! ! ! ! ! ! ! !
"!#$%&'!()!*+$,+&--!./!0(123!45''()!6!*&1&+!78!439),:! 439;1&+-!<$5+!1$!=(>! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
! ! ! ! ! ! ! ! ?@A! ! B(13!13&!&>2&;1($)!$C!1D$!=5)E9/-!&%&+/!F$)13G!=9F5&'H-!F$13&+!I$5(-9!D$+J-! C5''! 1(F&! C$+! -&%&)! E9/-! 9! D&&JG! -$F&1(F&-! ;5''(),! E$5.'&! -3(C1-! D3&)! 9! 2$K D$+J&+!29''-!()!-(2J!$+G!9-!(-!$C1&)!13&!29-&G!9)$13&+!&F;'$/&&!-5EE&)'/!L5(1-!E5&! 1$!&>395-1($)!$+!9!.&11&+!M$.!$;;$+15)(1/!&'-&D3&+&8!!N&+!D$+J;'92&²13&!O@K3$5+! #&D!P9),!P9),!Q9+E&)!RRS!6!=&9C$$E!T&-195+9)1²(-!$)&!$C!13&!F$+&!;$;5'9+! 49)1$)&-&!+&-195+9)1-!()!13&!"'39F.+9!9+&9!1391!.$+E&+-!13&!2(1(&-!$C!=9)!Q9.+(&'! 9)E!0$)1&+&/!*9+J8!!R51!2$)1+9+/!1$!D391!(1-!)9F&!-5,,&-1-G!13&!&-19.'(-3F&)1!(-! QR ORQJHU QHZ LW KDV LQ IDFW EHHQ RSHUDWLQJ VLQFH WKH ODWH µ V ZHOO EHIRUH WKH %9''&/!D9-!$%&+;$;5'91&E!./!-(F('9+!N$),!P$),K$D)&E!&91&+(&-G!9)E!D3('&!13&!-&1! F&)5!(-!C9+!C+$F!&>2&;1($)9'²F(>(),!13&!5-59'!1+9E(1($)9'!E(-3&-!D(13!-19)E9+E! B&-1&+)!C9+&!'(J&!-;9,3&11(G!$F&'&1-G!9)E!(2&!2+&9F²(1-!'$),K-19)E(),!3(-1$+/!39-! .+9)E&E!#&D!P9),!P9),!Q9+E&)!9-!9!'$29'!+&-195+9)1!$C!E(-1()21($)G!-5(19.'&!C$+! 9)/!.9)L5&1!$+!C9F('/!,913&+(),8!!! !
U3&! F9()! E()(),! +$$F! (-! -;92($5-! 9)E! .+(,31²13&! 29+;&1! F9+$$)G! 13&!
$%&+3&9E! '(,31! C(>15+&-! E&2$+91&E! D(13! .+9(E&E! ,$'EK2$'$+&E! 19--&'-²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
!"! ! D3('&!D&9%(),!.&-(E&!+$5)E!19.'&-!$+!.$$13-8! !
R51!9C1&+!13&!'5)231(F&!+5-3G!E5+(),!13&!.+(&C!'5''!.&C$+&!13&!'91&!9C1&+)$$)!
9)E! &%&)(),! 2+$DE-! 9++(%&G! I$5(-9! ;95-&-! 1$! 19J&! 3&+! -$'&! F&9'! .+&9J8! ! =(11(),! 9F$),!13&!+&-1! $C!13&!D9(1! -19CC!91!13&!'9+,&-1!19.'&!()!13&!E()(),!+$$FG!-3&!9)E! 13&! $13&+-! 9+&! -$$)! M$()&E! ./! 13&! -(>! 2$$J-²C$5+! 0&>(29)! )91($)9'-! 9)E! 1D$! (E&)1(29'! 1D()! .+$13&+-! C+$F! P$D'$$)²D3$! &%&+/! E9/! 29+1! $51! 13&! &>921! -9F&! C$$E!C$+!9''!$C!13&F!1$!-39+&:!!D$)1$)!-$5;G!-1&9F&E!%&,&19.'&-!D(13!$/-1&+!-952&G! +$9-1&E! ;$+JG! -1&9F&E! D3(1&! +(2&8! ! U3&)! D3('&! 23$;-1(2J-! $+! C$+J-!9+&! ,+(;;&E² ;'91&-! 9)E! .$D'-! ;9--&E! .92J! 9)E! C$+13G! +(2&! -2$$;&E²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
"1! 13&-&! '91&! 9C1&+)$$)! .+&9J-G! 0$''/! )$+F9''/! -9/-! -$F&13(),! 9'$),! 13&!
OLQHV RI ³, P VWDUYLQJ WR GHDWK ´ RU ³&DQ \RX KHDU P\ VWRPDFK" ! 71! J&&;-! JURZOLQJ VLQFH , JRW KHUH ´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¶W 7DLZDQHVH VKH DQG KHU IDPLO\ KDG LPPLJUDWHG IURP PDLQODQG &KLQD 13&!F9M$+(1/!$C!3&+!'(C&!39%(),!.&&)!-;&)1!()!13&!N9(E(9)!Y(-1+(21!$C!R&(M(),!D3&+&! KHU HOGHUO\ SDUHQWV VWLOO UHVLGH )RU WKDW PDWWHU VKH GRHVQ¶W OLYH ZLWKRXW KHU 35-.9)E! $+! $D&! 9)/13(),! $)! 13&! 3$5-&! 13&/! 39%&! +&2&)1'/! ;5+239-&EG! )$+! E$&-! -3&!D$+J!C5''!1(F&!'(J&!I$5(-98!!N&+!3$5+-!91!13&!+&-195+9)1!9+&!'&--!139)!C(%&!()!9!
!!! ! E9/G!M5-1!&)$5,3!-$!1391!-3&!29)!9;;'/!3&+!1(;-!9)E!.(F$)13'/!;9/23&2J-!1$!D391!! -3&! 39-! M$J(),'/! +&C&++&E! 1$! 9-! 3&+! +&9'! %$291($):! ! ;'9/(),! F93M$),! 5)1('! 13&! .5+,&$)(),!'(,31!$C!E9D)8! !
I$5(-9G! 13$5,3G! .&9+-! )$! ()D9+E! +&-&)1F&)1! $+! 3(EE&)! &)%/! 1$D9+E! 3&+!
2$KZRUNHU¶V SHUFHLYHG FDUHIUHH H[LVWHQFH HYHQ LI VKH VHFUHWO\ VXVSHFWV 0ROO\¶V 35-.9)EG!'(J&!-$!F9)/!$C!13&!F9()'9)E&+-!D3$!39%&!9'-$!.$5,31!)(2&+!+&-(E&)1(9'! 3$F&-!()!13&!%9''&/G!39E!;+$.9.'/!&F.&ZZ'&E!3(-!D9/!()1$!9!.+(,31&+!C515+&!'(%(),! 9.+$9E8! ! U$! 13&! 2$)1+9+/G! -3&! (-! ;+$5E! $C! 3$D! -3&! 39-! -19+1&E! C+&-3! ()! "F&+(29G! E$(),!D&''!91!13&!-$+1!$C!M$.!-3&!D$5'E!39%&!$)2&!13$5,31!.&)&913!3&+-&'C!.92J!()! U9(;&(²3$D! -3&! 9)E! 3&+! 35-.9)EG! D3('&! 1&F;$+9+('/! -&;9+91&E! ./! 13&! &)1(+&! .+&9E13!$C!13&!*92(C(2!$2&9)G!9+&!&923!F9J(),!3$)&-1!-92+(C(2&-!()!$+E&+!1$!-9%&!9! E&2&)1! E$D)! ;9/F&)1! C$+! 13&(+! $D)! =9)! Q9.+(&'! $+! 0$)1&+&/! *9+J! 3$5-&G! +&,9+E'&--! $C! 13&! '$)&'()&--! -3&! $C1&)! C&&'-! D(13$51! 3(F! $+! 3&+! C9F('/! $+! 3&+! C+(&)E-!)&9+./8!!"!M$.!(-!9!M$.G!-3&!39-!+&;&91&E!1$!3&+-&'CG!'(J&!9!F9)1+9G!$)!13$-&! QLJKWV ZKHQ VKH FDQ¶W VOHHS DQG KHU OHJV DFKH IURP WKH FRQVWDQW PRWLRQ RI KHU E9/-G!13&!F5-2'&-!$C!3&+!29'%&-!.5+)(),!E&&;!.&'$D!13&!-J()8!! !"#$"%#&'#%()(*+,# -(.#)"+#,(/(0##,W¶V D VPDOO SU(2&G!-3&!.&'(&%&-G!C$+!13&!+&D9+E-!1391!-5+&'/!9D9(1!3&+! DQG 6DPXHO LQ WKH \HDUV WR FRPH $ VPDOO SULFH LQGHHG IRU KHU VRQ¶V JRRG &E5291($)! 9)E! '$),K1&+F! 39;;()&--G! 9-! D&''! 9-! 3(-! C+&&E$F! C+$F! 13&! &)C$+2&E! 2$)-2+(;1($)! $C! F('(19+/! -&+%(2&²1391! 2$F;5'-$+/! +(1&! $C! ;9--9,&! ()1$! F9)3$$E! C$+!&%&+/!3&9'13/!U9(D9)&-&!F9'&G!13&!1+9()(),!$C!/$5),!F&)!1$!C(,31!9,9()-1!9)! &>;&21&E!43()&-&!()%9-($)G!1$!E('(,&)1'/!;+$1&21!13&!(-'9)E!./!9)/!F&9)-!;$--(.'&! C+$F!13&!F9()'9)E!&)&F/!1$!D3(23!35),+/!0$''/!.&'$),-8! !
I9-1! <+(E9/²D3('&! -1+&123(),! 9)! 9+F! 1$D9+E! 13&! 2$FF5)9'! ;'911&+! $C!
URDVWHG SRUN DW WKH WDEOHµV FHQWHU WKHQ SXVKLQJ WKH PHDW DURXQG ZLWK FKRSVWLFNV 1$! C()E!13&! .&-1! ;(&2&-! C$+! 3&+! ;'91&²0$''/!39EG! ()! 9! )$)239'9)1! F9))&+G! 9-J&E! /RXLVD ³:K\ LVQ¶W \RXU KXVEDQG KHUH DOUHDG\" 6KRXOGQ¶W KH EH WDNLQJ FDUH RI \RX DQG WKH ER\" ,W¶V QRQH RI P\ EXVLQHVV , NQRZ %XW LW VHHPV²)$!$CC&)-&² MXVW D OLWWOH ELW VWUDQJH , PHDQ \RX PDQDJH HYHU\WKLQJ E\ \RXUVHOI GRQ¶W \RX"´! !
³1RW HYHU\WKLQJ ´ /RXLVD VDLG KHVLWDQWO\ ³0\ KXV.9)E!&9+)-!9!,$$E!D9,&!
!#!! ! 91!13&!;$D&+!2$F;9)/G!-$!3(-! ()2$F&!3&';-! 5-!$51!$)!13(-!&)EG!1$$8!!7C!3&!29F&! RYHU QRZ LW ZRXOGQµW EH HDV\ IRU KLP WR ILQG ZRUN WKDW SD\V DV JRRG FHUWDLQO\ QRW! WKH VDPH NLQG RI ZRUN $Q\ZD\ , WKLQN LW¶V EHWWHU OLNH WKLV IRU!D ZKLOH ´! !
³'RQ¶W \RX HYHU UHJUHW OHDYLQJ" 0D\EH \RX FRXOG¶YH VWD\HG SXW DQG GRQH
ZHOO IRU \RXUVHOI LQ 7DLZDQ ULJKW"´! !
I$5(-9! -19+&E! ()1$! 3&+! .$D'! $C! +(2&! D(13! 9! '$),G! F&E(191(%&! ,9Z&G! 9-! (C!
-&9+23(),! C$+! 9)! 9)-D&+! ()! 9! 2+/-19'! .9''8! ! T5-3(),! C$+D9+EG! 13&)G! '(J&! 13&! 2+(--2+$--(),! '9)2&-! $C! $;;$-(),! 9+F(&-G! 2$)C'(21(),! 13$5,31-! D+&-1'&E! .92J! 9)E! C$+13! D(13()! 3&+! F()EG! ;+$F;1'/! L5&''&E! ./! 13&! -$C1K-;$J&)G! 9--&+1(%&! ;$D&+! $C! KHU RZQ YRLFH ³1R ´ VKH ILQDOO\ VDLG ³QR UHJUHWV ´! !
³1HYHU PLQG ´ VDLG 0ROO\ !D9%(),!3&+!23$;-1(2J-!()!C+$)1!$C!3&+!C92&!D3('&!
FKHZLQJ ³, WDON WRR PXFK ´! !
³,W¶V RND\ ´!
!
=F('(),!;$'(1&'/G!I$5(-9!C&'1!+&'(&%&E!D3&)!0$''/!-1$;;&E!9-J(),!L5&-1($)-8!!
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¶V VHOILVK .&39%($+²3(-! -5-;&21&E! ()C(E&'(1(&-G! 3(-! &%9-(%&)&--G! 3(-! 9.('(1/! 1$! F9J&! 3&+! C&&'! '$%&E!D3('&!91!13&!-9F&!1(F&!-&&J(),!13&!9CC&21($)-!$C!%9+($5-!D$F&)8!!=F9''!19'J! LV XVHOHVV VKH WKHQ ZDQWHG WR ZKLVSHU LQ 0ROO\¶V HDU 0\ SODWH LVQ¶W \RXU SODWH DQG P\ EXVLQHVV LVQ¶W \RXU EXVLQHVV ! !
