZDVDVNLQJ
:KDW
VLQLWIRUPH
%ULDQ7UDF
                                             
                                           
                                             
       ,IRXGRQ
WVHWJRDOVRXFDQ
WUHJUHWQRWUHDFKLQJWKHPRJL%HUUD
                                       
                                   )HEUXDU
                                                   
                                                 
                                                   
6XFFHVVLVDFKLHYHGEWKRVHZKRWUDQGNHHSWULQJZLWKDSRVLWLYHPHQWDODWWLWXGH
                                         :OHPHQW6WRQH
                                                   
                                                 
                                                   
      ,FRXOGQ
WZDLWIRUVXFFHVVVR,ZHQWDKHDGZLWKRXWLW-RQDWKDQ:LQWHUV
                                                   
                                                 
                                                   
       :KDWZHKRSHWRGRZLWKHDVHZHPXVWOHDUQILUVWWRGRZLWKGLOLJHQFH
                                         6DPXHO-RKQVRQ
                                                   
                                                 
                                                   
:HGRRXUEHVWWKDWZHNQRZKRZDWWKHPRPHQWDQGLILWGRHVQ
WWXUQRXWZHPRGLI
                                LW)UDQNOLQ'HODQR5RRVHYHOW
                                                   
                                                 
                                                   
     $1DWLYH$PHULFDQJUDQGIDWKHUZDVWDONLQJWRKLVJUDQGVRQDERXWKRZKHIHOW
  +HVDLG
,IHHODVLI,KDYHWZRZROYHVILJKWLQJLQPKHDUW2QHZROILVWKHYHQJHIXO
 YLROHQWRQHWKHRWKHUZROILVWKHORYLQJFRPSDVVLRQDWHRQH
7KHJUDQGVRQDVNHGKLP
   
:KLFKZROIZLOOZLQWKHILJKWLQRXUKHDUW
7KHJUDQGIDWKHUDQVZHUHG
7KHRQH,
                                        IHHG
%ODFNKDZN
(QWKXVLDVPLVWKHVWHDPWKDWGULYHVWKHHQJLQH1DSROHRQ+LOO
                                                  
                                                
                                                  
   7KHZLQQHUVLQOLIHWKLQNFRQVWDQWOLQWHUPVRI,FDQ,ZLOODQG,DP/RVHUVRQWKH
RWKHUKDQGFRQFHQWUDWHWKHLUZDNLQJWKRXJKWVRQZKDWWKHVKRXOGKDYHRUZRXOGKDYH
                        GRQHRUZKDWWKHFDQ
WGR'HQQLV:DLWOH
                                                  
                                                
  6XFFHVVLQOLIHKDVQRWKLQJWRGRZLWKZKDWRXJDLQLQOLIHRUDFFRPSOLVKIRURXUVHOI
                        ,W
VZKDWRXGRIRURWKHUV'DQQ7KRPDV
                                                  
                                                
                                                  
   (PSWSRFNHWVQHYHUKHOGDQRQHEDFN2QOHPSWKHDGVDQGHPSWKHDUWVFDQGR
                                  WKDW1RUPDQ9LQFHQW3HDOH
                                                  
                                               
                                                  
                  2QHPDQZLWKFRXUDJHLVDPDMRULW$QGUHZ-DFNVRQ
                                                  
                                                
                                                  
 1RWPDQSHRSOHDUHZLOOLQJWRJLYHIDLOXUHDVHFRQGRSSRUWXQLW7KHIDLORQFHDQGLW
LVDOORYHU7KHELWWHUSLOORIIDLOXUHLVRIWHQPRUHWKDQPRVWSHRSOHFDQKDQGOH,IRXDUH
    ZLOOLQJWRDFFHSWIDLOXUHDQGOHDUQIURPLWLIRXDUHZLOOLQJWRFRQVLGHUIDLOXUHDVD
EOHVVLQJLQGLVJXLVHDQGERXQFHEDFNRXKDYHJRWWKHHVVHQWLDORIKDUQHVVLQJRQHRIWKH
                     PRVWSRZHUIXOVXFFHVVIRUFHV±-RVHSK6XJDUPDQ
                                                  
                                                
                                                  
 (YHUDFKLHYHU,KDYHHYHUPHWVDV
0OLIHWXUQHGDURXQGZKHQ,EHJDQWREHOLHYHLQ
                                      PH
5REHUW6FKXOOHU
                                                  
                                                
                                                  
 ,GRQ
WPHDVXUHDPDQ
VVXFFHVVEKRZKLJKKHFOLPEVEXWKRZKLJKKHERXQFHVZKHQ
                                KHKLWVERWWRP*HRUJH3DWWRQ
                                                  
                                                
                                                  
     2QHVWHSFKRRVLQJDJRDODQGVWLFNLQJWRLWFKDQJHVHYHUWKLQJ6FRWW5HHG
'HSHQGHQWSHRSOHQHHGRWKHUVWRJHWZKDWWKHZDQW,QGHSHQGHQWSHRSOHFDQJHWZKDW
 WKHZDQWWKURXJKWKHLURZQHIIRUWV,QWHUGHSHQGHQWSHRSOHFRPELQHWKHLURZQHIIRUWV
               ZLWKWKHHIIRUWVRIRWKHUVWRDFKLHYHWKHLUJUHDWHVWVXFFHVV
                                       6WHSKHQRYH
                                               
                                             
                                               
 ,GRQ
WNQRZZKDWRXUGHVWLQZLOOEHEXWRQHWKLQJ,GRNQRZ7KHRQORQHVDPRQJ
    RXZKRZLOOEHUHDOOKDSSDUHWKRVHZKRKDYHVRXJKWDQGIRXQGKRZWRVHUYH
                                      $OEHUW6FKZHLW]HU
                                               
                                             
                                               
                   6XFFHVVLVWKHFKLOGRIDXGDFLW%HQMDPLQ'LVUDHOL
                                               
                                             
                                               
            7HDPZRUNLVWKHORQJZRUGIRUVXFFHVV-DFTXHOLQHPDH$5XGG
                                               
                                             
                                               
     ([FHSWDQGH[SHFWSRVLWLYHWKLQJVDQGWKDWLVZKDWRXZLOOUHFHLYH/RUL+DUG
                                               
                                             
                                               
  RXPHDVXUHWKHVL]HRIWKHDFFRPSOLVKPHQWEWKHREVWDFOHVRXKDGWRRYHUFRPHWR
                         UHDFKRXUJRDOV%RRNHU7:DVKLQJWRQ
                                               
                                             
                                               
    ,QRUGHUWRVXFFHHGRXPXVWIDLOVRWKDWRXNQRZZKDWQRWWRGRWKHQH[WWLPH
                                   $QWKRQ-'
$QJHOR
                                               
                                             
                                               
          7KRVHDWWKHWRSRIWKHPRXQWDLQGLGQ
WIDOOWKHUH0DUFXV:DVKOLQJ
                                               
                                             
                                               
     0RWLYDWLRQLVZKDWJHWVRXVWDUWHG+DELWLVZKDWNHHSVRXJRLQJ-LP5XQ
,DPHQRXJKRIDQDUWLVWWRGUDZIUHHOXSRQPLPDJLQDWLRQ,PDJLQDWLRQLVPRUH
  LPSRUWDQWWKDQNQRZOHGJH.QRZOHGJHLVOLPLWHG,PDJLQDWLRQHQFLUFOHVWKHZRUOG
                                      $OEHUW(LQVWHLQ
                                              
                                           
                                              
      2QOWKRVHZKRULVNJRLQJWRRIDUFDQSRVVLEOILQGRXWKRZIDURQHFDQJR
                                         76(OLRW
                                              
                                           
                                              
,W
VDPD]LQJZKDWRUGLQDUSHRSOHFDQGRLIWKHVHWRXWZLWKRXWSUHFRQFHLYHGQRWLRQV
                                   KDUOHV).HWWHULQJ
                                              
                                           
                                              
   3HRSOHZKRDUHDIUDLGWRIDLOFDQQHYHUH[SHULHQFHWKHMRVRIVXFFHVV±3HWH=DIUD
                                              
                                           
                                              
       1RPDWWHUKRZVPDOODFNQRZOHGJHWKHDFKLHYHPHQW*UHJ+HQU4XLQQ
                                         
                                       0DUFK
                                              
                                            
                                              
 ,IRXGRQ
WTXLWDQGGRQ
WFKHDWDQGGRQ
WUXQKRPHZKHQWURXEOHDUULYHVRXFDQ
                                 RQOZLQ6KHOOH/RQJ
                                              
                                            
                                              
3XWRXUKHDUWPLQGLQWHOOHFWDQGVRXOHYHQWRRXUVPDOOHVWDFWV7KLVLVWKHVHFUHWRI
                               VXFFHVV6ZDPL6LYDQDQGD
                                              
                                            
                                              
7KHSHUVRQZKRPDNHVDVXFFHVVRIOLYLQJLVWKHRQHZKRVHHVKLVJRDOVWHDGLODQGDLPV
               IRULWXQVZHUYLQJO7KDWLVGHGLFDWLRQHFLO%'H0LOOH
2QHRQOJHWVWRWKHWRSUXQJRQWKHODGGHUEVWHDGLOFOLPELQJXSRQHDWDWLPHDQG
VXGGHQODOOVRUWVRISRZHUVDOOVRUWVRIDELOLWLHVZKLFKRXWKRXJKWQHYHUEHORQJHGWR
RXVXGGHQOEHFRPHZLWKLQRXURZQSRVVLELOLWDQGRXWKLQN
:HOO,
OOKDYHDJR
                                   WRR
0DUJDUHW7KDWFKHU
                                                   
                                                 
                                                   
     ,WLVLQWKHVPDOOGHFLVLRQVRXDQG,PDNHHYHUGDWKDWFUHDWHRXUGHVWLQ
                                        $QWKRQ5REELQV
                                                   
                                                 
 'HOLYHUPRUHWKDQRXDUHJHWWLQJSDLGWRGR7KHYLFWRURIVXFFHVVZLOOEHKDOIZRQ
ZKHQRXOHDUQWKHVHFUHWRISXWWLQJRXWPRUHWKDQLVH[SHFWHGLQDOOWKDWRXGR0DNH
    RXUVHOIVRYDOXDEOHLQRXUZRUNWKDWHYHQWXDOORXZLOOEHFRPHLQGLVSHQVDEOH
 ([HUFLVHRXUSULYLOHJHWRJRWKHH[WUDPLOHDQGHQMRDOOWKHUHZDUGVRXUHFHLYH±
                                           2J0DQGLQR
                                                   
                                                 
                                                   
/LIHLVQRWHDVIRUDQRIXVEXWZKDWRIWKDW:HPXVWKDYHSHUVHYHUDQFHDQGDERYH
                          DOOFRQILGHQFHLQRXUVHOYHV0DULHXULH
                                                   
                                                 
                                                   
7KHUHDUHWZRSULPDUFKRLFHVLQOLIHWRDFFHSWFRQGLWLRQVDVWKHH[LVWRUDFFHSWWKH
                     UHVSRQVLELOLWIRUFKDQJLQJWKHP'HQLV:DLWOH
                                                   
                                                 
                                                   
   (IIHFWLYHSHRSOHDUHQRWSUREOHPPLQGHGWKH
UHRSSRUWXQLWPLQGHG7KHIHHG
                    RSSRUWXQLWLHVDQGVWDUYHSUREOHPV6WHSKHQRYH
                                                   
                                                
                                                   
 $SURIHVVLRQDOLVDSHUVRQZKRFDQGRKLVEHVWDWDWLPHZKHQKHGRHVQ
WSDUWLFXODUO
                                  IHHOOLNHLW$OLVWDLURRNH
                                                   
                                                
                                                   
  :KDWHYHURXUJUDGHRUSRVLWLRQLIRXNQRZKRZDQGZKHQWRVSHDNDQGZKHQWR
       UHPDLQVLOHQWRXUFKDQFHVRIUHDOVXFFHVVDUHSURSRUWLRQDWHOLQFUHDVHG
                                        5DOSK6PHGOH
,GRQRWWKLQNWKHUHLVDQRWKHUTXDOLWVRHVVHQWLDOWRVXFFHVVRIDQNLQGDVWKHTXDOLW
              RISHUVHYHUDQFH,WRYHUFRPHVDOPRVWHYHUWKLQJHYHQQDWXUH±
                                      -RKQ'5RFNHIHOOHU
                                                 
                                              
                                                 
 ,NQRZWKHSULFHRIVXFFHVVGHGLFDWLRQKDUGZRUNDQGDQXQUHPLWWLQJGHYRWLRQWRWKH
                    WKLQJVRXZDQWWRVHHKDSSHQ)UDQN/ORG:ULJKW
                                                 
                                              
                                                 
     'RQRWIHDUWREHHFFHQWULFLQRSLQLRQIRUHYHURSLQLRQQRZDFFHSWHGZDVRQFH
                                 HFFHQWULF%HUWUDQG5XVVHOO
                                                 
                                              
                                                 
  (DFKSUREOHPKDVKLGGHQLQLWDQRSSRUWXQLWVRSRZHUIXOWKDWLWOLWHUDOOGZDUIVWKH
 SUREOHP7KHJUHDWHVWVXFFHVVVWRULHVZHUHFUHDWHGESHRSOHZKRUHFRJQL]HGDSUREOHP
                   DQGWXUQHGLWLQWRDQRSSRUWXQLW-RVHSK6XJDUPDQ
                                                 
                                              
                                                 
  )RUWXQDWHLVWKHSHUVRQZKRKDVGHYHORSHGWKHVHOIFRQWUROWRVWHHUDVWUDLJKWFRXUVH
       WRZDUGVKLVREMHFWLYHLQOLIHZLWKRXWEHLQJVZDHGIURPKLVSXUSRVHEHLWKHU
                      FRPPHQGDWLRQRUFRQGHPQDWLRQ1DSROHRQ+LOO
                                                 
                                               
                                                 
        1HYHUOHWRXUZRUNGULYHRX0DVWHULWDQGNHHSLWLQFRPSOHWHFRQWURO
                                    %RRNHU7:DVKLQJWRQ
                                                 
                                              
                                                 
  )ROORZRXUGUHDPDVORQJDVRXOLYHGRQRWOHVVHQWKHWLPHRIIROORZLQJGHVLUHIRU
                     ZDVWLQJWLPHLVDQDERPLQDWLRQRIWKHVSLULW3ODWR
                                                 
                                              
                                                 
RXVD,VWDUWHGRXWZLWKSUDFWLFDOOQRWKLQJEXWWKDWLVQ
WFRUUHFW:HDOOVWDUWZLWKDOO
            WKHUHLV,W
VKRZZHXVHLWWKDWPDNHVWKLQJVSRVVLEOH+HQU)RUG
                                                 
                                              
                                                 
   ,GRQ
WKDYHWREHZKDWQRERGHOVHZDQWVPHWREHDQG,DPQRWDIUDLGWREHZKDW,
                                ZDQWWREH0XKDPPDG$OL
7KHKLJKHVWUHZDUGIRURQH
VWRLOLVQRWZKDWRQHJHWVIRULWEXWZKDWRQHEHFRPHVE
                                        LW-RKQ5XVNLQ
                                                   
