Diary of a Wimpy Kid Dog Days

DIARY OF A WIMPY KID

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

-HII.LQQH\

-XQH )ULGD\ )RUPHVXPPHUYDFDWLRQLVEDVLFDOO\DWKUHHPRQWK JXLOWWULS -XVWEHFDXVHWKHZHDWKHUVQLFHHYHU\RQHH[SHFWV \RXWREHRXWVLGHDOOGD\|IUROLFNLQJ}RUZKDWHYHU $QGLI\RXGRQWVSHQGHYHU\VHFRQGRXWGRRUV SHRSOHWKLQNWKHUHVVRPHWKLQJZURQJZLWK\RX %XWWKHWUXWKLV,YHDOZD\VEHHQPRUHRIDQ LQGRRUSHUVRQ 7KHZD\,OLNHWRVSHQGP\VXPPHUYDFDWLRQLVLQ IURQWRIWKHWYSOD\LQJYLGHRJDPHVZLWKWKH FXUWDLQVFORVHGDQGWKHOLJKWVWXUQHGRII

8QIRUWXQDWHO\0RPVLGHDRIWKHSHUIHFWVXPPHU YDFDWLRQLVGLIIHUHQWIURPPLQH

0RPVD\VLWVQRW|QDWXUDO}IRUDNLGWRVWD\ LQGRRUVZKHQLWVVXQQ\RXW,WHOOKHUWKDW,P MXVWWU\LQJWRSURWHFWP\VNLQVR,GRQWORRN DOOZULQNO\ZKHQ,PROGOLNHKHUEXWVKHGRHVQW ZDQWWRKHDULW 0RPNHHSVWU\LQJWRJHWPHWRGRVRPHWKLQJ RXWVLGHOLNHJRWRWKHSRRO%XW,VSHQWWKH ILUVWSDUWRIWKHVXPPHUDWP\IULHQG5RZOH\V SRRODQGWKDWGLGQWZRUNRXWVRJRRG 

5RZOH\VIDPLO\EHORQJVWRDFRXQWU\FOXEDQG ZKHQVFKRROOHWRXWIRUWKHVXPPHUZHZHUH JRLQJWKHUHHYHU\VLQJOHGD\

7KHQZHPDGHWKHPLVWDNHRILQYLWLQJWKLVJLUO QDPHG7ULVWDZKRMXVWPRYHGLQWRRXUQHLJKERUKRRG ,WKRXJKWLWZRXOGEHUHDOO\QLFHRIXVWRVKDUHRXU FRXQWU\FOXEOLIHVW\OHZLWKKHU%XWILYHVHFRQGV DIWHUZHJRWWRWKHSRROVKHPHWVRPHOLIHJXDUG DQGIRUJRWDOODERXWWKHJX\VZKRLQYLWHGKHUWKHUH



7KHOHVVRQ,OHDUQHGLVWKDWVRPHSHRSOHZRQW WKLQNWZLFHDERXWXVLQJ\RXHVSHFLDOO\ZKHQ WKHUHVDFRXQWU\FOXELQYROYHG 0HDQG5RZOH\ZHUHEHWWHURIIZLWKRXWDJLUO KDQJLQJDURXQGDQ\ZD\:HUHERWKEDFKHORUVDW WKHPRPHQWDQGGXULQJWKHVXPPHULWVEHWWHU WREHXQDWWDFKHG

$IHZGD\VDJR,QRWLFHGWKHTXDOLW\RIVHUYLFH DWWKHFRXQWU\FOXEZDVVWDUWLQJWRJRGRZQD OLWWOH/LNHVRPHWLPHVWKHWHPSHUDWXUHLQWKH VDXQDZDVDIHZGHJUHHVWRRKRWDQGRQHWLPH WKHSRROVLGHZDLWHUIRUJRWWRSXWRQHRIWKRVH OLWWOHXPEUHOODVLQP\IUXLWVPRRWKLH 

,UHSRUWHGDOOP\FRPSODLQWVWR5RZOH\VGDG %XWIRUVRPHUHDVRQ0U-HIIHUVRQQHYHUSDVVHG WKHPRQWRWKHFOXEKRXVHPDQDJHU

:KLFKLVNLQGRIZHLUG,ILWZDVPHZKRZDV SD\LQJIRUDFRXQWU\FOXEPHPEHUVKLS,GZDQW WRPDNHVXUH,ZDVJHWWLQJP\PRQH\VZRUWK $Q\ZD\DOLWWOHZKLOHODWHU5RZOH\WROGPHKH ZDVQWDOORZHGWRLQYLWHPHWRKLVSRRODQ\PRUH ZKLFKLVILQHZLWKPH,PPXFKKDSSLHULQVLGH P\DLUFRQGLWLRQHGKRXVHZKHUH,GRQWKDYHWR FKHFNP\VRGDFDQIRUEHHVHYHU\WLPH,JRWR WDNHDVLS 

6DWXUGD\ /LNH,VDLG0RPNHHSVWU\LQJWRJHWPHWRJRWR WKHSRROZLWKKHUDQGP\OLWWOHEURWKHU0DQQ\ EXWWKHWKLQJLVP\IDPLO\EHORQJVWRWKHWRZQ SRROQRWWKHFRXQWU\FOXE$QGRQFH\RXYHWDVWHG WKHFRXQWU\FOXEOLIHLWVKDUGWRJREDFNWREHLQJ DQRUGLQDU\-RHDWWKHWRZQSRRO

%HVLGHVODVW\HDU,VZRUHWRP\VHOIWKDW, ZRXOGQHYHUJREDFNWRWKDWSODFHDJDLQ$WWKH WRZQSRRO\RXKDYHWRJRWKURXJKWKHORFNHU URRPEHIRUH\RXFDQJRVZLPPLQJDQGWKDWPHDQV ZDONLQJWKURXJKWKHVKRZHUDUHDZKHUHJURZQ PHQDUHVRDSLQJGRZQULJKWRXWLQWKHRSHQ 

7KHILUVWWLPH,ZDONHGWKURXJKWKHPHQV ORFNHUURRPDWWKHWRZQSRROZDVRQHRIWKH PRVWWUDXPDWLFH[SHULHQFHVRIP\OLIH

,PSUREDEO\OXFN\,GLGQWJREOLQG6HULRXVO\ ,GRQWVHHZK\0RPDQG'DGERWKHUWRWU\ DQGSURWHFWPHIURPKRUURUPRYLHVDQGVWXIIOLNH WKDWLIWKH\UHJRQQDH[SRVHPHWRVRPHWKLQJ DERXWDWKRXVDQGWLPHVZRUVH ,UHDOO\ZLVK0RPZRXOGVWRSDVNLQJPHWRJRWR WKHWRZQSRROEHFDXVHHYHU\WLPHVKHGRHVLW SXWVLPDJHVLQP\PLQGWKDW,YHEHHQWU\LQJ KDUGWRIRUJHW 

6XQGD\ :HOOQRZ,P'HILQLWHO\VWD\LQJLQGRRUV IRUWKHUHVWRIWKHVXPPHU0RPKDGD|KRXVH PHHWLQJ}ODVWQLJKWDQGVDLGPRQH\LVWLJKWWKLV \HDUDQGZHFDQWDIIRUGWRJRWRWKHEHDFK ZKLFKPHDQVQRIDPLO\YDFDWLRQ WKDWUHDOO\VWLQNV,ZDVDFWXDOO\ORRNLQJ IRUZDUGWRJRLQJWRWKHEHDFKWKLVVXPPHU 1RWEHFDXVH,OLNHWKHRFHDQDQGWKHVDQGDQG DOORIWKDWEHFDXVH,GRQW,UHDOL]HGDORQJ WLPHDJRWKDWDOOWKHZRUOGVILVKDQGWXUWOHVDQG ZKDOHVJRWRWKHEDWKURRPULJKWWKHUHLQWKH RFHDQ $QG , VHHP WR EH WKH RQO\ SHUVRQ ZKRV ERWKHUHGE\WKLV



0\EURWKHU5RGULFNOLNHVWRWHDVHPHEHFDXVHKH WKLQNV,PDIUDLGRIWKHZDYHV%XW,PWHOOLQJ \RXWKDWVQRWLWDWDOO

$Q\ZD\,ZDVORRNLQJIRUZDUGWRJRLQJWRWKH EHDFKEHFDXVH,PILQDOO\WDOOHQRXJKWRJRRQWKH &UDQLXP6KDNHUZKLFKLVWKLVUHDOO\DZHVRPHULGH WKDWVRQWKHERDUGZDON5RGULFNVEHHQRQWKH &UDQLXP6KDNHUDWOHDVWDKXQGUHGWLPHVDQGKH VD\V\RXFDQWFDOO\RXUVHOIDPDQXQWLO\RXULGHLW



0RPVDLGPD\EHLIZH|VDYHRXUSHQQLHV}ZHFDQJR EDFNWRWKHEHDFKQH[W\HDU7KHQVKHVDLGZHG VWLOOGRDORWRIIXQVWXIIDVDIDPLO\DQGRQHGD\ ZH OOORRNEDFNRQWKLVDVWKH|EHVWVXPPHUHYHU} :HOOQRZ,RQO\KDYHWZRWKLQJVWRORRNIRUZDUG WRWKLVVXPPHU2QHLVP\ELUWKGD\DQGWKH RWKHULVZKHQWKHODVW|/L O&XWLH}FRPLFUXQVLQ WKHSDSHU,GRQWNQRZLI,HYHUPHQWLRQHG WKLVEHIRUHEXW|/L O&XWLH}LVWKHZRUVWFRPLF HYHU7RJLYH\RXDQLGHDRIZKDW,PWDONLQJ DERXWKHUHVZKDWUDQLQWKHSDSHUWRGD\{



%XWKHUHVWKHWKLQJ(YHQWKRXJK,KDWH|/L O &XWLH},FDQWVWRSP\VHOIIURPUHDGLQJLWDQG 'DGFDQWHLWKHU,JXHVVZHMXVWOLNHVHHLQJ KRZEDGLWLV

|/L O&XWLH}KDVEHHQDURXQGIRUDWOHDVWWKLUW\ \HDUVDQGLWVZULWWHQE\WKLVJX\QDPHG%RE 3RVW,YHKHDUG/L O&XWLHLVEDVHGRQ%REVVRQ ZKHQKHZDVDOLWWOHNLG



%XW,JXHVVQRZWKDWWKHUHDO/L O&XWLHLVDOO JURZQXSKLVGDGVKDYLQJWURXEOHFRPLQJXSZLWK QHZPDWHULDO

$FRXSOHRIZHHNVDJRWKHQHZVSDSHUDQQRXQFHG WKDW%RE3RVWLVUHWLULQJDQGWKHILQDO|/L O&XWLH} LVJRQQDEHSULQWHGLQ$XJXVW(YHUVLQFHWKHQPH DQG'DGKDYHEHHQFRXQWLQJGRZQWKHGD\VXQWLO WKHODVWFRPLFUXQV

:KHQWKHODVW|/L O&XWLH}FRPHVRXWPHDQG'DG ZLOOKDYHWRWKURZDSDUW\EHFDXVHVRPHWKLQJOLNH WKDWGHVHUYHVDVHULRXVFHOHEUDWLRQ 

0RQGD\ (YHQWKRXJKPHDQG'DGVHHH\HWRH\HRQ|/L O &XWLH}WKHUHDUHVWLOODORWRIWKLQJVZHEXWW KHDGVRYHU7KHELJLVVXHEHWZHHQXVULJKWQRZLV P\VOHHSVFKHGXOH'XULQJWKHVXPPHU,OLNHWR VWD\XSDOOQLJKWZDWFKLQJWYRUSOD\LQJYLGHR JDPHVDQGWKHQVOHHSWKURXJKWKHPRUQLQJ%XW 'DGJHWVNLQGRIFUDEE\LI,PVWLOOLQEHGZKHQ KHJHWVKRPHIURPZRUN

/DWHO\'DGVEHHQFDOOLQJPHDWQRRQWRPDNHVXUH ,PQRWVWLOODVOHHS6R,NHHSDSKRQHE\P\EHG DQGXVHP\EHVWZLGHDZDNHYRLFHZKHQKHFDOOV ,WKLQN'DGVMHDORXVEHFDXVHKHKDVWRJRWR ZRUNZKLOHWKHUHVWRIXVJHWWRNLFNEDFNDQG WDNHLWHDV\HYHU\GD\ 

%XWLIKHVJRQQDEHDOOJUXPS\DERXWLWKH VKRXOGMXVWEHFRPHDWHDFKHURUDVQRZSORZ GULYHURUKDYHRQHRIWKRVHMREVZKHUH\RXJHW WRWDNHVXPPHUVRII 0RPVQRWUHDOO\KHOSLQJLPSURYH'DGVPRRG HLWKHU6KHFDOOVKLPDWZRUNDERXWILYHWLPHVD GD\ZLWKXSGDWHVRQHYHU\WKLQJWKDWVJRLQJRQ DURXQGWKHKRXVH

7XHVGD\ 'DGJRW0RPDQHZFDPHUDIRU0RWKHUV'D\ DQGODWHO\VKHVEHHQWDNLQJORWVRISLFWXUHV, WKLQNLWVEHFDXVHVKHIHHOVJXLOW\DERXWQRW NHHSLQJXSRQWKHIDPLO\SKRWRDOEXPV 

:KHQP\ROGHUEURWKHU5RGULFNZDVDEDE\ 0RPZDVWRWDOO\RQWRSRIWKLQJV

2QFH,FDPHDORQJ,JXHVV0RPJRWEXV\VR IURPWKDWSRLQWRQWKHUHDUHDORWRIJDSVLQ RXURIILFLDOIDPLO\KLVWRU\ 

,YHOHDUQHGWKDWSKRWRDOEXPVDUHQWDQDFFXUDWH UHFRUGRIZKDWKDSSHQHGLQ\RXUOLIHDQ\ZD\ /DVW\HDUZKHQZHZHUHDWWKHEHDFK0RP ERXJKWDEXQFKRIIDQF\VHDVKHOOVDWDJLIWVKRS DQGODWHURQ,VDZKHUEXU\WKHPLQWKHVDQG IRU0DQQ\WR|GLVFRYHU} 

:HOO,ZLVK,GLGQWVHHWKDWEHFDXVHLWPDGH PHUHHYDOXDWHP\ZKROHFKLOGKRRG

7RGD\0RPVDLG,ZDVORRNLQJ|VKDJJ\}VRVKH WROGPHVKHZDVWDNLQJPHWRJHWDKDLUFXW 

%XW,QHYHUZRXOGYHDJUHHGWRJHWP\KDLUFXWLI ,NQHZWKDW0RPZDVWDNLQJPHWR%RPEVKHOOV %HDXW\6DORQZKLFKLVZKHUH0RPDQG*UDPPD JHWWKHLUKDLUFXW

,KDYHWRVD\WKRXJKWKHZKROHEHDXW\VDORQ H[SHULHQFHZDVQWWKDWEDG)LUVWRIDOOWKH\ KDYHWYVDOORYHUWKHSODFHVR\RXFDQZDWFKD VKRZZKLOH\RXUHZDLWLQJWRJHW\RXUKDLUFXW 6HFRQG WKH\ KDYH ORWV RI WDEORLGV WKRVH QHZVSDSHUV \RXVHHLQWKHFKHFNRXWOLQHVDWJURFHU\VWRUHV0RP VD\VWDEORLGVDUHIXOORIOLHVEXW,WKLQNWKHUHV VRPHUHDOO\LPSRUWDQWVWXIILQWKRVHWKLQJV 

*UDPPDLVDOZD\VEX\LQJWDEORLGVHYHQWKRXJK 0RPGRHVQWDSSURYH$IHZZHHNVDJR*UDPPD ZDVQWDQVZHULQJKHUSKRQHVR0RPJRWZRUULHG DQGGURYHRYHUWR*UDPPDVWRVHHLIVKHZDVRN *UDPPDZDVILQHEXWVKHZDVQWSLFNLQJXSKHU SKRQHEHFDXVHRIVRPHWKLQJVKHUHDG



%XWZKHQ0RPDVNHG*UDPPDZKHUHVKHJRWKHU LQIRUPDWLRQ*UDPPDVDLG{

*UDPPDVGRJ+HQU\GLHGUHFHQWO\DQGHYHUVLQFH WKHQ*UDPPDKDVKDGDORWRIWLPHRQKHUKDQGV 6R0RPVGHDOLQJZLWKVWXIIOLNHWKHFRUGOHVVSKRQH WKLQJDORWWKHVHGD\V :KHQHYHU0RPILQGVDQ\WDEORLGVDW*UDPPDV KRXVHVKHWDNHVWKHPKRPHDQGWKURZVWKHPLQ WKHJDUEDJH/DVWZHHN,ILVKHGRQHRXWRIWKH WUDVKDQGUHDGLWLQP\EHGURRP ,PJODG,GLG,IRXQGRXWWKDW1RUWK$PHULFD ZLOOEHXQGHUZDWHUZLWKLQVL[PRQWKVVRWKDWNLQG RIWDNHVWKHSUHVVXUHRIIPHWRGRZHOOLQVFKRRO 

,KDGDORQJZDLWDWWKHEHDXW\VDORQEXW, GLGQWUHDOO\PLQG,JRWWRUHDGP\KRURVFRSH DQGORRNDWSLFWXUHVRIPRYLHVWDUVZLWKRXWWKHLU PDNHXSVR,ZDVGHILQLWHO\HQWHUWDLQHG :KHQ,JRWP\KDLUFXW,IRXQGRXWWKHEHVW WKLQJDERXWWKHEHDXW\VDORQZKLFKLVWKHJRVVLS 7KHODGLHVZKRZRUNWKHUHNQRZWKHGLUWRQMXVW DERXWHYHU\RQHLQWRZQ

8QIRUWXQDWHO\0RPFDPHWRSLFNPHXSULJKWLQ WKHPLGGOHRIDVWRU\DERXW0U3HSSHUVDQGKLV QHZZLIHZKRVWZHQW\\HDUV\RXQJHUWKDQKLP 

+RSHIXOO\P\KDLUZLOOJURZRXWIDVWVR,FDQ FRPHEDFNDQGKHDUWKHUHVWRIWKHVWRU\ )ULGD\ ,WKLQN0RPVVWDUWLQJWRUHJUHWWDNLQJPHWR JHWP\KDLUFXWWKHRWKHUGD\7KHODGLHVDW %RPEVKHOOVLQWURGXFHGPHWRVRDSRSHUDVDQGQRZ ,PWRWDOO\KRRNHG


:KHQ5RZOH\JRWWRP\KRXVHZHZHQWVWUDLJKW WR5RGULFNVURRPLQWKHEDVHPHQW5RGULFNLV RIISOD\LQJZLWKKLVEDQG/ÝGHG'LSHUDQG ZKHQHYHUKHVDZD\,OLNHWRJRWKURXJKKLV VWXIIDQGVHHLI,FDQILQGDQ\WKLQJLQWHUHVWLQJ

7KHEHVWWKLQJ,IRXQGLQ5RGULFNVMXQNGUDZHU WKLVWLPHDURXQGZDVRQHRIWKRVHOLWWOHVRXYHQLU SLFWXUHNH\FKDLQV\RXJHWDWWKHEHDFK



,I\RXORRNLQWRLW\RXVHHDSLFWXUHRI5RGULFN ZLWKVRPHJLUO

,GRQWNQRZKRZ5RGULFNJRWWKDWSLFWXUH EHFDXVH,YHEHHQZLWKKLPRQHYHU\VLQJOHIDPLO\ YDFDWLRQDQGLI,VDZKLPZLWKWKDWJLUO, GHILQLWHO\ZRXOGKDYHUHPHPEHUHGKHU ,VKRZHGWKHSLFWXUHWR5RZOH\EXW,KDGWRKROG WKHNH\FKDLQEHFDXVHKHZDVJHWWLQJDOOJUDEE\



:HGXJDURXQGVRPHPRUHDQGWKHQZHIRXQGD KRUURUPRYLHDWWKHERWWRPRI5RGULFNVGUDZHU ,FRXOGQWEHOLHYHRXUOXFN1HLWKHURQHRIXVKDG DFWXDOO\VHHQDKRUURUPRYLHEHIRUHVRWKLVZDVD UHDOO\ELJILQG

,DVNHG0RPLI5RZOH\FRXOGVSHQGWKHQLJKW DQGVKHVDLG\HV,PDGHVXUH,DVNHG0RPZKHQ 'DGZDVRXWRIWKHURRPEHFDXVH'DGGRHVQW OLNHLWZKHQ,KDYHVOHHSRYHUVRQD|ZRUNQLJKW} /DVWVXPPHU5RZOH\VSHQWWKHQLJKWDWP\ KRXVHDQGZHVOHSWLQWKHEDVHPHQW 

,PDGHVXUH5RZOH\WRRNWKHEHGWKDWZDVFORVHVW WRWKHIXUQDFHURRPEHFDXVHWKDWURRPUHDOO\ IUHDNVPHRXW,ILJXUHGLIDQ\WKLQJFDPHRXWRI WKHUHLQWKHPLGGOHRIWKHQLJKWLWZRXOGJUDE 5RZOH\ILUVWDQG,GKDYHDILYHVHFRQGKHDG VWDUWWRHVFDSH $WDERXWLQWKHPRUQLQJZHKHDUGVRPHWKLQJ LQWKHIXUQDFHURRPWKDWVFDUHGWKHOLYLQJGD\OLJKWV RXWRIXV ,WVRXQGHGOLNHDOLWWOHJKRVWJLUORUVRPHWKLQJ DQGLWVDLG{

0HDQG5RZOH\SUDFWLFDOO\WUDPSOHGHDFKRWKHUWR GHDWKWU\LQJWRJHWXSWKHEDVHPHQWVWDLUV 

:HEXUVWLQWR0RPDQG'DGVURRPDQG, WROGWKHPRXUKRXVHZDVKDXQWHGDQGZHKDG WRPRYHLPPHGLDWHO\

'DGGLGQWVHHPFRQYLQFHGDQGKHZHQWGRZQWR WKHEDVHPHQWDQGZDONHGULJKWLQWRWKHIXUQDFH URRP0HDQG5RZOH\VWD\HGDERXWWHQIHHWEDFN ,ZDVSUHWW\VXUH'DGZDVQWJRLQJWRJHWRXW RIWKHUHDOLYH,KHDUGVRPHUXVWOLQJDQGDIHZ EXPSVDQG,ZDVUHDG\WRPDNHDUXQIRULW



%XWDIHZVHFRQGVODWHUKHFDPHEDFNRXWZLWKRQH RI0DQQ\VWR\VDGROOQDPHG+LGHDQG6HHN+DUU\

/DVWQLJKWPHDQG5RZOH\ZDLWHGIRU0RPDQG 'DGWRJRWREHGDQGWKHQZHZDWFKHGRXU PRYLH7HFKQLFDOO\,ZDVWKHRQO\RQHZKR ZDWFKHGLWEHFDXVH5RZOH\KDGKLVH\HVDQGHDUV FRYHUHGWKHZKROHHQWLUHWLPH



7KHPRYLHZDVDERXWWKLVPXGG\KDQGWKDWJRHV DURXQGWKHFRXQWU\NLOOLQJSHRSOH$QGWKHODVW SHUVRQZKRVHHVWKHKDQGLVDOZD\VWKHQH[WYLFWLP

7KHVSHFLDOHIIHFWVZHUHUHDOO\FKHHV\DQG, ZDVQWHYHQVFDUHGXQWLOWKHYHU\HQG7KDWV ZKHQWKHWZLVWFDPH $IWHUWKHPXGG\KDQGVWUDQJOHGLWVODVWYLFWLP LWFDPHFUDZOLQJVWUDLJKWDWWKHVFUHHQDQG WKHQWKHVFUHHQZHQWEODFN$WILUVW,ZDVD OLWWOHFRQIXVHGEXWWKHQ,UHDOL]HGLWPHDQWWKH QH[WYLFWLPZDVJRQQDEHPH ,WXUQHGWKHWYRIIDQGWKHQ,GHVFULEHG WKHZKROHPRYLHWR5RZOH\IURPEHJLQQLQJWRHQG 

:HOO,PXVWYHGRQHDSUHWW\JRRGMREWHOOLQJWKH VWRU\EHFDXVH5RZOH\JRWHYHQPRUHIUHDNHGRXW WKDQ,ZDV

,NQHZZHFRXOGQWJRWR0RPDQG'DGWKLV WLPHEHFDXVHWKH\GJURXQGPHLIWKH\IRXQGRXW ZHZDWFKHGDKRUURUPRYLH%XWZHGLGQWIHHO VDIHLQWKHEDVHPHQWVRZHVSHQWWKHUHVWRI WKHQLJKWLQWKHXSVWDLUVEDWKURRPZLWKWKH OLJKWVRQ



,MXVWZLVKZHKDGPDQDJHGWRVWD\DZDNHWKH ZKROHQLJKWEHFDXVHZKHQ'DGIRXQGXVLQWKH PRUQLQJLWZDVQWDSUHWW\VFHQH

'DGZDQWHGWRNQRZZKDWZDVJRLQJRQDQG ,KDGWRIHVVXS'DGWROG0RPVRQRZ,P MXVWZDLWLQJWRKHDUKRZORQJ,PJRQQDEH JURXQGHGIRU%XWWREHKRQHVWZLWK\RX,PD ORWPRUHZRUULHGDERXWWKLVPXGG\KDQGWKDQ DQ\SXQLVKPHQW0RPFDQGUHDPXS ,WKRXJKWDERXWLWWKRXJKDQG,UHDOL]HG WKHUHVRQO\VRPXFKJURXQGDPXGG\KDQGFDQ FRYHULQDGD\ 

6RKRSHIXOO\WKDWPHDQV,KDYHDOLWWOHZKLOH ORQJHUWROLYH

7XHVGD\


7KHQ0RPVDLGWKDWVKHZDVJRQQDVWDUWD |UHDGLQJFOXE}IRUWKHER\VLQWKHQHLJKERUKRRGVR VKHFRXOGWHDFKXVDERXWDOOWKHJUHDWOLWHUDWXUHZH ZHUHPLVVLQJRXWRQ ,EHJJHG0RPWRMXVWJLYHPHDUHJXODUSXQLVKPHQW LQVWHDGEXWVKHZRXOGQWEXGJH

6RWRGD\ZDVWKHILUVWPHHWLQJRIWKH5HDGLQJ ,V)XQ&OXE,IHOWNLQGRIEDGIRUDOOWKHER\V ZKRVHPRPVPDGHWKHPFRPH



,ZDVMXVWJODG0RPGLGQWLQYLWH)UHJOH\WKLV ZHLUGNLGZKROLYHVXSWKHVWUHHWEHFDXVHKHV EHHQDFWLQJVWUDQJHUWKDQXVXDOODWHO\

,PVWDUWLQJWRWKLQNPD\EH)UHJOH\VDOLWWOH GDQJHURXVEXWOXFNLO\KHGRHVQWUHDOO\OHDYHKLV IURQW\DUGGXULQJWKHVXPPHU,WKLQNKLVSDUHQWV PXVWKDYHDQHOHFWULFDOIHQFHRUVRPHWKLQJ $Q\ZD\0RPWROGHYHU\RQHWREULQJWKHLU IDYRULWHERRNWRWRGD\VPHHWLQJVRZHFRXOGSLFN RQHDQGGLVFXVVLW$OOWKHJX\VODLGWKHLUERRNV RQWKHWDEOHDQGHYHU\RQHVHHPHGSUHWW\KDSS\ ZLWKWKHVHOHFWLRQH[FHSW0RP 

0RPVDLGWKHERRNVZHEURXJKWZHUHQW|UHDO} OLWHUDWXUHDQGWKDWZHZHUHJRQQDKDYHWR VWDUWZLWKWKH|FODVVLFV} 

7KHQVKHEURXJKWRXWDEXQFKRIERRNVWKDWVKH PXVWYHKDGVLQFHVKHZDVDNLG

7KHVHDUHWKHH[DFWVDPHW\SHVRIERRNVRXU WHDFKHUVDUHDOZD\VSXVKLQJXVWRUHDGDWVFKRRO 

7KH\KDYHDSURJUDPZKHUHLI\RXUHDGD|FODVVLF} LQ\RXUIUHHWLPHWKH\UHZDUG\RXZLWKDVWLFNHU RIDKDPEXUJHURUVRPHWKLQJOLNHWKDW

,GRQWNQRZZKRWKH\WKLQNWKH\UHIRROLQJ
6HHZKHQ,ZDVHLJKW\HDUVROG,ERUURZHGD ERRNIURPWKHOLEUDU\DQGWKHQ,IRUJRWDOODERXW LW,IRXQGWKHERRNDIHZ\HDUVODWHUEHKLQGP\ GHVNDQG,ILJXUHG,PXVWYHRZHGDERXWWZR WKRXVDQGGROODUVLQODWHIHHVRQWKDWWKLQJ

6R,EXULHGWKHERRNLQDER[RIROGFRPLFVLQP\ FORVHWDQGWKDWVZKHUHLWLVWRWKLVGD\,KDYHQW EHHQEDFNWRWKHOLEUDU\VLQFHWKHQEXW,NQRZLI ,HYHUGRVKRZXSWKH\ OOEHZDLWLQJIRUPH



,QIDFW,JHWQHUYRXVLI,HYHQVHHDOLEUDULDQ

,DVNHG0RPLIZHFRXOGJHWDVHFRQGFKDQFHWR SLFNRXWDERRNRQRXURZQDQGVKHVDLGZH FRXOG:HUHVXSSRVHGWRPHHWDJDLQWRPRUURZDQG EULQJRXUQHZVHOHFWLRQVZLWKXV :HGQHVGD\ :HOOWKHPHPEHUVKLSRIWKH5HDGLQJ,V)XQ &OXEWRRNDELJKLWRYHUQLJKW0RVWRIWKHJX\V ZKRFDPH\HVWHUGD\EDLOHGRXWDQGQRZWKHUHV RQO\WZRRIXV



5RZOH\EURXJKWWZRERRNVDORQJZLWKKLP

7KHERRN,SLFNHGZDVWKHQLQWKYROXPHLQWKH |0DJLFNDQG0RQVWHUV'DUN5HDOPV}VHULHV, ILJXUHG0RPZRXOGOLNHLWEHFDXVHLWVSUHWW\ORQJ DQGWKHUHDUHQWDQ\SLFWXUHV



%XW0RPGLGQWOLNHP\ERRN6KHVDLGVKHGLGQW DSSURYHRIWKHLOOXVWUDWLRQRQWKHFRYHUEHFDXVH VKHGLGQWOLNHWKHZD\LWSRUWUD\HGZRPHQ ,YHUHDG|6KDGRZGRRP}DQGIURPZKDW,FDQ UHPHPEHUWKHUHDUHQWHYHQDQ\ZRPHQLQWKH VWRU\,QIDFW,NLQGRIZRQGHULIWKHSHUVRQ ZKRGHVLJQHGWKHFRYHUHYHQ5HDGWKHERRN $Q\ZD\0RPVDLGWKDWVKHZDVJRQQDXVHKHU YHWRSRZHUDVWKH5HDGLQJ,V)XQ&OXEVIRXQGHU DQGFKRRVHWKHERRNIRUXV6RVKHFKRVHWKLV ERRNFDOOHG|&KDUORWWHV:HE}ZKLFKORRNVOLNHRQH RIWKRVH|FODVVLFV},ZDVWDONLQJDERXWEHIRUH



-XVWIURPORRNLQJDWWKHFRYHU,JXDUDQWHHHLWKHU WKHJLUORUWKHSLJGRHVQWPDNHLWWRWKHHQGRI WKHERRN )ULGD\ :HOOWKH5HDGLQJ,V)XQ&OXELVGRZQWRRQH PHPEHUDQGWKDWVPH


$IWHU0RPFDXJKWPHKRUVLQJDURXQGVKH EDQQHGPHIURPZDWFKLQJWYXQWLO,UHDGWKH ERRN6RODVWQLJKW,KDGWRZDLWXQWLOVKHZHQW WREHGEHIRUH,FRXOGJHWP\HQWHUWDLQPHQWIL[ ,NHSWWKLQNLQJDERXWWKDWPRYLHZLWKWKHPXGG\ KDQGWKRXJK,ZDVDIUDLGWKDWLI,ZDVZDWFKLQJ WYDOOE\P\VHOIODWHDWQLJKWWKHPXGG\KDQG PLJKWFUDZORXWIURPXQGHUWKHFRXFKDQGJUDEP\ IRRWRUVRPHWKLQJ 7KHZD\,VROYHGWKHSUREOHPZDVE\PDNLQJD WUDLORIFORWKHVDQGRWKHUVWXIIDOOWKHZD\IURPP\ EHGURRPGRZQWRWKHIDPLO\URRP 

7KDWZD\,ZDVDEOHWRPDNHLWGRZQVWDLUV DQGEDFNZLWKRXWHYHUWRXFKLQJWKHJURXQG

7KLVPRUQLQJ'DGWULSSHGRYHUDGLFWLRQDU\, OHIWDWWKHWRSRIWKHVWDLUVVRQRZKHVPDG DWPH%XW, OOWDNH'DGEHLQJDQJU\RYHUWKH DOWHUQDWLYHDQ\GD\RIWKHZHHN 0\QHZIHDULVWKDWWKHKDQGLVJRQQDFUDZOXS RQP\EHGDQGJHWPHLQP\VOHHS6RODWHO\,YH EHHQFRYHULQJP\ZKROHERG\ZLWKWKHEODQNHW DQGOHDYLQJDKROHVR,FDQEUHDWKH



%XWWKDWVWUDWHJ\KDVLWVRZQULVNV5RGULFN JRWLQWRP\URRPWRGD\DQG,KDGWRVSHQG WKHPRUQLQJWU\LQJWRZDVKWKHWDVWHRIDGLUW\ VRFNRXWRIP\PRXWK

6XQGD\ 7RGD\ZDVP\GHDGOLQHIRUILQLVKLQJWKHILUVW WKUHHFKDSWHUVRI|&KDUORWWHV:HE}:KHQ0RP IRXQGRXW,ZDVQWGRQH\HWVKHVDLGZHZHUH JRQQDVLWGRZQDWWKHNLWFKHQWDEOHXQWLO, ZDVILQLVKHG



$ERXWDKDOIKRXUODWHUWKHUHZDVDNQRFNDW WKHIURQWGRRUDQGLWZDV5RZOH\,WKRXJKW PD\EHKHZDVFRPLQJEDFNWRWKH5HDGLQJ,V )XQ&OXEEXWZKHQ,VDZWKDWKLVGDGZDVZLWK KLP,NQHZVRPHWKLQJZDVXS

0U-HIIHUVRQKDGDQRIILFLDOORRNLQJSLHFHRI SDSHUZLWKWKHFRXQWU\FOXEORJRRQLW+HVDLGLW ZDVDELOOIRUDOOWKHIUXLWVPRRWKLHVPHDQG 5RZOH\RUGHUHGDWWKHFOXEKRXVHDQGWKHJUDQG WRWDOZDVHLJKW\WKUHHGROODUV $OOWKRVHWLPHVPHDQG5RZOH\RUGHUHGGULQNVDW WKHFOXEKRXVHZHMXVWZURWHGRZQ0U-HIIHUVRQV DFFRXQWQXPEHURQWKHWDE1RERG\WROGXVVRPHRQH DFWXDOO\KDGWRSD\IRUDOOWKDW 

,VWLOOGLGQWUHDOO\XQGHUVWDQGZKDW0U-HIIHUVRQ ZDVGRLQJDWP\KRXVH,WKLQNKHVDQDUFKLWHFW RUVRPHWKLQJVRLIKHQHHGVHLJKW\WKUHHEXFNVKH FDQMXVWGHVLJQDQH[WUDEXLOGLQJ+HWDONHGWR0RP WKRXJKDQGWKH\ERWKDJUHHGWKDWPHDQG5RZOH\ QHHGHGWRSD\RIIWKHWDE ,WROG0RPPHDQG5RZOH\DUHMXVWNLGVDQGLWV QRWOLNHZHKDYHVDODULHVRUFDUHHUVRUZKDWHYHU %XW0RPVDLGZHZHUHMXVWJRQQDKDYHWREH |FUHDWLYH}7KHQVKHVDLGZHZRXOGKDYHWRVXVSHQG WKH5HDGLQJ,V)XQ&OXEVPHHWLQJVXQWLOZHSDLG ZKDWZHRZHG 7REHKRQHVWZLWK\RX,PNLQGRIUHOLHYHG %HFDXVHDWWKLVSRLQWDQ\WKLQJWKDWGRHVQW LQYROYHUHDGLQJVRXQGVSUHWW\JRRGWRPH 

7XHVGD\ 0HDQG5RZOH\UDFNHGRXUEUDLQVDOOGD\\HVWHUGD\ WU\LQJWRILJXUHRXWKRZWRSD\RIIWKDWHLJKW\ WKUHHGROODUV5RZOH\VDLGPD\EH,VKRXOGMXVWJR WRWKH$WPDQGZLWKGUDZVRPHPRQH\WRSD\RII KLVGDG 7KHUHDVRQ5RZOH\VDLGWKDWLVEHFDXVHKHWKLQNV ,PULFK$FRXSOHRI\HDUVDJRGXULQJWKHKROLGD\V 5RZOH\FDPHRYHUDQGZHKDGMXVWUXQRXWRIWRLOHW SDSHUDWP\KRXVH0\IDPLO\ZDVXVLQJWKHVHKROLGD\ FRFNWDLOQDSNLQVDVDVXEVWLWXWHXQWLO'DGJRWWRWKH VWRUHDJDLQ

5RZOH\WKRXJKWWKHKROLGD\QDSNLQVZHUHVRPH NLQGRIUHDOO\IDQF\WRLOHWSDSHUDQGKHDVNHG PHLIP\IDPLO\ZDVULFK 

,ZDVQWJRQQDSDVVXSWKHRSSRUWXQLW\WR LPSUHVVKLP

$Q\ZD\,P1RWULFKDQGWKDWVWKHSUREOHP ,WULHGWRILJXUHRXWDZD\DNLGP\DJHFRXOG JHWKLVKDQGVRQVRPHFDVKDQGWKHQLWKLWPH :HFRXOGVWDUWDODZQFDUHVHUYLFH ,PQRWWDONLQJDERXWVRPHDYHUDJHUXQRIWKHPLOO ODZQFDUHVHUYLFHHLWKHU,PWDONLQJDERXWDFRPSDQ\ WKDWWDNHVODZQFDUHWRWKHQH[WOHYHO:HGHFLGHG WRQDPHRXUFRPSDQ\WKH9,3/DZQ6HUYLFH :HFDOOHGXSWKH
%XWJHWWKLV7KH
0HDQG5RZOH\UHDOL]HGZHZHUHJRQQDKDYHWRGR WKLVDGLIIHUHQWZD\DQGPDNHRXUR:1DGV ,ILJXUHGZHFRXOGMXVWPDNHIO\HUVDQGSXWWKHPLQ HYHU\PDLOER[LQRXUQHLJKERUKRRG$OOZHQHHGHGZDV VRPHFOLSDUWWRJHWXVVWDUWHG 6RZHZHQWGRZQWRWKHFRUQHUVWRUHDQGERXJKW RQH RI WKRVH FDUGV ZRPHQ JHW HDFK RWKHU RQ WKHLU ELUWKGD\V 

7KHQZHVFDQQHGLWLQWR5RZOH\VFRPSXWHUDQG SDVWHGSLFWXUHVRIRXUKHDGVRQWRWKHERGLHV IURPWKHFDUG 

$IWHUWKDWZHJRWVRPHFOLSDUWRIODZQWRROVDQG SXWLWDOOWRJHWKHU7KHQZHSULQWHGLWRXWDQG ,KDYHWRVD\LWORRNHGJUHDW



,GLGVRPHPDWKDQG,ILJXUHGLWZRXOGFRVW XVDWOHDVWDFRXSOHKXQGUHGEXFNVLQFRORULQN FDUWULGJHVDQGSDSHUWRPDNHHQRXJKIO\HUVIRU WKHZKROHQHLJKERUKRRG6RZHDVNHG5RZOH\V GDGLIKHGJRRXWWRWKHVWRUHDQGJHWXVDOO WKHVWXIIZHQHHGHG

0U-HIIHUVRQGLGQWJRIRULW,QIDFWKHWROG XVZHFRXOGQWXVHKLVFRPSXWHURUSULQWRXWDQ\ PRUHFRSLHVRIRXUIO\HU ,ZDVDOLWWOHVXUSULVHGE\WKDWEHFDXVHLI0U -HIIHUVRQZDQWHGXVWRSD\KLPEDFNKHVXUH ZDVQWPDNLQJLWHDV\%XWDOOZHFRXOGUHDOO\GR ZDVWDNHRXURQHIO\HUDQGJHWRXWRIKLVRIILFH 

7KHQPHDQG5RZOH\ZHQWDURXQGIURPKRXVHWR KRXVHVKRZLQJHYHU\RQHRXUIO\HUDQGWHOOLQJWKHP DERXWWKH9,3/DZQ6HUYLFH

$IWHUZHKLWDIHZKRXVHVZHUHDOL]HGLWZRXOGEH DORWHDVLHUWRMXVWDVNWKHQH[WSHUVRQZHVSRNH ZLWKWRSDVVWKHIO\HUDORQJVRPHDQG5RZOH\ ZRXOGQWKDYHWRGRDOOWKDWZDONLQJ 1RZWKHRQO\WKLQJZHKDYHWRGRLVVLWEDFNDQG ZDLWIRUWKHSKRQHFDOOVWRVWDUWUROOLQJLQ 7KXUVGD\ 0HDQG5RZOH\ZDLWHGDURXQGDOOGD\\HVWHUGD\ EXWZHGLGQWJHWDQ\FDOOV 

,ZDVVWDUWLQJWRZRQGHULIZHVKRXOGWU\WRILQG DFDUGZLWKPRUHPXVFXODUJX\VIRURXUQH[WIO\HU 7KHQDWDERXWWKLVPRUQLQJZHJRWDFDOO IURP0UV&DQILHOGZKROLYHVRQ*UDPPDVVWUHHW 6KHVDLGKHUODZQQHHGHGPRZLQJEXWVKHZDQWHGWR FKHFNRXUUHIHUHQFHVEHIRUHVKHKLUHGXV

,XVHGWRGRODZQZRUNIRU*UDPPDVR,FDOOHG KHUXSDQGDVNHGLIVKHFRXOGFDOO0UV&DQILHOG DQGWHOOKHUZKDWDJRRGZRUNHU,DP

:HOO,PXVWYHFDXJKW*UDPPDRQDEDGGD\ EHFDXVHVKHUHDOO\OLWLQWRPH6KHVDLG,OHIWSLOHV RIOHDYHVRQKHUODZQODVWIDOODQGQRZWKHUHZHUH SDWFKHVRIGHDGJUDVVDOORYHUKHU\DUG 

7KHQVKHDVNHGPHZKHQ,ZDVJRQQDFRPHRYHU DQGILQLVKWKHMRE

7KDWZDVQRWUHDOO\WKHNLQGRIUHVSRQVH,ZDV ORRNLQJIRU,WROG*UDPPDZHZHUHRQO\WDNLQJ SD\LQJMREVDWWKHPRPHQWEXWPD\EHZHFRXOG JHWEDFNWRKHUODWHURQLQWKHVXPPHU 7KHQ,FDOOHG0UV&DQILHOGDQGGLGP\EHVW LPLWDWLRQRI*UDPPD,JXHVV,POXFN\P\YRLFH KDVQWFKDQJHG\HW



%HOLHYHLWRUQRW0UV&DQILHOGERXJKWLW6KH WKDQNHG|*UDPPD}IRUWKHUHIHUHQFHDQGKXQJXS 7KHQVKHFDOOHGEDFNDIHZPLQXWHVODWHUDQG, DQVZHUHGLQP\UHJXODUYRLFH0UV&DQILHOGVDLG VKHGKLUHXVDQGWKDWZHVKRXOGFRPHE\KHUKRXVH ODWHUWRGD\WRJHWVWDUWHG %XWLWVNLQGRIIDUIURPP\KRXVHWR0UV &DQILHOGVVR,DVNHGKHULIVKHFRXOGFRPHJHWXV 6KHGLGQWVHHPUHDOKDSS\WKDWZHGLGQWKDYHRXU RZQWUDQVSRUWDWLRQEXWVKHVDLGVKHGEHZLOOLQJWR SLFNXVXSLIZHFRXOGEHUHDG\DWQRRQ 0UV&DQILHOGFDPHWRP\KRXVHDWLQKHU VRQVSLFNXSWUXFNDQGVKHDVNHGXVZKHUHRXU ODZQPRZHUDQGDOORXUHTXLSPHQWZDV



,VDLGZHGLGQWDFWXDOO\KDYHDQ\HTXLSPHQWEXW WKDWP\*UDPPDNHHSVKHUVLGHGRRUXQORFNHGDQG ,PLJKWEHDEOHWRVQHDNLQDQGERUURZKHUPRZHU IRUDIHZKRXUV,JXHVV0UV&DQILHOGPXVWKDYH EHHQSUHWW\GHVSHUDWHWRJHWKHUODZQPRZHG EHFDXVHVKHZHQWDORQJZLWKP\SODQ

/XFNLO\*UDPPDZDVQWKRPHVRLWZDVHDV\WRJHW WKHPRZHURXWRIKHUKRXVH:HUROOHGLWRYHUWR 0UV&DQILHOGV\DUGDQGWKHQZHZHUHUHDG\WR JHWWRZRUN 7KDWVZKHQPHDQG5RZOH\UHDOL]HGQHLWKHURQH RIXVKDGHYHUDFWXDOO\RSHUDWHGDODZQPRZHU EHIRUH6RWKHWZRRIXVSRNHGDURXQGIRUD ZKLOHDQGWULHGWRILJXUHRXWKRZWRJHWWKH WKLQJVWDUWHG 

8QIRUWXQDWHO\ZKHQZHWLOWHGWKHPRZHURQLWV VLGHDOOWKHJDVROLQHVSLOOHGRXWRQWRWKHJUDVV DQGZHKDGWRJREDFNRYHUWR*UDPPDVWRJHW DUHILOO ,SLFNHGXSWKHRZQHUVPDQXDOIRUWKHPRZHU ZKLOHZHZHUHDWLW,WULHGWRUHDGLWEXWWKH LQVWUXFWLRQVZHUHZULWWHQLQ6SDQLVK,JRWWKH IHHOLQJIURPWKHELWVDQGSLHFHV,FRXOG XQGHUVWDQGWKDWRSHUDWLQJDODZQPRZHUZDVD ORWPRUHGDQJHURXVWKDQ,RULJLQDOO\WKRXJKW



,WROG5RZOH\KHFRXOGKDYHWKHILUVWFUDFNDW WKHODZQPRZLQJDQGWKDW,ZRXOGJRVLWLQWKH VKDGHDQGVWDUWZRUNLQJRQRXUEXVLQHVVSODQ 5RZOH\GLGQWOLNHWKDWLGHDDWDOO+HVDLGWKLV ZDVD|SDUWQHUVKLS}DQGWKDWHYHU\WKLQJKDGWR EH,ZDVSUHWW\VXUSULVHGE\WKLVEHFDXVH ,PWKHRQHZKRFDPHXSZLWKWKHLGHDIRUWKH ODZQVHUYLFHLQWKHILUVWSODFHVR,ZDVPRUHOLNH WKHRZQHUWKDQDSDUWQHU ,WROG5RZOH\ZHQHHGHGVRPHRQHWRGRWKHJUXQW ZRUNDQGVRPHRQHWRKDQGOHWKHPRQH\VRLWGLGQW JHWDOOVZHDW\

%HOLHYHLWRUQRWWKDWZDVHQRXJKWRPDNH5RZOH\ ZDONULJKWRIIWKHMRE 

,MXVWZDQQDVD\IRUWKHUHFRUGWKDWLI5RZOH\ HYHUQHHGVPHIRUDMREUHIHUHQFHLQWKHIXWXUH ,PJRQQDKDYHWRJLYHKLPDORXV\UHYLHZ

7KHWUXWKLV,GRQWUHDOO\QHHG5RZOH\DQ\ZD\ ,IWKLVODZQVHUYLFHEXVLQHVVJURZVWKHZD\, WKLQNLWZLOO,PJRQQDKDYHDERXWD+X1'5H' 5RZOH\VZRUNLQJIRUPH ,QWKHPHDQWLPH,QHHGHGWRJHW0UV &DQILHOGVODZQPRZHG,ORRNHGWKURXJKWKH PDQXDOIRUDOLWWOHZKLOHORQJHUDQGWKHQILJXUHG RXWWKDW,QHHGHGWRSXOORQWKLVKDQGOH DWWDFKHGWRDFRUGVR,WULHGWKDW 7KHPRZHUVWDUWHGXSULJKWDZD\DQG,ZDVRII DQGUXQQLQJ 

,WZDVQWDVEDGDV,WKRXJKWLWZDVJRQQD EH7KHODZQPRZHUZDVVHOISURSHOOHGVRDOO, QHHGHGWRGRZDVZDONEHKLQGLWDQGVWHHUHYHU\ RQFHLQDZKLOH

7KHQ,VWDUWHGWRQRWLFHWKDWWKHUHZHUH SLOHVRIGRJSRRSHYHU\ZKHUH$QGVWHHULQJ DURXQGWKHPZDVQRWDQHDV\WKLQJWRGRZLWK DVHOISURSHOOHGPRZHU

7KH9,3/DZQ6HUYLFHKDVDYHU\VWULFWSROLF\ ZKHQLWFRPHVWRGRJSRRSZKLFKLVWKDWZHZRQW JRDQ\ZKHUHQHDULW 

6RIURPWKDWSRLQWRQZKHQHYHU,VDZDQ\WKLQJ WKDWORRNHGVXVSLFLRXV,ZRXOGPRZDWHQIRRW FLUFOHDURXQGLWMXVWWREHVDIH

7KHMREDFWXDOO\ZHQWDORWIDVWHUDIWHUWKDW EHFDXVH,KDGDORWOHVVODZQWRFRYHU$IWHU, ZDVGRQH,ZHQWWRWKHIURQWGRRUWRFROOHFW P\PRQH\7KHILQDOELOOZDVWKLUW\GROODUVZKLFK ZDVWZHQW\GROODUVIRUWKHODZQSOXVWHQEXFNVIRU WKHWLPHPHDQG5RZOH\VSHQWGHVLJQLQJWKDWIO\HU



%XW0UV&DQILHOGZRXOGQWSD\6KHVDLGRXU VHUYLFHZDV|ORXV\}DQGWKDWZHKDUGO\PRZHGDQ\ RIKHUODZQ ,WROGKHUDERXWWKHGRJSRRSLVVXHEXWVKHVWLOO ZRXOGQWFRXJKXSZKDWVKHRZHGPH$QGWRPDNH PDWWHUVZRUVHVKHZRXOGQWHYHQJLYHPHDULGH KRPH


'DGGURYHULJKWRYHUWR0UV&DQILHOGVKRXVH DQG,ZHQWZLWKKLP,WKRXJKWKHZDVJRQQD FKHZKHURXWIRUWDNLQJDGYDQWDJHRIKLVVRQ DQG,ZDQWHGWREHWKHUHWRVHHLWILUVWKDQG %XW'DGMXVWJRW*UDPPDVPRZHUDQGFXWWKH UHVWRI0UV&DQILHOGVJUDVV

:KHQKHZDVGRQHKHGLGQWHYHQDVNKHUIRU DQ\PRQH\ 7KHWULSZDVQWDWRWDOZDVWHRIWLPHWKRXJK :KHQ'DGZUDSSHGWKLQJVXS,SODQWHGDVLJQ LQ0UV&DQILHOGVIURQW\DUG 

,ILJXUHGLI,ZDVQWJRQQDJHWSDLG,PLJKW DVZHOOJHWVRPHIUHHDGYHUWLVLQJIRUDOOP\WURXEOH

6DWXUGD\ 7KH9,3/DZQ6HUYLFHKDVQRWUHDOO\SDQQHG RXWWKHZD\,WKRXJKWLWZRXOG,KDYHQW KDGDQ\ZRUNVLQFHWKDWILUVWMREDQG,P VWDUWLQJWRWKLQNPD\EH0UV&DQILHOGKDVEHHQ EDGPRXWKLQJPHWRKHUQHLJKERUV ,WKRXJKWDERXWMXVWJLYLQJXSDQGFORVLQJRXU EXVLQHVVEXWWKHQ,UHDOL]HGWKDWZLWKDIHZ WZHDNVWRWKHIO\HUZHFRXOGVWDUWWKLQJVEDFN XSDJDLQLQWKHZLQWHU 

7KHSUREOHPLV,QHHGPRQH\QRZ,FDOOHGXS 5RZOH\WRVWDUWEUDLQVWRUPLQJQHZLGHDVEXWKLV PRPVDLGKHZDVDWWKHPRYLHVZLWKKLVGDG,ZDV DOLWWOHDQQR\HGEHFDXVHKHQHYHUERWKHUHGWRDVN PHLIKHFRXOGWDNHWKHGD\RII 

0RPVQRWOHWWLQJPHGRDQ\WKLQJIXQXQWLOWKLV IUXLWVPRRWKLHELOOLVSDLGRIIVRWKDWPHDQWLWZDV XSWRPHWRILJXUHRXWKRZWRHDUQWKHFDVK , OOWHOO\RXZKRKDVDORWRIPRQH\DQGWKDWV 0DQQ\,PHDQWKDWNLGLV5,&+$IHZZHHNV DJR0RPDQG'DGWROG0DQQ\WKH\GJLYHKLPD TXDUWHUIRUHYHU\WLPHKHXVHVWKHSRWW\ZLWKRXW EHLQJDVNHG6RQRZKHFDUULHVDURXQGDJDOORQRI ZDWHUZLWKKLPDWDOOWLPHV

0DQQ\NHHSVDOOKLVPRQH\LQDELJMDURQKLVGUHVVHU +HVJRWWDKDYHDWOHDVWLQWKDWWKLQJ



,YHWKRXJKWDERXWDVNLQJ0DQQ\WROHQGPHWKH PRQH\EXW,MXVWFDQWEULQJP\VHOIWRGRWKDW ,PSUHWW\VXUH0DQQ\FKDUJHVLQWHUHVWRQKLV ORDQVDQ\ZD\

,PWU\LQJWRILJXUHRXWDZD\WRHDUQPRQH\ ZLWKRXWGRLQJDQ\DFWXDOZRUN%XWZKHQ, WROG0RPZKDW,ZDVWKLQNLQJVKHVDLG,P MXVW|OD]\} RNVRPD\EH,$POD]\EXWLWVQRWUHDOO\P\ IDXOW,YHEHHQOD]\HYHUVLQFH,ZDVDOLWWOHNLG DQGLIVRPHRQHKDGFDXJKWLWHDUO\RQPD\EH, ZRXOGQWEHWKHZD\,DPQRZ 

,UHPHPEHULQSUHVFKRROZKHQSOD\WLPHZDVRYHU WKHWHDFKHUZRXOGWHOOHYHU\RQHWRSXWDZD\WKHLU WR\VDQGZHZRXOGDOOVLQJWKH|&OHDQXS6RQJ}ZKLOH ZHGLGLW:HOO,VDQJWKHVRQJZLWKHYHU\RQH HOVHEXW,GLGQWGRDQ\RIWKHDFWXDOFOHDQLQJ

6RLI\RXZDQWWRILQGVRPHERG\WREODPHIRU WKHZD\,DP,JXHVV\RXGKDYHWRVWDUW ZLWKWKHSXEOLFHGXFDWLRQV\VWHP 6XQGD\ 0RPFDPHLQWRP\URRPWKLVPRUQLQJDQGZRNHPH XSIRUFKXUFK,ZDVJODGWRJREHFDXVH,NQHZ, ZDVJRQQDKDYHWRWXUQWRDKLJKHUSRZHUWRJHW WKLVIUXLWVPRRWKLHELOOSDLGRII:KHQHYHU*UDPPD QHHGVDQ\WKLQJVKHMXVWSUD\VDQGVKHJHWVLW ULJKWDZD\ 

,WKLQNVKHKDVDGLUHFWSLSHOLQHWR*RGRU VRPHWKLQJ

)RUVRPHUHDVRQ,GRQWKDYHWKDWVDPHNLQGRI SXOO%XWWKDWGRHVQWPHDQ,PJRQQDTXLWWU\LQJ



7RGD\VVHUPRQZDVFDOOHG|-HVXVLQ'LVJXLVH}DQG LWZDVDERXWKRZ\RXVKRXOGWUHDWHYHU\RQH\RX PHHWZLWKNLQGQHVVEHFDXVH\RXQHYHUNQRZZKLFK SHUVRQLVUHDOO\-HVXVSUHWHQGLQJWREHVRPHRQHHOVH ,JXHVVWKDWVVXSSRVHGWRPDNH\RXZDQQDEH DEHWWHUSHUVRQEXWDOOLWGRHVLVPDNHPH SDUDQRLGEHFDXVH,NQRZ,PJRQQDMXVWHQGXS JXHVVLQJZURQJ

7KH\SDVVHGWKHGRQDWLRQEDVNHWDURXQGOLNHWKH\ GRHYHU\ZHHNDQGDOO,FRXOGWKLQNZDVKRZ, QHHGHGWKDWPRQH\DORWPRUHWKDQZKRHYHULWZDV JRLQJWR 

%XW0RPPXVWYHVHHQWKHORRNLQP\H\HEHFDXVH VKHSDVVHGWKHEDVNHWWRWKHURZEHKLQGXVEHIRUH ,FRXOGWDNHZKDW,QHHGHG

0RQGD\ 0\ELUWKGD\VFRPLQJXSWKLVZHHNHQGDQGLW FDQWJHWKHUHTXLFNHQRXJKIRUPH7KLV\HDU,P JRQQDKDYHD)$P,O<SDUW\,PVWLOOUHDOO\ EXUQHGXSZLWK5RZOH\IRUEDLOLQJRXWRQRXUODZQ FDUHEXVLQHVVVR,GRQWZDQWKLPWKLQNLQJKHFDQ FRPHRYHUDQGHDWP\ELUWKGD\FDNH 3OXV,YHOHDUQHGP\OHVVRQDERXWIULHQGSDUWLHV :KHQ\RXKDYHDIULHQGSDUW\DOO\RXUJXHVWVWKLQN WKH\KDYHWKHULJKWWRSOD\ZLWK\RXUSUHVHQWV



$QGHYHU\WLPH,KDYHDIULHQGSDUW\0RPLQYLWHV +H5IULHQGVNLGVVR,HQGXSZLWKDEXQFKRI SHRSOHDWP\SDUW\,EDUHO\HYHQNQRZ

$QGWKRVHNLGVGRQWEX\WKHJLIWVWKHLUPRPV GR6RHYHQLI\RXJHWVRPHWKLQJOLNHDYLGHRJDPH LWVQRWDYLGHRJDPH\RXGDFWXDOO\ZDQWWRSOD\



,PMXVWJODG,PQRWRQWKHVZLPWHDPWKLVVXPPHU /DVW\HDU,KDGSUDFWLFHRQP\ELUWKGD\DQG0RP GURSSHGPHRIIDWWKHSRRO

,JRWVRPDQ\ELUWKGD\QRRJLHVWKDW,FRXOGQW HYHQOLIWP\DUPVWRVZLP



6RZKHQLWFRPHVWR\RXUELUWKGD\,YHOHDUQHG LWVEHVWWRMXVWNHHSNLGVRXWRIWKHHTXDWLRQ 0RPVDLG,FRXOGKDYHDIDPLO\SDUW\DVORQJ DV,SURPLVHGQRWWRGRP\|XVXDO}ZLWKWKH ELUWKGD\FDUGV7KDWVWLQNVEHFDXVH,KDYHD *5H$WV\VWHPIRURSHQLQJFDUGV,SXWWKHP DOOLQDQHDWSLOHDQGWKHQ,ULSHDFKRQHRSHQ DQGVKDNHLWWRJHWWKHPRQH\RXW$VORQJDV ,GRQWVWRSWRUHDGDQ\WKLQJ,FDQJHW WKURXJKDSLOHRIWZHQW\FDUGVLQXQGHUDPLQXWH

0RPVD\VWKHZD\,GRLWLV|LQVXOWLQJ}WRWKHSHRSOH ZKRJRWPHWKHFDUGV6KHVD\VWKLVWLPHDURXQG, KDYHWRUHDGHYHU\FDUGDQGDFNQRZOHGJHWKHSHUVRQ ZKRJDYHLWWRPH7KDW OOVORZPHGRZQEXW, JXHVVLWVVWLOOZRUWKLW 

,YHEHHQGRLQJDORWRIWKLQNLQJDERXWZKDW, ZDQWIRUP\ELUWKGD\WKLV\HDU:KDW,5H$OO< ZDQWLVDGRJ

,YHEHHQDVNLQJIRUDGRJIRUWKHSDVWWKUHH \HDUVEXW0RPVD\VZHKDYHWRZDLWXQWLO0DQQ\V FRPSOHWHO\SRWW\WUDLQHGEHIRUHZHJHWRQH:HOO ZLWKWKHSRWW\WUDLQLQJUDFNHW0DQQ\VJRWJRLQJ RQWKDWFRXOGWDNH)R5H9H5

7KHWKLQJLV,NQRZWKDW'DGZDQWVDGRJ WRR+HXVHGWRKDYHRQHZKHQ+HZDVDNLG 

,ILJXUHGDOO'DGQHHGHGZDVDOLWWOHQXGJHDQG RQ&KULVWPDVODVW\HDU,VDZP\FKDQFH0\ 8QFOH-RHDQGKLVIDPLO\VWRSSHGE\RXUKRXVH DQGWKH\EURXJKWWKHLUGRJ.LOOHUZLWKWKHP ,DVNHG8QFOH-RHLIKHZRXOGQWPLQGKLQWLQJWR 'DGWKDWKHVKRXOGJHWXVDGRJ%XWWKHZD\8QFOH -RHGLGLWSUREDEO\VHWP\GRJJHWWLQJFDPSDLJQEDFN E\ILYH\HDUV

7KHRWKHUWKLQJ,KDYHQRFKDQFHRIJHWWLQJIRU P\ELUWKGD\LVDFHOOSKRQHDQG,FDQWKDQN 5RGULFNIRUWKDW 

0RPDQG'DGJRW5RGULFNDFHOOSKRQHODVW\HDU DQGKHUDFNHGXSDELOOIRUWKUHHKXQGUHGGROODUVLQ WKHILUVWPRQWK0RVWRIWKDWZDVIURP5RGULFN FDOOLQJ0RPDQG'DGIURPKLVURRPLQWKHEDVHPHQW WRDVNWKHPWRWXUQWKHKHDWXS

6RWKHRQO\WKLQJ,PDVNLQJIRUWKLV\HDULVD GHOX[HOHDWKHUUHFOLQHU0\8QFOH&KDUOLHKDVRQH DQGKHSUDFWLFDOO\O,9HVLQWKDWWKLQJ



7KHPDLQUHDVRQ,ZDQWP\RZQUHFOLQHULVEHFDXVH LI,KDGRQH,ZRXOGQWKDYHWRJRXSWRP\ URRPDIWHUZDWFKLQJWYODWHDWQLJKW,FRXOG MXVWVOHHSULJKWLQWKHFKDLU 3OXVWKHVHUHFOLQHUVKDYHDOOVRUWVRIIHDWXUHVOLNHD QHFNPDVVDJHUDQGDGMXVWDEOHILUPQHVVDQGVWXIIOLNH WKDW,ILJXUH,FRXOGXVHWKH|YLEUDWH}IHDWXUHWR PDNH'DGVOHFWXUHVDORWPRUHWROHUDEOH

7KHRQO\UHDVRQ,GHYHUQHHGWRJHWXSLVWR JRWRWKHEDWKURRP%XWPD\EH,VKRXOGMXVW ZDLWXQWLOQH[W\HDUWRDVNIRUDUHFOLQHU EHFDXVH,EHWWKH\ OOKDYHWKDWWDNHQFDUHRI LQWKHQHZPRGHO 

7KXUVGD\ ,DVNHG0RPWRWDNHPHEDFNWR%RPEVKHOOV %HDXW\6DORQDJDLQWRGD\HYHQWKRXJK,GLGQW UHDOO\QHHGDKDLUFXW,MXVWIHOWOLNHFDWFKLQJXS RQWKHWRZQJRVVLS

$QQHWWHP\KDLUVW\OLVWVDLGVKHKHDUGIURPDODG\ ZKRNQRZV0UV-HIIHUVRQWKDWPHDQG5RZOH\KDG DIDOOLQJRXW 

$SSDUHQWO\5RZOH\V|KHDUWEURNHQ}EHFDXVH,GLGQW LQYLWHKLPWRP\ELUWKGD\SDUW\:HOOLI5RZOH\V XSVHW\RXZRXOGQWNQRZLWIURPORRNLQJDWKLP (YHU\WLPH,VHH5RZOH\KHVSDOOLQJDURXQGZLWK KLVGDG6RWKHZD\LWORRNVWRPHKHVDOUHDG\ JRWKLPVHOIDQHZEHVWIULHQG

,MXVWZDQQDVD\,WKLQNLWVWLQNVWKDW5RZOH\ JHWVWRJRWRWKHFRXQWU\FOXEHYHQWKRXJKKH VWLOORZHVPRQH\RQWKDWIUXLWVPRRWKLHELOO 8QIRUWXQDWHO\5RZOH\VFKXPP\UHODWLRQVKLSZLWK KLVGDGLVVWDUWLQJWRDIIHFWP\OLIH0RPVD\V WKHZD\5RZOH\DQGKLVGDGKDQJRXWWRJHWKHULV |QHDW}DQGWKDWPHDQG'DGVKRXOGJRILVKLQJRU SOD\FDWFKLQWKHIURQW\DUGRUVRPHWKLQJ 

%XWWKHWKLQJLVPHDQG'DGMXVWDUHQWFXWRXW IRUWKDWNLQGRIIDWKHUVRQVWXII7KHODVWWLPH 0RPWULHGWRJHWPHDQG'DGWRGRVRPHWKLQJ OLNHWKDWWRJHWKHULWHQGHGZLWKPHKDYLQJWR SXOOKLPRXWRI5DSSDKDQQRFN&UHHN

0RPZRQWOHWLWJRWKRXJK6KHVD\VVKHZDQWV WRVHHPRUH|DIIHFWLRQ}EHWZHHQ'DGDQGXVER\V $QGWKDWVFUHDWHGVRPHUHDOO\DZNZDUGPRPHQWV



)ULGD\ 7RGD\,ZDVZDWFKLQJWYPLQGLQJP\RZQ EXVLQHVVZKHQ,KHDUGDNQRFNDWWKHIURQW GRRU0RPVDLGWKHUHZDVD|IULHQG}WKHUHWR VHHPHVR,WKRXJKWLWPXVWEH5RZOH\FRPLQJ WRDSRORJL]H %XWLWZDVQW5RZOH\,WZDVIUHJOH\

$IWHU,UHFRYHUHGIURPP\LQLWLDOVKRFN, VODPPHGWKHGRRUVKXW,VWDUWHGWRSDQLFEHFDXVH ,GLGQWNQRZZKDW)UHJOH\ZDVGRLQJDWP\ IURQWGRRU$IWHUDIHZPLQXWHVZHQWE\, ORRNHGRXWWKHVLGHZLQGRZDQG)UHJOH\ZDV VWLOOVWDQGLQJWKHUH



,NQHZ,KDGWRWDNHGUDVWLFPHDVXUHVVR, ZHQWWRWKHNLWFKHQWRFDOOWKHFRSV%XW0RP VWRSSHGPHEHIRUH,FRXOGILQLVKGLDOLQJ 0RPVDLGVKHLQYLWHG)UHJOH\RYHU6KHVDLG,YH VHHPHG|ORQHO\}HYHUVLQFH,KDGWKDWILJKWZLWK 5RZOH\DQGVKHWKRXJKWVKHGVHWXSD|SOD\GDWH} ZLWK)UHJOH\



6HHWKLVLVZK\,VKRXOGQHYHUWHOO0RPDERXW P\SHUVRQDOEXVLQHVV7KLV)UHJOH\WKLQJZDVD WRWDOGLVDVWHU ,YHKHDUGWKDWDYDPSLUHFDQWFRPHLQVLGH\RXU KRXVHXQOHVV\RXLQYLWHKLPLQDQG, OOEHWLWV WKHVDPHNLQGRIGHDOZLWK)UHJOH\

6RQRZ,YHJRWWZRWKLQJVWRZRUU\DERXW WKHPXGG\KDQGDQG)UHJOH\$QGLI,KDGWR FKRRVHWKHRQHWRJHWPHILUVW,GWDNHWKH PXGG\KDQGLQDKHDUWEHDW 

6DWXUGD\ 7RGD\ZDVP\ELUWKGD\DQG,JXHVVWKLQJVZHQW PRUHRUOHVVOLNH,H[SHFWHG7KHUHODWLYHVVWDUWHG VKRZLQJXSDURXQG,DVNHG0RPWRLQYLWHDV PDQ\SHRSOHDVSRVVLEOHVR,FRXOGPD[LPL]HP\JLIW SRWHQWLDODQG,JRWDSUHWW\JRRGWXUQRXW



,OLNHWRFXWWRWKHFKDVHRQP\ELUWKGD\DQG JHWULJKWWRWKHJLIWVVR,WROGHYHU\RQHWR JDWKHULQWKHOLYLQJURRP ,WRRNP\WLPHZLWKWKHFDUGVMXVWOLNH0RP DVNHG,WZDVDOLWWOHSDLQIXOEXW,JRWDJRRG KDXOVRLWZDVZRUWKLW

8QIRUWXQDWHO\DVVRRQDV,FROOHFWHGP\ FKHFNV0RPFRQILVFDWHGWKHPRQH\WRSD\RII 0U-HIIHUVRQ



7KHQ,PRYHGRQWRWKHZUDSSHGSUHVHQWVEXW WKHUHZHUHQWDZKROHORWRIWKRVH7KHILUVW JLIWIURP0RPDQG'DGZDVVPDOODQGKHDY\ ZKLFK,WKRXJKWZDVDJRRGVLJQ%XW,ZDV VWLOOSUHWW\VKRFNHGZKHQ,RSHQHGLW

:KHQ,ORRNHGPRUHFORVHO\,IRXQGRXWLW ZDVQWDQRUGLQDU\FHOOSKRQH,WZDVFDOOHGD |/DG\EXJ}7KHSKRQHGLGQWKDYHDNH\SDGRQLWRU DQ\WKLQJ,WRQO\KDGWZREXWWRQVRQHWRFDOOKRPH DQGRQHIRUHPHUJHQFLHV6RLWVSUHWW\PXFKXVHOHVV



$OOP\RWKHUJLIWVZHUHFORWKHVDQGRWKHUVWXII, GLGQWUHDOO\QHHG,ZDVVWLOOKRSLQJ,PLJKWJHW WKDWUHFOLQHUEXWRQFH,UHDOL]HGWKHUHZHUHQW DQ\SODFHV0RPDQG'DGFRXOGEHKLGLQJDJLDQW OHDWKHUFKDLU,JDYHXSORRNLQJ 7KHQ0RPWROGHYHU\RQHLWZDVWLPHWRJRLQWRWKH GLQLQJURRPWRKDYHVRPHFDNH8QIRUWXQDWHO\8QFOH -RHVGRJ.LOOHUKDGEHDWHQXVWRLW

,ZDVKRSLQJ0RPZRXOGJRRXWDQGJHWPHDQHZ FDNHEXWVKHMXVWWRRNDNQLIHDQGFXWDZD\WKH SDUWVWKHGRJGLGQWWRXFK 

0RPFXWPHDELJSLHFHEXWE\WKDWSRLQW, ZDVQWUHDOO\LQWKHPRRGIRUFDNH(VSHFLDOO\QRW ZLWK.LOOHUWKURZLQJXSOLWWOHELUWKGD\FDQGOHV XQGHUWKHWDEOH 6XQGD\ ,JXHVV0RPPXVWYHIHOWEDGDERXWKRZP\ELUWKGD\ ZHQWGRZQEHFDXVHWRGD\VKHVDLGZHFRXOGJRWR WKHPDOODQGJHWD|PDNHXSJLIW} 0RPWRRN0DQQ\DQG5RGULFNDORQJIRUWKHULGH DQGVKHVDLGWKH\FRXOGHDFKSLFNRXWVRPHWKLQJ WRRZKLFKLVWRWDOO\XQIDLUEHFDXVHLWZDVQW W+H,5ELUWKGD\\HVWHUGD\ 

:HZDONHGDURXQGWKHPDOOIRUDZKLOHDQGHQGHG XSLQDSHWVWRUH,ZDVKRSLQJZHFRXOGSRRORXU PRQH\WREX\DGRJEXW5RGULFNVHHPHGWREH LQWHUHVWHGLQDGLIIHUHQWNLQGRISHW

0RPKDQGHGXVHDFKDILYHGROODUELOODQGWROGXV ZHFRXOGEX\ZKDWHYHUZHZDQWHGEXWILYHEXFNV GRHVQWH[DFWO\JHW\RXYHU\IDULQDSHWVWRUH, ILQDOO\VHWWOHGRQWKLVUHDOO\FRRODQJHOILVKWKDWV DOOGLIIHUHQWFRORUV



5RGULFNSLFNHGRXWDILVKWRR,GRQWNQRZ ZKDWNLQGLWZDVEXWWKHUHDVRQ5RGULFNFKRVH LWZDVEHFDXVHWKHODEHORQWKHWDQNVDLGWKHILVK ZDV|DJJUHVVLYH}

0DQQ\VSHQW+,VILYHEXFNVRQILVKIRRG$W ILUVW,WKRXJKWLWZDVEHFDXVHKHZDQWHGWR IHHGWKHILVKWKDWPHDQG5RGULFNERXJKWEXW E\WKHWLPHZHJRWKRPH0DQQ\KDGHDWHQ KDOIWKHFDQLVWHU 0RQGD\ 7KLVLVWKHILUVWWLPH,YHKDGP\YHU\RZQ SHWDQG,PNLQGRIJHWWLQJLQWRLW,IHHG P\ILVKWKUHHWLPHVDGD\DQG,NHHSKLVERZO UHDOO\FOHDQ 

,HYHQERXJKWDMRXUQDOVR,FRXOGNHHSWUDFNRI HYHU\WKLQJP\ILVKGRHVGXULQJWKHGD\,KDYH WRDGPLWWKRXJK,PVWDUWLQJWRKDYHDOLWWOH WURXEOHILOOLQJXSWKHSDJHV

,DVNHG0RPDQG'DGLIZHFRXOGEX\RQHRI WKRVHDTXDULXPVDQGJHWDWRQRIILVKWRNHHS P\OLWWOHJX\FRPSDQ\%XW'DGVDLGWKDW DTXDULXPVFRVWPRQH\DQGPD\EH,FRXOGDVNIRU RQHIRU&KULVWPDV

6HHWKLVLVZKDWVWLQNVDERXWEHLQJDNLG
,I,KDGP\RZQPRQH\,FRXOGMXVWEX\ ZKDWHYHU,ZDQWHGDQGQRWKDYHWRHPEDUUDVV P\VHOIHYHU\WLPH,QHHGHGWRUHQWDYLGHRJDPH RUEX\DSLHFHRIFDQG\RUVRPHWKLQJ

$Q\ZD\,YHDOZD\VNQRZQWKDW, OOHYHQWXDOO\ EHULFKDQGIDPRXVEXW,PVWDUWLQJWRJHWD OLWWOHFRQFHUQHGWKDWLWKDVQWKDSSHQHG\HW, ILJXUHG,GDWOHDVWKDYHP\RZQUHDOLW\WY VKRZE\QRZ /DVWQLJKW,ZDVZDWFKLQJRQHRIWKRVHWHOHYLVLRQ VKRZVZKHUHDQDQQ\OLYHVZLWKDIDPLO\IRUD ZHHNDQGWKHQWHOOVWKHPDOOWKHZD\VWKH\UH VFUHZLQJXS 

:HOO,GRQWNQRZLIWKHZRPDQKDGWRJRWR VRPHVSHFLDOQDQQ\VFKRRORUVRPHWKLQJEXWWKDWV WKHNLQGRIMRE,ZDV%R51WRGR ,MXVWQHHGWRILJXUHRXWKRZWRJHWP\VHOILQ OLQHIRUWKDWMREZKHQWKHQDQQ\UHWLUHV

$IHZ\HDUVDJR,VWDUWHGFROOHFWLQJP\SHUVRQDO PHPHQWRVOLNHERRNUHSRUWVDQGROGWR\VDQG VWXIIOLNHWKDWEHFDXVHZKHQP\PXVHXPRSHQV, ZDQQDPDNHVXUHLWVSDFNHGZLWKLQWHUHVWLQJ WKLQJVIURPP\OLIH 

%XW,GRQWNHHSDQ\WKLQJOLNHOROOLSRSVWLFNV WKDWKDYHP\VDOLYDRQWKHPEHFDXVHEHOLHYHPH ,GR1RWQHHGWREHFORQHG

:KHQ,PIDPRXV,PJRQQDKDYHWRPDNHVRPH OLIHFKDQJHV 

, OOSUREDEO\KDYHWRIO\LQSULYDWHMHWVEHFDXVH LI,IO\RQUHJXODUSODQHV, OOJHWUHDOO\DQQR\HG ZKHQSHRSOHLQWKHEDFNWU\WRPRRFKRIIP\ ILUVWFODVVEDWKURRP

$QRWKHUWKLQJIDPRXVSHRSOHKDYHWRGHDOZLWKLV WKDWWKHLU\RXQJHUVLEOLQJVHQGXSJHWWLQJIDPRXV MXVWEHFDXVHWKH\UHUHODWHG



0\FORVHVWEUXVKZLWKIDPHVRIDUZDVZKHQ0RP VLJQHGPHXSIRUDPRGHOLQJMREDIHZ\HDUVDJR ,WKLQNKHULGHDZDVWRJHWSLFWXUHVRIPHLQ FORWKHVFDWDORJXHVRUVRPHWKLQJOLNHWKDW

%XWWKHRQO\WKLQJWKH\XVHGP\SLFWXUHIRUZDV WKLVVWXSLGPHGLFDOERRNDQG,YHEHHQWU\LQJWR OLYHLWGRZQHYHUVLQFH

7XHVGD\ ,VSHQWWKHDIWHUQRRQSOD\LQJYLGHRJDPHVDQG FDWFKLQJXSRQWKH6XQGD\FRPLFV 

,WXUQHGWRWKHEDFNSDJHDQGWKHUHZDVDQDG ZKHUH|/L O&XWLH|XVXDOO\LV

0DQ,YHEHHQZDLWLQJIRUHYHUIRUDQ RSSRUWXQLW\OLNHWKLV,KDGDFRPLFLQP\VFKRRO SDSHURQFHEXWWKLVLVDFKDQFHWRKLWWKH%,*WLPH 7KHDGVDLGWKH\ZHUHQWDFFHSWLQJDQ\DQLPDO FRPLFVWULSVDQG,WKLQN,NQRZZK\7KHUHV WKLVFRPLFDERXWDGRJFDOOHG|3UHFLRXV3RRFKLH} DQGLWVEHHQUXQQLQJIRUDERXWILIW\\HDUV 7KHJX\ZKRZURWHLWGLHGDORQJWLPHDJREXW WKH\UHVWLOOUHF\FOLQJKLVROGFRPLFV 

,GRQWNQRZLIWKH\UHIXQQ\RUQRWEHFDXVHWR EHKRQHVWZLWK\RXPRVWRIWKHPGRQWHYHQPDNH VHQVHWRDSHUVRQP\DJH

$Q\ZD\WKHQHZVSDSHUKDVWULHGWRJHWULGRI WKDWFRPLFDEXQFKRIWLPHVEXWZKHQHYHUWKH\ WU\WRFDQFHOLWDOOWKH|3UHFLRXV3RRFKLH}IDQVFRPH RXWRIWKHZRRGZRUNDQGPDNHDELJVWLQN, JXHVVSHRSOHWKLQNRIWKLVFDUWRRQGRJDVWKHLU RZQSHWRUVRPHWKLQJ 

7KHODVWWLPHWKH\WULHGWRFDQFHO|3UHFLRXV3RRFKLH} IRXUEXVORDGVRIVHQLRUFLWL]HQVIURP/HLVXUH7RZHUV VKRZHGXSDWWKHQHZVSDSHURIILFHVGRZQWRZQDQG GLGQWOHDYHXQWLOWKH\JRWWKHLUZD\

6DWXUGD\ 0RPZDVDFWLQJH[WUDFKHHU\WKLVPRUQLQJDQG, FRXOGWHOOVKHKDGVRPHWKLQJXSKHUVOHHYH $WVKHVDLGZHDOOQHHGHGWRJHWLQWKH VWDWLRQZDJRQDQGZKHQ,DVNHGKHUZKHUHZH ZHUHJRLQJVKHVDLGLWZDVD|VXUSULVH} 

,QRWLFHG0RPKDGSDFNHGVXQVFUHHQDQGEDWKLQJ VXLWVDQGVWXIILQWKHEDFNRIWKHVWDWLRQZDJRQVR ,WKRXJKWZHPXVWEHKHDGHGIRUWKHEHDFK %XWZKHQ,DVNHGKHULI,ZDVULJKW0RPVDLGWKH SODFHZHZHUHJRLQJZDVEHWWHUWKDQWKHEHDFK :KHUHYHUZHZHUHJRLQJLWZDVWDNLQJDORQJWLPH WRJHWWKHUH$QGLWZDVQWWKDWIXQEHLQJVWXFN LQWKHEDFNVHDWZLWK5RGULFNDQG0DQQ\



0DQQ\ZDVVLWWLQJLQEHWZHHQPHDQG5RGULFNRQ WKHKXPS$WRQHSRLQW5RGULFNGHFLGHGWRWHOO 0DQQ\WKHKXPSZDVWKHZRUVWVHDWLQWKHFDU EHFDXVHLWZDVWKHVPDOOHVWDQGOHDVWFRPIRUWDEOH

:HOOWKDWWRWDOO\VHW0DQQ\RII

(YHQWXDOO\0RPDQG'DGJRWVLFNRI0DQQ\V FU\LQJ0RPVDLG,KDGWRWDNHDWXUQRQWKH KXPSEHFDXVH,PWKHVHFRQG\RXQJHVWDQGLW ZDV|RQO\IDLU}6RHYHU\WLPH'DGUDQRYHUD SRWKROHP\KHDGKLWWKHURRIRIWKHFDU 

$WDERXW,ZDVJHWWLQJUHDOO\KXQJU\VR ,DVNHGLIZHFRXOGVWRSIRUVRPHIDVWIRRG'DG ZRXOGQWSXOORYHUEHFDXVHKHVDLGWKHSHRSOHDW IDVWIRRGUHVWDXUDQWVDUH|LGLRWV} :HOO,NQRZZK\KHWKLQNVWKDW(YHU\WLPH 'DGJRHVWRWKHIULHGFKLFNHQSODFHRYHUQHDURXU KRXVHKHWULHVWRSODFHKLVRUGHUWKURXJKWKH WUDVKFDQ



,VDZDVLJQIRUDSL]]DSODFHDQG,EHJJHG0RP DQG'DGWROHWXVHDWWKHUH%XW,JXHVV0RPZDV WU\LQJWRVDYHPRQH\EHFDXVHVKHFDPHSUHSDUHG

$KDOIKRXUODWHUZHSXOOHGLQWRDELJSDUNLQJORW DQG,NQHZH[DFWO\ZKHUHZHZHUH

:HZHUHDWWKH6OLSVOLGH:DWHU3DUNZKHUHZH XVHGWRJRDVNLGV$QG,PHDQO,WWOHNLGV ,WVUHDOO\DSODFHPHDQWIRUSHRSOH0DQQ\VDJH 

0RPPXVWYHKHDUGPHDQG5RGULFNJURDQLQWKH EDFNVHDW6KHVDLGZHZHUHJRQQDKDYHDJUHDW GD\DVDIDPLO\DQGLWZRXOGEHWKHKLJKOLJKWRI RXUVXPPHUYDFDWLRQ ,KDYHEDGPHPRULHVRIWKH6OLSVOLGH:DWHU 3DUN2QHWLPH*UDQGSDWRRNPHWKHUHDQGKH OHIWPHLQWKHZDWHUVOLGHDUHDIRUSUDFWLFDOO\WKH ZKROHGD\+HVDLGKHZDVJRQQDJRUHDGKLV ERRNDQGKHGPHHWPHWKHUHLQWKUHHKRXUV%XW, GLGQWDFWXDOO\JRRQDQ\VOLGHVEHFDXVHRIWKHVLJQ DWWKHHQWUDQFH

,WKRXJKW\RXKDGWREHIRUW\HLJKW\HDUVROG WRULGHEXWLWWXUQVRXWWKHWZROLWWOHOLQHV QH[WWRWKHQXPEHUPHDQW|LQFKHV} 

6R,EDVLFDOO\ZDVWHGP\GD\ZDLWLQJIRU*UDQGSD WRFRPHEDFNDQGJHWPHDQGWKHQZHKDGWROHDYH

5RGULFNKDVEDGPHPRULHVRIWKH6OLSVOLGH:DWHU 3DUNWRR/DVW\HDUKLVEDQGJRWERRNHGWRGR DVKRZRQWKHPXVLFVWDJHWKH\KDYHQHDUWKH ZDYHSRRO5RGULFNVEDQGDVNHGWKHSDUNSHRSOH WRVHWWKHPXSZLWKDVPRNHPDFKLQHVRWKH\FRXOG KDYHVRPHVSHFLDOHIIHFWVIRUWKHLUVKRZ

%XWVRPHERG\VFUHZHGXSDQGWKH\VHW5RGULFNV EDQGXSZLWKD%X%%OHPDFKLQHLQVWHDG 

,IRXQGRXWWKHUHDVRQ0RPWRRNXVWRWKH ZDWHUSDUNWRGD\,WZDVKDOISULFHIRUIDPLOLHV 8QIRUWXQDWHO\LWORRNHGOLNHMXVWDERXWHYHU\ IDPLO\LQWKHVWDWHZDVWKHUHWRR :KHQZHJRWWKURXJKWKHJDWHV0RPUHQWHGD VWUROOHUIRU0DQQ\,FRQYLQFHGKHUWRVSHQGD OLWWOHPRUHPRQH\DQGUHQWDGRXEOHVWUROOHU EHFDXVH,NQHZLWZDVJRQQDEHDORQJGD\DQG ,ZDQWHGWRFRQVHUYHP\HQHUJ\



0RPSDUNHGWKHVWUROOHUQHDUWKHZDYHSRROZKLFK ZDVVRFURZGHG\RXFRXOGEDUHO\HYHQVHHWKHZDWHU $IWHUZHSXWRQRXUVXQVFUHHQDQGIRXQGDSODFH WRVLW,IHOWDIHZUDLQGURSVDQGWKHQ,KHDUG WKXQGHU7KHQDQDQQRXQFHPHQWFDPHRYHUWKH ORXGVSHDNHU

(YHU\RQHKLWWKHH[LWVDQGJRWLQWKHLUFDUV%XW ZLWKDOOWKHSHRSOHWU\LQJWROHDYHDWWKHH[DFW VDPHWLPHLWZDVDWRWDOWUDIILFMDP

0DQQ\WULHGWRHQWHUWDLQHYHU\RQHE\WHOOLQJMRNHV $WILUVW0RPDQG'DGZHUHHQFRXUDJLQJKLP

%XWDIWHUDZKLOH0DQQ\VMRNHVGLGQWHYHQ PDNHVHQVH

:HZHUHORZRQJDVVRZHKDGWRWXUQRIIWKH DLUFRQGLWLRQHUDQGZDLWIRUWKHSDUNLQJORWWR FOHDUXS 

0RPVDLGVKHKDGDKHDGDFKHDQGVKHZHQWWR WKHEDFNWROLHGRZQ$QKRXUODWHUWUDIILFILQDOO\ WKLQQHGRXWDQGZHJRWRQWRWKHKLJKZD\ :HVWRSSHGIRUJDVDQGDERXWIRUW\ILYHPLQXWHV ODWHUZHZHUHKRPH'DGWROGPHWRZDNH0RPXS EXWZKHQ,ORRNHGLQWKHEDFNRIWKHVWDWLRQ ZDJRQ0RPZDVQWWKHUH

)RUDIHZPLQXWHVQRERG\NQHZZKHUHVKHZHQW 7KHQZHUHDOL]HGWKHRQO\SODFHVKHFRXOGEHZDV DWWKHJDVVWDWLRQ6KHPXVWYHJRWWHQRXWWRXVH WKHEDWKURRPZKHQZHVWRSSHGDQGQRERG\QRWLFHG 6XUHHQRXJKWKDWVZKHUHVKHZDV:HZHUHJODG WRVHHKHUEXW,GRQWWKLQNVKHZDVWRRKDSS\ WRVHH86 

0RPGLGQWUHDOO\VD\DQ\WKLQJRQWKHULGHEDFN 6RPHWKLQJWHOOVPHVKHVKDGKHUILOORIIDPLO\ WRJHWKHUQHVVIRUDZKLOHDQGWKDWVJRRG EHFDXVH,KDYHWRR 6XQGD\ ,UHDOO\ZLVKZHGLGQWJRRQWKDWWULS\HVWHUGD\ EHFDXVHLIZHVWD\HGKRPHP\ILVKZRXOGVWLOOEHDOLYH %HIRUHZHOHIWIRURXUWULS,IHGP\ILVKDQG0RP VDLG,VKRXOGIHHG5RGULFNVILVKWRR5RGULFNVILVK ZDVLQDERZORQWRSRIWKHUHIULJHUDWRUDQG,P SUHWW\VXUH5RGULFNKDGQWIHGKLVILVKRUFOHDQHG WKHERZORQFH 

,WKLQN5RGULFNVILVKZDVOLYLQJRIIRIWKHDOJDH JURZLQJRQWKHJODVV

:KHQ0RPVDZ5RGULFNVERZOVKHWKRXJKWLW ZDVGLVJXVWLQJ6RVKHWRRNKLVILVKDQGSXWLWLQ P\ERZO

:KHQZHJRWKRPHIURPWKHZDWHUSDUN, ZHQWVWUDLJKWWRWKHNLWFKHQWRIHHGP\ILVK %XWKHZDVJRQHDQGLWZDVQWDELJP\VWHU\ ZKDWKDSSHQHGWRKLP 

,GLGQWHYHQKDYHWLPHWRIHHOVDGDERXWLW EHFDXVHWRGD\ZDV)DWKHUV'D\DQGZHDOOKDGWR JHWLQWKHFDUDQGJRXSWR*UDQGSDVIRUEUXQFK , OOWHOO\RXWKLV,I,PHYHUDGDG\RXUHQRW JRQQDVHHPHGUHVVLQJXSLQDVKLUWDQGWLHDQG JRLQJWR/HLVXUH7RZHUVRQ)DWKHUV'D\,P JRQQDJRRIIE\P\VHOIDQGKDYHVRPH)X1%XW 0RPVDLGVKHWKRXJKWLWZRXOGEHJRRGIRUWKH WKUHHJHQHUDWLRQVRI+HIIOH\PHQWREHWRJHWKHU

,JXHVV,PXVWYHEHHQSLFNLQJDWP\IRRG EHFDXVH'DGDVNHGPHZKDWZDVZURQJ,WROGKLP ,ZDVEXPPHGRXWEHFDXVHP\ILVKGLHG'DGVDLG KHGLGQWUHDOO\NQRZZKDWWRVD\EHFDXVHKHG QHYHUKDGDSHWGLHEHIRUH 

+HVDLGKHXVHGWRKDYHDGRJQDPHG1XWW\ZKHQKH ZDVDNLGEXW1XWW\UDQDZD\WRDEXWWHUIO\IDUP

,YHKHDUG'DGWHOOWKLVVDPHVWRU\DERXW1XWW\ DQGWKHEXWWHUIO\IDUPDPLOOLRQWLPHVEXW,GLGQW ZDQQDEHUXGHDQGFXWKLPRII 7KHQ*UDQGSDVSRNHXSDQGVDLGKHKDGD|FRQIHVVLRQ} WRPDNH+HVDLGWKDW1XWW\GLGQWDFWXDOO\UXQDZD\ WRDEXWWHUIO\IDUP*UDQGSDVDLGZKDW5H$OO< KDSSHQHGZDVWKDWKHDFFLGHQWDOO\UDQRYHUWKHGRJ ZKHQKHZDVEDFNLQJKLVFDURXWRIWKHGULYHZD\



*UDQGSDVDLGKHPDGHXSWKHEXWWHUIO\IDUPVWRU\ VRKHGLGQWKDYHWRWHOO'DGWKHWUXWKEXWWKDW QRZWKH\FRXOGKDYHDJRRGODXJKRYHULW

%XW'DGZDVP$'+HWROGXVWRJHWLQWKHFDU DQGKHOHIW*UDQGSDZLWKWKHELOOIRUEUXQFK'DG GLGQWVD\DQ\WKLQJRQWKHZD\KRPH+HMXVW GURSSHGXVRIIDWWKHKRXVHDQGGURYHDZD\

'DGZDVJRQHIRUDORQJWLPHDQG,ZDVVWDUWLQJ WRWKLQNPD\EHKHZDVJRQQDMXVWWDNHWKHUHVWRI WKHGD\IRUKLPVHOI%XWKHVKRZHGXSDQKRXU ODWHUFDUU\LQJDELJFDUGERDUGER[ 

'DGSXWWKHER[RQWKHIORRUDQGEHOLHYHLWRU QRWWKHUHZDVD'R*LQWKHUH

0RPGLGQWVHHPWRRWKULOOHGWKDW'DGZHQWRXW DQGERXJKWDGRJZLWKRXWFKHFNLQJZLWKKHUILUVW ,GRQWWKLQN'DGKDVHYHUHYHQERXJKWDSDLU RISDQWVIRUKLPVHOIZLWKRXWJHWWLQJ0RPVRN EHIRUHKDQG%XW,WKLQNVKHFRXOGVHHWKDW'DG ZDVKDSS\VRVKHOHWKLPNHHSLW $WGLQQHU0RPVDLGZHVKRXOGFRPHXSZLWKDQDPH IRUWKHGRJ



,ZDQWHGWRQDPHLWVRPHWKLQJFRROOLNH6KUHGGHURU 5LSMDZEXW0RPVDLGP\LGHDVZHUHWRR|YLROHQW} 0DQQ\VLGHDVZHUHDZKROHORWZRUVHWKRXJK+H ZDQWHGWRQDPHWKHGRJDQDQLPDOQDPHOLNH (OHSKDQWRU=HEUD

5RGULFNOLNHGWKHDQLPDOQDPHLGHDDQGKHVDLGZH VKRXOGFDOOWKHGRJ7XUWOH

0RPVDLGZHVKRXOGFDOOWKHGRJ6ZHHWKHDUW, WKRXJKWWKDWZDVDUHDOO\WHUULEOHLGHDEHFDXVH WKHGRJLVDER\QRWDJLUO 

%XWEHIRUHDQ\RIXVFRXOGILJKWLW'DGDJUHHG ZLWK0RPVLGHD

,WKLQN'DGZDVZLOOLQJWRJRZLWKDQ\WKLQJ0RP FDPHXSZLWKLILWPHDQWKHGLGQWKDYHWRWDNH WKHGRJEDFN%XWVRPHWKLQJWHOOVPH8QFOH-RH ZRXOGQRWDSSURYHRIRXUGRJVQDPH 'DGWROG5RGULFNKHVKRXOGJRWRWKHPDOOWREX\ DERZODQGJHWWKHGRJVQDPHSULQWHGRQLWDQG KHUHVZKDW5RGULFNFDPHEDFNZLWK{



,JXHVVWKDWVZKDW\RXJHWZKHQ\RXVHQGWKH ZRUVWVSHOOHULQWKHIDPLO\RIIWRGR\RXUHUUDQGV :HGQHVGD\ ,ZDVUHDOO\KDSS\ZKHQZHJRWRXUGRJDWILUVW EXWQRZ,PVWDUWLQJWRKDYHVHFRQGWKRXJKWV 7KHGRJVDFWXDOO\EHHQGULYLQJPHFUD]\$IHZ QLJKWVDJRDFRPPHUFLDOFDPHRQWYDQGLW VKRZHGVRPHJRSKHUVSRSSLQJLQDQGRXWRIWKHLU KROHV6ZHHWLHVHHPHGSUHWW\LQWHUHVWHGLQWKDWVR 'DGVDLG{

7KDWJRW6ZHHWLHDOOULOHGXSDQGKHVWDUWHG EDUNLQJDWWKHWY 

1RZ6ZHHWLHEDUNVDWWKHW9FRQVWDQWO\ DQGWKHRQO\WKLQJWKDWJHWVKLPWRVWRSLVZKHQ WKHFRPPHUFLDOZLWKWKHJRSKHUVFRPHVEDFNRQ

%XWZKDWUHDOO\EXJVPHDERXWWKHGRJLVWKDWKH OLNHVWRVOHHSLQP\EHGDQG,PDIUDLGKHOOELWH P\KDQGRIILI,WU\WRPRYHKLP

$QGKHGRHVQWMXVWVOHHSLQP\EHG+HVOHHSV ULJKWVPDFNLQWKHPLGGOH 

'DGFRPHVLQP\URRPDWHYHU\PRUQLQJWR WDNH6ZHHWLHRXW%XW,JXHVVPHDQGWKHGRJ KDYHVRPHWKLQJLQFRPPRQEHFDXVHKHGRHVQWOLNH JHWWLQJRXWRIEHGLQWKHPRUQLQJHLWKHU6R'DG WXUQVWKHOLJKWVRQDQGRIIWRWU\WRPDNHWKH GRJZDNHXS




,WPXVWYHEHHQUDLQLQJRXWVLGHWKLVPRUQLQJEHFDXVH ZKHQ6ZHHWLHFDPHEDFNLQKHZDVVKLYHULQJDQG VRDNLQJZHW7KHQKHWULHGWRJHWXQGHUWKHFRYHUV ZLWKPHWRJHWZDUP/XFNLO\WKHPXGG\KDQGKDV JLYHQPHDORWRISUDFWLFHZLWKWKLVVRUWRIWKLQJ VR,ZDVDEOHWRNHHSKLPRXW 

7KXUVGD\ 7KLVPRUQLQJ'DGZDVQWDEOHWRJHWWKHGRJRXW RIP\EHGQRPDWWHU:+$WKHWULHG6RKHZHQW WRZRUNDQGDERXWDQKRXUODWHU6ZHHWLHZRNHPH XSWRWDNHKLPRXWVLGH,ZUDSSHGP\VHOILQP\ EODQNHWDQGWKHQOHWWKHGRJRXWWKHIURQWGRRU DQGZDLWHGIRUKLPWRGRKLVEXVLQHVV%XW6ZHHWLH GHFLGHGWRPDNHDUXQIRULWDQG,KDGWRFKDVH DIWHUKLP




,GRQWWKLQNWKHIHHOLQJLVPXWXDOWKRXJK'DG LVDOZD\VWU\LQJWRJHWWKHGRJWRJLYHKLPDNLVV RQWKHQRVHEXW6ZHHWLHZRQWGRLW



,FDQNLQGRIXQGHUVWDQGZK\WKHGRJGRHVQW OLNH'DG

7KHRQO\SHUVRQ6ZHHWLHUHDOO\OLNHVLV0RPHYHQ WKRXJKVKHEDUHO\SD\VKLPDQ\DWWHQWLRQ$QG, FDQWHOOWKDWVVWDUWLQJWRGULYH'DGDOLWWOHQXWV



,WKLQN6ZHHWLHLVMXVWPRUHRIDODGLHVPDQ6R, JXHVVWKDWVVRPHWKLQJHOVHZHKDYHLQFRPPRQ -XO\ 6DWXUGD\ /DVWQLJKW,ZDVZRUNLQJRQDQHZFRPLFWR UHSODFH|/L O&XWLH},ILJXUHGWKHUHZRXOGEHDORW RIFRPSHWLWLRQIRUWKHRSHQVORWVR,ZDQWHGWR FRPHXSZLWKVRPHWKLQJWKDWUHDOO\VWRRGRXW, PDGHXSWKLVFRPLFFDOOHG|+H\3HRSOH }WKDWV VRUWRIOLNHDKDOIFDUWRRQKDOIDGYLFHFROXPQ, ILJXUH,FDQXVHLWWRPDNHWKHZRUOGDEHWWHU SODFHRUDWOHDVWDEHWWHUSODFHIRUPH



,ILJXUHGVLQFH'DGUHDGVWKHFRPLFV,PLJKWDVZHOO ZULWHDIHZWKDWZHUHVSHFLILFDOO\WDUJHWHGDWKLP

,ZRXOGYHZULWWHQDEXQFKRIFRPLFVODVWQLJKW EXW6ZHHWLHZDVGULYLQJPHFUD]\DQG,FRXOGQW FRQFHQWUDWH :KLOH,ZDVGUDZLQJWKHGRJZDVVLWWLQJRQP\ SLOORZOLFNLQJKLVSDZVDQGKLVWDLODQGKHZDV UHDOO\JHWWLQJLQWRLW

:KHQHYHU6ZHHWLHGRHVWKDW,KDYHWRUHPHPEHU WRIOLSWKHSLOORZRYHUZKHQ,JRWREHG/DVW QLJKW,IRUJRWDQGZKHQ,OD\GRZQ,SXWP\ KHDGULJKWRQWKHZHWVSRW 6SHDNLQJRIOLFNLQJ6ZHHWLHILQDOO\NLVVHG'DG ODVWQLJKW,WVSUREDEO\EHFDXVH'DGKDGSRWDWR FKLSVRQKLVEUHDWKDQG,WKLQNGRJVKDYHDQ DXWRPDWLFUHVSRQVHWRWKDWVRUWRIWKLQJ 

,GLGQWKDYHWKHKHDUWWRWHOO'DGWKDW6ZHHWLH KDGMXVWVSHQWWKHSDVWKDOIKRXURQP\SLOORZ OLFNLQJKLVUHDUHQG $Q\ZD\,PKRSLQJ,FDQZULWHDIHZPRUH FRPLFVWRQLJKWEHFDXVH,PQRWJRQQDEHDEOHWR JHWDQ\ZRUNGRQHWRPRUURZ7RPRUURZVWKH )RXUWKRI-XO\DQG0RPLVPDNLQJWKHZKROH IDPLO\JRWRWKHWRZQSRRO ,WULHGWRJHWRXWRILWPRVWO\EHFDXVH,ZDQW WRPDNHLWWKURXJKWKHVXPPHUZLWKRXWKDYLQJWR ZDONSDVWWKHVKRZHUJX\V%XW,WKLQN0RPV VWLOOKRSLQJWRKDYHRQHSHUIHFWIDPLO\GD\WKLV VXPPHUVRWKHUHVQRXVHILJKWLQJLW 

0RQGD\ 0\)RXUWKRI-XO\VWDUWHGRXWSUHWW\URXJK:KHQ ,JRWWRWKHSRRO,WULHGWRJHWWKURXJKWKH ORFNHUURRPDVTXLFNO\DV,FRXOG%XWWKHVKRZHU JX\VZHUHUHDOO\FKDWW\DQGWKH\GLGQWPDNHLW HDV\RQPH

7KHQ0RPWROGPHVKHOHIWKHUVXQJODVVHVRXWLQ WKHFDUVR,KDGWRJR%$&NWKURXJKWKH VKRZHUDUHDWRWKHSDUNLQJORW,ZRUH0RPV VXQJODVVHVRQWKHUHWXUQWULSWRPDNHLWFOHDU, ZDVQWLQWHUHVWHGLQFRQYHUVDWLRQEXWWKDWGLGQW ZRUNRXWVRJRRGHLWKHU 

6HULRXVO\,ZLVKWKRVHJX\VZRXOGMXVWWDNHD VKRZHUDWKRPHEHIRUHWKH\FDPHWRWKHSRRO %HFDXVHRQFH\RXVHHVRPHERG\OLNHWKDW\RXFDQ QHYHUORRNDWWKHPWKHVDPHZD\DJDLQ



$IWHU,JRWSDVWWKHORFNHUURRPWKLQJVGLGQW JHWDZKROHORWEHWWHU7KHVFHQHZDVMXVWDERXW KRZ,UHPHPEHUHGLWH[FHSWPRUHFURZGHG, JXHVVHYHU\RQHKDGWKHVDPHLGHDWRVSHQGWKH )RXUWKDWWKHSRRO

7KHRQO\WLPHWKHSRROFOHDUHGRXWZDVZKHQWKH OLIHJXDUGFDOOHGDILIWHHQPLQXWHUHVWEUHDNDQGDOO WKHNLGVKDGWRJHWRXWRIWKHZDWHU ,WKLQNWKHLGHDEHKLQGUHVWEUHDNVLVWRJLYH DGXOWVDOLWWOHWLPHWRHQMR\WKHSRROEXW,GRQW NQRZKRZWKH\UHVXSSRVHGWRUHOD[ZLWKWKUHH KXQGUHGNLGVZDLWLQJIRUWKHEUHDNWREHRYHU 

:KHQ,ZDV\RXQJHU,XVHGWRMXVWJRVZLPLQ WKHEDE\SRROGXULQJWKHILIWHHQPLQXWHUHVW EUHDNEXWWKDWZDVEHIRUH,NQHZZKDWZHQW RQLQWKHUH

7KHRQO\DUHDRIWKHSRROWKDWZDVQ WDFRPSOHWH PDGKRXVHZDVWKHGHHSHQGDQGWKDW VZKHUHWKH GLYLQJERDUGVDUH,KDYHQ WEHHQLQWKHGHHSHQG VLQFH,ZDVHLJKW\HDUVROGZKHQ5RGULFNWDONHG PHLQWRMXPSLQJRIIWKHKLJKGLYH 

5RGULFNZDVDOZD\VWU\LQJWRJHWPHWRMXPSRII WKHKLJKGLYHEXWWKDWWDOOODGGHUUHDOO\VFDUHG PH+HWROGPH,QHHGHGWRFRQTXHUP\IHDUVRU ,GQHYHUEHFRPHDPDQ

7KHQRQHGD\5RGULFNWROGPHWKDWWKHUHZDVD FORZQDWWKHWRSRIWKHGLYLQJERDUGZKRZDV KDQGLQJRXWIUHHWR\VDQGWKDWJRWP\DWWHQWLRQ %XWE\WKHWLPH,UHDOL]HG5RGULFNZDVIXOORI EDORQH\LWZDVWRRODWH 

$Q\ZD\WRGD\0RPJRWHYHU\RQHWRJHWKHUWRJR WRWKHSLFQLFDUHDEHFDXVHWKH\ZHUHJLYLQJRXW IUHHZDWHUPHORQ %XW,YHJRWDIHDURIZDWHUPHORQWRR5RGULFN LVDOZD\VWHOOLQJPHWKDWLI\RXHDWWKHVHHGV WKHQDZDWHUPHORQZLOOJURZLQ\RXUVWRPDFK



,GRQWNQRZLIKHVWHOOLQJWKHWUXWKRUQRWEXW VFKRROVRQO\DFRXSOHRIPRQWKVDZD\VR,PQRW ZLOOLQJWRWDNHWKHULVN

:KHQLWVWDUWHGJHWWLQJGDUNHYHU\RQHSXWWKHLU EODQNHWVRXWRQWKHODZQWRZDWFKWKHILUHZRUNV GLVSOD\:HVDWVWDULQJXSDWWKHVN\IRUDORQJ WLPHEXWQRWKLQJZDVKDSSHQLQJ 7KHQVRPHRQHFDPHRQWKHORXGVSHDNHUDQGVDLG WKDWWKHVKRZZDVFDQFHOHGEHFDXVHVRPHRQHOHIW WKHILUHZRUNVRXWLQWKHUDLQODVWQLJKWDQGWKH\ JRWVRDNHG6RPHOLWWOHNLGVVWDUWHGWRFU\VRD FRXSOHRIJURZQXSVWULHGWRFUHDWHWKHLURZQ ILUHZRUNVVKRZ 

/XFNLO\WKHILUHZRUNVGLVSOD\DWWKHFRXQWU\FOXE GRZQWKHURDGVWDUWHGULJKWDERXWWKHQ,WZDVD OLWWOHKDUGWRVHHRYHUWKHWUHHVEXWDWWKDWSRLQW ,GRQWWKLQNDQ\RQHUHDOO\FDUHG



7XHVGD\ 7KLVPRUQLQJ,ZDVVLWWLQJDWWKHNLWFKHQWDEOH IOLSSLQJWKURXJKWKHFRPLFVDQG,FDPHDFURVV VRPHWKLQJWKDWDOPRVWPDGHPHVSLWRXWP\FHUHDO

,WZDVDWZRSDJHEDFNWRVFKRRODGULJKWZKHUH DQ\NLGFRXOGVHHLW

,FDQWEHOLHYHLWVDFWXDOO\OHJDOWRUXQD EDFNWRVFKRRODGWZRPRQWKVEHIRUHVFKRRO VWDUWV$Q\RQHZKRZRXOGGRWKDWNLQGRIWKLQJ PXVWUHDOO\QRWOLNHNLGV 

,PVXUHEDFNWRVFKRRODGVDUHJRQQDVWDUW SRSSLQJXSDOORYHUWKHSODFHQRZDQGWKHQH[W WKLQJ\RXNQRZ0RPLVJRQQDEHWHOOLQJPHLWV WLPHWRJRFORWKHVVKRSSLQJ$QGZLWK0RP WKDWVDQDOOGD\DIIDLU

6R,DVNHG0RPLI'DGFRXOGWDNHPHFORWKHV VKRSSLQJLQVWHDGDQGVKHVDLG\HV,WKLQN VKHVDZLWDVVRPHNLQGRIIDWKHUVRQERQGLQJ RSSRUWXQLW\ %XW,WROG'DGKHFRXOGMXVWJRZLWKRXWPHDQG SLFNRXWZKDWHYHUKHZDQWHG 

:HOOWKDWZDVDGXPEPRYHEHFDXVH'DGGLG DOORIKLVVKRSSLQJDWWKHSKDUPDF\

%HIRUH,VDZWKDWDGP\GD\ZDVEDGHQRXJK DOUHDG\,WUDLQHGDJDLQWKLVPRUQLQJVR6ZHHWLH WULHGWRJHWXQGHUWKHFRYHUVZLWKPHDIWHU'DG WRRNKLPRXW ,JXHVV,PXVWYHEHHQDOLWWOHRIIP\JDPH EHFDXVHWKHGRJIRXQGDJDSEHWZHHQWKHEODQNHW DQGWKHEHGDQGPDQDJHGWRJHWWKURXJK $QGOHWPHWHOO\RXWKHUHVQRWKLQJPRUHWHUULI\LQJ WKDQEHLQJWUDSSHGXQGHU\RXUFRYHUVZHDULQJQRWKLQJ EXWXQGHUZHDUZLWKDZHWGRJFUDZOLQJDOORYHU\RX 

,ZDVVWHZLQJDERXWWKHGRJDQGWKDWEDFNWR VFKRRODGZKHQP\ZKROHGD\WXUQHGDURXQG0RP KDGSULQWHGRXWVRPHSLFWXUHVIURPWKH)RXUWK DQGVKHOHIWWKHPO\LQJRQWKHNLWFKHQWDEOH ,QRQHRIWKHSLFWXUHV\RXFRXOGVHHDOLIHJXDUGLQ WKHEDFNJURXQG,WZDVDOLWWOHKDUGWRWHOOEXW , PSUHWW\VXUHWKHOLIHJXDUGZDV+HDWKHU+LOOV



,WZDVVRFURZGHGDWWKHSRRO\HVWHUGD\WKDW, GLGQWHYHQQRWLFHWKHOLIHJXDUGV$QGLIWKDWUHDOO\ :$V+HDWKHU+LOOV,FDQWEHOLHYH,PLVVHGKHU +HDWKHU+LOOVLVWKHVLVWHURI+ROO\+LOOVZKRLVRQH RIWKHFXWHVWJLUOVLQP\FODVV%XW+HDWKHUVLQ +,*+VFKRROZKLFKLVDZKROHGLIIHUHQWOHDJXH WKDQPLGGOHVFKRRO

7KLV+HDWKHU+LOOVWKLQJLVFKDQJLQJP\ZKROH SHUVSHFWLYHRQWKHWRZQSRRO,QIDFW,P VWDUWLQJWRUHWKLQNP\ZKROHVXPPH57KHGRJ KDVUXLQHGDOOWKHIXQRIEHLQJDWKRPHDQG, UHDOL]HGWKDWLI,GRQWGRVRPHWKLQJTXLFN, ZRQWKDYHDQ\WKLQJJRRGWRVD\DERXWP\YDFDWLRQ 

6RVWDUWLQJWRPRUURZ,PJRQQDKDYHDZKROHQHZ DWWLWXGH$QGKRSHIXOO\E\WKHWLPH,JHWEDFN WRVFKRRO,OOKDYHDKLJKVFKRROJLUOIULHQGWRR :HGQHVGD\ 0RPZDVUHDOO\KDSS\,ZDVZLOOLQJWRJRWRWKH SRROZLWKKHUDQG0DQQ\WRGD\DQGVKHVDLGVKH ZDVSURXG,ZDVILQDOO\SXWWLQJP\IDPLO\LQ IURQWRIYLGHRJDPHV,GLGQWPHQWLRQ+HDWKHU +LOOVWR0RPEHFDXVH,GRQWQHHGKHUJHWWLQJLQ WKHPLGGOHRIP\ORYHOLIH



:KHQZHJRWWKHUH,ZDQWHGWRJRVWUDLJKWWR WKHSRRODUHDDQGVHHLI+HDWKHUZDVRQGXW\%XW WKHQ,UHDOL]HG, GEHWWHUEHSUHSDUHGLQFDVH VKHZDV 6R,PDGHDSLWVWRSLQWKHEDWKURRPDQGODWKHUHG P\VHOILQVXQWDQRLO7KHQ,GLGDEXQFKRISXVKXSV DQGVLWXSVWRUHDOO\PDNHP\PXVFOHVSRS

,ZDVSUREDEO\LQWKHUHIRUDERXWILIWHHQPLQXWHV, ZDVFKHFNLQJP\VHOIRXWLQWKHPLUURUZKHQ,KHDUG VRPHRQHLQDVWDOOFOHDUKLVWKURDW



:HOOWKDWZDVSUHWW\HPEDUUDVVLQJEHFDXVHLW PHDQWZKRHYHUZDVLQWKHUHFRXOGVHHPHIOH[LQJLQ IURQWRIWKHPLUURUWKHZKROHWLPH$QGLIWKDW SHUVRQZDVDQ\WKLQJOLNHPHKHFRXOGQWJRWR WKHEDWKURRPXQWLOKHKDGFRPSOHWHSULYDF\ ,ILJXUHGWKHSHUVRQLQWKHVWDOOFRXOGQWVHHP\ IDFHVRDWOHDVWKHGLGQWNQRZZKR,ZDV, ZDVMXVWDERXWWRVOLSRXWRIWKHEDWKURRPZKHQ ,KHDUG0RPDWWKHIURQWRIWKHORFNHUURRP

0RPZDQWHGWRNQRZZKDWWRRNPHVRORQJDQG ZK\,ORRNHGVR|VKLQ\}EXW,ZDVDOUHDG\ ORRNLQJSDVWKHUDQGVFDQQLQJWKHOLIHJXDUG VWDQGVWRVHHLI+HDWKHU+LOOVZDVRQGHFN 

$QGVXUHHQRXJKVKHZDV,ZHQWULJKWRYHUWR KHUDQGSDUNHGP\VHOIXQGHUQHDWKKHUFKDLU (YHU\RQFHLQDZKLOH,GVD\VRPHWKLQJZLWW\ DQG,WKLQN,ZDVGHILQLWHO\LPSUHVVLQJKHU

,GJHW+HDWKHUDQHZFXSRIZDWHUZKHQHYHULW ORRNHGOLNHVKHQHHGHGDUHILOODQGHYHU\WLPHVRPH NLGZRXOGGRVRPHWKLQJZURQJ,GVSHDNXSVR +HDWKHUGLGQWKDYHWR 

:KHQHYHU+HDWKHUVVKLIWHQGHG,GIROORZKHUWR KHUQH[WVWDWLRQ(YHU\IRXUWKWLPH,GHQGXS LQIURQWRIZKHUH0RPZDVVLWWLQJ$QGOHWPH WHOO\RXLWVQRWHDV\WREHVPRRWKZKHQ\RXU PRWKHULVVLWWLQJILYHIHHWDZD\



,MXVWKRSH+HDWKHUNQRZVWKDW,ZRXOGGR $1


:HGQHVGD\ ,YHEHHQKDQJLQJRXWZLWK+HDWKHUHYHU\VLQJOH GD\IRUWKHSDVWZHHN ,UHDOL]HGP\IULHQGVDWVFKRROZLOOQHYHUEHOLHYH LWZKHQ,WHOOWKHPDERXWPHDQG+HDWKHUVR, DVNHG0RPWRWDNHDSLFWXUHRIPHVWDQGLQJQH[W WRWKHOLIHJXDUGFKDLU 0RPGLGQWKDYHKHUFDPHUDVRVKHKDGWRXVHKHU FHOOSKRQH%XWVKHFRXOGQWILJXUHRXWKRZWRWDNH DSLFWXUHZLWKLWDQG,HQGHGXSVWDQGLQJWKHUH IRUDORQJWLPHORRNLQJOLNHDIRRO



,ILQDOO\JRW0RPWRSUHVVWKHULJKWEXWWRQWR WDNHDSLFWXUHEXWZKHQVKHGLGWKHFDPHUDZDV SRLQWHGWKHZURQJZD\DQGVKHWRRNDSLFWXUHRI KHUVHOI6HHWKLVLVZK\,DOZD\VVD\WKDW WHFKQRORJ\LVZDVWHGRQJURZQXSV ,JRW0RPWRSRLQWWKHFDPHUDDWPHEXWULJKWDW WKDWPRPHQWKHUSKRQHUDQJDQGVKHDQVZHUHGLW

0RPWDONHGIRUDERXWILYHPLQXWHVDQGE\WKH WLPHVKHZDVGRQH+HDWKHUZDVRQWRKHUQH[W VKLIW%XWWKDWGLGQWVWRS0RPIURPWDNLQJWKH SLFWXUHDQ\ZD\ 

)ULGD\ 5HO\LQJRQ0RPIRUP\ULGHWRWKHSRROLVVWDUWLQJ WREHFRPHDSUREOHP0RPGRHVQWZDQWWRJRWR WKHSRROHYHU\GD\DQGZKHQVKH'RHVJRVKH RQO\VWD\VDIHZKRXUV ,OLNHWREHDWWKHSRROIURPWKHWLPHLWRSHQV XQWLOWKHWLPHLWFORVHVVR,FDQPD[LPL]HP\ WLPHZLWK+HDWKHU,ZDVQWDERXWWRDVN 5RGULFNWRGULYHPHWRWKHSRROLQKLVYDQ EHFDXVHKHDOZD\VPDNHVPHVLWLQWKHEDFNDQG WKHUHDUHQRVHDWV ,UHDOL]HG,QHHGP\RZQWUDQVSRUWDWLRQ DQGOXFNLO\,IRXQGDVROXWLRQ\HVWHUGD\ 

2QHRIRXUQHLJKERUVOHIWDELNHRXWE\WKHFXUE DQG,WRRNLWEHIRUHDQ\RQHHOVHFRXOG

,URGHWKHELNHKRPHDQGSDUNHGLWLQWKH JDUDJH:KHQ'DGVDZLWKHVDLGLWZDVD|JLUO ELNH}DQG,VKRXOGJHWULGRILW %XW,OOWHOO\RXDWOHDVWWZRUHDVRQVDJLUOELNHLV EHWWHUWKDQDER\ELNH1XPEHURQHJLUOELNHVKDYH ELJFXVKLRQ\VHDWVDQGWKDWVUHDOO\LPSRUWDQW ZKHQ\RXUHULGLQJLQ\RXUEDWKLQJVXLW



$QGQXPEHUWZRJLUOELNHVKDYHWKRVHEDVNHWVRQ WKHKDQGOHEDUVZKLFKDUHJRRGIRUFDUU\LQJ\RXU YLGHRJDPHVDQGVXQWDQORWLRQ3OXVP\ELNHFDPH ZLWKDEHOODQGWKDW5H$OO<FRPHVLQKDQG\

0RQGD\ ,JXHVV,VKRXOGYHNQRZQWKDWDELNHWKDW ZDVOHIWRXWZLWKWKHWUDVKZDVQWJRQQDODVW YHU\ORQJ ,ZDVULGLQJKRPHIURPWKHSRRO\HVWHUGD\DQG WKHELNHVWDUWHGJHWWLQJDOOZREEO\7KHQWKH IURQWZKHHOSRSSHGULJKWRII6RWRGD\,KDG WRDVN0RPIRUDULGHWRWKHSRRO 

:KHQZHJRWWKHUH0RPVDLG,KDGWRWDNH 0DQQ\ZLWKPHWKURXJKWKHORFNHUURRP6KHVDLG KHVJHWWLQJWRRROGWRJRWKURXJKWKHZRPHQV ORFNHUURRPZLWKKHUVR,JXHVVWKH\PXVWKDYH WKHVDPHVKRZHUVLWXDWLRQLQWKHUHDVWKH\GRLQ WKHPHQVORFNHUURRP

,WVKRXOGYHWDNHQDERXWILYHVHFRQGVWRJHW 0DQQ\IURPRQHHQGRIWKHORFNHUURRPWRWKH RWKHUEXWLWWRRNDERXWWHQPLQXWHVLQVWHDG 0DQQ\JRHVHYHU\ZKHUHZLWK0RPVRKHKDG QHYHUDFWXDOO\%HH1LQDPHQVEDWKURRPEHIRUH +HZDVUHDOO\FXULRXVDQGZDQWHGWRFKHFNHYHU\WKLQJ RXW$WRQHSRLQW,KDGWRVWRSKLPIURPZDVKLQJ KLVKDQGVLQWKHXULQDOEHFDXVH,JXHVVKHWKRXJKW LWZDVDVLQN 

,GLGQWZDQW0DQQ\WRKDYHWRZDONWKURXJK WKHVKRZHUDUHDDQGVHHWKHWKLQJV,YHVHHQ6R ,JRWDWRZHORXWRIP\EDJDQGZDVJRQQDSXW LWRYHU0DQQ\VH\HVZKHQZHZDONHGSDVWWKH VKRZHUJX\V%XWLQWKHWZRVHFRQGVLWWRRNPHWR JHWP\WRZHO0DQQ\ZDVJRQH$QG\RXOOQHYHU EHOLHYHZKHUHKHZHQW

,NQHZ,KDGWRUHVFXH0DQQ\VR,FORVHGP\ H\HVDVWLJKWDV,FRXOGDQGZHQWLQWRVDYHKLP 

,ZDVUHDOO\QHUYRXVDERXWWRXFKLQJRQHRIWKH VKRZHUJX\VDQGIRUDVHFRQGWKHUH,WKRXJKW ,GLG

,KDGWRRSHQP\H\HVWRILQG0DQQ\DQGWKHQ, JUDEEHGKLPDQGJRWRXWDVIDVWDV,FRXOG :KHQZHJRWWRWKHRWKHUVLGH0DQQ\VHHPHG ILQHEXW,GRQ WWKLQN,OOHYHUWRWDOO\UHFRYHU IURPWKDWH[SHULHQFH



,NLQGRIVWDJJHUHGRYHUWRP\VSRWXQGHUQHDWK +HDWKHUVOLIHJXDUGFKDLU7KHQ,VWDUWHGWDNLQJ GHHSEUHDWKVWRFDOPP\VHOIGRZQ

)LYHPLQXWHVODWHUVRPHNLGZKRPXVWYHHDWHQWRR PXFKLFHFUHDPWKUHZXSEHKLQG+HDWKHUVFKDLU +HDWKHUORRNHGEHKLQGKHUDQGWKHQVKHORRNHG GRZQOLNHVKHZDVZDLWLQJIRUPHWRGRVRPHWKLQJ ,JXHVVWKHQREOHWKLQJWRGRZDVWRFOHDQXSWKH PHVVIRU+HDWKHUEXWWKLVZDVUHDOO\EH\RQGWKH FDOORIGXW\ $Q\ZD\,YHEHHQGRLQJDORWRIWKLQNLQJODWHO\DQG ,YHUHDOL]HGWKDW,QHHGWROHWWKLVVXPPHUURPDQFH FRRORIIDOLWWOH 

3OXV+HDWKHUVJRLQJRIIWRFROOHJHQH[W\HDUDQG WKRVHORQJGLVWDQFHUHODWLRQVKLSVQHYHUUHDOO\VHHP WRZRUNRXW

$XJXVW 7XHVGD\ :HUDQLQWRWKH-HIIHUVRQVDWWKHVXSHUPDUNHW WRGD\0HDQG5RZOH\KDYHQWVSRNHQWRHDFK RWKHULQRYHUDPRQWKVRLWZDVNLQGRIDZNZDUG



0UV-HIIHUVRQVDLGWKH\ZHUHEX\LQJJURFHULHV IRUWKHLUWULSWRWKHEHDFKQH[WZHHN7KDWNLQG RILUULWDWHGPHEHFDXVHWKDWVZKHUHP\IDPLO\ ZDVVXSSRVHGWRJRWKLVVXPPHU%XWWKHQ0UV -HIIHUVRQVDLGVRPHWKLQJWKDWUHDOO\WKUHZPH IRUDORRS

0U-HIIHUVRQGLGQWORRNWRRWKULOOHGZLWKWKDW LGHDEXWEHIRUHKHFRXOGVSHDNXS0RPFKLPHGLQ

6RPHWKLQJDERXWWKHZKROHLQFLGHQWVHHPHGDOLWWOH ILVK\WRPH,PNLQGRIZRQGHULQJLILWZDVD VHWXSZLWK0RPDQG0UV-HIIHUVRQFRQVSLULQJWR JHWPHDQG5RZOH\EDFNWRJHWKHU %HOLHYHPH5RZOH\VWKHODVWSHUVRQ,ZDQW WRVSHQGDZHHNZLWK%XWWKHQ,UHDOL]HGLI, ZHQWWRWKHEHDFKZLWKWKH-HIIHUVRQV,GJHW WRULGHWKH&UDQLXP6KDNHU6RPD\EHP\VXPPHU ZRQWEHVXFKDEXVWDIWHUDOO 0RQGD\ ,NQHZ,PDGHDPLVWDNHFRPLQJRQWKLVEHDFK WULSZKHQ,VDZZKHUHZHZHUHVWD\LQJ

0\IDPLO\DOZD\VUHQWVDFRQGRLQWKHKLJKULVHV ULJKWQHDUWKHERDUGZDONEXWWKHSODFHZKHUHWKH -HIIHUVRQVDUHVWD\LQJLVDORJFDELQDERXWILYH PLOHVIURPWKHEHDFK:HZHQWLQVLGHWKHFDELQ DQGWKHUHZDVQRWYRUFRPSXWHURUDQ\WKLQJ ZLWKDVFUHHQRQLW

,DVNHGZKDWZHZHUHVXSSRVHGWRGRIRU HQWHUWDLQPHQWDQG0UV-HIIHUVRQVDLG{



,WKRXJKWWKDWZDVDJRRGRQHDQG,ZDV DERXWWRWHOO5RZOH\KLVPRPZDVSUHWW\IXQQ\ %XWVKHFDPHEDFNDVHFRQGODWHUZLWKDEXQFKRI UHDGLQJPDWHULDO

6RWKDWMXVWFRQILUPHG0RPZDVLQRQWKLV SODQIURPWKHEHJLQQLQJ $OOWKUHH-HIIHUVRQVUHDGWKHLUERRNVULJKWXS XQWLOLWZDVWLPHWRHDW'LQQHUZDVRNEXW GHVVHUWZDVDZIXO0UV-HIIHUVRQLVRQHRI WKRVHPRPVZKRVQHDNVKHDOWK\IRRGLQWR\RXU VQDFNVDQGKHUEURZQLHVZHUHIXOORIVSLQDFK ,GRQWWKLQNLWVDJRRGLGHDWRJULQGXSYHJHWDEOHV DQGSXWWKHPLQNLGVGHVVHUWVEHFDXVHWKHQWKH\ GRQWNQRZZKDWWKHUHDOWKLQJLVVXSSRVHGWR WDVWHOLNH 

7KHILUVWWLPH5RZOH\KDGDUHJXODUEURZQLHZDV DWP\KRXVHDQGEHOLHYHPHLWZDVQWSUHWW\

$IWHUGLQQHU0UV-HIIHUVRQFDOOHGXVDOOLQWRWKH OLYLQJURRPWRSOD\JDPHV,ZDVKRSLQJZHZHUH JRQQDSOD\VRPHWKLQJQRUPDOOLNHFDUGVEXWWKH -HIIHUVRQVKDYHWKHLURZQLGHDRIIXQ 7KH-HIIHUVRQVSOD\HGDJDPHFDOOHG|,/RYH
7KHQZHSOD\HGFKDUDGHVDQGZKHQLWZDV5RZOH\V WXUQKHZDVDGRJ

$WDERXW0U-HIIHUVRQWROGXVLWZDVWLPH IRUEHG7KDWVZKHQ,IRXQGRXWWKHVOHHSLQJ VLWXDWLRQDWWKH-HIIHUVRQVFDELQZDVZRUVHWKDQ WKHHQWHUWDLQPHQWVLWXDWLRQ



7KHUHZDVRQO\RQHEHGVR,WROG5RZOH\ZHFRXOG PDNHDGHDO:HGIOLSDFRLQDQGRQHJX\ZRXOGJHW WKHEHGDQGWKHRWKHUZRXOGVOHHSRQWKHIORRU %XW5RZOH\WRRNDORRNDWWKHFUXVW\VKDJFDUSHW DQGGHFLGHGKHGLGQWZDQWWRULVNLW,GHFLGHG, ZDVQWZLOOLQJWRVOHHSRQWKHIORRUHLWKHU6R, JRWLQWREHGZLWK5RZOH\DQGMXVWVWD\HGDVIDU DZD\IURPKLPDVSRVVLEOH

5RZOH\VWDUWHGVQRULQJULJKWDZD\EXW,ZDV KDYLQJWURXEOHIDOOLQJDVOHHSZLWKKDOIP\ERG\ KDQJLQJRIIWKHEHG,ZDVILQDOO\VWDUWLQJWR GULIWRIIZKHQ5RZOH\OHWRXWDVFUHDPOLNHKHZDV EHLQJDWWDFNHG 

)RUDVHFRQGWKHUH,WKRXJKWWKHPXGG\KDQG KDGILQDOO\FDXJKWXSZLWKXV

5RZOH\VSDUHQWVFDPHUXQQLQJLQWRVHHZKDW KDSSHQHG

5RZOH\VDLGKHKDGDQLJKWPDUHWKDWWKHUHZDVD FKLFNHQKLGLQJXQGHUQHDWKKLP 

6R5RZOH\VSDUHQWVVSHQWWKHQH[WWZHQW\PLQXWHV WU\LQJWRFDOPKLPGRZQDQGWHOOLQJKLPLWZDVMXVW DEDGGUHDPDQGWKHUHUHDOO\ZDVQRFKLFNHQ

1RERG\ERWKHUHGWRFKHFNRQKRZ,ZDVGRLQJ DIWHUIDOOLQJRIIWKHEHGRQWRP\IDFH 5RZOH\VSHQWWKHUHVWRIWKHQLJKWVOHHSLQJLQKLV SDUHQWURRPZKLFKZDVILQHZLWKPH%HFDXVH ZLWKRXW5RZOH\DQGKLVFKLFNHQGUHDPVWRNHHSPH DZDNH,ZDVDEOHWRJHWDJRRGQLJKWVVOHHS :HGQHVGD\ ,YHEHHQVWXFNLQVLGHWKLVFDELQIRUWKUHHGD\V QRZDQG,PUHDOO\VWDUWLQJWRORVHP\PLQG 

,YHEHHQWU\LQJWRJHW0UDQG0UV-HIIHUVRQ WRWDNHXVWRWKHERDUGZDONEXWWKH\VD\LWVWRR |QRLV\}WKHUH ,YHQHYHUJRQHWKLVORQJZLWKRXWWYRUFRPSXWHUV RUYLGHRJDPHVDQG,PVWDUWLQJWRIHHONLQGRI GHVSHUDWH:KHQ0U-HIIHUVRQZRUNVODWHDWQLJKW RQKLVODSWRS,VQHDNGRZQVWDLUVDQGZDWFKKLP MXVWWRJHWDJOLPSVHRIWKHRXWVLGHZRUOG

,YHWULHGWRJHW0U-HIIHUVRQWROHWPHXVH KLVODSWRSDFRXSOHRIWLPHVEXWKHVD\VLWVKLV |ZRUNFRPSXWHU}DQGKHGRHVQWZDQWPHWRPHVV DQ\WKLQJXS/DVWQLJKW,ZDVDWP\EUHDNLQJ SRLQWVR,GLGVRPHWKLQJDOLWWOHULVN\ 

:KHQ0U-HIIHUVRQJRWXSWRXVHWKHEDWKURRP ,MXPSHGDWP\FKDQFH

,UDWWOHGRIIDQHPDLOWR0RPDVTXLFNDV, FRXOGWKHQUDQXSVWDLUVDQGJRWLQWREHG

:KHQ,FDPHGRZQVWDLUVIRUEUHDNIDVWWKLVPRUQLQJ 0U-HIIHUVRQGLGQWORRNWRRKDSS\WRVHHPH



,WWXUQVRXWWKDW,VHQWWKDWHPDLOIURP0U -HIIHUVRQVZRUNDFFRXQWDQG0RPDQVZHUHGEDFN

,WKRXJKW0U-HIIHUVRQZDVJRQQDUHDOO\OHWPH KDYHLWEXWKHGLGQWVD\DQ\WKLQJDWDOO7KHQ 0UV-HIIHUVRQVDLGPD\EHZHFRXOGJRWRWKH ERDUGZDONODWHURQWKLVDIWHUQRRQDQGVSHQGDQ KRXURUWZRWKHUH

:HOOWKDWVDOO,ZDVHYHUDVNLQJIRU$IHZ KRXUVLVDOO,UHDOO\QHHG 

,I,FDQMXVWULGHWKH&UDQLXP6KDNHURQFH, OO IHHOOLNHWKLVWULSZDVQWDWRWDOZDVWHRIWLPH )ULGD\ ,PEDFNKRPHIURPWKHEHDFKWZRGD\VHDUO\DQG LI\RXZDQQDNQRZWKHUHDVRQZK\LWVNLQGRID ORQJVWRU\ 7KH-HIIHUVRQVWRRNPHDQG5RZOH\WRWKH ERDUGZDON\HVWHUGD\DIWHUQRRQ,ZDQWHGWRJR RQWKH&UDQLXP6KDNHUULJKWDZD\EXWWKHOLQH ZDVWRRORQJVRZHGHFLGHGWRJHWVRPHIRRGDQG FRPHEDFNODWHU :HJRWVRPHLFHFUHDPEXW0UV-HIIHUVRQRQO\ RUGHUHGRQHFRQHIRUWKHIRXURIXVWRVKDUH



0RPJDYHPHWKLUW\GROODUVWRVSHQGDWWKH EHDFKDQG,EOHZWZHQW\RILWRQWKLVRQH FDUQLYDOJDPH ,ZDVWU\LQJWRZLQDJLDQWVWXIIHGFDWHUSLOODU EXW,WKLQNWKH\KDYHWKRVHJDPHVULJJHGVR \RXFDQ WVXFFHHG

5RZOH\ZDWFKHGPHEORZP\WZHQW\GROODUVDQG WKHQKHDVNHGKLVGDGWREX\KLPWKHH[DFW VDPHJLDQWFDWHUSLOODUDWDVKRSQH[WGRRU$QG WKHWKLQJWKDWUHDOO\VWLQNVLVWKDWLWRQO\FRVW KLPWHQEXFNV 

,WKLQN0U-HIIHUVRQLVPDNLQJDELJPLVWDNH ZLWKDPRYHOLNHWKDW1RZ5RZOH\IHHOVOLNHD ZLQQHUHYHQWKRXJKKHLVQW ,YHKDGP\RZQH[SHULHQFHZLWKWKDWVRUWRI WKLQJ/DVW\HDUZKHQ,ZDVRQWKHVZLPWHDP WKH\KDGWKLVVSHFLDOVZLPPHHW,JRWLQYLWHGWR RQD6XQGD\

:KHQ,VKRZHGXS,UHDOL]HGQRQHRIWKH *RR'VZLPPHUVZHUHWKHUH,WZDVRQO\WKH NLGVZKRKDGQHYHUZRQDULEERQEHIRUH $WILUVW,ZDVSUHWW\KDSS\EHFDXVH,WKRXJKW ,PLJKWDFWXDOO\:,1VRPHWKLQJIRURQFH ,VWLOOGLGQWGRZHOOWKRXJK0\HYHQWZDVWKH PHWHUIUHHVW\OHDQG,JRWVRSRRSHGWKDW ,KDGWR:$ONWKHODVWODS

%XWWKHMXGJHVGLGQWGLVTXDOLI\PH$QGDWWKH HQGRIWKHQLJKW,JRWDILUVWSODFHULEERQ ZKLFKP\SDUHQWVKDQGHGWRPH 

,QIDFWHYHU\RQHZDONHGDZD\ZLWKILUVWSODFH ULEERQVHYHQ7RPP\/DPZKRJRWWXUQHGDURXQGLQ WKHEDFNVWURNHDQGVZDPWKHZURQJZD\

:KHQ,JRWKRPH,ZDVFRQIXVHG%XWWKHQ 5RGULFNVDZPHZLWKP\ILUVWSODFH&KDPSLRQV ULEERQDQGKHJDYHPHWKHVFRRS 5RGULFNWROGPHWKH&KDPSLRQVPHHWLVMXVWD VFDPSXWRQE\SDUHQWVWRPDNHWKHLUNLGVIHHO OLNHZLQQHUV



,JXHVVSDUHQWVWKLQNWKH\UHGRLQJWKHLUNLGVD IDYRUE\JRLQJWKURXJKZLWKDOOWKDWEXWLI\RX DVNPH,WKLQNLWMXVWFDXVHVPRUHSUREOHPVGRZQ WKHURDG ,UHPHPEHUZKHQ,XVHGWREHRQWKHWHHEDOO WHDPDQGHYHU\RQHZRXOGFKHHUHYHQZKHQ,VWUXFN RXW7KHQWKHQH[W\HDULQMXQLRUEDVHEDOODOOP\ WHDPPDWHVDQGWKHRWKHUSDUHQWVZRXOGERRPHRII WKHILHOGLI,GURSSHGDSRSIO\RUVRPHWKLQJ $OO,PVD\LQJLVLI5RZOH\VSDUHQWVZDQQDPDNH KLPIHHOJRRGDERXWKLPVHOIWKH\FDQWGRLWQRZ ZKHQKHVDNLGDQGWKHQZDONDZD\7KH\YHJRWWD VWLFNZLWKKLPDOOWKHZD\WKURXJK



$IWHUWKHFDWHUSLOODUWKLQJZHMXVWZDONHGXSDQG GRZQWKHERDUGZDONZDLWLQJIRUWKHOLQHIRUWKH &UDQLXP6KDNHUWRJRGRZQ7KHQ,VDZVRPHWKLQJ WKDWJRWP\DWWHQWLRQ ,WZDVWKDWJLUOIURP5RGULFNVNH\FKDLQSLFWXUH %XWKHUHVWKHWKLQJ6KHZDVQWDUHDOSHUVRQ 6KHZDVD&$5'%R$5'&XWRXW

,IHOWOLNHDQLGLRWIRUHYHUWKLQNLQJWKDWVKHZDV DUHDOJLUO7KHQ,UHDOL]HG,FRXOGEX\P\2:1 NH\FKDLQSLFWXUHDQGLPSUHVVDOOWKHJX\VDWVFKRRO ,PLJKWHYHQEHDEOHWRPDNHVRPHPRQH\E\ FKDUJLQJWKHPWRORRNDWLW 

,SDLGP\ILYHEXFNVDQGSRVHGIRUP\SKRWR 8QIRUWXQDWHO\WKH-HIIHUVRQVJRWLQWRWKHSLFWXUH :,W+PHVRQRZP\VRXYHQLUNH\FKDLQLVSUHWW\ PXFKZRUWKOHVV

,ZDVUHDOO\PDGEXW,IRUJRWDOODERXWLWZKHQ ,VDZWKDWWKHOLQHIRUWKH&UDQLXP6KDNHUZDV GRZQWRDIHZSHRSOH,UDQRYHUWRWKHULGHDQG XVHGP\ODVWILYHGROODUVWRSD\IRUDWLFNHW ,WKRXJKW5RZOH\ZDVULJKWEHKLQGPHEXWKH ZDVKDQJLQJEDFNDERXWWHQIHHW,JXHVVKHZDV WRRVFDUHGWRJRRQ 

,ZDVVWDUWLQJWRKDYHVHFRQGWKRXJKWVP\VHOI EXWLWZDVWRRODWH$IWHUWKHULGHRSHUDWRU VWUDSSHGPHLQKHORFNHGWKHFDJHDQG,NQHZ WKHUHZDVQRWXUQLQJEDFN

:HOO,ZLVK,KDGVSHQWPRUHWLPHZDWFKLQJZKDW WKH&UDQLXP6KDNHUDFWXDOO\','WRDSHUVRQ EHFDXVH,QHYHUZRXOGYHJRWWHQRQLI,KDG 

,WIOLSV\RXXSVLGHGRZQDERXWDPLOOLRQWLPHVDQG WKHQWKURZV\RXWRZDUGWKHJURXQGVR\RXUIDFHLV DERXWVL[LQFKHVIURPWKHSDYHPHQW7KHQLWVHQGV \RXVSLQQLQJEDFNZDUGXSWRWKHVN\DJDLQ $QGWKHZKROHWLPHWKHFDJH\RX UHLQLVFUHDNLQJ DQGDOOWKHEROWVORRNOLNHWKH\ UHDERXWWRFRPH ORRVH,WULHGWRJHWVRPHRQHWRVWRSWKHULGH EXWQRERG\FRXOGKHDUPHRYHUWKHSRXQGLQJKHDY\ PHWDOPXVLF



,WZDVWKHPRVWQDXVHRXV,YHHYHUIHOWLQP\OLIH $QGZKHQ,VD\WKDW,PHDQHYHQPRUHWKDQ DIWHU,KDGWRJHW0DQQ\RXWRIWKHVKRZHUDUHD DWWKHWRZQSRRO,IWKLVLVZKDWLWWDNHVWREHD }PDQ|,DPGHILQLWHO\QRWUHDG\\HW :KHQWKHULGHILQDOO\HQGHG,FRXOGEDUHO\ZDON 6R,VDWGRZQRQDEHQFKDQGZDLWHGIRUWKH ERDUGZDONWRVWRSVSLQQLQJ

,VWD\HGWKHUHDORQJWLPHDQGIRFXVHGRQWU\LQJ QRWWRWKURZXSZKLOH5RZOH\URGHVRPHULGHV WKDWZHUHPRUHKLVVSHHG



$IWHU5RZOH\ZDVGRQHZLWKKLVNLGGLHULGHVKLV GDGERXJKWKLPDERSS\EDOORRQDQGDVKLUWIURP WKHVRXYHQLUVKRS

$KDOIKRXUODWHU,ZDVILQDOO\UHDG\WRWU\ VWDQGLQJXSDQGZDONLQJDURXQGDJDLQ%XWZKHQ ,JRWRQP\IHHW0U-HIIHUVRQVDLGLWZDV WLPHWRJR ,DVNHGKLPLIZHFRXOGMXVWSOD\DIHZJDPHVLQ WKHDUFDGHDQGKHVDLGRNHYHQWKRXJKKHGLGQW VHHPKDSS\DERXWLW ,KDGVSHQWDOOWKHPRQH\0RPJDYHPHVR,WROG 0U-HIIHUVRQWZHQW\GROODUVZRXOGSUREDEO\GRLW %XWDOOKHZDVZLOOLQJWRRIIHUPHZDVDGROODU 

,WKLQNWKHDUFDGHZDVWRRORXGIRU0UDQG0UV -HIIHUVRQVRWKH\GLGQ WZDQWWRJRLQVLGH7KH\ WROGXVWRJRLQE\RXUVHOYHVDQGPHHWWKHPRXWVLGH LQWHQPLQXWHV ,ZHQWWRWKHEDFNRIWKHDUFDGHZKHUHWKH\ KDYHWKLVJDPHFDOOHG7KXQGHU9ROW,VSHQWDERXW ILIW\GROODUVRQWKDWJDPHODVW\HDUDQG,JRW WKHKLJKVFRUH,ZDQWHG5RZOH\WRVHHP\QDPH DWWKHWRSRIWKHOLVWEHFDXVH,ZDQWHGWRVKRZ KLPZKDWLWZDVOLNHWRZLQVRPHWKLQJZLWKRXWLW EHLQJKDQGHGWR\RX



:HOOP\QDPHZDVVWLOODWWKHWRSRIWKHOLVWEXW WKHSHUVRQZKRJRWWKHQH[WKLJKHVWVFRUH PXVWYHEHHQMHDORXVWKH\FRXOGQWEHDWPH

,XQSOXJJHGWKHPDFKLQHWRWU\DQGZLSHRXWWKH KLJKVFRUHVEXWWKH\ZHUHEXUQHGLQWRWKHVFUHHQ SHUPDQHQWO\ ,ZDVJRQQDMXVWVSHQGRXUPRQH\RQVRPHRWKHU JDPHEXWWKHQ,UHPHPEHUHGDWULFN5RGULFN WROGPHDERXWDQG,UHDOL]HGZHFRXOGPDNHWKH GROODUODVWDORWORQJHU 

0HDQG5RZOH\ZDONHGRXWVLGHDQGZHQWXQGHUQHDWK WKHERDUGZDON7KHQ,VOLSSHGWKHGROODUELOOXS EHWZHHQWKHSODQNVRIZRRGDQGZDLWHGIRURXU ILUVWYLFWLP (YHQWXDOO\DWHHQDJHUVSRWWHGWKHGROODUVWLFNLQJ RXWRIWKHERDUGZDON

:KHQKHZHQWWRJUDELW,SXOOHGWKHGROODUELOO WKURXJKWKHVODWDWWKHODVWVHFRQG 

,KDYHWRKDQGLWWR5RGULFNEHFDXVHWKLVZDV DFWXDOO\DORWRIIXQ

7KHWHHQDJHUVZHSUDQNHGZHUHQWWRRKDSS\ WKRXJKDQGWKH\FDPHDIWHUXV0HDQG5RZOH\ UDQDVIDVWDVZHFRXOGDQGZHGLGQWVWRSXQWLO ZHZHUHSUHWW\VXUHZHVKRRNWKRVHJX\V %XW,VWLOOGLGQWIHHOVDIH,DVNHG5RZOH\WR VKRZPHVRPHRIWKHPRYHVKHOHDUQHGLQNDUDWHVR ZHFRXOGKDQGOHWKRVHJX\VLIWKH\IRXQGXV 

%XW5RZOH\VDLGKHVDJROGEHOWLQNDUDWHDQGKH ZDVQ WJRLQJWRWHDFKKLVPRYHVWRD|QREHOW}

:HKLGWKHUHDZKLOHPRUHEXWWKHWHHQDJHUV QHYHUVKRZHGXSDQGHYHQWXDOO\ZHGHFLGHGWKH FRDVWZDVFOHDU7KDWVZKHQZHUHDOL]HGZHZHUH XQGHUQHDWK.LGGLH/DQGVRWKHUHZDVDZKROHQHZ EDWFKRIYLFWLPVIRURXUGROODUELOOWULFNULJKWDERYH RXUKHDGV$QGZHJRWDPX&+EHWWHUUHDFWLRQ RXWRIWKRVHNLGVWKDQZHGLGIURPWKHWHHQDJHUV



%XWRQHRIWKHNLGVZDVUHDOO\IDVWDQGKH JUDEEHGWKHGROODUEHIRUH,FRXOGSXOOLW GRZQ6RPHDQG5RZOH\KDGWRJRXSRQWKH ERDUGZDONWRJHWLWEDFN

7KLVNLGZDVQWEXGJLQJWKRXJK,WULHGWR H[SODLQWKHFRQFHSWRISHUVRQDOSURSHUW\WRKLP EXWKHVW,OOZRXOGQWJLYHXVRXUPRQH\ ,ZDVJHWWLQJSUHWW\IUXVWUDWHGZLWKWKLVNLG DQGWKDWVZKHQ5RZOH\VSDUHQWVVKRZHGXS, ZDVSUHWW\JODGWRVHHWKHPEHFDXVH,ILJXUHGLI $1
%XW0U-HIIHUVRQZDVPDGDQG,PHDQ 5H$OO<PDG+HVDLGKHDQG0UV-HIIHUVRQ KDGEHHQORRNLQJDOORYHUIRUXVIRUWKHSDVW KRXUDQGWKH\ZHUHUHDG\WRFDOOWKHSROLFHWR UHSRUWXVPLVVLQJ

7KHQKHWROGXVZHKDGWRJHWLQWKHFDU%XW RQWKHZD\WRWKHSDUNLQJORWZHZDONHGSDVW WKHDUFDGH,DVNHG0U-HIIHUVRQLIZHFRXOG SOHDVHKDYHDQRWKHUGROODUVLQFHZHQHYHUGLGJHW WRVSHQGWKDWRQHKHJDYHXV %XW,JXHVVWKDWZDVQWWKHULJKWWKLQJWR DVNEHFDXVHKHWRRNXVEDFNWRWKHFDUZLWKRXW VD\LQJDZRUG 

:KHQZHJRWEDFNWRWKHFDELQ0U-HIIHUVRQ VDLGPHDQG5RZOH\KDGWRJRVWUDLJKWWRRXU URRP7KDWUHDOO\VWXQNEHFDXVHLWZDVQWHYHQ DQGLWZDVVWLOOOLJKWRXWVLGH %XW0U-HIIHUVRQVDLGZHKDGWRJRWREHGDQG WKDWKHGLGQWZDQWWRKHDUDSHHSRXWRIXV XQWLOPRUQLQJ5RZOH\ZDVWDNLQJLWUHDOO\KDUG )URPWKHZD\KHZDVDFWLQJ,GRQWWKLQNKHV HYHUEHHQLQWURXEOHZLWKKLVGDGEHIRUH

,GHFLGHGWROLJKWHQWKHPRRGDOLWWOHELW, ZDONHGDURXQGRQWKHVKDJFDUSHWDQGWKHQJDYH 5RZOH\DVWDWLFHOHFWULFLW\VKRFNDVDMRNH 

7KDWVHHPHGWRJHW5RZOH\WRVQDSRXWRILW +HZDONHGDURXQGLQDFLUFOHIRUDERXWILYHPLQXWHV UXEELQJKLVIHHWRQWKHFDUSHWDQGWKHQJRWPH EDFNZKLOH,ZDVEUXVKLQJP\WHHWK

,FRXOGQWOHW5RZOH\RQHXSPHOLNHWKDWVR ZKHQKHJRWLQWREHG,JRWKLVERSS\EDOORRQ SXOOHGEDFNWKHJLDQWUXEEHUEDQGDQGOHWLWULS 

,I,KDGWRGRLWDJDLQPD\EH,ZRXOGQWKDYH SXOOHGEDFNVRKDUG

:KHQ5RZOH\VDZWKHUHGPDUNRQKLVDUPKH VFUHDPHGDQG,NQHZWKDWZDVJRQQDDWWUDFW DWWHQWLRQ6XUHHQRXJKKLVSDUHQWVZHUHXSLQRXU URRPLQILYHVHFRQGV

,WULHGWRH[SODLQWKDWWKHPDUNRQ5RZOH\V DUPZDVIURPDUXEEHUEDQGEXWWKDWGLGQW VHHPWRPDWWHUWRWKH-HIIHUVRQV 

7KH\FDOOHGP\SDUHQWVDQGWZRKRXUVODWHU'DG ZDVDWWKHFDELQWRSLFNPHXSDQGWDNHPHKRPH

0RQGD\ 'DGVUHDOO\PDGWKDWKHKDGWRGULYHIRXUKRXUV URXQGWULSWRFRPHJHWPH%XW0RPZDVQWPDG DWDOO6KHVDLGWKHLQFLGHQWEHWZHHQPHDQG 5RZOH\ZDVMXVW|KRUVHSOD\}DQGVKHZDVJODG ZHZHUH|SDOV}DJDLQ

%XW'DGLVVWLOOPDGDQGLWVEHHQUHDOO\FKLOO\ EHWZHHQXVHYHUVLQFHZHJRWEDFN0RPVEHHQ WU\LQJWRJHWWKHWZRRIXVWRGRVRPHWKLQJOLNH JRWRWKHPRYLHVWRJHWKHUVRZHFDQ|PDNH SHDFH}EXW,WKLQNULJKWQRZLW VEHVWIRUPH DQG'DGWRMXVWVWD\RXWRIHDFKRWKHU VZD\ 

,WKLQN'DGVEDGPRRGLVKHUHWRVWD\WKRXJK DQGSDUWRILWKDVQRWKLQJWRGRZLWKPH:KHQ ,RSHQHGXSWRGD\VSDSHUKHUHVZKDW,VDZLQ WKH$UWVVHFWLRQ{

/DVWQLJKW'DGFDPHLQWRP\URRPDQGWDONHGWR PHZKLFKZDVWKHILUVWWLPHZHVSRNHWRHDFK RWKHULQDERXWWKUHHGD\V+HVDLGKHZDQWHGWR PDNHVXUH,ZDVDURXQGRQ6XQGD\DQG,VDLG ,ZRXOGEH /DWHURQ,KHDUGKLPWDONLQJWRVRPHRQHRQWKH SKRQHDQGKHVHHPHGWREHDFWLQJNLQGRIVHFUHWLYH 

$IWHUWKDW,DVNHG'DGLIKHZDVWDNLQJPH DQ\ZKHUHLQSDUWLFXODURQ6XQGD\DQGWKDW VHHPHGWRPDNHKLPUHDOO\XQFRPIRUWDEOH+HVDLG QREXWKHZRXOGQWORRNPHLQWKHH\H 1RZ,NQHZ'DGZDVQWWHOOLQJWKHWUXWKVR, VWDUWHGWRJHWNLQGRIZRUULHG'DGZDVZLOOLQJWR VKLSPHRIIWRDPLOLWDU\DFDGHP\EHIRUHDQG, ZRXOGQWSXWDQ\WKLQJSDVWKLP ,GLGQWNQRZZKDWWRGRVR,WROG5RGULFN ZKDWZDVJRLQJRQDQGDVNHGKLPLIKHKDGDQ\ WKHRULHVDERXWZKDW'DGZDVXSWR+HWROGPH KHGWKLQNDERXWLWDQGDOLWWOHZKLOHODWHUKH FDPHXSWRP\URRPDQGVKXWWKHGRRU 

5RGULFNWROGPHKHWKRXJKW'DGZDVVRPDGDERXW WKH5RZOH\WKLQJWKDWKHZDVJRQQDJHWULGRIPH

,ZDVQWVXUHLI,EHOLHYHGKLPEHFDXVH5RGULFNV QRWDOZD\VUHOLDEOH%XW5RGULFNWROGPHLI ,GLGQWEHOLHYHKLP,VKRXOGJRFKHFNRXW'DGV GD\SODQQHUDQGVHHIRUP\VHOI6R,ZHQWLQWR 'DG VRIILFHDQGRSHQHGKLVFDOHQGDUWR6XQGD\ DQGKHUH VZKDW,IRXQG{



,PSUHWW\VXUH5RGULFNZDVSXOOLQJP\OHJ EHFDXVHLWORRNHGDQDZIXOORWOLNHKLVKDQGZULWLQJ %XW'DGVNLQGRIDQXQSUHGLFWDEOHJX\VR, JXHVV, OOMXVWKDYHWRZDLWXQWLO6XQGD\WRNQRZ IRUVXUH 6XQGD\ 7KHJRRGQHZVLV'DGGLGQWVHOOPHRUJLYHPH DZD\WRDQRUSKDQDJHWRGD\7KHEDGQHZVLV DIWHUZKDWKDSSHQHGKHSUREDEO\ZLOO $WDERXWWKLVPRUQLQJ'DGVDLGWRJHWLQ WKHFDUEHFDXVHKHZDQWHGWRWDNHPHLQWRWKHFLW\ :KHQ,DVNHGZKDWIRUKHVDLGLWZDVD|VXUSULVH}

2QWKHZD\LQWRWKHFLW\ZHVWRSSHGIRUJDV'DG KDGOHIWDPDSDQGGLUHFWLRQVRQWKHGDVKERDUGRI WKHFDUVRQRZ,NQHZZKHUHZHZHUHJRLQJ %D\VLGH6WUHHW 

:HOO,ZDVSUHWW\GHVSHUDWHVRIRUWKHILUVW WLPHHYHU,XVHGP\/DG\EXJ

,ILQLVKHGP\FDOOULJKWEHIRUH'DGFDPHEDFNWR WKHFDUDQGZHKHDGHGLQWRWKHFLW\,MXVW ZLVK,WRRNDEHWWHUORRNDWWKDWPDSEHFDXVH ZKHQZHSXOOHGXSWR%D\VLGH6WUHHW,UHDOL]HG LWZDVWKHSDUNLQJORWIRUWKHEDVHEDOOVWDGLXP %XWE\WKHQLWZDVWRRODWH

,WWXUQVRXW0RPKDGERXJKWXVWLFNHWVWRWKH EDVHEDOOJDPHIRUVRPHVSHFLDOIDWKHUVRQERQGLQJ DQG'DGZDVWU\LQJWRNHHSLWDVXUSULVH 

%XWLWWRRN'DGDORQJWLPHWRH[SODLQDOORI WKDWWRWKHFRSV$IWHUKHFOHDUHGWKLQJVXS ZLWKWKHSROLFH'DGZDVQWLQWKHPRRGIRUD EDVHEDOOJDPHVRKHMXVWWRRNPHKRPH

,IHOWNLQGRIEDGEHFDXVHWKHVHDWV0RPJRWXV ZHUHLQWKHWKLUGURZDQGLWORRNHGWRPHOLNH WKH\FRVWDIRUWXQH



7XHVGD\ ,ILQDOO\IRXQGRXWZKDWWKDWSKRQHFDOOZDVDOO DERXWWKHRWKHUGD\'DGKDGEHHQRQWKHSKRQH ZLWK*UDPPDDQGWKH\ZHUHWDONLQJDERXW6ZHHWLH QRWPH 0RPDQG'DGKDGGHFLGHGWRJLYHWKHGRJWR *UDPPDDQG'DGGURSSHG6ZHHWLHRIIRQ 6XQGD\QLJKW7REHKRQHVWZLWK\RX,GRQW WKLQNDQ\RQHVUHDOO\JRQQDPLVVKLPDURXQGKHUH

0HDQG'DGKDYHQWWDONHGWRHDFKRWKHUVLQFH WKHQDQG,YHEHHQORRNLQJIRUH[FXVHVWRVWD\ RXWRIWKHKRXVH,IRXQGDUHDOO\JRRGRQH \HVWHUGD\7KHUHZDVDFRPPHUFLDORQWYIRU WKLVVWRUHFDOOHGWKH*DPH+XWZKLFKLVZKHUH ,EX\DOOP\YLGHRJDPHV 

7KH\UHKDYLQJDFRPSHWLWLRQZKHUH\RXSOD\DW \RXUORFDOVWRUHDQGLI\RXZLQ\RXJHWWR DGYDQFHWRWKHQDWLRQDOSOD\RIIV$QGWKHZLQQHU RIWKDWJHWVDPLOOLRQEXFNV 7KHFRPSHWLWLRQDWP\ORFDOVWRUHLVRQ6DWXUGD\ ,PVXUHWKHUHDUHJRQQDEHDWRQRISHRSOHDW WKDWWKLQJVR,PJRQQDJRVXSHUHDUO\WRPDNH VXUH,JHWDJRRGSODFHLQOLQH ,OHDUQHGWKDWWULFNIURP5RGULFN:KHQHYHUKH ZDQWVWRJHWWLFNHWVWRDFRQFHUWKHFDPSVRXW WKHQLJKWEHIRUH,QIDFWWKDWVZKHUHKHPHW KLVEDQGVOHDGVLQJHU%LOO



5RZOH\DQGKLVGDGJRFDPSLQJDOOWKHWLPHVR ,NQHZKHKDGDWHQW,FDOOHG5RZOH\DQGWROG KLPDERXWWKHYLGHRJDPHFRQWHVWDQGKRZZH FRXOGZLQDPLOOLRQEXFNV %XW5RZOH\ZDVDFWLQJQHUYRXVRQWKHSKRQH, WKLQNKHZDVVWLOOZRUULHGWKDW,KDGHOHFWULFDO VXSHUSRZHUVRUVRPHWKLQJDQGWKHRQO\ZD\WR JHWKLPWRFDOPGRZQZDVWRSURPLVH,ZRXOGQW XVHWKHPRQKLP

(YHQDIWHUZHZHUHSDVWWKDW5RZOH\GLGQW VHHPFRPIRUWDEOHZLWKWKHFDPSRXWLGHD+HVDLG KLVPRPDQGGDGEDQQHGKLPIURPVHHLQJPHIRU WKHUHVWRIWKHVXPPHU ,SUHWW\PXFKILJXUHGWKDWEXW,KDGDSODQ WRJHWDURXQGLW,WROG5RZOH\WKDW,GWHOO P\SDUHQWV,ZDVJRLQJXSWRKLVKRXVHWRVSHQG WKHQLJKWDQGKHFRXOGWHOOKLVSDUHQWVKHZDV JRLQJWR&ROOLQV 

5RZOH\VW,OOGLGQWVHHPVXUHVR,WROGKLP ,GEULQJKLPKLVYHU\RZQER[RIJXPP\EHDUVLI KHFDPHDORQJDQGWKDWVROGKLP 6DWXUGD\ /DVWQLJKWZHPHWDWWKHWRSRIWKHKLOODW 5RZOH\EURXJKWWKHFDPSLQJHTXLSPHQWDQGWKH VOHHSLQJEDJDQG,EURXJKWWKHIODVKOLJKWDQG VRPHFKRFRODWHHQHUJ\EDUV ,GLGQWKDYHWKHJXPP\EHDUVULJKWDWWKDW PRPHQWEXW,SURPLVHG5RZOH\,GEX\KLPVRPH WKHILUVWFKDQFH,JRW

:KHQZHJRWWRWKH*DPH+XWZHZHUHWKHRQO\ SHRSOHWKHUHDQG,FRXOGQWEHOLHYHRXUOXFN 

6RZHSLWFKHGRXUWHQWLQIURQWRIWKHVWRUH EHIRUHDQ\RQHHOVHFRXOGWDNHRXUVSRW

7KHQZHZDWFKHGWKHGRRUWRPDNHVXUHQRRQH WULHGWRFXWLQIURQWRIXV

,ILJXUHGWKHEHVWZD\WRVDYHRXUSODFHLQOLQH ZDVWRVOHHSLQVKLIWV,HYHQRIIHUHGWRWDNH WKHILUVWVKLIWDQGOHW5RZOH\VOHHSEHFDXVH WKDWVMXVWWKHNLQGRISHUVRQ,DP 

$IWHUP\VKLIWZDVRYHU,ZRNH5RZOH\XSIRU KLVWXUQEXWKHIHOOEDFNDVOHHSLQDERXWILYH VHFRQGV6R,VKRRNKLPDZDNHDQGWROGKLPKH QHHGHGWRVWD\DOHUW 5RZOH\GLGQWHYHQERWKHUWU\LQJWRGHIHQGKLPVHOI

,GHFLGHGLWZDVXSWRPHWRPDNHVXUHQRERG\ JRWLQIURQWRIXVVR,VWD\HGXSDOOQLJKW, ZDVVWDUWLQJWRKDYHWURXEOHNHHSLQJP\H\HVRSHQ DURXQGLQWKHPRUQLQJDQG,DWHERWKRI WKHHQHUJ\EDUV,SDFNHGWRNHHSP\VHOIJRLQJ ,JRWFKRFRODWHDOORYHUP\KDQGVDQGWKDWJDYH PHDQLGHD,RSHQHGWKHWHQWIODSWKHQVOLSSHG P\KDQGLQVLGHDQGPDGHLWFUDZOOLNHDVSLGHU 

,WKRXJKWLWZRXOGEHIXQQ\WRPDNH5RZOH\ WKLQNLWZDVWKHPXGG\KDQG,GLGQWKHDUDQ\ QRLVHVFRPLQJIURPLQVLGHWKHWHQWVR,WKRXJKW 5RZOH\ZDVVWLOOVOHHSLQJ%XWEHIRUH,KDGD FKDQFHWRRSHQWKHIODSDQGFKHFNP\KDQGJRW FUXVKHGWRVPLWKHUHHQV

,SXOOHGP\KDQGRXWRIWKHWHQWDQGP\WKXPE ZDVDOUHDG\VWDUWLQJWRWXUQSXUSOH

,ZDVUHDOO\WLFNHGRIIDW5RZOH\1RWEHFDXVH KHVPDVKHGP\KDQGZLWKDPDOOHWEXWEHFDXVH KHWKRXJKWWKDWLWFRXOGVWRSWKHPXGG\KDQG 

$Q\IRRONQRZV\RXKDYHWRHLWKHUXVHILUHRUDFLG WRVWRSDPXGG\KDQG$OODPDOOHWVJRQQDGRLV PDNHLWDQJU\ ,ZDVDERXWWRJLYH5RZOH\DSLHFHRIP\PLQG EXWULJKWWKHQWKHJX\IURPWKH*DPH+XWFDPH DQGRSHQHGWKHIURQWGRRU,WULHGWRLJQRUH WKHWKUREELQJSDLQLQP\WKXPEDQGIRFXVRQWKH UHDVRQZHFDPHKHUH

7KH*DPH+XWJX\ZDQWHGWRNQRZZK\ZH KDGDWHQWLQIURQWRIWKHVWRUHVR,WROG KLPZHZHUHWKHUHWRFRPSHWHLQWKHYLGHR JDPHFRQWHVW%XWKHGLGQWHYHQNQRZZKDW ,ZDVWDONLQJDERXW 

6R,KDGWRVKRZKLPWKHSRVWHUIURPWKHZLQGRZ WRJHWKLPXSWRVSHHG

7KHFOHUNVDLGWKHVWRUHZDVQWUHDOO\VHWXSIRU DYLGHRJDPHWRXUQDPHQWEXWVLQFHWKHUHZHUH RQO\WZRRIXVPD\EHZHFRXOGMXVWSOD\HDFK RWKHULQWKHEDFNURRP ,ZDVDOLWWOHLUULWDWHGDWILUVWEXWWKHQ,UHDOL]HG DOO,QHHGHGWRGRWRZLQWKLVWRXUQDPHQWZDVWR EHDW5RZOH\6RWKHFOHUNVHWXVXSWRSOD\D GHDWKPDWFKLQ7ZLVWHG:L]DUG,DOPRVWIHOW VRUU\IRU5RZOH\EHFDXVH,PSUHWW\PXFKDQ H[SHUWDWWKDWJDPH%XWZKHQZHVWDUWHGWR SOD\,UHDOL]HGP\WKXPEZDVVRPHVVHGXS, FRXOGQWSUHVVWKHEXWWRQVRQWKHFRQWUROOHU 

$OO,FRXOGGRZDVUXQDURXQGLQFLUFOHVZKLOH 5RZOH\VKRWPHRYHUDQGRYHU

5RZOH\HQGHGXSEHDWLQJPH7KHFOHUN WROG5RZOH\KHZRQWKHFRPSHWLWLRQDQGKDGD FKRLFH+HFRXOGHLWKHUILOORXWWKHSDSHUZRUNWR JRWRWKHQDWLRQDOWRXUQDPHQWRUKHFRXOGJHWD JLDQWER[RIFKRFRODWHFRYHUHGUDLVLQV , OOEHW\RXFDQJXHVVZKLFKRQH5RZOH\SLFNHG



6XQGD\
%XW,WKLQNWKLQJVVWDUWHGWRWXUQDURXQGIRU PHDQG'DGWRGD\
,VKRZHG'DGDQGKHDJUHHGZLWKPH

7KDWVZKHQ,UHDOL]HGWKLQJVDUHJRQQDEHRN EHWZHHQWKHWZRRIXV0HDQG'DGPLJKWQRW DJUHHRQHYHU\WKLQJEXWDWOHDVWZHDJUHHRQ WKHLPSRUWDQWVWXII 

,JXHVVVRPHSHRSOHZRXOGVD\WKDWKDWLQJDFRPLF LVDSUHWW\IOLPV\IRXQGDWLRQIRUDUHODWLRQVKLS EXWWKHWUXWKLVPHDQG'DGKDWHORWVRIWKH VDPHWKLQJV 0HDQG'DGPLJKWQRWKDYHRQHRIWKRVHFORVH IDWKHUVRQUHODWLRQVKLSVEXWWKDWVILQHZLWK PH,YHOHDUQHGWKDWWKHUHLVVXFKDWKLQJDV WRRFORVH

,UHDOL]HGYDFDWLRQZDVSUHWW\PXFKRYHUZKHQ 0RPILQLVKHGXSZLWKKHUSKRWRDOEXPWRGD\, IOLSSHGWKURXJKLWDQGWREHKRQHVWZLWK\RX, GRQWWKLQNLWZDVDYHU\DFFXUDWHUHFRUGRIRXU VXPPHU%XW,JXHVVWKHSHUVRQZKRWDNHVWKH SLFWXUHVLVWKHRQHZKRJHWVWRWHOOWKHVWRU\