[&1!9-(E&!C+$F!.+(&C!()1&+921($)-!D(13!0$''/!9)E!13&!C'$$+!F9)9,&+G!I$5(-9!
39+E'/! -;&9J-! 1$! 13&! $13&+-! 5)'&--! (1! (-! +&L5(+&E! $C! 3&+! 1$! E$! -$8! ! =3&! .+(),-! 9! %925$5-! E&F&9)$+! 1$! 13&! -19+1! $C! 3&+! -3(C1! 9)E! 29++(&-! (1! 5)1('! 13&! &)EG! 9'D9/-! ;&+C$+F(),! 3&+! 19-J-! &CC(2(&)1'/G! 9)E! 13&)! 3&9E-! 3$F&! D(13$51! -9/(),! ,$$E./&8!! U$! -$F&! $C! 13&! D9(1! -19CCG! -3&! 2$F&-! $CC! 9-! E(-19)1! 9)E! 5)C+(&)E'/G! 9)E! ()!!!!!!!!!!!!!
!$% ! 49)1$)&-&G! 1391! Q59),Z3$5! +&,($)! E(9'&21! -3&! 29)! .9+&'/! E(-2&+)! 9)E! 39-! )&%&+! '(J&E! 13&! -$5)E! $CG! 13&/! 39%&! J(EE&E! D(13()! &9+-3$1! 1391! (C! -3&! D&+&! -&)1! C'/(),! OLNH D URFNHW LQWR RXWHU VSDFH VKH ZRXOG SUREDEO\ H[WLQJXLVK WKH VXQ¶V ZDUPWK R51G! ()! +&9'(1/G! (1! (-! -(F;'/! 3&+! ()9.('(1/! 1$! &),9,&! 13&(+! '9),59,&! D&''! 1391! 39-! 2+&91&E!13&!E(-19)2&G!3&+!()9E&L591&!,+9-;!$C!V),'(-3!9)E!49)1$)&-&!1391!&>1&)E-! RQO\ DV IDU DV WKH LWHPV OLVWHG RQ WKH UHVWXDUXDQWµV PHQX 7KHUH DUH DOVR WKRVH 9DJD9+EG!C+5-1+91(),!F$F&)1-!D3&)!9!9)!V),'(-3K-;&9J(),!25-1$F&+!;+&--&-!3&+! IRU VRPHWKLQJ VKH FDQ¶W XQGHUVWDQG DOWKRXJK HYHQ WKHQ /RXLVD VWLOO PDQDJHV!1$! +&F9()! D$$E&)G! -$F&1(F&-! -2+(..'(),! +9)E$F! F9+J-! ()! 3&+! )$1&;9E! 9-! (C! C$''$D(),! &%&+/! ()2$F;+&3&)-(.'&! D$+EG! .&C$+&! 9.$51KC92(),! 1$! ,$! 9-J! 13&! C'$$+! F9)9,&+!<+9)2(-!C$+!9--(-19)2&8! !
³%RVV ´ VKH FDOOV )UDQFLV ZKR ZDV ERUQ LQ +RQJ .RQJ EXW UDLVHG DQG
&GXFDWHG LQ /RV $QJHOHV ³%RVV ´ VKH VD\V XVXDOO\ ILQGLQJ KLP LQ WKH IR\HU ZKHUH KH JUHHWV WKH FXVWRPHUV ³,¶P KDYLQJ WURXEOH JHWWLQJ DQ RUGHU GRZQ ´! !
Y+&--&E! (FF925'91&'/! ()! 9! .'92J! -5(1! D(13! 9! 2'(;K$)! .$D! 1(&G! )9++$DK
-3$5'E&+&E!9)E!19''G!<+9)2(-!)&%&+!9;;&9+-!.$13&+&E!D3&)!-3&!-&&J-!3(F!$518!!7)! C921G! 3&! )&%&+! 9;;&9+-! C'5-1&+&E! ./! 9)/$)&! $+! 9)/13(),G! )$EE(),! 9)E! -F('(),! 9F(E-1! 13&! D$+-1! $C! -(1591($)-²$.M&21($)-! $C! ;$$+! -&+%(2&! 9)E! .9E'/! 2$$J&E! HQWUHHV D GLVK LQDGYHUWHQWO\ GXPSHG RQ D FXVWRPHU¶V ODS 13&! ()C+&L5&)1! -L59..'&! 9F$),! C9F('(&-! $+! '$%&+-! 1391! .&2$F&-! 1$$! %$29'²9.-&)1'/! +5..(),! 91! 13&! .9)E! $C! R5EE3(-1! ;+9/&+! .&9E-! $)! 3(-! +(,31! D+(-1! E5+(),! -523! 5);'&9-9)1! 2(+25F-19)2&-8!!R&(),!9!-&&F(),'/!2$)1&)1!.923&'$+!;9-1!13&!9,&!$C!C$+1/G!3(-!'&9)! .5('E! -5,,&-1-! 1391! 3&! D9123&-! D391! 3&! &91-! 1$! 9! C95'1G! 9)E! D3('&! )$1! 91! 9''! &CC&F()91&G! 3&! 39-! 9! -$C1! F9))&+! $C! -;&9J(),! 9)E! 9! ,&)1'&! E(-;$-(1($)8! ! N(-! &/&.+$D-!9+&!)&91!9)E!%&+/!13()G!9-!13$5,3!13&/!39E!.&&)!29+&C5''/!E+9D)!$)!3(-! C92&!D(13!9!C&'1K1(;!F9+J&+8!!N(-!-3()/G!-F$$13!-29';!-3$D-!)$!1+92&!$C!39(+G!9)E! 3(-!'$),G!9,('&!.$E/!F9)&5%&+-!C'5(E'/!9.$51!13&!+&-195+9)1²'(J&!9!+$%(),!;9-1$+! $%&+-&&(),!13&!2$FF5)($)!$C!3(-!-&91&EG!9.-$+.&E!;9+(-3($)&+-8!!! !
U$!)$!-F9''!E&,+&&G!<+9)2(-!+5)-!13&!&)1(+&!+&-195+9)1!./!3(F-&'CG!9)E!39-!
E$)&!-$!C$+!13&!'9-1!&(,31!/&9+-!-()2&!13&!$D)&+G!0+8!43$DG!39E!;9--&E!9D9/8!!")E!
!&% ! ZKLOH 0U &KRZ¶V ZLGRZ LV QRZ WKH VROH SURSULHWRU²F9))(),! 13&! 29-3! +&,(-1&+! &%&+/! E9/! 9)E! &%&+/! &%&)(),G! J&&;(),! 9! 2'$-&! D9123! $)! 13&! E9('/! &9+)(),-²-3&! OHDYHV DOO RWKHU DVSHFWV RI WKH EXVLQHVV WR )UDQFLV¶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
U3&! C$)E)&--! (-! 5)E&+-19)E9.'&G! I$5(-9! 39-! 13$5,318! ! U3&+&! (-! 9! )915+9'!
D9+F13! 9.$51! <+9)2(-G! 9! -1&9E()&--! 1391! ;51-! ;&$;'&! 91! &9-&8! ! ")E! -3&! 29)! 9'-$! 5)E&+-19)E!D3/!0+-8!43$D!D$5'E!C&&'!()2'()&E!1$!1$523!3(-!39)E-²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³1R SUREOHP ,¶OO WDNH FDUH RI LW ()!9!-&2$)E8!!B3(23!19EOH LV LW"´! !
U3(-!&%&)(),G!3$D&%&+G!(1!D9-!<+9)2(-!D3$!39E!-$5,31!$51!I$5(-9G!29''(),!
3&+! M5-1! 9C1&+! -3&! D3(ZZ&E! ;9-1! 3(F! ()! 13&! C$/&+²3&+! ;5+-&! -D(),(),! C+$F! 9! -3$5'E&+G!3&+!9;+$)!.5)23&E!()!9!C(-1!9-!-3&!+5-3&E!1$!29123!13&!)&>1!.5-!3$F&² 3(-!-$C1!%$(2&!C9('(),!1$!+&923!3&+!.&C$+&!-3&!39-1('/!&>(1&E!13+$5,3!13&!&)1+9)2&! GRRUV ³/RXLVD ´ KH UHSHDWHG SXUVXLQJ KHU RXWVLGH ZKHUH VKH WXUQHG ZLWK D VWDUWOHG H[SUHVVLRQ 6KH KDGQ¶W SUHYLRXVO\ HQFRXQWHUHG KLP EH\RQG WKH FRQILQHV $C!13&(+!D$+J;'92&G!9)E!-19)E(),!13&+&!$)!13&!-(E&D9'J²9D9-3!()!13&!C'91!'5-1&+!$C!
!'! ! ;9+J(),! '$1! '(,31-G! )&9+! 29-19D9/! 2(,9+&11&! .511-G! -)$11/! -;'911&+-! $C! -;(1G! 9)E! C'911&)&E!;(&2&-!$C!E(-29+E&E!,5F²3&!D9-!+&F$%&E!C+$F!13&!2'&9)!&)%(+$)-!1391! -5(1&E!3(F]!'92J(),!13&!;+$;&+!2$)1&>1!$C!1HZ .DQJ .DQJ¶V EXUQLVKHG LQWHULRU KH '$$J&E! 9-! 13$5,3! 3&! D&+&! 9! 3$5-&K1$K3$5-&! ()-5+9)2&! -9'&-F9)G! $+G! D$+-&G! 13&! 1/;&!1391!35-1'&E!,(+'-!13+$5,3!9!3(,3KHQG HVFRUW VHUYLFH ³,¶YH JRW VRPHWKLQJ WR VKRZ \RX ´ KH VDLG VXGGHQO\ ZDONLQJ EDFN WRZDUG WKH HQ1+9)2&!9)E!F$1($)(),! IRU KHU WR IROORZ ³&RPH RYHU KHUH D VHFRQG ´! !
3UHVHQWO\ VKH VWRRG ULJKW EHVLGH KLP LQ IURQW RI WKH UHVWDXUDQW¶V
D()E$D;9)&! E$$+-G! D9123(),! 9-! 3&! -'(E! 9! C(),&+! 9+$5)E! 9! -(),'&! 39)ED+(11&)! )$1(2&!1391!39E!.&&)!19;&E!9,9()-1!13&!()-(E&!,'9--8!!=3&!;&&+&E!2'$-&+G!-L5()1(),G! H[FHSW VKH FRXOGQ¶W UHDG PXFK (QJOLVK DQG DV D UHVXOW WKH PHDQLQJ RI WKH 9E%&+1(-&F&)1!D9-!'$-1!$)!3&+8! !
³0XVLF QLJKW DW 1HZ .DQJ .DQJ WKLV 6XQGD\ ´ KH VDLG WUDQVODWLQJ IRU KHU
3(-! C(),&+! 13&)! 5)E&+'()(),! 13&! -&QWHQFHV RI WKH QRWLFH DV KH VSRNH ³(QMR\ D D$)E&+C5'! E())&+! 1$! 13&! &)239)1(),! -1/'(),-! $C! 9D9+EKD())(),! %($'()! %(+15$-$! =9F5&'! 4358! ! R+(),! 13&! &)1(+&! C9F('/8! ! #$! 9EF(--($)! +&L5(+&E8! ! *&+C$+F9)2&-! EHJLQ DW SP 6XQGD\ $SULO WK &DOO IRU UHVHUYDWLRQV ´! !
"1!9!'$--!C$+!D$+E-G!-3&!,'9)2&E!91!3(FG!C&&'(),!9!J)$1!$C!E+&9E!C$+F(),!()!
3&+!-1$F923G!9)E!F9)9,&E!9!1()/!,+()8!!")E!/&1G!9-!13&!J)$1!1(,31&)&EG!-3&!39E!)$! +&9-$)! 1$! .&! 19J&)! 9.92J8! ! \)! 13&! F$+)(),! -3&! D9-! 3(+&EG! <+9)2(-! 39E! 9'+&9E/! .+$5,31! 5;! 13&! (E&9! $C! =9F5&'! ;'9/(),! 91! 13&! +&-195+9)1G! .51! 1391! D9-! 13+&&! F$)13-!9,$G!9)EG!-()2&!13&)G!)$13(),!C5+13&+!D9-!-9(E8!!N$D&%&+G!-$F&D3&+&!()! KHU PLQG VKH DOZD\V VXVSHFWHG WKDW KHU VRQ¶V YLROLQ SOD\LQJ ZDV ZK\ VKH JRW WKH M$.8! !
Y5+(),! 3&+! ()1&+%(&DG! (1! D9-! <+9)2(-! D3$! 39E! ;$'(1&'/G! 9'13$5,3!