                                                
                                                   
,VWXGLHGWKHOLYHVRIJUHDWPHQDQGZRPHQDQG,IRXQGWKDWWKHPHQDQGZRPHQZKR
JRWWRWKHWRSZHUHWKRVHZKRGLGWKHMREVWKHKDGLQKDQGZLWKHYHUWKLQJWKHKDGRI
                     HQHUJDQGHQWKXVLDVPDQGKDUGZRUN+DUU6
                                               7UXPDQ
                                                   
                                                
                                                   
  7KHVHDWRIIUHHGRPLVUHVHUYHGIRUWKHPDQZKROLYHVEKLVRZQZRUNDQGLQWKDW
               ZRUNGRHVZKDWKHZDQWVWRGR*HRUJH5RELQROOLQJZRRG
                                                   
                                                
                                                   
 6XFFHVVLVPHDVXUHGLQWHUPVRIUHDFKLQJRXUJRDOVGUHDPVDQGH[SHFWDWLRQVRXU
VXFFHVVLVGHWHUPLQHGEKDUGZRUNSHUVLVWHQFHDQGGHWHUPLQDWLRQ,IRXDUHJRLQJWR
        EHDVXFFHVVLQOLIHLWLVXSWRRXLWLVRXUUHVSRQVLELOLW:LOO+RUWRQ
                                                   
                                                
                                                   
      7KHGLIIHUHQFHEHWZHHQVXFFHVVDQGPHGLRFULWLVDOOLQWKHZDRXWKLQN
                                           'HDQ)UDQFLV
                                                   
                                                
         RXDUHQHYHUWRRROGWRVHWDQRWKHUJRDORUWRGUHDPDQHZGUHDP±
                                             /HV%URZQ
                                                   
                                                
                                                   
  :KDWVHSDUDWHVWKRVHZKRDFKLHYHIURPWKRVHZKRGRQRWLVLQGLUHFWSURSRUWLRQWR
                        RQH
VDELOLWWRDVNIRUKHOS'RQDOG.HRXJK
                                                   
                                                
                                                   
RXRQOKDYHWRGRDYHUIHZWKLQJVULJKWLQRXUOLIHVRORQJDVRXGRQ
WGRWRRPDQ
                                WKLQJVZURQJ:DUUHQ%XIIHWW
                                                   
                                                
                                                   
        ,WLVZLVHWRNHHSLQPLQGWKDWQHLWKHUVXFFHVVQRUIDLOXUHLVHYHUILQDO±
                                           5RJHU%DEVRQ
6XFFHVVLVDMRXUQHQRWDGHVWLQDWLRQ%HQ6ZHHWODQG
                                            
                                          
                                            
    7RJXDUDQWHHVXFFHVVDFWDVLILWZHUHLPSRVVLEOHWRIDLO'RURWKHD%UDQGH
                                         
                                       $SULO
                                               
                                              
                                               
         6XFFHVVLVRIWHQWKHUHVXOWRIWDNLQJDPLVVWHSLQWKHULJKWGLUHFWLRQ±
                                         $O%HUQVWHLQ
                                               
                                             
                                               
                   RXFDQGRLWLIRXEHOLHYHRXFDQ1DSROHRQ+LOO
                                               
                                             
                                               
            6XFFHVVLVVLPSODPDWWHURIOXFN$VNDQIDLOXUH(DUO:LOVRQ
                                               
                                             
                                               
      ,OLNHDVWDWHRIFRQWLQXDOEHFRPLQJZLWKDJRDOLQIURQWDQGQRWEHKLQG
                                    *HRUJH%HUQDUG6KDZ
                                               
                                             
                                               
       RXPXVWGRWKHYHUWKLQJRXWKLQNRXFDQQRWGR(OHDQRU5RRVHYHOW
                                               
                                             
                                               
)ODPLQJHQWKXVLDVPEDFNHGEKRUVHVHQVHDQGSHUVLVWHQFHLVWKHTXDOLWWKDWPRVW
                       IUHTXHQWOPDNHVIRUVXFFHVV'DOHDUQHJLH
                                               
                                             
                                               
,W
VWKHUHSHWLWLRQRIDIILUPDWLRQVWKDWOHDGVWREHOLHI$QGRQFHWKDWEHOLHIEHFRPHVD
              GHHSFRQYLFWLRQWKLQJVEHJLQWRKDSSHQODXGH0%ULVWRO
                                               
                                             
                                               
           7KHELJJHVWWHPSWDWLRQLVWRVHWWOHIRUWRROLWWOH7KRPDV0HUWRQ
HV,DPDGUHDPHU)RUDGUHDPHULVRQHZKRFDQILQGKLVZDEPRRQOLJKWDQGVHH
                     WKHGDZQEHIRUHWKHUHVWRIWKHZRUOG2VFDU:LOGH
                                                
                                             
                           'RQ
WGUHDPLW%HLW5LFKDUG2
EULDQ
                                                
                                             
                                                
      +HKDVDFKLHYHGVXFFHVVZKRKDVOLYHGZHOOODXJKHGRIWHQDQGORYHGPXFK
                                   %HVVLH$QGHUVRQ6WDQOH
                                                
                                             
                                                
 ,IRXGRQ
WJRDIWHUZKDWRXZDQWRX
OOQHYHUKDYHLW,IRXGRQ
WDVNWKHDQVZHULV
           DOZDVQR,IRXGRQ
WVWHSIRUZDUGRX
UHDOZDVLQWKHVDPHSODFH
                                       1RUD5REHUWV
                                                
                                             
                                                
 +HQU)RUGFRXOGJHWDQWKLQJRXWRIPHQEHFDXVHKHMXVWWDONHGDQGZRXOGWHOOWKHP
     VWRULHV+H
GQHYHUVD
,ZDQWWKLVGRQH
+H
GVD
,ZRQGHULIZHFDQGRLW
±
                                        *HRUJH%URZQ
                                                
                                             
                                                
 7KRVHZKRGUHDPEGDDUHFRJQL]DQWRIPDQWKLQJVZKLFKHVFDSHWKRVHZKRGUHDP
                              RQOEQLJKW(GJDU$OOHQ3RH
                                                
                                             
                                                
7KHNHWRKDSSLQHVVLVKDYLQJGUHDPVWKHNHWRVXFFHVVLVPDNLQJWKHPFRPHWUXH
                                         -DPHV$OOHQ
                                                
                                             
                                                
   /LIHLVDVHULHVRISUREOHPVROYLQJRSSRUWXQLWLHV7KHSUREOHPVRXIDFHZLOOHLWKHU
           GHIHDWRXRUGHYHORSRXGHSHQGLQJRQKRZRXUHVSRQGWRWKHP±
                                         5LFN:DUUHQ
                                                
                                             
                                                
          $OOPHQZKRKDYHDFKLHYHGJUHDWWKLQJVKDYHEHHQJUHDWGUHDPHUV±
                                    2ULVRQ6ZHWW0DUGHQ
6XFFHVVLVGRLQJRUGLQDUWKLQJVH[WUDRUGLQDULOZHOO-LP5RKQ
                                                 
                                              
                                                 
 ,VWDUWZLWKWKHSUHPLVHWKDWWKHIXQFWLRQRIOHDGHUVKLSLVWRSURGXFHPRUHOHDGHUVQRW
                               PRUHIROORZHUV5DOSK1DGHU
                                                 
                                              
                                                 
 1HYHUZDONDZDIURPIDLOXUH2QWKHFRQWUDUVWXGLWFDUHIXOODQGLPDJLQDWLYHOIRU
                             LWVKLGGHQDVVHWV0LFKDHO.RUGD
                                                 
                                              
                                                 
     1RWKLQJHYHUFRPHVWRRQHWKDWLVZRUWKKDYLQJH[FHSWDVDUHVXOWRIKDUGZRUN
                                   %RRNHU7:DVKLQJWRQ
                                                 
                                              
                                                 
RXFDQQRWFRQWUROZKDWKDSSHQVWRRXEXWRXFDQFRQWURORXUDWWLWXGHWRZDUGZKDW
   KDSSHQVWRRXDQGLQWKDWRXZLOOEHPDVWHULQJFKDQJHUDWKHUWKDQDOORZLQJLWWR
                                  PDVWHURX%ULDQ7UDF
                                                 
                                              
                                                 
  ,OHDUQHGWKDWWKHRQOZDRXDUHJRLQJWRJHWDQZKHUHLQOLIHLVWRZRUNKDUGDWLW
  :KHWKHURX
UHDPXVLFLDQDZULWHUDQDWKOHWHRUDEXVLQHVVPDQWKHUHLVQRJHWWLQJ
          DURXQGLW,IRXGRRX
OOZLQLIRXGRQ
WRXZRQ
W%UXFH-HQQHU
                                                 
                                              
                                                 
    8QOHVVRXDUHZLOOLQJWRGUHQFKRXUVHOILQRXUZRUNEHRQGWKHFDSDFLWRIWKH
        DYHUDJHPDQRXDUHMXVWQRWFXWRXWIRUSRVLWLRQVDWWKHWRS-3HQQ
                                                 
                                              
                                                 
   6XFFHVVLVQRWPHDVXUHGEZKDWDPDQDFFRPSOLVKHVEXWEWKHRSSRVLWLRQKHKDV
      HQFRXQWHUHGDQGWKHFRXUDJHZLWKZKLFKKHKDVPDLQWDLQHGWKHVWUXJJOHDJDLQVW
                          RYHUZKHOPLQJRGGVKDUOHV/LQGEHUJK
                                                 
                                              
                                                 
 ,IRXKDYHWKHZLOOWRZLQRXKDYHDFKLHYHGKDOIRXUVXFFHVVLIRXGRQ
WRXKDYH
                        DFKLHYHGKDOIRXUIDLOXUH'DYLG$PEURVH
RXPDEHGLVDSSRLQWHGLIRXIDLOEXWRXDUHGRRPHGLIRXGRQ
WWU
                                        %HYHUO6LOOV
                                               
                                           
                                               
8QOHVVRXWUWRGRVRPHWKLQJEHRQGZKDWRXKDYHDOUHDGPDVWHUHGRXZLOOQHYHU
                                 JURZ5RQDOG(2VERUQ
                                               
                                           
                                               
                 RXUVXFFHVVDQGKDSSLQHVVOLHLQRX+HOHQ.HOOHU
                                               
                                           
                                               
 6XFFHVVIXODQGXQVXFFHVVIXOSHRSOHGRQRWYDUJUHDWOLQWKHLUDELOLWLHV7KHYDULQ
                  WKHLUGHVLUHVWRUHDFKWKHLUSRWHQWLDO-RKQ0D[ZHOO
                                          
                                         0D
                                                
                                              
                                                
   7KHRQOGLIIHUHQFHEHWZHHQDVXFFHVVDQGDIDLOXUHLVWKDWWKHVXFFHVVIXOSHUVRQLV
             ZLOOLQJWRGRZKDWWKHIDLOXUHLVQRWZLOOLQJWRGR-55LGLQJHU
                                                
                                             
                                                
7KHPDQZKRPRYHGDPRXQWDLQZDVWKHRQHZKREHJDQFDUULQJDZDVPDOOVWRQHV
                                       KLQHVH3URYHUE
                                                
                                             
                                                
            :LQQLQJLVQ
WHYHUWKLQJ,W
VWKHRQOWKLQJ9LQFHQW/RPEDUGL
                                                
                                             
                                                
    RXULPDJLQDWLRQLVRXUSUHYLHZRIOLIH
VFRPLQJDWWUDFWLRQV$OEHUW(LQVWHLQ
                                                
                                             
                                                
:KDWHYHURXGRRXQHHGFRXUDJH:KDWHYHUFRXUVHRXGHFLGHXSRQWKHUHLVDOZDV
 VRPHRQHWRWHOORXWKDWRXDUHZURQJ7KHUHDUHDOZDVGLIILFXOWLHVDULVLQJWKDWWHPSW
RXWREHOLHYHRXUFULWLFVDUHULJKW7RPDSRXWDFRXUVHRIDFWLRQDQGIROORZLWWRDQHQG
  UHTXLUHVVRPHRIWKHVDPHFRXUDJHWKDWDVROGLHUQHHGV3HDFHKDVLWVYLFWRULHVEXWLW
           WDNHVEUDYHPHQDQGZRPHQWRZLQWKHP5DOSK:DOGR(PHUVRQ
6XFFHVVIXOOHDGHUVUHFRJQL]HWKDWJUHDWLQQRYDWLRQFRPHVIURPREVHUYLQJWKHVDPH
        LGHDVDVHYHURQHHOVHDQGVHHLQJVRPHWKLQJGLIIHUHQW5HHG0DUNKDP
                                               
                                             
                                               
            $FWLRQLVWKHIRXQGDWLRQDONHWRDOOVXFFHVV$QWKRQ5REELQV
                                               
                                             
                                               
     %HKXPEOHDOZDVDQGLGHQWLIZLWKWKHFRPPRQPDQHYHQZKHQVXFFHVVDQG
           DFKLHYHPHQWVZDQWWRPDNHRXSURXG%LVKRS/HRQDUG8PXQQD
                                               
                                             
                                               
  7KHVXFFHVVIXOPDQZLOOSURILWIURPKLVPLVWDNHVDQGWUDJDLQLQDGLIIHUHQWZD
                                        'DOHDUQHJLH
                                               
                                            
                                               
 %HOLHYHLWFDQEHGRQH:KHQRXEHOLHYHVRPHWKLQJFDQEHGRQHUHDOOEHOLHYHRXU
     PLQGZLOOILQGWKHZDVWRGRLW%HOLHYLQJWKHUHLVDVROXWLRQSDYHVWKHZDWRD
                              VROXWLRQ'U'DYLG6FKZDUW]
                                               
                                            
                                               
$OOVXFFHVVIXOPHQDQGZRPHQDUHELJGUHDPHUV7KHLPDJLQHZKDWWKHLUIXWXUHFRXOG
EHLGHDOLQHYHUUHVSHFWDQGWKHQWKHZRUNHYHUGDWRZDUGWKHLUGLVWDQWYLVLRQWKDW
                              JRDORUSXUSRVH%ULDQ7UDF
                                               
                                            
                                               
          7KHVHFUHWRIVXFFHVVLVWREHUHDGZKHQRXURSSRUWXQLWFRPHV±
                                     %HQMDPLQ'LVUDHOL
                                               
                                            
                                               
          :HPXVWQHYHUEHDIUDLGWRJRWRRIDUIRUVXFFHVVOLHVMXVWEHRQG±
                                        0DUFHO3URXVW
                                               
                                            
                                               
1RRQHHYHUDWWDLQVYHUHPLQHQWVXFFHVVEVLPSOGRLQJZKDWLVUHTXLUHGRIKLPLWLV
 WKHDPRXQWDQGH[FHOOHQFHRIZKDWLVRYHUDQGDERYHWKHUHTXLUHGWKDWGHWHUPLQHVWKH
               JUHDWQHVVRIXOWLPDWHGLVWLQFWLRQKDUOHV.HQGDOO$GDPV
,ZLOOVSHDNLOORIQRRQHDQGVSHDNDOOWKHJRRG,NQRZRIHYHUERG$QGUHZ
                                             -DFNVRQ
                                                 
