\RXUWKRXJKWVWRZDUGDEHWWHUXQGHUVWDQGLQJRIWKDW6SLULWRI *RGRU*RRGZKLFKSRLQWVWKHZD\WRWKHURVHDWHGDZQRIDQHZFLYLOL]DWLRQ7KHUDSLGLW\ZLWKZKLFKWKHLGHDVRIPDQDUHFKDQJLQJFDXVHVKXPDQLW\WRUHDOL]HWKDWWK
Trang 1'HVLUHV
%\/HWWLQJ<RXU 6XEFRQVFLRXV
Trang 2,NQRZWKDWZKDWVRHYHU*RGGRHWKLWVKDOOEHIRUHYHUQRWKLQJFDQEHSXWWRLWQRUDQ\WKLQJWDNHQIURPLW7KDWZKLFKKDWKEHHQLVQRZDQGWKDWZKLFKLVWREHKDWKDOUHDG\EHHQDQG*RGUHTXLUHWKWKDWZKLFKLVSDVW
(FFOHVLDVWLFV
7KHVHSDJHVWKHRXWSRXULQJRIDIXOOKHDUW,OD\UHYHUHQWO\XSRQWKHPHPRU\DOWHURIDPDQZKRZDVVDJHDQGVDLQWWHDFKHUDQGJXLGHDQGP\GHDUO\EHORYHGIULHQG-XGJH77URZDUG
Trang 3
$OOZHKDYHZLOOHGRUKRSHGRUGUHDPHGRIJRRGVH
Trang 4\RXUWKRXJKWVWRZDUGDEHWWHUXQGHUVWDQGLQJRIWKDW6SLULWRI
*RGRU*RRGZKLFKSRLQWVWKHZD\WRWKHURVHDWHGDZQRIDQHZFLYLOL]DWLRQ7KHUDSLGLW\ZLWKZKLFKWKHLGHDVRIPDQDUHFKDQJLQJFDXVHVKXPDQLW\WRUHDOL]HWKDWWKLVQHZFLYLOL]DWLRQLVDOUHDG\PDQLIHVWLQJLWVHOIWKURXJKDFOHDUHUXQGHUVWDQGLQJRIWKHUHODWLRQEHWZHHQPDQDQGKLV0DNHU
7KHHSRFKDONH\QRWHRIWKHSUHVHQWJHQHUDWLRQLVWKDWPLQGLVWKHNLQJGRPLQZKLFKPDQUHLJQVVXSUHPH$VWKHSRHWVD\V
,QHQGHDYRULQJWRPDNHFRQVFLRXVXVHRIWKRXJKWSRZHUFDXVLQJLWWRSURGXFHGHVLUHGPDWHULDOUHVXOWVPDQNLQGLVEHJLQQLQJWRXQGHUVWDQGWKHLQGLVSHQVDELOLW\RIDEVROXWH
FRQWURO
0\FKLHILGHDLQVHQGLQJIRUWKWKLVPHVVDJHLVWRPDNHLWHDVLHUIRU\RXWROLYHLQKRXUO\FRQVFLRXVQHVVWKDW\RXKDYHEHHQJLYHQGRPLQLRQRYHUHYHU\DGYHUVHFLUFXPVWDQFHDQG
FRQGLWLRQZKLFKPD\DULVH7KHFRQVFLRXVXVHRIWKHFUHDWLYHSRZHURIWKRXJKWWRSURWHFWDQGJXLGH\RXDVZHOODVWR
\RXUKDELWXDOWKRXJKWV\RXFUHDWHFRUUHVSRQGLQJH[WHUQDO
Trang 5SK\VLFDOFRQGLWLRQVEHFDXVH\RXWKHUHE\FUHDWHWKHQXFOHXVZKLFKDWWUDFWVWRLWVHOILWVRZQFRUUHVSRQGHQFHLQGXHRUGHUXQWLOWKHILQLVKHGZRUNLVPDQLIHVWHGRQWKHPDWHULDOSODQH7KLVLVWKHSULQFLSOHXSRQZKLFKZHVKDOOSURFHHGWRZRUNRXWDVLPSOHDQGUDWLRQDOEDVLVRIWKRXJKWDQGDFWLRQZKHUHE\ZHPD\EULQJLQWRRXWHUH[SUHVVLRQDQ\GHVLUHGJRDO/HWXVZRUNWRJHWKHUWRWKLVHQG
Trang 6
2QHRIWKHUHDOO\JUHDWPLQGVDQGVRXOVRIPRGHUQWLPHVDQGLQGHHGRIDQ\WLPHZDV7KRPDV7URZDUGODWH'LYLVLRQDO-XGJHRIWKH3XQMDE,QGLD2IKLVZULWLQJVWKHODWH:LOOLDP-DPHVRI+DUYDUGVDLG)DUDQGDZD\WKHDEOHVWVWDWHPHQWRIWKDWSV\FKRORJ\WKDW,KDYHHYHUPHWEHDXWLIXOLQLWVVXVWDLQHGFOHDUQHVVRIWKRXJKWDQGVW\OHDUHDOO\FODVVLFVWDWHPHQW7KH
%RVWRQ7UDQVFULSWHGLWRULDOO\VWDWHG7KHDXWKRUUHYHDOV
KLPVHOIDVHDVLO\WKHSURIRXQGHVWWKLQNHUZHKDYHHYHUPHWRQWKLVVXEMHFW7KHODWH$UFKGHDFRQ:LOEHUIRUFHZKHQZULWLQJWR7URZDUGVLJQHGKLPVHOI<RXUJUDWHIXOSXSLO
DGPLUHUVIRUDPRUHLQWLPDWHJOLPSVHRIWKLVJUHDWPDQ,DPSOHDVHGWRSUHVHQWWR\RXDIHZSKDVHVRIKLVGDLO\OLIHDV,VDZWKHPZKLOHVWXG\LQJZLWKKLP7KHVHPD\EHDOOWKHPRUHLQWHUHVWLQJEHFDXVHRIWKHIDFWWKDW,HQMR\HGWKHXQLTXH
\RXQJER\KHZDVVHQWWR(QJODQGWREHHGXFDWHGDW
%XUPVKWHDG*UDPPDU6FKRROEXWZDVPRVWXQKDSS\WKHUHDVKHFRXOGQRWIXOO\DGDSWKLPVHOIWRWKHKXPGUXPOLIHRIWKH(QJOLVKVFKRROER\/DWHURQZKHQKHFRQWLQXHGKLVHGXFDWLRQLQWKHEHDXWLIXO,VOHRI-HUVH\LWVFKDUPHQWHUHGLQWRKLVEORRGDQGKHZDVWKRURXJKO\FRQWHQGHGWKHUH3HUKDSVWKHROG
+XJXHQRWVWUDLQLQKLPIRXQGDFRQJHQLDOHOHPHQWLQWKHVHPL)UHQFKHQYLURQPHQWRIWKHFROOHJH$WWKHHDUO\DJHRI
HLJKWHHQWKHQDWXUDOEHQWRIKLVPLQGEHJDQWRDVVHUWLWVHOIDQGKHZRQWKH+HOIRUG&ROOHJHJROGPHGDOIRUOLWHUDWXUH
Trang 7/RQGRQIRUWKH,QGLDQ&LYLO6HUYLFHH[DPLQDWLRQDYHU\VWLIIRQHZKLFKKHSDVVHGZLWKKLJKFUHGLW+HUHWXUQHGWR,QGLDDWWKHDJHRIWZHQW\WZRLQWKHFDSDFLW\RI$VVLVWDQFH