LQGLIIHUHQWO\ H[SODLQHG KH ZDVQ¶W WRR LQWHUHVWHG LQ KLULQJ VRPHRQH WKDW ODFNHG ;+&%($5-! D9(1+&--(),! &>;&+(&)2&G! -$F&$)&! 1391G! 5;$)! +&9'(Z(),! 13&! E&F9)E-! $C! 13&!M$.G!D$5'E!'(J&'/!L5(18!!7)!F$-1!29-&-!-523!9!2$FF&)1!D$5'E!()E(291&!13&!&)E! $C!13&!()1&+%(&DG!9)E!+(-(),!C+$F!3&+!-&91G!15,,(),!91!3&+!-J(+1G!I$5(-9!D$5'E!39%&! H[FXVHG KHUVHOI ,QVWHDG KH¶G JRQH RQ WR DVN DERXW KHU EDFNJURXQG KHU SHUVRQDO
!(! ! 3(-1$+/8! ! =$²D(13()! 3(-! -F9''! $CC(2&G! 9-! 3(-! 39)E-! +&-1&E! $)! 13&! E&-J²-3&! 39E! $.'(,&E!3(F8! !
=&E91&'/!.51!1$!13&!;$()1G!-3&!-;$J&!.+(&C'/!$C!3&+!'(C&!()!U9(;&(G!3&+!E&-(+&!
C$+! 9)! "F&+(29)! &E5291($)! C$+! 3&+! -$)G! 9)E! D391! 3&+! 35-.9)E! E(E! C$+! 9! '(%(),8!! =3&!1$'E!3(F!13&/!D&+&!-9%(),!1$!.5/!9!3$5-&8!!U3&!D3$'&!1(F&!3&!J&;1!3(-!,9Z&! C(>&E! $)! 3&+G! -9/(),! '(11'&G! 3(-! 39)E-! )&%&+! -3(C1(),8! ! U3&)G! ()! ;9--(),G! -3&! PHQWLRQHG KHU VRQ¶V VNLOO ZLWK WKH YLROLQ DQG KRZ SULRU WR PRYLQJ WR WKH 6WDWHV =9F5&'!39E!D$)!-&%&+9'!2$F;&1(1(%&!1+$;3(&-!9)E!+(..$)-!.&295-&!$C!3(-!19'&)18!!! !
³1RZ WKDW¶V IDQWDVWLF ´ )UDQFLV VDLG UDLVLQJ KLV KDQGV DQG FODVSLQJ WKHP
WRJHWKHU ³<RX PXVW EH YHU\ SURXG ³ $V LI D EULJKW OLJKW KDG VXGGHQO\ EHHQ 15+)&E!$)!()-(E&!3(-!3&9EG!13&!5)+&9E9.'&!C929E&!3&!D$+&!D9-!&2'(;-&E!./!9!C92&! WKDW VPLOHG ZDUPO\ DW KHU ³<RX NQRZ 7!5-&E! 1$! ;'9/! 13&! %($'()!F/-&'CG! 9! '$),G! ORQJ WLPH DJR 1RZDGD\V , UHJUHW , GLGQ¶W NHHS DW LW EXW , GRQµW WKLQN , ZDV .'&--&E! D(13! 13&! +(,31! 19'&)1²QRW \RXU VRQµV NLQG RI WDOHQW DQ\ZD\ ´ $V LW 39;;&)&EG! 3&! D&)1! $)! 1$! -9/G! 13&! )$1($)! $C! 3(+(),! 9! %($'()(-1! 1$! ;'9/! 91! 13&! +&-195+9)1G! $)2&! $+! 1D(2&! 9! D&&JG! D9-! -$F&13(),! 3&! 39E! -&+($5-'/! &)1&+19()&E8!! ³'R \RX WKLQN SRVVLEO\ \RX DQG \RXU VRQ ZRXOG EH LQWHUHVWHG"´ 6RPHZKDW 2$)C5-&E!./!13&!L5&-1($)G!5)-5+&!$C!D3&13&+!-3&!$+!=9F5&'!D9-! .&(),!$CC&+&E!9! ;$-(1($)G! -3&! )$EE&E! D(13$51! -;&9J(),8! ! B(13! 1391G! 3&! +&923&E! 92+$--! 13&! E&-JG! VKDNLQJ KHU KDQG ³*UHDW ´ KH VDLG ORRNLQJ VWUDLJKW DW KHU ³/HW PH VKRZ \RX DURXQG ´! !
%XW XQWLO WKLV HYHQLQJ /RXLVD KDGQ¶W WKRXJKW PXFK DERXW WKHLU HDUOLHU
2$)%&+-91($)8!!=19)E(),!$51-(E&!13&!+&-195+9)1!D(13!3(FG!;$()1(),!91!13&!)$1(2&!$)! 13&! E$$+G! 3&+! 3$9+-&G! ,+91&C5'KVRXQGLQJ YRLFH VDLG ³<RX QHHGQ W JR WR WKLV WURXEOH ´ ZKHQ LQ WUXWK KLV LQWHQWLRQV KDG EHHQ VR RYHU]HDORXV WKDW LW &F.9++9--&E!3&+8! !
³$QG EHIRUH , IRUJHW ´ )UDQFLV FRQWLQXHG ³WKHVH DUH IRU \RX ´ +H KHOG XS
D SKRWRFRSLHG VWDFN RI ´ [ ´ IOLHUV WKDW KHµG EHHQ KROGLQJ GLVFUHHWO\ DW KLV VLGH '(J&!9!-5+;+(-&!,(C1G!D+(11&)!./!3(-!$D)!39)E!()!.$13!43()&-&!9)E!V),'(-3G!9!%($'()! 9)E!.$D!E+9D)!91!&923!2$+)&+!$C!13&!SDJH ³<RX 29)!,(%&!13&-&!1$!9''!/$5+!C+(&)E-!!
!)% ! DQG UHODWLYHV ,W¶OO KHOS VSUHDG WKH ZRUG DERXW KLV SHUIRUPDQFH DQG DQ\RQH ZLWK 9!C'(&+!,&1-!9!C+&&!/59)!/9),!$+!(2&E!1&9!$C!13&(+!23$(2&!$)!=5)E9/8!!09J&!-5+&!/$5! WHOO WKHP WKDW ´! !
³2K ´ VKH!-9(EG!-19+(),!91!13&!C'(&+-8!!^)9.'&!1$!F9J&!-&)-&!$C!13&!V),'(-3!
-&21($)G!-3&!+&9E!13&!2$++&-;$)E(),!43()&-&!239+921&+-!D(13!&9-&²13&!F&--9,&!$C! 13&!C'(&+!F(++$+(),!D391!3&!39E!1$'E!3&+!D9-!E(-;'9/&E!91!13&!&)1+9)2&8!!!! !
³6RXQG RND\"´!
!
#$1!L5(1&!-5+&!(C! 9!=5)E9/!+&2(19'!D9-!+&9''/!13&!.&-1! (E&9G! -3&! )$EE&E!()!
DJUHHPHQW QHYHUWKHOHVV HYHQ ZKLOH VD\LQJ ³, GRQ¶W NQRZ , PHDQ LW¶V VR EXV\ RQ 6XQGD\V DOZD\V VR SDFNHG 0D\EH 7KXUVGD\ LQVWHDG WKLQJV DUH VORZHU ´! !
N&+!D$+E-!-&&F&E!1$! -)9;!3(F!C+$F!3(-!&)135-(9-1(2!-191&]!3(-!C(),&+1(;-!
F$%&E! 1$! 1$523! 3(-! E&%$1($)9'! .&9E-G! 13&! 2+&9-&-! $)! 3(-! C$+&3&9E! ,+&D! E&&;&+8!! ³1R QR 7KXUVGD\ LVQ¶W DV JRRG ´ KH VDLG DIWHU D PRPHQW RI FRQVLGHUDWLRQ ³:H ,&1! 9! '9+,&! E())&+! 2+$DE! $)! =5)E9/! &%&)(),-G! 235+23,$&+-! 9)E! 13&! +&1(+&E! -&18!! ,¶P VXUH WKH\¶G HQMR\ WKHLU PHDOV DFFRPSDQLHG E\ \RXU VRQ¶V SOD\LQJ DQG ZH FDQ XVH DQ HPSW\ SLWFKHU IRU KLV WLS MDU 6R ,¶OO JHW DQ DUHD VHW XS IRU KLP E\ WKH OREVWHU WDQN EHFDXVH WKHQ KH¶OO EH LQ IXOO YLHZ RI HYHU\RQH ´ $OO DW RQFH KH VP('&EG! C'9-3(),!3(-!5))915+9''/!D3(1&!1&&13G!E$(),!-$!()!13&!F$-1!-()2&+&!9)E!,&)(9'!D9/! SRVVLEOH WKHQ KH VDLG ³,W¶OO DGG D OLWWOH VRPHWKLQJ VSHFLDO WR WKH SODFH GRQµW \RX WKLQN" 3OXV LW¶OO EH HQMR\DEOH IRU PH WRR $QG LI LW JRHV ZHOO ZH FDQ GR LW &%&+/! ZHHN KRZµV WKDW"´ ! !
7KHUH ZDVQ¶W UHDOO\ DQ\WKLQJ HOVH /RXLVD IHOW VKH FRXOG VD\ RWKHU WKDQ
PXVWHULQJ D UHVHUYHG VWLOWHG ³7KDQN \RX ´ ! !
#$+!E(E!-3&!C&&'!13&!5+,&!1$!E&2'()&!D391!D9-G!9C1&+!9''G!9!J()E!,&-15+&!$)!
3(-! ;9+1G! -$F&13(),! 1391! F(,31! .&! .$13! ;$-(1(%&! 9)E! .&)&C(2(9'! C$+! 3&+G! =9F5&'G! 9)E!13&!+&-195+9)18!!R51!39E!2$F;'&1&!&>395-1($)!)$1!-$!13$+$5,3'/!2'9(F&E!3&+G! -3&! F(,31! 39%&! 39E! 13&! ;+&-&)2&! $C! F()E! 1$! +&C5-&! 13&! -192J! $C! C'(&+-G! -(F;'/! EHFDXVH VKH GLGQ¶W NQRZ ZKDW WR GR ZLWK WKHP QRQ&! $C! 3&+! 2'$-&! C+(&)E-! $+! C9F('/! F&F.&+-! D&+&! ()! 13&! 2$5)1+/8! ! =1(''G! -3&! 922&;1&E! 13&! C'(&+-! 9)/D9/G! UHWXUQLQJ )UDQFLV¶ VPLOH HYHQ WKRXJK KHU WKRXJKWV ZHUH DOUHDG\ IDU IURP ZRUN !
!*% ! DQWLFLSDWLQJ WKH EDWK VKH¶G WDNH WKH VDWLVI\LQJ PHDO VKH¶G FRRN IRU KH+-&'CG! 9)E! WKH YLGHRWDSHV RI GXEEHG -DSDQHVH VRDS RSHUDV VKH¶G ZDWFK ZKLOH UHOD[LQJ RQ WKH '(%(),!+$$F!2$5238! !
³7KDQN \RX ³ /RXLVD VDLG DJDLQ JODQFLQJ DW KHU ZDWFK 7KH EXV KDG FRPH
DQG JRQH DQG WKH QH[W RQH ZRXOGQ¶W DUULYH IRU DQRWKHU ILIWHHQ WR WZHQW/!F()51&-8!! %XW VKH GLGQ¶W IURZQ 6KH ZDV WRR WLUHG 0RVW GD\V VKH UHPLQGHG KHUVHOI DUH '(J&!13(-8! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
! ! ! ! ! ! ! ! ?_A! ! #$D! C92(),! 9! /&''$DK1('&E! D9''! 2$%&+&E! $%&+! D(13! ,+&9-&K-;911&+&E! -L59+&-! $C! 9'5F()5F! C$('G! I$5(-9! F9J&-! E())&+! ()! 3&+! J(123&)²;&+-;(+(),! )&9+! 9! .5..'(),! ;$1! $C! ,+$5)E! ;$+J! -1&DG! &%&+/! -$! $C1&)! 5-(),! 13&! .92J! $C! 3&+! 39)E! 1$! D(;&! 3&+! C$+&3&9E²9)E! -1(+! C+(&-! &,,-! 9)E! 1$F91$&-! $)! 9! F&--/! -1$%&1$;! '()&E! ./! F$+&! IRLO WKH DOXPLQXP VKHHWV FRDWHG E\ WKH RLO\ UHPQDQWV RI IRXU PRQWK¶V ZRUWK RI 3&+!2$$J(),8!!=$$)!13&!2$)1&)1-!$C!13&!D$J!9+&!-2+9;&E!()1$!9!.$D'!9)E!-&1!$)!13&! 2$5)1&+8! ! U3&)! 23$;;&E! ,9+'(2! 9)E! C+&-3! -;()923! 9+&! 9EE&E! 1$! 13&! D$JG! (FF&E(91&'/! -(ZZ'(),! 9-! 3&+! D$$E&)! -;915'9! .&,()-! -1(++(),8! ! R+&913(),! ()! 13&! 3&91G!13&!9+$F9-!D9C1(),!5;!91!3&+G!-3&!39-!-5FF$)&E!3&+!23('E3$$E!.51!E$&-)H1! C5''/!+&9'(Z&!(18!!U3&!-1&9F(),!$E$+-!-3&!()39'&-²13&!F&9'!-3&!(-!F9J(),G!13&!D$J! (1-&'C²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
³6KXQJK\R ´ /RXLVD HYHQWXDOO\ FDOOV RXW ZKHQ WUDQVIHUULQJ WKH VSLQDFK DQG
JDUOLF WR D SODWH ³'LQQHU ´! !
=(11(),! 2+$--K'&,,&E! ()! 13&! F(EE'&! $C! 13&! '(%(),! +$$F! C'$$+G! 2$F;'&1&'/!!!!!!