                                              
                                                 
RXGRQ
WEHFRPHHQRUPRXVOVXFFHVVIXOZLWKRXWHQFRXQWHULQJVRPHUHDOOLQWHUHVWLQJ
                               SUREOHPV0DUN9LFWRU+DQVHQ
                                                 
                                               
                                                 
     ,
YHDOZDVWULHGWRJRRQHVWHSSDVWZKHUHYHUSHRSOHH[SHFWHGPHWRHQGXS
                                           %HYHUO6LOOV
                                                 
                                              
                                                 
  )HZWKLQJVKHOSDQLQGLYLGXDOPRUHWKDQWRSODFHUHVSRQVLELOLWXSRQKLPDQGWROHW
                   KLPNQRZWKDWRXWUXVWKLP%RRNHU7:DVKLQJWRQ
                                                 
                                              
                                                 
                'RQ
WOHWWKHIHDURIVWULNLQJRXWKROGRXEDFN%DEH5XWK
                                                 
                                              
                                                 
  RXKDYHWRDFFHSWZKDWHYHUFRPHVDQGWKHRQOLPSRUWDQWWKLQJLVWKDWRXPHHWLW
                     ZLWKWKHEHVWRXKDYHWRJLYH(OHDQRU5RRVHYHOW
                                                 
                                              
                                                 
              7RFRQTXHUIHDULVWKHEHJLQQLQJRIZLVGRP%HUWUDQG5XVVHOO
                                                 
                                              
                                                 
6XFFHVVLVHYHUPLQXWHRXOLYH,W
VWKHSURFHVVRIOLYLQJ,W
VVWRSSLQJIRUWKHPRPHQWV
 RIEHDXWRISOHDVXUHWKHPRPHQWVRISHDFH6XFFHVVLVQRWDGHVWLQDWLRQWKDWRXHYHU
               UHDFK6XFFHVVLVWKHTXDOLWRIWKHMRXUQH±-HQQLIHU-DPHV
                                                 
                                              
                                                 
                    ,SUDLVHORXGO,EODPHVRIWO4XHHQDWKHULQH,,
                                                 
                                              
                                                 
 :ULWHGRZQWKHWKRXJKWVRIWKHPRPHQW7KRVHWKDWFRPHXQVRXJKWIRUDUHFRPPRQO
                              WKHPRVWYDOXDEOH)UDQFLV%DFRQ
,WLVOLWHUDOOWUXHWKDWRXFDQVXFFHHGEHVWDQGTXLFNHVWEKHOSLQJRWKHUVWRVXFFHHG
                                        1DSROHRQ+LOO
                                                 
                                              
                                                 
         RX
YHJRWWRZLQLQRXUPLQGEHIRUHRXZLQLQRXUOLIH-RKQ$GGLVRQ
                                                 
                                              
                                                 
1HYHUEHDIUDLGWRWUHDGWKHSDWKDORQH.QRZZKLFKLVRXUSDWKDQGIROORZLVZKHUHYHU
        LWPDOHDGRXGRQRWIHHORXKDYHWRIROORZLQVRPHRQHHOVH
VIRRWVWHSV±
                                          (LOHHQDGG
                                                 
                                              
                                                 
            6XFFHVVLVKRZKLJKRXERXQFHDIWHURXKLWERWWRP*HRUJH3DWWRQ
                                                 
                                              
                                                 
         7KHUHZDUGRIDWKLQJZHOOGRQHLVWRKDYHGRQHLW5DOSK:DOGR(PHUVRQ
                                                 
                                              
                                                 
              .QRZOHGJHZLWKRXWIROORZWKURXJKLVZRUVHWKDQQRNQRZOHGJH±
                                    +HQUKDUOHV%XNRZVNL
                                                 
                                              
                                                 
       'RQRWGHVSLVHWKHERWWRPUXQJVLQWKHDVFHQWWRJUHDWQHVV3XEOLOLXV6UXV
                                           
                                         -XQH
                                             
                                           
                                             
         7KHPHULWLQDFWLRQOLHVLQILQLVKLQJLWWRWKHHQG*HQJKLV.KDQ
                                             
                                           
                                             
            7RPRYHWKHZRUOGZHPXVWILUVWPRYHRXUVHOYHV6RFUDWHV
                                             
                                           
                                             
     0DNHDVXFFHVVRIOLYLQJEVHHLQJWKHJRDODQGDLPLQJIRULWXQVZHUYLQJO
                                    HFLO%'H0LOOH
7KHPDQZKRZLOOXVHKLVVNLOODQGFRQVWUXFWLYHLPDJLQDWLRQWRVHHKRZPXFKKHFDQ
  JLYHIRUDGROODULQVWHDGRIKRZOLWWOHKHFDQJLYHIRUDGROODULVERXQGWRVXFFHHG
                                         +HQU)RUG
                                                
                                             
                                                
  2SWLPLVWVDUHULJKW6RDUHSHVVLPLVWV,W
VXSWRRXWRFKRRVHZKLFKRXZLOOEH
                                       +DUYH0DFND
                                                
                                             
                                                
      0DQKDQGVDQGKHDUWVDQGPLQGVJHQHUDOOFRQWULEXWHWRDQRQH
VQRWDEOH
                                DFKLHYHPHQWV:DOW'LVQH
                                                
                                              
                                                
          :LQQHUVDUHWKHRQHVZKRUHDOOOLVWHQWRWKHWUXWKRIWKHLUKHDUWV±
                                      6OYHVWHU6WDOORQH
                                                
                                             
                                                
:KHQRXPLVVDVKRWQHYHUWKLQNRIZKDWRXGLGZURQJ7DNHWKHQH[WVKRWWKLQNLQJ
                         RIZKDWRXPXVWGRULJKW7RQ$OIRQVR
                                                
                                             
                                                
:LQQHUVPDNHDKDELWRIPDQXIDFWXULQJWKHLURZQSRVLWLYHH[SHFWDWLRQVLQDGYDQFHRI
                                  WKHHYHQW%ULDQ7UDF
                                                
                                             
                                                
 $JRRGFULWHULRQIRUPHDVXULQJVXFFHVVLQOLIHLVWKHQXPEHURISHRSOHRXKDYHPDGH
                                KDSS5REHUW-/XPVGHQ
                                                
                                             
                                                
 7KHKLVWRURIWKHZRUOGLVWKHKLVWRURIDIHZSHRSOHZKRKDGIDLWKLQWKHPVHOYHV
                                    6ZDPL9LYHNDQDQGD
                                                
                                             
                                                
         $ELOLWPDWDNHRXWRWKHWRSEXWLWWDNHVFKDUDFWHUWRVWDWKHUH±
                                        :LOOLDP%ODNH
6XFFHVVLVWKHSURJUHVVLYHUHDOL]DWLRQRIZRUWKZKLOHSUHGHWHUPLQHGSHUVRQDOJRDOV
                                        3DXO-0HHU
                                                 
                                             
                                                 
        :KQRWJRRXWRQDOLPE,VQ
WWKDWZKHUHWKHIUXLWLV)UDQN6FXOO
                                                 
                                             
                                                 
6XFFHVVLVWREHPHDVXUHGQRWVRPXFKEWKHSRVLWLRQWKDWRQHKDVUHDFKHGLQOLIHDVE
             WKHREVWDFOHVZKLFKKHKDVRYHUFRPHZKLOHWULQJWRVXFFHHG±
                                  %RRNHU7:DVKLQJWRQ
                                                 
                                             
                                                 
          7KHVHFUHWRIVXFFHVVLVFRQVLVWHQFRISXUSRVH%HQMDPLQ'LVUDHOL
                                                 
                                             
                                                 
         ,W
VQRWWKDW,
PVRVPDUWLW
VMXVWWKDW,VWDZLWKSUREOHPVORQJHU±
                                       $OEHUW(LQVWHLQ
                                                 
                                             
                                                 
       :HDUHZKDWZHUHSHDWHGOGR([FHOOHQFHWKHQLVQRWDQDFWEXWDKDELW
                                            $ULVWRWOH
                                                 
                                             
                                                 
     6RPHWLPHVRXUEHVWLVVLPSOQRWHQRXJK:HKDYHWRGRZKDWLVUHTXLUHG±
                                   6LU:LQVWRQKXUFKLOO
                                                 
                                             
                                                 
    7KHSDWKWRVXFFHVVLVWRWDNHPDVVLYHGHWHUPLQHGDFWLRQ$QWKRQ5REELQV
                                                 
                                             
                                                 
            /LYHRXWRIRXULPDJLQDWLRQQRWRXUKLVWRU6WHSKHQRYH
                                                 
                                             
                                                 
                 3HUSHWXDORSWLPLVPLVDIRUFHPXOWLSOLHUROLQ3RZHOO
)RUJHWRXUVHOIDQGVWDUWWRZRUN*RUGRQ%+LQFNOH
                                                
                                             
                                                
   2XUEXVLQHVVLQOLIHLVQRWWRJHWDKHDGRIRWKHUVEXWWRJHWDKHDGRIRXUVHOYHV
                                          =LJ=LJODU
                                                
                                             
                                                
 $OZDVEHDULQPLQGWKDWRXURZQUHVROXWLRQWRVXFFHHGLVPRUHLPSRUWDQWWKDQDQ
                            RWKHURQHWKLQJ$EUDKDP/LQFROQ
                                                
                                             
                                                
               2QHPXVWKDYHVWUDWHJLHVWRH[HFXWHGUHDPV$]LP3UHPML
                                                
                                             
                                                
7UWRIRUJHWRXUVHOILQWKHVHUYLFHRIRWKHUV)RUZKHQZHWKLQNWRRPXFKRIRXUVHOYHV
DQGRXURZQLQWHUHVWVZHHDVLOEHFRPHGHVSRQGHQW%XWZKHQZHZRUNIRURWKHUVRXU
                         HIIRUWVUHWXUQWREOHVVXV6LGQH3RZHOO
                                                
                                             
                                                
                   2SSRUWXQLWLHVPXOWLSODVWKHDUHVHL]HG6XQ7]X
                                                
                                             
                                                
1RWKLQJLVVRFRQWDJLRXVDVHQWKXVLDVP,WPRYHVVWRQHVLWFKDUPVEUXWHV(QWKXVLDVP
       LVWKHJHQLXVRIVLQFHULWDQGWUXWKDFFRPSOLVKHVQRYLFWRULHVZLWKRXWLW±
                                    (GZDUG%XOZHU/WWRQ
                                                
                                             
                                                
   (DFKSUREOHPWKDW,VROYHGEHFDPHDUXOHZKLFKVHUYHGDIWHUZDUGVWRVROYHRWKHU
                                 SUREOHPV5HQH'HVFDUWHV
                                          
                                        -XO
                                              
                                            
             6XFFHVVHTXDOVJRDOVDOOHOVHLVFRPPHQWDU%ULDQ7UDF
,IRXDUHQ
WPDNLQJDQPLVWDNHVLW
VDVXUHVLJQRX
UHSODLQJLWWRRVDIH
                                       -RKQ0D[ZHOO
                                               
                                             
                                               
 ,GRQ
WNQRZWKHNHWRVXFFHVVEXWWKHNHWRIDLOXUHLVWULQJWRSOHDVHHYHUERG
                                         %LOORVE
                                               
                                            
                                               
          7KHGLFWLRQDULVWKHRQOSODFHZKHUHVXFFHVVFRPHVEHIRUHZRUN±
                                     $UWKXU%ULVEDQH
                                               
                                             
                                               
   6WULYLQJIRUVXFFHVVZLWKRXWKDUGZRUNLVOLNHWULQJWRKDUYHVWZKHUHRXKDYHQ
W
                                   SODQWHG'DYLG%O
                                               
                                            
                                               
      $VORQJDVRXDUHJRLQJWREHWKLQNLQJDQZDWKLQNELJ'RQDOG7UXPS
                                               
                                             
                                               
           6XFFHVVLVWKHVXPRIVPDOOHIIRUWVUHSHDWHGGDLQDQGGDRXW±
                                       5REHUWROOLHU
                                               
                                            
                                               
       1RPDQLVHYHUZKLSSHGXQWLOKHTXLWVLQKLVRZQPLQG1DSROHRQ+LOO
                                               
                                            
                                               
    6XFFHVVLVVNLOOVDQGVWUDWHJRXPLJKWNQRZKRZWRUHDGEXWPRUH
                    LPSRUWDQWOZKDW
VRXUSODQWRUHDG-LP5RKQ
                                               
                                            
                                               
%HZKRRXDUHDQGVDZKDWRXIHHOEHFDXVHWKRVHZKRPLQGGRQ
WPDWWHUDQGWKRVH
                           ZKRPDWWHUGRQ
WPLQG'U6XHVV
                                               
                                            
                                               
          3HRSOHUDUHOVXFFHHGXQOHVVWKHKDYHIXQLQZKDWWKHDUHGRLQJ±
                                       'DOHDUQHJLH
(QWHUHYHUDFWLYLWZLWKRXWJLYLQJPHQWDOUHFRJQLWLRQWRWKHSRVVLELOLWRIGHIHDW
RQFHQWUDWHRQRXUVWUHQJWKVLQVWHDGRIRXUZHDNQHVVHVRQRXUSRZHUVLQVWHDGRI
                               RXUSUREOHPV3DXO-0HHU
                                                 
                                              
                                                 
          3HRSOHZLWKJRDOVVXFFHHGEHFDXVHWKHNQRZZKHUHWKH
UHJRLQJ±
                                        (DUO1LJKWLQJDOH
                                                 
                                              
                                                 
     7KRXJKWVDQGLGHDVDUHWKHVRXUFHRIDOOZHDOWKVXFFHVVPDWHULDOJDLQDOOJUHDW
             GLVFRYHULHVLQYHQWLRQVDQGDFKLHYHPHQW0DUN9LFWRU+DQVHQ
                                                 
                                              
                                                 
        7KHVHFUHWRIEXVLQHVVLVWRNQRZVRPHWKLQJWKDWQRERGHOVHNQRZV±
                                        $ULVWRWOH2QDQVLV
                                                 
                                              
                                                 
       ,QOLIHDVLQDIRRWEDOOJDPHWKHSULQFLSOHWRIROORZLV+LWWKHOLQHKDUG
                                      7KHRGRUH5RRVHYHOW
                                                 
                                              
                                                 
,IRXJRWRZRUNRQRXUJRDOVRXUJRDOVZLOOJRWRZRUNRQRX,IRXJRWRZRUNRQ
   RXUSODQRXUSODQZLOOJRWRZRUNRQRX:KDWHYHUJRRGWKLQJVZHEXLOGHQGXS
                                    EXLOGLQJXV-LP5RKQ
                                                 
                                              
                                                 
,IRQHDGYDQFHVFRQILGHQWOLQWKHGLUHFWLRQRIKLVGUHDPVDQGHQGHDYRUVWROLYHWKHOLIH
  ZKLFKKHKDVLPDJLQHGKHZLOOPHHWZLWKDVXFFHVVXQH[SHFWHGLQFRPPRQKRXUV
                                     +HQU'DYLG7KRUHDX
                                                 
