2;)25' 81,9(56,7<35(66
*UHDW&ODUHQGRQ6WUHHW2[IRUG['3
2[IRUG8QLYHUVLW\3UHVVLVDGHSDUWPHQWRIWKH8QLYHUVLW\RI2[IRUG
,WIXUWKHUVWKH8QLYHUVLW\ VREMHFWLYHRIH[FHOOHQFHLQUHVHDUFKVFKRODUVKLS
DQGHGXFDWLRQE\SXEOLVKLQJZRUOGZLGHLQ
2[IRUG1HZ<RUN
$XFNODQG&DSH7RZQ'DUHV6DODDP+RQJ.RQJ.DUDFKL
.XDOD/XPSXU0DGULG0HOERXUQH0H[LFR&LW\1DLUREL
1HZ'HOKL6KDQJKDL7DLSHL7RURQWR
:LWKRIILFHVLQ
$UJHQWLQD$XVWULD%UD]LO&KLOH&]HFK5HSXEOLF)UDQFH*UHHFH
*XDWHPDOD+XQJDU\,WDO\-DSDQ3RODQG3RUWXJDO6LQJDSRUH
6RXWK.RUHD6ZLW]HUODQG7KDLODQG7XUNH\8NUDLQH9LHWQDP
2;)25' DQG2;)25' (1*/,6+DUHUHJLVWHUHGWUDGHPDUNVRI2[IRUG
8QLYHUVLW\3UHVVLQWKH8.DQGLQFHUWDLQRWKHUFRXQWULHV
2[IRUG8QLYHUVLW\3UHVV
7KHPRUDOULJKWVRIWKHDXWKRUKDYHEHHQDVVHUWHG
'DWDEDVHULJKW2[IRUG8QLYHUVLW\3UHVV PDNHU
)LUVWSXEOLVKHG
1RXQDXWKRUL]HGSKRWRFRS\LQJ
$OOULJKWVUHVHUYHG1RSDUWRIWKLVSXEOLFDWLRQPD\EHUHSURGXFHG
VWRUHGLQDUHWULHYDOV\VWHPRUWUDQVPLWWHGLQDQ\IRUPRUE\DQ\PHDQV
ZLWKRXWWKHSULRUSHUPLVVLRQLQZULWLQJRI2[IRUG8QLYHUVLW\3UHVV
RUDVH[SUHVVO\SHUPLWWHGE\ODZRUXQGHUWHUPVDJUHHGZLWKWKHDSSURSULDWH
UHSURJUDSKLFVULJKWVRUJDQL]DWLRQ(QTXLULHVFRQFHUQLQJUHSURGXFWLRQ
RXWVLGHWKHVFRSHRIWKHDERYHVKRXOGEHVHQWWRWKH(/75LJKWV'HSDUWPHQW
2[IRUG8QLYHUVLW\3UHVVDWWKHDGGUHVVDERYH
<RXPXVWQRWFLUFXODWHWKLVERRNLQDQ\RWKHUELQGLQJRUFRYHU
DQG\RXPXVWLPSRVHWKLVVDPHFRQGLWLRQRQDQ\DFTXLUHU
$758&.:ø7287$'5ø9(5
0DUN0LOHVDQGKLVVRQ$QG\DUHKDYLQJDEDGPRUQLQJ
:KHU H V * D U \ " V D \ V 0 D U N ³+H L V Q W X V X D O O \ O D W H 7 K H WUXFNLVUHDG\(YHU\ERG\ VZDLWLQJ
7KHQ*DU\6ODWHUFRPHVWRWKHRIILFH+HLVLOO, YHJRWD
EDGDUP0U0LOHV VD\V*DU\, PYHU\VRUU\EXW,FDQ W
GULYHWRGD\
$Q\ZHEVLWHVUHIHUUHGWRLQWKLVSXEOLFDWLRQDUHLQWKHSXEOLFGRPDLQDQG
WKHLUDGGUHVVHVDUHSURYLGHGE\2[IRUG8QLYHUVLW\3UHVVIRULQIRUPDWLRQRQO\
2[IRUG8QLYHUVLW\3UHVVGLVFODLPVDQ\UHVSRQVLELOLW\IRUWKHFRQWHQW
L6%1
,6%1 ,2 R[
3ULQWHGLQ&KLQD
$&.12:/('*(0(17
(OXVWUDWHGE\6LPRQ*XUU
2[IRUG%RRNZRUPV6WDUWHUV
KHDGZRUGV
2[IRUG%RRNZRUPV3OD\VFULSWV
2ULJLQDOILFWLRQIRUVWXGHQWVVWDUWLQJWRUHDGLQ(QJOLVK
6WRULHVDUHFDUHIXOO\JUDGHGDQGVXSSRUWHGE\FOHDU
$UDQJHRISOD\VGHVLJQHGERWKIRU
KLJKTXDOLW\LOOXVWUDWLRQV
UHDGLQJDQGSHUIRUPLQJLQWKH
FODVVURRP
2[IRUG%RRNZRUPV/LEUDU\
2[IRUG%RRNZRUPV)DFWILOHV
$ZLGHUDQJHRIRULJLQDODQGDGDSWHGVWRULHVERWK
FODVVLF
2ULJLQDOUHDGHUVJLYLQJYDULHG
DQGPRGHUQZKLFKWDNHOHDUQHUVIURPHOHPHQWDU\
DQGLQWHUHVWLQJLQIRUPDWLRQ
WRDGYDQFHGOHYHOWKURXJKVL[FDUHIXOO\JUDGHG
DERXWDUDQJHRIQRQILFWLRQ
ODQJXDJHVWDJHV
WRSLFV
2[IRUG%RRNZRUPV
&ROOHFWLRQ
)LFWLRQE\ZHOONQRZQFODVVLF
DQGPRGHUQDXWKRUV7H[WVDUH
QRWDEULGJHGRUVLPSOLILHGLQ
DQ\ZD\
'ULYHLQWR'DQJHU
:RQGHUIXOVD\V0DUN+HLVORRNLQJKDSSLHU+DYH
\RXJRWDSDVVSRUW"
2 I F R X U V H LW¶V D W K R P H 6 X G G H Q O \ 0 D U N L V P X F K KDSSLHU
2.&DQ\RXWDNHDWUXFNWR)UDQFH"+HUHLVVRPH
)UHQFKPRQH\DQGWKHVHDUHDOOWKHSDSHUV UHDGWKHP
FDUHIXOO\
-XVWWKHQ.LP3DUNHUDUULYHV6KHLVDVWXGHQW+HUIDWKHU
LVRQHRI0DUN VGULYHUV6KHLVZRUNLQJLQ0DUN VRIILFHLQ
KHUKROLGD\
*RRGPRUQLQJ0U0LOHVVD\V.LP:KDWFDQ,GR
ILUVW"
&DQ\RXGULYHDWUXFN"VD\V0DUNZLWKDOLWWOHODXJK
, YHJRWWDEOHVLQ)DYHUVKDPDQGZLQHLQ/\RQ D Q G Q R GULYHU
<HV,FDQGULYHDWUXFN VD\V.LP¶, YHJRWDOLFHQFH
*$5<0$.(6$3+21(&$///
*HWWKHWDEOHVIURPWKHVKRSDW)DYHUVKDPVD\V*DU\
7KHQWDNHWKHIHUU\IURP'RYHUWR&DODLV$W&DODLVORRN
IRUVLJQVWRWKH$PRWRUZD\,W VDJRRGIDVWURDG
/LVWHQ WKLVLVYHU\LPSRUWDQW$OOWUXFNGULYHUVPXVW
VWRSIRUPLQXWHVLQHYHU\KRXUV
,NQRZVD\V.LP
2.7KHUHDUHWUXFNVWRSVRQHYHU\)UHQFKURDG$WDERXW
RQHR FORFN\RXQHHGWRVWRSIRU PLQXWHVDWWKLVWUXFN
VWRSKHUH+HSXWVDQ;RQWKHPDS
&DQ,JRWRR'DG"DVNV$QG\,FDQ WGULYHDWUXFNEXW
,FDQGULYHDFDUDQGUHDGDPDS DQG,FDQVSHDN)UHQFK
3HUKDSV,FDQKHOS.LP
$QG\RXZDQWWRJRWR)UDQFH,NQRZ2.\RXWZR
5XQKRPHDQGJHW\RXUSDVVSRUWV\RXURYHUQLJKWEDJVDQG
VRPHVDQGZLFKHV7KHUHDUHVOHHSLQJEDJVLQWKHWUXFNDQGD
PRELOHSKRQHWRR:KHQ\RXFRPHEDFNJRDQGORRNDWWKH
PDSZLWK*DU\+HGULYHVWR)UDQFHHYHU\ZHHN+HFDQWHOO
\RXDERXWLW
'ULYHLQWR'DQJHU
$QG\DQG.LPJHWLQWRWKHWUXFNDQGGULYH D ZD\ D Q G *DU\P D NHVDQLPSRUWDQWSKRQHFDOO
+XOOR*DU\KHUH7FDQ WGULYHWRGD\ EXWWHOO3DXOLW V2 .
WKHWUXFNVWRSQHDU5HLPV DWRQHDQG'LMRQDW IRXU/RRN
IRUDJLUOZLWKEURZQKDLUDQGDER\LQD \HOORZ VKLUW
'RQ WVWD\LQWKHWUXFNJHWSXWZDONDERXWDQGJHWVRPH
FRIIHH<RXGRQ WZDQWWRJRWRVOHHSZKHQ\RXDUHGULYLQJ
$WDERXWIRXUR FORFN\RXPXVWVWRSDJDLQKHUHQHDU'LMRQ´
$JDLQ*DU\SXWVDQ;RQWKHPDS
7KHFDIHDWWKHWUXFNVWRSPDNHVZRQGHUIXOFRIIHH*RRG
OXFNDQGGULYHFDUHIXOO\VD\V*DU\
7+(758&.,6/26,1*2,/
$QG\DQG.LPDUULYHDW)DYHUVKDP7KH\WHOOWKHPDQ
DERXW*DU\¶VDUP
7KHWDEOHVDUHUHDG\0\PHQFDQSXWWKHPLQWKH
WUXFN:HFDQVLWLQP\RIILFH DQG ZDLW:RXOG\RXOLNH
VRPHFRIIHH" WKHPDQVD\V
7KH\OHDYHWKHWUXFNDQGJRLQWRWKHRIILFH
'ULYHLQWR'DQJHU
.LP DQG $QG\GULYHWR'RYHUDQG WDNHWKHIHUU\WR&DODLV
7KH\GULYHRIIWKHIHUU\DQGRXWRI&DODLV7KH\ILQGWKH
PRWRUZD\ DQGDELJ6723VLQJ
:HQHHGDWLFNHW VD\V$QG\+HSXWVKLVKDQGRXWRIWKH
ZLQGRZWRWDNHWKHWLFN H W E X W K H L V W R R I D U D Z D \ D Q G WKH
WLFNHWJRHVXQGHUWKHWUXFN$QG\MXPSVGRZQDQGJRHVWR
JHWLW
2., YHJRWLWQRZ$QG\FDOOVWR.LP%XWWKHWUXFN
LVORVLQJRLO1RWPXFKEXWZHPXVWGRVRPHWKLQJDERXW
LWVRRQ
2.VD\V.LP,FDQGRWKDWDWWKHWUXFNVWRS&RPHRQ
OHW VJR
'ULYHLQWR'DQJHU
7KHUHLVDER[XQGHUWKHWUXFN
,VLWDVDQGZLFKER["DVNV$QG\3HUKDSV*DU\SXWVKLV
VDQGZLFKHVLQLW
8QGHUDKRWGLUW\RLO\WUXFN"VD\V.LP1RERG\GRHV
WKDW2KZHOO,QHHGVRPHFRIIHH6KHJRHVWRWKHFDIH
7KH\DUULYHDWWKHWUXFNVWRSQHDU5HLPVDWDERXWRQH
R FORFN.LPJHWVXQGHUWKHWUXFN
<RX UHULJKWVKHWHOOV$QG\7KHWUXFNL V ORVLQJRLO
%XWLWLVQ WYHU\EDG7KHQVXGGHQO\VKHFDOOVWR$QG\
&RPHDQGKDYHDORRNDWWKLV
217+(52$'
7KH\JHWLQWRWKHWUXFNDJDLQDQGGULYHDORQJWKHPRWRUZD\
2XUQH[WVWRSLVQHDU'LMRQVDLG$QG\'LMRQLVLQ
%XUJXQG\7KH\PDNHZRQGHUIXOZLQHWKHUH
,GRQ WZDQWDQ\ZLQHODXJKV.LP EXW,GRZDQW
VRPHFRIIHH
7KH\DUULYHDWWKHWUXFNVWRSMXVWEHIRUHIRXUDQGVLWGRZQ
LQWKHFDIH6XGGHQO\$QG\VD\V6RPHRQH VORRNLQJXQGHU
WKHWUXFN
7KURXJKWKHZLQGRZRIWKHFDIHWKH\VHHDIDWPDQLQD
JUHHQVKLUW+HWDNHVVRPHWKLQJRXWIURPXQGHUWKHWUXFNDQG
JRHVWRDUHGFDU
,GRQ WOLNHWKLV´VD\V.LPTXLHWO\/HW VJR
$IHZPLQXWHVODWHU.LPORRNVLQKHUPLUURU
$QG\ VKHVD\VTXLHWO\³7KHUH¶V D U H G F D U E H K L Q G X V $QGWKHPDQLQWKHJUHHQVKLUWLVGULYLQJ:K\LVKH
IROORZLQJXV"+H VJRWKLVSDUFHO
1RKHKDVQ W VD\V$QG\ZLWKDODXJK+H VJRWRXU
VDQGZLFKHV$QG, YHJRWKLVSDUFHO+HUHLWLV
+HRSHQVLWFDUHIXOO\,QLWDUHDERXWILIW\VPDOOZKLWH
SDSHUEDJV
'ULYHLQWR'DQJHU
.LPGULYHVDZD\DJDLQYHU\IDVW,QKHUPLUURUVKHVHHV
WKHPDQLQWKHJUHHQVKLUWVWDQGLQJE\KLVFDU
+HFDQ WIROORZXVQRZ$QG\VD\VZLWKDVPLOH
%XWWKHPDQLVYHU\DQJU\DQGTXLFNO\WDNHVRXWDVPDOO
EODFNPRELOHSKRQH
:KDW VWKLV"VD\V$QG\
'UXJV,WKLQNVD\V.LP$QGWKHPDQLQWKHJUHHQ
VKLUWZDQWVWKHP+HGRHVQ WZDQW\RXUVDQGZLFKHVDQGKH V
DQJU\:H UHLQGDQJHU$QG\,PXVWGRVRPHWKLQJ
7 K H U H G F D U L V R Q O \ D I H Z PHWUHV E H K L Q G . L P V W R S V VXGGHQO\7KHUHGFDUUXQVLQWRWKHEDFNRIWKHWUXFN
7+(58%%ø6+'803
:HPXVWOHDYHWKHPRWRUZD\VD\V.LP
7KH\WDNHDTXLHWFRXQWU\URDGWKURXJKVPDOOYLOODJHV
6XGGHQO\$QG\VHHVDELJVLJQRQWKHLUOHIW³*RLQWKHUH
KHVD\V
%XWLW VDUXEELVKGXPS:K\GR\RXZDQWWRJRWKHUH"
VD\V.LP
%XWVKHGULYHVWKURXJKWKHHQWUDQFH$QG\RSHQVKLV
ZLQGRZDQGWKURZVWKHSDUFHORIGUXJVLQWRWKHQHDUHVWVNLS
'ULYHLQWR'DQJHU
7KHWZRPHQUXQXSWRWKHWUXFNDQGVWDQGE\.LP VGRRU
*LYHPHWKHSDUFHO´VD\VWKHPDQLQWKHEODFNVXLWYHU\
TXLHWO\
5XQ$QG\´VD\V . L P 4 X L F N O \ $ Q G \ R S H Q V K L V G R R U DQGMXPSVRXWRIWKHWUXFN+HUXQVWRWKHZKLWHFDU7KH
PDQLQWKHJUHHQVKLUWIROORZVKLPEXWKHLVWRRIDWDQG
VORZ$QG\JHWVLQWRWKHFDUDQGGULYHVDZD\
:HPXVWSKRQHIRUKHOS´VD\V$QG\
%XWMXVWWKHQWZRPHQDUULYHLQDZKLWHFDU$PDQLQD
EODFNVXLWLVGULYLQJ7KHPDQLQWKHJUHHQVKLUWLVZLWKKLP
7KHWZRPHQOHDYHWKHLUFDUDFURVVWKHHQWUDQFHDQGMXPS
RXW7KHPDQLQWKHVXLWKDVDJXQ
1RZZHFDQ WGULYHRXWRIKHUH´WKLQNV.LP2KGHDU
'ULYHLQWR'DQJHU
.LPRSHQVKHUGRRUVXGGHQO\7KHELJPLUURUKLWVWKHPDQ
LQWKHVXLW+HIDOOVGRZQDQGORVHVKLVJXQ4XLFNO\.LP
MXPSVRXWRIWKHWUXFNDQGJHWVWKHJXQ
<RXUGUXJVDUHLQWKDWVNLS´VKHVD\V*RDQGJHWWKHP
7DNH\RXUIULHQGZLWK\RX
7KHWZRPHQJRXSWKHODGGHUDQGORRNGRZQLQWRWKH
VNLS
* R RQ´VD\V . L P < R X Z D Q W W K H P * R D Q G O R R N I R U WKHP
7KHWZRPHQMXPSGRZQLQWRWKHVNLS4XLFNO\.LPWDNHV
WKHODGGHUDZD\1RZWKHPHQFDQQRWJHWRXW
7+( 3 2 / , & ( $ 5 ( & 2 0 , 1 *
&DUHIXOO\.LPSXWVWKHJXQLQKHURYHUQLJKWEDJ7KHQ
VKHJRHVWRWKHWUXFNDQGWHOHSKRQHVWKHSROLFH$)UHQFK
SROLFHPDQDQVZHUV
+XOORGR\RXVSHDN(QJOLVK" VKHDVNVWKHSROLFHPDQRQ
WKHSKRQH
%XW.LPGRHVQRWVSHDN)UHQFKDQGWKH)UHQFK
SROLFHPDQGRHVQRWXQGHUVWDQG(QJOLVK
:KHUH V$QG\" WKLQNV.LP +HVSHDNV)UHQFK
-XVWWKHQDZKLWHFDUFRPHVWKURXJKWKHHQWUDQFHWRWKH
UXEELVKGXPS,WVWRSVDQG$QG\MXPSVRXW+HUXQVXSWR
.LP
,W V2..LP KHVD\V 7KHSROLFHDUHFRPLQJ $IHZ
PLQXWHVODWHUD)UHQFKSROLFHFDUDUULYHV)RXUSROLFHPHQ
MXPSRXW.LPJLYHVWKHPWKHJXQ
:KHUHDUHWKHGUXJV" DVNVRQHRIWKHSROLFHPHQ $QG
ZKHUHDUHWKHPHQ"
,QWKDWVNLS VD\V$QG\ZLWKDODXJK7KHSROLFHPHQJHW
WKHODGGHU
'ULYHLQWR'DQJHU
/DWHUWKDWHYHQLQJ$QG\DQG.LPGULYHWR/\RQZLWKWKH
$&7,9,7,(6
WDEOHV7KH\KDYHFRIIHHDQGORQJ)UHQFKVDQGZLFKHVLQD
FDIH7KHQWKH\JRWRWKHZLQHVKRS7KH\DUULYHYHU\ODWH$
%HIRUH5HDGLQJ
IDWOLWWOHPDQLVZDLWLQJIRUWKHP+HORRNVDQJU\
:K\DUH\RXODWH"´DVNVWKHPDQ
:HOO EHJLQV.LP
,W VDORQJVWRU\ VD\V$QG\WLUHGO\
/RRNDWWKHSLFWXUHRQWKHFRYHURIWKHERRN1RZDQVZHU
WKHVHTXHVWLRQV
:KLFKZRUGLVLPSRUWDQWIRUWKHVWRU\"&KRRVHRQH
DQVZHU
D? WUXFNV
E? SODQHV
F? PRWRUELNHV
7KHVWRU\LV
D? IULJKWHQLQJ
E? H[FLWLQJF? IXQQ\
5HDGWKHWKHEDFNFRYHURIWKHERRN&KRRVHRQHDQVZHU
7KHVWRU\KDSSHQVLQ
D? $PHULFDE? %ULWDLQ
F? )UDQFH
7KHHQGRIWKHVWRU\LV«
D? KDSS\
E? QRWKDSS\F? IXQQ\
.LPDQG$QG\
D? ,DUHEURWKHUDQGVLVWHU
E? DUH IULHQGV
F? ZRUNWRJHWKHU
$FWLYLWLHV
5HDGSDJHV
$&7,9,7,(6
$UHWKHVHVHQWHQFHVWUXH 7 RUIDOVH ) "
:KLOH5HDGLQJ
7
)
?
?
?
?
$UHGFDUIROORZVWKHP
?
?
7KHWUXFNUXQVLQWRWKHEDFNRIWKHUHGFDU
?
?
$QG\VD\V 7KH\PDNHZRQGHUIXOZLQH
LQ%XUJXQG\
5HDGSDJHV² $UHWKHVHVHQWHQFHVWUXH 7 RUIDOVH ) "
$WKLQPDQLQDEODFNVKLUWWDNHV
7)
*DU\LVDOZD\VODWHIRUZRUN
?
.LPLVDVWXGHQW
? ?
$QG\LV0DUN VVRQ
?
?
*DU\GRHVQRWRIWHQGULYHWR)UDQFH
?
?
?
5HDGSDJHVDQGWKHQSXWWKHVHVHQWHQFHVLQWKHULJKW
RUGHU
D? $WDERXWIRXUR FORFN\RXPXVWVWRSQHDU'LMRQ
VRPHWKLQJRXWIURPXQGHUWKHWUXFN
5HDGSDJHV:KRVD\V
:HPXVWSKRQHIRUKHOS
*LYHPHWKDWSDUFHO 5XQ
< R X U GUXJVDUHLQWKDWVNLS
E? $W&DODLVORRNIRUVLJQVWRWKH$PRWRUZD\
F? <RXQHHGWRVWRSDWDERXWRQHR FORFN
G? 7DNHWKHIHUU\IURP'RYHUWR&DODLV
H? *HWWKHWDEOHVIURPWKHVKRSLQ)DYHUVKDP
5HDGSDJHVWKHQDQVZHUWKHVH
TXHVWLRQV
:KHUHGRHV.LPSXWWKHJXQ"
+RZGRWKHSROLFHPHQJHWLQWRWKHVNLS"
5HDGSDJHV8VHWKHVHZRUGVWRMRLQWKHVHQWHQFHV
WRJHWKHU
DQGEXW
:KDWGR.LPHDWDQGGULQNLQWKHFDIH"
:K\LVWKHPDQLQWKHZLQHVKRSDQJU\"
EHFDXVH
$QG\DQG.LPDUULYHDW)DYHUVKDP7KH\WHOOWKHPDQ
DERXW*DU\VDUP
7KHWLFNHWJRHVXQGHUWKHWUXFN$QG\LVWRRIDUDZD\WR
JHWLW
7KHWUXFNLVORVLQJRLO,WLVQ WYHU\EDG
$FWLYLWLHV
:KDWDUHWKH\VD\LQJ":ULWHWKHULJKWDQVZHUVLQWKH V S D F H V
$&7,9,7,(6
$IWHU5HDGLQJ
? + HUHDUHWZHQW\VKRUWVHQWHQFHV0DNHWHQORQJHU
VHQWHQFHVZLWKDQGEXWWKHQR U EHFDXVH
*DU\6ODWHUFDQ WGULYH+HKDVDEDGDUP
*HWWKHWDEOHVIURP)DYHUVKDP7DNHWKHIHUU\IURP
'RYHUWR&DODLV
*DU\LVVD\LQJ
$QG\LVVD\LQJ
7UXFNGULYHUVPXVWVWRSHYHU\IHZKRXUV7KH\PXVWQRW
JRWRVOHHSRQWKHURDG
.LPDQG$QG\GULYHDZD\*DU\PDNHVDQMPSRUWDQW
SKRQHFDOO
$QG\KDVJRWWKHWLFNHW7KHWUXFNLVORVLQJRLO
.LPGRHVQRWZDQWDQ\ZLQH6KHGRHVZDQWVRPHFRIIHH
+H VJRWRXUVDQGZLFKHV, YHJRWKLVSDUFHO
.LPVWRSVVXGGHQO\6KHGULYHVDZD\YHU\IDVW
$QG\RSHQVKLVZLQGRZ+HWKURZVWKHSDUFHOLQWRWKH
QHDUHVWVNLS
7KHSROLFHPDQLVVD\LQJ
.LPLVVD\LQJ
7KHPDQLQWKHJUHHQVKLUWWULHVWRIROORZ$QG\KHLVWRR
Dµ:K\DUHZHJRLQJWRDUXEELVKGXPS"
IDWDQGVORZ
E :KHUHDUHWKHWZRPHQ"
F µ 2 . <RXWDNHWKHIHUU\IURP'RYHUWR&DODLVWKHQZH
GULYHWR/\RQ G , PUHDG\, YHJRWP\RYHUQLJKWEDJ
*ORVVDU\
FDIH DSODFHZKHUHSHRSOHFDQHDWDQGGULQN
FRIIHHDKRWGULQN
GDQJHUVRPHWKLQJWKDWFDQKXUW\RXRUJHW\RXLQWR
WURXEOH
GLUW\\RXQHHGWRKDYHDEDWKZKHQ\RXDUHGLUW\
GUXJVRPHWKLQJWKDWVRPHSHRSOHWDNHWRPDNHWKHP
IHHOKDSS\RUVOHHS\
HQWUDQFHWKHZD\LQWRVRPHZKHUH
IDOOJRGRZQVXGGHQO\
IHUU\DZD\RIJHWWLQJFDUVDQGWUXFNVDFURVVWKHVHD IROORZJRDIWHU
JXQVRPHWKLQJWKDWVKRRWVDQGNLOOVSHRSOH
MXPS PRYHTXLFNO\RUVXGGHQO\
OLFHQFH\RXQHHGWKLVSDSHUEHIRUH\RXFDQGULYHDFDU
PRWRUZD\DELJURDGZKHUH\RXFDQGULYHIDVW
RLODOLTXLGWKDWKHOSVFDUVDQGWUXFNVPRYH
RYHUQLJKWEDJDEDJZLWKVOHHSLQJDQGZDVKLQJWKLQJV
SDVVSRUW\RXQHHGWKLVERRNWRWUDYHORXWVLGH\RXU
FRXQWU\
WKURZPRYH\RXUDUPTXLFNO\WRVHQGVRPHWKLQJ
WKURXJKWKHDLU
WUXFNVWRSDSODFHZKHUHWUXFNVVWRSDQGWKHLUGULYHUV
HDWDQGGULQN
ZLQHDQDGXOWGULQNPDGHIURPIUXLW
0
You can add this document to your study collection(s)
Sign in Available only to authorized usersYou can add this document to your saved list
Sign in Available only to authorized users(For complaints, use another form )