##!! ! 9.-$+.&E!./!D391!13&! U`!+9E(91&-G!=9F5&'!23$$-&-!)$1!1$!3&9+!3&+8!!`&+,(),!$)! '95,31&+!9)E!D(13!3(-!'(;-!;9+1&EG!3&!29)H1!'$$J!9D9/!C+$F!9)!&;(-$E&!$C! 1*-&23# 4*++(/'G! &-;&2(9''/! D3('&! =1&%&! ^+J&'! ,$%&+)-! 13&! -2+&&):! ! 1391! -;9-F$E(2G! -$2(9''/! 9DJD9+E! .'92J! 1&&)9,&+! D&9+(),! '9+,&G! 13(2J! ,'9--&-G! 3(,3KD91&+! ;9)1-G! -5-;&)E&+-G!9!F5'1(K2$'$+&E!29+E(,9)!-D&91&+G!9)E!D3$!19'J-!()!9!-)$+1(),G!3(,3K ;(123&E! 922&)18! ! N&! ;9/-! )$! 911&)1($)! 1$! I$5(-9! 9-! -3&! 2$F&! 9)E! ,$&-²9)! ()E(-1()21!C$+F!F$%(),!9'$),!13&!&E,&!$C!3(-!;&+(;3&+9'!-(,31G!29++/(),!.$D'-!9)E! ;'91&-! $C! C$$E! 1$! 13&! $;&)! E()(),! +$$F! 9+&9²5)1('! 13&! %$'5F&! $C! 3&+! %$(2&! ()2+&9-&-G!13&!1$)&!+&,(-1&+(),!9-!9!D9+)(),!+913&+!139)!9!;+$F;1(),8! !
³'LQQHU <RX KHDU PH"´!
!
³2ND\ ´ KH DQVZHUV PHHNO\ IURZQLQJ DOO RI D VXGGHQ !
!
aU5+)!(1!$CC!9)E!2$F&!&918a!
!
\)2&!3&!M$()-!3&+!91!13&!E()(),!19.'&G!-3&!39-!9'+&9E/!-2$$;&E!+(2&!C$+!3(FG!
39-! '9(E! 3(-! 23$;-1(2J-! )&91'/! 5;$)! 13&! +(F! $C! 3(-! .$D'8! ! R51! &%&+/! )(,31! (-! '(J&! 1$)(,31]! 13&/! -(1! 92+$--! C+$F! &923! $13&+²13+&&! $+! C$5+! E(-3&-! $C! C$$E! .&1D&&)! 13&FG!9!+(2&!2$$J&+!$225;/(),!9!-;$1!91!13&!19.'&!D3&+&!3(-!C913&+!D$5'E!)$+F9''/! 39%&!.&&)!C$5)E²&91(),!()!-('&)2&!-9%&!C$+!13$-&!F$F&)1-!D3&)!I$5(-9G!)$1(2(),! 1391!=9F5&'H-!.$D'!(-!9'F$-1!&F;1/G!,&-15+&-!3&+!23$;-1(2J-!91!9!E(-3G!9)E!-9/-!1$! KLP ³(DW WKLV ´ <HVWHUGD\ LW ZDV OHHN DQG VKUHGGHG SRUN QRZ LW LV WKH VSLQDFK 9)E!,9+'(28!!! !
³0P ´ KH UHSOLHV QRGGLQJ ZLWK KLV PRXWK IXOO RI ULFH DQG QHYHU UHVLVWLQJ
3&+!2$FF9)E-G!3&!9EE-!9!-&2$)E!-&+%(),!$C!-;()923!1$!3(-!.$D'8! !
"C1&+! 9! D3('&G! -3&! 9(F-! 3&+! 23$;-1(2J-! 91! D391! +&F9()-! $C! 13&! -1(+KC+(&E!
HJJV DQG WRPDWRHV ³)LQLVK LW ´! !
³0P ´!
!
")EG! $C! 2$5+-&G! 3&! E$&-! &>921'/! 9-! -3&! -9/-G! J&&;(),! 3(-! 3&9E! '$D&+&E! ()!
$+E&+! 1$! 9%$(E! &/&! 2$)19218! ! V>2&;1G! 1$)(,31G! 13&+&! (-! F$+&! 139)! E())&+! $)! 3(-! F()EG!F$+&!139)!9!E&-(+&!1$!2$)-5F&!3(-!F&9'!L5(2J'/!-$!3&!29)!+&15+)!1$!13&!U`]! 13&+&!(-G!3&!.&'(&%&-G!-$F&13(),!(F;$+19)1!1391!F5-1!.&!9EE+&--&E8!!U3&)!D(13!9! C9(+! E&,+&&! $C! 9;;+&3&)-($)G! =9F5&'! ;(2J-! 3(-! D$+E-! 29+&C5''/G! D&(,3(),! 13&F!!!!
#$! ! EHIRUH DVNLQJ ³0D FDQ , JHW D SDLU RI UROOHUEODGHV"´ +H VQHDNV D ORRN DW KHU DQG -&&-!1391!-3&G!1$$G!39-!3&+!3&9E!'$D&+&EG!25;;(),!3&+!2&+9F(2!.$D'!()!$)&!39)E8! !
³:KDW UROOHUEODGHV"´!
!
V)2$5+9,&E! 1391! 9! L5&-1(RQ ZDV RIIHUHG DQG QRW DQ HPSKDWLF ³1R ´
=9F5&'! +9(-&-! 3(-! 23()! D3('&! -&11(),! 3(-! .$D'! 9)E! 23$;-1(2J-! E$D)8!! ³5ROOHUEODGHV²\RX NQRZ ZLWK IRXU ZKHHOV ´! !
I(C1(),! 3&+! 3&9E! 9)E! +&923(),! C$+! 13&! -$/! -952&G! -3&! ,(%&-! 3(F! 9! -D(C1G!
GHWDFKHG JODQFH ³:KDW IRU"´! !
N(-! F$513! $;&)-! -'(,31'/G! D9)1(),! 1$! +&;'/G! .51! )$13(),! 2$F&-! $518!!
,QVWHDG KH ZDWFKHV KHU GULEEOH VR\ VDXFH LQWR KHU ERZO DQG ZKHQ VKH¶V GRQH I$5(-9!-19+&-!-1+9(,31!91!3(F8!!N&!)$D!C&&'-!3&+!()-5CC(2(&)1!;91(&)2&!D9)(),G!13&! 9))$/9)2&!.&)&913!3&+!-J()!D9(1(),!1$!&F&+,&8! !
³+RZ PXFK"´!
!
³, GRQ¶W NQRZ ´ KH VD\V TXLHWO\ !
!
I$5(-9! )$E-G! 3&+! &>;+&--($)! 5)239),&E! 9-! (C! -3&! 39E! 9)1(2(;91&E! 3(-!
UHVSRQVH ³<RX QHHG D QHZ ERZ IRU WKH YLROLQ QR" <RX GRQµW QHHG UROOHUEODGHV ´! !
")E! 1391G! =9F5&'! +&9'(Z&-G! (-! 13&! &)E! $C! (18! ! U3&+&! D$5'E! .&! )$! 39'C!
922&;19.'&!2$F;+$F(-&!13(-!1(F&²)$1!'(J&!'9-1!F$)13!D3&)!3&!9-J&E!3&+!1$!.5/! WKHP D GRJ DQG ZDV WROG ³$ FLW\ LV QR SODFH IRU D GRJ 6KXQJK/$8!!Y$,-!)&&E!9!'$1! $C!-;92&8!!7!13()J!9!F$5-&!D(''!F9J&!9!.&11&+!;&1!3&+&G!E$)H1!\RX"´ +H ORZHUV KLV 3&9E!9,9()!9)E!+&-5F&-!&91(),G!'(-1&)(),!9-!-3&!13&)!239),&-!13&!-5.M&21G!-1&&+(),! 3(-! +&L5&-1! 1$D9+E! 1391! ()&%(19.'&! '(19)/! .+$5,31! $)! ./! 3(-! ;&+2&(%&E! C9('(),-! $+! )&&E'&--! D9)1-G! 9)E! /&1G! 9-! (1! (-! +&;&91&E! 1$! 3(F! '(J&! 9)! $%&+E5&! -2$'E(),G! (-! 92159''/!5)+&'91&E!1$!&(13&+8! !
³$OO GD\ \RX WKLQN DERXW IXQ ´ VKH VD\V DGPRQLVKLQJ KLP ZLWK D VKDNH RI
KHU FKRSVWLFNV ³<RX DOUHDG\ IRUJHW HYHU\WKLQJ \RXU IDWKHU WROG \RX GLGQµW \RX" [$5!-3$5'E!C$25-!$)!F&F$+(Z(),!13&!%$29.5'9+/G!9)E!;+921(2(),!%($'()8!!"-J! F&! C$+!+$''&+.'9E&-8!![$5!J)$D!3$D!F523!F$)&/!7!-;&)E!$)!/$5+!'&--$)-b!!V)$5,3! WR EX\ XV D KRXVH 'R \RX NQRZ WKDW"´! !
<&&'(),! 9-! 13$5,3! 3(-! .$E/! (-! -3+()J(),G! =9F5&'! ,(%&-! 3&+! 9! -F9''! )$EG!!!!!
#&! ! J)$D(),! 1391! (C! 3&! +&-;$)E-! $13&+D(-&! -3&! F(,31! 2$)1()5&8! ! R51! 39%(),! -522&--C5''/!1&+F()91&E!13&!1$;(2!$C!()'()&!-J91&-G!I$5(-9!C9''-!-('&)1!9)E!;(2J-!5;! 3&+!.$D'8!!! !
³<RX VKRXOG EH VWXG\LQJ ´ VKH VD\V D IHZ VHFRQGV ODWHU ³VR KXUU\ DQG
&91²WKHQ VWXG\ 1R 79 ´! !
"! F(-&+9.'&! '$$J! 9'1&+-! 3(-! &)1(+&! C92&G! ;5-3(),! 3(-! '(;-! $51D9+E! ()1$! 9!
;$518! ! 7! 391&! /$5G! 3&! 13()J-G! 9)E! 2$%&+1'/! (F;9'&-! 9! D&E,&! $C! 1$F91$! D(13! 9! 23$;-1(2JG!1D(-1(),!13&!51&)-('!9-!(C!3&!D&+&!-19..(),!91!3&+!3&9+18!!5#,*+(#3"67! !
R&C$+&! '$),G! I$5(-9! 2'&9+-! 3&+! .$D'! 9)E! 13&! &F;1/! E(-3&-! $CC! 13&! 19.'&G!
'&9%(),!=9F5&'!9'$)&!1$!C()(-3!3(-!F&9'8!!R51!-$$)!-3&!+&15+)-G!3$%&+(),!9.$%&!3(-! -1$$;&E! .$E/! '(J&! 9! 1&923&+! F$)(1$+(),! 13&! ;+$,+&--! $C! 9! -15E&)18! ! U3&)! 9-! (C! ;'5),(),!C+$F!13&!-J/G!WKH VWDFN RI IOLHUV ODQG LQ IURQW RI KLP ³<RX UH SOD\LQJ DW .DQJ .DQJ RQ 6XQGD\ ´ VKH VD\V ³0\ ERVV ZDQWV \RX WR JLYH WKHVH WR \RXU IULHQGV DQG WHDFKHUV DW VFKRRO WRPRUURZ 7HOO WKHP WKH\ FDQ JHW D IUHH GULQN ´ <$+! 9! F$F&)1! 3&H-! 1$19''/! ;5ZZ'&EG! -$F&D391! E(-2$)2&+1&E8! ! 7! E$)H1! 39%&! 9)/! C+(&)E-!91!-23$$'G!3&!9'F$-1!1&''-!3&+G!.51!C(,5+&-!(1H-!.&11&+!1$!-19/!L5(&18!!*5-3(),! KLV ERZO DVLGH KH UHDFKHV IRU D IOLHU UHDGLQJ LW ZLWKRXW VD\LQJ D ZRUG ³,I \RX SOD\ ZHOO ´ VKH VD\V WXUQLQJ WR JR ³ZH OO J&1! -$F&! F$)&/²VR \RX SOD\ ZHOO ´ +HU YRLFH FURVVHV IURP WKH GLQLQJ URRP LQWR WKH NLWFKHQ DGGLQJ ³<RX PDNH -$F&!F$)&/G!13&)!/$5!29)!3&';!F&!;9/!C$+!/$5+!%($'()!'&--$)-!D(13!0+-8!N$)&/! :DQJ RND\"´ ! !
T&9E(),!13&!C'(&+!$%&+!9)E!$%&+G!=9F5&'!-19+1-!1$!,&1!13&!(E&9!1391!3(-!'(C&!(-!
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².&C$+&! E())&+G! 9C1&+! E())&+²13&! D&&J&)E-! .&(),! )$! &>2&;1($)8! ! U3&+&! D9-! '(11'&! 1(F&! 1$! C$+F! -&+($5-! C+(&)E-3(;-G! $+! 1$! ()1&+921! D(13! 3(-! ;&&+-! .&/$)E! 13&! -23$$'/9+E8! ! R51! D3('&! -1(''! ()! U9(D9)G! 3(-!!!!!!!