                                              
                                                 
 6XFFHVVIXOOHDGHUVVHHWKHRSSRUWXQLWLHVLQHYHUGLIILFXOWUDWKHUWKDQWKHGLIILFXOWLQ
                             HYHURSSRUWXQLW5HHG0DUNKDP
                                                 
                                              
                                                 
              :KHQRX
UHJRLQJWKURXJKKHOONHHSJRLQJ$OEHUW(LQVWHLQ
$QLGHDWKDWLVKHOGLQWKHPLQGWKDWLVHLWKHUIHDUHGRUUHYHUHGZLOOEHJLQDWRQFHWR
     FORWKHLWVHOILQWKHPRVWFRQYHQLHQWDQGDSSURSULDWHSKVLFDOIRUPVDYDLODEOH±
                                       $QGUHZDUQHJLH
                                                 
                                             
                                                 
    ,IRXFDQLPDJLQHLWRXFDQFUHDWHLW,IRXFDQGUHDPLWRXFDQEHFRPHLW
                                    :LOOLDP$UWKXU:DUG
                                                 
                                             
                                                 
  2XUGRXEWVDUHWUDLWRUVDQGPDNHXVORVHWKHJRRGWKDWZHRIWPDZLQEIHDULQJWR
                              DWWHPSW:LOOLDP6KDNHVSHDUH
                                                 
                                             
                                                 
     7KHUHLVRQORQHZDWRVXFFHHGLQDQWKLQJDQGWKDWLVWRJLYHLWHYHUWKLQJ
                                       9LQFH/RPEDUGL
                                                 
                                             
                                                 
  6XFFHVVLVQRWWKHNHWRKDSSLQHVV+DSSLQHVVLVWKHNHWRVXFFHVV,IRXORYHZKDW
                  RXDUHGRLQJRXZLOOEHVXFFHVVIXO$OEHUW6FKZHLW]HU
                                                 
                                             
                                                 
           6XFFHVVLW
VZKDWRXGRZLWKZKDWRX
YHJRW/HUR9DQ'NH
                                                 
                                             
                                                 
      %HKLQGHYHUVXFFHVVIXOPDQWKHUH
VDORWRIXQVXFFHVVIXOHDUV%RE%URZQ
                                                 
                                             
                                                 
   7KHSHVVLPLVWVHHVGLIILFXOWLQHYHURSSRUWXQLW7KHRSWLPLVWVHHVRSSRUWXQLWLQ
                            HYHUGLIILFXOW:LQVWRQKXUFKLOO
                                                 
                                             
                                                 
(YHUHYHQLQJZULWHGRZQWKHVL[PRVWLPSRUWDQWWKLQJVWKDWRXPXVWGRWKHQH[WGD
       7KHQZKLOHRXVOHHSRXUVXEFRQVFLRXVZLOOZRUNRQWKHEHVWZDVIRURXWR
             DFFRPSOLVKWKHPRXUQH[WGDZLOOJRPXFKPRUHVPRRWKO±
                                        7RP+RSNLQV
1HYHUWXUQGRZQDMREEHFDXVHRXWKLQNLW
VWRRVPDOORXGRQ
WNQRZZKHUHLWFDQ
                                    OHDG-XOLD0RUJDQ
                                                
                                             
                                                
 7KHWHVWRIDVXFFHVVIXOSHUVRQLVQRWDQDELOLWWRHOLPLQDWHDOOSUREOHPVEHIRUHWKH
 DULVHEXWWRPHHWDQGZRUNRXWGLIILFXOWLHVZKHQWKHGRDULVH:HPXVWEHZLOOLQJWR
  PDNHDQLQWHOOLJHQWFRPSURPLVHZLWKSHUIHFWLRQOHVWZHZDLWIRUHYHUEHIRUHWDNLQJ
  DFWLRQ,WVVWLOOJRRGDGYLFHWRFURVVEULGJHVDVZHFRPHWRWKHP'DYLG6FKZDUW]
                                         
                                      $XJXVW
                                              
                                            
                                              
)RULWPDWWHUVQRWKRZVPDOOWKHEHJLQQLQJPDVHHPWREH:KDWLVRQFHZHOOGRQHLV
                        ZHOOGRQHIRUHYHU+HQU'DYLG7KRUHDX
                                              
                                            
                                              
      3HRSOHDUHDOZDVEODPLQJFLUFXPVWDQFHVIRUZKDWWKHDUH,GRQ
WEHOLHYHLQ
FLUFXPVWDQFHV7KHSHRSOHZKRJHWRQLQWKLVZRUOGDUHWKHSHRSOHZKRJHWXSDQGORRN
        IRUWKHFLUFXPVWDQFHVWKHZDQWDQGLIWKHFDQ
WILQGWKHPPDNHWKHP
                                 *HRUJH%HUQDUG6KDZ
                                              
                                            
                                              
    'HYHORSVXFFHVVIURPIDLOXUHV'LVFRXUDJHPHQWDQGIDLOXUHDUHWZRRIWKHVXUHVW
                       VWHSSLQJVWRQHVWRVXFFHVV'DOHDUQHJLH
                                              
                                            
                                              
 ,IRXWKLQNRXFDQRXFDQ$QGLIRXWKLQNRXFDQ¶WRX¶UHULJKW±+HQU)RUG
                                              
                                            
                                              
  +HZKRKDVQHYHUIDLOHGVRPHZKHUHWKDWPDQFDQQRWEHJUHDW±+HUPDQ0HOYLOOH
                                              
                                            
                                              
   5HFLSHIRUVXFFHVV6WXGZKLOHRWKHUVDUHVOHHSLQJZRUNZKLOHRWKHUVDUHORDILQJ
        SUHSDUHZKLOHRWKHUVDUHSODLQJDQGGUHDPZKLOHRWKHUVDUHZLVKLQJ
                                     :LOOLDP$:DUG
6XFFHVVLVQRWVRPXFKZKDWZHKDYHDVLWLVZKDWZHDUH-LP5RKQ
                                               
                                             
                                               
+ROGDSLFWXUHRIRXUVHOIORQJDQGVWHDGLOHQRXJKLQRXUPLQG
VHHDQGRXZLOOEH
GUDZQWRZDUGLW,IRXGRQRWFRQTXHUVHOIRXZLOOEHFRQTXHUHGEVHOI7KHODGGHURI
                    VXFFHVVLVQHYHUFURZGHGDWWKHWRS1DSROHRQ+LOO
                                               
                                             
                                               
        7KHIXWXUHEHORQJVWRWKRVHZKREHOLHYHLQWKHEHDXWRIWKHLUGUHDPV
                                      (OHDQRU5RRVHYHOW
                                               
                                            
                 :HOOGRQHLVEHWWHUWKDQZHOOVDLG%HQMDPLQ)UDQNOLQ
                                               
                                             
                                               
          6XFFHVVLVJRLQJIURPIDLOXUHWRIDLOXUHZLWKRXWORVVRIHQWKXVLDVP±
                                      :LQVWRQKXUFKLOO
                                               
                                            
                                               
               7KHUHDOVHFUHWWRVXFFHVVLVHQWKXVLDVP:DOWHUKUVOHU
                                               
                                            
                                               
 7KRVHZKRKDYHDWWDLQHGWKLQJVZRUWKKDYLQJLQWKLVZRUOGKDYHZRUNHGZKLOHRWKHUV
   LGOHGKDYHSHUVHYHUHGZKLOHRWKHUVJDYHXSLQGHVSDLUKDYHSUDFWLFHGWKHYDOXDEOH
      KDELWVRIVHOIGHQLDOLQGXVWUDQGVLQJOHQHVVRISXUSRVH±*UHQYLOOH.OHLVHU
                                               
                                            
                                               
              %HEROGDQGPLJKWIRUFHVZLOOFRPHWRRXUDLG%DVLO.LQJ
                                               
                                               
                                            
       7REHDFKDPSLRQRXKDYHWREHOLHYHLQRXUVHOIZKHQQRERGHOVHZLOO
                                     6XJDU5D5RELQVRQ
                                               
                                            
                                               
 0RVWSHRSOHJLYHXSMXVWZKHQWKH
UHDERXWWRDFKLHYHVXFFHVV7KHTXLWRQWKHRQH
     DUGOLQH7KHJLYHXSDWWKHODVWPLQXWHRIWKHJDPHRQHIRRWIURPDZLQQLQJ
                                  WRXFKGRZQ5RVV3HURW
3HRSOHRIPHGLRFUHDELOLWVRPHWLPHVDFKLHYHRXWVWDQGLQJVXFFHVVEHFDXVHWKHGRQ
W
          NQRZZKHQWRTXLW0RVWPHQVXFFHHGEHFDXVHWKHDUHGHWHUPLQHGWR±
                                        *HRUJH($OOHQ
                                                  
                                               
                                                  
 ,IRXHQYVXFFHVVIXOSHRSOHRXFUHDWHDQHJDWLYHIRUFHILHOGRIDWWUDFWLRQWKDWUHSHOV
     RXIURPHYHUGRLQJWKHWKLQJVWKDWRXQHHGWRGRWREHVXFFHVVIXO,IRXDGPLUH
  VXFFHVVIXOSHRSOHRXFUHDWHDSRVLWLYHIRUFHILHOGRIDWWUDFWLRQWKDWGUDZVRXWRZDUG
       EHFRPLQJPRUHDQGPRUHOLNHWKHNLQGVRISHRSOHWKDWRXZDQWWREHOLNH±
                                          %ULDQ7UDF
                                                  
                                               
                                                  
    ,WLVLQRXUPRPHQWVRIGHFLVLRQWKDWRXUGHVWLQLVVKDSHG$QWKRQ5REELQV
                                                  
                                               
                                                  
             RQVXPHUVDUHVWDWLVWLFVXVWRPHUVDUHSHRSOH6WDQOH0DUFXV
                                                  
                                               
                                                  
   2QHKDOIRIOLIHLVOXFNWKHRWKHUKDOILVGLVFLSOLQHDQGWKDW
VWKHLPSRUWDQWKDOI)RU
      ZLWKRXWGLVFLSOLQHRXZRXOGQ
WNQRZZKDWWRGRZLWKOXFNDUO=XFNPHWHU
                                                  
                                               
                                                  
           HVWHUGD,GDUHGWRVWUXJJOH7RGD,GDUHWRZLQ%HUQDGHWWH'HYOLQ
                                                  
                                               
                                                  
    /RRNDWDGDZKHQRXDUHVXSUHPHOVDWLVILHGDWWKHHQG,W
VQRWDGDZKHQRX
ORXQJHDURXQGGRLQJQRWKLQJ,W
VZKHQRX
YHKDGHYHUWKLQJWRGRDQGRX
YHGRQHLW
                                      0DUJDUHW7KDWFKHU
                                                  
                                                  
                                               
      (YHQLIRX
UHRQWKHULJKWWUDFNRX
OOJHWUXQRYHULIRXMXVWVLWWKHUH:LOO
                                              5RJHUV
                                                  
                                               
                                                  
:KHQ,ZDVRXQJ,REVHUYHGWKDWQLQHRXWRIWHQWKLQJV,GLGZHUHIDLOXUHVVR,GLGWHQ
                               WLPHVPRUHZRUN%HUQDUG6KDZ
6XFFHVVLVOLNHDODGGHUDQGQRRQHKDVHYHUFOLPEHGDODGGHUZLWKWKHLUKDQGVLQWKHLU
                                   SRFNHWV=LJ=LJODU
                                               
                                             
                                               
    1RWKLQJFDQVWRSWKHPDQZLWKWKHULJKWPHQWDODWWLWXGHIURPDFKLHYLQJKLVJRDO
         1RWKLQJRQHDUWKFDQKHOSWKHPDQZLWKWKHZURQJPHQWDODWWLWXGH±
                                    (-RVHSKRVVPDQ
                                               
                                            
                                               
           ,FDQDFFHSWIDLOXUHEXW,FDQ
WDFFHSWQRWWULQJ0LFKDHO-RUGDQ
                                               
                                            
                                               
2IWHQWKHGLIIHUHQFHEHWZHHQDVXFFHVVIXOPDQDQGDIDLOXUHLVQRWRQH
VEHWWHUDELOLWLHV
RULGHDVEXWWKHFRXUDJHWKDWRQHKDVWREHWRQKLVLGHDVWRWDNHDFDOFXODWHGULVNDQGWR
                                   DFW0D[ZHOO0DOW]
                                               
                                            
                                               
*UHDWWKLQJVDUHQRWGRQHELPSXOVHEXWEDVHULHVRIVPDOOWKLQJVEURXJKWWRJHWKHU
                                    9LQFHQWYDQ*RJK
                                               
                                             
                                               
  /RVHUVYLVXDOL]HWKHSHQDOWLHVRIIDLOXUH:LQQHUVYLVXDOL]HWKHUHZDUGVRIVXFFHVV
                                         5RE*LOEHUW
                                        
                                   6HSWHPEHU
                                              
                                             
                                              
   3LFWXUHRXUVHOIYLYLGODVZLQQLQJDQGWKDWDORQHZLOOFRQWULEXWHLPPHDVXUDEOWR
                                 VXFFHVV+DUU)RVGLFN
                                              
                                            
                                              
 3HDNSHUIRUPDQFHLQOLIHLVQ
WDERXWVXFFHHGLQJDOOWKHWLPHRUHYHQEHLQJKDSSDOOWKH
WLPH,W
VRIWHQDERXWFRPSHQVDWLQJDGMXVWLQJDQGGRLQJWKHEHVWRXFDQZLWKZKDWRX
                               KDYHULJKWQRZ.HQ5DYL]]D
6XFFHVVLVQRWWKHUHVXOWRIVSRQWDQHRXVFRPEXVWLRQRXPXVWVHWRXUVHOIRQILUH
                                        5HJJLH/HDFK
                                                
                                              
                                                
,WGRHVQ
WPDWWHUZKDWRX
UHWULQJWRDFFRPSOLVK,W
VDOODPDWWHURIGLVFLSOLQH,ZDV
      GHWHUPLQHGWRGLVFRYHUZKDWOLIHKHOGIRUPHEHRQGWKHLQQHUFLWVWUHHWV
                                       :LOPD5XGROSK
                                                
                                              
                                                
 7KHJUHDWHVWJORULQOLYLQJOLHVQRWLQQHYHUIDOOLQJEXWLQULVLQJHYHUWLPHZHIDOO
                                       1HOVRQ0DQGHOD
                                                
                                              
                                                
   $VWURQJVXFFHVVIXOPDQLVQRWWKHYLFWLPRIKLVHQYLURQPHQW+HFUHDWHVIDYRUDEOH
                               FRQGLWLRQV2ULVHQ0DUGHQ
                                                
                                              
                                                
          4XDOLWPHDQVGRLQJLWULJKWZKHQQRRQHLVORRNLQJ+HQU)RUG
                                                
                                              
                                                
            'UHDPVDUHRQOIRROLVKWRWKRVHZKRODFNWKHP3HWHU5HHVH
                                                
                                              
                                                
 6RPHGD,KRSHWRHQMRHQRXJKRIZKDWWKHZRUOGFDOOVVXFFHVVVRWKDWVRPHRQHZLOO
  DVNPH
:KDW
VWKHVHFUHWRILW
,VKDOOVDVLPSOWKLV
,JHWXSZKHQ,IDOOGRZQ

