Issuu on Google+



:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

‡6XEVFULEH ‡5HQHZ ‡*LYHD*LIW ‡'LJLWDO(GLWLRQ 1\S`(\N\Z[

7YPU[c*SVZL

:K\:RPHQ6WLOO&DQ¶W+DYH,W $OO ,7 ¶6 7 ,0( 7 2 67 23  ) 22/ ,1* 285 6(/ 9(6 6$< 6 $ : 20$1 : +2 / () 7  $ 3 26,7 ,21 2)  3 2: (5  7 +( : 20(1 : +2 +$9( 0$1$*(' 7 2 %( %27 + 027 +(5 6 $1' 7 23  3 5 2) (66,21$/ 6 $5 ( 683 (5 +80$1 5 ,&+ 25  6(/ ) (03 / 2< (' ,) : ( 7 5 8/ <  %(/ ,(9( ,1 (48$/  23 3 25 7 81,7 <  ) 25  $/ /  : 20(1 +(5 (¶6 : +$7  +$6 7 2 &+$1*(

%\$QQH0DULH6ODXJKWHU

,PDJHFUHGLW3KLOOLS7ROHGDQR (,*+7((10217+6,172P\MREDVWKHILUVWZRPDQGLUHFWRURISROLF\SODQQLQJDWWKH6WDWH 'HSDUWPHQWDIRUHLJQSROLF\GUHDPMREWKDWWUDFHVLWVRULJLQVEDFNWR*HRUJH.HQQDQ,IRXQGP\VHOI LQ1HZ<RUNDWWKH8QLWHG1DWLRQV¶DQQXDODVVHPEODJHRIHYHU\IRUHLJQPLQLVWHUDQGKHDGRIVWDWHLQ WKHZRUOG2QD:HGQHVGD\HYHQLQJ3UHVLGHQWDQG0UV2EDPDKRVWHGDJODPRURXVUHFHSWLRQDWWKH $PHULFDQ0XVHXPRI1DWXUDO+LVWRU\,VLSSHGFKDPSDJQHJUHHWHGIRUHLJQGLJQLWDULHVDQGPLQJOHG %XW,FRXOGQRWVWRSWKLQNLQJDERXWP\\HDUROGVRQZKRKDGVWDUWHGHLJKWKJUDGHWKUHHZHHNV ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

HDUOLHUDQGZDVDOUHDG\UHVXPLQJZKDWKDGEHFRPHKLVSDWWHUQRIVNLSSLQJKRPHZRUNGLVUXSWLQJ FODVVHVIDLOLQJPDWKDQGWXQLQJRXWDQ\DGXOWZKRWULHGWRUHDFKKLP2YHUWKHVXPPHUZHKDG EDUHO\VSRNHQWRHDFKRWKHU²RUPRUHDFFXUDWHO\KHKDGEDUHO\VSRNHQWRPH$QGWKHSUHYLRXV VSULQJ,KDGUHFHLYHGVHYHUDOXUJHQWSKRQHFDOOV²LQYDULDEO\RQWKHGD\RIDQLPSRUWDQWPHHWLQJ²WKDW UHTXLUHGPHWRWDNHWKHILUVWWUDLQIURP:DVKLQJWRQ'&ZKHUH,ZRUNHGEDFNWR3ULQFHWRQ1HZ -HUVH\ZKHUHKHOLYHG0\KXVEDQGZKRKDVDOZD\VGRQHHYHU\WKLQJSRVVLEOHWRVXSSRUWP\FDUHHU WRRNFDUHRIKLPDQGKLV\HDUROGEURWKHUGXULQJWKHZHHNRXWVLGHRIWKRVHPLGZHHNHPHUJHQFLHV ,FDPHKRPHRQO\RQZHHNHQGV $VWKHHYHQLQJZRUHRQ,UDQLQWRDFROOHDJXHZKRKHOGDVHQLRUSRVLWLRQLQWKH:KLWH+RXVH6KHKDV WZRVRQVH[DFWO\P\VRQV¶DJHVEXWVKHKDGFKRVHQWRPRYHWKHPIURP&DOLIRUQLDWR'&ZKHQVKHJRW KHUMREZKLFKPHDQWKHUKXVEDQGFRPPXWHGEDFNWR&DOLIRUQLDUHJXODUO\,WROGKHUKRZGLIILFXOW, ZDVILQGLQJLWWREHDZD\IURPP\VRQZKHQKHFOHDUO\QHHGHGPH7KHQ,VDLG³:KHQWKLVLVRYHU,¶P JRLQJWRZULWHDQRSHGWLWOHGµ:RPHQ&DQ¶W+DYH,W$OO¶´ 6KHZDVKRUULILHG³<RXFDQ¶WZULWHWKDW´VKHVDLG³<RXRIDOOSHRSOH´:KDWVKHPHDQWZDVWKDWVXFK DVWDWHPHQWFRPLQJIURPDKLJKSURILOHFDUHHUZRPDQ²DUROHPRGHO²ZRXOGEHDWHUULEOHVLJQDOWR \RXQJHUJHQHUDWLRQVRIZRPHQ%\WKHHQGRIWKHHYHQLQJVKHKDGWDONHGPHRXWRILWEXWIRUWKH UHPDLQGHURIP\VWLQWLQ:DVKLQJWRQ,ZDVLQFUHDVLQJO\DZDUHWKDWWKHIHPLQLVWEHOLHIVRQZKLFK,KDG EXLOWP\HQWLUHFDUHHUZHUHVKLIWLQJXQGHUP\IHHW,KDGDOZD\VDVVXPHGWKDWLI,FRXOGJHWDIRUHLJQ SROLF\MRELQWKH6WDWH'HSDUWPHQWRUWKH:KLWH+RXVHZKLOHP\SDUW\ZDVLQSRZHU,ZRXOGVWD\WKH FRXUVHDVORQJDV,KDGWKHRSSRUWXQLW\WRGRZRUN,ORYHG%XWLQ-DQXDU\ZKHQP\WZR\HDU SXEOLFVHUYLFHOHDYHIURP3ULQFHWRQ8QLYHUVLW\ZDVXS,KXUULHGKRPHDVIDVWDV,FRXOG

9,'(2$QQH0DULH6ODXJKWHUWDONVZLWK+DQQD5RVLQDERXWWKHVWUXJJOHVRIZRUNLQJPRWKHUV $UXGHHSLSKDQ\KLWPHVRRQDIWHU,JRWWKHUH:KHQSHRSOHDVNHGZK\,KDGOHIWJRYHUQPHQW, H[SODLQHGWKDW,¶GFRPHKRPHQRWRQO\EHFDXVHRI3ULQFHWRQ¶VUXOHV DIWHUWZR\HDUVRIOHDYH\RXORVH \RXUWHQXUH EXWDOVREHFDXVHRIP\GHVLUHWREHZLWKP\IDPLO\DQGP\FRQFOXVLRQWKDWMXJJOLQJ ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

KLJKOHYHOJRYHUQPHQWZRUNZLWKWKHQHHGVRIWZRWHHQDJHER\VZDVQRWSRVVLEOH,KDYHQRWH[DFWO\ OHIWWKHUDQNVRIIXOOWLPHFDUHHUZRPHQ,WHDFKDIXOOFRXUVHORDGZULWHUHJXODUSULQWDQGRQOLQH FROXPQVRQIRUHLJQSROLF\JLYHWRVSHHFKHVD\HDUDSSHDUUHJXODUO\RQ79DQGUDGLRDQGDP ZRUNLQJRQDQHZDFDGHPLFERRN%XW,URXWLQHO\JRWUHDFWLRQVIURPRWKHUZRPHQP\DJHRUROGHU WKDWUDQJHGIURPGLVDSSRLQWHG ³,W¶VVXFKDSLW\WKDW\RXKDGWROHDYH:DVKLQJWRQ´ WRFRQGHVFHQGLQJ ³,ZRXOGQ¶WJHQHUDOL]HIURP\RXUH[SHULHQFH,¶YHQHYHUKDGWRFRPSURPLVHDQGP\NLGVWXUQHGRXW JUHDW´  7KHILUVWVHWRIUHDFWLRQVZLWKWKHXQGHUO\LQJDVVXPSWLRQWKDWP\FKRLFHZDVVRPHKRZVDGRU XQIRUWXQDWHZDVLUNVRPHHQRXJK%XWLWZDVWKHVHFRQGVHWRIUHDFWLRQV²WKRVHLPSO\LQJWKDWP\ SDUHQWLQJDQGRUP\FRPPLWPHQWWRP\SURIHVVLRQZHUHVRPHKRZVXEVWDQGDUG²WKDWWULJJHUHGD EOLQGIXU\6XGGHQO\ILQDOO\WKHSHQQ\GURSSHG$OOP\OLIH,¶GEHHQRQWKHRWKHUVLGHRIWKLV H[FKDQJH,¶GEHHQWKHZRPDQVPLOLQJWKHIDLQWO\VXSHULRUVPLOHZKLOHDQRWKHUZRPDQWROGPHVKH KDGGHFLGHGWRWDNHVRPHWLPHRXWRUSXUVXHDOHVVFRPSHWLWLYHFDUHHUWUDFNVRWKDWVKHFRXOGVSHQG PRUHWLPHZLWKKHUIDPLO\,¶GEHHQWKHZRPDQFRQJUDWXODWLQJKHUVHOIRQKHUXQVZHUYLQJ FRPPLWPHQWWRWKHIHPLQLVWFDXVHFKDWWLQJVPXJO\ZLWKKHUGZLQGOLQJQXPEHURIFROOHJHRUODZ VFKRROIULHQGVZKRKDGUHDFKHGDQGPDLQWDLQHGWKHLUSODFHRQWKHKLJKHVWUXQJVRIWKHLUSURIHVVLRQ ,¶GEHHQWKHRQHWHOOLQJ\RXQJZRPHQDWP\OHFWXUHVWKDW\RXFDQKDYHLWDOODQGGRLWDOOUHJDUGOHVVRI ZKDWILHOG\RXDUHLQ:KLFKPHDQV,¶GEHHQSDUWDOEHLWXQZLWWLQJO\RIPDNLQJPLOOLRQVRIZRPHQIHHO WKDWWKH\DUHWREODPHLIWKH\FDQQRWPDQDJHWRULVHXSWKHODGGHUDVIDVWDVPHQDQGDOVRKDYHD IDPLO\DQGDQDFWLYHKRPHOLIH DQGEHWKLQDQGEHDXWLIXOWRERRW  /DVWVSULQJ,IOHZWR2[IRUGWRJLYHDSXEOLFOHFWXUH$WWKHUHTXHVWRID\RXQJ5KRGHV6FKRODU,NQRZ ,¶GDJUHHGWRWDONWRWKH5KRGHVFRPPXQLW\DERXW³ZRUNIDPLO\EDODQFH´,HQGHGXSVSHDNLQJWRD JURXSRIDERXWPHQDQGZRPHQLQWKHLUPLGV:KDWSRXUHGRXWRIPHZDVDVHWRIYHU\IUDQN UHIOHFWLRQVRQKRZXQH[SHFWHGO\KDUGLWZDVWRGRWKHNLQGRIMRE,ZDQWHGWRGRDVDKLJKJRYHUQPHQW RIILFLDODQGEHWKHNLQGRISDUHQW,ZDQWHGWREHDWDGHPDQGLQJWLPHIRUP\FKLOGUHQ HYHQWKRXJK P\KXVEDQGDQDFDGHPLFZDVZLOOLQJWRWDNHRQWKHOLRQ¶VVKDUHRISDUHQWLQJIRUWKHWZR\HDUV,ZDV LQ:DVKLQJWRQ ,FRQFOXGHGE\VD\LQJWKDWP\WLPHLQRIILFHKDGFRQYLQFHGPHWKDWIXUWKHU JRYHUQPHQWVHUYLFHZRXOGEHYHU\XQOLNHO\ZKLOHP\VRQVZHUHVWLOODWKRPH7KHDXGLHQFHZDVUDSW DQGDVNHGPDQ\WKRXJKWIXOTXHVWLRQV2QHRIWKHILUVWZDVIURPD\RXQJZRPDQZKREHJDQE\ WKDQNLQJPHIRU³QRWJLYLQJMXVWRQHPRUHIDWXRXVµ<RXFDQKDYHLWDOO¶WDON´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³\RXFDQKDYHLWDOO´LVVLPSO\DLUEUXVKLQJUHDOLW\LWLV WLPHWRWDON ,VWLOOVWURQJO\EHOLHYHWKDWZRPHQFDQ³KDYHLWDOO´ DQGWKDWPHQFDQWRR ,EHOLHYHWKDWZHFDQ³KDYH ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

