(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VXQO»SL] ,WoVDSHQFLO
(VWRHVXQYDVR 7KLVLVDJODVV
4XÃHVHVWR" :KDWoVWKLV"
4XÃHV" :KDWLVLW"
(VXQFRFKH" ,VLWDFDU"
'ÍQGHHVW»HOPÇR" :KHUHoVPLQH"
+D\XQDI»EULFDFHUFDGHDTXÇ 7KHUHoVDIDFWRU\QHDUKHUH
'DPHHOOLEUR *LYHPHWKHERRN
9HQDPLFDVD &RPHWRP\KRXVH
£VWDHVODÔQLFDDOWHUQDWLYD 7KLVLVWKHRQO\DOWHUQDWLYH
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
'ÍQGHYLYHHOOD" :KHUHGRHVVKHOLYH"
$TXÃWHGHGLFDV" :KDWGR\RXGR"
/OXHYHPXFKRHQHOQRUWH ,WUDLQVDORWLQWKHQRUWK
1RPHJXVWDWXWUDMH ,GRQoWOLNH\RXUVXLW
3RUTXÃHVW»VDTXÇ" :K\DUH\RXKHUH"
7HHVW»QHVSHUDQGR 7KH\oUHZDLWLQJIRU\RX
1RORKDJDVWRGDYÇD 'RQoWGRLW\HW
+D\SUREOHPDV" $UHWKHUHDQ\SUREOHPV"
4XÃYDVDGHFLUOH" :KDWDUH\RXJRLQJWRWHOOKLP"
4XÃLEDVDGHFLUOH" :KDWZHUH\RXJRLQJWRWHOO
KLP"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XÃLEDVDGHFLU" :KDWZHUH\RXJRLQJWRVD\"
1RYDDSDVDUQDGD 1RWKLQJoVJRLQJWRKDSSHQ
1RHVORTXHSLHQVDV ,WoVQRWZKDW\RXWKLQN
3UXÃEDORWHJXVWDU» 7U\LW\RXoOOOLNHLW
6HHVW»KDFLHQGRWDUGH ,WoVJHWWLQJODWH
+DKDELGRXQUHWUDVR 7KHUHoVEHHQDGHOD\
(VWXGHFLVLÍQ ,WoVXSWR\RX
(VWRVHHVW»FRPSOLFDQGR 7KLVLVJHWWLQJFRPSOLFDWHG
4XÃWHKDFHSHQVDUHVR" :KDWPDNHV\RXWKLQNWKDW"
<RTXHWÔQRORKDUÇD ,ZRXOGQoWGRLWLI,ZHUH\RX
+HDG &DEH]D
%DFN (VSDOGD
$UP %UD]R
)HHW 3LHV
/HJ 3LHUQD
9RFDEXODULR%RG\ &XHUSR
0LGGOH$GYDQFHG
1RWHSXHGHVHFKDUDWU»V <RXFDQoWEDFNRXW
1RPHEDMHVHOQLYHO 'RQoWORZHUP\OHYHO
&UHRTXHÃOVHKDHQDPRUDGR ,WKLQNKHoVIDOOHQLQORYH
1RKLFLHURQQDGDDOUHVSHFWR 7KH\GLGQoWGRDQ\WKLQJDERXWLW
1RGLVFXWDPRVKR\ /HWoVQRWDUJXHWRGD\
)RU(QJOLVKVXSHUVWDUVRQO\
7HQJRFDUQHGHJDOOLQD,KDYHJRRVHSLPSOHV
/HYDQWDHOSXHQWHOHYDGL]R5DLVHWKHGUDZEULGJH
6HGHVSHJÍHOVHOOR 7KHVWDPSFDPHRII
+D\XQYLHMRGLFKRTXHGLFH7KHUHoVDQROGVD\LQJWKDWVD\V
3XHGRGHVFDUWDUHVWD
DOWHUQDWLYD ,FDQUXOHRXWWKLVDOWHUQDWLYH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
3URQRPEUHVGHPRVWUDWLYRV
$ELUGLQKDQGLVZRUWKWZRLQWKHEXVK
(VPHMRUS»MDURHQPDQRTXHFLHQWR
YRODQGR
$QH\HIRUDQH\HDQGDWRRWKIRU
DWRRWK
2MRSRURMR\GLHQWHSRUGLHQWH
7RNLOOWZRELUGVZLWKRQHVWRQH
0DWDUGRVS»MDURVGHXQWLUR
,WFRVWVDQDUPDQGDOHJ
&XHVWDXQRMRGHODFDUD
$OOWKDWJOLWWHUVLVQRWJROG
1RHVRURWRGRORTXHUHOXFH
fDGLDPRQGLQWKHURXJK
fXQGLDPDQWHHQEUXWR
|RMR
7KLVLVDSHQ(VWRHVXQEROÇJUDIR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
$TXHOORHVXQEROÇJUDIR"
(VWRHVXQDQLOOR
$TXHOORQRHVXQDYLÍQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
DWHQFLÍQDODSURQXQFLDFLÍQ
&RXQWULHVDQGQDWLRQDOLWLHV
6SDLQ
)UDQFH
*HUPDQ\
,WDO\
*UHDW%ULWDLQ
(QJODQG
6FRWODQG
,UHODQG »LUODQG
%HOJLXP
*UHHFH JULV
7XUNH\ WÃUNL
5XVVLD U»VLD
6ZHGHQ VXLGHQ
1RUZD\ QÍUZHL
'HQPDUN
)LQODQG
3RODQG
$XVWULD
7KH1HWKHUODQGVRU+ROODQG
&XED NLÔED
6SDQLVK
)UHQFK
*HUPDQ
,WDOLDQ
%ULWLVK
(QJOLVK
6FRWWLVK
,ULVK
%HOJLDQ
*UHHN
7XUNLVK
5XVVLDQ
6ZHGLVK
1RUZHJLDQ
'DQLVK GÃLQLV
)LQQLVK
3ROLVK
$XVWULDQ
'XWFK|RMR
&XEDQ NLÔEDQ
7KH8QLWHG6WDWHV
&DQDGD N»QDGD
0H[LFR
3HUX
&RORPELD
&KLOH
%UD]LO
$UJHQWLQD
-DSDQ
&KLQD
,QGLD
$IULFD
$VLD ÃLVLD
.RUHD FRQp.q
$XVWUDOLD
0RURFFR PRU»FR
(J\SW ÇFKLSW
,VUDHO
$OJHULD
,UDQ
$PHULFDQ
&DQDGLDQ
0H[LFDQ
3HUXYLDQ|RMR
&RORPELDQ
&KLOHDQ
%UD]LOLDQ
$UJHQWLQHR$UJHQWLQLDQ
-DSDQHVH
&KLQHVH
,QGLDQ
$IULFDQ
$VLDQ $VLDWLF
.RUHDQ
$XVWUDOLDQ
0RURFFDQ
(J\SWLDQ
,VUDHOL LVUÃLOL
$OJHULDQ
,UDQLDQ
(VWLPDGR6U6PLWK
'HDU0U6PLWK
*UDFLDV SRU VX FDUWD GHO GH DJRVWR UHIHUHQWH D FXUVRV GH
IRUPDFLÍQ SDUD QXHVWURV YHQGHGRUHV /OHYDPRV WUHV DËRV
FRQWUDWDQGRORVVHUYLFLRVGHXQDHPSUHVDGHFRQVXOWRUÇDSDUD
HVWHîQ\HVWDPRVEDVWDQWHFRQWHQWRVFRQORVUHVXOWDGRVRE
WHQLGRVKDVWDODIHFKD
7KDQN\RXIRU\RXUOHWWHURI$XJXVWZLWKUHJDUGWRWUDLQLQJ
FRXUVHVIRURXUVDOHVSHRSOH)RUWKHSDVWWKUHH\HDUVZHKDYH
EHHQ FRQWUDFWLQJ WKH VHUYLFHV RI D FRQVXOWLQJ ÀUP IRU WKLV
SXUSRVH DQG DUH TXLWH VDWLVÀHG ZLWK WKH UHVXOWV REWDLQHG WR
GDWH
1RREVWDQWHDJUDGHFHPRVVXRIHUWD\ODPDQWHQGUHPRVHQ
QXHVWURVDUFKLYRVSDUDIXWXUDUHIHUHQFLD
1HYHUWKHOHVVZHDSSUHFLDWH\RXURIIHUDQGZLOONHHSLWLQRXU
ÀOHVIRUIXWXUHUHIHUHQFH
$WHQWDPHQWH
6LQFHUHO\\RXUV
(VWLPDGRDPLJR\DOXPQR<RD\HUSOD\DFKLFDUHVWDXUDQWHGLVFRWHFDKRWHOQRFKHËDPËDP$FDERGHH[SUHVDUFRQFLHUWRLPSDFWR\KDVWD
FRQFLHUWDHORFXHQFLDXQDVHULHGHDFWLYLGDGHVTXHUHDOLFÃD\HUWDUGH HVWRGRPHQWLUD 6LWHîMDVQRKHXWLOL]DGRQLQJÔQYHUER\DSHVDUGH
HOORKHORJUDGRWUDQVPLWLUFRQHîFDFLDXQDVVLWXDFLRQHV0XFKRVHVSDËROHVWHPÃLVWDQWRFRPHWHUHUURUHVJUDPDWLFDOHVTXHRVHQUHG»LVX
RVFDOO»LVDQWHVGHOOHJDUDODSDUWHGHOUHVWDXUDQWH6L\RFRPRSURIHVRUWXYLHUDTXHHOHJLUHQWUHXQRTXHKDFHXQDFDUQLFHUÇDFRQPLLGLRPD
SHURGLFHORTXHSLHQVD\XQRTXHDOîQDOVHFDOODSRUORTXHHQLQJOÃVOODPDPRVpSDU»OLVLVSRUDQ»OLVLVqSUHîHURHOSULPHUR5HFXHUGDQRYDV
DKDEODUXQLQJOÃVSHUIHFWRQXQFD3HURHVLPSRUWDQWHTXHDGTXLHUDVODFRQîDQ]DVXîFLHQWHFRPRSDUDVXSHUDUHOVHQWLGRGHOULGÇFXOR\VDOWDU
DODSLVFLQD/RV&'oV\'9'oVGHOPÃWRGR9DXJKDQGLVSRQLEOHVFDGDGRPLQJRFRQ(/081'2WHD\XGDU»QDFRQVHJXLUOR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(OOLEURHVYHUGH 7KHERRNLVJUHHQ
4XLÃQHV" :KRLVLW"
6R\SURIHVRU ,oPDWHDFKHU
£VWDHVXQDPHVD 7KLVLVDWDEOH
'ÍQGHHVW»$OHPDQLD" :KHUHoV*HUPDQ\"
(OWX\RHVLPSRUWDQWH <RXUVLVLPSRUWDQW
(VW»QHQODVDODGHHVSHUD 7KH\oUHLQWKHZDLWLQJURRP
0LVOLEURVVRQSHVDGRV 0\ERRNVDUHKHDY\
7XVFDOFHWLQHVVRQD]XOHV<RXUVRFNVDUHEOXH
6XVSDGUHV GHÃO HVW»QDTXÇ +LVSDUHQWVDUHKHUH
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
1RWDUGHV 'RQoWEHODWH
7U»HPHOR %ULQJLWWRPH
0XÃVWUDPHOR 6KRZLWWRPH
'»PHOR *LYHLWWRPH
(QWUÃJDPHOR 'HOLYHULWWRPH
|9HQJD|9»PRQRV &RPHRQ/HWoVJR
$GÍQGHTXLHUHVLU" :KHUHGR\RXZDQWWRJR"
3RUTXÃWHQJRTXHKDFHUOR" :K\GR,KDYHWRGRLW"
+D]ORTXHGLJR 'RZKDW,VD\
+D]ORTXHWHGLJR 'RZKDW,WHOO\RX
6KRXOGHU +RPEUR
(OERZ &RGR
:ULVW 0XËHFD
.QHH 5RGLOOD
$QNOH 7RELOOR
9RFDEXODULR-RLQWV $UWLFXODFLRQHV
+LJK,QWHUPHGLDWH
0HHQFDQWÍWXSUHVHQWDFLÍQ ,ORYHG\RXUSUHVHQWDWLRQ
<DVHORKHGLFKR DÃO ,oYHDOUHDG\WROGKLP
&X»QGRSLHQVDVKDFHUOR" :KHQDUH\RXSODQQLQJWRGRLW"
4XÃWHKDFHSHQVDUHVR" :KDWPDNHV\RXWKLQNWKDW"
0HREOLJDURQDKDFHUOR 7KH\PDGHPHGRLW
/RZ$GYDQFHG
6HWHROYLGÍîUPDUOR <RXIRUJRWWRVLJQLW
'ÍQGHGHERîUPDUOR" :KHUHDP,VXSSRVHGWRVLJQLW"
&DVLQXQFDHVW»VGHDFXHUGR <RXKDUGO\HYHUDJUHH
9R\DPDQWHQHUPLSDODEUD ,oPJRLQJWRNHHSP\ZRUG
0HSUHJXQWRGÍQGHHVWDU»Q ,ZRQGHUZKHUHWKH\DUH
0LGGOH$GYDQFHG
|'HKDEHUORVDELGR +DG,NQRZQ
1RPHVXHQD IDPLOLDU ,WGRHVQoWULQJDEHOO
£OHVGLJQRGHFRQîDQ]D +HoVWUXVWZRUWK\
1RPHGHFHSFLRQHV 'RQoWOHWPHGRZQ
&XHQWRFRQWLJR ,oPFRXQWLQJRQ\RX
)RU(QJOLVKVXSHUVWDUVRQO\
<DQRSXHGRFRQHOOR ,FDQoWWDNHLWDQ\PRUH
%URPHDVRTXÃ" $UH\RXNLGGLQJ"
$FHOHUDHOULWPR 6SHHGXSWKHSDFH
1RWHTXHGHVDWU»V 'RQoWIDOOEHKLQG
0HHVW»VSLVDQGR <RXoUHVWHSSLQJRQPH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
p3HRSOHqUHTXLHUHHOSOXUDOGHOYHUER
3HRSOHDUH
7REHDWDURXQG DERXW WKHEXVK
$QGDUVHFRQURGHRV
%RWWRPVXS
|$OFHQWUR\SDoGHQWUR
,WoVQRWP\FXSRIWHD
1RHVORPÇR
7RSDVVWKHEXFN
3DVDUODSHORWD
%ORRGLVWKLFNHUWKDQZDWHU
/DVDQJUHWLUD
7RFDOODVSDGHDVSDGH
/ODPDUDOSDQSDQ\DOYLQRYLQR
/DJHQWHHV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
/DJHQWHHQ,WDOLDHVLWDOLDQD
/DJHQWHHQ1RUXHJDHVQRUXHJD
/DJHQWHHQ6XL]DHVVXL]D
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
p,QIURQWRIqVLJQLîFDpGHODQWHGHqQRpHQIUHQWHGHq
+DFHDËRVVXIUÇODVFRQVHFXHQFLDVGHXQPDOHQWHQGLGRHQLQJOÃV
GHELGRDHVWDH[SUHVLÍQ'DEDFODVHDXQGLUHFWLYR\SRUXQRV
GÇDVPLFRFKHHVWDEDHQHOWDOOHU/DFODVHHUDDODVRFKRGHOD
PDËDQD\TXHGÃFRQHOGLUHFWLYRHQTXHPHUHFRJLHUDDODV
SDUDLUFRQÃODVXRîFLQDSDUDGDUODFODVH
3XHVWRTXHQRPHJXVWDEDKDEODUFDVWHOODQRHQFODVHOHGLMHTXH
OHHVSHUDUÇDpLQIURQWRI1XHYRV0LQLVWHULRVq(OSDUHFÇÍHQWHQ
GHUPHSHUIHFWDPHQWH
$ODPDËDQDVLJXLHQWH\RHVWDEDWDQIHOL]HVSHU»QGROHGHODQ
WHGH1XHYRV0LQLVWHULRV\ÃOLJXDOPHQWHIHOL]HVSHU»QGRPH
HQIUHQWHGH1XHYRV0LQLVWHULRVHVGHFLUHQHOODWHUDOGHOD
&DVWHOODQDHQHOODGRWRWDOPHQWHRSXHVWR
8QDKRUDP»VWDUGH\DSRUWHOÃIRQRÃOPHDFXVÍGHKDEHUOH
GDGRSODQWÍQ<ROHDFXVÃGHQRKDEHUSUHVWDGRODDWHQFLÍQ
GHELGDDPLVH[SOLFDFLRQHVJUDPDWLFDOHV
'HOLR4XLxRQHVSURIHVRU9DXJKDQ
(VWLPDGD6UWD-RKQVRQ
'HDU0LVV-RKQVRQ
(Q SULPHU OXJDU TXLHUR H[SUHVDU PL DJUDGHFLPLHQWR SRU HO
H[FHOHQWHVHUYLFLRTXHVXHPSUHVDQRVSUHVWÍGXUDQWHODUH
FLHQWHFDPSDËDGHYHQWDV7LHQH9GXQH[FHOHQWHHTXLSRGH
SURIHVLRQDOHV \ OD LQIRUPDFLÍQ TXH QRV SURSRUFLRQDURQ IXH
PX\YDOLRVD
)LUVWRIDOO,ZDQWWRH[SUHVVP\DSSUHFLDWLRQIRUWKHH[FHOOHQW
VHUYLFH \RXU FRPSDQ\ JDYH XV GXULQJ WKH UHFHQW VDOHV FDP
SDLJQ <RX KDYH DQ H[FHOOHQW WHDP RI SURIHVVLRQDOV DQG WKH
LQIRUPDWLRQWKH\SURYLGHGXVZLWKZDVYHU\YDOXDEOH
&RPRVDEHORVSUHSDUDWLYRVSDUDODFDPSDËDGHLQYLHUQRFR
PHQ]DU»QDPHGLDGRVGHVHSWLHPEUH\SRUVXSXHVWRTXHUH
PRV TXH VX HTXLSR YXHOYD D D\XGDUQRV D îQ GH DVHJXUDU HO
PLVPRQLYHOGHÃ[LWRTXHKHPRVGLVIUXWDGRHVWHYHUDQR
$V \RX NQRZ WKH SUHSDUDWLRQV IRU WKH ZLQWHU FDPSDLJQ ZLOO
EHJLQLQWKHPLGGOHRI6HSWHPEHUDQGRIFRXUVHZHZDQW\RXU
WHDPWRKHOSXVDJDLQLQRUGHUWRHQVXUHWKHVDPHOHYHORIVXF
FHVVZHHQMR\HGWKLVVXPPHU
$WHQWDPHQWH
9HU\WUXO\\RXUV
(VWLPDGRDPLJR\DOXPQR/RP»VLPSRUWDQWHDODKRUDGHGRPLQDUXQVHJXQGRLGLRPDHQVLWXDFLRQHVSU»FWLFDVHVSRVHHUXQRÇGRîQÇVLPR
SDUDFDSWDUVLQHVIXHU]RORVVLJQLîFDGRV\PDWLFHVGHWXVLQWHUORFXWRUHV(VWRQRVHSXHGHREWHQHUDWUDYÃVGHODXODQLFRQHOPHMRUPÃWRGR
QLFRQHOPHMRUSURIHVRUGHOPXQGR/DÔQLFDIRUPDGHFRQVHJXLUORVGHVSXÃVGHDSUHQGHUODVIRUPDV\HVWUXFWXUDVHQVXVHQWLGRWHÍULFRHV
H[SRQLHQGRHORÇGRDFLHQWRVGHKRUDVGHLQJOÃVSURQXQFLDGRSRUFHQWHQDUHVGHSHUVRQDVFRQVXVGLVWLQWRVDFHQWRVYHORFLGDGHV\WHPSHUD
PHQWRV/DFRPXQLFDFLÍQVLHPSUHHPSLH]DSRUHORÇGR6LHVWHDVSHFWRQRIXQFLRQDWRGRVORVGHP»VFRQRFLPLHQWRV\KDELOLGDGHVVLUYHQGH
PX\SRFR3RGU»VLPSUHVLRQDUDWXSURIHVRUFRQWXH[FHOHQWHGRPLQLRGHORVYHUERVLUUHJXODUHVSHURQRSRGU»VGHVHQYROYHUWHHQDEVROXWR
HQQLQJÔQIRURGHFRPXQLFDFLÍQ(ORÇGRORHVWRGR3RUHOORWHLQVLVWRHQTXHDGHP»VGHOHHUQXHVWUROLEURFDGDGRPLQJRDWUDYÃVGH(/
081'2GHGLTXHVWXWLHPSRFRPRSULRULGDGDHVFXFKDUHO&'GHDXGLRTXHORDFRPSDËD\DYHUHQHO'9'ODVWUHVFODVHVLPSDUWLGDVSRU
XQVHUYLGRU
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(UHVPLHVSRVD <RXoUHP\ZLIH
6R\WXPDULGR ,oP\RXUKXVEDQG
6RQPLVKLMRV 7KH\oUHP\FKLOGUHQ
£VWHHVPLSHUUR 7KLVLVP\GRJ
£VWRVVRQPLVOLEURV 7KHVHDUHP\ERRNV
(OTXHHVW»DOOÇHVPÇR7KHRQHRYHUWKHUHLVPLQH
'HTXLÃQHVHVWHO»SL]":KRVHSHQFLOLVWKLV"
9LYRHQ(VSDËD,OLYHLQ6SDLQ
7UDEDMRHQXQDI»EULFD,ZRUNLQDIDFWRU\
7HHVWR\KDEODQGR,oPWDONLQJWR\RX
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
0HJXVWDLUDOOÇ ,OLNHWRJRWKHUH JRLQJ
1ROOXHYHPXFKRDTXÇ ,WGRHVQoWUDLQPXFKKHUH
7HORYR\DGHFLU ,oPJRLQJWRWHOO\RX
1RORYDQDKDFHU 7KH\oUHQRWJRLQJWRGRLW
/RKDFHQPX\DPHQXGR 7KH\GRLWYHU\RIWHQ
6HWDUGDPXFKR,WWDNHVDORQJWLPH
7HYDVDFDQVDUGHPÇ<RXoUHJRLQJWRJHWWLUHGRIPH
3XHGRKDFHUOR\RWDPELÃQ"&DQ,GRLWWRR"
1RPHGLFXHQWD,GLGQoWUHDOL]H
+DEÇDYDULRVDVXQWRV7KHUHZHUHVHYHUDOPDWWHUV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&RQIÇDHQPÇ 7UXVWPH
6ÃORTXHKDJR ,NQRZZKDW,oPGRLQJ
9DVDHVWURSHDUORWRGR <RXoUHJRLQJWRUXLQHYHU\WKLQJ
(VWR\HQSHUÇRGRGHSUXHED ,oPRQDWULDOSHULRG
+D\XQYLHMRUHIU»QTXHGLFH 7KHUHoVDQROGVD\LQJWKDWVD\V
4XÃVHVLHQWHDOVHUPLOORQDULR"+RZGRHVLWIHHOWREH
DPLOOLRQDLUH"
9DQDLQWHQWDUGHVWUXLUWH7KH\oUHJRLQJWRWU\WRGHVWUR\
\RX
'HHVRSXHGHVHVWDUVHJXUR<RXFDQEHVXUHRIWKDW
3UXÃEDWHOR\GHVSXÃVFÍPSUDOR7U\LWRQDQGWKHQEX\LW
(VHWLSRQRPHDVXVWDSDUDQDGD7KDWJX\GRHVQoWVFDUHPHDWDOO
(\HV 2MRV
(DUV 2UHMDV
0RXWK %RFD
1RVH 1DUL]
&KLQ %DUELOOD
9RFDEXODULR)DFH &DUD
0LGGOH$GYDQFHG
<DORVXSHUDU»V <RXoOOJHWRYHULW
(VSHUMXGLFLDOSDUDWXVDOXG ,WoVKDUPIXOWR\RXUKHDOWK
<RTXHWÔOHOOHYDEDDOOÇ ,I,ZHUH\RX,oGWDNHKLPWKHUH
6LQRKXELHUDVLGRSRUWL ,ILWKDGQoWEHHQIRU\RX
/RVLHQWRQRORSXHGRHYLWDU ,oPVRUU\,FDQoWKHOSLW
)RU(QJOLVKVXSHUVWDUVRQO\
&ÍPRTXHHVW»VFDQVDGR":KDWGR\RXPHDQ\RXoUHWLUHG"
4XÃVLJQLîFD27$1":KDWGRHV27$1VWDQGIRU"
|1RPHGLJDV<RXGRQoWVD\
,QWHQWÃKDFHUOHOD]DQFDGLOOD,WULHGWRWULSKLP
7HHVW»VVRQURMDQGR<RXoUHEOXVKLQJ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
(QIRTXHYHUEDOGHODVHPDQD
'RQoWSXWWKHFDUWEHIRUHWKHKRUVH
1RHPSH]DUODFDVDSRUHOWHMDGR
7KDWoVDKRUVHRIDGLIIHUHQW
FRORXU
(VRHVKDULQDGHRWURFRVWDO
7KH\FDXJKWPHUHGKDQGHG
0HFRJLHURQFRQODVPDQRVHQODPDVD
$FKLSRIIWKHROGEORFN
'HWDOSDORWDODVWLOOD
7REHLQWKHGROGUXPV
(VWDUGHFDSDFDÇGD
7RWDNH
7DUGDU
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6HWDUGDGRVKRUDVHQLUGH/RQGUHVD0DGULG
£OWDUGDPLQXWRVHQDIHLWDUVH
7DUGRPXFKRHQOOHJDUDOWUDEDMR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
*RLQJ&RPLQJ*RLQJEDFN&RPLQJEDFN
(OFRQWUDULRGHpJRLQJq \HQGR HVpFRPLQJq YLQLHQGR 6H
SURQXQFLDF»PLQJ
7DPELÃQYDPRVDYHUDTXÇODSUHSRVLFLÍQpEDFNq GHYXHOWD
&XDQGRpEDFNqVLJDDORVYHUERVpJRLQJqRpFRPLQJqODH[SUH
VLÍQHTXLYDOHDOYHUERpWRUHWXUQq YROYHU p5HWXUQqHVXQYHUER
LPSRUWDQWHSHURVHXVDPXFKRPHQRVTXHpJREDFNqRpFRPH
EDFNq(VFXULRVRPXFKRVHVSDËROHVFRQIXQGÇVODGLIHUHQFLD
WHÍULFDHQWUHpJREDFNq\pFRPHEDFNqSXHVWRTXHDPERVVLJQL
îFDQpYROYHUq$KRUDELHQXQRVLJQLîFDpYROYHUSDUDDOO»q\RWUR
pYROYHUKDFLDDTXÇq,PDJLQHPRVTXHYLYHVHQ0DGULG\TXHYDV
DYLDMDUPDËDQDGHVGH0DGULGKDVWD%DUFHORQD\TXHSDVDGR
PDËDQDYDVDUHJUHVDUD0DGULGSDUDOXHJRYROYHUD%DUFHOR
QDODVHPDQDTXHYLHQH\UHJUHVDUGHQXHYRDOGÇDVLJXLHQWH
(VWXGLHPRVODVIUDVHVFRUUHVSRQGLHQWHVHQLQJOÃVSDUDH[SUHVDU
HVWHSODQGHYLDMH9R\DXVDUHOSUHVHQWHFRQWLQXRFRQpJRLQJq\
pFRPLQJqGHQWURGHXQDLGHDGHIXWXURLQPHGLDWR
,oPJRLQJWR%DUFHORQDWRPRUURZ
9R\D%DUFHORQDPDËDQD
pJRLQJq \HQGR
,oPFRPLQJEDFNWR0DGULGWKHQH[WGD\
9XHOYRD0DGULGDOGÇDVLJXLHQWH
pFRPLQJEDFNq
YLQLHQGRGHUHJUHVR
7KHQ,oPJRLQJEDFNWR%DUFHORQD
QH[WZHHN
/XHJRYROYHUÃD%DUFHORQDODSUÍ[LPD
VHPDQD
pJRLQJEDFNq
\HQGRGHUHJUHVR
)LQDOO\,oPFRPLQJEDFNWR0DGULG
WKHQH[WGD\
3RUÔOWLPRYROYHUÃD0DGULGDOGÇD
VLJXLHQWH
pFRPLQJEDFNq
YLQLHQGRGHUHJUHVR
5HFDSLWXODQGRVLHOSURIHVRUVHOHYDQWDGHODPHVDHQGRQGH
HVW»FRQWLJR\VHGLULJHKDFLDODSXHUWDOHSRGU»VGHFLU
<RX·UHJRLQJWRWKHGRRU
6LOXHJRYXHOYHDODPHVDGRQGHWÔHVW»VGLU»V
<RX·UHFRPLQJEDFNWRWKHWDEOH
6LGHVSXÃVYXHOYHDGLULJLUVHKDFLDODSXHUWDGLU»V
<RX·UHJRLQJEDFNWRWKHGRRU
DWHQFLÍQDODSURQXQFLDFLÍQ
(VWLPDGRDPLJR\DOXPQR
9HUGDGQ 8QRSXHGHGRPLQDUODJUDP»WLFDDEDUFDUXQYRFDEXODULRH[WHQVR\VHUSRUQDWXUDOH]DGHFLGLGR\UHVXHOWRSHURVLDODKRUDGHOD
YHUGDGQRHQWLHQGHWRGRDODSULPHUDVXGRPLQLRVXGHFLVLÍQ\VXYRFDEXODULRVHGHUUXPEDQ\DFDEDQYDOLHQGRSDUDPX\SRFR
9HUGDGQ 6LXQRTXHGRPLQDGHYHUGDGHOLGLRPDHVLJXDOPHQWHFDSD]GHHQWHQGHUWRGRDODSULPHUDVHFRQYLHUWHHQXQFRPXQLFDGRUFDVL
WDQHîFD]HQLQJOÃVFRPRHQVXSURSLDOHQJXD6LHQWHTXHFRQWURODODVLWXDFLÍQ\HVW»FÍPRGRHQFXDOTXLHUIRUR\DPELHQWH
9HUGDGQ 6LXQRFRQPHQRVFRQRFLPLHQWRVGHOLQJOÃVGHUHSHQWHHPSLH]DDHQWHQGHUWRGRRFDVLWRGRDODSULPHUDVXVFRQRFLPLHQWRVOLPL
WDGRVïRUHFHQKDVWDOÇPLWHVLQVRVSHFKDGRV\VXPRWLYDFLÍQSDUDKDFHUVHFRQORVGHP»VDVSHFWRVGHOLGLRPDVXEHPLOHQWHURV
9HUGDGQ 1RKD\QDGDSHRUTXHODDQJXVWLDGHQRVHJXLUELHQODGLQ»PLFDYHUEDOHQXQDUHXQLÍQGHDOWRQLYHO/HFRQGHQDDXQRDFDOODU
VH\DVHQWLUVHYLROHQWRHLQÔWLO
/DFRPSUHQVLÍQDXGLWLYDHVFRQPXFKDGLIHUHQFLDHODVSHFWRP»VLPSRUWDQWHTXHXQRGHEHGRPLQDUDODKRUDGHKDEODUHîFD]PHQWHXQ
LGLRPD&ÍPRGHEHXQRPHMRUDUVXQLYHODXGLWLYR"2\HQGR\HVFXFKDQGRHOLGLRPDGXUDQWHPXFKDVKRUDV1RH[LVWHQRWUDVIÍUPXODVP»V
U»SLGDVRHIHFWLYDV<ORPHMRUHVHPSH]DUFRQORV&'oV\'9'oVGHOPÃWRGR9DXJKDQTXH(/081'2WHRIUHFHFDGDGRPLQJRHQWXTXLRVFR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VSDUDPÇ ,WoVIRUPH
6RQSDUDWL 7KH\oUHIRU\RX
(VSDUDÃO ,WoVIRUKLP
6RQSDUDHOOD 7KH\oUHIRUKHU
(VSDUDQRVRWURV ,WoVIRUXV
(OPÇRHVSDUDPÇ 0LQHLVIRUPH
(OWX\RHVSDUDWL <RXUVLVIRU\RX
(OVX\R GHÃO HVSDUDÃO+LVLVIRUKLP
(OVX\R GHHOOD HVSDUDHOOD +HUVLVIRUKHU
(OQXHVWURHVSDUDQRVRWURV2XUVLVIRUXV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(VW»HPSH]DQGRDOORYHU ,WoVVWDUWLQJWRUDLQ
&X»QGRHPSLH]DODFODVH" :KHQGRHVWKHFODVVEHJLQ"
&X»QGRWHUPLQD" :KHQGRHVLWHQG"
&X»QGRWHUPLQDV" :KHQGR\RXïQLVK"
&X»QWRWLHPSRGXUDODFODVH" +RZORQJGRHVWKHFODVVODVW"
3UHJXQWDV" $Q\TXHVWLRQV"
7HSXHGRKDFHUXQDSUHJXQWD"&DQ,DVN\RXDTXHVWLRQ"
/RTXHTXLHUDV $Q\WKLQJ
4XLÃQGHVFXEULÍHO»WRPR" :KRGLVFRYHUHGWKHDWRP"
/RGHVFXEULÍ(LQVWHLQ" 'LG(LQVWHLQGLVFRYHULW"
3DJHV 3»JLQDV
&RYHU &XELHUWD
7LWOH 7ÇWXOR
6SLQH /RPR
-DFNHW 6REUHFXELHUWD
9RFDEXODULR%RRN /LEUR
+LJK,QWHUPHGLDWH
4XLHURRÃVWHRDTXÃO ,ZDQWHLWKHUWKLVRQHRUWKDWRQH
1RTXLHURQLHOXQRQLHORWUR ,GRQoWZDQWHLWKHURQH
&XDOTXLHUDHVW»ELHQ (LWKHURQHLVïQHZLWKPH
0DQWÃQPHLQIRUPDGR .HHSPHLQIRUPHG
7RGRHVW»IXHUDGHFRQWURO (YHU\WKLQJLVRXWRIFRQWURO
/RZ$GYDQFHG
&DEH" 'RHVLWïW"
$QWHVFDEÇD ,WXVHGWRïW
7HYHRFDQVDGR <RXORRNWLUHG
'HEHQGHHVWDUORFRV7KH\PXVWEHFUD]\
1RVÃTXÃFUHHU ,GRQoWNQRZZKDWWRWKLQN
0LGGOH$GYDQFHG
1RSLHUGDVGHYLVWDODPHWD 'RQoWORVHVLJKWRIWKHJRDO
&UX]DURQODPHWD 7KH\FURVVHGWKHïQLVKOLQH
(OLQJOÃVHVPLOHQJXDPDWHUQD (QJOLVKLVP\PRWKHUWRQJXH
$QWHVKDEÇDP»VQLHYH 7KHUHXVHGWREHPRUHVQRZ
$QWHVQHYDEDP»V ,WXVHGWRVQRZPRUH
)RU(QJOLVKVXSHUVWDUVRQO\
1RPHPDOLQWHUSUHWHV 'RQoWJHWPHZURQJ
/RKLFHVLQTXHUHU ,GLGQoWPHDQWRGRLW
4XLHUROHHUXQDFLWDGH/DUUD ,ZDQWWRUHDGDTXRWHIURP
/DUUD
+D\HVFDVH]GHHVFRFHVHV 7KHUHoVDVKRUWDJHRI6FRWV
7HQHPRVXQVXSHU»YLWGHFDMD:HKDYHDFDVKVXUSOXV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
3KUDVDO9HUEGHODVHPDQD
7RJHWRQ
:LOGKRUVHVFRXOGQoWNHHSPHDZD\
1RPHORSHUGHUÇDSRUQDGDGHOPXQGR
7KHGLHLVFDVW
/DVXHUWHHVW»HFKDGD
'RQoWORRNDJLIWKRUVHLQWKHPRXWK
$FDEDOORUHJDODGRQROHPLUHVHOGLHQWH
,WoVP\VKRXW
|,QYLWR\R
7RFKDQJHKRUVHVLQPLGVWUHDP
&DPELDUGHRSLQLÍQDPLWDGGHFDPLQR
7KH\ZHUHGURSSLQJOLNHïLHV
&DÇDQFRPRPRVFDV
6XELU
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6XERDODXWREÔVDOîQDOGHPLFDOOH
7HQFXLGDGRFXDQGRVXEDVDODXWREÔV
0HFDÇFXDQGRVXEÇDODXWREÔV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
+LVs+HUs7KHLU 6XGHÃOs6XGHHOODs6XGHHOORV
(QFDVWHOODQRpVXqSXHGHGDUOXJDUDFRQIXVLÍQSXHVWRTXH
SXHGHVLJQLîFDUpGHÃOqpGHHOODqpGHHOORVqpGHHOODVqpGH9Gq
RpGH9GVq
(OSHULRGLVWDTXLVRDFODUDU
4XLHUHGHFLUTXHHVW»HQ&XEDHQVXSDÇVQDWDO$UJHQWLQDRHQ
PLSDÇV(VSDËD"
(QHODËR)LGHO&DVWURUHFLELÍDXQJUXSRGHSHULRGLVWDV
HVSDËROHV'XUDQWHHOWUDQVFXUVRGHODFRQIHUHQFLDGHSUHQVDXQ
SHULRGLVWDHVSDËROOHSUHJXQWÍ
'ÍQGHVHHQFXHQWUDDKRUD&KH*XHYDUD"
&DVWURVRQULÍ\GLMR
9GWHQGU»TXHHQFRQWUDUODUHVSXHVWDDHVDSUHJXQWD
(QLQJOÃVDIRUWXQDGDPHQWHQRVROHPRVVXIULUFRQIXVLRQHVGH
HVWHWLSR1XHVWURVDGMHWLYRVSRVHVLYRVVRQP»VSUHFLVRV
&DVWUROHUHVSRQGLÍ
(VW»HQVXSDÇV
(VWLPDGR3HWHU
'HDU3HWHU
5HFLEÇWXFDUWD\HVWR\FRPSOHWDPHQWHGHDFXHUGRFRQWXIRU
PDGHYHUODVFRVDV1RVR\QHFHVDULDPHQWHXQJUDQGHIHQVRU
GHHVWHWLSRGHDQ»OLVLVSHURHQHVWHFDVRFUHRTXHHVLPSRU
WDQWH HVWDU DEVROXWDPHQWH VHJXUR DQWHV GH ODQ]DU HO QXHYR
SURGXFWR
, UHFHLYHG \RXU OHWWHU DQG FRPSOHWHO\ DJUHH ZLWK \RXU ZD\ RI
VHHLQJWKLQJV,·PQRWQHFHVVDULO\DJUHDWGHIHQGHURIWKLVNLQG
RIDQDO\VLVEXWLQWKLVFDVH,WKLQNLW·VLPSRUWDQWWREHDEVROX
WHO\VXUHEHIRUHODXQFKLQJWKHQHZSURGXFW
5HFXHUGRXQFDVRSDUHFLGRKDFHXQRVDËRV(QDTXHOHQ
WRQFHV RPLWLPRV DOJXQRV HQVD\RV RSFLRQDOHV SRU IDOWD GH
WLHPSR 0DUNHWLQJWHQÇDSULVD \P»VWDUGHVXIULPRVODVFRQ
VHFXHQFLDV3RUORWDQWRSXHGHVFRQWDUFRQPLDSR\RHVWDYH]
VLGHFLGHVXVDUWXDXWRULGDGSDUDGHWHQHUODSURGXFFLÍQ
,UHPHPEHUDVLPLODUFDVHVRPH\HDUVDJR$WWKDWWLPHZH
VNLSSHG VRPH RSWLRQDO WHVWV IRU ODFN RI WLPH 0DUNHWLQJ ZDV
LQDKXUU\ DQGZHODWHUVXIIHUHGWKHFRQVHTXHQFHV7KHUHIRUH
\RXFDQFRXQWRQP\VXSSRUWWKLVWLPHLI\RXGHFLGHWRXVH\RXU
DXWKRULW\WRVWRSSURGXFWLRQ
8QVDOXGR
5HJDUGV
(VWLPDGRDPLJR\DOXPQR1RKDFHPXFKRXQFRQRFLGRKRPEUHGHQHJRFLRVHVSDËROFHUUÍHQXQSDÇVGHOVXGHVWHDVL»WLFRXQFRQWUDWR
SDUDODYHQWDGH»FLGRIRVIÍULFR'HUHJUHVRFRPHQWÍDVXVGRVFRODERUDGRUHVTXHVXVLQWHUORFXWRUHVHQODQHJRFLDFLÍQWUHVPLHPEURVGHO
0LQLVWHULRGH,QGXVWULDGHOSDÇVHQFXHVWLÍQKDEÇDQVLPSDWL]DGRFRQÃOQDGDP»VLQLFLDUODVSULPHUDVURQGDVGHODODUJDVHULHGHHQFXHQWURV
p3DUHFÇDTXHVHPDUDYLOODEDQGHODIRUPDHQTXHPHH[SUHVDEDq$XQTXH\RWHSLGRXQHVIXHU]RSRUGHUULEDUXQDGHWU»VGHRWUDODVPÔOWLSOHV
EDUUHUDVSDUDOOHJDUDODPHWDFRQWXLQJOÃVVÃSHUIHFWDPHQWHTXHHVXQDWDUHDODUJD\GLIÇFLO1RWRGRHOPXQGROOHJDSHURWHQJRXQUHVSHWR
WUHPHQGRSRUORVTXHDXQTXHQROOHJDQSRQHQWRGDODFDUQHHQHODVDGRUHQLQWHUWDUOR7HGLJRXQVHFUHWRVLDOJÔQGÇDOOHJDVDODPHWD
HQWHQGHU»VODVDWLVIDFFLÍQGHHVHKRPEUHGHQHJRFLRVHVSDËRO3RGHUH[SUHVDUVHELHQHQRWUDOHQJXD\GHVHQYROYHUVHVLQGLîFXOWDGHVFRQ
SHUVRQDVGHRWUDFXOWXUDSURGXFHXQDVDWLVIDFFLÍQWUHPHQGD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VHVWRXQEROÇJUDIR" ,VWKLVDSHQ"
(VXQWHOÃIRQR" ,VLWDWHOHSKRQH"
4XÃHV" :KDWLVLW"
'HTXÃFRORUHV" :KDWFRORXULVLW"
(UHVGH6XHFLD" $UH\RXIURP6ZHGHQ"
'ÍQGHYLYHV":KHUHGR\RXOLYH"
6DEHVPLQRPEUH"'R\RXNQRZP\QDPH"
7HQJRFRFKH\GRVPRWRV,KDYHDFDUDQGWZR
PRWRUF\FOHV
1RWHQJRSHUUR,GRQoWKDYHDGRJ
&X»QWRVKLMRVWLHQHV"+RZPDQ\FKLOGUHQGR\RX
KDYH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
+DFHEXHQWLHPSR 7KHZHDWKHULVQLFH
4XÃWLHPSRKDFHKR\" :KDWoVWKHZHDWKHUOLNHWRGD\"
1RTXLHURVDOLUKR\ ,GRQoWZDQWWRJRRXWWRGD\
3UHîHURTXHGDUPHHQFDVD ,SUHIHUWRVWD\DWKRPH
1RPHJXVWDHOPDOWLHPSR ,GRQoWOLNHEDGZHDWKHU
3RUTXÃQRVHORGLFHV":K\GRQoW\RXWHOOKLP"
4XLHURTXHPHHVFXFKHV,ZDQW\RXWROLVWHQWRPH
+DEODVGHPDVLDGR<RXWDONWRRPXFK
3UXHEDKDFLÃQGRORDVÇ7U\GRLQJLWWKLVZD\
6ÃKDFHUOR,NQRZKRZWRGRLW
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
,UÃDSRUHOOLEUR ,oOOJRDQGJHWWKHERRN
&RPSUXHEDTXHWLHQHVWRGR &KHFNWKDW\RXKDYHHYHU\WKLQJ
$VHJÔUDWHGHTXHHVW»QOLVWRV 0DNHVXUHWKH\oUHUHDG\
/HVOOHYR\DDOKRWHO" 6KDOO,WDNHWKHPWRWKHKRWHO"
$EURODYHQWDQD" 6KDOO,RSHQWKHZLQGRZ"
4XÃHVWDU»QKDFLHQGR",ZRQGHUZKDWWKH\oUHGRLQJ
'ÃMDPHORDPÇ/HDYHLWWRPH
'DWHODYXHOWD7XUQDURXQG
(QVÃËDPHORTXHWLHQHV6KRZPHZKDW\RXKDYH
|(VXQKRPEUHWDQH[WUDËR+HoVVXFKDVWUDQJHPDQ
(\HEURZV &HMDV
(\HOLGV 3»USDGRV
(\HODVKHV 3HVWDËDV
3XSLO 3XSLOD
,ULV ,ULV
9RFDEXODULR(\HV 2MRV
0LGGOH$GYDQFHG
(VWR\DJRWDGR ,oPH[KDXVWHG
/HVUHFRJHUÃFDPLQRGHFDVD ,oOOSLFNWKHPXSRQWKHZD\KRPH
(VW»VHQPHGLR <RXoUHLQWKHZD\
4XÇWDWHGHHQPHGLR *HWRXWRIWKHZD\
7ÔPEDWH\GHVFDQVDXQUDWR /LHGRZQDQGUHVWIRUDZKLOH
)RU(QJOLVKVXSHUVWDUVRQO\
6DOHKXPRGHODUHMLOOD6PRNHoVFRPLQJRXWRIWKHYHQW
,QFRUSÍUDWH6LWXS
8QWDODWRVWDGDFRQPDQWHTXLOOD6SUHDGEXWWHURQWKHEUHDG
|1LVHWHRFXUUD'RQoW\RXGDUH
(VWRDOLYLDU»HOGRORU7KLVZLOOUHOLHYHWKHSDLQ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
7KHHDUO\ELUGFDWFKHVWKHZRUP
$OTXHPDGUXJD'LRVOHD\XGD
3XQWRJUDP»WLFDOGHODVHPDQD
$ERXWWR
fDIDWHZRUVHWKDQGHDWK
3UHIHULUÇDPRULUPHTXH
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7KHPRUHWKHPHUULHU
7REHîOWK\ULFK
&XDQWRVP»VPHMRU VHUHîHUHDSHUVRQDV (VWDUIRUUDGR GHGLQHUR
7KHH[FHSWLRQSURYHVWKHUXOH
/DH[FHSFLÍQFRQîUPDODUHJOD
$SXQWRGH
7KHUHDUHSOHQW\RIîVKLQWKHVHD
+D\PXFKRP»VGRQGHHOHJLU
QXHYDSDUHMD
(OWUHQHVW»DSXQWRGHVDOLU
(OHGLîFLRHVW»DSXQWRGHYHQLUVHDEDMR
0LHTXLSRHVW»DSXQWRGHJDQDUOD/LJD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
4XHUHPRVDKRUDFRQIXQGLURVDWRGRVYHDPRVORVFRQWDEOHV\ORVLQFRQWDEOHV
$TXÇYDPRVDHQWUDUHQDOJRTXHSDUDORVHVSDËROHVSDUHFHFODUR
FXDQGRORDSUHQGÃLVSHURTXHVHKDFHFRQIXVRGHVSXÃV4XL]»
VHDSRUTXHORVOLEURVGHWH[WRVLHPSUHKDEODQGHpFRQWDEOHVH
LQFRQWDEOHVqORFXDOREOLJDDODOXPQRDKDFHUXQDHVSHFLHGH
HVWXGLRHQDEVWUDFWR
DERRN XQOLEUR
(VWHVXVWDQWLYR ERRN HVXQDSDODEUD
FRQFUHWD3XHGHVVHËDODUORSRUHMHPSOR\
GHFLUXQOLEUR7DPELÃQSXHGHVFRQWDU
OLEURVVLWLHQHVEDVWDQWHVRQHWZR
WKUHHHWF
ZDWHU DJXD
(VWHVXVWDQWLYR ZDWHU HVXQDSDODEUD
DEVWUDFWD6LODVHËDODVQRSXHGHVGHFLU
XQDJXD1RSXHGHVFRQWDUHOpDJXDqVLQRTXH
WLHQHVTXHUHIHULUWHDSDODEUDVFRQFUHWDVR
XQLWDULDV
XQDERWHOODGHDJXD
GRVOLWURVGHDJXD
PRQH\ GLQHUR
(VWHVXVWDQWLYRWDPELÃQHVDEVWUDFWR
LQFRQWDEOH$KRUDPHGLU»Vp&ÍPRTXH
HVLQFRQWDEOHHOGLQHUR"$PXFKDJHQWH
OHHQFDQWDFRQWDUVXGLQHURq(VWR\GH
DFXHUGRSHURVLJRHQPLVWUHFH(OGLQHUR
QRHVFRQWDEOH8QRQRSXHGHGHFLU
p7HQJRWUHVGLQHURVq7LHQHVTXHUHIHULUWHD
XQDXQLGDGFRQWDEOH
7HQJRWUHVHXURV
7HQJRGRVVDFRVGHGLQHUR
/DVSDODEUDVpHXURqRpVDFRqVRQSDODEUDV
FRQFUHWDVFRQWDEOHV8QRSXHGHFRQWDU
pVDFRVqRpHXURVq$KRUDELHQXQRQRSXHGH
FRQWDUpGLQHURVqRpDJXDVq
(VWLPDGR-XDQ
'HDU-RKQ
6LJXLHQGRQXHVWUDFRQYHUVDFLÍQWHOHIÍQLFDGHHVWDPDËDQD
WH FRQîUPR SRU OD SUHVHQWH QXHVWUD DVLVWHQFLD DO FXUVR GH
IRUPDFLÍQGHSURIHVRUHV0LLGHDGHPRPHQWRHVPDQGDUDO
HTXLSRQÔFOHRVRODPHQWHSRUORTXHQHFHVLWDU»VKDFHUUHVHU
YDVGHKRWHO\FXUVRSDUDQXHYHSHUVRQDV
,QOLQHZLWKRXUWHOHSKRQHFRQYHUVDWLRQWKLVPRUQLQJ,KHUHE\
FRQÀUPRXUDWWHQGDQFHDWWKHWHDFKHUWUDLQLQJFRXUVH0\LGHD
DW WKLV WLPH LV WR VHQG WKH FRUHVWDII RQO\ ZKHUHE\ \RX ZLOO
QHHGWRPDNHKRWHODQGFRXUVHUHVHUYDWLRQVIRUQLQHSHRSOH
0HJXVWDHOIRUPDWRGHOFXUVRTXHPHPDQGDVWHSRUID[\HV
WR\VHJXURGHTXHPLVSURIHVRUHVVHEHQHîFLDU»QGHOPLVPR
7HQJR LQWHQFLÍQ GH DVLVWLU D XQD GH ODV VHVLRQHV GHO ÔOWLPR
GÇDSHURYROYHUÃDSRQHUPHHQFRQWDFWRFRQWLJRSDUDFRQîU
PDUORVGHWDOOHV
, OLNH WKH FRXUVH IRUPDW WKDW \RX ID[HG WR PH DQG ,·P VXUH
P\ WHDFKHUV ZLOO EHQHÀW IURP LW , SODQ WR DWWHQG RQH RI WKH
VHVVLRQVRQWKHODVWGD\EXW,ZLOOFRQWDFW\RXDJDLQWRFRQÀUP
WKHGHWDLOV
6DOXGRV
%HVWUHJDUGV
(VWLPDGRDPLJR\DOXPQR0HFRVWÍWUDEDMR\VXGRUHVKDFHUPHFRQWXLGLRPDHOFXDODERUGÃHQVHULRDORVDËRV'HGLTXÃPLOKRUDVDHVH
REMHWLYR3DUDHOLQJOÃVWDPSRFRH[LVWHQDWDMRVY»OLGRVVDOYRHOHVIXHU]RSHUVRQDOGHFDGDXQR(OSUÍ[LPRGRPLQJRWHDQLPRDVHJXLUFRQ
QXHVWURPÃWRGRVREUHWRGRHQVXYHUWLHQWHDXGLWLYD\WHOHYLVLYD/RVOLEURV9DXJKDQSRQGU»QPXFKRVSXQWRVVREUHPXFKDVÇHVHQORUHIH
UHQWHDHVWUXFWXUD\JUDP»WLFDDVSHFWRVHVW»WLFRVSHURVLWHHQWUHJDVFRQEXHQ»QLPR\FRQODPHQWHDELHUWDDO&'\'9'GHFDGDVHPDQD
WHHPSDSDU»VGHXQLQJOÃVWUHPHQGDPHQWHGLQ»PLFR\FRQQXHVWURHVWLORGLYHUWLGR<FRQFDGDVHPDQDTXHSDVDWXRÇGRLU»DFRVWXPEU»Q
GRVHP»V\P»VDORVVRQLGRVGHOLGLRPD\WXFRQîDQ]DDXPHQWDU»DOPLVPRWLHPSR7HORDVHJXUR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VDTXHOORXQFRFKH" ,VWKDWDFDU"
6LQRHVXQFRFKHTXÃHV" ,ILWoVQRWDFDUZKDWLVLW"
4XÃHVHVR" :KDWoVWKDW"
(VHVWRXQEROÇJUDIR" ,VWKLVDSHQ"
(VXQOLEUR" ,VLWDERRN"
4XÃKDFHVORVV»EDGRV":KDWGR\RXGRRQ6DWXUGD\V"
4XÃHVW»VKDFLHQGRDKRUD":KDWDUH\RXGRLQJQRZ"
7HJXVWDWXFDVDQXHYD"'R\RXOLNH\RXUQHZKRXVH"
4XLHURXQFRFKHQXHYR,ZDQWDQHZFDU
+D\DJXDHQHOYDVR7KHUHoVVRPHZDWHULQWKHJODVV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
£OTXLHUHKDEODUFRQWLJR +HZDQWVWRWDONWR\RX
1HFHVLWRWXD\XGD ,QHHG\RXUKHOS
(OWX\RHVHOD]XO <RXUVLVWKHEOXHRQH
(VQHFHVDULRDKRUD" ,VLWQHFHVVDU\QRZ"
(QTXÃSLHQVDV" :KDWDUH\RXWKLQNLQJDERXW"
/RYDVDSHUGHU<RXoUHJRLQJWRORVHLW
6LHPSUHORSLHUGHV<RXDOZD\VORVHLW
9LHQHVRQR"$UH\RXFRPLQJRUQRW"
,UÃVLGHMDGHOORYHU,oOOJRLILWVWRSVUDLQLQJ
6ÃP»VTXHWÔ,NQRZPRUHWKDQ\RXGR
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
'HYHUGDGFUHHVWRGRHVR" 'R\RXUHDOO\EHOLHYHDOOWKDW"
1ROOHJDURQDXQDFXHUGR 7KH\GLGQoWUHDFKDQDJUHHPHQW
/DVFRVDVHVW»QPHMRUDQGR 7KLQJVDUHJHWWLQJEHWWHU
'LPHORTXHTXLHUHV 7HOOPHZKDW\RXZDQW
'ÍQGHFRPSUDHOODVXURSD" :KHUHGRHVVKHEX\KHUFORWKHV"
7HYDDHQFDQWDU<RXoUHJRLQJWRORYHLW
1RPHSUHVLRQHVP»V'RQoWSUHVVXUHPHDQ\PRUH
)DOWDDOJXLHQ6RPHRQHoVPLVVLQJ
4XLHURTXHPHORH[SOLTXHQ,ZDQWWKHPWRH[SODLQLWWRPH
7HULQGHV"'R\RXJLYHXS"
%DWKURRP &XDUWRGHEDËR
.LWFKHQ &RFLQD
/LYLQJ5RRP 6DODGHHVWDU
%HGURRP 'RUPLWRULR
'LQLQJ5RRP &RPHGRU
9RFDEXODULR+RXVH &DVD
0LGGOH$GYDQFHG
(VWDPRVSRUGHODQWHGHWRGRV :HoUHDKHDGRIHYHU\RQH
£OWXYRTXHWUDJDUVHVXRUJXOOR +HKDGWRVZDOORZKLVSULGH
6LHQWRKDEHUORKHFKR ,oPVRUU\,GLGLW
7HQGU»VTXHSDUWLUGHFHUR :HoOOKDYHWRVWDUWIURPVFUDWFK
|4XÃIROOÍQ :KDWDPHVV
)RU(QJOLVKVXSHUVWDUVRQO\
'HELVWHKDFHUORKDFHDËRV<RXVKRXOGoYHGRQHLW\HDUVDJR
1RODSDJXHVFRQPLJR'RQoWWDNHLWRXWRQPH
6LWHSLFDHOFRGRU»VFDWHOR,I\RXUHOERZLWFKHVVFUDWFKLW
$UUDQTXÃXQDS»JLQDGHOOLEUR,WRUHDSDJHRXWRIWKHERRN
(VW»VPHWLGRHQXQEXHQOÇR<RXoUHLQWURXEOH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
3XQWRJUDP»WLFDOGHODVHPDQD
7RNLFNWKHEXFNHW
(VWLUDUODSDWD
,WoVZDWHUXQGHUWKHEULGJH
$JXDSDVDGDQRPXHYHPROLQR
+HGLGLWDFFLGHQWDOO\RQSXUSRVH
/RKL]RVLQTXHUHUTXHULHQGR
%HZDUHRI*UHHNVEHDULQJJLIWV
7HQFXLGDGRSXHGHKDEHUJDWR
HQFHUUDGR
%HDXW\LVLQWKHH\HRIWKHEHKROGHU
7RGRHVVHJÔQHOFRORUGHOFULVWDOFRQ
TXHVHPLUD
|*RRGULGGDQFH
|$GLÍV\KDVWDQXQFD
,ZDQW\RXWRGRf4XLHURTXHKDJDVf
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
4XLHURTXHODHPSUHVDFUH]FD
4XLHUHVTXH(VSDËDJDQH"
<RQRTXHUÇDTXHKLFLHUDVHVR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
4XHUHPRVDKRUDFRQIXQGLUOHVGHQXHYRFRQWDEOHVHLQFRQWDEOHVspVRPHq\pDQ\q
&XDQGRODSDODEUDHVVLQJXODU\FRQWDEOH OLEURVLOODHWF
XVDPRVpDqRpDQq
7KHUHoVDERRNRQWKHWDEOH
7KHUHLVQoWDERRNRQWKHWDEOH
,VWKHUHDERRNRQWKHWDEOH"
7KHUHoVDQDSSOHLQP\SRFNHW
7KHUHLVQoWDQDSSOHLQP\SRFNHW
,VWKHUHDQDSSOHLQP\SRFNHW"
&XDQGRODSDODEUDHVVLQJXODUHLQFRQWDEOH WLQWDGLQHURHWF
XVDPRVpVRPHqRpDQ\q
7KHUHoVVRPHLQNLQWKHERWWOH
7KHUHLVQoWDQ\LQNLQWKHERWWOH
,VWKHUHDQ\LQNLQWKHERWWOH"
&XDQGRODSDODEUDHVSOXUDO\FRQWDEOH OLEURVVLOODVHWF
XVDPRVpVRPHqRpDQ\q
7KHUHDUHVRPHERRNVRQWKHWDEOH
7KHUHDUHQoWDQ\ERRNVRQWKHWDEOH
$UHWKHUHDQ\ERRNVRQWKHWDEOH"
1RH[LVWHQSDODEUDVTXHVHDQSOXUDOHVHLQFRQWDEOHV(VLPSR
VLEOH1RSRGHPRVGHFLUpGLQHURVqpDJXDVqRpWLQWDVqHQLQJOÃV
(QFDVWHOODQRDYHFHVVÇVREUHWRGRFRQODSDODEUDpOHFKHqSHUR
HVWRVXVRVQRVRQHVW»QGDU
0X\VHËRUHVPÇRV
'HDU6LUV
0HGLULMRD9GVFRQUHIHUHQFLDDQXHVWURSHGLGRQGHO
GHVHSWLHPEUHGHHVWHDËRHQHOFXDOVROLFLWDPRVPH
FKHURVFRQQXHVWURORJRWLSR&RPRSXHGHQYHUHQODFRSLDGHO
SHGLGRDGMXQWDODIHFKDGHHQWUHJDHUDSDUDHOGHRFWXEUH
,DPZULWLQJ WR \RXLQUHIHUHQFHWRRXURUGHUQRRI6HS
WHPEHU RI WKLV \HDU LQ ZKLFK ZH UHTXHVWHG FLJDUHWWH
OLJKWHUVZLWKRXUORJR$V\RXFDQVHHRQWKHHQFORVHGFRS\RI
WKHRUGHUWKHGHOLYHU\GDWHZDVIRU2FWREHU
&RPRKR\HVHOGHRFWXEUH\QRKHPRVUHFLELGRORVPHFKH
URVTXLVLÃUDPRVVDEHUODVLWXDFLÍQGHOSHGLGR\VLSRGHPRV
HVSHUDU R QR OD HQWUHJD HQ ORV SUÍ[LPRV GÇDV 6L QR QRV YH
UHPRVREOLJDGRVDFDQFHODUHOSHGLGR\DTXHQROOHJDU»QORV
PHFKHURVDWLHPSRSDUDLQFOXLUVHHQHOPDLOLQJSUHYLVWRSDUD
HOGHRFWXEUH
$VWRGD\LV2FWREHUDQGZHKDYHQRWUHFHLYHGWKHOLJKWHUVZH
ZRXOGOLNHWRNQRZWKHVWDWXVRIWKHRUGHUDQGZKHWKHURUQRW
ZHFDQH[SHFWGHOLYHU\LQWKHQH[WIHZGD\V2WKHUZLVHZHZLOO
EHIRUFHGWRFDQFHOWKHRUGHUDVWKHOLJKWHUVZLOOQRWDUULYHLQ
WLPHWREHLQFOXGHGLQWKHPDLOLQJVHWIRU2FWREHU
$WHQWDPHQWH
6LQFHUHO\\RXUV
(VWLPDGRDPLJR\DOXPQR$GLIHUHQFLDGHORTXHDOJXQRVSUHJRQDQSRUDKÇHVPX\GLIÇFLODSUHQGHUDXWLOL]DUHîFD]PHQWHXQVHJXQGRLGLR
PD3DVDUGHXQQLYHOLQVXîFLHQWHDXQEXHQQLYHOH[LJHFRPRPÇQLPRKRUDVGHFODVHKRUDVGHHVWXGLRRDWHQFLÍQSHUVRQDO\
KRUDVP»VGHDSXURVGHFRPXQLFDFLÍQHQODYLGDUHDO6LDOJXLHQWHGLFHRWUDFRVDPLHQWH1LQJXQDSHUVRQDHQHVWHSODQHWDKDOOHJDGRGH
DGROHVFHQWHRGHDGXOWRDXQDOWRQLYHOGHHîFDFLDFRPXQLFDWLYDHQLQJOÃVVLQKDEHUOHGHGLFDGRXQPÇQLPRGHGRVPLOKRUDV<UHFXHUGDGH
HVDVGRVPLOKRUDVOHH[LJHQFHUUDUORVRMRVWDSDUODQDUL]\VDOWDUDODJXDHQODSDUWHP»VSURIXQGDGHODSLVFLQD(QRWUDVSDODEUDVQR
WHKDU»VFRQXQEXHQGRPLQLRGHPLLGLRPDVLQRWUDJDVPXFKDDJXD/RVLHQWRSHURHVDVÇ6LSXGLHUDGHFLUWHRWUDFRVDWHORGLUÇD6LSXGLHUD
DKRUUDUWHDOJRGHGRORUORKDUÇD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XLÃQHVXVWHG" :KRDUH\RX"
'ÍQGHHVW»V" :KHUHDUH\RX"
(VWR\HQ,WDOLD ,oPLQ,WDO\
,WDOLDHVXQSDÇV ,WDO\LVDFRXQWU\
5RPDHVXQDFLXGDG 5RPHLVDFLW\
6XVRMRV GHHOOD VRQERQLWRV+HUH\HVDUHSUHWW\
1XHVWUDVFDVDVVRQSHTXHËDV2XUKRXVHVDUHVPDOO
9XHVWUDURSDHVW»VXFLD<RXUFORWKHVDUHGLUW\
6XVSODQHV GHHOORV VRQEXHQRV7KHLUSODQVDUHJRRG
&X»OHVVRQWXVLQWHQFLRQHV":KDWDUH\RXULQWHQWLRQV"
6LQN )UHJDGHUR
)UHH]HU &RQJHODGRU
+RE 3ODFD
)ULGJH 1HYHUD
2YHQ +RUQR
9RFDEXODULR.LWFKHQ &RFLQD
/RZ,QWHUPHGLDWH
(QVÃËDPHOR GLG»FWLFDPHQWH 7HDFKLWWRPH
/OÃYDVHORDÃO 7DNHLWWRKLP
3ÇGHPHOR $VNPHIRULW
&»OODWH %HTXLHW
(VWDWHTXLHWR %HVWLOO
0LGGOH,QWHUPHGLDWH
'ÇVHOR DÃO 7HOOKLP
6ÃORTXHTXLHUHQ,NQRZZKDWWKH\ZDQW
1RPHORGHVDVÇ'RQoWJLYHLWWRPHOLNHWKDW
(VW»QHPSH]DQGRDHQIDGDUVH7KH\oUHVWDUWLQJWRJHWDQJU\
'LMHORPLVPRHOPHVSDVDGR,VDLGWKHVDPHWKLQJDPRQWK
DJR
+LJK,QWHUPHGLDWH
'ÃMDPHKDFHUORXQDYH]P»V /HWPHGRLWRQHPRUHWLPH
4XLHURDVXPLUP»VWDUHDV ,ZDQWWRWDNHRQPRUHWDVNV
(VW»QWRP»QGRWHHOSHOR 7KH\oUHSXOOLQJ\RXUOHJ
3RUTXÃQRIXQFLRQD" :K\GRHVQoWLWZRUN"
)XQFLRQDU»VLORWUDWDVELHQ ,WoOOZRUNLI\RXWUHDWLWZHOO
/RZ$GYDQFHG
|1RPHKDJDVHVWR'RQoWGRWKLVWRPH
0HDOHJURGHKDEHUODYLVWR,oPJODG,VDZKHU
7HLPSRUWDTXHDEUDODSXHUWD"'R\RXPLQGLI,RSHQWKHGRRU"
+D\XQDVHULHGHWHPDVTXH7KHUHoVDVHULHVRIVXEMHFWV
WKDW
7HSDVDDOJR",VVRPHWKLQJZURQJ"
0LGGOH$GYDQFHG
<DWHLQIRUPDUÃ ,oOOOHW\RXNQRZ
6XEHHOYROXPHQXQSRFR 7XUQLWXSDOLWWOH
0HVHQWÇPX\DERFKRUQDGR ,IHOWYHU\HPEDUUDVVHG
1RWHGHVDQLPHV 'RQoWJHWGLVFRXUDJHG
$KÍUUDPHORVGHWDOOHV 6SDUHPHWKHGHWDLOV
)RU(QJOLVKVXSHUVWDUVRQO\
(VWRPHSRQHHQIHUPR7KLVPDNHVPHVLFN
6LHVW»WRUFLGRHQGHUÃ]DOR,ILWoVFURRNHGVWUDLJKWHQLW
6LHVHVWUHFKRHQV»QFKDOR,ILWoVQDUURZZLGHQLW
6LHVODUJRDFÍUWDOR,ILWoVORQJVKRUWHQLW
6LHVGÃELOIRUWDOÃFHOR,ILWoVZHDNVWUHQJWKHQLW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
&RQMXQFLÍQGHODVHPDQD
1HYHUWKHOHVVf1RREVWDQWHf
%HJJDUVFDQoWEHFKRRVHUV
$PXFKDKDPEUHQRKD\SDQGXUR
$UH\RXXSIRULW"
7HDSXQWDV"
$QDSSOHDGD\NHHSVWKHGRFWRUDZD\
$GLDULRXQDPDQ]DQDHVFRVDVDQD
/DXJKWHULVWKHEHVWPHGLFLQH
/DULVDHVHOPHMRUUHPHGLR
7KHUHoVQRVPRNHZLWKRXWîUH
&XDQGRHOUÇRVXHQDDJXDOOHYD
/HWE\JRQHVEHE\JRQHV
/RSDVDGRSDVDGRHVW»
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
1RPHJXVWD1RREVWDQWHHVWDUÃHQOD
UHXQLÍQ
1RHVWR\GHDFXHUGR1RREVWDQWHRVDSR\R
1RHVEXHQRSDUDODVDOXG1RREVWDQWH
WRPDUÃRWUR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
/DSURQXQFLDFLÍQGHpPRQH\qHVpP»QLq
$ORPHMRUVDEHVGHFLUpJUDFLRVRqHQLQJOÃV'HFLPRVIXQQ\
SURQXQFLDGRI»QL
WRGDYÇDQRFRQR]FRDQDGLHTXHSURQXQFLHELHQHVWDSDODEUDWDQ
LPSRUWDQWHpPRQH\q
3XHVVL\DFRQRFHVODSDODEUDpIXQQ\qHQLQJOÃVHQWRQFHVKD]
FDGDGÇDHOHMHUFLFLRTXHFRQVLVWHHQGHFLUPLOYHFHVGLQHUR
JUDFLRVR
<VLHVW»VPX\HQDPRUDGRGHWXFÍQ\XJHSXHGHVSUDFWLFDU
GLFLHQGR,KDYHDORWRIIXQQ\PRQH\KRQH\/DVWUHVÔOWLPDVSD
ODEUDVULPDQSHUIHFWDPHQWH\OHJXVWDU»TXHOHOODPHVpPLHOq
WÃUPLQRTXHVHWUDGXFHDTXÇFRPRpHQFDQWRPÇRq
IXQQ\PRQH\
/DVGRVSDODEUDVVXHQDQH[DFWDPHQWHLJXDOULPDQ3UDFWÇFDODV
SRUTXHHQORVDËRVTXHOOHYRHQVHËDQGRLQJOÃVDHVSDËROHV
DWHQFLÍQDODSURQXQFLDFLÍQ
(VWLPDGR6U-RKQVRQ
'HDU0U-RKQVRQ
*UDFLDVSRUVXFDUWDGHOGHRFWXEUH\SRUHODSR\RTXHQRV
KDSUHVWDGRDORODUJRGHHVWRVPHVHV/DFRQîDQ]DTXH9G
KDPRVWUDGRHQQXHVWURVPÃWRGRV\SURFHGLPLHQWRVQRVKD
SHUPLWLGRVHJXLUDGHODQWH\FRQVHJXLUORVEXHQRVUHVXOWDGRV
TXHWRGRVHVSHU»EDPRV
7KDQN\RXIRU\RXUOHWWHURI2FWREHUDQGIRUWKHVXSSRUW\RX
KDYH JLYHQ XV RYHU WKH SDVW IHZ PRQWKV7KH FRQÀGHQFH \RX
KDYHVKRZQLQRXUPHWKRGVDQGSURFHGXUHVKDVHQDEOHGXVWR
PRYHIRUZDUGDQGDFKLHYHWKHÀQHUHVXOWVZHDOOH[SHFWHG
+D\PRPHQWRVHQORVTXHXQRGHEHFRQîDUHQODIH\DSHVDU
GHRSLQLRQHVFRQWUDULDVKDFHUHOHVIXHU]RTXHHOÃ[LWRH[LJH
6LQ VX IH \ VX FRQVWDQWH DSR\R QRV KDEUÇD VLGR PXFKR P»V
GLIÇFLODOFDQ]DUHOÃ[LWR
7KHUHDUHWLPHVLQZKLFKRQHPXVWUHO\RQIDLWKDQGLQVSLWH
RI FRQWUDU\ RSLQLRQV PDNH WKH HIIRUW WKDW VXFFHVV GHPDQGV
:LWKRXW\RXUIDLWKDQG\RXUFRQVWDQWVXSSRUWLWZRXOGKDYH
EHHQPXFKPRUHGLIÀFXOWIRUXVWRDFKLHYHVXFFHVV
$WHQWDPHQWH
9HU\WUXO\\RXUV
(VWLPDGRDPLJR\DOXPQR+DFHWUHVVHPDQDVXQDOWRHMHFXWLYRGHXQDHPSUHVDHVSDËRODGHKHUUDPLHQWDVYROYLÍGH=XULFKIUXVWUDGR\
HQIDGDGR&RPRP»[LPRUHVSRQVDEOHGHVXHPSUHVD\SUHVLGHQWHGHODDVRFLDFLÍQHVSDËRODTXHHQJOREDEDDORVIDEULFDQWHVGHVXVHFWRU
SRUSULPHUDYH]KDEÇDDVLVWLGRFRPRÔQLFRUHSUHVHQWDQWHHVSDËRODODUHXQLÍQGHODDVRFLDFLÍQHXURSHDTXHYHODSRUORVLQWHUHVHVGHVXV
îOLDOHVQDFLRQDOHV$OOÇGXUDQWHGRVGÇDVQXHVWURHMHFXWLYR\VXVKRPÍORJRVGHRQFHSDÇVHVP»VKDEÇDQDLUHDGRXQDODUJDVHULHGHSUREOH
PDVGHOVHFWRU(UDLPSRUWDQWHOOHJDUDXQDFXHUGRHVWDEOHFHUXQIUHQWHFRPÔQ\HOHYDUORVWHPDVDFRUGDGRVDODFRPLVLÍQGH%UXVHODVTXH
KDELWXDOPHQWHSXEOLFDODVGLUHFWLYDVTXHDIHFWDQDODVHPSUHVDVPLHPEUR'HUHJUHVRDVXRîFLQDH[KDXVWRGHOHVIXHU]ROHFRPHQWÍVX
H[SHULHQFLDDVXVHFUHWDULD\ÔQLFRFRQîGHQWHp1XQFDPHKHVHQWLGRWDQLQÔWLO+DVLGRGHYHUGDGYLROHQWR+DEODEDQGHFRVDVTXHFRQR]FR
PHMRUTXHHOORV\QRKHSRGLGRGHFLUQDGD(QFXDQWRSHUGÇDHOKLORGHODVFRQYHUVDFLRQHVQRPHDWUHYÇDQLDDEULUODERFD$YHFHVQRHVWDED
VHJXURVLWRGDYÇDHVWDEDQHQHOSXQWRGHORUGHQGHOGÇDRVL\DKDEÇDQSDVDGRDOSXQWR<GHODFRQYHUVDFLÍQHQODVFRPLGDV\FHQDVQRWH
GLJRQDGDq$PLJR\DOXPQRHVWDFDQFLÍQHVDOJREDVWDQWHFRPÔQHQWUHORVDOWRVGLUHFWLYRVGH(VSDËD\GHPXFKRVRWURVSDÇVHV(VWXGLDFRQ
QRVRWURV\KD]WRGRHOHVIXHU]RSRVLEOHSDUDVXSHUDUODVGLîFXOWDGHV7HD\XGDUHPRVHQWRGRORSRVLEOHDHYLWDUHOPDOWUDJRTXHKDSDVDGR
QXHVWURDPLJRTXHVHIXHD=XULFKGHSHQGHP»VGHWLTXHGHPÇ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
$TXHOORVVRQWXVFXDGHUQRV 7KRVHDUH\RXUQRWHERRNV
&X»QGRHVODîHVWD" :KHQoVWKHSDUW\"
$TXÃKRUDHVODUHXQLÍQ" :KDWWLPHLVWKHPHHWLQJ"
6XOLEUR GHÃO HVJUDFLRVR +LVERRNLVIXQQ\
(VDVSHUVRQDVVRQPX\DOWDV 7KRVHSHRSOHDUHYHU\WDOO
(VWR\KDEODQGRLQJOÃV,oPVSHDNLQJ(QJOLVK
(VWR\VHQWDGRHQPLVLOOD,oPVLWWLQJLQP\FKDLU
(VWR\GHSLHGHODQWHGHWL,oPVWDQGLQJLQIURQWRI\RX
1RHVWR\GHSLHGHWU»VGHWL,oPQRWVWDQGLQJEHKLQG\RX
(VWR\VHQWDGRDOODGRGHHOOD,oPVLWWLQJQH[WWRKHU
&ROODU &XHOOR
6OHHYH 0DQJD
3RFNHW %ROVLOOR
%XWWRQ %RWÍQ
&XII 3XËR
9RFDEXODULR6KLUW &DPLVD
/RZ,QWHUPHGLDWH
1RORKDFHQORVV»EDGRV 7KH\GRQoWGRLWRQ6DWXUGD\V
1RPHORGHVWRGDYÇD 'RQoWJLYHLWWRPH\HW
<DORWHQJR ,DOUHDG\KDYHLW
0HJXVWDQORVQXHYRVYHFLQRV ,OLNHWKHQHZQHLJKERXUV
/OHYDHVWRDOGHVSDFKRGH-XDQ 7DNHWKLVWR-RKQoVRIïFH
0LGGOH,QWHUPHGLDWH
9HQDYHUOR&RPHDQGVHHLW
&X»QWRYDDGXUDU"+RZORQJLVLWJRLQJWRODVW"
0HDOHJURGHTXHORVHSDV,oPJODG\RXNQRZDERXWLW
4XLÃQVDEHGRQGHHVW»-XDQ":KRNQRZVZKHUH-RKQLV"
'HEHGHKDEHUXQPDOHQWHQGLGR7KHUHPXVWEHD
PLVXQGHUVWDQGLQJ
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XÃVLJQLîFDHVWDSDODEUD" :KDWGRHVWKLVZRUGPHDQ"
<DKHFXELHUWRHVHSXQWR ,oYHDOUHDG\FRYHUHGWKDWSRLQW
$TXÃVDEH" :KDWGRHVLWWDVWHOLNH"
+XHOHDïRUHV ,WVPHOOVOLNHðRZHUV VPHOOVRI
(VW»VHQJRUGDQGR <RXoUHJHWWLQJIDW
+DVSHUGLGRHOWRTXHP»JLFR<RXoYHORVW\RXUPDJLFWRXFK
4XÃGDWHGRQGHHVW»V6WD\ZKHUH\RXDUH
<DQRVÃTXLÃQVR\,GRQoWNQRZZKR,DPDQ\PRUH
$QWHVFUHÇDTXHHUDHOMHIHDTXÇ,XVHGWRWKLQN,ZDVWKHERVV
$QWHVODJHQWHPHUHVSHWDED3HRSOHXVHGWRUHVSHFWPH
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
4XLÃQVDFÍHVHWHPD" :KREURXJKWXSWKDWVXEMHFW"
1RVDOLÍHOWHPD 7KHVXEMHFWGLGQoWFRPHXS
0HFDÇDODJXD ,IHOOLQWRWKHZDWHU
0HTXHGÃGRUPLGRHQHOFLQH ,IHOODVOHHSLQWKHFLQHPD
(VGLIÇFLOKDFHUDPLJRVDTXÇ ,WoVKDUGWRPDNHIULHQGVKHUH
+DVRÇGRORÔOWLPR"+DYH\RXKHDUGWKHODWHVW"
1RVÃQDGDGHÃO,KDYHQoWKHDUGDQ\WKLQJIURP
KLP
4XLHURODVPHGLGDVH[DFWDV,ZDQWWKHH[DFWPHDVXUHPHQWV
(OUH]DUQRD\XGDU»3UD\LQJZRQoWKHOS
7HQJRXQDDPSROODHQHOWDOÍQ,KDYHDEOLVWHURQP\KHHO
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
9HUERLUUHJXODUGHODVHPDQD
&RPPRQVD\LQJV
7HOO
7KHSHQLVPLJKWLHUWKDQWKHVZRUG
0»VSXHGHODSOXPDTXHODHVSDGD
7KHUHoVDOZD\VDFDWFK
1RKD\PLHOVLQKLHO
/HWVOHHSLQJGRJVOLH
0HMRUQRUHYROYHUHODVXQWR
<RXFRXOGoYHKHDUGDSLQGURS
1RVHRÇDQLXQDPRVFD
7KHJUDVVLVDOZD\VJUHHQHURQ
WKHRWKHUVLGH
1DGLHHVW»FRQWHQWRFRQVXVXHUWH
<RXFDQoWKDYH\RXUFDNHDQGHDW
LWWRR
1RVHSXHGHWHQHUWRGR
DWHQFLÍQDODSURQXQFLDFLÍQ
'HFLU
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
3XHGHVGHFÇUPHORDKRUD"
£OPHORGLMRD\HU
7HORGLUÃORDQWHVSRVLEOH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHIDPLO\
SDUHQWV
IDWKHU
PRWKHU
VLVWHU
EURWKHU
EURWKHUVDQGVLVWHUV
VRQ
GDXJKWHU
FKLOGUHQ
JUDQGSDUHQWV
SDGUHV
SDGUH
PDGUH
KHUPDQD
KHUPDQR
KHUPDQRV
KLMR
KLMD
KLMRV RQLËRV
DEXHORV
JUDQGIDWKHU
JUDQGPRWKHU
JUDQGVRQ
JUDQGGDXJKWHU
JUDQGFKLOGUHQ
DXQW DQW
XQFOH »QFDO
DXQWDQGXQFOH
QHSKHZ QÃïX
QLHFH QLV
DEXHOR
DEXHOD
QLHWR
QLHWD
QLHWRV
WÇD
WÇR
WÇRV
VREULQR
VREULQD
FRXVLQ N»VHQ
SDUHQWVLQODZ
IDWKHULQODZ
PRWKHULQODZ
VLVWHULQODZ
EURWKHULQODZ
VRQLQODZ
GDXJKWHULQODZ
LQODZV
UHODWLYHV
SULPRRSULPD
VXHJURV
VXHJUR
VXHJUD
FXËDGD
FXËDGR
\HUQR
QXHUD
SDULHQWHVSROÇWLFRV
SDULHQWHVHQJHQHUDO
(VWLPDGR'DYLG
'HDU'DYLG
&RPRFRQWLQXDFLÍQDQXHVWUDFRQYHUVDFLÍQWHOHIÍQLFDTXLVLH
UD DËDGLU DOJR TXH SRU OR YLVWR SDVDPRV SRU DOWR 6L UHFXHU
GDV XQR GH ORV SUREOHPDV HUD SUHFLVDPHQWH OD FDQWLGDG GH
HQHUJÇDTXHWHQÇDPRVTXHSURGXFLUSDUDHOHYDUODVXVWDQFLD
DOSXQWRGHHEXOOLFLÍQ6LEDMDPRVODSUHVLÍQSRGUHPRVEDMDU
DODYH]HOSXQWRGHHEXOOLFLÍQKDFLHQGRPHQRVFDUDODRSHUD
FLÍQ\P»VUHQWDEOHHOSURFHVRHQVXWRWDOLGDG
$VDIROORZXSWRRXUWHOHSKRQHFRQYHUVDWLRQ,ZRXOGOLNH
WRDGGVRPHWKLQJWKDWZHDSSDUHQWO\RYHUORRNHG,I\RX
UHPHPEHURQHRIWKHSUREOHPVZDVSUHFLVHO\WKHDPRXQW
RIHQHUJ\ZHKDGWRSURGXFHWRUDLVHWKHVXEVWDQFHWRWKH
ERLOLQJSRLQW,IZHORZHUWKHSUHVVXUHZHFDQORZHULQWXUQ
WKHERLOLQJSRLQWDQGPDNHWKHRSHUDWLRQOHVVFRVWO\DQGWKH
RYHUDOOSURFHVVPRUHSURÀWDEOH
1R VR\ PX\ H[SHUWR HQ FÍPR UHDOL]DU OD PRGLîFDFLÍQ SHUR
HVWR\VHJXURGHTXHFRVWDU»PHQRVEDMDUODSUHVLÍQTXHHOH
YDUODWHPSHUDWXUDEDMRFRQGLFLRQHVDWPRVIÃULFDVQRUPDOHV
3RQWH FRQ HVWR HQ VHJXLGD \ DYÇVDPH FXDQGR WHQJDV DOJR
&RPRELHQVDEHVQRQRVTXHGDPXFKRWLHPSR
,DPQRWYHU\H[SHUWLQKRZWRSHUIRUPWKLVPRGLÀFDWLRQEXW
,·PVXUHLWZLOOFRVWOHVVWRORZHUWKHSUHVVXUHWKDQWRUDLVHWKH
WHPSHUDWXUHXQGHUQRUPDODWPRVSKHULFFRQGLWLRQV
*HWRQWRWKLVULJKWDZD\DQGOHWPHNQRZZKHQ\RXKDYH
VRPHWKLQJ$V\RXZHOONQRZZHGRQ·WKDYHPXFKWLPHOHIW
8QVDOXGR
5HJDUGV
(VWLPDGRDPLJR\DOXPQR+R\WHQJRSRFRHVSDFLRSDUDHVFULELUDVÇTXHVHUÃEUHYH/DJUDP»WLFDHQVÇQRYDOHSDUDQDGDVLWÔQRWHHVIXHU]DV
SDUDDUWLFXODUODFRQDJLOLGDGHQFRQYHUVDFLRQHV6LQRWLHQHVFRQTXLÃQKDEODUSDUDHVWLPXODUHQODSU»FWLFDWXGRPLQLRWHÍULFRGHODVHVWUXF
WXUDVKD]ORFRQODSDUHG/HHHQYR]DOWDWRGDVODVIUDVHVTXHîJXUDQHQHVWDVO»PLQDV\HQHOOLEURTXHUHFLELU»VFDGDGRPLQJR3DJDU»VDOWRV
GLYLGHQGRV LWZLOOSD\KDQGVRPHGLYLGHQGV $VÇORKLFH\RFRQVXLGLRPD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
6RQSDUDYRVRWURV 7KH\oUHIRU\RX
(VSDUDHOORV ,WoVIRUWKHP
(VSDUDPÇ" ,VLWIRUPH"
6RQSDUDWL" $UHWKH\IRU\RX"
(VSDUDHOOD" ,VLWIRUKHU"
(OYXHVWURHVSDUDYRVRWURV<RXUVLVIRU\RX
(OVX\R GHHOORV HVSDUDHOORV7KHLUVLVIRUWKHP
'DPHHOPÇR*LYHPHPLQH
'DOHDÃOHOVX\R*LYHKLPKLV
'DOHDHOODHOVX\R*LYHKHUKHUV
,QVROH 3ODQWLOOD
7RQJXH /HQJÖHWD
/DFHV &RUGRQHV
6ROH 6XHOD
+HHO 7DFÍQ
9RFDEXODULR6KRH =DSDWR
/RZ,QWHUPHGLDWH
&X»QGRKD\XQGHVFDQVR" :KHQLVWKHUHDEUHDN"
0HJXVWDWXIRUPDGHHQVHËDU ,OLNH\RXUZD\RIWHDFKLQJ
/RKDUÃVLPHD\XGDV ,oOOGRLWLI\RXKHOSPH
1RORSXHGRKDFHUVROR ,FDQoWGRLWDORQH
4XLÃQORYDDKDFHU" :KRoVJRLQJWRGRLW"
0LGGOH,QWHUPHGLDWH
4XLÃQOHYLR":KRVDZKLP"
/HYLVWHWÔ"'LG\RXVHHKLP"
4XLÃQORKL]R":KRGLGLW"
/RKLFLVWHWÔ"'LG\RXGRLW"
'HMDGHKDFHUPHSUHJXQWDV6WRSDVNLQJPHTXHVWLRQV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
1RFUHRQDGDGHORTXHGLFHV ,GRQoWEHOLHYHDQ\WKLQJ\RXVD\
+DVWDTXHQRORSUXHEDV 8QWLO\RXWU\LW
4XÃRSLQDVGHÃO" :KDWGR\RXWKLQNRIKLP"
(VW»VSHQVDQGRHQÃO" $UH\RXWKLQNLQJDERXWKLP"
3LÃQVDORDQWHVGHDFWXDU 7KLQNDERXWLWEHIRUHDFWLQJ
&ÍPRORJUDVWHFRQYHQFHUOH"+RZGLG\RXPDQDJHWR
FRQYLQFHKLP"
+DVîMDGRREMHWLYRVDPELFLRVRV<RXoYHVHWDPELWLRXVREMHFWLYHV
7HQJRXQDPHWDHQODYLGD,KDYHDJRDOLQOLIH
1RKDFHIDOWDTXHPHORPDQGHV<RXGRQoWKDYHWRVHQGLWWRPH
9DOHODSHQD",VLWZRUWKLW"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
<DQRQLHYDPXFKR ,WGRHVQoWVQRZPXFKDQ\PRUH
/HVGLMHORTXHPHGLMLVWH ,WROGWKHPZKDW\RXWROGPH
/HHQWHUUDURQDOGÇDVLJXLHQWH 7KH\EXULHGKLPWKHQH[WGD\
1RIXLDOHQWLHUUR ,GLGQoWJRWRWKHEXULDO
([SUHVÃPLFRQGROHQFLDV ,RIIHUHGP\FRQGROHQFHV
&REUDQSLH]DV\PDQRGHREUD7KH\FKDUJHIRUSDUWVDQGODERXU
(VW»VUDOHQWL]DQGRODFODVH<RXoUHVORZLQJGRZQWKHFODVV
$FHOHUD6SHHGXS
1RWHDSR\HVHQODPHVD'RQoWOHDQRQWKHWDEOH
'HVFRQIÇDGHWRGRV'RQoWWUXVWDQ\RQH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
9RFDEXODULR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
/HWE\JRQHVEHE\JRQHV pE»LJRQVq
/RSDVDGRSDVDGRHVW»
,WoVDVPDOOZRUOG
(OPXQGRHVXQSDËXHOR
:KHQLWUDLQVLWSRXUV
6LHPSUHOOXHYHVREUHPRMDGR
2QHPDQoVPHDWLVDQRWKHUPDQoV
SRLVRQ
1XQFDOOXHYHDJXVWRGHWRGRV
2QFHDWKLHIDOZD\VDWKLHI
4XLHQUREDXQDYH]UREDGLH]
$QDSSOHDGD\NHHSVWKHGRFWRU
DZD\
$GLDULRXQDPDQ]DQDHVFRVD
VDQD
1RVHSXHGHREOLJDUDODJHQWHDDVLVWLUDOD
FRQIHUHQFLD
7UDEDMRDMRUQDGDLQWHQVLYDDTXÇGHVGHKDFH
P»VGHXQDËR
7XYLHURQTXHUHFXUULUDODYLROHQFLD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
(QFDVWHOODQRVLKDEODVGHGRVOLEURVXQRD]XO\RWURYHUGH
GLFHV(OD]XOHVW»HQODPHVD\HOYHUGHHVW»HQODVLOOD
7KHRQHRQWKHWDEOHLVEOXH
7KHRQHRQWKHFKDLULVJUHHQ
(QLQJOÃVGHFLPRVOLWHUDOPHQWH(OD]XOXQRHVW»HQODPHVD\HO
YHUGHXQRHVW»HQODVLOOD
7KHEOXHRQHLVRQWKHWDEOHDQGWKHJUHHQRQHLVRQWKHFKDLU
(QFDVWHOODQRHVWDVHULHGHSUHJXQWDV\DîUPDFLRQHVVHUÇDFRPR
VLJXH
(OXVRGHpRQHqFRPRSURQRPEUHVHH[WLHQGHDODVVLJXLHQWHV
H[SUHVLRQHV)ÇMDWHELHQHQORVHMHPSORV
:KLFKERRNLVEOXHWKHELJRQHRUWKHVPDOORQH" 7KHVPDOORQHLV
7KHELJRQHLV
:KLFKRQHLVJUHHQ"
:KLFKRQHLVRQWKHWDEOH"
:KLFKRQHLVRQWKHFKDLU"
7KHEOXHRQHLV
7KHJUHHQRQHLV
4XÃOLEURHVD]XOHOJUDQGHRHOSHTXHËR" (OSHTXHËR ORHV
&X»OHVYHUGH"
(OJUDQGH ORHV
&X»OHVW»HQODPHVD"
&X»OHVW»HQODVLOOD"
(OD]XO ORHVW»
(OYHUGH ORHVW»
(O TXH HVW»HQODPHVDHVD]XO
(O TXH HVW»HQODVLOODHVYHUGH
(VWLPDGR6U%URRNO\Q
'HDU0U%URRNO\Q
*UDFLDVSRUVXFDUWDGHGHQRYLHPEUH\SRUODLQIRUPDFLÍQ
DGMXQWDTXHOHVROLFLWÃ
$OKRMHDUODYHRTXHVXVVHUYLFLRVVHDMXVWDQSHUIHFWDPHQWHD
QXHVWUDVQHFHVLGDGHV6LQHPEDUJRVXVSUHFLRVSDUHFHQPX\
DOWRVHQFRPSDUDFLÍQFRQORVGHVXVFRPSHWLGRUHVDOJXQRV
GHORVFXDOHVQRVKDQSURSRUFLRQDGRXQH[FHOHQWHVHUYLFLRHQ
HOSDVDGR
6R\FRQVFLHQWHGHOKHFKRGHTXHVXFRPSDËÇDSRVHHXQSUR
FHVR QXHYR \ UHYROXFLRQDULR FDSD] GH UHGXFLU D OD PLWDG HO
WLHPSRGHHVSHUDSHURVXSUHFLRHVXQSRUFLHQWRPD\RU
TXHHOGHVXFRPSHWLGRUGHSUHFLRP»VDOWR
$QRVHUTXH9GVQRVSXHGDQFRQYHQFHUGHORFRQWUDULRPH
YHUÃREOLJDGRDSRVSRQHUXQDGHFLVLÍQVREUHVXRIHUWD\VH
JXLUFRQQXHVWURSURYHHGRUKDELWXDO
7KDQN\RXIRU\RXUOHWWHURI1RYHPEHUDQGIRUWKHHQFORVHG
LQIRUPDWLRQWKDW,UHTXHVWHG
8SRQ ORRNLQJ WKURXJK LW , VHH WKDW \RXU VHUYLFH ÀWV RXU
QHHGV SHUIHFWO\ +RZHYHU \RXU SULFHV DUH VXUSULVLQJO\ KLJK LQ
FRPSDULVRQZLWK\RXUFRPSHWLWRUV·VRPHRIZKRPKDYHJLYHQ
XVH[FHOOHQWVHUYLFHLQWKHSDVW
,DPDZDUHRIWKHIDFWWKDW\RXUFRPSDQ\SRVVHVVHVDQHZDQG
UHYROXWLRQDU\SURFHVVFDSDEOHRIFXWWLQJZDLWLQJWLPHLQKDOI
EXW \RXU SULFH LV SHUFHQW KLJKHU WKDQ \RXU KLJKHVW SULFHG
FRPSHWLWRU·V
8QOHVV \RX FDQ FRQYLQFH XV RWKHUZLVH , ZLOO EH IRUFHG WR
SRVWSRQH D GHFLVLRQ RQ \RXU RIIHU DQG WR FRQWLQXH ZLWK RXU
UHJXODUVXSSOLHU
$WHQWDPHQWH
6LQFHUHO\
(VWLPDGRDPLJR\DOXPQR+DFHXQRVGÇDVUHFLEÇXQFRUUHRHOHFWUÍQLFRGHXQGLUHFWLYRGHHPSUHVDTXHGHFÇDORVLJXLHQWHp0LSUREOHPDQR
HVHOGLQHURSXHGRSDJDUHOFXUVRTXHTXLHUD0LSUREOHPDHVHOWLHPSRqîUPDGR)HOLSH/HUHVSRQGÇp(VWLPDGR)HOLSHVLQWLHPSRDPLJR
PÇRQRKD\QDGDTXHKDFHU6LHQWRGHFLUORSHURWHQGU»VTXHEXVFDUKDVWDGHEDMRGHODVSLHGUDVSDUDDUDËDUWLHPSRHQHOGÇDHQODVHPDQD
\HQORVPHVHVSDUDHVWHWHPD+DFHUVHGHDGXOWRFRQXQDDOWDFDSDFLGDGGHFRPXQLFDFLÍQHQLQJOÃVHVKDUWDPHQWHGLIÇFLO4XLÃQGLJDOR
FRQWUDULRRSUHJRQHVROXFLRQHVU»SLGDV\I»FLOHVPLHQWH/RVTXHGLJDQHVWDVFRVDVVRQVLPSOH\OODQDPHQWHRSRUWXQLVWDVTXHVHDSURYHFKDQ
GHODGHVHVSHUDFLÍQGHODJHQWH\VXEÔVTXHGDGHVROXFLRQHVLQGRORUDV3DVDORPLVPRHQHOVHFWRUGHORVDGHOJD]DQWHV3RUORWDQWR\SDUD
îQDOL]DUGLUÃTXHODFXHVWLÍQP»VLPSRUWDQWHDODKRUDGHKDFHUVHFRQXQVHJXQGRLGLRPDQRHVHOGLQHUR(VHOWLHPSR\HOHVIXHU]Rq
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'HGÍQGHHUHV" :KHUHDUH\RXIURP"
(UHVIUDQFÃV"ffffff $UH\RX)UHQFK"
'HTXÃQDFLRQDOLGDGHUHV" :KDWQDWLRQDOLW\DUH\RX"
(V7RQ\%ODLUSROLWLFR" ,V7RQ\%ODLUDSROLWLFLDQ"
(VSURIHVRU" ,VKHDWHDFKHU"
7LHQHVKHUPDQRV"'R\RXKDYHDQ\EURWKHUVDQG
VLVWHUV"
9LYHVFRQWXVSDGUHV"'R\RXOLYHZLWK\RXUSDUHQWV"
'ÍQGHYLYHQWXVSDGUHV":KHUHGR\RXUSDUHQWVOLYH"
0LVWÇRVYLYHQFHUFDGHDTXÇ0\DXQWDQGXQFOHOLYHQHDUKHUH
0LWÇRWUDEDMDHQXQDI»EULFD0\XQFOHZRUNVLQDIDFWRU\
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
/XFHHOVRO 7KHVXQLVVKLQLQJ
6DOJDPRVGHSDVHR /HWoVJRRXWIRUDZDON
6DOJDPRVGHSDVHR HQFRFKH /HWoVJRRXWIRUDGULYH
4XLHUHVYHQLUFRQQRVRWURV" 'R\RXZDQWWRFRPHZLWKXV"
$GÍQGHYDLV" :KHUHDUH\RXJRLQJ"
6ÃGÍQGHYLYHQ,NQRZZKHUHWKH\OLYH
1RVÃTXÃKRUDHV,GRQoWNQRZZKDWWLPHLWLV
+HWRPDGRXQDGHFLVLÍQ,oYHPDGHDGHFLVLRQ WDNHQ
(VW»OORYLHQGRDF»QWDURV,WoVUDLQLQJFDWVDQGGRJV
0HSXHGHVSUHVWDUWXSDUDJXDV"&DQ\RXOHQGPH\RXUXPEUHOOD"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
1RPLUHVDWU»V 'RQoWORRNEDFN
/HJXVWD DÃO FRQWDUFKLVWHV +HOLNHVWHOOLQJMRNHV WRWHOO
&XÃQWDQRVWRGDODKLVWRULD 7HOOXVWKHZKROHVWRU\
&»PELDORSRURWUR &KDQJHLWIRUDQRWKHU RQH
6HPHKDFDÇGR ,GURSSHGLW
7LUÃODOHFKHDOVXHOR,VSLOWWKHPLONRQWRWKHðRRU
0HFDÇDODJXD,IHOOLQWRWKHZDWHU
&KRTXÃFRQWUDHOPXUR,UDQLQWRWKHZDOO
6XEÇKDVWDODSODQWD,ZHQWXSWRWKHWKðRRU
$SHQDVSRGÇDUHVSLUDU,FRXOGKDUGO\EUHDWKH
%UDQFK 5DPD
/HDI +RMD
7UXQN 7URQFR
%DUN &RUWH]D
5RRWV 5DÇFHV
9RFDEXODULR7UHH UERO
0LGGOH$GYDQFHG
£VWDVVRQODVUHJODVGHOMXHJR 7KHVHDUHWKHUXOHVRIWKHJDPH
7ÍPDORRGÃMDOR 7DNHLWRUOHDYHLW
6HIXHVLQSURQXQFLDUSDODEUD +HOHIWZLWKRXWVD\LQJDZRUG
'HMDGHPRUGHUWHODVXËDV 6WRSELWLQJ\RXUQDLOV
&DXVDVWHEXHQDLPSUHVLÍQ" 'LG\RXPDNHDJRRGLPSUHVVLRQ"
)RU(QJOLVKVXSHUVWDUVRQO\
3UHGLFDFRQHOHMHPSOR3UDFWLFHZKDW\RXSUHDFK
/RURPSÇHQSHGD]RV FDUWD ,WRUHLWXS
4XLÃQVHFUHHTXHHV" ÃO :KRGRHVKHWKLQNKHLV"
0»VYDOHWDUGHTXHQXQFD,WoVEHWWHUODWHWKDQQHYHU
6HPHKDWUDVSDSHODGRODFDUWD,oYHPLVSODFHGWKHOHWWHU
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
$GMHWLYRV
$IRRODQGKLVPRQH\DUHVRRQSDUWHG
$ORVWRQWRVQROHVGXUDHOGLQHUR
:KDWWKHERVVVD\VJRHV
'RQGHKD\SDWUÍQQRPDQGDPDULQHUR
$FWLRQVVSHDNORXGHUWKDQZRUGV
(OPRYLPLHQWRVHGHPXHVWUDDQGDQGR
)RROVUXVKLQZKHUHDQJHOVIHDU
WRWUHDG
(OQHFLRHVDWUHYLGR\HOVDELR
FRPHGLGR
7KHHDUO\ELUGFDWFKHVWKHZRUP
$OTXHPDGUXJD'LRVOHD\XGD
*RRGULGGDQFH
|$GLÍV\KDVWDQXQFD
&ÍPRHVW»V" +RZDUH\RX"s&ÍPRHUHV" :KDWDUH\RXOLNH"
)ÇMDWHHQODVGRVIUDVHV(QHVSDËROVÍORVHFDPELDHOYHUERGHHVWDU
DVHU6LQHPEDUJRHQLQJOÃVDOQRH[LVWLUGRVYHUERVGLVWLQWRVSDUD
HOFRQFHSWRpWREHqGHEHPRVEXVFDURWUDIRUPDGHH[SUHVDUODLGHD
GHpFÍPRHVq3DUDHOORKDFHPRVXVRGHODSDODEUDpOLNHqGHVSXÃV
GHOYHUERpWREHq(VI»FLOHQWHQGHUHOFRQFHSWRSXHVWRTXH\DVD
EÃLVPXFKRVHOXVRGHpOLNHqFRQORVYHUERVGHVHQWLGR
+HORRNVOLNH(OYLV3UHVOH\
,WVPHOOVOLNHJDUOLF
,WWDVWHVOLNHIURJOHJV
,WIHHOVOLNHPLQN
,WVRXQGVOLNHDVRQJE\WKH%HDWOHV
6HSDUHFHD(OYLV3UHVOH\
+XHOHDDMR
6DEHDDQFDVGHUDQD
3DUHFHYLVÍQ DOWDFWR
6XHQDDXQDFDQFLÍQGHORV
%HDWOHV
/RVDGMHWLYRVVXHOHQSUHFHGHUDOVXVWDQWLYRTXH
GHVFULEHQHQLQJOÃV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
%DUFHORQDHVXQDFLXGDGJUDQGHRXQD
FLXGDGSHTXHËD"
(O1LORHVXQUÇRODUJRRXQUÇRFRUWR"
0LO»QHVJUDQGHRSHTXHËR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3DUDGHFLUpFÍPRHUHVqRpFÍPRVRQqRpFÍPRHVHOODqHWFUHFXUUL
PRVDOPLVPRK»ELWRTXHFRQORVYHUERVGHVHQWLGR
(OODHVFRPRVXKHUPDQD
&ÍPRHVWXQXHYRMHIH"
&ÍPRHVHQVHËDULQJOÃV
SRUODUDGLR"
&ÍPRHVYLYLUHQ6XHFLD"
&ÍPRKDVLGRODUHXQLÍQ"
&ÍPRIXHWUDEDMDUFRPRWD[LVWD"
6KHoVOLNHKHUVLVWHU
:KDWoV\RXUQHZERVVOLNH"
:KDWoVLWOLNHWHDFKLQJ
(QJOLVKRQWKHUDGLR"
RpWRWHDFKq
:KDWoVLWOLNHOLYLQJLQ
6ZHGHQ" RpWROLYHq
:KDWZDVWKHPHHWLQJOLNH"
:KDWZDVLWOLNHZRUNLQJ
DVDWD[LGULYHU" RpWRZRUNq
(VWLPDGD6UWD7D\ORU
'HDU0LVV7D\ORU
/HHVFULERFRQUHIHUHQFLDDVXFDUWDGHOGHMXQLRSDVDGRHQ
ODFXDOVROLFLWDXQDOÇQHDGHFUÃGLWRGHPHVHVSRULPSRUWH
GHüFRQHOîQGHîQDQFLDUODFRPSUDGHXQDIXUJRQH
WDSDUDVXQHJRFLR
/DV OÇQHDV GH FUÃGLWR D FRUWR SOD]R VXHOHQ FRQFHGHUVH SDUD
D\XGDU D ODV HPSUHVDV D VXSHUDU SUREOHPDV WHPSRUDOHV GH
WHVRUHUÇDQRSDUDLQYHUWLUHQDFWLYRVîMRV&UHRTXHHQVXFDVR
VHUÇDDFRQVHMDEOHTXHQRVYLVLWDUDSDUDTXHMXQWRVSRGDPRV
EXVFDUODIÍUPXODP»VDSURSLDGDSDUDUHVROYHUHVWDFXHVWLÍQ
, DP ZULWLQJ WR \RX LQ UHIHUHQFH WR \RXU OHWWHU RI ODVW -XQH
LQ ZKLFK \RX UHTXHVW D PRQWK FUHGLW OLQH LQ WKH DPRXQW RI
ü LQ RUGHU WR ÀQDQFH WKH SXUFKDVH RI D YDQ IRU \RXU
EXVLQHVV
6KRUWWHUPFUHGLWOLQHVDUHXVXDOO\JUDQWHGWRKHOSFRPSDQLHV WR
RYHUFRPHWHPSRUDU\FDVKSUREOHPVQRWWRLQYHVWLQÀ[HGDVVHWV,
EHOLHYHWKDWLQ\RXUFDVHLWZRXOGEHDGYLVDEOHWKDW\RXYLVLWXVVR
WKDWWRJHWKHUZHFDQORRNIRUWKHPRVWVXLWDEOHIRUPXODWRVROYH
WKLVPDWWHU
$WHQWDPHQWH
6LQFHUHO\\RXUV
4XLHUHVHUELOLQJÖH"2OYÇGHOR<DHVGHPDVLDGRWDUGH0LVKLMRVVRQELOLQJÖHV6HKDQFULDGRR\HQGRLQJOÃV\HVSDËROGHVGHHOGÇDHQTXHQD
FLHURQ+DQYLVWRGLH]PLOKRUDVGHWHOHYLVLÍQ\FLQHHQHVSDËRO\WUHVPLOKRUDVHQLQJOÃV'HVGHSUHHVFRODUKDVWDODXQLYHUVLGDGKDQDVLVWLGRDSODQHV
GHHVWXGLRLQJOHVHVRDPHULFDQRVDEVRUELHQGRP»VGHKRUDVGHYRFHVQDWLYDVVREUHWHPDV\DVLJQDWXUDVGHJUDQYDULHGDG6Ç6RQELOLQJÖHV
6LTXLHUHVHUELOLQJÖHFRPRPLVKLMRVROYÇGHOR1ROHYDVHUSRVLEOHHQHVWDYLGD(VDEVROXWDPHQWHLPSRVLEOHTXHXQDSHUVRQDGHVSXÃVGHORVRFKR
DËRVGHHGDGOOHJXHDGRPLQDUXQVHJXQGRLGLRPDFRQODPLVPDDJLOLGDGDFHQWR\HVSRQWDQHLGDGTXHVXOHQJXDPDWHUQD
4XLHUHVHUELOÇQJÖH"p1RSUREOHPq'HPHPHVHVGHVXWLHPSR6R\ELOLQJÖH&XDQGRFDPELRGHPLLQJOÃVQDWLYRDOFDVWHOODQRVHPH
QRWDHQVHJXLGDXQDFHQWRDPHULFDQR6LXVWHGVHîMDPXFKRDSUHFLDU»DOJÔQWURSLH]RIRQÃWLFRHQPLGLFFLÍQ\RFDVLRQDOHVLPSUHFLVLRQHVJUDPDWL
FDOHV8VRHOFDVWHOODQRDGLDULRSDUDUHVROYHUXQVLQQÔPHURGHDVXQWRVPXFKRVGHJUDQLPSRUWDQFLD6LHVWR\KDEODQGRHQLQJOÃVFRQXQHVSDËRO
\SHUFLERTXHQRPHHQWLHQGHFLHUWRVPDWLFHVFDPELRDOLQVWDQWHDOFDVWHOODQRSDUDDVHJXUDUODHîFDFLDGHPLDUJXPHQWDFLÍQRHOLPSDFWRGHPL
GHVFULSFLÍQ6Ç6R\ELOLQJÖH6LTXLHUHXVWHGVHUELOLQJÖHFRPR\RWLHQHPXFKRWUDEDMRSRUGHODQWHSHURVLVLJXHODVLQVWUXFFLRQHVTXHSRQJRDVX
GLVSRVLFLÍQHQHVWHPÃWRGRTXHOHRIUHFH(O0XQGRORSRGU»FRQVHJXLUHQPHVHVFRPRPÇQLPRGHSHQGLHQGRGHOWLHPSR\HVIXHU]RTXHLQYHUWD
HQODWDUHD
&RPRYHH[LVWHQGRVGHîQLFLRQHVSDUDHOWÃUPLQRpELOLQJÖHq\DPEDVVRQY»OLGDVSHURODÔQLFDDODTXHXVWHGGHEHDVSLUDU\ODÔQLFDDODTXHSXHGH
DVSLUDUVLHQGRUHDOLVWDHVODVHJXQGDGHîQLFLÍQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XLÃQHVHOOD" :KRLVVKH"
&ÍPRVHOODPDHOOD :KDWoVKHUQDPH"
'ÍQGHHVW»VXFRFKH" HOOD :KHUHoVKHUFDU"
£VWHHVVXFRFKH 7KLVLVKHUFDU
6XFRFKHHVURMR +HUFDULVUHG
£OWHFRQRFH+HNQRZV\RX
/HFDHVELHQ+HOLNHV\RX
£OYLYHFHUFDGHDTXÇ+HOLYHVQHDUKHUH
7UDEDMDOHMRVGHVXFDVD+HZRUNVIDUIURPKLVKRXVH
/HJXVWDWUDEDMDU+HOLNHVWRZRUN
/REVWHU /DQJRVWD
2\VWHU 2VWUD
0XVVHO 0HMLOOÍQ
3UDZQ *DPED
&UDE &DQJUHMR
9RFDEXODULR6HDIRRG 0DULVFR
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
1RWLHQHVTXHGHFLUQDGD <RXGRQoWKDYHWRVD\DQ\WKLQJ
/OHYDHOLQIRUPHDOMHIH 7DNHWKHUHSRUWWRWKHERVV
(OMHIHORHVW»HVSHUDQGR 7KHERVVLVZDLWLQJIRULW
7HHVW»QEXVFDQGR 7KH\oUHORRNLQJIRU\RX
(OODPHOODPDPXFKR 6KHFDOOVPHDORW
/RKDUÃHQFXDQWRSXHGD,oOOGRLWDVVRRQDV,FDQ
|'DWHSULVD+XUU\XS
+DVJDVWDGRWRGRWXGLQHUR<RXoYHVSHQWDOO\RXUPRQH\
$KRUDTXÃYDVDKDFHU"1RZZKDWDUH\RXJRLQJWRGR"
(VSHUDKDVWDTXHWHOODPHQ:DLWXQWLOWKH\FDOO\RX
+LJK,QWHUPHGLDWH
0HUHWXYLHURQDOOÇKRUDV 7KH\NHSWPHWKHUHIRUKRXUV
7DUGÃPXFKRHQKDFHUOR,WWRRNPHDORQJWLPHWRGRLW
1RORSXHGROHYDQWDU ,FDQoWOLIWLW
1RVR\ORVXîFLHQWHPHQWHDOWR ,oPQRWWDOOHQRXJK
6R\GHPDVLDGREDMR ,oPWRRVKRUW
/RZ$GYDQFHG
/OHJDUÃSRUPLVSURSLRVPHGLRV,oOOJHWWKHUHRQP\RZQ
<DQRHVORTXHHUD,WoVQRWZKDWLWXVHGWREH
<DWHDFRVWXPEUDU»V<RXoOOJHWXVHGWRLW
1LORLQWHQWHV'RQoWHYHQWU\
+HHFKDGRXQYLVWD]RDOSODQ,oYHORRNHGRYHUWKHSODQ
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
7HLPSRUWDUÇDQRJULWDU":RXOG\RXPLQGQRWVKRXWLQJ"
1RKDFHIDOWDTXHPHJULWHV <RXGRQoWKDYHWRVKRXWDWPH
'LPHTXHQRHVYHUGDG 7HOOPHLWoVQRWWUXH
1RUHÔQHQODVFRQGLFLRQHV7KH\GRQoWTXDOLI\
£OVHFD\ÍGHVXSHGHVWDO +HIHOORIIKLVSHGDVWDO
0XFKDVJUDFLDV VLQFHUR 7KDQN\RXYHU\PXFK
|0XFKDVJUDFLDV VDUF»VWLFR 7KDQNVDORW
0»VYDOHSUHYHQLUTXHFXUDU,WoVEHWWHUWREHVDIHWKDQVRUU\
'LRVORVFUÇD\HOORVVHMXQWDQ%LUGVRIDIHDWKHUðRFNWRJHWKHU
/HJXVWDGHVPRQWDUVXVMXJXHWHV+HOLNHVWRWDNHKLVWR\VDSDUW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
0XFKPDQ\
&RPPRQVD\LQJV
7LPHLVDJUHDWKHDOHU
(OWLHPSRORFXUDWRGR
/LYHDQGOHWOLYH
+D\GHWRGRHQODYLËDGHO6HËRU
7KHVTXHDN\ZKHHOJHWVWKHRLO JUHDVH
(OTXHQROORUDQRPDPD
,WoVPRUHEOHVVHGWRJLYHWKDQWR
UHFHLYH
+D\P»VIHOLFLGDGHQGDUTXHHQ
UHFLELU
7KHVKRHPDNHUoVVRQDOZD\VJRHV
EDUHIRRW
(QFDVDGHOKHUUHURFXFKLOORGHSDOR
p0XFKqVHHPSOHDFRQVXVWDQWLYRVQRFRQWDEOHV
PLHQWUDVTXHpPDQ\qVHHPSOHDFRQVXVWDQWLYRV
FRQWDEOHVHQSOXUDO
3RQWH D SUXHED 6DEHV GHFLU ODV VLJXLHQWHV
IUDVHVHQLQJOÃV"
1RKD\PXFKDLQIRUPDFLÍQHQHVWHFDW»ORJR
4XHGDPXFKRGLQHURHQWXFXHQWDDILQDOGHPHV"
&RQRFLVWHDPXFKDJHQWHHQHOFUXFHUR"
1HFHVVLW\LVWKHPRWKHURILQYHQWLRQ
/DQHFHVLGDGKDFHPDHVWURV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
$OJXLHQOODPDDODSXHUWD
4XLÃQVHU»"
,VWKLV-RKQ"+HOOR-RKQWKLV
LV0DU\
6RPHRQHLVNQRFNLQJDWWKH
GRRU,ZRQGHUZKRLWLV
(QLQJOÃVKDVWDTXHQRVHLGHQWLîTXHHOVH[RGHXQDSHUVRQDHP
SOHDPRVHOSURQRPEUHQHXWURpLWqRORVSURQRPEUHVGHPRVWUDWL
YRVpWKLVqRpWKDWq(QODVSULPHUDVRFKRIUDVHVQRDSDUHFHQLpKHq
QLpVKHqVLHPSUHpLWqpWKLVqRpWKDWq
6LHV-XDQGLOHTXHQRHVWR\
$WUDYÃVGHODSXHUWD 4XLÃQHV"
6R\\R|$EUH
(VHVWHVHËRUHOVHËRU-RKQVRQ"
4XLÃQHVHVDSHUVRQD"
&UHRTXHHV&DUORV
4XÃHVW»KDFLHQGRDTXÇD
HVWDVKRUDV"
,ILWoV-RKQWHOOKLP,oPQRWKHUH
:KRLVLW"
,WoVPH2SHQXS
,VWKLV0U-RKQVRQ"
:KRoVWKDW"
,WKLQNLWoV&KDUOHV
:KDWoVKHGRLQJKHUHDWWKLV
WLPHRIWKHGD\ RUQLJKW "
6R\\R
,WoVPH HQIUDQFÃVHV
FRPRHQLQJOÃVFoHVWPRL
6RPRVQRVRWURV
,WoVXV HQIUDQFÃVFoHVWQRXV
3HGUR"(UHVWÔ"
3HWHULVWKDW\RX" HQ
IUDQFÃV3LHUUHFoHVWWRL"
(UHV-XDQ"+ROD-XDQVR\0DUÇD
(VWLPDGR+DQV
'HDU+DQV
(QSULPHUOXJDUTXLHURDJUDGHFHUWXD\XGD\DVHVRUDPLHQWRHQ
ODRUJDQL]DFLÍQGHQXHVWUDQXHYDVXFXUVDO<DHVWDPRVIXQFLR
QDQGRDSHVDUGHTXHWHQHPRVXQDVRODOÇQHDGHWHOÃIRQR
/DUD]ÍQSULQFLSDOSRUODTXHWHHVFULERHVSDUDSHGLUWHXQSH
TXHËRIDYRU6LQGXGDUHFRUGDU»VD-XDQ3ÃUH]HOVHËRUPD\RU
TXHHQWUHYLVWDVWHSDUDHOSXHVWRGHFRQWDEOHSDUDODVXFXUVDO
7LHQHXQKLMRGHDËRVTXHDFDEDGHWHUPLQDUVXVHVWXGLRV\
TXHTXLHUHSDVDUXQDËRWUDEDMDQGR\HVWXGLDQGRHQ$OHPDQLD
SUHIHULEOHPHQWHYLYLHQGRFRQXQDIDPLOLD
6LPHSXHGHVD\XGDUHQHVWHDVXQWRWHORDJUDGHFHUÇDGHYHUDV
3ÃUH]KDUHVXOWDGRVHUXQDXWÃQWLFRYHWHUDQRHQFÍPRPRQWDU
XQDRîFLQD\VXD\XGDHVW»\HQGRPXFKRP»VDOO»GHODPHUD
FRQWDELOLGDG(VSRUHVWRSRUORTXHTXLVLHUDD\XGDUOH\SRUOR
TXHSLGRWXFRODERUDFLÍQ
)LUVWRIDOO,ZDQWWRWKDQN\RXIRU\RXUKHOSDQGDGYLFHLQWKH
RUJDQL]DWLRQ RI RXU QHZ EUDQFK:H DUH DOUHDG\ RSHUDWLQJ LQ
VSLWHRIWKHIDFWWKDWZHKDYHRQO\RQHWHOHSKRQHOLQH
7KHPDLQUHDVRQIRUP\ZULWLQJ WR \RXLV WRDVN\RXDVPDOO
IDYRU1RGRXEW\RXUHPHPEHU-XDQ3HUH] WKHROGHUPDQ\RX
LQWHUYLHZHGIRUWKHMRERIEUDQFKDFFRXQWDQW+HKDVD\HDU
ROG VRQ ZKR KDV MXVW ÀQLVKHG KLV VWXGLHV DQG ZKR ZDQWV WR
VSHQGD\HDUZRUNLQJDQGVWXG\LQJLQ*HUPDQ\SUHIHUDEO\OLYLQJ
ZLWKDIDPLO\
,I\RXFDQKHOSPHRXWLQWKLVPDWWHU,ZRXOGUHDOO\DSSUHFLDWH
LW 3HUH] KDV WXUQHG RXW WR EH D WUXH YHWHUDQ LQ KRZ WR VHW XS
DQ RIÀFH DQG KLV KHOS LV JRLQJ IDU EH\RQG PHUH DFFRXQWLQJ
7KDW·VZK\,ZRXOGOLNHWRKHOSKLPDQGZK\,·PDVNLQJIRU\RXU
FROODERUDWLRQ
8QVDOXGR
%HVWUHJDUGV
(VWLPDGRDOXPQR\DPLJR6L\ROHRIUHFLHUDXQWUDEDMRHQOD218VHJXUDPHQWHGHFOLQDUÇDPLRIHUWDDOHJDQGRXQGRPLQLRSREUHGHO
LQJOÃV6LQHPEDUJRHVPX\SRVLEOHTXHODPLWDGGHODJHQWHTXHVÇWUDEDMDHQODRUJDQL]DFLÍQHQFXHVWLÍQSRVHDFRQRFLPLHQWRVFRPRORV
VX\RVRPX\SRFRVP»V6LXVWHGVXELHUDFRQPLJRXQDSRUXQDODVSODQWDVGHODVHGHQHR\RUTXLQDGHOD218REVHUYDUÇDDOJRLQFOXVR
P»VVRUSUHQGHQWHWRGDYÇDHQWHQGHUÇDSHUIHFWDPHQWHDWRGRVFXDQGRKDEODQHQLQJOÃVSRUWHOÃIRQRRFDUDDFDUD
(VWDVSHUVRQDVHMHUFHQIXQFLRQHVLPSRUWDQWHVTXHH[LJHQXQGRPLQLRGHOLGLRPDLQJOÃV\GHKHFKRVXGRPLQLRHVVXîFLHQWHSDUDUHDOL]DU
FRQÃ[LWRODVFLWDGDVIXQFLRQHV6LXVWHGORVHQWLHQGHSHUIHFWDPHQWHSRUTXÃPHGLFHTXHVXQLYHOGHLQJOÃVHVLQVXîFLHQWHVLYXHOYRD
RIUHFHUOHHOWUDEDMRGHDQWHV"
4XÃWLHQHQHVW»VSHUVRQDVTXHXVWHGQRWLHQH"3RUTXÃDSHVDUGHHQWHQGHUODVSHUIHFWDPHQWHQRVHDWUHYHDDFHSWDUPLRIHUWD"7LHQH
DOSDUHFHUORVPLVPRVFRQRFLPLHQWRVTXHWLHQHQHOORV&X»OHVHOSUREOHPD"
(OSUREOHPDHVTXHOHIDOWDQDXVWHGSUHFLVDPHQWHODVWUHVFRVDVTXHHOORVVÇSRVHHQRÇGRFRQîDQ]DDOKDEODU\DJLOLGDGRUDOFRQODJUDP»
WLFDP»VE»VLFD\VHQFLOODGHOLGLRPD2,'2s&21),$1=$s$*,/,'$'*5$0$7,&$/
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VXQFRFKHJUDQGH ,WoVDELJFDU
6XFDVDHVSHTXHËD +HUKRXVHLVVPDOO
3HURHVXQDFDVDERQLWD %XWLWoVDSUHWW\KRXVH
(OODHVDOWD\DWUDFWLYD6KHoVWDOODQGDWWUDFWLYH
(OODHVGH-DSÍQ 6KHoVIURP-DSDQ
9DDOWUDEDMRHQFRFKH +HGULYHVWRZRUN
+D\DOJXQRVSUREOHPDVDKRUD 7KHUHDUHVRPHSUREOHPVQRZ
+D\SUREOHPDVWRGRVORVGÇDV 7KHUHDUHSUREOHPVHYHU\GD\
+D\ïRUHVHQODFRFLQD7KHUHDUHVRPHðRZHUVLQWKHNLWFKHQ
+D\SDQHQODFRFLQDWDPELÃQ 7KHUHoVVRPHEUHDGLQWKHNLWFKHQWRR
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&UHRTXHÃOWHFRQRFH ,WKLQNKHNQRZV\RX
0HORSXHGHVWUDHUDKRUD"&DQ\RXEULQJLWWRPHQRZ"
1ROHVHQVHËHVHVR 'RQoWVKRZWKHPWKDW
&X»OGHORVGRVTXLHUHV" :KLFKRQHGR\RXZDQW"
£VWHHVPHMRUTXHDTXÃO 7KLVRQHoVEHWWHUWKDQWKDWRQH
1RKDJDVQDGDKDVWDTXHWHGLJD'RQoWGRDQ\WKLQJXQWLO,WHOO\RX
6LJXHPLVFRQVHMRV )ROORZP\DGYLFH VLQJXODU
/ORUDUQRD\XGDDQDGD &U\LQJGRHVQoWKHOSDWDOO
6LSXHGRWHOOHYDUÃDOOÇ ,I,FDQ,oOOWDNH\RXWKHUH
*UDFLDVSRUWRGR 7KDQN\RXIRUHYHU\WKLQJ
7RZHU 7RUUH
6FUHHQ 3DQWDOOD
.H\V 7HFODV
.H\ERDUG 7HFODGR
0RXVH 5DWÍQ
9RFDEXODULR-RLQWV $UWLFXODFLRQHV
+LJK,QWHUPHGLDWH
(VW»GHPDVLDGROHMRVSDUDOHHUOR ,WoVWRRIDUDZD\WRUHDG
$FÃUFDORP»V\OROHHUÃ %ULQJLWFORVHUDQG,oOOUHDGLW
+D]ORVHJÔQHOSURVSHFWR 'RLWDFFRUGLQJWRWKHGLUHFWLRQV
1RGHEHUÇDVKDEODUDVÇ <RXVKRXOGQoWWDONOLNHWKDW
£OPHYDDVXELUHOVXHOGR +HoVJRLQJWRUDLVHP\VDODU\
/RZ$GYDQFHG
7XHQIRTXHHVGLVWLQRDOPÇR <RXUDSSURDFKLVGLIIHUHQWIURPPLQH
1RKD\WDQWRVFRPRDQWHV 7KHUHDUHQoWDVPDQ\DVEHIRUH
$QWHVKDEÇDP»V 7KHUHXVHGWREHPRUH
0HJXVWDFÍPRîUPDVODVFDUWDV ,OLNHWKHZD\\RXVLJQOHWWHUV
1RHVWR\DOGÇDHQWRGRHVWR ,oPQRWXSWRGDWHRQDOOWKLV
0LGGOH$GYDQFHG
1XQFDPHKHHQDPRUDGR ,oYHQHYHUIDOOHQLQORYH
(OTXHYHQJDQRQR :KHWKHUWKH\FRPHRUQRW
/RHVSHURFRQLOXVLÍQ ,oPORRNLQJIRUZDUGWRLW
'DOHODYXHOWDDODWRUWLOOD 7XUQWKHRPHOHWRYHU
4XÃLPSRUWD" :KDWGLIIHUHQFHGRHVLWPDNH"
)RU(QJOLVKVXSHUVWDUVRQO\
4XLÃQORVYXHOYHDPRQWDU" :KRSXWVWKHPEDFNWRJHWKHU"
7HKDVSDVDGRHVWDYH] <RXoYHJRQHWRRIDUWKLVWLPH
1RVDEUÇDVSRUFDVXDOLGDGf" <RXZRXOGQoWKDSSHQWRNQRZ"
7HQGU»VTXHDJXDQWDUWH <RXoOOKDYHWRJULQDQGEHDULW
1RJXDUGRUHQFRU ,GRQoWKROGDJUXGJH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
9HUERVLUUHJXODUHV
5HFXHUGDTXHHOSDVDGRGHOYHUERpWRWKLQNqVH
SURQXQFLDp]RUWq\QRFRPRVHHVFULEH
/DXJKWHULVWKHEHVWPHGLFLQH
/DULVDHVHOPHMRUUHPHGLR
+RQHVW\LVWKHEHVWSROLF\
/RPHMRUHVVHUIUDQFR
6SULQJLVLQWKHDLU
/DSULPDYHUDODVDQJUHDOWHUD
7KHSHQLVPLJKWLHUWKDQWKHVZRUG
0»VSXHGHODSOXPDTXHODHVSDGD
+HDOWKLVEHWWHUWKDQZHDOWK
/DVDOXGHVODPHMRUULTXH]D
7KHUHoVQRVXEVWLWXWHIRUH[SHULHQFH
0»VVDEHHOGLDEORSRUYLHMRTXH
SRUGLDEOR
6RQPXFKDVODVYH]TXHPLVDPLJRPHSLGHQTXHOHVFXHQWHFÍPRPH
HQIDGRFXDQGRPLVHVWXGLDQWHQRXVDQODpVqDOîQDOGHODVRUDFLÍQHQ
LQJOÃ2VDVHJXURTXHVLUHFLELHUDGRVGÍODUSRUODVYH]TXHPLVDOXPQR
QRXVDQODGLFKRVDpVqVHUÇDPLOORQDULRFRPRORVPDJQDWHXRWURFDVRV
VLPLODU
/DV SDODEUD SXHGHQ VHU SDODEUDV VLQJXODU R SDODEUDV SOXUDO /RV
VXVWDQWLYRV VLQJXODU QR OOHYDQ XQD pVq DO îQDO \ ORV VXVWDQWLYRV
SOXUDOVÇODOOHYDQ&XDQGRORVHVWXGLDQWHVHVSDËROQRSURQXQFLDQ
ODpVqDOîQDOGHORVSOXUDOVXHQDIDWDO0LWHQVLÍQVDQJXÇQHDVXEH
YDULRSXQWRV\FDVLSLHUGRORVHVWULER&XDQGRPLVDOXPQRPHQR
WDQDVÇPHGLFHQ3HURKRPEUHTXÃP»VGD"6LQRSURQXQFLDPRV
OD pVq FXDQGR KDEODPRV HQ FDVWHOODQR VLPSOHPHQWH FUHHQ TXH
VRPRVDQGDOX]3XHELHQWDOYHQRVXHQHPDOHQYXHVWUDOHQJXD
SHURHQLQJOÃVXHQDKRUULEOHPHQWHPDO4XÃWDOVXHQDHQHVSD
ËROHOS»UUDIRDFRQWLQXDFLÍQ"
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
4XLHURTXHODHPSUHVDFUH]FD
4XLHUHVTXH(VSDËDJDQH"
<RQRTXHUÇDTXHKLFLHUDVHVR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
0HHQFDQWDQWXVRMRD]XO6LWHGLMHUDODVYH]TXHKHVRËDGRFRQWXV
ODELR\FRQHOSHUIXPHGHWXVFDEHOOR\FÍPRDQKHORVHQWLUWXRMRVFOD
YDGRHQORVPÇR1XQFDPHFDQVRGHïMDUPHHQWXVDQGDUHQODIRUPD
HQTXHPXHYHVODVFDGHUD0HHQFDQWDFXDQGRVHWHVXEHQORVFRORU
VREUHWRGRFXDQGRKDEODVGHODVH[WUDËDVYLVLÍQTXHWLHQHVDOJXQDV
YH]$PÇVHPHSRQHQORVSHORGHSXQWD
6LWÔIXHUDVSURIHVRUGHHVSDËROFX»OVHUÇDWXUHDFFLÍQHQFODVHVLWRGR
WXVDOXPQRKDEODUDQDVÇFRQVWDQWHPHQWHGÇDWUDVGÇDPHVWUDPHV
DËRWUDDËR6HJXUDPHQWHFRJHUÇDVPDQÇDDODHQVHËDQ]D\VREUHWRGR
DOGLFKRVRYLFLRGHQRUHPDWDUORVSOXUDO7HQGUÇDVJDQDGHWLUDUODWRDOOD
3XHORVHVSDËROWHQÃLVODPDOGLWDPDQÇDGHFRPHURVODVpVqFDGDGRV
SRUWUH2VDVHJXURGHTXHVLSXGLÃUDLVFRUUHJLUVRODPHQWHHVWHHUURU\
QLQJXQRP»YXHVWURQLYHOGHLQJOÃPHMRUMDUÇDHQXQDOLQVWDQWH2
VHDHOGHODIDOWDGHFDOLGDGGHYXHVWURLQJOÃVHGHEHDTXHRJXVWD
PXFKRFRPHURODGLFKRVDpVqDOSURQXQFLDUORVSOXUDO
0X\VHËRUPÇR
'HDU6LU
(OGHDEULOGHHVWHDËR KDFHPHV\PHGLR FRPSUÃXQDODYD
GRUD:+,7(/,1(HQXQDSHTXHËDWLHQGDGHEDUULRFHUFDGHPL
FDVD/DSDJXÃHQHIHFWLYR\XQMRYHQGHODWLHQGDPHODLQVWDOÍDO
GÇDVLJXLHQWH GHDEULO 'RVGÇDVGHVSXÃVSRUFDXVDVTXHWDQWR
PLHVSRVDFRPR\RGHVFRQRFHPRVODODYDGRUDGHMÍGHIXQFLR
QDUHLQXQGÍQXHVWUDFRFLQDFDGDYH]TXHLQWHQWDPRVSRQHUOD
HQPDUFKD
2Q $SULO RI WKLV \HDU D PRQWK DQG D KDOI DJR , ERXJKW D
:+,7(/,1( ZDVKLQJ PDFKLQH LQ D VPDOO QHLJKERUKRRG VKRS
QHDU P\ KRXVH , SDLG IRU LW LQ FDVK DQG D \RXQJ PDQ IURP
WKH VKRS LQVWDOOHG LW IRU PH WKH IROORZLQJ GD\ $SULO 7ZR
GD\VODWHUIRUFDXVHVQHLWKHUP\ZLIHQRU,NQRZWKHZDVKLQJ
PDFKLQHVWRSSHGZRUNLQJDQGÁRRGHGRXUNLWFKHQHYHU\WLPH
ZHWULHGWRVWDUWLW
$OSRQHUQRVHQFRQWDFWRFRQODWLHQGDQRVGLMHURQTXHQRKD
FÇDQPDQWHQLPLHQWR\TXHOODP»UDPRVDOIDEULFDQWHHVGHFLUD
9GV&XDQGRQRVSXVLPRVHQFRQWDFWRFRQ9GVVXGHSDUWDPHQ
WRGHVHUYLFLRQRVLQIRUPÍTXHQRSRGÇDSUHVWDUQRVVHUYLFLRFRQ
DUUHJORDODVFRQGLFLRQHVGHODJDUDQWÇD\DTXHODWLHQGDGRQGH
FRPSUDPRVODODYDGRUDQRHUDXQFRQFHVLRQDULRDXWRUL]DGR
8SRQ FRQWDFWLQJ WKH VKRS WKH\ WROG XV WKH\ GLG QRW GR
PDLQWHQDQFHDQGWKDWZHVKRXOGFDOOWKHPDQXIDFWXUHUWKDW
LV \RX :KHQ ZH FRQWDFWHG \RX \RXU VHUYLFH GHSDUWPHQW
LQIRUPHG XV WKDW LW FRXOG QRW JLYH XV VHUYLFH XQGHU WKH
FRQGLWLRQVLQWKHZDUUDQW\VLQFHWKHVKRSZKHUHZHERXJKWWKH
ZDVKLQJPDFKLQHZDVQRWDQDXWKRUL]HGGHDOHU
3DUDGHFLUOHODYHUGDGQRHQWLHQGRQDGD6LHPSUHKHWHQLGRXQ
DOWRFRQFHSWRGH:+,7(/,1(\PHSDUHFHH[WUDËRTXHXQDFRP
SDËÇDWDQSUHVWLJLRVDSXHGDGHMDUDXQFOLHQWHWDQGHVDPSDUDGR
FRPRKDVLGRPLFDVR
7RWHOO\RXWKHWUXWK,GRQ·WXQGHUVWDQGDWKLQJ,KDYHDOZD\V
KDGDKLJKUHJDUGIRU:+,7(/,1(DQGLWVHHPVVWUDQJHWRPH
WKDW VXFK D SUHVWLJLRXV FRPSDQ\ FRXOG OHDYH D FXVWRPHU VR
KHOSOHVVDVKDVEHHQP\FDVH
$WHQWDPHQWH
9HU\WUXO\\RXUV
(VWLPDGRDPLJR\DOXPQR/DVHËRUDGHODL]TXLHUGDPDQHMDFRQWLQR\DFLHUWRWUHVRFXDWURWLHPSRVGH
ORVYHUERV\XQDVSDODEUDVGHYRFDEXODULR/RVPDQHMDFRQVHQFLOOH]SHURFRQDJLOLGDG6LXVWHGHV
FRPRODPD\RUÇDGHPLVDOXPQRVHVSDËROHVHQWRQFHVVHSDUHFHP»VDOVHËRUGHODGHUHFKDTXLHQFUHH
TXHDSUHQGHUVLJQLîFDVHJXLUDFXPXODQGRFRQRFLPLHQWRVQXHYRV\VHJXLUDGHQWU»QGRVHHQWHUUHQRV
P»VOHMDQRV\DYDQ]DGRVGHOLGLRPD3RUFLHUWRFRQR]FRDODVHËRUD(VSUHVLGHQWDGHODîOLDOHVSDËROD
GHXQDJUDQPXOWLQDFLRQDOLQJOHVD7DPELÃQFRQR]FRDOVHËRUGHODGHUHFKD$SHVDUGHOOHYDUDËRVLQ
WHQWDQGRHQWHQGHU\DVLPLODUODHVWUXFWXUDGHOLQJOÃVPHGLDQWHFODVHV\P»VFODVHVXQDËRVÇ\RWURQR
QRVHDWUHYHVDOLUDOH[WUDQMHURSDUDVXFRPSDËÇDQLGXHUPHELHQFXDQGROHGLFHQTXHGHEHUHFLELUXQD
YLVLWDGHIXHUD\DWHQGHUOD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'HGÍQGHVRQ" :KHUHDUHWKH\IURP"
6RQGH5XVLD" $UHWKH\IURP5XVVLD"
6RPRVGH86$ :HoUHIURPWKH6WDWHV
(OODHVULFD 6KHoVULFK
(VULFRÃOWDPELÃQ",VKHULFKWRR"
(VW»VFRPLHQGRPXFKR<RXoUHHDWLQJDORW
6LÃQWDWHSRUIDYRU6LWGRZQSOHDVH
1RWHOHYDQWHV'RQoWJHWXS
0ÇUDORV/RRNDWWKHP
/ÃHOR\IÇUPDOR5HDGLWDQGVLJQLW
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
9HQGU»QFXDQGR\ROHVOODPH 7KH\oOOFRPHZKHQ,FDOOWKHP
'ÍQGHOOXHYHP»VDTXÇ":KHUHGRHVLWUDLQWKHPRVWKHUH"
(VWDPRVMXJDQGRDODVFDUWDV :HoUHSOD\LQJFDUGV
6R\P»VDOWRTXHWÔ,oPWDOOHUWKDQ\RXDUH
1ROHJXVWDLUDOSDUTXH +HGRHVQoWOLNHWRJRWRWKHSDUN
1RHUHVWDQDOWRFRPR\R<RXoUHQRWDVWDOODV,DP
4XÃHVORTXHOHJXVWDKDFHU" :KDWGRHVKHOLNHWRGR"
+D\P»VDUHQDDTXÇTXHDOOÇ7KHUHoVPRUHVDQGKHUHWKDQWKHUH
&X»QGRWLHQHHOODVXFODVH" :KHQGRHVVKHKDYHKHUFODVV"
1RKD\WDQWDDUHQDFRPRDTXÇ7KHUHLVQoWDVPXFKVDQGWKHUH
DVKHUH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
1RVÃORTXHTXLHUHVGHFLU ,GRQoWNQRZZKDW\RXPHDQ
4XÃVLJQLîFDHVWDSDODEUD" :KDWGRHVWKLVZRUGPHDQ"
3RUTXÃPLHQWHÃOWDQWR" :K\GRHVKHOLHVRPXFK"
1XQFDVHKDKHFKR ,WoVQHYHUEHHQGRQH
3RUTXÃQXQFDVHKDKHFKR" :K\KDVQoWLWHYHUEHHQGRQH"
(VLQÔWLOFRQWLQXDU ,WoVSRLQWOHVVWRFRQWLQXH
)RUPXODREMHWLYRVSULPHUR6HWREMHFWLYHVïUVW
0HGXHOHHOKRPEURGHUHFKR0\ULJKWVKRXOGHUKXUWV
'ÍQGHWHGXHOH":KHUHGRHVLWKXUW
(VWRSHUMXGLFDU»QXHVWUDVYHQWDV7KLVZLOOKXUWRXUVDOHV
+D]ORTXHGLJRQRORTXHKDJR'RZKDW,VD\QRWZKDW,GR
$YDQFHDWRGDP»TXLQD)XOOVSHHGDKHDG IXOOVWHDPf
+DQGOHEDUV 0DQLOODU
6DGGOH 6LOOÇQ
:KHHOV 5XHGDV
&KDLQ &DGHQD
3HGDOV 3HGDOHV
9RFDEXODULR%LF\FOH %LFLFOHWD
0LGGOH$GYDQFHG
(VXQDSÃUGLGDGHWLHPSR ,WoVDZDVWHRIWLPH
7LHQHVEXHQDVSHFWRKR\ <RXORRNJRRGWRGD\ QLFH
6HPHDFHUFÍ\VRQULÍ +HFDPHXSWRPHDQGVPLOHG
(VWR\WRWDOPHQWHGHVSLHUWR ,oPZLGHDZDNH
)RU(QJOLVKVXSHUVWDUVRQO\
1RWHDJDFKHVSDUDUHFRJHUOR'RQoWEHQGGRZQWRSLFNLWXS
(VPLVLQR,WoVP\IDWH
(UHVJDIH<RXoUHDMLQ[
3ULPHURVDOGDQGRPDUFKDDWU»V)LUVWEDFNRXW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
)XWXURFRQpJRLQJWRq
%UDLQLVEHWWHUWKDQEUDZQ
0»VYDOHPDËDTXHIXHU]D
%HWWHUODWHWKDQQHYHU
0»VYDOHWDUGHTXHQXQFD
+LVEDUNLVZRUVHWKDQKLVELWH
3HUURODGUDGRUSRFRPRUGHGRU
/LJKWQLQJQHYHUVWULNHVWZLFHLQWKH
VDPHSODFH
1RKD\WHPSHVWDGTXHPXFKRGXUH
<RXoOOJHWRYHULW
<DORVXSHUDU»V
0DQFDQQRWOLYHE\EUHDGDORQH
1RVÍORGHSDQYLYHHOKRPEUH
/DIRUPDGHH[SUHVDUHOIXWXURP»VXWLOL]DGD
HQLQJOÃV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
£OYDDOODPDUP»VWDUGH
1RRVYDDJXVWDUODSURSXHVWD
9DDIXQFLRQDUPLSODQ"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3ULPHURYR\DODSOD\D\GHVSXÃVDOTXLRVFR\GHVSXÃVDOEDU\GHVSXÃVYROYHUÃDFDVD
(QHVWDIUDVHODSDODEUDpGHVSXÃVqDSDUHFHFXDWURYHFHV
|1RVHOHRFXUUDMDP»VXVDUODSDODEUDpDIWHUqHQHVWRVFDVRVHQLQJOÃV
$IWHU GHVSXÃVGH
7KHQ GHVSXÃV
6LXVDUDODSDODEUDpDIWHUqHQODFLWDGDIUDVHWUDGXFLGDDOLQJOÃVHV
WDUÇDGLFLHQGRORVLJXLHQWH3ULPHURYR\DLUDODSOD\D\GHVSXÃV
GHDOTXLRVFR\GHVSXÃVGHDOEDU\GHVSXÃVGHYROYHUÃDFDVD
3RUORWDQWRQRXVHQXQFDpDIWHUqFXDQGRTXLHUHH[SUHVDUHQIRU
PDQDUUDWLYDpGHVSXÃVqRpOXHJRq8VHpWKHQqRpDQGWKHQq
)ÇMHVHHQHVWDQDUUDWLYD
3DXOD(LVHQEDFKLVJRLQJRQYDFDWLRQWRPRUURZPRUQLQJ6KHoOO
UHQW D FDU DQG GULYH WR 3DULV 6KHoOO VSHQG WKUHH GD\V LQ 3DULV
DQGWKHQGULYHWR0RQWH&DUORZKHUHVKHoOOVWD\IRUWZRQLJKWV
7KHQVKHoOOGULYHWR,WDO\WRYLVLW3LVD)ORUHQFHDQG9HQLFH6KHoOO
VWD\VL[GD\VLQ,WDO\7KHQVKHoOOGULYHEDFNWR*HUPDQ\WKURXJK
$XVWULD6KHoOOVWD\RQHQLJKWLQ,QQVEUXFNDQGWKHQGULYHEDFN
WR+HLGHOEHUJ
(VWLPDGRVVHËRUHV
*HQWOHPHQ
(OSUHVHQWHGRFXPHQWRHVXQLPSUHVRGHSHGLGRTXH9GGHEH
OHHU\îUPDUVLHVW»FRQIRUPHFRQODVFRQGLFLRQHVH[SXHVWDV
HQHOPLVPR6LQRHVW»FRQIRUPHSÍQJDVHHQFRQWDFWRFRQOD
SHUVRQDLQGLFDGDHQODFDVLOODTXHDSDUHFHHQODSDUWHLQIHULRU
GHUHFKDGHHVWHGRFXPHQWR
7KLVGRFXPHQWLVDQRUGHUIRUPWKDW\RXVKRXOGUHDGDQGVLJQ
LI \RX DJUHH ZLWK WKH WHUPV VHW GRZQ KHUHLQ ,I \RX GR QRW
DJUHHFRQWDFWWKHSHUVRQLQGLFDWHGLQWKHER[WKDWDSSHDUVLQ
WKHERWWRPULJKWKDQGFRUQHURIWKLVGRFXPHQW
5RJDPRV OHD ODV VLJXLHQWHV FRQGLFLRQHV FRQ HO îQ GH HYLWDU
