75$16/,7(5$7,217$%/( ¤Ó $DERXW å QQXUVH D í RRSRRO õ FDW RRQ É Õ TTXHHQ ³N´VRXQGPDGH LQEDFNRIWKURDW $$VD\³D´WZLFHGLVWLQFWO\ ZLWKDQRSHQPRXWK ­ EER[ µ © GGRRU ± ½ G ¹ V ñ HH WWDQ Ñ Í ðë ¡ KHDY\³G´VRXQG RSHQMDZEXWNHHSOLSVWLJKWO\ URXQGLHGXK IHHW IILVK JKWKHVRXQG\RXPDNHZKHQJDUJOLQJ 7RXFKYHU\EDFN RIWRQJXHWRYHU\EDFNRIPRXWK Á UUDEELW UROOHG³U´VRXQGVLPLODUWR 6SDQLVK³U´ VKVKLS VVHD W KHDY\³V´VRXQG RSHQMDZEXWNHHSOLSVWLJKWO\ URXQG KHDY\³W´VRXQG RSHQMDZEXWNHHSOLSV VOLJKWO\URXQG WKWKLQN KKDW « WK K Å WK WKH ®´Û KHDY\³K´VRXQG GURSEDFNRIWRQJXHWRRSHQEDFN RIWKURDWWKHQIRUFHDLURXW IRU´K´ ,LQN ÷ä¿ XSXW MMDU íø ZZDWHU Ù NNLW ï ø SURQRXQFHWKHOHWWHUEHIRUHEXWFXWLWVKRUWE\ VWRSSLQJVXGGHQO\ ¥ NKJUDYHO\³K´VRXQG WRXFKEDFNRIWRQJXHWRURRI ñ ø RIPRXWKDQGIRUFHDLURXW Ý OORRN á P PDQ ¯ ³WK´VRXQGDVLQ³WKH´EXWKHDYLHU RSHQMDZEXW NHHSOLSVVOLJKWO\URXQG \\DUQ ]]HEUD LVWRPDNHVRPHZRUGVHDVLHUWRUHDG ú %ROGOHWWHUVDUHVLOHQWLHZZULWH ú:KHQZDNLQJXS ú ­î¸ðJèßêôßôí èðôãô ãôªðøÌô çôðø£ô ñ¬÷ß öê÷àöß õªðøäô¤ß $OKDPGXOLOO DKLOODWKHHDK\DQD ED$$GDP D DPDWDQD ZDLOD\KLQ QXVKRR U µ$OOSUDLVHLVIRU$OO DKZKRJDYHXVOLIHDIWHUKDYLQJWDNHQLWIURPXVDQGXQWR+LPLV WKHUHVXUUHFWLRQ ¶ û 7KH3URSKHW U VDLGµ:KRHYHUDZDNHVDWQLJKWDQGWKHQVD\V ì®óª×óïò·÷ÞÛ ðàËôîëíìªðäô¤ßõêßíõÚðàõäßõêßìêßôÚó®ðô· û õéôªðø£ôí õê÷àß ÷ûôêßû ÷òàÌßöê÷àß÷û÷î×ûôí ôÝîô£ ûôí ì®ôÛõíõ÷ûôêßûíì õªðøä¤ßíìöôå¤øðõ³ âôÈÌß /D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\ LQTDGHHUVXE KDQDOODKZDOKDPGXOLOO DKZDOD LODKDLOODOODKZDOODKX DNEDUZDO D KDZODZDO D TXZZDWDLOO D ELOODKLO$$DOL\\LO$$D WKHHP µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DKDORQHZLWKRXWDVVRFLDWHWR+LP EHORQJVVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVZKROO\ FDSDEOH +RZSHUIHFW $OODK LV DQG DOO SUDLVH LV IRU $OO DK DQG QRQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW $OODK $OODK LV WKH JUHDWHVW DQG WKHUH LV QR SRZHU QRU PLJKWH[FHSWZLWK$OO DK7KH 0RVW+LJK7KH6XSUHPH «DQGWKHQVXSSOLFDWHV òßø®ÔøÏKô­ 5DEELJKILUOHH µ2P\/RUGIRUJLYHPH ¶ «ZLOOEHIRUJLYHQ¶ $O:DOHHGVDLG³RUKHU VDLG µDQG WKHQ DVNV KH ZLOO EH DQVZHUHG,I KH WKHQ SHUIRUPV DEOXWLRQ DQG SUD\V KLV SUD\HUZLOOEHDFFHSWHG¶´ ü éö®øÛö¬ö òßôåö«ôôí ò£í­÷òàôË ÷©ô­ôí ñªô´ ô òÓòçÓËñ¬ßö õªä¤ß $OKDPGX OLOO DKLOODWKHH $$DIDQHH IHH MDVDGHH ZDUDGGD $$DOD\\D URR KHH ZDDWKLQD OHHELWKLNULK µ$OOSUDLVHLVIRU$OO DKZKRUHVWRUHGWRPHP\KHDOWKDQGUHWXUQHGP\VRXODQGKDV DOORZHGPHWRUHPHPEHU+LP ¶ ý « ß÷òßíõ÷ ó óõö­ì÷èßíöÞô÷àß Ñ ö üðö§ ø íö½ø­÷ôí öôîäô ÷´ßöÖøàô§ òöÓ ÷åö û ûùùúù å®äËÝ­î³ ,QQD IHH NKDOTL D OVVDPDZDWL ZDDODUGL ZDLNKWLODIL DOOD\OL ZD DOQQDKDUL ODD\DWLQ OL ROHHDODOEDE« )URP9HUVHüúù WLOOWKHHQGRIWKH FKDSWHU$OL$$LPUDQ û6XSSOLFDWLRQZKHQZHDULQJDJDUPHQW þ ÷îð× ûôí ò÷èöã óÝîô£ ö®ðø ôðôÏ øæöã êôèô×ô¯ô­ôí î÷ß ¬ëòç´ôÛ ñ¬÷ß ö õªä¤ß $OKDPGX OLOO DKLOODWKHH NDVDQHH KDWKD DWKWKDZE ZDUD]DTDQHHKL PLQ JKD\UL KDZOLQ PLQQHHZDO D TXZZDK µ$OO3UDLVHLVIRU$OO DKZKRKDVFORWKHGPHZLWKWKLVJDUPHQWDQGSURYLGHGLWIRUPH ZLWKQRSRZHUQRUPLJKWIURPP\VHOI ¶ ü6XSSOLFDWLRQVDLGZKHQZHDULQJDQHZJDUPHQW ÿ ôÚö õ«îËôôí ìêðôß ôÊöè» õ ôã ö®øôðô§íô öéö®ôðô§ øæðöã ôÚðõßôø³ô ìöêôèôîø ðô´ôÛ ôðøçõªðøäðô¤ßôÚðôß Iâðõì÷àß õêðôß ôÊöè» õ ðã K®ðô·ôí öé®K ðô· øæðöã $OODKXPPD ODNDO KDPGX DQWD NDVDZWDQHHK DV DOXND PLQ NKD\ULKL ZDNKD\UL P D VXQL$$DODKZD D$$RR WKXELNDPLQVKDUULKLZDVKDUULP D VXQL$$DODK µ2 $OODKIRU<RXLVDOOSUDLVH< RXKDYHFORWKHGPHZLWKLW LHWKHJDUPHQW ,DVN <RXIRUWKHJRRGRILWDQGWKHJRRGIRUZKLFKLWZDVPDGHDQG,VHHNUHIXJHZLWK<RX IURPWKHHYLORILWDQGWKHHYLOIRUZKLFKLWZDVPDGH ¶ ý6XSSOLFDWLRQVDLGWRVRPHRQHZHDULQJDQHZJDUPHQW ðßôÌô õõÒöàø¨ðõóôí òàðøõ 7XEOHHZD\XNKOLIXO ODKXWD$$ DOD µ0D\ \RX ZHDU LW RXW DQG $OO DK ðßÌ UHSODFH LW ZLWK DQRWKHU ¶ 7KH LQWHQGHG PHDQLQJ$VXSSOLFDWLRQIRUORQJOLIH ³ ñªôì·øðõãôí ñªôðäô£ ¶ ø ðöËôí ñªðóªô ²ðôßö ,OEDVMDGHHGDQZ D$$LVK KDPHHGDQZDPXWVKDKHHGDQ µ:HDUDQHZOLYHFRPPHQGDEO\DQGGLHD VKDKHHG¶ VKDKHHG2QHZKRGLHVILJKWLQJWKHNXII DULQRUGHUWRPDNHWKHZRUGRI$OO DKVXSHULRU RU LQ GHIHQVH RI ,VO DP ,WDOVRKDVRWKHUPHDQLQJVIRXQGLQWKH6XQQDKVXFKDV WKH RQH ZKRGLHVGHIHQGLQJKLVOLIHZHDOWKRUIDPLO\WKHZRPDQZKRSDVVHVDZD\GXHWR FKLOGELUWKRQHZKRGURZQV «HWF þ%HIRUHXQGUHVVLQJ öâø´ö %LVPLOODK µ,QWKHQDPHRI$OO DK¶ ÿ%HIRUHHQWHULQJWKHWRLOHW úù ü öô¨ßø ôí öøðõ¨øß ôæðöã ôÚðö õ«îðËô òðKçö Iâðõì÷àß öâø´ö %LVPLOODK DOODKXPPDLQQHHD$$RR WKXELNDPLQDO NKXEWKLZDO NKDEDLWK µ ,QWKHQDPHRI$OO DK 2$OODK,WDNHUHIXJHZLWK\RXIURPDOOHYLODQGHYLO GRHUV¶ $IWHUOHDYLQJWKHWRLOHW úú Úôç®ðøÔõÏ *KXIUDQDN µ,DVN<RX $OODK IRUIRUJLYHQHVV ¶ :KHQVWDUWLQJDEOXWLRQ úû öâø´ö %LVPLOODK µ,QWKHQDPHRI$OO DK¶ 8SRQFRPSOHWLQJWKHDEOXWLRQ úü êðõßîð³ô­ôí õéõªðøôË ñªð÷äô¤õã Iåô õªôìø·ôôí õêðôß ôÚðó®ô· û õéôªø£ôí õ÷ûö ôêðôßö û øåô õªôìø·ô $VKKDGX DQ O D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ZD DVKKDGX DQQD 0XKDPPDGDQ$$DEGXKXZDUDVRROXK µ,EHDUZLWQHVV WKDWQRQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DKDORQHZLWKRXW SDUWQHUDQG,EHDUZLWQHVVWKDW0X KDPPDGLV+LVVODYHDQG0HVVHQJHU ¶ úý æó®ð÷ìôÄôäßôæãö òèøàðôÌøôí ôæô÷îðIßôæãö òðèàôÌøIâðõì÷àß $OODKXPPDM $$DOQHHPLQDW WDZZDEHHQD ZDM$$DOQHHPLQDO PXWDWDKKLUHHQ µ2$OODKPDNHPHRIWKRVHZKRUHWXUQWR<RXRIWHQLQUHSHQWDQFHDQGPDNHPHRI WKRVHZKRUHPDLQFOHDQDQGSXUH ¶ úþ Úøôðôßö õîôôí ôÙõ®öÔÐø ôø³ô ôøçô ÷ûö ôêßö û øåô õªðôìø·ô Ùöªäô¤öíô Iâðõì÷àß ôÚôçð¤øõ³ 6XEKDQDNDOODKXPPD ZDEL KDPGLND DVKKDGX DQ O D LODKD LOOD DQWD DVWDJKILUXND ZD DWRREXLOD\N µ+RZSHUIHFW<RXDUH2$OO DKDQG,SUDLVH<RX,EHDUZLWQHVVWKDWQRQHKDVWKHULJKW WREHZRUVKLSSHGH[FHSW<RX,VHHN<RXUIRUJLYHQHVVDQGWXUQLQUHSHQWDQF HWR<RX¶ úù:KHQOHDYLQJWKHKRPH úÿ ö ÷ûö ôIîðõ× ûôí ôÝøîô£ ûôí öðàôË õðøàIÛôîô ì ööâø´ö %LVPLOODKWDZDNNDOWX$$DODO ODKZDOD KDZODZDO D TXZZDWDLOO D ELOODK µ,Q WKH QDPH RI $OO DK , SODFH P\ WUXVW LQ $OO DK DQG WKHUH LV QR PLJKW QRU SRZHU H[FHSWZLWK$OO DK¶ ú øíô ì âðôàøÇôõ øíô ôâðöàøÇô øíô ì Ýô¯õ øíô IÝö¯ô øíô ì Þðô¿õ øíô IÞðö¿ô øåô ôÚö õ«îðËô òðKçö Iâðõì÷àß ÷òðôàôË ôÞìô ø ðõó øíô ôÞìô øô ý $OODKXPPDLQQHHD$$RR WKXELNDDQD GLOODDZR GDODZD]LOODDZR]DOODZD WKOLPDDZ RWKODPDZ DMKDODDZ\XMKDOD$$DOD\ µ2 $OODK , WDNH UHIXJH ZLWK <RX OHVW , VKRXOG VWUD\ RU EH OHG DVWUD\ RU VOLS RU EH WULSSHGRURSSUHVVRUEHRSSUHVVHGRUEHKDYHIRROLVKO\RUEHWUHDWHGIRROLVKO\ ¶ VOLSLHWRFRPPLWDVLQXQLQWHQWLRQDOO\ úú8SRQHQWHULQJWKHKRPH ú èðøà÷Ûôîô ðèKô­ ððàôËôí ìðèøô®ðô§ ööâðø´öíô ìðèø ôßôí ööâðø´ö %LVPLOODKLZDODMQ DZDELVPLO ODKLNKDUDMQ DZD$$DO D UDEELQ D WDZDNNDOQ D µ,QWKHQDPHRI$OO DKZHHQWHUDQGLQWKHQDPHRI$OO DKZHOHDYHDQGXSRQRXU/RUG ZHSODFHRXUWU XVW¶ úû6XSSOLFDWLRQZKHQJRLQJWRWKHPRVTXH ú ø ðôÌøôí ì­îçòÌøäô³ òÓøÞðôÌøôí ì­îçòçð´öß òÓôí ì ­îçòðøàô× òÓøÞðôÌøIâðõì÷àß Þ òð×øîôÓ øæöã øÞðôÌøôí ì­îçòðããô øæöãôí ì­îçòÔøàô§ øæöã øÞðôÌøôí ì­îçñ®ô¼ô òÓ ­îçòðèöÄøËô Iâðõì÷àß ­îçòðø¤ô æöãôí ì ­îç $OODKXPPD LM$$DO IHH TDOEHH QRRU D ZDIHH OLV DQHH QRRU D ZDM$$DO IHH VDP$$HH QRRUDZDM$$DOIHHED VDUHHQRRU DZDM$$DOPLQNKDOIHHQRRU DZDPLQDP DPHHQRRU D ZDM$$DOPLQIDZTHHQRRU DZDPLQWD KWHHQRRU DDOODKXPPDD$$ WLQHHQRRUD µ2$OODKSODFHZLWKLQP\KHDUWOLJKWDQGXSRQP\WRQJXHOLJKWDQGZLWKLQP\HDUV OLJKWDQGZLWKLQP\H\HVOLJKWDQGSODFHEHKLQGPHOLJKWDQGLQIURQWRIPHOLJKWDQG DERYHPHOLJKWDQGEHQHDWKPHOLJKW 2$OODKEHVWRZXSRQPHOLJKW ¶ úü8SRQHQWHULQJWKHPRVTXH ûù öâðø´ö @ìâôðI®ßöåÄðøô÷¸ßôæãö âðóªôØßêöçðÄøàõ³ôí âðóö®Üô ß öêðöìøôîöôí âðôÈôÌß ö õ«îËô Úöðôäø£ô­ ôîøô òßø¢ðôøÓIâðõì÷àß ì>öÝî³ô­ ðàôË õáüI´ßôí@>õüI¼ßôí ì D$$RR WKX ELOODKLO$$DWKHHP ZDELZDMKLKLO NDUHHP ZDVXO WDQLKLOTDGHHP PLQDVK VKD\WDQLUUDMHHP >ELVPLOODKZDVVDODWX@>ZDVVDODPX$$DO D UDVRROLO ODK@DOODKXPPD LIWDK OHHDEZ DEDUDKPDWLN µ, WDNH UHIXJH ZLWK $OO DK 7KH 6XSUHPH DQG ZLWK +LV 1REOH )DFH DQG +LV HWHUQDO DXWKRULW\ IURP WKH DFFXUVHG GHYLO ,Q WKH Q DPH RI $OO DK DQG SUD\HUV DQG SHDFH EH XSRQWKH0HVVHQJHURI$OO DK2$OODKRSHQWKHJDWHVRI<RXUPHUF\IRUPH ¶ úý8SRQOHDYLQJWKHPRVTXH ûú Iâðõì÷àß ìÚöàðøÀôÓ øæðöã ôÚõßôø³ô òð÷çö Iâðõì÷àß ì öÝî³ô­ ðàôË õáü÷´ßôí õü÷¼ßôí öâ´ö âôðI®ßöåÄðøôI¸ßôæãö òðèøäö¼Ë %LVPLOODK ZDVVDODWX ZDVVDO DPX $$DO D UDVRROLO ODK DOODKXPPD LQQHH DV DOXND PLQ IDGOLNDOODKXPPDL$$ VLPQHHPL QDVKVKD\WDQLUUDMHHP µ,Q WKH QDPH RI $OO DK DQG SUD\HUV DQG SHDFH EH XSRQ WKH 0HVVHQJHU RI $OO DK 2 $OODK,DVN<RXIURP<RXUIDYRXU 2$OODKJXDUGPHIURPWKHDFFXUVHGGHYLO ¶ úþ6XSSOLFDWLRQVUHODWHGWRWKHDWKDQ WKHFDOOWRSUD\HU ûû þ µ2QH UHSHDWV MXVW DVWKHPXDWKWKLQ RQHZKRFDOOVWRSUD\HU VD\VH[FHSWZKHQKH VD\V ¡üðôÔøß ððàôË Iòðô£ íô üI¼ßððàôË Iòðô£ +D\\D$$DOD VVDODK RU KD\\D$$DODO IDODK µFRPHWRSUD\HUFRPHWRVXFFHVV ¶ LQVWHDGRQHVKRXOGVD\ /D KDZODZDO D TXZZDWDLOO D ELOODK µ7KHUHLVQRPLJKWQRUSRZHU H[FHSWZLWK$OO DK¶ ö ÷ûö ôIîðõ× ûôí ôÝøîðô£ û ûü ,PPHGLDWHO\IROORZLQJWKHGHFODUDWLRQRIIDLWKFDOOHGE\WKHPX DWKWKLQRQHVD\V ì êõßîð³ô­ôí õéõªðøôË ñªð÷äô¤ãIåôôí ì êðôß ôÚó®ðô· û õéôªðø£ôí õ ÷ûö ôêðßö û øåô õªôìðø·ô çôôí ñðôèó©öáüø³öùöíô ñûîð³ô­ óªðIäô¤õäöíô ì ñIô­ öö õðô¿ô­ :DDQD DVKKDGX DQ OD LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ZD DQQD 0XKDPPDGDQ $$DEGXKX ZDUDVRROXK UD GHHWX ELOO DKL UDEEDQ ZDELPX KDPPDGLQ UDVRRODQZDELO LVODPLGHHQ D µ$QG,WRREHDUZLWQHVVWKDWQRQHKDVWKHUL JKWWREHZRUVKLSSHGH[FHSW$OO DKDORQH ZLWKRXWSDUWQHUDQGWKDW0X KDPPDGLV+LVVDOYHDQG0HVVHQJHU ,DPSOHDVHGZLWK $OODKDVD/RUGDQG0X KDPPDGDVD0HVVHQJHUDQG,VO DPDVDUHOLJLRQ ¶ ûý µ2QHVKRXOGWKHQVHQGSUD\HUVRQWKH3URSKHW U DIWHUDQVZHULQJWKHFDOORIWKHPX DWKWKLQ¶ ûþ ôàôðÀôÔøßôí ôàðô³ôîß ñªIäðô¤ã ö ôäöðôØß öü÷¼ßôí Iãð÷ß öôîðøË÷ªß öéö¬ôë Iô­ Iâðõì÷àß ©ÌðôäßõÒöàø¨ðõ û ôÚðIçö êôøªðôËôí ñ¬Ißñ©îäð¤ôã ñðãðØôã êøðôÌøôí $OODKXPPDUDEED KDWKLKLGGD$$ZDWLW WDPPDKZD VVDODWLOTDLPDK DWL0XKDPPDGDQ DOZDVHHODWDZDO IDGHHODKZDE$$DWK KXPDT DPDQPD KPRRGDQDOOD WKHHZD$$DGWDK LQQDNDOD WXNKOLIXO PHH$$DG µ2$OODK2ZQHURIWKLVSHUIHFWFDOODQG2ZQHURIWKLVSUD\HUWREHSHUIRUPHGEHVWRZ XSRQ0XKDPPDG DOZDVHHODK DQG DOIDGHHODK DQGVHQG KLPXSRQDSUDLVHGSODWIRUP ZKLFK<RXKDYHSURPLVHGKLP 9HULO\<RXQHYHUIDLOLQ<RXUSURPLVH ¶ DOZDVHHODK$VWDWLRQLQSDUDGLVH DOIDGHHODK$UDQNDERYHWKHUHVWRIFUHDWLRQ SUDLVHG SODWIRUP 2QH LQ ZKLFK DOO RI FUHDWLRQ ZLOO SUDLVH KLP RQ LQ RUG HU WR EULQJ DERXW WKH DFFRXQW TXLFNO\ DQG EH UHOLHYHG IURP WKH OHQJWK\ VWDQGLQJ RU WKH UROH RI LQWHUFHVVLRQ ûÿ 2QH VKRXOG DOVR VXSSOLFDWH IRU KLPVHOI GXULQJ WKH WLPH EHWZHHQ WKH D WKDQ DQG WKH LTDPDKDVVXSSOLFDWLRQDWVXFKWLPHLVQRWUHMHFWHG úÿ6XSSOLFDWLRQDWWKHVWDUWRIWKHSUD\HU DIWHUWDNEHHU û ÿ òðèKØôç Iâðõì÷àß ì øö®øÐôäßôí öÕö®ø¸ôäßôæôø ô ôøªôËäôÛ ôñóðÄô§ ôæôø ôôí òèðôô øªðöËIâðõì÷àß ôñðóÄô§ øæöã òðèøàö´øÏ Iâðõì÷àß ì ø²ôçIªß ôæãö õ¾ô ø ô÷ õøîðIß ðIØôèðõó ðäôÛ ôñóÄô§ øæöã ø©ô®ôßø ôí öïðäßôí öðàIßö $OODKXPPD E D$$LG ED\QHH ZDED\QD NKD WD\D\D NDPD ED$$DGWD ED\QDO PDVKULTL ZDOPDJKULE DOO DKXPPD QDTTLQHH PLQ NKD WD\D\D NDPD \XQDTTDWK WKDZEXO DE\DGX PLQDGGDQDVDOO DKXPPDJK VLOQHHPLQNKD WD\D\DELWKWKDOMLZDOP DLZDOEDUDG µ2 $OODK GLVWDQFH PH IURP P\ VLQV MXVW DV <RX KDYH GLVWDQFHG 7KH (DVW IURP7KH :HVW 2 $OODK SXULI\ PH RI P\ VLQV DV D ZKLWH UREH LV SXULILHG RI ILOWK 2 $OO DK FOHDQVHPHRIP\VLQVZLWKVQRZZDWHUDQGLFH ¶ û Ùõ®øôôÏ ôêßö ûôí ôÙªJ ðô ðßðÌôôí ôÚðõäø³ôÙô­ôíô ôÙöªðøäô¤öíô Iâðõì÷àß ôÚôç¤ðøõ³ 6XEKDQDNDOODKXPPDZDEL KDPGLNDZDWDE DUDNDVPXNDZDWD$$ DOD MDGGXNDZDO D LODKD JKD\UXN µ+RZSHUIHFW<RXDUH2$OO DKDQG,SUDLVH<RX %OHVVHGEH<RXUQDPHDQ GORIW\LV <RXUSRVLWLRQDQGQRQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW<RX ¶ û I ö ì æôÛö®ø¸äßôæãö çô ðãôí ñôÔôðèô£ ô½ø­ô÷ôí öîðäI´ßô®ôÄôÓ ñ¬Iàöß ôòðöìøôí õðìIôí å ôÚ߬öíô õêôß ôÚðó®ô· û ì æôäôßÌß Kô­ ö òðäôãôí ì ôñôðø¤ôãôí ì òÜõ´õçôí ì òðüô» ì ÙõªðøôË ðçôôí òðKô­ ôøçôì øçô ÷ûö ôêßö û õÚöàôäßôøçô Iâðõì÷àß æôäðöàø´äßôæãö çôôí õø®öãõ ÷ûôîðçJ¬ßõ®öÔðøÐôó û êðIçö ñÌôäô òîçõ« òßø®öÔøÏôÓ òðøçô¬ö õøÓô®ôðøËôí òð´øÔôç õðøäôàôÇ ðìôKôô³ òø÷èðôË Ñö®ðø»ôí ì ðøçô ÷ûö ìöèðô´ø£ô÷ ñªðøìôó û öÕüø§ô÷öæ´ ô ø£ô÷ òðçöªøëôí øçô J®I¸ßôí ì Úðøóôªðôôö õêðJàõÛ õ®øôðô¨ßôí ì ÚøóôªðøÌô³ôí ôÚøôðIôß ì ðøçô ÷ûö ðìôKôô³ òø÷èðôË õÑö®ø¼ôó û ì Úôðôßö õîôôí ôÙõ®öÔðøÐôø³ô ôôôßðÌôôí ôøÛô­ðô ì Úðøôôßöôí ôÚö çô ì Úøôðôßö ô²ðøôôß :DMMDKWX ZDMKL\D OLOOD WKHH IDWDUDVVDPDZDWL ZDODUGD KDQHHIDQ ZDP D DQD PLQDO PXVKULNHHQ LQQD VDODWHH ZDQXVXNHH ZDPD K\D\D ZDPDP DWHH OLOODKL UDEELO $$DODPHHQ O D VKDUHHND ODKX ZDEL WKDOLND RPLUWX ZD DQD PLQDOPXVOLPHHQ $OODKXPPD DQWDO PDOLNX O D LODKD LOOD DQW DQWD UDEEHH ZD DQD $$DEGXN WKDODPWX QDIVHH ZD$$WDUDIWX EL WKDQEHH IDJKILU OHH WKXQRREHH MDPHH$$DQ LQQDKX O D \DJKILUX WKWKXQRREDLOO D DQWZDKGLQHHOL DKVDQLODNKODTLOD \DKGHHOL DKVDQLKD LOOD DQW ZDVULI $$DQQHH VD\\L DKD OD \DVULIX $$DQQHH VD\\L DKD LOOD DQW ODEED\ND ZDVD$$GD\NZDONKD\UXNXOOXKXEL\DGD\NZDVKVKDUUXOD\VDLOD\NDQ D ELNDZD LOD\N WDEDUDNWDZDWD$$ DOD\WDVWDJKILUXNDZD DWRREXLOD\N µ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¶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üù ôâöðßË ì ½ø­ô÷ôí öîäI´ß ô®ðöÃÓ ìÞôÓ®ðø³öôí ì ÞôðÜôãôí ì Þô®øðö Iô­ Iâðõì÷àß ðäöß òðçöªë åîðÔöàôø¨ôó öêôÓ îçÛ äðôÓ ôÙö©ðöË ôæðøôô õâÜðø¤ô ôðøçô öô©ðìI¸ßôí öðøôôÐß âôðØôø´õã óÁ®ö» ðßö ïõ ð¸ô øæôã ñªðøìô ôÚðIçö ì Úöç«ø öö KÖðô¤øß ôæãö öêðôÓôÒöàðõø§ $OODKXPPD UDEED MLEU DHHO ZDPHHN DHHO ZD LVUDIHHO IDWLUDVVDPDZDWL ZDODU G $$DOLPDOJKD\EL ZDVKVKDK DGDK DQWD WD KNXPX ED\QD $$LE DGLNDIHHP D NDQRRIHHKL \DNKWDOLIRRQ LKGLQHH OLPDNK WXOLID IHHKL PLQDO KDTTL ELLWKQLN LQQDND WDKGHH PDQ WDVKDRLOD VLUDWLQPXVWDTHHP µ2 $OODK /RUG RI -LEUDHHO 0HHNDHHO DQG ,VUDIHHO JUHDW DQJOHV &UHDWRU RI WKH KHDYHQV DQG WKH (DUWK .QRZHU RI WKH VHHQ DQG WKH XQVHHQ <RXDUH WKHDUELWUDWRU EHWZHHQ <RXU VHUYDQWV LQ WKDW ZKLFK WKH\ KDYH GLVSXWHG *XLGHPHWRWKHWUXWKE\ <RXUOHDYHLQWKDWZKLFKWKH\KDYHGLIIHUHGIRUYHULO\<RXJXLGHZKRP<RXZLOOWRD VWUDLJKWSDWK ¶ üú õªøäðô¤øßôí ì ®ôðôÛ ö õªøäðô¤øßôí ì ®ôðôÛ õ®ðôøÛô õì ®ôðôÛ õ®ðôøÛô õì ®ôðôÛ õ®ðôøÛô õ ñüô üðô»ôôí ñô®ðøÜöôå¤ðøõ³ôí ì ®ôðôÛ ö õªøäðô¤øßôí ì ®ôðôÛ ö éö°ðøäôëôí öêöðøÔôçíô öêðö¨øÔôç øæöã öåÄøôðI¸ßôæãö öö õ«îðËô $OODKX DNEDUX NDEHHU D $OODKX DNEDUX NDEHHUD $OO DKX DNEDUX NDEHHU D ZDOKDPGX OLOODKLNDWKHHU DZDOKDPGXOLOO DKLNDWKHHU DZDOKDPGXOLOO DKLNDWKHHU DZDVXE KDQDOODKL EXNUDWDQZD DVHHOD WKUHHWLPHV D$$RR WKXELOODKLPLQDVK VKD\WDQLPLQQDINKLKLZDQDIWKLKLZDKDP]LK µ$OODK LV 0RVW *UHDW $OO DK LV 0RVW *UHDW $OO DK LV 0RVW *UHDW PXFK SUDLVH LV IRU $OODKPXFKSUDLVHLVIRU$OO DKPXFKSUDLVHLVIRU$OO DKDQG,GHFODUHWKHSHUIHFWLRQ RI$OODKLQWKHHDUO\PRUQLQJDQGLQWKH ODWHDIWHUQRRQ ¶ WKUHHWLPHV µ,WDNHUHIXJHZLWK$OO DKIURPWKHGHYLOIURPKLVSULGHKLVSRHWU\DQGKLVPDGQHVV ¶ üû 7KH SURSKHW U ZRXOG VD\ DV DQ RSHQLQJ VXSSOLFDWLRQ LQ SUD\HU ZKHQULVLQJIURP VOHHSWRSHUIRUPSUD\HUVGXULQJWKHQLJKW âõ ôK ðô× ôøçô õªøäô¤øß ôÚôßôí ì æöìðôÓøæôãôí ö½ø­ô÷ôí öîðäI´ßõ­îðç ôøçô õªøäô¤øß ôÚôß Iâðõì÷àß øæôãôí ö½ø­ô÷ôí öîäðI´ßJô­ ôøçô õªøäô¤øß ôÚôßôí@ ì æöìðôÓøæôãôí ö½ø­ô÷ôí öîäðI´ß ôøçô õªøäô¤øß ôÚôßôí@ >æöìðôÓøæôãôí ö½ø­ô÷ôí öîäðI´ß õÚðøàõã ôÚôß õªøäô¤øß ôÚôßôí@>æöìðôÓ ôÚðõßøîô×ôí ì Öðô¤øß ôÙõªðøËôíôí ÷Öðô¤øß ôøçô@ >õªøäô¤øß ôÚôßôí@ > ö½ø­ô÷ôí öîäðI´ß õÚðöàôã U òªIäô¤ðãôí ì Öðô£ ôåî÷ôðöIèßôí ì Öðô£ õ­ð÷èßôí ì Öðô£õèI ðô øßôí ì Öðô¤øß ôÙõ ðØößôí ì Öðô¤øß ôÚøôðôßöôí ì ðøèôãôÚöíô ì ðøàIÛôîô ôÚøôðôàôËôí ì äôàø³ô ôÚôß Iâðõì÷àß@>Öðô£õôËð÷´ßôí ì Öðô£ ãôí ì ø®ðI§ô ãôí ì õøãIªô× ðã òßø®ðöÔøÏÓ ðøäôÛ£ôÚøôðôßöôí ì øäô»§ôÚðöôí ì ðøôçô ôðøçô@>ðøçô ÷ûö ôêðö û ì ®K§ôðõäßôøçôôí õáKªðôØõäßôøçô@> øèðôàøËô ãôí ì ø­ô®ðø³ô ðøçô ÷ûö ôêðö û òìðßö $OODKXPPDODNDO KDPGDQWDQRRUXV VDPDZDWLZDODUGLZDPDQIHHKLQZDODNDO KDPG DQWDTD\\LPXV VDPDZDWLZDODU GLZDPDQIHHKLQ >ZDODNDOKDPG DQWDUDEEXV VDPDZDWL ZDODUGLZDPDQIHHKLQ @>ZDODNDOKDPGODNDPXONXV VDPDZDWLZDODU