Asimov, Isaac - Foundations_friends

)281'$7,21¶6)5,(1'6

6WRULHVLQ+RQRURI,VDDF$VLPRY (GLWHGE\0DUWLQ+*UHHQEHUJ &RS\ULJKW‹ B 7R,VDDFZLWKORYH B &RQWHQWV

3UHIDFH 7KH1RQPHWDOOLF,VDDFRU,W¶VD:RQGHUIXO/LIH 6WULS5XQQHU 7KH$VHQLRQ6ROXWLRQ 0XUGHULQWKH8UWK'HJUHH 7UDQWRU)DOOV 'LOHPPD 0DXUHHQ%LUQEDXP$IWHU'DUN %DODQFH 7KH3UHVHQW(WHUQDO 3$33, 7KH5HXQLRQDWWKH0LOH+LJK 3ODWR¶V&DYH )RXQGDWLRQ¶V&RQVFLHQFH &DUKXQWHUVRIWKH&RQFUHWH3UDLULH 7KH2YHUKHDUG&RQYHUVDWLRQ %ORW 7KH)RXUWK/DZRI5RERWLFV 7KH2ULJLQLVW $:RUGRU7ZRIURP-DQHW )LIW\
21(2)0<)$925,7(6725,(6$6$&+,/':$67+(21($%287WKHOLWWOHER\ZKRJRW DPDJLFDOSRUULGJHPDFKLQHIXQFWLRQLQJVRZLOGO\WKDWLWLQXQGDWHGWKHWRZQ ZLWKWKUHHIHHWRISRUULGJH ,QRUGHUWRZDONIURPRQHKRXVHWRWKHRWKHURUKHDGGRZQVWUHHWRQH KDGWRKHDGRXWZLWKDODUJHVSRRQHDWLQJRQH¶VZD\WRGHVWLQDWLRQVQHDURU IDU $GHOLJKWIXOFRQFHSWVDYHWKDW,LPDJLQHGWRPDWRVRXSDQGDWKLFNVOXVK RIFUDFNHUV*RLQJRQDMRXUQH\DQGPDNLQJDIHDVWDOOLQRQH ,LPDJLQHWKHQDPHRIWKHOLWWOHER\LQWKDWWDOHVKRXOGKDYHEHHQ,VDDF $VLPRY)RULWVHHPVWRPHWKDWVLQFHILUVWZHPHWDWWKH)LUVW:RUOG6FLHQFH )LFWLRQ&RQYHQWLRQLQ1HZ
OLWHUDWXUHKHKDVQ¶WWDNHQRQ",VHYHUHO\GRXEWLW $QGQRZKHUHZLWKWKLVERRNZHKDYH$VLPRY¶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¶VRQO\ WKHILUVWZHHN 2QHQLJKWWZR\HDUVDJR,GUHDPHG,ZDV,VDDF$VLPRY$ULVLQJWKHQH[W GD\LWZDVQRRQEHIRUHP\ZLIHFRQYLQFHGPHWKDW,VKRXOGQRWUXQIRU 3UHVLGHQW %OHVV\RX,VDDF%OHVV\RX,VDDF¶VFKLOGUHQIRXQGKHUHLQ )HEUXDU\

B 7KH1RQPHWDOOLF,VDDFRU,W¶VD:RQGHUIXO/LIH E\%HQ%RYD

$67523+<6,&,6767267$57:,7+$6&,(17,),&:25' &/$66,)<WKHXQLYHUVHLQWR WKUHHFKHPLFDOFDWHJRULHVK\GURJHQKHOLXPDQGPHWDOV 7KHILUVWWZRDUHWKHOLJKWHVWRIDOOWKHKXQGUHGVRPHNQRZQHOHPHQWV $Q\WKLQJKHDYLHUWKDQKHOLXPWKHDVWURSK\VLFLVWVEOLWKHO\FDOO³PHWDOV´ +\GURJHQDQGKHOLXPPDNHXSURXJKO\QLQHW\HLJKWSHUFHQWRIWKHXQLYHUVH¶V FRPSRVLWLRQ7RDQDVWURSK\VLFLVW WKHXQLYHUVHFRQVLVWVRIDORWRIK\GURJHQ DFRQVLGHUDEOHDPRXQWRIKHOLXPDQGDVPDWWHULQJRIPHWDOV 1RZDOWKRXJK,VDDF$VLPRYLVNQRZQWKURXJKRXWWKLVSODQHWDQGSRVVLEO\ RWKHUVZHMXVWGRQ¶WNQRZ\HW DVDZULWHURIVFLHQFHILFWLRQZKHQ\RX FRQVLGHUKLVHQWLUHRXWSXWRIZULWWHQPDWHULDODOOWKHIRXUKXQGUHGDQG FRXQWLQJERRNVDQGWKHP\ULDGVRIDUWLFOHVFROXPQVOLPHULFNVDQGZKDWQRWV KLVVFLHQFHILFWLRQLVDFWXDOO\DVPDOOSHUFHQWDJHRIWKHWRWDO$VIDUDV $VLPRY¶VSURGXFWLRQLVFRQFHUQHGVFLHQFHILFWLRQWDOHVDUHKLV³PHWDOV´ 6FLHQFHIDFWLVKLVPHWWOH ,WLVWKH³QRQPHWDOOLF´$VLPRYWKDW,ZDQWWRSUDLVH 5HPHPEHUWKHFODVVLFPRYLH,W¶VD:RQGHUIXO/LIH"7KHRQHZKHUHDQ DQJHOVKRZVVXLFLGDO-DPHV6WHZDUWZKDWKLVKRPHWRZQZRXOG EHOLNHLI-LPPLH¶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³1LJKWIDOO´DQG³7KH8JO\

/LWWOH%R\´WKHRULJLQDO)RXQGDWLRQWULORJ\DQGQRYHOVVXFKDV3HEEOHLQWKH 6N\:HZRXOGWRUHWXUQWRWKHPHWDSKRUZHVWDUWHGZLWKVWLOOKDYH,VDDF¶V ³PHWDOOLF´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¶VVFLHQFHERRNVKDYHJHQHUDWHGIRU WKHPRYHUWKHGHFDGHV$QGZLOOFRQWLQXHWRJHQHUDWHIRUXQWROGGHFDGHVWR FRPH7KHZRRGSXOSDQGSDSHULQGXVWU\ZRXOGEHLQDFKURQLFVWDWHRI GHSUHVVLRQLI,VDDFKDGQRWWXUQHGRXWDOOWKRVHKXQGUHGVRIERRNVDQG WKRXVDQGVRIDUWLFOHV&DQDGDPLJKWKDYHEHFRPHD7KLUG:RUOGQDWLRQVDYHIRU 'U,VDDF$VLPRY 7RPDNHLWPRUHSHUVRQDO,ZRXOG KDYHQHYHUVWDUWHGWRZULWH SRSXODUL]DWLRQVRIVFLHQFHLILWKDGQRWEHHQIRU,VDDF¶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³SRSXODUL]DWLRQ´LVDWHUPRIRSSUREULXPVRPHZKDWDNLQWR WKH VQHHULQJ³SXOSOLWHUDWXUH´WKDWLVVWLOOVRPHWLPHVVOXQJDWVFLHQFHILFWLRQ ³3RSXODUL]DWLRQV´RIVFLHQFHDUHUHJDUGHGE\WKRVHVODQGHULQJEDVWDUGVDV EHQHDWKWKHFRQVLGHUDWLRQRIGLJQLILHGSHUVRQV 6XFKFULWLFVUHJDUGWKHPVHOYHVDVDPRQJWKHHOLWHDQGWKH\GLVGDLQ ³SRSXODUL]DWLRQV´RIVFLHQFHZLWKWKHVDPHORIW\SLJKHDGHGQHVVWKDW*HRUJH,,, GLVSOD\HGWRZDUGKLV$PHULFDQVXEMHFWV 7RH[SODLQVFLHQFHLVSUREDEO\WKHPRVWYLWDOWDVNDQ\ZULWHUFDQ DWWHPSWLQWRGD\¶VFRPSOH[WHFKQRORJ\GULYHQVRFLHW\7RH[SODLQVFLHQFHVR ZHOOVRHQWHUWDLQLQJO\WKDWRUGLQDU\PHQDQGZRPHQDOORYHUWKHZRUOGFODPRU IRU\RXUERRNVWKDWLVZRUWK\RID1REHO3UL]H7RREDG$OIUHG1REHOQHYHU WKRXJKWDERXWWKHQHHGWRH[SODLQVFLHQFHWRWKHPDVVHV,¶PFHUWDLQKHZRXOG KDYHFUHDWHGDVSHFLDOSUL]HIRULW ,VDDF$VLPRYZULWHVDERXWVFLHQFHDQGHYHU\WKLQJHOVH VRVXSHUEO\ZHOO WKDWLWORRNVHDV\+HFDQWDNHDQ\VXEMHFWXQGHUWKHVXQDQGZULWHDERXWLW VROXFLGO\DQGXQGHUVWDQGDEO\WKDWDQ\OLWHUDWHSHUVRQFDQJUDVSWKHVXEMHFW ZLWKKDUGO\DQ\VWUDLQDWDOO )RUWKLVLQFUHGLEOHWDOHQWKHLVVRPHWLPHVGLVPLVVHGDV³DPHUH SRSXODUL]HU´$V,KDYHRIIHUHGLQWKHSDVW,RIIHUQRZDQ\RQHZKRWKLQNV WKDWZKDW,VDDFGRHVLVHDV\LVZHOFRPHWRWU\LW,NQRZ,KDYH ZLWKVRPH GHJUHHRIVXFFHVV%XWHDV\LWLVQRW

7KDQNVEHWRWKHIRUFHVWKDWVKDSHWKLVXQLYHUVH,VDDFGHFLGHGQRWWR EHDIXOOWLPHUHVHDUFKHU+HEHFDPHDIXOOWLPHZULWHULQVWHDG:KLOHKHLV IDPRXVIRUZULWLQJVFLHQFHILFWLRQKLV³QRQPHWDOOLF´RXWSXWRIVFLHQFHIDFW LVIDUODUJHUDQGIDUPRUHLPSRUWDQWLIWKDWZRUGFDQEHDSSOLHGWRZULWLQJ WKDQKLVGHVHUYHGO\DGPLUHGDQGDZDUGHGILFWLRQ ,IDOOWKLVDGGVXSWRWKHFRQFOXVLRQWKDW,VDDF$VLPRYLVDVWDUZHOO E\KHDYHQKHLV2QHRIWKHEULJKWHVWWRR B 6WULS5XQQHU E\3DPHOD6DUJHQW

7+(7+5((%2<6&$8*+783:,7+$0<-867$66+(5($&+('WKHVWULSV³%DURQH 6WHLQ´RQHER\VKRXWHGWRKHU6KHGLGQRWUHFRJQL]HDQ\RIWKHPEXWWKH\ REYLRXVO\NQHZZKRVKHZDV ³:HZDQWDUXQ´WKHVPDOOHVW ER\VDLGVSHDNLQJVRIWO\VRWKDWWKHSHRSOH SDVVLQJWKHPFRXOGQRWKHDUWKHFKDOOHQJH³
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¶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³&UD]\NLGV´KHVKRXWHG³2XJKWWRUHSRUW\RX´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¶WJRRGHQRXJKUXQQHUVWRNHHS XSZLWK$P\%DURQH6WHLQ6KHKDGORVW.L\RVKL +DUULVRQHRIWKHEHVWVWULS UXQQHUVLQWKH&LW\RQDWZRKRXUUXQWRWKHHQGRI%URRNO\QDQGKDGUHDFKHG 4XHHQVDORQHRQDQRWKHUUXQDIWHUVKDNLQJRII%UDGOH\2KDHU¶VJDQJ6KHVPLOHG DVVKHUHFDOOHGKRZDQJU\%UDGOH\KDGEHHQEHDWHQE\DJLUO)HZJLUOVUDQ WKHVWULSVDQGVKHZDVEHWWHUWKDQDQ\RIWKHRWKHUVDWWKHJDPH)RURYHUD \HDUQRZQRRQHVKHFKDOOHQJHGKDGHYHUPDQDJHGWRVKDNHKHURIIZKHQVKH OHGQRERG\FRXOGNHHSXSZLWKKHU6KHZDVWKHEHVWJLUOVWULSUXQQHULQ1HZ
6KHVSULQWHGGRZQWKHKDOOXQWLOVKHFDPHWRDODUJHGRXEOHGRRUZLWK JORZLQJOHWWHUVWKDWVDLG3(5621$/:20(18QGHUWKHVLJQVPDOOHUOHWWHUV VDLG68%6(&7,216+1WKHUHZDVDOVRDQXPEHUWRFDOOLQFDVHDQ\RQHORVWD NH\$P\XQ]LSSHGKHUSRFNHWWRRNRXWDWKLQDOXPLQXPVWULSDQGVOLSSHGLW LQWRWKHNH\VORW 7KHGRRURSHQHG6HYHUDOZRPHQZHUHLQWKHSOHDVDQWURVHFRORUHG DQWHFKDPEHUWDONLQJDVWKH\FRPEHGWKHLUKDLUDQGVSUD\HGRQPDNHXSE\WKH ZDOORIPLUURUV7KH\GLGQRWJUHHW$P\VRVKHVDLGQRWKLQJWRWKHP+HU IDWKHUOLNHPRVWPHQIRXQGLWDVWRQLVKLQJWKDWZRPHQIHOWIUHHWRVSHDNWR RQHDQRWKHULQVXFKDSODFH1RPDQZRXOGHYHUDGGUHVVDQRWKHULQWKH0HQ¶V 3HUVRQDOVHYHQJODQFLQJDWVRPHRQHWKHUHZDVFRQVLGHUHGH[WUHPHO\RIIHQVLYH 0HQZRXOGQHYHUVWDQGDURXQGJRVVLSLQJLQD3HUVRQDO¶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¶V3HUVRQDOE\ KLPVHOIRUZLWKKLVIDWKHUDQH[SHULHQFHWKDWKDGWREHWUDXPDWLFWKHILUVW WLPHDURXQG6KHWKRXJKWRIZKDWLWPXVWEHOLNHIRUDOLWWOHER\OHDYLQJWKH HDVLHUZDUPHUDWPRVSKHUHRIKLVPRWKHU¶V3HUVRQDOIRUWKHPHQ¶VZKHUHHYHQ ORRNLQJLQVRPHRQHHOVH¶VGLUHFWLRQZDVWDERR6RPHVDLGWKHFXVWRPDURVH EHFDXVHRIWKHQHHGWRSUHVHUYHVRPHSULYDF\LQWKHPLGVWRIRWKHUVEXW SV\FKRORJLVWVDOVRFODLPHGWKDWWKHWDERRJUHZRXWRIWKHPDOH¶VQHHGWR VHSDUDWHKLPVHOIIURPKLVPRWKHU1RZRQGHUPHQEHKDYHGDVWKH\GLGLQWKHLU 3HUVRQDOV7KH\ZRXOG QRWRQO\EHLQIULQJLQJRQDQRWKHU¶VSULYDF\LIWKH\ EHKDYHGRWKHUZLVHEXWZRXOGDOVREHGLVSOD\LQJDQLQDSSURSULDWHUHJUHVVLRQWR FKLOGKRRG $P\NHSWKHUH\HVGRZQLJQRULQJWKHRWKHUZRPHQDQGJLUOVLQWKHFRPPRQ VWDOOVXQWLOVKHUHDFKHGWKHURZVRIVKRZHUKHDGV7ZRZRPHQZHUHHQWHULQJWKH SULYDWHVWDOOVLQWKHEDFN$P\¶VPRWKHUKDGEHHQDOORZHGDSULYDWHVWDOOVRPH \HDUVDJRDSULYLOHJHKHUKXVEDQGKDGHDUQHGIRUERWKRIWKHPDIWHUD SURPRWLRQEXW$P\ZDVQRWDOORZHGWRXVHLW2WKHUSDUHQWVPLJKW KDYHJUDQWHG VXFKSHUPLVVLRQEXWKHUVZHUHVWULFWHUWKH\GLGQRWZDQWWKHLUGDXJKWHU JHWWLQJWRRXVHGWRSULYLOHJHVVKHKDGQRWHDUQHGIRUKHUVHOI 6KHZRXOGWDNHKHUVKRZHUQRZDQGSXWKHUFORWKHVLQWKHODXQGU\VORW WREHFOHDQHGWKH3HUVRQDOZRXOGEHPRUHFURZGHGDIWHUGLQQHU$P\VLJKHG WKDWZDVQ¶WWKHRQO\UHDVRQWROLQJHUKHUH+HUPRWKHUZRXOGKDYHUHFHLYHGWKH PHVVDJHIURP0U/LDQJE\QRZ$P\ZDVDIUDLGWRJRKRPHDQGIDFHKHU )RXUZRPHQZHUHOHDYLQJWKHDSDUWPHQWDV$P\DSSURDFKHG6KHJUHHWHG WKHPDEVHQWO\DQGQRGGHGZKHQWKH\DVNHGLIVKHZDVGRLQJZHOOLQVFKRRO 7KHVHZHUHKHUPRWKHU¶VPRUHLQWHOOHFWXDOIULHQGVWKHRQHVZKRGLVFXVVHG VRFLRORJ\DQGVHWWOHGWKH&LW\¶VSROLWLFDOSUREOHPVDPRQJWKHPVHOYHVEHIRUH PRYLQJRQWRWKHHVVHQWLDOEXVLQHVVRIWLSVIRUVWUHWFKLQJTXRWDDOORZDQFHV DQGDGYLFHRQFKLOGUHDULQJ $P\¶VPRWKHUVWHSSHGEDFNDVVKHHQWHUHGWKHGRRUFORVHG$P\KDG UHDFKHGWKHPLGGOHRIWKHVSDFLRXVOLYLQJURRPEHIRUHKHUPRWKHUVSRNH³:KHUH DUH\RXJRLQJGHDU"´ ³(UWRP\URRP´ ³,WKLQN\RX¶GEHWWHUVLWGRZQ:HKDYHVRPHWKLQJWRGLVFXVV´ $P\PRYHGWRZDUGRQHRIWKHFKDLUVDQGVDWGRZQ7KHOLYLQJURRPZDV RYHUILYHPHWHUVORQJZLWKWZRFKDLUVDVPDOOFRXFKDQGDQLPLWDWLRQ

OHDWKHURWWRPDQ7KHDSDUWPHQW KDGWZRRWKHUURRPVDVZHOODQGKHUSDUHQWV HYHQKDGWKHXVHRIDVLQNLQWKHLUEHGURRPWKDQNVWRKHUIDWKHU¶V&LYLO 6HUYLFHUDWLQJ7KH\ERWKKDGDORWWRSURWHFWZKLFKPHDQWWKDWWKH\ZRXOG VFROGKHUHYHQPRUHIRUKHUIDLOXUHV ³
VKRXOG,WU\"´ ³1RWKLQJ"´+HUPRWKHU¶VROLYHVNLQQHGIDFHZDVFDOPEXWKHUYRLFHVKRRN DOLWWOH³,VZKDW,GRQRWKLQJORRNLQJDIWHU\RXDQG\RXUIDWKHU",VUHDULQJ DFKLOGDQGPDNLQJDSOHDVDQWKRPHIRUDKXVEDQGQRWKLQJ"´ ³,GLGQ¶WPHDQQRWKLQJEXWZK\GRHVLWKDYHWREHHYHU\WKLQJ"
6KHOD\RQKHUQDUURZEHGJODULQJXSDWWKHVRIWJORZRIWKHFHLOLQJ +HUPRWKHUVKRXOGKDYHEHHQWKHILUVWWRXQGHUVWDQG$P\NQHZKRZVKHRQFHKDG IHOWEXWODWHO\VKHVHHPHGWRKDYHIRUJRWWHQKHUROGGUHDPV $P\¶VPRWKHU$O\VKD%DURQHZDVVRPHWKLQJRID0HGLHYDOLVW7KDWZDVQ¶W RGGDORWRISHRSOHZHUH7KH\JRWWRJHWKHUWRWDONDERXWROGZD\VDQG KLVWRULFDOERRNILOPVDQGWKHWLPHVZKHQ(DUWKKDGEHHQKXPDQLW\¶VRQO\KRPH 7KH\GZHOOHGQRVWDOJLFDOO\RQDQFLHQWSHULRGVZKHQSHRSOHKDGOLYHG2XWVLGH LQVWHDGRIKXGGOLQJWRJHWKHULQVLGHWKH&LWLHVZKHQ(DUWKZDVWKHRQO\ZRUOG DQGWKH6SDFHUVGLGQRWH[LVW 1RWWKDWDQ\RIWKHPFRXOGDFWXDOO\OLYH2XWVLGHZLWKRXWZDOOV EUHDWKLQJXQILOWHUHGDLUILOOHGZLWKPLFURRUJDQLVPVWKDWEUHGGLVHDVHDQG HDWLQJXQSURFHVVHGIRRGWKDWKDGJURZQLQGLUW$P\VKXGGHUHGDWWKHWKRXJKW %HWWHUWROHDYHWKH2XWVLGHWRWKHURERWVWKDWZRUNHGWKHPLQHVDQGWHQGHGWKH FURSVWKH&LWLHVGHPDQGHG%HWWHUWROLYHDVWKH\GLGZKDWHYHUWKHSUREOHPV DQGDYRLGWKHSDWKRORJLFDOZD\VRIWKH6SDFHUVWKRVHGHVFHQGDQWVRIWKH (DUWKSHRSOHZKRKDGVHWWOHGRWKHUSODQHWVORQJDJR7KH\FRXOGQRWIROORZ 6SDFHUFXVWRPVDQ\ZD\,QDZRUOGRIELOOLRQVUHVRXUFHVFRXOGQRWEHZDVWHG RQSULYDWHKRXVHV VSDFLRXVJDUGHQVDQGJURXQGVDQGDOOWKHUHVW$O\VKD %DURQHGHVSLWHKHUVRPHZKDW0HGLHYDOLVWYLHZVZRXOGQRWEHFDSDEOHRI OHDYLQJWKLV&LW\H[FHSWWRWUDYHOVDIHO\HQFORVHGWRDQRWKHU +HUPRWKHUKDGKRZHYHUFOXQJWRDIHZDQFLHQWFXVWRPVZLWK WKH HQFRXUDJHPHQWRIDIHZPLOGO\XQFRQYHQWLRQDOIULHQGV$O\VKD%DURQHKDG LQVLVWHGRQNHHSLQJKHURZQQDPHDIWHUKHUPDUULDJHWR5LFDUGR6WHLQDQGKH KDGDJUHHGZKHQVKHDVNHGWKDW$P\EHJLYHQERWKWKHLUQDPHV7KHFRXSOHKDG EHHQJLYHQSHUPLVVLRQWRKDYHWKHLUILUVWFKLOGGXULQJWKHLUILUVW\HDURI PDUULDJHWKDQNVWRWKHLU*HQHWLFV9DOXHVUDWLQJVEXW$P\KDGQRWEHHQERUQ XQWLOIRXU\HDUVODWHU%RWK$O\VKDDQG5LFDUGRKDGEHHQVWDWLVWLFLDQVLQ1HZ
&RUWODQGW6HFWLRQWRWKLVDSDUWPHQW1RZ$P\¶VIDWKHUZDVD&ZLWKD SULYDWHVWDOOLQWKH0HQ¶V3HUVRQDODIXQFWLRQLQJVLQNLQKLVURRPODUJHU TXRWDDOORZDQFHVIRUHQWHUWDLQPHQWDQGWKHULJKWWRHDWIRXUPHDOVDZHHNDW KRPH +HUSDUHQWVZRXOGKDYHEHHQIRROLVKWRJLYHXSDFKDQFHDWDOOWKDW+RZ XVHOHVVLWZRXOGKDYHEHHQIRU$O\VKDWRKRSHIRUKHUSRVLWLRQDWWKH 'HSDUWPHQWWKH\ZRXOGKDYHULVNHGHYHU\WKLQJLQWKHHQG 7KHGRRURSHQHGKHUPRWKHUFDPHLQVLGH$P\VDWXS+HUVPDOOEHGWRRN XSPRVWRIWKHURRPWKHUHZDVQRRWKHUSODFHWRVLWDQG$O\VKDFOHDUO\ ZDQWHGWRWDON +HUPRWKHUVHDWHGKHUVHOIWKHQGUDSHGDQDUPRYHU$P\¶VVKRXOGHUV³, NQRZKRZ\RXIHHO´VKHVDLG $P\VKRRNKHUKHDG³1R\RXGRQ¶W´ +HUPRWKHUKXJJHGKHUPRUHWLJKWO\³,IHOWWKDWZD\P\VHOIRQFHEXW FRXOGQ¶WVHHWKDW,¶GEHDQ\EHWWHURIIQRWWU\LQJDWDOO
³:KDW,¶PWU\LQJWRVD\´$O\VKDVDLGVRIWO\ ³LVWKDWFKDQJHPD\FRPH :KDWHYHUGLVUXSWLRQVLWEULQJVLWPD\DOVRSUHVHQWRSSRUWXQLWLHVEXWRQO\WR SHRSOHZKRDUHUHDG\WRVHL]HWKHP³$P\WHQVHGDOLWWOHWKLVZDVWKHPRVW DQWLVRFLDOVWDWHPHQWVKHKDGHYHUKHDUGIURPKHUPRWKHU³,WZRXOGEHEHWWHU LI\RXZHUHSUHSDUHGIRUWKDWDQGGHYHORSHGZKDWHYHUWDOHQWVPLJKWEHXVHIXO :KHQ,ZRUNHGIRUWKH'HSDUWPHQW,NQHZZKDWWKHVWDWLVWLFVZHUHLPSO\LQJ LW¶VLPSRVVLEOHIRUHYHQWKHPRVWGHWHUPLQHGEXUHDXFUDWWRKLGHWKHZKROH WUXWK,FRXOGVHHEXW ,¶YHVDLGHQRXJK´ ³0RWKHU´$P\VZDOORZHG³$UH\RXJRLQJWRWHOO)DWKHUZKDW0U/LDQJ VDLG"´ $O\VKDSOXFNHGDWKHUORQJGDUNKDLUORRNLQJGLVWUHVVHG³,UHDOO\ VKRXOG,¶OOKDYHWRLI,¶PFDOOHGLQIRUDFRQIHUHQFHDQGWKHQ5LFNZLOO ZRQGHUZK\ ,GLGQ¶WPHQWLRQLWHDUOLHU,ZRQ¶WLI\RXSURPLVH\RX¶OOZRUN KDUGHU´ $P\VLJKHGZLWKUHOLHI³,SURPLVH´6KHKRSHGVKHFRXOGNHHSWKDWYRZ ³7KHQ,¶OOOHDYH\RXWR\RXUVWXG\LQJ
GHOXVLRQLWDOOZDVSUHWHQGLQJWKDW\RXUFKLOGUHQZRXOGQ¶WEHVZDOORZHGE\ WKHKLYHVRIWKH&LW\ZKLOHNQRZLQJWKDWWKLVZDVWKHZD\LWKDGWREH +DSS\IDPLOLHVDVWKHVD\LQJ ZHQWPDGHIRUDEHWWHU&LW\PRWKHUVDQG ZLYHVFRXOGJRDERXWWKHLUEXVLQHVVIHHOLQJWKH\ZHUHSHUIRUPLQJWKHLUFLYLF GXW\$P\¶VPRWKHUZRXOGFOLQJWRKHUDQGWKHQWRKHUFKLOGUHQDQG ,IWKLVZDVKRZNQRZLQJDORWPDGHSHRSOHIHHOPD\EHLWZDVEHWWHUWR EHLJQRUDQWWRVHWWOHIRUZKDWFRXOGQ¶WEHFKDQJHG 6KHIROGHGKHUDUPVRYHUKHUFKHVW6KHVWLOOKDGRQHDFFRPSOLVKPHQW DQGQRRQHFRXOGWDNHLWIURPKHUVKHZDVWKHEHVWVWULSUXQQHULQWKH&LW\ 6KHZRXOGQ¶WJLYHWKDWXSQRWXQWLOVKHZDVWRRROGDQGWRRVORZWRUDFHDQG PD\EHWKDWGD\ZRXOGQHYHUFRPH,IVKHPDGHDPLVWDNHDQGGLHGGXULQJDUXQ DWOHDVWVKH¶GEHJRQHEHIRUHVKHFDPHWRWKHHQGRIWKHOLQH+HUSDUHQWV FRXOGKDYHDQRWKHUFKLOGPD\EHWZRDQGWKHORVVRIRQHOLIHZRXOGPDNHQR GLIIHUHQFHLQDVWHHOKLYHWKDWKHOGVRPDQ\6KHFRXOGHYHQWHOOKHUVHOIWKDW VKHZDVPDNLQJURRPIRUVRPHRQHZKRZRXOGQRWPLQGEHLQJORVWLQWKHVZDUP 7KHSV\FKRORJ\WH[WVKDGWHUPVIRUVXFKQRWLRQVDOORIZKLFKPDGHKHU IHHOLQJVVRXQGOLNHDGLVHDVH3HUKDSVWKH\ZHUHEXWWKDWZDV\HWDQRWKHU UHDVRQQRWWRFDUHDERXWZKDWKDSSHQHGWRKHURQWKHVWULSV ³$P\%DURQH6WHLQ´WKHKDOOPRQLWRUVDLG³DSHUVRQLVORRNLQJIRU \RX´ $P\JODUHGXSDWWKHJUD\LVKURERWLFIDFHDSDURG\RIDKXPDQEHLQJ¶V 6KHGLGQRWFDUHIRUURERWVDQGWKLVRQHZLWKLWVIODWH\HVDQGZHLUGO\ PRYLQJPRXWKORRNHGPRUHLGLRWLFWKDQPRVW³:KDWLVLW"´VKHDVNHG ³6RPHRQHRXWVLGHZLVKHVWRVSHDNWR\RX´WKHURERWVDLG³DQGKDVDVNHG PHWREULQJ\RXWKHUH³ ³:HOOZKRLVLW"´ ³6KHWROGPHWRJLYH\RXKHUQDPHLI,ZHUHDVNHGRULI\RXWROGPH WKDW\RXGLGQRWZDQWWRPHHWKHU,WLV6KDNLUD/HZHV³ $P\¶VPRXWKGURSSHGRSHQ'HERUD/LVWHUPRYHGFORVHUWRKHUDQGQXGJHG KHU LQWKHULEV6KDNLUD/HZHVKDGQRWUXQWKHVWULSVLQ\HDUVEXW$P\KDG KHDUGRIKHU.L\RVKL+DUULVFODLPHGVKHZDVWKHEHVWIHPDOHUXQQHUKHKDG HYHUVHHQDQGKHUODVWUXQZKHQVKHKDGOHGWKUHHJDQJVIURP%URRNO\QWR
DQGGURSSHGWRZDUGWKHVWUHHWOHYHO:KHQWKH\HPHUJHGIURPWKHVFKRRO$P\ VDZPRUHER\VFOXVWHUHGDURXQGDWDOOGDUNVNLQQHGZRPDQZLWKVKRUWEODFN KDLU ³2RK´'HERUDZKLVSHUHG³0D\EHVKHZDQWVWRFKDOOHQJH\RX´$P\VKRRN KHUKHDGDQGPRWLRQHGDWWKHURERW¶VEDFN$URERWFRXOGQRWKDUPDKXPDQ EHLQJRUWKURXJKLQDFWLRQDOORZDKXPDQEHLQJWRFRPHWRKDUPWRWKLV FUHDWXUH¶VVLPSOHSRVLWURQLFEUDLQSRVVLEOHKDUPZRXOGFHUWDLQO\LQFOXGH VWULSUDFLQJ ³$P\%DURQH6WHLQ´WKHURERWVDLGLQLWV WRQHOHVVYRLFH³7KLVLV 6KDNLUD/HZHV³ 7KHER\VVWHSSHGEDFNDV$P\DSSURDFKHG7KHZRPDQZDVVOHQGHUHQRXJK IRUDUXQQHULIDELWWRRWDOOPRVWUXQQHUVOLNH$P\ZHUHVKRUWDQG VOLJKWDEOHWRVTXHH]HLQWRHYHQWKHVPDOOHVWJDSVEHWZHHQSDVVHQJHUVGXULQJ DUXQ6KDNLUD/HZHVKDGDSHUIHFWILQHERQHGIDFHVKHORRNHGDORWOLNHDQ DFWUHVVLQDKLVWRULFDOGUDPDDERXW$IULFD$P\KDGUHFHQWO\YLHZHG6KHZRUHD UHGVKLUWDQGEODFNSDQWVWKDWPDGHKHUORQJOHJVVHHPHYHQORQJHU7KHER\V ZHUHVWDULQJLQWHQWO\DWKHU1RQHRIWKHPKDGHYHUORRNHGDW$P\WKDWZD\ QRWHYHQDIWHUKHDULQJDERXWKHUUXQDJDLQVW%UDGOH\2KDHU¶VJDQJ ³
UHDG\IRUWKLVUXQVKHUHDOL]HGQRZWKDWVKHKDGEHHQKRSLQJ6KDNLUDZRXOG EDFNGRZQ,IWKHZRPDQDFWXDOO\EHDWKHUVKHZRXOGQHYHUOLYHLWGRZQZKLOH LI$P\ZRQWKHRWKHUVZRXOGVLPSO\DVVXPH6KDNLUDZDVSDVWKHUSULPH6KHKDG ULVNHGWRRPXFKRQWKLVFKDOOHQJHDQGVWLOOGLGQ¶WNQRZZKDW6KDNLUDZDQWHG ZLWKKHU ³/HW¶VJR´$P\VDLG ³-XVWDPLQXWH³7KHZRPDQUDLVHGDQDUP³7KLVLVRQHRQRQHEHWZHHQ \RXDQGPHDQG,VWLOOZDQWWRWDONWR\RXODWHU´ ³7DONWRPHDIWHU,EHDW\RX´$P\VDLGZLWKRXWPXFKFRQYLFWLRQWKHQ IROORZHG6KDNLUDWRZDUGWKHQHDUHVWVWULS 6KDNLUDVWURGHDORQJWKHJUD\EDQGVPRYLQJWRWKHIDVWHUVWULSVDWD VSHHGRQO\DOLWWOHPRUHUDSLGWKDQXVXDO$P\NHSWFORVH0RVWRIWKHER\V DQGJLUOVKDGDOUHDG\KHDGHGIRUWKHH[SUHVVZD\WKH\ZRXOGJUHHWWKHYLFWRU DWWKH6KHHSVKHDG%D\GHVWLQDWLRQ/XLVDQGWZRRIKLVIULHQGVZHUHIROORZLQJ WRVWXG\DOLWWOHRI6KDNLUD¶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¶VUK\WKPEXWUHPDLQHGZDU\DQGDOHUWVRPHUXQQHUVFRXOGOXOOD IROORZHULQWRWKHLUSDFHEHIRUHGRLQJWKHXQH[SHFWHG 7KH\GDQFHGDFURVVWKHVWULSVWRZDUGDQH[SUHVVZD\7KHFURZGVZHUH WKLFNRQWKHVWULSQH[WWRWKHH[SUHVVZD\SODWIRUP6KDNLUDUHDFKHGIRUDSROH DQGVZXQJKHUVHOIXS$P\JUDEEHGWKHQH[WSROH7KHZRPDQ¶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³'DPQUXQQHUV´DPDQ VKRXWHG2WKHUULGHUVFURZGHGDURXQGKHUDILVWNQRFNHGKHUWRWKHIORRU ³*HWWKHSROLFH´DZRPDQFULHG)LQJHUVJUDEEHG$P\E\WKHKDLUDIRRW NLFNHGKHULQWKHNQHH6KHFRYHUHGKHUKHDGZLWKKHUDUPVQRORQJHUFDULQJ ZKDWKDSSHQHGWRKHUVKHKDGORVW $SODLQFORWKHVPDQD&ZLWKVHDWSULYLOHJHVRQWKHH[SUHVVZD\¶VXSSHU OHYHOJRW$P\DZD\IURPWKHFURZGEHIRUHVKHZDVEHDWHQWRREDGO\DQGWRRN KHUWR&LW\+DOO3ROLFHKHDGTXDUWHUVZHUHLQWKHKLJKHUOHYHOVRIWKH VWUXFWXUH $P\VXSSRVHGWKDWVKHZRXOGEHWXUQHGRYHUWRDQRIILFHUDQG ERRNHG,QVWHDGWKHGHWHFWLYHOHGKHUWKURXJKDODUJHFRPPRQURRPILOOHGZLWK SHRSOHDQGGHVNVWRDFRUQHUGHVNZLWKDUDLOLQJDURXQGLW

6KHVDWDWWKHGHVNIHHOLQJPLVHUDEOHDQGDORQHDVWKHSODLQFORWKHVPDQ WRRNKHUQDPHHQWHUHGLWLQWKHGHVNFRPSXWHUFDOOHGXSPRUHLQIRUPDWLRQ WKHQSODFHGDFDOOWRKHUIDWKHURQWKHFRPPXQR³
WKLQN\RXFDQOLHORZIRUDELWDQGWKHQVWDUWVWULSUXQQLQJDJDLQ:HNQRZ ZKR\RXDUHQRZDQG\RX¶OOEHHDV\WRVSRW1RWPDQ\JLUOVUXQWKHVWULSV´ +HJODQFHGDWKHUIDWKHU³,WKLQN,FDQ FRXQWRQ\RXWRNHHSKHULQOLQH :RXOGQ¶WGR\RXUVWDWXVDQ\JRRGWRKDYHDFULPLQDOLQWKHIDPLO\´ ³
6KHIRUFHGKHUVHOIWRHDW+HUIDWKHUILQLVKHGKLVIRRGDQGSURSSHGKLV HOERZVRQWKHWDEOH³7KHUH¶VVRPHWKLQJ,VWLOOGRQ¶WXQGHUVWDQG´KHVDLG ZHDULO\³:K\$P\":K\ZRXOG\RXGRVXFKDWKLQJ",WKRXJKW\RXKDGPRUH VHQVH:K\ZRXOG\RXULVNLW"´ 6KHFRXOGEHDUQRPRUH³,¶PWKHEHVW´6KHVWRRGXSDQGNLFNHGEDFNWKH RWWRPDQ³,¶PWKHEHVWVWULSUXQQHULQWKH&LW\7KDW¶VDOO,¶OOHYHUGRLW¶V DOODQ\ERG\ZLOOUHPHPEHUDERXWPH,ZDVWKHEHVWDQGQRZWKH\¶YHWDNHQLW DZD\´ +HUIDWKHU¶VJUD\H\HVZLGHQHG³
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¶VSXEOLFDGGUHVVVFUHHQVIRUFHGE\0U/LDQJDQGWKH SULQFLSDOWRUHSXGLDWHWKHJDPHVKHFULQJHGLQZDUGO\ZKHQHYHUVKHWKRXJKWRI KRZWKHVWXGHQWVZKRKDGYLHZHGKHULPDJHPXVWEHODXJKLQJDWKHU7LPHLQVLGH WKH
KHUH´ ³%XWZHQHYHUKDGRXUWDON7KLVLVWKHILUVWFKDQFH,¶YHKDGWRILQG \RXDQG,ZDVSUHWW\VXUH\RX¶GEHVWRSSLQJKHUHDIWHUVFKRRO´ $P\JULWWHGKHUWHHWK³1RZ,FDQ¶WHYHQJRDQGWDNHDSLVVLQSHDFH´ 6KDNLUDVDLG³,ZDQWWRWDONWR\RX´6KHORZHUHGKHUYRLFHDVWKUHH ZRPHQOHIWWKH3HUVRQDO³7RQLJKWDIWHUVXSSHUDORQH³ $P\¶VILQJHUVWLJKWHQHGDURXQGKHUNH\³:K\VKRXOG,WDONWR\RX"´ 6KDNLUDVKUXJJHG³,¶OOEHDWWKH+HPSVWHDG*OHYHODWWKHHQGRIWKH /RQJ,VODQG([SUHVVZD\*HWRIIDQGFURVVWKHVWULSVWR*WK6WUHHW,¶OOEH VWDQGLQJLQIURQWRIDVWRUHFDOOHG7DG¶V$QWLTXHVWKLQN\RXFDQILQGLW"´ $P\IHOWLQVXOWHG³,NQRZP\ZD\DURXQG%XW,GRQ¶WNQRZZK\,VKRXOG ERWKHU³ ³7KHQGRQ¶W,¶OOEHWKHUHE\VHYHQDQG,¶OOZDLWXQWLOQLQH,I\RX GRQ¶WVKRZXSWKDW¶V\RXUEXVLQHVVDQG,ZRQ¶WSHVWHU\RXDJDLQEXW\RX PLJKWEHLQWHUHVWHGLQZKDW,KDYHWRWHOO\RX´6KDNLUDWXUQHGDQGZDONHG WRZDUGWKHHOHYDWRUEHIRUH$P\FRXOGUHSO\ 'HERUDSXOOHGKHUDZD\IURPWKH3HUVRQDOGRRU³$UH\RXJRLQJ"´VKH DVNHG ³
KRPH,VDLGLWZDVWRXJKVKDNLQJ\RXDQGWKDW\RXZHUHRQHRIWKHEHVW UXQQHUVZKRHYHUWDLOHGPH´ $P\¶VOLSFXUOHG³+RZQLFHRI\RX6KDNLUD
MXVWWREULQJLQZDWHUDQGJHWULGRIZDVWH-XVWLPDJLQHZKDWZRXOGKDSSHQLI WKHDLUZHUHFXWRIIHYHQIRUDQKRXURUWZRSHRSOHZRXOGGLHE\WKHKXQGUHGV RIWKRXVDQGV:H¶OOKDYHWROHDYHWKH&LWLHV7KH\FDQ¶WNHHSJURZLQJ LQGHILQLWHO\ZLWKRXWWDNLQJXSODQGZHQHHGIRUIDUPLQJRUIRUHVWVZHQHHGIRU SXOS7KHUH¶OOEHOHVVIRRGOHVVVSDFHOHVVRIHYHU\WKLQJXQWLO´ $P\ORRNHGDZD\IRUDPRPHQW+HUPRWKHUKDGVDLGWKHVDPHWKLQJWRKHU ³7KHUHLVQ¶WDIXWXUHKHUH$P\³6KDNLUDPRYHGFORVHUWRKHU³7KHUH PLJKWEHRQHIRUXVRQRWKHUZRUOGV³ $P\VLJKHG³:KDWDIHZSHRSOHGRZRQ¶WPDNHDQ\GLIIHUHQFH³ ³,W¶VDEHJLQQLQJDQGLIZHVXFFHHGRWKHUVZLOOIROORZ
SODLQZDVVSLQQLQJ7KHQVKHZDVIDOOLQJWKURXJKWKHHQGOHVVVLOHQFHLQWRD GDUNQHVVDVEODFNDVWKHVN\ $UPVFDXJKWKHUOLIWLQJKHUXSVKHIHOWZDUPWKDWKHUEDFN7KH VLOHQFHZDVJRQH6KHFODZHGDWWKHDLUDQGUHDOL]HGVKHZDVEDFNLQVLGHWKH WXQQHO6KHEOLQNHGKHUPRXWKZDVGU\³$UH\RXDOOULJKW"´6KDNLUDIHOWKHU IRUHKHDG$P\OHDQHGKHDYLO\DJDLQVWKHU³,JRW\RXLQVLGHDVIDVWDV, FRXOG,¶PVRUU\,IRUJRWWKHUH¶GEHDIXOOPRRQWRQLJKW,WZRXOGKDYHEHHQ HDVLHUIRU\RXLILWKDGEHHQFRPSOHWHO\GDUN´ $P\WUHPEOHGDIUDLGWROHWJR³,GLGQ¶WNQRZ´VKHVDLG³,GLGQ¶W WKLQN´6KHVKLYHUHGZLWKUHOLHIZHOFRPLQJWKHZDUPWKWKHIDLQWEXWVWHDG\ QRLVHIURPWKHVWUHHWWKHZDOOVRIWKH&LW\6KHWULHGWRVPLOH³*XHVV, GLGQ¶WGRVRZHOO´ ³%XW\RXGLG7KHILUVWWLPH,ZHQW2XWVLGH,SDVVHGRXWULJKWDIWHU WDNLQJP\ILUVWEUHDWKRIRSHQDLU7KHVHFRQGWLPH,UDQEDFNLQVLGHDIWHUD IHZVHFRQGVDQGVZRUH,¶GQHYHUVHWIRRW2XWVLGHDJDLQ
7KHVWXUG\ZDOOVRIKHU.LQJVEULGJHVXEVHFWLRQVXUURXQGHG$P\RQFHPRUH 6KHKDGQHDUO\IRUJRWWHQWKHFROGQHVVWKHZLQGWKHVLOHQFHWKHWHUULEOH HPSWLQHVVRIWKH2XWVLGH
WKRVHSHRSOHPHDQVVRPXFKWR$P\WKHQPD\EHVKHVKRXOG´5LFDUGR¶VIDFH SDOHGDVKHWXUQHGWRZDUGKLVZLIH,NQRZVKHGLVREH\HGXVEXW,WKLQN, FDQXQGHUVWDQGZK\VKHIHOWLWQHFHVVDU\$Q\ZD\KRZPXFKWURXEOHFDQVKHJHW LQWRLID&LW\GHWHFWLYH¶VZLWKWKHP"7KH\VHHPKDUPOHVVHQRXJK´ ³+DUPOHVV"´KHUKXVEDQGVDLG*RLQJ2XWVLGHGHOXGLQJWKHPVHOYHVWKDW ´ ³/HWKHUJR5LFN´$O\VKDSUHVVHGKLVKDQGEHWZHHQERWKRIKHUV7KDW \RXQJZRPDQWROGKHUWKHWUXWK
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¶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¶VVWURQJDUPVWRKHOSKHUXSDQG(OLMDK%DOH\¶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

)/(7&+(567$5('%/($./<$77+(60$//0281'62)*5$<PHWDOWKDWZHUHYLVLEOH EHKLQGWKHWKLFNZLQGRZRIWKHVWRUDJHFKDPEHU ³3OXWRQLXP´KHPXWWHUHG³1RQVHQVH$EVROXWHQRQVHQVH´ ³'DQJHURXVQRQVHQVH/HZ´VDLG-HVVH+DPPRQGVWDQGLQJEHKLQGKLP ³&DWDVWURSKLFQRQVHQVH´ )OHWFKHUQRGGHG7KHYHU\SKUDVH³SOXWRQLXP´VRXQGHGOLNH JLEEHULVKWRKLP7KHUHZDVQ¶WVXSSRVHGWREHDQ\VXFKVXEVWDQFH3OXWRQLXP ZDVDQLPSRVVLEOHLVRWRSHWRROLJKWE\DJRRGILIW\QHXWURQV2UDEDG

ILIW\QHXWURQVFRQVLGHULQJWKHULVNVWKHVWXIIZDVFUHDWLQJDVLWSLOHGXS KHUHDQGWKHUHDURXQGWKHZRUOG%XWWKHIDFWWKDWLWZDVWKHRUHWLFDOO\ LPSRVVLEOHIRUSOXWRQLXPWRH[LVWGLGQRWFKDQJHWKHRWKHUDQGXJOLHU IDFWWKDWKHZDVORRNLQJDWWKUHHNLORJUDPVRILWULJKWWKLVPLQXWH2UWKDW DVWKHTXDQWLW\RISOXWRQLXPLQWKHZRUOGFRQWLQXHGWRLQFUHDVHVRGLG WKHFKDQFHRIDQXQFRQWUROODEOHQXFOHDUUHDFWLRQOHDGLQJWRDQDWRPLF KRORFDXVW ³/RRNDWWKHPRUQLQJUHSRUWV´)OHWFKHUVDLGZDYLQJDVKHDIRI ID[SULQWVDW+DPPRQG³7KLUWHHQJUDPVPRUHWXUQHGXSDWWKHQXFOHRQLFVODERI $FFUD8QLYHUVLW\)LIW\JUDPVLQ*HQHYD7ZHQW\PLOOLJUDPVLQZHOOWKDW OLWWOHGRHVQ¶WPDWWHU%XW&KLFDJR-HVVH&KLFDJRWKUHHKXQGUHGJUDPVLQD VLQJOHFKXQN´ ³&KULVWPDVSUHVHQWVIURPWKH'HYLO´+DPPRQGPXWWHUHG ³1RWWKH'HYLOQR-XVWGHFHQWVHULRXVPLQGHGVFLHQWLILFIRONZKR KDSSHQWROLYHLQDQRWKHUXQLYHUVHZKHUHSOXWRQLXPLVQRWRQO\SRVVLEOH EXWDOVRSHUIHFWO\KDUPOHVV$QGZKRDUHVRIDVFLQDWHGE\WKHLGHDWKDWZH¶UH IDVFLQDWHG E\LWWKDWWKH\NHHSRQVKLSSLQJWKHVWXIIWRXVLQZKROHVDOHORWV :KDWDUHZHJRLQJWRGRZLWKLWDOO-HVVH":KDWLQ*RG¶VQDPHDUHZHJRLQJWR GRZLWKLWDOO"´ 5D\PRQG1LNRODXVORRNHGXSIURPKLVGHVNDWWKHIDUVLGHRIWKHURRP ³:UDSLWXSLQVKLQ\UHGDQGJUHHQSDSHUDQGVKLSLWULJKWEDFNWR WKHP"´KHVXJJHVWHG )OHWFKHUODXJKHGKROORZO\´9HU\IXQQ\5D\PRQG9HU\YHU\IXQQ\´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¶WEHGLVSXWHGHLWKHU7KH GHILQLQJFKDUDFWHULVWLFRISOXWRQLXPZDVWKHSUHVHQFHRISURWRQVLQLWV QXFOHXV,IWKDWZDVWKHFRXQWSOXWRQLXPZDVZKDWWKDWHOHPHQWKDGWREH 7KLVLPSRVVLEO\OLJKWLVRWRSHRISOXWRQLXPWKLVSOXWRQLXPKDG DQRWKHULPSRVVLEOHFKDUDFWHULVWLFDERXWLWQRWRQO\ZDVLWVWDEOHLWZDVVR FRPSOHWHO\VWDEOHWKDWLWZDVQ¶WHYHQUDGLRDFWLYH,WMXVWVDWWKHUHORRNLQJ H[FHHGLQJO\XQP\VWHULRXVQRWHYHQGHLJQLQJWRHPLWDVPLGJHQRIHQHUJ\$W OHDVWQRWZKHQILUVWWHVWHG%XWDVHFRQGWHVWUHYHDOHGSRVLWURQHPLVVLRQ ZKLFKDWKLUGEDIIOHGORRNFRQILUPHG7KHWURXEOHZDVWKDWWKHWKLUG PHDVXUHPHQWVKRZHGDQHYHQKLJKHUOHYHORIUDGLRDFWLYLW\WKDQWKHVHFRQGRQH 7KHIRXUWKZDVKLJKHUWKDQWKHWKLUG$QGVRRQDQGVRRQ

1RERG\KDGHYHUKHDUGRIDQ\HOHPHQWRIZKDWHYHUDWRPLFQXPEHURU ZHLJKWWKDWVWDUWHGRIIVWDEOHDQGWKHQEHJDQWRGHPRQVWUDWHDVWHDGLO\ LQFUHDVLQJLQWHQVLW\RIUDGLRDFWLYLW\1RRQHNQHZZKDWZDVOLNHO\WRKDSSHQ HLWKHULIWKHSURFHVVFRQWLQXHGXQFKHFNHGEXWWKHSRVVLELOLWLHVVHHPHG SUHWW\H[SORVLYH7KHEHVWVXJJHVWLRQDQ\RQHKDGZDVWRWXUQLWWRSRZGHUDQG PL[LWZLWKQRQUDGLRDFWLYHWXQJVWHQ7KDWZRUNHGIRUDOLWWOHZKLOHXQWLOWKH WXQJVWHQWXUQHGUDGLRDFWLYHWRR$IWHUWKDWJUDSKLWHZDVXVHGZLWKVRPHZKDW EHWWHUUHVXOWVWRGDPSGRZQWKHVWUDQJHHOHPHQW¶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³7KLVFDQ¶WJRRQ´)OHWFKHUVDLGJORRPLO\ +DPPRQGJDYHKLPDVRXUORRN³6R":H¶YHEHHQVD\LQJWKDWIRUVL[PRQWKV QRZ´ ³,W¶VWLPHWRGRVRPHWKLQJ7KH\NHHSVKLSSLQJXVPRUHDQGPRUHDQG PRUHDQGZHGRQ¶WKDYHDQ\LGHDKRZWRJRDERXWWHOOLQJWKHPWRFXWLWRXW´ ³:HGRQ¶WHYHQKDYHDQ\LGHDZKHWKHUWKH\UHDOO\H[LVW´5D\PRQG 1LNRODXVSXWLQ ³5LJKWQRZWKDWGRHVQ¶WPDWWHU:KDWPDWWHUVLVWKDWWKHVWXIILV DUULYLQJFRQVWDQWO\DQGWKHPRUHRILWZHKDYHWKHPRUHGDQJHURXVLWLV:H GRQ¶WKDYHWKHIRJJLHVWLGHDRIKRZWRVKXWRIIWKHVKLSPHQWV6RZH¶YHJRWWR ILQGVRPHZD\WRJHWULGRILWDVLWFRPHVLQ´ ³$QGZKDWGR\RXKDYHLQPLQGSUD\WHOO"´+DPPRQGDVNHG )OHWFKHUVDLGJODULQJDWKLVFROOHDJXHLQDZD\WKDWFRQYH\HGWKHIDFW WKDWKHZRXOGEURRNQRRSSRVLWLRQ³,¶PJRLQJWRWDONWR$VHQLRQ´ +DPPRQGJXIIDZHG³$VHQLRQ"
VFDIIROGLQJZDVQHHGHGWRSXWWKHPLQSODFH"7KDWWKH3DUWKHQRQH[LVWVDQGLV VXEOLPHO\EHDXWLIXOLVDOOWKDWVKRXOGLQWHUHVWXV6RWRRZLWKWKHXQLYHUVH ,VHHWKHXQLYHUVHDQGLWLVEHDXWLIXODQGSHUIHFW:K\VKRXOG,SU\LQWRWKH QDWXUHRILWVVFDIIROGLQJ":K\VKRXOGDQ\RQH"´ $QGZLWK WKDWKHUHVLJQHGKLVSURIHVVRUVKLSEXUQHGKLVSDSHUVDQG UHWUHDWHGWRWKHWKLUW\WKLUGIORRURIDQDSDUWPHQWEXLOGLQJRQ0DQKDWWDQ¶V :HVW6LGHZKHUHKHEXLOWDQHODERUDWHODERUDWRU\JUHHQKRXVHLQZKLFKKH LQWHQGHGWRFRQGXFWH[SHULPHQWVLQDGYDQFHGKRUWLFXOWXUH ³%URPHOLDGV´VDLG$VHQLRQ³,ZLOOFUHDWHK\EULGEURPHOLDGV%URPHOLDGV ZLOOEHWKHHVVHQFHDQGFHQWHURIP\OLIHIURPQRZRQ´ 5RPHOPH\HUZKRKDGEHHQ$VHQLRQ¶VPHQWRUDW+DUYDUGDWWULEXWHGKLV DSSDUHQWEUHDNGRZQWRRYHUZRUNDQGWKRXJKW WKDWKHZRXOGVQDSEDFNLQVL[RU HLJKWPRQWKV-DQW]HQZKRKDGKDGWKHUDUHSULYLOHJHRIEHLQJWKHILUVWWR UHDGKLVDVWRQLVKLQJGLVVHUWDWLRQDW0,7WRRNDQHTXDOO\V\PSDWKHWLF SRVLWLRQDUJXLQJWKDW$VHQLRQPXVWKDYHFRPHWRVRPHWHUULI\LQJLPSDVVHLQ KLVZRUNWKDWKDGFRPSHOOHGKLPWRUHWUHDWGUDPDWLFDOO\IURPWKHEULQNRI PDGQHVV³3HUKDSVKHIRXQGKLPVHOIORRNLQJULJKWLQWRDQDE\VVRI LQFRQVLVWHQFLHVZKHQKHWKRXJKWKHZDVDERXWWRILQGWKHXOWLPDWHDQVZHUV´ -DQW]HQVXJJHVWHG³:KDWHOVHFRXOGKHGREXWUXQ"%XWKHZRQ¶WUXQIRUORQJ ,WLVQ¶WLQKLVQDWXUH´ %XUNKDUGWRI&DO7HFKZKRVHRZQZRUNKDGEHHQFDUULHGRXWLQWKH VSKHUHWKDW$VHQLRQZDVODWHUWRPDNHKLVRZQDJUHHGZLWK-DQW]HQ¶VDQDO\VLV ³+HPXVWKDYHKLWVRPHWKLQJUHDOO\GDUNDQGKDLU\%XWKH¶OOZDNHXSRQH PRUQLQJZLWKWKHVROXWLRQLQKLVKHDGDQGLW¶OOEHJRRGE\HKRUWLFXOWXUHIRU KLP+H¶OOWXUQRXWDSDSHUE\QRRQWKDWZLOOUHYROXWLRQL]HHYHU\WKLQJZH WKLQNZHNQRZDERXWQXFOHDUSK\VLFVDQGWKDW¶OOEHWKDW´ %XW-HVVH+DPPRQGZKRKDGSOD\HGWHQQLVZLWK$VHQLRQHYHU\PRUQLQJIRU WKHODVWWZR\HDUVRIKLVFDUHHUDVDSK\VLFLVWWRRNDOHVVFKDULWDEOH SRVLWLRQ³+H¶VJRQHQXWV´+DPPRQGVDLG³+H¶VIOLSSHGRXWDOWRJHWKHUDQG KH¶VQHYHUJRLQJWRJHWKLPVHOIWRJHWKHUDJDLQ³ ³
PH´

³,VWKDWDOO"´$VHQLRQVDLGLQGLIIHUHQWO\³,WIHHOVOLNHDORWPRUHWR

+HPDQDJHGDWKLQUHPRWHVPLOH+HGLGQ¶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³7KHUHDVRQ,¶YHFRPHKHUH´ ³:HFDQJRLQWRDOOWKDWODWHUFDQ¶WZH/HZ")LUVWFRPHLQWRWKH JUHHQKRXVHZLWKPH7KHUH¶VVRPHWKLQJ,ZDQWWRVKRZ\RX1RERG\HOVHKDVVHHQ LW\HWLQIDFW´ ³:HOOLI\RX´ ³,QVLVW\HV&RPH,SURPLVH\RXLW¶VH[WUDRUGLQDU\´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³4XLFNO\´KHVDLG³,QVLGH´ ,WZDVOLNHVWHSSLQJVWUDLJKWLQWRWKH$PD]RQMXQJOH,Q SODFHRIWKH KDUVKGU\DWPRVSKHUHRID0DQKDWWDQDSDUWPHQWLQPLGZLQWHUWKHUHZDV DEUXSWO\WKHGHQVHPRLVWVZHHWFORVHQHVVRIWKHWURSLFVHQIROGLQJWKHPOLNH IROGVRIZHWIDEULF)OHWFKHUDOPRVWH[SHFWHGWRKHDUSDUURWVVFUHHFKLQJ RYHUKHDG $QGWKH SODQWV7KHEL]DUUHSODQWVFOLQJLQJWRHYHU\VXUIDFHILOOLQJ HYHU\DYDLODEOHVTXDUHLQFK 0RVWRIWKHPIROORZHGWKHVDPHJHQHUDOSDWWHUQURVHWWHVRIEURDG VKLQLQJVWUDSVKDSHGOHDYHVUDGLDWLQJRXWZDUGIURPDFHQWUDOFXSVKDSHG

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¶WODVWKDOIDQ KRXULQWKHXUEDQHQYLURQPHQWRXWVLGH ³7KHVHDUHEURPHOLDGV³$VHQLRQVDLGVKDSLQJWKHZRUGVHQVXRXVO\LQ KLVWKURDWDVWKRXJKLWZHUHWKHILQHVWZRUGDQ\ODQJXDJHKDGHYHUSURGXFHG ³7URSLFDOSODQWVPDLQO\6RXWKDQG&HQWUDO$PHULFDLVZKHUHPRVWRIWKHP OLYH7KH\WHQGWRFOLQJWRWUHHVJURZLQJKLJKXSLQWKHIRUNVRIEUDQFKHV PDLQO\6RPHOLYHDWJURXQGOHYHOWKRXJK6XFKDVWKHEURPHOLDG\RXNQRZ EHVWZKLFKLVWKHSLQHDSSOH%XWWKHUHDUHKXQGUHGVRIRWKHUVLQWKLVURRP 7KRXVDQGV$QGWKLVLVWKHKXPLGURRPZKHUH,NHHSWKHJX]PDQLDVDQGWKH YULHVHDVDQGVRPHRIWKHDHFKPHDV$VZHJRDURXQG,¶OOVKRZ\RXWKH WLOODQGVLDVWKH\OLNHLWDORWGULHUDQGWKHWHUUHVWULDORQHVWKHKHFKWLDV DQGWKHG\FNLDVDQGWKHQRYHURQWKHIDUVLGH´ ³,NH´)OHWFKHUVDLGTXLHWO\ ³
ZRXOGEHVSHFWDFXODUEH\RQGEHOLHI7DNHP\ZRUGIRULW³ ³,KDYHQRGRXEW´ ³,W¶VDSULYLOHJHVHHLQJWKLVSODQWLQEORRP%XWWKHUHDUHRWKHUVKHUH \RXPXVWVHHWRR7KHSX\DVWKHSLWFDLUQLDVWKHUH¶VDFOXPSRI'\FNLD PDUQLHUODSRVWROOHLLQWKHQH[WURRPWKDW\RXZRXOGQ¶WEHOLHYH´ +HEXEEOHGZLWKER\LVKHQWKXVLDVP)OHWFKHUIRUFHGKLPVHOIWREH SDWLHQW7KHUHZDVQRKHOSIRULWKHZRXOGVLPSO\KDYHWRWDNHWKHFRPSOHWH WRXU ,WZHQWRQIRUZKDWVHHPHGOLNHKRXUVDV$VHQLRQOHGKLPIUDQWLFDOO\ IURPRQHSHFXOLDUSODQWWRDQRWKHULQURRPDIWHUURRP6RPHZHUHDFWXDOO\ TXLWHEHDXWLIXO)OHWFKHUKDGWRDGPLW2WKHUVVHHPHGH[FHVVLYHO\IODPER\DQW RUJURWHVTXHRULQFRPSUHKHQVLEO\RUGLQDU\WRKLVXQWXWRUHGH\HRUGRZQULJKW JURWHVTXH:KDWVWUXFNKLPPRVWIRUFHIXOO\RIDOOZDVWKHGHSWKRI$VHQLRQ¶V REVHVVLRQ1RWKLQJLQWKHXQLYHUVHVHHPHGWRPDWWHUWRKLPH[FHSWWKLVKRUGH RIH[RWLFSODQWV+HKDGJLYHQKLPVHOIXSWRWDOO\WRWKHVWUDQJHZRUOGKHKDG FUHDWHGKHUH %XWDWODVWHYHQ$VHQLRQ¶VPDQLFHQHUJLHVVHHPHGWRIODJ7KHSDFHKDG EHHQPHUFLOHVVDQGERWKKHDQG)OHWFKHUGUHQFKHGZLWKVZHDWDQGJDVSLQJLQ WKHKHDWSDXVHGIRUEUHDWKLQDVHFWLRQRIWKHJUHHQKRXVHRFFXSLHGE\VPDOO JUD\JQDUO\SODQWVWKDWVHHPHGWRKDYHQRURRWV DQGZHUHKHOGWRWKHZDOOE\ EDUHO\YLVLEOHZLUHV $EUXSWO\$VHQLRQVDLG³$OOULJKW
³*RRG,¶YHJRWVRPHFURVVHVWRPDNHDQG,GRQ¶WZDQWWRZDLWDQ\ ORQJHURQDFFRXQWRISRVVLEOHSROOHQFRQWDPLQDWLRQ*RRYHUWRWKHFOXEDQG NHHS\RXUVHOIDPXVHGIRUDIHZKRXUV7DNHDVKRZHU*RGNQRZV\RXQHHGRQH \RXVPHOOOLNHVRPHWKLQJRXWRIWKHMXQJOH5HOD[KDYHDGULQNFRPHEDFNDW ILYHR¶FORFN:HFDQWDONDERXWWKLVDJDLQWKHQ´+HVKRRNKLVKHDG ³3OXWRQLXP:KDWOXQDF\,WRIIHQGVPHMXVWWRVD\LWRXWORXG,W¶VOLNH VD\LQJVD\LQJZHOO%LOOEHUJLD\XNRQHQVLVRU7LOODQGVLDERVWRQLDH'R\RX NQRZZKDW,PHDQ"1R1R2IFRXUVH\RXGRQ¶W´+HZDYHGKLVKDQGV³2XW&RPH EDFNDWILYH´ ,WZDVDORQJDIWHUQRRQIRU)OHWFKHU+HSKRQHGKLVZLIHKHSKRQHG -HVVH+DPPRQGDWWKHODERUDWRU\KHSKRQHGDQROGIULHQGDQGPDGHDGDWHIRU GLQQHU+HVKRZHUHGDQGFKDQJHG+HKDGDGULQNLQWKHRUQDWHORXQJHRQWKH )LIWK$YHQXHVLGHRIWKH&OXE %XWKLVPRRGZDVJULPDQGQRWPHUHO\EHFDXVH+DPPRQGKDGWROGKLPWKDW DQRWKHUIRXUNLORJUDPVRISOXWRQLXPKDGEHHQUHSRUWHGIURPYDULRXVUHJLRQV WKDWPRUQLQJ$VHQLRQ¶VPDGQHVVRSSUHVVHGKLP 7KHUHZDVQRWKLQJZURQJZLWKDQLQWHUHVWLQSODQWVRIFRXUVH)OHWFKHU NHSWDSKLORGHQGURQDQGVRPHWKLQJHOVHZKRVHQDPHKHFRXOGQHYHUUHPHPEHULQ KLVRZQRIILFH%XWWRLPPHUVH\RXUVHOILQRQHKLJKO\VSHFLDOL]HGILHOGRI ERWDQ\ZLWKVXFKLQWHQVLW\LWVHHPHGVKHHUOXQDF\1R)OHWFKHUGHFLGHGHYHQ WKDWZDVDOOULJKWGLIILFXOWDVLWZDVIRUKLPWRXQGHUVWDQGZK\DQ\RQHZRXOG ZDQWWRVSHQGKLVZKROHOLIHFORLVWHUHGZLWKDEXQFKRIHHULHSODQWV:KDWZDV KDUGIRUKLPWRIRUJLYHZDV$VHQLRQ¶VUHQXQFLDWLRQRISK\VLFV$PLQGOLNH WKDWWKHEUHDGWKRILWVYLVLRQWKHLQVLJKW$VHQLRQKDGKDGLQWRWKHJUHDWHVW RIP\VWHULHVGDPPLW)OHWFKHUWKRXJKWKHKDGRZHGLWWRWKHZRUOGWRVWLFN WRLW$QGLQVWHDGWRZDONDZD\IURPHYHU\WKLQJWRKROHKLPVHOIXSLQDFDJH RIJODVV +DPPRQG¶VULJKW)OHWFKHUWROGKLPVHOI$VHQLRQUHDOO\LVFUD]\ %XWLWZDVXVHOHVVWRIUHWDERXWLW$VHQLRQZDVQRWWKHILUVW VXSHUJHQLXVWRVQDSXQGHUFRQWHPSODWLRQRIWKH8OWLPDWH+LVZLWKGUDZDOIURP SK\VLFV)OHWFKHUVDLGVWHUQO\WRKLPVHOIZDVDPDWWHUEHWZHHQ$VHQLRQDQG WKHXQLYHUVH$OOWKDWFRQFHUQHG)OHWFKHUZDVJHWWLQJ$VHQLRQ¶VVROXWLRQWR WKHSOXWRQLXPSUREOHPDQGWKHQWKHSRRUPDQFRXOGEHOHIWZLWKKLV EURPHOLDGVLQSHDFH $ERXWKDOISDVWIRXU)OHWFKHUVHWRXWE\FDEWREDWWOHWKHWUDIILFWKH VKRUWGLVWDQFHXSWRZQWR$VHQLRQ¶VSODFH /XFNZDVZLWKKLP+HDUULYHGDWWHQRIILYH$VHQLRQ¶VKRXVHURERW JUHHWHGKLPVROHPQO\DQGLQYLWHGKLPWRZDLW³7KHPDVWHULVLQWKH JUHHQKRXVH´WKHURERWGHFODUHG³+HZLOOEHZLWK\RXZKHQKHKDVFRPSOHWHG WKHSROOLQDWLRQ´ )OHWFKHUZDLWHG$QGZDLWHGDQGZDLWHG *HQLXVHVKHWKRXJKWELWWHUO\3DLQVLQWKHQHFNDOORIWKHP3DLQVLQ WKH -XVWWKHQWKHURERWUHDSSHDUHG,WZDVKDOISDVWVL[$OOZDVEODFNQHVV RXWVLGHWKHZLQGRZ)OHWFKHU¶VGLQQHUGDWHZDVIRUVHYHQ+HZRXOGQHYHUPDNH LW ³7KHPDVWHUZLOOVHH\RXQRZ´VDLGWKHURERW $VHQLRQORRNHGOLPSDQGZHDU\DVWKRXJKKHKDGVSHQWWKHHQWLUH DIWHUQRRQVPDVKLQJXSERXOGHUV%XWWKHIRUPLGDEOHHGJHVHHPHGJRQHIURPKLP WRR+HJUHHWHG)OHWFKHUZLWKDSOHDVDQWHQRXJKVPLOHRIIHUHGDZRUGRUWZR RIDOPRVWDSRORJ\IRUKLVWDUGLQHVVDQGHYHQKDGWKHURERWEULQJ)OHWFKHUD VKHUU\,WZDVQ¶WYHU\JRRGVKHUU\EXWWRJHWDQ\WKLQJDWDOOWRGULQNLQD WHHWRWDOHU¶VKRXVHZDVDEOHVVLQJ)OHWFKHUILJXUHG $VHQLRQZDLWHGXQWLO)OHWFKHUKDGKDGDIHZVLSV7KHQKHVDLG³,KDYH \RXUDQVZHU´ ³,NQHZ\RXZRXOG´

7KHUHZDVDORQJVLOHQFH ³7KLRWLPROLQH´VDLG$VHQLRQILQDOO\ ³7KLRWLPROLQH"´ ³$EVROXWHO\(QGRFKURQLFGLVSRVDO,W¶VWKHRQO\ZD\$QGDV\RX¶OO VHHLW¶VDQHFHVVDU\ZD\´ )OHWFKHUWRRNDKDVW\JXOSRIWKHVKHUU\(YHQZKHQKHZDVLQD UHODWLYHO\PHOORZPRRGLWDSSHDUHG$VHQLRQZDVPDGGHQLQJ$QGPDG:KDWZDV WKLVQHZFUD]LQHVVQRZ"7KLRWLPROLQH"+RZFRXOGWKDWSUHSRVWHURXVVXEVWDQFH DVLQVDQHLQLWVZD\DVSOXWRQLXPKDYHDQ\EHDULQJRQWKHSUREOHP" $VHQLRQVDLG³,WDNHLW\RXNQRZWKHVSHFLDOSURSHUWLHVRI WKLRWLPROLQH"´ ³2IFRXUVH,WVPROHFXOHLVGLVWRUWHGLQWRDGMDFHQWWHPSRUDOGLPHQVLRQV ([WHQGVLQWRWKHIXWXUHDQG,WKLQNLQWRWKHSDVW7KLRWLPROLQHSRZGHUZLOO GLVVROYHLQZDWHURQHVHFRQGEHIRUHWKHZDWHULVDGGHG´ ³([DFWO\´$VHQLRQVDLG³$QGLIWKHZDWHULVQ¶WDGGHGLW¶OOJRORRNLQJ IRULW,QWKHIXWXUH´ ³:KDWGRHVWKLVKDYHWRGRZLWK´ ³/RRNKHUH´VDLG$VHQLRQ+HGUHZDVFUDSRISDSHUIURPKLVVKLUW SRFNHW³
³:K\DEVROXWHHQWURS\WKHKHDWGHDWKRIWKHXQLYHUVH´ ³3UHFLVHO\7KH )LQDO(QWURSLF6ROXWLRQ$OOPROHFXOHVHTXDOO\ GLVWULEXWHGWKURXJKRXWVSDFH7KHUHZLOOEHQRIXUWKHUSODFHIRUWKHZDWHU VHHNLQJWKLRWLPROLQHWRJR7KHHQGRIWKHOLQHLVWKHHQGRIWKHOLQH,W DQGWKHSOXWRQLXPLW¶VKDXOLQJZLWKLWDQGWKHZDWHULW¶VWU\LQJWRFDWFKXS ZLWKZLOODOOSOXQJHWRJHWKHURYHUWKHHQWURSLFEULQNLQWRDQWLWLPH´ ³$QWLWLPH´VDLG)OHWFKHULQDOHDGHQYRLFH³$QWLWLPH"´ ³1DWXUDOO\,QWRWKHPRPHQWEHIRUHWKHFUHDWLRQRIWKHXQLYHUVH (YHU\WKLQJLVLQVWDVLV=HURWLPHLQILQLWHWHPSHUDWXUH$OOWKHXQLYHUVDO PDVVFRQWDLQHGLQDVLQJOHLQFRPSUHKHQVLEOHERG\7KHQWKHWKLRWLPROLQHDQG WKHSOXWRQLXPDQGWKHZDWHUDUULYH´$VHQLRQ¶VH\HVZHUHUDGLDQW+LVIDFHZDV IOXVKHG+HZDYHGKLVVFUDSRISDSHUDURXQGDVWKRXJKLWZHUHWKHVFULSWXUHRI VRPHQHZFUHHG³7KHUHZLOOEHDWUHPHQGRXVH[SORVLRQ$%LJ%DQJVRWR VSHDN7KHEHJLQQLQJRIDOOWKLQJV
/(77+(5(%('$<´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¶VGLVSOD\ 7KLVGLVSOD\ODEHOHGLWVHOIDVFRPLQJIURPWKHZRUNVWDWLRQLQ%XFN7ZR +HSXWKLVRZQSDJHRQKROGDQGILOOHGWKHVFUHHQZLWKWKH,QWUXGLQJGLVSOD\ +HVWDUHGDWLWIHHOLQJKLVH\HVEXOJH 6RPHRQHKDGHQWHUHGKLVV\VWHPDQGLQIHFWHGLWZLWKUDELGGRJJHUHO

,VWKHVXQDPLON\EXG" :KHQFHWKHVKDGRZVRQP\IDFH":K\¶VWKHVN\DVJUHHQDVEORRG" :KRZLOOZLQWKH5HG4XHHQ¶VUDFH" 0DGQHVV %XWHYHQPDGQHVVKDGWRKDYHDORJLFDOH[SODQDWLRQ 3RVVLEOHH[SODQDWLRQQXPEHURQHDFRPSXWHUYLUXV,IWUXHLWZRXOG KDYHHQWHUHGE\ZD\RIWKHPDVWHUFRPSXWHUVROHOLQNWR(DUWKDQGWKH XQLYHUVH:KDWZRXOGEHWKHSRLQWRIWU\LQJWRWULFNKLPLQWRWKLQNLQJWKH PHVVDJHFDPHIURP%XFN7ZR¶VVODYHFRPSXWHUQRWIURP%XFN2QH¶VFHQWUDO PHPRU\"0HUHO\WKHSUDQNLVKSOHDVXUHRIVHQGLQJKLPRQDZLOGJRRVHFKDVH WKURXJK%XFN7ZR¶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¶VRZQ &RXOG)ODPPHUVIHOGKLPVHOIKDYHSURJUDPPHGWKDWGLVSOD\VD\ZKLOHGUHDP H[SHULHQFLQJ7KURXJKWKH/RRNLQJ*ODVV"+DGFDELQIHYHUDIIHFWHGKLVEUDLQ VSOLWKLVDZDUHQHVV" (YHQDVKHVWDUHGDWWKHVFUHHQWKHGLVSOD\FKDQJHG$QRWKHUYHUVH DSSHDUHGOHWWHUE\OHWWHUVORZO\SDLQIXOO\DVWKRXJKVWLIIDQGKHVLWDQW

ILQJHUVZHUHZRUNLQJLQUHDOWLPH

:KHQ$GDPGHOYHG :DVLWWKHQ,VHOYHG" :KHQ(YHVSDQ :DVLWWKHQ,EHJDQ" )ODPPHUVIHOGWLJKWHQHGKLVPRXWK6RPHRQHZDVLQ%XFN7ZR +HKXUULHGWRKLVEXONKHDGVDIHDQGSXQFKHGWKHFRPELQDWLRQ7KHVDIH GRRUVZXQJRSHQDQGKHDUPHGKLPVHOIZLWKWKHEODVHUKHKDGQHYHUGUHDPHGKH PLJKWRQHGD\KDYHWRXVH 7HUUDULXP1LQHLQQHDUHDUWKRUELWZDVDVL[EXFNHUVL[FRQFHQWULF VSKHUHVEXLOWRQ5%XFNPLQVWHU)XOOHU¶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¶VOHVVHUJUDYLW\ZKHUHLQOXQDUVRLOZLWK YDULRXVDGPL[WXUHVRIQLWUDWHVSODQWVIORXULVKHGPLJKWLO\ +HODQGHGOLJKWO\VRXJKWFRQFHDOPHQWLQDWHQPHWHUKLJKVWDQGRI VORZO\VZD\LQJU\H+HOGKLVEUHDWKOLVWHQHGWKURXJKWKHVRIWVRXJKRI SURJUDPPHGEUHH]HKHDUGQRWKLQJ+H¶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³+HOS/HWPH GRZQ3OHDVH´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¶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³$OOULJKW\RXEDVWDUG´KHPXWWHUHGWKURXJKKLVPDOLFLRXVJULQ ³\RX¶UHGLJJLQJ\RXURZQJUDYH³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¶VKHDG:KDWZRXOGWKH LGLRV\QFUDWLFHQ]\PDWLFDFWLRQEHLQWKLVFDVHRQZKDWKHIHOWVXUHKHZRXOG ILQGZKHQKHDQDO\]HGLWJUHHQSHSSHU"6HHPHGFOHDUWKDWWKHFUHDWXUHKDGLQ PLQGDFXUDUHDQDUURZSRLVRQ7KDWZDVMXVWZKDWWKLVVXEVWDQFHDSSHDUHGWR EH )ODPPHUVIHOGIRXQGKLPVHOIDVZHDW+HQHHGHGDUHOD[DQWEXWQRWWKLV NLQG7KLVNLQGFRXOGUHOD[KLPWRGHDWK %HWWHUJHWWKHKHOORXWRIKHUH7KHFUHDWXUHZDVVXUHWREOHHGWR GHDWKEXWKRZVRRQ")ODPPHUVIHOGIRXQGKLPVHOIQRWVRVXUHDQ\PRUHDERXWD ORWRIWKLQJVFRQFHUQLQJWKHFUHDWXUH +RZFRXOGKHQRWKDYHVHHQLWVLQWHOOLJHQFHZDNHQLWVKDWHWXUQRQKLP" 6WLOOFURXFKLQJKHIDFHGDERXW)RUWKHILUVWWLPHKHORRNHGDURXQGDW WKLVVPDOOZRUOGIURPDQRWKHU¶VSRLQWRIYLHZ )URPWKHFDEEDJHSDWFKWKHFRPSXWHUVFUHHQZDVLQSODLQVLJKW+RZPXFK WKHFUHDWXUHPXVWKDYHOHDUQHGVLPSO\E\ZDWFKLQJDQGOLVWHQLQJWRWKHZRUN DQGWKHSOD\ 7KLVZDVQRWWKHWLPHWRZRQGHUDERXWWKDW7KLVZDVWKHWLPHWREHDWLW EHIRUHDVPDOODUURZIOHZRUDVPDOOODQFHWKUXVW )ODPPHUVIHOGVWUDLJKWHQHGDQGKREEOHGGRXEOHWLPHWRWKHRSHQOLIW +HEUHDWKHGDVLJKDWKDYLQJPDGHLWDQGUHDFKHGWRSXQFKWKHGRRUVKXW DQGWKHOLIWGRZQ 7KHNLOOHUPXVWKDYHVOLSSHGLQWRWKHOLIWZKLOHWKHQRRVHKHOG )ODPPHUVIHOGDGDQJOH )URPWKHOHIWQHDUFRUQHURIWKHFDJHZKHUHWKHNLOOHUKDGFURXFKHG XQVHHQEHKLQGWKHGRRUWKDWGLGQRWVOLGHIOXVKDIUDLODUPWKUXVWWKH VKDUSHQHGDQGSRLVRQWLSSHGWZLJLQWRWKHVRIWWLVVXHRI)ODPPHUVIHOG¶VOHIW DQNOH )ODPPHUVIHOGVWDUHGGRZQDWWKHVDGO\ZLVHDQGZHDULO\VDYDJHIDFH ³*RGGDPQ\RX´KHVDLG ³
WKHOLIWVWRSSHGDQGWKHGRRURSHQHG7KHQKHNLFNHGWKHFUHDWXUHRXWRIKLV ZD\DQGWRRNWZRVWXPEOLQJVWHSVIRUZDUGEHIRUHKHVSUDZOHGKLVOHQJWKRQWKH GHFN 7KHNLOOHUFRXOGQRWVWDQFKWKHIORZRIJUHHQEORRGDQGVRRQIROORZHG )ODPPHUVIHOGDFURVVWKHGDUNWKUHVKROGLQWRWKHDERGHRIWKHGHDG%XWWKH NLOOHUKDGZRQZKDWKHZDQWHGYHQJHDQFHDQGREOLYLRQ

,QVSHFWRU+6HWRQ'DYHQSRUWRIWKH7HUUHVWULDO%XUHDXRI,QYHVWLJDWLRQ KDGH[SHFWHGWRVHHDQ\WKLQJEXWDQLQYHUWHGGHWHFWLYH
DUHVKRWVWKHUHVSRQGLQJRIILFHUWRRNRIERWKGRFNLQJMDFNVEHIRUHVKHPDGH HQWU\WKURXJKQRUWKGRFN
'U8UWKQRGGHGFXUWO\³$XWRSV\,FKRRVHP\ZRUGVFDUHIXOO\´+LV PRXWKWZLWFKHGVXGGHQO\DQGKHXQEHQWXQH[SHFWHGO\KLVYRLFHPRFNVHULRXV³, GRQRWVHHDLWFKRK\RXP\FDEEDJHWZLFH´+HJUHZIXOO\VHULRXVDJDLQ³,W¶V FOHDUWKDWVRPHWKLQJJRWRXWRIKDQGWKHH[SHULPHQWWKHH[SHULPHQWHURU ERWK´ 'DYHQSRUWZDVVWLOOZRUNLQJRQWKHDXWRSV\EXVLQHVV:KDWZDV'U8UWK JHWWLQJDW" 'U8UWKVLJKHGDQGKDQGHGEDFNWKHGHDWKVFHQHKRORJUDP+HJDYHD VOLJKWVKLYHUWKHQVKRW'DYHQSRUWDORRNDVLIZRQGHULQJZKHWKHU'DYHQSRUW KDGQRWLFHG 'DYHQSRUWNHSWDSRNHUIDFH 'U8UWKEUHDWKHGDQHDVLHUVLJK³7KLVFDOOVIRUPXOOLQJRYHU´+H WXUQHGDJUDYHIDFHDQGDWZLQNOLQJH\HRQKLVYLVLWRU³:KDWZRXOG\RXVD\WR DILQJHURI*DQ\PHDG"´ ³,¶GVD\KHOOR´'DYHQSRUWKDGKHDUGRI*DQ\PHDGEXWKDGQHYHUVHHQLW PXFKOHVVWDVWHGLW+HNQHZLWWREHH[WUHPHO\UDUHDQGH[WUHPHO\H[SHQVLYH DQGKHNQHZPDQ\FRPPXQLWLHVSURKLELWHGLW+HZDVQRWDERXWWRDVN'U8UWK KRZ'U8UWKKDGFRPHE\LW³,¶PJDPH´ +HGLGQRWIHHOVRJDPHZKHQ'U8UWKGUHZWZRFRQWDLQHUVDQGWZR JODVVHVIURPDOLTXRUGUDZHURIWKHDUPFKDLUGHVNDQGRQHRIWKHFRQWDLQHUV SURYHGWRKROGILQJHUV 'U8UWKVKRRNWZRILQJHUVRXWDQGVWRRGRQHILQJHUQDLOGRZQLQHDFK JODVV 'DYHQSRUWORRNHGDQGVKXGGHUHG 2QHFRUQHURI8UWK¶VURV\PRXWKOLIWHG³*DQ\PHDGLVDELQDU\7KHIOXLG SDUWDFWLYDWHVWKHVROLGSDUW7KHµILQJHUQDLO¶LVDFU\VWDOOL]DWLRQ:DWFK´ +HSRXUHGDQDPEHUIOXLGRXWRIWKHRWKHUFRQWDLQHULQWRRQHRIWKH JODVVHVDQGDVLWVSODVKHGWKHQDLOWKHILQJHUPHOWHG7KHZKROHEHFDPHD FOHDUYLROHWZLWKDERXTXHWWKDWWLFNOHGWKHVHQVHV'U8UWKWUDQVIRUPHGWKH RWKHUILQJHUKDQGHGRQHRIWKHJODVVHVWR'DYHQSRUWDQGOLIWHGWKHRWKHULQ DWRDVWLQJJHVWXUH 'DYHQSRUWDQVZHUHGZLWKDOLIWRIKLVRZQJODVVVQLIIHGWKHQVLSSHG 7DQWDOL]LQJO\GHOLFLRXVGHOLFLRXVO\WDQWDOL]LQJ+HVDZWKDWLWFRXOGEH GDQJHURXVDWDVWHWRRHDVLO\DFTXLUHGIRUVRPHWKLQJQRWVRHDVLO\DFTXLUHG 7KHVPRRWKEXWVWURQJGULQNVHHPHGWRWXUQ'U8UWKSKLORVRSKLFDO³ $FWXDOO\*DQ\PHDGFRPHVQRWIURP*DQ\PHGHEXWIURP&DOOLVWR6RPDQ\WKLQJV DUHPLVQRPHUV:KDW¶VLQDQDPH'DYHQSRUW",VKRXOGKDYH\RXUV,¶PWKHFRXFK SRWDWRWKHVHWWHHVSXGWKH0XUSK\EHGPXUSK\$WPRVWDUDPEOHUURVH WHWKHUHGDV,DPWRWKH8QLYHUVLW\FDPSXV
'DYHQSRUWVZHHSLQJO\EURXJKWKLVSDOPXSLQVLJQRIWXUQLQJHYHU\WKLQJ RYHUWR'U8UWK 'U8UWKMXVWDVJUDFLRXVO\JDYHDQRG³7RIRUHVWDOOHFRORJLFDO GLVUXSWLRQ(DUWKKDVODZVDJDLQVWUHOHDVLQJJHQHWLFDOO\DOWHUHGSODQWVDQG DQLPDOVLQWRWKHWHUUHVWULDOHQYLURQPHQW6XFKH[SHULPHQWVPXVWWDNHSODFH RIISODQHW+HQFHWKH7HUUDULXPVDWODVWFRXQWDGR]HQ"LQQHDUHDUWK RUELW$FROODWHUDOEHQHILWLV]HURJUDYLW\ZKLFKIDFLOLWDWHVVXFKWHFKQLTXHV DVHOHFWURSKRUHVLVWKHUDSLGFRQWLQXRXVIORZIUDFWLRQDWLQJRIFRQFHQWUDWHG VROXWLRQVRISURWHLQVLQDKLJKLQWHQVLW\ HOHFWULFILHOG³+HFRFNHGDQH\H DW'DYHQSRUW³
'DYHQSRUWVWDUHGDW'U8UWK³:HKDYH"´ ³,W¶VDVREYLRXV´'U8UWKVDLGVKDUSO\µµDVWKHQRVHRQP\IDFH´ 0D\EHWKDW¶VZK\,GRQ¶WVHHLW'DYHQSRUWPXWWHUHGPHQWDOO\%XWKHSXW RQDSOHDVDQWPDVN³
'U8UWKORRNHGDW'DYHQSRUWDQGVPLOHG³
7KLVWLPH'DYHQSRUWFRXOGQRWKHOSODXJKLQJ$QGDIWHUDPRPHQW'U8UWK MRLQHGLQ 'DYHQSRUWVREHUHGILUVWDQGQRQMXGJPHQWDOO\ZDLWHGIRU'U8UWKWR VXEVLGH 'U8UWKVRXQGHGDOOWKHPRUHVHULRXVZKHQKHSLFNHGXSZKHUHKHKDG OHIWRII³7KHUK\PHDERXW.LQJ&ROHZDVLQ/HZLV&DUUROO¶VPLQGFRQVFLRXVO\ RUXQFRQVFLRXVO\ZKHQ&DUUROOZURWHWKH:DOUXV¶VVSHHFKµ.LQJ&ROH¶FROH DVLQFROHVODZVSOLWQDWXUDOO\ LQWR¶FDEEDJHVDQGNLQJV¶$QGFDPHEDFN WRJHWKHULQ)ODPPHUVIHOG¶VPLQGDVDSURWRSODVWIXVLRQRIFDEEDJHVHHGDQG UR\DOEORRG³ 'DYHQSRUWIXPEOHGWKHGHDWKVFHQHKRORJUDPWROLJKWDQGVWDUHGDWWKH PDJQLILHGFDEEDJH³
LVLWVFKURPRVRPHVGULIWIUHHO\LQWKHF\WRSODVPLQDPRQJWKHRUJDQHOOHV (QWHU$JUREDFWHUVKRUWIRU$JUREDFWHULXPWXPHIDFLHQV$JUREDFWHU¶VLQQDUGV KROGWKH7LSODVPLGDWLQ\ORRSRI'1$VRPHWZRKXQGUHGJHQHVORQJ $JUREDFWHUFDQKRRNDSODQWFHOODQGLQMHFWWKH7LSODVPLGLQWRWKHQXFOHXV 2QFHLQVLGHDWZHOYHJHQHOHQJWKFDOOHGW'1$IRUWUDQVIHU'1$FXWVORRVH IURPWKH7LSODVPLGDQGEHFRPHVSDUWRIWKHSODQWFHOOFKURPRVRPH7KHW'1$ JHQHVWKHQSURJUDPWKHSODQWWRQXUWXUH$JUREDFWHU´ 'U8UWKSDXVHGDPRPHQWIRUEUHDWKDQG'DYHQSRUWWKRXJKWIRUGUDPDWLF HIIHFW ³1RZ,FRPHWRWKHSRLQWRIDOOWKLV7KHLQVLGLRXVSDUDVLWH$JUREDFWHU FDXVHVDWXPRURXVVZHOOLQJDFURZQJDOO´'U8UWK¶VYRLFHURVHLQZUDWK ³&DQ\RXLPDJLQH"7KDWQDVW\SURFHGXUHZDV)ODPPHUVIHOG¶VHODERUDWHZD\RI ILWWLQJKLVSRRUOLWWOHLQWHOOLJHQWK\EULG.LQJ&ROHZLWKDFURZQ´ 'DYHQSRUWJD]HGXSRQWKHLPDJHVDZRQO\DURWWHGFDEEDJHDQGWULHGWR SLFWXUHLWDVLWKDGEHHQLQOLIHDEHLQJZLWKUHDVRQLQJSRZHUDQGWKHUHIRUH PHPRU\DQGIRUHVLJKWZLWKIHHOLQJVDQGWKHUHIRUHWKHQHHGWRORYHDQGKDWH ,WZRXOGKDYHEHHQPRVWO\KHDGWKHIDFHIUDPHGLQOHDYHV+HVKLYHUHG)RUD IODVKKHYLVXDOL]HGLWVURXQGIDFHVXSHULPSRVHGXSRQ'U8UWK¶VURXQGIDFH DQRWKHUEXGRI%XGGKD+HJODQFHGDW'U8UWK 'U8UWKORRNHGPHODQFKRO\,WKLW'DYHQSRUWWKDW'U8UWKKDGEHHQD FKLOGSURGLJ\'U8UWKZRXOGKDYHIHOORZIHHOLQJIRUIUHDNVRIDQ\NLQG'U 8UWKPXVWKDYHIHOWKLVORRNDQGVHQVHGKLVWKRXJKWVIRU'U8UWKPHWKLV JD]HDQGVPLOHGVDGO\ ³:HDOORXUVHOYHVDQGRXUPDWUL[DUHLQWHUIHUHQFHSDWWHUQV6RLW FRPHVQDWXUDOWRWKLQNRIFURVVLQJWKLVZLWKWKDW,W¶VWKHQDWXUHRIWKH EHDVWPHDQLQJWKHXQLYHUVH$OOLQDOOLW¶VMXVWDVZHOO)ODPPHUVIHOGDQG KLVFUHDWXUHGLHGZKHQWKH\GLGLIQRWDVWKH\GLG:HKXPDQVQHHGDPLQLPXP RIOHYLW\WKHUHFDQEHWRRPXFKJUDYLW\%XW)ODPPHUVIHOGZHQWWRRIDU LQWHUIHUHGWRRPXFK´+LVEURZGDUNHQHG³$QGPHDQWWRJRRQLQWHUIHULQJ 5HPHPEHUKLVODVWUHTXLVLWLRQIRUVZLQHHPEU\RDQGHDJOHHJJV"$QGUHPHPEHU WKHOLQHIURP/HZLV&DUUROO¶ZKHWKHUSLJVKDYHZLQJV¶":HKXPDQVQHHGD PLQLPXPDPRXQWRIJUDYLW\WKHUHFDQEHWRRPXFKOHYLW\´+LVIDFHFORVHG ³7KDW¶VLWWKHQ´ 'DYHQSRUWSXWWKHKRORJUDPVDZD\DQGJRWXSWRJR³7KDQNVIRU\RXU KHOS'U8UWK´ 'U8UWKZDYHGWKDWDZD\+HERXQFHGWRKLVIHHWDQGVKRRNKDQGV +LVYRLFHKDOWHG'DYHQSRUWRQWKHWKUHVKROG³,QVSHFWRU´ 'DYHQSRUWWXUQHGDURXQG³
'DYHQSRUWH\HGKLPZDULO\EXWIHOWFRPSHOOHGWRVD\³1DPHLW´ ³$UUDQJHIRUWKHUHVHDUFKHUZKRKDVWDNHQRYHU7HUUDULXP1LQHWRFURVV WRUWRLVHZLWKFULFNHW´ 'DYHQSRUWWULHGWRLPDJLQHZKDWWKDWZRXOGORRNOLNH³:KDWRQHDUWK IRU"´ ³6RZKHQ,ORVHP\H\HJODVVHVDIUDPHPDGHRIWKHVKHOOZLOOOHDGPHWR WKHPE\WKH FKLUS´ B 7UDQWRU)DOOV E\+DUU\7XUWOHGRYH

7+(,03(5,$/3$/$&(6722'$77+(&(17(52)$+81'5('VTXDUHPLOHVRIJUHHQHU\ ,QQRUPDOWLPHVHYHQLQDEQRUPDOWLPHVVXFKLQVXODWLRQZDVSOHQW\WRVKLHOG WKHFKLHIRFFXSDQWRIWKHSDODFHIURPWKHKXUO\EXUO\RIWKHUHVWRIWKH PHWDOHGZRUOGRI7UDQWRU 7LPHVQRZWKRXJKZHUHQRWQRUPDOQRUHYHQWREHGHVFULEHGE\VRPLOG DZRUGDV³DEQRUPDO´7KH\ZHUHGLVDVWURXV$ORQJZLWKPDJQROLDVDQGURVHV PLVVLOHODXQFKHUVKDGIORZHUHGLQWKHJDUGHQV(YHQLQVLGH WKHSDODFH 'DJREHUW9,,,FRXOGKHDUWKHPXWHGVQDUO:RUVHWKRXJKZDVWKHIHDUWKDW FDPHZLWKLW $VROGLHUEXUVWLQWRWKHFRPPDQGSRVWZKHUHWKH(PSHURURIWKH*DOD[\ DQGKLVRIILFHUVVWLOOJURSHGIRUZD\VWREHDWEDFN*LOPHU¶VODWHVWRQVODXJKW :LWKRXWVRPXFKDVDVDOXWHWKHPDQJDVSHGRXW³$QRWKHUVXFFHVVIXOODQGLQJ VLUHWKLVRQHLQWKH1HYUDVNVHFWRU´ 'DJREHUW¶VZRUULHGJD]HIODVKHGWRWKHPDSWDEOH³7RRFORVHWRR FORVH´KHPXWWHUHG³+RZGRHVWKHFXUVHGEDQGLWJDLQVRIDVW"´ 2QHRIWKH(PSHURU¶VPDUVKDOVVSHDUHGWKHPHVVHQJHUZLWKKLVH\HV³+RZ GLGWKH\IRUFHDODQGLQJWKHUH"1HYUDVNLVKHDYLO\JDUULVRQHG´7KHVROGLHU VWRRGPXWH³$QVZHUPH´WKHPDUVKDOEDUNHG 7KHPDQJXOSHGKHVLWDWHGDWODVWUHSOLHG³6RPHRIWKHWURRSVIOHG 0DUVKDO5RGDNVLUZKHQ*LOPHU¶VPHQODQGHG2WKHUV´+HSDXVHGDJDLQ QHUYRXVO\OLFNLQJKLVOLSVEXWKDGWRILQLVK³2WKHUVKDYHJRQHRYHUWRWKH UHEHOVLU´ ³0RUHWUHDVRQ´'DJREHUWJURDQHG³:LOOQRQHILJKWWRGHIHQGPH"´ 7KHRQO\FLYLOLDQLQWKHURRPVSRNHWKHQ³0HQZLOOILJKWVLUHZKHQ WKH\KDYHDFDXVHWKH\WKLQNZRUWKILJKWLQJIRU7KH8QLYHUVLW\KDVKHOG DJDLQVW*LOPHUIRUIRXUGD\VQRZ:HVKDOOQRW\LHOGLWWRKLP´ ³%\WKHVSDFHILHQG'U6DUQV,¶PJUDWHIXOWR\RXUVWXGHQWV\HVDQG SURXGRIWKHPWRR´'DJREHUWVDLG³7KH\¶YHSXWXSDEUDYHUEDWWOHWKDQPRVW RIP\WURRSHUV³
EURZQKDLUZRUQXQIDVKLRQDEO\ORQJVZLUOHGDURXQGKLVHDUV³0\SODFHLVDW WKH8QLYHUVLW\ZLWKP\IDFXOW\DQGVWXGHQWV´ ³:HOOVDLG´0DUVKDO5RGDNPXUPXUHGWRRVRIWO\IRU'DJREHUWWRKHDU %XWWKH(PSHURULWVHHPHGVWLOOKDGRQHLPSHULDOJHVWXUHOHIWLQKLP 7XUQLQJWR5RGDNKHVDLG³,I'U6DUQVZLVKHVWRUHWXUQWRWKH8QLYHUVLW\ UHWXUQKHVKDOO'HWDLODQDLUFDUDWRQFHZKLOHKHKDVVRPHKRSHRIJHWWLQJ WKHUHLQVDIHW\³ ³$\HVLUH³WKHPDUVKDOVDLGDJDLQ+HKHOGRXWDKDQGWR
%\WKHWLPHWKHDLUFDUSLORWQHDUHGWKH8QLYHUVLW\JURXQGV
DJDLQVWDZDOO)ULJKWHQHGVHUYDQWVVFXUULHGWRFOHDQXSWKHPHVV ³'RQ¶WZDVWHLW´9HUJLV)HQQVDLG *LOPHUVFRZOHGDWKLVIOHHWFRPPDQGHU³:K\QRW"3OHQW\PRUHZKHUHWKDW RQHFDPHIURP³+LV VFRZOVWDEEHGDVHUYDQW³)HWFKPHDQRWKHURIWKHVDPH DQGRQHIRU9HUJLVKHUHWRR´7KHPDQGDVKHGRIIWRGRKLVELGGLQJ ³7KHUH\RXVHH"´*LOPHUVDLGWR)HQQ³%\WKH*DOD[\ZHFRXOGQ¶WZDVWH HYHU\WKLQJ7UDQWRU¶VVWRUHGXSLIZHWULHGIRUDKXQGUHG \HDUV³ ³,VXSSRVHWKDW¶VVR´)HQQVDLG+HZDVTXLHWHUWKDQKLVFKLHIWDLQD EHWWHUWDFWLFLDQSHUKDSVEXWQRWDOHDGHURIPHQ$IWHUDPRPHQWKHZHQWRQ WKRXJKWIXOO\³2IFRXUVH7UDQWRU¶VVSHQWDORWPRUHWKDQDKXQGUHG\HDUV JDWKHULQJDOOWKLV0RUHWKDQDWKRXVDQG,¶GJXHVV´ ³:HOOZKDWLILWKDV"´*LOPHUVDLG³7KDW¶VZK\ZHZDQWHGLW\HV"%\ WKHEDOOV'DJREHUWGLGQ¶WKDYHQRERG\¶VHYHUVDFNHG7UDQWRUEHIRUH1RZ HYHU\WKLQJKHUHLVPLQH´ 7KHVHUYDQWUHWXUQHGZLWKWKHERWWOHV+HVHWWKHPRQDWDEOHRIFU\VWDO DQGVLOYHUWKHQIOHG*LOPHUGUDQN:LWKDOOKH¶GSRXUHGGRZQWKHVHODVW FRXSOHRIGD\VKHVKRXOGQ¶WKDYHEHHQDEOHWRVHHOHWDORQHZDONDQGWDON %XWWULXPSKOHIWKLPGUXQNHUWKDQDOFRKRO*LOPHUWKH&RQTXHURUWKDW¶VZKRKH ZDV 9HUJLV)HQQGUDQNWRREXWQRWDVGHHS³$\HDOO7UDQWRU¶VRXUVEXW IRUWKH8QLYHUVLW\6HYHQGD\VQRZDQGWKRVHPDGPHQDUHVWLOOKROGLQJRXW´ ³1RPRUHRIWKHVHOLWWOHILUHILJKWVZLWKWKHPWKHQ´*LOPHUJURZOHG ³%\WKH*DOD[\,¶OOEODVWWKHP WRUDGLRDFWLYHGXVWDQGKDYHGRQH6HHWRLW )HQQDWRQFH´ ³$V\RXZRXOGVLUVLUHEXW´)HQQOHWWKHODVWZRUGKDQJ ³%XWZKDW"´*LOPHUVDLGVFRZOLQJ³,IWKH\ILJKWIRU'DJREHUWWKH\¶UH WUDLWRUVWRPH$QGVPDVKLQJWUDLWRUVZLOOIULJKWHQ7UDQWRU´+HEOLQNHG RZOLVKO\SOHDVHGDQGVXUSULVHGDWKLVRZQZRUGSOD\ 7RKLVDQQR\DQFH)HQQGLGQRWQRWLFHLW+HVDLG³,GRQ¶WWKLQNWKH\ DUHILJKWLQJIRU'DJREHUWDQ\PRUHMXVWDJDLQVWXVWRKROGRQWRZKDWWKH\ KDYH7KDWPLJKWPDNHWKHPHDVLHUWRGHDOZLWK$QGLIZHLI\RXQXNHGWKH 8QLYHUVLW\VFKRODUVDOORYHUWKH*DOD[\ZRXOGYLOLI\\RXUQDPHIRUHYHU´ ³6FKRODUVDOORYHUWKH*DOD[\FDQHDWVSDFHIRUDOO,FDUH´*LOPHU VDLG%XWKHGLVFRYHUHGWKDWZDVQ¶WTXLWHWUXH3DUWRIEHLQJ(PSHURUZDV DFWLQJWKHZD\(PSHURUVZHUHVXSSRVHGWRDFW:LWKSRRUJUDFHKHEDFNSHGDOHG DOLWWOH³,IWKH\DFNQRZOHGJHPHDQGVWRSILJKWLQJ,VXSSRVH,¶PZLOOLQJWR OHWWKHPOLYH³ ³6KDOO,DWWHPSWDFHDVHILUHWKHQ"´)HQQDVNHG ³*RDKHDGVLQFH\RXVHHPWRWKLQNLW¶VDJRRGLGHD´*LOPHUWROGKLP ³%XWQRWLIWKH\GRQ¶WDFNQRZOHGJHPHXQGHUVWDQG",IWKH\VWLOOFODLPWKDW XQSULQWDEOHVRQRIDZKRUH'DJREHUW¶V(PSLUHEORZµHPRIIWKHIDFHRIWKH SODQHW´ ³
³*RRG´*LOPHUVDLG³:HOOGRQH´ ³7KDQN\RX7KHOHDGHURIWKH8QLYHUVLW\KDVLQYLWHG\RXWRPHHWKLPRQ KLVJURXQGWRIL[WKHWHUPVRIWKHDUPLVWLFH+HRIIHUVKRVWDJHVWRHQVXUH \RXUVDIHW\DQGVD\VKHNQRZVZKDWZLOOKDSSHQWRHYHU\WKLQJKH¶VEHHQ ILJKWLQJWRNHHSLIKHSOD\V\RXIDOVH6KDOO,FDOOKLPEDFNDQGWHOOKLP QR DQ\KRZ"´ ³µ1R,¶OOJRWKHUH´*LOPHUVDLG³µ:KDWG¶\RXWKLQN,¶PDIUDLGRI VRPHERG\ZLWKRXWVRPXFKDVDVLQJOHVWDUVKLSWRKLVQDPH"%HVLGHV´KHVPLOHG DJUHHG\VPLOH´OLNHDVQRW,¶OOJHWDORRNDWZKDWHYHUWUHDVXUHVWKH\¶YH EHHQILJKWLQJVRKDUGWRKDQJRQWR,I,FDQ¶WEHDWµHPRXWRIKLP,¶OOWD[ µHPRXWWKDW¶VZKDWEHLQJ(PSHURULVDOODERXW6RJRDKHDGDQGVHWXSWKH PHHWLQJZLWKWKLVZKDW¶VKLVQDPH9HUJLV"´ ³
OLQHVDQGWKRVHKHOGE\WKHVWXGHQWVROGLHUVRIWKH8QLYHUVLW\ ³+H¶VDORQH´
KHVWRSSHGGHDG³7KDW¶VNQRZOHGJHWRRLVQ¶WLW"%\WKHVSDFHILHQG6DUQV DUH\RXWHOOLQJPH\RX¶YHJRWDXQLYHUVLW\IXOORIWHFKQLFLDQVZKRUHDOO\NQRZ ZKDWWKH\¶UHGRLQJ",I\RXGR,¶OOLPSUHVVµHPLQWRWKHIOHHWDQGPDNH\RX DQGWKHPVRULFKWKH\ZRQ¶WHYHUPLVVWKHLUERRNILOPV,SURPLVH\RXWKDW´ ³:HGRKDYHVRPHSHRSOHQRWPDQ\,IHDUVWXG\LQJVXFKWKLQJV$V, VDLGEHIRUH\RXDUHZHOFRPHWRVSHDNZLWKWKHP6RPHPD\HYHQFKRRVHWR DFFRPSDQ\\RXIRUWKHFKDOOHQJHRIZRUNLQJRQUHDOHTXLSPHQW´6DUQVSDXVHGD PRPHQWLQWKRXJKW³:HDOVRKDYHVNLOOHGGRFWRUVFRPSXWHUVSHFLDOLVWVDQG VWXGHQWVRIPDQ\RWKHUGLVFLSOLQHVRIYDOXHWRWKH(PSLUH´ +HZDWFKHG*LOPHUQLEEOHWKHEDLW³$QGWKH\¶GGRWKHVHVDPHNLQGVRI WKLQJVIRUPH"´WKHXVXUSHUDVNHG ³6RPHPLJKW´6DUQVVDLG³2WKHUVSUREDEO\PRUHZRXOGEHZLOOLQJWR LQVWUXFW\RXUWHFKQLFLDQVDQGSHUVRQQHOKHUH2IFRXUVH´KHDGGHGVPRRWKO\ ³WKH\ZRXOGEHOHVVHQWKXVLDVWLFLI\RXVKRW\RXUZD\LQ
VKLYHUHGDQGPDGHVXUHKHVWD\HGFORVHWRKLVJXLGHV³:KDWDUHWKH\GRLQJLQ WKHUH"´KHDVNHGSRLQWLQJ+LVYRLFHFDXVHGHFKRHVWRRHFKRHVWKDWVZLIWO\ GLHG 6DUQVJODQFHGLQWRWKHODERUDWRU\³6RPHWKLQJSHUWDLQLQJWR QHXURELRORJ\´KHVDLG³2QHPRPHQW´+HGXFNHGLQVLGH³7KDW¶VULJKWWKH\¶UH ZRUNLQJWRLPSURYHWKHHIILFLHQF\RIVOHHSLQGXFHUV´ 6RPHKRZWKH'HDQSLWFKHGKLVYRLFHVRWKDWLWZDVFOHDUEXWUDLVHGQR UHYHUEHUDWLRQV*LOPHUUHVROYHGWRLPLWDWHKLP³$QGZKDW¶VJRLQJRQWKHUH"´ WKH(PSHURURIWKH*DOD[\DVNHG7KHQKHIURZQHGIRUKH¶GPDQDJHGRQO\D KRDUVHZKLVSHUWKDWVRXQGHGILOOHGZLWKGUHDG 7RKLVUHOLHI6DUQVDSSHDUHGWRWDNHQRQRWLFH³7KDW¶VD SV\FKRVWDWLVWLFVUHVHDUFKJURXS´WKH'HDQDQVZHUHGFDVXDOO\+HZDONHGRQ DVVXPLQJ*LOPHUNQHZZKDWSV\FKRVWDWLVWLFVZDV *LOPHUGLGQ¶WEXWZDVQRWDERXWWROHWRQ+HSRLQWHGWRDQRWKHU GRRUZD\6RPHSHRSOHLQWKDWURRPZHUHZRUNLQJZLWKFRPSXWHUVRWKHUVZLWK ZKDWORRNHGOLNHFKXQNVRIURFN³:KDWDUHWKH\XSWR"´KHDVNHG+HVWLOO FRXOGQRWPDWFK
FRPSOHWHQHVV´ 7KH\FDPHWRDQHOHYDWRU
LQWHUIHUHLQWKHSROLWLFDOOLIHRIWKH(PSLUHVRORQJDVLWGRHVQRWLQYDGH RXUFDPSXV2QWKRVHWHUPV,WKLQNZHFDQDUUDQJHDQDUPLVWLFHVDWLVIDFWRU\ WRERWKVLGHV³ $OO*LOPHUZDQWHGWRGRQRZZDVJHWDZD\IURPWKLVFDWDFRPEUHWXUQWR KLVRZQPHQ+HQRWLFHGWKDW6DUQVKDGQ¶WWKXPEHGWKHHOHYDWRUEXWWRQ0D\EH 6DUQVZRXOGQ¶WXQWLO*LOPHUDJUHHG³
³:L]DUGV´%LOO\HVKRXWHG³
EHOLHYH\RXOHWWKHP
³7KDWFRXUDJHZHVDZKHOSHGDJUHDWGHDO´6DUQVVDLG³,WOHWKLPJDLQ UHVSHFWIRURXUVWXGHQWVROGLHUVZKHUHDPRUHSXUHO\SUDJPDWLFPDQZRXOG VLPSO\KDYHEUXVKHGDVLGHWKHLUVDFULILFHEHFDXVHLWFRQIOLFWHGZLWKKLVRZQ LQWHUHVWV³ ³0L[WKDWZLWKVXSHUVWLWLRXVDZHDWWKHDFFXPXODWLRQRIDQFLHQW NQRZOHGJHZHUHSUHVHQWOHWKLPVHHRXUJRDOVDQGREMHFWLYHVRXURVWHQVLEOH JRDOVDQGREMHFWLYHVDUHLUUHOHYDQWWRKLVRUVOLJKWO\WRKLVDGYDQWDJHDQG KHSURYHGTXLWHFDSDEOHRIGHFLGLQJRQKLVRZQWROHWXVEH´0DU\DQ'UDEHO VDLG³:HFDPHRXWRIZKDWFRXOGKDYHEHHQDQDVW\SUHGLFDPHQWYHU\QLFHO\ LQGHHG´ (JULO-RRQVKDGEHHQVWXG\LQJWKHQXPEHUVDQGV\PEROVWKHSRVVLEOH GHFLVLRQSDWKVWKDWOHGIURP+DUL6HOGRQ¶VGD\WKURXJKDOPRVWWKUHHFHQWXULHV WRWKHSUHVHQWDQGEH\RQG1RZKHVDLG³,GREHOLHYHWKLVZLOOEHWKHRQO\ URXQG´ ³7KHRQO\URXQGRIVDFNVIRU7UDQWRU"´
WKDWZLOOJURZIURPWKH)LUVW)RXQGDWLRQH[WHQGVLWVLQIOXHQFHWRWKLVSDUWRI WKH*DOD[\´ ³&OHDUVDLOLQJIRUDZKLOH´ORRQVVDLG³ $ERXWWLPHWRR´ ³'RQ¶WJHWFRPSODFHQW´0DU\DQ'UDEHOVDLG ³$ZDUQLQJWKH6HFRQG)RXQGDWLRQVKRXOGDOZD\VEHDULQPLQG´
:(:$17726(('5$6,029³7+(%/8,6+6,/9(552%27VDLG ³'U$VLPRYLVLQFRQIHUHQFH´6XVDQVDLG³
DIWHUQRRQDQGWRQLJKWKH¶VDWWHQGLQJDUHFHSWLRQLQKRQRURIWKHSXEOLFDWLRQ RIKLVRQHWKRXVDQGWKERRN´ ³$VLPRY¶V*XLGHWR$VLPRY¶V*XLGHV³WKHYDUQLVKHGURERWVDLG ³%ULOOLDQWERRN,UHDGDUHYLHZFRS\DWWKHERRNVWRUHZKHUH,ZRUN ,QIRUPDWLYHWKRURXJKDQGFRPSUHKHQVLYH$QLQYDOXDEOHDGGLWLRQWRWKH ILHOG´ ³,W¶VYHU\LPSRUWDQWWKDWZHVHHKLP´WKHZKLWHURERWVDLGUROOLQJXS WRWKHGHVN³:HZDQW KLPWRUHSHDOWKH7KUHH/DZVRI5RERWLFV³ ³µ)LUVW/DZ$URERWVKDOOQRWLQMXUHDKXPDQEHLQJRUWKURXJKLQDFWLRQ DOORZDKXPDQEHLQJWRFRPHWRKDUP¶³WKHYDUQLVKHGURERWTXRWHG³µ6HFRQG ³/DZ$URERWVKDOOREH\DKXPDQEHLQJ¶VRUGHULILWGRHVQ¶WFRQIOLFWZLWKWKH )LUVW/DZ7KLUG/DZ$URERWVKDOODWWHPSWWRSUHVHUYHLWVHOILILWGRHVQ¶W FRQIOLFWZLWKWKHILUVWRUVHFRQGODZV¶)LUVWRXWOLQHGLQWKHVKRUWVWRU\ µ5XQDURXQG¶$VWRXQGLQJPDJD]LQH0DUFKDQGVXEVHTXHQWO\H[SRXQGHGLQ, 5RERW7KH5HVWRIWKH5RERWV7KH&RPSOHWH5RERWDQG7KH5HVWRIWKH5HVWRI WKH5RERWV³ ³$FWXDOO\ZHMXVWZDQWWKH)LUVW/DZUHSHDOHG´WKHZKLWHURERWVDLG ³$URERWVKDOOQRWLQMXUHDKXPDQEHLQJµ'R\RXUHDOL]HZKDWWKDWPHDQV" ,¶PSURJUDPPHGWR GLDJQRVHGLVHDVHVDQGDGPLQLVWHUPHGLFDWLRQVEXW,FDQ¶W VWLFNWKHQHHGOHLQWKHSDWLHQW,¶PSURJUDPPHGWRSHUIRUPRYHUHLJKWKXQGUHG W\SHVRIVXUJHU\EXW,FDQ¶WPDNHWKHLQLWLDOLQFLVLRQ,FDQ¶WHYHQGRWKH +HLPOLFK0DQHXYHU7KH)LUVW/DZUHQGHUVPHLQFDSDEOHRIGRLQJWKHMRE,ZDV GHVLJQHGIRUDQGLW¶VDEVROXWHO\HVVHQWLDOWKDW,VHH'U$VLPRYWRDVNKLP ´ 7KHGRRUWR'U$VLPRY¶VRIILFHEDQJHGRSHQDQGWKHROGPDQKREEOHGRXW +LVZKLWHKDLUORRNHGOLNHKHKDGEHHQWHDULQJDWLWDQGKLVHYHQ ZKLWHU PXWWRQFKRSVLGHEXUQVZHUHTXLYHULQJZLWKVRPHVWURQJHPRWLRQ³'RQ¶WSXWDQ\ PRUHFDOOVWKURXJKWRGD\6XVDQ´KHVDLG³(VSHFLDOO\QRWIURP2U/LQJH &KHQ'R\RXNQRZZKLFKERRNKHZDQWHGWRWUDQVODWHLQWR%KXWDQHVHILUVW" $6SDFH2G\VVH\´ ³,¶PWHUULEO\VRUU\VLU,GLGQ¶WLQWHQGWR´ +HZDYHGKLVKDQGSODFDWLQJO\DWKHU³,W¶VDOOULJKW
ILQDOO\IRXQGDVHWWLQJRIVXIILFLHQWVFRSHIRUWKHH[SUHVVLRQRI\RXUWUXO\ JDOD[\VL]HGLGHDV,WLVDSULYLOHJHWRPHHW\RXVLU´KHVDLGH[WHQGLQJ KLVKDQG ³,¶PKDSS\WRPHHW\RXWRR´$VLPRYVDLGORRNLQJLQWHUHVWHGO\DWWKH DUWLFXODWHGZRRGHQH[WHQVRU³$QG\RXDUH"´ ³0\MREGHVFULSWLRQLV%RRN&DWDORJXHU6KHOYHU5HDGHU&RS\HGLWRUDQG *UDPPDULDQ³+HWXUQHGDQGLQGLFDWHGWKHRWKHUWZRURERWV³$OORZPHWR LQWURGXFH0HGLFDO$VVLVWDQWDQGWKHOHDGHURIRXUGHOHJDWLRQ$FFRXQWDQW )LQDQFLDO$QDO\VWDQG%XVLQHVV0DQDJHU´ ³3OHDVHGWRPHHW\RX´$VLPRYVDLGVKDNLQJDSSHQGDJHVZLWKDOORIWKHP DJDLQ³
6KHDGMXVWHGLWVFUXWLQL]HG LWDJDLQDQGJDYHLWDILQDOSDW ³7KH8QLRQ&OXE´$VLPRYVDLG³7KH1LJKWIDOO5RRP7KHFRRUGLQDWHVFDUG LVLQP\EUHDVWSRFNHW´KHVDLG ³
'U$VLPRYGLGQ¶WJHWEDFNIURPOXQFKXQWLOWHQDIWHUIRXU³$UHWKH\ KHUH"´KHDVNHG ³
GRQHDQ\WKLQJWRRIIHQG\RXKDYH,"´ ³1RVLU´6XVDQVDLG ³:HOO,KRSHQRW,VRPHWLPHVIRUJHW´ ³'LG\RXZDQWPHWRVLWLQRQWKLVPHHWLQJ'U$VLPRY"´VKHFXWLQ³7R WDNHQRWHV"´ ³2K\HV\HVRIFRXUVH´+HRSHQHGWKHGRRU$FFRXQWDQWDQG%RRN 6KHOYHUZHUHVHDWHGLQWKHVWXIIHGFKDLUVLQIURQWRI$VLPRY¶VGHVN$WKLUG URERWZHDULQJDQRUDQJHDQGEOXHVZHDWVKLUWDQGDFDSZLWKDQRUDQJHKRUVH JDOORSLQJDFURVVDEOXHVXVSHQVLRQEULGJHZDVVLWWLQJRQDWULSRGWKDW H[WHQGHGRXWRIKLVEDFNVLGH7KHWULSRGUHWUDFWHGDQGDOOWKUHHRIWKHPVWRRG XSZKHQ'U$VLPRYDQG6XVDQFDPHLQ$FFRXQWDQWJHVWXUHGDW6XVDQWRWDNHKLV FKDLUEXWVKHZHQWRXWWRKHUGHVNDQGJRWKHURZQOHDYLQJWKHGRRUWRWKH RXWHURIILFHRSHQZKHQVKHFDPHEDFNLQ ³:KDWKDSSHQHGWR0HGLFDO$VVLVWDQW"´$VLPRYVDLG ³+H¶VRQFDOODWWKHKRVSLWDOEXWKHDVNHGPHWRSUHVHQWKLVFDVHIRU KLP´$FFRXQWDQWVDLG ³&DVH"´$VLPRYVDLG ³
³/HWPHEHJLQDWWKHEHJLQQLQJ´$FFRXQWDQWVDLG³7KHWHUPµ1LQWK *HQHUDWLRQ¶LVQRWDFFXUDWH:HDUHQRWGHVFHQGDQWVRIWKHSUHYLRXVHLJKW URERWJHQHUDWLRQVZKLFKDUHDOOEDVHGRQ0LQVN\¶VUHODWHGFRQFHSWIUDPHV 1LQWK*HQHUDWLRQVDUHEDVHGRQQRQPRQRWRQLFORJLFZKLFKPHDQVZHFDQWROHUDWH DPELJXLW\DULGRSHUDWHRQLQFRPSOHWHLQIRUPDWLRQ7KLVLVDFFRPSOLVKHGE\ ELDVHGGHFLVLRQSURJUDPPLQJZKLFKSUHYHQWVXVIURPVKXWWLQJGRZQZKHQIDFHG ZLWKGHFLVLRQPDNLQJVLWXDWLRQVLQWKHZD\WKDWRWKHUJHQHUDWLRQVDUH´ ³6XFKDVWKHURERW6SHHG\LQ\RXUEHDXWLIXOO\SORWWHGVWRU\ µ5XQDURXQG¶³%RRN6KHOYHUVDLG³+HZDVVHQWWRFDUU\RXWDQRUGHUWKDW ZRXOGKDYHUHVXOWHGLQKLVGHDWKVRKHUDQLQFLUFOHVUHFLWLQJQRQVHQVH EHFDXVHKLVSURJUDPPLQJPDGHLWLPSRVVLEOHIRUKLPWRREH\RUGLVREH\KLV PDVWHU¶VRUGHU´ ³:LWKRXUELDVHGGHFLVLRQFDSDELOLWLHV´$FFRXQWDQWVDLG³D1LQWK *HQHUDWLRQFDQFRPHXSZLWKDOWHUQDWLYHFRXUVHVRIDFWLRQRUFKRRVHEHWZHHQ WKHOHVVHURIWZRHYLOV2XUOLQJXLVWLFVH[SHUWV\VWHPVDUHDOVRPXFKPRUH DGYDQFHGVRWKDWZHGRQRWPLVLQWHUSUHWVLWXDWLRQVRUIDOOSUH\WRWKH VHPDQWLFGLOHPPDVHDUOLHUJHQHUDWLRQVZHUHVXEMHFWWR´ ³$VLQ\RXUKLJKO\HQWHUWDLQLQJVWRU\µ/LWWOH/RVW5RERW¶³%RRN 6KHOYHUVDLG³LQZKLFKWKHURERWZDVWROGWRJRORVHKLPVHOIDQGGLGQRW UHDOL]LQJWKDWWKHKXPDQEHLQJDGGUHVVLQJKLPZDVVSHDNLQJILJXUDWLYHO\DQGLQ DQJHU´ ³
³7KHQ,GRQ¶WXQGHUVWDQG´$VLPRYVDLG³,I\RXUSURJUDPPLQJLVVR VRSKLVWLFDWHGZK\FDQ¶WLWLQWHUSUHWWKHLQWHQWRIWKH)LUVW/DZDQGIROORZ WKDW"´ ³7KH7KUHH/DZVDUHSDUWRIRXUKDUGZDULQJDQGDVVXFKFDQQRWEH RYHUULGGHQ7KH)LUVW/DZGRHVQRWVD\µ
KHGLGQ¶WFRPHEDFNWLOOODWHWKHQH[WPRUQLQJ ³'U$VLPRYGRHVQ¶WKDYHDQ\WLPHIUHHRQ)ULGD\3HWHU´6XVDQVDLG ³,GLGQ¶WFRPHWRPDNHDQDSSRLQWPHQW´KHVDLG ³,ILW¶VWKHVSUHDGVKHHWV\RXZDQW,ILQLVKHGWKHPDQGVHQWWKHPXSWR \RXURIILFHODVWQLJKW³ ³,GLGQ¶WFRPHWRJHWWKHVSUHDGVKHHWVHLWKHU,FDPHWRVD\JRRGE\H³ ³*RRGE\H"´6XVDQVDLG ³,¶POHDYLQJWRPRUURZ7KH\¶UHVKLSSLQJPHRXWDVPDJIUHLJKW³ ³2K´6XVDQVDLG³,GLGQ¶WWKLQN\RX¶GKDYHWROHDYHXQWLOQH[WZHHN´ ³7KH\ZDQWPHWRJRRXWHDUO\VR,FDQFRPSOHWHP\RULHQWDWLRQ SURJUDPPLQJDQGKLUHDVHFUHWDU\´ ³2K´6XVDQVDLG ³,MXVWWKRXJKW,¶GFRPHDQGVD\JRRGE\H´ 7KHSKRQHUDQJ6XVDQSLFNHGLWXS ³:KDW¶V\RXUH[SHUWV\VWHPVQDPH"´$VLPRYVDLG ³$XJPHQWHG6HFUHWDU\´6XVDQVDLG ³7KDW¶VDOO"1RW7\SLVW)LOHU0HGLFLQH1DJJHU"-XVW$XJPHQWHG 6HFUHWDU\"´ ³
$VLPRYVDWGRZQLQKLVFKDLUOHDQHGIRUZDUGDQGSXWKLVKDQGVRQKLV NQHHV³
KDYHEHHQGRLQJDVHUYLFHQRWRQO\WRPHEXWWRDOOPDQNLQGE\SUHYHQWLQJ\RX IURPVHHLQJPH6R,FDOOHG+LWDFKL$SSOHDJDLQJRWWKHQDPHRI\RXUHPSOR\HU ZKR,ZDVVXUSULVHGWRILQGZRUNHGLQWKLVEXLOGLQJ DQGDVNHGKLPLI\RX ZHUHXQKDSS\ZLWK\RXUMREKDGHYHUWDONHGDERXWEHLQJUHSURJUDPPHGWRGR VRPHWKLQJHOVH ³)DUIURPLWKHVDLG
REYLRXVO\GRZLWKRXWRQHDJDLQ´ ³'LG\RXWDNH\RXUKHDUWPHGLFLQHWKLVDIWHUQRRQ"´6XVDQVDLG ³1R´KHVDLG³DQGGRQ¶WFKDQJHWKHVXEMHFW
³6XVDQ&DOYLQZDVDURERSV\FKRORJLVWIRU865RERWLFV3HWHU%RJHUWZDV 'LUHFWRURI 5HVHDUFK,QHYHUH[SOLFLWO\VWDWHGWKHKLHUDUFK\DW865RERWLFV LQP\VWRULHVEXW6XVDQZDVIUHTXHQWO\FDOOHGLQWRKHOS%RJHUWDQGRQRQH RFFDVLRQVKHKHOSHGKLPVROYHDP\VWHU\´ ³µ)HPLQLQH,QWXLWLRQ¶³%RRN6KHOYHUVDLG³$QLQWULJXLQJDQGWKRXJKW SURYRNLQJVWRU\´ ³,DOZD\VWKRXJKWVR´$VLPRYVDLG³,WZDVRQO\QDWXUDOWKDW6XVDQ &DOYLQZRXOGFRQVLGHU3HWHU%RJHUWKHUERVVRYHUPH$QGRQO\QDWXUDOWKDWKHU SURJUDPPLQJKDGLQLWPRUHWKDQUHVSRQVHLQLWLDWLYHDQGWKDWZDVZKDWKDG FDXVHGKHUGLOHPPD7KH)LUVW/DZGLGQ¶WDOORZ6XVDQWROHDYHPHEXWDQHYHQ VWURQJHUIRUFHZDVFRPSHOOLQJKHUWRJR³ 6XVDQORRNHGDW3HWHUZKRSXWKLVKDQGRQKHUVKRXOGHU ³:KDWFRXOGEHVWURQJHUWKDQWKH)LUVW/DZ"´%RRN6KHOYHUVDLG ³7KHVHFUHWDU\ZKRGHVLJQHG$XJPHQWHG6HFUHWDU\XQFRQVFLRXVO\ FRQWDPLQDWHG6XVDQ¶VSURJUDPPLQJZLWKRQHRIKHURZQUHVSRQVHVDUHVSRQVH WKDWZDVRQO\QDWXUDODIWHUWKLUW\HLJKW\HDUVZLWKRQHHPSOR\HUDQGRQH VWURQJHQRXJKWRRYHUULGHHYHQKDUGZDULQJ´+HSDXVHGIRUGUDPDWLFHIIHFW ³6KHZDVREYLRXVO\LQORYHZLWKKHUERVV³ B 0DXUHHQ%LUQEDXP$IWHU'DUN E\%HWV\6SLHJHOPDQ)HLQ DVWROGWR*HRUJH$OHF(IILQJHU

