75$16/,7(5$7,217$%/( ¤Ó
$DERXW
å
QQXUVH
D
í
RRSRRO
õ
FDW
RRQ
É
Õ
TTXHHQ³N´VRXQGPDGH LQEDFNRIWKURDW
$$VD\³D´WZLFHGLVWLQFWO\ ZLWKDQRSHQPRXWK
EER[
µ
©
GGRRU
±
½
G
¹
V
ñ
HH
WWDQ
Ñ Í
KHDY\³G´VRXQGRSHQMDZEXWNHHSOLSVWLJKWO\ URXQGLHGXK
IHHW
IILVK
Á
UUDEELWUROOHG³U´VRXQGVLPLODUWR 6SDQLVK³U´ VKVKLS VVHD
W
KHDY\³V´VRXQGRSHQMDZEXWNHHSOLSVWLJKWO\ URXQG
KHDY\³W´VRXQGRSHQMDZEXWNHHSOLSV VOLJKWO\URXQG
JKWKHVRXQG\RXPDNHZKHQJDUJOLQJ7RXFKYHU\EDFN RIWRQJXHWRYHU\EDFNRIPRXWK
WKWKLQN
KKDW
«
WK
K
Å
WK
®´Û
KHDY\³K´VRXQGGURSEDFNRIWRQJXHWRRSHQEDFN RIWKURDWWKHQIRUFHDLURXW IRU´K´ ,LQN
֊XSXW
MMDU
íø
ZZDWHU
Ù
NNLW
ï ø
SURQRXQFHWKHOHWWHUEHIRUHEXWFXWLWVKRUWE\ VWRSSLQJVXGGHQO\
ðë ¡
¥
NKJUDYHO\³K´VRXQGWRXFKEDFNRIWRQJXHWRURRI ñ ø RIPRXWKDQGIRUFHDLURXW
WKH ³WK´VRXQGDVLQ³WKH´EXWKHDYLHURSHQMDZEXW NHHSOLSVVOLJKWO\URXQG
\\DUQ
Ý
OORRN
¯
á
P
LVWRPDNHVRPHZRUGVHDVLHUWRUHDG
PDQ
ú
]]HEUD
%ROGOHWWHUVDUHVLOHQWLHZZULWH
ú:KHQZDNLQJXS ú
î¸ðJèßêôßôí èðôãô ãôªðøÌô çôðø£ô ñ¬÷ß öê÷àöß õªðøäô¤ß
$OKDPGXOLOO DKLOODWKHHDK\DQD ED$$GDP D DPDWDQD ZDLOD\KLQ QXVKRR U µ$OOSUDLVHLVIRU$OO DKZKRJDYHXVOLIHDIWHUKDYLQJWDNHQLWIURPXVDQGXQWR+LPLV WKHUHVXUUHFWLRQ ¶ û 7KH3URSKHW U VDLGµ:KRHYHUDZDNHVDWQLJKWDQGWKHQVD\V
ì®óª×óïò·÷ÞÛ ðàËôîëíìªðäô¤ßõêßíõÚðàõäßõêßìêßôÚó®ðô· û õéôªðø£ôí õê÷àß ÷ûôêßû ÷òàÌßöê÷àß÷û÷î×ûôí ôÝîô£ ûôí ì®ôÛõíõ÷ûôêßûíì õªðøä¤ßíìöôå¤øðõ³ âôÈÌß
/D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\ LQTDGHHUVXE KDQDOODKZDOKDPGXOLOO DKZDOD LODKDLOODOODKZDOODKX DNEDUZDO D KDZODZDO D TXZZDWDLOO D ELOODKLO$$DOL\\LO$$D WKHHP µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DKDORQHZLWKRXWDVVRFLDWHWR+LP EHORQJVVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVZKROO\ FDSDEOH +RZSHUIHFW $OODK LV DQG DOO SUDLVH LV IRU $OO DK DQG QRQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW $OODK $OODK LV WKH JUHDWHVW DQG WKHUH LV QR SRZHU QRU PLJKWH[FHSWZLWK$OO DK7KH 0RVW+LJK7KH6XSUHPH «DQGWKHQVXSSOLFDWHV
òßø®ÔøÏKô
5DEELJKILUOHH µ2P\/RUGIRUJLYHPH ¶ «ZLOOEHIRUJLYHQ¶ $O:DOHHGVDLG³RUKHU VDLG µDQG WKHQ DVNV KH ZLOO EH DQVZHUHG,I KH WKHQ SHUIRUPV DEOXWLRQ DQG SUD\V KLV SUD\HUZLOOEHDFFHSWHG¶´ ü
éö®øÛö¬ö òßôåö«ôôí ò£í÷òàôË ÷©ôôí ñªô´ ô òÓòçÓËñ¬ßö õªä¤ß
$OKDPGX OLOO DKLOODWKHH $$DIDQHH IHH MDVDGHH ZDUDGGD $$DOD\\D URR KHH ZDDWKLQD OHHELWKLNULK µ$OOSUDLVHLVIRU$OO DKZKRUHVWRUHGWRPHP\KHDOWKDQGUHWXUQHGP\VRXODQGKDV DOORZHGPHWRUHPHPEHU+LP ¶ ý « ß÷òßíõ÷
ó óõöì÷èßíöÞô÷àß Ñ ö üðö§ ø íö½ø÷ôí öôîäô ÷´ßöÖøàô§ òöÓ ÷åö û
ûùùúù å®äËÝî³
,QQD IHH NKDOTL D OVVDPDZDWL ZDDODUGL ZDLNKWLODIL DOOD\OL ZD DOQQDKDUL ODD\DWLQ OL ROHHDODOEDE« )URP9HUVHüúù WLOOWKHHQGRIWKH FKDSWHU$OL$$LPUDQ
û6XSSOLFDWLRQZKHQZHDULQJDJDUPHQW þ
÷îð× ûôí ò÷èöã óÝîô£ ö®ðø ôðôÏ øæöã êôèô×ô¯ôôí î÷ß ¬ëòç´ôÛ ñ¬÷ß ö õªä¤ß
$OKDPGX OLOO DKLOODWKHH NDVDQHH KDWKD DWKWKDZE ZDUD]DTDQHHKL PLQ JKD\UL KDZOLQ PLQQHHZDO D TXZZDK µ$OO3UDLVHLVIRU$OO DKZKRKDVFORWKHGPHZLWKWKLVJDUPHQWDQGSURYLGHGLWIRUPH ZLWKQRSRZHUQRUPLJKWIURPP\VHOI ¶ ü6XSSOLFDWLRQVDLGZKHQZHDULQJDQHZJDUPHQW ÿ
ôÚö õ«îËôôí ìêðôß ôÊöè» õ ôã ö®øôðô§íô öéö®ôðô§ øæðöã ôÚðõßôø³ô ìöêôèôîø ðô´ôÛ ôðøçõªðøäðô¤ßôÚðôß Iâðõì÷àß õêðôß ôÊöè» õ ðã K®ðô·ôí öé®K ðô· øæðöã
$OODKXPPD ODNDO KDPGX DQWD NDVDZWDQHHK DV DOXND PLQ NKD\ULKL ZDNKD\UL P D VXQL$$DODKZD D$$RR WKXELNDPLQVKDUULKLZDVKDUULP D VXQL$$DODK µ2 $OODKIRU
ðßôÌô õõÒöàø¨ðõóôí òàðøõ
7XEOHHZD\XNKOLIXO ODKXWD$$ DOD µ0D\ \RX ZHDU LW RXW DQG $OO DK ðßÌ UHSODFH LW ZLWK DQRWKHU ¶ 7KH LQWHQGHG PHDQLQJ$VXSSOLFDWLRQIRUORQJOLIH ³
ñªôì·øðõãôí ñªôðäô£ ¶ ø ðöËôí ñªðóªô ²ðôßö
,OEDVMDGHHGDQZ D$$LVK KDPHHGDQZDPXWVKDKHHGDQ µ:HDUDQHZOLYHFRPPHQGDEO\DQGGLHD VKDKHHG¶ VKDKHHG2QHZKRGLHVILJKWLQJWKHNXII DULQRUGHUWRPDNHWKHZRUGRI$OO DKVXSHULRU RU LQ GHIHQVH RI ,VO DP ,WDOVRKDVRWKHUPHDQLQJVIRXQGLQWKH6XQQDKVXFKDV WKH RQH ZKRGLHVGHIHQGLQJKLVOLIHZHDOWKRUIDPLO\WKHZRPDQZKRSDVVHVDZD\GXHWR FKLOGELUWKRQHZKRGURZQV «HWF þ%HIRUHXQGUHVVLQJ
öâø´ö
%LVPLOODK µ,QWKHQDPHRI$OO DK¶
ÿ%HIRUHHQWHULQJWKHWRLOHW úù ü
öô¨ßø ôí öøðõ¨øß ôæðöã ôÚðö õ«îðËô òðKçö Iâðõì÷àß öâø´ö
%LVPLOODK DOODKXPPDLQQHHD$$RR WKXELNDPLQDO NKXEWKLZDO NKDEDLWK µ,QWKHQDPHRI$OO DK 2$OODK,WDNHUHIXJHZLWK\RXIURPDOOHYLODQGHYLO GRHUV¶ $IWHUOHDYLQJWKHWRLOHW úú
Úôç®ðøÔõÏ
*KXIUDQDN µ,DVN
öâø´ö
%LVPLOODK µ,QWKHQDPHRI$OO DK¶
8SRQFRPSOHWLQJWKHDEOXWLRQ úü
êðõßîð³ôôí õéõªðøôË ñªð÷äô¤õã Iåô õªôìø·ôôí õêðôß ôÚðó®ô· û õéôªø£ôí õ÷ûö ôêðôßö û øåô õªôìø·ô
$VKKDGX DQ O D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ZD DVKKDGX DQQD 0XKDPPDGDQ$$DEGXKXZDUDVRROXK µ,EHDUZLWQHVV WKDWQRQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DKDORQHZLWKRXW SDUWQHUDQG,EHDUZLWQHVVWKDW0X KDPPDGLV+LVVODYHDQG0HVVHQJHU ¶ úý
æó®ð÷ìôÄôäßôæãö òèøàðôÌøôí ôæô÷îðIßôæãö òðèàôÌøIâðõì÷àß
$OODKXPPDM $$DOQHHPLQDW WDZZDEHHQD ZDM$$DOQHHPLQDO PXWDWDKKLUHHQ µ2$OODKPDNHPHRIWKRVHZKRUHWXUQWR
Úøôðôßö õîôôí ôÙõ®öÔÐø ôø³ô ôøçô ÷ûö ôêßö û øåô õªðôìø·ô Ùöªäô¤öíô Iâðõì÷àß ôÚôçð¤øõ³
6XEKDQDNDOODKXPPD ZDEL KDPGLND DVKKDGX DQ O D LODKD LOOD DQWD DVWDJKILUXND ZD DWRREXLOD\N µ+RZSHUIHFW
ö ÷ûö ôIîðõ× ûôí ôÝøîô£ ûôí öðàôË õðøàIÛôîô ì ööâø´ö
%LVPLOODKWDZDNNDOWX$$DODO ODKZDOD KDZODZDO D TXZZDWDLOO D ELOODK µ,Q WKH QDPH RI $OO DK , SODFH P\ WUXVW LQ $OO DK DQG WKHUH LV QR PLJKW QRU SRZHU H[FHSWZLWK$OO DK¶ ú
øíô ì âðôàøÇôõ øíô ôâðöàøÇô øíô ì Ýô¯õ øíô IÝö¯ô øíô ì Þðô¿õ øíô IÞðö¿ô øåô ôÚö õ«îðËô òðKçö Iâðõì÷àß ÷òðôàôË ôÞìô ø ðõó øíô ôÞìô øô ý
$OODKXPPDLQQHHD$$RR WKXELNDDQD GLOODDZR GDODZD]LOODDZR]DOODZD WKOLPDDZ RWKODPDZ DMKDODDZ\XMKDOD$$DOD\ µ2 $OODK , WDNH UHIXJH ZLWK
èðøà÷Ûôîô ðèKô ððàôËôí ìðèøô®ðô§ ööâðø´öíô ìðèø ôßôí ööâðø´ö
%LVPLOODKLZDODMQ DZDELVPLO ODKLNKDUDMQ DZD$$DO D UDEELQ D WDZDNNDOQ D µ,QWKHQDPHRI$OO DKZHHQWHUDQGLQWKHQDPHRI$OO DKZHOHDYHDQGXSRQRXU/RUG ZHSODFHRXUWU XVW¶ úû6XSSOLFDWLRQZKHQJRLQJWRWKHPRVTXH ú
ø ðôÌøôí ìîçòÌøäô³ òÓøÞðôÌøôí ìîçòçð´öß òÓôí ì îçòðøàô× òÓøÞðôÌøIâðõì÷àß Þ òð×øîôÓ øæöã øÞðôÌøôí ìîçòðããô øæöãôí ìîçòÔøàô§ øæöã øÞðôÌøôí ìîçñ®ô¼ô òÓ îçòðèöÄøËô Iâðõì÷àß îçòðø¤ô æöãôí ì îç
$OODKXPPD LM$$DO IHH TDOEHH QRRU D ZDIHH OLV DQHH QRRU D ZDM$$DO IHH VDP$$HH QRRUDZDM$$DOIHHED VDUHHQRRU DZDM$$DOPLQNKDOIHHQRRU DZDPLQDP DPHHQRRU D ZDM$$DOPLQIDZTHHQRRU DZDPLQWD KWHHQRRU DDOODKXPPDD$$ WLQHHQRRUD µ2$OODKSODFHZLWKLQP\KHDUWOLJKWDQGXSRQP\WRQJXHOLJKWDQGZLWKLQP\HDUV OLJKWDQGZLWKLQP\H\HVOLJKWDQGSODFHEHKLQGPHOLJKWDQGLQIURQWRIPHOLJKWDQG DERYHPHOLJKWDQGEHQHDWKPHOLJKW 2$OODKEHVWRZXSRQPHOLJKW ¶ úü8SRQHQWHULQJWKHPRVTXH ûù
öâðø´ö @ìâôðI®ßöåÄðøô÷¸ßôæãö âðóªôØßêöçðÄøàõ³ôí âðóö®Üô ß öêðöìøôîöôí âðôÈôÌß ö õ«îËô Úöðôäø£ô ôîøô òßø¢ðôøÓIâðõì÷àß ì>öÝî³ô ðàôË õáüI´ßôí@>õüI¼ßôí ì
D$$RR WKX ELOODKLO$$DWKHHP ZDELZDMKLKLO NDUHHP ZDVXO WDQLKLOTDGHHP PLQDVK VKD\WDQLUUDMHHP >ELVPLOODKZDVVDODWX@>ZDVVDODPX$$DO D UDVRROLO ODK@DOODKXPPD LIWDK OHHDEZ DEDUDKPDWLN µ, WDNH UHIXJH ZLWK $OO DK 7KH 6XSUHPH DQG ZLWK +LV 1REOH )DFH DQG +LV HWHUQDO DXWKRULW\ IURP WKH DFFXUVHG GHYLO ,Q WKH Q DPH RI $OO DK DQG SUD\HUV DQG SHDFH EH XSRQWKH0HVVHQJHURI$OO DK2$OODKRSHQWKHJDWHVRI
Iâðõì÷àß ìÚöàðøÀôÓ øæðöã ôÚõßôø³ô òð÷çö Iâðõì÷àß ì öÝî³ô ðàôË õáü÷´ßôí õü÷¼ßôí öâ´ö âôðI®ßöåÄðøôI¸ßôæãö òðèøäö¼Ë
%LVPLOODK ZDVVDODWX ZDVVDO DPX $$DO D UDVRROLO ODK DOODKXPPD LQQHH DV DOXND PLQ IDGOLNDOODKXPPDL$$ VLPQHHPL QDVKVKD\WDQLUUDMHHP µ,Q WKH QDPH RI $OO DK DQG SUD\HUV DQG SHDFH EH XSRQ WKH 0HVVHQJHU RI $OO DK 2 $OODK,DVN
µ2QH UHSHDWV MXVW DVWKHPXDWKWKLQRQHZKRFDOOVWRSUD\HU VD\VH[FHSWZKHQKH VD\V
¡üðôÔøß ððàôË Iòðô£ íô üI¼ßððàôË Iòðô£
+D\\D$$DOD VVDODKRU KD\\D$$DODO IDODK µFRPHWRSUD\HUFRPHWRVXFFHVV ¶ LQVWHDGRQHVKRXOGVD\
/D KDZODZDO D TXZZDWDLOO D ELOODK µ7KHUHLVQRPLJKWQRUSRZHU H[FHSWZLWK$OO DK¶
ö ÷ûö ôIîðõ× ûôí ôÝøîðô£ û
ûü ,PPHGLDWHO\IROORZLQJWKHGHFODUDWLRQRIIDLWKFDOOHGE\WKHPX DWKWKLQRQHVD\V
ì êõßîð³ôôí õéõªðøôË ñªð÷äô¤ãIåôôí ì êðôß ôÚó®ðô· û õéôªðø£ôí õ ÷ûö ôêðßö û øåô õªôìðø·ô çôôí ñðôèó©öáüø³öùöíô ñûîð³ô óªðIäô¤õäöíô ì ñIô öö õðô¿ô
:DDQD DVKKDGX DQ OD LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ZD DQQD 0XKDPPDGDQ $$DEGXKX ZDUDVRROXK UD GHHWX ELOO DKL UDEEDQ ZDELPX KDPPDGLQ UDVRRODQZDELO LVODPLGHHQ D µ$QG,WRREHDUZLWQHVVWKDWQRQHKDVWKHUL JKWWREHZRUVKLSSHGH[FHSW$OO DKDORQH ZLWKRXWSDUWQHUDQGWKDW0X KDPPDGLV+LVVDOYHDQG0HVVHQJHU ,DPSOHDVHGZLWK $OODKDVD/RUGDQG0X KDPPDGDVD0HVVHQJHUDQG,VO DPDVDUHOLJLRQ ¶ ûý µ2QHVKRXOGWKHQVHQGSUD\HUVRQWKH3URSKHW U DIWHUDQVZHULQJWKHFDOORIWKHPX DWKWKLQ¶ ûþ
ôàôðÀôÔøßôí ôàðô³ôîß ñªIäðô¤ã ö ôäöðôØß öü÷¼ßôí Iãð÷ß öôîðøË÷ªß öéö¬ôë Iô Iâðõì÷àß ©ÌðôäßõÒöàø¨ðõ û ôÚðIçö êôøªðôËôí ñ¬Ißñ©îäð¤ôã ñðãðØôã êøðôÌøôí
$OODKXPPDUDEED KDWKLKLGGD$$ZDWLW WDPPDKZD VVDODWLOTDLPDK DWL0XKDPPDGDQ DOZDVHHODWDZDO IDGHHODKZDE$$DWK KXPDT DPDQPD KPRRGDQDOOD WKHHZD$$DGWDK LQQDNDOD WXNKOLIXO PHH$$DG µ2$OODK2ZQHURIWKLVSHUIHFWFDOODQG2ZQHURIWKLVSUD\HUWREHSHUIRUPHGEHVWRZ XSRQ0XKDPPDG DOZDVHHODK DQG DOIDGHHODK DQGVHQG KLPXSRQDSUDLVHGSODWIRUP ZKLFK
ûÿ 2QH VKRXOG DOVR VXSSOLFDWH IRU KLPVHOI GXULQJ WKH WLPH EHWZHHQ WKH D WKDQ DQG WKH LTDPDKDVVXSSOLFDWLRQDWVXFKWLPHLVQRWUHMHFWHG úÿ6XSSOLFDWLRQDWWKHVWDUWRIWKHSUD\HUDIWHUWDNEHHU û
ÿ
òðèKØôç Iâðõì÷àß ì øö®øÐôäßôí öÕö®ø¸ôäßôæôø ô ôøªôËäôÛ ôñóðÄô§ ôæôø ôôí òèðôô øªðöËIâðõì÷àß ôñðóÄô§ øæöã òðèøàö´øÏ Iâðõì÷àß ì ø²ôçIªß ôæãö õ¾ô ø ô÷ õøîðIß ðIØôèðõó ðäôÛ ôñóÄô§ øæöã ø©ô®ôßø ôí öïðäßôí öðàIßö
$OODKXPPD E D$$LG ED\QHH ZDED\QD NKD WD\D\D NDPD ED$$DGWD ED\QDO PDVKULTL ZDOPDJKULE DOO DKXPPD QDTTLQHH PLQ NKD WD\D\D NDPD \XQDTTDWK WKDZEXO DE\DGX PLQDGGDQDVDOO DKXPPDJK VLOQHHPLQNKD WD\D\DELWKWKDOMLZDOP DLZDOEDUDG µ2 $OODK GLVWDQFH PH IURP P\ VLQV MXVW DV
Ùõ®øôôÏ ôêßö ûôí ôÙªJ ðô ðßðÌôôí ôÚðõäø³ôÙôôíô ôÙöªðøäô¤öíô Iâðõì÷àß ôÚôç¤ðøõ³
6XEKDQDNDOODKXPPDZDEL KDPGLNDZDWDE DUDNDVPXNDZDWD$$ DOD MDGGXNDZDO D LODKD JKD\UXN µ+RZSHUIHFW
I ö ì æôÛö®ø¸äßôæãö çô ðãôí ñôÔôðèô£ ô½øô÷ôí öîðäI´ßô®ôÄôÓ ñ¬Iàöß ôòðöìøôí õðìIôí å ôÚ߬öíô õêôß ôÚðó®ô· û ì æôäôßÌß Kô ö òðäôãôí ì ôñôðø¤ôãôí ì òÜõ´õçôí ì òðüô» ì ÙõªðøôË ðçôôí òðKô ôøçôì øçô ÷ûö ôêßö û õÚöàôäßôøçô Iâðõì÷àß æôäðöàø´äßôæãö çôôí õø®öãõ ÷ûôîðçJ¬ßõ®öÔðøÐôó û êðIçö ñÌôäô òîçõ« òßø®öÔøÏôÓ òðøçô¬ö õøÓô®ôðøËôí òð´øÔôç õðøäôàôÇ ðìôKôô³ òø÷èðôË Ñö®ðø»ôí ì ðøçô ÷ûö ìöèðô´ø£ô÷ ñªðøìôó û öÕüø§ô÷öæ´ ô ø£ô÷ òðçöªøëôí øçô J®I¸ßôí ì Úðøóôªðôôö õêðJàõÛ õ®øôðô¨ßôí ì ÚøóôªðøÌô³ôí ôÚøôðIôß ì ðøçô ÷ûö ðìôKôô³ òø÷èðôË õÑö®ø¼ôó û ì Úôðôßö õîôôí ôÙõ®öÔðøÐôø³ô ôôôßðÌôôí ôøÛôðô ì Úðøôôßöôí ôÚö çô ì Úøôðôßö ô²ðøôôß
:DMMDKWX ZDMKL\D OLOOD WKHH IDWDUDVVDPDZDWL ZDODUGD KDQHHIDQ ZDP D DQD PLQDO PXVKULNHHQ LQQD VDODWHH ZDQXVXNHH ZDPD K\D\D ZDPDP DWHH OLOODKL UDEELO $$DODPHHQ O D VKDUHHND ODKX ZDEL WKDOLND RPLUWX ZD DQD PLQDOPXVOLPHHQ $OODKXPPD DQWDO PDOLNX O D LODKD LOOD DQW DQWD UDEEHH ZD DQD $$DEGXN WKDODPWX QDIVHH ZD$$WDUDIWX EL WKDQEHH IDJKILU OHH WKXQRREHH MDPHH$$DQ LQQDKX O D \DJKILUX WKWKXQRREDLOO D DQWZDKGLQHHOL DKVDQLODNKODTLOD \DKGHHOL DKVDQLKD LOOD DQW ZDVULI $$DQQHH VD\\L DKD OD \DVULIX $$DQQHH VD\\L DKD LOOD DQW ODEED\ND ZDVD$$GD\NZDONKD\UXNXOOXKXEL\DGD\NZDVKVKDUUXOD\VDLOD\NDQ D ELNDZD LOD\N WDEDUDNWDZDWD$$ DOD\WDVWDJKILUXNDZD DWRREXLOD\N µ,KDYHWXUQHGP\IDFHVLQFHUHO\WRZ DUGV+HZKRKDVEURXJKWIRUWKWKHKHDYHQVDQG WKH(DUWKDQG,DPQRWRIWKRVHZKRDVVRFLDWH RWKHUVZLWK$OO DK ,QGHHGP\SUD\HU P\VDFULILFHP\OLIHDQGP\GHDWKDUHIRU$OO DK/RUGRIWKHZRUOGVQRSDUWQHUKDV +H ZLWK WKLV , DP FRPPDQGHG DQG , DP R I WKH 0XVOLPV 2 $OODK
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üù
ôâöðßË ì ½øô÷ôí öîäI´ß ô®ðöÃÓ ìÞôÓ®ðø³öôí ì ÞôðÜôãôí ì Þô®øðö Iô Iâðõì÷àß ðäöß òðçöªë åîðÔöàôø¨ôó öêôÓ îçÛ äðôÓ ôÙö©ðöË ôæðøôô õâÜðø¤ô ôðøçô öô©ðìI¸ßôí öðøôôÐß âôðØôø´õã óÁ®ö» ðßö ïõ ð¸ô øæôã ñªðøìô ôÚðIçö ì Úöç«ø öö KÖðô¤øß ôæãö öêðôÓôÒöàðõø§
$OODKXPPD UDEED MLEU DHHO ZDPHHN DHHO ZD LVUDIHHO IDWLUDVVDPDZDWL ZDODU G $$DOLPDOJKD\EL ZDVKVKDK DGDK DQWD WD KNXPX ED\QD $$LE DGLNDIHHP D NDQRRIHHKL \DNKWDOLIRRQ LKGLQHH OLPDNK WXOLID IHHKL PLQDO KDTTL ELLWKQLN LQQDND WDKGHH PDQ WDVKDRLOD VLUDWLQPXVWDTHHP µ2 $OODK /RUG RI -LEUDHHO 0HHNDHHO DQG ,VUDIHHO JUHDW DQJOHV &UHDWRU RI WKH KHDYHQV DQG WKH (DUWK .QRZHU RI WKH VHHQ DQG WKH XQVHHQ
õªøäðô¤øßôí ì ®ôðôÛ ö õªøäðô¤øßôí ì ®ôðôÛ õ®ðôøÛô õì ®ôðôÛ õ®ðôøÛô õì ®ôðôÛ õ®ðôøÛô õ ñüô üðô»ôôí ñô®ðøÜöôå¤ðøõ³ôí ì ®ôðôÛ ö õªøäðô¤øßôí ì ®ôðôÛ ö éö°ðøäôëôí öêöðøÔôçíô öêðö¨øÔôç øæöã öåÄøôðI¸ßôæãö öö õ«îðËô