                                         3DXO+DUYH
                                                
                                             
                                                
  6XFFHVVRIOLIHGHSHQGVXSRQNHHSLQJRQH
VPLQGRSHQWRRSSRUWXQLWDQGVHL]LQJLW
                        ZKHQLWFRPHV$OLFH)RRWH0DF'RXJDOO
                                                
                                             
                                                
)RUWUXHVXFFHVVDVNRXUVHOIWKHVHIRXUTXHVWLRQV:K:KQRW:KQRWPH:K
                                  QRWQRZ-LPP'HDQ
.HHSDZDIURPSHRSOHZKRWUWREHOLWWOHRXUDPELWLRQ6PDOOSHRSOHDOZDVGRWKDW
         EXWWKHUHDOOJUHDWPDNHRXIHHOWKDWRXWRRFDQEHFRPHJUHDW±
                                        0DUN7ZDLQ
                                               
                                            
                                               
         .LWHVULVHKLJKHVWDJDLQVWWKHZLQGQRWZLWKLW:LQVWRQKXUFKLOO
                                               
                                            
                                               
  (YHUJUHDWPDQHYHUVXFFHVVIXOPDQQRPDWWHUZKDWWKHILHOGRIHQGHDYRUKDV
NQRZQWKHPDJLFWKDWOLHVLQWKHVHZRUGV(YHUDGYHUVLWKDVWKHVHHGRIDQHTXLYDOHQW
                         RUJUHDWHUEHQHILW:OHPHQW6WRQH
                                               
                                            
                                               
  6XFFHVVLVSHUFHQWLQVSLUDWLRQDQGSHUFHQWSHUVSLUDWLRQ7KRPDV(GLVRQ
                                               
                                            
                                               
              2XUSRZHULVLQRXUDELOLWWRGHFLGH%XFNPLQVWHU)XOOHU
                                               
                                            
                                               
       /LIHDIIRUGVQRKLJKHUSOHDVXUHWKDQWKDWRIVXUPRXQWLQJGLIILFXOWLHV±
                                      6DPXHO-RKQVRQ
                                               
                                            
                                               
   RXGRQRWSDWKHSULFHRIVXFFHVVRXHQMRWKHSULFHRIVXFFHVV=LJ=LJODU
                                               
                                            
                                               
          0DNHRXUOLIHDPLVVLRQQRWDQLQWHUPLVVLRQ$UQROG*ODVJRZ
                                               
                                            
                                               
                 'RLWWUHPEOLQJLIRXPXVWEXWGRLW(PPHW)R[
                                               
                                            
                                               
RQVLGHUWKHSRVWDJHVWDPS,WVHFXUHVVXFFHVVWKURXJKLWVDELOLWWRVWLFNWRRQHWKLQJ
                            XQWLOLWJHWVWKHUH-RVK%LOOLQJV
,WWDNHVWZHQWHDUVWREHFRPHDQRYHUQLJKWVXFFHVV(GGLHDQWRU
                                            
                                         
                                            
         7KHEDVLFUXOHRIIUHHHQWHUSULVHRXPXVWJLYHLQRUGHUWRJHW±
                                   6FRWW$OH[DQGHU
                                            
                                         
                                            
7KHPRUHWUDQTXLODPDQEHFRPHVWKHJUHDWHULVKLVVXFFHVVKLVLQIOXHQFHKLVSRZHU
       IRUJRRGDOPQHVVRIPLQGLVRQHRIWKHEHDXWLIXOMHZHOVRIZLVGRP
                                      -DPHV$OOHQ
                                            
                                         
                                            
7KHWKLQJDOZDVKDSSHQVWKDWRXUHDOOEHOLHYHLQDQGWKHEHOLHILQDWKLQJPDNHVLW
                            KDSSHQ)UDQN/ORG:ULJKW
                                            
                                         
                                            
          7KHURDGWRVXFFHVVLVDOZDVXQGHUFRQVWUXFWLRQ/LO7RPOLQ
                                            
                                         
                                            
        +RSHLVQRWDGUHDPEXWDZDRIPDNLQJGUHDPVEHFRPHUHDOLW±
                                 /-DUGLQD6XHQHQV
                                            
                                         
                                            
                   7KHFDQEHFDXVHWKHWKLQNWKHFDQ9LUJLO
                                            
                                         
                                            
     :HDUHPDGHWRSHUVLVW7KDW
VKRZZHILQGRXWZKRZHDUH7RELDV:ROII
                                            
                                         
                                            
   6XFFHVVKDVQRWKLQJWRGRZLWKZKDWRXJDLQLQOLIHRUDFFRPSOLVKIRURXUVHOI
                    ,W
VZKDWRXGRIRURWKHUV'DQQ7KRPDV
2FWREHU
                                              
                                           
                                              
            0HQDUHERUQWRVXFFHHGQRWWRIDLO+HQU'DYLG7KRUHDX
                                              
                                           
                                              
,W
VQRXVHVDLQJ
:HDUHGRLQJRXUEHVW
RXKDYHJRWWRVXFFHHGLQGRLQJZKDWLV
                           QHFHVVDU:LQVWRQKXUFKLOO
                                              
                                           
                                              
6XFFHVVLVDSURFHVVDTXDOLWRIPLQGDQGZDRIEHLQJDQRXWJRLQJDIILUPDWLRQRI
                                   OLIH$OH[1REOH
                                              
                                           
                                              
 2QOWKRVHZKRZLOOULVNJRLQJWRRIDUFDQSRVVLEOILQGRXWKRZIDUWKHFDQJR
                                       76(OLRW
                                              
                                           
                                              
  $PDQFDQVXFFHHGDWDOPRVWDQWKLQJIRUZKLFKKHKDVXQOLPLWHGHQWKXVLDVP
                                    KDUOHV6FKZDE
                                              
                                           
                                              
7KHILYHHVVHQWLDOHQWUHSUHQHXULDOVNLOOVIRUVXFFHVVRQFHQWUDWLRQ'LVFULPLQDWLRQ
          2UJDQL]DWLRQ,QQRYDWLRQDQGRPPXQLFDWLRQ0LFKDHO*HUEHU
                                              
                                           
                                              
       2QHVRXQGLGHDLVDOOWKDWRXQHHGWRDFKLHYHVXFFHVV1DSROHRQ+LOO
                                              
                                           
                                              
  :HFDQGRDQWKLQJZHZDQWWRGRLIZHVWLFNWRLWORQJHQRXJK+HOHQ.HOOHU
                                              
                                           
                                              
    6XFFHVVVHHPVWREHODUJHODPDWWHURIKDQJLQJRQDIWHURWKHUVKDYHOHWJR
                                     :LOOLDP)HDWKHU
+DUGZRUNLVWKHSULFHZHPXVWSDIRUVXFFHVV,WKLQNRXFDQDFFRPSOLVKDQWKLQJLI
                      RX
UHZLOOLQJWRSDWKHSULFH9LQFH/RPEDUGL
                                                 
                                              
                                                 
     )DLOXUHLVRQOWKHRSSRUWXQLWWREHJLQDJDLQPRUHLQWHOOLJHQWO+HQU)RUG
                                                 
                                             
                                                 
          ,IRXKDYHQRFULWLFVRX
OOOLNHOKDYHQRVXFFHVV0DOFROP)RUEHV
                                                 
                                             
                                                 
               ,QWKHPLGGOHRIGLIILFXOWOLHVRSSRUWXQLW$OEHUW(LQVWHLQ
                                                 
                                             
                                                 
 ,IRXZDQWWREHVXFFHVVIXOLW
VMXVWWKLVVLPSOH.QRZZKDWRXDUHGRLQJORYHZKDW
              RXDUHGRLQJDQGEHOLHYHLQZKDWRXDUHGRLQJ:LOO5RJHUV
                                                 
                                             
                                                 
+XPDQEHLQJVFDQDOWHUWKHLUOLYHVEDOWHULQJWKHLUDWWLWXGHVRIPLQG:LOOLDP-DPHV
                                                 
                                             
                                                 
     *LYHPHDVWRFNFOHUNZLWKDJRDODQG,
OOJLYHRXDPDQZKRZLOOPDNHKLVWRU
        *LYHPHDPDQZLWKQRJRDOVDQG,
OOJLYHRXDVWRFNFOHUN-3HQQH
                                                 
                                              
                                                 
       7KHVXFFHVVIXOPDQLVRQHZKRKDGWKHFKDQFHDQGWRRNLW5RJHU%DEVRQ
                                                 
                                             
                                                 
  0DNHWKHPRVWRIRXUVHOIIRUWKDWLVDOOWKHUHLVIRURX±5DOSK:DOGR(PHUVRQ
                                                 
                                             
                                                 
   ,IRXDUHQHYHUVFDUHGHPEDUUDVVHGRUKXUWLWPHDQVRXQHYHUWDNHFKDQFHV±
                                           -XOLD6RXO
0DQLVDJRDOVHHNLQJDQLPDO+LVOLIHRQOKDVPHDQLQJLIKHLVUHDFKLQJRXWDQG
                                VWULYLQJIRUKLVJRDOV$ULVWRWOH
                                                    
                                                
                                                    
    7KHILUVWVWHSWRZDUGVVXFFHVVLQDQRFFXSDWLRQLVWREHFRPHLQWHUHVWHGLQLW
                                          6LU:LOOLDP2VOHU
                                                    
                                                
                                                    
(YHUPDQLVIUHHWRULVHDVIDUDVKH
VDEOHRUZLOOLQJEXWWKHGHJUHHWRZKLFKKHWKLQNV
                   GHWHUPLQHVWKHGHJUHHWRZKLFKKH
OOULVH$Q5DQG
                                                    
                                                
                                                    
7KHVXFFHVVIXOSHUVRQSODFHVPRUHDWWHQWLRQRQGRLQJWKHULJKWWKLQJUDWKHUWKDQGRLQJ
                                  WKLQJVULJKW3HWHU'UXFNHU
                                                    
                                                
                                                    
      ,KDYHIDLOHGRYHUDQGRYHUDJDLQWKDWLVZK,VXFFHHG0LFKDHO-RUGDQ
                                                    
                                                
                                                    
      7KHJUHDWHQGRIOLIHLVQRWNQRZOHGJHEXWDFWLRQ7KRPDV+HQU+X[OH
                                                    
                                                
                                                    
7KHPHQZKRKDYHGRQHELJWKLQJVDUHWKRVHZKRZHUHQRWDIUDLGWRDWWHPSWELJWKLQJV
       ZKRZHUHQRWDIUDLGWRULVNIDLOXUHLQRUGHUWRJDLQVXFFHVV%)RUEHV
                                                    
                                                
                                                    
    'RQRWOHWZKDWRXFDQQRWGRLQWHUIHUHZLWKZKDWRXFDQGR-RKQ:RRGHQ
                                                    
                                                
                                                    
 6XFFHVVLVOLYLQJXSWRRXUSRWHQWLDO7KDW
VDOO:DNHXSZLWKDVPLOHDQGJRDIWHUOLIH
                  OLYHLWHQMRLWWDVWHLWVPHOOLWIHHOLW-RH.QDSS
                                                    
                                                
                                                    
   2QOWKRVHZKRGDUHWRIDLOJUHDWOFDQHYHUDFKLHYHJUHDWO5REHUW).HQQHG
$OHDGHUKDVWKHYLVLRQDQGFRQYLFWLRQWKDWDGUHDPFDQEHDFKLHYHG+HLQVSLUHGWKH
                    SRZHUDQGHQHUJWRJHWLWGRQH5DOSK/DXUHQ
                                            
                                         
                                            
   :KDWWKHPLQGFDQFRQFHLYHDQGEHOLHYHWKHPLQGFDQDFKLHYH1DSROHRQ+LOO
                                       
                                   1RYHPEHU
                                              
                                            
                                              
  7KHZDWRVXFFHHGLVWRGRXEOHRXUIDLOXUHUDWH)DLOXUHLVWKHRSSRUWXQLWWREHJLQ
                          DJDLQPRUHLQWHOOLJHQWO+HQU)RUG
                                              
                                            
                                              
       6RRQHURUODWHUWKRVHZKRZLQDUHWKRVHZKRWKLQNWKHFDQ5LFKDUG%DFK
                                              
                                            
                                              
    3HRSOHEHFRPHUHDOOTXLWHUHPDUNDEOHZKHQWKHVWDUWWKLQNLQJWKDWWKHFDQGR
     WKLQJV:KHQWKHEHOLHYHLQWKHPVHOYHVWKHKDYHWKHILUVWVHFUHWRIVXFFHVV
                                   1RUPDQ9LQFHQW3HDOH
                                              
                                            
                                              
      6SHFWDFXODUDFKLHYHPHQWVDUHDOZDVSUHFHGHGESDLQVWDNLQJSUHSDUDWLRQ
                                      5RJHU6WDXEDFK
                                              
                                            
                                              
,IZHGLGDOOWKHWKLQJVZHDUHFDSDEOHRIGRLQJZHZRXOGOLWHUDOODVWRQLVKRXUVHOYHV
                                      7KRPDV(GLVRQ
                                              
                                            
                                              
            7KHMRXUQHRIDWKRXVDQGPLOHVEHJLQVZLWKRQHVWHS/DR7VH
                                              
                                            
                                              
       6XFFHVVLVWKHPD[LPXPXWLOL]DWLRQRIWKHDELOLWWKDWRXKDYH=LJ=LJODU
7KHGLIILFXOWLHVDQGVWUXJJOHVRIWRGDDUHEXWWKHSULFHZHPXVWSDIRUWKH
          DFFRPSOLVKPHQWVDQGYLFWRULHVRIWRPRUURZ:LOOLDP%RHWFNHU
                                              
                                            
                                              
     'RZKDWRXFDQZLWKZKDWRXKDYHZKHUHRXDUH7KHRGRUH5RRVHYHOW
                                              
                                           
                                              
             )DLOXUHLVWKHWXLWLRQRXSDIRUVXFFHVV:DOWHU%UXQHOO
                                              
                                           
                                              
            5HDOZHDOWKHTXDOVLGHDVSOXVHQHUJ%XFNPLQVWHU)XOOHU
                                              
                                           
                                              
      :HJURZJUHDWEGUHDPV$OOELJPHQDUHGUHDPHUV:RRGURZ:LOVRQ
                                              
                                           
                                              
  :HDUHFRQWLQXDOOIDFHGEJUHDWRSSRUWXQLWLHVEULOOLDQWOGLVJXLVHGDVLQVROXEOH
                                SUREOHPV/HH,RFRFFD
                                              
                                           
                                              
           3ULYDWHYLFWRULHVSUHFHGHSXEOLFYLFWRULHV6WHSKHQ5RYH
                                              
                                           
                                              
       *UHDWPLQGVKDYHSXUSRVHRWKHUVKDYHZLVKHV:DVKLQJWRQ,UYLQJ
                                              
                                           
                                              
7KHFRPPRQGHQRPLQDWRURIVXFFHVVLVLQIRUPLQJWKHKDELWRIGRLQJWKHWKLQJVWKDW
                         IDLOXUHVGRQ
WOLNHWRGR$OEHUW*UD
                                              
                                           
                                              
6LQJOHQHVVRISXUSRVHLVRQHRIWKHFKLHIHVVHQWLDOVIRUVXFFHVVLQOLIHQRPDWWHUZKDW
                       PDEHRQH
VDLP-RKQ'5RFNHIHOOHU
,ZLOOVDWKLVDERXWEHLQJDQRSWLPLVWHYHQZKHQWKLQJVGRQ
WWXUQRXWZHOORXDUH
                       FHUWDLQWKHZLOOJHWEHWWHU)UDQN+XJKHV
                                               
                                           
                                               
 6RPHPHQVHHWKLQJVDVWKHDUHDQGVD
:K
,GUHDPRIWKLQJVWKDWQHYHUZHUH
                       DQGVD
:KQRW
*HRUJH%HUQDUG6KDZ
                                               
                                           
                                               
      3HUVHYHUDQFHLVDJUHDWHOHPHQWRIVXFFHVV+HQU:DGVZRUWK/RQJIHOORZ
                                               
                                           
                                               
      7KHRQOOLPLWWRRXUUHDOL]DWLRQRIWRPRUURZZLOOEHRXUGRXEWVRIWRGD
                                  )UDQNOLQ'5RRVHYHOW
                                               
                                           
                                               
$SHUVRQ
VZDRIGRLQJWKLQJVLVWKHGLUHFWUHVXOWRIWKHZDKHWKLQNVDERXWWKLQJV
                                    :DOODFH':DWWOHV
                                               
                                           
                                               
               6XFFHVVGHPDQGVVLQJOHQHVVRISXUSRVH9LQFH/RPEDUGL
                                               
                                           
                                               
         $PDQLVEXWRISURGXFWRIKLVWKRXJKW:KDWKHWKLQNVKHEHFRPHV±
                                     0DKDWPD*DQGKL
                                               
                                           
                                               
 7KHVHFUHWRIVXFFHVVLVOHDUQLQJKRZWRXVHSDLQDQGSOHDVXUHLQVWHDGRIKDYLQJSDLQ
   DQGSOHDVXUHXVHRX,IRXGRWKDWRX
UHLQFRQWURORIRXUOLIH,IRXGRQ
WOLIH
                             FRQWUROVRX$QWKRQ5REELQV
                                               
                                           
  )LUVWVDWRRXUVHOIZKDWRXZRXOGEHWKHQGRZKDWRXKDYHWRGR(SLFWHWXV
                                               
                                           
                                               
     ,IRXFDQGUHDPLWRXFDQGRLWRXUOLPLWVDUHDOOZLWKLQRXUVHOI%ULDQ
                                           7UDF
$SUREOHPLVDFKDQFHIRURXWRGRRXUEHVW'XNH(OOLQJWRQ
                                            
                                         
                                            
1DWXUHJDYHPHQWZRHQGVRQHWRVLWRQDQGRQHWRWKLQNZLWK(YHUVLQFHWKHQPDQ
V
          VXFFHVVRUIDLOXUHKDVEHHQGHSHQGHQWRQWKHRQHKHXVHGPRVW
                                  *HRUJH5.LOSDWULFN
                                            
                                         
                                            
      7KHZLOOWRGRVSULQJVIURPWKHNQRZOHGJHWKDWZHFDQGR-DPHV$OOHQ
                                      
                                  'HFHPEHU
                                               
                                            
                                               
 ,WLVREVHUYHGWKDWVXFFHVVIXOSHRSOHJHWDKHDGLQWKHWLPHWKDWRWKHUSHRSOHZDVWH
                                        +HQU)RUG
                                               
                                            
                                               
      RXVHHWKLQJVDQGVD
:K
%XW,GUHDPRIWKLQJVWKDWQHYHUZHUHDQGVD
                            
:KQRW
*HRUJH%HUQDUG6KDZ
                                               
                                            
                                               
  0DQRIOLIH
VIDLOXUHVDUHSHRSOHZKRGLGQRWUHDOL]HKRZFORVHWKHZHUHWRVXFFHVV
                           ZKHQWKHJDYHXS7KRPDV(GLVRQ
                                               
                                            
                                               
RXPXVWKDYHORQJUDQJHJRDOVWRNHHSIURPEHLQJIUXVWUDWHGEVKRUWWHUPIDLOXUHV
                                         %RE%DOHV
                                               
                                            
                                               
    ,ZRXOGUDWKHUDWWHPSWVRPHWKLQJJUHDWDQGIDLOWKDQDWWHPSWWRGRQRWKLQJDQG
                                VXFFHHG5REHUW6FKXOOHU
                                               
                                            
                                               
:KDWRXFDQGRRUGUHDPRXFDQEHJLQLW%ROGQHVVKDVJHQLXVSRZHUDQGPDJLFLQ
                                       LW*RHWKH
2XUOLYHVLPSURYHRQOZKHQZHWDNHFKDQFHVDQGWKHILUVWDQGPRVWGLIILFXOWULVNZH
               FDQWDNHLVWREHKRQHVWZLWKRXUVHOYHV:DOWHU$QGHUVRQ
                                              
                                           
                                              
               (LWKHUGRQRWDWWHPSWDWDOORUJRWKURXJKZLWKLW2YLG
                                              
                                           
                                              
   ,GRQ
WGUHDPDWQLJKW,GUHDPDOOGD,GUHDPIRUDOLYLQJ6WHYHQ6SLHOEHUJ
                                              
                                          
                                              
+RSHLVWKHFRPSDQLRQRISRZHUDQGWKHPRWKHURIVXFFHVV)RUWKRVHRIXVZKRKRSH
             VWURQJHVWKDYHZLWKLQXVWKHJLIWRIPLUDFOHV6GQH%UHPHU
                                              
                                          
                                              
  7KHJHPFDQQRWEHSROLVKHGZLWKRXWIULFWLRQQRUPDQSHUIHFWHGZLWKRXWWULDOV
                                        RQIXFLXV
                                              
                                          
                                              
      ,IRXGRQ
WNQRZZKHUHRXDUHJRLQJHYHUURDGZLOOJHWRXQRZKHUH
                                     +HQU.LVVLQJHU
                                              
                                          
                                              
                      0DQLVZKDWKHEHOLHYHV$QWRQKHNKRY
                                              
                                          
                                              
     *RDOVDUHGUHDPVZHFRQYHUWWRSODQVDQGWDNHDFWLRQWRIXOILOO=LJ=LJODU
                                              
                                          
                                              
)RXUVWHSVWRDFKLHYHPHQWSODQSXUSRVHIXOOSUHSDUHSUDHUIXOOSURFHHGSRVLWLYHO
                         SXUVXHSHUVLVWHQWO:LOOLDP$:DUG
                                              
                                          
                                              
                 ,QHYHUZDVWHWLPHORRNLQJEDFN(OHDQRU5RRVHYHOW
:KRWROGRXLWFRXOGQ
WEHGRQH$QGZKDWJUHDWDFKLHYHPHQWKDVKHWRKLVFUHGLWWKDW
            HQWLWOHVKLPWRXVHWKHZRUG
LPSRVVLEOH
VRIUHHO1DSROHRQ+LOO
                                                 
                                             
                                                 
      'UHDPQRVPDOOGUHDPVIRUWKHKDYHQRSRZHUWRPRYHWKHKHDUWVRIPHQ
                                             *RHWKH
                                                 
                                             
                                                 
          ,DPDVORZZDONHUEXW,QHYHUZDONEDFNZDUGV$EUDKDP/LQFROQ
                                                 
                                             
                                                 
   $QDLPLQOLIHLVWKHRQOIRUWXQHZRUWKILQGLQJDQGLWLVQRWWREHIRXQGLQIRUHLJQ
                   ODQGVEXWLQWKHKHDUWLWVHOI5REHUW/RXLV6WHYHQVRQ
                                                 
                                             
                                                 
:KHUHYHURXVHHDVXFFHVVIXOEXVLQHVVVRPHRQHRQFHPDGHDFRXUDJHRXVGHFLVLRQ
                                       3HWHU)'UXFNHU
                                                 
                                             
                                                 
                       7KHURDGWRVXFFHVVUXQVXSKLOO:LOOLH'DYLV
                                                 
                                             
    6XFFHVVUHTXLUHVILUVWH[SHQGLQJWHQXQLWVRIHIIRUWWRSURGXFHRQHXQLWRIUHVXOWV
    RXUPRPHQWXPZLOOWKHQSURGXFHWHQXQLWVRIUHVXOWVZLWKHDFKXQLWRIHIIRUW
                                        KDUOHV*LYHQV
                                                 
                                             
                                                 
 7KHRQOKRQHVWPHDVXUHRIRXUVXFFHVVLVZKDWRXDUHGRLQJFRPSDUHGWRRXUWUXH
                                  SRWHQWLDO3DXO-0HHU
                                                 
                                             
                                                 
$QIDFWIDFLQJXVLVQRWDVLPSRUWDQWDVRXUDWWLWXGHWRZDUGLWIRUWKDWGHWHUPLQHVRXU
                         VXFFHVVRUIDLOXUH1RUPDQ9LQFHQW3HDOH
                               )*+,-./0123456789:;=
                                             
                                                 
 ,WLVHDVWRVLWXSDQGWDNHQRWLFH:KDWLVGLIILFXOWLVJHWWLQJXSDQGWDNLQJDFWLRQ±
                                             $O%DWW