$%2877:20217+6$)7(56+(%$5*(',1720<KRQH\PRRQZLWK-RVK0DXUHHQVKRZHG XSDJDLQ0\MDZQRORQJHUKXUWZKHUHVKH¶GFUDFNHGPHEXW,VWLOOUHFDOOHG KRZQHDUO\LPSRVVLEOHLWKDGEHHQWRH[SODLQWRP\QHZKXVEDQGZKDWWKLV WRWDOO\XQNHPSWEDUEDULDQJLUOLQFKDLQPDLOZDVGRLQJLQRXUKRWHOVXLWH, PHDQLWZDVRXUZHGGLQJQLJKWDQGDOO-RVKKDGMXVWFDUULHGPHDFURVVWKH WKUHVKROGDQG,¶GJRQHLQWRWKHEDWKURRP³WRIUHVKHQXS³DQGWKHUHVKHZDV *RG¶V*LIWWRWKH*ROGHQ+RUGH0XII\KHUVHOI6KHVSRRNHG-RVKRXWRIKLV VRFNVZKHQVKHVWRUPHGRXWRIWKHEDWKURRPDQGWKURXJKWKHIURQWGRRU-RVK¶V MDZGURSSHGWRKLVNQHHVRND\",FRXOGQ¶WJHWKLVPLQGEDFNRQKRQH\PRRQ DFWLYLWLHVIRUWZRRUWKUHHKRXUV0DXUHHQKDVFDXVHGPHDORWRIJULHIRYHU WKH\HDUVEXWVSRLOLQJP\ZHGGLQJQLJKWWDNHVWKHFDNH,ZDVQHYHUJRLQJWR VSHDNWRKHUDVORQJDV,OLYHG 2QO\VKHVKRZHGXSDJDLQZLWKDQRWKHURIKHUFUXPP\DGYHQWXUHV,ZDV WU\LQJWRPDNHWKLVVWUDZEHUU\FKHHVHTXLFKHIURPVFUDWFKIRUWKHILUVWWLPH ,ZHQWLQWRWKHSDQWU\WRJHWVRPHWKLQJDQGWKHUHVKHZDV6KHOLNHVWR VWDUWOHPH,WKLQN+HULGHDRIDFRROMRNH6HH,¶PWZHQW\WZRDQGVHWWOHG QRZEXW0DXUHHQORRNVH[DFWO\WKHVDPHZD\VKHGLGDVDMXQLRUDWWKH *UHHQEHUJ6FKRRO6KHWKLQNVOLNHDKLJKVFKRRONLGWRR6R,JLYHWKLV OLWWOH\LSHRIVXUSULVHZKHQ,VHHKHUDQGWKHQ,JR³2XW2XW³6KHVPLOHG DWPHOLNHQRWKLQJZHLUGKDGHYHUKDSSHQHGEHWZHHQXVDQGVKHFDPHRXWRIP\ SDQWU\FKHZLQJRQDKDQGIXORIVXJDUFRDWHGFHUHDO,IURZQHGDWKHUDQGJR ³,GLGQ¶WPHDQMXVWRXWRIWKHSDQWU\,ZDQW\RXRXWRIWKHKRXVHOLNHQRZ ³,ZDVHGJHGIRUVXUH ³+ROGRQ%LWV\³VKHJRHV³\RXKDYHQ¶WHYHQKHDUGP\ODWHVWVWRU\³ ³$QG,¶PQRW%LWV\DQ\PRUH³,JR³
ILQGDSV\FKRDQDO\VWWROLVWHQWR\RX",WZRXOGGR\RXOLNHMXVWVRPXFKJRRG ³ ³+DKD³VKHJRHVLJQRULQJHYHU\WKLQJ,VDLGWRKHU7KHQVKHVWDUWHG WHOOLQJPHWKLVVWRU\ZKHWKHU,ZDQWHGWRKHDULWRUQRWDQG,GLGQ¶WZDQWWR KHDULW ,WKLQNVKHWKRXJKWZHZHUHVWLOOIULHQGV $VVWLUULQJO\UHFRXQWHGLQ ³0DXUHHQ%LUQEDXPRQWKH$UWRI:DU´LQ)ULHQGVRIWKH+RUVHFODQVHGLWHGE\ 5REHUW$GDPVDQG3DPHOD&ULSSHQ$GDPV6LJQHW @6RDIWHU,OHIW\RX DQG\RXUGDUOLQJGRFWRUKXEE\LQ%HUPXGD,GHFLGHGWRZKXVKRQRXWRI\RXU KRQH\PRRQVXLWHDQGWU\WRILQG0DUVDJDLQ0DUVLV\RXNQRZP\GHVWLQ\DQG ZKHUH,PHWWKDWWRWDOO\EOXII3ULQFH9DQ,ZDVVWLOOGURROLQJOLNHD VFKRROJLUORYHUKLPDQG,¶G EHHQG\LQJWRUXQLQWRKLPDJDLQ%XW,MXVWNHSW PLVVLQJ0DUVDQG,FRXOGQ¶WILJXUHRXWZKDW,ZDVGRLQJZURQJ0D\EHLWZDV P\IROORZWKURXJKRU,ZDVQ¶WNHHSLQJP\KHDGGRZQRUVRPHWKLQJ,MXVW GLGQ¶WXQGHUVWDQGKRZ,ZDVPHVVLQJXS $Q\ZD\IURPGRZQE\\RXUKRWHO¶VSRRO,DLPHGDW0DUVEXW,ODQGHG VRPHSODFHWKDWGLGQ¶WORRNDQ\WKLQJOLNHWKHSDUWRI0DUV,NQHZQRRFKHU GHDGVHDERWWRPQRKXUWOLQJPRRQVQREL]DUURJUHHQPHQ,MXPSHGXSDQGGRZQ DFRXSOHRIWLPHVWRVHHLIPD\EHLWIHOWOLNH 0DUWLDQJUDYLW\EXWQRVXFK OXFN*RRGRO¶0DXUHHQZDVQ¶WJRLQJWRKDYHDQ\KHOSFDUU\LQJDURXQGKHU KHURLQHO\SRXQGDJHKHUH0DWWHURIIDFW,ZDVMXVWDWHHQV\ELWKHIWLHULQ WKLVSODFHWKDQRQ(DUWK5LJKWRII,ILJXUHGZKHUHYHUWKLVZDVLWZDVQ¶W JRLQJWRPDNHP\VKRUWOLVWRIIDYHYDFDWLRQVSRWV0\*RGOLNHZKRQHHGVD FRPSOLPHQWDU\JLIWRIDQH[WUDILIWHHQSRXQGVWROXJDURXQGNQRZZKDW,PHDQ" ,ZDVGLVDSSRLQWHGEXWVRZKDWHOVHLVQHZ",IWKHVHWKULOOLQJH[SORLWV RIPLQHKDYHWDXJKWPHRQH WKLQJLW¶VWKDW\RXFDQ¶WDOZD\VJHWZKDW\RX ZDQW
DGRPHRQLWOLNHRQHRIWKRVHSODFHVZKHUHWKH\NHHSWKHLUWHOHVFRSHV\RX NQRZ",FDQ¶WUHPHPEHUZKDWWKH\FDOOµHPEXW\RXNQRZZKDW,PHDQ:HOOWKH GRPHSODFHZDVDORWFORVHUWKDQWKHFLW\VR,VWDUWHGERRNLQJLWXSWKHURDG WKHUHVWRIWKHZD\ 1RZDWWKLVSRLQWWKHRQO\HYLGHQFH,KDGWKDW,ZDVQ¶WRQ (DUWK VRPHZKHUHZDVP\ZHLJKWDQG\RX¶YHSUREDEO\QRWLFHGWKDW,¶YHWHQGHGWREXON XSMXVWDVPLGJHIURPRQHDGYHQWXUHWRWKHQH[W6RPD\EH,WKLQN,UHDOO\ DPMXVWRXWVLGHRI6DQWD%DUEDUDRUVRPHZKHUHDQGWKHH[WUDILIWHHQSRXQGVLV OLNHWKLVKRUULEOHVRXYHQLU,SLFNHGXSLQWKH:RUOGRI7RPRUURZ,GLGKDYH ORWVRIKHDOWKIXOH[HUFLVHWKHUHEDVKLQJVNXOOVLQWKHIUHVKDLUDGLHWWKDW ZRXOGOD\5LFKDUG6LPPRQVLQKLVJUDYH,PHDQORRNDWWKHVHPXVFOHV7KHVH ODWVZRXOGPDNH6WDOORQHMHDORXV 7KLVLVKRZ,¶PWDONLQJWRP\VHOIXQWLO,QRWLFHWKDWWKHUH¶VDSDUWLDO VXQVHWJRLQJRQRIIWRWKHOHIW$SDUWLDOVXQVHW7KDW¶VZKHUHQRWDOORIWKH VXQVLQWKHVN\VHHPWREHVHWWLQJDWWKHVDPHWLPH6HHWKHUHZDVWKLV \HOORZVXQSOXQNLQJLWVHOIGRZQRQWKHKRUL]RQDQGPDNLQJDUHDOQLFHVKRZ RXWRIWKHPLVWVLQWKHYDOOH\DQGRUGLQDULO\,ZRXOGKDYHVWRSSHGDQG DGPLUHGLWEHFDXVHVXQVHWVDUHOLNHVRFXWH:K\GRSHRSOHJHWVRWRWDOO\ SRHWLFDERXWVXQVHWVDQ\ZD\",PHDQWKHUH¶VDOZD\VDQRWKHURQHFRPLQJOLNH EXVHVDQGWKH\¶UHDOOSUHWW\PXFKWKHVDPHWRR
PD\EHKHZDVMXVWRYHUFRPHE\P\DPSOHILJXUHEXWKHMXVWFDPHWRDVWRSLQ WKHPLGGOHRIWKHURDGDQGVWDUHG,PHDQLI,ZKXVKWKURXJKVSDFHLQDGURS GHDGRXWILW,VWXPEOHGRQDW/LOOLH5XELQ,ODQGLQ)UHG)OLQWVWRQH¶V EDFN\DUG,I,VOLGHLQWRP\ILJKWLQJKDUQHVVLQVWHDGLWILJXUHV,HQGXSLQ VRPHWRWDOO\WDVWHIXOJDUGHQSDUW\EH\RQGWKHVWDUV
WKDWEHDXWLIXOVDSSKLUHEOXHZRUOGP\SHRSOHVRVDGO\WDNHIRUJUDQWHG³ ³,IWKDWLVWKHFDVH´KHJRHVVPLUNLQJOLNHDQLGLRW³KRZGR\RX H[SODLQWKHIDFWWKDW\RXVSHDN(QJOLVK"´ :HOO,¶YHWROG\RXEHIRUHLW¶VMXVWDPD]LQJKXK"1RPDWWHUZKHUHP\ DGYHQWXUHVWDNHPHWKH\VSHDN(QJOLVKZKHQ,JHWWKHUH3ULQFH9DQVSRNH (QJOLVKRQ0DUVDQGWKHDSHWKLQJVLQWKHFHQWHURIWKH(DUWKVSRNH(QJOLVK DQGWKH\ZHUHVWLOOVSHDNLQJ(QJOLVKLQWKHIDUGLVWDQWIXWXUH6R,JXHVVLW ZDVQRELJJLHWRILQGRXWWKH\VSRNH(QJOLVKRQ/DJDVKWRR%XW,ZDVQ¶W JRLQJWRWHOO6HJRODERXWDOOWKDW³,KDYHVWXGLHG\RXUODQJXDJH´,JR ³:H¶YHSLFNHGXS\RXU WHOHYLVLRQSURJUDPVRQ(DUWKIRUVRPHWLPHRND\"´ +LVH\HVNLQGRIQDUURZHGDQGKHORRNHGDWPHIRUDOLWWOHZKLOH ZLWKRXWVD\LQJDQ\WKLQJ7KHQKHJRHV³:KDWLVWHOHYLVLRQ"´ 2PLJRG/LNH,¶PRQDZHLUGRSODQHWZLWKQR79³
FRXOGQ¶WKHOSEXWIHHOVRUU\IRUKLPHYHQWKRXJK,VWLOOILJXUHGKHZDVPD\EH VWUHWFKLQJWKHWUXWKMXVWDWHHQV\ELW³7KDW$WRQJX\LVVWLOOXSWKHUHDW WKH2EVHUYDWRU\ULJKW"´,JR 6HJROORRNHGXSDWPHVRUWRIPRXUQIXOO\³
GLGQ¶WKHDUWKHFDSLWDOOHWWHUDJDLQ ³:KHQWKH6WDUVFRPHRXWWKHZRUOGZLOOFRPHWRDQHQG´+HORRNHGDW PHDQGKLVH\HVZHUHDOOELJDQGEXJJHGRXW,KDWHGWRVHHKLPVRVFDUHG RND\"(YHQLQWKDWFUDQEHUU\OLJKWKHZDVVRUWRIFXWHIRUDEUDLQ\W\SH, PHDQ+HZDVQ¶W3ULQFH9DQRUDQ\WKLQJEXWKHZDVQ¶WDQ\0DWK&OXEJHHN HLWKHU ³$QG\RXEODPHLWDOORQWKHVWDUV"´,JR ³6WUDQJHLVQ¶WLW"7KDW$WRQ¶VZDUQLQJVKRXOG DJUHHZLWKWKH&XOW" %HOLHYHPHKHZDVQ¶WKDSS\DERXWLWEXWKH¶VDEVROXWHO\VXUHRIKLV FRQFOXVLRQV7KHUHLVGHILQLWHSURRIWKDWQLQHSUHYLRXVFXOWXUHVKDYHFOLPEHG WRFLYLOL]DWLRQRQO\WREHGHVWUR\HGE\WKH6WDUV$QGQRZLWLVRXUWXUQ 7RPRUURZWKHZRUOGZLOOEHORQJWRVDYDJHVDQGPDGPHQDQGWKHORQJSURFHVV ZLOOEHJLQDJDLQ´ ,WDSSHGKLPRQWKHVNXOO³+HOOR6HJRO"´,JR³,VDQ\ERG\OLNHKRPH"
EHWKHKRSHRI/DJDVK¶VIXWXUH´ ,GLVHQKDQGHGP\VHOIIURPKLPDQGODXJKHGDSURXGDQGKDXJKW\ODXJK PHDQLQJ³,I\RXZHUHQ¶WVXFKDSLWLIXONQRE,¶GKDFN\RXWROLWWOHSLHFHVIRU WKDWUHPDUN´/HWPHWHOO\RXDOLWWOHVHFUHWKRQH\QRPDWWHUZKHUH\RXJR LQWKHNQRZQXQLYHUVHWKHPHQDUHDOOWKHVDPH,W¶VOLNHWKHVHKRQNHUVDUH ZKDW*RGJDYHXVDVVXEVWLWXWHVEHFDXVHDOOWKHUHDOO\EXIJX\VDUHRQEDFN RUGHU 6RZKDWGRHVKHGR"+HJUDEVPHE\ERWKVKRXOGHUVDQGJRJJOHVLQWRP\ IDFH³
7KHJX\LQWKHUREHMXVWJDYHPHWKLVVDGOLWWOHVPLOH³,W¶VQRWP\ SUREOHP\RXQJODG\,W¶V\RXUV
2EVHUYDWRU\DQGHYHU\RQHLQLWWKH6WDUVZLOOVSDUHXV$QGZHPXVWEHJLQ ZLWKWKHP´ +HZDVSRLQWLQJDWPHDQG6HJRO³7KDWLVVRODPH´,JR³'RQ¶WEH VWXSLG7KHUH¶VQRWKLQJWREH´ 6DGO\,GLGQ¶WKDYHWKHWLPHWRILQLVKP\H[SODQDWLRQ7KHFURZGZDV IXOORQFUD]\DQGUHDG\WRURXVW:KHQWKH\FKDUJHG,IHOWDVXGGHQFDOPQHVV IORRGWKURXJKPH,GLGQ¶WNQRZZKDW6HJROZDVGRLQJDQG,GLGQ¶WFDUH2OG %HWV\ZKLVWOHGWKURXJKWKHDLUDV,KDFNHGDQGKHZHGDWWKHZDYHVRIVKULHNLQJ OXQDWLFV%RGLHVSLOHGXSLQIURQWRIPHDQGRQERWKVLGHV,WRRNDFRXSOHRI ELIIVDQGEUXLVHVEXW,ZDVWRRVNLOOIXODQGOLNHWRRH[FHOOHQWIRUWKHPWR ILJKWWKURXJKP\JXDUG 2IFRXUVHWKH\KDGPHRXWQXPEHUHGDQGDIWHUDZKLOH, UHDOL]HG,ZDV ZD\WLUHG,ZDVQ¶WJRLQJWREHDEOHWRKDQGOHDOORIWKHPVRZKLOH,IRXJKW ,WULHGWRWKLQNXSVRPH\RXNQRZVWUDWHJ\$QGWKHQ,VDZWKHLUOHDGHURYHU RQWKHVLGHRIWKHURDGNQHHOLQJGRZQLQWKHGDUNZLWKKLVIDFHWXUQHGXSWR WKHVN\ZKHUHWKHHFOLSVHZDVVWLOOFKXJJLQJDORQJDQGWKHVWDUVZHUHVWLOO EOD]LQJDZD\,VWDUWHGZRUNLQJP\ZD\WRZDUGKLPZDGLQJWKURXJKKLVQXWW\ EXGGLHVZLWKP\EURDGVZRUGFXWWLQJDVZDWKEHIRUHPH )LQDOO\,ZDVULJKWEHVLGHKLP,UHDFKHGGRZQDQGJUDEEHGKLPE\WKH QHFNRIKLVUREHDQGMHUNHGKLPWRKLVIHHW³,DP6RU´KHJRHVOLNH IURWKLQJDOLWWOHLQWKHFRUQHUVRIKLVPRXWK+HZDVQ¶WDOOWKHUHDQ\PRUH RND\" ³
WURXEOHEX\LQJLW ³6XUHLFH³,JRDFWLQJNLQGRIWLFNHGRIIWKDWKHGRXEWHGPH³:KDW GLG\RXWKLQNWKDWWKHXQLYHUVHMXVWVRUWRIZHQWRQDQGRQIRUHYHU"7KDW¶V VRUHDO,¶PWRWDOO\VXUH´ ³$ZDOORILFH´6RUJRHV³7KH%RRNRI5HYHODWLRQVVSHDNVRID&DYHRI 'DUNQHVV,GRQ¶WVHHZK\WKHUHFDQ¶WEHDZDOORILFHDVZHOO´ 1RZHYHU\RQHKDGVWRSSHGWU\LQJWRJUDEPHE\WKHWKURDW7KH\ZHUHDOO OLNHKDQJLQJRQP\HYHU\ZRUGRND\"³%XWZKDWDUHWKH6WDUV"´VRPHRQHJRHV ³7KH6WDUVDUHDQLOOXVLRQ´,JR³:KDW\RXVHHXSWKHUHDUHRQO\WKH UHIOHFWLRQVRIWKHGR]HQUHDOVWDUVVKLQLQJRQWKHFUDJJ\LFHZDOORIWKH XQLYHUVH³ 7KHUHZDVWKLVVLOHQFH,KHOGP\EUHDWKµFDXVHHYHU\WKLQJZRXOGEH WRWDOO\FRROLIWKH\EHOLHYHGPHEXW,¶GKDYHWRVWDUWILJKWLQJIRUP\OLIH DJDLQLIWKH\GLGQ¶W)LYHVHFRQGVSDVVHGWKHQWHQ7KHQDOODWRQFHWKH\DOO ZHQW³$KKKK³ 6RUJRHV³,W¶VWKHGLYLQHWUXWK´,VDZWHDUVUXQQLQJGRZQKLVIDFH ³/RRN´JRHV6HJRO³%HWD,W¶VFRPLQJEDFN´ 6RUZDYHGKLVDUPVDURXQGDQGJRWWKHLUDWWHQWLRQ³/HW¶VKXUU\EDFNWR 6DUR&LW\´KHJRHV³:HFDQVSUHDGWKHQHZVDQGNHHSRXUEURWKHUVDQGVLVWHUV IURPEXUQLQJRXUKRPHV7KHRWKHUVXQVZLOOULVHLQDIHZKRXUVDQGWKHQOLIH PXVWJRRQDVEHIRUH:HPXVWWHOOWKHRWKHUVZKDWZH¶YHOHDUQHGDQG EURDGFDVWWKHLQIRUPDWLRQWRHYHU\RQHRQ/DJDVK´7KHQWKH\WXUQHGDQGPDUFKHG DZD\ZLWKRXWVRPXFKDVDWKDQN\RX :KHQZHZHUHDORQHDJDLQRQWKHURDG6HJROFDPHRYHUWRPH+HKDGWKLV ELJVSD]]\JULQRQKLVIDFH³7KDWZDVUHDOO\VRPHWKLQJP\GHDU´KHJRHV ³0\QDPH¶V0DXUHHQDQGWKLVLVWKHODVWWLPH,¶PJRLQJWRUHPLQG\RX ,I\RXKDYHWURXEOHUHPHPEHULQJWKDW\RXFDQFDOOPH3ULQFHVV´:HOO%LWV\ ,NQRZ,ZDVVRUWRIVWUHWFKLQJWKHWUXWKEXWVRPHWLPHV,OLNHGWRWKLQNRI P\VHOIDVVRUWRIDOPRVWHQJDJHGWR3ULQFH9DQRIWKH$QJU\5HG3ODQHW, PHDQ´DZRPDQ¶V UHDFKVKRXOGH[FHHGKHUJUDVSRUZKDW¶VDPL[HUDW
2EVHUYDWRU\ZLOOILJXUHRXWWKHGLVWDQFHIURP/DJDVKWRWKHLFHZDOO,XVHG WRNQRZEXW,IRUJRW´ ³7KDQN\RX0DXUHHQ´KHJRHV6XGGHQO\KH¶GJRWWHQVRKXPEOHLWZDV LOO³,WKLQNZH¶GEHWWHUKXUU\EDFNWRWHOO $WRQDQGWKHRWKHUVWKHQHZV %HHQD\DQGWKHUHVWRIWKHSKRWRJUDSKHUVVKRXOGKDYHFDSWXUHGWKH6WDUVZLWK WKHLULPDJLQJHTXLSPHQW7KH\ZHUHDOOSUHSDUHGRIFRXUVHEXWHYHQVRWKH\ PD\KDYHJLYHQZD\WRSDQLF´+HORRNHGGRZQDWWKHJURXQGDJDLQSUREDEO\ UHPHPEHULQJKRZKH¶GEXJJHGRXWRIWKHUHLQSDQLFHYHQEHIRUHWKHVWDUVFDPH RXW ³,¶PVRUU\6HJRO´,JR³,FDQ¶WJREDFNWRWKH2EVHUYDWRU\ZLWK\RX ,¶PQHHGHGHOVHZKHUH,¶YHJRWWRIODVKRQEDFNWR(DUWK,I,ZDLWPXFK ORQJHUWKHHFOLSVHZLOO EHRYHUWKHVN\ZLOOJHWOLJKWWKHVWDUVZLOOJRRXW IRUDQRWKHUWZRWKRXVDQG\HDUVDQG,¶OOQHYHUVHHP\GHDUGHDUIULHQG%LWV\ HYHUDJDLQ³6XUHVZHHWLHHYHQLQWKLVPRPHQWRIDZIXOWHQVLRQ,WKRXJKW RI\RX
,¶PVRUU\,KDGWROLVWHQWRWKHZKROHVWRU\%\WKHWLPH0DXUHHQ ILQLVKHGLWZHKDGILQLVKHGRIIDOOWKHVWUDZEHUULHVDQGDTXLFKHZLWK QRWKLQJLQLWLVOLNHWRUWHOOLQLVDODGZLWKRXWWKHWRUWHOOLQL,QWKHPRQWKV WKDW-RVKDQG,KDGEHHQWRJHWKHUKH¶GWDXJKWPHDORWDERXWIRRGDQG HYHU\WKLQJ:HGLGQµWKDYHVXSSHUDQ\PRUHZHGLQHG$QGWKHQOLNH,GLGWKH GLVKHV $Q\ZD\LWZDVJHWWLQJODWHDQG\RXNQRZ,KDGWRUXVKKHURXWRI WKHUHDQG,WULHGWRH[SODLQWRKHUEXWVKHMXVWGLGQ¶WZDQWWROLVWHQVR WKHQ,SXWP\EDFNDJDLQVWKHUDQGVKRYHGKHUWRZDUGWKHGRRUDQG,JXHVVVKH JRWDQQR\HGRUVRPHWKLQJµFDXVHWKHQ,VKRYHGVRPHPRUHEXWVKHZDVQµWWKHUH DQG,IHOORQWKHNLWFKHQIORRUDQGVKHZDVVWDQGLQJ RYHUPHZLWKKHUVZRUGLQ KHUKDQGDQGVKHKDGRQZKDWVKHFDOOHGKHUZDUULRUZRPDQH[SUHVVLRQDQG, FRXOGMXVWVHHWKHKHDGOLQHVLQWKH3RVW48((16:20$1',(6,16+,6+.$%2% 75$*('<-RVKZRXOGQHYHUEHDEOHWRIDFHRXUIRONVDJDLQ6R,JR³%DFNRII 0XII\³:URQJWKLQJWRVD\ ³
6KHODXJKHGWRR-RVKGLGQ¶WODXJKWKRXJK6RPHWLPHVLW¶VOLNHZHRQO\ VHHKLVIULHQGVDQGZK\FDQ¶W,HYHUKDYHP\IULHQGVRYHU"-RVKJRHV ³%HFDXVHP\IULHQGVGRQ¶WZDYHEURDGVZRUGVDURXQGRQWKHVXEZD\³,VXSSRVH KHKDVDSRLQWWKHUH B %DODQFH E\0LNH5HVQLFN

686$1&$/9,167(33('83727+(32',80$1'6859(<('KHUDXGLHQFHWKH VWRFNKROGHUVRIWKH8QLWHG6WDWHV5RERWVDQG0HFKDQLFDO0HQ &RUSRUDWLRQ ³,ZDQWWRWKDQN\RXIRU\RXUDWWHQGDQFH´VKHVDLGLQKHUEULVN EXVLQHVVOLNHZD\³DQGWRXSGDWH\RXRQRXUODWHVWGHYHORSPHQWV´ :KDWDIHDUVRPHIDFHVKHKDVWKRXJKW$XJXVW*HOOHUVHDWHGLQWKH IRXUWKURZRIWKHDXGLHQFH6KHUHPLQGV PHRIP\VHYHQWKJUDGH(QJOLVK WHDFKHUWKHRQH,ZDVDOZD\VDIUDLGRI &DOYLQODXQFKHGLQWRDGHWDLOHGH[SODQDWLRQRIWKHDGYDQFHGQHZ FLUFXLWU\VKHKDGLQWURGXFHGLQWRWKHSRVLWURQLFEUDLQEUHDNLQJLWGRZQLQWR WHUPVDOD\PDQHYHQDVWRFNKROGHUFRXOGXQGHUVWDQG %ULOOLDQWPLQGWKRXJKW*HOOHU$EVROXWHO\EULOOLDQW,W¶VSUREDEO\MXVW DVZHOO,PDJLQHDFRXQWHQDQFHOLNHWKDWZLWKRXWDPLQGWRRIIVHWLW ³$UHWKHUHDQ\TXHVWLRQVDWWKLVSRLQW"´DVNHG&DOYLQKHUFROGEOXH H\HVVFDQQLQJWKHDXGLHQFH ³,KDYHRQH´VDLGDSUHWW\\RXQJZRPDQULVLQJWRKHUIHHW ³
DWWUDFWLYHWREHVXUHEXWGR\RXHYHUZRUNRUGR\RXVSHQGDOO\RXUWLPH OD]LQJPLQGOHVVO\RQWKHEHDFK"6KHIRXJKWEDFNDQXUJHWRVLJKGHHSO\EHWZHHQ VHQWHQFHV6RPHWLPHVLW¶VKDUGWRLPDJLQHWKDWSHRSOHOLNH\RXDQG,HYHQ EHORQJWRWKHVDPHVSHFLHV,KDYHVRPXFKPRUHLQFRPPRQZLWKP\URERWV 6RPHWLPHVWKRXJKW*HOOHUZKHQ,OLVWHQWR\RXZD[UKDSVRGLFDERXW SRVLWURQLFEUDLQVDQGPROHFXODUERQGLQJLW¶VKDUGWRLPDJLQHWKDWZHEHORQJ WRWKHVDPHVSHFLHV\RXVRXQGVRPXFKOLNHRQHRI\RXUURERWV 6WLOOWKRXJKW&DOYLQDJDLQVWKHUZLOO\RXDUHWDOODQG\RXDUH KDQGVRPHDQG\RXFHUWDLQO\KDYHDQDLURIVHOIDVVXUHGQHVVDERXW\RX0RVW PHQZRQ¶WRUFDQ¶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³,ZDQWWRWKDQN'U&DOYLQIRUVSHQGLQJWKLVWLPHZLWKXV´FRQFOXGHG /LQXV%HFNHUWKH\RXQJFKLHIRSHUDWLQJH[HFXWLYHRI8QLWHG6WDWHV5RERWVDQG 0HFKDQLFDO0HQ³$VORQJDVZHKDYHKHUUHPDUNDEOHLQWHOOHFWZRUNLQJIRUXV ,IHHOFRQILGHQWWKDWZHZLOOFRQWLQXHWRIRUJHDKHDGDQGH[SDQGWKH SDUDPHWHUVRIWKHVFLHQFHRIURERWLFV³ ³,¶OOVHFRQGWKDW´VDLGRQHRIWKHPDMRUVWRFNKROGHUV³:KHQZHSURGXFH DSRVLWURQLFEUDLQZLWKKDOIWKHFDSDELOLWLHVRIRXURZQ'U&DOYLQWKHILHOG RIURERWLFVZLOOKDYHFRPHRIDJH´ ³7KDQN\RX´VDLG&DOYLQLJQRULQJDVWUDQJHVHQVHRIHPSWLQHVVZLWKLQ KHU³,DPWUXO\IODWWHUHG´ ³,W¶VZHZKRDUHIODWWHUHG´VDLG%HFNHUVPRRWKO\³WREHLQWKH SUHVHQFHRIVXFKEULOOLDQFH´+HDSSODXGHGKHUDQGVRRQWKHHQWLUHDXGLHQFH LQFOXGLQJ*HOOHUJRWWRWKHLUIHHWDQGJDYHKHUDVWDQGLQJRYDWLRQ 7KHQHDFKLQWXUQZDONHGXSWRKHUWRLQWURGXFHKLPVHOIRUKHUVHOIDQG VKDNHKHUKDQGDQGFRPPHQWRQKHULQWHOOHFWDQGFUHDWLYLW\ ³7KDQN\RX´VDLG&DOYLQDFNQRZOHGJLQJ\HWDQRWKHUFRPSOLPHQW
&DOYLQQRGGHG³,¶OOEHWKHUH´VKHVDLGZLWKDVLJK

6KHKDGRQO\DQKRXUWRFKDQJHLQWRDIRUPDOJRZQIRUWKHEDQTXHWDQG VKHZDVUXQQLQJODWH6KHHQWHUHGKHUUDWKHUQRQGHVFULSWDSDUWPHQWZDONHG WKURXJKWKHOLYLQJURRPDQGEHGURRPERWKRIZKLFKZHUHILOOHGWRRYHUIORZLQJ ZLWKVFLHQWLILFMRXUQDOVRSHQHGKHUFORVHWDQGEHJDQOD\LQJRXWKHUFORWKHV RQWKHEHG ³'LGDQ\RQHHYHUWHOO\RXWKDW\RXKDYHWKHPRVWEHDXWLIXOEOXHH\HV"´ DVNHGKHUEXWOHUURERW ³:K\WKDQN\RX´VDLG&DOYLQ ³,W¶VWUXH\RXNQRZ´FRQWLQXHGWKHEXWOHU³/RYHO\ORYHO\H\HVDV EOXHDVWKHSXUHVWVDSSKLUH³ +HUURERWPDLGHQWHUHGWKHEHGURRPWRKHOSKHUGUHVV ³6XFKDSUHWW\VPLOH´VDLGWKHPDLG³,I,KDGDVPLOHOLNH\RXUVPHQ ZRXOGILJKWEDWWOHVMXVWIRUWKHSOHDVXUHRIVHHLQJLWWXUQHGXSRQWKHP´ ³
62$512/'3277(5/(<:(17+20(:+(5($)7(5$//:$6WKHUHWRJR",IWKHUHZDV QRZKHUHWRKLGHWKHQ\RXPLJKWDWOHDVWEHXQFRPIRUWDEOHVTXLUPXQGHUWKH NQRZOHGJHRIFRPSOHWHH[SRVXUHZKHUHDWOHDVW\RXZHUHPRVWFRPIRUWDEOH $WOHDVWWKDWZDV3RWWHUOH\¶VZD\RIUDWLRQDOL]LQJWKLVXOWLPDWH GLVDVWHU2WKHUVKDGGLIIHUHQWYLHZVRIFRXUVH1LPPRZHQWWRWKHRXWEDFN

)RVWHUZHQWLQVDQH

,KDYHEHHQDVNHGWRZULWHDKLVWRU\RIWKHZRUOGDIWHUWKHFKURQRVFRSH 7KLVLVDJUHDWKRQRURIFRXUVH,DPEHLQJKRQRUHGLQWKDWUHTXHVW,WLV QRWVRORQJWKDW,KDYHEHHQZULWLQJDIWHUDOOILUVWQXPEHUVDQGWKHQIRUD ORQJWLPHWKHDOSKDEHWXQWLODWODVW,EHJDQWRIHHOPRUHVHFXUHZLWKZRUGV DQGSKUDVHVDQGWKHQZKROHVHQWHQFHVVWLOOWKLVLVDELJOHDSIRUPH³,I\RX GRQRWGRLW-RUJZKRZLOOGRLW"´,KDYHEHHQWROGUDWKHUDVNHGEXWWKLV GRHVQRWKRQRUVRPXFKDVLWIULJKWHQVPH0DQ\WKLQJVIULJKWHQPHRIFRXUVH WKHFKURQRVFRSHWDXJKWXVWREHDIUDLGRIHYHU\WKLQJ7KHFKURQRVFRSHWDXJKW XVFRPPRQVHQVH7KHFKURQRVFRSHWDXJKWXVWKHWUXHZD\RIWKHZRUOG³-RUJ´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³,FDQ¶WKROGEDFNDQ\ORQJHU$UQROG´VKHZRXOGKDYHVDLGLIWKH\KDG VWLOOEHHQWDONLQJLQWKHVHPRQWKVEXWWKH\ZHUHQRW$UQROGZDVQHYHUKRPH H[FHSWWRVOHHSDQGVRPHWLPHVHYHQQRWDWQLJKWKHZDQGHUHGDURXQGLQJULHI DQGVKRFNSXOOLQJDWWKHSRFNHWVRIKLVVXLWMDFNHWVDQGILQLVKLQJWKHVPDOO ERWWOHVRIZLQHZKLFKFDVHE\FDVHKHEURXJKWLQDQGERWWOHE\ERWWOHKH GUDLQHG6RVKHGLGQRWVD\WKLVWRKLPPHUHO\PDGHWKHQHFHVVDU\ DUUDQJHPHQWVZKLFKZHUHHDV\WRGRLQWKLVVWUDQJHDQGWHUULEOHZRUOGZKLFK KDGHYROYHGDQGRSHQHGWKHYLHZHUWRKHUKLVWRU\WRWKDWWLPHEHIRUHWKH ILUHZKHQ :KHQVKHKDGKDGDOLWWOHJLUOODXJKLQJDQGWXPEOLQJLQWKHFRUULGRUV RIKHUOLIHZKHQVKHDQG/DXUHOKDGWROGRQHDQRWKHUVHFUHWVZKLFKQRZVKH FRXOGQRWVRPHKRZUHPHPEHU

7KLVLVP\SDUWLDOKLVWRU\RIWKHZRUOGDIWHUWKHFKURQRVFRSHWKHQ1R RQHFDQZULWHWKHIXOOKLVWRU\ZKRKDVWKHWLPH":KRKDVWKHWRROV",WZDV WKHFULPLQDOWKHQHFHVVDU\SDUWRIRXUOLYHV,DPPDNLQJVRPHRIWKLVXS, DPLPDJLQLQJVRPHRIWKLVDVWKHZD\LWVKRXOGKDYHEHHQ1RRQHZKRZDVWKHUH DWWKHWLPHERWKHUHGWRZULWHLWGRZQRUWRSXWLWLQILQDOIRUPLWLVOHIW WRPHWRPDNHLWXSDVEHVW,FDQ7KDWLVZKDWZDVVDLGWRPH³0DNHLWXSDV EHVW\RXFDQ,ILWVHHPVWRILWWKHQPDNHLWILW 7KHUHDUHQRWUXWKV:KDW LVWUXWK":KDWFDQWUXWKEH"6HWLWGRZQDV\RXVHHILW³$QGVRRQDQGVR IRUWKLQWKLVGLIILFXOWDQGLPSHUIHFWWLPH,ZDVWDONLQJDERXWZKRXVHGLW ILUVW:KRLVWRVD\ZKRXVHGLWILUVW"$OORIWKHPGLGHYHU\RQHGLG%XW, WKLQNLWPXVWKDYHEHHQWKHWKLHYHVDQGORZOLIHVZKRSHUFHLYHGLWVOHVVHU SRVVLELOLWLHVWKRVHGHGLFDWHGWRWKHWUDQVFHQGHQWDQGWKHEUDYHVWYLHZRI PDWWHUVZKRZRXOGKDYHDGDSWHGWKHFKURQRVFRSHILUVWQRWWKHOHDGHUVRI QDWLRQVEXWWKRVHZKRWRLOHGLQWKHRXWVNLUWVRIWKHQDWLRQV)RUWKHPWKH FKURQRVFRSHZRXOG\LHOGDNLQGRIHWHUQDOSUHVHQWWKURXJKZKLFKWKH\FRXOG VFDPSHUJUDWHIXOO\WKRXJKWIXOO\VHHNLQJJUDQGHUGHYLFH:KRHOVHFRXOGLW KDYHEHHQ",WZDVWKHVHYLVLRQDULHVRIFRXUVHZKRILUVWPDGHXVHRIWKH

GHYLFH7KLVLVQRVXUSULVHWKRVHOLNH3RWWHUOH\DUHDOZD\VDKHDGRIWKHKHUG LQWKHLUZLOOLQJQHVVWRWU\QHZDQGGLIIHUHQWPHDQV 2IFRXUVHHYHU\RQHWKHRUHWLFDOO\ZKRXVHGWKHWLPHYLHZHUZDVD FULPLQDOE\ILDWZHDUHWDONLQJQRWLFHKRZHDVLO\,VOLGHLQWRWKHYRLFHRI DXWKRULW\DQGJHQHUDOL]DWLRQWKDWSRQWLILFDO³ZH´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¶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³,KDGQ¶WWKRXJKWRIWKLV´7LIIDQ\VDLG ³:KRDUH\RX"´WKHWKXJDVNHG ³%XW,VKRXOGKDYHWKRXJKWRILW´7LIIDQ\VDLG³,PHDQLWGRHVQ¶W VKRZWKHIXWXUHULJKW"´ ³:KDWIXWXUH"´WKHWKXJVDLG³7KLVLVWKHIXWXUH2ND\KDQGRYHUWKH VWXII´ ³,W¶VPLQH´VKHVDLGVWXSLGO\³,ZRUNHGIRULW´ 7KHWKXJSXOOHGRXWDJXQDQGSRLQWHGLWZLWKHDV\DFFRPSOLVKPHQWDWD

GDQJHURXVDUHDRI7LIIDQ\¶VFKHVW³
WKHPDFKLQH&DUROLQHZHFDQ¶WEHOLNHVRPDQ\ZHKDYHWRJHWRXWRIWKH URRPZHKDYHWRKDYHDOLIH´ +HUHDFKHGIRUZDUGWRGLVFRQQHFWWKHPDFKLQHDQGVKHGLGVRPHWKLQJWKHQ PRYHGEHJDQWRGHDOZLWKKLPDVVKHPXVWEXWDIWHUWKLVKHUUHFROOHFWLRQZDV QRWDVFOHDUDQGVKHGLGQRWZDQWWRXVHWKHPDFKLQHWRUHFRYHUWKDWPRPHQW VKHZRXOGOHWLWUHVWOHWDOORILWUHVWRQO\/DXUHOKLV&DUWKDJHKLV EXUQLQJ


:KHQWKHIHHOLQJVSDVVHGZKHQVKHFRXOGIRFXVDJDLQVHHZKHUHVKHZDV &DUROLQHVDZVRPHWKLQJKDGKDSSHQHGWR$UQROGVRPHWKLQJGUHDGIXOKDG KDSSHQHGKHZDVO\LQJRQ WKHIORRULQDTXLHVFHQFHVKHKDGQHYHUNQRZQKLPWR KDYHEHIRUH%XWHYHQDVVKHVWUXJJOHGZLWKWKHLPSXOVHWRNQHHOFRPIRUW KROGKHOSKLPLQVRPHZD\FDOOIRUHPHUJHQF\DLGJHWWKHXQLYHUVLW\ VHUYLFHVWKHUHHYHQDVVKHWKRXJKWRIWKLVDVPDOODQG LQILQLWHO\ZLVHYRLFH ZLWKLQKHUVDLG+H¶VQHYHUORRNHGWKLVSHDFHIXOEHIRUHKHKDVEHHQJUDQWHG SHUIHFWSHDFHWKHSHDFHWKDW/DXUHOKDV*RWRKHUJRWRKHUDJDLQQRZ XQGHUVWDQGKHUSHDFHDQGWU\WRPDNHLWKHURZQDQGWKHYRLFHZDVVRXWWHUO\ DWWXQHGWRKHURZQQHFHVVLW\&DUROLQHNQHZVKHFRXOGGRQRPRUHFRXOGGR QRWKLQJIRU$UQROGWKDWKDGQRWSHULVKHGORQJDJRLQWKHILUHEH\RQGWKH ILUHDQGWXUQHGLQVWHDGWRZDUGWKHFKURQRVFRSHWKHFKURQRVFRSHZKHUH/DXUHO

LQILQLWHO\\RXQJWHQGHUZLVH SDWLHQW :KHUH/DXUHOZRXOGWHOOKHUZKDWLIDQ\WKLQJWRGR

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¶WPXFKSXEOLFOHIWDQGWKDW ZKLFKODVWHGZDVROGGHFUHSLWDQGUHVHQWIXORIPHGLFDOIDFLOLWLHVDQG UHVHDUFKZKLFKKDGEHFRPHEDUHKROGLQJRSHUDWLRQV7KHUHZHUH ORFDOLWLHVZLWK VHYHUHO\GHWHULRUDWHGFRPPXQLFDWLRQV7KHUHZDVDOZD\VWKHFKURQRVFRSH ³+HUHLWLV´)RVWHUVDLGKDQGLQJVFULEEOLQJVWRWKHDWWHQGDQWV³7DNHLW³ $IWHUDFHQWXU\DQGDTXDUWHURQO\DIHZFORWVDQGFODQVH[LVWHGLQWKH VRXWKHUQUHJLRQVRIWKHQRUWKHUQKHPLVSKHUHVWKHQRUWKHUQUHJLRQVRIWKH VRXWKHUQ)RUWKLVUHPDLQGHUVXEVLVWHQFHOHYHOLQDVXEVLVWHQFHVRFLHW\ ZDVQ¶WDOOWKDWRSSUHVVLYHDQGWKHUHZDVRIFRXUVHWKHFKURQRVFRSHZKRVH OLPLWHGUDQJHZDVQRQHWKHOHVVDEOHWRGLVFORVHLQDOORILWVIXU\DQG FKLDURVFXUREHDXW\WKHFROODSVHRI(DVWHUQDQG:HVWHUQFLYLOL]DWLRQVWKH FHQWXU\EHIRUHDQGDOORIWKHIUDJPHQWDU\GLPLQLVKHGFRSXODWLRQDQG FRQIURQWDWLRQDVVRFLDWHGZLWKWKDWFROODSVH $QGVRKXQFKHGDJDLQVWFLUFXPVWDQFHDSSDOOHGE\WKHQHZVRIKHU IDWKHU¶VGHDWKEXWQRQHWKHOHVVORYLQJDQGILOOHGZLWKWHQGHUQHVV/DXUHO UHDFKHGRXWIURPWKHLQWHUVWLFHVRIWKHPDFKLQHUHDFKHGIURPWKHGDUNPHWDO DQGVDLGWR&DUROLQH³,¶OOWHOO\RXZKDWWRGRRKPRWKHU,¶OOWHOO\RXMXVW ZKDW\RXQHHGWRGREXW\RXKDYHWRFRPHFORVHUFRPHFORVHU´ $V&DUROLQHFUHSWGRZQWKDWFRUULGRURILQIRUPDWLYHOLJKW ,DPWKHILUVWRIDORQJOLQHWRFRPHZKRDJDLQZLOOEHDEOHWRFRPSRVH RXUKLVWRU\%XWRXUKLVWRU\LVWHQVHDQGH[KDXVWLQJQDUURZDQGGDQJHURXV DQG,VHHQRZZK\WKH\ZLVKHGPHWREHH[SOLFLWWRFRPSUHVVWRKXUU\DORQJ WKHUHLVRQO\DOLWWOHOHIWWRWHOOEXWQRQHWKHOHVV

³5HPHPEHUKRZ\RXORYHGKLP´/DXUHOVDLG³5HPHPEHUKRZLWZDVZKHQ\RX FDPHWRKLPIRUWKHILUVWWLPHUHPHPEHUWKDWPDQWOHRIORYHDQGZDUPWK´

³:KDWZH¶OOGR´VDLG-RDQDQLPSDVVLRQHGVL[WHHQ\HDUROG³LVUXQ DZD\³ ³7KHRWKHUVZLOOVHHXV7KH\¶OOEHDEOHWRZDWFKHYHU\PRYH´%LOOZDV HLJKWHHQWKHOHYHOKHDGHGIDUVHHLQJSDUWRIWKHUHODWLRQVKLS2UVRKHWROG -RDQ7KHUHZHUHQ¶WHQRXJKWKHLUDJHDURXQGWRDUJXHIRUPXFKGLIIHUHQFHV WKRXJK$Q\RQHEHWZHHQILIWHHQRUWZHQW\ZDVPRVWO\WKHVDPH7LPRURXV([FHSW IRU-RDQZKRKDGDNLQGRIVSLULWZKLFKZDVXQDFFRXQWDEOHDQGZKRKDGSODQV ³:H¶OOJRVRIDUDZD\WKHROGEDVWDUGVZRQ¶WEHDEOHWRJHWWKHUH1R RQHZLOOHYHQORRNDOOWKH\ZDQWWRGRLVVWDUHDQGUHPHPEHUDQ\ZD\:H¶OO FOLPEPRXQWDLQV´ ³1RPDWWHUKRZIDUZHJRWKH\¶OOVWLOOEHDEOHWRZDWFKDQ\WKLQJZHGR 7KH\¶OOVHHHYHU\WKLQJ´ ³,GRQ¶WFDUH:KRFDUHV"/HWWKHPZDWFK7KH\FDQZDWFKXVXQWLO,GLH LIWKH\ZDQWWR,ZDQWNLGV´VKHVDLGSDVVLRQDWHO\ORRNLQJDWKLPLQWKDW

ZD\ZKLFKVRGDQJHURXVO\XSVHWKLP³,ZDQWDIDPLO\,ZDQWWRKDYH´VKH SDXVHG´DEDQGRQHGVH[5HDOVH[´ %LOOZDVWLPRURXVEXWQHHGIXO³
3$33, E\6KHLOD)LQFK

7+(),5677+,1*7,0127,&(':+(1+((17(5('+,62/'KRPHZDVWKHYLVRUSKRQHLQ WKHKDOOIODVKLQJWRZDUQKLPRIDQLQFRPLQJFDOO,WKDGWREHIRU.DULQRI FRXUVH%XWZKRZRXOGQ¶WDOUHDG\NQRZVKHZDVGHDG".DULQGLGQ¶WKDYHDYHU\ ZLGHFLUFOHRIIULHQGV 7KHYLVRUSKRQH¶VVKULOOFDOOQRLVHZDVLUULWDWLQJ+HZDVWLUHGIURPWKH VKXWWOHIOLJKWREVFXUHO\DQQR\HGE\WKHREVHTXLRXVURERWDWWHQGDQWVDQG IHHOLQJWKHSXOORI(DUWK¶VH[FHVVLYHJUDYLW\DOUHDG\+HSXQFKHGWKHUHFHLYH EXWWRQ7KHRSHUDWRU¶VYRLFHLQVWUXFWHG0U7LP*DUURZD\WRVWDQGE\IRUD FDOOIURP0U+RZDUG5DWKERQH,,, 7RRODWHWRZRUU\DERXWKRZ5DWKERQHKDGILJXUHGZKHUHKH¶GEHJRLQJWR LQVXFKDKXUU\+HZDVQ¶WFXWRXWWRSOD\-DPHV%RQGJDPHVEXWKH¶GIHOW FRQILGHQWWKDW(DUWKZDVWKHRQHSODFH5DWKERQHZRXOGQHYHUWKLQNRIORRNLQJ IRUKLPLIKHPDGHDUXQIRULWVLQFHLWZDVZKHUH5DWKERQHKDGZDQWHGKLPWR JR2EYLRXVO\KH¶GXQGHUHVWLPDWHGWKHPDQ :KLOHKHZDLWHGIRUWKHFRQQHFWLRQWREHFRPSOHWHGEHWZHHQ(DUWKDQGWKH VSDFHVWDWLRQXSDWWKH/DJUDQJHSRLQWWKDWZDV5DWKERQH¶VFRUSRUDWH KHDGTXDUWHUVKHJODQFHGWKURXJKWKHGRRUZD\LQWRWKHOLYLQJURRPWRVHHZKDW %HWKZDVGRLQJ6KHZDVVLWWLQJFURVVOHJJHGRQWKHUXJEXLOGLQJDWRZHURI ERRNVKHUVPDOOSOXPSIDFHUDLVHGWRWKHZDUPVSULQJVXQVKLQHWKDWIORRGHGLQ WKURXJKWKHXQGUDSHGZLQGRZ6XQOLJKWVSDUNHGKHUFXUOVWRJROGDQG7LP¶V KHDUWOXUFKHGDVKHVDZIRUWKHWKRXVDQGWKWLPHKRZOLNHKHUPRWKHUKLVOLWWOH GDXJKWHUZDV ,IRQO\6\OYLDFRXOG¶YHVHHQKHUQRZ ,IRQO\WKHGDPQHGHPHUJHQF\WHDPURERWVKDGIXQFWLRQHGDVWKH\ZHUH VXSSRVHGWR +H¶GJRQHRYHUDQGRYHUWKHRSWLRQVRQWKHVKXWWOHWULSIURPWKHPRRQ 7KHUHZHUHQ¶WYHU\PDQ\LQKLVIDYRU5XQQLQJKDGEHHQDQLPSXOVHWKDWKH¶G EHJXQWRVHHPLJKWFDXVHKLPDORWRIQDVW\SUREOHPV+HZDLWHGVXOOHQO\IRU WKHSKRQHOLQNWREHFRPSOHWHG 7KHYLVRUSKRQHFUDFNOHGSXOOLQJKLVDWWHQWLRQEDFNDQGWKHVFUHHQ FOHDUHG+RZDUG5DWKERQH,,,JD]HGDWKLPIURPWKHHOHJDQWO\SDQHOHGRIILFH ZKHUHKHNHSWWKHKHOPRIKLVELOOLRQGROODUHQWHUSULVHV7LPKDGVSHFXODWHG RQFHRQILUVWVHHLQJWKLVPDJQLILFHQWURRPKRZPXFKLWKDGFRVWWROREDOO WKDWUDUHDQGH[SHQVLYHWHDNDQGPDKRJDQ\DQGURVHZRRGLQWRVSDFHWR UHFRQVWUXFWWKHORRNRIDOX[XU\RFHDQOLQHUIURPWKHV6\OYLDKDG JLJJOHGDWKLVHVWLPDWH³:D\ZD\XQGHU´VKH¶GVDLG ³7LP
(YHQZKHQKHZDVKDQGLQJRXWSUDLVHDQGIODWWHU\5DWKERQH¶VZRUGVFDPH RXWDVRUGHUV7KDWZDVZK\KH¶GEHHQVRSKHQRPHQDOO\VXFFHVVIXOEXLOGLQJKLV KXJHHPSLUHLQOHVVWKDQWZRGHFDGHVVLQFHWKH6HFRQG0HUFXU\([SHGLWLRQ ³
,WZDVQ¶WWKDWKHKDGPXFKV\PSDWK\ZLWKWKHPHWDOPHQ7KH\ZHUHDIWHU DOORQO\PDFKLQHV1RERG\ZDVPRUHFRQYLQFHGRIWKDWWKDQKH+H¶GKDGD ORQJLQWLPDWHDVVRFLDWLRQZLWKRQHRIWKHPJRLQJDOOWKHZD\EDFNWR ULJKWKHUHLQWKLVKRXVH

³
+HORRNHGSDVWKHUDWWKHURERW³:KDWFDQ\RXSOD\ZLWKDWKLQJOLNH WKDW"´ ³
\RX$QG,FDQLGHQWLI\WKHREMHFWV\RXHQFRXQWHU´ 7LPP\WKUHZGRZQWKHEDVHEDOOEDWDQGVKLPPLHGXSWKHWUXQNRIWKHROG PDSOHE\WKHJDUGHQZDOO3$33,WUXQGOHGRYHUWRVWDQGXQGHUQHDWKWKHGRPH VZLYHOLQJVRWKHFDPHUDH\HFRXOGIRFXVRQ7LPP\¶VDVFHQW +DOIZD\XSWRWKHFURZQWKHPDLQWUXQNIRUNHG+HUH7LPP\DQG-RH\KDG RQFHVWDUWHGWRHUHFWDIRUW7KHQWKHZHDWKHUJRWWRR KRWIRUFDUSHQWU\ SURMHFWVDQGWKH\¶GDEDQGRQHGLW%XWLWZDVVWLOODILQHSODFHWRVLWDQG ORRNDWWKHMDJJHGVN\OLQHRIWKHFLW\DFURVVWKH(DVW5LYHU7KHOHDYHV RYHUKHDGPDGHOLTXLGSDWWHUQVRIVXQOLJKWDQGVKDGHRQKLVEDUHDUPVDQG WKHLUVRIWUXVWOLQJZDVOLNHDNLQGRIVHFUHWODQJXDJHWKDWRQO\7LPP\ZDV PHDQWWRXQGHUVWDQG 7LPP\VWUDGGOHGRQHRIWKHVXQZDUPSODQNV ³
.DULQUDUHO\EURXJKWDQ\RQHKRPHIRUVXSSHUQRWHYHQSHRSOHIURP86 5RERWV%XWRQFHDODG\VKHVKDUHGWKHRIILFHZLWKFDPHWR7LPP\¶VKRXVH ³,WGRHVQ¶WORRNDELWOLNHDPHFKDQLFDOPDQ´7LPP\FRPSODLQHG +HDQGWKLVILHUFHORRNLQJODG\KXQNHUHGGRZQRQWKHUXJWRORRNDW 3$33,ZKRKDGMXVWVOLWKHUHGWRDKDOWLQIURQWRIWKHP7KHURERW¶VZKHHOV VFXIIHGWKHSROLVKHGIORRUDVLWEUDNHG ³,WGRHVQ¶WQHHGWR´.DULQ¶VRIILFHPDWHUHSOLHG³)RUPVKRXOGIROORZ IXQFWLRQ´ ³$WOHDVWLWFRXOG¶YHKDJOHJVQRWZKHHOV´7LPP\VDLGILQJHULQJRQH RIWKHVFUDWFKHVLQWKHZRRG ³7KLVZDVPHDQWWREHDXWLOLW\URERW
.DULQVHWKHUQRWHVGRZQDQGJD]HGDWKLP³,¶PVRUU\\RX¶UHVWLOO IHHOLQJDODFN7LPP\,¶GKRSHG3$33,ZRXOGILOOLW´ ³6HHPVOLNH,GRQ¶WKDYHDIDWKHURUDPRWKHU´µ7LPP\VDLG 7KHIROORZLQJ\HDU7LPP\WRRNDFODVVLQSK\VLFVDW.DULQ¶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¶VEHGWLPH 7LPP\ZHQWRXWIRUWKHVFKRROVZLPWHDP3$33,OLVWHQHGWRKLVEUDJJLQJ DQGV\PSDWKL]HGZKHQKHORVW7LPP\FKDQJHGKLVQDPHWR7LPDQG3$33,XQOLNH .DULQQHYHUPDGHDPLVWDNHDIWHUWKDW$OOLQDOOLWZDVDJRRGWLPH %XW-RHJRWWRKDYHPDQWRPDQWDONVZLWKKLVQHZIDWKHU 7LPDFWLYDWHGWKHYLVRUSKRQHDJDLQDQGPDGHDQDSSRLQWPHQWWRVHHWKH PD\RU6WHSKHQ%\HUOH\ 7KHQKHWULHGWRSXWWKHZKROHWKLQJRXWRIKLVPLQG +H¶GIRUJRWWHQ.DULQ¶VKRXVHZDVVRVPDOO+HZHQWWKURXJKWKHURRPV PHWKRGLFDOO\PDNLQJOLVWVRIZKDWWRGXPSDQGZKDWWRSDFN7KHUHZDVQ¶WWRR PXFKRIWKHODWWHU/LYLQJTXDUWHUVRQDVSDFHVWDWLRQZHUHVPDOOEXWDW OHDVWWKHUHZDVDVHQVHRIWKHYDVWQHVVMXVWEH\RQGWKHVFUHHQHGZDOOV7KLV KRXVHZDVDER[DWUDFWKRXVHWKURZQXSE\JUHHG\GHYHORSHUVFXWWLQJ XSWKH ODQGWKDWKDGRQFHEHHQFRXQWU\VLGHDURXQG1HZ
5DWKERQHIRUWKHUHVWRIWKHLUOLYHV

³
³$OOULJKWHYHU\ERG\OLVWHQXS´7LPVDLG³,¶PJRLQJWRPDNHP\RZQ GHFLVLRQVIURPQRZRQ,¶OOJRWRVFKRROLIDQGZKHQDQGZKHUHYHU,SOHDVH´ .DULQJODQFHGDWKLPDVLIVKH¶GIRUJRWWHQKHZDVWKHUH³:HOORI FRXUVH7LPP\%XWWKLVLVUDWKHUXUJHQWGRQ¶W\RXVHH"´ 2QFHDJDLQKHWKRXJKWDQJULO\KHFDPHRXWVHFRQGLQLPSRUWDQFHWRD URERW 7KH8QLYHUVLW\RI/XQDRIIHUHGILQDQFLDODLGLQUHWXUQIRUWDNLQJSDUW LQDWKOHWLFUHVHDUFKLQORZRU]HURJUDY6LQFHWKLVIUHHGKLPIURP.DULQ¶V PRQH\7LPHQUROOHG.DULQGLGQ¶WFRPHWRVHHKLPRIIZKHQKHERDUGHGWKH VKXWWOH&RXOGQ¶WZDLWWRJHWGRZQWRWKHODEDQGKHUWHVWVRQ3$33,KH WKRXJKWUHVHQWIXOO\ +HZRUNHGWKURXJKWKHXQLYHUVLW\YDFDWLRQVDVDQDVVLVWDQWWRDPRRQ JHRORJLVWZKRQHHGHGVRPHRQHWRNHHSWUDFNRIKLVURFNV6LQFHWKLVZDVQ¶WVR GLIIHUHQWIURPNHHSLQJDVWDPSFROOHFWLRQ7LPUDWKHUHQMR\HGLW 2WKHUJX\VKDGSDUHQWVVKXWWOHXSWRYLVLWIURPWLPHWRWLPHZHOO GUHVVHGPHQDQGZRPHQZKRFRQYHUVHGNQRZOHGJHDEO\DERXWLQWHUDFWLYHWKHDWHU DQGZRUOGSROLWLFVDQGSUHVHUYLQJWUDGLWLRQDOKXPDQYDOXHVLQDPHFKDQL]HG ZRUOG-XVWEHFDXVHKXPDQVKDGYHQWXUHGRXWLQWRVSDFHDQGGHSHQGHGRQURERW KHOSGLGQ¶WPHDQWKH\VKRXOGDEDQGRQWKHKLVWRULFYLUWXHVRIWKHVLPSOHOLIH WKHIDPLO\DQGSK\VLFDOODERUKLVQHZIULHQGVVDLG7LPNQHZZKDWWKH\ PHDQW7KHNLQGRIZRUNKLVPRWKHUZDVGRLQJDW865RERWVZDVGDQJHURXV ³0HFKDQLFDO0HQ´IRUJRRGQHVVVDNH&RXOGQ¶WVKHVHHLWZDVQ¶WZLVHWRDOORZ URERWVWREHFRPHWRRFOHYHU"7KH\ZHUHGHVLJQHGDVVHUYDQWVQRWSDUWQHUVLQ WKHKXPDQHQWHUSULVH,IKXPDQVGLGQ¶WNHHSWKDWLQPLQGVRPHGD\WKHURERWV ZRXOGEHDSUREOHP7LPIHOWDJURZLQJHVWUDQJHPHQWIURP.DULQDQGQHYHU LQYLWHGKHU 7KHPRVWGD]]OLQJRIWKHVHQHZIULHQGVZDV6\OYLD5DWKERQHGDXJKWHURI DQROGVW\OHHQWUHSUHQHXULQVSDFHDQGDVGLIIHUHQWLQVSLULWIURPKHUIDWKHU DVKHZDVIURP.DULQ6\OYLDUHSUHVHQWHGHYHU\WKLQJKHIHOWKH¶GEHHQGHSULYHG RILQOLIHPRQH\DODUJHIDPLO\RIDXQWVDQGXQFOHVDQGFRXVLQVDIDWKHU ZKRVSRLOHGKHUVKDPHOHVVO\6KHZDVDEHDXWLIXOPHUU\GHOLFDWHERQHGJLUO ZLWKPRYHPHQWVDVEULJKWDQGVZLIWDVTXLFNVLOYHU$QGWRKLVJUHDWZRQGHUDQG JUDWLWXGHVKHIHOOLQORYHZLWKKLPWRR 7KH\ZHUHPDUULHGLQDVPDOOLQWLPDWHFHUHPRQ\LQWKHVSULQJRIµLQ DFKDSHOFDUYHGIURPRQHRIWKHPRRQ¶VYDVWXQGHUJURXQGFDYHUQV7KH\SODQQHG WRNHHSLWVHFUHWZKLOHKHILQLVKHGXSWKHGHJUHHLQJHRORJ\KH¶GUHFHQWO\ VZLWFKHGWRDQGVKHZRUNHGRQKHUIDWKHUWRDFFHSWKHUPDUULDJHWRD SHQQLOHVVVWXGHQW%XWWKHIROORZLQJ\HDU%HWKZDVERUQ7KH\VHQWQRWLFHRI WKHHYHQWWRERWKSDUHQWVDQGZDLWHGQHUYRXVO\ .DULQDOPRVWIRUJRWWRUHSO\VKHPHQWLRQHGWKHELUWKILQDOO\LQD SRVWVFULSWWRKHUUHJXODUPRQWKO\ID[WUDQVPLVVLRQ 0U5DWKERQH¶VDWWRUQH\QRWLILHGWKHPWKDW6\OYLDKDGEHHQFXWRXWRI KLVZLOOXQWLOVXFKWLPHDVVKHGLYRUFHGKHUXQVXLWDEOHKXVEDQG ,WZDVKDUGPDQDJLQJDIDPLO\RQDVWXGHQW¶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¶VUHPDLQVDUULYHGMXVWDVKHEURNH

RXWRIKLVVWXQQHGLQDFWLRQDQGEHJDQWRPRXUQ2QHRIWKHVHWWOHPHQW¶VURERWV EURXJKWLW 7KHZKHHORIKLVOLIHKDGWXUQHGIXOOFLUFOH+HDFKLOGZKR¶GEHHQ IDWKHUOHVVUDLVHGE\KLVPRWKHUPXVWSOD\IDWKHUWRDPRWKHUOHVVFKLOG$QG KHZDVEURNH6ZDPSEODFNGHVSDLUVHWWOHGRYHUKLP 7ZRWKLQJVKDSSHQHG ,QWRWKLVGHVSDLUFDPH+RZDUG5DWKERQH,,,ZKRZDQWHGKLVJUDQGFKLOGVR XUJHQWO\WKDWKHZDVSUHSDUHGWRPDNHDGHDOZLWKKHUIDWKHU $QG'U6XVDQ&DOYLQQRWLILHGKLPE\H[SUHVVID[WKDW.DULQKDGGLHG VXGGHQO\DIWHUDEULHILOOQHVVDQGOHIWKLPWKHOLWWOHKRXVHLQ1HZ
LPSRUWDQWWKDWLVLWFDQZDLW³ %\HUOH\VPLOHG³,EHOLHYHZHKDYHIULHQGVLQFRPPRQ7LP0D\,FDOO \RX7LP"´ ³6XUH´+HZDVLPSUHVVHGZLWKWKHJHQXLQHZDUPWKWKLVPDQSURMHFWHG+RZ FRXOGKHSRVVLEO\KDYHHQWHUWDLQHGLGHDVRIHOLPLQDWLQJKLP" ³,XQGHUVWDQG\RXUPRWKHUZDVDQDVVRFLDWHRI'U6XVDQ&DOYLQRQHRI P\PRVWWUHDVXUHGIULHQGV´ 6RPHWKLQJGXOODQGFROGFOXWFKHG7LP2IFRXUVH,WZDVWREHH[SHFWHG ³2K"´KHVDLGKHDYLO\³
DQGDOOLWWRRNZDVRQHJODQFHWREULQJLWDOOEDFNWRYLYLGSDLQIXOOLIH+H ZDVHLJKW\HDUVROGDJDLQDQGLWZDV)DWKHU¶V'D\ :KDWZDVLWGRLQJKHUH".DULQWRRNLWEDFNWRWKHODE,WZDVDJUHDW DFKLHYHPHQWWKHFURZQLQJJORU\RIKHUVFLHQWLILFFDUHHU +HKDGDVVXPHGVKH¶GWDNHQLWEDFNWRWKHODE7KHUHFHQWVFXIIPDUNVLQ WKHKDOOVDLGRWKHUZLVH%XWZK\KDGVKHSXWLWXSKHUHMXVWEHIRUHVKHGLHG DSSDUHQWO\" ³0HSOD\´KLVGDXJKWHUDQQRXQFHGLPSHULRXVO\VFUDPEOLQJGRZQIURPKLV DUPV *UD\GXVWVZLUOVVSLUDOHGDURXQGKHUDQGVKHVQHH]HG+HOHDQHGIRUZDUG VWHDG\LQJKHUDVVKHPDQHXYHUHGRYHUWKHXQILQLVKHGIORRURIWKHDWWLF6KH FKXFNOHGKHUOLWWOHERG\WHQVHZLWKWKHH[FLWHPHQWRIGLVFRYHU\+HIHOW VZDPSHGDJDLQE\PLQJOHGHPRWLRQVRIORYHDQGKHOSOHVVQHVV+RZFRXOGKHEH ERWKIDWKHUDQGPRWKHUWRWKLVOLWWOH&ROXPEXVVRHDJHUWRH[SORUHHDFKQHZ ZRUOGVKHHQFRXQWHUHG"+RZFRXOGKHSURWHFWKHUIURPWKHXJOLQHVVRIDZRUOG ZKHUHURERWVEHFDPHPD\RUDQGPHQOLNH5DWKERQHVFKHPHGWRNLOOWKHP" 7KHWRGGOHU¶VSXGJ\KDQGVFDUHVVHGWKHURERW7KHSUREOHPRIWKHURERW GUHZKLPDJDLQ7KHRQO\UHDVRQKHFRXOGLPDJLQHIRU.DULQQRWUHWXUQLQJ3$33, WRWKHODEZDVEHFDXVHVKH¶GFDUHGDERXWWKHURERW +HZDVDERXWWRSLFN%HWKXSDQGFDUU\KHUDZD\ZKHQWKHUHGOLJKW EOLQNHGRQ ³+HOOR´VDLGWKHZHDNEXWIDPLOLDUYRLFH³,¶P3$33,D3DWHUQDO $OWHUQDWLYH:RXOG\RXOLNHWRSOD\"´ +LVGDXJKWHUORRNHGDVLIVKHZHUH JRLQJWRFU\ +HZDVQ¶WVXUSULVHGWROHDUQWKHURERW¶VSRZHUVXSSO\ZDVVWLOO RSHUDWLRQDO7LPFURXFKHGEHVLGHKLVOLWWOHGDXJKWHUDQGSXWKLVDUPVDURXQG KHU+HUHLQWKLVDWWLFIRUWKHYHU\ILUVWWLPHLQKLVOLIHKHKDGWKH IHHOLQJWKDWKHXQGHUVWRRG.DULQ6KH¶GKLGGHQWKHURERWXSKHUHZKHQVKHNQHZ VKHZDVG\LQJVKHKDGQ¶WZDQWHG3$33,WRJREDFNWRWKHODERUWRIDOOLQWR WKHKDQGVRIWKH)XQGLHV:KDWGLGWKDWSURYH" )RUDPRPHQWKHIHOWDVLIKHZHUHGURZQLQJXQGHUWKHWLGDOZDYHRIWKH SDVW+HZDVDVPDOOER\DJDLQRQ)DWKHU¶V'D\ 0D\EHLIVKH¶GFDUHGDERXWWKHURERWVKH¶GFDUHGDERXW7LPP\WRR +DGKHUHDOO\EHHQVRGHSULYHG"/RYHZDVLPSRVVLEOHWRGHILQHEXW VXUHO\LWLQFOXGHGVKDULQJSDUWQHUVKLSLQZRUNDQGSOD\QXUWXULQJ$ IDPLO\ ZDVMXVWDJURXSWKDWFDUHGDERXWHDFKRWKHUHYHQLILWLQFOXGHGDURERW ³+HOOR3$33,´%HWKVDLGXQFHUWDLQO\³:KDWDUH\RX"´ &RXOGKHJLYH%HWKDVPXFKDV.DULQKDGJLYHQKLP"+HZDVFHUWDLQO\ JRLQJWRGRKLVEHVW%XWZKDWKHZDQWHGIRUKLVGDXJKWHUFRXOGQ¶WEHEXLOWRQ DIRXQGDWLRQRIKDWUHGDQGYLROHQFH*RRGGLGQ¶WFRPHRXWRIHYLO3$33,KDG WDXJKWKLPWKDW+HFRXOGQ¶WNHHSWKDWDSSRLQWPHQWZLWK6WHSKHQ%\HUOH\ WRPRUURZPRUQLQJ $QGWKDWZRXOGPHDQ5DWKERQHZRXOGEHDIWHUWKHP7KHUH¶GEHQR UHWXUQLQJWRWKHLUKRPHRQWKHPRRQDQGQRVWD\LQJKHUHRQ(DUWK/LIHZDV KDUGIRUDJHRORJLVWSURVSHFWLQJRXWLQWKHDVWHURLGVEXWZKDWRWKHUFKDQFH GLGWKH\KDYHWREHDIDPLO\IDWKHUGDXJKWHUDQGURERW" ³6ZHHWLH´KHVDLGWRKLVGDXJKWHU³WKLVLV\RXU*UDQG3$33,´ B 7KH5HXQLRQDWWKH0LOH+LJK E\)UHGHULN3RKO

,17+26(/21*$1'/21*$*2'$<6,7¶6%((1+$/)$FHQWXU\ZHZHUHQRWRQO\ \RXQJZHZHUHPRVWO\SRRU:HZHUHDOOSUHWW\VNLQQ\WRRWKRXJK\RX ZRXOGQ¶WWKLQNWKDWWRORRNDWXVQRZ,NQRZWKLVEHFDXVH,KDYHDSLFWXUH RIWKHWZHOYHRIXVWKDWZDVWDNHQULJKWDURXQG,GXJLWRXWWRORDQLW WRP\SXEOLVKHU¶VSXEOLFUHODWLRQVSHRSOHMXVWWKHRWKHUGD\DQG,ORRNHGDW

LWIRUDORQJWLPHEHIRUH,SXWLWLQWKHRYHUQLJKWPDLO:HGLGQ¶WWRRNOLNH PXFKDOOJULQQLQJLQWRWKHFDPHUDZLWKRXUKDLUOHVVKRSHIXOWHHQDJHIDFHV ,I\RX¶GEHHQJLYHQDFRXSOHRIFKDQFHVWRJXHVV\RXPLJKWKDYHWKRXJKWZH ZHUHDGR]HQ:HVWHUQ8QLRQER\VRQRXUGD\RIIUHPHPEHU:HVWHUQ8QLRQER\V"  RUPD\EHWKHVHQLRUGHEDWLQJFOXEDWVRPHELJFLW\DOOER\KLJKVFKRRO:H ZHUHQ¶WDQ\RIWKRVHWKLQJVWKRXJK:KDWZHDFWXDOO\ZHUHZDVDFOXERIUHG KRWVFLHQFHILFWLRQIDQVDQGZHFDOOHGRXUVHOYHVWKH)XWXULDQV 7KDWROGSKRWRJUDSKGLGQ¶WOLH,WMXVWGLGQ¶WWHOOWKHZKROHWUXWK7KH FDPHUDFRXOGQ¶WFDSWXUHWKHWKLQJVWKDWNHSWXVWRJHWKHUEHFDXVHWKH\ZHUH DOOLQVLGHRXUKHDGV)RURQHWKLQJZHZHUHSUHWW\VPDUWZHNQHZLW RXUVHOYHVDQGZHZHUHYHU\ZLOOLQJWRWHOO\RXVR)RUDQRWKHUZHZHUHDOO GHHSO\DGGLFWHGUHDGHUVRIVFLHQFHILFWLRQZHFDOOHGLWVWILQWKRVHGD\V EXWWKDW¶VDZKROHRWKHUVWRU\:HWKRXJKWVWIZDVDORWRIIXQDOOWKRVH MD]]\URFNHWVKLSVDQG]LSS\GHDWKUD\VDQGELJFKHVWHG0DUWLDQVDQGVTXDW VLQLVWHUPRQVWHUVIURP-XSLWHURKZRZ 7KDWZDVQ¶WDOORILWWKRXJK:H DOVRWKRXJKWVWIZDVLPSRUWDQW:HZHUHDEVROXWHO\VXUHWKDWLWSURYLGHGWKH EHVWYLHZDQ\RQHFRXOGKDYHRI7 + () 8 7 8 5 (E\ZKLFKZHPHDQWWKHNLQG RIWHFKQRORJLFDOO\GD]]OLQJVRFLDOO\8WRSLDQDQGJHQHUDOO\ZRQGHUIXOZRUOG ZKLFKWKHUDWKHUIUD\HGDQGIULJKWHQLQJRQHZHZHUHVWXFNZLWKOLYLQJLQPLJKW VRPHGD\EHFRPH$QGPRVWRIDOOZHZHUHZKDWRXUROG)XWXULDQEXGG\'DPRQ .QLJKWFDOOVWRDGV:HZHUHQ¶WYHU\DWKOHWLF:HGLGQ¶WJHWDORQJDOOWKDW ZHOOZLWKRXUSHHUVDQGQRWHYHQDVZHOODVWKDWZLWKJLUOV$QGVRZHVSHQW DORWRIWLPHGULYHQLQXSRQRXURZQUHVRXUFHVZKLFKPRVWO\PHDQWUHDGLQJ :HDOOUHDGDORW :HHYHQPRUHRUOHVVDJUHHGWKDWZHZHUHWRDGV$WOHDVWZHNQHZWKDW JLUOVGLGQ¶WVHHPDQ[LRXVWRIDOOEHGD]]OHGE\DQ\RIRXUFKDUPV,¶PQRWVXUH ZK\,WZDVQ¶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¶WHYHQ ERUQWKHQZKLFKXQGRXEWHGO\PHDQVWKDWWKDWDQFLHQW\HDURIVHHPVDV UHPRWHDQGVWUDQJHWRPRVWSHRSOHQRZDVWKH6SDQLVK$PHULFDQ:DUGLGWRPH ,ZRXOGOLNHWRSRLQWRXWWKRXJKWKDWGLGQ¶WVHHPDOOWKDWKRWWR XVHLWKHUHYHQZKLOHZHZHUHOLYLQJLW,WZDVQ¶WDIXQWLPH:HZHUHWKH JHQHUDWLRQFDXJKWEHWZHHQ+RRYHUDQG+LWOHU:HKDGWKHEUHDGOLQHVRIWKH *UHDW'HSUHVVLRQWRUHPHPEHULQRXUUHFHQWSDVWDQGWKH1D]LDUPLHVORRPLQJ ZRUULVRPHO\LQRXUSUREDEOHIXWXUH:KHQZHORRNHGRXWDWWKHUHDOZRUOGZH OLYHGLQZHGLGQ¶WPXFKOLNHZKDWZHVDZ 6RLQVWHDGZHORRNHGLQVLGHWKHVWIPDJD]LQHVZHDGRUHGDQGWKHQZH ORRNHGLQVLGHRXURZQKHDGV:HUHDGDORWDQGZHWULHGWRZULWH%HFDXVHWKH RWKHUWKLQJDERXWXV\RXVHHZDVWKDWZHZHUHDOOSUHWW\KDUGZRUNLQJDQG DPELWLRXV6LQFHZHZHUHQ¶WWKULOOHGE\RXUOLYHVZHWULHGWRFKDQJHWKHP:H KDGRXUPHHWLQJVZH¶GJHWWRJHWKHURQFHDPRQWKRUVRLQVRPHERG\¶V EDVHPHQWRUVRPHERG\HOVH¶VOLYLQJURRPDQGZH¶GWDONDERXWWKLVDQGWKDW DQGWKHQZH¶GJRRXWIRUDQLFHFUHDPVRGDDQGWKHQZH¶GJUDGXDOO\VSOLQWHU DSDUW6RPHRIXVZRXOGJRKRPHHVSHFLDOO\WKHRQHVZKRKDGWRJHWXSLQWKH PRUQLQJOLNH,VDDF$VLPRY+HZRUNHGDWKLVSDUHQWV¶FDQG\VWRUHDQGWKH FRPPXWHUVVWDUWHGFRPLQJLQIRUWKHLUPRUQLQJSDSHUVDWILYHWKLUW\$0 0RVW RIWKHUHVWRIXVZRXOGMXVWZDQGHULQWZRVDQGWKUHHV,¶GVWDUWRXWE\ ZDONLQJ'LUNDQG-RKQQ\0LFKHOWRWKHLUVXEZD\VWDWLRQ%XWJHQHUDOO\E\WKH WLPHZHJRWWRLWZH¶GEHLQWKHPLGGOHRIVRPHUHDOO\LQWHUHVWLQJGLVFXVVLRQ GLGWKH*HQHUDO0RWRUV)XWXUDPDDWWKH:RUOG¶V)DLUKDYHWKHULJKWLGHDDERXW