&RPPLVVLRQHU$QLQFLGHQWZKLFKRFFXUUHGGXULQJWKHFRXUVHRIKLVH[DPLQDWLRQIRUHVKDGRZHGWKHWUHQGRIWKHOLIHWKDWZDVWRUHSODFHWKHUHJXODWLRQMXGLFLDOFDUHHUZKHQWKHWZHQW\ILYH
VSHFXODWLRQV7KHH[DPLQHURQUHDGLQJLWZDVDPD]HGDQGDVNHG:KDWWH[WERRNGLG\RXXVHIRUWKLVSDSHU"
,KDGQRWHVWERRNVLU7URZDUGDQVZHUHG,ZURWHLWRXWRIP\KHDG
KHDGLVQRFRPPRQRQHDQGLI,DPQRWPLVWDNHQZHVKDOOKHDUIURP\RXDJDLQ
YHU\EXV\+LVUHFUHDWLRQZDVRIWHQVSHQWZLWKFDQYDVSDLQWVDQGEUXVKHV+HZDVDQDUWLVWRIQRPHDQDELOLW\HVSHFLDOO\LQPDULQHVXEMHFWVDQGKDGZRQVHYHUDOSUL]HVDWDUWH[KLELWVLQ(QJODQG+HORYHGWRVWXG\WKHWRPHVRIVDFUHG,QGLDQORUHRUWKHVFULSWXUHVRIWKH+HEUHZVDQGRIRWKHUDQFLHQWSHRSOHV:KLOHVWXG\LQJWKHVHSURIRXQGVXEMHFWVWKHUHZDVXQIROGHGWRKLPDVLQDYLVLRQDV\VWHPRISKLORVRSK\ZKLFKFDUULHGZLWKLWQRWRQO\SHDFHRIPLQGEXWDOVRSK\VLFDOUHVXOWVLQKHDOWKDQGKDSSLQHVV
Trang 8
&RXUWKHUHWXUQHGWR(QJODQGZKHUHDPDQXVFULSWRIVRPHKXQGUHGIROLRVVORZO\FDPHLQWRH[LVWHQFH$WWKDWWLPHKHKDGQRNQRZOHGJHRI0HQWDO6FLHQFH&KULVWLDQ6FLHQFH1HZ
7KRXJKWRUDQ\RIWKHLVPVRIPRGHUQWKRXJKW+LVYLHZVZHUHWKHUHVXOWRIVROLWDU\PHGLFDWLRQDQGDGHHSVWXG\RIWKHVFULSWXUHV7KHILUVWHGLWLRQRIWKHQRZIDPRXV(GLQEXUJK/HFWXUHVZDVSXEOLVKHGLQ,WZDVUHFHLYHGZLWKWKHDOPRVWXQDQLPRXVRSLQLRQWKDWLWVYDOXHFRXOGQRWEHRYHUHVWLPDWHGDVZDVWUXHRIKLVVXEVHTXHQWYROXPHV%LEOH
0\VWHU\DQG%LEOH0HDQLQJSURYHGHVSHFLDOO\DWWUDFWLYHWRFKXUFKPHQ+LVERRNVE\VKHHUZRUWKKDYHIRXQGWKHLUZD\DOPRVWDOORYHUWKHZRUOG,QWKH8QLWHG6WDWHVDORQHPRUHWKDQFRSLHVKDYHEHHQVROG3HUKDSVQRRQHZDVPRUHDVWRQLVKHGDWWKHLUZDUPUHFHSWLRQWKDWWKHLUVLPSOHKHDUWHGIXQORYLQJDXWKRU
$Q,QWLPDWH'HVFULSWLRQ
,QSK\VLTXH-XGJH7URZDUGZDVQRWWKHXVXDO(QJOLVKW\SHEXWZDVPRUHOLNHD)UHQFKPDQRIPHGLXPVWDWXUHDQGQRWRYHUILYHIHHWVL[RUVHYHQLQFKHV+HZDVGDUNFRPSOH[LRQHGZLWKVPDOOEULJKWH\HVDODUJHQRVHDQGDEURDGIRUHKHDG:KHQ,NQHZKLPKHKDGDGURRSLQJPXVWDFKHVSULQNOHGZLWKJUH\+HKDGWKHEHDULQJRIDVWXGHQWDQGDWKLQNHUDVLVLQGLFDWHGLQKLVZULWLQJV
+LVPDQQHUZDVVLPSOHDQGQDWXUDODQGKHH[HPSOLILHGDVSLULWRIPRGHUDWLRQLQDOOWKLQJV,QHYHUVDZKLPLPSDWLHQWRUKHDGKLPH[SUHVVDQXQNLQGZRUGDQGZLWKKLVIDPLO\KHZDVDOZD\VJHQWOHDQGFRQVLGHUDWH+HVHHPHGWRGHSHQGHQWLUHO\XSRQ0UV7URZDUGIRUWKHKRXVHKROGPDQDJHPHQW2QO\LQWKHLQWLPDF\RIKLVKRPHGLGKHHQWLUHO\UHYHDOKLVFKDUPLQJ
JHQLDOLW\DQGUDGLDWLQJIULHQGVKLS+LVDIWHUGLQQHUPDQQHUZDVRQHRITXLHWOHYLW\DQGDWZLQNOLQJKXPRU+HZRXOGHQWHULQWR
Trang 9
2QHHYHQLQJDIWHUDQH[FHOOHQWGLQQHURIVRXSMRLQWRIODPEYHJHWDEOHVVDODGGHVVHUWDQGZLQHKHUROOHGDFLJDUHWWHDQGWRP\JUHDWVXUSULVHRIIHUHGLWWRPHZLWKWKH4XHU\'R\RXVPRNH"5HFHLYLQJDQHJDWLYHUHSO\KHEHJDQWRVPRNHLWKLPVHOI1RWLFLQJP\SRRUO\FRQFHDOHGH[SUHVVLRQRIVXUSULVHKHUHPDUNHG:K\VKRXOG\RXEHVKRFNHGDWDQ\WKLQJZKLFK
\RXFDQWKDQN*RGIRU,FDQWKDQN*RGIRURQHFLJDUHWWHDIWHUSRVVLEO\DVHFRQGEXWQHYHUDWKLUG$IWHUKHKDG
ILQLVKHGKLVVPRNHKLV\RXQJHVWGDXJKWHU%XGHLDSOD\HGWKHYLROLQIRUXV,REVHUYHGWKDWKHEHFDPHFRPSOHWHO\DEVRUEHGLQWKHEHDXWLIXOKDUPRQ\+HWROGPHDIWHUZDUGVWKDWDOWKRXJKKHZDVLQWHQVHO\IRQGRIOLVWHQLQJWRPXVLFKHZDVLQQRVHQVHDPXVLFLDQ
$OWKRXJK7URZDUGGLGQRWLQGXOJHLQRXWGRRUVSRUWVKHORYHGQDWXUHDQGZRXOGVLWIRUKRXUVE\WKHVHDZLWKKLVVNHWFKERRNRUWUDPSWKHORQHO\PRRUVLQVROLWDU\PHGLWDWLRQ+HVDLGWKHUHZHUHWLPHVZKHQKHREWDLQHGKLVEHVWLQVSLUDWLRQVZKLOHZDONLQJLQWKHRSHQ+HRIWHQLQYLWHGPHWRJRZLWKKLPDOWKRXJKIUHTXHQWO\KHVHHPHGWREHXQFRQVFLRXVRIP\
\RXUWKRXJKWLVSRZHUIXO\RXUWKRXJKWLVSRZHUIXO
Trang 10NQRZOHGJHWKDWWUDQVIRUPHGKLVOLIHDQGODWHUWKHOLYHVRIPDQ\RWKHUV7KHVLPLODULW\RIWKHOLIHRIWKLV$WKHQLDQ