personality develope

  • 1.
    3HUVRQDO 'HYHORSPHQW 6XFFHVV³4XRWHV´ 'DLO4XRWHV 3HUVRQDO'HYHORSPHQW,QVWLWXWH INFORMATION AND EDUCATION SERVICES www.thepdi.com 3HUVRQDO'HYHORSPHQW6XFFHVV4XRWHV RPSLOHGE'RQDOG*DUW RXUWHVRI3HUVRQDO'HYHORSPHQW,QVWLWXWH ‹3HUVRQDO'HYHORSPHQW,QVWLWXWH$OO5LJKWV5HVHUYHG ZZZSHUVRQDOGHYHORSPHQWLQVWLWXWHFRP
  • 2.
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³(GLW´DQG ³)LQG´DQGWSHLQWKHPRQWKDQGGDQXPEHUV7KHGDWHVDUHIRUPDWWHGDV PRQWKGDVXFKDVIRU-DQXDU3/ 3HUVRQDO'HYHORSPHQW6XFFHVV4XRWHV 7KLV FROOHFWLRQ RI 6XFFHVV TXRWHV
  • 3.
    LV WKH UHVXOWRI ZRUNLQJ WKURXJK PDMRU TXRWH ERRNV ERRNV RI P SHUVRQDO OLEUDU DQGPDQFRPSUHKHQVLYHLQWHUQHW FROOHFWLRQV IURP DURXQG WKH ZRUOG $OO WRJHWKHU D ILUVW KDUYHVW KDYLQJUHDG VRPH :HVWHUQDQG (DVWHUQ TXRWHV 0 RQO FULWHULD ZHUH WKDW WKH TXRWHKDG WR PDNH PH VPLOHZRZ RU EHWKRXJKWIXO , DYRLGHG WKRVH ZLWK WRR PXFK VXSHUILFLDO KROLQHVV DQG PRUDO GRFWULQH +RSH RX HQMR ZKDW , YHIRXQG)HHOLQYLWHGWRFRS RXUIDYRULWHTXRWHVEXWSOHDVHGRQ WUHSXEOLVKWKHZKROHFROOHFWLRQ'RQDOG*DUW RXFDQ+HOS8VRQWLQXHWR0DNH)5((3HUVRQDO 'HYHORSPHQW5HVRXUFHV$YDLODEOH 3OHDVH0DNH$'RQDWLRQ
  • 4.
    -DQXDU $QWKLQJLQOLIHZRUWKKDYLQJLVZRUWKZRUNLQJIRU$QGUHZDUQHJLH 6XFFHVVRIWHQFRPHVWRWKRVHZKRGDUHWRDFW,WVHOGRPJRHVWRWKHWLPLGZKRDUHHYHU DIUDLGRIWKHFRQVHTXHQFHV-DZDKDUODO1HKUX 6XFFHVVLVQHYHUHQGLQJIDLOXUHLVQHYHUILQDO'U5REHUW6FKXOOHU ,MXVWORYHZKHQSHRSOHVD,FDQ¶WGRVRPHWKLQJEHFDXVHDOOPOLIHSHRSOHVDLG ,ZDVQ¶WJRLQJWRPDNHLW7HG7XUQHU *UHDWWKRXJKWVVSHDNRQOWRWKHWKRXJKWIXOPLQGEXWJUHDWDFWLRQVVSHDNWRDOO PDQNLQG(PLO3%LVVHOO 2EVWDFOHVDUHWKRVHIULJKWIXOWKLQJVRXFDQVHHZKHQRXWDNHRXUHHVRIIRXUJRDO +HQU)RUG ,WWDNHVDVWURQJILVKWRVZLPDJDLQVWWKHFXUUHQW(YHQDGHDGRQHFDQIORDWZLWKLW -RKQURZH RXZLOOQHYHUILQGWLPHIRUDQWKLQJRXPXVWPDNHLWKDUOHV%X[WRQ 5HPRYHIDLOXUHDVDQRSWLRQ-RDQ/XQGHQ 7KHUHLVQRRQHJLDQWVWHSWKDWGRHVLW,W VDORWRIOLWWOHVWHSV3HWHU$RKHQ
  • 5.
    6KRRWIRUWKHPRRQ(YHQLIRXPLVVRXZLOOODQGDPRQJWKHVWDUV/HV %URZQ 6RPHRIXVKDYHJUHDWUXQZDVDOUHDGEXLOWIRUXV,IRXKDYHRQHWDNHRII %XWLIRXGRQ WKDYHRQHUHDOL]HLWLVRXUUHVSRQVLELOLWWRJUDEDVKRYHODQG EXLOGRQHIRURXUVHOIDQGIRUWKRVHZKRZLOOIROORZDIWHURX$PHOLD(DUKDUW :RUNOLNHRXGRQ WQHHGWKHPRQH/RYHOLNHRX YHQHYHUEHHQKXUW'DQFHOLNH QRERGLVZDWFKLQJ0DUN7ZDLQ :KDWWKHPLQGRIPDQFDQFRQFHLYHDQGEHOLHYHLWFDQDFKLHYH1DSROHRQ+LOO 7KHUHDUHQRVHFUHWVWRVXFFHVV,WLVWKHUHVXOWRISUHSDUDWLRQKDUGZRUNDQGOHDUQLQJ IURPIDLOXUHROLQ3RZHOO :KDWOLHVEHKLQGXVDQGZKDWOLHVEHIRUHXVDUHWLQPDWWHUVFRPSDUHGWRZKDWOLHV ZLWKLQXV5DOSK:DOGR(PHUVRQ *UHDWZRUNVDUHSHUIRUPHGQRWEVWUHQJWKEXWESHUVHYHUDQFH6DPXHO -RKQVRQ 7KHGLIIHUHQFHEHWZHHQDVXFFHVVIXOSHUVRQDQGRWKHUVLVQRWDODFNRIVWUHQJWKQRWD ODFNRINQRZOHGJHEXWUDWKHUDODFNRIZLOO9LQFH/RPEDUGL 7KHPDQZKRIROORZVWKHFURZGZLOOXVXDOOJHWQRIXUWKHUWKDQWKHFURZG7KHPDQ ZKRZDONVDORQHLVOLNHOWRILQGKLPVHOILQSODFHVQRRQHKDVHYHUEHHQ $ODQ$VKOH3LWW
  • 6.
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
  • 7.
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
  • 8.
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±-RVHSK6XJDUPDQ (YHUDFKLHYHU,KDYHHYHUPHWVDV 0OLIHWXUQHGDURXQGZKHQ,EHJDQWREHOLHYHLQ PH 5REHUW6FKXOOHU ,GRQ WPHDVXUHDPDQ VVXFFHVVEKRZKLJKKHFOLPEVEXWKRZKLJKKHERXQFHVZKHQ KHKLWVERWWRP*HRUJH3DWWRQ 2QHVWHSFKRRVLQJDJRDODQGVWLFNLQJWRLWFKDQJHVHYHUWKLQJ6FRWW5HHG
  • 9.
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
  • 10.
    ,DPHQRXJKRIDQDUWLVWWRGUDZIUHHOXSRQPLPDJLQDWLRQ,PDJLQDWLRQLVPRUH LPSRUWDQWWKDQNQRZOHGJH.QRZOHGJHLVOLPLWHG,PDJLQDWLRQHQFLUFOHVWKHZRUOG $OEHUW(LQVWHLQ 2QOWKRVHZKRULVNJRLQJWRRIDUFDQSRVVLEOILQGRXWKRZIDURQHFDQJR 76(OLRW ,W VDPD]LQJZKDWRUGLQDUSHRSOHFDQGRLIWKHVHWRXWZLWKRXWSUHFRQFHLYHGQRWLRQV KDUOHV).HWWHULQJ 3HRSOHZKRDUHDIUDLGWRIDLOFDQQHYHUH[SHULHQFHWKHMRVRIVXFFHVV±3HWH=DIUD 1RPDWWHUKRZVPDOODFNQRZOHGJHWKHDFKLHYHPHQW*UHJ+HQU4XLQQ 0DUFK ,IRXGRQ WTXLWDQGGRQ WFKHDWDQGGRQ WUXQKRPHZKHQWURXEOHDUULYHVRXFDQ RQOZLQ6KHOOH/RQJ 3XWRXUKHDUWPLQGLQWHOOHFWDQGVRXOHYHQWRRXUVPDOOHVWDFWV7KLVLVWKHVHFUHWRI VXFFHVV6ZDPL6LYDQDQGD 7KHSHUVRQZKRPDNHVDVXFFHVVRIOLYLQJLVWKHRQHZKRVHHVKLVJRDOVWHDGLODQGDLPV IRULWXQVZHUYLQJO7KDWLVGHGLFDWLRQHFLO%'H0LOOH
  • 11.
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±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
  • 12.
    ,GRQRWWKLQNWKHUHLVDQRWKHUTXDOLWVRHVVHQWLDOWRVXFFHVVRIDQNLQGDVWKHTXDOLW RISHUVHYHUDQFH,WRYHUFRPHVDOPRVWHYHUWKLQJHYHQQDWXUH±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
  • 13.
    7KHKLJKHVWUHZDUGIRURQH VWRLOLVQRWZKDWRQHJHWVIRULWEXWZKDWRQHEHFRPHVE LW-RKQ5XVNLQ ,VWXGLHGWKHOLYHVRIJUHDWPHQDQGZRPHQDQG,IRXQGWKDWWKHPHQDQGZRPHQZKR JRWWRWKHWRSZHUHWKRVHZKRGLGWKHMREVWKHKDGLQKDQGZLWKHYHUWKLQJWKHKDGRI HQHUJDQGHQWKXVLDVPDQGKDUGZRUN+DUU6 7UXPDQ 7KHVHDWRIIUHHGRPLVUHVHUYHGIRUWKHPDQZKROLYHVEKLVRZQZRUNDQGLQWKDW ZRUNGRHVZKDWKHZDQWVWRGR*HRUJH5RELQROOLQJZRRG 6XFFHVVLVPHDVXUHGLQWHUPVRIUHDFKLQJRXUJRDOVGUHDPVDQGH[SHFWDWLRQVRXU VXFFHVVLVGHWHUPLQHGEKDUGZRUNSHUVLVWHQFHDQGGHWHUPLQDWLRQ,IRXDUHJRLQJWR EHDVXFFHVVLQOLIHLWLVXSWRRXLWLVRXUUHVSRQVLELOLW:LOO+RUWRQ 7KHGLIIHUHQFHEHWZHHQVXFFHVVDQGPHGLRFULWLVDOOLQWKHZDRXWKLQN 'HDQ)UDQFLV RXDUHQHYHUWRRROGWRVHWDQRWKHUJRDORUWRGUHDPDQHZGUHDP± /HV%URZQ :KDWVHSDUDWHVWKRVHZKRDFKLHYHIURPWKRVHZKRGRQRWLVLQGLUHFWSURSRUWLRQWR RQH VDELOLWWRDVNIRUKHOS'RQDOG.HRXJK RXRQOKDYHWRGRDYHUIHZWKLQJVULJKWLQRXUOLIHVRORQJDVRXGRQ WGRWRRPDQ WKLQJVZURQJ:DUUHQ%XIIHWW ,WLVZLVHWRNHHSLQPLQGWKDWQHLWKHUVXFFHVVQRUIDLOXUHLVHYHUILQDO± 5RJHU%DEVRQ
  • 14.
    6XFFHVVLVDMRXUQHQRWDGHVWLQDWLRQ%HQ6ZHHWODQG 7RJXDUDQWHHVXFFHVVDFWDVLILWZHUHLPSRVVLEOHWRIDLO'RURWKHD%UDQGH $SULO 6XFFHVVLVRIWHQWKHUHVXOWRIWDNLQJDPLVVWHSLQWKHULJKWGLUHFWLRQ±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
  • 15.
    HV,DPDGUHDPHU)RUDGUHDPHULVRQHZKRFDQILQGKLVZDEPRRQOLJKWDQGVHH WKHGDZQEHIRUHWKHUHVWRIWKHZRUOG2VFDU:LOGH 'RQ WGUHDPLW%HLW5LFKDUG2 EULDQ +HKDVDFKLHYHGVXFFHVVZKRKDVOLYHGZHOOODXJKHGRIWHQDQGORYHGPXFK %HVVLH$QGHUVRQ6WDQOH ,IRXGRQ WJRDIWHUZKDWRXZDQWRX OOQHYHUKDYHLW,IRXGRQ WDVNWKHDQVZHULV DOZDVQR,IRXGRQ WVWHSIRUZDUGRX UHDOZDVLQWKHVDPHSODFH 1RUD5REHUWV +HQU)RUGFRXOGJHWDQWKLQJRXWRIPHQEHFDXVHKHMXVWWDONHGDQGZRXOGWHOOWKHP VWRULHV+H GQHYHUVD ,ZDQWWKLVGRQH +H GVD ,ZRQGHULIZHFDQGRLW ± *HRUJH%URZQ 7KRVHZKRGUHDPEGDDUHFRJQL]DQWRIPDQWKLQJVZKLFKHVFDSHWKRVHZKRGUHDP RQOEQLJKW(GJDU$OOHQ3RH 7KHNHWRKDSSLQHVVLVKDYLQJGUHDPVWKHNHWRVXFFHVVLVPDNLQJWKHPFRPHWUXH -DPHV$OOHQ /LIHLVDVHULHVRISUREOHPVROYLQJRSSRUWXQLWLHV7KHSUREOHPVRXIDFHZLOOHLWKHU GHIHDWRXRUGHYHORSRXGHSHQGLQJRQKRZRXUHVSRQGWRWKHP± 5LFN:DUUHQ $OOPHQZKRKDYHDFKLHYHGJUHDWWKLQJVKDYHEHHQJUHDWGUHDPHUV± 2ULVRQ6ZHWW0DUGHQ
  • 16.
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
  • 17.
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
  • 18.
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± %HQMDPLQ'LVUDHOL :HPXVWQHYHUEHDIUDLGWRJRWRRIDUIRUVXFFHVVOLHVMXVWEHRQG± 0DUFHO3URXVW 1RRQHHYHUDWWDLQVYHUHPLQHQWVXFFHVVEVLPSOGRLQJZKDWLVUHTXLUHGRIKLPLWLV WKHDPRXQWDQGH[FHOOHQFHRIZKDWLVRYHUDQGDERYHWKHUHTXLUHGWKDWGHWHUPLQHVWKH JUHDWQHVVRIXOWLPDWHGLVWLQFWLRQKDUOHV.HQGDOO$GDPV
  • 19.
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±-HQQLIHU-DPHV ,SUDLVHORXGO,EODPHVRIWO4XHHQDWKHULQH,, :ULWHGRZQWKHWKRXJKWVRIWKHPRPHQW7KRVHWKDWFRPHXQVRXJKWIRUDUHFRPPRQO WKHPRVWYDOXDEOH)UDQFLV%DFRQ
  • 20.
    ,WLVOLWHUDOOWUXHWKDWRXFDQVXFFHHGEHVWDQGTXLFNHVWEKHOSLQJRWKHUVWRVXFFHHG 1DSROHRQ+LOO RX YHJRWWRZLQLQRXUPLQGEHIRUHRXZLQLQRXUOLIH-RKQ$GGLVRQ 1HYHUEHDIUDLGWRWUHDGWKHSDWKDORQH.QRZZKLFKLVRXUSDWKDQGIROORZLVZKHUHYHU LWPDOHDGRXGRQRWIHHORXKDYHWRIROORZLQVRPHRQHHOVH VIRRWVWHSV± (LOHHQDGG 6XFFHVVLVKRZKLJKRXERXQFHDIWHURXKLWERWWRP*HRUJH3DWWRQ 7KHUHZDUGRIDWKLQJZHOOGRQHLVWRKDYHGRQHLW5DOSK:DOGR(PHUVRQ .QRZOHGJHZLWKRXWIROORZWKURXJKLVZRUVHWKDQQRNQRZOHGJH± +HQUKDUOHV%XNRZVNL 'RQRWGHVSLVHWKHERWWRPUXQJVLQWKHDVFHQWWRJUHDWQHVV3XEOLOLXV6UXV -XQH 7KHPHULWLQDFWLRQOLHVLQILQLVKLQJLWWRWKHHQG*HQJKLV.KDQ 7RPRYHWKHZRUOGZHPXVWILUVWPRYHRXUVHOYHV6RFUDWHV 0DNHDVXFFHVVRIOLYLQJEVHHLQJWKHJRDODQGDLPLQJIRULWXQVZHUYLQJO HFLO%'H0LOOH
  • 21.
    7KHPDQZKRZLOOXVHKLVVNLOODQGFRQVWUXFWLYHLPDJLQDWLRQWRVHHKRZPXFKKHFDQ JLYHIRUDGROODULQVWHDGRIKRZOLWWOHKHFDQJLYHIRUDGROODULVERXQGWRVXFFHHG +HQU)RUG 2SWLPLVWVDUHULJKW6RDUHSHVVLPLVWV,W VXSWRRXWRFKRRVHZKLFKRXZLOOEH +DUYH0DFND 0DQKDQGVDQGKHDUWVDQGPLQGVJHQHUDOOFRQWULEXWHWRDQRQH VQRWDEOH DFKLHYHPHQWV:DOW'LVQH :LQQHUVDUHWKHRQHVZKRUHDOOOLVWHQWRWKHWUXWKRIWKHLUKHDUWV± 6OYHVWHU6WDOORQH :KHQRXPLVVDVKRWQHYHUWKLQNRIZKDWRXGLGZURQJ7DNHWKHQH[WVKRWWKLQNLQJ RIZKDWRXPXVWGRULJKW7RQ$OIRQVR :LQQHUVPDNHDKDELWRIPDQXIDFWXULQJWKHLURZQSRVLWLYHH[SHFWDWLRQVLQDGYDQFHRI WKHHYHQW%ULDQ7UDF $JRRGFULWHULRQIRUPHDVXULQJVXFFHVVLQOLIHLVWKHQXPEHURISHRSOHRXKDYHPDGH KDSS5REHUW-/XPVGHQ 7KHKLVWRURIWKHZRUOGLVWKHKLVWRURIDIHZSHRSOHZKRKDGIDLWKLQWKHPVHOYHV 6ZDPL9LYHNDQDQGD $ELOLWPDWDNHRXWRWKHWRSEXWLWWDNHVFKDUDFWHUWRVWDWKHUH± :LOOLDP%ODNH