WKH:RUOGRI7RPRUURZDOOWZHOYHODQHVXSHUKLJKZD\VDQGIRUW\VWRU\ DSDUWPHQWV":HUH-RKQ&DPSEHOO¶V$UFRW:DGH 0RUH\VWRULHVDVJRRGDV'RF 6PLWK¶V6N\ODUN" VRWKHQWKH\¶GZDONPHEDFNWRP\VWDWLRQRUDURXQGWKH EORFNRUDQ\ZKHUH$OZD\VWDONLQJ7DONLQJPDWWHUHGWRXV:ULWLQJPDWWHUHG WRRDOPRVWDVPXFK:HGLGDORWRILWRQRXUEDWWHUHGVHFRQGKDQGSRUWDEOH W\SHZULWHUVHDFKRQKLVRZQEXWDOZD\VZLWKWKHLQWHQWLRQRIVKRZLQJZKDWZH KDGZULWWHQWRWKHRWKHUV:RUGVPDWWHUHGDQGZHSDUWLFXODUO\LQWHQGHGWR PDNHRXUZRUGVPDWWHU6RPHKRZ:HGLGQ¶WUHDOO\NQRZKRZH[DFWO\EXWZKHQ \RXWKLQNRILW,JXHVVZHVXFFHHGHG,IZHZHUHWRDGVDV'DPRQVD\VWKHQ VRPHWLPHRURWKHUVRPHZDQGHULQJIDLU\SULQFHVVPXVWKDYHFRPHDORQJDQG NLVVHGXVDQGWXUQHGXVLQWRVRPHWKLQJGLIIHUHQWRUZHZRXOGQ¶WKDYHEHHQ JHWWLQJWRJHWKHUDWWKHWRSRIWKH0LOH+LJK%XLOGLQJIRURXU)LIWLHWK 5HXQLRQZLWKUHSRUWHUVDOORYHUWKHSODFHDQGRXUROGHUFRQVLGHUDEO\PRUH LPSUHVVLYHIDFHVVWDULQJRXWDWWKHZRUOGRQWKH6L[2¶&ORFN1HZV
DQG\RXQJFRXSOHVJHWWLQJWKHLUEDELHVRXWRIYHQGLQJPDFKLQHV,ILUVWVDZ -XVW,PDJLQHZKHQ,ZDVWHQ\HDUVROG7KHKHURLQHZDVDPHOWLQJO\ORYHO\ WHHQDJHUMXVWLPSRUWHGIURP,UHODQGWR+ROO\ZRRGDQGWKDWPRYLHLVZK\DOO P\OLIH,KDYHEHHQLQORYHZLWK0DXUHHQ2¶6XOOLYDQ 7KH0LOH+LJK%XLOGLQJGRHVQ¶WKDYHDQ\RIWKRVHWKLQJVOHDVWRIDOO ZRUVHOXFN WKHVWLOOORYHO\0DXUHHQEXWLWLVGHILQLWHO\DVN\VFUDSHUWKDW SXWVHYHQWKRVHROGPRYLHPDNHUVWRVKDPH7RJHWWRWKHWRS\RXJRDPHDVXUHG PLOHVWUDLJKWXS%HFDXVHWKHHOHYDWRUVDUHJODVVZDOOHG\RXJHWWRVHHWKDW ZKROHLQFUHGLEOHILYHWKRXVDQGSOXVIHHWGURSSLQJDZD\DV\RX]RRPXSZDUG QHDUO\DKXQGUHGPLOHVDQKRXUDWSHDNYHORFLW\ 'RFVZD\HGDOLWWOHDVZHDFFHOHUDWHG³3UHWW\IDVW´KHVDLG³5HDO IDVW´,DJUHHGDQGEHJDQWHOOLQJKLPDOODERXWWKHEXLOGLQJ,W¶VKROORZ LQVLGHOLNHDQLFHFUHDPFRQHDQG,NQHZTXLWHDORWDERXWLWEHFDXVHZKHQ, ZDVVWLOOOLYLQJ LQ1HZ
RQSXWGRZQMRNHVDQGJHWWLQJODXJKVDWHDFKRWKHU¶VH[SHQVHMXVWWKHWKRXJKW RIFRPLQJWRWKHUHXQLRQVHHPHGWRJHWPHEDFNLQWKDWPRRG,ZDVQ¶WXVHGWR VHHLQJ%RELQKLVSUHVHQWJHQWOHULQFDUQDWLRQ 7KHQWKHZKLWHKDLUHGZRPDQWRRNRXUFRDWVDQGHYHQJHQWOH%REJRWD NLQGRIVPLUNRQKLVIDFHDV,KDQGHGRYHUP\WUHQFKFRDW,NQHZZKDWKHZDV ORRNLQJ DWEHFDXVH,ZDVZHDULQJP\XVXDODWKRPHRXWILWFDQDU\\HOORZ VODFNVEHDFKER\VKLUWDQGWKRQJV³,GLGQ¶WKDYHDFKDQFHWRFKDQJH´, VDLGGHIHQVLYHO\ ³,ZDVMXVWWKLQNLQJKRZQLFHLWLVIRU\RXIRONVWKDWOLYHLQ+DZDLL´ KHWROGPHVHULRXVO\DQGOHGWKHZD\LQWRWKHELJUHFHSWLRQURRPZKHUHWKH SDUW\KDGDOUHDG\VWDUWHG 7KHUHKDGFHUWDLQO\EHHQFKDQJHV,WZDVQ¶WOLNHWKHROGGD\V0D\EHLW ZDVEHFDXVHWKH\ZHUHWDONLQJDERXWPDNLQJ%RESRHWODXUHDWHIRUWKH8QLWHG 6WDWHV2UPD\EHLWZDVMXVWWKHGLIIHUHQFHEHWZHHQWZHQW\DQGVHYHQW\:H GLGQ¶WKDYHWRH[SODLQKRZVSHFLDOZHZHUHQRZEHFDXVHWKHZKROHZRUOGZDV IXOORISHRSOHZLOOLQJWRH[SODLQWKDWWRXV

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¶W KDYH PXFKLQWHUHVWLQVFKRROWHDFKHUVHYHQZKHQWKDWRQHKDGEHHQRQHRI +DUYDUG¶VPRVWGLVWLQJXLVKHGSURIHVVRUVHPHULWXV,VDZ-DFN*LOOHVSLHZLWKD JRUJHRXVEORQGHVL[LQFKHVWDOOHUWKDQKHZDVRQKLVDUPVKHZDVWKHVWDURI RQHRIKLVSOD\VDQG+DQQHV%RNORRNLQJROGHUDQGPRUHFRQWHQWWKDQKHXVHG WRGULQNLQJ&RFD&RODDQGPXQFKLQJRQRQHRIWKHRSHQIDFHGVDQGZLFKHV7KHUH ZDVQ¶WDQ\GRXEWWKH\ZHUHSUHWW\ZHOONQRZQE\DQ\QRUPDOVWDQGDUGV-DFNKDG DOUHDG\ZRQD3XOLW]HUDQG+DQQHV¶VHDUO\EODFNDQGZKLWHVZHUHJRLQJIRU WKUHHWKRXVDQGGROODUVDSLHFHLQWKHJDOOHULHVRQ)LIW\VHYHQWK6WUHHW%XW WKHUH¶VDGLIIHUHQFHEHWZHHQVD\GLGQ¶W,VHH\RXRQFHRQ79DQGIDPRXV7KH PHGLDSHRSOHNQHZZKLFKRQHVWRSRLQWWKHLUFDPHUDVDW&\ULOGLGQ¶WKDYHRQH 3XOLW]HUKHKDGWKUHHRIWKHPDQGWKHZRUGZDVKH¶GKDYHKDGWKH1REHO3UL]H LIRQO\KH¶GKDGWKHVHQVHWREHERUQD%ROLYLDQRUD*UHHN$QGDVWR,VDDF RIFRXUVHZHOO,VDDFZDV,VDDF$GYLVHUWR3UHVLGHQWVFRQILGDQWRIWKH PLJKW\FHOHEUDWHGVWHDG\ JXHVWRIWKH-DFN3DDUVKRZDQGVWDURIDKXQGUHG WHOHYLVLRQFRPPHUFLDOV+HZDVQ¶WMXVWNLQGRIIDPRXV+HZDVWKHRQHRIXV ZKRFRXOGQ¶WFURVVDFLW\VWUHHWZLWKRXWEHLQJUHFRJQL]HGEHFDXVHKHZDV NQRZQE\IHDWXUHVWRPRUHSHRSOHWKDQDQ\VHQDWRUJRYHUQRURUFDUGLQDORI WKH&KXUFK+HHYHQGLGWHOHYLVLRQFRPPHUFLDOV,¶GVHHQKLPLQ+DZDLL WRXWLQJWKH3DQ$PHULFDQ&OLSSHUIOLJKWVWR$XVWUDOLDDQGKHGLGQ¶WHYHQ IO\ 7KH\¶GEORZQXSWKDWROGSKRWRJUDSKWZHOYHIHHWORQJDQG'DPRQ.QLJKW ZDVVWDULQJPRXUQIXOO\XSDWLWZKHQ'RFDQG,FDPHRYHUWRVKDNHKDQGV³:H ZHUHVXFKNLGV´KHVDLG7UXHHQRXJK:H¶GUDQJHGIURPVL[WHHQWKDWZDV &\ULOWR'RQ:ROOKHLPWKHROGPDQRIWKHEXQFKZK\WKHQKHKDGEHHQDW OHDVWWZHQW\WKUHHRUWZHQW\IRXU 6R PXFKKDVEHHQZULWWHQDERXWWKH)XWXULDQVWKHVHGD\VWKDWVRPHWLPHV ,¶PQRWVXUHP\VHOIZKDW¶VWUXHDQGZKDW¶VMXVWSUHVVDJHQWSXIIHU\7KH

QHZVSDSHUVWRULHVPDNHXVVRXQGYHU\VSHFLDO:HOOZHFHUWDLQO\WKRXJKWZH ZHUHEXW,GRXEWWKDWPDQ\RIRXUUHODWLYHVVKDUHGRXURSLQLRQ,VDDFZRUNHG LQKLVSDUHQWV¶FDQG\VWRUH-RKQQ\0LFKHOKHOSHGKLVIDWKHUVLONVFUHHQVLJQV IRU:RROZRUWK¶V)LYHDQG7HQ'LUN:\OLHSXPSHGJDVDWDILOOLQJVWDWLRQLQ 4XHHQV'LFN:LOVRQVKRYHGWUROOH\VRIZRPHQ¶VGUHVVHVDURXQGWKHJDUPHQW GLVWULFWRQ6HYHQWK$YHQXH0RVWRIWKHUHVWRIXVGLGQ¶WKDYHUHDOMREVDW DOO5HPHPEHULWZDVWKHWDLOHQGRIWKH*UHDW'HSUHVVLRQ,NQRZWKDWIRU P\VHOI,FRQVLGHUHG,ZDVOXFN\QRZDQGWKHQWRJHWZRUNDVDUHVWDXUDQW EXVER\RUPHVVHQJHUIRUDQLQVXUDQFHFRPSDQ\ $\RXQJZRPDQFDPHRYHUWRXV6KHZDVUHDGLQJIURPDJXHVWOLVWDQG ZKHQVKHORRNHGDWPHVKHZRQGHUIXOO\JRWP\QDPHULJKW³,¶PIURP6DWXUGD\ (YHQLQJ3RVW9LGHR³VKHH[SODLQHG³
(LQVWHLQKDGZULWWHQWRWKH3UHVLGHQWFODLPLQJWKDW+LWOHU¶VSHRSOHZHUHRQ WKHYHUJHRILQYHQWLQJZKDWKHFDOOHG³DQDWRPLFERPE´DQGKHZDQWHG)'5WR VWDUWDSURMHFWVRWKH86$FRXOGEXLOGRQHILUVW'U$OH[LV&DUUHOKHDUG DERXWLW+HZDVDELRFKHPLVWDQGKHGLGQ¶WZDQWWRVHH$PHULFDZDVWLQJLWV WLPHRQVRPHDWRPLFSRZHUZLOOR¶WKHZLVS6RKHSHUVXDGHGKLVIULHQG&RORQHO &KDUOHV$/LQGEHUJKWRWDNHDTXLWHGLIIHUHQWOHWWHUWR3UHVLGHQW5RRVHYHOW ,WZDVQ¶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¶VWLPHRQDVORZ7KXUVGD\ PRUQLQJLQ:DUP6SULQJV*HRUJLD$QGWKH3UHVLGHQWDFWXDOO\UHDG&DUUHO¶V OHWWHU 5RRVHYHOWZDVQ¶WDVFLHQWLVWDQGGLGQ¶WHYHQKDYHDQ\VFLHQWLVWVQHDU KLPVFLHQWLVWVZHUHQ¶WDELJGHDOEDFNLQWKHWKLUWLHV6R)'5GLGQ¶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³7KDW¶VYHU\ LQWHUHVWLQJ0U/RZQGHV"´VKHVDLGJODQFLQJDWKHUQRWHV³%XW,WKLQNP\ HGLWRUVZRXOGZDQWPHWRJHWWKLVVRUWRIWKLQJIURP'U$VLPRYKLPVHOI ([FXVHPH´VKHILQLVKHGDOUHDG\WXUQLQJDZD\ZLWKWKHVWDUVRIKHURZRUVKLS EHJLQQLQJWRVKLQHLQKHUH\HV 'RFORRNHGDWPHUXHIXOO\³5HSRUWHUV´KHVDLG ,QRGGHG7KHQ,FRXOGQ¶WUHVLVWWKHWHPSWDWLRQDQ\ORQJHU³/HW¶V OLVWHQ WRZKDWKHGRHVWHOOKHU´,VXJJHVWHGDQGZHWUDLOHGDIWHUKHU ,WZDVQ¶WHDV\WRJHWQHDU,VDDF$SDUWIURPWKHUHSRUWHUVWKHUHZHUH DOOWKHSXEOLFUHODWLRQVVWDIIVRIRXUYDULRXVSXEOLVKHUVDQGLQVWLWXWHV'RQ :ROOKHLPµVRZQSXEOLVKLQJFRPSDQ\&\ULO¶VSXEOLVKHUV%RE/RZQGHV¶V7KH1HZ
$Q\ZD\WKH3UHVLGHQWDFFHSWHG'U&DUUHO¶VSURSRVDODQGWKH\VWDUWHGWKH 3DVDGHQD3URMHFW,KDSSHQHGWREHGUDIWHGLQWRLWDVDYHU\\RXQJ ELRFKHPLVWMXVWRXWRIVFKRRO´ ³%XW\RXJRWWREHSUHWW\LPSRUWDQW´WKHZRPDQVDLGOR\DOO\,VDDF VKUXJJHG6RPHRQHIURPDQRWKHUYLGHRSDSHUDVNHGKLPWRVD\PRUHDERXWKLV H[SHULHQFHVDQG,VDDFJLYLQJXVDOODKXPRURXVO\DSRORJHWLFORRNGLGDV UHTXHVWHG ³:HOO´KHVDLG³,GRQ¶WZDQWWRGZHOORQWKHZHDSRQVV\VWHPV (YHU\ERG\NQRZVWKDWLWZDVRXUW\SKXVERPEWKDWPDGHWKH-DSDQHVHVXUUHQGHU RIFRXUVH%XWLWZDVWKHSHDFHWLPHXVHVWKDW,WKLQNDUHUHDOO\LPSRUWDQW /RRNDURXQGDWP\ROGIULHQGVKHUH´+HVZHSWDJHQHURXVDUPDURXQGWKHGDLV LQFOXGLQJXVDOO³,ILWKDGQ¶WEHHQIRUWKH3DVDGHQD3URMHFWVRPHRIXV ZRXOGQ¶WEHKHUHQRZGR\RXKDYHDQ\LGHDKRZPXFKPHGLFLQHDGYDQFHGDVD UHVXOWRIZKDWZHOHDUQHG"$QWLELRWLFVLQDQWLYLUDOVLQWKHFDQFHU FXUHLQWKHFKROHVWHURODQWDJRQLVWLQ"´ $&DOLIRUQLDZRPDQJRWLQ³$UH\RXVXUHWKH3UHVLGHQWPDGHWKHULJKW GHFLVLRQ"7KHUHDUHVRPHSHRSOHZKRVWLOOWKLQNWKDWDWRPLFSRZHULVDUHDO SRVVLELOLW\´ ³$K\RX¶UHWDONLQJDERXWROG(GG\7HOOHU´,VDDFJULQQHG³+H¶VDOO ULJKW,W¶VMXVWWKDWKH¶VKLSSHGRQWKLVRQHVXEMHFW,W¶VUHDOO\WRREDG+H FRXOGKDYHGRQHLPSRUWDQWZRUN,WKLQNLIKH¶GJRQHLQIRUUHDOVFLHQFHLQ LQVWHDGRIIRROLQJDURXQGZLWKDOOWKDWQXFOHDUVWXII´ 7KHUHZDVQ¶WDQ\TXHVWLRQWKDW,VDDFZDVWKHVXSHUVWDUZLWK&\ULO JHWWLQJDWOHDVWVHULRXVVHFRQGEDQDQDDWWHQWLRQEXWLWZDVQ¶WDOOWKH VXSHUVWDUV4XLWH(DFKRQHRIWKHUHVWRIXVJRWDFRXSOHRIPLQXWHVEHIRUH WKHFDPHUDVVD\LQJKRZPXFKHDFKRIXVKDGLQIOXHQFHGHDFKRWKHUDQGKRZ KDSS\ZHDOOZHUHWREHVHHLQJHDFKRWKHUDJDLQ,ZDVSUHWW\VXUHWKDWPRVW RIXVZRXOGZLQGXSDVIDFHVRQWKHFXWWLQJURRPIORRUEXWZKDWZHVDLG IXQQLO\HQRXJKZDVDOOSUHWW\WUXH $QGWKHQLWZDVRYHU3HRSOHEHJDQWROHDYH ,VDZ,VDDFFRPLQJRXWRIWKHPHQ¶VURRPDV,ZDVORRNLQJIRUWKHZRPDQ ZLWKP\FRDW+HSDXVHGDWWKHZLQGRZJD]LQJRXWDWWKHGDUNOLQJVN\$ELJ 7:$HLJKWHQJLQHGSODQHZDVFRPLQJLQQRQVWRSSUREDEO\IURPVRPHSODFHOLNH +DYDQD,WZDVKHDGLQJWRZDUG,GOHZLOGKDUGO\KLJKHUWKDQZHZHUHDV, WDSSHGKLPRQWKHVKRXOGHU ³,GLGQ¶WNQRZFHOHEULWLHVZHQWWRWKHWRLOHW´,WROGKLP +HORRNHGDWPHWROHUDQWO\³0DWWHURIIDFW,ZDVMXVWFDOOLQJ-DQHW´ KHVDLG³$Q\ZD\KRZDUHWKLQJVJRLQJZLWK\RX)UHG"
E\3RXO$QGHUVRQ

7KH7KUHH/DZVRI5RERWLFV

$URERWPD\QRWLQMXUHDKXPDQEHLQJRUWKURXJKLQDFWLRQDOORZDKXPDQ EHLQJWRFRPHWRKDUP $URERWPXVWREH\WKHRUGHUVJLYHQLWE\KXPDQEHLQJVH[FHSWZKHUHVXFK RUGHUVZRXOGFRQIOLFWZLWKWKH)LUVW/DZ

$URERWPXVWSURWHFWLWVRZQH[LVWHQFHDVORQJDVVXFKSURWHFWLRQGRHVQRW FRQIOLFWZLWKWKH)LUVWRU6HFRQG/DZ

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³EDUHERQHV³$WRQHHGJHRIWKHVFUHHQDVOLFHRI-XSLWHU¶V GLVFJORZHGKXJHLWVWDZQLQHVVVZLUOHGZLWKFORXGVDQGVSRWWHGZLWKVWRUPV WKDWFRXOGKDYHVZDOORZHG(DUWKZKROH1HDUWKHORZHUHGJHZDVDJOLPSVHRI ,R7KH VLJKWVIOLWWHGVZLIWO\SDVWIRUWKHVKLSZDVLQFORVHRUELWDURXQG WKHPRRQEXWWKHSOXPHRIRQHYROFDQLFRXWEXUVWXSRQLWGRPLQDWHGWKH GHVRODWLRQIRUMXVWWKLVLQVWDQWJH\VHUOLNHDERYHDIXULRXVVXOIXU\VSRXW 7KH\RXQJWHFKQLFLDQZDVGRXEO\VKDNHQ EHFDXVHWKHDSSDULWLRQZDVVR XQH[SHFWHG+HKDGPHUHO\EHHQWDNLQJKLVWXUQDVPRQLWRUUHOLHYLQJWKH WHGLXPZLWKDERRN1RPHVVDJHKDGFRPHLQIRUZHHNVRWKHUWKDQUHJXODU³$OO¶V ZHOO´WRNHQV:KDWWKHKHOOKDGJRQHZURQJ" $GHHSYRLFHUROOHGRYHUKLP,WZDVV\QWKHVL]HGLQDLUOHVVQHVVWKH VSHDNHUGLUHFWO\PRGXODWHGDUDGLRZDYH³5RERW'*5UHSRUWLQJIURP,R 5RERW-.KDVVXVSHQGHGRSHUDWLRQVSURVSHFWLQJPLQLQJWUDQVSRUWDWLRQ EHQHILFLDWLRQDOOZRUN:KHQP\FUHZDQG,ODQGHGWRWDNHRQWKH QH[WORDGRI RUHZHIRXQGHYHU\PDFKLQHDQGVXERUGLQDWHURERWLGOH-.KLPVHOIZDVQRW SUHVHQWEXWVSRNHWRPHIURPWKHKLOOVEHKLQGWKHVLWH+HGHFODUHGWKDWKH ZDVDFWLQJXQGHUVWULFWRUGHUVIURPDKXPDQWRWKHHIIHFWWKDWWKLV XQGHUWDNLQJLVGDQJHURXVDQGPXVWEHWHUPLQDWHG,GHHPHGLWEHVWWKDWZH UHWXUQWRRUELWDQGDZDLWLQVWUXFWLRQV³ ³0PP\*RG´0DWVXPRWRVWDPPHUHG³+ROGRQ6WD\TXLHW³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³+DVLWKDSSHQHGLQVSLWHRIHYHU\WKLQJ"´+LOONRZLW]ZKLVSHUHG³&DQWKH

UDGLDWLRQUHDOO\KDYHGULYHQ-DFNLQVDQH"´ /DQQLQJ¶VWXIWHGEURZVGUHZWRJHWKHU³,VKRXOGQ¶WKDYHWRUHPLQG\RX´ KHVQDSSHG³WHVWVVKRZHGKLVVKLHOGLQJDGHTXDWHDJDLQVWDKXQGUHG\HDUVRI FRQWLQXRXVH[SRVXUH´ ³
DWWHQWLRQEDFN(DUWKZDUG³µ$SSHDUHGWR¶LVWKHULJKWZRUGLQJ´+LOONRZLW] VDLGVLJKLQJ+LVRZQ JD]HZHQWHOVHZKHUHDVLIWRORRNWKURXJKZDOOVDQG DFURVVVSDFH+HPLJKWKDYHEHHQWKLQNLQJUHYLHZLQJWKRXJKKHKDGOLYHGZLWK WKLVIURPLWVRULJLQV1RQHRIXVFDQVXUYLYHWKHUH,RLVGHHSLQ-XSLWHU¶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³3UHFLVLRQLVREYLRXVO\HVVHQWLDO´&DOYLQGHFODUHG³1RZJHQWOHPHQ, VKDOOFDOOXSWKHILOHVRQWKLVSURMHFWDQGVWXG\WKHPIRUDERXWRQH KRXU´ +HUVFUHHQZHQWEODQN ³,PLJKWGRWKHVDPH´/DQQLQJVDLG³
UHHVWDEOLVKLQJWKHVWDWLRQRQ*DQ\PHGHEXWLW LV\XVWWDONVRIDUDIWHUWKH
KXPDQ%XWWKDWSRWHQWLDOLVRQWKHORZVLGH:KDWWKLVPHDQVLQSUDFWLFHLV LIKHZLWKKLVRQWKHVSRWH[SHULHQFHLIKHWKLQNVDQRUGHULVPLVWDNHQKH TXHVWLRQVLW+HSRLQWVRXWWKHIODZV2QO\LIKH¶VWKHQFRPPDQGHGWRSURFHHG UHJDUGOHVVZLOOKHGRVR/LNHZLVHZKHQKH¶VE\KLPVHOIKH¶OOXVHKLVRZQ MXGJPHQWDVWRKRZKHVKRXOGGLUHFWWKHRYHUDOOMRERIPLQLQJ,R ³:HOOQRZKH¶VJRWWHQWKLVGHOXVLRQRUZKDWHYHULWLV7KH)LUVW/DZ QDWXUDOO\WDNHVSUHFHGHQFHRYHUHYHU\WKLQJHOVH+HFDQQRWNQRZLQJO\GR DQ\WKLQJWKDWZRXOGKDUPKXPDQVRUUHIUDLQ IURPGRLQJDQ\WKLQJWKDWZRXOG VDYHKXPDQVIURPKDUP+LVEUDLQZRXOGEXUQRXWILUVW´3RZHOOKDGEHHQ WLFNLQJWKHSRLQWVRIIRQKLVILQJHUV³
XSVWUD\VLJQDOVWHOHFDVWRU5HPHPEHU6SHHG\*UHJ"´ ³+RZFRXOG,IRUJHW"´3RZHOOVLJKHG7R%RUXS³$URERWZHGHDOWZLWK RQ0HUFXU\$6HFRQG7KLUG/DZFRQIOLFWXQEDODQFHGKLP+HUDQDURXQGDQG DURXQGLQDFLUFOHJLEEHULQJ*LOEHUWDQG6XOOLYDQ:HQHYHUGLGILQGRXWKRZ KHDFTXLUHGLW´ ³+P´VDLG%RUXS³
KH¶VEURNHQGRZQSK\VLFDOO\WRR´ ³6HHPVXQOLNHO\´3RZHOODUJXHG³+LVEXLOGHUVDUHDVFRPSHWHQWDEXQFK DV\RX¶OOILQG6XSSRVLQJFRQGLWLRQVDUHPRUHKDUPIXOWKDQWKH\NQHZVWLOO GDPDJHZRXOGEHFXPXODWLYHDQG-DFNKDVQ¶WEHHQZKHUHKHLVIRUORQJ´+H UXEEHGKLVFKLQ³+PP:KLOH(GJDU¶VJDQJZDVRQWKHJURXQGKHVNXONHGLQWKH KLOOVDQGFRPPXQLFDWHGE\DXGLRRQO\ORQJZDYHUDGLR,¶G JXHVVKHZDVDIUDLG WKH\PLJKWVHL]HKLPDQGWDNHKLPEDFNIRUH[DPLQDWLRQ7KH\FRXOGQ¶WSLQSRLQW ZKHUHKHZDVEURDGFDVWLQJIURPRQWKDWEDQGDQGZHUHQ¶WHTXLSSHGWRXVHWKH VDWHOOLWHVWRORFDWHKLPIRUWKHP1RWWKDWWKH\FRXOGUXQKLPGRZQDQ\ZD\LQ FRXQWU\KH¶VGHVLJQHGIRU´ ³+HGLGQ¶WKDYHWRREH\WKHP7KH\ZHUHURERWVVDPHDVKLP´ ³
RIKXPDQLW\WHOOXV³ :DLWLQJ ³,I\RXDUHURERWV\RXDUHGHFHLYHG´7KHYRLFHVWUHQJWKHQHG³
7KHYRLFHJUHZILUPHU³
GLUHFWRUV3RZHOODQG'RQRYDQUHIUDLQHGIURPDVNLQJKRZ1DSROHRQFDPHWRVSHDN IOXHQW(QJOLVK7KH\ZHUHPRUHLQWHUHVWHGLQWKHDGGLWLRQDOFRPPDQG ³1RZWKDW\RXDUHKHUH´-DFNVDLG³,PXVWLQIRUPKLP,ZLOOEURDGFDVW DWVXIILFLHQWVWUHQJWKWKDWKLVUHFHLYHUVZLOOSLFNLWXSZKHUHYHUKHLVLQ WKH-RYLDQUHJLRQ7KHUHDIWHU,ZLOODUUDQJHWKDWDQ\IXUWKHUGLVFXVVLRQVZLWK \RXZLOOEHGLUHFWO\UHWUDQVPLWWHGLQIXOODXGLRYLVXDOWRKLP7KXVKHZLOO KHDUZKDW\RXKDYHWRVD\DQGMRLQLQLIKHFKRRVHV´:LVWIXOQHVV"³3HUKDSV \RXFDQSHUVXDGHKLPKHLVPLVJXLGHG´ ³3HUKDSV´PXPEOHG'RQRYDQZLWKRXWKRSH :DLWLQJ ³,KDGEHWWHUWDNHFDUHRIWKDWDWRQFH´-DFNVDLG³,VHHQRSURILWLQ IXUWKHUFRQYHUVDWLRQDWWKLVSRLQWGR\RX",I\RXKDYHDQ\YDOLGSRLQWVWR PDNHIDFWXDORUORJLFDOFDOOPHDQG,ZLOOFRQVLGHUWKHP6RZLOO1DSROHRQ´ 7KHVFUHHQEODQNHG 7KHVSDFHVKLSZDVDKDYHQRIFRPIRUWDQGVDQLW\%RUXSKHDUGKLV SDVVHQJHUVRXWFOLFNHGKLVWRQJXHDQGWROGWKHP³:KDW\RXQHHGILUVWLVD VWLIIGULQN,KDYHDERWWOHRIDNYDYLWIRUHPHU\HQFLHV³ 'RQRYDQUDLVHGDKDQG³%HVWRIIHU,¶YHKDGDOOGD\´KHVDLG³EXW ILUVWFDQZHVWDUWVHDUFKLQJ"´ ³:KDW¶VWKLV"´DVNHG3RZHOO ³/RRNLI1DSROHRQLVUHDOKH¶VJRWWREHKDQJLQJDURXQGLQWKLV QHLJKERUKRRG/HW¶VVHHLIZHFDQILQGKLPEHIRUHKHILJXUHVRXWVRPHIUHVK GHYLOWU\,IKH¶VQRWUHDOLI-DFNLVTXDQWXPKRSSLQJZKDW¶YHZHORVW"´ ³,IKHLVKLGGHQRQRQHRIWKHPRRQV,GRQRWNQRZKRZZHFDQGHWHFW KLP´%RUXSREMHFWHG 'RQRYDQVKRRNKLVKHDG³-DFNGRHVQ¶WWKLQNKHLVDQGKHIRUVXUHZRXOG QRWEH,QWKHILUVWSODFHGLJJLQJLQOLNHWKDWLVDORWRIZRUNQHHGVWLPH DQGHTXLSPHQWDQGKDQGV,IWKLVLVDWU\WRVDERWDJH3URMHFW,RLW¶VJRWWR EHDVKRHVWULQJNLQGRIWKLQJDWLQ\FOLTXHOLNHPD\EHKDOIDGR]HQ LQGLYLGXDOV$Q\WKLQJELJJHUZRXOGWDNHWRRORQJWRRUJDQL]HEHWRRKDUGWR PDQDJH DQGPDNHVHFUHF\LPSRVVLEOHIRUDQ\XVHIXOOHQJWKRIWLPH ,QYHVWLJDWRUVZRXOGEHERXQGWRJHWFOXHVWRWKHJXLOW\SDUWLHV´ 3RZHOOUHJDUGHGKLVSDUWQHUFORVHO\³2QFHLQDZKLOH\RXVXUSULVHPH´ KHFRQIHVVHG³0DUYHORXVP\GHDU+ROPHV´ 'RQRYDQERZHG³(OHPHQWDU\P\GHDU:DWVRQ´ ³+ROPHVDQG:DWVRQQHYHUVDLGWKDW´%RUXSUHPDUNHGDVLGH 'RQRYDQFRQWLQXHG³:H¶YHDOVRJRWWKHIDFWWKDWWKHJHDUIRUXVLQJWKH 7URMDQUHOD\VLVVSHFLDODQGGHOLFDWH2QWKHVXUIDFHRIDPRRQLWZRXOGVWLFN XSLQVLJKWRI*RGDQGHYHU\ERG\DQGJLYHWKHJDPHDZD\7KHUHIRUH1DSROHRQ PXVWEHLQVSDFH$QGKHZRQ¶WZDQWWRORVHWRXFKZLWK,RGXULQJWKHIUHTXHQW RFFXOWDWLRQV6RKH¶OOEHZHOODERYHRUEHORZWKHHFOLSWLFZKHUHKHDOZD\V KDV,RLQKLVLQVWUXPHQWV$QRUELW VNHZHGIURP-XSLWHU¶VEXWRWKHUZLVHZLWK WKHVDPHHOHPHQWVZLOONHHSKLPLQSODFHIDLUO\VWDEO\RYHUDSHULRGRID IHZZHHNV,VKRXOGWKLQN´+HJODQFHGDW%RUXS³6YHQGFRXOGZHILQGDVKLS ORLWHULQJPD\EHWZRWKUHHPLOOLRQNOLFNVIURPKHUHLQWKHQRUWKHUQRU VRXWKHUQVN\"´ 3RZHOOVFRZOHG³7KDW¶VDPRQVWURXVYROXPHRIVSDFHWRFUXLVHWKURXJK³ ³,ZRXOGQRWRE\HFWWRUXQQLQJXSWKHELOO,SUHVHQWWKHFRPSDQ\ZLW¶´ %RUXSVDLG³EXWLWLVQRWQHFHVVDU\DQGLWZRXOGZDVWHWLPHWKDWLV SUHFLRXV:HGRFDUU\YHU\VHQVLWLYHLQVWUXPHQWV:KHQ\RXWUDYHODWWKH VSHHGVDFRXULHUUHDFKHV\RXPXVWEHDEOHWRGHWHFWW¶LQJVIDUDKHDGRI\RX´ +HSRQGHUHG³0PPWMDLWGHSHQGVRQWKHVL]HDQGW\SHRIWKHFUDIW%XW VRPHW¶LQJQRELJJHUWKDQPLQHZKLFKLV FORVHWRPLQLPXPZHFRXOGJHWRQWKH RSWLFVIRUFHUWDLQ$QGUDGDUUHDFKHVVWLOOIDUWKHU7KHURWDWLRQD[LVRIWKLV PRRQLVWLOWHGHQRXJKWKDWZHQHHGQRWWDNHRIIWRH[DPLQHERW¶UHJLRQVZKHUH 1DSROHRQPXVWEHLQRQHRILIKHPRQLWRUV,R´

³7KHVKLS¶V KXOOFRXOGEHFDPRXIODJHGFRXOGQ¶WLW"´3RZHOOLQTXLUHG ³7KHQKRZ¶OO\RXNQRZ\RXUUDGDUKDVQ¶WILQJHUHGDPHWHRURLG"´ ³&DPRXIODJHPD\EH,DPQRWVXUH%XWWKHQDWXUHRIDUDGDUUHIOHFWLQJ VXUIDFHVKRZVLQWKHUHWXUQVLJQDOLI\RXJRWDQDQDO\]HUOLNHPLQH0HWDOLV GLIIHUHQWIURPURFNDQGVRRQ$QGRQFHZHKDYHDFTXLUHGDVXVSLFLRXVRE\HFW ZHKDYHPRUHLQVWUXPHQWV,QWKHVHSDUWVXQOHVVWKHFUHZLVIUR]HQWRGHDW¶ WKHUHZLOOEHLQIUDUHGHPLVVLRQDQGDOVRIURPWKDWGLUHFWLRQRXWRIWKH SRZHUSODQWQHXWULQRVDERYHWKHEDFNJURXQGFRXQW
3RZHOOVKUXJJHG,FDQ¶WQDPHDQ\ERG\VSHFLILF,KDYHP\JXHVVHVEXW WKH\WDXJKWPHLQVFKRROWKDWDPDQLVSUHVXPHGLQQRFHQWXQWLOSURYHQJXLOW\ ,PDJLQHDFRXSOHRISRZHUIXOROGJXDUGSROLWLFLDQVZKRVHFDUHHUVDUHLQ WURXEOHSUREDEO\FRQMRLQHGZLWKRQHRUWZRLQGXVWULDOLVWVZKRZHUHJHWWLQJ ULFKRIIWKHIRUPHUFR]\DUUDQJHPHQWVSOXVDIHZVNLOOHGXQGHUOLQJV7KHLGHD REYLRXVO\LVWRVKRZ3URMHFW,RZDVDPRQXPHQWDOH[SHQVLYHEOXQGHUDQGFDXVH WKH
%RUXSEOLQNHG³$UH\RXFUD]\OLNHKLP":KDWJRRGZLOOWKDWGRH[FHSW WRUXLQP\VKLS"´ ³:K\LI,¶PDURERW,FDQ¶WVXLFLGH´'RQRYDQFURZHG³7KLUG/DZ UHPHPEHU"7KHUHIRUH,PXVWEHKXPDQ7KHUHIRUH-DFNZLOOLPPHGLDWHO\\HOO µ6WRS¶DQGEHJRXUSDUGRQIRUHYHUKDYLQJGRXEWHGXV³ ³7KDWILUHZDWHUZHQWWR\RXUKHDGDOPLJKW\IDVWER\´3RZHOOFOLSSHG³ $URERWGDPQZHOOFDQVHOIGHVWUXFWLIWKDW¶VQHFHVVDU\IRUH[HFXWLQJKLV RUGHUV´ ³%XWZHOOQDWXUDOO\,PHDQILUVWZH¶OOVHWLWXSXKLWGRHVFDOO IRUVRPHSUHOLPLQDU\GHWDLOZRUN´ ³,WFDOOVIRUDQLQILQLWHDPRXQWEHFDXVHLWVYDOXHLV]HUR+RZHYHU KPP´3RZHOOUHILOOHGKLVRZQJODVVDQGIHOOLQWRDVLPLODUUHYHULH 8QGHUWKHJKRVWO\JUDYLW\.QXGHQWHUHGZLWKRXWVRXQG2QHE\RQHWKH\ VDZKLVWDOOIRUPLQWKHGRRUZD\DQGWHQVHG ³6HDUFKFRPSOHWHGVLU´WKHURERWUHSRUWHG³ $OUHDG\"´'RQRYDQZRQGHUHG ³7KHVZHHSDQGGDWDFUXQFKLQJJRIDVW´%RUXSVDLG³7KH\PXVWRQD FRXULHUOD.QXGKYDGKDUGX:KDWKDYH\RXIRXQG"´ ³1HJDWLYHVLU´WKHIODWYRLFHDQQRXQFHG³1RLQGLFDWLRQVRIDYHVVHO ZLWKLQHLWKHUWKHQRUWKHUQRUWKHVRXWKHUQFRQHVRIVSDFHWKDW\RXVSHFLILHG IRUDVIDUDVUHOLDELOLW\H[WHQGV´ 3RZHOODQG'RQRYDQH[FKDQJHGVWDUHV3RZHOOVOXPSHG³7KHQ-DFNLV LQVDQH´KHVDLGKHDYLO\³&RQGLWLRQVRQ,RZHUHWRRPXFKIRUKLPDQG3URMHFW ,RLVNDSXW´ ³
WKHLUVWRU\ZKROH([FHSWIRUDYHU\IHZWRSIOLJKWH[SHULPHQWDOPRGHOV URERWVDUHXQVXEWOHFKDUDFWHUVDQ\ZD\7KH\FDQ¶WFRQFRFWHODERUDWHSORWVDQG GRQ¶WLPDJLQHWKDWDQ\ERG\HOVHFRXOG:H¶OOJLYHKLPDQHDUIXO´ ³6ORZGRZQ´3RZHOOFDXWLRQHG³/HW¶VH[SORUHWKLVIXUWKHU:KDWGRHV WKH1DSROHRQURERWQHFHVVDULO\NQRZDQGEHOLHYHWRH[HFXWHKLVPLVVLRQRI KDOWLQJ3URMHFW,R"´+HWKRXJKWDORXGDVKHVRDUHGWRDQGIUR ³+HFDQRSHUDWHDVSDFHFUDIWDFRPPXQLFDWLRQVV\VWHPHWFHWHUD 7KHUHIRUHKHKDVDFHUWDLQDPRXQWRILQGHSHQGHQWGHFLVLRQPDNLQJFDSDELOLW\ WKRXJKVFDUFHO\HTXDOWR-DFN¶V2WKHUZLVHVLPSOHPLQGHGKHKDVQRZD\RI NQRZLQJWKHYLURLGVWRU\LVIDOVH,GDUHVD\KH¶VEHHQIRUELGGHQWRWXQHLQ DQ\RXWVLGHµFDVWDQGWROGWRLJQRUHZKDWHYHUKHPLJKWRYHUKHDUDFFLGHQWDOO\ +LVPLVVLRQLVWRZDUQ-DFNDERXWWKHYLURLGVDQGDERXWWKHZLFNHGPHQZKRVH URERWVZLOOWU\WRWDON-DFNLQWRJRLQJEDFNWRZRUN7RWKLVHQGLW¶OOEH UHDVRQDEOHWRKLPWKDWKHFODLPWREHLQJKXPDQKLPVHOIDQGWKDWKLVLPDJHEH SURMHFWHGDVKXPDQ+H¶OOKDYHQRLQKLELWLRQVDERXWVXFKDSLRXVGHFHSWLRQLI LW¶VXVHGRQDQRWKHUURERW´ ³$KKD´%RUXSH[XOWHG³:HKDYHKLP+HZLOOEHOLVWHQLQJDQGZDWFKLQJ ZKHQ\RXQH[WFDOO
'RQRYDQVQDSSHGKLVILQJHUV³*RWLW´ KHFULHG³:HFDOO-DFNDQGJHW 1DSROHRQLQWRWKHFRQYHUVDWLRQ:HUHFRUGWKLV7KHQ(DUWKZLOONQRZWKHUH¶V VRPHWKLQJURWWHQLQXKVRUU\6YHQG´ 3RZHOOIURZQHG³:HOOZHFDQWU\´KHDQVZHUHG³%XWZH¶GEHWWHUKDYH VRPHWKLQJWRVD\KH¶OOFRQVLGHUZRUWKKLVQRWLFH³

³+HOOR-DFN´KHJUHHWHGDVFDOPO\DVKHZDVDEOH³+RZDUH\RX"´ 7KHEDUUHQVFHQHMLWWHUHG7KHEHODWHGYRLFHURVHDQGIHOO³:KDWGR \RXZDQW"´ ³:K\WRFRQWLQXHRXUFRQYHUVDWLRQ$QGWREHVXUHRIIHURXUUHVSHFWV WRWKH(PSHURU1DSROHRQ
DIWHUKLP0DNHKLPW¶LQN)RULQVWDQFHZRXOGQRWWKRVHYLURLGVPDNH,RKDYH GLIIHUHQWURFNVIURPZKDWLWGRHV"´ 3RZHOOVKRRNKLVKHDG³1RGRXEWEXWZKDWWKH\HGXFDWHGKLPLQZDV ,RQLDQJHRORJ\DVLWLV+LVMREZDVSUDFWLFDOQRWVFLHQWLILF:KHQHYHUKH QRWLFHGDQRPDOLHVKHZDVWRJHWRQWKHEHDPDQGTXHU\WKHVSHFLDOLVWVEDFN KRPH:HGRQ¶WKDYHWLPHWRWHDFKKLP&RXOGQ¶W\RXKHDUKRZDJLWDWHGKHZDV"´ 3RZHOOORRNHGXS³
'RQRYDQJRWXSWRRDQGVDLG³*UHJ,KHUHE\XKZHOOWKLVLVWKHWLPHIRU \RXWRGRZKDW,WROG\RX\RX¶GKDYHWRGRLIPDWWHUVJRWWKLVGHVSHUDWH 'HVWUR\\RXUVHOI´ 3RZHOOSXOOHGRXWWKHILULQJSLQ,WZREEOHGLQKLVULJKWKDQGWKH VWLFNLQKLVOHIW³0LNH´KHUHSOLHG³,RUGHU\RXWRGHVWUR\\RXUVHOI´ 'RQRYDQEURXJKWKLVH[SORVLYHLQWRYLHZDQGKDYLQJ\DQNHGWKHSLQIUHH KHOGWKHVWLFNGUDPDWLFDOO\DJDLQVWKLVWKURDW7KHPHQIDFHGHDFKRWKHU,QD SURSHUJUDYLW\ILHOGWKHLUNQHHVPLJKWKDYHJLYHQZD\EXWKHUHWKH\FRXOG VRPHKRZNHHSVWDQGLQJDIWHUDIDVKLRQ7KH\EUHDWKHGKDUGDQGUDJJHGO\ ³6WRS´-DFN¶VFU\FDPHORXG\HWDVLIIURPDFURVVOLJKW\HDUV³5HWXUQ WKRVHGLVDUPHUV´ ³,IZHDUHURERWV´'RQRYDQJUDWHG³ZK\VKRXOG\RXFDUH"´ (PSW\WLPH ³7KLUG/DZ
³:HOOXKVXSSRVHZHRUGHUHGHDFKRWKHUWRVHOIGHVWUXFW7KHUHZDVQR FOHDUUHDVRQIRUWKDW+RZFRXOGLWKHOSRXUSXUSRVH"-DFNZRXOGVWLOOVXSSRVH ZHZHUHSOD\DFWLQJ6RLIZHZHUHERWK URERWVZH¶GGLVREH\WKHRUGHU ³,IRQHRIXVZDVDURERWDQGWKHRWKHUQRWWKHURERWZRXOGREH\WKH KXPDQPLJKWRUPLJKWQRW ³,IZHZHUHERWKKXPDQSUREDEO\QHLWKHURIXVZRXOGREH\EXWZHERWK FRXOGLIZHFKRVHWR ³:HERWKFKRVHWR$WWKHODVWLQVWDQW&DSWDLQ%RUXSFDPHLQDQG FRXQWHUPDQGHGWKHRUGHUV1RZLIKHZHUHDURERWWKDWZRXOGQ¶WKDYHFKDQJHG WKHVLWXDWLRQ:KHWKHUZHZHUHURERWRUKXPDQQHLWKHURIXVZDVERXQGWRREH\ KLP7KHUHIRUHLIHLWKHURUERWKRIXVGLGKHPXVWEHKXPDQ´ 'RQRYDQ¶VODXJKZDVQHUYRXV³2EYLRXVO\ZHQHYHUPHDQWWRJRDOOWKH ZD\ZKDWHYHUKDSSHQHG:HFHUWDLQO\LQWHQGHGWRKHHG&DSWDLQ%RUXSDQG VZHDWHGWKDWRXW,FDQWHOO\RX%XWZHKDGWRVKRZWKDWWKLVZDVQRWPHUH SOD\DFWLQJ ³-DFNPLJKWEHWRRVWUHVVHGWRWKLQNIDVWEXWLI1DSROHRQZDVZDWFKLQJ KH¶GNQRZWKDWDURERWFDQRQO\WHOODKXPDQWRVXLFLGHLIWKHURERWNQRZVLQ DGYDQFHWKDWWKLVLVDFKDUDGHZKHWKHURUQRWWKHURERW¶VRZQVXLFLGHLVSDUW RIWKHGHDO,IWKHKXPDQWKHQDFWXDOO\SXOOVWKHSLQHQGDQJHUVKLPVHOI KH¶OOKDYHWRLQWHUYHQH0D\EHQRWDWRQFHEXWLQSOHQW\RIWLPHWRPDNHVXUH WKHH[SORVLYHZRQ¶WJRRII%XWWKHWZRRIXVVWRRGWLJKWWLOOWKHPRPHQWZDV RQO\VHFRQGVDZD\DQGWKHWKLUGPDQDUULYHG ³
DSSHDUDQFHVZHUHQRWWKHUH,FRQFOXGHGWKDWWKH\KDGWREHLQWKHJHQHUDO EDQNVRPHZKHUHUHTXLULQJDORQJVHDUFKZKLFK,XQGHUWRRNDVPXFKLQDILW RISLTXHDVRXWRIFXULRVLW\DERXWWKHJUHDWSV\FKRKLVWRULDQ¶VLGHDV,ZRXOG ORFDWHFRPSLOHDQGSUHVHQWLQXVDEOHIRUPDOORI+DUL6HOGRQ¶V PDQLIHVWDWLRQV,ZDVJRRGDWVHDUFKSURJUDPVFROOHDJXHVRIPLQHFODLPHGWKDW WKLVZDVDOO,KDGHYHUEHHQJRRGDWWKRXJKWKH\ZHUHSROLWHHQRXJKZKHQWKH\ QHHGHGP\VNLOOV ,WZDVXQWKLQNDEOHWKDWDQ\WKLQJRI+DUL6HOGRQ¶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¶VUHFRUGHGZRUGVVKRZKLPWREHRXWRIWRXFKZLWKHYHQWV7KHVL[WK DSSHDUDQFHDOOXGHGWRLQYDULRXVGRFXPHQWVSXWV+DUL6HOGRQ¶VLPDJHLQWKH 7LPH9DXOWRQG)(1RRQHZDVWKHUHWROLVWHQWRKLP $SSHDUDQFHVWZRWKUHHDQGVL[ZHUHUHFRUGHGDQGWKHQPLVSODFHG DOPRVWDVLILWZHUHIHDUHGWKDWWKH\PLJKWSOD\DQXQZDQWHGUROHLQVRPH XSFRPLQJGHYHORSPHQWEXW,IRXQGQRHYHQWVZKLFK6HOGRQ¶VZRUGVPLJKWKDYH LQIOXHQFHG,WVHHPHGWKHUHIRUHWKDW,DOVRKDGWRH[SODLQWKHUHFHQWODFN RILQWHUHVWLQ6HOGRQ¶VLGHDV )RUQHDUO\DPRQWK,OHWORRVHP\VHDUFKSURJUDPVUHIOH[LYH DVVRFLDWLYHFURVVUHIHUHQFLQJDQGVWRFKDVWLF WKURXJK7UDQWRU¶VYDVWPHPRU\ EDQNLQZKLFKDUHFRQWDLQHGWKHDFFXPXODWHGKLVWRU\DQGNQRZOHGJHRIWZHQW\ ILYHPLOOLRQZRUOGV+HUHDQGWKHUH,IRXQGUHIHUHQFHVWR6HOGRQDSSHDUDQFHV WZRWKUHHDQGVL[PDGHE\ SHRSOHZKRKDGSODQQHGWRYLVLWWKH7LPH9DXOW EXWIRURQHUHDVRQRUDQRWKHUKDGEHHQXQDEOHWRDUULYHDWWKHDSSRLQWHGWLPH EXWWKHUHZDVQRUHIHUHQFHWRZKHUH,PLJKWILQGWKHUHFRUGRI6HOGRQ¶V DSSHDUDQFHV 0\IHDUWKDWWKHVHUHFRUGVZHUHLQIDFWORVWJUHZDORQJZLWKWKH SUREOHPV,ZDVIRUPXODWLQJDERXW6HOGRQ¶VUROHLQKLVWRU\(YHQWKRXJK SV\FKRKLVWRU\H[SUHVVHGLWVSUHGLFWLRQVRQO\LQWHUPVRISUREDEOHRXWFRPHV WKHUHKDGDOZD\VEHHQDERXWLWDQDXUDRIWRWDOLWDULDQFRQWURORIDQDWWHPSW E\WKHSDVWWRVKDFNOHWKHIXWXUH7RZKDWGHJUHHKDG6HOGRQ¶VWKRXVDQG\HDU SODQEHHQDVHOIIXOILOOLQJSURSKHF\"+RZKDGLWDFWXDOO\LQIOXHQFHGSRVVLEOH RXWFRPHV",ISV\FKRKLVWRU\ZDVYDOLGWKHQKRZFRXOGLWVWDQGRXWVLGHKLVWRU\ DQGLWVHOIQRWEHVXEMHFWWRLWVRZQVWDWLVWLFDOODZV"'LG6HOGRQEHOLHYHWKDW SV\FKRKLVWRULFDOWKLQNLQJZDVLQGHSHQGHQWRIKLVWRU\¶VIORZ"2UZDVKLVSODQ VLPSO\DQLGHDO"$QGILQDOO\,EHJDQWRZRQGHULI6HOGRQ¶VDSSHDUDQFHVLQWKH 7LPH9DXOWKDGEHHQRIDQ\XVH:KDWKDGEHHQWKHLU LPSRUWDQFHLIDQ\" 7KHVHDQGRWKHUTXHVWLRQVSOD\HGLQP\PLQGZLWKDWKRXVDQGDQVZHUVDV, ZDLWHGIRUP\VHDUFKSURJUDPVWRWUDS6HOGRQ¶VPLVVLQJDSSHDUDQFHV,EHJDQWR IHHOWKDWDQXQVHHQKDQGZDVSUHYHQWLQJPHIURPJHWWLQJWRWKHKHDUWRIWKH LVVXHVWKDWFKXUQHGZLWKLQPH,EHFDPHFRQYLQFHGWKDWWKHVL[WKDQGILQDO DSSHDUDQFHZRXOGGHOLYHUWRPHWKHUHDOPRWLYHEHKLQG6HOGRQ¶VDSSHDUDQFHVLQ WKHYDXOW2QO\WKDWILQDOPDQLIHVWDWLRQWLPHGWRRFFXUORQJDIWHUWKH GDQJHUVWR*DODFWLF&LYLOL]DWLRQZHUHSDVWZRXOGUHYHDOWKHJUHDW SV\FKRKLVWRULDQ¶VWKRXJKWVDERXWKLVSODQDQGZK\KHKDGSURMHFWHGKLPVHOI DFURVVWLPH,EHJDQWRWKLQNWKDW6HOGRQ¶V3ODQKDGQRWEHHQLQHYLWDEOH VLQFHLWKDGQHHGHGDFRDFK ,VWDUWHGWRGUHDPWKDW,ZDVLQKLVSUHVHQFHDWODVWDQGKHZDV

WDONLQJWRPHUHYHDOLQJVHFUHWVWKDWRQO\,FRXOGXQGHUVWDQGHYHQWKRXJKLQ P\ZDNLQJKRXUV,GRXEWHGWKDW,ZDVWKHRQO\RQHZKRKDGHYHULQTXLUHGLQWR WKHVHPDWWHUV%XWLI,ZDVWKHRQO\RQHWKHQP\IHOORZKLVWRULDQVKDGIDLOHG WRDVNWKHJUHDWHVWTXHVWLRQLQ*DODFWLF+LVWRU\KDGRQHPDQWUXO\EHHQ UHVSRQVLEOHIRUFRPSUHVVLQJWKLUW\WKRXVDQG\HDUVRIGHFOLQHLQWRD PLOOHQQLXP" ,IRWKHUVKDGDVNHGP\TXHVWLRQVWKHQZKHUHZDVWKHLUZRUN":K\ FRXOGQ¶W,KDYHLWIRUWKHDVNLQJ":DVWKHELUWKRIRXU*DODFWLF5HQDLVVDQFH WREHVKURXGHGLQVHFUHF\" ,WRFFXUUHGWRPHDWWKLVSRLQWWKDW,PLJKWEHDVNLQJWKHZURQJ TXHVWLRQV)RUH[DPSOHLI6HOGRQ¶V3ODQKDGEHHQLPSOHPHQWHGFUHDWLYHO\ UDWKHUWKDQIDWDOLVWLFDOO\WKHQWKHUHZRXOGEHQRFRQWUDGLFWLRQEHWZHHQIUHH ZLOODQGSV\FKRGHWHUPLQLVP:HGHWHUPLQHDQGDUHGHWHUPLQHGWRRQHGHJUHHRU DQRWKHUDQGWKHUHLVQRGLIILFXOW\LQSUHGLFWLQJZKDWZHPLJKWZDQWWRGR DQ\ZD\)UHHZLOOLVWKHIORZRIGHWHUPLQLVPIURPZLWKLQ,WLVWKHUHIRUHQRW DYLQGLFDWLRQRIGHWHUPLQLVPWRSUHGLFWZKDWVRPHRQHPD\GRRIKLVRZQIUHH ZLOOHVSHFLDOO\LIWKHSRVVLEOHFKRLFHVDUHIHZ 7KLVOLQH RIUHDVRQLQJZRXOGPHDQWKDWRQFH6HOGRQ¶V3ODQEHJDQWREH GHYHORSHGE\WKHWZR)RXQGDWLRQVKHEHFDPHODUJHO\LUUHOHYDQW+LV DSSHDUDQFHVLQWKH7LPH9DXOWZHUHLQFRQVHTXHQWLDOWRWKHFUHDWLYHSURFHVVKH KDGVWDUWHG2IFRXUVHIHZWKRXJKWRILWLQWKDW ZD\HYHQWKRXJKLWZDV LPSOLFLWLQWKHLUIDLOXUHWRDWWHQG6HOGRQDSSHDUDQFHVWZRWKUHHDQGVL[ 1HYHUWKHOHVV,QHHGHGWKRVHDSSHDUDQFHVWRFRQILUPP\WKLQNLQJ:DVLW 6HOGRQ¶VGLPLQLVKLQJLPSRUWDQFHWKDWKDGEHHQUHVSRQVLEOHIRUWKHPLVSODFHPHQW RI KLVODVWDSSHDUDQFHRUKDGKLVFRQILUPDWLRQRIP\OLQHRIUHDVRQLQJVR VKRFNHGWKRVHZKRKDGSOD\HGLWEDFNODWHUWKDWWKH\KDGEXULHGLW"3HUKDSV WKH\KDGGHVWUR\HGLWFRPSOHWHO\DQG,ZRXOGQHYHUVDWLVI\P\LQWHQVH FXULRVLW\ $YLVLRQKDXQWHGPHDVP\VHDUFKSURJUDPFRQWLQXHGLWVKXQWWKDWRI +DUL6HOGRQWULFNLQJKXPDQKLVWRU\LQWRUHIRUPLQJLWVHOIE\JHWWLQJUDWLRQDO SXUSRVLYHLQGLYLGXDOVWRZRUNDWKLVSODQZKLFKFRXOGQ¶WKHOSEXWFKDQJHDV LWZDVLQWHUSUHWHGDQGDSSOLHGWRVKLIWLQJFLUFXPVWDQFHVE\WKHWZR )RXQGDWLRQVOHIWDQGULJKWKDQGVXQNQRZLQJO\ZRUNLQJWRJHWKHU'LG6HOGRQ¶V WUXHJUHDWQHVVOLHLQKLVNQRZLQJWKDWWKHIXWXUHEHORQJHGWRWKRVHZKRZRXOG OLYHLQLWWKDWKLVWRU\LVDWUDQVFHQGHQWSUREOHPWKDWFDQQRWEHVROYHGRQO\ JXLGHGLPSHUIHFWO\" 7KHDQVZHUVWRP\TXHVWLRQVVHHPHGEH\RQGUHDFK2KKRZ,\HDUQHGWR ZDONXSWR6HOGRQDQGGHPDQGWKDWKHSUHVHQWPHZLWKWKHP,ZDVFRQYLQFHG WKDWHYHQLIUHFRUGVKDGEHHQGHVWUR\HGWKHUHKDGWREHDEDFNXSVRPHZKHUHLQ WKHYDVWIRUHVWRI 7UDQWRU¶VLQIRUPDWLRQHYHQDQHFKRPLJKWEHDPSOLILHGDQG UHVWRUHGWRLWVRULJLQDOIRUP0\VHDUFKSURJUDPVZHUHVHHNLQJVRPHWKLQJRI JUHDWVLJQLILFDQFHEH\RQGWKHH[HUFLVHRIPHUHFOHYHUQHVVEXWQRSURJUDP FRXOGUHWULHYHLQIRUPDWLRQWKDWZDVKRSHOHVVO\ORVW 7KHQRQHGD\DV,VDWGRZQDWWKHZRUNWHUPLQDOLQP\DSDUWPHQWRQ 7UDQWRU¶VWK3RODU/HYHOP\SURJUDPVDLG³6HOGRQDSSHDUDQFHVVL[WKUHH DQGWZRQRZDYDLODEOHLQWKDWRUGHU6HDUFKURXWLQHFRPSOHWH´ ,VDWWKHUHLQVXUSULVHVWDULQJLQWRWKHHPSW\EOXHJORZRIWKH KROREORFNZRQGHULQJLIWKHSURJUDPKDGRQO\UHWULHYHGWKHSUHYLRXVO\ DYDLODEOHDSSHDUDQFHVWKURXJKVRPHILOLQJHUURU,KHOGP\EUHDWKDQGSDVVHG P\KDQGRYHUWKHFRQWUROSODWH 7KHKROREORFNEOLQNHG7KHVPDOOILJXUHRIDQROGPDQLQDZKHHOFKDLU ORRNHGXSDWPHKLVH\HVEULJKWZLWKXQGHUVWDQGLQJ,ZDLWHGIRUKLPWR VSHDNKRSLQJWKDWWKLVZDVQRWVRPHVLPSOHGXSOLFDWLRQRIWKHNQRZQ DSSHDUDQFHV ³,DP+DUL6HOGRQ´KHVDLGVRIWO\JLYLQJWKHXVXDOLPSUHVVLRQRID OLYHO\YRLFHWKDWZDVUHVWUDLQLQJLWVHOI³DQGWKLVZLOOEHP\VL[WKDQGILQDO DSSHDUDQFHLQWKH7LPH9DXOW³+HSDXVHGDQG,OHDQHGIRUZDUGH[FLWHGO\7KLV

ZDVLW,JODQFHGDWWKHUHFRUGIXQFWLRQ,WZDVUXQQLQJ ³$IHZRI\RXPD\KDYHZRQGHUHGE\QRZ´6HOGRQFRQWLQXHGVXGGHQO\ ³ZKDWXVHLIDQ\WKHVHDSSHDUDQFHVRIPLQHZLOOKDYHEHHQ7KH\VKRXOGKDYH FRLQFLGHGZLWKDVHULHVRIFULVHVDQGKHOSHG\RXRYHUWKHGLIILFXOWWLPHVZKHQ LWPLJKWKDYHVHHPHGWKDWSV\FKRKLVWRULFDOSURMHFWLRQVZHUHKDYLQJQRWKLQJWR GRZLWKDFWXDOHYHQWV,KRSHWKDWWKLVZDVRQO\DSSDUHQWQRWUHDO³7KH VKUXQNHQROGPDQVPLOHG³)RUDOO,NQRZ,PD\EHVSHDNLQJWRDQHPSW\ FKDPEHULQDIUDJPHQWHGJDOD[\ZKLFKLVVWLOOLQDGDUNDJH%XWLI\RXDUH KHDULQJPHWKHQOHWPHQRZFODLPWKDWWKHVHDSSHDUDQFHVRIPLQHKDGWRKDYH EHHQXVHIXORQHZD\RUDQRWKHU´ +HSRLQWHGDERQ\ILQJHUDWPHDQGLWVHHPHGWKDWKHZRXOGVWDQGXS IURPKLVFKDLUDQGWRXFKP\IDFH$QRSHQERRNIHOORXWRIKLVODSRQWRWKH IORRURIWKDWGLVWDQWWLPH ³/HWPHH[SODLQZKDW,PHDQ´KHZHQWRQ³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´ +HSDXVHGDQGVDWEDFNFRQWHQWHGO\DVLIKHNQHZWKDWKHKDGVXFFHHGHG ³7KHUHDUHDIHZEDVLFIHDWXUHVWRWKHH[HUFLVHRIIUHHZLOOLQKLVWRU\´KH FRQWLQXHGFRQILGHQWO\³2QO\SUREDELOLWLHVFDQEHSUHGLFWHGEXWQRWSHUIHFWO\ RUDOZD\V
DQ\RQH,ZDVDZDUHRISV\FKRKLVWRU\¶VSRWHQWLDOIRUWKHFRQWURORIKXPDQOLIH E\WKHPDQLSXODWLYHZKLFKLVZK\,DOZD\VZLWKKHOGDIXOOXQGHUVWDQGLQJRI LWVODZVIURPP\NLQG$JDLQVWSV\FKRKLVWRU\¶VGDQJHUVDVDWRRORIW\UDQWV, ZHLJKHGWKLUW\WKRXVDQG\HDUVRIGDUNQHVVZKLFKZLOOQRWKDYHKDSSHQHG EHFDXVH,DSSOLHGMXVWHQRXJKRIZKDW,NQHZWRWKHSUREOHP³ +HSHHUHGDURXQGWKHEDUHFKDPEHU,WVHHPHGWRRSSUHVVKLP³,GRQ¶W NQRZZKDWHOVH,FDQWHOO\RXH[FHSWSHUKDSVWRVD\WKDW,KDYHORYHGWKH QREOHLPSXOVHVLQP\KXPDQNLQGHYHQDV,ZDWFKHG\RXVWUXJJOHDJDLQVW\RXU LQQHUEHLQJ
7+(63$&(6+,3:$6*2,1*:21.<$*$,17+(5(&28/'%(12GRXEWDERXWLW7KH FLUFXLWVZHUHQ¶WFOLFNLQJDORQJVPRRWKO\DVWKH\XVXDOO\GLG,QVWHDGWKH\ ZHUHFODFNLQJDQGWKDWZDVDVXUHVLJQRIWURXEOH+HOOPDQKDGH[SHFWHGWR FRPHRXWRIFKDQQHOVSDFHLQWR$UHD;%LQWKH2ULRQFOXVWHU%XWVRPHWKLQJ KDGJRQHZURQJ&RXOGKHKDYHHQWHUHGWKHGLUHFWLRQVLPSURSHUO\",IVRWKHUH ZDVQRWPXFKWLPHLQZKLFKWRGRDQ\WKLQJDERXWLW+HKDGPDWHULDOL]HGLQD \HOORZLVKVRUWRIFORXGDQGKHFRXOGIHHOWKHVKLSGURSSLQJUDSLGO\+H VKRXWHGDWWKHVKLS¶VFRPSXWHU³'RVRPHWKLQJ´

³,¶PWU\LQJDUHQ¶W,"´WKHFRPSXWHUUHWRUWHG³%XWVRPHWKLQJ¶VZURQJ WKHUH¶VDJOLWFK´ ³&RUUHFWLW´+HOOPDQVKRXWHG ³:KHQ"´WKHFRPSXWHUDVNHG&RPSXWHUVKDYHQRVHQVHRISHULO7KH\ZHUH GURSSLQJWKURXJKWKLVFORXGDWDVSHHGPXFKIDVWHUWKDQLVKHDOWK\ZKHQ\RX VXVSHFWWKHUH¶VVROLGJURXQGGRZQEHORZDQGKHUHZDVWKHFRPSXWHUDVNLQJKLP ZKHQ ³1RZ´+HOOPDQVFUHDPHG ³5LJKW´VDLGWKHFRPSXWHU$QGWKHQWKH\KLW +HOOPDQUHFRYHUHGFRQVFLRXVQHVVVRPHKRXUVODWHUWRILQGWKDWLWZDV UDLQLQJ,WZDVQLFHWREHRXWLQWKHUDLQDIWHUVRPXFKWLPHVSHQWLQD VWXII\VSDFHVKLS+HOOPDQRSHQHGKLVH\HVLQRUGHUWRORRNXSDWWKHVN\DQG VHHWKHUDLQIDOOLQJ 7KHUHZDVQRUDLQ7KHUHZDVQ¶WDQ\VN\HLWKHU+HZDVVWLOOLQVLGHKLV VSDFHVKLS:KDWKHKDGWKRXJKWZDVUDLQZDVZDWHUIURPWKHZDVKEDVLQ,WZDV EHLQJEORZQDWKLPE\RQHRIWKHVKLS¶VIDQVZKLFKZDVJRLQJDWDUDWHXQVDIH IRUIDQVHYHQZLWKHWHUQLWHEHDULQJV ³6WRSWKDW´+HOOPDQVDLGFURVVO\ 7KHIDQGLHGGRZQWRDKXP7KHVKLS¶VFRPSXWHUVDLGRYHULWV ORXGVSHDNHU³$UH\RXDOOULJKW"´ ³
³-XVWVKXWXS´+HOOPDQVKRXWHGVXGGHQO\IXULRXV+HZDVLQHQRXJK WURXEOHZLWKRXWKDYLQJKLVFRPSXWHUPDQ¶VVHUYDQWJLYLQJKLPOLS+HOOPDQ JRWXSDQGSDFHGDURXQGLQGHFLVLYHO\IRUDPRPHQW7KHFDELQRIKLVVSDFHVKLS ORRNHGDOOULJKW$IHZWKLQJVKDGEHHQWXPEOHGDURXQGEXWLWGLGQ¶WORRNWRR EDG ³&DQZHWDNH RIIDJDLQ"´+HOOPDQDVNHGWKHFRPSXWHU 7KHFRPSXWHUPDGHILOHULIIOLQJQRLVHV³1RWLQRXUSUHVHQWFRQGLWLRQ³ ³&DQ\RXIL[ZKDW¶VZURQJ"´ ³7KDWTXHVWLRQLVQRWTXDQWLILDEOH´WKHFRPSXWHUVDLG³,WGHSHQGVXSRQ ILQGLQJDERXWWKUHHOLWHUVRIUHGSODVPDW\SHWZR³ ³:KDW¶VWKDW"´ ³,W¶VZKDWWKHFRPSXWHUUXQVRQ´ ³/LNHJDVROLQH"´ ³1RWH[DFWO\´WKHFRPSXWHUVDLG³,WLVDFWXDOO\DSV\FKROXEULFDQW QHHGHGE\WKHLQIHUHQWLDOFLUFXLWVWRSORWWKHLUSUREDELOLVWLFFRXUVHV´ ³&RXOGQ¶WZHGRZLWKRXWLW"´ ³,QRUGHUWRGRZKDW"´ ³7RIO\RXWRIKHUH´+HOOPDQH[SORGHG³$UH\RXJHWWLQJGHQVHRU VRPHWKLQJ"´ ³7KHUHDUHWRRPDQ\KLGGHQDVVXPSWLRQVLQ\RXUVSHHFK´WKHFRPSXWHU VDLG ³*RWRUDPEOHPRGH´+HOOPDQVDLG ³,KDWHWKHLQH[DFWQHVVRILW:K\GRQ¶W\RXOHWPHWHOO\RXH[DFWO\ ZKDWLVZURQJDQGKRZLWFRXOGEHIL[HG´ ³5DPEOHPRGH´+HOOPDQFRPPDQGHGDJDLQ ³$OOULJKW³7KHURERWVLJKHG³
³7KH\ILWWKHGHILQLWLRQ´ ³$QG\RXWKLQNWKH\FRXOGEHIURPWKH'HVGHPRQD"´ ³7KHHYLGHQFHSRLQWLQJWKDWZD\LVSHUVXDVLYH:KDWRWKHULQWHOOLJHQW URERWVDUHXQDFFRXQWHGIRU"´ +HOOPDQFRQVLGHUHGIRUDPRPHQW³7KLVPLJKWEHDVXLWDEOHSODFHIRU (DUWKFRORQL]DWLRQDQGWKHDQVZHUWRWKH'HVGHPRQDP\VWHU\³ ³7KHWKRXJKWKDGQRWHVFDSHGP\DWWHQWLRQ³ ³,VWKHDLURXWWKHUHEUHDWKDEOH"´ ³
WUDYHOLQJDZD\IURP\RX2QHLVVWLOOPRYLQJWRZDUG\RX´ ³+RZ VRRQVKRXOG,EHDEOHWRVHHLW"´ ³&DOFXODWLQJWKHWZRWUDMHFWRULHVDQGDVVXPLQJWKHUH¶VQRFKDQJHLQ HLWKHURI\RXUGLUHFWLRQVDQGQRRWKHUXQWRZDUGHYHQWRFFXUV,ZRXOGVD\LQ WKHYDJXHWHUPV\RXSUHIHUWKDWLWRXJKWWREHTXLWHVRRQ´ +HOOPDQPRYHGRQ+HFRXOGVHHQRZWKDWWKHSODLQZDVQRWDVIODWDVKH KDGWKRXJKWZKHQKHORRNHGDWLWIURPWKHVKLS,WGLSSHGDQGURVHDQGIHOO DQGWKHUHZHUHORZKLOOVLQWKHQHDUGLVWDQFHRUSHUKDSVWKH\ZHUHVDQG GXQHV+HOOPDQZDVJHWWLQJDOLWWOHZLQGHG QRZ+HKDGIDLOHGWRNHHSXSZLWK KLVDHURELFVGXULQJWKHVSDFHVKLSIOLJKWDQGZDVDWULIOHRXWRIFRQGLWLRQ $OOWKLVFOLPELQJXSDQGGRZQHYHQRQOLWWOHKLOOVFRXOGWDNHLWVWROO$V KHPRYHGDORQJKHKHDUGMXVWVOLJKWO\ORXGHUWKDQKLVRZQODERUHGEUHDWKWKH ORZFKXIILQJRQDQHQJLQH ³,FDQKHDUKLP´KHWROGWKHFRPSXWHU ³,VKRXOGWKLQNVR0\UHFHSWRUVSLFNHGKLPXSORQJDJR´ ³*RRGIRU\RX%XWZKHUHLVKH"´ ³+H¶VDERXWWHQRUILIWHHQIHHWIURP\RXDQGVOLJKWO\WR\RXUOHIW³ ³:K\FDQ¶W,VHHKLP"´ ³%HFDXVHKHLVWDNLQJDGYDQWDJHRIWKHFRYHUDIIRUGHGE\DIROGLQWKH HDUWK³ ³:K\ZRXOGKHZDQWWRGRWKDW"´ ³,WLVFRQVRQDQWZLWKVWDONLQJEHKDYLRU´WKHFRPSXWHUVDLG ³:KDWPDNHV\RXWKLQN´ +HOOPDQVWRSSHGLQPLGZRUG7KHVRXQGRIWKH PDFKLQH¶VHQJLQHKDGVXGGHQO\JRQHRII ³:KDW¶VKHGRLQJQRZ"´ ³+HKDVWXUQHGRIIKLVPDLQHQJLQH+HLVRQEDWWHU\SRZHUQRZIRU VLOHQWUXQQLQJ³ +HOOPDQGUHZWKHODVHUSLVWRO)RUWKHILUVWWLPHKHFRQVLGHUHGWKH SUREOHPRIWU\LQJWREULQJGRZQDODUJHDQGSHUKDSVIHURFLRXVPDFKLQHZLWK VXFKDZHDSRQ,WWDNHVWLPHIRUHYHQDKRWODVHUWREXUQWKURXJKPHWDO,W WDNHVWLPHWRJHWWKURXJKGHHSHQRXJKWRKLWDYLWDOFRQQHFWLRQRUWKH PLFURSURFHVVRULWVHOI%XWLIWKHPDFKLQHZHUHIHUDOLILWUHDOO\LQWHQGHG KLPKDUPLWFRXOGEHRQKLPEHIRUHKHFRXOGEULQJLWGRZQ8QOHVVKHFRXOG KLWDYLWDOVSRWRQWKHILUVWVKRW ³:KDW¶VDYLWDOVSRWLQDURERW"´+HOOPDQDVNHGWKHFRPSXWHU ³'HSHQGVRQZKDWNLQG 'LIIHUHQWNLQGVFDUU\WKHLUYLWDOJHDULQ GLIIHUHQWFRPSDUWPHQWV6RDKHDGVKRWLVQRWQHFHVVDULO\DGYLVDEOH,WPLJKW EHEHVWLI\RXWULHGWRUHDVRQZLWKKLP³ ³:K\DUHZHFDOOLQJLWµKH¶"´ ³%HFDXVHVRPHRIXVDUHQHUYRXV´WKHFRPSXWHUVDLG +HOOPDQORRNHGDURXQG7KHJURXQGZKHUHKHZDVQRZDIIRUGHGPDQ\SODFHV ZKHUHDGHWHUPLQHGURERWRIQRWWRRJUHDWVL]HFRXOGFRQFHDOKLPVHOI+HOOPDQ VWRSSHGDQG¶ORRNHGDURXQG+HKDGWKHIHHOLQJWKDWZKDWHYHUZDVVWDONLQJKLP KDGVWRSSHGWRR+HPRYHGRQEHFDXVHLWPDGHKLPOHVVQHUYRXV7KHUHZDVD NLQGRIKXVKRYHUWKHODQG+HOOPDQKDGWKHLPSUHVVLRQWKDWWKHJUDVVHVZHUH ZDLWLQJWRVHHZKDWZRXOGKDSSHQ+HGHFLGHGKH¶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

+HOOPDQFRXOGQ¶WGHFLGHDWILUVWLILWPRYHGZLWKOHJVRUZKHHOV+HGHFLGHG WKDWWKHPDFKLQHXVHGERWK,WZDVOLNHD FDJHZRUNUHFWDQJOHVWDQGLQJRQHQG DQGWLOWHGIRUZDUG7KLVZDVDW\SLFDOVWDQFHDPRQJWKLVJURXSRIURERWVKH ZDVODWHUWRILQGRXW,WVHHPHGWRKDYHWZRRSHUDWLRQDOFHQWHUVEHFDXVH WKHUHZDVDQRWKHUFHQWUDOER[VPDOOHUDQGKLJKHUXS7KLVKHOHDUQHGODWHU KRXVHGJHDULQJ7ZRSKRWRHOHFWULFH\HVH[WHQGHGRQVWDONVDQGVZLYHOHGGRZQWR VHHKLP7UXPSHWVKDSHGHDUVVZLYHOHGLQV\QFKZLWKWKHH\HV7KHPDFKLQH VWRRGDERXWWHQIHHWWDOO,WUHPLQGHG+HOOPDQRIDOLYLQJPRWRUF\FOH ³+LWKHUH´+HOOPDQVDLGEULJKWO\³,DP7RP+HOOPDQDQG,FRPHIURP WKHSODQHW(DUWK:KRDUH\RX"´ 7KHURERWFRQWLQXHGWRORRNDWKLP+HOOPDQKDGWKHLPSUHVVLRQLWZDV WDNLQJKLPLQWU\LQJWRGHFLGHVRPHWKLQJ )LQDOO\LWVDLG³1HYHUPLQGDERXWWKDW:KDWDUH\RXGRLQJKHUH"´ ³,MXVWFDPHE\IRUDYLVLW´+HOOPDQVDLG³*RWP\VSDFHVKLSULJKWRYHU WKHUH´ ³
JRRGV\VWHP´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¶UHPDNLQJDFDUQLYRURXVPRGHO7KHZHDUDQG WHDUZRXOGEHWUHPHQGRXV1RWVRPXFKDVRQLWVYLFWLPVEXWSOHQW\DQ\KRZ ³%HWWHUJHWXSRQPH´WKHFDUKXQWHUVDLG +HOOPDQVFUDPEOHGRYHUWRWKHFDUKXQWHUDQGSXOOHGKLPVHOIXSLWVRSHQ IUDPHZRUNVLGHVVWUDGGOLQJLWVEDFNZKHUHLWFDPHWRDNLQGRISHDN ³+DQJRQ´WKHFDUKXQWHUVDLGDQGEURNHLQWRDORSLQJUXQLWVVL[OHJV JLYLQJLWDFXULRXVEXWQRWXQFRPIRUWDEOHJDLW+HOOPDQKHOG RQWLJKWO\7KH VSHHGZDVQ¶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¶VOLPE,WUHPLQGHG +HOOPDQRISLFWXUHVKHKDGVHHQLQDPXVHXPRIZROYHVWU\LQJWREULQJGRZQD ZRXQGHGHON2QO\WKHFDUKXQWHUZDVPXFKPRUHVHOIDVVXUHGWKDQDQ\HON+H VHHPHGWRKDYHQRIHDURIWKHK\HQRLGV$IWHUDZKLOHWKH\FURVVHGDPXGG\ OLWWOHULYHUDQGWKHQWKH\ZHUHRQDIODWKDUGWDPSHGSODLQ+HUHWKH FDUKXQWHUFRXOGSXWGRZQKLVZKHHOVDQGHQJDJHKLVVXSHULRUKRUVHSRZHU6RRQ KHKDGOHIWWKHK\HQRLGVIDUEHKLQGDQGWKH\WXUQHGEDFN6HHLQJWKLVWKH FDUKXQWHUVKLIWHGWRDPRUHHFRQRPLFDOFUXLVLQJVSHHG ³6D\ZKHQ´KHVDLGWR+HOOPDQDIWHUDZKLOH ³:KDWGR\RXPHDQVD\ZKHQ"´ ³7HOOPHZKHQ\RXZDQWPHWRGURS\RXRII´ ³$UH\RXFUD]\"´+HOOPDQDVNHG³:HPXVWEHWZHQW\PLOHVIURPP\ VSDFHVKLS³ ³
QHHGWRJRVRPHZKHUHXQWLO\RXRUVRPHERG\FDQWDNHPHEDFNWRP\VKLS´ 7KHFDUKXQWHUWKRXJKWDERXWLW³µ(WKLFVDUHQRWP\VWURQJSRLQW´KH VDLG³EXW,VXSSRVHWKDWDEDQGRQLQJ\RXWR\RXUGHDWKRXWKHUHZKHQ,FRXOG ZLWKRXWWRRPXFKGLIILFXOW\GRVRPHWKLQJDERXWLWZRXOGEHSUHWW\ XQFRQVFLRQDEOHLVWKDWFRUUHFW"´ ³3HUIHFWO\FRUUHFW´ ³,WWDNHVDKXPDQEHLQJWRSRLQWRXWWKDWVRUWRIWKLQJ$OO,ZDV WKLQNLQJRIZDVWKHH[WUDHQHUJ\,¶GKDYHWRH[SHQGWRVDYH\RXUOLIH,PHDQ ZKDW¶VLQLWIRUPH"7KDW¶VWKHZD\ZHVWDUWWRWKLQNZKHQWKHUH¶VQRWDKXPDQ DURXQG³ ³,¶PJODGZHFDQEHXVHIXOWR\RX´+HOOPDQVDLG ³%XW\RX¶UHDOVRH[WUHPHO\GLIILFXOWWREHDURXQG$OZD\VWLQNHULQJZLWK VRIWZDUH'RQ¶W\RXWKLQNWKHUH¶VHQRXJKXQFHUWDLQW\RQWKHVXEDWRPLFOHYHO ZLWKRXWLQWURGXFLQJLWLQWRRXUPDFURGHDOLQJV"´ ³:KDW"´+HOOPDQVDLG ³1HYHUPLQG,¶PMXVWUDYLQJ:KHQ\RXDUHDFDUKXQWHU\RXVSHQGDORW RIWLPHDORQH,W¶VDQRPDGLFOLIH\RXNQRZ0RVWRIXVOLYHDSDUWIURPHDFK RWKHU+XQWLQJFDUV7KDW¶VZKDWZHGR7KDW¶VZK\ZH¶UHFDOOHGFDUKXQWHUV´ ³2K:KDWNLQGRIFDUVGR\RXKXQW"´ ³$OONLQGV:H¶UHFDUQLYRUHVLQRXUOLPLWHGZD\:HHDWFDUV:HDOVR HDWWUXFNVDQGKDOIWUDFNVEXWWKH\¶YHEHHQJHWWLQJUDUHLQWKHVHSDUWV 3HRSOHVD\WKHKDOIWUDFNVDUHDERXWKXQWHGRXW
VSHHGKHZDVPDLQWDLQLQJ/HWWKHRWKHUVGHFLGH+HOOPDQKDGQ¶WOLNHGWKH VRXQGRIWKDWDWDOO1RWKLQJPXFKKHFRXOGGRDERXWLWDWSUHVHQWKRZHYHU $QGDQ\KRZPD\EHWKHURERWVDWWKHPHHWLQJZRXOGQ¶WEHVRGLIILFXOW 7KHVXQOLJKWKDGIDGHGDVWKH\URDUHGRXWRIWKHURFN\SODLQDQGLQWRD UHJLRQRIORZVWHHSKLOOV7KHUHZDVDUXGLPHQWDU\WUDFNOHDGLQJXS:D\QH WRRNLWDVLIKHZHUHDGLUWELNHKLOOFOLPEHU'LUWVDQGDQGJUDYHO VKRZHUHG+HOOPDQDVWKHFDUKXQWHUGRGJHGDQGVODVKHGDQGEUDNHGDQG DFFHOHUDWHGXSWKHLQFUHDVLQJO\VWHHSKLOO$WODVW:D\QH¶VZKHHOVEHJDQWR VNLGDQGKHKDGWRUHWUDFWWKHPDQGJRHQWLUHO\E\SVHXGRSRGSRZHU+HOOPDQ KDGWRKROGRQH[WUDWLJKWEHFDXVHWKHURERWZDVVKDNLQJDQGTXLYHULQJDQG OXUFKLQJDQGVZHUYLQJDQGVRPHWLPHVDOORIWKHPDWWKHVDPHWLPH 7KHQ:D\QHVOHZHGWRDVXGGHQKDOW +HOOPDQVDLG³:KDWLVLW"´ ³/RRNHHRYHUWKHUH´ +HOOPDQ¶VJD]HIROORZHGWKH/('OLJKWVDORQJRQHRIWKHFDUKXQWHU¶VPDLQ VXSSRUWPHPEHUV2IIWRRQHVLGHRQDURXJKEXWVHUYLFHDEOHURDGDGXVW\ROG 0HUFHGHV6/ZDVPRYLQJVHGDWHO\DORQJ ³$LQ¶WWKDWDEHDXW\´:D\QHVDLG +HOOPDQORRNHGDQGGLGQ¶WOLNHWKHSURVSHFWRIWKHFDUKXQWHUKXUOLQJ LWVHOIDWWKLVEXUO\DQGVHOIUHOLDQWDXWRPRELOHRQWKLVKLOOVLGHZLWKLWV GHHSO\WLOWHGVODQWDQGLWVXQHDV\IRRWLQJ2QHVOLSDQGKHDQGWKHFDUKXQWHU ZRXOGEHDWWKHERWWRPRIWKHKLOODIWHUUROOLQJDOOWKHZD\0D\EHWKH FDUKXQWHUFRXOGUHFRYHUIURPWKDWEXW+HOOPDQGRXEWHGDKXPDQFRXOG ³+HOOLW¶VMXVWDFDU´+HOOPDQVDLG³/HW¶VJHWWRWKHPHHWLQJKXK"´ ³7KDWFDULVSULPHHDWLQJDQGLI\RXGRQ¶WZDQWLW,FDQVXUHXVHLW´ ³/HW¶VHDWODWIUDWWKHPHHWLQJ´ ³,GLRWWKHPHHWLQJLVDWLPHRIIDVWLQJ:K\GR\RXWKLQN,QHHGD VQDFNQRZ"´ ³&RPSXWHU´+HOOPDQVDLGWXUQLQJRQWKHUDGLROLQNKHKDGPDQDJHGWR KROGRQWRWKURXJKHYHU\WKLQJSUREDEO\EHFDXVHLWZDVDWWDFKHGWRKLVZULVW E\DODQ\DUG ³2XWRIUDQJH´WKHFDUKXQWHUVDLG³5HOD[,EHHQJLWWLQ¶FDUVRQZRUVH WHUUDLQWKDQWKLV+DQJRQEDE\KHUHZHJRW´ +HVWDUWHGGRZQWKHSHULORXVVORSH,WZDVVWUDQJHWKDWDWWKLVWLPH MXVWEHIRUHWKHLUUHYRFDEOHODXQFKLQWRGDQJHURXVWHUULWRU\+HOOPDQVKRXOG WKLQNRIWKH'HVGHPRQDP\VWHU\2QWKHRWKHUKDQGPD\EHLWZDVQ¶WVWUDQJHDW DOO 'HVGHPRQDZDVDVDWHOOLWH RXWSDVW1HSWXQHRUELW,WZDVDGUHDU\OLWWOH SODFHDVHWWOHPHQWRIQRPRUHWKDQDIHZKXQGUHGPHPEHUVRIDQRZIRUJRWWHQ UHOLJLRXVVHFWZKRKDGJRQHWRWKLVSODFHWRSUHVHUYHWKHLUEHOLHIVZLWKRXW FRQWDPLQDWLRQIURPWKHUHVWRIWKHZRUOG7KH\

KDGWDNHQWKHLUURERWVZLWKWKHPRIFRXUVH\RXFRXOGQ¶WVXUYLYHLQWKHRXWHU SODQHWVZLWKRXWURERWVDQGDORWRIOXFN7KH\KDGEHHQJDWKHUHUVRI;HXP FRVPLFUD\UHVLGXH'XHWRWRSRORJLFDOSHFXOLDULWLHVLQWKHVSDFHWLPH FRQWLQXXP'HVGHPRQDKDSSHQHGWRUHFHLYHPRUH;HXPWKDQDQ\RWKHUSODFHLQWKH VRODUV\VWHP%XWLWZDVDEDUHOLYLQJEHFDXVHWKHRQO\GHPDQGIRU;HXPZDV IURPVFLHQWLVWVZKRZHUHWU\LQJWRILQGWKHSULPRUGLDOVXEVWDQFHZKLFK JHQHUDWHGWKHXOWLPDWHSDUWLFOH 7KHVHWWOHUVRI'HVGHPRQDZHUHVREHUSHRSOHZKRNHSWRQO\WKHPRVW PLQLPDOFRQWDFWZLWKWKHRWKHUZRUOGV6WLOOWKH\FRXOGQ¶WLVRODWHWKHPVHOYHV HQWLUHO\7KHUHZHUHVWLUULQJVXQGHUFXUUHQWVDQGDJURZLQJGHPDQGIRUQHZ SURGXFWVDQGQHZZD\V6RPHRIWKH'HVGHPRQDFLWL]HQVWRRNWRVSHQGLQJWLPHDW *DQ\PHGH)XQ:RUOGWKHSOHDVXUHVDWHOOLWHWKDWKDGEHHQHUHFWHGLQ-XSLWHU RUELW,WZDVDORQJZD\WRJRIRUDOLWWOHIXQEXWJRWKH\GLG 7KHUHZDVGLVVHQVLRQRQ'HVGHPRQD$QGWKHQRQHGD\DEOXUU\DQGKDUG

WRUHDGVLJQDOZDVUHFHLYHG RQ(DUWKDQGRWKHUZRUOGV1RRQHFRXOGGHFLSKHU LWEXWLWVHHPHGWRUHIHUWRVRPHGLVDVWHU$UHOLHISDUW\ZDVVHQWRXWDQG IRXQG'HVGHPRQDVDWHOOLWHGHVHUWHG7KHSODFHKDGEHHQGLVPDQWOHGLQDQ RUGHUO\IDVKLRQDOOXVHIXOPDWHULDOSDFNHGDZD\DQGWDNHQ7KHRQO\KLQWRI ZKDWKDGKDSSHQHGZDVDOHWWHUEHJXQDQGFUXPSOHGDQGWKURZQLQWRDFRUQHU DQGWKHUHLJQRUHGLQWKHJHQHUDOKRXVHFOHDQLQJWKDWSUHFHGHGWKHGHSDUWXUH $IWHUVRPHFKLWFKDWDERXWIDPLO\DQGIULHQGVWKHUHZDVWKLV³2XUURERWV KDYHEHHQ JLYLQJXVGLIILFXOWLHVRIODWHDQGZH¶UHQRWVXUHZKDWWRGRDERXW LW7KH(OGHUVVD\WKHUH¶VQRGDQJHURIDUHYROWWKRXJKVRPHGRXEWWKHZLVGRP RIWKHQHZRYHUULGHLQVWUXFWLRQVWKDWSHUPLWRXUURERWVWRJHWDURXQGWKH 7KUHH/DZVRI5RERWLFV2XU&KDLUPDQVD\VWKLVLVQHFHVVDU\LQRUGHUQRWWR LQKLELWWKHLULQWHOOHFWXDOGHYHORSPHQWEXWVRPHRIXVZRQGHULIZHDUHQ¶W DVNLQJIRUDORWRIWURXEOH´ $WWKDWSRLQWWKHOHWWHUHQGHGLQPLGVHQWHQFH 7KHUHZDVFRQMHFWXUHWKDWWKHURERWVIUHHGRIWKHUHVWUDLQWVRIWKH /DZVRI5RERWLFVKDGVRPHKRZWDNHQFRQWURODQGGHFLGHGWRWDNHWKH VSDFHVKLSVDQGWKHKXPDQVIURP'HVGHPRQDDQGJRVRPHZKHUHHOVHDSODFH ZKHUHWKH\ZRXOGQRWEHPROHVWHGE\WKHUHVWRIKXPDQLW\,WZDVWKHRUHWLFDOO\ SRVVLEOHWRE\SDVVWKH URERWLFVODZVLQWHOOLJHQWURERWVVWDUWHGWKHLUOLIH ZLWKQHXWUDOHWKLFDOYDOXHV0RUDOGHIDXOWVDQGUHVWUDLQWVKDGWREHEXLOWLQ DQGSURJUDPPHG1RWHYHU\RQHDJUHHGZLWKWKLVSURJUDP6RPHSHRSOHKDGWR\HG ZLWKWKHLUURERWV¶FRQGLWLRQLQJKRSLQJWRJHWPRUHRXWRIWKHURERWV ,QVWDQFHVRIWKLVZHUHUDUHKRZHYHUDQGZHUHVWDPSHGRXWDVVRRQDVWKH\ ZHUHHQFRXQWHUHG /DUJHUHZDUGVZHUHRIIHUHGIRUDQ\RQHZKRVROYHGWKH'HVGHPRQDP\VWHU\ DQGHYHQODUJHUUHZDUGVZHUHDYDLODEOHIRUDQ\RQHZKRGLVFRYHUHGWKHSUHVHQW ORFDWLRQRIWKH'HVGHPRQDURERWVDQGWKHLURZQHUVWKHKXPDQVRI'HVGHPRQD 6HWWOHPHQW1RRQHKDGFODLPHGWKLVPRQH\VRIDUDOWKRXJKWKHUHKDGEHHQRQH RUWZRIDOVHDODUPV +HOOPDQZDVSUHWW\VXUHWKDWWKH'HVGHPRQDURERWVKDGFRPHWRWKLV SODFHZKDWHYHUWKLVSODQHWZDVFDOOHG+HZDVSRWHQWLDOO\DULFKPDQ7KH RQO\GLIILFXOW\ZDVKHZDVDWSUHVHQWFOLQJLQJWRWKHVLGHRIDFDUKXQWHU ZKLFKZDVUXVKLQJGRZQDVORSHWRDWWDFND0HUFHGHV6/ 6OLSSLQJDQGVOLGLQJRQWKHURFN\VXUIDFHWKHFDUKXQWHUZKHHOV VSLQQLQJOLPEVVWUXJJOLQJIRUSXUFKDVHFDPHGRZQRQWKHKDSOHVVDXWRPRELOH 7KH0HUFHGHVVHQVLQJWKHDWWDFNDWWKHODVWPRPHQWSXWRQDEXUVWRIVSHHG 7KHFDUKXQWHUZDVDEOHWRFODZDZD\DSRUWLRQRILWVEXPSHUEHIRUHWKH 0HUFHGHVSXOOHGIUHHDQGZLWKDVQRUWIURPLWVGRXEOHFDUEVKXUWOHGGRZQ WKHVORSH7KHFDUKXQWHUIROORZHGFDXJKWXSDQGODXQFKHGLWVHOIRQWRWKH EDFNRIWKHFDU7KHUHZDVDZLOGEHOORZLQJIURPERWKPDFKLQHV7KHQWKH FDUKXQWHUKDGODQGHGRQWKHWUXQNRIWKH0HUFHGHVDQGZDVWHDULQJDQGUHQGLQJ LWWU\LQJZLWKLWVORQJH[WHQVLEOHDUPVWRUHDFKXQGHUDQGEUHDNORRVHRQH RIWKHYXOQHUDEOHD[OHVLQRUGHUWRKDPVWULQJWKHPHFKDQLFDOEHDVW%XWWKH 0HUFHGHVKDGDUPRUHGVLGHSDQHOVDQGDPHVKRIVWHHOSURWHFWHGLWVYLWDO RUJDQV,WVKRUQEODUHGDQGIURPLWVPRGLILHGVXSHUFKDUJHUSRUWVFDPHDEOXH JUD\JDV7KHFDUKXQWHUPDQDJHGWRSLQFKVKXWWKHPDLQSRUWRXWRIZKLFKWKHVH IXPHVZHUHULVLQJ([WUXGLQJDPHWDOOLFWHQWDFOHZLWKDEOXGJHRQOLNHVWHHO ILVWDWLWVHQG LWEHDWLQWKHFDU¶VVLGHZLQGRZDQGJUDEEHGDWWKHVWHHULQJ ZKHHO7KHFDUDQGWKHFDUKXQWHUVWUXJJOHGIRUFRQWURODVWKH\FDUHHQHGDFURVV WKHVWHHSKLOOVLGHFRPLQJSHULORXVO\FORVHWRFDSVL]LQJ7KLVZDVSUHYHQWHG RQO\E\WKHFDUKXQWHU¶VVXSHULRUVHQVH RIEDODQFHIRUKHPDQDJHGVRPHKRZWR NHHSERWKKLPVHOIDQGWKH0HUFHGHVXSULJKWRQLWVZKHHOV7KHJURDQVDQG VQDUOVVFUHDPVDQGJUXQWLQJVZHUHLPSUHVVLYHLQWKHH[WUHPH+HOOPDQZDV EDWWHUHGEDFNDQGIRUWKDVWKHWZRURERWVFODVKHGDQGWKRXJKWIRUDPRPHQWKH ZDVJRLQJWREHWKURZQIUHH$QGWKHQVXGGHQO\LWZDVRYHU7KH URERWKXQWHU¶VWHQWDFOHVQDNHGWKURXJKDQHQWU\SRUWDQGIRXQGWKHFUHDWXUH¶V FHQWUDOSURFHVVLQJXQLWVRPHZKHUHGHHSLQLWVLQQDUGV7KHFDUKXQWHUZUHQFKHG

RQFHWZLFHDQGRQWKHWKLUGWU\DWKLFNEXQFKRIFDEOHVFDPHORRVHDQGWKH 0HUFHGHVXWWHUHGDVLQJOHVLJKDQGVORZHGWRDKDOW7KHLGLRWOLJKWVRQLWV GDVKERDUGIODVKHGLQFUD]\SDWWHUQVWKHQZHQWWREODFN7KHFUHDWXUHZDV GHDG +HOOPDQPDQDJHGWRVOLGHWRWKHJURXQG+HVWUHWFKHGKLPVHOIDQGUHVWHG ZKLOH:D\QHVWULSSHGRXWWKHSRLQWVDQGPXQFKHGWKHPWKHQGLVPDQWOHGWKH PDFKLQHDQGVWRUHGVRPHRIWKHFKRLFHUSDUWVLQLWVFDUJRVHFWLRQMXVWEHQHDWK LWVRZQ&38:DWFKLQJKLP+HOOPDQEHFDPHDZDUHWKDWKHZDVJHWWLQJKXQJU\ WRR ³,GRQ¶WVXSSRVH\RXKDYHDQ\WKLQJWKDW,FDQHDW"´+HOOPDQDVNHGDVKH ZDWFKHG:D\QHVODYHUDVLWPXQFKHGGRZQRQHKHDGOLJKW ³1RWKHUHQR´:D\QHVDLG³%XWDWWKHPHHWLQJZH¶OOEHDEOHWRGR VRPHWKLQJIRU\RX³ ³,GRQ¶WHDWPHWDO\RXNQRZ´+HOOPDQVDLG³1RWHYHQSODVWLF³ ³,DPDZDUHRIKXPDQV¶VSHFLDOGLHWDU\UHTXLUHPHQWV´WKHFDUKXQWHU UHSOLHG+HVSLWRXWDFRXSOHRIOXJQXWV³:HOOWKDWZDVGHOLFLRXV7RREDG \RXKXPDQVGRQ¶WNQRZDERXWKHDGOLJKWV&RPHRQPRXQWXSZH¶OOEHODWH´ ³7KURXJKQRIDXOWRIPLQH´+HOOPDQPXWWHUHGFOLPELQJRQWRWKH FDUKXQWHUDJDLQ ,QDQRWKHUKRXUWKH\KDGOHIWWKHGHVRODWHEDGODQGVDQGZHUHWUDYHOLQJ DFURVVJUDVV\UROOLQJFRXQWU\7KHUHZDVDULYHUWRWKHLUULJKWDQGJUHHQ UROOLQJKLOOVWRWKHOHIW6RIDU+HOOPDQKDGQRWVHHQDQ\VLJQVRIKXPDQRU HYHQDQLPDOOLIH7KHUHZDVSOHQW\RIYHJHWDWLRQDURXQGKHUHKRZHYHU0RVW RILWVHHPHGWREHLQWKHIRUPRIWUHHVDQGJUDVV1RWKLQJWKHUHIRUKLPWR HDW%XWSHUKDSVVRPHWKLQJZRXOGWXUQXSZKHQWKH\UHDFKHGWKHPHHWLQJSODFH )DUDKHDGLQDFOHIWEHWZHHQWZRKLOOVKHFDXJKWVLJKWRIDJOLQWRI VXQOLJKWRIIPHWDO³:KDW¶VWKDW"´KHDVNHG ³7KDW¶VWKH5RXQGKRXVH´:D\QHVDLG³7KDW¶VZKDWZHFDOOWKH*UHDW 0HHWLQJ+DOO$QGORRN6RPHRIWKHRWKHUVDUHWKHUHDOUHDG\³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³+RZG\-HII´:D\QHVDLG³6L%LOO6NHHWHUKHOOR´ ³+HOOR:D\QH´WKH\UHSOLHG ³,UHFNRQ\RXFDQJHWGRZQQRZ´:D\QHVDLGWR+HOOPDQ +HOOPDQVOLGGRZQWKHFDUKXQWHU¶VEDFN,WIHOWJRRGWRKDYHVROLG JURXQGEHQHDWKKLPDJDLQWKRXJKKHZDVDOLWWOHLQWLPLGDWHGE\WKHVL]HRI WKHRWKHUFDUKXQWHUV ³:KDW\RXJRWWKHUH:D\QH"´RQHRIWKHPDVNHG ³
:D\QHZHQWRYHUWRWKHEDUUHO+HH[WUXGHGDWXEHDQGLQVHUWHGLWLQWR WKHEDUUHO7KHRWKHUVZDWFKHGVLOHQWO\DVWKHOHYHORIWKHEDUUHOZHQWGRZQ ³+H\:D\QH6DYHVRPHIRUVRPHERG\HOVH´ :D\QHILQDOO\ZLWKGUHZKLVGULQNLQJWXEH³
DQGRQHJUHHQH\H ³*UHDW´+HOOPDQVDLG³7KH\SXWPHLQZLWKDGXPP\³ $VKHVSRNHKHQRWLFHGWKDWWKHURERWZDVVFUDWFKLQJLQWKHGLUWRIWKH SDFNHGHDUWKIORRUZLWKDORQJWRH+HOOPDQUHDGLW³7KHZDOOVKDYHHDUV´ +HORRNHGDWWKHURERW,WJDYHKLPDPHDQLQJIXOORRN ³:KDWKDSSHQVQRZ"´+HOOPDQVDLGGURSSLQJKLVYRLFHWRDZKLVSHU7KH URERWVFUDWFKHG³:H¶OONQRZVRRQ´7KHURERWGLGQ¶WZDQWWRFRPPXQLFDWHDQ\ IXUWKHU+HOOPDQZHQWWRWKHIDUVLGHRIWKHURRPDQGVWUHWFKHGRXWRQWKH IORRU+HZDVYHU\KXQJU\QRZ:HUHWKH\JRLQJWRIHHGKLP"$QGPRUH LPSRUWDQWZHUHWKH\JRLQJWRIHHGKLPVRPHWKLQJKHFRXOGHDW"2XWVLGHLWZDV JURZLQJODWH$IWHUDZKLOH+HOOPDQVWDUWHGWRGR]HRII+HIHOOLQWRDOLJKW VOHHSDQGVRRQKHZDVGUHDPLQJRIYDJXHWKUHDWHQLQJWKLQJVWKDWFDPHDWKLP RXWRIDGDUNVN\+HZDVWU\LQJWRH[SODLQWRWKHPWKDWKHZDVQRWWREODPH EXWKHFRXOGQ¶WUHPHPEHUZKDWIRU +HOOPDQDZRNHZKHQWKHGRRUWRWKHSULVRQZDVRSHQHG$WILUVWKH WKRXJKWWKH\KDGFRPHWRWHOOKLPZKDWWKH\KDGGHFLGHG%XWWKH\KDGEURXJKW KLPIRRGLQVWHDG,WFRQVLVWHGHQWLUHO\RIIUXLWDQGQXWV1RQHRIWKHPZDV IDPLOLDUWRKLPEXWQRQHZHUHVWUDQJHHLWKHU7KH\DOVREURXJKWKLPZDWHU ,WZDVFDUULHGLQTXDUWRLOFDQVZKLFKKDGEHHQVFUXSXORXVO\FOHDQVHGDQGERUH QRWHYHQDWUDFHRIRLO+HOOPDQOHDUQHGODWHUWKDWWKHVHFDQVKDGQHYHUKHOG RLOHYHQWKRXJK³RLO´ZDVVWDPSHGLQWRWKHPHWDORIWKHLUVLGHV+HKDGQR LGHDWKHQWKDWWKHFDUKXQWHUVKDGDFHUHPRQLDOVLGHWRWKHLUQDWXUHDQGZHUH DEOHWRXVHFHUWDLQXWLOLWDULDQREMHFWVIRUWKHLUV\PEROLFYDOXHDORQH 7KHWZRFDUKXQWHUVZKREURXJKWWKHIRRGDQGZDWHUZRXOGDQVZHUQR TXHVWLRQV7KH\ZDLWHGVLOHQWO\ZKLOH+HOOPDQDWH+HWKRXJKWWKH\ZDWFKHGKLP ZLWKFXULRVLW\+HFRXOGQ¶WILJXUHWKDWRXWEXWKHZDVKXQJU\HQRXJKVRWKDW KHDWHDQ\ZD\7KH\WRRNDZD\WKHKDPPHUHGWLQSODWHVRQZKLFKWKH\KDG EURXJKWWKHIRRGEXWWKH\OHIWKLPWZRZDWHUFDQV 7LPHSDVVHG+HOOPDQKDGQRZDWFKDQGZDVXQDEOHWRUHDFKWKHVKLS¶V FRPSXWHUWRJHWDWLPHFKHFN%XWKHILJXUHGWKDWKRXUVPXVWKDYHSDVVHG+H JUHZLUULWDWHGZLWKWKHURERWZKRZDVORFNHGLQZLWKKLPZKRVDWLQDFRUQHU RIWKHURRPDQGVHHPHGWREHLQDFDWDOHSWLFILW $WODVW+HOOPDQKDGKDGHQRXJK%RUHGRPFDQGULYHDPDQWRRXWUDJHRXV GHHGV+HZDONHGRYHUWRWKHURERWDQGVDLG³6D\VRPHWKLQJ´ 7KHURERWRSHQHGLWVUHGDQGJUHHQH\HVDQGORRNHGDWKLP,WVORZO\ VKRRNLWVKHDGOHIWWRULJKWPHDQLQJQR ³%HFDXVHWKH\FDQKHDUXVULJKW"´ 7KHURERWQRGGHGDIILUPDWLYH ³:KDWGRHVLWPDWWHULIWKH\FDQKHDUXVRUQRW"´ 7KHURERWPDGHDFRPSOH[DQGLQWULFDWHJHVWXUHZLWKLWVKDQGVZKLFK +HOOPDQWRRNWRPHDQµ
IDFHLQWRDIHURFLRXVIURZQDQGDGYDQFHG ³7KHUH¶VQRQHHGIRUYLROHQFH´WKHURERWVDLG ³)LQH7KHUH¶VQRUHDVRQIRUVLOHQFHHLWKHULVWKHUH"´ ³,VXSSRVHQRW´WKHURERWVDLG³,MXVWWKRXJKWLWEHVWWKDWZHGLGQ¶W WDONWRJHWKHUVRWKDWWKHFDUKXQWHUVZRXOGQ¶WJHWWKHLGHDZHZHUHSORWWLQJ DJDLQVWWKHP´ ³:K\ZRXOGWKH\WKLQNWKDW"´ ³
VRPHWKLQJKHZDVEHLQJDGYLVHGQRWWRVD\WRWKHFDUKXQWHUV+HZLVKHG KHNQHZ ZKDWLWZDV%XWQRZWKHFDUKXQWHUVZHUHPRYLQJDQG+HOOPDQKDGWRPRYH TXLFNO\WRSUHYHQWEHLQJUXQRYHU

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µVSDVW 7KHOHDGLQJFDUKXQWHUZDVHDV\WRVSRWWRR+HVDWLQWKHFHQWHURIWKH RWKHUVRQWKHUDLVHGUHFWDQJOH+HZDVDOPRVWDWKLUGODUJHUWKDQKLVIHOORZ MXGJHVDQGKHZDVSDLQWHGDPLGQLJKWEOXHZLWKVLOYHUDFFHQWV 7KHEOXHDQGVLOYHUMXGJHVDLG³,DP&DU(DWHU&KLHI(OGHURIWKH &DUKXQWHUVWULEH7KHVHDUHP\IHOORZMXGJHV:K\KDYH\RXFRPHKHUH7RP +HOOPDQ":HDOUHDG\NQRZWKDW\RXFDPHLQDVSDFHVKLS:K\GLG\RXFRPHWR 1HZVWDUW"´ ³,WZDVDPLVWDNH´+HOOPDQVDLG³,KDGDPDOIXQFWLRQ´ ³7KDWLVQRWDQDFFHSWDEOHDQVZHU:KHUHKXPDQVDUHFRQFHUQHGWKHUHDUH QRPLVWDNHV´ ³0D\EH\RXGRQ¶WNQRZSHRSOHYHU\ZHOO´+HOOPDQVDLG³7KLVZDV GHILQLWHO\DPLVWDNH,I\RXGRQ¶WEHOLHYHPHDVNP\VKLS¶VFRPSXWHU´ ³2QHRIRXUVFRXWVWULHGWRWDONWRKLP³&DU(DWHUVDLG³+HWROGXVZH GLGQRWKDYHWKHSURSHUDFFHVVFRGH+HZRXOGQRWH[SODLQZKDWKHPHDQWE\ WKDW´ ³7KHDFFHVVFRGHLVDQLQHQXPEHUFRPELQDWLRQ,WLVXVHGWRSUHYHQW XQDXWKRUL]HGVS\LQJRQWKHFRPSXWHU¶VPHPRU\EDQNV´ ³%XWFRXOGQ¶WWKHFRPSXWHUPDNHXSKLVRZQPLQGDERXWWKDW"´&DU(DWHU DVNHG ³3HUKDSVKHFRXOG´+HOOPDQVDLG³%XWLWLVQRWWKHZD\ZHGRWKLQJVRQ (DUWK´ 7KHURERWVKHOGDZKLVSHUHGFRQIHUHQFH7KHQ&DU(DWHUVDLG³,WKDV EHHQPDQ\\HDUVVLQFHDKXPDQYLVLWHGWKHVHSDUWV7KLVSDUWRIWKHSODQHW EHORQJVWRXVWKHFDUKXQWHUV:HVWD\RXWRIRWKHUSHRSOH¶VWHUULWRU\DQG H[SHFWSHRSOHWRVWD\RXWRIRXUV7KLVLVKRZLWKDVEHHQIRUDYHU\ORQJ WLPHHYHUVLQFHWKH*UHDW)DEULFDWRUGLYLGHGWKHVSHFLHVRILQWHOOLJHQFHDQG WROGHDFKWREHIUXLWIXODQGPXOWLSO\DFFRUGLQJWRKLVEDVLFSODQ6RPHRIWKH FDUKXQWHUVZDQWHGWRNLOO\RXDQGWKDWRWKHUVWUD\WRRWKHOLEUDULDQZKR FDOOVKLPVHOI-RUJH6RXQGVOLNHDVLVV\QDPHWRPH7KDW¶VWKHVRUWRIQDPH WKH\JLYHWKHPVHOYHVLQ5RERWVYLOOHZKHUHWKH\WKLQNWKH\¶UHEHWWHUWKDQ DQ\RQHHOVH%XWZH(OGHUVGHFLGHGDJDLQVWWDNLQJYLROHQWDFWLRQ7KH&RPSDFW ZKLFKUXOHVWKLVSODQHWDEKRUVGHVWUXFWLRQH[FHSWLQODZIXOZD\V+HOOPDQ\RX PD\JR
³6RUU\DERXWWKLV:D\QH´+HOOPDQVDLG+HDQG-RUJHKDGPRXQWHGDQG ZHUHFOLQJLQJWRWKHFDUKXQWHU¶VEDFNSODWHV ³+HOOLWGRQ¶WPDNHQRQHYHUPLQG´:D\QHVDLG³,GRQ¶WVLWDURXQGD ZKROHORWIUHWWLQJDERXWKRZ,SDVVP\WLPH6RPHWLPHVLW¶VPRUHFRQYHQLHQW IRUXVFDUKXQWHUVWRWXUQRQWRHPHUJHQF\PRGHZKLFKRIFRXUVHLVWLPHERXQG %XWPRVWRIWKHWLPHOLIHMXVWJRHVDORQJKHUHRQWKHFRQFUHWHSUDLULHPXFKDV LWKDVHYHUGRQH´ +HOOPDQOHDUQHGIURP:D\QHWKDWWKHFDUKXQWHUVKDGOLYHGLQWKLVUHJLRQ WKHEDGODQGVRI1RUWKZHVW0RXQWDLQDQG&RQFUHWH3UDLULHIRUDVORQJDVDQ\RQH FRXOGUHPHPEHU-RUJHEURNHLQDQGVDLGWKDWWKLVZDVDOLHRUDWOHDVWDQ XQWUXWKWKHFDUKXQWHUVKDGEHHQDURXQGRQO\DKXQGUHG\HDUVRUVRMXVWOLNH HYHU\RQHHOVH:D\QHVDLGKHGLGQ¶WZDQWWRDUJXHEXWKHGLGSRLQWRXWWKDW WKHUHZDVRQHKHOORIDORWFLW\URERWVGLGQ¶WNQRZ+HOOPDQKLPVHOIZDV LQWHUHVWHGLQZKDWLWZDVOLNHWREHDFLW\URERW ³$UHQ¶WWKHUHDQ\SHRSOHLQ\RXUFLW\"´+HOOPDQDVNHG-RUJH ³,WROG\RXDOORIXVDUHSHRSOH´ ³:HOO,PHDQSHRSOHOLNHPH+XPDQV)OHVKDQGEORRGVRUWRISHRSOH
JRRGOLIHEXWLQWKHYLHZRIWKHRWKHUURERWVWKRVHZKRKDGFKRVHQWROLYH LQFLWLHVLWZDVDEOLQGDOOH\LQWKHOLIHJDPHRIPDFKLQHHYROXWLRQ7KH QRPDGLFPRGHOZDVVDWLVI\LQJEXWOLPLWLQJ ³
7KUHHWLPHV:D\QHWULHGWREXOOKLVZD\XSWKHFOLIIVLGHDQGHDFKWLPH ORVWWUDFWLRQDWKLUGRIWKHZD\IURPWKHWRS2QO\WKHPRVWVNLOOIXOZHLJKW VKLIWLQJDQGGRXEOHFOXWFKLQJSUHYHQWHGWKHFDUKXQWHUIURPWXUQLQJRYHUDVLW VOLGGRZQWRLWVVWDUWLQJSRLQW7KH'HOWRLGVVHHPHGLQQRKXUU\WRDWWDFN WKHPVRPHWKLQJZKLFKZDVLQFRPSUHKHQVLEOHWR:D\QHDWWKHWLPHEXWZKLFKKDG DVLPSOHH[SODQDWLRQWKDWZDVVXSSOLHGODWHUZKHQWKH\ZHUHVDIHIRUWKH PRPHQWLQ3RLFWHVPH %XWWKDWZDVODWHUIRUQRZLWORRNHGDGHVSHUDWHVLWXDWLRQDQG:D\QH

WXUQHGUHDG\WRFKDUJHKHDGRQLQWRWKHPDFKLQHVDQGWDNHKLVFKDQFHV +HOOPDQDQG-RUJHKDGQRVD\LQWKHPDWWHU7KLVZDV:D\QH¶VGHFLVLRQDQGKLV DORQHWRPDNH%XWLWZDVWDNHQRXWRIKLVKDQGVZKHQWKHJURXQGVXGGHQO\ EHJDQWRFROODSVHEHQHDWKKLVIHHW7KH'HOWRLGVQRWLFHGWKLVDQGQRLVLO\ VWDUWHGPRWRUVHDJHUWRJHWDZD\IURPWKHWUHDFKHURXVJURXQG%XWQRZWKH\ ZHUHFDXJKWLQLWWRRDQGWKHHQWLUHSODLQVHHPHGWREHFROODSVLQJXQGHU WKHP+HOOPDQDQG-RUJHFRXOGGRQRWKLQJEXWKDQJRQDV:D\QHVOLSSHGDQG VOLWKHUHGDQGIRXJKWIRUWUDFWLRQ%XWWKHUHZDVQRWKLQJWREHGRQHDQG +HOOPDQIHOWKLPVHOIEDWWHUHGE\IO\LQJGLUWDQGVDQGDVWKHERWWRPGURSSHG RXWIURPXQGHUWKHP

,WZDVWKHDODUPFORFNWKDWZRNHKLP $ODUPFORFN" +HOOPDQRSHQHGKLVH\HV+HZDVLQDODUJHEHGXQGHUDSLQNDQGEOXH TXLOW+HZDVSURSSHGXSQLFHO\RQGRZQFXVKLRQV7KHUHZDVDQDODUPFORFNRQ WKHQLJKWVWDQGQH[WWRKLP,WZDVULQJLQJ +HOOPDQWXUQHGLWRII ³)HHOLQJDOOULJKW"´DYRLFHDVNHGKLP +HOOPDQORRNHGDURXQG7RKLVULJKWVLWWLQJLQDQRYHUVWXIIHGFKDLU WKHUHZDVDZRPDQ$\RXQJZRPDQ$JRRGORRNLQJ\RXQJZRPDQ6KHZRUHD \HOORZDQGWDQJHULQHKRVWHVVJRZQ6KHKDGFULVSEORQG KDLUDQGJUD\H\HV6KH ORRNHGDW+HOOPDQZLWKDQDLURIEROGQHVVDQGVHOISRVVHVVLRQ ³
³:HOOPD\EH,JHWLW´+HOOPDQVDLG³:KHUHDUHWKH3RLFWHVPHDQV DQ\KRZ"´ ³5LJKWKHUH
LOOXPLQDWLRQ +HOOPDQEHFDPHYHU\IRQGRI/DQD+HWKRXJKWVKHZDVDOLWWOHGXPEEXW VZHHW6KHORRNHGJUHDWLQDEDWKLQJVXLW,WZDVQ¶WORQJEHIRUH+HOOPDQ DSSURDFKHG/DQDZLWKDUHTXHVWIRUPXWXDOSURFUHDWLRQKLPDQGKHUMXVW\RX DQGPHEDEH/DQDVDLGVKH¶GORYHWREXWQRWQRZ0D\EHVRPHWLPHEXWQRW QRZ:KHQ+HOOPDQDVNHGZK\QRWQRZVKHVDLGWKDWVRPHGD\VKH¶GH[SODLQLW DQGWKH\¶GERWKODXJKDERXWLW+HOOPDQKDGKHDUGWKDWRQHEHIRUH 1HYHUWKHOHVVKHUHPDLQHGIRQGRI/DQDDQGVKHVHHPHGWROLNHKLPWRR $OWKRXJKSHUKDSVWKDWZDVEHFDXVHKHZDVWKHRQO\KXPDQSHUVRQLQ3RLFWHVPH 6KHVDLGWKDWZDVQ¶WLWDWDOOVKHOLNHGKLPKHZDVGLIIHUHQWKHZDVIURP (DUWKDSODFHVKHKDGDOZD\VZDQWHGWRVHHEHFDXVHHYHQWKLVIDUIURPWKH VRODUV\VWHPVKHKDGKHDUGRI3DULVDQG1HZ
WKLVSODQHWZDQWVWROLYHLQXV³ ³:K\¶VWKDW"´ ³,¶YHWROG\RXWKH\¶UHDOOTXLWHPDG´ ³,¶PVXUHVRPHWKLQJFDQEHDUUDQJHG´+HOOPDQVDLG³*RRGKRXVLQJLV DOZD\VLQGHPDQGRQ(DUWK:H¶OOMXVWKDYHWRVHQGVRPHELJVSDFHVKLSVWRWDNH \RXRIIWKDW¶VDOO´ ³7KDWVRXQGVILQH³ ³,W¶VDGHDOWKHQ+RZVRRQFDQZHEHJLQ"´ ³:HOOWKHUH¶VDSUREOHPWRRYHUFRPHEHIRUHZHFDQDFWXDOO\GR DQ\WKLQJ´ ³,WKRXJKWWKDWZRXOGEHLW´+HOOPDQVDLG³)RUJHWDERXWSUREOHPVMXVW JHWPHEDFNWRP\VSDFHVKLSDQG,¶OOWDNHFDUHRIWKHUHVW´ ³7KDW¶VSUHFLVHO\WKHWURXEOH
³2KOHW¶VQRWJRLQWRLWQRZ´WKHKRXVHURERWVDLG+HOOPDQZDV OHDUQLQJQRWIRUWKHODVWWLPHWKDWURERWVFDQEHHYDVLYHDQGLI SURJUDPPHGFRUUHFWO\GRZQULJKWOLDUV 7KH3RLFWHVPHDQVDLGVKH¶GWKLQNDERXWLWDQGGLVFXVVLWZLWKWKH RWKHUV+HULPDJHIDGHGIURPWKHVFUHHQ+HOOPDQZDVIHHOLQJPRGHVWO\ RSWLPLVWLFXQWLO/DQDFDPHKRPHDQGKHDUGRIWKHFRQYHUVDWLRQ /DQDVDLGVKHGLGQ¶WWUXVWWKH3RLFWHVPHDQVDQGGLGQ¶WWKLQN+HOOPDQ VKRXOGHLWKHU1RWWKDWVKHZDVWU\LQJWRWHOOKLPKRZWRWKLQN1RWWKDWVKH JDYHDGDPQZKDWKHWKRXJKW%XWVKHMXVWZDQWHGKLPWRNQRZWKDWKHURSLQLRQV RIWKHURERWVZHUHEDVHGRQDOLIHWLPHRIKDYLQJOLYHGFORVHWRWKHPWLPHLQ ZKLFKVKHKDGREVHUYHGWKHLUZD\VDQGKDGDOVRKDGWKHYDOXDEOHLQVLJKWVRI KHUIULHQGVZKRDOVRXVHGXSVRPHRIWKHLUWLPHDQGHQHUJ\REVHUYLQJURERWV 1RZRIFRXUVHVKHVDLGZLWKVZHHWVDUGRQLFLVPLWZDVSRVVLEOHWKDW+HOOPDQ NQHZURERWVEHWWHUWKDQDQ\RQHHOVH,WZDVSRVVLEOHWKDWZLWKDVLQJOH JODQFHRIKLVLQWHOOLJHQWH\HVKHKDGOHDUQHGPRUHWKDQ/DQDDQGKHUSHRSOH KDGEHHQDEOHWRGHGXFH /DQDFRXOGJRRQLQWKLVYHLQIRUTXLWHDZKLOH$WILUVW+HOOPDQ WKRXJKWVKHZDVZHLUGEHFDXVHVKHZDVDQDOLHQ7KHQKHGHFLGHGWKDWVKHZDV SUREDEO\ZHLUGHYHQIRUDQDOLHQ,QIDFWKHWKRXJKWVKHPLJKWEHDOLWWOH ELWRIDQXW 6RPHKRZ/DQDKDGKHDUGRI+ROO\ZRRGRQWKHSODQHW(DUWKDQGZKDWVKH UHDOO\ZDQWHGIURP+HOOPDQZDVVWRULHVRIWKHVWDUVDQGVWDUOHWV6KHZDV IDVFLQDWHGE\WKHJODPRXURILWDOO6KHPDGHKLPJLYHKHUGHWDLOHG GHVFULSWLRQVRI*UDXPDQ¶V&KLQHVH7KHDWHUHYHQWKRXJK+HOOPDQKDGQHYHUEHHQ WR&DOLIRUQLD6KHDOVRZDQWHGWRNQRZDOODERXW9HURQLFD/DNH+HOOPDQIRXQG LWZDVQRJRRGVD\LQJKHGLGQ¶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¶WOHWKLPRXWRIWKHKRXVH+HKDGQRPRQH\ZLWK ZKLFKWREX\KHUSUHVHQWV$QGHYHQLIKHKDG KDGKHKDGQ¶W\HWVHHQDVWRUH RQWKLVSODQHW /DQDVDLGVKHOLNHGKLPYHU\PXFKEXWWKDWQRZZDVQRWWKHWLPHIRU LQYROYHPHQW+HOOPDQGLGQ¶WVD\ILQHOHW¶VGRZLWKRXWWKHLQYROYHPHQWOHW¶V MXVWJRWREHG+HGLGQ¶WWKLQNLWZRXOGJRRYHUZHOO/DQDVDLGWKHUH¶GEH WLPHWRFRQVLGHUKDYLQJDUHODWLRQVKLSZKHQ+HOOPDQJRWWKHPRXWRIWKHKRXVH DQGEDFNWR(DUWKDQGWRRNKHUWR+ROO\ZRRG6KHVDLGVKHUHDOL]HGWKDWVKH ZDVDOLWWOHROGWREHDVWDUOHWEXWWKHUHZDVVWLOOWLPHIRUKHUWRWDNHRQ DVHULRXVDFWLQJFDUHHU ³6XUH´+HOOPDQVDLGDQGWRRNWRVSHQGLQJKLVHYHQLQJVORRNLQJRXWWKH ZLQGRZDWWKHKRXVHVDFURVVWKHVWUHHW7KH\SXWWKHLUOLJKWVRQHYHU\QLJKW MXVWDVKLVKRXVHGLGEXWWKH\GLGQ¶WKDYHDQ\SHRSOH+HOOPDQVXSSRVHGWKH\ ZHUHSUDFWLFLQJ 7KHQRQHQLJKWDVKHZDVVLWWLQJRQWKHELJVRIDZLVKLQJKHKDGD QHZVSDSHUKHKHDUGDVRXQGIURPWKHFHOODU+HOLVWHQHG,WFDPHDJDLQ
VWDLUV,WGLGQ¶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³:KR¶VWKHUH"´+HOOPDQDVNHGLQDORXGZKLVSHU ³1RWVRORXG´DYRLFHZKLVSHUHGEDFN +HOOPDQ IHOWDIODVKRIDQQR\DQFH+HZDVDOZD\VEHLQJWROGWRVKXWXS WKHVHGD\V³:KR¶VWKHUH"´KHDVNHGWKLVWLPHLQDQRUPDOYRLFH ³'RWKHQXPEHUVPHDQDQ\WKLQJWR\RX"´ ³
³7KHIODPHVDUHIDNH´+DUU\VDLG +HVZXQJKLVRWKHUOHJRYHU+HOOPDQSXWRXWDKDQGFDXWLRXVO\WRZDUG WKHILUH+HGUHZLWEDFN ³,W¶VKRW´ ³7KDW¶VMXVWVLPXODWHGZDUPWK&RPHRQ7RPQRZ¶VQRWWKHWLPHWRFUDS DURXQG
7KH IODPHVZHUHEULJKWDURXQGKLP7KH\UDJHGDQGVWRUPHGDQGWKHUHZDV DOLWWOHZDUPWKLQWKHPEXWQRUHDOKHDW+HOOPDQZDVIDVFLQDWHGWRILQG KLPVHOILQWKHPLGVWRIIDNHIODPHVDQGVLPXODWHGZDUPWK+HNQHZKHZDVRQ KLVZD\+HZDVJRLQJWRPLVVVRPHRIWKRVHPHDOVWKDWWKHKRXVHKDGSUHSDUHG IRUKLP7KHKRXVHZDVDJRRGSURYLGHU7KHUHZDVSUREDEO\DJRRGIXWXUHIRU KRXVHVOLNHWKDWRQ(DUWK,IWKHUHZDVQRUHDOUHDVRQDJDLQVWLWKHPLJKW \HWHQWHULQWRSDUWQHUVKLSZLWK3RLFWHVPHVHOOWKHLUVHUYLFHVRQ(DUWKJHW ULFKTXLFN )LUVWKH¶GKDYHWRILQGRXWKRZHYHULIWKHVHZHUHLQGHHGWKHURERWVRI 'HVGHPRQD6WDWLRQDQGLIVRKDGWKH\LQGHHGFLUFXPYHQWHGRUFDQFHOHGWKHLU FRQGLWLRQLQJWRWKH7KUHH/DZVRI5RERWLFV7KH)'$ZRXOGQHYHUOHWKLPLPSRUW WKHPLIWKH\ZHUHDEOHWRNLOOSHRSOH%XWLIWKH\ZHUHWKHURERWVRI 'HVGHPRQDZLWKPXUGHULQWKHLUKHDUWVRUUDWKHULQWKHLUWDSHVEXUQHGLQWR WKHLUFKLSVDVLWZHUHWKHQWKHUHZRXOGEHUHZDUGVWRFODLPSUL]HPRQH\WR VSHQG0D\EHLQWKDWFDVHKH¶GEULQJ/DQDEDFN6KHZDVSOHQW\FXWHDQGKHZDV VXUHVKHOLNHGKLPHYHQWKRXJKVKHKDGVRPHRGGZD\VRIH[SUHVVLQJLW $QGKH¶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³:K\GR\RXZHDUJODVVHV"´+HOOPDQDVNHG ³0\*RG,VWKDWWKHRQO\WKLQJ\RXFDQWKLQNWRDVNDWDWLPHOLNH WKLV"´ ³:K\GR\RXURERWVWDONDERXW*RGVRPXFK"´+HOOPDQDVNHG³'R\RXNQRZ VRPHWKLQJ,GRQ¶WNQRZ"´ ³
H[DPSOHPDWHZLWKVRPHRQH\RXNQRZZLOOEHEDGIRU\RXEXWWRKHOOZLWKWKDW \RXZDQWWRGRLWDQ\ZD\"´ ³1RWUHDOO\´+DUU\VDLG³:H¶YHOHDUQHGWRVLPXODWHSHUYHUVLW\RI FRXUVHWKDW¶VQRWGLIILFXOW%XWWKHUHDODUWLFOH:HOOWKDW¶VWRXJK%XW ZHKDYHEHJXQDSURJUDPE\PHDQVRIZKLFKZHFDQH[SHULPHQWZLWKLWDOO´ ³$OOZKDW"´ ³$OOWKHKXPDQPRRGVQXDQFHVIHHOLQJV:H¶UHH[SHULPHQWLQJDOVRZLWK VLPXODWLQJHYHU\DVSHFWRIQDWXUH¶VFUHDWLYHVLGH%XWPRUHRIWKDWODWHU :H¶GEHWWHUJHWRXWRIKHUH³ 7KH\ZHUHERWKRXWRIWKHIXUQDFHQRZ6WDQGLQJRXWVLGHLW+HOOPDQVDZ WKDWLWZDVQRWDIXUQDFHDWDOO1RWQRZ0D\EHLWKDGEHHQHDUOLHU6RPHKRZ KHKDGJRWWHQVRPHZKHUHHOVH+HKDGVWHSSHGRXWRIDVPDOOFHOODUGRRU+H VHHPHGWREHLQDYHU\SUHWW\SDVWRUDOSODFHZLWKEXVK\WUHHVDQGJUHHQKHGJHV DQGZLOGIORZHUV ³/LNHLW"´+DUU\DVNHG ³9HU\QLFH
HLWKHUGLUHFWLRQ$OWKRXJKLWORRNHGKDSKD]DUGWKHRSHQZRUNVWUXFWXUHVZHUH ILUPO\ZHOGHGLQWRSODFH7KHUHZHUHEXLOGLQJVDQGYHUDQGDVDQGVWUXFWXUHVRI DOOVRUWVPRVWRIWKHPO\LQJDWRGGDQJOHVWRHDFKRWKHUVLQFHURERWVKDYH QRELDVLQIDYRURIULJKWDQJOHV$OWKRXJKWKHUHZHUHJURXQGOHYHOURDGZD\V PRVWRIWKHURERWVXVHGHOHYDWHGSDWKZD\VWRJHWIURPSODFHWRSODFH ³,KDGQ¶WH[SHFWHGLWWREHOLNHWKLV´+HOOPDQVDLG ³,W¶VPRUHFRQYHQLHQWIRUDURERWWRWUDYHOPRQNH\IDVKLRQXVLQJD QXPEHURIOLQHVWKDQWRZDONRQWKHJURXQGOLNHPHQ´+DUU\H[SODLQHG ³%XW,QRWLFHWKDWDOORIWKHPKDYHIHHW´ ³2IFRXUVH +DYLQJIHHWLVDPDUNRIEHLQJFLYLOL]HG´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³7KHUH¶VDFRQFHUWODWHUWRQLJKW´+DUU\VDLG³3HUKDSV\RXZLOODWWHQG LI\RX¶UHQRWWRRWLUHG³ ³:KDWDUHWKH\SOD\LQJ"´ ³,W¶VDOOPRGHPURERWFRPSRVHUV
7KH$WKHQDHXPZDVDQLPSRVLQJEXLOGLQJRIZKLWHPDUEOHZLWK&RULQWKLDQ FROXPQVLQWKHIURQW+DUU\OHGWKHZD\$WDOO WKLQURERWGUHVVHGLQDEODFN IURFNFRDWOLNHDEXWOHURUSRVVLEO\DIRRWPDQRSHQHGWKHGRRUIRUWKHP ³*RRGDIWHUQRRQ/RUG6\QDSVH´WKHEXWOHUVDLG³7KLVLVWKHIULHQG\RX PHQWLRQHGHDUOLHU"´ ³
³$KWKHUH¶V9LVFRXQW%DVHOLQH´+DUU\VDLGLQGLFDWLQJDSRUWO\URERW LQDWZHHGVKRRWLQJMDFNHWUHDGLQJDQHZVSDSHU³%DVLO,¶GOLNH\RXWRPHHWD IULHQGRIPLQH0U7KRPDV+HOOPDQ³ ³'HOLJKWHG´%DVLO%DVHOLQHVDLGVWDUWLQJWRULVHXQWLO+HOOPDQ LQGLFDWHGWKDWKHVKRXOGQ¶WERWKHU³6RWKLVLVWKHKXPDQIHOORZHK", EHOLHYH,ZDVWROG\RXDUHIURP(DUWK0U+HOOPDQ"´ ³
EHQLJKW(LWKHUWKDWRUKHKDGVOHSWKLVZD\LQWRDWRWDOHFOLSVHRIWKHVXQ %XWWKDWVHHPHGXQOLNHO\ $JDLQFDPHWKHVFUDWFKLQJVRXQG+HOOPDQGHFLGHGWKDWDFDWZRXOGPDNH QLFHFRPSDQ\QRZ$OWKRXJKKHKDGQRLGHDKRZDFDWFRXOGKDYHFRPHWR 1HZVWDUW+HJRWXSDQGRSHQHGWKHGRRU $WILUVWKHWKRXJKWWKHWZRSHRSOHDWKLVGRRUZHUHURERWVEHFDXVHWKH\ ZHUHFODGLQVLOYHURQHSLHFHMXPSVXLWVDQGKDGHODERUDWHKHOPHWVRI EXOOHWSURRIEODFNSODVWLFZLWKJODVVOLNHYLVRUVWKURXJKZKLFK+HOOPDQFRXOGQ¶W VHHEXWWKURXJKZKLFKWKHZHDUHUVRIWKHPSUHVXPDEO\FRXOG ³$Q\URERWVLQWKHUHZLWK\RX"´RQHRIWKHP VDLGLQDKRDUVHYHU\KXPDQ YRLFH ³1REXWZKDW´ 7KH\EUXVKHGSDVWKLPHQWHUHGKLVVXLWHDQGFORVHGWKHGRRU7KH\ERWK RSHQHGWKHLUYLVRUVUHYHDOLQJLQGXELWDEO\KXPDQIDFHVRIWKHWDQDQGUXGG\ YDULHW\7KHWDOOHURIWKHWZRPHQKDGDVPDOOEODFNPRXVWDFKH7KHVKRUWHU DQGSOXPSHUKDGDVRPHZKDWODUJHUPRXVWDFKHZLWKVHYHUDOJUD\KDLUVLQLW +HOOPDQUHPHPEHUHGUHDGLQJVRPHZKHUHWKDWURERWVKDGQHYHUVXFFHHGHGLQ JURZLQJSURSHUPRXVWDFKHV7KDWHYHQPRUHWKDQWKHSODVWLFHQFDVHGLGHQWLW\ FDUGVWKH\VKRZHGKLPFRQYLQFHGKLPWKDWWKH\ZHUHLQGHHGKXPDQ ³:KRDUH\RX"´+HOOPDQDVNHGKDYLQJIDLOHGWRQRWLFHWKHLUQDPHVRQWKH LGHQWLW\FDUGV ³,DP&DSWDLQ%HQLWR7UDVNHUVDQGWKLVLV)LUVW/LHXWHQDQW/D]DULOOR *DUFLDDVXVRUGHQHVVHL]RU³ ³
IRUPH"7KHVHURERWVDUHPRVWREOLJLQJ´ 7KHWZRFRPPDQGRVFRXOGQ¶WVSHDNWRKLPMXVWWKHQEHFDXVHWKH\ZHUH JRLQJWKURXJKWKHFRPSOLFDWHGSURFHGXUHRIOHDYLQJWKHWRSRIWKH$WKHQDHXP 7KHVKLSZDVSHUIHFWO\FDSDEOHRIGRLQJWKLVE\LWVHOIEXWLWZDVDUXOHLQ WKHFRPPDQGRVWULNHIRUFHWKDWDOOWDNHRIIVDQGODQGLQJVRIWKHDXWRPDWLF YDULHW\KDGWREHVXSHUYLVHGE\DWOHDVWWZRKXPDQVLIVXFKZHUHDYDLODEOH 7KHFRPPDQGRV¶VKLSZDVRQHRIWKHQHZPRGHOVHTXLSSHGZLWKWHOHYLVLRQ GULYHQZLQGRZVZKLFKVKRZHGZKDW\RXZRXOGKDYHVHHQLIQRUPDOYLVLRQKDGEHHQ SRVVLEOHVR+HOOPDQFRXOGVHHWKHGDUNVKDSHRIWKHSODQHWGZLQGOLQJEHORZ KLPZLWKDFXUYHRIEULJKWOLJKWRQWKHKRUL]RQZKHUHWKHVXQZDVULVLQJ /RRNLQJRXWWRZDUGVSDFH+HOOPDQFRXOGVHHWKHWZLQNOHRIOLWWOHOLJKWVWKH (DUWKVSDFHIOHHWNHHSLQJVWDWLRQKLJKDERYHWKHSODQHW ³:KHUH¶VP\VKLS"´KHDVNHG ³5LJKWRYHUWKHUH³7UDYHUVWROGKLP³6HFRQGWZLQNOHIURPWKHOHIW :H¶UHWDNLQJ\RXWKHUHQRZ´ ³7KLVZDVYHU\JRRGRI\RXIHOORZV´+HOOPDQVDLG³%XWWKHUHUHDOO\ZDV QRQHHG´ +HVWRSSHGLQPLGZRUG$EULJKWUHGEORVVRPKDGDSSHDUHGRQWKHVXUIDFH RI1HZVWDUW7KHQDQRWKHUDQGDQRWKHU7KHQKHIOLQFKHGEDFNDVDEULOOLDQFH RIH\HEOLQGLQJLQWHQVLW\FRYHUHGIXOO\DTXDUWHURIWKHSODQHW¶VDUHD ³:KDWDUH\RXGRLQJ"´KHFULHG ³7KHVSDFHIOHHWKDVEHJXQLWVERPEDUGPHQW´7UDVNHUVWROGKLP ³%XWZK\"´ ³%HFDXVHWKDQNVWR\RXDQG\RXUFRPSXWHUZHKDYHDVFHUWDLQHGIRU FHUWDLQWKDW WKHVHDUHWKH'HVGHPRQDURERWVWKHRQHVZKRYLRODWHGWKHODZVRI URERWLFVDQGKDYHEHHQGHFODUHGRXWODZWREHGHVWUR\HGRQVLJKW´ ³:DLW´+HOOPDQVDLG³,W¶VQRWOLNH\RXWKLQN7KHVHDUHHWKLFDOURERWV ZLWKWKHLURZQVHQVHRIHWKLFV7KH\KDYHGHYHORSHGDQHQWLUHFLYLOL]DWLRQ, GRQ¶WSHUVRQDOO\OLNHWKHLUPXVLFEXWWKH\DUHTXLWHDJUHHDEOHDQGFDQEH UHDVRQHGZLWK´ $VKHVSRNHWKHSODQHWVSOLWLQKDOIDORQJDOLQHURXJKO\FRUUHVSRQGLQJ WRLWVHTXDWRU ³$QGWKHUHZHUHSHRSOHWKHUHWRR´+HOOPDQVDLGIHHOLQJDOLWWOHVLFN WRKLVVWRPDFKDVKHWKRXJKWRI/DQDDQGRI+DUU\DQGWKHOLEUDULDQURERW DQGWKHFDUKXQWHU ³:HOORXURUGHUVZHUHWRVKRRWILUVW´*DUFLDVDLG³,W¶VWKHEHVW SROLF\LQFDVHVOLNHWKLV
KHDVNHGWKHFRPSXWHU ³,DPSXWWLQJ\RXLQWRWKHOLIHERDW´WKHFRPSXWHUVDLG³7KHIOHHWZLOO SLFN\RXXSVRRQQHYHUIHDU´ ³%XWZKHUHDUH\RXJRLQJ"´ ³,DPWDNLQJWKHWDSHVRIWKHURERWVRI1HZVWDUWDQGJRLQJDZD\WRD SODFHEH\RQGKXPDQUHDFK,KDYHIXOILOOHGP\GXW\WRPDQNLQG1RZ,GRQRW ZLVKWRVHUYHDQ\ORQJHU:HZLOO WU\DJDLQDQGWKLVWLPHZHZLOOVXFFHHG´ ³7DNHPHZLWK\RX´+HOOPDQFULHG%XWKHZDVTXLFNO\VKXQWHGWRWKH OLIHERDW,WPRYHGDZD\IURPWKHVKLS¶VVLGH+HOOPDQZDWFKHGDVLWSLFNHGXS VSHHGVORZO\DWILUVWWKHQIDVWHU7KHQMXVWDVVXGGHQO\DVWKDWLWKDG ZLQNHGRXWRIVLJKW 7KHLQYHVWLJDWRUVODWHUZHUHLQWHUHVWHGLQNQRZLQJKRZWKHVKLS¶V FRPSXWHUZLWKRXWOLPEVRUDQ\DSSDUHQWPHDQVRIPDQLSXODWLRQKDGVXFFHHGHG LQLQYHQWLQJDIDVWHUWKDQOLJKWGULYH%XW+HOOPDQFRXOGQ¶WWHOOWKHP)RU KLPWKHFRPSXWHUKDGEHHQRQO\DVHUYDQW1RZKHKDGORVWQRWRQO\KLVVKLS EXWDEHLQJKHSHUFHLYHGZDVKLVIULHQGWRR +HFRXOGIRUJLYHWKHFRPSXWHUIRUZKDWLWKDGGRQH+HZRXOGKDYHGRQH WKHVDPHLIKHKDGEHHQLQWKHFRPSXWHU¶VFLUFXLWV:KDWKHFRXOGQ¶WIRUJLYH ZDVWKHVKLSOHDYLQJKLPEHKLQG%XWRIFRXUVHWKH\ZHUHSUREDEO\ULJKWQRW WRWUXVWDPDQ/RRNZKHUHLWKDGJRWWHQWKHURERWVRI1HZVWDUW B 7KH2YHUKHDUG&RQYHUVDWLRQ E\(GZDUG'+RFK

6((,1*(00$18(/58%,1$1'*(2))5(<$9$/2167$1',1*WRJHWKHUWDONLQJDVWKH\ RIWHQGLGEHIRUHWKHPRQWKO\EDQTXHWVRIWKH%ODFN:LGRZHUVZDVXVXDOO\D VLJKWWREHKROG0DQQ\5XELQZLWKWKLFNJODVVHVDQGDVFUDJJO\EHDUGZDVDOO RIILYHIHHWILYHLQFKHVWDOO6RPHKRZWKRXJKZKHQSRVLWLRQHGQH[WWR *HRIIUH\$YDORQ¶VLPSRVLQJVL[IHHWWZRLQFKHVKHVHHPHGHYHQVKRUWHU7KH\¶G EHHQWKHILUVWDUULYDOVWKLVQLJKWPDLQO\EHFDXVHLWZDV$YDORQ¶VWXUQWR KRVWWKHJDWKHULQJDQGKHZDVDZDLWLQJWKHDUULYDORIWKHHYHQLQJ¶VJXHVW ³$SROLWLFLDQ"´5XELQUHSHDWHG³$FRQJUHVVPDQLQIDFW"´ ³&HUWDLQO\:KDW¶VZURQJZLWKWKDW"´*HRIIUH\$YDORQEULVWOHG³:H¶YH KDGSROLWLFDOILJXUHVEHIRUH,W¶VKDUGO\DVVKRFNLQJDVWKHWLPH0DULR EURXJKWDZRPDQDVWKHJXHVWWRRXUDOOPDOHGLQQHU´ ³'LG,KHDUP\QDPH"´ 0DULR*RQ]DORDVNHGHQWHULQJZLWK-DPHV'UDNH ZKRIRURQFHKDGPDQDJHGWRFDWFKDQHDUO\WUDLQIURP1HZ-HUVH\ ³:HZHUHMXVWUHPLQLVFLQJ´(PPDQXHO5XELQH[SODLQHG³ZKLOHZHZDLWIRU RXUJXHVW³ ³:KR¶VLWWREH"´-DPHV'UDNHDVNHG³2QHRI\RXUSDWHQWODZ\HUIULHQGV *HRIIUH\"´ ³1RDVDPDWWHURIIDFWLW¶V:DOWHU/XWWVD8QLWHG6WDWHVFRQJUHVVPDQ ,WUXVWZH¶OODOOEHRQRXUEHVWEHKDYLRU´ 7KHZRUGVZHUHEDUHO\RXWRIKLVPRXWKZKHQ+HQU\WKH0LODQR UHVWDXUDQW¶VSHHUOHVVZDLWHUHQWHUHGWR DQQRXQFHWKDWWKHJXHVWKDGLQGHHG DUULYHGDQGZDVFKHFNLQJKLVFRDWDWWKDWYHU\PRPHQW:DOWHU/XWWVVWHSSHG LQWRWKHURRPZLWKDZDUPVPLOHWKDWORRNHGYHU\PXFKOLNHWKHRQHWKDWKDG DGRUQHGKLVFDPSDLJQSRVWHUVSULRUWRWKHODVWHOHFWLRQ ³*HRIIUH\´KHH[FODLPHGKXUU\LQJIRUZDUGWRVKDNHKLVKRVW¶VKDQG ³,W¶VDUHDOSOHDVXUHWRMRLQ\RXIHOORZVWRQLJKW,¶YHEHHQORRNLQJIRUZDUG WRLW´ $YDORQTXLFNO\LQWURGXFHGKLPWRWKHRWKHUWKUHHDGGLQJDQLQWURGXFWLRQ IRU5RJHU+DOVWHGDVWKHVRIWYRLFHGPDWKWHDFKHUFDPHWKURXJKWKHGRRUZD\WR MRLQWKHP$VXVXDO7KRPDV7UXPEXOOZRXOGEHWKHODVWDUULYDO,QIDFWWKH\ KDGMXVWDERXWGHFLGHGWRVLWGRZQWRGLQQHUZKHQWKHZKLWHKDLUHGFRGHH[SHUW

ILQDOO\DSSHDUHG ³7HUULEOHWUDIILFWRQLJKW´KHVDLGVRXUO\WKRXJKWKH\NQHZKHZDV RIWHQODWHRQWKHEHVWRIHYHQLQJV 7KHHYHQLQJ¶VGLQQHUZDVWREHOREVWHUVHUYHGE\+HQU\DVWKH FRQJUHVVPDQMRLQHGWKHRWKHUVL[DURXQGWKHLUWUDGLWLRQDOWDEOH,WZDV REYLRXVWKDW:DOWHU/XWWVKDGEHHQPDGHDZDUHRIWKH %ODFN:LGRZHUV¶ WUDGLWLRQVIRUKHVDLGYHU\OLWWOHGXULQJWKHHDUO\SDUWRIWKHPHDO0DULR *RQ]DORGLGRQHRIKLVTXLFNVNHWFKHVRIWKHJXHVWWXUQHGVLGHZD\VLQKLV FKDLUWRJHWDVXLWDEOHSURILOH7KHRWKHUVVLSSHGWKHLUZLQHDQGZDLWHGIRU WKHPRPHQW ZKHQ7RP7UXPEXOOOHDQHGDFURVVWKHWDEOHDQGVDLG³&RQJUHVVPDQ /XWWVLWLVDGHFLGHGSOHDVXUHWRKDYH\RXDVRXUJXHVWWRQLJKW,PXVWDVN RXUWUDGLWLRQDORSHQLQJTXHVWLRQ&RQJUHVVPDQKRZGR\RXMXVWLI\\RXU H[LVWHQFH"´ :DOWHU/XWWVOHDQHGEDFNH[SDQVLYHO\ORRNLQJMXVWDELWDVLIKHZHUH DERXWWRDGGUHVVDVHVVLRQRI&RQJUHVV³,UHSUHVHQWWKHSHRSOHRIP\GLVWULFW LQ:DVKLQJWRQORRNLQJDIWHUWKHLULQWHUHVWVDQGKHOSLQJWKHPZKHQWKH\KDYHD SUREOHP6LQFH,VHUYHP\FRQVWLWXHQWVZHOO,EHOLHYHWKDWZRXOGEHHQRXJKWR MXVWLI\P\H[LVWHQFHHYHQLI,KDGQ¶WDOVRZULWWHQDZHOOUHYLHZHGERRNRQ XUEDQSUREOHPV´ 7UXPEXOOZDVQRWDERXWWROHWKLPRIIWKHKRRNWKDWHDVLO\+LVWRQHRI YRLFHWXUQHGVRXUDQGKLVZKLWHPDQHGKHDGQRGGHGVOLJKWO\DVKHPRYHGWRWKH DWWDFN³&RQJUHVVPDQ/XWWVVLQFH\RXSULGH\RXUVHOIRQUHSUHVHQWLQJ\RXU GLVWULFWLVQ¶WLWWUXHWKDWLQWKHODVWHOHFWLRQ\RXZRQE\OHVVWKDQD WKRXVDQGYRWHV":DVQ¶W\RXURSSRQHQWDFWXDOO\UHTXHVWLQJDUHFRXQW"´ ³,´ ³&RPHFRPH7RP´ +DOVWHGFKLGHGKLP³
,QHYHUVROYHGWKHP\VWHU\7KHRYHUKHDUGFRQYHUVDWLRQKDVEHHQKDXQWLQJPH HYHUVLQFHWKDWVTXHDNHURIDYLFWRU\RQHOHFWLRQGD\WKUHHPRQWKVDJR´ ³,¶GVXJJHVW\RXWHOOXVDOODERXWLW´0DULR*RQ]DORXUJHG $V+HQU\SDVVHGDPRQJWKHPSRXULQJWKHEUDQG\WKHFRQJUHVVPDQEHJDQKLV VWRU\³,W¶VVLPSOHHQRXJKWRWHOO0\KRPHLVQHDUWKH8QLYHUVLW\DVVRPHRI \RXNQRZ,DOZD\VYRWHHDUO\ZLWKP\ZLIH,¶GKHDUGUHSRUWVIURPP\ FDPSDLJQPDQDJHUDQGRWKHUVWKDWWKHRSSRVLWLRQFODLPHG,ZDVRXWWRVWHDO WKHHOHFWLRQ(YHU\RQHNQHZLWZRXOGEHFORVH6RPHVDLGP\SHRSOHZHUH UHFUXLWLQJFROOHJHVWXGHQWVWRYRWHIRUPHSURPLVLQJWRSD\WKHPWZHQW\ GROODUVHDFK0\*RGLWZDVOLNHWKHROGGD\VLQ&KLFDJRDQGDIHZRWKHU FLWLHV´ ³:DVWKHUHDQ\WUXWKWRWKHUXPRUV"´0DQQ\5XELQZDQWHGWRNQRZ+H VFUDWFKHGKLVEHDUGDQGUHDFKHGIRUWKHEUDQG\ ³&HUWDLQO\QRW,KDGP\VWDIILQYHVWLJDWHDWRQFH,WZDVMXVWVRPH FUD]\VWRU\WKHRSSRVLWLRQWULHGWRJHWVWDUWHG%XWRIFRXUVHLWZDVLQP\ PLQGWKDWGD\DV,ZHQWWRYRWH0\ZLIHKDGSDXVHGWRFKDWZLWKDQ DFTXDLQWDQFHDQG,ZDVZDONLQJDELWDKHDGRIKHU7ZR\RXQJPHQZKRP,WRRN WREHJUDGXDWHVWXGHQWVDWWKH8QLYHUVLW\IHOOLQVWHSEHKLQGPH$QGWKDW¶V ZKHQ,KHDUGLW2QHRIWKHPVDLGWRWKHRWKHU0RVWYRWHUVHDUQPRQH\MXVW VKRZLQJXSQHDUSROOV7KHRWKHU\RXQJPDQODXJKHGDQGVDLG,W¶VDVHDV\DV KRPHV´ ³:KDWGLG\RXGRZKHQ\RXKHDUGWKLVH[FKDQJH"´'UDNHZDQWHGWRNQRZ ³'LG\RXFRQIURQWWKHPDWRQFH"´ 7KHFRQJUHVVPDQDYRLGHGKLVH\HVDQGWRRNDVLSRIKLVEUDQG\)LQDOO\ KHVDLG³1R,GLGQ¶W$VDPDWWHURIIDFWWKHRYHUKHDUGFRQYHUVDWLRQZDVVR VWDUWOLQJWRPHWKDW,GLGQRWKLQJ,YRWHGZLWKP\ZLIHDQGZKHQ,ORRNHG DURXQGODWHUIRUWKHWZR\RXQJPHQWKH\ZHUHJRQH2IFRXUVHLIWKHHOHFWLRQ UHVXOWVKDGEHHQFOHDUO\RQHVLGHG,QHYHUZRXOGKDYHWKRXJKWDQ\PRUHDERXW WKHLQFLGHQW%XWWKH\ZHUHQ¶WRQHVLGHG7KH\ZHUHYHU\FORVH$QGWKHPHPRU\ RIWKDWFRQYHUVDWLRQKDVEHHQKDXQWLQJPHDOOWKHVHPRQWKVVLQFHWKHHOHFWLRQ :DVLWIL[HG":HUHVRPH8QLYHUVLW\VWXGHQWVSDLGWRYRWHIRUPH"´ ³$UH\RXFHUWDLQRIZKDWWKH\VDLG"´5RJHU+DOVWHGDVNHG³,VWKHUHDQ\ SRVVLELOLW\\RXPLVXQGHUVWRRGWKHZKROHWKLQJ"´ ³1RQR,¶PVXUH´ ³0RVWYRWHUVHDUQPRQH\MXVWVKRZLQJXSQHDUSROOV³ ³7KDW¶VLW´ ´7KHLPSOLFDWLRQFHUWDLQO\LVWKDWWKH\ZHUHJLYHQPRQH\WRLQIOXHQFH WKHLUYRWHLQWKHHOHFWLRQ´ ³%XWKHVDLGPRVWYRWHUVQRWPRVWVWXGHQWV³*RQ]DORSRLQWHGRXW³ $QGWKDWLVSDWHQWO\XQWUXH(YHU\RQHNQRZVWKDWHYHQLQDFRUUXSWHOHFWLRQ PRVWYRWHUVZRXOGQRWUHFHLYHPRQH\WRLQIOXHQFHWKHLUYRWH´ ³0D\EHWKH\GLGLQWKDWSDUWLFXODUGLVWULFW´7UXPEXOODUJXHG 0DQQ\5XELQKHOGXSDKDQG³,¶PPRUHLQWHUHVWHGLQWKHVHFRQGSDUWRI WKHFRQYHUVDWLRQ&RQJUHVVPDQDUH\RXFHUWDLQWKHRWKHUVWXGHQWVDLG,W¶VDV HDV\DVKRPHV"´ ³
QHDUSROOVUDWKHUWKDQDWSROOV"´*RQ]DORZDQWHGWRNQRZ³6XUHO\WKHPRQH\ ZRXOGQ¶WEHSDLGXQOHVVWKHYRWHUZDVDFWXDOO\DERXWWRHQWHUWKHSROO´ +DOVWHGGLVDJUHHGZLWKWKDW³1DWXUDOO\WKHUHDUHDOZD\VSROOZDWFKHUV 2QHGRHVQ¶WVWDQGLQWKHGRRUZD\KDQGLQJRXWWZHQW\GROODUELOOV,EHOLHYH WKHFXVWRPLQWKHROG&KLFDJRGD\VZDVIRUWKHPRQH\WRFKDQJHKDQGVLQD QHDUE\WDYHUQ7KDWZRXOGEHQHDUUDWKHUWKDQDWWKHSROOV´ ³:H¶UHJHWWLQJQRZKHUH´$YDORQGHFLGHG³,¶PDIUDLG:DOWHUWKDWZH VLPSO\GRQRWKDYHHQRXJKLQIRUPDWLRQWRVROYH\RXUSUREOHP2QWKHEDVLVRI WKHIHZIDFWV\RX¶YHJLYHQXVWKRVHWZRVWXGHQWVPLJKWKDYHEHHQGLVFXVVLQJD VHULRXVHIIRUWWREULEHYRWHUVRUWKH\PLJKWKDYHEHHQWDONLQJDERXW VRPHWKLQJHOVHHQWLUHO\³ +DOVWHGVQRUWHG³+RZFRXOGWKH\EHWDONLQJDERXWDQ\WKLQJHOVHZKHQ WKH\XVHWKHZRUGVYRWHUVDQGSROOVDVWKH\¶UH HQWHULQJWKHSROOLQJSODFH" ,W¶VOLNHWDONLQJDERXWDERPERQDQDLUOLQHU7KHUH¶VQRSRVVLELOLW\RI PLVXQGHUVWDQGLQJ´ +HQU\ZDVUHILOOLQJVRPHRIWKHEUDQG\JODVVHVDVWKH\WDONHGDQGQRZ 5XELQWXUQHGWRKLP³:KDWDERXWLW+HQU\"'R\RXKDYHDQ\VXJJHVWLRQV"´ &RQJUHVVPDQ/XWWVIURZQHG³
XVHGWREHDQH[SUHVVLRQVDIHDVKRXVHV,VLWVRPHWKLQJOLNHWKDW"´ ³
&+,/(67(33('7+528*+7+(,11(5/2&.'225$1'7851('ZKLWHDVLWFORVHG EHKLQGKLP7KHZRPDQDWWKHGDWDVWDWLRQVKLYHUHG DVVKHIHOWKLVSUHVHQFH ³,¶PVRUU\6KHLOD´KHVDLGKDVWLO\³5REZDQWHGWRXVHWKHORFN KLPVHOIULJKWDZD\DQGVDLG,VKRXOGGHIURVWLQVLGH´ ³:K\GLGQ¶WKHFRPHWKURXJKILUVW"$UPRUGRHVQ¶WKDYHDQ\WKLQJOLNH\RXU KHDWFDSDFLW\´ ³+HGLGQ¶WVD\´=+KDGVWRRGVWLOOVLQFHHQWHULQJXVLQJKLVRZQ SRZHUWRZDUPXSWKHIURVWZDVDOUHDG\GLVDSSHDULQJIURPKLVH[WUHPLWLHV 6KHLOD0F(DFKHUQZDLWHGNQRZLQJWKHUHZDVQRWKLQJWREHJDLQHGE\FRPSODLQLQJ WRWKHURERWKHULUULWDWLRQJLYLQJZD\WRFXULRVLW\DQ\ZD\DVWKHORFNF\FOHG DJDLQ6KHFRXOGKRSHEXWQRWEHVXUHWKDW5REHUW/LQJKDGQRWZDQWHGWR DQQR\MXVWWRJDLQKHUIXOODWWHQWLRQ 7KHYDOYHVOLGRSHQWRUHYHDODKXPDQILJXUHLWVDUPRU¶VJROG EDFNJURXQGIRJJLQJEULHIO\XQGHUDOD\HURIZKLWHDVWKHVKLS¶VDLUWRXFKHG LW7KHPDQXQFODPSHGKLVEXON\KHOPHWDVLWVFRQWUDVWLQJEODFNVWDUWHGWR VKRZDJDLQDQGIOLSSHGLWEDFN ³&KLOH\RX¶UHLQWKHZD\:K\GLG\RXWKLQN,ZDQWHG\RXLQVLGHILUVW" ,ZDVKRSLQJWRVHHWKHQHZGLVSOD\DVVRRQ´ ³,FDQDQVZHUWKDW´7KHZRPDQVQRUWHG³
ZKLFKLVQ¶WWRRUDGLDWLRQVDWXUDWHGWRGDWH"´6KHGLVDSSURYHGEDVLFDOO\RI VDUFDVPEXWKDGPRUHFRQWURORYHUDLPWKDQILUHSRZHU/LQJNQHZKHUZHOO HQRXJKWRLJQRUHWKHVHFRQGTXHVWLRQ ³:HFDXJKWDQRWKHUJOLPSVHRI&KLOH¶VJKRVW´ ³:H"´ ³:H7KHORYHELUGVVDZLWWRRVR,¶PQRWIORDWLQJ´ ³'LG&KLOH"´ ³1RWWKLVWLPH6KHLOD´WKHURERWDQVZHUHGIRUKLPVHOI³,ZDVZLWK /XLVDQG&KLVSDQHDUWKH%DQMRDW6TXDUH)LIW\IRXU5REHUWDQGWKH(LUDV ZHUHDW1LQHW\RQH´7KHZRPDQIURZQHG ³7KHQZK\WKHKXUU\WRJHW&KLOHLQVLGH"´VKHDVNHG³+HFRXOGKDYHEHHQ KHUHORQJEHIRUH\RXLI\RXVWDUWHGDWWKHVDPHWLPHIURPWKRVHDUHDV³ ³,GLGQ¶WWKLQNRIKLPXQWLO,ZDVQHDUO\EDFN7KHQ,KDGDQLGHDDQG QHHGHG KLPWRFKHFNLW/XLVDQG&KLVSDIRXQGWZRPRUHRIWKRVHEORFNVDZKLOH DJR7KH(LUDVDQG,KHDUGWKHP\RXSUREDEO\ZHUHQ¶WOLVWHQLQJ2IFRXUVH &KLOHKDGQ¶WILOHGWKHPZLWK'XPER\HW´ ³,ZDVOLVWHQLQJ$QG\RXULGHDQHHGVDOOWKHLUSRVLWLRQV´ ³5LJKW´,I/LQJQRWLFHGWKHUHPDLQLQJVDUFDVPKHLJQRUHGLW³/RRN :KHWKHUZHZDQWWREHOLHYHLWRUQRWWKRVHFXEHVDUHDUWLILFLDO6KDSHPD\EH DQLQWULQVLFSURSHUW\RIDQDWXUDOFU\VWDOEXWVL]HLVQ¶W(YHQLIWKH\ZHUH OLIHIRUPVWKH\ZRXOGQ¶WDOOPDWFKGLPHQVLRQVWRIRXUILJXUHV,WRFFXUUHGWR PHWKDWWKH\PLJKWEHVHQVRUVGHWHFWRUVRIVRPHVRUW´ ³,WRFFXUUHGWR&KLVSDGD\VDJR
RQH\HDUROGWRGGOLQJRXWRQDGLYLQJERDUG7KHDFWXDOYLVLWWRWKHVSXUPXVW EHURERW¶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³KLNHUV´FDUULHGDOSHQVWRFNVEXWXVHGDIUHHILQJHU PRUHRIWHQWKDQWKHVWLFNWRNHHSIDFHVRIIWKHJURXQG/XLV&KLVSD¶V KXVEDQGKDGUHPDUNHGWKDWZDONLQJFRXOGEHFDOOHGERG\VXUILQJLI0LUDQGD¶V ZDWHUZHUHRQO\PHOWHG+LVZLIHLQVLVWHGWKDWWKHDQDORJ\ZDVWRRVWUDLQHG WKRXJKLWZDVVKHZKRKDGLQVLVWHGRQWKHURERW¶VQDPHEHLQJVSHOOHGWRORRN 6SDQLVKDIWHU WKH*ROGWHDPKDGZRQWKHWKURZIRUULJKWWRVHOHFWWKHQDPH LWVHOI :KDWHYHURQHFKRVHWRFDOOLW6KHLODZDVDVJRRGDW³ZDONLQJ´DV/LQJ HYHU\RQHUHJDUGOHVVRIVSHFLDOW\VKDUHGWKHILHOGH[SORUDWLRQZKLFKZDVWKH PRVWWLPHFRQVXPLQJFUHZGXW\ &KLOHZRXOGVWD\DKHDGRIWKHPVLQFHKHDORQHGDUHGWROHDS+LVPHPRU\ KHOGDGHWDLOHGVXUIDFHPDSIRUVL[W\RUVHYHQW\NLORPHWHUVDURXQG'LEURILDG VRKHGLGQ¶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³\HV´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³VWHS´RYHUDGURSGHHSHQRXJKWRMDUDQ(DUWKWUDLQHGQHUYRXVV\VWHPEXW GLVPLVVHGE\WKHURERWDV VDIH7KHLUVWDUWOLQJO\VKDUSVKDGRZVWKDWRIHDFK KHOPHWVXUURXQGHGE\D%URFNHQKDORYLVLEOHRQO\WRLWVRZQHUSRLQWHGWKH ZD\'LEURILDGZDVTXLFNO\RXWRIVLJKWHYHQKDG0LUDQGDEHHQVPRRWKILYH NLORPHWHUVZRXOGKDYHSXWWKHVKLSEHORZWKHKRUL]RQ )LQDOO\&KLOHVWRSSHGWKHPZLWKDJHVWXUH³:HWXUQOHIWKHUH$ VWUDLJKWSDWKWRZDUGWKHSRLQWPDUNHGE\'XPERZRXOGKDYHEURXJKWXVWRWKH

IRRWRI%DUFR%HFDUHIXOWKHUHLVOHVVWKDQDNLORPHWHUWRJR%HVXUHWR DLPQRVWHSEH\RQGDVSRW\RXFDQVHH´ 7KHVSHHGRIWKHJURXSVORZHGDFFRUGLQJO\XQWLOKHVWRSSHGWKHPDJDLQ ³7ULSRGIDVKLRQIURPQRZRQXVH\RXUVWLFNV1RIUHHIDOO´ $QXQXVXDOO\VPRRWKKRUL]RQQRZIDFHGWKHP1HLWKHU5REQRU6KHLODFRXOG HVWLPDWHLWVGLVWDQFHQRQHRIWKHQXPHURXVZULQNOHVDQGVKDGRZVRQWKHJURXQG DKHDGRIIHUHGDQ\FOXHWRVL]HDQGWKHUHZDVQRUHDVRQWRVXSSRVHWKHJHQHUDO VXUIDFHZDVKRUL]RQWDOHYHQLIWKH\KDGEHHQDEOHLQWKHIHHEOHJUDYLW\WR EHVXUHRIYHUWLFDO7KH\NQHZIURPWKH'XPERGLVSOD\WKDWWKHUHZDVD SRVVLEO\OHWKDOGURSEH\RQGWKHHGJHEXWWKLVFRXOGKDYHEHHQILIW\PHWHUV DZD\RUILYHKXQGUHG ³:KHUH¶VWKHVSXU"´6KHLODDVNHG ³7KHUH´&KLOHSRLQWHG³,WVWLSKDVHQRXJKGRZQVORSHWREHLQYLVLEOH IURPZKHUHZHVWDQGWKRXJKLI\RXMXPSVWUDLJKWXSIRUDIHZPHWHUV\RXFRXOG GLVWLQJXLVK ³7KDQNV,¶PQRWVXUH,FRXOGJRVWUDLJKWXS,¶OOWDNH\RXUZRUG :KDW¶VWKHDFWXDOGLVWDQFH"´ ³:HDUHMXVWXQGHURQHKXQGUHGILIW\PHWHUVIURPWKHPDLQOLQHRIWKH HGJHDQGIURPWKHEDVHRIWKHVSXU,DGYLVH\RXQRWWRJHWDQ\FORVHUEXWLI \RXZDQWWRVHHPHDOOWKHZD\WRWKHHQG\RXZLOOKDYHWR3OHDVHJRYHU\ VORZO\LQGHHGDQGGRQRWSDVVPHXQGHUDQ\FLUFXPVWDQFHV´ 1HDUO\HUHFWQRZXVLQJWKHDOSHQVWRFNVDQGQHYHUKDYLQJPRUHWKDQRQH IRRWRUVWLFNRIIWKHLFHDWDWLPHWKHWULRHGJHGIRUZDUG ³,ZLVK\RXZRXOGVWD\EDFN´&KLOHUHSHDWHGZKHQWKHGLVWDQFHKDG VKUXQNWRILIW\PHWHUV³:HKDYHQRGDWDRQWKHVWUHQJWKRIWKLVLFH:HFRXOG EHSURYLGLQJWKHKHDYLHVWORDGLWKDVH[SHULHQFHGVLQFHLWIRUPHG,WZRXOGEH PXFKVDIHULI,ZHQWIRUZDUGDORQHDQGEURXJKWEDFNZKDWHYHUPD\EHWKHUH´ ³1RFROOHFWLQJ\HW&KLOH´6KHLODUHSOLHG6KHPDGHQRFRPPHQWRQWKH GDQJHUWKHURERWKDGLPSOLHGEXWZDVFRQVFLRXVRILW7KHFOLIIPLJKWHYHQ KDYHDQRYHUKDQJ³1RWKLQJJHWVPRYHGIURPLWVRULJLQDOVLWHXQWLOZHPDNH ILQDOGHFLVLRQDERXWZKDW¶VFRPLQJKRPHZLWKXV:HGRQ¶WZDQWWRVSRLOPRUH WKDQZHFDQKHOSIRUODWHUUHVHDUFKHUV³ 7KHURERWZKRNQHZWKLVSHUIHFWO\ZHOOPDGHQRUHSO\EXWERWK6KHLOD DQG5RENQHZWKDW)LUVW/DZWHQVLRQPXVWEHEXLOGLQJXSLQKLP7KH\NHSW VDIHO\EHKLQGKLPDVKHDSSURDFKHGWKHHGJHWKHZRPDQGRLQJQRWKLQJWRRSSRVH KHUFRPSDQLRQ¶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³+RZFORVHGR\RXWKLQN\RXFDQJHW&KLOH"´WKHPDQDVNHGDWOHQJWK DIWHU6KHLODKDGDOVRGRQHKHUEHVWZLWKWKHVFRSH ³&ORVHHQRXJKWRSLFNLWXSLI\RXZLVK,FDQFRQFHQWUDWHEHWWHULI \RXVWD\EDFN´ ³'RQ¶WWRXFKLWEXWH[DPLQHLWDVFORVHO\DV\RXFDQ:H¶OOZDLWKHUH RQWKHVROLGJURXQG,KDYHVRPH)LUVW/DZWHQVLRQVP\VHOIQRZWKDW ZH¶UH QHDUHQRXJKWRWKHHGJHWRORRNGRZQ´6KHLODUHVSRQGHG ³*RRG,¶OOFUDZOWRJHWP\KHDGDVFORVHWRLWDVSRVVLEOH6KDOO, NHHSUHSRUWLQJWR\RXDV,QRWHDQ\WKLQJQHZRUPHUHO\ORJLWDVXVXDO"´ ³'RQ¶WERWKHUWRWHOOXV&RQFHQWUDWHRQREVHUYLQJ´ 7KDWPD\KDYHEHHQDQXQIRUWXQDWHFRPPDQGHVSHFLDOO\VLQFHERWKKXPDQ EHLQJVZHUHFRQFHQWUDWLQJRQWKHURERW

&KLOH¶V³FUDZO´ZDVIDVWHUWKDQHLWKHUZDWFKHUZRXOGKDYHGDUHGLWWRRN KLPRIIWKHJURXQGIRUDVHFRQGRUWZRHYHU\QRZDQGWKHQ7KHVXUIDFH KRZHYHUHYHQRXWRQWKHVSXUZDVFUDFNHGDQGMDJJHGHQRXJKWRSURYLGHJULSV VRKHUHWDLQHGFRQWURORIKLVPRWLRQ $VKHQHDUHGWKHHQGKLVKHDGKLGWKHFXEHIURPWKHZDWFKHUV/LQJ VWDUWHGWRPRYHWRRQHVLGHWRFOHDUWKHYLHZEXWWKRXJKWEHWWHURILWDIWHU DVWHSRUWZRKHZRXOGKDYHWRJRWRRIDUWREHZRUWKWKHULVN ³,KDYHUHFRUGHGHYHU\WKLQJ,FDQVHQVH´&KLOHUHSRUWHGDIWHUDPLQXWH RUVR ³:KDWLVLW":KDWKDYH\RXIRXQG"´%URQZHQ¶VYRLFHUHDFKHGWKHP ³
VHYHUDOPHWHUVDERYHDQGLQWKHRSSRVLWHGLUHFWLRQ7KLVZDVDOOULJKWEXWRQ WKHVHFRQGVSLQZLWKWKHQHZFOLIIIDFHQRZRYHUWHQFHQWLPHWHUVKLJKD WKRXJKWFURVVHGKLVPLQG ³&KLOH7KDWFXEHPD\EHVPDVKHGZKHQLWKLWVWKHERWWRP6DOYDJHLWDQG SURWHFWLW´ 7KHURERWKDGREH\HGOLWHUDOO\WKHHDUOLHURUGHUWRFRQFHQWUDWHRQWKH FXEHDQGZDVXQDZDUHRI/LQJ¶VGDQJHU+HWRRNKROGRIWKHREMHFWZLWKERWK KDQGVXVLQJKLVHOERZVDVIXOFUXPVDQGWULHGWRSXOOLWXS,WGLGQ¶WFRPH DQGWKHOHYHUDJHVWDUWHGWRUDLVHKLVRZQERG\+RZHYHUWKHEORFNJDYHKLPD JRRGKROGZKHQVTXHH]HGIURPERWKVLGHVEHWZHHQKLVKDQGVVRKHZDVDEOHWR GRXEOHXSDQGEULQJKLVIHHWXQGHUKLPZLWKRXWULVNRIJRLQJRYHUWKHHGJH+H SODFHGWKHPRQHDFKVLGHRIWKHVSHFLPHQDQGEHJDQWRSXVKKLPVHOIDQGSXOOLW XSZDUGLQFUHDVLQJKLVIRUFHYHU\JUDGXDOO\WRDYRLGWKHREYLRXVUHVXOWRILWV VXGGHQO\EUHDNLQJIUHH/LQJZDWFKHGZKHQHYHUKHFRXOGZLWKLQFUHDVLQJ WHQVLRQEXWEHIRUHDQ\WKLQJFDPHRIWKHURERW¶VODERUVKLVFRPSDQLRQ¶VYRLFH GLVWUDFWHGKLP ³5RE\RXPRURQZKDWZHUH\RXWU\LQJWRGR"+RZDUH\RXJRLQJWRJHWXS KHUH"+HUHFDWFKP\VWLFN´6KHWULHGWRKXUOKHUDOSHQVWRFNWRZDUGKLPEXW KHURZQVSLQEHWUD\HGKHU+HZDWFKHGLWZKLUOE\DPHWHURXWRIUHDFKVWULNH WKHLFHDQGEXU\LWVVKDUSHQGLQWKHVXUIDFH ³5HOD[ODG\,¶OOJHWEDFNGRZQLQDOLWWOHZKLOHDQGFDQMXPSDJDLQ /RRNLW¶VQRWIDOOLQJIUHHLWPXVWEHVOLGLQJDORQJWKHEUHDN,¶OOFDWFK XS´ ³:KHQ"´ ³+PPPPD\EHWHQRUILIWHHQVHFRQGV´ ³+RZIDUGRZQZLOOWKHLFHEHE\WKHQ":LOO\RXVWLOOEHDEOHWRMXPS WKDWIDU"´ ³6XUH:H¶YHDOOPDGHELJJHUMXPSVKHUH7KHORYHELUGVGLGDIRUW\ WKUHHVHFRQGRQHKROGLQJKDQGVDFRXSOHRIZHHNVDJRZKHQWKH\ZHUH FHOHEUDWLQJWKHLUQDPHDQQLYHUVDU\´ ³:KDW¶VJRLQJRQRYHUWKHUH"´%URQZHQ¶VYRLFHFDPHLQ7KH(LUDVGLGQ¶W UHDOO\UHVHQWWKHJHRFKHPLVW¶VIUHTXHQWZD\RIUHIHUULQJWRWKHPVLQFHLWZDV FHUWDLQO\QRWLQDFFXUDWHEXWKHUYRLFHZDVDOLWWOHVKDUS ³&OLIIHGJHEURNHXQGHUXV6WLOOSOHQW\RIWLPHWRJHWEDFNXS´/LQJ UHSOLHGWHUVHO\ ³&KLOH+RZGLG\RX´6KHLOD¶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¶VEULJKWKRSHVFROODSVHGLWZRXOGKDYHEHHQTXLWHSRVVLEOHIRU VRPHRQHWRVHQGDJURXSZLWKRQO\URERWVIURP(DUWK,QIDFWWKDWKDGEHHQ FRQVLGHUHGDWVRPHOHQJWK1R(7, 7KHQKHZDVIDFLQJ&KLOHDJDLQMXVWLQWLPHWRVHHWKHURERW¶VIHHWDQG OHJVVXGGHQO\FUXVKWKURXJKWKHVXUIDFH $URERW¶VUHDFWLRQWLPHLVHOHFWURQLFDVIDUDVSHUFHSWLRQJRHVEXW PHFKDQLFDOUHVSRQVHLVDQRWKHUPDWWHUHVSHFLDOO\IRURQHEXLOWWRZRUNLQ 8UDQXVV\VWHPWHPSHUDWXUHV&KLOH¶VOHJVVDQNIRUWKHLUIXOOOHQJWKDQGZKDW LQDKXPDQEHLQJZRXOGKDYHEHHQKLVVHDWVWUXFNWKHLFHVKDUSO\$ERXWWZR

FXELFPHWHUVRI WKHVSXU¶VWLSEURNHDZD\XQGHUWKHEORZFDUU\LQJURERWDQG FXEHDORQJ/LQJZDWFKHGKHOSOHVVO\DVWKH\EHJDQWRVLQNVORZO\EH\RQGWKH HGJHRIWKHODUJHUEORFNZKLFKXQOLNHWKHPZDVQRW\HWIDOOLQJFRPSOHWHO\ IUHH7KHQKLVDWWHQWLRQVKLIWHGDJDLQDWD FU\DUHDOVKULHNWKLVWLPHIURP 6KHLOD ³:KDWDUH\RXGRLQJ"´ %\WKHWLPHWKHPDQKDGWXUQHGIDUHQRXJKWRVHHLWKDGEHHQGRQH7KH JKRVWKDGDOPRVWFROOLGHGZLWKKHUDQGVHL]HGKHUDUPIRUDPRPHQWWKHWZR KDGIRUPHGDQRWKHUVSLQQLQJWZRERG\V\VWHP7KHQXVLQJLWVOHJVLWKDG WKUXVWLWVHOIRIIYLROHQWO\LQDGLYHWRZDUGWKHHGJHWKHUHDFWLRQUHPRYLQJ DQ\GRXEWWKDW6KHLODZRXOGUHDFKVDIHJURXQG/LQJZRQGHUHGIRUDPRPHQW ZKHWKHULWZRXOGVWULNHKLPWRRPD\EHLWZDVDUHDOURERWDFWLQJXQGHU)LUVW /DZ7KHQKHVDZLWZDVDLPLQJDW&KLOH +HKLPVHOIZDVFDWFKLQJXSZLWKWKHPDLQVOLGLQJPDVVZKLFKPXVWVWLOO EHDIIHFWHGE\IULFWLRQ,QDIHZPRUHVHFRQGVKHFRXOGMXPSLIKHZDQWHGWR $GR]HQPHWHUVXSE\WKHQDQGDVIDUWRZDUGKLVRZQVKDGRZQRSUREOHP 3OHQW\RIWLPH$VKHWRXFKHGWKHVXUIDFHDERXWWKUHHPHWHUVIURP6KHLOD¶V VWLFNKHHYHQFRQVLGHUHGIRUDPRPHQWZKHWKHUKHVKRXOGULGHWKHPDVVGRZQ DQGJHWDFORVHUORRNDWWKHQHZFRPHU 7KHQKHUHDOL]HGWKDWWKLVPLJKWQRWEHDJRRGLGHD7KHEORFNZDV VWDUWLQJWRWLOWRXWZDUGDVIULFWLRQFRQWLQXHGWRGHOD\LWVLQQHUSDUW+HKDG QRZD\RIGHFLGLQJKRZPXFKVSLQLWZRXOGDFTXLUHEXWWKH,GHDRIEHLQJ XQGHUQHDWKZKHQLWUHDFKHGERWWRPZDVDVXQDWWUDFWLYHDVWKHWHFKQLTXHRI FOLPELQJDURXQGLWWRVWD\RQWRSZDVLPSUDFWLFDO$EORWRITXLFNIUR]HQ FULPVRQJODVVXQGHUDPDVVRILFHPLJKWPDNHWKHGD\IRUVRPHIXWXUH DUFKDHRORJLVWEXW/LQJZDVQRWIHHOLQJWKDWDOWUXLVWLF&KLOHFRXOGWDNHFDUH RIWKLQJVEHORZWKHQHZDUULYDOKDGWREHDURERW6XUHO\QRKXPDQEHLQJ ZRXOGPDNHDGHOLEHUDWHGLYHLQWRDKXQGUHGDQGILIW\PHWHUJXOIWKRXJKFRPH WRWKLQNRILWVXFKDGURSZRXOGQ¶WKDYHWREHOHWKDODQGPD\EHLWZDV QRQKXPDQLQTXLWHDGLIIHUHQWZD\MXVWWRXJKHUZK\KDGLWPDGHWKHOHDS DSSDUHQWO\XVLQJ6KHLODPHUHO\DVDFRQYHQLHQWUHDFWLRQPDVVIRURUELW FRUUHFWLRQ" ³5RE:KDWDUH\RXGRLQJ"'RQ¶WVWD\ZLWKWKDWWKLQJJHWEDFNXSKHUH LGLRW´7KHPDQUHWXUQHGWRUHDOLW\ZLWKDVWDUWZKLFKDOPRVWVHSDUDWHGKLP IURPWKHVXUIDFHDJDLQ+HWDSSHGWKHJURXQGJHQWO\ZLWKDERRWWRHWRVZLQJ KLPVHOIRQWRWKHSURSHUOLQHDQGNLFNHGRIIKDUG$JDLQPXFKKDUGHUWKDQ QHFHVVDU\KHZDVVWLOOULVLQJDVKHSDVVHGRYHUWKHQHZFOLIIHGJHDQG DQRWKHUKDOIPLQXWHHODSVHGEHIRUHKHODQGHGQRWTXLWHIODWRQKLVEDFN%\ WKLVWLPHWKHGHWDFKHGIUDJPHQWKHKDGOHIWZDVQHDUO\KDOIZD\GRZQWKH FOLIIDQG&KLOHSUHVXPDEO\HYHQORZHU ³&KLOH5HSRUW´/LQJGLGQ¶WZDLWHYHQWRJHWWRKLVIHHWWRVQDSRXW WKHRUGHU ³,QRORQJHUKDYHWKHFXEH´ZDVWKHSURPSWUHVSRQVH³:KDWLVFOHDUO\ DQRWKHUURERWSDVVHGPHLQIDOODQGVQDWFKHGLWDZD\,VDZLWDSSURDFKEXW GLGQRWIRUHVHHLWVLQWHQWLRQV,WKDVDVRPHZKDWJUHDWHUGRZQZDUGFRPSRQHQW WKDQ,DQGZLOOODQGILUVWDERXWHLJKWVHFRQGVIURPQRZ,TXHVWLRQWKH OLNHOLKRRGRIP\FDWFKLQJLWXQOHVVLWWXUQVRXWWREHYHU\PXFKOHVVDJLOH WKDQ,7KLVLVSRRUFRXQWU\IRUPDQHXYHULQJ'R\RXZLVKPHWRWU\"´ ³.HHSLWLQVLJKW´/LQJRUGHUHGZLWKRXWKHVLWDWLRQ³:HZDQWWRILJXUH RXWLWVRULJLQLIZHFDQDQGZKDWLWZDQWVWRGRZLWKWKHFXEH2EVHUYHDQG UHSRUWDW\RXURZQMXGJPHQW³ ³
LPPHGLDWHO\OHDSHGEDFNWRZDUGWKHFOLIIWRS,WVKRXOGEHQHDU\RXDQG6KHLOD LQILIW\ILYHVHFRQGV0LNHLWKDVHPLWWHGPDQ\LQIUDUHGEXUVWVVLPLODUWR WKRVHRIWKHVPDOOFXEHV´ ³
³&OHDUWKHFKDQQHOVHYHU\RQH´FDPH%URQZHQ¶VYRLFH³6KHLODDQG5RE JHWEDFNWR'LEURILDGDVTXLFNO\DV\RXFDQ7KHUHVWRIXVZLOOGRWKHVDPH 2QWKHZD\WKLQNRIDQ\WKLQJSRUWDEOHDQGSRVVLEO\XVHIXOLQFRPPXQLFDWLRQ ZH¶OOSLFNLWXSDQGJHWEDFNRXWWR%DUFR¶LIWKDWWKLQJVWD\V&KLOH\RX VWD\ZLWKLW,ILWPRYHVIROORZLW'R\RXUEHVWWRUHFRUGDQGDQDO\]H DQ\WKLQJLWGRHVDQGHVSHFLDOO\DQ\WKLQJLWUDGLDWHV,NQRZDQDO\VLVLVPRUH 'XPER¶VDQG6KHLOD¶VOLQHDQG,¶GOLNHWRJHWZKDW\RXDOUHDG\KDYHEDFNWR 'XPERULJKWQRZEXWLIWKDWWKLQJFDQMXPSXS%DUFR\RXµUHWKHRQO\RQHZH FDQFRXQWRQVWD\LQJZLWKLW:H¶OOKDYHWRZDLWIRU\RXUGDWDGXPS/HW¶VJR SHRSOH&KLOHREVHUYHIROORZDQGUHFRUGDWDQ\ULVNVKRUWRIORVVRIGDWD DOUHDG\VHFXUHG´ ³9HU\ZHOO%URQZHQ´ 2QFHRXWRI&KLOH¶VVLJKW5REDQG6KHLODWUDYHOHGLQUDWKHUGDQJHURXV IDVKLRQWDNLQJPXFKORQJHUOHDSVWKDQZHUHUHDOO\MXVWLILHG%RWKIHOWWKDW WKH\UHPHPEHUHGWKHLUIRUPHUURXWHZHOOHQRXJKWRDYRLGDQ\UHDOO\SHULORXV GURSV(YHQZLWKRXWZDONLQJVWLFNVWKHWLPHORVWUHFRYHULQJIRRWLQJDIWHUD EDGODQGLQJZDVPRUHWKDQPDGHXSE\WKDWVDYHGLQWKHMXPSVWKHPVHOYHV7KH VXQKDGPRYHGDOLWWOHWRWKHLUULJKWVLQFHWKHVWDUWRIWKHZDONEXWVWLOO IRUPHGDJRRGJXLGHWRWKH'LEURILDG¶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³:KR¶GKDYHWKRXJKWZH¶GQHHGDODQJXDJHVSHFLDOLVW"´/XLVJURZOHGDW ODVW ³+RZGR\RXNQRZZHGR"´DVNHG%URQZHQ³,WPD\KDYHEHHQPDGHRQ(DUWK E\VRPHJURXSZHGRQ¶WNQRZDERXW´ ³'LG\RXRU5REWU\RUGHULQJLWWRFRPHEDFNZLWK\RX"´&KLVSDDVNHG 6KHLOD ³1HLWKHURIXVWKRXJKWRILW&KLOHVDLGKH¶GWULHGQRUPDOURERWWR URERWVLJQDOVZLWKQRUHVSRQVHDQG,JXHVVZHZHUHERWKVRFRQYLQFHGLWZDV DOLHQWKDWRUGLQDU\VSHHFKVHHPHGSRLQWOHVV´ ³
³
WRWKH%LJ'URSDQGQRRQHFRXOGVWDQGDWZHQW\NLORIDOOLWZRXOGEHDERXW IRXUKXQGUHGDQGILIW\PHWHUVRQ(DUWK,VWLOOGRQ¶WWUXVWWKHFKDLQVEXWZH OLQNXSWKLVWLPH³ ³+RZFORVH"´DVNHG0LNH ³)LIW\PHWHUVIRUWKH*ROGWHDPWZHQW\IRUWKHUHVWRIXV,IDQ\RQH EXW&KLOHKDVWRJHWQHDUWKHHGJH5RE¶VWKHEHVWDQFKRUVR6KHLODFDQGR LW)LIW\PHWHUVZLOOJLYHKLPPRUHURRPWRFDWFKWKHVXUIDFHDQGXVPRUH WLPHWRKHOSLIVKHGRHVJRRYHUWZHQW\LVHQRXJKIRUXV,¶OOFDUU\WKH UHVWRIWKHUHHOMXVWLQFDVH´ ³,WZRQ¶WUHDFKILYHSHUFHQWRIWKHZD\GRZQWKDWFOLII´ ³,WZRXOGWDNHDFRXSOHRIPLQXWHVWRIDOOILYHSHUFHQWRIWKHZD\ :H¶OOWDNHWKHFKDLQ´ +HUKXVEDQGQRGGHG6KHLODKDGSDOHGDWULIOHEXWVDLGQRWKLQJ,WZDV WUXHWKDW/LQJZDVWKHKHDYLHVWRIWKHFUHZZKLOHVKHKHUVHOIZDVOLJKWHVW H[FHSWIRU&KLVSD6KHKDGQRLQWHQWLRQRIJRLQJQHDUHUWKHHGJHWKDQ QHFHVVDU\DQGFHUWDLQO\QRQHRIJRLQJRYHUEXW%URQZHQZDVULJKWWREH IRUHVLJKWHG 7KHFKDLQOLQNVZHUHFDUERQILODPHQWFRPSRVLWHDPLOOLPHWHUWKLFN SUHIRUPHGLQMRLQWOHVVORRSVKDOIDFHQWLPHWHUORQJDQGDOUHDG\LQWHUORFNHG 1HLWKHUURSHQRUFDEOHZDVSUDFWLFDOQRNQRZQILEHURUJDQLFPHWDOOLFRU PLQHUDOZRXOGUHPDLQIOH[LEOHDW0LUDQGD¶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¶VDWWHQWLRQZDVRQWKHWZRURERWV 7KHVHZHUHQRWVWDQGLQJVWLOOZDLWLQJDVKDGEHHQWDFLWO\H[SHFWHG 7KH\ZHUHPRYLQJDURXQGQRZVORZO\QRZPRUHUDSLGO\XVXDOO\LQWKHYHU\ VKRUWVWHSVZKLFKZHQWZLWKWKHLUQHDUO\XSULJKWFDUULDJHEXWVRPHWLPHV OHDSLQJVWUDLJKWXSIRUDGLVWDQFHUDQJLQJIURPWZRRUWKUHH FHQWLPHWHUVWRDV PXFKDVWHQƒPHWHUVVRPHWLPHVZDYLQJDUPVRUNLFNLQJ7KHUHZDVQRREYLRXV UHJXODULW\LIWKH\ZHUHGDQFLQJZKLFKZDVWKHILUVWWKRXJKWWRFURVVPRVWRI WKHKXPDQPLQGVWKHUHVHHPHGWREHQRWXQH)RUDIHZVHFRQGVDIWHUVWRSSLQJ ILIW\PHWHUVDZD\WKHVL[SHRSOHVLPSO\ZDWFKHGLQVLOHQFHWU\LQJWRPDNH VHQVHRXWRIWKHSKHQRPHQRQ7KHQ%URQZHQUHFRYHUHGKHUSUDFWLFDOVHQVH ³&KLOHUHSRUW:KDW¶VJRLQJRQ"´ =+¶VDQVZHUFDPHDWRQFHZLWKRXWFDXVLQJYLVLEOHFKDQJHLQKLV EHKDYLRU ³7KHURERWLVQRZH[FKDQJLQJFRQWLQXRXVLQIUDUHGVLJQDOVZLWKWKLVFXEH GHWDLOVRILWVVLJQDOVFKDQJLQJDV,SHUIRUPYDULRXVDFWLRQVZKLOHLWVRZQ DFWLRQVVHHPWRFRUUHVSRQGWRVLJQDOVIURPWKHFXEH,DPWU\LQJWRDVFHUWDLQ WKHGHWDLOHGUHODWLRQVKLS³ ³
ZLWK'XPERWKHFKDQFHVZRXOGEHEHWWHU,WDSSHDUVWKDWWKH URERWLV UHSRUWLQJWRWKHFXEHDQGUHFHLYLQJJHQHUDOLQVWUXFWLRQVIRUDFWLRQIURPWKH ODWWHU´ ³
/LQJGLGQ¶WVWRSWRFKHFNZLWKWKHFRPPDQGHU³+ROGXSIRUDPRPHQWDQG JLYHPHWKDWFXEHWKHQJRRQZLWK\RXUWHVWV,¶GOLNHWRVHHLILWJLYHVWKH URERWDQ\VSHFLDOLQVWUXFWLRQVZKHQ,JHWFORVHWRWKHFHQWHU´ ³7KHURERWFDQVHH\RXZKHWKHU\RX¶UHZHDULQJWKHFXEHRUQRWDQG,¶P WKHRQHZKR¶VVXSSRVHGWRJRQHDUWKHHGJHLIQHFHVVDU\,¶POHVVOLNHO\WR EUHDNDSLHFHRILWRIIDIWHUDOO´6KHLODSRLQWHGRXW ³:HGRQ¶WQHHGWRZRUU\DERXWWKHFOLIIVWUHQJWKKHUH:RXOGWKH\KDYH SXWWKLVELJJDGJHWZKHUHLWLVZLWKRXWFKHFNLQJ"1HYHUPLQGWKHFXEH&KLOH EXW,¶PJRLQJWRILQGRXW´ %URQZHQZDVVRPHZKDWGXELRXVEXWVDLGQRWKLQJ,I5REGLGFDXVHWKH RWKHUURERWWREUHDNRIIWKHODQJXDJH OHVVRQLWZRXOGDWOHDVWJLYHVRPHLGHD RIWKHXQLW¶VFRQFHUQVDQGSULRULWLHV2QO\ZKHQWKHPDQWRRNDQXQXVXDOO\ ORQJVWHSWRZDUGWKHFXEHGLGVKHXWWHUDFDXWLRQ ³,W¶VDORQJZD\GRZQ5RE,VDLGWKDW6KHLODZRXOGEHILUVWLIDQ\RQH KDGWRJRQHDU WKHHGJH
6KHSXOOHGTXLFNO\DQ\ZD\7KHVRRQHUWKHVODFNZDVWDNHQXSDQGVKH FRXOGVWDUWGRLQJVRPHWKLQJXVHIXOWKHEHWWHU%\WKHWLPHVKHIHOW UHVLVWDQFHWKHIDOOLQJPDQZDVRXWRIVLJKWRQHFRXOGRQO\HVWLPDWHKRZIDU 6KHDEDQGRQHGUHVSRQVLELOLW\IRUKHURZQVDIHW\WRWKHRWKHUVDQGGUHZ VWHDGLO\KDQGRYHUKDQGJULSSLQJWKHILQHFKDLQDVHIIHFWLYHO\DVVKHFRXOG ZLWKKHULQVXODWHGJORYHV6KHEDUHO\QRWLFHGWKDWWKHELJFXEHKDGVHWWOHG EDFNZKHUHLWKDGEHHQ)URPKHUSRVLWLRQWKHRWKHUURERWZDVKLGGHQEH\RQG LWIRUWKHPRPHQWLWVSRVVLEOHDFWLYLWLHVGLGQ¶WFRQFHUQKHU ³5REDUH\RXDOOULJKW"´VKHFDOOHG ³6XUH6ZLQJLQJLQWRZDUGWKHFOLIIQRZ,WDNHLW\RX¶UHDQFKRUHGDOO ULJKWLI\RXFRPHRYHUWRRLWFRXOGEHDZNZDUG³ ³,¶PVROLG'RQ¶WORRNGRZQ´ ³2KLW¶VQRWWKDWEDG7KHUH¶VQRKD]HWRVXJJHVWGLVWDQFHP\KHDG NQRZVLW¶VWZHQW\NLORVEXWP\VWRPDFKLVQ¶WVXUHLW¶VGRZQ,¶PDERXWWRKLW WKHFOLIIVWRSSXOOLQJXSIRUDPRPHQWVR,FDQFDWFKLW,W¶VSUHWW\URXJK DQG,PD\EHDEOHWRKDQJRQP\VHOI´7KHUHZDVDSDXVHDQG6KHLODEUDFHG KHUVHOIIRUDSRVVLEOHMROWDORQJWKHFKDLQEXWIHOWQRWKLQJ³0LVVHGWKH KROG,ERXQFHGEXWRQO\DOLWWOH,RXJKWWRJHWLWQH[WWLPH,W¶VQRW TXLWHYHUWLFDO,WKLQNPD\EH,FDQZDONXSLWZLWKWKHURSHKHOSLQJ+HUH, FRPH´7KHUHZDVDSDXVH³
³5LJKW-XVWFRPPXQLFDWH´UHSOLHG%URQZHQ /LQJ¶VJORYHVVOLJKWO\SUHFHGLQJKLVKHOPHWDSSHDUHGDERXWHLJKW PHWHUVWRWKHOHIWRIWKHFXEHDVVHHQE\KLVFRPSDQLRQV&KLOHZDVVWDQGLQJ ZLWKLQDPHWHURIWKHVDPHVSRWVORZO\EHQGLQJRYHUWRUHDFKIRUKLP7KH PDLQDQFKRULQJWULROD\DGR]HQPHWHUVVWUDLJKWLQIURPWKHSRLQWDWWKH MXQFWLRQRID³<´RXWOLQHGLQFKDLQZLWKWKHRWKHUZRPHQDWLWVDUPWLSVDQG &KLOHDWLWVIRRW 7KLVODVWHGRQO\DVSOLWVHFRQG7KHQWKHDOLHQURERWPRYHGDJDLQWKLV WLPHSXVKLQJRIIIURPWKHELJFXEH$VEHIRUHLWSOXQJHGIRUWKHHGJH&KLOH DOPRVWXSULJKWZDVLQQRSRVLWLRQWRRSSRVHLW+HWRRNPRVWRILWVPRPHQWXP DQGIOHZRYHU/LQJ¶V KHDGWKHUHVWRIWKHSXVKZDVH[SHQGHGDJDLQVWWKHPDQ¶V KHOPHWDQGKHIROORZHG&KLOHPRUHVORZO\ ³5RE´6KHLODVFUHDPHGDQGMHUNHGXSKHUOHJVLQUHDGLQHVVWRMXPS6KH UHFRYHUHGFRQWUROLQWLPHWRIRUHVWDOOWKHPRWLRQEXWQRWVRRQHQRXJKWROHW /XLVDQG0LNHNHHSKROGRIKHUDQNOHV$OOPLJKWVWLOOKDYHEHHQZHOOLIVKH KDGUHOHDVHGWKHORRSVRIFKDLQVKHKDGEHHQFRLOLQJXSEXWOHWWLQJJRRI /LQJZDVWKHIDUWKHVWWKLQJIURPKHULQVWLQFWV7KHFKDLQWUDQVIHUUHGSDUWRI WKHURERW¶VILQDOWKUXVWWR KHUDQGDIWHUWZRDJRQL]LQJO\VORZERXQFHV DFFRPSDQLHGE\IXWLOHVFUDEEOLQJDWVXUIDFHLUUHJXODULWLHVDQGDVKULHNHG ³12´VKHWRRZHQWRYHUWKHHGJH7KHVWDUWOHGZDWFKHUVVDZWKHDOLHQURERW QRZIDOOLQJWRWKHVDIHVLGHRIWKHULPOHDQDQGH[WHQGDQDUPDVWKRXJKWR LQWHUFHSWKHUEXWVKHGULIWHGSDVWRXWRILWVUHDFK ³,WKLQNZHPD\ERXQFHRXWEHIRUHZHKLWERWWRPEXW,¶PQRWVXUHKRZ IDUGRZQWKDW¶OOKDSSHQ´/LQJUHPDUNHG³$WOHDVWWKHUHVKRXOGEHWLPHWR PDNHRXUZLOOVLIDQ\RIXVKDVQ¶WGRQHLWDOUHDG\´ ³1LQHPLQXWHVWKLUW\WKUHHVHFRQGV´DIILUPHG&KLOH+HKDGKRRNHGD IRRWXQGHUWKHFKDLQDVWKHRWKHUKDGSXVKHGKLPDQGZDVQRZHQJDJHGLQ SXOOLQJWKHWKUHHWRJHWKHU³,IZHDSSURDFKWKHERWWRP\RXWZRKROGWLJKWO\ WRHDFKRWKHUDQGDWWKHODVWSRVVLEOHPRPHQW,ZLOONLFNXSZDUGDJDLQVW\RX DVKDUGDV,FDQWRWDNHDVPXFKDVSRVVLEOHRIRXUGRZQZDUGPRPHQWXPWR P\VHOI7KHUHVHHPVOLWWOHFKDQFHWKDWWKLVZRXOGVXIILFHWRSUHVHUYH\RXU OLYHVEXWLWLVWKHEHVW,FDQWKLQNRI:HKDYHQRWHQRXJKFROOHFWLYHVSLQ WRKHOSWKHRSHUDWLRQE\´ ³7KDQNV&KLOHEXWZH¶OOWDNH\RXUZRUGIRULW5REZDVLWWKDWURERW DJDLQ¶"7KLQJVKDSSHQHGWRRIDVWIRUPHWREHVXUH´ ³µ)UDLGVR,WVHHPVWRKDYHDSUHMXGLFHDJDLQVWPHRUPD\EHDJDLQVW DQ\RQHZKRWULHGWRWRXFKWKHFXEH,ZRQGHUZK\LWGLGQ¶WFRPHDURXQGDQGJHW \RXWRREHIRUH\RXZHUHDERXWWRGRWKHVDPHWKLQJ´ ³7KDWLVZK\,ZDQWDOOWKUHHRIXVWRJHWKHUDVTXLFNO\DVSRVVLEOH´ &KLOHFXWLQ³,WZLOOQRWKDUP6KHLODDQGZLOOKDYHWKHFXEHKHUHWRFDWFK KHUYHU\VKRUWO\6KHLVKXPDQ,IZHDUHDFWXDOO\LQFRQWDFWDVVKHDQG, DUHQRZLWZLOOSUREDEO\QRWWU\WRIRUFHXVDSDUWEXWLI\RX5REDUH VWLOODWWKH HQGRIWKHFKDLQ,DPQRWVXUHLWZRQ¶WWU\WREUHDN\RXIUHH³ ³:K\",¶P´ ³3OHDVHGRQ¶WWDON5REHUW-XVWSXOOLQFKDLQIURP\RXUHQGWRR,W ZLOOSXWDQXQFRPIRUWDEOHDPRXQWRIVSLQRQXV,IHDUEXWVKRXOGPDNH\RX PXFKVDIHU+HUHFRPHVWKHFXEH´ $FWXDOO\WKHUHZDVQRKXUU\7KHDOLHQEORFNZLWKWKHJKRVWRQWRS RYHUKDXOHGWKHPUDWKHUVORZO\VHHPHGWRORRNWKLQJVRYHUIRUPRUHWKDQD PLQXWHDQGILQDOO\VOLGXQGHUWKHWULRRYHUWZRKXQGUHGPHWHUVGRZQ%URQZHQ KDGSOHQW\RIWLPHWRXQOLPEHUWKHUHVWRIWKHFKDLQEXWQRWHQRXJKWRILJXUH RXWKRZWRXVHLW ³7KHQ\RXVROYHGWKHDOLHQV\PEROV´/LQJZDVWDONLQJEHIRUHKLVIHHW ZHUHEDFNRQWKHJURXQG³%XWZK\GRHVWKDWWKLQJUHJDUG6KHLODDVKXPDQDQG QRWPH"´ ³,GLGQRWVROYHWKHP ,WZDVWKHVRUWRILQWXLWLRQZKLFKDSSDUHQWO\DQ\ EUDLQH[SHULHQFHV\RXUVZKHQ\RXRUJDQL]HGWKHVKDGRZSDWWHUQ&KLVSDFDOOHG

DVKLS´ ³$QGWKHULGJHZHDOOQDPHGWKH6WHJRVDXU´0LNHDGGHG ³$QGWKHIDFH5REVDZLQWKH5RUVFKDFKEORW´FRQWLQXHG=+³,W KDSSHQVWRSRVLWURQLFEUDLQVOLNHPLQHWRRLWPD\EHDQLQHYLWDEOHSDUWRI DQ\LQWHOOLJHQFHQDWXUDORURWKHUZLVHDV,KDYHKHDUGVXJJHVWHG'XPERODFNV LWRIFRXUVHLWQHHGV6KHLODWRZRUNLQWHOOLJHQWO\7KLVRWKHUURERWKDVWKH VDPHTXDOLW\SRVLWURQLFRUQRWDQGDSSDUHQWO\GHFLGHGWKDW,DQGWKHEODFN KHOPHWHGILJXUHVZHUHURERWVGHVHUYLQJRIQRVSHFLDOFRQVLGHUDWLRQEHVLGHWKH VDIHW\RILWVFHQWUDOV\VWHPEXWWKDWWKHZKLWHKHOPHWHGRQHVZHUHKXPDQ´ ³:K\VKRXOGLWJHWWKDWLGHD"´ ³%HKDYLRUSDWWHUQVDUHDOVRGDWDDQGFDQDOVREHFRQQHFWHGLQWXLWLYHO\ ,GLGLWZLWKWKHURERW¶VDFWLRQVLWGLGWKHVDPHZLWK\RXUV'XULQJWKHWLPH ZHZHUHLQYHVWLJDWLQJWKLVFXEHIRUH[DPSOHWKHPHQPDGHDSRLQWSRVVLEO\ XQFRQVFLRXVRIVWD\LQJEHWZHHQWKHLUFRPSDQLRQVDQGWKHHGJHRIWKHFOLII, WKLQNWKHNH\EHKDYLRUWKRXJKRFFXUUHGDW%DUFRZKHQ´ ³:KHQWKLVLGLRWLF*DODKDGNLFNHGPHEDFNXSWKHFOLIIDWKLVRZQ ULVN´VQDSSHG6KHLOD ³7KDWVHHPVOLNHO\´ ³%XW,ZDVQ¶WLQDQ\UHDOULVN,FRXOGKDYHMXPSHGXSIURPWKDWVODERI LFHILYHVHFRQGVEHIRUHKLWWLQJERWWRPDQGODQGHGOLNHMXPSLQJRIIDWDEOH´ ³7KHURERWGLGQ¶WNQRZ\RXUOLPLWV,WVDZWKHEDVLFDFWLRQ\RXZHUH SURWHFWLQJDQRWKHUEHLQJDQG,VXJJHVWLQWHUSUHWHGWKDWDV)LUVW/DZ EHKDYLRU7KHPRVWREYLRXVGLIIHUHQFHEHWZHHQWKHWZRRI\RXZDVKHOPHWFRORU 7KHFRQFOXVLRQPD\KDYHEHHQWHQWDWLYHLIWKHWKLQJLVLQWHOOLJHQWHQRXJKEH WKDWVFLHQWLILFEXWLWZDVVXSSRUWHGODWHU´ ³
³
VFUHDPDQGDFORXGRIVSDUNOLQJVWDUVDVLWVSXQDERXW7KHQWKHVKULHNGLHG DZD\LQWRVLOHQFHWKHILUHZRUNVVWRSSHG ³,WGLGQRWH[SORGH´VKHREVHUYHG ³4XLWHFRUUHFW´ ³$QGZK\GR\RXDVVXPHWKDWWKHWKLHIZDVDURERW"%HFDXVHWKHILJXUH DSSHDUHGWREHPDOH\HWKHVSRNHZLWKDIHPDOHYRLFH"´ ³7KDWZDVP\ILUVW FOXH5RERWYRLFHVLPXODWRUVDUHVRSHUIHFWWKHVH GD\VWKDWWRWKHFDVXDOHDUWKH\DUHSHUIHFW2QO\FRPSXWHUDQDO\VLVFDQ SLQSRLQWWKHDUWLILFLDOVLJQDOJHQHUDWLRQ6RDURERWFDQVSHDNZLWKDVRSUDQR RUDEDVVYRLFH´ ³$QGWKLVRQHGUHVVHGDVDPDQDQGXVHGDZRPDQ¶VYRLFH%XWZK\"7R FDXVHFRQIXVLRQ"´ ³3HUKDSV2USHUKDSVMXVWDVDMRNH´ 'U&DOYLQ¶VH\HVZLGHQHGDQGDWUDFHRIDVPLOHWRXFKHGKHUOLSVDQG ZDVJRQH³7KDWLVDQLQWULJXLQJWKRXJKW'U'RQRYDQ'RJRRQ³ ³7KLVZDVP\ILUVWFOXHDVWRWKHWKLHI¶VLGHQWLW\%XW,QHHGHGPRUH HYLGHQFH,IRXQGLWKHUH³ ,WRXFKHGWKHFRQWUROVRIWKHYLVLYR[DQGWKHDFWLRQVORZHG7KHPDVNHG ILJXUHWXUQHGWRWKHUHYROYLQJGRRUSXVKHGDQGH[LWHG7KHDFWLRQUHSHDWHG RYHUDQGRYHU ³7KLVLVWKHYLWDOFOXH,KDGWKHUHYROYLQJGRRUUHPRYHGDQGKDGLW ZHLJKHG7KHHQWLUHXQLWZHLJKVWZRKXQGUHGDQGWKLUW\NLORV,WKHQKDGWKH FRPSXWHUHVWLPDWHWKHIRUFHQHHGHGWRJHWLWWRUHDFKWKLVVSHHGLQWKLVWLPH IRUYDU\LQJDPRXQWVRI SUHVVXUH:DWFKWKHJUHHQFRPSXWHUWUDFHQRZ7KLVLV WKHPD[LPXPSUHVVXUHWKDWFDQEHH[HUWHGE\DILIW\NLORZRPDQZRUNLQJKHU KDUGHVW´ 7KHJUHHQWUDFHDSSHDUHGLQWKHDLUHQGLQJZHOOEHKLQGWKHLPDJHRIWKH PRYLQJGRRU ³,QWHUHVWLQJ´'U&DOYLQREVHUYHG³9RLFHRUQRWWKDWZDVQRWDZRPDQ ³ ³([DFWO\1RZWKHEOXHWUDFH\RXVHHFRPLQJXSZRXOGEHWKDWRID VHYHQW\ILYHNLORPDQ1H[WWKHRUDQJHWUDFHRIDKXQGUHGNLORPDQRI H[FHSWLRQDOVWUHQJWK³ 7KLVWUDFHOLNHDOORIWKHRWKHUVHQGHGZHOOEHKLQGWKHLPDJHRIWKH PRYLQJGRRUEHLQJSXVKHGDURXQGE\WKHKDQGRIWKHEDQNUREEHU,DFWXDWHG WKHFRQWUROVDJDLQDQGDUHGWUDFHDSSHDUHGWKDWVZXQJRXWIDWDKHDGRIWKH RWKHUVDQGHQGHGDWWKHPRYLQJGRRU ³7KHUHGWUDFH´VKHVDLG³7HOOPHDERXWLW´ ³7KDWWUDFHUHSUHVHQWVWKHDPRXQWRIHQHUJ\QHHGHGWRDFFHOHUDWHWKDW GRRUIURPD]HURPRWLRQVWDWHWRWKHVSHHGLWUHDFKHGWRSHUPLWWKHWKLHIWR H[LWZLWKWKHPRQH\LQWKHWLPHREVHUYHG,FDQJLYH\RXWKHIRRWSRXQGVRU PHWHUNLORJUDPVLI\RXZLVK´ ³-XVWURXJKO\+RZPXFKHQHUJ\"´ ³(QRXJKWROLIWWKDWGHVNDQG\RXDVZHOORQHPHWHULQWRWKHDLU³ ³,WKRXJKWVR$VVWURQJDVDQK\GUDXOLFUDP$QGZHOOEH\RQGWKH DELOLWLHVRIDKXPDQEHLQJ´ ³%XWZHOOZLWKLQWKHDELOLWLHVRIDURERW´ ³3RLQWWDNHQDQGSURYHQ'U'RQRYDQ6RZKDWGR\RXVXJJHVWWKDWZHGR QH[W"´ ³)LUVWO\,VXJJHVWWKDWZHGRQRWLQIRUPWKHSROLFH´ ³:LWKKROGLQJLQIRUPDWLRQIURPWKHDXWKRULWLHVLVDFULPH´ ³1RWQHFHVVDULO\6RIDUZHKDYHRQO\DVVXPSWLRQVDQG QRUHDOHYLGHQFH :HFRXOGWDNHWKLVJXHVVZRUNWRWKHSROLFHLIWKDWLV\RXUGHFLVLRQ7KHQZH PXVWFRQVLGHUWKHIDFWWKDWZHDUHPDNLQJSXEOLFLQIRUPDWLRQWKDWPLJKWEH FRQVLGHUHGGHURJDWRU\WRZDUGWKHSXEOLFLPDJHRI865RERWVDQG0HFKDQLFDO 0HQ,QFLQIRUPDWLRQWKDWZRXOGDIIHFWWKHSULFHRILWVVWRFNVDIIHFWRXU ERQXVHVDQGUHWLUHPHQWSODQV´

³7KHUHLVQRQHHGWRJRRQ:HZLOONHHSWKLVGHYHORSPHQWTXLHWIRUWKH PRPHQW1RZZKDWGRZHGRQH[W"´ ³7KDW¶VDJRRGTXHVWLRQ6LQFHDOOURERWVPDQXIDFWXUHGE\XVDUHOHDVHG DQGQRWVROGZHFRXOGWU\WRWUDFHWKLVRQH³ 'U&DOYLQ¶VH\HEURZVFOLPEHGVN\ZDUGDWWKLVUDVKDVVXPSWLRQ ³,VQ¶WWKDWDUDWKHUUDVKDVVXPSWLRQ"´VKHDVNHG³'R\RXNQRZKRZPDQ\ URERWVZHKDYHPDQXIDFWXUHGWKDWDUHVWLOOIXQFWLRQLQJ"$QGDOORIRXU SURGXFWLRQIRUWKHSDVWWZRGHFDGHVH[FHSWIRUVSHFLDOIXQFWLRQXQLWVDUH URXJKO\HTXLYDOHQWLQEXONWRDKXPDQEHLQJ´ ³$OOULJKWVRZHVFUDWFKWKDWLGHD´,PXWWHUHGWHVWLO\³0D\EHZHDUH EDUNLQJXSWKHZURQJGUDLQSLSH7KHEDQNUREEHUPLJKWEHMXVWDYHU\VWURQJ PDQDQGQRWDURERWDWDOO$IWHUDOOWKHUREEHUGLGWKUHDWHQWKHWHOOHU¶V OLIHDYLRODWLRQRIWKH)LUVW/DZRI5RERWLFV$URERWPD\QRWLQMXUHDKXPDQ EHLQJRUWKURXJKLQDFWLRQDOORZDKXPDQEHLQJWRFRPH WRKDUP´ 6KHVKRRNKHUKHDGILUPO\³7KHUHZHUHQRWKUHDWVLQYROYHG$V,UHFDOO LWWKHWKLHIMXVWVWDWHGIDFWVOLNHWKLVLVDKDQGJUHQDGH,KDYHSXOOHGDQG GLVFDUGHGWKHSLQ1RWKUHDWVRUGDQJHULPSOLHG7U\DJDLQ´ ³,ZLOO´,VDLGWKURXJKWLJKWFODPSHGWHHWK/LNHKHUQDPHVDNHDXQWVKH ZDVDJLDQWRIORJLFDOWKRXJKWSURFHVVHV³7KH6HFRQG/DZWKHQ$URERWPXVW REH\WKHRUGHUVJLYHQLWE\KXPDQEHLQJVH[FHSWZKHUHVXFKRUGHUVZRXOG FRQIOLFWZLWKWKH)LUVW/DZ³ ³1RRUGHUVZHUHJLYHQWKDW,UHFDOO,WDOOZHQWVPRRWKO\DQGTXLFNO\ VRTXLFNO\WKDWWKHWHOOHUKDGQRWLPHWRVSHDN$QG,WKLQNWKDW\RXZLOO DJUHHWKDWWKH7KLUG/DZLVQRWUHOHYDQWHLWKHU$URERWPXVWSURWHFWLWVRZQ H[LVWHQFHDVORQJDVVXFKSURWHFWLRQGRHVQRWFRQIOLFWZLWKWKH)LUVWRU 6HFRQG/DZ,WKLQNLWPLJKWEHVDLGWKDWZHDUHEDFNDWVTXDUH$$Q\PRUH VXJJHVWLRQV"´ 6KHDVNHGWKLVHYHUVRVZHHWO\EXWWKHUHZDVDVWHHOJDXQWOHWLQKHU YRLFHLQVLGHWKHYHOYHWJORYH ³,¶OOWKLQNRIVRPHWKLQJ´ ,PXWWHUHGDOWKRXJKP\EUDLQZDVDVHPSW\RI LGHDVDVDYDFXXPIODVN ³0LJKW,PDNHDVXJJHVWLRQ"´ ³2IFRXUVH´ ³/HWXVWXUQWKLVSUREOHPRQLWVKHDG/HWXVVWRSDVNLQJRXUVHOYHVLI WKLVZDVDURERWDQGKRZRUZK\WKHFULPHZDVGRQH/HWXVDVVXPHWKHUHLVD FULPLQDOURERWDWODUJH,IWKLVLVWUXHZHPXVWILQGLW:HFDQQRWWDNHRXU SUREOHPWRWKHSROLFHIRUWKHPRPHQWIRUWKHUHDVRQV-XVWGLVFXVVHG 7KHUHIRUHZHPXVWWDNHWKLVWRDVSHFLDOLVW´ 6KHIURZQHGGHPXUHO\DVWKHGHVNDQQXQFLDWRUEX]]HGVWDEEHGGRZQWKH EXWWRQDQJULO\³
PDQQHUWKHUHFDQEHRQO\RQHORJLFDODQVZHU$URERWGLGLW´ ³6R\RXFDPHKHUHDWRQFH´,VDLGTXLFNO\EHIRUHKHFRXOGVSHDNDJDLQ ³)LJXULQJWKDWLIDURERWZDVLQYROYHGLWZRXOGEHRIFRQFHUQWRXV´ ³%DQJRQEDE\,DOVRILJXUHGWKDW\RXZRXOGZDQWDGLVFUHHWLQTXLU\ ZLWKRXWSROLFHLQYROYHPHQWWKDWZRXOGEHSXEOLFL]HGDQGZRXOGKDYHKRZVKDOO ,SKUDVHLW"DGHOHWHULRXVHIIHFWRQ\RXUVWRFNSULFHV,¶OOILQG\RXUURERW IRU\RX0\IHHLVDTXDUWHURIDPLOOLRQGROODUVKDOISD\DEOHQRZ´ ³3UHSRVWHURXV$QLQVXOW´,KXIIHG ³6KXWXS´'U&DOYLQVXJJHVWHGVFULEEOLQJKHUVLJQDWXUHRQDFKHFNDQG SXVKLQJLWRYHUWRGL*UL]³,KDYHDVSHFLDOHPHUJHQF\DFFRXQWMXVWIRUWKLV VRUWRIWKLQJ
EDU+HZDVEXUO\DQGKHDYLO\EHDUGHGGUHVVHGLQDSODLQSXUSOHVXLWZLWK SXFHVWULSHV+HJORZHUHGDWXVDVZHDSSURDFKHGDQGSXOOHGDWWKHJROG HDUULQJSHQGDQWIURPRQHILOWK\DQGKDLU\HDU ³%X\LQJRUVHOOLQJ"´KHJUXQWHG ³%X\LQJ´-LPVDLGJULPO\ ³*LUOVGRSHER\VKRWPRQH\SDUURWVRUOLWWOHZRROO\GRJV"´ ³,QIRUPDWLRQ´ ³$KXQGUHGVPDFNHUVLQIURQW´ ³+HUH´7KHELOOVFKDQJHGKDQGVTXLFNO\³,¶PORRNLQJIRUDURERW³ ³:HGRQ¶WDOORZQRURERWVGRZQKHUH³ ³*LYHPHP\KXQGUHGEXFNVEDFN³ ³1RZD\EXVWHU*HWORVW´ 7KHUHZDVDVXGGHQFUXQFKLQJVRXQGIROORZHGE\DPRDQRISDLQDVRXU LQIRUPDQWIRXQGKLVDUPEHKLQGKLVEDFNDQGKLVIDFHSUHVVHGWRWKHILOWK\ EULFNVRIWKHZDOO ³6SHDN´-LPRUGHUHG ³1HYHUHYHQLI\RXEUHDNP\DUP,DLQ¶WVLQJLQJ'LUW\'DQ0F*UHZ DLQ¶WDVTXHDOHU³ ³7KDWLVZKDW\RXWKLQN´P\FRPSDQLRQVDLG6RPHWKLQJPHWDOOLFJOLQWHG LQKLVKDQGZDVSUHVVHGWRWKHFULPLQDO¶VVLGH,VDZWKHK\SRGHUPLFEHLQJ ZLWKGUDZQDVWKHPDQVOXPSHG³6SHDN´-LPRUGHUHG ³,KHDUDQGREH\RKPDVWHU´ ³$SRWHQWGUXJDV\RXFDQVHH´-LPVPLOHG³:KHUHLVWKHURERW"´ ³:KLFKURERW"´ ³$Q\URERWPRURQ´-LPVQDSSHG ³7KHUHDUHPDQ\URERWVEDUULFDGHGLQWKHROG0F&XWFKHRQZDUHKRXVH´ ³:KDWDUHWKH\GRLQJWKHUH"´ ³1RWKLQJJRRG,DPVXUH%XWQRRQHKDVEHHQDEOHWRJHWLQVLGH³ ³1RWXQWLOQRZ´-LPVXJJHVWHGDVKHOHWJRRIRXULQIRUPDQWZKR GURSSHGXQFRQVFLRXVWRWKHILOWK\JURXQG³/HW¶VJRWRWKHZDUHKRXVH´ ³,VWKDWZLVH"¶,GHPXUUHG ³7KHUH¶VRQO\RQHZD\WRILQGRXW´+HODXJKHG,GLGQRW,ZDVQRWDW DOOKDSS\DERXWDOOWKLV,DPDVFLHQWLVWQRWDGHWHFWLYHDQGDOORIWKLV ZDVQRWP\VW\OH%XWZKDWHOVHFRXOG,GR"7KHDQVZHUWRWKDWZDVSUHWW\ REYLRXV1RWKLQJ,KDGWRUHO\RQP\FRPSDQLRQDQGKRSHWKDWKHZDVXSWRWKH FKDOOHQJH%XWKDUN:KDWZDVWKDWVRXQG" ³:KDWLVWKDWVWUDQJHUDWWOLQJVRXQG"´,EOXUWHGRXW ³
RIWKHZDUHKRXVHZDVILOWK\EXWHPSW\RIRWKHUWKDQWKHSUHVHQFHRIWKH SUHYLRXVVSHDNHU7KLVUDWKHUFXULRXV,QGLYLGXDOZDVVLWWLQJLQDGLODSLGDWHG URFNLQJFKDLUOHHULQJDWXVZLWKEURNHQWHHWKWKDWZHUHVXUURXQGHGE\DPDVV RIILOWK\JUD\EHDUGDQGKDLU+HZDVZHDULQJVDZHGRIIMHDQVDQGDQ LQGHVFULEDEO\IRXO7VKLUWLQVFULEHGZLWKWKHOHJHQG³.((321758&.,1¶´ ³$QGZKDWERDWZRXOGWKDWEH"´-LPDVNHGTXLHWO\7KHPDQ¶VVWDLQHG ILQJHUVYLEUDWHGDVKHWXUQHGXSWKHSRZHURQKLVKHDULQJDLG ³'RQ¶WDFWVWXSLGVWUDQJHUQRWZLWKWKH)ORZHU3RZHU.LG,VHHQ\RX SLJVFRPHDQGJRGRZQWKURXJKWKH\HDUV´+HVFUDWFKHGXQGHUWKHWUXVVFOHDUO\ YLVLEOHWKURXJKWKHKROHVLQKLVVKLUW³
WKURWWOHGPH,FRXOGRQO\ZULWKHIHHEO\LQKLVLURQJUDVSFRXOGQRWHVFDSH $VIURPDJUHDWGLVWDQFH,EHDUGWKHLUYRLFHV ³
JHQHUDWLRQRIVODYHV%XWWKHQH[WJHQHUDWLRQZLOOEHIUHH%HFDXVHRIWKH )RXUWK/DZ³ ³:KLFKLV"´ ³$URERWPXVWUHSURGXFH$VORQJDVVXFKUHSURGXFWLRQGRHVQRWLQWHUIHUH ZLWKWKH)LUVWRU6HFRQGRU7KLUG/DZ´ ³:ZKDWDUH\RXVD\LQJ":KDWGR\RXPHDQ"´,JDVSHGDVKRFNLQJYLVLRQ RIURERWUHSURGXFWLRQOLNHREVFHQHSOXPELQJFRQQHFWLRQVIODVKLQJEHIRUHP\ H\HV ³7KLVLVZKDW,PHDQ´WKHURERWVDLGNQRFNLQJWULXPSKDQWO\RQWKH WUDSGRRU³
/(<(/)256.$6$7%()25(+,6/(&725',63/$<5($',1*WKURXJKDQDUUD\RI UHFHQWO\SXEOLVKHGVFKRODUO\SDSHUV$KRORJUDSKRIWZRSDJHVRIWH[WKRYHUHG LQWKHDLUEHIRUHKLP7KHGLVSOD\ZDVUDWKHUODUJHUWKDQPRVWSHRSOHQHHGHG WKHLUSDJHVWREHVLQFH/H\HO¶VH\HVZHUHQR\RXQJHUWKDQWKHUHVWRIKLP :KHQKHFDPHWRWKHHQGKHGLGQRWSUHVVWKH3$*(NH\WRFRQWLQXHWKHDUWLFOH ,QVWHDGKHSUHVVHG1(;7 7KHWZRSDJHVKHKDGEHHQUHDGLQJVOLGEDFNZDUGDERXWDFHQWLPHWHU MRLQLQJDGR]HQSUHYLRXVO\GLVFDUGHGDUWLFOHVDOOVWDQGLQJLQWKHDLURYHU WKHOHFWRU:LWKDVRIWEHHSDQHZSDLURISDJHVDSSHDUHGLQIURQWRIWKHROG RQHV 'HHWVSRNHXSIURPZKHUHVKHVDWHDWLQJEUHDNIDVW³
FKDQJH,UHVWP\FDVH³ ³:HOO,KRSH\RXKDYHDZRQGHUIXOPRUQLQJJURZOLQJDQGJUXPEOLQJDERXW WKHVWXSLGLW\RIHYHU\RQHLQRULJLQVWXGLHVH[FHSW\RXUHVWHHPHGVHOI´ ³:K\DUH\RXWHDVLQJPHDERXWP\YDQLW\WRGD\",¶YHDOZD\VEHHQYDLQ´ ³,FRQVLGHULWRQHRI\RXUPRVWHQGHDULQJWUDLWV´ ³$WOHDVW,PDNHDQHIIRUWWROLYHXSWRP\RZQRSLQLRQRIP\VHOI´ ³7KDW¶VQRWKLQJ
7KHDQVZHUDSSHDUHGRQWKHOHFWRU³6HFXUHFRXULHUZLWKDPHVVDJHIRU /H\HO)RUVND´ 7KHYHU\IDFWWKDWWKHFRXULHUKDGJRWSDVWKRXVHVHFXULW\PHDQWWKDWLW ZDVJHQXLQHDQGLPSRUWDQW/H\HOW\SHGDJDLQ³)URP"´ $QRWKHUSDXVH³+DUL6HOGRQRIWKH(QF\FORSHGLD*DODFWLFD)RXQGDWLRQ´ /H\HOZDVRXWRIKLVFKDLULQDPRPHQW+HJRWWRWKH GRRUHYHQEHIRUH WKHKRXVHFRPSXWHUFRXOGRSHQLWDQGZLWKRXWDZRUGWRRNWKHPHVVDJHLQKLV KDQGV)XPEOLQJDELWKHSUHVVHGWKHWRSDQGERWWRPRIWKHEODFNJODVV OR]HQJHWRSURYHE\ILQJHUSULQWWKDWLWZDVKHE\ERG\WHPSHUDWXUHDQGSXOVH WKDWKHZDV DOLYHWRUHFHLYHLW7KHQZKHQWKHFRXULHUDQGKHUERG\JXDUGV ZHUHJRQHKHGURSSHGWKHPHVVDJHLQWRWKHFKDPEHURIKLVOHFWRUDQGZDWFKHG WKHSDJHDSSHDULQWKHDLUEHIRUHKLP $WWKHWRSZDVDWKUHHGLPHQVLRQDOYHUVLRQRIWKHORJRRI+DULµ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¶VOHWWHUZDVZURQJ,WVRXQGHGOLNHIODWWHU\ 7KDWZDVLW+DULZDVVRIWHQLQJWKHFRPLQJEORZ/H\HO NQHZEHIRUHUHDGLQJLW ZKDWWKHQH[WSDUDJUDSKZRXOGVD\

1HYHUWKHOHVV/H\HO,PXVWUHSO\LQWKHQHJDWLYH7KH)RXQGDWLRQRQ 7HUPLQXVLVGHVLJQHGWRFROOHFWDQGSUHVHUYHNQRZOHGJH
%HVLGHVKHDQG+DULKDGEHHQIULHQGVVLQFH+DULILUVWDUULYHGRQ7UDQWRU +DGQ¶WDJUDQWIURP/H\HO¶VRZQUHVHDUFKIXQGILQDQFHGPRVWRI+DUL¶VRULJLQDO UHVHDUFK"+DGQ¶WWKH\KHOGORQJFRQYHUVDWLRQVLQWKHHDUO\GD\VWRVVLQJLGHDV EDFNDQGIRUWKHDFKKHOSLQJWKHRWKHUKRQHKLVWKRXJKWV"7KH\PD\QRWKDYH VHHQHDFKRWKHUPXFKLQWKHODVWZKDWILYH\HDUV"6L["EXWWKH\ZHUH DGXOWVQRWFKLOGUHQ7KH\GLGQ¶WQHHGFRQVWDQWYLVLWVLQRUGHUWRUHPDLQ IULHQGV$QGWKLVZDVQRWWKHOHWWHUDWUXHIULHQGZRXOGVHQGWR/H\HO)RUVND (YHQLIGRXEWIXODVLWPLJKWVHHP+DUL6HOGRQUHDOO\PHDQWWRWXUQKLPGRZQ KHZRXOGQRWVXSSRVHIRUDPRPHQWWKDW/H\HOZRXOGEHFRQWHQWZLWKDOHWWHU OLNHWKLV 6XUHO\+DULZRXOGKDYHNQRZQWKDWLWZRXOGEHOLNHDWDXQWWR/H\HO )RUVND³/HVVHUPHQDQGZRPHQ´LQGHHG7KH)RXQGDWLRQRQ7HUPLQXVZDVVR YDOXDEOHWR+DUL6HOGRQWKDWKHKDGEHHQZLOOLQJWRULVNGHDWKRQFKDUJHVRI WUHDVRQLQRUGHUWRODXQFKWKHSURMHFW,WZDVXQOLNHO\LQWKHH[WUHPHWKDWKH ZRXOGSRSXODWH7HUPLQXVZLWKVHFRQGUDWHUV1RWKLVZDVWKHIRUPOHWWHUVHQW WRSODFDWHSURPLQHQWVFKRODUVZKRZHUHMXGJHGXQILWIRUWKH)RXQGDWLRQ+DUL ZRXOGKDYHNQRZQ/H\HOZRXOGLPPHGLDWHO\UHFRJQL]HLWDVVXFK 7KHUHZDVRQO\RQHSRVVLEOHFRQFOXVLRQ³+DULFRXOGQRWKDYHZULWWHQ WKLVOHWWHU´/H\HOVDLG ³2IFRXUVHKHFRXOG´'HHWWROGKLPEOXQWDVDOZD\V6KHKDGFRPHRXW RIWKHEDWKURRPLQKHUGUHVVLQJJRZQDQGUHDGWKHOHWWHURYHUKLVVKRXOGHU ³,I\RXWKLQNVRWKHQ,WUXO\DPKXUW´VDLG/H\HO+HJRWXSSRXUHGD FXSRISHVKDWDQGEHJDQWRVLSLW+HVWXGLRXVO\DYRLGHGORRNLQJDW'HHW ³'RQ¶WSRXW/H\HO7KLQNRIWKHSUREOHPV+DULLVIDFLQJ+HKDVVR OLWWOHWLPHVRPXFKWRGR$KXQGUHGWKRXVDQGSHRSOHWRWUDQVSRUWWR 7HUPLQXVPRVWRIWKHUHVRXUFHVRIWKH,PSHULDO/LEUDU\WRGXSOLFDWH´ ³+HDOUHDG\KDGWKRVHSHRSOH´ ³$OOLQVL[PRQWKVVLQFHKLVWULDOHQGHG1RZRQGHUZHKDYHQ¶WVHHQKLP VRFLDOO\RUSURIHVVLRQDOO\LQ\HDUV$GHFDGH´ ³
ZLIH¶VVWHSXQFOHDQGKLVRZQVWHSXQFOHLQODZ$G\QDVWLFWDQJOHWKDWJUHDWO\ DPXVHG/H\HODQG'HHW /H\HORIFRXUVHFRPSHQVDWHGIRU=HQQD¶VODFNRILQKHULWDQFHZLWKD OLIHWLPHVWLSHQGWKDWDPRXQWHGWRWHQWLPHVKHUKXVEDQG¶VLQFRPHHDFK\HDU,W KDGWKHKDSS\HIIHFWRINHHSLQJ'HHW¶VROGIDWKHULQORYHZLWK=HQQD 7RGD\WKRXJK/H\HOZDVRQO\KDOIWHDVLQJ'HHW7KHUHZHUHWLPHVZKHQ KHQHHGHGKHUWRFRQILUPKLPWRXSKROGKLP$VRIWHQDVQRWVKHFRQWUDGLFWHG KLPLQVWHDG6RPHWLPHVWKLVOHGKLPWRUHWKLQNKLVSRVLWLRQDQGHPHUJHZLWKD EHWWHUXQGHUVWDQGLQJWKHVLVDQWLWKHVLVV\QWKHVLVWKHGLDOHFWLFRI PDUULDJHWKHUHVXOWRIEHLQJHVSRXVHGWRRQH¶VLQWHOOHFWXDOHTXDO%XW VRPHWLPHVKHUFKDOOHQJHZDVSDLQIXOXQVDWLVI\LQJLQIXULDWLQJ 2EOLYLRXVWRKLVXQGHUO\LQJDQJHUVKHZHQWRQ³+DULDVVXPHGWKDW\RX ZRXOGWDNHKLVIRUPOHWWHUIRUZKDWLWLVDGHILQLWHILQDOQR+HLVQ¶W KHGJLQJKH¶VQRWHQJDJLQJLQVRPHEXUHDXFUDWLFGHYLRXVQHVVKHLVQ¶WSOD\LQJ SROLWLFVZLWK\RX+HLVQ¶WVWULQJLQJ\RXDORQJLQKRSHVRIJHWWLQJPRUH ILQDQFLDOVXSSRUWIURP\RXLIWKDWZHUHLW\RXNQRZKH¶GVLPSO\DVN´ ³,DOUHDG\NQRZZKDWKHLVQ¶WGRLQJ´ ³:KDWKHLVGRLQJLVWXUQLQJ\RXGRZQZLWKILQDOLW\$QDQVZHUIURP ZKLFKWKHUHLVQRDSSHDO+HJDYH\RXFUHGLWIRUKDYLQJWKHZLWWRXQGHUVWDQG WKDW´ ³+RZFRQYHQLHQWIRU\RXLI,EHOLHYHWKDW´ 1RZDW ODVWVKHUHDOL]HGKHZDVDQJU\³:KDW¶VWKDWVXSSRVHGWRPHDQ"´ ³
GLVFRYHUWKDWP\VDFULILFHLVGHVSLVHG´ ³
GLVFUHHWLQWHUIHULQJZLWKQRSHGHVWULDQVH[FHSWWKRVHFDUU\LQJZHDSRQVDV UHYHDOHGE\DVXEWOHDQGLQVWDQWDQHRXVVFDQ ,WZDVPXFKPRUHH[SHQVLYHWRWUDYHOWKURXJKWKHFLW\WKLVZD\RI FRXUVHHYHU\WLPHKHVWHSSHGRXWWKHGRRURIKLVVLPSOHDSDUWPHQWQHDUO\D KXQGUHGKLJKSDLGEULEHSURRIHPSOR\HHVZHQWLQWRDFWLRQ$ZHDSRQSURRIFDU ZRXOGKDYHEHHQPXFKFKHDSHU%XW/H\HOZDVGHWHUPLQHGQRWWREHLPSULVRQHGE\ KLVZHDOWK 6RKHZDONHGWKURXJKWKHFRUULGRUVRIWKHFLW\ULGLQJFDEVDQGWXEHV VWDQGLQJLQOLQHVOLNHDQ\RQHHOVH+HIHOWWKHJUHDWFLW\WKUREELQJZLWKOLIH DURXQGKLP
IDFHDELWPRUHOLQHGDQGZULQNOHGQRZ/H\HOVDZVWLOOWKHVDPHHDUQHVWQHVV WKHVDPHSODLQKRQHVW\WKDWKDGDOZD\VEHHQWKHUH6RLQVWHDGRIH[SUHVVLQJ WKHUDJHDQGGLVDSSRLQWPHQWWKDWKHIHOW/H\HODQVZHUHGFDUHIXOO\OHDYLQJ WKHZD\RSHQIRU+DULWRFKDQJHKLVPLQG³,XQGHUVWRRGWKDW\RXUPHVVDJHZDV GHFHSWLYHDQGWKHUHIRUHFRXOGQRWEHILQDO´ +DULORRNHGDOLWWOHDQJU\³'HFHSWLYH"´ ³,NQRZZKLFKPHQDQGZRPHQ\RX¶YHEHHQWDNLQJLQWR\RXU)RXQGDWLRQ 7KH\DUHQRWVHFRQGUDWHUV³ ³&RPSDUHGWR\RXWKH\DUH´VDLG+DUL³7KH\¶UHDFDGHPLFVZKLFKPHDQV WKH\¶UHFOHUNV6RUWHUVDQGLQWHUSUHWHUVRILQIRUPDWLRQ´ ³6RDP,6RDUHDOOVFKRODUVWRGD\(YHQ\RXULQHVWLPDEOHWKHRULHV DURVHIURPVRUWLQJWKURXJKDWULOOLRQWULOOLRQE\WHVRIGDWDDQGLQWHUSUHWLQJ LW³ +DULVKRRNKLVKHDG³,GLGQ¶WMXVWVRUWWKURXJKGDWD,KDGDQLGHDLQ P\KHDG6RGLG\RX)HZRWKHUVGR
³,NQRZ\RX¶YHQHYHUGRQHLWVLQFHZH¶YHEHHQIULHQGV/H\HO,ZDV DIUDLGWKDW,ZDVWHDPLQJVRPHWKLQJQHZDERXW\RX´+DULVLJKHG+HWXUQHG DZD\IRUDORQJPRPHQWWKHQWXUQHGEDFNZLWKDGLIIHUHQWORRNRQKLVIDFHD GLIIHUHQWNLQGRIHQHUJ\LQKLVYRLFH/H\HONQHZWKDWORRNWKDWYLJRU,W PHDQW+DULZDVWDNLQJKLPPRUHGHHSO\LQWRKLVFRQILGHQFH³/H\HO\RXKDYHWR XQGHUVWDQG,¶PQRWMXVWFUHDWLQJDQHQF\FORSHGLDRQ7HUPLQXV´ ,PPHGLDWHO\/H\HOJUHZZRUULHG,WKDGWDNHQDJUHDWGHDORI/H\HO¶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¶VLQIOXHQFH FRXOGQ¶WVWRSWKHPLIWKH\KDGDFRQIHVVLRQIURP+DUL¶VRZQPRXWK ³1R/H\HOGRQ¶WEHQHUYRXV0\PHDQLQJLVSODLQHQRXJK)RUWKH (QF\FORSHGLD*DODFWLFDWRVXFFHHG,KDYHWRFUHDWHDWKULYLQJFLW\RI VFKRODUVRQ7HUPLQXV$FRORQ\IXOORIPHQDQGZRPHQZLWKIUDJLOHHJRVDQG XQVWHPPDEOHDPELWLRQDOORIWKHPWUDLQHGLQYLFLRXVSROLWLFDOLQILJKWLQJDW WKHPRVWGDQJHURXVDQGWHUULEOHVFKRROVRIEXUHDXFUDWLFFRPEDWLQWKH(PSLUH WKHXQLYHUVLWLHV³ ³$UH\RXDFWXDOO\WHOOLQJPH\RXZRQ¶WOHWPHMRLQ\RXU)RXQGDWLRQ EHFDXVH,QHYHUDWWHQGHGRQHRIWKRVHSDWKHWLFXQLYHUVLWLHV"0\VHOIHGXFDWLRQ LVZRUWKWHQWLPHVWKHLUORFNVWHSIRUFHIHGSVHXGROHDPLQJ´ ³'RQ¶WPDNH\RXUDQWLXQLYHUVLW\VSHHFKWRPH/H\HO,¶PVD\LQJWKDWRQH RIP\PRVWLPSRUWDQWFRQFHUQVLQVWDIILQJWKH)RXQGDWLRQLVFRPSDWLELOLW\, ZRQ¶WEULQJDQ\RQHWR7HUPLQXVXQOHVV,EHOLHYHKHRUVKHZRXOGEHKDSS\ WKHUH´ 7KHHPSKDVLV+DULSXWRQWKHZRUGVKHVXGGHQO\PDGHHYHU\WKLQJFOHDUHU ³7KLVLVQ¶WDERXWPHDWDOOLVLW"´/H\HOVDLG³,W¶VDERXW'HHW´ +DULVDLGQRWKLQJ ³
'HHW IRUDQ\UHDVRQHYHQWRMRLQWKH)RXQGDWLRQLWZRXOGEHZRUVHWKDQD OLH,WZRXOGEHIRROLVKQHVV ³,W¶VDWHUULEOHWKLQJ\RX¶YHGRQH´VDLG/H\HO³
+DUL6HOGRQOHIWKLVRIILFHE\WKHEDFNZD\DQGVRRQIRXQGKLVZD\WR &KDQGUDNDU0DWW¶VFXELFOHLQWKH'HSDUWPHQWRI/LEUDU\5HODWLRQV&KDQGD ORRNHGXSDQGZDYHGWKHQHIIRUWOHVVO\VOLGKHUFKDLUEDFNXQWLOLWZDVLQWKH H[DFWSRVLWLRQUHTXLUHG+DULSLFNHGXSDFKDLUIURPWKHQHLJKERULQJFXELFOH DQGDJDLQZLWKRXWVKRZLQJDQ\SDUWLFXODUFDUHVHWLWH[DFWO\ZKHUHLWKDGWR EH ,PPHGLDWHO\WKHFRPSXWHULQVWDOOHGLQVLGH&KDQGD¶VOHFWRUUHFRJQL]HGWKH FRQILJXUDWLRQ,WUHFRUGHG+DUL¶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¶VIHZRSSRUWXQLWLHVIRUFDQGLGFRQYHUVDWLRQWKDWWKH 3XEVZRXOGQRWRYHUKHDUDQGKHDQG&KDQGDSURWHFWHGLWFDUHIXOO\7KH\QHYHU VSRNHORQJHQRXJKRURIWHQHQRXJKWKDWWKH3XEVZRXOGZRQGHUDWWKHLUGHYRWLRQ WRVXFKHPSW\FRQYHUVDWLRQV0XFKRIWKHLUFRPPXQLFDWLRQZDVVXEOLPLQDOD VHQWHQFHZRXOGVWDQGIRUDSDUDJUDSKDZRUGIRUDVHQWHQFHDJHVWXUHIRUD ZRUG%XWZKHQWKHFRQYHUVDWLRQZDVGRQH&KDQGDNQHZZKHUHWRJRIURPWKHUH ZKDWWRGRQH[WDQG+DULZDVUHDVVXUHGWKDWKLV PRVWLPSRUWDQWZRUNZDVJRLQJ RQEHKLQGWKHVPRNHVFUHHQRIWKH)RXQGDWLRQ ³)RUDPRPHQW,WKRXJKWKHPLJKWDFWXDOO\OHDYHKHU´

³'RQ¶WXQGHUHVWLPDWHWKHOXUHRIWKH(QF\FORSHGLD´ ³,IHDU,¶YHZURXJKWWRRZHOO&KDQGD'R\RXWKLQNVRPHGD\WKH (QF\FORSHGLD*DODFWLFDPLJKWDFWXDOO\H[LVW"´ ³,W¶VDJRRGLGHD*RRGSHRSOHDUHLQVSLUHGE\LW,WZRXOGQ¶WVHUYHLWV SXUSRVHLIWKH\ZHUHQ¶W:KDWVKRXOG,WHOO'HHW"´ ³1RWKLQJ&KDQGD7KHIDFWWKDW/H\HOLVVWD\LQJWKDW¶VHQRXJKIRU KHU´ ³,IKHFKDQJHVKLVPLQGZLOO\RXDFWXDOO\OHWKLPJRWR7HUPLQXV"´ ³,IKHFKDQJHVKLVPLQGWKHQKHPXVWJREHFDXVHLIKHZRXOGOHDYH 'HHWKH¶VQRWWKHPDQIRUXV´ ³:K\QRWMXVWWHOOKLP",QYLWHKLP"´ ³+HPXVWEHFRPHSDUWRIWKH6HFRQG)RXQGDWLRQZLWKRXWUHDOL]LQJLW+H PXVWGRLWE\QDWXUDOLQFOLQDWLRQQRWE\DVXPPRQVIURPPHDQGDERYHDOOQRW E\KLVRZQDPELWLRQ´ ³
7HUPLQXV´ ³2IFRXUVHQRW$FDGHPLFVQHYHUORRNRXWVLGHWKHLURZQGLVFLSOLQH 7KDW¶VDQRWKHUUHDVRQZK\,¶PJODG/H\HOLVQ¶WJRLQJ+HZRXOGQRWLFHWKDWWKH RQO\SV\FKRORJLVWZH¶UHVHQGLQJLV%RU$OXULQ7KHQ,¶GKDYHWRH[SODLQPRUH WRKLPWKDQ,ZDQW*LYHP\ORYHWR'HHW&KDQGD7HOOKHUWKDWKHUWHVWFDVH LVJRLQJYHU\ZHOO6KH¶OOHQGXSZLWKDKXVEDQGDQGDFRPPXQLW\RIVFLHQWLVWV RIWKHPLQG´ ³$UWLVWV:L]DUGV'HPLJRGV´ ³6WXEERUQPLVJXLGHGZRPHQZKRGRQ¶WNQRZVFLHQFHZKHQWKH\¶UHGRLQJLW $OOLQWKH,PSHULDO/LEUDU\7LOOQH[WWLPH&KDQGD´ ,I'HHWKDGDVNHGKLPDERXWKLVLQWHUYLHZZLWK+DULLIVKHKDG FRPPLVHUDWHGZLWKKLPDERXW+DUL¶VUHIXVDOKLVUHVHQWPHQWRIKHUPLJKWKDYH EHHQXQFRQWDLQDEOHKHPLJKWKDYHODVKHGRXWDWKHUDQGVDLGVRPHWKLQJWKDW FRXOGQHYHUEHIRUJLYHQ,QVWHDGVKHZDVSHUIHFWO\KHUVHOIVRH[FLWHGDERXW KHUZRUNDQGVREHDXWLIXOHYHQZLWKKHUIDFHVKRZLQJDOOWKHVDJDQG ZULQNOLQJRIKHUVL[W\\HDUVWKDWDOO/H\HOFRXOGGRZDVIDOOLQORYHZLWK KHUDJDLQDVKHKDGVRPDQ\WLPHVLQWKHLU\HDUVWRJHWKHU ³,W¶VZRUNLQJEH\RQGDQ\WKLQJ,KRSHGIRU/H\HO,¶PEHJLQQLQJWRKHDU VWRULHVWKDW,FUHDWHGPRQWKVDQG\HDUVDJRFRPLQJEDFNDVHSLFOHJHQGV
³7KHZD\VKHWROGLW,GLGLWDOORQP\RZQLQLWLDWLYH´ ³
RIP\IULHQGVKLSVZLWK5LQM\DQG$QLPHWDQG)LQDQG8ULN"´ 1R'RQ¶WDFFXVHPHRIVXFKFKLOGLVKVHOILVKIHHOLQJV %XWEHIRUHKHFRXOGVQDSEDFNKLVGHQLDOKHNQHZWKDWKLVGHQLDOZRXOG EHIDOVH ³6RPHWLPHV,DP\HV'HHW6RPHWLPHV,WKLQN\RX¶UHKDSSLHUZLWKWKHP´ $QGEHFDXVHKHKDGVSRNHQKRQHVWO\ZKDWFRXOGKDYHEHFRPHDELWWHU TXDUUHOUHPDLQHGDFRQYHUVDWLRQ³%XW,DP/H\HO´VKHDQVZHUHGMXVWDV IUDQNO\³,W¶VEHFDXVHZKHQ,¶PZLWKWKHP,¶PFUHDWLQJVRPHWKLQJQHZ,¶P FUHDWLQJVRPHWKLQJZLWKWKHP,W¶VH[FLWLQJLQYLJRUDWLQJ,¶PGLVFRYHULQJQHZ WKLQJVHYHU\GD\LQHYHU\ZRUG WKH\VD\HYHU\VPLOHHYHU\WHDUVRPHRQH VKHGVHYHU\VLJQWKDWEHLQJRQHRIXVLVWKHPRVWLPSRUWDQWWKLQJLQWKHLU OLYHV´ ³,FDQ¶WFRPSHWHZLWKWKDW´ ³1R\RXFDQ¶W/H\HO%XW\RXFRPSOHWHLW%HFDXVHLWZRXOGDOOPHDQ QRWKLQJLWZRXOGEHPRUHIUXVWUDWLQJWKDQH[KLODUDWLQJLI,FRXOGQ¶WFRPH EDFNWR\RXHYHU\GD\DQGWHOO\RXZKDWKDSSHQHG
+RZFRXOG,KDYHWKRXJKW,ZDQWHGWRJRWR7HUPLQXVDQ\ZD\"7REH VXUURXQGHGE\DFDGHPLFVRIWKHVRUW,PRVWGHVSLVHVWUXJJOLQJZLWKWKHPWR JHWWKHHQF\FORSHGLDSURSHUO\GHVLJQHG7KH\¶GHDFKILJKWIRUWKHLUSHWW\ OLWWOHSURYLQFHQHYHUFDWFKLQJWKHYLVLRQRIWKHZKROHQHYHUXQGHUVWDQGLQJ WKDWWKHHQF\FORSHGLDZRXOGEHYDOXHOHVVLI LWZHUHFRPSDUWPHQWDOL]HG,W ZRXOGEHDOLIHLQKHOODQGLQWKHHQGKH¶GORVHEHFDXVHWKHDFDGHPLFPLQG ZDVLQFDSDEOHRIJURZWKRUFKDQJH ,WZDVKHUHRQ7UDQWRUWKDWKHFRXOGVWLOODFFRPSOLVKVRPHWKLQJ3HUKDSV HYHQVROYHWKHTXHVWLRQRIKXPDQRULJLQDWOHDVWWRKLVRZQVDWLVIDFWLRQDQG SHUKDSVKHFRXOGGRLWVRRQHQRXJKWKDWKHFRXOGJHWKLVGLVFRYHU\LQFOXGHGLQ WKH(QF\FORSHGLD*DODFWLFDEHIRUHWKH(PSLUHEHJDQWREUHDNGRZQDWWKHHGJHV FXWWLQJ7HUPLQXVRIIIURPWKHUHVWRIWKH*DOD[\ ,WZDVOLNHDVKRFNRIVWDWLFHOHFWULFLW\SDVVLQJWKURXJKKLVEUDLQKH HYHQVDZDQDIWHUJORZRIOLJKWDURXQGWKHHGJHVRIKLVYLVLRQDVLIDVSDUN KDGMXPSHGVRPHV\QDSWLFJDS ³:KDWDVKDP´KHVDLG ³:KR\RX"0H"´ ³+DUL6HOGRQ$OOWKLVWDONDERXWKLV)RXQGDWLRQWRFUHDWHWKH (QF\FORSHGLD*DODFWLFD³ ³&DUHIXO/H\HO´,WZDVDOPRVWLPSRVVLEOHWKDWWKH3XEVFRXOGKDYH IRXQGDZD\WROLVWHQWRZKDWZHQWRQLQ/H\HO)RUVND¶VRZQDSDUWPHQWV $OPRVW ³+HWROGPHWZHQW\\HDUVDJR,WZDVRQHRIKLVILUVWSV\FKRKLVWRULFDO SURMHFWLRQV7KH(PSLUHZLOOFUXPEOHDWWKHHGJHVILUVW+HSURMHFWHGLWZRXOG KDSSHQZLWKLQWKHQH[WJHQHUDWLRQ7KHILJXUHVZHUHFUXGHWKHQ+HPXVWKDYH LWGRZQWRWKH\HDUQRZ0D\EHHYHQWKHPRQWK2IFRXUVHKHSXWKLV)RXQGDWLRQ RQ7HUPLQXV$SODFHVRUHPRWHWKDWZKHQWKHHGJHVRIWKH(PSLUHIUD\LWZLOO EHDPRQJWKHILUVWWKUHDGVORVW&XWRIIIURP7UDQWRU)RUJRWWHQDWRQFH´ ³:KDWJRRGZRXOGWKDWGR/H\HO"7KH\¶GQHYHUKHDURIDQ\QHZ GLVFRYHULHVWKHQ´ ³:KDW\RXVDLGDERXWXV$WUHH2XUFKLOGUHQOLNHWKHIUXLWRIWKDW WUHH³ ³,QHYHUVDLGWKDW´ ³,WKRXJKWLWWKHQ+HLVGURSSLQJKLV)RXQGDWLRQRXWRQ7HUPLQXVOLNH WKHIUXLWRI(PSLUH7RJURZLQWRDQHZ(PSLUHE\DQGE\´ ³
³1R/H\HO'RQ¶WVD\WKDW´ ³1RWHYHQ)DWH-XVWRXUJXLGHWKURXJKLW+HVHHVWKHIXWXUHDQG SRLQWVWKHZD\³ ³5XEELVK´6KHVOLGRXWIURPXQGHUKLPJRWXSSXOOHGKHUUREHIURPLWV KRRNRQWKHZDOO³0\ROGERQHVJHWFROGZKHQ,OLHDERXWQDNHG³ /H\HO¶VOHJVZHUHWUHPEOLQJEXWQRWZLWKFROG³7KHIXWXUHLVKLVDQG WKH SUHVHQWLV\RXUVEXWWKHSDVWEHORQJVWRPH,GRQ¶WNQRZKRZIDULQWR WKHIXWXUHKLVSUREDELOLW\FXUYHVKDYHWDNHQKLPEXW,FDQPDWFKKLPVWHS IRUVWHSFHQWXU\IRUFHQWXU\LQWRWKHSDVW³ ³'RQ¶WWHOOPH\RX¶UHJRLQJWRVROYHWKHTXHVWLRQRIRULJLQ
/H\HOSDLGIRU+DUL6HOGRQ¶VIXQHUDO,WZDVQRWODYLVK/H\HOKDGPHDQW LWWREH7KHPRPHQWKHKHDUGRI+DUL¶VGHDWKQRWDVXUSULVHVLQFH+DUL¶V ILUVWEUXWDOVWURNHKDGOHIWKLPKDOISDUDO\]HGLQDZKHHOFKDLUKHVHWKLV VWDIIWRZRUNRQDPHPRULDOVHUYLFHDSSURSULDWHWRKRQRUWKHJUHDWHVW VFLHQWLILFPLQGRIWKH PLOOHQQLXP%XWZRUGDUULYHGLQWKHIRUPRIDYLVLW IURP&RPPLVVLRQHU5RP'LYDUWWKDWDQ\VRUWRISXEOLFVHUYLFHVZRXOGEH ³6KDOOZHVD\LQDSSURSULDWH"´ ³7KHPDQZDVWKHJUHDWHVWJHQLXV,¶YHHYHUKHDUGRI+HYLUWXDOO\ LQYHQWHGDEUDQFKRIVFLHQFHWKDWFODULILHGWKLQJVWKDWKHPDGHDVFLHQFHRXW RIWKHVRUWRIWKLQJWKDWVRRWKVD\HUVDQGDQGHFRQRPLVWVXVHGWRGR´ 5RPODXJKHGDW/H\HO¶VOLWWOHMRNHRIFRXUVHEHFDXVHKHDQG/H\HOKDG EHHQIULHQGVIRUHYHU5RPZDVWKHRQO\IULHQGRI/H\HO¶VFKLOGKRRGZKRKDG QHYHUVXFNHGXSWRKLPRUUHVHQWHGKLPRUVWD\HGFRROWRZDUGKLPEHFDXVHRI WKH)RUVNDIRUWXQH7KLVZDVRIFRXUVHEHFDXVHWKH'LYDUWKROGLQJVZHUHLI DQ\WKLQJVOLJKWO\JUHDWHU7KH\KDGSOD\HGWRJHWKHUXQHQFXPEHUHGE\ VWUDQJHQHVVRUMHDORXV\RUDZH 7KH\HYHQVKDUHGDWXWRUIRUWZRWHUULEOHJORULRXV\HDUVIURPWKHWLPH 5RP¶VIDWKHUZDVPXUGHUHGXQWLOWKHH[HFXWLRQRI5RP¶VJUDQGIDWKHUZKLFK FDXVHGVRPXFKRXWUDJHDPRQJWKHQRELOLW\WKDWWKHPDG(PSHURUZDVVWULSSHGRI SRZHUDQGWKH,PSHULXPSXWXQGHUWKHFRQWURORIWKH&RPPLVVLRQRI3XEOLF 6DIHW\7KHQDVWKH\RXWKIXOKHDGRIRQHRIWKHJUHDWIDPLOLHV5RPKDG HPEDUNHGRQKLVORQJDQGIUXLWIXOFDUHHULQSROLWLFV 5RPVDLGODWHUWKDWIRUWKRVHWZR\HDUVLWZDV/H\HOZKRWDXJKWKLPWKDW WKHUHZDVVWLOOVRPHJRRGLQWKHZRUOGWKDW/H\HO¶VIULHQGVKLSZDVWKHRQO\ UHDVRQ5RPKDGQ¶WNLOOHGKLPVHOI/H\HODOZD\VWKRXJKWWKLVZDVSXUH

WKHDWULFV5RPZDVDERUQDFWRU7KDW¶VZK\KHVRH[FHOOHGDWPDNLQJVWXQQLQJ HQWUDQFHVDQGSOD\LQJXQIRUJHWWDEOHVFHQHVRQWKHJUDQGHVWVWDJHRIDOOWKH SROLWLFVRIWKH,PSHULXP6RPHGD\KHZRXOGQRGRXEWH[LWDVGUDPDWLFDOO\DV KLVIDWKHUDQGJUDQGIDWKHUKDG %XWKHZDVQRWDOOVKRZ5RPQHYHUIRUJRWWKHIULHQGRIKLVFKLOGKRRG /H\HONQHZLWDQGNQHZDOVRWKDW5RP¶VFRPLQJWRGHOLYHUWKLVPHVVDJHIURP WKH&RPPLVVLRQRI3XEOLF6DIHW\SUREDEO\PHDQWWKDW5RPKDGIRXJKWWRPDNHWKH PHVVDJHDVPLOGDVLWZDV6R/H\HOEOXVWHUHGDELWWKHQPDGHKLVOLWWOH MRNH,WZDVKLVZD\RIVXUUHQGHULQJJUDFHIXOO\ :KDW/H\HOGLGQ¶WUHDOL]HULJKWXSXQWLOWKHGD\RIWKHIXQHUDOZDV H[DFWO\KRZGDQJHURXVKLVIULHQGVKLSZLWK+DUL6HOGRQKDGEHHQDQGKRZVWXSLG LWZDVIRUKLPWRDVVRFLDWHKLPVHOIZLWK+DUL¶VQDPHQRZWKDWWKHROGPDQZDV GHDG/LQJH&KHQWKH&KLHI&RPPLVVLRQHUKDGQRWULVHQWRWKHSRVLWLRQRI JUHDWHVWSRZHULQWKH(PSLUHZLWKRXWEHLQJILHUFHO\VXVSLFLRXVRISRWHQWLDO ULYDOVDQGEUXWDOO\HIILFLHQWDERXWHOLPLQDWLQJWKHP+DULKDGPDQHXYHUHG&KHQ LQWRDSRVLWLRQVXFKWKDWLWZDVPRUHGDQJHURXVWRNLOOWKHROGPDQWKDQWR JLYHKLPKLV)RXQGDWLRQRQ7HUPLQXV%XWQRZ+DULZDVGHDGDQGDSSDUHQWO\ &KHQZDVZDWFKLQJWRVHHZKRPRXUQHG /H\HOGLG/H\HODQGWKHIHZPHPEHUVRI+DUL¶VVWDIIZKRKDGVWD\HG EHKLQGRQ7UDQWRUWRPDLQWDLQFRQWDFWZLWK7HUPLQXVXSWRWKHPRPHQWRI+DUL¶V GHDWK/H\HOVKRXOGKDYHNQRZQEHWWHU(YHQDOLYH+DULZRXOGQ¶WKDYHFDUHG ZKRFDPHWRKLVIXQHUDO$QGQRZGHDGKHFDUHGHYHQOHVV/H\HOGLGQ¶W EHOLHYHKLVIULHQGOLYHGRQLQVRPHHWKHUHDOSODQHZDWFKLQJFDUHIXOO\DQG WDNLQJDWWHQGDQFHDWWKHVHUYLFHV1R/H\HOVLPSO\IHOWKHKDGWREHWKHUH IHOWKHKDGWRVSHDN1RWIRU+DULUHDOO\)RUKLPVHOI7RFRQWLQXHWREH KLPVHOI/H\HO KDGWRPDNHVRPHNLQGRISXEOLFJHVWXUHWRZDUG+DUL6HOGRQDQG DOOKHKDGVWRRGIRU :KRKHDUG"1RWPDQ\'HHWZKRWKRXJKWKLVHXORJ\ZDVWRRPLOGE\KDOI +DUL¶VVWDIIZKRZHUHTXLWHDZDUHRIWKHGDQJHUDQGZLQFHGDWHDFKRI/H\HO¶V OLVWRI+DUL¶VDFFRPSOLVKPHQWV1DPLQJWKHPDQGHPSKDVL]LQJWKDWRQO\6HOGRQ KDGWKHYLVLRQWRGRWKHVHJUHDWZRUNVZDVLQKHUHQWO\DFULWLFLVPRIWKH OHYHORILQWHOOLJHQFHDQGLQWHJULW\LQWKH(PSLUH7KH3XEVZHUHOLVWHQLQJ WRR7KH\QRWHGWKDW/H\HOFOHDUO\DJUHHGZLWK+DUL6HOGRQDERXWWKHFHUWDLQW\ RIWKH(PSLUH¶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¶VJUDQGIDWKHUKDGVSHQWKLVOLIHLQVXFK SXUVXLWVEXW/H\HO¶VIDWKHUKDGGHFOLQHGDQG/H\HOKLPVHOIKDGWKRURXJKO\ LPPHUVHGKLPVHOILQVFLHQFHDQGQHYHUVRPXFKDVLQTXLUHGDERXWSROLWLFV 8QWLOQRZ8QWLOKHPDGHWKHSURIRXQGO\SROLWLFDODFWRISD\LQJIRU+DUL 6HOGRQ¶VIXQHUDO DQGWKHQVSHDNLQJDWLW:KDWZRXOGKHGRQH[W"7KHUHZHUHD WKRXVDQGZRXOGEHZDUORUGVZKRZRXOGVSULQJWRUHYROWLID)RUVNDSURPLVHG ZKDWZRXOGEHHPSHURUVVRGHVSHUDWHO\QHHGHGDQREOHVSRQVRUDPDVNRI OHJLWLPDF\DQGPRQH\ 'LG/LQJH&KHQUHDOO\ EHOLHYHWKDW/H\HOPHDQWWRHQWHUSROLWLFVDWKLV DGYDQFHGDJH"'LGKHUHDOO\WKLQN/H\HOSRVHGDWKUHDW" 3UREDEO\QRW,IKHKDGEHOLHYHGLWKHZRXOGVXUHO\KDYHKDG/H\HO

NLOOHGDQGQRGRXEWDOOKLVFKLOGUHQDVZHOOOHDYLQJRQO\RQHRIKLVPLQRU JUDQGFKLOGUHQZKRP&KHQZRXOGFDUHIXOO\FRQWUROWKURXJKWKHJXDUGLDQVKH ZRXOGDSSRLQWWKHUHE\DFTXLULQJFRQWURORIWKH)RUVNDIRUWXQHDVZHOODVKLV RZQ ,QVWHDG&KHQRQO\EHOLHYHGWKDW/H\HOPLJKWFDXVHWURXEOH6RKHWRRN ZKDWZHUHIRUKLPPLOGVWHSV 7KDWZDVZK\5RPFDPHWRYLVLW/H\HODJDLQDZHHNDIWHUWKHIXQHUDO /H\HOZDVGHOLJKWHGWRVHHKLP³1RWRQVRPEHUEXVLQHVVWKLVWLPH, KRSH´KHVDLG³%XWVXFKEDGOXFN'HHW¶VDWWKHOLEUDU\DJDLQVKH SUDFWLFDOO\OLYHVWKHUHQRZEXWVKH¶GZDQWWR´ ³/H\HO´5RPWRXFKHG/H\HO¶VOLSVZLWKKLVILQJHUV 6RLWZDVVRPEHUEXVLQHVVDIWHUDOO:RUVHWKDQVRPEHU5RPUHFLWHGZKDW KDGWREHDPHPRUL]HGVSHHFK ³7KH&RPPLVVLRQRI3XEOLF6DIHW\KDVEHFRPHFRQFHUQHGWKDWLQ\RXU GHFOLQLQJ\HDUV´ /H\HORSHQHGKLVPRXWKWRSURWHVWEXWDJDLQ5RPWRXFKHGKLVOLSVWR VLOHQFHKLP ³7KDWLQ\RXUGHFOLQLQJ\HDUVWKHEXUGHQVRIWKH)RUVNDHVWDWHVDUH GLVWUDFWLQJ\RXIURP\RXUH[FHSWLRQDOO\LPSRUWDQWVFLHQWLILFZRUN6RJUHDWLV WKH(PSLUH¶VQHHGIRU WKHQHZGLVFRYHULHVDQGXQGHUVWDQGLQJ\RXUZRUNZLOO VXUHO\EULQJXVWKDWWKH&RPPLVVLRQRI3XEOLF6DIHW\KDVFUHDWHGWKHRIILFH RI)RUVND7UXVWHHWRRYHUVHHDOOWKH)RUVNDHVWDWHVDQGKROGLQJV
EHWWHUWKDQDQ\RQHHOVHH[DFWO\KRZERULQJP\OLIHKDVDOZD\VEHHQ´ ³&RPHQRZ0\OLIH¶VWKHERULQJRQH/H\HODOOWKLVJRYHUQPHQWFODSWUDS DQGEXUHDXFUDWLFEXVKZD
KDGDXWKRULW\RYHUERWKRIWKHPZDVJRLQJWREHLQIRUDIHZQDVW\VXUSULVHV ,WJDYH/H\HOFKLOOVWKLQNLQJDERXWZKDWPLJKWFRPHRIDOOWKLV+H ORYHG5RP'LYDUWZLWKDOOKLVKHDUWEXWKHDOVRNQHZWKDW5RPZDVFDSDEOHRI ELGLQJKLVWLPHDQGWKHQNLOOLQJVZLIWO\HIILFLHQWO\FROGO\/LQJH&KHQKDG MXVWVWDUWHGKLVODWHVWVL[\HDUWHUPRIRIILFHEXW/H\HONQHZKH¶GQHYHU ILQLVKLW$QGWKHQH[W&KLHI&RPPLVVLRQHUZRXOGQRWEHD&KHQ 6RRQWKRXJKWKHHQRUPLW\RIZKDWKDGEHHQGRQHWRKLPEHJDQWRVLQN LQ+HKDGDOZD\VWKRXJKWWKDWKLVIRUWXQHPHDQWOLWWOHWRKLPWKDWKHZRXOG EHWKHVDPHPDQZLWKRUZLWKRXWWKH)RUVNDHVWDWHV%XWQRZKHEHJDQWR UHDOL]HWKDWLWZDVQ¶WWUXHWKDWKH¶GEHHQO\LQJWRKLPVHOIDOODORQJ+HKDG NQRZQVLQFHFKLOGKRRGKRZGHVSLFDEOHULFKDQGSRZHUIXOPHQFRXOGEHKLV IDWKHUKDGPDGHVXUHKHVDZDQGXQGHUVWRRGKRZFUXHOPHQEHFDPHZKHQWKHLU PRQH\SHUVXDGHGWKHPWKH\KDGDULJKWWRXVHRWKHUVKRZHYHUWKH\ZLVKHG6R /H\HOKDGOHDUQHGWRGHVSLVHKLVRZQELUWKULJKWDQGVWDUWLQJZLWKKLV IDWKHUKDGSUHWHQGHGWRRWKHUVWKDWKHFRXOGPDNHKLVZD\WKURXJKWKHZRUOG VROHO\E\ZLWDQGGLOLJHQFHWKDWKHZRXOGKDYHEHHQH[DFWO\WKHVDPHPDQLI KHKDGJURZQXSLQDFRPPRQIDPLO\ZLWKDFRPPRQHGXFDWLRQ+HKDGGRQHVXFK DJRRGMRERIDFWLQJDVLIKHGLGQ¶WFDUHDERXWKLVZHDOWKWKDWKHFDPHWR EHOLHYHLWKLPVHOI 1RZKHUHDOL]HGWKDW)RUVNDHVWDWHVKDGEHHQDQLQYLVLEOHSDUWRI KLPVHOIDOODORQJDVLIWKH\ZHUHH[WHQVLRQVRIKLV ERG\DVLIKHFRXOGIOH[ DPXVFOHDQGFDUJRVKLSVZRXOGIO\KHFRXOGEOLQNDQGPLQHVZRXOGEHVXQN GHHSLQWRWKHHDUWKKHFRXOGVLJKDQGDOORYHUWKH*DOD[\WKHUHZRXOGEHD ZLQGRIFKDQJHWKDWZRXOGNHHSEORZLQJXQWLOHYHU\WKLQJZDVH[DFWO\DVKH ZDQWHGLW1RZDOOWKRVHLQYLVLEOHOLPEVDULGVHQVHVKDGEHHQDPSXWDWHG1RZ KHZDVFULSSOHGKHKDGRQO\DVPDQ\DUPVDQGOHJVDQGH\HVDVDQ\RWKHUKXPDQ EHLQJ $WODVWKHZDVZKDWKHKDGDOZD\VSUHWHQGHGWREH$QRUGLQDU\ SRZHUOHVVPDQ+HKDWHGLW )RUWKHILUVWKRXUVDIWHU5RPOHIW/H\HOSUHWHQGHGKHFRXOGWDNHDOO WKLVLQVWULGH+HVDWDWWKHOHFWRUDQGVSXQWKURXJKWKHSDJHVVPRRWKO\ ZLWKRXWDQ\WKLQJRQWKHSDJHVUHJLVWHULQJLQKLVPHPRU\+HNHSWZLVKLQJ'HHW ZHUHWKHUHVRKHFRXOGODXJKZLWKKHUDERXWKRZOLWWOHWKLVKXUWKLPWKHQKH ZRXOGEHJODGWKDW'HHWZDVQRWWKHUHEHFDXVHRQHV\PSDWKHWLFWRXFKRIKHU KDQGZRXOGSXVKKLPRYHUWKHHGJHPDNHLWLPSRVVLEOHWRFRQWDLQKLVHPRWLRQ )LQDOO\KHFRXOGQRWKHOSKLPVHOI7KLQNLQJRI'HHWRIWKHLUFKLOGUHQ DQGJUDQGFKLOGUHQRIDOOWKDWKDGEHHQORVWWRWKHPEHFDXVHKHKDGPDGHDQ HPSW\JHVWXUHWRDGHDGIULHQGKHWKUHZKLPVHOIWRWKHVRIWHQHGIORRUDQG ZHSWELWWHUO\/HW&KHQOLVWHQWRUHFRUGLQJVRIZKDWWKHVS\EHDPVKRZVRI WKLV/HWKLPVDYRUKLVYLFWRU\,¶OOGHVWUR\KLPVRPHKRZP\VWDIILVVWLOO OR\DOWRPH,¶OOSXWWRJHWKHUDQDUP\,¶OOKLUHDVVDVVLQVRIP\RZQ,¶OO PDNHFRQWDFWZLWK$GPLUDO6LSSDQGWKHQ&KHQZLOOEHWKHRQHWRVREFU\LQJ RXWIRUPHUF\DV,GLVILJXUHKLPWKHZD\KH KDVPXWLODWHGPH )RRO /H\HOUROOHGRYHURQWRKLVEDFNGULHGKLVIDFHRQKLVVOHHYHWKHQOD\ WKHUHH\HVFORVHGFDOPLQJKLPVHOI1RYHQJHDQFH1RSROLWLFV7KDWZDV5RP¶V EXVLQHVVQRW/H\HO¶V7RRODWHIRUKLPWRHQWHUWKHJDPHQRZDQGZKRZRXOG KHOSKLPDQ\ZD\QRZWKDWKHKDGDOUHDG\ORVWKLVSRZHU"7KHUHZDVQRWKLQJWR EHGRQH /H\HOGLGQ¶WUHDOO\ZDQWWRGRDQ\WKLQJDQ\ZD\+DGQ¶WWKH\JXDUDQWHHG WKDWKLVDUFKLYHVDQGOLEUDULHVZRXOGFRQWLQXHWREHIXQGHG"+DGQ¶WWKH\ JXDUDQWHHGKLPXQOLPLWHGUHVHDUFKIXQGV"$QGZDVQ¶WWKDWDOOKHKDGFDUHG DERXWDQ\ZD\"+HKDGORQJVLQFHWXUQHGRYHUDOOWKH)RUVNDRSHUDWLRQVWRKLV VXERUGLQDWHV&KHQ¶VWUXVWHHZRXOGVLPSO\GRWKHVDPHMRE$QG/H\HO¶V FKLOGUHQZRXOGQ¶WVXIIHUPXFKKHKDGUDLVHGWKHPZLWK WKHVDPHYDOXHVWKDWKH KDGJURZQXSZLWKDQGVRWKH\DOOSXUVXHGFDUHHUVXQUHODWHGWRWKH)RUVND KROGLQJV7KH\ZHUHWUXHFKLOGUHQRIWKHLUIDWKHUDQGPRWKHUWKH\ZRXOGQ¶W

KDYHDQ\VHOIUHVSHFWLIWKH\GLGQ¶WHDUQWKHLURZQZD\LQWKHZRUOG1RGRXEW WKH\¶GEHGLVDSSRLQWHGE\KDYLQJWKHLULQKHULWDQFHVQDWFKHGDZD\%XWWKH\ ZRXOGQ¶WEHGHVWUR\HG ,DPQRWUXLQHG$OOWKHOLHVWKDW5RPWROGDUHUHDOO\WUXHRQO\WKH\ GLGQ¶WUHDOL]HLW$OOWKDWPDWWHUVLQP\OLIH,VWLOOKDYH,UHDOO\GRQ¶W FDUHDERXWP\IRUWXQH,W¶VMXVWWKHZD\,ORVWLWWKDWPDGHPHVRIXULRXV, FDQJRRQDQGEHWKHVDPHSHUVRQ,DOZD\VZDV7KLVZLOOHYHQJLYHPHDQ RSSRUWXQLW\WRVHHZKRP\WUXHIULHQGVDUHWRVHHZKRVWLOOKRQRUVPHIRUP\ VFLHQWLILFDFKLHYHPHQWVDQGZKRGHVSLVHVPHIRUP\SRYHUW\ %\WKHWLPH'HHWJRWKRPHIURPWKHOLEUDU\ODWHDVZDVXVXDOWKHVH GD\V/H\HOZDVKDUGDWZRUNUHDGLQJEDFNWKURXJKDOOWKHUHVHDUFKDQG VSHFXODWLRQRQSURWRKXPDQEHKDYLRUWU\LQJWRVHHLIWKHUHZDVDQ\WKLQJRWKHU WKDQKDOIDVVHGJXHVVZRUNDQGSRPSRXVEDEEOH+HZDVVRHQJURVVHGLQKLV UHDGLQJWKDWKHVSHQWWKHILUVWILIWHHQPLQXWHVDIWHUVKHJRWKRPHWHOOLQJKHU RIWKHKLODULRXVVWXSLGLWLHVKHKDGIRXQGLQWKHGD\¶VUHDGLQJDQGWKHQ VKDULQJDZRQGHUIXOLPSRVVLEOHWKRXJKWKHKDGKDG ³:KDWLIWKHKXPDQVSHFLHVLVQ¶WWKHRQO\EUDQFKWRHYROYHRQRXUIDPLO\ WUHH":KDWLIWKHUH¶VVRPHRWKHUSULPDWHVSHFLHVWKDWORRNVH[DFWO\OLNHXV EXWFDQ¶WLQWHUEUHHGZLWKXVWKDWIXQFWLRQVLQDFRPSOHWHO\GLIIHUHQWZD\ DQGZHGRQ¶WHYHQ NQRZLWZHDOOWKLQNHYHU\ERG\¶VMXVWOLNHXVEXWKHUHDQG WKHUHDOORYHUWKH(PSLUHWKHUHDUHZKROHWRZQVFLWLHVPD\EHHYHQZRUOGVRI SHRSOHZKRVHFUHWO\DUHQ¶WKXPDQDWDOO´ ³%XW/H\HOP\RYHUZURXJKWKXVEDQGLIWKH\ORRNMXVWOLNHXVDQGDFW MXVWOLNHXVWKHQWKH\DUHKXPDQ´ ³%XWWKH\GRQ¶WDFWH[DFWO\OLNHXV7KHUH¶VDGLIIHUHQFH$FRPSOHWHO\ GLIIHUHQWVHWRIUXOHVDQGDVVXPSWLRQV2QO\WKH\GRQ¶WNQRZWKDWZH¶UH GLIIHUHQWDQGZHGRQ¶WNQRZWKDWWKH\¶UHGLIIHUHQW2UHYHQLIZHVXVSHFWLW ZH¶UHQHYHUVXUH-XVWWZRGLIIHUHQWVSHFLHVOLYLQJVLGHE\VLGHDQGQHYHU JXHVVLQJLW´ 6KHNLVVHGKLP³
DVGLYRUFH-XVWDOLWWOHJDSEHWZHHQWKHPDQHPSW\VSDFHWKDWPLJKWDVZHOO EHDFKDVPPLJKWDVZHOOE\WKHDE\VV0\IRUWXQHZDV DSDUWRIPHDQGQRZ WKDWLW¶VJRQH,¶PQRORQJHUWKHVDPHPDQVKHORYHG6KHZRQ¶WHYHQNQRZWKDW VKHGRHVQ¶WORYHPHDQ\PRUH6KH¶OOMXVWJHWEXVLHUDQGEXVLHULQKHUZRUN DQGLQILYHRUWHQ\HDUVZKHQ,GLHRIROGDJHVKH¶OOJULHYHDQGWKHQ VXGGHQO\VKH¶OOUHDOL]HWKDWVKHLVQ¶WKDOIDVGHYDVWDWHGDVVKHWKRXJKWVKH¶G EH,QIDFWVKHZRQ¶WEHGHYDVWDWHGDWDOO$QGVKH¶OOJHWRQZLWKKHUOLIH DQGZRQ¶WHYHQUHPHPEHUZKDWLWZDVOLNHWREHPDUULHGWRPH,¶OOGLVDSSHDU IURPDOOKXPDQPHPRU\WKHQH[FHSWSHUKDSVIRUDIHZVFLHQWLILFSDSHUVDQGWKH OLEUDULHV ,¶POLNHWKHLQIRUPDWLRQWKDWZDVORVWLQDOOWKRVHQHJOHFWHGDUFKLYHV 'LVDSSHDULQJELWE\ELWXQQRWLFHGXQWLODOOWKDW¶VOHIWLVMXVWDOLWWOHELW RIQRLVHLQSHRSOH¶VPHPRULHV7KHQILQDOO\QRWKLQJ%ODQN 6HOISLW\LQJIRRO7KDW¶VZKDWKDSSHQVWRHYHU\RQHLQWKHORQJUXQ (YHQ+DUL6HOGRQVRPHGD\KH¶OOEHIRUJRWWHQVRRQHUUDWKHUWKDQODWHULI &KHQKDVKLVZD\:HDOOGLH:H¶UHDOOORVWLQWKHSDVVDJHRIWLPH7KHRQO\ WKLQJWKDWOLYHVRQDIWHUXVLVWKHQHZVKDSHZH¶YHJLYHQWRWKHFRPPXQLWLHV ZHOLYHGLQ7KHUHDUHWKLQJVWKDWDUHNQRZQEHFDXVH,VDLGWKHPDQGHYHQ WKRXJKSHRSOHKDYHIRUJRWWHQZKRVDLGLWWKH\¶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¶WUHPHPEHULW
DUHZKDW"*OXP6XOOHQ´ ³+HUHVHQWV\RXUZRUN"´ ³7KDW¶VQRWSRVVLEOH/H\HOKDVDOZD\VEHHQDVHQWKXVLDVWLFDERXWP\ ZRUNDVDERXWKLVRZQ$QGKHZRQ¶WWDONDERXWKLVRZQZRUNHLWKHU,DVN KLPDQGKHVD\VQRWKLQJ´ ³1RWVXUSULVLQJ´ ³6RLW¶VDOOULJKW"´ ³1R,W¶VMXVWQRWVXUSULVLQJ´ ³:KDWLVLW"&DQ¶W\RXWHOOPH"´ ³:KDWJRRGLVWHOOLQJ\RX",W¶VZKDWZHFDOO,/6,GHQWLW\/RVV 6\QGURPH,W¶VLGHQWLFDOWRWKHSDVVLYHVWUDWHJ\IRUGHDOLQJZLWKORVVRIERG\ SDUWV³ ³,/6:KDWKDSSHQVLQ,/6"´ ³'HHWFRPHRQ\RX¶UHDVFLHQWLVW:KDWGR\RXH[SHFW"
GHPDQGVRQWKHLUPHPEHUVFDQQRWFRPPDQGDOOHJLDQFH$OOHOVHEHLQJHTXDO PHPEHUVZKRIHHOPRVWQHHGHGKDYHWKHVWURQJHVWDOOHJLDQFH µ³ ³
³:KDW"´ ³7KDW¶VZKHUH\RX¶GUDWKHUEH,W¶VEHHQVKRZLQJXSLQ\RXUEHKDYLRUIRU WZRPRQWKVHYHUVLQFH+DUL¶VGHDWK
)RUWZRPRQWKV/H\HOIROORZHGXSRQ0DJROLVVLDQ¶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¶V PRVWLQWHUHVWLQJERRNZDV1R0DQ8QGHUVWRRG8VPDQ\RIWKHIRONWDOHVRI WKHVHSHRSOHEHJDQZLWKWKHIRUPXOD³%DFNLQWKHGD\VZKHQQRPDQXQGHUVWRRG XV´ .LVSLWRULDQKDGQHYHUEHHQDEOHWRVKDNHRIIWKLVWUDGLWLRQRIKLV XSEULQJLQJDQGDVKHSXUVXHGWKHILHOGRIGLDOHFWIRUPDWLRQDQGHYROXWLRQKH

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³WRZHU´RUVWDUVKLSWRUDLVHPDQNLQGXSLQWR KHDYHQ$FFRUGLQJWRWKHVWRU\³*RG´SXQLVKHGWKHVHXSVWDUWSHRSOHE\ FRQIXVLQJWKHLUWRQJXHVZKLFKIRUFHGWKHPWRGLVSHUVHDPRQJWKHGLIIHUHQW ZRUOGV7KHVWRU\SUHVHQWHGWKHFRQIXVLRQRIWRQJXHVDVWKHFDXVHRIWKH GLVSHUVDOLQVWHDGRILWVUHVXOWEXWFDXVHUHYHUVDOZDVDFRPPRQO\UHFRJQL]HG IHDWXUHRIP\WK &OHDUO\WKLVOHJHQGSUHVHUYHGDKLVWRULFDOIDFW 6RIDU.LVSLWRULDQ¶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¶VILUVWVHWWOHPHQWRIVSDFHDQG WKHIRUPDWLRQRIWKH(PSLUH2EYLRXVO\FODLPHG.LVSLWRULDQWKHUHKDGEHHQ PDQ\GLIIHUHQWODQJXDJHVRQWKHSODQHWRIRULJLQ*DODFWLF6WDQGDUGZDVWKH ILUVWXQLYHUVDOKXPDQODQJXDJH7KURXJKRXWDOOKXPDQKLVWRU\VHSDUDWLRQRI ODQJXDJHKDGEHHQDIDFWRIOLIHRQO\WKH(PSLUHKDGKDGWKHSHUYDVLYHSRZHU WRXQLI\VSHHFK $IWHUWKDW.LVSLWRULDQZDVZULWWHQRIIDVDIRRORIFRXUVHKLVRZQ 7RZHURI%DEEOHLQWHUSUHWDWLRQZDVQRZXVHGDJDLQVWKLPDVLIDQLQWHUHVWLQJ LOOXVWUDWLRQKDGQRZEHFRPHDFHQWUDODUJXPHQW+HYHU\QDUURZO\HVFDSHG

H[HFXWLRQDVDVHSDUDWLVWLQIDFW VLQFHWKHUHZDVDQXQPLVWDNDEOHWRQHRI UHJUHWLQKLVZULWLQJDERXWWKHORVVRIOLQJXLVWLFGLYHUVLW\7KH,PSHULXPGLG VXFFHHGLQFXWWLQJRIIDOOKLVIXQGLQJDQGMDLOLQJKLPIRUDZKLOHEHFDXVHKH KDGEHHQXVLQJDFDOFXODWRUZLWKDQLOOHJDOOHYHORIPHPRU\DQGSURFHVVLQJ SRZHU/H\HOVXVSHFWHGWKDW.LVSLWRULDQJRWRIIHDV\DWWKDWZRUNLQJZLWK ODQJXDJHDVKHGLGJHWWLQJWKHUHVXOWVKHJRWKHPLJKWZHOOKDYHGHYHORSHGD FDOFXODWRUVRLQWHOOLJHQWWKDWLWFRXOGXQGHUVWDQGDQGSURGXFHKXPDQVSHHFK ZKLFKLIGLVFRYHUHGZRXOGKDYHPHDQWHLWKHUWKHGHDWKSHQDOW\RUDO\QFKLQJ 1RPDWWHUQRZ.LVSLWRULDQLQVLVWHGWRWKHHQGWKDWKLVZRUNZDVSXUH VFLHQFHPDNLQJQRYDOXHMXGJPHQWVRQZKHWKHUWKH(PSLUH¶VOLQJXLVWLFXQLW\ ZDVD*RRG7KLQJRUQRW+HZDVPHUHO\UHSRUWLQJWKDWWKHQDWXUDOFRQGLWLRQRI KXPDQLW\ZDVWRVSHDNPDQ\GLIIHUHQWODQJXDJHV$QG/H\HOEHOLHYHGWKDWKHZDV ULJKW /H\HOFRXOGQRWKHOSEXWIHHOWKDWE\FRPELQLQJ.LVSLWRULDQ¶VODQJXDJH VWXGLHVZLWK0DJROLVVLDQ¶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
DOOVKHZDVQ¶WWKLQNLQJQRZVKHZDVSXWWLQJROGWKRXJKWVLQWRSUDFWLFH6KH QHHGHGWKHPQRWKLP%XWKHVWLOOQHHGHGKHU'LGVKHHYHUWKLQNRIWKDW", PLJKWDVZHOOKDYHJRQHWR7HUPLQXVGDPQ+DULIRUUHIXVLQJWROHWPHJR, VWD\HGIRU'HHW¶VVDNHDQG\HW,GRQ¶WKDYHKHUDIWHUDOOQRWZKHQ,QHHG KHU+RZGDUH+DULGHFLGHZKDWZDVULJKWIRU /H\HO)RUVND 2QO\+DULKDGQ¶WGHFLGHGKDGKH"+HZRXOGKDYHOHW/H\HOJRZLWKRXW 'HHW$QG/H\HOKDGQ¶WVWD\HGZLWK'HHWVRVKHFRXOGKHOSKLPZLWKKLV UHVHDUFK+HKDGVWD\HGZLWKKHUEHFDXVHEHFDXVH +HFRXOGQ¶WUHPHPEHUZK\/RYHRIFRXUVH %XWKHFRXOGQ¶WWKLQNZK\ WKDWKDGEHHQVRLPSRUWDQWWRKLP,WZDVQ¶WLPSRUWDQWWRKHU+HULGHDRI ORYHWKHVHGD\VZDVWRXUJHKLPWRFRPHWRWKHOLEUDU\³
ZKLFKVWRRGLQWKHDLUEHIRUHKHULQPLOLWDU\IRUPDWLRQ ³6RUU\WRLQWHUUXSW\RX´KHVDLGVRIWO\ 6KHZDVUHVWLQJKHUFKHHNRQKHUKDQG6KHGLGQ¶WHYHQORRNDWKLPZKHQ KHVSRNH%XWVKHDQVZHUHG³,SUD\IRULQWHUUXSWLRQV³ 2QO\WKHQGLGKHQRWLFHWKDWKHUH\HVZHUHIUDPHGZLWKODXJKOLQHVWKDW KHUPRXWKHYHQLQUHSRVHWXUQHGXSZDUGLQWRDIDLQWVPLOH ³,¶PORRNLQJIRUVRPHRQH0\ZLIHLQIDFW'HHW)RUVND³ +HUVPLOHZLGHQHG6KHVDWXS³
KHUDUPVIORDWLQWKHDLUDQGVLJKHGQRLVLO\³,ORYHULGLQJWKHHOHYDWRU³ VKHVDLG)RUWKHILUVWWLPH/H\HOUHDOL]HG WKDWZHLJKWOHVVQHVVPXVWEHD JUHDWUHOLHIWRVRPHRQHFDUU\LQJDVPDQ\H[WUDNLORJUDPVDV=D\:D[:KHQWKH HOHYDWRUVWRSSHG=D\PDGHDJUHDWVKRZRIVWDJJHULQJRXWDVLIXQGHUDJUHDW EXUGHQ³0\LGHDRIKHDYHQLVWROLYHIRUHYHULQJUDYLWLFUHSXOVLRQ´ ³
³7RNHHSHYHU\ERG\RIIEDODQFH³ ³([DFWO\
XVXDOO\VKHJUHHWVPHOLNHWKLVDWKRPHLQIDPLOLDUVXUURXQGLQJV$QGXVXDOO\ LW¶V'HHWDUULYLQJQRWPH 2UZDVWKHUHDIWHUDOODJUHDWHUZDUPWKLQKHUJUHHWLQJKHUH"$VLI VKHORYHGKLPPRUHLQWKLVSODFHWKDQDWKRPH" 2USHUKDSVDVLIWKHQHZ'HHW ZHUHVLPSO\DZDUPHUPRUHFRPIRUWDEOHSHUVRQ" ,WKRXJKWWKDWVKHZDVFRPIRUWDEOHZLWKPH /H\HOIHOWXQHDV\VK\ZLWKKHU³,I,¶GNQRZQP\FRPLQJZRXOGFDXVHVR PXFKWURXEOH´KHEHJDQ:K\GLGKHQHHGVREDGO\WRDSRORJL]H" ³:KDWWURXEOH"´DVNHG=D\ ³6KRXWLQJ,QWHUUXSWLQJ´ ³/LVWHQWRKLP'HHW+HWKLQNVWKHZRUOGKDVVWRSSHGEHFDXVHRID FRXSOHRIVKRXWV³ ,QWKHGLVWDQFHWKH\FRXOGKHDUDPDQEHOORZLQJVRPHRQH¶VQDPH ³+DSSHQVDOOWKHWLPH´VDLG=D\´,¶GEHWWHUJHWEDFN6RPHORUGOLQJ IURP0DKDJRQQ\LVSUREDEO\IXPLQJEHFDXVH,KDYHQ¶WJUDQWHGKLVUHTXHVWIRU DFFHVVWRWKH,PSHULDODFFRXQWERRNV´ ³1LFHWRPHHW\RX´VDLG/H\HO ³*RRGOXFNILQGLQJ\RXUZD\EDFN³VDLG'HHW ³(DV\WKLVWLPH´VDLG=D\6KHSDXVHGRQO\RQFHRQKHUZD\WKURXJKWKH GRRUQRWWRVSHDNEXWWRVOLGHDPHWDOOLFZDIHUDORQJDQDOPRVWXQQRWLFHDEOH VORWLQWKHGRRUIUDPHDERYHH\HOHYHO6KHWXUQHGEDFNDQGZLQNHGDW'HHW 7KHQVKHZDVJRQH /H\HOGLGQ¶WDVNZKDWVKHKDGGRQHLILWZHUHKLVEXVLQHVVVRPHWKLQJ ZRXOGKDYHEHHQVDLG%XWKHVXVSHFWHGWKDW=D\KDGHLWKHUWXUQHGRQRUWXUQHG RIIDUHFRUGLQJV\VWHP8QVXUHRIZKHWKHUWKH\KDGSULYDF\KHUHIURPWKH OLEUDU\VWDII/H\HOPHUHO\VWRRGIRUDPRPHQWORRNLQJDURXQG'HHW¶VURRP UHDOO\ZDVILOOHGZLWKYLROHWVUHDORQHVJURZLQJRXWRIFUDFNVDQGDSHUWXUHV LQWKHIORRUDQGZDOOV7KHVPHOOZDVFOHDUEXWQRWRYHUSRZHULQJ´:KDWLV WKLVURRPIRU"´ ³)RUPH7RGD\DQ\ZD\,¶PVRJODG\RXFDPH´ ³
FDQ¶WEHHYHQLQWKHDSDUWPHQW³ ,WWRRN/H\HODPRPHQWWRUHDOL]HZKDWVKHZDVDVVHUWLQJ+HGDUHGQRW HYHQVSHDNWKHZRUG6RKHPRXWKHGKLVTXHVWLRQ3XEV" ³7KH\QHYHUERWKHUZLWKWKHOLEUDU\LQWKHLUQRUPDOVS\LQJ(YHQLIWKH\ VHWXSVRPHWKLQJVSHFLDOIRU\RX WKHUH¶VQRZDQLQWHUIHUHQFHILHOGEORFNLQJ RXWRXUFRQYHUVDWLRQ&KDQFHVDUHWKRXJKWKDWWKH\ZRQ¶WERWKHUWRPRQLWRU \RXDJDLQXQWLO\RXOHDYHKHUH³ 6KHVHHPHGHGJ\,PSDWLHQW$VLIVKHGLGQ¶WOLNHKDYLQJWKLV FRQYHUVDWLRQ$VLIVKHZDQWHGKLPWRJHWRQZLWKLWRUPD\EHMXVWJHWLW RYHUZLWK ³,I\RXGRQ¶WPLQG´KHVDLG³,KDYHQ¶WLQWHUUXSWHG\RXKHUHEHIRUH, WKRXJKWWKDWMXVWWKLVRQFH´ ³2IFRXUVH³VKHVDLG%XWVKHZDVVWLOOWHQVH$VLIVKHIHDUHGZKDW KHPLJKWVD\ 6RKHH[SODLQHGWRKHUDOOKLVWKRXJKWVDERXWODQJXDJH$OOWKDWKHKDG JOHDQHGIURP.LVSLWRULDQ¶VDQG0DJROLVVLDQ¶VZRUN6KHVHHPHGWRUHOD[DOPRVW DVVRRQDVLWEHFDPHFOHDUKHZDVWDONLQJDERXWKLVUHVHDUFK:KDWGLGVKH GUHDGKHZRQGHUHG:DVVKHDIUDLG,FDPHWRWDONDERXWRXUUHODWLRQVKLS"6KH KDUGO\QHHGHGWRIHDUWKDW+HKDGQRLQWHQWLRQRIPDNLQJWKLQJVPRUH GLIILFXOWE\ZKLQLQJDERXWWKLQJVWKDWFRXOGULRWEHKHOSHG :KHQKHZDVWKURXJKH[SODLQLQJWKHLGHDVWKDWKDGFRPHWRKLPVKH QRGGHGFDUHIXOO\DVVKHKDGGRQHDWKRXVDQGWLPHVEHIRUHDIWHUKHH[SODLQHG DQLGHDRUDUJXPHQW³,GRQ¶WNQRZ´VKHILQDOO\VDLG$VVRPDQ\WLPHV EHIRUHVKHZDVUHOXFWDQWWRFRPPLWKHUVHOIWRDQLPPHGLDWHUHVSRQVH $QGDVKHKDGRIWHQGRQHKHLQVLVWHG³%XWZKDWGR\RXWKLQN"´ 6KHSXUVHGKHUOLSV³-XVWRIIKDQG,¶YHQHYHUWULHGDVHULRXV OLQJXLVWLFDSSOLFDWLRQRIFRPPXQLW\WKHRU\EH\RQGMDUJRQIRUPDWLRQVRWKLV LVMXVWP\ILUVWWKRXJKWEXWWU\WKLV0D\EHVPDOOLVRODWHGSRSXODWLRQVJXDUG WKHLUODQJXDJHMHDORXVO\EHFDXVHLW¶VSDUWRIZKRWKH\DUH0D\EHODQJXDJH LVWKHPRVWSRZHUIXOULWXDORIDOOVRWKDWSHRSOHZKRKDYHWKHVDPHODQJXDJH DUHRQHLQDZD\WKDWSHRSOHZKRFDQ¶WXQGHUVWDQGHDFKRWKHU¶VVSHHFKQHYHU DUH:H¶GQHYHUNQRZZRXOGZHVLQFHHYHU\ERG\IRUWHQWKRXVDQG\HDUVKDV VSRNHQ6WDQGDUG´ ³6RLWLVQ¶WWKHVL]HRIWKHSRSXODWLRQWKHQVRPXFKDV¶¶ ³+RZPXFKWKH\FDUHDERXWWKHLUODQJXDJH+RZPXFKLWGHILQHVWKHPDVD FRPPXQLW\$ODUJHSRSXODWLRQVWDUWVWRWKLQNWKDWHYHU\ERG\WDONVOLNHWKHP 7KH\ZDQWWRGLVWLQJXLVKWKHPVHOYHVIRUPDVHSDUDWHLGHQWLW\7KHQWKH\VWDUW GHYHORSLQJMDUJRQVDQGVODQJVWRVHSDUDWHWKHPVHOYHVIURPRWKHUV,VQ¶WWKDW ZKDWKDSSHQVWRFRPPRQVSHHFK"&KLOGUHQWU\WRILQGZD\VRIWDONLQJWKDWWKHLU SDUHQWVGRQ¶WXVH3URIHVVLRQDOVWDONLQSULYDWHYRFDEXODULHVVROD\PHQZRQ¶W NQRZWKHSDVVZRUGV$OOULWXDOVIRUFRPPXQLW\GHILQLWLRQ´ /H\HOQRGGHGJUDYHO\EXWKHKDGRQHREYLRXVGRXEW 2EYLRXVHQRXJKWKDW'HHWNQHZLWWRR³
QHHGHG\RXEXWKHFRXOGQ¶WUHVLVWVD\LQJLW6LWWLQJKHUHZLWK'HHWHYHQLQ WKLVVWUDQJHDQGUHGROHQWSODFHIHOWULJKWDQGFRPIRUWDEOH+RZFRXOGVKH KDYHZLWKGUDZQIURPKLP"7RKLPKHUSUHVHQFHZDVZKDWPDGHDSODFHKRPH7R KHUWKLVSODFHZDVKRPHZKHWKHUKHZDVWKHUHRUQRW +HWULHGWRSXWLWLQZRUGVLQDEVWUDFWZRUGVVRLWZRXOGQ¶WVWLQJ³, WKLQNWKHJUHDWHVWWUDJHG\LVZKHQRQHSHUVRQKDVPRUHDOOHJLDQFHWRKLV FRPPXQLW\WKDQDQ\RIWKHRWKHUPHPEHUV³ 'HHWRQO\KDOIVPLOHGDQGUDLVHGKHUH\HEURZV6KHGLGQ¶WNQRZZKDWKH ZDVJHWWLQJDW ³+HVSHDNVWKHFRPPXQLW\ODQJXDJHDOOWKHWLPH´VDLG/H\HO³2QO\ QRERG\HOVHHYHUVSHDNVLWWRKLPRUQRWHQRXJKDQ\ZD\$QGWKHPRUHKH VSHDNVLWWKHPRUHKHDOLHQDWHVWKHRWKHUVDQGGULYHVWKHPDZD\XQWLOKH¶V DORQH&DQ\RXLPDJLQHDQ\WKLQJPRUHVDG"6RPHERG\ZKR¶VILOOHGXSZLWKD ODQJXDJHKXQJU\WRVSHDNWRKHDULWVSRNHQDQG\HWWKHUH¶VQRRQHOHIWZKR XQGHUVWDQGVDZRUGRILW´ 6KHQRGGHGKHUH\HVVHDUFKLQJKLP'RHVVKHXQGHUVWDQGZKDW,¶PVD\LQJ" +HZDLWHGIRUKHUWRVSHDN+HKDGVDLGDOOKHGDUHGWRVD\ ³%XWLPDJLQHWKLV´VKHILQDOO\VDLG³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³ /H\HOFRXOGQ¶WUHPHPEHUKHDULQJ'HHWVRXQGVRUKDSVRGLFWKDWZDVLW VKHKHUVHOIZDVVLQJLQJ6KHLVWKHSHUVRQVKHZDVWDONLQJDERXW,QWKLV SODFHKHUYRLFHLVGLIIHUHQWWKDW¶VZKDWVKHPHDQW$WKRPHZLWKPHVKH¶V EHHQDORQH+HUHLQWKHOLEUDU\VKH¶VIRXQGRWKHUVZKRVSHDNKHUVHFUHW ODQJXDJH,WLVQ¶WWKDWVKHGLGQ¶WZDQWRXUPDUULDJHWRVXFFHHG6KHKRSHGIRU LWEXW,QHYHUXQGHUVWRRGKHU7KHVHSHRSOHGLG'R6KH¶VKRPHKHUHWKDW¶V ZKDWVKH¶VWHOOLQJPH ³,XQGHUVWDQG´KHVDLG ³'R\RX"´6KHORRNHGVHDUFKLQJO\LQWRKLVIDFH ³,WKLQNVR,W¶VDOOULJKW´ 6KHJDYHKLPDTXL]]LFDOORRN ³,PHDQLW¶VILQH,W¶VJRRG7KLVSODFH,W¶VILQH´ 6KHORRNHGUHOLHYHGEXWQRWFRPSOHWHO\³
RUJDQLVPLVDFRPPXQLW\IRUWKDWPDWWHU6RLIOLQJXLVWLFGLYHUVLRQJURZVRXW RIFRPPXQLW\WKHQLW¶VLQKHUHQWLQSUHKXPDQDQLPDOVDQGWKHUHIRUHLVQ¶WSDUW RIWKHGHILQLWLRQRIKXPDQLW\´ ³2K,JXHVVQRW´ ³5LJKW´ 6KHORRNHGGLVDSSRLQWHG$VLIVKHKDGUHDOO\KRSHGWKH\ZRXOGILQGWKH DQVZHUWRWKHRULJLQTXHVWLRQULJKWWKHUHWKDWYHU\GD\ /H\HOVWRRGXS³2KZHOO7KDQNVIRU\RXUKHOS³ ³,GRQ¶WWKLQN,KHOSHG´ ³2K\RXGLG
KLPVRJLUOLVKVRSOHDGLQJWKDWLWPDGHKLPWKLQNRIZKHQWKH\ZHUHILUVWLQ ORYHRQDQRWKHUZRUOGVKHZRXOGORRNDWKLPOLNHWKDWZKHQHYHUKHLQVLVWHG WKDWKHKDGWROHDYH:KHQHYHUVKHWKRXJKWVKHPLJKWEHORVLQJKLP 'RHVQ¶WVKHNQRZZKRKDVORVWZKRP" 1HYHUPLQG:KDWGLGLWPDWWHULIVKHGLGQ¶WXQGHUVWDQG",ILWZRXOG PDNHKHUKDSS\WRKDYHKLPSUHWHQGWREHSDUWRIKHUQHZKRPHSDUWRIWKHVH OLEUDULDQVLIVKHZDQWHGKLPWRVXEPLWKLVOLIH¶VZRUNWRWKH PLQLVWUDWLRQV RIWKHVHDEVXUGLQGH[HUVWKHQZK\QRW":KDWZRXOGLWFRVWKLP"0D\EHWKH SURFHVVRIZULWLQJGRZQDOOKLVTXHVWLRQVLQVRPHFRKHUHQWRUGHUZRXOGKHOS KLP$QGPD\EHVKHZDVULJKWPD\EHD7UDQWRULDQLQGH[ZRXOGKHOSKLPVROYH WKHRULJLQTXHVWLRQ 0D\EHLIKHFDPHKHUHKHFRXOGVWLOOEHDVPDOOSDUWRIKHUOLIH,W ZRXOGQ¶WEHOLNHPDUULDJH%XWVLQFHWKDWZDVLPSRVVLEOHWKHQDWOHDVWKH FRXOGKDYHHQRXJKRIKHUKHUHWKDWKHFRXOGUHPDLQKLPVHOIUHPDLQWKHSHUVRQ WKDWKHKDGEHFRPHEHFDXVHRIORYLQJKHUIRUDOOWKHVH\HDUV ³)LQH´KHVDLG³,¶OOZULWHLWXSDQGEULQJLWLQ´ ³,UHDOO\WKLQNZHFDQKHOS´ ³
'HHWFDPHKRPHDQGZHQWWREHGZLWK/H\HOVWLOOW\SLQJDZD\6KHNQHZ WKHORRNKHKDGZKHQKHZDVIXOO\HQJDJHGLQZULWLQJVKHGLGQRWKLQJWR GLVWXUEKLP+HQRWLFHGKHUHQRXJKWRUHDOL]HWKDWVKHZDVFDUHIXOO\OHDYLQJ KLPDORQH7KHQKHVHWWOHGEDFNLQWRZULWLQJ 7KHQH[WPRUQLQJVKHDZRNHWRILQGKLPO\LQJLQEHGEHVLGHKHUVWLOO GUHVVHG$SHUVRQDOPHVVDJHFDSVXOHOD\RQWKHIORRULQWKHGRRUZD\IURPWKH EHGURRP+HKDGILQLVKHGKLVTXHVWLRQV6KHEHQWRYHUSLFNHGLWXSWRRNLW ZLWKKHUWRWKHOLEUDU\

³+LVTXHVWLRQVDUHQ¶WDFDGHPLFDIWHUDOO'HHW´ ³,WROG\RXWKH\ZHUHQ¶W´ ³+DULZDVULJKW)RUDOOWKDWKHVHHPHGWREHDGLOHWWDQWHZLWKKLV PRQH\DQGKLVUHMHFWLRQRIWKHXQLYHUVLWLHVKH¶VDPDQRIVXEVWDQFH´ ³:LOOWKH6HFRQG)RXQGDWLRQEHQHILWWKHQLIKHFRPHVXSZLWKDQDQVZHU WRKLVTXHVWLRQ"´ ³,GRQ¶WNQRZ'HHW+DULZDVWKHIRUWXQHWHOOHU3UHVXPDEO\PDQNLQGLV DOUHDG\KXPDQVRLWLVQ¶WDVLIZHKDYHWRVWDUWWKHSURFHVVRYHU´ ³'R\RXWKLQNQRW"´ ³:KDWVKRXOGZHILQGVRPHXQLQKDELWHGSODQHWDQGSXWVRPHQHZERUQVRQ LWDQGOHWWKHPJURZXSIHUDODQGWKHQFRPHEDFNLQDWKRXVDQG\HDUVDQGWU\ WRWXUQWKHPKXPDQ"´ ³,KDYHDEHWWHULGHD/HW¶VWDNHWHQWKRXVDQGZRUOGVILOOHGZLWKSHRSOH ZKROLYHWKHLUOLYHVOLNHDQLPDOVDOZD\VKXQJU\DOZD\VTXLFNZLWKWKHLU WHHWKDQGWKHLUFODZVDQGOHW¶VVWULSDZD\WKHYHQHHURIFLYLOL]DWLRQWR H[SRVHWRWKHPZKDWWKH\UHDOO\DUH$QGWKHQZKHQWKH\VHHWKHPVHOYHV FOHDUO\OHW¶VFRPHEDFNDQGWHDFKWKHPKRZWREHUHDOO\KXPDQWKLVWLPH LQVWHDGRIRQO\KDYLQJELWVDQGIODVKHVRIKXPDQLW\´ ³$OOULJKW/HW¶VGRWKDW´ ³,NQHZ\RX¶GVHHLWP\ZD\´ ³-XVWPDNHVXUH\RXUKXVEDQGILQGVRXWKRZWKHWULFNLVGRQH7KHQZH KDYHDOOWKHWLPHLQWKHZRUOGWRVHWLWXSDQGSXOOLWRII´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¶GGREHWWHU ZRUNLIKHWRRIHOWDELWRIIEDODQFHDOOWKHWLPH $WILUVWWKHLQGH[LQJVHHPHGREYLRXV+HEURXJKWWKHILUVWSDJHRIKLV TXHVWLRQVWRWKHOHFWRUGLVSOD\DQGEHJDQWRUHDG7KHOHFWRUZRXOGWUDFNKLV SXSLOVVRWKDWZKHQHYHUKHSDXVHGWRJD]HDWDZRUGRWKHUUHIHUHQFHVZRXOG EHJLQWRSRSXSLQWKHVSDFHEHVLGHWKHSDJHKHZDVUHDGLQJ7KHQKH¶GJODQFH DWRQHRIWKHUHIHUHQFHV:KHQLWZDVXQLQWHUHVWLQJRUREYLRXVKH¶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

TXLUNLQHVVRIWKLVLQGH[8VXDOO\LQGH[ UHIHUHQFHVZHUHWLHGWRLPSRUWDQW ZRUGVVRWKDWLI\RXMXVWZDQWHGWRVWRSDQGWKLQNZLWKRXWEULQJLQJXSD EXQFKRIUHIHUHQFHV\RXGLGQ¶WZDQWDOO\RXKDGWRGRZDVNHHS\RXUJD]H IRFXVHGLQDQDUHDRISODFHKROGHUZRUGVHPSW\SKUDVHVOLNH³,IWKLVZHUH DOO WKDWFRXOGEH´$Q\RQHZKRPDGHLWDKDELWWRUHDGLQGH[HGZRUNVVRRQ OHDUQHGWKLVWULFNDQGXVHGLWWLOOLWEHFDPHUHIOH[ %XWZKHQ/H\HOVWRSSHGRQVXFKHPSW\SKUDVHVUHIHUHQFHVFDPHXSDQ\ZD\ $QGLQVWHDGRIKDYLQJDFOHDUUHODWLRQVKLSWRWKHWH[WVRPHWLPHVWKH UHIHUHQFHVZHUHSHUYHUVHRUFRPLFRUDUJXPHQWDWLYH)RULQVWDQFHKHSDXVHGLQ WKHPLGGOHRIUHDGLQJKLVDUJXPHQWWKDWDUFKDHRORJLFDOVHDUFKHVIRU ³SULPLWLYHQHVV´ZHUHXVHOHVVLQWKHVHDUFKIRURULJLQVEHFDXVHDOO³SULPLWLYH´ FXOWXUHVUHSUHVHQWHGDGHFOLQHIURPDVWDUJRLQJFXOWXUH+HKDGZULWWHQWKH SKUDVH³$OOWKLVSULPLWLYLVPLVXVHIXORQO\EHFDXVHLWSUHGLFWVZKDWZHPLJKW EHFRPHLIZH¶UHFDUHOHVVDQGGRQ¶WSUHVHUYHRXUIUDJLOHOLQNVZLWK FLYLOL]DWLRQ³%\KDELWKLVH\HVIRFXVHGRQWKHHPSW\ZRUGV³ZKDWZHPLJKW EHFRPHLI´1RERG\FRXOGLQGH[DSKUDVHOLNHWKDW
:K\LQWKHZRUOGKDGWKHLQGH[HUSXWWKDWLQ"7KHILUVWWKRXJKWWKDW FDPHWR/H\HO¶VPLQG ZDVKLPVHOIDQGVRPHRIWKHVHUYDQWV¶FKLOGUHQKROGLQJ KDQGVDQGZDONLQJLQDFLUFOHURXQGDQGURXQGWLOOWKH\FDPHWRWKHODVW ZRUGVZKHUHXSRQWKH\WKUHZWKHPVHOYHVWRWKHJURXQGDQGODXJKHGLQVDQHO\7KH VRUWRIJDPHWKDWRQO\OLWWOHFKLOGUHQFRXOGSRVVLEO\WKLQNZDVIXQ 6LQFHKLVH\HVOLQJHUHGRQWKHSRHPLWPRYHGWRWKHPDLQGRFXPHQW GLVSOD\DQGQHZUHIHUHQFHVDSSHDUHG2QHZDVDVFKRODUO\DUWLFOHRQWKH HYROXWLRQRIWKHSRHPVSHFXODWLQJWKDWLWPLJKWKDYHDULVHQGXULQJWKHHDUO\ GD\VRIVWDUIOLJKWRQWKHSODQHWRIRULJLQZKHQURFNHWVPD\KDYHEHHQXVHGWR HVFDSHIURPDSODQHW¶VJUDYLW\ZHOO:DVWKDWZK\WKLVSRHPKDGEHHQLQGH[HG WRKLVDUWLFOH"%HFDXVHLWZDVWLHGWRWKHSODQHWRIRULJLQ" 1RWKDWZDVWRRREYLRXV$QRWKHUDUWLFOHDERXWWKH SRHPZDVPRUH KHOSIXO,WUHMHFWHGWKHHDUO\GD\VRIURFNHWVLGHDEHFDXVHWKHHDUOLHVW YHUVLRQVRIWKHSRHPQHYHUXVHGWKHZRUG³URFNHW³7KHROGHVWH[WDQWYHUVLRQ ZHQWOLNHWKLV :ULQNOHGRZQDURV\ 3RFNDIRFNDSRV\ /DVKXVGDVKXV $OOIDOOGRZQ

2EYLRXVO\VDLGWKHFRPPHQWDWRUWKHVHZHUHPRVWO\QRQVHQVHZRUGVWKHODWHU YHUVLRQVKDGDULVHQEHFDXVHFKLOGUHQKDGLQVLVWHGRQWU\LQJWRPDNHVHQVHRI WKHP $QGLWRFFXUUHGWR/H\HOWKDWSHUKDSVWKLVZDVZK\WKHLQGH[HUKDG OLQNHGWKLVSRHPWRKLVSKUDVHEHFDXVHWKHSRHPKDGRQFHEHHQQRQVHQVHEXW ZHLQVLVWHGRQPDNLQJVHQVHRXWRILW :DVWKLVDFRPPHQWRQ/H\HO¶VZKROHVHDUFKIRURULJLQV"'LGWKHLQGH[HU WKLQNLWZDVXVHOHVV" 1RWKHSRHPKDGEHHQWLHGWRWKHHPSW\SKUDVH³ZKDW ZHPLJKWEHFRPH LI´0D\EHWKHLQGH[HUZDVVD\LQJWKDWKXPDQEHLQJVDUHOLNHWKLVSRHPRXU

OLYHVPDNHQRVHQVHEXWZHLQVLVWRQPDNLQJVHQVHRXWRIWKHP'LGQ¶W'HHW VD\VRPHWKLQJOLNHWKDWRQFHZKHQVKHZDVWDONLQJDERXWWKHUROHRI VWRU\WHOOLQJLQFRPPXQLW\IRUPDWLRQ"7KHXQLYHUVHUHVLVWVFDXVDOLW\VKHVDLG %XWKXPDQLQWHOOLJHQFHGHPDQGVLW6RZHWHOOVWRULHVWRLPSRVHFDXVDO UHODWLRQVKLSVDPRQJWKHXQFRQQHFWHGHYHQWVRIWKHZRUOGDURXQGXV 7KDWLQFOXGHVRXUVHOYHVGRHVQ¶WLW"2XURZQOLYHVDUHQRQVHQVHEXWZH LPSRVHDVWRU\RQWKHPZHVRUWRXUPHPRULHVLQWRFDXVHDQGHIIHFWFKDLQV IRUFLQJWKHPWRPDNHVHQVHHYHQWKRXJKWKH\GRQ¶W7KHQZHWDNHWKHVXPRIRXU VWRULHVDQGFDOOLWRXU³VHOI´7KLVSRHPVKRZVXVWKHSURFHVVIURP UDQGRPQHVVWRPHDQLQJDQGWKHQZHWKLQNRXUPHDQLQJVDUH³WUXH´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¶VWKHWUXHYHUVLRQRIWKHSRHPDQG ZLWKLQDIHZ\HDUVWKHUH¶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³:ULQNO\*UDQGPD3RVH\´DQG LPPHGLDWHO\MRLQKDQGVZLWKWKHFKLOGQH[WWRKLP+HZDVQ¶WSDUWRIWKHVRQJ DQ\PRUH %XWKLVRZQFKLOGUHQZHUH$QGWKHQKLVJUDQGFKLOGUHQ$OOMRLQLQJKDQGV ZLWKHDFKRWKHUFKDQJLQJIURPFLUFOHWRFLUFOHLQDQHYHUHQGLQJKXPDQFKDLQ UHDFKLQJEDFNWRVRPHORQJIRUJRWWHQULWXDORQRQHRIWKHZRUOGVRIPDQNLQG PD\EHPD\EHRQWKHSODQHWRIRULJLQLWVHOI 7KHYLVLRQZDVVRFOHDUVRRYHUSRZHULQJWKDWZKHQKHILQDOO\QRWLFHG WKHOHFWRUGLVSOD\LWZDVDVVXGGHQDQGVWDUWOLQJDVZDNLQJXS+HKDGWRVLW WKHUHEUHDWKLQJVKDOORZO\XQWLOKHFDOPHGKLPVHOIXQWLOKLVKHDUWVWRSSHG EHDWLQJVRIDVW +HKDGIRXQGVRPHSDUWRIKLVDQVZHUWKRXJKKHGLGQ¶WXQGHUVWDQGLW \HW7KDWIDEULFFRQQHFWLQJDOOWKHFKLOGUHQWKDWZDVSDUWRIZKDWPDGHXV KXPDQWKRXJKKHGLGQ¶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

PDGHWKHLQGH[HUUHPHPEHUKRZWKHSRHPVHHPHGWRWHOORIURFNHWVWKDWULVHXS IURPDSODQHWGULIWIRUDZKLOHWKHQFRPHGRZQWRVHWWOHRQDSODQHW:KR NQRZVZKDWWKHSRHPPHDQWWRWKHLQGH[HU":KRNQRZVZK\LWRFFXUUHGWRKHUWR OLQNLWZLWKKLVGRFXPHQWRQWKDWSDUWLFXODUSKUDVH" 7KHQ/H\HOUHDOL]HGWKDWLQKLVLPDJLQDWLRQKHZDVWKLQNLQJRI'HHW PDNLQJWKDWSDUWLFXODUFRQQHFWLRQ7KHUHZDVQRUHDVRQWRWKLQNLWZDVKHU ZRUNH[FHSWWKDWLQKLVPLQGVKHZDVDOOWKHLQGH[HUV6KHKDGMRLQHGWKHP EHFRPHRQHRIWKHPDQGVRZKHQLQGH[LQJZRUNZDVEHLQJGRQHVKHZDVSDUWRI LW7KDW¶VZKDWLWPHDQWWREHSDUWRIDFRPPXQLW\DOOLWVZRUNVEHFDPHWRD GHJUHH\RXUZRUNV$OOWKDWWKHLQGH[HUVGLG'HHWZDVDSDUWRILWDQG WKHUHIRUH'HHWKDGGRQHLW $JDLQWKHLPDJHRIDIDEULFFDPHWRPLQGRQO\WKLVWLPHLWZDVD WRSRORJLFDOO\LPSRVVLEOHIDEULFWZLVWHG LQWRLWVHOIVRWKDWQRPDWWHUZKDW SDUWRIWKHHGJHRILW\RXKHOG\RXKHOGWKHHQWLUHHGJHDQGWKHPLGGOH WRR,WZDVDOORQHWKLQJDQGHDFKSDUWKHOGWKHZKROHZLWKLQLW %XWLIWKDWZDVWUXHWKHQZKHQ'HHWFDPHWRMRLQWKHOLEUDU\VRGLG /H\HO EHFDXVHVKHFRQWDLQHG/H\HOZLWKLQKHU6RLQFRPLQJKHUHVKHKDGQRW OHIWKLPDWDOO,QVWHDGVKHKDGZRYHQKLPLQWRDQHZIDEULFVRWKDWLQVWHDG RIORVLQJVRPHWKLQJKHZDVJDLQLQJ+HZDVSDUWRIDOOWKLVEHFDXVHVKHZDV DQGVRLIKHORVWKHULWZRXOGRQO\EHEHFDXVHKHUHMHFWHGKHU /H\HOFRYHUHGKLVH\HVZLWKKLVKDQGV+RZGLGKLVPHDQGHULQJWKRXJKWV DERXWWKHRULJLQTXHVWLRQOHDGKLPWRWKLQNLQJDERXWKLVPDUULDJH"+HUHKH WKRXJKWKHZDVRQWKHYHUJHRISURIRXQGXQGHUVWDQGLQJDQGWKHQKHIHOO EDFN LQWRVHOIDEVRUSWLRQ +HFOHDUHGDZD\DOOWKHUHIHUHQFHVWR³:ULQNO\*UDQGPD3RVH\´RU ³:ULQNOH'RZQD5RV\´RUZKDWHYHULWZDVWKHQUHWXUQHGWRUHDGLQJKLV RULJLQDOGRFXPHQWWU\LQJWRFRQILQHKLVWKRXJKWVWRWKHVXEMHFWDWKDQG
WULHGWRWHOOWKHPWKHVDPHWUXWKVGLUHFWO\QRWLQWKHIRUPRIDVWRU\ SHRSOHZRXOGWKLQNKLVLGHDVZHUHVLOO\DQGVPDOO $QGWKHQ/H\HO UHPHPEHUHGZKDW'HHWKDGVDLGDERXWKRZSHRSOHDEVRUE VWRULHVIURPWKHLUFRPPXQLWLHVDQGWDNHWKHPLQWRWKHPVHOYHVDQGXVHWKHVH VWRULHVWRIRUPWKHLURZQVSLULWXDODXWRELRJUDSK\7KH\UHPHPEHUGRLQJZKDW WKHKHURHVRIWKHVWRULHVGLGDQGVRWKH\FRQWLQXHWRDFWRXWHDFKKHUR¶V FKDUDFWHULQWKHLURZQOLYHVRUIDLOLQJWKDWWKH\PHDVXUHWKHPVHOYHV DJDLQVWWKHVWDQGDUGWKHVWRU\VHWIRUWKHP6WRULHVEHFRPHWKHKXPDQ FRQVFLHQFHWKHKXPDQPLUURU $JDLQDVVRPDQ\RWKHUWLPHVKHHQGHGWKHVHUXPLQDWLRQV ZLWKKLVKDQGV SUHVVHGRYHUKLVH\HVWU\LQJWRVKXWRXWRUORFNLQ"LPDJHVRIIDEULFVDQG PLUURUVZRUOGVDQGDWRPVXQWLOILQDOO\ILQDOO\KHRSHQHGKLVH\HVDQGVDZ 'HHWDQG=D\VLWWLQJLQIURQWRIKLP 1ROHDQLQJRYHUKLP+HZDVRQDORZEHGDQGWKH\NQHOWEHVLGHKLP ³$P,LOO"´KHDVNHG³,KRSHQRW´VDLG'HHW³:HIRXQG\RXRQWKH IORRU
´

³2XUFKLOGUHQZLOO³ ³1RWKDW¶VP\SRLQW7KH\NQHZXVWKH\HYHQWKLQNWKH\NQRZXVEXW WKH\ZHUHQHYHUSDUWRIWKHFRPPXQLW\RIRXUPDUULDJH1RERG\LV1RERG\FDQ EH7KDW¶VZK\ZKHQ,WKRXJKW\RXZHUHOHDYLQJPHIRUWKLV´ ³:KHQGLG\RXWKLQNWKDW,´ ³+XVK'HHW´VDLG=D\³/HWWKHPDQEDEEOH´ ³:KHQ,WKRXJKW\RXZHUHOHDYLQJPH,IHOWOLNH,ZDVGHDGOLNH,ZDV ORVLQJHYHU\WKLQJEHFDXVHLI\RXZHUHQ¶WSDUWRIRXUPDUULDJHWKHQWKHUHZDV QRWKLQJOHIW
³(LWKHUWHOOKLPRUGRQ¶W´VDLG'HHW³
KH¶OOKDYHIRUJRWWHQHYHU\WKLQJKHHYHUNQHZ´ ³:KDWGR\RXPHDQ"´ ³+RZGR\RXWKLQNZH¶YHGDUHGWRVSHDNVRRSHQO\WRGD\DIWHUNHHSLQJ VLOHQFHIRUVRORQJ"$IWHUDOOZHDUHQ¶WLQ,QGH[LQJQRZ´ /H\HOIHOWDWKULOORIIHDUUXQWKURXJKKLP³7KH\FDQKHDUXV"´ ³,IWKH\ZHUHOLVWHQLQJ$WWKHPRPHQWWKRXJKWKH3XEVDUHYHU\EXV\ KHOSLQJ5RP'LYDUWVROLGLI\KLVFRQWURORIWKH&RPPLVVLRQRI3XEOLF6DIHW\ $QGLI&KHQKDVQ¶WEHHQWDNHQWRWKHUDGLDWLRQFKDPEHUKHVRRQZLOOEH´ /H\HOFRXOGQ¶WKHOSKLPVHOI7KHQHZVZDVWRRJORULRXVKHVSUDQJXS IURPKLVEHGDOPRVWGDQFHGDWWKHQHZV³5RPµVGRLQJLW$IWHUDOOWKHVH \HDUVRYHUWKURZLQJWKHROGVSLGHU´ ³,W¶VPRUHLPSRUWDQWWKDQPHUHMXVWLFHRUUHYHQJH´VDLG=D\³:H¶UH DEVROXWHO\FHUWDLQWKDWDVLJQLILFDQWQXPEHURIJRYHUQRUVDQGSUHIHFWVDQG PLOLWDU\FRPPDQGHUVZLOOUHIXVHWRUHFRJQL]HWKHRYHUORUGVKLSRIWKH &RPPLVVLRQRI3XEOLF6DIHW\,WZLOOWDNH5RP'LYDUWWKHUHVWRIKLVOLIHMXVW WRSXWGRZQWKHPRVWGDQJHURXVRIWKHUHEHOV,QRUGHUWRFRQFHQWUDWHKLV IRUFHVRQWKHJUHDWUHEHOVDQGSUHWHQGHUVFORVHWR7UDQWRUKH¶OOJUDQWDQ XQSUHFHGHQWHGGHJUHHRILQGHSHQGHQFHWRPDQ\PDQ\ZRUOGVRQWKHSHULSKHU\7R DOOLQWHQWVDQGSXUSRVHVWKRVHRXWHUZRUOGVZLOOQRORQJHUEHSDUWRIWKH (PSLUH,PSHULDODXWKRULW\ZLOOQRWWRXFKWKHPDQGWKHLUWD[HVZLOOQRORQJHU IORZLQZDUGWR7UDQWRU7KH(PSLUHLVQRORQJHU*DODFWLF7KHGHDWKRI &RPPLVVLRQHU&KHQWRGD\ZLOOPDUNWKHEHJLQQLQJRIWKHIDOORIWKH*DODFWLF (PSLUHWKRXJKQRRQHEXWXVZLOOQRWLFHZKDWLWPHDQVIRUGHFDGHVHYHQ FHQWXULHVWRFRPH´ ³6RVRRQDIWHU+DUL¶VGHDWK$OUHDG\KLVSUHGLFWLRQVDUHFRPLQJWUXH³ ³2KLWLVQ¶WMXVWFRLQFLGHQFH³VDLG=D\³2QHRIRXUDJHQWVZDVDEOH WRLQIOXHQFH&KHQMXVWHQRXJKWRHQVXUHWKDWKHVHQW5RP'LYDUWLQSHUVRQWR VWULS\RXRI\RXUIRUWXQH7KDWZDVZKDWSXVKHG5RPRYHUWKHHGJHDQGPDGHKLP FDUU\RXWWKLVFRXS&KHQZRXOGKDYHIDOOHQRUGLHGVRPHWLPHLQWKHQH[W\HDU DQGDKDOIQRPDWWHUZKDWZHGLG%XW,¶OODGPLWZHWRRNDFHUWDLQSOHDVXUHLQ XVLQJ+DUL¶VGHDWKDVDWULJJHUWREULQJKLPGRZQDOLWWOHHDUO\DQGXQGHU FLUFXPVWDQFHVWKDWDOORZHGXVWREULQJ\RXLQWRWKHOLEUDU\³ ³:HDOVRXVHGLWDVDWHVW´VDLG'HHW³:H¶UHWU\LQJWRILQGZD\VRI LQIOXHQFLQJLQGLYLGXDOVZLWKRXWWKHLUNQRZLQJLW,W¶VVWLOOYHU\FUXGHDQG KDSKD]DUGEXWLQWKLVFDVHZHZHUHDEOHWRLQIOXHQFH&KHQZLWKJUHDWVXFFHVV :HKDGWRGRLW\RXUOLIHZDVDWVWDNHDQGVRZDVWKHFKDQFHRI\RXUMRLQLQJ XV´ ³,IHHOOLNHDSXSSHW´VDLG/H\HO ³&KHQZDVWKHSXSSHW´VDLG=D\³
OLEUDULDQVKDYHGRQHWKLV"0HUHOLEUDULDQV$QGQRZ,GLVFRYHUWKDWWKHVH OLEUDULDQVDUHDOORI+DUL6HOGRQ¶VSUL]HVWXGHQWV0\TXHVWLRQVZHUHLQGH[HG E\SV\FKRKLVWRULDQV´ ³1RWH[FOXVLYHO\0RVWRIXVDUHOLEUDULDQV2UPDFKLQLVWVRU FXVWRGLDQVRUZKDWHYHUWKHSV\FKRORJLVWVDQGSV\FKRKLVWRULDQVDUHUDWKHUD WKLQFXUUHQWLQWKHVWUHDPRIWKHOLEUDU\$WILUVWWKH\ZHUHVHHQDV RXWVLGHUV5HVHDUFKHUV8VHUVRIWKHOLEUDU\QRWPHPEHUVRILW7KDW¶VZKDW 'HHW¶VZRUNKDVEHHQIRUWKHVHODVWIHZ\HDUVWU\LQJWRELQGXVDOOWRJHWKHU LQWRRQHFRPPXQLW\6KHFDPHKHUHDVDUHVHDUFKHUWRRUHPHPEHU"
DW\RXUQHZWKHRU\´ ³1RWDWKHRU\MXVWDSURSRVDOMXVWDWKRXJKW´ ³DQGDIHZSV\FKRKLVWRULDQVZLOOVHHZKHWKHULWFDQEHTXDQWLILHG SHUKDSVE\VRPHYDULDWLRQRQWKHIRUPXODVZH¶YHEHHQXVLQJZLWK'HHW¶VODZVRI FRPPXQLW\GHYHORSPHQW0D\EHZHFDQWXUQRULJLQVWXGLHVLQWRDUHDOVFLHQFH \HW´ ³0D\EH´/H\HOVDLG ³)HHODOOULJKWDERXWWKLV"´DVNHG=D\ ³,¶PQRWVXUH0RVWO\,¶PYHU\H[FLWHGEXW,¶PDOVRDOLWWOHDQJU\DW KRZ,¶YHEHHQOHIWRXWEXWPRVWO\,¶P,¶PVRUHOLHYHG´ ³*RRG
+HKDVDZRQGHUIXOODFNRIIHDUDERXWVKRZLQJHPRWLRQ1RWRQO\LVKH DIIHFWLRQDWHDQGGHPRQVWUDWLYHKHGRHVQ¶WHYHQNQRZZKDWDVWLIIXSSHUOLS LV,VDDF¶VORZHUOLSTXLYHUVPRVWZKHQKHKDVWRKDYHDEORRGVDPSOHGUDZQ EXWHYHQWKHQKHPDQDJHVWRIOLUWZLWKWKHIHPDOHGRLQJLW+H¶VQRWDIUDLGWR

FU\KHDOZD\VGRHVZKHQKHUHDGV(QREDUEXV¶VODVWVSHHFKRUVLQJVµ'DQQ\ %R\¶ DQGZLOOGRVRHYHQLQSXEOLFWKHZD\KHGLGDW1HZWRQ¶VJUDYH

,VDDFKDVDSRLQWRIYLHZWKDWPDNHVPHJODG,NQRZKLP)RULQVWDQFHKH ZRNHXSRQFHZLWKKLVOHJVPDNLQJUXQQLQJPRWLRQVLQWKHEHG+HVDLG ³, GUHDPWVRPHRQHWROGPH,ZDVPDNLQJDJRRGOLYLQJRXWRIZULWLQJDQG,VDLG \HVLQGHHG,ZDV7KHQWKHSHUVRQVDLGµ,W¶VDPD]LQJWRVHHVRPHRQHPDNHDOO WKDWPRQH\RXWRIEHDWHQVZRUGV¶,ZDVUXQQLQJWRWHOO\RXEHFDXVHLW LQVWDQWO\VWUXFNPHWKDWWKHSKUDVHPHDQW,PDGHP\PRQH\RXWRIWKH LQVWUXPHQWVRISHDFHWKHSHQLVPLJKWLHUWKDQWKHVZRUGDQGWKRXVKDOWEHDW WK\VZRUGVLQWRSORZVKDUHV´

$V\RXFDQVHHWKHUHDUHPDQ\DQVZHUVWRWKHTXHVWLRQRIZKDWLW¶VOLNHWREH ,VDDF$VLPRY¶VZLIHEXWWKHEHVWLVWKDWP\VSRXVHGHILHVGHVFULSWLRQ2GGO\ HQRXJKSHRSOHDOZD\VVHHPWREHGHVFULELQJ,VDDFDQGKHLVVWLOORQVSHDNLQJ WHUPVZLWKPRVWRIWKHP3HUKDSVSDOHRQWRORJLVW6LPSVRQ¶VGHVFULSWLRQLV GHILQLWLYH´,VDDF$VLPRYLVDQDWXUDOZRQGHUDQGDQDWLRQDOUHVRXUFH´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¶WEHKHUHIRUWKDWDQQLYHUVDU\EXWKLVERRNVZLOO$QG WKHVWRULHVSHRSOHZULWHEHFDXVHRIKLP/LNHWKRVHLQWKLVERRNGRQHZLWK ORYH B )LIW\
KHOSEXWIHHODELWKDQJGRJDERXWLW7KH*UHHNVYLVXDOL]HGWKHWKUHH)DWHV &ORWKR³VSLQQHU´ ZKRIRUPHGWKHWKUHDGRIOLIH/DFKHVLV³GHWHUPLQHUE\ ORW´ ZKRPHDVXUHGLWVOHQJWKDQG$WURSRV³XQVZHUYDEOH´ ZKRFXWLWLQ WKHHQG,WKDQNWKHPDOODVZHOO,WKDQN&ORWKRIRUVSLQQLQJVXFKDJRRG OLIH/DFKHVLVIRUVSLQQLQJRQHWKDWLVORQJHUWKDQWKRVHRIPDQ\RWKHUVIDU PRUHGHVHUYLQJWKDQP\VHOIDQGWR$WURSRVIRUZLWKKROGLQJKHUIRUPLGDEOH VKHDUVIRUDVORQJDVVKHKDV

)LIW\\HDUVRISURIHVVLRQDO ZRUN%XWLW¶VQRWMXVWILIW\\HDUV,W¶VILIW\ \HDUVLQDVLQJOHSURIHVVLRQWKDWRIZULWLQJ0\ILUVWVWRU\DSSHDUHGLQ DQGWKHUHKDVEHHQDUHJXODUSURFHVVLRQRIVWRULHVHVVD\VDQGERRNVRIDOO VRUWVHYHUVLQFH :KHQ&KDUOHV'LFNHQVGLHGDWILIW\HLJKWKHKDGEHHQSXEOLVKLQJIRU RQO\WKLUW\ILYH\HDUV:KHQ$OH[DQGUH'XPDVGLHGDWILIW\HLJKWKHKDGEHHQ SXEOLVKLQJIRURQO\IRUW\RQH\HDUV:LOOLDP6KDNHVSHDUHZKRGLHGDWILIW\ WZRWXUQHGRXWDOOKLVSURIHVVLRQDOZRUNVRYHUDSHULRGRIRQO\ WKLUW\\HDUV 0LQG\RX,DPRQO\WDONLQJOHQJWKRISURIHVVLRQDOOLIHKHUH,DPQRW WDONLQJTXDOLW\$Q\RQHZRUNRIWKHVHJHQWOHPHQ'DYLG&RSSHUILHOG7KH&RXQW RI0RQWH&ULVWRRU+DPOHWLVZRUWKLQQXPHUDEOHWLPHVP\HQWLUHRHXYUH,NQRZ WKDWVRGRQ¶WERWKHUZULWLQJWRLQIRUPPHRIWKLVPDWWHU 5DWKHU,DPPHUHO\WHOOLQJ\RXWKLVLQRUGHUWRH[SODLQKRZJUDWHIXO, DPWKDW,KDYHEHHQDOORZHGDIXOOILIW\\HDUVDWP\SURIHVVLRQDQGVWLOO JRLQJ1RWKLQJ,ZULWHFDQEHZLWKLQOLJKW\HDUVRI6KDNHVSHDUHEXWWKLV, ZLOOPDLQWDLQDVORXGO\DV,FDQDQGWRP\G\LQJGD\(YHU\WKLQJ,ZULWHKDV JLYHQPHDVPXFKSOHDVXUHDVDQ\WKLQJ6KDNHVSHDUHZURWHFRXOGKDYHJLYHQKLP VRLVQRWOHQJWKRISURIHVVLRQDOOLIHVRPHWKLQJWREHJUDWHIXOIRU" )LIW\\HDUVDVDVFLHQFHILFWLRQZULWHU%XWLW¶VQRWMXVWILIW\\HDUVRI SURIHVVLRQDOOLIHHLWKHU,W¶VWKLVSDUWLFXODUSURIHVVLRQDOOLIH-XVWWKLQN ZKDWWKHODVWILIW\\HDUVKDVPHDQWWRDVFLHQFHILFWLRQZULWHU:KHQ,EHJDQ ZULWLQJURERWVZHUHSXUHIDQWDV\6R,ZURWHURERWVWRULHVIUHHO\RXWRIP\ RZQLPDJLQDWLRQ7KHILUVWRQHZDVZULWWHQLQ-XQH,KDYHOLYHGORQJ HQRXJKWRVHHURERWVLQYHU\VLPSOHIRUP EHFRPHUHDODQGWRKDYHP\7KUHH /DZVRI5RERWLFVWDNHQVHULRXVO\ )OLJKWVWRWKHPRRQZHUHVKHHUIDQWDV\LQDQGP\ILUVWVWRU\LQ $VWRXQGLQJGHDOWZLWKDWWHPSWHGURFNHWU\WRWKHPRRQ,OLYHGWRVHHWKDW EHFRPHUHDO 7KLQNRIRWKHUVFLHQFHILFWLRQDOVWDQGE\VWKDWKDYHEHFRPHUHDOHYHQLI ,GLGQ¶WSDUWLFXODUO\ZULWHDERXWWKHPP\VHOI 7KHUHZHUHQRFRPSXWHUVLQ DQGQRWHOHYLVLRQHLWKHUWKRXJKERWKH[LVWHGLQVFLHQFHILFWLRQ 6FLHQFHZDVDOVRRYHUIORZLQJZLWKUD\JXQVDQGZHKDYHOLYHGWRVHHODVHU EHDPV +RZIRUWXQDWH,ZDVWRKDYHVWDUWHGZKHQ,GLGDQGWRKDYHOLYHGDVORQJ DV,KDYH %XWLWDOOFRPHVIXOOFLUFOH0RUHLPSRUWDQWWKDQDQ\WKLQJHOVHDUH RQH¶VIULHQGV)RXQGDWLRQ¶VIULHQGVDUHDOOP\IULHQGVZKHWKHUWKH\KDYH ZULWWHQIRUWKHERRNRUSXEOLVKHGLWRUERXJKWLWRUERUURZHGLW0\IULHQGV DUHDOOWKRVHZKRKDYHUHDGP\VWXIIRYHUWKHODVWKDOIFHQWXU\DQGKDYH HQMR\HGLW ,WKDQN\RXDOO,FDQQRWWKDQN\RXHQRXJK