$OODKX DNEDUX NDEHHU D $OODKX DNEDUX NDEHHUD $OO DKX DNEDUX NDEHHU D ZDOKDPGX OLOODKLNDWKHHU DZDOKDPGXOLOO DKLNDWKHHU DZDOKDPGXOLOO DKLNDWKHHU DZDVXE KDQDOODKL EXNUDWDQZD DVHHODWKUHHWLPHV D$$RR WKXELOODKLPLQDVK VKD\WDQLPLQQDINKLKLZDQDIWKLKLZDKDP]LK µ$OODK LV 0RVW *UHDW $OO DK LV 0RVW *UHDW $OO DK LV 0RVW *UHDW PXFK SUDLVH LV IRU $OODKPXFKSUDLVHLVIRU$OO DKPXFKSUDLVHLVIRU$OO DKDQG,GHFODUHWKHSHUIHFWLRQ RI$OODKLQWKHHDUO\PRUQLQJDQGLQWKH ODWHDIWHUQRRQ ¶WKUHHWLPHV µ,WDNHUHIXJHZLWK$OO DKIURPWKHGHYLOIURPKLVSULGHKLVSRHWU\DQGKLVPDGQHVV ¶ üû 7KH SURSKHW U ZRXOG VD\ DV DQ RSHQLQJ VXSSOLFDWLRQ LQ SUD\HU ZKHQULVLQJIURP VOHHSWRSHUIRUPSUD\HUVGXULQJWKHQLJKW
âõ ôK ðô× ôøçô õªøäô¤øß ôÚôßôí ì æöìðôÓøæôãôí ö½øô÷ôí öîðäI´ßõîðç ôøçô õªøäô¤øß ôÚôß Iâðõì÷àß øæôãôí ö½øô÷ôí öîäðI´ßJô ôøçô õªøäô¤øß ôÚôßôí@ ì æöìðôÓøæôãôí ö½øô÷ôí öîäðI´ß ôøçô õªøäô¤øß ôÚôßôí@ >æöìðôÓøæôãôí ö½øô÷ôí öîäðI´ß õÚðøàõã ôÚôß õªøäô¤øß ôÚôßôí@>æöìðôÓ ôÚðõßøîô×ôí ì Öðô¤øß ôÙõªðøËôíôí ÷Öðô¤øß ôøçô@ >õªøäô¤øß ôÚôßôí@ > ö½øô÷ôí öîäðI´ß õÚðöàôã õ ðØößôí ì Öðô¤øß U òªIäô¤ðãôí ì Öðô£ ôåî÷ôðöIèßôí ì Öðô£ õð÷èßôí ì Öðô£õèI ðô øßôí ì Öðô¤øß ôÙ
ôÚøôðôßöôí ì ðøèôãôÚöíô ì ðøàIÛôîô ôÚøôðôàôËôí ì äôàø³ô ôÚôß Iâðõì÷àß@>Öðô£õôËð÷´ßôí ì Öðô£
ãôí ì ø®ðI§ô ãôí ì õøãIªô× ðã òßø®ðöÔøÏÓ ðøäôÛ£ôÚøôðôßöôí ì øäô»§ôÚðöôí ì ðøôçô ôðøçô@>ðøçô ÷ûö ôêðö û ì ®K§ôðõäßôøçôôí õáKªðôØõäßôøçô@> øèðôàøËô ãôí ì øô®ðø³ô ðøçô ÷ûö ôêðö û òìðßö
$OODKXPPDODNDO KDPGDQWDQRRUXV VDPDZDWLZDODUGLZDPDQIHHKLQZDODNDO KDPG DQWDTD\\LPXV VDPDZDWLZDODU GLZDPDQIHHKLQ >ZDODNDOKDPG DQWDUDEEXV VDPDZDWL ZDODUGLZDPDQIHHKLQ @>ZDODNDOKDPGODNDPXONXV VDPDZDWLZDODU GLZDPDQIHHKLQ @ >ZDODNDOKDPG DQWD PDOLNXV VDPDZDWL ZDODU G@ >ZDODNDOKDPG@ >DQWDOKDT ZDZD$$GXNDO KDT ZDTDZOXNDO KDT ZDOLT DRNDOKDTZDOMDQQDWX KDTZDQQ DUX KDT ZDQQDEL\\RRQD KDT ZD 0X KDPPDGXQ U KDT ZDVV D$$DWX KDT@ >DOODKXPPD ODND DVODPWZD$$DOD\NDWDZDNNDOWZDELND DPDQWZD LOD\NDDQDEWZDELNDNK DVDPWZD LOD\ND KDNDPWIDJKILUOHHP D TDGGDPWZDP D DNKNKDUWZDP D DVUDUWZDP D D$$ODQW @ >DQWDOPXTDGGLPZD DQWDOPXDNKNKLUO D LODKDLOOD DQW@>DQWDLODKHHOD LODKDLOOD DQW µ2 $OODK WR
6XEKDQDUDEEL\DO $$DWKHHP WKUHHWLPHV µ+RZSHUIHFWP\/RUGLV7KH6XSUHPH ¶WKUHHWLPHV üý
ñü âôðÈôÌøß ôòðKô ôå¤ðøõ³
òßø®ðöÔøÏIâðõì÷àß ì Ùöªøäðô¤öíô èðIô Iâðõì÷àß ôÚôç¤ðøõ³
6XEKDQDNDOODKXPPDUDEEDQ D ZDELKDPGLNDOO DKXPPDJK ILUOHH µ+RZSHUIHFW
¡íJ®ðßôí öðôÜöüäßJô ì ±íø÷ªðõ× ò¡î÷ðõ³
6XEERR KXQTXGGRRVUDEEXO PDODLNDWLZDUURR K µ3HUIHFWDQG+RO\ +HLV /RUGRIWKHDQJOHVDQGWKH 5RRK LH-LEUDHHO ¶
üÿ
ì ñ®ðô¼ôíô ì òÌðøäô³ ôÚôß ôÊðô¸ô§ ì øäðôàø³ô ôÚôßí ì øèðôã ôÚöíô õøÌðôÛô ôÚôß Iâðõì÷àß òãôª×ô öêö IÞðôØô³ãôí ì òðô¼ôËíô ì òðäøÈôËôí ì òðK¨õãôí $OODKXPPDODNDUDND$$WZDELND DPDQWZDODNDDVODPWNKDVKD$$DODNDVDP$$HH ZDEDVDUHHZDPXNKNKHHZD$$D WKPHHZD$$D VDEHHZDPDV WDTDOODELKLTDGDPHH µ2 $OODK XQWR
êôäðôÈôÌøßôí ì ïóö®ðøöÜßôí ì îÜðôàôäßíì í®ðôô øß ñ«ôå¤ðøõ³
6XEKDQDWKLOMDEDURRWZDOPDODNRRWZDONLEUL\ DZDO$$D WKDPDK µ+RZ SHUIHFW +H LV 7KH 3RVVHVVRU RI WRWDO SRZHU VRYHUHLJQW\ PDJQLILFHQFH DQG JUDQGHXU ¶ ú8SRQULVLQJIURPWKHERZLQJSRVLVLRQ ü 6DPL$$DO ODKXOLPDQ KDPLGDK µ0D\$OODKDQVZHUKHZKRSUDLVHV+LP ¶ 7KLVVXSSOLFDWLRQLVWREHPDGH ZKLOH ULVLQJ ü
éôªðöäô£ øæðôäöß õôÊðöäô³
êôÓñÛôðõã ñðKôôà ñ®ôðôÛ ñªðøäô£ õªðøäô¤ßôÚôßôí ðèIô
5DEEDQD ZDODNDO KDPGXKDPGDQNDWKHHUDQ WD\\LEDQPXE DUDNDQIHHK µ2XU/RUGIRU
ôÞðëô øªðøÌô óïòô· øæöã ôðøö· ãôïøÞöãôí ì ðäõìôèðøôô ãôí ì ½øô÷ôïøÞöãôí öîðäI´ßôïøÞöã ì øôðôÄøËô äöß ôÊöçãû Iâðõì÷àß øªðôË ôÚôß èðJàõÛôí ì ªðøôÌßôÝ×ãJÖðô£ô ì øªð ôäßôí öïèðIß ªðô ßôÚðøèöã Kªðô ß«õÊðôÔøèôó ûôí ì øÌðôèôã äöß ôòðöÄøÌõã ûôí
0LODVVDPDZDWL ZDPLO DODUG ZDPD ED\QDKXP D ZDPLOD PD VKLWD PLQ VKD\ LQ ED$$G DKODWK WKDQDL ZDOPDMG D KDTTX PD TDODO$$DEG ZDNXOOXQ D ODND $$DEG $OODKXPPD O D PDQL$$D OLP D D$$WD\W ZDOD PX$$WL\D OLPD PDQD$$W ZDO D \DQID$$X WKDOMDGGLPLQNDO MDG µ7KHKHDYHQVDQGWKH(DUWKDQGDOOEHWZHHQWKHPDERXQGZLWK
úù
ñü ððàøËô÷ôòðKô ôå¤ðøõ³
6XEKDQDUDEEL\DO D$$ODWKUHHWLPHV µ+RZSHUIHFWP\/RUGLV7KH0RVW+LJK ¶WKUHHWLPHV ýû
òßø®öÔøÏIâðõì÷àß ì ôÙöªäø ðô¤öíô èðIô Iâðõì÷àß ôÚôç¤ðøõ³
6XEKDQDNDOODKXPPDUDEEDQ D ZDELKDPGLNDOO DKXPPDJK ILUOHH µ+RZSHUIHFW
¡íJ®ðßôí öðôÜöüäßJô ì±í÷ªðõ× ò¡î÷ðõ³
6XEERKRRQTXGGRVUDEEXO PDODLNDWLZDUURR K µ3HUIHFWDQG+RO\ +HLV /RUGRIWKHDQJOHVDQGWKH 5RRK LH-LEUDHHO ¶ ýý
õéôîI ðô»ôí õêðôØôàô§ ñ¬ðIàßòðìøôí ôªðô ô³ ì øäðôàø³ô ôÚôßôí ì ðøèôãôÚðöôí õøªô ðô³ ôÚôß Iâðõì÷àß æðôØößð¨ßõæð´ø£ô õôÙôðô ì éô®ðô¼ôíô õêðôÌðøäô³ IÖô·íô
$OODKXPPD ODND VDMDGW ZDELND DPDQW ZDODND DVODPW VDMDGD ZDMKHH OLOOD WKHH NKDODTDKX ZD VDZZDUDKX ZDVKDTTD VDP$$DKX ZDED VDUDKX WDE DUDNDOODKX DKVDQXO NKDOLTHHQ µ2$OODKXQWR
êðôäôÈôÌßôí ì ïóö®ðøöÜßíì îðÜôàôäßíì í®ðôô øß ñ«ôå¤ðøõ³
6XEKDQDWKLOMDEDURRWZDOPDODNRRWZDONLEUL\ DZDO$$D WKDPDK µ+RZ SHUIHFW +H LV 7KH 3RVVHVVRU RI WRWDO SRZHU VRYHUHLJQW\ PDJQLILFHQFH DQG JUDQGHXU ¶ ýÿ
éI®ðö³ôí õêðôIôöçüôËíô éô®ðö§ôí õêðôßIíôôí ì êðIàöíô õêðI×ö© ì êðIàõÛ òðøçô« òßø®ðöÔøÏIâðõì÷àß
$OODKXPPDJK ILUOHH WKDQEHHNXOODKGLTTDKXZDMLOODKZD DZZDODKXZD DNKLUDKZD $$DODQL\\DWDKXZD VLUUDK µ2$OODKIRUJLYHPHDOORIP\VLQVWKHVPDOODQGJUHDWRIWKHPWKHILUVWDQGODVWRI WKHPDQGW KHVHHQDQGKLGGHQRIWKHP ¶ ý
ôÚö õ«îðËôôí ì ÚöðôîØõË øæöã ôÚðöÓðÌäöíô ì ÚðöÄô¨ô³ øæöã ôÙð¿ö®ö õ«îðËô òðKçö Iâðõì÷àß Úöð´øÔôç ððàôË ôøôðôèøô ðäôÛ ôðøçô ì ÚøôðôàôË ñïðèô òð¼ø£õ û ì Úðøèöã
$OODKXPPD LQQHH D$$RR WKX ELULGDND PLQ VD NKDWLN ZD ELPX$$ DIDWLND PLQ $$XTRREDWLN ZD D$$RR WKX ELND PLQN O D RKVHH WKDQ DDQ $$DOD\N DQWD NDP D DWKQD\WD$$DO D QDIVLN µ2$OODK,WDNHUHIXJHZLWKLQ
ý 5DEELJKILUOHHUDEELJK ILUOHH µ0\/RUGIRUJLYHPH0\/RUGIRUJLYHPH ¶
òßø®ðöÔøÏKô ì òßø®ðöÔøÏKô
ý
òèðøÌôÓøôí òðèø×õ¯øôí òðèöÓËôí ì òðçø®õøôí ì òðçöªøëôí ì òèðøäô£ø ôí ì òßø®ðöÔøÏIâðõì÷àß $OODKXPPDJK ILU OHH ZDU KDPQHH ZDKGLQHH ZDMEXUQHH ZD$$ DILQHH ZDU]XTQHH ZDUID$$QHH µ2$OODKIRUJLYHPHKDYHPHUF\XSRQPHJXLGHPHHQULFKPHJLYHPHKHDOWKJUDQW PHVXVWHQDQFHDQGUDLVHP\UDQN ¶ ûú6XSSOLFDWLRQZKHQSURVWUDWLQJGXHWRUHFLWDWLRQRIWKH4XUDQ þù ôÙôðô öêöIîðõ×ôí öêðößøîðô¤ö õéô®ðô¼ôíô õêðôÌðøäô³ IÖô·íô õéôîI ðô»ôí õêðôØôàô§ ñ¬ðIàßòðìøôí
ôªðô ô³ æðôØößð¨ßõæðô´ø£ô õ
6DMDGD ZDMKHH OLOOD WKHH NKDODTDKX ZDVKDTTD VDP$$DKX ZDED VDUDKX EL KDZOLKL ZDTXZZDWLK^WDE DUDND$OO DKXDKVDQXDONK DOLTHHQ` µ0\ IDFH IHOO SURVWUDWH EHIRUH +H ZKR FUHDWHG LW DQG EURXJKW IRUWK LWV IDFXOWLHV RI KHDULQJ DQG VHHLQJ E\ +LV PLJKW DQG SRZHU 6R %OHVVHG LV $OO DK WKH EHVW RI FUHDWRUV !!¶ þú
ôÙôªðøèöË òßìàðôÌøôí ì ñø¯öí ðìö òðKèôË øÊðô¿ôí ì ñ®ðøô ôÙôªðøèöË ðìö òßøðõøÛIâðõì÷àß ©í©ôÙöªðøôË øæöã ìðôøàIôØô ðäôÛ òðKèöã ìàðIôØôíô ì ñ®ðø§õ«
$OODKXPPDN WXEOHHELK D $$LQGDNDDMU DZDGD$$$$DQQHHELK D ZL]UDZDM$$DOK D OHH $$LQGDND WKXNKUD ZDWDTDEEDOK D PLQQHH NDP D WDTDEEDOWDK D PLQ $$DEGLND 'DZRRG µ2 $OODK UHFRUG IRU PH D UHZDUG IRU WKLV SURVWUDWLRQ DQG UHPRYH IURP PH D VLQ 6DYHLWIRUPHDQGDFFHSWLWIURPPHMXVWDV
ö õðôäø£ôôí ò J ðöIèß ðìJóô ôÚðôôàôË õáüI´ß ì ðKôIÄßí õîðôàI¼ßôí ö õð÷ôö¤I ß ì ÷ûö ôêðßö û å ø ô õªôìðø·ô æôð¤ößðI¼ß ôÙ ö©ðöË ððàôËôí èðøôôàôË õáüI´ß ì êõðÛô®ôíô êõßîð³ôôí õéõªðøôË ñªð÷äô¤õã Iåô õªôìðø·ôôí
$WWDKL\\DWX OLOODKL ZDVVDODZDWX ZDWWD\\LEDW DVVDODPX $$DOD\ND D\\XKDQ QDEL\\X ZDUDKPDWXOODKLZDEDUDN DWXKDVVDO DPX$$DOD\Q D ZD$$DO D $$LEDGLOODKLVVDOLKHHQ $VKKDGXDQO D LODKDLOODOODKZDDVKKDGXDQQD0X KDPPDGDQ$$DEGXKXZDUDVRROXK µ$WWDKL\\DWLVIRU$OO DK$OODFWVRIZRUVKLSDQGJRRGGHHGVDUHIRU+LP 3HDFHDQG WKHPHUF\DQGEOHVVLQJVRI$OO DKEHXSRQ\RX23URSKHW 3HDFHEHXSRQXVDQGDOORI $OODK¶V ULJKWHRXV VHUYDQWV , EHDU ZLWQHVV WKDW QRQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW$OODKDQG,EHDUZLWQHVVWKDW0X KDPPDGLV+LVVODYHDQG0HVVHQJHU ¶ úû
$WWDKL\\DWDOOZRUGVZKLFKLQGLFDWHWKHJORULILFDWLRQRI$OO DK+LVHWHUQDOH[LVWHQFH +LVSHUIHFWLRQDQG+LVVRYHUHLJQW\ ûü3UD\HUVXSRQWKH3URSKHWU U DIWHUWKHWDVKDKKXG þü
öÝ ððàôËôí ôâôðë®øððàôË ôðôIàô» ðäôÛ ìªIä¤õã öÝ ððàôËôí ìªðIä¤õã ððàôË KÞô» Iâðõì÷àß ðäôÛ ìªðIä¤õã öÝ ððàôËôí ìªðIä¤õã ððàôË øÙö Iâðõì÷àß ì ªôð ôã òªôðäô£ ôÚçI ö ìâôðë®ø ªôð ôã òªôðäô£ ôÚçI ö ìâôë®øöÝððàôËôí ôâôðë®øððàôË ôøÛö
$OODKXPPD VDOOL$$DO D 0XKDPPDGZD $$DOD DOL0XKDPPDGNDP D VDOOD\WD$$DO D ,EUDKHHPD ZD $$DOD DOL ,EUDKHHP LQQDND +DPHHGXQ 0DMHHG DOO DKXPPD E DULN $$DOD 0XKDPPDGZD $$DOD DOL0XKDPPDGNDP D EDUDNWD$$DO D ,EUDKHHPDZD $$DOD DOL,EUDKHHPLQ QDND+DPHHGXQ0DMHHG µ2$OODKVHQGSUD\HUVXSRQ0X KDPPDGDQGWKHIROORZHUVRI0X KDPPDGMXVWDV
âôðë®øöÝððàôË ôðøôIàô» ðäôÛ ìêöðIóKõ«ôí öêðöíø¯ôððàôËôí óªðIä¤õã ððàôË KÞô» Iâðõì÷àß ôÚçI ö âôðë®øöÝððàôË ôøÛöðäôÛ ìêöðIóKõ«ôí öêðöíø¯ôððàôËôí óªðIä¤õã ððàôË øÙöôí ªôð ôã òªôðäô£
$OODKXPPD VDOOL$$DO D 0XKDPPDGZD $$DOD D]ZDMLKLZD WKXUUL\\DWLKLNDP D VDOOD\WD $$DOD DOL,EUDKHHP ZDEDULN$$DO D 0XKDPPDGZD $$DOD D]ZDMLKLZD WKXUUL\\DWLK NDPD EDUDNWD$$DO D DOL,EUDKHHPLQQDND +DPHHGXQ0DMHHG µ2 $OODK VHQG SUD\HUV XSRQ 0X KDPPDG DQG XSRQ WKH ZLYHV DQG GHVFHQGDQWV RI 0XKDPPDGMXVWDV
ôðø¤ôäß öôèðøöÓ øæðöãôí ìâIèðôìô ö¬ôË øæðöãôí ì®øðôØß ö¬ôË æ ø ðöã ôÚö õ«îðËô òðKçö Iâðõì÷àß Ý÷Iªßö¢ô´ôäß öôèðøöÓ K®ðô· øæðöãôí ìðäôäßôí
$OODKXPPD LQQHH D$$RR WKX ELND PLQ $$D WKDELOTDEU ZDPLQ $$D WKDEL MDKDQQDP ZDPLQILWQDW LOPDK\D ZDOPDP DWZDPLQVKDULILWQDWLO PDVHH KLGGDMMDO µ2$OODK,WDNHUHIXJHLQ
KLP +H ZLOO DSSHDU IURP $VEDKDQ ,UDQ DW WKHWLPHZKHQWKH0XVOLPVZLOOFRQTXHU &RQVWDQWLQRSOH +H ZLOOEHJLYHQVSHFLDOSRZHUVDQGZLOOPDNHWKHWUXWKVHHPIDOVH DQGYLFHYHUVD +HZLOOFODLPWREHULJKWHRXVDQGWKHQKHZLOOFODLPSURSKHWKRRGDQG ILQDOO\GLYLQLW\ )URPKLVIHDWXUHVLVWKDWKHZLOOEHEOLQGLQKLVULJKWH\HZKLFKLVD GHILQLWHSURRIWKDWFRQWUDGLFWVKLVFODLPWREH$OO DKDVLWLVDVLJQRILPSHUIHFWLRQ 7KH ZRUG .DILUZLOOEHZULWWHQEHWZHHQKLVH\HVZKLFKHYHU\EHOLHYHUOLWHUDWHRULOOLWHUDWH ZLOOUHFRJQLVH þÿ
ì Ýð÷Iªßö¢ô´ôäß öôèðøöÓ øæðöã ôÚö õ«îðËôôí ì ®øðôØßö¬ôË øæðöã ôÚö õ«îðËô òðKçö Iâðõì÷àß áô®ðøÐôäßôí öâðôøôäßôæãö ôÚö õ«îðËô òðKçö Iâðõì÷àß ðäôäßôí ôðø¤ôäß öôèðøöÓ øæðöã ôÚö õ«îðËôôí
$OODKXPPD LQQHH D$$RR WKX ELND PLQ $$D WKDELOTDEU ZD D$$RR WKX ELND PLQ ILWQDWLOPDVHH KLGGDMMDOZDD$$RR WKXELNDPLQILWQDWLO PDK\D ZDOPDP DW$OODKXPPD LQQHHD$$RR WKXELNDPLQDO PDWKDPLZDOPDJKUDP µ2$OODK,WDNHUHIXJHLQ
òß ®öÔðøÏôÓ ì øçô ÷ûö ôîðçJ¬ß õ®öÔðøÐôó ûôí ñ®ôðôÛ ñðäøàõÇ òð´øÔôç õøäðôàôÇ òðKçö Iâðõì÷àß âôð£I®ßõîÔðôÐßôøçô ôÚçI ö ìòèðøäô£ø ôí ÙöªðøèöË øæöã ñô®öÔðøÐôã
$OODKXPPD LQQHH WKDODPWX QDIVHH WKXOPDQ NDWKHHUDQ ZDO D \DJKILUX WKWKXQRRED LOOD DQW IDJKILU OHH PDJKILUDWDQ PLQ $$LQGLN ZDU KDPQHH LQQDND DQWDO *KDIRRUXU 5DKHHP µ2 $OODK , KDYH LQGHHG RSSUHVVHG P\ VRXO H[FHVVLYHO\ DQG QRQH FDQ IRUJLYH VLQ H[FHSW
ì øÓô®ðø³ô ãôí ì øèðôàøËô ãôí õøô®ðø³ô ãôí ì ø®I§ô ãôí õðøãIªô× ãòßø®öÔðøÏIâðõì÷àß ðøçô ÷ûö ôêßö û õ®ðK§ôðõäßôøçôôí ìõáKªðôØõäßôøçô òKèöã öêö õâôàðøËô ôøçô ãôí
$OODKXPPDJK ILU OHH PD TDGGDPWX ZDP D DNKNKDU W ZDPD DVUDUWX ZDP D D$$ODQW ZDPD DVUDIWW ZDP D DQWD D$$ODPX ELKL PLQQHH DQWDO PXTDGGLPX ZD DQWDOPX DNKNKLUXO D LODKDLOOD DQW µ2 $OODK IRUJLYH PHIRUWKRVHVLQVZKLFKKDYHFRPHWRSDVVDVZHOODVWKRVHZKLFK VKDOOFRPHWRSDVVDQGWKRVH,KDYHFRPPL WWHGLQVHFUHWDVZHOODVWKRVH,KDYHPDGH SXEOLFDQGZKHUH,KDYHH[FHHGHGDOOERXQGVDVZHOODVWKRVHWKLQJVDERXWZKLFK
þ
Úðöô©ðöË öæðø´õ£ôí ì Ùö®ðøÜõ·ôí ôÙö®ðøÛö« ððàôË òKèðöËô Iâðõì÷àß
$OODKXPPDD$$LQQHH$$DO D WKLNULNZDVKXNULNZD KXVQL$$LE DGDWLN µ2$OODKKHOSPHWRUHPHPEHU
ðßö I©ôõ øåô øæöã ôÚö õ«îËôôí ìæøðõ ßôæãö ôÚö õ«îËôôí ìÞðø¨õß ôæãö ôÚö õ«îËô òðKçö Iâðõì÷àß ®øðôØßö¬ðôËôí ôðøçJªßöðôèøöÓ øæöã ôÚö õ«îËôôôí ì®õäõÌðß öÝô«øô
$OODKXPPD LQQHH D$$RR WKX ELND PLQDO EXNKO ZD D$$RR WKX ELND PLQDO MXEQ ZD D$$RR WKXELNDPLQDQRUDGGDLO D DUWKDOLO $$XPXUZD D$$RR WKXELNDPLQILWQDWLG GXQ\D ZD$$D WKDELOTDEU µ2$OODK,WDNHUHIXJHLQ
÷èðß ôæðöã ôÚðö õ«îËôôíôèI ðô ßôÚðõßôø³ô òðKçö Iâðõì÷àß
$OODKXPPDLQQHHDV DOXNDOMDQQDKZD D$$RR WKXELNDPLQDQ QDU µ2$OODK,DVN
¶
ÿû
ìòðß ñ®øôðô§ ôôð¤ß ôøäðöàôË ã òèöôðø£ô öÖàô¨ßø ððàôË ôÚðöôøªðõ×ôí öøôðôÐß ôÚöäðøàöÌö Iâðõì÷àß öøôðôÐß òÓ ôÚðôô ¸ ø ô§ ôÚðõßôðø³ô òðKçö Iâðõì÷àß ìòðß ñ®øôðô§ ôðÓôîß ôøäðöàôË «ö òèðIÓôîô ôí ððèöÐßòÓôª¼ ø ôØßôÚðõßôðø³ôôí ìðôÀôÐßôí ð¿K®ßòÓKÖðô¤ßôðôäöàôÛ ôÚðõßôðø³ôôí ìöô©ðìI¸ßôí ð¿K®ßôÚðõßôðø³ôôí øÊöÄôØðøèô û óæðøôôË ôI®ðõ× ôÚðõßôðø³ôôí ìªðôÔøèôó û ñäôðÌôç ôÚðõßôðø³ôôí ì®ðøØôÔßôí ôÚöìðøôí ððßö ö®ðôÈIèßôI¬ðôß ôÚðõßôðø³ôôí ìøîðôäøß ôªðøÌô ö¶ôø ðôÌøß ô©ø®ðñ ôÚðõßôðø³ôôí ìïðÀôØßôªðøÌô ÷èðKóô¯ Iâðõì÷àß ìIàðÀõã óôèðøöÓ ûôí ìI®ðöÀõã ôï÷®ðô¿ ö®ôðôÏ òÓ ìÚðöðØöß ððßö ôÕøîðI¸ßôí æóªôðøìõã ñªðõë èàôÌðøôí ìåäðóùöðôèó°ö
$OODKXPPD EL$$LOPLNDO JKD\E ZDTXGUDWLND $$DODO NKDOT D K\LQHH PD $$DOLPWDO KD\DWD NKD\UDQ OHH ZDWDZDIIDQHH L WKD $$DOLPWDO ZDIDWD NKD\UDQ OHH DOO DKXPPD LQQHHDV DOXNDNKDVK\DWDNDILO JKD\ELZDVKVKDK DGDKZD DVDOXNDNDOLPDWDO KDTTLILU ULGD ZDOJKD GDE ZD DVDOXNDOTDVGD ILOJKLQD ZDOIDTU ZD DVDOXND QD$$HHPDQ O D \DQIDGZD DVDOXNDTXUUDWD$$D\QLQO D WDQTD WL$$ZD DVDOXNDUULGD ED$$GDO TDGD ZDDVDOXND EDUGDO $$D\VKL ED$$GDO PDZW ZD DVDOXND OD WKWKDWDQQDWKDUL LOD ZDMKLN ZDVKVKDZTD LO D OLTDLN IHH JKD\UL GDUUDD PXGLUUDK ZDO D ILWQDWLQ PX GLOODK DOODKXPPD]D\\LQQ D EL]HHQ DWLOHHPDQZDM$$DOQ D KXGDWDQPXKWDGHHQ µ2$OODKE\