LWDOODWWKHVDPHWLPH´%XWQRWWRGD\QRWZLWKWKHZD\$PHULFD¶VHFRQRP\DQGVRFLHW\DUHFXUUHQWO\ VWUXFWXUHG0\H[SHULHQFHVRYHUWKHSDVWWKUHH\HDUVKDYHIRUFHGPHWRFRQIURQWDQXPEHURI XQFRPIRUWDEOHIDFWVWKDWQHHGWREHZLGHO\DFNQRZOHGJHG²DQGTXLFNO\FKDQJHG %()25(0<6(59,&(LQJRYHUQPHQW,¶GVSHQWP\FDUHHULQDFDGHPLDDVDODZSURIHVVRUDQGWKHQDV WKHGHDQRI3ULQFHWRQ¶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²DQHYHU HQGLQJVWUHDPRIPHPRVUHSRUWVDQGFRPPHQWVRQRWKHUSHRSOH¶VGUDIWV)RUWZR\HDUV,QHYHUOHIW WKHRIILFHHDUO\HQRXJKWRJRWRDQ\VWRUHVRWKHUWKDQWKRVHRSHQKRXUVZKLFKPHDQWWKDW HYHU\WKLQJIURPGU\FOHDQLQJWRKDLUDSSRLQWPHQWVWR&KULVWPDVVKRSSLQJKDGWREHGRQHRQ ZHHNHQGVDPLGFKLOGUHQ¶VVSRUWLQJHYHQWVPXVLFOHVVRQVIDPLO\PHDOVDQGFRQIHUHQFHFDOOV,ZDV HQWLWOHGWRIRXUKRXUVRIYDFDWLRQSHUSD\SHULRGZKLFKFDPHWRRQHGD\RIYDFDWLRQDPRQWK$QG, KDGLWEHWWHUWKDQPDQ\RIP\SHHUVLQ'&6HFUHWDU\&OLQWRQGHOLEHUDWHO\FDPHLQDURXQGDPDQG OHIWDURXQGSPWRDOORZKHUFORVHVWDIIWRKDYHPRUQLQJDQGHYHQLQJWLPHZLWKWKHLUIDPLOLHV DOWKRXJKRIFRXUVHVKHZRUNHGHDUOLHUDQGODWHUIURPKRPH  ,QVKRUWWKHPLQXWH,IRXQGP\VHOILQDMREWKDWLVW\SLFDOIRUWKHYDVWPDMRULW\RIZRUNLQJZRPHQ DQGPHQ ZRUNLQJORQJKRXUVRQVRPHRQHHOVH¶VVFKHGXOH,FRXOGQRORQJHUEHERWKWKHSDUHQWDQG WKHSURIHVVLRQDO,ZDQWHGWREH²DWOHDVWQRWZLWKDFKLOGH[SHULHQFLQJDURFN\DGROHVFHQFH,UHDOL]HG ZKDWVKRXOGKDYHSHUKDSVEHHQREYLRXVKDYLQJLWDOODWOHDVWIRUPHGHSHQGHGDOPRVWHQWLUHO\RQ ZKDWW\SHRIMRE,KDG7KHIOLSVLGHLVWKHKDUGHUWUXWKKDYLQJLWDOOZDVQRWSRVVLEOHLQPDQ\W\SHVRI MREVLQFOXGLQJKLJKJRYHUQPHQWRIILFH²DWOHDVWQRWIRUYHU\ORQJ ,DPKDUGO\DORQHLQWKLVUHDOL]DWLRQ0LFKqOH)ORXUQR\VWHSSHGGRZQDIWHUWKUHH\HDUVDV XQGHUVHFUHWDU\RIGHIHQVHIRUSROLF\WKHWKLUGKLJKHVWMRELQWKHGHSDUWPHQWWRVSHQGPRUHWLPHDW KRPHZLWKKHUWKUHHFKLOGUHQWZRRIZKRPDUHWHHQDJHUV.DUHQ+XJKHVOHIWKHUSRVLWLRQDVWKH FRXQVHORUWR3UHVLGHQW*HRUJH:%XVKDIWHUD\HDUDQGDKDOILQ:DVKLQJWRQWRJRKRPHWR7H[DVIRU WKHVDNHRIKHUIDPLO\0DU\0DWDOLQZKRVSHQWWZR\HDUVDVDQDVVLVWDQWWR%XVKDQGWKHFRXQVHORU WR9LFH3UHVLGHQW'LFN&KHQH\EHIRUHVWHSSLQJGRZQWRVSHQGPRUHWLPHZLWKKHUGDXJKWHUVZURWH ³+DYLQJFRQWURORYHU\RXUVFKHGXOHLVWKHRQO\ZD\WKDWZRPHQZKRZDQWWRKDYHDFDUHHUDQGD IDPLO\FDQPDNHLWZRUN´ <HWWKHGHFLVLRQWRVWHSGRZQIURPDSRVLWLRQRISRZHU²WRYDOXHIDPLO\RYHUSURIHVVLRQDO DGYDQFHPHQWHYHQIRUDWLPH²LVGLUHFWO\DWRGGVZLWKWKHSUHYDLOLQJVRFLDOSUHVVXUHVRQFDUHHU SURIHVVLRQDOVLQWKH8QLWHG6WDWHV2QHSKUDVHVD\VLWDOODERXWFXUUHQWDWWLWXGHVWRZDUGZRUNDQG IDPLO\SDUWLFXODUO\DPRQJHOLWHV,Q:DVKLQJWRQ³OHDYLQJWRVSHQGWLPHZLWK\RXUIDPLO\´LVD HXSKHPLVPIRUEHLQJILUHG7KLVXQGHUVWDQGLQJLVVRLQJUDLQHGWKDWZKHQ)ORXUQR\DQQRXQFHGKHU ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

UHVLJQDWLRQODVW'HFHPEHU7KH1HZ<RUN7LPHVFRYHUHGKHUGHFLVLRQDVIROORZV 0V)ORXUQR\¶VDQQRXQFHPHQWVXUSULVHGIULHQGVDQGDQXPEHURI3HQWDJRQRIILFLDOVEXWDOO VDLGWKH\WRRNKHUUHDVRQIRUUHVLJQDWLRQDWIDFHYDOXHDQGQRWDVDVWDQGDUG:DVKLQJWRQH[FXVH IRUDQRIILFLDOZKRKDVLQUHDOLW\EHHQIRUFHGRXW³,FDQDEVROXWHO\DQGXQHTXLYRFDOO\VWDWHWKDW KHUGHFLVLRQWRVWHSGRZQKDVQRWKLQJWRGRZLWKDQ\WKLQJRWKHUWKDQKHUFRPPLWPHQWWRKHU IDPLO\´VDLG'RXJ:LOVRQDWRS3HQWDJRQVSRNHVPDQ³6KHKDVORYHGWKLVMREDQGSHRSOHKHUH ORYHKHU 7KLQNDERXWZKDWWKLV³VWDQGDUG:DVKLQJWRQH[FXVH´LPSOLHVLWLVVRXQWKLQNDEOHWKDWDQRIILFLDO ZRXOGDFWXDOO\VWHSGRZQWRVSHQGWLPHZLWKKLVRUKHUIDPLO\WKDWWKLVPXVWEHDFRYHUIRUVRPHWKLQJ HOVH+RZFRXOGDQ\RQHYROXQWDULO\OHDYHWKHFLUFOHVRISRZHUIRUWKHUHVSRQVLELOLWLHVRISDUHQWKRRG" 'HSHQGLQJRQRQH¶VYDQWDJHSRLQWLWLVHLWKHULURQLFRUPDGGHQLQJWKDWWKLVYLHZDELGHVLQWKH QDWLRQ¶VFDSLWDOGHVSLWHWKHULWXDOFRPPLWPHQWVWR³IDPLO\YDOXHV´WKDWDUHSDUWRIHYHU\SROLWLFDO FDPSDLJQ5HJDUGOHVVWKLVVHQWLPHQWPDNHVWUXHZRUNOLIHEDODQFHH[FHSWLRQDOO\GLIILFXOW%XWLW FDQQRWFKDQJHXQOHVVWRSZRPHQVSHDNRXW 2QO\UHFHQWO\KDYH,EHJXQWRDSSUHFLDWHWKHH[WHQWWRZKLFKPDQ\\RXQJSURIHVVLRQDOZRPHQIHHO XQGHUDVVDXOWE\ZRPHQP\DJHDQGROGHU$IWHU,JDYHDUHFHQWVSHHFKLQ1HZ<RUNVHYHUDOZRPHQ LQWKHLUODWHVRUHDUO\VFDPHXSWRWHOOPHKRZJODGDQGSURXGWKH\ZHUHWRVHHPHVSHDNLQJDVD IRUHLJQSROLF\H[SHUW$FRXSOHRIWKHPZHQWRQKRZHYHUWRFRQWUDVWP\FDUHHUZLWKWKHSDWKEHLQJ WUDYHOHGE\³\RXQJHUZRPHQWRGD\´2QHH[SUHVVHGGLVPD\WKDWPDQ\\RXQJHUZRPHQ³DUHMXVWQRW ZLOOLQJWRJHWRXWWKHUHDQGGRLW´6DLGDQRWKHUXQDZDUHRIWKHFLUFXPVWDQFHVRIP\UHFHQWMRE FKDQJH³7KH\WKLQNWKH\KDYHWRFKRRVHEHWZHHQKDYLQJDFDUHHUDQGKDYLQJDIDPLO\´ $VLPLODUDVVXPSWLRQXQGHUOLHV)DFHERRN&KLHI2SHUDWLQJ2IILFHU6KHU\O6DQGEHUJ¶VZLGHO\SXEOLFL]HG FRPPHQFHPHQWVSHHFKDW%DUQDUGDQGKHUHDUOLHU7('WDONLQZKLFKVKHODPHQWHGWKHGLVPDOO\ VPDOOQXPEHURIZRPHQDWWKHWRSDQGDGYLVHG\RXQJZRPHQQRWWR³OHDYHEHIRUH\RXOHDYH´:KHQD ZRPDQVWDUWVWKLQNLQJDERXWKDYLQJFKLOGUHQ6DQGEHUJVDLG³VKHGRHVQ¶WUDLVHKHUKDQGDQ\PRUH« 6KHVWDUWVOHDQLQJEDFN´$OWKRXJKFRXFKHGLQWHUPVRIHQFRXUDJHPHQW6DQGEHUJ¶VH[KRUWDWLRQ FRQWDLQVPRUHWKDQDQRWHRIUHSURDFK:HZKRKDYHPDGHLWWRWKHWRSRUDUHVWULYLQJWRJHWWKHUH DUHHVVHQWLDOO\VD\LQJWRWKHZRPHQLQWKHJHQHUDWLRQEHKLQGXV³:KDW¶VWKHPDWWHUZLWK\RX"´ 7KH\KDYHDQDQVZHUWKDWZHGRQ¶WZDQWWRKHDU$IWHUWKHVSHHFK,JDYHLQ1HZ<RUN,ZHQWWRGLQQHU ZLWKDJURXSRIVRPHWKLQJV,VDWDFURVVIURPWZRYLEUDQWZRPHQRQHRIZKRPZRUNHGDWWKH81 DQGWKHRWKHUDWDELJ1HZ<RUNODZILUP$VQHDUO\DOZD\VKDSSHQVLQWKHVHVLWXDWLRQVWKH\VRRQ EHJDQDVNLQJPHDERXWZRUNOLIHEDODQFH:KHQ,WROGWKHP,ZDVZULWLQJWKLVDUWLFOHWKHODZ\HUVDLG ³,ORRNIRUUROHPRGHOVDQGFDQ¶WILQGDQ\´6KHVDLGWKHZRPHQLQKHUILUPZKRKDGEHFRPHSDUWQHUV DQGWDNHQRQPDQDJHPHQWSRVLWLRQVKDGPDGHWUHPHQGRXVVDFULILFHV³PDQ\RIZKLFKWKH\GRQ¶WHYHQ VHHPWRUHDOL]H«7KH\WDNHWZR\HDUVRIIZKHQWKHLUNLGVDUH\RXQJEXWWKHQZRUNOLNHFUD]\WRJHW EDFNRQWUDFNSURIHVVLRQDOO\ZKLFKPHDQVWKDWWKH\VHHWKHLUNLGVZKHQWKH\DUHWRGGOHUVEXWQRW WHHQDJHUVRUUHDOO\EDUHO\DWDOO´+HUIULHQGQRGGHGPHQWLRQLQJWKHWRSSURIHVVLRQDOZRPHQVKH NQHZDOORIZKRPHVVHQWLDOO\UHOLHGRQURXQGWKHFORFNQDQQLHV%RWKZHUHYHU\FOHDUWKDWWKH\GLG QRWZDQWWKDWOLIHEXWFRXOGQRWILJXUHRXWKRZWRFRPELQHSURIHVVLRQDOVXFFHVVDQGVDWLVIDFWLRQZLWK DUHDOFRPPLWPHQWWRIDPLO\ ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