GLZDPDQIHHKLQ @ >ZDODNDOKDPG DQWD PDOLNXV VDPDZDWL ZDODU G@ >ZDODNDOKDPG@ >DQWDOKDT ZDZD$$GXNDO KDT ZDTDZOXNDO KDT ZDOLT DRNDOKDTZDOMDQQDWX KDTZDQQ DUX KDT ZDQQDEL\\RRQD KDT ZD 0X KDPPDGXQ U KDT ZDVV D$$DWX KDT@ >DOODKXPPD ODND DVODPWZD$$DOD\NDWDZDNNDOWZDELND DPDQWZD LOD\NDDQDEWZDELNDNK DVDPWZD LOD\ND KDNDPWIDJKILUOHHP D TDGGDPWZDP D DNKNKDUWZDP D DVUDUWZDP D D$$ODQW @ >DQWDOPXTDGGLPZD DQWDOPXDNKNKLUO D LODKDLOOD DQW@>DQWDLODKHHOD LODKDLOOD DQW µ2 $OODK WR <RXEHORQJVDOOSUDLVH<RXDUHWKH/LJKWRIWKHKHDYHQVDQGWKH(DUWK DQG DOO WKDW LV ZLWKLQ WKHP 7R<RXEHORQJVDOOSUDLVH<RXDUHWKH6XVWDLQHURIWKH KHDYHQVDQGWKH(DUWK DQGDOOWKDWLVZLWKLQWKHP 7R<RXEHORQJVDOOSUDLVH <RXDUH /RUG RI WKH KHDYHQV DQG WKH (DUWK DQG DOO WKDW LV ZLWKLQ WKHP 7R <RXEHORQJVDOO SUDLVHDQGWKHNLQJGRPRIWKHKHDYHQVDQGWKH(DUWKDQGDOOWKDWLVZLWKLQWKHP 7R <RX EHORQJV DOO SUDLVH <RX DUH WKH .LQJ RI WKH KHDYHQV DQG WKH (DUWK DQG WR<RX EHORQJVDOOSUDLVH <RXDUH7KH7UXWK<RXUSURPLVHLVWUXH\RXU:RUGLVWUXHDQGWKH 'D\ LQ ZKLFK ZH ZLOO HQFRXQWHU <RX LVWUXHWKH*DUGHQRI3DUDGLVHLVWUXHDQGWKH )LUHLVWUXHDQGWKH3URS KHWVDUHWUXH0X KDPPDG U LVWUXHDQGWKH)LQDO+RXULVWUXH 2$OODKXQWR<RX,KDYHVXEPLWWHGDQGXSRQ<RX,KDYHUHOLHGDQGLQ<RX,KDYH EHOLHYHGDQGWR<RX,KDYHWXUQHGLQUHSHQWDQFHDQGRYHU<RX,KDYHGLVSXWHGDQG WR<RX,KDYHWXUQHGIRUMX GJPHQW 6RIRUJLYHPHIRUZKDWKDVFRPHWRSDVVRIP\ VLQVDQGZKDWZLOOFRPHWRSDVVDQGZKDW,KDYHKLGGHQDQGZKDW,KDYHPDGHSXEOLF <RX DUH $O0XTDGGLP DQG $O0XDNKNKLU 1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW<RX<RXDUHP\'HLW\QRQHKDVW KHULJKWWREHZRUVKLSSHGH[FHSW<RX ¶ 0HDQLQJRI $O0XTDGGLP DQG $O0XDNKNKLU$OODKSXWVIRUZDUGDQGIDYRXUVZKRP +HZLOOVIURPDPRQJVW+LVFUHDWLRQMXVWDV+HGHIHUVDQGKROGVEDFNZKRP+HZLOOVLQ DFFRUGDQFH WR +LV ZLVGRP (J )DYRXULQJPDQRYHUWKH UHVWRIFUHDWLRQIDYRXULQJ WKH3URSKHWVRYHUWKHUHVWRIPDQNLQGIDYRXULQJ0X KDPPDG U RYHUDOOWKH3URSKHWV DQG0HVVHQJHUV «HWF ú :KLOHERZLQJLQSUD\HU UXNRR$$ üü 6XEKDQDUDEEL\DO $$DWKHHP WKUHHWLPHV µ+RZSHUIHFWP\/RUGLV7KH6XSUHPH ¶ WKUHHWLPHV üý ñü âôðÈôÌøß ôòðKô­ ôå¤ðøõ³ òßø®ðöÔøÏIâðõì÷àß ì Ùöªøäðô¤öíô èðIô­ Iâðõì÷àß ôÚôç¤ðøõ³ 6XEKDQDNDOODKXPPDUDEEDQ D ZDELKDPGLNDOO DKXPPDJK ILUOHH µ+RZSHUIHFW<RXDUH2$OO DKRXU/RUGDQG,SUDLVH<RX 2$OODKIRUJLY HPH¶ üþ ¡íJ®ðßôí öðôÜöüäßJô­ ì ±íø÷ªðõ× ò¡î÷ðõ³ 6XEERR KXQTXGGRRVUDEEXO PDODLNDWLZDUURR K µ3HUIHFWDQG+RO\ +HLV /RUGRIWKHDQJOHVDQGWKH 5RRK LH-LEUDHHO ¶ üÿ ì ñ®ðô¼ôíô ì òÌðøäô³ ôÚôß ôÊðô¸ô§ ì øäðôàø³ô ôÚôßí ì øèðôã ôÚöíô õøÌðôÛô­ ôÚôß Iâðõì÷àß òãôª×ô öêö IÞðôØô³ãôí ì òðô¼ôËíô ì òðäøÈôËôí ì òðK¨õãôí $OODKXPPDODNDUDND$$WZDELND DPDQWZDODNDDVODPWNKDVKD$$DODNDVDP$$HH ZDEDVDUHHZDPXNKNKHHZD$$D WKPHHZD$$D VDEHHZDPDV WDTDOODELKLTDGDPHH µ2 $OODK XQWR <RX , KDYH ERZHG DQG LQ <RX , KDYH EHOLHYHG DQG WR <RX , KDYH VXEPLWWHG 0\ KHDULQJ VLJKW PLQG ERQHV WHQGRQV DQG ZKDW P\ IHHW FDUU\ DUH KXPEOHGEHIRUH<RX ¶ ü êôäðôÈôÌøßôí ì ïóö®ðøöÜßôí ì îÜðôàôäßíì í®ðôô øß ñ«ôå¤ðøõ³ 6XEKDQDWKLOMDEDURRWZDOPDODNRRWZDONLEUL\ DZDO$$D WKDPDK µ+RZ SHUIHFW +H LV 7KH 3RVVHVVRU RI WRWDO SRZHU VRYHUHLJQW\ PDJQLILFHQFH DQG JUDQGHXU ¶ ú8SRQULVLQJIURPWKHERZLQJSRVLVLRQ ü 6DPL$$DO ODKXOLPDQ KDPLGDK µ0D\$OODKDQVZHUKHZKRSUDLVHV+LP ¶ 7KLVVXSSOLFDWLRQLVWREHPDGH ZKLOH ULVLQJ ü éôªðöäô£ øæðôäöß õôÊðöäô³ êôÓñÛô­ðõã ñðKôôà ñ®ôðôÛ ñªðøäô£ õªðøäô¤ßôÚôßôí ðèIô­ 5DEEDQD ZDODNDO KDPGXKDPGDQNDWKHHUDQ WD\\LEDQPXE DUDNDQIHHK µ2XU/RUGIRU<RXLVDOOSUDLVHDQDEXQGDQWEHD XWLIXOEOHVVHGSUDLVH ¶ ýù ôÞðëô øªðøÌô óïòô· øæöã ôðøö· ãôïøÞöãôí ì ðäõìôèðøôô ãôí ì ½ø­ô÷ôïøÞöãôí öîðäI´ßôïøÞöã ì øôðôÄøËô äöß ôÊöçãû Iâðõì÷àß øªðôË ôÚôß èðJàõÛôí ì ªðøôÌßôÝ×ãJÖðô£ô ì øªð ôäßôí öïèðIß ªðô ßôÚðøèöã Kªðô ß«õÊðôÔøèôó ûôí ì øÌðôèôã äöß ôòðöÄøÌõã ûôí 0LODVVDPDZDWL ZDPLO DODUG ZDPD ED\QDKXP D ZDPLOD PD VKLWD PLQ VKD\ LQ ED$$G DKODWK WKDQDL ZDOPDMG D KDTTX PD TDODO$$DEG ZDNXOOXQ D ODND $$DEG $OODKXPPD O D PDQL$$D OLP D D$$WD\W ZDOD PX$$WL\D OLPD PDQD$$W ZDO D \DQID$$X WKDOMDGGLPLQNDO MDG µ7KHKHDYHQVDQGWKH(DUWKDQGDOOEHWZHHQWKHPDERXQGZLWK<RXUSUDLVHVDQGDOO WKDW<RXZLOODERXQGVZLWK<RXUSUDLVHV 23RVVHVVRURISUDLVHDQGPDMHVW\WKHWUXHVW WKLQJDVODYHKDVVDL G RI<RX DQGZHDUHDOO<RXUVODYHV 2$OODKQRQHFDQSUHYHQW ZKDW <RX KDYH ZLOOHG WR EHVWRZ DQG QRQH FDQ EHVWRZ ZKDW <RX KDYH ZLOOHG WR SUHYHQWDQGQRZHDOWKRUPDMHVW\FDQEHQHILWDQ\RQHDVIURP<RXLVDOOZHDOWKDQG PDMHVW\ ¶ 7KLVVXSSOLFDWLRQLV PDGHRSWLRQDOO\RQO\LQFRQMXQFWLRQZLWKWKHSUHYLRXVRQH ú6XSSOLFDWLRQZKLOVWSURVWUDWLQJ VXMRRG ýú úù ñü ððàøËô÷ôòðKô­ ôå¤ðøõ³ 6XEKDQDUDEEL\DO D$$OD WKUHHWLPHV µ+RZSHUIHFWP\/RUGLV7KH0RVW+LJK ¶ WKUHHWLPHV ýû òßø®öÔøÏIâðõì÷àß ì ôÙöªäø ðô¤öíô èðIô­ Iâðõì÷àß ôÚôç¤ðøõ³ 6XEKDQDNDOODKXPPDUDEEDQ D ZDELKDPGLNDOO DKXPPDJK ILUOHH µ+RZSHUIHFW<RXDUH2$OO DKRXU/RUGDQG,SUDLVH<RX 2$OODKIRUJLYHPH ¶ ýü ¡íJ®ðßôí öðôÜöüäßJô­ ì±í÷ªðõ× ò¡î÷ðõ³ 6XEERKRRQTXGGRVUDEEXO PDODLNDWLZDUURR K µ3HUIHFWDQG+RO\ +HLV /RUGRIWKHDQJOHVDQGWKH 5RRK LH-LEUDHHO ¶ ýý õéô­îI ðô»ôí õêðôØôàô§ ñ¬ðIàßòðìøôí ôªðô ô³ ì øäðôàø³ô ôÚôßôí ì ðøèôãôÚðöôí õøªô ðô³ ôÚôß Iâðõì÷àß æðôØößð¨ßõæð´ø£ô õôÙô­ðô ì éô®ðô¼ôíô õêðôÌðøäô³ IÖô·íô $OODKXPPD ODND VDMDGW ZDELND DPDQW ZDODND DVODPW VDMDGD ZDMKHH OLOOD WKHH NKDODTDKX ZD VDZZDUDKX ZDVKDTTD VDP$$DKX ZDED VDUDKX WDE DUDNDOODKX DKVDQXO NKDOLTHHQ µ2$OODKXQWR<RX,KDYHSURVWUDWHGDQG LQ<RX,KDYHEHOLHYHGDQGXQWR<RX,KDYH VXEPLWWHG 0\ IDFH KDV SURVWUDWHG EHIRUH +H :KR FUHDWHG LW DQG IDVKLRQHG LW DQG EURXJKWIRUWKLWVIDFXOWLHVRIKHDULQJDQGVHHLQJ %OHVVHGLV$OO DKWKH%HVWRIFUHDWRUV ¶ ýþ êðôäôÈôÌßôí ì ïóö®ðøöÜßíì îðÜôàôäßíì í®ðôô øß ñ«ôå¤ðøõ³ 6XEKDQDWKLOMDEDURRWZDOPDODNRRWZDONLEUL\ DZDO$$D WKDPDK µ+RZ SHUIHFW +H LV 7KH 3RVVHVVRU RI WRWDO SRZHU VRYHUHLJQW\ PDJQLILFHQFH DQG JUDQGHXU ¶ ýÿ éI®ðö³ôí õêðôIôöçüôËíô éô®ðö§ôí õêðôßIíôôí ì êðIàöíô õêðI×ö© ì êðIàõÛ òðøçô« òßø®ðöÔøÏIâðõì÷àß $OODKXPPDJK ILUOHH WKDQEHHNXOODKGLTTDKXZDMLOODKZD DZZDODKXZD DNKLUDKZD $$DODQL\\DWDKXZD VLUUDK µ2$OODKIRUJLYHPHDOORIP\VLQVWKHVPDOODQGJUHDWRIWKHPWKHILUVWDQGODVWRI WKHPDQGW KHVHHQDQGKLGGHQRIWKHP ¶ ý ôÚö õ«îðËôôí ì ÚöðôîØõË øæöã ôÚðöÓðÌäöíô ì ÚðöÄô¨ô³ øæöã ôÙð¿ö®ö õ«îðËô òðKçö Iâðõì÷àß Úöð´øÔôç ððàôË ôøôðôèøô ðäôÛ ôðøçô ì ÚøôðôàôË ñïðèô òð¼ø£õ û ì Úðøèöã $OODKXPPD LQQHH D$$RR WKX ELULGDND PLQ VD NKDWLN ZD ELPX$$ DIDWLND PLQ $$XTRREDWLN ZD D$$RR WKX ELND PLQN O D RKVHH WKDQ DDQ $$DOD\N DQWD NDP D DWKQD\WD$$DO D QDIVLN µ2$OODK,WDNHUHIXJHZLWKLQ<RXUSOHDVXUHIURP<RXUGLVSOHDVXUHDQGZLWKLQ<RXU SDUGRQ IURP <RXU SXQLVKPHQW DQG , WDNH UHIXJH L Q <RX IURP <RX , FDQQRW HQXPHUDWH<RXUSUDLVH<RXDUHDV<RXKDYHSUDLVHG<RXUVHOI ¶ ûù6XSSOLFDWLRQEHWZHHQWKHWZRSURVWUDWLRQV úú ý 5DEELJKILUOHHUDEELJK ILUOHH µ0\/RUGIRUJLYHPH0\/RUGIRUJLYHPH ¶ òßø®ðöÔøÏKô­ ì òßø®ðöÔøÏKô­ ý òèðøÌôÓø­ôí òðèø×õ¯ø­ôí òðèöÓËôí ì òðçø®õøôí ì òðçöªøëôí ì òèðøäô£­ø ôí ì òßø®ðöÔøÏIâðõì÷àß $OODKXPPDJK ILU OHH ZDU KDPQHH ZDKGLQHH ZDMEXUQHH ZD$$ DILQHH ZDU]XTQHH ZDUID$$QHH µ2$OODKIRUJLYHPHKDYHPHUF\XSRQPHJXLGHPHHQULFKPHJLYHPHKHDOWKJUDQW PHVXVWHQDQFHDQGUDLVHP\UDQN ¶ ûú6XSSOLFDWLRQZKHQSURVWUDWLQJGXHWRUHFLWDWLRQRIWKH4XUDQ þù ôÙô­ðô öêöIîðõ×ôí öêðößøîðô¤ö õéô®ðô¼ôíô õêðôÌðøäô³ IÖô·íô õéô­îI ðô»ôí õêðôØôàô§ ñ¬ðIàßòðìøôí ôªðô ô³ æðôØößð¨ßõæðô´ø£ô õ 6DMDGD ZDMKHH OLOOD WKHH NKDODTDKX ZDVKDTTD VDP$$DKX ZDED VDUDKX EL KDZOLKL ZDTXZZDWLK^WDE DUDND$OO DKXDKVDQXDONK DOLTHHQ` µ0\ IDFH IHOO SURVWUDWH EHIRUH +H ZKR FUHDWHG LW DQG EURXJKW IRUWK LWV IDFXOWLHV RI KHDULQJ DQG VHHLQJ E\ +LV PLJKW DQG SRZHU 6R %OHVVHG LV $OO DK WKH EHVW RI FUHDWRUV !!¶ þú ôÙôªðøèöË òßìàðôÌøôí ì ñ­ø¯öí ðìö òðKèôË øÊðô¿ôí ì ñ®ðøô ôÙôªðøèöË ðìö òßøðõøÛIâðõì÷àß ©í©ôÙöªðøôË øæöã ìðôøàIôØô ðäôÛ òðKèöã ìàðIôØôíô ì ñ®ðø§õ« $OODKXPPDN WXEOHHELK D $$LQGDNDDMU DZDGD$$$$DQQHHELK D ZL]UDZDM$$DOK D OHH $$LQGDND WKXNKUD ZDWDTDEEDOK D PLQQHH NDP D WDTDEEDOWDK D PLQ $$DEGLND 'DZRRG µ2 $OODK UHFRUG IRU PH D UHZDUG IRU WKLV SURVWUDWLRQ DQG UHPRYH IURP PH D VLQ 6DYHLWIRUPHDQGDFFHSWLWIURPPHMXVWDV<RXKDGDFFHSWHGLWIURP<RXUVHUYDQW 'DZRRG¶ ûû7KH7DVKDKKXG 7DVKDKKXG ZKDWRQHVD\VLQWKHVLWWLQJSRVLWLRQLQ SUD\HU þû ö õðôäø£ô­ôí ò J ðöIèß ðìJóô ôÚðôôàôË õáüI´ß ì ðKôIÄßí õîðôàI¼ßôí ö õð÷ôö¤I ß ì ÷ûö ôêðßö û å ø ô õªôìðø·ô æôð¤ößðI¼ß ôÙ ö©ðöË ððàôËôí èðøôôàôË õáüI´ß ì êõðÛô®ôíô êõßîð³ô­ôí õéõªðøôË ñªð÷äô¤õã Iåô õªôìðø·ôôí $WWDKL\\DWX OLOODKL ZDVVDODZDWX ZDWWD\\LEDW DVVDODPX $$DOD\ND D\\XKDQ QDEL\\X ZDUDKPDWXOODKLZDEDUDN DWXKDVVDO DPX$$DOD\Q D ZD$$DO D $$LEDGLOODKLVVDOLKHHQ $VKKDGXDQO D LODKDLOODOODKZDDVKKDGXDQQD0X KDPPDGDQ$$DEGXKXZDUDVRROXK µ$WWDKL\\DWLVIRU$OO DK$OODFWVRIZRUVKLSDQGJRRGGHHGVDUHIRU+LP 3HDFHDQG WKHPHUF\DQGEOHVVLQJVRI$OO DKEHXSRQ\RX23URSKHW 3HDFHEHXSRQXVDQGDOORI $OODK¶V ULJKWHRXV VHUYDQWV , EHDU ZLWQHVV WKDW QRQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW$OODKDQG,EHDUZLWQHVVWKDW0X KDPPDGLV+LVVODYHDQG0HVVHQJHU ¶ úû $WWDKL\\DWDOOZRUGVZKLFKLQGLFDWHWKHJORULILFDWLRQRI$OO DK+LVHWHUQDOH[LVWHQFH +LVSHUIHFWLRQDQG+LVVRYHUHLJQW\ ûü3UD\HUVXSRQWKH3URSKHWU U DIWHUWKHWDVKDKKXG þü öÝ ððàôËôí ôâôðë®øððàôË ôðôIàô» ðäôÛ ìªIä¤õã öÝ ððàôËôí ìªðIä¤õã ððàôË KÞô» Iâðõì÷àß ðäôÛ ìªðIä¤õã öÝ ððàôËôí ìªðIä¤õã ððàôË øÙö­ Iâðõì÷àß ì ªôð ôã òªôðäô£ ôÚçI ö ìâôðë®ø ªôð ôã òªôðäô£ ôÚçI ö ìâôë®øöÝððàôËôí ôâôðë®øððàôË ôøÛö­ $OODKXPPD VDOOL$$DO D 0XKDPPDGZD $$DOD DOL0XKDPPDGNDP D VDOOD\WD$$DO D ,EUDKHHPD ZD $$DOD DOL ,EUDKHHP LQQDND +DPHHGXQ 0DMHHG DOO DKXPPD E DULN $$DOD 0XKDPPDGZD $$DOD DOL0XKDPPDGNDP D EDUDNWD$$DO D ,EUDKHHPDZD $$DOD DOL,EUDKHHPLQ QDND+DPHHGXQ0DMHHG µ2$OODKVHQGSUD\HUVXSRQ0X KDPPDGDQGWKHIROORZHUVRI0X KDPPDGMXVWDV<RX VHQWSUD\HUVXSRQ,EU DKHHPDQGXSRQWKHIROORZHUVRI,EU DKHHP9HULO\<RXDUHIXOO RISUDLVHDQGPDMHVW\ 2$OODKVHQGEOHVVLQJVXSRQ0R KDPPDGDQGXSRQ WKHIDPLO\ RI 0XKDPPDG MXVW DV <RX VHQW EOHVVLQJV XSRQ ,EU DKHHP DQG XSRQ WKH IDPLO\ RI ,EUDKHHP9HULO\<RXDUHIXOORISUDLVHDQGPDMHVW\ ¶ VHQGSUD\HUV SUDLVHDQGH[DOWKLPLQWKHKLJKHVWDQGVXSHULRURIJDWKHULQJV WKDWRIWKH FORVHVWDQJHOVWR$OO DK DO KDVEHHQWUDQVODWHGLQLW ¶VEURDGHVWVHQVH VRPHVFKRODUVDUHRIWKHYLHZWKDWWKH PHDQLQJ KHUH LV PRUH VSHFLILF DQG WKDW LW PHDQV KLV U IROORZHUV IURP DPRQJ KLV IDPLO\ þý âôðë®øöÝððàôË ôðøôIàô» ðäôÛ ìêöðIóK­õ«ôí öêðöíø¯ôððàôËôí óªðIä¤õã ððàôË KÞô» Iâðõì÷àß ôÚçI ö âôðë®øöÝððàôË ôøÛö­ðäôÛ ìêöðIóK­õ«ôí öêðöíø¯ôððàôËôí óªðIä¤õã ððàôË øÙö­ôí ªôð ôã òªôðäô£ $OODKXPPD VDOOL$$DO D 0XKDPPDGZD $$DOD D]ZDMLKLZD WKXUUL\\DWLKLNDP D VDOOD\WD $$DOD DOL,EUDKHHP ZDEDULN$$DO D 0XKDPPDGZD $$DOD D]ZDMLKLZD WKXUUL\\DWLK NDPD EDUDNWD$$DO D DOL,EUDKHHPLQQDND +DPHHGXQ0DMHHG µ2 $OODK VHQG SUD\HUV XSRQ 0X KDPPDG DQG XSRQ WKH ZLYHV DQG GHVFHQGDQWV RI 0XKDPPDGMXVWDV<RXVHQWSUD\HUVXSRQWKHIDPLO\RI,EU DKHHPD QGVHQGEOHVVLQJV XSRQ 0XKDPPDG DQG XSRQ WKH ZLYHV DQG GHVFHQGDQWV RI 0X KDPPDG MXVW DV <RX VHQW EOHVVLQJV XSRQ WKH IDPLO\ RI ,EU DKHHP 9HULO\ <RX DUH IXOO RI SUDLVH DQG PDMHVW\ ¶ ûý6XSSOLFDWLRQVDLGDIWHUWKHODVWWDVKDKKXGDQGEHIRUHVDODP þþ ôðø¤ôäß öôèðøöÓ øæðöãôí ìâIèðôìô ö¬ôË øæðöãôí ì®øðôØß ö¬ôË æ ø ðöã ôÚö õ«îðËô òðKçö Iâðõì÷àß Ý÷Iªßö¢ô´ôäß öôèðøöÓ K®ðô· øæðöãôí ìðäôäßôí $OODKXPPD LQQHH D$$RR WKX ELND PLQ $$D WKDELOTDEU ZDPLQ $$D WKDEL MDKDQQDP ZDPLQILWQDW LOPDK\D ZDOPDP DWZDPLQVKDULILWQDWLO PDVHH KLGGDMMDO µ2$OODK,WDNHUHIXJHLQ<RXIURPWKHSXQLVKPHQWRIWKHJUDYHIURPWKHWRUPHQWRI WKH)LUHIURPWKHWULDOVDQGWULEXODWLRQVRIOLIHDQGGHDWKDQGIURPWKHHYLODIIOLFWLRQRI $O0DVHHK $G'DMMDO¶ $O0DVHHK $G'DMMDODPRQJWKHJUHDWVLJQVRIWKHODVWKRXUDQGWKHJUHDWHVWWULDOVWR EHIDOOPDQNLQGZKLFKHYHU\3URSKHWKDVZDUQHGDERXW 0RVWRIPDQNLQGZLOOIROORZ úü KLP +H ZLOO DSSHDU IURP $VEDKDQ ,UDQ DW WKHWLPHZKHQWKH0XVOLPVZLOOFRQTXHU &RQVWDQWLQRSOH +H ZLOOEHJLYHQVSHFLDOSRZHUVDQGZLOOPDNHWKHWUXWKVHHPIDOVH DQGYLFHYHUVD +HZLOOFODLPWREHULJKWHRXVDQGWKHQKHZLOOFODLPSURSKHWKRRGDQG ILQDOO\GLYLQLW\ )URPKLVIHDWXUHVLVWKDWKHZLOOEHEOLQGLQKLVULJKWH\HZKLFKLVD GHILQLWHSURRIWKDWFRQWUDGLFWVKLVFODLPWREH$OO DKDVLWLVDVLJQRILPSHUIHFWLRQ 7KH ZRUG .DILUZLOOEHZULWWHQEHWZHHQKLVH\HVZKLFKHYHU\EHOLHYHUOLWHUDWHRULOOLWHUDWH ZLOOUHFRJQLVH þÿ ì Ýð÷Iªßö¢ô´ôäß öôèðøöÓ øæðöã ôÚö õ«îðËôôí ì ®øðôØßö¬ôË øæðöã ôÚö õ«îðËô òðKçö Iâðõì÷àß áô®ðøÐôäßôí öâðôøôäßôæãö ôÚö õ«îðËô òðKçö Iâðõì÷àß ðäôäßôí ôðø¤ôäß öôèðøöÓ øæðöã ôÚö õ«îðËôôí $OODKXPPD LQQHH D$$RR WKX ELND PLQ $$D WKDELOTDEU ZD D$$RR WKX ELND PLQ ILWQDWLOPDVHH KLGGDMMDOZDD$$RR WKXELNDPLQILWQDWLO PDK\D ZDOPDP DW$OODKXPPD LQQHHD$$RR WKXELNDPLQDO PDWKDPLZDOPDJKUDP µ2$OODK,WDNHUHIXJHLQ<RXIURPWKHSXQLVKPHQWRIWKHJUDYHDQG,WDNHUHIXJH LQ <RXIURPWKHWHPSWDWLRQDQGWULDORI$O 0DVHHK $G'DMMDODQG,WDNHUHIXJHLQ<RX IURPWKHWULDOVDQGWULEXODWLRQVRIOLIHDQGGHDWK 2$OODK,WDNHUHIXJHLQ<RXIURP VLQDQGGHEW ¶ þ òß ®öÔðøÏôÓ ì øçô ÷ûö ôîðçJ¬ß õ®öÔðøÐôó ûôí ñ®ôðôÛ ñðäøàõÇ òð´øÔôç õøäðôàôÇ òðKçö Iâðõì÷àß âôð£I®ßõ­îÔðôÐßôøçô ôÚçI ö ìòèðøäô£­ø ôí ÙöªðøèöË øæöã ñô®öÔðøÐôã $OODKXPPD LQQHH WKDODPWX QDIVHH WKXOPDQ NDWKHHUDQ ZDO D \DJKILUX WKWKXQRRED LOOD DQW IDJKILU OHH PDJKILUDWDQ PLQ $$LQGLN ZDU KDPQHH LQQDND DQWDO *KDIRRUXU 5DKHHP µ2 $OODK , KDYH LQGHHG RSSUHVVHG P\ VRXO H[FHVVLYHO\ DQG QRQH FDQ IRUJLYH VLQ H[FHSW <RX VR IRUJLYH PH D IRUJLYHQHVV IURP <RXUVHOI DQG KDYH PHUF\ XSRQ PH 6XUHO\<RXDUH7KH0RVW )RUJLYLQJ7KH0RVW 0HUFLIXO¶ )URP<RXUVHOI LHIURP<RXULQQHUPRVWJUDFHZLWKRXWGHVHUYLQJLWDQGDIRUJLYHQHVV ZKLFKLVEHILWWLQJWR\RXUWUHPHQGRXVJHQHURVLW\ þ ì øÓô®ðø³ô ãôí ì øèðôàøËô ãôí õø­ô®ðø³ô ãôí ì ø®I§ô ãôí õðøãIªô× ãòßø®öÔðøÏIâðõì÷àß ðøçô ÷ûö ôêßö û õ®ðK§ôðõäßôøçôôí ìõáKªðôØõäßôøçô òKèöã öêö õâôàðøËô ôøçô ãôí $OODKXPPDJK ILU OHH PD TDGGDPWX ZDP D DNKNKDU W ZDPD DVUDUWX ZDP D D$$ODQW ZDPD DVUDIWW ZDP D DQWD D$$ODPX ELKL PLQQHH DQWDO PXTDGGLPX ZD DQWDOPX DNKNKLUXO D LODKDLOOD DQW µ2 $OODK IRUJLYH PHIRUWKRVHVLQVZKLFKKDYHFRPHWRSDVVDVZHOODVWKRVHZKLFK VKDOOFRPHWRSDVVDQGWKRVH,KDYHFRPPL WWHGLQVHFUHWDVZHOODVWKRVH,KDYHPDGH SXEOLFDQGZKHUH,KDYHH[FHHGHGDOOERXQGVDVZHOODVWKRVHWKLQJVDERXWZKLFK<RX DUH PRUH NQRZOHGJHDEOH <RX DUH $O0XTDGGLP DQG $O0XDNKNKLU 1RQH KDV WKH ULJKWWREHZRUVKLSSHGH[FHSW<RX ¶ 0HDQLQJRI $O0XTDGGLP DQG $O0XDNKNKLU$OODKSXWVIRUZDUGDQGIDYRXUVZKRP +HZLOOVIURPDPRQJVW+LVFUHDWLRQMXVWDV+HGHIHUVDQGKROGVEDFNZKRP+HZLOOVLQ DFFRUGDQFHWR+LVZLVGRP (J )DYRXULQJPDQRYHUWKHUHVWRIFUHDWLRQIDYRXULQJ WKH3URSKHWVRYHUWKHU HVWRIPDQNLQGIDYRXULQJ0X KDPPDG U RYHUDOOWKH3URSKHWV DQG0HVVHQJHUV «HWF úý þ Úðöô©ðöË öæðø´õ£ôí ì Ùö®ðøÜõ·ôí ôÙö®ðøÛö« ððàôË òKèðöËô Iâðõì÷àß $OODKXPPDD$$LQQHH$$DO D WKLNULNZDVKXNULNZD KXVQL$$LE DGDWLN µ2$OODKKHOSPHWRUHPHPEHU<RXWRWKDQN<RXDQGWRZRUVKLS<RXLQWKHEHVWRI PDQQHUV ¶ ÿù ðßö I©ô­õ øåô øæöã ôÚö õ«îËôôí ìæøðõ ßôæãö ôÚö õ«îËôôí ìÞðø¨õß ôæãö ôÚö õ«îËô òðKçö Iâðõì÷àß ®øðôØßö¬ðôËôí ôðøçJªßöðôèøöÓ øæöã ôÚö õ«îËôôôí ì®õäõÌðß öÝô«ø­ô $OODKXPPD LQQHH D$$RR WKX ELND PLQDO EXNKO ZD D$$RR WKX ELND PLQDO MXEQ ZD D$$RR WKXELNDPLQDQRUDGGDLO D DUWKDOLO $$XPXUZD D$$RR WKXELNDPLQILWQDWLG GXQ\D ZD$$D WKDELOTDEU µ2$OODK,WDNHUHIXJHLQ<RXIURPPLVHUOLQHVVDQGFRZDUGLFH,WDNHUHIXJHLQ<RX OHVW , EH UHWXUQHG WR WKH ZRUVW RI OLYHV ³LHROGDJHEHLQJZHDNLQFDS DEOHDQGLQD VWDWHRIIHDU ´DQG,WDNHUHIXJHLQ<RXIURPWKHWULDOVDQGWULEXODWLRQVRIWKLVOLIHDQG WKHSXQLVKPHQWRIWKHJUDYH ¶ ÿú ­÷èðß ôæðöã ôÚðö õ«îËôôíôèI ðô ßôÚðõßôø³ô òðKçö Iâðõì÷àß $OODKXPPDLQQHHDV DOXNDOMDQQDKZD D$$RR WKXELNDPLQDQ QDU µ2$OODK,DVN<RXWRJUDQWPH3DUDGLVHDQG,WDNHUHIXJHLQ<RXIURPWKH)LUH ¶ ÿû ìòðß ñ®øôðô§ ôôð¤ß ôøäðöàôË ã òèöôðø£ô öÖàô¨ßø ððàôË ôÚðöô­øªðõ×ôí öøôðôÐß ôÚöäðøàöÌö Iâðõì÷àß öøôðôÐß òÓ ôÚðôô ¸ ø ô§ ôÚðõßôðø³ô òðKçö Iâðõì÷àß ìòðß ñ®øôðô§ ôðÓôîß ôøäðöàôË «ö òèðIÓôîô ôí ððèöÐßòÓôª¼ ø ôØßôÚðõßôðø³ôôí ìðôÀôÐßôí ð¿K®ßòÓKÖðô¤ßôðôäöàôÛ ôÚðõßôðø³ôôí ìöô©ðìI¸ßôí ð¿K®ßôÚðõßôðø³ôôí øÊöÄôØðøèô û óæðøôôË ôI®ðõ× ôÚðõßôðø³ôôí ìªðôÔøèôó û ñäôðÌôç ôÚðõßôðø³ôôí ì®ðøØôÔßôí ôÚöìðøôí ððßö ö®ðôÈIèßôI¬ðôß ôÚðõßôðø³ôôí ìøîðôäøß ôªðøÌô ö¶ôø ðôÌøß ô©ø®ðñ ôÚðõßôðø³ôôí ìïðÀôØßôªðøÌô ÷èðKóô¯ Iâðõì÷àß ìIàðÀõã óôèðøöÓ ûôí ìI®ðöÀõã ôï÷®ðô¿ ö®ôðôÏ òÓ ìÚðöðØöß ððßö ôÕøîðI¸ßôí æóªôðøìõã ñªðõë èàôÌðøôí ìåäðóùöðôèó°ö $OODKXPPD EL$$LOPLNDO JKD\E ZDTXGUDWLND $$DODO NKDOT D K\LQHH PD $$DOLPWDO KD\DWD NKD\UDQ OHH ZDWDZDIIDQHH L WKD $$DOLPWDO ZDIDWD NKD\UDQ OHH DOO DKXPPD LQQHHDV DOXNDNKDVK\DWDNDILO JKD\ELZDVKVKDK DGDKZD DVDOXNDNDOLPDWDO KDTTLILU ULGD ZDOJKD GDE ZD DVDOXNDOTDVGD ILOJKLQD ZDOIDTU ZD DVDOXND QD$$HHPDQ O D \DQIDGZD DVDOXNDTXUUDWD$$D\QLQO D WDQTD WL$$ZD DVDOXNDUULGD ED$$GDO TDGD ZDDVDOXND EDUGDO $$D\VKL ED$$GDO PDZW ZD DVDOXND OD WKWKDWDQQDWKDUL LOD ZDMKLN ZDVKVKDZTD LO D OLTDLN IHH JKD\UL GDUUDD PXGLUUDK ZDO D ILWQDWLQ PX GLOODK DOODKXPPD]D\\LQQ D EL]HHQ DWLOHHPDQZDM$$DOQ D KXGDWDQPXKWDGHHQ µ2$OODKE\<RXUNQRZOHGJHRIWKHXQVHHQDQG<RXUSRZHURYHUFUHDWLRQNHHSPH DOLYHVRORQJDV<RXNQRZVXFKOLIHWREHJRRGIRUPHDQGWDNHPHLI<RXNQRZGHDWK WREHEHWWHUIRUPH 2$OODKPDNHPHIHDUIXORI<R XZKHWKHULQVHFUHWRULQSXEOLF DQG,DVN<RXWRPDNHPHWUXHLQVSHHFKLQWLPHVRISOHDVXUHDQGDQJHU ,DVN\RXWR PDNHPHPRGHUDWHLQWLPHVRIZHDOWKDQGSRYHUW\DQG,DVN<RXIRUHYHUODVWLQJEOLVV DQG MR\ ZKLFK ZLOO QHYHU FHDVH , DVN <RX WR PDNH PH SO HDVHGZLWKZKDW<RXKDYH GHFUHHGDQGIRUDQHDV\OLIHDIWHUGHDWK ,DVN<RXIRUWKHVZHHWQHVVRIORRNLQJXSRQ úþ <RXU )DFH DQG D ORQJLQJ WR HQFRXQWHU <RX LQ D PDQQHU ZKLFK GRHV QRW HQWDLO D FDODPLW\ZKLFKZLOOEULQJDERXWKDUPQRUDWULDOZKLFKZLOOFDXVHGHY LDWLRQ2$OODK EHDXWLI\ XV ZLWK WKH DGRUQPHQW RI IDLWK DQG PDNH XV RI WKRVH ZKR JXLGH DQG DUH ULJKWO\JXLGHG ¶ ÿü øâôßôí ìøªôßîóøâôßôí øªðöàôó øâðôß ñ¬ðIßõªôäðI¼ßì ªðô£ô÷õªðö£îßôÚðIçôö õóôÚðõßôø³ô òðKçö Iâðõì÷àß âôðK£I®ßõ­îðÔôÐßôðøçô ôÚðIçö òîðçõ« òßø®öÔðøÐô øåô ì ªðô£ô ñîõÔðõÛ õêôß øæðÜôó $OODKXPPD LQQHH DV DOXND \ D $OODK ELDQQDNDOZDKLGXODKDGXVVDPDG DOOD WKHH ODP \DOLG ZDODP \RRODG ZDODP \DNXQ ODKX NXIXZDQ D KDG DQ WDJKILUD OHH WKXQRREHH LQQDNDDQWDO *KDIRRUXU 5DKHHP µ2$OODK,DVN<RX2$OO DKDV<RXDUH7KH2QH7KH2QO\ $66DPDG7KH2QHZKR EHJHWVQRWQRUZDV +HEHJRWWHQDQGWKHUHLVQRQHOLNHXQWR+LPWKDW<RXIRUJLYHPH P\VLQVIRUYHULO\<RXDUH7KH2IW )RUJLYLQJ0RVW 0HUFLIXO¶ $66DPDG 7KH 6HOI 6XIILFLHQW 0DVWHU 3RVVHVVRU RI SHUIHFW DWWULEXWHV ZKRP DOO RI FUHDWLRQWXUQWRLQDOOWKHLUQHHGV ÿý óõåð÷èôäßôÚðôß ôÚó®ðô· û ôÙôªðø£ôí ôðøçô ÷ûö ôêðßö û õªøäðô¤øß ôÚôß Iåôö ôÚðõßôø³ô òðKçö Iâðõì÷àß ôèI ðô ßôÚðõßôø³ô òðKçö õáî÷ôðô× óJòðô£ óìá®ðøÛöùôí öÝüô ß«óö½ø­ô÷ôí öîäI´ßôÊðóªô ­÷èðß ôæãö ôÚðö õ«îðËôôí $OODKXPPD LQQHH DV DOXND ELDQQD ODNDO KDPG OD LODKD LOOD DQW ZD KGDND OD VKDUHHND ODNDOPDQQ DQ\D EDGHH$$DV VDPDZDWLZDODUG\D WKDOMDODOLZDOLNUDP\D KD\\X\D TD\\RRPLQQHHDV DOXNDOMDQQDKZD D$$RR WKXELNDPLQDQ QDU µ2 $OODK , DVN <RX DV XQWR <RX LV DOO SUDLVH QRQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW <RX DORQH ZLWKRXW SDUWQHU <RX DUH WKH %HQHIDFWRU 2 2ULJLQDWRU RI WKH KHDYHQV DQG WKH (DUWK 2 3RVVHVVRU RI PDMHVW\ DQG KRQRXU 2 (YHU/LYLQJ26HOI 6XEVLVWLQJ DQG 6XSSRUWHU RI DOOYH ULO\,DVN<RXIRU3DUDGLVHDQG,WDNHUHIXJHZLWK <RXIURPWKH)LUH ¶ ÿþ ñ¬ðIßõªôäðI¼ßõªðô£ô÷ì ðøçô ÷ûö ôêðßö û õôðøçôÚðIçô õªôìðø·ô òðIçôö ôÚðõßôø³ô òðKçö Iâðõì÷àß ªðô£ô ñîõÔðõÛ õêôß øæðÜôó øâôßôí ì øªðôßîóøâôßôí øªðöàôó øâðôß $OODKXPPD LQQH DV DOXND ELDQQHH DVKKDGX DQQDND DQWDO ODK OD LODKD LOOD DQW DO DKDGXVVDPDGDOOD WKHHODP\DOLGZDODP\RRODGZDODP\DNXQODKXNXIXZDQD KDG µ2 $OODK , DVN <RX DV , EHDU ZLWQHVV WKDW <RX DUH $OO DK QRQH KDV WKHULJKWWREH ZRUVKLSSHG H[FHSW <RX 7KH 2QH $66DPDG :KR EHJHWV QRW QRU ZDV +H EHJRWWHQ DQGWKHUHLVQRQHOLNHXQWR+LP ¶ $66DPDG 7KH 6HOI 6XIILFLHQW 0DVWHU 3RVVHVVRU RI SHUIHFW DWWULEXWHV ZKRP DOO RI FUHDWLRQWXUQWRLQDOOWKHLUQHHGV ûþ5HPHPEUDQFHDIWHUVDODP ÿÿ ñüô õ®öÔøÐôðø³ô á®ðøÛöùôí öÝüðô ß«óôøÛô­ô ì áüI´ßôÚøèðöãôí ì õáüI´ßôðøçô Iâðõì÷àß $VWDJKILUXO ODK WKUHHWLPHV $OODKXPPDDQWDV VDODPZDPLQNDV VDODPWDEDUDNWD\D WKDOMDODOLZDOLNUDP úÿ µ,DVN$OO DKIRUIRUJLYHQH VV¶ WKUHHWLPHV µ2$OODK<RXDUH $V6DODP DQGIURP<RXLVDOOSHDFHEOHVVHGDUH<RX23RVVHVVRU RIPDMHVW\DQGKRQRXU ¶ $66DODP7KH2QH:KRLVIUHHIURPDOOGHIHFWVDQGGHILFLHQFLHV ÿ ì®óªô× óïòô· ÷ÞÛðàËôîëíìªøäô¤ß õêßíõÚøàðõäßõêßìõêßôÚó®·û õéôª£í õê÷àß ÷û ôêß û ªðô ßôÚðøèöã Kªðô ß«õÊðôÔøèôó ûôí ìøÌðôèôã äöß ôòðöÄøÌõã ûôí ìøôðôÄøËô äöß ôÊöçãû Iâðõì÷àß /D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOL VKD\LQ TDGHHU DOO DKXPPD OD PDQL$$D OLP D D$$WD\W ZDOD PX$$WL\D OLPD PDQD$$WZDO D \DQID$$X WKDOMDGGLPLQNDO MDG µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW 2$OODK QRQH FDQ SUHYHQW ZKDW <RX KDYH ZLOOHG WR EHVWRZ DQG QRQH FDQ EHVWRZ ZKDW <RX KDYH ZLOOHG WR SUHYHQW DQG QR ZHDOWK RU PDMHVW\ FDQ EHQHILW DQ\RQH DV IURP <RX LV DOO ZHDOWKDQGPDMHVW\ ¶ ÿ û ì®óª×óïò·÷ÞÛðàËôîëíìªäô¤ßõêßíõÚàäßõêßìõêßôÚó®·û õéôª£í ìê÷àß ÷ûôêßû õêôßôí ÞøÀôÔßõêôßôí õôäðøÌKèßõêôß ìéð÷ó÷ûö õªðõðøÌôç ûôí ìêð÷àß ÷ûôêßû ìöö ÷ûö ôIîð× ûôí ôÝøîðô£ åí®öÓðÜßôéö®ðôÛ øîôßôí ôæóKªßõêðôß ôæôð¼öàø¨ãõê÷àß ÷ûôêßû ìæô´ðô¤ßõïèðIß /D LODKD LOODOODK ZDKGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOL VKD\LQ TDGHHU OD KDZOD ZDO D TXZZDWD LOO D ELOODK OD LODKDLOODOODKZDOD QD$$EXGXLOO D L\\DKODKXQ QL$$PD WXZDODKXO IDGOZDODKXWK WKDQDRO KDVDQOD LODKD LOODOODKPXNKOL VHHQDODKXG GHHQZDODZNDULKDO NDILURRQ µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJV DOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLS RWHQW 7KHUHLVQR PLJKWQRUSRZHUH[FHSWZLWK$OO DKQRQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DK DQG ZHZRUVKLSQRQHH[FHSW+LP )RU+LPLVDOOIDYRXUJUDFHDQGJORULRXVSUDLVH 1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DQG ZH DUH VLQFHUH LQ IDLWK DQG GHYRWLRQWR+LPDOWKRXJKWKHGLVEHOLHYHUVGHWHVWLW ¶ ÿ æôüíñü ®ôðøÛõíì õªðøäô¤ßíìöôå¤øðõ³ ®óªðô× óïòô· ÷ÞõÛ ðàËôîëõ íìªøäô¤ßõêßíõÚàäßõêßìõêßôÚó®·û õéôªðø£ôí õê÷àß ÷ûôêßû 6XEKDQDOODKZDOKDPGXOLOODKZDOODKXDNEDU WKLUW\WKUHHWLPHV /D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\LQTDGHHU µ+RZSHUIHFW$OO DKLVDOOSUDLVHLVIRU$OO DKDQG$OO DKLVWKHJUHDWHVW ¶ WKLUW\WKUHHWLPHV µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶ ù 7KHIROORZLQJWKUHHFKDSWHUVVKRXOGEHUHFLWHGRQFHDIWHU 7KXKU$$DVUDQG$$LVKD SUD\HUVDQGWKULFHDIWHU)DMUDQG0DJKULE > ø¹üðø§öù @ « òªðô£ô õôîðõë øÞðõ× ú ^4XOKXZD$OO DKXDKDG«` >$O,NKODV@ > øÖðôàôÔß @ «öÖðôàôÔßKô®ö õ«îðËô øÞðõ× ^4XOD$$RR WKXELUDEELDOIDODT «` >$O)DODT@ > ±÷èðß @ «ö±ð÷èß Kô®ö õ«îðËô øÞðõ× ^4XOD$$RR WKXELUDEELD OQQDV«` >$Q1DV@ ú ,WLVDOVRIURPWKHVXQQDKWRUHFLWHWKHYHUVHRIWKH)RRWVWRRO $\DW$O.XUVL\ DIWHU HDFKSUD\HU « òáøîðôç ûôí òðôèö³ õéõ¬ðõ§øô û õáîð÷ôôØßJòô¤ðß ôîðõë ÷ûôêßû õê÷àß ^$OODKXOD LODKDLOOD KXZDDO KD\\XDOTD\\RRPXO D WDNKXWKXKXVLQDWXQZDO D QDZP «` >$O%DTDUDKûþþ@ û ÷ÞõÛ ðàËôîëõ íõôðäõóôí òðô¤õó ìªøäô¤ßõêßíõÚàõäßõêßìõêßôÚó®·û õéôªðø£íõê÷àß ÷ûôêßû ¢øð÷¼ßôí ö®øÐôäßôªÌø ô ÷®ôã ®ø¸ôË ®óª×óïò· /D LODKD LOODOODKX ZDKGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG \X K\HH ZD\XPHHWZDKXZD$$DO D NXOOLVKD\LQTDGHHU WHQWLPHVDIWHUWKHPDJKULE IDMUSUD\HUV µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJV DOO VRYHUHLJQW\ DQ GSUDLVH+HJLYHVOLIHDQGFDXVHVGHDWKDQG+HLVRYHUDOO WKLQJVRPQLSRWHQW ¶ WHQWLPHVDIWHUWKHPDJKULEDQGIDMUSUD\HUV ü öüô» æãöáü÷´ßªøÌô ñüIðôØôõã ñüðôäôËíô ì ñðKôôà ñð×ø¯ö­ôí ñðÌöÓçñðäøàöË ôÚðõßôø³ô òðKçö Iâðõì÷àß ®ø ôÔß $OODKXPPDLQQHHDV DOXND$$LOPDQQ DIL$$DQZDUL]TDQ WD\\LEDQZD$$DPDODQ PXWDTDEEDODQ DIWHUVDODPIURPIDMUSUD\HU µ2 $OODK,DVN<RXIRUNQRZOHGJHZKLFKLVEHQHILFLDODQGVXVWHQDQFHZKLFKLVJRRG DQGGHHGVZKLFKDUHDFFHSWDEOH ¶ 7REHVDLGDIWHUJLYLQJVDODPIRUWKHIDMUSUD\HU ûÿ 6XSSOLFDWLRQ IRU VHHNLQJ JXLGDQFH LQ IRUPLQJ D GHFLVLRQ RU FKRRVLQJ WKH SURSHUFRXUVH«HWF $O,VWLNKDUDK ý 2QWKHDXWKRULW\RI- DELU,EQ$$DEGXOODKWKHVDLG¶7KH3URSKHWU ZRXOGLQVWUXFW XVWRSUD\IRUJXLGDQFHLQDOORIRXUFRQFHUQVMXVWDVKHZRXOGWHDFKXVDFKDSWHU IURPWKH4XUDQ+HU ZRXOGVD\ ¶ ,IDQ\RI\RXLQWHQGVWRXQGHUWDNHDPDWWHUWKHQ OHW KLP SUD\ WZR VXSHUHURJDWRU\ XQLWV WZR UDN$$DK QDILODK RI SUD\HU DQG DIWHU ZKLFKKHVKRXOGVXSSOLFDWH ìâôðÈôÌßôÚöàðøÀôÓ øæöã ôÚðõßðø³ôôí ìÚðöô­øªðõØö ôÙõ­öªðøØôø³ôí ìÚöäðøöÌö ôÙõ®ðô¨ôø³ô òðKçö Iâðõì÷àß õâôàðøÌô ôðøèõÛ øåö Iâðõì÷àß ìîôðõÐßõá÷üôË ôðøçôôí ìâðôàøËô ûôí õâðôàøÌðôôí ì­öªðø×ô ûôí õ­öªðøØô ôÚðIçöôÓ ìñ®ðøãô öôðö×Ëôí ò·ðÌôãôí òðèó© òÓ òß ò®øôðô§ êðôô£ òKäðô´õóôí ô®ðøã÷ ¬ðë Iåô òÓòß ò®ðô· ô®ðøã÷¬ðë Iåô õâôàðøÌô ôðøèõÛ øåöôí ìêðôÓòß øÙö­Iâð òßõéø®ðK´ôóíô òßõéø­õªðø×ôÓ ú õðøôô£ ô®øôðô¨ßòßø­õªðø×ôí õêðøèôË òèøÓö®ø»ôí õêðøÓö®ø»ôÓ ìñ®ðøãô öôðö×Ëôí ò·ðÌôãôí òðèó© êðö òèðö¿ø­ô Iâðõ ôåÛ $OODKXPPD LQQHH DVWDNKHHUXND EL$$LOPLN ZD DVWDTGLUXND EL TXGUDWLN ZD DVDOXND PLQ ID GOLNDO$$DWKHHP ID LQQDND WDTGLUX ZDO D DTGLU ZDWD$$ODPX ZDO D D$$ODP ZDDQWD $$DOO DPXO JKX\RRE DOO DKXPPD LQ NXQWD WD$$ODPX DQQD K DWKDODPU VD\ \RXUQHHG NKD\UXQOHHIHHGHHQHHZDPD$$ DVKHHZD$$ DTLEDWLDPUHHIDTGXUKXOHH ZD\DVVLUKX OHH WKXPPD E DULN OHH IHHK ZD LQ NXQWD WD$$ODPX DQQD K DWKDODPU VKDUUXQ OHH IHH GHHQHH ZDPD$$ DVKHH ZD$$ DTLEDWL DPUHH ID VULIKX $$DQQHH ZDVULIQHH$$DQKZDTGXUOL\DO NKD\UD KD\WKXN DQWKXPPDDU GLQHHELK µ2$OODK,VHHN<RXUFRXQVHOE\<RXUNQRZOH GJHDQGE\<RXUSRZHU,VHHNVWUHQJWK DQG,DVN<RXIURP<RXULPPHQVHIDYRXUIRUYHULO\<RXDUHDEOHZKLOH,DPQRWDQG YHULO\<RXNQRZZKLOH,GRQRWDQG<RXDUHWKH.QRZHURIWKHXQVHHQ 2$OODKLI <RXNQRZWKLVDIIDLU DQGKHUHKHPHQWLRQVKLVQHHG WREHJRRGIRUPHLQUHODWLRQWR P\UHOLJLRQP\OLIHDQGHQGWKHQGHFUHHDQGIDFLOLWDWHLWIRUPHDQGEOHVVPHZLWKLW DQGLI<RXNQRZWKLVDIIDLUWREHLOOIRUPHWRZDUGVP\UHOLJLRQP\OLIHDQGHQGWKHQ UHPRYHLWIURPPHDQGUHPRYHPHIURPLWDQ GGHFUHHIRUPHZKDWLVJRRGZKHUHYHULW EHDQGPDNHPHVDWLVILHGZLWKVXFK ¶ 2QHZKRVHHNVJXLGDQFHIURPKLV&UHDWRUDQGFRQVXOWVKLVIHOORZEHOLHYHUVDQGWKHQ UHPDLQVILUPLQKLVUHVROYHGRHVQRWUHJUHWIRU$OO DKKDVVDLG ððàôË øÞð÷Ûôîô ôÓ ôðøãô°ðôË «öðôÓ ö®ðøã÷òÓâðõëø­öíð·ôí ZDVKDZLUKXPIHHDO DPULID LWKD $$D]DPWDIDWDZDNNDO$$DO D $OODK FKDSWHU ü YHUVH úþ µ«DQG FRQVXOW WKHP LQ WKH DIIDLU 7KHQ ZKHQ \RX KDYH WDNHQ D GHFLVLRQ SXW \RXU WUXVWLQ$OO DK«¶ û 5HPHPEUDQFHVDLGLQWKH PRUQLQJDQGHYHQLQJ DVVDEDK WUDQVODWHG PRUQLQJ DIWHU )DMU SUD\HU XQWLO WKH VXQ ULVHV DOPDVD WUDQVODWHG HYHQLQJ DIWHU $$ VU SUD\HU XQWLO WKH VXQVHWV KRZHYHU VRPH VFKRODUV VD\ DIWHUWKHVXQVHWVDQGRQZDUGV þ ,QWKHHYHQLQJ êõ ßíõÚàðõäßõêßìõêßôÚó®ô· û õéôª£ôí õê÷àß ÷ûôêßû ì õªäô¤ßôí õÚàðäßðð´øãôôí èðøôô´øãô ãô®ôðô§ôí öôàøôðIàßöé¬ðë òÓãô®ôðô§ ôÚðõßôðø³Kô­ ì ®óª×óïòô· ÷ÞÛðàËôîëõ íìªðøäô¤ß öÞðô´ôÜøß ôæãö ôÚö«õ îðËô Kô­ ì ðëôªðøÌô ãK®ô·ôí öàøôðIàßöé¬ðë K®ðô· øæöã ôÚö õ«îðËôôí ì ðëôªðøÌô ®øðôØßòÓó¬ðôËôí ö­ð÷èßòÓó¬ðôË øæöã ôÚö«õ îðËô Kô­ ì ®ôðöÜøß öïîð³ôí $PVD\Q D ZDDPVDOPXONX OLOO DK ZDOKDPGX OLOO DK OD LODKD LOODOODK ZDKGDKX OD VKDUHHNDODKODKXO PXONXZDODKXO KDPGZDKXZD$$DO D NXOOLVKD\LQTDGHHUUDEELDV DOXNDNKD\UDP D IHHKDWKLKLOOD\ODKZDNKD\UDP D ED$$GDK DZDD$$RR WKXELNDPLQ VKDUUL K DWKLKLOOD\ODK ZDVKDUUL P D ED$$GDK D UDEEL D$$RR WKX ELND PLQDO NDVDO ZDVRRLONLEDUUDEELD$$RR WKXELNDPLQ$$D WKDELQ ILQQDUZD$$D WKDELQILOTDEU µ:H KDYH UHDFKHG WKH HYHQLQJ DQG DW WKLV YHU\ WLPH XQWR $OO DK EHORQJV DOO VRYHUHLJQW\ DQG DOO SUDLVHLVIRU$OO DK 1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW $OODKDORQHZLWKRXWSDUWQHUWR+LPEHORQJVDOOVRYHUHLJQW\DQ GSUDLVHDQG+HLVRYHU DOOWKLQJVRPQLSRWHQW 0\/RUG,DVN<RXIRUWKHJRRGRIWKLVQLJKWDQGWKHJRRGRI ZKDWIROORZVLWDQG,WDNHUHIXJHLQ<RXIURPWKHHYLORIWKLVQLJKWDQGWKHHYLORIZKDW ú IROORZVLW 0\/RUG,WDNHUHIXJHLQ<RXIURPOD]LQHVV DQGVHQLOLW\ 0\/RUG,WDNH UHIXJHLQ<RXIURPWRUPHQWLQWKH)LUHDQGSXQLVKPHQWLQWKHJUDYH ¶ « OLNHZLVHRQHVD\VLQWKHPRUQLQJ «« õÚøàðõäßô¢ô ðø»ôôí èø¤ôðø»ô $VEDKQD ZDDVEDKDOPXONXOLOO DK« µ:HKDYHUHDFKHGWKHPRUQLQJDQGDWWKLVYHU\WLPHXQWR$OO DKEHORQJVDOOVRYHUHLJQW\ «¶ ÿ ­î¸ðKèß ôÚøôðôßöôí õîðäôç ôÚöíô ôðø¤ôç ôÚöíô ì èôðô´øãô ôÚöíô èø¤ôðø»ô ôÚö Iâðõì÷àß $OODKXPPD ELND D VEDKQD ZDELND DPVD\Q D ZDELND QD K\D ZDELND QDPRRWX ZD LOD\NDQ QXVKRRU µ2 $OODK E\ \RXU OHDYH ZH KDYH UHDFKHG WKH PRUQLQJ DQG E\ <RXU OHDYH ZH KDYH UHDFKHGWKHHYHQLQJE\<RXUOHDYHZHOLYHDQGGLHDQGXQWR<RXLVRXUUHVXUUHF WLRQ¶ ,QWKHHYHQLQJ ô ìôðø¤ôç ôÚöíô ìèø¤ôðø»ô ôÚöíô ìèôðô´øãô ôÚö Iâðõì÷àß ®ôð¼ôäßôÚøôðôßöôí õîðäôç ôÚöí $OODKXPPD ELND DPVD\Q D ZDELND D VEDKQD ZDELND QD K\D ZDELND QDPRRWX ZD LOD\NDOPDVHHU µ2 $OODK E\ <RXU OHDYH ZH KDYH UHDFKHG WKH HYHQLQJ DQG E\ <RXU OHDYH ZH KDYH UHDFKHGWKHPRUQLQJE\<RXUOHDYHZHOLYHDQGGLHDQGXQWR<RXLVRXUUHWXUQ ¶ ãôÙöªðøËôíôí ôÙöªðøìôË ððàôË çôôí ì ÙõªðøôË çôôí òðèôøØôàô§ ì ôøçô ÷ûôêßû òðKô­ ôøçô Iâðì÷àß òðøçô¬ö ïõ îðôôí IòðôàôË ôÚðöôäðøÌöèö ôÚðôß ïõ îðô ì øÌðôèô» ãK®ðô· øæöã ôÚö«õ îðËô ì ðøÌôÄðôø³ ôøçô ÷ûö ôîðçJ¬ßõ®öÔðøÐôó û õêðIçöôÓ òßø®öðÔøÏôÓ $OODKXPPDDQWDUDEEHHO D LODKDLOOD DQWNKDODTWDQHHZD DQD $$DEGXNZD DQD $$DOD $$DKGLNDZDZD$$GLNDPDV WDWD$$WD$$RR WKXELNDPLQVKDUULP D VDQD$$WDERR R ODNDELQL$$PDWLND$$DOD\ZD DERRRELWKDQEHHIDJKILUOHHID LQQDKXO D \DJKILUX WK WKXQRREDLOO D DQW µ2 $OODK <RX DUH P\ /RUG QRQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW <RX <RX FUHDWHGPHDQG,DP< RXUVHUYDQWDQG,DELGHWR<RXUFRYHQDQWDQGSURPLVHDVEHVW, FDQ , WDNH UHIXJH LQ <RX IURP WKH HYLO RIZKLFK,KDYHFRPPLWWHG ,DFNQRZOHGJH <RXU IDYRXU XSRQPHDQG,DFNQRZOHGJHP\VLQVRIRUJLYHPHIRUYHULO\QRQHFDQ IRUJLYHVLQH[FHSW<RX ¶ ÚöØðøàô§ ôÊôðäôíô ì ÚöôÜöüôãôí ì Úðö·ø®ðôË ôðôàôäô£ õªöìðø·õôí ì Ùõªöìðø·ôõ õø¤ðôø»ô òðKçö Iâðõì÷àß Úðõßîð³ô­ôí ôÙõªðøôË ñªð÷äô¤õã õIåôôí ì Úðôß ôÚó®ô· û ôÙôªðø£ôí ôðøçô ÷ûôêßû õôðøçô ôÚðIçô ì ò´äóøí ¢öø¼óôæô£®ãÊ­ $OODKXPPD LQQHH D VEDKWXRVKKLGXNZD RVKKLGX KDPDODWD$$DUVKLNZDPDO DLNDWDN ZDMDPHH$$DNKDOTLNDQQDNDDQWDO ODKXOD LODKDLOOD DQWZD KGDNDOD VKDUHHNDODNZD DQQD0XKDPPDGDQ$$DEGXNDZDUDVRROXN IRXUWLPHVLQWKHPRUQLQJ HYHQLQJ µ2 $OODK YHULO\ , KDYH UHDFKHG WKH PRUQLQJ DQG FDOO RQ <RX WKH EHDUHUV RI <RXU WKURQH<RXUDQJOHVDQGDOORI<RXUFUHDWLRQWRZLWQHVVWKDW<RXDUH$OO DKQRQHKDV WKHULJKWWREHZRUVKLSSHGH[FHSW<RXDORQHZLWKRXWSDUWQHUDQGWKDW0X KDPPDGLV <RXU6HUYDQW DQG0HVVHQJHU ¶ ûù IRXUWLPHVLQWKHPRUQLQJDQGHYHQLQJ 1RWHIRUWKHHYHQLQJRQHUHDGV DPVD\WX LQVWHDGRI DVEDKWX ì Úðôß ôÚó®·û ôÙôªðø£ôí ôÚøèðöäôÓ ì ÚöØðøàô§ øæðöã óªðô£ôö íô óôäðøÌöç øæðöã òô¢ôðôø»ô ãIâðõì÷àß ®ðøÜJ¸ßôÚðôßôí õªðøäô¤øß ôÚðôàôÓ $OODKXPPD P D DVEDKD EHH PLQ QL$$PDWLQ DZ EL DKDGLQ PLQ NKDOTLN IDPLQND ZDKGDNDOD VKDUHHNDODNIDODNDO KDPGXZDODNDVK VKXNU µ2$OODKZKDWEOHVVLQJ,RUDQ\RI<RXUFUHDWLRQKDYHULVHQXSRQLVIURP<RXDORQH ZLWKRXWSDUWQHUVRIRU<RXLVDOOSUDLVHDQGXQWR<RXDOOWKDQNV ¶ « ZKRHYHU VD\V WKLV LQ WKH PRUQLQJ KDV LQGHHG RIIHUHG KLV GD\ ¶V WKDQNV DQG ZKRHYHUVD\VWKLVLQWKHHYHQLQJKDVLQGHHGRIIHUHGKLVQLJKW ¶VWKDQNV 1RWHIRUWKHHYHQLQJRQHUHDGV DPVD LQVWHDGRI DVEDKD ù û ì ñ®ðô¼ô òÓòèðöÓË Iâðõì÷àß ì òÌðøäô³ òÓòèðöÓËIâðõì÷àß ì òðçôªô òÓòèðöÓËIâðõì÷àß ñü ôðøçô ê÷àß ÷ûôêß ÷ûôêßû ì ®øðôØßö¬ôË øæöã ôÚö«õ îðËôôí ì ®øØðôÔßôí ì ®ÔðõÜøß ôæãö ôÚö«õ îðËô òð÷çö Iâðõì÷àß ñü ôðøçô $OODKXPPD $$ DILQHH IHH EDGDQHH DOO DKXPPD $$ DILQHH IHH VDP$$HH DOO DKXPPD $$DILQHHIHHED VDUHHOD LODKDLOOD DQW WKUHHWLPHV $OODKXPPD LQQHH D$$RR WKX ELND PLQDO NXIU ZDOIDTU ZD D$$RR WKX ELND PLQ $$DWKDELOTDEUOD LODKDLOOD DQW WKUHHWLPHV µ2$OODKJUDQWP\ERG\KHDOWK2$OO DKJUDQWP\KHDULQJKHDOWK2$OO DKJUDQWP\ VLJKWKHDOWK 1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW<RX ¶ WKUHHWLPHV µ2 $OODK , WDNH UHIXJH ZLWK <RXIURPGLVEHOLHIDQGSRYHUW\DQG,WDNHUHIXJHZLWK <RXIURPWKHSXQLVKPHQWRIWKHJUDYH 1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW <RX¶ WKUHHWLPHV ú ôæô£÷®ôã ʳ âôðÈôÌßöµø®ôÌßJô­ ôîëõ ôí õàðIÛôîô öêôðôàôË ôîëõ ÷ûôêßû õê÷àß ôòðöø´ô£ ò´äóôí ¢öø¼ó +DVEL\DOODKX OD LODKD LOOD KXZD $$DOD\KL WDZDNNDOW ZDKXZD UDEEXO $$DUVKLO $$DWKHHP VHYHQWLPHVPRUQLQJ HYHQLQJ µ$OODKLV6XIIL FLHQWIRUPHQRQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW+LPXSRQ+LP ,UHO\DQG+HLV/RUGRIWKHH[DOWHGWKURQH ¶ VHYHQWLPHVPRUQLQJDQGHYHQLQJ û ð´ã«ö ñü Öðôàô§ ãK®ðô· øæöã öð÷ãð÷ßöê÷àß öðäöàôÜöõ«îðËô D$$RR WKXELNDOLP DWLOODKLWWDPPDWLPLQVKDUULP D NKDODT WKUHHWLPHVLQWKHHYHQLQJ µ,WDNHUHIXJHLQ$OO DK¶VSHUIHFWZRUGVIURPWKHHYLO+HKDVFUHDWHG ¶ WKUHHWLPHVLQWKHHYHQLQJ ü ûú ôîÔø ðôÌßôÚðõßôðø³òðKçö Iâðõì÷àß ì ô®ðö§õôí ôðøçJªßòÓôôðöÓðÌßôí ôîÔø ðôÌßôÚðõßôðø³òðKçö Iâðõì÷àß òðËøíô­ øæðöãôí ò­øîðË ø®ðõø³Iâðõì÷àß ì òðßãôí òàðøëôí ôñôðøçõ©ôí òèó©òÓôôðöÓðÌßôí ì òð×øîôÓ æöãôí ì òßðäö· æôËôí òèôðäôó æôËôí òðÔøàô§ æöãôí Iñôªóô öæôðô æöã òèðøÈôÔø£Iâðõì÷àß ì òðø¤ô æöã ôÝðøÏõ åô ôÚöðôäôÈÌô ö õ«îðËôôí $OODKXPPDLQQHHDV DOXNDO$$DIZDZDO$$ DIL\DKILG GXQ\D ZDODNKLUDKDOO DKXPPD LQQHH DV DOXNDO$$DIZD ZDO$$ DIL\DK IHH GHHQHH ZDGXQ\ D\D ZDDKOHH ZDP DOHH DOODKXPPDV WXU $$DZU DWHH ZD DPLQ UDZ$$ DWHH DOODKXPPD KIDWKQHH PLQ ED\QL \DGD\ ZDPLQ NKDOIHH ZD$$DQ \DPHHQHH ZD$$DQ VKLP DOHH ZDPLQ IDZTHH ZD D$$RR WKXEL$$D WKDPDWLNDDQRJKW DODPLQWD KWHH µ2$OODK,DVN<RXIRUSDUGRQDQGZHOO EHLQJLQWKLVOLIHDQGWKHQH[W 2$OODK,DVN <RXIRUSDUGRQDQGZHOO EHLQJLQ P\UHOLJLRXVDQGZRUOGO\DIIDLUVDQGP\IDPLO\DQG P\ZHDOWK 2$OODKYHLOP\ZHDNQHVVHVDQGVHWDWHDVHP\GLVPD\ 2$OODKSUHVHUYH PHIURPWKHIURQWDQGIURPEHKLQGDQGRQP\ULJKWDQGRQP\OHIWDQGIURPDERYH DQG,WDNHUHIXJHZLWK<RXOHVW,EHVZ DOORZHGXSE\WKHHDUWK ¶ ý ì êôÜðôàôãôí óïòðô· KÞðÛ Iô­ ö½ø­÷ôí öíä÷´ßô®ðöÃÓöô©ìð÷¸ßôí öøôðôÐßôâðößËIâðõì÷àß ì êöÛø®ðö·ôí öåÄðøôI¸ßK®ðô· æöãôí òð´øÔôç K®ðô· æöã ôÚö õ«îðËô ì øçô ÷ûö ôêðßö û øåô õªðôìø·ô âöàðø´õã ððßö õé®I ðõô øíô ñïî³ òð´øÔôç ððàôË ôÑö®ðôø×ô øåôôí $OODKXPPD $$ DOLPDOJKD\EL ZDVKVKDK DGDK IDWLUDVVDPDZDWL ZDODUG UDEED NXOOL VKD\LQ ZDPDOHHNDK DVKKDGX DQ O D LODKD LOOD DQW D$$RR WKX ELND PLQ VKDUUL QDIVHH ZDPLQVKDUULVK VKD\WDQLZDVKL UNLKZDDQDTWDULID$$DO D QDIVHHVRR DQDZDMXUUDKXLO D PXVOLP µ2$OODK.QRZHURIWKHXQVHHQDQGWKHVHHQ&UHDWRURIWKHKHDYHQVDQGWKH(DUWK /RUG DQG 6RYHUHLJQ RI DOO WKLQJV , EHDU ZLWQHVV WKDW QRQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW<RX ,WDNH UHIXJHLQ<RXIURPWKHHYLORIP\VRXODQGIURPWKH HYLO DQG VKLUN RI WKH GHYLO DQG IURP FRPPLWWLQJ ZURQJ DJDLQVW P\ VRXO RU EULQJLQJ VXFKXSRQDQRWKHU0XVOLP ¶ VKLUN WR DVVRFLDWHRWKHUVZLWK$OO DKLQWKRVHWKLQJVZKLFKDUHVSHFLILFWR+LP 7KLV FDQRFF XULQ ú EHOLHIH JWREHOLHYHWKDWRWKHUWKDQ$OO DKKDVWKHSRZHUWREHQHILWRU KDUP û VSHHFK H J WR VZHDU E\ RWKHU WKDQ $OO DK DQG ü DFWLRQ H J WR ERZ RU SURVWUDWHWRRWKHUWKDQ$OO DK þ õÊôðä÷´ßôîðëôí öïðä÷´ßòÓûôí ö½ø­÷òÓòïòô· öêðöä³ôÊôã J®ðõÀôó û ñ¬ßööâð´ö ñü âôðàôÌß %LVPLOODKLOODWKHH OD \DGXUUX PD$$DV PLKL VKD\ RQ ILODUGL ZDOD ILVVDPDL ZDKXZDV VDPHH$$XO $$DOHHP WKUHHWLPHV µ,QWKHQDPHRI$OO DKZLWKZKRVHQDPHQRWKLQJLVKDUPHGRQHDUWKQRULQWKHKH DYHQV DQG+HLV7KH$OO 6HHLQJ7KH$OO .QRZLQJ¶ WKUHHWLPHV ÿ ñü ñð÷ôöôç U óªIäðô¤õäöíô ñèðó©öáüø³ùöíô ñðIô­ öö õðô¿ô­ 5DGHHWXELOO DKLUDEEDQZDELO LVODPLGHHQDQZDEL0X KDPPDGLQ U QDEL\\ D WKUHHWLPHV µ, DP SOHDVHG ZLWK $OO DK DV D /RUG DQG ,VO DP DV D UHOLJLRQDQG0X KDPPDG U DVD 3URSKHW ¶ WKUHHWLPHV ûû êðöðäöàôÛ ô©ªðöãôí ì êðö·ø®ðôË ôðôçö¯ôí ì êðö´øÔôç ð¿ö­ôí ì êöØðøàô§ ô©ôªË ô öéöªðøäô¤öíô öôåð¤øõ³ ñü 6XEKDQDOODKL ZDELKDPGLK $$DGDGD NKDOTLKL ZDUL GD QDIVLK ZD]LQDWD $$DUVKLK ZDPLGDGDNDOLPDWLK WKUHHWLPHV µ+RZ SHUIHFW $OO DK LV DQG , SUDLVH +LP E\ WKH QXPEHU RI +LV FUHDWLRQ DQG +LV SOHDVXUHDQGE\WKHZHLJKWRI+LVWKURQHDQGWKHLQNRI+LVZRUGV ¶ WKUHHWLPHV ®ãã öéöªðøäô¤öíô öôåð¤øõ³ 6XEKDQDOODKLZDELKDPGLK RQHKXQGUHGWLPHV µ+RZSHUIHFW$OO DKLVDQG,SUDLVH+LP ¶ RQHKXQGUHGWLPHV ò´ðøÔôç ðßö òèðàöÜô ûôí ì êðIàõÛ òðçøðô· òßø¢ðöàø»ô ì ôðÐðôø³ô öÚöðôäø£ô®ðö õáîð÷ôô× óJòðô£ ó æôðôË ôôÓø®ðôà <D KD\\X\D TD\\RRPELUD KPDWLNDDVWDJKHHWKD VOLK OHHVKD QHHNXOODKZDO D WDNLOQHH LOD QDIVHH WDUIDWD$$D\Q µ2 (YHU /LYLQJ 2 6HOI 6XEVLVWLQJ DQG 6XSSRUWHU RI DOO E\ <RXU PHUF\ , VHHN DVVLVWDQFHUHFWLI\IRUPHDOORIP\DIIDLUVDQGGRQRWOHDYHPHWRP\VHOIHYH QIRUWKH EOLQNRIDQH\H ¶ ù ®óªô× óïòô· ÷ÞõÛ ðàËôîëõ íìªðøäô¤ßõêßíõÚøàðõäßõêßìõêßôÚó®ðô· û õéôªðø£íõê÷àß û ÷ ôêßû ®ãã /D LODKD LOODOODK ZDKGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\ LQTDGHHU RQHKXQGUHGWLPHV µ1RQH KDV WKH UL JKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶ RQHKXQGUHGWLPHVHYHU\GD\ ú ì áøîô ðß ¬ðë ô®øôðô§ ôÚðõßôðø³òðKçö Iâðõì÷àß ì æôðäôßðÌßKô­ ö õÚàðõäßø¢ðôø»ôôí èðø¤ðôø»ô ãK®ðô·ôí öêôðÓ ãK®ðô· øæðöã ôÚðö õ«îðËôôí ì õéªðõëôí ì õêðôôÛô®ðôôí õéô­îðçôí ì õéô®ðø¼ôçíô ì õêô¤øðôÓ éôªðøÌô $VEDKQD ZDDVEDKDOPXONX OLOO DKL UDEELO $$DODPHHQ DOO DKXPPD LQQHH DV DOXND NKD\UDK DWKDO\DZPIDW KDKXZDQD VUDKXZDQRRUDKXZDEDUDNDWDKXZDKXG DKXZD D$$RR WKXELNDPLQVKDUULP D IHHKLZDVKDUULP D ED$$GDK µ:HKDYHUHDFKHGWKHPRUQLQJDQGDWWKLVYHU\WLPHDOOVRYHUHLJQW\EHORQJVWR$OO DK /RUG RIWKHZRUOGV 2$OODK,DVN<RXIRUWKHJRRGRIWKLV GD\LWVWULXPSKVDQGLWV YLFWRULHVLWVOLJKWDQGLWVEOHVVLQJVDQGLWVJXLGDQFHDQG,WDNHUHIXJHLQ<RXIURPWKH HYLORIWKLVGD\DQGWKHHYLOWKDWIROORZVLW ¶ )RUWKHHYHQLQJWKHVXSSOLFDWLRQLVUHDGDVIROORZV ûü ì ôàøôðIàßöé¬ðë ô®øôðô§ ôÚðõßôðø³òðKçö Iâðõì÷àß ì æôðäôßðÌßKô­ ö õÚàðõäß ðð´øãôôí èðøôô´øãô ã K®ðô· øæðöã ôÚðö õ«îðËôôí ì ðëªðõëôí ì ðìðôôÛô®ðôôí ðëô­îðçôí ì ðëô®ðø¼ôçíô ì ðìô¤øôÓ ðëôªðøÌô ãK®ðô·ôí öðìôðÓ $PVD\Q D ZDDPVDOPXONXOLOO DKLUDEELO $$DODPHHQDOO DKXPPDLQQHHDV DOXNDNKD\UD KDWKLKLOOD\ODK IDW KDKD ZDQD VUDKD ZDQRRUDK D ZDEDUDNDWDK D ZDKXG DKD ZD D$$RR WKXELNDPLQVKDUULP D IHHKD ZDVKDUULP D ED$$GDK D µ:HKDYHUHDFKHGWKHHYHQLQJDQGDWWKLVYHU\WLPH DOOVRYHUHLJQW\EHORQJVWR$OO DK /RUG RI WKH ZRUOGV 2 $OODK , DVN <RX IRU WKH JRRGRIWRQLJKWLWVWULXPSKVDQGLWV YLFWRULHVLWVOLJKWDQGLWVEOHVVLQJVDQGLWVJXLGDQFHDQG,WDNHUHIXJHLQ<RXIURPWKH HYLORIWRQLJKWDQGWKHHYLOWKDWIROORZVLW ¶ û 7KHPHVVHQJHURI$OODKU VDLGµ:KRHYHUVD\VLQWKHPRUQLQJ ®óªðô× óïòô· ÷ÞõÛ ðàËôîëõ íìªøäô¤ßõêßíõÚàõäßõêßìõêßôÚó®ô· û õéôªðø£íõê÷àß ÷ûôêßû /D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXON ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\LQTDGHHU µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶ «KDV LQGHHGJDLQHGWKHUHZDUGRIIUHHLQJDVODYHIURPWKHFKLOGUHQRI,VP D$$HHO DQGWHQRIKLVVLQVDUHZLSHGDZD\DQGKHLVUDLVHGWHQGHJUHHVDQGKHKDVIRXQGD VDIHUHWUHDWIURPWKHGHYLOXQWLOHYHQLQJ 6LPLODUO\LIKHVD\VLWDWHYHQLQJWLPHKH ZLOOEHSURWHFWHGXQWLOWKHPRUQLQJ¶ ü U óªIäðô¤õã èKôðöôç öæó©ððàËôí ì ¹üðø§ùöôäðöàôÛ ððàôËôí ì áüø³ùöô®ðøÄöÓ ððàËèø¤ôðø»ô æðôÛö®ð¸õäßôæãö ôåðÛ ðãôí ñäðöàø´õã ñÔðôèô£ ôâðôë®ðøö ðèôöðIàöã ððôËôí $VEDKQD $$DOD ILWUDWLOLVODP ZD$$DO D NDOLPDWLO LNKODV ZD$$DO D GHHQL QDEL\\LQ D 0XKDPPDG U ZD$$DO D PLOODWL DEHHQ D ,EUDKHHP KDQHHIDQ PXVOLPDQ ZDP D NDQD PLQDOPXVKULNHHQ µ:HULVHXSRQWKH ILWUDKRI,VODPDQGWKHZRUGRISXUHIDLWKDQGXSRQWKHUHOLJLRQRI RXU 3URSKHW 0X KDPPDG U DQG WKH UHOLJLRQ RI RXU IRUHIDWKHU ,EU DKHHP ZKR ZDV D 0XVOLPDQGRIWUXHIDLWKDQGZDVQRWRIWKRVHZKRDVVRFLDWHRWKHUVZLWK$OO DK¶ ILWUDKWKHUHOLJLRQRI,VO DPWKHZD\RI,EU DKHHPX SXUHIDLWK WKH6KDK DGD 1RWHIRUWKHHYHQLQJRQHUHDGVDPVD\Q D LQVWHDGRID VEDKQD èôðô´øãô öðôäöàôÜö èø¤ðôø»õðôäöàÛÝôªðøôø´õ ïð´äßòÓ ý µ$$DEGXOODK,EQ.KXEDLE W VDLGµ7KH0HVVHQJHURI$OODKU VDLGWRPHµ5HFLWH¶, UHSOLHGµ20HVVHQJHURI$OODKZKDWVKDOO,UHFLWH" ¶KHVDLGµ5HFLWH > ø¹üðø§öù @ « òªðô£ô õôîðõë øÞðõ× ^4XOKXZD$OO DKXDKDG«` >$O,NKODV@ > øÖðôàôÔß @ «öÖðôàôÔßKô®ö õ«îðËô øÞðõ× ^4XOD$$RR WKXELUDEELDOIDODT «` >$O)DODT@ > ±÷èðß @ «ö±ð÷èß Kô®ö õ«îðËô øÞðõ× ^4XOD$$RR WKXELUDEELD OQQDV«` >$Q1DV@ ûý «LQWKHHYHQLQJDQGWKHPRUQLQJWKUHHWLPHVIRULWZLOOVXIILFH\RXRIDOOHOVH ¶ û5HPHPEUDQFHEHIRUHVOHHSLQJ þ µ:KHQUHWLULQJWRKLVEHGHYHU\QLJKWWKH3URSKHW U ZRXOGKROGKLVSDOPVWRJHWKHU VSLW $IRUPRIVSLWWLQJFRPSULVLQJPDLQO\RIDLUZLWKOLWWOHVS LWWOH LQWKHPUHFLWHWKH ODVWWKUHHFKDSWHUV $O,NKODV$O)DODT$Q1DV RIWKH4XUDQDQGWKHQZLSHRYHUKLV HQWLUHERG\DVPXFKDVSRVVLEOHZLWKKLVKDQGVEHJLQQLQJZLWKKLVKHDGDQGIDFHDQG WKHQDOOSDUWVRIWKHERG\KHZRXOGGRWKLVWKUHHWLPHV ¶ ÿ 7KH 3URSKHW U DOVR VDLG µ:KHQ \RX DUH DERXW WR VOHHSUHFLWH D\DWDONXUVHH 7KH YHUVHRIWKHIRRWVWRROFKDSWHUûûþþ WLOOWKHHQGRIWKHYHUVHIRUWKHUHZLOOUHPDLQ RYHU\RXDSURWHFWLRQIURP$OODKDQGQRGHYLOZLOOGUDZQHDUWR\RXXQWLOPRUQLQ J¶ 7KH3URSKHW U DOVRVDLGµ:KRHYHUUHFLWHVWKHODVWWZRYHUVHVRI6RRUDW$O %DTDUDK DW QLJKW WKRVH WZR YHUVHV VKDOO EH VXIILFLHQWIRUKLP LHSURWHFWKLPIURPDOOWKDW FDQFDXVHKLPKDUP ¶ «ôåîðèöãøðõäøßôí öêðKô­ øæöã öêðøôôßö ôÝö°ðøçõ ðäö õÝîð³I®ßôæôãï $PDQDD OUUDVRROXELP D RQ]LODLOD\KLPLQUDEELKLZD DOPXPLQRRQD « >$O%DTDUDKûþûÿ@ µ,IRQHRI\RXULVHVIURPKLVEHGDQGWKHQUHWXUQVWRLWKHVKRXOGGXVWLWZLWKWKH HGJH RI KLV JDUPHQW WKUHH WLPHV IRU KH GRHV QRW NQRZZKDWKDVRFFXUUHGLQKLVDEVHQFH DQGZKHQKHOLHVGRZQKHVKRXOGVXSSOLFDWH øåöôí ì ìøäðô£ø­Óòð´øÔôç ôøÜðô´øãô åöôÓ ìêðõÌôÓø­ô ôÚöíô ì òðøèô õðøÌô¿ôí òðKô­ ôÚöäø³ö æôð¤ößð÷¼ßôÙô©ðöË êö Æ õ ðôÔø¤ô ðäö ìðøÈôÔø£Óìðôøàô³ø­ô %LVPLNDUDEEHHZD GD$$WXMDQEHHZDELNDDUID$$XKID LQDPVDNWDQDIVHHIDU KDPKD ZDLQDUVDOWDK D IDKIDWKKD ELPD WDKIDWKXELKL$$LE DGDNDVVDOLKHHQ µ,Q<RXUQDPHP\/RUG,OLHGRZQDQGLQ<RXUQDPH,ULVHVR LI<RXVKRXOGWDNHP\ VRXOWKHQKDYHPHUF\XSRQLWDQGLI<RXVKRXOGUHWXUQP\VRXOWKHQSURWHFWLWLQWKH PDQQHU<RXGRVRZLWK<RXUULJKWHRXVVHUYDQWV ¶ ìôðøôô ø£ô øåö ì ëôðø¤ôãôí ìððôäã ôÚôß ðëð÷Óôîô ôðøçôôí òð´øÔôç ôøØðôàô§ ôÚðIçö Iâðõì÷àß ôôðöÓðÌßôÚðõßôðø³ô òðIçö Iâðõì÷àß ìðôß ø®ðöÔøÏôÓ ìðIôãô øåöôí ì ìðøÈôÔø£Ó $OODKXPPDLQQDNDNKDODTWDQDIVHHZD DQWDWDZDII DKDODNDPDP DWXKD ZDPD K\DKD LQ DK\D\WDKD IDKIDWKKD ZDLQ DPDWWDK D IDJKILU ODK D $OODKXPPD LQQ HH DVDOXNDO $$DIL\DK µ2$OODKYHULO\<RXKDYHFUHDWHGP\VRXODQG<RXVKDOOWDNHLW ¶VOLIHWR<RXEHORQJV LW¶VOLIHDQGGHDWK ,I<RXVKRXOGNHHSP\VRXODOLYHWKHQSURWHFWLWDQGLI<RXVKRXOG WDNHLW ¶VOLIHWKHQIRUJLYHLW 2$OODK,DVN<RXWRJUD QWPHJRRGKHDOWK ¶ úùù ûþ 7KH3URSKHW U ZRXOGSODFHKLVULJKWKDQGXQGHUKLVFKHHNZKHQDERXWWRVOHHSDQG VXSSOLFDWH ñü Ùô©ðöË õôÌðøô ôáøîðôó ôÚðô¬ôË òðèö× Iâðõì÷àß $OODKXPPDTLQHH$$D WKDEDND\DZPDWDE$$DWKX$$LE DGDN WKUHHWLPHV µ2 $OODK SURWHFW PH IURP <RXU SXQLVKPHQW RQ WKH GD\ <RXU VHUYDQWV DUH UHVXUUHFWHG ¶ WKUHHWLPHV úùú ôðø£ôôí õîðãô Iâðõì÷àß ôÚöäðø³ö %LVPLNDOODKXPPDDPRRWXZD DK\D µ,Q<RXUQDPH2$OO DK,OLYHDQGGLH ¶ úùû µ6KDOO , QRW GLUHFW \RX ERWK 7KH 3URSKHW U ZDV DGGUHVVLQJ $OL DQG )DWLPDKPD\ $OODKEHSOHDVHGZLWKWKHP ZKHQWKH\DSSURDFKHGKLPIRUDVHUYDQW WRVRPHWKLQJ EHWWHUWKDQDVHUYDQW":KHQ\RXJRWREHGVD\ æôüíñü ôå¤ðøõ³ 6XEKDQDOODK WKLUW\WKUHHWLPHV µ+RZ3HUIHFW$OO DKLV¶ WKLUW\WKUHHWLPHV æôüíñü õªä¤ß $OKDPGXOLOO DK WKLUW\WKUHHWLPHV µ$OOSUDLVHLVIRU$OO DK¶ WKLUW\WKUHHWLPHV æôüíñÌ­ ®ðøÛõ $OODKXDNEDU WKLUW\IRXUWLPHV µ$OODKLVWKHJUHDWHVW ¶ WKLUW\IRXUWLPHV «IRUWKDWLVLQGHHGEHWWHUIRU\RXERWKWKDQDVHUYDQW ¶ úùü ôÖðößÓì ïòðô· KÞðõÛ Iô­ôí ðèIô­ ì âôðÈôÌßöµø®ðôÌßIô­ôí öÊðøI´ßöîðä÷´ßIô­ Iâðõì÷àß KÞðõÛ K®ðô· æöã ôÚðö õ«îðËô ì å×ø®ðõÔßíì Þôð øçùôí ö­øîðIßôÝK°ôèðõãôí ì ïîðIèßôí Kðô¤ß ôðøçôôí ì ïòô· ôÚôàðøô× ô²ôðôàôÓ õÝIí÷ ôðøçô Iâðõì÷àß êöô ðö»ðèö ò¬ðö§ ôðøçô óïòðô· õæðöÃðøß ôðøçôôí ì ïòô· ôÚðô×øîðôÓ ô²ôø ðôàôÓõ®ðöëð÷Èß ôðøçôôí ì ïòô· ôÙôªðøÌô ô²ôðôàôÓõ®ðö§õ ®øØðôÔßôæãö ðèöèðøÏôôí ôæðøóIªðß ð÷èôË ö¾ðø ×ì ïòô· ôÚðôçí©ô²ôø ðôàôÓ $OODKXPPD UDEEDV VDPDZDWLVVDE$$ ZDUDEEDO $$DUVKLO $$DWKHHP UDEEDQ D ZDUDEED NXOOL VKD\ IDOLTDOKDEEL ZDQQDZ D ZDPXQD]]LODW WDZUD ZDOLQMHHO ZDOIXUT DQ D$$RR WKX ELND PLQ VKDUUL NXOOL VKD\LQ DQWD DNKLWKXQ ELQDVL\DWLK $OODKXPPD DQWDO DZZDO IDOD\VD TDEODND VKD\ ZDDQWDODNKLU IDOD\VD ED$$GDND VKD\ZDDQWDWKWKDKLUIDOD\VDIDZTDNDVKD\ ZDDQWDO EDWLQIDOD\VDGRRQDNDVKD\ LTGL$$DQQDG GD\QDZD DJKQLQD PLQDOIDTU µ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¶ 7DZUDK7KHERRNUHYHDOHGWR0RRV DX ,QMHHO 7KHERRNUHYHDOHGWR(DV D X ûÿ )XUTDQ 2QH RI WKH PDQ\ QDPHV RI WKH 4XU DQ PHDQV 7KH &ULWHULRQ ZKLFK GLVWLQJXLVKHVEHWZHHQWUXWKDQGIDOVHKRRG $WKWKDKLU ,QGLFDWHV WKH JUHDWQHVV RI +LV DWWULEXWHV DQG WKH LQVLJQLILFDQFH RI HYHU\ VLQJOH FUHDWLRQ LQ UHVSHFW WR +LV JUHDWQHVV DQG +LJKQHVV IRU +H LV DERYH DOO RI +LV FUHDWLRQDVUHJDUGV+LVHVVHQFHDQGDWWULEXWHV $O%DWLQ,QGLFDWHV+LVDZDUHQHVVDQGNQRZOHGJHRIDOOVHFUHWVRIWKDWZKLFKLVLQWKH KHDUWVDQGWKHPRVWLQWLPDWHRIWKLQJVMXVWDVLWLQGLFDWHV+L VFORVHQHVVDQGQHDUQHVVWR DOOLQDPDQQHUZKLFKEHILWV+LVPDMHVW\ úùý ñíøðõã ûôí õêðôß ôòöÓðÛ û øæðIäöã øâðôÜôÓ ìçíôí ìçðÔôÛôí ìçðØô³íô èôäôÌðøÃô ñ¬Ißö õªøäô¤ðß $OKDPGX OLOO DKLOODWKHHDW$$DPDQ D ZDVDTDQDZDNDI DQDZDDZDQDIDNDP PLPPDQ OD NDIL\DODKXZDO D PXZHH µ$OOSUDLVHLVIRU$OO DK:KRIHGXVDQGJDYHXVGULQNDQG:KRLVVXIILFLHQWIRUXVDQG KDVVKHOWHUHGXVIRUKRZPDQ\KDYHQRQHWRVXIILFHWKHPRUVKHOWHUWKHP ¶ úùþ ìêôÜðôàôãôí óïòðô· KÞðõÛ Iô­ ö½ø­÷ôí öíä÷´ß ô®ðöÃÓ ö©ìð÷¸ßôí öôðôÐß ôâðößË Iâðõì÷àß ìêöÛø®ðö·ôí öåÄðøôI¸ßK®ðô· æöãôí ìòð´øÔôç K®ðô· æöã ôÚö õ«îðËô ìøçô ÷ûö ôêðßö û øåô õªðìø·ô âöàðø´õã ððßö õé®I ðõô øíô ñïî³ òð´øÔôç ððàôË ôÑö®ðôø×ô øåôôí $OODKXPPD $$ DOLPDOJKD\EL ZDVKVKDK DGDK IDWLUDVVDPDZDWL ZDODUG UDEED NXOOL VKD\LQ ZDPDOHHNDK DVKKDGX DQ O D LODKD LOOD DQW D$$RR WKX ELND PLQ VKDUUL QDIVHH ZDPLQ VKDUULVK VKD\WDQL ZDVKLUNLK ZD DQ DTWDULID$$DO D QDIVHHVRR DQDZDMXUUDKX LOD PXVOLP µ2$OODK.QRZHURIWKHVHH QDQGWKHXQVHHQ&UHDWRURIWKHKHDYHQVDQGWKHHDUWK /RUG DQG 6RYHUHLJQ RI DOO WKLQJV , EHDU ZLWQHVV WKDW QRQH KDV WKH ULJKW WR EH ZRUVKLSSHGH[FHSW<RX ,WDNHUHIXJHLQ<RXIURPWKHHYLORIP\VRXODQGIURPWKH HYLO DQG VKLUN RI WKH GHYLO DQG IURP F RPPLWWLQJ ZURQJ DJDLQVW P\ VRXO RU EULQJLQJ VXFKXSRQDQRWKHU0XVOLP ¶ VKLUN WR DVVRFLDWHRWKHUVZLWK$OO DKLQWKRVHWKLQJVZKLFKDUHVSHFLILFWR+LP 7KLV FDQRFFXULQ ú EHOLHIH JWREHOLHYHWKDWRWKHUWKDQ$OO DKKDVWKHSRZHUWREHQHILWRU KDUP û VSHHFK H J WR VZHDU E\ RWKHU WKDQ $OO DK DQG ü DFWLRQ H J WR ERZ RU SURVWUDWHWRRWKHUWKDQ$OO DK úùÿ µ7KH3URSKHW U QHYHUXVHGWRVOHHSXQWLOKHKDGUHFLWHG6RRUDW$V 6DMGDK FKDSWHU üû DQG6RRUDW$O0XON FKDSWHUÿ ¶ úù µ,I \RX WDNH WR \RXU EHG WKHQ SHUIRUP DEOXWLRQ OLH RQ \RXU ULJKW VLGH DQG WKHQ VXSSOLFDWH ìôÚøôðôßö òìðøôí õ øìðIôíôí ìôÚøôðôßö ñ®ðøãô õðø¿îI ôÓôí ìôÚøôðôßö ò´ðøÔôç õøäôàðø³ô Iâðõì÷àß ìôÚøôðôßö ÷ûö ôÚðøèöã ð ðøèôã ûôí ôðô øàôã û ìôÚøôðôßö ñôðøëô­ôí ñðôøÏô­ ìôÚøôðôßö ñ®ðìôÇ õøðô ðøßôôí ðøàô³ø­ô ñ¬ð÷ß ôÚðKôðöôèöôí ôðøßô°øçô ñ¬ð÷ß ôÚöðöÜö õðøèôã $OODKXPPDDVODPWXQDIVHHLOD\NZDIDZZD GWXDPUHHLOD\NZDZDMMDKWXZDMKHHLOD\N ZDDOMDWX WKDKUHHLOD\NUDJKEDWDQZDUDKEDWDQLOD\NO D PDOMDDZDO D PDQMD PLQNDLOO D LOD\NDPDQWXELNLW DELNDOODWKHHDQ]DOWZDELQDEL\\LNDO ODWKHHDUVDOW û µ2$OODK,VXEPLWP\VRXOXQWR<RXDQG,HQWUXVWP\DIIDLUXQWR<RXDQG,WXUQP\ IDFHWRZDUGV<RXDQG,WRWDOO\UHO\RQ<RXLQKRSHDQGIHDURI<RX 9HULO\WKHUHLVQR UHIXJHQRUVDIHKDYHQIURP<RXH[FHSWZLWK<RX ,EHOLHYHLQ<RXU%RRNZKLFK<RX KDYHUHYHDOHGDQGLQ<RXU3URSKHWZKRP<RXKDYHVHQW ¶ «,I\RXWKHQGLH\RXZLOOGLHXSRQWKHIL WUDK¶ ILWUDKWKHUHOLJLRQRI,VO DPWKHZD\RI,EU DKHHPX û6XSSOLFDWLRQZKHQWXUQLQJRYHUGXULQJWKHQLJKW úù µ$$DLVKD ìèË ò¿­ QDUUDWHG WKDW WKH 0HVVHQJHU RI $OO DK U XVHG WR VD\ DW QLJKWLIKHWXUQHGGXULQJVOHHS õ°ðó°ôÌß ì äðìôèðøôô ãôí ö½ø­÷ôí öîäðI´ß Jô­ ì ­ð÷ìôØß õªö£îðß õ ÷ûö ôêðßö û ­÷ÔðôÐß /D LODKDLOODOODKXOZDKLGXOTDKKDUUDEEXV VDPDZDWLZDPD ED\QDKXP DDO$$D]HH]XO JKDIIDU µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DK7KH2QH $/4DKKDU/RUGRIWKH KHDYHQV DQG WKH (DUWK DQG DOO EHWZHHQ WKHP 7KH ([DOWHG LQ 0LJKW 7KH 2IW )RUJLYLQJ ¶ $/4DKKDU7KH 2QH :KR KDVVXEGXHGDOORIFUHDWLRQDQG:KRPDOORIFUHDWLRQDUH VXEVHUYLHQWWR $OOPRYHPHQWVRFFXUE\+LVZLOO üù8SRQH[SHULHQFLQJXQUHVWIHDUDSSUHKHQVLYHQHVVDQGWKHOLNHGXULQJVOHHS úù ö°ðôäôë øæöãôí öéö©ðöË K®ðô·ôí ì öêöØðöËôí öêöðôÀôÏ æöã öð÷ãð÷ß öê÷àß öðäöàôÜöõ«îðËô åí®ðÀø¤ôó øåôôí öæôÃôðI¸ß D$$RR WKX ELNDOLP DWLOODKLWWDPPDW PLQ JKD GDELKZD$$LT DELK ZDVKDUUL $$LE DGLK ZDPLQKDPD] DWLVKVKD\DWHHQZD DQ\DKGXURRQ µ,WDNHUHIXJHLQWKHS HUIHFWZRUGVRI$OO DKIURP+LVDQJHUDQGSXQLVKPHQWDQGIURP WKHHYLORI+LVVHUYDQWVDQGIURPWKHPDGQHVVDQGDSSHDUDQFHRIGHYLOV ¶ üú8SRQVHHLQJDJRRGGUHDPRUDEDGGUHDP úúù µ7KHULJKWHRXVGUHDPLVIURP$OO DKDQGWKHEDGGUHDPLVIURPWKHGHYLOVRLI DQ\RQH VHHV VRPHWKLQJ ZKLFK SOHDVHV KLP WKHQ KH VKRXOG RQO\ UHODWH LW WR RQH ZKRP KH ORYHV«¶ 6XPPDU\RIZKDWWRGRXSRQKDYLQJDEDGGUHDP 6SLWRQ\RXUOHIWWKUHHWLPHV 6SLW$IRUPRIVSLWWLQJFRPSULVLQJPDLQO\RIDLUZLWKOLWWOHVSLWWOH 6HHNUHIXJHLQ$OODKIURPVKD\WDQDQGWKHHYLORIZKDW\RXVDZ 'RQRWUHODWHLWWRDQ\RQH 7XUQDQGVOHHSRQWKHRSSRVLWHVLGHWRZKLFK\RXZHUHVOHHSLQJRQSUHYLRXVO\ úúú *HWXSDQGSUD\LI\RXVRGHVLUH üû4XQRRW$O:LWU $O:LWU6XSSOLFDWLRQPDGHEHIRUHRUDIWH UERZLQJLQWKHZLWUSUD\HU úúû û ì øôðIßôîô øæôäôðÓ òèðIßôîô ôí ìøôðôÓË øæôäôðÓ òðèöÓðËôí ìðøóôªðôë øæôäôðÓ òðçöªðøë Iâðõì÷àß ì ÚøôðôàôË ðÀðøØõó ûôí òÀðøØô ôÚðIçöôÓ ìøôðôÀô× ãI®ô· òèðö×ôí ìøôðôÄøËô äôðÓ òðß øÙö­ôí øôðôßðÌôôí èðIô­ ôðøÛô­ðô ì> øóô©ðË æôã J°ðöÌôó ûôí @ ìøôðôßíøæôã JÝö¬ðôó û õêðIçö $OODKXPPDK GLQHH IHHPDQ KDGD\W ZD$$ DILQHH IHHPDQ $$ DID\W ZDWDZDOODQHH IHHPDQ WDZDOOD\W ZDE DULN OHH IHHP D D$$WD\WZDTLQHHVKDUUDP D TDGD\WID LQQDND WDTGHH ZDOD \XTGD $$DOD\N LQQDKX O D \DWKLOOX PD Q ZDOD\W >ZDOD \D$$L]]X PDQ $$DGD\W@WDEDUDNWDUDEEDQ D ZDWD$$ DOD\W µ2 $OODK JXLGH PH DORQJZLWKWKRVHZKRP<RXKDYHJXLGHGSDUGRQPHDORQJZLWK WKRVHZKRP<RXKDYHSDUGRQHGEHDQDOO\WRPHDORQJZLWKWKRVHZKRP<RXDUHDQ DOO\WRDQGEOHVVIRUPHWK DWZKLFK<RXKDYHEHVWRZHG 3URWHFWPHIURPWKHHYLO<RX KDYH GHFUHHG IRU YHULO\ <RX GHFUHH DQG QRQH FDQ GHFUHH RYHU <RX )RU VXUHW\ KH ZKRP\RXVKRZDOOHJLDQFHWRLVQHYHUDEDVHGDQGKHZKRP<RXWDNHDVDQHQHP\LV QHYHUKRQRXUHGDQGPLJKW\ 2RXU/RUG %OHVVHGDQG([DOWHGDUH<RX ¶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úúü ôÚö õ«îðËôôí ìÚöðôîØõË øæöã ôÚðöÓðÌõäöôí ìÚðöÄô¨ô³ øæöã ôÙð¿ö®ö õ«îðËô òðKçö Iâðõì÷àß Úöð´øÔôç ððàôË ôøôðôèøô ðäôÛ ôðøçô ìÚøôðôàôË ñïðèô òð¼ø£õ û ìÚðøèöã $OODKXPPD LQQHH D$$RR WKX ELULGDND PLQ VDNKD WLN ZDELPX$$ DIDWLND PLQ $$XTRREDWLN ZD D$$RR WKX ELND PLQN O D RKVHH WKDQ DDQ $$DOD\N DQWD NDP D DWKQD\WD$$DO D QDIVLN µ2$OODK,WDNHUHIXJHZLWKLQ<RXUSOHDVXUHIURP<RXUGLVSOHDVXUHDQGZLWKLQ<RXU SDUGRQ IURP <RXU SXQLVKPHQW DQG , WDNH UHIXJH LQ <RX IURP <RX , FDQQRW HQXPHUDWH<RXUSUDLVH <RXDUHDV<RXKDYHSUDLVHG<RXUVHOI ¶ úúý ìÚôðôäø£ô­ îø®ðôç ìªöÔðø¤ôçíô ðÌðø´ôç ôÚøôðôßöôí ìªõ ðø´ôçíô òð÷àô¼õç ôÚðôßôí ìøªõðøÌç ôÙð÷óö Iâðõì÷àß ìÙõ®öÔøÐðôø´ôçíô ôÚõèôðÌôø´ôç ÷çö Iâðõì÷àß Öðô¤øàã æó®ÓðÜß ôÚô¬ðôË Iåö ìÚô¬ðôË ðð¸ø¨ôçôí Ùõ®ÔðøÜôó øæôã õÊôàðø¨ôçôí ôÚôß õÊôÀðø¨ôçôí ìÚö õæöãøðõçôí ìÙõ®õÔðøÜôç ûôí ìô®øôðô¨ßÚøôðôàôË òðèðøõçôí $OODKXPPDL\\ DNDQD$$EXGZDODNDQX VDOOHHZDQDVMXGZD LOD\NDQDV$$ D ZDQDKILG QDUMRR UD KPDWDN ZDQDNKVK D $$DWKDEDN LQQD $$D WKDEDND ELON DILUHHQD PXO KDT $OODKXPPDLQQ D QDVWD$$HHQXNZDQD VWDJKILUXNZDQXWKQHH$$DOD\NDO NKD\UZDO D QDNIXUXNZDQX PLQXELNZDQDNK GD$$XODNZDQDNKOD$$XPDQ\DNIXUXN µ2$OODKLWLV<RXZHZRUVKLSDQGXQWR<RXZHSUD\DQGSURVWUDWHDQGWRZDUGV<RX ZH KDVWHQ DQG <RX ZH VHUYH :H KRSH IRU <RXU PHUF\ DQGIHDU <RXUSXQLVKPHQW YHULO\<RXUSXQLVKPHQWZLOOIDOOXSRQWKHGLVEHOLHYHUV 2$OODKZHVHHN<RXUDLGDQG DVN <RXU SDUGRQ ZH SUDLVH <RX ZLWK DOO JRRG DQG GR QRW GLVEHOLHYH LQ <RX :H EHOLHYHLQ<RXDQGVXEPLWXQWR<RXDQGZHGLVRZQDQGUHMHFWWKRVHZKRGLVEHO LHYH LQ<RX û üü5HPHPEUDQFHLPPHGLDWHO\DIWHUVDODPRIWKHZLWUSUD\HU úúþ 7KH 0HVVHQJHU RI $OODK U ZRXOG UHFLWH WKH IROORZLQJ FKDSWHUV GXULQJ WKH ZLWU SUD\HU «ðàðøË÷ôÚðKô­ ôâø³ö¢ðKô³ 6DEELK LVPDUDEELNDDO D$$OD « >$OD$$OD@ «åí®öÓðÜßìðJóô óøÞðõ× 4XO\D D\\XKD DONDILURRQ « >$ONDILURRQ@ «ª£õôîëõ Þðõ× 4XOKXZD$OO DKXDKDG« >$OLNKODV@ «DIWHUJLYLQJVDODPKHZRXOGVXSSOLFDWHWKUHHWLPHV ®ãü ±í÷ªõØßöÚöàôäßôå¤øðõ³ 6XEKDQDOPDOLNLOTXGGRRV WKUHHWLPHV µ+RZSHUIHFW7KH.LQJ7KH+RO\2QHLV ¶ WKUHHWLPHV «RQWKHWKLUGWLPHKHZRXOGUDLVHKLVYRLFHHORQJDWHLWDQGDGG 5DEELOPDODLNDWLZDUURR K ¡í÷®ßíöÜüäßK­ µ/RUGRIWKHDQJOHVDQGWKH5RR K LH-LEUDHHO üý6XSSOLFDWLRQIRUDQ[LHW\DQGVRUURZ úúÿ I öÓ òÝøªôË ìôÚõäøÜõ£ IòöÓ ó½ôã ìôÙöªðôôö òöô ö»ôç ôÚðöôãô õæøôÙöªðøôË õæøôÙõªðøôË òKçö Iâðõì÷àß ò õêôðøäàIôË øíô ìôÚöôöÛ òöÓ õêðôøßô°øçô øíö ôÚô´øÔôç öêö ôøôðIäô³ ôÚôß ôîëõ óâø³ KÞõÜö ôÚðõßôø³ô ôÙ ôÀô× ìòðöøàô× ôÊðôöô­ ôåø®õØßôÞÌô ðø ô øåô ôÙôªðøèöË öðøôôÐßöâøàöË òöÓ öêö ôø®ôø ðôø³öíô ôÚðöØøàô§ øæöã ñªô£ô òðKäôë ôôëô«íòöçø°ðõ£ ôïôàôíñö­øªðô» ô­îçôí $OODKXPPD LQQHH $$DEGXN LEQX $$DEGLN LEQX DPD WLN QDVL\DWHH EL\DGLN P DGLQ IL\\D KXNPXN$$DGOXQIL\\DTD GDRNDVDOXNDELNXOOLLVPLQKXZDODNVDPPD\WDELKL QDIVDNDZDQ]DOWDKXIHHNLW DELNDZ$$DOODPWDKXD KDGDQPLQNKDOTLNDZLV WDWKDUWD ELKL IHH $$LOPLO JKD\EL $$LQGDN DQ WDM$$DODO 4XUDQD UDEHH$ $D TDOEHH ZDQRRUD VDGUHHZDMDO DDKX]QHHZD WKDKDEDKDPPHH µ2 $OODK , DP <RXU VHUYDQW VRQ RI <RXU VHUYDQW VRQ RI <RXU PDLGVHUYDQW P\ IRUHORFNLVLQ<RXUKDQG LH<RXKDYHWRWDOPDVWHU\RYHU <RXUFRPPDQGRYHUPHLV IRUHYHUH[HFXWHGDQG<RXUGHFUHH RYHUPHLVMXVW ,DVN<RXE\HYHU\QDPHEHORQJLQJ WR<RXZKLFK<RXQDPHG<RXUVHOIZLWKRUUHYHDOHGLQ<RXU%RRNRU<RXWDXJKWWR DQ\ RI <RXU FUHDWLRQ RU <RX KDYH SUHVHUYHG LQ WKH NQRZOHGJH RI WKH XQVHHQ ZLWK <RXWKDW<RXPDNHWKH4XU DQWKHOLIHRIP\ KHDUWDQGWKHOLJKWRIP\EUHDVWDQGD GHSDUWXUHIRUP\VRUURZDQGDUHOHDVHIRUP\DQ[LHW\ ¶ úú öÊðøàô¿íìöæøðõ ßíöÞðø¨õßíöÞ´ ô ôÜßíö°ðø ñÌßíìöåø°ðõ¤øß ôí Kâðôìßôæãö ôÚö õ«îøËô òKçö Iâðõì÷àß ÝK®ßöðôôàôÏíöæóø Iªðß $OODKXPPD LQQHH D$$RR WKX ELND PLQDO KDPPL ZDO KX]Q ZDO$$DM]L ZDONDVDOL ZDOEXNKOLZDOMXEQZD GDO$$LG GD\QLZDJKD ODEDWLUULMDO µ2 $OODK , WDNH UHIXJH LQ <RX IURP DQ[LHW\ DQG VRUURZ ZHDNQHVV DQG OD]LQHVV PLVHUOLQHVVDQGFRZDUGLFHWKHEXUGHQRIGHEWVDQGIURPEHLQJRYHUSRZHUHGE\PHQ ¶ üù üþ6XSSOLFDWLRQIRURQHLQGLVWUHVV úú Jô­ øêIàßIßö ôêðôßö ôß ìöâðôöÈôÌßöµø®ðôÌßJô­ õêIàßIßö ôêôßö ôß ìøâôðöàô¤øß õâôðÈôÌøß õêIàßIßö ôêôß ôß âó®ðôÜßöµø®ôÌßJô­íö½ø­ô÷J÷­íö÷îðôä´ I ß /D LODKDLOODOODKXO$$DWKHHPXOKDOHHPOD LODKDLOODOODKXUDEEXO $$DUVKLO $$DWKHHP OD LODKDLOODOODKX UDEEXV VDPDZDWLZDUDEEXO DUGLZDUDEEXO $$DUVKLO NDUHHP µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DK)RUEHDULQJ 1RQHKDVWKHULJKWWR EHZRUVKLSSHGH[FHSW$OO DK/RUGRIWKHPDJQLILFHQWWKURQH 1RQHKDVWKHULJKWWREH ZRUVKLSSHG H[FHSW $OO DK /RUG RI WKH KHDYHQV /RUG RI WKH (DUWK DQG /RUG RI WKH QREOHWKURQH ¶ úú ôß êðIàõÛ òðçøô· òßø¢ðöàø»ôôí ìæøôðôË ôôÓø®ðôà ò´ðøÔôç ðßö òèðàöÜô üôÓîðø­ô ôÚðôôäø£ô­ Iâðõì÷àß ðøçIßö ôêôßö $OODKXPPD UD KPDWDND DUMRR IDO D WDNLOQHH LO D QDIVHH WDUIDWD $$D\Q ZD DVOLK OHH VKDQHHNXOODKO D LODKDLOOD DQW µ2$OODKLWLV<RXUPHUF\WKDW,KRSHIRUVRGRQRWOHDYHPHLQFKDUJHRIP\DIIDLUV HYHQIRUDEOLQNRIDQH\HDQGUHFWLI\IRUPHDOORIP\DIIDLUV 1RQHKDVWKHULJKWWREH ZRUVKLSSHGH[FHSW<RX ¶ úûù æðôäößð÷Èßôæãö õðøèõÛ òKçö ôÚôç¤øðõ³ ðøçIßö ôêôßö ôß /D LODKDLOOD DQWDVXE KDQDNDLQQHHNXQWXPLQD WKWKDOLPHHQ µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW<RX +RZSHUIHFW<RXDUHYHULO\,ZDV DPRQJWKHZURQJ GRHUV¶ úûú ñðøôô· öêö õÙö®ðø·õ û Kô­ õõ $OODKX$OODKXUDEELO D RVKULNXELKL VKD\D µ$OODK$OODKLVP\/RUG,GRQRWDVVRFLDWHDQ\WKLQJZLWK+LP ¶ üÿ8SRQHQFRXQWHULQJDQHQHP\RUWKRVHRIDXWKRULW\ úûû øâðëö­í®õ· øæöã ôÚö õ«îðÌôçôí ìâðöëö­îð¤õç òÓôÚõàôÌðø ôç çö Iâðõì÷àß $OODKXPPDLQQ D QDM$$DOXNDIHHQX KRRULKLPZDQD$$RR WKXELNDPLQVKXURRULKLP µ2$OODKZHSODFH<RXEHIRUHWKHPDQGZHWDNHUHIXJHLQ<RXIURPWKHLUHYLO ¶ úûü Þöð×õ ôÚöíô õÝîð»ô ôÚöíô õÝîðô ôÚö ìñ®ôð¼ôç ôøçôôí ìñªðõÀôË ôøçô Iâðõì÷àß $OODKXPPD DQWD $$D GXGHH ZD DQWD QD VHHUHH ELND DMRROX ZDELND D VRROX ZDELND RTDWLO µ2$OODK<RXDUHP\VXSSRUWHUDQG<RXDUHP\KHOSHUE\<RX,PRYHDQGE\<RX, DWWDFNDQGE\<RX,EDWWOH ¶ úûý ÞôðÛôîßôâðøÌöçôí õèðõø´ô£ +DVEXQDOODKXZDQL$$PDO ZDNHHO üú µ$OODKLVVXIILFLHQWIRUXVDQGKRZILQHDWUXVWHH +HLV ¶ ü 6XSSOLFDWLRQIRURQHDIIOLFWHGZLWKGRXEWLQKLVIDLWK úûþ +HVKRXOGVHHNUHIXJHLQ$OODK +HVKRXOGUHQRXQFHWKDWZKLFKLVFDXVLQJVXFKGRXEW úûÿ +HVKRXOGVD\ $PDQWXELOO DKLZDUXVXOLK µ,KDYHEHOLHYHGLQ$OO DKDQG+LV0HVVHQJHU ¶ êöàðõ³õ­ôí öö õðøèôã úû +HVKRXOGDOVRUHFLWHWKHIROORZLQJYHUVH âôðàôË óïòô· KÞõÜö ôîëõ ôí ìõæðöÃðøßôí ìõ®ðöëð÷Èßôí ìõ®ðö§õôí ìõÝIí÷ôîëõ +XZD DODZZDOX ZD DODNKLUX ZD DOWKWKDKLUX ZD DOEDWLQX ZDKXZD ELNXOOL VKD\LQ $$DOHHP µ+HLV7KH)LUVWDQG7KH/DVW $WKWKDKLUDQG$O%DWLQ DQG+HNQRZVZHOODOOWKLQJV ¶ $WKWKDKLU ,QGLFDWHV WKH JUHDWQHVV RI +LV DWWULEXWHV DQG WKH LQVLJQLILFDQFH RI HYHU\ VLQJOH FUHDWLRQ LQ UHVSHFW WR +LV JUHDWQHVV DQG +LJKQHVV IRU +H LV DERYH DOO RI +LV FUHDWLRQ DVUHJDUGV+LVHVVHQFHDQGDWWULEXWHV $O%DWLQ,QGLFDWHV+LVDZDUHQHVVDQGNQRZOHGJHRIDOOVHFUHWVRIWKDWZKLFKLVLQWKH KHDUWVDQGWKHPRVWLQWLPDWHRIWKLQJVMXVWDVLWLQGLFDWHV+LVFORVHQHVVDQGQHDUQHVVWR DOOLQDPDQQHUZKLFKEHILWV+LVPDMHVW \ ü6HWWOLQJDGHEW úû Ùîðö³ øæðIäôË öÚöàðøÀôÔö òèðöèøÏôôí ìÚðöã®ðô£ øæôË ôÚðößüô¤ö òèðöÔøÛIâðõì÷àß $OODKXPPDN ILQHHELKDODOLND$$DQ KDUDPLNZD DJKQLQHHELID GOLND$$DPPDQVLZ DN µ2 $OODK PDNH ZKDW LV ODZIXO HQRXJK IRU PH DV RSSRVHG WR ZKDW LV XQODZIXO DQG VSDUHPHE\<RXUJUDFHRIQHHGRIRWKHUV ¶ úû öÊðøàô¿íìöæøðõ ßíöÞðø¨õßíöÞ´ ô ôÜßíö°ðø ñÌßíìöåø°ðõ¤øß ôí Kâðôìßôæãö ôÚö õ«îøËô òKçö Iâðõì÷àß ÝK®ßöðôôàôÏíöæóø Iªðß $OODKXPPD LQQHH D$$RR WKX ELND PLQDO KDPPL ZDO KX]Q ZDO$$DM]L ZDONDVDO ZDOEXNKOZDOMXEQZD GDO$$LG GD\QLZDJKDODEDWLU ULMDO µ2 $OODK , WDNH UHIXJH LQ <RX IURP DQ[LHW\ DQG VRUURZ ZHDNQHVV DQG OD]LQHVV PLVHUOLQHVVDQGFRZDUGLFHWKHEXUGHQRIGHEWVDQGIURPEHLQJRYHUSRZHUHGE\PHQ ¶ ü6XSSOLFDWLRQIRU RQHDIIOLFDWHGE\ZKLVSHULQJVLQSUD\HURUUHFLWDWLRQ úüù µRWKPDQ ,EQ $O$$DV W QDUUDWHG , VDLG µ2 0HVVHQJHU RI $OODK YHULO\ WKH GHYLO FRPHV EHWZHHQ PH DQG P\ SUD\HU DQG UHFLWDWLRQ PDNLQJ PH FRQIXVHG ¶ 7KH 0HVVHQJHU RI $OODK U UHSOLHG µ7KDW LV D GHYLO FDOOHG .KDQ]DE VR LI \RX VHQVH KLV üû SUHVHQFHWKHQVHHNUHIXJHLQ$OODKIURPKLPDQGVSLW $IRUPRIVSLWWLQJFRPSULVLQJ PDLQO\RIDLUZLWKOLWWOHVSLWWOH RQ\RXUOHIWVLGHWKUHHWLPHV¶ ýù6XSSOLFDWLRQIRURQHZKRVHDIIDLUVKDYHEHFRPHGLIILFXOW úüú ñüðø ìô³ ôøðö· «ö ôåô°ðô¤øß õÞôÌðø ô ôøçôôí ìñüðìô³ õêôðàôÌô ã÷ûö ôÞìø ðô³ û Iâðõì÷àß $OODKXPPD O D VDKOD LOO D PD MD$$DOWDKX VDKO D ZDDQWD WDM$$DOXO KD]DQD LQ VKL WD VDKOD µ2$OODKWKHUHLVQRHDVHH[FHSWLQWKDWZKLFK<RXKDYHPDGHHDV\DQG<RXPDN H WKHGLIILFXOW\LI<RXZLVKHDV\ ¶ ýú8SRQFRPPLWWLQJDVLQ úüû µ$Q\VHUYDQWZKRFRPPLWVDVLQDQGDVDUHVXOWSHUIRUPVDEOXWLRQSUD\VWZRXQLWVRI SUD\HU LH WZR UDN$$DV DQG WKHQ VHHNV $OODK¶V IRUJLYHQHVV $OODK ZRXOG IRUJLYH KLP¶ ýû6XSSOLFDWLRQIRUH[SHOOLQJWKHGHYLODQGKLVZKLVSHULQJV úüü 6HHNLQJUHIXJHIURPKLP úüý 7KHDWKDQ FDOOWRSUD\HU úüþ 5HFLWDWLRQRIWKH4XUDQDQGWKHDXWKHQWLFWH[WVRIUHPHPEUDQFHDQGVXSSOLFDWLRQV HJ µ'R QRW PDNH \RXU KRPHV OLNH WKH JUDYH\DUGV LQGHHG WKH G HYLOVIOHHIURPWKH KRXVH LQ ZKLFK VRRUDW $O %DTDUDK KDV EHHQ UHDG¶ UHODWHG E\ 0XVOLP úþü DOVR VXSSOLFDWLRQDQGUHPHPEUDQFHIRUWKHPRUQLQJ HYHQLQJEHIRUHVOHHSZKHQJHWWLQJ XSHQWHULQJDQGOHDYLQJWKHWRLOHWHQWHULQJDQGOHDYLQJWKHPRVTXHWKHU HFLWDWLRQRI D\DW $ONXUVL\\ DQG WKH ODVW WZR YHUVHV RI VRRUDW $O %DTDUDK EHIRUH VOHHSLQJ WKH DWKDQ«HWF ýü6XSSOLFDWLRQZKHQVWULFNHQZLWKDPLVKDSRURYHUWDNHQE\DQDIIDLU úüÿ µ7KHVWURQJEHOLHYHULVEHWWHUDQGPRUHEHORYHGWR$OO DKWKDQWKHZHDNEHO LHYHUDQG WKHUHLVJRRGQHVVLQERWK6WULYHIRUWKDWZKLFKZLOOEHQHILW\RXVHHNKHOSIURP$OO DK DQGGR QRWGHVSDLU,IDPLVKDSVKRXOGKDSSHQWREHIDOO\RXWKHQGRQRWVD\ µ,IRQO\, KDGDFWHG«VXFKDQGVXFKZRXOGKDYHKDSSHQHG ¶5DWKHUVD\ 4DGGDUDOODKZDPD VKDDID$$DO µ$OODKKDVGHFUHHGDQGZKDW+HZLOOV+HGRHV ¶ «IRUYHULO\µ,I¶OHWVLQWKHZRUNRIWKHGHYLO ¶ ÞðôÌôÓ ôïð· ãôí õô­ªI ô× úü ,QGHHG $OODK ðßÌ UHEXNHV GXH WR QHJOLJHQFH DQG VODFNQHVV EXW WDNH WR GHWHUPLQDWLRQDQGFDXWLRQDQGLIDPDWWHUVKRXOGRYHUWDNH\RXWKHQVD\ üü +DVEL\DOODKZDQL$$PDO ZDNHHO µ$OODKLVVXIILFLHQWIRUPHDQGKRZILQHDWUXVWHH ýý3ODFLQJFKLOGHQXQGHU$OODK¶VSURWHFWLRQ +HLV ¶ ÞðôÛôîßôâøÌðöçôí õôòö ðø´ô£ úü ,EQ$$DEEDVUHODWHGWKDWWKH0HVVHQJH URI$OODK U XVHGWRFRPPHQG$O+DVDQDQG $O+XVD\QWR$OODK¶VSURWHFWLRQVD\LQJ ðIãûóæôø ðôË KÞðõÛ øæöãôí ìIãðëôí óåÄðøôô· KÞõÛ øæöã ìIãð÷ßööäðöàôÜö ðäõÛõ¬ðôËõ 2$$HHWKXNXPD ELNDOLPDWLOODKLWWDPPDK PLQ NXOOL VKD\ WDQLQ ZDK DPPDK ZDPLQ NXOOL$$D\QLQO DPPDK µ, FRPPHQG \RX WZR WR WKH SURWHFWLRQ RI $OO DK¶V SHUIHFW ZRUGV IURP HYHU\ GHYLO YHUPLQDQGHYHU\HYLOH\H ¶ ýþ:KHQYLVLWLQJWKHVLFN úü :KHQWKH3URSKHW U ZRXOGHQWHUXSRQDVLFNSHUVRQKHZRXOGVD\ ôïð· øåö ò­îðìôà ô±øû /D EDVDWDKRRUXQLQVK DDOODK µ1HYHUPLQGPD\LW WKHVLFNQHVV EHDSXULILFDWLRQLI$OO DKZLOOV¶ úýù µ$Q\0XVOLPVHUYDQWZKRYLVLWVDVLFNSHUVRQZKRVHSUHVFULEHGPRPHQWRIGHDWKKDV QRWDUULYHGDQGVXSSOLFDWHVVHYHQWLPHV ®ãʳ ÚôðÔø¸ôó øåô âðôÈðôÌßöµø®ðôÌßIô­ ìâðôÈðôÌßôõÝôðø³ô $VDOXOODKDO$$DWKHHPUDEEDO $$DUVKLO $$DWKHHPDQ\DVKIHHN WLPHV µ,DVN$OO DK7KH6XSUHPH/RUGRIWKHPDJQLILFHQWWKURQHWRFXUH\RX ¶ «KH WKHVLFNSHUVRQ ZLOOEHFXUHG¶ ýÿ([FHOOHQFHRIYLVLWLQJWKHVLFN úýú µ$OL,EQ$EHH7DOLEW UHODWHGWKDWKHKHDUGWKH0HVVHQJHURI$OO DKU VD\µ,IDPDQ FDOOV RQ KLV VLFN 0XVOLP EURWKHULWLVDVLIKHZDONVUHDSLQJWKHIUXLWVRI3DUDGLVH XQWLOKHVLWVDQGZKHQKHVLWVKHLVVKRZHUHGLQPHUF\DQGLI WKLVZDVLQWKHPRUQLQJ VHYHQW\WKRXVDQGDQJOHVVHQGSUD\HUVXSRQKLPXQWLOWKHHYHQLQJDQGLIWKLVZDVLQ WKHHYHQLQJVHYHQW\WKRXVDQGDQJOHVVHQGSUD\HUVXSRQKLPXQWLOWKHPRUQLQJ ¶ ý 6XSSOLFDWLRQRIWKHVLFNZKRKDYHUHQRXQFHGDOOKRSHRIOLIH úýû ððàøË÷÷öÖôðÓI®ßö òèðøØö¤øßôôí òèðøäô£­ø ôí òßø®ðöÔøÏIâðõì÷àß $OODKXPPDJK ILUOHHZDU KDPQHHZD DOKLTQHHELUUDIHHTLO D$$OD µ2$OODKIRUJLYHPHKDYHPHUF\XSRQPHDQGXQLWHPHZLWKWKHKLJKHUFRPSDQLRQV 5HIHUWRWKH4XUDQFKDSWHU ýYHUVHÿ úýü üý ¶ $$DLVKDK ìèËò¿­ UHODWHGWKDWWKH3URSKHW U GXULQJKLVLOOQHVVLQZKLFKKH SDVVHGDZD\ ZRXOGGLSKLVKDQGVLQZDWHUDQGWKHQKHZRXOGZLSHKLVIDFHDQGVD\ ®ðôÜô´ôß öøîðôäàßIåö ìIßö ôêôßö ôß /D LODKDLOODOODKLQQDOLOPD ZWLODVDNDU DW µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DKGHDWKGRHVLQGHHGFRQWDLQDJRQ\ ¶ úýý õÚàõäßõêßõê÷àß ÷ûôêßû ìõêßôÚó®ô· û õéôªðø£íõê÷àß ÷ûôêßû ì®ðôøÛô õê÷àßôí õê÷àß ÷ûôêßû ö ÷ûö ôIîðõ× ûôí ôÝøîðô£ ûôí õê÷àß ÷ûôêßû ìªøäô¤ßõêßí /D LODKD LOODOODK ZDOODKX DNEDU O D LODKD LOODOODKX ZD KGDK OD VKDUHHND ODK O D LODKD LOODOODKX ODKXO PXONX ZDODKXO KDPG OD LODKD LOODOODK ZDOD KDZODZDO D TXZZDWDLOO D ELOODK µ1RQHKDVWKHULJKWWREHZRUVKLSSHG H[FHSW$OO DKDQG$OO DKLVWKHJUHDWHVW 1RQHKDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH 1RQH KDV WKHULJKWWREHZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU 1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OODKWR+LPEHORQJVDOOVRYHUHLJQW\DQGSUD LVH1RQHKDVWKHULJKWWREHZRUVKLSSHG H[FHSW$OO DKDQGWKHUHLVQRPLJKWDQGQRSRZHUH[FHSWZLWK$OO DK¶ ý,QVWUXFWLRQIRUWKHRQHQHDULQJGHDWK LHWKRVHDURXQGWKHVLFNVKRXOGLQVWUXFWDQGHQFRXUDJHKLPWRVD\WKHVKDK úýþ µ+HZKRVHODVWZRUGVDUH /D LODKDLOODOODK µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DK¶ «ZLOOHQWHU3DUDGLVH¶ DGDK ê÷àß ÷ûôêßû ý6XSSOLFDWLRQIRURQHDIIOLFWHGE\DFDODPLW\ úýÿ ìðøèöã ñ®ðøôô§ òßøÒðõàø§ôí ìòôôð¼õã òÓòçø®ðõø Kâðõìàßì åîðÌö­öêøôðôßö ôçöôí ö ÷çö ,QQD OLOODKLZDLQQD LOD\KLU DML$$RRQDOO DKXPPD MXUQHHIHHPX VHHEDWHHZDNKOXIOHH NKD\UDQPLQK D µ7R $OODK ZH EHORQJ DQG XQWR +LP LV RXU UHWXUQ 2 $OODK UHFRPSHQVH PH IRU P\ DIIOLFWLRQDQGUHSODFHLWIRUPHZLWKVRPHWKLQJEHWWHU ¶ þù:KHQFORVLQJWKHH\HVRIWKHGHFHDVHG úý òÓöêöðöØôË òÓõêðøÔõàðø§ôí ì æðôóöªðøìôäßòÓõêðôô­ô ô© øÊôÓø­ôí êäð³åüÓðöß ø®ðöÔøÏKâðõìàß êôÓõêôß ø­Kîðôçôí öéö®ðøô× òÓõêôß ø¢ðô´øÓôí ìæôðäôßðÌßIô­ óõêðôßôí ðèôß ø®ðöÔøÏôí ìæó®ðöÐß $OODKXPPDJK ILU OLQDPH WKH GHDG ZDUID$$ GDUDMDWDKX ILO PDKGL\\HHQ ZDNKOXIKX IHH $$DTLELKL ILO JKDELUHHQ ZDJKILU ODQ D ZDODKX \ D UDEEDO$$DODPHHQZDIVD K ODKX IHHTDEULKZDQDZZLUODKXIHHK µ2 $OODK IRUJLYH KHUH WKH QDPH RI WKH GHFHDVHG LV PHQWLRQHG DQG UDLVH KLV UDQN DPRQJWKHULJKWO\JXLGHGDQGEHDVXFFHVVRUWRZKRPKHKDVOHIWEHKLQGDQGIRUJLYH XVDQGKLP2/RUGRIWKHZRUOGV 0DNHVSDFLRXVKLVJUDYHDQGLOOXPLQDWHLWIRUKLP ¶ $ VXFFHVVRU RQH ZKR VXFFHHGV DQRWKHU GXHWRWKHODWWHU ¶VDEVHQFHR UGHDWK7KLVLV WKHFRUUHFWPHDQLQJRIWKHZRUG NKDOHHIDKWKXVLWLVLQFRUUHFWWREHOLHYHWKDW $GDPLV üþ WKHNKDOHHIDK YLFHJHUHQWDVLVFRPPRQO\WUDQVODWHG RI$OODKRQHDUWKEHFDXVH$OO DK LVQHYHUDEVHQWDQGZLOOQHYHUGLH 7KLVVXSSOLFDWLRQSURYHVW KHFRUUHFWXQGHUVWDQGLQJ RIWKLVWHUPDQGVKRZVWKDW$OO DKVXFFHHGVXVDQGJXDUGVZKRPZHOHDYHEHKLQGZKHQ ZHGLHRUDUHDEVHQW DOVRUHIHUWRVXSSOLFDWLRQ ú þú6XSSOLFDWLRQIRUWKHGHFHDVHGDWWKHIXQHUDOSUD\HU úý ì êôàðô§øªõã øÊðK³ôíôí ì êðôßõ°õç øáö®ðøÛôôí ì êðøèôË õÒøËôí öêöÓËôí ì êðøäô£­ø ôí õêôß ø®ðöÔøÏ Kâðõìàß ôæãö õ¾ðôôøô÷õøîIðß ôøô÷Øðôç äôÛ óðĨøß ôæãö öêðKØôçíô ì ø©ô®ðôøßôí öàø ðIßôí öïðäøßö õêðøàö´øÏôí øæöã ñ®øôðô§ ñðôøíô¯ôí ì êðöàøëô øæöã ñ®øôðô§ ñüøëôôí ì éö­©øæöã ñ®øôðô§ ñ­©õêøßöªðøôôí ì ø²ðôçIªß ­ð÷èßö¬ôËíô ®øðôØßö¬ôË øæöã õéø¬ðöËôôí ì Ièðô øß õêøàðö§ø©ôôí ì êöøíô¯ $OODKXPPDJK ILU ODKX ZDU KDPK ZD$$ DILKL ZD$$IX $$DQK ZD DNULP QX]XODK ZDZDVVL$$ PXGNKDODK ZDJKVLOKX ELOP DL ZDWKWKDOML ZDOEDUDG ZDQDTTLKL PLQDO NKDWD\D NDPD QDTTD\WDWK WKDZEDODE\DGD PLQDG GDQDV ZD DEGLOKX G DUDQ NKD\UDQ PLQ GDULKZD DKODQNKD\UDQPLQDKOLKZD]DZMDQNKD\UDQPLQ]DZMLKZD DGNKLOKXO MDQQDKZD D$$LWKKXPLQ$ $DWKDELOTDEUZD$$D WKDELQQDU µ2 $OODK IRUJLYH DQG KDYHPHUF\XSRQKLPH[FXVHKLPDQGSDUGRQKLPDQGPDNH KRQRXUDEOH KLV UHFHSWLRQ ([SDQG KLV HQWU\ DQG FOHDQVH KLP ZLWK ZDWHU VQRZ DQG LFHDQGSXULI\KLPRIVLQDVDZKLWHUREHLVSXULILHGRIILOWK ([FKDQJHKLVKRPHIRUD EHWWHU KRPH DQG KLV IDPLO\ IRU D EHWWHU IDPLO\ DQG KLV VSRXVH IRU D EHWWHU VSRXVH $GPLW KLP LQWR WKH *DUGHQ SURWHFW KLP IURP WKH SXQLVKPHQW RI WKH JUDYH DQG WKH WRUPHQWRIWKH)LUH ¶ úý çö®ðôÛô«ôí ì çö®ðôôÛôí çö®ðôÐô»ôí ì èðööÏôí ì çöªöëð·ôí èðöKôôãôí èðKôô¤öß ø®ðöÔøÏ Kâðõìàß ðàôË õêðIÓôîô ôÓ ÷èöã õêôøôðIÓôîô øæôãôíì áüø³öù ðàôË öêðöôø£ôôÓ ÷èöã õêôðøôô ø£ô øæôã Kâðõìàß çðøçõôí éôªðøÌô èIàðöÀõ ûôí ì éô®ðøô ðèøãö®ðø¤ô û Kâðõìàßì åäðóöù $OODKXPPDJK ILU OLKD\\LQD ZDPD\\LWLQ D ZDVKDKLGLQD ZDJKDLELQD ZDVDJKHHULQ D ZDNDEHHULQ D ZDWKDNDULQD ZDRQWKDQD $OODKXPPD PDQ D K\D\WDKX PLQQ D IDDK\LKL $$DODOLVODP ZDPDQ WDZDIID\WDKX PLQQ D IDWDZDIIDKX $$DODO HHPDQDOODKXPPDO D WDKULPQD DMUDKZDOD WXGLOODQD ED$$GDK µ2$OODKIRUJLYHRXUOLYLQJDQGRXUGHDGWKRVHSUHVHQWDQGWKRVHDEVHQWRXU\RXQJ DQGRXUROGRXUPDOHVDQGRXUIHPDOHV 2$OODKZKRPDPRQJVWXV<RXNHHSDOLYH WKHQOHWVXFKDOLIHEHXSRQ,VO DPDQGZKRPDPRQJVWXV<RXW DNHXQWR<RXUVHOIWKHQ OHWVXFKDGHDWKEHXSRQIDLWK 2$OODKGRQRWGHSULYHXVRIKLVUHZDUGDQGGRQRWOHW XVVWUD\DIWHUKLP ¶ úþù ö¬ôËíô ö®øðôØøß öôèðøöÓ øæöã öêðöØôÓ ì Ùö­îðö öÞðøô£ôí ì ÚöðIãö« òÓóåüõÓ ôæø ôåüõÓ Iåö Kâðõìàß âô£I®ðß õ­îÔðôÐßôøçô ôÚçI ö ì õêðøäô£­ø ôí õêôß ø®ðöÔøÏôÓ ì KÖô¤ðøßôí öïðÓôîßø õÞøëô ôøçôôí ì ­ð÷èß $OODKXPPD LQQD QDPH W KH GHDG IHH WKLPPDWLNZD KDEOLMLZDULNIDTLKLPLQILWQDWLO TDEU ZD$$D WKDELQQDU ZDDQWD DKOXO ZDID ZDOKDT IDJKILU ODKX ZDU KDPK LQQDND DQWDOJKDIRRUXU UDKHHP µ2$OODKVRDQGVRLVXQGHU<RXUFDUHDQGSURWHFWLRQVRSURWHFWKLPIURPWKHWULDORI WKH JUDYHDQGWRUPHQWRIWKH)LUH ,QGHHG<RXDUHIDLWKIXODQGWUXWKIXO )RUJLYHDQG KDYHPHUF\XSRQKLPVXUHO\<RXDUH7KH2IW )RUJLYLQJ7KH0RVW 0HUFLIXO¶ üÿ úþú ôåÛ øåö ìêðö¬ôË øæôË GòðöèôÏ ôøçôôí ìÚöðôäø£ô­ ðßö ôðø£ ìÚöðôãô õæøôí ôÙõªðøôË Kâðõìàß êðøèôË ø¯ôí ðôôÓ ñôð´õã ôåÛøåöôí ìêöèðô´ô£ òÓø©ö°ôÓ ñèö´ðø¤õã $OODKXPPD $$DEGXND ZDEQX DPDWLN L KWDMD LOD UDKPDWLN ZD DQWD JKDQL\\XQ$$D Q $$DWKDELK LQ N DQD PXKVLQDQ ID]LG IHH KDVDQDWLK ZD LQ NDQD PXVHHDQ IDWDM DZD] $$DQK µ2$OODK<RXUVHUYDQWDQGWKHVRQRI<RXUPDLGVHUYDQWLVLQQHHGRI<RXUPHUF\DQG <RXDUHZLWKRXWQHHGRIKLVSXQLVKPHQW ,IKHZDVULJKWHRXVWKHQLQFUHDVHKLVUHZDUG DQGLIKHZDVZLFNHGWKHQORRNRYHUKLVVLQV ¶ þû6XSSOLFDWLRQIRUWKHDGYDQFHPHQWRIUHZDUGGXULQJWKHIXQHUDOSUD\HU 7KLV VXSSOLFDWLRQ LV PDGH ZKHQ WKH GHFHDVHG LV D EDE\ FKLOG LH RQH QRW KDYLQJ UHDFKHGWKHDJHRISXEHUW\ úþû $IWHUVHHNLQJIRUJLYHQHVVIRUWKHGHFHDVHGRQHFDQVD\ ìäõìôèðó¯îôã öêö øÞKØðô Kâðõìàß ìñð õã ñÌôðÔô·íô ìêóôªðößîöß ñ®ðø§õ«ôí ñðÃô®ôÓ õêðøàôÌø Kâðõìàß ìâôðë®ðøö öôßðÔôÛ òÓ õêðøàôÌøôí ìæôðèöãøäðß ö¢ðöß¼ö õêðøØö¤ðøßôôí ìäðõëô­îðõ öêö øâöÈðøËôôí âô¤ðô øß ô¬ôË ôÚöðôäø£ô®ö öêö×ôí $OODKXPPDM $$DOKX IDUD WDQ ZD WKXNKUDQ OLZ DOLGD\K ZDVKDIHH$$DQ PXM DEDQ $OODKXPPD WKDTTLO ELKL PDZ D]HHQDKXP D ZDD$$WKLP ELKL RMRRUDKXP D ZDDOKLTKX ELVDOLKLOPXPLQHHQ ZDM$$DOKX IHH NDI DODWL ,EU DKHHP ZDTLKL ELUD KPDWLND $$DWKDEDOMDKHHP µ2$OODKPDNHKLPDSUHFHGLQJUHZDUGDQGDVWRUHGWUHDVXUHIRUKLVSDUHQWVDQGDQ DQVZHUHG LQWHUFHVVRU 2 $OODK WKURXJK KLP PDNH KHDY\ WKHLU VFDOHV DQG PDJQLI\ WKHLU UHZDUG 8QLWH KLP ZLWK WKH ULJKWHRXV EHOLHYHUV SODFH KLP XQ GHU WKH FDUH RI ,EUDKHHPDQGSURWHFWKLPE\<RXUPHUF\IURPWKHWRUPHQWRI+HOO ¶ úþü $O+DVDQXVHGWRUHFLWHWKHRSHQLQJFKDSWHURIWKH4XUDQ LH$/)DWLKDK RYHUWKH FKLOGDQGWKHQVXSSOLFDWHV ñ®ðøôôí ñÔðôàô³ôí ìñðÃô®ôÓ èôß õêðøàôÌøKâðõìàß $OODKXPPDM $$DOKXODQ D IDUDWDZDVDODIDQZD DMUD µ2$OODKPDNHKLPDSUHFHGLQJUHZDUGDSUHSD\PHQWDQGDUHFRPSHQVHIRUXV þü&RQGROHQFH úþý ¶ ö´ôðø¤ôøßôí ®öðø¼ôøàôÓðIäðô´õã óÞ ô ôö õéôªðøèöË óïòô· JÞðõÛôí ìððÄðøËô ãõêôßôí ì¬ô§ô ãö Iåö ,QQD OLOODKL PD DNKDWK ZDODKX P D D$$WD ZDNXOOX VKD\LQ $$LQGDKX EL DMDOLQ PXVDPPD«IDOWDVELUZDOWD KWDVLE µ9HULO\ WR $OO DK EHORQJV ZKDW +H WRRN DQG WR +LP EHORQJV ZKDW +H JDYH DQG HYHU\WK LQJ ZLWK +LP KDV DQ DSSRLQWHG WLPH «DQG WKHQ KH U RUGHUHG IRU KHU WR EH SDWLHQWDQGKRSHIRU$OO DK¶VUHZDUG ¶ 7KH ZRUGV IDOWDVELU ZDOWD KWDVLE DUH FRPPDQGV LQ WKH IHPLQLQH üUG SHUVRQIRUPVR WKH\ZLOOQHHGWREHFKDQJHGLQUHVSHFWWRZKRPLVEHLQJDGGUHVV HG DQGRQHFDQDOVRVD\ ÚöKôðôäöß ô®ðôÔôÏíô ìÙ ôï°ðôË ôæðô´ø£ôôí ìÙô®ðøô õôâðôÈøËô D$$WKDPDOODKXDMUDNZD DKVDQD$$D] DDNZDJKDIDUDOLPD\\LWLN ü µ0D\ $OODK PDJQLI\ \RXU UHZDUG PDNH EHWWHU \RXU VRODFH DQG IRUJLYH \RXU GHFHDVHG ¶ 7KLVLVWKHVD\LQJRIVRPHRIWKHVFK RODUVQRW DKDGHHWK þý3ODFLQJWKHGHFHDVHGLQWKHJUDYH úþþ öÝîð³ô­ öèI ðõ³ ððàôËôí ööâðø´ö %LVPLOODKLZD$$DO D VXQQDWLUDVRROLO ODK µ,QWKHQDPHRI$OO DKDQGXSRQWKHVXQQDKRIWKH0HVVHQJHURI$OO DK¶ þþ$IWHUEXU\LQJWKHGHFHDVHG úþÿ µ$IWHUWKH3URSKHW U ZRXOGEXU\WKHGHFHDVHGKHZRXOGVWDQGE\WKHJUDYHDQGVD\ µ6HHN IRUJLYHQHVV IRU \RXU EURWKHU DQG SUD\ WKDW KH UHPDLQV ILUP IRU KH LV QRZ EHLQJTXHVWLRQHG¶¶ þÿ9LVLWLQJWKHJUDYHV úþ ìåîðØö£ûøâðõÜö õôï·øåö ÷çöôí ìæôäöàø´õäøßôí ôæðôèöãøäßôæöã ö­óKªßôÞëø ô øâõÜøôðôàôË õáüI´ß ôôöÓðÌßøâðõÜôßôí ðèßôõÝôðø´ôç $VVDODPX $$DOD\NXP DKODG GL\DUL PLQDOPXPLQHHQD ZDOPXVOLPHHQ ZD LQQD LQ VKDDOODKXELNXPO DKLTRRQQDV DOXOODKDODQD ZDODNXPXO $$DIL\DK µ3HDFH EH XSRQ \RX DOO 2 LQKDELWDQWV RI WKH JUDYHV DPRQJVW WKH EHOLHYHUV DQG WKH 0XVOLPV9HULO\ZHZLOO$OO DKZLOOLQJEHXQLWHGZLWK\RXZHDVN$OO DKIRUZHOO EHLQJ IRUXVDQG\RX ¶ þ 3UD\HUVDLGGXULQJDZLQGVWRUP úþ ëK®ðô· øæöã ôÚö õ«îðËôôí ìëô®ðøôô§ ôÚðõßôðø³ô òðIçö Iâðõì÷àß $OODKXPPDLQQHHDV DOXNDNKD\UDK D ZDD$$RR WKXELNDPLQVKDUULK D µ2$OODK,DVN<RXIRULW ¶VJRRGQHVVDQG,WDNHUHIXJHZLWK<RXIURPLW ¶VHYLO¶ úþ øæöã ôÚö õ«îðËôôí ìêö øðôàö³ø­õ ãô®ðøôô§ôí ìðìôÓãô®ðøôô§ôí ìëô®ðøôô§ ôÚðõßôðø³ô òðIçö Iâðõì÷àß êö øðôàö³ø­õ ãK®ðô·ôí ìðìôÓãK®ðô·ôí ìëK®ðô· $OODKXPPD LQQHH DV DOXND NKD\UDK D ZDNKD\UD P D IHHKD ZDNKD\UD P D RUVLODW ELK ZDD$$RR WKXELNDPLQVKDUULK DZDVKDUULP D IHHKD ZDVKDUULP D RUVLODWEL K µ2$OODK,DVN<RXIRULW ¶VJRRGQHVVWKHJRRGZLWKLQLWDQGWKHJRRGLWZDVVHQWZLWK DQG , WDNHUHIXJHZLWK<RXIURPLW ¶VHYLOWKHHYLOZLWKLQLWDQGIURPWKHHYLOLWZDV VHQWZLWK ¶ þ6XSSOLFDWLRQXSRQKHDULQJWKXQGHU úÿù :KHQ$$DEGXOODK,EQ$]=XED\UW XVHGWRKHDUWKXQGHUKHZRXOGVWRSWDONLQJDQG VD\ êôÔðô§øæöã õðÜöüäßôí ìöéöªðøäô¤ö õªøËI®ðß õ¢ðKô´õó ñ¬÷ß ôå¤ðøõ³ ü 6XEKDQDOODWKHH\XVDEEL KXUUD$$GXEL KDPGLKZDOPDO DLNDWXPLQNKHHIDWLK µ+RZ SHUIHFW +H LV 7KH 2QH :KRP WKH WKXQGHU GHFODUHV +LV SHUIHFWLRQZLWK+LV SUDLVHDVGRWKHDQJOH VRXWRIIHDURI+LP ¶ þ6XSSOLFDWLRQIRUUDLQ úÿú Þöô®øôðôÏ ñüðöËì­¿ô®ðøôôÏ ñðÌöÓçìñÌðó®õã ñó®ôã ñðôÐõã ñðøôôÏ èðöØø³Iâõì÷àß $OODKXPPDV TLQD JKD\WKDQPXJKHHWKDQPDUHH DQPXUHH$$DQQ DIL$$DQJKD\UD GDU $$DMLODQJKD\UD DMLO µ2 $OODK VHQG XSRQ XV KHOSIXO ZKROHVRPH DQG KHDOWK\ UDLQEHQHILFLDOQRWKDUPIXO UDLQQRZQRWODWHU ¶ úÿû ðèøöÏIâõì÷àß ìðèøöÏIâõì÷àß ìðèøöÏIâõì÷àß $OODKXPPDDJKLWKQ DDOODKXPPDDJKLWKQ DDOODKXPPDDJKLWKQ D µ2$OODKUHOLHYHXV2$OO DKUHOLHYHXV2$OO DKUHOLHYHXV ¶ úÿü ðKôôäßôÙôªðôàô òöôø£ôôí ôÚôðôäø£ô­ ø®ðõ¸øçôí ìÚôäöðìôôí ôÙô©öË öÖø³Iâõì÷àß $OODKXPPDV TL $$LE DGDN ZDEDK DLPDN ZDQVKXU UD KPDWDN ZD DK\L EDODGDNDO PD\\LW µ2$OODKSURYLGHZDWHUIRU<RXUVHUYDQWVDQG <RXUFDWWOHVSUHDGRXW<RXUPHUF\DQG UHVXUUHFW<RXUGHDGODQG ¶ ÿù6XSSOLFDWLRQVDLGZKHQLWUDLQV úÿý ñÌðöÓçñðKôô» Iâõì÷àß $OODKXPPD VD\\LEDQQ DIL$$D µ2$OODKPD\LWEHDEHQHILFLDOUDLQFORXG ¶ ÿú$IWHUUDLQIDOO úÿþ êöðôäø£ô­ôí ööÞðøÀôÔö çø®ðöÄõã 0XWLUQD ELIDGOLOODKLZDUD KPDWLK µ:HKDYHEHHQJLYHQUDLQE\WKHJUDFHDQGPHUF\RI$OO DK¶ ÿû$VNLQJIRUFOHDUVNLHV úÿÿ ööðèôãôí ìóö©øí÷öåîðÄõôí ì®ðKÈßôí öáðÛõðàôË Iâõì÷àß ìèðøôôàôË ûôí èøôôßîô£ Iâõì÷àß ®ð I¸ß $OODKXPPD KDZDOD\QD ZDOD $$DOD\Q D DOODKXPPD $$DODO DNDPL ZD WKWKLUDE ZDEXWRRQLODZGL\DKZDPDQ DELWLVKVKDMDU µ2 $OODK OHW WKH UDLQ IDOO DURXQG XV DQG QRW XSRQ XV 2 $OO DK OHW LW IDOO RQ WKH SDVWXUHVKLOOVYDOOH\VDQGWKHURRWVRIWUHHV ¶ ÿü8SRQVLJKWLQJWKHFUHVFHQWPRRQ úÿ ü äöß öÖðôÓøîðIßôí ìáüø³ùíöðôãüI´ßíìåðäóùôí öæðøã÷ö èðøôôàôË õêðIàöëô Iâõì÷àß ì®ôðøÛô õ ôÚJ ô­ôí ðèJô­ ìðð¿ø®ðôôí Jðö¤õ $OODKX DNEDU DOO DKXPPD DKLOODKX $$DOD\Q D ELODPQL ZDO HHPDQ ZDVVDO DPDWL ZDO LVODPZDWWDZIHH LTLOLPD WXKLEEXZDWDU GDUDEEXQ D ZDUDEEXNDO ODK µ$OODKLVWKHJUHDWHVW 2$OODKOHWWKHFUHVFHQWORRPDERYHXVLQVDIHW\IDLWKSHDFH DQG ,VODP DQG LQ DJUHHPHQW ZLWK DOO WKDW <RX ORYH DQG SOHDVHV<RX 2XU/RUGDQG \RXU/RUGLV$OO DK¶ ÿý8SRQEUHDNLQJIDVW úÿ ôïð· øåö õ®ðø÷ôðôôôí ìÕí®ðõÌßöðIàôøôí ìõðôäÈ I ßôðôëô« 7KDKDEDWKWKDPDRZDEWDOODWLO $$XURRTZDWKDEDWDO DMUXLQVK DDOODK µ7KH WKLUVW KDV JRQH DQG WKH YHLQV DUH TXHQFKHG DQG UHZDUG LV FRQILUPHG LI $OO ZLOOV¶ DK úÿ µ$$DEGXOODK,EQ$$DPU,EQ$O$$DV W UHODWHGWKDWWKH0HVVHQJHURI$OO DKU VDLG µ,QGHHG WKH IDVWLQJ SHUVRQ KDVDWWKHWLPHRIEUHDNLQJIDVWDVXSSOLFDWLRQZKLFKLV QRWUHMHFWHG¶,EQ$EHH0XOD\NDK ê䣭 VDLGµ,+HDUG$$DEGXOODK,EQ$$RPDU VD\ZKHQKHEURNHKLVIDVW òßô®öÔðøÐô øåô ìïò·IÞõÛ ôÌðö³ôí ò÷ß ôÚöðôäø£ô®ö ôÚðõßôðø³ô òðIçö Iâðõì÷àß $OODKXPPDLQQHDV DOXNDELUD KPDWLNDOODWHHZDVL$$DWNXOODVKD\DQWDJKILUDOHH µ2$OODK,DVN<RXE\<RXUPHUF\ZKLFKHQYHORSHVDOOWKLQJVWKDW<RXI RUJLYHPH ¶ ÿþ6XSSOLFDWLRQEHIRUHHDWLQJ ú ù µ:KHQ\RXDUHDERXWWRHDW\RXVKRXOGVD\ öâø´ö %LVPLOODK «DQG LI \RX IRUJHW WR VD\ LW EHIRUH VWDUWLQJ WKHQ \RX VKRXOG VD\ ZKHQ \RX UHPHPEHU éö®ðö§ôí öêößIíô òÓööâø´ö %LVPLOODKLIHHDZZDOLKLZD DNKLULK µ,QWKHQDPHRI$OO DKLQLW ¶VEHJLQQLQJDQGHQG ¶ ú ú µ:KRPHYHU$OODKIHHGVVKRXOGVD\ êðøèöã ñ®øôðô§ èøäöÌðøÃôôí öêôÓèôß øÙö­Iâðõì÷àß $OODKXPPDE DULNODQD IHHKLZD DW$$LPQ D NKD\UDQPLQK µ2$OODKEOHVVLWIRUXVD QGIHHGXVEHWWHUWKDQLW ¶ «DQGZKRPHYHU$OODKJLYHVPLONWRGULQNVKRXOGVD\ $OODKXPPDE DULNODQD IHHKLZD]LGQ D PLQK µ2$OODKEOHVVLWIRUXVDQGJLYHXVPRUHRILW ¶ ÿÿ8SRQFRPSOHWLQJWKHPHDO ýù êøèöã çø©ö¯ôí öêôÓèôß øÙö­Iâðõì÷àß ú û Iîõ× ûôí òKèöã óÝøîô£ ö®øôðôÏ øæöã öêôðèô×ô¯ô­ôí ¬ðë òðèôäôÌøÃô ñ¬Ißö õªðøäô¤øß $OKDPGX OLOO DKLOODWKHH DW$$DPDQHHK DWKD ZDUD]DTDQHHKLPLQJKD\UL KDZOLQPLQQHH ZDOD TXZZDK µ$OOSUDLVHLVIRU$OO DKZKRIHGPHWKLVDQGSURYLGHGLWIRUPHZLWKRXWDQ\PL JKWQRU SRZHUIURPP\VHOI ¶ ú ü õêðøèôË ñðèðøÐôø´õã ûôí óÉ©I ôîãõ ûôí HòöÔøÜôã ô®øôôÏ ìêôÓñÛô­ðõã ñðKôôà ñ®ôðôÛ ñªðøäô£ ö ªõ ðøäô¤øß èðJô­ $OKDPGX OLOO DKL KDPGDQNDWKHHUDQ WD\\LEDQPXE DUDNDQIHHKJKD\UDPDNIL\\LQZDO D PXZDGGD$$LQ ZDOD PXVWDJKQDQ$$DQKXUDEEXQ D µ$OODKEHSUDLVHGZLWKDQDEXQGDQWEHDXWLIXOEOHVVHGSUDLVHDQHYHU HQGLQJSUDLVHD SUDLVH ZKLFK ZH ZLOO QHYHU ELG IDUHZHOO WR DQG DQ LQGLVSHQVDEOH SUDLVH +H LV RXU /RUG¶ 7KHUHDUHRWKHUYLHZVDVUHJDUGVWRWKHXQGHUVWD QGLQJRIWKLVVXSSOLFDWLRQIURPWKHP $OODK EH SUDLVHG ZLWK DQ DEXQGDQW EHDXWLIXO EOHVVHG SUDLVH +HLV7KH2QH:KRLV VXIILFLHQWIHHGVDQGLVQRWIHG7KH2QH:KRLVORQJHGIRUDORQJZLWKWKDWZKLFKLV ZLWK+LPDQG7KH2QH:KRLVQHHGHG+HLVRXU/RUG ¶ ÿ 6XSSOLFDWLRQRIWKHJXHVWIRUWKHKRVW ú ý øâõìøäô£­ø ôí øâðõìôß ø®ðöÔøÏôí ìâõìôðø×ô¯ô­ äôÓøâõìôß øÙö­Iâðõì÷àß $OODKXPPDE DULNODKXPIHHP D UD]DTWDKXPZDJKILUODKXPZDU KDPKXP µ2$OODKEOHVVIRUWKHPWKDWZKLFK<RXKDYHSURYLGHGWKHPIRU JLYHWKHPDQGKDYH PHUF\XSRQWKHP ¶ ÿ6XSSOLFDWLRQVDLGWRRQHRIIHULQJDGULQNRUWRRQHZKRLQWHQGHGWRGRWKDW ú þ òçسæôã öÖø³ôí ìòèôäôÌøÃô æôã øâöÌøÃô Iâðõì÷àß $OODKXPPDD W$$LPPDQD W$$DPDQHHZDVTLPDQVDT DQHH µ2 $OODK IHHG KLP ZKR IHG PH D QG SURYLGH ZLWK GULQNKLPZKRSURYLGHGPHZLWK GULQN¶ ÿ6XSSOLFDWLRQVDLGZKHQEUHDNLQJIDVWLQVRPHRQH¶VKRPH ú ÿ ðôÜöüäßõâõÜøôðôàôË øðIàô»ôí ì­®ðø÷õâõÜðôãÌôà ôÞÛô ôôí ôåîäöð÷¼ßâõÛôªøèöË ô®ðôÄøÓô $IWDUD $$LQGDNXPX VVDLPRRQ ZD DNDOD WD$$DPDNXPXO DEUDU ZDVDOODW $$DOD\NXPXO PDODLNDK µ0D\WKHIDVWLQJEUHDNWKHLUIDVWLQ\RXUKRPHDQGPD\WKHGXWLIXODQGSLRXVHDW\RXU IRRGDQGPD\WKHDQJOHVVHQGSUD\HUVXSRQ\RX ¶ ù6XSSOLFDWLRQVDLGE\RQHIDVWLQJZKHQSUHVHQWHGZLWKIRRGDQGGRHVQRWEUHDN KLVIDVW ú µ,I \RXDUHQRWLQYLWHG WRDPHDO WKHQDQVZHU,I\RXKDSSHQWREHIDVWLQJWKHQ VXSSOLFDWH IRUWKRVHSUHVHQW DQGLI\RXDUHQRWIDVWLQJWKHQHDW ¶ ýú ú6XSSOLFDWLRQVDLGXSRQVHHLQJWKHHDUO\RUSUHPDWXUHIUXLW ú èôß øÙö­ôí ìðèöË»òÓèôß øÙö­ôí ìðèöôèóªôã òÓèôß øÙö­ôí ìçö®ðôäô òÓèôß øÙö­Iâðõì÷àß çKªõã òÓ $OODKXPPDE DULNODQD IHHWKDPDULQ DZDEDULNODQD IHHPDGHHQDWLQ DZDEDULNODQD IHH VD$$LQD ZDEDULNODQD IHHPXGGLQ D µ2$OODKEOHVVRXU IUXLWIRUXVEOHVVRXUWRZQIRUXVEOHVVRXU VD$$ IRUXVDQGEOHVV RXUPXGG IRUXV¶ $ VD$$LVHTXLYDOHQWWRIRXU PXGGVDQGD PXGGLVHTXLYDOHQWWRDGU\PHDVXUHRIDQ DYHUDJHPDQ ¶VWZRSDOPV û6XSSOLFDWLRQVDLGXSRQVQHH]LQJ ú µ:KHQRQHRI\RXVQHH]HVKHVKRXOGVD\ ö õªðøäô¤øß $OKDPGXOLOO DK µ$OOSUDLVHLIIRU$OO DK¶ «DQGKLVEURWKHURUFRPSDQLRQVKRXOGVD\WRKLP <DUKDPXNDOODK µ0D\$OODKKDYHPHUF\XSRQ\RX ¶ «DQGKH LHWKHRQHZKRVQHH]HG UHSOLHVEDFNWRKLP <DKGHHNXPXO ODKXZD\X VOLKXEDODNXP µ0D\$OODKJXLGH\RXDQGUHFWLI\\RXUFRQGLWLRQ ¶ ôÚðõäô£®ø ôó âõÜðôßõ¢öàðø¼õóôí õõâðõÜóªðøìôó ü6XSSOLFDWLRQVDLGWRWKHQHZO\ZHG úù ®øôðô§ òÓäõÜôèðøôô ôÊôäôíô ìÚøôðôàôË ôÙô­ôí ìÚôß õê÷àß ôÙô­ %DUDNDOODKXODNZDE DUDND$$DOD\NZDMDPD$$ DED\QDNXP D IHHNKD\U µ0D\$OODKEOHVVIRU\RX \RXUVSRXVH DQGEOHVV\RXDQGPD\+HXQLWHERWKRI\RX LQJRRGQHVV ¶ ý7KHJURRP¶VVXSSOLFDWLRQRQWKHZHGGLQJQLJKWRUZKHQEX\LQJDQDQLPDO úú ZKHQ\RXPDUU\DZRPDQRUEX\DPDLGVHUYDQW\RXVKRX OGVD\ K®ðô·ôí ìëK®ðô· øæöã ôÚö õ«îðËôôí ìêøôðôàôË ðìôðøàôô ãô®ðøôô§ôí ìëô®ðøôô§ ôÚðõßôðø³ô òðIçö Iâðõì÷àß êøôðôàôË ðìôðøàôô ã $OODKXPPDLQQHHDV DOXNDNKD\UDK D ZDNKD\UDP D MDEDOWDK D $$DOD\KZD D$$RR WKX ELNDPLQVKDUULK D ZDVKDUULP D MDEDOWDKD $$DOD\K µ2$OODK,DVN<RXIRUWKHJRRGQHVVZLWKLQKHUDQGWKHJRRGQHVVWKDW\RXKDYHPDGH KHULQFOLQHGWRZDUGVDQG,WDNHUHIXJHZLWK<RXIURPWKHHYLOZLWKLQKHUDQGWKHHYLO WKDW\RXKDYHPDGHKHULQFOLQHGWRZDUGV ¶ «DQGLI\RXEX\DFDPHOWKHQ\RXVKRXOGWDNHKROGRILW ¶VKXPSDQGVD\OLNHZLVH¶ ýû þ6XSSOLFDWLRQEHIRUHVH[XDOLQWHUFRXUVH úû èôðø×ô¯ô­ ãôåÄøôðI¸ßöèK ôôí ìôåÄðøôI¸ßèøKèô Iâðõì÷àß öâø´ö %LVPLOODKDOODKXPPDMDQQLEQDVK VKD\WDQZDMDQQLELVK VKD\WDQDPD UD]DTWDQ D µ,QWKHQDPHRI$OO DK2$OODKNHHSWKHGHYLODZD\IURPXVDQGNHHSWKHGHYLODZD\ IURPZKDW \RXKDYHEOHVVHGXVZLWK ¶ ÿ:KHQDQJU\ úü D$$RR WKXELOODKLPLQDVK VKD\WDQLUUDMHHP µ,WDNHUHIXJHZLWK$OO DKIURPWKHDFFXUVHGGHYLO ¶ âðôI®ßöåÄðøôI¸ßôæãö öö õ«îðËô 6XSSOLFDWLRQVDLGXSRQVHHLQJVRPHRQHLQWULDORUWULEXODWLRQ 7KLV VXSSOLFDWLRQ LV WR EH VDLG WR RQH ¶V VHOI QRW GLUHFWO\ WR WKH RQH LQ WULDO RU WULEXODWLRQ úý üôðÀøÔô ôÖðôàô§ øæIäöã ó®ðôôÛ ðàôË òèðôàIÀôÓôí ìöêö ôÙüðôø÷äöã òçÓËñ¬÷ß ö õªðøäô¤øß $OKDPGXOLOO DKLOODWKHH$$DIDQHHPLPPDE WDODNDELKZ DIDGGDODQHH$$DO D NDWKHHULQ PLPPDQNKDODTDWDI GHHOD µ$OOSUDLVHLVIRU$OO DK:KRVDYHGPHIURPWKDWZKLFK+HWHVWHG\RXZLWKDQG:KR PRVWFHUWDLQO\IDYRXUHGPHRYHUPXFKRI+LVFUHDWLRQ ¶ 5HPHPEUDQFHVDLGDWDVLWWLQJRUJDWKHULQJ«HWF úþ ,EQ $$XPDU W VDLG ,W ZRXOG EHFRXQWHGWKDWWKH0HVVHQJHURI$OO DK U ZRXOGVD\ RQHKXQGUHGWLPHVDWDQ\RQHVLWWLQJEHIRUHJHWWLQJXS ­îÔðôÐßõ÷îðIßôðøçô ôÚçI ö ìIòðôàôË øõôí ìòßø®ðöÔøÏKô­ 5DEELJK ILUOHHZDWXE$$DOD\LQQDNDDQWDW WDZZDEXOJKDIRRU µ2P\/RUGIRUJLYHPHDQGWXUQWRZDUGVPH WRDFFHSWP\UHSHQWDQFH 9HULO\<RX DUH7KH2IW 5HWXUQLQJ7KH2IW )RUJLYLQ J¶ 6XSSOLFDWLRQ IRU WKH H[SLDWLRQ RI VLQV VDLG DW WKH FRQFOXVLRQ RI D VLWWLQJ RU JDWKHULQJ«HWF úÿ Úøôðôßö õîôôí ôÙõ®öÔøÐôø³ô ôøçô ÷ûö ôêßö û øåô õªðôìø·ô ìÙöªäô¤öíô Iâðõì÷àß ôÚôçð¤øõ³ 6XEKDQDNDOODKXPPD ZDEL KDPGLN DVKKDGX DQ O D LODKD LOOD DQW DVWDJKILUXND ZD DWRREXLOD\N µ+RZ SHUIHFW <RX DUH 2 $OO DK DQG , SUDLVH<RX ,EHDUZLWQHVVWKDW1RQHKDVWKH ULJKW WR EH ZRUVKLSSHG H[FHSW <RX , VHHN <RXU IRUJLYHQHVV DQG WXUQ WR <RX LQ UHSHQWDQFH ¶ &RQW 6XSSOLFDWLRQIRUFRQFOXGLQJDOOVLWWLQJV ú ýü $$DLVKDK ìèËò¿­ VDLG:KHQHYHU7KH0HVVHQJHURI$OODKU ZRXOGEHWDNHD VHDW UHDG 4XUDQ RU SUD\ KH ZRXOG DOZD\V FRQFOXGH LW ZLWK FHUWDLQ ZRUGV , LH $$DLVKDK VDLG20HVVHQJHURI$OODKU,KDYHQRWLFHGWKDWZKHQHYHU\RXEHWDNHD VHDW UHDG 4XUDQ RU SUD\ \RX DOZD\V FRQFOXGH LW ZLWK WKHVH ZRUGV +H VDLG <HV ZKRHYHU VSHDNV JRRG LW LH WKH VXSSOLFDWLRQ ZLOOEHDVHDOIRUWKDWJRRGQHVVDQG ZKRHYHUVSHDNVLOOLWZLOOEHDQDWRQHPHQWIRUKLP ¶ Úøôðôßö õîôôí ôÙõ®öÔøÐôø³ô ôøçô ÷ûö ôêßö û ìÙöªäô¤öíô ôÚôçð¤øõ³ 6XEKDQDNDZDEL KDPGLNO D LODKDLOOD DQWDDVWDJKILUXNDZD DWRREXLOD\N µ+RZSHUIHFW<RXDUHDQG,SUDLVH<RX 1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW <RX,VHHN<RXUIRUJLYHQHVVDQGWXUQLQUHSHQWDQFHWR<RX ¶ ù5HWXUQLQJDVXSSOLFDWLRQRIIRUJLYHQHVV ú µ$$DEGXOODK ,EQ6DUMLV W VDLGµ,ZHQWWRVHHWKH3URSKHW U DQGDWHIURPKLVIRRG DQGWKHQVDLGWRKLP *KDIDUDOODKXODND\ D UDVRRODO ODK µ0D\$OODKIRUJLYH\RX20HVVHQJHURI$OO DK¶ «KHU UHSOLHG ZDODN µDQG\RX ¶ ú6XSSOLFDWLRQVDLGWRRQHZKRGRHV\RXDIDYRXU ú µ,IVRPHRQHGRHV\RXDIDYRXUDQG\RXVD\ -D]DNDOODKXNKD\UDQ µ0D\$OODKUHZDUG\RXZLWKJRRGQHVV ¶ «WKHQ\RXKDYHLQGHHGH[FHOOHGLQSUDLVLQJKLP¶ ôÝîð³ô­ óôÚôß õô®ðôÔôÏ ôÚôßôí ñ®øôðô§ õôÙ°ô û3URWHFWLRQIURPWKH'DMMDO 'DMMDODPRQJWKHJUHDWVLJQVRIWKHODVWKRXUDQGWKHJUHDWHVWWULDOVWREHIDOOPDQNLQG ZKLFK HYHU\ 3URSKHW KDV ZDUQHG DERXW 0RVW RI PDQNLQG ZLOO IRORZ KLP +H ZLOO DSSHDU IURP $ VEDKDQ ,UDQ DW WKH WLPH Z KHQ 0XVOLPV ZLOO FRQTXHU &RQVWDQWLQRSOH +HZLOOEHJLYHQVSHFLDOSRZHUVDQGZLOOPDNHWKHWUXWKVHHPIDOVHDQGYLFHYHUVD +H ZLOO FODLP WR EH ULJKWHRXV DQG WKHQ KH ZLOO FODLP SURSKHW KRRG DQG ILQDOO\GLYLQLW\ )URPKLVIHDWXUHVLVWKDWKHZLOOEHEOLQG LQKLVULJKWH\HZKLFKLVDGHILQLWHSURRIWKDW FRQWUDGLFWVKLVFODLPWREH$OO DKDVLWLVDVLJQRILPSHUIHFWLRQ 7KHZRUG .DILUZLOOEH ZULWWHQEHWZHHQKLVH\HVZKLFKHYHU\EHOLHYHUOLWHUDWHRULOOLWHUDWHZLOOUHFRJQLVH úù µ:KRHYHU PHPRULVHV WKH ILUVW WHQ YHUVHV RI VRRUDW $O.DKI ZLOO EH SURWHFWHG IURP 'DMMDO¶ 2QHVKRXOGDOVRVHHNUHIXJHZLWK$OO DKIURPWKHWULEXODWLRQVRIWKH'DMM DODIWHUWKH ODVWWDVKDKKXGLQSUD\HU 5HIHUWRVXSSOLFDWLRQVþþ þÿ ü6XSSOLFDWLRQVDLGWRRQHZKRSURQRXQFHVKLVORYHIRU\RXIRU$OODK¶VVDNH ýý úú $KDEEDNDOODWKHHDKEDEWDQHHODK µ0D\+HIRUZKRP\RXKDYHORYHGPHORYH\RX ¶ êôß òèôðøôø£ô ñ¬÷ß ôÚðIô£ô ý6XSSOLFDWLRQVDLGWRRQHZKRKDVRIIHUHG\RXVRPHRIKLVZHDOWK úû %DUDNDOODKXODNDIHHDKOLNDZDP DOLN µ0D\$OODKEOHVVIRU\RX\RXUIDPLO\DQGZHDOWK ¶ Úößãôí ôÚöàøëô òÓôÚôß õôÙô­ þ6XSSOLFDWLRQVDLGWRWKHGHEWRUZKHQKLVGHEWLVVHWWOHG úü ï©ô÷íõªøäô¤øß öÒôàI´ßõï°ðô äIçö ìÚößãôí ôÚöàøëô òÓôÚôß õôÙô­ %DUDNDOODKXODNDI HHDKOLNDZDP DOLNLQQDP D MD]DRVVDODILOKDPGXZDO DGD µ0D\$OODKEOHVVIRU\RX\RXUIDPLO\DQGZHDOWK 6XUHO\FRPPHQGDWLRQDQGSD\PHQW DUHWKHUHZDUGIRUDORDQ ¶ ÿ6XSSOLFDWLRQIRUIHDURIVKLUN VKLUN WR DVVRFLDWHRWKHUVZLWK$OO DKLQWKRVHWKLQJVZK LFKDUHVSHFLILFWR+LP 7KLV FDQRFFXULQ ú EHOLHIH JWREHOLHYHWKDWRWKHUWKDQ$OO DKKDVWKHSRZHUWREHQHILWRU KDUP û VSHHFK H J WR VZHDU E\ RWKHU WKDQ $OO DK DQG ü DFWLRQ H J WR ERZ RU SURVWUDWHWRRWKHUWKDQ$OO DK úý âôàðøËô û äöß ôÙõ®öÔøÐðôø³ôôí ìøâôàðøËô çôôí ôÚö ôÙö®ðø·õ øåô ôÚö«õ îðËô òð÷çö Iâðõì÷àß $OODKXPPD LQQHH D$$RR WKX ELND DQ RVKULND ELND ZD DQD D$$ODP ZD DVWDJKILUXND OLPD OD D$$ODP µ2$OODK,WDNHUHIXJHLQ<RXOHVW,VKRXOGFRPPLW VKLUN ZLWK<RXNQRZLQJO\DQG, VHHN<RXUIRUJLYHQHVVIRUZKDW,GRXQNQRZLQJO\ ¶ 5HWXUQLQJ D VXSSOLFDWLRQ DIWHU KDYLQJ EHVWRZHG D JLIW RU FKDULW\ XSRQ VRPHRQH úþ $$DLVKDK ìèËò¿­ UHSRUWHGWKDWWKH0HVVHQJHURI$OO DKU ZDVJLYHQDVKHHS DQG KH RUGHUHG IRU LW¶V GLVWULEXWLRQ :KHQ WKH VHUYDQW ZRXOG FRPH EDFN IURP GLVWULEXWLQJ LW $$DLVKDK ZRXOG DVN µ:KDW GLG WKH\ VD\"¶KHUHSOLHG7KH\ZRXOG VXSSOLFDWH øâõÜôÓõôÙô­ %DUDNDOODKXIHHNXP µ0D\$OODKEOHVV\RXDOO ¶ «$$DLVKDKZRXOGWKHQVD\ ôÙô­øâðöìôÓôí :DIHHKLPE DUDNDOODK µDQGPD\$OO DKEOHVVWKHP ¶ «ZHUHWXUQWKHLUVXSSOLFDWLRQLQDVLPLODUZD\DQGRXUUHZDUGUHPDLQVZLWKXV ýþ )RUELGGDQFHRIDVFULELQJWKLQJVWRRPHQV 7KLVVXSSOLFDWLRQLVXVHGZKHQHYHURQHLQLWLDOO\WKLQNVDFD VXDOHYHQWRURFFXUUHQFHWR IRUHWHOOJRRGRUHYLOXVLQJLWDVDEDVLVWRGHWHUPLQHZKLFKDFWLRQKHVKRXOGXQGHUWDNH EXWKHWKHQGHQRXQFHVVXFKDOLQNUHOLHVRQ$OO DKDQGWKHQVD\VWKLVVXSSOLFDWLRQDVDQ H[SLDWLRQIRUWKLVDFWVLQFHLWIDOOVXQGHUWKH FDWHJRU\RI VKLUN úÿ Ùõ®ðøôôÏ ôêßö ûôí ìÙõ®øôðô§ ÷ûö ô®øôðô§ ûôí ìÙõ®ðøôôà ÷ûö ô®ðøôôà û Iâðõì÷àß $OODKXPPDO D WD\UDLOOD WD\UXNZDO D NKD\UDLOO D NKD\UXNZDO D LODKDJKD\UXN µ2$OODKWKHUHLVQRRPHQEXWWKHUHLVUHOLDQFHRQ<RXWKHUHLVQRJRRGH[FHSW<RXU JRRG DQGQRQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW<RX ¶ 6XSSOLFDWLRQVDLGZKHQPRXQWLQJDQDQLPDORUDQ\PHDQVRIWUDQVSRUW ú èKô­ ðßö ÷çöôí ìæôçö®ðøØõã õêôß ÷èõÛ ãôí ¬ëèôß ô®ðI¨ô³ ñ¬÷ß ôå¤øðõ³ ì õªðøäô¤øßôí ööâðø´ö ôÚôç¤øðõ³ ì®ôðøÛõì®ôðøÛõì®ôðøÛõì õªðøäô¤ßì õªðøäô¤ßì õªðøäô¤ßìåîöàôØðèõäôß ðøçô ÷ûö ôîçJ¬ßõ®ðöÔøÐôó û õêIçöôÓ ìòßø®öÔðøÏôÓ ò´øÔôç õøäðôàôÇ ò÷çö Iâðõì÷àß %LVPLOODK ZDOKDPGX OLOO DK VXEKDQDOODWKHH VDNKN KDUDODQ D KDWKD ZDPD NXQQD ODKX PXTULQHHQZDLQQ D LOD UDEELQ D ODPXQTDOLERRQDO KDPGXOLOO DKDOKDPGXOLOO DKDOKDPGX OLOODK$OODKXDNEDU$OO DKXDNEDU$OO DKXDNEDUVXE KDQDNDOODKXPPDLQQHH WKDODPWX QDIVHHIDJKILUOHHIDLQQDKXO D \DJKILUX WKWKXQRREDLOO D DQW µ,QWKHQDPHRI$OO DKDQGDOOSUDLVHLVIRU$OO DK+RZSHUIHFW+HLVWKH2QH:KRKDV SODFHGWKLV WUDQVSRUW DWRXUVHUYLFHDQGZHRXUVHOYHVZRXOGQRWKDYHEHHQFDSDEOHRI WKDWDQGWRRXU/RUGLVRXUILQDOGHVWLQ\ $OOSUDLVHLVIRU$OO DK$OOSU DLVHLVIRU$OO DK $OOSUDLVHLVIRU$OO DK$OODKLVWKHJUHDWHVW$OO DKLVWKHJUHDWHVW$OO DKLVWKHJUHDWHVW +RZ SHUIHFW <RX DUH 2 $OO DK YHULO\ , KDYH ZURQJHG P\ VRXO VR IRUJLYH PH IRU VXUHO\QRQHFDQIRUJLYHVLQVH[FHSW<RX ¶ ù6XSSOLFDWLRQIRUWUDYHO ú ÷çöôí ìæôçö®ðøØõã õêôß ÷èõÛ ãôí ¬ëèôß ô®ðI¨ô³ ñ¬Ißôå¤øðõ³ ì®ôÛõì ®ôÛõì ®ôÛõ ãöÞðôäôÌøß ôæãö ôí ìïîøØðIßôí I®ðö߬ëçö®ðôÔô³ òÓôÚõßôðø´ôç ÷çö Iâðõì÷àß ìåîöàðôØøèõäôß ðèKô­ ðßö òÓõö£ð÷¼ßôðøçô Iâðõì÷àß ìéôªðøÌõ ÷èôË öîà ø ôí ¬ë çô®ôÔô³ èôðôàôË øåîK ôë Iâðõì÷àß ìð¿ø®ðô öôôÛôí ì®ôÔðI´ß öïðøËôí øæöã ôÚö«õ îðËô òð÷çö Iâðõì÷àß ìöÞðë÷ òÓ õôÔôðàô¨øßôí ì®ôÔðI´ß Þðøëô÷ôí öÝðäßòÓöôàôØðøèõäøß öïî³ôí ì®ôÈðøèôäøß $OODKXDNEDU$OO DKXDNEDU$OO DKXDNEDUVXE KDQDOODWKHHVDNKNKDUDODQ D KDWKD ZDPD NXQQD ODKXPXTULQHHQZD LQQD LOD UDEELQ D ODPXQTDOLERRQDOO DKXPPDLQQ D QDVDOXND IHHVDIDULQ D KDWKD DOELUUDZDWWDTZ DZDPLQDO $$DPDOLP D WDUGDDOODKXPPDKDZZLQ $$DOD\Q D VDIDUDQ D KDWKDZDWZL$$DQQ D EX$$GDKDOO DKXPPDDQWD VVDKLEXILVVDIDU ZDONKDOHHIDWXILO DKODOODKXPPDLQQHHD$$RR WKXELNDPLQZD$$WK DLVVDIDUZDND DEDWLOPDQWKDUZDVRR LOPXQTDODELILO PDOLZDODKO µ$OODK LV WKH JUHDWHVW $OO DK LV WKHJUHDWHVW$OO DKLVWKH JUHDWHVW+RZSHUIHFW+HLV 7KH2QH:KRKDVSODFHGWKLV WUDQVSRUW DWRXUVHUYLFHDQGZHRXUVHOYHVZRXOGQRW KDYHEHHQFDSDEOHRIWKDWDQGWRRXU/RUGLVRXUILQDOGHVWLQ\ 2$OODKZHDVN<RX IRU ELUU DQG WDTZD LQ WKLV MRXUQH\ RI RXUV DQG ZH DVN <RX IRU GHHGVZKLFKSOHDVH <RX 2$OODKIDFLOLWDWHRXUMRXUQH\DQGOHWXVFRYHULW ¶VGLVWDQFHTXLFNO\ 2$OODK ýÿ <RXDUH7KH&RPSDQLRQRQWKHMRXUQH\DQG7KH6XFFHVVRURYHUWKHIDPLO\2$OO DK, WDNH UHIXJH ZLWK <RX IURP WKH GLIILFXOWLHV RI WUDYHOIURPKD YLQJDFKDQJHRIKHDUWV DQG EHLQJ LQ D EDGSUHGLFDPHQWDQG,WDNHUHIXJHLQ<RXIURPDQLOOIDWHGRXWFRPH ZLWKZHDOWKDQGIDPLO\ ¶ ELUU DQG WDTZDWZRFRPSUHKHQVLYHWHUPVZKLFKLQGLYLGXDOO\UHIHUWRDOOJRRGDFWLRQV DQG REHGLHQFH L H SHUIRUPLQJ WKH FRPP DQGHG DFWLRQV DQG DYRLGLQJ WKH SURKLELWHG DFWLRQV:KHQFRPELQHGWRJHWKHU ELUUUHIHUVWRGRLQJWKRVHDFWLRQVZKLFKKDYHEHHQ FRPPDQGHGDQG WDTZD UHIHUVWRDYRLGLQJWKRVHDFWLRQVZKLFKKDYHEHHQSURKLELWHG $VXFFHVVRU RQHZKRVXFFHHGVDQRWKHUGXHWRWKH ODWWHU¶VDEVHQFHRUGHDWK 7KLVLV WKHFRUUHFWPHDQLQJRIWKHZRUG NKDOHHIDKWKXVLWLVLQFRUUHFWWREHOLHYHWKDW $GDPLV WKHNKDOHHIDK YLFHJHUHQWDVLVFRPPRQO\WUDQVODWHG RI$OODKRQHDUWKEHFDXVH$OO DK LVQHYHUDEVHQWDQGZLOOQHYHUGLH 7KLVVXSSOLFDWLRQSURYHVWKHFRUUHFWXQGHUVWDQGLQJ RIWKLVWHUPDQGVKRZVWKDW$OO DKVXFFHHGVXVDQGJXDUGVZKRPZHOHDYHEHKLQGZKHQ ZHGLHRUDUHDEVHQW «XSRQUHWXUQLQJWKHVDPHVXSSOLFDWLRQLVUHFLWHGZLWKWKHIROORZLQJDGGLWLRQ åíªðöãð£ èðKô®öß ôåíªðöËôåîðöôåîðöó $\LERRQDW DLERRQD$$ DELGRRQDOLUDEELQ D KDPLGRRQ µ:HUHWXUQUHSHQWZRUVKLSDQGSUDLVHRXU/RUG ¶ ú6XSSOLFDWLRQXSRQHQWHULQJDWRZQRUYLOODJH«HWF ú I ô­ôí ìæðøàôàø×ãôí öÊøð÷´ßôæðô¿­ô÷Iô­ôí ìæðôàôàøÇô ãôí öÊøð÷´ßöîäðI´ßIô­ Iâõìð÷àß ô®ðøôô§ôí öôó®ø ðôØøß öé¬ëô®ðøôô§ ôÚðõßôðø³ô ìæðøóô­ô« ãôí ö¡óK®ßIô­ôí ìæðøàôàø¿ô ãôí öæôÃðôI¸ß ìôÓãK®ðô·ôí ììðöàøëô K®ðô·ôí ëK®ðô· øæöã ôÚö õ«îðËôôí ììôÓãô®ðøôô§ôí ììðöàøëô $OODKXPPD UDEEDV VDPDZDWLVVDE$$L ZDP D DWKODOQ ZDUDEEDO DUDGHHQDVVDE$$L ZDPD DTODOQZDUDEEDVK VKD\DWHHQLZDP D DGODOQZDUDEEDU UL\DKLZDPD WKDUD\QDV DOXND NKD\UD K DWKLKLOTDU\DK ZDNKD\UD DKOLOK D ZDNKD\UD P D IHHKD ZDD$$RR WKX ELNDPLQVKDUULK D ZDVKDUULDKOLK DZDVKDUULP D IHHKD µ2 $OODK /RUG RI WKH VHYHQ KHDYHQV DQG DOO WKDW WKH\ HQYHORS /RUG RI WKH VHYHQ HDUWKVDQGDOOWKDWWKH\FDUU\/RUGRIWKHGHYLOVDQGDOOZKRPWKH\PLVJXLGH/RUGRI WKHZLQGVDQGDOOZKRPWKH\ZKLVNDZ D\,DVN<RXIRUWKHJRRGQHVVRIWKLVYLOODJH WKH JRRGQHVV RI LWV LQKDELWDQWV DQG IRU DOO WKH JRRGQHVV IRXQG ZLWKLQ LW DQG , WDNH UHIXJHZLWK<RXIURPWKHHYLORIWKLVYLOODJHWKHHYLORILWVLQKDELWDQWVDQGIURPDOOWKH HYLOIRXQGZLWKLQLW ¶ û:KHQ HQWHULQJWKHPDUNHW ûùù û Gòô£ ôîëõ ôí õðôäõóôí òðôø¤õó ìªðøäô¤ßõêßíõÚðøàõäßõêßìõêßôÚó®·û õéôª£íê÷àß ÷ûôêßû ®óª×óïò·÷ÞÛðàËôîëôí õ®øôðô¨øß öéöªðôôö ìîðäôó /D LODKD LOODOODK ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG \X K\HH ZD\XPHHWXZDKXZD KD\\XQOD \DPRRWEL\DGLKLO NKD\UXZDKXZD$$DO D NXOOLVKD\LQ TDGHHU µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJV DOO VRYHUHLJQW\ DQG SUDLVH +H JLYHV OLIH DQG FDXVHVGHDWKDQG+HLVOLYLQ J DQGGRHVQRWGLH ,Q+LVKDQGLVDOOJRRGDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶ ü6XSSOLFDWLRQIRUZKHQWKHPRXQWHGDQLPDO RUPHDQRIWUDQVSRUW VWXPEOHV ûùú ý %LVPLOODK µ,QWKHQDPHRI$OO DK¶ ööâðø´ö ý6XSSOLFDWLRQRIWKHWUDYHOOHUIRUWKHUHVLGHQW ûùû êðõÌö©ôí õÊôðÀô û ñ¬IßôêIàßõâðõÜõËö©øîðôø³ô $VWDZGL$$XNXPXO ODKDOOD WKHHOD WDGHH$$XZDG DL$$XK µ,SODFH\RXLQWKHWUXVWRI$OO DKZKRV HWUXVWLVQHYHUPLVSODFHG ¶ þ6XSSOLFDWLRQRIWKHUHVLGHQWIRUWKHWUDYHOOHU ûùü ÚöàðôäôË ôâðôîðô§ôí ìôÚðôôçãôôí ôÚôèðó©ôêIàßõÉö©øîðôø³ô $VWDZGL$$XO ODKDGHHQDNZD DPDQDWDNZDNKDZ DWHHPD$$DPDOLN µ, SODFH \RXU UHOLJLRQ \RXU IDLWKIXOQHVV DQG WKH HQGV RI \RXU GHHGV LQ WKH WUXVW RI $OODK¶ ûùý ðøèõÛ äõðøôô£ ô®øôðô¨ßôÚôß ô®ðI´ôóíô ìôÚôðøçô«ô®ðôÔôÏíô ìïîøØßõêIàßôÙô©íI ô¯ =DZZDGDNDO ODKXWWDTZD ZDJKDIDUD WKDQEDN ZD\DVVDUD ODNDO NKD\UD KD\WKXPD NXQW µ0D\ $OODK HQGRZ\RXZLWK WDTZDIRUJLYH\RXUVLQVDQGIDFLOLWDWHDOOJRRGIRU\RX ZKHUHYHU\RXEH ¶ WDTZD D FRPSUHKHQVLYH WHUP ZKLFK UHIHUV WR DOO JRRG DFWLRQV DQG REHGLHQFH L H SHUIRUPLQJWKHFRPPDQGHGDFWLRQVDQGDYRLGLQJWKHSURKLELWHGDFWLRQV ÿ5HPHPEUDQFHZKLOHDVFHQGLQJRUGHVFHQGLQJ ûùþ -DELUW VDLG:KLOHDVFHQGLQJZHZRXOGVD\ ®ôðøÛô õ $OODKXDNEDU µ$OODKLVWKHJUHDWHVW ¶ «DQGZKHQGHVFHQGLQJZHZRXOGVD\ 6XEKDQDOODK µ+RZSHUIHFW$OO DKLV¶ 3UD\HURIWKHWUDYHOOHUDVGDZQDSSURDFKHV ûùÿ ôå¤ðøõ³ ñ¬öËèðøôôàôË ÞöÀðøÓôôí èðøö£ð» ðèIô­ èðøôôàôË öêðöüô öæðø´õ£ôí ö öªðøäô¤ö Êõ öãð³ ôÊðöäô³ ­ð÷èßôæãö ö 6DPL$$DV DPL$$XQEL KDPGLOODKLZDKXVQLEDODLKL$$DOD\Q D5DEEDQD VDKLEQD ZD DIGLO$$DOD\Q D $$DLWKDQELOODKLPLQDQ QDU µ0D\ DZLWQHVVEHZLWQHVVWRRXUSUDLVHRI$OO DKIRU+LVIDY RXUVDQGERXQWLHVXSRQ XV 2XU /RUG SURWHFW XVVKRZIDYRXURQXVDQGGHOLYHUXVIURPHYHU\HYLO ,WDNH UHIXJHLQ$OO DKIURPWKHILUH ¶ 6WRSSLQJRUORGJLQJVRPHZKHUH ûù Öðôàô§ ãK®ðô· øæöã ö÷ãð÷ßöê÷àß öäðöàôÜö õ«îðËô D$$RR WKXELNDOLP DWLOODKLWWDPPDWLPLQVKDUULP D NKDODT ý µ,WDNHUHIXJHLQ$OO DK¶VSHUIHFWZRUGVIURPWKHHYLOWKDW+HKDVFUHDWHG ¶ :KLOHUHWXUQLQJIURPWUDYHO ûù ,EQ $$XPDU W UHSRUWHG WKDW WKH 0HVVHQJHU RI $OO DK U RQUHWXUQIURPDEDWWOHRU IURPSHUIRUPLQJWKHSLOJULPDJHZRXOGVD\DWHYHU\KLJKSRLQW ®ôðøÛô õ ì®ôðøÛô õ ì®ôðøÛô õ $OODKXDNEDU$OO DKXDNEDU$OO DKXDNEDU µ$OODKLVWKHJUHDWHVW$OO DKLVWKHJUHDWHVW$OO DKLVWKHJUHDWHVW ¶ «DQGWKHQKHZRXOGVD\ ì®óªðô× óïòô· ÷ÞõÛ ðàËôîëõ í ìªøäô¤ßõêßíõÚàäßõêßìõêßôÚó®·û õéôªðø£ôí õê÷àß ÷ûôêßû ôáô°ôëôí ìéôªðøôË ô®ðô¼ôçíô ìéôªðøËôí õ ôÕôª» ô ìåíªðöãð£ èðKô®öß ôåíªðöË ôåîðö ôåîðöó éôªðø£ôí ô°ðø£ô÷ /D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOL VKD\ LQ TDGHHU D\LERRQD W DLERRQ $$ DELGRRQ OLUDEELQ D KDPLGRRQ VDGDTDOODKXZD$$GDKZDQD VDUD$$DEGDKZDKD]DPDO DK]DEDZDKGDK µ1RQH KDV WKH ULJKW WR EHZRUVKLSSHGH[FHSW$OO DKDORQHZLWKRXWSDUWQHU 7R+LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDO OWKLQJVRPQLSRWHQW :HUHWXUQ UHSHQW ZRUVKLS DQG SUDLVHRXU/RUG $OODKIXOILOOHG+LVSURPLVHDLGHG+LV6HUYDQW DQGVLQJOH KDQGHGO\GHIHDWHGWKHDOOLHV ¶ úùù:KDWWRVD\XSRQUHFHLYLQJSOHDVLQJRUGLVSOHDVLQJQHZV ûù :KHQKHU XVHGWRUHFHLYHSOHDVDQWQHZVKHU ZRXOGVD\ ¤ößð÷¼ßJâðöô öêöôäøÌðöèö ñ¬Ißö õªðøäô¤øß $OKDPGXOLOO DKLOODWKHHELQL$$PDWLKLWDWLPPX VVDOLKDW µ$OO3UDLVHLVIRU$OO DKE\ZKRVHIDYRXUJRRGZRUNVDUHDFFRPSOLVKHG ¶ «DQGXSRQUHFHLYLQJGLVSOHDVLQJQHZVKHU ZRXOGVD\ Ý£KÞðõÛ ðàËö õªðøäô¤øß $OKDPGXOLOO DKL$$DOD NXOOLKDO µ$OO3UDLVHLVIRU$OO DKLQDOOFLUFXPVWDQFHV ¶ úùú([FHOOHQFHRIVHQGLQJSUD\HUVXSRQWKH3URSKHWU ûúù 7KH3URSKHWU VDLGµ:KRHYHUVHQGVDSUD\HUXSRQPH$OO DKVHQGVWHQXSRQK LP¶ ûúú +H U DOVR VDLG µ'R QRW WDNH P\ JUDYH DV D SODFH RI KDELWXDO FHUHPRQ\ 6HQG SUD\HUVXSRQPHIRUYHULO\\RXUSUD\HUVUHDFKPHZKHUHYHU\RXDUH ¶ ûúû +H U DOVR VDLG µ$ PLVHU LV RQH ZKRP ZKHQ , DP PHQWLRQHG WR KLP IDLOVWRVHQG SUD\HUVXSRQPH¶ úùû([FHOOHQFHRIVSUHDGLQJWKH,VODPLFJUHHWLQJ ûúü 7KH0HVVHQJHURI$OODK U VDLGµ<RXVKDOOQRWHQWHUSDUDGLVHXQWLO\RXEHOLHYHDQG \RXVKDOOQRWEHOLHYHXQWLO\RXORYHRQHDQRWKHU 6KDOO,QRWLQIRUP\RXRIVRPHWKLQJ LI \RX ZHUH WR DFW XSRQ LW \RX ZLOO LQGHHG DFKLHYH PXWXDO ORYH IRU RQH DQRWKHU" 6SUHDGWKHJUHHWLQJDPRQJVW\RXUVHOYHV¶ ûúý $$DPPDUW VDLGµ7KUHHFKDUDFWHULVWLFVZKRHYHUFRPELQHVWKHPKDVFRPSOHWHGKLV IDLWKWREHMXVWWRVSUHDGJUHHWLQJVWRDOOSHRSOHDQGWRVSHQG FKDULWDEO\ RXWRIWKH OLWWOH\RXKDYH¶ ý ûúþ µ$$DEGXOODK,EQ$$DPUW UHSRUWHGWKDWDPDQDVNHGWKH3URSKHW Uµ:KLFK,VODPLV WKHEHVW"¶+HU UHSOLHG)HHG WKHSRRU DQGJUHHWWKRVHZKRP\RXNQRZDVZHOODV WKRVHZKRP\RXGRQRW ¶ úùü6XSSOLFDWLRQVDLGXSRQKHDULQJDURRVWHUFURZRUWKHEUD\LQJRIDQDVV ûúÿ µ,I\RXKHDUWKHFURZRIDURRVWHUDVN$OO DKIRUKLVERXQW\IRULWKDVVHHQDQDQJHO DQGLI\RXKHDUWKHEUD\LQJRIDQDVVVHHNUHIXJHLQ$OO DKIRULWKDVVHHQDGHYLO ¶ úùý6XSSOLFDWLRQXSRQKHDULQJWKHEDUNLQJRIGRJVDWQLJKW ûú µ,I\RXKHDUWKHEDUNLQJRIGRJVRUWKHEUD\LQJRIDVVHVDWQLJKWVHHNUHIXJHLQ$OO DK IRUWKH\VHHZKDW\RXGRQRW ¶ úùþ6XSSOLFDWLRQVDLGIRURQH\RXKDYHLQVXOWHG ûú öãôôöØßôáøîôó ôÚôßñø®õ× õêßôÚößô« øÞôÌøôÓ õêõøôô³ óæãö øõã ôäóJ ôÓIâõìàß $OODKXPPD ID D\\XPD PXPLQLQ VDEDEWXKX IDM$$DO WKDOLND ODKX TXUEDWDQ LOD\ND \DZPDOTL\DPDK µ2$OODKWRDQ\EHOLHYHUZKRP,KDYHLQVXOWHGOHWWKDWEHFDXVHWRGU DZKLPQHDUWR <RXRQWKH'D\RI5HVXUUHFWLRQ ¶ úùÿ7KHHWLTXHWWHRISUDLVLQJDIHOORZ0XVOLP ûú +HU VDLGµ,IDQ\RQHRI\RXLVLPSHOOHGWRSUDLVHKLVEURWKHUWKHQKHVKRXOGVD\ µ, GHHPVRDQGVRWREH«DQG$OODKLVKLVUHFNRQHU«DQG,GRQ¶WSUDLVHDQ\RQHSXWWLQJ LW LH P\ SUDLVLQJ IRUZDUG LQ IURQW RI $OODK¶V FRPPHQGDWLRQ KRZHYHU , DVVXPH KLPVRDQGVR¶«LIKHNQRZVWKDWRIKLP¶ úù 6XSSOLFDWLRQ VDLG EHWZHHQ WKH <HPHQL FRUQHU DQG WKH EODFN VWRQH DW WKH .D$$EDK ûûù 7KH3URSKHWU XVHGWRVD\EHWZHHQWKH<HPHQLFRUQHUDQGWKHEODFNVWRQH ö­Ièßôô¬Ëôèö×íñèô´£öô®ö§õòÓíñôèô´£ôôøçJªßòÓôèöôèIô­ 5DEEDQD DWLQD IHH DOGGXQ\D KDVDQDWDQ ZDIHH DO DNKLUDWL KDVDQDWDQ ZDTLQ D $$DWKDEDDOQQDU >$O%DTDUDKûùú@ µ2RXU/RUGJU DQWXVWKHEHVWLQWKLVOLIHDQGWKHEHVWLQWKHQH[WOLIHDQGSURWHFWXV IURPWKHSXQLVKPHQWRIWKH)LUH ¶ úù6XSSOLFDWLRQVDLGZKHQDW0RXQW6DID 0RXQW0DUZDK ûûú -DELU W VDLG ZKHQ GHVFULELQJ WKH 3URSKHW ¶V U SLOJULPDJH µ«DQG ZKHQ KH DSSURDFKHGPRXQW6DIDKHUHFLWHG « ö®Ìô· øæãö ôíô ®ø ôäßíôÔI¼ßIåö ,QQDVVDID ZDDOPDUZDWDPLQVKD$$ DLUL$OODK« öêö õôôªô ôäö õôªøô $EGDRELPD EDGDDOODKXELK µ,QGHHG6DIDDQG0DUZDKDUHIURPWKHSODFHVRIZRUVKLSRI$OO DK«¶ µ,EHJLQZLWKZKDW$OO DKEHJD QZLWK¶ «VRKHVWDUWHGZLWK6DIDDQGFOLPHGLWXQWLOKHFRXOGVHHWKH.D$$EDKKHWKHQIDFHG LWDQGVDLG õ®ôøÛô õìõ®ôÛø ô õìõ®ôÛø õ $OODKXDNEDU$OO DKXDNEDU$OO DKXDNEDU þù µ$OODKLVWKHJUHDWHVW$OO DKLVWKHJUHDWHVW$OO DKLVWKH JUHDWHVW ¶ «DQGWKHQKHZRXOGVD\WKHIROORZLQJWKUHHWLPHVPDNLQJDVXSSOLFDWLRQ RQHVKRXOG PDNHDSHUVRQDOVXSSOLFDWLRQ DIWHUHDFKWLPH ôêôßö ôß ìò®óªô× óïòô· KÞõÛ ðàôË ôîëõ íõªøäô¤ßõêôßôí õÚøàõäßõêôß ìõêôß ôÚóö®ô· ôß õéôª£ ø ôí õIßö ôêßö ôß õéôª£ ø ôí ôô°ø£ô÷ôáô°ôëôí õéôªø ôË ô®ô¼ôçíô ìõéôªË ø ôí ô°ô çø ô õéôª£ ø ôí õIßö /D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOL VKD\LQ TDGHHU O D LODKD LOODOODKX ZD KGDK DQMD]D ZD$$GDK ZDQD VDUD $$DEGDKZDKD]DPDO DK]DEDZDKGDK µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU 7R +LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVDPQLSRWHQW 1RQHKDVWKH ULJKWWREHZRUVKLSSHGH[FHSW$OO DKDORQH +HIXOILOOH G+LVSURPLVHDLGHG+LV6HUYDQW DQGVLQJOH KDQGHGO\GHIHDWHGWKHDOOLHV ¶ «KHU ZRXOGUHSHDWWKLVDFWLRQDW0DUZDK úù7KH'D\RI$$DUDIDK ûûû µ7KH EHVW RI VXSSOLFDWLRQV LV WKH VXSSOLFDWLRQ RQ WKH GD\ RI $$DUDIDK DQG WKHEHVW ZKLFK,DQGWKH3URSKHWV EHIRUHPHKDYHVDLG LV ò®óªô× óïøòô· KÞõÛ ðôàôË ôîëõ íõªøäô¤ßõêôßíõÚøàõäßõêôß ìõêôß ôÚó®ô· ôß õéôª£ ø ôí õIßö ôêôßö ôß /D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\LQTDGHHU µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU 7R +LP EHORQJVDOOSUDLVHDQGVRYHUHLJQW\DQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶ úúù$WWKH6DFUHG6LWH $O0DVK$$DU$O+DUDP ûûü -DELU W VDLG µ+H U URGH $O4DVZD XQWLO KH UHDFKHG $O0DVK$$DU $O+DUDP KH WKHQ IDFHGWKHTLEODKVXSSOLFDWHGWR$OO DKDQGH[WROHG+LVJUHDWQHVVDQGRQHQHVV +HVWRRGXQWLOWKHVXQVKRQHEXWOHIWEHIRUHLWURVH ¶ $O4DVZD7KHQDPHRIWKH3URSKHW ¶VU FDPHO úúú:KHQWKURZLQJHDFKSHEEOHDWWKH-DPDUDW LH6WRQLQJ WKHWKUHHDUHDVDW0LQDGXULQJ+DMM ûûý (YHU\WLPHWKH3URSKHW U WKUHZDSHEEOHDWDQ\RIWKHWKUHHMDPDU DWKHZRXOGVD\ õ®ôÛø ô õ $OODKXDNEDU µ$OODKLVWKHJUHDWHVW ¶ «RQ FRPSOHWLRQ RI WKHILUVWMDPDUDKKHDGYDQFHGDOLWWOHVWRRGIDFLQJWKHTLEO DK UDLVHGKLVKDQGVDQGVXSSOLFDWHG+HDOVRGLGWKLVDIWHUWKHVHFRQGMDPDUDKEXWQRW WKHWKLUG¶ úúû$WWKHEODFNVWRQH ûûþ µ7KH 3URSKHW U FLUFOHG WKH .D$$EDK RQ DFDPHOHYHU\WLPHKHUHDFKHGWKHEODFN VWRQHKHZRXOGSRLQWWRLWZLWKKLVVWDIIDQGVD\ $OODKXDNEDU µ$OODKLVWKHJUHDWHVW ¶ úúü6XSSOLFDWLRQPDGHDJDLQVWDQHQHP\ ûûÿ þú õ®ôÛø ô õ øâõìøßö°øßô¯ôí øâõìøãö°øëIâõìIàßôô°ø£ô÷ôáö°øëö´ö¤ßôÊó®ô³ öôöÜßôÝö°øèõã IâõìIàß $OODKXPPD PXQ]LODO NLWDE VDUHH$$DO KLVDE LK]LPLO DK]DE DOODKXPPDK ]LPKXP ZD]DO]LOKXP µ2$OODK5HYHDOHURIWKH%RRN6ZLIWDWUHFNRQLQJGHIHDWWKHFRQIHGHUDWHV 2$OODK GHIHDWWKHPDQGFRQYXOVHWKHP ¶ úúý:KDWWRVD\ZKHQLQIHDURIDSHRSOH ûû $OODKXPPDN ILQHHKLPELP D VKLW µ2$OODKSURWHFWPHIURPWKHPZLWKZKDW<RXFKRRVH ¶ úúþ:KDWWRVD\DWWLPHVRIDPD]HPHQWDQGGHOLJKW ûû ôøö· äö øâöìôöèÔö øÛIâõìIàß öôåô¤øõ³ 6XEKDQDOODK µ+RZSHUIHFW$OO DKLV¶ ûû õ®øÛô õ $OODKXDNEDU µ$OODKLVWKHJUHDWHVW ¶ úúÿ:KDWWRGRXSRQUHFHLYLQJSOHDVDQWQHZV ûüù 7KH3URSKHW U ZRXOGSURVWUDWHLQJUDWLWXGHWR$OO DK ðßÌí Ù­ XSRQUHFHLYLQJ QHZVZKLFKSOHDVHGKLPRUZKLFKFDXVHGSOHDVXUH úú :KDWWRVD\DQGGRZKHQIHHOLQJVRPHSDLQLQWKHERG\ ûüú µ3ODFH\RXUKDQGDWWKHVLWHRIWKHSDLQDQGVD\ ñüô ööâø´ö %LVPLOODK WKUHHWLPHV µ,QWKHQDPHRI$OO DK¶ WKUHHWLPHV «WKHVXSSOLFDWHVHYHQWLPHV ®ãʳ õ­ö«ô£õôí õªöô ôã K®ô· øæôã öêöô­øªõ×ôí öõ«îõËô D$$RR WKXELOODKLZDTXGUDWLKPLQVKDUULP D DMLGXZD RKDWKLU VHYHQWLPHV µ, WDNH UHIXJH LQ $OO DK DQG ZLWKLQ +LV RPQLSRWHQFHIURPWKHHYLOWKDW,IHHODQGDP ZDU\RI ¶ VHYHQWLPHV úú:KDWWRVD\ZKHQLQIHDURIDIIOLFWLQJVRPHWKLQJRUVRPHRQHZLWKRQH¶VH\H 7KH(YLO(\H7RORRNDWVRPHWKLQJDQGEHLPSUHVVHGZLW KLWFDXVLQJKDUPWREHIDOOLW 7KLV ³ORRNLQJ´ PD\ RU PD\ QRW LQYROYH MHDORXV\ DQG FDQ RFFXU XQLQWHQWLRQDOO\ LQGHHGEHSDUWRIDSHUVRQ¶VQDWXUH$SHUVRQFDQHYHQLQIOLFWKDUP RQKLPVHOI )URPWKHVXSSOLFDWLRQVIRUWKHSURWHFWLRQDJDLQVWWKH(YLO(\H êôðôàôË Ùö­Iâðõì÷àß $OODKXPPDE DULN$$DOD\K µ2$OODKVHQGEOHVVLQJXSRQKLP ¶ ÷ûôIîõ× û ìôï·ã 0D VKDDOODKOD TXZZDWDLOO D ELOODK µ WKLVLV WKDWZKLFK$OO DKKDVZLOOHGWKHUHLVQRSRZHUH[FHSWZLWK$OO DK¶ ûüû þû µ,I \RX VHH VRPHWKLQJ IURP \RXU EURWKHU \RXUVHOI RU ZHDOWK ZKLFK \RX ILQG LPSUHVVLQJWKHQLQYRNHEOHVVLQJVIRULWIRUWKHHYLOH\HLVLQGHHGWUXH ¶ úú(WLTXHWWHRIUHWLULQJIRUWKHQLJKW ûüü µ:KHQQLJKWIDOOV LH$O0DJKULE UHVWUDLQ\RXUFKLOGUHQ IURPJRLQJRXW EHFDXVH DWVXFKWLPHWKHGHYLOVVSUHDGDERXW $IWHUDSHULRGRIWLPHKDVSDVVHGOHWWKHPEH 6KXW\RXUGRRUVDQGPHQWLRQ$OODK¶VQDPHIRUYHULO\WKHGHYLOGRHVQRWRSHQDVKXW GRRU WLH XS \RXU ZDWHUVNLQV DQG PHQWLRQ $OODK¶V QDPH FRYHU \RXU YHVVHOV ZLWK DQ\WKLQJDQGPHQWLRQ$OODK¶VQDPHDQGSXWRXW\RXUODPSV¶ úûù7KH7DOEL\DK ûüý ôÚôß ôÚóö®ô· ôß ìõÚøàõäßíôÚôß ìöôäøÌKèßíôªäø ÷¤ßIåö ìôÚøôIôß ôÚôß ôÚóö®ô· ôß ôÚøôIôß ìôÚøôIôß IâõìIàßôÚøôIôß /DEED\NDO ODKXPPD ODEED\N ODEED\ND O D VKDUHHND ODND ODEED\N LQQDO KDPGD ZDQQL$$PDWDODNDZDOPXONO D VKDUHHNDODN µ+HUH , DP 2 $OO DK LQ UHVSRQVH WR <RXUFDOO KHUH,DP +HUH,DP<RXKDYHQR SDUWQHUKHUH,DP 9HULO\DOOSUDLVHJUDFHDQGVRYHUHLJQW\EHORQJWR<RX <RXKDYH QRSDUWQHU ¶ úûú:KDWWRVD\ZKHQVWDUWOHG ûüþ /D LODKDLOODOODK µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DK¶ úûû:KDWLVVDLGWRD.DILUZKHQKHVQHH]HV ûüÿ <DKGHHNXPZD\X VOLKXEDODNXP µ0D\$OODKJXLGH\RXDQGUHFWLI\\RXUFRQGLWLRQ ¶ úûü 5HWXUQLQJDJUHHWLQJWRD.DILU ûü µ:KHQWKHSHRSOHRIWKH%RRNJUHHW\RXUHSO\E\VD\LQJ :D$$DOD\NXP µ$QGXSRQ\RX ¶ úûý:KHQLQVXOWHGZKLOHIDVWLQJ ûü ,QQHHVDLPLQQHH VDLP µ,DPIDVWLQJ,DPIDVWLQJ ¶ úûþ:KHQVODXJKWHULQJRURIIHULQJDVDFULILFH ûü õIûôêßö û øâõÜôßñ õ¢öà¼õóíõøâõÜóöªøìôó âõÜôðôàôËôí òâöô» òKçö ìòâöô» òKçö òKèöã øÞIôØô IâõìIàßôÚôßíôÚøèöã IâõìIàßõ®ôÛø ô õíööâø´ö %LVPLOODKZDOODKXDNEDUDOO DKXPPDPLQNDZDODNDOO DKXPPDWDTDEEDOPLQQHH µ,QWKHQDPHRI$OO DKDQG$OO DKLVWKHJUHDW HVW2$OODK LWLV IURP<RXDQGEHORQJV WR<RX2$OO DKDFFHSWWKLVIURPPH ¶ úûÿ:KDWLVVDLGWRZDUGRIIWKHGHFHSWLRQRIWKH2EVWLQDWH6KD\WDQV ûýù þü ìôô­ô«íôô®ôíìôÖàô§ ôã K®÷· øæöã ò®ôÓ ôßíG®ô Iæõëõ¯öíô óõ ôß òöIßöIãIßööôäöàôÜõ«îõËô ö½ø­ô÷òÓôô­ô« ôã K®ô· æöãíìôìôÓõõ®øÌôó ôã K®ô· øæãöí öïôä´ I ßôæãö õÝö°øèôó ôã K®ô· øæöãí ñ×ö­ôà Ißö óÕö­ÃKÞõÛ K®ô· øæöãíìö­ìIèßíöÞôø Iàßöæô öÓ K®ô· øæãöí ìôìøèöã õõ®ø¨ôó ôã K®ô· øæöãí õæôäø£ô­ ôó ó®øôô¨õÕõ®øÄôó D$$RR WKX ELNDOLP DWLOODKLWWDPPDW DOODWHH O D \XMDZL]XKXQQD EDUUXQ ZDO D IDMLU PLQ VKDUUL PD NKDODT ZDEDUDD ZD WKDUDD ZDPLQ VKDUUL P D \DQ]LOX PLQDV VDPD ZDPLQ VKDUULPD \D$$UXMXIHHK DZDPLQVKDUULP D WKDUDDILODUGZDPLQVKDUULP D \DNKUXMX PLQKD ZDPLQ VKDUUL ILWQDQLO OD\OL ZDQQDK DU ZDPLQ VKDUUL NXOOL WDULTLQ LOOD WDULTDQ \DWUXTXELNKD\ULQ\ D 5DKPDQ µ,WDNHUHIXJHZLWKLQ$OO DK¶VSHUIHFWZRUGVZKLFKQRULJKWHRXVRUXQULJKWHRXVSHUVRQ FDQ WUDQVJUHVV IURP DOO WKH HYLO WKDW +H KDV FUHDWHG PDGH DQG RULJLQDWHG , WDNH UHIXJH IURPWKHHYLOWKDWGHVFHQGVIURPWKHVN\DQGWKHHYLOWKDWULVHVXSWRLW ,WDNH UHIXJH IURPWKHHYLOWKDWLVVSUHDGRQ(DUWKDQGWKHHYLOWKDWVSULQJVIURPKHUDQG, WDNHUHIXJHIURPWKHHYLORIWKHWULE XODWLRQVRIQLJKWDQGGD\DQGWKHHYLORIRQHZKR YLVLWVDWQLJKWH[FHSWWKHRQHZKREULQJVJRRG20HUFLIXO2QH ¶ úû 6HHNLQJIRUJLYHQHVVDQGUHSHQWDQFH ûýú µ7KH 0HVVHQJHU RI $OODK U VDLGµ%\$OODK,VHHNIRUJLYHQHVVDQGUHSHQWWR$OO DK PRUHWKDQVHYHQW\WLPHVDGD\¶ ûýû +HU DOVRVDLGµ23HRSOH5HSHQW9HULO\,UHSHQWWR$OODKDKXQGUHGWLPHVDGD\¶ ûýü +HU DOVRVDLGµ:KRHYHUVD\V öêôôßö õîõôíõáõî÷ôôØßJòô¤ßôîëõ Ißôêôßö ôß ñö¬Ißôõ®öÔøÐôø³ô $VWDJKILUXO ODKDOODWKHHOD LODKDLOOD KXZDOKD\\XOTD\\RRPXZD DWRREXLOD\K µ,VHHN$OO DK¶VIRUJLYHQHVVEHVLGHVZKRPQRQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW +H 7KH (YHU /LYLQJ 7KH 6HOI 6XEVLVWLQJ DQG 6XSSRUWHU RI DOO DQG,WXUQWR+LPLQ UHSHQWDQFH ¶ «$OODK ZRXOG IRUJLYH KLP HYHQ LI KH ZDV RQH ZKR IOHG GXULQJ WKH DGYDQFH RI DQ DUP\¶ ûýý +HU VDLGµ7KHQHDUHVWWKH/RUGFRPHVWR+LVVHUYDQWLVLQWKHPLGGOHRIWKHQ LJKW VRLI\RXDUHDEOHWREHRIWKRVHZKRUHPHPEHU$OO DKDWWKDWWLPHWKHQEHVR ¶ ûýþ +H U DOVR VDLG µ7KH QHDUHVW D VHUYDQW LV WR KLV/RUGLVZKHQKHLVSURVWUDWLQJVR VXSSOLFDWHPXFKWKHUHLQ¶ ûýÿ +H U DOVR VDLG µYHULO\ P\ KHDUW EHFRPHV SUHRFFXSLHG DQG YHULO\ , VHHN $OODK¶V IRUJLYHQHVVDKXQGUHGWLPHVDGD\¶ SUHRFFXSLHG LHLQDVWDWHRI µIRUJHWIXOQHVV¶7KH3URSKHW U DOZD\VXVHGWRLQFUHDVH LQ KLV UHPHPEUDQFH RI KLV /RUG LQ DWWDLQLQJ D QHDUQHVV WR $OO DK DQG KDYLQJ þý FRQVFLRXVQHVVRI$OO DKWR WKHH[WHQWWKDWLIWKLVLQWHQVLW\OHVVHQHGLQDQ\ZD\KHZRXOG UHJDUGLWDVDVLQDQGZRXOGWKHQUDFHWRVHHNIRUJLYHQHVVIURP$OO DK úû([FHOOHQFHRIUHPHPEUDQFHDQGJORULILFDWLRQRI$OODK ûý $EX+XUD\UDKW UHSRUWHGWKDWWKH0HVVHQJHURI$OO DKU VDLGµ:KRHYHUVD\V ã ò®óªô× óïòô· KÞõÛ ðàôË ôîëõ íìªøäô¤ßõêôßôí õÚøàõäßõêôß ìõêôß ôÚóö®ô· ôß õéôª£ ø ôí õIßö ôêßö ôß ®ã /D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\LQTDGHHU RQHKXQGUHGWLPHV µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU 7R +LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶ «D KXQGUHG WLPHV GXULQJ WKH GD\ KDVWKHUHZDUGRIIUHHLQJWHQVODYHVDKXQGUHG JRRG GHHGVDUH UHFRUGHGIRUKLPDQGDKXQGUHGEDGGHHGVDUHZLSHGDZD\DQGKH KDV JDLQHG UHIXJH IURP WKH GHYLO WKDW GD\ XQWLO HYHQLQJ DQG QRQH VKDOO FRPH ZLWK DQ\WKLQJEHWWHUH[FHSWVRPHRQHZKRKDVGRQHPRUH ¶ ûý µ:KRHYHUVD\V áîôßòÓ®ãã öéöªäø ô¤öíô öôåô¤øõ³ 6XEKDQDOODKLZDELKDPGLK RQHKXQGUHGWLPHVGDLO\ µ+RZSHUIHFW$OO DKLVDQG,SUDLVH+LP ¶ «DKXQGUHGWLPHVGXULQJWKHGD\KLVVLQVDUHZLSHGDZD\HYHQLIWKH\DUHOLNHWKH IRDPRIWKHVHD¶ ûý $EX +XUD\UDK W UHSRUWHG WKDW WKH 0HVVHQJHU RI $OO DK U VDLG µ:KRHYHU VD\V DW PRUQLQJDQGHYHQLQJWLPH ò´äóæô£í¢¼óæô£ öéöªøäô¤öíöôåô¤øõ³ 6XEKDQDOODKLZDELKDPGLK DWPRUQLQJ HYHQLQJWLPH µ+RZSHUIHFW$OO DKLVDQG,SUDLVH+LP ¶ «RQH KXQGUHG WLPHV QRQH VKDOO FRPH RQ WKH 'D\ RI 5HVXUUHFWLRQ ZLWK DQ\WKLQJ EHWWHUH[FHSWVRPHRQHZKRKDVVDLGWKHVDPHRUHYHQPRUH ¶ PRUQLQJDIWHUSUD\HUXQWLOWKHVXQULVHVHYHQLQJ DIWHU$$D VUSUD\HUXQWLOWKHVXQVHWV KRZHYHUVRPHVFKRODUVVD\ DIWHUWKHVXQVHWVD QGRQZDUGV ûþù $ERR$\\RRE$O$QVDUHHW UHODWHGWKDW7KH3URSKHW U VDLGµ:KRHYHUVD\V ò®óªô× óïòô· KÞõÛ ðàôË ôîëõ íõªøäô¤ßõêôßôí õÚøàõäßõêôß ìõêôß ôÚóö®ô· ôß õéôªø£ôí õIßö ôêßö ôß /D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\LQTDGHHU µ1RQH KDV WKHULJKWWREHZRUVKLSSHGH[F HSW$OODKDORQHZLWKRXWSDUWHQHU 7R+LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶ «WHQ WLPHV LV OLNH RQH ZKR KDV IUHHG IRXU VRXOV IURP DPRQJ WKH FKLOGUHQ RI ,VPD$$HHO¶ ûþú $ERR +XUD\UDK W UHSRUWHG WKDW WKH 0HVVHQJHU RI $O ODK U VDLG¶ 7KHUH DUH 7ZR ZRUGV ZKLFKDUH OLJKWRQWKHWRQJXHKHDY\RQWKH6FDOHDQGEHORYHGWR7KH0RVW *UDFLRXV öâôöÈôÌßöôåô¤øõ³íöéöªøäô¤öíô öôå¤øõ³ 6XEKDQDOODKLZDELKDPGLKZDVXE KDQDOODKLO$$DWKHHP þþ µ+RZSHUIHFW$OO DKLVDQG,SUDLVH+LP +RZSHUIHFW$OO DKLV7KH6XSUHPH ¶ ûþû $ERR+XUD\UDKW UHSRUWHGWKDWWKH0HVVHQJHURI$OO DKU VDLGµ6D\LQJ õ®ôÛø ô õíõIßôêôßö ôß ìö õªøäô¤ßíìöôåô¤øõ³ 6XEKDQDOODKZDOKDPGXOLOO DKOD LODKDLOODOODKZDOODKXDNEDU µ+RZSHUIHFW$OO DKLVDQGDOOSUDLVHLVIRU$OO DK1RQHKDVWKHULJKWWREHZRUVKLSSHG H[FHSW$OO DKDQG$OO DKLVWKHJUHDWHVW ¶ «LVPRUHEHORYHGWRPHWKDQHYHU\WKLQJWKHVXQKDVULVHQRYHU ¶ ûþü 6D¶GW VDLGµ:H ZHUHVLWWLQJZLWKWKH0HVVHQJHURI$OO DKUDQGKHVDLGµ$UHDQ\ RI\RXXQDEOHWRJDLQDWKRXVDQGJRRGGHHGVHDFKGD\" ¶6RPHERG\WKHQDVNHGKLPU +RZ GRHVRQHDFKLHYHDWKRXVDQGJRRGGHHGV"+HUHSOLHG µ+HVKRXOGVD\ öôåô¤øõ³ 6XEKDQDOODK µ+RZSHUIHFW$OO DKLV¶ «RQHKXQGUHGWLPHVIRUDWKRXVDQGJRRGGHHGVDUHUHFRUGHGIRUKLPRUDWKRXVDQG EDGGHHGVDUHZLSHGDZD\¶ ûþý -DEELUW UHODWHGWKDWWKH3URSKHW U VDLGµ:KRHYHUVD\V öéöªøäô¤öíöâôöÈôÌßöôåô¤øõ³ 6XEKDQDOODKLO$$DWKHHPLZDEL KDPGLK µ+RZSHUIHFW$OO DKLV7KH6XSUHPHDQG,SUDLVH+LP ¶ «DSDOPWUHHLVSODQWHGIRUKLPLQSDUDGLVH ¶ ûþþ µ$$DEGXOODK,EQ4D\V W UHODWHGWKDWWKH3URSKHW U VDLGWRKLPµ2µ$$DEGXOODK,EQ 4D\V VKDOO , QRW LQIRUP \RX RI D WUHDVXUH IURP WKH WUHDVXUHV RI SDUDGLVH" ¶ +H U WKHQVDLGµ6D\ /D KDZODZDO D TXZZDWDLOO D ELOODK µ7KHUHLVQRPLJKWQRUSRZHUH[FHSWZLWK$OO DK¶ ûþÿ µWKHPRVWEHORYHGZRUGVWR$OO DKDUHIRXU öIßö ôIîõ× ôßôí ôÝóî£ ô ôß õ®ôÛø ô õíõIûö ôêôßö ôßíìö õªøäô¤ßíìöôåô¤øõ³ 6XEKDQDOODKZDOKDPGXOLOO DKZDOD LODKDLOODOODKZDOODKXDNEDU µ +RZ SHUIHFW $OO DK LV DOO SUDLVH LV IRU $OO DK 1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW$OO DKDQG$OO DKLVWKHJUHDWH VW¶ «LWGRHVQRWPDWWHUZKLFKRIWKHP\RXVWDUWZLWK ¶ ûþ 6D$$G,EQ$EHH:DTTDV W QDUUDWHGWKDWDPDQFDPHWRWKH0HVVHQJHURI$OO DKU DQGVDLGWRKLPµ7HDFKPHVRPHWKLQJZKLFK,VKRXOGVD\" ¶+HVDLGµ6D\ Kô­ öôåô¤øõ³ ìñ®ôôÛ ö õªøäô¤øßíô®ôôÛ õ®ôÛø ô õìõêôß ôÚóö®ô· ôß õéôªø£ôí õ Ißö ôêßö ôß öâôöÜô¤øß ö°ó°ôÌßö÷ßö ôIîõ× ôßôí ôÝøîô£ ôß ìôæôäôßôÌß /D LODKD LOODOODK ZDKGDKX OD VKDUHHNDODK$OO DKXDNEDUXNDEHHU DZDOKDPGXOLOO DKL NDWKHHU D VXEKDQDOODKL UDEELO $$DODPHHQ O D KDZOD ZDO D TXZZDWD LOO D ELOODKLO $$D]HH]LO KDNHHP þÿ µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DKDORQHZLWKRXWSDUWHQHU $OODKLV PRVW JUHDW DQG PXFK SUDLVH LV IRU $OO DK +RZ SHUIHFW $OO DK LV /RUG RI WKH ZRUOGV 7KHUHLVQRPL JKWQRUSRZHUH[FHSWZLWK$OO DK7KH([DOWHGLQPLJKW7KH:LVH ¶ «WKHPDQWKHQVDLGµ7KHVHDUHIRUP\/RUGDQGZKDWLVIRUPH" ¶+HU UHSOLHG µ6D\ òöèø×õ¯ø­íìòöçöªøëíìòöèøäô£­ø íìòöß ø®öÔøÏIâõìIàß $OODKXPPDJK ILUOHHZDU KDPQHHZDKGLQHHZDU]XTQHH µ2$OODKIRUJLYHPHKDYHPHUF\XSRQPHJXLGHPHDQGJUDQWPHVXVWHQDQFH ¶ ûþ 7DULT $O$VKMD$$HH W VDLG µ:KHQ VRPHRQH ZRXOG HPEUDFH ,VODP WKH 3URSKHW U ZRXOG WHDFK KLP KRZ WR SHUIRUP SUD\HU DQG WKHQ RUGHUKLPWRVXSSOLFDWHZLWKWKH IROORZLQJZRUGV òöèø×õ¯ø­íòöèöÓôËíìòöçöªøëíìòöèøäô£­ø íìòöß ö®öÔøÏIâõìIàß $OODKXPPDJK ILUOHHZDU KDPQHHZDKGLQHHZD$$ DILQHHZDU]XTQHH µ2 $OODK IRUJLYH PH KDYH PHUF\ XSRQ PH JXLGHPHJLYHPHKHDOWKDQGJUDQWPH VXVWHQDQFH ¶ ûþ -DELU ,EQ µ$$DEGXOODK W UHODWHG WKDW WKH0HVVHQJHURI$OO DK U VDLGµ9HULO\WKH EHVWVXSSOLFDWLRQLV $OKDPGXOLOO DK µ$OOSUDLVHLVIRU$OO DK¶ «DQGLQGHHG WKHEHVWIRUPRIUHPHPEUDQFHLV /D LODKDLOODOODK µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DK¶ ö õªøäô¤øß õIßö êôßö ôß ûÿù µ7KHHYHUODVWLQJULJKWHRXVGHHGV öIßôIîõ× ôßôí ôÝøîô£ ôßôí õ®ôÛø ô õíõIßô ôêôßö ôß ìö õªøäô¤øßíìöôåô¤øõ³ 6XEKDQDOODK ZDOKDPGX OLOO DK OD LODKD LOODOODK ZDOODKX DNEDU ZDO D KDZOD ZDO D TXZZDWDLOO D ELOODK µ+RZSHUIHFW$OO DKLVDQGDOOSUDLVHLVIRU$OO DK1RQHKDVWKHULJKWWREHZRUVKLSSHG H[FHSW $OO DK DQG $OO DK LV WKH JUHDWHV W 7KHUH LV QR PLJKW QRU SRZHU H[FHSW ZLWK $OODK¶ úû+RZWKHSURSKHWU U PDGHWDVEHHK 7DVEHHKLWPHDQVKHUHWRVD\ 6XEKDQDOODKDOKDPGXOLOO DK$OODKXDNEDU ûÿú µ$$DEGXOODK ,EQ $$DPU W VDLG ¶, VDZ WKH SURSKHW U PDNH WDVEHHK ZLWKKLVULJKW KDQG¶ 2$OODKVHQGSHDFHDQGEOHVVLQJVXSRQRXU3URSKHW0XKDPPDG KLVFRPSDQLRQVDQGKLVIDPLO\DQGDOOWKRVHZKRIROORZWKHPLQ ULJKWHRXVQHVVWLOOWKH'D\RI5HFNRQLQJ $PHHQ þ