øâôßôí ìøªôßîóøâôßôí øªðöàôó øâðôß ñ¬ðIßõªôäðI¼ßì ªðô£ô÷õªðö£îßôÚðIçôö õóôÚðõßôø³ô òðKçö Iâðõì÷àß âôðK£I®ßõîðÔôÐßôðøçô ôÚðIçö òîðçõ« òßø®öÔðøÐô øåô ì ªðô£ô ñîõÔðõÛ õêôß øæðÜôó
$OODKXPPD LQQHH DV DOXND \ D $OODK ELDQQDNDOZDKLGXODKDGXVVDPDG DOOD WKHH ODP \DOLG ZDODP \RRODG ZDODP \DNXQ ODKX NXIXZDQ D KDG DQ WDJKILUD OHH WKXQRREHH LQQDNDDQWDO *KDIRRUXU 5DKHHP µ2$OODK,DVN
óõåð÷èôäßôÚðôß ôÚó®ðô· û ôÙôªðø£ôí ôðøçô ÷ûö ôêðßö û õªøäðô¤øß ôÚôß Iåôö ôÚðõßôø³ô òðKçö Iâðõì÷àß ôèI ðô ßôÚðõßôø³ô òðKçö õáî÷ôðô× óJòðô£ óìá®ðøÛöùôí öÝüô ß«óö½øô÷ôí öîäI´ßôÊðóªô ÷èðß ôæãö ôÚðö õ«îðËôôí
$OODKXPPD LQQHH DV DOXND ELDQQD ODNDO KDPG OD LODKD LOOD DQW ZD KGDND OD VKDUHHND ODNDOPDQQ DQ\D EDGHH$$DV VDPDZDWLZDODUG\D WKDOMDODOLZDOLNUDP\D KD\\X\D TD\\RRPLQQHHDV DOXNDOMDQQDKZD D$$RR WKXELNDPLQDQ QDU µ2 $OODK , DVN
ñ¬ðIßõªôäðI¼ßõªðô£ô÷ì ðøçô ÷ûö ôêðßö û õôðøçôÚðIçô õªôìðø·ô òðIçôö ôÚðõßôø³ô òðKçö Iâðõì÷àß ªðô£ô ñîõÔðõÛ õêôß øæðÜôó øâôßôí ì øªðôßîóøâôßôí øªðöàôó øâðôß
$OODKXPPD LQQH DV DOXND ELDQQHH DVKKDGX DQQDND DQWDO ODK OD LODKD LOOD DQW DO DKDGXVVDPDGDOOD WKHHODP\DOLGZDODP\RRODGZDODP\DNXQODKXNXIXZDQD KDG µ2 $OODK , DVN
ñüô õ®öÔøÐôðø³ô á®ðøÛöùôí öÝüðô ß«óôøÛôô ì áüI´ßôÚøèðöãôí ì õáüI´ßôðøçô Iâðõì÷àß
$VWDJKILUXO ODKWKUHHWLPHV $OODKXPPDDQWDV VDODPZDPLQNDV VDODPWDEDUDNWD\D WKDOMDODOLZDOLNUDP úÿ
µ,DVN$OO DKIRUIRUJLYHQH VV¶ WKUHHWLPHV µ2$OODK
ì®óªô× óïòô· ÷ÞÛðàËôîëíìªøäô¤ß õêßíõÚøàðõäßõêßìõêßôÚó®·û õéôª£í õê÷àß ÷û ôêß û ªðô ßôÚðøèöã Kªðô ß«õÊðôÔøèôó ûôí ìøÌðôèôã äöß ôòðöÄøÌõã ûôí ìøôðôÄøËô äöß ôÊöçãû Iâðõì÷àß
/D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOL VKD\LQ TDGHHU DOO DKXPPD OD PDQL$$D OLP D D$$WD\W ZDOD PX$$WL\D OLPD PDQD$$WZDO D \DQID$$X WKDOMDGGLPLQNDO MDG µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW 2$OODK QRQH FDQ SUHYHQW ZKDW
û ì®óª×óïò·÷ÞÛðàËôîëíìªäô¤ßõêßíõÚàäßõêßìõêßôÚó®·û õéôª£í ìê÷àß ÷ûôêßû õêôßôí ÞøÀôÔßõêôßôí õôäðøÌKèßõêôß ìéð÷ó÷ûö õªðõðøÌôç ûôí ìêð÷àß ÷ûôêßû ìöö ÷ûö ôIîð× ûôí ôÝøîðô£ åí®öÓðÜßôéö®ðôÛ øîôßôí ôæóKªßõêðôß ôæôð¼öàø¨ãõê÷àß ÷ûôêßû ìæô´ðô¤ßõïèðIß
/D LODKD LOODOODK ZDKGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOL VKD\LQ TDGHHU OD KDZOD ZDO D TXZZDWD LOO D ELOODK OD LODKDLOODOODKZDOD QD$$EXGXLOO D L\\DKODKXQ QL$$PD WXZDODKXO IDGOZDODKXWK WKDQDRO KDVDQOD LODKD LOODOODKPXNKOL VHHQDODKXG GHHQZDODZNDULKDO NDILURRQ µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJV DOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLS RWHQW 7KHUHLVQR PLJKWQRUSRZHUH[FHSWZLWK$OO DKQRQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DK DQG ZHZRUVKLSQRQHH[FHSW+LP )RU+LPLVDOOIDYRXUJUDFHDQGJORULRXVSUDLVH 1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DQG ZH DUH VLQFHUH LQ IDLWK DQG GHYRWLRQWR+LPDOWKRXJKWKHGLVEHOLHYHUVGHWHVWLW ¶ ÿ
æôüíñü ®ôðøÛõíì õªðøäô¤ßíìöôå¤øðõ³ ®óªðô× óïòô· ÷ÞõÛ ðàËôîëõ íìªøäô¤ßõêßíõÚàäßõêßìõêßôÚó®·û õéôªðø£ôí õê÷àß ÷ûôêßû
6XEKDQDOODKZDOKDPGXOLOODKZDOODKXDNEDU WKLUW\WKUHHWLPHV /D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\LQTDGHHU µ+RZSHUIHFW$OO DKLVDOOSUDLVHLVIRU$OO DKDQG$OO DKLVWKHJUHDWHVW ¶ WKLUW\WKUHHWLPHV
µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶
ù 7KHIROORZLQJWKUHHFKDSWHUVVKRXOGEHUHFLWHGRQFHDIWHU 7KXKU$$DVUDQG$$LVKD SUD\HUVDQGWKULFHDIWHU)DMUDQG0DJKULE > ø¹üðø§öù @ « òªðô£ô õôîðõë øÞðõ× ú
^4XOKXZD$OO DKXDKDG«` >$O,NKODV@
> øÖðôàôÔß @«öÖðôàôÔßKô®ö õ«îðËô øÞðõ×
^4XOD$$RR WKXELUDEELDOIDODT «` >$O)DODT@
> ±÷èðß @«ö±ð÷èß Kô®ö õ«îðËô øÞðõ×
^4XOD$$RR WKXELUDEELD OQQDV«` >$Q1DV@
ú ,WLVDOVRIURPWKHVXQQDKWRUHFLWHWKHYHUVHRIWKH)RRWVWRRO $\DW$O.XUVL\ DIWHU HDFKSUD\HU « òáøîðôç ûôí òðôèö³ õéõ¬ðõ§øô û õáîð÷ôôØßJòô¤ðß ôîðõë ÷ûôêßû õê÷àß ^$OODKXOD LODKDLOOD KXZDDO KD\\XDOTD\\RRPXO D WDNKXWKXKXVLQDWXQZDO D QDZP «` >$O%DTDUDKûþþ@
û
÷ÞõÛ ðàËôîëõ íõôðäõóôí òðô¤õó ìªøäô¤ßõêßíõÚàõäßõêßìõêßôÚó®·û õéôªðø£íõê÷àß ÷ûôêßû ¢øð÷¼ßôí ö®øÐôäßôªÌø ô ÷®ôã ®ø¸ôË ®óª×óïò·
/D LODKD LOODOODKX ZDKGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG \X K\HH ZD\XPHHWZDKXZD$$DO D NXOOLVKD\LQTDGHHU WHQWLPHVDIWHUWKHPDJKULE IDMUSUD\HUV µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJV DOO VRYHUHLJQW\ DQ GSUDLVH+HJLYHVOLIHDQGFDXVHVGHDWKDQG+HLVRYHUDOO WKLQJVRPQLSRWHQW ¶ WHQWLPHVDIWHUWKHPDJKULEDQGIDMUSUD\HUV
ü
öüô» æãöáü÷´ßªøÌô ñüIðôØôõã ñüðôäôËíô ì ñðKôôà ñð×ø¯öôí ñðÌöÓçñðäøàöË ôÚðõßôø³ô òðKçö Iâðõì÷àß ®ø ôÔß $OODKXPPDLQQHHDV DOXND$$LOPDQQ DIL$$DQZDUL]TDQ WD\\LEDQZD$$DPDODQ PXWDTDEEDODQ DIWHUVDODPIURPIDMUSUD\HU µ2 $OODK,DVN
ûÿ 6XSSOLFDWLRQ IRU VHHNLQJ JXLGDQFH LQ IRUPLQJ D GHFLVLRQ RU FKRRVLQJ WKH SURSHUFRXUVH«HWF$O,VWLNKDUDK ý 2QWKHDXWKRULW\RI- DELU,EQ$$DEGXOODKWKHVDLG¶7KH3URSKHWU ZRXOGLQVWUXFW XVWRSUD\IRUJXLGDQFHLQDOORIRXUFRQFHUQVMXVWDVKHZRXOGWHDFKXVDFKDSWHU IURPWKH4XUDQ+HU ZRXOGVD\ ¶ ,IDQ\RI\RXLQWHQGVWRXQGHUWDNHDPDWWHUWKHQ OHW KLP SUD\ WZR VXSHUHURJDWRU\ XQLWV WZR UDN$$DK QDILODK RI SUD\HU DQG DIWHU ZKLFKKHVKRXOGVXSSOLFDWH
ìâôðÈôÌßôÚöàðøÀôÓ øæöã ôÚðõßðø³ôôí ìÚðöôøªðõØö ôÙõöªðøØôø³ôí ìÚöäðøöÌö ôÙõ®ðô¨ôø³ô òðKçö Iâðõì÷àß õâôàðøÌô ôðøèõÛ øåö Iâðõì÷àß ìîôðõÐßõá÷üôË ôðøçôôí ìâðôàøËô ûôí õâðôàøÌðôôí ìöªðø×ô ûôí õöªðøØô ôÚðIçöôÓ ìñ®ðøãô öôðö×Ëôí ò·ðÌôãôí òðèó© òÓ òß ò®øôðô§ êðôô£ òKäðô´õóôí ô®ðøã÷ ¬ðë Iåô òÓòß ò®ðô· ô®ðøã÷¬ðë Iåô õâôàðøÌô ôðøèõÛ øåöôí ìêðôÓòß øÙöIâð òßõéø®ðK´ôóíô òßõéøõªðø×ôÓ ú
õðøôô£ ô®øôðô¨ßòßøõªðø×ôí õêðøèôË òèøÓö®ø»ôí õêðøÓö®ø»ôÓ ìñ®ðøãô öôðö×Ëôí ò·ðÌôãôí òðèó© êðö òèðö¿øô Iâðõ ôåÛ
$OODKXPPD LQQHH DVWDNKHHUXND EL$$LOPLN ZD DVWDTGLUXND EL TXGUDWLN ZD DVDOXND PLQ ID GOLNDO$$DWKHHP ID LQQDND WDTGLUX ZDO D DTGLU ZDWD$$ODPX ZDO D D$$ODP ZDDQWD $$DOO DPXO JKX\RRE DOO DKXPPD LQ NXQWD WD$$ODPX DQQD K DWKDODPU VD\ \RXUQHHG NKD\UXQOHHIHHGHHQHHZDPD$$ DVKHHZD$$ DTLEDWLDPUHHIDTGXUKXOHH ZD\DVVLUKX OHH WKXPPD E DULN OHH IHHK ZD LQ NXQWD WD$$ODPX DQQD K DWKDODPU VKDUUXQ OHH IHH GHHQHH ZDPD$$ DVKHH ZD$$ DTLEDWL DPUHH ID VULIKX $$DQQHH ZDVULIQHH$$DQKZDTGXUOL\DO NKD\UD KD\WKXN DQWKXPPDDU GLQHHELK µ2$OODK,VHHN
û 5HPHPEUDQFHVDLGLQWKH PRUQLQJDQGHYHQLQJ DVVDEDK WUDQVODWHG PRUQLQJ DIWHU )DMU SUD\HU XQWLO WKH VXQ ULVHV DOPDVD WUDQVODWHG HYHQLQJ DIWHU $$ VU SUD\HU XQWLO WKH VXQVHWV KRZHYHU VRPH VFKRODUV VD\ DIWHUWKHVXQVHWVDQGRQZDUGV þ ,QWKHHYHQLQJ
êõ ßíõÚàðõäßõêßìõêßôÚó®ô· û õéôª£ôí õê÷àß ÷ûôêßû ì õªäô¤ßôí õÚàðäßðð´øãôôí èðøôô´øãô ãô®ôðô§ôí öôàøôðIàßöé¬ðë òÓãô®ôðô§ ôÚðõßôðø³Kô ì ®óª×óïòô· ÷ÞÛðàËôîëõ íìªðøäô¤ß öÞðô´ôÜøß ôæãö ôÚö«õ îðËô Kô ì ðëôªðøÌô ãK®ô·ôí öàøôðIàßöé¬ðë K®ðô· øæöã ôÚö õ«îðËôôí ì ðëôªðøÌô ®øðôØßòÓó¬ðôËôí öð÷èßòÓó¬ðôË øæöã ôÚö«õ îðËô Kô ì ®ôðöÜøß öïîð³ôí
$PVD\Q D ZDDPVDOPXONX OLOO DK ZDOKDPGX OLOO DK OD LODKD LOODOODK ZDKGDKX OD VKDUHHNDODKODKXO PXONXZDODKXO KDPGZDKXZD$$DO D NXOOLVKD\LQTDGHHUUDEELDV DOXNDNKD\UDP D IHHKDWKLKLOOD\ODKZDNKD\UDP D ED$$GDK DZDD$$RR WKXELNDPLQ VKDUUL K DWKLKLOOD\ODK ZDVKDUUL P D ED$$GDK D UDEEL D$$RR WKX ELND PLQDO NDVDO ZDVRRLONLEDUUDEELD$$RR WKXELNDPLQ$$D WKDELQ ILQQDUZD$$D WKDELQILOTDEU µ:H KDYH UHDFKHG WKH HYHQLQJ DQG DW WKLV YHU\ WLPH XQWR $OO DK EHORQJV DOO VRYHUHLJQW\ DQG DOO SUDLVHLVIRU$OO DK 1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW $OODKDORQHZLWKRXWSDUWQHUWR+LPEHORQJVDOOVRYHUHLJQW\DQ GSUDLVHDQG+HLVRYHU DOOWKLQJVRPQLSRWHQW 0\/RUG,DVN
IROORZVLW 0\/RUG,WDNHUHIXJHLQ
î¸ðKèß ôÚøôðôßöôí õîðäôç ôÚöíô ôðø¤ôç ôÚöíô ì èôðô´øãô ôÚöíô èø¤ôðø»ô ôÚö Iâðõì÷àß
$OODKXPPD ELND D VEDKQD ZDELND DPVD\Q D ZDELND QD K\D ZDELND QDPRRWX ZD LOD\NDQ QXVKRRU µ2 $OODK E\ \RXU OHDYH ZH KDYH UHDFKHG WKH PRUQLQJ DQG E\
ãôÙöªðøËôíôí ôÙöªðøìôË ððàôË çôôí ì ÙõªðøôË çôôí òðèôøØôàô§ ì ôøçô ÷ûôêßû òðKô ôøçô Iâðì÷àß òðøçô¬ö ïõ îðôôí IòðôàôË ôÚðöôäðøÌöèö ôÚðôß ïõ îðô ì øÌðôèô» ãK®ðô· øæöã ôÚö«õ îðËô ì ðøÌôÄðôø³ ôøçô ÷ûö ôîðçJ¬ßõ®öÔðøÐôó û õêðIçöôÓ òßø®öðÔøÏôÓ
$OODKXPPDDQWDUDEEHHO D LODKDLOOD DQWNKDODTWDQHHZD DQD $$DEGXNZD DQD $$DOD $$DKGLNDZDZD$$GLNDPDV WDWD$$WD$$RR WKXELNDPLQVKDUULP D VDQD$$WDERR R ODNDELQL$$PDWLND$$DOD\ZD DERRRELWKDQEHHIDJKILUOHHID LQQDKXO D \DJKILUX WK WKXQRREDLOO D DQW µ2 $OODK
ÚöØðøàô§ ôÊôðäôíô ì ÚöôÜöüôãôí ì Úðö·ø®ðôË ôðôàôäô£ õªöìðø·õôí ì Ùõªöìðø·ôõ õø¤ðôø»ô òðKçö Iâðõì÷àß Úðõßîð³ôôí ôÙõªðøôË ñªð÷äô¤õã õIåôôí ì Úðôß ôÚó®ô· û ôÙôªðø£ôí ôðøçô ÷ûôêßû õôðøçô ôÚðIçô ì ò´äóøí ¢öø¼óôæô£®ãÊ
$OODKXPPD LQQHH D VEDKWXRVKKLGXNZD RVKKLGX KDPDODWD$$DUVKLNZDPDO DLNDWDN ZDMDPHH$$DNKDOTLNDQQDNDDQWDO ODKXOD LODKDLOOD DQWZD KGDNDOD VKDUHHNDODNZD DQQD0XKDPPDGDQ$$DEGXNDZDUDVRROXN IRXUWLPHVLQWKHPRUQLQJ HYHQLQJ µ2 $OODK YHULO\ , KDYH UHDFKHG WKH PRUQLQJ DQG FDOO RQ
IRXUWLPHVLQWKHPRUQLQJDQGHYHQLQJ 1RWHIRUWKHHYHQLQJRQHUHDGV DPVD\WX LQVWHDGRI DVEDKWX
ì Úðôß ôÚó®·û ôÙôªðø£ôí ôÚøèðöäôÓ ì ÚöØðøàô§ øæðöã óªðô£ôö íô óôäðøÌöç øæðöã òô¢ôðôø»ô ãIâðõì÷àß ®ðøÜJ¸ßôÚðôßôí õªðøäô¤øß ôÚðôàôÓ
$OODKXPPD P D DVEDKD EHH PLQ QL$$PDWLQ DZ EL DKDGLQ PLQ NKDOTLN IDPLQND ZDKGDNDOD VKDUHHNDODNIDODNDO KDPGXZDODNDVK VKXNU µ2$OODKZKDWEOHVVLQJ,RUDQ\RI
û ì ñ®ðô¼ô òÓòèðöÓË Iâðõì÷àß ì òÌðøäô³ òÓòèðöÓËIâðõì÷àß ì òðçôªô òÓòèðöÓËIâðõì÷àß ñü ôðøçô ê÷àß ÷ûôêß ÷ûôêßû ì ®øðôØßö¬ôË øæöã ôÚö«õ îðËôôí ì ®øØðôÔßôí ì ®ÔðõÜøß ôæãö ôÚö«õ îðËô òð÷çö Iâðõì÷àß ñü ôðøçô
$OODKXPPD $$ DILQHH IHH EDGDQHH DOO DKXPPD $$ DILQHH IHH VDP$$HH DOO DKXPPD $$DILQHHIHHED VDUHHOD LODKDLOOD DQWWKUHHWLPHV $OODKXPPD LQQHH D$$RR WKX ELND PLQDO NXIU ZDOIDTU ZD D$$RR WKX ELND PLQ $$DWKDELOTDEUOD LODKDLOOD DQW WKUHHWLPHV µ2$OODKJUDQWP\ERG\KHDOWK2$OO DKJUDQWP\KHDULQJKHDOWK2$OO DKJUDQWP\ VLJKWKHDOWK 1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW
µ2 $OODK , WDNH UHIXJH ZLWK
ôæô£÷®ôã ʳ âôðÈôÌßöµø®ôÌßJô ôîëõ ôí õàðIÛôîô öêôðôàôË ôîëõ ÷ûôêßû õê÷àß ôòðöø´ô£ ò´äóôí ¢öø¼ó +DVEL\DOODKX OD LODKD LOOD KXZD $$DOD\KL WDZDNNDOW ZDKXZD UDEEXO $$DUVKLO $$DWKHHP VHYHQWLPHVPRUQLQJ HYHQLQJ µ$OODKLV6XIIL FLHQWIRUPHQRQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW+LPXSRQ+LP ,UHO\DQG+HLV/RUGRIWKHH[DOWHGWKURQH ¶ VHYHQWLPHVPRUQLQJDQGHYHQLQJ
û
ð´ã«ö ñü Öðôàô§ ãK®ðô· øæöã öð÷ãð÷ßöê÷àß öðäöàôÜöõ«îðËô
D$$RR WKXELNDOLP DWLOODKLWWDPPDWLPLQVKDUULP D NKDODT WKUHHWLPHVLQWKHHYHQLQJ µ,WDNHUHIXJHLQ$OO DK¶VSHUIHFWZRUGVIURPWKHHYLO+HKDVFUHDWHG ¶ WKUHHWLPHVLQWKHHYHQLQJ ü
ûú
ôîÔø ðôÌßôÚðõßôðø³òðKçö Iâðõì÷àß ì ô®ðö§õôí ôðøçJªßòÓôôðöÓðÌßôí ôîÔø ðôÌßôÚðõßôðø³òðKçö Iâðõì÷àß òðËøíô øæðöãôí òøîðË ø®ðõø³Iâðõì÷àß ì òðßãôí òàðøëôí ôñôðøçõ©ôí òèó©òÓôôðöÓðÌßôí ì òð×øîôÓ æöãôí ì òßðäö· æôËôí òèôðäôó æôËôí òðÔøàô§ æöãôí Iñôªóô öæôðô æöã òèðøÈôÔø£Iâðõì÷àß ì òðø¤ô æöã ôÝðøÏõ åô ôÚöðôäôÈÌô ö õ«îðËôôí
$OODKXPPDLQQHHDV DOXNDO$$DIZDZDO$$ DIL\DKILG GXQ\D ZDODNKLUDKDOO DKXPPD LQQHH DV DOXNDO$$DIZD ZDO$$ DIL\DK IHH GHHQHH ZDGXQ\ D\D ZDDKOHH ZDP DOHH DOODKXPPDV WXU $$DZU DWHH ZD DPLQ UDZ$$ DWHH DOODKXPPD KIDWKQHH PLQ ED\QL \DGD\ ZDPLQ NKDOIHH ZD$$DQ \DPHHQHH ZD$$DQ VKLP DOHH ZDPLQ IDZTHH ZD D$$RR WKXEL$$D WKDPDWLNDDQRJKW DODPLQWD KWHH µ2$OODK,DVN
ì êôÜðôàôãôí óïòðô· KÞðÛ Iô ö½ø÷ôí öíä÷´ßô®ðöÃÓöô©ìð÷¸ßôí öøôðôÐßôâðößËIâðõì÷àß ì êöÛø®ðö·ôí öåÄðøôI¸ßK®ðô· æöãôí òð´øÔôç K®ðô· æöã ôÚö õ«îðËô ì øçô ÷ûö ôêðßö û øåô õªðôìø·ô âöàðø´õã ððßö õé®I ðõô øíô ñïî³ òð´øÔôç ððàôË ôÑö®ðôø×ô øåôôí
$OODKXPPD $$ DOLPDOJKD\EL ZDVKVKDK DGDK IDWLUDVVDPDZDWL ZDODUG UDEED NXOOL VKD\LQ ZDPDOHHNDK DVKKDGX DQ O D LODKD LOOD DQW D$$RR WKX ELND PLQ VKDUUL QDIVHH ZDPLQVKDUULVK VKD\WDQLZDVKL UNLKZDDQDTWDULID$$DO D QDIVHHVRR DQDZDMXUUDKXLO D PXVOLP µ2$OODK.QRZHURIWKHXQVHHQDQGWKHVHHQ&UHDWRURIWKHKHDYHQVDQGWKH(DUWK /RUG DQG 6RYHUHLJQ RI DOO WKLQJV , EHDU ZLWQHVV WKDW QRQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW
õÊôðä÷´ßôîðëôí öïðä÷´ßòÓûôí ö½ø÷òÓòïòô· öêðöä³ôÊôã J®ðõÀôó û ñ¬ßööâð´ö ñü âôðàôÌß
%LVPLOODKLOODWKHH OD \DGXUUX PD$$DV PLKL VKD\ RQ ILODUGL ZDOD ILVVDPDL ZDKXZDV VDPHH$$XO $$DOHHP WKUHHWLPHV µ,QWKHQDPHRI$OO DKZLWKZKRVHQDPHQRWKLQJLVKDUPHGRQHDUWKQRULQWKHKH DYHQV DQG+HLV7KH$OO 6HHLQJ7KH$OO .QRZLQJ¶WKUHHWLPHV ÿ
ñü ñð÷ôöôç U óªIäðô¤õäöíô ñèðó©öáüø³ùöíô ñðIô öö õðô¿ô
5DGHHWXELOO DKLUDEEDQZDELO LVODPLGHHQDQZDEL0X KDPPDGLQ U QDEL\\ DWKUHHWLPHV µ, DP SOHDVHG ZLWK $OO DK DV D /RUG DQG ,VO DP DV D UHOLJLRQDQG0X KDPPDG U DVD 3URSKHW ¶WKUHHWLPHV ûû
êðöðäöàôÛ ô©ªðöãôí ì êðö·ø®ðôË ôðôçö¯ôí ì êðö´øÔôç ð¿öôí ì êöØðøàô§ ô©ôªË ô öéöªðøäô¤öíô öôåð¤øõ³ ñü 6XEKDQDOODKL ZDELKDPGLK $$DGDGD NKDOTLKL ZDUL GD QDIVLK ZD]LQDWD $$DUVKLK ZDPLGDGDNDOLPDWLKWKUHHWLPHV µ+RZ SHUIHFW $OO DK LV DQG , SUDLVH +LP E\ WKH QXPEHU RI +LV FUHDWLRQ DQG +LV SOHDVXUHDQGE\WKHZHLJKWRI+LVWKURQHDQGWKHLQNRI+LVZRUGV ¶WKUHHWLPHV