SRVLEOHVPDOHQWHQGLGRV
/DIDFWXUDLQGLFDU»HOQÔPHURGHSHGLGRTXHDSDUHFHHQOD
FDVLOODGHODSDUWHVXSHULRUGHUHFKDGHHVWHGRFXPHQWR
/DIDFWXUDLQFOXLU»HOEDQFR\QÔPHURGHFXHQWDDORVTXH
KDGHHIHFWXDUVHHOSDJR
&RSLDVGHODIDFWXUD\GHODOEDU»QGHEHU»QHVWDUYLVLEOHVHQ
HOH[WHULRUGHOHPEDODMH
6LWLHQHFXDOTXLHUSUHJXQWDDFHUFDGHOFRQWHQLGRGHHVWHGR
FXPHQWRQRGXGHHQSRQHUVHHQFRQWDFWRFRQQRVRWURV
$WHQWDPHQWH
3OHDVHUHDGWKHIROORZLQJFRQGLWLRQVLQRUGHUWRDYRLGSRVVLEOH
PLVXQGHUVWDQGLQJV
7KHLQYRLFHVKDOOLQGLFDWHWKHRUGHUQXPEHUWKDWDSSHDUVLQ
WKHWRSULJKWKDQGFRUQHURIWKLVGRFXPHQW
7KHLQYRLFHVKDOOLQFOXGHWKHEDQNDQGDFFRXQWQXPEHUWR
ZKLFKWKHSD\PHQWVKRXOGEHPDGH
&RSLHVRIWKHLQYRLFHDQGGHOLYHU\QRWHVKDOOEHYLVLEOHRQ
WKHRXWVLGHRIWKHSDFNDJH
,I\RXKDYHDQ\TXHVWLRQVRQWKHFRQWHQWVRIWKLVGRFXPHQWGR
QRWKHVLWDWHWRFRQWDFWXV
6LQFHUHO\
(VWLPDGRDPLJR\DOXPQR9DDQHFHVLWDUXQDOXSDSDUDOHHUORTXHGLFHQXHVWURDPLJRDODL]TXLHUGD6HWUDWD
GHOPHMRUSURIHVRUGHLQJOÃVTXHFRQR]FR\OOHYRDËRVREVHUYDQGRHOWUDEDMRGHFHQWHQDUHVGHSURIHVRUHV6XV
DOXPQRVOHDGRUDQDSHVDUGHTXHÃOOHVH[LJHDGLDULRDKDFHUXQHVIXHU]RJUDQGH/HVSUHVLRQDOHVDQLPDOHV
LPSORUDOHVSURYRFDOHVVXSOLFDOHVDPHQD]DOHVLQVLVWHOHVSHUVLJXHOHVSUHGLFDOHVVHUPRQHDOHVLUULWDOHVSLQ
FKDOHVUHWDOHVGHVDIÇDOHVDJUDGDOHVHQWUHWLHQH\HQGHîQLWLYDOHVHQVHËDFRQDEVROXWDFLHQFLD\DUWH+DFLDÃO
VXVDOXPQRVVLHQWHQUHVSHWRDSUHFLR\KDVWDDGPLUDFLÍQ\VLHQWHQODREOLJDFLÍQ\HOGHVHRGHWUDEDMDUDOP»[LPR
SDUDSURJUHVDU\îQDOPHQWHUHPDWDUODIDHQD/RKDFHQSRUÃO\HQÔOWLPRWÃUPLQRSDUDHOORVPLVPRV(VHODOXP
QRTXLHQUHVXHOYHHOWHPDGHOLQJOÃVSHURHVHOSURIHVRUTXLHQGHVHPSHËDHOSDSHOP»VFUÇWLFRHLPSUHVFLQGLEOH
HOSDSHOGHPRWLYDUDOP»[LPRDODOXPQR6LVXSURIHVRUQROHWUDWDFRPRPLDPLJRGHDOODGRWUDWD\PRWLYDDVXV
DOXPQRVEXVTXHRWURSURIHVRU\VLJDEXVFDQGRKDVWDHQFRQWUDUOR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VDUHJLÍQHVSREUH 7KDWUHJLRQLVSRRU
/DJHQWHDOOÇHVSREUH 7KHSHRSOHWKHUHDUHSRRU
&KLQDHVXQSDÇVPX\JUDQGH &KLQDoVDYHU\ELJFRXQWU\
(VW»HQ$VLD ,WoVLQ$VLD
$VLDHVXQFRQWLQHQWH $VLDoVDFRQWLQHQW
1RVHORGHVD3HGUR 'RQoWJLYHLWWR3HWHU
$FXÃVWDWH *RWREHG
(VFUÇEHORFRQHVWHEROÇJUDIR :ULWHLWZLWKWKLVSHQ
1ROOHYHVFRVDVSHVDGDV 'RQoWFDUU\KHDY\WKLQJV
7HHVWR\HVFXFKDQGR ,oPOLVWHQLQJWR\RX
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&ÍPRIXQFLRQD" +RZGRHVLWZRUN"
$TXÃVHGHGLFDHOOD" :KDWGRHVVKHGR"
4XÃKDFHHOODDKRUD" :KDWoVVKHGRLQJQRZ"
3RUTXÃIXPDHOODHQFODVH" :K\GRHVVKHVPRNHLQFODVV"
4XLÃQODFRQRFH" :KRNQRZVKHU"
+D\P»VJHQWHTXHDQWHV 7KHUHDUHPRUHSHRSOHWKDQEHIRUH
1RKD\WDQWDJHQWHFRPRDQWHV 7KHUHDUHQoWDVPDQ\SHRSOHDVEHIRUH
7U»WDOHVFRQPXFKRFXLGDGR 7UHDWWKHPYHU\FDUHIXOO\
0HDOHJURGHTXH-XDQHVWÃ ,oPJODG-RKQoVKHUH
0HDOHJURGHTXHÃOYLQLHUD ,oPJODGKHFDPH
&RDW 3HOR
7DLO &ROD
/HJ 3DWD
6QRXW 0RUUR
&ODZV *DUUDV
3DZ 3LH
9RFDEXODULR'RJ 3HUUR
+LJK,QWHUPHGLDWH
1XQFDORKDJR ,QHYHUGRLW
3RUTXÃQXQFDORKDFHV" :K\GRQoW\RXHYHUGRLW"
1XQFDORKDU»Q 7KH\oOOQHYHUGRLW
3RUTXÃQXQFDORKDU»Q" :K\ZRQoWWKH\HYHUGRLW"
&X»QGRVHKDU»" :KHQZLOOLWEHGRQH"
/RZ$GYDQFHG
6LJDWRGRUHFWR *RVWUDLJKWDKHDG
1RPHDPHQDFHV 'RQoWWKUHDWHQPH
6LHVGHPDVLDGRFRUWRDO»UJDOR ,ILWoVWRRVKRUWOHQJWKHQLW
(VWRWHDîODU»ODPHQWH 7KLVZLOOVKDUSHQ\RXUPLQG
/HGLXQDSUHWÍQGHPDQRV ,VKRRNKDQGVZLWKKLP
0LGGOH$GYDQFHG
(VW»SURIXQGDPHQWHGRUPLGR +HoVVRXQGDVOHHS
,QYHQWDXQDKLVWRULD 0DNHXSDVWRU\
0HPXHURGHKDPEUH ,oPVWDUYLQJ
(VW»VDSXQWRGHSHUGHUORWRGR <RXoUHDERXWWRORVHHYHU\WKLQJ
(VWR\KDUWRGHOLQJOÃV ,oPVLFNDQGWLUHGRI(QJOLVK
)RU(QJOLVKVXSHUVWDUVRQO\
1RWHDVRPHVSRUODYHQWDQD 'RQoWOHDQRXW RI WKHZLQGRZ
&ÍPRWHORSXHGRFRPSHQVDU" +RZFDQ,PDNHLWXSWR\RX"
$SDJDODYHOD %ORZRXWWKHFDQGOH
<DQRYDOHODSHQD ,WoVQRWZRUWKLWDQ\PRUH
1RSXHGRGREODUODURGLOOD ,FDQoWEHQGP\NQHH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
(OXVRGHOLPSHUVRQDO
,WoVOLNHWDONLQJWRDEULFNZDOO
(VFRPRKDEODUDODSDUHG
/HWVOHHSLQJGRJVOLH
0HMRUQRUHPRYHUHODVXQWR
:DOOVKDYHHDUV
+D\URSDWHQGLGD
0LVIRUWXQHVDOZD\VFRPHLQWKUHHV
1RKD\GRVVLQWUHV
7KHFRDVWLVFOHDU
1RKD\PRURVHQODFRVWD
,IDWîUVW\RXGRQoWVXFFHHGWU\
DQGWU\DJDLQ
3HUVHYHUD\WULXQIDU»V
6SHDNYV7DON
,ZRXOGOLNHWRVSHDNWR\RX
,ZRXOGOLNHWRWDONWR\RX
,ZRXOGOLNHWRVSHDNZLWK\RX
,ZRXOGOLNHWRWDONZLWK\RX
+DVWDTXHQRVHSDPRVODLGHQWLGDGGHODSHUVRQD
FRQTXLHQHVWDPRVKDEODQGRVROHPRVHPSOHDU
ODIRUPDLPSHUVRQDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(VWHHV1LJHO3HUNLQV"
(V3KLOOLS-RKQVRQ"
4XLÃQHV"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
'LUHFWR\IRUPDO6HJÔQHOWRQRHPSOHDGRSRGUÇDLQWLPLGDUXQSRFR
'LUHFWR\PHQRVIRUPDO+DFHIDOWDIRU]DUHOWRQREDVWDQWHSDUDTXHLQWLPLGH
'DODLGHDGHFRQVXOWDUIRUPDOPHQWHFRQODRWUDSHUVRQD
'DODLGHDGHFKDUODULQIRUPDOPHQWH
(OYHUERpWRVSHDNqVLJQLîFDpKDEODUqHQHOVHQWLGRGHHPLWLUVRQLGRVLQWHOLJLEOHVGHQWURGHXQOHQJXDMHFRPSUHQVLEOH(OYHUERpWRWDONq
VLJQLîFDpKDEODUqHQHOVHQWLGRGHPDQWHQHUXQDFRQYHUVDFLÍQ)ÇMDWHHQODVIUDVHVVLJXLHQWHV\FÍPRDOJXQDVVXHQDQDEVXUGDV
<RXQHHGWRVSHDNORXGHU
<RXQHHGWRWDONORXGHU
7KHPXPP\RSHQHGKLVH\HVDQGVSRNHWRPH
7KHPXPP\RSHQHGKLVH\HVDQGWDONHGWRPH
<RXUFKLOGVSHDNVDORWLQFODVV
<RXUFKLOGWDONVDORWLQFODVV
:HUH\RXVSHDNLQJWRPH"
:HUH\RXWDONLQJWRPH"
1HFHVLWDVKDEODUP»VDOWR
1HFHVLWDFRQYHUVDUP»VDOWR HVWDIUDVHQRHVDEVXUGDHQLQJOÃV6HSXHGHGHFLU
/DPRPLDDEULÍVXVRMRV\PHKDEOÍ
/DPRPLDDEULÍVXVRMRV\PHFRQWÍXQDVFXDQWDVFRVDV
6XKLMRSDUWLFLSDRUDOPHQWHPXFKRHQFODVH
6XKLMRKDEODPXFKRHQFODVH +D\TXHOODPDUOHODDWHQFLÍQ
6HHVWDEDGLULJLHQGRXVWHGDPÇ"
0HKDEODEDVDPÇ"
(VWLPDGR-XDQ
'HDU-RKQ
3ULPHURTXLHURUHFRUGDUWHTXHWHQHPRVXQDUHXQLÍQSUHYLV
WDSDUDHOSUÍ[LPRPLÃUFROHVGÇDHQODVDODD]XOGHOKRWHO
=XUEDU»Q7HGLJRHVWRSRUTXHUHFXHUGRTXHODÔOWLPDYH]TXH
îMDPRVXQDUHXQLÍQSDUHFLGDFRQWDQWDDQWHODFLÍQVHWHRO
YLGÍ(VSHURTXHWXPHPRULDQRWHIDOOHHVWDYH]
)LUVW RI DOO , ZDQW WR UHPLQG \RX WKDW ZH KDYH D PHHWLQJ
VFKHGXOHGIRUQH[W:HGQHVGD\WKHWKLQWKHEOXHURRPRIWKH
=XUEDUDQ+RWHO,·PWHOOLQJ\RXWKLVEHFDXVH,UHPHPEHUWKDWWKH
ODVW WLPH ZH VHW D VLPLODU PHHWLQJ VR IDU LQ DGYDQFH \RX IRUJRW
DERXWLW,KRSH\RXUPHPRU\GRHVQ·WIDLO\RXWKLVWLPH
7HHVFULERSRUTXHHORWURGÇDWURSHFÃFRQ&KDUOH\3RUWHUFXDQ
GRFRPÇDFRQHOYLFHSUHVLGHQWHGHO%DQFR3XH\RHQ(O*UDQHUR
+DDGHOJD]DGRPXFKR\PHGLFHTXHDKRUDWUDEDMDFRPRFRQ
VXOWRUHQWHPDVUHODFLRQDGRVFRQIXVLRQHV\DGTXLVLFLRQHV/H
FRQWÃTXHHVWDEDVEXVFDQGRXQDIRUPDGHYHQGHUSDUWHGHWX
HPSUHVDDXQVRFLRH[WUDQMHUR\ÃOSDUHFLÍPX\LQWHUHVDGRHQ
FRQRFHUP»VGHWDOOHV/HGLWXQÔPHURGHWHOÃIRQR
,·PZULWLQJ WR \RXEHFDXVHWKHRWKHUGD\,UDQLQWR&KDUOH\3RUWHU
ZKHQ , ZDV KDYLQJ OXQFK ZLWK WKH YLFHSUHVLGHQW RI WKH 3XH\R
%DQNLQ(O*UDQHUR+H·VORVWDORWRIZHLJKWDQGKHWHOOVPHWKDW
KHQRZZRUNVDVDFRQVXOWDQWLQVXEMHFWVUHODWHGWRPHUJHUVDQG
DFTXLVLWLRQV,WROGKLPWKDW\RXZHUHORRNLQJIRUDZD\WRVHOOSDUW
RI\RXUFRPSDQ\WRDIRUHLJQSDUWQHUDQGKHVHHPHGYHU\LQWHUHVWHG
LQNQRZLQJPRUHGHWDLOV,JDYHKLP\RXUWHOHSKRQHQXPEHU
(VSHURTXHQRWHLPSRUWH3XHGHTXH&KDUOH\QRVHDODSHUVR
QDP»VDJUDGDEOHGHOPXQGRSHURWLHQHVTXHUHFRQRFHUTXH
FRQRFHODVUHJODVGHOMXHJRPHMRUTXHODPD\RUÇD
, KRSH \RX GRQ·W PLQG &KDUOH\ PD\ QRW EH WKH PRVW SOHDVDQW
SHUVRQLQWKHZRUOGEXW\RXKDYHWRDGPLWKHNQRZVWKHUXOHVRI
WKHJDPHEHWWHUWKDQPRVW
0DQWHQPHDOFRUULHQWH
.HHSPHLQIRUPHG
6DOXGRV
5HJDUGV
(VWLPDGRDPLJR\DOXPQR0HTXHGDSRFRHVSDFLRDTXÇDEDMRSDUDGHFLUWHDOJRFRQVWUXFWLYRSHURYR\DLQWHQWDUOR6LWHGLMHUDORTXHFREUR
SRUXQDFODVHPHGLUÇDVp|TXÃFDURq<DQWHWXUHDFFLÍQ\RWHGLUÇDFRQPXFKDFDOPD4XÃGHVHDVFODVHVGHLQJOÃVRDSUHQGHULQJOÃV"6LOR
TXHGHVHDVVRQFODVHVGHLQJOÃVHQWRQFHVVÇVR\FDURSHURVLORTXHTXLHUHVHVDSUHQGHUGHXQDYH]SRUWRGDVPLLGLRPDHQWRQFHVVR\HO
P»VEDUDWRGHOPHUFDGR6ÇVR\HOP»VEDUDWRHQWÃUPLQRVGHXQLGDGGHDSUHQGL]DMHSRUHXURJDVWDGR5HFXHUGDODIRUPDFLÍQH[LVWHSDUD
FDPELDUDODJHQWH\VLHOFDPELRQROOHJDHOMXLFLRHVFRQFOX\HQWHSRUPXFKRDKRUURQHJRFLDGRHQHOSUHFLRHOGLQHURJDVWDGRHVGLQHURGH
XQQHFLR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
%DUFHORQDHVW»FHUFDGH*HURQD %DUFHORQDLVQHDU*HURQD
&X»OHVWXFRFKH":KLFKRQHoV\RXUFDU"
*HURQDHVW»OHMRVGH&»GL] *HURQDLVIDUIURP&DGL]
(OPÇRHVHOURMR0LQHLVWKHUHGRQH
1RHVWR\FDQVDGR ,oPQRWWLUHG
(OVX\R GHHOOD HVHOD]XO+HUVLVWKHEOXHRQH
£OQRWLHQHKDPEUH +HoVQRWKXQJU\
(OVX\R GHHOOD HVW»DOODGR
GHOGH3HWHU",VKHUVWKHRQHQH[WWR3HWHUoV"
7LHQHVVHG" $UH\RXWKLUVW\"
1RHOGH3HWHUHVW»DOODGRGHOPÇR1R3HWHUoVLVQH[WWRPLQH
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
'LMHTXHHUDXQDEXHQDLGHD,VDLGLWZDVDJRRGLGHD
+D\VDOHQODPHVD" ,VWKHUHDQ\VDOWRQWKHWDEOH"
1RKD\DJXDHQODQHYHUD 7KHUHLVQoWDQ\ZDWHULQWKHIULGJH
/HGLMHTXHHUDXQDEXHQDLGHD,WROGKHULWZDVDJRRGLGHD
£OGLVIUXWDWUDEDMDQGRORV 'RHVKHHQMR\ZRUNLQJ
1RHVWR\WDQHQIRUPDFRPR
V»EDGRV"RQ6DWXUGD\V"PLKHUPDQR,oPQRWDVïWDVP\EURWKHU
£OYLHQHPDËDQD +HoVFRPLQJWRPRUURZ
1RVÃORTXHTXLHUHVGHFLU,GRQoWNQRZZKDW\RXPHDQ
+DFHIUÇRIXHUD" ,VLWFROGRXWVLGH"
5HDOPHQWHQRWLHQHLPSRUWDQFLD,WUHDOO\GRHVQoWPDWWHU
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
/HVSHGÇTXHPHD\XGDVHQ,DVNHGWKHPWRKHOSPH
'LMHURQFX»QGRORVDEUÇDQ" 'LGWKH\VD\ZKHQWKH\ZRXOG
NQRZ"
1RHVWR\WDQHQIRUPDFRPR
DQWHV ,oPQRWDVïWDV,XVHGWREH
6LHPSUHKHVLGRPDOÇVLPRHQ
PDWHP»WLFDV ,oYHDOZD\VEHHQWHUULEOHDWPDWKV
(OLQJOÃVHVFDGDYH]P»V (QJOLVKLVPRUHDQGPRUH
LPSRUWDQWHKR\HQGÇD
LPSRUWDQWQRZDGD\V
'HEHUÇDVSHGLUOHD\XGD DHOOD <RXVKRXOGDVNKHUIRUKHOS
3RUTXÃQROHHVFULEHV" DÃO :K\GRQoW\RXZULWHWRKLP"
1RVÃFRQGXFLUXQFRFKH ,GRQoWNQRZKRZWRGULYHDQ
DXWRP»WLFR
DXWRPDWLFFDU
(VW»QDSXQWRGHîUPDUHO 7KH\oUHDERXWWRVLJQWKH
FRQWUDWR
FRQWUDFW
7LHQHVKXHYRHQODEDUELOOD <RXoYHJRWVRPHHJJRQ\RXUFKLQ
&RFNSLW &DELQDGHOSLORWR
7DLOîQ &ROD
(QJLQH 0RWRU
:LQJV $ODV
$LOHURQ $OHUÍQ
9RFDEXODULR3ODQH $YLÍQ
0LGGOH$GYDQFHG
3HUPÇWHPHTXHWHSUHVHQWHD
PLPXMHU
3UHIHULUÇDTXHQRGLMHUDVQDGD
(QWUÃHQODHPSUHVDKDFHGLH]DËRV
'HEHUÇDKDEHUVDELGRTXHHVR
RFXUULUÇD
0HSUHJXQWRVLÃOVHU»FDSD]GH
DYHULJXDUORVROR
)RU(QJOLVKVXSHUVWDUVRQO\
/HWPHLQWURGXFH\RXWRP\ZLIH
(VWR\OH\HQGRXQOLEURDVÇGHJRUGR ,oPUHDGLQJDERRNWKDWWKLFN
,oGUDWKHU\RXGLGQoWVD\DQ\WKLQJ
,MRLQHGWKHFRPSDQ\WHQ\HDUVDJR
,VKRXOGKDYHNQRZQWKDW
ZRXOGKDSSHQ
,ZRQGHULIKHoOOEHFDSDEOHRI
ZRUNLQJLWRXWRQKLVRZQ
1RWLHQHEXHQDSLQWD ,WoVQRWORRNLQJJRRG
1RPHJXVWDUÇDHVWDUHQVXSLHO ,ZRXOGQoWOLNHWREHLQKLVVKRHV
|2MDO»QRKXELHVHQDFLGRQXQFD ,ZLVK,oGQHYHUEHHQERUQ
/RVSUHFLRVGHODVDFFLRQHVKDQ 6KDUHSULFHVKDYHSOXPPHWHG
FDÇGRHQSLFDGRÔOWLPDPHQWH UHFHQWO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
7RHDFKKLVRZQ
&DGDRYHMDFRQVXSDUHMD
0RQH\WDONV
&RQGLQHUREDLODHOSHUUR
(DVLHUVDLGWKDQGRQH
'HOGLFKRDOKHFKRKD\XQWUHFKR
*LPQDVLDYHUEDO6DEHUKDFHUDOJR
+HPHWKLVPDWFK
6HHQFRQWUÍFRQODKRUPDGHVX
]DSDWR
0RQH\GRHVQoWJURZRQWUHHV
(OGLQHURQRFUHFHHQORV»UEROHV
/LIHLVQoWDEHGRIURVHV
/DYLGDQRHVXQOHFKRGHURVDV
0X\LPSRUWDQWHODSURQXQFLDFLÍQGHpPRQH\qHVpP»QLq
$ORPHMRUVDEHVGHFLUpJUDFLRVRqHQLQJOÃV6HGLFHIXQQ\ SURQXQ
FLDGRpI»QLq
3XHVVL\DFRQRFHVODSDODEUDpIXQQ\qSUDFWLFDXQDVPLOYHFHVDOGÇD
HOVLJXLHQWHHMHUFLFLRGLQHURJUDFLRVR
1RROYLGHVTXHpVDEHUKDFHUDOJRqVHGLFHpWR
NQRZKRZWRGRVRPHWKLQJq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(OODVDEHWRFDUHOSLDQR
£OVDEHYHQGHUKLHORDORVHVTXLPDOHV
1RVDEHVQDGDU"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
IXQQ\PRQH\
/DV GRV SDODEUDV VXHQDQ H[DFWDPHQWH LJXDO ULPDQ 3UDFWÇFDODV
SRUTXHHQORVDËRVTXHOOHYRHQVHËDQGRLQJOÃVDHVSDËROHVWR
GDYÇDQRFRQR]FRDQDGLHTXHSURQXQFLHELHQODSDODEUDpPRQH\q
(VWLPDGR6U%RQLOOD
'HDU0U%RQLOOD
7DO\FRPRDFRUGDPRVHQQXHVWUDUHXQLÍQGHOPDUWHVOHDGMXQWR
FRQODSUHVHQWHXQDUHODFLÍQFRPSOHWDGHODVSHUVRQDVTXHSRVHHQ
DFFLRQHVHQVXFRPSDËÇD/DOLVWDLQFOX\HSHUVRQDVQRVÍORGH(V
SDËDVLQRGHO5HLQR8QLGR(VWDGRV8QLGRV\/HMDQR2ULHQWH3DUH
FHTXHVXHPSUHVDHVEDVWDQWHSRSXODUHQWUHDOJXQRVJHVWRUHVGH
IRQGRVGHSHQVLRQHVTXHSRUORYLVWRWLHQHQP»VIHHQHOIXWXUR
GHOQHJRFLRTXH9GPLVPR
$V DJUHHG XSRQ LQ RXU 7XHVGD\ PHHWLQJ , KDYH HQFORVHG
KHUHZLWKDFRPSOHWHOLVWRIWKHSHRSOHZKRRZQVKDUHVLQ\RXU
FRPSDQ\ 7KH OLVW LQFOXGHV SHRSOH QRW RQO\ IURP 6SDLQ EXW
IURPWKH8QLWHG.LQJGRPWKH8QLWHG6WDWHVDQGWKH)DU(DVW
,WVHHPV\RXUFRPSDQ\LVTXLWHSRSXODUDPRQJVRPHSHQVLRQ
IXQGPDQDJHUVZKRDSSDUHQWO\KDYHPRUHIDLWKLQWKHIXWXUH
RIWKHEXVLQHVVWKDQ\RX\RXUVHOIGR
5HIHUHQWHDODQXHYDHPLVLÍQGHFDSLWDO FDSLWDOVWRFNLVVXH QR
SXHGRGHFLUOHWRGDYÇDVLKD\VXîFLHQWHLQWHUÃVSRUSDUWHGHORVLQ
YHUVRUHVHQFXEULUOD1HFHVLWRFRQWLQXDUPLVFRQWDFWRVFRQFLHUWRV
DQDOLVWDVEXUV»WLOHVSDUDWHQHUXQDJDPDFRPSOHWDGHRSLQLRQHV
&RQFHUQLQJ D QHZ FDSLWDO VWRFN LVVXH , FDQQRW WHOO \RX \HW
LI WKHUH LV HQRXJK LQWHUHVW RQ WKH SDUW RI LQYHVWRUV WR FRYHU
LW,QHHG WRFRQWLQXHP\FRQWDFWVZLWKFHUWDLQVWRFNPDUNHW
DQDO\VWVLQRUGHUWRJHWDFRPSOHWHUDQJHRIRSLQLRQV
(VSHURYROYHUDSRQHUPHHQFRQWDFWRFRQ9GFRPRP»VWDUGHHO
PLÃUFROHVGHODVHPDQDSUÍ[LPD(QWUHWDQWROHHQYÇRPLVP»VFRU
GLDOHVVDOXGRV
,KRSHWREHEDFNLQWRXFKZLWK\RXE\:HGQHVGD\RIQH[WZHHN
DWWKHODWHVW,QWKHPHDQWLPHP\ZDUPHVWUHJDUGV
$WHQWDPHQWH
6LQFHUHO\
(VWLPDGRDPLJR\DOXPQRWHEULQGRXQSRHPDTXHQDUUDXQKHFKRTXHWXYROXJDUKDFHXQRVDËRV
)HOLSHTXHUtDSHGLUXQDVFHQVR
4XHUtDUHVSHWREXVFDEDFRQVHQVR
4XHUtDGLQHURVHFUHtDH[SHUWR
<HQHVRVHIXHDKDEODUFRQ$OEHUWR
0HPDQHMRHQWRGR
5HVXHOYR\DUUDVR
6R\OLVWRQRERER
6ROYHQWRFDGDFDVR
0HPHUH]FRPiVSDVWD
<XQGHVSDFKRFRQYLVWDV
6R\XQWtRFRQFDVWD
<GHODVPHQWHVPiVOLVWDV
&RQHVWR$OEHUWRFRQXQJHVWRVLQFHUR
6HHFKySDUDDWUiVHQVXVLOODGHFXHUR
$PLJR)HOLSHHUHVWRGRXQWtR
3HURWHIDOWDXQDFRVDTXHQRVFDXVDXQOtR
7XLQJOpVHVGHSHQDHVXQKHFKRVDELGR
<ORVWtRVFRQFDVWDVRQELOLQJHVFRQEUtR
3RUDTXHOHQWRQFHV)HOLSHWHQGUÇDXQRVDËRV(UDXQMRYHQLQTXLHWR\FRQPXFKRDI»QGH
VXSHUDFLÍQ 'LULJÇD XQD VHFFLÍQ GHQWUR GH OD îOLDO GH XQD HPSUHVD QRUWHDPHULFDQD GH SUR
GXFWRVGHSHUIXPHUÇD6HFUHÇDXQIHQÍPHQR\HQFLHUWDPHGLGDORHUD6LQHPEDUJR$OEHUWR
YHWHUDQRGLUHFWRUGH5HFXUVRV+XPDQRVOHSXVRHQVXVLWLR\)HOLSHSDVÍRWURVFXDWURDËRVHQ
ODFDVDDQWHVGHVHUSURPRFLRQDGR
+DUWRGHQRHQFRQWUDUVXFDPLQRSURIHVLRQDOSRUFXOSDGHOLQJOÃVGHMÍODHPSUHVD\GHGLFÍXQ
DËRDUHVROYHUHOWHPDGHOLGLRPD6HJDVWÍPLOHXURVKRUDVGHFODVHVSDUWLFXODUHVHQ
(VSDËDVHJXLGDVGHWUHVPHVHVHQXQFDPSXVXQLYHUVLWDULRHQ&DQDG»HVWXGLDQGRDSOLFDFLR
QHVLQIRUP»WLFDVPDUNHWLQJ\GLUHFFLÍQLQWHUQDFLRQDO6HFRGHDEDDGLDULRFRQXQRVFRP
SDËHURVHQFODVHWRGRVFDQDGLHQVHVRQRUWHDPHULFDQRV+L]RPXFKDVDPLVWDGHV\FRQYLUWLÍ
ODVKRUDVWHÍULFDVGHFODVHHQXQDFRQVWDQWHSU»FWLFDHQ&DQDG»
$KRUDQXHYHDËRVP»VWDUGH)HOLSHHVHOGLUHFWRUJHQHUDOGHXQDîOLDOHVSDËRODGHXQDDVH
JXUDGRUDLQJOHVD*DQDYHFHVP»VGHORTXHJDQDEDFXDQGRWUDEDMDEDHQODHPSUHVDGH
SHUIXPHUÇD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'HGÍQGHHVHOOD" :KHUHoVVKHIURP"
(VGH)UDQFLD" HOOD ,VVKHIURP)UDQFH"
£OQRHVGH,QJODWHUUD +HoVQRWIURP(QJODQG
(UHVLQJOÃV" $UH\RX(QJOLVK"
'HTXÃQDFLRQDOLGDGHUHV" :KDWQDWLRQDOLW\DUH\RX"
(OOLEURD]XOHVW»GHEDMRGHODPHVD7KHEOXHERRNLVXQGHUWKHWDEOH
/DPHVDHVW»DOODGRGHODSXHUWD7KHWDEOHLVQH[WWRWKHGRRU
/DSXHUWDHVW»HQIUHQWHGHOHVSHMR7KHGRRULVRSSRVLWHWKHPLUURU
(OHVSHMRHVW»HQODSDUHG7KHPLUURULVRQWKHZDOO
1RKD\SXHUWDHQDTXHOODSDUHG7KHUHLVQoWDGRRULQWKDWZDOO
3ODWH 3ODWR
)RUN 7HQHGRU
NQLIH &XFKLOOR
6SRRQ &XFKDUD
1DSNLQ 6HUYLOOHWD
9RFDEXODULR&XWOHU\ &XEHUWHUÇD
/RZ,QWHUPHGLDWH
7UDEDMDVFRPRSURIHVRU" 'R\RXZRUNDVDWHDFKHU"
£OWUDEDMDFRPRGHQWLVWD +HZRUNVDVDGHQWLVW
7UDEDMRFRPRXQHVFODYR,ZRUNOLNHDVODYH
+D\PHQRV»UEROHVHQPL7KHUHDUHIHZHUWUHHVLQP\
MDUGÇQTXHHQHOMDUGÇQGH'DYH JDUGHQWKDQLQ'DYHoVJDUGHQ
|/O»PDPHFXDQGROOHJXHV &DOOPHZKHQ\RXJHWWKHUH
0LGGOH,QWHUPHGLDWH
1XQFDKHLGRD6XHFLD ,oYHQHYHUEHHQWR6ZHGHQ
9LYRDTXÇGHVGHKDFHWUHVDËRV ,oYHOLYHGKHUHIRUWKUHH\HDUV
(OODYLYHDTXÇGHVGH 6KHoVOLYHGKHUHVLQFH
+DVLGRD=XULFKDOJXQDYH]" +DYH\RXHYHUEHHQWR=XULFK"
+DVWHUPLQDGR\D" +DYH\RXïQLVKHG\HW"
+LJK,QWHUPHGLDWH
7HQJREDVWDQWHGLQHURSDUD ,KDYHHQRXJKPRQH\WREX\
FRPSUDUPHXQFRFKH
DFDU
/DSHOÇFXODGXUÍKRUD\PHGLD7KHïOPODVWHGDQKRXUDQGDKDOI
7DUGDPRVWUHVVHPDQDV\,WWRRNXVWKUHHDQGDKDOIZHHNV
PHGLDHQOOHJDUDKÇHQELFLFOHWD WRJHWWKHUHE\ELNH
6HVXHOHWDUGDUP»V ,WXVXDOO\WDNHVORQJHU
1RWDUGDPRVWDQWRODÔOWLPDYH],WGLGQoWWDNHXVDVORQJODVWWLPH
/RZ$GYDQFHG
6XVSHQGÇWRGRVPLVH[»PHQHV,IDLOHGDOOP\H[DPV
6XHORTXHGDUPHHQEODQFR,XVXDOO\JREODQNZKHQ,KDYH
FXDQGRWHQJRTXHKDEODUHQ WRVSHDNLQSXEOLF
SÔEOLFR
$QWHVRGLDEDMXJDUDOUXJE\,XVHGWRKDWHSOD\LQJUXJE\
0HUHFHODSHQD" ,VLWZRUWKLW"
0HUHFHODSHQDLUDYHUOD,V LW ZRUWK JRLQJ WR VHH WKH
7RUUH(LIIHO"
(LIIHO7RZHU"
0LGGOH$GYDQFHG
1RVYHPRVDPLWDGGHVHSWLHPEUH,oOOVHH\RXLQPLG6HSWHPEHU
'HEHUÇDPRVKDEHUWHUPLQDGR:HVKRXOGKDYHïQLVKHGE\WKH
SDUDîQDOHVGHPHV
HQGRIWKHPRQWK
0HSDJDQDSULQFLSLRVGHPHV,JHWSDLGDWWKHEHJLQQLQJRI
WKHPRQWK
9HRDPLVXHJUDXQPHVVÇ\ ,VHHP\PRWKHULQODZHYHU\
RWKHUPRQWK
RWURQR
|3XHGHVFRQWDUFRQPLJR<RXFDQFRXQWRQPH
)RU(QJOLVKVXSHUVWDUVRQO\
'HOGLFKRDOKHFKRKD\XQJUDQ 7KDWoVHDVLHUVDLGWKDQGRQH
WUHFKR
0HHQWHUÃSRUHOERFDDERFD ,KHDUGDERXWLWWKURXJK
ZRUGRIPRXWK
0LFRFKHQRGHMDGHFDODUVH0\FDUNHHSVVWDOOLQJ
(VKRUDGHTXHWHYD\DVDODFDPD ,WoVWLPH\RXZHQWWREHG
£ODSDJÍODYHODDQWHVGH+HEOHZRXWWKHFDQGOHEHIRUH
DSDJDUODOX]
VZLWFKLQJRIIWKHOLJKW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
3KUDVDO9HUE
,WWDNHVWZRWRWDQJR
(VDVFRVDVQRVHKDFHQVLQFRRSHUDFLÍQ
,WZDVDEOHVVLQJLQGLVJXLVH
1RKD\PDOTXHSRUELHQQRYHQJD
,WoVDELWWHUSLOOWRVZDOORZ
(VXQWUDJRDPDUJR
<RXVKRXOGFRXQW\RXUEOHVVLQJV
'HEHUÇDVGDUJUDFLDVSRUORTXHWLHQHV
:HoOOKDYHWRVZHHWHQWKHSLOO
7HQGUHPRVTXHGRUDUODSÇOGRUD
2QFHLQDEOXHPRRQ
'H3DVFXDVD5DPRV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'ÍQGHWHUHFRMR"
1RWHSXHGRUHFRJHUPDËDQD
7HUHFRJHUÃPDËDQDSRUODPDËDQD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
)ULGD\WKHWK
(Q(VSDËDHOGÇDGHODPDODVXHUWHHVHOPDUWHV\(QLQJOÃV
HOYLHUQHV)ÇMDWHFÍPRORGHFLPRVHQLQJOÃV)ULGD\WKHWK
&X»QWDVYHFHVDODVHPDQDHQHOWUDEDMRVHGLFHQIUDVHVTXHFRQ
WLHQHQUHIHUHQFLDVDIHFKDVFRQFUHWDVWDOHVFRPRHOGÇDÍHO
OXQHVGÇDÍHOPDUWHVGÇDHWF
3XHV HQ LQJOÃV WDPELÃQ UHFXUULPRV D HVWD IRUPD GH SUHFLVLÍQ
SDUDODVIHFKDVSHURXVDQGRQÔPHURVRUGLQDOHV SULPHURVHJXQ
GRWHUFHURHWF
fHOGÇD
fHOOXQHVGÇD
5HFXHUGD TXH QR VH SXHGH GHFLU pWR SLFN XS
\RXqVLQRKD\TXHGHFLUpWRSLFN\RXXSqFRQHO
SURQRPEUH p\RXq HQPHGLR
RQWKHUG
0RQGD\WKHWK
(OPDUWHVGÇD
(OSUÍ[LPRYLHUQHVGÇD
/RTXLHURSDUDHOMXHYHVGÇD
(VWDU»QHOV»EDGRGÇD
(VKR\GÇD"
6HHQWUHJDU»HOOXQHVGÇD
7XHVGD\WKHWK
1H[W)ULGD\WKHWK
,ZDQWLWE\7KXUVGD\WKHWK
7KH\oOOEHKHUHRQ6DWXUGD\WKHWK
,VWRGD\WKHWK"
,WoOOEHGHOLYHUHGRQ0RQGD\WKHVW
$VÇTXHQRWHTXHGDP»VUHPHGLRTXHDSUHQGHUDPDQHMDUGHIRU
PD»JLOORVQÔPHURVRUGLQDOHV6LQRORKDFHVWXVIXWXURVLQWHUOR
FXWRUHVQRWDU»QORïRMRTXHHVW»VFRQHOLQJOÃVDXQTXHPXFKDV
RWUDFRVDVODVVHSDVGHFLUELHQ
(VWLPDGD6UWD/ODPDV
'HDU0LVV/ODPDV
0HGLULMRD9GFRQUHIHUHQFLDDPLSÍOL]DGHVHJXURGHFRFKH
Q+HUHFLELGRXQDFDUWDîUPDGDSRU9GGLFLÃQGRPH
TXH SXHVWR TXH QR KH DERQDGR OD SULPD FRUUHVSRQGLHQWH D
HVWHDËRPLSÍOL]DTXHGDFDQFHODGDMXQWRFRQODFREHUWXUD
,DPZULWLQJ WR \RXZLWKUHIHUHQFHWRP\FDULQVXUDQFHSROLF\
QR,KDYHUHFHLYHGDOHWWHUVLJQHGE\\RXWHOOLQJPHWKDW
VLQFH,KDYHQRWSDLGWKHSUHPLXPFRUUHVSRQGLQJWRWKLV\HDU
P\SROLF\LVKHUHE\FDQFHOHGWRJHWKHUZLWKWKHFRYHUDJH
6L9GLQYHVWLJDXQSRFRYHU»TXHHOSDJRGHPLSÍOL]DHV\
VLHPSUHKDVLGRDWUDYÃVGHPLEDQFR/HDGMXQWRXQDFRSLD
GHOLPSUHVRLQLFLDOGHVROLFLWXGGHODSÍOL]DGRQGHHQFRQWUD
U» WRGRV ORV GHWDOOHV GHO SURFHVR 3RU OR YLVWR DOJXLHQ HQ VX
GHSDUWDPHQWR GH LQIRUP»WLFD FRPHWLÍ XQ HUURU \ FDGD DËR
VX FRPSDËÇD LQWHQWD FREUDU OD SULPD D WUDYÃV GH XQ EDQFR
HTXLYRFDGR
,I \RX LQYHVWLJDWH D ELW \RX ZLOO VHH WKDW WKH SD\PHQW RI P\
SROLF\ LV DQG KDV DOZD\V EHHQ WKURXJK P\ EDQN , KDYH
HQFORVHG D FRS\ RI WKH LQLWLDO SROLF\ UHTXHVW IRUP ZKHUH \RX
ZLOOÀQGDOOWKHGHWDLOVRIWKHSURFHVV$SSDUHQWO\VRPHRQHLQ
\RXU GDWD SURFHVVLQJ GHSDUWPHQW PDGH D PLVWDNH DQG HYHU\
\HDU\RXUFRPSDQ\ WULHV WRFROOHFW WKHSUHPLXP WKURXJK WKH
ZURQJEDQN
(VWH HV HO WHUFHU DËR FRQVHFXWLYR TXH HVFULER XQD FDUWD GH
HVWHWLSRSDUDUHVROYHUHVWHSUREOHPD\HVSHURTXHVHDODÔOWL
PDYH]1RPHJXVWDODVHQVDFLÍQGHFRQGXFLUVLQFREHUWXUD
GHVHJXUR\VLQRYHRXQDVROXFLÍQU»SLGD\HîFD]DHVWHSUR
EOHPDPHYHUÃREOLJDGRDFDPELDUGHDVHJXUDGRUD
7KLVLVWKHWKLUG\HDULQDURZWKDW,KDYHZULWWHQDOHWWHURIWKLV
NLQGWRVROYHWKLVSUREOHPDQG,KRSHLWLVWKHODVWWLPH,GRQRW
OLNHWKHIHHOLQJRIGULYLQJZLWKRXWLQVXUDQFHFRYHUDJHDQGLI,
GRQRWVHHDTXLFNDQGHIIHFWLYHVROXWLRQWRWKLVSUREOHP,ZLOO
EHIRUFHGWRFKDQJHLQVXUDQFHFRPSDQLHV
$WHQWDPHQWH
6LQFHUHO\
(VWLPDGRDOXPQR\DPLJR+DFHSRFRXQVHËRUGHDËRVFRQRFLGRGHXQDPLJRPÇRVHFLWÍFRQPLJRHQPLGHVSDFKRSDUDTXHOHUHFR
PHQGDUDFÍPRUHPHGLDUGHXQDYH]SRUWRGDVVXSÃVLPRLQJOÃV(VWDEDGHVHVSHUDGR\DSUHQGHUHOLGLRPDHUDVHJÔQVXVSURSLDVSDODEUDV
XQDFXHVWLÍQGHYLGDRPXHUWH/HKLFHXQDSUXHED\WHQÇDXQQLYHOSUHLQWHUPHGLRHVGHFLUSULQFLSLDQWHDOWR)LQDOL]DGDODSUXHEDGLVHËÃ
GHODQWHGHÃOFRQSDSHO\O»SL]XQERUUDGRUSDUDXQSODQGHDWDTXHTXHLQFOXÇDKRUDVGHFODVHVLQGLYLGXDOHVVLHWHSURJUDPDVLQWHQVLYRV
UHVLGHQFLDOHVGHîQGHVHPDQDDORODUJRGHXQDËR FDGDPHV\PHGLR \XQSODQSHUVRQDOGHWUDEDMRTXHFRQVLVWÇDHQSLH]DVGHPDWHULDO
GLG»FWLFR\KRUDVGHWUDEDMRSHUVRQDO/HGLMHp6U3ÃUH]DOFDERGHORVPHVHVGHSURJUDPDXVWHGSRVHHU»XQQLYHODYDQ]DGREDMR\
SRGU»VROYHQWDUVLQGLîFXOWDGHVODPD\RUÇDGHODVVLWXDFLRQHVDODVTXHVHHQIUHQWHHQVXYLGDSURIHVLRQDO/HFRVWDU»WRGRPDWHULDOHVLQFOXL
GRVHXURVq(OVHËRUPHPLUÍVRUSUHQGLGRpHXURV"(VW»XVWHGORFR"'ÍQGHYR\DHQFRQWUDUHXURVSDUDDSUHQGHU
LQJOÃV"q/HUHVSRQGÇp8VWHGWLHQHXQQLYHOFDVLGHSULQFLSLDQWH\VHJÔQPHKDGLFKRHVXQDFXHVWLÍQGHYLGDRPXHUWH$SUHQGHUDPDQHMDU
ELHQXQVHJXQGRLGLRPDDORVDËRVH[LJHXQWUHPHQGRHVIXHU]Rq$OîQDOHO6U3ÃUH]VHIXHDRWURFHQWURGHIRUPDFLÍQHQEXVFDGHDO
JXLHQTXHIXHUDPHQRVUHDOLVWDTXH\R$OSRFRWLHPSRPHHQWHUÃSRUPLDPLJRTXHVHFRPSUÍXQPHVGHVSXÃVXQ%0:SRUHXURV
(VW»FODURGÍQGHHVWDEDQVXVSULRULGDGHV\HOSRUTXÃQRKDOOHJDGRQXQFDDGRPLQDUHOLGLRPDGHOLQJOÃV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VW»DOOÇ ,WoVRYHUWKHUH
(VW»QFRQPLJR 7KH\oUHZLWKPH
1RHVW»VHQODOLVWD <RXoUHQRWRQWKHOLVW
&X»OHVODFDSLWDOGH(VSDËD" :KDWoVWKHFDSLWDORI6SDLQ"
4XÃHVHVR" :KDWoVWKDW"
1RORFXEUDVFRQHVWR'RQoWFRYHULWZLWKWKLV
1RPHEXVTXHV'RQoWORRNIRUPH
'LWXQRPEUH6D\\RXUQDPH
'LOHWXDSHOOLGR7HOOKLP\RXUVXUQDPH ODVWQDPH
(OD]XOHVW»HQHOVXHOR7KHEOXHRQHLVRQWKHðRRU
3HQ %ROÇJUDIR
5XOHU 5HJOD
0DUNHU 5RWXODGRU
3HQFLO /»SL]
5XEEHU *RPD
9RFDEXODULR6WDWLRQHU\ $UWÇFXORVGHSDSHOHUÇD
/RZ,QWHUPHGLDWH
4XÃWDOHVW»V" +RZDUH\RXGRLQJ"
0HHQFXHQWURPDO ,GRQoWIHHOZHOO
4XLHURRWUDRSRUWXQLGDG ,ZDQWDQRWKHUFKDQFH
3RQORDTXÇDOODGRGHODSXHUWD 3XWLWKHUHQH[WWRWKHGRRU
/OÃQDORGHDJXD )LOOLWZLWKZDWHU
0LGGOH,QWHUPHGLDWH
7HQJRPLHGRGHHOOD,oPDIUDLGRIKHU
'HTXÃWLHQHVPLHGR":KDWDUH\RXDIUDLGRI"
7HQJRPLHGRGHYRODU,oPDIUDLGRIð\LQJ
7HQJRPLHGRGHKDEODUFRQÃO,oPDIUDLGWRWDONWRKLP
1RLEDVDKDEODUFRQÃO":HUHQoW\RXJRLQJWRWDONWRKLP"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
1RWHQJRQLLGHD ,KDYHQRLGHD
$TXÃVDEH" :KDWGRHVLWWDVWHOLNH"
7RGRYDDVDOLUELHQ (YHU\WKLQJZLOOWXUQRXWïQH
0HORSXHGHVUHFRUGDU" &DQ\RXUHPLQGPH"
4XLHUHQTXHSDUHPRVWRGR 7KH\ZDQWXVWRVWRSHYHU\WKLQJ
6HHVW»KDFLHQGRWDUGH,WoVJHWWLQJODWH
3ULPHURWHHQVHËDUÃODI»EULFD)LUVW,oOOVKRZ\RXDURXQGWKHIDFWRU\
+ROD-XDQ"6R\3HGUR+HOOR-RKQ"7KLVLV3HWHU
1RHVHOPRPHQWRP»VSURSLFLR7KLVLVQRWWKHEHVWWLPH
6R\SDUWLGDULRGHKDFHUOR,oPLQIDYRXURIGRLQJLW
0LGGOH$GYDQFHG
0D[LPL]DWXVJDQDQFLDV 0D[LPLVH\RXUSURïWV
0HSRQGUÃFRQHOORHQVHJXLGD ,oOOJHWULJKWRQWRLW
*UDFLDVD'LRVTXHHVW»VDTXÇ 7KDQN*RG\RXoUHKHUH
1RSRGUÃLU DXQDLQYLWDFLÍQ ,ZRQoWEHDEOHWRPDNHLW
1REDMHVODJXDUGLD'RQoWOHW\RXUJXDUGGRZQ
)RU(QJOLVKVXSHUVWDUVRQO\
1RSLHUGDVORVHVWULERV'RQoWORVH\RXUWHPSHU
0DQWÃQODFDOPD.HHS\RXUFRRO
+DEODQGRGHOUH\GH5RPD6SHDNLQJRIWKHGHYLO
7HQJRXQDOHYHFRMHUD,KDYHDVOLJKWOLPS
1RGHVHOEUD]RDWRUFHU'RQoWJLYHLQ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
*LPQDVLDYHUEDO7KHUHWREH
7KHOXOOEHIRUHWKHVWRUP
/DFDOPDTXHSUHFHGHDODWRUPHQWD
,FRXOGHDWDKRUVH
0HFRPHUÇDXQDYDFDHQWHUD
7KHVN\oVWKHOLPLW
7RGRHVSRVLEOH
7KHWUXWKZLOORXW
6HSLOODDXQPHQWLURVRDQWHV
TXHDXQFRMR
7KHVDPHROGVWRU\
/DPLVPDKLVWRULDGHVLHPSUH
+HoVDIUDLGRIKLVRZQVKDGRZ
7LHQHPLHGRKDVWDGHVXSURSLD
VRPEUD
3RQWH D SUXHED 6DEHV GHFLU ODV VLJXLHQWHV
IUDVHVHQLQJOÃV"
1RGHEHUÇDKDEHUSUREOHPDV
3XHGHTXHKD\DXQDUD]ÍQSDUDHOOR
+DEÇDXQSUREOHPDFRQWXPÍYLO"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7HQJRWUHVPLOHVGHHXURVHQHOEDQFR
6XHQDH[WUDËDODIUDVHGHOWÇWXORYHUGDG"(QLQJOÃVWDPELÃQVRQDUÇD
H[WUDËRGHFLUpWKUHHWKRXVDQGVRIHXURVq3HURHQLQJOÃVVXHQDLJXDOGH
H[WUDËRGHFLUpWHQJRWUHVPLOORQHVGHHXURVHQHOEDQFRq)LMDRV
'RVPLOS»MDURV
'RVPLOORQHVGHS»MDURV
'RVELOORQHVGHS»MDURV
6LHPSUHSLHQVDTXHODSDODEUDpWKHUHqIXQFLRQD
FRPR VXMHWR FRQ OR TXH KD\ TXH LQYHUWLUOD FRQ
HO YHUER pWR EHq FXDQGR TXLHUHV KDFHU XQD
SUHJXQWD
'RVPLOS»MDURV
'RVPLOOÍQS»MDURV
'RVELOOÍQS»MDURV
7ZRWKRXVDQGELUGV
7ZRPLOOLRQELUGV
7ZRELOOLRQELUGV
(VGHFLUHQLQJOÃVpPLOOLRQqpELOOLRQq\pWULOOLRQqWLHQHQHOPLVPRWUD
WDPLHQWRTXHpPLOq,JXDOTXHQRGLFHVHQFDVWHOODQRpWHQJRGRVPLOHV
GHHXURVqHQLQJOÃVQRGHFLPRVpWHQJRGRVPLOORQHVGHHXURVq'HFL
PRVpWHQJRGRVPLOOÍQHXURVq
/DWUDGXFFLÍQGHODFROXPQDGHODGHUHFKDHVWRGRXQGHVFDODEURHQ
FDVWHOODQR6LQHPEDUJRDVÇORGHFLPRVHQLQJOÃV
(VWLPDGR6U$ORQVR
'HDU0U$ORQVR
0HGLULMRD9GSDUDLQIRUPDUOHGHODSUÍ[LPDIHULDGHHOHFWURGR
PÃVWLFRVSUHYLVWDSDUDODVHJXQGDVHPDQDGHQRYLHPEUH&RPR
HQDËRVDQWHULRUHVKHPRVUHVHUYDGRSURYLVLRQDOPHQWHSDUDVX
HPSUHVDXQVWDQGGHHVTXLQDGHPHWURVFXDGUDGRV/HDJUD
GHFHUÇDPRVQRVFRQîUPDUDHVWRRQRVLQGLFDUDODVPRGLîFDFLR
QHVTXHGHVHHUHDOL]DU
,DPZULWLQJWRLQIRUP\RXRIWKHXSFRPLQJHOHFWULFDODSSOLDQFH
IDLUVFKHGXOHGIRUWKHVHFRQGZHHNRI1RYHPEHU$VLQSUHYLRXV
\HDUVZHKDYHWHQWDWLYHO\UHVHUYHGDVTXDUHPHWHUFRUQHU
ERRWKIRU\RXUFRPSDQ\:HZRXOGDSSUHFLDWH\RXUFRQÀUPLQJ
WKLVRULQGLFDWLQJWKHFKDQJHV\RXZLVKWRPDNH
(VWHDËRODIHULDYDDVHUXQPD\RUFRQODSDUWLFLSDFLÍQGH
QXPHURVDVHPSUHVDVPXOWLQDFLRQDOHV(VWDPRVVHJXURVGHTXH
VXFRPSDËÇDHQFRQWUDU»HODPELHQWHLGHDOSDUDODSURPRFLÍQGH
VXQXHYDOÇQHDGHSURGXFWRVTXH\DHVW»WHQLHQGRWDQWRÃ[LWRHQ
HOPHUFDGRQDFLRQDO
7KLV \HDU WKH IDLU LV JRLQJ WR EH SHUFHQW ODUJHU ZLWK WKH
SDUWLFLSDWLRQ RI QXPHURXV PXOWLQDWLRQDO ÀUPV :H DUH VXUH
WKDW \RXU FRPSDQ\ ZLOO ÀQG WKH DWPRVSKHUH LGHDO IRU WKH
SURPRWLRQRI\RXUQHZOLQHRISURGXFWVZKLFKDUHDOUHDG\VR
VXFFHVVIXOLQWKHGRPHVWLFPDUNHW
/HDGMXQWRODOLVWDGHSUHFLRVSDUDHVWHDËR(OSOD]RSDUDHOSDJR
LQLFLDOGHOWHUPLQDHOGHRFWXEUH
,KDYHHQFORVHGWKHSULFHOLVWIRUWKLV\HDU7KHGHDGOLQHIRUWKH
LQLWLDOSD\PHQWRISHUFHQWLV2FWREHU
$ODHVSHUDGHVXVQRWLFLDV
/RRNLQJIRUZDUGWR\RXUUHSO\,DP
UHFLEDXQFRUGLDOVDOXGRGH
6LQFHUHO\\RXUV
&RQUDGRLQVLVWtDRWUDYH]HQORPLVPR
&RQVXDFWLWXGGHVLHPSUHGHDEVROXWRHVWRLFLVPR
´+DEODUpLQJOpVFXDQGRORKD\DDSUHQGLGR
<PLHQWUDVHVSHUDUp¢TXHGDHQWHQGLGR"
´1HFHVLWRPiVFODVHV\DPSOLDUYRFDEXODULR
1HFHVLWRPiVJUDPiWLFDXQFRPSOHWRLQYHQWDULR
1RVR\FRPXQLFDGRUFRPRDOJXQRVWHPHUDULR
6R\FDXWR\KX\RGHFXDOTXLHUHVFHQDULR
'RQGHPHIDOWHPLEORF\PLÀHOGLFFLRQDULR
3RUTXHPLLQJOpVWRGDYtDHVEDVWDQWHSUHFDULR
0HQLHJRDKDEODUXQLQJOpVOLEHUWDULR
1LUD\DUSRUXQPRPHQWRXQOHQJXDMHHVWUDIDODULR
+DEODUpFXDOPHYLVWRFRQHOFRUUHFWRYHVWXDULR
3RUORWDQWRVLJDPRVFRQHOFOiVLFRLWLQHUDULRµ
(VWLPDGRDPLJR\DOXPQR1XHVWURDPLJR&RQUDGRWLHQHXQVHULRSUREOH
PD1RYDDOOHJDUQXQFDDPDQHMDUELHQHOLQJOÃV$ERUGDHOLGLRPDFRPR
XQPDWHP»WLFRDERUGDXQDHFXDFLÍQGLIHUHQFLDO&UHHTXHDSUHQGHULQJOÃV
VLJQLîFDFXEULUFDGDWHUUHQRHVWDQFRGHOLGLRPDKDVWDHQWHQGHUORSHUIHF
WDPHQWH,QJOÃVDSUXHEDGHDJXDDSUXHEDGHJROSHV\DSUXHEDGHEDODV
(VWDQTXLGDGSHUIHFWD/RTXH&RQUDGRVHQLHJDDDFHSWDUHVTXHQXQFDYDD
KDEODUXQLQJOÃVFRUUHFWR6XDI»QGHWUDWDUHVWHFDPSRGHOVDEHUFRPRXQD
FLHQFLDH[DFWDOHFRQGHQDDSDVDUHOUHVWRGHVXYLGDHQXQDFODVHFRQSUR
IHVRU\PÃWRGR\DSRVSRQHULQGHîQLGDPHQWHORVLQFÍPRGRVHVFHQDULRV
GHXVRSU»FWLFRHQVLWXDFLRQHVUHDOHV/RTXH&RQUDGRVHQLHJDDDFHSWDU
SRUPLHGRRSRUWR]XGH]HVTXHHOLQJOÃVHVDUWH\FLHQFLDJUDFLD\WÃFQLFD
DOHJUÇD\UHVSRQVDELOLGDG0LHQWUDV&RQUDGRLQVLVWDHQSHUIHFFLRQDUVXPD
QHMRGHOVLPXODGRUGHYXHORSRVSRQHORP»VHVHQFLDOGHWRGRYRODU(OGÇD
TXHYXHOHSRUSULPHUDYH]HVDSULPHUDKRUDGHYXHORYDOGU»SRUKRUDV
GHVLPXODGRU6DOWHDODJXD'RQ&RQUDGR0ÍMHVH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VHVHWXOLEURHVR" ,VWKDW\RXUERRN"
&ÍPRWHOODPDV"ffffff :KDWoV\RXUQDPH"
&ÍPRVHOODPDÃO" :KDWoVKLVQDPH"
&X»OHVVXGLUHFFLÍQ" GHHOOD :KDWoVKHUDGGUHVV"
'ÍQGHHVWDVXFDVD" GHHOORV :KHUHoVWKHLUKRXVH"
(OPÇRHVHOYHUGH0LQHLVWKHJUHHQRQH
(OGHHOODHVFRPRHOWX\R+HUVLVOLNH\RXUV
'ÍQGHHVW»QORVQXHVWURV":KHUHDUHRXUV"
1RPHWUDLJDVHOGHÃO'RQoWEULQJPHKLV
1RORKDJDVFRPR\RORKDJR'RQoWGRLWOLNH,GRLW
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
7HQFXLGDGR %HFDUHIXO
3RUTXÃQROHVOODPDV" :K\GRQoW\RXFDOOWKHP"
(VW»QHVSHUDQGRWXOODPDGD 7KH\oUHH[SHFWLQJ\RXUFDOO
+D]ORHQFXDQWRSXHGDV 'RLWDVVRRQDV\RXFDQ
4XÃPHGLMLVWH" :KDWGLG\RXWHOOPH"
/RKDJRSRUTXHPHJXVWD,GRLWEHFDXVH,OLNHWR
+XERXQLQFHQGLRSRUODQRFKH7KHUHZDVDïUHGXULQJWKHQLJKW
1RYLVWHORTXH\RYL<RXGLGQoWVHHZKDW,VDZ
7HQJRTXHHVWDUDOOÇDODVGRV,KDYHWREHWKHUHDWRoFORFN
$OJXLHQOODPDDODSXHUWD6RPHRQHoVNQRFNLQJDWWKHGRRU
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
7HSHGÇTXHQRGLMHUDVQDGD ,DVNHG\RXQRWWRVD\DQ\WKLQJ
1RVHKDEODQ 7KH\GRQoWWDONWRHDFKRWKHU
1RWHHQIDGHVWDQWR 'RQoWJHWVRDQJU\
1RWHTXLWHVODFKDTXHWD 'RQoWWDNH\RXUMDFNHWRII
fVREUHWRGRFXDQGRFDQWHVHVSHFLDOO\ZKHQ\RXVLQJ
&RJHOLEUHHOYLHUQHV\GHVFDQVD7DNH)ULGD\RIIDQGJHWVRPHUHVW
£OHVEXHQRFRQORVQÔPHURV+HoVJRRGDWQXPEHUV
$FDEDVGHFRPHWHUXQHUURU<RXoYHMXVWPDGHDPLVWDNH
&X»QWRDQWHVPHMRU7KHVRRQHUWKHEHWWHU
7HQHPRVTXHSDUWLUGHFHUR:HKDYHWRVWDUWIURPVFUDWFK
%DWKWXE %DËHUD
6KRZHU 'XFKD
7DSV *ULIRV
:DVKEDVLQ /DYDER
7RLOHW 9»WHU
9RFDEXODULR%DWKURRP &XDUWRGHEDËR
0LGGOH$GYDQFHG
<RWHUHOHYR ,oOOWDNHRYHUIRU\RX
|4XÃSDVDDTXÇ" :KDWoVJRLQJRQKHUH"
´QHWHDQRVRWURV -RLQXV
1RDJXDQWRDJHQWHFRPRÃO ,FDQoWVWDQGSHRSOHOLNHKLP
(OWLHPSRHVW»GHQXHVWUDSDUWH 7LPHLVRQRXUVLGH
)RU(QJOLVKVXSHUVWDUVRQO\
(QTXÃWHKDVPHWLGR":KDWKDYH\RXJRW\RXUVHOILQWR"
(VXQWÇRWDQWHVWDUXGR+HoVVXFKDKDUGKHDGHGJX\
7HQJRXQWUDEDMRGHRîFLQD,KDYHDGHVNMRE
$FHSWRPLSDUWHGHODFXOSD,DFFHSWP\VKDUHRIWKHEODPH
(VWR\KHFKRXQOÇR,oPDOOPL[HGXS
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
9RFDEXODULR
,WVSUHDGOLNHZLOGîUH
6HH[WHQGLÍFRPRXQUHJXHURGHSÍOYRUD
7RWDNHWKHEXOOE\WKHKRUQV
$JDUUDUDOWRURSRUORVFXHUQRV
:KHQWKHGXVWKDVVHWWOHG
&XDQGRKD\DSDVDGRODWRUPHQWD
7RVZLPDJDLQVWWKHWLGH
,UFRQWUDFRUULHQWH
:DWFK\RXUVWHS
&XLGDGRFRQHOHVFDOÍQ
7RVOHHSOLNHDORJ
'RUPLUFRPRXQWURQFR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
1RUPDOPHQWHKD\XQSHULRGRGHSUXHEDGH
VHLVPHVHV
(VYDJDEXQGRGHVGHKDFHTXLQFHDËRV
/RVHQFKXIHVHVSDËROHVQRIXQFLRQDQHQ
,QJODWHUUD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHPRQWKVRIWKH\HDUDQGWKHLUSURQXQFLDWLRQ
-DQXDU\
)HEUXDU\
0DUFK
$SULO
0D\
-XQH
-XO\
$XJXVW
6HSWHPEHU
2FWREHU
1RYHPEHU
'HFHPEHU
FK»QLXHUL
IÃEUXHUL
PDUFK
ÃLSUDO
PÃL
FKÔQ
FKXO»L
»XJDVW
VHSWÃPEHU
DNWÍEHU
QRIÃPEHU
GLVÃPEHU
HQHUR
IHEUHUR
PDU]R
DEULO
PD\R
MXQLR
MXOLR
DJRVWR
VHSWLHPEUH
RFWXEUH
QRYLHPEUH
GLFLHPEUH
3ULPHUSXQWR/RVPHVHVDOLJXDOTXHORVGÇDVGHODVHPDQDVLHP
SUHVHHVFULEHQHQPD\ÔVFXOD
0DUFK
6HJXQGRSXQWR+HKHFKRXQLQWHQWRGHDFHUFDUPHORP»VSRVL
EOHDODSURQXQFLDFLÍQGHODpMqHQLQJOÃV6HWUDWDGHXQVRQLGR
IRQÃWLFRTXHQRH[LVWHHQFDVWHOODQR5HDOPHQWHHOVRQLGRHVXQD
pFKqXVDQGRODVFXHUGDVYRFDOHVDOPLVPRWLHPSR YHUpFK»QLXH
ULqRpFKÔQqRpFKXO»Lq
7HUFHUSXQWR/DpYqHQLQJOÃVVHSDUHFHP»VDODpIqHVSDËRODTXH
DODpEq YHUpQRIÃPEHUq
(VWLPDGR3HGUR
'HDU3HWHU
$QWHVTXHQDGDHQKRUDEXHQDSRUWXHOHFFLÍQFRPRSUHVLGHQ
WHGHO&OXEGHORV/HRQHV<DHUDKRUDGHTXHDOJXLHQFRQLGHDV
QXHYDVRFXSDUDHVHSXHVWR6L3ÃUH]KXELHUDVLGRUHHOHJLGRHVWR\
VHJXURGHTXHPXFKDJHQWHVHKDEUÇDPDUFKDGRGHOFOXE
)LUVWRIDOOFRQJUDWXODWLRQVRQ\RXUHOHFWLRQDVSUHVLGHQWRIWKH
/LRQV&OXE,W·VDERXWWLPHVRPHRQHZLWKQHZLGHDVRFFXSLHG
WKDW SRVLWLRQ ,I 3HUH] KDG EHHQ UHHOHFWHG ,·P VXUH D ORW RI
SHRSOHZRXOGKDYHOHIWWKHFOXE
7HHVFULERSRUTXHDOSDUHFHUYDPRVDYHUQRVHQ1XHYD<RUNHQ
HO&RQJUHVRGHO$WÔQGHO$WO»QWLFR1RUWH0HHQWHUÃD\HUGHTXH
LEDVDDVLVWLUDOFRQJUHVRHQQRPEUHGH3HVFDEXHQD\TXLHURTXH
VHSDVTXHYR\DLUWDPELÃQHQQRPEUHGHO0LQLVWHULRGH$JUL
FXOWXUD
,·PZULWLQJWR\RXEHFDXVHDSSDUHQWO\ZH·UHJRLQJWRVHHHDFK
RWKHU LQ 1HZ <RUN DW WKH 1RUWK $WODQWLF 7XQD &RQYHQWLRQ ,
IRXQGRXW\HVWHUGD\WKDW\RXZHUHJRLQJWRDWWHQGRQEHKDOI
RI 3HVFDEXHQD DQG , ZDQW \RX WR NQRZ WKDW ,·OO EH JRLQJ RQ
EHKDOIRIWKH0LQLVWU\RI$JULFXOWXUH
3RUFLHUWRYD3DTXLWDFRQWLJR"0DQROLVLHPSUHVHDEXUUHHQHV
WRVHYHQWRVSHURVLYDVDOOHYDUD3DTXLWDHVRFDPELDODVFRVDV
%\WKHZD\LV3DTXLWDJRLQJZLWK\RX"0DQROLDOZD\VJHWVER
UHG DW WKHVH HYHQWV EXW LI \RX·UH JRLQJ WR WDNH 3DTXLWD WKDW
FKDQJHVWKLQJV
$YÇVDPH UHVSHFWR D WXV SODQHV7HQJR XQDV JDQDV WHUULEOHV GH
DOHMDUPH GHO QXHYR PLQLVWUR SRU XQRV GÇDV 1R KD\ TXLHQ OH
DJXDQWH
/HWPHNQRZ\RXUSODQV,FDQ·WZDLWWRJHWDZD\IURPWKHQHZ
PLQLVWHUIRUDIHZGD\V1RERG\FDQVWDQGWKHJX\
+DVWDSURQWR
6HH\RXVRRQ
(VWLPDGRDPLJR\DOXPQR'HVGHTXHYLYRHQ(VSDËDGHYH]HQFXDQGRKHYLVWRSXEOLFDGRVORVUHVXOWDGRVGHGLYHUVDVHQFXHVWDVDFHUFD
GHOQLYHOGHLQJOÃVGHORVHVSDËROHV6HJÔQODHQFXHVWDODFLIUDGHSHUVRQDVTXHVHGHVHQYXHOYHQHQLQJOÃVSXHGHRVFLODUHQWUHXQ\XQ
<RWUDVDËRVGHH[SHULHQFLD\REVHUYDFLÍQVLWÔRODFLIUDSRUGHEDMRGHO'HVHQYROYHUVHVLQSUREOHPDVHQLQJOÃVVLJQLîFD
3RGHUDVLVWLUDXQDUHXQLÍQGHDOWRQLYHOFRQFLQFRQDWLYRVGHKDEODLQJOHVD\HQWHQGHUWRGRDODSULPHUDGHIRUPDTXHXQRSXHGDLQWHU
YHQLUHQORVPRPHQWRVSURSLFLRV\PHWHUED]DVLHVSUHFLVR
&RPSDUWLUFRQHVWRVPLVPRVQDWLYRVORVPRPHQWRVVRFLDOHVGHODUHODFLÍQSURIHVLRQDOFRPRODVFRPLGDVSDXVDVSDUDFDIÃFÍFWHOHV
HWF\VDEHUPDQWHQHUHOWLSRKDVWDHOSXQWRGHSRGHUSDUWLFLSDUWDPELÃQGHOEXHQDPELHQWHUHLQDQWH
6DEHUHVFULELUXQLQIRUPHGHIHQGLHQGRXQSXQWRGHYLVWDDQWHODVHGHH[WUDQMHUDGHVSOHJDQGRDORODUJRGHOPLVPRGHIRUPDHîFD]\
HORFXHQWHORVDUJXPHQWRVGHQWURGHXQDFRUUHFWDJUDP»WLFDVLQWD[LV\RUWRJUDIÇD
'HORVFDVLPLOORQHVGHSHUVRQDVTXHYLYHQHQ(VSDËDQLSRVHHQHVWHQLYHO
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
6R\HVSDËRO ,oP6SDQLVK
(UHVIUDQFÃV <RXoUH)UHQFK
(OODHVDOHPDQD 6KHoV*HUPDQ
6RPRVLQJOHVHV :HoUH(QJOLVK
6RQFKLQRV 7KH\oUH&KLQHVH
(VW»OORYLHQGR,WoVUDLQLQJ
+DFHVRO,WoVVXQQ\
+DFHYLHQWR,WoVZLQG\
+DFHFDORU,WoVKRW
+DFHIUÇR,WoVFROG
+HDGERDUG &DEHFHUR
%HGVLGHODPS /»PSDUDGHODPHVLOOD
3LOORZ $OPRKDGD
%HGVLGHWDEOH 0HVLOODGHQRFKH
%HG &DPD
9RFDEXODULR%HGURRP 'RUPLWRULR
/RZ,QWHUPHGLDWH
3RUTXÃHVW»VOORUDQGR" :K\DUH\RXFU\LQJ"
£OHVW»HTXLYRFDGR +HoVZURQJ
7HQHPRVUD]ÍQ :HoUHULJKW
(VWRVVRQPÇRV 7KHVHDUHPLQH
&ÍPRHQFXHQWUDHOWLHPSR" +RZGRHVKHïQGWKHWLPH"
0LGGOH,QWHUPHGLDWH
'ÍQGHHVWXYLVWHDQRFKH":KHUHZHUH\RXODVWQLJKW"
(VWDEDFRQPLQRYLD,ZDVZLWKP\JLUOIULHQG
&X»QGRQDFLVWH":KHQZHUH\RXERUQ"
7HSXHGRKDFHUXQD&DQ,DVN\RXDSHUVRQDO
SUHJXQWDSHUVRQDO"TXHVWLRQ"
+DEODPHQRVTXHVXKHUPDQD+HVSHDNVOHVVWKDQKLVVLVWHU
+LJK,QWHUPHGLDWH
6ÍORHVWDEDEURPHDQGR ,ZDVMXVWMRNLQJ
1RORKHYLVWRWRGDYÇD ,KDYHQoWVHHQLW\HW
'HTXÃHVW»EDPRVKDEODQGR" :KDWZHUHZHWDONLQJDERXW"
4XLHURTXHPHORGLJDVDKRUD ,ZDQW\RXWRWHOOPHQRZ
/OHYRDËRVYLYLHQGRHQ6HYLOOD ,oYHEHHQOLYLQJLQ6HYLOOH
IRU\HDUV
/RZ$GYDQFHG
1RKD\PRWLYRSRUHOTXH7KHUHoVQRQHHGWRZRUU\
SUHRFXSDUVH
%ÔVFDORHQ,QWHUQHW/RRNLWXSRQWKH,QWHUQHW
£OHVXQSHVDGR+HoVDSDLQLQWKHQHFN
|7UDQTXLOR7DNHLWHDV\
(OODHVJXDSÇVLPD6KHoVJRUJHRXV
0LGGOH$GYDQFHG
|4XÃDOLYLR :KDWDUHOLHI
6LQRKXELHUDVLGRSRUWLKDEUÇD ,ILWKDGQoWEHHQIRU\RX,oG
JDQDGRKDYHZRQ
£OUHVXOWÍVHUXQGHVDVWUH +HWXUQHGRXWWREHDGLVDVWHU
1LVLTXLHUDYLQRHOSURIHVRU 1RWHYHQWKHWHDFKHUFDPH
'HTXLÃQIXHHVDLGHD" :KRVHLGHDZDVWKDW"
)RU(QJOLVKVXSHUVWDUVRQO\
|4XÃOLVWLOORHUHV<RXoUHVXFKDVPDUWDOHF
/RWHQÇDQWRGRFDOFXODGR7KH\KDGLWDOOïJXUHGRXW
'HPRPHQWR\KDVWDQXHYRDYLVR)RUWKHWLPHEHLQJ
<DQRSXHGRP»V7KLQJVDUHJHWWLQJRQWRSRIPH
|3UHSDUDGRVOLVWRV\D5HDG\VWHDG\JR
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
9RFDEXODULR
:HoUHEDFNWRVTXDUHRQH
(VWDPRVRWUDYH]SDUWLHQGRGHFHUR
7KHUHoVQRWKLQJWRLW
(VIDFLOÇVLPR1RWLHQHPD\RUVHFUHWR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7KDWoVWKHZD\WKHFRRNLHFUXPEOHV
$VÇHVODYLGD4XÃVHOHYDDKDFHU"
fWKURXJKWKLFNDQGWKLQ
WDQWRDODVGXUDVFRPRDODV
PDGXUDV
&X»OHVQXHVWURSUHVXSXHVWR"
0HHVW»VOODPDQGRPHQWLURVR"
&RPSUDUÃWLQWDSDUDODLPSUHVRUD
(QJOLVKLVDSLHFHRIFDNH
(OLQJOÃVHVSDQFRPLGR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6WLFNDURXQG
4XÃGDWH1RWHYD\DV
+HOOR
+L
*RRGPRUQLQJ
*RRGDIWHUQRRQ
+ROD
+ROD
%XHQRVGÇDV
%XHQDVWDUGHV
*RRGHYHQLQJ
%XHQDVWDUGHV
*RRGQLJKW
%XHQDVQRFKHV
*RRGE\H
%\H
%\HE\H
6HH\RXODWHU
6HH\RXWRPRUURZ
6HH\RXVRRQ
+RZGR\RXGR"
+RZDUH\RX"
+RZDUH\RXGRLQJ"
+RZoVLWJRLQJ"
+RZDUHWKLQJVJRLQJ"
9HU\ZHOOWKDQN\RX
)LQHWKDQN\RX
3OHDVHGWRPHHW\RX
,WoVDSOHDVXUH
1LFHWRPHHW\RX
*ODGWRPHHW\RX
*RRGWRPHHW\RX
7KDQN\RX
7KDQNV
7KDQN\RXYHU\PXFK
7KDQNVDORW
$GLÍV
$GLÍV
$GLÍV
+DVWDOXHJR
+DVWDPDËDQD
+DVWDSURQWR
&ÍPRHVW»"
&ÍPRHVW»"
4XÃWDO"
&ÍPRYDQODVFRVDV"
&ÍPRYDQODVFRVDV"
0X\ELHQJUDFLDV
%LHQJUDFLDV
(QFDQWDGR
(VXQSODFHU
(QFDQWDGR
(QFDQWDGR
(QFDQWDGR
*UDFLDV
*UDFLDV
0XFKDVJUDFLDV
0XFKDVJUDFLDV
<RXoUHZHOFRPH
'HQDGD
1RWDWDOO
'RQoWPHQWLRQLW
7KDQN\RX
'HQDGD
'HQDGD
$9G
'HXVRXQLYHUVDO
'HXVRXQLYHUVDODKRUDDQWHVVÍORHQ((88
6HGLFHKDVWDPHGLRGÇD
6HGLFHHQWUHPHGLRGÇD\ODFDÇGDGHOVRORKDVWDTXHXQRWHUPLQH
GHWUDEDMDU
6HGLFHSRUODWDUGHFXDQGRXQR\DHVW»P»VUHODMDGRGHVSXÃVGH
WUDEDMDU$OJXQRVGLFHQTXHpDIWHUQRRQqFDPELDDpHYHQLQJqFRQ
HOSULPHUZKLVN\
6DOXGRGHGHVSHGLGDFXDQGRXQRVHYDDODFDPDRVHGHVSLGHGH
VXVDQîWULRQHV\DPX\GHQRFKH
'HVSHGLGDHVW»QGDUSHURTXL]»ODPHMRU
'HVSHGLGDEUHYH\U»SLGDPX\XVDGD
'HVSHGLGDP»VFDULËRVD
0X\FRUULHQWH
6HXVDP»VHQFDVWHOODQRTXHHQLQJOÃV
6HXVDP»VHQFDUWDVTXHDOKDEODU
6DOXGRIRUPDODOVHUSUHVHQWDGRDXQH[WUDËR
6DOXGRPHQRVIRUPDOSDUDFRQRFLGRV
6DOXGRIDPLOLDUXVDGRFRQDPLJRV
6DOXGRPX\FRUULHQWH
6DOXGRPX\FRUULHQWH
0X\IRUPDO
8VDHVWDIRUPDVLHPSUH
6DOXGRDOJRIRUPDODOVHUSUHVHQWDGR
6DOXGRDOJRIRUPDODOVHUSUHVHQWDGR
6DOXGRPHQRVIRUPDODOVHUSUHVHQWDGR
6DOXGRPHQRVIRUPDODOVHUSUHVHQWDGR
6DOXGRPHQRVIRUPDODOVHUSUHVHQWDGR
$JUDGHFLPLHQWRSUHIHULGR
$JUDGHFLPLHQWRU»SLGRHQWUHDPLJRV
(OPHMRUGHORVDJUDGHFLPLHQWRV
&XLGDGRFRQHVWDIRUPD(VODTXHVHXVDFXDQGRGLFHVpPXFKDV
JUDFLDVqGHIRUPDVDUF»VWLFD
8VDGRHQ((88 SHURVHHVW»LPSRQLHQGRHQRWURVSDÇVHV
DQJORVDMRQHVWDPELÃQ
'HXVRXQLYHUVDO
8VDGRDOJRPHQRV
0X\XVDGRVREUHWRGRDOGHFLUp$9GqDGHSHQGLHQWHVGHWLHQGD
RVLPLODU6HDFHQWÔDHOp\RXq
(VWLPDGRDPLJR\DOXPQR3RUQXHVWURJUDQGHVHRGHSUHVHQWDUWHWRGDFODVHGHVDOXGRVGHVSHGLGDVHWFKHPRVSUHVFLQGLGRKR\GHODFDUWD
FRPHUFLDO(VLPSRUWDQWHTXHDSUHQGDVELHQODVIRUPDVVHQFLOODVH[SXHVWDVHQHVWDîFKD\DTXHSRUPX\ELHQTXHDOJXLHQGRPLQHHOLQJOÃV
PXFKDVYHFHVVLHQWHFLHUWDLQVHJXULGDGDODKRUDGHH[SUHVDUODVIRUPDVP»VVHQFLOODVGHHWLTXHWDVRFLDO(ODOXPQRHVSDËROWLHQGHDSHQVDU
TXHSURJUHVDUVLJQLîFDDFXPXODUFRQRFLPLHQWRVWHÍULFRVFDGDYH]P»VFRPSOHMRV\GLIÇFLOHV(VWRQRHVFLHUWR3URJUHVDUVLJQLîFDFRQVROLGDU
XQ»JLOXVRRUDOGHODEDVHJUDPDWLFDO\GHIRUPDV\HVWUXFWXUDVVHQFLOODVFRPRODVH[SXHVWDVHQHVWDS»JLQD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
£OHVPLWÇR +HoVP\XQFOH
(VXQFRFKHFDURffffff ,WoVDQH[SHQVLYHFDU
1RVR\GH0DGULG ,oPQRWIURP0DGULG
1RHUHVPX\LQWHOLJHQWH <RXDUHQoWYHU\LQWHOOLJHQW
1RVRQPLVSULPRV7KH\DUHQoWP\FRXVLQV
9HQDTXÇDKRUD&RPHKHUHQRZ
%DLODSDUDPÇ'DQFHIRUPH
1RKDEOHVFRQHOOD'RQoWVSHDNWRKHU
&RQWHVWHODSUHJXQWD$QVZHUWKHTXHVWLRQ
3LÃQVDWHOR7KLQNDERXWLW
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&RQTXÃIUHFXHQFLDYDVDODLJOHVLD" +RZRIWHQGR\RXJRWRFKXUFK"
(OODWRFDPX\ELHQHOSLDQR 6KHSOD\VWKHSLDQRYHU\ZHOO
'ÍQGHYDVGHYDFDFLRQHV :KHUHDUH\RXJRLQJRQKROLGD\
HVWHDËR"WKLV\HDU"
9»PRQRV /HWoVJR
6LHPSUHPHOHYDQWRWHPSUDQR ,DOZD\VJHWXSHDUO\
&HQÃFRQHOMHIHDQRFKH,KDGGLQQHUZLWKWKHERVVODVW
QLJKW
3RUTXÃOHGLMLVWHHVR DHOOD ":K\GLG\RXVD\WKDWWRKHU"
/HÇHVHOLEURFXDQGRWHQÇD,UHDGWKDWERRNZKHQ,ZDV
9LVWHODSHOÇFXODHQHOFLQH"'LG\RXVHHWKHïOPDWWKHFLQHPD"
&X»QWRGXUDODSHOÇFXOD"+RZORQJGRHVWKHïOPODVW"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
8QDVYDFDFLRQHVPHYHQGUÇDQELHQ,FRXOGGRZLWKDKROLGD\
6HPHROYLGÍGHFÇUVHOR DHOORV ,IRUJRWWRWHOOWKHP
3RUTXÃWHHQIDGDVWHSRUHVR" :K\GLG\RXJHWDQJU\DERXWWKDW" 'HEHUÇDVKDEÃUPHORGLFKR<RXVKRXOGKDYHWROGPH
0HJXVWDUÇDTXHWÔVHOR ,oGOLNH\RXWRDVNKLP
3RQORDOUHYÃV3XWLWWKHRWKHUZD\URXQG
SUHJXQWDUDV DÃO 6LÃOHVWXYLHUDDTXÇQRKDEUÇD,IKHZHUHKHUHWKHUHZRXOGQoW
6LJXHVYLYLHQGRFRQWXVREULQD" $UH\RXVWLOOOLYLQJZLWK\RXUQLHFH"SUREOHPD
EHDQ\SUREOHP
0HFXHVWDOOHJDUDîQGHPHV ,ïQGLWGLIïFXOWWRPDNHHQGVPHHW $S»JDORVDQWHVGHTXHWHPDUFKHV7XUQWKHPRIIEHIRUH\RXOHDYH
£UDVHXQDYH]2QFHXSRQDWLPH
3DLQWLQJ &XDGUR
3DLQWEUXVK 3LQFHO
(DVHO &DEDOOHWH
&DQYDV /LHQ]R
3DOHWWH 3DOHWD
9RFDEXODULR$UW $UWH
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
0HFXHVWDHQWHQGHUWH ,KDYHWURXEOHXQGHUVWDQGLQJ\RX 9LYLHURQIHOLFHV\FRPLHURQSHUGLFHV7KH\OLYHGKDSSLO\HYHUDIWHU
3XHGHTXHKD\DKDELGRXQHUURU 7KHUHPLJKWKDYHEHHQDPLVWDNH 4XÃSDVDFRQWLJR":KDWoVXSZLWK\RX"
7HLPSRUWDUÇDEDMDUODPÔVLFD" :RXOG\RXPLQGWXUQLQJWKH
0HHQFDQWDTXHGDUPHHQOD,ORYHKDYLQJDOLHLQ
PXVLFGRZQ"FDPDKDVWDWDUGH
$\HUPHHQWHUÃGHTXHVHKDQ ,IRXQGRXW\HVWHUGD\WKDWWKH\ 7XWUDMHHVW»FRPSOHWDPHQWH<RXUVXLWoVWRWDOO\FUHDVHG
GLYRUFLDGRJRWGLYRUFHGDUUXJDGR
0HFXHVWDOOHJDUDîQGHPHV ,ïQGLWGLIïFXOWWRPDNH
1ROHFRMRHOWUXFR,FDQoWJHWWKHKDQJRILW
HQGVPHHW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
3UHJXQWDVFRQODSUHSRVLFLÍQIURPq
7KDWPDNHVWZRRIXV
<DVRPRVGRV
7REHSDUWRIWKHIXUQLWXUH D
SHUVRQ
)RUPDUSDUWHGHOGHFRUDGR
7KHRWKHUVLGHRIWKHFRLQ
/DRWUDFDUDGHODPRQHGD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
£OHVGH)UDQFLD"
'HGÍQGHHVHOOD"
'HGÍQGHHUHV"
7LPHLVDJUHDWKHDOHU
(OWLHPSRORFXUDWRGR
7KHWLSRIWKHLFHEHUJ
/DSXQWDGHOLFHEHUJ
:HoUHUXQQLQJRXWRIWLPH
6HQRVDFDEDHOWLHPSR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KH6SDQLVKVXEMXQFWLYHLQ(QJOLVK
7HDFKHU3DFRWHOO0DUÇDWRWHOO
PHWRJHWXS
3DFR0DUÇDWHOOWKHWHDFKHUWR
JHWXS
0DUÇD*HWXSSOHDVH
7HDFKHU3DFRZKDWLV0DUÇD
WHOOLQJPH"
3DFR6KHoVWHOOLQJ\RXWRJHWXS
5HFXHUGDTXHFXDQGRSUHJXQWDPRVGHGÍQGHHV
DOJXLHQODSUHSRVLFLÍQpIURPqVHFRORFDDOîQDO
HMHPSORV\
3URIHVRU3DFRGLD0DUÇDTXHPH
GLJDTXHPHOHYDQWH
3DFR0DUÇDGLDOSURIHVRUTXHVH
OHYDQWH
0DUÇD/HY»QWDWHSRUIDYRU
3URIHVRU3DFRTXÃPHHVW»
GLFLHQGR0DUÇD"
3DFR7HHVW»GLFLHQGRTXHWH
OHYDQWHV
(VWXGLDORVPHQVDMHVLQWHUFDPELDGRVHQLQJOÃVHQWUHORVWUHVSDUWLFLSDQ
WHV\GHVSXÃVFRPS»UDORVFRQVXWUDGXFFLÍQDOFDVWHOODQR)ÇMDWHHQOD
GLIHUHQFLDTXHH[LVWHHQWUHHOXVRGHOVXEMXQWLYRHQHVSDËRO TXHPH
GLJDTXHPHOHYDQWHHWF \FÍPRORKDFHPRVHQLQJOÃV
(OVXEMXQWLYRH[LVWHHQLQJOÃVSHURVÍORHQRFDVLRQHVSRFRIUHFXHQWHV
)ÇMDWHHQODIUDVHDFRQWLQXDFLÍQ
7HOOKLPWRFRPHWRP\RIîFHDVVRRQDVSRVVLEOH
'LOHTXHYHQJDDPLRîFLQDORDQWHVSRVLEOH
)ÇMDWHHQODSDUWHVXEUD\DGDGHODLQVWUXFFLÍQp7HOOKLPWRFRPHq(Q
LQJOÃVQRGHFLPRVp'LOHTXHYHQJDqVLQROLWHUDOPHQWHp'LOHYHQLUq
(VWLPDGR6U*DUFÇD
'HDU0U*DUFtD
(VWDU»GHDFXHUGRFRQQRVRWURVHQTXHHOÃ[LWRGHXQDHPSUHVD
WLHQHPXFKRTXHYHUFRQODLPDJHQTXHSUR\HFWD/DJHQWHVXHOH
FRPSUDUXQGHWHUPLQDGRSURGXFWRSRUTXHWLHQHFRQîDQ]DHQOD
PDUFDRHQODFRPSDËÇDTXHORIDEULFD(VWDFRQîDQ]DVHGHEHLQ
GXGDEOHPHQWHDODLPDJHQGHODHPSUHVDRGHVXVPDUFDV
<RXZLOODJUHHZLWKXVWKDWDFRPSDQ\·VVXFFHVVKDVDORWWRGR
ZLWKWKHLPDJHLWSURMHFWV3HRSOHXVXDOO\EX\DFHUWDLQSURGXFW
EHFDXVHWKH\KDYHFRQÀGHQFHLQWKHEUDQGRULQWKHFRPSDQ\
WKDW PDQXIDFWXUHV LW 7KLV FRQÀGHQFH LV GXH SUHFLVHO\ WR WKH
LPDJHRIWKHFRPSDQ\RULWVEUDQGV
'HVGHKDFHDËRV,0$*(%8,/',1*,1&HVOÇGHUPXQGLDOHQ
FUHDULP»JHQHVTXHVHWUDGXFHQHQYHQWDV\EHQHîFLRV1XHVWUR
HTXLSRGHSURIHVLRQDOHVWLHQHDËRVGHH[SHULHQFLDWUDWDQGRFRQ
ORVPHGLRVGHFRPXQLFDFLÍQ\SXHGHQHQPHQRVWLHPSRGHOR
TXH9GSLHQVDFUHDURFDPELDUXQDLPDJHQFRUSRUDWLYD\OOHYDU
XQDHPSUHVDKDFLDXQDSRVLFLÍQGHOLGHUD]JRHQHOPHUFDGR
)RU WKH SDVW \HDUV ,0$*(%8,/',1* ,1& KDV EHHQ WKH
ZRUOGOHDGHULQFUHDWLQJLPDJHV WKDW WUDQVODWHLQWRVDOHVDQG
SURÀWV 2XU WHDP RI SURIHVVLRQDOV KDV \HDUV RI H[SHULHQFH
GHDOLQJ ZLWK WKH PHGLD DQG WKH\ FDQ LQ OHVV WLPH WKDQ \RX
WKLQNFUHDWHRUFKDQJHDFRUSRUDWHLPDJHDQGFDUU\DFRPSDQ\
WRZDUGDSRVLWLRQRIPDUNHWOHDGHUVKLS
'ÃQRVXQDRSRUWXQLGDGSDUDGHPRVWUDUOHORTXHSRGHPRVKDFHU
6HU»ODPHMRULQYHUVLÍQTXHVXHPSUHVDSXHGDUHDOL]DU
*LYHXVDQRSSRUWXQLW\WRVKRZ\RXZKDWZHFDQGR,WZLOOEH
WKHEHVWLQYHVWPHQW\RXUFRPSDQ\FDQPDNH
$WHQWDPHQWH
6LQFHUHO\\RXUV
3DUDHOSLORWRQRYDWRHOVLPXODGRU\SUiFWLFDV
DGTXLHUHKDELOLGDGHVHQXQSULQFLSLRHVWiWLFDV
6LKX\HGHYRODULQVLVWLHQGRHQVLPXODU
SRGUiVLTXLHUHGLH]PLOKRUDVDFXPXODU
SHURVLQKRUDVGHYXHORHVD~QSULQFLSLDQWH
\¢TXLpQVHRIUHFHUtDFRPRSULPHUDFRPSDxDQWH"
3HURFRQVyORFLHQKRUDVGHVLPXODGRU
PiVRWUDVFLQFXHQWDGHDYLDGRU
ODFXHVWLyQ\DHVRWUD\KDEUtDEDVWDQWHV
GLVSXHVWRVDVXELUVLQPLHGRQLFDOPDQWHV
SRUTXHVDEHQTXHGLH]KRUDVGHDYLDGRU
HTXLYDOHQDPLOGHVLPXODGRU
(VWLPDGRDPLJR\DOXPQR/DFODVHHOSURIHVRU\HOPÃWRGRVRQQHFHVDULRV
SDUDDGTXLULUXQDEDVHWHÍULFDJUDPDWLFDO\SDUDUHDOL]DUSU»FWLFDVGHUHSUR
GXFFLÍQRUDOFRQHOîQGHFRQVROLGDUK»ELWRVDXWRPDWL]DGRVGHODQWHGHO
SURIHVRUHQHOFÍPRGRDPELHQWHGHODXOD3HURHOWUÇRFODVHSURIHVRUPÃWR
GRQRGHMDGHVHUXQSHUIHFWRHTXLYDOHQWHDOVLPXODGRUGHYXHORGRQGHVL
XQRVHHVWUHOODQRPXHUH7HDWUHYHUÇDVDPRQWDUFRQXQSLORWRQRYDWROD
SULPHUDYH]TXHSLORWDVHXQDYLÍQ"/RKDUÇDVVLHOQRYDWR\DWXYLHUDPLOKR
UDVGHDGLHVWUDPLHQWRHQXQVLPXODGRU"3UREDEOHPHQWHWDPSRFR/DFODVH
GHLQJOÃVHOSURIHVRU\HOPÃWRGRFRQVWLWX\HQHQHOPHMRUGHORVFDVRVXQ
VLPXODGRUGHYXHORGRQGHVLWHHVWUHOODVQRPXHUHV6LTXLHUHVKDFHUWH
GHYHUGDGFRQHOLQJOÃVYDVDWHQHUTXHYRODUPXFKRSDUDVXSHUDUHOPLHGR
HVFÃQLFR\HOVHQWLGRGHOULGÇFXOR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
1RHVW»PX\FRQWHQWD 6KHoVQRWYHU\KDSS\
1RVRPRVKHUPDQRV :HDUHQoWEURWKHUV
3RUTXÃHVW»DELHUWR" :K\LVLWRSHQ"
'ÍQGHHVW»HOODDKRUD" :KHUHLVVKHQRZ"
4XLÃQHVVRQWXVDPLJRV" :KRDUH\RXUIULHQGV"
(VWR\HVWXGLDQGRHQXQD ,oPVWXG\LQJDWDQDFDGHP\
DFDGHPLD
0LWÇDYLYHHQXQDSDUWDPHQWR 0\DXQWOLYHVLQDðDW
7LHQHVPDVFRWDV" 'R\RXKDYHDQ\SHWV"
&ÍPRVHGHOHWUHDWXQRPEUH" +RZGR\RXVSHOO\RXUQDPH"
1RTXLHURWXVH[FXVDV ,GRQoWZDQW\RXUH[FXVHV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
'ÍQGHFRPSUDVWXURSD" :KHUHGR\RXEX\\RXUFORWKHV"
1HFHVLWRKDEODUFRQWXVSDGUHV ,QHHGWRVSHDNWR\RXUSDUHQWV
1RFUHRTXHWHQJDWLHPSR ,GRQoWWKLQN,KDYHWKHWLPH
1XQFDVHUÇHQ 7KH\QHYHUODXJK
3RUTXÃKDFHHVR" :K\GRHVKHGRWKDW"
/RFRPSUÍHODËRSDVDGR +HERXJKWLWODVW\HDU
3HQVÃTXHHVWDEDVFDVDGR ,WKRXJKW\RXZHUHPDUULHG
)XHHOODFRQWLJRDOPÃGLFR" 'LGVKHJRZLWK\RXWRWKHGRFWRU"
1RHVWDPRVOLVWRVWRGDYÇD :HoUHQRWUHDG\\HW
(OODWUDMRVXRUGHQDGRUDFODVH 6KHEURXJKWKHUFRPSXWHUWR
WKHFODVV
6DLO 9HOD
'HFN &XELHUWD
%RZ 3URD
3RUWKROH 2MRGHEXH\
+XOO &DVFR
9RFDEXODULR%RDW %DUFR
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
<RTXÃWÔQRORKDUÇD ,I,ZHUH\RX,ZRXOGQoWGRLW
+DEÇDPHQRVGHORTXHHVSHUDED 7KHUHZHUHIHZHUWKDQ,H[SHFWHG
6R\FXUDGHVGHKDFHDËRV ,oYHEHHQDSULHVWIRU\HDUV
&X»QWRWDUGDUÇDPRVVL +RZORQJZRXOGLWWDNHXVLIZH
6HSDUHFHDVXPDGUH" 'RHVVKHORRNOLNHKHUPRWKHU"YRO»VHPRV"ðHZ"
7RPHPRVXQGHVFDQVR /HWoVWDNHDEUHDN
|4XÃLPEÃFLOHUHV <RXoUHVXFKDIRRO
1RPHGHMÍEHVDUOD 6KHGLGQoWOHWPHNLVVKHU
&X»QGRSHQVDEDVGHFÇUVHOR :KHQZHUH\RXSODQQLQJWRWHOO
DHOOD "KHU"
2MDO»HVWXYLHUDVDTXÇ ,ZLVK\RXZHUHKHUH
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
/OHJDUÃVREUHODVRFKR ,oOOEHWKHUHDWHLJKWLVK
(VXQWRUEHOOLQR +HoVDUHDOOLYHZLUH
(VWR\SHODGR ,oPEURNH
+HFRQYRFDGRXQDUHXQLÍQ ,oYHFDOOHGDPHHWLQJRQ0RQGD\
6HPHTXHGDURQSHJDGDVODV ,RYHUVOHSW
SDUDHOOXQHV
V»EDQDV
7HQGUHPRVTXHDSOD]DUOR :HoOOKDYHWRSXWLWRIIXQWLO0D\
1RVÃORTXHKDUÇDVLQWL ,GRQoWNQRZZKDW,oGGRZLWKRXW\RXKDVWDPD\R
(QTXÃGHPRQLRVHVWDEDV :KDWWKHKHOOZHUH\RXWKLQNLQJRI" 0HTXHGÃïLSDGR,ZDVJREVPDFNHG
SHQVDQGR"
&RQVÔOWDORFRQODDOPRKDGD 6OHHSRQLW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
3KUDVDOYHUE
+HoVDWRXJKQXWWRFUDFN
£OHVXQKXHVRGXURGHURHU
)LUVWWKLQJLQWKHPRUQLQJ
$SULPHUDKRUDGHODPDËDQD
$OORIDVXGGHQ
'HUHSHQWH
,QWKHPHDQWLPH
0LHQWUDVWDQWR
$VIDUDV,oPFRQFHUQHG
3RUPÇHQORTXHDPÇVHUHîHUH
,QDOLWWOHZKLOH
'HQWURGHSRFR
7RPDNHLWXSZLWKVRPHRQH
+DFHUODVSDFHVFRQDOJXLHQ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6HU»I»FLOKDFHUODVSDFHVFRQÃO
7RGDYÇDQRKDKHFKRODVSDFHVFRQVXPHMRU
DPLJD
+DVKHFKRODVSDFHVFRQWXFRPSDËHURGH
WUDEDMR\D"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
:KDWWLPHGR\RXKDYHEUHDNIDVW"
(QLQJOÃVHPSOHDPRVHOYHUERpWRKDYHqSDUDFRQVXPLFLRQHV(Q
FDVWHOODQR HPSOH»LV pWRPDUq R XV»LV XQ YHUER HVSHFÇîFR FRPR
pGHVD\XQDUqpDOPRU]DUqRpFHQDUq7HSLGRSRUIDYRUTXHUHFXHU
GHVHVWRVLHPSUH\DTXHORVSURIHVRUHVGHLQJOÃVHVWDPRVFDQVD
GRVGHRÇUWDQWRpWRWDNHDFRIIHHq6HGLFHWRKDYHDFRIIHH
WRKDYHEUHDNIDVW
WRKDYHOXQFK
WRKDYHGLQQHU
WRKDYHDGULQN
WRKDYHVRPHWKLQJWRHDW
GHVD\XQDU
DOPRU]DURFRPHU
FHQDU
WRPDUXQDFRSD
WRPDUDOJRGHFRPHU
WRKDYHDEHHU
WRKDYHDVQDFN
WRKDYHDFXSRIFRIIHH
WRKDYHDFXSRIWHD
WRPDUXQDFHUYH]D
PHUHQGDU
WRPDUXQDWD]DGHFDIÃ
WRPDUXQDWD]DGHWÃ
/DÔQLFDH[FHSFLÍQHVFXDQGRXQRWRPDPHGLFLQDV(QHVWRVFD
VRVHPSOHDPRVHOYHUERpWRWDNHqFRPRHQHVSDËRO
7DNH\RXUV\UXS
+HWRRNWZRVOHHSLQJSLOOV
<RXWDNHWRRPXFKPHGLFLQH
7ÍPDWHWXMDUDEH
6HWRPÍGRVSDVWLOODVSDUDGRUPLU
7RPDVGHPDVLDGRVPHGLFDPHQWRV
(VWLPDGR6U,YDQRYLFK
'HDU0U,YDQRYLFK
+HPRVUHFLELGRHOHQYÇRGHFDPLVDV\DOLQVSHFFLRQDU
ODV KHPRV HQFRQWUDGR DOJR PX\ H[WUDËR7RGDV \ FDGD XQD
GH ODV FDPLVDV WLHQHQ OR TXH SDUHFH VHU XQD TXHPDGXUD GH
FLJDUULOOR FLJDUHWWHEXUQ HQVXPDQJDGHUHFKD
:H KDYH UHFHLYHG WKH VKLSPHQW RI VKLUWV DQG XSRQ
LQVSHFWLQJWKHPZHKDYHIRXQGVRPHWKLQJYHU\VWUDQJH(DFK
DQGHYHU\RQHRIWKHVKLUWVKDVZKDWVHHPVWREHDFLJDUHWWH
EXUQRQWKHULJKWVOHHYH
+XHOJDGHFLUTXHQRSRGHPRVDFHSWDUHOHQYÇR\TXHGDPRVDOD
HVSHUDGHVXVLQVWUXFFLRQHVHQFXDQWRDTXÃKDFHUFRQHOOR6LQ
HPEDUJRORTXHQRVSUHRFXSDDKRUDVRQORVSOD]RVTXHWHQHPRV
TXHFXPSOLUFRQORVPD\RULVWDV\DTXHHOORVHVSHUDQWHQHUODV
FDPLVDVHQVXVDOPDFHQHVQRP»VWDUGHGHOGHGLFLHPEUH
,WJRHVZLWKRXWVD\LQJWKDWZHFDQQRWDFFHSWWKHVKLSPHQWDQG
ZHDZDLW\RXULQVWUXFWLRQVDVWRZKDWWRGRZLWKLW+RZHYHU
ZKDWZRUULHVXVQRZDUHWKHGHDGOLQHVZHKDYHWRPHHWZLWK
WKH ZKROHVDOHUV VLQFH WKH\ H[SHFW WR KDYH WKH VKLUWV LQ WKHLU
ZDUHKRXVHVQRODWHUWKDQ'HFHPEHU
$YÇVHQRV FXDQWR DQWHV VREUH FÍPR SLHQVDQ UHVROYHU HVWH
WHPD+D\PXFKRGLQHURHQMXHJR\VHUÇDXQDO»VWLPDTXHQR
SXGLÃUDPRVVXPLQLVWUDUODPHUFDQFÇDSDUDODWHPSRUDGDGH
1DYLGDG
/HW XV NQRZ DV VRRQ DV SRVVLEOH KRZ \RX SODQ WR VROYH WKLV
PDWWHU 7KHUH LV D ORW RI PRQH\ LQYROYHG DQG LW ZRXOG EH D
SLW\LIZHFRXOGQRWVXSSO\WKHPHUFKDQGLVHIRUWKH&KULVWPDV
VHDVRQ
$WHQWDPHQWH
6LQFHUHO\
/DSDVWLOODGHORVFLHQPLOHXURV
(VWLPDGRDOXPQR\DPLJR(QXQDUHFLHQWHHQFXHVWDUHDOL]DGDSRU9DXJKDQ6\VWHPVHOGHORVHQFXHVWDGRVJHQWHHQVXPD\RUÇDGHO»UHD
GHUHFXUVRVKXPDQRVGHGLIHUHQWHVHPSUHVDVDîUPDURQTXHGHH[LVWLUXQDSDVWLOODSRUYDORUGHFLHQPLOHXURVFDSD]GHGRWDULQPHGLDWDPHQWH
GHLQJOÃVDTXLHQODWRPDVHVXGLUHFWRUJHQHUDOVÇFRPSUDUÇDSDVWLOODVSDUDYDULDVSHUVRQDVGHODRUJDQL]DFLÍQ'HKHFKRXQRDËDGLÍTXHVX
GLUHFWRUFRPSUDUÇDVLHWHFXDWURSDUDVXVLQPHGLDWRVVXERUGLQDGRVXQDSDUDÃO\GRVSDUDVXVGRVKLMRV(VGHFLUHOVHËRUJDVWDUÇDHXURV
GHJROSHSDUDTXLWDUGHHQPHGLRHOSUREOHPDGHOLQJOÃV3HURJDVWDUÇDORPLVPRVLHQYH]GHLQJOÃVODSDVWLOODFRQîULHUDORVFRQRFLPLHQWRVGH
XQSUHVWLJLRVR0%$"3UREDEOHPHQWHQRORFXDOPHFRQGXFHDXQDUHïH[LÍQFXULRVD(OVHFWRUGHODHQVHËDQ]DGHLGLRPDVHVW»DWRPL]DGR\
JR]DGHSRFRSUHVWLJLRDOFRPSDUDUVHFRQRWURVVHFWRUHVGHODIRUPDFLÍQGLUHFWLYD6LIXÃUDPRVDODSXHUWDGHVDOLGDGHFXDOTXLHUHVFXHODGH
QHJRFLRVSUHVWLJLRVD\SUHJXQW»VHPRVDFDGDUHFLÃQJUDGXDGRFRQVXWRJD\ELUUHWHVLOHJXVWDUÇDLQLFLDUVXFDUUHUDHQXQFHQWURGHIRUPDFLÍQ
HQLGLRPDVQRVGLUÇDTXHQLKDEODUTXHOHHVSHUDXQSXHVWRHQXQEDQFRGHLQYHUVLRQHVRHQXQDSUHVWLJLRVDîUPDGHFRQVXOWRUÇD6LQHPEDU
JRDOFDERGHXQRVDËRVTXHUUÇDWDQWRFRPRDTXHOGLUHFWRUJHQHUDOODSDVWLOODP»JLFDGHORVFLHQPLOHXURV\SRVLEOHPHQWHSDJDUÇDHOSUHFLR
0RUDOHMDFXDQGRODPDJLDHQWUDHQODHFXDFLÍQHODSUHQGL]DMHGHOLQJOÃVDVXPHVXSRVLFLÍQFRUUHFWDHQODMHUDUTXÇDGHORVYDORUHVIRUPDWLYRV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
/DVPXMHUHVHVSDËRODVVRQJXDSDV 6SDQLVKZRPHQDUHSUHWW\
(O-DSRQÃVHVXQLGLRPDGLIÇFLO -DSDQHVHLVDGLIïFXOWODQJXDJH
(VXQDSHOÇFXODFRUWD ,WoVDVKRUWïOP
7XSDGUHHVXQKRPEUHJUDFLRVR <RXUIDWKHULVDIXQQ\PDQ
5XVLDHVXQSDÇVPX\JUDQGH 5XVVLDLVDYHU\ELJFRXQWU\
+D\XQDILHVWDPDËDQDHQHOSDUTXH7KHUHoVDSDUW\WRPRUURZLQWKHSDUN
(OSHUURGH)UDQNHVW»ORFR)UDQNoVGRJoVFUD]\
TXÃKRUDFRPHV":KDWWLPHGR\RXKDYHOXQFK"
4XÃPÔVLFDWHJXVWD":KDWPXVLFGR\RXOLNH"
1RWHQJRGLQHUR,GRQoWKDYHDQ\PRQH\
/ROOLSRS 3LUXOHWD
6ZHHWV &DUDPHORV
&KHZLQJXP &KLFOH
&KRFRODWH %RPEÍQ
)UXLWJXP *RPLQROD
9RFDEXODULR&RQIHFWLRQDU\ *RORVLQDV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
+D\PXFKDVPXMHUHVHQ $UHWKHUHPDQ\ZRPHQLQ\RXU
WXHPSUHVD"FRPSDQ\"
4XÃVLJQLîFDHVR" :KDWGRHVWKDWPHDQ"
0LWÇRKDEODFLQFRLGLRPDV 0\XQFOHVSHDNVïYHODQJXDJHV
&X»QGRVHORYDVDSUHJXQWDU :KHQDUH\RXJRLQJWRDVNKLP"
DÃO "
1RKD\DJXDHQODERWHOOD 7KHUHLVQoWDQ\ZDWHULQWKHERWWOH
6DEHVTXÃKRUDHV"'R\RXNQRZZKDWWKHWLPHLV"
6LPHORGDVWHORDEULUÃ,I\RXJLYHLWWRPH,oOORSHQLWIRU\RX
&RQTXLÃQHVWXYLVWHD\HU":KRZHUH\RXZLWK\HVWHUGD\"
1RHVWDEDFRQQDGLH,ZDVQoWZLWKDQ\RQH
1RVÃSRUTXÃORYHQGLÍ,GRQoWNQRZZK\KHVROGLW
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
1RLUÃDPHQRVTXHGHMHGHOORYHU,ZRQoWJRXQOHVVLWVWRSVUDLQLQJ
+DVUHVHUYDGRXQDFLWDFRQHO +DYH\RXPDGHDQDSSRLQWPHQW
PÃGLFR\D"
ZLWKWKHGRFWRU\HW"
0HJXVWDUÇDTXHOROH\HUDVHQ ,oGOLNH\RXWRUHDGLWDORXG
YR]DOWD
&X»QWRWLHPSROOHYDVFDVDGR" +RZORQJKDYH\RXEHHQPDUULHG"
3RUTXÃQRSHGLVWHHOOLEUR :K\GLGQoW\RXDVNIRUWKH
GHUHFODPDFLRQHV"
FRPSODLQWVERRN"
3RUTXÃQRIXLVWHLQYLWDGR":K\ZHUHQoW\RXLQYLWHG"
4XLÃQWHKDFHJUDFLD":KRPDNHV\RXODXJK"
'HEHVKDEHUWHHTXLYRFDGR<RXPXVWKDYHPDGHDPLVWDNH
(VSHURFRQLOXVLÍQYHUWH,ORRNIRUZDUGWRVHHLQJ\RX
3LÃUGHWH*HWORVW
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
1RVHORGLJDVDQDGLH .HHSLWWR\RXUVHOI
(VXQJUDQDîFLRQDGRDOSXHQWLQJ +HoVUHDOO\LQWREXQJHHMXPSLQJ
&ÍPRWHJDQDVODYLGD" +RZGR\RXPDNHDOLYLQJ"
7HQJRDOHUJLD ,oYHJRWKD\IHYHU
+XELHUDWDUGDGRGHPDVLDGR ,WZRXOGKDYHWDNHQWRRORQJ
(OEDUHVWDEDUHSOHWR7KHEDUZDVSDFNHG
2MDO»QROHKXELHVHVGLFKRQDGD,ZLVK\RXKDGQoWVDLGDQ\WKLQJ
WRKLP
'HEHUÇDKDEHUKDELGRXQ7KHUHVKRXOGKDYHEHHQD
JXDUGLDGHVHJXULGDGVHFXULW\JXDUG
|'DPHXQUHVSLUR*LYHPHDEUHDN
|4XÃUROOR:KDWDGUDJ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
(VWLORLQGLUHFWR
&RPPRQVD\LQJV
2QWKHRWKHUKDQG
(QFDPELR
<RXoUHSXOOLQJP\OHJ
0HHVW»VWRPDQGRHOSHOR
,oPDOOHDUV
7LHQHVWRGDPLDWHQFLÍQ
<RXoOOKDYHWRWZLVWKLVDUP
7HQGU»VTXHSUHVLRQDUOH
$UPHGWRWKHWHHWK
$UPDGRKDVWDORVGLHQWHV
5HFXHUGDTXHHQXQDSUHJXQWDLQGLUHFWDHO
VXMHWRVLHPSUHSUHFHGHHOYHUER
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6DEHVVLWHQHPRVVXîFLHQWHGLQHUR"
6DEHVGÍQGHHVW»QPLVOODYHV"
6DEHVGHTXÃFRORUVRQ"
$WWKHHQGRIWKHGD\
(QHODQ»OLVLVîQDO
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7RODVW
(VWHYHUERPHUHFHXQDPHQFLÍQDSDUWHSXHVWRTXHORVHVSDËROHVFDVL
QXQFDORXV»LV6LQHPEDUJRVLJQLîFDpGXUDUqSRUORTXHHVLPSRUWDQ
WHXVDUOR4XL]»QRORXVÃLVSRUTXHHVLGÃQWLFRDODGMHWLYRpODVWq ÔOWL
PR \RVHQWUDODGXGD6LQHPEDUJRWLHQHVTXHKDFHUWHFRQHVWHYHUER
SRUTXHVHXVDPXFKR7HPXHVWURDFRQWLQXDFLÍQIUDVHVFRQHOYHUER
pWRODVWq
7KRVHPHHWLQJVDOZD\VODVWD
ORQJWLPH
+RZORQJGRHVDPRYLHODVW"
(VDVUHXQLRQHVVLHPSUHGXUDQ
PXFKRWLHPSR
&X»QWRWLHPSRGXUDXQDSHOÇFXOD"
+RZORQJGRHVWKLVFODVVODVW"
,WODVWVRQHKRXU
+RZORQJGRHVDFLJDUHWWHODVW"
,WODVWVPLQXWHV
+RZORQJGRHVDYLGHRJDPH
XVXDOO\ODVW"
,WODVWVDERXWPLQXWHV
&X»QWRWLHPSRGXUDHVWDFODVH"
'XUDXQDKRUD
&X»QWRWLHPSRGXUDXQFLJDUUR"
'XUDPLQXWRV
&X»QWRWLHPSRVXHOHGXUDUXQ
YLGHRMXHJR"
'XUDXQRVPLQXWRV
'R\RXQHHGDORQJODVWLQJFXUHIRU\RXU(QJOLVK"
(VWLPDGD6UWD3D\QH
'HDU0LVV3D\QH
/HDGMXQWRHOLQIRUPHGHDVLVWHQFLDGHQRYLHPEUHGHVJORVDGR
SRUJUXSRV/DDVLVWHQFLDJOREDOIXHGHO\VLQOXJDUDGXGDV
OD PHMRU DVLVWHQFLD IXH HQWUH ORV JUXSRV GH PDËDQD FRQ XQD
WDVDGHOFRPSDUDGDFRQHOSDUDORVJUXSRVGHWDUGH
, KDYH HQFORVHG WKH DWWHQGDQFH UHSRUW IRU 1RYHPEHU EURNHQ
GRZQE\JURXSV7KHRYHUDOODWWHQGDQFHZDVDQGZLWKRXW
D GRXEW WKH EHVW DWWHQGDQFH ZDV DPRQJ WKH PRUQLQJ
JURXSVZLWKDSHUFHQWUDWHFRPSDUHGWRSHUFHQWIRUWKH
DIWHUQRRQJURXSV
1RREVWDQWHGHEHPRVWHQHUHQFXHQWDTXHODVFODVHVGHWDUGHVH
FRPSRQHQSULQFLSDOPHQWHGHJHQWHGHOGHSDUWDPHQWRFRPHUFLDO
TXLHQHVWLHQHQTXHYLDMDUP»VDPHQXGRTXHODVSHUVRQDVGHI»
EULFDODPD\RUÇDGHODVFXDOHVUHFLEHQVXVFODVHVSRUODPDËDQD
$KRUDTXHHOSURJUDPDOOHYDGRVPHVHVIXQFLRQDQGRVHUÇDDFRQ
VHMDEOHHVWXGLDUODVFLIUDVGHDVLVWHQFLDLQGLYLGXDOHV\WRPDUODV
PHGLGDVQHFHVDULDV
$WHQWDPHQWH
1HYHUWKHOHVV ZH VKRXOG NHHS LQ PLQG WKDW WKH DIWHUQRRQ
FODVVHVDUHFRPSRVHGSULPDULO\RISHRSOHIURPWKHFRPPHUFLDO
GHSDUWPHQW ZKR KDYH WR WUDYHO PRUH RIWHQ WKDQ IDFWRU\
SHRSOHPRVWRIZKRPUHFHLYHWKHLUFODVVHVLQWKHPRUQLQJ
1RZWKDWWKHSURJUDPKDVEHHQLQSURJUHVVIRUWZRPRQWKVLW
ZRXOGEHDGYLVDEOHWRVWXG\WKHLQGLYLGXDODWWHQGDQFHÀJXUHV
DQGWDNHWKHQHFHVVDU\PHDVXUHV
6LQFHUHO\
(VWLPDGRDPLJR\DOXPQR(OYHUDQRSDVDGRXQDMRYHQHMHFXWLYDGHODîOLDOHVSDËRODGHXQDLPSRUWDQWHHPSUHVDPXOWLQDFLRQDOSDVÍ
XQPHVHQ3KLODGHOSKLD$QWHVGHLUGHVGH(VSDËD\DWUDYÃVGH,QWHUQHWVHDSXQWÍDXQDVHULHGHFXUVRVPXFKRVGHHOORVFXULRVRV
TXHVHRIUHFHQJUDWXLWDPHQWHDSHUVRQDVMXELODGDV\DSUHFLRVPÍGLFRVDGHVHPSOHDGRV1XHVWUDHMHFXWLYDVHDSXQWÍDXQDVFODVHV
GHFRFLQDEDLOHGHVDOÍQFRPXQLFDFLÍQLQWHUSHUVRQDODHUÍELFFÍPRKDEODUHQSÔEOLFRFLHQFLDGLHWDULDHOPDQHMRGH$FFHVV\([FHO\
HODUWHGHKDFHUFHVWDVGHPLPEUH
(VWXYRXQDPHGLDGHVLHWHKRUDVFDGDGÇDLQYROXFUDGDHQORVFXUVRV\VHFRGHDEDDGLDULRFRQXQDVSHUVRQDVGLVWLQWDVWRGDVQRU
WHDPHULFDQDV$OFDERGHWUHVGÇDV\DWHQÇDXQJUDQQÔPHURGHDPLJRV\HQODVGRVÔOWLPDVVHPDQDVGHVXHVWDQFLDMDP»VFHQDEDHQ
QLQJÔQVLWLRTXHQRIXHUDODFDVDGHXQFRPSDËHURGHFXUVR6HORSDVÍHQJUDQGH\YROYLÍD(VSDËDFRQXQLQJOÃVUHDOPHQWHEXHQR
VREUHWRGRHQHODVSHFWRDXGLWLYR
3RU OR WDQWR OR UHFRPHQGDEOH HV VDOLU IXHUD SDUD PHMRUDU HO LQJOÃV QR SDUD HVWXGLDUOR 'HGLFDU WLHPSR HVWXGLDQGR ORV YHU
ERVLUUHJXODUHV\ORVSURQRPEUHVUHODWLYRVHQ/RQGUHVRHQ'DOODVHVSHUGHUORP»VULFR\SURGXFWLYRGHODH[SHULHQFLD(VUHQXQ
FLDU D UHODFLRQDUVH GH IRUPD GLQ»PLFD FRQ SHUVRQDV QDWLYDV D FDPELR GHO HVWXGLR DVÃSWLFR GH OD PHF»QLFD HVW»WLFD GHO LGLRPD
0RUDOHMD1RVDOJDVIXHUDSDUDUHFLELUFODVHVGHLQJOÃV6DOIXHUDSDUDUHFLELUFODVHV(1LQJOÃV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'ÍQGHHVW»WXFDVD":KHUHLV\RXUKRXVH"
0»ODJDHVW»HQHOVXUGH(VSDËD 0DODJDLVLQWKHVRXWKRI6SDLQ
(VFRFLDHVW»DOQRUWHGH,QJODWHUUD 6FRWODQGLVWRWKHQRUWKRI(QJODQG
0DQFKHVWHUHVW»HQHOQRUWH 0DQFKHVWHULVLQWKHQRUWK
GH,QJODWHUUDRI(QJODQG
(VXQDFLXGDGRXQSXHEOR" ,VLWDFLW\RUDWRZQ"
4XÃKDFHVPDËDQD":KDWDUH\RXGRLQJWRPRUURZ"
3RUTXÃHVWXGLDVDOHP»Q":K\GR\RXVWXG\*HUPDQ"
(VWRVVRQORV]DSDWRVGH/LQGD7KHVHDUH/LQGDoVVKRHV
&ÔDOHVWXFRPLGDSUHIHULGD":KDWoV\RXUIDYRXULWHIRRG"
1RPHVLHQWRPX\ELHQ,GRQoWIHHOYHU\ZHOO
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
9R\DEXVFDUOR ,oPJRLQJWRORRNIRULW
4XHRSLQDVGHOQXHYRMHIH" :KDWGR\RXWKLQNRIWKHQHZERVV"
1RKDEOHVFRQFRPLGDHQODERFD 'RQoWVSHDNZLWKIRRGLQ\RXU
PRXWK
&X»QWDVKDELWDFLRQHVWLHQH +RZPDQ\EHGURRPVGRHV\RXU
WXFDVD"KRXVHKDYH"
3RUTXÃPHHVW»VPLUDQGRDVÇ" :K\DUH\RXORRNLQJDWPHOLNHWKDW"
7DUGDWUHVKRUDVHQOOHJDUDOOÇ,WWDNHVWKUHHKRXUVWRJHWWKHUH
/DFRQRFÇFXDQGRHVWXYHHQ/RQGUHV,PHWKHUZKHQ,ZDVLQ/RQGRQ
1RKXERPÔVLFDHQODîHVWD7KHUHZDVQoWDQ\PXVLFDWWKHSDUW\
1RKXERFKLFDVWDPSRFR7KHUHZHUHQoWDQ\JLUOVHLWKHU
0HSXHGHVGHFLUGÍQGHHVW»Q&DQ\RXWHOOPHZKHUHWKH
ORVVHUYLFLRV"WRLOHWVDUH"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
$YÇVDQRVFXDQWRDQWHV/HWXVNQRZDVVRRQDVSRVVLEOH
&X»QWRWDUGDVWHHQDSUHQGHU +RZORQJGLGLWWDNH\RXWR
HVSDËRO"OHDUQ6SDQLVK"
3DUHFHFRPRVLQRKXELHUDV<RXORRNOLNH\RXKDYHQoWVOHSW
6LVXSLHUDODUHVSXHVWDWHORGLUÇD ,I,NQHZWKHDQVZHU,oGWHOO\RX GRUPLGR
1HFHVLWRVDFDUGLQHURGHOEDQFR,QHHGWRWDNHVRPHPRQH\RXW
3XHGHVUHFRUGDUTXÃHVWDEDV &DQ\RXUHPHPEHUZKDW\RX
KDFLHQGRFXDQGRSDVÍ"ZHUHGRLQJZKHQLWKDSSHQHG"RIWKHEDQN
1DGLHPHKDGLFKRQDGDWRGDYÇD 1RRQHKDVWROGPHDQ\WKLQJ\HW 6LSHQVDUDVXQSRFRP»VQR,I\RXWKRXJKWDOLWWOHPRUH\RX
1RUHFXHUGRODÔOWLPDYH]TXH ,FDQoWUHPHPEHUWKHODVWWLPH
RIHQGHUÇDVDODJHQWH
ZRXOGQoWRIIHQGSHRSOH
PHHPERUUDFKÃ,JRWGUXQN
|1RVHDVQLËR*URZXS
)LOOLQJ (PSDVWH
*XPV (QFÇDV
7HHWK 'LHQWHV
7RQJXH /HQJXD
/LSV /DELRV
9RFDEXODULR0RXWK %RFD
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
|+DEODP»VDOWR 6SHDNXS
+DEUÇDVYHQLGRVLWHORKXELHUD :RXOG\RXKDYHFRPHLI,oGWROG
GLFKR"\RX"
3RUTXÃHVW»VVLHPSUH :K\DUH\RXDOZD\VSLFNLQJ
PHWLÃQGRWHFRQPLJR"RQPH"
/DUJXÃPRQRVGHDTXÇ /HWoVJHWRXWRIKHUH
7HQGU»VTXHDJXDQWDUODXQ <RXoOOKDYHWRSXWXSZLWKKHU
SRFRP»VIRUDOLWWOHORQJHU
'HWDOSDORWDODVWLOOD$FKLSRIIWKHROGEORFN
4XÃKDVHVWDGRKDFLHQGR:KDWKDYH\RXEHHQJHWWLQJXS
ÔOWLPDPHQWH"WRODWHO\"
(VWR\SDFKXFKR,oPIHHOLQJXQGHUWKHZHDWKHU
'HîÃQGHWH6WDQGXSIRU\RXUVHOI
+D]OHIUHQWH6WDQGXSWRKLP
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3ULPHUFRQGLFLRQDO
&RPPRQVD\LQJV
1RROYLGHVTXHQXQFDVHXVDpZLOOqHQOD
PLVPDRUDFLÍQTXHODSDODEUDpLIqHQXQ
FRQGLFLRQDO
,WOHIWDEDGWDVWHLQP\PRXWK
0HGHMÍFRQPDOVDERUGHERFD
%DSWLVPRIîUH
%DXWLVPRGHIXHJR
,oPRXWRIVKDSH
1RHVWR\HQIRUPD IÇVLFD
'RQoWEHDWDURXQGWKHEXVK fDERXW
WKHEXVK
1RDQGHVSRUODVUDPDV
*LYHPHEDOOSDUNîJXUH
'DPHXQDFLIUDDSUR[LPDGD
7KDWoVEHVLGHWKHSRLQW
(VRQRYLHQHDOFDVR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\
FRPSUXHEDWXVUHVSXHVWDVHVWHGRPLQJRDOFRPSUDU
(/&8562'(,1*/£6'(),1,7,92GH9DXJKDQ1RVÍOR
VDEU»VVLKDVDFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPR
VHSURQXQFLDQHVWDVIUDVHV
<RDSUHFLRODVïRUHV
WROLNH JXVWDUOHDXQR
WRHQMR\ GLVIUXWDUGHJXVWDUOHDXQR
(OYHUERpWROLNHqHVHOYHUERTXHP»VVROÃLVFRQIXQGLUORVHVSDËR
OHV3RUHMHPSORHQYH]GHGHFLUpPHJXVWDQODVðRUHVqGHFÇVFRQ
EDVWDQWHIUHFXHQFLDp<RJXVWRDODVïRUHVq
0HJXVWDQODVðRUHV ,OLNHðRZHUV
)LM»RVTXHHQLQJOÃVVR\\RTXLHQHMHUFHODLQïXHQFLDVREUHODVïR
UHV QR ODV ïRUHV VREUH PÇ 4XL]» SDUD DFODUDU OD GLIHUHQFLD DÔQ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6LWLHQHVTXHSDJDUP»VWHTXHMDU»V"
1RFRQVHJXLUHPRVQDGDVLQRKDFHPRVXQ
JUDQHVIXHU]R
(OODVHGRUPLU»VLOHFDQWDPRV
P»VVLFDEHHOYHUERpWROLNHqSRGUÇDWUDGXFLUVHFRPRpDSUHFLDUq
RpYDORUDUq
,OLNHðRZHUV $SUHFLRODVðRUHV
(QRWUDVSDODEUDVHQLQJOÃVH[SUHVDPRVpJXVWDUqDOUHYÃV5HFXHU
GR TXH FXDQGR KDFH DËRV ORV VROGDGRV QRUWHDPHULFDQRV GH OD
%DVHGH7RUUHMÍQLEDQDGLVFRWHFDVDYHFHVVHOHVRÇDHQVXPDO
FDVWHOODQRGHFLUDXQDFKLFDJXDSDp<RJXVWRWÔq(VWDEDQWUDGX
FLHQGROLWHUDOPHQWHGHOLQJOÃVp,OLNH\RXq
(VWLPDGR6U'XUNKHLP
'HDU0U'XUNKHLP
$OUHYLVDUHOERUUDGRUîQDOGHVXOLEURGHWH[WRKHPRVHQFRQWUD
GRXQSDVDMHTXHQRHVW»GHQWURGHOHVSÇULWXGHQXHVWURJUXSR
HGXFDWLYR 1RV UHIHULPRV HVSHFÇîFDPHQWH D ORV WUHV SULPHURV
S»UUDIRVGHODS»JLQDHQORVFXDOHV9GLQWHQWDMXVWLîFDUHO
XVRGHODIXHU]DSDUDGLVSHUVDUODVPDQLIHVWDFLRQHVSROÇWLFDV
8SRQUHYLHZLQJWKHÀQDOGUDIWRI\RXUWH[WERRNZHKDYHIRXQG
DSDVVDJHWKDWLVQRWZLWKLQWKHVSLULWRIRXUHGXFDWLRQDOJURXS
:HUHIHUVSHFLÀFDOO\WRWKHÀUVWWKUHHSDUDJUDSKVRQSDJH
LQZKLFK\RXWU\WRMXVWLI\WKHXVHRIIRUFHWRGLVSHUVHSROLWLFDO
GHPRQVWUDWLRQV
1RVRPRVSDUWLGDULRVQHFHVDULDPHQWHGHFRQYRFDUPDQLIHVWD
FLRQHV6LQHPEDUJRQRSRGHPRVGHQLQJXQDPDQHUDDSR\DUHO
XVRGHODIXHU]DFXDOTXLHUDTXHVHDHOREMHWLYR6RPRVXQDRUJD
QL]DFLÍQSDFÇîFDGHGLFDGDH[FOXVLYDPHQWHDXQDQREOHFDXVDOD
HGXFDFLÍQGHODPHQWH&XDOTXLHUUHIHUHQFLDDOXVRGHODIXHU]D
HVSRUORWDQWRDMHQDDQXHVWUDîORVRIÇD
:H DUH QRW QHFHVVDULO\ LQ IDYRU RI FDOOLQJ GHPRQVWUDWLRQV
+RZHYHU ZH FDQQRW LQ DQ\ ZD\ VXSSRUW WKH XVH RI IRUFH QR
PDWWHUZKDWWKHREMHFWLYH:HDUHDSHDFHORYLQJRUJDQL]DWLRQ
GHYRWHG H[FOXVLYHO\ WR D QREOH FDXVH WKH HGXFDWLRQ RI WKH
PLQG$Q\UHIHUHQFHWRWKHXVHRIIRUFHLVWKHUHIRUHIRUHLJQWR
RXUSKLORVRSK\
3RU HVWD UD]ÍQ OH SHGLUÇDPRV TXH PRGLîFDUD ORV S»UUDIRV HQ
FXHVWLÍQ'HRWURPRGRQRSRGUHPRVDSUREDUHOERUUDGRUîQDO
)RUWKLVUHDVRQZHZRXOGDVN\RXWRPRGLI\WKHSDUDJUDSKVLQ
TXHVWLRQ2WKHUZLVHZHFDQQRWDSSURYHWKHÀQDOGUDIW
$WHQWDPHQWH
<RXUVVLQFHUHO\
(VWLPDGRDPLJR\DOXPQR3RUTXÃVRQPXGRVORVVRUGRPXGRV"8QPÃGLFROHGLU»TXHWLHQHQSHUIHFWDPHQWHODVFXHUGDVYRFDOHVDOLJXDO
TXHQRVRWURV(QWRQFHVSRUTXÃWLHQHQTXHXVDUODVPDQRVSDUDFRPXQLFDUVH"/DUHVSXHVWDODVDEHPRVWRGRVXQVRUGRPXGRHVPXGR
SRUTXHHVVRUGR$OQRRÇUQRDSUHQGHDGHVDUUROODUODVGHP»VKDELOLGDGHVQHFHVDULDVSDUDODFRPXQLFDFLÍQ'HEHIRU]RVDPHQWHUHFXUULUD
ODVPDQRV2FXUUHH[DFWDPHQWHORPLVPRDODKRUDGHLQWHQWDUGRPLQDUXQVHJXQGRLGLRPD7ÔSXHGHVWHQHUXQDJUDP»WLFDSXOLGÇVLPD
XQYRFDEXODULRH[WHQVR\XQDSURQXQFLDFLÍQGLJQDGHHORJLRSHURVLDODKRUDGHODYHUGDGQRHQWLHQGHVELHQORVVLJQLîFDGRV\ORVPDWLFHV
HVW»VWDQFRQGHQDGRDODLQFRPXQLFDFLÍQFRPRHOVRUGRPXGR(VLPSRUWDQWHTXHHQWLHQGDVHVWRSRUTXHHOHVSDËROPHGLRLQYLHUWHVXV
SULRULGDGHV\SRQHFDVLWRGRVXHPSHËRHQDSUHQGHUWHRUÇDJUDPDWLFDO\HQDPSOLDUVXYRFDEXODULR'HGLFDVXGLQHUR\VXWLHPSRDDWHQGHU
ODVSULRULGDGHVPHQRVFUÇWLFDV3LHQVDTXHFRQDSUHQGHUVHORVYHUERVLUUHJXODUHVSRGU»HQWHQGHUDQDWLYRVFXDQGRKDEODQ3RVHHUXQDPSOLR
YRFDEXODULR\SURIXQGRVFRQRFLPLHQWRVJUDPDWLFDOHVSHURFRQXQRÇGRSRFRîQRHTXLYDOHDVHUHOFLHUYRP»VYHOR]GHOPXQGRSHURVLQRÇGR
QLROIDWR6XWUHPHQGDYHORFLGDGQROHYDOHSDUDQDGDVLQRVDEHRÇUQLROHUODDSUR[LPDFLÍQGHODPDQDGDGHORERV6HFRQYLHUWHHQPDQMDU
GHORVGHSUHGDGRUHV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
7HQJRPXFKDVHG ,oPYHU\WKLUVW\
+D\DJXDHQODERWHOOD" ,VWKHUHDQ\ZDWHULQWKH
ERWWOH"
£OHVLQWHOLJHQWH" ,VKHLQWHOOLJHQW"
)HEUHURHVW»GHVSXÃVGHHQHUR )HEUXDU\LVDIWHU-DQXDU\
0DU]RHVW»DQWHVGHDEULO 0DUFKLVEHIRUH$SULO
0HHVW»VHVFXFKDQGR" $UH\RXOLVWHQLQJWRPH"
-XDQHVW»VHQWDGRGHWU»VGHO -XDQLVVLWWLQJEHKLQGWKH
FRQGXFWRU
GULYHU
0DUÇDHVW»VHQWDGDGHODQWH 0DUÇDLVVLWWLQJLQIURQWRI-XDQ
GH-XDQ
1RKDEORUXVR ,GRQoWVSHDN5XVVLDQ
1DFKRHVW»VHQWDGRDOODGR 1DFKRLVVLWWLQJQH[WWR-XDQ
GH-XDQ
)LQJHUV 'HGRV
.QXFNOHV QXGLOORV
3DOP 3DOPD
1DLO 8ËD
7KXPE 3XOJDU
9RFDEXODULR+DQGV 0DQRV
/RZ,QWHUPHGLDWH
&X»QGRYDLVDHPSH]DU" :KHQDUH\RXJRLQJWRVWDUW"
&RQTXÃIUHFXHQFLDORKDFHQ" +RZRIWHQGRWKH\GRLW"
+D\PXFKRD]ÔFDUHQHOVXHOR 7KHUHoVDORWRIVXJDURQWKH
ðRRU
/RKDUÃSDVDGRPDËDQD ,oOOGRLWWKHGD\DIWHU
WRPRUURZ
4XLHURKDEODULQJOÃVP»VD ,ZDQWWRVSHDN(QJOLVKPRUH
PHQXGR
RIWHQ
0LGGOH,QWHUPHGLDWH
&UHHVTXHGHEHUÇDLU" 'R\RXWKLQN,VKRXOGJR"
6HWHYDDROYLGDU <RXoUHJRLQJWRIRUJHW
(OLQJOÃVHVP»VI»FLOGHORTXH (QJOLVKLVHDVLHUWKDQ,
WKRXJKW
SHQVDED
+DEÇDSUREOHPDV" :HUHWKHUHDQ\SUREOHPV"
-XDQWUDEDMDFDGDYH]P»VGXUR -XDQLVZRUNLQJKDUGHUDQG
KDUGHU
+LJK,QWHUPHGLDWH
|1RORKDJDV 'RQoWGRLW
|1RPHORGLJDV 'RQoWWHOOPH
|1RJULWHV 'RQoWVKRXW
|1RVDOWHV 'RQoWMXPS
|1RFDQWHV 'RQoWVLQJ
/RZ$GYDQFHG
&UHRTXHHOODTXLVRGHFLU ,WKLQNVKHPHDQWVRPHWKLQJ
HOVH
RWUDFRVD
3XHGHTXHYD\DPRVDODSOD\D :HPLJKWJRWRWKHEHDFK
WRPRUURZ
PDËDQD
(OODVLHPSUHWLHQHUD]ÍQ\ 6KHoVDOZD\VULJKWDQGQHYHU
ZURQJ
QXQFDVHHTXLYRFD
3HSHPDVWLFDGHIRUPDPX\ 3HSHFKHZVYHU\QRLVLO\
UXLGRVD
(VWR\SHQVDQGRHQMXELODUPH ,oPWKLQNLQJDERXWUHWLULQJ
0LGGOH$GYDQFHG
0HSLFDODQDUL] 0\QRVHLWFKHV
+D\DOJRUDURHQÃO 7KHUHoVVRPHWKLQJVWUDQJH
DERXWKLP
&ÍPRIXHODFRVHFKDGH +RZZDVODVW\HDUoVZKHDW
KDUYHVW"
WULJRHODËRSDVDGR"
+DKDELGRPXFKDVGHPRUDV +DYHWKHUHEHHQPDQ\GHOD\V
WKLVPRQWK"
HVWHPHV"
0HJXVWDVHQWDUPHDOODGR ,OLNHWRVLWE\WKHïUH
ïUHSODFH
GHODFKLPHQHD
)RU(QJOLVKVXSHUVWDUVRQO\
0HJXVWDUÇDKDEHUSRGLGRLU ,ZRXOGOLNHWRKDYHEHHQDEOH
WRJR
(VWDPRVSDUDGRVHQXQDWDVFR :HoUHVWXFNLQDWUDIïFMDP
(ODJXDHVW»P»VFDOLHQWH 7KHZDWHULVZDUPHULQWKH
VKDOORZHQG
GRQGHVHWRFDIRQGR
0LSDVDSRUWHHVW»DSXQWR 0\SDVVSRUWLVDERXWWRUXQ
RXW
GHFDGXFDU
1RWHUHVXOWDH[WUHPDGDPHQWH'RQoW\RXïQGWKLVFKDLU
H[WUHPHO\XQFRPIRUWDEOH"
LQFÍPRGDHVWDVLOOD"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
9RFDEXODULR
,WoVEHWWHUWREHVDIHWKDQVRUU\
0»VYDOHSUHYHQLUTXHFXUDU
%DSWLVPRIîUH
%DXWLVPRGHIXHJR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
,oPRXWRIVKDSH
1RHVWR\HQIRUPD IÇVLFD
,QWKHEOLQNRIDQH\H
(QXQDEULU\FHUUDUGHRMRV
*LYHPHDEDOOSDUNîJXUH
'DPHXQDFLIUDDSUR[LPDGD
7KDWoVEHVLGHWKHSRLQW
(VRQRYLHQHDOFDVR
'HTXÃFRORUHV"
(VÃVWHXQDXWREÔVURMRRXQ
DXWREÔVYHUGH"
(VXQDXWREÔVURMR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHHOHSKDQWVLQP\OLYLQJURRPDUHJUHHQ
/DUHJODHQLQJOÃVGLFHTXHFXDQGRQRVUHIHULPRVDFRVDVHQJHQHUDOQR
XVHPRVQLQJÔQDUWÇFXOR
/RVHOHIDQWHVVRQJULVHV (OHSKDQWVDUHJUD\ LQJOÃVDPHULFDQR
6R\SDUWLGDULRGHODIRUPDLQJOHVDRVHDQRFRPSDUWRFRQHOFDVWHOODQR
ODSU»FWLFDGHSRQHUXQDUWÇFXORGHWHUPLQDGRGHODQWHGHVXVWDQWLYRV
pJHQHUDOL]DGRVq&UHRTXHHVLQFRUUHFWRHQVXHVHQFLD&XDQGRPHUH
îHURDpHOHIDQWHVqHQJHQHUDOQRGHERXVDUXQDUWÇFXORpGHWHUPLQDGRq
SRUTXHHVWR\KDEODQGRGHHOHIDQWHVpLQGHWHUPLQDGDPHQWHqHVGHFLU
HQJHQHUDO(VSHURTXHORVGRVHMHPSORVVLJXLHQWHVWHDFODUHQPLSXQWR
GHYLVWDUHVSHFWRDOFDVWHOODQR\ODUHJODHQLQJOÃV
(OHSKDQWVDUHJUH\ LQJOÃV
EULW»QLFR
7KHHOHSKDQWVWKDWDUHLQP\
OLYLQJURRPDUHJUHHQ
/RVHOHIDQWHVVRQJULVHV XQD
JHQHUDOL]DFLÍQ
/RVHOHIDQWHVTXHHVW»QHQPL
VDOÍQVRQYHUGHV
(QHOVHJXQGRHMHPSORVÇTXHHVWR\KDFLHQGRXQDUHIHUHQFLDpGHWHUPL
QDGDqDXQJUXSRHVSHFÇîFRGHHOHIDQWHVHVGHFLUORVTXHVHHQFXHQWUDQ
HQHVWRVPRPHQWRVHQPLVDOÍQ
(VWLPDGR-XDQ
'HDU-RKQ
*UDFLDVSRUWXFDUWDGHOGHRFWXEUH(VWR\FRPSOHWDPHQWHGH
DFXHUGRFRQWXGHFLVLÍQGHVHJXLUDGHODQWHFRQHOSODQ,,'HKHFKR
\RKXELHUDHOHJLGRHVHSODQGHVGHHOSULQFLSLR\DTXHHUDHOÔQLFR
TXHFRQWHPSODEDODFRQVWUXFFLÍQGHXQDOPDFÃQHQ=DUDJR]D
7KDQN\RXIRU\RXUOHWWHURI2FWREHU,FRPSOHWHO\DJUHHZLWK
\RXU GHFLVLRQ WR JR DKHDG ZLWK SODQ ,, ,Q IDFW , ZRXOG KDYH
FKRVHQWKDWSODQIURPWKHEHJLQQLQJVLQFHLWZDVWKHRQO\RQH
WKDWLQFOXGHGWKHFRQVWUXFWLRQRIDZDUHKRXVHLQ=DUDJR]D
0DËDQDYR\DSUHVHQWDUHOSODQDO&RQVHMRGH$GPLQLVWUDFLÍQ6H
YDQDTXHMDUGHOFRVWHHVRWHORSXHGRDVHJXUDU3HURHVWR\VHJXUR
GHTXHWHUPLQDU»QSRUDSUREDUOR/DFRPSDËÇDYDELHQHQHVWRV
PRPHQWRV\DSHVDUGHTXH0RUJDQVHDWDQFRQVHUYDGRUFRQHO
GLQHURFUHRTXHLQFOXVRÃOHVWDU»GLVSXHVWRDGDUODOX]YHUGH
7RPRUURZ,DPJRLQJWRSUHVHQWWKHSODQWRWKH%RDUG7KH\ZLOO
FRPSODLQDERXWWKHFRVW,FDQDVVXUH\RXRIWKDW%XW,DPFHUWDLQ
WKDWWKH\ZLOOHQGXSDSSURYLQJLW7KHFRPSDQ\LVJRLQJZHOODWWKLV
WLPHDQGLQVSLWHRIWKHIDFWWKDW0RUJDQLVVRFRQVHUYDWLYHZLWK
FDVK,WKLQNHYHQKHZLOOEHZLOOLQJWRJLYHWKHJUHHQOLJKW
7HOODPDUÃHQFXDQWRVHSDDOJR
,·OOFDOO\RXDVVRRQDV,NQRZDQ\WKLQJ
8QVDOXGR
5HJDUGV
(OFDPLQRVHFUHWRDOLQJOÃV
/RKDJRORKLFHORKDUpORKHKHFKR
HVWDVFRVDVSURQXQFLpVLQUHQFRUQLGHVSHFKR
PLOYHFHVDOGtDHQORVDxRVVHWHQWD
ODERUTXHGHVXGRUHVQRHVWDEDH[HQWD
4XHUtDGRPLQDUSRUFRPSOHWRODHVWUXFWXUD
TXHUtDPHWHUYXHVWUDOHQJXDHQFLQWXUD
TXHUtDTXHODJHQWHDSUHFLDUDPLWDODQWH
LQFOXVRHQXQDOHQJXDSDUDPtGLVRQDQWH
(OWHPDHOHVTXHPDHOHPEOHPDHOSUREOHPD
¢3RUTXpPDVFXOLQR"£'LRVPtRTXpGLOHPD
/DPDQRODPRWRODOODYHODPDU
¢3RUTXpIHPHQLQR"0HYR\DGHVLQÁDU
7REHFRQWLQXHGLQWKHQH[WLQVHUWf
(VWLPDGRDPLJR\DOXPQR(OSRHPDGHODL]TXLHUGDHVXQSRFRODUJR2FXSDU»
WUHVRFXDWURîFKDVSRUORTXHQRROYLGHVFRPSUDUWH(/081'2ORVSUÍ[LPRVWUHV
RFXDWURGÇDV(OSRHPDGHVFULEHFRQSUHFLVLÍQPLH[SHULHQFLDSDUDKDFHUPHFRQ
WXLGLRPD/OHJXÃD(VSDËDFXDQGRWHQÇDDËRVGHVSXÃVGHKDEHUFXUVDGROD
DVLJQDWXUDGHHVSDËROFRPROHQJXDH[WUDQMHUDDORODUJRGHVHLVDËRVHQODHVFXHOD
