Everything Beautiful is Far Away [2, 2013 | Vol. 10] FINALE EDITION!

Page 1





! ! ! ! ! ! ! !

"!#$%&'!()!*+$,+&--!./!0(123!45''()!6!*&1&+!78!439),:! 439;1&+-!<=&)1/>?(%&!1$!<=&)1/>#()&! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !



! ! ! ! ! ! ! ! @ABC! ! D%&+! 9! E$)13! ;9--&F! ./G! .&2$E(),! 9! .+$9F! '()&! &123&F! .&1=&&)! 13&! &%&)(),! =3&)! 6DPXHO KDG OHIW WKH ROG ZRPDQ¶-!9;9+1E&)1!9)F!13&!E5)F9)&G!+$51()&!F9/-!13&+&9H1&+8! ! <3+$5,3$51! 13&! =9)(),! -;+(),! =&&I-! 3&! =&)1! 9.$51! 3(-! -15F(&-! =(13! +&)&=&F! F&F(291($)G!2$EE(11(),!3(E-&'H!()!9!E9))&+!1391!F(-2+&&1'/!;'&9-&F!J$5(-9!/&1!=9-!F$)&! -$'&'/!H$+!3(-!$=)!.&)&H(18! ! K9/'(,31!.&'$),&F!E$-1'/!1$!-23$$'G!=3('&!13&!)(,31!.+$5,31! -&'H>(E;$-&F! 2$)H()&E&)1! =(13()! 3(-! .&F+$$E²91! 13&! F&-IG! 91! 13&! E5-(2! -19)F²$)&! =&&I!.&(),!()F(-1(),5(-39.'&!H+$E!13&!)&L18! ! D)!9!2&+19()!'&%&'G!13&!F51(H5'!3$5+-!-&+%&F! 9-! 9)! 5)+&H'&21(%&! F(-1+921($)G! 9! =9/! 1$! F(-+&,9+F! 13$-&! +&2&)1! &L;&+(&)2&-! 1391! 39F! -2+9E.'&FG!2$)H5-&FG!9)F!3&(,31&)&F!3(-!)$+E9''/!;+&F(219.'&!+&9'(1/:! ! 13&!H+&&F$E!9)F! SDQLF RI JHWWLQJ ORVW WKH VWUDQJHU¶V VDWLVI\LQJ WRXFK DJDLQVW KLV VKRXOGHUV WKH SKRWR 9'.5E!-3$=(),!9)$13&+!'(H&1(E&!3&!E9/!39%&!$)2&!'(%&F²&%&+/!+&E9+I9.'&!E$E&)1!'(I&! 9! 2$'$+H5'! -;'9-3! 2+(--2+$--(),! =391! 39F! .&&)G! M5-1! ;+&%($5-'/G! $)'/! ;5+&! =3(1&! ;9;&+8! ! NL2&;1! 1+/! 9-! 3&! E(,31! &923! .&,5('(),! ()2(F&)1! 2$)1()5&F! '5+I(),! 13&+&G! ,'(EE&+(),! 9'$),!13&!H+(),&-!$H!3(-!2$)2&)1+91&F!E()F!9-!(H!13&/!=&+&!-19+-!;5'-91(),!.+(,31'/!H+$E! 9)$13&+! ,9'9L/O! 9''! $H! (1²()2'5F(),! 3(E-&'H²+&F52&F! 91! 1(E&-! 1$! M5-1! 13&! ,'$=(),! 2$)H()&-! $H! 9)! ()-2+519.'&! .9'-9! =$$F! .$L! -5-;&)F&F! F&&;! ()! 3(-! 13$5,31-G! 13+$..(),! .&3()F!3(-!-I5''!=(13!13&!;&+-(-1&)1!+3/13E!$H!9!-1+$),!3&9+1.&91!1391!()-()591&F!13(),-! KH FRXOGQ¶W TXLWH \HW EHJLQ WR JUDVS ! !

6RPHWLPHV KH¶G IRUJHW WR EUXVK KLV WHHWK EHIRUH VFKRRO RU WR SXW RQ IUHVK

XQGHUZHDU RU WR FRPE KLV ZD\ZDUG KDLU 6RPHWLPHV KH¶G IDOO DVOHHS DW KLV EHGURRP F&-IG! 9! -192I! $H! %$29.5'9+/! H'9-3! 29+F-! ,+(;;&F! ./! -'92I&)(),! H(),&+-! 1391! =$5'FG! 9! E()51&! '91&+G! -&)F! =$+F-! 9)F! ;3+9-&-! 29-29F(),! 1$=9+F! 13&! H'$$+8! ! <35+-F9/-! 9H1&+!


-23$$'!3&!E9F&!13&!+$5)F>1+(;!1$!3(-!%($'()!'&--$)-G!;&)-(%&'/!'$$I(),!$51!9!.5-!=()F$=! 9-! 13&! ;9=)-3$;! -'(F! ;9-1! 9)FG! =(13! 9)! &L;&219)1! H&&'(),! ()! 3(-! ,51G! 9)1(2(;91(),! 9! H'&&1(),! ,'(E;-&! $H! 13&! -(F&! -1+&&1! 5;$)! =3(23! 09+($)! '(%&F8! ! ")F! 9'=9/-! 3&! (E9,()&F! 3&+! -1(''! )9;;(),! )&9+! 13&! .(''$=(),! 25+19()-²13&! H+$)1! F$$+! '$2I&FG! 13&! 9;9+1E&)1! -3+$5F&F! ./! 9)! &1&+)9'! F5-I²5)1('! $)&! <35+-F9/! 9H1&+)$$)! =3&)! 3&! H9('&F! 1$! 19I&! )$1(2&!$H!13&!;9=)-3$;!$+!9(E!3(-!,9P&!F$=)!3&+!-1+&&1:! ! 13$5,31H5''/!-19+(),G!()-1&9FG! 91!9!)$1&.$$I!-;+&9F!$;&)!$)!3(-!'9;G!;$)F&+(),!9!E$+&!(EE&F(91&!&)(,E9!2$)%&/&F!()! ;&)2('! E9+I-²13&! =$+F-! !"#$! 9)F! !"$"G! 13&! '&11&+! %! 9)F! 13&! =$+F-! &""! 9)F! &"#²9! UHFXUULQJ TXDQGDU\ WKDW KH KDGQ¶W TXLWH \HW UHVROYHG ! !

<3&)!F5+(),!13&!=&&I&)F-G!=3('&!3(-!E$13&+!=9-!,$)&G!3&!+&E9()&F!-&Q5&-1&+&F!

()-(F&!13&!3$5-&²39'H!13&!1(E&!-;&)1!+&H&+&)2(),!3(-!N),'(-3>43()&-&R43()&-&>N),'(-3! F(21($)9+/G!13&!$13&+!39'H!-;&)1!(F'/!;+921(2(),!13&!%($'()!()!H+$)1!$H!13&!<S8! ! T51!+9+&'/! F(F! 3&! H()F! 3(E-&'H! +&9''/! '$),(),! H$+! 13&! ;9=)-3$;! -I91&-G! $+! F&-(+&! 13&! '$$-&! H&&'! $H! 13&E! &)2(+2'(),! 3(-! 9)I'&-! 9-! 13&! +&F! =3&&'-! -;&F! 3(E! 92+$--! -(F&=9'I-8! ! #$+! F(F! 3(-! H\HV GULIW DJDLQ WR VHULRXVO\ FRQWHPSODWH WKH GLVSOD\ FDELQHW ZKHUH LI KH¶G ERWKHUHG ;&&+(),! .92I! $)! 13&! E(FF'&! -3&'HG! 5)+&2$,)(P&F! H(,5+()&-! =$5'F! '(I&'/! 39%&! 295,31! 3(-! 911&)1($)²2+/-19'! .9./! ;&),5()-G! 9! 2+/-19'! +$2I(),! 3$+-&G! 2+/-19'! -)9('-! 2$%&+(),! 9! 2+/-19'!'&9H²!&L;&)-(%&!9FF(1($)-!&L;9)F(),!13&!;'92&-!H$+E&+'/!$225;(&F!./!13&!.&9,'&! 9)F!?$+,&1>0&>#$1!H'$=&+!;$18! !

"-!(1!=9-G!3(-!&)&+,/!9)F!911&)1($)!=&+&!29-1!()!H&=!F(+&21($)-8! ! <3&!F&-I8! ! <3&!

E5-(2! -19)F8! ! <3&! <S8! ! <3&! F()(),! 19.'&8! ! <3&! .913+$$E8! ! <3&! .&F8! ! S($'()! '&--$)-8! ! U23$$'8! ! "''! 3&! =(-3&F! 1$! F$! =9-! 2$)2&)1+91&! $)! 3(-! &F5291($)G! $)! 3(-! H515+&G! $)! 13&! &%&)159'!+&=9+F-!1391!2$5'F!$)'/!2$E&!3(-!=9/!13+$5,3!39+F!=$+I!9)F!()H()(1&!;91(&)2&8! ! U$E&F9/G!3&!$H1&)!&)2$5+9,&F!3(E-&'HG!E$)&/!=$5'F!.5',&!()!3(-!;$2I&1-G!9)F!91!'9-1!(1! ZRXOG EH KLV PRWKHU FRPLQJ WR KLP DQG DVNLQJ SROLWHO\ IRU LWHPV VKH FRXOGQ¶W DIIRUG RQ KHU VPDOO LQFRPH ³:KDW GR \RX QHHG WKDW IRU"´ KH¶G WHOO KHU ³<RX VKRXOG ZRUN E$+&!'(I&!7!F$!9)F!.5/!(W \RXUVHOI ´ %\ WKDW WLPH KH¶G KDYH D JUHDW MRE SUREDEO\ WZR FDUV SUREDEO\ WZR ELJ KRPHV +H¶G DOVR KDYH D GLVFUHHW PRXQWDLQ KLGHDZD\ RI KLV RZQ H(''&F! =(13! =391&%&+! 3&! =9)1&FG! 9-! =&''! 9-! 9! =9'I>()! %95'1! +&-&+%&F! H$+! 3(-! 35,&! +$''&+.'9F&!2$''&21($)²)$1!M5-1!9)/!5-&F!;9=)-3$;!-I91&-G!)$1!13$-&!=$+)>F$=)!=3&&'-! $)2&!.&'$),(),!1$!-$E&$)&!&'-&G!)$13(),!$'F!'(I&!1391!&%&+!9,9()8! ! #$G!13&!)&L1!;9(+!$H! -I91&-!$+!+$''&+.'9F&-!1$!,+92&!3(-!9)I'&-!=$5'F!.&!.$5,31!.+9)F!)&=G!;9(F!()!29-3!H+$E!


13&! -5.-19)1(9'! -9%(),-! 3&! 39F! 9E9--&F! H$+! 3(E-&'H8! ! T51! H(+-1! 3&! 39F! 1$! '&9+)! 9)$13&+! '9),59,&G!39F!1$!H()(-3!-23$$'G!39F!1$!,+$=!5;!9!'(11'&!.(1!E$+&8! !

:LWK VXPPHU¶V IDVW DSSURDFK WKH UHLQYLJRUDWHG IRFXV RQ KLV VWXGLHV FRQVXPHG

KLP OLNH D FRPSXOVLYH KDELW DQG KH¶G VWRSSHG 29+(),!9.$51!.&(),!-152I!()-(F&!13&!3$5-&! ZKLOH QHLJKERUKRRG NLGV URDPHG RXWVLGH ,W DOVR GLGQ¶W PDWWHU LI KLV DSSDUHQW KDUG =$+I!-&2+&1'/!F&'(,31&F!J$5(-9G!E9I(),!3&+!;+&-&)2&!-$E&=391!1$'&+9.'&!9)F!3&+!E&9'-! WDVWH PXFK QLFHU +H¶G FRQFOXGHG WKDW KHU OXI&=9+E!9;;+$%9'G!+&;&91&F!'&215+&-G!9)F! .9F,&+(),! Q5&-1($)-! -&+%&F! )$! 5-&H5'! ;5+;$-&! =391-$&%&+G! &-;&2(9''/! =3&)! (1! 29E&! 1$! '&9+)(),!N),'(-38! ! U523!9)!9'(&)G!;'(9.'&!'9),59,&!=$5'F!)&%&+!.&!-$E&13(),!-3&!2$5'F! -522&--H5''/!E9-1&+!./!3&+-&'HG!9)/!E$+&!139)!9!;9(+!$H!$'F!+$''&+!-I91&-!2$5'F!&%&+!1+5'/! -&1!3(E!H+&&8! ! ")F!=3('&!3(-!&F5291($)!=$5'F!;&+-(-1!H$+!/&9+-!93&9F!5)1('!3&!,+9F591&F! IURP D JRRG XQLYHUVLW\ VKH¶G VWD\ SHUPDQHQWO\ GHSHQGDQW RQ ORFDO &KLQHVH EXVLQHVVHV 9)F! .$--&-G! 9! -1&9F/! -1+&9E! $H! 43()&-&>-;&9I(),! 25-1$E&+-G! E9()'9)F! 43()&-&! $+! <9(=9)&-&! '9)F'$+F-! 9)F! 92Q59()19)2&-8! ! "'+&9F/! 3&+! H91&! 39F! .&&)! -&9'&F! 3&+&²9'13$5,3!3(-!H515+&!=9-!-1(''!%9+(9.'&G!=(F&!$;&)!9)F!H5''!$H!;$--(.('(1(&-8! !

$W VRPH XQVSHFLILF SRLQW KH¶G GHFLGHG WKDW RQO\ WKH VLQJOH>E()F&F)&--! $H! 3(-!

&HH$+1-! 2$5'F! +&E$F&'! 3(E! =3$''/G! ;&&'(),! 9=9/! 3(-! =$+13'&--! (EE(,+9)1! 1+9(1-G! &%&)159''/!'95)23(),!9!.+9)F>)&=!U9E5&'!H$+=9+F!()1$!13&!-;9+I'(),!U9)!V9.+(&'!S9''&/! '(,31G! 9-! (H! 3&! 39F! -5FF&)'/! &E&+,&F! H5''/! H$+E&F! H+$E! 13&! E9-25'()&! .&91(),! 3&9+1! $H! WKH VWUDQJHU¶V P\VWHULRXV ER[ 2I FRXUVH LW ZRXOG WDNH WLPH DW OHDVW DQRWKHU \HDU RU 1=$G! E9/.&! '$),&+8! ! T51! 5;$)! H()9''/! -1+(F(),! 2$)H(F&)1'/! $51! 9E$),! 1391! .+(,31'/! (''5E()91&F!=$+'FG!3(-!39(+!9)F!.$F/!=(''!39%&!239),&F!H$+!13&!.&11&+²9-!=(''!3(-!%$(2&G! 3(-! 2'$13(),²13&! %($'()! 13&)G! ;&+39;-G! &L(-1(),! 9-! 9! +&'(2! H+$E! 9! ;+($+! '(H&8! ! 7H! )$13(),! &'-&G!3&!=9-!3$;&H5'!1391!9!;+$.9.'&!"E&+(29)!=$5'F!5'1(E91&'/!H(''!3(-!-3$&-G!+&,9+F'&--! $H!13&!()&-29;9.'&!1&''19'&!H&915+&-!-5,,&-1(),!$13&+=(-&8! !

U$! =3&)! W92I! <+(;;&+! $)! '!$""(&) %*+,#-.! VDLG ³/RUG\ ORUG\ ORUG\ ´ KH

GLGQ¶W ZDQW WR VLPSO\ PLPLF WKH WRQHV EXW UDWKHU GHFLSKHU DV VHFRQG QDWXUH ZKDW &L921'/! 13&! E/-1&+(&-! $H! (1-! -$5)F-! E&9)18! ! X3&)! 9)! $'F! =3(1&! =$E9)! 511&+&F! 2+/;1(2! =$+F-! ()! 9! F(E! 9;9+1E&)1²$+! .$/-! $)! +$''&+.'9F&-! 2+92I&F! +5F&! M$I&-! 91! 3(EG! $+! 1&923&+-! -9(F! -$E&13(),! 1391! 9E5-&F! 13&! $13&+! -15F&)1-²3&! =9)1&F! 1$! )$F! =(13! FRPSUHKHQVLRQ ZKLOH WHOOLQJ KLPVHOI ³0P , XQGHUVWDQG \RX QRZ ,W PDNHV FRPSOHWH VHQVH ´ 7KLV ZDV KLV GULYLQJ DV;(+91($)! H$+! 13&! F=()F'(),! =&&I-! $H! -;+(),G! '(I&! 9)!


5)-;$I&)!E9)1+9!5-3&+(),!3(E!.92I!9)F!H$+13!H+$E!13&!3$5-&!1$!13&!2'9--+$$E²H+$E! F&-I!1$!F&-IG!239(+!1$!239(+8! !

?92(),! 3(-! K$+9&E$)! ;&))/! .9)I! ()! 13&! 9H1&+)$$)-! 9)F! &%&)(),-G! 3&! $H1&)!

;+921(2&F! ,+9EE9+! 23DQWV VD\LQJ ³'DUH²93+²-9>5E².55I-²$)²F&²! 1&>ERZ ´ V'9)2(),!5;G!3&!'(-1&)&F!9-!K$+9&E$)!-('&)1'/!9)F!2$++&21'/!+&;&91&F!13&!=$+F-!.92I!1$! 3(E8! !

'!"$")#$")&*+")/**0&)*-)1!")1#/2"8!

!

³:HH²39%²-9>5E²-(),²3&+&²E$>$+&²13>39)²RQH ´!

!

3")!#4")&*+")1!5-6&)!"$"7)+*$")1!#-)*-"8)

)

³$KU²F9+&²9))(&²I=9->MLQV"´!

!

9$")1!"$")#-.):;"&15*-&<)

!

$QG WKHQ ZLWKRXW DQ\ IDQIDUH RU JUHDW VHQVH RI DFFRPSOLVKPHQW 6DPXHO¶V VFKRRO

/&9+! 1391! 39F! .&,5)! ()! <9(=9)! &)F&F! 9.+5;1'/! ()! "E&+(298! ! Y&! =$5'FG! $H! 2$5+-&G! .&! 911&)F(),! -5EE&+! 2'9--&-! 13+$5,3$51! W5'/! 9)F! "5,5-1G! 9FF(1($)9'! NUJ! -&--($)-! 9)F! 9! E$+&! 39)F->RQ LQVWUXFWLRQ LQ WKRVH VXEMHFWV IRU ZKLFK KH KDGQ¶W \HW UHFHLYHG SDVVLQJ 2+&F(1-8! ! T51!91!'&9-1!13&!Z13!,+9F&!=9-!;+&11/!E523!F$)&G!+&=9+F(),!3(E!=(13!'(11'&!&'-&! 139)!13&!Q5(&1!+&'(&H!$H!39%(),!E(+925'$5-'/!-5+%(%&F!(18! ! <3&+&!39F!2$E&!1391!H()9'!.&''G! 1391! H()9'! H+&)P(&F! +5-3! H$+! W&HH&+-$)! K&=&/[-! &L(1-²9''! 13$-&! '(.&+91&FG! 292$;3$)$5-! %$(2&-!;+911'(),!1$,&13&+!9-!13&!F$$+-!-=5),!$;&)!()1$!9!%(%(F!9)F!951$E91(2!-5EE&+G! &%&+/$)&!&-29;(),!5)F&+!13&!.'5&-1!$H!-I(&-8! !

J&--! 139)! 1=$! =&&I-! '91&+G! 13$5,3G! 13&! 2'&9+! H(+E9E&)1! F(-9;;&9+&F! 9.$%&! 13&!

%9''&/G! 9)F! ./! )$=! 13&! 9))59'! W5)&>,'$$E! =&913&+! 39-! H5''/! &)%&'$;&F! J$-! "),&'&-! 2$5)1/8! ! D%&+29-1! E$+)(),-! (E;+()1! 13&! F9/G! 13+&91&)(),! +9()H9''! 1391! +9+&'/! E91&+(9'(P&-8! ! <3&!9H1&+)$$)-!9+&!;9+1'/!2'$5F/G!9''$=(),!;&+($F(2!.+&923&-!$H!-5)'(,31G! =3('&!E('F!,5-1-!F&-2&)F!1$!+$5-&!13&!;9'E!H+$)F-8! ! \&1!13&!9(+!+&E9()-!E$F&+91&G!13&! &%&)(),-!;&+H&21'/!2$$'8! !

$V VXFK WKLV ZLOO EH WKH ILUVW VXPPHU LQ ZKLFK 7DLSHL¶V VPRWKHULQJ KXPLGLW\

ZRQ¶W ZUDS LWVHOI DURXQG 6DPXHO¶V ERG\ LWV KHDYLQHVV QR ORQJHU IHOW ZLWKLQ DQG EH\RQG WKH KRXVH $ SHUVLVWHQW VZHDW GRHVQ¶W VHHS WKURXJK SRUHV GRHVQ¶W JOLVWHQ DFURVV KLV -I()!'(I&!9!;+$1&21(%&!'9/&+!$+!+&2$)-1(151&!5;$)!3(E!13&!E$E&)1!3&!-1&;-!2'&9)!H+$E!13&! -3$=&+8! ! ")F! 9.-&)1G! 1$$G! 9+&! &L;&21&F! 13(),-! 9'=9/-! 19I&)! H$+! ,+9)1&FG! -(,)915+&-! $H! =9+E&+! E$)13-! 1391! 3&! )&%&+! (E9,()&F! =$5'F! .&! E(--&F²'(I&! -5,9+! 29)&! M5(2&+-!


;+$%(F(),! 9! =&'2$E&! +&-;(1&! $)! 13&! -=&'1&+(),! -1+&&1-G! '(I&! 3(,3>+(-&! 9(+>2$)F(1($)&+-! F+(;;(),! 13&! +&H+&-3(),! -;911&+! $H! 2$)F&)-91($)! 1$! 13&! .5-1'(),! -(F&=9'I-! .&'$=8! ! U5EE&+! 13&+&! =9-! &)F'&--'/! '$5FG! .5-/G! -1(H'(),8! ! <3&! -'$=! $)-&1! $H! -5EE&+! 3&+&G! 3$=&%&+G!(-!(F'&G!35EF+5EG!+913&+!-5.F5&F!.&)&913!9!1&E;&+91&!,+9/!39P&8! !

Y$=!$FF'/!9;;+$;+(91&G!13&)G!H$+!1+9,&F/!1$!;9/!9!-5FF&)!%(-(1!1$!#&=!]9),!]9),!

V9+F&)!M5-1! F9/-!.&H$+&!13&!-$E.&+!W5)&! 2'$5F-!39F!9++(%&FG! 9-!13$5,3!3&+9'F(),!13(-! F+&9+/! =&913&+! 1391! '(),&+-! 91! 1KH FXVS RI WKH VROVWLFH ³6KXQJ>/$G! 9! 1&++(.'&! 13(),! KDSSHQHG ´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³)UDQFLV IHOO ´ VKH VDLG JUDYHO\ DIWHU VLWWLQJ GRZQ VKDNLQJ KHU KHDG DV LI VWXQQHG E\ KHU RZQ ZRUGV ³+H KLW D WDEOH ´ ! !

³:K\¶G KH IDOO"´ KH DVNHG KDOI WZLVWLQJ KLPVHOI WR IDFH WKH FRXFK !

!

J$5(-9! 1$$I! 9! F&&;! .+&913G! ,'9)2(),! 9.$51! 13&! +$$E! H$+! 9! H&=! -&2$)F-8! ! "!

GLVWUDFWHG ORRN ZULQNOHG WKH FRUQHUV RI KHU H\HV ³, GRQ¶W NQRZ ZK\ ´ VKH VDLG VKDNLQJ KHU KHDG DJDLQ ³,W¶V DZIXO 6KXQJ>\R VR DZIXO ´ +HU UHVWOHVV VWDUH VKLIWHG WR 3(-!()Q5(-(1(%&!,9P&G!9)F!()!(1!3&!2$5'F!-&&!1+&;(F91($)8! ! <3&)!-1(''!=+(),(),!3&+!39)F-G! -3&! +&'91&F! 13&! F(-15+.(),! F&19('-! $H! 3&+! &%&)(),G! F$(),! -$! =(13! 9! 29'EG! F&1923&F! 1$)&! 1391!911&E;1&F!1$!E9-I!3&+!5;-&18! !

"1!13&!-19+1!)$13(),!=9-!5)5-59'G!3(-!E$13&+!&L;'9()&F8! ! <3&!9H1&+)$$)!39F!.&&)!

'(I&!9)/!)$+E9'!=$+IF9/!9H1&+)$$)G!-'$=!=(13$51!1$$!E9)/!25-1$E&+-8! ! <3&!-19HH!91&!9! '91&! '5)23! F5+(),! 13&! '5''G! 9)F! ?+9)2(-! -&&E&F! H()&G! 13&! -9E&! 9-! 9'=9/-G! )$! F(HH&+&)18! ! %XW RQFH WKH GLQQHU FURZG SLFNHG XS LW EHFDPH DSSDUHQW WKDW VRPHWKLQJ ZDVQ¶W TXLWH +(,318! ! 0$''/! )$1(2&F! 13&! 1+$5.'(),! -(,)-! H(+-1G! E&)1($)(),! 1$! J$5(-9! 3$=! ?+9)2(-! I&;1! F(-2+&&1'/!+5..(),!3(-!1&E;'&-!9)F!2'$-(),!3(-!&/&-!9-!13$5,3!-5HH&+(),!9!3&9F923&G!3$=! 3&!I&;1!2$E(),!9)F!,$(),!H+$E!13&!1$('&18! ! "!'(11'&!'91&+!0$''/!39F!9-I&F!3(E!(H!3&!=9-! H&&'(),! $I9/G! &L2&;1! 3&+! 2$)2&+)! =9-! E&1! =(13! 9! .'9)I! &L;+&--($)²9-! (H! 13&! Q5&-1($)! KDGQ¶W EHHQ XQGHUVWRRG ! !

³+H GRQ¶W VD\ D WKLQJ OLNH ,¶P QRW HYHQ WKHUH VWDQGLQJ LQ IURQW RI KLP ´ 0ROO\


UHSRUWHG VRXQGLQJ KXUW ³$QG \RX NQRZ ZKDW /RXLVD" +H MXVW OHDYH-!E&G!15+)-!9)F! JRHV DZD\ 'R \RX EHOLHYH LW" , WKLQN KH¶V EHKDYLQJ YHU\ VWUDQJH WRQLJKW %XW , VKRXOGQ¶W FDUH <RX FDQ¶W WUXVW VRPHRQH ZKR VPLOHV VR PXFK OLNH WKDW ,W¶V WUXH ´! !

#&%&+13&'&--G! H$+! 9! -3$+1! 1(E&! 9H1&+=9+FG! ?+9)2(-! 2$)1()5&F! ()1&+2&;1(),!

25-1$E&+-! =3&)! 13&/! &)1&+&FG! -&91(),! 2$5;'&-! 9)F! ,+$5;-! 91! 19.'&-G! ;+$HH&+(),! E&)5-8! ! <HW E\ WKHQ KH¶G VWRSSHG WDONLQJ RU VPLOLQJ $ VWUDLQHG JD]H SURSHOOHG KLP DFURVV WKH PDLQ URRP¶V UHG FDUSHW EHDGV RI VZHDW GRWWHG KLV IRUHKHDG DQG KLV H\HOLGV EOLQNHF! +9;(F'/8! ! J(I&! -$E&$)&! 9! .(1! 1$$! ()&.+(91&FG! 9)! (++&,5'9+! ,9(1! -$$)! +&;'92&F! 13&! -5+&H$$1&F! E$%&E&)1-! 1391! 39F! 9'=9/-! ,'(F&F! 3(E! &HH$+1'&--'/! 9E$),! 19.'&-8! ! Y&! .5E;&F!13&!.92I!$H!239(+-G!+911'&F!,'9--&-!$)!9!=91&+!29+1!=(13!9)!()9F%&+1&)1!'5+23!1$! $)&! -(F&8! ! 7)2+&9-(),'/! 13&! E&)5-! -'(;;&F! H+$E! 3(-! 39)F-! 9-! 3&! E$%&FG! .51! 3&! )&%&+! ;95-&F!1$!+&1+(&%&!13&E!$HH!13&!,+$5)F8! !

³:DWFK KLP ´ 0ROO\ KDG ZKLVSHUHG ³'R \RX VHH"´!

!

")F! J$5(-9! F(FG! -3&! =9123&F! 3(E²13+$=(),! .+(&H! ,'9)2&-! 91! ?+9)2(-! =3('&!

29++/(),!$51!3&+!F51(&-G!.&'(&%(),!9''!9'$),!1391!13&!-1+9),&)&--!$H!3(-!.&39%($+!=9-!E$+&! XQGHUVWDQGDEOH WKDQ LW KDG VHHPHG WR GLPZLWWHG FKDWW\ 0ROO\ +H¶V MXVW RYHUZRUNHG VKH¶G WKRXJKW ,W¶V REYLRXV 7KH SRRU PDQ QHYHU WDNHV D EUHDN SUREDEO\ GRHVQ¶W JHW &)$5,3!-'HHS +H¶V ORVW ZHLJKW ODWHO\ ORRNV VR WLUHG +H VKRXOG OHDYH HDUO\ WDNH VRPH 1(E&!$HH!9)F!+&'9L8! ! ! !

)DLUO\ FHUWDLQ WKLV ZDV WKH FDVH VKH FRXOGQ¶W KDYH DQWLFLSDWHG WKH DJRQL]LQJ FU\

WKDW ZRXOG VXGGHQO\ HUXSW SDVW )UDQFLV¶ OLSV EHOORZLQJ IURP KLP LQ WK&! E(FF'&! $H! 13&! +&-195+9)1!9-!9!$)&>)$1&!.5+-1!$H!F(-1+&--²M$'1(),!&%&+/!;&+-$)!91!&%&+/!$225;(&F!19.'&G! -19+1'(),!13&!-19HH!E&E.&+-!E9))(),!13&!H'$$+²LQVWDQWO\ DQQLKLODWLQJ WKH GLQQHU FURZG¶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

³6R PXFK EORRG 6KXQJ>\R <RX ZRQ¶W EHOLHYH LW 7KLV PXFK IURP KHUH WR

KHUH ´ /RXLVD VOLG D SDOP GRZQ KHU ZHDU\ H[SUHVV($)G! -19+1(),! 91! 13&! H$+&3&9F! 9)F! -1$;;(),! +(,31! .&)&913! 13&! )$-&8! ! <3&)! -3&! 19;;&F! 9)! ()F&L! H(),&+! 9! 2$5;'&! $H! ()23&-!


9.$%&! 3&+! '&H1! &/&.+$=G! -9/(),! ()! 9! E911&+>$H>IDFW YRLFH ³$ EDG FXW ULJKW KHUH²9! .(,! 3$'&G!1$$!.(,²OLNH KH JRW D JXQ KROH ´! !

<3&! .'$$F! F9+I&)&F! 13&! 29+;&1! =3&+&! ?+9)2(-! =+(13&F! -('&)1'/! =(13! &/&-! +$''&F!

.92I! ()-(F&! 3(-! -I5''G! -E&9+(),! 13&! 39)F-! $H! 13$-&! =3$! 911&E;1&F! 1$! +&-1+9()! 3(E8! ! ?&9+(),! 3&! E(,31! -=9''$=! 3(-! 1$),5&G! 9! ;9)(2I&F! .5-.$/! 1+(&F! =&F,(),! 9! .511&+! I)(H&! .&1=&&)!3(-!2'&)23&F!1&&13G!.51!9)!&'F&+'/!25-1$E&+!;+$E;1'/!()1&+%&)&FG!2'9(E(),!1$!.&! 9! +&1(+&F! ;3/-(2(9)! 9)F! 9F9E9)1'/! ()-(-1(),! 1391! 13&! I)(H&! =$5'F! F$! E$+&! 39+E! 139)! JRRG ³1RERG\ UHDOO\ VZDOORZV WKHLU WRQJXHV DQ\ZD\ ´ WKH VLOYHU>39(+&F! E9)! ,+5E.'&F!=3&)!-1$$;(),!$%&+!?+9)2(-G!5-(),!9!H$'F&F!19.'&!)9;I()!9-!9!2$E;+&--!H$+!13&! =$5)F8! ! _&Q5(+(),!13&!9--(-19)2&!$H!0$''/!9)F!1=$!=9(1&+-G!?+9)2(-!=9-!E9)39)F'&F!1$! 3(-! -(F&G! 9)F! ./! 13&! 1(E&! 9)! 9E.5'9)2&! 9++(%&F! 3&! 39F! Q5(1! 2$)%5'-(),! 9'1$,&13&+G! .&2$E(),! E$1($)'&--! =(13! 3(-! 3&DG FXVKLRQHG XSRQ WKH UHWLUHG SK\VLFLDQ¶V OHJ OLNH D FKLOG QDSSLQJ VRXQGO\ DJDLQVW LWV IDWKHU¶V NQHH $QG SUHVHQWO\ KH ZDV JRQH²3$(-1&F! $)1$!9!,5+)&/G!=3(-I&F!9'$),!13&!9(-'&²=3&&'&F!.&/$)F!13&!&%&+>;+&-&)1!H(,5+&!$H!0+-8! 43$=!91!13&!29-3!+&,(-1&+G!3&+!3&9F!(EE&F(91&'/!F+$;;(),O! -3&!2'9-;&F!3&+!39)F-! 9)F! H[WHQGHG WKHP RXWZDUG IHYHULVKO\ FKDQWLQJ VXWUDV EHIRUH WKH DPEXODQFH¶V LQHYLWDEOH =9('!2$5'F!F+$=)!$51!13&!()H'5&)2&!$H!3&+!;+9/&+-8! !

<3+$5,3!(1!9''!J$5(-9!39F!39+F'/!E$%&F!9)!()238! ! ?&&'(),!511&+'/!3HOSOHVV VKH¶G

-1$$F!+(%&1&F!()!;'92&!9!H&=!H&&1!H+$E!13&!239$1(2!-2&)&G!13&!-(,31!$H!(1!39%(),!.&&)!.$13! H$+.(FF(),!9)F!F(-15+.(),'/!%(%(F8! ! "'13$5,3!$)2&!13&!;9+9E&F(2-!39F!+&E$%&F!?+9)2(-! 13&!29+;&1&F!;913!-1+&123(),!()!H+$)1!$H!3&+!,+&=!.'5++/G!9-!(H!13&!H(.&+-!=&+&!E&'F(),!1$! H$+E!9!+&E$1&G!(E;&)&1+9.'&!+&F!-5+H92&8! ! D)'/!13&)!F(F!-3&!+&9'(P&!1391!9!-191&!$H!-3$2I! 39F! F(PP(&F! 3&+! -&)-&-G! E9I(),! 3&+! .$F/! 1+&E.'&8! ! U3&! -91! 3&+-&'H! 91! 9)! &E;1/! 19.'&G! .+&913(),!F&&;'/G!9)F!3$;&F!3&+!)&+%&-!=$5'F!-$$)!-&11'&8! !

"!E$E&)1!'91&+!13&!+&1(+&F!;3/-(2(9)!9;;+$923&F²)$1!2$E(),!1$!23&2I!$)!3&+G!$+!

1$! $HH&+! 3(-! +&,+&1-G! .51! 1$! 9-I! F(+&21($)-! H$+! 13&! 1$('&1! -$! 1391! 3&! E(,31! =9-3! 13&! EORRGVWDLQV RII KLV KDQGV $V VKH¶G GRQH FRXQWOHVV WLPHV VLQFH VWDUWLQJ ZRUN WKHUH J$5LVD SRLQWHG WKH ZD\ ZLWKRXW WKLQNLQJ WZLFH DQG KH QRGGHG SROLWHO\ VD\LQJ ³7KDQN \RX ´ 7XUQLQJ IURP KHU KH IXUWKHU UHPDUNHG ³, EHOLHYH ,¶YH HDUQHG PH DQG P\ IDPLO\ D IUHH PHDO GRQ¶W \RX"´ $QG DV KH VKXIIOHG RQ WHDUV ZHOOHG XS LQ KHU H\HV DQG WKH H+(,31H5')&--!$H!13&!-(1591($)!F&-2&)F&F!H5''/!5;$)!3&+²E9F&!9''!1391!E$+&!3$++(.'&!./! 13&!+&-5E;1($)!$H!29-59'!F())&+!2$)%&+-91($)G!13&!)&=!25-1$E&+-!&)1&+(),!13&!H$/&+G!13&!


(E;91(&)1!%$(2&-!.&2I$)(),!=9(1!-19HH!1$!13&(+!19.'&-8! !

([FHSW 6DPXHO GLGQ¶W KHDU!DERXW KLV PRWKHU¶V WHDUV QRU FRXOG KH KDYH LPDJLQHG

WKHP ZHWWLQJ KHU FKHHNV ZKLOH VKH JODUHG IURP WKH FRXFK D ELWWHU ORRN HPHUJLQJ ³, KDWH WKRVH SHRSOH ´ /RXLVD KDG WROG KLP WKDW QLJKW ³7KH\ VWDUWHG FRPSODLQLQJ WR XV +&H5-&F!;9/(),!.&295-&!13&/! 9+JXHG WKHLU GLQQHU LV UXLQHG 7KH\¶UH WRR ORZ FODVV DQG DUH FKHDS RYHU HYHU\WKLQJ 7KH\ FDQ DOO JR WR KHOO ´ 7KH ELWWHUQHVV LQ KHU H[SUHVVLRQ GLVVROYHG ZKHQ VKH JODQFHG DW WKH IORRU VD\LQJ ZLWK D SODLQWLYH WRQH ³%XW )UDQFLV²3&! =9-! F(HH&+&)18! ! Y&! =9-! 9! %&+/! )(2&! E9)G! )$1! -&'H(-3! 1$=9+F! 9)/$)&8! ! 7! '(I&F! 3(E8! ! Y&! =9-!9!F&2&)1!.$--G!9)F!3&!13$5,31!%&+/!3(,3'/!$H!/$5G!U35),>\R ´! !

")F! M5-1! '(I&! 1391G! ?+9)2(-! =9-! +&'&,91&F! H$+&%&+! 1$! 13&! ;9-1! 1&)-&²9-! 13$5,3!

VKH¶G DOUHDG\ UHFHLYHG WKH IROORZLQJ PRUQLQJ¶V SKR)&! 29''! H+$E! =$+IG! 13&! 5)9F$+)&F! YRLFH RI 0UV &KRZ ILQGLQJ KHU LQ EHG DQG GHOLYHULQJ WKH EDG QHZV ³/RXLVD LW¶V VR VDG )UDQFLV LV GHDG +H GLHG ODVW QLJKW DW KRVSLWDO , GRQ¶W EHOLHYH LW +H GLGQ¶W HYHU UHJDLQ KLV FRQVFLRXVQHVV , GRQ¶W NQRZ ZKDW ZH¶OO GR :H¶UH XQGHUVWDIIHG ZLWKRXW KLP &DQ \RX FRPH HDUO\ WRGD\ PD\EH QLQH"´! !

³:KDW" ,V )UDQFLV RND\"´ VKH DVNHG ZLWK KHU KHDG QHVWOHG RQ WKH SLOORZ PRUH

9-'&&;!139)!9=9I&!9)F!-$5)F(),!,+$,,/8! !

³:KDW GR \RX PHDQ 5&)!")*0#." 'RQ¶W \RX KHDU PH" )UDQFLV GLHG +H¶V GHDG

&DQ \RX FRPH HDUO\"´! !

³2K , VHH <HV RI FRXUVH <HV \HV²,¶P VRUU\ ´!

!

$IWHU KDQJLQJ XS WKH SKRQH /RXLVD ZRXOG WKHQ IHHO OLNH VKH¶G EHHQ MDUUHG IURP D

)&.5'$5-!F+&9E=$+'F!()1$!9)$13&+!(''5-$+/!;'92&G!-$E&=3&+&!&'-&!1391!'$$I&F!92159'!/&1! 9'-$! -&&E&F! 5)+&9'8! ! X3/! ?+9)2(-G! =3/! 3(E`! ! -3&! 13$5,31! =3('&! -3$=&+(),G! =3('&! F+&--(),G!9,9()!=3('&!39%(),!.+&9IH9-18! ! =$#->5&)?5"?)2#&1)-56!1G!-3&!=+$1&!$)!9!)$1&!H$+! U9E5&'G! 13&! .'5)1)&--! $H! 3&+! $=)! =$+F-! -1$;;(),! 3&+! 39)F! E$E&)19+('/! .&H$+&! -3&! 2$5'F!.+(),!3&+-&'H!1$!9FF:! ! @#1)1!")2"A1*4"$&)5-)1!")$"A$56"$#1*$8) ) B5>")5&)5-)1!")>**0"$8) ) ,¶OO FDOO \RX ODWHU X3&)! -3&! 9++(%&F! .92I! 91! =$+I! 9! E&'9)23$'/! 91E$-;3&+&! ,+&&1&F! 3&+G! (1-! ;+&%9('(),! -('&)2&! .+$I&)! 3&+&! 9)F! 13&+&! ./! 13&! )$(-&! $H! E$;-! -'$-3(),G! 9)F! %9255E-! ,+$='(),! $%&+! 13&! 29+;&1G! 9)F! 0+-8! 43$=! $+! 0$''/! $+! $13&+-! ;95-(),! 1$! =$&H5''/!+&E9+I!9.$51!3$=!-3$+1!9)F!5);+&F(219.'&!'(H&!(-²3$=!/&-1&+F9/!?+9)2(-!39F! VWRRG VPLOLQJ QHDU WKH FDVK UHJLVWHU KRZ D GD\ DJR KH¶G FOLPEHG RQ D FKDLU DQG UHVH1!13&! 2'$2I!9.$%&!13&!'$.-1&+!19)I²3$=!%&+/G!%&+/!-9F!(1!9''!)$=!H&'18!


!

K5+(),!'5)231(E&G!13&!%$(2&-!$H!25-1$E&+-!-19+1&F!H(''(),!13&!+&-195+9)1G!F+(H1(),!

9'$),! 13&! E9()! H'$$+G! 5)1('! 13&+&! =9-! )$! )$1(2&9.'&! -('&)2&! $)! F(-;'9/! -9%&! H$+! 9! H&=! -$'(19+/!F()&+-!9)F!13&!1(,31>'(;;&F!&L;+&--($)-!=$+)!./!13&!-19HH!.&1=&&)!19I(),!$+F&+-8! ! "-!9'=9/-G!13$5,3G!13&!9H1&+)$$)!'5''!&%&)159''/!2+&;1!$51!92+$--!13&!19.'&1$;-!'(I&!9!-'$=! +$''(),! =9%&G! '&9%(),! 9! -E911&+(),! $H! 25-1$E&+-! ()! (1-! =9I&8! ! <3&)! $)2&! 13&! +&2&(;1-! =&+&! 2$5)1&F²-5+H92&-! =(;&F! 2'&9)G! F(-3&-! 29+1&F! 9=9/G! -('%&+=9+&! +&;'92&FG! 2'$13! )9;I()-! H$'F&F²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

<3&!&%&)(),!+5-3G!3$=&%&+G!,+9F59''/!F(E()(-3&F!13&!E51&F!-3$2I!$H!3(-!F&913G!

9)F! ()! 13&! H'&&1(),! .+&9I-! 3&+&! 9)F! 13&+&²91! 13&! =91&+! 29+1G! )&9+! 13&! I(123&)! F$$+-G! .&-(F&! 9! .92I! 9''&/! F5E;-1&+²KXVKHG VSHFXODWLRQ VRRQ EHJDQ HQOLYHQLQJ WKH VWDII¶V FRQYHUVDWLRQV OLNH VFDQGDORXV JRVVLS :K\¶G )UDQFLV VFUHDP RXW DQG FROODSVH DQG GLH" X9-!3&!-(2I`! ! Y&9+1!91192I`! ! "!-1+$I&`! ! 09/.&!9)!9)&5+(-E`! ! X9-!(1!13&!-&(P5+&!1391! I(''&F!3(EG!$+!13&!(E;921!RI WKH WDEOH¶V HGJH DJDLQVW KLV VNXOO" ³1R QR )UDQFLV NHSW WRR PXFK VWUHVV LQ KLP ´ ZDV 0ROO\¶V UHSHDWHG DVVHVVPHQW VRPHWKLQJ /RXLVD DOVR VXVSHFWHG PLJKW EH FRUUHFW ³+H QHYHU OHWV KLPVHOI UHOD[ ,W¶V QRW JRRG 7RR PXFK -1+&--!9)F!/$5+!.$F/!-1$;-8´! !

\&1!-523!()2$)2'5-(%&!;$)F&+(),!=$5'F!H()9''/!.&!;51!1$!+&-1!13&!)&L1!F9/G!=3&)!

0+-8!43$=!-5EE$)&F!9!-19HH!E&&1(),!9)FG!F9..(),!3&+!&/&-!=(13!9!]'&&)&LG!F(-;&''&F! 13&! -;&25'91($)! $)2&! 9)F! H$+! 9''8! ! <3&)! -&91&F! ()! 13&! .9)Q5&1! +$$E! '(I&! -15F&)1-! 911&)F(),!D OHFWXUH /RXLVD DQG WKH RWKHUV OHDUQHG WKDW ZKDW )UDQFLV¶ VPRRWK VFDOS DQG 13()G! E$-1'/! F+9=)>$)! &/&.+$=-! 39F! 3(FF&)! -$! =&''! =&+&! 13&! F+9E91(2! -(F&! &HH&21-! $H! FKHPRWKHUDS\ +LV ZHLJKW ORVV WRR ZKLOH PRUH REYLRXV RI ODWH KDGQ¶W DSSHDUHG 1&++(.'/! 5)5-XDO KH¶G DOZD\V EHHQ TXLWH VOHQGHU DQG KH¶G DOZD\V EHHQ RQ WKH PRYH =$+I(),!F$5.'&>-3(H1!3$5+-!&%&)!13$5,3²9-!(1!=9-!+&%&9'&F!91!13&!E&&1(),²3(-!F$21$+! 39F! 9F%(-&F! 3(E! 1$! -19/! 3$E&! 9)F! +&25;&+91&! 9H1&+! 13&! 1+&91E&)1-8! ! ")F! F$5+G! 9'$$H! 0+-8! 43$=! 39F! 39+.RUHG WKLV LQIRUPDWLRQ IRU PRQWKV VKH¶G NQRZQ VLQFH ODVW 0DUFK 1391!3(-!'(H&!=9-!+&923(),!9)!&)F8! ! X(13$51!9)/!$%&+=+$5,31!&E$1($)-!()%$'%&FG!-3&!9)F!


?+9)2(-! 39F! -;$I&)! H+9)I'/! 9.$51! 3(-! F=()F'(),! H515+&! $)! -&%&+9'! $229-($)-G! 9)F! &923! 1(E&!3&!&L;+&--&F!9!=(-3!1$!2$)1()5&!=$+I(),!9-!'$),!9-!;$--(.'&G!9-I(),!-(E;'/!1391!-3&! I&&;!3(-!('')&--!;+(%91&!5)1('!13&!+&9'(1/!$H!(1!.&29E&!5)9%$(F9.'&8! ! !

³$ FDQ¶W>RSHUDWH WXPRU XS LQ WKH EUDLQ ´ ZDV KRZ 0UV &KRZ WKHQ H[SODLQHG

)UDQFLV¶ WHUPLQDO FRQGLWLRQ WR WKH VWDII ! ! ³6R KH MXVW GLGQ¶W ZDQW \RX NQRZLQJ KH¶V VR VLFN +H GLGQ¶W ZDQW HYHU\RQH ZRUU\LQJ RU WR IHHO EDG ´ 7KH VHL]XUHV ZHUHQ¶W DQ\WKLQJ QHZ VKH WROG WKHP ,W¶G KDSSHQHG WZLFH EHIRUH²$)2&! =3('&! 3&! -3$;;&F! 91! 9! ,+$2&+/! -1$+&G!9)$13&+!1(E&!=3('&!3&!=9'I&F!3(V GRJ ³$QG )UDQFLV GRHVQ¶W XQGHUVWDQG ZK\ KH NHHSV IDOOLQJ OLNH WKDW WKLQNV PD\EH KH¶V QRW HDWLQJ HQRXJK 6R WKHVH GRFWRUV GR VRPH 1&-1-! 9)F! F$! -$E&! a>UD\V DQG WKLQJV DQG WKH\ GLVFRYHU KH KDV WKDW WXPRU &DQ¶W RSHUDWH 7KDW¶V LW QRWKLQJ DQ\RQH FDQ UHDOO\ GR MXVW SUD\ ´! !

%XW ZKLOH )UDQFLV¶ EOHDN SURJQRVLV KDG SRLQWHG D FOHDU WUDMHFWRU\ WRZDUG D UDSLG

PHUFLOHVV DQG GHWHULRUDWLQJ GHPLVH LW ZDVQ¶W WR EH WKH WXPRU WKDW SUHPDWXUHO\ UREEHG 3(E!$H!3(-!'(H&G!)$+!=9-!(1!13&!H()9'!-&(P5+&!1391!-1$;;&F!3(-!3&9+1!2$E;'&1&'/8! ! U5+;+(-(),! )$! $)&! $)! 13&! -19HHG! 13&! F&2(-(%&! .'$=! 39FG! ()! H921G! .&&)! F&'(%&+&F! ./! 13&! -39+;! 2$+)&+! &F,&!$H!19.'&!bAc²13&!.'5)1!H$+2&!1+95E9!$H!=3(23!)$=!H&'1G!91!'&9-1!1$!0+-8!43$=G!)$1! 2$E;'&1&'/!5)I()F8! ! "!.'&--(),!()!F(-,5(-&G!-3&!2$)2'5F&F!9-!13&!E&&1(),!=$5)F!F$=)8! ! ³9HU\ OLWWOH VXIIHULQJ IRU KLP WKLV ZD\ VR TXLFN DQG IDVW WRR PD\EH QR SDLQ ´ D -&)1(E&)1!1391!13&!$13&+-G!()2'5F(),!J$5(-9G!F&+(%&F!-$E&!F&,+&&!$H!2$EH$+1!()!.&'(&%(),! =9-!1+5&8! !

?+$E! 13&)! $)G! 13$5,3G! 9)! $E()$5-! 95+9! ;&+%9F&F! 19.'&! bAcG! (1-! -5+H92&! 9)F!

&F,&-! -&&E(),! '&--! '(I&! 9)! 9%&+9,&! 19.'&1$;! 139)! 9! H'91G! ()9)(E91&! $.M&21! $H! 35E9)! GHVWUXFWLRQ /RXLVD ZDVQ¶W DORQH LQ VWHHULQJ D ZLGH SDWK DURXQG LWV ORFDWLRQ ZKHQHYHU ,(%&)! 13&! 239)2&G! $H1&)! 9%&+1(),! 3&+! &/&-! -3$5'F! 3&+! -19+&! ()9F%&+1&)1'/! H9''! 5;$)! (18! ! NL2&;1! 39F! 0+-8! 43$=! -&&)! H(1! 1$! F(%5',&! 13&! H5''! 1+9,(2! 3(-1$+/! $H! #&=! ]9),! ]9),! V9+F&)G! 13&! -19HH! =$5'F! 39%&! +&9'(P&F! 1391! E$+&! 139)! M5-1! $)&! 19.'&! 2$)2&9'&F! 9! '&139'! 9--$2(91($)8! ! "-!H91&!39F!F&&E&F!(1G!-5FF&)!F&913!ZDV QR QHZ YLVLWRU WR WKH UHVWDXUDQW¶V E9()! H'$$+G! 9)FG! $%&+! 13&! /&9+-G! -&%&+9'! 25-1$E&+-! 39F! &L;&+(&)2&F! 3&9+1! 91192I-! $+! -1+$I&-!91!13&(+!+&-;&21(%&!19.'&-G!=3('&!9)$13&+!25-1$E&+!$)2&!-5225E.&F!H+$E!23$I(),! $)! ;$+I! .9$8! ! 7)! 9FF(1($)G! 13&! '9+,&! .9)Q5&1! +$$E! 39F! -3&'1&+&F! (1-! H9(+! -39+&! $H! ,+(&%(),! H9E('/! E&E.&+-²13&! 19.'&-! ;5-3&F! 9,9()-1! =9''-! 1$! 922$EE$F91&! E&E$+(9'! +&2&;1($)-G!H$'F$51!239(+-!9++9),&F!()!235+23>'(I&!+$=-G!13&!F$$+-!;5''&F!-3518! ! ")F!-$G!


+&,+&119.'/G!?+9)2(-!39F!M$()&F!13&!-E9''!'(-1!$H!WKH PDLQ IORRU¶V XQIRUHVHHQ YLFWLPV DQG WRR H[DFWO\ D ZHHN DIWHU KLV SDVVLQJ WKH VDPH EDQTXHW URRP WKDW KH¶G DOZD\V RUJDQL]HG H$+!13&!2$EE&E$+91($)-!$H!F&2&9-&F!'$%&F!$)&-!=9-!)$=!+&-&+%&F!-$'&'/!H$+!3(E8! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !



! ! ! ! ! ! ! ! @AdC! ! 2Q WKH 7KXUVGD\ RI )UDQFLV¶ PHPRULDO DQG VXEVHTXHQW EXULDO 0UV &KRZ KDG EOXH /&''$=G! 9)F! ,+&&)! =+&913-! &+&21&F! ()! H+$)1! $H! 13&! +&-195+9)18! ! T51! -()2&! )&9+'/! 9''! 13&! -19HH! =$5'F! .&! 911&)F(),! .$13! $229-($)-G! 13&! &)1+9)2&! =9-! I&;1! '$2I&F! 13+$5,3$51! 13&! .+&9IH9-1!9)F!'5)231(E&!3$5+-G!;&+E(11(),!9!-&'&21!H&=!1$!2+$--!13&!H$/&+!9)F!9;;+$923! 13&! 9=9(1(),! .9)Q5&1! +$$E²=3&+&! ()2&)-&! =9-! -$$)! .5+)&FG! ;+9/&+-! $HH&+&FG! 1&9+H5'! 1+(.51&-! -;$I&)G! 9)F! 1&9! 9)F! -)92I-! -&+%&F8! ! "! /$5),! T5FF3(-1! ;+(&-1! $HH(2(91&F! 13&! UHFHSWLRQ KLV KHDG DV VPRRWK DV )UDQFLV¶ VKLQ\ VFDOS KDG EHHQ DQG GXULQJ WKH ;+$2&&F(),-! 9! 39;;/>'$$I(),! ?+9)2(-! ,9P&F! .92I! 91! 13&! ,5&-1-! -&91&F! 13&+&G! -E('(),! =(13()!9!&)'9+,&F!H+9E&F!;3$1$,+9;3!1391!H92&F!13&!+$$E8! !

*+$;;&F!$)!9)!&9-&'!9)F!3$%&+(),!9!H&=!H&&1!9.$%&!9!-;+9/!$H!H'$=&+-G!13&!(E9,&!

;+&-&)1&F! 9! E9+I&F! F(HH&+&)2&! 1$! 1/;(29'! H5)&+9'! ;$+1+9(1-²13$-&! -1$(2! 9)F! (-$'91&F! &L;+&--($)-! H+$P&)! -$E&=3&+&! ()! 13&! ;9-1G! '(I&! 2$)H5-&F! ,3$-1-! ;&&+(),! 1$=9+F! 13&! '(%(),!H+$E!13&!$13&+!-(F&!$H!9!=()F$=!;9)H ([FHSW WKH IUDPHG SKRWRJUDSK ZDVQ¶W WKH $)'/!(E9,&!F(-;'9/&F!()-(F&!13&!.9)Q5&1!+$$E8! ! "!-&2$)F!&9-&'!-1$$F!)&9+!13&!H'$=&+-! 9)F! H5)&+9'! ;$+1+9(1G! ;+&-&)1(),! 9! -;(+9'>-39;&F! 2$''9,&! $+,9)(P&F! 9+1H5''/! $)! ;$-1&+! .$9+FG!13&!%9+($5-!-=(+'(),!-)9;-3$1-!H$+E(),!9!.+$9F!$%&+%(&=!$H!13&!'(11'&>I)$=)!'(H&! 1391! ?+9)2(-! 39F! E9()19()&F! .&/$)F! 13&! +&-195+9)1:! ! 9! ]9)-9(! %9291($)! =(13! 3(-! =(F$=&F! E$13&+G! 3(I(),! 1+(;-G! 25FF'(),! 3(-! .&'$%&F! *$E&+9)(9)! )9E&F! \$F9G! ;$-(),! 9E$),!9)!9--$+1E&)1!$H!H+(&)F-!9)F!+&'91(%&-8! !

\&1! ()! 13&! E9M$+(1/! $H! 13&! ;(215+&-G! 13&+&! =9-! $H1&)! M5-1! $)&! $13&+! ()F(%(F59'!

;$-(),! +(,31! )&L1! 1$! 3(EG! 13&! &L921! -9E&! ;&+-$)! &923! 1(E&²13&! ;9(+! -(;;(),! 2$2I19('-! 1$,&13&+G! 1+9%&'(),G! ,+())(),! =$+'F=(F&²$)! 9! -)$=>29;;&F! E$5)19()G! ()! 9! F&-&+1!


-$E&=3&+&G! 91$;! &KLQD¶V *UHDW :DOO $QG DQFKRUHG DW WKH FHQWHU RI WKH VSLUDO DV 13$5,3!(1!=&+&!13&!;$()1!H+$E!=3(23!13&!+&-1!$H!13&!-)9;-3$1-!39F!-;+5),G!?+9)2(-!=9-! 2+$523&F!$)!9!-5)-&1>F+&)23&F!.&9238! ! Y&!=$+&!9!.+(,31!/&''$=!Y9=9((9)!-3(+1!9)F!39F! 3(-!9+E!F+9;&F!9+$5)F!13&!-3$5'F&+-!$H!1391!$13&+!2+$523(),G!-E('(),!()F(%(F59'²9!19''G! E(FF'&>9,&F! 49529-(9)! E9)! =(13! .(+F>'(I&! H&915+&-G! H&913&+&F! .'$)F! 39(+G! 19)! -I()G! +9F(9)1!1&&13G!9)F!9)!(F&)1(29'!/&''$=!Y9=9((9)!-3(+18! !

C#$0 7KLV ZDV WKH &DXFDVLDQ¶V QDPH WKLV ZDV 3$=! 3&! ()1+$F52&F! 3(E-&'H! 9-!

13&! ,5&-1-! &)1&+&F! 13&! .9)Q5&1! +$$EG! &L1&)F(),! 9! 39)F! 9)F! -;&9I(),! N),'(-3G! -9/(),G! ! ³+HOOR ,¶P 0DUN 7KDQN \RX VR PXFK IRU FRPLQJ ´ $QG ZKHQ /RXLVD VKRZHG XS ZLWK U9E5&'G! 13&! -(,31! $H! 13&! 19''! =3(1&! E9)! .9+&'/! 295,31! 3&+! 911&)1($)G! &%&)! =3('&! 3&! ORLWHUHG LQ VWDUN FRQWUDVW DORQJVLGH )UDQFLV¶ PRWKHU ROGHU VLVWHU OLWWOH EURWKHU DQG 95)1²9''!$H!13&E!;9--(),!$51!39)FI&+23(&H-!9)F!92I)$='&F,&E&)1!29+F-!1$!13&!9++(%(),! ,5&-1-8! ! T51!$)2&!13&!+&2&;1($)!.&,9)G!13&!49529-(9)!=$5'F!H$''$=!13&!;+(&-1!9)F!H9E('/! E&E.&+-!()! ;5.'(2'/!-39+(),! 3(-!$=)!+&E&E.+9)2&-!9.$51!?+9)2(-8! ! <3&)! -19)F(),!()! H+$)1! $H! 13&! ,5&-1-G! 13&! E9)! H$5,31! .92I! 1&9+-! 1$! )$! 9%9('²3(-! 39)F-! 1+&E.'(),G! 3(-! -;&&23! .&2$E(),! H+9215+&F! ./! ;+$'$),&F! -$..(),²+&;&91&F'/! ,'9)2(),! 91! 13&! )&9+./! IUDPHG SKRWRJUDSK DV LI VHHNLQJ VRODFH IURP )UDQFLV¶ XQWURXEOHG VPLOH $OWKRXJK =391&%&+! 3&9+1H&'1! =$+F-! 13&! E9)! -;$I&! =&+&! 5'1(E91&'/! '$-1! $)! .$13! J$5(-9! 9)F! U9E5&'G!13&!1=$!)$=!-(11(),!.&-(F&!9!+(,(FG!-'(,31'/!.&E5-&F!0$''/8! !

U1(''G!1KH &DXFDVLDQ¶V DQJXLVK KRQHVW\ DQG UDZ HPRWLRQ ZDV XQGHUVWDQGDEOH LQ

9)/!'9),59,&O!3(-!H9'1&+(),!%$(2&!9)F!9,,+(&%&F!H92&! ()-()591&F!-$E&13(),!2$E;'(291&F! .51! %&+/! 35E9)G! -$E&13(),! 5)&L;&21&F'/! ()1(E91&²&),&)F&+(),! 9! ;&+;'&L(),! +&9'(P91($)! 1391! F+&=! J$5(VD¶V H\HEURZV WRJHWKHU DQG PXGGOHG KHU H[SUHVVLRQ ZKHQ ()-1&9FG! 9! '$$I! $H! -/E;913/! -3$5'F! 39%&! .&&)! 2$)%&/&F8! ! "-! 13&! E&E$+(9'! 2$)2'5F&FG! KRZHYHU LW EHFDPH 6DPXHO¶V WXUQ WR DSSHDU SX]]OHG *RLQJ ZLWK /RXLVD WR ZKHUH WKH ,5&-1-! H('&F! ./! 13&! H9E('/! 9)F! $HH&+&F! 2$)F$'&)2&-! .&H$+&! &L(1(),! 13&! +$$EG! 3(-! ,9P&! 25+($5-'/! ;$)F&+&F! 13&! E(-29-1! =3(1&! E9)! 1$=&+(),! 91! 13&! &)F! $H! 13&! +&2&(%(),! '()&8! ! X3/! 9+&! /$5! 3&+&`! ! U9E5&'! 13$5,31G! =3('&! 3&! 9)F! J$5(-9! ,+9F59''/! E$%&F! F$=)! 13&! OLQH WRZDUG KLP <HW LI WKH &DXFDVLDQ¶V SUHVHQFH DPLG )UDQFLV¶ &KLQHVH NLQ VHHPHG D ELW EDIIOLQJ VR WRR GLG KLV PRWKHU¶V REYLRXV UHOXFWDQFH WR VKDNH WKH PDQ¶V KDQG RU WR LPPHGLDWHO\ JLYH WKH VDPH FRPPLVHUDWLQJ QRG WKDW VKH¶G UHDGLO\ VXPPRQHG IRU WKH UHVW $H!13&!.&+&9%&F8!


!

³7KDQN \RX IRU FRPLQJ ´ WKH &DXFDVLDQ WROG WKHP ³7KDQN \RX IRU FRPLQJ ´

3&! -9(F! 9,9()! 9)F! 9,9()G! 9-! 13&! 9--&E.'/! '()&! $H! ,5&-1-! 2$)1()5&F! -1+&9E(),! ;9-1! 3(E8! ! ³7KDQN \RX²´! !

³0D ZKR¶V WKDW PDQ"´ DVNHG 6DPXHO RQFH KLV PRWKHU KDG OHG WKHP IURP WKH

.9)Q5&1!+$$EG!3&9F(),!H$+!13&!H$/&+!-$!1391!13&/!2$5'F!+&)F&P%$5-!=(13!0$''/!9)F!29123! 9!+(F&!1$!13&!.5+(9'8! !

/RXLVD VKRW DQ DJLWDWHG VWDUH DW KLP ³, GRQ¶W NQRZ ´ VKH VDLG VKDUSO\ ³, GRQ¶W

FDUH ´! !

³,V KH )UDQFLV¶ IULHQG"´ !

!

³'RQ¶W DVN PH WKHVH WKLQJV ´! ! U3&! ,'9)2&F! 93&9FG! 39+F&)(),! 3&+! H+$=)G! 9)F!

DGGHG ³,W¶V QRERG\¶V EXVLQHVV ´! !

7KH ILUP GLVSOHDVXUH LQ /RXLVD¶V H[SUHVVLRQ ZRXOG VWD\ IL[HG XSRQ KHU IDFH

29++(&F! $51-(F&! 1$! 2$E;'(E&)1! 13&! &L;9)-(%&! .'&9I)&--! $H! 13&! W5)&! -I/8! ! ")F! 13&)G! 5)F&+!-523!5)=9%&+(),!,+9/!2'$5F-G!9''!13$-&!=3$!39F!911&)F&F!13&!E&E$+(9'!+&,+$5;&F! 91! 13&! 43()&-&! 4&E&1&+/! ()! N9-1! J8"8²9)! 9++9/! $H! -5),'9--&-G! .'92I! F+&--! M92I&1-! 9)F! 1(&-G! F9+I! )&51+9'>2$'$+&F! -I(+1-G! 9)F! 9! -(),'&! .$=! 1(&! 5-59''/! +&-&+%&F! H$+! %($'()! +&2(19'-²-1+$''(),! 9! ,+9--/! ;913! '()&F! ./! 3&9F-1$)&-! 9)F! 2$E(),! 1$,&13&+! 1$! &)2(+2'&! 9! H+&-3'/!F5,!,+9%&!;'$18! ! "!%9,+9)1!.+&&P&!-2511'&F!92+$--!13&!,+$5)F-G!-=(+'(),!()2&)-&! -E$I&! ()! 13&! 9(+8! ! ?'$=&+-! =&+&! ;'92&F! $)! 1$;! $H! 13&! 29-I&1G! $)&! 9H1&+! 13&! $13&+G! 9)F! =3&)!?+9)2(-!=9-!H()9''/!'$=&+&F!()1$!13&!;'$1G!13&!F+$)&!$H!13&!)&9+./!H+&&=9/!E&-3&F! UK\WKPLFDOO\ ZLWK WKH \RXQJ SULHVW¶V FKDQWLQJ ! !

"! -3$+1! 1(E&! '91&+²DQG WR 6DPXHO¶V LQILQLWH UHOLHI²13&! -51+9-! 9.+5;1'/! 2&9-&FG!

-(,)9'(),! 13&! &)F! $H! 13&! ,+9%&-(F&! -&+%(2&8! ! <&9+-! =&+&! 13&)! .+5-3&F! 9=9/G! -3$5'F&+-! 35,,&F!9)F!;911&FG!39)F-!-39I&)G!29+!I&/-!-&9+23&F!H$+!()-(F&!;$2I&1-!$+!;5+-&-8! ! \&1! 9-! &%&+/$)&! .&,9)! F(-;&+-(),! $)! 25&G! 13&! H9E('/G! 13&! 49529-(9)G! 13&! ;+(&-1G! 9)F! 0+-8! 43$=! +&E9()&F! 2+$=F&F! )&9+! 13&! ,+9%&G! =9(1(),! 13&+&! =3('&! 9! .92I3$&! +$''&F! H$+=9+F²WKH PDFKLQH¶V PHWDO EXFNHW SRLVHG WR VHDO WKH JDS EHWZHHQ )UDQFLV DQG WKH $%&+29-1!=$+'F!9.$%&!3(E8! !

3UHVHQWO\ 0ROO\ GURYH /RXLVD DQG 6DPXHO IURP WKH FHPHWHU\ LQ KHU KXVEDQG¶V

-('%&+!T0XG!1+9)-;$+1(),!13&E!3$E&!-$!1391!U9E5&'!2$5'F!,&1!+&9F/!H$+!3(-!9H1&+)$$)! %($'()! '&--$)8! ! T51! 9-! $;;$-&F! 1$! J$5(-9G! =3$! 9;;&9+&F! $;;+&--&F! 9)F! -5''&)! ()! 13&! H+$)1! ;9--&),&+! -&91G! 0$''/! -&&E&F! 91! &9-&! .&3()F! 13&! -1&&+(),! =3&&'G! +&'9L&F! &%&)G!


19'I(),! &)F'&--'/! F5+(),! 13&! F+(%&! '(I&! -('&)2&! (1-&'H! =&UH KHU HQHP\ ³,W¶V WRR EDG WKH ZHDWKHU LVQ¶W JRRG ´ VKH UHPDUNHG PRUH WKDQ RQFH ³,W¶V WRR EDG WKH VXQ GLGQ¶W VKLQH WKLV PRUQLQJ ´! !

³0P ´ /RXLVD UHVSRQGHG !

!

<3&! T0X! -9('&F! 9+$5)F! -'$=&+! 1+9HH(2G! &%&)159''/! 922&'&+91(),! F$=)! 9! 29+;$$'!

'9)&G! =3('&! 0$''/¶V YRLFH VSHG DORQJ ZLWK LW ³$W OHDVW HQRXJK SHRSOH FDPH 7KDW SUREDEO\ PDNHV WKH IDPLO\ IHHO EHWWHU <RX NQRZ LW¶V DPD]LQJ KRZ PXFK )UDQFLV '$$I&F!'(I&!3(-!E$13&+8! ! "!'$1!'(I&!3(-!-(-1&+G!1$$8! ! <3&!.+$13&+!9)F!95)1/!'$$I!F(HH&+&)1G! )$1!'(I&!?+9)2(-8! ! 0D\EH OLNH WKH IDWKHU¶V VLGH , GRQ¶W NQRZ <RX FDQ WHOO WKH\¶UH VWLOO +&'91&F8! ! NL2&;1! 3$=! 2$E&! 13&/! '&1! 1391! =3(1&! ,5/! .&! 13&+&! =(13! 13&EG! 1391! 09+I`! ! "(>/9G! 3$=! 2$E&! 13&/! '&1! 3(E! 19'I`! ! ,W¶V QRW ULJKW 6RPH WKLQJV VKRXOG DOZD\V EH UHVSHFWHG ´! !

³0P ´!

!

J$5(-D H[SUHVVHG DOPRVW OLWWOH HOVH IRU PXFK RI WKH ULGH $QG LI 6DPXHO KDGQ¶W

EHHQ VLWWLQJ LQ WKH EDFN VHDW KH ZRXOG KDYH HDVLO\ VHQVHG KLV PRWKHU¶V VWROLG DQQR\DQFH 2$5'F! 39%&! ()-19)1'/! +&2$,)(P&F! 1391²=(13! 3&+! ,9P&! 9(E&F! $51! 13&! -(F&! =()F$=G! 3&+! .$F/!'&9)LQJ DJDLQVW WKH GRRU DV LI UHSHOOHG E\ 0ROO\¶V SUR[LPLW\²-3&!39F!)$!F&-(+&!1$! 3&9+!9!=$+F!$H!=391!=9-!.&(),!-9(F8! ! ! ! !

³, WKRXJKW WKH JX\ LV WKH VLVWHU¶V KXVEDQG ´ 0ROO\ ZHQW RQ VKDNLQJ KHU KHDG

³<RX MXVW GRQ¶W NQRZ ([FHSW , VHH WKH SLFWXUHV RI WKH WZ$! $H! 13&EG! 9)F! 7! 13()I! 3$=! 9=H5'!H$+!3(-!E$13&+8! ! "(>/9G!3$=!2$E&!13&/!9''$=!1391`! ! "!H5)&+9'!-3$5'F!.&!H$+!H9E('/! $)'/G! )$1! E&)! '(I&! 1391! ,5/8! ! 7! =9-! +&9''/! -5+;+(-&F8! ! 71! -&)F-! 9! .9F! E&--9,&8! ! \$5! NQRZ , WKLQN WKHUH¶V D ORW DERXW )UDQFLV ZH GRQ¶W NQRZ , WKLQN KH¶V D VHFUHWLYH PDQ J$5(-98! ! Y&! '(%&F! 9! '$1! $H! -&2+&1-8! ! 7! 9'=9/-! 13()I! 1391! 9.$51! 3(E8! ! X(13! -$E&! ;&$;'&! \RX FDQ WHOO WKH\ KLGH WKLQJV ´! !

³:K\ VKRXOG LW PDWWHU QRZ"´ /RXLVD ILQDOO\ VSRNH XS NHHSLQJ KHU WKRXVDQG

E('&! -19+&! 29-1! .&/$)F! 13&! -(F&! =()F$=²29+-! 9)F! 29+-G! 9)F! .(''.$9+F-! 9)F! .(''.$9+F-G! DQG WKH IODW JUD\ VN\ KDQJLQJ DERYH D IODW JUD\ IUHHZD\ ³(YHU\RQH KDV WKHLU VHFUHWV ´ 7KHQ IRU WKH VHFRQG WLPH WKDW GD\ VKH DGGHG ³,W¶V QRERG\¶V EXVLQHVV ´! !

³7KDW¶V WUXH ´ 0ROO\ VDLG QRGGLQJ ³([FHSW 7! H&&'! -$! 1&++(.'&! H$+! 3(-! E$13&+8! !

+HU VRQ GLHV DQG WKDW W\SH RI JX\ LV FU\LQJ LQ IURQW RI KHU $W OHDVW VKH¶V OXFN\ VKH KDV RWKHU JURZQ FKLOGUHQ WR FRPIRUW KHU ,¶P VXUH WKDW KHOSV ,W¶V MXVW WRR EDG WKH ZHDWKHU


LVQ¶W JRRG ! N%&+/13(),!H&&'-!=$+-&!=(1KRXW WKH VXQ VKLQLQJ ´! !

".-&)1'/!,'(F(),!3(-!;9'E-!$%&+!13&!)(2&!'&913&+!()1&+($+G!U9E5&'!=9-!$.'(%($5-!1$!

13&!19'I(),!$)!13&!$13&+!-(F&!$H!13&!-&91-G!Q5(&1'/!F(-1+921&F!9-!3&!=9-!./!9)!(++&-$'%9.'&! Q5&-1($)(),!()!3(-!E()F8! ! Y&!+$-&!5;!$)!3(-!I)&&-G!=9123(),!%&3(2'&-!9)F!.5('F(),-!-'(F&! ;9-1! 13&! T0XG! 3(-! &/&-! F9+1(),! .92I! 9)F! H$+138! ! "1! 13&! -9E&! E$E&)1G! 3$=&%&+G! 3&! FRXOGQ¶W XQGHUVWDQG ZK\ KH IHOW QRWKLQJ IRU )UDQFLV²)$!-$++$=G!)$!2$))&21($)²$)'/!9! I()F! $H! 2$)1&)1E&)1! .&295-&! 13&! .$+(),! H5)&+9'! 2&+&E$)/! =9-! H()(-3&F8! ! \&1! ?+9)2(-! 39F! .&&)! 9! +&9'! ;&+-$)! =3$-&! F&913! -3$5'F! 39%&! 9HH&21&F! 3(EG! 3&! I)&=! 13918! ! 7)! <9(=9)G!3&!5-&F!1$!,&1!5;-&1!(H!H9%$+(1&!239+921&+-!=&+&!I(''&F!()!2$E(2!.$$I-!$+!$)!<S! E&'$F+9E9-G!E9I(),!3(E!H&&'!-9FF&+!139)!3&!&%&+!F(F!9.$51!?+9)2(-8! ! D+!9H1&+!;&1-!$H! 3(-! 39F! F(&FG! &-;&2(9''/! 13&! 2$''9+&F! .5-3>URELQ %RER KH¶G EHFRPH LQFRQVRODEOH F(-1+95,31!H$+!F9/-!9)F!H(''&F!=(13!E(-&+/8! ! NL2&;1!7!=9-!9!'$1!'(11'&+!13&)G!3&!+&E()F&F! KLPVHOI ,¶P QRW OLNH WKDW DQ\PRUH ! !

")F!)$=!13&!.&-1!U9E5&'!2$5'G PXVWHU ZDV WR DFFHSW )UDQFLV¶ SDVVLQJ DV D EOXQW

IDFW RI OLIH 3HRSOH GLH DOO WKH WLPH KH UHDVRQHG ,W¶V QRW VR LPSRUWDQW (YHU\ VHFRQG $H! &%&+/! 3$5+! -$E&$)&! -1$;-! &L(-1(),²9)(E9'-! 9)F! ()-&21-! F$! 1$$G! 9)F! ;'9)1-! 9)F! H'$=&+-G!&%&)!,&+E-8! ! <3&/!,$!9=9/ DQG WKHQ VRPHGD\ WKH\ UHWXUQ DJDLQ 7KDW¶V KRZ (1!=$+I-8! ! U$!=3/!13(-!$)&!F&913!-3$5'F!E&9)!-$E&13(),!E$+&!H$+!3(E!$+!3(-!E$13&+G!$+! ZK\ DQ\RQH HOVH VKRXOG FDUH KH ZDVQ¶W UHDOO\ VXUH +LV EDWWHULHV MXVW UDQ RXW KH 2$)2'5F&FG!9)F!(E9,()&F!?+9)2(-!'5UFKLQJ VORZO\ DFURVV WKH UHVWDXUDQW¶V IORRU JULQGLQJ 1$!9!F&H()(1(%&!39'18! !

"'13$5,3!H$+!J$5(-9G!()!13&!F9/-!13&+&9H1&+G!13&!'$--!$H!?+9)2(-!$.%($5-'/!=&(,3&F!

3&9%/O! 9! -5.F5&F! 9)F! F5''! Q59'(1/! &123&F! 3&+! H&915+&-! =(13! 9! 1&++(.'&! ;&+E9)&)2&G! 13&! -&%&+&)&--! $)! 3&+! -$FF&)! H92&! -5,,&-1(),! &(13&+! E51&F! 9),&+! $+! ;+$H$5)F! F&-$'91($)8! ! <$! U9E5&'G! -3&! '$$I&F! '(I&! 9! Y9''! $H! *+&-(F&)1-! +$.$1! 91! K(-)&/'9)FG! 3&+! E$%&E&)1-! .&(),! '&9F&)! 9)F! E&239)(29'G! 3&+! .$F/! -$E&1(E&-! H+&&P(),! ()! ;'92&! =3('&! 3&+! &/&-! -Q5()1&F!9.-1+921'/²DV LI VKH ZHUH FRPSXWLQJ D FRPSOH[ SUREOHP WKDW FRXOGQ¶W TXLWH EH ;+$2&--&F8! ! <3(-! 1$+;(F! -191&! 13&)! 9'1&+&F! 3&+! ;+&%($5-'/! ()H'&L(.'&! &%&)(),! +$51()&8! ! 7)-1&9F!$H!2$$I(),!13&(+!F())&+!E&9'-G!-3&!F(F!13&!5)13()I9.'&!9)F!.+$5,31!19I&$51!H$$F! 3$E&! H+$E! =$+IG! $+! -3&! -(E;'/! -1&9E&F! +(2&! -$! 13&/! 2$5'F! &91! (1! =(13! '&H1$%&+-8! ! <3&! )(,31'/! -$5;! =9-! +&;'92&F! ./! 9! .$='! $H! _(1P! 2+92I&+-O! 9! 43&&+($-! .$L! -91! $)! 13&! 19.'&! =3&+&! ,9+'(2>-&9-$)&F! .+$22$'(! $+! 25++(&F! 295'(H'$=&+! -3$5'F! 39%&! H'9%$+&F! 13&! 9(+8! !


0$+&$%&+G!-3&!39+F'/!-;$I&²)&%&+!9-I(),!9!13(),G!)&%&+!$)2&!.$13&+(),!3(E!9.$51!3$=! E523! %($'()! 39F! .&&)! ;+921(2&F8! ! ")F! =3&)&%&+! &)1&+(),! 13&! 3$5-&G! -3&! 9;;&9+&F! &L395-1&F!9)F!E$+$-&G!-35HH'(),!.&1=&&)!+$$E-!'(I&!9!-'&&;=9'I&+²1$!3&+!.&F+$$EG!13&! .913+$$EG!13&!I(123&)².&H$+&!-1+&123(),!3&+-&'H!$)!13&!2$523G!5-59''/!F$P(),!$HH!13&+&! =3('&!-(;;(),!9!.&&+!9)F!=9123(),!<S8! !

K5+(),!1391!1(E&G!U9E5&'!3&9+F!3(-!E$13&+!$)'/!-;&9I!1=(2&!=(13!9)/!+&-$)9)2&G!

13&!-$5)F!$H! (1!&)1&+(),!3(-!-'&&;!9)F!=9I(),!3(E!9-!-3&!+9(-&F! 3&+!%$(2&!()!13&!'(%(),! URRP ³:K\ DUH \RX WKLV ZD\"´ VKH GHPDQGHG ³<RX WHOO PH KRZ FRPH &KXQ>1&8! ! :K\ FDQ¶W \RX EH D GHFHQW SHUVRQ" <RX GRQ¶W UHVSHFW PH , GRQ¶W WKLQN \RX FDQ UHVSHFW DQ\RQH ´ 7KH VDPH ELWWHU WHOHSKRQH FRQYHUVDWLRQ ZDV SOD\HG RXW IRU WZR! 2$)-&251(%&! )(,31-G! 9'=9/-! +&923(),! 9! H()9'! 2+&-2&)F$! 91! 13&! E$E&)1! 3(-! E$13&+! ;+$2'9(E&F!3(-!H913&+!1$!.&!9!=$+13'&--!35-.9)FG!9!-&'H(-3!9)F!-15;(F!'(11'&!E9)8! ! <3&)! 13&! 1&'&;3$)&! =9-! -'9EE&F! F$=)G! 3&+! %$(2&! -5FF&)'/! 251! -3$+1! 9-! 13$5,3! -3&! 39F! -$E&3$=!35),!5;!$)!3&+-&'H8! !

T51!&L921'/!9!=&&I!9H1&+!13&!H5)&+9'G!'91&!$)&!<35+-F9/!E$+)(),!=3&)!-3&!-3$5'F!

KDYH DOUHDG\ EHHQ DW WKH UHVWDXUDQW /RXLVD DSSHDUHG DERYH 6DPXHO¶V EHG QXGJLQJ KLV DUP DQG VD\LQJ VRIWO\ ³6KXQJ>/$²U35),>/$²´ 6KH QXGJHG KLP D ZKLOH OR),&+G!-1(''! +&;&91(),! 3(-! )9E&G! 5)1('! 3&! +&'5219)1'/! -1(++&F! 9=9I&G! .'()I(),! 91! 3&+! H+$E! 3(-! ;(''$=! ZLWK DQ XQIRFXVHG JD]H ³+RZ FRPH \RX¶UH DOZD\V VOHHSLQJ"´ VKH VDLG ³,W¶V OXQFK SUHWW\ VRRQ ´! !

³0D ´ KH JURDQHG WLUHGO\ IRU QR SDUWLFXODU UHDVRQ DQG N&;1!3(-!E$513!=(F&!$;&)!

1$!+&'&9-&!9!/9=)8! !

³1R PRUH VOHHSLQJ &RPH RQ ´!

!

³0D ´ KH VDLG DJDLQ PXPEOLQJ LW KDOIKHDUWHGO\ $ IHZ GLVRULHQWHG VHFRQGV

;9--&F! H$+! 3(E8! ! \&1! $)2&! 13&! -'&&;! =9-! .+5-3&F! H+$E! 3(-! &/&-G! 3&! -91! 5;+(,31! 9)F! )$1(2&F! 1391! 3&+! H$+'$+)! &L;+&--($)! 39F! %9)(-3&F! $%&+)(,31G! -5;;'9)1&F! )$=! ./! 9)! 9'E$-1!;'&9-9)1!'$$I!9(E&F!()!3(-!F(+&21($)8! ! !

³6KXQJ>\R KXUU\ DQG JHW GUHVVHG :H¶OO JR VRPHZKHUH WRGD\ ´!

!

7KHQ VFUDWFKLQJ WKH WLS RI KLV QRVH KH VDZ WKDW VKH ZDVQ¶W ZHDULQJ KHU ZRUN

2'$13&-G!M5-1!M&9)-!9)F!9!'(E&>2$'$+&F!<>-3(+1!=(13!-&Q5()-!-&=)!$)!13&!H+$)1!1$!H$+E!13&! JOLWWHULQJ VKDSH RI D XQLFRUQ ³:KHUH"´ KH DVNHG ! !

)RUFLQJ D JULQ VKH WROG KLP WKDW LW GLGQ¶W PDWWHU $Q\ZKHUH EXW WKH KRXVH


VRPHZKHUH GLIIHUHQW IRU D FKDQJH 7KH\¶OO JHW $51-(F&!9)F!&L;'$+&!1$,&13&+G!&91!'5)23!91! D QHZ SODFH ³2XU DGYHQWXUH ´ VKH VDLG ! !

7)! 9! H'9-3G! 13&! =&9+()&--! F+9()&F! H+$E! 3(-! E()F! '(I&! =91&+! ,$(),! F$=)! 9! F+9()G!

9)F!9!2'&9+3&9F&F!E(L15+&!$H!&L2(1&E&)1!9)F!F$5.1!+9;(F'/!9+$-&G!.+(,31&)(),!3(-!H92&! =3('&! 3(-! &/&-! )9++$=&F! 13$5,31H5''/8! ! T51! =391! 9.$51! 3&+! =$+I`! ! X391! 9.$51! 3(-! =&&I'/!%($'()!'&--$)`! ! 71!=9-!9!<35+-F9/G!9H1&+!9''8! !

³7KHUH¶V QR SUREOHP ´ KLV PRWKHU VDLG IOLFNLQJ D KDQG 6KH¶G SKRQHG LQ VLFN

DQG EHIRUH ZDNLQJ KLP VKH¶G SKRQHG 0UV +RQH\ X9),! 9)F! &L;'9()&F! 1391! 3&! 39F! 9! IHYHU ³<RX VHH WRGD\ ZH¶UH ERWK VLFN VR OHW¶V HQMR\ RXUVHOYHV ,W¶V DOORZHG VRPHWLPHV ´ :LWK WKDW /RXLVD WXUQHG DQG KHDGHG WRZDUG WKH GRRU DGGLQJ DV VKH ZDQGHUHG LQWR WKH KDOOZD\ ³([FHSW ZH YLVLW )UDQFLV ILUVW ,W¶V WKH VHYHQWK GD\ $IWHU PDNLQJ VHYHQ ZH¶OO JR KDYH RXU DGYHQWXUH 6R \RX JHW GUHVVHG ´! !

")F! 13&)! &%&+/13(),! E9F&! ;&+H&21! -&)-&! 1$! U9E5&'G! 13&! -5FF&)! +&9'(P91($)!

;+$F52(),! 9! H+$=)! $)! 3(E8! ! X391! 39F! -&&E&FG! 9! E$E&)1! 9,$G! '(I&! 9! E(+925'$5-! 9)F! 29+&H+&&!1+9)-H$+E91($)!$H!3(-!E$13&+!=9-!)$=!9!E('F!F(-9;;$()1E&)1²&%&)!(H!(1!E&9)1! WKDW KH ZRXOGQ¶W VSHQG KRXUV E\ KLPVHOI LQVLGH WKH KRXVH RU FRQVXPH WKH XVXDO VWDOH '&H1$%&+-G! $+! -5HH&+! 9! ;$()1'&--! %($'()! '&--$)8! ! 7)-1&9FG! 3(-! E$13&+! =9-! E$1(%91&F! ./! 9! 1(E&>3$)$+&F! 1+9F(1($)G! ./! 9! 25'15+9'! $.'(,91($)! &)921&F! H$+! 13&! +&2&)1'/! F&2&9-&FG! .51! )$1! ./! 9)/13(),! 1391! 1+5'/! -$5,31! 9! )&=G! 5)(Q5&G! $+! ;$--(.'/! H5)! 9H1&+)$$)8! ! #$G! 3&! WKRXJKW ZKLOH FOLPELQJ IURP WKH VKHHWV LW LVQ¶W UHDOO\ DQ DGYHQWXUH²DQG QR LW LVQ¶W +&9''\ WKH VHYHQWK GD\ ,W¶V WKH IRXUWHHQWK GD\ )RXUWHHQ GD\V VLQFH KH GLHG VHYHQ F9/-!-()2&!13&!H5)&+9'!2&+&E$)/8! ! !

"-! (1! ;&+19()&F! 1$! ?+9)2(-G! 13$5,3G! U9E5&'! 2$5'F! %9,5&'/! ,+9-;! 13&! ;&25'(9+!

-(,)(H(29)2&! $H! 13&! )5E.&+! ZG! -;&2(H(29''/! 13&! E913&E91(29'! &Q591($)! 1391! .&,9)! 91! 13&! LQVWDQW RI VRPHRQH¶V GHDWK DQG ZDV WKHQ FDOFXODWHG RQFH D ZHHN XQWLO GD\V KDG &'9;-&F:! ! D) E) D) F) GH8! ! X3&)&%&+! 9! 2'$-&! +&'91(%&! 39F! ;9--&F! 9=9/²9)! 5)2'&G! 9)! 95)1G! KLV IDWKHU¶V PRWKHU²KH¶G VWRRG EHWZHHQ KLV SDUHQWV RQ WKRVH VHYHQWK F9/! $229-($)-G! ZDWFKLQJ DV WKH\ XWWHUHG VXWUDV DQG EXUQHG LQFHQVH DW KLOOVLGH WRPEV ³0DNLQJ VHYHQ ´ 3(-!E$13&+!9'=9/-!29''&F!(1²1391!;$-1E$+1&E!+(159'!;+921(2&F!13+$5,3$51!"-(9G!()!=3(23! ;+9/&+-! H+$E! 13&! '(%(),! 3&';&F! -;(+(1-! '&1! ,$! $H! 13&(+! ;+&%($5-! '(H&! 9)F! E$%&! $)! 1$! 9! -522&--H5'!+&.(+13!&'-&=3&+&8! !

T51!3&!39F!)$!(F&9!=3/!13&!=3$'&!25-1$E!1$$I!-&%&)!=&&I-G!$+!=3/!13&!)5E.&+!Z!


ZDV VR QHFHVVDU\ LQ WKH ILUVW SODFH 2Q WRS RI WKDW KH FRXOGQ¶1! H(,5+&! $51! =3/! 3(-! PRWKHU IHOW LQFOLQHG WR PDNH VHYHQ IRU )UDQFLV WKH\ ZHUHQ¶W UHODWHG ZHUHQ¶W PDUULHG ZHUHQ¶W HYHU FKLOGKRRG IULHQGV 6XFK SUD\HUIXO REVHUYDQFHV VKRXOG EH WKH IDPLO\¶V +&-;$)-(.('(1/! 9)/=9/G! )$1! 3&+! F51/! 9)F! 2&+19()'/! )$1! 3(-! .5+F&)8! ! \&1! .&H$+&! &%&)! ;5''(),! 3(-! ;9)1-! $)G! 3&! 9'+&9F/! -&)-&F! 13&! 3&H1! $H! 9! ;'9-1(2! -3$;;(),! .9,! ()! 3(-! 39)F²WKH IUXLW IORZHUV DQG LQFHQVH VWLFNV WKDW VKH¶G PDNH KLP FDUU\ WR )UDQFLV¶ JUDYH U3&! =$5'FG! =(13$51! Q5&-1($)G! &L;&21! ;+9/&+-! H+$E! 3(EG! 1$$O! .$13! 3&! 9)F! 3(-! E$13&+! .$=(),! 13&(+! 3&9F-! 1$,&13&+8! ! ")F! =391! &'-&`! ! *&+39;-! 13&/! =$5'F! 1(F/! 13&! ,+9%&! (H! (1! KDGQ¶W EHHQ WHQGHG²F(-29+F(),! 1+9-3G! /9)I(),! =&&F-G! 5-(),! -2(--$+-! 1$! 1+(E! F$=)! 13&! $%&+,+$=)! ,+9--! 9+$5)F! 13&! ;'$18! ! <3&)! 9-! 9! H&&'(),! $H! F+&9F! E$5)1&F! ()-(F&! 3(EG! 3&! (E9,()&F! 13&! =&&I'/! +(159'! 2$)1()5(),! ()1$! 13&! )&L1! E$)13G! +&Q5(+(),! H(%&! E$+&! <35+-F9/-! $51! $H! 3(-! -5EE&+²H(%&! E$+&! 1&F($5-! 2&E&1&+/! 1+(;-G! H(%&! E$+&! H9I&! 9F%&)15+&-!-$!1391!3(-!E$13&+!2$5'F!2$EE5)&!=(13!3&+!F&9F!.$--8! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !




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¶V KLJK ZDOOV LW ZDV MXVW WKH WZR RI WKHP =3$!F(-&E.9+I&FG!&L(1(),!$)1$!9)!&E;1/!-(F&=9'I!1391!E(++$+&F!13&!.9++&)!9)F!,+9/!-I/! $%&+3&9F8! !

³&RPH RQ ´ /RXLVD UHPDUNHG VWHSS(),! 93&9F! $H! 3(E8! ! U3&! =9'I&F! .+(-I'/!

1$=9+F!13&!(E;$-(),!=+$5,31>(+$)!,91&-G!3&+!;5+-&!-=9/(),8! ! Y$'F(),!13&!,+$2&+/!.9,! ./!3(-!-(F&G!U9E5&'!1+9('&F!.&3()FG!;95-(),!E$E&)19+('/!1$!+&9F!13&!.'92I!;'9Q5&!9HH(L&F! $)! 13&! =9'':! ! =3(1&! &),+9%&F! '&11&+-! 9)F! 239+921&+-²%!5-"&") %"+"1"$.) ()! N),'(-3G! %!5-"&") %"+"1"$.) ()! 43()&-&²E9++&F! .&)&913! 9! )$)-&)-(29'! -=(+'! $H! -;+9/>;9()1&F! JUDIILWL ³6KXQJ>\R ´ KLV PRWKHU VDLG GLVDSSHDULQJ IURP YLHZ WKURXJK WKH RSHQ JDWHV 9)F!-5FF&)'/!'&H1!9'$)&!=(13!)$!$)&!&'-&!()!-(,31G!3&!35++(&F!1$!29123!5;8! !!

T51! 13&! E$F&-1G! -'$;(),! 2&E&1&+/! =9-! 9-! &Q59''/! F&-&+1&F! 9-! 13&! -(F&=9'I-! 1391!

.$+F&+&F! (18! ! <3&! )9++$=! +$9F! 13&/! =9'I&F! F$=)! -;'(1! 13&! ,+$5)F-! ()1$! 5)&%&)! -&21($)-²9! -E911&+(),!$H!,+9%&-!9)F!9E;'&! .5+(9'!-;92&!$)!13&!+(,31G! 9;;9+&)1'/!$'F&+! ,+9%&-!F$E()91(),!9!-E9''&+!9E$5)1!$H!'9)F!$)!13&!'&H1²9)F!=3&+&!13&!;9%&E&)1!&)F&F! ZDV WKH FDUHWDNHU¶V KRXVH UDQFK VW\OH DQG ODUJH HQRXJK IRU D VPDOO IDPLO\ D EDVNHWEDOO 3$$;!3&'F!9'$H1!./!9!E&19'!;$'&!()!13&!F+(%&8! ! "!=&&I!&9+'(&+G!U9E5&'!39F!-;(&F!J91()$! 23('F+&)! 91! 13&! 3$5-&G! +5))(),! .92I! 9)F! H$+13O! 9! =&&I! '91&+G! )$.$F/! =9-! %(-(.'&! 13&+&G!


)$+! =&+&! 9)/! %&3(2'&-! ;9+I&F! 9'$),! 13&! +$9F! 9-! 39F! .&&)! 13&! 29-&! '9-1! <35+-F9/8! ! N%&+/13(),!9.$51!13&!2&E&1&+/!'$$I&F!-191(2G!)$!E$+&!29;9.'&!$H!E$%&E&)1!139)!9!-1(''! (E9,&8! ! #&%&+13&'&--G!2$)1()59'!E$1($)!-'(2&F!91!13&!-$513&9-1&+)!2$+)&+!9)F!-$513&+)! H+(),&-!$H!13&!,+$5)F-G!13&!Zef!H+&&=9/!2$)%&+,(),!=(13!13&!df!H+&&=9/²$)>+9E;-!9)F! $HH>+9E;-! F(+&21(),! 1+9HH(2! H$+=9+FG! '(I&! ,(,9)1(2! 2$)%&/$+! .&'1-! 25+%(),! 9.$%&! 9)F! EH\RQG WKH SURSHUW\¶V IXUWKHUPRVW ZDOOV ! !

<3&/! %&&+&F! H+$E! 13&! +$9FG! 15+)(),! +(,31! 9E$),! 13&! 3&9F-1$)&-! 1$! 3(I&! 13&!

H$$1>WURGGHQ SDWK WKDW KDG SUHYLRXVO\ VKRZQ WKHP )UDQFLV¶ SRLVHG FDVNHW 1RZ RQ WKLV 9H1&+)$$)G!13&!.+9)F!)&=!,+9%&!=9-!&%(F&)1!91!9!F(-19)2&G!()29;9.'&!$H!.&(),!E(--&F:! ! 9! .5',(),G! &9+13&)! E$5)F²)$1! /&1! F(-1(),5(-3&F! ./! 9! 3&9F-1$)&! 9)F! -&&E(),'/! 9)$)/E$5-G! 1=$! =+&913-! 9)F! 9! %9+(&1/! $H! 251! H'$=&+-! $+,9)(P&F! )&91'/! 92+$--! 13&! -$('²2$)1+9-1(),!=(13!13$-&!'&%&'G!2$)2+&1&!$+!,+9-->2$%&+&F!;'$1-!-5++$5)F(),!(18! ! U$$)! 13&/!9++(%&F!13&+&G!'$(1&+(),!9!H&=!()23&-!H+$E!=3&+&!13+&&!$+9),&-!-91!$)!9!;9;&+!;'91&! 9)F! +&2&)1'/! .5+)&F! ()2&)-&! -1(2I-! M511&F! H+$E! 13&! &9+13! '(I&! .+$I&)! -1&E-8! ! <3&! F(+1! 9+$5)F!13&(+!-3$&-!.$+&!13&!-2+9123&-!$H!9!+9I&G!9)F!39)F;+()1-!+&%&9'&F!13&E-&'%&-!$)! WKH PRXQG WKH ORRVH FOXPSV KDYLQJ EHHQ SDWWHG ILUPO\ LQWR SODFH 6RPHERG\¶V DOUHDG\ 2$E&!3&+&G!U9E5&'!13$5,318! ! U$E&.$F/!&'-&!=9-!E9I(),!-&%&)!1$F9/8! !

J$5(-9!-5+%&/&F!13&!;'$1!=(13!9!-2+51()(P(),!,9P&G!9'13$5,3!13&+&!=&+&!)$!=&&F-!

1$! /9)IG! )$! $%&+,+$=13! $H! 9FM92&)1! ,+9--! 1$! 1+(EG! )$13(),! 1$! 1(F/! 5;8! ! N%&)159''/! -3&! H[WHQGHG ZDJJOLQJ ILQJHUV IRU WKH JURFHU\ EDJ VD\LQJ ³*LYH PH LW ´ DQG 6DPXHO GLG 9-!3&!=9-!1$'F8! ! <3&)!2+$523(),G!-3&!H(+-1!+&E$%&F!9!.$5Q5&1!$H!/&''$=!E5E-!H+$E!13&! .9,G!29+&H5''/!9++9),(),!13&!.5)23!=(13!13&!$13&+!H'$=&+-!$)!13&!,+9%&O!9H1&+!=3(23!-3&! &L1+921&F!H$5+!)&219+()&-G!2&+&E$)($5-'/!-&11(),!&923!H+5(1!9E(F!13&!13+&&!$+9),&-8! ! T51! $)'/!=3&)!+&1+(&%(),!13&!()2&)-&!-1(2I-!F(F!-3&!+&9'(P&!1391!9)! &--&)1(9'!(1&E!39F!.&&)! IRUJRWWHQ ³1R PDWFKHV ´ VKH PXWWHUHG WR KHUVHOI ZKLOH FUXPSOLQJ WKH GHSOHWHG EDJ ")F! H$+! 9! 1(E&! -3&! H+$=)&F! ()! F(-E9/G! )$FF(),! 9;$'$,&1(29''/! 1$=9+F! 13&! E$5)F8! ! ³6RUU\ )UDQFLV ´ VKH VDLG WDNLQJ D SDLU RI WKH XQXVHG LQFHQVH! -1(2I-! 9)FG! 9-! 9! ;5+&'/! -/E.$'(2!,&-15+&G!;5-3(),!13&E!()1$!13&!-$('8! !

09()19()(),! 9)! &L;+&--($)'&--! '$$IG! U9E5&'! =9123&F! 3(-! E$13&+! F$! 9''! 13(-!

=(13$51! E$%(),G! +&E9()(),! -1$2I>-1(''! 9-! -3&! F(-;'9/&F! ;&+;&159'! 921(%(1/! .&'$=! 3(E²3&+! 39)F-! 9FM5-1(),! 9)F! +&>9FM5-1(),! 13&! H'$=&+-G! 13&! ()2&)-&G! 13&! H+5(18! ! 7)! $)&! E$E&)1! -3&! .5-('/! 9FF&F! 3&+! 39)F;+()1-! 1$! 13&! ,+9%&G! 1$523(),! 13&! E$5)F! 3&+&! 9)F!


13&+&G! '&9%(),! 3&+! -19E;O! 13&! )&L1! E$E&)1G! -3&! 39F! 3&+! ;5+-&! 5)P(;;&FG! ;511(),! 13&! &L1+9! ()2&)-&! 9)F! 13&! =9FF&F! ,+$2&+/! .9,! ()-(F&! (18! ! <3&)G! 91! '9-1G! -3&! -1$$F! 5;+(,31G! SUHVVLQJ KHU SDOPV WRJHWKHU QHDU KHU FKLQ ³<RX WRR 6KXQJ>\R ´ VKH VDLG QXGJLQJ KLV -3$5'F&+! =(13! 9)! &'.$=G! 9)F! -$'&E)'/! .$=&F! 3&+! 3&9FG! 2'$-(),! 3&+! &/&-8! ! "! -&2$)F! '91&+G!H&+%&)1!=3(-;&+-!.&,9)!-'(;;(),!$%&+!3&+!1$),5&G!13&!.+&913'&--!=$+F-!511&+&F!-$! ORZO\ WKDW KH FRXOGQ¶W TXLWH WHOO LI WKH\ ZHUH H[SUHVVLQJ VXWUDV RU QRW %XW IRU VHYHUDO E()51&-!13&!&)(,E91(2!=3(-;&+-!2$)1()5&FG!3&+!%$(2&!3(--(),!$51=9+F!()1$!13&!1&E;&+91&! 9(+!'(I&!9!-1&9F/!%&)1(),!$H!-1&9E8! !

Y9%(),!H$''$=&F!3&+!'&9FG!U9E5&'!3&'F!3(-!;9'E-!1$,&13&+G!I&;1!3(-!3&9F!.$=&F8! !

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²/$5),G!E(FF'&!9,&FG!$'F²9!F&E5+&! 2$EE5)(1/! +&;+&-&)1&F! ()F(%(F59''/! ./! $%9'G! E$)$23+$E91(2! ;3$1$,+9;3-! ;+&-&+%&F! E$-1'/!$)!,+9)(1&8! ! T51!13&!'$),&+!3&!-19+&F!91!13&E!13&!E$+&!(1!H&'1!'(I&!13$-&!-$'(19+/! H92&-!=&+&!9)-=&+(),!3(-!,9P&²13&!F&9F!;9--(%&'/!+&,9+F(),!3(E!H+$E!13&!9;&L!$H!13&(+! UHVSHFWLYH KHDGVWRQHV VRPHKRZ LQVLQXDWLQJ WKH VDPH UHSHDWHG PHVVDJH ³<HV \RX FDQ VHH PH , ZDV RQFH DOLYH WRR MXVW OLNH \RX DUH QRZ ´! !

"! F&&;G! F&H()(1(%&! -(,3! 9.+5;1'/! 35HH&F! $51! $H! J$5(-9G! 9)F! 13&)! -3&! H&''! -('&)18! !

"H1&+! 9! E$E&)1G! -3&! +9(-&F! 3&+! 3&9F! =3('&! '$=&+(),! 3&+! 39)F-G! $;&)(),! 3&+! &/&-! 1$! ILQDOO\ VD\ VRPHWKLQJ WKDW 6DPXHO FRXOG XQGHUVWDQG ³6KXQJ>\R \RX GLGQ¶W HDW DQ\WKLQJ <RX PXVW EH KXQJU\ ´ ! !

K+$;;(),!3(-!9+E-G!3&!-Q5()1&F!5;!91!3&+G!)$FF(),!&E;391(29''/8!

!

³6R DP , , GLGQ¶W HDW DQ\WKLQJ HLWKHU ´ 6KH SURPSWO\ WXUQHG IURP )UDQFLV¶

JUDYH RIIKDQGHGO\ UHPDUNLQJ DV VKH EHJDQ ZDONLQJ IRUZDUG ³:H¶UH GRQH KHUH /HW¶V JR HQMR\ RXU DGYHQWXUH ´! !

Y$=&%&+G!$)!WKH WUHN EDFN WR WKH URDG /RXLVD GLGQ¶W VHHP UXVKHG 6KH SDXVHG

)$=!9)F!9,9()!91!+9)F$E!,+9%&-G!13$5,31H5''/!-15F/(),!13&!H92&-!$H!=3$&%&+!=9-!.5+(&F! 13&+&8! ! ?'$=&+-!,+92&F!-$E&!$H!13&!3&9F-1$)&-G!=('1&F!1+(.51&-!-;+$51(),!H+$E!+&2/2'&F! 2$)19()&+-²9! *'9QWHU¶V 3HDQXWV MDU D FRIIHH FDQLVWHU $ IHZ RI WKH FRQWDLQHUV ZHUH


H$5)F! 1('1&F! $%&+! ()! 13&! ,+9--G! -$! =3&)! &)2$5)1&+(),! 9! H9''&)! $)&! -3&! 9'=9/-! -Q5911&F! 5)1('! 3&+! I)&&-! )&9+'/! .+5-3&F! 13&! ,+$5)FG! +(,31(),! 13&! E9I&-3(H1! %9-&-G! F&'(291&'/! 9++9),(),! 13&(+! F$$E&F! H'$=&+-8! ! <3&)! -3&! ;+$2&&F&F! (F'/G! -1+$''(),! 13&! ;913! =(13! U9E5&'!1+5F,(),!-&%&+9'!H&&1!.&3()F!3&+8! !

T51G! 1$! 3(-! -5+;+(-&G! 3&+! ;92&! 922&'&+91&F! $)2&! 13&/! +&923&F! 13&! ;9%&E&)1G! 3&+!

VKRHV WKXPSLQJ ZLWK DQ LQFUHDVLQJ UK\WKP ³+XUU\ ´ VKH VDLG EXVWOLQ,! 13+$5,3! 13&! JDWHV DV KH ODJJHG RQ WKH FHPHWHU\ URDG ³:H FDQ¶W PLVV WKH EXV ,¶P VWDUYLQJ DUHQ¶W \RX"´ +RZ UHPDUNDEO\ DQLPDWHG VKH VXGGHQO\ VRXQGHG KLJK>;(123&F! 9)F! XQEXUGHQHG DOPRVW FKLOGLVK DQG QRWKLQJ DW DOO OLNH KLV PRWKHU ³&RPH RQ 9+&)¶1!/$5! 35),+/"´! !

T&H$+&!'$),G!9!+&15+)!.5-!29++(&F!13&E!()1$!0$)1&+&/!*9+I!H$+!9!'91&!'5)23G!9)F!

ZKLOH HQ URXWH /RXLVD¶V PRRG VWD\HG XQFKDUDFWHULVWLFDOO\ FKHHUIXO²9'13$5,3! 3&+! .&39%($+! -&&E&F! H$+2&FG! -$E&=391! ;+&E&F(191&F8! ! U(11(),! 1$,&13&+! 91! 13&! H+$)1G! -3&! PDGH D SRLQW RI JLYLQJ 6DPXHO¶V OHJ DQ DIIHFWLRQDWH SDW IODVKLQJ KLP DQ XQQHUYLQJ ;913$'$,(29'!-E('&!1391!-1+&123&F!3&+!'(;-!.+$9F'/8! ! ")F!3&!H&'1!13&+&!=9-!)$!23$(2&!.51! 1$! -E('&! ()! I()FG! 9'.&(1! =(13! '&--! &)135-(9-EG! 13()I(),! 9''! 1KH ZKLOH <RX¶UH QRW UHDOO\ OLNH WKLV <RX GRQ¶W VPLOH :K\ DUH \RX WU\LQJ VR KDUG"! !

7KH\¶G JHW RII KHUH VKH VRRQ PHQWLRQHG DV WKH EXV VORZHG IRU WKH QH[W VWRS

<3&+&!=9-!9!)&9+./!+&-195+9)1!1391!-3&!=9)1&F!1$!1+/!$51G!9!F(E!-5E!;'92&!1391!?+9)2(-! 39F!RIWHQ LQVLVWHG ZDV WKH EHVW LQ WKH DUHD ³6KXQJ>/$G!=&!-3$5'F!&91!-$E&!,$$F!H$$F! )UDQFLV HQMR\HG ´ VKH VDLG EULJKWO\ EHDPLQJ DW KLP DQG DSSDUHQWO\ GHOLJKWHG E\ KHU RZQ VXJJHVWLRQ ³, WKLQN LW¶V YHU\ WKRXJKWIXO RI XV GRLQJ WKDW , WKLQN KH¶G DSSUHFLDW&! LW GRQ¶W \RX"´! !

³0P ´ 6DPXHO UHVSRQGHG ZLWK D QRG²2$)%()2&F! 1391! &%&+/13(),! 9.$51! 13&(+!

-(2I!F9/G!()2'5F(),!3&+!5))915+9'!;'&9-9)1)&--!1$=9+F!3(EG!=9-!9'+&9F/!;'9))&F!=&''!()! 9F%9)2&8! ! 71!=9-!9'=9/-!,$(),!1$!.&!13&!2&E&1&+/!9)F!13&!+&2$EE&)F&F!F(E!-5E!;'92&8! ! 7KH\ ZRXOGQ¶W DFWXDOO\ H[SORUH WKH UHPRWH SDUWV RI WKH YDOOH\ 7KH\ ZRXOGQ¶W GLVFRYHU D 2$E;'&1&'/!5)I)$=)!+&-195+9)1G!)$1!9!239)2&8! ! D5+!9F%&)15+&G!3&!1$'F!3(E-&'HG!(-!$)'/! KHU DGYHQWXUH <HW E\ QRZ LW GLGQ¶W PDWWHU ZKHUH WKH\ DWH²$+!H$+!=391!+&9-$)-²3&!M5-1! QHHGHG D PHDO LQVLGH KLV HPSW\ VWRPDFK (DWLQJ GLP VXP KH UHDVRQHG LVQ¶W VR EDG 9)/=9/²DW OHDVW LW¶V VRPHWKLQJ QHZ ! !

7KHQ DV LI KLV PRWKHU¶V JHQLDO VSLULWV KDG PLUDFXORXVO\ EDQLVKHG WKH -XQH JORRP


9!.5+-1!$H!-5)'(,31!,+&&1&F!13&E!91!13&!-1$;8! ! <3&/!=9'I&F!9!-3$+1!F(-19)2&!1$!13&!F(E! -5E! ;'92&²ggg! U&9H$$F! K&'(,31! _&-195+9)1²9)F! -()2&! 13&! '5)23! 3$5+-! 39F! 9'E$-1! 2$)2'5F&FG! 13&/! H$5)F! 13&E-&'%&-! .&(),! -&91&F! (EE&F(91&'/8! ! <3&! F()(),! +$$E! =9-! +913&+! -;92($5-G! .51! E$-1'/! 5)$225;(&F! 9H1&+! 13&! E(FF9/! +5-3G! E9I(),! 13&E! Q5(2I! 19+,&1-!H$+!13&!2/2'(),!H$$F!29+1-²13&!-&+%&+-!,+9%(191(),!()!13&(+!F(+&21($)!'(I&!E9,)&1-8! ! X9-1(),! )$! 1(E&G! J$5(-9! F(F! 13&! $+F&+(),O! -3&! ;&&+&F! ()1$! 13&! '(11'&! E&19'! -1&9E&+-! -192I&F!$)!13&!29+1-G!-5-19()(),!9!'(,31)&--!9.$51!3&+!&%&)!9-!-3&!&%&)159''/!1$$I!(--5&! =(13!&%&+/!-&'&21&F!(1&E!1391!&)1&+&F!3&+!E$5138! !

<3&!23(2I&)!H&&1!39F!1$$!E523!-952&G!-3&!1$'F!U9E5&'8! ! <3&!-1&9E&F!F5E;'(),-!

GLGQ¶W WDVWH IUHVK 7KH SDQ>H+(&F!19+$!29I&!=9-!$%&+2$$I&F8! ! U3&!2$5'F!&9-('/!;+&;9+&!9! .&11&+! .&9)! 25+F! +$''! 3&+-&'H8! ! X391! =9-! ?+9)2(-! 13()I(),`! ! -3&! =$)F&+&F! 9'$5F8! ! :K\¶G KH ORYH WKLV SODFH VR PXFK"! !

T51! &91(),! Q5(&1'/! $)! 3(-! -(F&! $H! 13&! 19.'&G! U9E5&'! 13$5,31! 13&! H$$F! 19-1&F! H()&G!

QRW JUHDW DQG QRW WHUULEOH +H GLGQ¶W PLQG FRQVXPLQJ ZKDWHY&+! 3(-! E$13&+! F(-'(I&FG! WKRVH KDOI QLEEOHG SLHFHV RI GLP VXP WKDW VKH¶G UDWKHU WUDQVIHU WR KLV SODWH WKDQ ILQLVK ³+HUH , GRQ¶W ZDQW LW ´ VKH VDLG UHSHDWHGO\ GXULQJ WKH PHDO²3&+!23$;-1(2I-!;+$HH&+(),! 39'H!9!.9I&F!&,,!19+1G!13&)!39'H!9!-95-9,&!.5)G!13&)!39'H!9!F&&;>H+(&F!-;+(),!+$''8! ! X3&)! )$13(),! &'-&! +&E9()&F! $)! 3&+! ;'91&! 1$! ,(%&! 3(EG! 3&+! 23$;-1(2I-! .&,9)! &L;'$+(),! 13&! -1&9E&+-!()!13&!E(FF'&!$H!13&!19.'&G!9)F!=3('&!;(2I(),!5;!13&!'9-1!F5E;'(),G!-3&!29-59''/! DVNHG ³6KXQJ>/$G!9+&!13&+&!9)/!;+&11/!,(+'-!\RX OLNH DW VFKRRO"´! !

Y&+! Q5&+/! 29E&! -$! 5)&L;&21&F'/! $51! $H! 13&! .'5&! 1391! 9! -&)-&'&--! &L;+&--($)!

2'9(E&F!3(-!H92&8! ! 43&=(),!9!;(&2&!$H!19+$!29I&G!3&!.'()I&F!F5E.'/!91!3&+!H$+!9!E$E&)1G! 13&)!-3$$I!3(-!3&9F!9)F!-=9''$=&FG!-19+(),!F$=)!=(13!9!-39E&H5'!'$$I8! ! U3&!39F!)&%&+! $)2&!9-I&F!3(E!9.$51!,(+'-!.&H$+&G!9)F!13&!E&+&!Q5&-1($)!295-&F!3(-!23&&I-!1$!-5FF&)'/! .'5-38! !

+LV REYLRXV HPEDUUDVVPHQW PDGH /RXLVD JULQ ³:KDW"´ VKH VDLG VRXQGLQJ

DPXVHG ³'R \RX WKLQN JLUOV DUH XJO\"´ +HU FKRSVWLFNV KRYHUHG DERYH WKH -1&9E&+-G! ! ,+(;;(),!13&!F5E;'(),!()!13&!9(+8! !

³1R ´ KH PXPEOHG VKDNLQJ KLV KHDG DJDLQ !

!

³7KDW¶V JRRG WKHQ ´ 6KH EULHIO\ OHDQHG DFURVV WKH WDEOH GURSSLQJ WKH GXPSOLQJ

RQ KLV SODWH ³<RX NQRZ VRPH ER\V JURZ VWUDQJH 6KXQJ>/$8! ! <3&/!.&2$E&!F(HH&+&)18! ! <KH\ DUHQ¶W QRUPDO PHQ ´!


!

6DPXHO JODQFHG XS P\VWLILHG E\ ZKDW VKH KDG MXVW VDLG ³/LNH 3D"´ KH DVNHG

,+9-;(),!91!-1+9=-8! !

#$=! (1! =9-! 3&+! 15+)! 1$! -39I&! 3&+! 3&9FG! 5)&Q5(%$29''/G! -9/(),! =(13! 9! 1+92&! $H!

IOXVWHU LQ KHU WRQH ³1R QRW OLNH \RXU IDWKHU²)$1!'(NH \RX WRR ´ +HU EURZ FUHDVHG DQG /RXLVD SDXVHG D IHZ VHFRQGV JDWKHULQJ KHU WKRXJKWV DV VKH VLSSHG WHD ³, GRQ¶W NQRZ ´ VKH ILQDOO\ VDLG ³,W¶V ZURQJ WKH WKLQJV WKH\ GR 0D\EH D NLQG RI KHDG VLFNQHVV FKDQJHV 13&EG! E9I&-! 13&E! .&39%&! =&(+F8! ! NL2&;1! 7! NQRZ \RX¶UH VXFK D QRUPDO ER\ DOPRVW D UHDO PDQ DOUHDG\ 6R \RX¶OO VHH VRPHGD\ \RX¶OO PHHW D VSHFLDO JLUO DQG VKH¶OO EH YHU\ SUHWW\ WR \RX 5HPHPEHU , WROG \RX WKLV ´! !

0D , FDQ¶W XQGHUVWDQG ZKDW \RX¶UH WDONLQJ DERXW KH IHOW OLNH WHOOLQJ KHU <RX

-&&P RGG WRGD\ ,QVWHDG WKRXJK KH YLEUDWHG D VXFFLQFW ³0P ´ ZKLOH ZLVKLQJ WKH -5.M&21!$H!,(+'-!=$5'F!-(E;'/!,$!9=9/8! ! ")F!13&)!9-!(H!3(-!=(-3!39F!.&&)!951$E91(29''/! ,+9)1&FG!-('&)2&!H(''&F!13&!-;92&!.&1=&&)!13&E8! !

J$5(-9! -(;;&F! E$+&! 1&9G! 1=(2&! +&;'&)(-3(),! 3&+! 25;! H+$E! 9! +&F! 1&9;$18! ! U9E5&'!

35)I&+&F! 2'$-&! 1$! 3(-! ;'91&G! F&%$5+(),! 13&! +&E)9)1-! $H! 3(-! '5)238! ! X3&)! F$)&! &91(),G! 3&! +9(-&F! 3(-! 3&9F! 9)F! $.-&+%&F! 3&+! -(11(),! H$+=9+F8! ! U3&! +&-1&F! .$13! &'.$=-! $)! 13&! 19.'&G!-19+(),!91!3(EG!1391!5))&+%(),!,+()!25+%(),!13&!2$+)&+-!$H!3&+!'(;-8! !

³6KXQJ>\R GR \RX WKLQN )UDQFLV ZDV D JRRG PDQ"´!

!

³0P +H ZDV QLFH ´!

!

6KH QRGGHG ³<HV , WKLQN VR WRR (YHQ LI KH ZDV GLIIHUHQW , GLGQ¶W NQRZ WKDW

DERXW KLP XQWLO KH GLHG H[FHSW QRZ , GRQ¶W FDUH ,W¶V ZKDW¶V LQ WKH KHDUW WKDW¶V LPSRUWDQW ´ 6KH IHOO TXLHW DJDLQ WKH IRUFHG SOHDVDQWQHVV LQ KHU IDFH DQG GHPHDQRU F(--$'%(),! .&H$+&! 3(-! &/&-8! ! ?$'F(),! 3&+! 9+E-G! -3&! '$$I&F! F$=)! ()1&)1'/! 91! 3&+! &E;1/! ;'91&!9-!13$5,3!-$E&13(),!E&9)(),H5'!E(,31!+&%&9'!(1-&'H!13&+&8! ! U;&9I(),!13&)!=(13!13&! DXVWHUH ULJLG YRLFH WKDW EHORQJHG XQGHQLDEO\ WR KLV PRWKHU VKH VDLG ³6KXQJ>\R GRQ¶W HYHU ZDVWH \RXU OLIH FDULQJ IRU VRPHRQH ZKR ZRQ¶W DSSUHFLDWH \RX 7KHUH¶V QR SRLQW ,W¶V EHWWHU OLYLQJ DORQH DQG VWD\LQJ KDSS\ E\ \RXUVHOI WKD)!'(%(),!'(I&!13918! ! X3$!I)$=-G! PD\EH EHLQJ GLIIHUHQW LVQ¶W VR DZIXO LI \RX KDYH VRPHRQH OR\DO ZKR FDUHV DERXW \RX , MXVW GRQ¶W NQRZ ´! !

³0P ´ 6DPXHO QRGGHG VORZO\ SUHWHQGLQJ KH XQGHUVWRRG KHU %XW KH FRXOGQ¶W

H(,5+&!$51!=3/!?+9)2(-!39F!.&&)!F(HH&+&)1G!$+!=3/!'(%(),!9'$)&!=9-!()%$'%&FG!$+!=3/!-3&! =9-!.+(),(),!5;!13&-&!+9)F$E!13(),-!()!13&!H(+-1!;'92&8! ! Y&!$)'/!I)&=G!=3('&!)$FF(),G!


1391! 13&! F(E! -5E! 39F! -91(-H(&F! 3(-! 35),&+G! 9)F! 1391! (1! =9-! )&%&+! =(-&! 1$! Q5&-1($)! 3&+! E523!=3&)!-3&!=9-!19'I(),8! ! "'13$5,3!)$=!3&+!13$5,31-!39F!-&&E(),'/!3(1!9!F&9F!&)F8! ! 5HVXPLQJ WKH IRUORUQ H[SUHVVLRQ VKH¶G ZRUQ WKURXJKRXW WKH ZHHN KLV PRWKHU XWWHUHG )$13(),!&'-&!91!13&!19.'&8! ! U3&!+&923&F!'(-1'&--'/!H$+!13&!23&2I²9!F&&;!-(,3!3&9%(),!H+$E! 3&+G!13&!'9E&)19.'&!-$5)F!$H!(1!;+$2'9(E(),!13&!2$)2'5-($)!$H!13&(+!9F%&)15+&8! !

D)2&! 13&/! -1&;;&F! .&/$)F! 13&! +&-195+9)1G! 13&(+! &/&-! -Q5()1&F! 9,9()-1! 9! ,'9+(),!

9H1&+)$$)8! ! ^)'(I&!&9+'(&+G!)$1!9!-(),'&!F9+I!2'$5F!$;;+&--&F!13&!-I/G!9)F!13&!+9/-!$H!13&! -5)G! .'9P(),! $%&+! 13&! -(F&=9'IG! -1(''! 1$523&F! 13&E! 9H1&+! 13&/! -91! $)! 13&! .&)23! 5)F&+! 9! .5-! -1$;! 9=)(),8! ! X3('&! =9(1(),! 13&+&G! J$5(-9! ,'9)2&F! 91! U9E5&'G! =3$! =9-! =9123(),! WUDIILF VSHHG E\ ³6KXQJ>\R , FDQ¶W JHW RXW RI ZRUN QH[W 7KXUVGD\ ´ VKH VDLG GUDZLQJ KLV DWWHQWLRQ ³<RX¶OO QHHG WR JR DQG PDNH VHYHQ IRU )UDQFLV ZLWKRXW PH ´! !

+H VWDUHG LQWR KLV PRWKHU¶V IDFH D ORRN RI DYHUVLRQ IRUPLQJ RQ KLP DV WKH

F&-&+1&F! 2&E&1&+/! H'9-3&F! 92+$--! 3(-! E()F²13&! 3&9F-1$)&-G! 13&! E9)/! -$E.&+! H92&-! $H! 13&! %(,('9)1! F&9F8! ! ")L(&1/! .&,9)! -=(+'(),! ()-(F&! 3(EG! 9)F! .$13! 3(-! '(;-! 9)F! &/&-! SURWHVWHG ZLWK D FULQJLQJ JHVWXUH +H VKRXOGQ¶W GR LW KH WROG KHU %HFDXVH KH KDG KLV YLROLQ OHVVRQ RQ 7KXUVGD\ KH H[SODLQHG DV LI VKH GLGQ¶W DOUHDG\ NQRZ²9-!(H!1391!&L25-&! 2$5'F!-;9+&!3(E!13&!1+$5.'&8! !

J$5(-9!3&'F! 3(-!-19+&G! 3&+!H&915+&-!5)/(&'F(),!9)F!-3$=(),!)$!$.%($5-!&E$1($)8! !

³<RX JR VHH )UDQFLV WKHQ \RX JR WR \RXU OHVVRQ ,W¶V QRW WRR IDU ´! !

³0D ´ KH JURDQHG VRXQGLQJ PLVHUDEOH !

!

³'RQ¶W FRPSODLQ <RX GRQ¶W KDYH WR FKDQJH WKH EXV LW¶V VR HDV\ 6HH ,¶OO VKRZ

\RX KRZ ´ 63&!;+$F52&F!H+$E!3&+!;5+-&!9!43()&-&>=+(11&)!E9;!$H!'$29'!.5-!+$51&-!9)F! -23&F5'&-G!-;+&9F(),!(1!$;&)!$)!3(-!'9;8! ! "'E$-1!9!-1+9(,31!'()&!13&+&!9)F!.92IG!-3&!13&)! ;$()1&F! $518! ! <3&! -9E&! .5-! +$51&G! $)'/! ()! F(HH&+&)1! F(+&21($)-²"'39E.+9! 1$! 4(1/! <&++92&G! 4(1/! 7HUUDFH WR 6RXWK 3DVDGHQD 6RXWK 3DVDGHQD WR $OKDPEUD ³6R \RX NHHS WKLV ´ VKH VDLG ZLWKGUDZLQJ KHU KDQG DQG OHDYLQJ KLP WKH PDS ! !

³0D ´ KH JURDQHG D VHFRQG WLPH !

!

³'RQ¶W EHKDYH OLNH D EDE\ <RX¶UH ROG HQRXJK QRZ 6KXQJ>/$G!-$!/$5!29)!F$!(18! !

W5-1!.&ZDUH RI VWUDQJHUV ´! !

X(13! 1391G! 13&! F(-25--($)! =9-! H()(-3&FG! 9)F! 9)! 9FF(1($)9'! 5)=9)1&F! $.'(,91($)!

=9-! H$(-1&F! 5;$)! 3(-! <35+-F9/-8! ! <3(-! (-! =3/! /$5! =$I&! E&! 5;G! 3&! H$5)F! 3(E-&'H! 13()I(),8! ! <3(-! =9-! /$5+! ;'9)! 9''! 9'$),G! =3/! /$5! 921&F! )(2&8! ! T51! -$$)! 13&+&! =9-!


-$E&13(),! &'-&! 3(-! E$13&+! =$5'F! 13&)! +&Q5&-1! $H! 3(E²-$E&13(),! 1391! 29E&! 1$! 3&+! -5FF&)'/! 9-! 13&/! 1+9%&'&F! 3$E&! 9)F! -$E&13(),! 1391G! -3&! .&'(&%&FG! =9-! ()H()(1&'/! E$+&! -(,)(H(29)1!139)!9)/!39'H3&9+1&F!;+9/&+!3&!2$5'F!E5E.'&!$)!3&+!.&39'H8! !

")F! -$G! 1$F9/G! U9E5&'! +(F&-! 13&! .5-! ./! 3(E-&'H! =3&)! 3&! -3$5'F! .&! +&'9L(),! ()!

H+$)1! $H! 13&! <S! 9)F! +&'(-3(),! 3(-! .+&9I! ;+($+! 1$! -5EE&+! -23$$'8! ! ?$+! 13&! '9-1! 1=$! <35+-F9/-G!=3('&!3(-!E$13&+!=9-!=$+I(),G!3&!39-!E9F&!13&!2&E&1&+/!;(',+(E9,&!9'$)&G! ,$(),!13&+&!H(+-1! .&H$+&!19I(),!13&!+&15+)!.5-!1$!3(-!9H1&+)$$)!%($'()!'&--$)8! ! "'13$5,3! KH GRHVQ¶W ERWKHU EULQJLQJ IORZHUV QRU DUH DQ\ IUXLW RU LQFHQVH VWLFNV EURXJKW IURP WKH 3$5-&O!3&!$)'/!29++(&-!3(-!%($'()!29-&!9)FG!()!9!;$2I&1G!9!F(,(19'!49-($!=+(-1=9123²9'$),! =(13! 13&! 5)F&+-19)F(),! 1391! ()! 13+&&! =&&I-! 1(E&G! $)2&! 13&! ch13! F9/! 9++(%&-G! 3&! 9)F! ?+9)2(-!=(''!.$13!.&!9.'&!1$!E$%&!$)8! !

#&9+./G! -;&9I(),! U;9)(-3! 9)F! =&9+(),! .'5&! 3$-;(19'! -2+5.-G! 1=$! E(FF'&>9,&F!

J91()9!=$E&)!-(1!92+$--!13&!9(-'&G!+&;&91&F'/!,'9)2(),!3(-!=9/!()!35-3&F!2$)%&+-91($)8! ! <3&/!39F!.&,5)!-19+(),!91!3(E!9)F!3(-!%($'()!29-&!&9+'(&+G!,+())(),!H$+!-$E&!+&9-$)!9-!3&! FODLPHG D VHDW %XW KH DYRLGV PDNLQJ H\H FRQWDFW SUHWHQGV WKH\ GRQ¶W H[LVW ZKLOH 9(E(),! 3(-! ,9P&! 13+$5,3! 13&! =()F$=8! ! <3&! .5-! 1+9%&'-! ()23&-! H+$E! -(F&=9'I! 25+.-G! -I(EE(),! ;9-1! .5-()&--&-! 1391! 9+&! 2$EE$)! 1$! 3(E²<3&! Y&E$++3$(F! 4&)1&+G! 13&! +&-195+9)1! -;&2(9'(P(),! ()! 1&+(/9I(! 23(2I&)! .$='-G! 13&! S(&1)9E&-&! %(F&$! -1$+&²13&! 9'=9/-! .(11&+-=&&1! ,'(E;-&! $H! 13&! ;9=)-3$;! =(13! (1-! 1&++9>2$119! =9++($+! ,59+F(),! 13&! &)1+9)2&8! !

"H1&+! -&%&+9'! -1$;-G! 13&! .5-! F&-2&)F-! ()1$! )&=&+! 1&++(1$+/G! 9)F! U9E5&'! =9123&-!

H$+! ;'92&-! 1391! 39%&! .&2$E&! 9)1(2(;91&F! -(,31-8! ! <3&+&! ;+&-&)1'/! 9;;&9+-! 13&! 2'511&+&F! /9+F! $H! 9! ;()I! .5),9'$=! =3&+&! 13+&&! +$.$1>'$$I(),! -25';15+&-! +&-(F&G! 9''! '(H&! -(P&! 9)F! .5('1!&)1(+&'/!H+$E!F(-29+F&F! .&&+!29)-²$)&!;'9/(),!9!.&&+>29)!,5(19+G!$)&!3$'F(),!(1-! .&&+>29)!9+E-!$%&+!(1-!.&&+>29)!3&9FG!$)&! 29-59''/!,+(;;(),!9!.&&+! 29)!()!9)! &L1&)F&F! .&&+>29)! 39)F8! ! "! .(1! H9+13&+! F$=)! 13&! -1+&&1G! ()39.(1(),! 13&! 29+;$+1! $H! 9! F(HH&+&)1! .5),9'$=G! 91! '&9-1! 9! F$P&)! 291-! 9+&! 2$)1()59''/! )9;;(),G! -$E&! -1+&123&F! $)! 9! +&-1$+&F! %XLFN 5LYHUD¶V KRRG RWKHUV FXUOHG EHQHDWK WKH FDU OLNH D GLVSOD\ RI IXUU\ OLWWOH WKURZ ;(''$=-8! !

<3&)! 9-! 13&! .5-! 2$)1()5&-! 1$=9+F! 13&! 4(1/! <&++92&! )&(,3.$+3$$F-G! E$+&!

;9--&),&+-!,&1!$HH!91!&923!-1$;!139)!13$-&!=3$!2'(E.!9.$9+FG!,+9F59''/!'&9%(),!E$-1!$H! WKH VHDWV HPSW\ %XW VWLOO VWDULQJ RXWVLGH 6DPXHO GRHVQ¶W QRWLFH ZKHQ WKH WZR /DWLQD


ZRPHQ ULVH WR H[LW $QG LW¶V QRW XQWLO WKH EXV DSSURDFKHV WKH &KLQHVH &HPHWHU\ 1391!3&! H()9''/!,'9)2&-!H$+=9+FG!3(-!H(),&+-!2$('(),!9.$51!13&!39)F'&!$H!13&!%($'()!29-&8! ! D)'/!)$=! F$&-! 9! H&''$=! ;9--&),&+! 29123! 3(-! 911&)1($)G! 9)$13&+! '$)&! +(F&+! '(I&! 3(E-&'H! -(11(),! -&%&+9'!-&91-!9=9/²9!)9%/>.'5&!-29+H!2$%&+(),!3&+!'$),!-('%&+>,+9/!39(+G!13&!=$$'!2$''9+! $H!9!.&(,&!$%&+2$91!2$)2&9'(),!3&+!-'&)F&+!)&2I8! !

,QLWLDOO\ VKH LVQ¶W UHFRJQL]DEOH IURP EHKLQG \HW D FXULRXV VHQVH RI IDPLOLDULW\

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

³7KLV LV PH ´ 0DULRQ VD\V DORXG DGGUHVVLQJ WKH GULYHU DV LI ZRUULHG WKDW VKH

PLJKW QRW EH JLYHQ HQRXJK WLPH ³7KLV LV P\ VWRS ´ 7HQWDWLYH VWHSV PDQHXYHU KHU 9+$5)FG!9)F!U9E5&'!+&H'&L(%&'/!2+$523&-!F$=)!.&H$+&!-3&!29)!H5''/!15+)8! ! 71!19I&-!3(E!9! H&=!-&2$)F-!1$!+&2$%&+!H+$E!13&!-5+;+(-&!$H!-&&(),!3&+G!.51!./!13&)!-3&!39-!;'$FF&F!5;! 13&!9(-'&!=(13$51!$.-&+%(),!3(-!;&&I(),!3&9F8! ! ")F!9H1&+!-3&!F&;9+1-!13&!.5-G!3&!Q5(2I'/! H$''$=-²35++/(),! H$+! 13&! &L(1G! -;+(),(),! $)1$! 13&! -(F&=9'I! .&'$=²13&! %($'()! 29-&! -=(),(),!91!3(-!-(F&8! ! ! ! ! ! ! ! ! ! ! ! ! !



! ! ! ! ! ! ! ! @Ag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¶V SHUYD-(%&!39P&! ()!13&!=&-1G! H$+E(),! 9! =(F&! .'5&! ;9123! .&3()F! 3&+! 9-! -3&! 2+&&;-! H$+=9+F8! ! ")F! 13&+&! .&3()F! 3&+G! 1$$G! U9E5&'! I&&;-! 9! -1&9'13/! F(-19)2&G! E(++$+(),! 13&! -'$=! ,9(1! 1391! ()23&-! 09+($)! H$+=9+F! '(I&! 9! ,(9)1! -)9('²3&+! .$F/! 35)23&F! .&H$+&! 3(E! 5)F&+! 13&! 13(2I! 35-I! $H! 13&! -(P&9.'&! 2$91G! 13&! =$$'! 3&E! -'(F(),! 9H1&+! 3&+! $)! 13&! ;9%&E&)18! ! \&1! &%&)159''/! -3&! E9I&-! 9! F&2(-(%&! '&H1! 15+)! 9)F! -1&;-! $HH! 13&! +$9F8! ! X(13! 3&+! 2$91! 3&E! )$=! F+9,,(),! 9'$),!9!,+9--/!;913G!-3&!&)1&+-!13&!$'F&+!;9+1!$H!13&!2&E&1&+/G!,$(),!=3&+&! &%&+/13(),! '$$I-! 2+9EE&F! 1$,&13&+G! H(''&F! 1$! 29;92(1/G! 9)F! 13&! )5E&+$5-! .5+(9'! E$)5E&)1-! 9+&! E$-1'/!%&+/!.(,!$+!%&+/!-E9''8! ! <3&)!H+$E!3(-!%9)19,&!;$()1G!-3&!,'(F&-!()!;+$H('&!9E(F-1! 13&! ,+9%&-G! 13&! 3&9F-1$)&-! -'9)1(),! 9+$5)F! 3&+! '(I&! +$=-! $H! 2+$$I&F! 1&&13²5)1('G! -5FF&)'/G!-3&!-'(;-!$51!$H!%(&=!2$E;'&1&'/G!9-!13$5,3!39%(),!M5-1!-5)I!()1$!9!F&&;!3$'&8! !

^)F&1&++&FG! U9E5&'! 2$)1()5&-! 1+9('(),! 3&+8! ! Y&! ;(2I-! 5;! 3(-! ;92&! $)2&! '&9%(),!

13&! +$9FG! 3(-! -3$&-! 2+5)23(),! .+(11'&! ,+9--8! ! <3&! %($'()! 29-&! H'$91-! )&9+! =&''>1&)F&F! H9E('/!;'$1-G!9)F!13&!;913!3&!=9'I-!$229-($)9''/!=()F-!.&-(F&!)&,'&21&F!;9123&-!$H!&9+13! 1391G!(H!)$1!H$+!13&!)$)F&-2+(;1!.+$)P&!$+!2$)2+&1&!E9+I&+-!M511(),!9E$),!=&&F-G!=$5'F! OLNHO\ GUDZ QRERG\¶V DWWHQWLRQ %XW KH FRPHV WR DQ DEUXSW KDOW ZKHQ VS\L),!09+($)!5;! 93&9FO!-3&!(-!$)!3&+!I)&&-G!.&)1!$%&+G!;9'E-!1$523(),!13&!,+$5)F!()!9!F(-2+&&1!9+&9!-&1!


9=9/! H+$E! 13&! E9()! ;913²13&! -;$1! F(-1(),5(-3&F! ./! 9! 1(F/! .&F! $H! ,+9%&'! &)2(+2'(),! 9! .5+(9'!;'92&!'9/&+&F!=(13!(EE925'91&!,+&&)!,+9--8! !

?$+!9!H&=!;+$1+921&F!-&2$)F-G!3&!3$'F-!3(E-&'H!;&+H&21'/!-1(''G!5)-5+&!=391!1$!F$!

=3('&! .&=('F&+&F! 1391²F5+(),! 13&! -9E&! F9/G! +(F(),! 13&! -9E&! .5-²-3&! 39-! 9'-$! H$5)F! 3&+!=9/!3&+&G!.$13!$H!13&E!9++(%(),!91!13&!&L921!-9E&!1(E&G!13&!$)'/!1=$!%(-(1$+-!91!13&! H[DFW VDPH FHPHWHU\ ³<HV \HV ´ KH KHDUV KHU VD\ VSHDNLQJ DV VKH QRGV WRZDUG WKH JUDYH ³2K \HV RI FRXUVH ´ I"&7) ."&²$)&! -(E;'&G! +&;&91&F! =$+F! 3&! 29)! H5''/! XQGHUVWDQG ³<HV ´ KH ZKLVSHUV EDFN LQ (QJOLVK D SRVLWLYH DVVHUWLRQ XUJLQJ KLV OHJV H$+=9+FG!,+9F59''/!.+(),(),!3(E!1$!-19)F!-&%&+9'!H&&1!.&3()F!3&+!=(13()!13&!9)I'&>3(,3! =&&F-!$H!9)!5)E9+I&F!;'$18! !

#$=!9-!(H!3&!=&+&!$)&!$H!13$-&!-1$(2!H92&-!E$5)1&F!5;$)!13&!3&9F-1$)&-G!U9E5&'!

=9123&-!3&+!()!5)H'()23(),!-('&)2&8! ! Y(-!-5.1'&!,9P&!H(+-1!;&+2&(%&-!)$13(),!.51!13&!'9+,&! EHLJH FRDW WKDW IURP KLV VWDQGSRLQW DFURVV WKH SDWK REVFXUHV 0DULRQ¶V GLPLQXWLYH IRUP Y&+!'&,-!9)F!H&&1!9+&!2$%&+&F!./!13&!'$),!3&EG!9)F!2+$523&F!9-!-3&!(-G!3&+!.$F/!'$$I-! '(E.'&--! 9)F! E(--39;&)G! 3&9F'&--G! E$+&! '(I&! -$E&! I()F! $H! H5PP/! .$5'F&+! 139)! 35E9)8! ! Y&+!;5+-&G!13&!.'5&!5E.+&''9G!9)F!13&!.5)F'&F!H'$=&+-!+&-1!()!13&!,+9--8! ! <3&)!-3(H1(),! 3(-!,9P&! 9.$%&!3&+G!3&!9;;+&3&)F-!1391!3&G!1$$G!(-!.&(),!=9123&F8! ! 0&&1(),!3(-!&/&-!(-! 13&! H(+E! -19+&! $H! -$E&$)&! +&2$,)(P9.'&G! -$E&$)&! 3&! (-! 9E9P&F! 1$! -&&! 13&+&! 9)F! /&1! VKRXOGQ¶W EH KHU GHDG KXVEDQG WKH RWKHU 6KXQJ>/$!9-!9)!9,&F!E9)²E$)$23+$E91(2! 9)F!95-1&+&G!13()!-('%&+!39(+!2$E.&F!)&91'/!$)!9!+$5)F!3&9F²;&&+(),!$51!;9-1!13&!,+9%&G! 9! -$E.&+! H92&! 29;15+&F! H$+! 13&! 9,&-! 9,9()-1! 13&! .'92I(-3! ,+9)(1&! -5+H92&! .&9+(),! 1=$! %&+-($)-!$H!9!-(),'&!5)+&E9+I9.'&!)9E&8! !

J#+) K*-6) L""G! U9E5&'! F&2(;3&+-! 13&! N),'(-3! -;&''(),O! .&'$=! (1! ()! 43()&-&!

239+921&+-G!3&!+&9F-! L"") J#-) K*-8! ! <3&!/&9+-! MHNM²MHDH) 39%&!.&&)!&),+9%&F!=(13$51! -;&2(H(2!F91&-G!9)FG!M5-1!13&)G!13&!E913!2$E&-!&9-('/!=3('&!3(-!'(;-!1(,31&)!9)F!3(-!,9P&! UHWXUQV WR KHU KXVEDQG¶V VWDUH )LIW\>HLJKW \HDUV KH FDOFXODWHV 7KDW¶V DOO \RX JRW ")F! -$G! 3&! +&9-$)-G! E9/.&! $)'/! H$+1/>-(L! /&9+-! 9+&! '&H1! H$+! 3(E-&'H8! ! T51! 9'E$-1! 39'H! 9! 2&)15+/! $H! +&E9()(),! '(H&! -&&E-! (E;$--(.'/! %9-1G! '(I&! 3(-! 2$)1()59)2&! (-! 9! -;$$'! $H! 2$'$+H5'!1=()&!5)H5+'(),!()1$!()H()(1/8! !

#&%&+13&'&--G!9!;+&29+($5-!H&&'(),!H()F-!3(E!=3&)!3&!9,9()!+&,9+F-!09+($)G!=3$!

KDV OLIWHG KHU SDOPV IURP WKH JUDVV DQG UDLVHG KHU KHDG 6KH FDQ¶W VHH PH KH GHFLGHV U3&! )&%&+! 2$5'F8! ! 05E.'(),! 91! 3&+-&'HG! -3&!,913&+-! 5;! 3&+! ;5+-&!9)F! 13&! H'$=&+-G! 9)F!


.&,()-!3$..'(),!$%&+!13&!,+9--G!9;;+$923(),!13&!3&9F-1$)&!$)!3&+!I)&&-8! ! T51!U9E5&'! VHQVHV WKDW VKH ZRQ¶W HYHU WXUQ WR QRWLFH KLP²)$+!F$&-!3&!)$=!39%&!9)/!=(-3!1$!-19+1'&! 3&+!./!EDNLQJ KLV SUHVHQFH NQRZQ 3UREDEO\ EHLQJ D JKRVW LV EHWWHU KH WKLQNV 7KDW¶V ;+$.9.'/! =391! 7! +&9''/! 9E! 9)/=9/8! ! Y&! ,'9)2&-! F$=)! 91! 13&! 5)E9+I&F! ;'$1G! .+(&H'/! (E9,()(),! 3(E-&'H! .5+(&F! 13&+&! 5)F&+)&913! 3(-! $=)! 1&))(-! -3$&-G! H5''! $H! =$+E-! 9)F! +$11(),!()-(F&!9!=$$F&)!29-I&18! !

³2K P\ \RX GR ORRN DZIXO ´ 0DULRQ VXGGHQO\ VD\V DORXG VXPPRQLQJ KLV VWDUH

³<RX GRQ¶W ORRN ZHOO QR QR ´ 6KH LV DGGUHVVLQJ ZLWKHUHG IORZHUV²3&+! .$)/! H(),&+-! +&E$%(),!13&!;(1(H5'!29''9!'('(&-!$H!'91&!09/!H+$E!9!2'&9+!%9-&G!1$--(),!13&E!9-(F&!-$!1391! ODWH -XQH¶V IUHVK FDOOD OLOLHV FDQ ZHOFRPH -XO\²9)FG! 9-! 5-59'G! 13&! =3(PP(),! -$5)F! $H! 1+9HH(2!922$E;9)(&-! 3&+!E$)13'/!+(159'G!E&-3(),!=(13!13&!+9-;/! F&2'9+91($)-!-;$I&)!91! KHU KXVEDQG¶V JUDYH ³<HV YHU\ QLFH 2K \HV ´ 2QFH WKH QHZ IO$=&+-! 9+&! ;+$;&+'/! 9++9),&FG! -3&! F(,-! 9! 39)F! 2'$13! $51! $H! 3&+! ;5+-&G! 13&)! ,$&-! 9.$51! ;$'(-3(),! 13&! 3&9F-1$)&G!H9-1(F($5-'/!=(;(),!(1!2'&9)8! ! ")F!=3('&!13&!2'$13!+$9E-!()!9!2(+25'9+!E$1($)G! KHU YRLFH PXWWHUV ORZO\ VD\LQJ ³)RU WKH KRXVH ZDV DOO DV VWLOO D-!F&913!)$=G!9)F!-$!13&! ZLGRZ ZRXOGQ¶W NQRZ :HOO DIWHU D ORQJ WLPH , KHDUG WKH FORFN DZD\ RII LQ WKH WRZQ JR .$$E>.$$E>.$$E²9)F! 9''! -1(''! 9,9()²-1(''&+! 139)! &%&+8! ! *+&11/! -$$)! 7! 3&9+F! 9! 1=(,! -)9;G! F$=)! ()! 13&! F9+I! 9E$),-1! 13&! 1+&&-²-$E&13(),! =9-! -1(++(),8! ! 7! -&1! -1(''! 9)F! '(-1&)&FG!9)F!13&)!7!;51!$51!13&!'(,31!9)F!-2+9E.'&F!$51!$H!13&!=()F$=!$)!1$!13&!-3&F8! ! <3&)!7!-'(;;&F!F$=)!1$!13&!,+$5)F!9)F!2+9='&F!()!9E$),!13&!1+&&-G!9)FG!-5+&!&)$5,3G! WKHUH ZDV 7RP 6DZ\HU ZDLWLQJ IRU PH ´! !

"!E$E&)1!'91&+G!-5)-3()&!2+92I-!13&!2'$5F-G!-=&&;(),!'(I&!9!=9%&!H+$E!$)&!&)F!

$H! 13&! 2&E&1&+/! 1$! 13&! $13&+G! 9)F! ()! (1-! .+(,31&)(),! '(,31G! U9E5&'! -&&-! 3(E-&'H! LOOXPLQDWHG XSRQ KHU KXVEDQG¶V KHDGVWRQH FDVW DV D GLDSKDQRXV VKDSH VHHPLQJO\ &123&F!.&)&913!13&!-E$$13!9)F!)$=!-3()/!%&)&&+8! ! <3&!39)F! 2'$13!-1$;-G!9)F!09+($)! ;95-&-O!'&9)(),!2'$-&+G!-3&!-Q5()1-!=3('&!;$)F&+(),!3(-!9;;9+(1($)!1391!&L(-1-!.&/$)F!3&+! E523!2'&9+&+!+&H'&21($):! ! 9!-E9''G!F(-1$+1&F!H(,5+&!=(13!9)!$+9),&!1>-3(+1!9)F!F9+I!39(+G! .'5++/!9)F!$.-25+&G!'(I&!-$E&13(),!-;(&F!91!13&!.$11$E!$H!9!;$)F8! ! T51G!&%&)!-1(''G!-3&! GRHVQ¶W WXUQ KHU KHDG²GRHVQ¶W VD\ D ZRUG GRHVQ¶W VPLOH²$+! '$$I! -5+;+(-&F8! ! 7)-1&9FG! 13&!39)F!2'$13!(-!F+$;;&FG!9)F!3&+!H(),&+1(;-!,'(F&!9+$5)F!13&!,+9)(1&G!,&)1'/!1+92(),!3(-! -39;&! 9-! (H! 1$! -&;9+91&! 3(E! H+$E! 9)! ()922&--(.'&! ;9-18! ! ")F! -&)-(),! 3&+! -'(,31! 1$523G! ,$$-&!.5E;-!-=&''!9'$),!3(-!9+E-G!9!1+9)-(&)1!-3(%&+!2$5+-(),!13+$5,3!3(-!'(E.-8! ! <3&)!


13&! -5)! -'(;-! .&3()F! 9! 2'$5FG! F(EE(),! 13&! ,+$5)FG! 9)F! ()! 1391! ()-19)1! 3&! H9F&-! 9=9/G! %9)(-3(),!.&H$+&!3&+!&/&-G!,$)&!9,9()8! !

$ SOHDVHG JULQ FUHDVHV 0DULRQ¶V OLSV D VDWLVILHG H[SUHVVLRQ WKDW 6DPXHO FDQQRW

,'(E;-&8! ! ?92(),!13&!3&9F-1$)&G!-3&!-(1-!.92I!$)!13&!,+9--G!13&!'$),!2$91!F+9;(),!$HH!3&+! -3+5)I&)!-3$5'F&+-!1$!&)2$E;9--!3&+!.$F/!'(I&!9!2$''9;-&F!1&)18! ! U3&!-;+&9F-!13&!39)F! 2'$13! ()! H+$)1! $H! 3&+! =(13! 2&+&E$)($5-! ;+&2(-($)G! 9)F! 9H1&+=9+F-! +&923&-! ()-(F&! 9! 2$91! ;$2I&1G! +&1+(&%(),! 9! 39+F.$('&F! &,,8! ! "! +&F! H(),&+)9('! ;5)215+&-! 13&! -3&''G! 29+&H5''/! H'&2I(),!13&!;(&2&-!$%&+!13&!2'$13G!.(1!./!.(18! ! T51!9-!-3&!;&&'-!13&!&,,G!U9E5&'!I)$=-!3&! VKRXOGQ¶W VWD\ DQ\ ORQJHU KH PXVW JR WR )UDQFLV RU KH¶OO PLVV WKH QH[W EXV DQG HQG XS '91&!H$+!3(-!'&--$)8! ! _&'5219)1'/G!3&!-1&;-!H+$E!13&!=&&F-G!,(%(),!3&+!9!H()9'!,'9)2&!=3&)! -19+1(),!F$=)!13&!;9138! ! ")F!)$=!35++/(),!1$=9+F!13&!+$9FG!3&!1&''-!3(E-&'H!13&/!=(''! 239)2&! 92+$--! &923! $13&+! ()! 13&! H515+&²;&+39;-! $)! 9! F(HH&+&)1! <35+-F9/! 9H1&+)$$)G! ;&+39;-!-$E&=3&+&!&'-&!5)9)1(2(;91&F²(1!M5-1!H&'1!()&%(19.'&8! !

U3$+1'/G! 3(-! -3$&-! &-29;&! 13&! ;9%&E&)1G! 9)F! 13&! 1+$FF&)! ;913! 3&! 39-! =9'I&F!

9'$)&!H$+!13&!'9-1!1=$!=&&I-!(-!19I&)!$)2&!E$+&8! ! Y$=!$FF!(1!13&)!-1+(I&-!3(E!1391!13(-! VWLOWHG UHDOP RI JUDYHV DQG KHDGVWRQHV LVQ¶W DV WKH FHPHWHU\ KDG SUHYLRXVO\ EHHQ VXFK D F95)1(),!;'92&!1$!%(-(18! ! Y(-!&)2$5)1&+!=(13!13&!$'F!"E&+(29)!=$E9)!9-(F&G!&%&+/13(),! 3&+&! 39-! .&2$E&! 2$EE$)! 9)F! +$51()&²)$1! 5)'(I&! ,+$=(),! 2$EH$+19.'&! 9E$),! 13&! 2+$=F&F! 2$++(F$+-! $H! 9! )&=! -23$$'G! $H1&)! ;9--(),! +&25++&)1! ()F(%(F59'-! =3('&! )&%&+! I)$=(),!E523!9.$51!13&E²&-;&2(9''/!()!13&!-&21($)!=3&+&!?+9)2(-!9=9(1-8! ! "'$),-(F&! 3(E!9+&!;&$;'&!=3$-&!)9E&-!9'+&9F/!.&'$),!1$!3(-!E&E$+/G!=3$-&!,+9/!H92&-!&)1&+!3(-! 13$5,31-!=3&13&+!3&!,'9)2&-!91!13&(+!3&9F-1$)&-!$+!)$18! ! D)!13&!+(,31!(-!F&E5+&!4395! 09(! <9),G! eheg²ehddG! 9)F! )&9+! 3&+! (-! H+(&)F'/>'$$I(),! <-$! ?5),! V&&! ?+9)I! 43$=G! eghc²ehZi8! ! "! H&=! -1&;-! 93&9F! (-! 235../! 9)F! .&-;&2192'&F! ]=9)! X9(! ]9)G! Z>Af>ehch²Z>AZ>ehgfG! =3$! +&-(F&-! 2'$-&! 1$! -I())/G! ;52I&+>E$513&F! #,! U&&! X$$G! eheB²ehdf:! ! 13&! 1=$! E&)! 9'=9/-! 9;;&9+(),! 1$,&13&+! ()! 3(-! E()FG! +&E()F(),! 3(E! $H! 13$-&! H9-1>19'I(),! 2$E&F/! F5$-! 1391! 3(-! ;9+&)1-! 39F! &)M$/&F! =9123(),! $)! <S! %9+(&1/! -3$=-8! !

U$$)G! 3$=&%&+G! 3(-! 13$5,31-! 9)F! &/&-! 9+&! H$25-&F! &)1(+&'/! $)! 9! -(),5'9+!

E$)5E&)1G! 9)! $%&+F5&! 9FF(1($)! 1$! 13&! 2&E&1&+/! 1391! 39F! .&&)! 9.-&)1! 5)1('! 1$F9/:! ! )UDQFLV¶ XQLTXH VSDUVHO\ DGRUQHG KHDGVWRQH²9! -$'(FG! H'9='&--! -Q59+&! $H! .'92I! ,+9)(1&! E$5)1&F! ./! 9! +&219),5'9+! .'92I! ,+9)(1&! -'9.G! E()(E9'! ()! -1+5215+&! 9)F! 39+F'/! '9+,&+!


139)! 9! -1$+9,&! 2+91&8! ! U19)F(),! .&H$+&! 13&! ,+9%&G! U9E5&'! -15F(&-! 13&! 5)5-59'! -Q59+&! =(13! 9! ;&+;'&L&F! ,9P&G! E$E&)19+('/! 2$)1&E;'91(),! (1-! -19+I! F&-(,)8! ! ?$+! -$E&! +&9-$)! 13&! E9+I&+! -&&E-! =+$),G! %9,5&'/! $HH&)-(%&! ()! +&'91($)! 1$! 13&! E9)/! 5)(H$+E! 9)F! 1+9F(1($)9'!3&9F-1$)&-!1391!-5++$5)F!(18! ! ")F!9-!(H!?+9)2(-!39F!.&&)!.5+(&F!&1&+)9''/!91! WKLV ORFDWLRQ WKHUH LVQ¶W D VLQJOH \HDU RU GDWH HQJUDYHG XSRQ LWV GD+I!-5+H92&G!)$+!(-!13&+&! 9)! N),'(-3! &;(19;3! ()-2+(.&F8! ! D)'/! 1=$! 43()&-&! 239+921&+-! ;&)&1+91&! 13&! ,+9)(1&G! -;&''(),! $51! 13&! 5)H9E('(9+! )9E&! I5,) 3#58! ! T51! 13&! 3&9F-1$)&! 5)Q5&-1($)9.'/! UHSUHVHQWV KLV PRWKHU¶V GHFHDVHG ERVV WKLV IDFW PDGH REYLRXV E\ )UDQFLV¶! $%9'! ;3$1$,+9;3!F(-;'9/&F!;+$E()&)1'/!$)!13&!.'92I!-Q59+&²9!+9+&!2$'$+!(E9,&!$;;$-(),!13&! '9)F-29;&! $H! 1()/! ,+9/! H92&-G! 1391! -E('(),! H5)&+9'! ;$+1+9(1! H(+-1! $.-&+%&F! F5+(),! 13&! PHPRULDO VHUYLFH DQG QRZ EHDPLQJ GLUHFWO\ DW KLP DV WKRXJK WR VD\ ³+HOOR LW¶-! ZRQGHUIXO WR VHH \RX P\ IULHQG ´! !

([FHSW 6DPXHO ZRQ¶W EH PDNLQJ VHYHQ IRU )UDQFLV RU HYHQ DWWHPSW WKH PRVW

()-(,)(H(29)1! $H! ;+9/&+-8! ! 7)-1&9FG! 3&! F$&-! )$! E$+&! 139)! =391! 3(-! E$13&+! 39F! VSHFLILFDOO\ LQVWUXFWHG ZKDW KH¶V GRQH HYHU\ 7KXUVGD\ VLQFH 7KH F9-&! 3&! 29++(&-! (-! '$=&+&FG! 5)'9123&F! 9)F! $;&)&F! $)! 13&! ,+$5)F8! ! Y&! +&E$%&-! 13&! %($'()! 9)F! 13&! .$=G! 3$(-1(),!13&E!5;=9+F!()!3(-!39)F-!=3('&!9--5E(),!13&!2$++&21!;$-15+&²3(-!-;()&!3&'F! &+&21G!3(-!'&,-!+(,(FG!3(-!H&&1!&L921'/!-;92&F!9)F!I&;1!-1+9(,318! ! X(13!'(11'&!1(E&!1$!-;9+&G! 3&!(EE&F(91&'/!.&,()-!;'9/(),G!13+$=(),!3(E-&'H!()1$!13&!;&+H$+E9)2&!9-!(H!9!13$5-9)F! 911&)1(%&!-19+&-!=&+&!=9123(),!3(EG!9-!(H!&923!H92&!$)!&923!3&9F-1$)&!(-!15+)&F!3(-!=9/8! !

<=$! =&&I-! &9+'(&+! 13&! 2&E&1&+/! 39F! .&&)! &)'(%&)&F! ./! 13&! E913&E91(29'!

;&+H&21($)! $H! T923O! '9-1! =&&I! (1! =9-! Y9/F)! 1391! =9H1&F! 9.$%&! 13&! F&9F8! ! 7)(1(9''/G! 6DPXHO VHOHFWHG 0HQGHOVVRKQ IRU WRGD\¶V JUDYHVLGH UHFLWDO %XW DQ XQFRQVFLRXV FKDQJH $H!;'9)!29E&!=3&)!3(-!H(),&+-G!M5-1!-&2$)F-!9,$G!;+&--&F!9,9()-1!13&!-1+(),-!9)F!13&!.$=! -I(EE&F!3(,3G!13+5-1(),!91!13&!-I/!.&3()F!3(E8! ! X(13$51!=9+)(),G!13&!1(+&F!-$),.$$I! -'9EE&F!-351!$)!(1-!$=)G!13&!+$1&!-3&&1!E5-(2!&E.&FF&F!()!3(-!.+9()!,&11(),!1$--&F!1$! 13&!=()F8! ! ")F!)$=²9-!3(-!-3$5'F&+-!-=9/!9)F!3(-!&/&-!9+&!2'$-&F!1(,31²9)$13&+!I()F! RI PXVLF HQJXOIV KLP VRPHWKLQJ KH KDVQ¶W HYHU OHDUQHG RU KHDUG LQH[SOLFDEO\ HWKHUHDO 9)F! 9(+/G!'(I&!39+E$)(2-!-;5)!H+$E!13&!+(E-!$H!F&'(291&!,'9--8! ! \&1!=3('&!3&!2+&91&-!(1G! 13&! -1+9),&'/! 9''5+(),! -$5)F! (-! -$E&3$=! ()! 9F%9)2&! $H! 3(E²,5(F(),! 3(-! H(),&+-G! 2$)F521(),!13&!.$=²9)F!&)1+9)2&F!./!(1-!-3(EE&+(),G!1+9)-'52&)1!-1+9()-G!3&!29)!9'-$! GLYLQH WKH $PHULFDQ ZRPDQ¶V FRDW KHP VOLGLQJ XS WKH URDG WRZDUG KLP²9-! -3&G! 1$$G!


PXVW EH XQGHU WKH PXVLF¶V VSHOO KHU JD]H VHDUFKLQJ WKH JUDYH URZV IRU LWV VRXUF&8! ! \&-G! 3&!.&'(&%&-G!-3&!(-!)&9+(),!13&!;913!1391!=(''!.+(),!3&+!1$!=3&+&!13&!%($'()!;'9/-8! ! U3&!(-! 9'+&9F/!E$%(),!2'$-&+G!E$%(),!2'$-&+!-1(''8! !

U&%&+9'!E()51&-!&'9;-&G!13&!-&2$)F-!'&),13&)&F!5;$)!13&!-5-19()&F!)$1&-8! ! <3&)!

'(I&!13&!H9F(),!&23$!$H!9!F(-19)1!%$(2&G!13&!E5-(2!Q5(&1'/!+&-$'%&-!(1-&'HG!-&,5&(),!()1$!13&! IUHHZD\¶V SHUSHWXDO ZKLU 7KH XQGXODWLQJ PRYHPHQWV RI WKH ERZ DQG KLV ERG\ 2&9-&-²H(),&+1(;-!'(H1(),!H+$E!13&!-1+(),-G!&/&-!.'()I(),!$;&)8! ! "-!9)!9(+'()&+!,+5E.'&-! E('&-! $%&+3&9FG! 3&! ,'9)2&-! 91! 13&! ;913G! ,'9)2&-! 9.$51! 13&! -19,,&+&F! +$=-G! ,'9)2&-! F$=)3(''!1$!&L9E()&!13&!-'$;(),!2&E&1&+/!+$9F²EXW VKH¶V QRZKHUH LQ VLJKW VKH GLGQ¶W FRPH $QG LQVWHDG RI IHHOLQJ DPD]HPHQW IRU WKH RWKHUZRUOGO\ VRXQG KH¶G FRQMXUHG LW¶V E()$+! F(-9;;$()1E&)1! 1391! )$=! 2'9(E-! 3(E8! ! X(13! 13&! %($'()! 39),(),! ./! 3(-! -(F&G! 9! 1+(%(9'!H+$=)!1=(123&-!3(-!E$513G!39+F&)(),! -$E&!=3&)! 3&! 9,9()!2$)-(F&+-!13&!,+9)(1&! VTXDUH DQG ILQGV )UDQFLV VPLOLQJ LQ KLV GLUHFWLRQ 7KDQN \RX WKH PDQ¶V JHQLDO &L;+&--($)!-&&E-!1$!2$)%&/!H+$E!13&!.&/$)F8! ! 71!=9-!'$%&'/8! ! ! !

%XW 6DPXHO¶V IURZQ JURZV VHYHUH <RX VKRXOGQ¶W EH KHUH DQ\PRUH KH WKLQNV

ZKLOH VTXLQWLQJ DW )UDQFLV¶ LPDJH <RX VKRXOG EH VRPHZKHUH HOVH DQG VRPHRQH EUDQG )&=8! !

#$1! Q5(1&! /&1G! 3(-! 13$5,31-! 9+&! 9)-=&+&F8! ! S&+/! -$$)G! M5-1! )$1! 1$F9/ 'RQ¶W

ZRUU\ ,¶OO RQO\ VWD\ D VKRUW ZKLOH ORQJHU DIWHU WKDW , ZRQ¶W WURXEOH \RX ! !

³0P ´ 6DPXHO VD\V QRGGLQJ +H FURXFKHV WR SDFN WKH YLROLQ DQG ERZ ³0P ´

3&! +&;&91-! 9! E$E&)1! '91&+G! -19)F(),! 5;+(,31! 9)F! ,+(;;(),! 13&! 39)F'&! $H! 13&! 29-&8! ! Y&! H(-3&-!13&!F(,(19'!=9123!H+$E!9!;$2I&1G!3$'F(),!(1!./!13&!-1+9;8! ! ?$5+!E()51&-!5)1('!13&! .5-! 9++(%&-8! ! ?$5+! E()51&-! 5)1('! 3&! 29)! +&'9L! ()! 9! -&91! .&H$+&! -5HH&+(),! 0+-8! Y$)&/! X9),8! ! *511(),! 13&! =9123! 9=9/G! 3&! ,(%&-! ?+9)2(-! 9! ;9+1(),! '$$IG! 9! -3&&;(-3! ,+()! F(-;'92(),! KLV IURZQ ³%\H ´ KH VD\V IOLFNLQJ D KDQG DW WKH VTXDUH KHDGVWRQH DQG ;(%$1-!1$!E9I&!9!;+$E;1!F&;9+15+&8! !

<3&)! Q5(2I&)(),! 3(-! ;92&G! U9E5&'! $)2&! E$+&! -5+%&/-! 13&! ,+$5)F-! ()! 3$;&! $H!

VSRWWLQJ WKH $PHULFDQ ZRPDQ WKRXJK KH GRHVQ¶W QRWLFH KHU DQ\ZKHUH %X1! =3&)! 39-1&)(),!H$+!13&!E9()!,91&-G!3&!&/&-!-$E&13(),!'&H1!$)!13&!;9%&E&)1!93&9F²'$),!9)F! -'&)F&+G!9!.'5&!-1+&9I!9E(F!13&!9-;39'1²3&+!5E.+&''98! ! U3&!F+$;;&F!(1G!3&!13()I-G!9)F! +&9'(P&-! 1391! -3&! E5-1! 39%&! 9'+&9F/! =9)F&+&F! $51! $H! 13&! 2&E&1&+/8! ! X9-1(),! )$1! 9! -&2$)FG! 3&! +&-25&-! 13&! 5E.+&''9! H+$E! 13&! +$9FG! .+9)F(-3(),! (1! '(I&! 9! -=$+F! 9-! 3&! M$,-!


1$=9+F! 13&! ,91&-8! ! NL;&21(),! 3&+! )$=! 92+$--! 13&! -1+&&1G! '(I&'/! -(11(),! 9'$)&! $)! 13&! .5-! VWRS EHQFK KH LV SRVLWLYH VKH¶OO VHH KLP FRPLQJ DQG ILQDOO\ KH FDQ DSSURDFK 3&+! ZLWKRXW VK\QHVV RU UHVHUYDWLRQ ³<RXU ´ KH¶OO EH DEOH WR WHOO KHU LQ (QJOLVK LI QRWKLQJ PRUH ³<RXU ´ KH¶OO VD\ SURIIHULQJ WKH XPEUHOOD ZKLOH DQWLFLSDWLQJ ZKDW KH GHVLUHV WKH E$-1²13&! ,&)5()&G! =9+E! &L;+&--($)! $H! 9)$13&+! -$5'! 9HH(+E(),! 3(EG! 9! ,'(E;-&! $H! 5)2$)F(1($)9'!I()F)&--!2$EE5)(291(),G!9.$%&!9''!&'-&G!1391!3&!-$E&3$=!E911&+-8! !

([FHSW WR KLV GLVPD\ VKH LVQ¶W ZDLWLQJ RQ WKH HPSW\ EHQFK QRU LV VKH FUHHSLQJ

9'$),!13&!F&-&+1&F!-(F&=9'I-8! ! X3&+&!9+&!/$5`! ! 3&!=$)F&+-G!F5E.-1+52I!./!3$=!-523!9! -'$=>=9'I(),!=$E9)!2$5'F!F(-9;;&9+!-$!H9-18! ! \&1!13&!$)'/!1+92&!$H!3&+!(-!13&!5E.+&''9! ()!3(-!39)FG!=3(23!3&!;+&-&)1'/!9.9)F$)-!91!13&!.5-!-1$;²9!2$)H5-&F!'$$I!2'$5F(),!3(-! H92&!9-!3&!;+$;-!(1!9,9()-1!13&!.&)238! ! #$!-$$)&+!F$&-!3&!-(1!F$=)!139)!13&!+&15+)!.5-! ,+$='-! 9+$5)F! 13&! -1+&&1! 2$+)&+G! 9)F! 3&! -;+(),-! .92I! 5;G! 2$)%()2&F! 1391G! -3$5'F! -3&! 2$E&! -&9+23(),! H$+! (1G! 13&! .'5&! 5E.+&''9! =(''! .&! ()! ;'9()! -(,318! ! T51! 9H1&+! 2'(E.(),! 9.$9+F! 9)F! 2'9(E(),! 9! =()F$=! -&91G! 3&! -19+&-! (F'/! $51-(F&! $)2&! 13&! .5-! -19+1-! E$%(),²3(-!&/&-!-5FF&)'/!=(F&)(),!=3&)!09+($)!E91&+(9'(P&-!$)!13&!$13&+!-(F&!$H!13&! -1+&&1G!-'(F(),!;9-1!3(E!9-!9!-$'(19+/!19.'&95!M5-1!=(13()!13&!2&E&1&+/!,91&-8! ! U3&!-19)F-! PRWLRQOHVV QHDU WKH VSRW ZKHUH KH¶G IRXQG KHU XPEUHOOD LPSDVVLYHO\ ZDWFKLQJ WKH EXV ,$! H$UWK DQG IURP 6DPXHO¶V HOHYDWHG SHUVSHFWLYH VKH DSSHDUV PLQLDWXUH EHQHDWK WKH HPHUJLQJ VXQOLJKW SDOH DQG IUDJLOH OLNH D GHFUHSLW YHUVLRQ RI KLV PRWKHU¶V EHORYHG ILJXULQHV $Q LQVWDQW ODWHU LW¶V KHU WXUQ WR YDQLVK IRU KLP KHU VWDWLRQDU\ IRUP VOLSSLQJ EHKLQG WKH FHPHWHU\ ZDOOV , GRQ¶W XQGHUVWDQG KH WKLQNV :K\ GLGQ¶W , VHH \RX WKHUH .&H$+&`! ! ")F! 9-! 13&! .5-! ,+()F-! $)=9+FG! 13&! F(-19)1! ,+9%&! +$=-! .&,()! 1$! +&-&E.'&! 9! -'(13&+(),G! 2$)2$+F9)1! $+,9)(-E²25+%(),G! H9))(),! $51G! 2$)1+921(),²-5.-&Q5&)1'/! ;5-3&F! 9-(F&! ()! 9! 1$++&)1! $H! 9;9+1E&)1! .5('F(),-! 9)F! -1+(;! E9''-! 9)F! .5-1'(),! 35E9)! 921(%(1/8! !!

\&1! 3(-! E()F! ;5PP'&-! H5+13&+! =3('&! 3&! 2$)1()5&-! ,9P(),! .&/$)F! 13&! =()F$=G!

&%&)159''/! -=9+E&F! ./! 13$5,31-! $H! 13&! &9+13! 2+$=F&F! =(13! ())5E&+9.'&! ;&$;'&! 9)F! 3&9F-1$)&-²$H!()F(%(F59'-!F/(),!$HH!9)F!$H!.9.(&-!.&(),!.$+)G!$H!H9E('/!E&E.&+-!&(13&+! -9/(),!,$$F./&!$+!3&''$²9)FG!13&)G!$H!9(+;'9)&-!)9%(,91(),!13&!-I(&-G!,$(),!H+$E!2(1/!1$! 2(1/G! 2$5)1+/! 1$! 2$5)1+/G! -9('(),! $%&+! E$5)19()-! 9)F! $2&9)-G! '9)F(),! 91! H$+&(,)! ;$+19'-! 1391! -5EE$)! F(-1()21! 25'15+&-! 9)F! 9'1&+)91(%&! +&9'(1(&-8! ! #$G! 3&! )$=! +&9-$)-! H$,,('/G! \RX GRQ¶W DOZD\V QHHG WR GLH WR JHW UHERUQ $OWKRXJK KH FDQ¶W TXLWH XQWDQJOH LW IRU


KLPVHOI FDQ¶W TXLWH JUDVS ZKDW LQ KLV IXWXUH ZLOO EH EHWWHU DSSDUHQW²&%&)!9-!3&!9'+&9F/! -&)-&-! 1391! 9! -(),'&! ;&+-$)! 2$)1()59''/! 239),&-G! -3&F-! -I()! 9)F! 39(+G! ,+$=-! 19''&+! $+! IDWWHU RU WKLQQHU ROGHU EXW QHYHU \RXQJHU VXEWO\ UHJHQHUDWHV LQWR VRPHRQH QHZ LW¶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¶OO VWXG\ KLV PDWXULQJ H&915+&-!$)!9!.913+$$E!E(++$+G!F$'&H5''/!;$)F&+(),!13&!;$--(.('(1/!1391!E9/.&!&%&+/$)&! (-! -3511'(),! 13+$5,3! 13(-! =$+'F! '(I&! =(''H5'! ,3$-1-²1391! E9/.&! 9'E$-1! &%&+/$)&! 2$E&-! 9)F! ,$&-! H+$E! 13&(+! $=)! '(%&-! 9! 13$5-9)F! 1(E&-! $+! E$+&! .&H$+&! 13&/! +&2&(%&! 9! H()9'G! (++&H519.'&!3&9F-1$)&8! !

T51!9-!H$+!1$F9/G!13&-&!,+9;;'(),!)$1($)-!.5+)!&%9-(%&'/!91!13&!.92I!$H!3(-!.+9()!

'(I&!9!'$=>,+9F&!H&%&+G!-$$)!39E;&+(),!3(-!F5''!'&--$)8! ! X(13!0+-8!Y$)&/!X9),!-(11(),! ()!H+$)1!$H!3(EG!3&!H(F,&1-!.&H$+&!9!E5-(2!-19)FG!+&-1'&--!9)F!F(-1+921&F8! ! Y&!2$)-19)1'/! .5),'&-!13&!;+921(2&!-29'&-G!3(-!H(),&+-!E9I(),!13&!-$+1!$H! -(E;'&! E(-19I&-!1391! -3$5'F! $)'/! ;'9,5&! .&,())&+-G! 9)F! &923! 1(E&! 9)! 9))$/&F! -(,3! &-29;&-! 0+-8! Y$)&/! X9),G! 3&+! KDQGV FODSSLQJ WZLFH WR VKRZ GLVDSSURYDO ³6WRS LW VWRS LW²VWDUW DJDLQ <RX¶UH QRW FRQFHQWUDWLQJ 6DPXHO &RQFHQWUDWH ´! !

$QG RQFH WKH DIWHUQRRQ¶V REOLJDWLRQV KDYH FRQFOXGHG WKH YDJDULHV RI KLV WKRXJKWV

H$''$=! 3(E! 3$E&G! F(E()(-3(),! -'(,31'/! 9-! 3&! ;5''-! 9)! 5)&L;&21&F! F&'(%&+/! H+$E! 13&! PDLOER[ DQ RYHUVHDV OHWWHU DGGUHVVHG WR KLV PRWKHU WKH IDLQW OLQHV RI KLV IDWKHU¶V 39)F=+(1(),! F(-2&+)(.'&! /&1! $.-25+&! ()-(F&! 13&! 13()>;9;&+&F! &)%&'$;&8! ! #&%&+! ;+&%($5-'/! 2$5'F! 3&! +&29''! 3(-! ;9+&)1-! 2$++&-;$)F(),! ./! E9('²)$1! =3&)! 13&! 5-&! $H! 9! 1&'&;3$)&!(-!&9-(&+G!)$1!=3&)!13&/!29)!92159''/!3&9+!&923!$13&+!-;&9I8! ! U$!=391!,$$F!(-! -&)F(),!9!)$1&G!3&!+5E()91&-!=3('&!5)'$2I(),!13&!F$$+8! ! X3/!.$13&+G!3&!2$)2'5F&-G!9)F! 13()I-! )$! E$+&! $H! (1! 9H1&+! ;'92(),! 13&! &)%&'$;&! $)! 13&! F()(),! +$$E! 19.'&G! '&9%(),! 3(-! IDWKHU¶V ZRUGV WKHUH IRU /RXLVD WR ILQG ! !

<3&)!E$%(),!9.$51!9!3$5-&!1391!-&&E-!(E;$--(.'/!Q5(&1²9-!-$5)F'&--!9-!-;92&G!9!


%9255E! ()! =3(23! $51-(F&! 2$EE$1($)-! 9+&! .5HH&+&F²U9E5&'! H&&'-! )$! ;5''! 1$=9+F! 13&! 1&'&%(-($)G! )$! ()1&+&-1! 1$F9/! ()! 13&! 9E5-&E&)1-! $H! 29+1$$)-! $+! -(12$E-8! ! Y&! 9'-$! '92I-! KLV XVXDO FUDYLQJ IRU D ODWH DIWHUQRRQ VQDFN GRHVQ¶W ZDQW DQ\WKLQJ VZHHW WR WLGH KLP $%&+!5)1('!F())&+8! ! 7)-1&9FG!3&!(-!2$EH$+1&F!./!13&!-3&&+!-('&)2&!1391!-&+%&-!9-!9!H(11(),! ;5)21591($)! E9+I! H$+! 9''! 3(-! 5)+&-$'%&F! 13$5,31-G! 9)! 9;;+$;+(91&! -(,)915+&! 91! 13&! 2$)2'5-($)!$H!9!%&L(),!9H1&+)$$)8! ! U=(),(),!13&!%($'()!29-&G!3&!F+(H1-!()1$!13&!39''=9/G! )$=! +&'(-3(),! 13&! (F&9! 1391! 3&! 2$5'F! &9-('/! .&! 13&! '9-1! ;&+-$)! $)! &9+13! 9)FG! 13&+&H$+&G! ()%(-(.'&8! !

([FHSW 6DPXHO LVQ¶W WUXO\ DORQH :KHQ HQWHULQJ KLV EHGURRP WKH TXLHW DURXQG

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²ZKHUH LW EHFRPHV VXGGHQO\ ULJLG LWV FODZV JUDVSLQJ WKH FDUSHW ³0RXVH ´ KH VD\V QXGJLQJ LW ³([HUFLVH WLPH PRXVH ´ %XW WKH PRXVH VWD\V SXW DV LI JOXHG WKHUH LWV )$-&!1=(123(),!9)F!(1-!2'9=-!F5,!()8! !

_&9'(P(),! (1! =$5'F! +913&+! &91! 139)! &L;'$+&! 13&! H'$$+G! 3&! ;&&'-! 13&! E$5-&! $HH! 13&!

29+;&1!9)F!1+9)-;$+1-!(1!.92I!1$!2$)H()&E&)18! ! "H1&+=9+F-G!3&!-;+()I'&-!-$E&!'9.!;&''&1-! $%&+!13&!29,&G!'&11(),!13&!H$$F!+9()!.&1=&&)!13&!.9+-!'(I&!E9))9!F+$;;&F!H+$E!3&9%&)8! ! <3&)! 3&! -(1-! 2+$--! '&,,&FG! =9123(),! 13&! E$5-&! -29E;&+! 1$=9+F! &923! -2911&+&F! ;&''&1G! UDYHQRXVO\ JQDZLQJ WKHP DV LI LW KDGQ¶W EHHQ IHG LQ DJHV 1RW UHDOO\ D JRRG SHW KH WHOOV 3(E-&'H8! ! #$1!E523!H5)8! ! #$1!13&!.(,!H+(&)F'/!F$,!3&!=(''!5'1(E91&'/!$=)G!9)F!)$1!13&! H91!;5++(),!291!1391!(-!F&-1()&F!1$!+5.!91!3(-!9)I'&-²M5-1!9!;(1(H5'G!)9E&'&--!'(11'&!E$5-&! 3$5-&F!.&3()F!13&!.9+-!$H!9!23&9;!'(11'&!29,&G!9-!5-&'&--!9-!9!;$11&F!;'9)1G!-;&)F(),!(1-! F9/-!&(13&+!35FF'&F!9-'&&;!$)!-E&''/!)&=-;9;&+G!$+!&91(),G!$+!-2+9123(),!H+9)1(29''/!H$+! H$$F8! !

\&1G! $51! $H! 13&! .'5&G! 9! +&E$+-&H5'! ;9),! -=&''-! 5;! ()-(F&! 3(EG! &%$I&F! '&--! ./! 3(-!

$H1&)!)&,'&21&F!E$5-&!139)!./!13$-&!$13&+!;&1-!1391!39F!;&+(-3&F!5)F&+!3(-!()911&)1(%&! 29+&8! ! ?5++$=(),! 3(-! .+$=G! 3&! &)%(-($)-! T$.$G! 13&! 2$''9+&F! .5-3>+$.()G! ;&+23&F! $)! 9! EUDQFK LQ WKH IRUHVW RI KLV LPDJLQDWLRQ DQG PXVHV LI \RX ZHUHQ¶W PLQH \RX¶G SUREDEO\


.&! 9'(%&8! ! #$=! )5E&+$5-! ,$'FH(-3! F9+1! 13+$5,3! 3(-! 13$5,31-G! -=(EE(),! 9'$),-(F&! '9+,&+! 29+;-! ()-1&9F! $H! H'$91(),! F&9F! =(13()! 9! F(+1/! H(-3! 19)I8! ! ")F! 13&)! J(11'&! X3(1&/G! 3(-! H(+-1! E$5-&G! (-! -;$11&F! 9'(%&! 9)F! =&''G! H$+9,(),! 9E(F! ,+&&)! ,+9--G! 9)F! +&,9+F-! 3(E! RQO\ ORQJ HQRXJK WR LPSDUW D VWHUQ PHVVDJH IURP LWV EXUQLQJ UHG H\HV ³1RWKLQJ VKRXOG -5+%(%&!()!9!-3$&.$L!5)1('!LW GLHV ´! !

T51! 3&! H&&'-! )$! -9F)&--! H$+! 13&! ;(&.9'F! E$5-&! F&%$5+(),! (1-! .5HH&1! $H! ;&''&1-8! !

³<RX¶UH VWLOO EUHDWKLQJ ´ KH PXWWHUV DW LW <RX VWLOO JRW D FKDQFH KH WKHQ WKLQNV +&-$'51&'/8! !

")F!=(13!1391G!U9E5&'!5)2+$--&-! 3(-!'&,-G!,+9..(),!13&!=(+&!39)F'&!$H!13&!29,&8! !

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²13&! -'(F(),! F$$+-! .'$=)! 1$! 13&! ,+$5)FG! 13&! =3(1&! 9'5E()5E! -(F(),! 29I&F! 13$+$5,3'/!()!9!%(-2&+9'!-;+9/!$H!+&FF(-3!+5-18! !

&UXVKLQJ ZHHGV XQGHUIRRW KH UHDFKHV WKH IDU SHULPHWHU QHDU WKH SURSHUW\¶V

=&913&+&F!=$$F&)!H&)2&G!9++(%(),!=3&+&!,9+F&)!.&F-!'$$I!9-!9+(F!9-!F&-&+1!-$('!9)F!.&9+! )$!-(,)!$H!=391&%&+!39F!$)2&!,+$=)!13&+&8! ! Y&!-&1-!13&!29,&!.&-(F&!9!1+&&!-15E;G!$)!9! -E9''! 2'&9+(),! $H! 2+9.! ,+9--8! ! D%&+! 13&! H&)2&G! 9! E9--(%&! ;9'E! 1+&&! 1$=&+-! ()! -$E&$)&! HOVH¶V EDFN\DUG VXUSDVVLQJ D XWLOLW\ SR'&! 9)F! &'&21+(29'! '()&-G! (1-! =(F&! -39F$=! H9''(),! XSRQ KLP DV KH VTXDWV GRZQ ³<RX JR ´ KH XUJHV WKH PRXVH RQFH WKH FDJH JDWH KDV EHHQ XQODWFKHG DQG SXVKHG RSHQ ³*R ´! !

?$+! 9! 1(E&! 3&! =9(1-G! 39'H! &L;&21(),! 13&! E$5-&! 1$! -5FF&)'/! F9+1! H$+=9+F8! ! T51!

9H1&+!9!H&=!E()51&-G!13&!E$5-&!9F%9)2&-!$)'/!9-!H9+!9-!13&!,91&G!-19/(),!()-(F&!13&!29,&! =3('&!-)(HH(),!91!13&!9(+G!-&&E(),'/!()1&+&-1&F!/&1!5)2&+19()!9.$51!13&!&L;9)-&!$H!=&&F-! 9)F!,+9--!93&9F8! ! <3&)!E$+&!E()51&-!;9--!=(13$51!13&!E$5-&!;+$2&&F(),!9)/!H5+13&+G! -$!6DPXHO GHFLGHV WKHUH¶V QR JUHDW KXUU\ ! !

³<RX JR ZKHQ \RX ZDQW ´ KH WHOOV WKH PRXVH EHIRUH GHSDUWLQJ ³<RX¶UH IUHH ´

")F! -&)-(),! 9! +&F&E;1(%&G! 2$''&21(%&! )$F! $H! 9;;+$%9'! H+$E! 9''! 3(-! F&2&9-&F! ;&1-G! 3&! '&9%&-!13&!$;&)!29,&G!+&15+)(),!1$!13&!3$5-&!9)FG!;+&-&)1'/G!-3511(),!3(-!.&F+$$E!F$$+!


.&3()F!3(E8! !

#$=! H(,5+(),! -$E&13(),! &)M$/9.'&! (-! ()! $+F&+G! 3&! 19I&-! 9! -&91! 91! 13&! 2'511&+&F!

F&-I8! ! Y(-!-15F/!.$$I-!13&)!,&1!9++9),&FG!-192I&FG!;5-3&F!9-(F&8! ! <3&!%$29.5'9+/!H'9-3! 29+F-!9+&!F&;$-(1&F!=(13()!9!F+9=&+8! ! J$$-&>'&9H!;9;&+!(-!2'&9+&F!H+$E!%(&=G!9'$),!=(13! -&%&+9'!&+9-&+-G!5)1('!13&!$)'/!$.M&21-!1391!+&E9()!()!H+$)1!$H!3(E!9+&!2$'$+&F!;&)-G!1=$! ;&)2('-G!2+9/$)-G!9)F!13&!0&9F!-;(+9'!)$1&.$$I!2$)19()(),!3(-!F+9=(),-8! !

X3('&!+&2$)-(F&+(),!13&!;9,&-!$H!3(-!5)H()(-3&F!E9),9²13&!$)&!()!=3(23!3&+$(2!

0(),>-3&),!(-!-1+5,,'(),!1$!+&-25&!13&!(E;&+('&F!W5)>-3(&)G!H(,31(),!$HH!I(''&+!%()&-!9)F! F&9F'/!-29+9.-²KH IHHOV WKH VWRU\ LVQ¶W ZRUWK KLV HIIRUW DQ\PRUH WKH DGYHQWXUH UHQGHUHG .$+(),!9)F!F91&F!()!13&!=&&I-!-()2&!(1!=9-!'9-1!=$+I&F!$)8! ! U$!9!2'&9)!)$1&.$$I!;9,&!(-! H$5)FG!9)F!'92I(),!9)/!H$+&13$5,31G!13&!;&)2('!3&'F!=(13()!3(-!H(),&+-!39-1('/!-I&123&-!9)! 9+EG! H$''$=&F! ./! 9)$13&+! 9+EG! H$''$=&F! ./! F$P&)-! $H! 9+E-²$51-1+&123&F! H+$E! 9''! F(+&21($)-!9)F!$%&+'9;;(),G!.9+&!9)F!9'(I&G!&923!F(-;'9/(),!'9+,&!-'(1-!92+$--!13&!=+(-1-8! ! D)2&!13&!;9,&!(-!H(''&F!&)1(+&'/!=(13!251!9+E-G!3&!'&9)-!.92I!9)F!/9=)-8! ! Y(-!&/&-!+$9E! 1$! 9! 2$+)&+! $H! 13&! F&-IG! H(+-1! +&,9+F(),! 13&! K$+9&E$)! ;&))/! .9)IG! 13&)! 13&! 0(2I&/! 0$5-&!&9+-!.&-(F&!(18! !

Y&! ,9P&-! 91! 13&! -$5%&)(+! -I5''29;! H$+! -$E&! 1(E&O! 9)F! H+$E! =3&+&! 3&! -(1-! H92(),!

13&! =9''G! 13&+&! %(%(F'/! &E&+,&-²9E$),! 13&! F5-I! )$=! -&11'(),! $)! 13&! %9''&/²9! 2$)2&;1($)!$H!13&!'(11'&!E$5-&!9'+&9F/!-25++/(),!-$E&=3&+&!1$!H$+,&!9!.&11&+!'(H&G!-)(HH(),! 13&!,+$5)F!=3('&!&-29;LQJ WKURXJK D ZLOGHUQHVV RI ZHHGV 7KHQ DV LI KLV SHW¶V VXGGHQ H+&&F$E!39F!.&2$E&!9!2+5-3(),!=&(,31G!3&!-'5E;-!()!13&!239(+G!9!-2$='!.$+)&!$H!&)%/G! 9)F! E()$+! +&,+&1G! .+(&H'/! 39E;&+(),! 3(-! H&915+&-8! ! U3(H1(),! 3(-! -19+&G! 3&! -29)-! 13&! 2$'$+&F! ;&)-G! -&'&21-! 13&! +&FF&-1! $)&G! 9)F! .&,()-! 2$'$+(),! .'$$F! ()1$! 13&! ,9;(),! =3(1&! -'(1-G!3(-!3&9F!35)I&+&F!'$=8! !

U$$)! 13&! $51-(F&! '(,31! ,+$=-! %9,5&G! -39F(),! 3(-! .&F+$$E! ./! F&,+&&-8! ! X(13$51!

'$$I(),!5;G!3&!-=(123&-!$)!13&!F&-I!'9E;G!(1-!2$)2&)1+91&F!.&9E!+&H'&21(),!$HH!13&!-3()/! .'5&!-I()!$H!13&!;&))/!.9)I8! ! ")FG!.&H$+&!'$),G!=3&)!13&!E5HH'&F!F(-+5;1($)!$H!13&!H+$)1! F$$+! 5)'$2I(),! 29123&-! 3(-! 911&)1($)²+911'(),! $;&)G! ,9-;(),! -351²KH FDQ¶W KHOS EXW JODQFH DW WKH 'RUDHPRQ¶V VOHQGHU EODFN JULQ ZKLVSHULQJ ³0D¶V KRPH ´! !

<RX¶UH ULJKW 'RUDHPRQ¶V LQDQLPDWH VWDUH FRPPXQLFDWHV 6KH¶V HDUO\ WRGD\

X391!=(''!/$5!&L;'9()!9.$51!E$5-&`! !

, GRQ¶W NQRZ KH WKLQNV 0D\EH VKH ZRQ¶W DVN !


!

U9E5&'!'(-1&)-!H$+!9!=3('&G!&L;&21(),!3&+!%$(2&!91!9)/!-&2$)F8! ! T51!-3&!)&%&+!29''-!

3(-!)9E&G!)$+!F$&-!3&+!H$$1-1&;-!2$E&!;$5)F(),!9'$),!13&!39''=9/!-$!-3&!29)!23&2I!$)! 3(E8! ! ")F! ()! 13&! E(FF'&! $H! F&.91(),! =3&13&+! 1$! -19+1! ;'9/(),! 13&! %($'()! $+! +&-5E&! -15F/(),G! 9! 23(''(),! -&)-91($)! =9-3&-! $%&+! 3(E²9)! 5)29))/! H&&'(),! 1391G! ;&+39;-G! (1! ZDVQ¶W KLV PRWKHU ZKR KDF!&)1&+&F!13&!3$5-&!9H1&+!9''8! ! 4&E&1&+/!H92&-!-5FF&)'/!-;+(),! ()1$! 3(-! 2$)-2($5-)&--! '(I&! F+&9FH5'! %(-($)-! F&-&+1(),! 13&! 5)F&+=$+'F²235../! ]=9)! X9(! ]9)! 9)F! -I())/! #,! U&&! X$$! '&%(191(),! 9-! 9! ,+5&-$E&! ;9(+! 9.$%&! 13&! '(%(),! +$$E! 29+;&1G! 13&)! ?+9)2(-! F+9,,(),! 3(E-&'H! -1(HH'/! 92+$--! 13&! I(123&)! '()$'&5E²13&)! 13&! 35E9)! -;&21+&! $H! 09+($)! -19)F(),! H+$P&)! ()! 13&! 39''=9/8! ! X(13! .$13! 1+&;(F91($)! 9)F! 25+($-(1/G! 3&! -)&9I-! H+$E! 13&! F&-I! 1$! 13&! .&F+$$E! F$$+G! 9)F! '(-1&)(),! E$+&! ()1&)1'/! )$=G!3&!-1(''!3&9+-!)$13(),!$51!13&+&²)$!F9),'(),!$H!I&/-G!)$!135FF(),!$H!921(%(1/G!)$1!9! -(),'&! -$5)F8! ! \&1! 3&! (-! ;$-(1(%&! 13&! H+$)1! F$$+! 39F! .&&)! 5)'$2I&FG! -=5),! =(F&! 9)F! SXVKHG VKXW KH¶G KHDUG LWV W\SLFDO UHYHUEHUDWLRQV LWV XQPLVWDNDEOH QRLVH EUHHFKLQJ WKH -('&)2&!$H!13&!3$5-&8! !

Y&! 2+92I-! 13&! .&F+$$E! F$$+! $;&)! 9-! Q5(&1'/! 9-! ;$--(.'&G! ;&&I(),! F$=)! 13&!

F9+I&)&F! 39''=9/8! ! <3+$5,3! 13&! &Q59''/! F9+I! I(123&)! 93&9FG! 3&! -;(&-! 13&! ,'$=! $H! 13&! GLQLQJ URRP OLJKW WKH VLJKW LPPHGLDWHO\ OHVVHQLQJ KLV IHDUV 6SLULWV GRQ¶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²13&! '&11&+! 3&'F! )&9+! 3&+! 23()G! 3&+! -19+&! '(),&+(),! $)! 2&+19()! =$+F-! $+! -&)1&)2&-²5)1('G! 9-! 13$5,3!F$)&!()!-'$=!E$1($)G!13&!;9,&!2+5E;'&-!'&(-5+&'/!.&1=&&)!3&+!;9'E-G!+&F52&F!1$! 9!2$E;+&--&F!=9F!1391!(-!13&)!,+(;;&F!()-(F&!9!1(,31!H(-18! !

Y&+!&/&-!'(H1!=(13!9)!()=9+FG!2$)1&E;'91(%&!Q59'(1/G!9)F!U9E5&'!=9123&-!3&+!13&)!

-Q5()1!1$=9+F!13&!I(123&)!F$$+=9/G!1$=9+F!3(EG!13&!-5,,&-1($)!$H!9!H+$=)!=9%&+(),!91! 3&+! '(;-! .51! )&%&+! Q5(1&! E9)(H&-1(),8! ! ")F! H+$E! =3&+&! J$5(-9! -(1-G! -3&! $.-&+%&-! 3(E! '$(1&+(),! 13&+&! ()! 13&! F9+IG! 2'$-&! 1$! 13&! 39''=9/! 9)F! -('3$5&11&F! ./! 13&! F$=)-1+&9E! '5E()&-2&)2&!29-1!H+$E!3(-!.&F+$$E8! !

³6KXQJ>\R"´ -3&!-9/-8!

!

³0D ´ KH UHSOLHV !


!

^;$)!3&9+(),!3(-!%$(2&G!J$5(-9!+&'&9-&-!9!3&9%/!-(,3G!9)F!+(-(),!91!13&!19.'&G!-3&!

VD\V WLUHGO\ ³,¶OO FRRN \RX VRPHWKLQJ ´! !

U3&! 3&9F-! ()1$! 13&! I(123&)G! H'(2I(),! 13&! '(,31! -=(123! 9)F! .+(,31&)(),! &%&+/13(),!

9+$5)F! 13&E8! ! T51! DV VKH FRPHV IRUZDUG 6DPXHO QRWLFHV D ORRN RQ KHU WKDW KH FDQ¶W F&H()&²)&(13&+!9),&+!$+!-9F)&--G!)$+!2$)1&)1E&)1!$+!F&-;9(+O!(1!(-!;5+&'/!9)!5)9F$+)&F! &L;+&--($)G!9-!.'9)I!9)F!()-2+519.'&!9-!13$-&!;$+1+9(1-!H(L&F!9,9()-1!3&9F-1$)&-8! ! #$=! 3$%&+(),!9.$%&!3(EG!13&!'$$I!(-!9'1&+&F!./!9!H9()1'/!;&+2&;1(.'&!,+()!15,,(),!$)&!-(F&!$H! 3&+!E$513!9-!-3&!+&923&-!H$+!3(E8! ! Y&+!I)52I'&-!,&)1'/!-1+$I&!3(-!23&&IG!.&-1$=(),! 9! +9+&! 1$523! $H! 1&)F&+)&--! 1391! +&H'&L(%&'/! E9I&-! 3(E! 1&)-&! 5;G! 3(-! ,9P&! ,'9)2(),! 5)2$EH$+19.'/!91!13&!'()$'&5E!.&'$=8! !

³<RX PXVW EH KXQJU\ ´ /RXLVD VD\V DQG ZLWKRXW VD\LQJ DQRWKHU ZRUG VKH WXUQV

9=9/! H+$E! 3(E! 9)F! ,$&-! 1$! =3&+&! 13&! 2+5E;'&F! '&11&+! 29)! .&! F(-29+F&F! ()! 13&! =9-1&.9-I&1! 5)F&+! 13&! -()I8! ! <3&)! -3&! ;51-! $)! 9! ,+&&)! 9;+$)! .&H$+&! 19I(),! ;+&-&+%&F! +9F(-3G!,+$5)F!;$+IG!9)F!1=$!&,,-!$51!$H!13&!+&H+(,&+91$+8! ! ")F!=3('&!;+&;9+(),!F())&+! 91!13&!-1$%&G!3&+!3&9F!.&,()-!)$FF(),G!,+9F59'!.51!-1&9F('/G!9-!(H!-3&!=&+&!9,+&&(),!=(13! 3&+-&'H!9.$51!-$E&13(),!)$1!/&1!H5''/!+&9'(P&F²9-!(HG!()!9!E$E&)1!$H!'9,,(),!2'9+(1/G!-3&! 2$5'F!9'E$-1!()15(1!=391!3&+!H515+&!&)19('-8! ! ! !

(YHQ VR VKH KDV QR SUHVFLHQW DELOLW\ WR NQRZ WKDW EH\RQG WKH FHQWXU\¶V SDVVLQJ

3&+! $'F&+! -&'H! =$5'F! -$E&1(E&-! +&H'&21! $)! 13&! E&E$+/! $H! 13(-! &%&)(),²=3&)! U9E5&'! =9-!-1(''!.9+&'/!9!23('F!9)F!-3&!=9-!9!E523!/$5),&+!=$E9)!9)F!3&+!H$+E&+!35-.9)F!39F! ZULWWHQ KHU D OHWWHU DERXW KLV SURIRXQG GHVLUH IRU VRPHRQH HOVH 1R VKH¶OO WKLQN ZLWK 13&! 3()F-(,31! $H! +$5,3'/! 1=$! F&29F&-G! 3&! )&%&+! ()1&)F&F! 1$! M$()! 5-! 3&+&G! )&%&+! +&9''/! =9)1&F!9!H+&-3!-19+1!9)/=9/²H[FHSW , ZDV WRR GXPE WR VHH LW WRR QDLYH %XW VKH¶OO DOVR H&&'!9E9P&F!./!13&!M$5+)&/!-3&!9)F!U9E5&'!39F!-5+%(%&F!1$,&13&+G!M5-1!13&!1=$!$H!13&E! DW WKH HQG WKH KRXVH VKH¶G UHQWHG KDV VLQFH EHFRPH WKH UHPRGHOHG KRPH WKH\ ERWK RZQ DQG WKH ER\ VKH¶G VLQJO&>39)F&F'/!H()(-3&F!+9(-(),!39-!.&2$E&!13&!$)'/!E9)!()!3&+!'(H&G! +9+&'/!-1+9/(),!H9+!&%&)!13$5,3!3&!)$!'$),&+!'(%&F!=(13!3&+8! !

<3&)! /&9+-! 9H1&+! 13&! %($'()! 39F! .&&)! +&1(+&F! 9)F! E$+&! (E;$+19)1! ()1&+&-1-!

FRQVXPHG 6DPXHO¶V GD\V VKH¶''! 2$)-(F&+! 3&+-&'H! .'&--&F! H$+! 39%(),! -523! 9! '$/9'G! 13$5,31H5'!23('F²9!H('(9'!-$)!=3$!%(-(1-!3&+!1=(2&!9!=&&I!9)F!&91-!F())&+G!=3$!;+$,+9E-! 3&+! KS_! 1$! 29;15+&! 3&+! H9%$+(1&! E&'$F+9E9-G! 9)F! =3$! 1+9)-'91&-! (E;$+19)1>'$$I(),! M5)I!E9('!-$!1391!-3&!29)!5)F&+-19QG SUHFLVHO\ ZKDW LV EHLQJ RIIHUHG ,W ZRQ¶W PDWWHU


13&)G! 1391! )$! =$E9)! 39F! &%&+! ()1(E91&'/! ;+&$225;(&F! 3(-! 9F5'13$$F²)$! ;$1&)1(9'! F95,31&+>()>'9=!M$()(),!3&+!$)!-3$;;(),!&L25+-($)-G!)$!.($'$,(29''/!2$E;91(.'&!E91&!$H! 3(-!,(%(),!3&+!;+&2($5-!,+9)F23('F+&)²)$+!=$5'F!13&+&!.&!9)/!$13&+!'(%(),!-$5'!H$+!3&+! 1$!,+$=!$'F!=(13!.51!3(E8! !

")F! &(,31&&)! /&9+-! H+$E! 13(-! %&+/! &%&)(),G! J$5(-9! =(''! .&! -19)F(),! ()! 13&! -9E&!

I(123&)²)$FF(),!3&+!3&9F!9.$%&!13&!-1$%&!&L921'/!9-!-3&!(-!F$(),!)$=G!2+92I(),!9)!&,,! $%&+! 9! 3&91&F! =$I²=3('&! U9E5&'! (F'&-! -$E&=3&+&! )&9+./G! +&-&+%&F! 9)F! 911&)1(%&G! 29'E'/!9=9(1(),!13&!5)-;$I&)!9HH&21($)!$H!3&+!H$$F8! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !




! ! ! ! ! ! ! ! @AhC! ! "! -2+&&)! F$$+! -=(),-! $;&)8! ! K$,-! 9+&! .9+I(),8! ! "! -2+&&)! F$$+! &9-&-! -3518! ! 43('F+&)! 9+&!-;'9-3(),!9.$51!()!9!)&9+./!-=(EE(),!;$$'8! !

")F!()!13&!E()51&-!.&H$+&!)(,31H9''G!9-!13&!'9-1!-1+&9I-!$H!F9/'(,31!9+&!9.-$+.&F!./!

9)!()I/!.'5&)&--G!U9E5&'!-1&9'-!$51-(F&!1$!13&!.92I/9+F8! ! T&/$)F!9)F!9.$%&!3(E!2$E&-! 9!-1+(F&)1!-Q59=I(),G!13&!()2&--9)1!511&+9)2&-!$H!'9+,&!.(+F-!;&+23&F!3(,3!9'$),!51('(1/! '()&-²'$5F&+!139)!13&!F$,-G!'$5F&+!139)!13&!)&(,3.$+(),!23('F+&)G!9)F!'$5F&+!139)!9)/! .(+F-!3&!39-!&%&+!3&9+F8! ! 4+$=-G!3&! (EE&F(91&'/!;+&-5E&-8! ! K5+(),!-23$$'!E$+)(),-G! KH¶G VHHQ FURZV GLJJLQJ DURXQG WUDVKFDQV RU VFDYHQJLQJ RQ IURQW ODZQV DQG ODWHO\ VLQFH -5EE&+!.&,9)G!3&!39-!3&9+F!13&E!E9)/!1(E&-G!9'=9/-!=3&)!13&! 3$5-&!=()F$=-! 39%&! .&&)!$;&)&F!()!13&!&%&)(),-8! !

<+9E;(),!13+$5,3!13&!=&&F-G!3&!,9P&-!5;!91!13&!51('(1/!'()&-!93&9FG!$.-&+%(),!13&!

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

([FHSW LW ZDVQ¶W FURZV DIWHU DOO 6DPXHO UHDOL]&-8! ! 7)-1&9FG! (1! =9-! 2$5)1'&--!

;9++$1-!E9I(),!-$!E523!)$(-&!$H!'91&².(,!9)F!,+&&)!9)F!292$;3$)$5-²)$=!-=9+E(),! 92+$--! 13&! F5-I/! -I/! 9-! F9+I&)&F! -39;&-! 1391! =(''! E$E&)19+('/! E&+,&! ()1$! 13&!


F&-2&)F(),! .92IF+$;! $H! )(,318! ! ")F! =9123(),! 13&! ;9++$1-! -$9+! ()1$! 13&! F(-19)2&G! 13&(+! -3+(&I-! H9F(),G! 3&! (-! E/-1(H(&F! ./! 13&! -(,31! $H! 13&E8! ! Y&! 39-! )&%&+! ;+&%($5-'/! )$1(2&F! ;9++$1-! ()! 13&! 9+&9G! )&%&+! I)&=! 13&/! 2$5'F! '(%&! 9E(F! 13&! 3(,3! F&-&+1! 1&++9()! 9)F! -5.5+.9)!M5),'&!$H!13&!U9)!V9.+(&'!S9''&/8! !

%XW ZKHUH¶G WKH\ FRPH IURP`! ! 3&! H()F-! 3(E-&'H! =$)F&+(),8! ! Y$=! H9+! F(F! 13&/!

1+9%&'!1$!,&1!3&+&G!9)F!=3/!3&+&`! !

U&2$)F-! '91&+G! 13&! ;9++$1-! 9+&! )$! '$),&+! -&&)! $+! 3&9+F8! ! "! -E911&+(),! $H! -19+-!

,'(11&+!()!13&(+!=9I&8! ! "E9P&F!91!39%(),!,'(E;-&F!13&!.(+F-G!U9E5&'!2$)1()5&-!H$+=9+FG! +&15+)(),! 1$!13&! 1+&&! -15E;! -$! 3&! 29)! +&1+(&%&! 13&! 29,&8! ! X&&F-! .+5-3! 3(-! 9)I'&-G! 9)F! ZLWK KLV VKRHV WZLVWLQJ DJDLQVW KDUG VRLO KH ZRQ¶W UHPRWHO\ FRQFHLYH WKDW HYHU\ LQFK RI 13(-!)&,'&21&F!-;92&!=(''!-$E&F9/!&L(-1! 9-!9! '5-3!,9+F&)!$H!H'$=&+-!9)F!%&,&19.'&-!9)F! 9.5)F9)1! H+5(1! 1+&&-G! .+$5,31! ()1$! +&9'(1/! $%&+! 13&! /&9+-! ./! 3(-! E$13&+! 9)F! 5'1(E91&'/! E9()19()&F! -$'&'/! ./! 3(E-&'H².&2$E(),! 9)! &%&)159'! $9-(-! $H! ;+(F&! 9)F! ;&92&! 9)FG! 91! -$E&!;$()1G!Q5(&1!E&E$+(9'8! ! T51!)$1!9)/1(E&!-$$)8! !

<3&! F$,-! 39%&! Q5(1! .9+I(),8! ! <3&! -ZLPPLQJ SRRO FKLOGUHQ DUHQ¶W VSODVKLQJ DQG

/&''(),!9)/E$+&8! ! #$=!9!35-3&F!-1('')&--!.'9)I&1-!13&!.92I/9+FG!9)F!U9E5&'!3&9+-!M5-1! 13&!2+92I'&!$H!3(-!H$$1-1&;-8! ! U1$;;(),!)&L1!1$!13&!-15E;G!3&!;&&+-!F$=)!91!13&!F9+I)&--! 1391! ()H5-&-! 13&! 2+9.! ,+9--! .&)&913! 3(P JODQFLQJ DERXW \HW GRHVQ¶W VHH WKH PRXVH '5+I(),!)&9+./!()!13&!F(+1!$+!=&&F-8! ! Y(-!-19+&!E$%&-!H9+13&+!$51G!-;9))(),!13&!.9++&)! -1+&123! .&1=&&)! 13&! -15E;! 9)F! 13&! F('9;(F91&F! 1$$'! -3&FG! 9)F! 3&! (E9,()&-! 13&! E$5-&! 39-! 9'+&9F/! 2+$--&F! 1391! F(-19)2&G! ;&+39;-! -Q5&&P&F! ()1$! $13&+! .92I/9+F-G! -29E;&+(),! 1(+&'&--'/!$)=9+F!=3('&!F(-2$%&+(),!)&=!=$+'F-8! !

")!5)&L;&21&F!-9F)&--!1(,31&)-!3(-!-1$E9238! ! #$!E$+&!E$5-&G!3&!13()I-8! ! V$)&!

H$+!,$$F8! !

T51!=3&)!.&)F(),!H$+!13&!29,&G!3&!(-!-5+;+(-&F!1$!F(-2$%&+!13&!2'5E;!$H!3(-!E$5-&!

()-(F&! (1²-&&)! F(E'/! 13+$5,3! 13&! .9+-G! 25+'&F! ()1$! 9! .9''! 91! 9! 2$+)&+²9-'&&;! $)! 13&! )&=-;9;&+8! ! ?$+2(),! 9! H+$=)G! 3&! '&1-! 3(-! -9F)&--! .&2$E&! F(-;'92&F! ./! +&'(&HG! &%&)! 13$5,3! 3&! 3&9%&-! 9)! 9))$/&F! -(,3G! -39I(),! 3(-! 3&9F8! ! <3&)! 3&! -'(F&-! 13&! '(11'&! E&19'! ,91&!-351G!-&25+(),!13&!'91238! !

J(H1(),! 13&! 29,&! ./! 13&! 39)F'&G! 3&! 29++(&-! 13&! E$5-&! H+$E! 13&! -15E;G! H'$91(),! (1!

9.$%&! 13&! F&-$'91&! /9+F²,$(),! =3&+&G! ()! H+$)1! $H! 3(EG! 13&! I(123&)! ,'$=-! 91! 9)! $;&)! =()F$=G!9)F!3(-!E$13&+!'&9)-!$%&+!13&!-1$%&G!9)F!13&!,+&9-/!-(PP'(),!$H!9!;9)!;+$E(-&-!9!


-91(-H/(),! F())&+8! ! U)(HH(),! 13&! 9(+G! 3&! ()39'&-! -(EE&+(),! ;$+IG! H+/(),! &,,-G! 9! ;5),&)1! -;+()I'(),!$H!F(2&F!23(%&-²9''!2$E.()&F!/&1!&923!$)&!F(-1()21(%&8! ! X(13$51!.&(),!9=9+&! $H! (1G! 13&-&! ;+(E9+/! $F$+-! 39-1&)! 3(EG! 9)F! 3(-! -3$&-! ;$5)F! 13&! &9+138! ! Y&! =3(-;&+-! H&%&+(-3'/!=3('&!35++/(),!5;!13&!;$+23!-1&;-G!%9)(-3(),!13&)!.&3()F!9!E&19'!-2+&&)!F$$+! 1391!-'9E-!F&H()(1LYHO\ DW WKH PRPHQW RI WKH GD\¶V XQKHUDOGHG FRQFOXVLRQ ! !

\&1!3(-!=3(-;&+(),!E9)9,&-!1$!'(),&+!$51-(F&!.&/$)F!3(E²+&1+&91(),!5)F&+)&913!

13&!E911&F!2+9.!,+9--G!-'(13&+(),!'(I&!1&)F+('-!13+$5,3!F&9F!-1&E-G!511&+(),!9-!(1!&-29;&-! H+$E!13&!/9+F²9)F!+&2&F&-!-$E&=3&+&!H9+!9=9/G!.&2$E(),!9)!(E;&+2&;1(.'&!-$5)F!()!9! 2(1/!E9F&!$H!)$(-&G!)$!E$+&!F(-2&+)(.'&!139)!9!.'92I!F$1!$)!9!.'92I!3$+(P$)O!(1!(-!13&+&G! .51! )$1! 13&+&²9)! 5)F/(),! 1+9)-E(--($)! 9'+&9F/! .&'$),(),! 1$! 13&! ;9-1G! 13&! ,3$-1! $H! 9! ER\¶V VRRQ IRUJRWWHQ YRLFH ! ! -9/8! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

J1;,5?7)&1;,5?)+*;&"G!(1!)$=!1&''-!13&!)(,318! ! J1;,5?7)&1;,5?)+*;&"G!(1!=(''!H$+&%&+!





Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.