  • 22.
    6XFFHVVLVWKHSURJUHVVLYHUHDOL]DWLRQRIZRUWKZKLOHSUHGHWHUPLQHGSHUVRQDOJRDOV 3DXO-0HHU :KQRWJRRXWRQDOLPE,VQ WWKDWZKHUHWKHIUXLWLV)UDQN6FXOO 6XFFHVVLVWREHPHDVXUHGQRWVRPXFKEWKHSRVLWLRQWKDWRQHKDVUHDFKHGLQOLIHDVE WKHREVWDFOHVZKLFKKHKDVRYHUFRPHZKLOHWULQJWRVXFFHHG± %RRNHU7:DVKLQJWRQ 7KHVHFUHWRIVXFFHVVLVFRQVLVWHQFRISXUSRVH%HQMDPLQ'LVUDHOL ,W VQRWWKDW, PVRVPDUWLW VMXVWWKDW,VWDZLWKSUREOHPVORQJHU± $OEHUW(LQVWHLQ :HDUHZKDWZHUHSHDWHGOGR([FHOOHQFHWKHQLVQRWDQDFWEXWDKDELW $ULVWRWOH 6RPHWLPHVRXUEHVWLVVLPSOQRWHQRXJK:HKDYHWRGRZKDWLVUHTXLUHG± 6LU:LQVWRQKXUFKLOO 7KHSDWKWRVXFFHVVLVWRWDNHPDVVLYHGHWHUPLQHGDFWLRQ$QWKRQ5REELQV /LYHRXWRIRXULPDJLQDWLRQQRWRXUKLVWRU6WHSKHQRYH 3HUSHWXDORSWLPLVPLVDIRUFHPXOWLSOLHUROLQ3RZHOO
  • 23.
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± (GZDUG%XOZHU/WWRQ (DFKSUREOHPWKDW,VROYHGEHFDPHDUXOHZKLFKVHUYHGDIWHUZDUGVWRVROYHRWKHU SUREOHPV5HQH'HVFDUWHV -XO 6XFFHVVHTXDOVJRDOVDOOHOVHLVFRPPHQWDU%ULDQ7UDF
  • 24.
    ,IRXDUHQ WPDNLQJDQPLVWDNHVLW VDVXUHVLJQRX UHSODLQJLWWRRVDIH -RKQ0D[ZHOO ,GRQ WNQRZWKHNHWRVXFFHVVEXWWKHNHWRIDLOXUHLVWULQJWRSOHDVHHYHUERG %LOORVE 7KHGLFWLRQDULVWKHRQOSODFHZKHUHVXFFHVVFRPHVEHIRUHZRUN± $UWKXU%ULVEDQH 6WULYLQJIRUVXFFHVVZLWKRXWKDUGZRUNLVOLNHWULQJWRKDUYHVWZKHUHRXKDYHQ W SODQWHG'DYLG%O $VORQJDVRXDUHJRLQJWREHWKLQNLQJDQZDWKLQNELJ'RQDOG7UXPS 6XFFHVVLVWKHVXPRIVPDOOHIIRUWVUHSHDWHGGDLQDQGGDRXW± 5REHUWROOLHU 1RPDQLVHYHUZKLSSHGXQWLOKHTXLWVLQKLVRZQPLQG1DSROHRQ+LOO 6XFFHVVLVVNLOOVDQGVWUDWHJRXPLJKWNQRZKRZWRUHDGEXWPRUH LPSRUWDQWOZKDW VRXUSODQWRUHDG-LP5RKQ %HZKRRXDUHDQGVDZKDWRXIHHOEHFDXVHWKRVHZKRPLQGGRQ WPDWWHUDQGWKRVH ZKRPDWWHUGRQ WPLQG'U6XHVV 3HRSOHUDUHOVXFFHHGXQOHVVWKHKDYHIXQLQZKDWWKHDUHGRLQJ± 'DOHDUQHJLH
  • 25.
    (QWHUHYHUDFWLYLWZLWKRXWJLYLQJPHQWDOUHFRJQLWLRQWRWKHSRVVLELOLWRIGHIHDW RQFHQWUDWHRQRXUVWUHQJWKVLQVWHDGRIRXUZHDNQHVVHVRQRXUSRZHUVLQVWHDGRI RXUSUREOHPV3DXO-0HHU 3HRSOHZLWKJRDOVVXFFHHGEHFDXVHWKHNQRZZKHUHWKH UHJRLQJ± (DUO1LJKWLQJDOH 7KRXJKWVDQGLGHDVDUHWKHVRXUFHRIDOOZHDOWKVXFFHVVPDWHULDOJDLQDOOJUHDW GLVFRYHULHVLQYHQWLRQVDQGDFKLHYHPHQW0DUN9LFWRU+DQVHQ 7KHVHFUHWRIEXVLQHVVLVWRNQRZVRPHWKLQJWKDWQRERGHOVHNQRZV±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
  • 26.
    $QLGHDWKDWLVKHOGLQWKHPLQGWKDWLVHLWKHUIHDUHGRUUHYHUHGZLOOEHJLQDWRQFHWR FORWKHLWVHOILQWKHPRVWFRQYHQLHQWDQGDSSURSULDWHSKVLFDOIRUPVDYDLODEOH±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± 7RP+RSNLQV
  • 27.
    1HYHUWXUQGRZQDMREEHFDXVHRXWKLQNLW VWRRVPDOORXGRQ WNQRZZKHUHLWFDQ OHDG-XOLD0RUJDQ 7KHWHVWRIDVXFFHVVIXOSHUVRQLVQRWDQDELOLWWRHOLPLQDWHDOOSUREOHPVEHIRUHWKH DULVHEXWWRPHHWDQGZRUNRXWGLIILFXOWLHVZKHQWKHGRDULVH:HPXVWEHZLOOLQJWR PDNHDQLQWHOOLJHQWFRPSURPLVHZLWKSHUIHFWLRQOHVWZHZDLWIRUHYHUEHIRUHWDNLQJ DFWLRQ,WVVWLOOJRRGDGYLFHWRFURVVEULGJHVDVZHFRPHWRWKHP'DYLG6FKZDUW] $XJXVW )RULWPDWWHUVQRWKRZVPDOOWKHEHJLQQLQJPDVHHPWREH:KDWLVRQFHZHOOGRQHLV ZHOOGRQHIRUHYHU+HQU'DYLG7KRUHDX 3HRSOHDUHDOZDVEODPLQJFLUFXPVWDQFHVIRUZKDWWKHDUH,GRQ WEHOLHYHLQ FLUFXPVWDQFHV7KHSHRSOHZKRJHWRQLQWKLVZRUOGDUHWKHSHRSOHZKRJHWXSDQGORRN IRUWKHFLUFXPVWDQFHVWKHZDQWDQGLIWKHFDQ WILQGWKHPPDNHWKHP *HRUJH%HUQDUG6KDZ 'HYHORSVXFFHVVIURPIDLOXUHV'LVFRXUDJHPHQWDQGIDLOXUHDUHWZRRIWKHVXUHVW VWHSSLQJVWRQHVWRVXFFHVV'DOHDUQHJLH ,IRXWKLQNRXFDQRXFDQ$QGLIRXWKLQNRXFDQ¶WRX¶UHULJKW±+HQU)RUG +HZKRKDVQHYHUIDLOHGVRPHZKHUHWKDWPDQFDQQRWEHJUHDW±+HUPDQ0HOYLOOH 5HFLSHIRUVXFFHVV6WXGZKLOHRWKHUVDUHVOHHSLQJZRUNZKLOHRWKHUVDUHORDILQJ SUHSDUHZKLOHRWKHUVDUHSODLQJDQGGUHDPZKLOHRWKHUVDUHZLVKLQJ :LOOLDP$:DUG
  • 28.
    6XFFHVVLVQRWVRPXFKZKDWZHKDYHDVLWLVZKDWZHDUH-LP5RKQ +ROGDSLFWXUHRIRXUVHOIORQJDQGVWHDGLOHQRXJKLQRXUPLQG VHHDQGRXZLOOEH GUDZQWRZDUGLW,IRXGRQRWFRQTXHUVHOIRXZLOOEHFRQTXHUHGEVHOI7KHODGGHURI VXFFHVVLVQHYHUFURZGHGDWWKHWRS1DSROHRQ+LOO 7KHIXWXUHEHORQJVWRWKRVHZKREHOLHYHLQWKHEHDXWRIWKHLUGUHDPV (OHDQRU5RRVHYHOW :HOOGRQHLVEHWWHUWKDQZHOOVDLG%HQMDPLQ)UDQNOLQ 6XFFHVVLVJRLQJIURPIDLOXUHWRIDLOXUHZLWKRXWORVVRIHQWKXVLDVP± :LQVWRQKXUFKLOO 7KHUHDOVHFUHWWRVXFFHVVLVHQWKXVLDVP:DOWHUKUVOHU 7KRVHZKRKDYHDWWDLQHGWKLQJVZRUWKKDYLQJLQWKLVZRUOGKDYHZRUNHGZKLOHRWKHUV LGOHGKDYHSHUVHYHUHGZKLOHRWKHUVJDYHXSLQGHVSDLUKDYHSUDFWLFHGWKHYDOXDEOH KDELWVRIVHOIGHQLDOLQGXVWUDQGVLQJOHQHVVRISXUSRVH±*UHQYLOOH.OHLVHU %HEROGDQGPLJKWIRUFHVZLOOFRPHWRRXUDLG%DVLO.LQJ 7REHDFKDPSLRQRXKDYHWREHOLHYHLQRXUVHOIZKHQQRERGHOVHZLOO 6XJDU5D5RELQVRQ 0RVWSHRSOHJLYHXSMXVWZKHQWKH UHDERXWWRDFKLHYHVXFFHVV7KHTXLWRQWKHRQH DUGOLQH7KHJLYHXSDWWKHODVWPLQXWHRIWKHJDPHRQHIRRWIURPDZLQQLQJ WRXFKGRZQ5RVV3HURW
  • 29.
    3HRSOHRIPHGLRFUHDELOLWVRPHWLPHVDFKLHYHRXWVWDQGLQJVXFFHVVEHFDXVHWKHGRQ W NQRZZKHQWRTXLW0RVWPHQVXFFHHGEHFDXVHWKHDUHGHWHUPLQHGWR± *HRUJH($OOHQ ,IRXHQYVXFFHVVIXOSHRSOHRXFUHDWHDQHJDWLYHIRUFHILHOGRIDWWUDFWLRQWKDWUHSHOV RXIURPHYHUGRLQJWKHWKLQJVWKDWRXQHHGWRGRWREHVXFFHVVIXO,IRXDGPLUH VXFFHVVIXOSHRSOHRXFUHDWHDSRVLWLYHIRUFHILHOGRIDWWUDFWLRQWKDWGUDZVRXWRZDUG EHFRPLQJPRUHDQGPRUHOLNHWKHNLQGVRISHRSOHWKDWRXZDQWWREHOLNH±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
  • 30.
    6XFFHVVLVOLNHDODGGHUDQGQRRQHKDVHYHUFOLPEHGDODGGHUZLWKWKHLUKDQGVLQWKHLU SRFNHWV=LJ=LJODU 1RWKLQJFDQVWRSWKHPDQZLWKWKHULJKWPHQWDODWWLWXGHIURPDFKLHYLQJKLVJRDO 1RWKLQJRQHDUWKFDQKHOSWKHPDQZLWKWKHZURQJPHQWDODWWLWXGH±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
  • 31.
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
  • 32.
    .HHSDZDIURPSHRSOHZKRWUWREHOLWWOHRXUDPELWLRQ6PDOOSHRSOHDOZDVGRWKDW EXWWKHUHDOOJUHDWPDNHRXIHHOWKDWRXWRRFDQEHFRPHJUHDW± 0DUN7ZDLQ .LWHVULVHKLJKHVWDJDLQVWWKHZLQGQRWZLWKLW:LQVWRQKXUFKLOO (YHUJUHDWPDQHYHUVXFFHVVIXOPDQQRPDWWHUZKDWWKHILHOGRIHQGHDYRUKDV NQRZQWKHPDJLFWKDWOLHVLQWKHVHZRUGV(YHUDGYHUVLWKDVWKHVHHGRIDQHTXLYDOHQW RUJUHDWHUEHQHILW:OHPHQW6WRQH 6XFFHVVLVSHUFHQWLQVSLUDWLRQDQGSHUFHQWSHUVSLUDWLRQ7KRPDV(GLVRQ 2XUSRZHULVLQRXUDELOLWWRGHFLGH%XFNPLQVWHU)XOOHU /LIHDIIRUGVQRKLJKHUSOHDVXUHWKDQWKDWRIVXUPRXQWLQJGLIILFXOWLHV± 6DPXHO-RKQVRQ RXGRQRWSDWKHSULFHRIVXFFHVVRXHQMRWKHSULFHRIVXFFHVV=LJ=LJODU 0DNHRXUOLIHDPLVVLRQQRWDQLQWHUPLVVLRQ$UQROG*ODVJRZ 'RLWWUHPEOLQJLIRXPXVWEXWGRLW(PPHW)R[ RQVLGHUWKHSRVWDJHVWDPS,WVHFXUHVVXFFHVVWKURXJKLWVDELOLWWRVWLFNWRRQHWKLQJ XQWLOLWJHWVWKHUH-RVK%LOOLQJV
  • 33.
    ,WWDNHVWZHQWHDUVWREHFRPHDQRYHUQLJKWVXFFHVV(GGLHDQWRU 7KHEDVLFUXOHRIIUHHHQWHUSULVHRXPXVWJLYHLQRUGHUWRJHW± 6FRWW$OH[DQGHU 7KHPRUHWUDQTXLODPDQEHFRPHVWKHJUHDWHULVKLVVXFFHVVKLVLQIOXHQFHKLVSRZHU IRUJRRGDOPQHVVRIPLQGLVRQHRIWKHEHDXWLIXOMHZHOVRIZLVGRP -DPHV$OOHQ 7KHWKLQJDOZDVKDSSHQVWKDWRXUHDOOEHOLHYHLQDQGWKHEHOLHILQDWKLQJPDNHVLW KDSSHQ)UDQN/ORG:ULJKW 7KHURDGWRVXFFHVVLVDOZDVXQGHUFRQVWUXFWLRQ/LO7RPOLQ +RSHLVQRWDGUHDPEXWDZDRIPDNLQJGUHDPVEHFRPHUHDOLW± /-DUGLQD6XHQHQV 7KHFDQEHFDXVHWKHWKLQNWKHFDQ9LUJLO :HDUHPDGHWRSHUVLVW7KDW VKRZZHILQGRXWZKRZHDUH7RELDV:ROII 6XFFHVVKDVQRWKLQJWRGRZLWKZKDWRXJDLQLQOLIHRUDFFRPSOLVKIRURXUVHOI ,W VZKDWRXGRIRURWKHUV'DQQ7KRPDV
  • 34.
    2FWREHU 0HQDUHERUQWRVXFFHHGQRWWRIDLO+HQU'DYLG7KRUHDX ,W VQRXVHVDLQJ :HDUHGRLQJRXUEHVW RXKDYHJRWWRVXFFHHGLQGRLQJZKDWLV QHFHVVDU:LQVWRQKXUFKLOO 6XFFHVVLVDSURFHVVDTXDOLWRIPLQGDQGZDRIEHLQJDQRXWJRLQJDIILUPDWLRQRI OLIH$OH[1REOH 2QOWKRVHZKRZLOOULVNJRLQJWRRIDUFDQSRVVLEOILQGRXWKRZIDUWKHFDQJR 76(OLRW $PDQFDQVXFFHHGDWDOPRVWDQWKLQJIRUZKLFKKHKDVXQOLPLWHGHQWKXVLDVP KDUOHV6FKZDE 7KHILYHHVVHQWLDOHQWUHSUHQHXULDOVNLOOVIRUVXFFHVVRQFHQWUDWLRQ'LVFULPLQDWLRQ 2UJDQL]DWLRQ,QQRYDWLRQDQGRPPXQLFDWLRQ0LFKDHO*HUEHU 2QHVRXQGLGHDLVDOOWKDWRXQHHGWRDFKLHYHVXFFHVV1DSROHRQ+LOO :HFDQGRDQWKLQJZHZDQWWRGRLIZHVWLFNWRLWORQJHQRXJK+HOHQ.HOOHU 6XFFHVVVHHPVWREHODUJHODPDWWHURIKDQJLQJRQDIWHURWKHUVKDYHOHWJR :LOOLDP)HDWKHU
  • 35.
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±5DOSK:DOGR(PHUVRQ ,IRXDUHQHYHUVFDUHGHPEDUUDVVHGRUKXUWLWPHDQVRXQHYHUWDNHFKDQFHV± -XOLD6RXO
  • 36.
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
  • 37.
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
  • 38.
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
  • 39.
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± 0DKDWPD*DQGKL 7KHVHFUHWRIVXFFHVVLVOHDUQLQJKRZWRXVHSDLQDQGSOHDVXUHLQVWHDGRIKDYLQJSDLQ DQGSOHDVXUHXVHRX,IRXGRWKDWRX UHLQFRQWURORIRXUOLIH,IRXGRQ WOLIH FRQWUROVRX$QWKRQ5REELQV )LUVWVDWRRXUVHOIZKDWRXZRXOGEHWKHQGRZKDWRXKDYHWRGR(SLFWHWXV ,IRXFDQGUHDPLWRXFDQGRLWRXUOLPLWVDUHDOOZLWKLQRXUVHOI%ULDQ 7UDF
  • 40.
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
  • 41.
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
  • 42.
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± $O%DWW