,UHDOL]HWKDW,DPEOHVVHGWRKDYHEHHQERUQLQWKHODWHVLQVWHDGRIWKHHDUO\VDVP\ PRWKHUZDVRUWKHEHJLQQLQJRIWKHWKFHQWXU\DVP\JUDQGPRWKHUVZHUH0\PRWKHUEXLOWD VXFFHVVIXODQGUHZDUGLQJFDUHHUDVDSURIHVVLRQDODUWLVWODUJHO\LQWKH\HDUVDIWHUP\EURWKHUVDQG, OHIWKRPH²DQGDIWHUEHLQJWROGLQKHUVWKDWVKHFRXOGQRWJRWRPHGLFDOVFKRRODVKHUIDWKHUKDG GRQHDQGKHUEURWKHUZRXOGJRRQWRGREHFDXVHRIFRXUVHVKHZDVJRLQJWRJHWPDUULHG,RZHP\ RZQIUHHGRPVDQGRSSRUWXQLWLHVWRWKHSLRQHHULQJJHQHUDWLRQRIZRPHQDKHDGRIPH²WKHZRPHQ QRZLQWKHLUVVDQGVZKRIDFHGRYHUWVH[LVPRIDNLQG,VHHRQO\ZKHQZDWFKLQJ0DG0HQ DQGZKRNQHZWKDWWKHRQO\ZD\WRPDNHLWDVDZRPDQZDVWRDFWH[DFWO\OLNHDPDQ7RDGPLWWR PXFKOHVVDFWRQPDWHUQDOORQJLQJVZRXOGKDYHEHHQIDWDOWRWKHLUFDUHHUV %XWSUHFLVHO\WKDQNVWRWKHLUSURJUHVVDGLIIHUHQWNLQGRIFRQYHUVDWLRQLVQRZSRVVLEOH,WLVWLPHIRU ZRPHQLQOHDGHUVKLSSRVLWLRQVWRUHFRJQL]HWKDWDOWKRXJKZHDUHVWLOOEOD]LQJWUDLOVDQGEUHDNLQJ FHLOLQJVPDQ\RIXVDUHDOVRUHLQIRUFLQJDIDOVHKRRGWKDW³KDYLQJLWDOO´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²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³QHZJHQGHUJDS´²PHDVXUHGE\ZHOOEHLQJUDWKHUWKDQZDJHV²LVWRFORVHWKHOHDGHUVKLSJDSWRHOHFW DZRPDQSUHVLGHQWDQGZRPHQVHQDWRUVWRHQVXUHWKDWZRPHQDUHHTXDOO\UHSUHVHQWHGLQWKH UDQNVRIFRUSRUDWHH[HFXWLYHVDQGMXGLFLDOOHDGHUV2QO\ZKHQZRPHQZLHOGSRZHULQVXIILFLHQW QXPEHUVZLOOZHFUHDWHDVRFLHW\WKDWJHQXLQHO\ZRUNVIRUDOOZRPHQ7KDWZLOOEHDVRFLHW\WKDW ZRUNVIRUHYHU\RQH 7KH+DOI7UXWKV:H+ROG'HDU ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

/HW¶VEULHIO\H[DPLQHWKHVWRULHVZHWHOORXUVHOYHVWKHFOLFKpVWKDW,DQGPDQ\RWKHUZRPHQW\SLFDOO\ IDOOEDFNRQZKHQ\RXQJHUZRPHQDVNXVKRZZHKDYHPDQDJHGWR³KDYHLWDOO´7KH\DUHQRW QHFHVVDULO\OLHVEXWDWEHVWSDUWLDOWUXWKV:HPXVWFOHDUWKHPRXWRIWKHZD\WRPDNHURRPIRUD PRUHKRQHVWDQGSURGXFWLYHGLVFXVVLRQDERXWUHDOVROXWLRQVWRWKHSUREOHPVIDFHGE\SURIHVVLRQDO ZRPHQ ,W¶VSRVVLEOHLI\RXDUHMXVWFRPPLWWHGHQRXJK 2XUXVXDOVWDUWLQJSRLQWZKHWKHUZHVD\LWH[SOLFLWO\RUQRWLVWKDWKDYLQJLWDOOGHSHQGVSULPDULO\RQ WKHGHSWKDQGLQWHQVLW\RIDZRPDQ¶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³:RPHQDUHQRWPDNLQJLWWRWKHWRS$KXQGUHGDQGQLQHW\KHDGVRIVWDWHQLQHDUHZRPHQ2IDOOWKH SHRSOHLQSDUOLDPHQWLQWKHZRUOGSHUFHQWDUHZRPHQ,QWKHFRUSRUDWHVHFWRU>WKHVKDUHRI@ ZRPHQDWWKHWRS²&OHYHOMREVERDUGVHDWV²WRSVRXWDWSHUFHQW´ $OVRVHH $VN$QQH0DULH6ODXJKWHUD4XHVWLRQ 7KHDXWKRUZLOOEHRQOLQHRQ)ULGD\-XQHDWDP(DVWHUQWLPHWRGLVFXVVKHUVWRU\&OLFNWKH OLQNDERYHWRVXEPLW\RXUTXHVWLRQVLQDGYDQFH &DQ³LQVXIILFLHQWFRPPLWPHQW´HYHQSODXVLEO\H[SODLQWKHVHQXPEHUV"7REHVXUHWKHZRPHQZKRGR PDNHLWWRWKHWRSDUHKLJKO\FRPPLWWHGWRWKHLUSURIHVVLRQ2QFORVHUH[DPLQDWLRQKRZHYHULWWXUQV RXWWKDWPRVWRIWKHPKDYHVRPHWKLQJHOVHLQFRPPRQWKH\DUHJHQXLQHVXSHUZRPHQ&RQVLGHUWKH QXPEHURIZRPHQUHFHQWO\LQWKHWRSUDQNVLQ:DVKLQJWRQ²6XVDQ5LFH(OL]DEHWK6KHUZRRG5DQGDOO 0LFKHOOH*DYLQ1DQF\$QQ0LQ'H3DUOH²ZKRDUH5KRGHV6FKRODUV6DPDQWKD3RZHUDQRWKHUVHQLRU :KLWH+RXVHRIILFLDOZRQD3XOLW]HU3UL]HDWDJH2UFRQVLGHU6DQGEHUJKHUVHOIZKRJUDGXDWHG ZLWKWKHSUL]HJLYHQWR+DUYDUG¶VWRSVWXGHQWRIHFRQRPLFV7KHVHZRPHQFDQQRWSRVVLEO\EHWKH VWDQGDUGDJDLQVWZKLFKHYHQYHU\WDOHQWHGSURIHVVLRQDOZRPHQVKRXOGPHDVXUHWKHPVHOYHV6XFKD VWDQGDUGVHWVXSPRVWZRPHQIRUDVHQVHRIIDLOXUH :KDW¶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






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

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³VRPHWKLQJ´LVDQ³DPELWLRQJDS´²WKDWZRPHQGRQRWGUHDPELJHQRXJK,DP DOOIRUHQFRXUDJLQJ\RXQJZRPHQWRUHDFKIRUWKHVWDUV%XW,IHDUWKDWWKHREVWDFOHVWKDWNHHSZRPHQ IURPUHDFKLQJWKHWRSDUHUDWKHUPRUHSURVDLFWKDQWKHVFRSHRIWKHLUDPELWLRQ0\ORQJWLPHDQG LQYDOXDEOHDVVLVWDQWZKRKDVDGRFWRUDWHDQGMXJJOHVPDQ\EDOOVDVWKHPRWKHURIWHHQDJHWZLQVH PDLOHGPHZKLOH,ZDVZRUNLQJRQWKLVDUWLFOH³<RXNQRZZKDWZRXOGKHOSWKHYDVWPDMRULW\RI ZRPHQZLWKZRUNIDPLO\EDODQFH"0$.(6&+22/6&+('8/(60$7&+:25.6&+('8/(6´7KH SUHVHQWV\VWHPVKHQRWHGLVEDVHGRQDVRFLHW\WKDWQRORQJHUH[LVWV²RQHLQZKLFKIDUPLQJZDVD PDMRURFFXSDWLRQDQGVWD\DWKRPHPRPVZHUHWKHQRUP<HWWKHV\VWHPKDVQ¶WFKDQJHG &RQVLGHUVRPHRIWKHUHVSRQVHVRIZRPHQLQWHUYLHZHGE\=HQNRDERXWZK\³ZRPHQDUHVLJQLILFDQWO\ XQGHUUHSUHVHQWHGLQIRUHLJQSROLF\DQGQDWLRQDOVHFXULW\SRVLWLRQVLQJRYHUQPHQWDFDGHPLDDQG WKLQNWDQNV´-XOLHWWH.D\\HPZKRVHUYHGDVDQDVVLVWDQWVHFUHWDU\LQWKH'HSDUWPHQWRI+RPHODQG 6HFXULW\IURPWRDQGQRZZULWHVDIRUHLJQSROLF\DQGQDWLRQDOVHFXULW\FROXPQIRU7KH %RVWRQ*OREHWROG=HQNRWKDWDPRQJRWKHUUHDVRQV WKHEDVLFWUXWKLVDOVRWKLVWKHWUDYHOVXFNV$VP\\RXQJHVWRIWKUHHFKLOGUHQLVQRZ,FDQ ORRNEDFNDWWKH\HDUVZKHQWKH\ZHUHDOO\RXQJDQGUHDOL]HMXVWKRZGLVUXSWLYHDOOWKHWUDYHO ZDV7KHUHZHUHDOVRWULSV,FRXOGQ¶WWDNHEHFDXVH,ZDVSUHJQDQWRURQOHDYHWKHFRQIHUHQFHV, FRXOGQ¶WDWWHQGEHFDXVH QRWHWRFRQIHUHQFHRUJDQL]HUVZHHNHQGVDUHDEDGFKRLFH NLGVZRXOG EHKRPHIURPVFKRRODQGWKHYDULRXVH[FXUVLRQVWKDWZHUHRIIHUHGEXWMXVWFRXOGQ¶WEH PDQDJHG -RO\QQ6KRHPDNHUWKHGLUHFWRURI:RPHQLQ,QWHUQDWLRQDO6HFXULW\DJUHHG³,QIOH[LEOHVFKHGXOHV XQUHOHQWLQJWUDYHODQGFRQVWDQWSUHVVXUHWREHLQWKHRIILFHDUHFRPPRQIHDWXUHVRIWKHVHMREV´ 7KHVH³PXQGDQH´LVVXHV²WKHQHHGWRWUDYHOFRQVWDQWO\WRVXFFHHGWKHFRQIOLFWVEHWZHHQVFKRRO VFKHGXOHVDQGZRUNVFKHGXOHVWKHLQVLVWHQFHWKDWZRUNEHGRQHLQWKHRIILFH²FDQQRWEHVROYHGE\ H[KRUWDWLRQVWRFORVHWKHDPELWLRQJDS,ZRXOGKRSHWRVHHFRPPHQFHPHQWVSHHFKHVWKDWILQJHU $PHULFD¶VVRFLDODQGEXVLQHVVSROLFLHVUDWKHUWKDQZRPHQ¶VOHYHORIDPELWLRQLQH[SODLQLQJWKH GHDUWKRIZRPHQDWWKHWRS%XWFKDQJLQJWKHVHSROLFLHVUHTXLUHVPXFKPRUHWKDQVSHHFKHV,WPHDQV ILJKWLQJWKHPXQGDQHEDWWOHV²HYHU\GD\HYHU\\HDU²LQLQGLYLGXDOZRUNSODFHVLQOHJLVODWXUHVDQGLQ WKHPHGLD ,W¶VSRVVLEOHLI\RXPDUU\WKHULJKWSHUVRQ 6DQGEHUJ¶VVHFRQGPHVVDJHLQKHU%DUQDUGFRPPHQFHPHQWDGGUHVVZDV³7KHPRVWLPSRUWDQWFDUHHU ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