SKLORVRSKHUWRWKDWRI7URZDUGLVWKDWERWKUHOLHGFKLHIO\XSRQLQWXLWLRQDQGFRPPRQVHQVHIRUWKHLUWKHRU\DQGV\VWHPRIOLYLQJ
6FLHQFHLVWKDWKHGRHVQRWGHQ\WKHH[LVWHQFHRIDPDWHULDOZRUOG2QWKHFRQWUDU\KHWHDFKHVWKDWDOOSK\VLFDOH[LVWHQFHLVDFRQFUHWHFRUUHVSRQGLQJPDQLIHVWDWLRQRIWKHWKRXJKWZKLFKJDYHLWELUWK2QHLVDFRPSOHPHQWRIWKHRWKHU
,RQFHDVNHGKLPKRZRQHFRXOGLPSDUWWRRWKHUVWKHGHHSWUXWKVZKLFKKHWDXJKW%\EHLQJWKHPKHDQVZHUHG0\
)ROORZLQJD7UXVWHG*XLGH
-XGJH7URZDUGDOWKRXJKPRGHVWDQGUHWLULQJLQKLVKDELWVRIVSHHFKDQGVORZWRH[SUHVVDSHUVRQDORSLQLRQZDVDOZD\VZLOOLQJWRGLVFXVVDQ\FXUUHQWVXEMHFWEXWH[WUHPHO\UHWLFHQWDQGGLIILGHQWDERXWKLVRZQZULWLQJV1HYHUWRP\NQRZOHGJHGLGKHPHQWLRQWKHPXQOHVVDSSURDFKHGRQWKHVXEMHFW$VDWHDFKHUKHZDVSRVLWLYHGLUHFWDQGDOZD\VLPSHUVRQDO
:KHQRXUOHVVRQZDVJLYHQLQGRRUVKHDOZD\VVDWLQDODUJHPRUULVFKDLUDQGVHHPLQJQRWWREHDZDUHRIP\SUHVHQFHKHZRXOGWKLQNDORXG7RIROORZKLVWKRXJKWZDVOLNHIROORZLQJDWUXVWHGJXLGHWKURXJKWKHPRVWGLIILFXOWSODFHVWKHGDUNHVWDQGOHDVWH[SORUHGUHJLRQVRIWKRXJKW$V,IROORZHGWKH
SHUVRQDOLW\RIWKHPDQEHFDPHREVFXUHDQG,ZDVRQO\
Trang 11
$IWHU,KDGEHHQFDUHIXOO\JXLGHGWRWKHPRVWFRPIRUWLQJFRQFOXVLRQVLQWKHVDPHTXLHWXQDVVXPLQJPDQQHUDVLQWKHEHJLQQLQJRIRXUPHQWDOMRXUQH\P\JXLGHZRXOGJHQWO\
UHPLQGPHWKDWKHKDGJLYHQPHDIHZVXJJHVWLRQVZKLFK,PLJKWIROORZLI,IHOWLQFOLQHGEXWZKLFKZHUHRIIHUHGRQO\LQWKHIULHQGO\VSLULWRIDIHOORZWUDYHOHU+HDOZD\VWULHGWR
ODQWHUQDQGVWHSLQWRWKHGHQVHQHVVRIWKHQLJKWWRZDONWKUHHPLOHVWRKLVKRPH
$+RPH/RYLQJ3KLORVRSKHU
%HLQJDKRPHORYLQJPDQ7URZDUGGHOLJKWHGLQKLVIORZHUJDUGHQDQGLQWKHLQWLPDF\RIKLVKRPHZKLFKKHKDG
SURYLGHGZLWKHYHU\FRPIRUW+H
SDUWLFXODUO\HQMR\HGWKHVHFOXVLRQRIKLVVWXGLRDQGVWXG\ZKLFKZHUHDUUDQJHGWRPHHWKLVSHUVRQDOQHHGVDQGPRRGV+LVVWXGLRZDVLQWKHPRVWUHPRWHSDUWRIWKHKRXVHDQGKHUH
Trang 12
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
WRPH
7KRPDV7URZDUGUHJDUGHGGHDWKYHU\PXFKDVKHZRXOGUHJDUGWUDYHOLQJIURPRQHFRXQWU\WRDQRWKHU+HUHPDUNHGWRPHVHYHUDOWLPHVWKDWKHZDVLQWHUHVWHGLQWKHOLIHEH\RQGDQGZDVUHDG\WRJR+LVRQO\FRQFHUQVHHPHGWREHWKHVRUURZWKDWLWZRXOGFDXVHKLVZLIHDQGIDPLO\:KHQWKHWLPHFDPHKLVJRLQJZDVH[DFWO\ZKDWKHZRXOGKDYHZLVKHGLWWREHIULHQGVDQGDGPLUHUVWKHLQIRUPDWLRQWKH\GHVLUHFRQFHUQLQJKLP,ZLOODGGDPRUHSHUVRQDOWRXFKIRU\RXE\SUHVHQWLQJKHUHLQRQHRIKLVILUVWOHWWHUVWRPHZLWKIDFVLPLOHRIKLV
Trang 13
,WKLQN,KDGEHWWHUZULWH\RXDIHZOLQHVZLWKUHJDUGWR\RXUSURSRVHGVWXGLHVZLWKPHDV,VKRXOGEHVRUU\IRU\RXWREHXQGHUDQ\PLVDSSUHKHQVLRQDQGVRWRVXIIHUDQ\
GLVDSSRLQWPHQW
,KDYHVWXGLHGWKHVXEMHFWQRZIRUVHYHUDO\HDUVDQGKDYHDJHQHUDODFTXDLQWDQFHZLWKWKHOHDGLQJIHDWXUHVRIPRVWRIWKHV\VWHPVZKLFKXQIRUWXQDWHO\RFFXS\DWWHQWLRQLQPDQ\FLUFOHVDWWKHSUHVHQWWLPHVXFKDV7KHRVRSK\WKH7DURWWKH.DEDODDQGWKHOLNHDQG,KDYHQRKHVLWDWLRQLQVD\LQJWKDWWRWKHEHVWRIP\MXGJPHQWDOOVRUWVDQGGHVFULSWLRQVRIVRFDOOHGRFFXOWVWXG\DUHLQGLUHFWRSSRVLWLRQWRWKHUHDO/LIHJLYLQJ7UXWKDQGWKHUHIRUH\RXPXVWQRWH[SHFWDQ\WHDFKLQJRQVXFKOLQHVDVWKHVH:HKHDUDJUHDWGHDOLQWKHVHGD\VDERXW,QLWLDWLRQEXWEHOLHYHPHWKHPRUH\RXWU\WREHFRPHDVRFDOOHG
,QLWLDWHWKHIXUWKHU\RXZLOOSXW\RXUVHOIIURP/LYLQJ/LIH,VSHDNDIWHUPDQ\\HDUVRIFDUHIXOVWXG\DQGFRQVLGHUDWLRQZKHQ,VD\WKDWWKH%LEOHDQGLWV5HYHODWLRQRI&KULVWLVWKHRQHWKLQJUHDOO\ZRUWKVWXG\LQJDQGWKDWLVDVXEMHFWODUJHHQRXJKLQDOOFRQVFLHQFHHPEUDFLQJDVLWGRHVRXURXWZDUGOLIHRIHYHU\GD\FRQFHUQVDQGDOVRWKHLQQHUVSULQJVRIRXUOLIHDQGDOOWKDWZHFDQLQJHQHUDOWHUPVFRQFHLYHRIWKHOLIHLQWKHXQVHHQDIWHUSXWWLQJRIIWKHERG\DWGHDWK
