952 downloads
8744 Views
3MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
WKHERRNRIZLVGRP 26+2
FKDSWHURQHDWLVKDWKHWKULFHJUHDW
),567/($517+(35(/,0,1$5,(6 7+,1.7+$7$//3+(120(1$$5(/,.('5($06 (;$0,1(7+(1$785(2)81%251$:$5(1(66 /(7(9(17+(5(0('<,76(/)*2)5((21,762:1 6(77/(,17+(1$785(2)%$6,&&2*1,7,217+((66(1&( %(7:((16(66,216&216,'(53+(120(1$$63+$17206 75$,1,1-2,1,1*6(1',1*$1'7$.,1*72*(7+(5 '27+,6%<5,',1*7+(%5($7+ 7+5((2%-(&767+5((32,62167+5((%$6(62)9,578( 75$,1:,7+3+5$6(6,1(9(5<02'(2)%(+$9,25 5HOLJLRQLVQRWDVFLHQFH5HOLJLRQLVQRWDVFLHQFHLQWKHVHQVHSK\VLFV PDWKHPDWLFVDQGFKHPLVWU\DUHVFLHQFHV%XWVWLOOLWLVDVFLHQFHEHFDXVHLWLVWKH XOWLPDWHNQRZLQJ WKHZRUGVFLHQFHPHDQVNQRZLQJ$QGLIUHOLJLRQLVQRWD VFLHQFHZKDWHOVHFDQEH",WLVWKHKLJKHVWNQRZLQJLWLVWKHSXUHVWNQRZLQJ 2UGLQDU\VFLHQFHLVNQRZOHGJHQRWNQRZLQJ UHOLJLRQLVNQRZLQJLWVHOI2UGLQDU\ VFLHQFHLVREMHFWRULHQWHGLWNQRZVVRPHWKLQJKHQFHLWLVNQRZOHGJH5HOLJLRQ LVQRWREMHFWRULHQWHG LWKDVQRREMHFWLWNQRZVQRWKLQJ.QRZLQJNQRZVLWVHOIDV LIWKHPLUURULVUHIOHFWLQJLWVHOI,WLVXWWHUO\SXUHRIDOOFRQWHQW+HQFHUHOLJLRQLVQRW NQRZOHGJHEXWNQRZLQJ 6FLHQFHLVDORZHUNLQGRINQRZLQJUHOLJLRQLVDKLJKHUNLQG5HOLJLRQLV 3+,/2623+,$8/7,0$ WKHXOWLPDWHNQRZLQJ7KHGLIIHUHQFHEHWZHHQWKHWZR LVQRWRIWKHVSLULWWKHVSLULWLVWKHVDPHEXWWKHGLIIHUHQFHLVFHUWDLQO\RI SXULW\ 6FLHQFHLVPL[HGZLWKPXFKPXG5HOLJLRQLVSXUHHVVHQFHSXUHIUDJUDQFH7KH PXGKDVGLVDSSHDUHGWKHORWXVKDVDSSHDUHG$QGDWWKHXOWLPDWHVWDJHHYHQ WKHORWXVKDVGLVDSSHDUHGRQO\WKHIUDJUDQFHDELGHV7KHVHDUHWKHWKUHHVWDJHV RINQRZLQJ WKHPXGWKHORWXVDQGWKHIUDJUDQFH 5HOLJLRQFDQQRWEHJUDVSHGEHFDXVHWKHUHLVQRREMHFWLQLW%XWVWLOOLWFDQEH XQGHUVWRRG,WFDQQRWEHH[SODLQHGEXWLWFDQEHH[SHULHQFHG7KHUHLVQRZD\RI LQIRUPLQJ\RXDERXWUHOLJLRQEHFDXVHLWFDQQRWEHUHGXFHGWRLQIRUPDWLRQ%XW \RXFDQEHVKRZQWKHZD\WKHSDWKWRLWILQJHUVSRLQWLQJWRWKHPRRQ7KH ILQJHUVDUHQRWWKHPRRQREYLRXVO\EXWWKHILQJHUVFDQSRLQWWRWKHPRRQ 7KHVH6HYHQ3RLQWVRI0LQG7UDLQLQJRIWKHJUHDWPDVWHU$WLVKDDUHILQJHUV VHYHQILQJHUVSRLQWLQJWRWKHPRRQ'RQ WEHFDXJKWE\WKHILQJHUVGRQ WEHFRPH WRRPXFKREVHVVHGZLWKWKHILQJHUV7KDWLVQRWWKHSRLQWWKDWZLOOEHPLVVLQJWKH SRLQW8VHWKHILQJHUVDQGIRUJHWWKHPDQGORRNZKHUHWKHILQJHUVDUHSRLQWLQJ IHEUXDU\ DPLQEXGGKDKDOO
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
*RGLVZLWKLQ\RXEXWEHFDXVHRIWKHPLQGPLQGPHDQVGUHDPLQJGHVLULQJ \RXQHYHUORRNZLWKLQ\RXJRRQUXVKLQJRXWZDUGV
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
ZKLFKLVPLVVLQJLQ\RX7UXWKLVWKHUHEXW\RXDUHQRWDZDUH\RXDUHQRW PLQGIXO\RXDUHQRWDOHUW
3KHQRPHQDPHDQVDOOWKDW\RXVHHDOOWKDW\RXH[SHULHQFH$OOWKDWFDQHYHU EHH[SHULHQFHGLVDOOSKHQRPHQD5HPHPEHUQRWRQO\DUHWKHREMHFWVRIWKH ZRUOGSKHQRPHQDDQGGUHDPVEXWDOVRREMHFWVRIFRQVFLRXVQHVV7KH\PD\EH REMHFWVRIWKHZRUOGWKH\PD\EHMXVWREMHFWVRIWKHPLQG7KH\PD\EHJUHDW VSLULWXDOH[SHULHQFHV
2QFH\RXKDYHVHHQ\RXUGUHDPGLVDSSHDULQJEHFDXVH\RXKDYHEHFRPHDZDUH RIWKHGUHDP\RXUTXDOLW\RIFRQVFLRXVQHVVZLOOKDYHDQHZIODYRUWRLW7KHQH[W PRUQLQJ\RXZLOOZDNHXSZLWKDWRWDOO\GLIIHUHQWTXDOLW\\RXKDGQHYHUNQRZQ EHIRUH
XQQHFHVVDULO\VXIIHULQJ
UHPHPEHULQJ +HVDLG,FDQQRWVWRSLWKDVEHFRPHDXWRPDWLF ,VDLG
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
FKDSWHUWZRWKHHQOLJKWHQPHQWRIWKHOLO\ IHEUXDU\ DPLQEXGGKDKDOO
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
ERXQGWREHDZDNHQHGWRWKHIDFWWKDWVRPHWKLQJWRWDOO\GLIIHUHQWLVWUDQVSLULQJ KHUH,WLVQRWWKDW,DPJLYLQJ\RXVRPHGRJPDWREHEHOLHYHGLQVRPH SKLORVRSK\WREHOLYHGE\QRQRWDWDOO,DPXWWHUO\GHVWUXFWLYH,DPWDNLQJ HYHU\WKLQJDZD\IURP\RX 6ORZO\VORZO\\RXUPLQGZLOOVWRSTXHVWLRQLQJ:KDWLVWKHSRLQW":KHQQR DQVZHUDQVZHUVWKHQZKDWLVWKHSRLQW"$QGWKHGD\\RXVWRSTXHVWLRQLQJLVD GD\RIJUHDWUHMRLFLQJEHFDXVHWKHQZRQGHULQJVWDUWV
FRQIXVLRQLVWKHSUHVHQFHRIWKHPLQG&RQIXVLRQDQGPLQGDUHV\QRQ\PRXV
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
PRUURZ7KH\OLYHQRZWKH\OLYHKHUH 7ROLYHQRZLVWREHHQOLJKWHQHGWROLYHKHUHLVWREHHQOLJKWHQHGWREHDOLO\LVWR EHHQOLJKWHQHGWKLVYHU\PRPHQW'RQ WWKLQNDERXWZKDW,DPVD\LQJ'RQ WWKLQN DERXWLWMXVWEHKHUH7KLVLVWKHWDVWHRIHQOLJKWHQPHQW$QGRQFH\RXKDYH WDVWHGLW\RXZLOOZDQWWRWDVWHLWPRUHDQGPRUH 'RQ WPDNHDJRDORXWRILW LWLVQRWDJRDOLWLVWKHPRVWRUGLQDU\VWDWHRI FRQVFLRXVQHVV,WLVQRWKLQJH[WUDRUGLQDU\LWLVQRWKLQJVSHFLDO7UHHVDUH HQOLJKWHQHGDQGWKHELUGVDUHHQOLJKWHQHGDQGURFNVDUHHQOLJKWHQHGDQGWKH VXQDQGWKHPRRQDUHHQOLJKWHQHG2QO\PDQLVQRWEHFDXVHRQO\PDQWKLQNV DQGJRHVRQPLVVLQJ 7KHPRPHQW\RXUHDOL]HWKDW\RXDUHPLVVLQJEHFDXVH\RXDUHEURRGLQJWRR PXFKWKHQVPDOOJOLPSVHVVWDUWKDSSHQLQJ6PDOOJDSVLQWKHWUDIILFRIWKHPLQG VPDOOJDSVZKHQWKHUHLVQRWUDIILF WKRVHDUHWKHPRPHQWVRIPHGLWDWLRQ7KH\ FDQKDSSHQDQ\ZKHUH
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
,WLVDFRQWUDGLFWLRQ%XW\RXDUHOLYLQJLQFRQWUDGLFWLRQVDQGWKLVLVWKHODVW FRQWUDGLFWLRQ%HIRUH\RXFDQFRPHRXWRI\RXUFRQWUDGLFWRU\OLIH\RXUOLIHRI FRQIOLFW\RXKDYHWRFORVHWKHGRRUVRIWKDWOLIH6DQQ\DVLVQRWKLQJEXWFORVLQJ WKHGRRUVWKHODVWWKLQJ,WLVVLPSO\DGHFODUDWLRQWKDW,KDYHOLYHGLQWKHPLQG IRUVRORQJDQGQRWKLQJEXWPLVHU\KDVEHHQP\H[SHULHQFH1RZ,DPWDNLQJD MXPSRXWRIWKHPLQGLQWRWKHXQNQRZQ,DPJRLQJLQWRDWRWDOO\GLIIHUHQWNLQGRI OLIH 6DQQ\DVLVMXVWDJHVWXUHIURP\RXUVLGHWKDW\HVXQGHUVWDQGLQJKDVGDZQHG DQG\RXZRXOGOLNHWRFRPHFORVHUWRPHWRVHHZKDWLWDFWXDOO\LV 7REHFORVHWRDPDVWHUWREHUHODWHGWRDPDVWHUWREHLQWLPDWHZLWKDPDVWHU LVQRWKLQJEXWDQDSSURDFKWRZDUGV\RXURZQXOWLPDWHXQGHUVWDQGLQJ\RXURZQ HQOLJKWHQPHQW
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
KHUHWRLQVSLUH\RXEHFDXVHDOOLQVSLUDWLRQFUHDWHVVODYHU\,I\RXDUHLQVSLUHGE\ PH\RXZLOOEHFRPHDVODYHWRPH\RXZLOOEHFRPHGHSHQGHQWRQPH,GRQ W LQVSLUH\RX,VLPSO\JRRQVKDWWHULQJVKRFNLQJ\RX6RRQHURUODWHU,DPKHUH \RXDUHKHUHDQGZHDUHWUHPHQGRXVO\FRQQHFWHGEXWWKHUHLVQRVODYHU\QR GHSHQGHQFH:HUHODWHEXWWKHUHLVQRTXHVWLRQRILQVSLUDWLRQEHFDXVHRQHZKR LQVSLUHV\RXDXWRPDWLFDOO\EHFRPHVLPSRUWDQWIRU\RXVRPXFKVRWKDW\RX VWDUWIHHOLQJGHSHQGHQW
7KLVLVGHOLEHUDWHO\GRQH,FRXOGKDYHPDGHLWHDVLHUIRU\RXWREHKHUHWR JDWKHUPRUHNQRZOHGJHDQGEHLQVSLUHGDQGWKLQJVOLNHWKDW%XWWKLVLVQRW &KULVWLDQ6FLHQFH,DPQRW%LOO\*UDKDP,DPQRWKHUHWRLQVSLUH\RX7KLVLVD WRWDOO\GLIIHUHQWSKHQRPHQRQ,QIDFW,DPQRWHYHQUHOLJLRXV ,DPQRWVSLULWXDODW DOO$OOWKHVHODEHOVDUHXWWHUO\LUUHOHYDQW7KLVLVMXVWDGHYLFHWRFKRRVHWKRVH ZKRDUHUHDG\WRJRZLWKPHZKRDUHUHDG\WRJRZLWKPHWRDEVXUGOLPLWV %XW\RXDUHPRUHFOHYHU
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
EHXQFRQGLWLRQDOO\LQDFFRUGZLWKPHDQGWKDW\RXKDYHWRGURSDOOH[SHFWDWLRQV RIP\EHLQJLQDFFRUGZLWK\RX2QO\WKHQFDQWKHZRUNVWDUW7KRVHZKRDUH UHDG\IRULWVDQQ\DVLVRQO\IRUWKHP7KRVHZKRDUHQRWUHDG\IRULWVDQQ\DV KHOSVWKHPWRUXQDZD\WRJHWORVW
LWJLYHV\RXSURJUDPV,WJRHVRQJRDGLQJ\RXLQGLUHFWLRQVZKLFKLWKDVGHFLGHG WRIROORZ,WGRHVQRWDOORZ\RXDQ\IUHHGRPLWGRHVQRWOHDYH\RXDQ\FKRLFH 8QOHVVLWLVFRQYLQFHGLWZRQ WDOORZ\RXWRPRYHHYHQDVLQJOHLQFK 6RZKRLVWKHPDVWHU"
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
(QRXJKIRUWRGD\
FKDSWHUWKUHHVLWQDOWDDQGWKHVHYHQWHHQFKDNUDV
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
GRHVQRWH[LVWEXWEHFDXVHWKHFKLOGKDVQRW\HWIHOWWKHWKLUVWWKHGHVLUHWKH ORQJLQJ+HLVQRW\HWUHDG\WRJRLQVHDUFKRIWKHWUXWKWKHXOWLPDWHWUXWKRIOLIH +HLVQRW\HWPDWXUHHQRXJKWRLQTXLUHLQWRWKHUHDOLW\RI*RG7KDWORYHDIIDLUKDV WRKDSSHQVRPHGD\EXWLWFDQKDSSHQRQO\LIQREHOLHILVLPSRVHGXSRQKLP,I KHLVFRQYHUWHGEHIRUHWKHWKLUVWKDVDULVHQWRH[SORUHDQGWRNQRZWKHQKLV ZKROHOLIHKHZLOOOLYHLQDSKRQ\ZD\KHZLOOOLYHLQDSVHXGRZD\
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
\RXUVHOIZKRHOVHLVJRLQJWRORYH\RX"%XWUHPHPEHULI\RXRQO\ORYH\RXUVHOI \RXUORYHZLOOEHYHU\SRRU $JUHDW-HZLVKP\VWLF+LOOHOKDVVDLG,I\RXDUHQRWIRU\RXUVHOIZKRLVJRLQJWR EHIRU\RX"$QGDOVR,I\RXDUHRQO\IRU\RXUVHOIWKHQZKDWPHDQLQJFDQ\RXU OLIHHYHUKDYH"DWUHPHQGRXVO\VLJQLILFDQWVWDWHPHQW5HPHPEHULW ORYH \RXUVHOIEHFDXVHLI\RXGRQ WORYH\RXUVHOIQRERG\HOVHZLOOHYHUEHDEOHWRORYH \RX
2QHLVDIUDLGWREHFRPHLQWLPDWH7REHLQWLPDWHPHDQV\RXZLOOKDYHWRSXW DVLGHWKHUROH$QG\RXNQRZZKR\RXDUH ZRUWKOHVVMXVWGLUW7KDW VZKDW\RX KDYHEHHQWROGIURPWKHYHU\EHJLQQLQJ
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
+RZFDQWKHVHHGNQRZWKDWE\G\LQJLQWKHVRLOLWZLOOEHFRPHDJUHDWWUHH",WZLOO QRWEHWKHUHWRZLWQHVVWKHKDSSHQLQJ+RZFDQWKHVHHGNQRZWKDWRQHGD\LILW GLHVWKHUHZLOOEHJUHDWIROLDJHJUHHQOHDYHVJUHDWEUDQFKHVDQGIORZHUVDQG IUXLWV"+RZFDQWKHVHHGNQRZ"7KHVHHGZLOOQRWEHWKHUH7KHVHHGKDVWR GLVDSSHDUEHIRUHLWFDQKDSSHQ7KHVHHGKDVQHYHUPHWWKHWUHH7KHVHHGKDV WRGLVDSSHDUDQGGLH 2QO\YHU\IHZSHRSOHKDYHWKDWPXFKFRXUDJH,WUHDOO\QHHGVJXWVWRGLVFRYHU WUXWK
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
7KHUHDUHSHRSOHZKREHOLHYHLQDKROORZHDUWKDQGWKDWLQVLGHWKHHDUWKWKHUHLV DFLYLOL]DWLRQ1RZLIVRPHERG\VD\VVR\RXFDQQRWGHQ\LW \RXFDQQRWDFFHSWLW EXWDWOHDVW\RXKDYHWROLVWHQDWWHQWLYHO\$QGWKDWVHUYHVDSXUSRVH HYHU\ERG\ ZDQWVWREHOLVWHQHGWRDWWHQWLYHO\$QGRQHWKLQJLVFHUWDLQWKLVPDQNQRZVPRUH WKDQ\RX
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
FKDSWHUIRXUWKHODVWFKDQFHWREHDUHEHO IHEUXDU\ DPLQEXGGKDKDOO
7KHILUVWTXHVWLRQ %(/29('26+2 620(7,0($*2:+,/($6/((3,17+(1,*+7,'5($0(',:$6$7$ /(&785(,17+(0251,1*,&28/'1275(0(0%(5$1<7+,1*<28 ' 6$,'(;&(377+(3+5$6(32(75<,66855(1'(56,1&(7+(1, +$9(%((1:21'(5,1*:+$732(75<+$672'2:,7+6855(1'(5 $1'9,&(9(56$$1'+2:32(75<&$1%($3$7+/,.(/29( 35$<(5$1'0(',7$7,21 'HYDULFKDSRHWU\FRQWDLQVDOO LWFRQWDLQVORYHLWFRQWDLQVSUD\HULWFRQWDLQV PHGLWDWLRQDQGPXFKPRUH$OOWKDWLVGLYLQHDOOWKDWLVEHDXWLIXODOOWKDWFDQWDNH \RXWRWKHWUDQVFHQGHQWDOLVFRQWDLQHGLQSRHWU\
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
WKHRFHDQDQGEHFRPHVWKHRFHDQ 6XUUHQGHULVDYHU\SDUDGR[LFDOVWDWH RQRQHKDQG\RXGLVDSSHDURQWKHRWKHU KDQG\RXDSSHDUIRUWKHILUVWWLPHLQ\RXULQILQLWHJORU\LQ\RXUPXOWLGLPHQVLRQDO VSOHQGRU
SUHVHUYHGDQGZKHQ\RXGLHDGXSOLFDWHFDQEHFUHDWHGRXWRIWKRVHFHOOV$QG WKHGXSOLFDWHZLOOEHH[DFWO\OLNH\RX QRWHYHQWZLQVDUHVRDOLNH,I\RXPHHW\RXU GXSOLFDWH\RXZLOOEHVXUSULVHG KHZLOOEHH[DFWO\OLNH\RXDEVROXWHO\OLNH\RX 1RZWKH\VD\WKDWWREHVDIHUDGXSOLFDWHFDQEHFUHDWHGZKLOH\RXDUHDOLYH DQGWKHGXSOLFDWHFDQEHNHSWLQGHHSIUHH]HVRLIVRPHDFFLGHQWKDSSHQVLI \RXGLHLQDFDUDFFLGHQW\RXFDQEHLPPHGLDWHO\UHSODFHG
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
GUHDPV\RXDUHWUXHU,Q\RXUGUHDPV\RXDUHOHVVIDOVHLQ\RXUGUHDPVDOOWKH FHQVRUVRIWKHVRFLHW\GLVDSSHDU,Q\RXUGUHDPV\RXDUHVD\LQJWKLQJVDVWKH\ DUHVHHLQJWKLQJVDVWKH\DUHVHHLQJ\RXUVHOIDV\RXDUH7KHPRPHQW\RXDUH DZDNH\RXVWDUWSUHWHQGLQJ
KDVDOZD\VDFFHSWHGZDNLQJFRQVFLRXVQHVVDVWKHPRVWVXSHUILFLDOGUHDPLQJ FRQVFLRXVQHVVDVIDUGHHSHUDQGPRUHVLJQLILFDQWDQGVOHHSLQJFRQVFLRXVQHVV DVHYHQGHHSHUHYHQPRUHVLJQLILFDQWWKDQGUHDPLQJFRQVFLRXVQHVV7KH:HVW QHHGV\HWDQRWKHU)UHXGWRLQWURGXFHVOHHSDVWKHPRVWVLJQLILFDQWSDUW %XWWKH(DVWNQRZVVRPHWKLQJVWLOOPRUH7KHUHLVDSRLQWWKHIRXUWKVWDWHRI FRQVFLRXVQHVV,WLVFDOOHGWXUL\DVLPSO\WKHIRXUWK LWKDVQRRWKHUQDPH 7XUL\DPHDQVWKHIRXUWK:KHQZDNLQJGUHDPLQJDQGVOHHSDOOGLVDSSHDURQHLV VLPSO\DZLWQHVV
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
VPLOLQJODXJKLQJDFFXPXODWLQJPRQH\VWUXJJOLQJIRUPRUHSRZHUDQGIDPH,I \RXVHHWKHP\RXZLOOIHHODOLWWOHMHDORXV WKH\ORRNVRFRQILGHQWWKH\HYHQORRN KDSS\ ,IWKH\DUHVXFFHHGLQJLIWKHLUPRQH\LVLQFUHDVLQJDQGWKHLUSRZHULVLQFUHDVLQJ DQGWKHLUIDPHLVJURZLQJ\RXZLOOIHHODOLWWOHMHDORXV
ZRUULHGDQGVD\VLWYHU\DXWKRULWDWLYHO\FRQYLQFHV\RXZLWKDUJXPHQWVZLWK VFULSWXUHVDQGSDWFKHVXS\RXUFRQIXVLRQFRYHUVLWZLWKDEHDXWLIXOEODQNHW ZLWK7KH%LEOHZLWKWKH.RUDQZLWKWKH*LWD$QG\RXIHHOJRRG EXWLWLV WHPSRUDU\EHFDXVHWKHFRQIXVLRQLVERLOLQJZLWKLQ
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
$QGLI\RXDVNRQHZKRKDVUHDFKHGWKHVDPHHFVWDV\DVWKH8SDQLVKDGLF VHHUVKHZLOOVD\7KH%LEOHWKH7DOPXGWKH.RUDQWKH\DUHHWKLFDOPRUDOEXW ZKDWGRWKH\KDYHWRGRZLWKUHOLJLRQ"7KH\DUHJRRGEHFDXVHWKH\PDNHD VRFLHW\PRYHVPRRWKO\EXWWKH\KDYHQRWKLQJUHOLJLRXVLQWKHPRUPD\EHRQO\ DIHZVWDWHPHQWVKHUHDQGWKHUH7KHPDMRUSDUWLVHWKLFDO WKHUHOLJLRXVSDUW VHHPVWREHVRVPDOOWKDWLWFDQEHQHJOHFWHGLJQRUHG$QGLWKDVEHHQLJQRUHG 7RFRPHWRNQRZWKDWQRWKLQJLVJRRGQRWKLQJLVEDGLVDWXUQLQJSRLQW LWLVD FRQYHUVLRQ
QHZMRXUQH\7RNQRZWKDW$OOWKDW,KDYHDFKLHYHGLVORVWLVWKHEHJLQQLQJRID QHZVHDUFKIRUVRPHWKLQJWKDWFDQQRWEHORVW:KHQRQHLVXWWHUO\GLVLOOXVLRQHG ZLWKWKHZRUOGDQGDOOLWVVXFFHVVHVRQO\WKHQGRHVRQHEHFRPHVSLULWXDO /LNHVPRNH,IHHOEXWWKURXJKWKHVPRNHDWUHPHQGRXVVDGQHVVDULVHVOLNHD VKDUSURFNZLWKDYHOYHWFRYHULQJ,WLVERXQGWREHVR:KHQOLIHKDVEHHQOLYHG WKURXJKLOOXVLRQVDQGRQHGD\RQHVXGGHQO\IHHOVDOOKDVEHHQPHDQLQJOHVV XVHOHVV,ZDVFKDVLQJVKDGRZVDJUHDWVDGQHVVDULVHV %XW,FDQVHH\RXUSHUFHSWLYHQHVV6DGQHVVLVWKHUHEXWZLWKDYHOYHWFRYHULQJ
LVSXUH,PSXULW\LVMXVWDVKDGRZRIWKHFRQIXVLRQWKDW\RXDUHIHHOLQJULJKWQRZ :KHQWKHFRQIXVLRQDQGWKHFRQIXVLQJPLQGDUHGURSSHGWKHVKDGRZVZLOO GLVDSSHDURIWKHLURZQDFFRUG
FKDSWHUILYHVRZLQJZKLWHVHHGV
IHEUXDU\ DPLQEXGGKDKDOO
%(*,17+('(9(/230(172)7$.,1*:,7+<2856(/) :+(1(9,/),//67+(,1$1,0$7($1'$1,0$7(81,9(56(6&+$1*( %$'&21',7,216727+(%2'+,3$7+ '5,9($//%/$0(,17221( %(*5$7()8/72(9(5<21( 7+(,16853$66$%/(3527(&7,212)(037,1(66,6726((7+( 0$1,)(67$7,2162)%(:,/'(50(17$67+()285.$<$6 $1(;&(//(170($16,672+$9(7+()2853529,6,216 ,125'(572%5,1*$1<6,78$7,21727+(3$7+48,&./<$66221 $6,7,60(7-2,1,7:,7+0(',7$7,21 7+(&21&,6((3,720(2)+($57,16758&7,21 :25.:,7+),9( )25&(6 7+(,16758&7,216)2575$16)(5(1&(,17+(0$+$<$1$$5(7+( ),9()25&(6%(+$9,25,6,03257$17 7+(385326(2)$//'+$50$,6&217$,1(',121(32,17 0HGLWDWLRQLVWKHVRXUFHFRPSDVVLRQLVWKHRYHUIORZRIWKDWVRXUFH7KH QRQPHGLWDWLYHPDQKDVQRHQHUJ\IRUORYHIRUFRPSDVVLRQIRUFHOHEUDWLRQ7KH QRQPHGLWDWLYHSHUVRQLVGLVFRQQHFWHGIURPKLVRZQVRXUFHRIHQHUJ\ KHLVQRWLQ FRQWDFWZLWKWKHRFHDQ+HKDVDOLWWOHELWRIHQHUJ\WKDWLVFUHDWHGE\IRRGE\DLU E\PDWWHUKHOLYHVRQSK\VLFDOHQHUJ\ 3K\VLFDOHQHUJ\KDVOLPLWDWLRQV,WLVERUQDWDFHUWDLQPRPHQWLQWLPHDQGLWGLHV DWDQRWKHUPRPHQWLQWLPH%HWZHHQELUWKDQGGHDWKLWH[LVWV,WLVOLNHDODPSWKDW
EXUQVEHFDXVHRIWKHRLOLQLWRQFHWKHRLOLVH[KDXVWHGWKHIODPHJRHVRXW 7KHPHGLWDWLYHSHUVRQFRPHVWRNQRZVRPHWKLQJRIWKHLQILQLWHEHFRPHV EULGJHGZLWKWKHLQH[KDXVWLEOHVRXUFHRIHQHUJ\+LVIODPHJRHVRQDQGRQKLV IODPHNQRZVQRFHVVDWLRQ,WFDQQRWGLVDSSHDUEHFDXVHLQWKHILUVWSODFHLWQHYHU DSSHDUV,WFDQQRWGLHEHFDXVHLWLVXQERUQ +RZWREULGJHRQHVHOIZLWKWKLVLQH[KDXVWLEOHVRXUFHRIOLIHDEXQGDQFH ULFKQHVV"
EXGGKDVFDQRQO\VKRZWKHZD\\RXZLOOKDYHWRZDONRQLWQRERG\HOVHFDQ ZDONIRU\RX1RERG\HOVHFDQGRLWIRU\RX QRSUR[\LVSRVVLEOHLQH[LVWHQFH
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
5HPHPEHU\RXUUHVSRQVLELOLW\LVVXFKLWFDQQRWEHJLYHQWRDQ\ERG\HOVHLW FDQQRWEHWKURZQRQVRPHERG\HOVH
IHHODGDQFHOHIWZLWKLQ\RXUKHDUWZKHQWKH\OHDYH
:HJRRQDYRLGLQJRXURZQPLVHU\,I\RXIHHOPLVHUDEOH\RXSXWRQWKHUDGLRRU WKHWYDQG\RXEHFRPHHQJDJHG
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
DQGWKHUHLVDFODVVOHVVZRUOGWKHQHYHU\ERG\ZLOOEHKDSS\%HIRUHLWLWLVQRW SRVVLEOH+RZFDQ\RXEHKDSS\LQDVRFLHW\ZKLFKLVSRRU"$QGKRZFDQ\RXEH KDSS\LQDVRFLHW\ZKLFKLVGRPLQDWHGE\WKHFDSLWDOLVWV"+RZFDQ\RXEHKDSS\ ZLWKDVRFLHW\ZKLFKLVEXUHDXFUDWLF"+RZFDQ\RXEHKDSS\ZLWKDVRFLHW\ZKLFK GRHVQRWDOORZ\RXIUHHGRP" ([FXVHVDQGH[FXVHVDQGH[FXVHVH[FXVHVMXVWWRDYRLGRQHVLQJOHLQVLJKW WKDW,DPUHVSRQVLEOHIRUP\VHOI1RERG\HOVHLVUHVSRQVLEOHIRUPH LWLV DEVROXWHO\DQGXWWHUO\P\UHVSRQVLELOLW\:KDWVRHYHU,DP,DPP\RZQ FUHDWLRQ 7KLVLVWKHPHDQLQJRIWKHWKLUGVXWUD '5,9($//%/$0(,17221( $QGWKDWRQHLV\RX2QFHWKLVLQVLJKWVHWWOHV ,DPUHVSRQVLEOHIRUP\OLIHIRU DOOP\VXIIHULQJIRUP\SDLQIRUDOOWKDWKDVKDSSHQHGWRPHDQGLVKDSSHQLQJWR PH,KDYHFKRVHQLWWKLVZD\ WKHVHDUHWKHVHHGVWKDW,VRZHGDQGQRZ,DP UHDSLQJWKHFURS ,DPUHVSRQVLEOHRQFHWKLVLQVLJKWEHFRPHVDQDWXUDO XQGHUVWDQGLQJLQ\RXWKHQHYHU\WKLQJHOVHLVVLPSOH7KHQOLIHVWDUWVWDNLQJD QHZWXUQVWDUWVPRYLQJLQWRDQHZGLPHQVLRQ7KDWGLPHQVLRQLVFRQYHUVLRQ UHYROXWLRQPXWDWLRQEHFDXVHRQFH,NQRZ,DPUHVSRQVLEOH,DOVRNQRZWKDW, FDQGURSLWDQ\PRPHQW,GHFLGHWR1RERG\FDQSUHYHQWPHIURPGURSSLQJLW &DQDQ\ERG\SUHYHQW\RXIURPGURSSLQJ\RXUPLVHU\IURPWUDQVIRUPLQJ\RXU PLVHU\LQWREOLVV"1RERG\(YHQLI\RXDUHLQDMDLOFKDLQHGLPSULVRQHGQRERG\ FDQLPSULVRQ\RX \RXUVRXOVWLOOUHPDLQVIUHH 2IFRXUVH\RXKDYHDYHU\OLPLWHGVLWXDWLRQEXWHYHQLQWKDWOLPLWHGVLWXDWLRQ\RX FDQVLQJDVRQJ
FLUFXPVWDQFHVXQIDYRUDEOHFLUFXPVWDQFHVDOOWRJHWKHUWKH\DUHFUHDWLQJWKH FRQWH[WLQZKLFK\RXFDQEHWUDQVIRUPHGDQGEHFRPHDEXGGKD%HJUDWHIXOWR DOO $PDQRQFHFDPHDQGVSDWRQ%XGGKDRQKLVIDFH2IFRXUVHKLVGLVFLSOHVZHUH HQUDJHG+LVFORVHVWGLVFLSOH$QDQGDVDLGWRKLP7KLVLVWRRPXFK+HZDV UHGKRWZLWKDQJHU+HVDLGWR%XGGKD-XVWJLYHPHSHUPLVVLRQVRWKDW,FDQ VKRZWKLVPDQZKDWKHKDVGRQH %XGGKDZLSHGKLVIDFHDQGVDLGWRWKHPDQ7KDQN\RXVLU
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
)LUVWVHWWOHLQWRQRERGLQHVVDQGWKHQWKHVHFRQGERG\DULVHVRILWVRZQDFFRUG 1LUPDQND\DPHDQVWKHERG\RIFUHDWLRQ,WLVVWUDQJHWKHILUVWERG\LVWKHERG\ RIHPSWLQHVVDQGWKHVHFRQGERG\LVWKHERG\RIFUHDWLRQ%XWWKLVLVWKHLQVLJKW RIDOOWKHJUHDWEXGGKDVWKDWLI\RXEHFRPHDQRERG\DJUHDWFUHDWLRQDULVHVRXW RI\RX7KHZKROHVWDUWVIORZLQJWKURXJK\RX \RXEHFRPHDYHKLFOHDSDVVDJH DPHGLXPDYRLFHIRUWKHZKROH $QGZLWKWKHVHFRQGERG\DULVLQJWKHILUVWH[SHULHQFHZLOOEHRIJUHDW FRPSDVVLRQ2IFRXUVHLQWKHEHJLQQLQJLWZLOOEHSDUWLDOFRQGLWLRQDOFDXVHGE\ WKHVXIIHULQJRIRWKHUV
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
$QGHYHU\ERG\NQRZVZKHQWKH\DUHJRLQJRQDQHJRWULS,WLVQRWDQDUWWREH OHDUQHGHYHU\ERG\LVERUQZLWKLW
FKDSWHUVL[VDQQ\DVLVIRUOLRQV IHEUXDU\ DPLQEXGGKDKDOO
7KHILUVWTXHVWLRQ %(/29('26+2 &$1<28(;3/$,172867+(',))(5(1&(%(7:((1(037<,1* 21(6(/)$1'())$&,1*21(6(/)"$1':+$7,67+(52/(2) ,1',9,'8$/,7<,1',662/87,21" 'LY\DWKHSURFHVVRIHPSW\LQJRQHVHOIDQGWKHSURFHVVRIHIIDFLQJRQHVHOIKDYH
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
SURMHFWLRQVKRSHVZKHQDOOLVJRQHIRUWKHILUVWWLPH\RXILQG\RXUVHOIEHFDXVH \RXDUHQRWKLQJEXWWKDWSXUHVSDFHWKDWYLUJLQVSDFHZLWKLQ\RX8QEXUGHQHGE\ DQ\WKLQJWKDWFRQWHQWOHVVFRQVFLRXVQHVVWKDW VZKDW\RXDUH 6HHLQJLWUHDOL]LQJLWRQHLVIUHH2QHLVIUHHGRPRQHLVMR\RQHLVEOLVV %XWHIIDFLQJRQHVHOILVGDQJHURXV,WPHDQV\RXKDYHDFFHSWHGDOUHDG\WKDWWKH HJRLVWKHUHDQGLWKDVWREHHIIDFHG
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
UHDG\PDGHLWLVDUHVSRQVH,I,VHHP\SHRSOHVLOHQWO\VLWWLQJDWWHQWLYHGULQNLQJ LQHYHU\VLQJOHZRUGIRFXVHGPHGLWDWLYH,FDQVD\IDUKLJKHUWKLQJV IDUPRUH FRPSOLFDWHGWKLQJVFDQEHH[SODLQHGWRWKHP %XWLIQRQVDQQ\DVLQVDUHVLWWLQJLQIURQWRIPH,DOZD\VKDYHWREHJLQIURPDEF 7KHQWKHSODQHFDQQHYHUWDNHRII WKHQWKHSODQHKDVWRIXQFWLRQOLNHDEXV
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
SHUVRQZKRLVDFFHSWHGVWDUWVNQRZLQJLWEXWYHU\VORZO\6RPHWLPHVLWWDNHV \HDUVIRUWKHSHUVRQWRXQGHUVWDQGWKDWKHKDVEHHQDFFHSWHG,WLVQHYHUVDLG QRWHYHQWRWKHSHUVRQLVLWVDLGWKDWKHKDVEHHQDFFHSWHG,WKDVWREH XQGHUVWRRG WKDWLVWKHEHDXW\RILW2QO\WKHQLVLWVLJQLILFDQW %XWLWVWDUWVKDSSHQLQJ,I,DFFHSWDSHUVRQVORZO\VORZO\KLVHQHUJ\VWDUWVJLYLQJ PHVVDJHVWRKLPWKDWKHKDVEHHQDFFHSWHG2QHGD\LWEHFRPHVVXFKDQ DEVROXWHFHUWDLQW\VRVHOIHYLGHQWWKDWWKHUHLVQRQHHGIRUDQ\RWKHU GHFODUDWLRQYDOLGDWLRQRUDQ\FHUWLILFDWH 6DQQ\DV,JLYHWRDOO%XWRQO\WKRVHDUHDFFHSWHGZKR5($//<WDNHVDQQ\DV 7KDW VZK\,VD\VDQQ\DVLQVDUHWKHFKRVHQIHZ,WLVRXWRIP\FRPSDVVLRQWKDW, GRQ WUHMHFWDQ\ERG\7KHPRVWXQZRUWK\LVDOVRWREHUHVSHFWHGORYHGUHFHLYHG ZHOFRPHG$QGZKRNQRZV"7KHXQZRUWK\PD\FKDQJH0DQLVXQSUHGLFWDEOH WKHEDVHUPHWDOFDQDQ\GD\EHFRPHJROG $QGDERXWWKH36 %RE'\ODQVD\V ,QHYHUJRWLQWRDQ\RIWKHPJXUXWULSV, QHYHUIHOWWKDWORVW 7RILQGDPDVWHULVQRWIRUWKRVHZKRIHHOWKDWWKH\DUHORVW,WLVIRUWKRVHZKR VWDUWIHHOLQJWKDWWKHUHLVDZD\DQGWKDWWKHUHLVDUD\WKDWWKH\DUHQRWORVW WKDW WKH\FDQILQGVRPHERG\ZKRZLOOKHOSWKHPZKRZLOOPDNHWKLQJVPRUHFOHDUDQG WUDQVSDUHQW (QRXJKIRUWRGD\
FKDSWHUVHYHQOHDUQLQJWKHNQDFN
IHEUXDU\ DPLQEXGGKDKDOO
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
7KHPLQGLVDEHDXWLIXOLQVWUXPHQWLI\RXNQRZKRZWREHDQRPLQGWRR 9LUDMWKHPLQGLVLPSRWHQWLQFDSDEOHRINQRZLQJWKHEHJLQQLQJOHVVDQGWKH HQGOHVV7KHPLQGH[LVWVEHWZHHQELUWKDQGGHDWK LWNQRZVQRWKLQJEH\RQGELUWK DQGEH\RQGGHDWK
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
:KHQWKHGDQFHUGLVDSSHDUVLQKLVGDQFHKHLVGLYLQH:KHQWKHVLQJHU GLVDSSHDUVLQKLVVRQJKHLVGLYLQH5HMRLFHVRGHHSO\VRWRWDOO\WKDW\RX GLVDSSHDULQ\RXUUHMRLFLQJ WKHUHLVUHMRLFLQJEXWWKHUHLVQRERG\ZKRLV UHMRLFLQJ:KHQLWFRPHVWRVXFKDQRSWLPXPWKHUHLVDWUDQVIRUPDWLRQD UHYROXWLRQ
7KLVLVDWUHH\RXDUHPDNLQJDZURQJVWDWHPHQWH[LVWHQWLDOO\1RWOLQJXLVWLFDOO\ QRWJUDPPDWLFDOO\EXWH[LVWHQWLDOO\\RXDUHPDNLQJDZURQJVWDWHPHQWEHFDXVH WKHWUHHLVQRWDVWDWLFWKLQJLWLVJURZLQJ,WLVQHYHULQDVWDWHRILVQHVVLWLV DOZD\VEHFRPLQJ,QIDFWWRFDOOLWDWUHHLVQRWULJKW LWLVWUHHLQJ$ULYHULV ULYHULQJ ,I\RXORRNGHHSO\LQWROLIHQRXQVVWDUWGLVDSSHDULQJDQGWKHUHDUHRQO\YHUEV %XWWKDWZLOOFUHDWHWURXEOHLQWKHPDUNHWSODFH
RWKHUZLVHZLVHRURWKHUZLVHZKHQHYHU\RXKDYHVRPHH[SHULHQFHUHPHPEHU \RXDUHQRWLW,WLVDFRQWHQWLQFRQVFLRXVQHVVDQGDOOFRQWHQWVKDYHWREH GURSSHG2QO\WKHQGRHVWKHPLQGGLVDSSHDU7KHPLQGLVQRWKLQJEXWDOOWKH FRQWHQWVWRJHWKHU WKHDFFXPXODWLRQRIFRQWHQWVLVWKHPLQG -XVWORRNZDWFK:KDWLV\RXUPLQG":KDWLVPHDQWE\WKHZRUGPLQG":KDW H[DFWO\GRHVLWFRQVLVWRI"$OO\RXUH[SHULHQFHVNQRZOHGJHWKHSDVW DFFXPXODWHGWKDWLV\RXUPLQG
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
FKDSWHUHLJKWNULVKQDPXUWL VVRORIOXWH
IHEUXDU\ DPLQEXGGKDKDOO
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
'RQ WVWDUWWKLQNLQJRIVRPHRWKHUOLIHVRPHZKHUHDIWHUGHDWKEH\RQGWKHVHYHQ VNLHVLQKHDYHQ7KRVHDUHDOOMXVWPLQGGUHDPVPLQGWULSVQHZZD\VWRIDOO DVOHHSDJDLQ +HQFHP\LQVLVWHQFHWKDWQRVDQQ\DVLQKDVWROHDYHWKHZRUOGEHFDXVHOHDYLQJ WKHZRUOGLVSDUWRIDSURMHFWSDUWRIDGUHDPRIUHDFKLQJWRWKHRWKHUZRUOG$QG EHFDXVHWKHUHLVQRQHDOO\RXUHIIRUWVZLOOEHLQYDLQ
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
GLVFLSOHKRRGRUQRWGRHVQRWPDWWHU .ULVKQDPXUWLLVYHU\PXFKDJDLQVWWKHZRUGVGLVFLSOHDQGPDVWHU%XWWKDW VZKDW KHKDVEHHQGRLQJIRUILIW\\HDUV+HLVDPDVWHUZKRVD\VWKDWKHLVQRWD PDVWHU$QGWKHSHRSOHZKROLVWHQWRKLPDQGIROORZKLPDUHGLVFLSOHVZKRWKLQN WKH\DUHQRWGLVFLSOHV ,WGRHVQRWPDWWHUZKDW\RXWKLQN:KDWPDWWHUVLVZKDW\RX$5(+HLVDPDVWHU DQGKHKDVGLVFLSOHV+HGHQLHVWKDWKHLVDPDVWHU WKDWLVSDUWRIKLVGHYLFH,Q WKLVHJRLVWLFZRUOGLWLVYHU\GLIILFXOWIRUSHRSOHWRVXUUHQGHUWRGURSWKHLUHJRV )RUWKHHJRLVWVZKRFDQQRWGURSWKHLUHJRVKHRSHQVDGRRU+HVD\V
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
,WLVDOPRVWDQHVWDEOLVKHGIDFWWKDW/HDGEHDWHUZDVDKRPRVH[XDO7KHSRLQW ZDVHYHQUDLVHGLQFRXUWWKDWKHZDVVH[XDOO\H[SORLWLQJFKLOGUHQ-XVWWKLQNRID QLQH\HDUROGFKLOGLIVH[XDOO\PLVKDQGOHGKHZLOOKDYHDYHU\GHHSZRXQGIURP LW LWZLOOEHGLIILFXOWIRUKLPWRHUDVHWKHVFDU
H\HVRXW DQRWKHUZRPDQKDVDEHDXWLIXOQRVH\RXFXWRIIWKHQRVHDQGVRRQ DQGVRIRUWK3XWDOOWKHSDUWVWRJHWKHUDVVHPEOHWKHPDQG\RXZLOOKDYHD FRUSVH0DNLQJWKHFRUSVH\RXKDYHNLOOHGWZHQW\EHDXWLIXOZRPHQDQGWKHHQG UHVXOWLVMXVWXWWHUVWXSLGLW\ 7KDW VZKDWWKHRVRSK\GLG6RPHWKLQJLVEHDXWLIXOLQ+LQGXLVPVRPHWKLQJLV EHDXWLIXOLQ7DRLVPVRPHWKLQJLVEHDXWLIXOLQ0RKDPPHGDQLVPVRPHWKLQJLV EHDXWLIXOLQ-XGDLVPDQGVRRQDQGVRIRUWK&ROOHFWDOOWKDWSXWLWWRJHWKHUSXWLW LQDPL[HUDQGPL[LWDQGZKDW\RXZLOOKDYHZLOOEHMXVWDFRUSVH .ULVKQDPXUWLXQIRUWXQDWHO\KDGWROLYHZLWKWKHVHSHRSOH%XWKHKDVWUHPHQGRXV LQWHOOLJHQFH$Q\ERG\LQKLVSODFHZRXOGKDYHEHHQORVWDQ\ERG\HOVHLQKLV VLWXDWLRQZRXOGQRWKDYHEHHQDEOHWRFRPHRXWRIWKHFDJH$QGWKHFDJHZDV VREHDXWLIXOVRDOOXULQJWKRXVDQGVRIIROORZHUVZHUHDYDLODEOH%XWKHKDGWKH FRXUDJHKHKDGWKHJXWVDQGLQWHOOLJHQFHWRUHQRXQFHDOOWKDWWRVLPSO\PRYH RXWRIWKHZKROHWUDS ,WZDVGLIILFXOWIRUKLPYHU\GLIILFXOW HYHQWRVXUYLYHZDVGLIILFXOW,UHVSHFWWKH PDQ,UHVSHFWKLPWUHPHQGRXVO\$QG,FDQXQGHUVWDQGZK\KHLVDJDLQVW PDVWHUVGLVFLSOHVVDQQ\DV -DJGLVK\RXVD\$OWKRXJK,KDYHQRWEHHQWR.ULVKQDPXUWL VODWHVWGLVFRXUVHV LQ%RPED\,KDYHKHDUGWKDWKHKDGWDONHGDJDLQVWVDQQ\DVLQWKHP,WVHHPVWR PHWKDWWKLVDWWLWXGHLVDGHYLFHWKDWKHOSVERWKKLVZRUNDQG\RXUVWKDWKHGRHV QRWPHDQZKDWKHVD\V +HVD\VZKDWKHPHDQVKHPHDQVZKDWKHVD\V+LVQDUURZYLVLRQLVYHU\FOHDU 7KDWLVRQHRIWKHPRVWEHDXWLIXOWKLQJVDERXWQDUURZYLVLRQVWKH\DUHFOHDU7KH ZLGHUWKHVN\WKHOHVVWKHFODULW\ WKHELJJHUWKHYLVLRQWKHOHVVWKHFODULW\ $QGP\YLVLRQFRQWDLQVDOO+LVYLVLRQLVYHU\H[FOXVLYHP\YLVLRQLVYHU\ LQFOXVLYH+LVYLVLRQLVRQO\KLV0\YLVLRQFRQWDLQV%XGGKD=DUDWKXVWUD0RVHV 0DKDYLUD0RKDPPHGDQGPLOOLRQVPRUH$QGUHPHPEHU,DPQRWWU\LQJWR PDNHDV\QWKHVLVKHUH,DPQRWWU\LQJWRFKRRVHZKDWLVEHDXWLIXOLQRQHDQG ZKDWLVEHDXWLIXOVRPHZKHUHHOVH1R,DFFHSWHYHU\WUDGLWLRQDVLWLVHYHQ WKRXJKVRPHWLPHVLWJRHVDJDLQVWPHHYHQWKRXJKVRPHWLPHVWKHUHDUHSRLQWV ZKLFK,ZRXOGQRWOLNHWREHWKHUH%XWWKHQZKRDP,":K\VKRXOG,EULQJP\ FKRLFHLQWRLW" ,DFFHSWHYHU\WUDGLWLRQDVLWLVZLWKRXWLQWHUIHULQJZLWKLW7KLVKDVQHYHUEHHQ GRQHEHIRUHDQGWKLVPD\QRWEHGRQHDJDLQIRUFHQWXULHVEHFDXVHWRKDYH VXFKLQFOXVLYHYLVLRQLVYHU\FRQIXVLQJ%HLQJZLWKPH\RXFDQQHYHUKDYH FHUWDLQW\7KHPRUH\RXDUHZLWKPHWKHPRUHDQGPRUHWKHJURXQGXQGHU\RXU IHHWZLOOGLVDSSHDU7KHPRUH\RXDUHKHUHZLWKPHWKHPRUHDQGPRUH\RXU PLQGZLOOEHWDNHQDZD\DQGZLWKLWDOOFHUWDLQW\
:LWK.ULVKQDPXUWLHYHU\WKLQJLVFHUWDLQDEVROXWHO\FHUWDLQ+HLVRQHRIWKHPRVW FRQVLVWHQWPHQZKRKDVHYHUZDONHGRQWKHHDUWKEHFDXVHKHKDVVXFKD QDUURZYLVLRQ:KHQ\RXKDYHDYHU\QDUURZYLVLRQ\RXDUHERXQGWREHYHU\ FRQVLVWHQW
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
$QDQG6ZDJKDWFDEEDJHVDUHDOVRSHRSOHDQGYHU\LQQRFHQWSHRSOH:KDWGR \RXPHDQ,WVHHPVVRGLVUHVSHFWIXO"'LVUHVSHFWIXOWRZKRP"7RFDEEDJHV",Q IDFWLWLVPRUHGLVUHVSHFWIXOWRFDEEDJHVWRFRPSDUHWKHPZLWKPHQ:KDWKDYH WKH\GRQH" -XVWORRNDWPDQ VKLVWRU\DQGWKHKLVWRU\RIFDEEDJHV
FKDSWHUQLQHZDWFKLQJWKHZDWFKHU
IHEUXDU\ DPLQEXGGKDKDOO
*5$637+(35,1&,3/(2)7:2:,71(66(6 $/:$<65(/<21-867$+$33<)5$0(2)0,1' (9(17+28*+<28$5(',675$&7(',)<28&$1'2,7,7,667,// 0,1'75$,1,1* $/:$<62%6(59(7+(7+5((*(1(5$/32,176 &+$1*(<285,1&/,1$7,21$1'7+(10$,17$,1,7 '2127',6&866'()(&76 '21 77+,1.$%287$1<7+,1*7+$7&21&(51627+(56
75$,1),567$*$,1677+('(),/(0(177+$7,6*5($7(67 $%$1'21$//+23(62)5(68/76 7KHILUVWVXWUD *5$637+(35,1&,3/(2)7:2:,71(66(6 ,WLVRQHRIWKHPRVWLPSRUWDQWVXWUDVRQHRIWKHYHU\IXQGDPHQWDOVRILQQHU DOFKHP\/HWLWVLQNGHHSLQ\RXUKHDUW,WFDQWUDQVIRUP\RXLWFDQJLYH\RXD QHZELUWKDQHZYLVLRQDQHZXQLYHUVH,WKDVWZRPHDQLQJV ERWKPHDQLQJV KDYHWREHXQGHUVWRRG 7KHILUVWPHDQLQJ WKHUHDUHWZRNLQGVRIZLWQHVVHV2QHNLQGLVWKHSHRSOHWKDW VXUURXQG\RX
GLHV 7KDW VZKDWKDSSHQHGZLWK.DKOLO*LEUDQ V7KH3URSKHW7KDW VZKDWKDSSHQHG ZLWK5DELQGUDQDWK V*LWDQMDOL$QGWKDWLVDOPRVWWKHUXOHQRWWKHH[FHSWLRQ 2QFH\RXDUHIDPRXV\RXVWRSFRPSURPLVLQJ)RUZKDW"
ZLOOKDYHLQGLYLGXDOLW\EXWQRSHUVRQDOLW\DWDOO,I\RXDUHDORQHLQWKH+LPDOD\DV ZKRDUH\RXDVDLQWRUDVLQQHU"7KHUHLVQRERG\WRDSSUHFLDWH\RXRU FRQGHPQ\RXWKHUHLVQRERG\WRPDNH\RXIDPRXVRUQRWRULRXVWKHUHLVQRERG\ H[FHSW\RXUVHOI,Q\RXUWRWDODORQHQHVVZKRDUH\RX"$VLQQHURUDVDLQW"$YHU\ YHU\IDPRXVSHUVRQYYLSRUMXVWDQRERG\"
,GRQ WNQRZ\RX",NQRZ\RXPRUHWKDQ\RXNQRZ\RXUVHOI,DP\RXUIDWKHU, KDYHJLYHQELUWKWR\RXLQ\RXUEORRGP\EORRGFLUFXODWHVDQG,GRQ WNQRZ \RX" %XGGKDVDLG6WLOO,SUD\VLU
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
PDQWREHDSODVWLFURVHDQGQRWWREHDUHDOURVH 7KHVHFRQGNLQGRIZLWQHVVLQJLVWRWDOO\GLIIHUHQWMXVWWKHSRODURSSRVLWH,WLVQRW WKDW\RXKDQNHUIRURWKHUV DWWHQWLRQ RQWKHFRQWUDU\\RXVWDUWSD\LQJDWWHQWLRQWR \RXUVHOI
PRVW7REHZLWKDVDJHLVWREHZLWKDPDVWHU7KHVHDUHWKHWZRZLWQHVVHV $WLVKDVD\V *5$637+(35,1&,3/(2)7:2:,71(66(6 $YRLGWKHILUVWDQGSOXQJHLQWRWKHVHFRQG 7KHUHLVDQRWKHUPHDQLQJWRWKLVVXWUDWRR7KHRWKHUPHDQLQJLVILUVWZLWQHVV WKHREMHFWVRIWKHPLQG7KLVLVDKLJKHUPHDQLQJWKDQWKHILUVW:LWQHVVWKH REMHFWVRIWKHPLQG 3DWDQMDOLFDOOVLWGK\DQDPHGLWDWLRQIURPWKHVDPHZRUGFRPH]HQDQG&+ $1 :LWQHVVWKHREMHFWVWKHFRQWHQWVRIWKHPLQG:KDWVRHYHUSDVVHVEHIRUH\RX ZDWFKLWZLWKRXWHYDOXDWLQJMXGJLQJRUFRQGHPQLQJ'RQ WEHIRURUDJDLQVWMXVW ZDWFKDQGGK\DQDPHGLWDWLRQLVFUHDWHG $QGWKHVHFRQGLVZLWQHVVWKHZLWQHVVLWVHOIDQGVDPDGKLLVFUHDWHGVDWRULLV FUHDWHGWKHXOWLPDWHHFVWDV\LVFUHDWHG7KHILUVWOHDGVWRWKHVHFRQG6WDUW ZDWFKLQJ\RXUWKRXJKWVEXWGRQ WVWRSWKHUH:KHQWKRXJKWVKDYHGLVDSSHDUHG WKHQGRQ WWKLQNWKDW\RXKDYHDUULYHG2QHPRUHWKLQJKDVWREHGRQHRQHPRUH VWHS1RZZDWFKWKHZDWFKHU1RZMXVWZLWQHVVWKHZLWQHVVLQJ1RWKLQJHOVHLV OHIWRQO\\RXDUH-XVWVXGGHQO\EHFRPHDZDUHRIDZDUHQHVVLWVHOIDQGWKHQ GK\DQDLVWUDQVIRUPHGLQWRVDPDGKL%\ZDWFKLQJWKHPLQGWKHPLQGGLVDSSHDUV %\ZDWFKLQJWKHZLWQHVVWKHZLWQHVVH[SDQGVDQGEHFRPHVXQLYHUVDO 7KHILUVWLVDQHJDWLYHVWHSWRJHWULGRIWKHPLQG7KHVHFRQGLVDSRVLWLYHVWHSWR JHWURRWHGLQWKHXOWLPDWHFRQVFLRXVQHVVFDOOLW*RGRUQLUYDQDRUZKDWHYHU\RX ZLVK 7KHVHFRQGVXWUD $/:$<65(/<21-867$+$33<)5$0(2)0,1' ,I\RXDUHXQKDSS\WKDWVLPSO\PHDQVWKDW\RXKDYHOHDUQHGWULFNVIRUEHLQJ XQKDSS\DQGQRWKLQJHOVH8QKDSSLQHVVGHSHQGVRQWKHIUDPHRI\RXUPLQG 7KHUHDUHSHRSOHZKRDUHXQKDSS\LQDOONLQGVRIVLWXDWLRQV7KH\KDYHDFHUWDLQ TXDOLW\LQWKHLUPLQGZKLFKWUDQVIRUPVHYHU\WKLQJLQWRXQKDSSLQHVV,I\RXWHOO WKHPDERXWWKHEHDXW\RIWKHURVHWKH\LPPHGLDWHO\VWDUWFRXQWLQJWKHWKRUQV,I \RXVD\WRWKHP:KDWDEHDXWLIXOPRUQLQJZKDWDVXQQ\GD\WKH\ZLOOORRNDW \RXDVLIWKH\DUHVXUSULVHGE\\RXUVWDWHPHQW7KH\ZLOOVD\6RZKDW2QHGD\ EHWZHHQWZRGDUNQLJKWV,WLVRQO\RQHGD\EHWZHHQWZRGDUNQLJKWVVRZKDWLV WKHELJGHDO":K\DUH\RXORRNLQJVRIDVFLQDWHG" 7KHVDPHWKLQJFDQEHVHHQIURPDSRVLWLYHUHIHUHQFH WKHQVXGGHQO\HDFKQLJKW LVVXUURXQGHGE\WZRGD\V$QGWKHQVXGGHQO\LWLVDPLUDFOHWKDWWKHURVHLV SRVVLEOHWKDWVXFKDGHOLFDWHIORZHULVSRVVLEOHDPRQJVRPDQ\WKRUQV
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
RQO\GLIIHUHQWWKH\QHYHURYHUODS7KH\DUHXWWHUO\GLIIHUHQWWKH\H[LVWRQ GLIIHUHQWSODQHV $WLVKDPDNHVLWDIXQGDPHQWDOUXOHIRUKLVGLVFLSOHVWROLYHLQDKDSS\IUDPHRI PLQG7KHQ\RXVWDUWWXUQLQJHDFKRSSRUWXQLW\LQWRDFKDOOHQJHIRUJURZWK)RU H[DPSOHVRPHERG\LQVXOWV\RX1RZLWLVVRFOHDUWKDW\RXKDYHEHHQLQVXOWHG KRZFDQ\RXSUDFWLFHDKDSS\IUDPHRIPLQGQRZ"
VKRZHUVPDQ\PDQ\EOHVVLQJVRQ\RX WKDWWKHH[LVWHQFHLVJUDFHIXOWRZDUGV \RXWKDW\RXDUHQRWDOLHQDWHGWKDW\RXDUHQRWDVWUDQJHUWKDWWKLVLV\RXU KRPH 7RIHHOWKDW7KLVH[LVWHQFHLVP\KRPHLVWRNQRZ*RG 7KHWKLUGVXWUD (9(17+28*+<28$5(',675$&7(',)<28&$1'2,7,7,667,// 0,1'75$,1,1*
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
),567$*$,1677+('(),/(0(177+$7,6*5($7(67 *XUGMLHIIXVHGWRVD\WRKLVGLVFLSOHVWKHILUVWWKLQJWKHYHU\YHU\ILUVWWKLQJ )LQGRXWZKDW\RXUJUHDWHVWFKDUDFWHULVWLFLV\RXUJUHDWHVWXQGRLQJ\RXUFHQWUDO FKDUDFWHULVWLFRIXQFRQVFLRXVQHVV(DFKRQH VLVGLIIHUHQW 6RPHERG\LVVH[REVHVVHG,QDFRXQWU\OLNH,QGLDZKHUHIRUFHQWXULHVVH[KDV EHHQUHSUHVVHGWKDWKDVEHFRPHDOPRVWDXQLYHUVDOFKDUDFWHULVWLF HYHU\ERG\LV REVHVVHGZLWKVH[6RPHERG\LVREVHVVHGZLWKDQJHUDQGVRPHERG\HOVHLV REVHVVHGZLWKJUHHG
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
DOOWKRXJKWVGLVDSSHDUHGVXGGHQO\KHZDVWUDQVSRUWHGDQGIRUQRUHDVRQDW DOOEHFDXVHKHKDGQRWGRQHDQ\WKLQJ $QGWKHQKHEHFDPHDZDUHWKDWVRPHERG\ZDVOHDQLQJRYHUKLP+HRSHQHGKLV H\HV$YHU\DQFLHQWPDQZDVWKHUH$QGWKHROGPDQVPLOLQJVDLG6R\RX KDYHFRPH+DYH\RXVRPHWKLQJWRDVNPH" $QGWKHPDQVDLG1R $QGWKHROGPDQODXJKHGDJUHDWEHOO\ODXJKZKLFKZDVHFKRHGE\WKHYDOOH\V $QGKHVDLG6RQRZ\RXNQRZZKDWPHGLWDWLRQLV" $QGWKHPDQVDLG
FKDSWHUWHQPLUDFOHVDUH\RXUELUWKULJKW
IHEUXDU\ DPLQEXGGKDKDOO
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
7KHSRVVLEOHJRDOFDQJLYH\RXRQO\DVPDOOHJRDQGWKDWWRRRQO\IRUWKHWLPH EHLQJ2QFHWKHJRDOLVDFKLHYHG\RXZLOOVWDUWIHHOLQJIUXVWUDWHG7KDW VZKDW KDSSHQVHYHU\GD\
<28'(),1()250(7+()2857(506 7587+*2'63,5,78$/)$&7 .HQ-RQHVLI\RXDUHRQO\DEHJLQQHULQWKHVHDUFKSOHDVHFRPHEDFNGRQ WJR DKHDG'RQ WEHFRPHPRUHRIDQH[SHUWLQWKHVSLULWXDOVHDUFKEHFDXVHWKH H[SHUWVDUHWKHORVHUV'RQ WEHFRPHPRUHNQRZOHGJHDEOHEHFRPHPRUH LQQRFHQW'URSDOOWKDW\RXNQRZIRUJHWDOOWKDW\RXNQRZ5HPDLQZRQGHULQJ EXWGRQ WWUDQVIRUP\RXUZRQGHULQJLQWRTXHVWLRQVEHFDXVHRQFHWKHZRQGHULV FKDQJHGLQWRDTXHVWLRQVRRQHURUODWHUWKHTXHVWLRQZLOOEULQJNQRZOHGJH$QG NQRZOHGJHLVDIDOVHFRLQ )URPWKHVWDWHRIZRQGHUWKHUHDUHWZRSDWKV2QHLVRITXHVWLRQLQJWKHZURQJ SDWKLWOHDGV\RXLQWRPRUHDQGPRUHNQRZOHGJH7KHRWKHULVQRWRI TXHVWLRQLQJEXWHQMR\LQJ(QMR\WKHZRQGHUWKHZRQGHUWKDWOLIHLVWKHZRQGHU WKDWH[LVWHQFHLVWKHZRQGHURIWKHVXQDQGWKHVXQOLJKWDQGWKHWUHHVEDWKHGLQ LWVJROGHQUD\V([SHULHQFHLW'RQ WSXWLQDTXHVWLRQPDUNOHWLWEHDVLWLV 5HPDLQLJQRUDQWLI\RXHYHUZDQWWREHFRPHHQOLJKWHQHG5HPDLQLQQRFHQW FKLOGOLNHLI\RXHYHUZDQWDFRPPXQLRQZLWKH[LVWHQFHDQGUHDOLW\5HPDLQLQ ZRQGHULI\RXZDQWWKHP\VWHULHVWRRSHQXSIRU\RX0\VWHULHVQHYHURSHQXSIRU WKRVHZKRJRRQTXHVWLRQLQJ4XHVWLRQHUVVRRQHURUODWHUHQGXSLQDOLEUDU\ 4XHVWLRQHUVVRRQHURUODWHUHQGXSZLWKVFULSWXUHVEHFDXVHVFULSWXUHVDUHIXOORI DQVZHUV $QGDQVZHUVDUHGDQJHURXVWKH\NLOO\RXUZRQGHU7KH\DUHGDQJHURXVEHFDXVH WKH\JLYH\RXWKHIHHOLQJWKDW\RXNQRZDOWKRXJK\RXNQRZQRW7KH\JLYH\RX WKLVPLVFRQFHSWLRQDERXW\RXUVHOIWKDWQRZTXHVWLRQVKDYHEHHQVROYHG,NQRZ ZKDW7KH%LEOHVD\V,NQRZZKDWWKH.RUDQVD\V,NQRZZKDWWKH*LWDVD\V, KDYHDUULYHG
,WLVRQO\FRZDUGVZKRUHGXFHWKHWUHPHQGRXVO\YDOXDEOHFDSDFLW\RIZRQGHULQJ WRTXHVWLRQV7KHUHDOO\EUDYHWKHFRXUDJHRXVSHUVRQOHDYHVLWDVLWLV5DWKHU WKDQFKDQJLQJLWLQWRDTXHVWLRQKHMXPSVLQWRWKHP\VWHU\5DWKHUWKDQWU\LQJWR FRQWUROLWKHDOORZVWKHP\VWHU\WRSRVVHVVKLP $QGWKHMR\RIEHLQJSRVVHVVHGDQGWKHEHQHGLFWLRQRIEHLQJSRVVHVVHGLV LQYDOXDEOH
*RGEXW\RXDUHVLPSO\XVLQJQDPHVZRUGVODEHOVIRUVRPHWKLQJZKLFKLV EDVLFDOO\LQGHILQDEOH 7UXWKFDQQRWEHGHILQHGDOWKRXJKLWFDQFHUWDLQO\EHH[SHULHQFHG%XW H[SHULHQFHLVQRWDGHILQLWLRQ$GHILQLWLRQLVPDGHE\WKHPLQGH[SHULHQFH FRPHVWKURXJKSDUWLFLSDWLQJ,IVRPHERG\DVNV:KDWLVDGDQFH"KRZFDQ\RX GHILQHLW"%XW\RXFDQGDQFHDQG\RXFDQNQRZWKHLQQHUIHHORILW *RGLVWKHXOWLPDWHGDQFH
LWLVQRPRUHWUXHWKLVLVKLVGHFODUDWLRQ1RZLI\RXXQGHUVWDQGWKHERRNLV ILQLVKHG:KDWFDQEHVDLGDERXWWKHWUXWK"
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
:KDWVRHYHU\RXVHHDURXQG\RXLVDIDFW
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
TXHVWLRQRINQRZOHGJHLWLVDTXHVWLRQRIZLVGRP:LVGRPLVDWRWDOO\GLIIHUHQW SKHQRPHQRQZLVGRPLVLQQRFHQFH
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
FKDSWHUHOHYHQH[SHOOHGIURPWKHZRUOG
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
FRQIOLFWDFLYLOZDU 7KLVFLYLOZDUKDVWREHGURSSHGRWKHUZLVH\RXZLOOPLVVWKHZKROHEHDXW\WKH EHQHGLFWLRQRIOLIH
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
:KHUHYHUWKHZLQGVWDNHPH 7KHPDVWHUVDLG,ZDUQHG\RXEXW\RXGLGQ WOLVWHQ1RZORRNWRPRUURZ\RX VWDQGDWWKHVDPHSODFHDJDLQ:KHQKHFRPHVDVNKLP :KHUHDUH\RXJRLQJ" DQGKHZLOOVD\ :KHUHYHUWKHZLQGVWDNHPH 7KHQ\RXDOVREHDOLWWOHPRUH SKLORVRSKLFDO6D\ ,I\RXGRQ WKDYHDQ\OHJVWKHQ"%HFDXVHWKHVRXOLV ERGLOHVVDQGWKHZLQGFDQQRWWDNHWKHVRXODQ\ZKHUH :KDWDERXWWKDW" $EVROXWHO\UHDG\WKHZKROHQLJKWKHUHSHDWHGLWDJDLQDQGDJDLQDQGDJDLQ$QG QH[WPRUQLQJYHU\HDUO\KHZHQWWKHUHVWRRGRQWKHULJKWVSRWDQGDWWKHH[DFW
WLPHWKHER\FDPH+HZDVYHU\KDSS\QRZKHZDVJRLQJWRVKRZKLPZKDWUHDO SKLORVRSK\LV6RKHDVNHG:KHUHDUH\RXJRLQJ"$QGKHZDVZDLWLQJ %XWWKHER\VDLG,DPJRLQJWRIHWFKYHJHWDEOHVIURPWKHPDUNHW 1RZZKDWWRGRZLWKWKHSKLORVRSK\WKDWKHKDGOHDUQHG" /LIHLVOLNHWKDW
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
$IWHUWKHGRQNH\KDGEHHQDOORZHGWRUHVWIRUDZKLOHWKH\FRQWLQXHGWKHMRXUQH\ EXWLQDFRPSOHWHO\GLIIHUHQWPDQQHU7KXVLWZDVODWHWKDWDIWHUQRRQWKDWWKHROG PDQDQGWKHER\ZHUHVHHQJDVSLQJEUHDWKOHVVO\LQWRWKHPDUNHWSODFH6OXQJRQ DSROHEHWZHHQWKHPKXQJE\KLVWLHGIHHWZDVWKHGRQNH\ $V$HVRSVDLG
7KHODVWTXHVWLRQ %(/29('26+2 :+$7,6<285,'($2)+($9(1" 7KHUHLVQRKHDYHQDQGWKHUHLVQRKHOO7KH\DUHQRWJHRJUDSKLFDOWKH\DUHSDUW RI\RXUSV\FKRORJ\7KH\DUHSV\FKRORJLFDO7ROLYHDOLIHRIVSRQWDQHLW\WUXWK ORYHDQGEHDXW\LVWROLYHLQKHDYHQ7ROLYHDOLIHRIK\SRFULV\OLHVDQG FRPSURPLVHVWROLYHDFFRUGLQJWRRWKHUVLVWROLYHLQKHOO7ROLYHLQIUHHGRPLV KHDYHQDQGWROLYHLQERQGDJHLVKHOO
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
FKDSWHUWZHOYHEXGGKDLQWKHVXSHUPDUNHW
IHEUXDU\ DPLQEXGGKDKDOO
7KHILUVWTXHVWLRQ %(/29('26+2 21(2)7+((66(17,$//$:62)1$785(6((0672%( 5(/$7,216+,3,17(5'(3(1'(1&(,+$9(:$7&+('7:2%,5'6)/< ,17,0$7(:,7+($&+27+(5$1':,7+7+(:,1'62($6<$1' :,7+287675,)(,13(5)(&7+$5021<:+$7,67+(6(&5(72) 7+,67+$76((0662+$5')25+80$1%(,1*6"3/($6(26+26$< 620(7+,1*$%2875(/$7,216+,3 9DVXPDWLWKHPRVWIXQGDPHQWDOWKLQJWREHUHPHPEHUHGLVWKDWOLIHLVGLDOHFWLFDO ,WH[LVWVWKURXJKGXDOLW\LWLVDUK\WKPEHWZHHQRSSRVLWHV
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
DUHQRWLQGHSHQGHQWKRZFDQ\RXUHODWH":LWKZKRPFDQ\RXUHODWH" /LIHLVLQWHUGHSHQGHQFH1RERG\LVLQGHSHQGHQWQRWIRUDVLQJOHPRPHQWFDQ \RXH[LVWDORQH
DQGZLWKWKHZLQGVRHDV\DQGZLWKRXWVWULIHLQSHUIHFWKDUPRQ\
FHUWDLQIRUJHWIXOQHVVRIDQ[LHW\,I\RXULVHIURPWKHVHOI\RXZLOOQRWRQO\KDYHD IRUJHWIXOQHVVRIDQ[LHW\ DQ[LHWLHVVLPSO\HYDSRUDWHWKH\H[LVWQRPRUH
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
WRGR
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
WKHVKRFNVRIUHDOLW\GRQ WUHDFKWRXV
:KDWDUH\RXWDONLQJDERXW"
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
FKDSWHUWKLUWHHQGRQ WPDNHZLFNHGMRNHV
IHEUXDU\ DPLQEXGGKDKDOO
$%$1'2132,621(')22' '21 7%(&216,67(17 '21 70$.(:,&.('-2.(6 '21 7:$,7)25$123325781,7< '21 7675,.($77+(+($57 '21 775$16)(57+(&2: 6/2$'727+(%8// '21 7%$&.7+()$925,7( '21 7+$9(:521*9,(:6 '21 7)$//)257+(&(/(67,$/'(021 7KHILUVWVXWUD $%$1'2132,621(')22' $FFRUGLQJWRWKHP\VWLFWUDGLWLRQVRIWKH(DVWDOOWKDW\RXWKLQN\RXDUHLVQRWKLQJ EXWIRRG
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
ZRXOGFRPHODWHURQ 2QFHLWKDSSHQHGIRUWHQGD\V,ZDVDZD\DQGZKHQ,FDPHEDFNKHFDPH DJDLQWRFROOHFWDOOWKHQHZVSDSHUV,VDLGWRKLP%XWWKHVHDUHROGQRZWHQ GD\VROG +HVDLG:KDWGRHVLWPDWWHU",WLVWKHVDPHUXEELVK2QO\WKHGDWHVFKDQJH ,WPXVWKDYHEHHQDYHU\VDQHPRPHQWLQWKDWPDGPDQ VOLIH
$QGWRHDWPHDWLVWRHDWSRLVRQHGIRRG $YRLGDQ\WKLQJWKDWLVSRLVRQHGRQWKHSK\VLFDOSODQHDYRLGDQ\WKLQJWKDWLV SRLVRQHGRQWKHPHQWDOSODQH$QGRQWKHPHQWDOSODQHWKLQJVDUHPRUH FRPSOLFDWHG,I\RXWKLQN\RXDUHD+LQGX\RXDUHSRLVRQHG LI\RXWKLQN\RXDUH D0RKDPPHGDQ\RXDUHSRLVRQHG,I\RXWKLQN\RXDUHD&KULVWLDQD-DLQDD %XGGKLVW\RXDUHSRLVRQHG$QG\RXKDYHEHHQSRLVRQHGVORZO\VRVORZO\WKDW \RXKDYHEHFRPHDWWXQHGWRLW
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
%HFDXVH\RXFDQQRWGURSSV\FKRORJLFDOZRXQGV\RXEHFRPHYLFWLPVRISV\FKR IUDXG7KHZRUOGLVIXOORISV\FKRDQDO\VWVRIPDQ\NLQGVWKH\FRPHLQDOOVKDSHV DQGVL]HV7KHZRUOGLVIXOORIDOONLQGVRISV\FKRWKHUDSLHV%XWZK\DUHVRPDQ\ SV\FKRWKHUDSLHVQHHGHG"7KH\DUHQHHGHGEHFDXVH\RXDUHQRWLQWHOOLJHQW HQRXJKWRKHDO\RXURZQZRXQGV,QVWHDGRIKHDOLQJWKHPLQVWHDGRIRSHQLQJ WKHPWRWKHZLQGVDQGWRWKHVXQ\RXJRRQKLGLQJWKHP
:HDUHWU\LQJWRFUHDWHDQLQWHOOLJHQWNLQGRIOLIH,DPQRWPXFKRIDUHOLJLRXV SHUVRQ,DPQRWDVDLQW,KDYHQRWKLQJWRGRZLWKVSLULWXDOLW\$OOWKRVHFDWHJRULHV DUHLUUHOHYDQWDERXWPH
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
7KLVLVWKHZD\DORJLFDOPLQGIXQFWLRQV,WLVRQHGLPHQVLRQDO/LIHLV PXOWLGLPHQVLRQDO'RQ WFRQILQHLWGRQ WPDNHLWOLQHDUGRQ WOLYHOLNHDOLQH/LYH WKHPXOWLGLPHQVLRQVRILWWKHPXOWLSKDVHVRILWDQGWKHQ\RXFDQQRWEH FRQVLVWHQWEHFDXVHOLIHLVSDUDGR[LFDORQHPRPHQWLWLVMR\DQRWKHUPRPHQWLW LVVDGQHVV,I\RXDUHYHU\FRQVLVWHQWWKHQ\RXKDYHWRJRRQVPLOLQJ ZKHWKHU \RXUKHDUWLVFU\LQJRUVPLOLQJWKDWGRHVQ WPDWWHU\RXKDYHWREHFRQVLVWHQW
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
VXUIDFHRQHPD\WKLQNWKHUHLVVRPHYLROHQFHEXWWKHSRLQWLVQRWZKDWRWKHUV WKLQNWKHSRLQWLVZKDW\RXULQWHQWLRQLV,WLVDTXHVWLRQRILQWHQWLRQ
$QGWKLVKDVKDSSHQHGPDQ\WLPHVLQWKHSDVW
'21 775$16)(57+(&2: 6/2$'727+(%8// 3HRSOHDUHDOZD\VILQGLQJVFDSHJRDWV%HFDXVHWKH\FDQQRWDQVZHUWKHVWURQJ SHUVRQWKH\WDNHUHYHQJHRQWKHZHDN 7KHUHLVDVWRU\DERXW0XOOD1DVUXGGLQ+HZDVLQWKHFRXUWRIDJUHDWNLQJKH ZDVWKHMHVWHURIWKHFRXUW+HVDLGVRPHWKLQJYHU\IXQQ\EXWWKHNLQJIHOW RIIHQGHGDQGKHVODSSHG0XOOD1DVUXGGLQ1RZ0XOODZDQWHGWRVODSKLPEDFN EXWWKDWZDVULVN\WKDWZDVGDQJHURXVVRKHVODSSHGWKHPDQZKRZDV VWDQGLQJE\KLVVLGH 7KHPDQZDVWDNHQDEDFN KHVDLG:KDWDUH\RXGRLQJ",KDYHQRWGRQH DQ\WKLQJWR\RX $QG0XOODVDLG:K\DUH\RXDUJXLQJZLWKPH"
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
FKDSWHUIRXUWHHQRWKHUJXUXVDQGHWFHWHUDQDQGDV
IHEUXDU\ DPLQEXGGKDKDOO 7KHILUVWTXHVWLRQ
%(/29('26+2 &$1<286$<620(7+,1*$%287'($7+$1'7+($572)'<,1*" 'HYD9DQGDQDWKHILUVWWKLQJWREHNQRZQDERXWGHDWKLVWKDWGHDWKLVDOLH 'HDWKH[LVWVQRW LWLVRQHRIWKHPRVWLOOXVRU\WKLQJV'HDWKLVWKHVKDGRZRI DQRWKHUOLHWKHQDPHRIWKDWRWKHUOLHLVWKHHJR'HDWKLVWKHVKDGRZRIWKH HJR%HFDXVHWKHHJRLVGHDWKDSSHDUVWREHWKHUH 7KHVHFUHWRINQRZLQJGHDWKRIXQGHUVWDQGLQJGHDWKLVQRWLQGHDWKLWVHOI
7U\LWLQVPDOODFWV
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
IRUWKHVDPHH[SHULHQFHDJDLQDQGDJDLQ"
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
KHUH"$QG,VD\7KH\DUHDOO,QGLDQV7KHUHDUHMXVWDIHZIRUHLJQHUVMXVW WKRVHIHZZKRP\RXWKLQNDUH,QGLDQVMXVWWKRVHIHZIRUHLJQHUV RWKHUZLVHWKH\ DUHDOO,QGLDQV 7REHDQ,QGLDQKDVQRWKLQJWRGRZLWKJHRJUDSK\LWKDVVRPHWKLQJWRGRZLWKDQ LQQHUDSSURDFKWRZDUGVUHDOLW\0RGHUQ,QGLDKDVIRUJRWWHQWKHZD\VRIWKH %XGGKDDQGKDVIRUJRWWHQKRZWROLYHZLWKEXGGKDV ,DPWU\LQJWRUHYHDOWKDWWUHDVXUHWR\RXDJDLQ/HWLWVLQNGHHSLQ\RXUKHDUW7KH ILUVWSULQFLSOHLVWKHDUWRIOLYLQJ%HOLIHDIILUPDWLYH/LIHLVV\QRQ\PRXVZLWK*RG
VRXUFHRIOLIH$VNWKHTXHVWLRQ:KDWLVWKHSXUSRVHRILW"DQGHYHU\WKLQJ EHFRPHVPHDQLQJOHVV ,WLVHDUO\PRUQLQJWKHVXQLVULVLQJDQGWKHHDVWLVUHGZLWKWKHVXQDQGWKHELUGV DUHVLQJLQJDQGWKHWUHHVDUHZDNLQJXSDQGLWLVDOOMR\,WLVDUHMRLFLQJDQHZ GD\KDVKDSSHQHGDJDLQ$QG\RXDUHVWDQGLQJWKHUHDVNLQJWKHTXHVWLRQ:KDW LVWKHSXUSRVHRILW"
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
H[LVWHQFH %XW\RXFDQNQRZWKHEHDXW\RIGHDWKRQO\LI\RXNQRZWKHEHDXW\RIOLIH/LIH SUHSDUHV\RXIRUGHDWK%XWSHRSOHDUHQRWOLYLQJDWDOO WKH\DUHKDPSHUHGLQ HYHU\SRVVLEOHZD\IURPOLYLQJ6RWKH\GRQ WNQRZZKDWOLIHLVDQGFRQVHTXHQWO\ WKH\ZLOOQRWNQRZZKDWGHDWKLV 'HDWKLVDOLH
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
WKHWUXH,QGLDQVSLULWDQGWKHWUXH,QGLDQLPDJH LIWKH\KDYHGHFLGHGLWZLWKRXW LQYHVWLJDWLQJDWDOOWKHQLWLVWKHLUGXW\WRDSSRLQWDFRPPLVVLRQ:K\VKRXOG, DVNWKHPWRDSSRLQWDFRPPLVVLRQ"%XWWKLVLVDOHJDOWULFN+HNQRZV,GRQ W ZULWHSHUVRQDOOHWWHUV)RUILYH\HDUV,KDYHQRWGRQHVRDQG,DPQRWJRLQJWRGR LWQRZ $QGWKHQKHLVZRUULHGDOVRDERXWVRPHWKLQJKHVDLGLQSDUOLDPHQWWKHRWKHUGD\ +HVDLGWKDWKHKDVQRWUHFHLYHGDQ\SHUVRQDOOHWWHUIURPPHDQGLWLVDOZD\V
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
FKDSWHUILIWHHQWKHVPRNHOHVVIODPH IHEUXDU\ DPLQEXGGKDKDOO
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
DUHPRUHWHQVHWKDQEHIRUH\RXDUHPRUHDQ[LHW\ULGGHQWKDQEHIRUH 0RQH\KDVEURXJKWDIHZEOHVVLQJVEXWLQWKHVDPHPHDVXUHLWKDVEURXJKW PDQ\FXUVHVWRR
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
RWKHUZRUOGO\GHVLUHVZHUHMXVWDVIRROLVKDVWKHZRUOGO\GHVLUHV,QWKDWPRPHQW LQWKDWLQVLJKWKHEHFDPHREMHFWOHVV /HWPHWHOO\RXWKHVFULSWXUHVUHSRUWLWYHU\ZURQJO\7KH\VD\WKDWLQWKDW PRPHQWKHEHFDPHGHVLUHOHVV%XWWU\WRXQGHUVWDQGZKDW,DPWU\LQJWRFRQYH\ WR\RX+HEHFDPHREMHFWOHVVQRWGHVLUHOHVV
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
:RUGVGRQ WFRPPXQLFDWH2QWKHFRQWUDU\IRUKLJKHUWKLQJVWKH\EHFRPH EDUULHUV)RUORZHUWKLQJVWKH\DUHEULGJHV WKHKLJKHU\RXPRYHWKHOHVVDQG OHVVWKH\DUHEULGJHVWKHPRUHDQGPRUHWKH\DUHZDOOV
0LQGLVOLPLWHGKHQFHLWFUHDWHVGLYLVLRQVSDVWSUHVHQWDQGIXWXUH7KHSUHVHQW LVWKDWZKLFKIRUDPRPHQWDSSHDUVRQWKHVFUHHQRIWKHPLQGDQGWKHSDVWLV WKDWZKLFKLVQRPRUHRQWKHVFUHHQDQGWKHIXWXUHLVWKDWZKLFKLVQRW\HW%XW OHWPHWHOO\RX DOOLVDQGDOZD\VLV1RWKLQJHYHUJRHVRXWRIH[LVWHQFHDQG QRWKLQJHYHUFRPHVLQWRH[LVWHQFH(YHU\WKLQJSHUVLVWVUHPDLQV 7LPHLVDIDOVHQRWLRQFUHDWHGE\WKHPLQG (WHUQLW\LVWUXWKWLPHOHVVQHVVLVWUXWK 6RPHERG\DVNHG-HVXV7HOOXVVRPHWKLQJPRUHDERXWWKHNLQJGRPRI*RG :KDWZLOOEHVSHFLDOWKHUH"6RPHWKLQJXQLTXH
VRQV :LOOLDP%ODNH VLQVLJKWLVWUXH'HVLUHLVHQHUJ\HQHUJ\LVGHOLJKW&RQWHPSODWH RYHULW-XVWSXUHGHVLUHMXVWRYHUIORZLQJHQHUJ\IRUQRSDUWLFXODUREMHFWIRUQR GHVWLQDWLRQ 7KDW VZKDW\RXKDYHWRUHPHPEHUZKHQ\RXFRPHWRPHIRUDQHQHUJ\GDUVKDQ IRUDFORVHXS-XVWEHFRPHSXUHGHVLUHMXVWDQRYHUIORZLQJGHVLUHIRUQRWKLQJ LQSDUWLFXODU'RQ WZDLWIRUDQ\H[SHULHQFH([SHULHQFHVZLOOFRPHEXWGRQ WZDLW IRUWKHP,I\RXZDLW\RXZLOOPLVVEHFDXVHZKHQ\RXDUHZDLWLQJIRUDQ H[SHULHQFH\RXDUHQRPRUHLQWKHKHUHQRZ
+HQFHVH[LVQRWRQO\SK\VLFDO,WLVIDUPRUHFHUHEUDOLWLVIDUPRUHSV\FKRORJLFDO WKDQSK\VLFDO,QIDFWVH[LVWULJJHUHGQRWE\\RXUSK\VLRORJ\EXWE\\RXU SV\FKRORJ\7KHSK\VLRORJ\FRRSHUDWHVZLWKLWEXWGHHSGRZQVH[FRPHVIURP WKHLQQHUERG\WRWKHRXWHUERG\
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
VKRZHGLWWRRQHJUHDW(QJOLVKPDQ&)$QGUHZV$QGUHZVZHQWWKURXJKLWDQG DWMXVWIRXUSRLQWVKHVDLG)RXUZRUGVKDYHWREHFKDQJHGJUDPPDWLFDOO\WKH\ DUHZURQJ1DWXUDOO\5DELQGUDQDWKFKDQJHGWKHP 7KHQZKHQKHUHDG*LWDQMDOLDQGKLVSRHPVIRUWKHILUVWWLPHLQDSRHWV JDWKHULQJ LQ/RQGRQKHZDVVXUSULVHGKHFRXOGQRWEHOLHYHKLVHDUV2QH(QJOLVKSRHW
7KHVHFRQGTXHVWLRQ %(/29('26+2 ,81'(567$1'(9(5<7+,1*7+$7<286$<%87:+<'2(60</,)( 67,//5(0$,181&+$1*('" 6XGKDVWRXQGHUVWDQGVRPHWKLQJLQWHOOHFWXDOO\LVRQHWKLQJEXWWRXQGHUVWDQG VRPHWKLQJLQWHOOHFWXDOO\LVQRWJRLQJWRWUDQVIRUP\RXUOLIH
DOUHDG\FKDQJHG\RX WKHUHLVQRQHHGWRGRDQ\WKLQJDERXW\RXU FRPSUHKHQVLRQV 3OHDVHGRQ WWU\WRXQGHUVWDQGPHLQWHOOHFWXDOO\,DPQRWDQLQWHOOHFWXDOLQIDFW, DPDQWLLQWHOOHFWXDO,DPQRWDSKLORVRSKHU,DPYHU\DQWLSKLORVRSKLF7U\WR FRPSUHKHQGPH $QGKRZGRHVRQHWU\WRFRPSUHKHQG"+RZGRHVRQHWU\WRXQGHUVWDQGLQWKH ILUVWSODFH"8QGHUVWDQGLQJPHDQVOLVWHQLQJZLWKWKHKHDGFRQWLQXRXVO\ LQWHUSUHWLQJHYDOXDWLQJMXGJLQJ 7KLVLVULJKWWKLVLVZURQJ
7KHPDQZDVLQIXULDWHG+HGLGQRWHYHQORRNDWPHKHWKRXJKW$QGKRZFDQ KHWHOOZKDWLVZURQJZLWKP\DUPIURPP\XULQH" 7KHQH[WPRUQLQJWKHPDQVWLOODQJU\SHHGLQWKHMDU7KHQKHKDGKLVZLIHSHH LQLWWKHQKHKDGKLVGDXJKWHUSHHLQLW7KHQDVKHZDONHGRXWWKHGRRUKHVDZ KLVGRJSHHLQJRQDWUHHDQGKHJRWVRPHRIWKDWDOVR+HJDYHWKHXULQHWRWKH GRFWRUDQGVDWWKHUHODXJKLQJWRKLPVHOI -XVWWKHQWKHGRFWRUUHHQWHUHGWKHURRPDQGH[FODLPHG3OHDVHVLUWKLVLVQR ODXJKLQJPDWWHU
+HLVPDWKHPDWLFDOO\ULJKWVFLHQWLILFDOO\ULJKWEXWSRHWLFDOO\ZURQJ$QGOLIHLVQRW RQO\VFLHQFH-XVWDV-HVXVVDLG0DQFDQQRWOLYHE\EUHDGDORQH,VD\WR\RX 0DQFDQQRWOLYHE\VFLHQFHDORQH$IHZZLQGRZVDUHWREHOHIWRSHQIRUSRHWLF H[SHULHQFHVVRVRPHVXQVRPHZLQGDQGVRPHUDLQFDQFRPHIURPUHDO H[LVWHQFH
%(/29('26+2 ,$0,1$-$0,/29(7+5((:20(17+,6,6+(//$1'7+,6+$6%((1 *2,1*21)257+5((0217+612::+$772'2"
FKDSWHUVL[WHHQWKHXQLYHUVLW\RILQQHUDOFKHP\ IHEUXDU\ DPLQEXGGKDKDOO
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
PDQDQGUHDVVHPEOHKLP$WOHDVWWKHRUHWLFDOO\LWVHHPVSRVVLEOHIRUWKHP,WLV QRWSRVVLEOH
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
,QWKH:HVWMXVWWKHRSSRVLWHKDVKDSSHQHG7KHORZHUZDVDFFHSWHGIRUWKH VDPHUHDVRQEHFDXVHLIWKHUHLVRQO\RQH\RXFDQUHOD[
,ZDQW\RXWREHFRPHDOFKHPLVWV7KLVLVDQDOFKHPLFDOVFKRRODXQLYHUVLW\IRU LQQHUDOFKHP\:HDUHWU\LQJWRFKDQJHWKHEDVHUPHWDOLQWRJROG6RUHPHPEHU ,DFFHSW\RXUQRWRR,ORYH\RXUQRWRR,DFFHSWDOOWKDW\RXDUH,DFFHSWDOOWKDW \RXDUHQRWHYHQWKDWWRR
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
8QFOHVDUHYHU\EHDXWLIXOSHRSOHEXWLQDGUHDP\RXZLOOQRWNLOO\RXURZQIDWKHU
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
WKHERRNRIZLVGRPFKDSWHUVHYHQWHHQZDNHXSWKHVODYH IHEUXDU\ DPLQEXGGKDKDOO
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
PLQGLQWKHZD\VRIDPELWLRQ$QGWKHZKROHVRFLHW\LVJHDUHGWRZDUGVDPELWLRQ WKHZKROHHGXFDWLRQDOV\VWHPSURGXFHVRQO\DPELWLRXVPLQGV7KDWPHDQV SRWHQWLDOSDWLHQWVIRUWKHSV\FKRWKHUDSLVW,WVHHPVDVLIWKHUHLVDFRQVSLUDF\ WKDWWKHZKROHHGXFDWLRQDOV\VWHPRQO\FUHDWHVSHRSOHIRUGRFWRUVIRUSULHVWVIRU SV\FKRWKHUDSLVWV 7KHZKROHV\VWHPVHHPVWREHVLFNVLFNXQWRGHDWK,WGRHVQRWFUHDWHWKH KHDOWK\DOLYHUDGLDQWKXPDQEHLQJ LWGRHVQRWFUHDWHWKHMR\RXVWKH FHOHEUDWLQJWKHIHVWLYHEHLQJ,WGRHVQRWWHDFK\RXKRZWRPDNH\RXUOLIHD IHVWLYDO:KDWVRHYHULWWHDFKHVWDNHV\RXGHHSHUDQGGHHSHULQWRKHOO$QG\RX NQRZLWEHFDXVH,DPQRWWDONLQJDERXWVRPHVSHFXODWLYHV\VWHPVRIWKRXJKW, DPWDONLQJVLPSO\DERXW\RXUSV\FKRORJ\\RXUVWDWHRIEHLQJ $WLVKDLVULJKW+HVD\V '21 76((.62552:)256385,286&20)2576 +RZPXFKVXIIHULQJ\RXKDYHFUHDWHGIRUZKDW"6RPHERG\ZDQWHGDOLWWOH ELJJHUKRXVHDOLWWOHELJJHUEDQNEDODQFHDOLWWOHPRUHIDPHDOLWWOHPRUHQDPH PRUHSRZHU6RPHERG\ZDQWHGWREHFRPHWKHSUHVLGHQWRUWKHSULPHPLQLVWHU $OODUHVSXULRXVEHFDXVHGHDWKZLOOWDNHWKHPDZD\7KDWLVWKHGHILQLWLRQRIWKH VSXULRXV 2QO\WKDWZKLFKFDQQRWEHWDNHQDZD\E\GHDWKLVUHDO(YHU\WKLQJHOVHLVXQUHDO LWLVPDGHRIWKHVDPHVWXIIGUHDPVDUHPDGHRI,I\RXDUHUXQQLQJDIWHUWKLQJV ZKLFKZLOOEHWDNHQDZD\E\GHDWKWKHQ\RXUOLIHLVDWDOHWROGE\DQLGLRWIXOORI VRXQGDQGIXU\VLJQLI\LQJQRWKLQJ
ZKROHRILW:LWKRXWMXGJPHQWZLWKRXWFRQGHPQDWLRQZLWKRXWHYDOXDWLRQMXVW ZDWFKLWZKDWLWLV/RRNDVLILWLVDIORZHUVDG DFORXGGDUN EXWORRNDWLWZLWK QRMXGJPHQWVRWKDW\RXFDQVHHDOOWKHIDFHWVRILW $QG\RXZLOOEHVXUSULVHG WKHGHHSHU\RXJRLQWRLWWKHPRUHLWVWDUWVGLVSHUVLQJ ,IDSHUVRQFDQJRLQWRKLVVRUURZGHHSO\KHZLOOILQGDOOVRUURZKDVHYDSRUDWHG ,QWKDWHYDSRUDWLRQRIVRUURZLVMR\LVEOLVV %OLVVKDVQRWWREHIRXQGRXWVLGHDJDLQVWVRUURZ%OLVVKDVWREHIRXQGGHHS KLGGHQEHKLQGWKHVRUURZLWVHOI
WKHEUDQFKHV WKHVHSHRSOHDUHNQRZQDVPRUDOLVWV 7KHPRUDOSHUVRQLVDOLWWOHELWVWXSLGSHUVRQVWXSLGLQWKHVHQVHWKDWKHWKLQNV WKDWE\FXWWLQJWKHOHDYHVKHLVJRLQJWRGHVWUR\WKHWUHH+HLVQRWJRLQJWR GHVWUR\WKHWUHHWKLVZD\
%XGGKDVD\V /LJKWWKHFDQGOHRIDZDUHQHVVLQ\RXUKHDUWDQG\RXUZKROHEHLQJ ZLOOUDGLDWHFRPSDVVLRQ&RPSDVVLRQLVWKHSURRI8QOHVVFRPSDVVLRQKDSSHQV UHPHPEHU\RXPXVWEHGHFHLYLQJ\RXUVHOI \RXPXVWEHGRLQJVRPHWKLQJHOVH WKDQEHLQJDZDUH )RUH[DPSOH\RXFDQWU\FRQFHQWUDWLRQ&RQFHQWUDWLRQLVQRWDZDUHQHVVDQGWKH SHUVRQRIFRQFHQWUDWLRQZLOOQHYHUVKRZFRPSDVVLRQ&RPSDVVLRQLVQRWD FRQVHTXHQFHRIFRQFHQWUDWLRQ&RQFHQWUDWLRQPHDQVWKHIRFXVLQJRIWKHPLQG WKHQDUURZLQJRIWKHPLQGRQRQO\RQHSRLQW7KHFRQFHQWUDWHGPLQGEHFRPHVD YHU\SRZHUIXOPLQGEXWUHPHPEHULWLVPLQGDQGYHU\SRZHUIXOKHQFHPRUH GDQJHURXVWKDQHYHU&RQFHQWUDWLRQLVWKHPHWKRGRIVFLHQFH $ZDUHQHVVLVWRWDOO\GLIIHUHQW LWLVQRWIRFXVLQJLWLVXQIRFXVHGDOHUWQHVV)RU H[DPSOHULJKWQRZ\RXDUHOLVWHQLQJWRPH
PRUQLQJUHPHPEHURQHWKLQJVD\V$WLVKDWKDWDQHZGD\DQHZRSSRUWXQLW\ KDVDJDLQEHHQJLYHQWR\RX)HHOJUDWHIXO([LVWHQFHLVVRJHQHURXV
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
PLQG,WLVWKHUHSRWHQWLDOO\WKHUHOLNHDVHHG LWFDQEHFRPHWKHDFWDQ\PRPHQW 1RZ\RXZLOOQHHGDOLWWOHPRUHVXEWOHDZDUHQHVV7KHDFWLVJURVV\RXKLWWKH ZRPDQ
DQDFWEHIRUHLWEHFRPHVDWKRXJKW7KDWLVWKHPRVWGLIILFXOW ULJKWQRZ\RX FDQQRWHYHQFRQFHLYHRILW%HIRUHDQ\WKLQJEHFRPHVDWKRXJKWLWLVDIHHOLQJ 7KHVHDUHWKHWKUHHWKLQJV IHHOLQJFRPHVILUVWWKHQFRPHVWKRXJKWWKHQFRPHV WKHDFW
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
WKHERRNRIZLVGRPFKDSWHUHLJKWHHQGURSSLQJRXWRIWKHRO\PSL
IHEUXDU\ DPLQEXGGKDKDOO
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
,WLVQRWDTXHVWLRQRIIROORZLQJDFHUWDLQWHFKQLTXHWRVORZGRZQEHFDXVHLI\RXU EDVLFDSSURDFKWRZDUGVOLIHUHPDLQVWKHVDPHJRDORULHQWHG\RXPD\WU\WR VORZGRZQDQG\RXPD\HYHQVXFFHHGLQVORZLQJGRZQEXWQRZ\RXKDYH VWDUWHGDQRWKHUWHQVLRQLQ\RXUOLIH
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
SUHVHQWWRWKHSUHVHQW RWKHUZLVH\RXDUHLQVXFKDKXUU\WKDWLWLVLPSRVVLEOHWR KDYHDQ\ORRNDWWKDWZKLFKLV
5DPDQDQGDWKHUHDUHQRUHDOGLIIHUHQFHVWKHUHFDQQRWEH$OOGLIIHUHQFHVDUH VXSHUILFLDO7KH-HZLVQRWGLIIHUHQWIURPWKH+LQGXWKH0RKDPPHGDQLVQRW GLIIHUHQWIURPWKH&KULVWLDQWKH&KLQHVHLVQRWGLIIHUHQWIURPWKH$PHULFDQWKH 1HJURLVQRWGLIIHUHQWIURPWKH(QJOLVK 0DQLVRQHGLIIHUHQFHVDUHVXSHUILFLDO
EHFRPH,QGLDQVDQGMXVWDZDOOLQEHWZHHQ$QGWKH\VWLOOWDONDERXWLW :KDW KDSSHQHG"EHFDXVHZHDUHWKHVDPH\RXDUHWKHVDPHZHGRQ WVHHDQ\ GLIIHUHQFH%XWQRZZHDUHHQHPLHVZHUHDOO\VKRXOGQRWWDON 'LIIHUHQFHVDUHQRWWKHUH2ULIWKH\DUHWKHUHYHU\VPDOOGLIIHUHQFHVOLNH 'R\RXNQRZKRZPDQ\,QGLDQVLWWDNHVWRVFUHZLQDOLJKWEXOE")RXU2QHWR KROGWKHEXOEDQGWKUHHWRVFUHZKLPURXQG 2UGR\RXNQRZPDQ\&DOLIRUQLDQVLWWDNHVWRFKDQJHDOLJKWEXOE")RXU2QHWR FKDQJHWKHEXOEDQGWKUHHWRVKDUHLQWKHH[SHULHQFH 7KHWKLUGTXHVWLRQ %(/29('26+2 72'$<,6$:&/($5/<7+$7,5($//<$0&$86,1*0<2:1 68))(5,1*$1'7+$7,'21 7+$9(72$1'620(7+,1*+($9< /,)7(')5200<&+(67:+(1,6$:7+$7,:$6127-867*2,1* $5281',1&,5&/(6 7+$1.<287+$1.<28%(/29('0$67(5 %872+,$062$)5$,'2)%(&20,1*/,*+7$1'3(50($%/(,7,6 $//62(0%$55$66,1* 'HYD$VKRNDWKHILUVWH[SHULHQFHRIIUHHGRPLVDOZD\VHPEDUUDVVLQJ7KHILUVW UD\RIOLJKWWRWKHEOLQGLVERXQGWREHHPEDUUDVVLQJ2QHZKRKDVDOZD\VOLYHGLQ FKDLQVDVXGGHQPHVVDJHIURPWKHNLQJWKDWKHLVIUHHGLWLVDOZD\V HPEDUUDVVLQJ+HKDGEHFRPHDFFXVWRPHGWROLYHDFHUWDLQNLQGRIOLIHKHKDG HYROYHGDFHUWDLQVW\OHRIOLIH7KHUHZDVVHFXULW\LQWKHSULVRQ KHKDGVHWWOHG 1RZHYHU\WKLQJXQVHWWOHV,WLVQRWRQO\WKHTXHVWLRQWKDWWKHFKDLQVDUHEHLQJ WDNHQDZD\ QRZKHZLOOKDYHWRIDFHWKHJUHDWZLGHZRUOGDJDLQ+HZLOOKDYHWR OHDUQDOOWKDWKHKDVIRUJRWWHQKHZLOOKDYHWRUHOHDUQ,WLVJRLQJWREHGLIILFXOW DQGKHZLOOORRNDOLWWOHDPDWHXUFRPSDUHGWRRWKHUV(YHQZDONLQJRQWKHVWUHHW ZLWKRXWWKHFKDLQVWRZKLFKKHKDVEHFRPHDFFXVWRPHGZLOOEHDOLWWOHRGG KH ZLOOQRWIHHODWHDVH :KHQWKH)UHQFKUHYROXWLRQDULHVIUHHGWKHSULVRQHUVIURPWKHJUHDW)UHQFK SULVRQRI%DVWLOOHWKH\ZHUHVXUSULVHG WKHSULVRQHUVZHUHQRWUHDG\WRJRRXW 7KDWZDVWKHELJJHVWSULVRQRI)UDQFHZKHUHRQO\SHRSOHZKRKDGEHHQ VHQWHQFHGIRUWKHLUZKROHOLIHZHUHNHSW7KHUHZHUHSHRSOHZKRKDGEHHQLQWKH SULVRQIRUWKLUW\\HDUVIRUW\\HDUVHYHQILIW\\HDUV 1RZMXVWWKLQNRIDSHUVRQZKRKDGFRPHWRWKHSULVRQZKHQKHZDVRQO\ WZHQW\DQGKDGOLYHGLQWKHSULVRQIRUILIW\\HDUV+HKDVFRPSOHWHO\IRUJRWWHQ DERXWWKHZRUOGKRZLWORRNV)LIW\\HDUVOLYLQJLQDGDUNFHOOZLWKKHDY\FKDLQV 7KRVHFKDLQVKDGQRORFNEHFDXVHWKHUHZDVQRQHHGHYHUWRXQORFNWKHP7KH\ ZHUHFKDLQHGIRUKLVZKROHOLIH WKH\ZHUHSHUPDQHQWKHDY\)RUILIW\\HDUVKH KDVVOHSWZLWKWKRVHFKDLQVRQKDQGVDQGIHHW KHKDVEHFRPHXWWHUO\ DFFXVWRPHGWRWKDWOLIH$QGWKHIRRGFRPHVDWWKHULJKWWLPHKHKDVQRWWRZRUU\ DERXWLW,WLVQRWPXFKRIDIRRGEXWVWLOOVRPHWKLQJLVEHWWHUWKDQQRWKLQJ+H KDVQRUHVSRQVLELOLW\KHQHHGQRWFDUHDERXWDQ\WKLQJHYHU\WKLQJLVEHLQJGRQH IRUKLP 0D\EHVORZO\VORZO\KHKDGVWDUWHGWKLQNLQJWKDWKHLVQRWDSULVRQHUEXWDNLQJ
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
NDUPD7KHZKROHLGHDLVVRIRROLVK SXW\RXUKDQGLQWKHILUHQRZDQG\RXZLOOEH EXUQHGQH[WOLIH/LIHLVLPPHGLDWH7KDW VZKDWOLIHLVLPPHGLDF\/LIHQHYHU SRVWSRQHV
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
:KDWLVWKHPDWWHUZLWK\RX"$UH\RXPDGRUVRPHWKLQJ" +HVDLG 2QHGD\,ZDVDOVRDVVDGDV\RXDUH7KHQLWGDZQHGRQPHWKDWLWLV P\FKRLFHLWLVP\OLIH 6LQFHWKDWGD\HYHU\PRUQLQJZKHQ,JHWXSWKHILUVWWKLQJ,GHFLGHLVEHIRUH, RSHQP\H\HV,VD\WRP\VHOI $EGXOODK WKDWZDVKLVQDPH ZKDWGR\RX
ZDQW"0LVHU\"%OLVVIXOQHVV":KDW\RXDUHJRLQJWRFKRRVHWRGD\" $QGLW KDSSHQVWKDW,DOZD\VFKRRVHEOLVVIXOQHVV ,WLVDFKRLFH7U\LW:KHQ\RXEHFRPHDZDUHWKHILUVWPRPHQWLQWKHPRUQLQJ WKDWVOHHSKDVOHIWDVN\RXUVHOI$EGXOODKDQRWKHUGD\:KDWLV\RXULGHD"'R \RXFKRRVHPLVHU\RUEOLVVIXOQHVV" $QGZKRZRXOGFKRRVHPLVHU\"$QG:+<",WLVVRXQQDWXUDOXQOHVVRQHIHHOV EOLVVIXOLQPLVHU\EXWWKHQWRR\RXDUHFKRRVLQJEOLVVQRWPLVHU\ ,WKDVEHHQJRRG$VKRND1RZOHWWKLVLQVLJKWJDWKHUPRUHURRWVLQ\RXKHOSLW 6ORZO\VORZO\\RXZLOOEHFRPHPRUHDQGPRUHDWWXQHGWRWKLVQHZIHHORIOLIHDQG H[LVWHQFHLWLVDQDWWXQHPHQW$QGRQFH\RXKDYHOHDUQHGKRZWREHLQ KDUPRQ\ZLWKWKLVLQQHUEOLVVIXOQHVV\RXZLOOEHFRPHDZDUHRIKLJKHUDQGKLJKHU SHDNVRIEOLVV7KHUHDUHFOLPD[HVDQGFOLPD[HVSHDNVEH\RQGSHDNV2QHSHDN OHDGVWRDQRWKHUSHDNRQHVPDOOKDUPRQ\VRRQRSHQVDGRRUIRUDELJJHU KDUPRQ\DQGVRRQVRIRUWKDGLQILQLWXP 7KHIRXUWKTXHVWLRQ %(/29('26+2 ,(1-2<('9(5<08&+<285&2,1,1*7+(:25'(7&(7(5$1$1'$6, :21'(5+2:<28',',7 ,W VVLPSOH
VRFLHW\QREXGGKDKDVDQ\FKDUDFWHU/HWPHUHSHDWLW QREXGGKDKDVDQ\ FKDUDFWHU+HQHHGQRWKDYHDQ\FKDUDFWHUKHKDVFRQVFLRXVQHVV+HKDVWKH UHDOWKLQJZK\VKRXOGKHKDYHDSODVWLFIORZHU":KHQ\RXFDQJURZUHDOURVHV ZK\ERWKHUDERXWSODVWLFURVHV"&KDUDFWHULVDSODVWLFIORZHUFRQVFLRXVQHVVLVD UHDOURVH1REXGGKDKDVDQ\FKDUDFWHUKHKDVFRQVFLRXVQHVV+HGRHVQRWOLYH RXWRIUHDG\PDGHSURJUDPVKHOLYHVPRPHQWWRPRPHQWRXWRIKLV FRQVFLRXVQHVV KHUHVSRQGVKHGRHVQRWUHDFW (WFHWHUDQDQGDVDUHSUHGLFWDEOH
LQZKLFK\RXDUHKDQNHULQJIRUVRPHWKLQJGHVLULQJVRPHWKLQJ WKHUHLVDPRWLYH
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
WKHERRNRIZLVGRPFKDSWHUQLQHWHHQWKHWKUHHUXQJODGGHURIORYH PDUFK DPLQEXGGKDKDOO
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
WKHHJRWZRWKLQJVDUHSRVVLEOH,I\RXDUHHJRLVWLF\RXDUHERXQGWRFRPSDUH \RXUVHOIZLWKRWKHUV7KHHJRFDQQRWH[LVWZLWKRXWFRPSDULVRQKHQFHLI\RX UHDOO\ZDQWWRGURSWKHHJRGURSFRPSDULQJ
,KDYHKHDUG,GRQ WNQRZKRZIDULWLVFRUUHFWWKDW0RUDUML'HVDLDVNHGD SV\FKRDQDO\VWRIFRXUVHLQSULYDF\:K\GR,VXIIHUIURPDQLQIHULRULW\ FRPSOH[" 7KHSV\FKRDQDO\VWZHQWLQWRGHHSDQDO\VLV GD\VDQGGD\VZLWK0RUDUML'HVDL O\LQJRQKLVFRXFKIUHHDVVRFLDWLQJ$QGWKHQRQHGD\ERXQFLQJZLWKMR\WKH SV\FKRDQDO\VWGHFODUHG6LU,FHUWLI\WKDW\RXGRQ WVXIIHUIURPLQIHULRULW\ FRPSOH[\RXQHHGQRWEHZRUULHGDERXWLW $QG0RUDUML'HVDLZDVDOVRKDSS\+HVDLG%XW,KDGDOZD\VWKRXJKWWKDW, VXIIHUDQGQRZ\RXVD\,GRQ WVXIIHU
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
QR*RG:KHQHYHU,XVHWKHZRUGJRG,VLPSO\PHDQJRGOLQHVVUHPHPEHULW 7UDQVODWHLWDOZD\VDVJRGOLQHVV7KHUHLVDTXDOLW\RIJRGOLQHVVLQH[LVWHQFHEXW WKHUHLVQR*RG%XWSHRSOHZDQWD*RGQRWJRGOLQHVV WKH\DUHQRWLQWHUHVWHGLQ JRGOLQHVV 7KDW VZK\SHRSOHOLNH%XGGKDFRXOGQRWLQIOXHQFHPXFK%XGGKDDQGKLVZKROH UHOLJLRQGLVDSSHDUHGIURPWKLVFRXQWU\2QHRIWKHPRVWIXQGDPHQWDOUHDVRQV ZDVWKLV WKDWKHHPSKDVL]HGJRGOLQHVVDQGQRW*RG,IJRGOLQHVVLVWKHUHWKHQLW LVDGLIILFXOWWDVN
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
+HZDVYHU\FOHYHULQPDNLQJIULHQGVKHZDVYHU\FOHYHUDWFUHDWLQJDIHHOLQJLQ \RXWKDWKHLVDPDQZKRFDQEHWUXVWHG2QFHWKHWUXVWKDVDULVHQKHZRXOG LPPHGLDWHO\GHFHLYH\RX%XWWKDWPXFKLVFHUWDLQ KHQHYHUGHFHLYHGDSHUVRQ WZLFH7KHUHLVQRQHHGHLWKHUWKHUHDUHVRPDQ\SHRSOH
FRPSDVVLRQDWH
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
FRPSDVVLRQ%XWWKHEDVLFWKHPRVWIXQGDPHQWDOLVWRXQGHUVWDQGWKLVWKUHH UXQJODGGHURIORYH7KDWZLOOKHOS\RXWKDWZLOOJLYH\RXDQLQVLJKWLQWRZKHUH\RX DUHZKDWNLQGRIORYH\RXDUHOLYLQJLQDQGZKDWNLQGRIFRPSDVVLRQLVKDSSHQLQJ WR\RX:DWFK%HZDUHQRWWRUHPDLQFDXJKWLQLW7KHUHDUHKLJKHUUHDOPV KHLJKWVWREHFOLPEHGSHDNVWREHDWWDLQHG $QGWKHODVWTXHVWLRQ %(/29('26+2 ,'21 781'(567$1'<283/($6('21 7&21)86(0(,+$9(&20( +(5(72$77$,1620(&/$5,7< 6XUDM\RXKDYHFRPHWRWKHZURQJSODFH&RQIXVLRQLVP\WHFKQLTXHWREULQJ FODULW\
SROLWHQHVVRIWKHJLUO,QWKHPRUQLQJKHJHWVGUHVVHGDQGLVDERXWWRGHSDUW +RZDERXWVRPHPRQH\"VD\VWKHJLUO 2KQRKHUHSOLHV\RXKDYHEHHQNLQGHQRXJKDOUHDG\ 7KHWUDYHOLQJVDOHVZRPDQJRHVWREHGZLWKWKHIDUPHU VVRQ7U\LQJWRJHW VRPHWKLQJJRLQJVKHVD\VWRKLP:RXOG\RXWUDGHVLGHVZLWKPH"5ROORYHUPH DQG,ZLOOUROORYHU\RXDQGZHZLOOEHPRUHFRPIRUWDEOH 2KWKDW VDOOULJKWPD DP, OOMXVWZDONWR\RXUVLGHRIWKHEHG +HGRHVVR7KLVKDSSHQVVHYHUDOPRUHWLPHV)LQDOO\VKHVD\V,GRQ WWKLQN \RXNQRZZKDW,UHDOO\ZDQW
WKHERRNRIZLVGRPWZHQW\GLRJHQHVDQGWKHGRJ PDUFK DPLQEXGGKDKDOO
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
\RXUQHHGHYHU\GD\QHHG7KDWPXFKHQHUJ\LVXVHGE\\RXUPDFKLQHE\\RXU ERG\ *UHDWVDLQWVZHUHGRLQJORQJIDVWVMXVWWRUWXULQJWKHPVHOYHV%XWLWLVQRWPXFKRI DQLQWHOOLJHQWWKLQJ-XVWIRUDIHZGD\VWKHILUVWZHHNLWLVGLIILFXOW WKHVHFRQG ZHHNLWLVYHU\HDV\ WKHWKLUGZHHNLWEHFRPHVGLIILFXOWWRHDW7KHIRXUWKZHHN \RXKDYHFRPSOHWHO\IRUJRWWHQ7KHERG\HQMR\VHDWLQJLWVHOIDQGIHHOVOHVV KHDY\REYLRXVO\ZLWKQRSUREOHPVWRGLJHVW$QGWKHZKROHHQHUJ\WKDWLV FRQWLQXRXVO\EHLQJXVHGLQGLJHVWLRQEHFRPHVDYDLODEOHWRWKHKHDG
SDLQWLQJDQGVRPHWKLQJVWDUWVJURZLQJLQ\RXZLWKWKHJURZLQJSDLQWLQJ$VWKH SDLQWLQJFRPHVWRWKHILQLVKDV\RXDUHJLYLQJWKHODVWWRXFKHVWRWKHSDLQWLQJ \RXZLOOVHH\RXDUHQRPRUHWKHVDPHSHUVRQ
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
6FLHQWLVWVVD\WKDWRQO\WZRSHUFHQWLVDOORZHGWRUHDFKWRWKHFRUH QLQHW\HLJKW SHUFHQWLVSUHYHQWHGIURPUHDFKLQJ7KDW VZK\\RXKDYHSRRUVRXOVULFKPLQGV DQGSRRUVRXOVNQRZOHGJHDEOHPLQGVEXWIRROLVKVRXOV
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
KDSS\IRUWKRVHWKLUW\WKUHH\HDUVWKDWLWLVVDLGWKDWKHGLGQ WDJH+HUHPDLQHG H[DFWO\WKHVDPHDVLIWLPHQHYHUSDVVHGDVLIWLPHKDVVWRSSHG %XWWKHGD\LWZDVILQLVKHGKHVWDUWHGFU\LQJ+LVZLIHFRXOGQRWEHOLHYHLW6KH VDLG
WKDQWKLV"
OLIH 7KH\PDGHDQDUUDQJHPHQWZKHUHWKH\WLHGDSHUVRQ VIHHWVRZKHQKHORRNHG RYHUDQGZLVKHGWRMXPSWKH\FRXOGSXOOKLPEDFN 7KHQH[WWLPHVRPHRQHWULHGWRFOLPEWKHZDOOWRVHHZKDWZDVRQWKHRWKHUVLGH WKH\FKDLQHGKLVIHHWVRKHFRXOGQRWJRRYHU+HORRNHGRQWKHRWKHUVLGHDQG ZDVGHOLJKWHGDWZKDWKHVDZDQGVPLOHG7KRVHVWDQGLQJEHORZJUHZFXULRXVWR TXHVWLRQKLPDQGSXOOHGKLPEDFN7RWKHLUJUHDWGLVDSSRLQWPHQWKHKDGORVWWKH SRZHURIVSHHFK 7KRVHZKRKDYHVHHQFDQQRWVD\7KDWZKLFKKDVEHHQVHHQFDQQRWEHSDLQWHG FDQQRWEHUHGXFHGWRZRUGV%XWVWLOOHDFKRQHKDVWRJLYHDWU\7KHZRUOGJRHV RQEHFRPLQJPRUHDQGPRUHEHDXWLIXOEHFDXVHRIWKHVHHIIRUWV7KHZRUOGLV EHDXWLIXOEHFDXVHRIWKHVL[WKRXVDQGVRQJVWKDW5DELQGUDQDWKWULHGDOWKRXJKKH IDLOHGWRVLQJWKHVRQJWKDWKHZDQWHG7KRVHVL[WKRXVDQGIDLOXUHVKDYHPDGH WKHZRUOGIDUPRUHEHDXWLIXOWKDQLWHYHUZDV,WZLOOQRWEHWKHVDPHZRUOGDJDLQ WKRVHVL[WKRXVDQGVRQJVZLOOJRRQUHVRQDWLQJ 6RJRRQSDLQWLQJJRRQFUHDWLQJ
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
5()(55,1*127727+(:+2/(0,1' 7+$7,61270,1'/(66,17+( 25',1$5<6(16(2)7+(:25' %8721/<727+$7$1$/<7,&$/ 48$/,7<2)0,1':+,&+&$86(66(3$5$7,21$1'35(9(17625 +,1'(56(;3(5,(1&,1*$1<7+,1*727$//<$7$1<21(7,0( %873(5+$36,+$9(0,6,17(535(7('<285:25'672),70<2:1 ,'($6" &DURO7LEEVWKLVLVZKDWWKHDQDO\WLFDOPLQGLV
%(/29('26+2:+2,6$/$=<0$1" 3UHP1LUYDQLWGHSHQGV7RDZRUNDKROLFWKHDQVZHUZLOOEHWRWDOO\GLIIHUHQW7R DZRUNDKROLFDOPRVWHYHU\ERG\LVOD]\%XWWRWKHOD]LHVWDOPRVWHYHU\ERG\LVD ZRUNDKROLF ,WKDSSHQHG 7KHUHZDVDQHPSHURULQ-DSDQZKRZDVKLPVHOIYHU\OD]\DQG ORYHGOD]\SHRSOH/D]\SHRSOHDUHJRRGSHRSOHWKH\KDYHQHYHUEHHQ PLVFKLHYRXVWKH\FDQQRWEHEHFDXVHPLVFKLHIQHHGVDFWLYLW\
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
(QRXJKIRUWRGD\
WKHERRNRIZLVGRPFKDSWHUWZHQW\RQHYDJDERQGVRIWKHVRXO PDUFK DPLQEXGGKDKDOO
75$,1,03$57,$//<,1(9(5<$5($ ,7,6,03257$1772+$9(75$,1(''((3/<$1'3(59$6,9(/<,1 (9(5<7+,1* $/:$<60(',7$7(2163(&,),&2%-(&76 <286+28/'+$9(12&21&(51)2527+(5)$&7256 7+(5()25($33/<<2856(/)72,03257$170$77(56 '21 7'27+,1*6%$&.:$5'6 '21 79$&,//$7( 75$,1$67+28*+&872)) 2QFHDMDLQDPRQNFDPHWRVHHPH+HDVNHG,VKHOOUHDO",VWKHUHUHDOO\D KHOO",QVWHDGRIDQVZHULQJKLP,DVNHGKLP$QGZKHUHGR\RXWKLQN\RXDUH OLYLQJ"0DQOLYHVLQKHOOEHFDXVHPDQLVXSVLGHGRZQ
KXPDQLW\DVDOZD\VEXGGKDVKDYHGUHDPHGDERXW7KHLUGUHDPVUHPDLQ\HW XQIXOILOOHG +HUH,DPDJDLQGUHDPLQJDJUHDWGUHDPRIJLYLQJELUWKWRDQHZPDQ
\RXZLOOJRRQPLVVLQJWKHPRXQWDLQ,I\RXEHFRPHWRRPXFKREVHVVHGZLWKWKH PDSWKHPRXQWDLQPD\EHWKHUHMXVWLQIURQWRI\RXEXWVWLOO\RXZLOOQRWEHDEOH WRVHHLW $QGWKDW VKRZLWLV7KHPRXQWDLQLVLQIURQWRI\RXEXW\RXUH\HVDUHIXOORI PDSVPDSVRIWKHVDPHPRXQWDLQPDSVDERXWWKHVDPHPRXQWDLQPDGHE\ GLIIHUHQWH[SORUHUV6RPHERG\KDVFOLPEHGWKHPRXQWDLQIURPWKHQRUWKVLGH VRPHERG\IURPWKHHDVW7KH\KDYHPDGHGLIIHUHQWPDSV .RUDQ%LEOH*LWD GLIIHUHQWPDSVRIWKHVDPHWUXWK%XW\RXDUHWRRIXOORIWKHPDSVWRREXUGHQHG E\WKHLUZHLJKW \RXFDQQRWPRYHHYHQDQLQFK
LQQHUOLIHULFK 'R\RXNQRZDOOJUHDWGLVFRYHULHVDUHPDGHE\SHRSOHZKRDUHQRWRQH GLPHQVLRQDO2QHGLPHQVLRQDOSHRSOHFDQQHYHUPDNHGLVFRYHULHV LWLV LPSRVVLEOHEHFDXVHDGLVFRYHU\KDSSHQVRQO\OLNHFURVVEUHHGLQJ$ PDWKHPDWLFLDQVWDUWVZULWLQJSRHWU\ QRZ\RXFDQEHFHUWDLQVRPHWKLQJLVRQWKH ZD\+LVZKROHWUDLQLQJLVWKDWRIDPDWKHPDWLFLDQKLVDSSURDFKLVWKDWRI PDWKHPDWLFVDQGKHVWDUWVZULWLQJSRHWU\1RZQRSRHWFDQZULWHSRHWU\OLNHWKLV WKLVLVJRLQJWREHVRPHWKLQJQHZEHFDXVHVRPHWKLQJRIWKHPDWKHPDWLFVLV ERXQGWRILOWHULQ$QGPDWKHPDWLFVDQGSRHWU\KDYLQJDPHHWLQJLVD FURVVEUHHGLQJ 6FLHQWLVWVVD\FKLOGUHQWKDWDUHERUQRXWRIFURVVEUHHGLQJDUHVWURQJHUPRUH EHDXWLIXOPRUHLQWHOOLJHQW%XWPDQLVVRVWXSLGWKDWKHQHYHUOHDUQV1RZ HYHU\ERG\NQRZVWKDWLWLVJRRGWREULQJDQ(QJOLVKEXOOIRUDQ,QGLDQFRZ WKDWLV SHUIHFWO\EHDXWLIXODQGWKDWLVEHLQJGRQH%XWDVIDUDVPDQLVFRQFHUQHGZH UHPDLQVWXSLG,WZRXOGEHEHDXWLIXOLISHRSOHPDUU\GLIIHUHQWUDFHVGLIIHUHQW EDFNJURXQGVGLIIHUHQWFXOWXUHV$6LEHULDQPDUU\LQJVRPHRQHLQ$IULFDWKHQ VRPHWKLQJLVUHDOO\JRLQJWRKDSSHQVRPHPLUDFOH 0\RZQVXJJHVWLRQLVEHFDXVHZLWKLQDIHZ\HDUVZHDUHJRLQJWRILQGRXW RWKHUSODQHWVZKHUHHYROXWLRQKDVDOPRVWUHDFKHGWRWKHSRLQWWKDWLWKDVUHDFKHG RQWKHHDUWKRUDIHZSODQHWVZKHUHLWKDVHYHQUHDFKHGKLJKHUP\RZQ VXJJHVWLRQLVIRULQWHUSODQHWDU\PDUULDJHV7KHQPLUDFOHVZLOOVWDUWKDSSHQLQJ$ 0DUWLDQPDUU\LQJD3RRQDLWH WKHQVRPHWKLQJLVJRLQJWRKDSSHQVRPHWKLQJ UHDOO\QHZZKLFKKDVQHYHUKDSSHQHGEHIRUH $WLVKDVD\V ([SHULPHQWH[SHULHQFHDVPDQ\GLPHQVLRQVDVDUHDYDLODEOHWR \RX %HFRPHDJDUGHQHUEHFRPHDVKRHPDNHUEHFRPHDFDUSHQWHUWKDW VZKDWLV JRLQJWRKDSSHQLQP\FRPPXQH$OOGLPHQVLRQVKDYHWREHPDGHDYDLODEOHDQG SHRSOHKDYHWRH[SHULPHQWDQGHQMR\DQGH[SORUH,WLVQRWWKDWZKHQ\RXGR VRPHVFLHQWLILFZRUNVRPHWKLQJKDSSHQVRQO\LQWKHRXWVLGHZRUOG:KHQ\RX DUHGRLQJVRPHVFLHQWLILFZRUNVRPHWKLQJKDSSHQVLQVLGH\RXUFRQVFLRXVQHVV \RXUFRQVFLRXVQHVVVWDUWVWDNLQJDIRUPDVFLHQWLILFIRUP,IWKLVSHUVRQVWDUWV SDLQWLQJWKHQWKHSDLQWLQJZLOOKDYHVRPHWKLQJRIWKHVFLHQFHLQLW$QGLIWKH SDLQWHUVWDUWVEHFRPLQJDSK\VLFLVWFHUWDLQO\KLVYLVLRQLVJRLQJWRJLYHELUWKWR QHZWKLQJV $OOJUHDWGLVFRYHULHVXSWRQRZKDYHEHHQPDGHE\SHRSOHZKRZHUHWUDLQHGIRU VRPHWKLQJHOVHEXWZHUHFRXUDJHRXVHQRXJKWRHQWHULQWRDUHQDVZKHUHWKH\ ZHUHDPDWHXUV/HVVFRXUDJHRXVSHRSOHUHPDLQFOLQJLQJZLWKWKHWKLQJWKDWWKH\ NQRZEHVW7KHQWKH\JRRQGRLQJLWWKHLUZKROHOLIH$QGWKHPRUHWKH\GRLWWKH PRUHHIILFLHQWWKH\EHFRPH WKHPRUHHIILFLHQWWKH\EHFRPHWKHOHVVFDSDEOHRI WU\LQJDQ\WKLQJQHZ $FRXQWU\UHPDLQVDOLYHRQO\LISHRSOHDUHPXOWLGLPHQVLRQDO$PHULFDLVQRZWKH PRVWDOLYHFRXQWU\LQWKHZRUOGIRUWKHVLPSOHUHDVRQWKDWSHRSOHDUHWU\LQJHYHU\ NLQGRIWKLQJ)URPPDWKHPDWLFVWRPHGLWDWLRQHYHU\WKLQJLVEHLQJWULHG$PHULFD LVMXVWRQWKHYHUJHRIDJUHDWVWHS LIDQHZVWHSLVJRLQJWRKDSSHQDQ\ZKHUHLW LVJRLQJWRKDSSHQLQ$PHULFD,WFDQ WKDSSHQLQ,QGLD,WFDQ WKDSSHQEHFDXVH 0RUDUML'HVDLDQGSHRSOHOLNHWKDWZRQ WDOORZLWWRKDSSHQLQ,QGLDULJLGVWDOH
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
7KLVLVWKHVFLHQFHRILQQHUDOFKHP\ KRZWRFKDQJHWKHQHJDWLYHLQWRWKH SRVLWLYHKRZWRFKDQJHWKHEDVHPHWDOLQWRJROG %XWUHPHPEHUQHYHUVWDUWZLWKWKHSRVLWLYHEHFDXVH\RXGRQ WNQRZDQ\WKLQJRI WKHSRVLWLYH$QGWKDW VZKDWLVEHLQJWDXJKWE\PDQ\SHRSOHLQWKHZRUOGWKH SRVLWLYHWKLQNHUVWKH\DUHFDOOHG7KH\GRQ WNQRZDQ\WKLQJDERXWWKHLQQHU DOFKHP\
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
%XWSHRSOHDUHXSVLGHGRZQ WKHKHDGKDVEHFRPHWKHPDVWHUDQGWKHKHDUWKDV EHFRPHWKHVHUYDQW/RJLFUXOHVORYHLVQRWHYHQKHHGHG3HUVRQDOLW\KDV EHFRPHPRUHLPSRUWDQWWKDQLQGLYLGXDOLW\3HUVRQDOLW\LVWKDWZKLFKLVFRQIHUUHG RQ\RXE\RWKHUVLQGLYLGXDOLW\LVWKDWZKLFKLVJLYHQWR\RXE\*RG3HUVRQDOLW\LV MXVWDPDVNSHUVRQD LQGLYLGXDOLW\LV\RXUXQLTXHQHVV 7KHVRFLHW\ZDQWV\RXWRKDYHEHDXWLIXOSHUVRQDOLWLHV WKHVRFLHW\ZDQWV\RXWR KDYHSHUVRQDOLWLHVZKLFKDUHFRPIRUWDEOHIRUWKHVRFLHW\FRQYHQLHQWIRUWKH VRFLHW\%XWWKHSHUVRQLVQRWWKHUHDOWKLQJWKHLQGLYLGXDOLVWKHUHDOWKLQJ7KH LQGLYLGXDOLVQRWQHFHVVDULO\DOZD\VFRPIRUWDEOHWRWKHVRFLHW\LQIDFWKHLVYHU\ LQFRQYHQLHQW -HVXVPXVWKDYHEHHQYHU\LQFRQYHQLHQW RWKHUZLVHSHRSOHGRQ WNLOOGRQ W PXUGHUGRQ WFUXFLI\,I-HVXVZHUHUHDOO\DSHUVRQDOLW\WKHUHZRXOGKDYHEHHQ QRWURXEOH+HZRXOGKDYHEHHQDZHOOUHVSHFWHGUDEEL WKHPDVVHVZRXOGKDYH ZRUVKLSSHGKLP-HZVZRXOGKDYHUHPHPEHUHGKLPDVDJUHDWVDLQW%XWKHZDV DQLQGLYLGXDO,QGLYLGXDOVGRQ WILWHDVLO\ZLWKRWKHUVLQGLYLGXDOVILWRQO\ZLWKRWKHU LQGLYLGXDOVDQGWKHQWRRWKHKDUPRQ\LVQRWLPSRVHGHQIRUFHGWKHKDUPRQ\ LVQDWXUDO%XWLQGLYLGXDOVGRQ WILWZLWKSHUVRQDOLWLHV/LJKWFDQQRWEHDGMXVWHG ZLWKGDUNQHVVWKDWLVWKHWURXEOH -HVXVPD\KDYHEHHQWRRPXFKRIDWURXEOHPDNHUEHFDXVHKHRQO\ZRUNHGIRU WKUHH\HDUVDQGLQRQO\WKUHH\HDUVKHFUHDWHGVRPXFKRIIHQVHWKDWSHRSOHKDG WRNLOOKLP$QG-HZVDUHQRWGDQJHURXVSHRSOH-HZVDUHEXVLQHVVPLQGHG SHRSOH,QIDFWIRUWKHVHWZRWKRXVDQG\HDUV-HZVKDYHEHHQFU\LQJDQGZHHSLQJ GHHSGRZQEHFDXVHWKH\NLOOHG-HVXVDQGPLVVHGWKHRSSRUWXQLW\RIWKHJUHDWHVW EXVLQHVVSRVVLEOH&KULVWLDQLW\LVWKHJUHDWHVWILUPRQWKHHDUWK-HZVPXVWKDYH EHHQYHU\MHDORXV 7KLVWLPHZKHQLWZDVJRLQJWRKDSSHQWKH\GLGQ WPLVV6LJPXQG)UHXGZDVD -HZ KHVWDUWHGDQRWKHUEXVLQHVVSV\FKRDQDO\VLV7KLVWLPHWKH\GLGQRWPLVV DOOWKHLPSRUWDQWSV\FKRDQDO\VWVDUH-HZV1RZSV\FKRDQDO\VLVLVELJEXVLQHVV -HVXVPXVWKDYHRIIHQGHGWHUULEO\ WKH\FRXOGQRWWROHUDWHKLPHYHQIRUDVLQJOH GD\6RWRR6RFUDWHV%XGGKDDQG0DKDYLUDDOOLQGLYLGXDOVKDYHVXIIHUHG EHFDXVHRIWKHSKRQ\VRFLHW\7KHWUXWKEHFRPHVLQWROHUDEOH%XWWKRXJKWKH\ PD\KDYHVXIIHUHGIURPWKHRXWVLGHIURPWKHLQVLGHWKH\OLYHGDEOLVVIXOOLIHWKH\ OLYHGDQRUJDVPLFOLIH(DFKPRPHQWRIWKHLUOLIHZDVDQRUJDVPDGHHSORYH DIIDLUZLWKH[LVWHQFH 8QOHVV\RXVWDUWOLYLQJULJKWVLGHXS\RXZLOOJRRQPLVVLQJEHLQJDQLQGLYLGXDO \RXZLOOQHYHUEHFRPHDXWKHQWLF7KHKHDGLVJRRGEXWRQO\DVDVHUYDQWQRWDV DPDVWHU7KHKHDUWKDVWREHWKHPDVWHU IHHOLQJVVKRXOGGRPLQDWHWKRXJKWV $QGRQFHWKLVKDVKDSSHQHGWKHQDQRWKHUVWHSFDQEHWDNHQ EHLQJVKRXOG GRPLQDWHIHHOLQJV 7KHVHDUHWKHWKUHHOD\HUV WKRXJKWVWKHRXWHUPRVW DQGEHLQJWKHLQQHUPRVW DQGIHHOLQJLQEHWZHHQWKHEULGJH0RYHIURPWKRXJKWVWRIHHOLQJVDQGIURP IHHOLQJVWREHLQJDQGVWDUWOLYLQJIURPEHLQJ7KDWGRHVQRWPHDQWKDW\RXGRQ W KDYHDQ\IHHOLQJV\RXZLOOKDYHIHHOLQJVEXWWKRVHIHHOLQJVZLOOIROORZEHLQJ WKH\ZLOOKDYHWKHIODYRURIEHLQJWKHKHDUWEHDWRIEHLQJ,WGRHVQRWPHDQWKDW \RXZLOOQRWEHDEOHWRWKLQN\RXZLOOEHDEOHWRWKLQNIDUPRUHLQWHOOLJHQWO\EXW QRZ\RXUWKLQNLQJZLOOKDYHWKHMXLFLQHVVRI\RXUIHHOLQJVDQGWKHOLJKWRI\RXU
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
+HQFH,VD\WR\RXEHVHOILVKEHFDXVHRQO\RXWRIVHOILVKQHVVLVDOWUXLVPERUQ %XW\RXKDYHEHHQWROGDJDLQDQGDJDLQWKDW\RXDUHZRUWKOHVV
VD\QRWRVRPHWKLQJGHFLVLYHO\FDWHJRULFDOO\2QFH\RXKDYHFDWHJRULFDOO\VDLG \HVRUQRWRVRPHWKLQJWKHQ\RXFDQWDNHDMXPSWKHQ\RXFDQGLYHGHHSLQWR WKHRFHDQ 3HRSOHDUHMXVWVLWWLQJRQWKHIHQFH0LOOLRQVRISHRSOHDUHIHQFHVLWWHUVWKLV ZD\RUWKDWMXVWZDLWLQJIRUWKHRSSRUWXQLW\WRFRPH$QGWKHRSSRUWXQLW\ZLOO QHYHUFRPHEHFDXVHLWKDVDOUHDG\FRPHLWLVWKHUH 0\RZQVXJJHVWLRQLVWKDWHYHQLIVRPHWLPHVLWKDSSHQVWKDW\RXFRPPLWWRWKH ZURQJWKLQJHYHQWKHQLWLVJRRGWRFRPPLWEHFDXVHWKHGD\\RXZLOONQRZLWLV ZURQJ\RXFDQJHWRXWRILW$WOHDVW\RXZRXOGKDYHOHDUQHGRQHWKLQJ WKDWLWLV ZURQJDQGQHYHUWRJHWLQWRDQ\WKLQJOLNHWKDWDJDLQ,WLVDJUHDWH[SHULHQFH LW EULQJV\RXFORVHUWRWUXWK :K\GRSHRSOHYDFLOODWHVRPXFK"EHFDXVHIURPWKHYHU\FKLOGKRRG\RXKDYH EHHQWROGQRWWRFRPPLWDQ\PLVWDNHV7KDWLVRQHRIWKHJUHDWHVWWHDFKLQJVRIDOO WKHVRFLHWLHVDOORYHUWKHZRUOGDQGYHU\GDQJHURXVYHU\KDUPIXO7HDFK FKLOGUHQWRFRPPLWDVPDQ\PLVWDNHVDVSRVVLEOHZLWKRQO\RQHFRQGLWLRQ GRQ W FRPPLWWKHVDPHPLVWDNHDJDLQWKDW VDOO$QGWKH\ZLOOJURZDQGWKH\ZLOO H[SHULHQFHPRUHDQGPRUHDQGWKH\ZLOOQRWYDFLOODWH2WKHUZLVHDWUHPEOLQJ DQGWLPHLVSDVVLQJE\RXWRI\RXUKDQGVDQG\RXDUHYDFLOODWLQJ ,VHHPDQ\SHRSOHVWDQGLQJRQWKHVKRUHYDFLOODWLQJZKHWKHUWRWDNHWKHMXPSRU QRW+HUHLWKDSSHQVHYHU\GD\ -XVWDIHZGD\VDJRRQH\RXQJPDQFDPHWRPH)RUWKUHH\HDUVKHKDVEHHQ YDFLOODWLQJZKHWKHUWRWDNHVDQQ\DVRUQRW,VDLG'HFLGHHLWKHU\HVRUQRDQG EHILQLVKHGZLWKLW$QG,DPQRWVD\LQJGHFLGH\HV,DPRQO\VD\LQJ'(&,'(1R LVDVJRRGDV\HV%XWZDVWLQJWKUHH\HDUV",I\RXKDGWDNHQVDQQ\DVWKUHH \HDUVDJR,WROGKLPE\WKLVWLPH\RXZRXOGKDYHNQRZQZKHWKHULWLVZRUWKLW RUQRW DWOHDVWRQHWKLQJZRXOGKDYHEHHQGHFLGHG9DFLOODWLQJWKUHH\HDUV QRWKLQJKDVEHHQGHFLGHG
0LQGLVEHLQJLGHQWLILHGZLWKLW1RPLQGLVEHLQJGLVLGHQWLILHGZLWKLW'RQ WEHD PLQGEHFDXVHLQIDFW\RXDUHQRWDPLQG7KHQZKRDUH\RX"
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
WKHERRNRIZLVGRPFKDSWHUWZHQW\WZRWKHJUHDWHVWMRNHWKHUHLV PDUFK DPLQEXGGKDKDOO
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
7KHPRPHQW\RXNQRZ\RXGHVWUR\DOOSRHWU\7KHPRPHQW\RXNQRZDQGWKLQN WKDW\RXNQRZ\RXKDYHFUHDWHGDEDUULHUEHWZHHQ\RXUVHOIDQGWKDWZKLFKLV 7KHQHYHU\WKLQJLVGLVWRUWHG7KHQ\RXGRQ WKHDUZLWK\RXUHDUV\RXWUDQVODWH 7KHQ\RXGRQ WVHHZLWK\RXUH\HV\RXLQWHUSUHW7KHQ\RXGRQ WH[SHULHQFHZLWK \RXUKHDUW\RXWKLQNWKDW\RXH[SHULHQFH7KHQDOOSRVVLELOLW\RIPHHWLQJZLWK H[LVWHQFHLQLPPHGLDF\LQLQWLPDF\LVORVW
UHPDLQLQJGHDIRIUHPDLQLQJEOLQGRIUHPDLQLQJKHDUWOHVV 7KHUHLVDQRWKHUZD\RIOLVWHQLQJWRR MXVWOLVWHQLQJQRWKLQJEHWZHHQPHDQG\RX 7KHQWKHUHLVLPPHGLDF\FRQWDFWPHHWLQJFRPPXQLRQ7KHQ\RXGRQ W LQWHUSUHWEHFDXVH\RXDUHQRWZRUULHGZKHWKHULWLVULJKWRUZURQJ1RWKLQJLV ULJKWQRWKLQJLVZURQJ,QWKDWPRPHQWRILQQRFHQFHRQHGRHVQRWHYDOXDWH 7KHUHLVQRWKLQJWRHYDOXDWHZLWKQRFULWHULRQQRDSULRULNQRZOHGJHQRDOUHDG\ DUULYHGFRQFOXVLRQQRWKLQJWRFRPSDUHZLWK
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
EHOLHILQWKHILUVWSODFH"%HOLHYHLQ*RGDQGLPPHGLDWHO\WKHGLVEHOLHIFRPHVLQ %HOLHYHLQDIWHUOLIHDQGGLVEHOLHIDULVHV'LVEHOLHILVVHFRQGDU\EHOLHILVSULPDU\ $QG0RKDQ%KDUWLZKDW\RXZDQWWRGRLVZKDWPLOOLRQVRISHRSOHLQWKHZRUOG ZDQWWRGR WKH\GRQ WZDQWWKHGLVEHOLHIWKH\ZDQWRQO\WKHEHOLHI,FDQQRWKHOS QRERG\FDQKHOS,I\RXRQO\DUHLQWHUHVWHGLQEHOLHI\RXZLOOKDYHWRVXIIHUWKH GLVEHOLHIDOVR
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
\RXZLOOQHYHUFRPHEDFNDJDLQVRWKDW\RXZLOOGLVDSSHDU\RXZLOOEHGLIIXVHGLQ H[LVWHQFH\RXZRQ WEHDQ\PRUHDQ\ORQJHU QRWHYHQDWUDFHZLOOEHOHIW EHKLQG ,Q,QGLD%XGGKLVPGLVDSSHDUHGFRPSOHWHO\GLVDSSHDUHG6XFKDJUHDWVRFDOOHG UHOLJLRXVFRXQWU\DQG%XGGKLVPFRPSOHWHO\GLVDSSHDUHG:K\"3HRSOHEHOLHYH LQUHOLJLRQVZKLFKWHDFKWKDW\RXZLOOOLYHDIWHUGHDWKWKDWWKHVRXOLVLPPRUWDO %XGGKDZDVVD\LQJWKDWWKHRQO\WKLQJZRUWKUHDOL]LQJLVWKDW\RXDUHQRW %XGGKLVPFRXOGQRWVXUYLYHLQ,QGLDEHFDXVHLWGLGQ WJLYH\RXDFRYHUXSIRU \RXUIHDU %XGGKDGLGQRWVD\WRSHRSOH%HOLHYHLQPH+HQFHKLVWHDFKLQJGLVDSSHDUHG IURPWKLVFRXQWU\EHFDXVHSHRSOHZDQWWREHOLHYH3HRSOHGRQ WZDQWWUXWKWKH\ ZDQWEHOLHI%HOLHILVFKHDS7UXWKLVGDQJHURXVDUGXRXVGLIILFXOW RQHKDVWRSD\ IRULW2QHKDVWRVHHNDQGVHDUFKDQGWKHUHLVQRJXDUDQWHHWKDW\RXZLOOILQGLW WKHUHLVQRJXDUDQWHHWKDWWKHUHLVDQ\WUXWKDQ\ZKHUH,WPD\QRWEHDWDOO WKH JRDOPD\QRWH[LVW 3HRSOHZDQWEHOLHIDQG%XGGKDVDLGKLVODVWPHVVDJHWRWKHZRUOGZDVDSSR GLSREKDYD EHDOLJKWXQWR\RXUVHOI+HKDGVDLGWKLVEHFDXVHKLVGLVFLSOHVZHUH FU\LQJ7HQWKRXVDQGVDQQ\DVLQVVXUURXQGLQJKLPRIFRXUVHWKH\ZHUHVDG DQGWHDUVZHUHIDOOLQJ WKHLUPDVWHUZDVOHDYLQJ$QG%XGGKDVDLGWRWKHP'RQ W FU\:K\DUH\RXFU\LQJ" 2QHRIWKHGLVFLSOHV$QDQGDVDLG%HFDXVH\RXDUHOHDYLQJXVEHFDXVH\RX ZHUHRXURQO\KRSHEHFDXVHZHKDGKRSHGDQGKRSHGORQJWKDWLWLVWKURXJK\RX ZHZLOODWWDLQWRWUXWK ,WZDVWRDQVZHU$QDQGDWKDW%XGGKDVDLG'RQ WEHZRUULHGDERXWWKDW,FDQQRW JLYH\RXWUXWK QRERG\HOVHFDQJLYHLWWR\RXLWLVQRWWUDQVIHUDEOH%XW\RXFDQ DWWDLQLWRQ\RXURZQ%HDOLJKWXQWR\RXUVHOI 0RKDQ%KDUWLWKHVDPHLVP\DWWLWXGH
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
1RZLI\RXDUHQRWDZDNHKRZFDQ\RXVD\1R"7KDW1RSUHVXSSRVHVWKDW \RXDUHDZDNH
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
$QGXQOHVV\RXJHWULGRIWKHLQQHU-HZ\RXZLOOQHYHUEHUHOLJLRXV\RXZLOOQHYHU KDYHLQQRFHQFHDQGZLWKRXWLQQRFHQFHWKHUHLVQREHDXW\QREHQHGLFWLRQ (QRXJKIRUWRGD\
WKHERRNRIZLVGRPFKDSWHUWZHQW\WKUHHEHKLQGWKHPDVWHU VKDQGV PDUFK DPLQEXGGKDKDOO
7KHILUVWTXHVWLRQ %(/29('26+2 :+(5(,67+(:,71(66:+(17+(2%6(59(5$1'7+(2%6(59('
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
0LQGLVDOLWWOHPRUHVXEWOHEXWVWLOOQRWWRRVXEWOHEHFDXVH\RXFDQFORVH\RXU H\HVDQG\RXFDQVHHWKHWKRXJKWVPRYLQJ WKH\FDQEHVHHQ7KH\DUHQRWDV YLVLEOHDV\RXUERG\ \RXUERG\LVYLVLEOHWRHYHU\ERG\HOVHLWLVSXEOLFO\YLVLEOH
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
PDNH\RXPRUHWKLUVW\ZLOOPDNH\RXPRUHKXQJU\ 7KDW VZKDWKDSSHQVLQHYHU\UHODWLRQVKLS5DWKHUWKDQJLYLQJ\RXFRQWHQWPHQWLW JLYHV\RXDWUHPHQGRXVGLVFRQWHQWPHQW(DFKUHODWLRQVKLSIDLOVLQWKLVZRUOG DQGLWLVJRRGWKDWLWIDLOV LWZRXOGKDYHEHHQDFXUVHLILWZDVQRWVR,WLVD EOHVVLQJWKDWLWIDLOV %HFDXVHHDFKUHODWLRQVKLSIDLOVWKDW VZK\\RXVWDUWVHDUFKLQJIRUWKHXOWLPDWH UHODWLRQVKLSZLWK*RGZLWKH[LVWHQFHZLWKWKHFRVPRV
VHHQDIHZJOLPSVHV2QFHLQDZKLOHDZLQGRZKDVRSHQHGDQGKHKDVVHHQ EH\RQG+RZFDQKHUHVW"+RZFDQKHIHHOFRPIRUWDEOHDQGFR]\LQWKDWVWXSLG SRUFK"+HNQRZVDERXWWKHSDODFHKHKDVVHHQWKHNLQJWRRDQGKHNQRZV 7KDWSDODFHEHORQJVWRPH LWLVP\ELUWKULJKW$OOWKDWLVQHHGHGLVKRZWRHQWHU LQWRWKHSDODFHKRZWREHFRPHDSHUPDQHQWUHVLGHQWLQLW
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
:KHQ\RXKDYHIDOOHQLQORYHZLWKWKHWRWDOZKHQWKHPHUJHUKDSSHQVZLWKWKH WRWDORQO\WKHQZLOOWKHUHEHFRQWHQWPHQW7KHUHZLOOEHQRERG\ZKRLVFRQWHQWHG WKHUHZLOOEHVLPSO\FRQWHQWPHQW$QGWKHQWKHUHLVQRHQGWRLW ,DPDOOIRUORYHEHFDXVHORYHIDLOV
.DYLWDLWLVJRRGWKDWQRORQJLQJIRURUGLQDU\ORYHDIIDLUVLVHYHUJRLQJWREH VDWLVILHG7KHORQJLQJZLOOEHLQWHQVLILHGPRUH QRUHODWLRQVKLSLVJRLQJWRIXOILOO \RX7KH\ZLOOPDNH\RXPRUHIUXVWUDWHGDQGQRWHDUVZLOOUHOLHYHLWWKH\FDQQRW 7KH\PD\KHOSIRUWKHPRPHQWEXWDJDLQ\RXZLOOEHIXOORISDLQDQGDJRQ\ 1RWKLQJLVFKDQJHGE\PDQ\DQGEHDXWLIXOGUHDPVDQGDGYHQWXUHVQRWKLQJLV FKDQJHG
,Q%XGGKD VWLPHDJUHDWTXHVWLRQZDV :KRFUHDWHGWKHZRUOG",WKDV SHUVLVWHGIRUFHQWXULHVEXWQRZIHZHUDQGIHZHUSHRSOHDUHZRUULHGDERXWZKR FUHDWHGWKHZRUOG
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
WKHERRNRIZLVGRPFKDSWHUWZHQW\IRXUEULQJLQWKHQHZPDQ PDUFK DPLQEXGGKDKDOO
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
6WLOOEHDZDUHWKDWLWLVYHU\GLIILFXOWWRFRPPXQLFDWH,WLVDOPRVWDQLPSRVVLELOLW\ WRFRPPXQLFDWH VWLOOLWKDVWREHGRQH(YHQLIIUDJPHQWVRIZKDW,DPVD\LQJDUH XQGHUVWRRGLWZLOOEHHQRXJKWRFUHDWHWKHILHOGWKHHQHUJ\ILHOGLQZKLFKWKH QHZPDQFDQEHFRQFHLYHG (YHQLISHRSOHPLVXQGHUVWDQGLWLWLVEHWWHUWRXQGHUVWDQGWKHWUXWKEXWHYHQLI WKHWUXWKLVPLVXQGHUVWRRGLWLVEHWWHUWKDQDOLH6RPHWKLQJRIWKHWUXWKZLOO UHPDLQLQWKHPLVXQGHUVWDQGLQJWRR$QGWUXWKLVDSRWHQWLDOSRZHUDJUHDW SRZHU(YHQLIDIUDJPHQWMXVWDVHHGRIWUXWKIDOOVLQWR\RXUKHDUWVRRQHURU ODWHU\RXZLOOEHFRPHWKHJDUGHQRI(GHQ,WFDQQRWEHDYRLGHG-XVWDGURSDQG WKHZKROHRFHDQZLOOILQGLWVZD\WRZDUGV\RX 6DUMDQRLWKDVWREHGRQH
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
%(/29('26+2:+$7,6/,)(" 'HYDGDWWDOLIHLVQRWVRPHWKLQJWKDWFDQEHGHILQHG$QGOLIHLVQRWRQHWKLQJ HLWKHU WKHUHDUHDVPDQ\OLYHVDVWKHUHDUHSHRSOH/LIHLVQRWDVLQJXODU SKHQRPHQRQ0\OLIHKDVDWDVWHRILWVRZQ\RXUOLIHKDVLWVRZQLQGLYLGXDOLW\ 7KHOLIHRIDWUHHFHUWDLQO\LVQRW\RXUOLIHDQGWKHOLIHRIDULYHULVQRWWKHOLIHRI WKHWUHH /LIHLVDPXOWLSOLFLW\OLIHKDVPLOOLRQVRIIRUPV+RZFDQLWEHGHILQHG"1R GHILQLWLRQZLOOGRMXVWLFHWRLW
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
JLYH\RXULJKWDQGZURQJIL[HGLGHDVDQGWKHQ\RXZLOOUHPDLQJXLOW\IRUHYHU ,VD\WR\RX 7KHUHLVQRWKLQJULJKWDQGQRWKLQJZURQJ,GRQ WZDQW\RXWRGHSHQG RQPHDQG,GRQ WJLYH\RXDQ\IL[HGLGHDV,VLPSO\JLYH\RXLQGLFDWLRQVKLQWV ZKLFKKDYHWREHZRUNHGRXWE\\RX$QGWKHKLQWWKDW,JLYHWR\RXLVDZDUHQHVV %HFRPHPRUHDZDUHDQGLWLVDPLUDFOH ,I\RXDUHDQJU\WKHSULHVWZLOOVD\DQJHULVZURQJGRQ WEHDQJU\:KDWZLOO\RX GR"
DQGERXJKWWKDWEODVSKHPRXVFRDW,WZDVDEULJKWVXQQ\GD\DVKHVWHSSHGRXW RIWKHFORWKLQJVWRUHLQKLVJDXG\JDUE
WKHERRNRIZLVGRPFKDSWHUWZHQW\ILYHZHDUHDQFLHQWSLOJULPV
PDUFK DPLQEXGGKDKDOO
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
7KH&KULVWLDQZLOOWDONWR&KULVW,QKLVORQHO\FDYHKHFUHDWHV&KULVWMXVWVRWKDW KHFDQKDYHVRPHERG\WKHUHMXVWVRWKDWKHLVQRWORQHO\$QGPDQ\PHWKRGVRI KDOOXFLQDWLQJKDYHEHHQGHYHORSHGE\WKHVHPRQNV,I\RXIDVWKDOOXFLQDWLRQ EHFRPHVHDVLHU7KHERG\EHFRPHVZHDNHU\RXVWDUWORVLQJFRQWURORYHUUHDOLW\ 7KHPRUHZHDNWKHERG\LVWKHPRUHLVWKHSRVVLELOLW\RIKDOOXFLQDWLRQ3HRSOHLQ IHYHULOOQHVVVWDUWKDOOXFLQDWLQJ7KHH[DFWVDPHUXOH WRUWXUHWKHERG\ZHDNHQ WKHERG\VWDUYHWKHERG\DQGKDOOXFLQDWLRQVZLOOEHHDVLHU
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
WHUULEOHWKDQ,YDQWKH7HUULEOH,YDQLVQRWKLQJFRPSDUHGWR-RVHI6WDOLQ $QGLWLVDQDWXUDOSKHQRPHQRQ,DPQRWEODPLQJ-RVHI6WDOLQDWDOO,FDQ XQGHUVWDQGZKDWUHDOO\KDSSHQHG,I\RXILJKWZLWKWKHF]DU\RXKDYHWROHDUQKLV ZD\VDQGE\WKHWLPH\RXDUHWKHZLQQHU\RXKDYHOHDUQHGWKHZD\VVRVNLOOIXOO\ VRHIILFLHQWO\WKH\KDYHEHFRPH\RXUZD\V
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
%XWLI\RXJRWRWKHPDVWHUKHZLOOVD\6RZKDW"7KLVKDSSHQVWRHYHU\ERG\ 7KLVLVQRWKLQJVSHFLDORWKHUVDUHGRLQJIDUEHWWHU7KLVLVRQO\DQH[SHULHQFH DQGH[SHULHQFHPHDQVVRPHWKLQJRXWVLGH5HPHPEHUWKHH[SHULHQFHU UHPHPEHUWKHRQHZKRLVH[SHULHQFLQJWKHOLJKW
:HKDGWROG\RXVREHIRUH 6RKHSHUVLVWHGSHUVHYHUHGDQGILQDOO\UHDFKHG
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
WKHVHFUHWORQJ $QGWKHIRXUWK '21 7$&7&$35,&,286/< 'RQ WLUULWDWHSHRSOHXQQHFHVVDULO\E\SUHWHQGLQJWREHKROLHUWKDQRWKHUVE\ SUHWHQGLQJWREHVDLQWO\E\SUHWHQGLQJWREHVSHFLDO'RQ WLUULWDWHSHRSOHGRQ W DFWLQVXFKZD\V:K\"EHFDXVHGLIILFXOWLHVDUHJRLQJWRDULVHRQWKHLURZQVR GRQ WSOHDVHDGGWRWKHP
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
7KHVHFRQGVWDWHLVRIWKHDZDNHQHGRQHWKHEXGGKDWKHHQOLJKWHQHGRQHZKR LVDEVROXWHO\DOHUW$WUDQVIRUPDWLRQKDSSHQVLQKLP+HDOVRKDVILYHVHQVHVEXW QRZKLVILYHVHQVHVIXQFWLRQLQDWRWDOO\GLIIHUHQWZD\+LVILYHVHQVHVVWDUW SRXULQJKLVFRPSDVVLRQWRWKHRXWVLGHZRUOG 7RWKHSHUVRQZKRLVDVOHHSWKHILYHVHQVHVEULQJRQO\LPSUHVVLRQVIURPWKH RXWVLGH7RWKHSHUVRQZKRLVDZDNHWKHVHVDPHILYHVHQVHVVWDUWSRXULQJKLV ORYHKLVHQHUJ\KLVFRPSDVVLRQLQWRWKHZRUOG :KHQERGKLFKLWWDLVGLVFRYHUHGZKHQLQQHUFRQVFLRXVQHVVLVNQRZQ\RXDUHQR PRUHDEHJJDU
$1'%<9,578(2)0<,17(16(,17(5(67 P\SDVVLRQDWHGHVLUHWRNQRZWKHWUXWK2QO\WZRWKLQJVDUHQHHGHG HQHUJ\WR VHHNDQGSDVVLRQDWHLQWHUHVWWRSXWWKDWHQHUJ\LQWRDFHUWDLQGLUHFWLRQ ,,*125('0,6(5<$1'%$'5(387$7,21 :KHQ\RXFRPHWRDPDVWHUDQGWKHPDVWHULV5($//<DPDVWHUWKHVRFLHW\ ZLOOEHDJDLQVW\RXWKHVRFLHW\ZLOOFUHDWHPLVHU\IRU\RX
WKHERRNRIZLVGRPFKDSWHUWZHQW\VL[WKHLOORJLFDOHOHFWURQ PDUFK DPLQEXGGKDKDOO
7KHILUVWTXHVWLRQ %(/29('26+2 )5(('20&$1%(:,//('/29(1273/($6(&200(17 $QDQG$NDPIUHHGRPFDQEHZLOOHGEHFDXVHLWLV\RXURZQGHFLVLRQWRUHPDLQLQ DSULVRQ,WLV\RXURZQUHVSRQVLELOLW\
VODYHU\GLVDSSHDUV
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
VKRXOGEH'RQ WOLYHWKHUHDOWU\WROLYHWKHVKRXOGDQGWKHQ\RXDUHVSOLW\RX KDYHEHFRPHWZR
ZKLFKZLOOQRWOLYHZLWKVKRXOGVDQGRXJKWVZKLFKZLOOQRWGHQ\DQ\QDWXUDO LQVWLQFWZKLFKZLOODFFHSWLWVERG\ZKLFKZLOODFFHSWDOOWKDWLVJLYHQE\*RGZLWK GHHSJUDWLWXGH
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
P\VWHU\RIOLIH&RQVLVWHQF\LVVRPHWKLQJPDQPDGHLWLVDUELWUDU\([LVWHQFHLV QRWFRQVLVWHQW$QGQRZHYHQSK\VLFLVWVDJUHHZLWKWKHSRHWVDQGWKHP\VWLFV
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
7KHQWKHUHLVDSXUHORQJLQJ7KDWSXUHORQJLQJLVGLYLQHWKDWSXUHORQJLQJLV *RG7KHQWKHUHLVSXUHFUHDWLYLW\ZLWKQRREMHFWZLWKQRDGGUHVVZLWKQR GLUHFWLRQZLWKQRGHVWLQDWLRQMXVWSXUHHQHUJ\DSRRORIHQHUJ\JRLQJ QRZKHUH7KDW VZKDWEXGGKDKRRGLV$WLVKDFDOOVLWERGKLFKLWWDEXGGKD FRQVFLRXVQHVV 7KHILIWKTXHVWLRQ %(/29('26+2 :+<,6,1',$623225" 7KHVRFDOOHGVDLQWVDUHUHVSRQVLEOH'RZQWKHDJHV,QGLDKDVOLYHGZLWKD ZURQJSKLORVRSK\DSKLORVRSK\WKDWWHDFKHVRWKHUZRUOGOLQHVVDSKLORVRSK\ WKDWWHDFKHVWKDWWKHZRUOGLVLOOXVLRQDQGRQO\WKHRWKHUZRUOGLVWUXH
VFLHQFHLVWKHUHWKHQWHFKQRORJ\LVWKHUHDQGWHFKQRORJ\LVWKHRQO\ZD\WR FUHDWHULFKHV7KHVRFDOOHGVDLQWVDUHUHVSRQVLEOHDQGWKHVRFDOOHGOHDGHUV WKHSROLWLFLDQVDUHUHVSRQVLEOHEHFDXVHWKHSROLWLFLDQVJRRQWHDFKLQJDQWL VFLHQWLILFDWWLWXGHVWRWKHFRXQWU\*DQGKL VSKLORVRSK\LVDQWLVFLHQWLILF
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
WKHERRNRIZLVGRPFKDSWHUWZHQW\VHYHQWKHVRXOLVDTXHVWLRQ PDUFK DPLQEXGGKDKDOO
7KHILUVWTXHVWLRQ %(/29('26+2 :+<,6,762',)),&8/7725(/$7(" 'HYD6KDQWDEHFDXVH\RXDUHQRW\HW7KHUHLVDQLQQHUHPSWLQHVVDQGWKHIHDU WKDWLI\RXUHODWHZLWKVRPHERG\VRRQHURUODWHU\RXZLOOEHH[SRVHGDVHPSW\ +HQFHLWVHHPVVDIHUWRNHHSDGLVWDQFHZLWKSHRSOH DWOHDVW\RXFDQSUHWHQG \RXDUH
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
7KHVRXOLVDTXHVWLRQLWLVDTXHVW+HQFHWKHPDVWHULVDVNLQJ:KDWLVWKH DQVZHU" 7KHGLVFLSOHVFRXOGQRWILJXUHLWRXWEHFDXVHWKLVLVQRWWKHZD\ SHRSOHDVNILUVW DERXWWKHTXHVWLRQWKHQWKH\DVNDERXWWKHDQVZHU $QGVRPHWKLQJH[DFWO\OLNHWKDWKDVKDSSHQHGWR\RX9DQGDQD$IUDLGRI IRUJHWWLQJIRUJHWWLQJZKDWWKDWLVQRWFOHDU-XVWDIHHOLQJDFORXGSDVVHGE\ DQGWKHIHHOLQJPXVWKDYHEHHQLQWHQVH ,VWKHUHDQ\WKLQJ,QHHGWRUHPHPEHU"\RXDVN ,WLV\RX\RXUVHOI6HOIUHPHPEHULQJLVQHHGHG%XGGKDXVHGWRFDOOLWULJKW PLQGIXOQHVVVDPPDVDWL 0DKDYLUDXVHGWRFDOOLWYLYHNDZDUHQHVV *HRUJH *XUGMLHIIXVHGWRFDOOLWVHOIUHPHPEHULQJ.DELUXVHGWRFDOOLW685$7,%XWWKH\ DOOPHDQWKHVDPHWKLQJ
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
PRUHDOHUW7KLVLVWKHFKDOOHQJHWREHDFFHSWHG7KRVHZKRGRQ WDFFHSWWKLV FKDOOHQJHUHPDLQVSLQHOHVV
RWKHUZLVH\RXZLOOVXIIHU
FDQ\RXNQRZWKDWWKH\DUHSKRQ\"0D\EHWKHLUKHDUWVDUHDOVRVPLOLQJ
GR",IVRPHERG\KDVVRPHWKLQJDQG\RXGRQ WKDYHLWDQG\RXGRQ WKDYHD QDWXUDOSRVVLELOLW\RIKDYLQJLWWKHRQO\ZD\LVWRKDYHVRPHFKHDSVXEVWLWXWHIRU LW ,KHDUWKDW-LPDQG1DQF\6PLWKKDGDJUHDWWLPHLQ(XURSHWKLVVXPPHU,W VVR JUHDWZKHQDFRXSOHILQDOO\JHWVDFKDQFHWRUHDOO\OLYHLWXS7KH\ZHQW HYHU\ZKHUHDQGGLGHYHU\WKLQJ3DULV5RPH\RXQDPHLWWKH\VDZLWDQGWKH\ GLGLW %XWLWZDVVRHPEDUUDVVLQJFRPLQJEDFNKRPHDQGJRLQJWKURXJKFXVWRPV
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
SHUVRQRUWRWKHQRSHUVRQDURXQGZKRPKHIHHOVWKHYLEHRIWUXWKWKHYLEHRI DXWKHQWLFLW\ /\QQH6WHYHQV\RXUFRPPLWPHQWWRWUXWKLVMXVWDQLGHD
$QGWKHPRPHQW\RXDUHXWWHUO\VWLOOQRWHYHQDWKRXJKWPRYLQJLQVLGH\RXWKDW LVWKHPRPHQWRILOOXPLQDWLRQ)RUWKHILUVWWLPH\RXKDYHDJOLPSVHRIWUXWKQRW WKHLGHDRIWUXWKEXWWUXWKLWVHOI 7KHVHFRQGTXHVWLRQ %(/29('26+2 0<)((/,1*67(//0(7+$7817,/,.12:<28,&$1 775867$1' <(7<286$<817,/,75867<28,&$1127.12:<28:+$772'2" :LOOLDPWKHUHDUHWZRNLQGVRINQRZLQJ2QHLVIURPDGLVWDQFH \RXUHPDLQ DORRI\RXUHPDLQDQREVHUYHUDVSHFWDWRU7KDW VZKDWVFLHQWLILFNQRZLQJLV \RX QHHGQRWJHWLQYROYHGLQLWLQIDFW\RXVKRXOGQRWJHWLQYROYHG
WKRXJKWVWKHVHFDQQRWEHIHHOLQJV WKDW VDVKHHUPLVXQGHUVWDQGLQJ7KLVLVWKH ZD\WKRXJKWVVSHDN7KRXJKWVDOZD\VVD\%HFDUHIXOFDXWLRXVPRYHORJLFDOO\ DQGRIFRXUVHWKLVLVYHU\ORJLFDO KRZFDQ\RXWUXVWPHLI\RXGRQ WNQRZPH" ,WLVDORJLFDOVWDWHPHQW,WLVQRWDVWDWHPHQWIURP\RXUJXWOHYHO LWFDQQRWEH EHFDXVHJXWIHHOLQJVDUHYHU\LOORJLFDO*XWIHHOLQJVZLOOVD\WR\RXWKHVDPHDV, DPVD\LQJ WUXVWDQG\RXZLOONQRZ 6RWKHILUVWWKLQJWREHVDLGLV WKHVHDUHQRW\RXUIHHOLQJVWKHVHDUH\RXU WKRXJKWV
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
DFFLGHQW LWLVQRWFUHDWLRQUHPHPEHUEHFDXVHWKHUHLVQRFUHDWRULQLW %XWUHOLJLRQLVYHU\GHIHQVLYHFRQWLQXRXVO\VHDUFKLQJIRUDQ\WKLQJWRFOLQJWR7KH ELJEDQJWKHRU\VD\VWKDWLQDVXGGHQH[SORVLRQLQDJUHDWIODVKRIOLJKWWKH ZRUOGZDVFUHDWHG-XPSRQLW \RXFDQDOZD\VILQGVRPHZD\VRPHORJLFDOZD\
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
ZHUHFRPLQJWRDWHQVLRQDQGWKHQVXGGHQO\VRPHWKLQJHOVHKDSSHQVDQGWKH WHQVLRQKDVFRPHWRVXFKDFOLPD[WKDWLWH[SORGHV
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
:KHQ6DUDKWKHQHLJKERUVHHV6DPP\UXQQLQJRXWRIWKHKRXVHVKHFDOOVKLP :KHUHDUH\RXUXQQLQJWROLNHWKDW"
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
,DPQRWGRLQJDQ\WKLQJ.ULVKQD3UHPDQG,DPQRW%XWVWLOO\RXVHHPH FRPLQJJRLQJWDONLQJWR\RXGRLQJWKLVDQGWKDW)RUWKDW,ZLOOWHOO\RXDVWRU\ $+ROO\ZRRGGLUHFWRURQFHVHQWRXWZRUGWKDWKHZDVORRNLQJIRUDQDFWRUWRSOD\ WKHUROHRI6KDNHVSHDUH V+DPOHW7KHDFWRUZDVWREHRYHUVL[IHHWWDOO\RXQJ DQGYLJRURXVDQGKDYHDQH[FHOOHQWFRPPDQGRIWKHODQJXDJH 2QWKHGD\RIWKHFDVWLQJFDOOPDQ\ILQHWDOO\RXQJPHQVKRZHGXSEXWDPRQJ WKHPZDVDOLWWOHROG-HZLVKPDQZLWKDKHDY\
