K M E E = J
49er
;9DA>GJFA9 KL9L= MFAN=JKALQ$ DGF? :=9;@
;Yda^gjfaY KlYl] Mfan]jkalq kqkl]e fYe]k Dgj]llY DYeZ f]o na[] [`Yf[]ddgj ^gj `meYf j]kgmj[]k
J]na]o2 E]dakkY E[;Yjl`q k LYeeq ak Y kdYh%kla[c [ge]\q \akYhhgafle]fl
;geemfalq$ Y k`go l`Yl [Yf f]n]j \a]$ egn]k lg QY`gg .k]YkgfkYf\Yegna]
/RQJ %HDFK UDQNHG RQH RI WKH PRVW SDWULRWLF FLWLHV 7ZR &DOLIRUQLD FLWLHV ZHUH UDQNHG ZLWKLQ WKH 0\/LIH WRS %< '211 *587$ 6RFLDO 0HGLD (GLWRU
$V WKH GXVW VHWWOHG IURP HYHU\RQH·V )RXUWK RI -XO\ IHVWLYLWLHV 0\/LIH D VR FLDO PHGLD ZHEVLWH UDQNHG WKH FLW\ RI /RQJ %HDFK DV WKH VHYHQWK PRVW SDWUL RWLF FLW\ LQ WKH 8 6 0\/LIH·V DQDO\VLV EDVHG LWV UDQNLQJV RQ IRXU GDWD FDWHJRULHV SHUFHQWDJH RI SRSXODWLRQ LQ WKH DUPHG IRUFHV WRWDO VSHQGLQJ RQ YHWHUDQV SRSXODULW\ RI ÀUHZRUNV LQ -XO\ DQG FRPPXQLW\ DQG VRFLDO VHUYLFH ZRUNHUV /RQJ %HDFK KDV HDUQHG LWV ZD\ WR WKH 7RS SULPDULO\ EHFDXVH LW UDQNHG WKLUG LQ WRWDO VSHQGLQJ RQ YHWHUDQV RXW RI 8 6 FLWLHV LQFOXGHG LQ WKH DQDO\ VLV DFFRUGLQJ WR 0\/LIH·V GDWD ,Q WKLV SDUWLFXODU FDWHJRU\ /RQJ %HDFK VXF FHHGHG :DVKLQJWRQ ' & DQG &OHYH ODQG $ UHFHQW 0\/LIH SUHVV UHOHDVH PHQ WLRQHG WKDW FLWLHV WKDW UDQNHG YHU\ ZHOO LQ WRWDO VSHQGLQJ RQ YHWHUDQV ZHUH FUX FLDO IRU GHFLGLQJ ZKLFK FLWLHV ZRXOG PDNH LW WR WKH WRS UDQNLQJV 0\/LIH ´ZDQWHG WR VHH ZKLFK FLWLHV H[KLELWHG WKLV VRUW RI >SDWULRWLF@ SDVVLRQ RQ D PRUH \HDU URXQG EDVLV µ DFFRUGLQJ WR 0\/LIH·V ZHEVLWH
/(6/,( *21=$/(= _ '$,/< (5
6RFFHU IDQV JDWKHU DW 1XJJHW IRU :RUOG &XS VHPLILQDOV )DQV DW &DO 6WDWH /RQJ %HDFK FKHHU RQ $UJHQWLQD DQG WKH 1HWKHUODQGV LQ WKH VHPL¿QDO PDWFK WKDW GHWHUPLQHG ZKR ZLOO SOD\ *HUPDQ\ LQ WKH :RUOG &XS ¿QDO RQ 6XQGD\ DW QRRQ RQ $%& )UHVKPDQ FLYLO HQJLQHHULQJ VWXGHQW $XOGHQ 7KRPDV ZDV KRSLQJ WR VHH WKH 1HWKHUODQGV ZLQ LW DOO EXW WKH WHDP ORVW LQ D SHQDOW\ VKRRW RQ :HGQHVGD\ 7KRPDV VDLG *HUPDQ\¶V YLFWRU\ DJDLQVW %UD]LO RQ 7XHVGD\ ZDV ³QRW XQ H[SHFWHG ´ 6HYHUDO &68/% VWXGHQWV VDLG WKDW WKH\ WKLQN %UD]LO¶V RYHUZKHOPLQJ ORVV ZDV WKH UHVXOW RI SOD\LQJ ZLWKRXW WZR RI WKH WHDP¶V VWDU SOD\HUV 1H\PDU DQG 7KLDJR 6HH SDJH IRU PRUH FDPSXV SUHGLFWLRQV IRU WKH :RUOG &XS ¿QDO
6HH 3$75,27,60 3DJH
&RQROH\ HDUQV :RPHQ RI $FKLHYHPHQW $ZDUG PHQWRUHG E\ QXQV &RQROH\ DFFUHGLWV WKH SKLORVRSK\ QXQV XVH LQ LQIOXHQFLQJ KRZ VKH OLYHV KHU OLIH
%< &5<67$/ 1,(%/$ 1HZV (GLWRU
$UULYLQJ WR &DO 6WDWH /RQJ %HDFK DV WKH ÀUVW SHUPDQHQW FDPSXV IH PDOH SUHVLGHQW LQ \HDUV LQFRPLQJ &68/% 3UHVLGHQW -DQH &ORVH &RQROH\ VDLG WKDW VKH KDG PDQ\ IHPDOH UROH PRGHOV LQ KHU FDUHHU WKDW VKDSHG KHU LQWR WKH OHDGHU VKH LV WRGD\ ´,·G VD\ D ELJ DGYDQWDJH , KDG ³ JR
LQJ WR D &DWKROLF VFKRRO UXQ E\ QXQV « , VDZ ZRPHQ LQ OHDGHUVKLS SRVLWLRQV µ &RQROH\ VDLG 6KH VDLG WKDW WKH\ JDYH KHU VRPH ´H[SHFWDWLRQVµ WKDW RQH GD\ VKH FRXOG DVVXPH &RQROH\ ZKR EHJLQV KHU GXWLHV DW &68/% RQ -XO\ ZDV WKH NH\ QRWH VSHDNHU DW WKH &ROOHJH RI 1HZ 5RFKHOOH·V WK $QQXDO $OXPQDH L &ROOHJH :HHNHQG RQ -XQH DQG DOVR HDUQHG WKH :RPHQ RI $FKLHYHPHQW $ZDUG WKDW VDPH GD\ DFFRUGLQJ WR D SUHVV UHOHDVH 7KH ZHHNHQG ZDV D FODVV RI UH XQLRQ FRQGXFWHG DQQXDOO\ E\ WKH &15 &RQROH\ DQG IRXU RWKHU ZRPHQ 1DQF\ &DUH\ &DVVLG\ RI /RXGRQYLOOH FODVV RI -HDQQH &DVKPDQ RI %HDU 'HOD ZDUH FODVV RI %DUEDUD :LVPHU 0F0DQXV RI 5\H 1HZ <RUN FODVV RI &DURO 0XUSK\ RI *DLQHVYLOOH )ORULGD FODVV RI HDUQHG WKH VDPH
DZDUG ´/HVVRQV IURP 0\ 8UVXOLQH 0RWK HUV µ WKH WLWOH RI &RQROH\·V NH\QRWH VSHHFK LOOXVWUDWHG KRZ WKH SKLORVRSK\ QXQV XVH KHOSHG KHU VHH WKH ELJJHU SLF WXUH ZRUN KDUGHU EHOLHYH LQ VHOI DQG VHUYH RWKHUV ³ DPRQJ RWKHU WKLQJV ³ XOWLPDWHO\ LQÁXHQFLQJ KRZ VKH OLYHV KHU OLIH &RQROH\ VDLG WKDW LI LW ZHUHQ·W IRU D VFKRODUVKLS WR &15 VKH PLJKW KDYH KDG D GLIIHUHQW OLIH EHFDXVH ZRXOG KDYH JRQH WR D SXEOLF VFKRRO ´,Q WKRVH GD\V LI \RX ZHUH DW D SXE OLF VFKRRO ³ D ELJ SXEOLF XQLYHUVLW\ ³ LW ZDV SUHGRPLQDQWO\ WKH OHDGHUVKLS SRVLWLRQV >WKDW@ ZHQW WR WKH \RXQJ PHQ µ VKH VDLG ´7KDW ZDV WKH FXOWXUH µ
6HH &212/(< 3DJH
&2857(6< 2) -$1( &212/(<
&RQROH\ LV RQH RI ¿YH ZRPHQ WR HDUQ WKH DZDUG