GHFLVLRQ\RX¶UHJRLQJWRPDNHLVZKHWKHURUQRW\RXKDYHDOLIHSDUWQHUDQGZKRWKDWSDUWQHULV´/LVD -DFNVRQWKHDGPLQLVWUDWRURIWKH(QYLURQPHQWDO3URWHFWLRQ$JHQF\UHFHQWO\GURYHWKDWPHVVDJH KRPHWRDQDXGLHQFHRI3ULQFHWRQVWXGHQWVDQGDOXPQLJDWKHUHGWRKHDUKHUDFFHSWDQFHVSHHFKIRUWKH -DPHV0DGLVRQ0HGDO'XULQJWKH4 $VHVVLRQDQDXGLHQFHPHPEHUDVNHGKHUKRZVKHPDQDJHGKHU FDUHHUDQGKHUIDPLO\6KHODXJKHGDQGSRLQWHGWRKHUKXVEDQGLQWKHIURQWURZVD\LQJ³7KHUH¶VP\ ZRUNOLIHEDODQFH´,FRXOGQHYHUKDYHKDGWKHFDUHHU,KDYHKDGZLWKRXWP\KXVEDQG$QGUHZ 0RUDYFVLNZKRLVDWHQXUHGSURIHVVRURISROLWLFVDQGLQWHUQDWLRQDODIIDLUVDW3ULQFHWRQ$QG\KDV VSHQWPRUHWLPHZLWKRXUVRQVWKDQ,KDYHQRWRQO\RQKRPHZRUNEXWDOVRRQEDVHEDOOPXVLF OHVVRQVSKRWRJUDSK\FDUGJDPHVDQGPRUH:KHQHDFKRIWKHPKDGWREULQJLQDIRUHLJQGLVKIRUKLV IRXUWKJUDGHFODVVGLQQHU$QG\PDGHKLVJUDQGPRWKHU¶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¶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³7KHUH¶VUHDOO\QRFKRLFH´6KH ZDVQ¶WUHIHUULQJWRVRFLDOH[SHFWDWLRQVEXWWRDPDWHUQDOLPSHUDWLYHIHOWVRGHHSO\WKDWWKH³FKRLFH´LV UHIOH[LYH 0HQDQGZRPHQDOVRVHHPWRIUDPHWKHFKRLFHGLIIHUHQWO\,Q0LGOLIH&ULVLVDW0DU\0DWDOLQ UHFDOOVKHUGD\VZRUNLQJDV3UHVLGHQW%XVK¶VDVVLVWDQWDQG9LFH3UHVLGHQW&KHQH\¶VFRXQVHORU (YHQZKHQWKHVWUHVVZDVRYHUZKHOPLQJ²WKRVHGD\VZKHQ,¶GFU\LQWKHFDURQWKHZD\WR ZRUNDVNLQJP\VHOI³:K\DP,GRLQJWKLV""´²,DOZD\VNQHZWKHDQVZHUWRWKDWTXHVWLRQ, EHOLHYHLQWKLVSUHVLGHQW %XW0DWDOLQJRHVRQWRGHVFULEHKHUFKRLFHWROHDYHLQZRUGVWKDWDUHDJDLQXQFDQQLO\VLPLODUWRWKH H[SODQDWLRQ,KDYHJLYHQVRPDQ\SHRSOHVLQFHOHDYLQJWKH6WDWH'HSDUWPHQW ,ILQDOO\DVNHGP\VHOI³:KRQHHGVPHPRUH"´$QGWKDW¶VZKHQ,UHDOL]HGLW¶VVRPHERG\HOVH¶V WXUQWRGRWKLVMRE,¶PLQGLVSHQVDEOHWRP\NLGVEXW,¶PQRWFORVHWRLQGLVSHQVDEOHWRWKH :KLWH+RXVH 7RPDQ\PHQKRZHYHUWKHFKRLFHWRVSHQGPRUHWLPHZLWKWKHLUFKLOGUHQLQVWHDGRIZRUNLQJORQJ ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

KRXUVRQLVVXHVWKDWDIIHFWPDQ\OLYHVVHHPVVHOILVK0DOHOHDGHUVDUHURXWLQHO\SUDLVHGIRUKDYLQJ VDFULILFHGWKHLUSHUVRQDOOLIHRQWKHDOWDURISXEOLFRUFRUSRUDWHVHUYLFH7KDWVDFULILFHRIFRXUVH W\SLFDOO\LQYROYHVWKHLUIDPLO\<HWWKHLUFKLOGUHQWRRDUHWUDLQHGWRYDOXHSXEOLFVHUYLFHRYHUSULYDWH UHVSRQVLELOLW\$WWKHGLSORPDW5LFKDUG+ROEURRNH¶VPHPRULDOVHUYLFHRQHRIKLVVRQVWROGWKH DXGLHQFHWKDWZKHQKHZDVDFKLOGKLVIDWKHUZDVRIWHQJRQHQRWDURXQGWRWHDFKKLPWRWKURZDEDOO RUWRZDWFKKLVJDPHV%XWDVKHJUHZROGHUKHVDLGKHUHDOL]HGWKDW+ROEURRNH¶VDEVHQFHZDVWKH SULFHRIVDYLQJSHRSOHDURXQGWKHZRUOG²DSULFHZRUWKSD\LQJ ,WLVQRWFOHDUWRPHWKDWWKLVHWKLFDOIUDPHZRUNPDNHVVHQVHIRUVRFLHW\:K\VKRXOGZHZDQWOHDGHUV ZKRIDOOVKRUWRQSHUVRQDOUHVSRQVLELOLWLHV"3HUKDSVOHDGHUVZKRLQYHVWHGWLPHLQWKHLURZQIDPLOLHV ZRXOGEHPRUHNHHQO\DZDUHRIWKHWROOWKHLUSXEOLFFKRLFHV²RQLVVXHVIURPZDUWRZHOIDUH²WDNHRQ SULYDWHOLYHV .DWL0DUWRQ+ROEURRNH¶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¶VSRVVLEOHLI\RXVHTXHQFHLWULJKW <RXQJZRPHQVKRXOGEHZDU\RIWKHDVVHUWLRQ³<RXFDQKDYHLWDOO\RXMXVWFDQ¶WKDYHLWDOODWRQFH´ 7KLVVWFHQWXU\DGGHQGXPWRWKHRULJLQDOOLQHLVQRZSURIIHUHGE\PDQ\VHQLRUZRPHQWRWKHLU \RXQJHUPHQWHHV7RWKHH[WHQWWKDWLWPHDQVLQWKHZRUGVRIRQHZRUNLQJPRWKHU³,¶PJRLQJWRGR P\EHVWDQG,¶PJRLQJWRNHHSWKHORQJWHUPLQPLQGDQGNQRZWKDWLW¶VQRWDOZD\VJRLQJWREHWKLV KDUGWREDODQFH´LWLVVRXQGDGYLFH%XWWRWKHH[WHQWWKDWLWPHDQVWKDWZRPHQFDQKDYHLWDOOLIWKH\ MXVWILQGWKHULJKWVHTXHQFHRIFDUHHUDQGIDPLO\LW¶VFKHHUIXOO\ZURQJ 7KHPRVWLPSRUWDQWVHTXHQFLQJLVVXHLVZKHQWRKDYHFKLOGUHQ0DQ\RIWKHWRSZRPHQOHDGHUVRIWKH JHQHUDWLRQMXVWDKHDGRIPH²0DGHOHLQH$OEULJKW+LOODU\&OLQWRQ5XWK%DGHU*LQVEXUJ6DQGUD'D\ 2¶&RQQRU3DWULFLD:DOG1DQQHUO.HRKDQH²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






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

\HDUVRI\RXUFDUHHU0DNLQJPDWWHUVZRUVH\RXZLOODOVRKDYHOHVVLQFRPHZKLOHUDLVLQJ\RXU FKLOGUHQDQGKHQFHOHVVDELOLW\WRKLUHWKHKHOSWKDWFDQEHLQGLVSHQVDEOHWR\RXUMXJJOLQJDFW :KHQ,ZDVWKHGHDQWKH:RRGURZ:LOVRQ6FKRROFUHDWHGDSURJUDPFDOOHG3DWKZD\VWR3XEOLF 6HUYLFHDLPHGDWDGYLVLQJZRPHQZKRVHFKLOGUHQZHUHDOPRVWJURZQDERXWKRZWRJRLQWRSXEOLF VHUYLFHDQGPDQ\ZRPHQVWLOODVNPHDERXWWKHEHVW³RQUDPSV´WRFDUHHUVLQWKHLUPLGV +RQHVWO\,¶PQRWVXUHZKDWWRWHOOPRVWRIWKHP8QOLNHWKHSLRQHHULQJZRPHQZKRHQWHUHGWKH ZRUNIRUFHDIWHUKDYLQJFKLOGUHQLQWKHVWKHVHZRPHQDUHFRPSHWLQJZLWKWKHLU\RXQJHUVHOYHV *RYHUQPHQWDQG1*2MREVDUHDQRSWLRQEXWPDQ\FDUHHUVDUHHIIHFWLYHO\FORVHGRII3HUVRQDOO\, KDYHQHYHUVHHQDZRPDQLQKHUVHQWHUWKHDFDGHPLFPDUNHWVXFFHVVIXOO\RUHQWHUDODZILUPDVD MXQLRUDVVRFLDWH$OLFLD)ORUULFNRI7KH*RRG:LIHQRWZLWKVWDQGLQJ 7KHVHFRQVLGHUDWLRQVDUHZK\VRPDQ\FDUHHUZRPHQRIP\JHQHUDWLRQFKRVHWRHVWDEOLVKWKHPVHOYHV LQWKHLUFDUHHUVILUVWDQGKDYHFKLOGUHQLQWKHLUPLGWRODWHV%XWWKDWUDLVHVWKHSRVVLELOLW\RI VSHQGLQJORQJVWUHVVIXO\HDUVDQGDVPDOOIRUWXQHWU\LQJWRKDYHDEDE\,OLYHGWKDWQLJKWPDUHIRU WKUHH\HDUVEHJLQQLQJDWDJH,GLGHYHU\WKLQJSRVVLEOHWRFRQFHLYHDQGZDVIUDQWLFDWWKHWKRXJKW WKDW,KDGVLPSO\OHIWKDYLQJDELRORJLFDOFKLOGXQWLOLWZDVWRRODWH $QGZKHQHYHU\WKLQJGRHVZRUNRXW",KDGP\ILUVWFKLOGDW DQGFRXQWHGP\VHOIEOHVVHG DQGP\ VHFRQGDW7KDWPHDQV,ZLOOEHZKHQERWKRIP\FKLOGUHQDUHRXWRIWKHKRXVH:KDW¶VPRUHLW PHDQVWKDWPDQ\SHDNFDUHHURSSRUWXQLWLHVDUHFRLQFLGLQJSUHFLVHO\ZLWKWKHLUWHHQDJH\HDUVZKHQ H[SHULHQFHGSDUHQWVDGYLVHEHLQJDYDLODEOHDVDSDUHQWLVMXVWDVLPSRUWDQWDVLQWKHILUVW\HDUVRID FKLOG¶VOLIH 0DQ\ZRPHQRIP\JHQHUDWLRQKDYHIRXQGWKHPVHOYHVLQWKHSULPHRIWKHLUFDUHHUVVD\LQJQRWR RSSRUWXQLWLHVWKH\RQFHZRXOGKDYHMXPSHGDWDQGKRSLQJWKRVHFKDQFHVFRPHDURXQGDJDLQODWHU 0DQ\RWKHUVZKRKDYHGHFLGHGWRVWHSEDFNIRUDZKLOHWDNLQJRQFRQVXOWDQWSRVLWLRQVRUSDUWWLPH ZRUNWKDWOHWVWKHPVSHQGPRUHWLPHZLWKWKHLUFKLOGUHQ RUDJLQJSDUHQWV DUHZRUU\LQJDERXWKRZ ORQJWKH\FDQ³VWD\RXW´EHIRUHWKH\ORVHWKHFRPSHWLWLYHHGJHWKH\ZRUNHGVRKDUGWRDFTXLUH *LYHQWKHZD\RXUZRUNFXOWXUHLVRULHQWHGWRGD\,UHFRPPHQGHVWDEOLVKLQJ\RXUVHOILQ\RXUFDUHHU ILUVWEXWVWLOOWU\LQJWRKDYHNLGVEHIRUH\RXDUH²RUHOVHIUHH]H\RXUHJJVZKHWKHU\RXDUHPDUULHG RUQRW<RXPD\ZHOOEHDPRUHPDWXUHDQGOHVVIUXVWUDWHGSDUHQWLQ\RXUVRUV\RXDUHDOVR PRUHOLNHO\WRKDYHIRXQGDODVWLQJOLIHSDUWQHU%XWWKHWUXWKLVQHLWKHUVHTXHQFHLVRSWLPDODQGERWK LQYROYHWUDGHRIIVWKDWPHQGRQRWKDYHWRPDNH <RXVKRXOGEHDEOHWRKDYHDIDPLO\LI\RXZDQWRQH²KRZHYHUDQGZKHQHYHU\RXUOLIHFLUFXPVWDQFHV DOORZ²DQGVWLOOKDYHWKHFDUHHU\RXGHVLUH,IPRUHZRPHQFRXOGVWULNHWKLVEDODQFHPRUHZRPHQ ZRXOGUHDFKOHDGHUVKLSSRVLWLRQV$QGLIPRUHZRPHQZHUHLQOHDGHUVKLSSRVLWLRQVWKH\FRXOGPDNH LWHDVLHUIRUPRUHZRPHQWRVWD\LQWKHZRUNIRUFH7KHUHVWRIWKLVHVVD\GHWDLOVKRZ &KDQJLQJWKH&XOWXUHRI)DFH7LPH %DFNLQWKH5HDJDQDGPLQLVWUDWLRQD1HZ<RUN7LPHVVWRU\DERXWWKHIHURFLRXVO\FRPSHWLWLYHEXGJHW GLUHFWRU'LFN'DUPDQUHSRUWHG³0U'DUPDQVRPHWLPHVPDQDJHGWRFRQYH\WKHLPSUHVVLRQWKDWKH ZDVWKHODVWRQHZRUNLQJLQWKH5HDJDQ:KLWH+RXVHE\OHDYLQJKLVVXLWFRDWRQKLVFKDLUDQGKLVRIILFH OLJKWEXUQLQJDIWHUKHOHIWIRUKRPH´ 'DUPDQFODLPHGWKDWLWZDVMXVWHDVLHUWROHDYHKLVVXLWMDFNHWLQ ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

WKHRIILFHVRKHFRXOGSXWLWRQDJDLQLQWKHPRUQLQJEXWKLVUHFRUGRISV\FKRORJLFDOPDQLSXODWLRQ VXJJHVWVRWKHUZLVH

7KHFXOWXUHRI³WLPHPDFKR´²DUHOHQWOHVVFRPSHWLWLRQWRZRUNKDUGHUVWD\ODWHUSXOOPRUHDOO QLJKWHUVWUDYHODURXQGWKHZRUOGDQGELOOWKHH[WUDKRXUVWKDWWKHLQWHUQDWLRQDOGDWHOLQHDIIRUGV\RX ²UHPDLQVDVWRQLVKLQJO\SUHYDOHQWDPRQJSURIHVVLRQDOVWRGD\1RWKLQJFDSWXUHVWKHEHOLHIWKDWPRUH WLPHHTXDOVPRUHYDOXHEHWWHUWKDQWKHFXOWRIELOODEOHKRXUVDIIOLFWLQJODUJHODZILUPVDFURVVWKH FRXQWU\DQGSURYLGLQJH[DFWO\WKHZURQJLQFHQWLYHVIRUHPSOR\HHVZKRKRSHWRLQWHJUDWHZRUNDQG IDPLO\<HWHYHQLQLQGXVWULHVWKDWGRQ¶WH[SOLFLWO\UHZDUGVKHHUTXDQWLW\RIKRXUVVSHQWRQWKHMREWKH SUHVVXUHWRDUULYHHDUO\VWD\ODWHDQGEHDYDLODEOHDOZD\VIRULQSHUVRQPHHWLQJVDWDPRQ 6DWXUGD\VFDQEHLQWHQVH,QGHHGE\VRPHPHDVXUHVWKHSUREOHPKDVJRWWHQZRUVHRYHUWLPHDVWXG\ E\WKH&HQWHUIRU$PHULFDQ3URJUHVVUHSRUWVWKDWQDWLRQZLGHWKHVKDUHRIDOOSURIHVVLRQDOV²ZRPHQ DQGPHQ²ZRUNLQJPRUHWKDQKRXUVDZHHNKDVLQFUHDVHGVLQFHWKHODWHV %XWPRUHWLPHLQWKHRIILFHGRHVQRWDOZD\VPHDQPRUH³YDOXHDGGHG´²DQGLWGRHVQRWDOZD\VDGGXS WRDPRUHVXFFHVVIXORUJDQL]DWLRQ,Q6DQGUD3RFKDUVNLDVHQLRUIHPDOHSDUWQHUDW0RQLWRU *URXSDQGWKHKHDGRIWKHILUP¶V/HDGHUVKLSDQG2UJDQL]DWLRQSUDFWLFHFRPPLVVLRQHGD+DUYDUG %XVLQHVV6FKRROSURIHVVRUWRDVVHVVWKHIDFWRUVWKDWKHOSHGRUKLQGHUHGZRPHQ¶VHIIHFWLYHQHVVDQG DGYDQFHPHQWDW0RQLWRU7KHVWXG\IRXQGWKDWWKHFRPSDQ\¶VFXOWXUHZDVFKDUDFWHUL]HGE\DQ³DOZD\V RQ´PRGHRIZRUNLQJRIWHQZLWKRXWGXHUHJDUGWRWKHLPSDFWRQHPSOR\HHV3RFKDUVNLREVHUYHG &OLHQWVFRPHILUVWDOZD\VDQGVRPHWLPHVEXUQLQJWKHPLGQLJKWRLOUHDOO\GRHVPDNHWKH GLIIHUHQFHEHWZHHQVXFFHVVDQGIDLOXUH%XWVRPHWLPHVZHZHUHMXVWGHIDXOWLQJWREHKDYLRUWKDW RYHUORDGHGRXUSHRSOHZLWKRXWLPSURYLQJUHVXOWVPXFKLIDWDOO:HGHFLGHGZHQHHGHG PDQDJHUVWRJHWEHWWHUDWGLVWLQJXLVKLQJEHWZHHQWKHVHFDWHJRULHVDQGWRUHFRJQL]HWKHKLGGHQ FRVWVRIDVVXPLQJWKDW³WLPHLVFKHDS´:KHQWKDWWLPHGRHVQ¶WDGGDORWRIYDOXHDQGFRPHVDW DKLJKFRVWWRWDOHQWHGHPSOR\HHVZKRZLOOOHDYHZKHQWKHSHUVRQDOFRVWEHFRPHV XQVXVWDLQDEOH²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






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

%HLQJDEOHWRZRUNIURPKRPH²LQWKHHYHQLQJDIWHUFKLOGUHQDUHSXWWREHGRUGXULQJWKHLUVLFNGD\V RUVQRZGD\VDQGDWOHDVWVRPHRIWKHWLPHRQZHHNHQGV²FDQEHWKHNH\IRUPRWKHUVWRFDUU\LQJ \RXUIXOOORDGYHUVXVOHWWLQJDWHDPGRZQDWFUXFLDOPRPHQWV6WDWHRIWKHDUWYLGHRFRQIHUHQFLQJ IDFLOLWLHVFDQGUDPDWLFDOO\UHGXFHWKHQHHGIRUORQJEXVLQHVVWULSV7KHVHWHFKQRORJLHVDUHPDNLQJ LQURDGVDQGDOORZLQJHDVLHULQWHJUDWLRQRIZRUNDQGIDPLO\OLIH$FFRUGLQJWRWKH:RPHQ¶V%XVLQHVV &HQWHUSHUFHQWRIZRPHQEXVLQHVVRZQHUVXVHWHFKQRORJ\WR³LQWHJUDWHWKHUHVSRQVLELOLWLHVRI ZRUNDQGKRPH´SHUFHQWXVHWHFKQRORJ\WRDOORZHPSOR\HHV³WRZRUNRIIVLWHRUWRKDYHIOH[LEOH ZRUNVFKHGXOHV´<HWRXUZRUNFXOWXUHVWLOOUHPDLQVPRUHRIILFHFHQWHUHGWKDQLWQHHGVWREH HVSHFLDOO\LQOLJKWRIWHFKQRORJLFDODGYDQFHV 2QHZD\WRFKDQJHWKDWLVE\FKDQJLQJWKH³GHIDXOWUXOHV´WKDWJRYHUQRIILFHZRUN²WKHEDVHOLQH H[SHFWDWLRQVDERXWZKHQZKHUHDQGKRZZRUNZLOOEHGRQH$VEHKDYLRUDOHFRQRPLVWVZHOONQRZ WKHVHEDVHOLQHVFDQPDNHDQHQRUPRXVGLIIHUHQFHLQWKHZD\SHRSOHDFW,WLVRQHWKLQJIRULQVWDQFH IRUDQRUJDQL]DWLRQWRDOORZSKRQHLQVWRDPHHWLQJRQDQDGKRFEDVLVZKHQSDUHQWLQJDQGZRUN VFKHGXOHVFROOLGH²DV\VWHPWKDW¶VEHWWHUWKDQQRWKLQJEXWOLNHO\WRHQJHQGHUJXLOWDPRQJWKRVH FDOOLQJLQDQGSRVVLEO\UHVHQWPHQWDPRQJWKRVHLQWKHURRP,WLVTXLWHDQRWKHUIRUWKDWRUJDQL]DWLRQ WRGHFODUHWKDWLWVSROLF\ZLOOEHWRVFKHGXOHLQSHUVRQPHHWLQJVZKHQHYHUSRVVLEOHGXULQJWKHKRXUV RIWKHVFKRROGD\²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¶VGLYHUVLW\GLUHFWRUDQGZLOOVRRQEHFRPHWKH %ULWLVKGHSXW\DPEDVVDGRUWR)UDQFHZULWHVWKDWVKHKDVQRZGRQHWZRUHPRWHMREV%HIRUHKHU FXUUHQWPDWHUQLW\OHDYHVKHZDVZRUNLQJD/RQGRQMREIURP'XEOLQWREHZLWKKHUSDUWQHUXVLQJ WHOHFRQIHUHQFLQJWHFKQRORJ\DQGWLPLQJKHUWULSVWR/RQGRQWRFRLQFLGH³ZLWKNH\PHHWLQJVZKHUH, QHHGHGWREHLQWKHURRP RUFKDWWLQJDWWKHSUHPHHWLQJFRIIHH WRKDYHDQLPSDFWRUWRGRLQWHQVLYH µQHWZRUNPDLQWHQDQFH¶´,QIDFWVKHZULWHV³,KDYHIRXQGWKHGLVWDQFHDQGTXLHWWREHDUHDODGYDQWDJH LQDVWUDWHJLFUROHSURYLGLQJ,KDYHSXWLQWKHLQYHVWPHQWXSIURQWWRGHYHORSYHU\VWURQJSHUVRQDO UHODWLRQVKLSVZLWKWKHJDPHFKDQJHUV´2ZHQUHFRJQL]HVWKDWQRWHYHU\MREFDQEHGRQHWKLVZD\%XW VKHVD\VWKDWIRUKHUSDUWVKHKDVEHHQDEOHWRFRPELQHIDPLO\UHTXLUHPHQWVZLWKKHUFDUHHU &KDQJHVLQGHIDXOWRIILFHUXOHVVKRXOGQRWDGYDQWDJHSDUHQWVRYHURWKHUZRUNHUVLQGHHGGRQHULJKW WKH\FDQLPSURYHUHODWLRQVDPRQJFRZRUNHUVE\UDLVLQJWKHLUDZDUHQHVVRIHDFKRWKHU¶V FLUFXPVWDQFHVDQGLQVWLOOLQJDVHQVHRIIDLUQHVV7ZR\HDUVDJRWKH$&/8)RXQGDWLRQRI 0DVVDFKXVHWWVGHFLGHGWRUHSODFHLWV³SDUHQWDOOHDYH´SROLF\ZLWKD³IDPLO\OHDYH´SROLF\WKDWSURYLGHV IRUDVPXFKDVZHHNVRIOHDYHQRWRQO\IRUQHZSDUHQWVEXWDOVRIRUHPSOR\HHVZKRQHHGWRFDUHIRU DVSRXVHFKLOGRUSDUHQWZLWKDVHULRXVKHDOWKFRQGLWLRQ$FFRUGLQJWR'LUHFWRU&DURO5RVH³:H ZDQWHGDSROLF\WKDWWRRNLQWRDFFRXQWWKHIDFWWKDWHYHQHPSOR\HHVZKRGRQRWKDYHFKLOGUHQKDYH IDPLO\REOLJDWLRQV´7KHSROLF\ZDVVKDSHGE\WKHEHOLHIWKDWJLYLQJZRPHQ³VSHFLDOWUHDWPHQW´FDQ ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

³EDFNILUHLIWKHEURDGHUQRUPVVKDSLQJWKHEHKDYLRURIDOOHPSOR\HHVGRQRWFKDQJH´:KHQ,ZDVWKH GHDQRIWKH:LOVRQ6FKRRO,PDQDJHGZLWKWKHPDQWUD³)DPLO\FRPHVILUVW´²DQ\IDPLO\²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¶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¶VGD\PDNHV EUHDNIDVWSDFNVOXQFKJHWVWKHPRIIWRVFKRROILJXUHVRXWVKRSSLQJDQGRWKHUHUUDQGVHYHQLIVKHLV OXFN\HQRXJKWRKDYHDKRXVHNHHSHU²DQGGRHVPXFKWKHVDPHZRUNDWWKHHQGRIWKHGD\&KHU\O 0LOOV+LOODU\&OLQWRQ¶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






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

RQVRPHWKLQJ²IRRWQRWHVUHDGLQJRXWOLQLQJZULWLQJ«,OHDUQHGWRGRHYHU\WKLQJHOVHZLWKD EDE\RQP\KLS 7KHGLVFLSOLQHRUJDQL]DWLRQDQGVKHHUHQGXUDQFHLWWDNHVWRVXFFHHGDWWRSOHYHOVZLWK\RXQJFKLOGUHQ DWKRPHLVHDVLO\FRPSDUDEOHWRUXQQLQJWRPLOHVDZHHN%XWWKDW¶VUDUHO\KRZHPSOR\HUVVHH WKLQJVQRWRQO\ZKHQPDNLQJDOORZDQFHVEXWZKHQPDNLQJSURPRWLRQV3HUKDSVEHFDXVHSHRSOH FKRRVHWRKDYHFKLOGUHQ"3HRSOHDOVRFKRRVHWRUXQPDUDWKRQV 2QHILQDOH[DPSOH,KDYHZRUNHGZLWKPDQ\2UWKRGR[-HZLVKPHQZKRREVHUYHGWKH6DEEDWKIURP VXQGRZQRQ)ULGD\XQWLOVXQGRZQRQ6DWXUGD\-DFN/HZWKHWZRWLPHGLUHFWRURIWKH2IILFHRI 0DQDJHPHQWDQG%XGJHWIRUPHUGHSXW\VHFUHWDU\RIVWDWHIRUPDQDJHPHQWDQGUHVRXUFHVDQGQRZ :KLWH+RXVHFKLHIRIVWDIILVDFDVHLQSRLQW-DFN¶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²ZKHWKHU-HZLVKRU&KULVWLDQ ²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²WKHDYHUDJHUHWLUHPHQWDJHKDVJRQH GRZQIURPWR²EXWWKDWLVFRPPRQO\³UHWLUHPHQW´RQO\LQWKHVHQVHRIFROOHFWLQJUHWLUHPHQW EHQHILWV0DQ\SHRSOHJRRQWR³HQFRUH´FDUHHUV $VVXPLQJWKHSULFHOHVVJLIWVRIJRRGKHDOWKDQGJRRGIRUWXQHDSURIHVVLRQDOZRPDQFDQWKXVH[SHFW KHUZRUNLQJOLIHWRVWUHWFKVRPH\HDUVIURPKHUHDUO\RUPLGVWRKHUPLGV,WLVUHDVRQDEOH WRDVVXPHWKDWVKHZLOOEXLOGKHUFUHGHQWLDOVDQGHVWDEOLVKKHUVHOIDWOHDVWLQKHUILUVWFDUHHUEHWZHHQ DQGVKHZLOOKDYHFKLOGUHQLIVKHZDQWVWKHPVRPHWLPHEHWZHHQDQGVKH¶OOZDQW PD[LPXPIOH[LELOLW\DQGFRQWURORYHUKHUWLPHLQWKH\HDUVWKDWKHUFKLOGUHQDUHWRDQGVKH VKRXOGSODQWRWDNHSRVLWLRQVRIPD[LPXPDXWKRULW\DQGGHPDQGVRQKHUWLPHDIWHUKHUFKLOGUHQDUH ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

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³LQYHVWPHQWLQWHUYDOV´0\KXVEDQGDQG,WRRNDVDEEDWLFDOLQ6KDQJKDLIURP $XJXVWWR0D\ULJKWLQWKHWKLFNRIDQHOHFWLRQ\HDUZKHQPDQ\RIP\IULHQGVZHUH DGYLVLQJYDULRXVFDQGLGDWHVRQIRUHLJQSROLF\LVVXHV:HWKRXJKWRIWKHPRYHLQSDUWDV³SXWWLQJ PRQH\LQWKHIDPLO\EDQN´WDNLQJDGYDQWDJHRIWKHRSSRUWXQLW\WRVSHQGDFORVH\HDUWRJHWKHULQD IRUHLJQFXOWXUH%XWZHZHUHDOVRLQYHVWLQJLQRXUFKLOGUHQ¶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²DOOKDYHWREHFRPHPRUHYLVLEOH DQGPRUHQRWLFHDEO\DFFHSWHGDVDSDXVHUDWKHUWKDQDQRSWRXW ,QDQHQFRXUDJLQJVLJQ0DVV&DUHHU &XVWRPL]DWLRQDERRNE\&DWKOHHQ%HQNRDQG$QQH:HLVEHUJDUJXLQJWKDW³WRGD\¶VFDUHHULVQR ORQJHUDVWUDLJKWFOLPEXSWKHFRUSRUDWHODGGHUEXWUDWKHUDFRPELQDWLRQRIFOLPEVODWHUDOPRYHV DQGSODQQHGGHVFHQWV´ZDVD:DOO6WUHHW-RXUQDOEHVWVHOOHU

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¶VFDUHHU 6RLQXQGHU3UHVLGHQW6KLUOH\7LOJKPDQ3ULQFHWRQFKDQJHGWKHGHIDXOWUXOH7KHDGPLQLVWUDWLRQ DQQRXQFHGWKDWDOODVVLVWDQWSURIHVVRUVIHPDOHDQGPDOHZKRKDGDQHZFKLOGZRXOGDXWRPDWLFDOO\ UHFHLYHDRQH\HDUH[WHQVLRQRQWKHWHQXUHFORFNZLWKQRRSWRXWVDOORZHG,QVWHDGDVVLVWDQW SURIHVVRUVFRXOGUHTXHVWHDUO\FRQVLGHUDWLRQIRUWHQXUHLIWKH\ZLVKHG7KHQXPEHURIDVVLVWDQW ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

SURIHVVRUVZKRUHFHLYHDWHQXUHH[WHQVLRQKDVWULSOHGVLQFHWKHFKDQJH 2QHRIWKHEHVWZD\VWRPRYHVRFLDOQRUPVLQWKLVGLUHFWLRQLVWRFKRRVHDQGFHOHEUDWHGLIIHUHQWUROH PRGHOV1HZ-HUVH\*RYHUQRU&KULV&KULVWLHDQG,DUHSROHVDSDUWSROLWLFDOO\EXWKHZHQWZD\XSLQ P\HVWLPDWLRQZKHQKHDQQRXQFHGWKDWRQHUHDVRQKHGHFLGHGDJDLQVWUXQQLQJIRUSUHVLGHQWLQ ZDVWKHLPSDFWKLVFDPSDLJQZRXOGKDYHKDGRQKLVFKLOGUHQ+HUHSRUWHGO\PDGHFOHDUDWDIXQG UDLVHULQ/RXLVLDQDWKDWKHGLGQ¶WZDQWWREHDZD\IURPKLVFKLOGUHQIRUORQJSHULRGVRIWLPH DFFRUGLQJWRD5HSXEOLFDQRIILFLDODWWKHHYHQWKHVDLGWKDW³KLVVRQ>PLVVHG@KLPDIWHUEHLQJJRQHIRU WKHWKUHHGD\VRQWKHURDGDQGWKDWKHQHHGHGWRJHWEDFN´+HPD\QRWJHWP\YRWHLIDQGZKHQKH GRHVUXQIRUSUHVLGHQWEXWKHGHILQLWHO\JHWVP\DGPLUDWLRQ SURYLGLQJKHGRHVQ¶WWXUQDURXQGDQG MRLQWKH*23WLFNHWWKLVIDOO  ,IZHDUHORRNLQJIRUKLJKSURILOHIHPDOHUROHPRGHOVZHPLJKWEHJLQZLWK0LFKHOOH2EDPD6KH VWDUWHGRXWZLWKWKHVDPHUpVXPpDVKHUKXVEDQGEXWKDVUHSHDWHGO\PDGHFDUHHUGHFLVLRQVGHVLJQHG WROHWKHUGRZRUNVKHFDUHGDERXWDQGDOVREHWKHNLQGRISDUHQWVKHZDQWHGWREH6KHPRYHGIURPD KLJKSRZHUHGODZILUPILUVWWR&KLFDJRFLW\JRYHUQPHQWDQGWKHQWRWKH8QLYHUVLW\RI&KLFDJRVKRUWO\ EHIRUHKHUGDXJKWHUVZHUHERUQDPRYHWKDWOHWKHUZRUNRQO\PLQXWHVDZD\IURPKRPH6KHKDV VSRNHQSXEOLFO\DQGRIWHQDERXWKHULQLWLDOFRQFHUQVWKDWKHUKXVEDQG¶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¶WMXVWQHHG WRJRKRPH'HHSGRZQ,ZDQWHGWRJRKRPH,ZDQWHGWREHDEOHWRVSHQGWLPHZLWKP\FKLOGUHQLQ WKHODVWIHZ\HDUVWKDWWKH\DUHOLNHO\WROLYHDWKRPHFUXFLDO\HDUVIRUWKHLUGHYHORSPHQWLQWR UHVSRQVLEOHSURGXFWLYHKDSS\DQGFDULQJDGXOWV%XWDOVRLUUHSODFHDEOH\HDUVIRUPHWRHQMR\WKH VLPSOHSOHDVXUHVRISDUHQWLQJ²EDVHEDOOJDPHVSLDQRUHFLWDOVZDIIOHEUHDNIDVWVIDPLO\WULSVDQG JRRI\ULWXDOV0\ROGHUVRQLVGRLQJYHU\ZHOOWKHVHGD\VEXWHYHQZKHQKHJLYHVXVDKDUGWLPHDVDOO WHHQDJHUVGREHLQJKRPHWRVKDSHKLVFKRLFHVDQGKHOSKLPPDNHJRRGGHFLVLRQVLVGHHSO\VDWLVI\LQJ 7KHIOLSVLGHRIP\UHDOL]DWLRQLVFDSWXUHGLQ0DFNRDQG5XELQ¶VUXPLQDWLRQVRQWKHLPSRUWDQFHRI EULQJLQJWKHGLIIHUHQWSDUWVRIWKHLUOLYHVWRJHWKHUDV\HDUROGZRPHQ ,IZHGLGQ¶WVWDUWWROHDUQKRZWRLQWHJUDWHRXUSHUVRQDOVRFLDODQGSURIHVVLRQDOOLYHVZHZHUH ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

DERXWILYH\HDUVDZD\IURPPRUSKLQJLQWRWKHDQJU\ZRPDQRQWKHRWKHUVLGHRIDPDKRJDQ\ GHVNZKRTXHVWLRQVKHUVWDII¶VZRUNHWKLFDIWHUVWDQGDUGKRXUZRUNGD\VEHIRUHKHDGLQJ KRPHWRHDWPRRVKRRSRUNLQKHUORQHO\DSDUWPHQW :RPHQKDYHFRQWULEXWHGWRWKHIHWLVKRIWKHRQHGLPHQVLRQDOOLIHDOEHLWE\QHFHVVLW\7KHSLRQHHU JHQHUDWLRQRIIHPLQLVWVZDOOHGRIIWKHLUSHUVRQDOOLYHVIURPWKHLUSURIHVVLRQDOSHUVRQDVWRHQVXUHWKDW WKH\FRXOGQHYHUEHGLVFULPLQDWHGDJDLQVWIRUDODFNRIFRPPLWPHQWWRWKHLUZRUN:KHQ,ZDVDODZ VWXGHQWLQWKHVPDQ\ZRPHQZKRZHUHWKHQFOLPELQJWKHOHJDOKLHUDUFK\LQ1HZ<RUNILUPV WROGPHWKDWWKH\QHYHUDGPLWWHGWRWDNLQJWLPHRXWIRUDFKLOG¶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¶V$GYLVRU\ &RPPLWWHHWKDWWKHDVVRFLDWHGHDQZRXOGFKDLUWKHQH[WVHVVLRQVR,FRXOGJRWRDSDUHQWWHDFKHU FRQIHUHQFH $IWHUDIHZPRQWKVRIWKLVVHYHUDOIHPDOHDVVLVWDQWSURIHVVRUVVKRZHGXSLQP\RIILFHTXLWHDJLWDWHG ³<RXKDYHWRVWRSWDONLQJDERXW\RXUNLGV´RQHVDLG³<RXDUHQRWVKRZLQJWKHJUDYLWDVWKDWSHRSOH H[SHFWIURPDGHDQZKLFKLVSDUWLFXODUO\GDPDJLQJSUHFLVHO\EHFDXVH\RXDUHWKHILUVWZRPDQGHDQRI WKHVFKRRO´,WROGWKHPWKDW,ZDVGRLQJLWGHOLEHUDWHO\DQGFRQWLQXHGP\SUDFWLFHEXWLWLVLQWHUHVWLQJ WKDWJUDYLWDVDQGSDUHQWKRRGGRQ¶WVHHPWRJRWRJHWKHU 7HQ\HDUVODWHUZKHQHYHU,DPLQWURGXFHGDWDOHFWXUHRURWKHUVSHDNLQJHQJDJHPHQW,LQVLVWWKDWWKH SHUVRQLQWURGXFLQJPHPHQWLRQWKDW,KDYHWZRVRQV,WVHHPVRGGWRPHWROLVWGHJUHHVDZDUGV SRVLWLRQVDQGLQWHUHVWVDQGQRWLQFOXGHWKHGLPHQVLRQRIP\OLIHWKDWLVPRVWLPSRUWDQWWRPH²DQG WDNHVDQHQRUPRXVDPRXQWRIP\WLPH$V6HFUHWDU\&OLQWRQRQFHVDLGLQDWHOHYLVLRQLQWHUYLHZLQ %HLMLQJZKHQWKHLQWHUYLHZHUDVNHGKHUDERXW&KHOVHD¶VXSFRPLQJZHGGLQJ³7KDW¶VP\UHDOOLIH´%XW, QRWLFHWKDWP\PDOHLQWURGXFHUVDUHW\SLFDOO\XQFRPIRUWDEOHZKHQ,PDNHWKHUHTXHVW7KH\ IUHTXHQWO\VD\WKLQJVOLNH³$QGVKHSDUWLFXODUO\ZDQWHGPHWRPHQWLRQWKDWVKHKDVWZRVRQV´²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¶VLVVXHEDODQFHZRXOGEHEHWWHUIRUXVDOO%URQQLH ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

:DUHDQ$XVWUDOLDQEORJJHUZKRZRUNHGIRU\HDUVLQSDOOLDWLYHFDUHDQGLVWKHDXWKRURIWKH ERRN7KH7RS)LYH5HJUHWVRIWKH'\LQJZULWHVWKDWWKHUHJUHWVKHKHDUGPRVWRIWHQZDV³,ZLVK,¶G KDGWKHFRXUDJHWROLYHDOLIHWUXHWRP\VHOIQRWWKHOLIHRWKHUVH[SHFWHGRIPH´7KHVHFRQGPRVW FRPPRQUHJUHWZDV³,ZLVK,GLGQ¶WZRUNVRKDUG´6KHZULWHV³7KLVFDPHIURPHYHU\PDOHSDWLHQW WKDW,QXUVHG7KH\PLVVHGWKHLUFKLOGUHQ¶V\RXWKDQGWKHLUSDUWQHU¶VFRPSDQLRQVKLS´ -XOLHWWH.D\\HPZKRVHYHUDO\HDUVDJROHIWWKH'HSDUWPHQWRI+RPHODQG6HFXULW\VRRQDIWHUKHU KXVEDQG'DYLG%DUURQOHIWDKLJKSRVLWLRQLQWKH-XVWLFH'HSDUWPHQWVD\VWKHLUMRLQWGHFLVLRQWR OHDYH:DVKLQJWRQDQGUHWXUQWR%RVWRQVSUDQJIURPWKHLUGHVLUHWRZRUNRQWKH³KDSSLQHVVSURMHFW´ PHDQLQJTXDOLW\WLPHZLWKWKHLUWKUHHFKLOGUHQ 6KHERUURZHGWKHWHUPIURPKHUIULHQG*UHWFKHQ 5XELQZKRZURWHDEHVWVHOOLQJERRNDQGQRZUXQVDEORJZLWKWKDWQDPH

,W¶VWLPHWRHPEUDFHDQDWLRQDOKDSSLQHVVSURMHFW$VDGDXJKWHURI&KDUORWWHVYLOOH9LUJLQLDWKHKRPH RI7KRPDV-HIIHUVRQDQGWKHXQLYHUVLW\KHIRXQGHG,JUHZXSZLWKWKH'HFODUDWLRQRI,QGHSHQGHQFHLQ P\EORRG/DVW,FKHFNHGKHGLGQRWGHFODUH$PHULFDQLQGHSHQGHQFHLQWKHQDPHRIOLIHOLEHUW\DQG SURIHVVLRQDOVXFFHVV/HWXVUHGLVFRYHUWKHSXUVXLWRIKDSSLQHVVDQGOHWXVVWDUWDWKRPH ,QQRYDWLRQ1DWLRQ $V,ZULWHWKLV,FDQKHDUWKHUHDFWLRQRIVRPHUHDGHUVWRPDQ\RIWKHSURSRVDOVLQWKLVHVVD\,W¶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³RUJDQL]DWLRQVZLWKPRUHH[WHQVLYHZRUNIDPLO\SROLFLHV KDYHKLJKHUSHUFHLYHGILUPOHYHOSHUIRUPDQFH´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






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

IRUPHUELJILUPOLWLJDWRULVQRZWKHSUHVLGHQWRI)OH[7LPH/DZ\HUVDQDWLRQDOFRQVXOWLQJILUP IRFXVHGSDUWO\RQVWUDWHJLHVIRUWKHUHWHQWLRQRIIHPDOHDWWRUQH\V,QKHUERRN/DZDQG5HRUGHU SXEOLVKHGE\WKH$PHULFDQ%DU$VVRFLDWLRQLQVKHGHVFULEHVDOHJDOSURIHVVLRQ³ZKHUHWKH ELOODEOHKRXUQRORQJHUZRUNV´ZKHUHDWWRUQH\VMXGJHVUHFUXLWHUVDQGDFDGHPLFVDOODJUHHWKDWWKLV V\VWHPRIFRPSHQVDWLRQKDVSHUYHUWHGWKHLQGXVWU\OHDGLQJWREUXWDOZRUNKRXUVPDVVLYH LQHIILFLHQF\DQGKLJKO\LQIODWHGFRVWV7KHDQVZHU²DOUHDG\EHLQJGHSOR\HGLQGLIIHUHQWFRUQHUVRIWKH LQGXVWU\²LVDFRPELQDWLRQRIDOWHUQDWLYHIHHVWUXFWXUHVYLUWXDOILUPVZRPHQRZQHGILUPVDQGWKH RXWVRXUFLQJRIGLVFUHWHOHJDOMREVWRRWKHUMXULVGLFWLRQV:RPHQDQG*HQHUDWLRQ;DQG<ODZ\HUV PRUHJHQHUDOO\DUHSXVKLQJIRUWKHVHFKDQJHVRQWKHVXSSO\VLGHFOLHQWVGHWHUPLQHGWRUHGXFHOHJDO IHHVDQGLQFUHDVHIOH[LEOHVHUYLFHDUHSXOOLQJRQWKHGHPDQGVLGH6ORZO\FKDQJHLVKDSSHQLQJ $WWKHFRUHRIDOOWKLVLVVHOILQWHUHVW/RVLQJVPDUWDQGPRWLYDWHGZRPHQQRWRQO\GLPLQLVKHVD FRPSDQ\¶VWDOHQWSRROLWDOVRUHGXFHVWKHUHWXUQRQLWVLQYHVWPHQWLQWUDLQLQJDQGPHQWRULQJ,Q WU\LQJWRDGGUHVVWKHVHLVVXHVVRPHILUPVDUHILQGLQJRXWWKDWZRPHQ¶VZD\VRIZRUNLQJPD\MXVWEH EHWWHUZD\VRIZRUNLQJIRUHPSOR\HHVDQGFOLHQWVDOLNH ([SHUWVRQFUHDWLYLW\DQGLQQRYDWLRQHPSKDVL]HWKHYDOXHRIHQFRXUDJLQJQRQOLQHDUWKLQNLQJDQG FXOWLYDWLQJUDQGRPQHVVE\WDNLQJORQJZDONVRUORRNLQJDW\RXUHQYLURQPHQWIURPXQXVXDODQJOHV,Q WKHLUQHZERRN$1HZ&XOWXUHRI/HDUQLQJ&XOWLYDWLQJWKH,PDJLQDWLRQIRUD:RUOGRI&RQVWDQW &KDQJHWKHLQQRYDWLRQJXUXV-RKQ6HHO\%URZQDQG'RXJODV7KRPDVZULWH³:HEHOLHYHWKDW FRQQHFWLQJSOD\DQGLPDJLQDWLRQPD\EHWKHVLQJOHPRVWLPSRUWDQWVWHSLQXQOHDVKLQJWKHQHZFXOWXUH RIOHDUQLQJ´ 6SDFHIRUSOD\DQGLPDJLQDWLRQLVH[DFWO\ZKDWHPHUJHVZKHQULJLGZRUNVFKHGXOHVDQGKLHUDUFKLHV ORRVHQXS6NHSWLFVVKRXOGFRQVLGHUWKH³&DOLIRUQLDHIIHFW´&DOLIRUQLDLVWKHFUDGOHRI$PHULFDQ LQQRYDWLRQ²LQWHFKQRORJ\HQWHUWDLQPHQWVSRUWVIRRGDQGOLIHVW\OHV,WLVDOVRDSODFHZKHUHSHRSOH WDNHOHLVXUHDVVHULRXVO\DVWKH\WDNHZRUNZKHUHFRPSDQLHVOLNH*RRJOHGHOLEHUDWHO\HQFRXUDJHSOD\ ZLWK3LQJ3RQJWDEOHVOLJKWVDEHUVDQGSROLFLHVWKDWUHTXLUHHPSOR\HHVWRVSHQGRQHGD\DZHHN ZRUNLQJRQZKDWHYHUWKH\ZLVK&KDUOHV%DXGHODLUHZURWH³*HQLXVLVQRWKLQJPRUHQRUOHVVWKDQ FKLOGKRRGUHFRYHUHGDWZLOO´*RRJOHDSSDUHQWO\KDVWDNHQQRWH 1RSDUHQWZRXOGPLVWDNHFKLOGFDUHIRUFKLOGKRRG6WLOOVHHLQJWKHZRUOGDQHZWKURXJKDFKLOG¶VH\HV FDQEHDSRZHUIXOVRXUFHRIVWLPXODWLRQ:KHQWKH1REHOODXUHDWH7KRPDV6FKHOOLQJZURWH7KH 6WUDWHJ\RI&RQIOLFWDFODVVLFWH[WDSSO\LQJJDPHWKHRU\WRFRQIOLFWVDPRQJQDWLRQVKHIUHTXHQWO\ GUHZRQFKLOGUHDULQJIRUH[DPSOHVRIZKHQGHWHUUHQFHPLJKWVXFFHHGRUIDLO³,WPD\EHHDVLHUWR DUWLFXODWHWKHSHFXOLDUGLIILFXOW\RIFRQVWUDLQLQJ>DUXOHU@E\WKHXVHRIWKUHDWV´KHZURWH³ZKHQRQHLV IUHVKIURPDYDLQDWWHPSWDWXVLQJWKUHDWVWRNHHSDVPDOOFKLOGIURPKXUWLQJDGRJRUDVPDOOGRJ IURPKXUWLQJDFKLOG´ 7KHERRNV,¶YHUHDGZLWKP\FKLOGUHQWKHVLOO\PRYLHV,¶YHZDWFKHGWKHJDPHV,¶YHSOD\HGTXHVWLRQV ,¶YHDQVZHUHGDQGSHRSOH,¶YHPHWZKLOHSDUHQWLQJKDYHEURDGHQHGP\ZRUOG$QRWKHUD[LRPRIWKH OLWHUDWXUHRQLQQRYDWLRQLVWKDWWKHPRUHRIWHQSHRSOHZLWKGLIIHUHQWSHUVSHFWLYHVFRPHWRJHWKHUWKH PRUHOLNHO\FUHDWLYHLGHDVDUHWRHPHUJH*LYLQJZRUNHUVWKHDELOLW\WRLQWHJUDWHWKHLUQRQZRUNOLYHV ZLWKWKHLUZRUN²ZKHWKHUWKH\VSHQGWKDWWLPHPRWKHULQJRUPDUDWKRQLQJ²ZLOORSHQWKHGRRUWRD PXFKZLGHUUDQJHRILQIOXHQFHVDQGLGHDV ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

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¶VFDUHHU <HWRQFHZRUNSUDFWLFHVDQGZRUNFXOWXUHEHJLQWRHYROYHWKRVHFKDQJHVDUHOLNHO\WRFDUU\WKHLURZQ PRPHQWXP.DUD2ZHQWKH%ULWLVKIRUHLJQVHUYLFHRIILFHUZKRZRUNHGD/RQGRQMREIURP'XEOLQ ZURWHPHLQDQHPDLO ,WKLQNWKHFXOWXUHRQIOH[LEOHZRUNLQJVWDUWHGWRFKDQJHWKHPLQXWHWKH%RDUGRI0DQDJHPHQW ZKRZHUHDOOPHQDWWKHWLPH VWDUWHGWRZRUNIOH[LEO\²TXLWHDIHZRIWKHPVWDUWHGZRUNLQJ RQHGD\DZHHNIURPKRPH 0HQKDYHRIFRXUVHEHFRPHPXFKPRUHLQYROYHGSDUHQWVRYHUWKHSDVWFRXSOHRIGHFDGHVDQGWKDW WRRVXJJHVWVEURDGVXSSRUWIRUELJFKDQJHVLQWKHZD\ZHEDODQFHZRUNDQGIDPLO\,WLVQRWHZRUWK\ WKDWERWK-DPHV6WHLQEHUJGHSXW\VHFUHWDU\RIVWDWHDQG:LOOLDP/\QQGHSXW\VHFUHWDU\RIGHIHQVH VWHSSHGGRZQWZR\HDUVLQWRWKH2EDPDDGPLQLVWUDWLRQVRWKDWWKH\FRXOGVSHQGPRUHWLPHZLWK WKHLUFKLOGUHQ IRUUHDO  *RLQJIRUZDUGZRPHQZRXOGGRZHOOWRIUDPHZRUNIDPLO\EDODQFHLQWHUPVRIWKHEURDGHUVRFLDODQG HFRQRPLFLVVXHVWKDWDIIHFWERWKZRPHQDQGPHQ$IWHUDOOZHKDYHDQHZJHQHUDWLRQRI\RXQJPHQ ZKRKDYHEHHQUDLVHGE\IXOOWLPHZRUNLQJPRWKHUV/HWXVSUHVXPHDV,GRZLWKP\VRQVWKDWWKH\ ZLOOXQGHUVWDQG³VXSSRUWLQJWKHLUIDPLOLHV´WRPHDQPRUHWKDQHDUQLQJPRQH\ ,+$9(%((1%/(66('WRZRUNZLWKDQGEHPHQWRUHGE\VRPHH[WUDRUGLQDU\ZRPHQ:DWFKLQJ +LOODU\&OLQWRQLQDFWLRQPDNHVPHLQFUHGLEO\SURXG²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¶VZRUGV³WREHDVWURQJZRPDQ\RXGRQ¶WKDYHWRJLYHXSRQWKHWKLQJVWKDW GHILQH\RXDVDZRPDQ´7KDWPHDQVUHVSHFWLQJHQDEOLQJDQGLQGHHGFHOHEUDWLQJWKHIXOOUDQJHRI ZRPHQ¶VFKRLFHV³(PSRZHULQJ\RXUVHOI´-DFNVRQVDLGLQKHUVSHHFKDW3ULQFHWRQ³GRHVQ¶WKDYHWR ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO






:K\:RPHQ6WLOO&DQ·W+DYH,W$OO0DJD]LQH7KH$WODQWLF

PHDQUHMHFWLQJPRWKHUKRRGRUHOLPLQDWLQJWKHQXUWXULQJRUIHPLQLQHDVSHFWVRIZKR\RXDUH´ ,JDYHDVSHHFKDW9DVVDUODVW1RYHPEHUDQGDUULYHGLQWLPHWRZDQGHUWKHFDPSXVRQDORYHO\IDOO DIWHUQRRQ,WLVDSODFHLQIXVHGZLWKDVSLULWRIFRPPXQLW\DQGJHQHURVLW\ILOOHGZLWKEHQFKHV ZDONZD\VSXEOLFDUWDQGTXLHWSODFHVGRQDWHGE\DOXPQDHVHHNLQJWRHQFRXUDJHFRQWHPSODWLRQDQG FRQQHFWLRQ7XUQLQJWKHSDJHVRIWKHDOXPQLPDJD]LQH 9DVVDULVQRZFRHG ,ZDVVWUXFNE\WKH HQWULHVRIROGHUDOXPQDHZKRJUHHWHGWKHLUFODVVPDWHVZLWK6DOYH /DWLQIRU³KHOOR´ DQGZURWHZLWW\ UHPHPEUDQFHVVSULQNOHGZLWKOLWHUDU\DOOXVLRQV7KHLUVZDVDZRUOGLQZKLFKZRPHQZRUHWKHLU OHDUQLQJOLJKWO\WKHLUQHZVLVPRVWO\RIWKHLUFKLOGUHQ¶VDFFRPSOLVKPHQWV0DQ\RIXVORRNEDFNRQ WKDWHDUOLHUHUDDVDWLPHZKHQLWZDVILQHWRMRNHWKDWZRPHQZHQWWRFROOHJHWRJHWDQ³056´$QG PDQ\ZRPHQRIP\JHQHUDWLRQDEDQGRQHGWKH6HYHQ6LVWHUVDVVRRQDVWKHIRUPHUO\DOOPDOH,Y\ /HDJXHXQLYHUVLWLHVEHFDPHFRHG,ZRXOGQHYHUUHWXUQWRWKHZRUOGRIVHJUHJDWHGVH[HVDQGUDPSDQW GLVFULPLQDWLRQ%XWQRZLVWKHWLPHWRUHYLVLWWKHDVVXPSWLRQWKDWZRPHQPXVWUXVKWRDGDSWWRWKH ³PDQ¶VZRUOG´WKDWRXUPRWKHUVDQGPHQWRUVZDUQHGXVDERXW ,FRQWLQXDOO\SXVKWKH\RXQJZRPHQLQP\FODVVHVWRVSHDNPRUH7KH\PXVWJDLQWKHFRQILGHQFHWR YDOXHWKHLURZQLQVLJKWVDQGTXHVWLRQVDQGWRSUHVHQWWKHPUHDGLO\0\KXVEDQGDJUHHVEXWKH DFWXDOO\WULHVWRJHWWKH\RXQJPHQLQKLVFODVVHVWRDFWPRUHOLNHWKHZRPHQ²WRVSHDNOHVVDQGOLVWHQ PRUH,IZRPHQDUHHYHUWRDFKLHYHUHDOHTXDOLW\DVOHDGHUVWKHQZHKDYHWRVWRSDFFHSWLQJPDOH EHKDYLRUDQGPDOHFKRLFHVDVWKHGHIDXOWDQGWKHLGHDO:HPXVWLQVLVWRQFKDQJLQJVRFLDOSROLFLHVDQG EHQGLQJFDUHHUWUDFNVWRDFFRPPRGDWHRXUFKRLFHVWRR:HKDYHWKHSRZHUWRGRLWLIZHGHFLGHWR DQGZHKDYHPDQ\PHQVWDQGLQJEHVLGHXV :H¶OOFUHDWHDEHWWHUVRFLHW\LQWKHSURFHVVIRUDOOZRPHQ:HPD\QHHGWRSXWDZRPDQLQWKH:KLWH +RXVHEHIRUHZHDUHDEOHWRFKDQJHWKHFRQGLWLRQVRIWKHZRPHQZRUNLQJDW:DOPDUW%XWZKHQZH GRZHZLOOVWRSWDONLQJDERXWZKHWKHUZRPHQFDQKDYHLWDOO:HZLOOSURSHUO\IRFXVRQKRZZHFDQ KHOSDOO$PHULFDQVKDYHKHDOWK\KDSS\SURGXFWLYHOLYHVYDOXLQJWKHSHRSOHWKH\ORYHDVPXFKDVWKH VXFFHVVWKH\VHHN 7KLVDUWLFOHDYDLODEOHRQOLQHDW KWWSZZZWKHDWODQWLFFRPPDJD]LQHDUFKLYHZK\ZRPHQVWLOOFDQWKDYHLW DOO &RS\ULJKWÂ&#x2039;E\7KH$WODQWLF0RQWKO\*URXS$OO5LJKWV5HVHUYHG

ZZZWKHDWODQWLFFRPPDJD]LQHSULQWZK\ZRPHQVWLOOFDQWKDYHLWDOO




"Why Women Still Can't Have It All"