VHFXQGDULD'RPLQDEDEDVWDQWHELHQODWHRUÇDJUDPDWLFDOGHOLGLRPD\VDEÇDpVR
EUHYLYLUqHQFRQYHUVDFLRQHVFDUDDFDUDVREUHWHPDVFRWLGLDQRV6LQHPEDUJRQDGD
P»VDWHUUL]DUDTXÇPHGLFXHQWDGHTXHHVWDEDDDËRVOX]GHSRGHUWUDQVPLWLUPL
SHUVRQDOLGDG\PLVKDELOLGDGHVDWUDYÃVGHPLPRGHVWRGRPLQLRSU»FWLFRGHOLGLR
PD$ORODUJRGHWUHVDËRVGHGLTXÃHQWRUQRDWUHVKRUDVGLDULDVDFRQVROLGDUPL
GRPLQLR0HFRVWÍKRUDVDSUHQGHUELHQWXOHQJXD\VLWHGLMHUDTXHOOHJDU»V
DGRPLQDUODPÇDHQPHQRVWHHVWDUÇDKDFLHQGRXQïDFRIDYRU0HJXVWDUÇDGHFLUWH
TXHFRQPLOSDODEUDVRFRQHOPÃWRGRUHYROXFLRQDULRp;qSRGUÇDVKDFHUWHFRQPL
LGLRPDVLQGRORUQLLQFLVLÍQSHURWHHVWDUÇDPLQWLHQGR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
+LJK%HJLQQHU
/RZ%HJLQQHU
(VWR\KDEODQGRFRQÃO ,oPWDONLQJWRKLP
(OODHVW»KDEODQGRFRQPLJR 6KHoVWDONLQJWRPH
(VWDPRVKDEODQGRFRQHOORV :HoUHWDONLQJWRWKHP
0HHVW»VKDEODQGR" $UH\RXWDONLQJWRPH"
1RHVW»QKDEODQGRFRQHOOD 7KH\oUHQRWWDONLQJWRKHU
(VW»VOLVWR" $UH\RXUHDG\"
(VW»VFDQVDGR" $UH\RXWLUHG"
(VW»VDTXÇ" $UH\RXKHUH"
(VW»VDOOÇ" $UH\RXWKHUH"
(VW»VIHOL]" $UH\RXKDSS\"
0LGGOH,QWHUPHGLDWH
/RZ,QWHUPHGLDWH
(OODLU»VLOHSDJDV 6KHoOOJRLI\RXSD\KHU
7RFRHOSLDQRSHRUTXHÃO ,SOD\WKHSLDQRZRUVHWKDQKH
GRHV
£OWRFDHOSLDQRPHMRUTXH\R +HSOD\VWKHSLDQREHWWHUWKDQ
,GR
3XHGHVHQYL»UPHOR" &DQ\RXVHQGLWWRPH"
(VJUDWLV" ,VLWIUHH"
7HUPLQÃDODVWUHV\PHGLD ,ïQLVKHGDWKDOISDVWWKUHH
4XÃSDVÍ" :KDWKDSSHQHG"
4XÃHVW»SDVDQGR" :KDWoVKDSSHQLQJ"
4XÃSDVDU»" :KDWZLOOKDSSHQ"
4XÃSDVD" :KDWoVKDSSHQLQJ"
QXQFD:KDWKDSSHQV"
/RZ$GYDQFHG
+LJK,QWHUPHGLDWH
4XÃOHSDVÍ" :KDWKDSSHQHGWRKLP"
4XÃOHHVW»SDVDQGR" :KDWoVKDSSHQLQJWRKLP"
4XÃOHSDVDU»" :KDWZLOOKDSSHQWRKLP"
4XÃOHSDVD" :KDWoVWKHPDWWHUZLWKKLP"
QXQFD:KDWoVKDSSHQLQJWR
KLP"
5HDOPHQWHWLHQHLPSRUWDQFLD" 'RHVLWUHDOO\PDWWHU"
0HUHFHODSHQDTXHWHWRPHV ,WoVZRUWKWDNLQJ\RXUWLPH
WXWLHPSR
6LJRWHQLHQGRSUREOHPDV ,oPVWLOOKDYLQJSUREOHPVZLWK
FRQPLRUGHQDGRU
P\FRPSXWHU
3UÃVWDPHODVOODYHVGHWX /HQGPH\RXUFDUNH\VULJKW
FRFKHDKRUDPLVPR
QRZ
|3RUîQPLQXHUDKDGHMDGR 0\GDXJKWHULQODZKDVJLYHQ
GHIXPDU
XSVPRNLQJDWORQJODVW
3RVHRHOFRFKHP»VEDUDWR ,RZQWKHFKHDSHVWFDULQWKH
GHOPXQGR
ZRUOG
6WDPS 6HOOR
3RVWPDUN 0DWDVHOORV
$GGUHVV 'LUHFFLÍQ
(QYHORSH 6REUH
3RVWFRGH &ÍGLJRSRVWDO
9RFDEXODULR0DLO &RUUHR
)RU(QJOLVKVXSHUVWDUVRQO\
0LGGOH$GYDQFHG
7HKDVHQWHUDGRGHORÔOWLPR" +DYH\RXKHDUGWKHODWHVW"
1RWHDSHWHFHYROYHUDFDVD" 'RQoW\RXIHHOOLNHJRLQJEDFN
KRPH"
1RVHGDQFXHQWDGHORGXUR 7KH\GRQoWUHDOLVHKRZKDUG
TXHHV
LWLV
/DIHFKDGHODQ]DPLHQWRQR 7KHODXQFKGDWHFDQQRWEH
VHSXHGHUHWUDVDU
EURXJKWEDFN
6XELÍHOFRVWHGHODYLGDXQ 7KHFRVWRIOLYLQJURVHSHU
SRUFLHQWRHQPD\R
FHQWLQ0D\
*DVWÃP»VGHODFXHQWDHO ,RYHUVSHQWODVWPRQWK
PHVSDVDGR
1RVSHUGLPRVHQORVEDUULRV :HJRWORVWLQWKHEDFNVWUHHWV
RI/RQGRQ
SREUHVGH/RQGUHV
|+HPRVVLGRGHVFXELHUWRV :HoYHEHHQIRXQGRXW
$KRUDTXHORGLFHVf 1RZ\RXFRPHWRPHQWLRQLWf
*UDQL]ÍODQRFKHHQWHUD ,WKDLOHGWKHZKROHQLJKWORQJ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
:DVJRLQJWR
7RUHDGEHWZHHQWKHOLQHV
/HHUHQWUHOÇQHDV
%LUGVRIDIHDWKHUïRFNWRJHWKHU
'LRVORVFUÇD\HOORVVHMXQWDQ
8QDHVWUXFWXUDTXHHPSOHDPRVSDUDGHFLUOR
TXHWHQÇDPRVLQWHQFLÍQGHKDFHUSHURTXHDO
îQDOQROOHJDPRVDKDFHU
%H\RQGWKHVKDGRZRIDGRXEW
1LODP»VPÇQLPDGXGD
7RELWHWKHGXVW
0RUGHUHOSROYR
+HoVDELJîVKLQWKHRUJDQLVDWLRQ
(VXQSH]JRUGRHQODRUJDQL]DFLÍQ
+HoVDVEOLQGDVDEDW
(VW»P»VFLHJRTXHXQWRSR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
<RLEDDHVFULELUOH DHOOD SHURPHOODPÍD\HU
7HGLMHTXHHOODLEDDGHFLUHVR
7HLEDDOODPDU|WHORMXUR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,ZDQW\RXWRLPSURYH\RXU(QJOLVK
)ÇMDWHHQHVWDVGRVIUDVHVHQFDVWHOODQR
4XLHURYHQLU4XLHURTXHÃOYHQJD
$KRUDPÇUDODVHQLQJOÃV
,ZDQWWRFRPH,ZDQWKLPWRFRPH
1RWDU»VTXHODSDUWHVXEUD\DGDGHODVGRVIUDVHVQRFDPELDHQDEVROX
WR8QLFDPHQWHLQVHUWDPRVHOSURQRPEUHTXHKDFHGHFRPSOHPHQWR
GLUHFWRpKLPq
(VPX\VHQFLOOR\GHKHFKRHVPXFKRP»VI»FLOHQLQJOÃVTXHHQFDV
WHOODQR\DTXHHQWXLGLRPDKD\TXHDSUHQGHUWRGDXQDVHULHGHFRQ
MXJDFLRQHV GHQWUR GHO VXEMXQWLYR YHQJD YHQJDV YHQJD YHQJDPRV
YHQJ»LVYHQJDQf $KRUDELHQODIRUPDHQLQJOÃVGHH[SUHVDUHVWDLGHD
HVPX\GLIHUHQWHDKDFHUORHQFDVWHOODQRSRUORTXHGHEHVKDFHUXQHV
IXHU]RSDUDDVLPLODUOR
<28
+,0
+(5
86
7+(0
0(
,ZDQWf
,ZDQWf
,ZDQWf
,ZDQWf
,ZDQWf
7KH\ZDQWf
fWROHDUQ(QJOLVK
fWROHDUQ(QJOLVK
fWROHDUQ(QJOLVK
fWROHDUQ(QJOLVK
fWROHDUQ(QJOLVK
fWROHDUQ(QJOLVK
(VWLPDGD6UWD/HVWHU
'HDU0LVV/HVWHU
'HVHRH[SUHVDUOHQXHVWUDVGLVFXOSDVSRUHOWUDWRTXHSRUORYLVWR
UHFLELÍHO6U3ÃUH]HQVXYLVLWDDQXHVWUDI»EULFD&RPR9GVDEH
QXHVWURSURFHVRGHIDEULFDFLÍQHPSOHDXQDWÃFQLFDUHYROXFLRQDULD
TXHWRGDYÇDUHTXLHUHXQDOWRJUDGRGHSURWHFFLÍQFRQWUDHOHVSLR
QDMHLQGXVWULDO
,ZLVKWRH[SUHVVRXUDSRORJLHVIRUWKHWUHDWPHQWWKDW0U3HUH]
DSSDUHQWO\UHFHLYHGLQKLVYLVLWWRRXUIDFWRU\$V\RXNQRZRXU
PDQXIDFWXULQJ SURFHVV HPSOR\V D UHYROXWLRQDU\ WHFKQLTXH
WKDWVWLOOUHTXLUHVDKLJKGHJUHHRISURWHFWLRQIURPLQGXVWULDO
HVSLRQDJH
(O6U3ÃUH]DOSDUHFHUQRVHLGHQWLîFÍDOHQWUDUHQHOUHFLQWR SUHPL
VHV \HOJXDUGDGHVHJXULGDGQROHUHFRQRFLÍSRUTXHHUDQXHYR(V
QXHVWUDSROÇWLFDFDPELDUGHJXDUGDFDGDGRVPHVHV(VWR\VHJXUR
GHTXH9GHQWHQGHU»TXHGHEHPRVHQWRGRPRPHQWRPDQWHQHU
ODP»VHVWULFWDVHJXULGDG\VLHQWRFXDOTXLHUSUREOHPDTXHHVWD
SROÇWLFDSXHGDRFDVLRQDU
0U 3HUH] DSSDUHQWO\ GLG QRW LGHQWLI\ KLPVHOI XSRQ HQWHULQJ
WKH SUHPLVHV DQG WKH VHFXULW\ JXDUG GLG QRW UHFRJQL]H KLP
EHFDXVH KH ZDV QHZ ,W LV RXU SROLF\ WR FKDQJH JXDUGV HYHU\
WZRPRQWKV,DPVXUH\RXZLOOXQGHUVWDQG WKDWZHPXVWDW
DOO WLPHV PDLQWDLQ WKH VWULFWHVW VHFXULW\ DQG , DP VRUU\ IRU
ZKDWHYHULQFRQYHQLHQFHWKLVSROLF\PD\FDXVH
$WHQWDPHQWH
6LQFHUHO\\RXUV
(OFDPLQRVHFUHWRDOLQJOÃV FRQW
3HURFRQWLHPSR\XQDFDxD\XQHVIXHU]RWUHPHQGR
DSUHQGtYXHVWUDOHQJXDVLQÀVXUDQLUHPLHQGR
0LDFHQWRHVJXLULSHURPLGRPLQLRFDXWLYD
\HPEDXFRDPXFKRVFRQPLYR]VXJHVWLYD
¢3HURVDEHVDPLJRHOPRQWRGHPLLQYHUVLyQ"
¢6DEHVGHYHUDVHODOFDQFHGHPLLQPHUVLyQ"
'HGLTXpWUHVPLOKRUDVDDOFDQ]DUHOREMHWLYR
GHGRPLQDUYXHVWUDOHQJXDGHXQPRGRGHÀQLWLYR
7REHFRQWLQXHGLQWKHQH[WLQVHUWf
(VWLPDGRDPLJR\DOXPQR(OSRHPDGHODL]TXLHUGDHVFRQWLQXDFLÍQGHOÔOWLPR
GÇD&RPRGLJRHQODSULPHUDHVWURIDWHQJRDFHQWRDPHULFDQRFXDQGRKDEORHQ
HVSDËRO'HKHFKRVLPHDSXUDVWHGLUÃTXHFRPHWRFLHUWRVHUURUHVGHJUDP»WLFD\
GHIRQÃWLFDFXDQGRKDEOR\P»VWRGDYÇDFRQIRUPHDYDQ]RFRQODHGDG\EDMRP»V
ODJXDUGLD6LQHPEDUJRODJHQWHPHORSHUGRQDWRGRSRUTXHREVHUYDTXHWHQJR
XQDFDSDFLGDGFRPXQLFDWLYDPX\DOWDHQWXLGLRPD(VLPSRUWDQWHUHFRUGDUHVWR
HLQFLGHHQORTXH\DWHKHGLFKRHQQXPHURVDVRFDVLRQHVWÔQXQFDYDVDKDEODU
XQLQJOÃVJUDPDWLFDOPHQWHSHUIHFWRQLYDVDSURQXQFLDUPLOHQJXDFRPRXQQDWL
YRQLGHOHMRV6LQHPEDUJRHVW»VSHUIHFWDPHQWHFDSDFLWDGRSDUDOOHJDUDH[KLELU
GHODQWHGHSURSLRV\H[WUDËRVXQSURIXQGRGRPLQLRGHOLQJOÃVFRPRYHKÇFXORGH
FRPXQLFDFLÍQ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VWHOLEURHVPX\LQWHUHVDQWH 7KLVERRNLVYHU\LQWHUHVWLQJ
(VHOLEURQRHVPX\LQWHUHVDQWH7KDWERRNLVQoWYHU\
LQWHUHVWLQJ
6RQHVWRVWXVJXDQWHV" $UHWKHVH\RXUJORYHV"
(VLPSRUWDQWH" ,VLWLPSRUWDQW"
(VPÇR ,WoVPLQH
/HVHVWR\HVFULELHQGRDHOORV ,oPZULWLQJWRWKHP
(OODPHHVFULEHWRGRVORVGÇDV 6KHZULWHVWRPHHYHU\GD\
£OHVW»KDEODQGRGHVXPXMHU +HoVWDONLQJDERXWKLVZLIH
/OHYDXQDFDUSHWDHQODPDQR +HoVFDUU\LQJDIROGHULQKLV
KDQG
(VWR\KDEODQGRSRUWHOÃIRQR ,oPWDONLQJRQWKHSKRQH
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
|&DQWDSDUDHOSUHVLGHQWH 6LQJIRUWKHSUHVLGHQW0DULO\Q
0DULO\Q
(OORVQRORVDEHQ 7KH\GRQoWNQRZ
/HKLFH DÃO XQDSUHJXQWD ,DVNHGKLPDGLIïFXOWTXHVWLRQ
GLIÇFLO
|+D]XQHVIXHU]R 0DNHDQHIIRUW
7LHQHVTXHSUHJXQWDUSRU-RKQ <RXKDYHWRDVNIRU-RKQ
3RUPÇQRKD\SUREOHPD ,WoVïQHE\PH
6DEHVGÍQGHHVW»HO 'R\RXNQRZZKHUH)UHGoV
GHVSDFKRGH)UHG"
RIïFHLV"
|4XLHURTXHYHQJDV\D ,ZDQW\RXWRFRPHQRZ
&X»QWRGXUÍ" +RZORQJGLGLWODVW"
'XUÍPXFKRWLHPSR" 'LGLWODVWORQJ"
6WDPHQ (VWDPEUH
%XG &DSXOOR
3HWDO 3ÃWDOR
6WHP 7DOOR
/HDI +RMD
9RFDEXODULR)ORZHU )ORU
+LJK,QWHUPHGLDWH
(QTXÃHVW»VSHQVDQGR" :KDWDUH\RXWKLQNLQJDERXW"
&RQTXLÃQHVWDEDVFHQDQGR" :KRZHUH\RXKDYLQJGLQQHU
ZLWK"
3DUDTXLÃQVRQHVDVïRUHV" :KRDUHWKRVHðRZHUVIRU"
£OHVFULELÍHODUWÇFXORHQXQD +HZURWHWKHDUWLFOHLQDVLQJOH
VRODQRFKH
QLJKW
/RHVFULELÍHQIUDQFÃV +HZURWHLWLQ)UHQFK
/RZ$GYDQFHG
$FDERGHHVWRUQXGDU ,oYHMXVWVQHH]HG
|-HVÔV %OHVV\RX
1RVXHORHVWRUQXGDU ,GRQoWXVXDOO\VQHH]H
$QWHVHVWRUQXGDEDP»V ,XVHGWRVQHH]HPRUH
)LQJÇHVWDUPDOR ,SUHWHQGHGWREHLOO
0LGGOH$GYDQFHG
0HVRQÃHQFXDQWRHQFRQWUÃ ,EOHZP\QRVHDVVRRQDV,
PLSDËXHOR
IRXQGP\KDQGNHUFKLHI
1RSXHGRGHVKDFHUPHGH ,FDQoWJHWULGRIWKLVFROG
HVWHUHVIULDGR
1RVÃORTXHHVW»VLQVLQXDQGR ,GRQoWNQRZZKDW\RXoUH
JHWWLQJDW
(OSDUDEULVDVHVPLQÔVFXOR 7KHZLQGVFUHHQLVWLQ\
6HPHKDQDFDEDGRODVLGHDV ,oYHUXQRXWRILGHDV
)RU(QJOLVKVXSHUVWDUVRQO\
1RWHUHVXOWDJUDFLRVR" 'RQoW\RXïQGLWIXQQ\"
&RPDQGDQWHFUHRTXHOHVDOH &DSWDLQ,WKLQNWKHUHoVVPRNH
KXPRGHOPRWRU
FRPLQJRXWRIWKHHQJLQH
/DSDQWDOODHVW»PX\ERUURVD 7KHVFUHHQoVJRQHKD]\ IX]]\
$FDEDGHRFXUULU
6LQDGLHGDFRQXQDLGHDPHMRU,IQRRQHFRPHVXSZLWKD
WHQGUHPRVTXHDGRSWDUDTXHOOD EHWWHULGHDZHoOOKDYHWRJR
ZLWKWKDWRQH
6HPHKDQGHVDWDGRORV 0\VKRHODFHVKDYHFRPH
XQGRQH
FRUGRQHV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
9RFDEXODULR
+HoVEXUQLQJWKHFDQGOHDWERWKHQGV
7UDEDMDGHPDVLDGR9DDUHYHQWDU
E\WKHVNLQRI\RXUWHHWK
SRUORVSHORV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7REXU\WKHKDWFKHW
(QWHUUDUHOKDFKDGHJXHUUD
E\ZRUGRIPRXWK
SRUHOERFDDERFD
(OWUHQVDOHGHODQGÃQ
+D\PXFKRWUȔFRSRUGHODQWH
0LVYHFLQRVVRQPX\HQWURPHWLGRV
,KDYHEXWWHUïLHVLQP\VWRPDFK
7HQJRKRUPLJXHRGHORVQHUYLRV
:KDWoVEXJJLQJ\RX"
4XÃPRVFDWHKDSLFDGR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
*LYH3HWHUWKHERRN*LYHLWWRKLPQRZ
(QLQJOÃVWDQWRORVFRPSOHPHQWRVGLUHFWRVFRPRORVFRPSOHPHQ
WRVLQGLUHFWRVHQVXYHUVLÍQpSURQRPEUHqVRQORVPLVPRV
PH\RXKLPKHULWXV\RXWKHP
9DPRVDSRQHUSULPHURIUDVHVVLQSURQRPEUHV\OXHJRVXHTXLYD
OHQWHFRQSURQRPEUHV
,oPJLYLQJ-RKQWKHERRN
,oPJLYLQJLWWRKLP
(VWR\GDQGRD-XDQHOOLEUR
(VWR\G»QGRVHOR
,oPVKRZLQJ0DUÇDWKHSLFWXUH
,oPVKRZLQJLWWRKHU
(VWR\HQVHËDQGRD0DUÇDODIRWR
(VWR\HQVH˻QGRVHOD
,oPJLYLQJ\RXWKHERRNV
,oPJLYLQJWKHPWR\RX
(VWR\G»QGRWHORVOLEURV
(VWR\G»QGRWHORV
6KHoVVKRZLQJ3HWHUDQG7RP
WKHSLFWXUH
6KHoVVKRZLQJLWWRWKHP
(OODHVW»HQVHËDQGRODIRWRD
3HWHU\7RP
(OODHVW»HQVHË»QGRVHOD
&XDQGRHOFRPSOHPHQWRGLUHFWRHVXQVXVWDQWLYR QRXQSURQRP
EUH QRUPDOPHQWHSRQHPRVSULPHURHOFRPSOHPHQWRLQGLUHFWR
VHJXLGRGHOFRPSOHPHQWRGLUHFWR
,oPJLYLQJ-RKQWKHERRN
FLQGLUHFWR FGLUHFWR
$KRUD ELHQ FXDQGR DPERV FRPSOHPHQWRV VRQ SURQRPEUHV OR
KDFHPRVDOUHYÃV
,oPJLYLQJLWWRKLP
FGLUHFWR FLQGLUHFWR
(VWLPDGR-DNH
'HDU-DNH
&XDQGRUHFLEÇWXID[D\HUOODPÃD&DUORV\OHSHGÇTXHQRVKL
FLHUDXQSUHVXSXHVWRSDUDWUHVPLOIROOHWRV1ROHGLMHQDGDGH
ODRIHUWDGH%UXQR6LVXSUHFLRQRVXSHUDDOGH%UXQRHQXQ
FUHRTXHGHEHUÇDPRVVHJXLUFRQÃO<DFRQRFHPRVFÍPR
WUDEDMD\VDEHPRVTXÃHVSHUDU3XHGHTXH%UXQRVHDP»VED
UDWRSHURQRPHJXVWDFRUUHUULHVJRVHQHVWHWHPD
:KHQ,JRW\RXUID[\HVWHUGD\,FDOOHG&DUORVDQGDVNHGKLP
IRUDQHVWLPDWHIRUEURFKXUHV,GLGQ·WWHOOKLPDQ\WKLQJ
DERXW%UXQR·VRIIHU,IKLVSULFHGRHVQRWH[FHHG%UXQR·VE\
,WKLQNZHVKRXOGFRQWLQXHZLWKKLP:HDOUHDG\NQRZKRZKH
ZRUNVDQGZHNQRZZKDWWRH[SHFW%UXQRPD\EHFKHDSHUEXW
,GRQ·WOLNHWRUXQULVNVRQWKLVPDWWHU
$SURSÍVLWRPHOODPÍ.DWK\D\HUSDUDGHFLUPHTXH\DHVWD
EDGHYXHOWD4XLHUHTXHODOODPHVSDUDKDEODUGHOGLQHURTXH
WHGHEH'HEHHVWDUVLQEODQFDSRUTXHPHSUHJXQWÍVLSRGÇD
RIUHFHUOHXQWUDEDMR%XHQDVXHUWH
%\WKHZD\.DWK\FDOOHGPH\HVWHUGD\WRWHOOPHVKHZDVEDFN
6KHZDQWV\RX WRFDOOKHU WR WDONDERXW WKHPRQH\VKHRZHV
\RX6KHPXVWEHEURNHEHFDXVHVKHDVNHGPHLI,FRXOGRIIHU
KHUDMRE*RRGOXFN
8QVDOXGR
5HJDUGV
(OFDPLQRVHFUHWRDOLQJOÃV FRQW
6LPHFRVWyWUHVPLOKRUDV\\RVR\OLQJLVWD
¢GHYHUGDGW~SUHWHQGHVODPLVPDFRQTXLVWD
GHOLGLRPDLQJOpVFRQFODVHVFRQYHQFLRQDOHV
HVTXLYDQGRDOSDVRORVHVIXHU]RVH[FHSFLRQDOHV"
1RVHDVLOXVRTXH\DKD\EDVWDQWHV
ODVSDODEUDVTXHVLJXHQQRVRQSHWXODQWHV
6RQHOIUXWRGHDxRVREVHUYDQGRHOSURFHVR
GHDSUHQGHUHOLQJOpVFRQXQDOWRSURJUHVR
7REHFRQWLQXHGLQWKHQH[WLQVHUWf
(VWLPDGRDPLJR\DOXPQR(OSRHPDGHODL]TXLHUGDHVFRQWLQXDFLÍQGHOGHORV
GRVÔOWLPRVGÇDV$TXÇUHLWHURTXHPHFRVWÍWUHVPLOKRUDVGHWUDEDMRKDFHUPHFRQ
XQEXHQGRPLQLRGHOFDVWHOODQR(QODVGRVHVWURIDVGHODL]TXLHUGDLQVLQÔRTXH
HODGXOWRHVSDËROWLHQGHDSHQVDUTXHSXHGHDSUHQGHULQJOÃVVLQKDFHUHOPLVPR
HVIXHU]RTXH\RKHKHFKRSDUDDSUHQGHUVXOHQJXD&UHHHTXLYRFDGDPHQWHTXHVH
DSUHQGHLQJOÃVDVLVWLHQGRDFODVHV1DGLHHQODKLVWRULDGHOPXQGRVHKDKHFKRFRQ
XQVHJXQGRLGLRPDGHDGXOWROLPLW»QGRVHDDVLVWLUDFODVHV£VWDVQRFRQVWLWX\HQ
QXQFDP»VGHOGHODVDFFLRQHVQHFHVDULDVSDUDVROXFLRQDUHOSUREOHPD(ORWUR
VHGLYLGHHQWUHHOHVWXGLRRWUDEDMRSHUVRQDO\HOSDVDUPXFKRVDSXURVGHFR
PXQLFDFLÍQHQVLWXDFLRQHVUHDOHV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(ORUGHQDGRUHVW»URWR 7KHFRPSXWHULVEURNHQ
(VWR\HQHOFRFKH ,oPLQWKHFDU
(VWR\HQHODXWREÔV ,oPRQWKHEXV
(VWR\HQHODYLÍQ ,oPRQWKHSODQH
(VWR\HQHODVFHQVRU ,oPLQWKHOLIW
(VW»QIXPDQGRHQHOEDU 7KH\oUHVPRNLQJLQWKHEDU
7HHVWR\GDQGRXQDPRQHGD ,oPJLYLQJ\RXDFRLQ
'DYLGHVW»WUDEDMDQGRPXFKR 'DYLGLVZRUNLQJDORW
6HYLOODHVW»OHMRVGH*LMÍQ 6HYLOOHLVIDUIURP*LMÍQ
)UDQFLDHVW»DOQRUWHGH(VSDËD )UDQFHLVWRWKHQRUWKRI6SDLQ
:LQGRZSDQH &ULVWDO
:LQGRZIUDPH 0DUFR
%OLQGV 3HUVLDQDV
&XUWDLQV &RUWLQDV
:LQGRZVLOO $OIÃL]DU
9RFDEXODULR:LQGRZ 9HQWDQD
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
+DFHEXHQWLHPSRKR\ 7KHZHDWKHULVQLFHWRGD\
6LHPSUHOOXHYHORVYLHUQHV ,WDOZD\VUDLQVRQ)ULGD\V
1XQFDOHHQWLHQGRD3DXO ,QHYHUXQGHUVWDQG3DXOZKHQ
KHVSHDNV
FXDQGRKDEOD
$YHFHVÃOWHUPLQDDODVWUHV 6RPHWLPHVKHïQLVKHVDWWKUHH
1RPHJXVWDQORVOXQHV ,GRQoWOLNH0RQGD\V
(VSHURXQDOODPDGDDODVVHLV ,oPH[SHFWLQJDFDOODWVL[
0HORLEDVDGHFLU" :HUH\RXJRLQJWRWHOOPH"
(VWDEDDIHLW»QGRPHFXDQGR ,ZDVVKDYLQJZKHQKHFDOOHG
ÃOOODPÍ
1RFRQR]FRDQDGLHTXH ,GRQoWNQRZDQ\RQHZKRFDQ
GRWKDW
SXHGDKDFHUHVR
0LFRFKHQRHVW»WDQR[LGDGR 0\FDULVQoWDVUXVW\DV\RXUVLV
FRPRHOWX\R
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
(VHPRFLRQDQWHYHUGDG" ,WoVH[FLWLQJLVQoWLW"
(VW»FDVDGRFRQ-XOLDYHUGDG" +HoVPDUULHGWR-XOLDLVQoWKH"
£OSXHGHKDEODUJULHJRYHUGDG"+HFDQVSHDN*UHHNFDQoWKH"
*DQDURQHOSDUWLGRYHUGDG" 7KH\ZRQWKHPDWFKGLGQoW
WKH\"
/HVJDQDURQYHUGDG" 7KH\EHDWWKHPGLGQoWWKH\"
£OQXQFDKDGHPRVWUDGRVX +HKDVQHYHUSURYHQKLV
LQQRFHQFH
LQRFHQFLD
0LMHUVH\HQFRJLÍ 0\MXPSHUVKUDQN
7UDVXQDODUJDEÔVTXHGD $IWHUDOHQJWK\VHDUFK,IRXQG
ZKDW,ZDVORRNLQJIRU
HQFRQWUÃORTXHEXVFDED
9R\DWRFDUHOWLPEUH ,oPJRLQJWRULQJWKHEHOO
1RTXLHURTXHDGHODQWHVD ,GRQoWZDQW\RXWRRYHUWDNH
WKDWFDU
DTXHOFRFKH
0LGGOH$GYDQFHG
&RQVHJXÇHOWUDEDMR ,JRWWKHMRE
&RQVHJXÇOOHJDUDOWUDEDMR ,PDQDJHGWRJHWWRZRUN
EHIRUHVHYHQ
DQWHVGHODVVLHWH
6R\UHVSRQVDEOHGHO ,oPLQFKDUJHRIWKHDFFRXQWV
GHSDUWDPHQWRGHFRQWDELOLGDG GHSDUWPHQW
'HSHQGRGHOGLUHFWRUJHQHUDO ,UHSRUWWRWKHJHQHUDO
PDQDJHU
*HVWLRQRXQHTXLSRGH ,PDQDJHDWZHQW\SHUVRQ
WHDP
SHUVRQDV
)RU(QJOLVKVXSHUVWDUVRQO\
6HKDTXLWDGRODEDUED +HoVVKDYHG VKDYHQ KLVEHDUG
RII
0HYR\DGHMDUODEDUED ,oPJRLQJWRJURZDEHDUG
/DEDUEDWHKDFHPD\RU <RXUEHDUGPDNHV\RXORRN
ROGHU
0HHVW»QVDOLHQGRFDQDV ,oPJHWWLQJJUH\KDLU
4XÃWHSDUHFHQORVKRPEUHV :KDWGR\RXWKLQNRIPHQZKR
TXHVHWLËHQHOSHOR"
G\HWKHLUKDLU"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
6HJXQGRFRQGLFLRQDO
5HFXHUGDTXHHQXQFRQGLFLRQDOQXQFDVH
XWLOL]DpZRXOGqHQODPLVPDRUDFLÍQTXHOD
SDODEUDpLIq
:KRFDOOVWKHVKRWVKHUH"
4XLÃQWLHQHODÔOWLPDSDODEUDDTXÇ"
3HWHUoVDWWKHKHOP
3HGURHVW»DOWLPÍQ
:KRoVLQFKDUJHKHUH"
4XLÃQHVW»DOPDQGRDTXÇ"
:KRFDOOVWKHWXQHKHUH"
4XLÃQOOHYDODYR]FDQWDQWHDTXÇ"
:KRoVWKHERVVKHUH"
4XLÃQPDQGDDTXÇ"
,FDQWDNHRYHUIRUKLP
/HSXHGRVXVWLWXLU\R
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6L\ROH\HUDP»VWHQGUÇDXQYRFDEXODULRP»V
DPSOLR
£OQRVHUÇDFDPSHÍQVLQRIXHUDHOPHMRU
6LJDQDUDVODORWHUÇDWHFRPSUDUÇDVXQ\DWH"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
5HïH[LYHSURQRXQV
P\VHOI
\RXUVHOI
KLPVHOI
KHUVHOI
LWVHOI
RXUVHOYHV
\RXUVHOYHV
WKHPVHOYHV
<RPLVPRPÇPLVPR
7ÔPLVPRWLPLVPR
£OPLVPRVÇPLVPR
(OODPLVPDVÇPLVPD
(OORPLVPRVÇPLVPRHQVÇ
1RVRWURVPLVPRV
9RVRWURVPLVPRV
(OORVPLVPRVVÇPLVPRVHQVÇ
,oPWDONLQJWRP\VHOI
(VWR\KDEODQGRFRQPLJRPLVPR
<RXoUHORRNLQJDW\RXUVHOILQWKH (VW»VPLU»QGRWHHQHOHVSHMR
PLUURU
+HOS\RXUVHOI
6ÇUYHWHWÔPLVPR XQDLQYLWD
FLÍQDVHUYLUVH
£OVLHPSUHVHHOLJHDVÇPLVPR
+HDOZD\VFKRRVHVKLPVHOI
(OODDPHQXGRLQWHQWDPDWDUVH
VXLFLGDUVH
(OVLWLRHQVÇQRHVW»GHPDVLDGR
7KHSODFHLWVHOILVQoWWRREDG
PDOSHUR
EXW
6LHPSUHORKDFHPRVQRVRWURV
:HDOZD\VGRLWRXUVHOYHV
PLVPRV
6ROÃLVJXDUGDUORPHMRUSDUD
<RXXVXDOO\VDYHWKHEHVWIRU
YRVRWURVPLVPRV
\RXUVHOYHV
7KH\FRQVLGHUWKHPVHOYHVYHU\ 6HFRQVLGHUDQDVÇPLVPRVPX\
LPSRUWDQWHV
LPSRUWDQW
+D]WHODVLJXLHQWHSUHJXQWD
$VN\RXUVHOIWKHIROORZLQJ
TXHVWLRQ
|0ÇUDWH
/RRNDW\RXUVHOI
+HWDNHVKLPVHOIYHU\VHULRXVO\ £OVHORWRPDPX\HQVHULR
7LHQHVTXHYHQGHUWHDWLPLVPR
<RXKDYHWRVHOO\RXUVHOI
6KHRIWHQWULHVWRNLOOKHUVHOI
(VWLPDGR6U%UXQR
'HDU0U%UXQR
&RQUHIHUHQFLDDVXRIHUWDGHGLVHËDUHLPSULPLUIROOHWRV
DGRVFRORUHVODPHQWRLQIRUPDUOHTXHQXHVWUDGHFLVLÍQHVFRQ
WLQXDUFRQQXHVWURDFWXDOSURYHHGRU(OPRWLYRGHHVWDGHFLVLÍQ
HVHOGHVHRSRUSDUWHGHOD'LUHFFLÍQGHXWLOL]DUORVVHUYLFLRVGHO
PLVPRSURYHHGRUTXHSURSRUFLRQDVHUYLFLRDQXHVWUDFDVDPD
WUL]HQ$OHPDQLD1RKHPRVGHVFDUWDGRVXRIHUWDSRUUD]RQHV
GHFDOLGDGRSUHFLR
5HJDUGLQJ \RXU RIIHU WR GHVLJQ DQG SULQW WZRFRORU
EURFKXUHV , DP VRUU\ WR LQIRUP \RX WKDW RXU GHFLVLRQ LV WR
FRQWLQXHZLWKRXUFXUUHQWVXSSOLHU7KHUHDVRQIRUWKLVGHFLVLRQ
LVWKHGHVLUHRQWKHSDUWRIWKH0DQDJHPHQWWRXVHWKHVHUYLFHV
RIWKHVDPHVXSSOLHUWKDWSURYLGHVVHUYLFHWRRXUKHDGTXDUWHUV
LQ *HUPDQ\:H KDYH QRW UXOHG RXW \RXU RIIHU IRU UHDVRQV RI
TXDOLW\RUSULFH
1RREVWDQWHDJUDGHFHPRVVXRIHUWD\HVSHUDPRVWHQHUODRSRU
WXQLGDGGHXVDUVXVVHUYLFLRVHQHOIXWXUR
1HYHUWKHOHVV ZH DSSUHFLDWH \RXU RIIHU DQG KRSH WR KDYH WKH
RSSRUWXQLW\WRXVH\RXUVHUYLFHVLQWKHIXWXUH
$WHQWDPHQWH
6LQFHUHO\\RXUV
(OFDPLQRVHFUHWRDOLQJOÃV FRQW
(VEODQFRRQHJURHOJULVQRH[LVWH
FRQXQHVIXHU]RDPHGLDVHOUHVXOWDGRHVWULVWH
WUHVPLOKRUDVVRQPXFKDVORVpORFRPSUHQGR
SHURFRQGHGLFDUPXFKDVPHQRVQRKD\GLYLGHQGR
6LQRSXHGHVHQWUDUHQWDQIXHUWHDSXHVWD
SRUIDOWDGHJDQDVRSRUORPXFKRTXHFXHVWD
HQWLHQGRpQRSUREOHPqTXHDSXQWHVPiVEDMR
SHURQRSLGDVHOFLHORQLTXHWHEXVTXHXQDWDMR
$SUHQGHXQLQJOpVSDUDDQGDUSRUFDVD
\GHMDGHUHPRYHUXQDWLHUUDWDQHVFDVD
(VWLPDGRDPLJR\DOXPQR&RQHVWDHQWUHJDWHUPLQDPRVHOSRHPDVREUHHOHV
IXHU]RTXHXQRWLHQHTXHKDFHUVLGHVHDGHYHUGDGFRQVHJXLUXQJUDQGRPLQLRHQ
XQVHJXQGRLGLRPD/DSULPHUDOÇQHDGLFHTXHDSUHQGHULQJOÃVHVEODQFRRQHJUR
8QRGHEHRLUDSRUWRGDVRUHQXQFLDUDWRGRHOOR5HVSHWRODVGRVGHFLVLRQHV6LQ
HPEDUJRODLQPHQVDPD\RUÇDGHODVSHUVRQDVPHGLFHQTXHTXLHUHQLUDSRUWR
GDVSHURSRFRGHVSXÃVSRQHQSHURV\SHUHWHVDOFRVWHDOSURJUDPDDOHVIXHU]R
QHFHVDULRf0XFKRVVHSLHQVDQTXHDSUHQGHULQJOÃVHVORPLVPRTXHDSXQWDUVHD
XQFXUVRGH3RZHU3RLQWRVLPLODU&UHHQTXHFRQXQDVKRULWDVGHFODVHOOHJDU»QD
VHUELOLQJÖHV8QRSXHGHOOHJDUDDOFDQ]DUXQQLYHOLQWHUPHGLRGHLQJOÃVFRQXQDV
KRUDVGHGHGLFDFLÍQSHURVLTXLHUHGHVHQYROYHUVHFRQHîFDFLDFRQPHQRVGH
KRUDVHVLPSRVLEOH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
+LJK%HJLQQHU
/RZ%HJLQQHU
'ÍQGHHVW»HODHURSXHUWR" :KHUHoVWKHDLUSRUW"
(VXQDHURSXHUWRJUDQGH" ,VLWDELJDLUSRUW"
(VW»QDTXÇ" $UHWKH\KHUH"
'ÍQGHHVW»Q" :KHUHDUHWKH\"
6RPRVDPLJRV :HDUHIULHQGV
(VW»VVHQWDGRRGHSLH" $UH\RXVLWWLQJRUVWDQGLQJ"
$TXHOODVLOODHVPÇD 7KDWFKDLULVPLQH
(VWR\VHQWDGRHQHOVXHOR ,oPVLWWLQJRQWKHðRRU
6XFDVD GHHOORV HVW»OHMRV 7KHLUKRXVHLVIDUIURPKHUH
GHDTXÇ
$TXHOORVQRHVW»QDTXÇ 7KRVHDUHQRWKHUH
0LGGOH,QWHUPHGLDWH
/RZ,QWHUPHGLDWH
+D\XQEDQFRFHUFDGHDTXÇ" ,VWKHUHDEDQNQHDUKHUH"
+D\XQRHQHVWDFDOOH 7KHUHoVRQHRQWKLVVWUHHW
(VRQRHVORTXHQHFHVLWR 7KDWoVQRWZKDW,QHHG
4XÃQHFHVLWDQ" :KDWGRWKH\QHHG"
3UHJÔQWDOHV $VNWKHP
(VWDPRVHPSH]DQGRD :HoUHVWDUWLQJWRJHWWLUHG
FDQVDUQRV
1RGRUPÇELHQDQRFKH ,GLGQoWVOHHSZHOOODVWQLJKW
0HOHYDQWÃPX\WHPSUDQR ,JRWXSYHU\HDUO\
$TXÃKRUDOOHJDVWHDOWUDEDMR" :KDWWLPHGLG\RXJHWWRZRUN"
/OHJXÃDOWUDEDMRP»VWDUGH ,JRWWRZRUNODWHUWKDQXVXDO
TXHGHFRVWXPEUH
/RZ$GYDQFHG
+LJK,QWHUPHGLDWH
&X»QGRLEDVDHFKDUORDO :KHQZHUH\RXJRLQJWR
FRUUHR"
SRVWLW"
3HQVDEDTXHORKDEÇDVKHFKR ,WKRXJKW\RXKDGGRQHLW
<RTXHWÔQRORKDUÇD ,ZRXOGQoWGRLWLI,ZHUH\RX
4XÃOHGLUÇDVDÃO" :KDWZRXOG\RXVD\WRKLP"
1ROHGLUÇDQDGD ,ZRXOGQoWWHOOKLPDQ\WKLQJ
(VW»VGLVSXHVWRDSDUWLFLSDU" $UH\RXZLOOLQJWRSDUWLFLSDWH"
'HEHUÇDKDEHUP»VTXHHVWR 7KHUHVKRXOGEHPRUHWKDQ
WKLV
'LOHTXHTXLHURTXHYHQJD 7HOOKLP,ZDQWKLPWRFRPH
&XDQGRVHWHUPLQHGÇPHOR :KHQLWoVïQLVKHGWHOOPH
1ROHVGHMHVVDOLUKDVWDTXH 'RQoWOHWWKHPOHDYHXQWLOLWoV
VHWHUPLQH
ïQLVKHG
&DS *RUUR
*RJJOHV *DIDVGHQDWDFLÍQ
$UPEDQGV 0DQJXLWRV
7RZHO 7RDOOD
7UXQNV %DËDGRU
9RFDEXODULR6ZLPPLQJ 1DWDFLÍQ
)RU(QJOLVKVXSHUVWDUVRQO\
0LGGOH$GYDQFHG
6XFRFKHKDVLGRUREDGR +LVFDUKDVEHHQVWROHQ
'ÍQGHVHHQFRQWUÍHOFRFKH" :KHUHZDVWKHFDUIRXQG"
/RFXEULU»HOVHJXUR" :LOOWKHLQVXUDQFHFRYHULW"
'HEHUÇDVKDFHUWHXQVHJXUR <RXVKRXOGWDNHRXWLQVXUDQFH
/DUXHGDWLHQHXQSLQFKD]R 7KHWLUHKDVDSXQFWXUH
$TXÃYLHQHWDQWRDOERURWR" :KDWoVDOOWKHIXVVDERXW"
(UDXQDSOD\DGHJXLMDUURV ,WZDVDSHEEOHEHDFK
&DÇDDJXDQLHYH ,WZDVVOHHWLQJ
0LVFDOFHWLQHVHVWDEDQ 0\VRFNVZHUHVRDNLQJ
HPSDSDGRV
|(VIXÃU]DWH 3XOO\RXUVRFNVXS
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
9RFDEXODULR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
1ROHKDJDVFRVTXLOODV DHOOD 1ROHJXVWD
1RFXHQWHVFRQ3DEORSDUDGDUWHFRPLGD(V
PX\DJDUUDGR
3HWHUFDVLVHGHVPD\ÍFXDQGRYLRODVFLIUDV
,WoVWLSSLQJLWGRZQZLWKUDLQ
(VW»OORYLHQGRDF»QWDURV
7RODQGIHHWîUVW
&DHUGHSLH
+HZDVFDXJKWUHGKDQGHG
/HSLOODURQFRQODVPDQRVHQODPDVD
+HoVDFUHDWXUHRIKDELW
(VXQDQLPDOGHFRVWXPEUHV
,WoVGLUWFKHDS
(VEDUDWÇVLPR
+HGRHVQoWFXWWKHPXVWDUG
1RHVW»DODDOWXUD1RSRVHHOR
QHFHVDULR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
:KRVSHDNVSHUIHFW&KLQHVHf\RXRU\RXUERVV"1HLWKHURIXVGR
:KLFKFRXQWU\LVLQ$VLDf
&KLQDRU,QGLD"
:KLFKFRXQWU\LVLQ$VLDf
0H[LFRRU6SDLQ"
:KLFKFRXQWU\LVLQ$VLDf
&KLQD-DSDQRU,QGLD"
:KLFKFRXQWU\LVLQ$VLDf
0H[LFR6SDLQRU)UDQFH"
%RWKRIWKHPDUHLQ$VLD
$OWHUQDWLYH7KH\oUHERWKLQ$VLD
1HLWKHURIWKHPLVLQ$VLD
$OORIWKHPDUHLQ$VLD
$OWHUQDWLYH7KH\oUHDOOLQ$VLD
$UH\RXULFKRULV\RXUEURWKHUULFK"
,V(PLOLR%RWÇQULFKRULV
$PDQFLR2UWHJDULFK"
1HLWKHURIXVLVULFK
%RWKRIWKHPDUHULFK
:KRoVULFKf\RX\RXUEURWKHU
RU\RXUVLVWHU"
:KRoVULFKf%RWÇQ2UWHJDRU
WKH2VERUQHIDPLO\"
1RQHRIXVLVULFK
$OORIWKHPDUHULFK
&XDQGRVRQGRVXVDPRVpERWKqRpQHLWKHUq&XDQGRVRQWUHVR
P»VXVDPRVpDOOqRpQRQHq
1RQHRIWKHPLVLQ$VLD
p1HLWKHUqWLHQHGRVSURQXQFLDFLRQHVDFHSWDEOHVpQÇ]HUqÍpQ»L]HUq
/DSURQXQFLDFLÍQGHpQRQHqULPDFRQRQHGRQHWRQVRQVXQ
IXQUXQJXQZRQ
(VWLPDGR6U0RUHQR
'HDU0U0RUHQR
/HHVFULERSRUPHGLDFLÍQGH-XDQ%ODQFRTXLHQPHKDLQGLFDGR
TXHVXHPSUHVDHVW»EXVFDQGRXQDSHUVRQDSDUDRFXSDUHOQXH
YRSXHVWRGHMHIHGH6HUYLFLRVGH0DUNHWLQJ
,DPZULWLQJ WR \RXWKURXJK-XDQ%ODQFRZKRKDVLQIRUPHG
PH WKDW \RXU FRPSDQ\ LV ORRNLQJ IRU D SHUVRQ WR RFFXS\ WKH
QHZSRVLWLRQRI0DUNHWLQJ6HUYLFHV0DQDJHU
7HQJR DËRV \ VR\ OLFHQFLDGR HQ &LHQFLDV (PSUHVDULDOHV SRU
OD8QLYHUVLGDGGH1XHYR0Ã[LFRFRQXQ0DVWHUHQ0DUNHWLQJ
\3XEOLFLGDGSRUHO,QVWLWXWR*LOEXQNLHQ'HVGHKDFHDËRVPH
HQFDUJRGHWRGRHODVSHFWRFRPHUFLDOGH0$&52/,1(6,%(5,&$
IDFWXUDFLÍQ PLOORQHV GH HXURV OD FXDUWD FRPSDËÇD P»V
JUDQGHGH(VSDËDHQHOVHFWRUGHOWUDQVSRUWHGHSLHOHV IXU 0L
ODERU FRQVLVWH HQ IRUPXODU OD HVWUDWHJLD FRPHUFLDO FRQWUDWDU \
IRUPDU DO HTXLSR GH YHQGHGRUHV VXEFRQWUDWDU ODV DJHQFLDV GH
SXEOLFLGDG\VXSHUYLVDUHOWUDEDMRUHDOL]DGR
,DP\HDUVROGDQGKROGDGHJUHHLQ%XVLQHVV$GPLQLVWUDWLRQ
IURP WKH 8QLYHUVLW\ RI 1HZ 0H[LFR ZLWK D 0DVWHUV LQ
0DUNHWLQJDQG$GYHUWLVLQJIURP WKH*LOEXQNLHQ,QVWLWXWH)RU
WKHSDVWVHYHQ\HDUV,KDYHEHHQLQFKDUJHRIDOOWKHPDUNHWLQJ
DQGVDOHVDVSHFWVLQ0$&52/,1(6,%(5,&$ VDOHVPLOOLRQ
HXURV WKHIRXUWKODUJHVWFRPSDQ\LQ6SDLQLQWKHIXUWUDQVSRUW
LQGXVWU\0\MREFRQVLVWVRIIRUPXODWLQJWKHVDOHVDQGPDUNHWLQJ
VWUDWHJ\UHFUXLWLQJDQGWUDLQLQJWKHVDOHVIRUFHVXEFRQWUDFWLQJ
DGYHUWLVLQJDJHQFLHVDQGVXSHUYLVLQJWKHZRUNSHUIRUPHG
0HLQWHUHVDODSRVLELOLGDGGHWUDEDMDUFRQVXFRPSDËÇDSRUTXH
PHJXVWDUÇDWHQHUODRSRUWXQLGDGGHDSOLFDUPLVFRQRFLPLHQWRV
DPHUFDGRVP»VJUDQGHV\GLQ»PLFRV
,DPLQWHUHVWHGLQWKHSRVVLELOLW\RIZRUNLQJIRU\RXUFRPSDQ\
EHFDXVH , ZRXOG OLNH WR KDYH WKH RSSRUWXQLW\ WR DSSO\ P\
NQRZOHGJHWRODUJHUDQGPRUHG\QDPLFPDUNHWV
/HDGMXQWRPLFXUULFXOXPYLWDH
,KDYHHQFORVHGP\&9IRU\RXUUHIHUHQFH
$ODHVSHUDGHVXVQRWLFLDV
$ZDLWLQJ\RXUUHSO\,DP
/HVDOXGDDWHQWDPHQWH
9HU\WUXO\\RXUV
(VWLPDGRDPLJR\DOXPQR(OPHMRUDOXPQRTXHKHWHQLGRHQPLYLGDIXHXQWHQLHQWHFRURQHOGH$UWLOOHUÇDGLUHFWRUGHOD(VFXHODGH$UWL
OOHUÇDGH6HJRYLD(PSH]ÍGHSULQFLSLDQWHDORVDËRV\GRVDËRVP»VWDUGHFRQDVLVWÇDDUHXQLRQHV\DFWRVFRQPLOLWDUHVGHOD27$1
6HGHVHQYROYÇDFRQEDVWDQWHVROWXUD&XDQGROHFRQRFÇHQVXSULPHUDFODVHPHVDQWLJÖÃp'HDU/RUGZK\RQHDUWKLVWKLVVWXGHQWIRUPH,
ZRXOGUDWKHUEHIRUFHGWRJLYHFODVVWRDWUHHq6LQHPEDUJRHVWHPLOLWDUSURQWRPHVRUSUHQGLÍ\PHKL]RYHUTXHQDGLHHUDXQQHJDGRSDUD
ORVLGLRPDV$SOLFÍXQDGLVFLSOLQDPLOLWDUDODWDUHD\HQPHQRVGHXQDËROOHJÍDXQQLYHOLQWHUPHGLRDOWR&DGDQRFKHHQFDVDHVFXFKDED
XQFXHQWRGHXQDVS»JLQDVHQFDVHWH\FRQDXULFXODUHV0HFRVWÍWUDEDMRVXPLQLVWUDUOHWDQWRPDWHULDOSHURDOîQDOPLDPLJRHOPLOLWDU
VXPÍHQOHFWXUD\DXGLFLÍQP»VGHS»JLQDVGHLQJOÃV6LHPSUHGHFÇDp$PLJR5LFKDUGTXHUHUHVSRGHU&DGDGÇDUH]RD'LRVSDUDTXH
PHD\XGHFRQHOLQJOÃV\FDGDYH]ÃOPHGLFHTXHORKDU»DFRQGLFLÍQGHTXHORHVWXGLHDWRSH(VXQSDFWRTXHWHQHPRVq0HHQVHËÍOD
H[SUHVLÍQp$'LRVURJDQGR\FRQHOPD]RGDQGRqH[SUHVLÍQTXHSXHGHVDSOLFDUWHWÔWDPELÃQ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VURMRRYHUGH" ,VLWUHGRUJUHHQ"
(VD]XORQDUDQMD" ,VLWEOXHRURUDQJH"
(VJULVRQHJUR" ,VLWJUH\RUEODFN"
(VPDUUÍQRPRUDGR" ,VLWEURZQRUSXUSOH"
(VDPDULOORREODQFR" ,VLW\HOORZRUZKLWH"
+D\D]ÔFDUHQHOVXHOR 7KHUHoVVRPHVXJDURQWKH
ðRRU
+D\WLQWDHQODPHVD 7KHUHoVVRPHLQNRQWKHWDEOH
+D\DJXDHQHOYDVR 7KHUHoVVRPHZDWHULQWKH
JODVV
+D\WLQWDHQPLFDPLVD" ,VWKHUHDQ\LQNRQP\VKLUW"
+D\YLQRHQODERWHOOD" ,VWKHUHDQ\ZLQHLQWKHERWWOH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
$YHFHVYR\DOSDUTXH ,VRPHWLPHVJRWRWKHSDUN
(OODYDDOJLPQDVLRDPHQXGR 6KHRIWHQJRHVWRWKHJ\P
&DVLQXQFDYDQDO 7KH\KDUGO\HYHUJRWRWKH
VXSHUPDUNHW
VXSHUPHUFDGR
&DVLVLHPSUHYDQDO 7KH\DOPRVWDOZD\VJRWRWKH
K\SHUPDUNHW
KLSHUPHUFDGR
1XQFDYDQDODFDUQLFHUÇD 7KH\QHYHUJRWRWKHEXWFKHUoV
9R\DHQFHQGHUODOX] ,oPJRLQJWRWXUQRQWKHOLJKW
WEpVZLWFKRQq
9R\DDSDJDUODOX] ,oPJRLQJWRWXUQRIIWKHOLJKW
WEpVZLWFKRIIq
9R\DHQFHQGHUXQDYHOD ,oPJRLQJWROLJKWDFDQGOH
9R\DDSDJDUODYHOD ,oPJRLQJWREORZRXWWKH
FDQGOH
|$S»JDOD ODYHOD %ORZWKHFDQGOHRXW
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&XDQWRDQWHVPHMRU 7KHVRRQHUWKHEHWWHU
&XDQWRP»VJUDQGHPHMRU 7KHELJJHUWKHEHWWHU
&XDQWRP»VU»SLGRPHMRU 7KHIDVWHUWKHEHWWHU
&XDQWRP»VEDUDWRPHMRU 7KHFKHDSHUWKHEHWWHU
&XDQWRP»VVHJXURPHMRU 7KHVDIHUWKHEHWWHU
&X»OHVHOPHMRUPRGRGH :KDWoVWKHEHVWZD\WRGRLW"
KDFHUOR"
&X»OHVHOPHMRUPRGRGH :KDWoVWKHEHVWZD\WRVROYH
LW"
VROXFLRQDUOR"
+D\XQDPDQHUDP»VVHJXUD 7KHUHoVDVDIHUZD\WKDQWKDW
EHOLHYHPH
TXHHVDFUÃHPH
(VW»VVHJXURGHTXHKD\ $UH\RXVXUHWKHUHoVDVDIHU
ZD\"
XQDPDQHUDP»VVHJXUD"
(VRQRIXQFLRQDUÇDGH 7KHUHoVQRZD\WKDWZRXOG
ZRUN
QLQJXQDPDQHUD
5RG &DËD
/LQH 6HGDO
+RRN $Q]XHOR
5HHO &DUUHWH
%DLW &HER
9RFDEXODULR)LVKLQJ 3HVFD
0LGGOH$GYDQFHG
1DGLHFRQRFHDQDGLHTXH 1RERG\NQRZVDQ\ERG\ZKR
FDQGRDQ\WKLQJ
SXHGDKDFHUFXDOTXLHUFRVD
1DGLHTXHFRQR]FRVDEH 1RERG\,NQRZNQRZV
DQ\WKLQJDERXWWKHPDWWHU
QDGDGHOWHPD
&XDOTXLHUDSRGUÇDKDFHU $Q\ERG\FRXOGGRWKDWZLWK
WKHLUH\HVVKXW
HVRFRQORVRMRVFHUUDGRV
3HVWDËHDUHVFRPRJXLËDU %OLQNLQJLVOLNHZLQNLQJZLWK
ERWKH\HVDWWKHVDPHWLPH
ORVGRVRMRVDODYH]
|7HYDVDTXHGDUEL]FR <RXoUHJRLQJWRJRFURVVH\HG
)RU(QJOLVKVXSHUVWDUVRQO\
7LHQHVXQDSHVWDËDMXVWR <RXKDYHDQH\HODVKMXVW
HQFLPDGHOODELRVXSHULRU
DERYH\RXUXSSHUOLS
0HHQWUÍXQDDVWLOOD ,JRWDVSOLQWHUZKLOVWVDQGLQJ
PLHQWUDVOLMDEDODPHVD
GRZQWKHWDEOH
0HGLXQJROSHHQHOGHGR ,EDQJHGP\ELJWRHRQWKH
JUDQGHGHOSLHFRQHOURGDSLÃ
VNLUWLQJERDUG
0HVDOHQSHFDVHQYHUDQR ,FRPHRXWLQIUHFNOHVLQWKH
VXPPHU
RIWKHFORVHW
5RJHUVDOLÍGHODUPDULR 5RJHUFDPHRXW
DFRXSOHRIPRQWKVDJR
KDFHXQSDUGHPHVHV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
(OSURQRPEUHGHPRVWUDWLYR
,WoVGD\OLJKWUREEHU\
(VXQWLPRPDQLîHVWR
,WoVGRJHDWGRJ
&RPSHWHQFLDIHUR]VLQUHJODV
,WoVDULSRII
(VXQDXWÃQWLFRURER
'RQoWKROG\RXUEUHDWK
1RVHU»QDGDGHORWURPXQGR
7KHGHYLOoVDGYRFDWH
(ODERJDGRGHOGLDEOR
7KDWoVDGRXEOHHGJHGVZRUG
(VXQDUPDGHGREOHîOR
5HFXHUGDTXHXQDYH]TXHXWLOL]DPRVXQ
SURQRPEUHGHPRVWUDWLYRQRYROYHPRVD
XWLOL]DUOR|1RKDFHIDOWDVHËDODUDOJRGRV
YHFHV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(VWRVVRQOLEURV
$TXHOORVQRVRQOLEURVVRQUHYLVWDV
6RQHVWRVEROÇJUDIRV"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,oPJRLQJWRWHDFK\RXVRPHWKLQJ
&XDQGR YLQH D (VSDËD D ORV DËRV QR KDEODED HVSDËRO PX\
ELHQ6LQHPEDUJRHQGRVGÇDV\DHUDFDSD]GHKDEODUVREUHDFFLR
QHVGHIXWXURVLQJUDQGHVSUREOHPDV&ÍPRORFRQVHJXÇ"
3XHV HQ LQJOÃV WH UHFRPLHQGR OR PLVPR DSUÃQGHWH ELHQ p,oP
JRLQJWRq\OXHJRDËDGHWRGRVORVYHUERVTXHSXHGDV
,oPJRLQJWRJR,oPJRLQJWRHDW,oPJRLQJWRFRPH,oPJRLQJWRFDOO
$SUHQGÇODH[SUHVLÍQpYR\Dq\OXHJRPHKLFHFRQWRGRVORVLQîQL
WLYRVTXHSRGÇDLUFRPHUYHQLUOODPDUHWF/XHJRORVMXQWDED\
\DHVW»KDEODEDïXLGDPHQWHXWLOL]DQGRHOWLHPSRGHOIXWXUR
'HVSXÃVFDPELDp,oPqDp\RXoUHqpKHoVqpVKHoVqpLWoVqpZHoUHq
pWKH\oUHq\\DHVW»+DEU»VDSUHQGLGRSHUIHFWDPHQWHDKDEODU
VREUHDFFLRQHVGHIXWXUR
9R\DLU9R\DFRPHU9R\DYHQLU9R\DOODPDU(WF
(VWLPDGR6U3DVWRU
'HDU0U3DVWRU
*UDFLDVSRUVXFDUWDGHOGHQRYLHPEUH\SRUHOLQWHUHVDQWHLQIRU
PHVREUHHOVHFWRUGHODFHURHQ&RUHDGHO6XU\-DSÍQ&RQUHVSHFWR
DODSUHJXQWDTXHQRVKDFHHQVXFDUWDQXHVWUDLQWHQFLÍQHQHVWRV
PRPHQWRVHVFRQWLQXDUFRQODLGHDGHFHUUDUQXHVWUDVI»EULFDVGH
3LWWVEXUJK\$NURQ\FRPHQ]DUODFRQVWUXFFLÍQGHGRVQXHYDVI»
EULFDVHQ0LFKLJDQEDVDGDVHQODQXHYDWHFQRORJÇD%ODQFKDUG
7KDQN\RXIRU\RXUOHWWHURI1RYHPEHUDQGIRUWKHLQWHUHVWLQJ
UHSRUWRQWKHVWHHOLQGXVWU\LQ6RXWK.RUHDDQG-DSDQ&RQFHUQLQJ
WKHTXHVWLRQWKDW\RXDVNXVLQ\RXUOHWWHURXULQWHQWLRQDWWKLV
SRLQW LV WR FRQWLQXH ZLWK WKH LGHD RI FORVLQJ RXU IDFWRULHV LQ
3LWWVEXUJKDQG$NURQDQGVWDUWLQJWKHFRQVWUXFWLRQRIWZRQHZ
IDFWRULHVLQ0LFKLJDQEDVHGRQWKHQHZ%ODQFKDUGWHFKQRORJ\
<DKHPRVOOHJDGRDXQDFXHUGRFRQHO6LQGLFDWRGHORV7UDEDMD
GRUHV GHO $FHUR VREUH HO SODQ GH LQGHPQL]DFLÍQ SDUD ORV
WUDEDMDGRUHVTXHQRVYHUHPRVREOLJDGRVDGHVSHGLU(QFXDQWRD
ODVQXHYDVI»EULFDVGH0LFKLJDQVÍORYDPRVDUHTXHULUXQDV
SHUVRQDVHQWUHWUDEDMDGRUHVGLUHFWRVHLQGLUHFWRV
:HKDYHDOUHDG\UHDFKHGDQDJUHHPHQWZLWKWKH6WHHOZRUNHUV·
8QLRQRQDVHYHUDQFHSD\SODQIRU WKHZRUNHUV WKDWZH
ZLOO EH IRUFHG WR OD\ RII $V IRU WKH QHZ IDFWRULHV LQ 0LFKLJDQ
ZHDUHRQO\JRLQJWRQHHGVRPHSHRSOHEHWZHHQGLUHFWDQG
LQGLUHFWZRUNHUV
$WHQWDPHQWH
6LQFHUHO\
$UH\RXP\QHZWHDFKHUPLSURIHQXHYD"
0\QDPHLV5D~O\PLLQJOpVHVGHFXHYD
,WDONOLNHDFDYHPDQGHVWUR]DQGRJUDPiWLFD
,WU\YHU\KDUGDXQTXHGHIRUPDHUUiWLFD
,KRSH\RXDUHSDWLHQWTXHQRVR\PX\FOpYHU
<VLFRQWLJRDSUHQGR,ZLOOORYH\RXIRUHYHU
<RXVHHPLUODQGHVDDQG\RXUVPLOHPHHQFDQWD
$UH\RXDJRRGWHDFKHU"7LHQHVFDUDGHVDQWD
0\(QJOLVKLVEDG\PHWDFKDQGHYDJR
7KH\FDOOPHPX\EHVWLD¢VHUiXQKDODJR"
6HUpPHVXSRQJRXQSRFRFRPRHOEXKR
DORPHMRUQRDSUHQGRSHURPHÀMRPXFKR
(VWLPDGRDPLJR\DOXPQR5DÔOHVXQFDVREDVWDQWHWÇSLFRHQWUHGLUHFWLYRVWÃFQL
FRV\HPSOHDGRVHVSDËROHV'LJDPRVTXHUHSUHVHQWDXQGHORVFDVRV6XIDOWD
GHLQJOÃVOHPROHVWD\HVFRQGHVXHQIDGRGHWU»VGHXQDDFWLWXGJUDFLRVD\SRFR
VHULD/RWULVWHGHHVWRVFDVRVHVTXHVHWUDWDFDVLVLHPSUHGHXQDSHUVRQDSRWHQ
FLDOPHQWHEULOODQWH/DJUDFLDTXHH[KLEHUHYHODXQDPHQWH»JLOWDQ»JLOTXHSLHQVD
TXHSXHGHUHVROYHUODVFRVDVFRQPXFKRLQJHQLR\SRFRWUDEDMR(VWRHVSRVLEOH
SDUDDOJXQRVUHWRVSHURSDUDHOLQJOÃVQRIXQFLRQD1XHVWURDPLJR5DÔOWHQGU»TXH
FDPELDUVLTXLHUHDSUHQGHULQJOÃVGHYHUGDG7HQGU»TXHGDUXQJLURGHJUDGRV
SXHVWRTXHHOLQJHQLR\ODDJXGH]DVÍORD\XGDQHQXQ/DLQWHOLJHQFLDD\XGDHQ
RWUR(OUHVWDQWHVHUHGXFHDXQDVRODFXHVWLÍQHVIXHU]RSHUVRQDO
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
&X»OHVODFDSLWDOGH$XVWULD" :KDWoVWKHFDSLWDORI$XVWULD"
&X»OHVODFDSLWDOGH6XHFLD" :KDWoVWKHFDSLWDORI6ZHGHQ"
&X»OHVODFDSLWDOGH6XL]D" :KDWoVWKHFDSLWDORI
6ZLW]HUODQG"
5ÇRGH-DQHLURQRHVODFDSLWDO 5LRGH-DQHLURLVQoWWKHFDSLWDO
RI%UD]LO
GH%UDVLO
6\GQH\QRHVODFDSLWDOGH 6\GQH\LVQoWWKHFDSLWDORI
$XVWUDOLD
$XVWUDOLD
%REHVW»PLUDQGRD-DQH %RELVORRNLQJDW-DQH
-DQHHVW»PLUDQGRVXUHORM -DQHLVORRNLQJDWKHUZDWFK
3DXOHVW»PLUDQGRHOUHORM 3DXOLVORRNLQJDWWKHFORFNRQ
WKHZDOO
GHODSDUHG
+HQU\HVW»YLHQGRODWHOHYLVLÍQ +HQU\LVZDWFKLQJWHOHYLVLRQ
6DQG\HVW»GXUPLHQGRHQ 6DQG\LVVOHHSLQJRQWKHVRID
HOVRI»
0LGGOH,QWHUPHGLDWH
/RZ,QWHUPHGLDWH
'DQWUDEDMDORVPDUWHVHQ 'DQZRUNVLQ0DQFKHVWHURQ
7XHVGD\V
0DQFKHVWHU
7UDEDMDORVPLÃUFROHVHQ +HZRUNVLQ%LUPLQJKDPRQ
:HGQHVGD\V
%LUPLQJKDP
7UDEDMDORVMXHYHVHQVX +HZRUNVLQKLVRIïFHRQ
7KXUVGD\V
GHVSDFKR
7UDEDMDORVV»EDGRVHQ/LYHUSRRO+HZRUNVLQ/LYHUSRRORQ
6DWXUGD\V
/RVGRPLQJRVQRWUDEDMD +HGRHVQoWZRUNRQ6XQGD\V
1RVÃTXÃGHFLU ,GRQoWNQRZZKDWWRVD\
1RVÃDGÍQGHLU ,GRQoWNQRZZKHUHWRJR
1RVÃFÍPRKDFHUOR ,GRQoWNQRZKRZWRGRLW
1RVÃDTXLÃQSUHJXQWDU ,GRQoWNQRZZKRPWRDVN
(VWR\DOJRFRQIXVR ,oPDELWFRQIXVHG
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
6LPDËDQDYLHQHVWHOR ,I\RXFRPHWRPRUURZ,oOOVKRZ
LWWR\RX
HQVHËDUÃ
1RWHORHQVHËDUÃVLQRYLHQHV ,ZRQoWVKRZLWWR\RXLI\RX
GRQoWFRPH
1RORKDUÃDQRVHUTXHYHQJDV,ZRQoWGRLWXQOHVV\RXFRPH
1RORKDUÃKDVWDTXHQRYHQJDV,ZRQoWGRLWXQWLO\RXFRPH
/RKDUÃHQFXDQWRYHQJDV ,oOOGRLWDVVRRQDV\RXFRPH
/OHYRWUHVDËRVLQWHQWDQGR ,oYHEHHQWU\LQJWRORFDWHKLP
IRUWKUHH\HDUV
ORFDOL]DUOH
/OHYRGRFHDËRVHVWXGLDQGR ,oYHEHHQVWXG\LQJ(QJOLVKIRU
WZHOYH\HDUV
LQJOÃV
/OHYRWUHVPHVHVWUDEDMDQGR ,oYHEHHQZRUNLQJRQWKLV
SURMHFWIRUWKUHHPRQWKV
HQHVWHSUR\HFWR
/OHYRWUHLQWDPLQXWRV ,oYHEHHQFRQFHQWUDWLQJRQWKLV
FHQWU»QGRPHHQHVWHDUWÇFXOR DUWLFOHIRUWKLUW\PLQXWHV
/OHYRWUHVKRUDVHVFULELHQGR ,oYHEHHQZULWLQJRXWFKHTXHV
IRUWKUHHKRXUV
FKHTXHV
6NLVXLW 7UDMHGHHVTXÇ
*ORYH *XDQWH
6NLSROH %DVWÍQ
6NLERRW %RWDGHHVTXÇ
6NL (VTXÇ
9RFDEXODULR6NLLQJ (VTXÇ
)RU(QJOLVKVXSHUVWDUVRQO\
0LGGOH$GYDQFHG
0HUREDURQHQ3DUÇV ,ZDVUREEHGLQ3DULV
/HWLPDURQHQ5RPD 7KH\ZHUHFRQQHGLQ5RPH
WEpULSSHGRIIq
/HUREDURQHOEROVRHQHO +HUKDQGEDJZDVVWROHQDWWKH
DLUSRUW
DHURSXHUWR
1RVHQJDËDURQHQODHVWDFLÍQ :HZHUHWULFNHGDWWKHVWDWLRQ
1RVUHVFDWDURQMXVWRDWLHPSR :HZHUHUHVFXHGMXVWLQWLPH
(OPLQLVWURGH([WHULRUHV 7KH)RUHLJQ6HFUHWDU\WRUHXS
WKHSLHFHRISDSHU
URPSLÍHOSDSHO
(OPLQLVWURGHO,QWHULRUMXJÍ 7KH+RPH6HFUHWDU\SOD\HGD
XQSDSHOLPSUHVFLQGLEOHHQHO YLWDOUROHLQWKHDIIDLU
DVXQWR
1DGLHHVLPSUHVFLQGLEOH 1RERG\LVLQGLVSHQVDEOH
3XHGRFDPELDUPHGHPHVD" &DQ,FKDQJHWDEOHV"0LQHLV
/DPÇDHVW»FRMD
ZRQN\
6HOHFD\ÍHOSHORWUDVFDHUVH +LVKDLUIHOORXWZKHQKHIHOO
GHXQ»UEROGHQLËR
RXWRIDWUHHDVDER\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
$VfDV
$XQTXHHPSOH»LVGRVSDODEUDVGLVWLQWDVHQ
HVSDËROQRVRWURVXWLOL]DPRVODPLVPDGRV
YHFHV
+HoVDGRZQWRHDUWKSHUVRQ
(VXQDSHUVRQDVHQFLOOD\SU»FWLFD
+HGULQNVOLNHDîVK
%HEHFRPRXQFRVDFR
+HoVGUDJJLQJKLVIHHW
(VW»UDOHQWL]DQGRODVFRVDVDSRVWD
+HGULYHVPHXSWKHZDOO
0HVDFDGHPLVFDVLOODV
,KDYHWRGUDZWKHOLQH
+DVWDDTXÇKHPRVOOHJDGR
,oOOGURS\RXDOLQH
7HHVFULELUÃXQDVOÇQHDV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
1RKDFHWDQWRIUÇRFRPR\RSHQVDED
1RFRQGX]FRWDQU»SLGRFRPRPLKHUPDQR
1RGLVSRQJRGHWDQWRWLHPSRFRPRWÔ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,oPPRYLQJEDFNWR7H[DVQH[W\HDU
:KHQDUH\RXJRLQJWRWKHFOLQLF"
,oPJRLQJWR%DUFHORQDWRPRUURZ
7KH\oUHEULQJLQJWKHUHVXOWVWRPRUURZ
,oPWDNLQJP\ZLIHWRWKHGRFWRUWRPRUURZ
)ÇMDWHHQHVWDVIUDVHVHQFDVWHOODQR
4XÃKDFHVPDËDQDSRUODPDËDQD"
&X»QGRYDVDODFOÇQLFD"
9R\PDËDQDD%DUFHORQD
0DËDQDQRVWUDHQORVUHVXOWDGRV
/OHYRDPLPXMHUDOPÃGLFRPDËDQD
(QWRGDVHVWDVIUDVHVHQFDVWHOODQRKHPRVXWLOL]DGRHOSUHVHQWHSDUD
H[SUHVDUDFFLRQHVTXHYDQDWHQHUOXJDUHQHOIXWXUR
(QLQJOÃVPXFKDVYHFHVKDFHPRVORPLVPRSHURVROHPRVXVDUHO
SUHVHQWHFRQWLQXR7HSRQJRORVPLVPRVHMHPSORV
:KDWDUH\RXGRLQJWRPRUURZPRUQLQJ"
(VWDIRUPDWDQFRUULHQWHGHH[SUHVDUDFFLRQHVIXWXUDVVRODPHQWH
SXHGHXVDUVHSDUDXQQÔPHUROLPLWDGRGHYHUERV
&RPRYHVDGHP»VGHOIXWXURFRQpZLOOq\HOIXWXURFRQpJRLQJWRq
KD\YHFHVHQODVTXHHPSOHDPRVHOSUHVHQWHFRQWLQXRSDUDDFFLRQHV
GHIXWXUR\DîUPHPHQWHSURJUDPDGDV3HURHQHODQ»OLVLVîQDOQRGH
EHVSUHRFXSDUWHSRUORVSHTXHËRVPDWLFHVTXHGLIHUHQFLDQDODVWUHV
IRUPDVGHIRUPXODUHOWLHPSRIXWXUR4XL]»ORPHMRUVHDXVDUVLHPSUH
pJRLQJWRLQîQLWLYRqVDOYRFXDQGRTXLHUDVH[SUHVDUXQDFRQGLFLÍQ
HQFX\RFDVRFRQYLHQHXVDUpZLOOq ,ZLOOJRLI\RXSD\PH
(VWLPDGD6XVDQ
'HDU6XVDQ
4XLHURDFXVDUUHFLERGHODPDTXHWDGHODSRUWDGDSDUDQXHVWUD
QXHYDVHULHGHOLEURV'HKHFKR VÇ LQWHQWÃOODPDUWHD\HUSRUOD
WDUGHSDUDGDUWHPLVFRPHQWDULRV(VWR\UHDOPHQWHLPSUHVLRQDGR
FRQHOPDWHULDOJU»îFR\PHSDUHFHTXHWÔ\WXHTXLSRKDEÃLVFRQ
VHJXLGRWUDQVPLWLUHOHVSÇULWXGHHVWDQXHYDLQLFLDWLYDHGLWRULDO
,MXVWZDQWWRDFNQRZOHGJHUHFHLSWRIWKHPRFNXSFRYHUIRURXU
QHZ VHULHV RI ERRNV $FWXDOO\ , GLG WU\ WR SKRQH \RX \HVWHUGD\
DIWHUQRRQLQRUGHUWRJLYH\RXP\IHHGEDFN,UHDOO\DPLPSUHVVHG
ZLWKWKHDUWZRUNDQGIHHOWKDW\RXDQG\RXUWHDPKDYHPDQDJHG
WRFRQYH\WKHVSLULWEHKLQGWKLVQHZSXEOLVKLQJYHQWXUH
6LQ HPEDUJR VÇ FUHR TXH QHFHVLWDPRV UHXQLUQRV XQD YH] P»V
FRQHOîQGHGHEDWLUHOGLVHËRGHORVORPRVGHORVOLEURV9R\D
HVWDUGLVSRQLEOHWRGDODVHPDQDTXHYLHQHDVÇTXHVLQRWHLP
SRUWDGDUPHXQWRTXHSRGUHPRVîMDUXQDKRUDSDUDYHUQRV
+RZHYHU,GRIHHOWKDWZHQHHGWRJHWWRJHWKHURQFHPRUHLQ
RUGHUWRGLVFXVVWKHGHVLJQRIWKHERRNVSLQHV,DPJRLQJWREH
IUHHDOOQH[WZHHNVRLI\RXGRQ·WPLQGJLYLQJPHDULQJZH
FDQDUUDQJHDWLPHWRPHHWXS
8QFRUGLDOVDOXGR
%HVWUHJDUGV
/DGXUDOHFFLÍQGHODPLJR9LFHQWH
9LFHQWHHVWiWULVWHDVXVWDGR\WHQVR
6XDSORPRGHVLHPSUHYDHQFODURGHVFHQVR
6XFRVWXPEUHGHPDQGDUHQVXVIXHURVLQWHUQRV
VHKDKHFKRDxLFRVHQHVWRVODUHVH[WHUQRV
(OPRWLYRGHVXPDOGHVXDQJXVWLDYLWDO
HVDOJRGHLPSRUWDQFLDSDUDpOFDSLWDO
5HSUHVHQWDUD(VSDxDHQXQHQFXHQWURWDQFODYH
\QRFD]DURQGDHVGHYHUGDGPX\JUDYH
9LFHQWHGLULJHODDVRFLDFLyQQDFLRQDO
TXHYHODSRUTXHWRGRVHDFODUR\UDFLRQDO
(QODVP~OWLSOHVÀUPDVTXHFRPSRQHQHOVHFWRU
UDFLRQDOL]DQGRDODYH]HODSDUDWRSURGXFWRU
7REHFRQWLQXHGLQWKHQH[WLQVHUWf
(VWLPDGRDPLJR\DOXPQR/HSUHVHQWRWUHVHVWURIDVGHODVTXHFRPSRQHQHO
SRHPDVREUHPLDPLJR9LFHQWH+HFDPELDGRVXQRPEUHSHURVHWUDWDGHXQDSHU
VRQDUHDO/RTXHOHSDVÍORTXHXVWHGYDDYHUQDUUDGRKR\\HQVXFHVLYRVGÇDVHV
XQDKLVWRULDYHUÇGLFD9LFHQWHHVXQDSHUVRQDGHJUDQÃ[LWRHQODYLGDHFRQÍPLFD
GH(VSDËDSHURHQXQPRPHQWRGHWHUPLQDGRGHVXWUD\HFWRULDSURIHVLRQDOVHYLR
WUHPHQGDPHQWHDIHFWDGRSRUODIDOWDGHOLQJOÃV6XFDVRGHEHVHUOHÇGRSRUWRGRV
ORVHVWXGLDQWHVGH,QJHQLHUÇD(FRQÍPLFDV'HUHFKR(PSUHVDULDOHV\RWUDVFDUUHUDV
SXHVWRTXHODPD\RUÇDGHHVWRVMÍYHQHVTXHYDQDGLULJLUORVGHVLJQLRVGHHVWHSDÇV
HQHOIXWXURWLHQHXQQLYHOGHLQJOÃVSDUHFLGRDOGHQXHVWURDPLJR9LFHQWH6LQRVH
FRQFLHQFLDQDKRUDPLVPRGHODLPSRUWDQFLDGHTXLWDUGHHQPHGLRHOSHVDGRODVWUH
GHOLQJOÃVORYDQDDUUDVWUDUHOUHVWRGHVXYLGD6LWLHQHDËRVRPHQRVRWLHQH
KLMRVRQLHWRVHQHVWDHGDGDVHJÔUHVHGHDWDMDUHVWHSUREOHPDDKRUDPLVPR\QR
FHMHHQVXHPSHËRKDVWDHOLPLQDUORGHOWRGR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XÃHVHVR" :KDWoVWKDW"
(VXQPÍYLO" ,VLWDPRELOH"
(UHVUXVR" $UH\RX5XVVLDQ"
(VXQSDÇVJUDQGH ,WoVDELJFRXQWU\
&X»OHVODFDSLWDOGH5XVLD" :KDWoVWKHFDSLWDORI5XVVLD"
9LYHVHQODFXLGDG" 'R\RXOLYHLQWKHFLW\"
(VXQDPXMHUPX\DOWD 6KHoVDYHU\WDOOZRPDQ
1RFRQR]FRVXQRPEUH ,GRQoWNQRZKHUQDPH
(VW»FDVDGD 6KHoVPDUULHG
&X»QWRVQLËRVWLHQHQ" +RZPDQ\FKLOGUHQGRWKH\
KDYH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(O6U6PLWK\DQRYLYHDTXÇ 0U6PLWKGRHVQoWOLYHKHUH
DQ\PRUH
$TXÃVHGHGLFD" :KDWGRHVKHGR"
(VSHULRGLVWD +HoVDMRXUQDOLVW
(QWRQFHVGÍQGHYLYH" :KHUHGRHVKHOLYHWKHQ"
9LYHFHUFDGHPLFXËDGD +HOLYHVQHDUP\VLVWHULQODZ
0HHQFDQWDWXFRUEDWDQXHYD ,ORYH\RXUQHZWLH
)XHFDUD" :DVLWH[SHQVLYH"
)XHP»VEDUDWDTXHODWX\D ,WZDVFKHDSHUWKDQ\RXUV
&ÍPRORVDEHV" +RZGR\RXNQRZ"
0HORGLMRWXPXMHU <RXUZLIHWROGPH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
9DPRVDWRPDUXQDFRSD /HWoVJRIRUDGULQN
7HLQYLWRDXQDFRSD ,oOOEX\\RXDGULQN
,QYLWDPRVDWXDPLJR" 6KDOOZHLQYLWH\RXUIULHQG"
£OQXQFDEHEHHQWUHVHPDQD +HQHYHUGULQNVRQZHHNGD\V
1RORLQYLWHPRVHQWRQFHV /HWoVQRWLQYLWHKLPWKHQ
+DFÇDWDQWRFDORUTXHPH ,WZDVVRKRW,IDLQWHG
GHVPD\Ã
7RGRHOPXQGRDOOÇHVWDED (YHU\RQHWKHUHZDVVZHDWLQJ
VXGDQGR
(ORUDGRUHVWDEDDJRWDGR 7KHVSHDNHUZDVH[KDXVWHGE\
DOîQDO
WKHHQG
&DVLVXIULÍXQFRODSVR +HQHDUO\FROODSVHG
1RIXHXQDLGHDWDQEXHQD ,WZDVQoWVXFKDJRRGLGHD
6WDOOV 3DWLRGHEXWDFDV
&LUFOH 3ODWHD
$LVOH 3DVLOOR
6HDW %XWDFD
5RZ )LOD
9RFDEXODULR7KHDWUH 7HDWUR
0LGGOH$GYDQFHG
2MDO»KXELHVHVHVWDGRDOOÇ ,ZLVK\RXoGEHHQWKHUH
7HQGUÇDVTXHKDEHUOHYLVWR <RXVKRXOGKDYHVHHQKLP
DFWXDU
SHUIRUP
1XQFDKDEÇDYLVWRQDGD ,oGQHYHUVHHQDQ\WKLQJOLNHLW
SDUHFLGR
0»VYDOHTXHQRWHDFHUTXHV <RXoGEHWWHUQRWJRXSWRKLP
DÃO
(VSUREDEOHTXHWHGÃXQ +HoVOLNHO\WRSXQFK\RX
SXËHWD]R
)RU(QJOLVKVXSHUVWDUVRQO\
7HJXVWDQORVSDQWDORQHV <RXOLNHEDJJ\WURXVHUVGRQoW
DQFKRVYHUGDG"
\RX"
£OJDQÍHORURHQORV +HZRQWKHJROGLQWKH
PHWURVYDOOD
PHWUHVKXUGOHV
6XSHOXFD GHÃO VDOWDDODYLVWD+LVZLJVWLFNVRXWDPLOH
0LSDUHMDQRVRSRUWDODV 0\SDUWQHUFDQoWVWDQGï]]\
EHELGDVJDVHRVDV
GULQNV
3UXHEDGHMDQGRORVSLHVHQ 7U\VRDNLQJ\RXUIHHWLQVRPH
UHPRMRFRQDJXDFDOLHQWH
KRWZDWHU
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
([SUHVLÍQGHODVHPDQD
7RJR'XWFK
3DJDUDODDPHULFDQD
7RGRORTXHVXEHEDMD
:KDWJRHVXSPXVWFRPHGRZQ
7RHDWKXPEOHSLH
$GPLWLUHOHUURU\SDVDUYHUJÖHQ]D
+HZRQIDLUDQGVTXDUH
*DQÍFRQWRGDVODVGHODOH\
(YHU\7RP'LFNDQG+DUU\
&XDOTXLHUKLMRGHYHFLQR
)DPLOLDULW\EUHHGVFRQWHPSW
'RQGHKD\FRQîDQ]DGDDVFR
1RYDOHFRQWUDGXFLUHVWDVIUDVHVGHIRUPD
OLWHUDO\DTXHH[SUHVDGDVHQSUHVHQWHVLPSOH
VLQXVRGHXQDX[LOLDUVXHQDQUDUDV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
1RWHRLJR
1RRLJRODPÔVLFD
|1RRLJRXQFDUDMR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
LFDQJR,F»QWJR
6LQRHQWLHQGHVHOWÇWXORGHHVWDVHFFLÍQIÇMDWHSRUTXHHVWR\GL
FLHQGRORVLJXLHQWH
VLEOHVPDOHQWHQGLGRV6LRSWDVSRUXVDUODFRQWUDFFLÍQHQWRQFHV
SRQDWHQFLÍQDHVWDVGRVH[SOLFDFLRQHV
,FDQJR,FDQoWJR
&XDQGRDîUPDPRVGLFLHQGRSRUHMHPSORp,FDQJRqVROHPRV
VLQGDUQRVFXHQWDDVHQWLUFRQODFDEH]D,QYHUVDPHQWHFXDQGR
QHJDPRVGLFLHQGRSRUHMHPSORp,FDQoWJRqVROHPRVVLQGDU
QRVFXHQWDQHJDUFRQODFDEH]D7XSURIHVRUVHJXUDPHQWHQRVH
KDEU»GDGRFXHQWDGHHVWHKHFKRSHURFDVLVLHPSUHVHUHSLWH(V
FXULRVR
5HDOPHQWHHOXVRGHpFDQqHVEDVWDQWHI»FLO(OSUREOHPDYLHQHVL
TXLHUHVGLIHUHQFLDUHQWUHHODîUPDWLYR\HOQHJDWLYR\DTXHpFDQq\
ODFRQWUDFFLÍQpFDQoWqVXHQDQPX\SDUHFLGRV'HKHFKRVXHQDQWDQ
SDUHFLGRVTXHLQFOXVRORVQDWLYRVDYHFHVWHQHPRVTXHFRQîUPDUVL
HOLQWHUORFXWRUWDPELÃQQDWLYRHVW»DîUPDQGRRQHJDQGR
3RUHOOR\RPXFKDVYHFHVUHFRPLHQGRDPLVDOXPQRVTXHQRXVHQ
ODFRQWUDFFLÍQpFDQoWqTXHGLJDQpFDQQRWqFRQHOîQGHHYLWDUSR
0»V LPSRUWDQWH FXDQGR DîUPDPRV DFHQWXDPRV PXFKR HO
VXMHWRp,FDQJRq&XDQGRQHJDPRVDFHQWXDPRVPXFKRHO
YHUERpFDQoWqp,FDQoWJRq
(VWLPDGD0DUÇD
'HDU0DULD
$QWHVTXHQDGDTXLHURGDUWHODVJUDFLDVSRUODD\XGDTXHQRV
SUHVWDVWHHQMXOLR6LQRKXELHUDVLGRSRUWXFRQYHUVDFLÍQFRQ9L
FHQWH%DOGRPLQRVHVWR\VHJXURGHTXHQRKDEUÇDPRVFRQVHJXL
GRHOFRQWUDWR$KRUDHVWDPRVWUDEDMDQGRFRQ%DOGRPLQRVFDVL
WRGRVORVGÇDV\HVW»FODURTXHWLHQHXQFRQFHSWRPX\DOWRGHWL
)LUVWRIDOO,ZDQWWRWKDQN\RXIRUWKHKHOS\RXJDYHXVLQ-XO\,I
LWKDGQ·WEHHQIRU\RXUFRQYHUVDWLRQZLWK9LFHQWH%DOGRPLQRV
,·PVXUHZHZRXOGQ·WKDYHJRW WHQ WKHFRQWUDFW1RZZHDUH
ZRUNLQJZLWK%DOGRPLQRVDOPRVWHYHU\GD\DQGLWLVFOHDUWKDW
KHKDVDYHU\KLJKUHJDUGIRU\RX
(QFXDQWRDORVIROOHWRVWHQGU»VTXHHVSHUDUXQRVGÇDVP»V6L
QRUHFXHUGRPDOORVQHFHVLWDEDVSDUDHOGÇDGHHVWHPHVOR
FXDOQRVGDWLHPSRGHVREUDSDUDWHQHUORWRGROLVWR
$VIRUWKHEURFKXUHV\RXZLOOKDYHWRZDLWDIHZPRUHGD\V,I
,UHPHPEHUULJKW\RXQHHGWKHPIRUWKHWKRIWKLVPRQWK
ZKLFKJLYHVXVSOHQW\RIWLPHWRKDYHHYHU\WKLQJUHDG\
'DOHUHFXHUGRVPÇRVD$OIUHGR+DFHP»VGHXQDËRTXHQROH
YHR9DDSHQVDUTXHPHKHROYLGDGRGHÃO
*LYHP\UHJDUGVWR$OIUHG,W·VEHHQPRUHWKDQD\HDUVLQFH,ODVW
VDZKLP+H·VJRLQJWRWKLQN,·YHIRUJRWWHQDERXWKLP
8QVDOXGR
%HVWUHJDUGV
/DGXUDOHFFLÍQGHODPLJR9LFHQWH
(VH[SHUWRHQORVX\R\FRQFHGHHQWUHYLVWDV
DSROtWLFRV\SHULRGLVWDVSRSXODUHV\SURJUHVLVWDV
6XVHFWRUHVWDQFODYH\VXYR]WDQEXVFDGD
TXHQXQFDKDVWDDKRUDVHKDSDUDGRDQWHQDGD
3HURDKRUDVXDVSHFWRGHHVWDPSDLPSRUWDQWH
VHHQFXHQWUDDFKLFDGRQHUYLRVRYDFLODQWH
0DxDQDOHWRFDRWURGtDUHSOHWR
GHUHXQLRQHVHQLQJOpVFRQHOIRURFRPSOHWR
6RQVyORKRPEUHVKRPEUHVH[SHUWRV
TXHDOLJXDOTXH9LFHQWHQHFHVLWDQFRQFLHUWRV
&RQODFRPLVLyQGH%UXVHODVTXHSXEOLFDGLUHFWLYDV
TXHDIHFWDQDOVHFWRU\DVXVEXHQDVSHUVSHFWLYDV
7REHFRQWLQXHGLQWKHQH[WLQVHUWf
(VWLPDGRDPLJR\DOXPQR$TXÇWHQHPRVDQXHVWURDPLJR9LFHQWHHQVXYHUWLHQ
WHGHKRPEUHLPSRUWDQWH HQ(VSDËD \HQVXQXHYDVLWXDFLÍQGHYXOQHUDELOLGDG
IXHUDGHOSDÇV (VXQKRPEUHDFRVWXPEUDGRDOÃ[LWRDPDQGDU\DVHUHVFXFKDGR
$XQTXHHVXQDSHUVRQDGHîUPHîEUDPRUDODGPLWHTXHQROHGLVJXVWDVHQWLUVH
LPSRUWDQWHHLQïX\HQWH3HURDKRUDWRGRHVWRKDFDPELDGRSRUTXHSRUSULPHUD
YH]GHEHVDOLUDOH[WUDQMHURFRPRÔQLFRUHSUHVHQWDQWHHVSDËROMXQWRDUHSUHVHQ
WDQWHVP»VGHRWURVSDÇVHVGHOD8QLÍQ(XURSHD6HGDFXHQWDGHTXHVDEHWDQWR
RP»VTXHVXVKRPÍORJRVVREUHORVSXQWRVDWUDWDUHQODUHXQLÍQGHGRVMRUQDGDV
DODTXHGHEHDVLVWLUSHURVHVLHQWHWRWDOPHQWHLQÔWLOSRUTXHDSHQDVHQWLHQGHODV
FRUULHQWHVGHGLVFXVLÍQTXHVHFUX]DQGHIRUPDGLQ»PLFDGHXQODGRDRWURGHOD
JUDQPHVDGHFDREDGRQGHWLHQHOXJDUODUHXQLÍQ1RVDEHTXÃKDFHU\HVFRQV
FLHQWHGHTXHQXQFDVHKDVHQWLGRWDQDSXUDGR\YLROHQWRFRPRKDVWDDKRUD6L
OHSUHJXQWDQDOJRVREUH(VSDËDQRVDEU»SUREDEOHPHQWHGHTXÃDVXQWROHHVW»Q
KDEODQGR7LHQHXQJUDYHSUREOHPD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'ÍQGHHVW»WXMHIH" :KHUHoV\RXUERVV"
(VW» ÃO HQ3DUÇV" ,VKHLQ3DULV"
(VW» ÃO HQHOVXUGH)UDQFLD +HoVLQWKHVRXWKRI)UDQFH
(VIUDQFÃV" ,VKH)UHQFK"
1RQRORHV 1RKHoVQRW
(V6DQ6HEDVWL»QXQD ,V6DQ6HEDVWLDQDSUHWW\FLW\"
FLXGDGERQLWD"
(VWHFRFKHHVPX\YLHMR 7KLVFDULVYHU\ROG
$TXHOJDWRHVW»PX\JRUGR 7KDWFDWLVYHU\IDW
6RQWX\RVHVWRVEROÇJUDIRV" $UHWKHVHSHQV\RXUV"
6RQVX\RV GHÃO DTXHOORV $UHWKRVHERRNVKLV"
OLEURV"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
6LÃQWDWHSRUIDYRU 6LWGRZQSOHDVH
+D\PXFKDVVLOODVDTXÇ 7KHUHDUHDORWRIFKDLUVKHUH
+D\XQVLOOÍQDOOÇ" ,VWKHUHDQDUPFKDLURYHU
WKHUH"
+D\PXFKRGLQHURHQODFDMD 7KHUHLVDORWRIPRQH\LQWKH
ER[
1RIXPHVHQODRîFLQD 'RQoWVPRNHLQWKHRIïFH
6DEHVGÍQGHHVW»Q" 'R\RXNQRZZKHUHWKH\DUH"
6DEHÃOTXLÃQVR\" 'RHVKHNQRZZKR,DP"
/HGLU»VSRUTXÃHVWR\DTXÇ" :LOO\RXWHOOKLPZK\,oPKHUH"
6DEÇDTXHQRVHORGLUÇDV ,NQHZ\RXZRXOGQoWWHOOKLP
3XHVHQWRQFHVORKDUÃ\R :HOO,oOOGRLWWKHQ
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
£OQRKDHVFULWRWRGDYÇDHO +DVQoWKHZULWWHQWKHUHSRUW
\HW"
LQIRUPH"
7XYLHURQXQDGLVFXVLÍQ 7KH\oYHKDGDQDUJXPHQW
(VWXYLPRVKDEODQGRGHHVR :HZHUHGLVFXVVLQJWKDWODVW
QLJKW
DQRFKH
1RGHEHUÇDVSRQHUWHHQ 6KRXOGQoW\RXFRQWDFWKHU"
FRQWDFWRFRQHOOD"
(OODLEDDHFKDUORDOFRUUHR 6KHZDVJRLQJWRSRVWLW
6LJXHKDFLHQGRORTXHHVW»V &DUU\RQGRLQJZKDW\RXoUH
GRLQJ
KDFLHQGR
1RPHGHIUDXGHV 'RQoWOHWPHGRZQ
(VWDPRVPX\RUJXOORVRVGHWL :HoUHYHU\SURXGRI\RX
+DQOXFKDGRPXFKRSRUOR 7KH\oYHIRXJKWKDUGIRUZKDW
WKH\KDYH
TXHWLHQHQ
6HPHKDEÇDROYLGDGRSRU ,oGFRPSOHWHO\IRUJRWWHQ
FRPSOHWR
6HW 'HFRUDGR
&XUWDLQ 7HOÍQ
%DFNGURS 7HOÍQGHIRQGR
:LQJV %DVWLGRUHV
2UFKHVWUD3LW )RVR
9RFDEXODULR6WDJH (VFHQDULR
0LGGOH$GYDQFHG
(VSHURTXHQRHVWÃV ,KRSH\RXoUHQRWH[SHFWLQJ
YLVLWRUV
HVSHUDQGRYLVLWDV
0HGLVJXVWDPXFKRTXH ,ZLVK\RXZRXOGQoWGRWKDW
KDJDVHVR
(OSUREOHPDHVTXHÃOHVW» 7KHWURXEOHLVWKDWKHoVEURNH
VLQXQGXUR
|4XÃSHVDGLOOD :KDWDQLJKWPDUH
(VRORHVWURSHDUÇDWRGR 7KDWZRXOGUXLQHYHU\WKLQJ
)RU(QJOLVKVXSHUVWDUVRQO\
7HQJRPXFKRHQODFDEH]D ,KDYHDORWRQP\PLQG
9DPRVDGHMDUORSDUDRWURGÇD /HWoVFDOOLWDGD\
6DOJRXQPRPHQWRSDUD ,oPSRSSLQJRXWWRJHWVRPH
FRPSUDUOHFKH
PLON
1RROYLGHVDEURFKDUWHHO 'RQoWIRUJHWWRIDVWHQ\RXU
FLQWXUÍQ
VHDWEHOW
6HPHHVW»QWDSRQDQGR 0\HDUVDUHSRSSLQJ
ORVRÇGRV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
7HUFHUFRQGLFLRQDO
7RîJKWDQXSKLOOEDWWOH
/XFKDUHQFLUFXQVWDQFLDVDGYHUVDV
)LUVWFRPHîUVWVHUYHG
'LVSRQLELOLGDGVHJÔQRUGHQGHOOHJDGD
(YHU\WKLQJLVîQHDQGGDQG\
7RGRHVW»UHTXHWHELHQ
,WVHUYHVKLPULJKW
|/HHVW»ELHQHPSOHDGR
)LUHDZD\
$GHODQWH3UHJÔQWHPHORTXHTXLHUD
7KHUHoVVRPHWKLQJîVK\KHUH
$TXÇKD\JDWRHQFHUUDGR
5HFXHUGDTXHQXQFDQXQFDQXQFDGHFLPRV
pZRXOGKDYHqHQODPLVPDRUDFLÍQTXHOD
SDODEUDpLIqHQXQFRQGLFLRQDO6LHPSUHYDHQ
ODRWUDRUDFLÍQ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6LPHKXELHVHDFRUGDGRWHKDEUÇDOODPDGR
(OODKDEUÇDHVWDGRGHDFXHUGRVLKXELHUDV
LQVLVWLGR
6LKXELHUDVLGRLPSRUWDQWHPHORKDEUÇDV
GLFKR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,QHYHUPDNHPLVWDNHV'R\RXHYHUPDNHPLVWDNHV"
/DFRORFDFLÍQHQODVIUDVHVGHORVDGYHUELRVGHIUHFXHQFLD DOZD\V
QHYHUXVXDOO\HWF HVODVLJXLHQWH
6LODIUDVHFRQWLHQHHOYHUERpWREHq\HVDîUPDWLYDHODGYHUELR
VHFRORFDLQPHGLDWDPHQWHGHVSXÃVGHOYHUERpWREHq
+HLVDOZD\VDQJU\
6KHLVQHYHUUHDG\
7KH\DUHDOZD\VFRPSODLQLQJ
£OVLHPSUHHVW»HQIDGDGR
(OODQXQFDHVW»OLVWD
(OORVVLHPSUHHVW»QTXHM»QGRVH
6LODIUDVHFRQWLHQHHOYHUERpWREHq\HVLQWHUURJDWLYDHODGYHU
ELRVHFRORFDLQPHGLDWDPHQWHGHVSXÃVGHOVXMHWRGHODIUDVH
,VKHDOZD\VDQJU\"
,VVKHXVXDOO\WLUHG"
$UHWKH\DOZD\VFRPSODLQLQJ"
(VW»ÃOVLHPSUHHQIDGDGR"
(VW»HOODQRUPDOPHQWH
FDQVDGD"
(VW»QHOORVVLHPSUHTXHM»QGRVH"
6LODIUDVHFRQWLHQHXQYHUERTXHQRVHDpWREHq\HVDîUPDWLYD
HODGYHUELRVHFRORFDHQWUHHOVXMHWR\HOYHUER
+HRIWHQKDVOXQFKDWKRPH
6KHQHYHUKDVWLPHIRUPH
7KH\XVXDOO\KDYHFRIIHH
£ODPHQXGRDOPXHU]DHQFDVD
(OODQXQFDWLHQHWLHPSRSDUDPÇ
(OORVQRUPDOPHQWHWRPDQFDIÃ
6LODIUDVHFRQWLHQHXQYHUERTXHQRVHDpWREHq\HVQHJDWLYD
HODGYHUELRVHFRORFDHQWUHHOYHUERDX[LOLDU\HOYHUERSULQFL
SDO
+HGRHVQoWXVXDOO\KDYHWLPH
,GRQoWDOZD\VKDYHHQRXJK
PRQH\
£OQRWLHQHQRUPDOPHQWHWLHPSR
1RVLHPSUHWHQJRVXïFLHQWH
GLQHUR
6LODIUDVHFRQWLHQHXQYHUERTXHQRVHDpWREHq\HVLQWHUURJD
WLYDHODGYHUELRVHFRORFDHQWUHHOVXMHWR\HOYHUERSULQFLSDO
'R\RXDOZD\VKDYHOXQFKDW
KRPH"
'RHVKHXVXDOO\KDYHHQRXJK
WLPH"
6LHPSUHDOPXHU]DVHQFDVD"
1RUPDOPHQWHWLHQHÃOVXïFLHQWH
WLHPSR"
/DGXUDOHFFLÍQGHODPLJR9LFHQWH
3HURWRGRVORVLQFOXLGRHOLWDOLDQR
VHH[SUHVDQHQLQJOpVFRPRVLIXHUDFULVWLDQR
<9LFHQWHVHYHREOLJDGRDDJXDQWDU
GRFHKRUDVDOGtDDSXQWRGHUHYHQWDU
*RWLWDVGHVXGRUVHOHIRUPDQHQODIUHQWH
HVFXFKDQGRDVXFROHJDVFRQFDOPDDSDUHQWH
6XSRFRLQJOpVOHDQXODSRUFRPSOHWR
FRPRVLIXHUDXQIHQyPHQRGHORPiVREVROHWR
´1XQFDPiVµSLHQVDpO´PHQLHJRDDFHSWDU
HVWDYHUJHQ]DWDQIXHUWHHVWHGHVWLQRWDQYXOJDU
0HQLHJRDVHQWLUPHWDQYLROHQWR\WRQWR
KDUpDOJRDOUHVSHFWR\ORKDUpPX\SURQWRµ
7REHFRQWLQXHGLQWKHQH[WLQVHUWf
(VWLPDGR DPLJR \ DOXPQR 1XHVWUR DPLJR 9LFHQWH OR HVW» SDVDQGR PX\ PDO
&RPR UHFLÃQ QRPEUDGR SUHVLGHQWH GH XQD LPSRUWDQWH DVRFLDFLÍQ QDFLRQDO TXH
YHODSRUODEXHQDPDUFKDGHXQVHFWRUHQWHURGHODHFRQRPÇDHVSDËRODÃVWDHV
ODSULPHUDYH]TXHDVLVWHDODUHXQLÍQDQXDOGHWRGRVORVGHP»VSUHVLGHQWHVGH
ODVDVRFLDFLRQHVDîQHVGHORVSULQFLSDOHVSDÇVHVGHOD8QLÍQ(XURSHD&RPRFDGD
DËRORV9LFHQWHLQFOXLGRFRPHQWDQODVLWXDFLÍQGHOVHFWRUHQVXVUHVSHFWLYRV
SDÇVHV\GHEDWHQODUHGDFFLÍQGHXQGRFXPHQWRSDUDHOHYDUDODFRPLVLÍQFRUUHV
SRQGLHQWHHQ%UXVHODVTXHSXEOLFDGLUHFWLYDVTXHDIHFWDQDOVHFWRU/RVGRVGÇDVGH
UHXQLÍQVLUYHQSDUDHVWDEOHFHUHQWUHWRGRVXQIUHQWHFRPÔQDQWHODFRPLVLÍQHQ
FXHVWLÍQ2EYLDPHQWHHVLPSUHVFLQGLEOHHQWHQGHUSHUIHFWDPHQWHHOLQJOÃV\VDEHU
H[SUHVDUVHHQHVWHLGLRPDVLQGLîFXOWDGHV9LFHQWHHVXQDHPLQHQFLDHQVXFDPSR
+DFRQVDJUDGRVXYLGDDODDFWLYLGDGHFRQÍPLFDGHVXVHFWRU\QDGLHVDEHP»VTXH
ÃO3HURDKRUDWRGRHVWRQROHYDOHSDUDQDGD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
+LJK%HJLQQHU
/RZ%HJLQQHU
1RVR\DOWR ,oPQRWWDOO
0LSDGUHHVPX\DOWR 0\IDWKHULVYHU\WDOO
£OHVW»FRQPLKHUPDQD +HoVZLWKP\VLVWHU
6RQGH,WDOLD 7KH\oUHIURP,WDO\
'ÍQGHHVW»PLSHUUR" :KHUHoVP\GRJ"
4XÃHVORTXHHVW»GHEDMR :KDWoVXQGHUWKHWDEOH"
GHODPHVD"
6XKHUPDQR GHHOOD TXLHUH +HUEURWKHUZDQWVVRPH
FDIÃ
FRIIHH
&X»QWRVKHUPDQRVWLHQHV" +RZPDQ\EURWKHUVDQGVLVWHUV
GR\RXKDYH"
0LPHMRUDPLJRWLHQHGRV 0\EHVWIULHQGKDVWZRVLVWHUV
KHUPDQDV
<RQRWHQJRKHUPDQRV ,GRQoWKDYHDQ\EURWKHUVDQG
VLVWHUV
0LGGOH,QWHUPHGLDWH
/RZ,QWHUPHGLDWH
$WXMHIHOHJXVWDHOYLQRWLQWR" 'RHV\RXUERVVOLNHUHGZLQH"
4XLHUHVVDOLUHVWDQRFKH" 'R\RXZDQWWRJRRXWWRQLJKW"
1RTXLHURYHUOH ,GRQoWZDQWWRVHHKLP
'ÍQGHWUDEDMDHOOD" :KHUHGRHVVKHZRUN"
7UDEDMDQWRGRVORVV»EDGRV" 'RWKH\ZRUNHYHU\6DWXUGD\"
$OOÇKDEÇDGHPDVLDGDJHQWH 7KHUHZHUHWRRPDQ\SHRSOH
WKHUH
1RVHDVWDQQHJDWLYR 'RQoWEHVRQHJDWLYH
(VWR\VHJXURGHTXHLU»V ,oPVXUH\RXoOOJR
3RUTXÃPHHVW»GLFLHQGR :K\LVKHWHOOLQJPHWKLV"
HVWR"
'DGOHXQDRSRUWXQLGDG *LYHKLPDFKDQFH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XÃOLEURTXLHUHQTXHOHDV" :KLFKERRNGRWKH\ZDQW\RX
WRUHDG"
4XLHUHQTXHOHDHOTXHHVW» 7KH\ZDQWPHWRUHDGWKHRQH
QH[WWR\RXUV
DOODGRGHOWX\R
1RSXHGHVOHHUORVGRV" &DQoW\RXUHDGWKHPERWK"
0HDEXUULUÃGHVSXÃVGHODV ,oOOJHWERUHGDIWHUWKHïUVWïYH
SDJHV
SULPHUDVFLQFRS»JLQDV
7HQJRTXHHOHJLURHOWX\R ,KDYHWRFKRRVHHLWKHU\RXUV
RUKLV
RHOGHÃO
1RSXGHFUHHUORTXHGLMHURQ ,FRXOGQoWEHOLHYHZKDWWKH\
VDLG
'LUÇDVHVWRVLHOODHVWXYLHUD :RXOG\RXVD\WKDWLIVKHZHUH
KHUH"
DTXÇ"
)XHWDQUDURORTXHGLMR ,WZDVVXFKDVWUDQJHWKLQJWR
VD\
'LPHH[DFWDPHQWHORTXH 7HOOPHH[DFWO\ZKDWVKHVDLG
GLMRHOOD
/HGLMHDHOODTXHQRVHOR ,WROGKHU,ZRXOGQoWWHOO
DQ\ERG\
GLUÇDDQDGLH
6WULQJV &XHUGDV
)UHW 7UDVWH
7XQLQJSHJ &ODYLMD
1HFN 0»VWLO
%ULGJH 3XHQWH
9RFDEXODULR*XLWDU *XLWDUUD
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
7LHQHTXHKDEHUXQDOLQWHUQD 7KHUHKDVWREHDWRUFKKHUH
VRPHZKHUH
SRUDTXÇHQDOJÔQVLWLR
1RPHGLJDVTXHROYLGDVWH 'RQoWWHOOPH\RXIRUJRWWREX\
EDWWHULHV
FRPSUDUSLODV
/DVTXHPHYHQGLHURQVRQ 7KHRQHVWKH\VROGPHDUHWKH
ZURQJVL]H
GHXQWDPDËRHTXLYRFDGR
9XHOYHDODWLHQGD\SLGHTXH *REDFNWRWKHVKRSDQGDVN
IRU\RXUPRQH\EDFN
WHGHYXHOYDQHOGLQHUR
<DKHWLUDGRHOWLFNHW ,oYHDOUHDG\WKURZQDZD\WKH
UHFHLSW
+XELHVHMXUDGRTXHOHFRQRFÇD,FRXOGKDYHVZRUQ,NQHZKLP
3RUTXÃWLHQHVORVRMRVWDQ :K\DUH\RXUH\HVVRVZROOHQ"
KLQFKDGRV"
0ÃWHWHODFDPLVDSDUHFHV 7XFNLQ\RXVKLUW\RXORRNOLNH
XQYDJDEXQGR
DWUDPS
'LOHTXHWDPELÃQVHFHSLOOH 7HOOKLPWREUXVKKLVKDLUWRR
HOSHOR
&ÍPRFRQVLJXHVTXHWXSHOR +RZGR\RXDOZD\VJHW\RXU
HVWÃVLHPSUHWDQHQUHGDGR"
KDLUVRWDQJOHG"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
)OHVKDQGEORRG
'HFDUQH\KXHVR
7RJHW\RXUIRRWLQWKHGRRU
/RJUDULQWURGXFLUVHHQDOJR
)RUWKHWLPHEHLQJ
'HPRPHQWR
9RFDEXODULR
<RXFDQoWVHHWKHIRUHVWIRUWKHWUHHV
/RV»UEROHVQRWHGHMDQYHUHO
ERVTXH
7KHIRXUFRUQHUVRIWKHHDUWK
/RVFXDWURSXQWRVFDUGLQDOHV
7RVWDUWIURPVFUDWFK
3DUWLUGHVGHFHUR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6ÍORîQJÇDQRRÇUWH
0LSHUURVHUDVFDVLQSDUDUFXDQGRWLHQH
SXOJDV
|(VXQPLODJURTXHKD\DVDSUREDGRWRGRVWXV
H[»PHQHV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7REHZRUWK 9DOHU
6HWUDWDGHXQDH[SUHVLÍQHQSULQFLSLRH[WUDËDSXHVWRTXHUHTXLH
UHHOXVRGHOYHUERpWREHqORFXDOKDFHTXHVXWUDGXFFLÍQOLWHUDO
VXHQHDEVXUGD VHUYDOHGHUR" 6LQHPEDUJRORXVDPRVDGLDULR
&RQWHVWDDODVVLJXLHQWHVSUHJXQWDV
2QHKXQGUHGSRXQGVLVZRUWK
PRUHWKDQRQHKXQGUHGGROODUV
$JRRGVHFUHWDU\LVZRUWKKHUZHLJKWLQJROG
3RVVHVVLQJDWRWDOPDVWHU\RI(QJOLVKLVZRUWK
WKHHTXLYDOHQWRIWZRDQQXDOVDODULHV
7UXH
)DOVH
7UXH
)DOVH
7UXH
)DOVH
/DVUHVSXHVWDVVRQ7UXH)DOVH7UXH3XHGHTXHQRHVWÃVGHDFXHU
GRFRQODUHVSXHVWDDODVHJXQGDSUHJXQWDSHURVLODVHFUHWDULD
SHVDSRUHMHPSORNLORVHQWRQFHVHOHTXLYDOHQWHHQRURYDOGUÇD
ZRXOGEHZRUWK HXURV(OSUHFLRGHONLORGHRURDGÇDGH
KR\HVGHHXURV,Q\RXURSLQLRQZKLFKLVZRUWKPRUHD
JRRGVHFUHWDU\RUNLORVRIJROG"
1RGHEHPRVFRQIXQGLUODH[SUHVLÍQpWREHZRUWKqFRQHOFRVWH
GHDOJR
,GRQoWNQRZKRZPXFKP\ZHGGLQJULQJFRVW0\ZLIHERXJKW
LWIRUPHEHIRUHWKHFHUHPRQ\,WoVDQLFHULQJ0D\EHLWFRVW
HXURV,I,PHOWHGLWGRZQDQGVROGWKHJROGLWZRXOGSUREDEO\EH
ZRUWKQRPRUHWKDQHXURVRUPD\EHHYHQOHVV6HQWLPHQWDOO\
KRZHYHULWoVZRUWKPLOOLRQV
(VWLPDGR6U7UDLQRU
'HDU0U7UDLQRU
/HDGMXQWRXQOLEURFRQFDUWDVFRPHUFLDOHVHQHVSDËRO+DQVLGR
FUHDGDVSDUDTXHVXVDOXPQRVODVWUDGX]FDQ\DSUHQGDQODVIRUPDV
P»VFRPXQHVTXHDSDUHFHQHQODVFDUWDVFRPHUFLDOHVHQLQJOÃV
,KDYHHQFORVHGDERRNZLWKEXVLQHVVOHWWHUVLQ6SDQLVK7KH\KDYH
EHHQFUHDWHGIRU\RXUVWXGHQWVWRWUDQVODWHLQWR(QJOLVKDQGWROHDUQ
WKHPRVWFRPPRQIRUPVDSSHDULQJLQEXVLQHVVOHWWHUVLQ(QJOLVK
&XDQGRODVUHSDVHQRWDU»TXHHOHVWLORGHDOJXQDVGHODVFDUWDVHQ
HVSDËROQRHVGHOWRGRQDWLYR(OPRWLYRHVSRUTXHTXHUHPRVHVFUL
ELUGHQWURGHXQHVWLORTXHD\XGHDODOXPQRDIDPLOLDUL]DUVHFRQHO
HVWLORTXHGHEHXVDUDOUHGDFWDUHQLQJOÃV(QRWUDVSDODEUDVSRGU»Q
YHUHOLQJOÃVDWUDYÃVGHOHVSDËRO
:KHQ\RXJRRYHUWKHP\RXZLOOQRWLFHWKDWWKHVW\OHRIVRPHRIWKH
OHWWHUVLQ6SDQLVKLVQRWHQWLUHO\QDWLYH7KHUHDVRQLVWKDWZHZDQWWR
ZULWHZLWKLQDVW\OHWKDWZLOOKHOSVWXGHQWVWREHFRPHIDPLOLDUZLWK
WKHVW\OHWKDWWKH\PXVWXVHZKHQZULWLQJLQ(QJOLVK,QRWKHUZRUGV
WKH\ZLOOEHDEOHWRVHHWKH(QJOLVKWKURXJKWKH6SDQLVK
/OHYDPRVFLQFRDËRVXVDQGRHVWHPÃWRGRGHUHGDFFLÍQFRQJUDQ
Ã[LWR(VHOÔQLFRPÃWRGRTXHKHPRVHQFRQWUDGRFDSD]GHPHMRUDU
ODHVFULWXUDGHQXHVWURVDOXPQRVHQXQSOD]RUD]RQDEOHGHWLHPSR
)RUWKHSDVWÀYH\HDUVZHKDYHEHHQXVLQJWKLVZULWLQJPHWKRGZLWK
JUHDWVXFFHVV,WLVWKHRQO\PHWKRGWKDWZHKDYHIRXQGFDSDEOHRI
LPSURYLQJRXUVWXGHQWV·ZULWLQJVNLOOVLQDUHDVRQDEOHSHULRGRIWLPH
$WHQWDPHQWH
6LQFHUHO\
/DGXUDOHFFLÍQGHODPLJR9LFHQWH
´0HQLHJRDYROYHUDDJXDQWDUKRUDV
GHGLVFXVLyQHQLQJOpVSRUTXHDSDUWLUGHDKRUD
DSUHQGHUpHOLGLRPDRPRULUpHQHOHPSHxR
'HPLSURSLRGHVWLQRQRUHQXQFLRDVHUGXHxRµ
´-DPiVHQPLYLGDORKHSDVDGRWDQPDO
HVSRUWDQWRPLGHFLVLyQ\HVXQLODWHUDO
4XHDSUHQGHUpHOLQJOpVDXQTXHPHFXHVWHXQGLQHUDO
\VLQRORFRQVLJRVLJQLÀFDUiPLIXQHUDOµ
´(VLQDGPLVLEOHTXHXQDSHUVRQDGHPLWDODQWH
QRVHSDLQJOpVKDVWDHVKXPLOODQWH
0DxDQDPHWRFDXQGtDWHUULEOH
SHURSDVDGRPDxDQDVHUpLQGHVWUXFWLEOHµ
7REHFRQWLQXHGLQWKHQH[WLQVHUW
(VWLPDGRDPLJR\DOXPQR1XHVWURDPLJR9LFHQWHKDWRPDGRXQDGHFLVLÍQ$SDUWLU
GHSDVDGRPDËDQDGHUHJUHVRD(VSDËDYDDLQYHUWLUORQHFHVDULRHQGLQHURWLHPSR\
HVIXHU]RSDUDTXLWDUVHGHHQPHGLRHOSHVDGRODVWUHGHOLQJOÃV'LFHWH[WXDOPHQWHp'H
PLSURSLRGHVWLQRQRUHQXQFLRDVHUGXHËRq(VXVWHGGXHËRGHVXSURSLRGHVWLQR"1R
HVI»FLOVHUOR\VHJXUDPHQWHHVLPSRVLEOHOOHJDUDVHUORDO1RREVWDQWHODJHQWH
TXHWULXQIDHQODYLGDWLHQHODFDSDFLGDGVXîFLHQWHFRPRSDUDGRPLQDUORVKHFKRV\
ORVDFRQWHFLPLHQWRVDVXDQWRMR6DEHFRQYHUWLUODVRSRUWXQLGDGHVHQORJURVSHUVRQD
OHV(VWHWLSRGHSHUVRQDVKDHQWHQGLGRGHVGHMRYHQODLPSRUWDQFLDGHOLQJOÃV\DFWÔD
DYHFHVLPSODFDEOHPHQWHSDUDUHVROYHUHOSUREOHPD3RUHVRQRPHFDQVRGHUHSHWLU
TXHODJHQWHTXHP»VPHKDLPSUHVLRQDGRFRQVXLQJOÃVHQ(VSDËDORKDFRQVHJXLGR
SRUVXFXHQWDVLQPLD\XGD9LFHQWHHVXQDSHUVRQDEULOODQWHSHURHVXQDH[FHSFLÍQ
&XDQGRHUDMRYHQQRDSOLFÍVXIXHU]DGHYROXQWDGHQHVWHDVSHFWRDVXIRUPDFLÍQ\
SUHSDUDFLÍQ3HURDSHVDUGHVXHGDGYDDSRQHUUHPHGLR\FRPRVXHOHQGHFLUDTXÇ
QXQFDHVWDUGHVLODGLFKDHVEXHQD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(QHVWDFDVDWUHVQLËRVHVW»Q ,QWKLVKRXVHWKUHHFKLOGUHQDUH
FRQWHQWRV
KDSS\
(QDTXHOODFDVDGRVQLËRV ,QWKDWKRXVHWZRFKLOGUHQDUH
HVW»QFRQWHQWRVWDPELÃQ
KDSS\WRR
3HURHQHVWDFDVDXQQLËR %XWLQWKLVKRXVHRQHFKLOGLV
HVW»WULVWH
VDG
(QHVWDHPSUHVDGRV ,QWKLVFRPSDQ\WZRSHRSOH
SHUVRQDVVRQDOHPDQDV
DUH*HUPDQ
(QDTXHOODHPSUHVDXQD ,QWKDWFRPSDQ\RQHSHUVRQ
SHUVRQDHVLUODQGHVD
LV,ULVK
6RQODVGRV\FXDUWR ,WoVTXDUWHUSDVWWZR
6RQODVWUHV\YHLQWH ,WoVWZHQW\SDVWWKUHH
6RQODVRFKRPHQRVFXDUWR ,WoVTXDUWHUWRHLJKW
6RQODVFXDWUR\FLQFR ,WoVïYHSDVWIRXU
6RQODVQXHYHHQSXQWR ,WoVQLQHRoFORFNRQWKHGRW
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(VW»VHVFXFKDQGR9DXJKDQ $UH\RXOLVWHQLQJWR9DXJKDQ
5DGLR ZZZYDXJKDQUDGLRFRP " 5DGLR ZZZYDXJKDQUDGLRFRP "
(VWR\HVFXFKDQGRPL ,oPOLVWHQLQJWRP\IDYRXULWH
SURJUDPPH
SURJUDPDIDYRULWR
/RHVWR\HVFXFKDQGRHQHOFRFKH,oPOLVWHQLQJWRLWLQWKHFDU
/RHVFXFKRWRGRVORVGÇDV ,OLVWHQWRLWHYHU\GD\
6ÍORORHVFXFKRHQHOFRFKH ,RQO\OLVWHQWRLWLQWKHFDU
$TXÃKRUDOOHJDWXWUHQ" :KDWWLPHGRHV\RXUWUDLQ
DUULYH"
9DVDOOHJDUWDUGH" $UH\RXJRLQJWREHODWH"
/OHJDUÃDWLHPSR ,oOODUULYHRQWLPH
6XHOROOHJDUDWLHPSR ,XVXDOO\DUULYHRQWLPH
/OHJDUÃDODVGRV\PHGLDVL ,oOODUULYHDWKDOISDVWWZRLI,oP
OXFN\
KD\VXHUWH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
)XHFRQVWUXLGRSRUORVURPDQRV ,WZDVEXLOWE\WKH5RPDQV
)XHHVFULWRSRUXQKRPEUHFLHJR ,WZDVZULWWHQE\DEOLQGPDQ
)XHHQFRQWUDGRSRUXQRV ,WZDVIRXQGE\VRPHUHWLUHG
DUFKDHRORJLVWV
DUTXHÍORJRVMXELODGRV
)XHSHUPLWLGRSRUXQMXH] ,WZDVDOORZHGE\DZHOO
NQRZQMXGJH
FRQRFLGR
)XHHPSH]DGRSRUXQORFR ,WZDVVWDUWHGE\DPDGPDQ
4XLÃQORFRQVWUX\Í" :KREXLOWLW"
4XLÃQORHVFULELÍ" :KRZURWHLW"
4XLÃQORHQFRQWUÍ" :KRIRXQGLW"
4XLÃQORSHUPLWLÍ" :KRDOORZHGLW"
4XLÃQORHPSH]Í" :KRVWDUWHGLW"
)ORZHUV )ORUHV
*UDVV &ÃVSHG
)ORZHUSRW 0DFHWD
%XVK $UEXVWR
3DWLR 3DWLR
9RFDEXODULR*DUGHQ -DUGÇQ
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
|7HQJRXQDVJDQDVGHYHUOH ,FDQoWZDLWWRVHHKLVIDFH
ODFDUD
6LKXELHUDVLGRFRQVWUXLGR ,ILWKDGEHHQEXLOWE\WKH
5RPDQVLWZRXOGEHLQDEHWWHU
SRUORVURPDQRVHVWDUÇD
VWDWHWRGD\
HQPHMRUHVWDGRKR\GÇD
|0HQRVPDOTXHWUDMLVWHXQ ,WoVMXVWDVZHOO\RXEURXJKWDQ
XPEUHOOD
SDUDJXDV
|4XÃFXDGURP»VLQWHUHVDQWH :KDWDQLQWHUHVWLQJSLFWXUH
,ORYHWKHIUDPH
0HHQFDQWDHOPDUFR
0HORGHMÍHQKHUHQFLDPLWÇR 0\JUHDWXQFOHOHIWLWWRPHLQ
KLVZLOO
DEXHOR
'HMDGHMXJDUFRQORVSDOLOORV 6WRSSOD\LQJZLWKWKHWRRWK
GHGLHQWHVTXLHUHV"
SLFNVZLOO\RX"
$UUDVÍDWRGRVHQHOGHEDWH +HZLSHGWKHðRRUZLWK
HYHU\RQHLQWKHGHEDWH
(OSDUDEULVDVVHHVW» 7KHZLQGVFUHHQLVVWHDPLQJXS
FXEULHQGRGHYDKR
6HPHFD\ÍXQERWÍQ\SDUHFH 2QHRIP\EXWWRQVFDPHRII
DQG,VHHPWRKDYHORVWWKH
TXHWDPELÃQKHSHUGLGR
HOGHUHSXHVWR
VSDUHRQH
/DFDPSDËDSUHQDYLGHËDHVOD 7KHUXQXSWR&KULVWPDVLVWKH
ÃSRFDFRQP»VPRYLGDGHODËR EXVLHVWWLPHRI\HDU
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
3UHVHQWHFRQWLQXR
)URPWKHZRUGJR
'HVGHHOPLVPRLQLFLR
7KHUXOHVRIWKHJDPH
/DVUHJODVGHMXHJR
)URPWKHERWWRPRIP\KHDUW
'HVGHHOIRQGRGHPLFRUD]ÍQ
*DPHSODQ
(VWUDWHJLD
+HoVIXOORIKRWDLU
6ÍORGLFHWRQWHUÇDV
+HJHWVRQP\QHUYHV
0HSRQHGHORVQHUYLRV
+HPRVUHGDFWDGRHVWDVIUDVHVSDUDTXHHO
HVSDËROVHFLËDORP»VSRVLEOHDOLQJOÃV
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(VW»VG»QGRPHXQOLEUR
1RHVW»QG»QGRQRVXQOLEUR
£OHVW»G»QGROHXQOLEURDHOOD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
0DQ\s0XFKs$ORWRI
0XFKRV DOXPQRV LQFOXVR GH QLYHOHV DYDQ]DGRV PH SLGHQ TXH
YXHOYDDH[SOLFDUOHVFXDQGRGHEHQXVDUXQDXRWUDH[SUHVLÍQ3DUD
PÇHVEDVWDQWHVHQFLOOR
08&+VLJQLîFDpPXFKRqSHURVÍORVHXVDHQHOQHJDWLYRRHO
LQWHUURJDWLYRFXDQGRHOREMHWRGHODIUDVHHVVLQJXODURLQFRQ
WDEOH
,GRQoWKDYHPXFKWLPH 1RWHQJRPXFKRWLHPSR
'R\RXKDYHPXFKWLPH" 7LHQHVPXFKRWLHPSR"
0$1<VLJQLîFDpPXFKRVq\QRUPDOPHQWHVHXVDHQHOQHJDWL
YRRHOLQWHUURJDWLYRFXDQGRHOREMHWRGHODIUDVHHVSOXUDO
7DPELÃQVHSXHGHXVDUpPDQ\qHQDîUPDWLYRSHURHVPHQRV
FRPÔQTXHORVLJXLHQWH
,GRQoWKDYHPDQ\SUREOHPV 1RWHQJRPXFKRVSUREOHPDV
'R\RXKDYHPDQ\SUREOHPV" 7LHQHVPXFKRVSUREOHPDV"
$/272)VLJQLîFDpPXFKRqRpPXFKRVq\SXHGHXVDUVHHQHO
DïUPDWLYRQHJDWLYRHLQWHUURJDWLYR(VGLJDPRVXQDH[SUHVLÍQ
pXQLYHUVDOq9DOHSDUDWRGRVREUHWRGRSDUDHODîUPDWLYR
,KDYHDORWRIWLPH 7HQJRPXFKRWLHPSR
,KDYHDORWRISUREOHPV 7HQJRPXFKRVSUREOHPDV
,GRQoWKDYHDORWRIWLPH 1RWHQJRPXFKRWLHPSR
,GRQoWKDYHDORWRISUREOHPV 1RWHQJRPXFKRVSUREOHPDV
'R\RXKDYHDORWRIWLPH" 7LHQHVPXFKRWLHPSR"
'R\RXKDYHDORWRISUREOHPV" 7LHQHVPXFKRVSUREOHPDV"
$ODQDOL]DUORVWUHVSXQWRVDQWHULRUHVODFRQFOXVLÍQHVODVLJXLHQ
WHXVDVLHPSUHpDORWRIq
7HUHFRPLHQGRTXHXVHVpDORWRIqVLHPSUH\DVÇHYLWDU»VFDHUHQ
XQHUURUp$ORWRIqVHSURQXQFLDP»VRPHQRVpDO»WDIq$KRUD
ELHQWHDGYLHUWRTXHFXDQGRQRPHQFLRQDPRVHOREMHWRTXLWD
PRVODÔOWLPDSDODEUDpRIq
&RQPHQFLÍQGHOREMHWR
'R\RXKDYHDORWRIPRQH\"
<HV,KDYHDORWRIPRQH\
6LQPHQFLRQDUHOREMHWR
'R\RXKDYHDORWRIPRQH\"
<HV,KDYHDORW
´¢<PLVKLMRV"(VWiFODURPHYDQDREHGHFHU
9HQFHUiQHOLQJOpVVLQGHVIDOOHFHU
/DOLEHUWDGORHVWRGRSHURDKRUDHVHYLGHQWH
TXHODOLEHUWDGQRVHREWLHQHSRUDUWHQLDFFLGHQWHµ
´/DOLEHUWDGFRPRODVXHUWHHVDOJRTXHVHODEUD
1RYLHQHGH'LRVQLGHDEUDFDGDEUD
6HJDQDGRWiQGRVHGHFRQRFLPLHQWRV
GHKDELOLGDGHV\GHVWUH]DVGHDGLHVWUDPLHQWRµ
)LQ
/DGXUDOHFFLÍQGHODPLJR9LFHQWH
(VWLPDGRDPLJR\DOXPQR'HVSXÃVGHVXSHQRVDSULPHUDH[SHULHQFLDHQ=XULFK
OXJDUGHODIDPRVDUHXQLÍQGHGRVGÇDVQXHVWURDPLJR9LFHQWHORWHQÇDPX\FODUR
&XDQGRYROYLÍD(VSDËDSXVRHQPDUFKDVXSURSÍVLWR'XUDQWHORVPHVHVTXH
VLJXLHURQDVXDPDUJDH[SHULHQFLDDVLVWLÍDKRUDVGHFODVHLQGLYLGXDO\WUDV
ODVSULPHUDVKRUDVDFXGLÍDHQFXHQWURVUHVLGHQFLDOHVFRQSURIHVRUHVXQîQ
GHVHPDQDDOPHV)LQDOPHQWHHQHOÔOWLPRPHVGHVXSURJUDPDDVLVWLÍGXUDQWH
GRVVHPDQDVDORTXHGHQRPLQDPRV9DXJKDQWRZQGRQGHGXUDQWHGÇDVWXYR
TXHRÇU\UHFLWDUP»VGHFLHQPLOIUDVHVDFRPSDËDGRGHJHQWHQDWLYDGHKDEODLQ
JOHVDGHWRGRHOPXQGR(QWRWDO9LFHQWHUHFLELÍP»VGHPLOKRUDVGHIRUPDFLÍQ
HVHDËRWRGDVHQUÃJLPHQLQGLYLGXDO,QYLUWLÍRWUDVKRUDVGHWUDEDMRSHUVRQDO
HVWXGLDQGRORVPDWHULDOHVQDYHJDQGRSRUODZHEHQLQJOÃV\YLHQGRGRFXPHQWDOHV
\SURJUDPDVGHQRWLFLDVGHO5HLQR8QLGR\GH(VWDGRV8QLGRV+DQSDVDGRRFKR
DËRV\GHVGH9LFHQWHHVYLFHSUHVLGHQWHGHOD$VRFLDFLÍQ(XURSHDGHVXVHFWRU
8VDHOLQJOÃVGXUDQWHHOGHVXWLHPSRGHWUDEDMR6XVGRVKLMRVWLHQHQ\
DËRVUHVSHFWLYDPHQWH\VHPDQHMDQFRQVROWXUDHQHOLGLRPD9LFHQWHQRGHMDGH
UHSHWLUp/DOLEHUWDGFRPRODVXHUWHHVDOJRTXHVHODEUD1RYLHQHGH'LRVQLGH
DEUDFDGDEUDq7DQWRÃOFRPRVXVKLMRVWLHQHQODVXHUWHGHWHQHUXQDPSOLRDEDQLFR
GHRSRUWXQLGDGHVSURIHVLRQDOHVSDUDHOHJLU6XHUWH"%XHQRUHFWLîFR6XSDGUHKD
WHQLGRHODFLHUWRGHHQWHQGHUTXHODOLEHUWDGHVDOJRTXHVHODEUD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(OSXHEORHVW»DOODGRGHXQD 7KHYLOODJHLVQH[WWRD
PRQWDËD
PRXQWDLQ
/DLJOHVLDHVW»HQIUHQWHGHOEDU 7KHFKXUFKLVRSSRVLWHWKHEDU
(OVXSHUPHUFDGRHVW»FHUFD 7KHVXSHUPDUNHWLVQHDUWKH
GHODSOD]D
VTXDUH
(OSXHEORHVW»OHMRVGHODFDSLWDO7KHYLOODJHLVIDUIURPWKH
FDSLWDO
(OFXUDHVYLHMR\VDELR 7KHSULHVWLVROGDQGZLVH
3XHGHVKDEODULQJOÃV" &DQ\RXVSHDN(QJOLVK"
£OSXHGHWUDEDMDUHQHVHSDÇV" &DQKHZRUNLQWKDWFRXQWU\"
1RPHDFXHUGRGHVXQRPEUH ,FDQoWUHPHPEHUKHUQDPH
GHHOOD
&X»OHVVXQRPEUH GHHOOD " :KDWoVKHUQDPH"
&X»OHVVXDSHOOLGR GHHOORV " :KDWoVWKHLUVXUQDPH"
%OXVKHU &RORUHWH
(\HVKDGRZ 6RPEUDGHRMRV
)RXQGDWLRQ %DVH
/LSVWLFN 3LQWDODELRV
(\HOLQHU /»SL]GHRMRV
9RFDEXODULR0DNHXS 0DTXLOODMH
/RZ,QWHUPHGLDWH
|+D]ODFDPD 0DNHWKHEHG
|+D]XQHVIXHU]R 0DNHDQHIIRUW
|+D]XQUXLGR 0DNHDQRLVH
|+D]XQDSURPHVD 0DNHDSURPLVH
|3LGHXQGHVHR 0DNHDZLVK
0LGGOH,QWHUPHGLDWH
£OQRVDEHQDGDGHHOOR +HGRHVQoWNQRZDQ\WKLQJ
DERXWLW
7HORH[SOLFDUÃ ,oOOH[SODLQLWWR\RX
|([SOÇFDPHOR ([SODLQLWWRPH
1RVÃTXLÃQHVVRQ ,GRQoWNQRZZKRWKH\DUH
&X»QGRVHFDVDURQ" :KHQGLGWKH\JHWPDUULHG"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
'HEHUÇDVYHUDXQHVSHFLDOLVWD<RXVKRXOGVHHDVSHFLDOLVW
£OGHEHUÇDGHMDUGHIXPDU +HVKRXOGVWRSVPRNLQJ
&UHHVTXHGHEHUÇDLUDODERGD"'R\RXWKLQN,VKRXOGJRWRWKH
ZHGGLQJ"
&RQRFÇDXQPDWULPRQLRPX\,PHWDYHU\QLFHPDUULHG
FRXSOHRQKROLGD\
VLPS»WLFRHQODVYDFDFLRQHV
4XÃRSLQDVVREUHHO :KDWGR\RXWKLQNDERXW
PDUULDJH"
PDWULPRQLR"
/HGLMH DHOOD TXHQRWHORGLMHUD ,WROGKHUQRWWRWHOO\RX
'HFLGÇQRGHFLUQDGD ,GHFLGHGQRWWRVD\DQ\WKLQJ
7RGRRFXUULÍPX\U»SLGR ,WDOOKDSSHQHGYHU\TXLFNO\
7HQJRWRGRORTXHTXLHUR ,KDYHHYHU\WKLQJ,ZDQW
1RORWRTXHV|3XHGHTXH 'RQoWWRXFKWKDW,WPLJKWELWH
\RX
WHPXHUGD
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
0HKDEUÃMXELODGRFXDQGR ,oOOKDYHUHWLUHGE\WKHWLPH\RX
JHWPDUULHG
WÔWHFDVHV
7HQGUÃDËRVFXDQGR ,oOOEHZKHQWKDWKDSSHQV
HVRRFXUUD
+DEUÃDOFDQ]DGRORVFLQFXHQWD ,oOOKDYHUHDFKHGE\WKHWLPH
WKDWKDSSHQV
FXDQGRHVRRFXUUD
/OHYDUÃWUDEDMDQGRWUHLQWDDËRV,oOOKDYHEHHQZRUNLQJIRUWKLUW\
\HDUVE\WKHWLPH,UHDFK
FXDQGRDOFDQFHORVFLQFXHQWD
+DUÃDËRVDTXÇDHVWDV,oOOKDYHEHHQKHUHIRU\HDUV
DOWXUDVGHODËRTXHYLHQH
E\WKLVWLPHQH[W\HDU
6HPHFD\ÍHOMDUUÍQVLQTXHUHU,GURSSHGWKHYDVHE\PLVWDNH
\VHURPSLÍHQSHGD]RV
DQGLWVKDWWHUHG
6HPHFD\ÍHOSDSHOLWR\VHOR ,GURSSHGWKHSLHFHRISDSHU
OOHYÍHOYLHQWR
DQGLWEOHZDZD\
&RUUÇGHWU»VGHHOORSHURVH ,UDQDIWHULWEXWLWEOHZRXWRI
OROOHYÍHOYLHQWRIXHUDGHPL
UHDFK
DOFDQFH
)UHQÃGHPDVLDGRWDUGH\OHGLXQ,EUDNHGWRRODWHDQGGHQWHG
JROSHDOSDUDFKRTXHVGHOFRFKH WKHFDULQIURQWoVEXPSHU
GHGHODQWH
(VSHURTXHQRWHLPSRUWHTXHWH,KRSH\RXGRQoWPLQGPH
ORGLJDSHURWXFUHPDOOHUDHVW» WHOOLQJ\RXEXW\RXUðLHVDUH
DELHUWD
XQGRQH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
7KHUHZDVWKHUHZHUH
/HWoVJHWWKHEDOOUROOLQJ
(PSHFHPRVFRQHVWR\D
+HKDVDJLIWRIWKHJDE
7LHQHPXFKDODELD
+HKDVDORWRIJHWXSDQGJR
7LHQHPXFKDHQHUJÇD\HPSXMH
&DQ\RXJLYHPHDKDQG"
0HSXHGHVHFKDUXQDPDQR"
,JRWP\ZLUHVFURVVHG
6HPHKDQFUX]DGRORVFDEOHV
+HoVDJOXWWRQIRUSXQLVKPHQW
(VXQPDVRFD
5HFXHUGDTXHHQLQJOÃVKD\TXHGLIHUHQFLDU
HQWUHHOSOXUDO\HOVLQJXODUFXDQGRGHFLPRVHO
HTXLYDOHQWHGHpKXERq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
+XERPXFKRVIDPRVRVHQHOHVWUHQR
1RKXERFKLFDVHQODîHVWD
+XERXQDVHQVDFLÍQGHGHFHSFLÍQFRQVX
QXHYRGLVFR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
'R\RXNQRZZKR,DP"
'R\RXNQRZZKDWWLPHLWLV"
<HV,NQRZZKDWWLPHLWLV
:KDWWLPHLVLW"
,WoVRoFORFN
PDWLYRSRUTXHODSUHJXQWDQRHVVREUHGÍQGHYLYHVLQRVLpVDEHVq
GÍQGHYLYH/DVHJXQGDIUDVHHVDîUPDWLYDHQWRGRVORVVHQWLGRV
6RODPHQWHODWHUFHUDIUDVHHVXQDSUHJXQWDGLUHFWDFRQpOLYHqSRU
ORTXHVHXVDHODX[LOLDUpGRHVq
(Q HVWH HMHPSOR QRWDU»V TXH pLW LVq HQ ODV GRV SULPHUDV IUDVHV
HVW» HQ DîUPDWLYR VXMHWR YHUER /D WHUFHUD IUDVH HV GLIHUHQ
WH\DTXHHVXQDSUHJXQWDGLUHFWDSRUORTXHpLWLVqVHLQYLHUWHD
pLVLW"q
5HJOD 6ÍOR GHEHV SRQHU HO YHUER GHODQWH GHO VXMHWR FXDQGR VH
WUDWDGHXQDSUHJXQWDGLUHFWD/DSULPHUDSUHJXQWDHVWDPELÃQ
GLUHFWDSHURODSUHJXQWDHVpGR\RXNQRZ"q
0»VHMHPSORV
'R\RXNQRZZKHUH5REHUW5HGIRUGOLYHV"
<HV,NQRZZKHUHKHOLYHV
:KHUHGRHVKHOLYH"
+HOLYHVLQ&DOLIRUQLD
5HJOD6ÍORVHXVDXQYHUERDX[LOLDU pGRqHQHVWHFDVR FXDQGRVH
WUDWDGHXQDSUHJXQWDGLUHFWD)ÇMDWHHQODVGRVSULPHUDVIUDVHV(O
YHUERpOLYHVqHVW»HQDîUPDWLYR(QODSULPHUDIUDVHHVW»HQDîU
(OPDHVWURDUSRQHUR
4XHUHPRVGHQXHYRTXHWXEXHQDHPSUHVD
QRVD\XGHDUHVROYHU\GHIRUPDH[SUHVD
XQSUREOHPDLPSRUWDQWHSDUDHOiUHDFRPHUFLDO
FHQWUDGRHVRVtHQXQKRPEUHHVSHFLDO
(VHOKRPEUHSHUIHFWRFRQSHULFLD\WLQR
XQIHQyPHQRDQGDQWHFRQXQFODURGHVWLQR
FRQpOODHPSUHVDUHSXQWDUiPX\SURQWR
SRUTXH7DQFUHGRQRWLHQHQLXQSHORGHWRQWR
3HURWHQHPRVXQSUREOHPDORSRGUiVDGLYLQDU
QXHVWUDVHGHGH2KLRYDDDOXFLQDU
&XDQGRVHSDTXH7DQFUHGRQXHVWUDDUPDVHFUHWD
VDEHWDQWRLQJOpVFRPR%XVKGHSDQGHUHWDV
'R\RXNQRZKRZWDOOKHLV"
<HV,NQRZKRZWDOOKHLV
+RZWDOOLVKH"
+HoVWZRPHWHUVWDOO
'R\RXNQRZZKHUH5RPHLV"
<HV,NQRZZKHUH5RPHLV
:KHUHoV5RPH"
,WoVLQ,WDO\
'R\RXNQRZZKHUH,OLYH"
<HV,NQRZZKHUH\RXOLYH
:KHUHGR,OLYH"
<RXOLYHLQ0DGULG
'R\RXNQRZZKDWWKLVLV"
<HV,NQRZZKDWLWLV
:KDWLVLW"
,WoVDERRN
'R\RXNQRZZKR3ULQFHLV"
<HV,NQRZZKR3ULQFHLV
:KRLV3ULQFH"
+HoVDURFNVWDUIURP0LQQHVRWD
(VWLPDGRDPLJR\DOXPQR7DQFUHGRHVUHDO\HVFDVLELOLQJÖHDKRUD$ORVDËRV
FXDQGRHQWUÍFRPRGLUHFWRUFRPHUFLDOHQXQDHPSUHVDHQDSXURVQRVDEÇDGH
FLUQLp\HVq3HURDSHVDUGHHOORIXHîFKDGRFRPRVDOYDGRUSRUODîOLDOHVSDËROD
GHXQDPXOWLQDFLRQDOQRUWHDPHULFDQD7DQFUHGR\DWHQÇDIDPDHQHOVHFWRUGHVHU
XQDSHUVRQDFDSD]GHKDFHUPLODJURV6LQHPEDUJRQXQFDKDEÇDWUDEDMDGRHQXQD
PXOWLQDFLRQDOSRUORTXHMDP»VKDEÇDQHFHVLWDGRVDEHULQJOÃV(UDXQKRPEUHTXH
VHKDEÇDKHFKRDVÇPLVPRDEDQGRQDQGRORVHVWXGLRVDORVDËRVSDUDWUDEDMDU
GHDSUHQGL]HQODPLVPDDFWLYLGDGTXHDKRUDLEDDGLULJLUDQLYHOQDFLRQDO1RWHQÇD
HVWXGLRVVXSHULRUHVQLVHFXQGDULRV(UDXQKRPEUHWDQUXGRTXHLQFOXVRGHVWUR]D
EDHOFDVWHOODQRFRQIUDVHVFRPRp&RQWUDP»VODGLJRTXHQRPHVLUYDFRFUHWDVq
$KRUDFRPRKHGLFKRDOSULQFLSLRHVFDVLELOLQJÖH
(VHOUHVSRQVDEOHGHYHQWDVGHWRGDOD5HJLÍQ,,]RQDTXHLQFOX\HWRGD(XURSD\HO
QRUWHGHIULFD5HFXHUGRRÇUOHGHFLUFRQVXVRQULVDGHSLOORp,KDYHVHYHQW\FLQFR
SHRSOHLQP\GHSDUWPHQWq
/DSUHJXQWDGHOPLOOÍQHVFÍPRGHPRQLRVXQKRPEUHFRPR7DQFUHGROOHJÍDVHU
FDVLELOLQJÖH")»FLOODHPSUHVDJDVWÍHXURVVRODPHQWHHQÃOSDUDTXHGRPL
QDUDHOLQJOÃV6LSXVLÃUDPRVSUHFLRDOWLHPSRTXH7DQFUHGRHVWXYRDXVHQWHGHVX
WUDEDMRSRUDSUHQGHULQJOÃVODFLIUDîQDOURQGDUÇDORVHXURV
6XQRPEUHHV7DQFUHGR\DÀQDOGHHQHUR
VHUiQXHVWURQXHYRPDHVWURDUSRQHUR
6XVDUSRQHVDÀODGRVDSXQWDGRVDOPHUFDGR
DXPHQWDUiQQXHVWUDVYHQWDVGHXQPRGRGHVWD
FDGR
'R\RXNQRZZKR,DP"
<HV,NQRZZKR\RXDUH
:KRDP,"
<RXoUHWKHWHDFKHU
7LHQHXVWHGHXURVSDUDDSUHQGHULQJOÃV"0HLPDJLQRTXHQR7DPSRFRVHPHRFXUULUÇDSURSRQHUOHXQDFLIUDWDQDOWD6LQHP
EDUJRKHFRQRFLGRDPXFKDVSHUVRQDVTXHKDQLQYHUWLGRHVWHGLQHURHQHVIXHU]R7DPELÃQKHFRQRFLGRDSDGUHVTXHVHKDQSUHRFXSD
GRSDUDTXHVXVKLMRVDSUHQGLHUDQDKDEODULQJOÃVLJXDORPHMRUTXH7DQFUHGRJDVWDQGRHOHTXLYDOHQWHDHXURVHQSODQLîFDFLÍQ
HLQWHUÃVSHUVRQDO(VWDVSHUVRQDVKDQKHFKRHVWDVLQYHUVLRQHVVDEHGRUDVGHTXHXQDOWRQLYHOGHLQJOÃVDXPHQWDDOUHGHGRUGH
HXURVVXVXHOGRDORODUJRGHVXYLGDSURIHVLRQDODGHP»VGHD\XGDUOHVDFRQVHJXLUXQDPD\RUOLEHUWDGGHHOHFFLÍQ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
6RQLQWHOLJHQWHV" $UHWKH\LQWHOOLJHQW"
6RQU»SLGRV" $UHWKH\TXLFN"
6RQDOWRV" $UHWKH\WDOO"
6RQVLPS»WLFRV" $UHWKH\QLFH"
(VW»QFRQWHQWRV" $UHWKH\KDSS\"
7LHQHQUD]ÍQ" $UHWKH\ULJKW"
7LHQHQKDPEUH" $UHWKH\KXQJU\"
7LHQHQPLHGR" $UHWKH\VFDUHG"
7LHQHQVXHËR" $UHWKH\VOHHS\"
7LHQHQVHG" $UHWKH\WKLUVW\"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
0LMHIHVHFRJHXQUHVIULDGR 0\ERVVFDWFKHVDFROGHYHU\
\HDU
FDGDDËR
0LYHFLQRYHODWHOHYLVLÍQ 0\QHLJKERXUZDWFKHV
WHOHYLVLRQHYHU\QLJKW
WRGDVODVQRFKHV
0LFRPSDËHURGHWUDEDMRWHUPLQD0\FROOHDJXHïQLVKHVZRUNDW
ODMRUQDGDDODVGHODWDUGH
SP
0LKHUPDQRHQVHËDIUDQFÃV 0\EURWKHUWHDFKHV)UHQFKRQ
ORVYLHUQHV
)ULGD\V
0LKHUPDQDODYDVXJDWR 0\VLVWHUZDVKHVKHUFDWRQFH
XQDYH]DOPHV
DPRQWK
(OODGHEHGHHVWDUIRUUDGD 6KHPXVWEHORDGHG
7HQJRTXHWUDEDMDUHQ3DOHQFLD ,KDYHWRZRUNLQ3DOHQFLD
XQDVHPDQDVÇRWUDQR
HYHU\RWKHUZHHN
,UÃGÍQGHTXLHUDV ,oOOJRZKHUHYHU\RXZDQW
+DUÃORTXHTXLHUDV ,oOOGRZKDWHYHU\RXZDQW
3RGHPRVHPSH]DUFXDQGR :HFDQVWDUWZKHQHYHU\RX
TXLHUDV
OLNH
/LG 7DSD
&KDLQ &DGHQD
7RLOHWSDSHU 3DSHOKLJLÃQLFR
6HDW $VLHQWR
7RLOHWEUXVK (VFRELOOD
9RFDEXODULR7RLOHW 5HWUHWH
+LJK,QWHUPHGLDWH
'HEHUÇDVGHFÇUPHORSURQWR <RXVKRXOGWHOOPHVRRQ
'HEHUÇDVKDEÃUPHORGLFKRDQWHV <RXVKRXOGKDYHWROGPHVRRQHU
+HFRPLGRHQDTXHOUHVWDXUDQWH,oYHRIWHQHDWHQDWWKDW
DPHQXGR
UHVWDXUDQW
'HEHUÇDFRPHUP»VDPHQXGR <RXVKRXOGHDWPRUHRIWHQ
&XDQWRPHQRVFRPHVP»V 7KHOHVV\RXHDWWKHWKLQQHU
GHOJDGROOHJDVDHVWDU
\RXEHFRPH
/RZ$GYDQFHG
6LJRSHQVDQGRTXHHVXQD ,VWLOOWKLQNLWoVDJRRGLGHD
EXHQDLGHD
6LJRWHQLHQGRDOJXQDVGXGDV ,VWLOOKDYHVRPHGRXEWV
8QDYH]TXHKD\DVîUPDGRHO 2QFH\RXoYHVLJQHGWKH
GRFXPHQWRSRGHPRVSURFHGHU GRFXPHQWZHFDQSURFHHG
1RIXQFLRQDEDELHQODSDQWDOOD0\FRPSXWHUVFUHHQZDVQoW
GHPLRUGHQDGRU
ZRUNLQJSURSHUO\
£OQRHVGHîDU +HoVQRWWUXVWZRUWK\
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
6LHOODVHKXELHVHHQWHUDGRDQWHV ,IVKHKDGIRXQGRXWHDUOLHUZH
SRGUÇDPRVKDEHUUHDFFLRQDGR
ZRXOGKDYHEHHQDEOHWRUHDFW
6LKXELHVHVLGRLQIRUPDGRKDEUÇD ,I,KDGEHHQWROG,ZRXOGKDYH
UHWUDQVPLWLGRHOPHQVDMH
SDVVHGRQWKHPHVVDJH
6LHPSUHPHFXHVWDUHFRUGDUORV,DOZD\VKDYHWURXEOH
QRPEUHVGHODJHQWH
UHPHPEHULQJSHRSOHoVQDPHV
6XSUHJXQWD GHHOOD PHUHVXOWÍ ,IRXQGKHUTXHVWLRQH[WUHPHO\
H[WUHPDGDPHQWHGLIÇFLOGH
GLIïFXOWWRDQVZHU
FRQWHVWDU
&RQWRGRHVHUXLGRQRSXHGR :LWKDOOWKDWQRLVH,FDQoW
FRQFHQWUDUPH
WKLQNVWUDLJKW
(OYLHUQHVPHYDQDVDFDUXQ,oPKDYLQJP\WRRWKRXWRQ
GLHQWH
)ULGD\
0HYDQDFRUWDUHOSHORHO,oPKDYLQJP\KDLUFXWRQ
PLÃUFROHV
:HGQHVGD\
9DQDDOLFDWDUPLFXDUWRGH,oPKDYLQJP\EDWKURRPWLOHG
EDËRHOV»EDGR
RQ6DWXUGD\
9DQDUHFRUWDUPLVHWRHO ,oPKDYLQJP\KHGJHWULPPHG
GRPLQJR
RQ6XQGD\
9DQDUHYLVDUPLFRFKHHO,oPKDYLQJP\FDUVHUYLFHGRQ
PDUWHVSRUODWDUGH
7XHVGD\HYHQLQJ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
/DPD\RULDGH
&RPPRQVD\LQJV
7RJRIRUEURNH
-XJDUVHHOWRGRSRUHOWRGR
7RJRRIIRQDWDQJHQW
6DOLUVHSRUODWDQJHQWH
7RJREURNH
$UUXLQDUVH
,QVORZPRWLRQ
$F»PDUDOHQWD
7REHEURNH
(VWDUVLQEODQFD
7RJRZLWKWKHïRZ
'HMDUVHOOHYDUSRUODFRUULHQWH
1LVHWHRFXUUDGHFLUp7KHPRVWfq
(VWULFWDPHQWHSURKLELGRHOXVRGHODUWÇFXOR
DQWHVGHODSDODEUDpPRVWqHQHVWRVFDVRV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
/DPD\RUÇDGHODVDUDËDVVRQLQRIHQVLYDV
/DPD\RUÇDGHORVDOFRKÍOLFRVHVW»QHEULRVD
GLDULR
/DPD\RUÇDGHODJHQWHHQPLFDOOHHVHVSDËROD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6RGR,s0HWRR
0HJXVWDODFRPLGDHVSDËROD
,OLNH6SDQLVKIRRG
$PÇWDPELÃQ 7UHVSRVLELOLGDGHV
0HWRR
,GRWRR
6RGR,
:K\GR,UHFRPPHQGWKHOHDVWFRUUHFWIRUP"s7KUHHUHDVRQV
7RVLPSOLI\\RXUOLIH
7RJLYH\RXRQHXQLYHUVDOZD\WRVD\p\RWDPELÃQq
7R DYRLG FRPSOLFDWLQJ \RXU OLIH E\ PDNLQJ \RX WU\ WR OHDUQ
VRPHWKLQJWKDW\RXZLOOQHYHUDVVLPLODWH
6LQRHVW»VGHDFXHUGRFRQPLJR\TXLHUHVDSUHQGHUDUHSURGXFLU
FRQWRWDOHVSRQWDQHLGDG\DJLOLGDGODIRUPDP»VFRUUHFWDGHGHFLU
p\R WDPELÃQq HQWRQFHV DSUÃQGHWH OD OLVWD RIUHFLGD D FRQWLQXD
FLÍQKDVWDHOSXQWRGHSRGHUUHVSRQGHUDOLQVWDQWHDQWHFXDOTXLHU
DîUPDFLÍQGHWXLQWHUORFXWRU3DUDFRQVHJXLUORWHQGU»VTXHDG
TXLULUXQDDJLOLGDGLQVÍOLWDFRQORVYHUERVDX[LOLDUHVXQDDJLOLGDG
VLPLODUDODGHORVPHMRUHVPDODEDULVWDVGHOPXQGR
,oPKDSS\$QG\RX" 6RDP,
,KDYHDFDU$QG\RX" 6RGR,
,oYHJRWDFDU$QG\RX" 6RKDYH,
,oOOJRWKHUHWRPRUURZ$QG\RX" 6RZLOO,
,oPJRLQJWRVHHKLP$QG\RX" 6RDP,
,ZHQWWKHUH\HVWHUGD\$QG\RX" 6RGLG,
,ZDVERUQLQDKRVSLWDO$QG\RX" 6RZDV,
,oYHEHHQWKHUHWZLFH$QG\RX" 6RKDYH,
,FDQGRLW$QG\RX" 6RFDQ,
,ZRXOGOLNHWRVHHKHU$QG\RX" 6RZRXOG,
,VKRXOGPDNHDQHIIRUW$QG\RX" 6RVKRXOG,
,FRXOGJRLI,KDGWLPH$QG\RX" 6RFRXOG,
,PD\JRWKHUH$QG\RX" 6RPD\,
,KDGDOUHDG\GRQHLW$QG\RX" 6RKDG,
,PXVWJRWKHUH$QG\RX"6RPXVW,
,oPQRWKDSS\$QG\RX"1HLWKHUDP,
,GRQoWKDYHDFDU$QG\RX"1HLWKHUGR,
,KDYHQoWJRWDFDU$QG\RX"1HLWKHUKDYH,
,ZRQoWJRWKHUHWRPRUURZ$QG\RX"1HLWKHUZLOO,
,oPQRWJRLQJWRVHHKLP$QG\RX"1HLWKHUDP,
,GLGQoWJRWKHUH\HVWHUGD\$QG\RX"1HLWKHUGLG,
,ZDVQoWERUQLQDKRXVH$QG\RX"1HLWKHUZDV,
,KDYHQoWEHHQWKHUHODWHO\$QG\RX"1HLWKHUKDYH,
,FDQoWGRLW$QG\RX"1HLWKHUFDQ,
,ZRXOGQoWOLNHWRVHHKHU$QG\RX"1HLWKHUZRXOG,
,VKRXOGQoWPDNHDQHIIRUW$QG\RX"1HLWKHUVKRXOG,
,FRXOGQoWJRLILWUDLQHG$QG\RX"1HLWKHUFRXOG,
,PD\QRWJRWKHUH$QG\RX",PD\QRWHLWKHU
,KDGQoWGRQHLW\HW$QG\RX"1HLWKHUKDG,
,PXVWQoWJRWKHUH$QG\RX"1HLWKHUPXVW,
$OWHUQDWLYD5HSHWLUODVIUDVHV 0HWRR
$OWHUQDWLYD5HSHWLUODVIUDVHV0HQHLWKHU
&X»OGHODVWUHVIRUPDVHVODPHMRU"6RGR,
&X»OUHSUHVHQWDXQDDEHUUDFLÍQJUDPDWLFDO"0HWRR
&X»OUHFRPLHQGRTXHXVHV"0HWRR
/DSDODEUDpQHLWKHUqDGPLWHGRVDOWHUQDWLYDVGHSURQXQFLDFLÍQQÇ]HURQ»L]HU
(VWLPDGR DPLJR \ DOXPQR (O SDVDGR V»EDGR FRQRFÇ D XQ FRQVXOWRU QRUWHDPHULFDQR FRQ JUDQ
H[SHULHQFLDHQHOWUDWRFRQODEDQFD\FRQGLYHUVRVJRELHUQRVHQWHPDVUHODFLRQDGRVFRQIXVLRQHV\
DGTXLVLFLRQHV/HSUHJXQWÃTXÃKDFÇDHQ(VSDËD\PHFRQWÍXQDFRQYHUVDFLÍQTXHKDEÇDWHQLGRHVD
PLVPDPDËDQDFRQXQYLFHSUHVLGHQWHGHXQRGHORVJUDQGHVEDQFRVHVSDËROHV
6SDQLVKEDQNHU:HoYHWKRXJKWDERXWEX\LQJRXWDQ$PHULFDQEDQNEXWZHSUHIHUWRVWD\LQ6RXWK
$PHULFD
$PHULFDQFRQVXOWDQW:KDWGR\RXKDYHDJDLQVW86EDQNV"
6SDQLVKEDQNHU1RWKLQJEXWZHGRQoWOLNHRXWVRXUFLQJRXUGXHGLOLJHQFHWRWKLUGSDUWLHV)RU
WKLQJVOLNHWKLVZHGRQoWWUXVWDQ\RQHRXWVLGHRXURZQRUJDQL]DWLRQ
$PHULFDQFRQVXOWDQW:K\GRQoW\RXSHUIRUPWKHGXHGLOLJHQFH\RXUVHOYHV"
6SDQLVKEDQNHU:HGRQoWKDYHHQRXJKSHRSOHZKRVHFRPPDQGRI(QJOLVKLVJRRGHQRXJK
$PHULFDQFRQVXOWDQW$PRQJPDQDJHUVDQGHPSOR\HHV"
6SDQLVK EDQNHU ,WoV LQFUHGLEOH LVQWo LW" %XW WKHUHoV QRERG\ LQ WKLV FRXQWU\ ZLWK WKH ULJKW
FRPPDQGRIWKHODQJXDJH
¢([DJHUDHOEDQTXHUR"6LQRH[DJHUD
¢FXiQWDVRSRUWXQLGDGHVGHQHJRFLR
VHHVWiQGHVDSURYHFKDQGRSRUHO
GHVFRQRFLPLHQWRJHQHUDOGHLQJOpV
HQWUHHPSUHVDULRV\FXDGURVGLUHFWL
YRV"<QRKDEOHPRVGHORVSROtWLFRV
PiVLPSRUWDQWHVGHOSDtV(OHVSDxRO
HVXQH[FHOHQWHJHVWRUHPSUHVDULR\
QHJRFLDGRUFXDQGRVHVLHQWHVHJXUR
GHVtPLVPR3HURKDVWDTXHQRVH
FRQFLHQFLHGHDERUGDUFRQDEVROXWD
VHULHGDGHOLQJOpVRWURVVHKDUiQFRQ
ODVWDMDGDVPiVJUDQGHVGHOFUHFLHQWH
SDVWHOGHODHFRQRPtDPXQGLDO
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(OODTXLHUHYHQLUFRQQRVRWURV 6KHZDQWVWRFRPHZLWKXV
(OODQRTXLHUHLUFRQHOORV 6KHGRHVQoWZDQWWRJRZLWKWKHP
/HVJXVWDDHOORV" 'RWKH\OLNHKHU"
/HJXVWDQDHOOD" 'RHVVKHOLNHWKHP"
1RORVÃ ,GRQoWNQRZ
(VWDPRVDTXÇ :HoUHKHUH
(VWDPRVFRQHOORV :HoUHZLWKWKHP
(VW»QFRQQRVRWURV 7KH\oUHZLWKXV
1RHVW»DOOÇ ,WoVQRWWKHUH
'ÍQGHHVW»" :KHUHLVLW"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XÃWHJXVWDUÇDSDUDFHQDU" :KDWZRXOG\RXOLNHIRUGLQQHU"
7HJXVWDODFRPLGDLQJOHVD" 'R\RXOLNH(QJOLVKIRRG"
3UHîHURODFRPLGDHVSDËROD ,SUHIHU6SDQLVKIRRG
,oPJRLQJWRSUHSDUH
9R\DSUHSDUDUDOJRGHOLFLRVR
VRPHWKLQJGHOLFLRXV
|(VRWLHQHEXHQDSLQWD 7KDWORRNVQLFH
+D]PHXQDSUHJXQWD $VNPHDTXHVWLRQ
6DEUÃODUHVSXHVWD" :LOO,NQRZWKHDQVZHU"
6LHPSUHFRPHWRHUURUHV ,DOZD\VPDNHPLVWDNHV
£OQXQFDKDFHVXVGHEHUHV +HQHYHUGRHVKLVKRPHZRUN
4XLÃQLEDDKDFHUORSRUÃO" :KRZDVJRLQJWRGRLWIRUKLP"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
'ÃMDPHKDFHUORSRUWL /HWPHGRLWIRU\RX
1RGHMHVTXHHOSHUURHQWUHHQ'RQoWOHWWKHGRJLQWKHURRP
ODKDELWDFLÍQ
1RHVW»SHUPLWLGRHQODFDVD ,WoVQRWDOORZHGLQWKHKRXVH
'ÃMDORHQPLPHVDGHWUDEDMR /HDYHLWRQP\GHVN
|'ÃMDPHHQSD] /HDYHPHDORQH
/RKHEXVFDGRHQWRGDVSDUWHV ,oYHORRNHGHYHU\ZKHUHIRULW
+DVPLUDGRGHEDMRGHO +DYH\RXORRNHGXQGHUWKHSLOH
RIFORWKHV"
PRQWÍQGHURSD"
,QFOXVRKHPLUDGRHQFLPD ,oYHHYHQORRNHGRQWRSRIWKH
ZDUGUREH
GHODUPDULR
<GHWU»VGHODQHYHUD" :KDWDERXWEHKLQGWKHIULGJH"
7HQJRPLHGRGHORTXHSXHGD ,oPVFDUHGZKDW,PLJKWïQG
WKHUH
HQFRQWUDUDOOÇ
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
0LLPSUHVRUDVHKDTXHGDGR 0\SULQWHUKDVUXQRXWRILQN
VLQWLQWD
7LHQHVXQFDUWXFKRGHP»V" 'R\RXKDYHDVSDUHFDUWULGJH"
1RWHQJRQLLGHDGHFDUJDUOR ,KDYHQRLGHDKRZWRORDGLW
&DVLORURPSÇODÔOWLPDYH] ,QHDUO\EURNHLWWKHODVWWLPH
<RTXHWÔOODPDUÇDDXQH[SHUWR,I,ZHUH\RX,oGFDOODQH[SHUW
&RQR]FRDXQKRPEUHTXHSXHGH,NQRZDPDQZKRFDQIHOOD
WDODUXQ»UEROHQGRVPLQXWRV
WUHHLQPLQXWHV
/DDUGLOODOLVWDKDDUUDQFDGR 7KHFKLSPXQNKDVVWULSSHGDOO
WRGDODFRUWH]D
WKHEDUNRII
|(VWHYLQRKXHOH\VDEHDFRUFKR7KLVZLQHLVFRUNHG
|7RGDYÇDIDOWDPRVFLQFR:HoUHVWLOOïYHVKRUW
6KDXQHVTXLODRYHMDV6KDXQVKHDUVVKHHS
%HOO 7LPEUH
/LIW $VFHQVRU
%HOOER\ %RWRQHV
5HFHSWLRQ 5HFHSFLÍQ
/REE\ UHDGHUHFHSFLÍQ
9RFDEXODULR+RWHO +RWHO
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
/DH[SUHVLÍQGHODVHPDQD
(QLQJOÃVQRpKDFHPRVSUHJXQWDVqVLQR
pSUHJXQWDPRVSUHJXQWDVq
'RQoWJRRYHUERDUG
1RWHSDVHV
7REHDJXLQHDSLJ
6HUFRQHMLOORGH,QGLDV
<RXKDYHWKHJUHHQOLJKW
7LHQHVOX]YHUGH DXWRUL]DFLÍQ
+HoVDELJPRXWK
(VXQERFD]DV
*ULQDQGEHDULW
$MR\DJXD
<RXoUHLQJRRGKDQGV
(VW»VHQEXHQDVPDQRV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
4XLHURKDFHUWHXQDSUHJXQWD
7HSXHGRKDFHUXQDVSUHJXQWDV"
1XQFDKDJRHVDSUHJXQWDDODVPXMHUHV
+HZDVERUQRQDPRXQWDLQWRSLQ7HQQHVVHH 'DY\&URFNHWW
(OYHUERpQDFHUqQRH[LVWHHQLQJOÃV6LQHPEDUJRORVDQJORSDU
ODQWHVQDFHPRVLJXDOTXHYRVRWURVORVKLVSDQRKDEODQWHV/RTXH
KDFHPRV HQ ORV SDÇVHV GH KDEOD LQJOHVD HV pVHU SDULGRVq WR EH
ERUQ /DSDODEUDpERUQqHVXQSDUWLFLSLRSDVDGRTXHSURYLHQHGHO
YHUERpWREHDUqYHUERTXHVLJQLîFDpSDULUq3RUORWDQWRSDUDGH
FLUTXHXQQLËRQDFHFDGDVHJXQGRVHQHOPXQGRGHFLPRVOLWH
UDOPHQWHp8QQLËRHVSDULGRFDGDVHJXQGRVHQHOPXQGRq
$EDE\LVERUQHYHU\VHFRQGVLQWKHZRUOG
$VÇ TXH SDUD GHFLU p\R QDFÇq WLHQHV TXH GHFLU p, ZDV ERUQq IXL
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
SDULGR 9HDPRVDOJXQRVHMHPSORV
:KHQZHUH\RXERUQ"
&X»QGRQDFLVWH"
:KHUHZHUH\RXERUQ"
'ÍQGHQDFLVWH"
,ZDVERUQLQ
1DFÇHQ
,ZDVERUQLQ+RXVWRQ
1DFÇHQ+RXVWRQ
&UHRTXHQRKDFHIDOWDH[WHQGHUVHP»VVREUHHVWR/RLPSRUWDQWH
DTXÇ QR HV KDFHUWH FRQ HO SDUWLFLSLR pERUQq VLQR JDQDU DJLOLGDG
FRQpZDVq\pZHUHq
$SUHFLDGR%UXFH
'HDU%UXFH
'XUDQWHORVÔOWLPRVPHVHVHVWDPRVWHQLHQGREDVWDQWHVSHWLFLR
QHVHQQXHVWUDSDSHOHUÇDGHSURGXFWRVKHFKRVFRQSDSHOUHFLFODGR
1RVRWURVQXQFDKHPRVWUDEDMDGRHVWHWLSRGHPDWHULDOSHURGDGR
HOÃQIDVLVTXHORVPHGLRVGHFRPXQLFDFLÍQKDQSXHVWRHQWHPDV
PHGLRDPELHQWDOHV SDUHFH TXH KD\ XQD FUHFLHQWH GHPDQGD GH
SURGXFWRVUHFLFODGRVHVSHFLDOPHQWHHQWUHODJHQWHP»VMRYHQ
'XULQJWKHODVWIHZPRQWKVZHKDYHKDGTXLWHDIHZUHTXHVWVLQRXU
VWDWLRQHU\ VKRS IRU SURGXFWV PDGH RI UHF\FOHG SDSHU:H·YH QHYHU
FDUULHGWKLVW\SHRIPDWHULDOEXWJLYHQWKHHPSKDVLVWKHPHGLDKDV
SXWRQHQYLURQPHQWDOLVVXHVLWVHHPVWKDWWKHUHLVDJURZLQJGHPDQG
IRUUHF\FOHGSURGXFWVHVSHFLDOO\DPRQJ\RXQJHUSHRSOH
&RPRVXPLQLVWUDGRUKDELWXDOGHODPD\RUSDUWHGHQXHVWURVSUR
GXFWRVSLHQVRTXH9GSRGUÇDPDQGDUPHLQIRUPDFLÍQVREUHHVWH
PHUFDGR0HJXVWDUÇDVDEHUTXÃSURGXFWRVWLHQHGLVSRQLEOHVWD
OHVFRPRFDUSHWDVFDUSHWDVFRQDQLOODVFDOHQGDULRVGHPHVDSD
SHOUD\DGR\HQEODQFRHWF+HRÇGRTXHHVWRVSURGXFWRVVRQDOJR
P»VFDURVTXHORVWUDGLFLRQDOHVDVÇTXHSRUIDYRULQFOX\DXQDOLVWD
GHSUHFLRV\GÃPHXQDLGHDGHTXÃP»UJHQHVGHEHQHîFLRSXHGR
HVSHUDU
$VWKHUHJXODUVXSSOLHURIPRVWRIRXUSURGXFWV,WKRXJKW\RXPLJKW
EHDEOHWRVHQGPHVRPHLQIRUPDWLRQRQWKLVPDUNHW,ZRXOGOLNH
WRNQRZZKDWSURGXFWV\RXKDYHDYDLODEOHVXFKDVIROGHUVELQGHUV
GHVNFDOHQGDUVOLQHGDQGXQOLQHGSDSHUHWF,KDYHKHDUGWKDWWKHVH
SURGXFWVDUHVRPHZKDWPRUHH[SHQVLYHWKDQWKHWUDGLWLRQDORQHVVR
SOHDVHLQFOXGHDSULFHOLVWDQGJLYHPHDQLGHDRIZKDWSURÀWPDUJLQV
,FDQH[SHFW
8QFRUGLDOVDOXGR
%HVWUHJDUGV
(VWLPDGRDPLJR\DOXPQR&DGDGRPLQJRYR\DYLODRD3DOHQFLDSDUDDEULURWURFXUVROODPDGR9DXJKDQWRZQGRQGHHVSDËROHV
\DQJORSDUODQWHVSDVDQKRUDVMXQWRVKDEODQGRHQLQJOÃV(QFDGDDSHUWXUDKDEORGHODQWHGHOJUXSR\SUHJXQWRDFDGDXQR
GHGÍQGHHV6LHPSUHRFXUUHORVLJXLHQWH+HOOR0DQXHOZKHUHDUH\RXIURP"<0DQXHOQRVGLFHp0DGUÇq$QWHHVWRSUHJXQWR
DORVDQJORSDUODQWHVpGHGÍQGHKDGLFKRTXHHVq\VHHQFRJHQGHKRPEURVp0DQXHOGÇPHORRWUDYH]:KHUHDUH\RXIURP"q£O
UHSLWHp0DGUÇq'HQXHYRORVDQJORSDUODQWHVPHPLUDQFRQFDUDGHQRHQWHQGHUp0DQXHOUHSHDW
0$s'5,'
p0DGUÇq1R0DQXHO0$'5,'p0DGUÇq
0DQXHO VH GHPXHVWUD LQFDSD] GH GHFLU HO QRPEUH GH VX FLXGDG GH QLQJXQD IRUPD TXH QR VHD OD SURQXQFLDFLÍQ FDVWL]D<R OH
SUHJXQWRDXVWHG(VW»0DQXHOFDSDFLWDGRSDUDDSUHQGHULQJOÃV"(VW»GHYHUGDGKDFLHQGRXQHVIXHU]RSDUDDSUHQGHU"
6LXVWHGQRSXHGHSURQXQFLDUHOQRPEUHGHVXSURSLDFLXGDGSDUDTXHXQH[WUDQMHUROHHQWLHQGDHQWRQFHVDOJRIDOOD2KDUÇD
ELHQHQROYLGDUVHLQJOÃVSRUQRVHUFDSD]GHDSUHQGHUORRQRHVW»KDFLHQGRXQHVIXHU]R&XDQGRKDEORHQHVSDËROVREUH5REHUW
5HGIRUGVLHPSUHGLJRpUUUUUÍEHUUUUUÃGIRUqSRUTXHVLQRQDGLHDTXÇHQWHQGHU»DTXLHQPHUHîHUR6LXVWHGQRSXHGHKDFHUOR
PLVPRHQVHQWLGRFRQWUDULRHQWRQFHVPLRSLQLÍQHVTXHQRHVW»WRPDQGRHQVHULRHODSUHQGL]DMHGHOLQJOÃV1RHVI»FLODSUHQGHU
DSURQXQFLDUELHQRWURLGLRPDSHURWRGDYÇDQRKHFRQRFLGRDQLQJÔQDOXPQRHVSDËROTXHQRORKD\DFRQVHJXLGRVLQJUDQGHV
SUREOHPDVFXDQGRKDFHXQSHTXHËRHVIXHU]R
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VÃVWHWXSHULÍGLFR" ,VWKLV\RXUQHZVSDSHU"
1RQRORHV(VVXSHULÍGLFR 1RLWLVQoW,WoVKHUQHZVSDSHU
GHHOOD
1RHVXQSHULÍGLFRHVXQD ,WoVQRWDQHZVSDSHULWoVD
UHYLVWD
PDJD]LQH
(VLQWHUHVDQWH" ,VLWLQWHUHVWLQJ"
6ÇORHV <HVLWLV
'ÍQGHHVW»QORVPÇRV" :KHUHDUHPLQH"
(VW»QDOODGRGHORVGHÃO 7KH\oUHQH[WWRKLV
6RQDTXHOORVORVVX\RV GHHOOD " $UHWKRVHKHUV"
1RQRORVRQ6RQGHHOODV 1RWKH\oUHQRW7KH\oUHWKHLUV
4XLÃQWLHQHORVPÇRVHQWRQFHV" :KRKDVPLQHWKHQ"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&X»QWDJHQWHKDEÇDHQOD +RZPDQ\SHRSOHZHUHWKHUH
UHXQLÍQ"
LQWKHPHHWLQJ"
7RGRHOPXQGRHVWXYRDOOÇ (YHU\ERG\ZDVWKHUH
+DEODURQGHORVSUREOHPDV 'LGWKH\WDONDERXWWKH
TXHHVWDPRVWHQLHQGR"
SUREOHPVZHoUHKDYLQJ"
1RKXERWLHPSRVXîFLHQWH 7KHUHZDVQoWHQRXJKWLPHIRU
SDUDHVR
WKDW
(QWRQFHVGHTXÃKDEODVWHLV 7KHQZKDWGLG\RXWDONDERXW
GXUDQWHGRVKRUDV"
IRUKRXUV"
£VWDKDVLGRODSHRUFRPLGD 7KLVKDVEHHQWKHZRUVWPHDO
TXHMDP»VKHFRPLGR
,oYHHYHUHDWHQ
+DVSUREDGRDOJXQDYH]OD +DYH\RXHYHUWULHG(QJOLVK
FRPLGDLQJOHVD"
IRRG"
1RSRUTXÃ"&ÍPRHV" 1RZK\":KDWoVLWOLNH"
1RHVWDQEXHQDFRPRÃVWD ,WLVQoWDVJRRGDVWKLV
'LRVPÇRGHEHGHVHUDVTXHURVD *RRG/RUGLWPXVWEHGLVJXVWLQJ
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
6LIXHUDVIDPRVRTXLÃQWH ,I\RXZHUHIDPRXVZKRZRXOG
JXVWDUÇDVHU"
\RXOLNHWREH"
(QSULPHUOXJDUQRPHJXVWDUÇD)LUVWRIDOO,ZRXOGQoWZDQWWR
VHUIDPRVR
EHIDPRXV
3RUTXÃQR"1RHVSDUDWDQWR :K\QRW",WoVQRWWKDWEDG
1RTXLHURTXHPLFDUDHVWÃHQ ,GRQoWZDQWP\IDFHWREHRQ
ODSRUWDGDGHODVUHYLVWDV
WKHFRYHURIPDJD]LQHV
|1RFUHRTXHDQDGLHOHJXVWDUD ,GRQoWWKLQNDQ\ERG\ZRXOG
YHUHVRWDPSRFR
ZDQWWRVHHWKDWHLWKHU
0HGLMLVWHTXHLEDVDYHQLUD <RXWROGPH\RXZHUHJRLQJWR
PLîHVWD
FRPHWRP\SDUW\
9DQDRSHUDUDPLVXHJUDHVHGÇD 0\PRWKHULQODZoVKDYLQJDQ
RSHUDWLRQWKDWGD\
1RSXHGHDSOD]DUORXQSDU &DQoWVKHSXWLWRIIDFRXSOHRI
GHGÇDV"
GD\V"
3RUVXSXHVWRTXHQR(VXQ 2IFRXUVHQRWLWoVDYHU\
DVXQWRPX\JUDYH
VHULRXVPDWWHU
|4XÃDJXDîHVWDVHUHV :KDWDSDUW\SRRSHU\RXDUH
3LJ &HUGR
&RZ 9DFD
+HQ *DOOLQD
'XFN 3DWR
*RRVH *DQVR
9RFDEXODULR)DUP *UDQMD
0LGGOH$GYDQFHG
1RPHORKXELHVHFUHÇGRVL ,ZRXOGQoWKDYHEHOLHYHGLWLI,
QRORKXELHUDYLVWR
KDGQoWVHHQLW
3RUTXÃ"4XÃGHPRQLRVSDVÍ" :K\":KDWWKHKHOOKDSSHQHG"
9LDPLFRQWDEOHYHVWLGR ,VDZP\DFFRXQWDQWGUHVVHGDV
GHPXMHU
DZRPDQ
$QGD\DGHEHVHVWDUGHEURPD <HDKULJKW\RXPXVWEHMRNLQJ
(VWDEDGHFDPLQRDXQDîHVWD +HZDVRQKLVZD\WRDIDQF\
GHGLVIUDFHV
GUHVVSDUW\
)RU(QJOLVKVXSHUVWDUVRQO\
'HMDGHIDVWLGLDUPHTXLHUHV"6WRSKDVVOLQJPHZLOO\RX"
3RUTXÃWLHQHVXQDOPDWDQ:K\DUH\RXVXFKDVHQVLWLYH
VHQVLEOH"
VRXO"
<SRUTXÃQRPHSXHGHVGHMDU$QGZK\FDQoW\RXHYHUOHDYH
QXQFDHQSD]"
PHDORQH"
1RORSXHGRHYLWDU,FDQoWKHOSLW
$OJÔQGÇDVHOOHYDU»VXPHUHFLGR+HoOOJHWKLVFRPHXSSDQFHRQHGD\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
/HWoV
+HoVKDUGRIKHDULQJ
(VGXURGHRÇGR
1RVZHDW
1LQJÔQSUREOHPD'HVFXLGD
,oPKDYLQJDEODVW
0HORHVWR\SDVDQGRERPED
,KHDUGLWWKURXJKWKHJUDSHYLQH
/RRÇSRUUDGLRPDFXWR
+HDGVZLOOUROO
9DQDURGDUFDEH]DV
+HKDVDKHDUWRIJROG
7LHQHXQFRUD]ÍQGHRUR
7RGRHOPXQGRVDEHTXHpOHWoVJRqVLJQLîFD
pYDPRVq3XHVpOHWoVqWDPELÃQVHHPSOHDFRQ
FXDOTXLHURWURYHUERE»VLFR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
|(PSHFHPRV
|6LJDPRV
|9D\»PRQRVIXHUDHOîQGHVHPDQD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,NQRZPRUHSHRSOHWKDQ\RX
+HHDUQVPRUHPRQH\WKDQKHU
:HJRWRPRUHIRRWEDOOJDPHVWKDQWKHP
,GULQNPRUHZLQHWKDQP\ZLIH
(QODVHJXQGDFROXPQDQRWDU»VTXHFXDQGRHOVXVWDQWLYRHVFRQ
WDEOH SHRSOHJDPHV XVDPRVpIHZHUqHQOXJDUGHpOHVVq
pIHZHUqVHSURQXQFLDïÔHU
8QLQFLVR(VJUDPDWLFDOPHQWHP»VFRUUHFWRHQODVIUDVHVFLWDGDV
XVDUHOSURQRPEUHSHUVRQDODOîQDOGHFDGDIUDVHHOYHUERDX[L
OLDU7HSRQJRHOSULPHUHMHPSOR
,NQRZPRUHSHRSOHWKDQ\RXGR <RXNQRZIHZHUSHRSOHWKDQ,GR
6LQHPEDUJRHQHOOHQJXDMHQRUPDOGHOGÇDDGÇDXQDPD\RUÇDGH
(VWLPDGR6U-HQNLQV
+DFHXQRVGÇDVPLHQWUDVKRMHDEDHO%XVLQHVV1HZVOHÇTXH9G
KDEÇDVLGRQRPEUDGR&RQVHMHUR'HOHJDGRGH$JUL,QWHUQDWLRQDO
4XLHURH[SUHVDUOHPLVIHOLFLWDFLRQHVP»VVLQFHUDVSRUVXQRPEUD
PLHQWR
1RREVWDQWHODQRWLFLDQRKDVLGRQLQJXQDVRUSUHVDSDUDORVTXH
WUDEDMDPRVFRQ9GHQHOSDVDGR\VDEHPRVFRQTXHHîFDFLDRE
WLHQHUHVXOWDGRV6ÍORKD\TXHYHUFRPRHVWDEDVXHPSUHVDHQHO
UDQNLQJFXDQGR9GRFXSÍHOFDUJRGH*HUHQWHGH3URGXFFLÍQKDFH
GRVDËRV\HOOXJDUTXHRFXSDDKRUD7RGRVVRPRVFRQVFLHQWHVGH
TXLÃQPHUHFHHOUHFRQRFLPLHQWRSRUODPHMRUD
(VSHURTXHVXQRPEUDPLHQWRQRVÍORUHIXHUFHODVEXHQDVUH
ODFLRQHV TXH \D VRQ WUDGLFLÍQ HQWUH QXHVWUDV GRV HPSUHVDV
VLQRTXHWDPELÃQDEUDODSXHUWDDXQDPD\RUFRRSHUDFLÍQHQ
QXHYRVFDPSRV
'HQXHYRHQKRUDEXHQD
<RXNQRZIHZHUSHRSOHWKDQPH
6KHHDUQVOHVVPRQH\WKDQKLP
7KH\JRWRIHZHUIRRWEDOOJDPHVWKDQXV
6KHRPHMRU0\ZLIHGULQNVOHVVZLQHWKDQPH
ORVDQJORSDUODQWHVGHMDPRVIXHUDHOYHUERDX[LOLDU\FDPELDPRV
HO SURQRPEUH SHUVRQDO SRU XQ SURQRPEUH FRPSOHPHQWR 'HFL
PRVIUDVHVFRPR7ÔMXHJDVDOWHQLVPHMRUTXHPÇ
(VWRQRHVFRUUHFWRJUDPDWLFDOPHQWHHQLQJOÃVSHURHVFDVLXQL
YHUVDOHQVXXVRSRUORTXHSUHîHURHQVHËDUOR\DTXHHVORTXH
P»V VH R\H $KRUD ELHQ VL SUHîHUHV LQWHQWDU XVDU OD IRUPD JUD
PDWLFDOPHQWHFRUUHFWDWLHQHVWRGRPLDSR\RSDUDHOOR3HURSDUD
XVDUORFRUUHFWDPHQWHWHQGU»VTXHWHQHUXQH[FHOHQWHGRPLQLRGH
WRGRVORVYHUERVDX[LOLDUHV DPLVGRGRHVGLGKDVZDVHWF
'HDU0U-HQNLQV
$IHZGD\VDJRDV,ZDVORRNLQJWKURXJK%XVLQHVV1HZV,UHDGWKDW
\RXKDGEHHQQDPHG&(2RI$JUL,QWHUQDWLRQDO,ZDQWWRH[SUHVV
P\ZDUPHVWFRQJUDWXODWLRQVRQ\RXUDSSRLQWPHQW
1RQHWKHOHVV WKH QHZV FDPH DV QR VXUSULVH WR WKRVH RI XV ZKR
ZRUNHGZLWK\RXLQWKHSDVWDQGZKRNQRZKRZHIÀFLHQWO\\RX
REWDLQUHVXOWV2QHRQO\KDVWRORRNDWKRZ\RXUFRPSDQ\UDQNHG
ZKHQ \RX WRRN RYHU DV 3URGXFWLRQ 0DQDJHU WZR \HDUV DJR
DQGZKHUHLWVWDQGVQRZ:HDUHDOODZDUHRIZKRGHVHUYHVWKH
UHFRJQLWLRQIRUWKHLPSURYHPHQW
, KRSH WKDW \RXU DSSRLQWPHQW QRW RQO\ VWUHQJWKHQV WKH ÀQH
UHODWLRQVWKDWKDYHEHHQDWUDGLWLRQEHWZHHQRXUWZRFRPSDQLHV
EXWDOVRRSHQVWKHGRRUWRIXUWKHUFRRSHUDWLRQLQQHZÀHOGV
$JDLQFRQJUDWXODWLRQV
%HVWUHJDUGV
8QFRUGLDOVDOXGR
(VWLPDGRDPLJR\DOXPQR+DEÇDTXHKDFHUSUXHEDVGHQLYHOSDUDORVHPSOHDGRVGHXQDHPSUHVD&LQFRPLQXWRVFRQFDGDXQREDVWDED
SDUDVDEHUVXQLYHODSUR[LPDGRSDUDHOLQLFLRGHOSURJUDPDIRUPDWLYR6RQLDIXHGHODVÔOWLPDV\HQWUÍHQODVDODFRQFDUDGHPLHGR7HQGUÇD
ÍDËRV&RPRHQRWURVFDVRVFRPRHOVX\RTXLVHWUDQTXLOL]DUODFRQSUHJXQWDVVHQFLOODVpGHGÍQGHHUHV"qpFX»QGRWHUPLQDVWHWXV
HVWXGLRV"qHWF6RQLDQRIXHFDSD]GHIRUPXODUUHVSXHVWD(VWDEDDSXUDGD&DPELÃDOHVSDËRO\FRQXQDVRQULVDFRPSDVLYDOHGLMHp4XL]»
FRQYHQJDSDUWLUGHFHURQRFUHHV"q(OODDVLQWLÍ\OXHJROHSUHJXQWÃp+DVHVWXGLDGRDOJXQDYH]LQJOÃV"qp6ÇRFKRDËRVHQHOFROHJLRq
0HTXHGÃGHSLHGUD&ÍPRHVSRVLEOHTXHHVWRRFXUUD"&ÍPRHVSRVLEOHTXHKD\DSURIHVRUHVGHSULPDULDHQVHËDQGRLQJOÃVVLQVDEHUOR
KDEODU"(QVHËDQHOLGLRPDFRPRHO»OJHEUDXQDVHULHGHHFXDFLRQHVJUDPDWLFDOHV\SDUDGHFRQWDU/XHJRORVSURIHVRUHVGHLQVWLWXWRHQ
VXPD\RUÇDHVSDËROHVDPDQWHVGHOLQJOÃVLQWHQWDQUHSDUDUHOGDËR\DFRPHWHUXQDUHFRQVWUXFFLÍQSHURVHHQIUHQWDQFRQHOLPSHUDWLYR
GHDWHQHUVHDODVSDXWDVRîFLDOHVGRQGHODGHPRVWUDFLÍQWHÍULFDSULPDVREUHODFDSDFLWDFLÍQSU»FWLFD$OîQDOORVMÍYHQHVOOHJDQDOD
XQLYHUVLGDGVLQVDEHUORKDEODUHQDEVROXWR3HURQRKD\TXHSUHRFXSDUVH/DVXQLYHUVLGDGHVDVLJQDQFHURLPSRUWDQFLDDOWHPD(VpXQD
PDUÇDq7RGRVDSUXHEDQ<DVÇDËRWUDVDËR(OVLVWHPDSÔEOLFRWLHQHDORVDOXPQRVGHVGHORVKDVWDORVDËRV/RVWLHQHGXUDQWHODUJRV
DËRV\DÔQDVÇORVHQWUHJDQDOPHUFDGRODERUDOFRQXQQLYHOpPHQRVXQRqSXHVWRTXHGHVSXÃVFRPSHWHDSHUVRQDVFRPR\RGHVKDFHUHO
HQWXHUWR\HQGHUH]DUODPDODSURQXQFLDFLÍQODGHIHFWXRVDJUDP»WLFD\HQJHQHUDOHORGLRTXHODJHQWHWLHQHKDFLDPLLGLRPD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VWXPDGUHHVFRFHVD" ,V\RXUPRWKHU6FRWWLVK"
1RQRORHVHVGH,UODQGD 1RVKHLVQoWVKHoVIURP,UHODQG
(VGHOVXUGHHVHSDÇV" ,VVKHIURPWKHVRXWKRIWKDW
FRXQWU\"
6ÇORHV(VGHOVXURHVWH <HVVKHLV6KHoVIURPWKH
VRXWKZHVWWREHH[DFW
SDUDVHUH[DFWR
(VPX\EHOOR ,WoVYHU\EHDXWLIXO
'ÍQGHHVW»HOFXDUWRGH :KHUHoVWKHEDWKURRPSOHDVH"
EDËRSRUIDYRU"
6XEHODHVFDOHUD\HVODSULPHUD*RXSWKHVWDLUVDQGLWoVWKH
ïUVWGRRURQWKHOHIW
SXHUWDDODL]TXLHUGD
(VW»ELHQVLPHGXFKR" ,VLWDOULJKWLI,KDYHDVKRZHU"
&ODURWLHQHVXQDWRDOOD" 6XUHGR\RXKDYHDWRZHO"
1RSRGUÇDVGDUPHXQD 1R,GRQoWFRXOG\RXJLYHPH
RQHSOHDVH"
SRUIDYRU"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
'HTXÃHTXLSRHUHV" :KLFKIRRWEDOOWHDPGR\RX
VXSSRUW"
6R\KLQFKDGHO/LYHUSRRO ,oPDIDQRI/LYHUSRRO
/RV%HDWOHVHUDQGHDOOÇ 7KH%HDWOHVZHUHIURPWKHUH
6ÇDVÇHV\PXFKRVIXWEROLVWDV <HVWKDWoVULJKWDQGPDQ\
6SDQLVKIRRWEDOOSOD\HUVOLYH
HVSDËROHVYLYHQDOOÇDKRUD
WKHUHWRRQRZ
WDPELÃQ
(VXQDSHQDTXHSHUGLHUDQ ,WoVDSLW\WKH\ORVWWKHïQDOODVW
\HDU
ODîQDOHODËRSDVDGR
&X»QWRVDËRVWHQÇDVFXDQGR +RZROGZHUH\RXZKHQ\RX
FDPHWR6SDLQ"
YLQLVWHD(VSDËD"
9LQHGHVSXÃVGHOLFHQFLDUPH ,FDPHDIWHUJUDGXDWLQJIURP
XQLYHUVLW\
HQODXQLYHUVLGDG
3RUTXÃGHFLGLVWHYHQLUDTXÇ" :K\GLG\RXGHFLGHWRFRPH
KHUH"
7RGRHOPXQGRPHGLMRTXH (YHU\ERG\WROGPH,ZRXOG
KDYHDORWRIIXQ
PHGLYHUWLUÇDPXFKR
7HQÇDQUD]ÍQ" :HUHWKH\ULJKW"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
6LWHGLMHUDTXHVR\XQIXJLWLYR,I,WROG\RX,ZHUHDIXJLWLYH
ZKDWZRXOG\RXVD\"
TXÃGLUÇDV"
'LUÇDTXHPHHVW»VPLQWLHQGR ,oGVD\WKDW\RXZHUHO\LQJWRPH
<VLWHGLMHUDTXHVR\%XGD $QGLI,VDLGWKDW,ZDV%XGGKD
ZKDWZRXOG\RXGR"
TXÃKDUÇDV"
7HDFRQVHMDUÇDTXHIXHUDVD ,oGDGYLVH\RXWRYLVLWD
SV\FKLDWULVW
XQSVLTXL»WUD
1RVYDPRVDOSXE" 6KDOOZHJRWRWKHSXE"
3RUTXÃQRWHSUXHEDVHVH :K\GRQoW\RXWU\WKDWGUHVV
RQ"
YHVWLGR"
1XQFDHQFXHQWURYHVWLGRV ,FDQQHYHUïQGGUHVVHVWKDW
ïWPH
TXHPHTXHGHQELHQ
7HVHQWDUÇDGHPDUDYLOOD ,WZRXOGORRNJUHDWRQ\RX
1XQFDSRGUÇDSHUPLWÇUPHOR ,FRXOGQHYHUDIIRUGLW
3RUTXÃQRLQYLHUWHVGLQHURHQ :K\GRQoW\RXLQYHVWPRQH\LQ
WKH6WRFN0DUNHW"
%ROVD"
(DUV 2UHMDV
7XVN &ROPLOOR
,YRU\ 0DUîO
&DOI &UÇD
7UXQN 7URPSD
9RFDEXODULR(OHSKDQW (OHIDQWH
0LGGOH$GYDQFHG
2ÇVWHORGHOURERGHDQRFKH" 'LG\RXKHDUDERXWODVWQLJKWoV
UREEHU\"
&X»QWRVHOOHYDURQ" +RZPXFKGLGWKH\JHWDZD\
ZLWK"
'RVPLOORQHVGHHXURV\ PLOOLRQHXURVDQG
PDVWHUSLHFHV
REUDVPDHVWUDV
(OHGLîFLRHVWDEDELHQ :DVWKHEXLOGLQJZHOO
SURWHFWHG"
SURWHJLGR"
1RKDEUÇDSDVDGRVLKXELHUD ,WZRXOGQoWKDYHKDSSHQHGLI
KDELGRXQJXDUGLDGHVHJXULGDG WKHUHKDGEHHQDVHFXULW\JXDUG
)RU(QJOLVKVXSHUVWDUVRQO\
6DEHVORTXHHVHOFRFNQH\ 'R\RXNQRZZKDWFRFNQH\
UK\PLQJVODQJ"
UK\PLQJVODQJLV"
(VXQLGLRPDHQFODYHGHODFODVH,WoVDZRUNLQJFODVVFRGH
REUHUDEDVDGRHQULPDV
ODQJXDJHEDVHGRQUK\PH
)XHLQYHQWDGRSRUFKRUL]RV ,WZDVLQYHQWHGE\FURRNVWR
SDUDGHVSLVWDUDORVSROLV
PLVOHDGWKHFRSV
$TXÃIHFKDVHUHPRQWD" :KHQGRHVLWGDWHEDFNWR"
+DFLDîQDOHVGHOVLJOR;,; 7RZDUGVWKHHQGRIWKHWK
FHQWXU\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
9RFDEXODULR
3RQWHDSUXHED6DEHVGHFLUORVVLJXLHQWHV
YHUERVHQLQJOÃV"
<RXKLWWKHQDLORQWKHKHDG
+DVGDGRHQHOFODYR
,oPLQDî[
(VWR\HQXQDSULHWR
+HKLWWKHURRI
6HSXVRIXULRVR
7HOOPHLQDQXWVKHOO
'ÇPHORHQGRVSDODEUDV
7RIHHOLOODWHDVH
6HQWLUVHLQTXLHWRHLQFÍPRGR
,QDQLQVWDQW
(QXQVDQWLDPÃQ
+DFHUXQDSUHJXQWD
3UHJXQWDUVREUHDOJR
6HËDODU FRQODPDQR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
DVDGMHWLYRDV
DVPXFKVXVWDQWLYRLQFRQWDEOHDV
DVPDQ\VXVWDQWLYRFRQWDEOHSOXUDODV
)UDVHVFRQDGMHWLYR
)UDVHVFRQVXVWDQWLYRLQFRQWDEOH
)UDVHVFRQVXVWDQWLYRFRQWDEOHSOXUDO
5RQQ\LVDVWDOODVKLVIDWKHU
1DSROHRQZDVQoWDVWDOODV:HOOLQJWRQ
7KHUHLVDVPXFKVXQOLJKWLQ,WDO\DVLQ6SDLQ
7KHUHLVQoWDVPXFKROLYHRLOLQ*HUPDQ\DVLQ6SDLQ
0\VRQKDVDVPDQ\WR\VDVP\QHLJKERUoVVRQ
7KHUHDUHQoWDVPDQ\HOHSKDQWVLQ6SDLQDVLQ$IULFD
7DPELÃQKDFHPRVDOLJXDOTXHHQFDVWHOODQRIUDVHVHQODVTXHHOVXVWDQWLYRHVLPSOÇFLWR\QRDSDUHFH
,KDYHDVPXFKDV\RX 7HQJRWDQWRFRPRWÔ
,KDYHDVPDQ\DV\RX 7HQJRWDQWRVFRPRWÔ
(VWLPDGD6UD0XUUD\
'HDU0V0XUUD\
*UDFLDVSRUVXFDUWDGHOGHPD\R7HQJRORFDOL]DGDODLQIRUPD
FLÍQTXH9GQRVVROLFLWÍ\DGHP»VDGMXQWRODVKRMDVGHHVSHFL
îFDFLRQHVSDUDHO6LVWHPDGH$ODUPDV$QWLUURERHOFXDOLQFOX\H
SDQHOGHFRQWUROVHQVRUHV\XQLGDGH[WHULRUGHDODUPDFRQVLUHQD
\OXFHVGHGHVWHOOR
/RV SURGXFWRV DUULED LQGLFDGRV SXHGHQ VHU DGTXLULGRV HQ FXDO
TXLHUDGHQXHVWURVGLVWULEXLGRUHVDXWRUL]DGRV$GMXQWDPRVXQD
UHODFLÍQGHORVPLVPRVHQVX»UHD6LQHPEDUJRQRVRWURVQRWUD
EDMDPRVHOKLORGHFREUHTXH9GQHFHVLWDU»SDUDKDFHUODLQVWD
ODFLÍQSHURSXHGHFRPSUDUORHQFXDOTXLHUDOPDFÃQGHUHSXHVWRV
HOÃFWULFRV
6LQHFHVLWDLQIRUPDFLÍQDGLFLRQDODFHUFDGHHVWHXRWURSURGXFWR
FRQWDFWHFRQQXHVWUR'HSDUWDPHQWRGH$WHQFLÍQDO&OLHQWH
*UDFLDVSRUVXLQWHUÃVHQORVSURGXFWRVGH6HFXULW\6\VWHPV(VSH
UDPRVSRGHUVHUYLUOHRWUDYH]HQHOIXWXUR
7KDQN\RXIRU\RXUOHWWHURI0D\,KDYHORFDWHGWKHLQIRUPDWLRQ
WKDW\RXUHTXHVWHGDQGLQDGGLWLRQ,KDYHHQFORVHGWKHVSHFLÀFDWLRQ
VKHHWV IRU WKH %XUJODU $ODUP 6\VWHP ZKLFK LQFOXGHV WKH FHQWUDO
FRQWUROSDQHOWKHVHQVRUVDQGWKHRXWGRRUDODUPXQLWZLWKVLUHQDQG
ÁDVKLQJOLJKWV
7KHDERYHSURGXFWVFDQEHSXUFKDVHGIURPDQ\RIRXUDXWKRUL]HG
GLVWULEXWRUV:HKDYHHQFORVHGDOLVWRIRQHVLQ\RXUDUHD+RZHYHUZH
GRQRWFDUU\WKHFRSSHUZLULQJWKDW\RXZLOOQHHGIRU\RXULQVWDOODWLRQ
EXW\RXFDQEX\LWDQ\HOHFWULFDOVXSSOLHVVWRUH
6KRXOG \RX QHHG DGGLWLRQDO LQIRUPDWLRQ DERXW WKHVH RU RWKHU
SURGXFWVSOHDVHFRQWDFWRXU&XVWRPHU6HUYLFH'HSDUWPHQW
7KDQN \RX IRU \RXU LQWHUHVW LQ 6HFXULW\ 6\VWHPV SURGXFWV:H ORRN
IRUZDUGWREHLQJRIVHUYLFHWR\RXDJDLQLQWKHIXWXUH
6LQFHUHO\
$WHQWDPHQWH
(VWLPDGRDPLJR\DOXPQR0XFKRVHQYLGLDQDORVIXWEROLVWDVH[WUDQMHURVTXHDOSRFRWLHP
SRGHYLYLUHQ(VSDËDFRQWHVWDQHQHVSDËRODODVSUHJXQWDVGHORVSHULRGLVWDV6DEHQPHQRV
HVSDËROTXHXVWHGLQJOÃVSHURKDEODQVLQLQPXWDUVH\GHODQWHGHF»PDUDVGHWHOHYLVLÍQ$
GLIHUHQFLDGHXVWHGTXLHQSUHîHUHQRUPDOPHQWHXVDUHOLQJOÃVVRODPHQWHHQFODVHFRQVX
SURIHVRUHOIXWEROLVWDYLYHDVHGLDGRSRUHOLGLRPD/RV´LQSXWVµOLQJÖÇVWLFRVJLUDQDVXDOUHGH
GRUHQORVHQWUHQDPLHQWRVHQODWHOHYLVLÍQHQWRGDVSDUWHV(VOÍJLFRTXHSURQWRVLQWRQLFH\
GLJDVXVFXDWURSDODEUDV(OGHORVHVWXGLDQWHVGHLQJOÃVHQ(VSDËDSUHîHUHQHYLWDUWHQHU
TXHXVDUHOLGLRPD(VTXLYDQRKX\HQGHRSRUWXQLGDGHVGHXVR6DEHQFLQFRYHFHVP»VLQJOÃV
HQWHRUÇDTXHDTXHOORVUXVRVREÔOJDURVTXHDORVWUHVPHVHVKDEODQHVSDËROGHODQWHGHWRGR
HOPXQGR6LXVWHGVHVLHQWHDOXGLGRDTXÇHQWRQFHVLQWHQWHVXSHUDUHOVHQWLGRGHOULGÇFXOR
SRUTXHVLQRORFRQVLJXHMDP»VOOHJDU»DXQQLYHOPÇQLPRVXîFLHQWH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VXQUHVWDXUDQWHFDUR" ,VLWDQH[SHQVLYHUHVWDXUDQW"
(VFDURSHURHVPX\EXHQR ,WoVH[SHQVLYHEXWLWoVYHU\
JRRG
(VW»FHUFDGHDTXÇ" ,VLWQHDUKHUH"
1RHVW»XQSRFROHMRV 1RLWoVDOLWWOHIDU
(VRQRHVPX\EXHQR 7KDWoVQRWYHU\JRRG
&X»QWRVDËRVWLHQHWX +RZROGLV\RXUEURWKHU"
KHUPDQR"
7LHQHDËRV +HoV\HDUVROG
|9D\D(VRHVXQKHUPDQRPD\RU |:RZ7KDWoVDQROGEURWKHU
<RWHQJRWDPELÃQ ,oPWRR
|6RLVJHPHORVHQWRQFHV <RXoUHWZLQVWKHQ
<RON <HPD
6KHOO &»VFDUD
:KLWH &ODUD
7HDVSRRQ &XFKDULWD
(JJFXS +XHYHUD
9RFDEXODULR%RLOHGHJJ +XHYRSDVDGRSRUDJXD
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
'ÍQGHLU»VHVWDV1DYLGDGHV" :KHUHZLOO\RXJRWKLV
&KULVWPDV"
&UHRTXHYROYHUÃDFDVD ,WKLQN,oOOJRKRPH
,U»WXQRYLDFRQWLJR" :LOO\RXUJLUOIULHQGJRZLWK\RX"
1RYHQGU»FRQPLJR 6KHZRQoWFRPHZLWKPH
7LHQHTXHHVWXGLDUSDUDXQRV 6KHKDVWRVWXG\IRUVRPH
H[»PHQHVLPSRUWDQWHV
LPSRUWDQWH[DPV
6DEHVGÍQGHHVW»*RPHUD" 'R\RXNQRZZKHUH*RPHUDLV"
0HSXHGHVGHFLUTXÃKRUDHV" &DQ\RXWHOOPHZKDWWKHWLPHLV"
1RPHDFXHUGRGÍQGHIXHHOOD ,GRQoWUHPHPEHUZKHUHVKH
ZHQW
6DEHÃOFX»QGRHPSH]Í" 'RHVKHNQRZZKHQLWVWDUWHG"
1RVÃSRUTXÃYLQLHURQ ,GRQoWNQRZZK\WKH\FDPH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XÃIXHORSULPHURTXH :KDWZDVWKHïUVWWKLQJ\RX
KLFLVWHDOOHYDQWDUWHKR\"
GLGZKHQ\RXJRWXSWRGD\"
+LFHODVFRVDVGHFDVD ,GLGWKHKRXVHZRUN
1RGHVD\XQDVWHQDGD" 'LGQoW\RXKDYHDQ\WKLQJIRU
EUHDNIDVW"
&RPÇEDFRQVDOFKLFKDV ,DWHEDFRQVDXVDJHV
FKDPSLËRQHVKXHYRV\DOXELDV PXVKURRPVHJJVDQGEHDQV
7HYDVDSRQHUPX\JRUGR <RXoUHJRLQJWRJHWUHDOO\IDW
0HJXVWDUÇDTXHWHHVIRU]DUDV ,oGOLNH\RXWRPDNHDELJJHU
P»V
HIIRUW
4XÃWHJXVWDUÇDTXHKLFLHUD :KDWZRXOG\RXOLNHPHWRGR
H[DFWDPHQWH"
H[DFWO\"
7HQGUÇDVTXHOOHJDUDWLHPSR <RXoUHVXSSRVHGWRDUULYHRQ
DOWUDEDMR
WLPHIRUZRUN
(UHVGHPDVLDGRH[LJHQWH <RXoUHWRRGHPDQGLQJ
|7LHQHVGHPDVLDGDFDUD <RXoYHJRWWRRPXFKFKHHN
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
&X»QWRWDUGDUÇDVHQWHUPLQDU +RZORQJZRXOGLWWDNH\RXWR
VLWXYLHUDVP»VWLHPSR"
ïQLVKLI\RXKDGPRUHWLPH"
3XHGHTXHQHFHVLWHRWUD ,PLJKWQHHGDQRWKHUIRUWQLJKW
TXLQFHQD
$PSOLDUÃWXSOD]RGRV ,oOOH[WHQG\RXUGHDGOLQHE\
VHPDQDVHQWRQFHV
ZHHNVWKHQ
1RWHIDOODUÃ ,ZRQoWOHW\RXGRZQ
|$VHJÔUDWHGHHOOR 0DNHVXUHRILW
4XÃVLJQLîFDU»ZDQGHU" ,ZRQGHUZKDWpZDQGHUq
PHDQV"
1RTXLHUHGHFLUpSUHJXQWDUVH 'RHVQoWLWPHDQpWRDVNRQHVHOI
VRPHWKLQJq"
DOJRq"
(VRHVFRQpRq\RPHUHîHURD 7KDWoVZLWKDQpRq,oPUHIHUULQJ
WRWKHZRUGZLWKDQpDq
ODSDODEUDFRQpDq
$SUHQGHULQJOÃVVXSRQHXQ /HDUQLQJ(QJOLVKLVYHU\
FKDOOHQJLQJ
JUDQGHVDIÇR
4XHUHUHVSRGHU :KHUHWKHUHoVDZLOOWKHUHoVD
ZD\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
0»VTXH0HQRVTXH
,QEURDGGD\OLJKW
$SOHQDOX]GHOGÇD
+HoVLQWKHFOLQN
(VW»HQFKLURQD
,QFROGEORRG
$VDQJUHIUÇD
,QWKHORQJUXQf
$ODODUJD
,ZRXOGQoWOLNHWREHLQKLVVKRHV
1RPHJXVWDUÇDHVWDUHQVXSHOOHMR
.HHSPHLQWKHORRS
0»QWHQPHHQHOFÇUFXORGHORV
LQIRUPDGRV
5HFXHUGDTXHKD\GRVIRUPDVGHWUDGXFLU
pPHQRVqpOHVVqVHHPSOHDSDUDVXVWDQWLYRV
QRFRQWDEOHV\pIHZHUqSDUDVXVWDQWLYRV
FRQWDEOHVHQSOXUDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
3RUTXÃWLHQHVP»VFRPLGDTXH\R"
'HEHUÇDFRPHUP»VIUXWDGHODTXHFRPR
0»VWLHQHPHQRVOHWUDVTXHPHQRV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHVHQWH 7KHUHLVDSDUW\QRZ
7KHUHDUHVHYHUDOSDUWLHVQRZ
+D\XQDîHVWDDKRUD
+D\YDULDVîHVWDV
DKRUD
3DVDGR
+XERXQDîHVWDD\HU
+XERYDULDVîHVWDV
D\HU
7KHUHZDVDSDUW\\HVWHUGD\
7KHUHZHUHVHYHUDOSDUWLHV
\HVWHUGD\
7KHUHZLOOEHDSDUW\WRPRUURZ +DEU»XQDîHVWD
PDËDQD
7KHUHLV
7KHUHDUH
1RWDFÍPRVLHPSUHHPSH]DPRVODIUDVH
7KHUHZDV
FRQODSDODEUDpWKHUHqVHJXLGDGHXQD
7KHUHZHUH
FRQMXJDFLÍQGHOYHUERpWREHq
7KHUHZLOOEH
)XWXUR
6U$OFDOGH
/DSURSXHVWDDGMXQWDHVER]DQXHVWURSODQSDUDPHMRUDUODSUR
GXFWLYLGDGGHOSHUVRQDOGHVX'HSDUWDPHQWRGH3DUTXHV\0HGLR
$PELHQWH1XHVWURSURJUDPDOHSHUPLWHDSURYHFKDUORVUHFXUVRV
WDQWRHFRQÍPLFRVFRPRKXPDQRVVLQGHVSHGLUHPSOHDGRVRUH
GXFLUODDWHQFLÍQDOSÔEOLFR
(O6U+XJK%DFKHQFDEH]DU»QXHVWURVWDIIGHHVSHFLDOLVWDVsXQHTXL
SRTXHDSRUWDDHVWDWDUHDXQWRWDOFRPELQDGRGHDËRVGHH[
SHULHQFLDHQFDPSRVSDUHFLGRV(O6U%DFKOHLQIRUPDU»FDGDPHVGH
ORVUHVXOWDGRVGHOHTXLSRGXUDQWHHODËRTXHGXUDHOHVWXGLR
(QVLWXDFLRQHVVLPLODUHV6DZ\HUDQG)ULVN6$DXPHQWÍODSUR
GXFWLYLGDGHQWUHXQ\XQSRUFLHQWR/RFRQVHJXLPRVGHVD
UUROODQGRXQDPHMRUFRPXQLFDFLÍQHQWUHHO6WDII\OD'LUHFFLÍQ\
HQWUHHOSHUVRQDOGHOGHSDUWDPHQWR\HOSÔEOLFR/RVPHFDQLVPRV
TXHLPSODQWDPRVSDUDGDUDFRQRFHUODVTXHMDVPHMRUDURQQRWD
EOHPHQWHODPRUDOGHORVHPSOHDGRV
1XHVWURSURJUDPDKDGHPRVWUDGRVHUXQSRGHURVRDOLDGRSDUD
DERUGDUSUREOHPDVGHLQïDFLÍQ\UHGXFFLRQHVSUHVXSXHVWDULDV
$WHQWDPHQWH
(VWDUHJODQXQFDFDPELD(QIXWXUDVîFKDVYHUHPRVH[SUHVLRQHV
P»VGHVDUUROODGDVGHHVWDIÍUPXODFRPRpKDKDELGRqpKDEUÇDq
pGHEHKDEHUqpWLHQHTXHKDEHUqHWF
6LHPSUHHVODSDODEUDpWKHUHqP»VXQDFRQMXJDFLÍQGHOYHUERpWR
EHq0»VHMHPSORV
:KHQZLOOWKHUHEHDPHHWLQJ"
7KHUHZLOOEHDPHHWLQJ
WRPRUURZ
:LOOWKHUHEHDQRSSRUWXQLW\IRU
PH"
7KHUHZRQoWEHDGHFLVLRQXQWLO
QH[WZHHN
7KHUHZLOOEHDORWRISHRSOHDW
WKHZHGGLQJ
&X»QGRKDEU»XQDUHXQLÍQ"
+DEU»XQDUHXQLÍQPDËDQD
+DEU»XQDRSRUWXQLGDGSDUD
PÇ"
1RKDEU»XQDGHFLVLÍQKDVWDOD
VHPDQDSUÍ[LPD
+DEU»PXFKDJHQWHHQOD
ERGD
'HDU0D\RU%HUNVRQ
7KH HQFORVHG SURSRVDO RXWOLQHV RXU SODQ WR LPSURYH HPSOR\HH
SURGXFWLYLW\ LQ \RXU 3DUNV DQG (QYLURQPHQW 'HSDUWPHQW 2XU
SURJUDP HQDEOHV \RX WR PDNH WKH PRVW RI ERWK HFRQRPLF DQG
KXPDQ UHVRXUFHV ZLWKRXW OD\LQJ RII DQ\ HPSOR\HHV RU UHGXFLQJ
UHVSRQVLYHQHVVWRWKHSXEOLF
0U+XJK%DFKZLOOKHDGRXUVWDIIRIVSHFLDOLVWV²DWHDPZKLFKEULQJV
WR WKLV DVVLJQPHQW D FRPELQHG WRWDO RI \HDUV RI H[SHULHQFH LQ
UHODWHGÀHOGV0U%DFKZLOOUHSRUWWKHWHDP·VÀQGLQJVWR\RXHDFK
PRQWKGXULQJWKHRQH\HDUVWXG\
,QVLPLODUVLWXDWLRQV6DZ\HUDQG)ULVN,QFLQFUHDVHGSURGXFWLYLW\WR
SHUFHQW:HDFKLHYHGWKLVE\GHYHORSLQJEHWWHUFRPPXQLFDWLRQV
EHWZHHQ VWDII DQG 0DQDJHPHQW DQG EHWZHHQ GHSDUWPHQW
SHUVRQQHO DQG WKH SXEOLF7KH PHFKDQLVPV ZH LQVWDOOHG IRU DLULQJ
JULHYDQFHVPDUNHGO\LPSURYHGHPSOR\HHPRUDOH
2XUSURJUDPKDVSURYHGWREHDSRZHUIXODOO\LQWDFNOLQJWKHSUREOHPV
RILQÁDWLRQDQGEXGJHWFXWEDFNV
9HU\WUXO\\RXUV
5LFKDUG9DXJKDQ
(VWLPDGRDPLJR\DOXPQR8QGLUHFWLYRGHXQDPXOWLQDFLRQDOIDUPDFÃXWLFDSRQHOD&11QDGDP»VOOHJDUDFDVD/XHJROHHFHQD\FKDUOD
FRQVXIDPLOLDFRQXQLQJOÃVGHIRQGRTXHOHYDDFDULFLDQGRHORÇGR(OîQGHVHPDQDOHHHOSHULÍGLFRHQHVSDËROFRQFDVFRVSXHVWRV\XQ
&'VXPLQLVWUDQGRLQJOÃVDVXVRÇGRV1ROHSUHVWDDWHQFLÍQDOJXQDSHURHQXQDËRDEVRUEHKRUDVGHpPÔVLFDqLQJOHVD(OGLUHFWRU
GHXQDHPSUHVDTXÇPLFDWXYRRWUDLGHD2EOLJDGRSRUVXPÃGLFRDXQDKRUDGLDULDGHELFLFOHWDHVW»WLFDGHFLGLÍSRQHUVHDXULFXODUHV\
HVFXFKDULQJOÃV(QSRFRVPHVHVODDQJXVWLDGHODVUHXQLRQHVVHKDEÇDUHGXFLGRDOPÇQLPR2WURGHXQEDQFRLQJOÃVHPSH]ÍDOHYDQWDUVH
DQWHV\FDIÃHQPDQRHPSDSDUVHGHO6N\1HZVLQJOÃV(QWUHVRUERVRÇDPHGLDKRUDGLDULDGHQRWLFLDV$YHFHVVXPHQWHYDJDEDSHURVXV
RÇGRVUHJLVWUDEDQWRGR\SURQWRHPSH]DEDDHQWHQGHUPHMRUDVXVLQWHUORFXWRUHV(OVHFUHWRHVW»HQORTXHHQLQJOÃVOODPDPRVpH[SRVX
UHq(VP»VHîFD]pRÇUqLQJOÃVTXHHVFXFKDUOR1RVHHQWLHQGHDRWURîM»QGRVHHQVXVSDODEUDVVLQRDEVRUELHQGRHOVHQWLGRGHVXVRUDFLR
QHV(VHVWDDFWLWXGGHUHODMDGDDEVRUFLÍQORTXHXQRGHEHIRPHQWDU3RQHUXQYÇGHRGLFLHQGRpYR\DHQWHQGHUHVWDSHOÇFXODDXQTXHPH
PXHUDHQHOHPSHËRqHVFRQWUDSURGXFHQWH8QRGHEHSRQHUODSHOÇFXODSHURQRHVIRU]DUVHSDUDHQWHQGHUOD6LDOîQDOQRKDHQWHQGLGR
QDGDSXHVTXHSRQJDRWUDPDËDQD\GHVSXÃVRWUD$ORVVHLVPHVHVVÇYDDHQWHQGHUFRVDVPXFKDVFRVDV
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(UHVPLDPLJR" $UH\RXP\IULHQG"
1RQRORVR\/RVLHQWR 1R,oPQRW,oPVRUU\
'ÍQGHHVW»Q" :KHUHDUHWKH\"
$TXHOORVVRQWXVDPLJRV" $UHWKRVH\RXUIULHQGV"
1RHVDHVPLIDPLOLD 1RWKDWoVP\IDPLO\
4XÃKDFHV" :KDWDUH\RXGRLQJ"
9R\DOPÃGLFR ,oPJRLQJWRWKHGRFWRU
3RUTXÃ"&X»OHVHOSUREOHPD" :K\":KDWoVWKHSUREOHP"
7HQJRGRORUGHPXHODV ,KDYHDWRRWKDFKH
7LHQHVTXHLUDOGHQWLVWD <RXKDYHWRJRWRWKHGHQWLVW
QRWWKHGRFWRU
QRDOPÃGLFR
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&RQTXÃIUHFXHQFLDYDVDOD +RZRIWHQGR\RXJRWR
FKXUFK"
LJOHVLD"
9R\SRFDVYHFHVDKRUD ,VHOGRPJRQRZ
4XÃTXLHUHGHFLUpSRFDVYHFHVq":KDWGRHVpVHOGRPqPHDQ"
4XLHUHGHFLUXQDYH]DODËR ,WPHDQVRQFHD\HDUDW
&KULVWPDV
HQ1DYLGDG
(VODÔQLFDYH]DODËRTXHYDV" ,VWKDWWKHRQO\WLPHLQWKH\HDU
\RXJR"
+DVSUREDGRDOJXQDYH]VXVKL" +DYH\RXHYHUWULHGVXVKL"
1RQRPHJXVWDODFRPLGD 1R,GRQoWOLNHIRUHLJQIRRG
H[WUDQMHUD
0HYDVDGHFLUTXHQRFRPHV $UH\RXJRLQJWRWHOOPH\RX
GRQoWHDWSRWDWRHVRUULFH"
SDWDWDVRDUUR]"
7RGRHOPXQGRFRPHHVDV (YHU\ERG\HDWVWKRVHIRRGV
FRPLGDV
3XHVHUDQFRPLGDVH[WUDQMHUDV :HOOWKH\ZHUHIRUHLJQIRRGV
KDFHFLHQWRVGHDËRVWDPELÃQ KXQGUHGVRI\HDUVDJRWRR
0LGGOHîQJHU &RUD]ÍQ
,QGH[îQJHU §QGLFH
5LQJîQJHU $QXODU
/LWWOHîQJHU 0HËLTXH
7KXPE 3XOJDU
9RFDEXODULR7KH+DQG /D0DQR
+LJK,QWHUPHGLDWH
7HGHMDQWXVSDGUHVSDVDU 'R\RXUSDUHQWVOHW\RXVWD\
WRGDODQRFKHIXHUD"
RXWDOOQLJKW"
1RPHKDFHQYROYHUSURQWR 1RWKH\PDNHPHFRPHKRPH
HDUO\
$TXÃKRUDWLHQHVTXHYROYHU :KDWWLPHGR\RXKDYHWRJR
KRPH"
DFDVD"
&XDQGRHOVROVHSRQJD :KHQWKHVXQVHWV
3RGU»VKDFHUORTXHTXLHUDV :LOO\RXEHDEOHWRGR
ZKDWHYHU\RXZDQWZKHQ
FXDQGRVHDVPD\RU"
\RXoUHROGHU"
/RZ$GYDQFHG
6HKDFHQERFDGLOORVDTXÇ
6HHVW»FRQVWUX\HQGRDKRUD
6HJUDEÍHODËRSDVDGR
&X»QGRVHîUPÍ"
6HFUH\HURQPXFKDVPHQWLUDV
WX\DV
0LGGOH$GYDQFHG
6DQGZLFKHVDUHPDGHKHUH
,WoVEHLQJEXLOWQRZ
,WZDVUHFRUGHGODVW\HDU
:KHQZDVLWVLJQHG"
0DQ\RI\RXUOLHVZHUH
EHOLHYHG
)RU(QJOLVKVXSHUVWDUVRQO\
&XDQWRP»VSLHQVRP»VPH 7KHPRUH,WKLQNWKHPRUH,
ZRUU\
SUHRFXSR
&XDQWRP»VPHSUHRFXSRP»V 7KHPRUH,ZRUU\WKHPRUH
LQWHQVHP\KHDGDFKHVDUH
LQWHQVRVVRQPLVGRORUHVGH
FDEH]D
&XDQWRSHRUHVVRQPLVGRORUHV7KHZRUVHP\KHDGDFKHVDUH
WKHOHVV,VOHHS
GHFDEH]DPHQRVGXHUPR
&XDQWRPHQRVGXHUPRSHRU 7KHOHVV,VOHHSWKHZRUVH,
ORRN
DVSHFWRWHQJR
(QWRQFHV\DHVKRUDGHTXHGHMH7KHQLWoVWLPH,VWRSSHG
WKLQNLQJ
GHSHQVDU
7RGDYÇDYDVGHWU»VGHHVDFKLFD"$UH\RXVWLOODIWHUWKDWJLUO"
&X»QGRYDVDLQWHQWDU :KHQDUH\RXJRLQJWRWU\DQG
OLJ»UWHOD"
SXOOKHU"
7LHQHVPLHGRGHTXHWH $UH\RXIULJKWHQHGVKHoVJRLQJ
UHFKDFH"
WRNQRFN\RXEDFN
4XLHQQRVHDUULHVJDQRJDQD 1RWKLQJYHQWXUHGQRWKLQJ
JDLQHG
9R\DFRQVXOWDUORFRQOD ,oPJRLQJWRVOHHSRQLW
DOPRKDGD
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
([SUHVLÍQGHODVHPDQD
7REHLQWKHUHG
(VWDUHQQÔPHURVURMRV GHîFLWDULR
,WoVLQWKHSLSHOLQH
(VW»HQIDVHGHGHVDUUROOR
|2MR7RGDVHVWDVIUDVHVVHH[SUHVDQFRQXQ
YHUERDX[LOLDUGHP»V
7REHLQWKHEODFN
1RHVWDUHQQÔPHURVURMRV
+HYDQLVKHGLQWRWKLQDLU
'HVDSDUHFLÍVLQGHMDUUDVWUR
:HoUHLQWKHVDPHERDW
(VWDPRVORVGRVHQODPLVPDVLWXDFLÍQ
+HoVDMDFNRIDOOWUDGHV
(VXQPDËRVRTXHVDEHKDFHUGH
WRGR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(OODQRVHDFXHUGDGHFXDQGROHFRQRFLÍ
1RPHDFXHUGRGHWXQRPEUH
£OQRVHDFXHUGDGHQDGDGHODîHVWD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
(YHU\WKLQJDERXWWKHZHDWKHU
+DFHEXHQGÇD 7KHZHDWKHUoVQLFH
R,WoVDQLFHGD\
+DFHEXHQWLHPSR 7KHZHDWKHUoVQLFH
+DFHXQWLHPSRHVSOÃQGLGR ,WoVDïQHGD\R,WoVD
EHDXWLIXOGD\
+DFHPDOWLHPSR 7KHZHDWKHUoVEDG
+DFHXQWLHPSRKRUULEOH 7KHZHDWKHUoVDZIXO
/OXHYHRHVW»OORYLHQGR ,WoVUDLQLQJ
+DFHXQGÇDOOXYLRVR ,WoVDUDLQ\GD\
+DFHFDORU ,WoVKRW
+DFHIUÇR ,WoVFROG
+DFHXQGÇDWHPSODGR ,WoVZDUP
+DFHIUHVFR ,WoVFRRO
+DFHYLHQWR ,WoVZLQG\
+DFHIUÇR\OOXYLD ,WoVFROGDQGUDLQ\
+DFHIUÇR\YLHQWR ,WoVFROGDQGZLQG\
+D\QLHEOD ,WoVIRJJ\
(OFLHORHVW»GHVSHMDGR 7KHVN\oVFOHDU
(VW»QXEODGR ,WoVFORXG\ NO»RGL
(OFLHORHVW»WDSDGRGHQXEHV 7KHVN\oVRYHUFDVW
1LHYD ,WoVVQRZLQJ
/OXHYHDF»QWDURV ,WoVUDLQLQJFDWVDQGGRJV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7LHQHTXHKDEHUXQDIRUPDP»VVHQFLOODGHKDFHUHVWR+HOHÇGR
ODVLQVWUXFFLRQHVXQD\RWUDYH]\DÔQQRPHSXHGRFUHHUTXHÃVWD
VHDODÔQLFDPDQHUDGHKDFHUOR'DPHXQGÇDRGRV\DYHULJXRXQ
DWDMRTXHQRVDKRUUDU»PXFKRWLHPSR,QFOXVRSXHGHTXHLQWHQWH
GLVHËDUXQSURJUDPDLQWHUQRGHVGHFHUR&XDOTXLHUFRVDHVPHMRU
TXHKDFHUORFRPRLQGLFDQODVLQVWUXFFLRQHV
&DHJUDQL]R
/XFHHOVRO
6HHVW»QXEODQGR
(OFLHORVHHVW»GHVSHMDQGR
(VW»VDOLHQGRHOVRO SRUGHWU»VGHODVQXEHV
7RUPHQWD
7LHPSRWRUPHQWRVR
5D\RV\WUXHQRV
,WoVKDLOLQJ
7KHVXQoVVKLQLQJ
,WoVJHWWLQJFORXG\
7KHVN\oVFOHDULQJXS
7KHVXQoVFRPLQJRXW
6WRUP
6WRUP\ZHDWKHU
/LJKWQLQJDQGWKXQGHU
&XDQGRSUHJXQWDPRVSRUHOWLHPSRVROHPRVXWLOL]DUGRV
+RZoVWKHZHDWKHU"
H[SUHVLRQHV
:KDWoVWKHZHDWKHUOLNH"
/DSULPHUDH[SUHVLÍQODXVDPRVQRUPDOPHQWHFXDQGRVÍOR
TXHUHPRVWHQHUFRQYHUVDFLÍQ3RUHMHPSORVLHVWR\KDEODQGR
FRQXQDPLJRTXHHVW»HQ(VWRFROPROHSXHGRSUHJXQWDUp+RZoV
WKHZHDWKHULQ6WRFNKROP"q5HDOPHQWHQRQHFHVLWRVDEHUFÍPR
HVW»HOWLHPSRSRUTXHQRPHDIHFWD$KRUDELHQVLHVWR\HQPL
KDELWDFLÍQGHFLGLHQGRTXÃSRQHUPHSDUDVDOLUSXHGRSHGLUDPL
PXMHUTXHPLUHSRUODYHQWDQD\PHGLJDTXÃWLHPSRKDFH(Q
HVWHFDVRGLUÇDp:KDWoVWKHZHDWKHUOLNHWRGD\"q
7KHUHoVJRWWREHDQHDVLHUZD\WRGRWKLV,oYHUHDGWKHLQVWUXFWLRQV
RYHUDQGRYHUDJDLQDQG,VWLOOFDQoWEHOLHYHWKDWWKLVLVWKHRQO\
ZD\WRGRLW*LYHPHDGD\RUWZRDQG,oOOïJXUHRXWDVKRUWFXW
WKDWoOOVDYHXVDORWRIWLPH,PD\HYHQWU\WRGHVLJQDQLQKRXVH
SURJUDPIURPVFUDWFK$Q\WKLQJoVEHWWHUWKDQGRLQJLWWKHZD\
WKHLQVWUXFWLRQVVD\
(OODPHQWRGHODEHOOD(OYLUD
(VFRQPXFKRSHVDUTXHRVFXHQWRHOFXHQWR
'HFyPR(OYLUDPXMHUFRQWDOHQWR
6HYLRLPSRWHQWH\WUXQFDGRVXVXHxR
<FyPRVXPXQGRWHUPLQyWDQSHTXHxR
(OYLUDIXHOLVWDPiVOLVWDTXHQLQJXQR
'HVXFODVHIXHVLHPSUHODQ~PHURXQR
&XUVyXQJUDQ0DVWHUHOPHMRUGHOSDtV
<IXHPX\GXOFHPiVGXOFHTXHHODQtV
(QFDQWDEDDWRGRVFRQPDJLD\KHFKL]R
(UDJXDSDFRQJDQDVFRQXQDLUHFDVWL]R
6XLQWHQFLyQHUDFODUDTXHUtDFRQTXLVWDU
(OPXQGRHQWHUR\DWRGRVGHVOXPEUDU
7REHFRQWLQXHG
(VWLPDGRDPLJR\DOXPQR&RQRFÇD(OYLUDHQFXDQGRYLQRDPLHPSUHVDSDUDUHDOL]DU
SU»FWLFDV7HQGUÇDXQRVDËRVHQHVHPRPHQWR\HVWDEDHQHOÔOWLPRDËRGH,FDGH(UDXQD
MRYHQHVSDELODGD\OLVWD\PHH[WUDËÍTXHQRVXSLHUDQDGDGHLQJOÃV6HORDGYHUWÇ\HOODHVWDED
GHDFXHUGRHQTXHWHQÇDTXHDERUGDUHVWHWHPDSHURVXSULPHUDSULRULGDGHUDWHUPLQDUOD
FDUUHUD\DFWRVHJXLGRUHDOL]DUXQRGHORVPDVWHUVP»VIDPRVRVGH(VSDËDORFXDOUHTXHUÇD
TXH VH WUDVODGDUD GRV DËRV D %DUFHORQD 'HVSXÃV GH VXV FXDWUR PHVHV GH SU»FWLFDV HQ PL
HPSUHVDVHJXLPRVHQFRQWDFWR\FRPRVHKDEÇDSURSXHVWRIXHD%DUFHORQD\GRVDËRVP»V
WDUGHWHUPLQÍFRQÃ[LWRHOPDVWHUHQFXHVWLÍQ&RQRFLÍDXQMRYHQGH$OLFDQWHFRPSDËHURGH
FXUVR\VHKLFLHURQQRYLRV'HFLGLHURQDîQFDUVHHQ&DWDOXËD\(OYLUD\DSUHSDUDGDHQWRGRV
ORVDVSHFWRVVHSURSXVRIRUMDUXQDYLGDSURIHVLRQDOHQ%DUFHORQD(VWDEDFRQYHQFLGDGHTXH
VDEUÇDWUDVODGDUORVÃ[LWRVDFDGÃPLFRVDOPXQGRSURIHVLRQDO6HJXLUHPRVVXKLVWRULDHQODV
SUÍ[LPDVîFKDVGH(/081'2
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'ÍQGHHVW»PLEROVR" :KHUHoVP\EDJ"
(VW»GHEDMRGHODPHVD ,WoVXQGHUWKHWDEOH
4XÃPHVD" :KLFKWDEOH"
/DPHVDGHOULQFÍQGHVX 7KHWDEOHLQWKHFRUQHURIKHU
KDELWDFLÍQ
URRP
3RUTXÃHVW»DOOÇ" :K\LVLWWKHUH"
4XLHURVDOLUFRQÃO ,ZDQWWRJRRXWZLWKKLP
3RUTXÃTXLHUHVVDOLUFRQÃO" :K\GR\RXZDQWWRJRRXW
ZLWKKLP"
1RHVWR\VHJXURFUHRTXH ,oPQRWVXUH,WKLQNKHKDV
VRPHWKLQJGLIIHUHQW
WLHQHDOJRGLIHUHQWH
3XHVQRWLHQHQLGLHQWHVQLSHOR :HOOKHGRHVQoWKDYHDQ\WHHWK
RUKDLU
(VWR\KDEODQGRGHVXEHOOH]D ,oPWDONLQJDERXWKLVLQQHU
EHDXW\
LQWHULRU
/RZ,QWHUPHGLDWH
+DEODVWHFRQWXMHIDD\HU" 'LG\RXVSHDNWR\RXUERVV
\HVWHUGD\"
1RWXYHQDGDGHWLHPSR ,GLGQoWKDYHDQ\WLPH
+DEODU»VFRQHOODKR\" :LOO\RXVSHDNWRKHUWRGD\"
/DYHUÃVLHQFXHQWURWLHPSR ,oOOVHHKHULI,FDQïQGWLPH
7LHQHVTXHHQFRQWUDUWLHPSR <RXKDYHWRïQGWLPH
0LGGOH,QWHUPHGLDWH
+DVKDEODGRFRQHOODKR\" +DYH\RXVSRNHQWRKHUWRGD\\HW"
7RGDYÇDQRKDOOHJDGR 6KHKDVQoWDUULYHG\HW
4XLHUHVTXHKDEOHFRQHOOD" 'R\RXZDQWPHWRVSHDNWRKHU"
(VRHVWDUÇDUHDOPHQWHELHQ 7KDWZRXOGEHUHDOO\QLFH
FRXOG\RX"
SRGUÇDV"
0HGHEHVXQIDYRUHQWRQFHV <RXRZHPHDIDYRXUWKHQ
+LJK,QWHUPHGLDWH
(VXQDPXMHUGHPXFKRÃ[LWR 6KHoVDUHDOO\VXFFHVVIXOZRPDQ
3RUTXÃKDWHQLGRWDQWRÃ[LWR":K\KDVVKHKDGVRPXFKVXFFHVV"
7UDEDMDGXUR\KDWHQLGR 6KHZRUNVKDUGDQGKDVEHHQ
OXFN\
PXFKDVXHUWH
$XQTXHVXKHUPDQRHVXQ $OWKRXJKKHUEURWKHUoVDUHDO
IDLOXUH
DXWÃQWLFRIUDFDVDGR
1LWUDEDMDGXURQLKDWHQLGR +HQHLWKHUZRUNVKDUGQRUKDV
KDGPXFKOXFN
PXFKDVXHUWH
/RZ$GYDQFHG
7HORKDEUÇDGLFKRVLOR ,ZRXOGKDYHWROG\RXLI,KDG
NQRZQ
KXELHUDVDELGR
'HEHUÇDVKDEÃUPHORGLFKR <RXVKRXOGKDYHWROGPH
&ÍPRWHORSRGUÇDKDEHU +RZFRXOG,KDYHWROG\RXLI,
GLGQoWNQRZ"
GLFKRVLQRORVDEÇD"
/RKDEUÇDVVDELGRVLKXELHUDV <RXoGKDYHNQRZQLI\RXoG
EHHQLQWKHULJKWSODFH
HVWDGRHQHOVLWLRDSURSLDGR
4XÃFUHHVTXHVR\"8Q :KDWGR\RXWKLQN,DP"$
ZL]DUG"
PDJR"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
7LHQHVHOGHVJORVHGHHVDV 'R\RXKDYHWKHEUHDNGRZQRQ
WKRVHïJXUHV"
FLIUDV"
3DUDPLQRWLHQHQPXFKR 7KH\GRQoWPDNHPXFKVHQVH
WRPH
VHQWLGR
6HVXSRQHTXHHUHVXQEXHQ <RXoUHVXSSRVHGWREHDJRRG
DFFRXQWDQW
FRQWDEOH
1RSXHGRKDFHUPLODJURV1R ,oPQRWDPLUDFOHZRUNHU,P
QRWDZL]DUG
VR\PDJR
3XHGHTXHWHQJDTXHEXVFDUD ,PLJKWKDYHWRORRNIRU
VRPHRQHZKRLV
DOJXLHQTXHORVHD
(V7KH(FRQRPLVWGHGHUHFKDV,V7KH(FRQRPLVWULJKWRU
RGHL]TXLHUGDV"
OHIWZLQJ"
(QFXDQWRDSROÇWLFDVVRFLDOHV $VIDUDVVRFLDOSROLFLHVDUH
HVEDVWDQWHOLEHUDO
FRQFHUQHGLWoVTXLWHOLEHUDO
(VW»DIDYRUGHORVPDWULPRQLRV,WoVLQIDYRXURIJD\PDUULDJHV
JD\V\ODOHJDOL]DFLÍQSDUFLDO
DQGSDUWLDOOHJDOLVDWLRQRI
GUXJV
GHODVGURJDV
(QUHODFLÍQDODSROÇWLFDH[WHULRU ,QWHUPVRI$PHULFDQIRUHLJQ
SROLF\LWoVVRPHZKDW
HVWDGRXQLGHQVHHVDOJR
FRQVHUYDWLYH
FRQVHUYDGRU
(FRQÍPLFDPHQWHKDEODQGR (FRQRPLFDOO\VSHDNLQJLWoV
DOPRVWQHROLEHUDO
HVFDVLQHROLEHUDO
)DVWIRUZDUG $YDQ]DU
5HZLQG 5HERELQDU
3OD\ 5HSURGXFLU
5HFRUG *UDEDU
3DXVH 3DXVD
9RFDEXODULR5HPRWHFRQWURO 0DQGRDGLVWDQFLD
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
8VHGWR
-XVWDURXQGWKHFRUQHU
-XVWRDODYXHOWDGHODHVTXLQD
.HHS\RXUîQJHUVFURVVHG
4XHWHQJDVVXHUWH
-XVWLQWKHQLFNRIWLPH
-XVWRDWLHPSRSRUORVSHORV
+HUNQLJKWLQVKLQLQJDUPRU
6XSUÇQFLSHD]XO
7RNHHSDEUHDVWZLWKf
0DQWHQHUVHDOGÇDVREUH
7RXFKZRRG.QRFNRQZRRG
7RFDUPDGHUD
&XDQGRKDEODPRVGHFRVDVTXHDQWHV
KDFÇDPRVFRQIUHFXHQFLDHPSOHDPRVOD
H[SUHVLÍQpXVHGWRqP»VHOYHUERE»VLFR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
|$QWHV\RSHQVDEDTXHDSUHQGHULQJOÃVVHUÇD
I»FLO
|$QWHV\RSHQVDEDTXHODYLGDHUDI»FLO
$QWHVQREHEÇDWDQWRFDIÃFRPREHERDKRUD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,WVRXQGVOLNHKHORRNVOLNH\RX 6HJÔQPHFXHQWDVSDUHFHTXHÃOVHSDUHFHDWL
/RVYHUERVGHVHQWLGR\ODVUHJODVTXHORVDFRPSDËDQ
7KHïYHVHQVHV
7KHVHQVHRIVLJKW
7KHVHQVHRIWRXFK
7KHVHQVHRIVRXQG
7KHVHQVHRIVPHOO
7KHVHQVHRIWDVWH
7KHïYHYHUEVRIVHQVH
7RORRN
7RIHHO
7RVRXQG
7RVPHOO
7RWDVWH
pIHHOZHOOqSHURVLJQLîFDpVHQWLUVHUHFXSHUDGRq(OXVRGHpZHOOq
HQHVWRVGRVÔOWLPRVFDVRVLPSOLFDUÇDTXHODSHUVRQDHQFXHVWLÍQ
HVWDEDHQIHUPD
5HJOD&XDQGRHOYHUERGHVHQWLGRYDVHJXLGRGHXQVXVWDQWLYR
VHOHDËDGHpOLNHq
5HJOD/RVYHUERVGHVHQWLGRVÍORTXLHUHQDORVDGMHWLYRV'HV
GHËDQDORVDGYHUELRV
<RXORRNOLNH5REHUW5HGIRUG
,IHHOOLNHDQHZPDQ
<RXORRNJRRG
,IHHOJRRG
<RXULGHDVRXQGVJRRG
<RXUFRORJQHVPHOOVJRRG
7KHIRRGWDVWHVJRRG
<RXULGHDVRXQGVOLNH3DFRoV
<RXUFRORJQHVPHOOVOLNHJDVROLQH
7KHIRRGWDVWHVOLNHGHWHUJHQW
7HYHRELHQ
0HVLHQWRELHQ
7XLGHDVXHQDELHQ
7XFRORQLDKXHOHELHQ
/DFRPLGDVDEHELHQ
7HSDUHFHVD5REHUW5HGIRUG
0HVLHQWRFRPRXQKRPEUH
QXHYR
7XLGHDVHSDUHFHDODGH3DFR
7XFRORQLDKXHOHDJDVROLQD
/DFRPLGDVDEHDGHWHUJHQWH
/RVEULW»QLFRVHLUODQGHVHVDYHFHVGLFHQpVPHOOVRIqRpWDVWHVRIq
DXQTXHWDPELÃQXWLOL]DQpOLNHq
1RVHSXHGHGHFLUHQLQJOÃVpVRXQGVZHOOqQLpVPHOOVZHOOqQL
pWDVWHVZHOOq6LQHPEDUJRHVSRVLEOHGHFLUpORRNVZHOOqSHUR
VLJQLîFDP»VELHQpSDUHFHUUHFXSHUDGRq7DPELÃQVHSXHGHGHFLU
+LVFORWKHVVPHOORIFLJDUHWWHVPRNH
6XURSDKXHOHDKXPRGHWDEDFR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
+HPRVHVWDGRUHSDVDQGRODVFXHQWDVGHOQXHYRSUR\HFWRGHFRQV
WUXFFLÍQ\FUHHPRVTXHDÔQQRHVHOPRPHQWRGHEXVFDUXQVRFLR
/DÔOWLPDDYHQWXUDFRQMXQWDHQODTXHQRVLQYROXFUDPRVDFDEÍ
VLHQGRXQîDVFR\WRGDYÇDORHVWDPRVSDJDQGR1RVJXVWDUÇDWH
QHUXQSDUGHPHVHVP»VSDUDYHUFÍPRSURJUHVDQHQJHQHUDOODV
RSHUDFLRQHVDQWHVGHFRPSURPHWHUQRVFRQXQDQXHYDDOLDQ]D
:HoYHEHHQJRLQJRYHUWKHîJXUHVRQWKHQHZFRQVWUXFWLRQSURMHFW
DQGZHIHHOWKDWLWoVQRWWKHULJKWWLPH\HWWRVHHNDSDUWQHU7KH
ODVWMRLQWYHQWXUHZHJRWLQYROYHGLQZDVDîDVFRLQWKHHQGDQG
ZHoUHVWLOOSD\LQJIRULW:HoGOLNHDFRXSOHPRUHPRQWKVWRVHHKRZ
RSHUDWLRQVDUHSURJUHVVLQJLQJHQHUDOEHIRUHFRPPLWWLQJWRDQHZ
DOOLDQFH
(OODPHQWRGHODEHOOD(OYLUD
6XSULPHUDHQWUHYLVWDIXHXQIUDFDVRURWXQGR
(OWUDEDMRTXHTXHUtDPiVTXHQDGDHQHOPXQGR
([LJtDHOLQJOpVDOJROyJLFR\QRUPDO
¢<HOLQJOpVGH(OYLUD"QLHVFULWRQLRUDO
(OMHIHGHVHOHFFLyQDSHVDUGHOKHFKL]R
&RQWyTXHODHPSUHVDGHXQJUXSRVXL]R
%XVFDEDDJHQWHFRQPXFKDVFXDOLGDGHV
,QFOXLGRHOLQJOpVSDUDWRGDVODVDFWLYLGDGHV
(OYLUDQRFUHtDORTXHHVWDEDSDVDQGR
¢$TXpHVWDEDHVWHWtRHVWHMHIHMXJDQGR"
5HFKD]DUODDHOODODQ~PHURXQR
/DPiVJXDSDODPiVOLVWDPHMRUTXHQLQJXQR
7REHFRQWLQXHG
(VWLPDGR DPLJR \ DOXPQR (VWR\ H[DJHUDQGR VHJXUDPHQWH OD UHDFFLÍQ GH (OYLUD WUDV VX
SULPHUDHQWUHYLVWDGHWUDEDMR6HWUDWDEDGHXQDHPSUHVDIDPRVÇVLPDHQWRGRHOPXQGR
FX\DîOLDOHVSDËRODWLHQHVXVHGHHQ%DUFHORQD(OFRQVHMHURGHOHJDGRGHODîOLDOKDEÇDGDGR
XQDFKDUODKDFLDHOîQDOGHOVHJXQGRDËRHQHOPDVWHUTXH(OYLUDFXUVDEDHQ%DUFHORQD7UDV
ODFKDUODHOODOHKDEÇDFRQRFLGR\ÃVWHOHDQLPÍDWRPDUFRQWDFWRFRQODHPSUHVD/RTXHHOOD
QROHGLMRQLVHOHRFFXULÍGHFÇUVHORHUDTXHQRVDEÇDLQJOÃV+DEÇDQKDEODGRGHO»UHDGH
PDUNHWLQJDOJRTXHOHLQWHUHVDEDHQHVSHFLDOD(OYLUDTXLHQSHQVDEDTXHVHUÇDXQVXHËR
KHFKR UHDOLGDG HQWUDU HQ HO GHSDUWDPHQWR GH PDUNHWLQJ GH OD HPSUHVD QÔPHUR XQR GHO
PXQGRHQVXVHFWRU7RGDVXYLGDKDEÇDVLGRXQDVXFHVLÍQGHÃ[LWRVDFDGÃPLFRV\DKRUDLEDD
FRPHQ]DUODFDGHQDGHÃ[LWRVHQODYLGDSURIHVLRQDO6LQHPEDUJRIXHUHFKD]DGDGHSODQRHQ
ODSULPHUDHQWUHYLVWDSRUVXIDOWDGHLQJOÃV7HQÇDDËRV\KDEÇDH[SHULPHQWDGRVXSULPHU
FRQWUDWLHPSR9HDPRVGHTXÃHVW»KHFKD9HDPRVVLVDEHUHPRQWDU
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
7XFDUDHVUHGRQGD <RXUIDFHLVURXQG
6XVSLHUQDVVRQODUJDV GHHOOD +HUOHJVDUHORQJ
6XVSLHVVRQJUDQGHV GHÃO +LVIHHWDUHELJ
6XVRUHMDVVRQURMDV GHHOORV 7KHLUHDUVDUHUHG
0LQDUL]HVSHTXHËD 0\QRVHLVVPDOO
4XLÃQHVHO3ULPHU0LQLVWUR :KRLVWKH%ULWLVK3ULPH
0LQLVWHU"
%ULW»QLFR"
(V*RUGRQ%URZQ ,WoV*RUGRQ%URZQ
1RHV7RQ\%ODLU" ,VQoWLW7RQ\%ODLU"
1RWLHQHRWURWUDEDMRDKRUD 1RKHKDVDQRWKHUMREQRZ
4XÃHVW»KDFLHQGR" :KDWoVKHGRLQJ"
/RZ,QWHUPHGLDWH
&UHRTXHVÇ ,WKLQNVR
&UHRTXHQR ,GRQoWWKLQNVR
(VSHURTXHVÇ ,KRSHVR
(VSHURTXHQR ,KRSHQRW
3RUVXSXHVWR&ODUR 2IFRXUVH
0LGGOH,QWHUPHGLDWH
/RFRPSUÃHQ(O&RUWH,QJOÃV ,ERXJKWLWLQ(O&RUWH,QJOÃV
(OODWUDMRVXF»PDUDDOWUDEDMR 6KHEURXJKWKHUFDPHUDWRZRUN
/XFKÍHQODSULPHUD*XHUUD +HIRXJKWLQWKHïUVW*XOI:DU
GHO*ROIR
0HHQVHËDURQHVSDËROHQHO 7KH\WDXJKWPH6SDQLVKDW
FROHJLR
VFKRRO
3HQVDEDTXHYHQÇDV ,WKRXJKW\RXZHUHFRPLQJ
+LJK,QWHUPHGLDWH
'ÍQGHHVWDEDVFRPLHQGR :KHUHZHUH\RXHDWLQJZKHQLW
KDSSHQHG"
FXDQGRVXFHGLÍ"
4XÃKDFÇDVFXDQGRVHFD\HURQ:KDWZHUH\RXGRLQJZKHQ
WKH7ZLQ7RZHUVIHOO"
ODV7RUUHV*HPHODV"
,EDHQFRFKHDOWUDEDMR ,ZDVGULYLQJWRZRUNZKHQ,
VDZKHU
FXDQGRODYL
0HGLMRHOODTXHLEDDYHQLU 6KHVDLGVKHZDVJRLQJWRFRPH
4XÃGHFÇDPRV" :KDWZHUHZHVD\LQJ"
/RZ$GYDQFHG
(QYÇDPHORSRU606SRUOD 7H[WPHLQWKHPRUQLQJ
PDËDQD
7HDGMXQWRXQDUFKLYR3') ,oPDWWDFKLQJDSGIïOH
(VFUÇEHPHD# DUURED :ULWHWRPHDW
HOPXQGR SXQWR FRP
# DW HOPXQGR GRW FRP
(QYÇDPHORSRUFRUUHR (PDLOPHLW
HOHFWUÍQLFR
1RWHPROHVWHVHQHQYL»UPHOR 'RQoWERWKHUID[LQJPHLW
SRUID[
)LUHPDQ %RPEHUR
+RVH 0DQJXHUD
)LUH ,QFHQGLR
/DGGHU (VFDOHUD
)LUHHQJLQH &RFKHGHERPEHURV
9RFDEXODULR7KH)LUH%ULJDGH &XHUSRGH%RPEHURV
0LGGOH$GYDQFHG
'HEHUÇDKDEHUP»VELOOHWHV 7KHUHVKRXOGEHPRUHQRWHVLQ
HQPLFDUWHUD
P\ZDOOHW
+DKDELGRXQOÇRFRQORV 7KHUHKDVEHHQDPL[XSZLWK
LQYLWDGRV
WKHJXHVWV
+DEUÇDKDELGRSUREOHPDVVL 7KHUHZRXOGKDYHEHHQ
QRKXELHUDVOODPDGR
SUREOHPVLI\RXKDGQoWFDOOHG
6LKXELHUDKDELGRSROLFÇDVDOOÇ ,IWKHUHKDGEHHQVRPH
QRKDEUÇDSDVDGR
SROLFHWKHUHLWZRXOGQoWKDYH
KDSSHQHG
3XHGHTXHKD\DKDELGRXQ 7KHUHPLJKWKDYHEHHQD
PDOHQWHQGLGR
PLVXQGHUVWDQGLQJ
)RU(QJOLVKVXSHUVWDUVRQO\
1RKD\QLQJÔQMXJDGRU 7KHUHDUHQR6SDQLVKSOD\HUVLQ
HVSDËROHQHOLQLFLDO
WKHVWDUWLQJ
(VHH[WUHPRL]TXLHUGRHV 7KDWOHIWZLQJHULVUHDOO\IDVW
PX\U»SLGR
&HQWUDODSHORWDGHPDUDYLOOD +HFURVVHVWKHEDOOZRQGHUIXOO\
|4XHFDEH]D]RGHOGHODQWHUR :KDWDKHDGHUIURPWKHFHQWUH
FHQWUR
IRUZDUG
|2KQR/HKDQH[SXOVDGR 2KQR+HoVEHHQVHQWRII
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
$ËRV
<RXNQRZIXOOZHOOWKDWf
6DEHVSHUIHFWDPHQWHTXH
7KHOHVVHURIWZRHYLOV
(OPHQRUGHORVPDOHV
$QWHVGH&ULVWRVHGLFHp%&q6DEHVFÍPR
GHFLPRVpG&qHQLQJOÃV"
7KHODVWVWUDZ
/DJRWDTXHFROPÍHOYDVR
$QHFHVVDU\HYLO
8QPDOQHFHVDULR
7KHODXJKLQJVWRFN
(OKD]PHUUHÇU
$OHYHOSOD\LQJîHOG
5HJODVGHMXHJRHTXLWDWLYDV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
-XOLR&ÃVDUIXHDVHVLQDGRHQD&
$OHMDQGUR0DJQRPXULÍHQD&
(OHPSHULRURPDQRFD\ÍHQG&
3URQXQFLDWLRQ&ORVH\RXUPRXWKZLWKWKHOHWWHUpPq3OHDVH
»LPDP»Q»LPDXÍPDQ
)ÇMDWHFRQDWHQFLÍQHQODVGRVH[WUDËDVSDODEUDVTXHKHHVFULWR\WUDWD
GHYRFDOL]DUODV$OVHJXQGRLQWHQWRWHGDU»VFXHQWDGHTXHVHWUDWDGH
p,oPDPDQq\p,oPDZRPDQq<SRUTXÃKHUHFXUULGRDXQDRUWRJUDIÇD
WDQH[WUDËD"3XHVSRUTXHVÍORDVÇSXHGRWUDQVPLWLUDORVHVSDËROHVOD
LPSRUWDQFLDGHFHUUDUODERFDDOSURQXQFLDUODOHWUDpPqHQLQJOÃV
1RUPDOPHQWHORVHVSDËROHVHQOXJDUGHGDUOHXQOLEURDÃOOHGDLVXQ
OLEURDXQDJDOOLQD ,JDYHpKHQqDERRN (QOXJDUGHHQVHËDUOHVXQD
IRWRHQVH˻LVpHQWRQFHVqXQDIRWR ,VKRZHGpWKHQqDSKRWR (QYH]
GHLUDOJLPQDVLRYDLVDODJLQHEUD ,JRWRWKHpJLQqHYHU\GD\ (QYH]
GHOODPDUDPLDPLJR-LPSRUVXQRPEUHOHSRQÃLVQRPEUHGHPXMHU
KHOORp-HDQqKRZDUH\RX" HWFÃWHUD/OHYRDËRVOXFKDQGRDIDYRU
GHODpPqLQJOHVD\HVWR\SHUGLHQGRODEDWDOODSHURSXHVWRTXHQRVH
OOHJDDODQREOHFDWHJRUÇDGHYHQFLGRVLQKDEHUOXFKDGRVLUYDHVWDS»JL
QDFRPRXQLQWHQWRP»VHQODODUJDJXHUUDSRUHOELHQGHODpPq3HUR
DQWHVGHVHJXLUPLVLQVWUXFFLRQHVP»VDEDMRGLPLOYHFHVHQYR]DOWD
HOVLJXLHQWHQRPEUHSURFXUDQGRVLHPSUHFHUUDUODERFDFRQODÔOWLPD
OHWUD'DYLG%HFNKDP
+HSXHVWRXQDOLVWDGHSDODEUDVTXHWHUPLQDQHQpPq4XLHURTXH
UHSLWDVFDGDSDODEUDYHFHVDOGÇDGXUDQWHXQDËR6LWHFXHVWD
DËDGHXQOLJHURVRQLGRGHpDqGHVSXÃVGHODpPq
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
0LUD-RKQWHQHPRVTXHHQFRQWUDUXQDIRUPDGHDPRUWLJXDUHO
UXLGRHQOD]RQDFRPÔQGHODRîFLQD/DDFÔVWLFDHVPDOÇVLPD\
FXDQGRWRGRHOPXQGRHVW»DOWHOÃIRQRORVUXLGRVUHERWDQHQHO
VXHORSDUHGHV\WHFKRFRPRERODVGHSLQJSRQJ1RSRGU»QUH
GXFLUXQSRFRHOUXLGRXQDVFXDQWDVDOIRPEUDV\TXL]»XQDRGRV
SODQWDVDGLFLRQDOHV"
&ODP
'DP
/DPE
+DP
-DP
*UDP
([DP
7KHP
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
*\P
-LP
6OLP
+\PQ
)URP
6XP
6RPH
7KXPE
DOPHMD
SUHVD
FRUGHUR ODpEqHVPXGD
MDPÍQ
FRQîWXUD
JUDPR
H[DPHQ
HOORV
JLPQDVLR
GLPLQXWLYRGH-DPHV
HVEHOWR
KLPQR ODpQqHVPXGD
GHGHVGH
VXPD
DOJXQRV
GHGRSXOJDU pEqPXGD
6HJXQGRODVHFFLÍQGHDEDMRFRQWLHQHIUDVHVFRQYDULDVpPq5HSL
WHODVIUDVHVFHUUDQGRODERFDFDGDYH]TXHDSDUHFHODOHWUD
6RPHRIWKHVXPVDUHIURPWKHH[DP
$OJXQDVGHODVVXPDVVRQGHOH[DPHQ
-LPLVJRLQJWRSLFNWKHPXSIURPWKHKDPDQGFKHHVHVKRS
-LPYDDUHFRJHUOHVGHODWLHQGDGHMDPÍQ\TXHVR
,oPDVOLPDQLPDO 6R\XQDQLPDOHVEHOWR
$P,JRLQJWREHFRPHDFODPLQDPRPHQW"
9R\DFRQYHUWLUPHHQDOPHMDGHQWURGHXQPRPHQWR"
-LPZLOOKXPWKHK\PQLQVRPHRIWKHJ\PV
-LPWDUDUHDU»HOKLPQRHQDOJXQRVGHORVJLPQDVLRV
,oPLQP\PRWKHUoVPHPRU\ (VWR\HQODPHPRULDGHPLPDGUH
/LVWHQ -RKQ ZHoYH JRW WR îQG D ZD\ WR DEVRUE WKH QRLVH LQ WKH
JHQHUDORIîFHDUHD7KHDFRXVWLFVDUHWHUULEOHDQGZKHQHYHU\RQHoV
RQ WKHSKRQH WKHQRLVHERXQFHVRII WKHïRRUZDOOVDQGFHLOLQJ
OLNH FUD]\ SLQJSRQJ EDOOV &RXOGQoW D IHZ UXJV RQ WKH ïRRU DQG
PD\EHDQDGGLWLRQDOSODQWRUWZRUHGXFHVRPHRIWKHQRLVH"
(OODPHQWRGHODEHOOD(OYLUD
(VWLPDGRDPLJR\DOXPQR(OYLUDWLHQHPX\EXHQDDFWLWXG$OSULQFLSLRVHHQIDGÍFRQ
HOUHVSRQVDEOHGHUHFXUVRVKXPDQRVGHODHPSUHVDGRQGHVHHQWUHYLVWÍSRUSULPHUD
YH]3HURDSHVDUGHHVWDUDFRVWXPEUDGDDWHQHUÃ[LWRHQWRGRORTXHHPSUHQGHWLHQH
VXîFLHQWHKXPLOGDGSDUDGDUVHFXHQWDGHTXHXQRQRSXHGHJDQDUVLHPSUH3HURHQPL
RSLQLÍQHVW»FRPHWLHQGRVXVHJXQGRHUURUHOFXDOFRQVLVWHHQVHJXLUEXVFDQGRWUDEDMR
4XHUtDOXFLUHQHUJtD\EULOODQWH]
VDELHQGRTXHQRVHPDQHMDHQDEVROXWRHQLQJOÃV'HEHUÇDSDUDUWRGR\YROFDUVHHQ
<VHHQWUHJyFRQJDQDV\VLQGHMDGH]
HOHVWXGLRGHOLQJOÃVFRPRVHKDYROFDGRKDVWDDKRUDHQVXYLGDDFDGÃPLFD$KRUD
$EXVFDUXQWUDEDMRHQXQDHPSUHVDGHSULPHUD(Q
GHEHGHGLFDUHOPLVPRWLHPSR\HVIXHU]RDOLQJOÃVTXHKDGHGLFDGRGXUDQWHGRVDËRV
XQDHPSUHVDER\DQWHHQXQDHPSUHVDSXQWHUD
DOPDVWHUHQGLUHFFLÍQGHHPSUHVDV6XSULPHUHUURUSRUFLHUWRIXHQRSRVSRQHUHO
7HQtDXQDPLVLyQHQODYLGDORVDEtD
PDVWHUKDVWDGHVSXÃVGHUHVROYHUHOWHPDGHOLQJOÃV'HKHFKRHVPHMRUSRVSRQHUOR
'HMDUtDVXKXHOODFRQEUtR\RVDGtD
KDVWDORVÍDËRVFXDQGRXQRWLHQHP»VH[SHULHQFLD\P»VPDGXUH](QFDPELR
1RSRUQDGDKDEtDWDQWRVDxRVHVWXGLDGR
HOLQJOÃVFXDQWRP»VORSRVSRQHVP»VGLIÇFLOVHWHKDFH
6HIXHIXULRVDSHURQDGDKHULGD
1RLEDDVHQWLUVHQLWULVWHQLDEDWLGD
(UDPX\DSOLFDGDGHYHUGDGORVDEtD
<VXFDUD\VXFXHUSRHUDQSXUDSRHVtD
3DUDYHUDOÀQDOHOFDPLQRDJULDGR
7REHFRQWLQXHG
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VÃVWHHOîQDO" ,VWKLVWKHHQG"
1RHVHOFRPLHQ]R 1RLWoVWKHEHJLQQLQJ
(VÃVDODSULPHUDS»JLQD" ,VWKDWWKHïUVWSDJH"
1RHVODÔOWLPDS»JLQD 1RLWoVWKHODVWSDJH
1RHUHVPX\LQWHOLJHQWH <RXoUHQRWYHU\LQWHOOLJHQW
+D\YLQRHQODERWHOOD" ,VWKHUHDQ\ZLQHLQWKHERWWOH"
1RQRKD\+D\DOJRHQHOYDVR 1RWKHUHLVQoW7KHUHoVVRPHLQ
WKHJODVV
+D\DOJÔQSUREOHPD" ,VWKHUHDSUREOHP"
6ÇORKD\(VXQSUREOHPD <HVWKHUHLV,WoVDKXJH
SUREOHP
HQRUPH
4XÃGLIHUHQFLDKD\HQWUH :KDWGLIIHUHQFHLVWKHUH
EHWZHHQDQ\DQGVRPH"
DQ\\VRPH"
/RZ,QWHUPHGLDWH
(VWXYLVWHHQODUHXQLÍQD\HU" :HUH\RXDWWKHPHHWLQJ
\HVWHUGD\"
3RUTXÃQRHVWXYLVWHDOOÇ" :K\ZHUHQoW\RXWKHUH"
4XÃHVWDEDVKDFLHQGR" :KDWZHUH\RXGRLQJ"
(VWDU»VHQODSUÍ[LPD" :LOO\RXEHDWWKHQH[WRQH"
'HEHVLUDWRGDVODVUHXQLRQHV <RXPXVWJRWRDOOWKH
PHHWLQJV
0LGGOH,QWHUPHGLDWH
&UHÇYHUXQDPRVFD ,WKRXJKW,VDZDð\
/ROH\ÍFXDQGRVHOHYDQWÍ +HUHDGLWZKHQKHJRWXS
9LQHHQFXDQWRRÇODQRWLFLD ,FDPHDVVRRQDV,KHDUGWKH
QHZV
6HPDUFKÍFXDQGRVHORGLMH 6KHOHIWZKHQ,WROGKHU
/RYHQGLHURQFXDQGRORV 7KH\VROGLWZKHQWKHSULFHV
URVH
SUHFLRVVXELHURQ
+LJK,QWHUPHGLDWH
7HJXVWR" 'R\RXOLNHPH"
&ÍPRHUDQVXVSDGUHV" :KDWZHUHKHUSDUHQWVOLNH"
/HJXVWDVWHDHOOD" 'LGVKHOLNH\RX"
4XÃDVSHFWRWLHQH" :KDWGRHVKHORRNOLNH"
(OODWHJXVWÍYHUGDG" <RXOLNHGKHUGLGQoW\RX"
/RZ$GYDQFHG
1RPHJXVWDHOTXHVR$ÃO ,GRQoWOLNHFKHHVH1HLWKHU
GRHVKH
WDPSRFR
1HFHVLWRXQDFRSD(OODWDPELÃQ ,QHHGDGULQN6RGRHVVKH
1RHVWDU»DOOÇ£OWDPSRFR 6KHZRQoWEHWKHUH1HLWKHU
ZLOOKH
0HJXVWDUÇDVHUPLOORQDULR ,oGOLNHWREHDPLOOLRQDLUH6R
ZRXOGZHDOO
$WRGRVQRVRWURVWDPELÃQ
0LFDVDQRHVW»HQ0DGULG 0\KRXVHLVQoWLQ0DGULG
1HLWKHULVPLQH
/DPÇDWDPSRFR
6WDSOHU *UDSDGRUD
'UDZLQJSLQ &KLQFKHWD
%XOOGRJFOLS 6XMHWDSDSHOHVFRQSLQ]D
6WDSOH *UDSD
3DSHUFOLS &OLS6XMHWDSDSHOHV
9RFDEXODULR2IîFH6XSSOLHV 0DWHULDOGH2ïFLQD
0LGGOH$GYDQFHG
7HQHPRVTXHFRQYRFDUXQD :HKDYHWRFDOODPHHWLQJ
UHXQLÍQ
&X»QGRVHYDDFHOHEUDU" :KHQLVLWJRLQJWREHKHOG"
6HFHOHEUDU»HQODVDODGH ,WoOOEHKHOGLQWKHFRQIHUHQFH
URRP
FRQIHUHQFLDV
3RGHPRVDSOD]DUORKDVWD &DQZHSXWLWRIIXQWLO
0RQGD\"
HOOXQHV"
$QXOÃPRVOD /HWoVFDOOLWRII
)RU(QJOLVKVXSHUVWDUVRQO\
'HMÃPRVORSRUKR\ /HWoVFDOOLWDGD\
(VWR\KHFKRSROYR ,oPEHDW
(VWR\SHODGRSHURQR ,oPEURNHEXWQRWEURNHQ
TXHEUDQWDGR
9R\DWXPEDUPH ,oPJRLQJWRKLWWKHVDFN
0HYR\DHFKDUXQDFDEH]DGLWD,oPJRLQJWRKDYHZLQNV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
(OJHQLWLYRVDMÍQ
7KHOLJKWDWWKHHQGRIWKHWXQQHO
/DOX]DOîQDOGHOWÔQHO
/RQJWLPHQRVHH
+DFHPXFKRTXHQRWHYHR
/LNHFORFNZRUN
&RPRXQUHORM
+HoVORVWKLVPDUEOHV
6HKDYXHOWRORFR
,NQRZLWOLNHWKHEDFNRIP\KDQG
/RFRQR]FRFRPRODSDOPDGHPLPDQR
7KH\oYHORVWWKHLUVKLUW
+DQSHUGLGRKDVWDODFDPLVD
3DUDGHFLUHOOLEURGH-XDQQRGHFLPRVpWKH
ERRNRI-XDQqVLQRp-XDQoVERRNq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
$TXÃOHVHODYLÍQGHO5H\
(OFRFKHGH&DUORVQRHVQHJUR
'ÍQGHHVW»HOFRFKHGH/XLJL"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
'HVFXLGDDKRUDOHVOODPR
,I\RXOHWPH,NLOO\RX
WUDVLQWHQFLRQHV)ÇMDWHHQODVVLJXLHQWHVIUDVHVRH[SUHVLRQHVWDQRP
QLSUHVHQWHVHQHVSDËRO\VXVHTXLYDOHQWHVLJXDOPHQWHRPQLSUHVHQ
WHVHQLQJOÃV
9R\SDUDDOO»
,oOOEHULJKWWKHUH
$KRUDEDMR
,oOOEHULJKWGRZQ
(QVHJXLGDYXHOYR
,oOOEHULJKWEDFN
$KRUDVXER
,oOOEHULJKWXS
$KRUDWHYHR
,oOOVHH\RXLQMXVWDPLQXWH
$KRUDOOHJDPRVDHVHSXQWR
:HoOOJHWWRWKDWSRLQWVKRUWO\
0DËDQDOOXHYHVHJXUR
7RPRUURZLWoVJRLQJWRUDLQIRU
VXUH
6LSXHGRORKDJR
,I,FDQ,oOOGRLW
/HUHFLERVLQRKD\P»V
,oOOUHFHLYHKLPLIWKHUHoVQR
UHPHGLR
RWKHUFKRLFH
fWHWDFKDU»QGH7DU]»QRGH7HUPLQDWRU6XHQDDFXDQGRVHHPSOHD
HOLQîQLWLYRHQHVSDËROSDUDHOGREODMHGHORVLQGLRVDPHULFDQRV KRP
EUHEODQFRKDEODUFRQOHQJXDEtÀGD
(QLQJOÃVVLHPSUHGHEHPRVXVDUHOWLHPSRIXWXURSDUDH[SUHVDUQXHV
8QHVSDËROGHEXHQDIRUPDFLÍQDFDGÃPLFDPHLQVLVWLU»HQTXHWDP
ELÃQHQFDVWHOODQRORP»VFRUUHFWRHVHPSOHDUHOWLHPSRIXWXURHQHV
WRVFDVRV6LQHPEDUJRVHR\HP»VHOSUHVHQWHKDELWXDO\HOGH
PLVDOXPQRVWUDVODGDQHVWHK»ELWRDOLQJOÃV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6LDWLQRWHLPSRUWDPHYR\DPDUFKDU7HQJRTXHLUDXQFRQFLHU
WRRUJDQL]DGRSRUODDVRFLDFLÍQGRQGHWUDEDMDPLPXMHU(VSHUR
QRTXHGDUPHGRUPLGRDODPLWDG|$K&DVLPHROYLGR+HGHMDGR
HOÔOWLPRERUUDGRUGHOFRQWUDWRSDUDHOVWDQGHQWXPHVD5HYÇVDOR
\VLHVW»ELHQIÇUPDOR\P»QGDVHORD6LPSVRQGHO'HSDUWDPHQWR
/HJDO
,I\RXGRQoWPLQG,oPJRLQJWRWDNHRII,KDYHWRDWWHQGDFRQFHUW
RUJDQL]HGE\WKHDVVRFLDWLRQZKHUHP\ZLIHZRUNV,KRSH,GRQoW
IDOODVOHHSLQWKHPLGGOHRILW2K,DOPRVWIRUJRW,OHIWWKHîQDO
GUDIW RI WKH FRQWUDFW IRU WKH VWDQG RQ \RXU GHVN /RRN LW RYHU
DQG LI LWoV RND\ VLJQ LW DQG IRUZDUG LW WR 6LPSVRQ LQ WKH /HJDO
'HSDUWPHQW
8QD SUHJXQWD (V JUDPDWLFDOPHQWH FRUUHFWR HO WÇWXOR GH HVWD VHF
FLÍQ"
2LJRDGLDULRIUDVHVFRPRÃVWDHQHVSDËRO\SDUDPÇQRVRQFRUUHFWDV
3RUTXÃXWLOL]»LVHOSUHVHQWHSDUDDFFLRQHVGHIXWXUR"
(QVHJXLGDYR\0DËDQDORKDJR6LPHGHMDVWHPDWR
0HUHVXOWDFXULRVDHVWDIRUPDSHUR\DODKHDVLPLODGR\ODXVRWDPELÃQ
FXDQGRKDEORHQHVSDËRO3HURHQLQJOÃVVXHQDPX\PDO6XHQDSULPL
WLYRXVDUHOSUHVHQWHKDELWXDO ,JR,GRLWf,NLOO\RX SDUDLQWHQFLRQHV
GHIXWXUR(QLQJOÃVGHEHPRVSRUREOLJDFLÍQHPSOHDUHOIXWXUR6LGL
FHVIUDVHVHQLQJOÃVFRPRÃVWDV
1RZ,FDOOKLP 7RPRUURZ,GRLW ,JRQRZ
(OODPHQWRGHODEHOOD(OYLUD FRQW
6HLVHQWUHYLVWDVEDVWDURQSDUDTXHDOÀQDOVXSLHUD
4XHVLQHOLQJOpVVyORTXHGDEDEDUUHQGHUD
7UDVDxRVGHHVWXGLRFRQQRWDEULOODQWH
6HHQIUHQWDEDDDOJRELHQDODUPDQWH
(OLQJOpVHOLQJOpVTXpFUX]TXpSUREOHPD
$KRUDHOLQJOpVVXSRQtDXQGLOHPD
6XVFROHJLRV\SURIHVQRKDEtDQDFHUWDGR
<OHKDEtDQOHJDGRXQIXWXURFRPSOLFDGR
$ODVEXHQDVHPSUHVDVDODVPiVFRWL]DGDV
/HVLQWHUHVDEDQELHQSRFRODVQRWDVODXUHDGDV
1LPLUDEDQORV0DVWHUQLODVPDWUtFXODVGHKRQRU
3RUTXHVLQHOLQJOpVVyORTXHGDEDVROGDGRU
7REHFRQWLQXHG
(VWLPDGR DPLJR \ DOXPQR 'H QXHYR H[DJHUR SHUR VÍOR XQ SRFR /DV HPSUHVDV XVDQ
HOLQJOÃVFRPRSULPHUDFULEDSRUTXHHVWROHVSHUPLWHTXLWDUGHHQPHGLRDOGHORV
FDQGLGDWRVVLQWHQHUTXHFLWDUOHVSDUDSUXHEDVSVLFRWÃFQLFDVQLSULPHUDVHQWUHYLVWDV6L
DOJXLHQGLFHHQVXFXUULFXOXPpQLYHOPHGLRqRPHQRVHVW»GHVFDUWDGRLQFOXVRVLWLHQH
QRWDVVREUHVDOLHQWHVHQODFDUUHUD2WUDFRVDTXHKHREVHUYDGRDOJRTXHQRPHJXVWD
HVTXHPXFKDVHPSUHVDVVLQGDUVHFXHQWDDYHFHVFRQFHGHQGHPDVLDGDLPSRUWDQFLDDO
LQJOÃV6LHQWUDXQMRYHQFRQXQLQJOÃVLPSHFDEOHHQXQSURFHVRGHVHOHFFLÍQSDUHFHTXH
DODHPSUHVDVHOHFLHJDHOUDFLRFLQLRDOPHQRVDORVUHVSRQVDEOHVGH»UHD/RVGH5HFXUVRV
+XPDQRVVRQP»VDYH]DGRV\VDEHQUHFRQRFHUODH[LVWHQFLDRQRGHRWUDVFXDOLGDGHV6LQ
HPEDUJRÃVWRVVHOHFFLRQDQSDUDRWURVMHIHV\HVWRVMHIHVFXDQGRVHHQWHUDQGHTXHKD\
DOJÔQFDQGLGDWRFRQXQLQJOÃVH[FHOHQWHLQVLVWHQDYHFHVHQTXHVHDHOHOHJLGR8QEXHQ
GRPLQLRGHOLQJOÃVDEUHPXFKDVSXHUWDVHQHOPHUFDGRODERUDO\SURIHVLRQDOHVSDËRO
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VXQDFDOOHODUJD ,WoVDORQJVWUHHW
6RQHGLîFLRVDOWRV 7KH\oUHWDOOEXLOGLQJV
(VXQDHPSUHVDLPSRUWDQWH ,WoVDQLPSRUWDQWFRPSDQ\
6RQOLEURVLQWHUHVDQWHV 7KH\oUHLQWHUHVWLQJERRNV
(VXQDSHOÇFXODDEXUULGD ,WoVDERULQJïOP
0HFRPSUHQGHV" 'R\RXXQGHUVWDQGPH"
7HFRPSUHQGHVLKDEODV +HXQGHUVWDQGV\RXLI\RX
VSHDN6SDQLVK
HVSDËRO
/HVFRQRFHELHQ" 'RHVKHNQRZWKHPZHOO"
/HFRQRFHDÃOSHURQROD +HNQRZVKLPEXWKHGRHVQoW
NQRZKHU
FRQRFHDHOOD
(OODQROHFRQRFHDÃOWDPSRFR 6KHGRHVQoWNQRZKLPHLWKHU
/RZ,QWHUPHGLDWH
+DEU»FDPELRVHQHVWDHPSUHVD7KHUHZLOOEHFKDQJHVDWWKLV
FRPSDQ\
1RKDEU»PXFKDJHQWHDOOÇ 7KHUHZRQoWEHPDQ\SHRSOH
WKHUH
+DEU»WLHPSRSDUDLUGH :LOOWKHUHEHDQ\WLPHWRJR
VKRSSLQJ"
FRPSUDV"
&X»QWRWLHQHV" +RZPXFKGR\RXKDYH"
&X»QWRVQHFHVLWDV" +RZPDQ\GR\RXQHHG"
0LGGOH,QWHUPHGLDWH
6DEHHOODQDGDU" 'RHVVKHNQRZKRZWRVZLP"
1DGDFRPRXQSH] 6KHVZLPVOLNHDïVK
6DEHÃOFDQWDU" 'RHVKHNQRZKRZWRVLQJ"
&DQWDFRPRXQ»QJHO +HVLQJVOLNHDQDQJHO
1RVDEHVKDFHUQDGD" 'RQoW\RXNQRZKRZWRGR
DQ\WKLQJ"
&RUN &RUFKR
1HFN &XHOOR
/DEHO (WLTXHWD
%RWWOH %RWHOOD
%RWWOHRSHQHU 6DFDFRUFKRV
9RFDEXODULR%RWWOHRI:LQH %RWHOODGH9LQR
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
7HLPSRUWDVLIXPR" 'R\RXPLQGLI,VPRNH"
<RTXHWÔQRIXPDUÇDDTXÇ ,I,ZHUH\RX,ZRXOGQoWVPRNH
KHUH
1RPHLPSRUWDORYR\D ,GRQoWFDUH,oPJRLQJWROLJKWLW
HQFHQGHU
0HGHYROYLVWHPLPHFKHUR" 'LG\RXJLYHPHEDFNP\
OLJKWHU"
/HLPSRUWDUÇDQRIXPDU" :RXOG\RXPLQGQRWVPRNLQJ"
+DEUÇDQJDQDGRFRQRWUR :RXOGWKH\KDYHZRQZLWKD
GLIIHUHQWFRDFK"
HQWUHQDGRU"
|1LKDEODU 1RZD\
6LKXELHUDQWHQLGRPHMRUHV ,IWKH\KDGKDGEHWWHUSOD\HUV
MXJDGRUHVKDEUÇDVLGRGLIHUHQWH LWZRXOGKDYHEHHQGLIIHUHQW
(VW»VDîUPDQGRORREYLR <RXoUHVWDWLQJWKHREYLRXV
7HYR\DGDUXQSXËHWD]RHQ ,oPJRLQJWRSXQFK\RXLQWKH
IDFH
ODFDUD
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
1RKDEUÇDLGRDQRVHUTXH,ZRXOGQoWKDYHJRQHXQOHVV
KXELHUDVYHQLGRWÔ
\RXKDGFRPH
6LHPSUHTXHQRVSDJXHQOR$VORQJDVWKH\SD\XVIRULW
KDUHPRVORPHMRUTXHSRGDPRV ZHoOOGRRXUEHVW
6XSRQLHQGRTXHQROR6XSSRVLQJZHGRQoWïQLVKLW
WHUPLQDPRVTXÃSDVDU»"
ZKDWZLOOKDSSHQ"
/OHYDWXEXIDQGDSRUVLDFDVR7DNH\RXUVFDUIMXVWLQFDVH
6LKXELHUDQDFLGRHQ&KLQDVHUÇD,I,oGEHHQERUQLQ&KLQD,oGEH
FKLQR
&KLQHVH
|2\HWÇRPHKDVWLUDGRPLFRSD2\PDWH\RXVSLOOHGP\GULQN
|7HODHVW»VEXVFDQGR<RXoUHDVNLQJIRULW
&XLGDGRFRQHVDERFD.HHS\RXPRXWKVKXW
6HKDDUPDGRXQDJRUGD,WoVDOONLFNHGRII
+DFHPRVXQVLQSD/HWoVGRDUXQQHU
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
(OVXSHUODWLYR
7RPDNHDNLOOLQJ
)RUUDUVH
7KHPDQLQWKHVWUHHW
(OKRPEUHGHODFDOOH
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7RPDNHHQGVPHHW
/OHJDUDîQGHPHV
*LYHPH\RXUZRUG
'DPHWXSDODEUD
7RPDNHPRQH\KDQGRYHUîVW
*DQDUPXFKRGLQHUR$PDQRV
OOHQDV
7RPDNHDPRXQWDLQRXWRIDPROHKLOO
+DFHUXQDPRQWDËDGHXQJUDQRGH
DUHQD
(OODKDFHORVEL]FRFKRVP»VVDEURVRVGHO
PXQGR
(VODFKLFDP»VJXDSDGHOPXQGR
/RSHRUGHHOODHVVXWHPSHUDPHQWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3URQRPEUHVSRVHVLYRVsHMHUFLFLRVRUDOHV
/RVUHFXDGURVFRQWLHQHQHMHPSORVGHSXUDPHF»QLFDJUDPDWLFDO$TXÇ
SRGU»VFRQVROLGDUWX\DSUREDEDDJLOLGDGFRQORVDGMHWLYRVSRVHVLYRV
P\\RXURXUHWF FRQORVSURQRPEUHVSRVHVLYRV PLQH\RXUVRXUV
HWF \FRQORVSURQRPEUHVFRPSOHPHQWR PH\RXXVHWF /HHFDGD
IUDVHHQYR]DOWDFLQFRYHFHVDOGÇDGXUDQWHVHLVPHVHV$VÇOHHU»VFDGD
IUDVHXQDVYHFHV/DUHSHWLFLÍQDGLQÀQLWXPHVODÔQLFDIRUPDGH
FRQVHJXLUXQGRPLQLRVHJXURGHODHVWUXFWXUDJUDPDWLFDOGHRWURLGLR
PD3RUVXSXHVWRQRYR\DHVWDUSUHVHQWHFRQWLJRSDUDVDEHUVLORKD
FHVRQRSHURVHU»WXLQJOÃVQRHOPÇRHOTXHVXIULU»ODVFRQVHFXHQFLDV
/XHJRQRWHTXHMHV
(QOD]DELHQODpPqFRQODpDq
(QOD]DELHQODpGqFRQODpRq
/DSULPHUDIUDVH»LPDIUÃQGDIKLV
,oPDIULHQGRIKLV
+HoVDIULHQGRIPLQH
,oPDIULHQGRI\RXUV
<RXoUHDIULHQGRIPLQH
,oPDIULHQGRIKHUV
6KHoVDIULHQGRIPLQH
,oPDIULHQGRIWKHLUV
7KH\oUHIULHQGVRIPLQH
<RXoUHDIULHQGRIRXUV
:HoUHIULHQGVRI\RXUV
+HoVDIULHQGRIRXUV
:HoUHIULHQGVRIKLV
6KHoVDIULHQGRIRXUV
6KHoVDIULHQGRIRXUV
:HoUHIULHQGVRIKHUV
:HoUHIULHQGVRIWKHLUV
7KH\oUHIULHQGVRIRXUV
6KHoVDIULHQGRI\RXUV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
|'HEHVHVWDUGHEURPD3RUTXÃHVWDUÇD\RLQWHUHVDGRHQXQLUPH
D7D\ORU $VRFLDGRV"1RKD\IRUPDGHTXHHOORVPHSDJXHQOR
TXHJDQRDTXÇ$GHP»VOOHYRDTXÇODPLWDGGHPLYLGDODERUDO\
ORÔOWLPRTXHTXLHURKDFHUHVLUPH6LQFHUDPHQWHFUHHVTXHQH
JRFLDUÇDFRQ7D\ORUDWXVHVSDOGDV"|9HQJD\D|0HFRQRFHVPHMRU
TXHHVR|9DPRV
(OODPHQWRGHODEHOOD(OYLUD FRQW
$VXVWDGD(OYLUDDFRPHWLyHOLQJOpV
&RQYRFDEORVWDQUDURVTXHSDUHFtDMDSRQpV
&RQFRGRV\WHVyQVHSURSXVRYHQFHU
8QLGLRPDTXHSURQWRFRPHQ]yDDERUUHFHU
$OFDERGHXQPHVOHFDPELDURQGHSURIHVRU
<HOQXHYRXQSDVRWDFRQDLUHVGHVHGXFWRU
1RWHQtDQLPpWRGRQLVLVWHPDDOJXQR
1LFHUHEURPiVJUDQGHTXHXQSLQFKRPRUXQR
6HLVPHVHVPiVWDUGHWUDVXQFXDUWRLQWHQWR
(OYLUDHPSH]DEDDHQWRQDUXQODPHQWR
/DVFODVHVODVQRWDVHOVLVWHPDHGXFDWLYR
/HKDEtDQGHSDUDGRPX\SRFRSRVLWLYR
7REHFRQWLQXHG
<RXoUHDIULHQGRIKHUV
+HoVDIULHQGRI\RXUV
<RXoUHDIULHQGRIKLV
:HoUH DOO JRRG IULHQGV FDQoW
\RXWHOO"
&DQoW\RXWHOO" 1RORYHV"
p)ULHQGqVHSURQXQFLDpIUHQGq
p7KHLUVqVHSURQXQFLDp]HUVq
p,oPDqVHSURQXQFLDp»LPDq
p<RXUVqVHSURQXQFLDpLÃUVq
0LQHLVWKHRQHQH[WWR\RXUV
<RXUVLVWKHRQHQH[WWRPLQH
+LVLVWKHRQHQH[WWRKHUV
+HUVLVWKHRQHQH[WWRKLV
7KHLUVLVWKHRQHQH[WWRRXUV
2XUVLVWKHRQHQH[WWRWKHLUV
0LQHEHORQJVWRPH
<RXUVEHORQJVWR\RX
+LVEHORQJVWRKLP
+HUVEHORQJVWRKHU
2XUVEHORQJVWRXV
7KHLUVEHORQJVWRWKHP
0\ERRNLVPLQH
<RXUERRNLV\RXUV
+LVERRNLVKLV
+HUERRNLVKHUV
2XUERRNLVRXUV
7KHLUERRNLVWKHLUV
*LYHPHPLQH
,oOOJLYH\RX\RXUV
*LYHKLPKLV
*LYHKHUKHUV
*LYHXVRXUV
*LYHWKHPWKHLUV
<RXPXVWEHNLGGLQJ:K\ZRXOG,EHLQWHUHVWHGLQMRLQLQJ7D\ORU
$VVRFLDWHV"7KHUHoVQRZD\WKH\oGEHDEOHWRSD\PHZKDW,JHW
KHUH%HVLGHV,oYHEHHQKHUHIRUKDOIP\ZRUNLQJOLIHDQGWKHODVW
WKLQJ , ZDQW WR GR LV OHDYH 'R \RX KRQHVWO\ WKLQN ,oG GHDO ZLWK
7D\ORUEHKLQG\RXUEDFN"&RPHRQQRZ<RXNQRZPHEHWWHUWKDQ
WKDW&RPHRQ
(VWLPDGRDPLJR\DOXPQR1XHVWUDSREUH(OYLUDVHKDGDGRFXHQWDGHTXHVLQLQJOÃV
WRGRVXEDJDMHHGXFDWLYRYDOHPXFKRPHQRVGHORTXHSHQVDED$KRUDOHWRFDXQWUDJR
DPDUJRFRPHQ]DUHQVHULRDORVDËRVDDSUHQGHULQJOÃVXQLGLRPDGHUDÇ]JHUP»QLFD
OOHQDGHVRQLGRV\IRUPDVJUDPDWLFDOHVPX\DOHMDGDVGHODOÍJLFDODWLQD/RTXHHVSHRU
DOLJXDOTXHWDQWRVHVSDËROHVDQWHODLPSHULRVDQHFHVLGDGGHDSUHQGHULQJOÃV(OYLUDQR
HVW»PX\LQVWUXLGDHQFÍPRDERUGDUHOWHPD&ODVHV"&XUVRVLQWHQVLYRV"8QDHVWDQFLD
HQ ,QJODWHUUD" 8Q SURIHVRU SDUWLFXODU" (VW» GHVRULHQWDGD SHUR HOLJH \ SRQH WRGR GH
VXSDUWHFRPRVLHPSUH3HURHOLQJOÃVQRHVFRPRHO»OJHEUDRODKLVWRULDRHODQ»OLVLV
PDFURHFRQÍPLFR(VDOJRGLQ»PLFRTXHQRWLHQHYDOLGH]VLXQRQRVDEHPDQHMDUODV
PLOORQHVGHFRPELQDFLRQHV\SHUPXWDFLRQHVTXHYRFDEORVDGPLWHQ DGHP»VGH
HQWHQGHUDFHQWRVGHWRGRVORVFRORUHV $OîQDO(OYLUDVHGDFXHQWDGHORGLIÇFLOTXHHVOD
WDUHD\HPSLH]DDEXVFDUFXOSDEOHV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VW»HOODFDVDGD" ,VVKHPDUULHG"
1RORHVW»HVW»VROWHUD 1RVKHLVQoWVKHoVVLQJOH
(VHVHVXQRYLR" ,VWKDWKHUER\IULHQG"
1RORHVHVVXMHIH 1RLWLVQoWLWoVKHUERVV
(VW»VVHJXURGHTXHQRHV $UH\RXVXUHLWLVQoWKHU
VXQRYLR"
ER\IULHQG"
4XÃSDVDHVWDQRFKH" :KDWoVKDSSHQLQJWRQLJKW"
9DPRVDKDFHUXQDîHVWD :HoUHJRLQJWRKDYHDSDUW\
3XHGRLU" &DQ,FRPH"
(VWXîHVWDGHFXPSOHDËRV ,WoV\RXUELUWKGD\SDUW\
3XHGRLQYLWDUDWRGRVPLV &DQ,LQYLWHDOOP\IULHQGV"
DPLJRV"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
$TXÃMXHJDQ" :KDWGRWKH\SOD\"
&X»QGRFRPLHQ]D" :KHQGRHVLWVWDUW"
'ÍQGHMXJDURQHOÔOWLPR :KHUHGLGWKH\SOD\WKHODVW
PDWFK"
SDUWLGR"
3RUTXÃSHUGLHURQ" :K\GLGWKH\ORVH"
4XLÃQMXHJDHQHOHTXLSR" :KRSOD\VLQWKHWHDP"
%DLORPHMRUTXHWÔ ,GDQFHEHWWHUWKDQ\RX
(OODHVODPHMRUDWOHWDGHVX 6KHoVWKHEHVWDWKOHWHLQKHU
FROHJLR
VFKRRO
6RQPXFKRSHRUTXHQRVRWURV 7KH\oUHPXFKZRUVHWKDQXV
(VHOSHRUSUHVLGHQWHGHOD +HoVWKHZRUVWSUHVLGHQWLQ
KLVWRULD
KLVWRU\
(VW»P»VOHMRVGHORTXHSLHQVDV ,WoVIXUWKHUWKDQ\RXWKLQN
6WDU (VWUHOOD
3ODQHW 3ODQHWD
6SDFHVKLS 1DYH(VSDFLDO
6KRRWLQJVWDU (VWUHOOD)XJD]
0RRQ /XQD
9RFDEXODULR2XWHU6SDFH (VSDFLR6LGHUDO
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
(UHVWDQHVWÔSLGR <RXoUHVRVWXSLG
'LFHVFRVDVWDQULGÇFXODV <RXVD\VXFKULGLFXORXVWKLQJV
6LSHQVDUDVXQSRFRP»VQR ,I\RXWKRXJKWDOLWWOHPRUH\RX
GLUÇDVHVDVFRVDV
ZRXOGQoWVD\WKRVHWKLQJV
3RUTXÃQRPHGHMDVHQSD]" :K\GRQoW\RXOHDYHPHDORQH"
'HEHUÇDVVHUP»VFRQVLGHUDGR<RXVKRXOGEHPRUHFRQVLGHUDWH
$TXÃKRUDDSDUHFLÍHOOD" :KDWWLPHGLGVKHVKRZXS"
1DGLHODUHFRJLÍHQHO 1RERG\SLFNHGKHUXSIURPWKH
DHURSXHUWR
DLUSRUW
4XÃVDOLÍPDO" :KDWZHQWZURQJ"
1RIDFWXUÍDWLHPSR 6KHGLGQoWFKHFNLQLQWLPH
1RHVPX\VHQVDWDYHUGDG" 6KHoVQRWYHU\VHQVLEOHLVVKH"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
7HOOHYDVELHQFRQHOORV"'R\RXJHWRQZHOOZLWKWKHP"
0HHVW»FRVWDQGRVXSHUDUHVWH,oPKDYLQJWURXEOHJHWWLQJRYHU
UHVIULDGR
WKLVFROG
7HGHIHQGLVWHFRQWXLQJOÃV'LG\RXJHWE\ZLWK\RXU
HQ1XHYD=HODQGD"
(QJOLVKLQ1HZ=HDODQG"
|'HVKD]WHGHHVHFKLFOH*HWULGRIWKDWFKHZLQJJXP
QRZ
1RSXHGRFRPXQLFDUPH,FDQoWJHWWKURXJKWRWKHERVV
WHOHIÍQLFDPHQWH FRQHOMHIH
3LHQVROXHJRH[LVWR,WKLQNWKHUHIRUH,DP
/RVVDELRVVLHPSUHSHQVDPRV*UHDWPLQGVWKLQNDOLNH
LJXDO
(VXQKDFKD+HoVDUHDOVWDU
0HEORTXHRFXDQGRPHKDEOD0\PLQGJRHVEODQNZKHQKH
VSHDNVWRPH
(VFRUWLWR+HoVDELWWKLFN
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
*LPQDVLDYHUEDO
7KHUHZLOOEH
,WoVDPDWWHURIOLIHDQGGHDWK
(VXQDVXQWRGHYLGDRPXHUWH
+HKDVWKH0LGDVWRXFK
7RGRORTXHWRFDVHFRQYLHUWHHQRUR
,WGLGQoWPHHWP\H[SHFWDWLRQV
1RFXPSOLÍPLVH[SHFWDWLYDV
0LQG\RXUVWHS
&XLGDGRFRQHOHVFDOÍQ XRWURREVW»FXOR
7KHUHoVPHWKRGLQKLVPDGQHVV
1RHVW»WDQORFRFRPRSDUHFH
0RQH\ODXQGHULQJ
/DYDGRGHGLQHURQHJUR
)DLU
%XHQR WLHPSR
DWPRVIÃULFR
)DLU )HULD
)DLU 5HJXODUQRSDUD
WLUDUFRKHWHV
)DUH 7DULIDSDVDMH
)DUH 6DOLU HQXQH[DPHQ
SUXHEDHWF
,WoVQRWIDLUIRUSHRSOHZLWKIDLUVNLQWRIDUHZHOODWWKHFRXQW\IDLU
1RHVMXVWRTXHDODJHQWHGHSLHOFODUDOHVDOJDQELHQODVFRVDVHQ
ODIHULDGHOFRQGDGR 8VRVsss
7KH\UHFHLYHGDIDLUDPRXQWRIFULWLFLVPGHVSLWHWKHIDLUSOD\HYLGHQW
ZKHQVHWWLQJWKHIDUHV
5HFLELHURQEDVWDQWHFUÇWLFDDSHVDUGHOMXHJROLPSLRHYLGHQWHDOD
KRUDGHîMDUODVWDULIDV 8VRVss
7KHIDLUGDPVHOKDGDIDLUFKDQFHRIZLQQLQJWKHKHDUWRI/DQFHORW
EXWKHUPDUNVRQWKHLQWHOOLJHQFHWHVWZHUHRQO\IDLU
/DEHOODGRQFHOODWHQÇDXQDSUREDELOLGDGEDVWDQWHEXHQDGHJDQDU
HOFRUD]ÍQGH/DQ]DURWHSHURVXQRWDHQODSUXHEDGHLQWHOLJHQFLD
VÍORIXHXQDSUREDGRUDVSDGR 8VRVss
0LUURUPLUURURQWKHZDOOZKRoVWKHIDLUHVWRQHRIDOO"
(VSHMLWRHVSHMLWRTXLÃQHVODP»VEHOODGHOUHLQR"
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6LHOWHOHYLVRUQRWLHQHPDQGRDGLVWDQFLDFRQXQERWÍQSDUDTXHVHDSD
JXHGHIRUPDDXWRP»WLFDHQWRQFHVQRORFRPSUHV/DÔQLFDFRQGLFLÍQ
TXH\ROHH[LMRDXQWHOHYLVRUHVTXHVHDSDJXHSRUVÇVRORGHVSXÃVGHTXH
PHGXHUPD3DUDPÇODWHOHYLVLÍQHVFRPRXQVRPQÇIHUR1RPHSXH
GRGRUPLUVLQTXHHVWÃHQFHQGLGDSHURQRPHJXVWDGHMDUODHQFHQGLGD
WRGDODQRFKHRGHVSHUWDUPHDODVGHODPDËDQDSDUDDSDJDUOD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
&UHRTXHKDEU»XQDîHVWDHOYLHUQHV
1RKDEU»VXîFLHQWHFRPLGDSDUDWRGRHO
PXQGR
+DEU»YLQRHQODîHVWD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHPDQ\IDFHVRIpIDLUq
)DLU -XVWRLPSDUFLDO
)DLU /LPSLR IDLUSOD\
MXHJROLPSLR
)DLU 5XELR SHOR FODUR WH]
)DLU %HOORKHUPRVR
)DLU %DVWDQWHEXHQR
)DLU &RQVLGHUDEOH
+DEU»
)DUHZHOO
$GLÍV OLWHUDOPHQWHTXHWHYD\DELHQRTXHWHVDOJDELHQ
,GLGQoWIDUHWRRZHOORQWKHH[DP
1RKHVDOLGRPX\ELHQSDUDGRHQORVH[»PHQHV
,KDYHVXFKDIDLUFRPSOH[LRQWKDW,QHHGVXQVFUHHQ
7HQJRODWH]WDQFODUDTXHQHFHVLWRSURWHFFLÍQVRODU
+HoVDIDLUZHDWKHUIULHQG
(VDPLJRFXDQGRWRGRYDELHQ /LWHUDOPHQWHFXDQGRKDFHEXHQWLHPSR
,WoVFRPSOHWHO\XQIDLULQP\RSLQLRQ
(VWRWDOPHQWHLQMXVWRHQPLRSLQLÍQ
%RWKWKHWD[LIDUHVDQGWKHEXVIDUHDUHJRLQJXS
6XEHQWDQWRODVWDULIDVGHWD[LFRPRODWDULIDGHODXWREÔV
7RWHOO\RXWKHWUXWKWKHUHVXOWVZHUHRQO\IDLU
$GHFLUYHUGDGORVUHVXOWDGRVQRIXHURQPX\DOO»
,oPIDLUO\LPSUHVVHGZLWKWKHRXWFRPH
(VWR\EDVWDQWHLPSUHVLRQDGRSRUHOGHVHQODFH
7KHWUDGHIDLULVVFKHGXOHGIRUHDUO\-XQH
/DIHULDGHPXHVWUDVHVW»SUHYLVWDSDUDSULPHURVGHMXQLR
$OOoVIDLULQORYHDQGZDU
7RGRYDOHHQHODPRU\HQODJXHUUD
,ZRQLWIDLUDQGVTXDUH
/RJDQÃFRQWRWDOMXVWLFLD /LWHUDOPHQWHFRQWRGDVODVGHODOH\
<RXKDYHDIDLUFKDQFHRIZLQQLQJWKHîUVWSUL]H
7LHQHVEDVWDQWHVSRVLELOLGDGHVGHJDQDUHOSULPHUSUHPLR
,IWKH79GRHVQoWKDYHDUHPRWHFRQWUROZLWKDEXWWRQWRDXWRPD
WLFDOO\WXUQLWRIIWKHQGRQoWEX\LW7KHRQO\FRQGLWLRQ,UHTXLUH
RQD79LVIRULWWREHDEOHWRWXUQRIIE\LWVHOIDIWHU,IDOODVOHHS
)RUPHD79LVOLNHDVOHHSLQJSLOO,FDQoWIDOODVOHHSZLWKRXWLWRQ
EXW,GRQoWOLNHOHDYLQJLWRQDOOQLJKWRUZDNLQJXSDWDP
WRWXUQLWRII
(OODPHQWRGHODEHOOD(OYLUD FRQW
(VWLPDGR DPLJR \ DOXPQR (Q HO SRHPD H[DJHUR RWUD YH] SHUR QR GHPDVLDGR 8Q
H[FHOHQWH GRPLQLR GHO LQJOÃV DEUH SXHUWDV D PDQVDOYD 6LQ FRQWDU D JHQWH QDWLYD
UHVLGHQWHHQ(VSDËDRDSHUVRQDVFX\RSDGUHRPDGUHHVQDWLYRGHKDEODLQJOHVDQR
KDEU»HQWRGD(VSDËDP»VGHSHUVRQDVFRQXQQLYHOGHLQJOÃVVLPLODUDOTXHVH
HQFXHQWUDDWRGRVORVQLYHOHVVRFLDOHV\SURIHVLRQDOHVHQ'LQDPDUFD+RODQGD6XHFLD
'XUDQWHGLH]DxRV(OYLUDDVLVWtD
R 1RUXHJD /RV HVSDËROHV FRQ EXHQ KLVWRULDO DFDGÃPLFR R SURIHVLRQDO TXH DO PLVPR
$FODVHVGHLQJOpVFRQFUHFLHQWHDSDWtD
WLHPSRGHPXHVWUDQXQQLYHOUHDOPHQWHDOWRGHLQJOÃVVHULIDQHQWUHODVHPSUHVDV6L
1RHUDFDSD]GHUHPDWDUODIDHQD
XVWHGKLFLHUDXQDHQFXHVWDGHVXHOGRVHQWUHODVSHUVRQDVGHDDËRVTXHWUDEDMDQ
<VHQWtDFRPRVLIXHUDXQDIXHUWHFDGHQD
HQHPSUHVDVHQ(VSDËDHQFRQWUDUÇDTXHHQWUHORVTXHIRUPDQHOSULPHUWLHQHQFDVL
&RQVLJXLyXQWUDEDMRFRPRUHVSRQVDEOHGHFXHQWD WRGRVXQQLYHOGHLQJOÃVSDUHFLGRDOGHORVHVFDQGLQDYRV(OYLUDDOSDUHFHU\DVHKDGDGR
(QXQDHPSUHVDQDFLRQDOGHGLFDGDDODYHQWD
FXHQWDGHHVWR\DKRUDHVXQSRFRWDUGHSDUDTXHORUHPHGLH$KRUDGHEHJDQDUVHODYLGD
'HSURGXFWRVGHOKRJDUFRQVHGHHQ$OLFDQWH
\FRPRYHU»P»VDGHODQWHHGXFDUDVXVKLMRV
'LIHUHQFLDUVHHQORVHVWXGLRVQRDEUtDODVSXHUWDV
&RQGLIHUHQFLDUVHHQHOLQJOpVOORYtDQODVRIHUWDV
1LVXVFROHJLRVQLVXIDFXOWDGOHKDEtDQDYLVDGR
4XHVLQHOLQJOpVHVWDEDWRGRGHVRODGR
<XQIXWXURSDUDHOODPX\SRFRH[FLWDQWH
7REHFRQWLQXHG
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VWDHVPLYLGD 7KLVLVP\OLIH
(VHHVWXSUREOHPD 7KDWLV\RXUSUREOHP
(VWRVVRQPLVHVWXGLDQWHV 7KHVHDUHP\VWXGHQWV
(VRVVRQVXVEROÇJUDIRV 7KRVHDUHKLVSHQV
(VWDVSDODEUDVVRQQHFHVDULDV"$UHWKHVHZRUGVQHFHVVDU\"
9DDMXJDUFRQQRVRWURV" ,VKHJRLQJWRSOD\ZLWKXV"
1RYDDYHQLU +HLVQoWJRLQJWRFRPH
3RUTXÃQR"1RSXHGHMXJDU" :K\QRW"&DQoWKHSOD\"
9DDYHUDXQPÃGLFR +HoVJRLQJWRVHHDGRFWRU
7LHQHDOJÔQSUREOHPDJUDYH" 'RHVKHKDYHDVHULRXVSUREOHP"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XLHURLUPHDKRUD ,ZDQWWROHDYHQRZ
1HFHVLWDVDEHUORSURQWR +HQHHGVWRNQRZVRRQ
/HVJXVWDFRPHUHQVLWLRV 7KH\OLNHHDWLQJLQGLIIHUHQW
SODFHV
GLIHUHQWHV
/HJXVWDKDEODU 6KHHQMR\VWDONLQJ
£OTXLHUHYHUWH +HZDQWVWRVHH\RX
0HGXHOHHOKRPEUR 0\VKRXOGHUKXUWV
7HQJRGRORUGHRÇGR ,KDYHDQHDUDFKH
0HGXHOHODHVSDOGD ,KDYHDSDLQLQP\EDFN
0HHVW»QPDWDQGRORVSLHV 0\IHHWDUHNLOOLQJPH
0HKHURWRODSLHUQD ,EURNHP\OHJ
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
7HSRQHVWULVWHI»FLOPHQWH" 'R\RXJHWVDGHDVLO\"
&RQTXÃIUHFXHQFLDWH +RZRIWHQGR\RXJHWGUXQN"
HPERUUDFKDV"
0HSHUGÇHQODVFDOOHVHVWUHFKDV,JRWORVWLQWKHQDUURZVWUHHWV
GH6HYLOOD
RI6HYLOOH
$KRUDHVW»RVFXUHFLHQGRP»V ,WoVJHWWLQJGDUNHUHDUOLHUQRZ
WHPSUDQR
(VGLIÇFLODFRVWXPEUDUVHD ,WoVGLIïFXOWWRJHWXVHGWRWKLV
HVWHFDORU
KHDW
0HDFRQVHMDURQTXHQRIXHUD 7KH\DGYLVHGPHQRWWRJR
4XÃP»VWHGLMHURQ" :KDWHOVHGLGWKH\WHOO\RX"
0HGLMHURQTXHHVSHUDVH 7KH\WROGPHWRZDLWXQWLOQH[W
KDVWDHODËRTXHYLHQH
\HDU
(OMHIHWHUHFRUGÍOODPDUD 'LGWKHERVVUHPLQG\RXWRFDOO
ORVSURYHHGRUHV"
WKHVXSSOLHUV"
(VPX\GLVWUDÇGR +HoVYHU\DEVHQWPLQGHG
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
6LQRKXELHUDOODPDGRPH,I,KDGQoWSKRQHG\RXoGKDYH
KDEUÇDVPDWDGR
NLOOHGPH
1XQFDKDUÇDXQDFRVDDVÇ,oGQHYHUGRDQ\WKLQJOLNHWKDW
7DUGDVWHPXFKRHQSHUGRQDUPH,WWRRN\RXDORQJWLPHWR
IRUJLYHPH
4XÃKDEUÇDVKHFKRVLIXHUDV\R":KDWZRXOG\RXKDYHGRQHLI
\RXZHUHPH"
1RKDJDVHOWRQWR'RQoWDFWWKHIRRO
1RHQWLHQGRQDGDGHORTXHGLFH,FDQoWPDNHKHDGQRUWDLORI
ZKDWKHoVVD\LQJ
'HTXÃHVWDKDEODQGR":KDWoVKHRQDERXW"
0HYXHOYHORFRDYHFHV+HGULYHVPHFUD]\VRPHWLPHV
&UHRTXHOHIDOWDXQWRUQLOOR,WKLQNKHKDVDVFUHZORRVH
6ÇHVXQSRFRUDURYHUGDG"<HDKKHoVDELWZHLUGLVQoWKH"
/LS 7DSD
0XVLF6WDQG $WULO
.H\V 7HFOD
.H\ERDUG 7HFODGR
3HGDOV 3HGDOHV
9RFDEXODULR*UDQG3LDQR 3LDQRGH&ROD
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
p7RRPXFKq pWRRPDQ\q
,QP\QHFNRIWKHZRRGV
3RUPLVSDJRV
+HoVDQLJKWRZO
(VXQQRFW»PEXOR pEÔKRQRFWXUQRq
+HKDVQHUYHVRIVWHHO
7LHQHQHUYLRVGHDFHUR
/HWoVJHWGRZQWRWKHQLWW\JULWW\
9D\DPRVDORHVHQFLDODOPHROORGHODVXQWR
$QHVWHJJ
8QRVDKRUURVSDUDOD
MXELODFLÍQ
,WoVOLNHîQGLQJDQHHGOHLQDKD\VWDFN
(VFRPRHQFRQWUDUXQDDJXMDHQXQSDMDU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
1LFH
7KLVLVDQLFHSODFH
6KHoVDQLFHJLUO
%HQLFHWR\RXUOLWWOHVLVWHU
:KDWDQLFHJHVWXUH
<RXORRNQLFHWRGD\
7KDQN \RX 7KDWoV ZDV YHU\
QLFHRI\RX
,KDYHWREH0U1LFH*X\
+DYHDQLFHGD\
:HKDGDQLFHWLPH
(VWHVLWLRHVDJUDGDEOH
(VXQDFKLFDPDMD
6ÃEXHQRFRQWXKHUPDQLWD
|4XÃGHWDOOHP»VDJUDGDEOH
(VW»VJXDSRKR\
*UDFLDV+DVLGRPX\DPDEOHGHWX
SDUWH
7HQJRTXHVHUHOEXHQRGHODSHOÇFXOD
4XHSDVHXQEXHQGÇD
1RVORSDVDPRVELHQ
7HQJRXQDPLJRHVSDËROGHQRPEUH6HUJLRFX\RLQJOÃVHVGHQLYHO
QDWLYRFRPRHOPÇR6HFULÍHQ((88SHURWDPELÃQKDEODXQHVSDËRO
ULFRHQFRQWHQLGRV\PDWLFHV6ROHPRVKDEODUHQHVSDËROQRHQLQJOÃV
SHURGHYH]HQFXDQGR6HUJLRLQWHUFDODODSDODEUDpQLFHqHQVXOHQJXDMH
0HGLFHIUDVHVFRPRp3DUDHVHSXHVWRORÔOWLPRTXHQHFHVLWDPRVHV
DOJXLHQPX\pQLFHqq
0HOODPDODDWHQFLÍQHOKHFKRGHTXHXVHpQLFHqFXDQGRVXLPSUH
VLRQDQWH GRPLQLR GHO HVSDËRO OH SHUPLWLUÇD VHU LJXDO H LQFOXVR P»V
HORFXHQWHHQVXOHQJXDPDWHUQD/RKDFHSRUTXHQRH[LVWHXQDWUD
GXFFLÍQGHOWRGRH[DFWDSDUDpQLFHq(QVXVHQWLGRSXURpQLFHqSXHGH
WUDGXFLUVHFRPRpPDMR\DJUDGDEOHq6LQHPEDUJRHVXQDSDODEUDWH
UULEOHPHQWHVRVDVLQRYDDFRPSDËDGDGHXQRVDGYHUELRVGHVFULSWLYRV
RGHXQWRQRGHYR]GLIHUHQFLDGRU3RUHMHPSOR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
+ROD (GGLH &ÍPR WH YD" 'ÍQGH FRQVLJXHV WRGRV HVRV FKLVWHV
TXHPHPDQGDVSRUHPDLO"'HEHVSDVDUWHKRUDVEXVFDQGRWRGDV
HVDVFRVDVHQ,QWHUQHW6DEHVSDUDVHUVLQFHURFDVLSUHIHULUÇDTXH
QRPHPDQGDUDVWDQWRV7HQJRPXFKRWUDEDMR\QRWHQJRWLHPSR
SDUDOHHUORVWRGRVDSHVDUGHODWHQWDFLÍQ
(PSOHDPRVpWRRPXFKqFRQVXVWDQWLYRV
LQFRQWDEOHV\pWRRPDQ\qFRQVXVWDQWLYRV
FRQWDEOHV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
/RVIXWEROLVWDVWLHQHQGHPDVLDGRGLQHUR
+D\GHPDVLDGDJHQWHHQHO0HWURSRUODV
PDËDQDV
+D\GHPDVLDGRVYHUERVLUUHJXODUHVHQLQJOÃV
(OODPHQWRGHODEHOOD(OYLUD FRQW
(VWDEDDVTXHDGD\TXHUtDFXOSDU
$WHUFHURVSRUVXGHVWLQRXQGHVWLQRWDQYXOJDU
&RQSRFDVDVSLUDFLRQHV\VXEHOOH]DDMDGD
'HFLGLyHPSUHQGHUXQDVDQWDFUX]DGD
'HFLGLyDWDFDUHOVLVWHPDHGXFDWLYR
8QVLVWHPDSDUDHOODWDQSRFRHIHFWLYR
/DHPSUHQGLyFRQVXVSDGUHVORVSREUHVVHxRUHV
&RQVXVPDHVWURV\SURIHVFRQVXVDQWLJXRVWXWRUHV
7RGRVSDUDHOODOHKDEtDQIDOODGR
(UDQWRGRVPLRSHVKDEtDQHVWURSHDGR
(OIXWXURGHHOODSRUVHULJQRUDQWHV
'HORTXHHOPXQGRGHPDQGDDORVPHMRUHVDVSLUDQWHV
7REHFRQWLQXHG
6KHoVQLFH
(VPDMD\DJUDGDEOH
6KHoVUHDOO\QLFH
|4XÃJXDSDHVHVDFKLFD
6KHoV1,&(
|9D\DSHGD]RGHWÇD
(QODVHJXQGDIUDVHHODGYHUELRpUHDOO\qFDPELDUDGLFDOPHQWHHOVLJ
QLîFDGRGHpQLFHq(QODWHUFHUDIUDVHVREUDQFRPHQWDULRV$ODFHQWXDU
ODSDODEUDpQLFHqDGHFXDGDPHQWHODIUDVHDVXPHXQVLJQLîFDGRWR
WDOPHQWHGLVWLQWR3HURUHSLWRpQLFHqHVVRVRFRPRDGMHWLYRDVRODV\
VLDOJXLHQWHGLFHTXHHOUHVXOWDGRGHOSUR\HFWRHQHOTXHKDVLQYHUWLGR
WUHVDËRVGHWXYLGDHVpQLFHqHVSDUDUHWRUFHUOHHOSHVFXH]Rp1LFHqHV
XQDGMHWLYRTXHFXDQGRORXWLOL]DPRVVHQRVIRUPDXQDVRQULVDVXDYH
\GXOFHVLQQLQJXQDFKLVSDHQORVRMRV9HDPRVP»VIUDVHVSDUDD\X
GDUWH\TXHVDTXHVWXVSURSLDVFRQFOXVLRQHV
<RXoYH GRQH D QLFH MRE EXW +DVKHFKRXQEXHQWUDEDMRSHUR
KDYH\RXVHHQ3HWHUoVZRUN"
KDVYLVWRHOWUDEDMRGH3HGUR"
,WoVQLFHWRNQRZWKDWVRPHRQH (VW»ELHQVDEHUTXHDOJXLHQHVW»
LVORRNLQJRXWIRUPH
YHODQGRSRUPLELHQ
2KfWKDWoVQLFH
$KEXHQRELHQ
,FDQoWGRWKDWWRKLP,oPWRR 1RSXHGRKDFHUOHHVR6R\GHPD
QLFH
VLDGRDPDEOH\FRPSUHQVLYR
)LQDOPHQWHHVIDPRVDODIUDVHGH/HR'XURFKHUSRSXODUHQWUHQD
GRUGHEÃLVEROTXHGHFÇDp1LFHJX\VîQLVKODVWq /RVEXHQRVWHU
PLQDQORV~OWLPRV (UDSDUWLGDULRGH]DUDQGHDU\GDUOHXQDSDOL]D
DODGYHUVDULRLQFOXVRHQXQMXHJRWDQFLYLOL]DGRFRPRHOEÃLVERO
&ORYHUGDOHLVDQLFHJX\
+L (GGLH +RZoV LW JRLQJ":KHUH GR \RX JHW DOO WKRVH MRNHV \RX
VHQGPHE\HPDLO"<RXPXVWVSHQGKRXUVVHDUFKLQJWKH,QWHUQHW
IRUWKDWVWXII<RXNQRZWRWHOO\RXWKHWUXWK,oGDOPRVWSUHIHU\RX
GLGQoWVHQGPHVRPDQ\,oYHJRWDORWRIZRUNWRGRDQG,MXVWGRQoW
KDYHWLPHWRUHDGWKHPDOOfGHVSLWHWKHWHPSWDWLRQ
(VWLPDGR DPLJR \ DOXPQR (OYLUD TXLHUH HQ HVWRV PRPHQWRV HQFRQWUDU D ORV
FXOSDEOHVGHVXGHVWLQR+D\WUHVHOVLVWHPDHGXFDWLYRHVSDËROORVSDGUHVGH(OYLUD
\(OYLUDPLVPD(OVLVWHPDHGXFDWLYRWLHQHFRPRKHGLFKRHQRWUDRFDVLÍQDËRV
SDUDUHVROYHUHVWDFDUHQFLDIRUPDWLYD\QLVLTXLHUDVHDFHUFDDXQDVROXFLÍQ0»VELHQ
HPSHRUDODFRVDGHMDQGRDORVHVWXGLDQWHVFRPRFDUQHGHFDËÍQGHODVDFDGHPLDV
SULYDGDV/RVSDGUHVGH(OYLUDKDEUÇDQKHFKRELHQHQVDEHUORTXHVXKLMDLEDDQHFHVLWDU
HQODYLGDSDUDSRGHUGHVDUUROODUVHSURIHVLRQDOPHQWHFRQOLEHUWDG+R\HQGÇDVRQ
FDGDYH]P»VORVSDGUHVTXHVHSUHRFXSDQSRUHVWHWHPDSHUROHVFXHVWDPXFKR
GLQHURVXSOLUODLQFDSDFLGDGGHOVLVWHPDHGXFDWLYR3HURODSULQFLSDOFXOSDEOHHQWRGR
HVWRHV(OYLUD$SDUWLUGHORVDËRVODFKLFDVHJXUDPHQWHVDEÇDTXHHOLQJOÃVHUD
LPSRUWDQWH0XFKRVMÍYHQHVWLHQHQSRFRLQWHUÃVDFLHUWDVHGDGHVSRUGRWDUVHGHODV
KDELOLGDGHVHVHQFLDOHVSDUDHOÃ[LWR2WURVFRPR(OYLUDVLPSOHPHQWHVRQPLRSHV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'ÍQGHHVW»QODVKDELWDFLRQHV" :KHUHDUHWKHEHGURRPV"
4XÃHVXQ/RZ%HJLQQHU" :KDWLVDp/RZ%HJLQQHUq"
4XLÃQHUHV" :KRDUH\RX"
&X»QGRHVODFHQD" :KHQLVGLQQHU"
3RUTXÃHVW»QDTXÇ" :K\DUHWKH\KHUH"
4XLHUHVYHQLUDXQFRQFLHUWR" 'R\RXZDQWWRFRPHWRD
FRQFHUW"
3XHGHVWUDHUDWXKHUPDQD <RXFDQEULQJ\RXUVLVWHU
7HJXVWDHVFXFKDUPÔVLFD" 'R\RXOLNHOLVWHQLQJWRPXVLF"
0HHQFDQWDODPÔVLFD ,ORYHPXVLF
7RFDÃOXQLQVWUXPHQWR" 'RHVKHSOD\DQLQVWUXPHQW"
$HULDO $QWHQD
7UDQVLVWRUUDGLR 7UDQVLVWRU
9ROXPH 9ROXPHQ
6SHDNHU $OWDYR]
7XQHU 6LQWRQL]DGRU
9RFDEXODULR5DGLR 5DGLR
/RZ,QWHUPHGLDWH
'HTXLÃQHVHVWHPÍYLO" :KRVHPRELOHLVWKDW"
(VGHHOOD ,WoVKHUV
(VWX\RHVH03" ,VWKDW03\RXUV"
1RQRHVPÇR&UHRTXHHV 1RLWoVQRWPLQH,WKLQNLWoV
KLV
GHÃO
'HTXLÃQIXHHVDLGHD" :KRVHLGHDZDVWKDW"
0LGGOH,QWHUPHGLDWH
6LJXHVWUDEDMDQGRHQOD $UH\RXVWLOOZRUNLQJLQWKH
EDNHU\"
SDQDGHUÇD"
1R\DQRWUDEDMRDOOÇ 1R,GRQoWZRUNWKHUHDQ\PRUH
7XYHTXHGHMDUOR ,KDGWROHDYHLW
+DVHQFRQWUDGRXQQXHYR +DYH\RXIRXQGDQHZMRE\HW"
WUDEDMR\D"
$FDERGHHPSH]DUHQXQD ,oYHMXVWVWDUWHGLQDEXWFKHUV
FDUQLFHUÇD
+LJK,QWHUPHGLDWH
7HGHMDQOOHYDUURSDQRUPDO 'RWKH\OHW\RXZHDUQRUPDO
FORWKHVWRZRUN"
DOWUDEDMR"
1RQRVKDFHQOOHYDUWUDMHV\ 1RWKH\PDNHXVZHDUVXLWV
DQGWLHV
FRUEDWDV
4XÃ",QFOXVRDODVPXMHUHV" :KDW"(YHQWKHZRPHQ"
/HVGHMDQYHVWLUVHFRPRHOODV 7KH\OHWWKHPGUHVVKRZHYHU
WKH\ZDQW
TXLHUDQ
(VRHVLQMXVWRGHEHUÇDV 7KDWoVXQIDLU\RXVKRXOG
FRPSODLQDERXWLW
TXHMDUWHSRUHOOR
/RZ$GYDQFHG
3UHIHULUÇDVTXHYLQLHUDP»V :RXOG\RXUDWKHU,FDPHODWHU"
WDUGH"
3UHIHULUÇDTXHQRYLQLHUDV\ ,oGUDWKHU\RXGLGQoWFRPHIXOO
VWRS
SXQWR
'HMÃPRVORSDUDRWURPRPHQWR /HWoVOHDYHLWIRUDQRWKHUWLPH
&DPELDPRVGHWHPD" 6KDOOZHFKDQJHWKHVXEMHFW"
4XÃWHDSHWHFHKDFHU" :KDWGR\RXIHHOOLNHGRLQJ"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
(VWDPRVHPSH]DQGRFRQPDO :HoUHJHWWLQJRIIWRDEDGVWDUW
SLHFRPRVLHPSUH
DVXVXDO
4XH\RVHSDQRVHKDKHFKR $VIDUDV,NQRZQRWKLQJKDV
QDGD
EHHQGRQH
(VWR\GHDFXHUGRFRQWLJR ,DJUHHZLWK\RXWRDFHUWDLQ
KDVWDFLHUWRSXQWR
H[WHQW
(VWR\GLVSXHVWRDKDFHU ,oPZLOOLQJWRGRDQ\WKLQJ
FXDOTXLHUFRVD
+D\TXHFRUUHUULHVJRVGH <RXKDYHWRWDNHULVNVIURPWLPH
YH]HQFXDQGR
WRWLPH
0HKHHQDPRUDGR,oPKHDGRYHUKHHOVLQORYHZLWK
SHUGLGDPHQWHGHHOOD
KHU
(VW»EXHQÇVLPD6KHoVDVWXQQHU
$XQTXHHVXQSRFRFUHÇGD$OWKRXJKVKHoVDELWIXOORI
KHUVHOI
/DVDSDULHQFLDVHQJDËDQ$SSHDUDQFHVFDQEHGHFHSWLYH
(QHOIRQGRHVXQSRFRWÇPLGD'HHSGRZQVKHoDELWVK\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
p7RJHWXVHGWRq pWREHXVHGWRq
&RPPRQVD\LQJV
,GRQoWNQRZDQ\RQHRIIKDQG
1RFRQR]FRDQDGLHDVÇGHSURQWR
,oPRQJRRGWHUPVZLWK0DQROR
0DQROR\\RQRVOOHYDPRVELHQ
7KH\SOD\HGDWULFNRQ\RX
7HJDVWDURQXQDEURPD
:HoUHQRWRQVSHDNLQJWHUPV
1RQRVKDEODPRV
,oOOJLYHLWWR\RXRQDVLOYHUSODWWHU
7HORGDUÃHQEDQGHMDGHSODWD
+HoVRQWKHEDOO
(VW»LQIRUPDGR\HVSDELODGR
8QRVLJQLîFDDFRVWXPEUDUVH\HORWURVLJQLîFD
HVWDUDFRVWXPEUDGRSHURFX»OHVFX»O"
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
<DWHKDVDFRVWXPEUDGRDOVDERUGHOFDIÃ
DPHULFDQR"
1XQFDPHDFRVWXPEUDUÃDOVHQWLGRGHKXPRU
LQJOÃV
1RHVWR\DFRVWXPEUDGRDGDUSUHVHQWDFLRQHV
HQLQJOÃV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
0RVW
0RVWZRPHQLQ6SDLQGRQoWZHDUïRZHUVLQWKHLUKDLU
0RVWZRPHQLQ6SDLQGRQoWXVHIDQVUHJXODUO\
0RVWZRPHQLQ6SDLQDUHDWWUDFWLYH
0RVWZRPHQLQ6SDLQVSHDNJRRG(QJOLVK
0RVWZRPHQLQ6SDLQDUHPDUULHG
0RVWZRPHQLQ6SDLQGRPRVWRIWKHKRXVHZRUN
0RVWZRPHQLQ6SDLQKDYHFKLOGUHQ
0RVWZRPHQLQ6SDLQGRQoWKDYHDQRXWVLGHMRE
0RVWZRPHQLQ6SDLQDUHRYHUZHLJKW
0RVWZRPHQLQ6SDLQUHDGJRVVLSPDJD]LQHV
0RVWZRPHQLQ6SDLQKDYHWKHLURZQEDQNDFFRXQW
, DJUHH ZLWK VHYHQ RI WKH VHQWHQFHV DERYH
+RZPDQ\GR\RXDJUHHZLWK"
&DGDIUDVHHQHOUHFXDGURFRPLHQ]DFRQODH[SUHVLÍQpPRVWq
VLQ QLQJXQD SUHSRVLFLÍQ GHVSXÃV &XDQGR TXHUHPRV H[
SUHVDUHQLQJOÃVODLGHDGHXQDPD\RUÇDGHJHQWHREMHWRV
FDVRVDVXQWRVHWFVROHPRVHPSOHDUODH[SUHVLÍQpPRVWq
VHJXLGDLQPHGLDWDPHQWHGHOVXMHWRHQFXHVWLÍQ
0RVWSHRSOHOLYHLQWHPSHUDWHFOLPDWHV
/DPD\RUÇDGHODJHQWHYLYHHQFOLPDVWHPSODGRV
0RVWPHHWLQJVDUHDZDVWHRIWLPH
/DPD\RUÇDGHODVUHXQLRQHVVRQXQDSÃUGLGDGHWLHPSR
0RVWïDJVFRQWDLQPRUHWKDQRQHFRORU
/DPD\RUÇDGHODVEDQGHUDVFRQWLHQHQP»VGHXQFRORU
0RVWEDGJX\VHQGXSLQMDLO
/DPD\RUÇDGHORVPDORVDFDEDQHQODF»UFHO
0RVW6ZHGHVVSHDNPRUHWKDQRQHODQJXDJH
/DPD\RUÇDGHORVVXHFRVKDEODQP»VGHXQLGLRPD
(QWRGRVORVHMHPSORVTXHDFDERGHRIUHFHUWHHVWR\KDEODQGRGHOD
PD\RUÇD GH OD JHQWH HQ JHQHUDO GH OD PD\RUÇD GH ODV UHXQLRQHV HQ
JHQHUDOGHODPD\RUÇDGHODVEDQGHUDVHQJHQHUDOHWF$KRUDIÇMDWHHQ
ODVVLJXLHQWHVIUDVHV
0RVWRIWKHSHRSOH,VDZODVWZHHNZHUH6SDQLVK
/DPD\RUÇDGHODJHQWHTXHYLODVHPDQDSDVDGDHUDHVSDËROD
0RVWRIWKHPHHWLQJV,DWWHQGHGODVW\HDUZHUHERULQJ
/DPD\RUÇDGHODVUHXQLRQHVDODVTXHDVLVWÇHODËRSDVDGRIXHURQDEXUULGDV
0RVWRIWKHïDJVLQ$VLDKDYHWKUHHFRORUV
/DPD\RUÇDGHODVEDQGHUDVHQ$VLDWLHQHQWUHVFRORUHV
0RVWRIWKHEDGJX\V,NQRZKDYHQHYHUVSHQWDGD\LQMDLO
/DPD\RUÇDGHORVPDORVTXHFRQR]FRMDP»VKDQSDVDGRXQGÇDHQODF»UFHO
0RVWRIWKH6ZHGHVDWWKHSDUW\VSRNHSHUIHFW(QJOLVK
/DPD\RUÇDGHORVVXHFRVHQODîHVWDKDEODEDQXQLQJOÃVSHUIHFWR
(QORVÔOWLPRVFLQFRHMHPSORVQRVHVWDPRVUHîULHQGRDODPD\RUÇDGH
XQJUXSRHVSHFÇîFRRGHWHUPLQDGRGHJHQWHUHXQLRQHVEDQGHUDVHWF
3RUHVWRFDPELDPRVGHpPRVWVXMHWRqDpPRVWRIWKHVXMHWRq3DUD
WHUPLQDUHVLPSRUWDQWHVDEHUTXHODH[SUHVLÍQHQLQJOÃVSDUDpODPD
\RUÇDGHODVYHFHVqHV
0RVWRIWKHWLPH pWLPHqVLHPSUHYDHQVLQJXODU
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RWHORYDVDFUHHUSHUR+DUROGVHGHMÍODVOODYHVGHQWURGHOFRFKH
7RGDYÇD HVWDPRV DTXÇ HQ HO EDU GH FDUUHWHUD GHVGH GRQGH WH OODPÃ
KDFHXQDKRUDWUDWDQGRGHHQFRQWUDUXQDIRUPDGHHQWUDUHQHOFRFKH
+HPRVOODPDGRDXQFHUUDMHURORFDOSHURDÔQQRKDOOHJDGR(QÔOWLPR
FDVRVLODVFRVDVYDQDSHRUURPSHUÃXQDGHODVYHQWDQDV
<RXoUHQRWJRLQJWREHOLHYHLWEXW+DUROGOHIWWKHNH\VLQWKHFDU
:HoUHVWLOOKHUHDWWKHURDGVLGHUHVWDXUDQWZKHUH,FDOOHG\RXIURP
DQKRXUDJRWU\LQJWRîQGDZD\WREUHDNLQWRWKHFDU:HFDOOHGD
ORFDOORFNVPLWKEXWKHKDVQoWDUULYHG\HW,IZRUVWFRPHVWRZRUVW
,oOOEUHDNRQHRIWKHZLQGRZV
(OODPHQWRGHODEHOOD(OYLUD FRQW
(OYLUD(OYLUDODFXOSDHVGHPXFKRV
3HURHOHJLVWHW~PDOWDPELpQORVFDUWXFKRV
([LVWHVRODPHQWHXQDEDODGHLQWHUpV
(VDEDODTXHULGDPtDHVDEDODHVHOLQJOpV
(VWLPDGRDPLJR\DOXPQR3RGHPRVVDFDUGRVFRVDVLPSRUWDQWHVGHHVWDVHVWURIDVGHO
SRHPD 3ULPHUR DXQTXH H[DJHUR XQ SRFR VREUH OD LPSRUWDQFLD GHO LQJOÃV FRPSDUDGR
FRQRWUDVFXDOLGDGHV\FRQRFLPLHQWRVVÇHVFLHUWRTXHHVHOFRQRFLPLHQWRRKDELOLGDGTXH
P»VU»SLGDPHQWH\P»VI»FLOPHQWHDEUHODVSXHUWDVDODHPSUHVDSDUDUHFLÃQOLFHQFLDGRV
3RUHOORHVLPSRUWDQWÇVLPRTXHWDQWRHOMRYHQPLVPRFRPRVXVSDGUHVVHFRQFLHQFLHQGH
3HUGLVWHHOWUHQ\DHVWDUGHPXMHU
ODQHFHVLGDGGHTXHDTXÃOVHKDJDFRQXQQLYHOGHLQJOÃVUHDOPHQWHOODPDWLYR6HJXQGR
<GHFODVHV\PiVFODVHVWHGHEHVDEVWHQHU
FRPRVXJHULPRVD(OYLUDHQHOSRHPDHOPHMRUPRPHQWRSDUDFRPHQ]DUHVFXDQGRHOMRYHQ
3HURWLHQHVGRVKLMRVFULDWXUDVLPSROXWDV
4XHDEVRUEHQDOYXHORFRVDVJUDQGHV\GLPLQXWDV HVWRGDYÇDQLËR'HVGHTXHOOHJDFRQFXDWURGÇDVGHODFOÇQLFDXKRVSLWDOKD\IRUPDVSDUD
'HVFRQItDGHOFROHJLR\GHORVGLFWDGRVGHO0LQLVWHULR DVHJXUDU OD SUHVHQFLD GHO LQJOÃV D VX DOUHGHGRU /RV QLËRV DEVRUEHQ \ DVLPLODQ ODV FRVDV
FRQXQDUDSLGH]\XQDIDFLOLGDGHQYLGLDEOHVSHURWDPELÃQROYLGDQFRQODPLVPDUDSLGH]\
1RVRPHWDVDWXVKLMRVDWXPLVPRFDXWLYHULR
IDFLOLGDG3RUORWDQWRFXDOTXLHUHVWUDWHJLDTXHXVWHGGHFLGDFRQUHVSHFWRDVXVKLMRVGHEHVHU
(PSLH]DDKRUDDGRWDUOHVGHOLGLRPD
4XHOHVDEULUiODVSXHUWDVDXQTXHOHVIDOWHGLSORPD DOJRFRQWLQXDGRHQHOWLHPSR'HEHDSOLFDUHOGLFKRHQHVSDËROpVLQSULVDVSHURVLQSDXVDq
7REHFRQWLQXHG
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VÃVWHEXHQR" ,VWKLVJRRG"
(VÃVDPDOD" ,VWKDWEDG"
(VLQWHUHVDQWH" ,VLWLQWHUHVWLQJ"
6RQÃVWDVLPSRUWDQWHV" $UHWKHVHLPSRUWDQW"
6RQDTXHOODVYHUGHVRD]XOHV" $UHWKRVHJUHHQRUEOXH"
(OODWLHQHXQDFDUDEHOOD 6KHKDVDEHDXWLIXOIDFH
£OWLHQHXQDERFDUDUD +HKDVDVWUDQJHPRXWK
£OWLHQHORVGLHQWHVPX\EODQFRV +HKDVYHU\ZKLWHWHHWK
(OODQRWLHQHXQDQDUL]ODUJD 6KHGRHVQoWKDYHDORQJQRVH
£OQRWLHQHORVEUD]RVIXHUWHV +HGRHVQoWKDYHVWURQJDUPV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
1RKD\PXFKRGLQHURHQHO 7KHUHLVQoWPXFKPRQH\LQWKH
EDJ
EROVR
+D\SRFDGLIHUHQFLDHQWUH 7KHUHoVOLWWOHGLIIHUHQFH
EHWZHHQWKHWZR
ORVGRV
+D\SRFDVSHUVRQDVDTXÇKR\ 7KHUHDUHIHZSHRSOHKHUHWRGD\
1RKD\PXFKRVKRPEUHV 7KHUHDUHQoWPDQ\PHQZKR
NQRZWKDW
TXHVDEHQHVR
'HTXÃHVW»VKDEODQGR" :KDWDUH\RXWDONLQJDERXW"
(VGHPDVLDGRGLIÇFLO ,WoVWRRGLIïFXOW
7HQHPRVGHPDVLDGRVFRFKHV :HKDYHWRRPDQ\FDUVRQWKH
URDG
HQODFDOOH
+D\GHPDVLDGRUXLGR 7KHUHoVWRRPXFKQRLVH
1RHVORVXîFLHQWHPHQWHEDUDWR ,WoVQRWFKHDSHQRXJK
1RKD\VXîFLHQWHV»UEROHV 7KHUHDUHQoWHQRXJKWUHHV
7LPHV 0XOWLSOLFDGRSRU
0LQXV 0HQRV
'LYLGHGE\ 'LYLGLGRSRU
(TXDOV ,JXDOD
3OXV 0»V
9RFDEXODULR&DOFXODWRU &DOFXODGRUD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
$TXÃHVW»VHVSHUDQGR" :KDWDUH\RXZDLWLQJIRU"
(VSHURTXHOOHJXHPLKHUPDQR,oPH[SHFWLQJP\EURWKHUWR
DUULYHDWDQ\PRPHQW
HQFXDOTXLHUPRPHQWR
7LHQHVLOXVLÍQSRUYROYHU $UH\RXORRNLQJIRUZDUGWR
DYHUOH"
VHHLQJKLPDJDLQ"
+DFHVLJORVTXHQROHYHR ,WoVEHHQDJHVVLQFH,oYHVHHQKLP
&X»QWRKDFHTXHQROHYHV" +RZORQJKDVLWEHHQVLQFH\RX
ODVWVDZKLP"
&ÍPRWHJDQDVODYLGD" +RZGR\RXPDNHDOLYLQJ"
0HEXUORGHODJHQWH ,PDNHIXQRISHRSOH
3XHGHVJDQDUGLQHUR &DQ\RXPDNHPRQH\GRLQJ
KDFLHQGRHVR"
WKDW"
6HSXHGHVLXQRHVXQEXHQ <RXFDQLI\RXoUHDJRRGFORZQ
SD\DVR
'HKHFKRKHKHFKRXQDIRUWXQD ,QIDFW,oYHPDGHDIRUWXQH
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
0»VYDOHTXHWHFDOOHV <RXoGEHWWHUVKXWXS
4XLÃQPHYDDKDFHUFDOODU" :KRoV JRLQJ WR PDNH PH VKXW
XS"
6LJXHPLVFRQVHMRVVLQR 7DNHP\DGYLFHRWKHUZLVH
(VW»VPRQRFXDQGRWHHQIDGDV <RX ORRN FXWH ZKHQ \RX JHW
DQJU\
&RQKDODJRVQRYDVD )ODWWHU\ZLOOJHW\RXQRZKHUH
FRQVHJXLUQDGD
4XÃRSLQDVGHOFDOHQWDPLHQWR:KDWGR\RXWKLQNDERXWJOREDO
JOREDO"
ZDUPLQJ"
1RHVP»VTXHXQDWRQWHUÇD ,WoVMXVWDORWRIKRWDLU
1RGLJDVEREDGDV 'RQoWVSHDNQRQVHQVH
(VW»FLHQWÇîFDPHQWHSUREDGR ,WoVVFLHQWLïFDOO\SURYHQ
(VRORGLU»VWÔ 6SHDNIRU\RXUVHOI
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
*LPQDVLDYHUEDOp7KHUHLVq
%HWKHUHDWRoFORFNRQWKHGRW
(VW»WHDOOÇDODVHQSXQWR
:HoUHRQWKHVDPHZDYHOHQJWK
(VWDPRVHQODPLVPDORQJLWXGGHRQGD
<RXUMRELVRQWKHOLQH
7XSXHVWRGHWUDEDMRHVW»HQSHOLJUR
+HGLGLWRQWKHVO\
/RKL]RDODFKLWDFDOODQGR
1HYHUQHYHUODQG
/DWLHUUDGHQXQFDMDP»V
,IHHORQWRSRIWKHZRUOG
|0HVLHQWRGHPDUDYLOOD
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
+D\XQSROORHQODFRFLQD"
+D\XQSHUURGHWU»VGHOVRI»"
+D\XQKRPEUHHQPLRîFLQD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
$OPRVWfEXWQRWTXLWH
4XHVWLRQ +DYH \RX UHDFKHG \RXU JRDO RI EHFRPLQJ ULFK DQG
IDPRXV"$QVZHU1RWTXLWH
(QWLHQGHVODUHVSXHVWD"(VW»HOVHËRUFHUFDROHMRVGHVXPHWD"
9HDPRVP»VHMHPSORV
*LYHPHWZRPLQXWHV,oPQRWTXLWHUHDG\\HW
'DPHGRVPLQXWRV(VWR\FDVLFDVLOLVWR
,oPQRWTXLWHVXUHZKHWKHUWRFDOOKLPRUQRW
1RHVWR\GHOWRGRVHJXURVLOODPDUOHRQR
,oPQRWTXLWHRYHUP\FROG\HW
&DVLHVWR\UHFXSHUDGRGHPLUHVIULDGRSHURPHTXHGDDOJR
+LVp0U&OHDQqLPDJHLVQRWTXLWHGHVHUYHG
6XLPDJHQGHp0ÇVWHU3URSHUqQRHVGHOWRGRPHUHFLGD
,WoVQRWTXLWHULJKW
1RHVW»ELHQGHOWRGR
8WLOL]DPRVDGLDULRODH[SUHVLÍQpQRWTXLWHq VHSURQXQFLDpTX»LWq
\VLQHPEDUJRQRFRQR]FRDQLQJÔQHVSDËROFDSD]GHHQWHQGHU
VLTXLHUDVXVLJQLîFDGR1LQJÔQOLEURGHJUDP»WLFDORH[SOLFD\VH
QRVROYLGDDORVSURIHVRUHVGHLQJOÃVPHQFLRQDUOR6LQHPEDUJR
QDGDP»VGHMDUHODXODORXWLOL]DPRVFRQQXHVWURVDPLJRVDQJOR
SDUODQWHV(OVLJQLîFDGRP»VH[DFWRHVpFDVLFDVLqHQPXFKRVFD
VRV\pQRGHOWRGRqHQRWURV(QHOFDVRGHpFDVLFDVLqFDSWDPRV
ODLGHDSRUODSXHUWDWUDVHUDHPSOHDQGRXQDH[SUHVLÍQEDVDGD
HQXQDQHJDFLÍQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
+DKDELGRXQDYLRODFLÍQHQODVHJXULGDG$QRFKHDOJXLHQHQWUÍHQ
HOVHUYLGRU\HVWURSHÍYDULRVDUFKLYRVGHODEDVHGHGDWRV1HFHVL
WDUHPRVXQSDUGHGÇDVSDUDGHMDUODVFRVDVFRPRHVWDEDQSHUR
HVWR\SUHRFXSDGRSRUFÍPRRFXUULÍHVWR4XLHQTXLHUDTXHIXHVH
SRGÇDKDEHUGHVWUXLGRP»VGHXQDËRGHWUDEDMR
(OODPHQWRGHODEHOOD(OYLUD FRQW
1RFRQItHVHQORVGHPiVSDUDUHVROYHUWXSUREOHPD
1LHQHOHVWDGRQLHQHOVLVWHPDSDUDVROYHQWDUFDGDWHPD
<DYHVORTXHSDVDFXDQGRVLJXHVODVSDXWDV
'HORVVLVWHPDVHGXFDWLYRVTXHQRVDEHQQLÁDXWDV
6REUHFyPRHQWUHJDUDODYLGDUHDO
([SHUWRVSUHSDUDGRVFRQEDJDMHSURIHVLRQDO
)LQ
,oPDOPRVWUHDG\
,WoVDOPRVWWLPH
+DYHZHDUULYHG\HW"$OPRVW
7KLVLVDOPRVWZKDW,ZDQW
,oPQRWTXLWHUHDG\
,WoVQRWTXLWHWLPH\HW
+DYHZHDUULYHG\HW"1RWTXLWH
7KLVLVQRWTXLWHZKDW,ZDQW
$GLIHUHQFLDGHpDOPRVWqFXDQGRHPSOHDPRVpQRWTXLWHqIRU]D
PRVODHQWRQDFLÍQFRQXQOHYHJHVWRGHUHVLJQDFLÍQ
'LG\RXUHDFKWKHîQDOV"
1RWTXLWH
/OHJDVWHDODîQDO"
1RfSHURFDVL
+DYH\RXPDGHXSZLWK\RXUJLUOIULHQG\HW"
1RWTXLWH
7HKDVUHFRQFLOLDGRFRQWXQRYLD"
1RGHOWRGR
/DH[SUHVLÍQpQRWTXLWHqWDPELÃQSXHGHDSDUHFHUGHQWURGHXQD
FRQMXJDFLÍQ3XHGHVGHFLUSRUHMHPSORp,GRQoWTXLWHXQGHUVWDQG
\RXq 1RWHDFDERGHHQWHQGHUGHOWRGR (QHVWHFDVRpQRWqHVW»
FRQWUDÇGRGHQWURGHODH[SUHVLÍQpGRQRWq2SRUHMHPSORpWKH\
KDYHQoW TXLWH PDGH XS WKHLU PLQGq 1R DFDEDQ GH GHFLGLUVH GHO
WRGR /R LPSRUWDQWH HV UHFRUGDU TXH OD PLWDG GH ODV YHFHV TXH
R\HVODSDODEUDpTXLWHqHQXQDIUDVHVHJXUDPHQWHVHWUDWDGHOD
LGHDGHpFDVLFDVLqRpQRGHOWRGRq
,oYHEHHQWHDFKLQJ(QJOLVKIRU\HDUVDQG,oPVWLOOQRWTXLWHVXUH
KRZ WR H[SODLQ FHUWDLQ H[SUHVVLRQV LQ WKH ODQJXDJH LQFOXGLQJ
pQRWTXLWHq
7KHUHoVEHHQDEUHDFKLQVHFXULW\/DVWQLJKWVRPHERG\JRWLQWRWKH
VHUYHUDQGPHVVHGXSVHYHUDOGDWDEDVHîOHV:HoOOQHHGDFRXSOHRI
GD\VWRJHWWKLQJVEDFNWKHZD\WKH\ZHUHEXW,oPZRUULHGDERXW
KRZWKLVKDSSHQHG:KRHYHULWZDVFRXOGoYHGHVWUR\HGPRUHWKDQ
D\HDUoVZRUN
(VWLPDGR DPLJR \ DOXPQR $TXÇ DWDFR D WRGRV ORV VLVWHPDV HGXFDWLYRV GHO
PXQGRSRUTXHHQPLRSLQLÍQQRVDEHQSUHSDUDUDODJHQWHDGHFXDGDPHQWH
(OPHMRUVLVWHPDXQLYHUVLWDULRSDUDPÇHVHOQRUWHDPHULFDQR3HURSHFDGHPX\
FDUR\QRSXHGHVDOYDUDWDQWRVTXHOOHJDQGHXQVLVWHPDSULPDULR\VHFXQGDULR
TXHYDGHPDOHQSHRU0HMRUDUODHGXFDFLÍQH[LJHPXFKRWLHPSRHVIXHU]R\
SDFLHQFLD(Q(VSDËDVHFDPELDGHîORVRIÇD\HQIRTXHHGXFDWLYRVFDGDÍ
DËRVORFXDOGLîFXOWDDÔQP»VODFRQVROLGDFLÍQGHPHMRUDV3HURVR\RSWLPLVWD\
HQORTXHVHUHîHUHDOLQJOÃV\DHVWDPRVHPSH]DQGRDYHUFRVDVSRVLWLYDV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
6RQWXVSDGUHV" $UHWKH\\RXUSDUHQWV"
1RORVRQVRQPLVWÇRV 1RWKH\oUHQRWLWoVP\XQFOH
DQGP\DXQW
1RHVWR\PX\FRQWHQWR ,oPQRWYHU\KDSS\
3RUTXÃHVW»VWULVWH" :K\DUH\RXVDG"
1RORVÃ ,GRQoWNQRZ
+D\VLOODVHQHVDKDELWDFLÍQ" $UHWKHUHDQ\FKDLUVLQWKDW
URRP"
6ÇKD\DOJXQDVHQPLGHVSDFKR <HVWKHUHDUHVRPHLQP\RIïFH
+D\PRQWDËDVHQ/RQGUHV" $UHWKHUHPDQ\PRXQWDLQVLQ
/RQGRQ"
1RQRKD\PRQWDËDVHQHVD 1RWKHUHDUHQoWDQ\PRXQWDLQV
LQWKDWFLW\
FLXGDG
4XÃHVW»VSHQVDQGR" :KDWDUH\RXWKLQNLQJ"
/RZ,QWHUPHGLDWH
&X»QWDOHFKHWHQHPRV" +RZPXFKPLONGRZHKDYH"
&X»QWRVYDVRVQHFHVLWDHOOD" +RZPDQ\JODVVHVGRHVVKH
QHHG"
3RUTXÃKDEODHOODDVÇ" :K\GRHVVKHWDONOLNHWKDW"
&RQTXLÃQHVW»VDOLHQGRÃO" :KRLVKHJRLQJRXWZLWK"
9LYHQMXQWRV" 'RWKH\OLYHWRJHWKHU"
0LGGOH,QWHUPHGLDWH
'LPHGRQGHHVWXYLVWHDQRFKH 7HOOPHZKHUH\RXZHUHODVW
QLJKW
'LMRORTXHHVWDEDKDFLHQGR" 'LGKHVD\ZKDWKHZDVGRLQJ"
1RVGLMRSRUTXÃQRYLQR +HWROGXVZK\KHGLGQoWFRPH
2ÇVWHFRQTXLÃQVDOLÍ" 'LG\RXKHDUZKRKHZHQWRXW
ZLWK"
6DEHVFRPROOHJÍDOOÇ" 'R\RXNQRZKRZKHJRWWKHUH"
+LJK,QWHUPHGLDWH
3RUTXÃQRKDYHQLGRWRGDYÇD":K\KDVQoWKHFRPH\HW"
3RUTXÃQRIXLLQYLWDGR" :K\ZDVQoW,LQYLWHG"
3RUTXÃQRVHORGLMLVWH" :K\GLGQoW\RXWHOOWKHP"
3RUTXÃQRHVWDU»VDOOÇ" :K\ZRQoW\RXEHWKHUH"
3RUTXÃQROHFUHHUÇDV" :K\ZRXOGQoW\RXEHOLHYHLW"
/RZ$GYDQFHG
7UDEDMRSDUDTXHPLIDPLOLD ,ZRUNVRWKDWP\IDPLO\KDV
IRRGRQWKHWDEOH
WHQJDFRPLGDHQODPHVD
/RVHOHIDQWHVLQGLRVWLHQHQODV ,QGLDQHOHSKDQWVKDYHVPDOO
RUHMDVSHTXHËDVPLHQWUDVTXH HDUVZKHUHDVWKH$IULFDQRQHV
ORVDIULFDQRVODVWLHQHQJUDQGHV DUHELJ
0LHQWUDVTXHYLYDVDTXÇ $VORQJDV\RXOLYHKHUH\RXoOO
REH\P\UXOHV
REHGHFHU»VPLVUHJODV
(QFXDQWROOHJXHDTXÇQRV $VVRRQDVKHJHWVKHUHZHoOO
EHRII
SLUDPRV
3DUHFHFRPRVLQRKXELHUDV <RXORRNDVLI\RXKDGQoWVOHSW
GRUPLGR
0LGGOH$GYDQFHG
&X»QGRVHDQXQFLDU»":KHQZLOOLWEHDQQRXQFHG"
&X»QWRWLHPSRVHSXHGH+RZORQJFDQLWEHNHSWLQWKH
JXDUGDUHQODQHYHUD"
IULGJH"
&X»OHVHOÔQLFRHGLîFLRTXH:KDWoVWKHRQO\EXLOGLQJWKDW
VHSXHGHYHUGHVGHODOXQD"
FDQEHVHHQIURPWKHPRRQ"
&ÍPRVHKDU»"+RZZLOOLWEHGRQH"
3XHGHTXHVHFDQFHOH,WPLJKWEHFDQFHOOHG
)RU(QJOLVKVXSHUVWDUVRQO\
0HHQFDQWDUÇDXQSLQFKRGH,oGORYHDSLHFHRI6SDQLVK
WRUWLOODGHSDWDWD
RPHOHW
&RPÃLVFDOORVGHYHUGDG"'R\RXUHDOO\HDWWULSH"
1XQFDWHQJRKDPEUHGHVSXÃV,oPQHYHUKXQJU\DIWHUHDWLQJ
GHFRPHUFRFLGR
VWHZ
1RKD\QDGDPHMRUTXHHO<RXFDQoWEHDW6SDQLVKKDP
MDPÍQHVSDËRO
4XLÃQFRUWDHOEDFDODRDTXÇ":KRUXQVWKHVKRZKHUH"
3OLHUV 3LQ]DV
6FUHZGULYHU 'HVWRUQLOODGRU
+DPPHU 0DUWLOOR
6DZ 6LHUUD
6SDQQHU /ODYHGHWXHUFDV
9RFDEXODULR7RROER[ &DMDGHKHUUDPLHQWDV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
*LPQDVLDYHUEDOp7RRq p(QRXJKq
<RXKDYHWREHRQ\RXUWRHV
7LHQHVTXHHVWDUDOHUWD
,oPJRLQJRXWRIP\PLQG
0HHVWR\YROYLHQGRORFR
7RWKLQNRXWRIWKHER[
3HQVDUGHIRUPDFUHDWLYD
2YHUP\GHDGERG\
7HQGU»VTXHSDVDUSRUHQFLPDGHPLFDG»YHU
<RXoUHRXWRI\RXUPLQG
|(VW»VORFR
'RQoWOHWLWJRWR\RXUKHDG
4XHQRVHWHVXEDDODFDEH]D
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
1RWHQJRVXîFLHQWHDUUR]SDUDKDFHUXQD
SDHOOD
(OODQRFRQRFHDVXîFLHQWHVSHUVRQDVSDUD
RUJDQL]DUXQDîHVWD
(OODQRHVORVXîFLHQWHPHQWHSRSXODUSDUD
RUJDQL]DUXQDîHVWD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
(QJOLVKLVWZLFHDVHDV\DV6SDQLVK
7KHUHDUHHLJKWPLOOLRQSHRSOHLQ/RV$QJHOHV7KHUHDUHPLOOLRQ
SHRSOHLQ&DLUR:KDWFDQZHVD\DERXWWKHWZRFLWLHV"
&DLURLVWZRWLPHVELJJHUWKDQ/RV$QJHOHV
&DLURLVWZLFHDVELJDV/RV$QJHOHV
:KLFKVHQWHQFHLVPRUHFRUUHFW"%RWKDUHSHUIHFWO\FRUUHFW:KLFK
VHQWHQFHLVPRUHFRPPRQ"7KHVHFRQGRQHLVWZLFHDVFRPPRQ
DVWKHîUVW WZRWLPHVPRUHFRPPRQ
'RVYHFHVP»VI»FLO
7UHVYHFHVP»VDOWR
8QPLOOÍQGHYHFHVP»V
FRPSOLFDGR
7ZLFHDVHDV\
7KUHHWLPHVDVWDOO
$PLOOLRQWLPHVDVFRPSOLFDWHG
HVpGRVYHFHVWDQJUDQGHqFRPR/RVQJHOHV6LQHPEDUJRHVOD
IRUPDTXHKDELWXDOPHQWHXWLOL]DPRVFXDQGRFRPSDUDPRVFRVDV
HPSOHDQGRPDJQLWXGHVQXPÃULFDV$KRUDELHQQRHVQHFHVDULR
TXHDVLPLOHVHVWDIRUPDSXHVWRTXHODIRUPDP»VVHQFLOODWDP
ELÃQHVFRUUHFWDDGHP»VGHLGÃQWLFDDODIRUPDHVSDËROD3HURFRQ
YLHQHTXHHVWÃVDOPHQRVIDPLOLDUL]DGRFRQHOODSRUTXHODYDVDRÇU
FRQVWDQWHPHQWHVLOOHJDVDWHQHUPXFKRFRQWDFWRFRQHOLQJOÃV
9DXJKDQ6\VWHPVLVWZLFHDVJRRGDVLWVFRPSHWLWRUV
0RXQW(YHUHVWLVWKUHHWLPHDVKLJKDVWKH0RQFD\RLQ$UDJÍQ
7KHEULJKWVLGHRIWKLVVDWHOOLWHUHïHFWVDERXWWLPHVDVPXFK
VXQOLJKWDVWKHGDUNVLGH
6\PPHWULFDOJRULWKPVDUHDWKRXVDQGWLPHVDVIDVWDV
DV\PPHWULFRQHV
7KLVQHZFRPSXWHUV\VWHPLVîYHWLPHVDVIDVWDVWKHROGRQH
6HWUDWDGHXQDIRUPDDOJRH[WUDËD\FRPSOLFDGDGHH[SUHVDUHVWH
WLSRGHFRPSDUDWLYR/LWHUDOPHQWHGHFLPRVHQLQJOÃVTXH(O&DLUR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RPHDSHWHFHWUDEDMDUHVWDPDËDQD0HKHWRPDGRWUHVWD]DV
GHFDIÃ\WRGDYÇDQRSXHGRPDQWHQHUORVRMRVDELHUWRV$QRFKH
FDVLQRGRUPÇGHVSXÃVGHTXHPHGHVSHUWDUDODWRUPHQWDGHJUD
QL]R'HEÇDGHVHUDOUHGHGRUGHODVFXDQGRPHSXGHYROYHUD
GRUPLU3DUHFHTXHFXDQWRP»VPD\RUPHKDJRP»VPHFXHVWD
WHQHUXQDEXHQDQRFKHGHGHVFDQVR
,GRQoWIHHOOLNHZRUNLQJWKLVPRUQLQJ,oYHKDGWKUHHFXSVRIFRIIHH
DQG,VWLOOFDQoWNHHSP\H\HVRSHQ,KDUGO\VOHSWODVWQLJKWDIWHU
WKHKDLOVWRUPZRNHPHXS,WPXVWKDYHEHHQDURXQGEHIRUH,
ZDVDEOHWRJREDFNWRVOHHS,WVHHPVWKDWWKHROGHU,JHWWKHPRUH
WURXEOH,KDYHJHWWLQJDJRRGQLJKWoVVOHHS
0LDPLJR-RVÃ
0\PRVWPHPRUDEOHVWXGHQWWKHEHVWRQHRIDOO
:DVDVKRUWOLWWOHPDQZLWKDPRXVWDFKHTXLWHVPDOO
+HEHJDQKLVÀUVWFODVVDEHJLQQHUDWEHVW
$WDJHEXWZLWKYLJRXUDQG]HVW
$SURIHVVLRQDOVROGLHUDUWLOOHU\ZDVKLVJDPH
$QGWRDQQLKLODWH(QJOLVKKLVLPPHGLDWHDLP
+HZDVRQHPHWHUÀIW\EXWVWURQJDQGUREXVW
$QGGHWHUPLQHGWRÀJKWDVVXFFHVVZDVDPXVW
7KHÀUVWWKLQJKHOHDUQHGZDV´P\QDPHLV-RVpµ
$QGRQKHDULQJKLVDFFHQW,VWDUWHGWRSUD\
´'HDU*RGZK\RQHDUWKLVWKLVVWXGHQWIRUPH
,ZRXOGUDWKHUEHIRUFHGWRJLYHFODVVWRDWUHHµ
7REHFRQWLQXHG
(VWLPDGRDPLJR\DOXPQR (VWHSRHPDHVGHXQDOXPQRTXHWXYHHQWUH\
5HFXHUGRODSULPHUDFODVHFRPRVLIXHUDD\HU(QWUÍHQHODXOD\PHGLMRp7HQJR
DËRV\PHGLFHQTXHDKRUDWHQJRTXHDSUHQGHULQJOÃV/HGLJRGHHQWUDGDTXHQR
PHKDFHJUDFLDWHQHUTXHDSUHQGHUDOJRQXHYRDHVWDVDOWXUDVSHURVRQODVÍUGHQHVq
'HVSXÃVHPSHFÃXQDFODVHWÇSLFDGHSULQFLSLDQWH\PHTXHGÃDVXVWDGRGHVXQLYHO
(UDXQQLYHOFHURDEVROXWRDEVROXWR1RVDEÇDVLTXLHUDTXHSDUDQHJDUHQLQJOÃV
VHGHFÇDpQRq7DPELÃQPHTXHGÃGHVLQïDGRDORÇUVXSURQXQFLDFLÍQ(UDOÍJLFR(O
EXHQPLOLWDUQRKDEÇDWHQLGRTXHSURQXQFLDUSDODEUDDOJXQDHQRWURLGLRPDHQ
DËRV/DSULPHUDFODVHGXUÍGRVKRUDV\FXDQGRWHUPLQÍÃOPHGLMRp(VXVWHGEXHQ
SURIHVRU0HKDJXVWDGRODFODVH&UHRTXHYR\DDSUHQGHUHVWHLGLRPDFRQXVWHG
4XÃWHQJRTXHKDFHUSDUDPDËDQD"q$SDUWLUGHHVHPRPHQWRpPLDPLJR-RVÃqHO
PLOLWDUSURJUHVÍP»VU»SLGDPHQWHTXHHOGHWRGRVORVDOXPQRVTXHKHWHQLGR
HQPLYLGDHLQFOX\RDJHQWHGHWRGDVODVHGDGHV&X»OIXHVXVHFUHWR"<DORLUHPRV
YLHQGRHQODVSUÍ[LPDVîFKDV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VHVHWXFRFKH" ,VWKDW\RXUFDU"
6ÇORHV <HVLWLV
(VMDSRQÃV" ,VLW-DSDQHVH"
1RQRORHV(VXQFRFKHDOHP»Q1RLWLVQoW,WoVD*HUPDQFDU
/RVFRFKHVDOHPDQHVVRQPX\ *HUPDQFDUVDUHYHU\JRRG
EXHQRV
0HJXVWDWXSHOR ,OLNH\RXUKDLU
'ÍQGHYDVDFRUW»UWHOR" :KHUHGR\RXJRWRFXWLW"
0LQRYLRPHORFRUWDHQFDVD 0\ER\IULHQGFXWVLWDWKRPH
(VÃVHVXWUDEDMRQRUPDO" ,VWKDWKLVQRUPDOMRE"
1RHVVXKREE\7UDEDMDHQXQ 1RLWoVKLVKREE\+HZRUNVLQ
DEDQN
EDQFR
/RZ,QWHUPHGLDWH
'HTXLÃQHVHVHFRFKH" :KRVHFDULVWKDW"
'HTXLÃQHUDODîHVWD" :KRVHSDUW\ZDVLW"
'HTXLÃQVRQHVDVïRUHV" :KRVHðRZHUVDUHWKRVH"
'HTXLÃQHVHVWDURSD" :KRVHFORWKHVDUHWKHVH"
'HTXLÃQHVHVWDFRSD" :KRVHGULQNLVWKLV"
0LGGOH,QWHUPHGLDWH
6DOLPRVHVWDQRFKH" 6KDOOZHJRRXWWRQLJKW"
&RQWHVWRDOWHOÃIRQR" 6KDOO,DQVZHUWKHSKRQH"
/HVGHFLPRVTXHQRSRGHPRVLU" 6KDOOZHWHOOWKHPZHFDQoWJR"
$SDJRHORUGHQDGRU" 6KDOO,WXUQWKHFRPSXWHURII"
$EULPRVODWLHQGDDKRUD" 6KDOOZHRSHQWKHVKRSQRZ"
%ROWV 3HUQRV
:DVKHUV $UDQGHODV
1DLOV &ODYRV
6FUHZV 7RUQLOORV
1XWV 7XHUFDV
9RFDEXODULR7RROER[ &DMDGHKHUUDPLHQWDV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&X»QWRWLHPSROOHYDOORYLHQGR"+RZORQJKDVLWEHHQUDLQLQJ"
(VW»OORYLHQGRGHVGHTXHQRV ,WoVEHHQUDLQLQJVLQFHZHJRW
XS
OHYDQWDPRV
(VW»DVÇGHVGHKDFHVHLVKRUDV ,WoVEHHQOLNHWKLVIRUVL[KRXUV
&X»QWRFUHHVTXHGXUDU»" +RZORQJGR\RXWKLQNLWZLOO
ODVW"
1RVÃQRVR\HOKRPEUHGHO ,GRQoWNQRZ,oPQRWWKH
ZHDWKHUPDQ
WLHPSR
4XÃWHKDFHUHÇU" :KDWPDNHV\RXODXJK"
1RVXHORUHÇUPXFKR ,GRQoWXVXDOO\ODXJKPXFK
4XÃWHKDUÇDFDPELDUGH :KDWZRXOGPDNH\RXFKDQJH
\RXUPLQG"
RSLQLÍQ"
3RUTXÃQRPHKDFHVXQD :K\GRQoW\RXPDNHPHDQ
RIHUWDTXHQRSXHGDUHFKD]DU" RIIHU,FDQoWUHIXVH"
(VRFDPELDWRWDOPHQWHODVFRVDV 7KDWPDNHVDOOWKHGLIIHUHQFH
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
7HHVW»VTXHGDQGRDWU»VHQWXV<RXoUHIDOOLQJEHKLQGLQ\RXU
VWXGLHV
HVWXGLRV
+D]XQHVIXHU]RSDUDSRQHUWH0DNHDQHIIRUWWRFDWFKXS
DOGÇD
9R\WDQU»SLGRFRPRSXHGR,oPJRLQJDVIDVWDV,FDQ
/RVLHQWRHVRQREDVWD,oPVRUU\WKDWoVQRWJRRG
HQRXJK
|(QWRQFHVORGHMR,TXLWWKHQ
|4XÃWUDEDMRP»VFKDSXFHUR:KDWDORXV\MRE\RXoYHGRQH
KDVKHFKRDOOÇ
WKHUH
1XQFDGLMHTXHIXHVHXQ ,QHYHUVDLG,ZDVDKDQG\PDQ
PDQLWDV
(VDVEDOGDVHVW»QWRWDOPHQWH7KRVHVKHOYHVDUHWRWDOO\
WRUFLGDV
ZRQN\
1RWHQÇDXQQLYHOGHEXUEXMD,GLGQoWKDYHDVSLULWOHYHO
7HFRJLVWHXQSHGRDQWHVGH'LG\RXJHWSLVVHGEHIRUH
KDFHUOR"
GRLQJLW"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
*LPQDVLDYHUEDO'HTXLÃQf"VH
WUDGXFHFRPRp:KRVHf"q
7KHSODFHZDVSDFNHGOLNHVDUGLQHV
(OVLWLRHVWDEDGHERWHHQERWH
+HDOZD\VSDVVHVWKHEXFN
6LHPSUHSDVDODSHORWD
+HoVDSDLQLQWKHQHFN
(VXQSHVDGR
+HoVDSHQQ\SLQFKHU
(VXQDJDUUDGR
7KDWoVSDUIRUWKHFRXUVH
(VRHVW»GHQWURGHORKDELWXDO
:KRoVJRLQJWRSLFNXSWKHWDE"
4XLÃQYDDSDJDU ODVFRQVXPLFLRQHV "
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'HTXLÃQVRQHVRVEROÇJUDIRV"
1RVÃGHTXLÃQVRQORVEROÇJUDIRV
1RVÃGHTXLÃQHVODFDVD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,JUHZXSZKHUH,ZDVEURXJKWXSDQGHGXFDWHG
,PSRUWDQWHHOYHUERFRPSXHVWRpWRJURZXSqVLJQLîFDKDFHUVH
PD\RU FULDUVH R HGXFDUVH 1R VLJQLîFD pFUHFHUq 2LJR FRQ FLHUWD
IUHFXHQFLD D PXFKRV GLUHFWLYRV HVSDËROHV GHFLU pRXU FRPSDQ\ LV
JURZLQJXSq0HFXHVWDQRUHÇUPHFXDQGRORRLJRSRUTXHHVW»QGL
FLHQGROLWHUDOPHQWHpQXHVWUDHPSUHVD\DVHHVW»KDFLHQGRPD\RU
FLWDq6LTXLHUHVKDEODUGHOEXHQFUHFLPLHQWRGHWXHPSUHVDGL
2XUFRPSDQ\LVJURZLQJ
$KRUDIÇMDWHELHQHQODVFXDWURIUDVHVVLJXLHQWHV
,JUHZXSLQ7H[DV
,ZDVEURXJKWXSLQ7H[DV
,ZDVHGXFDWHGLQ7H[DV
0\SDUHQWVEURXJKWPHXS
OHQLHQWO\
0HFULÃHQ7H[DV
)XLHGXFDGRHQ7H[DV
&XUVÃPLIRUPDFLÍQ
DFDGÃPLFDHQ7H[DV
0LVSDGUHVPHHGXFDURQFRQ
FLHUWDSHUPLVLYLGDG
r p7R JURZ XSq HV OR TXH XQD SHUVRQD H[SHULPHQWD HQ VX LQ
IDQFLDQLËH]\DGROHVFHQFLD7DPELÃQORSXHGHH[SHULPHQWDU
PHQWDORSVLFROÍJLFDPHQWH\DGHDGXOWR'HFLPRVpJURZXSq
FXDQGRTXHUHPRVGHFLUDDOJXLHQ|1RVHDVLQIDQWLO
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6LQRWHGHFLGHVSURQWRDOJXLHQORKDU»SRUWL7HQHPRVTXHWH
QHU\DXQDGHFLVLÍQVREUHHOSUR\HFWRGH3HWHUVRQSDUDîQDOHVGH
PHVRQRVDUULHVJDPRVDSHUGHUWRGRHOFRQWUDWR(UHVHO'LUHFWRU
*HQHUDO\HOORVFUHHQTXHWÔHUHVTXLÃQOOHYDODYR]FDQWDQWHHQ
WRGRHVWR1RVHUÇDEXHQRGDUOHVXQDLPSUHVLÍQGLVWLQWDDHVWDV
DOWXUDV
0LDPLJR-RVÃ FRQW
%XWP\SDWLHQFHLVJROGHQDQGP\VPLOHQHYHUHQGLQJ
$QG,QHYHUJHWDQJU\RUVRXQGFRQGHVFHQGLQJ
$VDSHUIHFWSURIHVVRU,FDQZHOOPDVTXHUDGH
$QGP\SDWLHQFHLVYDVWZKHQ,NQRZ,·OOEHSDLG
(YHU\GD\IRUWZR\HDUVIURPHLJKWWKLUW\WRWHQ
+HUHSHDWHGHDFKVWUXFWXUHDJDLQDQGDJDLQ
+LVPLOLWDU\GLVFLSOLQHDQGWRWDOGHYRWLRQ
3XVKHGKLVSURJUHVVEH\RQG1HZWRQ·VWKLUGODZRIPRWLRQ
,QD\HDUKHFRXOGKDQGOHZLWKUHODWLYHHDVH
5RXWLQHVLWXDWLRQVRIGLIIHUHQWGHJUHHV
$QGLQWZR\HDUVKLVOHYHOZDVPRUHWKDQHQRXJK
7RQHJRWLDWHFRQWUDFWVZLWKPRUHWKDQRQHEOXII
7REHFRQWLQXHG
r p7REULQJXSqHVFULDURHGXFDUDRWUDSHUVRQDp,EURXJKWXS
P\FKLOGUHQq (GXTXÃDPLVKLMRV
r (O YHUER pWR HGXFDWHq VLJQLîFD pIRUPDUq P»V TXH pHGXFDUq
(VW»ÇQWLPDPHQWHOLJDGRDODHVFRODUL]DFLÍQ
r 7DPELÃQXWLOL]DPRVORVYHUERVpWRUHDUq\pWRUDLVHqSDUDGHFLU
pFULDUqRpHGXFDUqSHURRVRQPHQRVXVXDOHV FDVRGHpUHDUq R
PHQRVUHFRPHQGDEOHV FDVRGHpUDLVHq (OYHUERpWRUDLVHqHQ
HVWHFRQWH[WRGHEHXVDUVHSDUDODFUÇDGHDQLPDOHVQRSDUDOD
FUÇDGHKLMRVSHURDSHVDUGHHVWRVHXVDPXFKRp,ZDVUDLVHG
LQ7H[DVq )XLFULDGR\HGXFDGRHQ7H[DV
r (O VXVWDQWLYR pXSEULQJLQJq HV OD SDODEUD P»V DSURSLDGD
SDUDODFULDQ]DRHGXFDFLÍQGHODVSHUVRQDVp+HKDGDVWULFW
XSEULQJLQJq 7XYR XQD HGXFDFLÍQ HVWULFWD (O VXVWDQWLYR
SURYLHQHGHOYHUERFRPSXHVWRpWREULQJXSq
3RUWDQWRXQDEXHQDWUDGXFFLÍQSDUDHOWÇWXORGHHVWDO»PLQDVHUÇD
0HFULÃGRQGHIXLHGXFDGR\IRUPDGR
,I\RXGRQoWPDNHXS\RXUPLQGSUHWW\VRRQVRPHERG\ZLOOPDNHLW
XSIRU\RX:HoYHJRWWRKDYHDGHFLVLRQRQWKH3HWHUVRQSURMHFWE\
WKHHQGRIWKLVPRQWKRUZHoOOULVNORVLQJWKHHQWLUHFRQWUDFW<RXoUH
WKHJHQHUDOPDQDJHUDQGWKH\WKLQN\RXoUHFDOOLQJDOOWKHVKRWVRQ
WKLV ,W ZRXOGQoW EH JRRG WR JLYH WKHP D GLIIHUHQW LPSUHVVLRQ DW
WKLVSRLQWLQWLPH
(VWLPDGR DPLJR \ DOXPQR 0L DPLJR -RVÃ PLOLWDU GH SURIHVLÍQ QR GHMÍ GH
LPSUHVLRQDUPHGXUDQWHORVGRVSULPHURVDËRVGHVXDSUHQGL]DMH0LVWHPRUHV
GHO SULPHU GÇD SURQWR GHVDSDUHFLHURQ DQWH XQD DGPLUDFLÍQ SRU HO HVIXHU]R
TXHKDFÇDHODUWLOOHUR$FULELOODEDDEDOD]RVHOLQJOÃV&RQXQDFHQWRWXUROHQVH
\ODYR]URQFD\»VSHUDWÇSLFDGHVXHGDG\GHVXUDQJRPLOLWDUIXHUHSLWLHQGR
KDVWDODVDFLHGDGIUDVHWUDVIUDVHHQLQJOÃVGHVGHODP»VVHQFLOODKDVWDODP»V
FXULRVD /H HQFDQWDED GHFLU´WKH WUDIÀF LV EXPSHU WR EXPSHUµ HO WU»îFR HVW»
DWDVFDGRHVGHFLUGHSDUDFKRTXHDSDUDFKRTXH 2WUDIUDVHVX\DHUD´WKHVN\LV
RYHUFDVWµ HOFLHORHVW»WDSDGRGHQXEHV (OFDVRHVTXHOHHQFDQWDEDHOUHWRGH
DSUHQGHULQJOÃVVÇSHUROHHQFDQWDEDSRUTXHWHQÇDGHODQWHDXQSURIHVRUDOTXH
UHVSHWDED\DGPLUDEDSURIHVLRQDOPHQWH0RUDOHMDHOSURIHVRUORHVWRGR6LHV
XQSHWDUGRQDGLHDSUHQGHDSHVDUGHODWUDFWLYRGHOWHPD6LHVXQIHQÍPHQR
KDVWDORVWHPDVP»VFRPSOLFDGRVVHKDFHQDWUDFWLYRV\HODSUHQGL]DMHDGTXLHUH
WUD\HFWRULDVVRUSUHQGHQWHV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
&X»OHVVXWUDEDMR" :KDWoVKLVMRE"
(VSROLFÇD +HoVDSROLFHPDQ
(VHHVXQWUDEDMRGLIÇFLO 7KDWoVDGLIïFXOWMRE
(VXQSURIHVLRQDOPX\EXHQR +HoVDYHU\JRRGSURIHVVLRQDO
6XKHUPDQRHVSROLFÇD ,VKLVEURWKHUDSROLFHPDQWRR"
WDPELÃQ"
0HHQFDQWDODPÔVLFD ,ORYHPXVLF
4XÃPÔVLFDWHJXVWD" :KLFKPXVLFGR\RXOLNH"
0HJXVWDWRGR ,OLNHHYHU\WKLQJ
+D\DOJXQDPÔVLFDTXHQR ,VWKHUHDQ\PXVLF\RXGRQoW
OLNH"
WHJXVWH"
1RPHJXVWDPXFKRHOUDS ,GRQoWOLNHUDSPXFK
/RZ,QWHUPHGLDWH
7XQRYLRYDDYHQLUDODîHVWD" ,V\RXUER\IULHQGJRLQJWR
FRPHWRWKHSDUW\"
1RHVWDU»DTXÇHVHîQGH +HZRQoWEHKHUHWKDW
ZHHNHQG
VHPDQD
'ÍQGHLU»" :KHUHZLOOKHJR"
9DDLUDODERGDGHXQDPLJR +HoVJRLQJWRJRWRDIULHQGoV
ZHGGLQJ
1RTXLHUHVLUFRQÃO" 'RQoW\RXZDQWWRJRZLWKKLP"
0LGGOH,QWHUPHGLDWH
7HJXVWDUÇDWRPDUXQDWD]D :RXOG\RXOLNHWRKDYHDFXS
RIWHD"
GHWÃ"
1RJUDFLDVQRWHQJRVHG 1RWKDQNV,oPQRWWKLUVW\
4XÃWDODOJRGHFRPHU" +RZDERXWVRPHWKLQJWRHDW"
1RJUDFLDVWDPSRFRWHQJR 1RWKDQNV,oPQRWKXQJU\
HLWKHU
KDPEUH
'ÇPHORFXDQGRTXLHUDVDOJR 7HOOPHZKHQ\RXZDQW
VRPHWKLQJ
+LJK,QWHUPHGLDWH
'ÍQGHGHMÃPLPÍYLO" :KHUHGLG,OHDYHP\PRELOH"
1RORGHMDVWHGHEDMRGHOD 'LGQoW\RXOHDYHLWXQGHUWKH
VWDLUV"
HVFDOHUD"
0HORSHGLVWHSUHVWDGRQR" <RXERUURZHGLWGLGQoW\RX"
3HURWHORGHYROYÇKDFH %XW,JDYHLWEDFNWR\RXDQ
KRXUDJR
XQDKRUD
0HSXHGHVSUHVWDUHOWX\RXQ &DQ\RXOHQGPH\RXUVIRUD
PRPHQW"
VHJXQGR"
/RZ$GYDQFHG
0HSXHGHVJUDEDUXQDV &DQ\RXUHFRUGVRPHWDSHVIRU
PH"
FLQWDV"
3RUTXÃTXLHUHVTXHKDJD :K\GR\RXZDQWPHWRGR
WKDW"
HVR"
0HD\XGDUÇDDSUHSDUDUPL ,WZRXOGKHOSPHWRSUHSDUH
P\FLYLOVHUYLFHH[DP
RSRVLFLÍQ
&X»OHVPLSOD]R" :KDWoVP\GHDGOLQH"
1RFRUUHSULVD 7KHUHoVQRUXVK
&RDW $EULJR
-XPSHU -HUVH\
6FDUI %XIDQGD
+DW *RUUR
*ORYHV *XDQWHV
9RFDEXODULR:LQWHUFORWKHV 5RSDGHLQYLHUQR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
&X»QGRWXYROXJDUHO :KHQGLGWKHNLGQDSSLQJWDNH
SODFH"
VHFXHVWUR"
&X»QWRVUHKHQHVKDEÇD" +RZPDQ\KRVWDJHVZHUH
WKHUH"
&X»QWRSLGLHURQGHUHVFDWH" :KDWUDQVRPGLGWKH\DVNIRU"
5HVFDWDURQDORVUHKHQHV" 'LGWKH\UHVFXHWKHKRVWDJHV"
7RGDYÇDORVWLHQHQSUHVRV 7KH\oUHVWLOOEHLQJKHOG
SULVRQHU
&X»OHVODGLIHUHQFLDHQWUHXQ:KDWoVWKHGLIIHUHQFHEHWZHHQ
VRERUQR\XQFKDQWDMH"
DEULEHDQGEODFNPDLO"
(OSULPHURHVFXDQGRSDJDVD7KHIRUPHULVZKHQ\RXSD\
DOJXLHQDFDPELRGHTXHWH
VRPHRQHLQUHWXUQIRUWKHP
KDJDQXQIDYRU
GRLQJ\RXDIDYRXU
(OVHJXQGRHVXQDHVSHFLHGH7KHODWWHULVDNLQGRIWKUHDW
DPHQD]D
6LDPHQD]RFRQSXEOLFDUDOJXQDV,I,WKUHDWHQWRSXEOLVKVRPH
IRWRVFRPSURPHWLGDVWX\DV
FRPSURPLVLQJSKRWRVRI\RXUV
WKDWoVEODFNPDLO
HVRHVFKDQWDMH
1RWHDWUHYHUÇDVYHUGDG"<RXZRXOGQoWGDUHZRXOG\RX"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
*LPQDVLDYHUEDO
7RSOD\LWE\HDU
,PSURYLVDU WRFDUGHRÇGDV
6KHoVZRUWKKHUZHLJKWLQJROG
(OODYDOHVXSHVRHQRUR
,oPSUHVVHGIRUWLPH
9R\FRQHOWLHPSRMXVWR
&DQ\RXSXOOVRPHVWULQJVIRUPH"
0HSXHGHVD\XGDUDWUDYÃVGHWXVFRQWDFWRV"
+HoVQRWSXOOLQJKLVZHLJKW
,KDYHWRSRZGHUP\QRVH
1RHVW»SRQLHQGRGHVXSDUWH 7HQJRTXHLUDOVHUYLFLR HPSROYDUODQDUL]
<RXVWDUW\RXUFDUHHURQFH\RXoYHîQLVKHG\RXUVWXGLHV
7RGDVHVWDVIUDVHVFRQWLHQHQODSDODEUD
pUDWKHUqHQYH]GHpSUHIHUq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
4XLHUHVLUDODSOD\DRSUHîHUHVLUDOD
PRQWDËD"
4XLHUHVMXJDUDOWHQLVRSUHîHUHVMXJDUDO
EDORQFHVWR"
4XLHUHVXQYDVRGHYLQRRSUHîHUHVWRPDU
XQDFHUYH]D"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6LHQPLVDËRVGHHQVHËDQ]DKXELHUDUHFLELGRXQHXURSRUFDGDYH]
TXHKHRÇGRGHFLUDXQHVSDËROpFDUHHUqDOUHIHULUVHDVXFDUUHUDXQLYHU
VLWDULDVHUÇDPLOORQDULR(QLQJOÃVODSDODEUDpFDUHHUqVÍORVHUHîHUHD
WXYLGDRFDUUHUDSURIHVLRQDO7XpFDUHHUqQRHPSLH]DKDVWDTXHQRKD
\DVWHUPLQDGRORVHVWXGLRV\HPSUHQGLGRWXWUD\HFWRULDSURIHVLRQDO
0\GHJUHHLVLQHQJLQHHULQJEXWP\FDUHHUKDVEHHQLQDFFFRXQWLQJ
DQGîQDQFH
0HOLFHQFLÃHQLQJHQLHUÇDSHURPLYLGDSURIHVLRQDOODKHGHGLFDGR
DODFRQWDELOLGDG\îQDQ]DV
%HIRUHFKRRVLQJDGHJUHHSODQFRQVLGHUWKHSURVDQGFRQVRIWKH
FDUHHULWZLOOOHDG\RXWR
$QWHV GH HOHJLU XQD FDUUHUD XQLYHUVLWDULD VRSHVD ORV SURV \ ORV
FRQWUDVGHODDFWLYLGDGDODFXDOGLFKDFDUUHUDWHFRQGXFLU»
:KDW GHJUHH \RX RULJLQDOO\ REWDLQHG KDV OLWWOH LQïXHQFH RQ WKH
FDUHHUSDWKZHSORWIRU\RXLQWKLVRUJDQL]DWLRQ
/DFDUUHUDXQLYHUVLWDULDTXHRULJLQDOPHQWHKLFLVWHLQïX\HSRFRHQ
HOFDPLQRSURIHVLRQDOTXHWHWUD]DPRVHQHVWDRUJDQL]DFLÍQ
,PHWKHUZKHQ,ZDVDWWKHXQLYHUVLW\
/DFRQRFÇFXDQGRKDFÇDODFDUUHUD
,PHWKHUWZR\HDUVLQWRP\FDUHHUDVDODZ\HU
/DFRQRFÇDORVGRVDËRVGHLQLFLDUPLDQGDGXUDFRPRDERJDGR
0RVWSHRSOHHQGXSLQDFDUHHUSODQWKDWWKH\GLGQoWVWXG\IRU
/DPD\RUÇDGHODJHQWHDFDEDWUDEDMDQGRHQDOJRSDUDORTXHQR
KDHVWXGLDGR
6KHoVGRLQJDODZGHJUHH
(OODHVW»KDFLHQGRODFDUUHUDGH'HUHFKR
,SDLGIRUDOOP\FKLOGUHQoVFROOHJHHGXFDWLRQ ((88
,SDLGIRUDOOP\FKLOGUHQoVXQLYHUVLW\HGXFDWLRQ 58
3DJXÃODFDUUHUDGHWRGRVPLVKLMRV
5HFXHUGDODSDODEUDpFDUHHUqQRWLHQHQDGDTXHYHUFRQODFDUUHUD
XQLYHUVLWDULD(VXQDSDODEUDTXHQRHQWUDHQHVFHQDKDVWDTXH
XQRQRLQLFLHGHYHUGDGXQDDFWLYLGDGGHQWURGHXQDRULHQWDFLÍQ
SURIHVLRQDOFRQFUHWD+D\JHQWHTXHYDGDQGRWXPERVSRUVXYLGD
ODERUDO VLQ QXQFD GHGLFDUVH D XQD DFWLYLGDG TXH SXGLHUD GHQR
PLQDUVHpP\FDUHHUq0LSDGUHVHOLFHQFLÍHQHPSUHVDULDOHV KH
REWDLQHG D GHJUHH LQ %XVLQHVV $GPLQLVWUDWLRQ 6LQ HPEDUJR VX
WUD\HFWRULDSURIHVLRQDOVHRULHQWÍSRUFRPSOHWRDOPXQGRGHOVH
JXURGHYLGD KLVFDUHHUZDVLQOLIHLQVXUDQFH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
$OIUHG$GOHUXQIDPRVRSVLFÍORJRDXVWUÇDFRGLMRXQDYH]TXHHO
SULQFLSDOSHOLJURGHODYLGDHVTXHWRPDPRVGHPDVLDGDVSUHFDX
FLRQHV(VRHVI»FLOGHGHFLUVREUHWRGRVLFRPR$OIUHG$GOHUWLH
QHVSRFDVSUHRFXSDFLRQHVHFRQÍPLFDV3DUDJHQWHQRUPDOFRPR
\R WHQHPRV TXH VHU H[WUHPDGDPHQWH FXLGDGRVRV FRQ QXHVWUR
GLQHUR\FRQFÍPRORLQYHUWLPRV
$OIUHG $GOHU D IDPRXV $XVWULDQ SV\FKRORJLVW RQFH VDLG WKDW WKH
FKLHI GDQJHU LQ OLIH LV WKDW ZH PD\ WDNH WRR PDQ\ SUHFDXWLRQV
7KDWoV HDV\ WR VD\ HVSHFLDOO\ LI OLNH $OIUHG $GOHU \RX KDYH IHZ
îQDQFLDOZRUULHV)RUQRUPDOSHRSOHOLNHPH,KDYHEHH[WUHPHO\
FDUHIXOZLWKP\PRQH\DQGKRZ,LQYHVWLW
0LDPLJR-RVÃ FRQW
,Q\HDUQXPEHUWKUHH,IRXQGVRPHWKLQJTXLWHVWUDQJH
$QG,VWDUWHGWRQRWLFHDWURXEOLQJFKDQJH
+LVLQFUHGLEOHSURJUHVVEHJDQWRVXEVLGH
$QG,VDZWKHUHZDVVRPHWKLQJKHZDQWHGWRKLGH
1HDUWKHHQGRIWKH\HDULWZDVWRWDOO\FOHDU
7KDWWKHHIIRUWDQGZLOORIWKLVDUP\HQJLQHHU
:DVXQDEOHWRVWRSWKHVWHDG\GHFOLQH
,QKLVPDVWHU\RI(QJOLVKRQH\HDUSULRUGLYLQH
%XWKLVDWWHQGDQFHZDVSHUIHFWDQGKLVHIIRUWVXSUHPH
$QGKLVVSLULWSHUVLVWHQWDQGKLVSDVVLRQIXOOVWHDP
%XWKLVJUDPPDUZDVEUHDNLQJDQGKLVPHPRU\VSHQW
$QGKLVSURJUHVVZDVQRZLQDVSLUDOOLQJGHVFHQW
7REHFRQWLQXHG
(VWLPDGR DPLJR \ DOXPQR 'XUDQWH HO WHUFHU DËR GH FODVH PL DPLJR -RVÃ
FRQWUDMRXQDHQIHUPHGDGTXHDFDEÍFRQVXYLGD1RPHGLMRQDGDSHURVÇSHUFLEÇ
XQFDPELRHQVXSURJUHVR$OSULQFLSLRORDFKDFDEDDVXHGDG,EDDFXPSOLU
ORVDËRV\\RSHQVDEDTXHHUDOÍJLFRTXHODPHPRULDHPSH]DUDDIDOODUOH
\TXHHOJUDQHVIXHU]RTXHKDEÇDKHFKRFRPHQ]DVHDSDVDUOHIDFWXUD3HURDO
FDERGHXQRVPHVHVHVWDEDFODURTXHKDEÇDDOJRP»V6XGRPLQLRGHOLQJOÃVVH
UHVTXHEUDMDED<RQRGHFÇDQDGD0HOLPLWDEDDVHJXLUHQVHË»QGROHORPHMRU
TXHVDEÇD(OQRGHMÍHQQLQJÔQPRPHQWRDDVLVWLUDFODVH\DHVWXGLDU0»V
WDUGHVXSHTXH\DVDEÇDTXHOHTXHGDEDSRFRWLHPSRSHUROHHQFDQWDEDODFODVH
\OHJXVWDEDWHQHUXQUHWRWRGDYÇDHQODYLGDHQHVWHFDVRHOLQJOÃV5HFXHUGR
SHUIHFWDPHQWHFÍPRDYHFHVOHUHJDËDEDSRUKDEHUROYLGDGRXQDHVWUXFWXUD
RSRUFDHUHQHOPLVPRHUURUSRUHQÃVLPDYH]0LDPLJR-RVÃVLPSOHPHQWHVH
GLVFXOSDED\VHJXÇDWUDEDMDQGRDWRSH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'HGÍQGHVRQWXVSDGUHV" :KHUHDUH\RXUSDUHQWVIURP"
6RQGH7DVPDQLD 7KH\oUHIURP7DVPDQLD
'ÍQGHHVWD7DVPDQLD :KHUHLV7DVPDQLD"
(VW»HQ$XVWUDOLD ,WoVLQ$XVWUDOLD
1RVRQHXURSHRV 7KH\oUHQRW(XURSHDQ
/RVD]XOHVVRQWX\RV" $UH\RXUVWKHEOXHRQHV"
1RVRQGHPLKHUPDQD 1RWKH\oUHP\VLVWHUoV
&X»OHVVRQORVWX\RV" :KLFKRQHVDUH\RXUV"
/RVPÇRVVRQORVYHUGHV 0LQHDUHWKHJUHHQRQHV
&X»QWRVWLHQHV" +RZPDQ\GR\RXKDYH"
/RZ,QWHUPHGLDWH
&X»QWRVDËRVWHQÇDVFXDQGR +RZROGZHUH\RXZKHQ,ZDV
ERUQ"
\RQDFÇ"
7HQÇDWUHVFXDQGRQDFLVWH ,ZDVZKHQ\RXZHUHERUQ
1RHUHVWDQYLHMRFRPRPL <RXoUHQRWDVROGDVP\
EURWKHU
KHUPDQR
&X»QWRVDËRVWLHQHÃO" +RZROGLVKH"
(VPXFKRPD\RUTXHWÔ +HoVPXFKROGHUWKDQ\RX
0LGGOH,QWHUPHGLDWH
'ÍQGHFRQVHJXLVWHHVH :KHUHGLG\RXJHWWKDWKDW"
VRPEUHUR"
0HORUHJDOÍPLDEXHOR 0\JUDQGIDWKHUJDYHLWWRPH
(VRVVRPEUHURVHVW»QGH 7KRVHKDWVDUHLQIDVKLRQQRZ
PRGDDKRUD
0HGDLJXDOQRVLJRODPRGD ,GRQoWFDUH,GRQoWIROORZ
IDVKLRQ
6HQRWDSRUORVSDQWDORQHV <RXFDQWHOOIURPWKHWURXVHUV
\RXoUHZHDULQJ
TXHOOHYDVSXHVWRV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&X»QWRKDFHTXHQRYHVD +RZORQJKDVLWEHHQVLQFH\RX
VDZ'DYH"
'DYH"
/OHYRFXDWURDËRVVLQYHUOH ,KDYHQoWVHHQKLPIRUIRXU
\HDUV
3RUTXÃQROHKDVYLVWRHQORV :K\KDYHQoW\RXVHHQKLPLQ
WKHODVWIHZ\HDUV"
ÔOWLPRVDËRV"
7XYLPRVXQDIXHUWHGLVFXVLÍQ :HKDGDELJDUJXPHQW
6LHPSUHOHJXVWÍGLVFXWLU +HDOZD\VOLNHGWRDUJXH
6LPHGLHUDQXQDOLEUDSRUFDGD,I,KDGDSRXQGIRUHYHU\WLPH
VRPHERG\VDLGWKDWWRPH
YH]TXHPHKDQGLFKRHVRf
&X»QWRKDEUÇDVDKRUUDGR" +RZPXFKZRXOG\RXKDYH
VDYHG"
7HQGUÇDDKRUUDGDVXQDVWUHV ,oGKDYHVDYLQJVRIDERXWWKUHH
SRXQGV
OLEUDV
&X»OHVHOWLSRGHFDPELR :KDWoVWKHH[FKDQJHUDWH
EHWZHHQWKHSRXQGDQGWKH
HQWUHODOLEUD\HOHXUR"
HXUR"
8QDOLEUDVLJXHYDOLHQGRP»V $SRXQGLVVWLOOZRUWKPRUH
WKDQDHXUR
TXHXQHXUR
7VKLUW &DPLVHWD
)OLSïRSV &KDQFODV
&DS *RUUD
6KRUWV 3DQWDOÍQFRUWR
6ZLPPLQJWUXQNV %DËDGRU
9RFDEXODULR6XPPHUFORWKHV 5RSDGHYHUDQR
0LGGOH$GYDQFHG
(VDVïRUHVVHHVW»Q7KRVHðRZHUVDUHZLWKHULQJ
PDUFKLWDQGR
6HPHROYLGÍUHJDUODV,IRUJRWWRZDWHUWKHP
'HEHUÇDVFXLGDUODVSODQWDV<RXVKRXOGORRNDIWHUSODQWVDV
FRPRVLIXHUDQXQDPDVFRWD LIWKH\ZHUHDSHW
4XÃGHEHUÇDGDUOHV":KDWVKRXOG,IHHGWKHP"
7HUQXUDFDULËR\PXFKR7HQGHUQHVVDIIHFWLRQDQGDORW
FXLGDGR
RIFDUH
)RU(QJOLVKVXSHUVWDUVRQO\
'HPDVLDGDVFRFLQHUDV 7RRPDQ\FRRNVVSRLOWKHEURWK
HVWURSHDQHOFDOGR
0XFKDVPDQRVIDFLOLWDQHO 0DQ\KDQGVPDNHOLJKWZRUN
WUDEDMR
/DDXVHQFLDKDFHTXHHO $EVHQFHPDNHVWKHKHDUWJURZ
FRUD]ÍQVHHQFRMDP»V
IRQGHU
2MRVTXHQRYHQFRUD]ÍQTXH 2XWRIVLJKWRXWRIPLQG
QRVLHQWH
/DRULJLQDOLGDGQRHVPLIXHUWH 2ULJLQDOLW\LVQRWP\VWURQJ
SRLQW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
9HUERVLUUHJXODUHV
7RîJKWîUHZLWKîUH
3DJDUFRQODPLVPDPRQHGD
<RXoOOKDYHWRSXW\RXUIRRWGRZQ
7HQGU»VTXHLPSRQHUWXYROXQWDG
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6KRYHLW
0ÃWHWHORGRQGHWHTXHSD
3XW\RXUFDUGVRQWKHWDEOH
3RQHUWXVFDUWDVVREUHODPHVD
<DKDVPROLGRHOFDIÃ"
4XLÃQFDYÍHODJXMHUR"
$SDJXÃODYHOD VRSODQGR
+HoVSXVKLQJXSGDLVLHV
(VW»FULDQGRPDOYDV
+HoVQHYHUVHWIRRWLQDFKXUFK
1XQFDKDSXHVWRHOSLHHQXQDLJOHVLD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHVWRU\RIKLVWRU\DQGWKHKLVWRU\RIVWRULHV
/RV HVSDËROHV VROÃLV FRQIXQGLU FRQ FLHUWD IUHFXHQFLD ODV SDODEUDV
pKLVWRU\q\pVWRU\q/DSULPHUDVHUHîHUHÔQLFDPHQWHDODGRFXPHQ
WDFLÍQHLQWHUSUHWDFLÍQGHDFRQWHFLPLHQWRVGHOSDVDGR/DVHJXQGDHV
QXHVWUDSDODEUDHQLQJOÃVSDUDFXHQWRUHODWRQDUUDWLYDRXQDKLVWRULD
TXHVHFXHQWD
6XHQDH[WUDËRRÇUIUDVHVFRPRODVLJXLHQWHp,KHDUGDIXQQ\KLVWRU\
\HVWHUGD\q'HKHFKRXQDQJORSDUODQWHWDUGDUÇDXQRVVHJXQGRVHQ
GDUVHFXHQWDGHORTXHHVW»GLFLHQGRVXLQWHUORFXWRU/DSULPHUDSDUWH
GHOWÇWXORGHHVWDVHFFLÍQSRGUÇDWUDGXFLUVHDOJRDVÇFRPRp(OUHODWRGH
ODKLVWRULDq:LOO'XUDQWXQJUDQKLVWRULDGRUQRUWHDPHULFDQRGHGLFÍ
DËRVGHVXYLGDDHVFULELUp7KH6WRU\RI&LYLOL]DWLRQqGHS»
JLQDV3RUTXÃQRORWLWXOÍp7KH+LVWRU\RI&LYLOL]DWLRQq"
r 7KH6WRU\RI&LYLOL]DWLRQXQDQDUUDWLYDTXHUHODWDHOGLVFXUULU
GHODFLYLOL]DFLÍQGHVGHVXDSDULFLÍQKDVWDKR\
r 7KH+LVWRU\RI&LYLOL]DWLRQXQDHQXPHUDFLÍQ\GHVFULSFLÍQGH
ORVDFRQWHFLPLHQWRVTXHKDQFRQIRUPDGRODFLYLOL]DFLÍQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
$PHGLGDTXHHOSROLFÇDVHDFHUFDEDDOFHQWURFRPHUFLDOSDUDHFKDU
XQYLVWD]RDXQLQFLGHQWHGHKXUWRHQXQDWLHQGDVHSHUFDWÍGHXQ
KRPEUHFRQYDULDVEROVDVGHSO»VWLFRDQGDQGRU»SLGDPHQWHKDFÇD
XQFRFKHDSDUFDGR2UGHQÍDOKRPEUHTXHVHSDUDUDJULW»QGROH
WUHVYHFHV)LQDOPHQWHVDFÍVXDUPD\OHGLVSDUÍPDW»QGROH(O
KRPEUHQXQFDR\ÍODRUGHQGHOSROLFÇDSRUTXHHUDHVWXGLDQWHGH
XQDHVFXHODFHUFDQDSDUDVRUGRV
/DKLVWRULDGH5RPDHVLQWHUHVDQWH
7KHKLVWRU\RI5RPHLVLQWHUHVWLQJ
/DKLVWRULDTXHPHHVW»VFRQWDQGRHVLQWHUHVDQWH
7KHVWRU\\RXoUHWHOOLQJPHLVLQWHUHVWLQJ
/DKLVWRULDHVXQDODUJDKLVWRULDGHODYDQLGDGKXPDQD
+LVWRU\LVDORQJVWRU\RIKXPDQYDQLW\
1RPHYHQJDVFRQODPLVPDKLVWRULD
'RQoWWHOOPHWKHVDPHVWRU\DJDLQ
/DKLVWRULDWXYRXQîQDOIHOL]
7KHVWRU\KDGDKDSS\HQGLQJ
(OOLEURUHODWDODKLVWRULDGHODH[SHGLFLÍQDO3ROR6XU
7KHERRNWHOOVWKHVWRU\RIWKHH[SHGLWLRQWRWKH6RXWK3ROH
6R\OLFHQFLDGRHQKLVWRULDGHODUWH
,KDYHDGHJUHHLQDUWKLVWRU\
/DKLVWRULDGHODUWHLQFOX\HODKLVWRULDGHFDGDSLQWRU
$UWKLVWRU\LQFOXGHVWKHVWRU\RIHYHU\DUWLVW
(OSURIHVRUGHKLVWRULDQRVFXHQWDKLVWRULDVDFHUFDGHVXDEXHOR
7KHKLVWRU\WHDFKHUWHOOVXVVWRULHVDERXWKLVJUDQGIDWKHU
$VWKHSROLFHPDQDSSURDFKHGWKHVKRSSLQJFHQWHUWRFKHFNRQD
VKRSOLIWLQJ LQFLGHQW KH QRWLFHG D PDQ ZLWK VHYHUDO SODVWLF EDJV
ZDONLQJ TXLFNO\ WRZDUG D SDUNHG FDU +H RUGHUHG WKH PDQ WR
VWRSVKRXWLQJWKHRUGHUWKUHHWLPHV)LQDOO\KHSXOOHGRXWKLVJXQ
DQG VKRW KLP GHDG7KH PDQ QHYHU KHDUG WKH SROLFHPDQoV RUGHU
EHFDXVHKHZDVDVWXGHQWDWWKHORFDOVFKRROIRUWKHGHDI
(VWLPDGRDPLJR\DOXPQR7UDVODPXHUWHGH-RVÃVXHVSRVDPHHQWUHJÍXQDFDUWD
HQODTXHHOPLOLWDUKDEODEDGHPLpPÃWRGRqTXHWDQWROHKDEÇDJXVWDED3HURVH
HTXLYRFDED1RHUDPLPÃWRGRORTXHOHJXVWDEDDQXHVWURDPLJR-RVÃ)XHPLHVWLOR
GHHQVHËDQ]DSURGXFWRGHODHQHUJÇD\GHODSDVLÍQTXHDSOLFRDFDGDFRVDTXHKDJR
&XDOTXLHUPÃWRGRGHHQVHËDQ]DHQPDQRVGHXQDSDVLRQDGRSRUODHQVHËDQ]D\D
VHDGHLQJOÃVGH»OJHEUDRGHDQWURSRORJÇDSURGXFLU»UHVXOWDGRVVRUSUHQGHQWHVHQ
´'HDUWHDFKHU,·POHDYLQJZLWKRXWKDYLQJSDLG
ORVDOXPQRV$ODLQYHUVDXQRSXHGHHQWUHJDUHOPHMRUPÃWRGRMDP»VGLVHËDGRFRQ
7KHGHEWWKDW,RZHIRU\RXUKRO\FUXVDGH
HVSHFW»FXORGHOX]\VRQLGRDXQSURIHVRUGHOPRQWÍQ\ORVDOXPQRVVHJXLU»QFRQ
0\ODVW\HDUVZHUHIXQZLWKWKHSURYRFDWLYH¶UHWR·
ODDSDWÇDGHVLHPSUH6RQORVDOXPQRVTXLHQHVDSUHQGHQQRHOSURIHVRU\FRPSHWH
7RPDVWHU\RXUODQJXDJHZLWK\RXUGHOLJKWIXO¶OLEUHWR·
D ÃVWH VHU HO FDWDOL]DGRU GHO DSUHQGL]DMH &XDOTXLHU WHPD HV LQWHUHVDQWH \ KDVWD
´,I,·PUHLQFDUQDWHGZKLOH\RXDUHVWLOOKHUH
IDVFLQDQWHFXDQGRHVHQVHËDGRSRUXQDSDVLRQDGRSURIHVRUFDSD]GHFRQHFWDUFRQ
,ZLOOVHQGRXWGHWHFWLYHVZLWKHOHFWURQLFJHDU
VXVDOXPQRV&XDQGRXQDOXPQRVHGDFRQXQSURIHVRUGHHVWHWLSRHODSUHQGL]DMH
7RÀQG\RXDQGEULQJ\RXWRWHDFKPHRQFHPRUH
FDPELDGHWUD\HFWRULD\DGTXLHUHYHORFLGDGHVVXSHUVÍQLFDV(ODOXPQROLWHUDOPHQWH
:LWKWKDWPHWKRG\RXXVHWKDW,VRPXFKDGRUHµ
)LQ GHYRUDHO»UHDGHVDEHUHQFXHVWLÍQ7RGRJLUDHQWRUQRDOSURIHVRU
0LDPLJR-RVÃ FRQW
7KHQRQH6XQGD\-XOLWDWKHZLIHRI-RVp
*DYHWKHQHZVWKDWKHUKXVEDQGKDGMXVWSDVVHGDZD\
+HKDGOHIWPHDOHWWHUZKLFK,VWLOONHHSWRGD\
7KHODVWOHWWHUZULWWHQE\P\JRRGIULHQG-RVp
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VDHVXQDPHVDURMD 7KDWoVDUHGWDEOH
(VWHHVXQWHOÃIRQREODQFR 7KLVLVDZKLWHSKRQH
(VWDVVRQLGHDVSHTXHËDV 7KHVHDUHVPDOOLGHDV
(VDVVRQSDODEUDVJUDQGHV 7KRVHDUHELJZRUGV
4XLÃQHUHV" :KRDUH\RX"
&X»QWRVSULPRVWLHQHHOOD" +RZPDQ\FRXVLQVGRHVVKH
KDYH"
&UHRTXHVÍORWLHQHXQR ,WKLQNVKHRQO\KDVRQH
$TXÃKRUDHPSLH]DDWUDEDMDU" :KDWWLPHGRHVVKHVWDUW
ZRUN"
1RHPSLH]DKDVWDHOPHGLRGÇD 6KHGRHVQoWVWDUWXQWLOPLGGD\
&X»QWDVKRUDVWUDEDMDFDGDGÇD" +RZPDQ\KRXUVGRHVVKH
ZRUNHDFKGD\"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(VFULELVWHDWXWÇD" 'LG\RXZULWHWR\RXUDXQW"
3RUTXÃWHQJRTXHHVFULELUOH":K\GR,KDYHWRZULWHWRKHU"
DHOOD
3DUDGDUOHODVJUDFLDVSRUHO 7RVD\WKDQNVIRUWKHSUHVHQW
VKHERXJKW\RX
UHJDORTXHWHFRPSUÍ
6ÍORIXHXQFHSLOORGHGLHQWHV,WZDVRQO\DWRRWKEUXVK
(VLPSRUWDQWHVHUHGXFDGR,WoVLPSRUWDQWWREHSROLWH
7HGLYHUWLVWHPXFKRHVWH 'LG\RXKDYHDORWRIIXQWKLV
VXPPHU"
YHUDQR"
1RPHWHPRTXHQR 1R,oPDIUDLGQRW
3RUTXÃORSDVDVWHWDQPDO" :K\GLG\RXKDYHDEDGWLPH"
+L]RPX\PDOWLHPSR 7KHZHDWKHUZDVUHDOO\EDG
4XÃWLHPSRHVSHUDEDVHQ :KDWZHDWKHUGLG\RXH[SHFW
LQ$ODVND"
$ODVND"
/XQJV 3XOPRQHV
+HDUW &RUD]ÍQ
/LYHU +ÇJDGR
,QWHVWLQHV ,QWHVWLQRV
.LGQH\V 5LËRQHV
9RFDEXODULR2UJDQV UJDQRV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
'ÃMDPHHFKDUXQYLVWD]R /HWPHKDYHDORRN
1RHUHVORVXîFLHQWHPHQWH <RXoUHQRWROGHQRXJK
PD\RU
7XVSDGUHVPHPDWDUÇDQVLOR <RXUSDUHQWVZRXOGNLOOPHLI
WKH\NQHZ
VXSLHUDQ
0LVSDGUHVWLHQHQXQD 0\SDUHQWVDUHYHU\RSHQ
PLQGHG
PHQWDOLGDGPX\DELHUWD
7HORHQVHËDUHPRVFXDQGR :HoOOVKRZ\RXZKHQ\RXJURZ
XSDOLWWOH
VHDVXQSRFRP»VPDGXUR
'HTXÃVLUYHLQWHQWDUOR" :KDWoVWKHSRLQWLQWU\LQJ"
1XQFDWHQGU»VÃ[LWRVLQROR <RXoOOQHYHUVXFFHHGLI\RX
GRQoWWU\
LQWHQWDV
0HDEXUURPX\I»FLOPHQWH ,JHWERUHGYHU\HDVLO\
'HEHUÇDVGDUXQEXHQHMHPSOR <RXVKRXOGVHWDJRRGH[DPSOH
DORVGHP»V
WRWKHRWKHUV
1RTXLHURVHUXQPRGHORD ,GRQoWZDQWWREHDQ\ERG\oV
LPLWDUSRUQDGLH
UROHPRGHO
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
/DLQïDFLÍQKDVXELGRRWUDYH],QðDWLRQKDVULVHQDJDLQ
/DVÔOWLPDVFLIUDVGHGHVHPSOHR7KHODWHVWXQHPSOR\PHQW
VRQDOHQWDGRUDV
ïJXUHVDUHHQFRXUDJLQJ
1RSXHGRSHUPLWLUPHHVWD ,FDQoWDIIRUGWKLVPRUWJDJH
KLSRWHFD
/DVWDVDVGHLQWHUÃVVRQ 7KHLQWHUHVWUDWHVDUHFULSSOLQJ
DJRELDQWHV
&X»OHVVRQODVFRQGLFLRQHV :KDWDUHWKHERUURZLQJWHUPV"
GHOSUÃVWDPR"
7HGHPDQGDUÃSRUFDOXPQLD ,oOOVXH\RXIRUOLEHO
/DDFXVDFLÍQQRVHPDQWHQGU» 7KHFDVHZRQoWVWDQGXSLQ
HQHOWULEXQDO
FRXUW
|1RHVWÃVWDQVHJXUR ,ZRXOGQoWEHWRQLW
7HQJRXQDERJDGRGHSULPHUD,KDYHDïUVWUDWHODZ\HU
7HQJRDORVMXHFHVHQPLEROVLOOR,KDYHWKHMXGJHVLQP\SRFNHW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
+RZPXFKf"
+HZHQWIURPUDJVWRULFKHV
3DVÍGHODSREUH]DDODULTXH]D
7KHUHoVDORWRIUHGWDSHLQYROYHG
,QFOX\HPXFKRSDSHOHREXURFU»WLFR
*LYHWKHPUHGFDUSHWWUHDWPHQW
7U»WDORVDFXHUSRGHUH\
,WoVZLWKRXWUK\PHRUUHDVRQ
1RWLHQHQLSLHVQLFDEH]D
,VPHOODUDW
+D\DOJRVRVSHFKRVRDTXÇ
6DYHLWIRUDUDLQ\GD\
*X»UGDORSDUDFXDQGRWHSXHGD
KDFHUIDOWD
1RROYLGHVTXHHOVXVWDQWLYRpPRQH\qHV
LQFRQWDEOHHQLQJOÃV
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
&X»QWRGLQHURKD\HQODFXHQWDQÔPHUR
"
+D\HQODFXHQWDQÔPHUR
1RKD\GLQHURHQODFXHQWDQÔPHUR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
:HVDLOHGVWUDLJKWWKURXJKWKHVWUDLW 1DYHJDPRVWRGRUHFWRDWUDYÃVGHOHVWUHFKR
&RPR WRGRV VDEÃLV HO VLJQLîFDGR FO»VLFR GH pVWUDLJKWq HV UHFWR
RGHUHFKR6HSURQXQFLDpVWUHLWqDOLJXDOTXHODSDODEUDLQJOHVD
SDUDGHQRPLQDUXQHVWUHFKRJHROÍJLFRHOFXDOVHHVFULEHpVWUDLWq
7KH6WUDLWRI*LEUDOWDU
7KH6WUDLWRI0DJHOODQ 'R\RXNQRZZKHUHWKHVHVL[LPSRUWDQW
7KH6WUDLWRI+RUPX] VWUDLWVDUHORFDWHG"1RWLFHKRZZHXVH
7KH6WUDLWRI0DODFFD WKH/DWLQVW\OHRIVSHHFKH[FHSWZKHQ
7KH6WUDLWRI2UDQWR UHIHUULQJWRWKH%HULQJ6WUDLW
7KH%HULQJ6WUDLW
6RPXFKIRUVWUDLWV \DHVW»ELHQGHHVWUHFKRV 'HDKRUDHQDGH
ODQWH IURP QRZ RQ YR\ D FHQWUDUPH HQ OD SDODEUD pVWUDLJKWq
FRPRDGMHWLYR\DGYHUELR
&RPRDGMHWLYR 7KLVLVDVWUDLJKWOLQH
(VWDHVXQDOÇQHDUHFWD
&RPRDGYHUELR +HZHQWVWUDLJKWKRPHDIWHUZRUN
)XHGLUHFWDPHQWHDFDVDGHVSXÃVGHOWUDEDMR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
5HDOPHQWHFUHHVTXHVHYDQDFUHHUHVDKLVWRULD"3RUTXÃQROHV
FXHQWDVODYHUGDG"6HGDU»QFXHQWDGHTXHDOîQ\DOFDERHUHV
KXPDQR\SUREDEOHPHQWHWHSHUGRQDU»Q$GHP»VWRGRVROYLGD
PRVUHXQLRQHVRFLWDVHQDOJÔQPRPHQWRDVÇTXHSRUTXÃLEDV
DVHUWÔGLIHUHQWH"/DÔQLFDGLIHUHQFLDDTXÇHVTXHQRHUDXQDFLWD
FXDOTXLHUD(UDWXSURSLDERGD
<DKHPRVGLFKRTXHpVWUDLJKWqVLJQLîFDUHFWRRGHUHFKR6LQHP
EDUJRHVXQDSDODEUDTXHVHXVDPXFKÇVLPR\TXHDGPLWHP»V
GHDGMHWLYRVRDGYHUELRVP»VHQFDVWHOODQR(QODVGRVSUÍ[L
PDVîFKDVYDPRVDHQWUDUGHOOHQRDHQXPHUDUWRGRVVXVXVRV
PXFKRVLQWHUHVDQWHV\KDVWDFXULRVRVSHURSULPHURTXLHURKDFHU
PHQFLÍQGHOYHUERHQLQJOÃVTXHSURYLHQHGHODGMHWLYRRGHODG
YHUELRpVWUDLJKWq6HWUDWDGHpWRVWUDLJKWHQq
7RVWUDLJKWHQHQGHUH]DU
6WUDLJKWHQ\RXUEDFN 3ÍQWHGHUHFKR
7RVWUDLJKWHQRXWUHVROYHUDUUHJODU
,WWRRNPHDQKRXUWRVWUDLJKWHQHYHU\WKLQJRXW 7DUGÃ
XQDKRUDHQUHVROYHUORWRGR
7RVWUDLJKWHQXSRUGHQDU
6WUDLJKWHQXS\RXUURRPEHIRUHOHDYLQJ 2UGHQDWXKD
ELWDFLÍQDQWHVGHVDOLU
'R\RXUHDOO\WKLQNWKH\oUHJRLQJWREHOLHYHWKDWVWRU\":K\GRQoW
\RXMXVWWHOOWKHPWKHWUXWK"7KH\oOOUHDOL]HWKDW\RXoUHKXPDQDIWHU
DOODQGZLOOSUREDEO\IRUJLYH\RX%HVLGHVZHDOOIRUJHWPHHWLQJV
RUDSSRLQWPHQWVDWVRPHSRLQWVRZK\VKRXOG\RXEHGLIIHUHQW"
7KHRQO\GLIIHUHQFHKHUHLVWKDWLWZDVQoWMXVWDQ\DSSRLQWPHQW,W
ZDV\RXURZQZHGGLQJ
(VWLPDGRDPLJR\DOXPQR0XFKRVHVWXGLDQWHVDOîQDOL]DUODFDUUHUDSRVSRQHQVXHQ 0iVWHUHQ'LUHFFLyQGH(PSUHVDV
5LFKDUG9DXJKDQ
0iVWHUHQ'HUHFKR&RPXQLWDULR
0iVWHUHQ5HODFLRQHV/DERUDOHV
0iVWHUHQ*HVWLyQGH3DWULPRQLRV
0iVWHUHQ'LUHFFLyQGH3UR\HFWRV
0iVWHUHQ5HFXUVRV+XPDQRV
0iVWHUHQ%ROVD\0HUFDGRVÀQDQFLHURV
0iVWHUHQ7HFQRORJtD(QHUJpWLFD
0iVWHUHQ7ULEXWDFLyQ
0iVWHUHQ&RPHUFLR,QWHUQDFLRQDO
0iVWHUHQ'LUHFFLyQ,QWHUQDFLRQDO
0iVWHUHQ3HULRGtVPR
0iVWHUHQ+RVSLWDOLW\0DQDJHPHQW
0iVWHUHQ'LUHFFLyQ\*HVWLyQÀQDQFLHUD
0iVWHUHQ'LUHFFLyQ0HGLRDPELHQWDO
0iVWHUHQ$VHVRUtDLQWHJUDO
0iVWHUHQ'LVHxRPXOWLPHGLD
0iVWHUHQ*OREDOPDUNHWLQJ
0iVWHUHQ&RPXQLFDFLyQ\0HUFDGRWHFQLD
0iVWHUHQ3XEOLFLGDG\'LVHxRJUiÀFR
0iVWHUHQ6XSSO\FKDLQPDQDJHPHQW
0iVWHUHQ6RIWZDUHGHJHVWLyQ
WUDGDHQHOPHUFDGRODERUDOSDUDKDFHUDOJÔQWLSRGH0»VWHU([LVWHXQDEDQLFRLPSUHVLR
QDQWHGHRSFLRQHV,QFOX\RDODGHUHFKDVÍORGHODVP»VGHFLHQSRVLELOLGDGHV$OJXQRV
MÍYHQHVTXLHUHQDËDGLUXQHOHPHQWRSU»FWLFRDORVHVWXGLRVH[FHVLYDPHQWHWHÍULFRVGHOD
XQLYHUVLGDG2WURVVLPSOHPHQWHGHVHDQDODUJDUHOSHUÇRGRGHHVWXGLRDQWHVGHHQWUDUHQOD
YLGDUHDO6HDSXQWDQDXQP»VWHU\GHGLFDQI»FLOPHQWHKRUDV\DYHFHVPXFKDVP»V
DODREWHQFLÍQGHOWÇWXOR'HVSXÃVHQWUDQîQDOPHQWHHQHOPHUFDGRODERUDO\DODPD\RUÇD
VH OHV FLHUUDQ ODV PHMRUHV SXHUWDV SRU OD IDOWD GH XQ DOWR QLYHO GH LQJOÃV 'HVSXÃV VL OHV
SUHJXQWDVVLHVW»QGLVSXHVWRVDGHGLFDUKRUDVRP»VDOLGLRPDWHGLU»QTXHQRWLHQHQ
HVHWLHPSRQLHVHGLQHUR6LQHPEDUJRKDQJDVWDGRVLQSHVWDËHDUXQGLQHUDOHQWLHPSR
\GLQHURSDUDKDFHUXQP»VWHUTXHHQHODQ»OLVLVîQDOQROHVGLIHUHQFLDHQHOPHUFDGR6L
DORVDËRVXQMRYHQKDFHXQP»VWHUHVW»FRPHWLHQGRXQHUURUSXHVWRTXHORVP»VWHU
VRQYHFHVP»VDSURYHFKDEOHVVLHOMRYHQWLHQHÍDËRV\FLHUWDH[SHULHQFLDHQHO
PXQGRUHDO(VDORVDËRVFXDQGRGHEHVLQIDOWDDFRPHWHUHOLQJOÃVVLQRORKDKHFKR
DQWHV'HVSXÃVHVLPSRVLEOHUHVROYHUOR8QR\DWLHQHQRYLRQRYLDRFÍQ\XJHMHIHKLMRV
KLSRWHFDFROHJLRVGRVFRFKHVTXHSDJDUHWF(OLQJOÃVHVPXFKRP»VGLIÇFLOGHGRPLQDUTXH
FXDOTXLHUDGHODV»UHDVGHFRQRFLPLHQWRVPHQFLRQDGRVHQORVP»VWHUUHODFLRQDGRVDODGHUH
FKD6LORVMÍYHQHVQRORUHVXHOYHQGHOWRGRDQWHVGHHQWUDUHQHOPHUFDGRODERUDOHOQROR
YDQDUHVROYHUQXQFD
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XÃGÇDHV" :KDWGD\LVLW"
4XÃPHVHV" :KDWPRQWKLVLW"
(QTXÃHVWDFLÍQHVWDPRV" :KDWVHDVRQDUHZHLQ"
4XÃDËRHV" :KDW\HDULVLW"
'HTXÃQDFLRQDOLGDGHUHV" :KDWQDWLRQDOLW\DUH\RX"
9»PRQRVDOSDUTXH /HWoVJRWRWKHSDUN
3RUTXÃTXLHUHVKDFHUHVR" :K\GR\RXZDQWWRGRWKDW"
+DFHEXHQWLHPSR 7KHZHDWKHUoVQLFH
&RPSUHPRVXQKHODGR /HWoVEX\DQLFHFUHDP
7LHQHVGLQHUR" 'R\RXKDYHDQ\PRQH\"
/DQFH /DQ]D
+HOPHW <HOPR
6KLHOG (VFXGR
$UPRXU $UPDGXUD
6ZRUG (VSDGD
9RFDEXODULR.QLJKW &DEDOOHUR
/RZ,QWHUPHGLDWH
7HSXHGRD\XGDU" &DQ,KHOS\RX"
4XLHURXQNLORGHSDWDWDVSRU ,oGOLNHDNLORRISRWDWRHV
SOHDVH
IDYRU
4XLHUHVDOJRP»V" 'R\RXZDQWDQ\WKLQJHOVH"
1DGDP»VJUDFLDV 1RWKLQJHOVHWKDQN\RX
&X»QWRFXHVWD" +RZPXFKGRHVLWFRVW"
0LGGOH,QWHUPHGLDWH
3RUTXÃQRPHORGLMLVWH" :K\GLGQoW\RXWHOOPH"
3RUTXÃQROHVKDVOODPDGR" :K\KDYHQoW\RXFDOOHGWKHP"
3RUTXÃQRPHKDEODU»V" :K\ZRQoW\RXVSHDNWRPH"
3RUTXÃQRKDVLGRDOWUDEDMR" :K\KDYHQoW\RXJRQHWR
ZRUN"
3RUTXÃQRKDELGRUHXQLRQHV :K\KDYHQoWWKHUHEHHQDQ\
PHHWLQJVODWHO\"
ÔOWLPDPHQWH"
+LJK,QWHUPHGLDWH
0HORGLUÇDVVLORVXSLHUDV" :RXOG\RXWHOOPHLI\RXNQHZ"
6LWHORGLMHUDFDPELDUÇDDOJR" ,I,WROG\RXZRXOGLWPDNHD
GLIIHUHQFH"
6LIXHUDPDULQHURQDYHJDUÇD ,I,ZHUHDVDLORU,oGVDLOWKH
VHYHQVHDV
SRUORVVLHWHPDUHV
6LIXHUDVDVWUHFRVHUÇDPXFKDV ,I,ZHUHDWDLORU,oGVHZVHYHUDO
VHDPV
FRVWXUDV
6LIXHUDFLUXMDQRYHUÇDPXFKDV ,I,ZHUHVXUJHRQ,oGVHH
VHYHUHGOLPEV
H[WUHPLGDGHVFRUWDGDV
/RZ$GYDQFHG
$YÇVDPHFXDQGRHVWÃVOLVWR /HWPHNQRZZKHQ\RXoUH
UHDG\
6HU»XQDHWHUQLGDG ,WoOOEHDJHV
$TXÃYLHQHWDQWDSULVD" :KDWoVWKHKXUU\"
|0HPDUFKR ,oPRII
|(VSHUDTXH\DYR\ +ROGRQ,oPFRPLQJ
0LGGOH$GYDQFHG
'HELGRDFLUFXQVWDQFLDV 'XHWRXQIRUHVHHQ
LPSUHYLVWDVf
FLUFXPVWDQFHVf
'HPRPHQWR\KDVWDQXHYR )RUWKHWLPHEHLQJWKHVKRZ
DYLVRHOHVSHFW»FXORVHKD
KDVEHHQFDQFHOOHG
FDQFHODGR
0HQRVPDOHUDXQDDXWÃQWLFD -XVWDVZHOOLWZDVDUHDO
SDWDWD
WXUNH\
5HFLELÍEXHQDVFUÇWLFDV ,WJRWJRRGUHYLHZV
6ÍORHQODSUHQVDDPDULOOD 2QO\LQWKHWDEORLGSUHVV
)RU(QJOLVKVXSHUVWDUVRQO\
'ÍQGHSXHGRHQFRQWUDUDPL :KHUHFDQ,ïQGP\3ULQFH
&KDUPLQJ"
3UÇQFLSH$]XO"
6ÍORH[LVWHQHQORVFXHQWRV +HRQO\H[LVWVLQIDLU\WDOHV
GHKDGDV
9LYRHQXQPXQGRGHHQVXHËR,OLYHLQDGUHDPZRUOG
£UDVHXQDYH] 2QFHXSRQDWLPHf
fYLYLHURQIHOLFHV\FRPLHURQ fDQGWKH\OLYHGKDSSLO\HYHU
DIWHU
SHUGLFHV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
9RFDEXODULR
'RHVWKDWQDPHULQJDEHOO"
7HVXHQDHVHQRPEUH"
:KHQLQ5RPHGRDVWKH5RPDQVGR
'RQGHIXHUHVKD]ORTXHYLHUHV
7RULVHIURPWKHGHDG
5HVXFLWDUGHHQWUHORVPXHUWRV
+HUXEVVKRXOGHUVZLWKLPSRUWDQWSHRSOH
6HFRGHDFRQJHQWHLPSRUWDQWH
5RPHZDVQoWEXLOWLQDGD\
7KDWoVULJKWXSP\DOOH\
1RVHJDQÍ=DPRUDHQXQDKRUD (VRHQFDMDH[DFWDPHQWHFRQPLVDSWLWXGHV
/RYHOHWWHUVVWUDLJKWIURP\RXUKHDUW
/RYHOHWWHUVfVWUDLJKWIURP\RXUKHDUW
.HHSXVVRQHDUZKLOHDSDUW
,oPQRWDORQHLQWKHQLJKW
ZKHQ,FDQKDYHDOOWKHORYH\RXZULWH
(OYLV3UHVOH\
&DUWDVGHDPRUfGLUHFWDPHQWHGHVGHWXFRUD]ÍQ(OYLVVDEÇDPX\
ELHQFXDQGRXVDUODSDODEUDpVWUDLJKWq\HQHVWDîFKD\HQODVL
JXLHQWHYR\DLQWHQWDUTXHWHIDPLOLDULFHVFRQVXVYDULDGRVXVRV
/LVR SHOR
+HKDVVWUDLJKWKDLU+HGRHVQoWKDYHFXUO\KDLURUZDY\KDLUEXW
VWUDLJKWKDLU
7LHQHHOSHOROLVR1RWLHQHHOSHORQLUL]DGRQLRQGXODGRVLQRHOSHOROLVR
5HFWR
$ULJKWDQJOHLVWKHFRQYHUJHQFHRIWZRVWUDLJKWOLQHVWKDWIRUPD
GHJUHHDQJOH
8Q»QJXORUHFWRHVODFRQYHUJHQFLDGHGRVOÇQHDVUHFWDVTXHIRU
PDQXQ»QJXORGHJUDGRV
&ODURDFODUDUHQWHQGHU
/HW PH JHW WKLV VWUDLJKW<RX VD\ \RX VDZ D GRJ GULYLQJ D FDU ,V
WKDWULJKW"
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(OODWUDWÍGHHFKDUPHODFXOSDSRUHOIUDFDVRGHOSUR\HFWR<RHVWDED
HQFDUJDGRGHORVDVSHFWRVWÃFQLFRV\HOODVXSHUYLVDEDODVYHQWDV\
HODSR\RSRVWsYHQWD&DGDLQIRUPHTXHUHFLELPRVGHORVXVXDULRV
DODEDEDHOGLVHËR\HOIXQFLRQDPLHQWRGHODP»TXLQD6REUHORTXH
VHTXHMDEDQDPDUJDPHQWHHUDVLQHPEDUJRGHOPDQWHQLPLHQWR\
HOVHUYLFLR\HOODHUDODUHVSRQVDEOHGHHVRQR\R
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'XGRTXHHVWXYLHUDGLFLHQGRODYHUGDG
(QUHDOLGDGQRSRGUÇDGHFLUVLHVWXYLHUD
GLFLHQGRODYHUGDG
(OMDUGÇQHVW»OOHQRGHPDODVKLHUEDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
$YHUVLHQWLHQGRWRGRHVWR'LFHXVWHGTXHYLRDXQSHUURFRQGX
FLHQGRXQFRFKH(VDVÇ"
6LQFHUR\VLQURGHRV
6WRSEHDWLQJDURXQG WKHEXVK,ZDQW\RX WRJLYHPHDVWUDLJKW
DQVZHU
'HMDGHGDUURGHRV4XLHURTXHPHGHVXQDUHVSXHVWDFODUD\VLQFHUD
'LUHFWDPHQWH
*HQWOHPHQOHWPHJHWVWUDLJKWWRWKHSRLQW
6HËRUHVSHUPÇWDQPHLUGLUHFWDPHQWHDOJUDQR
&RQVHFXWLYRVHJXLGR
,VSHQWîYHVWUDLJKWGD\VOLYLQJOLNHDFORLVWHUHGPRQNLQDPRQDVWHU\
(VWXYHFLQFRGÇDVVHJXLGRVYLYLHQGRFRPRXQPRQMHGHFODXVXUD
HQXQPRQDVWHULR
$SDORVHFR
3RXUPHDZKLVN\VWUDLJKW
'HPHXQZKLVN\fDSDORVHFR
(UJXLGR
,FDQDOZD\VUHFRJQL]HKLPDPRQJWKHUXQQHUV+HUXQVZLWKKLV
EDFNVWUDLJKW
6LHPSUHOHUHFRQR]FRHQWUHORVFRUUHGRUHV&RUUHFRQODHVSDOGDHUJXLGD
6KHWULHGWREODPHPHIRUWKHIDLOXUHRIWKHSURMHFW,ZDVLQFKDUJH
RIWKHWHFKQLFDODVSHFWVDQGVKHRYHUVDZWKHVDOHVDQGDIWHUVDOHV
VXSSRUW (YHU\ UHSRUW ZH UHFHLYHG IURP XVHUV SUDLVHG WKH GHVLJQ
DQG RSHUDWLRQ RI WKH PDFKLQH :KDW WKH\ ELWWHUO\ FRPSODLQHG
DERXWWKRXJKZDVWKHPDLQWHQDQFHDQGVHUYLFHDQGVKHZDVLQ
FKDUJHRIWKDWQRWPH
(VWLPDGRDPLJR\DOXPQR$ODGHUHFKDWHSRQJRXQDOLVWDGHWHPDVTXHTXLHURTXHLQYHVWLJXHVDWUDYÃVGH
:LNLSHGLD6LWLHQHVRUGHQDGRUH,QWHUQHWDEUHODS»JLQDKWWSHQZLNLSHGLDRUJ\HQODFROXPQDL]TXLHUGD
GHODS»JLQDYHU»VXQUHFXDGURGHEÔVTXHGDWLWXODGRpVHDUFKq(VFULEHDOOÇPLVPRHOSULPHUWHPDTXHDSDUHFH
DODGHUHFKD\OHHHODUWÇFXORFRUUHVSRQGLHQWHGHSULQFLSLRDîQ7HUPLQDU»VPXFKRP»VH[SHUWRVREUH&ODUN
*DEOH\WXLQJOÃVKDEU»PHMRUDGRXQSRFRWDPELÃQ$OGÇDVLJXLHQWHKD]ORPLVPRSDUDHOVHJXQGRWHPD\
DVÇVXFHVLYDPHQWHKDVWDFXEULUORVTXHWHVXJLHUR6LORGHVHDVSXHGHVSRUVXSXHVWREXVFDURWURVWHPDV
\DTXHORTXHTXLHURFRQVHJXLUHVTXHOHDVWRGRORSRVLEOHGHQWURGHXQLQJOÃVGLUHFWR\VHQFLOOR\:LNLSHGLD
VH SUHVWD EDVWDQWH D HVWH îQ 5HFXHUGD TXH FDGD DUWÇFXOR FRQWLHQH FRPR SURPHGLR IUDVHV HQ LQJOÃV
WRGDVFRUUHFWDPHQWHFRQVWUXLGDV6LHQGÇDVSXHGHVOHHUORVDUWÇFXORVFLWDGRVKDEU»VDEVRUELGR
IUDVHVHQLQJOÃV6LGHVSXÃVORJUDVOHHUXQDUWÇFXORSRUGÇDGXUDQWHXQDËRWXFHUHEURFDSWDU»FRQVFLHQWHR
LQFRQVFLHQWHPHQWHFDVLIUDVHVWRGDVHQXQLQJOÃVSHUIHFWR/DOHFWXUDHVPX\UHFRPHQGDEOHSDUD
PHMRUDUHOLQJOÃVKDEODGRVLHPSUHTXHVHDXQLQJOÃVQRWÃFQLFRRUHEXVFDGR6LQHPEDUJRSDUDTXHIXQFLRQH
WLHQHVTXHGHGLFDUFLHUWRWLHPSRFDGDGÇDRFDGDVHPDQDDODOHFWXUD
5LFKDUG9DXJKDQ
&ODUN*DEOH
(O&LG
&DEH]DGH9DFD
*HQJKLV.KDQ
3RFDKRQWDV
6XOOD
%LOO\WKH.LG
$OIUHG+LWFKFRFN
2SWLPLVP
.UDNDWRD
/LWWOH,FH$JH
6DOHPZLWFKWULDOV
&RFKLVH
0DU\6KHOOH\
-RVHSK %LEOH
([LVWHQWLDOLVP
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(UHVHOQXHYRHVWXGLDQWH" $UH\RXWKHQHZVWXGHQW"
(VHVDODSURIHVRUD" ,VWKDWWKHWHDFKHU"
(VXQSRFRMRYHQ 6KHoVDOLWWOH\RXQJ
4XÃKRUDHV" :KDWWLPHLVLW"
(VPHGLDQRFKH ,WoVPLGQLJKW
4XÃVLJQLîFDpfq" :KDWGRHVpfqPHDQ"
&ÍPRVHGLFHpqHQLQJOÃV" +RZGR\RXVD\pqLQ
(QJOLVK"
1RHQWLHQGR ,GRQoWXQGHUVWDQG
3XHGHVUHSHWLUORSRUIDYRU" &DQ\RXUHSHDWWKDWSOHDVH"
3XHGHVKDEODUP»VGHVSDFLR &DQ\RXVSHDNPRUHVORZO\
SOHDVH"
SRUIDYRU"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&RQRFHVDDOJXLHQDTXÇ" 'R\RXNQRZDQ\ERG\KHUH"
1RQRFRQR]FRDQDGLH 1R,GRQoWNQRZDQ\ERG\
6DEHVDOJRGHFRFKHV" 'R\RXNQRZDQ\WKLQJDERXW
FDUV"
6ÃDOJXQDVFRVDV ,NQRZVRPHWKLQJV
1XQFDVDEHQDGD +HQHYHUNQRZVDQ\WKLQJ
0HSXHGHVHFKDUXQDPDQR" &DQ\RXJLYHPHDKDQG"
(QTXÃSXHGRVHUYLUOH" +RZFDQ,KHOS"
3XHGHVSRQHUODPHVD" &DQ\RXVHWWKHWDEOH"
+DVSODQFKDGRFDPLVDV +DYH\RXHYHULURQHGVKLUWV"
DOJXQDYH]"
4XÃP»VVDEHVKDFHU" :KDWHOVHGR\RXNQRZKRZ
WRGR"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
'HEHGHKDEHUXQDPDQHUD 7KHUHPXVWEHDZD\WRGRLW
GHKDFHUOR
'HEHUÇDGHKDEHUP»VJHQWH 7KHUHVKRXOGEHPRUHSHRSOH
KHUH
DTXÇ
+DEUÇDP»VVLQRHVWXYLHUD 7KHUHZRXOGEHPRUHLILW
ZHUHQoWUDLQLQJ
OORYLHQGR
9DDKDEHUXQDKXHOJD 7KHUHoVJRLQJWREHDVWULNH
WRPRUURZ
PDËDQD
1RODKDEU»YHUGDG" 7KHUHZRQoWEHZLOOWKHUH"
3RGU»VDVLVWLUDOEDXWL]R" :LOO\RXEHDEOHWRDWWHQGWKH
EDSWLVP"
3DUDTXÃ" :KDWIRU"
4XÃTXLHUHVGHFLUFRQpSDUD :KDWGR\RXPHDQpZKDW
IRUq"
TXÃq"
3RUTXÃHVW»VVLHPSUH :K\DUH\RXDOZD\VPDNLQJ
H[FXVHV"
SRQLHQGRH[FXVDV"
1RWHQJRQLLGHD ,KDYHQRLGHD
6ZRUGîVK (PSHUDGRU
6DUGLQH 6DUGLQD
+DNH 0HUOX]D
&RG %DFDODR
0RQNîVK 5DSH
9RFDEXODULR)LVK 3HVFDGR
0LGGOH$GYDQFHG
$TXÃKRUDOOHJDVWH" :KDWWLPHGLG\RXWXUQXS"
$OîQDOQRSXGHLU ,FRXOGQoWPDNHLWLQWKHHQG
3DVDEDDOJR" :DVDQ\WKLQJZURQJ"
7HQJRMDTXHFDVWHUULEOHV ,oYHEHHQKDYLQJUHDOO\EDG
PLJUDLQHVODWHO\
ÔOWLPDPHQWH
,QFOXVRHORWURGÇDPHGHVPD\Ã 7KHRWKHUGD\,HYHQSDVVHG
RXW
)RU(QJOLVKVXSHUVWDUVRQO\
9DQDURGDUFDEH]DVSRUHVWR +HDGVZLOOUROOIRUWKLV
3XHGHTXHHQFXHQWUHQXQ7KH\PLJKWïQGDVFDSHJRDW
FDEH]DGHWXUFR
(VRVHUÇDORP»VQRUPDO 7KDWZRXOGEHSDUIRUWKH
FRXUVH
&X»QGRFUHHVTXHVHGHFLGLU»Q" :KHQGR\RXUHFNRQWKH\oOO
PDNHXSWKHLUPLQGV"
1RPHORH[SOLFR ,WEHDWVPH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
:KRUXQVWKHVKRZKHUH"
4XLÃQPDQGDDTXÇ"
3UHVHQWHSHUIHFWRHOLQWHUURJDWLYR
p$OJXQDYH]qHQHVWHFRQWH[WRVHWUDGXFHSRU
ODSDODEUDpHYHUq
6D\ZKHQ
'LFXDQWR DOVHUYLUWÃRFDIÃ
7KH\DUULYHGVDIHDQGVRXQG +HUXQVULQJVDURXQG\RXRQWKDWVXEMHFW
/OHJDURQVDQRV\VDOYRV
7HGDPLOYXHOWDVHQHVHWHPD
6DYH\RXUVNLQ
6DOYDHOSHOOHMR
$VDUXOHRIWKXPE
&RPRUHJODJHQHUDO OLWHUDOPHQWHpGHSXOJDUq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
+DVYLVWRDOJXQDYH]XQ291,"
+DVKDEODGRDOJXQDYH]FRQ-XOLR,JOHVLDV"
+DVDOJXQDYH]FRPLGRRUHMDGHFHUGR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KUHHVWUDLJKWSDJHVDERXWpVWUDLJKWq
-XVWRH[DFWDPHQWH
+HURIîFHLVVWUDLJKWDFURVVWKHKDOOIURPPLQH
6XGHVSDFKRHVW»MXVWRHQIUHQWHGHOPÇRFUX]DQGRHOSDVLOOR
$OIUHQWH
$OZD\VORRNVWUDLJKWDKHDG'RQoWORRNVLGHZD\V
0LUHVLHPSUHDOIUHQWH1RPLUHDORVODGRV
'HUHFKR
7KHPXPP\NHSWZDONLQJVWUDLJKWWRZDUGVPH
/DPRPLDVHJXÇDDQGDQGRGHUHFKDKDFLDPÇ
6WDQGXSVWUDLJKW RUpVLWXSVWUDLJKWq
3ÍQWHGHUHFKR
'LUHFWDPHQWH
,GUDQNWKHZLQHVWUDLJKWIURPWKHERWWOH
%HEÇHOYLQRGLUHFWDPHQWHGHODERWHOOD
,oOOWHOOLWWR\RXVWUDLJKWWR\RXUIDFH
7HORGLUÃGLUHFWDPHQWHDODFDUD
(QVHJXLGD
,oOOGRLWVWUDLJKWDZD\
/RKDUÃHQVHJXLGD
&RQFODULGDG
,FRXOGQoWWKLQNVWUDLJKWIRUWKUHHGD\VDIWHUWKHEDGH[SHULHQFH,KDG
1RSXGHSHQVDUFRQFODULGDGGXUDQWHWUHVGÇDVGHVSXÃVGHODPDOD
H[SHULHQFLDTXHWXYH
6HULR\VLQLQPXWDUVH
+HWROGRYHUMRNHVDQGNHSWDVWUDLJKWIDFHWKURXJKRXW
&RQWÍP»VGHFKLVWHV\PDQWXYRODFDUDVHULDGHSULQFLSLRDîQ
&ODULGDGHQGHïQLWLYD
+HoOOQHYHUORRNVWUDLJKWLQWR\RXUH\HVDQGJLYH\RXDVWUDLJKWDQVZHU
1XQFDWHPLUDU»GLUHFWDPHQWHDODFDUDSDUDGDUWHXQDUHVSXHVWD
FODUD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(VFXULRVRTXHGLJDVHVR-XVWRKDFHGRVVHPDQDVHVWDEDKDEODQ
GRFRQXQDPLJRGHHVWHWHPD\PHGLMRORPLVPRTXHPHKDV
GLFKRWÔ-RKQVRQYDDVHUGHVSHGLGRSRUHO&RQVHMRGH$GPLQLV
WUDFLÍQHQVXSUÍ[LPDUHXQLÍQ6LHVW»LVHQORFLHUWRHQWRQFHVQR
YHQGHUÃWRGDYÇDPLVDFFLRQHV&RQ-RKQVRQIXHUDGHOSDQRUDPD
HVWR\VHJXURGHTXHHOSUHFLRGHODVDFFLRQHVVXELU»
,WoVIXQQ\\RXVD\WKDW-XVWWZRZHHNVDJR,ZDVWDONLQJZLWKD
IULHQGDERXWWKHVDPHTXHVWLRQDQGKHVDLGH[DFWO\WKHVDPHWKLQJ
\RXGLG-RKQVRQLVJRLQJWREHîUHGE\WKHERDUGRIGLUHFWRUVLQ
WKHQH[WERDUGPHHWLQJ,IWKHWZRRI\RXDUHULJKWWKHQ,ZRQoW
VHOOP\VKDUHV\HW:LWK-RKQVRQRXWWKHSLFWXUH,oPVXUHWKHVWRFN
SULFHZLOOJRXS
$GHP»V GH ORV DGMHWLYRV \ DGYHUELRV TXH DSDUHFHQ HQ HVWD î
FKD \ HQ OD DQWHULRU WHQHPRV DGMHWLYRV FRPSXHVWRV PX\ LP
SRUWDQWHV HQ LQJOÃV FRQ OD SDODEUD pVWUDLJKWq (O P»V FRPÔQ HV
pVWUDLJKWIRUZDUGq HO FXDO VH WUDGXFH OLWHUDOPHQWH FRPR pUHFWR
KDFLDGHODQWHq6LQHPEDUJRVXVLJQLîFDGRUHDOHVpVLQFHURIUDQFR
\UHFWRqp-RKQLVDVWUDLJKWIRUZDUGSHUVRQq -XDQHVXQDSHUVRQD
VLQFHUDIUDQFD\UHFWD
(VWLPDGRDPLJR\DOXPQR5HFRPLHQGRGRVWLSRVGHOHFWXUDODSDVLYD\ODOHFWXUDHQYR]DOWD3DUDODSULPHUDUHFRPLHQGRQRYHODVGH
WLSREHVWVHOOHUHVGHFLUHOWLSRGHOLEURTXHXQRHQFXHQWUDHQORVDHURSXHUWRV1RHVTXHPHJXVWHQQHFHVDULDPHQWHHVWRVOLEURVGHVGH
HOSXQWRGHYLVWDFXOWXUDOSHURVRQH[FHOHQWHVSDUDODDEVRUFLÍQGHPXFKRLQJOÃVHQSRFRWLHPSR(VWHWLSRGHQRYHODVXHOHEDVDUVHHQ
XQDWUDPDGHFLHUWRVXVSHQVH\PXFKDVYHFHVODIXHU]DGHODWUDPDKDFHTXHWHROYLGHVHQTXÃLGLRPDHVW»VOH\HQGR(QRWUDVSDODEUDV
ODIXHU]DGHODWUDPDHVP»VTXHODGLîFXOWDGGHOLGLRPD(VLPSRUWDQWHHQHVWRVFDVRV12(03/($581',&&,21$5,2'HEHVOHHU
S»JLQDWUDVS»JLQDVLJXLHQGRODWUDPDVRODPHQWH9HU»VPXFKDVSDODEUDVTXHGHVFRQRFHVSHURVLQRTXLWDQGHODFRPSUHQVLÍQGHOR
TXHHVW»SDVDQGRQRWHSUHRFXSHV6LJXHOH\HQGR6LSDUDVHVSDUDEXVFDUODHQHOGLFFLRQDULRYHUÇDVTXHHQHOGHORVFDVRVVHWUDWD
GHXQDSDODEUDUHEXVFDGDRSRFRQHFHVDULDSDUDHOGÇDDGÇD6ÍORHFKDPDQRDOGLFFLRQDULRVLWURSLH]DVFRQXQDSDODEUDRH[SUHVLÍQ
TXHKDFHTXHQRSXHGDVVHJXLUHQWHQGLHQGRSRUGRQGHYDODKLVWRULD+DFHFLQFRDËRVUHFRPHQGÃDOGLUHFWRUGHUHFXUVRVKXPDQRVGH
XQRVODERUDWRULRVLPSRUWDQWHVODOHFWXUDGHXQDQRYHODDOPHV$OFDERGHDËR\PHGLROHYROYÇDYHUHQXQDFRPLGD\PHGLFHp5LFKDUG
OOHYRQRYHODVOHÇGDV\QRYHDVFÍPRKDPHMRUDGRPLLQJOÃV7HQÇDVPXFKDUD]ÍQq(QîQ<DYHV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(OYLVHUDHOUH\ (OYLVZDVWKH.LQJ
'LDQDHUDXQDSULQFHVD 'LDQDZDVDSULQFHVV
0LSHUURVHOODPD3UÇQFLSH 0\GRJoVQDPHoV3ULQFH
-RKQ:D\QHHUDHOGXTXH -RKQ:D\QHZDVWKH'XNH
)UHGGLH0HUFXU\HUD4XHHQ )UHGGLH0HUFXU\ZDV4XHHQ
(VW»QDTXÇ 7KH\oUHKHUH
(OODHVW»DOOÇ 6KHoVWKHUH
(VDKRUD" ,VLWQRZ"
&X»QGRHV" :KHQLVLW"
1RHVWDUGH ,WLVQoWODWH
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
5HVHUYDVWHXQDPHVDHQHVH 'LG\RXERRNDWDEOHDWWKDW
QHZUHVWDXUDQW"
QXHYRUHVWDXUDQWH"
/RVLHQWRVHPHROYLGÍ ,oPVRUU\,IRUJRW
&RQTXÃIUHFXHQFLDVHWH +RZRIWHQGR\RXIRUJHWWRGR
WKLQJV"
ROYLGDKDFHUODVFRVDV"
3DUDVHUVLQFHUDQRPHDFXHUGR7REHKRQHVW,FDQoWUHPHPEHU
(VHHVXQFKLVWHPDOR 7KDWoVDEDGMRNH
&X»QWRWDUGDVWHLVHQOOHJDU" +RZORQJGLGLWWDNH\RXWRJHW
KHUH"
1RVKDWDUGDGRXQDHWHUQLGDG ,WKDVWDNHQXVDQHWHUQLW\
&RQTXÃDHUROÇQHDYRODVWH" :KLFKDLUOLQHGLG\RXð\ZLWK"
9LQHHQPLEXUUR ,FDPHRQP\GRQNH\
1RPHVRUSUHQGHTXHKD\DV ,oPQRWVXUSULVHGLWWRRN\RXD
WDUGDGRWDQWRWLHPSR ORQJWLPH
5RVHPDU\ 5RPHUR
0LQW 0HQWD
3DUVOH\ 3HUHMLO
7K\PH 7RPLOOR
%DVLO $OEDKDFD
9RFDEXODULR+HUEV +LHUEDV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
7RPDPRVXQGHVFDQVR" 6KDOOZHWDNHDEUHDN"
7RGDYÇDQRKHPRVKHFKRQDGD:HKDYHQoWGRQHDQ\WKLQJ\HW
(VWR\DJRWDGR ,oPH[KDXVWHG
(UHVODSHUVRQDP»VYDJDTXH <RXoUHWKHOD]LHVWSHUVRQ,oYH
HYHUNQRZQ
MDP»VKHFRQRFLGR
7RGDYÇDWLHQHVTXHFRQRFHUD <RXVWLOOKDYHWRPHHWP\
QHSKHZ
PLVREULQR
5HFDOLÃQWDORHQHOPLFURRQGDV 5HKHDWLWLQWKHPLFURZDYH
/RYR\DSRQHUHQXQDROOD ,oPJRLQJWRSXWLWLQD
VDXFHSDQ
1RROYLGHVUHPRYHUORPXFKR 'RQoWIRUJHWWRVWLULWDORW
'HEHUÇDVHJXLUODUHFHWD" 6KRXOG,IROORZWKHUHFLSH"
$UULHVJDUHVODPHMRUPDQHUD 7DNLQJULVNVLVWKHEHVWZD\WR
OHDUQ
GHDSUHQGHU
0LGGOH$GYDQFHG
)XLVWHDOHVWUHQRGHHVH 'LG\RXJRWKHSUHPLHUHRI
WKDWQHZVKRZ"
QXHYRHVSHFW»FXOR"
2ÇTXHUHFLELÍPX\PDODV ,KHDUGLWJRWUHDOO\EDG
UHYLHZV
FUÇWLFDV
6ÍORGHPRGHUQLOORV 2QO\IURPWUHQG\W\SHV
'HYHUGDGWHDSHWHFHLUDYHU 'R\RXUHDOO\IHHOOLNHJRLQJWR
VHHDPXVLFDOZLWKVRQJVIURP
XQPXVLFDOFRQFDQFLRQHVGH
WKHVL[WLHV"
ORVDËRVVHVHQWD"
<RPHDSXQWRDXQERPEDUGHR ,oPXSIRUDQ\WKLQJ
)RU(QJOLVKVXSHUVWDUVRQO\
|4XÃUROOR :KDWDGUDJ
'HTXÃKDEODV" :KDWDUH\RXRQDERXW"
7HQJRTXHDJXDQWDUDPLV ,KDYHWRSXWXSZLWKWKH
SDULHQWHVSROÇWLFRVHVWDQRFKH LQODZVWRQLJKW
1RQRVOOHYDPRVGHPDUDYLOOD :HGRQoWJHWRQOLNHDKRXVH
RQïUH
(VXQDSHQDPLVXHJUDHV 7KDWoVDVKDPHP\
PRWKHULQODZoVJUHDW
JHQLDO
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
,WGHSHQGV
<RXVFDUHGWKHGD\OLJKWVRXWRIPH
|0HKDVGDGRXQVXVWRGHPXHUWH
6HHLQJLVEHOLHYLQJ
9HUSDUDFUHHU
+HKDVDVFUHZORRVH
/HIDOWDXQWRUQLOOR
2QVHFRQGWKRXJKWf
3HQV»QGRORELHQ
,oPKDYLQJVHFRQGWKRXJKWVDERXWLW
0HHVW»QHQWUDGRGXGDVDOUHVSHFWR
:HGRQoWVHHH\HWRH\HRQWKDW
1RHVWDPRVGHDFXHUGRVREUH
HVHSXQWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
'HDWKDQG<RJKXUW
8QDDPLJDPÇDHVSDËRODSURIHVRUDGHLQJOÃVVHIXHFRQVXPDGUHGHYLVLWD
D(VWDGRV8QLGRV(OODKDEODPX\ELHQLQJOÃVSHURVXDFHQWRDOLJXDOTXH
HOPÇRHQFDVWHOODQRQRHVQDWLYR6XPDGUHHVGLDEÃWLFD\FXDQGRKD\
XQDHPHUJHQFLD\QRWLHQHVXPHGLFLQDDPDQRVLHPSUHWRPDXQ\RJXU
(VWDQGRFRPLHQGRHQXQUHVWDXUDQWHHQ:DVKLQJWRQODPDGUHFRPHQ]Í
DHQFRQWUDUVHPDO\ODKLMDPLDPLJDSLGLÍFRQFLHUWRDSXURXQpFKRNÔUWq
3URQXQFLÍODp\qLQJOHVDFRPRVLIXHUDXQDp\qHVSDËRODHVGHFLUFRPR
XQDpFKqFRQODVFXHUGDVYRFDOHVYLEUDQGR(OFDPDUHURQRHUDFDSD]GH
HQWHQGHUOD£VWHOODPÍDXQFRPSDËHURSHURQRKXERVXHUWHWDPSRFR
+DVWDFXDWURHPSOHDGRVGHOUHVWDXUDQWHFRQFDUDGHSUHRFXSDFLÍQLQWHQ
WDEDQGHVFLIUDUORTXHPLDPLJDTXHUÇDGHFLU0\PRWKHULVDGLDEHWLFDQG
VKHQHHGVpFKRJÔUWq$OYHUTXHQDGLHODHQWHQGÇDFDPELÍGHW»FWLFD\SUR
QXQFLÍODSDODEUDDFHQWXDQGRODSULPHUDVÇODED0\PRWKHULVDGLDEHWLF
DQGVKHQHHGVpFKÍJXUWq6LQHPEDUJRORVFDPDUHURVSHUSOHMRVVHJXÇDQ
VLQHQWHQGHUOD3UHVDGHOS»QLFRPLDPLJDVDFÍXQEROÇJUDIR\HVFULELÍOD
SDODEUDHQXQWUR]RGHSDSHO&XDQGRORVFXDWURHPSOHDGRVPLUDURQHOSD
SHOFDVLDOXQÇVRQRGLMHURQ$KpLÍJXUWq:KDW\RXZDQWLVpLÍJXUWq:K\
GLGQoW\RXVD\VR"q
4XLÃQWXYRODFXOSDHQHVWHPDOHQWHQGLGR"
7HYR\DGHFLUDOJR\WLHQHVTXHFUHHUPH3RUPXFKRTXHWHHVIXHUFHVHQ
SURQXQFLDUELHQ\SRUPXFKRTXHWXVLQWHUORFXWRUHVDQJORSDUODQWHVVHHV
IXHUFHQHQHQWHQGHUWHQRORJUDU»VTXHWHHQWLHQGDQQXQFDVLSURQXQFLDV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/DREUD GHWHDWUR IXHXQÃ[LWRURWXQGR7RP.HOOHUHVFULELÍXQ
DUWÇFXORGHGRVFROXPQDVHQHO&KLFDJR7ULEXQHDOGÇDVLJXLHQWH
DODEDQGR HO UHSDUWR \ OD GLUHFFLÍQ<R QR HVWXYH DOOÇ SHUR WHQJR
SUHYLVWRLUHVWDQRFKHVLFRQVLJRXQDHQWUDGD0HDOHJUDGHTXH
SRUîQ-HQQLIHUKD\DDOFDQ]DGRHOUHFRQRFLPLHQWRTXHVHPHUHFH
3HUVRQDOPHQWHFUHRTXHHVODPHMRUGLUHFWRUDGHWHDWURGHOSDÇV
(VWDH[SUHVLÍQVXHOHLUHQWHUFHUDSHUVRQDOR
FX»OVLJQLîFDTXHQRGHEHVROYLGDUODpVqDO
îQDOGHOYHUER
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'HSHQGHGHODFRPLGDTXHFRPDV
'HSHQGHGHVLWHQJRWLHPSRRQR
'HSHQGHGHORTXHTXLHUDVKDFHUFRQHOUHVWR
GHWXYLGD
PDOFLHUWDVOHWUDVRVLDFHQWÔDVPDOFLHUWDVSDODEUDV+R\YR\D
FHQWUDUPHÔQLFDPHQWHHQODp\qTXHVHSURQXQFLDFRPRXQDpLq
ODWLQD
LÔJRVODYLD
<XJRVODYLD
<HDU
LÃU
<XP\XP ËDPËDP L»PL»P
<HOORZ
LÃOR
L»SL
6FRWODQG<DUG VF»WODQL»UG <XSSLH
LÃW
<HW
<DKRR
L»ZKR
LÍN
<RNH \XJR
<DQNHH
L»QNL
<RON \HPDGHKXHYR LÍN
<HPHQ
LÃPHQ
QLÔLÍUN
1HZ<RUN
<HVWHUGD\
LÃVWHUGD\
LÔ
<RX
<RJD
LÍJD
L»QN
<RXQJ
<RGD
LÍGD
LÔU
<RJKXUW
LÍJXUW
<RXU
LÍLÍ
<RJL%HDU
LÍJXLYHU
<R\R
LÃV
<DFKW
<HV
L»W
<RXQJ<DQNHHVZKRGR\RJDLQ<HPHQDUHXVXDOO\\XSSLHV
,»QL»QNLVLÍJDLÃPHQLÔVXDOLL»SLV
6LTXLHUHVKDFHUUHÇUDORVDQJORSDUODQWHVGLOHVFRQWXDFHQWRHV
SDËROTXHHVW»VLQWHUHVDGRHQRMHDUODV3»JLQDV$PDULOODV/RVHV
SDËROHVVLHPSUHGHFÇVp7KH<HOORZ3DJHVqTXHSDUDHOORVVXHQD
FRPRpWKHMHOORSDJHVq ODVS»JLQDVGHJHODWLQDFRQVDERUDIUXWD
7KHSOD\ZDVDUHVRXQGLQJVXFFHVV7RP.HOOHUZURWHDWZRFROXPQ
UHYLHZLQWKH&KLFDJR7ULEXQHWKHIROORZLQJGD\SUDLVLQJWKHFDVW
DQGGLUHFWLRQ,ZDVQoWWKHUHEXW,oPSODQQLQJWRJRWKLVHYHQLQJ
LI , FDQ JHW D WLFNHW ,oP UHDOO\ JODG -HQQLIHUoV îQDOO\ JRWWHQ WKH
UHFRJQLWLRQVKHGHVHUYHV,SHUVRQDOO\WKLQNVKHoVWKHEHVWIHPDOH
VWDJHGLUHFWRULQWKLVFRXQWU\
(VWLPDGRDPLJR\DOXPQR$\HUWHUHFRPHQGÃGRVWLSRVGHOHFWXUDODSDVLYDFRQVLVWHQWHHQOHHUXQDQRYHODDOPHVVLQGLFFLRQDULR\OD
OHFWXUDHQYR]DOWD+R\TXLHURKDEODUGHHVWDÔOWLPD$GLIHUHQFLDGHODOHFWXUDSDVLYDODDFWLYDGHEHKDFHUVHHQYR]DOWDSDUDSUDFWLFDU
ULWPRHQWRQDFLÍQSURQXQFLDFLÍQ\ORP»VLPSRUWDQWHïXLGH]\VROWXUDHQHOKDEODU3HURHVPX\LPSRUWDQWHHQHVWHWLSRGHHMHUFLFLRTXH
VHDVKXPLOGH\FRPSUHVQRYHODVVLPSOLîFDGDVGHQLYHOHOHPHQWDOVRODPHQWHLQFOXVRVLFUHHVTXHWXQLYHOGHLQJOÃVHVDOWR&XDQGRWHQJDV
XQDRYDULDVQRYHODVGHHVWHQLYHOOÃHODVHQYR]DOWDGHSLHSUHIHULEOHPHQWH,PDJLQDTXHSHUVRQDVWHHVW»QHVFXFKDQGR\OHHSDUDTXH
WHRLJDQGHFODPDQGRHOLGLRPDVLHVSUHFLVR$OWHUPLQDUHOSULPHUOLEURODVROWXUD\HOLPSDFWRGHWXLQJOÃVKDEODGRKDEU»PHMRUDGRHQ
XQ'HVSXÃVOHHRWUDQRYHODUHSLWRGHQLYHOHOHPHQWDO/DVFDVDVTXHSUHSDUDQ\SXEOLFDQHVWDVQRYHODVGHGLîFXOWDGJUDGXDGDPLGHQ
ODGLîFXOWDGFRQIRUPHDXQEDUHPROLWHUDULRHVGHFLUHOOLEURGHQLYHOLQWHUPHGLRHVP»VGLIÇFLOTXHHOGHQLYHOHOHPHQWDOSRUTXHYDVLHQGR
P»VOLWHUDULRFRQYRFDEXODULRSRFRÔWLOSDUDSHUVRQDVFRPRWÔTXLHQVHJXUDPHQWHWLHQHVTXHXVDUHOLQJOÃVSDUDVLWXDFLRQHVQRUPDOHV
GHFRPXQLFDFLÍQ$GHP»VODVQRYHODVGHQLYHOHOHPHQWDOFRQWLHQHQHOGHWRGRORTXHQHFHVLWDU»VSDUDDQGDUSRUHOPXQGRFRQHO
LQJOÃV7DPELÃQHVYHUGDGTXHHQODVQRYHODVP»VHOHPHQWDOHVFRQRFHU»VFDVLWRGRHOYRFDEXODULR\HVWUXFWXUDV\VDEU»VSURQXQFLDUODV
FRUUHFWDPHQWHHYLWDQGRLQFUXVWDUYLFLRVGHSURQXQFLDFLÍQ<SRUÔOWLPRGXGRTXHWHQJDVXQDDJLOLGDG\HVSRQWDQHLGDGWRWDOHVFRQODV
HVWUXFWXUDVSUHVHQWHVHQODVQRYHODVVLPSOLîFDGDVGHQLYHOHOHPHQWDO2WUDYH]WHSLGRKXPLOGDGHQHOHVIXHU]R\HQHOHQIRTXH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
6XVRMRV GHHOOD VRQD]XOHV +HUH\HVDUHEOXH
6XVRUHMDV GHÃO QRVRQ +LVHDUVDUHQoWELJ
JUDQGHV
6RQKRPEUHVDOWRV 7KH\oUHWDOOPHQ
6RPRVPXMHUHVHVSDËRODV :HoUH6SDQLVKZRPHQ
(VWR\FRQWHQWRKR\ ,oPKDSS\WRGD\
7LHQHVXQPRPHQWR" 'R\RXKDYHDPRPHQW"
7HQJRP»VGHXQPRPHQWR ,KDYHPRUHWKDQDPRPHQW
&X»QWRWLHQHV" +RZPXFKGR\RXKDYH"
&X»QWRHVW»VEXVFDQGR" +RZPXFKDUH\RXORRNLQJIRU"
7HQJRWRGRHOWLHPSRGHO ,KDYHDOOWKHWLPHLQWKHZRUOG
PXQGR
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&X»QWDVYHFHVKDEODVWHFRQ +RZPDQ\WLPHVGLG\RXVSHDN
HOODD\HU"
WRKHU\HVWHUGD\"
1RODYL ,GLGQoWVHHKHU
&X»QGRIXHODÔOWLPDYH] :KHQZDVWKHODVWWLPHVKH
TXHHVWXYRDOOÇ"
ZDVKHUH"
1RHVWXYRDTXÇSRUWXîHVWD :DVQoWVKHKHUHIRU\RXU
GHFXPSOHDËRV"
ELUWKGD\SDUW\"
(VRIXHKDFHPHVHV 7KDWZDVPRQWKVDJR
(OODKDEODPXFKRQR" 6KHWDONVDORWGRHVQoWVKH"
1RKDEODWDQWRFRPRVX 6KHGRHVQoWWDONDVPXFKDV
KHUPDQR
KHUEURWKHU
£OQXQFDSDUDGHKDEODU +HQHYHUVWRSVWDONLQJ
3RUTXÃKDEODWDQWR" :K\GRHVKHWDONVRPXFK"
(VSHULRGLVWDHQODUDGLR +HoVDUDGLRMRXUQDOLVW
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
7HSUHRFXSDHQYHMHFHU" 'R\RXZRUU\DERXWJHWWLQJROG"
<RQXQFDPHSUHRFXSRSRU ,QHYHUZRUU\DERXWDQ\WKLQJ
QDGD
&ÍPRSXHGHVVHUWDQ +RZFDQ\RXEHVRFDUHIUHH"
GHVSUHRFXSDGR"
6RQODVSUHRFXSDFLRQHVODV ,WoVZRUU\LQJWKDWPDNHV\RX
TXHWHKDFHQHQYHMHFHU
JHWROG
7HLPSRUWDVLWRPRSUHVWDGD 'R\RXPLQGLI,ERUURZ\RXU
WXîORVRIÇD"
SKLORVRSK\"
0»VYDOHTXHOHVDYLVHVTXÃ <RXoGEHWWHUOHWWKHPNQRZ
YDPRVDOOHJDUWDUGH
ZHoOOEHODWH
6HGLVJXVWDQI»FLOPHQWH" 'RWKH\JHWXSVHWHDVLO\"
7LHQGHQDVHUXQSRFR 7KH\WHQGWREHDOLWWOHWRXFK\
VXVFHSWLEOHVDYHFHV DWWLPHV
3RUTXÃKD\JHQWHWDQVHQVLEOH" :K\DUHVRPHSHRSOHVR
VHQVLWLYH"
3UHîHUHVTXHODJHQWHWHQJD 'R\RXSUHIHUSHRSOHWRKDYHD
HOFRUD]ÍQGHSLHGUD"
KHDUWRIVWRQH"
3KHDVDQW )DLV»Q
*XLQHDIRZO *DOOLQDGH*XLQHD
*URXVH 8URJDOOR
4XDLO &RUGRQL]
3DUWULGJH 3HUGL]
9RFDEXODULR*DPHELUGV $YHVGHFD]D
0LGGOH$GYDQFHG
&X»QGRYDLVDHQPDUFDU :KHQDUH\RXJRLQJWRIUDPH
HVWDVIRWRV"
WKHVHSLFWXUHV"
&XDQGRQRVORSRGDPRV :KHQZHFDQDIIRUGWR
SHUPLWLU
(VW»LVOOHJDQGRDîQGHPHV" $UH\RXPDNLQJHQGVPHHW"
1RHVSDUDWDQWRWRGDYÇD ,WoVQRWWKDWEDG\HW
2VJXVWDUÇDTXHRVSUHVWDUD :RXOG\RXOLNHWRPHWROHQG
DOJRHQHIHFWLYR"
\RXVRPHFDVK"
)RU(QJOLVKVXSHUVWDUVRQO\
&X»QWDVïH[LRQHVSXHGHV +RZPDQ\SUHVVXSVFDQ\RX
KDFHU"
GR"
+LFHDEGRPLQDOHVD\HU ,GLGVLWXSV\HVWHUGD\
'HEHVGHWHQHUXQDEXHQD <RXPXVWKDYHDJRRGVL[SDFN
WDEOHWD
6HSRGUÇDGHFLUTXHHVWR\ <RXFRXOGVD\,oPDELWRIDKXQN
EDVWDQWHFDFKDV
3LHQVRTXHpJLOLqVHUÇDP»V ,WKLQNSUDWZRXOGEHPRUH
DFFXUDWH
SUHFLVR
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
7RVHSDUDWHWKHZKHDWIURPWKHFKDII
6HSDUDUHOWULJRGHODSDMD
<RXoUHVNDWLQJRQWKLQLFH
(VW»VSLVDQGRWHUUHQRUHVEDODGL]R
,WoVDVKRWLQWKHGDUN
+D\XQDPX\UHPRWDSRVLELOLGDG
+HKDVVNHOHWRQVLQKLVFORVHW
7LHQHVHFUHWRVYHUJRQ]RVRVTXH
RFXOWDU
,oPVLFNDQGWLUHGRI(QJOLVK
(VWR\KDUWRGHOLQJOÃV
7REHZRUWK
2XUFKDQFHVDUHVOLP
1XHVWUDVSRVLELOLGDGHVVRQUHPRWDV
5HFXHUGDTXHVLXQYHUERYLHQHGHVSXÃVGH
HVWDH[SUHVLÍQWLHQHTXHLUHQJHUXQGLR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
0HUHFHODSHQDLUDO0XVHRGHO3UDGR
0HUHFHODSHQDSHUVHYHUDU
0HUHFHODSHQD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
)UDQNO\P\GHDU,GRQoWJLYHDGDPQ
7UDGXFFLÍQOLWHUDO)UDQFDPHQWHTXHULGDQRGR\XQDPDOGLFLÍQ
7UDGXFFLÍQFRUUHFWD)UDQFDPHQWHFDULËRPHLPSRUWDXQFDUDMR
)RUPDVHQLQJOÃVSDUDWUDQVPLWLUODLGHDGHTXHDOJRQRWHLPSRUWD
5KHWW%XWOHUHODSXHVWRSURWDJRQLVWDGHp*RQHZLWKWKH:LQGqHP
SOHÍODVSDODEUDVGHOWÇWXORGHHVWDVHFFLÍQHQHOPRPHQWRHQTXH
DEDQGRQDED SDUD VLHPSUH D 6FDUOHWW 2o+DUD \ ÃVWD GHVHVSHUDGD
DQWHODLGHDGHTXHGDUVHVRODOHGLMRp:KDWZLOO,GRZLWKRXW\RX"q
5KHWW%XWOHUSRGUÇDKDEHUVLGRP»VHGXFDGRHQVXUHVSXHVWDRDO
FRQWUDULRP»VJURVHUR6HDPRVJXLRQLVWDVGHFLQH\YHDPRVODV
SRVLELOLGDGHV
)UDQNO\P\GHDULWoVQRWLPSRUWDQWWRPH
(VWDUHVSXHVWDQRHVQLVRVDQLIXHUWH(VODGHFODUDFLÍQ
DVÃSWLFDGHXQKHFKRHQRSLQLÍQGH5KHWW1RKLHUHQLQJXQD
VHQVLELOLGDG
)UDQNO\P\GHDULWGRHVQoWPDWWHUWRPH
(VWDUHVSXHVWDHVXQSRFRFUXHO&XDQGRGLFHVpLWGRHVQoW
PDWWHUqHVW»VGLFLHQGRTXHQLHQWUDHQWXFRQVLGHUDFLÍQ
,QGLIHUHQFLDWRWDO
)UDQNO\P\GHDULWGRHVQoWPDNHDQ\GLIIHUHQFHWRPH
r
r
r
(VWDIRUPDpGRHVQoWPDNHDQ\GLIIHUHQFHqHVXQVLQÍQLPR
SHUIHFWRGHpLWGRHVQoWPDWWHUq6RQH[SUHVLRQHVLGÃQWLFDV
7DPELÃQVHSXHGHGHFLUpLWPDNHVQRGLIIHUHQFHWRPHq
)UDQNO\P\GHDU,GRQoWFDUH
(QHVWHFRQWH[WRODH[SUHVLÍQp,GRQoWFDUHqHVXQSRFRIXHU
WH(VW»VGLFLHQGROLWHUDOPHQWHpPHWUDHVLQFXLGDGRq
)UDQNO\P\GHDU,GRQoWJLYHDGDPQ
/DH[SUHVLÍQp,GRQoWJLYHDGDPQqHVPX\FRUULHQWHHQLQJOÃV
0HOODPÍPXFKRODDWHQFLÍQFXDQGROOHJXÃD(VSDËD\RÇD
H[SUHVLRQHVFRPRp0HLPSRUWDXQU»EDQRq1RODVHQWHQGÇD
SRUTXHEXVFDEDHOQHJDWLYR%XVFDEDDOJRDVÇFRPRp1R
PHLPSRUWDQLXQU»EDQRq/DIUDVHp,GRQoWJLYHDqDGPLWH
PXFKDVSDODEUDVVXVWLWXWLYDVGHpGDPQqGHVGHODVP»V
VXDYHVKDVWDODVP»VIXHUWHV5HFRPLHQGRVLHPSUHODVP»V
VXDYHVFRPRSRUHMHPSORp,GRQoWJLYHDKRRWq PHLPSRUWD
XQpJULWRGHEÔKRq
3RUÔOWLPRFRQYLHQHUHFRUGDUTXHODH[SUHVLÍQp,GRQoWPLQGqVLJQLîFD
pQRPHLPSRUWDqVRODPHQWHFXDQGRHVW»VGDQGRSHUPLVRDDOJXLHQ
SDUDTXHKDJDDOJR 'R\RXPLQGLI,VPRNH"1R,GRQoWPLQG
r
r
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6HVXSRQHTXHKR\QRGHEÇDOORYHU$KRUDFÍPRYR\DOOHJDUKDV
WDPLFRFKHVLQFDODUPHKDVWDORVKXHVRV"$TXÃKRUDHVQXHVWUD
SUÍ[LPDUHXQLÍQ"6LWHQHPRVWLHPSRSUHIHULUÇDHVSHUDUKDVWDTXHOD
WRUPHQWDDPDLQHDQWHVGHFUX]DUODFDOOHDODSDUFDPLHQWR'HKHFKR
SUHIHULUÇDOOHJDUWDUGHDODUHXQLÍQDQWHVTXHHQWUDUHPSDSDGR
,WZDVQoWVXSSRVHGWRUDLQWRGD\1RZKRZDP,JRLQJWRJHWWR
P\FDUZLWKRXWJHWWLQJVRDNHGWRWKHERQH":KDWWLPHLVRXUQH[W
PHHWLQJ" ,I ZH KDYH WLPH ,oG UDWKHU ZDLW XQWLO WKH VWRUP EORZV
RYHUEHIRUHFURVVLQJWKHVWUHHWWRWKHSDUNLQJORW,QIDFW,oGUDWKHU
DUULYHODWHIRUWKHPHHWLQJWKDQZDONLQVRDNLQJZHW
(VWLPDGRDPLJR\DOXPQR/RVHUURUHVTXHFRPHWHQORVHVSDËROHVDODERUGDUHOLQJOÃVVRQ 3LHQVDQTXHFRQKRUDVGHFODVHSXHGHQ
SDVDUGHXQQLYHOE»VLFRDXQGRPLQLRVXîFLHQWH(QWUHFODVHVHVWXGLRSHUVRQDO\XVRHQODYLGDUHDOODFLIUDHVW»HQKRUDVHVGHFLU
YHFHVP»V 3LHQVDQTXHVHDSUHQGHLQJOÃVDWUDYÃVGHFODVHV1RVHGDQFXHQWDGHTXHÃVWDVFRQVWLWX\HQVÍORHOGHODVROXFLÍQ
(ORWURHVW»HQXQGHGLFDGRDOHVWXGLRSHUVRQDO\RWURFDSHDQGRDSXURVOLQJÖÇVWLFRVHQODYLGDUHDO 1RTXLHUHQUHFRQRFHU
TXHKD\XQDSDUWHRGLRVDLQHYLWDEOHHQHOSURFHVRHOHVWXGLRSHUVRQDO\HOGRPLQLRRUDO»JLOGHODJUDP»WLFD 1RSUHVWDQVXîFLHQWH
DWHQFLÍQDODFRPSUHQVLÍQDXGLWLYD3LHQVDQTXHVLHQWLHQGHQDVXSURIHVRUHQWHQGHU»QHQVLWXDFLRQHVUHDOHV &UHHQTXHSURJUHVDU
VLJQLîFD VXPDU P»V JUDP»WLFD \ YRFDEXODULR (Q UHDOLGDG GHVSXÃV GH KRUDV GH FODVH SURJUHVDU VLJQLîFD SRWHQFLDFLÍQ DXGLWLYD \
IRPHQWRGHODFRQîDQ]DDOKDEODU3HURFXDQGRSUHVWDPRVDWHQFLÍQDHVWRVÔOWLPRVDVSHFWRVHOHVWXGLDQWHHVSDËROVHTXHMDGHTXHQRHVW»
pSURJUHVDQGRq &RQFHGHQPHQRVLPSRUWDQFLDDOLQJOÃVTXHDRWURVDVSHFWRVGHVXIRUPDFLÍQ/RSRVSRQHQKDVWDGHVSXÃVGHODFDUUHUD
\DORVDËRV\DQRWLHQHQODPLVPDIDFLOLGDGTXHDQWHVSDUDDSUHQGHUQLWLHQHQPXFKRWLHPSRGLVFUHFLRQDO 1RVRQFRQVWDQWHVHQHO
HVIXHU]R6HGHVDQLPDQFRQIDFLOLGDGREXVFDQH[FXVDVSDUDQRVHUFRQVHFXHQWHVFRQVXUHVROXFLÍQ 1RDFHSWDQTXHKDFHUVHFRQXQ
EXHQGRPLQLRGHOLQJOÃVH[LJHXQDLQYHUVLÍQIXHUWHHQGLQHUR\HQWLHPSR3DUDHOORVWLHQHTXHKDEHUSRUIXHU]DXQDVROXFLÍQLQGRORUDDOD
YXHOWDGHODHVTXLQD &RQIXQGHQSULRULGDGHVDOFUHHUTXHGHEHQDVSLUDUDXQSHUIHFWRGRPLQLRKDEODGRDOJRLPSRVLEOHGHFRQVHJXLU6X
SULRULGDGVLHPSUHGHEHVHUHODVSHFWRDXGLWLYR &UHHQTXH\HQGRDOH[WUDQMHURVHKDU»QFRQHOLQJOÃV(VWRQRVXHOHVHUYHUGDGDQRVHU
TXHSDVHQYDULRVDËRVIXHUD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VWHPSUDQR ,WoVHDUO\
&ÍPRHVW»WXSDGUHKR\" +RZoV\RXUIDWKHUWRGD\"
(VW»PHMRUJUDFLDV +HoVEHWWHUWKDQN\RX
<WXPDGUHHVW»ELHQ" $QG\RXUPRWKHU",VVKHRN"
(VW»GHYDFDFLRQHVHQHVWH 6KHoVRQKROLGD\DWWKH
PRPHQWR
PRPHQW
3LHQVDHOODTXHHVWR\ORFR" 'RHVVKHWKLQN,oPFUD]\"
&UHRTXHSLHQVDTXHHUHV ,WKLQNVKHWKLQNV\RXoUH
VWUDQJH
H[WUDËR
7DOYH]VR\XQH[WUDËRSHUR 0D\EH,oPDVWUDQJHUEXW,oP
QRWVWUDQJH
QRVR\H[WUDËR
'HGÍQGHVDFDHVDVLGHDV" :KHUHGRHVVKHïQGKHULGHDV"
(OODOHHPXFKRVOLEURV 6KHUHDGVDORWRIERRNV
6FDOH (VFDPD
)LQ $OHWD
7DLO &ROD
*LOO $JDOODEUDQTXLD
%RQH (VSLQD
9RFDEXODULR)LVK 3H]
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&RQTXÃIUHFXHQFLDYDVDOD +RZRIWHQGR\RXJRWR
FKXUFK"
LJOHVLD"
3RUTXÃTXLHUHVVDEHUOR" :K\GR\RXZDQWWRNQRZ"
0HGLMLVWHTXHHUDVFDWÍOLFR <RXWROGPH\RXZHUHD&DWKROLF
6XSRQJRTXHYR\XQDVWUHV ,VXSSRVH,JRDERXWWKUHH
WLPHVD\HDU
YHFHVDODËR
%RGDVEDXWL]RV\SULPHUDV :HGGLQJV%DSWLVPVDQG)LUVW
&RPPXQLRQV
FRPXQLRQHV
6DEHVMXJDUDODMHGUH]" 'R\RXNQRZKRZWRSOD\FKHVV"
1RKHMXJDGRHQDËRV ,KDYHQoWSOD\HGIRU\HDUV
(VXQHMHUFLFLRPX\EXHQR ,WoVDYHU\JRRGH[HUFLVHIRUWKH
SDUDODPHQWH
PLQG
/DVSRVLELOLGDGHVVRQLQîQLWDV 7KHSRVVLELOLWLHVDUHHQGOHVV
+D\TXHMXJDUFRQDOJXLHQ <RXQHHGWRSOD\ZLWK
TXHWHQJDHOPLVPRQLYHO
VRPHRQHZKRKDVWKHVDPH
TXHWÔ
OHYHODV\RX
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XLÃQJDQÍHOSUHPLR" :KRZRQWKHSUL]H"
3UHPLDURQDOIDYRULWR 7KH\DZDUGHGLWWRWKH
IDYRXULWH
&UHHVTXHORPHUHFH" 'R\RXWKLQNKHGHVHUYHVLW"
0LRSLQLÍQQRFXHQWDSDUD 0\RSLQLRQGRHVQoWFRXQWIRU
PXFKR
PXFK
4XLÃQGHEHUÇDKDEHUJDQDGR" :KRVKRXOGKDYHZRQ"
(UHVORPHMRUTXHPHKD <RXoUHWKHEHVWWKLQJWKDWoV
SDVDGRQXQFD
HYHUKDSSHQHGWRPH
'LFHVODVFRVDVP»VGXOFHV <RXVD\WKHVZHHWHVWWKLQJV
7HQJRXQDOHQJXDGHD]ÔFDU 0\WRQJXHoVPDGHRIVXJDU
7LHQHVXQSLFRGHRUR <RXKDYHWKHJLIWRIWKHJDE
7RGDYÇDWHTXHGDWRGRXQ <RXVWLOOKDYHDZKROHZRUOGWR
PXQGRSRUGHVFXEULU
GLVFRYHU
0LGGOH$GYDQFHG
'HVFDUJDVPÔVLFD" 'R\RXGRZQORDGPXVLF"
<RVLJRFRPSUDQGRORV&'oV ,VWLOOEX\ROGIDVKLRQHG&'oV
GHWRGDODYLGD
(VLPSRUWDQWHDSR\DUOD ,WoVLPSRUWDQWWRVXSSRUWOLYH
PÔVLFDHQYLYR
PXVLF
/DVGLVFRJUȔFDV\DQR 5HFRUGFRPSDQLHVDUHQoW
LQYLHUWHQHQQXHYRVPÔVLFRV
LQYHVWLQJLQQHZPXVLFLDQV
DQ\PRUH
/RVEHQHîFLRVVLJXHQVLHQGR 3URïWoVVWLOOWKHERWWRPOLQH
ORIXQGDPHQWDO
)RU(QJOLVKVXSHUVWDUVRQO\
+DVSUREDGRDOJXQDYH]HO +DYH\RXHYHUWULHGEXQJHH
SXHQWLQJ"
MXPSLQJ"
1RSHURVR\PX\DîFLRQDGR 1REXW,oPDELJIDQRI
DOIRRWLQJ
MRJJLQJ
6XIULÍXQFDVRKRUULEOHGH 6KHVXIIHUHGDKRUULEOHFDVHRI
PREELQJHQHOWUDEDMR
KDUDVVPHQWDWZRUN
0HWHHOFRFKHHQHOSDUNLQJ 3XWWKHFDULQWKDWGHSDUWPHQW
GHHVHJUDQDOPDFÃQ
VWRUHoVFDUSDUN
1RVHVXSRQHTXHODV $UHQoWZRUGVHQGLQJLQLQJ
SDODEUDVWHUPLQDGDVHQLQJ
VXSSRVHGWREHWKHVDPHLQ
VRQLJXDOHVHQLQJOÃV"
(QJOLVK"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
/DIDPLOLD
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
,WZDVDVOLSRIWKHWRQJXH
)XHXQODSVXVOLQJXDH
7UHDWWKHPZLWKDYHOYHWJORYH
7U»WDORVFRQJXDQWHVGHVHGD
0U.QRZLWDOO
'RQVDEHORWRGR
$QGVRRQDQGVRIRUWK
(WFÃWHUDHWFÃWHUDHWFÃWHUD
+HVPRNHVOLNHDFKLPQH\
)XPDFRPRXQFDUUHWHUR
6RPHRWKHUWLPH
(QDOJÔQRWURPRPHQWR VLQGHîQLU
$OEHUWRHVHOKLMRGH6DQGUR
1DWDOLDHVODDEXHODGH5REHUWR
6DQGURHVHOFXËDGRGH0DULR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
(VSHURTXHQRHVSHUHVTXHWHHVSHUH ,KRSH\RXGRQoWH[SHFWPHWRZDLWIRU\RX
r 7RKRSH(VSHUDUFRQLOXVLÍQTXHDOJRVXFHGDSHURVLQVDEHUVLVXFH
GHU»RQR8QRUH]DXQSRFRSDUDTXHVHDYHUGDGRVHSURGX]FD
7RH[SHFW(VSHUDUFRQIXQGDPHQWRTXHDOJRYDDVXFHGHU/R
WLHQHVSUHYLVWRGHQWURGHWXVH[SHFWDWLYDV7HVRUSUHQGHUÇDVVL
QRVXFHGLHUDSHURWDPSRFRHVDOJRVHJXURDO
7RZDLWIRU(VSHUDUDYHFHVFRQFLHUWDLPSDFLHQFLDDTXHDOJR
WRWDOPHQWHSUHYLVWRVXFHGD$YHFHVVHWUDWDGHDOJRTXHWHQÇD
TXHKDEHUVXFHGLGRSHURTXHHVW»WDUGDQGRHQVXFHGHU$QD
GLHOHJXVWDWHQHUTXHHVSHUDU 1RERG\OLNHVWRZDLW
,KRSHVKHoVQRWH[SHFWLQJDEDE\
(VSHURTXHHOODQRHVWÃHVSHUDQGRXQEHEÃ
,KRSH\RXGRQoWKDYHWRZDLWWRRORQJ
(VSHURTXHQRWHQJDVTXHHVSHUDUGHPDVLDGR
,H[SHFWHGDERXWDPLQXWHZDLW
(VSHUDEDXQDHVSHUDGHXQRVPLQXWRV
7KHGHIHQGDQWLVZDLWLQJIRUWKHMXU\WRUHWXUQIRUDYHUGLFW
+HoVKRSLQJIRUWKHEHVWEXWKHoVH[SHFWLQJWKHZRUVW
(ODFXVDGRHVW»HVSHUDQGRDTXHHOMXUDGRYXHOYDSDUDHOYHUHGLF
WR6XVHVSHUDQ]DVHVW»QHQTXHSDVHORPHMRUSHURSUHYÃORSHRU
,KRSHWKH\GRQoWH[SHFWWRRPXFKIURPPHWRRVRRQ
(VSHURTXHQRHVSHUHQGHPDVLDGRGHPÇGHPDVLDGRSURQWR
:HKDYHDORWRIKRSHVSODFHGLQWKHPEXWPRVWSHRSOH
DUHQoWH[SHFWLQJWRRPXFK
7HQHPRVPXFKDVHVSHUDQ]DVSXHVWDVHQHOORVSHURODPD\RUÇDGH
ODJHQWHQRHVSHUDGHPDVLDGR
,ZDVH[SHFWLQJDQLPSRUWDQWSKRQHFDOODWSPDQGQRZLWoV
,oPVWDUWLQJWRJHWWLUHGRIZDLWLQJ,KRSHWKH\FDOOVRRQ
(VSHUDEDXQDOODPDGDLPSRUWDQWHDODVGHODWDUGH\DKRUD
VRQODV(VWR\HPSH]DQGRDFDQVDUPHGHHVSHUDU(VSHURTXH
OODPHQSURQWR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RHVSHUHVTXH0DUÇDVLJDWXFRQVHMR/DFRQR]FRGHVGHKDFHDËRV
\QXQFDKDVHJXLGRXQRGHPLVFRQVHMRV(OODHVSDWROÍJLFDPHQWH
LQGHSHQGLHQWH \ OH JXVWD KDFHU YDOHU HVWH KHFKR &XDQGR WLHQH
TXH WRPDU XQD GHFLVLÍQ LPSRUWDQWH VXHOH SUHJXQWDU D PXFKD
JHQWHSHURDFDEDGLVHËDQGRVXSURSLDVROXFLÍQ
'RQoWH[SHFW0DUÇDWRIROORZ\RXUDGYLFH,oYHNQRZQKHUIRUDJHV
DQGVKHoVQHYHURQFHIROORZHGDQ\DGYLFHRIPLQH6KHoVSDWKROR
JLFDOO\LQGHSHQGHQWDQGOLNHVWRDVVHUWWKLVIDFW:KHQVKHQHHGV
WR PDNH DQ LPSRUWDQW GHFLVLRQ VKH RIWHQ FRQVXOWV ZLWK D ORW RI
SHRSOHEXWVKHXVXDOO\HQGVXSGHVLJQLQJKHURZQVROXWLRQ
r
r
(VWLPDGRDPLJR\DOXPQR5HFXHUGDTXHQXQFDKDEODU»VLQJOÃVSHUIHFWDPHQWHQLHQJUDP»WLFDQLHQIRQÃWLFDQLHQYRFDEXODULR
6LHUHVSHUIHFFLRQLVWDVÃORFRQODFRPSUHQVLÍQDXGLWLYDSXHVWRTXHHVWRVLHPSUHHVODSULRULGDGQÔPHURXQR2ÇGRFRQîDQ]D\
DJLOLGDGRUDOFRQODJUDP»WLFDE»VLFD£VWDVVRQODVWUHVSULRULGDGHV$FRQWLQXDFLÍQYHU»VFROXPQDVFRQIUDVHVHQLQJOÃVWRGDVFRQ
HOYHUERpWRGRq(QWHQGHU»VELHQFDGDIUDVH\SHQVDU»VTXHWHHVWR\VRPHWLHQGRDXQHMHUFLFLRSDUDSULQFLSLDQWHV6LQHPEDUJR
WHUHWRDGHPRVWUDUTXHSXHGHVVLQSHVWDËHDUUHSURGXFLUODVHVSRQW»QHDPHQWH3ULPHURWUDGÔFHODVDOFDVWHOODQRHQRWURSDSHO\
GHVSXÃVLQWHQWDWUDGXFLUODVRUDOPHQWHRWUDYH]DOLQJOÃV$VÇSRGU»VYHULîFDUODDJLOLGDGTXHWLHQHVFRQHOYHUERpWRGRq
5LFKDUG9DXJKDQ
:KHQGLGVKHGRLW"
:K\GLGWKH\GRLW"
:K\GLGQ·W\RXGRLWWRR"
:K\KDYHQ·WWKH\GRQHLW\HW"
:K\KDVQ·WKHGRQHLW\HW"
:KHQDUH\RXJRLQJWRGRLW"
+RZDUH\RXJRLQJWRGRLW"
+RZDP,JRLQJWRGRLW"
:KHQDP,JRLQJWRGRLW"
:KR·VJRLQJWRGRLW"
:KRGLGLWODVWQLJKW"
:KR·VGRLQJLWQRZ"
:KR·VGRQHLWODWHO\"
'RLWSOHDVH
,WKDVQ·WEHHQGRQH\HW
+HGRHVQ·WGRLWRIWHQ
+HKDVQ·WGRQHLWODWHO\
+HZRQ·WGRLWWRPRUURZ
+H·VQRWJRLQJWRGRLW
,ZRXOGGRLWLIKHFRXOG
+HZRXOGQ·WGRLWIRUPRQH\
,GRQ·WGRLWOLNHVKHGRHVLW
+HGRHVQ·W·GRLWOLNH,GRLW
+RZGR\RXGR"
:KDWGR\RXGRRQ6XQGD\V"
:KDWGRHVVKHGRIRUDOLYLQJ"
,W·VEHHQGRQH
,WKDVQ·WEHHQGRQH
:KHQZDVLWGRQH"
:K\ZDVQ·WLWGRQH"
:K\KDVQ·WLWEHHQGRQH\HW"
:KHQZLOOLWEHGRQH"
'RQ·WGRLWSOHDVH
:KR·VGRLQJLWQRZ"
:KRGLGLW\HVWHUGD\"
:KRXVXDOO\GRHVLW"
:K\GRHVLWGRLW"
+RZDUH\RXGRLQJ" ¢TXpWDO"
:KDWDUH\RXGRLQJ"
,·PGRLQJÀQH HVWR\ELHQ
,·PGRLQJQRWKLQJ
<RXGLGWKHULJKWWKLQJ
:KDWFDQ,GRIRU\RX"
:KDWGRHV\RXUVLVWHUGR"
'RZKDWKHGRHV
,GRLWRIWHQ
,GLGLW\HVWHUGD\
,·YHGRQHLWWZLFHWKLVZHHN
,·OOGRLWWRPRUURZ
:KRGRHVLW"
'R\RXGRLW"
'RHVKHGRLW"
'RWKH\GRLW"
:K\GRHVVKHGRLW"
:K\GR\RXGRLW"
:KHQGRWKH\GRLW"
+RZGRHVKHGRLW"
+RZGRWKH\GRLW"
:KHQZLOO\RXGRLW"
+RZRIWHQKDYH\RXGRQHLW"
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VHVWHHOFXDUWRGHEDËR" ,VWKLVWKHEDWKURRP"
(VDHVODFRFLQD 7KDWoVWKHNLWFKHQ
'ÍQGHHVW»HOVDOÍQ" :KHUHoVWKHOLYLQJURRP"
(VWDVVRQODVKDELWDFLRQHV 7KHVHDUHWKHEHGURRPV
(VXQDFDVDEHOOD ,WoVDEHDXWLIXOKRXVH
4XÃHVW»KDFLHQGR" :KDWoVKHGRLQJ"
(VW»HVFULELHQGRXQDFDUWDD +HoVZULWLQJDOHWWHUWRKLV
JUDQGSDUHQWV
VXVDEXHORV
9LYHQHQORV(VWDGRV8QLGRV" 'RWKH\OLYHWKH8QLWHG6WDWHV"
1RYLYHQHQ,UODQGD 1RWKH\OLYHLQ,UHODQG
&X»QGRYHQDVXVQLHWRV" :KHQGRWKH\VHHWKHLU
JUDQGFKLOGUHQ"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
+D\DOJRLQWHUHVDQWHHQHO ,VWKHUHDQ\WKLQJLQWHUHVWLQJLQ
WKHQHZVSDSHUWRGD\"
SHULÍGLFRKR\"
+D\PXFKDVFRVDVTXHWHQJR 7KHUHDUHPDQ\WKLQJV,KDYH
WRUHDG
TXHOHHU
&X»QWRVSHULÍGLFRVOHHVDO +RZPDQ\QHZVSDSHUVGR\RX
UHDGDGD\"
GÇD"
&X»OWHJXVWDOHHU" :KLFKGR\RXOLNHWRUHDG"
(O0XQGRSRUVXSXHVWR (O0XQGRRIFRXUVH
&X»QGRIXHODÔOWLPDYH] :KHQZDVWKHODVWWLPH\RX
ðHZLQDSODQH"
TXHYRODVWHHQXQDYLÍQ"
1XQFDKHYRODGRHQQDGD ,oYHQHYHUðRZQLQDQ\WKLQJ
&X»QGRIXHODÔOWLPDYH]TXH :KHQZDVWKHODVWWLPH\RX
JUHZ\RXUKDLUORQJ"
WHGHMDVWHFUHFHUHOSHOR"
1XQFDPHORKHGHMDGRFUHFHU ,oYHQHYHUJURZQP\KDLUORQJ
6R\FDOYRGHVGHORVDËRV ,oYHEHHQEDOGVLQFH,ZDV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
1RVHVXSRQHTXHHVW»VHQHO $UHQoW\RXVXSSRVHGWREHDW
FROHJLR"
VFKRRO"
+R\HVXQGÇDGHIRUPDFLÍQ ,WoVWHDFKHUWUDLQLQJGD\WRGD\
SDUDORVSURIHVRUHV
1RVHVXSRQHTXH\DHVW»Q $UHQoWWKH\VXSSRVHGWREH
IRUPDGRV"
WUDLQHGDOUHDG\"
1XQFDVHSXHGHGHMDUGH <RXFDQQHYHUVWRSOHDUQLQJ
DSUHQGHUFRVDVHQHVWDYLGD
WKLQJVLQWKLVOLIH
|&X»QWDUD]ÍQWLHQHVKLMRPÇR +RZULJKW\RXDUHP\VRQ
6HOHVKDGLFKR\D" +DYHWKH\EHHQWROG\HW"
1DGLHOHVKDLQIRUPDGR 1RERG\oVLQIRUPHGWKHP\HW"
WRGDYÇD"
:KHQDUHWKH\JRLQJWREH
&X»QGRVHOHVYDDGHFLU" WROG"
0DËDQDVHOHVGDU»HOîQLTXLWR 7KH\oOOEHJLYHQWKHLUïQDOSD\
WRPRUURZ
3RUTXÃVHOHVGHVSLGLÍ" :K\ZHUHWKH\VDFNHG"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
3XHGHVGHVFLIUDUHVHOHWUHUR" &DQ\RXPDNHRXWWKDWVLJQ"
7HQHPRVTXHUHFXSHUDUHO :HKDYHWRPDNHXSIRUORVW
WLHPSRSHUGLGR
WLPH
3RUTXÃHVW»VVLHPSUH :K\DUH\RXDOZD\VPDNLQJXS
LQYHQW»QGRWHH[FXVDV"
H[FXVHV"
+DVKHFKRODVSDFHVFRQWX +DYH\RXPDGHXSZLWK\RXU
QRYLD\D"
JLUOIULHQG\HW"
(VSDËDVHFRPSRQHGH 6SDLQLVPDGHXSRI
SURYLQFLDV
SURYLQFHV
(VXQDSHUVRQDHQFDQWDGRUD 6KHoVDGHOLJKWIXOSHUVRQ
3RUTXÃHUHVVLHPSUHWDQ :K\DUH\RXDOZD\VVR
JUXËÍQ"
JUXPS\"
(VXQDDXWÃQWLFDFRWLOOD 6KHoVDUHDOJRVVLS
<PX\HQWURPHWLGDWDPELÃQ $QGYHU\QRV\WRR
<WÔTXLÃQWHFUHHVTXHHUHV $QGZKRGR\RXWKLQN\RXDUH
6DQ-XDQ%DXWLVWD"
6W-RKQWKH%DSWLVW"
&DUWRQ 7HWUDEULN
7XE 7DUULQD
-DU 7DUUR
7XEH 7XER
&DQ /DWD
9RFDEXODULR&RQWDLQHUV 5HFLSLHQWHV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV
)RU 6LQFH
+HoVWKHVSLWWLQJLPDJHRIP\EURWKHU
(VODYLYDLPDJHQGHPLKHUPDQR
,WoVVWDWHRIWKHDUW
(VORÔOWLPR WHFQRORJÇDYDQJXDUGLVWD
6WHHUFOHDURIWKRVHSHRSOH
(YLWDHQWUDUHQFRQWDFWRFRQHVDJHQWH
,oPQRWJRLQJWRVWLFNP\QHFNRXW
IRU\RX
|1RYR\DDUULHVJDUHOFXHOORSRUWL
$VWRUPLQDWHDFXS
8QDWRUPHQWDHQXQYDVRGHDJXD
+HoVDVVWXEERUQDVDPXOH
(VP»VWHUFRTXHXQDPXOD
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
9LYRHQPLFDVDDFWXDOGHVGHKDFHVLHWH
DËRV
6HFRQRFHQGHVGHKDFHYDULRVPHVHV
1RODYHRGHVGHHOOXQHV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3URRIRIEORRGRQWKHSRRUFRRNoVGRRU (YLGHQFLDGHVDQJUHHQODSXHUWDGHOSREUHFRFLQHUR
(OWÇWXORGHHVWDVHFFLÍQHVXQIUDJPHQWRGHIUDVHTXHFRQWLHQHFLQFRSDODEUDVFRQGREOHpRq&XULRVDPHQWHQLQJXQDGHODVFLQFRSDODEUDV
ULPDQLVXHQDLJXDO7RGDVVHSURQXQFLDQGHIRUPDGLVWLQWD&ÍPRHVSRVLEOHHVWR"&ÍPRHVSRVLEOHTXHHOLGLRPDP»VLPSRUWDQWHGHO
PXQGRWHQJDWDQSRFDOÍJLFDHQVXSURQXQFLDFLÍQ"'HVGHKDFHGRVVLJORVVHLQWHQWDUDFLRQDOL]DUODRUWRJUDIÇDLQJOHVDSHURVLQÃ[LWR3RUHO
PRPHQWRQRWLHQHVP»VUHPHGLRTXHPHPRUL]DU\SUDFWLFDULQFHVDQWHPHQWHODSURQXQFLDFLÍQLQFOXLGRVORVFDVRVHQORVTXHQRH[LVWHQLQ
JXQDHTXLYDOHQFLDIRQÃWLFDGHQWURGHODVYRFDOHVHVSDËRODV/RVUHFXDGURVH[SXHVWRVDFRQWLQXDFLÍQGLYLGHQODVSULQFLSDOHVSDODEUDVLQJOHVDV
FRQGREOHpRqVHJÔQVXVWHUPLQDFLRQHV&RQHVWRLQWHQWRRIUHFHUWHDOJÔQWLSRGHSDWUÍQGHSURQXQFLDFLÍQ
6RQLGRGHpXQq
VRRQ
VSRRQ
QRRQ
EDOORRQ
FDUWRRQ
SODWRRQ
KDUSRRQ
EDVVRRQ
PRQVRRQ
VDORRQ
ODJRRQ
W\SKRRQ
UDFFRRQ
FRFRRQ
DIWHUQRRQ
6RQLGRGHpXPq
EORRP
ERRP
EURRP
GRRP
JORRP
JURRP
URRP
]RRP
6RQLGRTXHQR
H[LVWHHQHVSDËRO
IRRW
6RQLGRGHpXSq
ORRS
WURRSV
6RQLGRGHpXIq
*RRI\
SURRI
VSRRI
URRI
6RQLGRGHpX]q
WRRWK
ERRWK
WROOERRWK
VPRRWK
6RQLGRTXHQR
H[LVWHHQHVSDËRO
ERRN
FRRN
FURRN
KRRN
ORRN
URRN
VKRRN
WRRN
6RQLGRGHpRUq
GRRU
ïRRU
6RQLGRGHpXUq
0RRU
SRRU
6RQLGRGHpXGq
PRRG
IRRG
6RQLGRTXHQR
H[LVWHHQHVSDËRO
KRRG
ZRRG
JRRG
VWRRG
6RQLGRFDVL
GHpDGq
EORRG
6RQLGRGHpXWq
ERRW
URRW
VKRRW
6RQLGRGHpXVq
ORRVH
FKRRVH
JRRVH
PRRVH
6RQLGRGHpXOq
FRRO
SRRO
IRRO
VFKRRO
WRRO
6RQLGRGHpXq
)LMDRVHQOD
DFHQWXDFLÍQ
EDPEÍR
WDEÍR
WDWWÍR
<»KRR
NDQJDUÍR
FÔFNRR
VKDPSÍR
YÍRGRR
ÇJORR
:»WHUORR
7RR
PRR
ERR
]RR
3XHGHVLGHQWLîFDUHQWUHODVSDODEUDVGHDUULEDODVTXHFRUUHVSRQGHQDODVVLJXLHQWHVSDODEUDVHQFDVWHOODQR"
IDJRWVRQLGRGHYDFDHVWDGRGH»QLPRUDÇ]FDELQDGHSHDMHSHUVRQDMHGH'LVQH\JDUïRPRURFLUFXQYDODFLÍQðRMR
PDSDFKHIDWDOGHVWLQRKDUSÍQVDQJUHODGUÍQOLVRSDURGLDRFDJORER\GLEXMRDQLPDGR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
+RODHOVHËRU$GDPV"0LQRPEUHHV3KLOOLS3HDUVRQ\PHKDQSHGL
GRTXHFRQWDFWHFRQ9GFRQUHVSHFWRDOHQYÇRGHOLEURVD(VSDËD
7HQHPRV ORV OLEURV \ VRODPHQWH QHFHVLWDPRV VDEHU FÍPR SUHîHUH
TXH VH ORV HQYLHPRV SRU DYLÍQ R SRU YÇD PDUÇWLPD 8Q HQYÇR SRU
DYLÍQWDUGDUÇDHQWUH\GÇDV\HOPDUÇWLPRXQDVVHLVVHPDQDV
+HOOR0U$GDPV"0\QDPHLV3KLOOLS3HDUVRQDQG,oYHEHHQLQVWUXF
WHGWRFRQWDFW\RXFRQFHUQLQJWKHVKLSPHQWRIERRNVWR6SDLQ
:HKDYHWKHERRNVRQKDQGDQGRQO\QHHGWRNQRZKRZ\RXZRXOG
SUHIHUWKHPWREHVKLSSHGE\DLURUVXUIDFHPDLO"$QDLUVKLSPHQW
ZRXOGWDNHIURPWZRWRGD\VDQGVXUIDFHDERXWVL[ZHHNV
(VWLPDGRDPLJR\DOXPQR9LQHD(VSDËDDORVDËRV(Q2NODKRPD\DKDEÇDFXUVDGRVHLVDËRVGHOHQJXDHVSDËROD\DSHVDUGH
HVWRQRHQWHQGÇDDQDGLHGXUDQWHPLVSULPHUDVVHPDQDVDTXÇ9LYÇFRQXQDIDPLOLDHVSDËROD\DORVSRFRVGÇDV\DVDOÇDFRQQXHYRV
DPLJRV\DPLJDVWRGRVHVSDËROHV(OFRQWDFWRTXHWXYHFRQHOHVSDËROIXHGHYDULDVKRUDVFDGDGÇDPXFKDVYHFHVHQVLWXDFLRQHV
FRPSOLFDGDV GLVFXVLRQHVSHWLFLRQHVFRQYHUVDFLRQHVWHOHIÍQLFDVFRQWDFWRVFRQIXQFLRQDULRVGHOD$GPLQLVWUDFLÍQHWF $SHVDUGH
WRGRHVWHULFRFRQWDFWRFRQHOLGLRPDHVSDËROWDUGÃVLHWHPHVHVHQVHQWLUPHVHJXUR\HîFD]HQODVFRPXQLFDFLRQHV(VWDVHJXULGDG
HVWDED ÇQWLPDPHQWH OLJDGD D PL FDSDFLGDG SDUD HQWHQGHU D OD JHQWH D OD SULPHUD VLQ KDFHU XQ HVIXHU]R 5HFXHUGR PX\ ELHQ OD
DQJXVWLD\IUXVWUDFLÍQGHQRSRGHUPHH[SUHVDUELHQSRUTXHQRHVWDEDGHOWRGRVHJXURGHORTXHGHFÇDODJHQWHRGHORVPDWLFHVGHVX
FRQYHUVDFLÍQ6LHWHPHVHVWDUGÃYLYLHQGRHQ(VSDËD,PDJÇQDWHORTXHYDVDWDUGDUWÔHQFRQVHJXLUORPLVPRYLYLHQGRFRPRYLYHVHQ
XQSDÇVGHKDEODQRLQJOHVD3RUORWDQWRLQWHQWDVLHPSUHURGHDUWHGHOVRQLGRGHOLQJOÃVWRGDVODVKRUDVGHOGÇDTXHSXHGDVSRUTXHVL
QRORJUDVGHVDUUROODUXQRÇGRîQÇVLPRSDUDHOLQJOÃVVLHPSUHYDVDVHQWLULQVHJXULGDG
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
&X»OHVWXSURIHVLÍQ" :KDWoV\RXUMRE"
6R\SURIHVRU ,oPDWHDFKHU
(VWRVVRQWXVDOXPRV" $UHWKHVH\RXUVWXGHQWV"
6ÇORVRQ <HVWKH\DUH
6RQPX\MÍYHQHV 7KH\DUHYHU\\RXQJ
+D\DJXDHQODERWHOOD" ,VWKHUHDQ\ZDWHULQWKHERWWOH"
1RHVW»YDFÇD 1RLWoVHPSW\
+D\RWUD" ,VWKHUHDQRWKHU"
1RKD\ERWHOODVDKRUD 7KHUHDUHQoWDQ\ERWWOHVQRZ
+D\OHFKHHQHVHYDVR 7KHUHoVVRPHPLONLQWKDWJODVV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&X»QWRVLGLRPDVVDEHV +RZPDQ\ODQJXDJHVFDQ\RX
VSHDN"
KDEODU"
1RVÃKDEODUQLQJXQR ,FDQoWVSHDNDQ\
'HEHVKDEODUWXOHQJXD <RXPXVWVSHDN\RXUPRWKHU
WRQJXH
PDWHUQD
3HQVDEDTXHKDEODEDVGH ,WKRXJKW\RXZHUHWDONLQJ
DERXWRWKHUODQJXDJHV
RWURVLGLRPDV
6DEHVFRQGXFLU" &DQ\RXGULYH"
&X»OHVODFLXGDGP»V :KDWoVWKHZHWWHVWWRZQLQ
6SDLQ"
KÔPHGDGH(VSDËD"
6LQRPHHTXLYRFRHVW»HQ ,I,oPQRWPLVWDNHQ,WKLQNLWoV
LQ&»GL]
&»GL]
|1LKDEODU'HEHGHHVWDUHQ 1RZD\,WPXVWEHLQ*DOLFLD
*DOLFLD
(VRHVORTXHSLHQVDWRGRHO 7KDWoVZKDWHYHU\ERG\WKLQNV
PXQGR
$FDERGHUHFRUGDUVHOODPD ,oYHMXVWUHPHPEHUHGLWoV
*UD]DOHPD
FDOOHG*UD]DOHPD
2DWV $YHQD
:KHDW 7ULJR
%DUOH\ &HEDGD
5\H &HQWHQR
%UDQ 6DOYDGR
9RFDEXODULR&HUHDOV &HUHDOHV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XÃKDUÇDVVLQRWXYLHUDVTXH :KDWZRXOG\RXGRLI\RX
WUDEDMDUQXQFDP»V"
QHYHUKDGWRZRUN"
0HJXVWDUÇDWUDEDMDUSDUDXQD ,oGOLNHWRZRUNIRUDFKDULW\RU
VRFLHGDGEHQÃîFDRXQD21* DQ1*2
<RYLDMDUÇDSRUWRGRHOPXQGR ,oGWUDYHOWKHZKROHZRUOGDQG
\YLYLUÇDFRPRXQSOD\ER\
OLYHOLNHDSOD\ER\
(VRHVWÇSLFRGHWLHUHVWDQ 7KDWoVW\SLFDORI\RX\RXoUHVR
VXSHUîFLDO
VXSHUïFLDO
6LSXGLHUDVWHQHUFLQFRFDVDV ,I\RXFRXOGKDYHKRXVHV
GÍQGHODVFRPSUDUÇDV"
ZKHQZRXOG\RXEX\WKHP"
0HHVW»FRVWDQGRFROJDUHVH ,oPKDYLQJWURXEOHKDQJLQJ
FXDGUR
WKLVSLFWXUH
'ÍQGHFRQVHJXLVWHHVH :KHUHGLG\RXJHWWKDW
PDUWLOOR\HVRVFODYRV"
KDPPHUDQGWKRVHQDLOV"
0LDPLJRHVGXHËRGHXQD 0\IULHQGRZQVDKDUGZDUH
IHUUHWHUÇD
VWRUH
(VHHVXQPDUFRSUHFLRVR 7KDWoVDEHDXWLIXOIUDPH
(VXQDPH]FODGHPDUîO\UREOH ,WoVDPL[WXUHRILYRU\DQGRDN
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
(VDSHOÇFXODIXHXQJUDQÃ[LWR 7KDWïOPZDVDELJKLW
7HQÇDXQRVSODQRVPX\ ,WKDGVRPHUHDOO\LQWHUHVWLQJ
LQWHUHVDQWHV
VKRWV
<DSHURKDEÇDGHPDVLDGRV <HDKEXWWKHUHZHUHWRRPDQ\
SULPHURVSODQRV
FORVHXSV
/DEDQGDVRQRUDIXHPHPRUDEOH 7KHVRXQGWUDFNZDV
PHPRUDEOH
/DVLQWHUSUHWDFLRQHVIXHURQ 7KHDFWLQJZDVUDWKHUZRRGHQ
DFDUWRQDGDV
&X»OHVVRQORVVLHWHSHFDGRV" :KDWDUHWKH6HYHQ'HDGO\
6LQV"
$YDULFLD*XOD,UDTXÃP»V" *UHHG*OXWWRQ\:UDWKfZKDW
HOVH"
(QYLGLD6REHUELD3HUH]D\ (QY\3ULGH6ORWKDQG/XVW
/XMXULD
/DOXMXULDHVXQSHFDGRGH ,VOXVWUHDOO\DVLQ"
YHUGDG"
3XHVHQHVHFDVRHVWR\ :HOO,oPGRRPHGWRDQHWHUQDO
FRQGHQDGRDXQLQîHUQRHWHUQR KHOOLQWKDWFDVH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq
+DYHMXVW
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
&RPHLQWRWKHKRXVH
(QWUDHQODFDVD WÔHVW»VGHQWUR
/RRNLQWRWKHPDWWHU
,QYHVWLJDHODVXQWR
*RLQWRWKHKRXVH
(QWUDHQODFDVD WÔHVW»VIXHUD
,IHOOLQWRWKHZDWHU
0HFDÇDODJXD
/RRNLQWRWKHER[
0LUDHQODFDMD
7KH\LQYLWHGPHLQWRWKHLUKRXVH
0HLQYLWDURQDHQWUDUHQVXFDVD
$FDERGHWHQHUXQDLGHD
$FDEDPRVGHDEULUXQDFXHQWDEDQFDULDGH
,QWHUQHW
(OODDFDEDGHHQWUDUHQHOTXLUÍIDQR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
'RVIRUPDVGLIHUHQWHVGHOSDVDGR
&XDQGR WHQÇD DËRV VLHPSUH LED FRQ PL QRYLD D XQ JUDQ ODJR
FHUFDGH6DSXOSD 2NODKRPD 3ULPHURLEDDVXFDVD\ORVGRVHQ
JDQFK»EDPRVODODQFKDIXHUDERUGDGHVXSDGUHDOSDUDFKRTXHV
GHPLFRFKH'HVSXÃVÇEDPRVDOODJREDM»EDPRVODODQFKDDODJXD
DSDUF»EDPRVHOFRFKH\VXEÇDPRVDODODQFKD'HVSXÃVSDV»EDPRV
WUHVKRUDVHVTXLDQGRFRPLHQGR\GLYLUWLÃQGRQRV3RUODWDUGHGHM»
EDPRVODODQFKDDQFODGDFHUFDGHXQDRULOODDSDUWDGD\QRVDGHQ
WU»EDPRVHQHOERVTXHGRQGHYROYÇDPRVDSDVDUORELHQ
:KHQ,ZDV\HDUVROG,ZRXOGDOZD\VJRZLWKP\JLUOIULHQGWR
DELJODNHQHDU6DSXOSD2NODKRPD)LUVW,ZRXOGJRWRKHUKRXVH
DQG WKH WZR RI XV ZRXOG KLWFK WKH RXWERDUG PRWRUERDW WR WKH
EXPSHURIP\FDU7KHQZHZRXOGJRWRWKHODNHORZHUWKHERDW
LQWRWKHZDWHUSDUNWKHFDUDQGJHWLQWRWKHERDW7KHQZHZRXOG
VSHQGWKUHHKRXUVVNLLQJHDWLQJDQGKDYLQJDJRRGWLPH,QWKH
DIWHUQRRQ ZH ZRXOG OHDYH WKH ERDW DQFKRUHG QHDU D VHFOXGHG
VKRUHDQGZHZRXOGZDONLQWRWKHIRUHVWZKHUHZHZRXOGKDYHD
JRRGWLPHRQFHDJDLQ
$QWHVYLYÇDHQ2NODKRPD
$QWHVKDEODEDXQVRORLGLRPD
$QWHVWHQÇDP»VWLHPSROLEUH
$QWHVHUDWÇPLGR
$QWHVWUDEDMDEDPXFKRPHQRVTXHDKRUD
$QWHVQHYDEDP»VTXHDKRUD
$QWHVKDEÇDP»VDXWRULGDGSRUDTXÇ
$QWHVSRGÇDSURQXQFLDUHVSDËROVLQSUREOHPD
,XVHGWROLYHLQ2NODKRPD
,XVHGWRVSHDNRQO\RQHODQJXDJH
,XVHGWRKDYHPRUHIUHHWLPH
,XVHGWREHVK\
,XVHGWRZRUNPXFKOHVVWKDQ,GRQRZ
,WXVHGWRVQRZPRUHWKDQQRZ
7KHUHXVHGWREHDXWKRULW\DURXQGKHUH
,XVHGWREHDEOHWRSURQRXQFH6SDQLVKZLWKRXWDQ\SUREOHPV
&XDQGRGHVFULEHVDFFLRQHVUHSHWLWLYDVRKDELWXDOHVGHOSDVD
GRORP»VFRUULHQWHHVHPSOHDUHOYHUERDX[LOLDUpZRXOGq(VWD
IRUPDHVPX\FRUULHQWHHQLQJOÃV\FXULRVDPHQWHORVOLEURVGH
JUDP»WLFDLQJOHVDQRVXHOHQKDFHUPHQFLÍQGHHOOD6LQHP
EDUJRHVODIRUPDP»VFRPÔQGHFRQWDUDFWLYLGDGHVRDFFLR
QHVKDELWXDOHVHQHOSDVDGR\HVODIRUPDTXHP»VVHDVHPHMD
DODH[SUHVLÍQpVROÇDqHQFDVWHOODQR
&XDQGR TXLHUHV GHMDU FRQVWDQFLD GH DOJR TXH HUDV HVWDEDV
KDFÇDVWHQÇDVHWFRTXHSDVDEDRTXHKDEÇDHQHOSDVDGRVLQ
SUHFLVDUFX»QGRRGXUDQWHFX»QWRWLHPSRGHMDQGRDOPLVPR
WLHPSRODFRQVWDQFLDFODUDGHTXHWDOH[LVWHQFLDK»ELWRFRQR
FLPLHQWRRUHDOLGDG\DQRHVYLJHQWHHQHOSUHVHQWHHQWRQFHV
VÍORSXHGHVXVDUODH[SUHVLÍQpXVHGWRqP»VHOLQîQLWLYR(V
WDVGRVSDODEUDVVHSURQXQFLDQLÔVWX
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
|1RPHORSXHGRFUHHU|/RKDQKHFKRRWUDYH]9HQJRDTXÇDOPHQRV
GRVYHFHVSRUVHPDQD\SLGRXQDKDPEXUJXHVDVLQSHSLQLOORV\VLQ
FHEROOD&DVLVLHPSUHVHROYLGDQ\OHVKDJRSUHSDUDUPHRWUDKDPEXU
JXHVD1ROHVGHMRTXHTXLWHQHOSHSLQLOOR\ODFHEROODGHODTXHPH
KDQVHUYLGRSRUTXHVR\DOÃUJLFRDDPEDVFRVDV7HQJRTXHLQVLVWLU
FDGDYH]TXHWLHQHQTXHSUHSDUDUPHRWUDKDPEXUJXHVDQXHYD
, FDQoW EHOLHYH LW7KH\ GLG LW DJDLQ , FRPH KHUH DW OHDVW WZLFH D
ZHHN DQG RUGHU D KDPEXUJHU ZLWK QR SLFNOHV DQG RQLRQV 7KH\
IRUJHW DOPRVW HYHU\ WLPH DQG , KDYH WR PDNH WKHP SUHSDUH
DQRWKHUKDPEXUJHU,GRQoWOHWWKHPWDNHWKHSLFNOHVDQGRQLRQV
RIIWKHRQHWKH\JDYHPHEHFDXVH,oPDOOHUJLFWRERWK,KDYHWR
LQVLVWHYHU\WLPHWKDWWKH\PDNHPHDQHZEXUJHU
(VWLPDGRDPLJR\DOXPQRp|||2IHUWDHVSHFLDO||8QDOLFHQFLDWXUDXQLYHUVLWDULDHQVÍORPHVHV/D8QLYHUVLGDG&OHPHQWLQDGH
6DOHPOHRIUHFHODRSRUWXQLGDGGHREWHQHUXQDWLWXODFLÍQXQLYHUVLWDULDWRWDOPHQWHDFUHGLWDGD\HQODFDUUHUDTXHXVWHGHOLMDHQ
VÍORPHVHV$WUDYÃVGHQXHVWURQXHYRVLVWHPDUHYROXFLRQDULRGHHVWXGLRXVWHGSRGU»REWHQHUXQDWLWXODFLÍQFRQXQPÇQLPR
GHHVIXHU]R\PHGLDQWHFXDWURH[»PHQHVI»FLOHVGHDSUREDU/DWLWXODFLÍQHVUHFRQRFLGDHQWRGRVORVFRQWLQHQWHV\HQWRGRVORV
»PELWRVGHODDFWLYLGDGHPSUHVDULDOHLQGXVWULDO/RVSULPHURVDOXPQRVTXHVHPDWULFXOHQHQOD8QLYHUVLGDG&OHPHQWLQDGH
6DOHPUHFLELU»QFRPSOHWDPHQWHJUDWLVHO'LFFLRQDULR2[IRUGGHOD/HQJXD,QJOHVD\XQEROÇJUDIR3DUNHUFKDSDGRHQRURq
3UHJXQWDQ&RQVLGHUDVHVWDRIHUWDOHJÇWLPD"3RUVXSXHVWRTXHQR1RHUHVWRQWR1DGLHFRQVLGHUDUÇDOHJÇWLPDXQDRIHUWDDVÇ
3UHJXQWDQ3RUTXÃFRQVLGHUDVOHJÇWLPDVRIHUWDVFRPRÃVWDFXDQGRWLHQHQTXHYHUFRQHODSUHQGL]DMHGHOLQJOÃV"
$XQTXHRVDQLPDPRVDVDFDUWRGRHOSURYHFKRSRVLEOHGHHVWHFXUVRGHLQJOÃVTXHRIUHFHPRVDWUDYÃVGH(/081'2QRGHMDPRV
GHUHFRUGDURVTXHDSUHQGHUELHQLQJOÃVH[LJHHOPLVPRHVIXHU]RTXHVDFDUXQDVHJXQGDOLFHQFLDWXUDHQHVWHFDVRXQDVHJXQGD
5LFKDUG9DXJKDQ
OLFHQFLDWXUDGHYHUGDG
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XLÃQHVHOSUHVLGHQWH" :KRLVWKHSUHVLGHQW"
'HTXÃSDÇV" :KLFKFRXQWU\"
4XLÃQHVHOSUHVLGHQWHGH :KRLVWKHSUHVLGHQWRI
$OHPDQLD"
*HUPDQ\"
&UHRTXHHVXQDPXMHU ,WKLQNLWoVDZRPDQ
(V$QJHOD0HUNHO ,WoV$QJHOD0HUNHO
'HTXÃFRORUVRQORVRMRVGH :KDWFRORXUDUH-RKQoVH\HV"
-RKQ"
6RQPDUURQHVRVFXURV 7KH\oUHGDUNEURZQ
3RUTXÃQRVRQD]XOHVVXVRMRV" :K\DUHQoWKLVH\HVEOXH"
6XVSDGUHVWLHQHQORVRMRV +LVSDUHQWVKDYHEOXHH\HV
D]XOHV
/RVRMRVGHVXSDGUHVRQ +LVIDWKHUoVH\HVDUHEURZQ
PDUURQHV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&RPSUDVWHHVHFRFKH" 'LG\RXEX\WKDWFDU"
7RGDYÇDQR 1RW\HW
&X»QGRYDVDFRPSUDUOR" :KHQDUH\RXJRLQJWREX\LW"
6LWHQJRHOGLQHURORFRPSUDUÃ ,I,KDYHWKHPRQH\,oOOEX\LW
&X»QGRWHSDJDWXHPSUHVD" :KHQGRHV\RXUFRPSDQ\SD\
\RX"
+DVWHQLGRWXVYDFDFLRQHV\D" +DYH\RXKDG\RXUKROLGD\V\HW"
(VWXYHGHYDFDFLRQHVKDFH ,ZDVRQKROLGD\DORQJWLPH
PXFKRWLHPSR
DJR
&X»QWRWLHPSRHVKDFH +RZORQJLVDORQJWLPHDJR"
PXFKRWLHPSR"
1RKHLGRDQLQJXQDSDUWH ,KDYHQoWJRQHDQ\ZKHUHVLQFH
GHVGH6HPDQD6DQWD
(DVWHU
(QWRQFHVQRPLHQWHV <RXoUHQRWO\LQJWKHQ
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&X»QWRYDOHWXFDVD" +RZPXFKLV\RXUKRXVHZRUWK"
1RYDOHWDQWRFRPRFXDQGROD ,WoVQRWZRUWKDVPXFKDVZKHQ
FRPSUÃ
,ERXJKWLW
1RYDOHODSHQDFRPSUDUQDGD ,WoVQRWZRUWKEX\LQJDQ\WKLQJ
HQHVWHPRPHQWR
DWWKHPRPHQW
/DVLQYHUVLRQHVVLHPSUHYDOHQ ,QYHVWPHQWVDUHDOZD\VZRUWK
ODSHQD
LW
<RTXHWÔVHUÇDXQSRFRP»V ,I,ZHUH\RX,oGEHDOLWWOHPRUH
SDFLHQWH\HVSHUDUÇDXQSDUGH SDWLHQWDQGZDLWDFRXSOHRI
DËRV
\HDUV
(VXQJHQLRGHODSXEOLFLGDG +HoVDQDGYHUWLVLQJJHQLXV
1RHVWXGLÍ(PSUHVDULDOHVHQ 'LGQoWKHGR%XVLQHVV6WXGLHV
+DUYDUG"
DW+DUYDUG"
3URSRQHXQDVLGHDVJHQLDOHV +HFRPHVXSZLWKEULOOLDQW
LGHDV
6XWDOHQWRQRVHDFDEDQXQFD 7KHUHoVQRHQGWRKLVWDOHQW
(VXQDSHQDTXHVHDWDQ ,WoVDVKDPHKHoVVR
ZLWKGUDZQ
UHWUDÇGR
%RG\ORWLRQ /HFKHFRUSRUDO
6KRZHUJHO *HOGHGXFKD
7DOFXPSRZGHU 3ROYRVGHWDOFR
%DWKWRZHO 7RDOODGHEDËR
6RDS -DEÍQ
9RFDEXODULR%DWKWLPH +RUDGHEDËR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
1HFHVLWRXQLQIRUPHHQ ,QHHGDQLQGHSWKUHSRUW
SURIXQGLGDG
4XLHURTXHPHORGHVDSULPHUD ,ZDQW\RXWRJLYHLWWRPHïUVW
KRUDGHODPDËDQD
WKLQJLQWKHPRUQLQJ
(QQRPEUHGHODGLUHFFLÍQ 2QEHKDOIRIWKHPDQDJHPHQW
TXLHURDJUDGHFHURVWRGR
,ZDQWWRWKDQN\RXDOO
(QUHVXPLGDVFXHQWDVVHKD ,QVKRUWLWoVEHHQFDOOHGRII
FDQFHODGR
$ODODUJDWHQGUHPRVTXH ,QWKHORQJUXQZHoOOKDYHWR
FRQWUDWDUDP»VJHQWH
KLUHPRUHSHRSOH
(UHVSDUWLGDULRGHOOLEUH $UH\RXDVXSSRUWHURIIUHH
FRPHUFLR"
WUDGH"
(VWR\HQFRQWUDGH ,oPDJDLQVWSURWHFWLRQLVP
SURWHFFLRQLVPR
3HURORVDUDQFHOHVD\XGDQD %XWWDULIIVRIWHQKHOSWRSURWHFW
SURWHJHUQXHVWUDVLQGXVWULDV
RXULQGXVWULHV
7DPELÃQVLUYHQSDUDPDQWHQHU 7KH\DOVRVHUYHWRNHHSWKH
DO7HUFHU0XQGRHQODSREUH]D 7KLUG:RUOGLQSHUPDQHQW
SHUPDQHQWH
SRYHUW\
(VXQWHPDFRPSOLFDGLOORQR",WoVDWULFN\OLWWOHLVVXHLVQoWLW"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq
|2MDO»
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
*HWLQWRWKHFDU
0ÃWHWHHQHOFRFKH
:HUDQLQWRWKHVWUHHWODPS
&KRFDPRVFRQWUDODIDUROD
7KH\MXPSHGLQWRWKHSRRO
6DOWDURQDODSLVFLQD
:HUDQLQWRDQROGIULHQG
7URSH]DPRVFRQXQDQWLJXRDPLJR
,ZDONHGLQWRWKHEXLOGLQJ
(QWUÃ DQGDQGR HQHOHGLîFLR
,GURYHLQWRWKHJDUDJH
(QWUÃ FRQGXFLHQGR HQHOJDUDMH
|2MDO»HQWHQGLHUDODWHOHYLVLÍQ
QRUWHDPHULFDQD
|2MDO»QRKDEODUDIUDQFÃVWDQPDO
|2MDO»IXHUDP»VYDOLHQWH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
+HOSIXOH[SUHVVLRQV
$FFRUGLQJWR 6HJÔQHQRSLQLÍQGH
3ULRUWR $QWHVGH
7RJHWPL[HGXS
3URYLGHGWKDW $FRQGLFLÍQGHTXH
7REHZLOOLQJWR
VLHPSUHTXH
7REHZRUWKLW
7REUHDNWKHLFH
$VORQJDV $FRQGLFLÍQGHTXH
VLHPSUHTXH
7RJDLQWLPH
7RJHWRIIWRDJRRGVWDUW
5HJDUGLQJ 5HIHUHQWHD
7RJHWRIIWRDEDGVWDUW
&RQFHUQLQJ 5HIHUHQWHD
7RJHWULGRI
5LJKWDZD\ (QVHJXLGD
7RNHHSDQH\HRQ
6DIHDQGVRXQG 6DQR\VDOYR
7RUHO\RQ
6RIDU +DVWDDKRUD
7RUHVRUWWR
6RRQHURUODWHU 7DUGHRWHPSUDQR
7RUXOHRXW
(YHQWXDOO\ 7DUGHRWHPSUDQRDO
îQDO
7RUXQULVNV
7RWDNHULVNV
7RDFHUWDLQH[WHQW +DVWDFLHUWRSXQWR
7RVHWDQH[DPSOH
7REHDZDUHRI 6HUFRQVFLHQWHGH
7RJLYHDQH[DPSOH
7REHLQWRXFK (VWDUHQFRQWDFWR
7RVWDQGWKHSDFH
7RNHHSLQWRXFK 6HJXLUHQFRQWDFWR
7RVWDUWIURPVFUDWFK
7REHPL[HGXS (VWDUFRQIXQGLGRHVWDU
KHFKRXQOÇR
7RWKLQNRXWORXG
&RQIXQGLUVH
7RWLHORRVHHQGV
(VWDUGLVSXHVWRD
8QOHVV
9DOHUODSHQD
5RPSHUHOKLHOR
8SVDQGGRZQV
*DQDUWLHPSR
:KHUHDV
6DOLUFRQEXHQSLH
:LWKRXWDGRXEW
1RGRXEW
6DOLUFRQPDOSLH
'HVKDFHUVHGH
$VDJHQHUDOUXOH
9LJLODU
2QWKHZKROH
&RQîDUHQ
$VIDUDV,NQRZ
$VIDUDV,oP
5HFXUULUD
FRQFHUQHG
'HVFDUWDU
$KHDGRI
&RUUHUULHVJRV SHOLJUR
$WEHVW
&RUUHUULHVJRV FDOFXODGR
%H\RQG
'DUHMHPSOR
%\FKDQFH
3RQHUXQHMHPSOR
%\IDU
$JXDQWDUHOULWPR
3DUWLUGHFHUR
3HQVDUHQYR]DOWD
$WDUFDERVVXHOWRV
$QRVHUTXHDPHQRV
TXH
$OWLEDMRV
0LHQWUDVTXH
6LQGXGD
6LQGXGD
&RPRUHJODJHQHUDO
(QWÃUPLQRVJHQHUDOHV
4XH\RVHSD
(QORTXHDPÇVH
UHîHUH
3RUGHODQWHGH
(QHOPHMRUGHORVFDVRV
0»VDOO»GH
3RUFDVXDOLGDG
&RQPXFKDGLIHUHQFLD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
9R\DWHQHUTXHSURKLELUWHFXDOTXLHUWLSRGHHMHUFLFLRLQWHQVRSRU
HOPRPHQWR6ÃTXHODYLGDVLQHOWHQLVHVFRPRODYLGDVLQR[ÇJHQR
SHURVLTXLHUHVTXHWXURGLOODVHFXUHODÔQLFDUHFHWDHVWUHVPHVHV
GHGHVFDQVR\UHFXSHUDFLÍQ3DUDVHSWLHPEUHXRFWXEUHGHEHUÇDV
VHUFDSD]GHKDFHUIRRWLQJXRWURHMHUFLFLRPHQRVLQWHQVRSHURQR
WHUHFRPLHQGRYROYHUDODVFDQFKDVGHWHQLVSRUORPHQRVKDVWDOD
SUÍ[LPDSULPDYHUD
,oP JRLQJ WR KDYH WR SURKLELW DQ\ NLQG RI VWUHQXRXV H[HUFLVH IRU
WKHWLPHEHLQJ,NQRZWKDWOLIHZLWKRXWWHQQLVLVOLNHOLIHZLWKRXW
R[\JHQEXWLI\RXZDQW\RXUNQHHWRKHDOWKHRQO\SUHVFULSWLRQLV
WKUHHPRQWKVRIUHVWDQGUHFXSHUDWLRQ%\6HSWHPEHURU2FWREHU
\RX VKRXOG EH DEOH WR GR VRPH MRJJLQJ RU RWKHU OHVV VWUHQXRXV
H[HUFLVHEXW,ZRXOGQoWUHFRPPHQG\RXUHWXUQWRWKHWHQQLVFRXUWV
DWOHDVWXQWLOQH[WVSULQJ
(VWLPDGRDPLJR\DOXPQR6HJXUDPHQWHWHHVW»VFDQVDQGRXQSRFRGHPLVVHUPRQHV1RTXLHURVHUDJXDîHVWDVSHURVÃTXHQDGLHVHKDFH
FRQXQEXHQQLYHOHQRWURLGLRPDVLQVXGDUHOHTXLYDOHQWHDPDUDWRQHV3HURSXHVWRTXH\DKHH[SOLFDGRHVWRGHPDQHUDVGLIHUHQWHV
YR\DGHVFDQVDUGXUDQWHXQDVîFKDVHLQWHQWDUHQWUHWHQHUWHXQSRFRFRQHOLQJOÃV$ORODUJRGHODVSUÍ[LPDVHQWUHJDVYDPRVDYHUGRV
SRHPDVJUDFLRVRV\GRVSRHPDVGHDPRU1RFRQWLHQHQPHQVDMHVGLUHFWRVQLVXEOLPLQDOHVLQVW»QGRWHDKDFHUXQHVIXHU]RDVÇTXHSXHGHV
WRPDUWHXQSHTXHËRGHVFDQVR(OSULPHUSRHPDGHVFULEHFÍPRXQSURIHVRUJDQDHOFRUD]ÍQDVXEHOODDOXPQDPHGLDQWHODHQVHËDQ]DGHO
FRQGLFLRQDO(VW»HQLQJOÃV\HQHVSDËRO
5LFKDUG9DXJKDQ
)ORUHQWLQDDQGWKH&RQGLWLRQDO
(VKHUPRVDHVRVt\XQDDOXPQDDSOLFDGD
'HHVWDPSDLQFUHtEOHFRQHOSHORHQFDVFDGD
$WRGRVQRVWLHQHSHUGLGDPHQWHHQDPRUDGRV
<DKRUDFRQVXUHWRXQSHOtQDFDORUDGRV
3HURKD\XQQXHYRSURIHTXHPHGLFHQQXQFDIDOOD
8QSURIHTXHPHGLFHQODFRQYHUWLUiHQVXYDVDOOD
$KtODWLHQHVVROLWDVROLWDHQVXDXOD
2TXL]iPHMRUGLFKRODÀHUDHQVXMDXOD
1RVUHWDDHQVHxDUOHFRQDLUHDYLVSDGR
(OPDQHMRGHOFRQGLFLRQDOHQSUHVHQWH\SDVDGR
$ÀUPDTXHMDPiVHQVXYLGDKDKDELGR
3HUVRQDFDSDFLWDGDSDUDJDQDUOHWDOSDUWLGR
*RRGHYHQLQJ)ORUHQWLQDZRXOG\RXOHWPHEH\RXUWHDFKHU
,I,SURPLVHG\RXDJDUGHQIXOORIHYHU\JRUJHRXVFUHDWXUH"
:RXOG\RXOLVWHQWRPHFDUHIXOO\DQGSXWIRUWK\RXUYHU\EHVW
,I,ORRNHGLQWR\RXUH\HVDQGVKRZHGDVPLOHRIKHDUWIHOW]HVW"
7REHFRQWLQXHG
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
6RQHVRVWXVFLJDUURV" $UHWKRVH\RXUFLJDUHWWHV"
1RQRORVRQ 1RWKH\DUHQoW
%LHQIXPDUHVPDOR *RRGVPRNLQJLVEDG
6RQVXVFLJDUURV 7KH\oUHKLVFLJDUHWWHV
|3HURHVHHVWXKLMR %XWWKDWoV\RXUVRQ
'HTXLÃQHVHVDURSD" :KRVHFORWKHVDUHWKRVH"
(VPÇD 7KH\oUHPLQH
4XÃKDFHDOOÇ" :KDWDUHWKH\GRLQJWKHUH"
(VWR\ODY»QGROD ,oPZDVKLQJWKHP
3RUTXÃORHVW»VKDFLHQGRHQ :K\DUH\RXGRLQJLWLQWKH
ULYHU"
HOUÇR"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
6DEHVPXFKRGHRUGHQDGRUHV"'R\RXNQRZPXFKDERXW
FRPSXWHUV"
3XHGHVHFKDUXQYLVWD]RDO &DQ\RXWDNHDORRNDWPLQH"
PÇR"
7LHQHDOJÔQSUREOHPD" 'RHVLWKDYHDSUREOHP"
1RIXQFLRQDPX\ELHQ ,WGRHVQoWZRUNYHU\ZHOO
&ÍPSUDWHXQRQXHYR %X\DQHZRQH
'XUDQWHFX»QWRWLHPSRKDV +RZORQJKDYH\RXKDGWKRVH
WUDLQHUV"
WHQLGRHVDV]DSDWLOODV"
/DVWHQJRGHVGHKDFHWUHVDËRV ,oYHKDGWKHPIRUDERXWWKUHH
\HDUV
&X»QWRWLHPSRKDFHTXHODV +RZORQJKDYH\RXEHHQ
ZHDULQJWKHP"
OOHYDVSXHVWDV"
/DVOOHYRSXHVWDVGHVGHHO ,oYHEHHQZHDULQJWKHPVLQFH
6XQGD\
GRPLQJR
'HEHUÇDVFDPELDUODVKXHOHQ <RXVKRXOGFKDQJHWKHPWKH\
VPHOOEDG
PDO
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
0HHVWR\FDQVDQGRGHWRGR ,oPJHWWLQJWLUHGRIDOOWKLV
HVWR
4XÃWHSDVD" :KDWoVWKHPDWWHUZLWK\RX"
6HPHHVW»DFDEDQGROD 0\LQVSLUDWLRQLVUXQQLQJRXW
LQVSLUDFLÍQ
7RPDXQGHVFDQVRHQWRQFHV 7DNHDEUHDNWKHQ
&UHRTXHPHGDUÃXQSDVHR ,WKLQN,oOOKDYHDVWUROOLQWKH
SRUHOSDUTXH
SDUN
9DVDSDJDUFRQHIHFWLYRRFRQ $UH\RXJRLQJWRSD\LQFDVKRU
WDUMHWDGHFUÃGLWR"
E\FUHGLWFDUG"
3UHIHULUÇDSDJDUFRQWDUMHWD ,oGUDWKHUSD\E\FDUG
&X»OHVODIHFKDGHFDGXFLGDG" :KDWoVWKHH[SLUDWLRQGDWH"
&ÍPRKDOODPDGRDHVWD :KDWGLGVKHFDOOWKLV
P»TXLQD"
PDFKLQH"
/DSXHGHVOODPDUFDMHURR <RXFDQVD\FDVKPDFKLQHRU
pDJXMHURHQODSDUHGq
KROHLQWKHZDOO
6KLUW &DPLVD
-DFNHW $PHULFDQD
7LH &RUEDWD
%ULHIFDVH 0DOHWÇQ
7URXVHUV 3DQWDORQHV
9RFDEXODULR%XVLQHVVVXLW 7UDMHGHQHJRFLRV
0LGGOH$GYDQFHG
(VDHVXQDFLFDWUL]IHD 7KDWoVDQDVW\VFDU
&ÍPRHVTXHWHODKLFLVWHHQ +RZGLG\RXJHWLWRQ\RXU
ODEDUELOOD"
FKLQ"
0HHVWDEDDIHLWDQGRFRQXQD ,ZDVVKDYLQJZLWKDIDXOW\
FXFKLOODGHIHFWXRVD
EODGH
'HPDQGDVWHDODHPSUHVD 'LG\RXVXHWKHFRPSDQ\IRU
SRUHOOR"
WKDW"
0HGLHURQXQDLQGHPQL]DFLÍQ 7KH\JDYHPHDKDQGVRPH
JHQHURVD
FRPSHQVDWLRQ
)RU(QJOLVKVXSHUVWDUVRQO\
|%XHQWLUR *RRGVKRW
|+DVGDGRHQHOEODQFR <RXKLWWKHEXOOVH\H
0LSXQWHUÇDQRHVWDQSUHFLVD 0\DLPoVQRWWKDWDFFXUDWH
(OEODQFRQRHVSUHFLVDPHQWH 7KHWDUJHWoVQRWH[DFWO\WLQ\
GLPLQXWR
/DPRGHVWLDWHIDYRUHFH 0RGHVW\EHFRPHV\RX
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq
0HQRVPDO
,EDFNHGLQWRWKHJDUDJH
(QWUÃPDUFKDDWU»VHQHOJDUDMH
:HVWUDSSHGKLPLQWRWKHVHDW
/HVXMHWDPRVHQHODVLHQWR FRQFRUUHD
,IHOOLQWRWKHWUDS
&DÇHQODWUDPSD
:HVSOLWLWLQWRWZRHTXDOSDUWV
/RGLYLGLPRVHQGRVSDUWHVLJXDOHV
,WRRNKHULQWRP\DUPV
/DHVWUHFKÃHQWUHPLVEUD]RV
+HWDONHGPHLQWRJRLQJ
0HKDEOÍKDVWDFRQYHQFHUPHSDUDTXH
IXHUD
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
0HQRVPDOTXHVDEHVGHORTXHKDEODV
|0HQRVPDOTXHQRWHOODPÃDQWHV
0HQRVPDOTXHWXPDGUHQRVHHQWHUÍ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
+HOSIXOH[SUHVVLRQV
%\WKHZD\
'HVSLWH
,QVSLWHRI
'HVSLWHWKHIDFWWKDWf
,QVSLWHRIWKHIDFWWKDWf
'XHWR
'XHWRWKHIDFWWKDWf
2QDFFRXQWRI
2QDFFRXQWRIWKHIDFW
WKDWf
%HFDXVHRI
(YHU\RWKHUGD\
)LUVWWKLQJLQWKHPRUQLQJ
)RUJRRG
)RUWKHWLPHEHLQJ
,QWKHPHDQWLPH
,IQHHGEH
,QDJRRGPRRG
3RUFLHUWRDSURSÍVLWR
$SHVDUGH
$SHVDUGH
$SHVDUGHTXH
$SHVDUGHTXHf
'HELGRD
'HELGRDTXH
'HELGRD
'HELGRDTXH
'HELGRD
8QGÇDVÇ\RWURQR
GÇDVDOWHUQRV
$SULPHUDKRUDGHOD
PDËDQD
3DUDVLHPSUH
'HPRPHQWR
0LHQWUDVWDQWR
6LHVQHFHVDULR
'HEXHQKXPRU
,QDEDGPRRG
,QDQDZIXOPRRG
,QDGGLWLRQWR
,QDGYDQFH
,QDQ\FDVH
,QDQ\HYHQW
,QFKDUJHRI
,QGHSWK
,QVKRUW
,QWKHORQJUXQ
,QWKHRU\
,QYLHZRI
,WoVDZDVWHRIWLPH
,WoVSRLQWOHVV
7KHUHoVQRSRLQW
,QZULWLQJ
:ULWHLWGRZQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&XDQGR$OHMDQGUR0DJQRHVWDEDHQ&RULQWRXQDFLXGDGHVWDGRGH
OD$QWLJXD*UHFLDOHOOHYDURQDXQOXJDUGRQGHVLHPSUHVHVHQWDED
XQîOÍVRIRIDPRVR\GDEDFRQVHMRVVREUHODYLGD\HOXQLYHUVR&XDQ
GRHOJHQHUDOOHGLMRDOîOÍVRIRTXHOHFRQFHGHUÇDFXDOTXLHUGHVHRHO
îOÍVRIRVLPSOHPHQWHOHSLGLÍTXHVHDSDUWDUDXQRVPHWURVDXQODGR
SRUTXHOHTXLWDEDODOX]GHOVROQHFHVDULDSDUDOHHU
,WGRHVQoWPDWWHU
'HPDOKXPRU
,WGRHVQoWPDNH
'HKXPRUGHSHUURV
$GHP»VGH
DQ\GLIIHUHQFH
3RUDGHODQWDGR
-XVWLQFDVH
'HWRGDVIRUPDV
1HYHUWKHOHVV
'HWRGDVIRUPDV
+RZHYHU
(QFDUJDGRGH
2QSXUSRVH
(QSURIXQGLGDG
(QUHVXPLGDVFXHQWDV
2QEHKDOIRI
$ODODUJD
2QWKHFRQWUDU\
(QWHRUÇD
:KDWoVXS"
(QYLVWDGH
+RZoVLWJRLQJ"
(VXQDSÃUGLGDGH
+RZDUHWKLQJV
WLHPSR
JRLQJ"
(VXQDSÃUGLGDGH
+RZoVHYHU\WKLQJ
WLHPSR
JRLQJ"
(VXQDSÃUGLGDGH
0D\,KHOS\RX"
WLHPSR
0D\,WDNHDPHVVDJH"
3RUHVFULWR
,WoVJHWWLQJODWH
$SÔQWDOR
7DNHLWHDV\
'DLJXDO
'DLJXDO
3RUVLDFDVR
1RREVWDQWH
6LQHPEDUJR
$SRVWD
GHOLEHUDGDPHQWH
(QQRPEUHGH
$OFRQWUDULR
4XÃKD\GHQXHYR"
&ÍPRYDODFRVD"
&ÍPRYDQODVFRVDV"
&ÍPRYDWRGR"
(QTXÃOHSXHGRVHUYLU"
'HVHDGHMDUXQUHFDGR"
6HHVW»KDFLHQGRWDUGH
7RPDODVFRVDVFRQ
îORVRIÇD
:KHQ$OH[DQGHUWKH*UHDWZDVLQ&RULQWKDFLW\VWDWHLQDQFLHQW
*UHHFH KH ZDV WDNHQ WR WKH SODFH ZKHUH D IDPRXV SKLORVRSKHU
DOZD\VVDWDQGJDYHDGYLFHRQOLIHDQGRQWKHXQLYHUVH:KHQWKH
JHQHUDOWROGWKHSKLORVRSKHUWKDWKHZRXOGJUDQWKLPDQ\ZLVK
WKH SKLORVRSKHU VLPSO\ DVNHG KLP WR PRYH D IHZ PHWHUV WR RQH
VLGHEHFDXVHKHZDVEORFNLQJWKHVXQOLJKWQHHGHGIRUUHDGLQJ
)ORUHQWLQDDQGWKH&RQGLWLRQDO FRQW
:RXOG\RXSUDFWLFHHYHU\VHQWHQFHWKDW,DVNHG\RXWRUHSHDW
,I,VRIWO\ZKLVSHUHGSUDLVHDQGMR\DQGHQFRXUDJHPHQWUHSOHWH"
:RXOG\RXPDNHWKHQHHGHGHIIRUWWRDEVRUEWKHEDVLFIRUPV
,I,VSUHDGDORYHO\FDQRS\WRVKLHOG\RXIURPWKHVWRUPV"
:RXOG\RXOLVWHQWRPHFDUHIXOO\DEVRUELQJP\DGYLFH
,I,EDNHGDFKRFRODWHFDNHIRU\RXDQGJDYH\RXHYHU\VOLFH"
:RXOG\RXVWXG\HYHU\QLJKWDQGGD\WRGHPRQVWUDWH\RXUZRUWK
,I,WRRN\RXLQP\DUPVDQGïHZ\RXKLJKDERYHWKHHDUWK"
:RXOG\RXPDVWHUHYHU\VHQWHQFHDQGLPSUHVVPHHYHU\GD\
,I,XVHGP\KDQGVWRPRXOG\RXOLNHDVXSSOHZLOOLQJFOD\"
:RXOG\RXQDYLJDWHFRQGLWLRQDOVOLNH9HQHWLDQJRQGROLHUV
,I,FXWWKHPRRQLQWZRKDOYHVWRPDNHHDUULQJVIRU\RXUHDUV"
:RXOG\RXîQDOO\)ORUHQWLQDEHFRPHH[SHUWZLWKWKLVWHQVH
,I,îQDOO\PDGH\RXUHDOL]HWKDWZLWKPHWKHUHoVQRGHIHQVH"
:RXOG\RXJLYHXSLSVRIDFWRDQGDGPLWWKDW\RXKDYHORVW
,I,WROG\RXWKDWP\QDPHLVîUPO\RQ\RXUKHDUWHPERVVHG"
(VWLPDGRDPLJR\DOXPQR$ODL]TXLHUGDWLHQHVODVFXDWURÔOWLPDVHVWURIDV
GHO LQWHQWR SRU SDUWH GHO QXHYR SURIHVRU GH FRQYHQFHU D )ORUHQWLQD GH
TXHHVFDSD]GHDSUHQGHUHOPDQHMRGHOFRQGLFLRQDO(PSOHDXQHQIRTXH
XQWDQWRFXULRVRSHURFRPREXHQSURIHVRUQRGHVFDUWDQLQJÔQDUWLîFLRVL
FRQ HOOR DOFDQ]D VX REMHWLYR SHGDJÍJLFR (VWXGLD HO SRHPD SDUD KDFHUWH
FRQHOYRFDEXODULR\ODVH[SUHVLRQHV'HVSXÃVOÃHORHQYR]DOWDWUDWDQGRGH
FRQVHJXLUHPXODUHOULWPR\ODPÃWULFD3RUFLHUWRYHU»VXQYHUVRTXHGLFH
p,I,WRRN\RXLQP\DUPVq6LPLUDVDUULEDHQODVHFFLÍQGHp3KUDVDOYHUEVq
YHU»VXQDIUDVHFDVLLGÃQWLFDSHURTXHGLFHp,WRRNKHULQWRP\DUPVq3RU
TXÃpLQqHQODIUDVHGHOSRHPDHpLQWRqHQODIUDVHGHDUULED"(QHVWHFDVR
FRQFUHWRDPEDVIRUPDVVRQY»OLGDVDXQTXHXQSXULVWDGLUÇDpLQWRqVLHPSUH
3HURORVSXULVWDVVRQDEXUULGRV\QXQFDORJUDQKDFHUVHFRQXQEXHQGRPLQLR
HQORVLGLRPDV6HDSUHQGHXQLGLRPDHQDPRU»QGRVHGHÃO\VLHOSURIHVRU
D\XGDFRPRHOGHOSRHPDDTXHWHHQDPRUHVGHVX»UHDGHOVDEHUHQWRQFHV
VHWUDWDVLQGXGDGHXQH[FHOHQWHSURIHVRU
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
&ÍPRHVW»WXKHUPDQD" +RZoV\RXUVLVWHU"
(VW»HQ)UDQFLDHQHVWH 6KHoVLQ)UDQFHDWWKHPRPHQW
PRPHQWR
3RUTXÃHVW»DOOÇ" :K\LVVKHWKHUH"
(VW»HQHOKRVSLWDO 6KHoVLQKRVSLWDO
(VW»ELHQHVHQIHUPHUD ,WoVRNVKHoVDQXUVH
4XLHUHVFRPHU" 'R\RXZDQWWRHDW"
1RJUDFLDVQRWHQJRKDPEUH 1RWKDQNV,oPQRWKXQJU\
7LHQHVVHG" $UH\RXWKLUVW\"
6ÇWHQJR7HQJRPXFKDVHG <HV,DP,oPYHU\WKLUVW\
4XLHUHVEHEHUDOJR" 'R\RXZDQWWRGULQN
VRPHWKLQJ"
6SOLQW 7DEOLOOD
$QWLVHSWLF $QWLVÃSWLFR
%DQGDJH 9HQGD
*DX]H *DVD
6\ULQJH -HULQJD
9RFDEXODULR)LUVWDLG 3ULPHUDX[LOLR
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XÃKDU»VFXDQGRGHMHVOD :KDWZLOO\RXGRZKHQ\RX
XQLYHUVLGDG"
OHDYHXQLYHUVLW\"
&UHRTXHYLDMDUÃGXUDQWH ,WKLQN,oOOWUDYHOIRUD\HDU
XQDËR
'ÍQGHLU»V" :KHUHZLOO\RXJR"
(VSUREDEOHTXHYD\DD$VLD ,oOOSUREDEO\JRWR$VLDZLWKP\
FRQPLVDPLJRV
IULHQGV
9DQDYLDMDUFRQWLJR" $UHWKH\JRLQJWRWUDYHOZLWK
\RX"
&X»QWRWDUGDVWHHQDSUHQGHU +RZORQJGLGLWWDNH\RXWR
îQODQGÃV"
OHDUQ)LQQLVK"
+HWDUGDGRWRGDPLYLGD ,WoVWDNHQPHDOOP\OLIH
3RUTXÃKDVWDUGDGRWDQWR" :K\KDVLWWDNHQ\RXVRORQJ"
3RUTXHHVWDQGLIÇFLOGH %HFDXVHLWoVVRGLIïFXOWWR
WHUPLQDU
ïQLVK
(VHHVHOIDPRVRVHQWLGRGHO 7KDWoVWKHIDPRXV(QJOLVK
KXPRULQJOÃVQR"
VHQVHRIKXPRXULVQoWLW"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
0HSXHGHVSUHVWDUWXFRFKH &DQ\RXOHQGPH\RXUFDUWKLV
HVWHîQGHVHPDQD"
ZHHNHQG"
1RWHYR\DGHMDUFRQGXFLUPL ,oPQRWJRLQJWROHW\RXGULYH
FRFKH
P\FDU
3RUTXÃQRPHYDVDGHMDU" :K\ZRQoW\RXOHWPH"
3RUTXHHUHVXQORFRGHWU»V %HFDXVH\RXoUHFUD]\EHKLQG
GHOYRODQWH
WKHZKHHO
-DP»VRÇXQDWRQWHUÇDLJXDO ,oYHQHYHUKHDUGVXFK
QRQVHQVH
$QWHVQRKDEÇDP»VWLHQGDV 'LGQoWWKHUHXVHWREHPRUH
HQHVWDFDOOH"
VKRSVLQWKLVVWUHHW"
1RGHEHUÇDGHKDEHUP»V 6KRXOGQoWWKHUHEHPRUH
FXHUGDVHQHVWDJXLWDUUD"
VWULQJVRQWKLVJXLWDU"
3XHGHTXHKD\DKDELGRXQOÇR" 0LJKWWKHUHKDYHEHHQDPL[
XS"
3RUTXÃQRKDKDELGRQLQJÔQ :K\KDYHQoWWKHUHEHHQDQ\
FDPELR"
FKDQJHV"
1RKDEU»PDQHUDGHTXHMDUVH:RQoWWKHUHEHDQ\ZD\WR
SRUHOOR"
FRPSODLQDERXWLW"
0LGGOH$GYDQFHG
4XÃVLJQRGHO=RGÇDFRHUHV" :KDWVWDUVLJQDUH\RX"
6R\*HPLQLVSHURQRVR\ ,oP*HPLQLEXW,oPQRW
VXSHUVWLFLRVR
VXSHUVWLWLRXV
&DPLQDVSRUGHEDMRGHODV 'R\RXZDONXQGHUODGGHUV"
HVFDOHUDVGHPDQR"
7LUDVODVDOSRUHQFLPDGHWX 'R\RXWKURZVDOWRYHU\RXU
KRPEURVLODGHUUDPDV"
VKRXOGHULI\RXVSLOOLW"
7LUDVDODEDVXUDORVHVSHMRV 'R\RXWKURZDZD\EURNHQ
URWRV"
PLUURUV"
)RU(QJOLVKVXSHUVWDUVRQO\
(VXQDXWÃQWLFRJROIR +HoVDUHDOMDFNWKHODG
&UHHVTXHVHQWDU»ODFDEH]D 'R\RXWKLQNKHoOOHYHUVHWWOH
DOJÔQGÇD"
GRZQ"
(VGHPDVLDGRPXMHULHJR +HoVWRRPXFKRIDZRPDQLVHU
$XQTXHHVXQEXHQSDUWLGR $OWKRXJKKHoVDJRRGFDWFK
QR"
LVQoWKH"
(VW»IRUUDGR +HoVORDGHG
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq
3URQRPEUHV3HUVRQDOHV
+HEURXJKWKHULQWRRXUFODVVURRP
£OODWUDMRDQXHVWUDDXOD
7KHSODQHïHZLQWRHQHP\DLUVSDFH
(ODYLÍQHQWUÍHQHVSDFLRDÃUHRHQHPLJR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
:HZDQWWREX\LQWR\RXUFRPSDQ\
4XHUHPRVSDUWLFLSDUHQVXHPSUHVD
7KH\WRRNKHULQWRWKHRWKHUFODVVURRP
/DOOHYDURQDODRWUDDXOD
$TXHOORVVRQVX\RV GHÃO
£VWHQRHVVX\R GHHOOD
(VÃVWHWX\R"
7KHFDUFXWLQWRP\ODQH
(OFRFKHVHPHWLÍHQPLFDUULO
7KHZLQGEOHZWKHOHDYHVLQWRWKHKRXVH
/DVKRMDVGHODFDVDODVWUDMRHOYLHQWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3URQXQFLDWLRQWKURXJKUK\PLQJ
7RGDVODVSDODEUDVH[SXHVWDVDFRQWLQXDFLÍQULPDQ3XHGHSDUH
FHUPHQWLUDSHURHVFLHUWR/DVSDODEUDVLQJOHVDVpFXUYHq\pQHUYHq
ULPDQDODSHUIHFFLÍQ3RUHVRQRPHJXVWDTXHPLVDOXPQRVYHDQ
ODSDODEUDHVFULWDHQLQJOÃVDQWHVGHRÇUOD/DOHFWXUDVLQXQDDX
GLFLÍQ SUHYLD GHVSLVWD \ FRQGXFH DO DOXPQR D DGTXLULU YLFLRV GH
)LUVW
/HDUQ
7XUQ
<RXU
<RXoUH
)XU
6XUH
6XUI
(DUQ
&RQFÃUQ
%OXU
6SXU
5HIÃU
2FFÔU
3UHIÃU
7U»QVIHU
:HUH
6WLU
3HU
3ULPHUR
$SUHQGHU
*LUDU
7X
7ÔHUHVHVW»V
3LHO GHDQLPDO
6HJXUR
+DFHUVXUI
*DQDU
&RQFHUQLU
8QDPDVDERUURVD
(VSXHOD
5HIHULU
2FXUULU
3UHIHULU
7UDQVIHULU
3DVDGRGHpWREHq
5HPRYHU
3RU
+HU
6KLUW
+XUW
'LUW
)OLUW
6OXU
6NLUW
&RQYÃUW
&ÍQFHUW
'ÃVHUW
'HVVÃUW
3ÃUYHUW
$OÃUW
%LUG
7KLUG
:RUG
+HDUG
+HUG
:RUU\
'HHOOD
&DPLVD
'DËDUSHUMXGLFDU
7LHUUDVXFLHGDG
)OLUWHDU
$UUDVWUDUODVSDODEUDV
)DOGD
&RQYHUWLU
&RQFLHUWR
'HVLHUWR
3RVWUH
3HUYHUWLGR
$OHUWD
3»MDUR
7HUFHUR
3DODEUD
3DVDGRGHpRÇUq
0DQDGD
3UHRFXSDUVH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/RV VHQWLPLHQWRV VLJXHQ D ODV DFFLRQHV &XDQGR SDVDPRV WLHPSR
SHQVDQGRHQFÍPRQRVVHQWLPRVQRVYDPRVHQFRQWUDQGRGHSULPL
GRV3HURFXDQGRHPSOHDPRVQXHVWUDHQHUJÇDLQWHQWDQGRKDFHUTXH
RWURVVHVLHQWDQPHMRUQRVYDPRVVLQWLHQGRFDGDYH]P»VVDWLVIHFKRV
\FRQWHQWRVFRQQXHVWUDVYLGDV4XLHUHVXQDFXUDDVHJXUDGDFRQWUDOD
GHSUHVLÍQ"(QWRQFHVHQFXHQWUDDJHQWHTXHQHFHVLWHD\XGD\FHQWUD
WXDWHQFLÍQHQD\XGDUOHV
SURQXQFLDFLÍQGLIÇFLOHVGHHUUDGLFDUGHVSXÃV/HHWRGDVODVSDOD
EUDVGHODOLVWD(OVRQLGRGHYRFDOTXHSUHFHGHDODpUqHVLGÃQWLFR
HQWRGDVODVSDODEUDV7RGRVORVVRQLGRVULPDQFRQODVÇODEDpLUq
GHpîUVWq3DUDD\XGDURVKHWLOGDGRDOJXQDVGHODVSDODEUDVSDUD
DVHJXUDUXQDFRUUHFWDSURQXQFLDFLÍQGHODVPLVPDV
+XUU\
6HUYH
&OHUN
:RUN
3HUN
4XLUN
-HUN
7HUP
)LUP
*HUP
:RUP
$IIÇUP
&RQIÇUP
%XUS
%XUQ
%XUVW
:RUVH
:RUVW
7KLUVW
'DUVHSULVD
6HUYLU
$GPLQLVWUDWLYR
7UDEDMDU
([WUDVDODULDO
3HFXOLDULGDG
8QPHPR
7ÃUPLQR
(PSUHVD
*HUPHQ
*XVDQRORPEUL]
$îUPDU
&RQîUPDU
(UXFWDU
4XHPDU
5HYHQWDU
3HRU
(OSHRUGHWRGRV
6HG
7KLUVW\
1XUVH
&XUVH
5HKÃDUVH
,PPÃUVH
5HLPEÃUVH
9HUVH
5HYÃUVH
'LYÃUVH
'LVSÃUVH
3XUVH
&XUYH
1HUYH
1ÃUYRXV
'HVÃUYH
2EVÃUYH
5HVÃUYH
&RQVÃUYH
6HGLHQWR
(QIHUPHUD
0DOGLFLÍQ
(QVD\DU
6XPHUJLU
5HHPEROVDU
9HUVR
5HYHUVR
'LYHUVR
'LVSHUVDU
0RQHGHUR
&XUYD
1HUYLR
1HUYLRVR
0HUHFHU
2EVHUYDU
5HVHUYDU
&RQVHUYDU
)HHOLQJVIROORZDFWLRQV:KHQZHVSHQGRXUWLPHWKLQNLQJDERXW
KRZ ZH IHHO ZH JURZ LQFUHDVLQJO\ GHSUHVVHG %XW ZKHQ ZH
VSHQGRXUHQHUJLHVWU\LQJWRPDNHRWKHUVIHHOEHWWHUZHEHFRPH
LQFUHDVLQJO\ VDWLVîHG DQG KDSS\ ZLWK RXU OLYHV 'R \RX ZDQW D
VXUHîUHFXUHIRUGHSUHVVLRQ"7KHQîQGSHRSOHZKRQHHGKHOSDQG
IRFXV\RXUPLQGRQKHOSLQJWKHP
(VWLPDGRDPLJR\DOXPQR(VWRVYHUVRVVRQODFRQWLQXDFLÍQGHOSHTXHËRSRHPD
TXHWHLQFOXÇHQODîFKDQ3RUWDQWRUHFRPLHQGRTXHPLUHVHVDîFKDSULPHUR
*RRGPRUQLQJ5DÔO,oP&ODUD3DXOHWH
SDUDFRPSUHQGHUHOSRUTXÃGHODGXUDDFWLWXGGH&ODUD3DXOHWH(QHOSRHPDGHOD
0\(QJOLVKLVSHUIHFWEXW,oPIURP$OEDFHWH
L]TXLHUGD&ODUDVHSUHVHQWD\FRPHQWDDOGÇVFRORDOXPQRTXHDXQTXHWLHQHFDUDGH
0\PRWKHULV(QJOLVKDQG,JUHZXSLQ%ULVWRO
VDQWDJXDUGDXQDSLVWRODSDUDFRQVHJXLUVXVREMHWLYRV$OîQDOHOODOHGLFHTXHQRVH
$QGP\VPLOHPD\EHVDLQWO\EXW,WHDFKZLWKDSLVWRO
<RXZDQWWROHDUQ(QJOLVKDQG\RXoUHSD\LQJJRRGPRQH\ KDJDHOWRQWR GRQoWSOD\GXPE 3RUFLHUWRODpEqDOîQDOGHpGXPEqHVPXGD/D
0\MRELVWRWHDFK\RXVRGRQoWWU\WREHIXQQ\
SDODEUDULPDSHUIHFWDPHQWHFRQpFRPHq&ODUD3DXOHWHHVPX\EXHQDSURIHVRUD/D
:HoOOVWDUWZLWKWKHSDVWWHQVHEXWWKHIXWXUHZLOOFRPH FRQR]FRELHQ\VÃTXHVXVDOXPQRVVLHPSUHDSUHQGHQLQFOXVRORVGÇVFRORVXQDYH]
$IXWXUHRIOHDUQLQJDQGZLWKPHGRQoWSOD\GXPE
TXHDSUHQGDQDVHUP»VKXPLOGHVRDWRPDUVHODWDUHDP»VHQVHULR
(OGXURVHUPÍQGH&ODUD3DXOHWH
7REHFRQWLQXHGLQWKHQH[WLQVHUWf
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
&X»OHVHOSUREOHPD" :KDWoVWKHSUREOHP"
1RHVWR\PX\FRQWHQWD ,oPQRWYHU\KDSS\
3RUTXÃHVW»VWULVWH" :K\DUH\RXVDG"
0LQRYLDHVW»HQRWUDFLXGDG 0\JLUOIULHQGLVLQDGLIIHUHQW
FLW\
4XÃFLXGDG" :KLFKFLW\"
|9DPRVDKDFHUXQDîHVWD :HoUHJRLQJWRKDYHDSDUW\
4XÃHVWDPRVFHOHEUDQGR" :KDWDUHZHFHOHEUDWLQJ"
(VPLFXPSOHDËRVODVHPDQD ,WoVP\ELUWKGD\QH[WZHHN
TXHYLHQH
(VRHVYR\DFXPSOLUDËRV 7KDWoVULJKW,oPJRLQJWREH
|(QKRUDEXHQD &RQJUDWXODWLRQV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
1RPHHQFXHQWURPX\ELHQ ,GRQoWIHHOYHU\ZHOO
+DFHVDOJRGHHMHUFLFLR" 'R\RXGRDQ\H[HUFLVH"
1XQFDKDJRQDGDDVÇ ,QHYHUGRDQ\WKLQJOLNHWKDW
7LHQHVTXHKDFHUDOJRGH <RXKDYHWRGRVRPHVSRUWDQG
GHSRUWH\FRPHUELHQ
HDWZHOO
0HWRPDUÃXQDFHUYH]D\PH ,oOOKDYHDEHHUDQG,oOOWKLQN
ORSHQVDUÃ
DERXWLW
3UXÃEDWHHVWRV]DSDWRV 7U\WKHVHVKRHVRQ
3ULPHURWLHQHVTXHTXLWDUWH <RXKDYHWRWDNH\RXURQHVRII
ORVWX\RV
ïUVW
$TXÇWLHQHVSÍQWHORV +HUH\RXJRSXWWKHPRQ
1RFDEHQORVGHGRVGHPLVSLHV 0\WRHVGRQoWïW
4XÇWDWHORVSXHV 7DNHWKHPRIIWKHQ
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
3RUTXÃHVW»VYLHQGRODWHOH :K\DUH\RXZDWFKLQJ79
HQYH]GHHVWXGLDU"
LQVWHDGRIVWXG\LQJ"
(QYH]GHFRPSUDUORGHEHUÇDV 5DWKHUWKDQEX\LQJLW\RX
DOTXLODUOR
VKRXOGUHQWLW
9DPRVDTXHGDUQRVHQFDVDHQ /HWoVVWD\LQUDWKHUWKDQJRLQJ
YH]GHVDOLUSRUDKÇ
RXW
6LOHFRQRFLHUDQRGLUÇDHVR ,IVKHNQHZKLPVKHZRXOGQoW
VD\WKDW
1RFUHRTXHVHDWDQPDOR ,GRQoWWKLQNKHoVWKDWEDG
3RUFLHUWROHGLMLVWHDOJR" %\WKHZD\GLG\RXVD\
DQ\WKLQJWRKLP"
0HWURSHFÃFRQÃOSRU ,EXPSHGLQWRKLPE\FKDQFH
FDVXDOLGDGHQODFDOOH
LQWKHVWUHHW
'HUUDPÍVXEHELGDHQFLPD +HVSLOWKLVGULQNRQPHRQ
GHPÇDSURSÍVLWR
SXUSRVH
*XDUGDODVGLVWDQFLDVFRQÃO 6WD\DZD\IURPKLPIURPQRZ
DSDUWLUGHDKRUD
RQ
/OHYDWXSRUW»WLO RUGHQDGRU 7DNH\RXUODSWRSMXVWLQFDVH
SRUVLDFDVR
5LGHU -LQHWH
5LGLQJFURS )XVWD
6DGGOH 6LOODGHPRQWDU
5HLQV 5LHQGDV
6WLUUXS (VWULER
9RFDEXODULR+RUVHULGLQJ (TXLWDFLÍQ
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
0HUHVSDOGDU»VDQWHHOMHIH" :LOO\RXEDFNPHXSLQIURQWRI
WKHERVV"
3XHGHTXHWHQJDTXHHFKDUPH,PD\KDYHWREDFNRXWRIWKH
DWU»VHQHODFXHUGR
GHDO
1XQFDFHGHHQXQDGLVFXVLÍQ +HQHYHUEDFNVGRZQLQDQ
DUJXPHQW
3RUTXÃKDVWHQLGRTXH :K\GLG\RXKDYHWREULQJWKDW
PHQFLRQDUHVRRWUDYH]"
XSDJDLQ"
0HFULDURQHQORVEDUULRV ,ZDVEURXJKWXSLQWKHVOXPV
EDMRVGH/RQGUHV
RI/RQGRQ
4XÃVLJQLîFDpFRQVXPLU :KDWGRHVpEHVWEHIRUHq
SUHIHUHQWHPHQWHDQWHVGHq"
PHDQ"
7LHQHVTXHFRPHUORDQWHVGH <RXKDYHWRHDWLWEHIRUHLW
TXHVHHFKHDSHUGHU
JRHVRII
(VWHSDQHVW»PDQLGR 7KLVEUHDGLVVWDOH
4XÃPHKDEUÇDSDVDGRVLOR :KDWZRXOGKDYHKDSSHQHGWR
KXELHUDFRPLGR"
PHLI,KDGHDWHQLW"
7HKDEUÇDVLQWR[LFDGR <RXoGKDYHJRWIRRGSRLVRQLQJ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq
+DYH7R
+RZGLG\RXJHWLQWRWKLVPHVV"
&ÍPRWHKDVPHWLGRHQHVWHIROOÍQ"
,WoVKDUGWRSXWLWLQWRZRUGV
(VGLIÇFLOGDUOHIRUPDPHGLDQWHSDODEUDV
7KH\OHWPHLQWRWKHKRXVH
0HGHMDURQHQWUDUHQODFDVD
7UDQVODWHWKLVLQWR6SDQLVKIRUPH
7UDGÔFHPHHVWRDOHVSDËRO
,SD\LQWRWKHVRFLDOVHFXULW\V\VWHP
3DJRDODVHJXULGDGVRFLDO
+HoVJURZQLQWRDJRRGORRNLQJ\RXQJPDQ
6HKDFRQYHUWLGRHQXQMRYHQPX\DSXHVWR
3URQXQFLDWLRQWKURXJKUK\PLQJ
p2XqHQLQJOÃVFDVLVLHPSUHWLHQHHOPLVPRVRQLGRTXHpDRq$TXÇ
ORV HVSDËROHV FRPHWÃLV PXFKRV HUURUHV GH SURQXQFLDFLÍQ TXH
LPSRVLELOLWDQ OD FRPSUHQVLÍQ 6L XQR SURQXQFLD pPRXQWDLQq WDO
FRPRVHHVFULEH\DSXHGHUHSHWLUODSDODEUDKDVWDGHOGÇDGHO-XL
FLR )LQDO TXH XQ DQJORSDUODQWH QR OH HQWHQGHU» ,QFOXVR SXHGH
0DKRX 8QDFHUYH]D
HVSDËROD
&ORXG 1XEH
/RXG $OWR GHUXLGR
7URXW 7UXFKD
$ERXW $FHUFDGH
%RXW &RPEDWHGHER[HR
2XW )XHUD
:LWKRXW 6LQ
6KRXW *ULWDU
6FRXW 5DVWUHDGRU
'HYRXW 'HYRWR
%ORXVH %OXVD
3RXW +DFHUSXFKHURV
'RXEW 'XGDU
3URXG
$ORXG
$FFRXQW
$URXQG
5RXQG
'URXJKW
(QFRXQWHU
&RXQWHU
$FFRXQWDQW
'LVFRXQW
*URXQG
)ORXU
)RXQGHU
)RXQG
/RXQJH
2UJXOORVR
(QYR]DOWD
&XHQWD
$OUHGHGRUGH
5HGRQGR
6HTXÇD
(QFRQWUDUVHFRQ
0RVWUDGRU
&RQWDEOH
'HVFXHQWR
7LHUUDWHUUHQR
+DULQD
)XQGDGRU
)XQGDU
6DOÍQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6LWLHQHVXQSRFRGHSDFLHQFLDWHHQVHËDUÃDXWLOL]DUODQXHYDKH
UUDPLHQWD+DVLGRGLVHËDGDSRUHO'HSDUWDPHQWRGH,QIRUP»WL
FD\VLDSUHQGHVDXWLOL]DUODFRUUHFWDPHQWHFDQDOL]DU»WRGRVORV
FRQWDFWRVGHHPDLODXQDUFKLYRFHQWUDOSDUDTXHWRGRHOPXQGR
VHSDORTXHWRGRVORVGHP»VKDQGLFKRRKHFKRFRQXQFRQWDFWR
GHWHUPLQDGR'HHVWDIRUPDFXDQGROODPDVDXQFOLHQWHRDXQ
LQWHUHVDGRWHQGU»VXQDUFKLYRGHDQWHFHGHQWHVGHFDGDFRQWDFWR
TXHVHKD\DKHFKRGHVGHDTXÇFRQHVDSHUVRQDRHPSUHVD
p7HQHUTXHKDFHUDOJRqHVPX\SDUHFLGRHQ
LQJOÃVGHFLPRVpKDYHWRGRVRPHWKLQJq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7HQJRTXHFRPSUDUOHFKH
1RWXYLPRVTXHKDFHUORDOîQDO
7LHQHVTXHOHYDQWDUWHWHPSUDQRPDËDQD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
GHFLUODSDODEUDDOPLVPRWLHPSRTXHVHËDODXQDIRWRGHO(YHUHVW
TXHHODQJORSDUODQWHVHJXLU»VLQHQWHQGHUORTXHHVW»TXHULHQGR
GHFLU6HSURQXQFLDpP»RQWHQq(PSHFHPRVFRQHVWDOLVWDGHSD
ODEUDVTXHULPDQFRQODIDPRVDFHUYH]DHVSDËRODp0DKRXq(VWR
QRVD\XGDU»DUHFRUGDUHOVRQLGRTXHEXVFDPRV
/RXV\
)RXO
+RXU
+RXVH
0RXWK
6RXQG
6RXU
7URXVHUV
%RXQFH
1RXQ
6RXWK
6SRXVH
2XQFH
3URIRXQG
6XUURXQG
&KDSXFHURSÃVLPR
)DOWD HQGHSRUWH
+RUD
&DVD
%RFD
6RQLGR
$JULR
3DQWDORQHV
%RWDU
6XVWDQWLYR
6XU
&ÍQ\XJH
2Q]D
3URIXQGR
5RGHDU
5HERXQG
$ERXQG
0RXQWDLQ
3URQRXQFH
0RXVH
7KRXVDQG
3ORXJK
&RXQFLO
&RXQW
&RXFK
$QQRXQFH
5HERWH
$EXQGDU
0RQWDËD
3URQXQFLDU
5DWÍQ
0LO
$UDU
&RQVHMR
&RQWDU
6RI»
+DFHUXQ
FRPXQLFDGR
$PRXQW &DQWLGDG
2XUV (OQXHVWUR
,I\RXoOOMXVWEHDOLWWOHSDWLHQW,oOOVKRZ\RXKRZWRXVHWKHQHZ
WRRO ,W ZDV GHVLJQHG E\ WKH SHRSOH RYHU LQ ,7 DQG LI \RX OHDUQ
WRXVHLWULJKWLWoOOFKDQQHODOOHPDLOFRQWDFWVLQWRDFHQWUDOîOHVR
WKDWHYHU\RQHZLOONQRZZKDWHYHU\RQHHOVHKDVVDLGRUGRQHZLWK
DJLYHQFRQWDFW7KDWZD\ZKHQ\RXFDOODFXVWRPHURUSURVSHFW
\RXoOOKDYHDQLPPHGLDWHEDFNJURXQGîOHRQHYHU\FRQWDFWPDGH
IURPKHUHZLWKWKDWSHUVRQRUîUP
(OGXURVHUPÍQGH&ODUD3DXOHWH FRQW
<RXUFRQWURORIWKHEDVLFVLVIDUIURPSRHWLF
$QG\RXUXVHRIWKHWHQVHVLVIUDQNO\SDWKHWLF
<RXUFKDUPLVDWWUDFWLYHEXWWKHUHoVZRUNWREHGRQH
<HVWKHUHoVZRUNWREHGRQHDQGPRVWLVQRWIXQ
<RXoUHDW\SLFDOPDQRI6SDQLVKH[WUDFWLRQ
:KRVHDFWLRQVDUHURRWHGLQFOHYHUUHDFWLRQ
<RXUVPLOHDQG\RXUFKDUPPDNHWKHDWPRVSKHUHSOHDVDQW
$QGDVDUHVXOW,KDYHEURXJKW\RXDSUHVHQW
$SUHVHQWFDOOHGKRPHZRUNîIWHHQKRXUVDZHHN
$SUHVHQWGHVLJQHGWRSURYLGHZKDW\RXVHHN
0\SODQQHYHUIDLOVDQGWKDWoVZK\,DPKHUH
<RXUERVVNQRZVP\IHHVDSULFHTXLWHVHYHUH
%XW,DOZD\VVXFFHHG,QHYHUKDYHIDLOHG
$QGZLWKSHRSOHOLNH\RX,KDYHDOZD\VSUHYDLOHG
7REHFRQWLQXHGLQWKHQH[WLQVHUWf
(VWLPDGRDPLJR\DOXPQR$TXÇQXHVWUDDPLJD&ODUDVHUPRQHDDOSREUH5DÔO
TXLHQSHQVÍHQXQSULQFLSLRTXHSRGUÇDFRQODVHËRULWD5HVXOWDTXH&ODUDFRQRFH
ELHQDHVDHVWLUSHHVSHFÇîFDGHDOXPQRVTXHDGRUQDODVDXODVGHLQJOÃVDËRWUDV
DËRVLQSDVDUQXQFDGHXQQLYHOLQWHUPHGLR6RQSHUVRQDVTXHHQHOIRQGRQR
TXLHUHQ DSUHQGHU LQJOÃV SRUTXH VDEHQ SHUIHFWDPHQWH TXH QR YDQ D KDFHU HO
HVIXHU]RTXHVHUHTXLHUH$OJXQRVSLHQVDQTXHDOJÔQGÇDHQFRQWUDU»QXQPÃWRGR
UHYROXFLRQDULRFRQHOTXHDSUHQGDQHOLGLRPDVLQHVIXHU]R\HQXQWLHPSRUÃFRUG
&ODUD3DXOHWHHQVÇHVXQPÃWRGRUHYROXFLRQDULRSRUTXHHVGHHVRVSURIHVRUHV
TXHUHDOPHQWHHVSDELODQDVXVDOXPQRVOHVGRWDQGHXQDFROXPQDYHUWHEUDO
JUDPDWLFDO \ OHV KDFHQ UHSHWLU \ SUDFWLFDU OR HVHQFLDO KDVWD TXH VH OHV IRUPD
VXGRUHQHOODELRVXSHULRU$KRUDOHWRFDHQGHUH]DUD5DÔO\OHUHFXHUGDTXHHVOD
HPSUHVDTXLHQHVW»SDJDQGRODIRUPDFLÍQ\TXHSRUWDQWRODFRVDYDPX\HQ
VHULR3DUDHPSH]DUOHKDFHXQERQLWRUHJDORKRUDVVHPDQDOHVGHGHEHUHV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XLÃQHVHVDPXMHU" :KRoVWKDWZRPDQ"
(VODQXHYDMHID ,WoVWKHQHZERVV
&ÍPRVHOODPD" :KDWoVKHUQDPH"
6HOODPD&DURO +HUQDPHoV&DURO
(VVLPS»WLFD" ,VVKHQLFH"
7LHQHQRYLR" 'RHVVKHKDYHDER\IULHQG"
6ÇWLHQHXQQRYLRIUDQFÃV <HVVKHKDVD)UHQFK
ER\IULHQG
9LYHFRQHOOD" 'RHVKHOLYHZLWKKHU"
1RQRYLYHFRQHOOD 1RKHGRHVQoWOLYHZLWKKHU
3RUTXÃQRYLYHQMXQWRV" :K\GRQoWWKH\OLYHWRJHWKHU"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
$TXLÃQHVW»VHVFULELHQGR" :KRDUH\RXZULWLQJWR"
4XÃHVW»HOODHVFXFKDQGR" :KDWLVVKHOLVWHQLQJWR"
4XÃHVW»QPLUDQGR" :KDWDUHWKH\ORRNLQJDW"
&RQTXLÃQHVW»ÃOKDEODQGR" :KRLVKHWDONLQJZLWK"
$TXLÃQHVW»LVHVSHUDQGR" :KRDUH\RXZDLWLQJIRU"
&X»QWRGLQHURWHTXHGD" +RZPXFKPRQH\GR\RXKDYH
OHIW"
1RPHTXHGDQDGD ,GRQoWKDYHDQ\WKLQJOHIW
&X»QGRJDVWDVWHWRGRORTXH :KHQGLG\RXVSHQGZKDW,
JDYH\RX"
WHGL"
1RPHGXUÍPXFKR ,WGLGQoWODVWPHYHU\ORQJ
'HEHUÇDVWHQHUP»VFXLGDGR <RXVKRXOGWDNHPRUHFDUH
ZLWK\RXUZDOOHW
FRQWXGLQHUR
6NXOO &U»QHR
-DZ 0DQGÇEXOD
6KRXOGHUEODGH 2PÍSODWR
&ROODUERQH &ODYÇFXOD
5LEFDJH &DMDWRU»FLFD
9RFDEXODULR%RQHV +XHVRV
+LJK,QWHUPHGLDWH
3RUTXÃQRORVKDVEXVFDGR :K\KDYHQoW\RXORRNHGIRU
WKHP\HW"
WRGDYÇD"
5HDOPHQWH\DQRORVQHFHVLWR ,GRQoWUHDOO\QHHGWKHP
DQ\PRUH
<DQRVRQORVXîFLHQWHPHQWH 7KH\oUHQRWELJHQRXJK
DQ\PRUH
JUDQGHV
3RUTXÃQRORVGDVDXQD :K\GRQoW\RXJLYHWKHPWR
FKDULW\"
RUJDQL]DFLÍQEHQÃîFD"
&UHHVTXHPLVREULQRORV 'R\RXWKLQNP\QHSKHZ
ZRXOGZHDUWKHP"
OOHYDUÇD"
/RZ$GYDQFHG
3RGUÇDVEDMDUODVOXFHVXQSRFR" &RXOG\RXWXUQGRZQWKHOLJKWV
DOLWWOH"
7HGLMHTXHODVEDMDUDVQRTXH ,WROG\RXWRWXUQWKHPGRZQ
QRWWXUQWKHPRII
ODVDSDJDUDV
3XHGHVHQFHQGHUODWHOHVLWH <RXFDQSXWWKH79RQLI\RX
OLNH
DSHWHFH
7HLPSRUWDHVFXFKDUORFRQ 'R\RXPLQGOLVWHQLQJWRLW
ZLWK\RXUKHDGSKRQHVRQ"
ORVDXULFXODUHVSXHVWRV"
6»FDORVGHOFDMÍQHQWRQFHV 7DNHWKHPRXWRIWKHGUDZHU
WKHQ
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
3RGHPRVFRQWDUFRQWLJR &DQZHFRXQWRQ\RXWRJRRQ
VWULNH"
SDUDODKXHOJD"
3XHGHTXHWHQJDTXHVDOLUPH ,PLJKWKDYHWRGURSRXWRIWKH
WHDP
GHOHTXLSR
1RSXHGHVHFKDUWHDWU»VDKRUD<RXFDQoWEDFNRXWQRZ
7HQJRTXHOOHJDUDîQGHPHV,KDYHWRPDNHHQGVPHHW
7HFRQYHUWLU»VHQXQSDULD <RXoOOEHFRPHDQRXWFDVW
4XLHUHVFHUYH]DUXELDRQHJUD"'R\RXZDQWODJHURUVWRXW"
1LQJXQDGHODVGRVJUDFLDV 1HLWKHUWKDQNV,oYHTXLW
+HGHMDGRGHEHEHU
GULQNLQJ
(VGHPDVLDGRJUDQGHWX ,V\RXUEHHUEHOO\WRRELJWKHVH
EDUULJDFHUYHFHUDKR\HQGÇD"
GD\V"
1RVÍORODKHGHMDGRGXUDQWH 1R,oYHRQO\JLYHQLWXSIRU
OD&XDUHVPD
/HQW
,UHPRVGHERUUDFKHUDFXDQGR :HoOOJRRQDELQJHZKHQLWoV
îQDOLFH
ïQLVKHG
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq
3KUDVDO9HUE7RUXQRYHU
6HQGWKHPLQWRP\RIîFH
0»QGDOHVDPLGHVSDFKR
:HKHOSHGKLPLQWRKLVEHG
/HD\XGDPRVDTXHVHDFRVWDUD
+HVKXWKLPVHOILQWRKLVURRP
6HHQFHUUÍHQVXKDELWDFLÍQ
6KHVHGXFHGPHLQWRKHUEHGURRP
(OODPHVHGXMRKDVWDVXGRUPLWRULR
7KH\WKUHZKLPLQWRDZHOO
/HWLUDURQDXQSR]R
)LUVWSRXUWKHZDWHULQWRWKHSDQ
3ULPHURHFKDHODJXDDOFD]R
3URQXQFLDWLRQWKURXJKUK\PLQJ
p2DqHQLQJOÃVFDVLVLHPSUHWLHQHHOPLVPRVRQLGRTXHpRXqHQHV
SDËRO&UHRFRQRFHUXQDVRODH[FHSFLÍQTXHYDLQFOXLGDHQODOLVWD
GH DEDMR 2LJR D PLV DOXPQRV GHFLU PXFKDV YHFHV ODV SDODEUDV
pURDGqRpORDGqFRQXQDSURQXQFLDFLÍQPX\DODHVSDËROD,QWHQ
$ïRDW
$SSURDFK
%RDVW
%RDW
%URDFK
&RDFK
&RDO
&RDVW
&RDW
&URDN
)ORDW
)RDP
*RDO
*RDW
DðRXW
DSUÍXFK
ERXVW
ERXW
EURXFK
FRXFK
FRXO
FRXVW
FRXW
FURXN
ðRXW
IRXP
JRXO
JRXW
$ïRWH
(QIRTXH
3UHVXPLU
%DUFD
%URFKH
(QWUHQDGRU
&DUEÍQ
&RVWD
$EULJR
&URDU
)ORWDU
(VSXPD
*ROPHWD
&DEUD
+RD[
/RDG
7RDVW
/RDI
/RDQ
0RDQ
0RDW
2DN
2DWV
2DWK
3RDFK
5RDFK
5RDG
5RDP
KRXNV
ORXG
WRXVW
ORXI
ORXQ
PRXQ
PRXW
RXN
RXWV
RX]
SRXFK
URXFK
URXG
URXP
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
0H HVWR\ HPSH]DGR D FDQVDU GH VXV FDPELRV GH KXPRU 3XHGH
TXHSRWHQFLDOPHQWHVHDHOPHMRU'LUHFWRUGH9HQWDVHQODKLVWRULD
GH QXHVWUD HPSUHVD SHUR WRGRV HVWDPRV WHQLHQGR GLîFXOWDGHV
WUDWDQGRFRQÃOHQHODVSHFWRSHUVRQDO+D\GÇDVHQORVTXHHVW»
ïRWDQGRSRUODVQXEHVDODEDQGRDWRGRHOTXHYH\RWURVGÇDVR
ELHQ HVW» JUXËÍQ H LQFRPXQLFDWLYR R ELHQ LUULWDEOH \ FRUWDQWH
$OJXQDVSHUVRQDVVHVLHQWHQLQWLPLGDGDV
(OGXURVHUPÍQGH&ODUD3DXOHWH FRQW
,I\RXPDNHP\WDVNWRXJKZLWK\RXUWÇSLFDVJUDFLDV
7HFDHU»QPLOWRUPHQWDV\XQPRQWÍQGHGHVJUDFLDV
7KH\VD\\RXoUHTXLWHEULJKWDPDQZLWKDYLVLRQ
%XWIRUPH\RXoUHDPDQZKRLVODFNLQJGHFLVLRQ
<RXUOHYHORI(QJOLVKLVVKRFNLQJO\ORZ
:KLFKUHïHFWVRQ\RXUFKDUDFWHUDQGSXWV\RXEHORZ
7KHPLOOLRQVRISHRSOHZKRKDYHPDVWHUHGWKHVSHHFK
6RJUDFLDVDSDUWHP\MRELVWRWHDFK
$QG,oOOWHDFK\RXWKLVODQJXDJHRPRULUÃHQHOLQWHQWR
3HURDQWHVGHPRULUîUPDUÃWXOLQFKDPLHQWR
7KHUHoVDVD\LQJLQ(QJOLVKpZKHUHWKHUHoVDZLOOWKHUHoVDZD\q
$QGLI,IDLOLQWKLVSURMHFW\RXoUHWKHRQHZKRZLOOSD\
6REHJLQZLWK\RXUKRPHZRUN\FRUWDHOUROOR
3RUTXHDSDUWLUGHDKRUDVXGDU»VFRPRXQSROOR
)LQ
6LJQLîFDpDWURSHOODUq\VHHPSOHDWDQWR
UHVSHFWRDSHUVRQDVFRPRDDQLPDOHV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
+DVDWURSHOODGRDOJXQDYH]DXQDQLPDO"
|+DVDWURSHOODGRPLSLH
|(VHFRFKHFDVLPHDWURSHOOÍ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
WHPRVDFODUDUGHXQDYH]SRUWRGDVXQDUHJODGHSURQXQFLDFLÍQ
I»FLOGHDSUHQGHU\I»FLOGHUHFRUGDU7RGDVODVSDODEUDVSUHVHQWD
GDVDFRQWLQXDFLÍQULPDQPHQRVODÔOWLPD
(QJDËR
&DUJD
7RVWDGD
%DUUD GHSDQ
3UÃVWDPR
*HPLU
)RVR GHFDVWLOOR
5REOH
$YHQD
-XUDPHQWR
(VFDOIDU
&XFDUDFKD
&DPLQRFDUUHWHUD
9DJDUGHDPEXODU
5RDVW
6RDN
6RDS
7KURDW
7RDG
:KRD
URXVW
VRXN
VRXS
]URXW
WRXG
XRX
$VDU
3RQHUHQUHPRMR
-DEÍQ
*DUJDQWD
6DSR
|6R DOFDEDOOR
/DÔQLFDH[FHSFLÍQDHVWDUHJODTXHUHFXHU
GR VRQ ODV SDODEUDV TXH RV DQRWR D FRQWL
QXDFLÍQ\TXHVHEDVDQWRGDVHQpEURDGq
%URDG DPSOLR
$EURDG HQHOH[WUDQMHUR
%URDGZD\ QRPEUHGHFDOOH
,oPVWDUWLQJWRJHWDOLWWOHWLUHGRIKLVPRRGFKDQJHV+HPD\EH
SRWHQWLDOO\WKHEHVWVDOHVPDQDJHULQWKHKLVWRU\RIRXUFRPSDQ\
EXWDOORIXVDUHKDYLQJDKDUGWLPHGHDOLQJZLWKKLPRQDSHUVRQDO
EDVLV6RPHGD\VKHoVïRDWLQJRQWKHFORXGVSUDLVLQJHYHU\RQHLQ
VLJKWDQGRWKHUGD\VKHoVHLWKHUJUXPS\DQGXQFRPPXQLFDWLYHRU
LUULWDEOHDQGVQDSS\6RPHSHRSOHIHHOLQWLPLGDWHGE\KLP
(VWLPDGRDPLJR\DOXPQRp,I\RXPDNHP\WDVNWRXJKq/DpWqLQJOHVDHVXQD
H[SORVLÍQGHDOLHQWR6LTXLHUHVGHFLUELHQHVWDIUDVHFRORFDWXPDQRGHODQWHGH
ODERFD\SURFXUDTXHODVGRVÔOWLPDVSDODEUDV WDVNWRXJK SURGX]FDQXQD
H[SXOVLÍQGHDLUH6LKDFHVORPLVPRHQFDVWHOODQRGLFLHQGRSRUHMHPSORpWÃ
SDUDWLqQRVHQWLU»VQLQJXQDERFDQDGDGHDLUHFHUR3HURVLGLFHVHQLQJOÃV
pWHDIRUWZRqVHQWLU»VGRVIXHUWHVH[SORVLRQHVGHDLUHHQODSDOPDGHWXPDQR
$KÇHVW»XQDGHODVGLIHUHQFLDVIRQÃWLFDVP»VOODPDWLYDVTXHH[LVWHQHQWUHHO
LQJOÃV\HOHVSDËRO
p7KH\VD\\RXoUHTXLWHEULJKWq/DSDODEUDpEULJKWqDGHP»VGHUHIHULUVHDXQD
OX]TXHGHVOXPEUDDODYLVWDWDPELÃQHVQXHVWUDIRUPDGHGHFLUpLQWHOLJHQWH\
HVSDELODGRq(QHOFDVRGHQXHVWURDPLJR5DÔO&ODUD3DXOHWH\DSHUFLEHTXHHV
XQDSHUVRQDHVSDELODGD6LQHPEDUJRWDPELÃQSHUFLEHTXHWLHQHXQQLYHOGH
LQJOÃVEDMRSRUORTXHVDFDXQDFRQFOXVLÍQTXHHVODFRUUHFWDHQHOGHORV
FDVRV6LDOJXLHQLQWHOLJHQWHQRVDEH\DFRQDËRVKDEODUELHQLQJOÃVHQWRQFHV
HVTXHDOJRIDOOD'HORVVHLVPLOPLOORQHVGHKDELWDQWHVGHHVWHSODQHWDFXDWUR
PLO VRQ QDWLYRV GH KDEOD LQJOHVD \ RWURV PLO PLOORQHV OR KDEODQ ELHQ FRPR
VHJXQGDOHQJXD6LWLHQHVDËRV\QRHVW»VHQWUHHVHFDVLTXHORKDEOD
ELHQFRPRVHJXQGDOHQJXDRDOJRWHIDOODRWLHQHVPXFKRWUDEDMRSRUGHODQWH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XÃHVHVWR" :KDWoVWKLV"
(VPLQXHYRRUGHQDGRU ,WoVP\QHZFRPSXWHU
(VXQDFRVDPX\SHTXHËD ,WoVDYHU\VPDOOWKLQJ
(VEDUDWR" ,VLWFKHDS"
1RQRORHV(VPX\FDUR 1RLWLVQoW,WoVYHU\H[SHQVLYH
0HHQFDQWDHVWHOXJDU ,ORYHWKLVSODFH
3RUTXÃWHHQFDQWD" :K\GR\RXORYHLW"
3RUTXHHVWUDQTXLOR\EHOOR %HFDXVHLWoVTXLHWDQG
EHDXWLIXO
(VXQDSOD\DPDUDYLOORVD ,WoVDZRQGHUIXOEHDFK
&RQTXÃIUHFXHQFLDYHQÇVDTXÇ" +RZRIWHQGR\RXFRPHKHUH"
/RZ,QWHUPHGLDWH
1RLUÃGHYDFDFLRQHVHODËR ,ZRQoWJRRQKROLGD\QH[W\HDU
TXHYLHQH
3RUTXÃQRPHD\XGDU»V" :K\ZRQoW\RXKHOSPH"
'ÍQGHHVWXYLVWHD\HUSRUOD :KHUHZHUH\RX\HVWHUGD\
PRUQLQJ"
PDËDQD"
1RHVWXYLVWHHQHOWUDEDMR <RXZHUHQoWDWZRUN
3RUTXÃQRHVWDEDVWUDEDMDQGR":K\ZHUHQoW\RXZRUNLQJ"
0LGGOH,QWHUPHGLDWH
+DEÇDDOJXLHQDTXÇFXDQGR :DVWKHUHDQ\RQHKHUHZKHQ
\RXDUULYHG"
OOHJDVWH"
1RKDEÇDQDGLHVDOYRHOSHUUR 7KHUHZDVQoWDQ\RQHH[FHSW
WKHGRJ
&RQRFHVDDOJXLHQTXHFDQWH 'R\RXNQRZDQ\RQHZKR
RSHUD"
VLQJVRSHUD"
&RQR]FRDDOJXLHQTXHEDLOD ,NQRZVRPHRQHZKRGDQFHV
FRPRXQUXVR
OLNHD5XVVLDQ
1RKDEÇDDOJXLHQDOOÇTXH :DVQoWWKHUHDQ\RQHZKR
SRGÇDKDFHUOR"
FRXOGGRLW"
+LJK,QWHUPHGLDWH
3RUTXÃHUHVWDQWHUFR" :K\DUH\RXVRVWXEERUQ"
6XSRQJRTXHVR\FRPRPL ,VXSSRVH,oPOLNHP\IDWKHU
SDGUH
%XHQRQRHUHVFRPRWXPDGUH :HOO\RXoUHQRWOLNH\RXU
SDUDQDGD
PRWKHUDWDOO
4XÃTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW"
(VODSHUVRQDP»VFRPSUHQVLYD6KHoVWKHPRVWXQGHUVWDQGLQJ
TXHMDP»VKHFRQRFLGR
SHUVRQ,oYHHYHUPHW
/RZ$GYDQFHG
7HDSHWHFHXQDSLQWD" 'R\RXIDQF\DSLQW"
6XSRQJRTXHWHHVW»VUHîULHQGR ,SUHVXPH\RXoUHUHIHUULQJWRD
DXQDSLQWDGHFHUYH]D
SLQWRIEHHU
3UHIHULUÇDVXQDSLQWDGHOHFKH" :RXOG\RXUDWKHUDSLQWRI
PLON"
(VPX\SRFRSUREDEOHTXHPH ,WoVYHU\XQOLNHO\WKDW,oGGULQN
EHELHUDHVR
WKDW
0HSRGUÇDVHFKDUXQYDVRGH &RXOG\RXSRXUPHDJODVVRI
YLQR"
ZLQH"
3ODVWHU +RUPLJÍQ
6ODWH 3L]DUUD
&RQFUHWH 5HYRTXH
5RRIWLOH 7HMD
%ULFN /DGULOOR
9RFDEXODULR%XLOGLQJPDWHULDOV 0DWHULDOHVGHFRQVWUXFFLÍQ
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
4XÃWHJXVWDUÇDTXHWHFRPSUDUD:KDWZRXOG\RXOLNHPHWREX\
SDUDYXHVWUDERGD"
\RXIRU\RXUZHGGLQJ"
3XHGHVDPRUWL]DUQXHVWUD &DQ\RXSD\RIIRXUPRUWJDJH"
KLSRWHFD"
(VWDEDSHQVDQGRP»VHQ ,ZDVWKLQNLQJPRUHRIVKHHWV
V»EDQDVRDOJRDVÇ
RUVRPHWKLQJOLNHWKDW
1RVYHQGUÇDELHQXQ :HFRXOGGRZLWKD
ODYDYDMLOODV
GLVKZDVKHU
2VFRPSUDUÃXQDVDOPRKDGDV ,oOOEX\\RXVRPHSLOORZVDQG
\XQRVFRMLQHV
VRPHFXVKLRQV
7RGDYÇDQRKDVWHUPLQDGRWX +DYHQoW\RXïQLVKHG\RXU/DZ
FDUUHUDGH'HUHFKR"
'HJUHH\HW"
0HJUDGXÃFRQVREUHVDOLHQWH ,JRWDïUVW
9DVDKDFHUXQGRFWRUDGR $UH\RXJRLQJWRGRD3K'
HQWRQFHV"
WKHQ"
(VWR\GHVHRVRSRUVDOLUDO ,oPLWFKLQJWRJHWRXWLQWRWKH
PXQGRUHDO
UHDOZRUOG
4XÃWHJXVWDUÇDKDEHU :KDWZRXOG\RXOLNHWRKDYH
FRQVHJXLGRFXDQGRWHQJDV DFKLHYHGZKHQ\RXoUH"
DËRV"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq
3KUDVDO9HUE7RKDYHVRPHRQHRQ
WRSXOOVRPHRQHoVOHJ
7KHJHQLHFKDQJHGPHLQWRDIURJ
(OJHQLRPHFRQYLUWLÍHQXQDUDQD
:HFRQWLQXHGLQWRWKHQH[WSKDVH
$FRQWLQXDFLÍQSDVDPRVDODIDVH
VLJXLHQWH
7KH\IROORZHGPHLQWRWKHURRP
,FDUULHGKHULQWRWKHVXLWH
(QWUDURQGHWU»VGHPÇHQODVDOD
&RQHOODHQWUHPLVEUD]RVHQWUÃHQOD
VXLWH
:HPRYHGLQWRWKLVïDWODVWPRQWK 7KH\FDOOHGPHLQWRWKHPHHWLQJ
1RVFDPELDPRVDHVWHSLVRHOPHV
0HOODPDURQSDUDTXHHQWUDVHDOD
SDVDGR
UHXQLÍQ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7HHVWR\WRPDQGRHOSHOR
6ÍOROHVHVWDEDWRPDQGRHOSHOR
0HHVW»VWRPDQGRHOSHOR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3URQXQFLDWLRQWKURXJKUK\PLQJ
/DV GRV FROXPQDV H[SXHVWDV D FRQWLQXDFLÍQ FRQWLHQHQ SDODEUDV
FRQpRZq/DPLWDGGHHOODVVXHQDQFRPRpDRq\ODRWUDPLWDGFRPR
pRXq6LQHPEDUJRWRGDVUHSLWRWRGDVVHHVFULEHQFRQpRZq&RPR
\DKHGLFKRHQDQWHULRUHVRFDVLRQHVDSUHQGHULQJOÃVVLQHVFXFKDU
UHSHWLGDPHQWHFDGDSDODEUDWDQVÍORWHFRQGXFHDKDEODUORGHIRU
PDTXHQDGLHWHHQWLHQGD6LQXQDSR\RDXGLWLYRODSDODEUDHVFULWD
HVFRQWUDSURGXFHQWH6L\RIXHUDPLQLVWURGH(GXFDFLÍQFRQSOHQRV
SRGHUHVGHVWHUUDUÇDGHODVHVFXHODVODHQVHËDQ]DGHODSDODEUDHV
%RZ
&RZ
1RZ
3ORZ
9RZ
:RZ
$OORZ
0HRZ
7RZQ
&URZQ
'RZQ
E»R
3URDKDFHUXQD
UHYHUHQFLD
9DFD
N»R
$KRUD
Q»R
$UDGR RUWRJUDIÇD
SO»R
DPHULFDQD
I»R
9RWR SURPHVD
|JXDR |*XDR
3HUPLWLU
DO»R
PL»R 0LDX
3XHEOR
W»RQ
NU»RQ &RURQD
G»RQ +DFLDDEDMR
'URZQ
)URZQ
%URZQ
&URZG
2ZO
7RZHO
5HQRZQ
%RZ
%ORZ
&URZ
)ORZ
)ORZQ
*ORZ
GU»RQ
IU»RQ
EU»RQ
NU»RG
»RO
W»RO
UHQ»RQ
EÍX
EOÍX
NUÍX
ðÍX
ðÍXQ
JOÍX
$KRJDUVH
)UXQFLUHOFHËR
0DUUÍQ
0XFKHGXPEUH
%ÔKR
7RDOOD
5HQRPEUH
8QIUDFDVROLQJÖÇVWLFR
/DHVSÇRHQODSOD\DFRQYHVWLGRGHQRFKH
&DPLQDQGRGHVFDO]D]DSDWRVHQODPDQR
/XPLQRVDOXQDOOHQDFDVLPHGLDQRFKH
<VXEHOORDVSHFWRHVVREUHKXPDQR
|4XÃKHUPRVXUDGHPXMHU|&ULDWXUDGHOLFLRVD
6XYHVWLGRVXSHORVXVRQULVDVXVRPEUD
/DVRODVPXUPXUDQGHVXHVWDPSDSURGLJLRVD
<ODDUHQDDEUHSDVRDWHUFLRSHODGDDOIRPEUD
(QPLYLGDKHFRQWHPSODGRDOJRWDQUDGLDQWH
/DYR\DFRQTXLVWDUHQWRGRVXHVSOHQGRU
(VW»VRODFRPR\R\QRKD\DWHQXDQWH
$OO»YR\FRQPLQREOH]D\FRQWRGRPLFDQGRU
p4XÃWDOFÍPRHVW»V"8QDQRFKHSUHFLRVD
7XYHVWLGRPHJXVWD\WXVRQULVDDJUDGD
(QODSOD\DWXîJXUDHVWDQîQDPLVWHULRVD
4XHQRSXHGRUHVLVWLUHVWDFRUD]RQDGD
7REHFRQWLQXHGLQWKHQH[WLQVHUWf
*URZ
.QRZ
/RZ
0RZ
2ZH
5RZ
6KRZ
/D]R GHDWDU
6ORZ
6RSODU
6QRZ
&XHUYR
7KURZ
)OXLU
3DUWLFLSLRGHpï\q %HORZ
2ZQ
5HVSODQGRU
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(QVHËDU\DSUHQGHUVRQGRVDFFLRQHVGLVWLQWDVTXHQRVHVRODSDQ
H[FHSWRHQHOGHOWLHPSR8QSURIHVRUHVHQFLDOPHQWHQRHQ
VHËDVLQRTXHIDFLOLWDHOSURFHVRGHDSUHQGL]DMH/DJHQWHDSUHQ
GHSRUTXHHVW»PRWLYDGDSDUDDSUHQGHU\HOSDSHOSULQFLSDOGHXQ
SURIHVRUHVHOGHGLVHËDU\SUHVHQWDUODPDWHULDGHWDOIRUPDTXH
HVWLPXOHDORVDOXPQRVDDVLPLODUOR\DPSOLDUOR/O»PDPHSURIHVRU
VLTXLHUHVSHURHQUHDOLGDGVR\XQ´IDFLOLWDGRUGHODSUHQGL]DMHµ
FULWDHQLQJOÃVKDVWDORVDËRVPRPHQWRHQTXHORVHVWXGLDQWHV
WLHQHQ\DXQDFDSDFLGDGDQDOÇWLFDWÇSLFDGHODSRVSXEHUWDG$QWHV
GHHVDHGDGORVFKLFRVDODSUHQGHUDOHHUHQFDVWHOODQRWUDVODGDQ
DXWRP»WLFDPHQWHDOLQJOÃVVXK»ELWRGHSURQXQFLDUODVSDODEUDVWDO
FRPRVHOHHQ$KRUDÍDËRVP»VWDUGHPHWRFDDPÇHQGH
UH]DUHOHQWXHUWR\GHPRVWUDUTXHXQRQRSXHGHîDUVHMDP»VGHOD
OHFWXUDHQLQJOÃVSDUDSURQXQFLDUORFRUUHFWDPHQWH3HURVXHOHVHU
GHPDVLDGRWDUGHSDUDFRUUHJLUORVYLFLRVDGTXLULGRV
JUÍX
QÍX
OÍX
PÍX
ÍX
&UHFHU
6DEHUFRQRFHU
%DMR
&RUWDU KLHUED
'HEHU GLQHUR
IDYRU
UÍX
5HPDU
VKÍX 0RVWUDU
VOÍX /HQWR
VQÍX 1LHYH
]UÍX /DQ]DUDUURMDU
ELOÍX 3RUGHEDMRGH
RÔQ 3RVHHU
)ÇMDWHHQODSULPHUDSDODEUD
GHFDGDJUXSRHVODPLVPD
6LQHPEDUJRVHJÔQVXVLJ
QLîFDGR VX SURQXQFLDFLÍQ
HV UDGLFDOPHQWH GLVWLQWD
6LHQWR GHFÇUWHOR SHUR HQ
LQJOÃV XQR WLHQH IRU]RVD
PHQWH TXH PHPRUL]DU OD
SURQXQFLDFLÍQ FRUUHFWD GH
ODV SDODEUDV +D\ UHJODV
SHURUDUDPHQWHVRQDSOLFD
EOHVDWRGRVORVFDVRV
7HDFKLQJDQGOHDUQLQJDUHWZRVHSDUDWHDFWLRQVWKDWGRQoWRYHUODS
H[FHSW SHUKDSV RI WKH WLPH $ WHDFKHU LQ HVVHQFH GRHVQoW
WHDFK EXW UDWKHU IDFLOLWDWHV WKH OHDUQLQJ SURFHVV 3HRSOH OHDUQ
EHFDXVHWKH\DUHPRWLYDWHGWROHDUQDQGDWHDFKHUoVSULPDU\UROH
LVWRGHVLJQDQGSUHVHQWWKHVXEMHFWLQVXFKDZD\WKDWVWXGHQWVDUH
VWLPXODWHGWRDVVLPLODWHLWDQGH[SDQGRQLW&DOOPHDWHDFKHULI
\RXZDQWEXW,oPUHDOO\DOHDUQLQJIDFLOLWDWRU
(VWLPDGRDPLJR\DOXPQR&RPRORSURPHWLGRHVGHXGD DSURPLVHLVDSURPLVH YR\DGHMDU
DVHUPRQHDUVREUHWXREOLJDFLÍQFRQHOLQJOÃVSDUDFRQWDUWHXQDKLVWRULDYHUÇGLFDTXHOHSDVÍ
DXQRGHPLVH[DOXPQRVXQMRYHQGHDËRVDTXLHQOHJXVWDEDEXVFDURSRUWXQLGDGHVHQ
ODVGLVFRWHFDVHQODVSOD\DVHQFXDOTXLHUSDUWH+DFHDËRVDQGDEDSRUHOSDVHRPDUÇWLPR
GH 3HËÇVFROD XQD QRFKH GH îQDOHV GH VHSWLHPEUH (UD PHGLDQRFKH \ KDFÇD PX\ EXHQ
WLHPSR+DEÇDOXQDOOHQD,EDGHUHJUHVRDOKRVWDOGRQGHVHKRVSHGDEDFRQXQJUXSRGH
DPLJRV\YLRODVLOXHWDGHVOXPEUDQWHGHXQDMRYHQFRQRMRVVRËDGRUHVFDPLQDQGRGHVSDFLR
SRUODDUHQDGHODSOD\DHOODVROD,QFOXVRODVRODV\ODDUHQDSDUHFÇDQQRWDUVXSUHVHQFLD/DV
SDODEUDVGHPLH[DOXPQRUHFRJLGDVHQHOSRHPDVRQEDVWDQWHHORFXHQWHV PLGRPLQLRGHO
HVSDËROQROOHJDDWDOH[WUHPR \HVW»FODURTXHHVWDEDXQWDQWRREQXELODGRSRUODVLWXDFLÍQ
WDQREQXELODGRTXHQRVHîMÍHQTXHODFKLFDHQFXHVWLÍQWHQÇDHOSHORFDVWDËR\ODWH]FODUD
+DEÇDXQDSUREDELOLGDGGHOGHTXHVHWUDWDVHGHXQDH[WUDQMHUD3RUDTXHOHQWRQFHVPL
H[DOXPQRKDEÇDUHFLELGRWDQVÍORGRVVHPDQDVGHFODVHFRQPLJR$SHQDVVDEÇDFRQMXJDU
HOYHUERpWREHq<VLODFKLFDQRKDEODEDHVSDËRO"+DEU»SRGLGRQXHVWURDPLJRFDSHDUOD
VLWXDFLÍQ"/RYHUHPRVHQODVSUÍ[LPDVîFKDV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'ÍQGHHVW»QWXVSDGUHV" :KHUHDUH\RXUSDUHQWV"
(VW»QDOOÇ 7KH\oUHRYHUWKHUH
4XLÃQHVHVDJHQWHTXHHVW» :KRDUHWKRVHSHRSOHZLWK
FRQHOORV"
WKHP"
6RQWXVDEXHORV" $UHWKH\\RXUJUDQGSDUHQWV"
1RQRVRQ6RQPLVWÇRV 1RWKH\oUHQRW7KH\oUHP\
XQFOHDQGDXQW
4XÃSLHQVDHOOD" :KDWGRHVVKHWKLQN"
'HTXÃHVW»VKDEODQGR" :KDWDUH\RXWDONLQJDERXW"
0HHVW»VHVFXFKDQGR" $UH\RXOLVWHQLQJWRPH"
3UHJÔQWDOHDHOODORTXHSLHQVD $VNKHUZKDWVKHWKLQNV
(VWDU»DTXÇPDËDQD" :LOOVKHEHKHUHWRPRUURZ"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XLHUHDSUHQGHUHOODDKDEODU 'RHVVKHZDQWWROHDUQ
(QJOLVK"
LQJOÃV"
6DEHÃOKDEODUIUDQFÃV" 'RHVKHNQRZKRZWRVSHDN
)UHQFK"
1RKDEODQLQJÔQLGLRPD +HGRHVQoWVSHDNDQ\IRUHLJQ
ODQJXDJHV
H[WUDQMHUR
9HQGLVWHWXFDVDHODËR 'LG\RXVHOO\RXUKRXVHODVW
\HDU"
SDVDGR"
&RPSUÍXQFRFKHQXHYR" 'LGVKHEX\DQHZFDU"
$OJXQDYH]KDVWHQLGR +DYH\RXHYHUKDGSUREOHPV
ZLWKKHU"
SUREOHPDVFRQHOOD"
$OJXQDYH]KDMXJDGRDOSROR" +DVKHHYHUSOD\HGSROR"
$OJXQDYH]HOODKDUREDGR +DVVKHHYHUVWROHQDQ\WKLQJ"
DOJR"
$OJXQDYH]KHPRVHVWDGRDOOÇ" +DYHZHHYHUEHHQWKHUH"
$OJXQDYH]WHKHKDEODGRGH +DYH,HYHUVSRNHQ\RXDERXW
P\XQFOH"
PLWÇR"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XÃGLUÇDVVLWHGLMHUDTXHWH :KDWZRXOG\RXVD\LI,WROG
\RX,ORYHG\RX"
TXLHUR"
7HQÇDVSHQVDGRGHFLUPHHVR" $UH\RXSODQQLQJRQWHOOLQJPH
WKDW"
'HSHQGHGHFXDOVHDWX ,WGHSHQGVRQZKDW\RXU
DQVZHULV
UHVSXHVWD
(VW»VHQDPRUDGDGHPÇ" $UH\RXLQORYHZLWKPH"
'HEHVVDEHUTXHHVWR\ <RXPXVWNQRZWKDW,oPPDGO\
LQORYHZLWK\RX
ORFDPHQWHHQDPRUDGRGHWL
&ÍPRVRQVXVRWUDVQRYHODV" :KDWDUHKLVRWKHUQRYHOVOLNH"
&RPSDUDGDVFRQVXSULPHUD &RPSDUHGZLWKKLVïUVWRQH
WKH\oYHYHU\GLVDSSRLQWLQJ
VRQPX\GHFHSFLRQDQWHV
3DUHFHTXHVHOHDFDEDURQODV ,WVHHPVKHUDQRXWRILGHDV
TXLFNO\
LGHDVSURQWR
+DKHFKRDOJRÔOWLPDPHQWH" +DVKHGRQHDQ\WKLQJODWHO\"
/OHYDFLQFRDËRVFRQXQEORTXHR+HKDVKDGZULWHUVEORFNIRU
WKHODVWïYH\HDUV
GHHVFULWRU
%LVKRS $OîO
.QLJKW &DEDOOR
3DZQ 3HÍQ
4XHHQ 5HLQD
5RRN 7RUUH
9RFDEXODULR&KHVV $MHGUH]
0LGGOH$GYDQFHG
6LSXGLHUDVKDEHUQDFLGRHQ ,I\RXFRXOGKDYHEHHQERUQ
LQDGLIIHUHQWFRXQWU\ZKLFK
RWURSDÇVFX»OKDEUÇDVLGR"
ZRXOGLWKDYHEHHQ"
0HKDEUÇDJXVWDGRKDEHU ,oGKDYHOLNHGWRKDYHEHHQ
ERUQRQWKHPRRQ
QDFLGRHQODOXQD
/D+LVWRULDKDEUÇDVLGR:RXOGKLVWRU\KDYHEHHQ
GLIIHUHQWLI+LWOHUKDGQoWEHHQ
GLIHUHQWHVL+LWOHUQRKXELHUD
ERUQ"
QDFLGR"
6LQGXGDHOVLJOR;;KDEUÇDVLGR1RGRXEWWKHWZHQWLHWK
FHQWXU\ZRXOGKDYHEHHQOHVV
PHQRVGRORURVR
SDLQIXO
2MDO»VXVSDGUHVKXELHUDQ ,IRQO\KLVSDUHQWVKDGXVHG
VRPHIRUPRIFRQWUDFHSWLRQ
XWLOL]DGRDOJXQDIRUPDGH
DQWLFRQFHSWLYR
.LQJ 5H\
)RU(QJOLVKVXSHUVWDUVRQO\
+XERXQDWUDFRHQHOEDQFR 7KHUHZDVDKROGXSDWWKH
EDQN
6HOOHYÍDFDERSRUDWUDFDGRUHV,WZDVFDUULHGRXWE\DUPHG
UREEHUVLQEDODFODYDV
DUPDGRVFRQSDVDPRQWDËDV
$WDURQ\DPRUGD]DURQDO 7KH\ERXQGDQGJDJJHGWKH
PDQDJHU
JHUHQWH
(OFRFKHHQHOTXHKX\HURQORV 7KHWKLHYHVoJHWDZD\FDUZDV
ODGURQHVHUDXQFRFKHIÔQHEUH DKHDUVH
6XSRQJRTXHSXVLHURQHO ,VXSSRVHWKH\SXWDOOWKHORRW
LQWKHFRIïQ
ERWÇQHQHODWDÔG
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq
7RORRNOLNHVRPHRQH
'LYLGHLWLQWRWKUHHHTXDOSDUWV
'LYÇGHORHQWUHVSDUWHVLJXDOHV
,UHDFKHGLQWRWKHER[DQGWRRNRXWDEDOORW
0HWÇHOEUD]RHQODFDMD\VDTXÃXQDSDSHOHWD
,FKHFNHGLQWRWKHKRWHO
0HUHJLVWUÃHQHOKRWHO
7KH\DVNHGPHLQWRWKHPHHWLQJ
0HSLGLHURQTXHHQWUDVHHQODUHXQLÍQ
7KH\UXVKHGLQWRWKHURRP
(QWUDURQDSUHVXUDGDPHQWHHQOD
VDOD
7KHKHOLFRSWHUFURVVHGLQWRWKHSODQHoVSDWK
(OKHOLFÍSWHURHQWUÍHQUXWDGHODYLÍQ
3URQXQFLDWLRQWKURXJKUK\PLQJ
&UHRTXHODSULPHUDSDODEUDGHFDGDXQDGHODVFXDWURFROXPQDV
H[SXHVWDVDFRQWLQXDFLÍQWHVHU»PX\I»FLOGHSURQXQFLDUFRUUHF
WDPHQWH$KRUDELHQWRGDVODVGHP»VVHSURQXQFLDQGHODPLVPD
IRUPDDSHVDUGHODVJUDQGHVGLIHUHQFLDVRUWRJUȔFDVTXHH[LVWHQ
HQWUHHOODV3RUHMHPSORODH[SUHVLÍQpKLMRGHOVROqVHGLFHHQLQJOÃV
pVRQRIWKHVXQq6LXQDQJORSDUODQWHHVFXFKDUDHVWDIUDVHHQLQJOÃV
VLQOHHUODQRVDEUÇDVLVHWUDWDGHpKLMRGHOVROqRpVROGHOKLMRq6L
SUHJXQWDVHVpTXÃKDKHFKRODPRQMD"qWHFRQYHUWLUÇDVHQXQSRH
&RPH
6RPH
6XP
'XPE
7KXPE
5XP
*XP
3OXP
6OXP
1XPE
%XP
&UXPE
'UXP
9HQLU
$OJXQRV
6XPD
7RQWR pEqPXGD
'HGRSXOJDU pEqPXGD
5RQ
&KLFOH
&LUXHOD
%DUULREDMR
(QWXPHFLGR pEqPXGD
9DJDEXQGR
0LJDGHSDQ pEqPXGD
7DPERU
0XP
6XQ
6RQ
'RQH
)XQ
1RQH
1XQ
:RQ
2QH
5XQ
3XQ
+XQ
%HJXQ
0DP» EULW»QLFR
6RO
+LMR
+HFKR
'LYHUWLGR
1LQJXQR
0RQMD
3DVDGRGHpZLQq
8QR
&RUUHU
-XHJRGHSDODEUDV
+XQR
&RPHQ]DGR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
<RTXHWÔQROHOODPDUÇD/HJXVWDVHQWLUVHQHFHVLWDGR\FUHHTXHHV
LPSUHVFLQGLEOH'HKHFKRFUHHTXHHVHOÔQLFRFRQWRGDVODVUHVSXHV
WDV\TXHWRGRVORVGHP»VHVWDPRVDTXÇSDUDDGRUDUOH\VHUYLUOH6LOH
OODPDVVÍORUHIRU]DU»VVXFRQYLFFLÍQGHTXHHVWDFRPSDËÇDHVYLDEOH
JUDFLDVDÃO\VRODPHQWHDÃO
&XDQGRGHFLPRVTXHXQDSHUVRQDVHSDUHFH
IÇVLFDPHQWHDRWUDHPSOHDPRVHO
YHUERpWRORRNOLNHq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
-RKQVHSDUHFHDVXSDGUH
1RFUHRTXHPHSDUH]FDDPLPDGUH
(OODVHSDUHFHDVXKHUPDQD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
WDVLQGDUWHFXHQWD\DTXHGLUÇDVp:KDWKDVWKHQXQGRQH"q7H
SDVDUÇDORPLVPRVLPHSUHJXQWDUDVTXÃFKR]DFHUUÃDOGHFLUp:KDW
KXWGLG\RXVKXW"q7RGDVHVWDVSDODEUDVVHEDVDQHQHOVRQLGRIR
QÃWLFRP»VFRPÔQTXHH[LVWHHQLQJOÃVODpDqWDO\FRPRVHSUR
QXQFLDFXDQGRVHHPSOHDFRPRDUWÇFXORLQGHWHUPLQDGR DERRND
SHQDVWUHHWDFDUHWF /RUHDOPHQWHFXULRVRHVTXHQLQJXQDGHODV
SDODEUDVGHODVOLVWDVFRQWLHQHODOHWUDpDq$VÇHVHOLQJOÃV'HEHUÇDQ
KDEHUIXVLODGRDOTXHLQYHQWÍODRUWRJUDIÇDLQJOHVD
7RQ
/RYH
$ERYH
'RYH
*ORYH
2I
6KRYH
&XII
6WXII
5RXJK
7RXJK
%OXII
(QRXJK
7RQHODGD
$PRU
3RUHQFLPDGH
3DORPD GHFDPSR
*XDQWH
'H
(PSXMDU
3XËR GHFDPLVD
0DWHULD
5XJRVRGXUR
VSHURGXUR
)DURO GHSÍNHU
6XîFLHQWH
%XW
1XW
+XW
6KXW
&XW
*XW
:KDW
)ORRG
%ORRG
0XG
3HUR
7XHUFDIUXWRVHFR
&KR]D
&HUUDU
&RUWDU
7ULSD
4XÃ
5LDGD
6DQJUH
%DUURIDQJR
,ZRXOGQoWFDOOKLPLI,ZHUH\RX+HOLNHVIHHOLQJQHHGHGDQGKH
WKLQNVKHoVLQGLVSHQVDEOH,QIDFWKHWKLQNVKHoVWKHRQO\RQHZLWK
WKH DQVZHUV DQG WKDW DOO WKH UHVW RI XV DUH KHUH WR ZRUVKLS DQG
VHUYHKLP,I\RXFDOOKLP\RXoOORQO\UHLQIRUFHKLVFRQYLFWLRQWKDW
WKLVFRPSDQ\LVYLDEOHWKDQNVWRKLPDQGKLPDORQH
8QIUDFDVROLQJÖÇVWLFR FRQW
´<RX·UHFXWH<RX·UHWKHPDQWKDW,ZDQWLQP\OLIHµ
p3HUGRQD"4XÃKDVGLFKR"0HORSRGUÇDVUHSHWLU"q
´<RX·UHFXWH<RX·UHWKHPDQWKDW,ZDQWLQP\OLIHµ
,QJOÃV"DOHP»Q"|$OJRVHPHWLHQHTXHRFXUULU
´<RX·UHFXWH<RX·UHWKHPDQWKDW,ZDQWLQP\OLIHµ
3HURQRVÃLQJOÃVTXÃPHGLFHVSULQFHVD"
´<RX·UHFXWH<RX·UHWKHPDQWKDW,ZDQWLQP\OLIHµ
|'LRVPÇR4XÃPHGLFHHVWDEHOODLQJOHVD"
´<RX·UHFXWH<RX·UHWKHPDQWKDW,ZDQWLQP\OLIHµ
1RKDEODVFULVWLDQR"'HLQJOÃVQRVÃQDGD
´:KHQ\RXÀQDOO\OHDUQ(QJOLVKWKHQ,·OOEH\RXUZLIHµ
3XHGHDOJXLHQWUDGXFLUORTXHGLFHHVWDPRQDGD"
´,·PVRUU\P\ORYH\RX·UHFXWHEXW\RX·YHIDLOHG
:LWK(QJOLVK,·PVXUHWKDW\RXZRXOGKDYHSUHYDLOHG
,·PFUD]\IRU6SDQLDUGVDQG\RX·UHRQHRIWKHEHVW
%XW\RXUXQIRUWXQDWH(QJOLVKPDNHV\RXMXVWOLNHWKHUHVWµ
)LQ
(VWLPDGRDPLJR\DOXPQR0LSREUHDPLJRORHVW»SDVDQGRPDO(VW»IDVFLQDGR
SRU XQD FKLFD \ HVW» XVDQGR WRGDV ODV DUPDV D VX DOFDQFH 6LQ HPEDUJR KD
WURSH]DGR FRQ XQ LPSHGLPHQWR LQHVSHUDGR HO LQJOÃV $O SDUHFHU OD GHOLFLRVD
FULDWXUDQRVDEHHVSDËROSRUORTXHODJHVWDKDGHPDWHULDOL]DUVHHQRWURLGLRPD
3RUVXHUWHHOFKLFRORWLHQHWRGRDVXIDYRU'HKHFKRODFKLFDHVW»PX\LQWHUHVDGD
HQÃO/HOODPDpFXWHq NLÔW WÃUPLQRTXHVHXVDPXFKRHQ((88SDUDJXDSRR
PRQR/XHJRDËDGHTXHHVSRWHQFLDOPHQWHHOKRPEUHGHVXYLGD6LQHPEDUJR
PL DOXPQR QR OD HQWLHQGH 6HU» SRVLEOH" 1R VH GD FXHQWD GH TXH OD SUHFLRVD
H[WUDQMHUDVHOHHVW»FDVLGHFODUDQGR|4XÃGHVSHUGLFLR|4XÃUDELD
(VWRSDVÍKDFHDËRV0LDOXPQRGHQRPEUH-RVÃ&DUORVPHFRQWÍHVWDKLVWRULD
XQDV VHPDQDV P»V WDUGH \D GH UHJUHVR D 0DGULG \ D ODV FODVHV FRQPLJR )XH
DOXPQRPÇRGXUDQWHGRVDËRV\DSUHQGLÍPXFKR'HVSXÃVWUDEDMÍVHLVDËRVHQ
7RURQWR\DKRUDVHPDQHMDHQLQJOÃVFRQDEVROXWDVROWXUD&RPLPRVMXQWRVKDFH
XQRVPHVHV\PHGLMRHQLQJOÃV,oYHQHYHUVHHQDZRPDQDVIDVFLQDWLQJDVWKDW
EHDXWLIXOJLUORQWKHEHDFKLQ3HËÇVFROD,IRQO\,FRXOGWXUQWKHFORFNEDFN
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VWHQRHVPLQXHYROLEUR 7KLVLVQoWP\QHZERRN
(VHQRHVWXFRFKH 7KDWLVQoW\RXUFDU
(VWRVQRVRQVXVEROLV GHHOOD 7KHVHDUHQoWKHUSHQV
(VRVQRVRQVXVSDSHOHV GHÃO 7KRVHDUHQoWKLVSDSHUV
'ÍQGHHVW»QPLVFRVDV" :KHUHDUHP\WKLQJV"
4XÃYDVRHVHOWX\R" :KLFKJODVVLV\RXUV"
4XLHUHVRWUDEHELGD" 'R\RXZDQWDQRWKHUGULQN"
+D\YLQRHQODFRFLQD 7KHUHoVVRPHZLQHLQWKH
NLWFKHQ
+D\]XPRHQHVDERWHOOD" ,VWKHUHDQ\MXLFHLQWKDW
ERWWOH"
&X»QWDVSHUVRQDVYDQDYHQLU" +RZPDQ\SHRSOHDUHJRLQJWR
FRPH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
|/HY»QWDWH *HWXS
|6LÃQWDWH 6LWGRZQ
|9HQDTXÇ &RPHKHUH
|'»PHORDKRUD *LYHLWWRPHQRZ
|1RSDUHV 'RQoWVWRS
'HTXÃWLHQHVPLHGR" :KDWDUH\RXDIUDLGRI"
7HQJRPLHGRGHOIUDFDVR ,oPDIUDLGRIIDLOXUH
4XÃWHKDFHOORUDU" :KDWPDNHV\RXFU\"
/DVFHEROODVPHKDFHQOORUDU 2QLRQVPDNHPHFU\
6DEHVDOJÔQFKLVWHEXHQR" 'R\RXNQRZDQ\JRRGMRNHV"
6HZLQJ0DFKLQH 0»TXLQDGHFRVHU
6HZLQJ%DVNHW &RVWXUHUR
7KUHDG +LOR
1HHGOH $JXMD
)DEULF 7HOD
9RFDEXODULR6HZLQJ &RVWXUD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
'HVGHFX»QGRODTXLHUHV" +RZORQJKDYH\RXORYHGKHU"
/DTXLHURGHVGHODSULPHUDYH] ,oYHORYHGKHUVLQFH,ïUVWVDZ
KHU
TXHODYL
)XHDPRUDSULPHUDYLVWD" :DVLWORYHDWïUVWVLJKW"
&X»QWRWLHPSROOHY»LVFDVDGRV"+RZORQJKDYH\RXEHHQ
PDUULHG"
(VWDPRVFDVDGRVGHVGHTXHVH:HoYHEHHQPDUULHGVLQFHVKH
JRWSUHJQDQW
TXHGÍHPEDUD]DGD
(VDSDQWDOODHVW»VXFLD 7KDWVFUHHQLVïOWK\
(VSHUIHFWDPHQWHYLVLEOHQR ,WoVSHUIHFWO\YLVLEOHLWoVQRW
EOXUUHGRUDQ\WKLQJ
HVW»ERUURVDQLQDGD
1RYHVODFDSDGHSROYRGH &DQoW\RXVHHWKHOD\HURIGXVW
RQLW"
HQFLPD"
4XLWRHOSROYRGHODSDQWDOOD" 6KDOO,GXVWWKHVFUHHQ"
/HYR\DSDVDUXQWUDSR ,oPJRLQJWRZLSHLW
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
(VHHVXQDSDUDWRPX\FKLF 7KDWoVDIDQF\JDGJHWZKDW
LVLW"
TXÃHV"
(VWHFQRORJÇDGHYDQJXDUGLD ,WoVVWDWHRIWKHDUWWHFKQRORJ\
(VHOÔOWLPR03FRQSDQWDOOD ,WoVWKHODWHVW03ZLWKEXLOWLQ
YLGHRVFUHHQ
GHYÇGHRLQFRUSRUDGD
'DGHFRPHUDORVFUÇRV 'RHVLWIHHG\RXUNLGVDVZHOO"
WDPELÃQ"
7RGDYÇDTXHGDPXFKRFDPLQR 7KHUHoVVWLOODORQJZD\WRJR
IRUWKDW
SRUUHFRUUHUSDUDHVR
3RUTXÃQRORVXEUD\DV" :K\GRQoW\RXXQGHUOLQHLW"
3RUTXÃKDVXWLOL]DGRHVWD :K\KDYH\RXXVHGWKLVIRQW"
IXHQWH"
/ODPDUÇDP»VODDWHQFLÍQVLOR ,WZRXOGJHWPRUHDWWHQWLRQLI
SXVLHUDVHQQHJULWD
\RXSXWLWLQEROG
4XHUÇDTXHORHVFULELHVHV ,ZDQWHG\RXWRZULWHLWDOOLQ
FDSLWDOOHWWHUV
WRGRHQPD\ÔVFXOD
3RUTXÃWLHQHVWDQWDGHELOLGDG:K\GR\RXKDYHVXFKD
ZHDNQHVVIRULWDOLFV"
SRUODOHWUDFXUVLYD"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq
7RKDYH
'RQoWORRNXS
1RPLUHVDUULED
/RRNXSKLVDGGUHVVLQWKHSKRQHERRN
%XVFDVXGLUHFFLÍQHQODJXÇDWHOHIÍQLFD
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
/RRNXSWKHZRUGLQWKHGLFWLRQDU\
%XVFDODSDODEUDHQHOGLFFLRQDULR
7KLQJVDUHORRNLQJXS
/DVFRVDVSURPHWHQ
7HQJRGRVUHORMHVHQPLSDUHG
7LHQHVXQDO»PSDUDHQWXPHVDGHWUDEDMR
7HQJRXQSHULÍGLFRHQPLEROVD
/RRNPHXSLI\RXFRPHWR0DGULG
/O»PDPHVLYLHQHVD0DGULG
+HDOZD\VORRNHGXSWRKLVIDWKHU
6LHPSUHDGPLUÍDVXSDGUH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3URQXQFLDWLRQWKURXJKUK\PLQJ
7RGDVODVSDODEUDVSUHFHGLGDVSRUHOQÔPHURWLHQHQHOVRQLGRpXq/DVSUHFHGLGDVSRUHOQÔPHURRIUHFHQGRVRSFLRQHVY»OLGDV pXq
HpLÔq (OWHUFHUJUXSRVHEDVDHQHOVRQLGRpLÔq
7UXH
%OXH
&OXH
*OXH
)OHZ
)OX
6KRH
%RR
'R
:KR
&KHZ
%UHZ
&UHZ
'UHZ
-HZ
/RR
WUX
EOX
FOX
JOX
ðX
ðX
VKX
EX
GX
MX
FKX
EUX
FUX
GUX
FKX
OX
9HUGDG
$]XO
3LVWDLQGLFLR
3HJDPHQWR
3DVDGRGHpï\q
*ULSH
=DSDWR
$EXFKHDU
+DFHU
4XLÃQ
0DVWLFDU
%UHEDMH
7ULSXODFLÍQ
3DVDGRGHpGUDZq
-XGÇR
%DËR FRORTXLDO
7KUHZ
7KURXJK
7R
7RR
7ZR
=RR
&DQRH
3HUX
6KDPSRR
7DERR
7DWWRR
.DQJDURR
]UX
]UX
WX
WX
WX
VX
FDQÔ
SHUÔ
VKDPSÔ
WDEÔ
WDWÔ
NDQJDUÔ
'HZ
'XH WR
1HZ
GXRGLÔ 5RFÇR
GXRGLÔ 'HELGR D
QXRQLÔ 1XHYR
3DVDGRGHpWKURZq
$WUDYÃVGH
$
7DPELÃQGHPDVLDGR
'RV
=RR
&DQRD
3HUÔ
&KDPSÔ
7DEÔ
7DWXDMH
&DQJXUR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/DYLHMHFLWDUHFLELÍWUHVOODPDGDVWHOHIÍQLFDVGHXQKRPEUHTXH
DSHQDVSRGÇDGHFLUXQDSDODEUDLQWHOLJLEOHSHURFX\DYR]VRQDED
SRUUDURTXHSDUH]FDFRPRODGHVXGLIXQWRPDULGR$ODPDËDQD
VLJXLHQWHVHIXHDOFHPHQWHULR\HQFRQWUÍTXHHOYHQGDYDOGHOD
QRFKHDQWHULRUKDEÇDURWRYDULRVFDEOHVGHWHOÃIRQR\XQRGHHOORV
KDEÇDFDÇGRGLUHFWDPHQWHHQODWXPEDGHVXPDULGR
.QHZ
6WHZ
6XH
3XUVXH
5HQHZ
QXRQLÔ
VWXRVWLÔ
VXRVLÔ
SHUVÔRSHUVLÔ
UHQÔRUHQLÔ
NLÔ
NLÔ
YLÔ
ïÔ
KLÔ pKq
DVSLUDGD
'HEXW GHLELÔ
5HYLHZ UHYLÔ
LÔ
<RX
&XH
4XHXH
9LHZ
)HZ
+XJK
3DVDGRGHpNQRZq
(VWRIDGR
'HPDQGDU SOHLWR
3HUVHJXLU
5HQRYDU
6HËDOGHLQLFLR
&ROD
9LVWD
3RFRV
1RPEUHPDVFXOLQR
(VWUHQR
5HYLVLÍQUHSDVR
9G
7KH ROG ZRPDQ UHFHLYHG WKUHH WHOHSKRQH FDOOV IURP D PDQ ZKR
FRXOG KDUGO\ VD\ DQ LQWHOOLJLEOH ZRUG EXW ZKRVH YRLFH VRXQGHG
VWUDQJHO\ OLNH WKDW RI KHU GHDG KXVEDQG 7KH QH[W PRUQLQJ VKH
ZHQW WR WKH FHPHWDU\ DQG IRXQG WKDW WKH VWRUP\ ZLQGV WKH
QLJKWEHIRUHKDGEURNHQVRPHWHOHSKRQHZLUHVDQGRQHRIWKHPKDG
IDOOHQGLUHFWO\RQKHUKXVEDQGoVJUDYH
7KH&RQTXHVWRI'DQLHOD
|'LRVPÇR<DHVW»RWURSHVDGR
6XLQJOÃVOHKDFHDXQP»VUHWUDVDGR
0HDFRVDQORVFKLFRV\DQRVÃTXÃKDFHU
6HFUHHQTXHHQLQJOÃVPHVDEU»QFRPSODFHU
+HOORDUH\RXORQHO\",DP-XDQ&KDPRUUR
,OLNH\RX<RXSUHWW\,FDOO\RXWRPRUURZ"
,KDYHRQH%XJDWWL,WDNH\RXDGULYH
,JRWRP\FDUQRZ<RXFRPHDQGDUULYH"
(QFLPDXQIUHVFRTXHSUHVXPHGHFRFKH
&RQSRFRLQJOÃVD\PHQXGRIDQWRFKH
4XÃVHFUHHQHVWRVFKLFRVTXHFRQFXEDWDRFRFKH
&RQVHJXLU»QTXHOHVGÃORPHMRUGHODQRFKH"
(VWLPDGRDPLJR\DOXPQR'DQLHODHVDPLJDGHPLKLMD&RPRÃVWDVHFULÍHQXQD
IDPLOLDELOLQJÖHGHSDGUHHVSDËRO\PDGUHLQJOHVD3HURDSHVDUGHVHUPLWDGHV
SDËROD\GHKDEHUVHFULDGRHQ(VSDËDSRUVXDVSHFWRSRGUÇDSDVDUSRUXQDUHFLÃQ
OOHJDGDGH/LYHUSRRO$ORVDËRVFRQRFLÍHQXQDGLVFRWHFDDOKRPEUHTXHDKRUD
HVVXPDULGR&XDQGRQRVFRQWÍFÍPRVHFRQRFLHURQ\HQTXÃDPELHQWHGHFLGÇGH
GLFDUOHXQRVYHUVRVTXHFRPLHQ]DQHQHVWDîFKD
´*RRGQLJKWKRZDUH\RX",OLNH\RXUSDPpODµ
0\QDPHLV5D~ODQG,WKLQN\RX·UH(VWHOD
7KHVLVWHURI7ULQLDIULHQGRIP\EURWKHU
,KDYHDFXEDWDGR\RXOLNHDQRWKHU"
&RPRHVGHVXSRQHU'DQLHODHVDWUDFWLYD/RVFKLFRVSLHQVDQTXHSRUVHUJXLULVHU»
SUHVDI»FLO\XWLOL]DQHOSRFRLQJOÃVTXHVDEHQSDUDSUREDUVXHUWH&RPRDXWRUGHO
SRHPDQRPHFRVWÍPXFKRWUDEDMRHPXODUODIRUPDGHKDEODUGHORVFKLFRVGHOD
GLVFRSRUTXHODHVFXFKRWRGRVORVGÇDVHQODVHPSUHVDV/DLQPHQVDPD\RUÇDGHORV
GLUHFWLYRV\WÃFQLFRVHQ(VSDËDJHQWHTXHGLULJHORVGHVLJQLRVGHHVWHSDÇVWRGDYÇD
KDEODQFRPRFXDQGROLJDEDQHQODVGLVFRWHFDV3HURKD\XQGLFKRHVSDËROTXHGLFH
TXHpODH[FHSFLÍQFRQîUPDODUHJODq
+DEU»DOJXQDH[FHSFLÍQHVWDQRFKHHQODGLVFR"
5LFKDUG9DXJKDQ
7REHFRQWLQXHGLQWKHQH[WLQVHUW
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(QFDQWDGRGHFRQRFHUOH +RZGR\RXGR"
0XFKRJXVWR 3OHDVHGWRPHHW\RX
(OSODFHUHVPÇR ,WoVP\SOHDVXUH
&ÍPRHVW»V" +RZDUH\RX"
1RHVWR\PDO\WÔ" ,oPQRWWRREDGDQG\RX"
4XÃKDFHVHVWDQRFKH" :KDWDUH\RXGRLQJWRQLJKW"
0HHVWR\ODYDQGRHOSHOR ,oPZDVKLQJP\KDLU
3HURHVW»OLPSLR %XWLWoVFOHDQ
|9HQJDVDOFRQPLJR &RPHRQFRPHRXWZLWKPH
1RSXHGRORVLHQWR ,FDQoW,oPVRUU\
:LFN 0HFKD
)ODPH /ODPD
:D[ &HUD
0DWFK &HULOOD
&DQGOH+ROGHU &DQGHOHUR
9RFDEXODULR&DQGOH 9HOD
/RZ,QWHUPHGLDWH
6DOLÍKDFHGRVKRUDV +HZHQWRXWWZRKRXUVDJR
3HQVDEDTXHHVWDEDVHQIHUPD 6KHWKRXJKW\RXZHUHLOO
&RPLPRVHVRD\HU :HDWHWKDW\HVWHUGD\
&RJÇXQWD[L ,WRRNDWD[L
'XUPLHURQGXUDQWHGLH]KRUDV 7KH\VOHSWIRUWHQKRXUV
0LGGOH,QWHUPHGLDWH
/OHYRWRGDODPDËDQD ,oYHEHHQZDLWLQJIRU\RXDOO
PRUQLQJ
HVSHU»QGRWH
'ÍQGHKDVHVWDGR" :KHUHKDYH\RXEHHQ"
+HSDVDGRWRGRHOGÇDGH ,VSHQWWKHZKROHGD\
VKRSSLQJ
FRPSUDV
&RPSUDVWHDOJRERQLWR" 'LG\RXEX\DQ\WKLQJQLFH"
7HFRPSUÃHVWHUHORMGHSXOVHUD ,ERXJKW\RXWKLVZDWFK
+LJK,QWHUPHGLDWH
6LSXGLHUDVKDEODUFRQHO ,I\RXFRXOGVSHDNZLWKWKH
SUHVLGHQWZKDWZRXOG\RXVD\"
SUHVLGHQWHTXÃOHGLUÇDV"
6LSXGLHUDVYLDMDUHQHO ,I\RXFRXOGWUDYHOLQWLPHZKDW
\HDUZRXOG\RXYLVLW"
WLHPSRTXÃDËRYLVLWDUÇDV"
6LIXHUDVXQVXSHUKÃURHTXÃ ,I\RXZHUHDVXSHUKHURZKDW
VSHFLDOSRZHUVZRXOG\RXKDYH"
SRGHUHVHVSHFLDOHVWHQGUÇDV"
6LSXGLHUDVVHUXQSHUVRQDMH ,I\RXFRXOGEHDFKDUDFWHULQD
ERRNZKRZRXOGLWEH"
GHXQOLEURTXLÃQVHUÇDV"
6LWHSDJDUDXQPLOOÍQGHHXURV,I,SDLG\RXDPLOOLRQHXURV
ZRXOG\RXVOHHSZLWKPH"
WHDFRVWDUÇDVFRQPLJR"
/RZ$GYDQFHG
0HGHMDU»VWXFRFKHHVWHîQ :LOO\RXOHWPHXVH\RXUFDU
WKLVZHHNHQG"
GHVHPDQD"
(VW»VLHQGRUHSDUDGRHQHVWH ,WoVEHLQJUHSDLUHGDWWKH
PRPHQW
PRPHQWR
$OJXLHQKDGHMDGRVXF»PDUD 6RPHRQHoVOHIWWKHLUFDPHUD
KHUH
DTXÇ
$OJXLHQHVW»HQHOSDVLOORRLJR 6RPHRQHLVLQWKHFRUULGRU
,FDQKHDUWKHLUIRRWVWHSV
VXVSDVRV
7LHQHVPX\EXHQRÇGR <RXKDYHYHU\JRRGVHQVHRI
KHDULQJ
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
|<DHUDKRUD $ERXWWLPHWRR
/RVLHQWRHVWDEDPHWLGRHQ 6RUU\,ZDVVWXFNLQDWUDIïF
MDP
XQDWDVFR
1RFRQRFHVQLQJÔQDWDMR 'RQoW\RXNQRZDQ\VKRUWFXWV
WRJHWKHUH"
SDUDOOHJDUDTXÇ"
1RKDJDVXQDPRQWDËDGHXQ 'RQoWPDNHDPRXQWDLQRXWRI
DPROHKLOO
JUDQRGHDUHQD
1RVÃVLQRVGHMDU»QHQWUDU ,GRQoWNQRZLIWKH\oOOOHWXVLQ
QRZ
DKRUD
|'HMDGHDFDSDUDUHOPDQGRD 6WRSKRJJLQJWKHUHPRWH
GLVWDQFLD
FRQWURO
6ÍORHVWR\KDFLHQGR]DSSLQJ ,oPRQO\FKDQQHOKRSSLQJ
6DEHVELHQTXHQXQFDKD\ :HOO\RXNQRZWKHUHoVQHYHU
QDGDHQODWHOH
DQ\WKLQJRQ79
,QWHQWRHQFRQWUDUHOFDQDOGH ,oPWU\LQJWRïQGWKH
ORVYLGHQWHV
FODLUYR\DQWoVFKDQQHO
6LHVDVÇWHSXHGRGHFLUTXHWX ,IWKDWoVWKHFDVH,FDQWHOO\RX
IXWXURVHSUHVHQWDVRPEUÇR
\RXUIXWXUHORRNVEOHDN
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDO9HUE7RORRNRXWRIWKH
ZLQGRZ
3KUDVDOYHUEVZLWKpXSq
7KHSROLFHPDQFDPHXSWRPH
(OSROLFÇDVHDFHUFÍDPÇ
7KHROGPDQVORZO\ZDONHGXSWRPH
(OYLHMRVHDFHUFÍDPÇDSDVROHQWR
,ZHQWXSWRWKHSROLFHPDQ
0HDFHUTXÃDOSROLFÇD
,VZDPXSWRWKHGDP
0HDFHUTXÃDQDGRKDVWDODSUHVD
7KHOLWWOHER\UDQXSWRPH
(OQLËRVHDFHUFÍFRUULHQGRDPÇ
,GURYHWKHFDUXSWRWKHSXPS
$FHUTXÃHOFRFKHKDVWDHOVXUWLGRU
1RVHVXHOHGHFLUpWRORRNWKURXJKWKH
ZLQGRZqHQLQJOÃVVLQRpWRORRNRXW RI WKH
ZLQGRZq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
0HDVRPÃSRUODYHQWDQDSHURQRYLDQDGLH
(OODSDVDKRUDVPLUDQGRSRUODYHQWDQD
0LUDSRUODYHQWDQLOOD\DYHUVLYHVXQPROLQR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV6HOI
7RGDVODVSDODEUDVTXHDSDUHFHQDFRQWLQXDFLÍQFRPLHQ]DQSRUHOSUHîMRpVHOIq/DVSDODEUDVHQLQJOÃVGHOSULPHUJUXSRVRQPX\FRUULHQWHV\
VHHVFXFKDQFDVLDGLDULR/DVGHOVHJXQGRVRQLPSRUWDQWHVWDPELÃQSHURPHQRVÔWLOHVSDUDHOGÇDDGÇD
6HOIDVVXUHG
6HOIFHQWHUHG
6HOIFRQîGHQFH
6HOIFRQîGHQW
6HOIFRQVFLRXV
6HOIGHIHQVH
6HOIGLVFLSOLQH
6HOIGLVFLSOLQHG
6HOIHPSOR\HG
6HOIHVWHHP
6HOIH[SODQDWRU\
6HOîVK
6HOîVKQHVV
6HOIUHOLDQW
6HJXURGHVÇPLVPR
(JRFÃQWULFR
&RQîDQ]DHQVÇPLVPR
&RQîDGRHQVÇPLVPR
7ÇPLGRSRUVHUDOJRDFRPSOHMDGR
(QGHIHQVDSURSLD
$XWRGLVFLSOLQD
$XWRGLVFLSOLQDGR
$XWÍQRPR ODERUDO
$XWRHVWLPD
0X\FODUR\I»FLOGHHQWHQGHU
(JRÇVWD
(JRÇVPR
,QGHSHQGLHQWH\TXHVHYDOHSRU
VÇPLVPR
6HOIUHVSHFW 'LJQLGDG
6HOIVXIîFLHQW $XWRVXîFLHQWHH
LQGHSHQGLHQWH
6HOIFRQWURO 'RPLQLRGHVÇPLVPR
6HOIDGGUHVVHG &RQHOQRPEUH\
GLUHFFLÍQGHOUHPLWHQWH
6HOIDQDO\VLV $XWRDQ»OLVLV
6HOIDVVXUDQFH 6HJXULGDGHQVÇPLVPR
6HOIFRPSRVHG &RPSXHVWRVHUHQR
6HOIFULWLFDO $XWRFUÇWLFR
6HOIGHFHSWLRQ $XWRHQJDËR
6HOIGHIHDWLQJ &RQWUDSURGXFHQWH
6HOIGHQLDO 6DFULîFLRDEQHJDFLÍQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1HFHVLWDVHVWDUSUHSDUDGRSDUDFXDOTXLHUHYHQWXDOLGDG(QHVWHWLSR
GHWUDEDMRGRQGHWLHQHVTXHWUDEDMDUFRQXQDPSOLRHVSHFWURGHSHU
VRQDOLGDGHV\WHPSHUDPHQWRVQXQFDVDEHVTXÃHVSHUDU/DJHQWH
KDU»ODVFRVDVP»VH[WUDËDV<HQWRQFHVSRUVXSXHVWRWHVRUSUHQ
GHU»QDYHFHVFRQGHWDOOHVPDUDYLOORVRVRFRQVROXFLRQHVLQJHQLRVDV
SDUDORVSUREOHPDV(VRVÇQRWHDEXUULU»VHQWXQXHYRWUDEDMRHVRWH
ORSXHGRDVHJXUDU
7KH&RQTXHVWRI'DQLHOD FRQW
0HYDDGDUDOJRKDVWDHOPLVPRJHUHQWH
0HDFRVDHQXQLQJOÃVFDVLLQH[LVWHQWH
0HYR\P»VQRSXHGRDGLÍVPX\EXHQDV
$JXDQWDUWRGRHVWRHVDJXDQWDUPLOFRQGHQDV
([FXVHPH,WKLQN\RXIRUJRW\RXUXPEUHOOD
<RX·UHOHDYLQJDVIDVWDVWKHIDLU&LQGHUHOOD
%XWLW·VUDLQLQJRXWVLGH\RXZRQ·WZDQWWRJHWZHW
6RKHUHLVDQREMHFW\RXPXVWQHYHUIRUJHW
$SODTXHRQWKHKDQGOHVKRZVWKHQDPH´'DQLHODµ
1RW'RULVQRW3HWUDQRW&UX]QRU(VWHOD
7KHXPEUHOODEHORQJVWRDWDO'DQLHOD
$UH\RXWKHÀQHRZQHURIWKLVJUDFHIXOXPEUHOOD"
7REHFRQWLQXHGLQWKHQH[WLQVHUW
$XWRGHVWUXLUVH
$XWRGHVWUXFFLÍQ
$XWRGHWHUPLQDFLÍQ
$XWRGLGDFWD
,PDJHQGHVÇPLVPR
3UHVXPLGRHQJUHÇGR
$XWRLPSXHVWR
'HVLQWHUHVDGR
'HVLQWHUHVDGDPHQWH
$XWRUUHWUDWR
$XWRSURFODPDGR
$XWRSURSXOVDGR
'RPLQLRGHVÇPLVPR
<RX QHHG WR EH SUHSDUHG IRU DQ\ HYHQWXDOLW\ ,Q WKLV NLQG RI MRE
ZKHUH\RXKDYHWRZRUNZLWKDEURDGVSHFWUXPRISHUVRQDOLWLHVDQG
WHPSHUDPHQWV\RXQHYHUNQRZZKDWWRH[SHFW3HRSOHZLOOGRWKH
VWUDQJHVWWKLQJV$QGWKHQRIFRXUVHWKH\ZLOOVXUSULVH\RXDWWLPHV
ZLWK ZRQGHUIXO JHVWXUHV RU LQJHQLRXV VROXWLRQV WR SUREOHPV <RX
FHUWDLQO\ZRQoWJHWERUHGLQ\RXUQHZMREWKDW,FDQDVVXUH\RX
(VWLPDGRDPLJR\DOXPQR'HVSXÃVGHXQWHUFHUHSLVRGLRGHDFRVRHVWDYH]SRUSDU
WHGHOUHODFLRQHVSÔEOLFDVGHODGLVFRWHFDODSREUH'DQLHODVHFDQVD\VHGLULJHDOD
VDOLGD6LQHPEDUJRGHMDROYLGDGRVXSDUDJXDV\SRUVXHUWHDOJXLHQVHSHUFDWD\OH
DYLVD/DSHUVRQDHQFXHVWLÍQKDEODXQLQJOÃVHORFXHQWHHQFRPSDUDFLÍQFRQHOGHORV
DQWHULRUHVSUHWHQGLHQWHVVREUHWRGRSRUTXHKLODODVIUDVHVFRUUHFWDPHQWH\FRQMXJD
ORVYHUERVFRQDFLHUWR
:KHUHGR\RXDUHFRPHIURP"<RXUIDFHLWGRHVVRXQGPH
3DUtV0RQWHFDUORRUSHUKDSVDUHVRUWVNL"
,DP$QGUpV3R]RWKHSXEOLFUHODWLRQV
,QWKLVGLVFRWHFDFDOOHG´:HHNHQG9LEUDWLRQVµ
6HOIGHVWUXFW
6HOIGHVWUXFWLRQ
6HOIGHWHUPLQDWLRQ
6HOIHGXFDWHG
6HOILPDJH
6HOILPSRUWDQW
6HOILPSRVHG
6HOïHVV
6HOïHVVO\
6HOISRUWUDLW
6HOISURFODLPHG
6HOISURSHOOHG
6HOIUHVWUDLQW
0LUHPRVXQRVLQVWDQWHVODJUDP»WLFDGHODVIUDVHV\HOHVWLORHQJHQHUDO(QODSULPHUD
OÇQHDGHODWHUFHUDHVWURIDYHPRVFRPRHOFKLFRHVSDËROHPSOHDSHUIHFWDPHQWHHO
SDVDGRVLPSOH ROYLGDVWH FXDQGRHQFDVWHOODQRVHXVDUÇDHOSUHWÃULWRSHUIHFWR KDV
ROYLGDGR 6HSXHGHQXVDUODVGRVIRUPDVSHURHVP»VFRPÔQHOSDVDGRHQHVWRVFDVRV
)ÇMDWHWDPELÃQFRPRHQODVHJXQGDOÇQHDGHODPLVPDHVWURIDGLFHp\RXoUHOHDYLQJq
HOSUHVHQWHFRQWLQXRFXDQGRHQFDVWHOODQRGLUÇDPRVpWHYDVqRpWHPDUFKDVq(QOD
WHUFHUDOÇQHDGHODPLVPDHVWURIDIÇMDWHFÍPRGLFHpZRQoWZDQWq QRTXHUU»V /D
IRQÃWLFDHVpXRÔWX»QWq(QODÔOWLPDOÇQHDGHODFXDUWDHVWURIDODSDODEUDpîQHqVH
WUDGXFHHQHVWHFDVRFRPRpïQR\HOHJDQWHq
4XHGDQVLHWHHVWRIDVP»V6HGLJQDU»'DQLHODDKDEODUHQLQJOÃVDOFKLFR"6HDEODQ
GDU»XQSRFR"7HQGU»VTXHDGTXLULUDOPHQRVGRVîFKDVP»VSDUDDYHULJXDUOR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XLÃQHV" :KRLVLW"
6R\\R ,WoVPH
(VW»VFRQWXDPLJR" $UH\RXZLWK\RXUIULHQG"
1RHVWR\VROR 1R,oPDORQH
(QWUD &RPHLQ
4XÃHVW»OH\HQGRHOOD" :KDWLVVKHUHDGLQJ"
(VW»OH\HQGRXQOLEURGHXQ 6KHoVUHDGLQJDERRNE\D
)UHQFKZULWHU
HVFULWRUIUDQFÃV
+DEODIUDQFÃV" 'RHVVKHVSHDN)UHQFK"
6DEHFXDWURLGLRPDV 6KHNQRZVIRXUODQJXDJHV
'ÍQGHHVWXGLD" :KHUHGRHVVKHVWXG\"
/RZ,QWHUPHGLDWH
R
0LGGOH,QWHUPHGLDWH
&X»QWRWLHPSRHVWXYLVWHLVHQ +RZORQJZHUH\RXLQ/RQGRQ"
/RQGUHV"
1RVTXHGDPRVDOOÇXQSDU :HVWD\HGWKHUHIRUDFRXSOH
RIGD\V
GHGÇDV
3RUTXÃQRSDVDVWHLVP»V :K\GLGQoW\RXVSHQGPXFK
WLHPSRDOOÇ"
WLPHWKHUH"
(VGHPDVLDGRFDUR\VRPRV ,WoVWRRH[SHQVLYHDQGZHoUH
GHPDVLDGRVSREUHV
WRRSRRU
(VXQDGHODVFLXGDGHVP»V ,WoVRQHRIWKHPRVWH[SHQVLYH
FDUDVGHOPXQGR
FLWLHVLQWKHZRUOG
$TXLÃQYLVWHDQRFKH" :KRGLG\RXVHHODVWQLJKW"
4XLÃQWHYLRFRQHOORV" :KRVDZ\RXZLWKWKHP"
&RQTXLÃQIXHÃO" :KRGLGKHJRZLWK"
4XLÃQIXHFRQHOOD" :KRZHQWZLWKKHU"
4XLÃQWHGLMRHVR" :KRWROG\RXWKDW"
+DLUEDQG &LQWLOOR
%RZ /D]R
&XUOHU 5XOR
+DLUFOLS 3LQ]D
+DLUSLQ +RUTXLOOD
9RFDEXODULR+DLU$FFHVVRULHV $FFHVRULRVGHSHOR
+LJK,QWHUPHGLDWH
1RHVWDEDKDEODQGRFRQQDGLH,ZDVQoWWDONLQJWRDQ\RQH
1LQJXQRGHHOORVVRQWX\RV1RQHRIWKHPDUH\RXUV
1RKDHVWDGRHQQLQJXQDSDUWH6KHKDVQoWEHHQDQ\ZKHUH
1XQFDKHPRVUREDGRQDGD:HoYHQHYHUVWROHQDQ\WKLQJ
1LQJXQRGHORVGRVHVWXYR1HLWKHURIWKHPZHUHORVW
SHUGLGR
/RZ$GYDQFHG
6HYHQGHU»HOHVWDGLR" :LOOWKHVWDGLXPEHVROG"
&UHRTXHYDDVHUGHUUXPEDGR ,WKLQNLWoVJRLQJWREHNQRFNHG
GRZQ
4XÃSLHQVDQKDFHUFRQHO :KDWGRWKH\SODQWRGRZLWK
VXHOR"
WKHODQG"
6HHVW»GLVHËDQGRXQFHQWUR $VKRSSLQJFHQWUHLVEHLQJ
FRPHUFLDO
GHVLJQHG
1RSRGUÇDKDEHUFRQVWUXLGR &RXOGQoWWKH\KDYHEXLOWDSDUN
XQSDUTXHRDOJRDVÇ"
RUVRPHWKLQJ"
0LGGOH$GYDQFHG
(VWURSHDU»VWXVSXOPRQHVVL <RXoOOUXLQ\RXUOXQJVLI\RX
VLJXHVIXPDQGR
NHHSRQVPRNLQJ
$QWHVWHQÇDPXFKDP»V ,XVHGWRKDYHPXFKPRUH
UHVLVWHQFLD
VWDPLQD
4XÃFRQWURODQORVULËRQHV" :KDWGRWKHNLGQH\VFRQWURO"
(OKÇJDGRHVW»DIHFWDGRSRU 7KHOLYHULVDIIHFWHGE\ODUJH
JUDQGHVGRVLVGHDOFRKRO
GRVHVRIDOFRKRO
<ODYHMLJDWDPELÃQ $QGWKHEODGGHUWRR
)RU(QJOLVKVXSHUVWDUVRQO\
&UHHVHQODWHRUÇDGHHYROXFLÍQ'R\RXEHOLHYHLQ'DUZLQoV
GH'DUZLQ"
WKHRU\RIHYROXWLRQ"
&UHRHQODOH\GHOP»VIXHUWH ,EHOLHYHLQVXUYLYDORIWKH
ïWWHVW
1RGHEHUÇDKDEHUQLQJXQD 6KRXOGQoWWKHUHEHDQ\IRUPRI
VRFLDOVHFXULW\WKHQ"
IRUPDGHVHJXULGDGVRFLDO
HQWRQFHV"
1RDERJRSRUHOHVWLORGHYLGD ,GRQoWDGYRFDWHWKH$PHULFDQ
ZD\RIOLIH
HVWDGRXQLGHQVH
7RGRHOPXQGRGHEHUÇDWHQHU (YHU\ERG\VKRXOGKDYHHTXDO
LJXDOGDGGHRSRUWXQLGDGHV
RSSRUWXQLWLHVLQOLIH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
6WLOO
3KUDVDOYHUEVZLWKpXSq
&DQ\RXFRPHXSWRP\RIîFH"
3XHGHVVXELUDPLGHVSDFKR"
,KDYHWRJREDFNXSWRKLVRIîFH
7HQJRTXHYROYHUDVXELUDVXGHVSDFKR
&DQ\RXFRPHEDFNXSWRP\RIîFH"
3XHGHVYROYHUDVXELUDPL
GHVSDFKR"
,KDYHWRJRXSWRKLVRIîFH
7HQJRTXHVXELUDVXGHVSDFKR
,UDQXSWRKLVRIîFH
6XEÇFRUULHQGRDVXGHVSDFKR
:HoOOGULYHXSWRWKHYLHZSRLQW
6XELUHPRV HQFRFKH KDVWDHOPLUDGRU
3UHî[HV8Q
&XDQGRpWRGDYÇDqVHHQFXHQWUDHQXQD
RUDFLÍQHQDîUPDWLYRQRHPSOHDPRVp\HWq
VLQRpVWLOOq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7RGDYÇDWHQJRWRGRVPLVGLHQWHV
7RGDYÇDPHJXVWDODPÔVLFDGHORVDËRV
VHWHQWD
(OODWRGDYÇDPHTXLHUH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
$SDUWLUGHHVWDîFKDYDPRVDYHUEDVWDQWHYRFDEXODULRFX\RVLJQLîFDGRGHSHQGHGHOSUHîMRFRQTXHFRPLHQ]DFDGDSDODEUD
8QDEOH
8QDFFHSWDEOH
8QDFFRPSDQLHG
8QDFFXVWRPHG
8QDOWHUHG
8QDVVLVWHG
8QDWWDLQDEOH
8QDWWUDFWLYH
8QDXWKRUL]HG
8QDYDLODEOH
8QDYRLGDEOH
8QDZDUH
8QEHDUDEOH
8QEHDWHQ
8QEHOLHYDEOH
8QELDVHG
8QEUHDNDEOH
8QEXWWRQ
8QFHUWDLQ
8QFKDQJHG
8QFKDUDFWHULVWLF
8QFRPIRUWDEOH
,oPXQDEOHWRDWWHQGWKHHYHQW
<RXUDWWLWXGHLVXQDFFHSWDEOH
+HDUULYHGXQDFFRPSDQLHG
6KHoVXQDFFXVWRPHGWRRXUDFFHQW
:HOHIWWKHFRQWUDFWXQDOWHUHG
+HPDQDJHGWRRSHQWKHGRRUXQDVVLVWHG
7KDWJRDOLVXQDWWDLQDEOH LQDOFDQ]DEOH
,WZDVDQXQDWWUDFWLYHGHVLJQ
<RXoUHXQDXWKRUL]HGWRHQWHUWKLVDUHD
7KHFKDLUPDQZDVXQDYDLODEOHIRUFRPPHQW
7KHDFFLGHQWZDVXQDYRLGDEOH
,ZDVXQDZDUHWKDW)HOLSHKDGEHHQîUHG
,WVRRQEHFDPHDQXQEHDUDEOHVLWXDWLRQ
2XUWHDPLVXQEHDWHQVRIDU
7KHIDFWWKDWWKH\ZRQLVXQEHOLHYDEOH
0\RSLQLRQLVXQELDVHG LPSDUFLDO
+HKDVDQXQEUHDNDEOHZLOO
,FDQoWXQEXWWRQWKHWRSEXWWRQ
,oPXQFHUWDLQDERXWWKHRXWFRPH LQVHJXUR
0\RSLQLRQLVXQFKDQJHG
+LVEHKDYLRUZDVXQFKDUDFWHULVWLF UDUR
7KLVFKDLULVXQFRPIRUWDEOH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(O IXHJR VH YD D DSDJDU VL QR OH HFKDV P»V OHËD 7HQHPRV TXH
PDQWHQHUORYLYRVHDFRPRVHD1RVKHPRVTXHGDGRVLQFHULOODV
\QDGLHDTXÇWLHQHXQPHFKHURDVÇTXHVDOJDPRVWRGRVDURPSHU
UDPDVGHORV»UEROHVSDUDTXHHOIXHJRFRQWLQÔHWRGDODQRFKH'H
QRVHUDVÇQRVFRQJHODUHPRVYLYRV
7KH&RQTXHVWRI'DQLHOD FRQW
6ÇVÇPXFKDVJUDFLDVTXÃFDEH]DODPÇD
7DQWDSULVDWHQÇDTXHQRORVDEÇD
'HQXHYRPLOJUDFLDVHVXVWHGPX\DPDEOH
6XJHVWRKDVLGRXQJHVWRORDEOH
7KHH[LWLVKHUHOHWPHVKRZ\RXWKHZD\
7KLVGLVFRLVFURZGHGDVLWLVHYHU\GD\
$QXPEUHOODOLNH\RXUVVKRXOGQRWVXIIHUWKHQRLVH
1RUWKHVPRNHQRUWKHGULQNQRUWKHVLOO\\RXQJER\V
,OLNH\RXUXPEUHOODLW·VDKDQGVRPHDPLJR
7KDWPDWFKHVWKHFRORUVRI\RXUORYHO\DEULJR
$QGWKHOLJKWLQ\RXUH\HVLVMXVWVLPSO\LQYLWLQJ
<RXFHUWDLQO\VHHPWREHZDUPDQGH[FLWLQJ
(VWHKRPEUHPHJXVWDHVFRUWÃV\DPDEOH
6XVRQULVDHVGXOFH\VXLQJOÃVLPSHFDEOH
6XYR]PHDWUDH\VXPLUDGDPHFDOPD
+DEUÃHQFRQWUDGRPLFRPSDËHURGHODOPD"
7REHFRQWLQXHGLQWKHQH[WLQVHUW
8QFRPPLWWHG
8QFRPPRQ
8QFRQîUPHG
8QFRQVFLRXV
8QFRQVWLWXWLRQDO
8QFRQWUROODEOH
8QFRQYLQFHG
8QFRRSHUDWLYH
8QFRYHU
8QGHFLGHG
8QGHIHDWHG
8QGHQLDEOH
8QGLJQLîHG
8QGLVSXWHG
8QGLVWLQJXLVKHG
8QGR
8QGRXEWHGO\
8QGUHVV
8QHDV\
8QHPSOR\HG
8QHPSOR\PHQW
8QHYHQ
,oPXQFRPPLWWHGIRUQRZ
,WoVXQFRPPRQWRVHHKLPZLWKRXWDVXLW
7KHîQDOUHVXOWLVVWLOOXQFRQîUPHG
+HZDVXQFRQVFLRXVIRUDWOHDVWWHQPLQXWHV
7KDWODZZDVIRXQGXQFRQVWLWXWLRQDO
+LVWHPSHULVXQFRQWUROODEOH
<RXORRNXQFRQYLQFHG HVFpSWLFR
+HoVDQXQFRRSHUDWLYHSHUVRQ
7KH\XQFRYHUHGWKHVFDQGDO GHVWDSDU
,oPVWLOOXQGHFLGHGDERXWZKRWRLQYLWH
:HoUHWKHRQO\XQGHIHDWHGWHDPLQWKHOHDJXH
,WoVXQGHQLDEOHWKDWKHoVDQLQWHOOLJHQWPDQ
<RXEHKDYHGLQDQXQGLJQLîHGPDQQHU
+HoVWKHXQGLVSXWHGZRUOGFKDPSLRQ
+HZDVXQGLVWLQJXLVKHGDWVFKRRO PHGLRFUH
&DQ\RXXQGRWKLVNQRW" GHVKDFHU
+HoVXQGRXEWHGO\WKHEHVWLQWKHFODVV
<RXQHHGWRXQGUHVVIRUWKHPHGLFDOFKHFNXS
,IHHOXQHDV\DERXWWKHVLWXDWLRQ LQTXLHWR
+HoVEHHQXQHPSOR\HGIRUVHYHUDOPRQWKV
7KHXQHPSOR\PHQWUDWHLQ6SDLQLVSHUFHQW
7KHWHUUDLQLVTXLWHXQHYHQ GHVQLYHODGR
7KH îUHoV JRLQJ WR JR RXW LI \RX GRQoW SXW VRPH PRUH ZRRG RQ
LW:HKDYHWRNHHSLWEXUQLQJQRPDWWHUZKDW:HoYHUXQRXWRI
PDWFKHVDQGQRRQHKHUHKDVDFLJDUHWWHOLJKWHUVROHWoVDOOJRRXW
DQG EUHDN RII EUDQFKHV IURP WKH WUHHV WR NHHS WKH îUH JRLQJ DOO
QLJKW2WKHUZLVHZHoOOIUHH]HWRGHDWK
(VWLPDGRDPLJR\DOXPQR'DQLHODWRGDYÇDQRVHKDGLULJLGRHQLQJOÃVDODSXHVWR
MRYHQTXHDFDEDGHHQWUHJDUOHVXSDUDJXDV3DUHFHXQSRFRGHVSLVWDGD)ÇMDWHFÍPR
HOFKLFRVHRIUHFHDDFRPSDËDUOHKDVWDODSXHUWDGHVDOLGD
OHWPHVKRZ\RXWKHZD\
)ÇMDWHWDPELÃQFÍPRHPSOHDPRVODSDODEUD´QRUµ
VKRXOGQRWVXIIHUWKHQRLVHQRUWKHVPRNHQRUWKHGULQNQRU
WKHVLOO\\RXQJER\V
3RUÔOWLPRHPSOHDPRVHOYHUER´WRPDWFKµSDUDODLGHDGHFDVDURKDFHUMXHJR
WKDWPDWFKHVWKHFRORUVRI\RXUORYHO\DEULJR
(OFKLFRWLHQHWDOHQWRHVW»FODUR+DVWDKDFHSRHVÇDPH]FODQGRGRVLGLRPDV3HUR
'DQLHODSHUPDQHFHFDXWD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VHVHWXPÃGLFR" ,VWKDW\RXUGRFWRU"
6LHVÃO <HVWKDWoVKLP
'HTXÃSDÇVHV" :KLFKFRXQWU\LVKHIURP"
(VGH/D,QGLD +HoVIURP,QGLD
(VXQEXHQPÃGLFR" ,VKHDJRRGGRFWRU"
9LYHVFRQWXVSDGUHV" 'R\RXOLYHZLWK\RXUSDUHQWV"
6ÇSHURTXLHURFRPSUDUPH <HV,GREXW,ZDQWWREX\D
KRXVH
XQDFDVD
7XQRYLDORVDEH" 'RHV\RXUJLUOIULHQGNQRZ"
6ÇORVDEH9DPRVDYLYLUMXQWRV <HVVKHGRHV:HDUHJRLQJWR
OLYHWRJHWKHU
/DVFDVDVVRQPX\FDUDV +RXVHVDUHYHU\H[SHQVLYH
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XLÃQIXHODSHUVRQDP»V :KRZDVWKHPRVWLQWHOOLJHQW
SHUVRQRIWKHODVWFHQWXU\"
LQWHOLJHQWHGHOVLJORSDVDGR"
&X»OIXHWXSHOÇFXODSUHIHULGD :KDWZDV\RXUIDYRXULWHïOP
ODVW\HDU"
GHODËRSDVDGR"
&X»OHVODXQLYHUVLGDGP»V :KDWoVWKHROGHVWXQLYHUVLW\LQ
WKHZRUOG"
DQWLJXDGHOPXQGR"
4XLÃQHVODFKLFDP»VJXDSD :KRoVWKHSUHWWLHVWJLUOLQ\RXU
RIïFH"
GHWXRîFLQD"
&X»OHVHOSHRUHTXLSRGH :KDWoVWKHZRUVWIRRWEDOOWHDP
LQ6SDLQ"
IÔWEROGH(VSDËD"
(OMHIHKDSHGLGRYHUWH 7KHERVVKDVDVNHGWRVHH\RX
3RUTXÃ"4XÃKHKHFKR" :K\":KDWKDYH,GRQH"
6L\RIXHUDWÔLUÇDHQVHJXLGD ,I,ZHUH\RX,oGJRULJKWDZD\
(VSHURTXHQRKD\DKHFKR ,KRSH,KDYHQoWGRQHDQ\WKLQJ
ZURQJ
QDGDPDOR
3RUTXÃWHSUHRFXSDVWDQWR" :K\GR\RXZRUU\VRPXFK"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
7RPHPRVXQGHVFDQVR /HWoVWDNHDEUHDN
7ÔFUHHVTXHPHUHFHPRVXQ 'R\RXWKLQNZHGHVHUYHD
EUHDN"
GHVFDQVR"
/OHYDPRVWRGDODPDËDQD :HoYHEHHQZRUNLQJDOO
PRUQLQJ
WUDEDMDQGR
7LHQHVWRGDODUD]ÍQHVWR\ <RXoUHFRPSOHWHO\ULJKW,oP
H[KDXVWHG
H[KDXVWR
4XÃV»QGZLFKHVKDVWUDÇGR :KDWVDQGZLFKHVKDYH\RX
EURXJKWZLWK\RXWRGD\"
KR\"
&XDQGROOHJXHV\DKDEUÃ %\WKHWLPH\RXFRPH,oOO
DOUHDG\KDYHïQLVKHG
WHUPLQDGR
(OPDUWHV\DHVWDUÃHQ9DOHQFLD %\7XHVGD\,oOOEHLQ9DOHQFLD
$\HU\DVHYHÇDFODURTXHHUD %\\HVWHUGD\LWZDVFOHDUWKDW
LWZDVSRLQWOHVV
LQÔWLO
0HKDEUÃPDUFKDGRGHFDVDD ,oOOKDYHOHIWP\KRXVHE\WKDW
WLPH
HVDKRUD
4XÃKDEU»VFRQVHJXLGR :KDWZLOO\RXKDYHDFKLHYHG
E\WKHWLPH\RXoUH"
FXDQGRWHQJDV"
,'&DUG '1,
&UHGLW&DUGV 7DUMHWDGH&UÃGLWR
7UDYHO&DUG $ERQRGH7UDQVSRUWH
&RLQV 0RQHGDV
1RWHV %LOOHWHV
9RFDEXODULR:DOOHW &DUWHUD
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
3XHGHVHQYLDUPHXQDIDFWXUD"&DQ\RXVHQGPHDQLQYRLFH"
4XÃSRUFHQWDMHGH,53)WLHQHV:KDWSHUFHQWDJHRILQFRPH
WD[GR\RXKDYHWRSD\"
TXHSDJDU"
(VW»VH[HQWRGHSDJDU,9$" ,VWKDWH[HPSWRI9$7"
3UHîHURDFHSWDUGLQHURSRU ,SUHIHUWRDFFHSWPRQH\XQGHU
WKHWDEOH
GHEDMRGHODPHVD
6HQLHJDDDSR\DUHOPHUFDGR +HUHIXVHVWRDGGWRWKHEODFN
PDUNHW
QHJUR
&X»OHVWXJÃQHURSUHIHULGR :KDWoV\RXUIDYRXULWHJHQUH
GH79"
RI79"
0HJXVWDQPXFKRODVQRWLFLDV ,UHDOO\OLNHWKHQHZVDQG
\ORVGRFXPHQWDOHV
GRFXPHQWDULHV
7DPELÃQWHQJRGHELOLGDGSRU ,DOVRKDYHDVRIWVSRWIRUWUDYHO
ORVSURJUDPDVGHYLDMHV\GH
DQGFRRNHU\SURJUDPPHV
FRFLQD
<TXÃWDOORVFRQFXUVRV\ORV :KDWDERXWJDPHVKRZVDQG
UHDOLWLHV"
UHDOLW\VKRZV"
3UHIHULUÇDROHUHOVREDFRGHXQ ,oGUDWKHUVPHOODJRULOODoV
JRULOD
DUPSLW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq
7RKRSH
7KH\GLGQoWVKRZXSIRUWKHPHHWLQJ
1RVHSUHVHQWDURQSDUDODUHXQLÍQ
,\RXGRQoWSLFNXSWKHSHQ,oOOSLFNLWXS
6LQRUHFRJHVHOEROÇJUDIRORUHFRJHUÃ\R
7KH\GLGQoWWXUQXSIRUWKHPHHWLQJ
1RVHSUHVHQWDURQSDUDODUHXQLÍQ
,VWD\HGXSODWH
0HTXHGÃOHYDQWDGRKDVWDODVWDQWDV
&DQ\RXWXUQXSWKHUDGLR"
3XHGHVVXELUODUDGLR" HOYROXPHQ
7KH\oYHFRPHXSZLWKDJRRGLGHD
6HOHVKDRFXUULGRXQDEXHQDLGHD
6LJQLîFDpHVSHUDUqHQHOVHQWLGRGH
HVSHUDQ]D([SUHVDORTXHQRVJXVWDUÇDKDFHU
RORTXHTXHUUÇDPRVTXHSDVDVH
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(VSHURSRGHULUDODîHVWD
(VSHURTXHPHWRTXHODORWHUÇD
(VSHURTXHPHDFXHUGHGHVXQRPEUH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV8Q
(QHVWDîFKDVHJXLPRVYLHQGRYRFDEXODULRFX\RVLJQLîFDGRGHSHQGHGHOSUHîMRFRQTXHFRPLHQ]DFDGDSDODEUD1LQJXQDGHODVSDODEUDVH[
SXHVWDVDFRQWLQXDFLÍQHVUHEXVFDGD6HR\HQDGLDULR(QPXFKRVFDVRVHQFDVWHOODQRVHXVDHODGMHWLYRpSRFRq XQLQVSLUHG SRFRLQVSLUDGR
8QKHOSIXO GHSRFDD\XGDHWF
8QH[SHFWHG
8QH[SHFWHGO\
8QH[SODLQHG
8QH[SORLWHG
8QH[SORUHG
8QIDLU
8QIDLUO\
8QIDLWKIXO
8QIDPLOLDU
8QIDYRXUDEOH
8QîQLVKHG
8QîW
8QIROG
8QIROG $
8QIROG
8QIRUFHG
8QIRUHVHHQ
8QIRUJHWWDEOH
8QIRUJLYDEOH
8QIRUWXQDWH
8QIRUWXQDWHO\
8QIRXQGHG
8QIULHQGO\
:HUHFHLYHGDQXQH[SHFWHGYLVLWIURPRXUDXQW
6KHDUULYHGXQH[SHFWHGO\
:HîUHGKHUDIWHUWKUHHXQH[SODLQHGDEVHQFHV
<RXKDYHDORWRIXQH[SORLWHGWDOHQWV
,GRQoWZDQWWRJRLQWRXQH[SORUHGWHUULWRU\
+LVWUHDWPHQWRI\RXZDVFRPSOHWHO\XQIDLU
7KH\WUHDWHGPHXQIDLUO\
+HZDVXQIDLWKIXOWRKLVZLIH
,oPXQIDPLOLDUZLWKWKLVSDUWRIWKHSURJUDP
+HPDGHDQXQIDYRXUDEOHLPSUHVVLRQRQHYHU\RQH
,VWLOOKDYHVRPHXQîQLVKHGEXVLQHVVWRGR
+HoVWRWDOO\XQîWIRUWKHMRE
+RZGLGWKHPHHWLQJXQIROG"
,WZLOOGHSHQGRQKRZHYHQWVXQIROG
,I\RXIROGLWGRQoWXQIROGLWXQWLOWRPRUURZ
7KHFKDPSLRQPDGHWKUHHXQIRUFHGHUURUV
'XHWRXQIRUHVHHQFLUFXPVWDQFHVZHKDYHf
7KHEDOOHWSHUIRUPDQFHZDVXQIRUJHWWDEOH
+HUEHKDYLRXULQWKHPHHWLQJZDVXQIRUJLYDEOH
,WZDVXQIRUWXQDWHWKDWWKHZHDWKHUZDVVREDG
8QIRUWXQDWHO\LWUDLQHGFDWVDQGGRJVDOOGD\
<RXUODFNRIVHOIFRQîGHQFHLWWRWDOO\XQIRXQGHG
,oYHQHYHUPHWVXFKDQXQIULHQGO\SHUVRQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RYR\DSRGHUHVWDUHQODUHXQLÍQGHHVWDWDUGH7HQJRFLWDHQHO
PÃGLFR(VHGRORUGHJDUJDQWDGHOTXHPHYHQJRTXHMDQGRQRWHU
PLQDGHLUVH\SDUHFHTXHHVW»HPSHRUDQGR0HGXHOHPXFKRDO
WUDJDU\KHWHQLGRXQDVGÃFLPDVGHîHEUHGXUDQWHODVÔOWLPDV
KRUDV1RWHSUHRFXSHVSRUPÇHQODUHXQLÍQ3RGU»VGHIHQGHUWH
DQWHFXDOTXLHUSUHJXQWDTXHQRVSXHGDQSODQWHDU
7KH&RQTXHVWRI'DQLHOD FRQW
+HUHoVWKHGRRUEXWEHFDUHIXOLWoVUDLQLQJDORW
7KHEXVVWRSLVQHDUWKHRQO\GU\VSRW
&DQ,VKDUH\RXUXPEUHOOD\RXUVSHFLDODPLJR"
:LWKRXWLW,oOOJHWZHWWHUWKDQWKDWSREUHPHQGLJR
7KHEXVQXPEHUQLQHJRHVQHDU&DVD&RUHOOD
:KHUHWKH\oOOVHUYH\RXWKHYHU\EHVWGXFNZLWKJURVHOOD
,WoVDVPDOOFRV\UHVWDXUDQWDFRJHGRU\ERQLWR
)RUDZRPDQZKRVHEHDXW\OOHJDDOLQîQLWR
3RUVXSXHVWREXHQKRPEUH,oOOJRZLWK\RXWKHUH
,FDQQRWEHOLHYHLWTXHQRSXHGHVHU
3OHDVHWHOOPH\RXUQDPHPLQHoV'DQLHOD
$QG,oOOIROORZIRUHYHULQ\RXUJRUJHRXVHVWHOD
)LQ
8QKDSS\
8QKDUPHG
8QKHDOWK\
8QKHOSIXO
8QLPSUHVVHG
8QLQIRUPHG
8QLQKDELWHG
8QLQVSLUHG
8QMXVWLîHG
8QNQRZLQJO\
8QNQRZQ
8QNQRZQ
8QOLNH
8QOLNHO\
8QOLPLWHG
8QORDG
8QORFN
8QOXFN\
8QPLVWDNDEOH
8QQDWXUDO
8QQRWLFHG
8QRIîFLDO
8QRSSRVHG
6KHVHHPVOLNHDYHU\XQKDSS\SHUVRQ
0\UHSXWDWLRQZDVXQKDUPHGE\WKHVFDQGDO
+RZFDQ\RXOLYHLQVXFKDQXQKHDOWK\SODFH"
<RXUDWWLWXGHKDVEHHQTXLWHXQKHOSIXO
,ZDVXQLPSUHVVHGZLWKWKHRXWFRPH
,ZDVXQLQIRUPHGDERXWWKHVLWXDWLRQ
7KHLVODQGZDVWRWDOO\XQLQKDELWHG
,ZDVXQLQVSLUHGE\WKHRXWFRPH
7KHLUDWWLWXGHZDVWRWDOO\XQMXVWLîHG
,XQNQRZLQJO\UHYHDOHGWKHVHFUHWSODQV
7KHVSDFHVKLSWUDYHOOHGLQWRWKHXQNQRZQ
7KHDFWRUZDVXQNQRZQWRHYHU\RQHODVW\HDU
8QOLNHP\EURWKHU,GROLNHFXFXPEHUV
,WoVXQOLNHO\WKDWWKH\ZLOOVWDUWWKLV\HDU
7KLVUHQWDOFDUDOORZVIRUXQOLPLWHGPLOHDJH
<RXFDQXQORDGWKHJRRGVRQWKLVSODWIRUP
,WWRRNPHîYHPLQXWHVWRXQORFNWKHGRRU
,WoVEHWWHUWREHXQOXFN\LQFDUGVWKDQLQORYH
<RXUYRLFHLVXQPLVWDNDEOH
,WoVXQQDWXUDOIRUDSHUVRQWROHDUQVRVORZO\
+LVDEVHQFHZHQWXQQRWLFHG
+LVDSSRLQWPHQWLVVWLOOXQRIîFLDO
+LVFDQGLGDF\ZHQWFRPSOHWHO\XQRSSRVHG
,ZRQoWEHDEOHWRPDNHLWWRWKHPHHWLQJWKLVDIWHUQRRQ,oYHJRW
D GRFWRUoV DSSRLQWPHQW7KDW VRUH WKURDW ,oYH EHHQ FRPSODLQLQJ
DERXW MXVW ZRQoW JR DZD\ DQG LW VHHPV WR EH JHWWLQJ ZRUVH ,W
KXUWVDORWWRVZDOORZDQG,WKLQN,oYHEHHQUXQQLQJDVOLJKWIHYHU
IRUWKHSDVWKRXUV'RQoWZRUU\DERXWPHDWWKHPHHWLQJ<RXoOO
EHDEOHWRKDQGOHDQ\TXHVWLRQWKH\PD\ZDQWWREULQJXS
(VWLPDGRDPLJR\DOXPQR(YHU\ERG\OLNHVDKDSS\HQGLQJDQG,oPKDSS\WRWHOO
\RXWKDWWKLVSRHPLVKDSS\QHZVIRUHYHU\RQH'DQLHODKDVIRXQGKHUVRXOPDWH
DQGVKHLVVRLPSUHVVHGE\KLVDELOLW\WRPL[WKHWZRODQJXDJHVWKDWVKHîQGVKLP
LUUHVLVWLEOH%\WKHZD\WKH\JRWPDUULHGPRQWKVODWHU
9DULRVSXQWRVDFRQVLGHUDU
6HJXQGRYHUVRVSRW OXJDUSDUDMH
1RYHQRYHUVRFRV\ ÇQWLPRF»OLGR\DFRJHGRU WDPELÃQVHHVFULEH´FR]\µ
'ÃFLPRYHUVRZKRVHEHDXW\ FX\DEHOOH]D
´OWLPRYHUVRJRUJHRXV SUHFLRVD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(OGHVD\XQRHVSRUODPDËDQD %UHDNIDVWLVLQWKHPRUQLQJ
8QVDQGZLFKDODVRQFH $VDQGZLFKDWHOHYHQRoFORFN
/DFRPLGDHVSRUODWDUGH /XQFKLVLQWKHDIWHUQRRQ
(OWÃDODVFXDWUR 7HDDWIRXURoFORFN
/DFHQDHVSRUODQRFKH 'LQQHULVDWQLJKW
6R\\R ,WoVPH
(VÃO ,WoVKLP
(VHOOD ,WoVKHU
6RPRVQRVRWURV ,WoVXV
6RQHOORV ,WoVWKHP
/RZ,QWHUPHGLDWH
3XHGRKDEODUFRQHOVHËRU &DQ,VSHDNWR0U$OOHQ
SOHDVH"
$OOHQSRUIDYRU"
/RVLHQWRQRHVW»HQHVWH ,oPVRUU\KHLVQoWKHUHDWWKH
PRPHQW
PRPHQWR
(VWDU»DOOÇHVWDWDUGH" :LOOKHEHWKHUHWKLV
DIWHUQRRQ"
1RHVW»GHYDFDFLRQHV 1RKHoVRQKROLGD\
&X»QGRYROYHU»" :KHQZLOOKHFRPHEDFN"
0LGGOH,QWHUPHGLDWH
7RGDYÇDQRKDVHQFRQWUDGR +DYHQoW\RXIRXQG\RXUNH\V
\HW"
WXVOODYHV"
(VWDEDQHQFLPDGHXQDUPDULR 7KH\ZHUHRQWRSRID
FXSERDUGLQWKHNLWFKHQ
HQODFRFLQD
+DVDSUHQGLGRDFRQGXFLU\D" +DYH\RXOHDUQWKRZWRGULYH
\HW"
1RWRGDYÇDYR\DOWUDEDMRHQ 1R,VWLOOJRWRZRUNRQP\
ELNH
PLELFL
3RUTXÃQXQFDKDVUHFLELGR :K\KDYH\RXQHYHUWDNHQ
GULYLQJOHVVRQV"
FODVHVGHFRQGXFLU"
+LJK,QWHUPHGLDWH
1RWLHQHVEXHQDVSHFWR <RXGRQoWORRNYHU\ZHOO
&UHRTXHFRPÇDOJRTXHQR ,WKLQN,DWHVRPHWKLQJWKDW
GLGQoWDJUHHZLWKPH
PHVHQWÍELHQ
&DUQHSHVFDGRRPDULVFR" 0HDWïVKRUVHDIRRG"
1RFRFLQÃORVXîFLHQWHORV ,GLGQoWFRRNWKHHJJVHQRXJK
LQP\RPHOHWWH
KXHYRVHQPLWRUWLOOD
'HEHUÇDVWHQHUP»VFXLGDGR <RXVKRXOGEHPRUHFDUHIXO
/RZ$GYDQFHG
&X»OHUDHODSHOOLGRGHVROWHUD :KDWoVP\PRWKHUoVPDLGHQ
QDPH"
GHPLPDGUH"
1RWHQJRODP»VPÇQLPDLGHD ,KDYHQoWWKHVOLJKWHVWLGHD
7HGR\XQDSLVWD" 6KDOO,JLYH\RXDFOXH"
&RUWDFDUQH\WLHQHFXFKLOORV +HFXWVPHDWDQGKDVVKDUS
NQLYHV
DîODGRV
2ELHQHVFDUQLFHURRELHQ ,WoVHLWKHU%XWFKHURU6HULDO
NLOOHU
DVHVLQRHQVHULH
6QRUNHO (VQÍUNHO
0DVN *DIDVGH%XFHR
$LU7DQN %RWHOOD
:HWVXLW 1HRSUHQR
)OLSSHUV $OHWDV
9RFDEXODULR6FXED'LYLQJ 6XEPDULQLVPR
0LGGOH$GYDQFHG
3RUTXÃYDVDPDWDUDHVH :K\DUH\RXJRLQJWRNLOOWKDW
EXJ"
ELFKR"
3RUTXHHOSHTXHËRYDPSLUR %HFDXVHWKHOLWWOHYDPSLUH
VXFNVP\EORRG
FKXSDPLVDQJUH
9DVDDUPDUXQDWUDPSD" $UH\RXJRLQJWRVHWLWDWUDS"
/RYR\DDSODVWDUFRQPLSXËR ,oPJRLQJWRFUXVKLWZLWKP\
ïVW
(VRHVHîFD]SHURQRPX\ 7KDWoVHIIHFWLYHEXWQRWYHU\
HIïFLHQW
HîFLHQWH
)RU(QJOLVKVXSHUVWDUVRQO\
3»VDPHODVLHUUDSRUIDYRU 3DVVPHWKHVDZSOHDVH
4XÃDVSHFWRWLHQHODVLHUUD" :KDWGRHVDVDZORRNOLNH"
3DUHFHXQWLEXUÍQVRQULHQGR ,WORRNVOLNHDVKDUNVPLOLQJ
(VHVDTXHHVW»DOODGRGHO ,VWKDWWKHRQHQH[WWRWKH
PDUWLOOR"
KDPPHU"
(VRHVXQGHVWRUQLOODGRUOD 7KDWoVWKHVFUHZGULYHUWKHVDZ
VLHUUDHVW»GHEDMRGHODOODYH
LVXQGHUWKHPRQNH\ZUHQFK
LQJOHVD
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
7RZDLW
3KUDVDOYHUEVZLWKpXSq
,oOOFDOOKLPXSWRPRUURZ
/HOODPDUÃPDËDQD
7KHUDLQKDVQoWOHWXSDOOGD\
/DOOXYLDQRKDDPDLQDGRHQWRGRHOGÇD
7KLVFKDLUWDNHVXSDORWRIVSDFH ,ZRQoWOHWXSXQWLO,JHWLW
(VWDVLOODRFXSDPXFKRHVSDFLR
1REDMDUÃODSUHVLÍQKDVWDTXHQRORFRQVLJD
'RQoWOHWXSQRZ
|1RDïRMHVHOULWPRDKRUD
'RQoWZDLWXSIRUPH
1RPHHVSHUHVOHYDQWDGR OOHJDUÃWDUGH
3UHî[HV8Q
6LJQLîFDpHVSHUDUqHQHOVHQWLGROLWHUDO
&XDQGRHVSHUDPRVDOJRRDDOJXLHQVLHPSUH
HPSOHDPRVODSUHSRVLFLÍQpIRUq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(VWR\HVSHUDQGRHODXWREÔV
(VSHUÃHOWUHQGXUDQWHWUHVKRUDV
£OHVSHUÍWRGDODWDUGHSDUDFRQVHJXLUXQD
HQWUDGD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
(VWDHVODWHUFHUDîFKDGHGLFDGDDYRFDEXODULRFX\RVLJQLîFDGRGHSHQGHGHOSUHîMRFRQTXHFRPLHQ]DFDGDSDODEUD1LQJXQDGHODVSDODEUDV
H[SXHVWDVDFRQWLQXDFLÍQHVUHEXVFDGD6HR\HQDGLDULR(QPXFKRVFDVRVVHXVDHQFDVWHOODQRHODGMHWLYRpSRFRq XQUHDOLVWLF SRFRUHDOLVWD
XQRUWKRGR[ SRFRRUWRGR[RHWF
8QRUWKRGR[ <RXUZD\RIGRLQJLWLVTXLWHXQRUWKRGR[
8QUHOHQWLQJ +HZDVXQUHOHQWLQJLQWKHSUHVVXUHKHDSSOLHG
8QSDFN ,oPWRRWLUHGWRXQSDFNQRZ
8QUHOLDEOH <RXFDQoWFRXQWRQKLP+HoVTXLWHXQUHOLDEOH
8QSDLG +HWRRNWZRPRQWKVoXQSDLGYDFDWLRQ
8QUHPDUNDEOH +HOHGDGXOOXQUHPDUNDEOHOLIH
8QSDLG 7KLVLQYRLFHLVVWLOOXQSDLG
8QUHVROYHG 7KHFULPHUHPDLQVXQUHVROYHG
8QSDUDOOHOHG 7KDWIHDWLVXQSDUDOOHOHGLQKXPDQKLVWRU\
8QUHVW 7KHUHoVEHHQDORWRIODERXUXQUHVWODWHO\
8QSDYHG %HFDUHIXOEHFDXVHWKHURDGLVVWLOOXQSDYHG
8QULYDOOHG 7KHVHLQVHUWVDUHXQULYDOOHGLQXVHIXOQHVV
8QSOHDVDQW ,WZDVDQXQSOHDVDQWH[SHULHQFHIRUHYHU\RQH
8QURPDQWLF 'R\RXKDYHWREHVRXQURPDQWLF"
8QSOXJ 8QSOXJWKHWRDVWHUEHIRUHWU\LQJWRî[LW
8QVDIH /HWoVJHWRXWRIKHUH7KLVSODFHLVXQVDIH
8QSRSXODU 7KHER\ZDVYHU\XQSRSXODUDWWKHVFKRRO
8QVDWLVIDFWRU\ 7KHUHVXOWVZHUHXQVDWLVIDFWRU\LQP\RSLQLRQ
8QSUHGLFWDEOH +HUEHKDYLRULVDOZD\VXQSUHGLFWDEOH
8QVDWLVîHG ,oPXQVDWLVîHGZLWKWKHVROXWLRQ
8QSUHSDUHG ,ZDVXQSUHSDUHGIRUKHUUHDFWLRQ
8QVFUXSXORXV 7KHSROLWLFLDQZDVXQVFUXSXORXVLQKLVDFWV
8QSURGXFWLYH 7KLVKDVEHHQDYHU\XQSURGXFWLYHPHHWLQJ
8QVNLOOHG :HQHHGPRUHXQVNLOOHGZRUNHUV
8QSURIHVVLRQDO +LVEHKDYLRUDWWKHPHHWLQJZDVXQSURIHVVLRQDO
8QVRFLDEOH :K\GR\RXKDYHWREHVRXQVRFLDEOH"
8QSURîWDEOH 7KHFRPSDQ\ZDVXQSURîWDEOHDWWKHEHJLQQLQJ
8QVROG 2XUKRXVHLVVWLOOXQVROG
8QSURQRXQFHDEOH <RXUVXUQDPHLVXQSURQRXQFHDEOH
8QVSRNHQ 7KHUHDUHFHUWDLQXQVSRNHQUXOHVLQWKLVKRXVH
8QSXQLVKHG 7KHFULPHZHQWXQSXQLVKHG
8QVWDEOH 7KLVWDEOHLVDELWXQVWDEOH
8QTXDOLîHG +HoVXQTXDOLîHGIRUWKHMRE
8QVXFFHVVIXO +LVDWWHPSWWRUHDFKWKHWRSZDVXQVXFFHVVIXO
8QTXHVWLRQDEO\ +HoVXQTXHVWLRQDEO\WKHEHVWPDQIRUWKHMRE
8QVXLWDEOH 7KLVMRELVXQVXLWDEOHIRU\RX
8QTXRWH +HVDLGp,KDWH\RXqTXRWHXQTXRWH
8QVXUH 0\GDXJKWHULVXQVXUHDERXWKHUIXWXUH
8QUDYHO 6KHUORFN+ROPHVXQUDYHOOHGWKHP\VWHU\
8QVXUSDVVHG 7KHTXDOLW\RIWKHVHLQVHUWVLVXQVXUSDVVHG
8QUHDO :RZ,WZDVOLNHXQUHDOPDQ:RZ
8QWDSSHG 7KHUHDUHXQWDSSHGUHVRXUFHVLQWKLVîUP
8QUHDOLVWLF <RXUH[SHFWDWLRQVDUHXQUHDOLVWLF
8QWKLQNDEOH ,WoVXQWKLQNDEOHWRFRQVLGHUKLPIRUWKHMRE
8QUHDVRQDEOH /LVWHQWRPHDQGGRQoWEHVRXQUHDVRQDEOH
8QWLH &DQ\RXXQWLHP\VKRHVIRUPH"
8QUHDVRQDEO\ ,WoVEHHQXQUHDVRQDEO\KRWWKLVVXPPHU
8QXVXDO ,WoVXQXVXDOWRVHHKLPGUHVVHGOLNHWKDW
8QUHFHSWLYH +HZDVXQUHFHSWLYHWRP\LGHDV
8QYHLO 7KHSUHVLGHQWXQYHLOHGDSODTXHDWWKHEDQTXHW
8QUHFRJQL]DEOH +HZDVXQUHFRJQL]DEOHLQWKDWVXLWDQGWLH
8QZLOOLQJ +HoVXQZLOOLQJWRFRRSHUDWHZLWKXV
8QUHîQHG <RXVKRXOGQoWHDWXQUHîQHGROLYHRLO
8QZLVH ,WKLQNLWoVXQZLVHWRLQLWLDWHWKHSODQQRZ
8QUHODWHG 7KLVHYHQWLVFRPSOHWHO\XQUHODWHGWRWKHRWKHU
8QZHOFRPH 7KDWNLQGRIEHKDYLRULVXQZHOFRPHKHUH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
3RUTXÃHUHVWDQFDEH]RWD"7XVQRFLRQHVURP»QWLFDVVREUHQXHV
WUD OÇQHD GH SURGXFWRV QRV YDQ D OOHYDU D OD EDQFDUURWD +HPRV
UHDOL]DGR GRV LQYHVWLJDFLRQHV GH PHUFDGR \ DPEDV PXHVWUDQ
FODUDPHQWHTXHHVWHFKDPSÔQXHYRQRYDDLUELHQHQQLQJXQR
GH QXHVWURV PHUFDGRV REMHWLYR 3RU TXÃ HUHV WDQ LQVLVWHQWH HQ
VHJXLU DGHODQWH" 1RV FRVWDU» P»V GH FLQFR PLOORQHV GH GÍODUHV
VRODPHQWHHOSUHSDUDUHOSURFHVRGHSURGXFFLÍQ
:K\ DUH \RX VR KDUGKHDGHG"<RXU URPDQWLF QRWLRQV DERXW RXU
SURGXFW OLQH DUH JRLQJ WR GULYH XV LQWR EDQNUXSWF\ :HoYH GRQH
WZRPDUNHWVXUYH\VDQGERWKRIWKHPFOHDUO\WHOOXVWKDWWKLVQHZ
VKDPSRR LV QRW JRLQJ WR GR ZHOO LQ DQ\ RI RXU WDUJHW PDUNHWV
:K\DUH\RXVRLQVLVWHQWRQSXVKLQJDKHDG",WZLOOFRVWXVRYHUîYH
PLOOLRQGROODUVMXVWWRSUHSDUHWKHSURGXFWLRQSURFHVV
(VWLPDGRDPLJR\DOXPQR'HPRPHQWRSUHVFLQGRGHODSRHVÇD0LVGLVFXOSDV6HPHKDDJRWDGRODLQVSLUDFLÍQSRUDKRUDDVÇTXHYROYDPRV
DORVVHUPRQHV+DFHFLQFRPHVHVHVWXYHHQ9DOHQFLDSDUDGDUXQDFKDUODHQXQDGHODVXQLYHUVLGDGHVGHHVWDFRPXQLGDG0LSÔEOLFRHUD
UHGXFLGR6HWUDWDEDGHXQRVHVWXGLDQWHVMÍYHQHVTXHFXUVDEDQ\GH0DJLVWHULRFRQHVSHFLDOLGDGHQOHQJXDLQJOHVD6HVXSRQH
TXHYDQDVHUIXWXURVSURIHVRUHVGHLQJOÃVHQODVHVFXHODVSULPDULDV$ORVPLQXWRVGHODFKDUODPHGLFXHQWDGHTXHFLHUWRVDVLVWHQWHV
QRPHHVWDEDQVLJXLHQGRDSHVDUGHTXHKDEODEDXQLQJOÃVFODURGHVSDFLR\QÇWLGR$ORVPLQXWRVHPSHFÃDGHPRVWUDUOHVGLIHUHQWHV
W»FWLFDVDHPSOHDUHQFODVHFRQHOîQGHKDFHUP»VGLQ»PLFDVODVVHVLRQHV3DUDHOORTXLVHLQYROXFUDUDORVSURSLRVDVLVWHQWHVHVGHFLUDORV
IXWXURVSURIHVRUHVGHLQJOÃV&XDOIXHPLVRUSUHVDFXDQGRYLTXHQRP»VGHFLQFRGHORVHVWXGLDQWHVHUDQFDSDFHVGHKDEODUHQLQJOÃV
\GHHVWRVFLQFRVRODPHQWHXQDMRYHQKDEODEDFRQEXHQDFHQWR\VLQHUURUHVH[FHVLYRV/DÔOWLPDKRUDGHODFKDUODHQHVSDËROODGHGLTXÃ
DKDEODUOHVGHODLPSRUWDQFLDGHDGTXLULUXQEXHQQLYHOKDEODGR\DXGLWLYRHQLQJOÃVSDUDHQVHËDUORGHIRUPDGLYHUWLGD\GLQ»PLFD0HGLR
ODLPSUHVLÍQTXHP»VGHODPLWDGGHODVDODPHPLUDEDFRPRVLIXHUDXQELFKRUDUR(QîQTXÃOHYDPRVDKDFHU"(QXQRRGRVDËRVHVWRV
MÍYHQHVSURIHVRUHVYDQDSREODUODVDXODVGHODVHVFXHODVSULPDULDVSDUDHQVHËDULQJOÃV\QLVLTXLHUDHOORVPLVPRVVDEHQKDEODUOR,PDJLQD
TXHWÔîHOOHFWRUWXYLHUDVTXHFRPHQ]DUHOSUÍ[LPRPHVDHQVHËDUPHF»QLFDGHODXWRPÍYLODDGROHVFHQWHVGH)3HQVXSULPHUWULPHVWUH
0HLPDJLQRTXHGHGLFDUÇDVXQDVKRUDVDHPSROODUWHHOWHPD\TXHGHVSXÃVWHHVIRU]DUÇDVVREUHPDQHUDSDUDQRKDFHUHOULGÇFXOR3XHV
PHGDODLPSUHVLÍQGHTXHHVWRVXFHGHWRGRVORVDËRVHQORVFROHJLRV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
+D\VHVHQWDVHJXQGRVHQXQ 7KHUHDUHVL[W\VHFRQGVLQD
PLQXWR
PLQXWH
+D\VHVHQWDPLQXWRVHQXQD 7KHUHDUHVL[W\PLQXWHVLQDQ
KRUD
KRXU
+D\YHLQWHFXDWURKRUDVHQ 7KHUHDUHWZHQW\IRXUKRXUVLQ
XQGÇD
DGD\
+D\VLHWHGÇDVHQXQDVHPDQD7KHUHDUHVHYHQGD\VLQDZHHN
+D\FLQFXHQWD\GRVVHPDQDV 7KHUHDUHïIW\WZRZHHNVLQD
HQXQDËR
\HDU
1RTXLHURKDEODUFRQHOORV ,GRQoWZDQWWRVSHDNWRWKHP
(OODQRQHFHVLWDWUDEDMDUDOOÇ 6KHGRHVQoWQHHGWRZRUNWKHUH
$ÃOOHJXVWDFDQWDUHQHOFXDUWR+HOLNHVWRVLQJLQWKH
EDWKURRP
GHEDËR
2GLDQOOHJDUWDUGH 7KH\KDWHWREHODWH
1RVHQFDQWDHVFXFKDUPÔVLFD :HORYHWROLVWHQWRPXVLF
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&X»QGRVXFHGLÍ" :KHQGLGLWKDSSHQ"
6XFHGLÍDOFRPLHQ]RGHDËR ,WKDSSHQHGDWWKHEHJLQQLQJ
RIWKH\HDU
/DYLDPHGLDGRVGHDJRVWR ,VDZKHULQWKHPLGGOHRI$XJXVW
&X»QGRFUHHVTXHFHUUDU»HVD:KHQGR\RXWKLQNWKDWVKRS
ZLOOFORVH"
WLHQGD"
,PDJLQRTXHDîQDOHVGHDËR ,LPDJLQHDWWKHHQGRIWKH
\HDU
6XSLHURQGÍQGHIXHWXSULPR" 'LGWKH\NQRZZKHUH\RXU
FRXVLQZHQW"
3RGUÇDHOODGHFLUPHFX»QWRV &RXOGVKHWHOOPHKRZPDQ\
ZHQHHG"
QHFHVLWDPRV"
6HDFXHUGDÃOHQTXÃDËR 'RHVKHUHPHPEHUZKDW\HDU
WKH\FDPHKHUH"
YLQLHURQ"
1RPHJXVWDUÇDSHQVDUDTXÃ ,ZRXOGQoWOLNHWRWKLQNZKDW
WLPHVKHJRWKRPH
KRUDOOHJÍDFDVD
1RVDEHVFX»QWRFREUDHOOD" 'RQoW\RXNQRZKRZPXFKVKH
FKDUJHV"
7UDIîF/LJKW 6HP»IRUR
/DPSSRVW )DUROD
5RXQGDERXW 5RWRQGD
=HEUD&URVVLQJ 3DVRGHFHEUD
6LGHZDON $FHUD
9RFDEXODULR6WUHHW &DOOH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
(VWR\GHDFXHUGRFRQWXVLGHDV,DJUHHZLWK\RXULGHDV
(VWXYRHOODGHDFXHUGRFRQ 'LGVKHDJUHHZLWK\RXU
SURSRVDO"
WXSURSXHVWD"
1XQFDKDHVWDGRGHDFXHUGR 6KHKDVQHYHUDJUHHGZLWKPH
RQDQ\WKLQJ
FRQPLJRHQQDGD
(VWDU»QGHDFXHUGRFRQORV :LOOWKH\DJUHHZLWKWKH
FKDQJHV"
FDPELRV"
1RHVWDUÇDGHDFXHUGRFRQWLJR,ZRXOGQoWDJUHHZLWK\RXLI
VLPHSDJDUDVXQPLOOÍQGHHXURV \RXSDLGPHDPLOOLRQHXURV
(VWR\PXHUWRGHDEXUULPLHQWR ,oPERUHGRXWRIP\PLQG
6HQWÇWDQWDYHUJÖHQ]DTXH ,IHOWVRHPEDUUDVVHG,FRXOG
KDYHGLHG
GHVHÃHVWDUPXHUWR
6HPXHUHGHJDQDVGHIXPDU +HoVG\LQJIRUDFLJDUHWWH
XQFLJDUULOOR
1RWHORKDEUÇDDJUDGHFLGRVL +HZRXOGQoWKDYHWKDQNHG\RX
LI\RXKDGGRQHLW
ORKXELHUDVKHFKR
1RVHDVWDQWHVWDUXGR 'RQoWEHVRSLJKHDGHG
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
+DEOHP»VDOWRSRUIDYRU 6SHDNXSSOHDVH
7HQGU»VTXHLQYHQWDUWHXQD <RXoOOKDYHWRPDNHXSDVWRU\
KLVWRULD
/HJXVWDSUHVXPLU +HOLNHVWRVKRZRII
6HUHGXFHDXQDFXHVWLÍQGH ,WERLOVGRZQWRDTXHVWLRQRI
PRQH\
GLQHUR
7HUPLQÃPRVOR\DGHXQDYH] /HWoVJHWLWRYHUZLWK
1DFLÍHQ1RFKHYLHMD +HZDVERUQRQ1HZ<HDUoV(YH
/OHJDPRVD(VWDGRV8QLGRVHO :HDUULYHGLQWKH8QLWHG6WDWHV
GÇDGH$FFLÍQGH*UDFLDV
RQ7KDQNVJLYLQJ'D\
/D1RFKHEXHQDVXHOHVHUXQD &KULVWPDV(YHLVXVXDOO\D
GHFHSFLÍQVLVDOHV
OHWGRZQLI\RXJRRXW
/RVFDWÍOLFRVQRGHEHUÇDQFRPHU&DWKROLFVVKRXOGQoWHDWïVKRQ
SHVFDGRHQ9LHUQHV6DQWR
*RRG)ULGD\
0XFKDJHQWHYDDORV $ORWRISHRSOHJRWR
FHPHQWHULRVHO'ÇDGHWRGRV
FHPHWHULHVRQ$OO6RXOoV'D\
ORV6DQWRV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq
,QWHUURJDWLYR
,GRQoWSODQWREULQJXSWKHVXEMHFW
1RSLHQVRVDFDUHOWHPD
6KDSHXSRUVKLSRXW
|2HQWUDVHQYHUHGDRWHODUJDV
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
<RXoOOKDYHWRPDNHXSDVWRU\
7HQGU»VTXHLQYHQWDUXQDKLVWRULD
7KLQJVDUHVWDUWLQJWRVKDSHXS
/DVFRVDVHVW»QHPSH]DQGRDWRPDUIRUPD
7LHQHQQLHWRV"
7HQHPRVPXFKRWUDEDMR"
7LHQHQFRFKH"
'RQoWJLYHXSQRZ
|1RDEDQGRQHVDKRUD
3HWHUoVFRPHXSZLWKDJRRGLGHD
3HGURKDGDGRXQDEXHQDLGHD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV8QGHU
(OSUHîMRpXQGHUqHVPHQRVFRUULHQWHTXHRWURVSUHîMRVTXHYDPRVDYHUHQHVWDVîFKDV6LQHPEDUJRKD\PXFKDVSDODEUDVLPSRUWDQWHVHQ
LQJOÃVTXHSDUWHQGHHVWHSUHîMR/DVP»VLPSRUWDQWHVHQPLRSLQLÍQVRQORVYHUERVpWRXQGHUHVWLPDWHqpWRXQGHUJRq\pWRXQGHUWDNHq
\ORVDGMHWLYRVpXQGHUSDLGq\pXQGHUVWDIIHGq
8QGHUFORWKHV
8QGHUFRRN
8QGHUFRYHU
8QGHUFXUUHQW
8QGHUFXW
8QGHUGHYHORSHG
8QGHUGRJ
8QGHUHVWLPDWH
8QGHUJR
8QGHUJUDGXDWH
8QGHUJURXQG
8QGHUJURXQG
8QGHUJURXQG
8QGHUJURZWK
8QGHUOLQH
8QGHUOLQH
8QGHUO\LQJ
8QGHUPLQH
8QGHUSDLG
8QGHUSDQWV
+HZRUHWKHVDPHXQGHUFORWKHVIRUWKUHHGD\V
7KHVWHDNLVXQGHUFRRNHG&DQ\RXWDNHLWEDFN"
0D[LVRXUXQGHUFRYHUDJHQWLQWKH%DONDQV
7KHUHZDVDQXQGHUFXUUHQWRIDQJHULQKLVZRUGV
:HFDQXQGHUFXWWKHLUSULFHE\SHUFHQW
&KDGLVFRQVLGHUHGDQXQGHUGHYHORSHGFRXQWU\
,OLNHLWZKHQWKHXQGHUGRJGHIHDWVWKHIDYRULWH
'RQoWXQGHUHVWLPDWHKLVVWUHQJWK
<RXQHHGWRXQGHUJRDVHULHVRIPHGLFDOWHVWV
8QGHUJUDGXDWHVWXGHQWVPXVWOLYHRQFDPSXV
7KHXQGHUJURXQGLQ/RQGRQLVFDOOHGWKHWXEH
+HoVDPHPEHURIDQXQGHUJURXQGRUJDQL]DWLRQ
7KHUHoVDQXQGHUJURXQGFDUSDUNTXLWHQHDUKHUH
7KHUHoVYHU\OLWWOHXQGHUJURZWKLQSLQHIRUHVWV
,ZDQW\RXWRXQGHUOLQHWKHQRXQVLQWKHVHQWHQFH
,ZDQWWRXQGHUOLQHWKHLPSRUWDQFHRIWKLV
7KHXQGHUO\LQJFDXVHLVUHDOO\HQY\
+LVDWWLWXGHLVXQGHUPLQLQJP\DXWKRULW\
,IHHO,oPXQGHUSDLGIRUP\MRE
7KHWRSSDUWRI\RXUXQGHUSDQWVLVVKRZLQJ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(VWDPDËDQDOOHJDURQDODHVWDFLÍQGHVGH'HWURLWEULOODQWHV\QXH
YRVDWDÔGHV'HVGHDOOÇVHU»QHQYLDGRVDORVGLIHUHQWHVFRQFHVLRQDULRV
DOUHGHGRUGHO(VWHGH0LVVLVVLSSL3RUVXSXHVWRORVDUWÇFXORVQR
SUHWHQGHQVHUDWDÔGHVSHURHVRHVORTXHDOJXQRVWHUPLQDU»QVLHQGR
XQDYH]TXHHVWÃQHQPDQRVGHQHJOLJHQWHVFRQGXFWRUHV
8QGHUSDVV
8QGHUSULFHG
8QGHUSULYLOHJHG
8QGHUUDWH
8QGHUVFRUH
8QGHUVFRUH
8QGHUVKLUW
8QGHUVWDIIHG
8QGHUVWDWH
8QGHUVWDWHPHQW
8QGHUWDNH
8QGHUWDNHU
8QGHUWDNLQJ
8QGHUXWLOL]HG
8QGHUYDOXHG
8QGHUZDWHU
8QGHUZHDU
8QGHUZHLJKW
8QGHUZRUOG
7KLVFLW\LVIXOORIRYHUSDVVHVDQGXQGHUSDVVHV
7KHERRNLVXQGHUSULFHGDWHXURV
2XUJURXSKHOSVXQGHUSULYLOHJHGFKLOGUHQ
'RQoWXQGHUUDWHKLVDELOLWLHV
8QGHUVFRUHHYHU\QRXQ\RXîQGLQWKHWH[W
,ZDQWWRXQGHUVFRUHWKHLPSRUWDQFHRIWKLV
+HDOZD\VZHDUVDQXQGHUVKLUWLQZLQWHU
7KHQHZRIîFHLVJURVVO\XQGHUVWDIIHG
<RXoUHXQGHUVWDWLQJWKHLPSRUWDQFHRIWKLV
7KH(QJOLVKDUHIDPRXVIRUXQGHUVWDWHPHQW
:HPXVWXQGHUWDNHDVHULHVRIREOLJDWLRQV
8QGHUWDNHUVHPEDOPDQGEXU\ERGLHV
7KLVSURMHFWLVDQLPSRUWDQWXQGHUWDNLQJ
7KLVFRPSDQ\KDVPDQ\XQGHUXWLOL]HGDVVHWV
7KHLQYHQWRU\LQWKLVFRPSDQ\LVXQGHUYDOXHG
,OLNHWRVZLPXQGHUZDWHU
+HPRGHOVXQGHUZHDUIRUDOLYLQJ
)RUPHKHoVDERXWîYHNLORVXQGHUZHLJKW
$O&DSRQHZDVDPHPEHURIWKHXQGHUZRUOG
VKLQ\QHZFRIîQVMXVWDUULYHGLQWKHWUDLQVWDWLRQIURP'HWURLW
HDUOLHU WRGD\ )URP WKHUH WKH\ ZLOO EH VKLSSHG WR WKH GLIIHUHQW
GHDOHUVKLSV DURXQG HDVWHUQ 0LVVLVVLSSL 2I FRXUVH WKH LWHPV
DUHQRWLQWHQGHGWREHFRIîQVEXWWKDWoVZKDWDIHZRIWKHPZLOO
HQGXSEHLQJRQFHWKH\oUHLQWKHKDQGVRIFDUHOHVVGULYHUV
(VWLPDGRDPLJR\DOXPQR$ODGHUHFKDYHU»VSDODEUDVHQLQJOÃVFX\RVLJQLîFDGR
VHJXUDPHQWHVDEHVRLQWX\HVFRQFDVLWRWDOSUHFLVLÍQ6HWUDWDGHSDODEUDVHQLQJOÃV
TXH SURYLHQHQ GHO ODWÇQ TXH VH XVDQ FRQ FLHUWD IUHFXHQFLD DO KDEODU VREUH WRGR
HQWUHSHUVRQDVFX\ROHQJXDMHHVGHDOWRQLYHO/DVSDODEUDVODVKHH[WUDÇGRGHODV
SULPHUDVS»JLQDVGHODVTXHFRPSRQHQORVWUHVWRPRVGH:HEVWHUoV7KLUG
,QWHUQDWLRQDO 'LFWLRQDU\ +DFLHQGR XQ SHTXHËR F»OFXOR PDWHP»WLFR SRGHPRV
SXHVGHGXFLUTXHKD\I»FLOPHQWHP»VGHPLOSDODEUDVGHXVRFRPÔQHQLQJOÃVTXH
FRQRFHU»VDOLQVWDQWHQDGDP»VYHUODV$OJXQDVWLHQHQXQVLJQLîFDGRGLIHUHQWHTXH
VXSULPRKHUPDQRHVSDËRODTXÃOODVTXHOODPDPRV´IDOVHIULHQGVµSHURODPD\RUÇD
GH ODV PLVPDV VLJQLîFDQ OR PLVPR HQ DPERV LGLRPDV 3RU OR WDQWR \D SXHGHV
DîUPDUTXHVDEHVPLOSDODEUDVHQLQJOÃV$SDUWLUGHHVWDîFKDYR\DLQFOXLUXQD
RGRVFROXPQDVGHSDODEUDVLQJOHVDVGHUDÇ]ODWLQDVREUHWRGRSDUDTXHSXHGDVLU
G»QGRWHFXHQWDGHTXHWXYRFDEXODULRHQPLLGLRPDQRHVHQDEVROXWRSREUHVLQR
EDVWDQWHULFR
5LFKDUG9DXJKDQ
$EGLFDWH
$EGLFDWLRQ
$EHUUDWLRQ
$EROLVK
$EROLWLRQ
$EVWHPLRXV
$IIDEOH
$IîUPDWLRQ
$IîUP
$IîUPDWLYH
$GMDFHQW
$GXODWLRQ
$GXODWH
$GXOWHUDWH
$GYHUVH
$GYHUVLW\
$JUDULDQ
$JURQRP\
$JURQRPLVW
$JJUHJDWH
$JHQF\
$OLHQ
$OWHUFDWLRQ
$OWUXLVW
$OWHU
$OWLPHWHU
$PELJXRXV
$PELHQFH
$PEXODQFH
$PLDEOH
$QJXLVK
$QLPRVLW\
$QQDOV
$QQXDO
$QWLGLOXYLDQ
$QWLTXLW\
$QWLTXDWHG
$QWLTXDU\
$SSUHKHQVLYH
$GDSW
$GDSWDEOH
$GDSWDELOLW\
$GDSWDWLRQ
$SW
$SWLWXGH
$TXHGXFW
$TXLIHU
$UELWUDWLRQ
$UGHQW
$UGXRXV
$ULG
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(OLQYLHUQRHVIUÇR :LQWHULVFROG
(OYHUDQRHVFDOLHQWH 6XPPHULVKRW
(ORWRËRHVYHQWRVR $XWXPQLVZLQG\
/DSULPDYHUDHVKÔPHGD 6SULQJLVZHW
(ODËRHVODUJR 7KH\HDULVORQJ
(VHVH'9'PÇR" ,VWKDW'9'PLQH"
&ÍPRVHGHOHWUHD'9'" +RZGR\RXVSHOO'9'"
(UHVWRQWRGHYHUGDG <RXUHDOO\DUHYHU\VWXSLG
'DPHPLVFRVDV *LYHPHP\WKLQJV
4XLHUHVVHUPLDPLJR" 'R\RXZDQWWREHP\IULHQG"
&RFNURDFK &XFDUDFKD
$QW +RUPLJD
'UDJRQï\ /LEÃOXOD
6SLGHU $UDËD
%HH $EHMD
9RFDEXODULR,QVHFWV ,QVHFWRV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
$TXÃKRUDYDQDOOHJDU" :KDWWLPHDUHWKH\JRLQJWR
DUULYH"
9DQDYHQLUHVWDWDUGH 7KH\DUHFRPLQJWKLV
DIWHUQRRQ
6DEHVVLYDQDWUDHUDOQLËR" 'R\RXNQRZLIWKH\oUH
EULQJLQJWKHEDE\"
/RVDEXHORVYDQDFXLGDUOR 7KHJUDQGSDUHQWVDUHORRNLQJ
DIWHULW
&X»QWRVDËRVWLHQHQVXV +RZROGDUHWKHLUJUDQGSDUHQWV"
DEXHORV"
+HSHUGLGRPLWUHQ ,oYHPLVVHGP\WUDLQ
7HLPSRUWDVLPHTXHGRSRUOD'R\RXPLQGLI,VWD\WKHQLJKW"
QRFKH"
1RFUHRTXHPLVSDGUHVWHGHMHQ ,GRQoWWKLQNP\SDUHQWVZLOO
OHW\RX
1RWLHQHQSRUTXÃVDEHUQDGD 7KH\GRQoWKDYHWRNQRZ
DQ\WKLQJ
7HQGU»VTXHLUWHWHPSUDQR <RXoOOKDYHWROHDYHHDUO\LQ
WKHPRUQLQJ
SRUODPDËDQD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
|'HMDGHVHUWDQSHVLPLVWD 6WRSEHLQJVRSHVVLPLVWLF
3RUTXÃVLHPSUHGLFHVWDQWDV :K\DUH\RXDOZD\VVD\LQJVR
PDQ\QHJDWLYHWKLQJV"
FRVDVQHJDWLYDV"
1RGHEHUÇDVHVFXFKDUWDQWR <RXVKRXOGQoWOLVWHQWRZKDW
RWKHUVVD\VRPXFK
ORTXHGLFHQORVGHP»V
/DYLGDSRGUÇDVHUPXFKR /LIHFRXOGEHPXFKEHWWHULI
\RXEHOLHYHGDOLWWOHPRUHLQ
PHMRUVLFUH\HVHVXQSRFR
\RXUVHOI
P»VHQWLPLVPR
3RUTXÃHVW»VWDQVHJXURGH :K\DUH\RXVRVHOIFRQïGHQW"
WLPLVPR"
7XYRTXHYHUFRQORTXHSDVÍ
HQHOSXEDQRFKH
4XÃWLHQHTXHYHUHVR
FRQPLJR"
7LHQHWRGRTXHYHUFRQWLJR
(OODQRTXLHUHWHQHUQDGDTXH
YHUFRQWLJRDKRUD
3RUTXÃWHQÇDTXHVDOLUDVÇ"
0LGGOH$GYDQFHG
,WKDGWRGRZLWKZKDW
KDSSHQHGDWWKHSXEODVWQLJKW
:KDWGRHVWKDWKDYHWRGR
ZLWKPH"
,WKDVHYHU\WKLQJWRGRZLWK\RX
6KHGRHVQoWZDQWWRKDYH
DQ\WKLQJWRGRZLWK\RXQRZ
:K\GLGLWKDYHWRZRUNRXW
OLNHWKLV"
)RU(QJOLVKVXSHUVWDUVRQO\
6RPRVWRGRVGHWUHLQWD\ :HoUHDOOWKLUW\VRPHWKLQJV
WDQWRV
(OODWLHQHFXDUHQWD\SRFRV 6KHoVLQKHUHDUO\IRUWLHV
£OHVW»HQYHLQWLWDQWRV +HoVLQKLVPLGWZHQWLHV
7LHQHQVHVHQWD\PXFKRV 7KH\oUHLQWKHLUODWHVL[WLHV
6HHVW»QKDFLHQGRYLHMRV 7KH\oUHJHWWLQJROG
£OVÍOROHHORVSHULÍGLFRVGH +HRQO\UHDGVWKH(QJOLVK
JUDQIRUPDWR
EURDGVKHHWV
0LKHUPDQDGHYRUDODSUHQVD 0\VLVWHUGHYRXUVWKHWDEORLGV
DPDULOOD
+D\DOJXQDGLIHUHQFLDHQWUH ,VWKHUHDQ\GLIIHUHQFH
ODSUHQVDVHQVDFLRQDOLVWD\OD EHWZHHQWKHVHQVDWLRQDOLVW
SUHQVDDPDULOOD"
SUHVVDQGWKHWDEORLGV"
1RWHQÃLVUHYLVWDVDQRGLQDV 'RQoW\RXKDYHEODQGFHOHEULW\
GHFHOHEULGDGHV"
PDJD]LQHV"
7HQHPRVH[DFWDPHQWHODPLVPD:HKDYHH[DFWO\WKHVDPH
ED]RîDTXHYRVRWURVDTXÇ
PXFNDV\RXGRKHUH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq
6KRXOG
+ROGXSWKHWURSK\IRUXVWRVHH
/HYDQWDHOWURIHRSDUDTXHORYHDPRV
,ZDVKHOGXSLQWUDIîF
(VWXYHUHWHQLGRHQXQDWDVFR
+ROG\RXKHDGXSZKHQ\RXZDON
$QGDFRQODFDEH]DDOWD
<RXoUHKROGLQJXSSURJUHVVRQWKHSURMHFW
(VW»VHQWRUSHFLHQGRHOSURJUHVRGHO
SUR\HFWR
7KHSLOODUVKROGXSWKHURRI
/RVSLODUHVVRSRUWDQHOWHMDGR
7KHUREEHUVKHOGXSWKHEDQN
/RVODGURQHVDWUDFDURQHOEDQFR
3UHî[HV,Q
,QDELOLW\
,QDFFHVVLEOH
,QDFFXUDF\
,QDFFXUDWH
,QDGHTXDWH
,QDGYHUWHQWO\
,QDSSURSULDWH
,QDXJXUDWH
,QDXJXUDWLRQ
,QERXQG
,QFDOFXODEOH
,QFDSDEOH
,QFDSDFLWDWH
,QFRKHUHQW
,QFRPLQJ
,QFRPSDWLEOH
,QFRPSHWHQFH
,QFRPSHWHQW
,QFRPSOHWH
+HH[KLELWVDFOHDULQDELOLW\WRFRRSHUDWH
7KHSXEOLFDWLRQLVLQDFFHVVLEOHWRQRQPHPEHUV
7KHUHZHUHDORWRILQDFFXUDFLHVLQWKHDUWLFOH
<RXUYHUVLRQRIZKDWKDSSHQHGLVLQDFFXUDWH
7KHPRQH\\RXRIIHUHGZDVWRWDOO\LQDGHTXDWH
,LQDGYHUWHQWO\VWHSSHGRQWKH.LQJoVIRRW
<RXUEHKDYLRUZDVLQDSSURSULDWHIRUWKHRFFDVLRQ
7KHSUHVLGHQWLQDXJXUDWHGWKHQHZPRWRUZD\
$OOWKHPLQLVWHUVDWWHQGHGWKHLQDXJXUDWLRQ
$OOLQERXQGïLJKWVWR2SRUWRZHUHUHURXWHGWR9LJR
7KHORVVHVZHUHLQFDOFXODEOH
+HoVLQFDSDEOHRIVKRXWLQJDWDVXERUGLQDWH
7KHDFFLGHQWLQFDSDFLWDWHGKLPIRUWKUHHPRQWKV
+LVîQDOZRUGVZHUHLQFRKHUHQW
,QFRPLQJFDOOVZLOOEHWUDQVIHUUHGWRDFDOOFHQWHU
7KHMRELVLQFRPSDWLEOHZLWKP\FXUUHQWSRVLWLRQ
7KHLULQFRPSHWHQFHZDVFOHDUWRHYHU\RQH
+RZFDQVRPHRQHEHVRLQFRPSHWHQW"
7KHFRPSRVLWLRQ\RXZURWHLVVWLOOLQFRPSOHWH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7XFRUEDWDQRYDDMXHJRFRQWXWUDMH'HEHUÇDVEXVFDUTXLHQWH
D\XGH FXDQGR YDV D FRPSUDU URSD $\HU R DQWHD\HU OOHYDVWH XQ
FLQWXUÍQ PDUUÍQ \ FDOFHWLQHV PDUURQHV FRQ XQ WUDMH D]XO FODUR
0ÇUDWHHQHOHVSHMRSRUXQPRPHQWR7LHQHVTXHDGPLWLUTXHKD\
DOJRPDO
,JXDOTXHpPXVWqOHVLJXHHOYHUERE»VLFR
LQîQLWLYRVLQpWRq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'HEHUÇDVLUDOGHQWLVWD
'HEHUÇDVLUDOPÃGLFR
'HEHUÇDVLUDORFXOLVWD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,QFRPSUHKHQVLEOH
,QFRQFHLYDEOH
,QFRQFOXVLYH
,QFRQVLGHUDWH
,QFRQVLVWHQW
,QFRQVSLFXRXV
,QFRQYHQLHQW
,QFRQYHQLHQFH
,QFRQYHQLHQFH
,QFRUUHFW
,QFRUULJLEOH
,QFUHGLEOH
,QFXUDEOH
,QGHFHQW
,QGHFLSKHUDEOH
,QGHFLVLRQ
,QGHFLVLYH
,QGHIHQVLEOH
,QGHîQLWH
+LVEHKDYLRUZDVLQFRPSUHKHQVLEOH
,WoVLQFRQFHLYDEOHWKDWKHUHIXVHVGWKHRIIHU
7KHSUHOLPLQDU\UHVXOWVZHUHLQFRQFOXVLYH
7KDWZDVLQFRQVLGHUDWHRIKLPWRVD\WKDW
+LVFRQGXFWLVLQFRQVLVWHQWZLWKKLVEHOLHIV
,PDGHP\VHOILQFRQVSLFXRXVLQWKHFURZG
,WoVLQFRQYHQLHQWIRUPHWRJRWKHUHQRZ
,oPUHDOO\VRUU\IRUWKHLQFRQYHQLHQFH
'RHVWKLVFKDQJHLQFRQYHQLHQFH\RX"
1LQHRXWRIWHQDQVZHUVZHUHLQFRUUHFW
+LVEHKDYLRULVLQFRUULJLEOH
,FDQoWEHOLHYHLW,WoVVLPSO\LQFUHGLEOH
<RXoYHFRQWUDFWHGDQLQFXUDEOHGLVHDVH
+HXVHGLQGHFHQWODQJXDJHLQWKHPHHWLQJ
+LVKDQGZULWLQJLVLQGHFLSKHUDEOH
+LVLQGHFLVLRQLVGULYLQJPHFUD]\
<RXFDQoWEHLQGHFLVLYHLQWKLVNLQGRIMRE
<RXUSRVLWLRQLVLQGHIHQVLEOH
&RQVLGHU\RXUFXUUHQWVLWXDWLRQLQGHîQLWH
<RXUWLHGRHVQoWPDWFK\RXUVXLW<RXVKRXOGKDYHVRPHRQHKHOS
\RXRXWZKHQ\RXVKRSIRUFORWKHV<HVWHUGD\RU WKHGD\EHIRUH
\HVWHUGD\ \RX ZRUH D EURZQ EHOW DQG EURZQ VRFNV ZLWK D OLJKW
EOXHVXLW/RRNDW\RXUVHOILQWKHPLUURUIRUDVHFRQG<RXKDYHWR
DGPLWWKDWVRPHWKLQJoVZURQJ
5LFKDUG9DXJKDQ
(VWLPDGRDPLJR\DOXPQR+DFHSRFRXQR\HQWHGH9DXJKDQ5DGLRPHSUHJXQWÍVLHOVLVWHPDHGXFDWLYRHVSDËRO
0»VSDODEUDVLQJOHVDV
HVWDEDSRQLHQGRORVPHGLRVDGHFXDGRVSDUDUHVROYHUODFDUHQFLDTXHH[LVWHHQHOSDÇVFRQUHVSHFWRDOLQJOÃV
GHUDÇ]ODWLQD
0LUHVSXHVWDIXHTXHQR3HURODFXHVWLÍQQRWLHQHTXHYHUFRQORVPHGLRVHFRQÍPLFRVVLQRP»VELHQFRQORV
PHGLRVKXPDQRV\ODHVWUDWHJLDSHGDJÍJLFD/DYR]QDWLYDWLHQHTXHLPSHUDUVLHPSUHGHVGHODHVFXHODLQIDQWLO $UPDGD
$XJXVW
KDVWDHOÔOWLPRDËRGHFDUUHUDXQLYHUVLWDULD6HJXQGRKD\TXHYROFDUWRGDODHQHUJÇDHQODFDOLGDG\VDWLVIDFFLÍQ $UPLVWLFH
$XVSLFHV
$XVWHUH
$UDEOH
GHO SURIHVRUDGR \ HQ HOLPLQDU WUDEDV EXURFU»WLFDV (O SURIHVRU VLHPSUH GHEH VHU HO FHQWUR GHO XQLYHUVR HQ OD
$XVWHULW\
HQVHËDQ]D8QSURIHVRUH[FHOHQWHDPDQWHGHVXHVSHFLDOLGDGWUDQVPLWHDVXVDOXPQRVFRQWDQWDSDVLÍQTXH $UWLVDQ
$X[LOLDU\
ÃVWRVVHHQDPRUDQGHODWHP»WLFDHQFXHVWLÍQ\ODDFDEDQGHYRUDQGR&XDQGRHVWRSDVDHOSURIHVRUGHMDGHVHU $UWLFXODWH
$YDULFH
SURIHVRU\FRPLHQ]DDVHUORÔQLFRTXHGHEHVHUXQFDWDOL]DGRUGHODSUHQGL]DMH(OTXHDSUHQGHHVHODOXPQR $UWLFXODWLRQ
\ODODERUGHOSURIHVRUHVFRQYHUWLUDÃVWHHQVXFÍPSOLFH/DÔQLFDIRUPDHQTXHHOSURIHVRUSXHGHPRGLîFDU $VFHQGHQF\ %HOOLJHUHQW
%HOOLJHUHQFH
UDGLFDOPHQWHODWUD\HFWRULDGHDSUHQGL]DMHHVKDFLHQGRTXHODVFODVHVVHDQWDQLQWHUHVDQWHVSDUDTXHORVDOXPQRV $VWXWH
(PEHOOLVK
VDOJDQGHODFODVHGLFLHQGR´£FRPRPRODHOQXHYRSURIHµ£VWHHVHOÔQLFREDUHPRGHPHGLFLÍQGHODFDOLGDGGHXQ $VWXWHQHVV
$WURFLW\
%HQHGLFWLRQ
SURIHVRU(OWHPDP»VDEXUULGRHQDSDULHQFLDVHKDFHLQWHUHVDQWHHQPDQRVGHXQEXHQSURIHVRU\DODLQYHUVD
$WURFLRXV
%HQHIDFWRU
ORP»VSRWHQFLDOPHQWHIDVFLQDQWHVHKDFHDEXUULGR\DQRGLQRHQPDQRVGHXQSURIHVRUGHOPRQWÍQ3RUWDQWR $WWHQWXDWH %HQHîFLDU\
VÍORSLGRGRVFRVDVDOVLVWHPDHGXFDWLYR ODSUHVHQFLDFRQWLQXDGHODYR]QDWLYD\ SURIHVRUHVFDSDFHVGH $XWKRU
%HQHYROHQW
DFWLYDUSDVLRQHVSRUHOLQJOÃV/RSULPHURHVSRVLEOH/RVHJXQGRSXHGHSDUHFHUGLIÇFLOSHURXQEXHQSURIHVLRQDO $XWKRUL]H %HQHYROHQFH
GHODEÔVTXHGD\VHOHFFLÍQVDEHGÍQGHHQFRQWUDUSHUîOHVHQOÇQHDFRQORTXHUHFRPLHQGR(OR\HQWHGHUDGLR $XWKRUL]DWLRQ
%HQLJQ
WDPELÃQPHSUHJXQWÍVLORVHVSDËROHVWHQÇDQPXFKDYHUJÖHQ]DDODKRUDGHKDEODULQJOÃV6Ç\QR7RGRVWHQHPRV $XWKRUL]HG
%HQHîFLDO
YHUJÖHQ]DHLQVHJXULGDGFXDQGRSLVDPRVWHUUHQRUHVEDODGL]RGRQGHQRFRQWURODPRVHOHQWRUQR(VODQDWXUDOH]D $XWKRULWDULDQ %HQHîFLDU\
%HQHîW
KXPDQD3HURWDPELÃQKHFRQVWDWDGRHQPLVDËRVHQHVWHSDÇVTXHHOHVSDËROPHGLRVXIUHXQDDYHUVLÍQDO $XGDFLRXV
%RQDQ]D
$XGLW
ULHVJRVXSHULRUDSHUVRQDVGHRWUDVQDFLRQDOLGDGHVTXHFRQR]FR3RUHVWRVHSURGXFHQPHQRVHPSUHGHQGRUHV\
%RQERQ
HPSUHVDULRVHQ(VSDËDTXHHQRWUDVODWLWXGHV+D\JUDQGÇVLPDVH[FHSFLRQHVDHVWRSHURODDYHUVLÍQDOULHVJRVH $XGLWRU
%RYLQH
$XGLWRULXP
SDOSDDTXÇ(QHOIRQGRHQFXHQWURDOHVSDËROPX\FRQVHUYDGRUHQVXIRUPDGHHQIRFDUODYLGD
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(OOXQHVHVW»DQWHVTXHHOPDUWHV0RQGD\LVEHIRUH7XHVGD\
(OMXHYHVHVW»GHVSXÃVTXHHO 7KXUVGD\LVDIWHU:HGQHVGD\
PLÃUFROHV
(OV»EDGRHVW»HQWUHHOYLHUQHV 6DWXUGD\LVEHWZHHQ)ULGD\DQG
\HOGRPLQJR
6XQGD\
4XÃGÇDHVW»DQWHVGHOMXHYHV":KDWGD\LVEHIRUH7KXUVGD\"
4XÃGÇDHVW»GHVSXÃVGHO :KDWGD\LVDIWHU7XHVGD\"
PDUWHV"
/DTXLHUR ,ORYHKHU
3RUTXÃODTXLHUHV" :K\GR\RXORYHKHU"
3RUTXHHVJXDSDULFDH %HFDXVHVKHoVSUHWW\ULFKDQG
LQWHOLJHQWH
LQWHOOLJHQW
<HOODWHTXLHUHDWL" $QGGRHVVKHORYH\RX"
(VSHURTXHVÇ ,KRSHVR
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
£OHVW»HQVHËDQGRVXFDUQÃGH +HoVVKRZLQJWKHSROLFHPDQ
LGHQWLGDGDOSROLFÇD
KLV,'FDUG
6HORHVW»HQVHËDQGR DÃO +HoVVKRZLQJLWWRKLP
(OODOHGLRHOLQIRUPHDVXMHID 6KHJDYHKHUERVVWKHUHSRUW
D\HU
\HVWHUGD\
6HORGLRD\HU DHOOD 6KHJDYHLWWRKHU\HVWHUGD\
$TXLÃQVHORGLR" :KRGLGVKHJLYHLWWR"
&X»QGRQRVYHUHPRVGHQXHYR" :KHQZLOOZHVHHHDFKRWKHU
DJDLQ"
'HMDGHKDEODUFRQWLJRPLVPR 6WRSWDONLQJWR\RXUVHOI
6HTXLHUHQ 7KH\ORYHHDFKRWKHU
(VW»HQDPRUDGRGHVÇPLVPR +HoVLQORYHZLWKKLPVHOI
6HFRQRFHQ" 'RWKH\NQRZHDFKRWKHU"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
'ÍQGHHVW»ODSXHUWDGH :KHUHoVWKHERDUGLQJJDWH"
HPEDUTXH"
$TXÃKRUDGHVSHJDHODYLÍQ" :KDWWLPHGRHVWKHSODQHWDNH
RII"
|9DPRVDHFKDUXQYLVWD]RDODV/HWoVKDYHDORRNDWWKHVFUHHQV
SDQWDOODV
<FX»QGRDWHUUL]D" $QGZKHQGRHVLWODQG"
$EUÍFKHQVHORVFLQWXURQHVGH )DVWHQ\RXUVDIHW\EHOWV
VHJXULGDGSRUIDYRU
SOHDVH
4XÃHVXQIDOVRDPLJR" :KDWoVDIDOVHIULHQG"
(VDOJXLHQTXHîQJHVHUWX,WoVVRPHRQHZKRSUHWHQGVWR
DPLJRSHURHQUHDOLGDGQRORHV EH\RXUIULHQGEXWLQIDFWLVQoW
4XHUÇDGHFLUOLQJÖÇVWLFDPHQWH ,PHDQWOLQJXLVWLFDOO\VSHDNLQJ
KDEODQGR
(VXQDSDODEUDTXHVHSDUHFHD ,WoVDZRUGWKDWORRNVOLNHRQH
XQDHQWXLGLRPDSHURTXHWLHQH LQ\RXUODQJXDJHEXWKDVD
XQVLJQLîFDGRGLIHUHQWH
GLIIHUHQWPHDQLQJ
6RQSDODEUDVHQJDËRVDV 7KH\oUHGHFHLWIXOZRUGV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
4XÃVHU»VHU»f :KDWZLOOEHZLOOEHf
3DVHORTXHSDVH &RPHZKDWPD\
|7UDQTXLOR 7DNHLWHDV\
|&XLGDGR :DWFKRXW
|(VSHUD +ROGXS
3RUTXÃWHHVW»VHQFRJLHQGR :K\DUH\RXVKUXJJLQJ\RXU
GHKRPEURV"
VKRXOGHUV"
|1RPHIUXQ]DVHOFHËR 'RQoWIURZQDWPH
6LHPSUHKDFHSXFKHURVFRPR +HDOZD\VSRXWVOLNHDVSRLOW
XQQLËRPLPDGR
FKLOG
9HRTXHHVW»VUDVF»QGRWHOD ,VHH\RXoUHWZLGGOLQJ\RXU
EDUULJDFRPRVLHPSUH
WKXPEVDVXVXDO
6DOXGDFRQODPDQRFRPRVL 6KHZDYHVDVLIVKHZHUHWKH
IXHUDODUHLQDGH,QJODWHUUD
4XHHQRI(QJODQG
5RXQGDERXW 7LRYLYR
6ZLQJV &ROXPSLRV
6OLGH 7RERJ»Q
6HHVDZ 6XELEDMD
0RQNH\%DUV 3DUDOHODV
9RFDEXODULR3OD\JURXQG 3DWLRGHUHFUHR
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq
3KUDVDO9HUE7RWXUQXS
&DQ\RXWXUQXSWKHYROXPH"
3XHGHVVXELUHOYROXPHQ"
&RXOG\RXVSHDNXSSOHDVH"
3RGUÇD9GKDEODUP»VDOWRSRUIDYRU"
7KHVN\KDVîQDOO\FOHDUHGXS
(OFLHORSRUîQVHKDGHVSHMDGR
:RXOGHYHU\ERG\SOHDVHVWDQGXS"
3ÍQJDQVHWRGRVHQSLHSRUIDYRU
,oOOFOHDULWXSIRU\RX
7HORDFODUDUÃ
<RXVKRXOGVWDQGXSIRU\RXUULJKWV
'HEHUÇDVGHIHQGHUWXVGHUHFKRV
3UHî[HV,Q
,QGHSHQGHQW
,QGHSHQGHQFH
,QGHVFULEDEOH
,QGHVWUXFWLEOH
,QGLIIHUHQW
,QGLIIHUHQFH
,QGLJHVWLRQ
,QGLUHFW
,QGLVFUHHW
,QGLVSHQVDEOH
,QGLVSRVHG
,QGLVSXWDEOH
,QGLVWLQFWO\
,QGRRU
,QGRRUV
,QHGLEOH
,QHIIHFWLYH
,QHIîFLHQW
,QHYLWDEOH
:HOLYHLQDQLQGHSHQGHQWFRXQWU\
:HZRQRXULQGHSHQGHQFHDIWHUDORQJVWUXJJOH
7KHïDYRXURIWKHLFHFUHDPZDVLQGHVFULEDEOH
2XUQHZDLUFUDIWFDUULHULVLQGHVWUXFWLEOH
+HLVWRWDOO\LQGLIIHUHQWWRRXUIDWH
7KHRSSRVLWHRIORYHLVQRWKDWHEXWLQGLIIHUHQFH
7DNHWKLVEOXHSLOOLI\RXVXIIHULQGLJHVWLRQ
<RXoUHXVLQJDQLQGLUHFWZD\WRJHWZKDW\RXZDQW
<RXPXVWQoWEHLQGLVFUHHWFRQFHUQLQJWKLVPDWWHU
1RERG\LVLQGLVSHQVDEOH
6KHZDVIHHOLQJLQGLVSRVHGDQGGHFLGHGWRJRKRPH
+HoVWKHLQGLVSXWDEOHOHDGHURIWKHJDQJ
<RXFDQXVHWKHPLQGLVWLQFWO\
,SUHIHULQGRRUVSRUWVWRRXWGRRUVSRUWV
7KHZHDWKHUZDVVRFROGWKDWZHVWD\HGLQGRRUV
7KLVIRRGLVLQHGLEOH
<RXUQHZWDFWLFVVHHPWREHWRWDOO\LQHIIHFWLYH
.LOOLQJïLHVZLWKFDQQRQVLVUDWKHULQHIîFLHQW
+LVUHDFWLRQZDVLQHYLWDEOHJLYHQWKHVLWXDWLRQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7H LPSRUWDUÇD EDMDU XQ SRFR OD FDOHIDFFLÍQ" +DFH PXFKR FDORU
DTXÇGHQWURSRUORPHQRVHQHVWD]RQDGHODRîFLQD+HSHGLGRDOD
HPSUHVDTXHPDQGHQXQWÃFQLFRSDUDUHYLVDUWRGRHOVLVWHPDSHUR
QRSDUHFHQVHUPX\HîFLHQWHVHQFXPSOLPHQWDUODVVROLFLWXGHVGH
VHUYLFLR5HDOPHQWHFUHRTXHHVXQSUREOHPDGHGLVHËR\TXHQR
KD\XQDIRUPDGHVROXFLRQDUORVLQJDVWDUQRVPXFKRGLQHUR/DGLV
WULEXFLÍQGHORVFRQGXFWRVGHODLUHHVFRPSOHWDPHQWHLOÍJLFD
6LJQLîFDpOOHJDUq6HXWLOL]DSDUDSHUVRQDV
TXHOOHJDQWDUGHRTXHOOHJDQGHIRUPD
LQHVSHUDGD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
$TXÃKRUDOOHJÍ"
1ROOHJÍKDVWDODVVHLV
/OHJÍDWLHPSR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,QH[DFW
,QH[SHQVLYH
,QH[SHULHQFHG
,QH[SOLFDEOH
,QIDOOLEOH
,QIDPRXV
,QîGHOLW\
,QîJKWLQJ
,QîQLWH
,QïH[LEOH
,QïRZ
,QIRUPDO
,QIUHTXHQW
,QJUDWLWXGH
,QKRVSLWDEOH
,QKXPDQH
,QODQG
,QRSSRUWXQH
,QRUJDQLF
7KHLQIRUPDWLRQ\RXSURYLGHLVLQH[DFW
:HQHHGWRîQGDQLQH[SHQVLYHVROXWLRQ
+HoVWRRLQH[SHULHQFHGWRKDQGOHWKHMRE
+LVEHKDYLRXULVWRWDOO\LQH[SOLFDEOH
7KH3RSHoVLQWHUSUHWDWLRQLVLQIDOOLEOH
+LVWHPSHULVLQIDPRXV
,QîGHOLW\LVDFRPPRQFDXVHIRUGLYRUFH
7KHUHoVDORWLQLQîJKWLQJLQWKDWFRPSDQ\
7KHSRVVLELOLWLHVDUHLQîQLWH
:HDUHLQïH[LEOHRQWKLVSRLQW
7KHLQïRZRIPRQH\LVFRQWLQXRXV
+HJDYHDQLQIRUPDOWDONRQWKHPDWWHU
7KHVHNLQGVRIRXWFRPHVDUHLQIUHTXHQW
,FDQoWEHOLHYHWKHH[WHQWRIKLVLQJUDWLWXGH
,IRXQGWKH5RPDQVTXLWHLQKRVSLWDEOH
7KH\UHFHLYHGLQKXPDQHWUHDWPHQW
7KHVKLSZDVIRXQGNLORPHWUHVLQODQG
<RXUUHTXHVWFDPHDWLQLQRSSRUWXQHWLPH
,QRUJDQLFPDWWHUH[KLELWVQRIHHOLQJV
:RXOG \RX PLQG WXUQLQJ GRZQ WKH KHDW D ELW" ,WoV UHDOO\ KRW LQ
KHUH DW OHDVW LQ WKLV DUHD RI WKH RIîFH ,oYH DVNHG WKH FRPSDQ\
WRVHQGDWHFKQLFLDQWRORRNDWWKHHQWLUHV\VWHPEXWWKH\GRQoW
VHHP WR EH YHU\ HIîFLHQW LQ îOOLQJ WKHLU VHUYLFH RUGHUV , UHDOO\
WKLQNV LWoV D GHVLJQ SUREOHP DQG WKHUHoV QR ZD\ ZH FDQ î[ WKDW
ZLWKRXWVSHQGLQJDORWRIPRQH\7KHGLVWULEXWLRQRIWKHDLUGXFWV
LVFRPSOHWHO\LOORJLFDO
(VWLPDGRDPLJR\DOXPQR6LJUDEDVHVKRUDVGHFRQYHUVDFLÍQHQWUHGRVQDWLYRVGHKDEODLQJOHVD\GHVSXÃV
WUDQVFULELHVHV HQ SDSHO HVDV PLVPDV KRUDV GH FRQYHUVDFLÍQ \ îQDOPHQWH VXEUD\DVHV FDGD YHUER FRQMXJDGR
TXHDSDUHFHHQODWUDQVFULSFLÍQYHUÇDVTXHGHODVSDODEUDVSURQXQFLDGDVXQDVVHUÇDQYHUERV
FRQMXJDGRV 'H HVRV YHUERV VHUÇDQ DOJXQD IRUPD GHO YHUER pWR EHq RWURV VHUÇDQ DOJÔQ
GHULYDGRGHOYHUERpWRJRqRWURVDOJXQDIRUPDGHOYHUERpWRKDYHq\RWURVGHOYHUERpWRGRq6LPH
DSXUDVHOGHWRGDVODVLQFLGHQFLDVGHYHUERHQODVKRUDVGHFRQYHUVDFLÍQHQWUHORVGRVDQJORSDUODQWHVHQ
FXHVWLÍQVHUÇDQGHULYDGRVGHORVYHUERVTXHîJXUDQHQODVLJXLHQWHOLVWD
7REH
7RJR
7RKDYH
7RGR
7RZDQW
7RNQRZ
7RPDNH
7RVD\
7RWHOO
7RVHH
+DFHXQRVPHVHVXQDOXPQRPHSUHJXQWÍSRUODGLIHUHQFLDHQWUHpWRERWKHUq\pWRDQQR\q/HUHVSRQGÇTXHDPERV
YHUERVVLJQLîFDQpPROHVWDUqSHURTXHKD\OLJHURVPDWLFHVGHGLIHUHQFLDHQDOJXQRVFDVRVFRQFUHWRV'HVSXÃVPH
SXVHDSHQVDUXQSRFRSDUDVDFDUXQHMHPSOR\DFDEÃGLFLÃQGROH$GHFLUYHUGDGQRVÃFX»OHVODGLIHUHQFLDHQWUH
ORVGRVYHUERV/RTXHVÇVÃHVTXHXVRHOYHUERpWRERWKHUqTXL]»VXQDYH]SRUVHPDQD\XVDUÃHOYHUERpWRDQQR\q
XQDYH]FDGDGRVPHVHV$KRUDELHQXVRDOJXQDIRUPDGHOYHUERpWREHqVHLVYHFHVSRUPLQXWR3RUWDQWRQRWH
PROHVWHVHQDSUHQGHUODGLIHUHQFLDSHURDVHJÔUDWHGHWHQHUXQGRPLQLRE»UEDURGHOYHUERpWREHqHQSUHVHQWH
SDVDGR\IXWXUR\HQDîUPDWLYRQHJDWLYRHLQWHUURJDWLYR&RQRFHUORVPDWLFHVHQWUHYRFDEXODULRGHXVRSXQWXDOHV
XQDSÃUGLGDGHWLHPSRVLXQRGHDQWHPDQRQRSRVHH\DXQDDJLOLGDGDFWLYDWRWDOFRQORVGLH]YHUERVTXHDFDERGH
5LFKDUG9DXJKDQ
PHQFLRQDU
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
&DQGLG
%UHYLW\
&DQGRU
%ULHI
&DQLQH
%XFROLF
(PDQFLSDWH
&DGHQFH
&DVFDGH (PDQFLSDWLRQ
'HFDGHQFH ,QFDSDFLWDWH
'HFDGHQW ,QFDSDFLWDWHG
,QFDSDFLW\
,QFLGHQW
3UHFHSW
,QFLGHQWDO
&DSLWDO
2FFLGHQW
&DSLWDOLVP
2FFLGHQWDO
&DSLWXODWLRQ
&RQFLVH
&DSLWDOLVWLF
&RQFLVLRQ
5HFDSLWXODWH
,QFLVLYH
,QFLVLRQ 5HFDSLWXODWLRQ
,QFDUFHUDWH
&HOHVWLDO
&DODPLWRXV &DUQLYRURXV
&DUQLYRUH
&DODPLW\
&DUQLYDO
&DOXPQ\
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VGLIÇFLO" ,VLWGLIïFXOW"
1RQRORHV(VI»FLO 1RLWLVQoW,WoVHDV\
6RQFDURV" $UHWKH\H[SHQVLYH"
1RQRORVRQ6RQEDUDWRV 1RWKH\DUHQoW7KH\oUHFKHDS
3RUTXÃVRQEDUDWRV" :K\DUHWKH\FKHDS"
+D\XQEDQFRFHUFDGHDTXÇ" ,VWKHUHDEDQNQHDUKHUH"
+D\PXFKRVEDQFRVOHMRVGH 7KHUHDUHPDQ\EDQNVIDUIURP
KHUH
DTXÇ
&X»QWDVKDELWDFLRQHVKD\HQ +RZPDQ\EHGURRPVDUHWKHUH
LQ\RXUKRXVH"
WXFDVD"
6ÍORKD\XQD 7KHUHLVRQO\RQH
&RQTXLÃQYLYHV" :KRGR\RXOLYHZLWK"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&RQTXÃIUHFXHQFLDOHVYHV" +RZRIWHQGR\RXVHHWKHP"
1XQFDOHVYHR ,QHYHUVHHWKHP
&X»QGRIXHODÔOWLPDYH]TXH:KHQZDVWKHODVWWLPH\RX
VSRNHWRWKHP"
KDEODVWHFRQHOORV"
/DÔOWLPDYH]TXHPHKDEODURQ7KHODVWWLPHWKH\VSRNHWRPH
ZDVZKHQ,ZDVHOHYHQ
IXHFXDQGRWHQÇDRQFHDËRV
9LQLHURQDPLîHVWDGH 7KH\FDPHWRP\ELUWKGD\
SDUW\
FXPSOHDËRV
7DQWR-RKQFRPR6DUDKKDEODQ%RWK-RKQDQG6DUDKVSHDN
*HUPDQ
DOHP»Q
(OODQLEDLODQLFDQWDPX\ELHQ 6KHQHLWKHUGDQFHVQRUVLQJV
YHU\ZHOO
3RGUÇDPRVLURELHQDXQ :HFRXOGJRWRHLWKHUDQ
,WDOLDQUHVWDXUDQWRUDQ,QGLDQ
UHVWDXUDQWHLWDOLDQRRELHQD
RQH
XQRKLQGÔ
$SDUWHGHVHUHVFULWRUDHOODHV $VZHOODVEHLQJDZULWHUVKHoV
DSURIHVVLRQDOPXVLFLDQ
PÔVLFRSURIHVLRQDO
1RVPDUFKDUHPRVHQFXDQWR :HoOOOHDYHDVVRRQDVWKH\
DUULYH
OOHJXHQ
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
|(OGRORUGHFDEH]DPHHVW» 0\KHDGDFKHLVNLOOLQJPH
PDWDQGR
'HEHUÇDVLUDOPÃGLFR <RXVKRXOGJRWRWKHGRFWRU
0HSXHGHVFRJHUXQDFLWD" &DQ\RXJHWDQDSSRLQWPHQW
IRUPH"
5HFXÃUGDPHTXHORKDJD 5HPLQGPHWRGRLWODWHU
GHVSXÃV
6LQRWHLPSRUWDSXHGHV ,I\RXGRQoWPLQGFDQ\RXGR
LWQRZ"
KDFHUORDKRUD"
2MDO»QRORVKXELHUDVLQYLWDGR ,ZLVK\RXKDGQoWLQYLWHGWKHP
|'HKDEHUORVDELGR ,IRQO\,KDGNQRZQ
2MDO»QRIXHUDVWDQWHUFR ,ZLVK\RXZHUHQoWVRVWXEERUQ
2MDO»WXYLHUDRFKREUD]RV ,IRQO\,KDGHLJKWDUPVOLNHDQ
RFWRSXV
FRPRXQSXOSR
7HQGUÇDXQDVSHFWRXQSRFR <RXoGORRNDOLWWOHVWUDQJH
ZRXOGQoW\RX"
UDURQR"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
&X»QWRKDFHTXHQRGRQDV +RZORQJKDVLWEHHQVLQFH\RX
VDQJUH"
GRQDWHGEORRG"
1XQFDKHSRGLGRGRQDUVDQJUH,oYHQHYHUEHHQDEOHWRGRQDWH
HQ(VSDËDSRUVHULQJOÃV
EORRGLQ6SDLQEHFDXVH,oP
(QJOLVK
(VRHVXQSRFRUDFLVWDQR" 7KDWoVVRPHZKDWUDFLVWLVQoWLW"
1RWLHQHQDGDTXHYHUFRQ ,WKDVQRWKLQJWRGRZLWK
UDFLVPR
UDFLVP
(VXQDPHGLGDGHVHJXULGDG ,WoVDVDIHW\PHDVXUHDJDLQVW
FRQWUDORVSUREOHPDVFDXVDGRVSRU WKHSUREOHPVFDXVHGE\0DG
ODHQIHUPHGDGGHODVYDFDVORFDV &RZoV'LVHDVH
+D\TXHDFRUWDUHVWRV 7KHVHWURXVHUVQHHGWDNLQJXS
SDQWDORQHV
3RGUÇDVDODUJDUODVPDQJDV &RXOG\RXOHQJWKHQWKHVOHHYHV
SRUIDYRU"
SOHDVH"
7HQGUÃTXHPHGLUWXFLQWXUD ,oOOKDYHWRPHDVXUH\RXUZDLVW
/HJXVWDUÇDQXQRVJHPHORV :RXOG\RXOLNHVRPHFXIðLQNV
SDUDHVDFDPLVD"
IRUWKDWVKLUW"
(VXQDFHQDGHHWLTXHWD ,WoVDEODFNWLHGLQQHU
%URDFK %URFKH
5LQJ $QLOOR
(DUULQJ 3HQGLHQWH
%UDFHOHW 3XOVHUD
1HFNODFH &ROODU
9RFDEXODULR-HZHOU\ -R\DV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq
2XJKW
,oPJRLQJWRSXWP\ïDWXSIRUVDOH ,oPVDYLQJXSIRUDQHZFDU
9R\DSRQHUPLSLVRHQYHQWD
(VWR\DKRUUDQGRSDUDXQFRFKHQXHYR
:KRSXWXSWKHFXUWDLQV"
4XLÃQFROJÍODVFRUWLQDV"
'RQoWZRUU\:HFDQSXW\RXXS
'HVFXLGD3XHGHGRUPLUHQQXHVWUDFDVD
:KDWoVXS"
4XÃKD\"
:K\GRQoW\RXWDNHXSFKHVV"
3RUTXÃQRDSUHQGHVDMHGUH]FRPRKREE\"
3DUHFLGRDp'R\RXWKLQN"qLQYHUWLPRVHO
VXMHWR\pRXJKWqVHJXLGRGHpWRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'HEHUÇDSHGLUSHUPLVR"
'HEHUÇDPRVLUQRV"
&UHHVTXHGHEHUÇDSDUDU"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV,Q
,QVDQH
,QVDQLW\
,QVDWLDEOH
,QVHFXUH
,QVHFXULW\
,QVHSDUDEOH
,QVLJKW
,QVLJKWIXO
,QVLJQLîFDQW
,QVLQFHUH
,QVROYHQW
,QVWDELOLW\
,oPJRLQJWRJRLQVDQHLI,KDYHWROLYHZLWKKLP
7KHFULPLQDOSOHDGHGWHPSRUDU\LQVDQLW\
+HKDVDQLQVDWLDEOHDSSHWLWHIRUDOPRQGV
,IHHODELWLQVHFXUHLQPHHWLQJVOLNHWKHODVWRQH
3HRSOHQRZVXIIHUJUHDWHULQVHFXULW\WKDQEHIRUH
7KHWZRIULHQGVDUHLQVHSDUDEOH
,JDLQHGDORWRILQVLJKWLQWRKXPDQEHKDYLRXU
7KDWZDVDYHU\LQVLJKWIXOFRPPHQW
,WoVLQVLJQLîFDQWZKHWKHUWKH\VDZLWRUQRW
7KHZD\KHVPLOHVVHHPVYHU\LQVLQFHUHWRPH
6LQFHWKHFULVLVWKHFRPSDQ\LVWRWDOO\LQVROYHQW
7KHUHoVPRUHLQVWDELOLW\LQWKHHFRQRP\QRZ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
,QFOÇQDWHHLQWHQWDWRFDUWHORVGHGRVGHORVSLHVVLQGREODUODVUR
GLOODV 9HV QHFHVLWDV KDFHU DOJXQRV HMHUFLFLRV GH HVWLUDPLHQWR
&XDQGR YXHOYD OD VHPDQD TXH YLHQH TXLHUR YHU QR VÍOR TXH WH
WRFDVORVGHGRVGHORVSLHVVLQRTXHWRFDVHOVXHOR'HVSXÃVDOD
VHPDQD VLJXLHQWH PH VRUSUHQGHU»V SRQLHQGR ODV SDOPDV GH ODV
PDQRVHQHOVXHORVLQGREODUODVURGLOODV
,QVXIIHUDEOH
,QVXIîFLHQW
,QWDQJLEOH
,QWROHUDEOH
,QWROHUDQW
,QWUDQVLJHQW
,QYDOLGDWH
,QYDOXDEOH
,QYLQFLEOH
,QYLVLEOH
,QYROXQWDU\
,QYXOQHUDEOH
$VDFODVVPDWHKHoVTXLWHLQVXIIHUDEOH
<RXUHIIRUWLVLQVXIîFLHQWIRUSURJUHVV
:HVHOOLQWDQJLEOHV
+LVEHKDYLRXUZDVLQWROHUDEOH
,oPLQWROHUDQWRIWKDWNLQGRIEHKDYLRXU
+HoVWRWDOO\LQWUDQVLJHQWRQWKDWTXHVWLRQ
7KHQHZGHFLVLRQLQYDOLGDWHVWKHROGRQH
<RXUFRQWULEXWLRQKDVEHHQLQYDOXDEOH
7KH)UHQFKQDWLRQDOWHDPVHHPVLQYLQFLEOH
6RPHWLPHV,ZRXOGOLNHWREHLQYLVLEOH
+LVDFWLRQVZHUHFRQVLGHUHGLQYROXQWDU\
7KHFDVWOHZDVFRQVLGHUHGLQYXOQHUDEOH
%HQGRYHUDQGWU\WRWRXFK\RXUWRHVZLWKRXWEHQGLQJ\RXUNQHHV
<RXVHHf\RXQHHGWRGRVRPHVWUHWFKLQJH[HUFLVHV:KHQ,FRPH
EDFNQH[WZHHN,ZDQWWRVHH\RXQRWRQO\WRXFKLQJ\RXUWRHVEXW
WRXFKLQJïRRUDVZHOO7KHQWKHIROORZLQJZHHN\RXoOOVXUSULVHPH
E\SXWWLQJ\RXUKDQGVSDOPVGRZQRQWKHïRRUZLWKRXWEHQGLQJ
\RXUNQHHV
(VWLPDGRDPLJR\DOXPQR+DFHSRFRHQXQHQFXHQWURGLJLWDOXQSDUWLFLSDQWHPHSUHJXQWÍDFHUFDGH
FX»QWDVSDODEUDVVHQHFHVLWDQSDUDPDQWHQHUXQDFRQYHUVDFLÍQHQLQJOÃVGHPDQHUDïXLGD7DPELÃQPH
SUHJXQWÍVLHUDLPSUHVFLQGLEOHFRQWDUFRQFRQRFLPLHQWRVSURIXQGRVGHJUDP»WLFDSDUDFRQVHJXLUOR+H
DTXÇPLUHVSXHVWD
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
$FFHVVLEOH
,QFHVVDQW
&LUFXPVWDQFHV
&LUFXPYHQW
5LFKDUG9DXJKDQ
&XULRVDPHQWHPDQWHQHUXQDFRQYHUVDFLÍQïXLGDRFRPRGLFHVFRQWDUFRQFRQRFLPLHQWRVSURIXQGRVGH
,QWHUFHGH
&LUUKRVLV
JUDP»WLFDGHSHQGHHQJUDQSDUWHGHFÍPRWHH[SUHVHVHQWXSURSLRLGLRPD6LHUHVXQDSHUVRQDSDUFD
3UHFHGHQW
&LWL]HQ
HQSDODEUDVHQFDVWHOODQRRDFRVWXPEUDGDDGHFLUODVFRVDVFRQVHQFLOOH]HQWRQFHVWDPSRFRQHFHVLWDU»V
5HFHVVLRQ
&LWULF
XQOÃ[LFRRSXOHQWRHQLQJOÃV$ODLQYHUVDVLHUHVXQDSHUVRQDDODTXHOHJXVWDGHVSOHJDUXQDDEDQLFRGH
&HOHULW\
&LYLF
FRORULGROLQJÖÇVWLFRHQFDVWHOODQRORYDVDWHQHUPX\FUXGRDODKRUDGHWUDVODGDUWXVDVSLUDFLRQHVDOLQJOÃV
&HQVRU
&LYLO
(QPLWUDEDMRWHQJRTXHKDEODUHQSÔEOLFRFRQPXFKDIUHFXHQFLDDYHFHVGXUDQWHGRVKRUDVVHJXLGDV\ &HQVRUVKLS
&LYLOLDQ
VLQJXLÍQ$YHFHVH[SRQJRHQFDVWHOODQR\DYHFHVHQLQJOÃV&XDQGRORKDJRHQLQJOÃVPHFRQWHQJR\
&HQVXUH
&LYLOL]DWLRQ
KDEORFRQXQOÃ[LFRVHQFLOORWRWDOPHQWHDODOFDQFHGHPLSÔEOLFRFX\RQLYHOPHGLRGHLQJOÃVQRHVVLHPSUH
&HQVXV
&LYLOL]HG
&LYLOL]H
DOWR$OîQDOGHODFKDUODVLHPSUHOHKDJRXQDVHULHGHSUHJXQWDVDOSÔEOLFR +DEÃLVSRGLGRVHJXLUPH &HQWHQQLDO
&HUHEUDO
&ODLUYR\DQW
ELHQ"6LHPSUHPHUHVSRQGHQTXHVÇTXHSHUIHFWDPHQWH +DEÃLVHQFRQWUDGRHORFXHQWHHLPSDFWDQWH
'LVFHUQ
&ODQGHVWLQH
PLFKDUOD"7DPELÃQPHUHVSRQGHQTXHVÇTXHPX\LPSDFWDQWH\H[SUHVLYD<îQDOPHQWH 2VGDLV
'LVFUHWLRQ
&ODQ
FXHQWDGHTXHFRQXQLQJOÃVVÔSHUVHQFLOORXQLQJOÃVTXHKDEÃLVHQWHQGLGRDODSHUIHFFLÍQKHORJUDGR
'LVFUHHW
&ODULîFDWLRQ
WUDQVPLWLUXQPHQVDMHGHIRUPDHORFXHQWHHLPSDFWDQWH"0HUHVSRQGHQTXHVÇWDPELÃQ&RQFOXVLÍQ
,QGLVFUHHW
&ODULI\
SDUDVHUHORFXHQWHHLPSDFWDQWHQRWLHQHVTXHXVDUXQOÃ[LFRDPSOLRUHEXVFDGRRGHJUDQFRORULGR&RQ
'LVFUHWLRQDO
&ODULW\
XQRVFXDQWRVYHUERVXQRVFXDQWRVVXVWDQWLYRVXQRVDGMHWLYRVXQRVDGYHUELRVXQDVSUHSRVLFLRQHV\
&LUFXLW
&ODULQHW
WDOYH]FXDWURFRQMXQFLRQHVSXHGHVDUUDVDUVLFUHHVHQWXWHPD\VLHQWHVODXUJHQFLDGHWUDQVPLWLUWX &LUFXPIHUHQFH
&ODVV
SDVLÍQDRWURV3RUORWDQWRQRKDFHIDOWDTXHSRVHDVXQYRFDEXODULRDPSOLRQLTXHWHQJDVFRQRFLPLHQWRV
&LUFOH
&ODVVLFDO
SURIXQGRVGHJUDP»WLFDSDUDVHUSHUIHFWDPHQWHHîFD]HLQFOXVRHORFXHQWHDODKRUDGHKDEODULQJOÃV
&LUFXV
&ODVVLF
3HURVÇHVLPSRUWDQWHTXHWHQJDVHVWDFDSDFLGDGHQWXSURSLRLGLRPD/RVEXHQRVFRPXQLFDGRUHVDOD
&LUFXODU
&ODVVLîFDWLRQ
KRUDGHKDEODULQJOÃVFRPRVHJXQGDOHQJXDVRQVLHPSUHEXHQRVFRPXQLFDGRUHVHQVXOHQJXDPDWHUQD
&LUFXODWH
&ODVVLVW
\DODLQYHUVDORVTXHVHH[SUHVDQPDOHQVXSURSLRLGLRPDQRWLHQHQQLODP»VUHPRWDSRVLELOLGDGGH &LUFXPFLVH
&ODXVH
H[SUHVDUVHELHQHQXQVHJXQGRLGLRPDDXQTXHUHFLEDQKRUDVGHIRUPDFLÍQ6LWXYLHUDTXHGDUWH &LUFXPFLVLRQ &ODXVWURSKRELD
XQFRQVHMRVHUÇDVHJXLUODSROÇWLFD.,66 .HHS,W6LPSOH6WXSLG
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
6R\PÃGLFR ,oPDGRFWRU
7ÔHUHVHVWXGLDQWH <RXoUHDVWXGHQW
£OHVSROLFÇD +HoVDSROLFHPDQ
(OODHVSURIHVRUD 6KHoVDWHDFKHU
6RQKRPEUHVGHQHJRFLRV 7KH\oUHEXVLQHVVPHQ
0HSXHGHVGDUGLQHURSRU &DQ\RXJLYHPHVRPHPRQH\
SOHDVH"
IDYRU"
3RUTXÃQHFHVLWDVGLQHUR" :K\GR\RXQHHGPRQH\"
4XLHURFRPSUDUHOSHULÍGLFR ,ZDQWWREX\WKHQHZVSDSHU
7LHQHV,QWHUQHW" 'R\RXKDYH,QWHUQHW"
3XHGHVOHHUORDOOÇ <RXFDQUHDGLWWKHUH
7UHDGPLOO &LQWD
/RFNHUV 7DTXLOOD
0DW (VWHULOOD
5RZLQJ0DFKLQH 0DTXLQDGH5HPR
:HLJKWV 3HVDV
9RFDEXODULR*\P *LPQDVLR
/RZ,QWHUPHGLDWH
$TXÃMXJDURQ" :KDWGLGWKH\SOD\"
'ÍQGHHVWDEDQMXJDQGR" :KHUHZHUHWKH\SOD\LQJ"
4XLÃQMXJÍ" :KRSOD\HG"
&ÍPRMXJDURQ" +RZGLGWKH\SOD\"
3RUTXÃHVWDEDMXJDQGRÃO" :K\ZDVKHSOD\LQJ"
0LGGOH,QWHUPHGLDWH
&X»QWRKDFHTXHQRYDVDO +RZORQJKDVLWEHHQVLQFH\RX
ZHQWWRWKHGHQWLVW"
GHQWLVWD"
1RYR\GHVGHTXHWHQÇDDËRV ,KDYHQoWEHHQVLQFH,ZDV
3HURHVRIXHKDFHDËRV %XWWKDWZDV\HDUVDJR
(QUHDOLGDGQLQJXQRGHPLV $FWXDOO\QRQHRIP\WHHWKDUH
PLQH
GLHQWHVHVPÇR
$TXLÃQSHUWHQHFHQHQWRQFHV" :KRGRWKH\EHORQJWRWKHQ"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
)XLLQYLWDGDQR" ,ZDVLQYLWHGZDVQoW,o"
1RORGLMRGHYHUGDGQR" +HGLGQoWUHDOO\VD\WKDWGLGKH"
'HEHUÇDSRQHUPHXQDFRUEDWD,VKRXOGSXWDWLHRQVKRXOGQoW,"
QR"
0HUHVSHWDU»VGHVSXÃVQR" <RXZLOOUHVSHFWPHDIWHUZDUGV
ZRQoW\RX"
1RWHPHQWLUÇDQR" ,ZRXOGQoWOLHWR\RXZRXOG,"
+DVUHFRJLGR\DDORVQLËRV +DYH\RXSLFNHGWKHFKLOGUHQ
XSIURPVFKRRO\HW"
GHOFROHJLR"
/HVUHFRJHUÃFXDQGRWHUPLQH ,oOOSLFNWKHPXSZKHQ,ïQLVK
SOD\LQJJROI
GHMXJDUDOJROI
&ÍPRSXHGHVSHUPLWLUWHHO +RZFDQ\RXDIIRUGWREHVR
OXMRGHVHUWDQGHVSUHRFXSDGR" FDUHIUHH"
(VW»QHQVD\DQGRSDUDODREUD 7KH\oUHUHKHDUVLQJIRUWKH
VFKRROSOD\
GHWHDWURGHOFROHJLR
4XÃSDSHOHVYDQDKDFHUWXV :KDWUROHVDUH\RXUFKLOGUHQ
JRLQJWRSOD\"
QLËRV"
0LGGOH$GYDQFHG
'HMDGHJULWDUPH|TXLHUHV 6WRSVKRXWLQJDWPHZLOO\RX
(UHVGHPDVLDGRVXVFHSWLEOH <RXoUHWRRWKLQVNLQQHG
1XQFDWLHQHVFRQVLGHUDFLÍQ <RXQHYHUVKRZFRQVLGHUDWLRQ
WRRWKHUV
FRQODJHQWH
'HMDGHVHUWDQVDQWXUURQD 6WRSEHLQJVRVHOIULJKWHRXV
ZLOO\RX
|TXLHUHV
<DEDVWDSRUKR\ /HWoVFDOOLWDGD\
)RU(QJOLVKVXSHUVWDUVRQO\
3RUTXÃOHSXVRDÃOGHSDWLWDV :K\GLGVKHNLFNKLPRXW"
HQODFDOOH"
3RUTXHOHHVWDEDHQJDËDQGR %HFDXVHKHZDVWZRWLPLQJKHU
FRQRWUD
1RDJXDQWRDODJHQWHLQîHO ,FDQoWVWDQGXQIDLWKIXOSHRSOH
6XUHODFLÍQQRHVWDED 7KHLUUHODWLRQVKLSZDVQoW
IXQFLRQDQGRELHQ
ZRUNLQJRXW
0HQRVPDOTXHHOODVHHQWHUÍ -XVWDVZHOOVKHIRXQGRXWLQ
DWLHPSR
WLPH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq
$ERXWWR
+DYH\RXDGGHGXSDOOWKHFROXPQV" +HZDQWVWRPRYHXSWKHFRUSRUDWHODGGHU
+DVVXPDGRWRGDVODVFROXPQDV"
4XLHUHVXELUHOHVFDODIÍQ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
+DYH\RXFOHDQHGXS\RXUURRP\HW"
+DVRUGHQDGR\DWXKDELWDFLÍQ"
<RXoUHPRYLQJXSLQWKHZRUOG
|(QKRUDEXHQD|(VW»VSURVSHUDQGR
:HoUHXVLQJXSRXUQDWXUDOUHVRXUFHV
(VWDPRVDJRWDQGRQXHVWURVUHFXUVRV
QDWXUDOHV
:DVKXSEHIRUHFRPLQJWRGLQQHU
/»YDWHODVPDQRVDQWHVGHYHQLUDFHQDU
3UHî[HV'LV
'LVDELOLW\
'LVDEOHG
'LVDGYDQWDJH
'LVDJUHH
'LVDJUHHPHQW
'LVDSSHDU
'LVDSSHDUDQFH
'LVDSSRLQW
'LVDSSRLQWHG
'LVDSSRLQWPHQW
'LVDSSRLQWLQJ
'LVDSSURYDO
'LVDSSURYH
'LVDUP
'LVDUPLQJ
'LVDVVHPEOH
'LVDVVRFLDWH
'LVEHOLHI
'LVFRQQHFW
'LVFRQWLQXH
+HGLGQoWGLHEXWKHVXIIHUHGSHUPDQHQWGLVDELOLW\
'LVFRXUDJH
+HZDVWHPSRUDULO\GLVDEOHGEHFDXVHRIWKHDFFLGHQW 'LVFRXUDJHG
,oPDWDGLVDGYDQWDJHFRPSDUHGWR3HGUR
'LVFRXUDJLQJ
,GLVDJUHHZLWKDOPRVWHYHU\WKLQJKHSURSRVHV
'LVHPEDUN
2XUGLVDJUHHPHQWVKDYHEHFRPHIDPRXV
'LVHQFKDQWHG
2QWKHFRXQWRIWKUHH,ZLOOGLVDSSHDU
'LVIDYRXU
+LVGLVDSSHDUDQFHZDVDP\VWHU\WRHYHU\RQH
'LVJUDFH
<RXUDWWLWXGHGLVDSSRLQWVPH
'LVJUDFHIXO
,ZDVGLVDSSRLQWHGZLWKWKHîQDOUHVXOW
'LVKHDUWHQLQJ
+HH[SUHVVHGKLVGLVDSSRLQWPHQWWRHYHU\RQH
'LVKRQHVW
,WZDVDGLVDSSRLQWLQJH[SHULHQFHIRUPH
'LVKRQHVW\
6KHH[SUHVVHGKHUGLVDSSURYDORIRXUDFWLRQV
'LVLOOXVLRQHG
,WRWDOO\GLVDSSURYHRIKLVEHKDYLRXUDWWKHHYHQW
'LVLQFOLQHG
+LVVPLOHDOZD\VGLVDUPVPH
'LVLQKHULW
+LVVPLOHFDQEHTXLWHGLVDUPLQJ
'LVLQWHJUDWH
:HKDGWRGLVDVVHPEOHWKHHQWLUHHQJLQH
'LVOLNH
<RXVKRXOGGLVDVVRFLDWH\RXUVHOIIURPWKRVHSHRSOH
'LVORFDWH
:KHQ,DSSHDUHGKHORRNHGDWPHLQGLVEHOLHI
'LVOR\DO
:KHQ3HWHUVWDUWVWDONLQJ,VLPSO\GLVFRQQHFW
'LVOR\DOW\
,ZDQWWRGLVFRQWLQXHWKHFODVV
'LVPDQWOH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7LHQHVTXHDIURQWDUHOKHFKRGHTXHWHHVW»VKDFLHQGRPD\RU1R
HUHVWDQK»ELOFRPRDQWHVSDUDPDQHMDUFLHQWRVGHFRVDVDODYH]
$GHP»VWXPHPRULDHVW»HPSH]DQGRDIDOODU1XQFDWHKDVSUH
JXQWDGRSRUTXÃORVDOWRVHMHFXWLYRVDORVRVLHPSUHWLHQHQ
GRV R WUHV VHFUHWDULDV DWHQGLHQGR WRGDV VXV QHFHVLGDGHV" &RQ OD
HGDG ORV HMHFXWLYRV VH FRQYLHUWHQ HQ H[FHOHQWHV HVWUDWHJDV SHUR
VRQLQFRPSHWHQWHVHQORTXHVHUHîHUHDORVGHWDOOHVGHOGÇDDGÇD
/DRSHUDFLÍQHVW»DSXQWRGHîUPDUVH
/DFDVDHVW»DSXQWRGHGHUULEDUVH
(OODHVW»DSXQWRGHVHUDVFHQGLGD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
<RXVKRXOGGLVFRXUDJHKLPIURPGRLQJLW
:HZHUHDOOGLVFRXUDJHGDIWHURXUVHYHQWKORVV
,WZDVDGLVFRXUDJLQJH[SHULHQFHIRUHYHU\RQH
3DVVHQJHUVVKRXOGGLVHPEDUNWKURXJKJDWH
+HEHFDPHGLVHQFKDQWHGZLWKKLVQHZMRE
+HIHOOLQWRGLVIDYRXUZLWKWKHQHZERVV
+LVEHKDYLRXUZDVDGLVJUDFHWRWKHZKROHIDPLO\
+LVEHKDYLRXUZDVGLVJUDFHIXO
7KHORVVWRRXUELJULYDOZDVGLVKHDUWHQLQJ
+HoVWKHPRVWGLVKRQHVWSHUVRQ,oYHHYHUPHW
,WVHHPVWKDWGLVKRQHVW\LVDJRRGSROLF\KHUH
+HVRRQEHFDPHGLVLOOXVLRQHGZLWKKLVPDUULDJH
,oPGLVLQFOLQHGWRJLYH\RXSHUPLVVLRQWRJR
+LVIDWKHUGLVLQKHULWHGKLP
7KHERQGVWKDWKHOGWKHPWRJHWKHUGLVLQWHJUDWHG
,GLVOLNHVWXG\LQJ(QJOLVK
,QUXJE\\RXFDQGLVORFDWH\RXUVKRXOGHU
7KHVROGLHUVZHUHGLVOR\DOWRWKHLUïDJ
7KH\VKRZHGHYLGHQWGLVOR\DOW\LQEDWWOH
,oPJRLQJWRGLVPDQWOHWKHVFDIIROGLQJ
<RX KDYH WR IDFH WKH IDFW WKDW \RXoUH JHWWLQJ ROGHU <RXoUH QRW
DV VNLOOHG DV \RX XVHG WR EH DW PDQDJLQJ D KXQGUHG WKLQJV DW
WKHVDPHWLPH$QG\RXUPHPRU\LVVWDUWLQJWRIDLO\RXDVZHOO
+DYHQoW\RXHYHUZRQGHUHGZK\WRSH[HFXWLYHVLQWKHLUVDQG
V DOZD\V KDYH WZR RU WKUHH VHFUHWDULHV WHQGLQJ WR WKHLU HYHU\
QHHG" %\ WKDW DJH H[HFXWLYHV PD\ EH H[FHOOHQW VWUDWHJLVWV EXW
WKH\oUHLQFRPSHWHQWZKHUHGD\WRGD\GHWDLOVDUHFRQFHUQHG
0»VSDODEUDVLQJOHVDV
(VWLPDGR DPLJR \ DOXPQR +DFH SRFR UHFLEÇ XQ FRUUHR HOHFWUÍQLFR GH XQ R\HQWH GH 9DXJKDQ 5DGLR TXH
GHUDÇ]ODWLQD
GHFÇD&DGDYH]HQWLHQGRPHMRUSHURFÍPRKDEODUPHMRU"&ÍPRVROWDUPHDKDEODU"%DVWDQFODVHVGH
&ODYLFKRUG
&RHUFLRQ
FRQYHUVDFLÍQ"/HUHVSRQGÇ
&OLHQW
&RHUFLYH
(VWLPDGRR\HQWH6LSURPHWHVQRUHÇUWHGHPÇWHGLUÃXQRGHORVVHFUHWRVTXHHPSOHÃKDFHDËRVSDUDDGTXLULU &OLHQWHOH
&RH[LVW
VROWXUDRUDOFRQWXLGLRPD+DEODEDFRQODSDUHG\PDQWHQÇDODUJDVFRQYHUVDFLRQHVLQWHUHVDQWÇVLPDVFRQHO &OLPDWH
&RH[LVWHQFH
SDVDMHURLPDJLQDULRTXHPHDFRPSDËDEDHQPLVGHVSOD]DPLHQWRVHQFRFKH1LODSDUHGQLHOSDVDMHURHQ &OLPDWRORJ\
&RIIHH
FXHVWLÍQ PH FRUUHJÇDQ OD JUDP»WLFD QL OD IRQÃWLFD SHUR PH GDED LJXDO (Q HVRV PRPHQWRV PL SULRULGDG &OLPDWLF
&RJQDF
HUDODDGTXLVLFLÍQGHVROWXUDQRODFRUUHFFLÍQ\SUHFLVLÍQJUDPDWLFDO(QHVRVPRPHQWRVTXHUÇDKXLUGHOD &OLPD[ &RKDELWDWLRQ
&OLQLF
&RKHUHQFH
SRVLELOLGDGGHVXIULU´SDUiOLVLVSRUDQiOLVLVµ/DVFODVHVGHFRQYHUVDFLÍQFRPRVXJLHUHVYDOHQVLWLHQHVWLHPSR
&RKHUHQW
\QRWHFREUDQ3DUDPÇHVLQPRUDOSDJDUDDOJXLHQSDUDFRQYHUVDU6LWLHQHVGHODQWHDXQSURIHVRUSDJDGR &OLQLFDO
&RKHVLRQ
ÃVWHGHEH]DUDQGHDUWHSDUDTXHHVSDELOHV\PHMRUHVXQDEDUEDULGDG6LQRWÇUDOHSRUODYHQWDQD\EÔVFDWH &OLQLFDOO\
RWURSURIHVRU6LORTXHTXLHUHVHVFRQYHUVDUYHWHXQDYH]DODËRRFDGDPHVHVD9DXJKDQWRZQ ZZZ &RDJXODWH &RLQFLGHQFH
&RLQFLGH
&RDVW
YDXJKDQWRZQFRP $OOÇKDEODU»VP»VHQGÇDVTXHHQWUHVDËRVGHFODVHVUHJXODUHVGHFRQYHUVDFLÍQ\OR
&RDVWDO
&ROLVHXP
KDU»VFRQJHQWHGHORP»VYDULRSLQWDTXHDOPLVPRWLHPSRWHUHWDU»QHORÇGR/DVFODVHVGHFRQYHUVDFLÍQFRQ
&RDVWJXDUG &ROODERUDWH
XQSURIHVRUGHLQJOÃVVRQGHODVIRUPDVP»VSREUHVTXHH[LVWHQSDUDSRWHQFLDUODVROWXUDDOKDEODU(OSURIHVRU
&ROODERUDWLRQ
&REUD
WHKDEODHQYRFDEORVFODURV HVVXGHIRUPDFLÍQSURIHVLRQDO \QRUPDOPHQWHQRWHREOLJDDH[SUHVDUWHIXHUDGH
&RGH
&ROODERUDWRU
WX]RQDGHFRQIRUW(VFRPRHVWDUHQXQDELFLFOHWDHVW»WLFDTXHVÍORDGPLWHKDVWDNLOÍPHWURVSRUKRUD
&RGLI\
&ROODSVH
5LFKDUG9DXJKDQ &RHIîFLHQW
&ROOHDJXH
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VWDHVXQDVLOODSHTXHËD 7KLVLVDVPDOOFKDLU
(VHHVXQJUDQSUREOHPD 7KDWoVDELJSUREOHP
(VWRVVRQGÇDVFDOXURVRV 7KHVHDUHKRWGD\V
(VRVVRQFRFKHVU»SLGRV 7KRVHDUHIDVWFDUV
(VÃVWDXQDSUHJXQWD" ,VWKLVDTXHVWLRQ"
4XÃKDFHWXSDGUH" :KDWGRHV\RXUIDWKHUGR"
7UDEDMDHQXQDHPSUHVDJUDQGH+HZRUNVLQDELJFRPSDQ\
WKDWPDNHVPRELOHV
TXHKDFHPÍYLOHV
'ÍQGHORVKDFHQ" :KHUHGRWKH\PDNHWKHP"
6RQGH)LQODQGLD 7KH\oUHIURP)LQODQG
&X»OHVODFDSLWDOGHHVHSDÇV" :KDWoVWKHFDSLWDORIWKDW
FRXQWU\"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
7ÔHVWXYLVWHFRQHOORVSHUR\R <RXZHUHZLWKWKHPEXW,
ZDVQoW
QR
<RKDEORDOHP»QSHURÃOQR ,VSHDN*HUPDQEXWKHGRHVQoW
(OODSXHGHYHQLUSHURHOORVQR 6KHFDQFRPHEXWWKH\FDQoW
7ÔKDVHVWDGRHQ(VFRFLDSHUR <RXoYHEHHQWR6FRWODQGEXW
VKHKDVQoW
HOODQR
<RHVWXYHDOOÇSHURWÔQR ,ZDVWKHUHEXW\RXZHUHQoW
'ÍQGHHVW»EDPRV" :KHUHZHUHZH"
4XÃLEDVDGHFLU" :KDWZHUH\RXJRLQJWRVD\"
4XÃGHFÇDPRV" :KDWZHUHZHVD\LQJ"
4XÃLEDDKDFHU\R" :KDWZDV,JRLQJWRGR"
1RPHLEDVDGHFLUDOJR" :HUHQoW\RXJRLQJWRWHOOPH
VRPHWKLQJ"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
'HEHUÇDVD\XGDUOHV <RXVKRXOGKHOSWKHP
(OODGHEHUÇDKDEHULGR 6KHVKRXOGKDYHJRQH
3RGUÇDKDEHUVLGRWDQGLIHUHQWH,WFRXOGKDYHEHHQVRGLIIHUHQW
4XÃSRGUÇDKDEHUKHFKR\R" :KDWFRXOG,KDYHGRQH"
1RGHEHUÇDKDEHUORGLFKR ,VKRXOGQoWKDYHVDLGWKDW
<RTXHWÔRUGHQDUÇDWX ,I,ZHUH\RX,oGWLG\XS\RXU
URRP
KDELWDFLÍQ
0»VYDOHTXHORKDJDVDKRUD <RXoGEHWWHUGRLWQRZ
RWKHUZLVH
VLQR
1RTXLHUHVTXHWXPDGUHWH <RXGRQoWZDQW\RXUPRWKHUWR
WHOO\RXRII
ULËD
1RHVWR\EURPHDQGRORGLJR ,oPQRWMRNLQJ,PHDQLW
HQVHULR
9DOHYDOHVHJXLUÃWXVFRQVHMRV $OULJKWDOULJKW,oOOWDNH\RXU
DGYLFH
/LJKWV /XFHV
7LQVHO (VSXPLOOÍQ
)DLU\ +DGD
'HFRUDWLRQV $GRUQRVHQJHQHUDO
%DXEHOV $GRUQRHVIÃULFR
9RFDEXODULR&KULVWPDVWUHH UEROGH1DYLGDG
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
&X»OHVODPHMRUPDQHUDGH :KDWoVWKHEHVWZD\WRJHWULG
RIWKHKLFFXSV"
TXLWDUVHHOKLSR"
6LDVXVWDVDDOJXLHQVXHOH ,I\RXIULJKWHQVRPHRQHWKDW
XVXDOO\ZRUNV
IXQFLRQDU
3RGUÇDVEHEHUXQYDVRGHDJXD <RXFRXOGGULQNDJODVVRI
ZDWHUZLWK\RXUKHDGXSVLGH
FRQODFDEH]DPLUDQGRKDFLD
GRZQ
DEDMR
0DQWÃQODUHVSLUDFLÍQWDQWR +ROG\RXUEUHDWKIRUDVORQJDV
\RXFDQ
WLHPSRFRPRSXHGDV
&HQWUDWRGDWXDWHQFLÍQHQHO )RFXV\RXUDOODWWHQWLRQRQWKH
RULJHQGHOSUREOHPDFRPRXQ VRXUFHRIWKHSUREOHPOLNHD
PDHVWURGH=HQ
=HQPDVWHU
6LJXHVGHWU»VGHHVDFKLFD" $UH\RXVWLOODIWHUWKDWJLUO"
1RWHODKDVOLJDGRDÔQ" +DYHQoW\RXSXOOHGKHU\HW"
'HKHFKRQRVHQUROODPRVOD $FWXDOO\ZHJRWRIIZLWKHDFK
VHPDQDSDVDGD
RWKHUODVWZHHN
&ÍPRFRQVHJXLVWHHVR" +RZGLG\RXSXOOWKDWRII"
&RQKDODJRVVHFRQVLJXHWRGR )ODWWHU\JHWV\RXHYHU\ZKHUH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq
7RKDYHEUHDNIDVWOXQFKDQGGLQQHU
&DOOKLPXSWR\RXURIîFH
/O»PDOHSDUDTXHVXEDDWXGHVSDFKR
:HoUHJRLQJWRVWDUWXSDQHZEXVLQHVV
9DPRVDFUHDUXQQXHYRQHJRFLR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
,oOOVHWLWXSIRU\RX
7HORRUJDQL]DUÃWRGR
,IHHOUHVWHGXSDIWHUWKHORQJZHHNHQG
0HVLHQWRGHVFDQVDGRGHVSXÃVGHOSXHQWH
'HVD\XQRHQHOEDUGHDOODGRGHPLFDVD
&HQDPRVDODVQXHYH
(Q,QJODWHUUDODJHQWHFRPHDODXQD
<RXSDVVXSPDQ\RSSRUWXQLWLHV
'HMDVSDVDUPXFKDVRSRUWXQLGDGHV
6KHWRUHXSWKHSKRWRRIKHUH[ER\IULHQG
5RPSLÍODIRWRGHVXH[QRYLR
&KULVWPDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
/DQDYLGDGYLHQHUHSOHWDGHYRFDEXODULR\GHH[SUHVLRQHVQXHYDV5HVXOWDP»VGLIÇFLODSUHQGHUORVELHQ\DTXHVÍORDSDUHFHQ
DHVWDVDOWXUDVGHODËR/XHJRVHHPSDTXHWDQ\VHJXDUGDQMXQWRFRQWRGDVODVGHP»VGHFRUDFLRQHVQDYLGHËDVKDVWDHODËR
VLJXLHQWH$TXÇWLHQHVXQDRSRUWXQLGDGGHHVWXGLDUXQDVFXDQWDVH[SUHVLRQHVTXHLJXDOHVFXFKDU»VHQHVWDÃSRFDGHODËR
(OPXQGRGHODQDYLGDG
3RQHPRVHO»UEROGH1DYLGDGHVWHîQGHVHPDQD"
/RWHQHPRVTXHTXLWDUSDUDODQRFKHGH5H\HV
1XQFDHQYÇRWDUMHWDVGHIHOLFLWDFLÍQ
4XÃYDLVDFRPHUHQ1DYLGDG"
6LHPSUHFRPHPRVUHVWRVHOGÇD
9DVDFROJDUWXFDOFHWÇQSDUD3DS»1RHO"
4XÃTXLHUHVSDUD1DYLGDG"
&UHHVTXHYDDVHUXQDp%ODQFD1DYLGDGq"
7HQGU»VTXHHVFULELUWXVFDUWDVGHDJUDGHFLPLHQWR
0HSDUHFHTXHKD\JHQWHFDQWDQGRYLOODQFLFRVDODSXHUWD
7LHQHVEDVWDQWHSDSHOGHUHJDOR"
4XÃSXHGRFRPSUDUSDUDPLVXHJUD"
9DVDLUDODPLVDGHOJDOOR"
$QWHVSRQÇDPRVXQEHOÃQHQHOMDUGÇQSDUDORVQLËRV
1DYLGDGHVXQDERQLWDÃSRFDGHODËRIDPLOLDU
1DYLGDGHVXQSHULRGRGHODËRSDUDORVH[FHVRV
(VWUDGLFLÍQEHVDUVHGHEDMRGHOPXÃUGDJR
(OSHULRGRSUHYLRDODV1DYLGDGHVHVFDÍWLFRHQODVWLHQGDV
+DVJODVHDGRHOSDVWHOGH1DYLGDG"
7KHZRUOGRI&KULVWPDV
6KDOOZHSXWXSWKH&KULVWPDVWUHHWKLVZHHNHQG"
:HKDYHWRWDNHLWGRZQEHIRUH7ZHOIWK1LJKW
,QHYHUVHQGDQ\&KULVWPDVFDUGV
:KDWDUH\RXJRLQJWRKDYHIRU&KULVWPDVGLQQHU"
:HDOZD\VHDWOHIWRYHUVRQ%R[LQJ'D\
$UH\RXJRLQJWRKDQJXS\RXUVWRFNLQJIRU)DWKHU&KULVWPDV"
:KDWZRXOG\RXOLNHIRU&KULVWPDV"
'R\RXWKLQNLWoVJRLQJWREHDZKLWH&KULVWPDV"
<RXoOOKDYHWRZULWH\RXUWKDQN\RXOHWWHUV
7KDWVRXQGVOLNHVRPHFDUROVLQJHUVDWWKHGRRU
+DYH\RXJRWHQRXJKZUDSSLQJSDSHU"
:KDWFDQ,JHWP\PRWKHULQODZ"
$UH\RXJRLQJWRJRWRPLGQLJKWPDVV"
:HXVHGWRSXWDFULELQWKHJDUGHQIRUWKHFKLOGUHQ
&KULVWPDVLVDQLFHIDPLO\WLPHRIWKH\HDU
&KULVWPDVLVDWLPHIRURYHULQGXOJHQFH
,WoVWUDGLWLRQDOWRNLVVXQGHUVRPHPLVWOHWRH
7KHUXQXSWR&KULVWPDVLVFKDRWLFLQWKHVKRSV
+DYH\RXLFHGWKH&KULVWPDVFDNH\HW"
(VWLPDGRDPLJR\DOXPQR0DËDQDHV1DYLGDGDVÇTXHHQOXJDUTXHVHJXLUFRQP»VVHUPRQHVRPLVSRHPDVTXLHURHVFULELUDOJR
HQLQJOÃVWÇSLFRDODÃSRFDQDYLGHËD$KÇYD
7KH&KULVWPDVVHDVRQLVXSRQXVDQG,DQGDOOP\IULHQGVDQGFROOHDJXHVDW9DXJKDQ6\VWHPVZDQWWRZLVKHYHU\RQHDYHU\0HUU\
&KULVWPDVDQGDSURVSHURXV1HZ<HDU7KLVPHVVDJHLVQRWRQO\IRUWKRVHSHRSOHZKRDUHIROORZLQJWKHZHHNO\DQGGDLO\(QJOLVK
SURJUDPGHVLJQHGE\9DXJKDQEXWWRHYHU\UHDGHURI(/081'2DVZHOO&KULVWPDVLVDPRPHQWIRUUHïHFWLRQDQGRIFRXUVH1HZ
<HDUoV'D\LVDPRPHQWIRUUHVROXWLRQV)RUPHWKLV&KULVWPDVFRLQFLGHVDOPRVWH[DFWO\ZLWKWKHWKDQQLYHUVDU\RIP\ZHGGLQJ
,PDUULHGDEHDXWLIXO6SDQLVKZRPDQRQ'HFHPEHUDQGZHoUHVWLOOWRJHWKHU2XUFKLOGUHQDUHJURZQQRZDQGVHHPWREH
îQGLQJWKHLUZD\LQOLIH:HKDYHDORWWREHWKDQNIXOIRU
0HSHUVRQDOO\"'R,KDYHDORWWREHWKDQNIXOIRUWRR"8QGRXEWHGO\7KLUW\IRXU\HDUVDJR,DGRSWHGDFRXQWU\WKDWKDVWUHDWHGPH
YHU\ZHOO,KDYHZDWFKHG6SDLQSDVVIURPDQDXWKRULWDULDQUHJLPHWRDYLJRURXVDQGSURVSHURXVGHPRFUDF\,KDYHZDWFKHGLW
SDVVIURPDFOHDUO\VHFRQGZRUOGFRXQWU\WRRQHRIWKHWRSWHQHFRQRPLHVJOREDOO\,KDYHKDGWKHSULYLOHJHWRREVHUYHîUVWKDQG
DEULOOLDQWSROLWLFDOWUDQVLWLRQIROORZHGE\DOPRVWWKUHHGHFDGHVRIJURZWKDQGPDWXULW\,KDYHEHHQDEOHWRSURVSHUDQGHQMR\D
VWLPXODWLQJFDUHHUWKDWKDVPDGHPHKXQGUHGVRI6SDQLVKIULHQGV6R\HVf,KDYHDORWWREHWKDQNIXOIRUSHUVRQDOO\DVZHOO
$QGZKDWoV P\ 1HZ<HDUoVUHVROXWLRQ",WoVWKHVDPHDVHYHU\\HDUWRFRQWLQXHORRNLQJIRUWKHPDJLFIRUPXODWRKHOSP\6SDQLVK
IULHQGVîQDOO\OHDUQ(QJOLVK,WoVDQLQWHUHVWLQJDQGSURYRFDWLYHFKDOOHQJHDQG,ZLOOFRQWLQXHWRVHDUFKKLJKDQGORZXQWLOWKHHQGRI
P\GD\V+RQHVWO\,FDQoWWKLQNRIDQ\WKLQJPRUHIXQ
$QGZKDWZRXOG,UHFRPPHQGWKDW \RX UHïHFWXSRQWKLV&KULVWPDVVHDVRQ":KDW1HZ<HDUoVUHVROXWLRQZRXOG,VXJJHVW"$VIRU
DUHïHFWLRQZK\QRWWKLQNDERXWOLIHLQJHQHUDO":HDOZD\VFRPSODLQDERXWWKHSUHFDULRXVQHVVRIOLIHDQG,oPVXUHWKDWZHZLOO
FRQWLQXHWRFRPSODLQDERXWLWIRUFHQWXULHVWRFRPH%XWDVDVWXGHQWRIKLVWRU\,FDQWHOO\RXWKDWZHKDYHQHYHUEHHQPRUHFDSDEOH
WKDQZHDUHWRGD\RIIDFLQJSUHFDULRXVQHVVDQGYDQTXLVKLQJLW2XUVWDQGDUGRIOLYLQJDQGTXDOLW\RIOLIHDPRQJDOOVRFLDOVWUDWD
ZRXOGKDYHEHHQWKHVWXIIRIGUHDPVRQO\\HDUVDJR
$QGP\UHFRPPHQGDWLRQWR\RXFRQFHUQLQJD1HZ<HDUoVUHVROXWLRQ"7KDWoVDQHDV\RQH6WXG\(QJOLVKfHYHU\GD\f2ND\"+RZDP
,JRLQJWRVXFFHHGLQ P\ UHVROXWLRQLI\RXGRQoWKHOSPH"
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
&X»OHVWXDSHOOLGR" :KDWoV\RXUVXUQDPHODVW
QDPH"
0LDSHOOLGRHV&KDQJ/L 0\VXUQDPHLV&KDQJ/L
(VHVHXQQRPEUHHVSDËRO" ,VWKDWD6SDQLVKQDPH"
1RHVXQDSHUVRQDLQWHOLJHQWH +HLVQoWDQLQWHOOLJHQWSHUVRQ
(VXQQRPEUHFKLQR|WRQWR ,WoVD&KLQHVHQDPHVLOO\
(VW»VOLVWR" $UH\RXUHDG\"
'DPHXQVHJXQGR *LYHPHDVHFRQG
3RUTXÃQRHVW»VOLVWR" :K\DUHQoW\RXUHDG\"
(VWR\ODY»QGRPHHOSHORHQ ,oPZDVKLQJP\KDLULQWKH
VKRZHU
ODGXFKD
|3HURPHHVW»VKDEODQGRSRU %XW\RXoUHWDONLQJWRPHRQWKH
SKRQH
HOWHOÃIRQR
/RZ,QWHUPHGLDWH
'ÍQGHHVWXYLVWHFXDQGR :KHUHZHUH\RXZKHQLW
KDSSHQHG"
VXFHGLÍ"
1RUHFXHUGRGÍQGHHVWXYH ,GRQoWUHPHPEHUZKHUH,ZDV
1RHVWXYLVWHHQHOWUDEDMR" :HUHQoW\RXDWZRUN"
7LHQHVUD]ÍQHVWDED <RXoUHULJKW,ZDVZRUNLQJ
WUDEDMDQGR
1XQFDHVW»VHTXLYRFDGR <RXoUHQHYHUZURQJ
0LGGOH,QWHUPHGLDWH
1RKHYLVWRWDQWDVSHOÇFXODVHVWH ,KDYHQoWVHHQDVPDQ\ïOPV
WKLV\HDUDVODVW\HDU
DËRFRPRHODËRSDVDGR
1RKDQWHQLGRWDQWDVXHUWH 7KH\KDYHQoWKDGDVPXFK
OXFNLQWKLVWRXUQDPHQWDVWKH
HQHVWHWRUQHRFRPRHQHO
SUHYLRXVRQH
DQWHULRU
1RGLUÇDTXHHOODHVWDQOLVWD ,ZRXOGQoWVD\VKHoVDVFOHYHU
DVKHUVLVWHU
FRPRVXKHUPDQD
1RKDOORYLGRHVWHPHVWDQWR 7KHUHKDVQoWEHHQDVPXFKUDLQ
WKLVPRQWKDVODVWPRQWK
FRPRHOSDVDGR
1RSLHQVRWDQWRHQWLFRPR ,GRQoWWKLQNDERXW\RXDV
PXFKDV,XVHGWR
DQWHV
&KULVWPDVSXGGLQJ 3XGGLQJGH
QDYLGDGGHFRORURVFXURKHFKRD
EDVHGHIUXWDFRQîWDGD\FRËDF
FRQIRUPDUHGRQGD
7XUNH\ 3DYR
&UDFNHU 8QDHVSHFLHGHSLËDWD
SHTXHËDTXHVHDEUHGXUDQWHOD
FHQDWLUDQGRGHORVH[WUHPRV\
TXHFRQWLHQHXQUHJDORSHTXH
ËRXQFKLVWH\XQDFRURQDGH
SDSHO
6WXIîQJ 5HOOHQR
&UDQEHUU\VDXFH 6DOVDGHDU»QGDQR
9RFDEXODULR&KULVWPDVGLQQHU &HQDGH1DYLGDG
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
3RUTXÃTXLHUHVWUDEDMDUFRQ :K\GR\RXZDQWWRZRUNIRU
XV"
QRVRWURV"
3RUTXÃGHEHUÇDPRVGDUWHHO :K\VKRXOGZHJLYH\RXWKH
MRE"
WUDEDMR"
'XUDQWHFX»QWRWLHPSR +RZORQJZRXOG\RXVWD\ZLWK
XV"
SHUPDQHFHUÇDVFRQQRVRWURV"
&X»OHVVRQWXVSXQWRVIXHUWHV:KDWDUH\RXUVWUHQJWKVDQG
ZHDNQHVVHV"
\GÃELOHV"
3RUTXÃWHPDUFKDVGHWX :K\DUH\RXOHDYLQJ\RXU
SUHVHQWSRVLWLRQ"
DFWXDOSXHVWR"
3XHGHTXHÃOHVWÃGXUPLHQGR +HPLJKWEHVOHHSLQJ
3XHGHTXHOOXHYDKR\ ,WPLJKWUDLQWRGD\
3XHGHTXHWHQJDPRV :HPLJKWKDYHSUREOHPVLIZH
GRWKDW
SUREOHPDVVLKDFHPRVHVR
3XHGHTXHHOODQRYHQJD 6KHPLJKWQRWFRPHDIWHUDOO
GHVSXÃVGHWRGR
3XHGHTXHQRHVWÃQGHDFXHUGR7KH\PLJKWQRWDJUHHZLWKXV
FRQQRVRWURV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
&RPRELHQVHËDOÍXVWHG $V\RXKDYHTXLWHULJKWO\
SRLQWHGRXW
(VWR\GHDFXHUGRKDVWDFLHUWR ,DJUHHXSWRDSRLQW
SXQWR
5HFRPLHQGRSOHQDPHQWHHVWH ,WKRURXJKO\UHFRPPHQGWKLV
ZLQH
YLQR
(VMXVWRORTXH\RKDEÇD 7KLVLVH[DFWO\ZKDW,KDGLQ
PLQG
SHQVDGR
|&ÍPRVHDWUHYHDGHFLUHVR +RZGDUHKHVD\WKDW
$PRGRGHLQWURGXFFLÍQ%\ZD\RILQWURGXFWLRQOHWPH
SHUPÇWHPHFRPHQ]DUGLFLHQGRf VWDUWE\VD\LQJf
(VXQWÍSLFRGHFLUTXHORV ,WoVDFOLFKÃWRVD\WKDWPHQ
KRPEUHVQRVDEHQKDFHUGRV
FDQoWGRWZRWKLQJVDWWKH
FRVDVDODYH]
VDPHWLPH
3DVHPRVDH[DPLQDUORVSURV\ /HWXVQRZORRNDWWKHSURVDQG
ORVFRQWUDV
FRQV
([LVWHRWURSODQWHDPLHQWRSRVLEOH 7KHUHPD\EHDQRWKHUDSSURDFK
$îQGHFXHQWDV :KHQDOOLVVDLGDQGGRQH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq
6KRXOGKDYHSDUWLFLSLR
+HGLGQoWOLYHXSWRH[SHFWDWLRQV
,UHDOO\VFUHZHGXS
1RHVWXYRDODDOWXUDGHORHVSHUDGR /DKHIDVWLGLDGRSHURELHQ
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7KHSRQGFRPSOHWHO\GULHGXS
/DFKDUFDVHVHFÍSRUFRPSOHWR
'RQoWJHWVRZRUNHGXS
|1RWHSRQJDVWDQGLVJXVWDGR\H[DOWDGR
'HEHUÇDVKDEHUWHOHYDQWDGRDQWHV
|'HEHUÇDKDEHUORVDELGR
'HEHUÇDVKDEHUSHGLGRSHUPLVR
<RXPHVVHGXSWKHZKROHSODQ
+DVIDVWLGLDGRWRGRHOSODQ
6HQGKLPXSWRP\RIîFH
0»QGDOHSDUDTXHVXEDDPLGHVSDFKR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV'H
'HEULHI
'HEULHîQJ
'HFODVVLI\
'HFRPSRVH
'HFRQWDPLQDWLRQ
'HHVFDODWH
'HïRZHU
'HIRUHVWDWLRQ
'HKXPDQL]H
7KHVS\GHEULHIHGKLVVXSHULRUVRQKLVSURJUHVV
7KHGHEULHîQJVHVVLRQZDVORQJHUWKDQH[SHFWHG
,oYHGHFLGHGWRGHFODVVLI\WKHVHVHFUHWGRFXPHQWV
7KHERG\GHFRPSRVHGRYHUDSHULRGRIWLPH
7KHGHFRQWDPLQDWLRQSURFHVVLVDELWFRPSOLFDWHG
.HQQHG\ZDQWHGWRGHHVFDODWHWKH9LHWQDP:DU
5RPHGHïRZHUHG6SDLQRIDOOLWVQDWXUDOUHVRXUFHV
+RXVLQJGHYHORSPHQWFDXVHVGHIRUHVWDWLRQ
<RXUPDQDJHPHQWVW\OHZLOOGHKXPDQL]HWKHîUP
'HPRWH
'HQDWLRQDOL]H
'HPLVWLI\
'HRGRUDQW
'HSROLWLFL]H
'HUDLO
'HUHJXODWH
'HVWDELOL]H
'HYDOXH
+HZDVGHPRWHGWRDORZHUSRVLWLRQLQWKHîUP
+HoVGHQDWLRQDOL]LQJPDQ\VWDWHFRPSDQLHV
,ZDQWWRGHPLVWLI\SKUDVDOYHUEVIRU\RX
,GRQoWWKLQNKHSXWVRQGHRGRUDQWLQWKHPRUQLQJ
:HQHHGWRGHSROLWFL]HWKHGHEDWH
7KHQHZGHYHORSPHQWVGHUDLOHGWKHQHJRWLDWLRQV
7KHJRYHUQPHQWGHUHJXODWHGWKHHQHUJ\VHFWRU
7KLVQHZODZFRXOGGHVWDELOL]HWKHVWDWXVTXR
:HPXVWQoWGHYDOXHRXUFXUUHQF\ULJKWQRZ
3UHî[HV,P
,PEDODQFH
,PPDWHULDO
,PPDWXUH
,PPDWXULW\
,PPLJUDQW
,PPRELOL]H
,PPRUDO
,PSDUWLDO
,PSDWLHQW
7KHUHoVDFOHDULPEDODQFHLQWKHWDVNVDVVLJQHG
,PSDWLHQFH
,WoVLPPDWHULDOZKHWKHUWKHZLWQHVVVDZLWRUQRW
,PSHQHWUDEOH
+LVLPPDWXUHDWWLWXGHLVFDXVLQJDORWRIWURXEOHKHUH ,PSHUFHSWLEOH
+HVKRZVDKLJKGHJUHHRILPPDWXULW\
,PSHUIHFWLRQ
,PPLJUDQWVXVXDOO\HQWHU6SDLQIURPWKHVRXWK
,PSHUVRQDO
7KHVXUJHRQKDGWRLPPRELOL]HWKHSDWLHQWoVDUP
,PSHUWLQHQW
(WKLFVVWXGLHVZKDWLVPRUDODQGLPPRUDO
,PSROLWH
<RXURSLQLRQLVQRWLPSDUWLDOEXWUDWKHUVODQWHG
,PSRVVLEOH
,oPLPSDWLHQWWRVHHWKHUHVXOWV
,PSURSHU
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6LHQWRLQWHUUXPSLUSHURWHQJRD7HG5RELQVRQDOWHOÃIRQR\HVW»
IXULRVRSRUHOLQFUHPHQWRHQORVSUHFLRVGHOPRGHOR.'LFHTXHQR
VHOHKDLQIRUPDGR\TXH\DKDGDGRVXSDODEUDDP»VGHFOLHQ
WHVQXHYRVHQODVÔOWLPDVWUHVVHPDQDV1RVHVW»SLGLHQGRTXHOH
PDQWHQJDPRVHOSUHFLRDQWLJXRKDVWDîQDOGH0DU]R6ÍORIDOWD
XQPHV\PHGLRSHURVLVHHQWHUDQORVRWURVGLUHFWRUHVUHJLRQDOHV
SRGUÇDPRVHQFRQWUDUQRVFRQXQSUREOHPD
+LVLPSDWLHQFHLVVWDUWLQJWRJHWRQP\QHUYHV
6RPHSDUWVRIWKLVMXQJOHDUHLPSHQHWUDEOH
+LVQHUYRXVWLFZDVDOPRVWLPSHUFHSWLEOH
1RRQHLVWRWDOO\IUHHRILPSHUIHFWLRQV
7KHDWPRVSKHUHZDVTXLWHLPSHUVRQDO
,GRQoWDSSUHFLDWH\RXULPSHUWLQHQWUHPDUNV
,WoVQRWJRRGWREHLPSROLWHWRWKHZDLWHUV
,WoVLPSRVVLEOHWRï\OLNH3HWHU3DQ
<RXoYHPDGHLPSURSHUXVHRI\RXUOLFHQVH
,oPVRUU\WRLQWHUUXSWEXW,oYHJRW7HG5RELQVRQRQWKHSKRQHDQG
KHoVIXULRXVDERXWWKHSULFHLQFUHDVHRQWKH.PRGHOV+HVD\VKH
ZDVQoWLQIRUPHGDQGWKDWKHoVDOUHDG\JLYHQKLVZRUGWRRYHU
QHZFXVWRPHUVLQWKHODVWWKUHHZHHNV+HoVDVNLQJXVWRKRQRUWKH
ROGSULFHXQWLOWKHHQGRI0DUFK7KDWoVRQO\DPRQWKDQGDKDOI
DZD\EXWLIWKHRWKHUWHUULWRU\PDQDJHUVîQGRXWZHFRXOGKDYH
DSUREOHPRQRXUKDQGV
(OIRJRQHUR\HOPDHVWURDUSRQHUR
&DVLWRGRVORVVHFWRUHVHFRQÍPLFRV\VRFLDOHVGH
(VSDËDHVW»QREVHVLRQDGRVFRQHOWHPDGHOLQJOÃV
\ ODV HPSUHVDV JDVWDQ LQJHQWHV FDQWLGDGHV GH
GLQHURSDUDRIUHFHURSRUWXQLGDGHVGHIRUPDFLÍQD
VXSODQWLOODRSHGLUVROXFLRQHVHVSHFÇîFDVSDUDVX
SHUVRQDOFODYH(OFDVRGH7DQFUHGRHVPX\WÇSLFR
6XQRPEUHHV7DQFUHGR\DîQDOGHHQHUR
\ D WUDYÃV GH VX KLVWRULD SRGU»V FRQVWDWDU TXH
6HU»QXHVWURQXHYRPDHVWURDUSRQHUR
QL ODV JUDQGHV HPSUHVDV FRQ VXV SUHVXSXHVWRV
6XVDUSRQHVDîODGRVDSXQWDGRVDOPHUFDGR
$XPHQWDU»QQXHVWUDVYHQWDVGHXQPRGRGHVWDFDGR GH IRUPDFLÍQ VDEHQ DERUGDU FRQ SHULFLD \ WLQR
HO WHPD GH LQJOÃV 0X\ SRFDV KDQ REWHQLGR
(VHOKRPEUHSHUIHFWRFRQSHULFLD\WLQR
XQD UHQWDELOLGDG HQ ORV DËRV TXH ODV YHQJR
8QIHQÍPHQRDQGDQWHFRQXQFODURGHVWLQR
REVHUYDQGR
&RQÃOODHPSUHVDUHSXQWDU»PX\SURQWR
4XHUHPRVGHQXHYRTXHWXEXHQDHPSUHVD
1RVD\XGHDUHVROYHU\GHIRUPDH[SUHVD
8QSUREOHPDLPSRUWDQWHSDUDHO»UHDFRPHUFLDO
&HQWUDGRHVRVÇHQXQKRPEUHHVSHFLDO
3RUTXH7DQFUHGRQRWLHQHQLXQSHORGHWRQWR
7REHFRQWLQXHGf
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
&RPPHQWDWRU
&RPPHUFH
&RPPHUFLDO
&RPPLVVLRQ
&RPPLW
&RPPLWPHQW
&RPPLWWHH
&RPPRQ
&RPPRWLRQ
&RPPXQH
&RPPXQLFDWH
&RPPXQLFDWLRQ
&RPPXQLRQ
&RPPXQLFDWLYH
&RPPXQLVP
&RPPXQLVW
&RPPXQLW\
(VWLPDGRDPLJR\DOXPQR(OSRHPDTXHYLHQHDFRQWLQXDFLÍQGHVFULEHXQKHFKRUHDO+HFDPELDGR
ORVQRPEUHVSHURVHWUDWDGHXQDVLWXDFLÍQTXHWXYROXJDUDPHGLDGRVGHORV7HGHMRFRQHO
SULQFLSLRGHOSRHPD\DSDUWLUGHODSUÍ[LPDîFKDWHLUÃFRQWDQGRHQSURVDORTXHODSRHVÇDH[SOLFD
FRQEDVWDQWHFODULGDG
&RPSDFW
&RPSDQLRQ
&RPSDQ\
&RPSDUDEOH
&RPSDUDWLYH
&RPSDUH
&RPSDULVRQ
&RPSDUWPHQW
&RPSDVV
&RPSDVVLRQ
&RPSDWLELOLW\
&RPSDWLEOH
&RPSDWULRW
&RPSHQGLXP
&RPSHQVDWH
&RPSHQVDWLRQ
&RPSHWHQFH
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VHVWHVXJDWR" ,VWKLVKHUFDW"
(VHVHVXSHUUR" ,VWKDWKLVGRJ"
'ÍQGHHVW»PLSHORWD" :KHUHLVP\EDOO"
(VW»GHEDMRGHODPHVD ,WoVXQGHUWKHWDEOH
3RUTXÃHVW»DOOÇ" :K\LVLWWKHUH"
/DQRYLDGHPLKHUPDQRHV 0\EURWKHUoVJLUOIULHQGoV
3RUWXJXHVH
SRUWXJXHVD
/DVHFUHWDULDGHVXSDGUHHV +HUIDWKHUoVVHFUHWDU\oV
*HUPDQ
DOHPDQD
(OQRYLRGHVXKHUPDQDHVLWDOLDQR +LVVLVWHUoVER\IULHQGoV,WDOLDQ
(OFRFKHGHQXHVWURSURIHVRUHV2XUWHDFKHUoVFDUoV-DSDQHVH
MDSRQÃV
(OQRPEUHGHVXPÃGLFRHVIUDQFÃV 7KHLUGRFWRUoVQDPHoV)UHQFK
-RVHSK -RVÃ
0DU\ 0DUÇD
7KH7KUHH.LQJV /RV5H\HV0DJRV
6KHSKHUG 3DVWRU
0DQJHU 3HVHEUH
9RFDEXODULR1DWLYLW\6FHQH %HOÃQ
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
'HTXLÃQHVHVWHFRFKH" :KRVHFDULVWKLV"
&X»OHVHOWX\R" :KLFKRQHLV\RXUV"
'HTXLÃQVRQHVRVOLEURV" :KRVHERRNVDUHWKRVH"
&X»OHVVRQORVVX\RV :KLFKRQHVDUHWKHLUV"
GHHOORV "
'HTXLÃQIXHHVDLGHD" :KRVHLGHDZDVWKDW"
1RKHSRGLGRWHUPLQDUOR ,KDYHQoWEHHQDEOHWRïQLVKLW
&X»QGRYDVDSRGHU :KHQDUH\RXJRLQJWREHDEOH
HQYL»UPHOR"
WRVHQGLWWRPH"
1RSRGU»DVLVWLU 6KHZRQoWEHDEOHWRDWWHQG
3RGU»VFXPSOLUHOSOD]R" :LOO\RXEHDEOHWRPHHWWKH
GHDGOLQH"
(VWR\SUHSDUDGR\OLVWR ,oPUHDG\DQGZLOOLQJ
+LJK,QWHUPHGLDWH
$FRUWRSOD]RGHEHUÇDPRV ,QWKHVKRUWWHUPZHVKRXOG
FRQVLGHUDURWUDVRSFLRQHV
FRQVLGHURWKHURSWLRQV
&X»OHVVRQWXVREMHWLYRVD :KDWDUH\RXUORQJWHUPJRDOV"
ODUJRSOD]R"
1RKDVDSURYHFKDGRWXV <RXKDYHQoWWDNHQDGYDQWDJH
RSRUWXQLGDGHV
RI\RXURSSRUWXQLWLHV
$QWHVHUDVP»VWUDEDMDGRU <RXXVHGWREHPRUHKDUG
ZRUNLQJ
4XÃWHSDVD" :KDWoVWKHPDWWHUZLWK\RX"
/RZ$GYDQFHG
0HSXHGHVSODQFKDUODFDPLVD" &DQ\RXLURQP\VKLUW"
3RUTXÃQRKDVEDUULGRHOVXHOR" :K\KDYHQoW\RXVZHSWWKH
ðRRU"
/OHYDVVLJORVVLQOLPSLDUHOSROYR <RXKDYHQoWGXVWHGLQDJHV
&X»QGRYDVDIUHJDUODFRFLQD" :KHQDUH\RXJRLQJWRPRS
WKHNLWFKHQ"
|'ÃMDPHHQSD]|2GLRODVWDUHDV/HDYHPHDORQH,KDWH
KRXVHZRUN
GRPÃVWLFDV
0LGGOH$GYDQFHG
3XHGHTXHVHOHKD\DQSHJDGR +HPLJKWKDYHRYHUVOHSW
ODVV»EDQDV
3XHGHTXHHOODKD\DVDOLGRGH 6KHPLJKWKDYHEHHQRXWRQ
WKHWRZQODVWQLJKW
MXHUJDDQRFKH
3XHGHTXHKD\DKDELGRXQ 0LJKWWKHUHKDYHEHHQD
PLVXQGHUVWDQGLQJ"
PDOHQWHQGLGR"
|'HEHUÇDKDEHUORVDELGR ,PLJKWKDYHNQRZQ
|+DEÃUPHORGLFKR <RXPLJKWKDYHWROGPH
)RU(QJOLVKVXSHUVWDUVRQO\
/RVEHQHîFLRVQHWRV 1HWSURïWLQFUHDVHGE\LQ
DXPHQWDURQXQHQHO
WKHïUVWKDOIRI
SULPHUVHPHVWUHGH
(OGÍODUFD\ÍXQQXHYRPÇQLPR7KHGROODUIHOOWRDQHZORZ
IUHQWHDOHXUR
DJDLQVWWKHHXUR
/DHPSUHVDVHYLRREOLJDGDD 7KHFRPSDQ\ZDVIRUFHGWRFXW
UHGXFLUVXSHUVRQDOHQXQ RILWVZRUNIRUFH
(OSUHFLRGHODYLYLHQGDFD\ÍSRU+RXVHSULFHVIHOOIRUWKHIRXUWK
FXDUWRWULPHVWUHFRQVHFXWLYR
TXDUWHULQDURZ
/DFRQîDQ]DGHORVFRQVXPLGRUHV&RQVXPHUFRQïGHQFHLQWKH86
KDFDÇGREUXVFDPHQWHHQ((88 KDVIDOOHQVKDUSO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
7REHLQDKXUU\
3KUDVDOYHUEVZLWKpXSq
3DUDGHFLUpWHQHUSULVDqQRGHFLPRVQXQFDpWR
KDYHKXUU\q
7KHGUDLQLVVWRSSHGXS
(OGHVDJÖHHVW»DWDVFDGR
:RXOG\RXVKXWXSSOHDVH"
7HTXLHUHVFDOODUSRUIDYRU"
&DQ\RXKHOSPHXS"
0HD\XGDVDOHYDQWDUPH"
,oOOULQJKLPXSWRPRUURZPRUQLQJ
/HGDUÃXQWRTXHPDËDQDSRUODPDËDQD
+HWKUHZXSDOORYHUWKHEDFNVHDW
'HYROYLÍSRUWRGRHODVLHQWRGHDWU»V
<RXoYHUXQXSDKHIW\ELOO
+DVLGRDFXPXODQGRXQDFXHQWD
FRQVLGHUDEOH
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
3UHî[HV,U
,UUDWLRQDO
,UUHJXODU
,UUHOHYDQW
,UUHSODFHDEOH
+LVEHKDYLRXUZDVWRWDOO\LUUDWLRQDO
<RXDUHVXIIHULQJDQLUUHJXODUKHDUWEHDW
:KHWKHUWKH\JRRUQRWLVWRWDOO\LUUHOHYDQWWRPH
&HUWDLQSOD\HUVRQWKHWHDPDUHLUUHSODFHDEOH
,UUHSUHVVLEOH
,UUHVLVWLEOH
,UUHVSRQVLEOH
,UUHYHUVLEOH
7LHQHQSULVDSRUWHUPLQDUHOLQIRUPH
3RUTXÃVLHPSUHWLHQHVSULVDFXDQGRWHYHR"
-RKQWHQÇDSULVDSRUOOHJDUDOEDQFRDQWHVGH
TXHFHUUDUD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
+HULUUHSUHVVLEOHODXJKWHUHQGVXSFDXVLQJSUREOHPV
:KHQVKHVPLOHVVKHoVVLPSO\LUUHVLVWLEOH
,WVHHPVDOORXUQHZSHRSOHDUHWRWDOO\LUUHVSRQVLEOH
7KHSURFHVVLVLUUHYHUVLEOH7KHUHoVQRWKLQJ,FDQGR
3UHî[HV0LV
0LVEHKDYH
0LVFDUULDJH
0LVFRQFHSWLRQ
0LVFRQGXFW
0LVIRUWXQH
0LVJLYLQJV
0LVJXLGHG
0LVKDQGOH
0LVLQIRUPHG
0LVLQIRUPDWLRQ
0LVLQWHUSUHW
0LVMXGJH
0LVOHDG
7KHLUFKLOGLVDOZD\VPLVEHKDYLQJDWVFKRRO
0LVOHDGLQJ
0LVOHDG
+LVZLIHVXIIHUHGDVHULHVRIPLVFDUULDJHV
0LVPDQDJHG
7KHLGHDWKDWVQDNHVDUHVOLP\LVDPLVFRQFHSWLRQ
0LVSODFH
7KHUHoVDORWRIPLVFRQGXFWLQFHUWDLQ1*2V
0LVSULQW
,KDGWKHPLVIRUWXQHWREHDSSRLQWHGVSRNHVPDQ
0LVSURQRXQFH
,KDYHVRPHVHULRXVPLVJLYLQJVDERXWWKHSURMHFW
0LVTXRWH
,EHOLHYH\RXUDFWLRQVDUHPLVJXLGHG
0LVVSHOO
7KH35GHSDUWPHQWPLVKDQGOHGWKHDIIDLU
0LVVSHOOLQJV
,EHOLHYH\RXoYHEHHQPLVLQIRUPHG
0LVWUHDW
7KHJRYHUQPHQWLVLVVXLQJPLVLQIRUPDWLRQRQWKLV
0LVWUHDWHG
3OHDVHGRQoWPLVLQWHUSUHWP\ZRUGV
0LVXQGHUVWDQG
'RQoWPLVMXGJHKLVLQWHQWLRQV+HnVDîJKWHU
0LVXQGHUVWDQGLQJ
7KHXQLRQERVVHVDUHPLVOHDGLQJWKHZRUNHUV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&XDQGROOHJXHHOPRPHQWRGHWHQHUXQDFKDUODVHULDFRQHOODWH
ORKDUÃVDEHU3RUDKRUDORHVW»KDFLHQGRELHQ\QRFUHRTXHVHDHO
PRPHQWRRSRUWXQRSDUDWUDWDUHOWHPDGHOPDWULPRQLR7HUPLQD
U»VLHQGRHODGPLQLVWUDGRUGHOSDWULPRQLRIDPLOLDU\REYLDPHQWH
HOEODQFRGHORVHQFDQWRVGHPXFKRVKRPEUHV(OODQHFHVLWDU»VD
EHUFÍPRMX]JDUVXVLQFHULGDGHVSHFLDOPHQWHODGHDTXHOORVTXH
OHSURSRQJDQHOPDWULPRQLR
7KLVLQIRUPDWLRQFDQEHYHU\PLVOHDGLQJ
7KH*HUPDQVZHUHPLVOHGE\WKHLUOHDGHUV
7KHPLQLVWHUWRWDOO\PLVPDQDJHGWKHDIIDLU
,WKLQN,oYHPLVSODFHGP\ZDOOHW
7KHUHDPLVSULQWRQSDJHSDUDJUDSK
<RXDOZD\VPLVSURQRXQFHP\ODVWQDPH
7KHFKDLUPDQZDVPLVTXRWHGE\WKHSUHVV
<RXoYHPLVVSHOOHGP\QDPHDJDLQ
7KHUHDUHORWVRIPLVVSHOOLQJVLQWKHUHSRUW
,KDWHSHRSOHZKRPLVWUHDWDQLPDOV
7KHSRRUKRUVHZDVPLVWUHDWHGE\LWVRZQHU
'RQoWPLVXQGHUVWDQGPH,GRVXSSRUW\RX
,WKLQNWKHUHoVEHHQDPLVXQGHUVWDQGLQJ
:KHQWKHWLPHFRPHVWRKDYHDVHULRXVWDONZLWKKHU,oOOOHW\RX
NQRZ6KHoVGRLQJRND\IRUWKHWLPHEHLQJDQG,GRQoWIHHOLWoVWKH
ULJKW PRPHQW \HW WR DSSURDFK WKH VXEMHFW RI PDUULDJH 6KH ZLOO
HQG XS EHLQJ WKH DGPLQLVWUDWRU RI WKH HQWLUH IDPLO\ HVWDWH DQG
REYLRXVO\WKHREMHFWRIPDQ\PHQoVFKDUPV6KHoOOQHHGWRNQRZ
KRZ WR MXGJH WKHLU VLQFHULW\ HVSHFLDOO\ WKH RQHV ZKR SURSRVH
PDUULDJH
(VWLPDGRDPLJR\DOXPQR7DQFUHGRVÇTXHHVXQIHQÍPHQR$KRUDGLULJHWRGD(XURSD\HOQRUWHGH
0»VSDODEUDVLQJOHVDV
IULFD(VXQPDJRHQORFRPHUFLDO\GHVSOLHJDVXPDJLDHQHOGHODHPSUHVDQRUWHDPHULFDQD
GHUDÇ]ODWLQD
SDUDODTXHWUDEDMDGHVGH<DWHKDEOÃGHÃOHQXQDîFKDDQWHULRUSHURHVWDYH]TXLHURFRQWDU &RPSHWHQW
&RPSRVLWLRQ
ODKLVWRULDGHVXVLQLFLRV\FÍPRORJUDPRVFRQYHQFHUDVXQXHYDHPSUHVDGHKDFHUORQHFHVDULRSDUD &RPSHWLWLRQ
&RPSRVHU
UHVROYHUGHXQDYH]SRUWRGDVODFDUHQFLDIRUPDWL &RPSHWLWLYH
&RPSRVXUH
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
&RPSUHKHQG
YDTXHSUHVHQWDEDHVWHpVDOYDGRUq(OUHWRHVWDED &RPSHWLWRU
VHUYLGR7DQFUHGRWHQÇDDËRV\HUDSULQFLSLDQWH &RPSLODWLRQ &RPSUHKHQVLYH
3HURWHQHPRVXQSUREOHPDORSRGU»VDGLYLQDU
&RPSLOH
&RPSUHVVLRQ
HQLQJOÃV'HMÍORVHVWXGLRVDORVDËRVSDUDVHU
1XHVWUDVHGHGH2KLRYDDDOXFLQDU
&RPSXOVLRQ
&XDQGRVHSDTXH7DQFUHGRQXHVWUDDUPDVHFUHWD
DSUHQGL] GH PHF»QLFR \ VX WHVÍQ H LQWHOLJHQFLD &RPSOHPHQW
6DEHWDQWRLQJOÃVFRPR%XVKGHSDQGHUHWDV
QDWXUDOOHD\XGDURQDTXHDËRVP»VWDUGHIXH &RPSOHPHQWDU\ &RPSXOVLYH
&RPSOHWH
&RPSXWH
UDîFKDGRFRPRHOQRYDP»VGHWRGRHOVHFWRU
'HYHQGHUVDEHPXFKRFRPRFKXUURVGHIHULD
&RPSXWHU
&RPSOHWHO\
3HURODHPSUHVDHVQRUWHDPHULFDQD\DVXVJUDQ
<VDEU»FÍPRVDFDUQRVGHHVWDPLVHULD
&RPSOH[
&RPUDGH
3HURHQFRVDVP»VîQDVHVXQSRFRSDUDGR
GHVMHIHVGH2KLRQROHVJXVWDFRQîDUGHPDVLDGR &RPSOH[LW\
&RQFDYH
<HQLGLRPDVHVXQKRPEUHPX\SRFRLOXVWUDGR
HQJHQWHTXHQRKDEODHOLGLRPDGHODFDVD3RU &RPSOLFDWH
&RQFHGH
WDQWR7DQFUHGRGHEÇDDSUHQGHULQJOÃV\QXHVWUD
(QVÍORVHLVPHVHVWHQGU»TXHDVLVWLU
&RPSOLFDWHG
&RQFHLYH
HPSUHVD9DXJKDQ6\VWHPVUHFLELÍHOHQFDUJRGH &RPSOLFDWLRQ
$ODVUHXQLRQHVWULPHVWUDOHVTXHVXHOHQFRQVLVWLU
&RQFHQWUDWH
(QH[DPLQDUORFRQVHJXLGR\HQîMDUHOREMHWLYR
ERFDGHOGLUHFWRUGH5HFXUVRV+XPDQRVQXHVWUR
&RPSOLFLW\
&RQFHQWUDWLRQ
'HVGHORP»VFRPHUFLDOKDVWDORP»VDGPLQLVWUDWLYR
QDUUDGRUGXUDQWHHVWDSDUWHGHOSRHPD
&RPSRQHQW
&RQFHQWULF
7REHFRQWLQXHGf
5LFKDUG9DXJKDQ
&RPSRVH
&RQFHSW
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
0LQRYLDHVJXDSD 0\JLUOIULHQGoVSUHWW\
7XQRPEUHHVODUJR <RXUQDPHoVORQJ
6XMHIHHVKRUULEOH GHÃO +LVERVVLVKRUULEOH
6XPDGUHHVVLPS»WLFD +HUPRWKHUoVQLFH
1XHVWUDFDVDHVW»HQODFLXGDG 2XUKRXVHLVLQWKHFLW\
|%DLODFRQPLJR 'DQFHZLWKPH
|&»QWDPHXQDFDQFLÍQ 6LQJPHDVRQJ
|&RPHWXFRPLGD (DW\RXUIRRG
|'LPHDKRUD 7HOOPHQRZ
|'DPHHVR *LYHPHWKDW
/RZ,QWHUPHGLDWH
/RVLHQWRVHPHROYLGÍGHFÇUWHOR6RUU\,IRUJRWWRWHOO\RX
/OHYDEDVSXHVWDHVDFRUEDWDD\HU<RXZRUHWKDWWLH\HVWHUGD\
0HVHQWÇPX\FDQVDGDFXDQGR,IHOWYHU\WLUHGZKHQ,ZRNH
XS
PHGHVSHUWÃ
£OHOLJLÍODEODQFD +HFKRVHWKHZKLWHRQH
3HQVDEDTXHODFRQRFLVWHHQ ,WKRXJKW\RXPHWKHUDWWKH
SDUW\
ODîHVWD
0LGGOH,QWHUPHGLDWH
4XLÃQP»VVDEÇDHVR" :KRHOVHNQHZWKDW"
4XÃP»VTXLHUHVTXHGLJD" :KDWHOVHGR\RXZDQWPHWR
VD\"
(QTXÃRWURVLWLRSRGUÇDPRV :KHUHHOVHFRXOGZHKROGWKH
PHHWLQJ"
FHOHEUDUODUHXQLÍQ"
'HTXÃRWUDPDQHUDVHSRGUÇD+RZHOVHFRXOGLWEHVROYHG"
UHVROYHU"
3RUTXÃRWURPRWLYRORGLUÇD" :K\HOVHZRXOGVKHVD\WKDW"
+LJK,QWHUPHGLDWH
4XÃWHWUDHSRUDTXÇ" :KDWEULQJV\RXKHUH"
4XÃOHKDUÇDDHOODFDPELDUGH :KDWZRXOGPDNHKHUFKDQJH
KHUPLQG"
RSLQLÍQ"
4XÃOHVKL]RPDUFKDUVH" :KDWPDGHWKHPOHDYH"
4XÃVXFHGLÍFXDQGROOHJÍVX :KDWKDSSHQHGZKHQKHU
KXVEDQGDUULYHG"
PDULGR"
4XÃSXHGRKDFHUSDUDTXH :KDWFDQ,GRWRPDNH\RXORYH
PH"
WÔPHTXLHUDV"
/RZ$GYDQFHG
8QSROLFÇDVHPHDFHUFÍ $SROLFHPDQFDPHXSWRPH
1RVKHPRVTXHGDGRVLQGLQHUR :HoYHUDQRXWRIPRQH\
6HOHKDDFDEDGRODSDFLHQFLD +HKDVUXQRXWRISDWLHQFH
0DQWHQOHDOHMDGRGHHOOD .HHSKLPDZD\IURPKHU
/RVERUUDFKRVFDQWDQGRHQOD 7KHGUXQNVVLQJLQJRQWKH
FDOOHPHWXYLHURQHQYHODWRGD VWUHHWNHSWPHXSDOOQLJKW
ODQRFKH
(OYHV (OIRV
6DFN 6DFRFRQUHJDORV
6OHLJKEHOO &DVFDEHO
6OHLJK 7ULQHR
5HLQGHHU 5HQR
9RFDEXODULR)DWKHU&KULVWPDV 3DSD1RHO
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
9R\DOLPDUPHODVXËDV ,oPJRLQJWRïOHP\QDLOV
0HSXHGHVSUHVWDUFUHPD &DQ\RXOHQGPHVRPH
PRLVWXUL]LQJFUHDP"
KLGUDWDQWH"
&ÍPRWHGHSLODVODVD[LODV" +RZGR\RXUHPRYHWKHKDLU
IURP\RXUDUPSLWV"
9DVDXQDSHOXTXHUÇDSDUD 'R\RXJRWRDKDLUGUHVVHUoVWR
VWUDLJKWHQ\RXUKDLU"
OLPDUWHODVXËDV"
&RQTXÃIUHFXHQFLDWHOLPSLDV+RZRIWHQGR\RXðRVV\RXU
WHHWK"
ORVGLHQWHVFRQKLOR"
8QJUDQJXLËRFÍPSOLFHD-RKQ$ELJNQRZLQJZLQNWR-RKQIRU
SRUORTXHVLJXH
WKLVRQH
,PDJLQDTXHQRKD\SRVHVLRQHV,PDJLQHQRSRVVHVVLRQV,
PHSUHJXQWRVLSXHGHVf
ZRQGHULI\RXFDQf
1RKD\LQîHUQREDMRQRVRWURV 1RKHOOEHORZXVDERYHXVRQO\
VREUHQRVRWURVVÍORKD\FLHOR
VN\
6LQQHFHVLGDGGHDYDULFLDR 1RQHHGIRUJUHHGRUKXQJHUD
KDPEUHXQDKHUPDQGDGGH
EURWKHUKRRGRIPDQ
KRPEUHV
'LU»VTXHVR\XQVRËDGRU <RXPD\VD\,oPDGUHDPHUEXW
SHURQRVR\HOÔQLFR
,oPQRWWKHRQO\RQH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq
/DYR]SDVLYD
:KHQ,ZDVZDONLQJGRZQWKHVWUHHWf
&XDQGRLEDDQGDQGRSRUODFDOOH
7KH\VKXWGRZQWKHIDFWRU\ODVWPRQWK
&HUUDURQODI»EULFDHOPHVSDVDGR
7KH\WXUQHGGRZQWKHRIIHU
5HFKD]DURQODRIHUWD
7KHZROIEOHZWKHKRXVHGRZQ
(OORERGHUULEÍODFDVDVRSODQGR
&DQ\RXWXUQGRZQWKHUDGLR"
3XHGHVEDMDUODUDGLR"
7KHZLQGEOHZWKHWUHHVGRZQ
(OYLHQWRGHUULEÍORV»UEROHV
(OFRPSOHPHQWRGLUHFWRGHXQYHUERDFWLYRVH
FRQYLHUWHHQHOVXMHWRGHXQYHUERHQSDVLYD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(O&DVWLOORVHFRQVWUX\ÍHQHOVLJOR
/DVïRUHVIXHURQSODQWDGDVGHQRFKH
/DVIDURODVIXHURQGLVHËDGDVHQ1RUXHJD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV2XW
2XWERDUG
2XWEUHDN
2XWEXUVW
2XWFDVW
2XWFRPH
2XWGDWHG
2XWGR
2XWGRRU
2XWGRRUV
2XWîW
2XWJRLQJ
2XWJURZ
2XWODZ
0\ERDWKDVDQRXWERDUGPRWRUDWWDFKHGWRLW
2XWOLQH
7KHUHZDVDQRXWEUHDNRIFKROHUDLQ6UL/DQND
2XWOLYH
+LVDQJU\RXWEXUVWZDVWRWDOO\XQMXVWLîHG
2XWORRN
,IHHOOLNHDQRXWFDVWLQWKLVFORVHGVRFLHW\
2XWPDQRHXYUH
7KHRXWFRPHRIWKHLUHIIRUWVLVVWLOOWREHVHHQ
2XWQXPEHU
7KRVHLGHDVDUHFRPSOHWHO\RXWGDWHG
2XWRIGDWH
,FDQRXWGR\RXRQDQ\WKLQJ\RXSURSRVH
2XWRIWKHZD\
,SUHIHURXWGRRUVSRUWVWRLQGRRUVSRUWV
2XWSXW
,OLNHWRVSHQGWLPHLQWKHRXWGRRUV
2XWUDQN
,OLNH\RXURXWîW:KHUHGLG\RXEX\LW"
2XWUXQ
0\ERVVLVDYHU\RXWJRLQJSHUVRQ
2XWVNLUWV
<RXUVRQZLOOVRRQRXWJURZWKDWNLQGRIEHKDYLRXU
2XWVSRNHQ
2NODKRPDXVHGWREHDVDIHKDYHQIRURXWODZV
2XWVWDQGLQJ
,QHHGDEULHIRXWOLQHRIWKHRYHUDOOSURMHFW
:RPHQXVXDOO\RXWOLYHPHQ
6KHKDVDYHU\KHDOWK\RXWORRNRQOLIH
2XUULYDOVVHHPWRKDYHRXWPDQRHXYUHGXV
7KH5XVVLDQVRXWQXPEHUHGWKH*HUPDQVE\WR
7KDWWHFKQRORJ\LVDOUHDG\RXWRIGDWH
,îQGRXWRIWKHZD\SODFHVWRVSHQGP\KROLGD\V
)DFWRU\RXWSXWWKLV\HDULVPRYLQJDWDUHFRUGSDFH
7HDFKLQJRXWUDQNVUHVHDUFKDWPRVWXQLYHUVLWLHV
$FKHHWDKFDQRXWUXQDOLRQDQ\GD\RIWKHZHHN
0\QHZKRXVHLVORFDWHGRQWKHRXWVNLUWVRI3DULV
+HoVTXLWHRXWVSRNHQZKHQLWFRPHVWRVDIHW\
<RXoYHGRQHDQRXWVWDQGLQJMRE&RQJUDWXODWLRQV
3UHî[HV0XOWL
0XOWLOHYHO
0XOWLOLQJXDO
0XOWLPLOOLRQDLUH
7KH\OLYHLQDPXOWLOHYHOKRXVH
0DQ\SHRSOHLQ/X[HPERXUJDUHPXOWLOLQJXDO
+LVGUHDPLVWREHFRPHDPXOWLPLOOLRQDLUH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(QYLGLR D OD JHQWH TXH SXHGH FRQVHJXLU WHQHU VX PHVD OLPSLD \
RUGHQDGD&RQR]FRDOGLUHFWRUJHQHUDOGHXQDHPSUHVD\VXPHVD
QXQFDWLHQHQDGDQLXQSDSHOQLVLTXLHUDXQRUGHQDGRU6LHVW»V
FRQ ÃO \ QHFHVLWD HVFULELU DOJR DEUH XQ FDMÍQ VDFD XQD KRMLWD GH
SDSHOHVFULEHXQDVSDODEUDV\ORPHWHHQHOEROVLOORGHUHFKRGHVX
FKDTXHWD1RWHQJRQLLGHDGHTXÃKDFHFRQHOSDSHOGHVSXÃV
0XOWLQDWLRQDO
0XOWLSXUSRVH
0XOWLWDVN
1HVWOÃLVD6ZLVVPXOWLQDWLRQDOFRUSRUDWLRQ
7KLVDDPXOWLSXUSRVHKRXVHFOHDQLQJPDFKLQH
:RPHQVD\WKDWPHQFDQoWPXOWLWDVN
,HQY\SHRSOHZKRFDQPDQDJHWRNHHSWKHLUGHVNFOHDQDQGWLG\,NQRZ
DJHQHUDOPDQDJHURIRQHFRPSDQ\ZKRVHGHVNQHYHUKDVDVLQJOHLWHP
RUSLHFHRISDSHURQLWQRWHYHQDFRPSXWHU,I\RXoUHZLWKKLPDQGKH
QHHGVWRZULWHVRPHWKLQJGRZQKHRSHQVDGUDZHUWDNHVRXWDOLWWOH
SLHFHRIZKLWHSDSHUZULWHVDIHZZRUGVDQGSXWVWKHSLHFHRISDSHULQ
KLVULJKWMDFNHWSRFNHW:KDWKHGRHVZLWKLWDIWHUWKDW,KDYHQRLGHD
7REHFRQWLQXHGf
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
&RQFHSWLRQ
&RQFHSWXDO
&RQFHUQ
&RQFHUQLQJ
&RQFHUW
&RQFHVVLRQ
&RQFLHUJH
&RQFLOLDWH
&RQFLOLDWLRQ
&RQFLVH
&RQFODYH
&RQFOXGH
&RQFOXVLRQ
&RQFRUGDQFH
&RQFRUG
&RQFUHWH
&RQFXELQH
&RQFXUUHQFH
&RQGHPQ
&RQGHPQDWLRQ
&RQGHQVH
&RQGHQVDWLRQ
&RQGHVFHQG
&RQGLPHQW
&RQGLWLRQ
&RQGLWLRQDO
&RQGROHQFHV
&RQGRU
&RQGXFW
&RQGXFWRU
&RQIHUHQFH
&RQIHUH
&RQIHVV
&RQIHVVLRQ
&RQIHVVRU
&RQîGHQFH
(VWLPDGRDPLJR\DOXPQR(OGLUHFWRUGH5HFXUVRV+XPDQRVKDEODFRQHOSURYHHGRUGHODIRUPDFLÍQ
FRQFLHUWDDOWLYH]1RORKDUÇDVLHOSURYHHGRUIXHUDXQDSUHVWLJLRVDFRQVXOWRUDGHHVWUDWHJLDRXQD
IDPRVD HVFXHOD GH QHJRFLRV (O VHFWRU GH OD HQVHËDQ]D GH LGLRPDV WDQWR HQ (VSDËD FRPR HQ HO
UHVWR GHO PXQGR HVW» DWRPL]DGR \ GHVSUHVWLJLDGR 0XFKDV YHFHV SDVD TXH HO FOLHQWH \D VHD XQ
SDUWLFXODU R XQD HPSUHVD GHVFRQIÇD GH OD
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
FDOLGDG\FUHHTXHWLHQHWDQWRGHUHFKRFRPR
(VLPSHUDWLYRSRUWDQWRTXHWXEXHQDHPSUHVD
HOSURYHHGRUGHRSLQDUVREUHFÍPRUHVROYHU
1RVYXHOYDDFDXVDUXQDJUDWDVRUSUHVD
XQDFDUHQFLDIRUPDWLYD1RVHOHRFXUULUÇDD
(VLPSHUDWLYRTXH7DQFUHGRHVWÃFÍPRGR\VXHOWR
QDGLH VXJHULU D XQ FLUXMDQR FÍPR RSHUDU D
<VHVLHQWDHQLQJOÃVXQKRPEUHGHVHQYXHOWR
FRUD]ÍQ DELHUWR SHUR VH VLHQWH WRWDOPHQWH
4XHPHKDJDVXQDSURSXHVWD\TXHVHDHîFD]
OHJLWLPDGR SDUD RSLQDU VREUH FÍPR TXLHUH
3XHVHQHVWRHVW»FODURQRKD\TXHVHUSHUVSLFD]
TXH VH GLVHËH XQ SURJUDPD GH IRUPDFLÍQ
3UHS»UDPHXQSURJUDPDTXHQRVUHVXHOYDODSDSHOHWD
HQLQJOÃV(QHOSRHPDHOGLUHFWRUGH5HFXU
6ROXFLÍQHVRVÇGHîQLWLYD\FRPSOHWD
VRV +XPDQRV HVW» VROLFLWDQGR XQ PLODJUR
(VWLPDGR6U7HOPROHDJUDGH]FRODFRQîDQ]D
4XLHUHTXHGRWHPRVGHLQJOÃVDXQFXUWLGR
&RPRPLHPSUHVDQRKD\QLQJXQDPHMRUHQODHQVHËDQ]D
YHQGHGRU GH DËRV TXH QR VDEH GHFLU QL
$7DQFUHGROHFRQR]FRHOUHWRHVW»VHUYLGR
´\HVµ&X»OHVQXHVWURSULPHUUHWR"3URQWR
(OSODQ"1XHVWURMDUDEHFRQERQLDWRKHUYLGR
ORYHUHPRV
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
+R\HVHOSUHVHQWH 7RGD\LVWKHSUHVHQW
0DËDQDHVHOIXWXUR 7RPRUURZLVWKHIXWXUH
$\HUHVHOSDVDGR <HVWHUGD\LVWKHSDVW
&X»QGRHVVXFXPSOHDËRV" :KHQoVKHUELUWKGD\"
1XHVWURWLHPSRHVDKRUD 2XUWLPHLVQRZ
1RWHHVWR\KDEODQGRDWL ,oPQRWWDONLQJWR\RX
1RHVW»HVWXGLDQGRPXFKRHQ 6KHLVQoWVWXG\LQJPXFKDWWKH
PRPHQW
HVWHPRPHQWR
(VWDPRVFRPLHQGRHQHOMDUGÇQ :HoUHHDWLQJLQWKHJDUGHQ
(VW»HVFXFKDQGRODUDGLR" ,VKHOLVWHQLQJWRWKHUDGLR"
3RUTXÃORHVW»QFRQVWUX\HQGR:K\DUHWKH\EXLOGLQJLWWKHUH"
DOOÇ"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
1RHVWDQEXHQRFRPRVX ,WoVQRWDVJRRGDVWKHLUïUVW
UHFRUG
SULPHUGLVFR
(VHVWRORPHMRUTXHSXHGHV ,VWKLVWKHEHVWWKDW\RXFDQ
GR"
KDFHU"
1RHVW»QWDQFRQWHQWRVFRPR 7KH\oUHQRWDVKDSS\DVWKH\
ZHUHDIHZKRXUVDJR
HVWDEDQKDFHXQDVKRUDV
6DEHQWDQWRFRPRQRVRWURV 7KH\NQRZDVPXFKDVZHGR
DERXWWKHVXEMHFW
DFHUFDGHOWHPD
1RKD\WDQWDVSHUVRQDVDTXÇ 7KHUHDUHQoWDVPDQ\SHRSOH
FRPRKXERODVHPDQDSDVDGD KHUHDVWKHUHZHUHODVWZHHN
&ÍSLDOR\SÃJDOR &RS\DQGSDVWHLW
&X»QWRHVSDFLROLEUHWHTXHGD +RZPXFKIUHHVSDFHGR\RX
KDYHOHIWRQ\RXUKDUGGULYH"
HQHOGLVFRGXUR"
6HUÇDEXHQDLGHDKDFHUXQD ,WZRXOGEHDJRRGLGHD
WRPDNHDVDIHW\FRS\RI
FRSLDGHVHJXULGDGGHWRGR
HYHU\WKLQJ
&X»QWRVDUFKLYRVKD\HQHVD +RZPDQ\ïOHVDUHWKHUHLQ
WKDWIROGHU"
FDUSHWD"
0HORSXHGHVJUDEDUHQXQ&'" &DQ\RXUHFRUGLWIRUPHRQD&'"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
0HGXHOHODJDUJDQWD ,KDYHDVRUHWKURDW
7LHQHVPXFKDWRV <RXoYHJRWDEDGFRXJK
0HWRUFÇHOWRELOORMXJDQGRDO ,WZLVWHGP\DQNOHSOD\LQJ
IRRWEDOO
IXWERO
&ÍPRWHKDVFRUWDGR" +RZGLG\RXFXW\RXUVHOI"
6HURPSLÍWUHVKXHVRVGHOD +HEURNHWKUHHERQHVLQKLV
ULJKWOHJ
SLHUQDGHUHFKD
4XÃWUHVSDODEUDVHPSOHDUÇDV :KDWWKUHHDGMHFWLYHVZRXOG
\RXXVHWRGHVFULEH\RXUVHOI
SDUDGHVFULELUWHGHPDQHUD
SRVLWLYHO\"
SRVLWLYD"
(QFDQWDGRURFXUUHQWH\ &KDUPLQJZLWW\DQGKXPEOH
KXPLOGH
<FÍPRGHVFULELUÇDQWXVDPLJRV$QGKRZZRXOG\RXUIULHQGV
GHVFULEH\RXUEDGSRLQWV"
WXVPDODVFXDOLGDGHV"
4XLVTXLOORVRYROXEOH\ )XVV\PRRG\DQGPHVV\
GHVRUGHQDGR
3DUHFHVVHUXQDSHUVRQD <RXVRXQGOLNHDFRPSOH[
SHUVRQ
FRPSOHMD
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
/OHYRWRGRHOGÇDHVWRUQXGDQGR ,oYHEHHQVQHH]LQJDOOGD\
+HXWLOL]DGRPXFKRVSDËXHORV ,oYHXVHGVRPDQ\WLVVXHV
EORZLQJP\QRVH
VRQ»QGRPHODQDUL]
3RUTXÃHVW»VERVWH]DQGR :K\DUH\RX\DZQLQJVR
PXFK"
WDQWR"
1RORVÃQRORSXHGRHYLWDU ,GRQoWNQRZ,FDQoWKHOSLW
$YHUVLSDUDVPHORHVW»V ,ZLVK\RXoGVWRS\RXoUHJLYLQJ
LWWRPH
SHJDQGRDPÇ
4XÃFDXVDHOFDOHQWDPLHQWR :KDWFDXVHVJOREDOZDUPLQJ"
JOREDO"
(VHOHIHFWRLQYHUQDGHURQR" 7KDWoVWKHJUHHQKRXVHHIIHFW
LVQoWLW"
<TXÃSDVDFRQHODJXMHURGH :KDWDERXWWKHKROHLQWKH
ODFDSDGHR]RQR"
R]RQHOD\HU"
&XHVWDFUHHUORSHURDUUHJODURQ ,WoVKDUGWREHOLHYHEXWWKH\
HVR
VROYHGWKDW
4XHGDGHPRVWUDGRTXHTXHUHU,WMXVWJRHVWRVKRZWKDWZKHUH
HVSRGHU
WKHUHoVDZLOOWKHUHoVDZD\
+HOPHW &DVFR
&OLPEHU (VFDODGRU
+DUQHVV $UQÃV
5DYLQH %DUUDQFR
5RSH &XHUGD
9RFDEXODULR5RFN&OLPELQJ (VFDODGD
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq
/Dp6qGHOD7HUFHUD3HUVRQD
+HWULHGWREUHDNGRZQWKHGRRU
,QWHQWÍGHUULEDUODSXHUWD
:K\GLGWKHQHJRWLDWLRQVEUHDNGRZQ"
3RUTXÃIUDFDVDURQODVQHJRFLDFLRQHV"
6KHEURNHGRZQDQGVWDUWHGFU\LQJ
3HUGLÍHOFRQWURO\VHSXVRDOORUDU
0\FDUEURNHGRZQRQWKHZD\KHUH
0LFRFKHVHDYHULÍFDPLQRGHDTXÇ
%UHDNLWGRZQLQWRVPDOOHUSDUWV
5HGÔFHORDFRQFHSWRVP»VVHQFLOORV
&DQ\RXEUHDNGRZQWKHVDOHVE\UHJLRQ"
3XHGHVGHVJORVDUODVYHQWDVSRUUHJLRQHV"
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
%HERGRQGHHOODEHEH
9LDMRGRQGHHOODYLDMD
0HVLHQWRGRQGHHOODVHVLHQWD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV2YHU
2YHUDOO
2YHUERRN
2YHUERRNLQJ
2YHUERDUG
2YHUEXUGHQ
2YHUFDVW
2YHUFKDUJH
2YHUFRDW
2YHUFRPH
2YHUFRQîGHQW
2YHUFRRN
2YHUFURZGHG
2YHUGR
2YHUGRQH
2YHUGRVH
2YHUGXH
2YHUHVWLPDWH
2YHUïRZ
2YHUKHDG
2YHUKHDU
2YHUKHDW
2YHUODS
2YHUORDG
2YHUDOOVDOHVLQFOXGLQJHYHU\OLQHJUHZ
$LUOLQHVRIWHQRYHUERRNWKHLUïLJKWV
:HVXIIHUHGWKHFRQVHTXHQFHVRIRYHUERRNLQJ
7KHSLUDWHVWKUHZWKH'XWFKRIîFHURYHUERDUG
<RXRYHUEXUGHQ\RXUSHRSOHZLWKPHQLDOWDVNV
7KHVN\KDVEHHQRYHUFDVWIRUWZRVWUDLJKWGD\V
7KH\RYHUFKDUJHGPHIRUWKHFRIIHH
,ZHDUDQRYHUFRDWHYHQLQWKHVXPPHU
,WWRRNPHDORQJWLPHWRRYHUFRPHWKHWUDJHG\
+LVRYHUFRQîGHQWDWWLWXGHFRXOGEULQJGLVDVWHU
7KH\RYHUFRRNHGP\VWHDN,RUGHUHGLWUDUH
0DQ\SULVRQVLQ&DOFXWWDDUHRYHUFURZGHG
'RQoWRYHUGRLW0RGHUDWLRQLVWKHNH\ZRUG
7KH\EURXJKWP\VWHDNRYHUGRQH,ZDQWLWUDUH
+HGLHGRIDQRYHUGRVHRISDLQUHOLHYHUV
7KHSD\PHQWRI\RXUELOOLVDPRQWKRYHUGXH
SHRSOH"'RQoWRYHUHVWLPDWHWKHWXUQRXW
7KHEDWKWXERYHUïRZHGDQGïRRGHGWKHKRXVH
7KHUHZHUHMHWVï\LQJRYHUKHDG
,FRXOGQoWKHOSEXWRYHUKHDU\RXUFRQYHUVDWLRQ
7KHHQJLQHLQP\FDUNHHSVRYHUKHDWLQJ
7KHVHWZRFRQFHSWVWHQGWRRYHUODS
'RQoWRYHUORDGWKHNLGVZLWKVRPXFKKRPHZRUN
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RQRVTXHGDQH[LVWHQFLDV+DFHGRVPHVHVTXHSHGLPRVP»VGH
PLOOLEURVQXHYRV\WRGDYÇDQRORVKHPRVUHFLELGR(OOLEURDSDUH
FÇDDQXQFLDGRHQXQDFRQRFLGDUHYLVWDKDFHXQSDUGHVHPDQDV\
KHPRVUHFLELGRPXFKRVHQFDUJRVTXHQRSRGHPRVDWHQGHU0H
DYHQWXUDUÇDDGHFLUTXHKHPRVSHUGLGRP»VGHWUHVPLOHXURVHQ
YHQWDVHQWDQVÍORGRVVHPDQDV0HLPDJLQRTXHSRGUHPRVDWHQ
GHUDPXFKDVGHHVDVSHWLFLRQHVXQDYH]TXHWHQJDPRVH[LVWHQ
FLDVSHURDOJXQRVGHHOORVYDQDVHURSRUWXQLGDGHVSHUGLGDV
2YHUORRN
2YHUQLJKW
2YHUSD\
2YHUSRSXODWHG
2YHUSRZHULQJ
2YHUUDWH
2YHUUHDFW
2YHUULGH
2YHUH[WHQGHG
2YHUVHH
2YHUVHDV
2YHUVKDGRZ
2YHUVLJKW
2YHUVLJKW
2YHUVLPSOLI\
2YHUVOHHS
2YHUVSHQG
2YHUVWDIIHG
2YHUWKURZ
2YHUWLPH
2YHUZHLJKW
2YHUZKHOPLQJ
2YHUZRUNHG
<RXoYHRYHUORRNHGWKHPRVWLPSRUWDQWSRLQW
6LQDWUDZDVWKHîUVWFDVHRIDQRYHUQLJKWVXFFHVV
,WKLQNWKH\RYHUSDLGPHODVWPRQWK
0RVWPDMRUFDSLWDOVLQ$VLDDUHRYHUSRSXODWHG
+LVEDGEUHDWKZDVRYHUSRZHULQJ
'RQoWRYHUUDWHKLVVNLOOV/HWKLPSURYHKLVZRUWK
,WKLQN\RXRYHUUHDFWHGWRWKHEDGQHZV
,oPWKHERVVDQGP\GHFLVLRQVRYHUULGHWKHUHVW
,WKLQNZHoYHRYHUH[WHQGHGRXUUHVRXUFHV
7KHVXSHUYLVRUoVMRELVWRRYHUVHHSURGXFWLRQ
2XURYHUVHDVGLYLVLRQLVGRLQJEHWWHUWKDQXVXDO
+LVVLVWHUoVIDPHRYHUVKDGRZHGKLVDFKLHYHPHQWV
,oPDPHPEHURIWKHRYHUVLJKWFRPPLWWHH
,oPVRUU\,GLGQoWLQFOXGH\RX,WZDVDQRYHUVLJKW
'RQoWWU\WRRYHUVLPSOLI\WKHWDVNVDWKDQG
7KHODVWWLPH,RYHUVOHSWZDVWKUHH\HDUVDJR
<RXQJFRXSOHVRYHUVSHQGRQHQWHUWDLQPHQW
7KHîUPLVRYHUVWDIIHGIRULWVYROXPHRIEXVLQHVV
7KHPLOLWDU\RYHUWKUHZWKHJRYHUQPHQW
0DQ\SHRSOHPDNHH[WUDPRQH\ZRUNLQJRYHUWLPH
2YHUZHLJKWSHRSOHUXQJUHDWHUKHDOWKULVNV
7KHHYLGHQFHLQ\RXUIDYRXULVRYHUZKHOPLQJ
<RXORRNRYHUZRUNHG:K\QRWWDNHDIHZGD\VRII"
:HoUHRXWRIVWRFN:HRUGHUHGRYHUDWKRXVDQGQHZERRNVWZR
PRQWKV DJR DQG ZH VWLOO KDYHQoW UHFHLYHG WKHP 7KH ERRN ZDV
ZULWWHQXSLQDSRSXODUQHZVPDJD]LQHDFRXSOHRIZHHNVDJRDQG
ZHoYHUHFHLYHGDORWRIRUGHUVZHFDQoWîOO,oGJXHVVZHoYHORVWRYHU
WKUHHWKRXVDQGHXURVLQVDOHVLQMXVWWZRZHHNV,LPDJLQHZHFDQ
îOOPDQ\RIWKRVHRUGHUVRQFHWKHERRNVDUHLQVWRFNEXWVRPHRI
WKHPZLOOEHORVWVDOHVRSSRUWXQLWLHV
(VWLPDGRDPLJR\DOXPQR$OGLUHFWRUGH5HFXUVRV+XPDQRVOHHQWUHJXÃXQDSURSXHVWDFRQXQSUHFLR 0»VSDODEUDVLQJOHVDVGHUDÇ]ODWLQD
WRWDOTXHDVFHQGÇDDWUHLQWDPLOHXURV&UHRTXHIXHODSULPHUDYH]HQVXYLGDTXHYLRXQDFLIUDVLPL
&ROOHFW
&RPELQDWLRQ
&ROOHFWLRQ
&RPELQH
ODUSDUDXQSURJUDPDGHLQJOÃV&RPRFDVLWRGRHOPXQGRSHQVDEDTXHFRQODFRQWUDWDFLÍQGHXQDV
&ROOHFWLYH
&RPELQHG
FODVHVFRQVHJXLUÇDPRVFRQYHUWLUD7DQFUHGRHQELOLQ
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
&ROOLGH
&RPEDW
JÖH1DGLHHQODKLVWRULDVHKDKHFKRGHDGXOWRFRQ
$VXVDËRVHVDