You are on page 1of 25

6KD\WDDQ

+LV:D\VLQ
0LVOHDGLQJ
E\$EX,\DDG

&217(176

3$577+(1$785(2)6+$<7$$1 

:+$7,66+$<7$$1 " 
:+$7,67+( %(/,()2)7+( $+/866811$+5(*$5',1*7+,6 0$77(5" 
7+(&5($7,212) $$'$0 
7+($1*(/6352675$7(72 $$'$0$1',%/((65()86(6  
$$'$0(9($1',%/((6*(7(;3(//(')5203$5$',6($1'$5(6(17 727+(($57+ 
:+$7,67+(*2$/2) 6+$<7$$1 " 

3$577:27+(:$<6$1'0($162)6+$<7$$1,10,6/($',1* 

,1&,7,1*',6&25'$1' %$'6863,&,21 
%($87,)<,1* ,1129$7,216 
(;$**(5$7,1* 21(0$77(529(5$//27+(56 
7+(,1',9,'8$/ 
7+(&20081,7< 
352&5$67,1$7,21$1' 6$<,1*µ6221¶ 
)$/6(3(5)(&7,21 
127+$9,1*7+(&255(&7 3(5&(37,212) 21(6(/) 
'28%7 
)($5 

3$577+5((0($162)3527(&7,21 

.12:/('*( 
6,1&(5,7< 
5(0(0%5$1&( 
6((.,1*5()8*(,1$//$$+ 
5(&,7,1*7+(35(6&5,%('3257,2162)7+( 485¶$$1 
.((3,1**22'&203$1< 

%,%/,2*5$3+< 
,QGHHG DOO 3UDLVH EHORQJV WR $OODDK :H SUDLVH +LP VHHN +LV DLG DQG +LV )RUJLYHQHVV :H VHHN
UHIXJHLQ$OODDKIURPWKHHYLOVRIRXUVRXOVDQGWKHHYLOVRIRXUDFWLRQV:KRPVRHYHU$OODDKJXLGHV
WKHUH LV QRQH WR PLVJXLGH DQG ZKRPVRHYHU $OODDK PLVJXLGHV WKHUH LV QRQH WR OHDG DVWUD\ , EHDU
ZLWQHVVWKDWWKHUHLVQRQHZRUWK\RIZRUVKLSH[FHSW$OODDKDORQHZLWKRXWDQ\SDUWQHUVDQG,EHDU
ZLWQHVVWKDW0XKDPPDGLVWKHVHUYDQWDQGPHVVHQJHURI$OODDK

7RSURFHHG

7KH EHVW VSHHFK LV WKH ERRN RI $OODDK DQG WKH EHVW JXLGDQFH LV WKH JXLGDQFH RI 0XKDPPDG 7KH
ZRUVW RI DIIDLUV DUH WKH QHZO\ LQYHQWHG PDWWHUV DQG HYHU\ QHZO\ LQYHQWHG PDWWHU LV DQ LQQRYDWLRQ
DQGHYHU\LQQRYDWLRQLVLQWKH+HOOILUH

8QIRUWXQDWHO\ LQ WKH PRGHUQ WLPHV WKH PXVOLPV KDYH EHFRPH OHVV FRQVFLRXV RI WKH H[LVWHQFH RI
6KD\WDDQGXHWRWKHLUEHLQJRFFXSLHGZLWKWKHSXUVXLWVDQGSOHDVXUHVRIWKLVZRUOG+HLVQRORQJHU
SHUFHLYHGDVDWKUHDWRUDVDQHQHP\$VDUHVXOWRISXWWLQJRXUJXDUGGRZQ6KD\WDDQ KDVWDNHQIXOO
DGYDQWDJH RI RXUKHHGOHVVQHVVDQGZHDNQHVVWRUHFUXLWKHOSHUVDQGDUPLHVIURPDPRQJVWXVWRDLG
KLPLQKLVPLVFKLHIDQGGHVWUXFWLRQ$OODDKKDVDOUHDG\ZDUQHGXV

'LG
G,
,QQRW
WHHQMRLQX
QXSSRQ
Q\R
\RX
X2
2&
&KLOLOGGUHQ
QRRI
I$
$DGDP
PQQRWW
WWR
RZ
ZRUVKLS
S66KD\WDD
DDQQIIRU
UWWKDW
WKKH
HZ
ZDVW
VWR\R
R\RX
XDDQ
HQHP\
\DDYRZHG" 

7KHIROORZLQJLVDLVEULHIRXWOLQHRI6KD\WDDQDQGLQFOXGHVDGHVFULSWLRQRIWKHZD\VDQGPHDQVKH
XVHV WR PLVOHDG PDQNLQG IURP WKH VWUDLJKW SDWK RI $OODDK 0RVW RI WKH VHFWLRQ RQ WKH :D\V DQG
0HDQV RI 6KD\WDDQ LQ 0LVOHDGLQJ KDV EHHQ WUDQVODWHG DQG HPHQGHG IURP $EGXOODDK DO.KDDWLU·V
ERRN7KH:D\VRI6KD\WDDQLQ$WWDFNLQJWKH5LJKWHRXV:HKRSHWKDW$OODDKEHQHILWVXVE\LWDQG
WKDWKHPDNHVWKLVVPDOOHIIRUWIRU+LVVDNHDORQHDQGLQRXUIDYRXURQWKH'D\RI-XGJHPHQW

$EX,\DDG
,VODPLF6RFLHW\
8QLYHUVLW\RI(VVH[
0DUFK

 <DD6HHQ

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
3$577+(1$785(2)6+$<7$$1


::KDW
WLLV
V66KD\
D\WWDD
DDQQ"
,VKHUHDO",VKHMXVWDFRQFHSWDQLGHD"2UKHMXVWDV\PEROLFILJXUH"7KLVLVDQLPSRUWDQWSRLQWLQ
$THHGDK %HOLHI  6RPH SHRSOH DFWXDOO\ WKH UHDOLW\ RI WKH -LQQ DQG H[SODLQ WKHP DZD\ VD\LQJ WKDW
WKH\DUHPHUHO\WKHHYLOWKRXJKWVDQGVXJJHVWLRQVRQHKDVRUWKDWWKH\DUHWKHVSLULWVRIWKHFHOHVWLDO
ERGLHV

%HOLHYLQJLQWKH-LQQLVSDUWRIWKHEHOLHILQWKHXQVHHQDQGQR0XVOLP·VIDLWKFDQEHFRPSOHWHXQWLOKH
DFFHSWVDQGDIILUPVWKHXQVHHQPDWWHUVUHJDUGOHVVRIZKHWKHULWDJUHHVZLWKKLVXQGHUVWDQGLQJDQG
LQWHOOHFW RU QRW 7KH H[LVWHQFH RI WKH -LQQ LV SURYHQ E\ ERWK UHYHODWLRQ DQG GDLO\ H[SHULHQFH
)XUWKHUPRUHWKHUHDOLW\RIWKH-LQQ DQGWKHLUWUXHQDWXUHLVH[SODLQHGE\WKH4XU·DDQDQGWKH6XQQDK
$OODDKWKH([DOWHGVDLGFRQILUPLQJWKHH[LVWHQFHRI-LQQ

,GGLG
, GQQRW
WFFUHDWH
HWWKH
H--LQQ
QQDDQG
G0H
0HQ
QHH[FH
FHSSWW
WWKKDWW
WWKKH\
\P
PD\
\Z
ZRUVKLS
SP
PH

+HDOVRVDLG

6D\
\LLW
WKKDV
VEEHH
HHQ
QUUHYHDOHG
GWWR
RP
PH
HWWKDW
WD
DFFRPSDQ\R
\RIW
IWKKH
H--LQQ
QQOLOLVW
VWHHQHG

$QGDOVR

7KH\
\Z
ZHUH
HVVRPH
HP
PHQ
QDDPRQJVW
VWP
PDQNLQG
GZ
ZKR
RZ
ZRXOGGVVHH
HHN
NUUHIXJH
HZ
ZLWK
KVVRPH
HP
PHQ
QDDPRQJVWW
VWWKKH
H--LQQ
QQDDQG
GWWKH\
LQFUHDVHG
GWWKHP
PLLQ
QPPLVJXLGDQFH 

$QGWKH0HVVHQJHU VDV VDLG´7KHUHDUHWKUHHW\SHVRI-LQQ2QHW\SHRI-LQQIOLHVLQWKURXJKWKHVN\


DQRWKHUW\SHLVLQWKHIRUPRIVQDNHVDQGGRJVDQGWKHWKLUGW\SHLVDFWXDOO\ORFDWHGLQRQHSODFHEXW
WUDYHOVDURXQGµ


::KDW
WLLV
VWWKH
H%%HOLHI
IR
RI
IWWKH
H$$KO
OXXV6XQQ
QQDDK
KUUHJDUGLQJ
QJWWKLV
VPPDWW
WWHHU"
2XUEHOLHILVWKDW6KD\WDDQLVIURPWKH-LQQ$OODDKWKH([DOWHGVDLG

 LH=DIUXOODDK .KDQ D4DGLDQL LQKLVWUDQVODWLRQRIWKH4XU·DQVD\VWKH\DUHPHUHO\WKHHOLWHSURIHVVLRQDO


SHRSOHRIWKLVZRUOGZKRDUHKLGGHQIURPWKHUHVWRIVRFLHW\
 'KDDUL\DDW
 -LQQ
 -LQQ
 5HSRUWHGE\%DLKDTLDQG7DEDUDQL

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
$QG
GZ
ZKHQ
Q::H
HVVDLG
GWWR
RWWKH
HDDQJHOV
VSSURVW
VWDDWH
HWWR
R$
$DGDPWWKH\ \DDOO
OOSSURVW
VWDDWHG
GHH[FH
FHSSW
W,,EOHH
HHVV+
+H
HZ
ZDVI
VIUURP
PDDPRQJ
WKH
H--LQQ
QQDDQGK
GKH
HUUHEHOOOOHHG
GIIURP
PWWKHF
HFRRPP
PPDDQG GRRI
IKKLV
V/
/RUG 

7KH-LQQZHUHFUHDWHGEHIRUHPDQNLQGIURPDVPRNHOHVVILUH

$QG
GWWKH
H--LQQ
QQ:
:H FUHDWHG
GWWKHP
PDDIRUHWLPH
HIIURP
PWWKH
HVVPRNHOHVVI
VVIOODPH

6RWKH-LQQOLYHGDQGH[LVWHGEHIRUHPDQNLQGDQGWKHLUUHVSRQVLELOLW\LVWKHVDPHDVRXUVWRZRUVKLS
$OODDKDORQHZLWKRXWDVVRFLDWLQJDQ\SDUWQHUVWR+LP7KH\KDYHIUHHZLOODQGFKRLFHDVZHGRDQG
WKH\DUHDOVRUHVSRQVLEOHIRUWKHLUDFWLRQVMXVWOLNHXV:HGRQRWNQRZWKHH[DFWQDWXUHRIKRZDQG
ZKHUHWKH\OLYHGEHIRUHWKHFUHDWLRQRI$DGDPEXWLI$OODDKKDVQRWLQIRUPHGXVZLWKVXFKGHWDLOV
WKHQWKH\KDYHQRLPSRUWDQFHDQGNQRZLQJWKHPZRXOGQRWEHQHILWXVLQDQ\ZD\7KHUHIRUHLWLVQRW
ZRUWKSXUVXLQJ


77KH
H&&UHDWLRQ
QRRI
I$
$DGD
DGDP
P
$IWHUWKH-LQQ$OODDKFUHDWHG$DGDP$DGDPZDVWKHODVWRIDOORI$OODDK·VFUHDWLRQV,EQDO4D\\LP
LQKLVERRN¶$O)DZDD·LG·JLYHVWHQUHDVRQVZK\$DGDPZDVFUHDWHGODVW:HZLOOPHQWLRQDQXPEHU
RIWKHP

2QH 6R WKDW WKH UHVLGLQJ SODFH RI $DGDP DQG KLV RIIVSULQJ LV DOUHDG\ SUHSDUHG IRU
WKHP
7ZR 7KDW KH $DGDP DQG KLV RIIVSULQJ  LV WKH HQG IRU ZKLFK HYHU\WKLQJ EHVLGHV KLP
ZDVFUHDWHG WKHKHDYHQVHDUWKVXQPRRQVWDUV ODQGVULYHUVDQGRWKHUVXFKWKLQJV
7KUHH 7KDW WKH PRVW VNLOOHG RI FUHDWRUV RU PDQXIDFWXUHUV DOZD\V FRPSOHWHV KLV DFWLRQ
ZLWKWKDWZKLFKLVWKHEHVWDQGWKHPRVWSHUIHFW RI+LVFUHDWLRQ MXVWDVKHEHJDQLWZLWK
LWVIRXQGDWLRQVDQGLWVSLOODUV
)RXU7KDW$OODDKGHOD\HGWKHEHVWRI UHYHDOHG ERRNVPHVVHQJHUVDQGFRPPXQLWLHVWLOO
WKH HQG RI WLPH LH 0XKDPPDG VDV  WKH 4XU·DDQ DQG WKLV 8PPDK  DQG PDGH WKH
+HUHDIWHUEHWWHUWKDQWKHSUHVHQW/LNHZLVH+HPDGHWKHEHVWRI+LVFUHDWLRQODVW


77KH
H$$QJ
QJHHOV
VSSURVWUDWH
HWWR
R$$DGD
DGDP
PDDQG
G,
,EOHH
HHV
VUUHIXVHV
)ROORZLQJWKHFUHDWLRQRI$DGDP$OODDKDVNHGWKH$QJHOVDQGWKH-LQQWRSURVWUDWHWR$DGDP7KH
VLJQLILFDQFH LQ WKLV DFWLRQ ZDV WKH REHGLHQFH RI WKH $QJHOV DQG -LQQ WR WKHLU 0DNHU DQG &UHDWRU ,W
GRHV QRW LPSO\ ZRUVKLS RI $DGDP EHFDXVH WKH FRPPDQG WR GR VR RULJLQDWHG IURP $OODDK WKH
([DOWHG$OORIWKHPSURVWUDWHGH[FHSW,EOHHV7KLVVWRU\LVPHQWLRQVHYHQWLPHVLQWKH4XU·DDQDQGLQ
GLIIHUHQWFRQWH[WV:HZLOOTXRWHRQHRIWKHPIURP6XUDKDO$·UDDI

 .DKI
 +LMU

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
,W
WLLV
V:
:H HZZKR RFFUHDWHGG\R
\RX
XDDQG GJJDYHH\R
\RX
XVVKDSH77KHQ Q::H HVVDLG
GWWR
RWWKHHDDQJHOV33URVW VWDDWH
HWWR
R$$DGDPDDQG GWWKH\
ERZHGG GGRRZ
Z DOO
OORRIW
IWKKHP  HH[FH
FHSSW
W,,EOHH
HHVV+
+HHUUHIXVHGGWWR
REEH
HRRIW
IWKKRVH
HZ
ZKR REERZHGG GGRRZQ
$OOOODD
DDKK  VVDLG:
:KDW WSSUHYHQWHG G\R
\RX
XIIURPPEERZLQJ JGGRZQ QZZKHQQ,,FFRPPPPDDQGHG G\R
\RXX+
+HHVVDLG,
,DDP
PEEHWWWWHHU
UWWKDQ
KLP<
<RXXFFUHDWHG GPPH
HIIURP
PIILUHHDDQGK
GKLLP
PIIURPPFFOD\$ $OOOODD
DDKKVVDLG*
*HW WGGRZQ QIIURP
PKKHUH ,,W
WLLV
VQQRWI
WIRRU
U\R
\RXXWWR
REEH
DUU
UURJ
RJDDQWWKKHUH*
*HWWRRXWI
WIRRU
U\R
\RXXDDUH
HDDPRQJVWW VWWKKH
HVVPDOO
OORRQHV
+H
HVVDLG* *LYHHPPH
HUUHVSLWHHWWLOO
LOOWWKH
HGGD\
\WWKH\\DDUH
HUUDLVHG GXXS$
$OOOODD
DDK
KVVDLG< <RX
XDDUH
HDDPRQJ JWWKRVH HZ
ZKRRKKDYH
UHVSLWH+ +HHVVDLG%
%HF
HFDDXVH
H\R
\RXXKKDYHHPPDGH HP
PH HJR
JRDDVWVWUUD\,
,Z
ZLOOOL
LOOOLH
HLLQ
QZZDLWIWIRRU
UWWKHPPRRQ
Q<<RXU U66WUDLJKW W33DWK
7KHQQ,
,Z ZLOO
LOODDWW
WWDDFN
NWWKHP
PIIURP PEEHIRUH HWWKHP
PDDQG GEEHKLQG GWWKHPIIURPPWWKHLUUUULLJKW
WDDQGGWWKHLUUOOHIW
IW$
$QG G\R
\RX
XZZLOO
QRWI
WILLQGGPPRVW
VWRRIW
IWKKHP
PWWKDQNIXO

6R,EOHHVUHIXVHGRXWRIDUURJDQFHFODLPLQJKHZDVEHWWHUWKDQ$DGDP+HDOVRWULHGWRSXWWKHEODPH
RQ$OODDKE\VD\LQJ ¶EHFDXVH\RXKDYHPDGHPHJRDVWUD\·7KHQNQRZLQJKHZDVGRRPHGKHDVNHGIRU
UHVSLWHLQRUGHUWRPLVOHDGPDQNLQG+HDOVRPDGHLWFOHDUWKDWKHZLOODWWDFNWKHSURJHQ\RI$DGDP
IURPHYHU\VLQJOHDYHQXHSRVVLEOHUHJDUGOHVVRILWVQDWXUHDQGVLJQLILFDQFH7KLVLVVRPHWKLQJWREH
FDXWLRXVDQGDZDUHRIDQGZKLFKZHVKDOOH[SDQGXSRQLQWKHQH[WFKDSWHULQVKDD·DOODDK


$$DGD
DGDP
P
(
(YH
HDDQG
G,
,EOHH
HHV
VJJHW
WHH[SHOO
OOHHG
GIU
IURRP
P3
3DUDG
DGLLVH
HDDQGD
GDUUH
HVVHQWW
WWR
RWWKH
H((DUWK
$OODDKSODFHG$DGDPDQG(YHLQWKH*DUGHQZKHUH6KD\WDDQFDPHWRWKHPVZRUHWRWKHPKHZDV
WKHLUVLQFHUHDGYLVHUDQGGHFHLYHGWKHPLQWRGLVREH\LQJWKHLU/RUG$OODDKWKHQVDLGWRERWKSDUWLHV

+H
HVVDLG*
*HW
WGGRZQ QDDOO
OORRI
I\R
\RX
XIIURP
PWWKLV
V*
*DUGHQDDV VHHQHPLHV VRRQH
HWWR
RDDQRWKHU$
$QG GLLIDDV
VLLV
VFH
FHUUWDLQWWKHUH
FRPHVW VWR\R
R\RX
XJJXLGDQFH FHIIURP
P0H0HZ ZKRHYHU UIIROOOORRZV V00\J\JXXLGDQFH FHZ
ZLOO
LOOQQRW
WJR
JRDDVW
VWUUD\QQRU UZZLOO
LOOKKH
HIIDOOL
OOLQQWR
PLVHU\%%XWWZ
ZKRHYHU UWWXUQV VDDZD\ \IIURP
P00\J
\JXXLGDQFH FHIIRU UKKLP
PLLV VD
DQQDUU
UURRZHGG
GGRRZQQDDQGGFFRQVW VWUULFWHG
GOLOLIIH
HDDQG
:H HVVKDOO
OOUUDLVH
HKKLP
PXXS SEEOLOLQQG
GRRQQWWKH H''D\R
\RI
I--XGJHPHQW
+H
HZ
ZLOO
LOOVVD\2
2PP\\//RUG::K\ \KKDYHH\R
\RX
XUUDLVHG
GP PH
HXXS SEEOLOLQQG
GZ ZKLOLOH
H,
,KKDG
GVVLJKW
WEEHIRUH+ +HHZ
ZLOO
LOOVVD\77KXV VGGLG
\RXXZ
\R ZKHQQ22XUUVVLJQV
VFFDPH HWWR\R
R\RXXGGLVUHJDUG WKHP PDDQG GVVR ROLOLNNHZLVHHRRQ
QWWKLV
V'
'D\\Z
ZLOO
LOO\R \RX
XEEH
HGGLVUHJDUGHG

7KHQ$OODDKGHFUHHGWKDWWKHOLYHOLKRRGRI$DGDPDQGKLVRIIVSULQJZRXOGEHXSRQWKH(DUWKIRUD
GHWHUPLQHG SHULRG 7KHLU HQHPLHV 6KD\WDDQ DQG KLV WURRSV ZRXOG DOVR OLYH ZLWK WKHP LQ RUGHU WR
SXWWKHPWRWULDODQGPLVOHDGWKHPIURPWKH6WUDLJKW3DWKRI$OODDKWRDOOWKHRWKHUGLYHUJHQWSDWKV
WKH SDWKV RI VLQ LQQRYDWLRQ GLVEHOLHI DVVRFLDWLQJ SDUWQHUV ZLWK $OODDK EHLQJ XQJUDWHIXO IRU +LV
IDYRXUV DQG ERXQWLHV GLVKRQRXULQJ WKH SDUHQWV EHLQJ XQMXVW WR RWKHU PXVOLPV DEDQGRQLQJ WKH
UHOLJLRQDQGQRWOHDUQLQJLWDQGRWKHUVXFKPDWWHUV


::KDW
WLLV
VWWKH
HJJRDO
ORRI
I6
6KD\
D\WWDD
DDQQ"
$OODDKKDVLQIRUPHGXVWKDW6KD\WDDQLVDQDYRZHGHQHP\WRPDQNLQG

 $·UDDI
 7DD+DD

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
'LG
G,
,QQRW
WHHQMRLQX
QXSSRQ
Q\R
\RX
X2
2&
&KLOLOGGUHQ
QRRI
I$
$DGDP
PQQRWW
WWR
RZ
ZRUVKLS
S66KD\WDD
DDQQIIRU
UWWKDW
WKKH
HZ
ZDVW
VWR\R
R\RX
XDDQ
HQHP\
\DDYRZHG" 

2XWRI+LV0HUF\DQGFDUHIRUKLVVHUYDQWV$OODDKWKH([DOWHGKDVLQIRUPHGWKHPDERXW6KD\WDDQ
KLV JRDOV KLV ZD\V DQG PHDQV LQ RUGHU WR KHOS WKHP DJDLQVW KLP +H VDLG UHJDUGLQJ RQH RI WKH
JUHDWHVWJRDOVRI6KD\WDDQ

+H
HRRQO\
\LLQYLWHV
VKKLV
VDDGK
GKHHUHQWVV
WVVR
RWWKDWW
WWKKH\
\EEHF
HFRRPH
HLLQKDE
DELLWDQWV
WVRRIW
IWKKH
H%
%OD]LQJ
J)
)LUH

7KDW WKH\ PD\ EHFRPH LQKDELWDQWV RI WKH )LUH GXH WR GLVEHOLHI DVVRFLDWLQJ SDUWQHUV ZLWK $OODDK
GLVREHGLHQFH WR $OODDK FRPPLWLQJ VLQV DQG RWKHU VXFK HQWLFHPHQWV $OODDK DOVR LQIRUPV KRZ KH
ZKLVSHUVWRPDQNLQGWKHQWXUQVRQKLVKHHOVIHDULQJ$OODDKKLPVHOI

/LNH HWWKHH
HH[D
[DP
PSOH
HRRII66KD\WDD
DDQ
QZ
ZKHQ QKKHHVVD\VW
VWR
RPPDQ'
'LVEHOLOLHHYH
H RU
UEEH
HXQ
XQJJUDWHIXO 66R
RZ
ZKHQ QKKH
HGGLVEHOLOLHHYHV
RU
ULLV
VXQ
XQJJUDWHIXO  KKH
H 6KD\WDD
DDQQ  VVD\V,
,DDP
PIIUHH
HHIIURP
P\R
\RXX,,QGHH
HHG
G,
,IIHDU
U$
$OOOODD
DDK
KWWKH
H/
/RUG GRRI
IDDOO
OOWWKH
H:
:RUOGV


:H ZLOO QRZ ORRN DW VRPH RI WKH PDQ\ ZD\V DQG PHDQV WKDW 6KD\WDDQ XVHV IRU KLV JRDOV DQG
REMHFWLYHVZLWKUHJDUGWRWKRVHZKRDUHHQHPLHVWRKLPQDPHO\XV

3$577:27+(:$<6$1'0($162)6+$<7$$1,1
0,6/($',1*

7KHUHDUHPDQ\ZD\VZKLFK6KD\WDDQKDVDWKLVGLVSRVDO7KLVLVVREHFDXVHKHDOVRKDVIULHQGVDQG
DOOLHVIURPDPRQJPDQNLQG6RPHWLPHVWKHVHIULHQGVDQGDOOLHVDUHQRWFRQVFLRXVWKDWWKH\DUHLQIDFW
ZRUNLQJ IRU KLP WKHVH LQFOXGH PXVOLPV  6KD\WDDQ LV D PDVWHU SODQQHU DQG DOO WKH PLVFKLHI LQ WKH
ZRUOGLVDUHVXOWRIKLVPLVJXLGDQFHKRZHYHUDOORIKLVKDQGLZRUNLVXQGHU$OODDK·VFRQWURODQGZLOO
DQGZLVGRP,QWKHVLJKWRI$OODDKDQGWRWKHEHOLHYHUVWKHSODQRI6KD\WDDQLVYHU\ZHDN

 <DD6HHQ
 )DDWLU
 +DVKU

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
6R
RIILJKW
WDDJDLQVWW
VWWKKH
HDDOOL
OOLHHV
VRRI
I66KD\WDD
DDQQWWKH
HSSODQ
QRRI
I66KD\WDD
DDQ
QLLV
VLLQGHH
HHG
GZ
ZHDN


,,QF
QFLLWLQJ
QJ''LVFR
FRUUGDQG
GDQG%%DG
DG66XVSLFLRQ

7KH0HVVHQJHU VDV VDLG,QGHHG,EOHHVKDVGHVSDLUHGWKDWWKHULJKWHRXVPD\ZRUVKLSKLPEXW


KHZLOOVWULYHWRLQFLWHGLVFRUGDPRQJVWWKHP >5HSRUWHGE\0XVOLP@

0HDQLQJ WKDW KH ZLOO FDXVH WKHP WR DUJXH DQG KROG JUXGJHV DJDLQVW RQH DQRWKHU WR VSUHDG WULDOV
DPRQJVW WKHPDQGPDNHWKHPRFFXSLHGZLWKHDFKRWKHUPDNLQJWKHPIRUJHW$OODDKWKHLU/RUG,Q
DQRWKHU QDUUDWLRQ IURP ,PDDP 0XVOLP WKH 0HVVHQJHU VDV VDLG6KD\WDDQ KDV GHVSDLUHGWKDW WKH
SHUIRUPHUVRISUD\HULQWKH$UDELDQSHQLQVXODPD\ZRUVKLSKLP

+DYLQJHYLOWKRXJKWVDQGVXVSLFLRQVLVDOVRDKDELWZKLFK6KD\WDDQLQGXFHV7KHZLIHRIWKH3URSKHW
VDV  DQG 0RWKHU RI WKH %HOLHYHUV 6DIL\\DK UD  VDLG 7KH 0HVVHQJHU VDV  ZDV LQ VHFOXVLRQ LQ WKH
PRVTXH,FDPHWRYLVLWKLPDWQLJKWWLPHDQGFRQYHUVHGZLWKKLP7KHQ,JRWXSWROHDYHDQGUHWXUQ
WRP\KRXVHDQGKHJRWXSZLWKPHWRDFFRPSDQ\PH7ZRPHQIURPWKH$QVDDUZDONHGSDVVHGXV
PD\ $OODDK EH SOHDVHG ZLWK WKHP  DQG ZKHQ WKH\ VDZ WKH 3URSKHW VDV  WKH\ KXUULHG 7KH
0HVVHQJHU VDV  WKHQ VDLG &RPH +HUH 6KH LV 6DIL\\DK ELQW +D\\ 7KH WZR PHQ WKHQ VDLG +RZ
IUHHLV$OODDKIURPDOOVKRUWFRPLQJV20HVVHQJHURI$OODDK7KHQWKH0HVVHQJHU VDV VDLG,QGHHG
6KD\WDDQIORZVWKURXJKWKH6RQRI$DGDPOLNHWKHEORRGIORZV LQKLVYHLQV DQG,IHDUHGWKDWKH
PLJKW WKURZ VRPH HYLO LQWR \RXU KHDUWV VR WKDW VXFK DQG VXFK PLJKW EH VDLG >5HSRUWHG E\
%XNKDDUHH@

,WLVREOLJDWRU\WKHUHIRUHZKHQ\RXVWDQGLQDSODFHDQGDEDGRSLQLRQRUVXVSLFLRQLVEHLQJIRUPHG
DERXW \RX WKDW \RX H[SODLQ WR WKH RQH ZKR LV ZDWFKLQJ \RX RU OLVWHQLQJ WR \RXU VSHHFK XQWLO QR
FKDQFH UHPDLQV IRU DQ\ GRXEWV RU VXVSLFLRQV 6XVSLFLRQ LV RQH RI WKH DUHDV IURP ZKLFK 6KD\WDDQ
DWWDFNV+HPDNHV\RXFRQVWDQWO\REVHUYHSHRSOHDQGOLVWHQWRWKHLUZRUGVVRWKDW\RXPLVLQWHUSUHW
WKHPDQGIRUPDEDGRSLQLRQDFFRUGLQJO\

$QRWKHU ZD\ WKLV KDSSHQV LV WKDW KH PDNHV \RX VXVSLFLRXV RI \RXUVHOI LQ \RXU SUD\HU RU ZKHQ
SHUIRUPLQJZXGKRR·+HVXJJHVWVLQ\RXUPLQGWKDWSHUKDSV\RXGLGQRWGRVXFKDQGVXFKRUUHFLWH
VXFK DQG VXFK ZK\ GRQ·W \RX GR LW DJDLQ 6R PDQ\ SHRSOH HQG XSFRQIXVHGGXHWRWKHVHHYLODQG
PLVFKLHYRXVZKLVSHULQJVDQGILQGGLVFRPIRUWZKHQSHUIRUPLQJWKHVHDFWVRIZRUVKLS


%%HDX
HDXWWLI\LQJ
QJ,,QQR
QQRY
YDWLRQ
RQV
V

$ZD\LQZKLFK6KD\WDDQEHDXWLILHVLQQRYDWLRQVLVE\ZKLVSHULQJWRVRPHRQH7KHSHRSOHLQWKLVWLPH
KDYHOHIWWKH'HHQDQGWKHLUUHWXUQLQJWRLWVHHPVGLIILFXOW:K\GRQ·WZHGRVRPHDFWVRIZRUVKLS
DQGDGGWRWKHPVRWKDWWKHSHRSOHDUHDWWUDFWHGE\WKHPWRWKHUHOLJLRQ+HDOVRFRPHVWRSHRSOHDQG
VD\V¶3HRSOHDUHIDUDZD\IURPWKH'HHQSHUKDSVLIZHEULQJVRPHKDGHHWKVZKLFKZLOOLQVWLOOIHDU

 1LVDD

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
LQWR WKHP RU LQFUHDVH WKHLU DVSLUDWLRQV WKH\  ZLOO UHWXUQ WR WKH 'HHQ· 6R DV D UHVXOW WKH\ LQYHQW
KDGHHWKDWWULEXWLQJWKHPWRWKH0HVVHQJHU VDV 7KH\WKHQVD\:HGRQRWOLHDJDLQVWWKH0HVVHQJHU
ZHOLHIRUKLP

7KH\ LPSXWH OLHV DJDLQVW WKH 0HVVHQJHU DQG LQYHQW KDGHHWK WR VFDUH WKH SHRSOH 6R WKH\ GHVFULEH
+HOOILUH LQ D VWUDQJH DQG XQKHDUG RI ZD\ DQG OLNHZLVH IRU 3DUDGLVH WKLQNLQJ WKH\ DUH GRLQJ JRRG
6KD\WDDQ KDV FHUWDLQO\ GHFHLYHG WKHP 6XI\DDQ DWK7KDZUHH UK  VDLG 6KD\WDDQ LV PRUH SOHDVHG ZLWK
LQQRYDWLRQ WKDQ VLQ EHFDXVH RQH FDQ UHSHQW IURP VLQ ZKHUHDV RQH FDQQRW UHSHQW IURP LQQRYDWLRQ EHFDXVH KH
WKLQNVLWLVVRPHWKLQJJRRG

,QQRYDWLRQ LV IURP WKH KDQGLZRUN RI 6KD\WDDQ DQG RFFXUV LQ ERWK EHOLHI DQG DFWLRQ ,W LV PRUH
GHVWUXFWLYHWKDQVLQEHFDXVHWKHGDPDJHIDOOVXSRQWKHUHOLJLRQLWVHOIDQGWKHXQLW\RIWKHPXVOLPV
7KH HIIHFWV RI VLQV GR QRW KDUP WKH UHOLJLRQ DQG IDOO XSRQ SHRSOH RQO\ 7KLV LV RQH RI WKH PRVW
SRZHUIXO RI 6KD\WDDQ·V WRROV DQG KDV LQGHHG EHHQ XVHG HIIHFWLYHO\ E\ KLP LQ DOO WKH PXVOLP ODQGV
HDFKRIZKLFKSRVVHVVHVXQLTXHGLIIHUHQWLQQRYDWHGDFWVRIZRUVKLSDQGDYDULHW\RIFRQIOLFWLQJZD\V
RISHUIRUPLQJWKHP

<RXZLOODOVRILQGWKDWWKLVLVWKHZD\6KD\WDDQKDVXVHGWRLQVWLOHQPLW\DQGKDWUHGLQWRWKHPXVOLPV
KHDUWVRQHWRDQRWKHU+HVHGXFHVVRPHRIWKHPWRDEDQGRQWKH6XQQDKIURPUHPDLQLQJILUPDQG
SDWLHQWXSRQLWDQGWKHQPDNHDQLQQRYDWLRQRUDQHZLGHDRUDZD\RIWKLQNLQJZKLFKZDVQHYHU
NQRZQ WR WKH &RPSDQLRQV RI 0HVVHQJHU VDV  RU WR WKH 3LRXV 3UHGHFHVVRUV RI WKLV 8PPDK 7KHQ
SHRSOHUDOO\DURXQGWKLVQHZLGHDDQGIRUPDJURXSDQGEHJLQWROLNHDQGGLVOLNHORYHDQGKDWHRQLWV
EDVLV WKHUHE\ WHDULQJ WKHLU KHDUWV DSDUW 7KLV VKRZV WKH QHFHVVLW\ RI DGKHULQJ WR WKH 6XQQDK LQ DOO
PDWWHUVDQGJLYLQJLWWKHXWPRVWLPSRUWDQFH

$O ,UEDDG ELQ 6DUL\\DKRQHRIWKH&RPSDQLRQVVDLG7KH0HVVHQJHURI$OODKJDYHXVDVHUPRQE\


ZKLFKRXUKHDUWVZHUHILOOHGZLWKIHDUDQGWHDUVFDPHWRRXUH\HV:HVDLG20HVVHQJHURI$OODKLW
LVDVWKRXJKWKLVLVDIDUHZHOOVHUPRQVRFRXQFHOXV+HVDLG,FRXQVHO\RXWRIHDU$OODKDQGWRJLYH
DEVROXWHREHGLHQFHHYHQLIDVODYHEHFRPHV\RXUOHDGHU9HULO\KHDPRQJ\RXZKROLYHV>ORQJ@ZLOO
VHH JUHDW FRQWURYHUV\ VR \RX PXVW NHHS WR P\ VXQQDK DQG WR WKH VXQQDK RI WKH ULJKWO\JXLGHG
.KDOLIDKV FOLQJWRWKHPVWXEERUQO\%HZDUHRIQHZO\LQYHQWHGPDWWHUVIRUHYHU\LQYHQWHGPDWWHULV
DQLQQRYDWLRQDQGHYHU\LQQRYDWLRQLVDJRLQJDVWUD\DQGHYHU\JRLQJDVWUD\LVLQ+HOOILUH

6R LQQRYDWLQJ DQG LQQRYDWLRQV DUH RQH RI WKH PRVW GHVWUXFWLYH WKLQJV WR WKLV 8PPDK DQG LW LV
QHFHVVDU\IRUHYHU\WUXWKIXODQGVLQFHUHPXVOLPWRURRWWKHPRXWIURPKLPVHOIIURPKLVIDPLO\DQG
IURPKLVRIIVSULQJZKHWKHUWKH\DUHPDWWHUVRIEHOLHIDFWLRQRUHYHQLGHDVDQGPHWKRGRORJLHVZKLFK
DUHLQRSSRVLWLRQWRDQGFRQWUDGLFWWKHWKHXQGHUVWDQGLQJRIWKH&RPSDQLRQVRIWKH0HVVHQJHU VDV 
WKH3LRXV3UHGHFHVVRUV


(([DJJH
[DJJHUUDWLQJ
QJ22QH
QH00DWW
WWHHU
URRYHU
UDDOO
OORRWKH
KHUUV

7KLVFDQRFFXURQDQLQGLYLGXDOOHYHODQGDFROOHFWLYHOHYHO

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
7KH,QGLYLGXDO

 6RPHSHRSOHFRPPLWPDQ\VLQVDQGDFWVRIGLVREHGLHQFHDQGWKLQNWKDWEHFDXVHWKH\SHUIRP
WKHSUD\HU WKH IDFWWKDWLWLVRQHRIWKHSLOODUVRIWKHUHOLJLRQDQGLVWKHILUVWWKLQJWKDWWKHVHUYDQW
ZLOO EH KHOG WR DFFRXQW IRU RQ WKH 'D\ RI -XGJHPHQW  WKHUH LV QR KDUP LQ FRPPLWLQJ VLQV +H
H[DJJHUDWHVWKHSRVLWLRQRIWKHSUD\HU DQGQRGRXEWLWLVRQHRIWKHJUHDWHVWDFWVRIIDLWK WRVXFK
DQ H[WHQW WKDW KH WKLQNV LW ZLOO FRPSHQVDWH KLV VKRUWFRPLQJV LQ RWKHU DFWV RI ZRUVKLS 7KLV LV D
IDOVHDQGZURQJW\SHRIUHOLDQFH7KHSUD\HULVDSDUWRIWKHUHOLJLRQEXWLWGRHVQRWFRQVWLWXWHWKH
ZKROHUHOLJLRQ

2QH VKRXOG NQRZ WKDW WKH SUD\HU GRHV LQ IDFW UHPRYH HYLO GHHGVDQGXVHWKDWWRSXULI\KLPVHOI
IURPVLQVEXWWKLVVKRXOGQRWEHDSUHWH[WIRUFRPPLWWLQJVLQVDQGIHHOLQJVDIHDQGDWHDVHZLWKWKH
IDFWWKDWSUD\HUUHPRYHVHYLOGHHGV7KLVLVDOVRDGHFHSWLRQIURP6KD\WDDQ

 $QRWKHU SHUVRQ ZLOO VD\ WKDW WKH UHOLJLRQ LV QRWKLQJ EXW GHDOLQJ DQG LQWHUDFWLQJ ZLWK SHRSOH
7KDWWKHPRVWLPSRUWDQWWKLQJLVWREHKDYHZHOOZLWKWKHSHRSOHGRQRWOLHDERXWWKHPDQGGRQRW
GHFHLYHWKHP+HZLOOEHOLHYHWKLVWRVXFKDQH[WHQWWKDWKHZLOOQRWHYHQSUD\EHFDXVHKHVD\V
WKH0HVVHQJHU VDV VDLG7KHUHOLJLRQLVEXWGHDOLQJZLWKSHRSOH7KLVLVWUXHEXWZKHUHLQWKLV
GRHVRQH·VZRUVKLSRI$OODDKOLH"

 $QRWKHUSHUVRQZLOOVD\WKDWWKHPRVWLPSRUWDQWWKLQJLVJRRGLQWHQWLRQ.HHS\RXUKHDUWFOHDQ
'R QRW EH HQYLRXV RU MHDORXV DQG GR QRW KDWH SHRSOH 6XFK SHRSOH DEDQGRQ WKH DFWV RIZRUVKLS
DQG WKH ULJKWHRXV GHHGV RI ZKLFK JRRG LQWHQWLRQ LV D QHFHVVDU\ FRQGLWLRQ *RRG LQWHQWLRQV DUH
QHYHUDUHSODFHPHQWIRUWKHDFWVRIZRUVKLSZKLFKDUHVXSSRVHGWREHEXLOWXSRQWKHP

 $QRWKHU YHU\ FRPPRQ GHFHSWLRQ LV WKDW PXVOLPV ZLOO FRPSHWH LQ WKH PHPRULVDWLRQ DQG
UHFLWDWLRQ RI WKH 4XU·DDQ 7KH\ SHUIHFW WKHLU 7DMZHHG FRUUHFW PDQQHU RI UHFLWDWLRQ  DQG PDNH LW
EHDXWLIXOWROLVWHQWRDQGOLPLWWKHPVHOYHVWRWKDWWKLQNLQJWKDWWKLVLVHQRXJKDVVHUYLFHWR$OODDK
DQG WKHUHIRUH DEDQGRQ RWKHU WKLQJV :KDW LV UHTXLUHG LV QRW UHFLWHUV DQG PHPRULVHUV EXW WKRVH
ZKRDFW

7KH PLVWDNH LQ DOO RI WKHVH VLWXDWLRQV LV QRW WKDW SHRSOH DUH FRQFHUQHG DERXW FHUWDLQ WKLQJV RU
DVSHFWV EXW WKDW WKH\ KDYH H[DJJHUDWHG WKHP RYHU RWKHU WKLQJV ZKLFK DUH HTXDOO\ RU HYHQ PRUH
LPSRUWDQW

7KH&RPPXQLW\

7KLVPDWWHUDOVRRFFXUVWRWKH8PPDKRQDFROOHFWLYHOHYHO

 $JURXSZLOOVD\WKHPRVWLPSRUWDQWWKLQJLVWKDWZHVKRXOGNQRZDOODERXWWKHSRVLWLRQDQG
VLWXDWLRQ RI WKH PXVOLPV DQG WKDW RI WKHLU HQHPLHV 7KH PRVW LPSRUWDQW WKLQJV DUH WKH SROLWLFDO
DIIDLUV:HQRORQJHUOLYHLQWKHWLPHRIWKHGHUYLVKHV0HDQLQJE\WKDWPDWWHUVVXFKDVEHOLHIDQG
SUD\HUDUHQRWLPSRUWDQWDQGSOD\QRUROHLQWKHZHOOEHLQJRIWKH8PPDKLQWKHPRGHUQHUD

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
<RX ZLOO UHFRJQLVH VXFK SHRSOH VWUDLJKW DZD\ 7KH\ ZLOO KDYH OHDUQW HYHU\WKLQJ UHJDUGLQJ WKH
FRPPXQLVWVWKHVHFXODULVWVWKHIUHHPDVRQVWKHVRFLDOLVWVEXWZKHQ\RXDVNKLPDERXWDVLPSOH
PDWWHUDERXW,VODPRUWKHSUD\HUKHGRHVQ·WNQRZKLVNQHHIURPKLVHOERZ$QRWKHUFKDUDFWHULVWLF
LV WKDW WKH\ ZLOO JLYH OLWWOH LPSRUWDQFH WR WKH FRUUHFW EHOLHI LQ $OODDK ZRUVKLSSLQJ +LP XSRQ
7DZKHHG DQG QRW DVVRFLDWLQJ DQ\ SDUWQHUV ZLWK +LP 7KHVH WKLQJV DUHZKDWGHWHUPLQHWKHZHOO
EHLQJRIWKH8PPDKDQGLWVVHFXULW\$QGWKHVHWKLQJVDUHWKHEDVLVDQGIRXQGDWLRQRIWKH,VODPLF
6WDWH +RZHYHU \RX ZLOO ILQG WKDW WKH SHRSOH FDOOLQJ WR WKHVH WKLQJV SD\ YHU\ OLWWOH DWWHQWLRQ WR
WKHVHPDWWHUVRIWHQEUXVKLQJWKHPDVLGHDQGPDNLQJJUHDWFRPSURPLVHVZLWKUHVSHFWWRWKHP

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
7KHSROLWLFDORUHFRQRPLFDOZD\LVQRWWKHZD\RIUHIRUP1RULVLPLWDWLRQRIWKHGLVEHOLHYHUVWKH
ZD\RIUHIRUP7KHZD\RIUHIRUPLVREHGLHQFHDQGJUDWLWXGHWR$OODDK VLQFHLQJUDWLWXGH WR+LP
LVWKHFDXVHRIWKHUHPRYDORI+LVKHOSDVLVHYLGHQWDQGFOHDUIURP+LV%RRN

 ,W ZDV RQH RI WKH JUHDWHVW FRQFHUQV RI WKH 0HVVHQJHU VDOODOODDKXDODLKLZDVDOODP  IRU KLV FRPSDQLRQV
UDGLDOODDKXDQKXP DQGRIWKHFRPSDQLRQVIRUWKHLUVXFFHVVRUV UDKLPDKXPXOODDKX DQGRIWKHJUHDWVFKRODUV
IRU WKHLU IORFN WKH JHQHUDO SHRSOH  DQG LQ IDFW RIWKH6DODI 3LRXV3UHGHFHVVRUV RIWKLV8PPDK IRULWVSHRSOH
WKDWWKHLU(HPDDQ )DLWK%HOLHI ZDVFRUUHFWDQGILUPWKDWWKH\ZHUHLQSRVVHVVLRQRIDQGZHUHDFWLQJXSRQWKDW
W\SHRINQRZOHGJHWKHDFTXLVLWLRQRIZKLFKLVDQREOLJDWLRQXSRQHYHU\VLQJOHPXVOLPPDOHDQGIHPDOHWKDW
WKH\ZHUHSUDFWLVLQJWKRVHWKLQJVZKLFK$OODDKKDGREOLJDWHGXSRQWKHPDQGUHIUDLQHGIURPWKRVHWKLQJVWKDW
$OODDKKDGIRUELGGHQWKHPWKDWWKH\UHPDLQHGXSRQWKLVSDWKQRWGHYLDWLQJIURPLWLQWHUPVRIEHOLHIRUDFWLRQ
ZKLOH FRQVWDQWO\ VWULYLQJ WR LQFUHDVH WKHLU (HPDDQ DQG FRUUHFW DFWLRQV DQG DV D UHVXOW RI DOO WKLV WKDW WKH\
EHFDPH SURWHFWHG IURP WKH )LUH DQG LQFUHDVHG WKHLU FKDQFH RI HQWU\ LQWR 3DUDGLVH (YHU\ GLUHFWLYH FRPPDQG
DGYLFHRUVXJJHVWLRQDOZD\VKDGWKLVFRQFHUQXQGHUO\LQJLW7KHUHLVQRQHHGWRFLWHH[DPSOHVDVWKH\DUHYDVW
QXPHURXV DQG HDVLO\ DFFHVVLEOH IRU WKH RQH ZKR LV QHHG RI WKHP $QG WKLV LVZKHUH WKH KRQRXU OLHV 1RW LQ
PDWHULDOVXFFHVVEXWLQWKHVLQFHUHDQGFRUUHFWZRUVKLSRI$OODDK$]]DZDMDOOLQHQVODYHPHQWWR+LPDORQHDQG
DEVROXWHREHGLHQFHWRKLV0HVVHQJHU VDOODOODDKXDODLKLZDVDOODP

^$QGWR$OODDKEHORQJVDOO+RQRXU`>0XQDDILTRRQ@

,W ZDV SUHFLVHO\ RQ DFFRXQW RI WKLV WKDW WKH 8PPDK ZDV EOHVVHG ZLWK WKLQJV VXFK DV PDWHULDO VXFFHVV JUHDW
DGYDQFHPHQWDQGDXWKRULW\LQWKHODQGIRUDVORQJDV$OODDKZLOOHGDQGQRWGXHWRDQ\WKLQJHOVH$OODDKRQO\
JLYHVLQFUHDVHWRWKLV8PPDK RQDFFRXQWRILWVEHLQJJUDWHIXOWR$OODDKDQGLWVEHLQJJUDWHIXOWR$OODDKLVQRW
DFKLHYHGH[FHSWE\ZRUVKLSSLQJ+LPLQWKHSUHFLVHPDQQHUUHTXHVWHGE\+LPLQZKDW+HKDVVHQWGRZQIRUXV
DV*XLGDQFH

,I\RXDUHJUDWHIXO,ZLOOJLYH\RXLQFUHDVH,EUDKHHP@

,QFUHDVHLQVXVWHQDQFHZHDOWKUHVRXUFHVDQGRWKHUVXFKWKLQJVRIEHQHILWDQGEOHVVLQJ

)XUWKHUPRUHWKLVJUHDWEOHVVLQJRIVXFFHVVZDVQRWWDNHQDZD\H[FHSWE\WKHGHYLDWLRQRIWKHPXVOLPVIURPWKH
FOHDU DQG VWUDLJKW SDWK LQ WHUPV RI EHOLHI DQG DFWLRQ DQG WKXV WKH GLVEHOLHYHUV ZHUH DOORZHG E\ $OODDK·V
SHUPLVVLRQ DQG GHVLJQ WR JDLQ PDVWHU\ LQ WKH ODQG DQG WR WDNH IURP XV RXU QRELOLW\ VWUHQJWK UHVRXUFHV DQG
NQRZOHGJH,WLVQRWFRUUHFWWKDWRXUSUHVHQWFRQGLWLRQLVGXHWRWKHZHDNQHVVRIWKHPXVOLPVDQGWKHLUODFNRI
WHFKQRORJ\DQGUHVRXUFHV7KDWLVDV\PSWRPQRWDFDXVHDQGWKHZLVHGRFWRU·VFRQFHUQLVWRUHPRYHWKHFDXVH

7KH0HVVHQJHU VDOODOODDKXDODLKLZDVDOODP VDLG

´:KHQ\RXGHDOLQ(HQDKWUDQVDFWLRQWDNHKROGRIWKHWDLOVRIFRZV
FRQWHQW\RXUVHOIZLWKDJULFXOWXUHDQG
DEDQGRQ-LKDDG$OODDKZLOOFRYHU\RXZLWKKXPLOLDWLRQDQGZLOOQRWOLIWWKLVKXPLOLDWLRQXQWLO\RXUHWXUQ
WR\RXU'HHQµ >6DKHHK5HODWHGE\$EX'DDZRRG Q DQG%D\KDTHHLQKLV6XQDQ  @

+H VDOODOODDKXDODLKLZDVDOODP DOVRVDLG

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
$QG
G$ $OOOODD
DDK
KVVHWVI
WVIRRUWK
KD
DSSDUDEDEOOH
 &
&RQVLGHU  DDWWRZQQVVDIH
HDDQG
GVVHF
HFXXUH
HWWR
RZ
ZKLFKKLLWV
WVP
PHDQV VRRIV
IVXXEVLVW
VWHHQFH
FRPH
HLLQ
QDE
DEXQ
XQGGDQFH FHIIURP
PHHYHU\T
\TXXDUWHU%
%XWWLLW
WEEHF
HFDDPH
HXQ
XQJJUDWHIXOOWWR
R$
$OOOODD
DDKK·VI
VIDDYRXUV77KHUHIRUHH$
$OOOODD
DDK
K
PDGH HLLWW
WWR
RWWDVW
VWH
HWWKH
HXXWPRVW
VWGGHJUHH
HHRRI
IKKXQXQJJHU
UDDQG
GIIHDU
UEEHF
HFDDXVHHRRI
IZ
ZKDWW
WWKKH\
\XXVHG
GWWR
RGGR

7KLVLVKRZZHORVHRXUVDIHW\DQGVHFXULW\IURP$OODDK0XVOLPVEHFRPHXQJUDWHIXOWR$OODDK
7KH\ GRQ·W ZRUVKLS +LP RU WKH\ GRQ·W ZRUVKLS +LP LQ WKH PDQQHU +H KDV SUHVFULEHG DQG
UHTXHVWHG EXW UDWKHU VWLFN WR WKHLU RZQ ZD\V DQG LQYHQWLRQV 7KH\ DEDQGRQ WKH 6XQQDK RI WKH
0HVVHQJHU VDV LQWKHLUOLYHVDQGKRPHV

$ODUJHQXPEHURIWKHSUREOHPVWKDWH[LVWWRGD\H[LVWHGDWWKHWLPHRIWKH3URSKHW VDV  DOFRKRO


SURVWLWXWLRQLOOHJDOIRUPVRIPDUULDJHDQGVH[XDOUHODWLRQVZDUVDQGILJKWLQJ EHWZHHQWKHWULEHV 
+RZHYHUWKH0HVVHQJHU VDV GLGQRWWDFNOHDQ\RIWKHVHSUREOHPVILUVW+HGLGQRWGHFLGHWRXQLWH
WKH PXVOLPV ILUVW DQG PDNH WKH ZKROH RI $UDELD SROLWLFDOO\ VWDEOH EHIRUH FDOOLQJ WKHP WR ¶/DD
LODDKDLOODOODDKD· 7KHUHLVQRQHGHVHUYLQJRIZRUVKLSH[FHSW$OODDKDORQH 1HLWKHUGLGKHIRUPD
IHPLQLVWPRYHPHQWWRUHPRYHWKHRSSUHVVLRQRIZRPHQQRUGLGKHDEROLVKDOFRKRORULQWHUHVWDQG
RWKHU VXFK PDWWHUV 1RU GLG KH PDNH $UDELD HFRQRPLFDOO\ VWURQJ ILUVW DQG WKHQ SURFODLP KLV
PHVVDJH7KLVUHIXWHVWKRVHZKRVD\WKDWZHQHHGWRFKDQJHWKHHQYLURQPHQW IURPDVWUXFWXUDO
SRLQW RI YLHZ  ILUVW EHIRUH DQ\WKLQJ HOVH :H QHHG WR LPSRVH WKH ,VODPLF V\VWHP E\ IRUFH

´$QGQHYHUGRWKHSHRSOHEUHDNWKHFRYHQDQWRI$OODDKDQG+LV0HVVHQJHUH[FHSWWKDWKHJLYHVWKHLU
HQHPLHVPDVWHU\DQGFRQWURORYHUWKHPVRWKH\WDNHVRPHRIZKDWWKH\XVHGWRSRVVHVVµ>6DKHHK5HODWHGE\
,EQ0DDMDKLQKLV6XQDQ@

+XPLOLDWLRQ LV ZKDW ZH ILQG RXUVHOYHV LQ IURP ZKDWHYHU DVSHFW ZH ORRN DW RSSUHVVLRQ ZHDOWK NQRZOHGJH
WHFKQRORJ\UHVRXUFHVHWF$QGWKLVZLOOQHYHUEHUDLVHGXQWLOZHIXOILORXUFRYHQDQW WKDWLVWRXQLI\DOOZRUVKLS
DQGGLUHFWLWWR$OODDKDORQHWRLPLWDWHWKH0HVVHQJHU VDOODOODDKXDODLKLZDVDOODP DQGUHWXUQWRRXUVWUDLJKW
DQGXSULJKW'HHQWKHUHOLJLRQRI,EUDKHHP

6D\,QGHHG0\/RUG 5DEE KDVJXLGHGPHWRWKH6WUDLJKW3DWKWKHXSULJKWDQGWUXH'HHQWKHUHOLJLRQRI


,EUDKHHPWKH+DQHHI ILUPDQGWUXHLQ$OODDK·VZRUVKLSDQGLQ+LV2EHGLHQFH DQGKHZDVQRWRIWKH
0XVKULNHHQ6D\9HULO\P\SUD\HUP\VDFULILFHP\OLIHDQGP\GHDWKDUHDOOIRU$OODDKWKH5DEERIDOOWKH
ZRUOGV+HKDVQRSDUWQHU HTXDO :LWKWKDW,KDYHEHHQFRPPDQGHGDQG,DPWKHILUVWRIWKRVHZKRVXEPLW
>$Q·DDP@

7KLVLVZKDWZHQHHGDQGWKLVLQGHHGVKRXOGEHRXUFRQFHUQ,QIDFWWKDWWKHSHRSOHDFKLHYHVXFKDSRVLWLRQ RI
NQRZOHGJHDQGDFWLRQ DVPHQWLRQHGLQWKHDERYHYHUVHILUVWLVRIWKHKLJKHVWSULRULW\DVWKHLUQHHGIRUVXFFHVV
LQ WKH +HUHDIWHU LV JUHDWHU WKDQ WKHLU QHHG IRU VXFFHVV LQ WKLV ZRUOG 6XFFHVV LQ WKLV OLIH GRHV QRW JXDUDQWHH
VXFFHVVLQWKHQH[W

7KXV DQ\ PRYHV IRU  UHIRUP FRUUHFWLRQ DQG EHWWHUPHQW RI WKLV 8PPDK VKRXOG EH XQUHVWULFWHGO\ WLHG WR DQG
XWWHUO\GHSHQGDQWXSRQWKLVFRQFHUQDQGWKLVFRQFHUQVKRXOGEHWKHRYHUJDUPHQWDQGXQGHUJDUPHQWRIDOOWKH
DUUDQJHPHQWVDQGVROXWLRQVWKDWDUHSURSRVHG7KLVLVZKDWLVFRUUHFWEHVWLQWKHUHDOLQWHUHVWVRIWKHSHRSOH LH
HQWU\LQWR3DUDGLVHDQGVDIHW\IURPWKH)LUH DQGPRVWQREOH

 1DKO

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
GLVUHJDUGLQJ WKH IDFW WKDW 6KLUN VWLOO H[LVWV DQG LV ZLGHVSUHDG LQ WKH 8PPDK DQG QHHGV WR EH
UHPRYHGRUWKDWSHRSOHKDYHGHYLDWHGIURPWKHFRUUHFWEHOLHIVDQGDFWLRQV:KHQRQHVEHOLHIVDUH
FRUUHFW DQG VRXQG LW PDNHV RQHV IDLWK ILUP DQG VRXQG 7KLV LQ WXUQ DOORZV D SHUVRQ WR DFFHSW
ZLOOLQJO\DQGKDSSLO\DQ\FRPPDQGRUODZRI$OODDK

,I WKH ,VODPLF V\VWHP ZDV LPSRVHG WRGD\ WKHLU ZRXOG EH D ELJ UHYROXWLRQ %\ ZKRP" %\ WKH
PXVOLPV WKHPVHOYHV %HFDXVH WKH\ GR QRW ZDQW LW 7KH\ GR QRW ORYH LW DQG WKLV LV EHFDXVH WKHLU
KHDUWV DUH IDU IURP $OODDK YHLOHG IURP +LP 7KH\ GR QRW NQRZ +LP DQG GR QRW NQRZ KRZ WR
EHOLHYH LQ +LP $QG WKLV SUHYHQWV WKHP IURP GHYHORSLQJ WKH ORYH RI +LP WKH ORYH RI +LV
0HVVHQJHU VDV DQGWKHORYHRI+LVUHOLJLRQZKLFK+HKDVFKRVHQIRUXV7KH\GRQRWXQGHUVWDQG
ZKDW LV 7DZKHHG DQG ZKDW LV 6KLUN 7KH\ GR QRW XQGHUVWDQG ZKDW LV 6XQQDK DQG %LG·DK DQG
FHUWDLQO\WKLVLVWUXHIRUPRVWRIWKHPXVOLPVWRGD\%HFDXVHRIWKLVWKH\GRQRWXQGHUVWDQGWKH
UXOHVDQGUHJXODWLRQVQRUGRWKH\KDYHDQRSHQKHDUWIRUWKHP+RZH[FHOOHQWDQGWUXHLVZKDW
$DLVKDK UD  VDLG ´7KH ILUVW SDUW RI WKH 4XU·DDQ WR EH UHYHDOHG ZDV D VRRUDK JLYLQJ D GHWDLOHG
DFFRXQWDERXW3DUDGLVHDQG+HOO7KHQZKHQWKHSHRSOHHQWHUHGLQWRWKHIROGRI,VODDPFDPHWKH
UHYHODWLRQRIZKDWLVKDODDO ODZIXO DQGKDUDDP XQODZIXO +DGWKHILUVWUHYHODWLRQEHHQ´'RQRW
GULQNZLQHµWKH\ZRXOGKDYHVDLG´:HVKDOOQHYHUJLYHXSZLQHµ+DGWKHILUVWUHYHODWLRQEHHQ
´'R QRW FRPPLW DGXOWHU\ DQG IRUQLFDWLRQµ WKH\ ZRXOG KDYH VDLG ´:H VKDOO QHYHU JLYH XS
DGXOWHU\DQGIRUQLFDWLRQµ

&KDQJLQJ WKH HQYLURQPHQW LV D IDFWRU EXW LV QRW WKH PRVW LPSRUWDQW RU IXQGDPHQWDO RQH 7KH
HVWDEOLVKPHQW RI 7DZKHHG LQ WKH KHDUWV DQG UHPRYDO RI 6KLUN IURP WKH KHDUWV LV WKH PRVW
LPSRUWDQWIDFWRU7KHSUHVHQFHRIJUDWHIXOQHVVWR$OODDKDQGWKHDEVHQFHRILWVRSSRVLWHLVDIDFWRU
7KH SUHVHQFH RI WKH FRUUHFWQHVV RI RQHV DFWLRQV DQG LWV DJUHHPHQW ZLWK WKH 6KDUHH·DK DQG WKH
DEVHQFHRILWVRSSRVLWHLVDIDFWRU7KHSUHVHQFHRIORYLQJDQGKDWLQJIRUWKHVDNHRI$OODDKDORQH
DQG EHLQJ OR\DO WR WKH FULWHULRQ RI WUXWK WKH XQGHUVWDQGLQJ ZD\ DQG PHWKRGRORJ\ RI WKH 3LRXV
3UHGHFHVVRUVDQGQRWRQHVJURXSRUSDUW\LVDIDFWRU:HFDQQRWDFKLHYHWKLVH[FHSWE\DFTXLULQJ
WKHVRXQGDQGDXWKHQWLFNQRZOHGJHIURPWKHFRUUHFWVRXUFHVDQGWKHQQXUWXULQJRXUVHOYHVXSRQ
LW7KLVLVZKDWLQWXUQZRXOGPDNHWKHGHVLUHGDQGFRQGXFLYHFKDQJHLQWKHHQYLURQPHQW7KLVLV
ZK\KDYLQJWKHFRUUHFWEHOLHILQ$OODDKLVYLWDO%HFDXVHWKHUHVWRIRQHVDFWLRQVDQGSHUFHSWLRQV
GHSHQGRQWKLVEHOLHIDUHVKDSHGDQGQXUWXUHGE\LW7KLVLVZK\VRPHRIWKH3LRXV3UHGHFHVVRUV
XVHGWRVD\:KRHYHUGRHVQRWNQRZKLV/RUGGRHVQRWNQRZKLPVHOI $QGWKLVLVRQHRIWKHUHDVRQVZK\
LW LV QRW SRVVLEOH WR FRPSURPLVH ZLWK WKRVH ZKR KROG RQ WR KHUHWLFDO QRWLRQV DQG EHOLHIV DERXW
$OODDKDQGZKRWKHQWU\WREULQJDERXWFKDQJHDQGUHIRUPWKURXJKDYHQXHVRWKHUWKDQWKHFRUUHFW
EHOLHILQ$OODDKVLQFHWKH\DUHWKHIXUWKHVWDZD\IURPWKDW

:H PXVW DOVR UHPHPEHU WKDW WKH 0HVVHQJHU VDV  ZDV XQGHU WKH JXLGDQFH DQG VXSHUYLVLRQ RI
$OODDK WKH ([DOWHG DQG WKH ILUVW WKLQJ WKDW WKH 0HVVHQJHU FDOOHG WR DQG LQ IDFW DOO RI WKH
0HVVHQJHUVZDVWKHVLQFHUHDQGFRUUHFWZRUVKLSRI$OODDKZLWKWKHFRUUHFWEHOLHILQ+LPXSRQ
WKH0HVVHQJHU·V6XQQDK7KH0HVVHQJHUFDOOHGWRWKLVIRU\HDUVDQGPDQ\EDWWOHVZHUHIRXJKWRQ

 5HSRUWHGE\%XNKDDUHH

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
DFFRXQWRIWKLV7DZKHHG7KH&RPSDQLRQV UD FRQTXHUHGSHRSOHVKHDUWVZLWKWKHLU7DZKHHGDQG
EHDXWLIXOPDQQHUVILUVWWKHQWKH\FRQTXHUHGWKHODQGVZLWKWKHLU-LKDDGDQGPDGH$OODDK·V'HHQ
SUHGRPLQDQW

 7KHUHDUHRWKHUVZKRVHORJRLV7KHPRVWLPSRUWDQWWKLQJLVXQLW\+DVQRW$OODDKVDLG

$QGK
GKRROG
GRRQWR
RWWKH
HUURSH
HRRI
I$
$OOOODD
DDKKDDOO
OORRI
I\R
\RXXDDQGG
GGR
RQQRWV
WVHHSDUDWH

7KH\ PDNH WKLV PDWWHU WKH PRVW LPSRUWDQW RQH HYHQ LI LW LQFOXGHV PDNLQJ FRPSURPLVHV LQ RXU
EHOLHI7KLVLVVWXSLGLW\LJQRUDQFHDQGDODFNRIXQGHUVWDQGLQJ7KHSULQFLSOHLVFRUUHFWWKDWZH
QHHGWRXQLWHEXWWKHPHDQVLVIURPWKHKDQGLZRUNRI6KD\WDDQ WKDWZHIRUJHWRXUGLIIHUHQFHV
DQGFRPHWRJHWKHU7KH\IRUJHWWKHILUVWSDUWRIWKHYHUVHZKLFKLV´$QGKROGRQWRWKHURSHRI$OODDK
DOORI\RXµ PHDQLQJKROGRQWRWKHUHYHODWLRQWKDWLVWKH4XU·DDQDQGWKH6XQQDK$QGWKH4XU·DQ
DQGWKH6XQQDKDUHQRWKHOGRQWRH[FHSWLQWKHPDQQHURIWKH3LRXV3UHGHFHVVRUV$PRQJVWWKH
0XVOLPV DUH WKRVH ZKR KDYH SUREOHPV ZLWK WKH YHU\ ILUVW SLOODU RI ,VODDP WKH FRUUHFW EHOLHI LQ
$OODDK<HWWKHUHDUHRWKHUVZKRKDYHSODFHWKHPVHOYHVRXWVLGHWKHIROGRI,VODDPRQDFFRXQWRI
WKHIDOVHEHOLHIVWKH\KDYHLQYHQWHGDQGVWXFNWR LQVSLWHRIEHLQJFRUUHFWHGDQG ZDUQHG+LJK
DQG([DOWHGLV$OODDKIURPZKDWVXFKFULPLQDOVDQGH[WUHPLVWVKDYHDWWULEXWHGWR+LPDQGKDYH
LQYHQWHGDQGLQQRYDWHGLQWRKLV'HHQ7KHQWKHUHDUHRWKHUVZKRXULQDWHXSRQWKH6XQQDKRIWKH
0HVVHQJHUUDLVLQJWKHLULQWHOOHFWDQGWKHUHIXVHRIWKHLUXQGHUVWDQGLQJXSDQGDERYHLW'HQ\LQJ
WKDW ZKLFK $OODDK FRQILUPHG DQG UHYHDOHG WKURXJK WKH WRQJXH RI +LV 0HVVHQJHU DQG DIILUPLQJ
WKDW ZKLFK $OODDK GHQLHG WKURXJK WKH WRQJXH RI +LV 0HVVHQJHU DQG PDNLQJ D PRFNHU\ RI WKH
UHOLJLRQ0DNLQJWKHLURZQLQYHQWHGFRQGLWLRQVIRUDFFHSWLQJWKHZRUGVRI$OODDKDQGWKHZRUGV
RIWKH0HVVHQJHU VDV WKXVHQDEOLQJWKHPWRLPSRVHWKHLURZQWKRXJKWVXQGHUVWDQGLQJVZKLPV
DQGGHVLUHV

5DWKHUZHVKRXOGXQLWHXSRQWKHIXQGDPHQWDOVRIWKHUHOLJLRQZKLFKLVRXU$THHGDK EHOLHI ZH


VKRXOGXQLWHXSRQHVWDEOLVKLQJ7DZKHHGDQGHUDGLFDWLQJ6KLUNZHVKRXOGXQLWHXSRQWKH6XQQDK
RI WKH 0HVVHQJHU VDV  DQG WKH H[DPSOH RI RXU 6DODI 3LRXV 3UHGHFHVVRUV  :H VKRXOG ORYH DQG
KDWHRQWKLVEDVLVJLYHDQGZLWKKROGRQWKLVEDVLVPDNHIULHQGVDQGEUHDNWKHPRQWKLVEDVLVDQG
FKRRVHRXUFRPSDQ\RQWKLVEDVLV7KLVLVWKHWUXHPRGHOIRUXQLW\DQGLVLQGHHGWKHYHU\ZD\WKH
0HVVHQJHU VDV XQLWHGKLVIROORZHUV

 7KHUHDOVRRWKHUVZKRDUHH[WUHPLVWV7KH\DUHWKRVHZKRKDYHWXUQHGWRDVFHWLFLVP'HWDFKLQJ
WKHPVHOYHVIURPWKLVZRUOGDQGIOHHLQJIURPLWVWULDOV7KLVLVQRGRXEWDYLUWXHIURPRQHDVSHFW
%XWQRWZKHQLWHQWDLOVWKHIDLOXUHWRIXOILORQHVUHVSRQVLELOLWLHVWRRWKHUVRUFDXVHVSHRSOHQRWWR
DGKHUHWRWKHZD\VDQGPHDQVZKLFK $OODDKKDVGHFUHHGIRUKLVVHUYDQWVDQGE\ZKLFKWKH\RXJKW
WRVHHNKHOSDQGVXVWHQDQFH

 $DOL,PUDDQ

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
:KDWLVPHDQWKHUHLVWKDWVXFKSHRSOHVWD\LQWKHPRVTXHVIRUORQJSHULRGVRIWLPHDQGUHFLWHWKH
4XU·DDQIRUKRXUVRQHQGWKLQNLQJWKDWWKLVLVUHOLDQFHDQGLVHQRXJKIRURQHVVXVWHQDQFHDPRQJVW
RWKHUWKLQJV7KLVLVQRWVR$PDQZDVEURXJKWWR8PDU·V UD DWWHQWLRQ+HXVHGWRSUD\IRUORQJ
KRXUV LQ WKH PRVTXHDQGQHJOHFWHGKLVOLYHOLKRRG$OWKRXJKWKHSHRSOHSUDLVHGKLP8PDUVDLG
´7KLVLVDIRROLVKPDQµ

5HOLDQFHLVWRXVHHYHU\PHWKRGZKLFKLVZLWKLQRQHVFDSDFLW\LQRUGHUWRDFKLHYHRUDFTXLUHZKDW
LVGHVLUHG DQGVXFKWKLQJVDUHWKHPHDQVDQGZD\VZKLFK$OODDKKDVGHFUHHGIRU+LVVHUYDQWV
ZKLFK ZH KDYH MXVW PHQWLRQHG  VXFK DV OHDUQLQJ D VNLOO RU JHWWLQJ DQ HGXFDWLRQ HWF  $ VLPLODU
DQVZHULVJLYHQWRWKRVHZKRVD\,I$OODDKKDVGHFUHHGRXUVXVWHQDQFHIRUXVZKDWLVWKHSRLQWLQ
VXSSOLFDWLQJ WKHQ" ,W LV VDLG 6LW DURXQG DQG VHH LI \RX JHW D FKLOG ZLWKRXW PDUULDJH 6LWDURXQG
DQG VHH LI \RX KXQJHU  LV UHPRYHG ZLWKRXW IRRG 6LW DURXQG DQG VHH LI \RX JHW HPSOR\PHQW
ZLWKRXW D TXDOLILFDWLRQ RU VNLOO ,Q RWKHU ZRUGV $OODDK KDV GHFUHHG FHUWDLQ UXOHV E\ ZKLFK WKLV
FUHDWLRQ ZRUNV DQG UHYROYHV DURXQG ,I \RX GRQ·W HDW \RXU KXQJHU ZLOO QRW EH UHPRYHG ,I \RX
GRQ·WZRUNDQGPDNHDQGHIIRUW\RXZRQ·WVHHDQGHQMR\WKHEHQHILWV

,WLVOLNHZLVHIRUVXSSOLFDWLRQ$OODDKKDVPDGHGX·D VXSSOLFDWLRQ RQHRIWKHZD\VDQGPHDQVE\


ZKLFK+HEHVWRZV+LVVXVWHQDQFHWRWKHFUHDWLRQ$QGDEDQGRQLQJLWPHDQVWKDWRQHVVXVWHQDQFH
DQG ZHOOEHLQJ DUHMHRSDUGLVHG+RZH[FHOOHQWLVZKDW,EQ7D\PL\\DK UK VDLG2QHGD\LQWKH
PRVTXH D PDQ DVNHG KLP 2 $EXO$EEDDV KDV QRW $OODDK ZULWWHQ IRU WKH VHUYDQW KLV SRUWLRQRI
KDSSLQHVV DQG VDGQHVV LQ WKH OLIH RI WKLV ZRUOG" ,EQ 7D\PL\\DK VDLG 2I FRXUVH +H VDLG 7KHQ
ZKDW LV WKH YDOXH RI VXSSOLFDWLRQ" $QG ZK\ GRZHDVN$OODDKDQGFDOOWR+LP",EQ7D\PL\\DK
VDLG 'R \RX QRW EHOLHYH P\ EURWKHU WKDW ZKHWKHU \RX UHFHLYH P\ DQVZHU WR WKLV TXHVWLRQ RI
\RXUV RU QRW KDV DOUHDG\ EHHQ GHFUHHG" +H VDLG 2IFRXUVHRXUVKDLNKLQWUXWK,EQ7D\PL\\DK
UHSOLHG7KHQZK\GLG\RXDVNPHLIWKHPDWWHUKDVDOUHDG\EHHQGHFLGHG"

7KLV VKRZV WKDW VWLFNLQJ WR WKH ZD\V DQG PHDQVGHVLJQDWHGLQWKH6KDUHH·DKLVZKDWFRQVWLWXWHV


WUXHUHOLDQFHXSRQ$OODDKDQGWKHZD\WREULQJDERXWDQGDFWXDOLVHZKDWLVGHVLUHG

7KHUHIRUHLWLVYHU\LPSRUWDQWWRZHLJKRXWDOOWKHVHPDWWHUVEHFDXVHRQHRIWKHZD\V6KD\WDDQ
DWWDFNVSHRSOHLVWRH[DJJHUDWHRQHPDWWHUWRWKHGHWULPHQWRIRWKHUHTXDOO\LIQRWPRUHLPSRUWDQW
PDWWHUV


33URF
RFUUDVWLQD
QDWWLRQDQG
RQDQG66D\LQJ
QJ¶¶6RRQ
RRQ··

$QRWKHURQHRI6KD\WDDQ·VIDYRXULWHWULFNVLVWRWRPDNHSHRSOHWKLQNDQGVD\,ZLOOGRVXFKDQG
VXFKVRRQLQDOLWWOHZKLOHPD\EHWRPRUURZQRQH[WZHHNDQGVRRQ+HPDNHVWKHPGHOD\WKHLU
DFWLRQVPDNLQJWKHPIHHOVHFXUHDQGKDSS\ZLWKWKHSUHVHQW6RPHSHRSOHKDYHQDPHGWKLV¶7KH
*UHDW2EVWDFOH·

 )HH:DMKLW7RRIDDQRI0XKDPPDG$EGXO+DPHHG$KPDGS

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
$SHUVRQZLOOSODFHLQIURQWRIKLPVHOIDPDWWHUVXFKDVVWXG\LQJ7KHQKHZLOOVD\:KHQ,KDYH
ILQLVKHG VWXG\LQJ WKHQ , ZLOO UHSHQW OHDUQ P\ UHOLJLRQ DQG SUDFWLVH LW :KHQ KH ILQLVKHV KLV
VWXGLHV KH VD\V :KHQ , UHFHLYH WKDW MRE , ZLOO UHSHQW +H GRHV QRW 7KHQ KH VD\V :KHQ , KDYH
SHUIRUPHG+DMMZKHQ,DPPDUULHGDQGVRRQ

+HLVFRQVWDQWO\SXWWLQJREVWDFOHVLQIURQWRIKLPVHOIGHOD\LQJWKLQJVDQGGHOLJKWLQJLQKLVFXUUHQW
VLWXDWLRQRIHDVHDQGKDSSLQHVV+HZLOOFRQWLQXHLQWKLVZD\XQWLOKHGLHVDQG\HWKLVUHDOWUXH
OLIHZLOOQRWHYHQKDYHEHJXQ LHWKDWRIIDLWKDQGULJKWHRXVDFWLRQV

:KDW6KD\WDDQUHDOO\LQWHQGVLVWRFRPSOHWHO\SUHYHQW\RXIURPDPDWWHURUDWOHDVWWRGHOD\\RX
IURP LW )RU WKRVH ZKR DUH ULJKWHRXV WKLV D JUHDW GDQJHU 6KD\WDDQ ZLOO FRPH DQG ZKLVSHU WR
VRPHRQH<RXDUHQRWZRUWK\RIVWXG\LQJWKH,VODPLFNQRZOHGJHRUFDOOLQJSHRSOHWRWKHUHOLJLRQ
:DLWDZKLOHXQWLO\RXKDYHVWXGLHG<HWZHKDYHEHHQFRPPDQGHGWRWHDFKWKHPHDQLQJRIHYHQ
RQHYHUVHRIWKH4XU·DDQLIWKDWLVDOOZHNQRZ

,EQDO4D\\LP UK VDLG$QGKRZPDQ\SHRSOHRIILUPLQWHQWDQGUHVROXWLRQDUHWKHUHZKRP6KD\WDDQ
KDVGHOD\HGE\FDXVLQJWKHPWRVD\¶6RRQ·$QGKRZPDQ\VWULYHUVKDVKHVWRSSHG0D\EHD)DTHHK VFKRODU
RIILTK LQWHQGVWRUHWXUQWRKLVVWXGLHVDQG6KD\WDDQZLOOVD\WRKLP5HOD[IRUDQKRXU6KD\WDDQZLOOQRW
VWRS LQ PDNLQJ OD]LQHVV DQG LQDFWLYLW\ EHDXWLIXO DQG DSSHDOLQJ WR D SHUVRQ VR WKDW KH NHHSV GHOD\LQJ KLV
DFWLRQV+HZLOOVD\WRWKHVHUYDQWZKRZRUVKLSVDWQLJKW7LPHGRHVQRWVWRSWKHQLJKWLVORQJ8QWLOWKH
PRUQLQJDUULYHVDQGKHKDVQRWHYHQSUD\HG

+RZH[FHOOHQWLVZKDWWKHSRHWVDLG

<RXVOHHSIRUWLPH ZRHEHWR\RXWKHZKLOH\RXVQRUH
8QWLOZKHQ\RXGLHWKHQZLOO\RXKDYHWUXO\DZRNHQ

$QG WDNH D OHVVRQ IURP ZKDW $EX $EGXU5DKPDDQ DO0DJKDD]LOHH UHSRUWV +H VDLG 7KHUH ZDV D
ZLVHZRPDQLQ0DNNDKZKRZDVPXFKJLYHQWRZRUVKLSDQGKHUEURWKHUVFDPHWRKHU6KHZHSWIRU
DORQJWLPHDQGWKHQVDLG´0\EURWKHUV \RXDUH WKHSOHDVXUHRIP\H\HGHSLFWWKH'D\RI-XGJHPHQWLQ
\RXUKHDUW·VH\HVDQGUHODWHWR\RXUHOYHVWKHDFWLRQV\RXKDYHVHQWIRUWK:KDWHYHU\RXWKLQNZLOOEHDFFHSWHG
RQWKDWGD\DVSLUHDQGKRSHLQ\RXU0DVWHUIRULWVDFFHSWDQFHDQGSHUIHFWEOHVVLQJVLQLWDQGZKDWHYHU\RXIHDU
ZLOOEHUHMHFWHGRQWKDWGD\WKHQDWWHQGWRLWVFRUUHFWLRQWRGD\'RQRWEHXQPLQGIXORI\RXURZQVRXOVµ


)D
)DOOVHSH
HSHUUIHF
HFWWLRQ

6KD\WDDQZLOOFRPHWRDSHUVRQDQGPDNHKLPWKLQNWKDWKHLVSHUIHFW+HZLOOVD\WRKLP<RXDUH
EHWWHU WKDQ RWKHUV <RX SUD\ EXW PRVW RWKHUV GR QRW <RX IDVW DQG PRVW RWKHUV GR QRW +H ZLOO
PDNH\RXORRNDWRWKHUVZKRDUHOHVVWKDQ\RXLQJRRGDFWLRQV+RZHYHUWKLVLVRQO\WRSUHYHQW
\RXIURPGRLQJJRRGGHHGV

 ,EQDO-DZ]HHLQ6LIDWXV6DIZDK 

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
6KD\WDDQZLOODOVRVD\<RXUDFWLRQVZLOOLQWHUFHGHIRU\RX  WKHQKHHQJDJHV\RXLQSHUPLVVLEOH
WKLQJV ZKLFK EULQJ QR KDUP RU EHQHILW  RQO\ WR VWRS \RX IURP JRRG DFWLRQV DJDLQ +H ZLOO VD\
5HVWIRUDZKLOH\RXDUHYHU\EXV\\RXDUHEHWWHUWKDQRWKHUV

:KDWLVGHVLUDEOHKRZHYHULVWKHRSSRVLWHRIWKLV/RRNDWVRDQGVRZKRIDVWVRQ0RQGD\VDQG
7KXUVGD\VDQG\RXGRQRWORRNDWVRDQGVRZKRSUD\HUVVXSHURJHWDU\SUD\HUDQG\RXGRQRW
ORRNDWVRDQGVRZKRKDVDFTXLUHGDQRFFXSDWLRQIRUKLPVHOIDQG\RXKDYHQRW/RRNDWVRDQGVR
ZKRKDVOHDUQWKRZWRUHFLWHWKH4XU·DQDQG\RXKDYHQRW/RRNDWVRDQGVRZKRIXOILOVWKHQHHGV
RIKLVIDPLO\DQG\RXGRQRW


11RW
W++DYLQJ
QJWWKH
KH&&RUU
UUHF
HFW
W33HUFHS
FHSWWLRQR
RQRI
I22QH
QHV
VHOI

6KD\WDDQKDVWZRZD\VIRUFRUUXSWLQJSHRSOHVSHUFHSWLRQVRIWKHPVHOYHV

 $SHUFHSWLRQRIDPD]HPHQWDQGGHFHSWLRQ6KD\WDDQZLOOPDNHVRPHRQHORRNDWKLPVHOIZLWK
DPD]HPHQW LHEHSOHDVHGZLWKKLPVHOI VRWKDWKHLVLQIOLFWHGZLWKDUURJDQFHDQGGHFHSWLRQ+H
WKHQEHJLQVWRORRNGRZQXSRQRWKHUVDQGKROGWKHPLQFRQWHPSW+HUHIXVHVWRDFFHSWWKH7UXWK
RXW RI DUURJDQFH DQG ZLOO QRW DFFHSW WKDW KH LV ZURQJ ZKHQ KH PDNHV D PLVWDNH +H UHIXVHV WR
DWWHQGWKHFLUFOHVDQGPHHWLQJVLQRUGHUWROHDUQIURPRWKHUV

6RPHSHRSOHZKRDWWHQGFLUFOHVZKHUHWKH\UHFLWHWKH4XU·DDQPDNHPLVWDNHV7KHQWKH\GRQRW
FRPHWRWKHFLUFOHDJDLQXQWLOWKH\KDYHFRUUHFWHGWKHLUPLVWDNHVZKLOHIHDULQJWKDWWKHLUSRVLWLRQ
DQGUHSXWDWLRQLQWKHVLJKWRIRWKHUSHRSOHZRXOGEHGDPDJHG,IVXFKDSHUVRQKDGRQO\UHIOHFWHG
IRUDVKRUWZKLOHKHZRXOGKDYHUHDOLVHGWKDWVRDQGVRZKRLVDVNLOOHGUHFLWHUZDVRQFHLQWKH
VDPH SRVLWLRQ DV KLPWKHQKHOHDUQWE\DWWHQGLQJWKHFLUFOHVDQGKDYLQJKLVPLVWDNHVFRUUHFWHG
0XMDDKLGVDLG7KHUHDUHWZRSHRSOHZKRZLOOQHYHUOHDUQ$PXVWDNELU VRPHRQHZKRLVDUURJDQW DQGD
PXVWDK\L\ VRPHRQHZKRLVVK\ 

 $ SHUFHSWLRQ RI ORZOLQHVV FRXSOHG ZLWK PRGHVW\ 6KD\WDDQ ZLOO VD\ WR \RX  <RX PXVW EH
PRGHVWZKRHYHULVPRGHVWDQGKXPEOH$OODDKZLOOUDLVHKLP\RXDUHQRWWKHULJKWSHUVRQIRUWKLV
PDWWHU<HWWKLVSHUVRQLVDQRXWVWDQGLQJRQHWRWKHSHRSOHRIPXFKEHQHILW6KD\WDDQ·VJRDOLVWR
GLVWDQFH\RXIURPZKDW\RXFDQDFKLHYHGXHWR\RXUSRZHUVDQGFDSDELOLWLHV(YHU\RQHRIXVKDV
SRZHUV DQG FDSDELOLWLHV JUDQWHG WR KLP DQG LI WKH\ DUH QRW XVHG ZH ZLOO EH KHOG WR DFFRXQW IRU
WKHP6XFKDSHUVRQZKRUHVSRQGVWR6KD\WDDQ·VFDOOLVQRWEHLQJPRGHVWEXWUDWKHUKHLVIOHHLQJ
IURPKLVUHVSRQVLELOLW\

6KD\WDDQZLOOVD\/HDYHWKLVPDJD]LQHIRUVRPHRQHZKRLVEHWWHUWKDQ\RX&DOOLQJWR$OODDKLVD
QREOHPDWWHUOHDYHLWIRUWKHVNLOOHGIHZ7KLVLVKRZ6KD\WDDQFRPHVDQGPDNHVSHRSOHHUU

 5HSRUWHGE\%XNKDDUHH

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
+HDOVRPDNHVDSHUVRQKROGKLPVHOILQFRQWHPSWDQGORZOLQHVVXQWLOWKLVSHUVRQQHYHUWKLQNVIRU
KLPVHOI7KHSHUVRQEHJLQVWRVD\:KRDP,FRPSDUHGWRWKLVSHUVRQ":KRDP,FRPSDUHGWRD
VFKRODU 6R KH GRHV QRW WKLQN H[FHSW ZLWK WKH LQWHOOHFW RI KLV VFKRODU DQG KH GRHV QRW VSUHDG RU
GLYXOJHH[FHSWZKDWKLVVKDLNKVD\V

7KHSULQFLSOHLVWKDWZHVKRXOGUHWXUQWRWKH6KDUHH·DK,WLVSRVVLEOHWKDWWKLVPDQLQIURQWRI\RX
FDQPDNHPLVWDNHV6RKLVZRUGVDUHHYDOXDWHGZLWKWKHZRUGVRI$OODDKDQG+LV0HVVHQJHU VDV 
:KDWHYHUDJUHHVZLWKWKHPLVDFFHSWHGDQGZKDWHYHUGRHVQRWZHUHIXVHLW


''RXE
RXEWW

'RXEWLVDQRWKHUGDQJHURXVSRLQWRIHQWU\IRU6KD\WDDQXSRQWKHXQPLQGIXOVHUYDQWDQGKHGRHV
WKLVLQPDQ\ZD\V

 6KD\WDDQ ZLOO FDXVH D SHUVRQ WR GRXEW WKH SDWK DQG ZD\ RI D PDQ ZKR LV RQ WKH FRUUHFW DQG
VWUDLJKWSDWKZLWKWKHULJKWEHOLHIDQGJRRGDFWLRQV VRPHRQHZKRKROGVWKHULJKWEHOLHILQ$OODDK
VWLFNVWKHFRPPDQGVRI$OODDKDQGDYRLGV+LVSURKLELWLRQV HVSHFLDOO\ZKHQKHLVDPRQJVWPDQ\
EDG SHRSOH SHRSOH ZKR DUH QRW VWULFW DQG KDYH GHYLDWHG IURP WKH 6XQQDK DQG WKH ZD\ RI WKH
&RPSDQLRQV UD 6KD\WDDQZLOOZKLVSHUWRKLPVD\LQJ$UHDOORIWKHVHSHRSOHLQWKH)LUH"$QG
\RXDUHLQ3DUDGLVH"

7KHWUXWKLVWKDWJUHDWQHVVLQQXPEHUVKRXOGQRWEHFRPSDUHGZLWKVPDOOQXPEHUV7KH7UXWKLV
ZKDWDJUHHVZLWKWKHZRUGVRI$OODDKDQG+LV0HVVHQJHU VDV $EGXOODDKELQ0DV·RRGVDLG7KH
-DPDD·DK LV ZKDWHYHU DJUHHV ZLWK WKH 7UXWK HYHQ LI \RX DUH DORQH 7KH SRLQW RI UHIHUHQFH LV QRW WKH
PDMRULW\ RI SHRSOH EXW ZKDW DJUHHV ZLWK WKH WUXWKHYHQLI\RXDUHRQHSHUVRQDORQH$OODDKWKH
([DOWHGVDLGWRWKH0HVVHQJHU

$QG
GP
PRVW
VWRRI
IP
PDQNLQGHHYHQ
QWWKRXJK
K\R
\RX
XDDUGHQWO\
\GGHVLUH
HLLW
WDDUH
HQQRW
WEEHOLOLHHYHUV
V>>
+HDOVRVDLG

6D\WWKH
HJRR
JRRG
GDDQG GWWKH
HED
EDGGDDUH
HQQRW WHHTXDOOHHYHQ
QWWKRXJK
KWWKH
HDE
DEXQ
XQGGDQFH
FHRRIW
IWKKH
HED
EDG
GPPD\\SSOHDVH
H\R
\RXXVVR
REEH
FDUHIXOORRI
I \R
\RXXU
UGGXW\\WWR  $
$OOOODD
DDK
K22PPHQ
QRRI
IXQ
XQGGHUVW
VWDDQGLQJ
JWWKDW
W\R
\RXXP
PD\
\EEH
HVVXFFH
FFHVVI
VVIXXO

7KH 7DDEL·HH 1D·HHP ELQ +DPPDDG VDLG 7KH -DPDD·DK LV ZKDW DJUHHV ZLWK $OODDK·V 2EHGLHQFH  VR
ZKHQWKH-DPDD·DKLVFRUUXSWHGWKHQLWLVXSRQ\RXWRVWLFNWRWKDWZKDWWKH-DPDD·DKZDVXSRQEHIRUHLW
ZDVFRUUXSWHGDQGLI\RXDUHDORQHWKHQ\RXDUHWKH-DPDD·DK$QG,VKDDTELQ5DDKDZDD\DK G 
WHDFKHURI,PDDP%XNKDDUHHVDLG,I\RXZHUHWRDVNWKHLJQRUDQWSHRSOHDERXWWKH*UHDW0DMRULW\WKH\
ZRXOG VD\ 7KH PDMRULW\ RI SHRSOH 7KH\ GR QRW NQRZ WKDW DO-DPDD·DK LV WKH 6FKRODU ZKR FOLQJV WR WKH

 <RRVXI
 0DD·LGDK

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
QDUUDWLRQV IURP WKH 3URSKHW VDOODOODDKXDODLKLZDVDOODP   DQG KLV ZD\ 6R ZKRHYHU LV ZLWK KLP WKH
VFKRODU DQGIROORZVKLPWKHQKHLVDO-DPDD·DK

 $QRWKHUSRLQWRIHQWU\IRU6KD\WDDQLVDSHUVRQVLQWHQWLRQ+HZLOOZKLVSHUWRVRPHRQH<RXDUH
VKRZLQJRII\RXSRVVHVVUL\DD VKRZLQJRII \RXDUHDK\SRFULWH<RXDUHRQO\GRLQJWKLVIRUWKH
VDNHRIWKHSHRSOH+HGRHVWKLVWRPDNH\RXDEDQGRQWKHDFWLRQ

$QH[DPSOHRIWKLVPLJKWEHZKHQDPDQGHFLGHVWRJLYHFKDULW\DQGDQRWKHUPDQVHHVKLP7KLV
SHUVRQWKHQVD\VWRKLPVHOI,IVRDQGVRVHHVPHKHZLOOWKLQNWKDW,DPVKRZLQJRIIVRLWLVEHWWHU
WKDW,GRQ·WJLYHWKLVFKDULW\

+RZHYHUZHKDYHEHHQFRPPDQGHGWRSXULI\RXULQWHQWLRQVIURPVKRZLQJRIIQRWWRDEDQGRQ
WKHDFWLRQ7KLVLVWKHGHVLUHRI6KD\WDDQ,EUDKHHPELQ$GKDP RQHRIWKH7DDEL·HHQ VDLG,KDYH
VHHQWKLUW\&RPSDQLRQVRIWKH0HVVHQJHU VDV DOORIWKHPIHDULQJIRUWKHPVHOYHVWKDWWKH\DUHGRLQJDFWLRQV
ZLWKRXWVLQFHULW\

5HWXUQLQJ WR RQHV VRXO DQG MXGJLQJ LW LV UHTXLUHG EXW WKH SXUSRVH RI WKLV LV QRW WR PDNH \RX
DEDQGRQDFWLRQVEXWWRSXULI\\RXU LQWHQWLRQVDQGLQFUHDVH\RXUJRRGDFWLRQV$O+DDULWKELQ4DLV
VDLG :KHQ 6KD\WDDQ FRPHV WR \RX ZKLOH \RX DUH SUD\LQJDQGKHVD\VWR\RX<RXDUHVKRZLQJRIIWKHQ
LQFUHDVHWKHOHQJWKRI\RXUSURVWUDWLRQ


)HD
)HDUU

6KD\WDDQKDVWZRZD\VIRUPDNLQJWKHSHRSOHIHDUIXO

 +H PDNHV WKHP IHDU KLV DOOLHV 6KD\WDDQ ZLOO PDNH D SHUVRQ IHDU KLV DUP\ KLV DOOLHV DQG WKH
SHRSOHRIGLVREHGLHQFHDQGUHEHOOLRQ+HZLOOVD\%HFDXWLRXVRIWKHP7KH\KDYHVWUHQJWKZKLFK
\RXGRQRWNQRZDERXW
$OODDKWKH([DOWHGVD\V

,QGHH
HHG
GLLW
WLLV
VRRQO\
\66KD\WDD
DDQ
QWWKDW
WP
PDNHV
V\R
\RX
XIIHDU
UKKLV
VYYRWDULHVEEXW WGGR
RQQRWI
WIHHDU
UWWKHP
PDDQG
GIIHDU
U0H
0H DORQH 
LI
I\R
\RX
XDDUH
HUUHDOOOO\
\EEHOLOLHHYHUV

+HDOVRPDNHVSHRSOHVFDUHGRIWKHGLVEHOLHYHUVZLWKUHJDUGWRWKHUHOLJLRQ+HPDNHVWKHPIHHO
LQIHULRUDQGZKLVSHUVWRKLP7KHVHSHRSOHZLOOPRFN\RXUUHOLJLRQWKHUHOLJLRQZKLFKRUGHUVWKH
FXWWLQJ RI KDQGV DQG PDNHV ZRPHQ FRYHU IURP KHDG WR WRH 7KH UHOLJLRQ ZKLFK PDNHV SHRSOH
VWDUYH IRU D PRQWK 6R WKH SHUVRQ FRQFHDOV WKH IDFW WKDW KH LV D PXVOLP DQG KDV QR FRQFHUQ IRU
OHDUQLQJLWDQGDFWLQJXSRQLWGXHWRVD\LQJRIWKHVHGLVEHOLHYHUV ZKRDUHEXWIXHOIRU+HOOILUH
/LVWHQWRWKHUHVSRQVHRI6DOPDDQDO)DUVHH UD WRWKHSDJDQZKHQKHVDLGWRKLPRXWRIMHVW7KLV
0HVVHQJHURI\RXUVKHWHDFKHV\RXVRPXFKXQWLOKHWHDFKHV\RXWRLOHWPDQQHUV6R6DOPDDQ UD 

 5HSRUWHGE\$EX1X·D\PLQ+LO\DWXO$ZOL\DD
 $DOL,PUDDQ

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
VDLG2I FRXUVH $QG KH KDVWDXJKWXVQRWWRXVHWKHULJKWKDQGRUWRIDFHWKH4LEODKRUWRXVHOHVVWKDQ
WKUHHVWRQHVRUWRXVHERQHV IRUFOHDQVLQJRQHVHOI 

$QG\HWWKLVZDVDUHSO\WRZKDW"5HOLHYLQJRQHVHOI \HWZHQRZDGD\VKDYHIHDUFRPSOH[HVDERXW
WKH KLMDDE IDVWLQJ JURZLQJ WKH EHDUG DQG RWKHU VXFK WKLQJV 7KLV LV DOO IURP WKH KDQGLZRUN RI
6KD\WDDQDQGLVDVLJQRIWKHZHDNQHVVSUHVHQWLQWKHPXVOLPVKHDUWV:HSUD\WR$OODDKWKDW+H
VWUHQJWKHQVRXUKHDUWVDQGHVWDEOLVKHVWKHPXSRQ+LVUHOLJLRQ

)HDURI3RYHUW\$OODDKWKH([DOWHGVD\V

6KD\WDD
DDQ
QSSURPLVHV
V\R
\RX
XSSRYHUW\
\DDQG
GEELGV
V\R
\RX
XWWR
RVVKDPHIXOOFFRQGXFW

6KD\WDDQVD\V,I\RXOHDYHWKLVMREZKHUHZLOO\RXILQGDQRWKHURQH"<RXZLOOEHFRPHYHU\SRRU
6RD SHUVRQIHDUVSRYHUW\DQGLQGXOJHVLQZKDWLVXQODZIXOVXFKDVVHOOLQJDOFRKRO

:HKHDUWKHRQHZKRWDNHVLQWHUHVWVD\LQJ+RZVKDOO,OLYH"3HRSOHKDYHEHFRPHULFKDQG,DP
SRRU,QGHHG6KD\WDDQKDVVSRNHQWKURXJKKLP

$V IRU WKH WUXH EHOLHYHU WKHQ WKH IROORZLQJ ZRUGV DUH FRQVWDQWO\ LQ IURQW RI KLP  DQG DUH WKHUH
ZRUGVZKLFKDUHPRUHEHDXWLIXODQGUHDVVXULQJWKDQWKHVH

$QG
GZ
ZKRHYHU UIIHDUVV$$OOOODD
DDKK+
+H
HZ
ZLOO
LOOP
PDNH
HIIRU
UKKLP
PDDQ
QHHDV\\Z ZD\R
\RXXW
WDDQGS
GSUURYLGH HIIRU
UKKLP
PVVXVW VWHHQDQFH
FHIIURP
VRXUFH
FHV
VKKHF
HFRRXOGGQQHYHU ULLPDJLQH::KRHYHU USSODFH
FHV
VKKLV
VUUHOLOLDDQFH
FHXXSRQQ$$OOOODD
DDKK$
$OOOODD
DDK
KZZLOO
LOOVVXII
IILLFH
FH+
+LP
,QGHH
HHG
G$
$OOOODD
DDKKLLV
VRRQH
HZ ZKR RFFDQ
QDDFKLHYH
H+
+LVVSSXUSRVH HDDQGG+ +HHKKDV
VDDSS
SSRRLQWHGGD
DP PHDVXUH HIIRU
UHHYHU\WKLQJ

6KD\WDDQ PDNHV \RX UHVRUW WR XQODZIXO PHDQV DQG ZD\V ZLWK WKH H[FXVH RI SRYHUW\ DQG DV D
UHVXOW0XVOLPVPDNHPDQ\PDQ\FRPSURPLVHVLQWKHLUUHOLJLRQ

6RWKHVHDUHVRPHRIWKHZD\VE\ZKLFK6KD\WDDQIRROVGHFHLYHVDQGPLVOHDGVPDQNLQGLQRUGHU
WROHDGWKHPWRWKH%OD]LQJ)LUH,WLVSHUWLQHQWWRHQGWKLVVHFWLRQZLWKWKHIROORZLQJYHUVHZKLFK
GHVFULEHVWKHVFHQHRQWKH'D\RI-XGJHPHQWDIWHUWKHSHRSOHRIWKH)LUHKDYHEHHQHQWHUHGLQWRLW
DQGZHVHHNUHIXJHLQ$OODKIURPLW

$QG G66KD\WDQQZ
ZLOOLOOVVD\
\Z ZKHQQWWKH
HP
PDWWWWHHU
ULLV
VGGHF
HFLLGHG,,W
WZZDVV$
$OOOODD
DDKKZ
ZKRJ
RJDDYH
H\R\RX
XD
DSSURPLVH HRRI
I77UXWK,,
WRR
RRSSURPLVHG GEEXWW,
,IIDLOLOHHG
GLLQ
QPP\
\SSURPLVHHWWR\R
R\RXX,
,KKDG
GQQR
RDDXWKRULW\R \RYYHU
U\R
\RX
XHH[FH FHSSWW
WWR
RFFDOO
OO\R
\RXXEEXW
W\R
\RX
X
OLOLVW
VWHHQHG
GWWR
RP
PH66R
RUUHSURDFK KPPH
HQQRW
WEEXW
WUUHSURDFK K\R
\RXXUURRZQQVVRXOV,
,FFDQQ
QQRRW
WOLOLVW
VWHHQ
QWWR\R
R\RXXU
UFFULHVQQRU
UFFDQ

 %DTDUDK
 7DODT

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
\RX
\RXOLOLVW
VWHHQ
QWWR
RP
PLQH,
,UUHMHF
HFW
W\R
\RXXU
UIIRUPHU
UDDFW
WRRI
IDDVV
VVRRFLDWLQJ
JP
PH
HZ
ZLWKK$
$OOOODD
DDKK)
)RU
UWWKH
HZ
ZURQJGRHUVW
VWKKHUH
PXVW
VWEEH
HD
DJJULHYRXVVSSHQDOW\ 

3$577+5((0($162)3527(&7,21

7KHUH DUH PDQ\ ZD\V E\ ZKLFK WKH PXVOLP FDQ SURWHFW KLPVHOI IURP 6KD\WDDQ $PRQJVW WKHP
DUH


..QRZOHGJH
6HHNLQJ NQRZOHGJH LV DQ REOLJDWLRQ XSRQ HYHU\ PDOH DQG PXVOLP IHPDOH 7KH PRVW LPSRUWDQW
W\SH RI NQRZOHGJH LV WKH NQRZOHGJH RI $OODDK DQG +LV 7DZKHHG 7KLV LV ZKDW D PXVOLP OHDUQV

 ,EUDKHHP

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
ILUVWEHIRUHDQ\WKLQJHOVH7KHJUHDWHUWKLVNQRZOHGJHLVWKHPRUHIHDUDSHUVRQKDVRI$OODDKDQG
WKHOHVVOLNHO\KHLVWRGLVREH\$OODDKDQGIROORZ6KD\WDDQ$OODDKVDLG

.QRZWWKDWW
WWKKHUH
HLLV
VQQRQH
HZ
ZRUWK\R
\RI
IZ
ZRUVKLS
SHH[FH
FHSSW
W$
$OOOODD
DDK
K DORQH 

$QG+HDOVRVDLG
2QO\
\WWKRVH
HDDPRQJVW
VW$
$OOOODD
DDKK·VV
VVHHUYDQWV
WVZ
ZKR
RKKDYH
HNNQRZOHGJH
HIIHDU
U+
+LP

$QG WKH 0HVVHQJHU RI $OODDK VDV  VDLG ´, DP WKH PRVWNQRZOHGJHDEOH RI $OODDK DPRQJVW \RX
DQG,IHDU+LPWKHPRVWµ 6RKH VDV PDGHDGLUHFWOLQNEHWZHHQNQRZOHGJHRI$OODDKDQGWKH
IHDURI$OODDK

7KH QH[W W\SH RI NQRZOHGJH ZKLFK D PXVOLP DFTXLUHV LV WKH NQRZOHGJH RI WKH DFWV RI ZRUVKLS
ZKLFK$OODDKKDVPDGHREOLJDWRU\XSRQKLPDQGZKDW$OODDKKDVDVNHGKLPWRUHIUDLQIURP6R
KHFRQVWDQWO\DFTXLUHVDQGDFWVXSRQWKLVNQRZOHGJHPDNLQJKLVFRQGXFWWKHUHE\ZKROHVRPHDQG
VRXQGEH\RQGUHSURDFK+HDOVROHDUQVWKHPDQQHULQZKLFKZRUVKLSLVWREHSHUIRUPHGVDYLQJ
KLPVHOIDVDUHVXOWRIWKDWIURPIDOOLQJLQWRLQQRYDWLRQVDQGKDYLQJKLVDFWLRQVUHMHFWHG

.QRZOHGJHLVDVWURQJWRRODQGLWVFDUHV6KD\WDDQPRUHWKDQDQDUGHQWZRUVKLSSHU$SRHWVDLG

$QGLW NQRZOHGJH LVDPLJKW\VZRUGZKLFKGRHVQRWVZHUYH


<RXVWULNHZLWKLWWKHYLWDOSDUWVRIWKHRQHZKRDWWDFNV\RX

.QRZOHGJHLVWKHEXLOGLQJEORFNRI(HPDDQ )DLWK DQG(HPDDQLVDELJEDUULHULQWKHIDFHRIDOO


RI6KD\WDDQ·VFDOOLQJVDQGZKLVSHULQJV7KLVLVWKHILUVWWKLQJDPXVOLPVKRXOGDWWHQGWRLQRUGHU
WRSURWHFWKLPVHOI

$PRQJ WKH EHVW RI ERRNV WR VWDUW ZLWK LV ¶)XQGDPHQWDOV RI 7DZKHHG· E\ $EX $PHHQDK %LODDO
3KLOOLSVDQG¶7DZHHGYHUVXV6KLUN·E\6KDLNK0XKDPPDGDO-LEDDO\


66LQFHULW\
6KD\WDDQKDVQRPDVWHU\RYHUWKRVH ZKRDUHVLQFHUHDQGKHKLPVHOIKDVVDLG

%\
\<<RXU
U $OOOODD
DDKK·V  3
3RZHU
U,
,Z
ZLOO
LOOP
PLVOHDG
GWWKHP
P DOO
OORRIW
IWKKHP(
([FH
FHSSW
W\R
\RXXU
UVVHUYDQWV
WVDDPRQJVWW
VWWKKHP
PZZKR
RDDUH
VLQFH
FHUUH
HDDQGS
GSXXULILHG

 0XKDPPDG
 )DDWLU
 5HSRUWHGE\%XNKDDUHH
 6DDG

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
6RVWULYLQJWRPDNHDOORIRQHVHIIRUWVVLQFHUHDQGIRUWKHVDNHRI$OODDKDORQHDOVRUHPRYHVDSHUVRQ
IURP VXVFHSWLEOLW\ WR 6KD\WDDQ DQG KLV SODQV 6LQFHULW\ LV DOVR RQH RI WZR SLOODUV ZLWKRXW ZKLFK QR
DFWLRQ LV DFFHSWDEOH WR $OODDK $QG VLQFHULW\ LV 7KH VDQFWLILFDWLRQ RI \RXU VSHHFK DQG DFWLRQ IURP
HYHU\EOHPLVKRIWKHVRXO·VGHVLUH)RUH[DPSOHGHVLULQJ\RXUEHDXWLILFDWLRQLQWKHKHDUWVRISHRSOH
GHVLULQJ WKHLU SUDLVH VR WKDW WKH\ VD\ ¶D VFKRODU· ¶ZKDW D EUDYH PDQ· RU ¶D GRHU RI JRRG· UXQQLQJ
DZD\IURPWKHFULWLFLVPRIWKHSHRSOH LHDEDQGRQLQJFHUWDLQDFWLRQVEHFDXVHSHRSOHPD\FULWLFLVHRU
EHFRPHDQJU\ VHHNLQJSHRSOH·VPDJQLILFDWLRQRI\RXUVHOIWKHLUDLGDQGDVVLVWDQFHWKHIXOILOPHQWRI
\RXUQHHGVRUGHVLULQJRWKHUSHRSOHVZHDOWKDQGSRVVHVVLRQVDQGRWKHUVXFKWKLQJV

$PRQJWKHEHVWRIERRNVRQVLQFHULW\DQGLWVUHDOLW\LV¶.LWDDEXO,NKODDV· 7KH%RRNRI6LQFHULW\ E\


+XVVDLQDO$ZDD·LVKDKDYDLODEOHLQWKH(QJOLVKODQJXDJH


55HPHPEUDQFH
7KH UHPHPEUDQFH RI $OODDK SXWV RQH LQWR WKH SURWHFWLRQ RI $OODDK DQG VDIHJXDUGV D SHUVRQ IURP
6KD\WDDQVZKLVSHULQJV$OODDKKDVFRPPDQGHG

2\R
2 \RX
XZZKR
REEHOLOLHHYH
%
%ULQJ
J$
$OOOODD
DDK
KWWR
RP
PLQG
GRRIW
IWHHQ
QZZLWK
KDE
DEXQ
XQGGDQW
WUUHPHPEUDQFH

0DQ\ UHPHPEUDQFHV KDYH EHHQ UHSRUWHG IURP WKH 0HVVHQJHU VDV  ZKLFK KH XVHG WR VD\ LQ DOO
PRPHQWVDQGVLWXDWLRQVDQGLWLVQHFHVVDU\IRUDPXVOLPWRFORVHO\LPLWDWHWKHZD\RIWKH0HVVHQJHU
VDV $PRQJWKHPRVWXVHIXORIERRNVRQVXSSOLFDWLRQVLV¶$XWKHQWLF6XSSOLFDWLRQVRIWKH3URSKHW·E\
:DOHHGDO(VVDDYDLODEOHLQWKH(QJOLVKODQJXDJH


66HH
HHNNLQJ
QJ55HIXJH
HLLQ
Q$$OO
OODD
DDKK
:KHQ VRPHRQH ILQGV WKDW 6KD\WDDQ ZKLVSHUV HYLO VXJJHVWLRQV WR KLP KH VKRXOG LPPHGLDWHO\ VHHN
UHIXJHLQ$OODDKWKH([DOWHGE\VD\LQJ¶$·RRGKRELOODDKLPLQDV6KD\WDDQLU5DMHHP· ,VHHNUHIXJHLQ
$OODDKIURP6KD\WDDQWKH5HMHFWHG$OODDKWKH([DOWHGVDLG

$QG
GLLI
ID
DIIDOVH
HLLPSXWDWLRQ
QIIURP
PWWKH
H66KD\WDD
DDQ
QLLQIOLOLFFWV
WV\R
\RXXVVHH
HHN
NUUHIXJH
HLLQ
Q$$OOOODD
DDKK6X
6XUUHO\
\+
+H
HLLVW
VWKKH
H$
$OOOO
+HDULQJWWKH
H$
$OOOO.QRZLQJ


55HFLWLQJ
QJWWKH
HSSUHVFULEHG
GSSRUWLRQV
VRRI
IWWKH
H44XU·DD
DDQQ
5HFLWLQJWKHIROORZLQJSRUWLRQVRIWKH4XU·DDQZLWKNQRZOHGJHRIWKHLUPHDQLQJDQGILUPFRQYLFWLRQ
SURWHFWDSHUVRQIURPWKH6KD\WDDQDQGKDYHEHHQUHSRUWHGDXWKHQWLFDOO\IURPWKH0HVVHQJHU VDV

x $D\DWXO.XUVL 7KH9HUVHRIWKH7KURQH 6XUDK%DTDUDK


x 7KHODVWWZRYHUVHVRI6XUDK%DTDUDK 
x 5HFLWLQJ6XUDK%DTDUDKSUHYHQWVWKH6KD\WDDQIURPHQWHULQJWKHKRXVH

 $K]DDE
$·UDDI


8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
x 7KH0X·DGKGKDWDLQ WKHODVWWZRVXUDKVRIWKH4XU·DDQ 

3URQRXQFLQJWKH$DGKDDQLVDOVRUHSHOV6KD\WDDQDQGKLVKDQGLZRUN,WPDNHVKLPVWLFNKLVILQJHUV
LQWRKLVHDUVDQGIOHHRQKLVKHHOV


..HH
HHSSLQJJ
QJJRR
RRG
GFFRPSDQ\
,WLVYLWDOWKDWWKHFRUUHFWFRPSDQ\LVNHSWDV6KD\WDDQZLOOQRWIDLOWRPLVOHDG\RXRQDFFRXQWRIWKH
FRPSDQ\\RXNHHS7KH0HVVHQJHU VDV VDLG´7KHH[DPSOHRIWKHJRRGDQGEDGFRPSDQ\LVWKDWRI
D PXVNVHOOHU DQG DQ LURQPRQJHU (YHQ LI \RX GR QRW EX\ IURP WKH PXVNVHOOHU WKH IUDJUDQFH ZLOO
UHPDLQZLWK\RXDQGHYHQLI\RXUFORWKHUVGRQRWJHWEXUQWE\EHLQJLQFORVHSUR[LPLW\WRWKHLURQ
PRQJHUWKHEDGVPHOOZLOOUHPDLQZLWK\RXµ 7KH0HVVHQJHU VDV DOVRVDLG´'RQRWEHDFRPSDQLRQ
H[FHSWWRDEHOLHYHUµ

$QGWKHSRHWVSRNHWKHWUXWKZKHQKHVDLG

&KRRVHDPRQJWKHSHRSOHRQHZKRZLOOJXLGH\RX
,QGHHGE\DIULHQGGRHVRQHJXLGHKLPVHOI
$QGDFFRPSDQ\LQJWKHHYLORQHVLVEOLQGHVVDQGDGLVHDVH
,WLQFUHDVHVWKHVLFNKHDUWLQVLFNQHVV
6RLI\RXDUHDIROORZHURIWKH6XQQDK
7KHQDYRLGWKHHYLOFRPSDQLRQVKLS

6R EH ]HDORXV RI NHHSLQJ JRRG FRPSDQ\ DQG UHPDLQLQJ RQO\ ZLWK JRRG PXVOLPV WKRVH ZKR IHDU
$OODDKPXFKDQGVWULYHWRZRUVKLS+LP,I\RXGRVR\RXZLOOQHYHUEHDEOHWRFRXQWWKHJRRG\RX
ZLOODFTXLUHDQGZLWK$OODDKOLHVDOOVXFFHVV

6RWKHVHDUHVRPHRIWKHPHDQVRISURWHFWLRQIURP6KD\WDDQWKH$FFXUVHGWKHRQHZKRFDXVHGRXU
3DUHQWVWREHH[SHOOHGIURP3DUDGLVHDQGZKRKDVSURPLVHGWRPLVOHDGDOORIXVE\KLVWUHDFKHU\DQG
GHFHSWLRQ 0D\ $OODDK SURWHFW XV IURP KLP DQG KLV WURRSV E\ PDNLQJ XV RI WKRVH ZKRDUHVLQFHUH
UHPHPEHU+LPRIWHQDQGWXUQWR+LPLQUHSHQWDQFH$DPHHQ

$OO3UDLVHLVGXHWR$OODDKDORQHDQG3HDFHDQG%OHVVLQJVXSRQWKH0HVVHQJHUDIWHUZKRPWKHUHLVQR
SURSKHW

 5HSRUWHGE\%XNKDDUHH
 5HSRUWHGE\$EX'DDZRRG

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 
%LEOLRJUDSK\

7KH4XU·DDQ
6DKHHK%XNKDDUHH
 6DKHHK0XVOLP
$O)DZDD·LG E\,EQDO4D\\LP
0DGDDNKLOXVK6KD\WDDQDODV6DDOLKHHQ E\$EGXOODDKDO.KDDWLU
0DGDDULMXV6DDOLNHHQ E\,EQDO4D\\LP
,EQ7D\PL\\DK·V(VVD\RQWKH-LQQE\$EX$PHHQDK%LODDO3KLOOLSV

8QLYHUVLW\RI(VVH[,VODPLF6RFLHW\0DUFK6KD\WDDQ+LV:D\VLQ0LVOHDGLQJ 

You might also like