®ãã öéöªðøäô¤öíô öôåð¤øõ³
6XEKDQDOODKLZDELKDPGLKRQHKXQGUHGWLPHV µ+RZSHUIHFW$OO DKLVDQG,SUDLVH+LP ¶RQHKXQGUHGWLPHV
ò´ðøÔôç ðßö òèðàöÜô ûôí ì êðIàõÛ òðçøðô· òßø¢ðöàø»ô ì ôðÐðôø³ô öÚöðôäø£ô®ðö õáîð÷ôô× óJòðô£ ó æôðôË ôôÓø®ðôÃ
®óªô× óïòô· ÷ÞõÛ ðàËôîëõ íìªðøäô¤ßõêßíõÚøàðõäßõêßìõêßôÚó®ðô· û õéôªðø£íõê÷àß ÷ûôêßû ®ãã /D LODKD LOODOODK ZDKGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\ LQTDGHHU RQHKXQGUHGWLPHV µ1RQH KDV WKH UL JKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶ RQHKXQGUHGWLPHVHYHU\GD\
ú
ì áøîô ðß ¬ðë ô®øôðô§ ôÚðõßôðø³òðKçö Iâðõì÷àß ì æôðäôßðÌßKô ö õÚàðõäßø¢ðôø»ôôí èðø¤ðôø»ô ãK®ðô·ôí öêôðÓ ãK®ðô· øæðöã ôÚðö õ«îðËôôí ì õéªðõëôí ì õêðôôÛô®ðôôí õéôîðçôí ì õéô®ðø¼ôçíô ì õêô¤øðôÓ éôªðøÌô
$VEDKQD ZDDVEDKDOPXONX OLOO DKL UDEELO $$DODPHHQ DOO DKXPPD LQQHH DV DOXND NKD\UDK DWKDO\DZPIDW KDKXZDQD VUDKXZDQRRUDKXZDEDUDNDWDKXZDKXG DKXZD D$$RR WKXELNDPLQVKDUULP D IHHKLZDVKDUULP D ED$$GDK µ:HKDYHUHDFKHGWKHPRUQLQJDQGDWWKLVYHU\WLPHDOOVRYHUHLJQW\EHORQJVWR$OO DK /RUG RIWKHZRUOGV 2$OODK,DVN
ûü
ì ôàøôðIàßöé¬ðë ô®øôðô§ ôÚðõßôðø³òðKçö Iâðõì÷àß ì æôðäôßðÌßKô ö õÚàðõäß ðð´øãôôí èðøôô´øãô ã K®ðô· øæðöã ôÚðö õ«îðËôôí ì ðëªðõëôí ì ðìðôôÛô®ðôôí ðëôîðçôí ì ðëô®ðø¼ôçíô ì ðìô¤øôÓ ðëôªðøÌô ãK®ðô·ôí öðìôðÓ
$PVD\Q D ZDDPVDOPXONXOLOO DKLUDEELO $$DODPHHQDOO DKXPPDLQQHHDV DOXNDNKD\UD KDWKLKLOOD\ODK IDW KDKD ZDQD VUDKD ZDQRRUDK D ZDEDUDNDWDK D ZDKXG DKD ZD D$$RR WKXELNDPLQVKDUULP D IHHKD ZDVKDUULP D ED$$GDK D µ:HKDYHUHDFKHGWKHHYHQLQJDQGDWWKLVYHU\WLPH DOOVRYHUHLJQW\EHORQJVWR$OO DK /RUG RI WKH ZRUOGV 2 $OODK , DVN
®óªðô× óïòô· ÷ÞõÛ ðàËôîëõ íìªøäô¤ßõêßíõÚàõäßõêßìõêßôÚó®ô· û õéôªðø£íõê÷àß ÷ûôêßû
/D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXON ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\LQTDGHHU µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶ «KDV LQGHHGJDLQHGWKHUHZDUGRIIUHHLQJDVODYHIURPWKHFKLOGUHQRI,VP D$$HHO DQGWHQRIKLVVLQVDUHZLSHGDZD\DQGKHLVUDLVHGWHQGHJUHHVDQGKHKDVIRXQGD VDIHUHWUHDWIURPWKHGHYLOXQWLOHYHQLQJ 6LPLODUO\LIKHVD\VLWDWHYHQLQJWLPHKH ZLOOEHSURWHFWHGXQWLOWKHPRUQLQJ¶ ü U óªIäðô¤õã
èKôðöôç öæó©ððàËôí ì ¹üðø§ùöôäðöàôÛ ððàôËôí ì áüø³ùöô®ðøÄöÓ ððàËèø¤ôðø»ô æðôÛö®ð¸õäßôæãö ôåðÛ ðãôí ñäðöàø´õã ñÔðôèô£ ôâðôë®ðøö ðèôöðIàöã ððôËôí
$VEDKQD $$DOD ILWUDWLOLVODP ZD$$DO D NDOLPDWLO LNKODV ZD$$DO D GHHQL QDEL\\LQ D 0XKDPPDG U ZD$$DO D PLOODWL DEHHQ D ,EUDKHHP KDQHHIDQ PXVOLPDQ ZDP D NDQD PLQDOPXVKULNHHQ µ:HULVHXSRQWKH ILWUDKRI,VODPDQGWKHZRUGRISXUHIDLWKDQGXSRQWKHUHOLJLRQRI RXU 3URSKHW 0X KDPPDG U DQG WKH UHOLJLRQ RI RXU IRUHIDWKHU ,EU DKHHP ZKR ZDV D 0XVOLPDQGRIWUXHIDLWKDQGZDVQRWRIWKRVHZKRDVVRFLDWHRWKHUVZLWK$OO DK¶ ILWUDKWKHUHOLJLRQRI,VO DPWKHZD\RI,EU DKHHPX SXUHIDLWK WKH6KDK DGD 1RWHIRUWKHHYHQLQJRQHUHDGVDPVD\Q D LQVWHDGRID VEDKQD
èôðô´øãô öðôäöàôÜö èø¤ðôø»õðôäöàÛÝôªðøôø´õ ïð´äßòÓ
ý µ$$DEGXOODK,EQ.KXEDLE W VDLGµ7KH0HVVHQJHURI$OODKU VDLGWRPHµ5HFLWH¶, UHSOLHGµ20HVVHQJHURI$OODKZKDWVKDOO,UHFLWH" ¶KHVDLGµ5HFLWH > ø¹üðø§öù @ « òªðô£ô õôîðõë øÞðõ× ^4XOKXZD$OO DKXDKDG«` >$O,NKODV@
> øÖðôàôÔß @«öÖðôàôÔßKô®ö õ«îðËô øÞðõ×
^4XOD$$RR WKXELUDEELDOIDODT «` >$O)DODT@
> ±÷èðß @«ö±ð÷èß Kô®ö õ«îðËô øÞðõ×
^4XOD$$RR WKXELUDEELD OQQDV«` >$Q1DV@ ûý
«LQWKHHYHQLQJDQGWKHPRUQLQJWKUHHWLPHVIRULWZLOOVXIILFH\RXRIDOOHOVH ¶
û5HPHPEUDQFHEHIRUHVOHHSLQJ þ µ:KHQUHWLULQJWRKLVEHGHYHU\QLJKWWKH3URSKHW U ZRXOGKROGKLVSDOPVWRJHWKHU VSLW$IRUPRIVSLWWLQJFRPSULVLQJPDLQO\RIDLUZLWKOLWWOHVS LWWOH LQWKHPUHFLWHWKH ODVWWKUHHFKDSWHUV$O,NKODV$O)DODT$Q1DV RIWKH4XUDQDQGWKHQZLSHRYHUKLV HQWLUHERG\DVPXFKDVSRVVLEOHZLWKKLVKDQGVEHJLQQLQJZLWKKLVKHDGDQGIDFHDQG WKHQDOOSDUWVRIWKHERG\KHZRXOGGRWKLVWKUHHWLPHV ¶
ÿ 7KH 3URSKHW U DOVR VDLG µ:KHQ \RX DUH DERXW WR VOHHSUHFLWH D\DWDONXUVHH7KH YHUVHRIWKHIRRWVWRROFKDSWHUûûþþ WLOOWKHHQGRIWKHYHUVHIRUWKHUHZLOOUHPDLQ RYHU\RXDSURWHFWLRQIURP$OODKDQGQRGHYLOZLOOGUDZQHDUWR\RXXQWLOPRUQLQ J¶
7KH3URSKHW U DOVRVDLGµ:KRHYHUUHFLWHVWKHODVWWZRYHUVHVRI6RRUDW$O %DTDUDK DW QLJKW WKRVH WZR YHUVHV VKDOO EH VXIILFLHQWIRUKLP LHSURWHFWKLPIURPDOOWKDW FDQFDXVHKLPKDUP ¶ «ôåîðèöãøðõäøßôí öêðKô øæöã öêðøôôßö ôÝö°ðøçõ ðäö õÝîð³I®ßôæôãï $PDQDD OUUDVRROXELP D RQ]LODLOD\KLPLQUDEELKLZD DOPXPLQRRQD « >$O%DTDUDKûþûÿ@
µ,IRQHRI\RXULVHVIURPKLVEHGDQGWKHQUHWXUQVWRLWKHVKRXOGGXVWLWZLWKWKH HGJH RI KLV JDUPHQW WKUHH WLPHV IRU KH GRHV QRW NQRZZKDWKDVRFFXUUHGLQKLVDEVHQFH DQGZKHQKHOLHVGRZQKHVKRXOGVXSSOLFDWH
øåöôí ì ìøäðô£øÓòð´øÔôç ôøÜðô´øãô åöôÓ ìêðõÌôÓøô ôÚöíô ì òðøèô õðøÌô¿ôí òðKô ôÚöäø³ö æôð¤ößð÷¼ßôÙô©ðöË êö Æ õ ðôÔø¤ô ðäö ìðøÈôÔø£Óìðôøàô³øô
%LVPLNDUDEEHHZD GD$$WXMDQEHHZDELNDDUID$$XKID LQDPVDNWDQDIVHHIDU KDPKD ZDLQDUVDOWDK D IDKIDWKKD ELPD WDKIDWKXELKL$$LE DGDNDVVDOLKHHQ µ,Q
ìôðøôô ø£ô øåö ì ëôðø¤ôãôí ìððôäã ôÚôß ðëð÷Óôîô ôðøçôôí òð´øÔôç ôøØðôàô§ ôÚðIçö Iâðõì÷àß ôôðöÓðÌßôÚðõßôðø³ô òðIçö Iâðõì÷àß ìðôß ø®ðöÔøÏôÓ ìðIôãô øåöôí ì ìðøÈôÔø£Ó
$OODKXPPDLQQDNDNKDODTWDQDIVHHZD DQWDWDZDII DKDODNDPDP DWXKD ZDPD K\DKD LQ DK\D\WDKD IDKIDWKKD ZDLQ DPDWWDK D IDJKILU ODK D $OODKXPPD LQQ HH DVDOXNDO $$DIL\DK µ2$OODKYHULO\
ûþ
7KH3URSKHW U ZRXOGSODFHKLVULJKWKDQGXQGHUKLVFKHHNZKHQDERXWWRVOHHSDQG VXSSOLFDWH
ñü Ùô©ðöË õôÌðøô ôáøîðôó ôÚðô¬ôË òðèö× Iâðõì÷àß
$OODKXPPDTLQHH$$D WKDEDND\DZPDWDE$$DWKX$$LE DGDNWKUHHWLPHV µ2 $OODK SURWHFW PH IURP
ôðø£ôôí õîðãô Iâðõì÷àß ôÚöäðø³ö
%LVPLNDOODKXPPDDPRRWXZD DK\D µ,Q
úùû µ6KDOO , QRW GLUHFW \RX ERWK 7KH 3URSKHW U ZDV DGGUHVVLQJ $OL DQG )DWLPDKPD\ $OODKEHSOHDVHGZLWKWKHP ZKHQWKH\DSSURDFKHGKLPIRUDVHUYDQW WRVRPHWKLQJ EHWWHUWKDQDVHUYDQW":KHQ\RXJRWREHGVD\ æôüíñü ôå¤ðøõ³ 6XEKDQDOODKWKLUW\WKUHHWLPHV µ+RZ3HUIHFW$OO DKLV¶WKLUW\WKUHHWLPHV æôüíñü õªä¤ß $OKDPGXOLOO DKWKLUW\WKUHHWLPHV µ$OOSUDLVHLVIRU$OO DK¶WKLUW\WKUHHWLPHV æôüíñÌ ®ðøÛõ $OODKXDNEDU WKLUW\IRXUWLPHV µ$OODKLVWKHJUHDWHVW ¶WKLUW\IRXUWLPHV «IRUWKDWLVLQGHHGEHWWHUIRU\RXERWKWKDQDVHUYDQW ¶ úùü
ôÖðößÓì ïòðô· KÞðõÛ Iôôí ðèIô ì âôðÈôÌßöµø®ðôÌßIôôí öÊðøI´ßöîðä÷´ßIô Iâðõì÷àß KÞðõÛ K®ðô· æöã ôÚðö õ«îðËô ì å×ø®ðõÔßíì Þôð øçùôí öøîðIßôÝK°ôèðõãôí ì ïîðIèßôí Kðô¤ß ôðøçôôí ì ïòô· ôÚôàðøô× ô²ôðôàôÓ õÝIí÷ ôðøçô Iâðõì÷àß êöô ðö»ðèö ò¬ðö§ ôðøçô óïòðô· õæðöÃðøß ôðøçôôí ì ïòô· ôÚðô×øîðôÓ ô²ôø ðôàôÓõ®ðöëð÷Èß ôðøçôôí ì ïòô· ôÙôªðøÌô ô²ôðôàôÓõ®ðö§õ ®øØðôÔßôæãö ðèöèðøÏôôí ôæðøóIªðß ð÷èôË ö¾ðø ×ì ïòô· ôÚðôçí©ô²ôø ðôàôÓ
$OODKXPPD UDEEDV VDPDZDWLVVDE$$ ZDUDEEDO $$DUVKLO $$DWKHHP UDEEDQ D ZDUDEED NXOOL VKD\ IDOLTDOKDEEL ZDQQDZ D ZDPXQD]]LODW WDZUD ZDOLQMHHO ZDOIXUT DQ D$$RR WKX ELND PLQ VKDUUL NXOOL VKD\LQ DQWD DNKLWKXQ ELQDVL\DWLK $OODKXPPD DQWDO DZZDO IDOD\VD TDEODND VKD\ ZDDQWDODNKLU IDOD\VD ED$$GDND VKD\ZDDQWDWKWKDKLUIDOD\VDIDZTDNDVKD\ ZDDQWDO EDWLQIDOD\VDGRRQDNDVKD\ LTGL$$DQQDG GD\QDZD DJKQLQD PLQDOIDTU µ2$OODK/RUGRIWKHVHYHQKHDYHQVDQGWKHH[DOWHGWKURQHRXU/RUGDQG/RUGRIDOO WKLQJV6SOLWWH URIWKHVHHGDQGWKHGDWHVWRQH5HYHDOHURIWKH 7DZUDKWKH ,QMHHO DQG WKH )XUTDQ , WDNH UHIXJH LQ
ûÿ
)XUTDQ 2QH RI WKH PDQ\ QDPHV RI WKH 4XU DQ PHDQV 7KH &ULWHULRQ ZKLFK GLVWLQJXLVKHVEHWZHHQWUXWKDQGIDOVHKRRG $WKWKDKLU ,QGLFDWHV WKH JUHDWQHVV RI +LV DWWULEXWHV DQG WKH LQVLJQLILFDQFH RI HYHU\ VLQJOH FUHDWLRQ LQ UHVSHFW WR +LV JUHDWQHVV DQG +LJKQHVV IRU +H LV DERYH DOO RI +LV FUHDWLRQDVUHJDUGV+LVHVVHQFHDQGDWWULEXWHV $O%DWLQ,QGLFDWHV+LVDZDUHQHVVDQGNQRZOHGJHRIDOOVHFUHWVRIWKDWZKLFKLVLQWKH KHDUWVDQGWKHPRVWLQWLPDWHRIWKLQJVMXVWDVLWLQGLFDWHV+L VFORVHQHVVDQGQHDUQHVVWR DOOLQDPDQQHUZKLFKEHILWV+LVPDMHVW\ úùý
ñíøðõã ûôí õêðôß ôòöÓðÛ û øæðIäöã øâðôÜôÓ ìçíôí ìçðÔôÛôí ìçðØô³íô èôäôÌðøÃô ñ¬Ißö õªøäô¤ðß
$OKDPGX OLOO DKLOODWKHHDW$$DPDQ D ZDVDTDQDZDNDI DQDZDDZDQDIDNDP PLPPDQ OD NDIL\DODKXZDO D PXZHH µ$OOSUDLVHLVIRU$OO DK:KRIHGXVDQGJDYHXVGULQNDQG:KRLVVXIILFLHQWIRUXVDQG KDVVKHOWHUHGXVIRUKRZPDQ\KDYHQRQHWRVXIILFHWKHPRUVKHOWHUWKHP ¶ úùþ
ìêôÜðôàôãôí óïòðô· KÞðõÛ Iô ö½ø÷ôí öíä÷´ß ô®ðöÃÓ ö©ìð÷¸ßôí öôðôÐß ôâðößË Iâðõì÷àß ìêöÛø®ðö·ôí öåÄðøôI¸ßK®ðô· æöãôí ìòð´øÔôç K®ðô· æöã ôÚö õ«îðËô ìøçô ÷ûö ôêðßö û øåô õªðìø·ô âöàðø´õã ððßö õé®I ðõô øíô ñïî³ òð´øÔôç ððàôË ôÑö®ðôø×ô øåôôí
$OODKXPPD $$ DOLPDOJKD\EL ZDVKVKDK DGDK IDWLUDVVDPDZDWL ZDODUG UDEED NXOOL VKD\LQ ZDPDOHHNDK DVKKDGX DQ O D LODKD LOOD DQW D$$RR WKX ELND PLQ VKDUUL QDIVHH ZDPLQ VKDUULVK VKD\WDQL ZDVKLUNLK ZD DQ DTWDULID$$DO D QDIVHHVRR DQDZDMXUUDKX LOD PXVOLP µ2$OODK.QRZHURIWKHVHH QDQGWKHXQVHHQ&UHDWRURIWKHKHDYHQVDQGWKHHDUWK /RUG DQG 6RYHUHLJQ RI DOO WKLQJV , EHDU ZLWQHVV WKDW QRQH KDV WKH ULJKW WR EH ZRUVKLSSHGH[FHSW
úùÿ µ7KH3URSKHW U QHYHUXVHGWRVOHHSXQWLOKHKDGUHFLWHG6RRUDW$V 6DMGDK FKDSWHU üû DQG6RRUDW$O0XONFKDSWHUÿ ¶ úù µ,I \RX WDNH WR \RXU EHG WKHQ SHUIRUP DEOXWLRQ OLH RQ \RXU ULJKW VLGH DQG WKHQ VXSSOLFDWH
ìôÚøôðôßö òìðøôí õ øìðIôíôí ìôÚøôðôßö ñ®ðøãô õðø¿îI ôÓôí ìôÚøôðôßö ò´ðøÔôç õøäôàðø³ô Iâðõì÷àß ìôÚøôðôßö ÷ûö ôÚðøèöã ð ðøèôã ûôí ôðô øàôã û ìôÚøôðôßö ñôðøëôôí ñðôøÏô ìôÚøôðôßö ñ®ðìôÇ õøðô ðøßôôí ðøàô³øô ñ¬ð÷ß ôÚðKôðöôèöôí ôðøßô°øçô ñ¬ð÷ß ôÚöðöÜö õðøèôã $OODKXPPDDVODPWXQDIVHHLOD\NZDIDZZD GWXDPUHHLOD\NZDZDMMDKWXZDMKHHLOD\N ZDDOMDWX WKDKUHHLOD\NUDJKEDWDQZDUDKEDWDQLOD\NO D PDOMDDZDO D PDQMD PLQNDLOO D LOD\NDPDQWXELNLW DELNDOODWKHHDQ]DOWZDELQDEL\\LNDO ODWKHHDUVDOW û
µ2$OODK,VXEPLWP\VRXOXQWR
û6XSSOLFDWLRQZKHQWXUQLQJRYHUGXULQJWKHQLJKW úù µ$$DLVKD ìèË ò¿ QDUUDWHG WKDW WKH 0HVVHQJHU RI $OO DK U XVHG WR VD\ DW QLJKWLIKHWXUQHGGXULQJVOHHS
õ°ðó°ôÌß ì äðìôèðøôô ãôí ö½ø÷ôí öîäðI´ß Jô ì ð÷ìôØß õªö£îðß õ ÷ûö ôêðßö û ÷ÔðôÐß
/D LODKDLOODOODKXOZDKLGXOTDKKDUUDEEXV VDPDZDWLZDPD ED\QDKXP DDO$$D]HH]XO JKDIIDU µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DK7KH2QH $/4DKKDU/RUGRIWKH KHDYHQV DQG WKH (DUWK DQG DOO EHWZHHQ WKHP 7KH ([DOWHG LQ 0LJKW 7KH 2IW )RUJLYLQJ ¶ $/4DKKDU7KH 2QH :KR KDVVXEGXHGDOORIFUHDWLRQDQG:KRPDOORIFUHDWLRQDUH VXEVHUYLHQWWR $OOPRYHPHQWVRFFXUE\+LVZLOO üù8SRQH[SHULHQFLQJXQUHVWIHDUDSSUHKHQVLYHQHVVDQGWKHOLNHGXULQJVOHHS úù
ö°ðôäôë øæöãôí öéö©ðöË K®ðô·ôí ì öêöØðöËôí öêöðôÀôÏ æöã öð÷ãð÷ß öê÷àß öðäöàôÜöõ«îðËô åí®ðÀø¤ôó øåôôí öæôÃôðI¸ß
D$$RR WKX ELNDOLP DWLOODKLWWDPPDW PLQ JKD GDELKZD$$LT DELK ZDVKDUUL $$LE DGLK ZDPLQKDPD] DWLVKVKD\DWHHQZD DQ\DKGXURRQ µ,WDNHUHIXJHLQWKHS HUIHFWZRUGVRI$OO DKIURP+LVDQJHUDQGSXQLVKPHQWDQGIURP WKHHYLORI+LVVHUYDQWVDQGIURPWKHPDGQHVVDQGDSSHDUDQFHRIGHYLOV ¶
üú8SRQVHHLQJDJRRGGUHDPRUDEDGGUHDP úúù µ7KHULJKWHRXVGUHDPLVIURP$OO DKDQGWKHEDGGUHDPLVIURPWKHGHYLOVRLI DQ\RQH VHHV VRPHWKLQJ ZKLFK SOHDVHV KLP WKHQ KH VKRXOG RQO\ UHODWH LW WR RQH ZKRP KH ORYHV«¶ 6XPPDU\RIZKDWWRGRXSRQKDYLQJDEDGGUHDP 6SLWRQ\RXUOHIWWKUHHWLPHV 6SLW$IRUPRIVSLWWLQJFRPSULVLQJPDLQO\RIDLUZLWKOLWWOHVSLWWOH 6HHNUHIXJHLQ$OODKIURPVKD\WDQDQGWKHHYLORIZKDW\RXVDZ 'RQRWUHODWHLWWRDQ\RQH 7XUQDQGVOHHSRQWKHRSSRVLWHVLGHWRZKLFK\RXZHUHVOHHSLQJRQSUHYLRXVO\ úúú *HWXSDQGSUD\LI\RXVRGHVLUH
üû4XQRRW$O:LWU
$O:LWU6XSSOLFDWLRQPDGHEHIRUHRUDIWH UERZLQJLQWKHZLWUSUD\HU úúû û
ì øôðIßôîô øæôäôðÓ òèðIßôîô ôí ìøôðôÓË øæôäôðÓ òðèöÓðËôí ìðøóôªðôë øæôäôðÓ òðçöªðøë Iâðõì÷àß ì ÚøôðôàôË ðÀðøØõó ûôí òÀðøØô ôÚðIçöôÓ ìøôðôÀô× ãI®ô· òèðö×ôí ìøôðôÄøËô äôðÓ òðß øÙöôí øôðôßðÌôôí èðIô ôðøÛôðô ì> øóô©ðË æôã J°ðöÌôó ûôí @ ìøôðôßíøæôã JÝö¬ðôó û õêðIçö
$OODKXPPDK GLQHH IHHPDQ KDGD\W ZD$$ DILQHH IHHPDQ $$ DID\W ZDWDZDOODQHH IHHPDQ WDZDOOD\W ZDE DULN OHH IHHP D D$$WD\WZDTLQHHVKDUUDP D TDGD\WID LQQDND WDTGHH ZDOD \XTGD $$DOD\N LQQDKX O D \DWKLOOX PD Q ZDOD\W >ZDOD \D$$L]]X PDQ $$DGD\W@WDEDUDNWDUDEEDQ D ZDWD$$ DOD\W µ2 $OODK JXLGH PH DORQJZLWKWKRVHZKRP
ôÚö õ«îðËôôí ìÚöðôîØõË øæöã ôÚðöÓðÌõäöôí ìÚðöÄô¨ô³ øæöã ôÙð¿ö®ö õ«îðËô òðKçö Iâðõì÷àß Úöð´øÔôç ððàôË ôøôðôèøô ðäôÛ ôðøçô ìÚøôðôàôË ñïðèô òð¼ø£õ û ìÚðøèöã
$OODKXPPD LQQHH D$$RR WKX ELULGDND PLQ VDNKD WLN ZDELPX$$ DIDWLND PLQ $$XTRREDWLN ZD D$$RR WKX ELND PLQN O D RKVHH WKDQ DDQ $$DOD\N DQWD NDP D DWKQD\WD$$DO D QDIVLN µ2$OODK,WDNHUHIXJHZLWKLQ
ìÚôðôäø£ô îø®ðôç ìªöÔðø¤ôçíô ðÌðø´ôç ôÚøôðôßöôí ìªõ ðø´ôçíô òð÷àô¼õç ôÚðôßôí ìøªõðøÌç ôÙð÷óö Iâðõì÷àß ìÙõ®öÔøÐðôø´ôçíô ôÚõèôðÌôø´ôç ÷çö Iâðõì÷àß Öðô¤øàã æó®ÓðÜß ôÚô¬ðôË Iåö ìÚô¬ðôË ðð¸ø¨ôçôí Ùõ®ÔðøÜôó øæôã õÊôàðø¨ôçôí ôÚôß õÊôÀðø¨ôçôí ìÚö õæöãøðõçôí ìÙõ®õÔðøÜôç ûôí ìô®øôðô¨ßÚøôðôàôË òðèðøõçôí
$OODKXPPDL\\ DNDQD$$EXGZDODNDQX VDOOHHZDQDVMXGZD LOD\NDQDV$$ D ZDQDKILG QDUMRR UD KPDWDN ZDQDNKVK D $$DWKDEDN LQQD $$D WKDEDND ELON DILUHHQD PXO KDT $OODKXPPDLQQ D QDVWD$$HHQXNZDQD VWDJKILUXNZDQXWKQHH$$DOD\NDO NKD\UZDO D QDNIXUXNZDQX PLQXELNZDQDNK GD$$XODNZDQDNKOD$$XPDQ\DNIXUXN µ2$OODKLWLV
üü5HPHPEUDQFHLPPHGLDWHO\DIWHUVDODPRIWKHZLWUSUD\HU úúþ 7KH 0HVVHQJHU RI $OODK U ZRXOG UHFLWH WKH IROORZLQJ FKDSWHUV GXULQJ WKH ZLWU SUD\HU 6DEELK LVPDUDEELNDDO D$$OD « «ðàðøË÷ôÚðKô ôâø³ö¢ðKô³ >$OD$$OD@ 4XO\D D\\XKD DONDILURRQ « «åí®öÓðÜßìðJóô óøÞðõ× >$ONDILURRQ@ õ Þðõ× 4XOKXZD$OO DKXDKDG« «ª£õôîë >$OLNKODV@ «DIWHUJLYLQJVDODPKHZRXOGVXSSOLFDWHWKUHHWLPHV
®ãü ±í÷ªõØßöÚöàôäßôå¤øðõ³
6XEKDQDOPDOLNLOTXGGRRV WKUHHWLPHV µ+RZSHUIHFW7KH.LQJ7KH+RO\2QHLV ¶ WKUHHWLPHV «RQWKHWKLUGWLPHKHZRXOGUDLVHKLVYRLFHHORQJDWHLWDQGDGG 5DEELOPDODLNDWLZDUURR K ¡í÷®ßíöÜüäßK µ/RUGRIWKHDQJOHVDQGWKH5RR K LH-LEUDHHO üý6XSSOLFDWLRQIRUDQ[LHW\DQGVRUURZ úúÿ
I öÓ òÝøªôË ìôÚõäøÜõ£ IòöÓ ó½ôã ìôÙöªðôôö òöô ö»ôç ôÚðöôãô õæøôÙöªðøôË õæøôÙõªðøôË òKçö Iâðõì÷àß ò õêôðøäàIôË øíô ìôÚöôöÛ òöÓ õêðôøßô°øçô øíö ôÚô´øÔôç öêö ôøôðIäô³ ôÚôß ôîëõ óâø³ KÞõÜö ôÚðõßôø³ô ôÙ
ôÀô× ìòðöøàô× ôÊðôöô ôåø®õØßôÞÌô ðø ô øåô ôÙôªðøèöË öðøôôÐßöâøàöË òöÓ öêö ôø®ôø ðôø³öíô ôÚðöØøàô§ øæöã ñªô£ô òðKäôë ôôëô«íòöçø°ðõ£ ôïôàôíñöøªðô» ôîçôí
$OODKXPPD LQQHH $$DEGXN LEQX $$DEGLN LEQX DPD WLN QDVL\DWHH EL\DGLN P DGLQ IL\\D KXNPXN$$DGOXQIL\\DTD GDRNDVDOXNDELNXOOLLVPLQKXZDODNVDPPD\WDELKL QDIVDNDZDQ]DOWDKXIHHNLW DELNDZ$$DOODPWDKXD KDGDQPLQNKDOTLNDZLV WDWKDUWD ELKL IHH $$LOPLO JKD\EL $$LQGDN DQ WDM$$DODO 4XUDQD UDEHH$ $D TDOEHH ZDQRRUD VDGUHHZDMDO DDKX]QHHZD WKDKDEDKDPPHH µ2 $OODK , DP
öÊðøàô¿íìöæøðõ ßíöÞðø¨õßíöÞ´ ô ôÜßíö°ðø ñÌßíìöåø°ðõ¤øß ôí Kâðôìßôæãö ôÚö õ«îøËô òKçö Iâðõì÷àß ÝK®ßöðôôàôÏíöæóø Iªðß $OODKXPPD LQQHH D$$RR WKX ELND PLQDO KDPPL ZDO KX]Q ZDO$$DM]L ZDONDVDOL ZDOEXNKOLZDOMXEQZD GDO$$LG GD\QLZDJKD ODEDWLUULMDO µ2 $OODK , WDNH UHIXJH LQ
üù
üþ6XSSOLFDWLRQIRURQHLQGLVWUHVV úú
Jô øêIàßIßö ôêðôßö ôß ìöâðôöÈôÌßöµø®ðôÌßJô õêIàßIßö ôêôßö ôß ìøâôðöàô¤øß õâôðÈôÌøß õêIàßIßö ôêôß ôß âó®ðôÜßöµø®ôÌßJôíö½øô÷J÷íö÷îðôä´ I ß
/D LODKDLOODOODKXO$$DWKHHPXOKDOHHPOD LODKDLOODOODKXUDEEXO $$DUVKLO $$DWKHHP OD LODKDLOODOODKX UDEEXV VDPDZDWLZDUDEEXO DUGLZDUDEEXO $$DUVKLO NDUHHP µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DK)RUEHDULQJ 1RQHKDVWKHULJKWWR EHZRUVKLSSHGH[FHSW$OO DK/RUGRIWKHPDJQLILFHQWWKURQH 1RQHKDVWKHULJKWWREH ZRUVKLSSHG H[FHSW $OO DK /RUG RI WKH KHDYHQV /RUG RI WKH (DUWK DQG /RUG RI WKH QREOHWKURQH ¶ úú
ôß êðIàõÛ òðçøô· òßø¢ðöàø»ôôí ìæøôðôË ôôÓø®ðôà ò´ðøÔôç ðßö òèðàöÜô üôÓîðøô ôÚðôôäø£ô Iâðõì÷àß ðøçIßö ôêôßö
$OODKXPPD UD KPDWDND DUMRR IDO D WDNLOQHH LO D QDIVHH WDUIDWD $$D\Q ZD DVOLK OHH VKDQHHNXOODKO D LODKDLOOD DQW µ2$OODKLWLV
æðôäößð÷Èßôæãö õðøèõÛ òKçö ôÚôç¤øðõ³ ðøçIßö ôêôßö ôß
/D LODKDLOOD DQWDVXE KDQDNDLQQHHNXQWXPLQD WKWKDOLPHHQ µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW
ñðøôô· öêö õÙö®ðø·õ û Kô õõ
$OODKX$OODKXUDEELO D RVKULNXELKL VKD\D µ$OODK$OODKLVP\/RUG,GRQRWDVVRFLDWHDQ\WKLQJZLWK+LP ¶ üÿ8SRQHQFRXQWHULQJDQHQHP\RUWKRVHRIDXWKRULW\ úûû
øâðëöí®õ· øæöã ôÚö õ«îðÌôçôí ìâðöëöîð¤õç òÓôÚõàôÌðø ôç çö Iâðõì÷àß
$OODKXPPDLQQ D QDM$$DOXNDIHHQX KRRULKLPZDQD$$RR WKXELNDPLQVKXURRULKLP µ2$OODKZHSODFH
Þöð×õ ôÚöíô õÝîð»ô ôÚöíô õÝîðô ôÚö ìñ®ôð¼ôç ôøçôôí ìñªðõÀôË ôøçô Iâðõì÷àß
$OODKXPPD DQWD $$D GXGHH ZD DQWD QD VHHUHH ELND DMRROX ZDELND D VRROX ZDELND RTDWLO µ2$OODK
ÞôðÛôîßôâðøÌöçôí õèðõø´ô£
+DVEXQDOODKXZDQL$$PDO ZDNHHO üú
µ$OODKLVVXIILFLHQWIRUXVDQGKRZILQHDWUXVWHH +HLV ¶
ü 6XSSOLFDWLRQIRURQHDIIOLFWHGZLWKGRXEWLQKLVIDLWK úûþ +HVKRXOGVHHNUHIXJHLQ$OODK +HVKRXOGUHQRXQFHWKDWZKLFKLVFDXVLQJVXFKGRXEW úûÿ +HVKRXOGVD\
$PDQWXELOO DKLZDUXVXOLK µ,KDYHEHOLHYHGLQ$OO DKDQG+LV0HVVHQJHU ¶
êöàðõ³õôí öö õðøèôã
úû +HVKRXOGDOVRUHFLWHWKHIROORZLQJYHUVH âôðàôË óïòô· KÞõÜö ôîëõ ôí ìõæðöÃðøßôí ìõ®ðöëð÷Èßôí ìõ®ðö§õôí ìõÝIí÷ôîëõ +XZD DODZZDOX ZD DODNKLUX ZD DOWKWKDKLUX ZD DOEDWLQX ZDKXZD ELNXOOL VKD\LQ $$DOHHP µ+HLV7KH)LUVWDQG7KH/DVW $WKWKDKLUDQG$O%DWLQ DQG+HNQRZVZHOODOOWKLQJV ¶ $WKWKDKLU ,QGLFDWHV WKH JUHDWQHVV RI +LV DWWULEXWHV DQG WKH LQVLJQLILFDQFH RI HYHU\ VLQJOH FUHDWLRQ LQ UHVSHFW WR +LV JUHDWQHVV DQG +LJKQHVV IRU +H LV DERYH DOO RI +LV FUHDWLRQ DVUHJDUGV+LVHVVHQFHDQGDWWULEXWHV $O%DWLQ,QGLFDWHV+LVDZDUHQHVVDQGNQRZOHGJHRIDOOVHFUHWVRIWKDWZKLFKLVLQWKH KHDUWVDQGWKHPRVWLQWLPDWHRIWKLQJVMXVWDVLWLQGLFDWHV+LVFORVHQHVVDQGQHDUQHVVWR DOOLQDPDQQHUZKLFKEHILWV+LVPDMHVW \ ü6HWWOLQJDGHEW úû
Ùîðö³ øæðIäôË öÚöàðøÀôÔö òèðöèøÏôôí ìÚðöã®ðô£ øæôË ôÚðößüô¤ö òèðöÔøÛIâðõì÷àß
$OODKXPPDN ILQHHELKDODOLND$$DQ KDUDPLNZD DJKQLQHHELID GOLND$$DPPDQVLZ DN µ2 $OODK PDNH ZKDW LV ODZIXO HQRXJK IRU PH DV RSSRVHG WR ZKDW LV XQODZIXO DQG VSDUHPHE\
öÊðøàô¿íìöæøðõ ßíöÞðø¨õßíöÞ´ ô ôÜßíö°ðø ñÌßíìöåø°ðõ¤øß ôí Kâðôìßôæãö ôÚö õ«îøËô òKçö Iâðõì÷àß ÝK®ßöðôôàôÏíöæóø Iªðß $OODKXPPD LQQHH D$$RR WKX ELND PLQDO KDPPL ZDO KX]Q ZDO$$DM]L ZDONDVDO ZDOEXNKOZDOMXEQZD GDO$$LG GD\QLZDJKDODEDWLU ULMDO µ2 $OODK , WDNH UHIXJH LQ
ü6XSSOLFDWLRQIRU RQHDIIOLFDWHGE\ZKLVSHULQJVLQSUD\HURUUHFLWDWLRQ úüù µRWKPDQ ,EQ $O$$DV W QDUUDWHG , VDLG µ2 0HVVHQJHU RI $OODK YHULO\ WKH GHYLO FRPHV EHWZHHQ PH DQG P\ SUD\HU DQG UHFLWDWLRQ PDNLQJ PH FRQIXVHG ¶ 7KH 0HVVHQJHU RI $OODK U UHSOLHG µ7KDW LV D GHYLO FDOOHG .KDQ]DE VR LI \RX VHQVH KLV
üû
SUHVHQFHWKHQVHHNUHIXJHLQ$OODKIURPKLPDQGVSLW $IRUPRIVSLWWLQJFRPSULVLQJ PDLQO\RIDLUZLWKOLWWOHVSLWWOH RQ\RXUOHIWVLGHWKUHHWLPHV¶ ýù6XSSOLFDWLRQIRURQHZKRVHDIIDLUVKDYHEHFRPHGLIILFXOW úüú
ñüðø ìô³ ôøðö· «ö ôåô°ðô¤øß õÞôÌðø ô ôøçôôí ìñüðìô³ õêôðàôÌô ã÷ûö ôÞìø ðô³ û Iâðõì÷àß
$OODKXPPD O D VDKOD LOO D PD MD$$DOWDKX VDKO D ZDDQWD WDM$$DOXO KD]DQD LQ VKL WD VDKOD µ2$OODKWKHUHLVQRHDVHH[FHSWLQWKDWZKLFK
úüþ 5HFLWDWLRQRIWKH4XUDQDQGWKHDXWKHQWLFWH[WVRIUHPHPEUDQFHDQGVXSSOLFDWLRQV HJ µ'R QRW PDNH \RXU KRPHV OLNH WKH JUDYH\DUGV LQGHHG WKH G HYLOVIOHHIURPWKH KRXVH LQ ZKLFK VRRUDW $O %DTDUDK KDV EHHQ UHDG¶ UHODWHG E\ 0XVOLP úþü DOVR VXSSOLFDWLRQDQGUHPHPEUDQFHIRUWKHPRUQLQJ HYHQLQJEHIRUHVOHHSZKHQJHWWLQJ XSHQWHULQJDQGOHDYLQJWKHWRLOHWHQWHULQJDQGOHDYLQJWKHPRVTXHWKHU HFLWDWLRQRI D\DW $ONXUVL\\ DQG WKH ODVW WZR YHUVHV RI VRRUDW $O %DTDUDK EHIRUH VOHHSLQJ WKH DWKDQ«HWF ýü6XSSOLFDWLRQZKHQVWULFNHQZLWKDPLVKDSRURYHUWDNHQE\DQDIIDLU
úüÿ µ7KHVWURQJEHOLHYHULVEHWWHUDQGPRUHEHORYHGWR$OO DKWKDQWKHZHDNEHO LHYHUDQG WKHUHLVJRRGQHVVLQERWK6WULYHIRUWKDWZKLFKZLOOEHQHILW\RXVHHNKHOSIURP$OO DK DQGGR QRWGHVSDLU,IDPLVKDSVKRXOGKDSSHQWREHIDOO\RXWKHQGRQRWVD\ µ,IRQO\, KDGDFWHG«VXFKDQGVXFKZRXOGKDYHKDSSHQHG ¶5DWKHUVD\ 4DGGDUDOODKZDPD VKDDID$$DO µ$OODKKDVGHFUHHGDQGZKDW+HZLOOV+HGRHV ¶ «IRUYHULO\µ,I¶OHWVLQWKHZRUNRIWKHGHYLO ¶
ÞðôÌôÓ ôïð· ãôí õôªI ô×
úü ,QGHHG $OODK ðßÌ UHEXNHV GXH WR QHJOLJHQFH DQG VODFNQHVV EXW WDNH WR GHWHUPLQDWLRQDQGFDXWLRQDQGLIDPDWWHUVKRXOGRYHUWDNH\RXWKHQVD\ üü
+DVEL\DOODKZDQL$$PDO ZDNHHO µ$OODKLVVXIILFLHQWIRUPHDQGKRZILQHDWUXVWHH +HLV ¶
ÞðôÛôîßôâøÌðöçôí õôòö ðø´ô£
ýý3ODFLQJFKLOGHQXQGHU$OODK¶VSURWHFWLRQ
úü ,EQ$$DEEDVUHODWHGWKDWWKH0HVVHQJH URI$OODK U XVHGWRFRPPHQG$O+DVDQDQG $O+XVD\QWR$OODK¶VSURWHFWLRQVD\LQJ
ðIãûóæôø ðôË KÞðõÛ øæöãôí ìIãðëôí óåÄðøôô· KÞõÛ øæöã ìIãð÷ßööäðöàôÜö ðäõÛõ¬ðôËõ
2$$HHWKXNXPD ELNDOLPDWLOODKLWWDPPDK PLQ NXOOL VKD\ WDQLQ ZDK DPPDK ZDPLQ NXOOL$$D\QLQO DPPDK µ, FRPPHQG \RX WZR WR WKH SURWHFWLRQ RI $OO DK¶V SHUIHFW ZRUGV IURP HYHU\ GHYLO YHUPLQDQGHYHU\HYLOH\H ¶ ýþ:KHQYLVLWLQJWKHVLFN
úü :KHQWKH3URSKHW U ZRXOGHQWHUXSRQDVLFNSHUVRQKHZRXOGVD\
ôïð· øåö òîðìôÃ ô±øû
/D EDVDWDKRRUXQLQVK DDOODK µ1HYHUPLQGPD\LW WKHVLFNQHVV EHDSXULILFDWLRQLI$OO DKZLOOV¶
úýù µ$Q\0XVOLPVHUYDQWZKRYLVLWVDVLFNSHUVRQZKRVHSUHVFULEHGPRPHQWRIGHDWKKDV QRWDUULYHGDQGVXSSOLFDWHVVHYHQWLPHV
®ãʳ ÚôðÔø¸ôó øåô âðôÈðôÌßöµø®ðôÌßIô ìâðôÈðôÌßôõÝôðø³ô
$VDOXOODKDO$$DWKHHPUDEEDO $$DUVKLO $$DWKHHPDQ\DVKIHHN WLPHV µ,DVN$OO DK7KH6XSUHPH/RUGRIWKHPDJQLILFHQWWKURQHWRFXUH\RX ¶ «KHWKHVLFNSHUVRQ ZLOOEHFXUHG¶ ýÿ([FHOOHQFHRIYLVLWLQJWKHVLFN
úýú µ$OL,EQ$EHH7DOLEW UHODWHGWKDWKHKHDUGWKH0HVVHQJHURI$OO DKU VD\µ,IDPDQ FDOOV RQ KLV VLFN 0XVOLP EURWKHULWLVDVLIKHZDONVUHDSLQJWKHIUXLWVRI3DUDGLVH XQWLOKHVLWVDQGZKHQKHVLWVKHLVVKRZHUHGLQPHUF\DQGLI WKLVZDVLQWKHPRUQLQJ VHYHQW\WKRXVDQGDQJOHVVHQGSUD\HUVXSRQKLPXQWLOWKHHYHQLQJDQGLIWKLVZDVLQ WKHHYHQLQJVHYHQW\WKRXVDQGDQJOHVVHQGSUD\HUVXSRQKLPXQWLOWKHPRUQLQJ ¶ ý 6XSSOLFDWLRQRIWKHVLFNZKRKDYHUHQRXQFHGDOOKRSHRIOLIH úýû
ððàøË÷÷öÖôðÓI®ßö òèðøØö¤øßôôí òèðøäô£ø ôí òßø®ðöÔøÏIâðõì÷àß
$OODKXPPDJK ILUOHHZDU KDPQHHZD DOKLTQHHELUUDIHHTLO D$$OD µ2$OODKIRUJLYHPHKDYHPHUF\XSRQPHDQGXQLWHPHZLWKWKHKLJKHUFRPSDQLRQV 5HIHUWRWKH4XUDQFKDSWHU ýYHUVHÿ úýü
üý
¶
$$DLVKDK ìèËò¿ UHODWHGWKDWWKH3URSKHW U GXULQJKLVLOOQHVVLQZKLFKKH SDVVHGDZD\ ZRXOGGLSKLVKDQGVLQZDWHUDQGWKHQKHZRXOGZLSHKLVIDFHDQGVD\
®ðôÜô´ôß öøîðôäàßIåö ìIßö ôêôßö ôß
/D LODKDLOODOODKLQQDOLOPD ZWLODVDNDU DW µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DKGHDWKGRHVLQGHHGFRQWDLQDJRQ\ ¶ úýý
õÚàõäßõêßõê÷àß ÷ûôêßû ìõêßôÚó®ô· û õéôªðø£íõê÷àß ÷ûôêßû ì®ðôøÛô õê÷àßôí õê÷àß ÷ûôêßû ö ÷ûö ôIîðõ× ûôí ôÝøîðô£ ûôí õê÷àß ÷ûôêßû ìªøäô¤ßõêßí
/D LODKD LOODOODK ZDOODKX DNEDU O D LODKD LOODOODKX ZD KGDK OD VKDUHHND ODK O D LODKD LOODOODKX ODKXO PXONX ZDODKXO KDPG OD LODKD LOODOODK ZDOD KDZODZDO D TXZZDWDLOO D ELOODK µ1RQHKDVWKHULJKWWREHZRUVKLSSHG H[FHSW$OO DKDQG$OO DKLVWKHJUHDWHVW 1RQHKDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH 1RQH KDV WKHULJKWWREHZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU 1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OODKWR+LPEHORQJVDOOVRYHUHLJQW\DQGSUD LVH1RQHKDVWKHULJKWWREHZRUVKLSSHG H[FHSW$OO DKDQGWKHUHLVQRPLJKWDQGQRSRZHUH[FHSWZLWK$OO DK¶ ý,QVWUXFWLRQIRUWKHRQHQHDULQJGHDWK LHWKRVHDURXQGWKHVLFNVKRXOGLQVWUXFWDQGHQFRXUDJHKLPWRVD\WKHVKDK úýþ µ+HZKRVHODVWZRUGVDUH /D LODKDLOODOODK µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DK¶ «ZLOOHQWHU3DUDGLVH¶
DGDK
ê÷àß ÷ûôêßû
ý6XSSOLFDWLRQIRURQHDIIOLFWHGE\DFDODPLW\ úýÿ
ìðøèöã ñ®ðøôô§ òßøÒðõàø§ôí ìòôôð¼õã òÓòçø®ðõø Kâðõìàßì åîðÌööêøôðôßö ôçöôí ö ÷çö
,QQD OLOODKLZDLQQD LOD\KLU DML$$RRQDOO DKXPPD MXUQHHIHHPX VHHEDWHHZDNKOXIOHH NKD\UDQPLQK D µ7R $OODK ZH EHORQJ DQG XQWR +LP LV RXU UHWXUQ 2 $OODK UHFRPSHQVH PH IRU P\ DIIOLFWLRQDQGUHSODFHLWIRUPHZLWKVRPHWKLQJEHWWHU ¶ þù:KHQFORVLQJWKHH\HVRIWKHGHFHDVHG úý
òÓöêöðöØôË òÓõêðøÔõàðø§ôí ì æðôóöªðøìôäßòÓõêðôôô ô© øÊôÓøôí êäð³åüÓðöß ø®ðöÔøÏKâðõìàß êôÓõêôß øKîðôçôí öéö®ðøô× òÓõêôß ø¢ðô´øÓôí ìæôðäôßðÌßIô óõêðôßôí ðèôß ø®ðöÔøÏôí ìæó®ðöÐß
$OODKXPPDJK ILU OLQDPH WKH GHDG ZDUID$$ GDUDMDWDKX ILO PDKGL\\HHQ ZDNKOXIKX IHH $$DTLELKL ILO JKDELUHHQ ZDJKILU ODQ D ZDODKX \ D UDEEDO$$DODPHHQZDIVD K ODKX IHHTDEULKZDQDZZLUODKXIHHK µ2 $OODK IRUJLYH KHUH WKH QDPH RI WKH GHFHDVHG LV PHQWLRQHG DQG UDLVH KLV UDQN DPRQJWKHULJKWO\JXLGHGDQGEHDVXFFHVVRUWRZKRPKHKDVOHIWEHKLQGDQGIRUJLYH XVDQGKLP2/RUGRIWKHZRUOGV 0DNHVSDFLRXVKLVJUDYHDQGLOOXPLQDWHLWIRUKLP ¶ $ VXFFHVVRU RQH ZKR VXFFHHGV DQRWKHU GXHWRWKHODWWHU ¶VDEVHQFHR UGHDWK7KLVLV WKHFRUUHFWPHDQLQJRIWKHZRUG NKDOHHIDKWKXVLWLVLQFRUUHFWWREHOLHYHWKDW $GDPLV üþ
WKHNKDOHHIDK YLFHJHUHQWDVLVFRPPRQO\WUDQVODWHG RI$OODKRQHDUWKEHFDXVH$OO DK LVQHYHUDEVHQWDQGZLOOQHYHUGLH 7KLVVXSSOLFDWLRQSURYHVW KHFRUUHFWXQGHUVWDQGLQJ RIWKLVWHUPDQGVKRZVWKDW$OO DKVXFFHHGVXVDQGJXDUGVZKRPZHOHDYHEHKLQGZKHQ ZHGLHRUDUHDEVHQW DOVRUHIHUWRVXSSOLFDWLRQ ú þú6XSSOLFDWLRQIRUWKHGHFHDVHGDWWKHIXQHUDOSUD\HU úý
ì êôàðô§øªõã øÊðK³ôíôí ì êðôßõ°õç øáö®ðøÛôôí ì êðøèôË õÒøËôí öêöÓËôí ì êðøäô£ø ôí õêôß ø®ðöÔøÏ Kâðõìàß ôæãö õ¾ðôôøô÷õøîIðß ôøô÷Øðôç äôÛ óðĨøß ôæãö öêðKØôçíô ì ø©ô®ðôøßôí öàø ðIßôí öïðäøßö õêðøàö´øÏôí øæöã ñ®øôðô§ ñðôøíô¯ôí ì êðöàøëô øæöã ñ®øôðô§ ñüøëôôí ì éö©øæöã ñ®øôðô§ ñ©õêøßöªðøôôí ì ø²ðôçIªß ð÷èßö¬ôËíô ®øðôØßö¬ôË øæöã õéø¬ðöËôôí ì Ièðô øß õêøàðö§ø©ôôí ì êöøíô¯
$OODKXPPDJK ILU ODKX ZDU KDPK ZD$$ DILKL ZD$$IX $$DQK ZD DNULP QX]XODK ZDZDVVL$$ PXGNKDODK ZDJKVLOKX ELOP DL ZDWKWKDOML ZDOEDUDG ZDQDTTLKL PLQDO NKDWD\D NDPD QDTTD\WDWK WKDZEDODE\DGD PLQDG GDQDV ZD DEGLOKX G DUDQ NKD\UDQ PLQ GDULKZD DKODQNKD\UDQPLQDKOLKZD]DZMDQNKD\UDQPLQ]DZMLKZD DGNKLOKXO MDQQDKZD D$$LWKKXPLQ$ $DWKDELOTDEUZD$$D WKDELQQDU µ2 $OODK IRUJLYH DQG KDYHPHUF\XSRQKLPH[FXVHKLPDQGSDUGRQKLPDQGPDNH KRQRXUDEOH KLV UHFHSWLRQ ([SDQG KLV HQWU\ DQG FOHDQVH KLP ZLWK ZDWHU VQRZ DQG LFHDQGSXULI\KLPRIVLQDVDZKLWHUREHLVSXULILHGRIILOWK ([FKDQJHKLVKRPHIRUD EHWWHU KRPH DQG KLV IDPLO\ IRU D EHWWHU IDPLO\ DQG KLV VSRXVH IRU D EHWWHU VSRXVH $GPLW KLP LQWR WKH *DUGHQ SURWHFW KLP IURP WKH SXQLVKPHQW RI WKH JUDYH DQG WKH WRUPHQWRIWKH)LUH ¶ úý
çö®ðôÛô«ôí ì çö®ðôôÛôí çö®ðôÐô»ôí ì èðööÏôí ì çöªöëð·ôí èðöKôôãôí èðKôô¤öß ø®ðöÔøÏ Kâðõìàß ðàôË õêðIÓôîô ôÓ ÷èöã õêôøôðIÓôîô øæôãôíì áüø³öù ðàôË öêðöôø£ôôÓ ÷èöã õêôðøôô ø£ô øæôã Kâðõìàß çðøçõôí éôªðøÌô èIàðöÀõ ûôí ì éô®ðøô ðèøãö®ðø¤ô û Kâðõìàßì åäðóöù
$OODKXPPDJK ILU OLKD\\LQD ZDPD\\LWLQ D ZDVKDKLGLQD ZDJKDLELQD ZDVDJKHHULQ D ZDNDEHHULQ D ZDWKDNDULQD ZDRQWKDQD $OODKXPPD PDQ D K\D\WDKX PLQQ D IDDK\LKL $$DODOLVODP ZDPDQ WDZDIID\WDKX PLQQ D IDWDZDIIDKX $$DODO HHPDQDOODKXPPDO D WDKULPQD DMUDKZDOD WXGLOODQD ED$$GDK µ2$OODKIRUJLYHRXUOLYLQJDQGRXUGHDGWKRVHSUHVHQWDQGWKRVHDEVHQWRXU\RXQJ DQGRXUROGRXUPDOHVDQGRXUIHPDOHV 2$OODKZKRPDPRQJVWXV
ö¬ôËíô ö®øðôØøß öôèðøöÓ øæöã öêðöØôÓ ì Ùöîðö öÞðøô£ôí ì ÚöðIãö« òÓóåüõÓ ôæø ôåüõÓ Iåö Kâðõìàß âô£I®ðß õîÔðôÐßôøçô ôÚçI ö ì õêðøäô£ø ôí õêôß ø®ðöÔøÏôÓ ì KÖô¤ðøßôí öïðÓôîßø õÞøëô ôøçôôí ì ð÷èß
$OODKXPPD LQQD QDPH W KH GHDG IHH WKLPPDWLNZD KDEOLMLZDULNIDTLKLPLQILWQDWLO TDEU ZD$$D WKDELQQDU ZDDQWD DKOXO ZDID ZDOKDT IDJKILU ODKX ZDU KDPK LQQDND DQWDOJKDIRRUXU UDKHHP µ2$OODKVRDQGVRLVXQGHU
úþú
ôåÛ øåö ìêðö¬ôË øæôË GòðöèôÏ ôøçôôí ìÚöðôäø£ô ðßö ôðø£ ìÚöðôãô õæøôí ôÙõªðøôË Kâðõìàß êðøèôË ø¯ôí ðôôÓ ñôð´õã ôåÛøåöôí ìêöèðô´ô£ òÓø©ö°ôÓ ñèö´ðø¤õã
$OODKXPPD $$DEGXND ZDEQX DPDWLN L KWDMD LOD UDKPDWLN ZD DQWD JKDQL\\XQ$$D Q $$DWKDELK LQ N DQD PXKVLQDQ ID]LG IHH KDVDQDWLK ZD LQ NDQD PXVHHDQ IDWDM DZD] $$DQK µ2$OODK
ìäõìôèðó¯îôã öêö øÞKØðô Kâðõìàß ìñð õã ñÌôðÔô·íô ìêóôªðößîöß ñ®ðø§õ«ôí ñðÃô®ôÓ õêðøàôÌø Kâðõìàß ìâôðë®ðøö öôßðÔôÛ òÓ õêðøàôÌøôí ìæôðèöãøäðß ö¢ðöß¼ö õêðøØö¤ðøßôôí ìäðõëôîðõ öêö øâöÈðøËôôí âô¤ðô øß ô¬ôË ôÚöðôäø£ô®ö öêö×ôí
$OODKXPPDM $$DOKX IDUD WDQ ZD WKXNKUDQ OLZ DOLGD\K ZDVKDIHH$$DQ PXM DEDQ $OODKXPPD WKDTTLO ELKL PDZ D]HHQDKXP D ZDD$$WKLP ELKL RMRRUDKXP D ZDDOKLTKX ELVDOLKLOPXPLQHHQ ZDM$$DOKX IHH NDI DODWL ,EU DKHHP ZDTLKL ELUD KPDWLND $$DWKDEDOMDKHHP µ2$OODKPDNHKLPDSUHFHGLQJUHZDUGDQGDVWRUHGWUHDVXUHIRUKLVSDUHQWVDQGDQ DQVZHUHG LQWHUFHVVRU 2 $OODK WKURXJK KLP PDNH KHDY\ WKHLU VFDOHV DQG PDJQLI\ WKHLU UHZDUG 8QLWH KLP ZLWK WKH ULJKWHRXV EHOLHYHUV SODFH KLP XQ GHU WKH FDUH RI ,EUDKHHPDQGSURWHFWKLPE\
ñ®ðøôôí ñÔðôàô³ôí ìñðÃô®ôÓ èôß õêðøàôÌøKâðõìàß
$OODKXPPDM $$DOKXODQ D IDUDWDZDVDODIDQZD DMUD µ2$OODKPDNHKLPDSUHFHGLQJUHZDUGDSUHSD\PHQWDQGDUHFRPSHQVHIRUXV þü&RQGROHQFH úþý
¶
ö´ôðø¤ôøßôí ®öðø¼ôøàôÓðIäðô´õã óÞ ô ôö õéôªðøèöË óïòô· JÞðõÛôí ìððÄðøËô ãõêôßôí ì¬ô§ô ãö Iåö
,QQD OLOODKL PD DNKDWK ZDODKX P D D$$WD ZDNXOOX VKD\LQ $$LQGDKX EL DMDOLQ PXVDPPD«IDOWDVELUZDOWD KWDVLE µ9HULO\ WR $OO DK EHORQJV ZKDW +H WRRN DQG WR +LP EHORQJV ZKDW +H JDYH DQG HYHU\WK LQJ ZLWK +LP KDV DQ DSSRLQWHG WLPH «DQG WKHQ KH U RUGHUHG IRU KHU WR EH SDWLHQWDQGKRSHIRU$OO DK¶VUHZDUG ¶ 7KH ZRUGV IDOWDVELU ZDOWD KWDVLE DUH FRPPDQGV LQ WKH IHPLQLQH üUG SHUVRQIRUPVR WKH\ZLOOQHHGWREHFKDQJHGLQUHVSHFWWRZKRPLVEHLQJDGGUHVV HG DQGRQHFDQDOVRVD\
ÚöKôðôäöß ô®ðôÔôÏíô ìÙ ôï°ðôË ôæðô´ø£ôôí ìÙô®ðøô õôâðôÈøËô
D$$WKDPDOODKXDMUDNZD DKVDQD$$D] DDNZDJKDIDUDOLPD\\LWLN ü
µ0D\ $OODK PDJQLI\ \RXU UHZDUG PDNH EHWWHU \RXU VRODFH DQG IRUJLYH \RXU GHFHDVHG ¶ 7KLVLVWKHVD\LQJRIVRPHRIWKHVFK RODUVQRW DKDGHHWK þý3ODFLQJWKHGHFHDVHGLQWKHJUDYH úþþ
öÝîð³ô öèI ðõ³ ððàôËôí ööâðø´ö
%LVPLOODKLZD$$DO D VXQQDWLUDVRROLO ODK µ,QWKHQDPHRI$OO DKDQGXSRQWKHVXQQDKRIWKH0HVVHQJHURI$OO DK¶ þþ$IWHUEXU\LQJWKHGHFHDVHG
úþÿ µ$IWHUWKH3URSKHW U ZRXOGEXU\WKHGHFHDVHGKHZRXOGVWDQGE\WKHJUDYHDQGVD\ µ6HHN IRUJLYHQHVV IRU \RXU EURWKHU DQG SUD\ WKDW KH UHPDLQV ILUP IRU KH LV QRZ EHLQJTXHVWLRQHG¶¶ þÿ9LVLWLQJWKHJUDYHV úþ
ìåîðØö£ûøâðõÜö õôï·øåö ÷çöôí ìæôäöàø´õäøßôí ôæðôèöãøäßôæöã öóKªßôÞëø ô øâõÜøôðôàôË õáüI´ß ôôöÓðÌßøâðõÜôßôí ðèßôõÝôðø´ôç
$VVDODPX $$DOD\NXP DKODG GL\DUL PLQDOPXPLQHHQD ZDOPXVOLPHHQ ZD LQQD LQ VKDDOODKXELNXPO DKLTRRQQDV DOXOODKDODQD ZDODNXPXO $$DIL\DK µ3HDFH EH XSRQ \RX DOO 2 LQKDELWDQWV RI WKH JUDYHV DPRQJVW WKH EHOLHYHUV DQG WKH 0XVOLPV9HULO\ZHZLOO$OO DKZLOOLQJEHXQLWHGZLWK\RXZHDVN$OO DKIRUZHOO EHLQJ IRUXVDQG\RX ¶ þ 3UD\HUVDLGGXULQJDZLQGVWRUP úþ
ëK®ðô· øæöã ôÚö õ«îðËôôí ìëô®ðøôô§ ôÚðõßôðø³ô òðIçö Iâðõì÷àß
$OODKXPPDLQQHHDV DOXNDNKD\UDK D ZDD$$RR WKXELNDPLQVKDUULK D µ2$OODK,DVN
øæöã ôÚö õ«îðËôôí ìêö øðôàö³øõ ãô®ðøôô§ôí ìðìôÓãô®ðøôô§ôí ìëô®ðøôô§ ôÚðõßôðø³ô òðIçö Iâðõì÷àß êö øðôàö³øõ ãK®ðô·ôí ìðìôÓãK®ðô·ôí ìëK®ðô·
$OODKXPPD LQQHH DV DOXND NKD\UDK D ZDNKD\UD P D IHHKD ZDNKD\UD P D RUVLODW ELK ZDD$$RR WKXELNDPLQVKDUULK DZDVKDUULP D IHHKD ZDVKDUULP D RUVLODWEL K µ2$OODK,DVN
þ6XSSOLFDWLRQXSRQKHDULQJWKXQGHU úÿù :KHQ$$DEGXOODK,EQ$]=XED\UW XVHGWRKHDUWKXQGHUKHZRXOGVWRSWDONLQJDQG VD\
êôÔðô§øæöã õðÜöüäßôí ìöéöªðøäô¤ö õªøËI®ðß õ¢ðKô´õó ñ¬÷ß ôå¤ðøõ³ ü
6XEKDQDOODWKHH\XVDEEL KXUUD$$GXEL KDPGLKZDOPDO DLNDWXPLQNKHHIDWLK µ+RZ SHUIHFW +H LV 7KH 2QH :KRP WKH WKXQGHU GHFODUHV +LV SHUIHFWLRQZLWK+LV SUDLVHDVGRWKHDQJOH VRXWRIIHDURI+LP ¶ þ6XSSOLFDWLRQIRUUDLQ úÿú
Þöô®øôðôÏ ñüðöËì¿ô®ðøôôÏ ñðÌöÓçìñÌðó®õã ñó®ôã ñðôÐõã ñðøôôÏ èðöØø³Iâõì÷àß
$OODKXPPDV TLQD JKD\WKDQPXJKHHWKDQPDUHH DQPXUHH$$DQQ DIL$$DQJKD\UD GDU $$DMLODQJKD\UD DMLO µ2 $OODK VHQG XSRQ XV KHOSIXO ZKROHVRPH DQG KHDOWK\ UDLQEHQHILFLDOQRWKDUPIXO UDLQQRZQRWODWHU ¶ úÿû
ðèøöÏIâõì÷àß ìðèøöÏIâõì÷àß ìðèøöÏIâõì÷àß
$OODKXPPDDJKLWKQ DDOODKXPPDDJKLWKQ DDOODKXPPDDJKLWKQ D µ2$OODKUHOLHYHXV2$OO DKUHOLHYHXV2$OO DKUHOLHYHXV ¶ úÿü
ðKôôäßôÙôªðôàô òöôø£ôôí ôÚôðôäø£ô ø®ðõ¸øçôí ìÚôäöðìôôí ôÙô©öË öÖø³Iâõì÷àß
$OODKXPPDV TL $$LE DGDN ZDEDK DLPDN ZDQVKXU UD KPDWDN ZD DK\L EDODGDNDO PD\\LW µ2$OODKSURYLGHZDWHUIRU
ñÌðöÓçñðKôô» Iâõì÷àß
$OODKXPPD VD\\LEDQQ DIL$$D µ2$OODKPD\LWEHDEHQHILFLDOUDLQFORXG ¶ ÿú$IWHUUDLQIDOO úÿþ
êöðôäø£ôôí ööÞðøÀôÔö çø®ðöÄõã
0XWLUQD ELIDGOLOODKLZDUD KPDWLK µ:HKDYHEHHQJLYHQUDLQE\WKHJUDFHDQGPHUF\RI$OO DK¶ ÿû$VNLQJIRUFOHDUVNLHV
úÿÿ ööðèôãôí ìóö©øí÷öåîðÄõôí ì®ðKÈßôí öáðÛõðàôË Iâõì÷àß ìèðøôôàôË ûôí èøôôßîô£ Iâõì÷àß ®ð I¸ß
$OODKXPPD KDZDOD\QD ZDOD $$DOD\Q D DOODKXPPD $$DODO DNDPL ZD WKWKLUDE ZDEXWRRQLODZGL\DKZDPDQ DELWLVKVKDMDU µ2 $OODK OHW WKH UDLQ IDOO DURXQG XV DQG QRW XSRQ XV 2 $OO DK OHW LW IDOO RQ WKH SDVWXUHVKLOOVYDOOH\VDQGWKHURRWVRIWUHHV ¶ ÿü8SRQVLJKWLQJWKHFUHVFHQWPRRQ úÿ
ü
äöß öÖðôÓøîðIßôí ìáüø³ùíöðôãüI´ßíìåðäóùôí öæðøã÷ö èðøôôàôË õêðIàöëô Iâõì÷àß ì®ôðøÛô õ ôÚJ ôôí ðèJô ìðð¿ø®ðôôí Jðö¤õ
$OODKX DNEDU DOO DKXPPD DKLOODKX $$DOD\Q D ELODPQL ZDO HHPDQ ZDVVDO DPDWL ZDO LVODPZDWWDZIHH LTLOLPD WXKLEEXZDWDU GDUDEEXQ D ZDUDEEXNDO ODK µ$OODKLVWKHJUHDWHVW 2$OODKOHWWKHFUHVFHQWORRPDERYHXVLQVDIHW\IDLWKSHDFH DQG ,VODP DQG LQ DJUHHPHQW ZLWK DOO WKDW
ôïð· øåö õ®ðø÷ôðôôôí ìÕí®ðõÌßöðIàôøôí ìõðôäÈ I ßôðôëô«
7KDKDEDWKWKDPDRZDEWDOODWLO $$XURRTZDWKDEDWDO DMUXLQVK DDOODK µ7KH WKLUVW KDV JRQH DQG WKH YHLQV DUH TXHQFKHG DQG UHZDUG LV FRQILUPHG LI $OO ZLOOV¶
DK
úÿ µ$$DEGXOODK,EQ$$DPU,EQ$O$$DV W UHODWHGWKDWWKH0HVVHQJHURI$OO DKU VDLG µ,QGHHG WKH IDVWLQJ SHUVRQ KDVDWWKHWLPHRIEUHDNLQJIDVWDVXSSOLFDWLRQZKLFKLV QRWUHMHFWHG¶,EQ$EHH0XOD\NDK êä£ VDLGµ,+HDUG$$DEGXOODK,EQ$$RPDU VD\ZKHQKHEURNHKLVIDVW
òßô®öÔðøÐô øåô ìïò·IÞõÛ ôÌðö³ôí ò÷ß ôÚöðôäø£ô®ö ôÚðõßôðø³ô òðIçö Iâðõì÷àß
$OODKXPPDLQQHDV DOXNDELUD KPDWLNDOODWHHZDVL$$DWNXOODVKD\DQWDJKILUDOHH µ2$OODK,DVN
öâø´ö
%LVPLOODK «DQG LI \RX IRUJHW WR VD\ LW EHIRUH VWDUWLQJ WKHQ \RX VKRXOG VD\ ZKHQ \RX UHPHPEHU
éö®ðö§ôí öêößIíô òÓööâø´ö
%LVPLOODKLIHHDZZDOLKLZD DNKLULK µ,QWKHQDPHRI$OO DKLQLW ¶VEHJLQQLQJDQGHQG ¶ ú ú µ:KRPHYHU$OODKIHHGVVKRXOGVD\
êðøèöã ñ®øôðô§ èøäöÌðøÃôôí öêôÓèôß øÙöIâðõì÷àß
$OODKXPPDE DULNODQD IHHKLZD DW$$LPQ D NKD\UDQPLQK µ2$OODKEOHVVLWIRUXVD QGIHHGXVEHWWHUWKDQLW ¶ «DQGZKRPHYHU$OODKJLYHVPLONWRGULQNVKRXOGVD\ $OODKXPPDE DULNODQD IHHKLZD]LGQ D PLQK µ2$OODKEOHVVLWIRUXVDQGJLYHXVPRUHRILW ¶ ÿÿ8SRQFRPSOHWLQJWKHPHDO
ýù
êøèöã çø©ö¯ôí öêôÓèôß øÙöIâðõì÷àß
ú û
Iîõ× ûôí òKèöã óÝøîô£ ö®øôðôÏ øæöã öêôðèô×ô¯ôôí ¬ðë òðèôäôÌøÃô ñ¬Ißö õªðøäô¤øß
$OKDPGX OLOO DKLOODWKHH DW$$DPDQHHK DWKD ZDUD]DTDQHHKLPLQJKD\UL KDZOLQPLQQHH ZDOD TXZZDK µ$OOSUDLVHLVIRU$OO DKZKRIHGPHWKLVDQGSURYLGHGLWIRUPHZLWKRXWDQ\PL JKWQRU SRZHUIURPP\VHOI ¶ ú ü
õêðøèôË ñðèðøÐôø´õã ûôí óÉ©I ôîãõ ûôí HòöÔøÜôã ô®øôôÏ ìêôÓñÛôðõã ñðKôôà ñ®ôðôÛ ñªðøäô£ ö ªõ ðøäô¤øß èðJô
$OKDPGX OLOO DKL KDPGDQNDWKHHUDQ WD\\LEDQPXE DUDNDQIHHKJKD\UDPDNIL\\LQZDO D PXZDGGD$$LQ ZDOD PXVWDJKQDQ$$DQKXUDEEXQ D µ$OODKEHSUDLVHGZLWKDQDEXQGDQWEHDXWLIXOEOHVVHGSUDLVHDQHYHU HQGLQJSUDLVHD SUDLVH ZKLFK ZH ZLOO QHYHU ELG IDUHZHOO WR DQG DQ LQGLVSHQVDEOH SUDLVH +H LV RXU /RUG¶ 7KHUHDUHRWKHUYLHZVDVUHJDUGVWRWKHXQGHUVWD QGLQJRIWKLVVXSSOLFDWLRQIURPWKHP $OODK EH SUDLVHG ZLWK DQ DEXQGDQW EHDXWLIXO EOHVVHG SUDLVH +HLV7KH2QH:KRLV VXIILFLHQWIHHGVDQGLVQRWIHG7KH2QH:KRLVORQJHGIRUDORQJZLWKWKDWZKLFKLV ZLWK+LPDQG7KH2QH:KRLVQHHGHG+HLVRXU/RUG ¶ ÿ 6XSSOLFDWLRQRIWKHJXHVWIRUWKHKRVW ú ý
øâõìøäô£ø ôí øâðõìôß ø®ðöÔøÏôí ìâõìôðø×ô¯ô äôÓøâõìôß øÙöIâðõì÷àß
$OODKXPPDE DULNODKXPIHHP D UD]DTWDKXPZDJKILUODKXPZDU KDPKXP µ2$OODKEOHVVIRUWKHPWKDWZKLFK
òçسæôã öÖø³ôí ìòèôäôÌøÃô æôã øâöÌøÃô Iâðõì÷àß
$OODKXPPDD W$$LPPDQD W$$DPDQHHZDVTLPDQVDT DQHH µ2 $OODK IHHG KLP ZKR IHG PH D QG SURYLGH ZLWK GULQNKLPZKRSURYLGHGPHZLWK GULQN¶ ÿ6XSSOLFDWLRQVDLGZKHQEUHDNLQJIDVWLQVRPHRQH¶VKRPH ú ÿ
ðôÜöüäßõâõÜøôðôàôË øðIàô»ôí ì®ðø÷õâõÜðôãÌôà ôÞÛô ôôí ôåîäöð÷¼ßâõÛôªøèöË ô®ðôÄøÓô
$IWDUD $$LQGDNXPX VVDLPRRQ ZD DNDOD WD$$DPDNXPXO DEUDU ZDVDOODW $$DOD\NXPXO PDODLNDK µ0D\WKHIDVWLQJEUHDNWKHLUIDVWLQ\RXUKRPHDQGPD\WKHGXWLIXODQGSLRXVHDW\RXU IRRGDQGPD\WKHDQJOHVVHQGSUD\HUVXSRQ\RX ¶
ù6XSSOLFDWLRQVDLGE\RQHIDVWLQJZKHQSUHVHQWHGZLWKIRRGDQGGRHVQRWEUHDN KLVIDVW ú µ,I \RXDUHQRWLQYLWHG WRDPHDO WKHQDQVZHU,I\RXKDSSHQWREHIDVWLQJWKHQ VXSSOLFDWHIRUWKRVHSUHVHQW DQGLI\RXDUHQRWIDVWLQJWKHQHDW ¶ ýú
ú6XSSOLFDWLRQVDLGXSRQVHHLQJWKHHDUO\RUSUHPDWXUHIUXLW
ú
èôß øÙöôí ìðèöË»òÓèôß øÙöôí ìðèöôèóªôã òÓèôß øÙöôí ìçö®ðôäô òÓèôß øÙöIâðõì÷àß çKªõã òÓ
$OODKXPPDE DULNODQD IHHWKDPDULQ DZDEDULNODQD IHHPDGHHQDWLQ DZDEDULNODQD IHH VD$$LQD ZDEDULNODQD IHHPXGGLQ D µ2$OODKEOHVVRXU IUXLWIRUXVEOHVVRXUWRZQIRUXVEOHVVRXU VD$$ IRUXVDQGEOHVV RXUPXGG IRUXV¶ $ VD$$LVHTXLYDOHQWWRIRXU PXGGVDQGD PXGGLVHTXLYDOHQWWRDGU\PHDVXUHRIDQ DYHUDJHPDQ ¶VWZRSDOPV û6XSSOLFDWLRQVDLGXSRQVQHH]LQJ ú µ:KHQRQHRI\RXVQHH]HVKHVKRXOGVD\
ö õªðøäô¤øß
$OKDPGXOLOO DK µ$OOSUDLVHLIIRU$OO DK¶ «DQGKLVEURWKHURUFRPSDQLRQVKRXOGVD\WRKLP
ôÚðõäô£®ø ôó âõÜðôßõ¢öàðø¼õóôí õõâðõÜóªðøìôó
ü6XSSOLFDWLRQVDLGWRWKHQHZO\ZHG
úù
®øôðô§ òÓäõÜôèðøôô ôÊôäôíô ìÚøôðôàôË ôÙôôí ìÚôß õê÷àß ôÙô
%DUDNDOODKXODNZDE DUDND$$DOD\NZDMDPD$$ DED\QDNXP D IHHNKD\U µ0D\$OODKEOHVVIRU\RX \RXUVSRXVH DQGEOHVV\RXDQGPD\+HXQLWHERWKRI\RX LQJRRGQHVV ¶ ý7KHJURRP¶VVXSSOLFDWLRQRQWKHZHGGLQJQLJKWRUZKHQEX\LQJDQDQLPDO
úú ZKHQ\RXPDUU\DZRPDQRUEX\DPDLGVHUYDQW\RXVKRX OGVD\
K®ðô·ôí ìëK®ðô· øæöã ôÚö õ«îðËôôí ìêøôðôàôË ðìôðøàôô ãô®ðøôô§ôí ìëô®ðøôô§ ôÚðõßôðø³ô òðIçö Iâðõì÷àß êøôðôàôË ðìôðøàôô ã
$OODKXPPDLQQHHDV DOXNDNKD\UDK D ZDNKD\UDP D MDEDOWDK D $$DOD\KZD D$$RR WKX ELNDPLQVKDUULK D ZDVKDUULP D MDEDOWDKD $$DOD\K µ2$OODK,DVN
þ6XSSOLFDWLRQEHIRUHVH[XDOLQWHUFRXUVH
úû
èôðø×ô¯ô ãôåÄøôðI¸ßöèK ôôí ìôåÄðøôI¸ßèøKèô Iâðõì÷àß öâø´ö
%LVPLOODKDOODKXPPDMDQQLEQDVK VKD\WDQZDMDQQLELVK VKD\WDQDPD UD]DTWDQ D µ,QWKHQDPHRI$OO DK2$OODKNHHSWKHGHYLODZD\IURPXVDQGNHHSWKHGHYLODZD\ IURPZKDW \RXKDYHEOHVVHGXVZLWK ¶ ÿ:KHQDQJU\ úü
D$$RR WKXELOODKLPLQDVK VKD\WDQLUUDMHHP µ,WDNHUHIXJHZLWK$OO DKIURPWKHDFFXUVHGGHYLO ¶
âðôI®ßöåÄðøôI¸ßôæãö öö õ«îðËô
6XSSOLFDWLRQVDLGXSRQVHHLQJVRPHRQHLQWULDORUWULEXODWLRQ 7KLV VXSSOLFDWLRQ LV WR EH VDLG WR RQH ¶V VHOI QRW GLUHFWO\ WR WKH RQH LQ WULDO RU WULEXODWLRQ úý
üôðÀøÔô ôÖðôàô§ øæIäöã ó®ðôôÛ ðàôË òèðôàIÀôÓôí ìöêö ôÙüðôø÷äöã òçÓËñ¬÷ß ö õªðøäô¤øß
$OKDPGXOLOO DKLOODWKHH$$DIDQHHPLPPDE WDODNDELKZ DIDGGDODQHH$$DO D NDWKHHULQ PLPPDQNKDODTDWDI GHHOD µ$OOSUDLVHLVIRU$OO DK:KRVDYHGPHIURPWKDWZKLFK+HWHVWHG\RXZLWKDQG:KR PRVWFHUWDLQO\IDYRXUHGPHRYHUPXFKRI+LVFUHDWLRQ ¶
5HPHPEUDQFHVDLGDWDVLWWLQJRUJDWKHULQJ«HWF úþ ,EQ $$XPDU W VDLG ,W ZRXOG EHFRXQWHGWKDWWKH0HVVHQJHURI$OO DK U ZRXOGVD\ RQHKXQGUHGWLPHVDWDQ\RQHVLWWLQJEHIRUHJHWWLQJXS
îÔðôÐßõ÷îðIßôðøçô ôÚçI ö ìIòðôàôË øõôí ìòßø®ðöÔøÏKô
5DEELJK ILUOHHZDWXE$$DOD\LQQDNDDQWDW WDZZDEXOJKDIRRU µ2P\/RUGIRUJLYHPHDQGWXUQWRZDUGVPH WRDFFHSWP\UHSHQWDQFH 9HULO\
6XSSOLFDWLRQ IRU WKH H[SLDWLRQ RI VLQV VDLG DW WKH FRQFOXVLRQ RI D VLWWLQJ RU JDWKHULQJ«HWF úÿ
Úøôðôßö õîôôí ôÙõ®öÔøÐôø³ô ôøçô ÷ûö ôêßö û øåô õªðôìø·ô ìÙöªäô¤öíô Iâðõì÷àß ôÚôçð¤øõ³
6XEKDQDNDOODKXPPD ZDEL KDPGLN DVKKDGX DQ O D LODKD LOOD DQW DVWDJKILUXND ZD DWRREXLOD\N µ+RZ SHUIHFW
ýü
$$DLVKDK ìèËò¿ VDLG:KHQHYHU7KH0HVVHQJHURI$OODKU ZRXOGEHWDNHD VHDW UHDG 4XUDQ RU SUD\ KH ZRXOG DOZD\V FRQFOXGH LW ZLWK FHUWDLQ ZRUGV , LH $$DLVKDK VDLG20HVVHQJHURI$OODKU,KDYHQRWLFHGWKDWZKHQHYHU\RXEHWDNHD VHDW UHDG 4XUDQ RU SUD\ \RX DOZD\V FRQFOXGH LW ZLWK WKHVH ZRUGV +H VDLG
Úøôðôßö õîôôí ôÙõ®öÔøÐôø³ô ôøçô ÷ûö ôêßö û ìÙöªäô¤öíô ôÚôçð¤øõ³
6XEKDQDNDZDEL KDPGLNO D LODKDLOOD DQWDDVWDJKILUXNDZD DWRREXLOD\N µ+RZSHUIHFW
ù5HWXUQLQJDVXSSOLFDWLRQRIIRUJLYHQHVV ú µ$$DEGXOODK ,EQ6DUMLV W VDLGµ,ZHQWWRVHHWKH3URSKHW U DQGDWHIURPKLVIRRG DQGWKHQVDLGWRKLP *KDIDUDOODKXODND\ D UDVRRODO ODK µ0D\$OODKIRUJLYH\RX20HVVHQJHURI$OO DK¶ «KHU UHSOLHG ZDODN µDQG\RX ¶
ú6XSSOLFDWLRQVDLGWRRQHZKRGRHV\RXDIDYRXU ú µ,IVRPHRQHGRHV\RXDIDYRXUDQG\RXVD\ -D]DNDOODKXNKD\UDQ µ0D\$OODKUHZDUG\RXZLWKJRRGQHVV ¶ «WKHQ\RXKDYHLQGHHGH[FHOOHGLQSUDLVLQJKLP¶
ôÝîð³ô óôÚôß õô®ðôÔôÏ ôÚôßôí
ñ®øôðô§ õôÙ°ô
û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úù µ:KRHYHU PHPRULVHV WKH ILUVW WHQ YHUVHV RI VRRUDW $O.DKI ZLOO EH SURWHFWHG IURP 'DMMDO¶ 2QHVKRXOGDOVRVHHNUHIXJHZLWK$OO DKIURPWKHWULEXODWLRQVRIWKH'DMM DODIWHUWKH ODVWWDVKDKKXGLQSUD\HU 5HIHUWRVXSSOLFDWLRQVþþ þÿ ü6XSSOLFDWLRQVDLGWRRQHZKRSURQRXQFHVKLVORYHIRU\RXIRU$OODK¶VVDNH ýý
úú $KDEEDNDOODWKHHDKEDEWDQHHODK µ0D\+HIRUZKRP\RXKDYHORYHGPHORYH\RX ¶
êôß òèôðøôø£ô ñ¬÷ß ôÚðIô£ô
ý6XSSOLFDWLRQVDLGWRRQHZKRKDVRIIHUHG\RXVRPHRIKLVZHDOWK úû %DUDNDOODKXODNDIHHDKOLNDZDP DOLN µ0D\$OODKEOHVVIRU\RX\RXUIDPLO\DQGZHDOWK ¶
Úößãôí ôÚöàøëô òÓôÚôß õôÙô
þ6XSSOLFDWLRQVDLGWRWKHGHEWRUZKHQKLVGHEWLVVHWWOHG úü
ï©ô÷íõªøäô¤øß öÒôàI´ßõï°ðô äIçö ìÚößãôí ôÚöàøëô òÓôÚôß õôÙô
%DUDNDOODKXODNDI HHDKOLNDZDP DOLNLQQDP D MD]DRVVDODILOKDPGXZDO DGD µ0D\$OODKEOHVVIRU\RX\RXUIDPLO\DQGZHDOWK 6XUHO\FRPPHQGDWLRQDQGSD\PHQW DUHWKHUHZDUGIRUDORDQ ¶
ÿ6XSSOLFDWLRQIRUIHDURIVKLUN VKLUN WR DVVRFLDWHRWKHUVZLWK$OO DKLQWKRVHWKLQJVZK LFKDUHVSHFLILFWR+LP 7KLV FDQRFFXULQ ú EHOLHIH JWREHOLHYHWKDWRWKHUWKDQ$OO DKKDVWKHSRZHUWREHQHILWRU KDUP û VSHHFK H J WR VZHDU E\ RWKHU WKDQ $OO DK DQG ü DFWLRQ H J WR ERZ RU SURVWUDWHWRRWKHUWKDQ$OO DK úý
âôàðøËô û äöß ôÙõ®öÔøÐðôø³ôôí ìøâôàðøËô çôôí ôÚö ôÙö®ðø·õ øåô ôÚö«õ îðËô òð÷çö Iâðõì÷àß
$OODKXPPD LQQHH D$$RR WKX ELND DQ RVKULND ELND ZD DQD D$$ODP ZD DVWDJKILUXND OLPD OD D$$ODP µ2$OODK,WDNHUHIXJHLQ
5HWXUQLQJ D VXSSOLFDWLRQ DIWHU KDYLQJ EHVWRZHG D JLIW RU FKDULW\ XSRQ VRPHRQH úþ $$DLVKDK ìèËò¿ UHSRUWHGWKDWWKH0HVVHQJHURI$OO DKU ZDVJLYHQDVKHHS DQG KH RUGHUHG IRU LW¶V GLVWULEXWLRQ :KHQ WKH VHUYDQW ZRXOG FRPH EDFN IURP GLVWULEXWLQJ LW $$DLVKDK ZRXOG DVN µ:KDW GLG WKH\ VD\"¶KHUHSOLHG7KH\ZRXOG VXSSOLFDWH
øâõÜôÓõôÙô
%DUDNDOODKXIHHNXP µ0D\$OODKEOHVV\RXDOO ¶ «$$DLVKDKZRXOGWKHQVD\
ôÙôøâðöìôÓôí
:DIHHKLPE DUDNDOODK µDQGPD\$OO DKEOHVVWKHP ¶ «ZHUHWXUQWKHLUVXSSOLFDWLRQLQDVLPLODUZD\DQGRXUUHZDUGUHPDLQVZLWKXV ýþ
)RUELGGDQFHRIDVFULELQJWKLQJVWRRPHQV 7KLVVXSSOLFDWLRQLVXVHGZKHQHYHURQHLQLWLDOO\WKLQNVDFD VXDOHYHQWRURFFXUUHQFHWR IRUHWHOOJRRGRUHYLOXVLQJLWDVDEDVLVWRGHWHUPLQHZKLFKDFWLRQKHVKRXOGXQGHUWDNH EXWKHWKHQGHQRXQFHVVXFKDOLQNUHOLHVRQ$OO DKDQGWKHQVD\VWKLVVXSSOLFDWLRQDVDQ H[SLDWLRQIRUWKLVDFWVLQFHLWIDOOVXQGHUWKH FDWHJRU\RI VKLUN úÿ
Ùõ®ðøôôÏ ôêßö ûôí ìÙõ®øôðô§ ÷ûö ô®øôðô§ ûôí ìÙõ®ðøôôà ÷ûö ô®ðøôôà û Iâðõì÷àß
$OODKXPPDO D WD\UDLOOD WD\UXNZDO D NKD\UDLOO D NKD\UXNZDO D LODKDJKD\UXN µ2$OODKWKHUHLVQRRPHQEXWWKHUHLVUHOLDQFHRQ
èKô ðßö ÷çöôí ìæôçö®ðøØõã õêôß ÷èõÛ ãôí ¬ëèôß ô®ðI¨ô³ ñ¬÷ß ôå¤øðõ³ ì õªðøäô¤øßôí ööâðø´ö ôÚôç¤øðõ³ ì®ôðøÛõì®ôðøÛõì®ôðøÛõì õªðøäô¤ßì õªðøäô¤ßì õªðøäô¤ßìåîöàôØðèõäôß ðøçô ÷ûö ôîçJ¬ßõ®ðöÔøÐôó û õêIçöôÓ ìòßø®öÔðøÏôÓ ò´øÔôç õøäðôàôÇ ò÷çö Iâðõì÷àß
%LVPLOODK ZDOKDPGX OLOO DK VXEKDQDOODWKHH VDNKN KDUDODQ D KDWKD ZDPD NXQQD ODKX PXTULQHHQZDLQQ D LOD UDEELQ D ODPXQTDOLERRQDO KDPGXOLOO DKDOKDPGXOLOO DKDOKDPGX OLOODK$OODKXDNEDU$OO DKXDNEDU$OO DKXDNEDUVXE KDQDNDOODKXPPDLQQHH WKDODPWX QDIVHHIDJKILUOHHIDLQQDKXO D \DJKILUX WKWKXQRREDLOO D DQW µ,QWKHQDPHRI$OO DKDQGDOOSUDLVHLVIRU$OO DK+RZSHUIHFW+HLVWKH2QH:KRKDV SODFHGWKLV WUDQVSRUW DWRXUVHUYLFHDQGZHRXUVHOYHVZRXOGQRWKDYHEHHQFDSDEOHRI WKDWDQGWRRXU/RUGLVRXUILQDOGHVWLQ\ $OOSUDLVHLVIRU$OO DK$OOSU DLVHLVIRU$OO DK $OOSUDLVHLVIRU$OO DK$OODKLVWKHJUHDWHVW$OO DKLVWKHJUHDWHVW$OO DKLVWKHJUHDWHVW +RZ SHUIHFW
÷çöôí ìæôçö®ðøØõã õêôß ÷èõÛ ãôí ¬ëèôß ô®ðI¨ô³ ñ¬Ißôå¤øðõ³ ì®ôÛõì ®ôÛõì ®ôÛõ ãöÞðôäôÌøß ôæãö ôí ìïîøØðIßôí I®ðö߬ëçö®ðôÔô³ òÓôÚõßôðø´ôç ÷çö Iâðõì÷àß ìåîöàðôØøèõäôß ðèKô ðßö òÓõö£ð÷¼ßôðøçô Iâðõì÷àß ìéôªðøÌõ ÷èôË öîà ø ôí ¬ë çô®ôÔô³ èôðôàôË øåîK ôë Iâðõì÷àß ìð¿ø®ðô öôôÛôí ì®ôÔðI´ß öïðøËôí øæöã ôÚö«õ îðËô òð÷çö Iâðõì÷àß ìöÞðë÷ òÓ õôÔôðàô¨øßôí ì®ôÔðI´ß Þðøëô÷ôí öÝðäßòÓöôàôØðøèõäøß öïî³ôí ì®ôÈðøèôäøß
$OODKXDNEDU$OO DKXDNEDU$OO DKXDNEDUVXE KDQDOODWKHHVDNKNKDUDODQ D KDWKD ZDPD NXQQD ODKXPXTULQHHQZD LQQD LOD UDEELQ D ODPXQTDOLERRQDOO DKXPPDLQQ D QDVDOXND IHHVDIDULQ D KDWKD DOELUUDZDWWDTZ DZDPLQDO $$DPDOLP D WDUGDDOODKXPPDKDZZLQ $$DOD\Q D VDIDUDQ D KDWKDZDWZL$$DQQ D EX$$GDKDOO DKXPPDDQWD VVDKLEXILVVDIDU ZDONKDOHHIDWXILO DKODOODKXPPDLQQHHD$$RR WKXELNDPLQZD$$WK DLVVDIDUZDND DEDWLOPDQWKDUZDVRR LOPXQTDODELILO PDOLZDODKO µ$OODK LV WKH JUHDWHVW $OO DK LV WKHJUHDWHVW$OO DKLVWKH JUHDWHVW+RZSHUIHFW+HLV 7KH2QH:KRKDVSODFHGWKLV WUDQVSRUW DWRXUVHUYLFHDQGZHRXUVHOYHVZRXOGQRW KDYHEHHQFDSDEOHRIWKDWDQGWRRXU/RUGLVRXUILQDOGHVWLQ\ 2$OODKZHDVN
åíªðöãð£ èðKô®öß ôåíªðöËôåîðöôåîðöó
$\LERRQDW DLERRQD$$ DELGRRQDOLUDEELQ D KDPLGRRQ µ:HUHWXUQUHSHQWZRUVKLSDQGSUDLVHRXU/RUG ¶
ú6XSSOLFDWLRQXSRQHQWHULQJDWRZQRUYLOODJH«HWF ú
I ôôí ìæðøàôàø×ãôí öÊøð÷´ßôæðô¿ô÷Iôôí ìæðôàôàøÇô ãôí öÊøð÷´ßöîäðI´ßIô Iâõìð÷àß ô®ðøôô§ôí öôó®ø ðôØøß öé¬ëô®ðøôô§ ôÚðõßôðø³ô ìæðøóôô« ãôí ö¡óK®ßIôôí ìæðøàôàø¿ô ãôí öæôÃðôI¸ß ìôÓãK®ðô·ôí ììðöàøëô K®ðô·ôí ëK®ðô· øæöã ôÚö õ«îðËôôí ììôÓãô®ðøôô§ôí ììðöàøëô
$OODKXPPD UDEEDV VDPDZDWLVVDE$$L ZDP D DWKODOQ ZDUDEEDO DUDGHHQDVVDE$$L ZDPD DTODOQZDUDEEDVK VKD\DWHHQLZDP D DGODOQZDUDEEDU UL\DKLZDPD WKDUD\QDV DOXND NKD\UD K DWKLKLOTDU\DK ZDNKD\UD DKOLOK D ZDNKD\UD P D IHHKD ZDD$$RR WKX ELNDPLQVKDUULK D ZDVKDUULDKOLK DZDVKDUULP D IHHKD µ2 $OODK /RUG RI WKH VHYHQ KHDYHQV DQG DOO WKDW WKH\ HQYHORS /RUG RI WKH VHYHQ HDUWKVDQGDOOWKDWWKH\FDUU\/RUGRIWKHGHYLOVDQGDOOZKRPWKH\PLVJXLGH/RUGRI WKHZLQGVDQGDOOZKRPWKH\ZKLVNDZ D\,DVN
û Gòô£ ôîëõ ôí õðôäõóôí òðôø¤õó ìªðøäô¤ßõêßíõÚðøàõäßõêßìõêßôÚó®·û õéôª£íê÷àß ÷ûôêßû ®óª×óïò·÷ÞÛðàËôîëôí õ®øôðô¨øß öéöªðôôö ìîðäôó
/D LODKD LOODOODK ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG \X K\HH ZD\XPHHWXZDKXZD KD\\XQOD \DPRRWEL\DGLKLO NKD\UXZDKXZD$$DO D NXOOLVKD\LQ TDGHHU µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU WR +LP EHORQJV DOO VRYHUHLJQW\ DQG SUDLVH +H JLYHV OLIH DQG FDXVHVGHDWKDQG+HLVOLYLQ J DQGGRHVQRWGLH ,Q+LVKDQGLVDOOJRRGDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶ ü6XSSOLFDWLRQIRUZKHQWKHPRXQWHGDQLPDORUPHDQRIWUDQVSRUW VWXPEOHV ûùú ý
%LVPLOODK µ,QWKHQDPHRI$OO DK¶
ööâðø´ö
ý6XSSOLFDWLRQRIWKHWUDYHOOHUIRUWKHUHVLGHQW ûùû
êðõÌö©ôí õÊôðÀô û ñ¬IßôêIàßõâðõÜõËö©øîðôø³ô
$VWDZGL$$XNXPXO ODKDOOD WKHHOD WDGHH$$XZDG DL$$XK µ,SODFH\RXLQWKHWUXVWRI$OO DKZKRV HWUXVWLVQHYHUPLVSODFHG ¶ þ6XSSOLFDWLRQRIWKHUHVLGHQWIRUWKHWUDYHOOHU ûùü
ÚöàðôäôË ôâðôîðô§ôí ìôÚðôôçãôôí ôÚôèðó©ôêIàßõÉö©øîðôø³ô
$VWDZGL$$XO ODKDGHHQDNZD DPDQDWDNZDNKDZ DWHHPD$$DPDOLN µ, SODFH \RXU UHOLJLRQ \RXU IDLWKIXOQHVV DQG WKH HQGV RI \RXU GHHGV LQ WKH WUXVW RI $OODK¶ ûùý
ðøèõÛ äõðøôô£ ô®øôðô¨ßôÚôß ô®ðI´ôóíô ìôÚôðøçô«ô®ðôÔôÏíô ìïîøØßõêIàßôÙô©íI ô¯
=DZZDGDNDO ODKXWWDTZD ZDJKDIDUD WKDQEDN ZD\DVVDUD ODNDO NKD\UD KD\WKXPD NXQW µ0D\ $OODK HQGRZ\RXZLWK WDTZDIRUJLYH\RXUVLQVDQGIDFLOLWDWHDOOJRRGIRU\RX ZKHUHYHU\RXEH ¶ WDTZD D FRPSUHKHQVLYH WHUP ZKLFK UHIHUV WR DOO JRRG DFWLRQV DQG REHGLHQFH L H SHUIRUPLQJWKHFRPPDQGHGDFWLRQVDQGDYRLGLQJWKHSURKLELWHGDFWLRQV ÿ5HPHPEUDQFHZKLOHDVFHQGLQJRUGHVFHQGLQJ ûùþ -DELUW VDLG:KLOHDVFHQGLQJZHZRXOGVD\
®ôðøÛô õ
$OODKXDNEDU µ$OODKLVWKHJUHDWHVW ¶ «DQGZKHQGHVFHQGLQJZHZRXOGVD\ 6XEKDQDOODK µ+RZSHUIHFW$OO DKLV¶ 3UD\HURIWKHWUDYHOOHUDVGDZQDSSURDFKHV ûùÿ
ôå¤ðøõ³
ñ¬öËèðøôôàôË ÞöÀðøÓôôí èðøö£ð» ðèIô èðøôôàôË öêðöüô öæðø´õ£ôí ö öªðøäô¤ö Êõ öãð³ ôÊðöäô³ ð÷èßôæãö ö
6DPL$$DV DPL$$XQEL KDPGLOODKLZDKXVQLEDODLKL$$DOD\Q D5DEEDQD VDKLEQD ZD DIGLO$$DOD\Q D $$DLWKDQELOODKLPLQDQ QDU µ0D\ DZLWQHVVEHZLWQHVVWRRXUSUDLVHRI$OO DKIRU+LVIDY RXUVDQGERXQWLHVXSRQ XV 2XU /RUG SURWHFW XVVKRZIDYRXURQXVDQGGHOLYHUXVIURPHYHU\HYLO ,WDNH UHIXJHLQ$OO DKIURPWKHILUH ¶ 6WRSSLQJRUORGJLQJVRPHZKHUH ûù
Öðôàô§ ãK®ðô· øæöã ö÷ãð÷ßöê÷àß öäðöàôÜö õ«îðËô
D$$RR WKXELNDOLP DWLOODKLWWDPPDWLPLQVKDUULP D NKDODT ý
µ,WDNHUHIXJHLQ$OO DK¶VSHUIHFWZRUGVIURPWKHHYLOWKDW+HKDVFUHDWHG ¶ :KLOHUHWXUQLQJIURPWUDYHO ûù ,EQ $$XPDU W UHSRUWHG WKDW WKH 0HVVHQJHU RI $OO DK U RQUHWXUQIURPDEDWWOHRU IURPSHUIRUPLQJWKHSLOJULPDJHZRXOGVD\DWHYHU\KLJKSRLQW
®ôðøÛô õ ì®ôðøÛô õ ì®ôðøÛô õ
$OODKXDNEDU$OO DKXDNEDU$OO DKXDNEDU µ$OODKLVWKHJUHDWHVW$OO DKLVWKHJUHDWHVW$OO DKLVWKHJUHDWHVW ¶ «DQGWKHQKHZRXOGVD\
ì®óªðô× óïòô· ÷ÞõÛ ðàËôîëõ í ìªøäô¤ßõêßíõÚàäßõêßìõêßôÚó®·û õéôªðø£ôí õê÷àß ÷ûôêßû ôáô°ôëôí ìéôªðøôË ô®ðô¼ôçíô ìéôªðøËôí õ ôÕôª» ô ìåíªðöãð£ èðKô®öß ôåíªðöË ôåîðö ôåîðöó éôªðø£ôí ô°ðø£ô÷
/D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOL VKD\ LQ TDGHHU D\LERRQD W DLERRQ $$ DELGRRQ OLUDEELQ D KDPLGRRQ VDGDTDOODKXZD$$GDKZDQD VDUD$$DEGDKZDKD]DPDO DK]DEDZDKGDK µ1RQH KDV WKH ULJKW WR EHZRUVKLSSHGH[FHSW$OO DKDORQHZLWKRXWSDUWQHU 7R+LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDO OWKLQJVRPQLSRWHQW :HUHWXUQ UHSHQW ZRUVKLS DQG SUDLVHRXU/RUG $OODKIXOILOOHG+LVSURPLVHDLGHG+LV6HUYDQW DQGVLQJOH KDQGHGO\GHIHDWHGWKHDOOLHV ¶ úùù:KDWWRVD\XSRQUHFHLYLQJSOHDVLQJRUGLVSOHDVLQJQHZV ûù :KHQKHU XVHGWRUHFHLYHSOHDVDQWQHZVKHU ZRXOGVD\
¤ößð÷¼ßJâðöô öêöôäøÌðöèö ñ¬Ißö õªðøäô¤øß
$OKDPGXOLOO DKLOODWKHHELQL$$PDWLKLWDWLPPX VVDOLKDW µ$OO3UDLVHLVIRU$OO DKE\ZKRVHIDYRXUJRRGZRUNVDUHDFFRPSOLVKHG ¶ «DQGXSRQUHFHLYLQJGLVSOHDVLQJQHZVKHU ZRXOGVD\
Ý£KÞðõÛ ðàËö õªðøäô¤øß
$OKDPGXOLOO DKL$$DOD NXOOLKDO µ$OO3UDLVHLVIRU$OO DKLQDOOFLUFXPVWDQFHV ¶ úùú([FHOOHQFHRIVHQGLQJSUD\HUVXSRQWKH3URSKHWU ûúù 7KH3URSKHWU VDLGµ:KRHYHUVHQGVDSUD\HUXSRQPH$OO DKVHQGVWHQXSRQK LP¶ ûúú +H U DOVR VDLG µ'R QRW WDNH P\ JUDYH DV D SODFH RI KDELWXDO FHUHPRQ\ 6HQG SUD\HUVXSRQPHIRUYHULO\\RXUSUD\HUVUHDFKPHZKHUHYHU\RXDUH ¶ ûúû +H U DOVR VDLG µ$ PLVHU LV RQH ZKRP ZKHQ , DP PHQWLRQHG WR KLP IDLOVWRVHQG SUD\HUVXSRQPH¶ úùû([FHOOHQFHRIVSUHDGLQJWKH,VODPLFJUHHWLQJ ûúü 7KH0HVVHQJHURI$OODK U VDLGµ
ûúþ µ$$DEGXOODK,EQ$$DPUW UHSRUWHGWKDWDPDQDVNHGWKH3URSKHW Uµ:KLFK,VODPLV WKHEHVW"¶+HU UHSOLHG)HHGWKHSRRU DQGJUHHWWKRVHZKRP\RXNQRZDVZHOODV WKRVHZKRP\RXGRQRW ¶ úùü6XSSOLFDWLRQVDLGXSRQKHDULQJDURRVWHUFURZRUWKHEUD\LQJRIDQDVV ûúÿ µ,I\RXKHDUWKHFURZRIDURRVWHUDVN$OO DKIRUKLVERXQW\IRULWKDVVHHQDQDQJHO DQGLI\RXKHDUWKHEUD\LQJRIDQDVVVHHNUHIXJHLQ$OO DKIRULWKDVVHHQDGHYLO ¶ úùý6XSSOLFDWLRQXSRQKHDULQJWKHEDUNLQJRIGRJVDWQLJKW ûú µ,I\RXKHDUWKHEDUNLQJRIGRJVRUWKHEUD\LQJRIDVVHVDWQLJKWVHHNUHIXJHLQ$OO DK IRUWKH\VHHZKDW\RXGRQRW ¶ úùþ6XSSOLFDWLRQVDLGIRURQH\RXKDYHLQVXOWHG ûú
öãôôöØßôáøîôó ôÚôßñø®õ× õêßôÚößô« øÞôÌøôÓ õêõøôô³ óæãö øõã ôäóJ ôÓIâõìàß
$OODKXPPD ID D\\XPD PXPLQLQ VDEDEWXKX IDM$$DO WKDOLND ODKX TXUEDWDQ LOD\ND \DZPDOTL\DPDK µ2$OODKWRDQ\EHOLHYHUZKRP,KDYHLQVXOWHGOHWWKDWEHFDXVHWRGU DZKLPQHDUWR $O%DTDUDKûùú@ µ2RXU/RUGJU DQWXVWKHEHVWLQWKLVOLIHDQGWKHEHVWLQWKHQH[WOLIHDQGSURWHFWXV IURPWKHSXQLVKPHQWRIWKH)LUH ¶ úù6XSSOLFDWLRQVDLGZKHQDW0RXQW6DID 0RXQW0DUZDK ûûú -DELU W VDLG ZKHQ GHVFULELQJ WKH 3URSKHW ¶V U SLOJULPDJH µ«DQG ZKHQ KH DSSURDFKHGPRXQW6DIDKHUHFLWHG « ,QQDVVDID ZDDOPDUZDWDPLQVKD$$ DLUL$OODK«
ö®Ìô· øæãö ôíô ®ø ôäßíôÔI¼ßIåö öêö õôôªô ôäö õôªøô
$EGDRELPD EDGDDOODKXELK µ,QGHHG6DIDDQG0DUZDKDUHIURPWKHSODFHVRIZRUVKLSRI$OO DK«¶ µ,EHJLQZLWKZKDW$OO DKEHJD QZLWK¶ «VRKHVWDUWHGZLWK6DIDDQGFOLPHGLWXQWLOKHFRXOGVHHWKH.D$$EDKKHWKHQIDFHG LWDQGVDLG
õ®ôøÛô õìõ®ôÛø ô õìõ®ôÛø õ
$OODKXDNEDU$OO DKXDNEDU$OO DKXDNEDU þù
µ$OODKLVWKHJUHDWHVW$OO DKLVWKHJUHDWHVW$OO DKLVWKH JUHDWHVW ¶ «DQGWKHQKHZRXOGVD\WKHIROORZLQJWKUHHWLPHVPDNLQJDVXSSOLFDWLRQ RQHVKRXOG PDNHDSHUVRQDOVXSSOLFDWLRQ DIWHUHDFKWLPH
ôêôßö ôß ìò®óªô× óïòô· KÞõÛ ðàôË ôîëõ íõªøäô¤ßõêôßôí õÚøàõäßõêôß ìõêôß ôÚóö®ô· ôß õéôª£ ø ôí õIßö ôêßö ôß õéôª£ ø ôí ôô°ø£ô÷ôáô°ôëôí õéôªø ôË ô®ô¼ôçíô ìõéôªË ø ôí ô°ô çø ô õéôª£ ø ôí õIßö
/D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOL VKD\LQ TDGHHU O D LODKD LOODOODKX ZD KGDK DQMD]D ZD$$GDK ZDQD VDUD $$DEGDKZDKD]DPDO DK]DEDZDKGDK µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU 7R +LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVDPQLSRWHQW 1RQHKDVWKH ULJKWWREHZRUVKLSSHGH[FHSW$OO DKDORQH +HIXOILOOH G+LVSURPLVHDLGHG+LV6HUYDQW DQGVLQJOH KDQGHGO\GHIHDWHGWKHDOOLHV ¶ «KHU ZRXOGUHSHDWWKLVDFWLRQDW0DUZDK úù7KH'D\RI$$DUDIDK ûûû µ7KH EHVW RI VXSSOLFDWLRQV LV WKH VXSSOLFDWLRQ RQ WKH GD\ RI $$DUDIDK DQG WKHEHVW ZKLFK,DQGWKH3URSKHWV EHIRUHPHKDYHVDLGLV
ò®óªô× óïøòô· KÞõÛ ðôàôË ôîëõ íõªøäô¤ßõêôßíõÚøàõäßõêôß ìõêôß ôÚó®ô· ôß õéôª£ ø ôí õIßö ôêôßö ôß
/D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\LQTDGHHU µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU 7R +LP EHORQJVDOOSUDLVHDQGVRYHUHLJQW\DQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶
úúù$WWKH6DFUHG6LWH$O0DVK$$DU$O+DUDP ûûü -DELU W VDLG µ+H U URGH $O4DVZD XQWLO KH UHDFKHG $O0DVK$$DU $O+DUDP KH WKHQ IDFHGWKHTLEODKVXSSOLFDWHGWR$OO DKDQGH[WROHG+LVJUHDWQHVVDQGRQHQHVV +HVWRRGXQWLOWKHVXQVKRQHEXWOHIWEHIRUHLWURVH ¶ $O4DVZD7KHQDPHRIWKH3URSKHW ¶VU FDPHO úúú:KHQWKURZLQJHDFKSHEEOHDWWKH-DPDUDW LH6WRQLQJ WKHWKUHHDUHDVDW0LQDGXULQJ+DMM ûûý (YHU\WLPHWKH3URSKHW U WKUHZDSHEEOHDWDQ\RIWKHWKUHHMDPDU DWKHZRXOGVD\
õ®ôÛø ô õ
$OODKXDNEDU µ$OODKLVWKHJUHDWHVW ¶ «RQ FRPSOHWLRQ RI WKHILUVWMDPDUDKKHDGYDQFHGDOLWWOHVWRRGIDFLQJWKHTLEO DK UDLVHGKLVKDQGVDQGVXSSOLFDWHG+HDOVRGLGWKLVDIWHUWKHVHFRQGMDPDUDKEXWQRW WKHWKLUG¶ úúû$WWKHEODFNVWRQH ûûþ µ7KH 3URSKHW U FLUFOHG WKH .D$$EDK RQ DFDPHOHYHU\WLPHKHUHDFKHGWKHEODFN VWRQHKHZRXOGSRLQWWRLWZLWKKLVVWDIIDQGVD\ $OODKXDNEDU µ$OODKLVWKHJUHDWHVW ¶ úúü6XSSOLFDWLRQPDGHDJDLQVWDQHQHP\ ûûÿ þú
õ®ôÛø ô õ
øâõìøßö°øßô¯ôí øâõìøãö°øëIâõìIàßôô°ø£ô÷ôáö°øëö´ö¤ßôÊó®ô³ öôöÜßôÝö°øèõã IâõìIàß
$OODKXPPD PXQ]LODO NLWDE VDUHH$$DO KLVDE LK]LPLO DK]DE DOODKXPPDK ]LPKXP ZD]DO]LOKXP µ2$OODK5HYHDOHURIWKH%RRN6ZLIWDWUHFNRQLQJGHIHDWWKHFRQIHGHUDWHV 2$OODK GHIHDWWKHPDQGFRQYXOVHWKHP ¶ úúý:KDWWRVD\ZKHQLQIHDURIDSHRSOH ûû
$OODKXPPDN ILQHHKLPELP D VKLW µ2$OODKSURWHFWPHIURPWKHPZLWKZKDW
ôøö· äö øâöìôöèÔö øÛIâõìIàß öôåô¤øõ³
6XEKDQDOODK µ+RZSHUIHFW$OO DKLV¶ ûû
õ®øÛô õ
$OODKXDNEDU µ$OODKLVWKHJUHDWHVW ¶ úúÿ:KDWWRGRXSRQUHFHLYLQJSOHDVDQWQHZV ûüù 7KH3URSKHW U ZRXOGSURVWUDWHLQJUDWLWXGHWR$OO DK ðßÌí Ù XSRQUHFHLYLQJ QHZVZKLFKSOHDVHGKLPRUZKLFKFDXVHGSOHDVXUH úú :KDWWRVD\DQGGRZKHQIHHOLQJVRPHSDLQLQWKHERG\ ûüú µ3ODFH\RXUKDQGDWWKHVLWHRIWKHSDLQDQGVD\
ñüô ööâø´ö
%LVPLOODKWKUHHWLPHV µ,QWKHQDPHRI$OO DK¶ WKUHHWLPHV «WKHVXSSOLFDWHVHYHQWLPHV
®ãʳ õö«ô£õôí õªöô ôã K®ô· øæôã öêöôøªõ×ôí öõ«îõËô
D$$RR WKXELOODKLZDTXGUDWLKPLQVKDUULP D DMLGXZD RKDWKLUVHYHQWLPHV µ, WDNH UHIXJH LQ $OO DK DQG ZLWKLQ +LV RPQLSRWHQFHIURPWKHHYLOWKDW,IHHODQGDP ZDU\RI ¶ VHYHQWLPHV úú:KDWWRVD\ZKHQLQIHDURIDIIOLFWLQJVRPHWKLQJRUVRPHRQHZLWKRQH¶VH\H 7KH(YLO(\H7RORRNDWVRPHWKLQJDQGEHLPSUHVVHGZLW KLWFDXVLQJKDUPWREHIDOOLW 7KLV ³ORRNLQJ´ PD\ RU PD\ QRW LQYROYH MHDORXV\ DQG FDQ RFFXU XQLQWHQWLRQDOO\ LQGHHGEHSDUWRIDSHUVRQ¶VQDWXUH$SHUVRQFDQHYHQLQIOLFWKDUP RQKLPVHOI )URPWKHVXSSOLFDWLRQVIRUWKHSURWHFWLRQDJDLQVWWKH(YLO(\H
êôðôàôË ÙöIâðõì÷àß
$OODKXPPDE DULN$$DOD\K µ2$OODKVHQGEOHVVLQJXSRQKLP ¶
÷ûôIîõ× û ìôï·ã
0D VKDDOODKOD TXZZDWDLOO D ELOODK µWKLVLV WKDWZKLFK$OO DKKDVZLOOHGWKHUHLVQRSRZHUH[FHSWZLWK$OO DK¶ ûüû þû
µ,I \RX VHH VRPHWKLQJ IURP \RXU EURWKHU \RXUVHOI RU ZHDOWK ZKLFK \RX ILQG LPSUHVVLQJWKHQLQYRNHEOHVVLQJVIRULWIRUWKHHYLOH\HLVLQGHHGWUXH ¶ úú(WLTXHWWHRIUHWLULQJIRUWKHQLJKW ûüü µ:KHQQLJKWIDOOV LH$O0DJKULE UHVWUDLQ\RXUFKLOGUHQ IURPJRLQJRXW EHFDXVH DWVXFKWLPHWKHGHYLOVVSUHDGDERXW $IWHUDSHULRGRIWLPHKDVSDVVHGOHWWKHPEH 6KXW\RXUGRRUVDQGPHQWLRQ$OODK¶VQDPHIRUYHULO\WKHGHYLOGRHVQRWRSHQDVKXW GRRU WLH XS \RXU ZDWHUVNLQV DQG PHQWLRQ $OODK¶V QDPH FRYHU \RXU YHVVHOV ZLWK DQ\WKLQJDQGPHQWLRQ$OODK¶VQDPHDQGSXWRXW\RXUODPSV¶ úûù7KH7DOEL\DK ûüý
ôÚôß ôÚóö®ô· ôß ìõÚøàõäßíôÚôß ìöôäøÌKèßíôªäø ÷¤ßIåö ìôÚøôIôß ôÚôß ôÚóö®ô· ôß ôÚøôIôß ìôÚøôIôß IâõìIàßôÚøôIôß
/DEED\NDO ODKXPPD ODEED\N ODEED\ND O D VKDUHHND ODND ODEED\N LQQDO KDPGD ZDQQL$$PDWDODNDZDOPXONO D VKDUHHNDODN µ+HUH , DP 2 $OO DK LQ UHVSRQVH WR
õIûôêßö û
øâõÜôßñ õ¢öà¼õóíõøâõÜóöªøìôó
âõÜôðôàôËôí òâöô» òKçö ìòâöô» òKçö
òKèöã øÞIôØô IâõìIàßôÚôßíôÚøèöã IâõìIàßõ®ôÛø ô õíööâø´ö
%LVPLOODKZDOODKXDNEDUDOO DKXPPDPLQNDZDODNDOO DKXPPDWDTDEEDOPLQQHH µ,QWKHQDPHRI$OO DKDQG$OO DKLVWKHJUHDW HVW2$OODKLWLV IURP
þü
ìôôô«íôô®ôíìôÖàô§ ôã K®÷· øæöã ò®ôÓ ôßíG®ô Iæõëõ¯öíô óõ ôß òöIßöIãIßööôäöàôÜõ«îõËô ö½øô÷òÓôôô« ôã K®ô· æöãíìôìôÓõõ®øÌôó ôã K®ô· øæãöí öïôä´ I ßôæãö õÝö°øèôó ôã K®ô· øæöãí ñ×öôÃ Ißö óÕöÃKÞõÛ K®ô· øæöãíìöìIèßíöÞôø Iàßöæô öÓ K®ô· øæãöí ìôìøèöã õõ®ø¨ôó ôã K®ô· øæöãí õæôäø£ô ôó ó®øôô¨õÕõ®øÄôó
D$$RR WKX ELNDOLP DWLOODKLWWDPPDW DOODWHH O D \XMDZL]XKXQQD EDUUXQ ZDO D IDMLU PLQ VKDUUL PD NKDODT ZDEDUDD ZD WKDUDD ZDPLQ VKDUUL P D \DQ]LOX PLQDV VDPD ZDPLQ VKDUULPD \D$$UXMXIHHK DZDPLQVKDUULP D WKDUDDILODUGZDPLQVKDUULP D \DNKUXMX PLQKD ZDPLQ VKDUUL ILWQDQLO OD\OL ZDQQDK DU ZDPLQ VKDUUL NXOOL WDULTLQ LOOD WDULTDQ \DWUXTXELNKD\ULQ\ D 5DKPDQ µ,WDNHUHIXJHZLWKLQ$OO DK¶VSHUIHFWZRUGVZKLFKQRULJKWHRXVRUXQULJKWHRXVSHUVRQ FDQ WUDQVJUHVV IURP DOO WKH HYLO WKDW +H KDV FUHDWHG PDGH DQG RULJLQDWHG , WDNH UHIXJH IURPWKHHYLOWKDWGHVFHQGVIURPWKHVN\DQGWKHHYLOWKDWULVHVXSWRLW ,WDNH UHIXJH IURPWKHHYLOWKDWLVVSUHDGRQ(DUWKDQGWKHHYLOWKDWVSULQJVIURPKHUDQG, WDNHUHIXJHIURPWKHHYLORIWKHWULE XODWLRQVRIQLJKWDQGGD\DQGWKHHYLORIRQHZKR YLVLWVDWQLJKWH[FHSWWKHRQHZKREULQJVJRRG20HUFLIXO2QH ¶ úû 6HHNLQJIRUJLYHQHVVDQGUHSHQWDQFH ûýú
µ7KH 0HVVHQJHU RI $OODK U VDLGµ%\$OODK,VHHNIRUJLYHQHVVDQGUHSHQWWR$OO DK PRUHWKDQVHYHQW\WLPHVDGD\¶ ûýû
+HU DOVRVDLGµ23HRSOH5HSHQW9HULO\,UHSHQWWR$OODKDKXQGUHGWLPHVDGD\¶ ûýü +HU DOVRVDLGµ:KRHYHUVD\V
öêôôßö õîõôíõáõî÷ôôØßJòô¤ßôîëõ Ißôêôßö ôß ñö¬Ißôõ®öÔøÐôø³ô
$VWDJKILUXO ODKDOODWKHHOD LODKDLOOD KXZDOKD\\XOTD\\RRPXZD DWRREXLOD\K µ,VHHN$OO DK¶VIRUJLYHQHVVEHVLGHVZKRPQRQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW +H 7KH (YHU /LYLQJ 7KH 6HOI 6XEVLVWLQJ DQG 6XSSRUWHU RI DOO DQG,WXUQWR+LPLQ UHSHQWDQFH ¶ «$OODK ZRXOG IRUJLYH KLP HYHQ LI KH ZDV RQH ZKR IOHG GXULQJ WKH DGYDQFH RI DQ DUP\¶ ûýý +HU VDLGµ7KHQHDUHVWWKH/RUGFRPHVWR+LVVHUYDQWLVLQWKHPLGGOHRIWKHQ LJKW VRLI\RXDUHDEOHWREHRIWKRVHZKRUHPHPEHU$OO DKDWWKDWWLPHWKHQEHVR ¶ ûýþ +H U DOVR VDLG µ7KH QHDUHVW D VHUYDQW LV WR KLV/RUGLVZKHQKHLVSURVWUDWLQJVR VXSSOLFDWHPXFKWKHUHLQ¶ ûýÿ +H U DOVR VDLG µYHULO\ P\ KHDUW EHFRPHV SUHRFFXSLHG DQG YHULO\ , VHHN $OODK¶V IRUJLYHQHVVDKXQGUHGWLPHVDGD\¶ SUHRFFXSLHG LHLQDVWDWHRI µIRUJHWIXOQHVV¶7KH3URSKHW U DOZD\VXVHGWRLQFUHDVH LQ KLV UHPHPEUDQFH RI KLV /RUG LQ DWWDLQLQJ D QHDUQHVV WR $OO DK DQG KDYLQJ þý
FRQVFLRXVQHVVRI$OO DKWR WKHH[WHQWWKDWLIWKLVLQWHQVLW\OHVVHQHGLQDQ\ZD\KHZRXOG UHJDUGLWDVDVLQDQGZRXOGWKHQUDFHWRVHHNIRUJLYHQHVVIURP$OO DK úû([FHOOHQFHRIUHPHPEUDQFHDQGJORULILFDWLRQRI$OODK ûý $EX+XUD\UDKW UHSRUWHGWKDWWKH0HVVHQJHURI$OO DKU VDLGµ:KRHYHUVD\V
ã ò®óªô× óïòô· KÞõÛ ðàôË ôîëõ íìªøäô¤ßõêôßôí õÚøàõäßõêôß ìõêôß ôÚóö®ô· ôß õéôª£ ø ôí õIßö ôêßö ôß ®ã
/D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\LQTDGHHU RQHKXQGUHGWLPHV µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DK DORQH ZLWKRXW SDUWQHU 7R +LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶ «D KXQGUHG WLPHV GXULQJ WKH GD\ KDVWKHUHZDUGRIIUHHLQJWHQVODYHVDKXQGUHG JRRG GHHGVDUH UHFRUGHGIRUKLPDQGDKXQGUHGEDGGHHGVDUHZLSHGDZD\DQGKH KDV JDLQHG UHIXJH IURP WKH GHYLO WKDW GD\ XQWLO HYHQLQJ DQG QRQH VKDOO FRPH ZLWK DQ\WKLQJEHWWHUH[FHSWVRPHRQHZKRKDVGRQHPRUH ¶ ûý µ:KRHYHUVD\V
áîôßòÓ®ãã öéöªäø ô¤öíô öôåô¤øõ³
6XEKDQDOODKLZDELKDPGLK RQHKXQGUHGWLPHVGDLO\ µ+RZSHUIHFW$OO DKLVDQG,SUDLVH+LP ¶ «DKXQGUHGWLPHVGXULQJWKHGD\KLVVLQVDUHZLSHGDZD\HYHQLIWKH\DUHOLNHWKH IRDPRIWKHVHD¶ ûý $EX +XUD\UDK W UHSRUWHG WKDW WKH 0HVVHQJHU RI $OO DK U VDLG µ:KRHYHU VD\V DW PRUQLQJDQGHYHQLQJWLPH
ò´äóæô£í¢¼óæô£ öéöªøäô¤öíöôåô¤øõ³
6XEKDQDOODKLZDELKDPGLKDWPRUQLQJ HYHQLQJWLPH µ+RZSHUIHFW$OO DKLVDQG,SUDLVH+LP ¶ «RQH KXQGUHG WLPHV QRQH VKDOO FRPH RQ WKH 'D\ RI 5HVXUUHFWLRQ ZLWK DQ\WKLQJ EHWWHUH[FHSWVRPHRQHZKRKDVVDLGWKHVDPHRUHYHQPRUH ¶ PRUQLQJDIWHUSUD\HUXQWLOWKHVXQULVHVHYHQLQJ DIWHU$$D VUSUD\HUXQWLOWKHVXQVHWV KRZHYHUVRPHVFKRODUVVD\ DIWHUWKHVXQVHWVD QGRQZDUGV ûþù $ERR$\\RRE$O$QVDUHHW UHODWHGWKDW7KH3URSKHW U VDLGµ:KRHYHUVD\V
ò®óªô× óïòô· KÞõÛ ðàôË ôîëõ íõªøäô¤ßõêôßôí õÚøàõäßõêôß ìõêôß ôÚóö®ô· ôß õéôªø£ôí õIßö ôêßö ôß
/D LODKD LOODOODKX ZD KGDKX OD VKDUHHND ODK ODKXO PXONX ZDODKXO KDPG ZDKXZD $$DOD NXOOLVKD\LQTDGHHU µ1RQH KDV WKHULJKWWREHZRUVKLSSHGH[F HSW$OODKDORQHZLWKRXWSDUWHQHU 7R+LP EHORQJVDOOVRYHUHLJQW\DQGSUDLVHDQG+HLVRYHUDOOWKLQJVRPQLSRWHQW ¶ «WHQ WLPHV LV OLNH RQH ZKR KDV IUHHG IRXU VRXOV IURP DPRQJ WKH FKLOGUHQ RI ,VPD$$HHO¶ ûþú $ERR +XUD\UDK W UHSRUWHG WKDW WKH 0HVVHQJHU RI $O ODK U VDLG¶7KHUH DUH 7ZR ZRUGV ZKLFKDUH OLJKWRQWKHWRQJXHKHDY\RQWKH6FDOHDQGEHORYHGWR7KH0RVW *UDFLRXV
öâôöÈôÌßöôåô¤øõ³íöéöªøäô¤öíô öôå¤øõ³
6XEKDQDOODKLZDELKDPGLKZDVXE KDQDOODKLO$$DWKHHP þþ
µ+RZSHUIHFW$OO DKLVDQG,SUDLVH+LP +RZSHUIHFW$OO DKLV7KH6XSUHPH ¶ ûþû $ERR+XUD\UDKW UHSRUWHGWKDWWKH0HVVHQJHURI$OO DKU VDLGµ6D\LQJ
õ®ôÛø ô õíõIßôêôßö ôß ìö õªøäô¤ßíìöôåô¤øõ³
6XEKDQDOODKZDOKDPGXOLOO DKOD LODKDLOODOODKZDOODKXDNEDU µ+RZSHUIHFW$OO DKLVDQGDOOSUDLVHLVIRU$OO DK1RQHKDVWKHULJKWWREHZRUVKLSSHG H[FHSW$OO DKDQG$OO DKLVWKHJUHDWHVW ¶ «LVPRUHEHORYHGWRPHWKDQHYHU\WKLQJWKHVXQKDVULVHQRYHU ¶ ûþü 6D¶GW VDLGµ:H ZHUHVLWWLQJZLWKWKH0HVVHQJHURI$OO DKUDQGKHVDLGµ$UHDQ\ RI\RXXQDEOHWRJDLQDWKRXVDQGJRRGGHHGVHDFKGD\" ¶6RPHERG\WKHQDVNHGKLPU +RZ GRHVRQHDFKLHYHDWKRXVDQGJRRGGHHGV"+HUHSOLHG µ+HVKRXOGVD\
öôåô¤øõ³
6XEKDQDOODK µ+RZSHUIHFW$OO DKLV¶ «RQHKXQGUHGWLPHVIRUDWKRXVDQGJRRGGHHGVDUHUHFRUGHGIRUKLPRUDWKRXVDQG EDGGHHGVDUHZLSHGDZD\¶ ûþý -DEELUW UHODWHGWKDWWKH3URSKHW U VDLGµ:KRHYHUVD\V
öéöªøäô¤öíöâôöÈôÌßöôåô¤øõ³
6XEKDQDOODKLO$$DWKHHPLZDEL KDPGLK µ+RZSHUIHFW$OO DKLV7KH6XSUHPHDQG,SUDLVH+LP ¶ «DSDOPWUHHLVSODQWHGIRUKLPLQSDUDGLVH ¶ ûþþ µ$$DEGXOODK,EQ4D\V W UHODWHGWKDWWKH3URSKHW U VDLGWRKLPµ2µ$$DEGXOODK,EQ 4D\V VKDOO , QRW LQIRUP \RX RI D WUHDVXUH IURP WKH WUHDVXUHV RI SDUDGLVH" ¶ +H U WKHQVDLGµ6D\ /D KDZODZDO D TXZZDWDLOO D ELOODK µ7KHUHLVQRPLJKWQRUSRZHUH[FHSWZLWK$OO DK¶ ûþÿ µWKHPRVWEHORYHGZRUGVWR$OO DKDUHIRXU
öIßö ôIîõ× ôßôí ôÝóî£ ô ôß
õ®ôÛø ô õíõIûö ôêôßö ôßíìö õªøäô¤ßíìöôåô¤øõ³
6XEKDQDOODKZDOKDPGXOLOO DKZDOD LODKDLOODOODKZDOODKXDNEDU µ +RZ SHUIHFW $OO DK LV DOO SUDLVH LV IRU $OO DK 1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW$OO DKDQG$OO DKLVWKHJUHDWH VW¶ «LWGRHVQRWPDWWHUZKLFKRIWKHP\RXVWDUWZLWK ¶ ûþ 6D$$G,EQ$EHH:DTTDV W QDUUDWHGWKDWDPDQFDPHWRWKH0HVVHQJHURI$OO DKU DQGVDLGWRKLPµ7HDFKPHVRPHWKLQJZKLFK,VKRXOGVD\" ¶+HVDLGµ6D\
Kô öôåô¤øõ³ ìñ®ôôÛ ö õªøäô¤øßíô®ôôÛ õ®ôÛø ô õìõêôß ôÚóö®ô· ôß õéôªø£ôí õ Ißö ôêßö ôß öâôöÜô¤øß ö°ó°ôÌßö÷ßö ôIîõ× ôßôí ôÝøîô£ ôß ìôæôäôßôÌß
/D LODKD LOODOODK ZDKGDKX OD VKDUHHNDODK$OO DKXDNEDUXNDEHHU DZDOKDPGXOLOO DKL NDWKHHU D VXEKDQDOODKL UDEELO $$DODPHHQ O D KDZOD ZDO D TXZZDWD LOO D ELOODKLO $$D]HH]LO KDNHHP
þÿ
µ1RQH KDV WKH ULJKW WR EH ZRUVKLSSHG H[FHSW $OO DKDORQHZLWKRXWSDUWHQHU $OODKLV PRVW JUHDW DQG PXFK SUDLVH LV IRU $OO DK +RZ SHUIHFW $OO DK LV /RUG RI WKH ZRUOGV 7KHUHLVQRPL JKWQRUSRZHUH[FHSWZLWK$OO DK7KH([DOWHGLQPLJKW7KH:LVH ¶ «WKHPDQWKHQVDLGµ7KHVHDUHIRUP\/RUGDQGZKDWLVIRUPH" ¶+HU UHSOLHG µ6D\
òöèø×õ¯øíìòöçöªøëíìòöèøäô£ø íìòöß ø®öÔøÏIâõìIàß
$OODKXPPDJK ILUOHHZDU KDPQHHZDKGLQHHZDU]XTQHH µ2$OODKIRUJLYHPHKDYHPHUF\XSRQPHJXLGHPHDQGJUDQWPHVXVWHQDQFH ¶ ûþ 7DULT $O$VKMD$$HH W VDLG µ:KHQ VRPHRQH ZRXOG HPEUDFH ,VODP WKH 3URSKHW U ZRXOG WHDFK KLP KRZ WR SHUIRUP SUD\HU DQG WKHQ RUGHUKLPWRVXSSOLFDWHZLWKWKH IROORZLQJZRUGV
òöèø×õ¯øíòöèöÓôËíìòöçöªøëíìòöèøäô£ø íìòöß ö®öÔøÏIâõìIàß
$OODKXPPDJK ILUOHHZDU KDPQHHZDKGLQHHZD$$ DILQHHZDU]XTQHH µ2 $OODK IRUJLYH PH KDYH PHUF\ XSRQ PH JXLGHPHJLYHPHKHDOWKDQGJUDQWPH VXVWHQDQFH ¶ ûþ -DELU ,EQ µ$$DEGXOODK W UHODWHG WKDW WKH0HVVHQJHURI$OO DK U VDLGµ9HULO\WKH EHVWVXSSOLFDWLRQLV $OKDPGXOLOO DK µ$OOSUDLVHLVIRU$OO DK¶ «DQGLQGHHG WKHEHVWIRUPRIUHPHPEUDQFHLV /D LODKDLOODOODK µ1RQHKDVWKHULJKWWREHZRUVKLSSHGH[FHSW$OO DK¶
ö õªøäô¤øß
õIßö êôßö ôß
ûÿù µ7KHHYHUODVWLQJULJKWHRXVGHHGV
öIßôIîõ× ôßôí ôÝøîô£ ôßôí õ®ôÛø ô õíõIßô ôêôßö ôß ìö õªøäô¤øßíìöôåô¤øõ³
6XEKDQDOODK ZDOKDPGX OLOO DK OD LODKD LOODOODK ZDOODKX DNEDU ZDO D KDZOD ZDO D TXZZDWDLOO D ELOODK µ+RZSHUIHFW$OO DKLVDQGDOOSUDLVHLVIRU$OO DK1RQHKDVWKHULJKWWREHZRUVKLSSHG H[FHSW $OO DK DQG $OO DK LV WKH JUHDWHV W 7KHUH LV QR PLJKW QRU SRZHU H[FHSW ZLWK $OODK¶ úû+RZWKHSURSKHWU U PDGHWDVEHHK 7DVEHHKLWPHDQVKHUHWRVD\ 6XEKDQDOODKDOKDPGXOLOO DK$OODKXDNEDU ûÿú µ$$DEGXOODK ,EQ $$DPU W VDLG ¶, VDZ WKH SURSKHW U PDNH WDVEHHK ZLWKKLVULJKW KDQG¶ 2$OODKVHQGSHDFHDQGEOHVVLQJVXSRQRXU3URSKHW0XKDPPDG KLVFRPSDQLRQVDQGKLVIDPLO\DQGDOOWKRVHZKRIROORZWKHPLQ ULJKWHRXVQHVVWLOOWKH'D\RI5HFNRQLQJ $PHHQ þ