<RXKDYHH[SUHVVHGDYHU\JUHDWGHJUHHRIFRQILGHQFHLQP\WHDFKLQJDQGLI\RXUFRQILGHQFHLVVXFKWKDW\RXZLVKDV\RXVD\WRSXW\RXUVHOIHQWLUHO\XQGHUP\JXLGDQFH,FDQRQO\DFFHSWLWDVDYHU\VHULRXVUHVSRQVLELOLW\DQGVKRXOGKDYHWRDVN\RXWRH[KLELWWKDWFRQILGHQFHE\UHIXVLQJWRORRNLQWRVXFKVRFDOOHGP\VWHULHVDV,ZRXOGIRUELG\RXWRORRNLQWR,DPVSHDNLQJIURPH[SHULHQFHEXWWKHUHVXOWZLOOEHWKDWPXFKRIP\WHDFKLQJZLOODSSHDUWREHYHU\VLPSOHSHUKDSVWRVRPHH[WHQWGRJPDWLFDQG\RXZLOOVD\\RXKDGKHDUGPXFKRILWEHIRUH)DLWKLQ*RG3UD\HUDQG:RUVKLS$SSURDFKWRWKH
Trang 14\RXDQGDOO,FDQKRSHWRGRLVSHUKDSVWRWKURZDOLWWOHPRUHOLJKWRQWKHVHVXEMHFWVVRWKDWWKH\EHFRPHWR\RXQRWPHUHO\WUDGLWLRQDOZRUGVEXWSUHVHQWOLYLQJIDFWV,KDYHEHHQWKXVH[SOLFLWDV,GRQRWZDQW\RXWRKDYHDQ\GLVDSSRLQWPHQWDQGDOVR,VKRXOGVD\WKDWRXUVRFDOOHGVWXGLHVZLOOEHRQO\
IULHQGO\FRQYHUVDWLRQVDWVXFKWLPHVDVZHFDQILWWKHPLQHLWKHU\RXFRPLQJWRRXUKRXVHRU,WR\RXUVDVPD\EHPRVWFRQYHQLHQWDWWKHWLPH$OVR,ZLOOOHQG\RXVRPHERRNVZKLFKZLOOEHKHOSIXOEXWWKH\DUHYHU\IHZDQGLQQRVHQVHRFFXOW
1RZLIDOOWKLVIDOOVLQZLWK\RXURZQLGHDVZHVKDOO,DPVXUHEHYHU\JODGWRVHH\RXDW5XDQ0LQRUDQG\RXZLOOILQGWKDWWKHUHVLGHQWVWKHUHWKRXJKIHZDUHYHU\IULHQGO\DQGWKH
QHLJKERXUKRRGLVSUHWW\%XWRQWKHRWKHUKDQGLI\RXIHHOWKDW
\RXZDQWVRPHRWKHUVRUWRIOHDUQLQJGRQRWPLQGVD\LQJVRRQO\\RXZLOOQHYHUILQGDQ\VXEVWLWXWHIRU&KULVW
ZDQW\RXWRFRPHDOOWKHZD\GRZQWR&RUQZDOODQGWKHQEHGLVDSSRLQWHG
Trang 16$EVROXWH
7KDWZKLFKLVIUHHIURPOLPLWUHVWULFWLRQRUTXDOLILFDWLRQ:HEVWHU $QLGHDIURPZKLFKWKHHOHPHQWVRIWLPHDQGVSDFHDUHHQWLUHO\DEVHQW7URZDUG
([DPSOH7KLQNLQJLQWKHDEVROXWHZRXOGEHVLPSO\GZHOOLQJXSRQWKHLQWULQVLFTXDOLWLHVRIORYHZLWKRXWUHIHUHQFHWRZKRP
\RXORYHRUWKHYDULRXVIRUPVWKURXJKZKLFKORYHH[SUHVVHVLWVHOI
/HFWXUHVRI0HQWDO6FLHQFHSDJH
Trang 17
7KHLQVWUXPHQWWKURXJKZKLFKWKRXJKWVDQGIHHOLQJVDUHH[SUHVVHG7KHHQYHORSHRIWKHVRXO
%UDLQ
7KHLQVWUXPHQWWKURXJKDQGLQZKLFKWKHDFWLRQRIWKH
8QLYHUVDO3DUHQW0LQGH[SUHVVHVLWVHOILQVSHFLILFIRUPDVLQVWUXPHQW
&KULVW
$6WDWHRIFRQVFLRXVQHVVZKLFKLVDOWRJHWKHUJRRGDQGDTXDOLW\RIIHHOLQJZKLFKPDQLIHVWVLQSK\VLFDOIRUP7KHPRVWSHUIHFWVSLULWXDOFRQFHSW
&LUFXPVWDQFHV
7KHRXWZDUGHIIHFWZKLFKFRUUHVSRQGVWRWKHLQZDUGWHQGHQF\RIWKRXJKW
&RQFHSWLRQ
:LOOLDP-DPHVVD\VGHQRWHVQHLWKHUWKHPHQWDOVWDWHQRUZKDWWKHPHQWDOVWDWHVLJQLILHVEXWWKHUHODWLRQEHWZHHQWKHWZR
&RQFHQWUDWLRQ
%ULQJLQJWKHPLQGLQWRDFRQGLWLRQRIHTXLOLEULXPZKLFKHQDEOHVXVWRFRQVFLRXVO\GLUHFWWKHIORZRIVSLULWWRDGHILQLWHUHFRJQL]HGSXUSRVHDQGWKHQFDUHIXOO\WRJXDUGRXUWKRXJKWVIURPLQGXFLQJDIORZLQWKHRSSRVLWHGLUHFWLRQ(GLQEXUJK/HFWXUHVRI0HQWDO6FLHQFH3DJH7URZDUG
&RQGLWLRQV
7KHUHVXOWRIPHQWDOWHQGHQFLHV+DUPRQLRXVWKRXJKW
SURGXFHVKDUPRQLRXVSK\VLFDODQGPDWHULDOFRQGLWLRQVZKLFKVWLOOIXUWKHUUHDFWWRVZHHWHQWKRXJKW
Trang 18$FWLYLW\RIPLQGZKLFKHQDEOHVLWWRGLVWLQJXLVKLWVHOIIURPWKHSK\VLFDOIRUPLQZKLFKLWPDQLIHVWV
&UHDWH
7REULQJLQWRH[LVWHQFH7KRXJKWLVFUHDWLYHEHFDXVHLWDOZD\VEULQJVLQWRSK\VLFDORUREMHFWLYHH[LVWHQFHIRUPVZKLFK
FRUUHVSRQGWRLWVHOI
'HDWK
$EVHQFHRIOLIH/RVVRIFRQVFLRXVQHVVZLWKQRFDSDFLW\WRUHJDLQLW([DPSOH,IDWKRXJKWKDVEHHQDEVROXWHO\HOLPLQDWHGIURPWKHFRQVFLRXVQHVVDQGFDQQRWEHUHFDOOHGLWLVGHDGWR
*RG7URZDUG
$FRQILGHQWH[SHFWDQWDWWLWXGHRIPLQG6XFKDPHQWDODWWLWXGHUHQGHUV\RXUPLQGUHFHSWLYHWRWKHFUHDWLYHDFWLRQRIWKHVSLULWRIOLIH+DYHIDLWKLQWKHIRUFHRI\RXURZQWKRXJKW<RXKDYH
+DYHIDLWKLQ*RGDQGQRWKLQJVKDOOEHLPSRVVLEOHXQWR\RX,VQRWDPHUHILJXUHRIVSHHFKLWLVDVFLHQWLILFIDFWVLPSO\VWDWHG<RXULQGLYLGXDOWKRXJKWLVWKHVSHFLDOL]HGZRUNLQJRIWKHFUHDWLYHSRZHURIOLIH$OO/LIH
,QWHOOLJHQFH
7KH8QLYHUVDO,QILQLWH0LQG7KHKLJKHVWLQWHOOLJHQFHLVWKDWPLQGZKLFKXQGHUVWDQGVLWVHOIDVWKHLQVWUXPHQWWKURXJK
Trang 19
6SLULW
,WLVLPSRVVLEOHWRDQDO\]HWKHQDWXUHRI6SLULWRU/LIH EXWZHFDQUHDOL]HWKDWZKDWHYHUHOVH6SLULWPD\EHLWLVDVHOIFUHDWLQJSRZHUZKLFKDFWVDQGUHDFWVXSRQLWVHOIUHSURGXFLQJLWVHOILQLQFRQFHLYDEOHIRUPVIURPWKHFRVPRVWRPDQ-XVWDV\RXUPLQGDFWVDQGUHDFWVXSRQLWVHOIZKHQ\RXDUHPHPRUL]LQJ 2ULJLQRIDOOYLVLEOHWKLQJV
$VLWLVLQGHSHQGHQWRIWLPHDQGVSDFHLWPXVWEHSXUH
WKRXJKWWKHHPERGLPHQWRIVWRUHGFRQVFLRXVQHVV
$VHOIDFWLQJDQGVHOIUHDFWLQJQRQSK\VLFDOFUHDWLYHSRZHURUIRUFH,WVDFWLRQFDQRQO\EHWKRXJKWEHFDXVHWKRXJKWLVWKHRQO\FRQFHLYDEOHQRQSK\VLFDODFWLRQ
Trang 20WDNLQJSDUWLFXODUIRUP7KHDFWRISURGXFLQJLQ\RXUPLQGWKHSLFWXUHRIDQ\FRQWHPSODWHGLGHD
:RUG
<RXULQGLYLGXDOWKRXJKWLVWKHVSHFLDOL]HGZRUGRUDFWLRQRIWKHRULJLQDWLQJPLQGSRZHULWVHOI
7KDWZKLFKVWDUWVWKHHWKHULFYLEUDWLRQRIOLIHPRYLQJLQDVSHFLDOGLUHFWLRQFRUUHVSRQGLQJWRWKHZRUGZKLFKRULJLQDWHVVSHFLDOPRYHPHQW
7KHVHHGZKLFKJLYHVULVHWRWKHWKLQJ3ODQW\RXUZRUGVHHGLQWKH6XEMHFWLYH0LQGRIWKHXQLYHUVHDQG\RXDUHVXUHWRUHFHLYHDFRUUHVSRQGLQJWKLQJMXVWDVWUXO\DVSRSS\VHHGSURGXFHVSRSSLHV
)DLWKJLYHVVXEVWDQFHWRWKLQJVXQVHHQ7KHXQVHHQZRUGRUWKRXJKW
Trang 21JLYHPHWKHUHDOL]DWLRQRISHUIHFWOLEHUW\LQP\LQGLYLGXDOOLIH
6DJH<HVSURYLGLQJ\RXGRQRWPDNHWKHFRPPRQHUURURIMXGJLQJHYHU\WKLQJIURPDPDWHULDOVWDQGSRLQWRQO\5HFHQWUHVHDUFKLQSK\VLFDOVFLHQFHKDVHVWDEOLVKHGWKHIDFWWKDWWKHUHLVHQRXJKSRZHULQDOXPSRIFOD\WRGHVWUR\DFLW\$OOWKHDYHUDJHPLQGLVDEOHWRVHHLVWKHLQHUWFOD\ZKHUHDVLQUHDOLW\LWLVWKHSK\VLFDOLQVWUXPHQWZKLFKFRQWDLQVWKHLQYLVLEOH
SRZHU
3XSLO7KHQZKHQ,XQGHUVWDQGWKHODZRIYLEUDWLRQ,FDQJHWDQ\WKLQJ,ZDQWDFKLHYHDQ\WKLQJ,GHVLUH
6DJH/LIHILOOVDOOVSDFHDQGWKURXJKWKHXQGHUVWDQGLQJDQGRIFUHDWLYHIRUFHZKLFKLIKHOGLQSODFHE\WKHZLOOLV
DEVROXWHO\FHUWDLQWRUHSURGXFHLQDFRUUHVSRQGLQJSK\VLFDOIRUP:KDWHYHU\KXPDQEHLQJZDQWVLVPRUHOLEHUW\DQGPRUHMR\LQOLIH)URPZKDWHYHUDQJOH\RXVWXG\WKHVXEMHFWRI/LIH
\RXZLOOILQGWKDWGHJUHHVRIOLYLQJQHVVDQGOLEHUW\DUH
LQYDULDEO\PDQLIHVWHGE\YDU\LQJGHJUHHVRILQWHOOLJHQFH:KDW
\RXZRXOGWHUPLQDQLPDWHOLIHUHSUHVHQWVWKHORZHUIRUPVRILQWHOOLJHQFHLQSODQWOLIH\RXUHFRJQL]HDKLJKHUGHJUHHRI
Trang 22EHDXWLIXO"'RHVLWQRWSURYHWR\RXWKHLQGLVSXWDEOHSUHVHQFHRID*UHDW,QWHOOLJHQFHZKLFKLVH[SUHVVLQJLWVHOIDVEHDXW\IRUPDQGFRORUDQGDERYHDOOMR\
3XSLO<HV
6DJH6WLOO\RXZLOOQRWILQGLWGLIILFXOWWRUHFRJQL]HLQWKHDQLPDONLQJGRPDTXDOLW\RI/LIHDQG,QWHOOLJHQFHZKLFKLVJUHDWO\LQDGYDQFHRIWKDWPDQLIHVWHGLQWKHIORZHU7KHQWKHLQWHOOLJHQFHZKLFKH[SUHVVHVLWVHOILQWKHPLQGRIPDQDVWKHSRZHURILQLWLDWLYHDQGVHOHFWLRQLVWKHKLJKHVWH[SUHVVLRQRI,QWHOOLJHQW/LIH7KXV\RXVHHWKDWWKHLQDQLPDWHWKHSODQWWKHDQLPDODQGWKHKXPDQDOOUHSUHVHQWWKHVDPH8QLYHUVDO/LIHWKHRQO\GLIIHUHQFHEHLQJLQWKHYDU\LQJGHJUHHVRILQWHOOLJHQFH
)RUH[DPSOH<RXDUHH[SUHVVLQJDYHU\KLJKGHJUHHRI
LQWHOOLJHQFHLQGHVLULQJWRXQGHUVWDQGWKHODZVRI/LIH:KHQ
\RXKDYHGLVFRYHUHGVRPHSDUWRIWKHVHODZV\RXZLOODVFHQGWKHVFDOHRILQWHOOLJHQFHDV\RXPDNHSUDFWLFDODSSOLFDWLRQRI
\RXUGLVFRYHULHV$QRWKHUH[DPSOH7ZRPHQOHDYHFROOHJHZLWKWKHVDPHGHJUHHVDQGVLWXDWHGYHU\VLPLODUO\UHODWLYHWRVRFLDODQGILQDQFLDOSRVLWLRQ%RWKVWXG\WKHODZVRI0LQGERWKDUHREOLJHGWRVWUXJJOH2QHE\PDNLQJDJUHDWPHQWDOHIIRUWNHHSVPHQWDOO\DERYHWKHGLVFRXUDJLQJFRQGLWLRQVDQGILQDOO\EHFRPHVDVPRRWKUHDGZKLFKWKHRWKHURQHEHFRPHVGLVKHDUWHQHGDQGLOOEDUHO\HNLQJRXWDPLVHUDEOHH[LVWHQFH
<RXFDQUHDGLO\VHHZKHUHWKHKLJKIRUPRILQWHOOLJHQFHZDVPDQLIHVWHGLQWKHVHWZRFDVHV,QWHOOLJHQFHZDVWKHUHEXWLWFRXOGRQO\JURZE\EHLQJXVHGFRQVWUXFWLYHO\
WKH8QLYHUVH
6DJH7KHJUHDWHU\RXULQWHOOLJHQFHWKHPRUHHDVLO\\RXFDQFDOOLQWRDFWLRQWKHKLJKHVWRUGHURIFUHDWLYHHQHUJ\7KHPRUH
Trang 23\RXULQWHOOLJHQFHDQGUHVWLQJXSRQLWWRJXLGH\RX*RGZDUG
\RXZLOOFRPHWRUHFRJQL]HWKDW\RXDUHDVPXFKDSDUWRIWKHYHU\KLJKHVW,QWHOOLJHQFHDVDGURSRIZDWHULQDSDUWRIWKHRFHDQ7KLVVWHDG\UHFRJQLWLRQRQ\RXUSDUWFDUULHGLQWR\RXUHYHU\GD\DIIDLUVZLOOJLYH\RXFRQWURORYHUDGYHUVH
FLUFXPVWDQFHVZKLFK\RXUHDOL]HDUHDIWHUDOORQO\HIIHFWVRIORZHUGHJUHHVRILQWHOOLJHQFHDQGZLOOGHOLYHU\RXIURPIDOOLQJDYLFWLPRIDPDWHULDOXQLYHUVH<RXDUHQRWDYLFWLP\RXDUHDSDUWRIWKH8QLYHUVH
3XSLO-XVWZKDWGR\RXPHDQE\HIIHFWVRIORZHUGHJUHHVRILQWHOOLJHQFH"
6DJH,PHDQE\DORZHUGHJUHHRILQWHOOLJHQFHRQHWKDWLVXQDEOHWRUHFRJQL]HLWVHOIDVEHLQJRQHRIWKHKLJKHVWIRUPVRIOLIH7KHKLJKHVWGHJUHHRILQWHOOLJHQFHLVWKDWIRUPRIOLIHZKLFKLVDEOHWRUHFRJQL]HLWVHOIDVUHODWHGWRDOOH[LVWLQJ
,QWHOOLJHQFH)RUH[DPSOH<RXFDQHDVLO\UHFDOOWKHODVWGLIILFXOWVLWXDWLRQ\RXFDPHWKURXJK,WZDVWKHH[SUHVVLRQRIWKH
KLJKHVWIRUPRI,QWHOOLJHQFHZKLFKHQDEOHG\RXWRWKLQN\RXUZD\RXWRIWKDW
Trang 24
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
VXIILFLHQWO\ZHOOWRFRQWURO\RXUFLUFXPVWDQFHV\RXPXVWWKLQNIRU\RXUVHOIDQGLQ\RXURZQZD\LUUHVSHFWLYHRIWKDW\RXUDQFHVWRUVWKRXJKWHYHQWKRXJKVRPHRIWKHPPLJKWKDYHEURXJKWGHVLUHGUHVXOWV
3XSLO7KDWVHHPVDVLPSRVVLEOHDVUHDFKLQJWKHKRUL]RQ+RZHYHULI\RXWHOOPHWKDW,FDQDUULYHDWWKHSODFHZKHUHFLUFXPVWDQFHVDQGFRQGLWLRQVZLOOEHXQGHUP\FRQWURO
WKURXJKDVWHDG\DQGGHWHUPLQHGHIIRUWWRILQGRXWWKHWUXWK
Trang 25PRPHQW0\SUHVHQWFRQGLWLRQKRZHYHUVHHPVEH\RQGWKHFRQWURORIDQ\KXPDQEHLQJ0XFKOHVVP\VHOIDQGWKHUHKDYHEHHQWLPHVZKHQ,GLGFRQWUROFHUWDLQFRQGLWLRQVEXWDWRWKHUWLPHVWKHVDPHFRQGLWLRQVZHUHEH\RQGP\FRQWURO:K\ZDVWKDW"
7KH6HFUHWRI&RQWUROOLQJ<RXU/LIH)RUFHV
6DJH7KHUHDVRQ\RXVXFFHHGHGZLWKRXWXQGHUVWDQGLQJWKHSRZHUZKLFK\RXSRVVHVVHVZDVWKDW\RXXVHGLW
XQFRQVFLRXVO\DFFRUGLQJWRWKHODZRILWVRZQQDWXUHDQGUHDFKHGKDUPRQLRXVUHVXOWVDVLQWKHLQFLGHQWWKDW\RXKDYHMXVWUHODWHG <RXUDELOLW\DWDOOWLPHVWRXVHWKHXQIDLOLQJSRZHUZKLFKLV\RXUVGHSHQGVXSRQ\RXUUHFRJQLWLRQRILWVSUHVHQFH7KHUHDVRQIRU\RXUWLPHVRIIDLOXUHLVWKDWWKH
GLVWUHVVLQJFRQGLWLRQVRZKROO\DEVRUEV\RXUDWWHQWLRQWKDW\RXDUHXQDEOHWRWKLQNRIDQ\WKLQJHOVH$WVXFKWLPHV\RXHQWLUHO\ORVHVLJKWRIWKHIDFWWKDW\RXULQGLYLGXDOPLQGLVWKH
LQVWUXPHQWWKURXJKDQGLQZKLFKWKHYHU\KLJKHVWIRUPRILQWHOOLJHQFHDQGXQIDLOLQJSRZHULVHQGHDYRULQJWRH[SUHVVLWVHOI$OVRWKDWLWDOZD\VWDNHVWKHIRUPRI\RXUKDELWXDO
VLWXDWLRQZKLFKPLJKWDULVH
6DJH1R)DLWKZLWKRXWZRUNVLVGHDG*RGZLWKRXW
H[SUHVVLRQLVDQRQHQWLW\7KRXJKWZLWKRXWDFWLRQLV
Trang 26FRQQHFWHGZLWKWKHMR\OLIHLQWHOOLJHQFHDQGSRZHURIWKH
*UHDW:KROHXQZDYHULQJPDLQWDLQHGDQGFDUULHGLQWRSUDFWLFDODSSOLFDWLRQZLOOVROYHDQ\SUREOHPEHFDXVH\RXUWKRXJKWFDOOVLQWRVSHFLILFDFWLRQLGHDVRIWKHYHU\KLJKHVWGHJUHHRI
LQWHOOLJHQFHDQGSRZHUZKLFKQDWXUDOO\FRQWUROVWKHOHVVHUGHJUHHV7KH/HVVHUPRGHVRIOLIHDUHLQERQGDJHWRWKHODZRIWKHLURZQEHLQJEHFDXVHWKH\GRQRWNQRZWKHODZ
7KHUHIRUHZKHQ\RXNQRZWKH/DZVRI/LIHWKLVNQRZOHGJHJLYHV\RXLGHDVZKLFKHQDEOH\RXWRFRQWURODOODGYHUVH
FLUFXPVWDQFHVDQGFRQGLWLRQV
3XSLO7KLVLVDOOVRQHZWRPH,GRQRWTXLWHJUDVS\RXUPHDQLQJ:LOO\RXSOHDVHJLYHPHDQLOOXVWUDWLRQ"
+RZWR/LJKWWKH3DWKZD\RI<RXU/LIH
6DJH:HOOVXSSRVH\RXZHUHLQDURRPZKHUHHYHU\FRPIRUWKDGEHHQSURYLGHGIRU\RXEXWWKHURRPZDVLQWRWDOGDUNQHVVDQG\RXZHUHXQDEOHWRORFDWHWKHWKLQJV\RXGHVLUHGDOWKRXJK
\RXZHUHFRQVFLRXVRIWKHLUSUHVHQFH<RXZHUHWROGWKDWWKHURRPZDVHOHFWULFDOO\OLJKWHGDQGLQVWLQFWLYHO\\RXEHJDQWRJURSH\RXUZD\DORQJWKHZDOOZKHUH\RXZHUHDFFXVWRPHGWRORRNIRUDOLJKWVZLWFK)RUKRXUV\RXSDVVHG\RXUKDQGVXSDQGGRZQWKHZDOOVDVIDUDV\RXZRXOGUHDFKXQWLO\RXZHUHTXLWHIDWLJXHG<RXZHUHDERXWWRJLYHXSWKHVHDUFKDQGPDNHWKHEHVWRIDEDGVLWXDWLRQEXWRYHUODSSLQJWKLVWKRXJKWWKHUHFDPHWKHUHVROYHWKDW\RXZRXOGQRWDEDQGRQ\RXUHIIRUWXQWLO
\RXKDGORFDWHGLW<RXZHUHGHWHUPLQHGWRHQMR\WKHJRRGWKLQJVDZDLWLQJ\RXVR\RXUHQHZHG\RXUVHDUFKZLWKWKHIHHOLQJRIDVVXUDQFHWKDWXOWLPDWHO\\RXZRXOGILQGDZD\WRWXUQRQWKHOLJKW
$IWHUPRUHIUXLWOHVVHQGHDYRU\RXSDXVHGWRUHVWDQGWR
ZRQGHUZKHUHWKDWVZLWFKFRXOGSRVVLEO\EH,WPXVWEHKHUH
Trang 27\RXUKDQGVRYHUWKHZDOOVDOWKRXJK\RXIHOWFHUWDLQWKDW\RXKDGJRQHRYHUHYHU\LQFKWKDW\RXFRXOGUHDFK7KLVWLPH\RXUWKRXJKWVDQGPRYHPHQWVZHUHQRWTXLWHVRWHQVHDOWKRXJKHTXDOO\GHWHUPLQHG$V\RXUKDQGVPRYHGVORZO\XSDQG
GRZQ\RXUPLQGFDXJKWWKHLGHDWKDWWKHVZLWFKPLJKWQRWEHRQWKHZDOODWDOO<RXSDXVHGDPRPHQWDQGWKHVXJJHVWLRQWKDWLWPLJKWEHRQWKHIORRUUHJLVWHUHGLQ\RXUFRQVFLRXVQHVV
%XWUHDVRQVWHSSHGLQDQGDUJXHG,PSRVVLEOH:KRHYHUKHDGRIDOLJKWVZLWFKEHLQJSODFHGRQWKHIORRU
%XWWKHVXJJHVWLRQSHUVLVWHGZK\QRWWU\<RXKDYHJRQHRYHUZKDWILUVWVHHPHGWKHPRVWUHDVRQDEOHSODFHVWRILQGLW7U\WKHIORRU
6RWKHQ\RXEHJDQWRUHDFKRXWXQFHUWDLQO\ZLWK\RXUIHHWIRUVRPHSURMHFWLRQRQWKHIORRUZKLFKPLJKWEHDOLJKWVZLWFK
\RXUVHOIOLNHDVSRNHQZRUG6LGHZLVH<RXPRYHGLW
VLGHZLVHDQGWKHURRPDVIORRGHGZLWKOLJKW<RXUMR\DWWKXVILQGLQJDUHVSRQVLYHLQWHOOLJHQFHZLWKLQ\RXUVHOIFRXOGQRWEHH[SUHVVHGLQZRUGV,WZDVDUDSWXUHRIWKHKHDUWZKLFKPDQ\KDYHIHOWDWWLPHV
3XSLO2K,DPVRJODGWKDWWKHVZLWFKZDVIRXQGWKURXJKFOLQJLQJWRWKHWLJKWPHQWDODWWLWXGH'RHVVXFKSHUVLVWHQWHIIRUWDOZD\VPHHWZLWKVXFKDVDWLVIDFWRU\UHZDUG"
Trang 28
VDWLVIDFWLRQ,QRUGHUWRJLYH\RXDFRPSOHWHSLFWXUHIURPZKLFK\RXPD\ORJLFDOO\UHDVRQLQWKHIXWXUHOHWXVFRQVLGHUWKHVDPHVLWXDWLRQIURPDQRSSRVLWHDQJOH
,PDJLQH\RXUVHOILQWKHVDPHURRPXQGHUWKHVDPHFRQGLWLRQV
$IWHUVHYHUDODWWHPSWVDWIHHOLQJDURXQGLQWKHGDUN\RXEHJLQWRIHHOWLUHGPRUHRUOHVVGLVFRXUDJHGDQG\RXUHDVRQZLWK
\RXUVHOIWKXV2KZKDWLVWKHXVH"7KHUHPD\EHDOLJKWVZLWFKLQWKLVURRPDQGWKHURRPPD\FRQWDLQHYHU\WKLQJ,UHTXLUHDQGDJDLQLWPD\QRW%XWVRPHWKLQJLQGHILQDEOHLQ\RXUVHOIFRQYLQFHV\RXWKDWQRWRQO\LVWKHOLJKWWKHUHEXWVRDOVRDUHWKHWKLQJV\RXHQMR\DQGGHVLUH<RXDQVZHUULJKWEDFNWR
\RXUVHOI:HOOLIHYHU\WKLQJLVKHUHZKLFK,QHHGDQGZRXOGHQMR\ZKDWDSLW\WKDW,FDQQRWILQGWKHVZLWFK:KDWDVWUDQJHDQGXQUHDVRQDEOHZD\VRPHSHRSOHKDYHRIGRLQJWKLQJV,ZRQGHUZK\WKHOLJKWZDVQRWDOUHDG\WXUQHGRQIRUPH
3XSLO<RXPDNHLWVHHPWKDWRQHDOPRVWLQYROXQWDULO\DQGLQYDULDEO\EODPHVFLUFXPVWDQFHVRUSHRSOHIRUKLVIDLOXUHV
UHFRJQLWLRQRIDQLQWHOOLJHQWSRZHUFDSDEOHRIDWWUDFWLQJWRKLPDQGGLUHFWLQJKLPVRWKHIXOILOOPHQWRIKLVSXUSRVHDQGWKHDWWDLQPHQWRIKLVGHVLUH2QWKHRWKHUKDQGWKHLQYHUVLRQRIWKLVVDPHSRZHUHIIHFWVDQHJDWLYHUHVXOW
Trang 29
6DJH<HV7KHLGHDLVWRXVH\RXUSRZHURIWKRXJKWDQGIHHOLQJSRVLWLYHO\LQRUGHUWRDWWDLQSRVLWLYHUHVXOWV8VHLWQHJDWLYHO\DQG\RXJHWQHJDWLYHUHVXOWVEHFDXVHWKH
XQFKDQJHDEOHODZLV,QWHOOLJHQFHDOZD\VPDQLIHVWVLQ
UHVSRQVLYHQHVV7KHZKROHDFWLRQRIWKHHYROXWLRQDU\SURFHVVRI/LIHIURPLWVILUVWLQDQLPDWHEHJLQQLQJXSWRLWV
PDQLIHVWDWLRQLQKXPDQIRUPLVRQHFRQWLQXDOLQWHOOLJHQWUHVSRQVH
,I\RXZRXOGLQGXFH\RXUVHOIWRUHFRJQL]HWKHSUHVHQFHRID8QLYHUVDO,QWHOOLJHQFHZKLFKSHUPHDWHVDOOQDWXUH\RXPXVWDOVRUHFRJQL]HDFRUUHVSRQGLQJKLGGHQGHHSGRZQLQDOO
WKLQJVLQWKHWUHHVWKHZHHGVDQGIORZHUVLQWKHDQLPDOVDQGLQIDFWLQHYHU\WKLQJZKLFKLVHYHUUHDG\WRVSULQJLQWRDFWLRQZKHQDSSHDOHGWR,WZLOOUHVSRQGWR\RXUFDOODVDFKLOGZRXOGREH\ZKHQELGGHQWRFRPHDQGSOD\
,Q\RXUILUVWH[SHULHQFHLQWKHGDUNURRP\RXUDOODEVRUELQJWKRXJKWZDVQRWVRPXFKDERXWWKHGDUNQHVVDVDERXWWKHOLJKWDQGKRZLWFRXOGEHWXUQHGRQ7KHSRVLWLYH,ZLOOTXDOLW\RI\RXUWKRXJKWEURXJKWXSIURPWKHGHSWKRI\RXULQPRVWVRXODVWHDG\IORZRILQWHOOLJHQWSRZHUZKLFKILQDOO\SHQHWUDWHGWKURXJKWR\RXULQWHOOHFWDQGJXLGHG\RXUKDQGWRWKHVZLWFK
3XSLO%XWWKHVHFRQGWLPHZKHQ,DOVRWKRXJKW,PXVWILQGWKHVZLWFKWKHUHZDVQRHQOLJKWHQHGUHVSRQVH,WVHHPVWRPHDPLUDFXORXVFRLQFLGHQFH
Trang 30
6DJH2KQR$OOLV/LIHDQGDOOLVODZDQGRUGHU7KHUHDUHQRLI\RXZLOOUHFDOOVRPHRI\RXURZQH[SHULHQFHVVLPLODUWRWKHRQHVXVHGLQWKHLOOXVWUDWLRQV<RXRIWHQIHHOWKDW\RXPXVWKDYHOLJKWDQGDIWHUVHYHUDODWWHPSWVWRDYDLO\RXUVHOIWRLW
\RXUWKRXJKWDQGIHHOLQJVHWWOHLQWRWKH,FDQQRWGRLW
JURRYHLWPD\EHSRVVLEOHIRUWKRVHZKRNQRZKRZEXW,WROLYH\RXUSDVWH[SHULHQFHVRYHUDJDLQ$QDO\]HZKDW\RXUWKRXJKWVDQGIHHOLQJVZHUHZKHQ\RXVXFFHHGHGDQGZKHQ
\RXIDLOHG7KHQGUDZ\RXURZQGHGXFWLRQV1RZULWWHQRUVSRNHQZRUGVHTXDOWKLVNLQGRILQVWUXFWLRQ
5HPHPEHUWKDWDOOVSDFHLVILOOHGZLWKDUHVSRQVLYH,QWHOOLJHQFHDQG3RZHUHYHUUHDG\WRWDNHDQ\IRUPZKLFK\RXUVXVWDLQLQJWKRXJKWGHPDQGFUHDWHV7KLVSRZHUFDQZRUNRQO\LQWHUPVRIWKHWKRXJKWLQVWUXPHQWWKURXJKZKLFKLWRSHUDWHV
WKHVSLULWRILQWHOOLJHQWOLIHWRSURGXFHPDWHULDOFRQGLWLRQVDVLQWXUQLQJZDWHULQWRZLQHEXWWKH\GRXEWWKHLUDELOLW\WRXVHWKHWKLQJVDUHSRVVLEOHXQWR\RX1RZWKLVVWDWHPHQWLVHLWKHUWUXHRUIDOVH,IWUXHLWLVEHFDXVH\RXUPLQGLVWKHLQVWUXPHQWLQDQGWKURXJKZKLFKWKLVLQWHOOLJHQW3ULQFLSOHRI/LIHWDNHVLQLWLDWLYHDFWLRQDQGWKLVDFWLRQLQWXUQLVDOZD\VLQDFFRUGDQFHZLWKWKHODZVRIOLIHZKLFKDUHVXEMHFWLYHLQWKHLUQDWXUH
DQG3RZHU
3XSLO$P,ULJKWLQFRQFOXGLQJWKDWWKLVOHVVRQLQOLIHZKLFKLVDQHYHUSUHVHQWOLPLWOHVVLQWHOOLJHQWSRZHULVUHDG\DWDOOWLPHVWREHJXLGHGLQDQ\GLUHFWLRQWKDWP\VXVWDLQHGWKRXJKW
Trang 31
6DJH<RXKDYHJUDVSHGWKHOHWWHURIWKHOHVVRQLQD
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
3XSLO:KHQRQHGRHVQRWZLVKWRHQWHUWDLQQHJDWLYH
WKRXJKWVKRZFDQWKHVHQVHRIGLVFRXUDJHPHQWDQGDQ[LHW\EHVKXWRXW",DPVXUHWKDWLWLVQRWEHFDXVHRQHHQMR\VIHHOLQJZRUULHGWKDWLWVHHPVVRGLIILFXOWWRHOLPLQDWHLW'R\RXPHDQDVLWLVWRVWHSIURPRQHURRPWRDQRWKHU",VKRXOGOLNHWRNQRZKRZWKDWLVDFFRPSOLVKHGDV,KDYHPDQ\XQZHOFRPHWKRXJKWVZKLFK,DPZKROO\XQDEOHWRGLVPLVVDWWKHWLPH
$IWHUDSHULRGWKH\OHDYHEXWLWVHHPVWRPHWKH\XVHWKHLURZQVZHHWZLOODERXWLW,KDYHKRQHVWO\WULHGWRULGP\VHOIRIWKRXJKWVZKLFKVHHPHGWRFOLQJDOOWKHWLJKWHUZKHQ,WULHGWRWKURZWKHPRII,WZRXOGEHZRQGHUIXOWRFDVWRIIDWKRXJKWDVRQHZRXOGDJDUPHQW+RZFDQLWEHGRQH"
6DJH%\NHHSLQJDSRVLWLYHDWWLWXGHRIPLQGUHJDUGLQJ\RXULQQHUPRVWGHVLUHDVDQDFFRPSOLVKHGIDFWZKHWKHULWEHIRUD
Trang 32
3XSLO2KLVWKDWWUXH",WVHHPVWRPH,KDYHRIWHQEHHQVSHDNLQJWRVRPHRQHRQDFHUWDLQVXEMHFWZKLOHP\WKRXJKWVZHUHRQDQHQWLUHO\GLIIHUHQWRQH
QHJDWLYHO\VLPXOWDQHRXVO\,QRXUQH[WOHVVRQZHZLOOWDNHWKLVXSPRUHH[WHQVLYHO\DQGSURYHZK\LWLVWUXH$OVRZK\\RXDVDQLQGLYLGXDOFDQFRQWUROFLUFXPVWDQFHVZKHWKHUWKH\EHPHQWDOSK\VLFDORUILQDQFLDOWKURXJKWKHXQGHUVWDQGLQJRI
\RXUSHUVRQDOUHODWLRQVKLSWRWKH,QWHOOLJHQFHZKLFKJRYHUQVWKHXQLYHUVH
3XSLO,NQRZWKDWZKDW\RXVD\LVWUXHEXWMXVWZKDWPHWKRGVKRXOG,HPSOR\WRDFFRPSOLVKWKLV"7KHUHDUHWLPHVZKHQ,EHFRPHFURVVDQGLPSDWLHQWZLWKP\VHOIEHFDXVH,JLYHZD\WRDQ[LHW\DQGIHDUWKHYHU\WKLQJVZKLFK,NQRZQRZZLOOFDXVHP\GHIHDW