#'!! ! F$13&+!39E!;'&)1/!$C!3&+!$D)!1(F&!1$!$%&+-&&!3(-!E9('/!;+921(2&G!-(11(),!$)!3(-!.&E! $+!-19)E(),!.&-LGH KLP DW WKH PXVLF VWDQG LQHYLWDEO\ VD\LQJ ³1R QR LW¶V ZURQJ 'R LW DJDLQ ´! !
7KH SDLQVWDNLQJ HIIRUW KRZHYHU ZDVQ¶W ZLWKRXW UHZDUG %\ KLV QLQWK
.(+13E9/! 3&! 39E! E&%&'$;&E! 13&! 29''5-&-! $C! 9! -&9-$)&E! ;+$C&--($)9'! $)! 3(-! C(),&+1(;-G! 9)E! ./! 3(-! 1&)13! ELUWKGD\ KH¶G ZRQ QXPHURXV SUL]HV /DVW \HDU KH ;'&9-&E!3(-!F$13&+!,+&91'/!./!!L59'(C/(),!9-!9!C()9'(-1! ()!3(-!9,&!E(%(-($)!91!.$13! 13&! U9(D9)! #91($)9'! `($'()! 4$F;&1(1($)! 9)E! 13&! U9(;&(! 4(1/! 4$F;&1(1($)G! &923! WLPH SHUIRUPLQJ 0HVVHQHWµV ³0HGLWDWLRQ´ IURP!8,*&'!9)E!(F;+&--(),!13&!M5E,&-! ./!3$D!D&''!3&!2$5'E!;'9/!-523!9!2$F;'(291&E!;(&2&8!!V>2&;1!9''!13$-&!;+(Z&-!9+&! -1$D&E!()!9!.$>!3(,3!5;!$)!3(-!.&E+$$F!2'$-&1!-3&'CG!&)1(+&'/!F&9)(),'&--!1$!3(F! 9)E! E(-+&,9+E&E! '(J&! -39''$D! ;+$F(-&-! 1391! D$5'E! )&%&+! .&9+! C+5(18! ! =1(''G! 3(-! D&&J'/! '&--$)-! 2$)1()5&! 3&+&G! 9! .5-! +(E&! 1$! 9)E! C+$F! *9-9E&)9! &923! U35+-E9/! 9C1&+)$$)!-$!3&!29)!.&!()-1+521&E!./!0+-8!N$)&/!B9),G!13&!&'E&+'/!D$F9)!;9(E! F$)13'/!()!29-38! !
³0UV +RQH\ :DQJ ´ KLV PRWKHU FDOOV KHU VRPHWKLQJ WKDW ERWK SHUSO&>&-!
9)E!9))$/-!3(F!1$!)$!&)E8!!U3&!$'E!'9E/!(-!)&%&+!M5-1!0+-8!B9),G!$+!N$)&/G!.51! DOZD\V 0UV +RQH\ :DQJ IRU VRPH UHDVRQ LW¶V DOVR KRZ VKH ILUVW LQWURGXFHG KHUVHOI VFUXWLQL]LQJ KLV IDFH ZLWK D FROG VWDUH ZKLOH VD\LQJ GXOO\ ³0P SOHDVHG WR F&&1!/$5G!=DPXHO ,¶P 0UV +RQH\ :DQJ <RX PXVW GR H[DFWO\ ZKDW , WHOO \RX ´ %XW GXULQJ WKHLU ILUVW OHVVRQ KH TXLFNO\ QRWLFHG 0UV +RQH\ :DQJ¶V VNLOOV DV D %($'()(-1!D&+&!'(F(1&E!91!.&-1G!9)E!3&+!()-1+521($)!39-!-()2&!195,31!3(F!)$13(),!3&! GLGQ¶W DOUHDG\ NQRZ $)E! -3$5'E! 3&! &%&+! C&&'! ()2'()&E! 1$! E$! -$G! =9F5&'! 5)E&+-19)E-! 3&! 2$5'E! ;+$.9.'/! -39F&! 13&! $'E! '9E/! ()! 9)! ()-19)1G! ;'9/(),! 3(-! %($'()! -$! C9-1! 9)E! -$! ;&+C&21'/! 1391! (1! D$5'E! '&9%&! 3&+! E5F.C$5)E&E! 9)E! -;&&23'&--8! !
#$D!'&9%(),!13&!19.'&G!3&!C()E-!3(F-&'C!13()J(QJ <RX VKRXOG¶YH ERXJKW XV
D KRXVH LQVWHDG RI ZDVWLQJ PRQH\ RQ 0UV +RQH\ :DQJ <RX VKRXOG¶YH DVNHG F&G!91!'&9-1!$)2&G!(C!7!'(J&E!;'9/(),!13&!%($'()!1$!.&,()!D(138!!U9J(),!13&!C'(&+-G!3&! &-29;&-!1$!3(-!.&E+$$F!9)E!-351-!13&!E$$+8!!U3&!$%&+3&9E!'(,31!.5'.!C'(2J&+-!()1$!
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`!;'9/(),!()!13&!'(%(),!+$$FG!13&!F51&E!E(-2$+E! $C! 1(1'&! F5-(2! 9)E! C'&&1(),! %$(2&-! 251! -3$+1! ./! ()1&+F(11&)1! .5+-1-! $C! -191(2:!! 9'+&9E/!I$5(-9!(-!$)!13&!2$523G!C'(;;(),!13+$5,3!13&!239))&'-!D(13!13&!+&F$1&²9! .9,! $C! -3+(F;KC'9%$+&E! 23(;-! .&-(E&! 3&+G! 9! .$>! $C! P'&&)&>! +&9E/! 91! 3&+! C&&1! C$+! D3&)!13&!c9;9)&-&!-$9;!$;&+9!-3&H''!-$$)!D9123!F$%&-!3&+!1$!1&9+-8!!! !
")E!D3('&!E$))(),!13&!-J5''29;G!=9F5&'!+&9'(Z&-!3(-!FRWKHU¶V DYLG LQWHUHVW
()! "-(9)! 1&'&%(-($)! E+9F9-! (-! 9! +&2&)1! ;+&$225;91($)8! ! "-! '$),! 9-! 3&! 2$5'E! +&F&F.&+G! -3&! 39E! ;+&C&++&E! %(E&$19;&-! $C! "F&+(29)! F$%(&-G! E5..&E! $+! -5.1(1'&E! N$''/D$$E! 2'9--(2-! ;5+239-&E! 23&9;'/! C+$F! 9! )(,31! F9+J&1! -19''8! ! N&+! C9%$+(1&-! DHUH DOZD\V PXVLFDOV ,W GLGQ¶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³&KXQKWH ZK\ GRQ¶W \RX HYHU NLVV PH OLNH &DU\ Q+9)1b!!=35),K/$G!9C1&+!/$5!,+$D!5;G!/$5!-3$5'E!F9++/!"5E+&/!N&;.5+)G!$J9/b!! ,µOO WDNH &DU\ *UDQW DQG GDGG\ FDQ KDYH /DVVLH ´! !
=9F5&'!39-!)$!E$5.1!9.$51!(1:!!3(-!F$13&+!E&-(+&E!9!;9-1!'(C&!1391!)$D!$)'/!
&>(-1&E! $)! %(E&$19;&-]! -3&! E+&9F&E! $C! 9! N$''/D$$E! (F;$--(.'&! 1$! '$291&! &%&)! D3&)G! 91! '9-1G! 13&/! 39E! -1+$''&E! 1$,&13&+! 9'$),! (1-! C('13/G! 5+()&K-F&''(),! B9'J! $C! )DPH :KHUHDV VKH¶G VHOHFWHG KLV $PHULFDQ QDPH!.9-&E!$)!(1-!1$)9'!-(F('9+(1/!1$!
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
U3&!E(--$)9)1!-$5)E-!2$F(),!C+$F!13&!U`!-1$;!9.+5;1'/G!C$''$D&E!-3$+1'/!
13&+&9C1&+! ./! 13&! $;&)(),! -1+9()-! $C! 13&! c9;9)&-&! -$9;! $;&+9G! 9)E! =9F5&'! C()E-! KLPVHOI \DZQLQJ DJDLQ )HHOLQJ KH LVQ¶W TXLWH \HW WLUHG HQRXJK IRU EHG KH -1+&123&-!$51!92+$--!13&!F911+&--!9)/D9/G!.+(),(),!.$13!39)E-!.&)&913!13&!;(''$D! WR SURS KLV KHDG ³7XKF9K+$D! &'²<+/KGD\ ´ KH VD\V SUDFWL2(),! 3(-! V),'(-3G! SXQFWXDWLQJ WKH VHQWHQFH ZLWK D FRXSOH RI QRGV ³'D GD\ RIIK1&+!15KF9K+$D! &'² =9K1&KGD\ ´ +H IL[HV KLV VWDUH RQ WKH FHLOLQJ QRW ORRNLQJ DW DQ\WKLQJ VSHFLILF ³6XQKE9/²´ %XW LQ D FRXSOH RI PLQXWHV DV LI DQ LQYLVLEOH SDOP KDG VOLG JHQW'/! 92+$--!3(-!C92&G!3(-!&/&'(E-!D(''!2'$-&!D(13$51!3(F!+&9'(Z(),!(1G!9)E!3&!D(''!C9''!C9-1! 9-'&&;G! 3(-! .$E/! ,+$D(),! 3&9%/! 5;$)! 13&! -3&&1-! D3('&! 3(-! .+&913(),! .&2$F&-! '(,31&+8! !
)RU DW OHDVW HLJKW KRXUV KH ZRQ¶W PRYH DQ LQFK RU GUHDP RI DQ\WKLQJ KHµOO
+&F&F.&+G! $+! 3&9+! 13&! C9()1! 3(--! $C! 13&! $%&+3&9E! '(,31! .5'.! 91! 13&! ()-19)1! (1! &>;(+&-²13&!E/(),!C('9F&)1!()1&)-(C/(),!.+(,31'/!'(J&!9)!&'&21+(29'!'9-1!,9-;!.&C$+&! E9+J)&--!C'$$E-!13&!+$$F8!!#$13(),!D(''!-39J&!3(F!C+$F!3(-!F$1($)'&--!-'5F.&+]! )$13(),G!1391!(-G!5QWLO HDUO\ WRPRUURZ PRUQLQJ ZKHQ /RXLVD¶V ILUP XQZDYHULQJ YRLFH ZDNHV KLP XS VD\LQJ ³6KXQJK/$G!13&!F$)&/!C$+!13&!.$D²7!;51!(1!$)!/$5+! GHVN ´ 7KHQ ILQDOO\ VWLUULQJ ORVW IRU D PRPHQW LQ WKH JDX]HK'(J&! 39Z&! .&1D&&)! -'&&;! 9)E! 2$)-2($5-)&--G! 3&! D(''! ,'(F;-&! 3&+! ./! 13&! E$$+D9/! 9-! (C! -3&! D&+&! 9;;&9+(),!1$!3(F!D(13()!9!%(-($)G!9!-39E$D/!C(,5+&!3$'E(),!9!;5+-&G!(F;$--(.'&!1$! -&&!2'&9+'/]!9)E!-3&G!()!15+)G!D(''!+&,9+E!3(F!D(13!E(-F9/G!-39J(),!3&+!3&9E!91!13&! -(,31! $C! 3(F! 13&+&:! ! -1(''! E+&--&E! C+$F! /&-1&+E9/! 9)E! .9+&'/! 9D9J&G! ;5CC/! &/&-!!!!!!
#*!! ! FUDFNHG KDOI RSHQ WKH 0LFNH\ 0RXVH VNXOOFDS SXVKHG ORZ RQ KLV IRUHKHDG ³, JRW -$F&!-3$;;(),!1$!E$!.&C$+&!D$+JG!-$!/$5!,&1!/$5+!$D)!.+&9JC9-18!!I&C1$%&+-!9+&!()! WKH UHIULJHUDWRU DQG WKHUH¶V VRPH ULFH LQ WKH FRRNHU 09J&!-5+&!/$5!,$!.5/!1391! ERZ DIWHU VFKRRO WKHQ \RX VWDUW SUDFWLFLQJ IRU 6XQGD\ DOO ULJKW" ,¶OO VHH \RX WRQLJKW ´! !
,Q WKH WLPH LW WDNHV 6DPXHO WR PXPEOH ³2ND\ ´ /RXLVD ZLOO DOUHDG\ EH
,$)&G! 3&9E(),! E$D)! 13&! 39''D9/G! 3&+! %$(2&! -&&F(),'/! '(),&+(),! .&3()EG! 1&''(),! KLP ³*HW XS JHW XS \RX OO EH ODWH ´ ([FHSW KH ZRQ¶W FOLPE IURP WKH EHG QRW \HW +H¶OO IDOO EDFN LQWR WKH SLOORZ VWDULQJ DJDLQ DW WKH FHLOLQJ OLVWHQLQJ WR WKH ELUGV 1D(11&+! $51-(E&! .&/$)E! 3(-! D()E$D8! ! 0()51&-! '91&+G! 3(-! -1$F923! D(''! -5EE&)'/! +5F.'&!D(13!9!;+$'$),&EG!E(-1+&--&EK-$5)E(),!,+$D'G!5+,(),!3(F!1$!+(-&]!9)EG!9-!(C! RQ FXH KH¶OO KHDU KLV PRXVH EHJLQ JQDZLQJ DW WKH EDUV RI WKH FDJH²9! C&%&+(-3G! ;&+;&159'! +911'(),! ()1&)E&E! 1$! +&F()E! 3(F! $C! (1-! &>(-1&)2&! 9)EG! F$+&! 139)! 9)/13(),! &'-&G! (1-! )&&E! C$+! -$F&13(),! 1$! &91! D3('&! '$2J&E! 9D9/! ()! 13&! %9''&/! $C! 5)D9-3&E!2'$13&-8!! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
! ! ! ! ! ! ! ! ?dA! ! 7KHUH ZDV D VWRU\ /RXLVD¶V PRWKHU +DLK/5&)! '(J&E! +&;&91(),! 1$! 3&+! -&%&)! 39'CK )9J&E! 23('E+&)G! &-;&2(9''/! $)! 13$-&! -D&'1&+(),! -5FF&+! )(,31-! 9C1&+! 13&! E())&+! 19.'&! 39E! .&&)! 2'&9+&E8! ! U3&! F$5)1&E! $-2(''91(),! C9)! ;(%$1&E! 5;$)! 13&! '(%(),! URRP ZDOO HYHU\RQH¶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²3&+!35-.9)E!+&-1(),!$)!13&!1919F(!F91!.&-(E&!13&!25-3($)! D3&+&!-3&!)$+F9''/!-91²13&!$'E!F()J9!3$5-&!D$5'E!C9''!-('&)1!.&C$+&!-3&!-;$J&G! 3&+!'(;-!-(;;(),!C+$F!9!25;!$C!U9(D9)!R&&+!9)EG!9!F$F&)1!13&+&9C1&+G!;5+-(),!91! 13&!&)E!$C!9!I$),&%(1/!2(,9+&11&]!13&)!9-!-F$J&!-)9J&E!;9-1!3&+!C92&!1$D9+E!13&! 2&('(),G!-3&!2$5'E!.&,()!()!&9+)&-1G!3&+!)91(%&!'9),59,&!$C!0())9)!&)39)2(),!13&! )(,318!! !
Y5+(),! 13&! -5FF&+! $C! 3&+! &(,31&&)13! /&9+²()! 13&! 239$1(2! F$)13-!
C$''$D(),! 13&! OOe! 7)2(E&)1G! 9)E! 13&! -/-1&F91(2G! +9)E$F! J(''(),! $C! 2(%('(9)-! ./! 439),!P9(KVKHN¶V PDLQODQG WURRSV²N9(K/5&)!HQFRXQWHUHG WKH \RXQJ PDQ VKH¶G VRRQ PDUU\ WKH RQO\ PDQ VKH¶G HYHU UHJDUG ZLWK VRPHWKLQJ FORVH WR DIIHFWLRQ !!
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³ORYH´ ZDVQ W WKH H[SUHVVLRQ -3&!5-&E!D3&)!E&-2+(.(),!1391!&9+'/!911+921($)!1$!3&+!-$$)K1$K.&!35-.9)EG!)$+G!()! C921G! D9-! -523! 9)! &>;+&--($)! $;&)'/! ;+$C&--&E! C$+! 9)/13(),! -5++$5)E(),! 3&+G! '&1! 9'$)&!3&+!$CC-;+(),8! !
R51! (1! D9-! '$%&! 9''! 13&! -9F&G! 9! E&&;! E&%$1($)! -39+&E! ./! 3&+! 9)E! 3&+!
35-.9)E! 1391G! 9-! N9(K/5&)! &>;'9()&E! (1G! C$-1&+&E! 9)! ()%(-(.'&! .9++(&+! 9+$5)E! 13&F²9! )5+15+(),G! 5)-&&)! C$+2&! &)2(+2'(),! 13&F! 9)E! 13&(+! 3$F&G! -9C&,59+E(),! 13&(+! 23('E+&)! 9)EG! &%&)159''/G! 13&(+! ,+9)E23('E+&)G! 921(),! 9-! 9! J()E! $C! -3(&'E! 9,9()-1! 13&! E9+J&-1! $C! 1(F&-8! ! U3(-! C&&'(),! $C! %&)&+9.'&! ;+$1&21($)! D9-! -&)-&E! 13+$5,3$51! 13&! )&9+'/! C$5+! E&29E&-! $C! 13&! .07¶V HQIRUFHPHQW RI PDUWLDO ODZ ()1&)-(C/(),! 91! 13&! 3&(,31! $C! 13&! B3(1&! U&++$+! D3('&! 13$5-9)E-! D&+&! 5)M5-1'/! (F;+(-$)&E! $+! &>&251&E²'$29'! -23$$'! 1&923&+-G! C+(&)E-! C+$F! 23('E3$$EG! -&%&+9'! +&'91(%&-²D9)(),!$)'/!-'(,31'/!D(13!13&!+&2&)1!'(C1(),!$C!F9+1(9'! '9D!()!fgehG!/&1! ;&+-(-1(),! &%&)! 1$E9/! 9-! 13&! (-'9)E! -'$D'/! 1+9)-(1($)&E! C+$F! 9! $)&K;9+1/! -/-1&F! WRZDUG D OLEHUDOL]HG GHPRFUDF\ ,Q RWKHU ZRUGV WKH HQLJPDWLF ERQG RI RQH¶V RZQ C'&-3G! .$+)! C+$F! 13&(+! 5)($)! 9)E! F9E&! ,+&91&+! 139)! 13&! -5F! $C! (1-! ;9+1-G! 39E! -$F&3$D!F9)9,&E!1$!J&;1!13&F!9''!9'(%&G!39E!9''$D&E!13&F!9''!1$!13+(%&!E&-;(1&! &%&+/13(),8! ! 7C! )$1! C$+! 13&(+! F9++(9,&G! -3&! +&F()E&E! 3&+! 23('E+&)G! )$)&! $C! 13&F! D$5'E!&>(-18!!")E!(C!)$1!C$+!9!C$+15(1$5-!F&&1(),!$)!9!;9--&),&+!1+9()!9)E!13&!J()E! -F('&!$C!9!C+(&)E'/!-1+9),&+G!-3&!C&'1!2&+19()G!)&(13&+!-3&!)$+!3&+!35-.9)E!D$5'E! KDYH EHHQ VSDUHG WKH .07¶V LQGLVFULPLQDWH ZUDWK 7KDW ZDV LW WKDW ZDV KHU -1$+/²9'D9/-!&)E(),!91!13&!;'92&!D3&+&!(1!39E!()%9+(9.'/!.&,9)8! !
#$D! 13&! F$+)(),! +5-3K3$5+! 1+9CC(2! 251-! .92J! 9)E! C$+13! 92+$--! "1'9)1(2!
R'%E8G!9'13$5,3!F9)/!$C!13&!)&(,3.$+3$$E!-3$;-!+&F9()!2'$-&E!C$+!.5-()&--8!!U3&!
$$! ! 5)'(1! -1$+&C+$)1-! '$$J! C$+'$+)G! 13&! E9+J&)&E! ()1&+($+-! 2$)%&/! 13&(+! $D)! 5)29))/! C$+F!$C!-('&)2&8!!"!1&F;&+91&!=9)19!")9!D()E!.'$D-!E+/!9(+!E$D)!13&!F$5)19()! -'$;&-! $C! 13&! =9)! Q9.+(&'! 0$5)19()-G! 9)E! -19)E(),! 91! 9! .5-! -1$;²3&+! 3&9E! '$D&+&EG! 29-59''/! $.-&+%(),! 9! 2+5F;'&E! =1/+$C$9F! 25;! 9)E! 9! 23&D(),! ,5F! D+9;;&+! 15F.'&! 9'$),! 13&! 25+.-(E&! ,511&+! 9-! (C! ;+$;&''&E! C$+D9+E! ./! F9,(2² I$5(-9!+5)-!3&+!1$),5&!$%&+!3&+!C+$)1!1&&13G!E$(),!-$!D3('&!13&!D$+J(),-!$C!3&+! F()E! +&15+)! 1$! 3&+! F$13&+8! ! R51G! 91! C(+-1G! -3&! C()E-! 3&+-&'C! 13()J(),! 9.$51! 3&+! SDUHQWV¶ FRXQWU\ KRXVH²3$D!13&!D()E!-39J&-!13&!2/;+&--!1+&&-!()!13&!F(EE'&!$C! 13&! )(,31G! $+! -$F&1(F&-! +911'&-! 13&! '911(2&EG! ;9;&+K2$%&+&E! D()E$D-! 9)E! -'(E(),! E$$+-!$)!13&!-1(''&-1!$C!E9/-8!!U3&)!(1!(-!3&+!F$13&+!-3&!-&&-G!9;;&9+(),!()!9!-D(+'! $C! I$),&%(1/! -F$J&²13&! -'&&%&-! $C! 9! C'$D&+K;911&+)&E! -3(+1! +$''&E! 5;! 1$! N9(K \XHQ¶V HOERZV D FLJDUHWWH KHOG OLNH D SHQFLO E\ QLFRWLQHK-19()&E! C(),&+1(;-² FRQFOXGLQJ WKDW RIWHQ WROG VWRU\ ³3HRSOH WKDW JR WRR IDU IURP ZKHUH WKH\ EHORQJ FDQ JHW ORVW ´ 3&+! F$13&+! 2951($)-! C+$F! 13&! ;9-1G! 9)E! I$5(-9! )$E-! 91! 13&! .5-! -1$;²GXWLIXOO\ DFTXLHVFHQWO\ DV LI VKH KDV QR FKRLFH EXW WR DJUHH ³7KHUH LV VWUHQJWK LQ NHHSLQJ \RXUVHOI QHDU IDPLO\ RWKHUZLVH SODQWV WKDW DUHQ¶W URRWHG GRQ¶W ODVW WRR ORQJ ´! !
E('.#5#F)"G0!
!
B(13! 1391G! 13&! %(-($)! $C! 3&+! F$13&+! -5EE&)'/! +&2&E&-G! D3(-J&E! 9D9/G! (1!
-&&F-G!./!13&!'9-1!,5-1-!$C!13&!-5.-(E(),!D()E8!!Q$)&G!1$$G!9+&!13&!25;!9)E!,5F! D+9;;&+G! 39%(),! E&C1'/! +$5)E&E! 9! -1+&&1! 2$+)&+! +(,31! 9-! 13&! =9)19! ")9! .&,9)! 1$! E(F()(-38!!")E!9F(E!13&!-191(2!9(+!'&C1!()!13&!D()EH-!D9J&G!I$5(-9!,9Z&-!5;!91!13&! C'$D!$C!1+9CC(2G!$.'(%($5-!1$!13&!&'E&+'/!D$F9)!-(11(),!9'$)&!$)!13&!.&)23!.&3()E! 3&+²9! D$F9)! D(13! '$),! -('%&+K,+9/! 39(+G! D&9+(),! 9! )9%/K.'5&! -29+C! 9)E! 9)! $CCK -&9-$)!.&(,&!$%&+2$91G!9)E!D3$G!$)'/!-&2$)E-!.&C$+&G!39E!.&&)!-'$D'/!+(;;(),!9! -3$;;(),!+&2&(;1!9;9+1G!.(1!./!.(1G!E+$;;(),!13&!1$+)!;(&2&-!1$!13&!,+$5)E!9-!(C!-3&! D&+&!C&&E(),!;(,&$)-G!(F9,()(),!-)$DC'9J&-!D3('&!D9123(),!13&!.+&&Z&!1+9)-;$+1! 13&!-3+&E-!$C!;9;&+!&'-&D3&+&8! !
R51! 3&+! 9;;9+&)1'/! $51D9+E! -19+&! (-! F$+&! ;+&2(-&'/! 29-1! ()D9+EG! 3&+!
13$5,31-!D&(,3(),!13&!'$),K1&+F!(F;'(291($)-!$C!13&!+&2&)1!23$(2&-!-3&!39-!F9E&!
$&! ! C$+!3&+-&'C!9)E!=9F5&'G!9)E!&%&)!(C!-3&!15+)-!1$!C92&!13&!.&)23G!13&!D$F9)!-(11(),! 13&+&! D$5'E! +&2&(%&! '(11'&! $+! )$! )$1(2&! 9W DOO IRU WKH PHDQLQJ RI /RXLVD¶V RZQ ;&+-$)9'!3(-1$+/!(-!;5ZZ'(),!3&+G!9)EG!'(J&!13&!9-/FF&1+(29'!;913!1391!39E!'&E!3&+! C+$F!9!+5+9'!%(''9,&!1$!U9(;&(!9)E!13&)!1$!I$-!"),&'&-G!3&+!'(C&!39-!.&&)!2(+25(1$5-G! +&;'&1&! D(13! 39;;&)-19)2&G! 9'D9/-! (F;$--(.'&! 1$! ,95,&8! ! #&%&+! E(E! -3&! (F9,()&! 1+9%&'(),!-$!C9+!-$!C9-1G!)$+!E(E!-3&!&%&+!(F9,()&!3&+!35-.9)E!D$5'E!C()9''/!922&;1! 13&!C9F('/!F$%(),!9.+$9E²HVSHFLDOO\ VLQFH KH¶G SUHYLRXVO\ GLVPLVVHG WKH QRWLRQ 9-!.&(),!1$$!&>;&)-(%&!9)E!(F;+921(29'8! !
N$D! 2$5'E! 13&/! 9''! -5+%(%&! D(13$51! J)$D(),! 9)/$)&! 13&+&b! ! 435)K1&! 39E!
D$)E&+&E8!!B391!9.$51!13&!'9),59,&!E(CC(25'1(&-G!$+!13&!35)E+&E-! $C!5)C$+&-&&)! KDUGVKLSV WKH\¶G KDYH WR GHDO ZLWK" :KDW DERXW HYHU\WKLQJ WKH\¶G PLVV EDFN KRPH" 3OXV WKH ULVN ZRXOGQ¶W EH ZRUWK IRUIHLWLQJ KL-! +&1(+&F&)1! ;&)-($)! C+$F! 13&!;$D&+!2$F;9)/G!$+!3&+!M$.!-&25+(1/!91!13&!.9)J8!!0$+&$%&+G!-3&!D9-!13&!$)&! ZKR GHVLUHG D OLIH LQ $PHULFD DQG KH VLPSO\ GLGQ¶W VKDUH WKH VDPH GUHDP ! !
U3&)! 1D$! /&9+-! 9,$G! 9-! 435)K1&! -91! $)! 13&! &E,&! $C! 13&(+! .&EG! 3(-! C92&!
25;;&E!LQ KLV KDQGV KH VDLG ZLWK DQ H[KDXVWHG DOPRVW DJRQL]HG WRQH ³0D\EH D&! -3$5'E! M5-1! -19+1! $%&+! -$F&D3&+&! &'-&8! ! 09/.&! D&! )&&E! -$F&13(),! )&D! 9)E! GLIIHUHQW VRPHWKLQJ H[FLWLQJ , GRQ¶W NQRZ ,¶P WKLQNLQJ $PHULFD LVQ¶W VXFK D .9E!(E&98!!71!M5-1!C&&'-!'(JH ZH¶UH URWWLQJ KHUH ´ ! !
U3(-!-5EE&)!239),&!$C!F()E!$225++&E!91!13&!%&+/!&)E!$C!9!'$),!9+,5F&)1!
.&1D&&)! 13&FG! $)&! ()! D3(23! I$5(-9! 39E! 2$)C+$)1&E! 3(F! +&,9+E(),! 13$-&! (--5&-! 1391!39E!.&,5)!1+$5.'(),!3&+!E&&;'/:!!3(-!2$)1()59'!E(-()1&+&-1!()!3&+!.$E/!9C1&+! 3H FDPH WR EHG WKH QLJKWV ZKHQ KH GLGQ¶W DUULYH KRPH XQWLO SDVW PLGQLJKW DQ XQNQRZQ ZRPDQ¶V YRLFH RQ WKHLU DQVZHULQJ PDFKLQH DVNLQJ KLP WR UHWXUQ WKH FDOO $OO RI LW ZDV MRE UHODWHG KH¶G FODLPHG ZKLOH VKH VWRRG LQ IURQW RI KLP VKDNLQJ 3&+!3&9E8!!Y(E)H1! -3&! 9'+&9E/!J)$D!3&!-$F&1(F&-!D$+J&E!'91&G!$+!3&!-$F&1(F&-! &)M$/&E!9!C&D!E+()J-!D(13!3(-!.$--&-b!!N$D!2$5'E!-3&!.&,+5E,&!3(F!1391b!!N$D! 2$5'E! -3&! +&-&)1! 3(F! C$+! .&(),! 1(+&E! 9C1&+! 3&! ,&1-! 3$F&²1$$! 1(+&E! 1$! 13()J! $C! 1$523(),!3&+G!$+!&%&)!3(F-&'C8!!")E!13&!D$F9)²+,*+#G"-*)²D9-!13&!D(C&!$C!9! 2$KZRUNHU FDOOLQJ KLP DERXW KHU KXVEDQG¶V XSFRPLQJ ELUWKGD\ DQG WKH VXUSULVH
$'!! ! ;9+1/!-3&!D9-!;'9))(),!1$!13+$D!91!13&!$CC(2&8!!7C!3&!D9-!+&9''/!39%(),!9)! 9CC9(+G! D$5'E!3&!.&!-$!-15;(E!9-!1$!,(%&!3(-!F(-1+&--!13&(+!3$F&!1&'&;3$)&!)5F.&+b! !
³<HV ´ /RXLVD VDLG ZDJJLQJ D ILQJHU DW KLP ³\RX¶G EH WKDW VWXSLG ´ !
!
I$D&+(),! 3(-! C92&! ()1$! 3(-! 39)E-G! 3&! 13&)! 511&+&E! 13&! $)'/! -191&F&)1! -3&!
ZRXOG EHOLHYH ZDV DFWXDOO\ WUXH VD\LQJ ³/LKC5),G!)$)&!$C!(1!39-! 9)/13(),!1$!E$! D(13!/$58´ $QG D PRPHQW ODWHU RXW RI WKH EOXH KH PHQWLRQHG $PHULFD ! !
³:K\ DUH \RX EULQJLQJ WKLV XS"´ VKH VDLG ³<RX GLGQ¶W ZDQW XV WR PRYH
WKHUH EHIRUH ´! !
+H VKUXJJHG ³-XVW VHHPV OLNH D JRRG LGHD 7KLQJV GRQ¶W VWD\ VWDEOH KHUH
13&/!)&%&+!E$8!!U9(D9)!(-!9'D9/-!9!F&--8!!U$E9/!13&+&!(-!;&92&G!.51!1$F$++$D!D3$! J)$D-8!!B3/!'(%&!'(J&!13(-8!!")/D9/G!9!'$1!$C!;&$;'&!(FF(,+91&!1$!"F&+(29G!-$!D3/! QRW XV" , WKRXJKW \RXµG EH KDSS\ ´! !
³, GRQ¶W NQRZ ZKDW , DP ´ VKH VDLG WKH DQJHU LQ KHU YRLFH ZDQLQJ !
!
³<RX VKRXOG EH KDSSLHU ´ KH VDLG OLIWLQJ KLV IDFH IURP KLV KDQGV WR VKRZ
KHU D VOLJKW JULQ ³<RX NQRZ ZKDW¶V VWUDQJH" $ FRXSOH RI GD\V DJR , EXPSHG LQWR VRPHRQH ZKR FDQ KHOS XV RXW ´! !!
B3('&!.5/(),!2(,9+&11&-!91!9!<9F('/!09+1G!3&!39E!&)2$5)1&+&E!=5!Y9KD&(G!9!
+$$FF91&! RI KLV IURP FROOHJH KH¶G ORVW WRXFK ZLWK RYHU WKH \HDUV 'HOLJKWHG 9.$51! -&&(),! &923! $13&+! 9,9()G! 13&! 1D$! E&2(E&E! 1$! ,+9.! 9! 2$CC&&! 9)E! 29123! 5;G! -(11(),!1$,&13&+!91!9!D()E$D!-&91!9-!(1!+9()&E!$51-(E&8!!! !
³1RWKLQJ FKDQJHG ´ &KXQKWH WROG /RXLVD ³+H¶V WKH! -9F&! ,5/! 7! J)&D! ()!
FROOHJH H[FHSW KH¶V ORVLQJ KLV KDLU JRW D ORW IDWWHU 7KDW GRHVQ¶W PDWWHU RI FRXUVH EHFDXVH KH¶V GRQH YHU\ ZHOO LQ OLIH , KRQHVWO\ GLGQ¶W WKLQN KH¶G DPRXQW WR PXFK ([FHSW ORRN DW KLP +H¶V JRW WZR KRPHV +HµV JRW D SODFH KHUH DQG KH¶V JRW D ;'92&! ()! I$-! "),&'&-! -$! 3(-! -$)-! 29)! '(%&! D(13! 13&(+! F$13&+! 9)E! 911&)E! .&11&+! VFKRROV 7UXWKIXOO\ ,µP D OLWWOH HQYLRXV /LKIXQJ ´! !
%RWK PHQ KDG VWXGLHG HQJLQHHULQJ WKRXJK IROORZLQJ FROOHJH WKH\¶G WDNHQ
-&;9+91&!29+&&+!;913-:!!13&!U9(D9)!*$D&+!4$F;9)/!C$+!435)K1&G!9!-&+(&-!$C!E&9EK &)E! .5-()&--! %&)15+&-! C$+! Y9KD&(8! ! R51! )$D! 3(-! $'E! C+(&)E! +5)-! 9! -522&--C5'! (F;$+1i&>;$+1! 2$F;9)/! ()! U9(;&(! 9)E! I$-! "),&'&-G! 9)EG! 9-! '52J! D$5'E! 39%&! (1G!!!
$(! ! Y9KD&(!9'-$!$D)-!()2$F&!;+$;&+1/!9+$5)E!13&!=9)!Q9.+(&'!`9''&/²-&%&+9'!3$5-&-! 9)E! 9)! 9;9+1F&)1! 2$F;'&>! +&)1&E! F$-1'/! 1$! U9(D9)&-&! (FF(,+9)1-8! ! 7)! C921G! 435)K1&! +&%&9'&EG! Y9KD&(! 39E! 39'C! M$J(),'/! $CC&+&E! 3(F! 9! M$.! ;$-(1($)! (C! 3&! D9-! ()1&+&-1&E8! ! 0$+&! (F;$+19)1'/G! 3&! D9-! ;+&11/! 2&+19()! 3(-! 2$''&,&! ;9'! 2$5'E! F9J&! 13&(+! 1+9)-(1($)! 9! -F$$13&+! $)&G! )$! E$5.1! +&)1(),! $51! 9! ;'92&! 1$! 13&F! ()! I$-! "),&'&-G! -5+&'/! ,(%(),! 13&F! 9! E(-2$5)1! +91&! 5)1('! 13&/! ,$1! -&11'&E!E$D)! $)! 13&(+! $D)8! !
³6R PD\EH WKLV LV RXU EHVW FKDQFH WR JLYH LW D WU\ ´ KHU KXVEDQG VDLG
-$5)E(),!$;1(F(-WLF ³:KDW GR \RX WKLQN"´ ! !
")E! C$+! 13&! C(+-1! 1(F&! ()! D&&J-G! I$5(-9! -5EE&)'/! C$5)E! 3&+-&'C! )$! '$),&+!
E&-;(-(),! 3(FG! 9! 2+$$J&E! ,+()! ;5-3(),! 91! 9! 2$+)&+! $C! 3&+! F$513! 9-! -3&! -('&)1'/! )$EE&E! 3&+! 9)-D&+8! ! U391! )(,31G! 13&/! &)E&E! 5;! 39%(),! -&>! 1D(2&G! 9)E! 13&! )&>1! F$+)(),G! 13&! -5)! D9-! '$-1! 1$! 13&F! .&3()E! 9! E&)-&! '9/&+! $C! -F$,G! /&1! 3&+! D$+'E! C&'1! ;&+C&21'/! 2'&9+! 9,9()8! ! U3&)! 9! C&D! E9/-! '91&+G! (1! D9-! 435)K1&! D3$! -19+1&E! ;'9))(),! 13&! -&&F(),'/! ()2$)2&(%9.'&! F$%&²C(,5+(),! 13&! &>921! 2$-1-G! 5-(),! 3(-! F&13$E(29'! &),()&&U¶V PLQG WR SURSHUO\ RUJDQL]H HYHU\WKLQJ LQ DGYDQFH²D3('&! -3&!.&,9)!2$)-(E&+(),!D3(23!&--&)1(9'!.&'$),(),-!-3$5'E!.&!;92J&E!9)E!-3(;;&E8!! U3&+&! D$5'E! -1(''! 2$)1()5&! 1$! .&! &%&)(),-! D3&)! 3&+! 35-.9)E! 9++(%&E! 3$F&! '91&G! 9'13$5,3!-3&!39+.$+&E!'&--!+&-&)1F&)1!)$Z EUXVKHG KHU VXVSLFLRQV DVLGH GLGQ¶W 9''$D!3&+-&'C!1$!;+&--!3(F!F523!9.$51!(18! !
")E!&%&)!9-!13&(+!;'9)-!D&+&!+&;&91&E'/!9'1&+&EG!E(-25--&E!13$+$5,3'/!C$+!
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¶V (QJOLVKK-;&9J(),! D(C&! D9-! D(''(),! 1$! 9--(-1! I$5(-9!!!!!
$)! ! RQFH WKH\ KDG PRYHG DVVXPLQJ WKH UROH RI WKH ER\¶V DXQW GXULQJ WKH LQLWLDO &)+$''F&)1!;+$2&--8! !
[&1! .&C$+&! C5''/! 2$FF(11(),! 13&F-&'%&-G! 435)K1&! C'&D! 1$! I$-! "),&'&-! ./!
3(F-&'CG!F&&1(),!5;!D(13!Y9KD&(!-$!3&!2$5'E!-&&!13&!+&)19'!3$5-&!9)E!&>;&+(&)2&! "'39F.+9! C(+-139)EG! 9-! D&''! 9-! E(-25--! 13&! 239)2&! $C! &F;'$/F&)1! 91! 13&! (F;$+1i&>;$+1!2$F;9)/8!!T&15+)(),!9C1&+!13+&&!E9/-G!3&!39E!$)'/!;$-(1(%&!13(),-! 1$!-9/8!!U3&!3$5-&!D9-!,+&91G!3&!+&;$+1&E8!!U3&!+$$F-!D&+&!1D(2&!13&!-(Z&!$C!D391! KH¶G LPDJLQHG DQG WKH SURSHUW\ KDG D ODUJH EDFN\DUG $ PRXQWDLQ UDQJH FRXOG .&!-&&)!C+$F!13&!C+$)1!;$+238!!^;!9)E!E$D)!13&!-1+&&1G!,+9--!,+&D!$)!'9D)-!1391! D&+&! ;+$.9.'/! .(,,&+! 139)! 13&(+! 9;9+1F&)18! ! U3&! 9(+! D9-! ()2+&E(.'/! E+/G! E+/&+! WKDQ KH¶G WKRXJKW SRVVLEOH DQG WKH VN\ VWD\HG EOXH WKH HQWLUH WLPH 2Q WRS RI 1391G! 13&! )&(,3.$+3$$E! 9)E! 2(1/! D&+&! )(2&! 1$$]! 13&! D3$'&! 9+&9! '$$J&E! -$! 2'&9)G! D(E&! 9)E! -;+&9E! $51²)$1! E(),/! 9)E! DOO SXVKHG WRJHWKHU OLNH LQ 7DLSHL ³,W¶V &>2&''&)1G!I(KIXQJ ´ KH FRQFOXGHG ³,¶P VXUH \RX DQG 6KXQJK\R ZLOO OLNH LW ´! !
R51! D(13! -523! ;+$F(-(),! )&D-! 9'-$! 29F&! 9)! 5)9)1(2(;91&E! 9)E! C()9'!
239),&!$C!13&(+!;'9)-8!!435)KWH KDGQ¶W DFFHSWHG D SRVLWLRQ DW 'DKD&L¶V FRPSDQ\ QRW \HW DQ\ZD\ ,W MXVW ZRXOGQ¶W SD\ HQRXJK KH H[SODLQHG DQG LW ZDV VPDUWHU 39%(),! 9! E&2&)1! ()2$F&! 9%9('9.'&! -$! 13&! C9F('/! 2$5'E! 9EM5-1! 2$FC$+19.'/! 1$! $PHULFDQ OLIH ,QVWHDG KH¶G UHPDLQ LQ 7DLSHL DW WKH SRZHU FRPSDQ\ IRU DQRWKHU /&9+! $+! F$+&G! -9%(),! 9-! F523! 9-! 3&! 2$5'E! D3('&! I$5(-9! 9)E! =9F5&'! ,$1! -&11'&E! DEURDG 7KLV ZD\ KH UHDVRQHG WKH\¶G EH DEOH WR EX\ WKHLU RZQ KRPH ZKHQ KH ILQDOO\ MRLQHG WKHP WKHUH ,Q WKH PHDQWLPH KH¶G H[SORUH ZKLFK HPSOR\PHQW $;;$+15)(1(&-! F(,31! .&! 9%9('9.'&! 9C1&+! 3&! E$&-! F$%&G! 2$)1921(),! $13&+! DFTXDLQWDQFHV ZKR¶G KRSHIXOO\ DVVLVW KLP ZLWK ILQGLQJ D EHWWHU SD\LQJ SRVLWLRQ LQ /RV $QJHOHV $QG IRU KHU SDUW /RXLVD ZRXOGQ¶W KDYH WR ZRUU\ DERXW PRQH\ RU SD\LQJ WKH UHQW VKH¶G QHHG RQO\ VRPH IRUP RI PHQLDO ZRUN XQ1('!3&+!,+&&)!29+E! D9-! 92L5(+&EG! 9! C5''KWLPH MRE WKDW FRXOG FRYHU WKHLU VRQ¶V YLROLQ OHVVRQV DQG ZKDWHYHU GDLO\ H[SHQVHV VKRXOG DULVH ³, NQRZ LW IHHOV PRUH GLIILFXOW OLNH WKLV ´ KH WROG /RXLVD WDNLQJ KROG RI KHU KDQG ³EXW , SURPLVH LW¶OO UHDOO\ EH D! '$1! &9-(&+8!! <RXµOO VHH ´!
$*% ! !
435)KWH¶V GHFLVLRQ WR UHPDLQ EHKLQG DFWXDOO\ PDGH FRPSOHWH VHQVH \HW LQ
WKH EDFN RI WKH /RXLVD¶V PLQG VKH ZRQGHUHG LI KH¶G JRWWHQ FROG IHHW²(CG!;&+39;-G! 13&!+&9'(1/!$C!'&9%(),!U9(D9)!39E!-5EE&)'/!-&&F&E!1$$!E95)1(),!9)E!1$$!+&2J'&--! C$+! 3(F8! ! U3&)! &%&+/! -$! $C1&)! 13&-&! E9/-G! 9! E9+J&+! )$1($)! 39-! 2+&;1! ()1$! 3&+! WKRXJKWV VRPHWKLQJ VKH KDWHV FRQVLGHULQJ SHUKDSV KH¶G QHYHU LQWHQGHG RQ ,$(),! ()! 13&! C(+-1! ;'92&]! ;&+39;-! 3&! -(F;'/! D9)1&E! 13&F! C9+! 9D9/! C+$F! 3(-! ;+&C&++&E!'(C&²9-!13$5,3!13&/!D&+&!)$!E(CC&+&)1!139)!9!1+$5.'&-$F&!F(-1+&--!9)E! 9)!(''&,(1(F91&!23('E8! !
R51!-523!(++91($)9'!(E&9-!.&2$F&!L5(2J'/!E(-F(--&E8!!=3&!9)E!435)K1&!9+&G!
DIWHU DOO VWLOO KXVEDQG DQG ZLIH VWLOO D FRXSOH GHVSLWH WKH YDVW GLVWDQFH +H¶G JRQH 1$!,+&91!'&),13-!1$!C()E!13&F!9!-5(19.'&!3$F&G!9)E!-3&!39-!-()2&!35),!13&(+!C9F('/! ;$+1+9(1! $)! $)&! $C! (1-! '(%(),! +$$F! D9''-8! ! U3&(+! 2$523! ()! U9(;&(! (-! 13&(+! 2$523! ()! "'39F.+98! ! U3&! U`G! 13&! +(2&! -1&9F&+G! 13&! C5+)(15+&G! 9)E! %9+($5-! ;&+-$)9'! (1&F-! ()-(E&!5);92J&E!.$>&-²9''!$C!(1!(-!13&!-9F&8!!")E!-$G!-3&!)$D!2$)%()2&-!3&+-&'CG! 9)! (F;&+2&;1(.'&! 13+&9E! $C! 2$)1()5(1/! F5-1! .()E! 2&+19()! ;&$;'&! 1$,&13&+G! UHJDUGOHVV RI WKH PLOHV EHWZHHQ WKHP +HU PRWKHU ZDV ZURQJ VKH WKLQNV ,W¶V F$+&!139)!9!-(),'&!'$291($)!1391!E&&;&)-!C9F('(9'!+$$1-G!F$+&!139)!9!-(F;'&!3$5-&! 9)E! 9! ;'$1! $C! '9)EG! F$+&! 139)! ;+$>(F(1/8! ! "-! '$),! 9-! 9! -&)-&! $C! 2$)-(-1&)2/! (-! F9()19()&E²$C!3$F&G!1+9E(1($)G!.&'$),(),²WKHQ D IXWXUH LQ RQH SODFH VKRXOGQ¶W .&!91!$EE-!D(13!13&!;9-1!()!9)$13&+8! !
=35),K/$! (-! .$5)E! 1$! 5)E&+-19)E! 13(-! 1$$! -$F&E9/G! I$5(-9! 1&''-! 3&+-&'CG!
&)%(-($)(),!3&+!-$)!.9+&'/!9D9J&!91!13&!&E,&!$C!3(-!.&EG!13&!0(2J&/!0$5-&!29;!)$! ORQJHU RQ KLV KHDG 6KH NQRZV KH¶OO VRRQ WUXGJH WR WKH EDWKURRP DQG SHH 9C1&+D9+E-G! D3('&! C92(),! 13&! %9)(1/! F(++$+G! 1$$13;9-1&! D(''! C$9F! 5;! ()-(E&! 3(-! F$513! 9-! 3&! .+5-3&-! 3(-! 1&&138! ! *+&-&)1'/G! '(J&! 3&! E$&-! &%&+/! F$+)(),G! =9F5&'! D(''!+&15+)!1$!3(-!.&E+$$F!D(13!3(-!13(2J!39(+!5)2$F.&E8!!=2+9123(),!3(-!.$11$FG! KH¶OO RSHQ WKH EOLQGV DQG ORRN RXW WKH ZLQGRZ WR FKHFN WKH ZHDWKHU R51!.&C$+&! E+&--(),! C$+! -23$$'².&C$+&! &91(),! 2&+&9'! $+! '9-1! )(,31H-! '&C1$%&+-! D3('&! D9123(),! 29+1$$)-²KH¶OO IHHG KLV SHW PRXVH KROGLQJ LWV IRRG LQ WKH SDOP RI KLV KDQG GDQJOLQJ WKH PRXVH E\ LWV WDLO DQG VD\LQJ ³(DW LW HDW LW ´!
$+% ! !
7KHQ KH¶OO GUHVV KLF-&'CG! 9)E! F9J&! 3(-! .+&9JC9-1G! 9)E! 9++(%&! 91! -23$$'! $)!
WLPH +H¶OO SD\ FDUHIXO DWWHQWLRQ WKURXJKRXW KLV (6/ FODVV DQG GXULQJ WKRVH $13&+! 2'9--&-! D3(23G! 5)1('! 13&! )&>1! -23$$'! /&9+! .&,()-G! 9+&! 911&)E! D(13$51! 3(F! +&2&(%(),! 3$F&D$+J! $+! ,+9E&-G! =9F5&'! D(''! E$! 3(-! .&-1! 1$! 9.-$+.! 9-! F523! ()C$+F91($)! 9-! 3&! 29)! 5)E&+-19)E²13&! 1&923&+-! F$)(1$+(),! 3(-! ;+$,+&--! 9)E! ,+9E59'!9--(F('91($)G!,(%(),!3(F!13&!E9('/!39)E$51-!-$!1391!3&!C&&'-!'(J&!9)!&L59'! ;9+1!$C!13&!2'9--!()-1&9E!$C!9!F&+&!$.-&+%&+8!!")E!D3&)!13&!-23$$'!E9/!(-!C()(-3&EG! KH¶OO EX\ KLPVHOI D QHZ ERZ 7KH UHVW RI KLV DIWHUQRRQ MXVW OLNH KLV DIWHUQRRQV 39E!.&&)!()!U9(D9)G!D(''!.&!-;&)1!;+921(2(),!13&!%($'()8!!N(-!'(C&!3&+&G!-3&!9--5+&-! 3&+-&'CG! (-! )&9+'/! 13&! -9F&! 9-! 3(-! '(C&! D9-! 13&+&²13&! &>2&;1($)! .&(),! 1391! 13&! ;$--(.('(1(&-!9+&!C9+!,+&91&+!C$+!3(F!3&+&8! !!!
U3(-! 2&+19()1/! 9.$51! =9F5&'! .+(),-! 3&+! .92J! 1$! +&9'(1/G! 9)E! I$5(-9H-!
13$5,31-!-3(C1!1$!13&!D$+'E!9+$5)E!3&+8!!=3&!,'9)2&-!E$D)!13&!.5-/!-1+&&1G!2+9)(),! 3&+!)&2J!()!3$;&!$C!29123(),!9!,'(F;-&!$C!3&+!.5-!9F$),!13&!$)2$F(),!1+9CC(28!!"''! 91! $)2&G! 13&! =9)19! ")9! +&-5F&-! .'$D(),G! &)%&'$;(),! 3&+! C5''/! ()! 13&! F$E&+91&! 3&91! $C! (1-! -;+(),! .+&&Z&8! ! <$+! 9! D3('&G! 13$5,3G! -3&! C&&'-! 13&! '(),&+(),! /&1! C9()1! 3$F&D9+E! ;5''! $C! 1391! 35F(EG! E(FG! '$),! 9,$! ;'92&! 3&+! F()E! 39E! M5-1! -5FF$)&E²D3&+&!13&!;9-1!$C!3&+!23('E3$$E!D9-!.+(&C'/!F$+&!9119()9.'&!139)!13&! SUHVHQW WKH IDFHV DQG URRPV VKH¶G VHHQ VR YLYLGO\ H[LVWLQJ QRZ RQO\ DV WKH\ FDQ LQ F&F$+/! 9)E! ;3$1$,+9;3-8! ! R51! -$$)! &)$5,3! 3&+! .5-! 9;;&9+-G! C(>(),! 3&+! D(13()! 13&! F$F&)1G! (1-! .+9J&-! D3()(),G! 13&! E$$+! C$'E(),! $;&)! C$+! 3&+8! ! =3&! ;+$F;1'/! 2'(F.-!9.$9+EG!C$''$D&E!./!13&!&'E&+'/!D$F9)²&923!19J(),!9!-&91!E(+&21'/!92+$--! 13&!9(-'&!C+$F!13&!$13&+G!.$13!$)!13&(+!D9/!1$!-$F&D3&+&!&'-&8! ! ! ! ! ! ! !
! ! ! ! ! ! ! !
"#$%&'!%&!()*+¶6 ,668( ! ,!-./!'0122!34/!56!718/!69:/2!5;!<1=>/0! ,!?5@5!81A/2!1!@18.!1;B!B9/2! ,!*HQHUDO 7LDQ¶V ZDUULRUV FRQWURO WKH ZLQG! ,!³+5>!A;5C!.5C!85!D014!8./!E9509;F!.>.G´ ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !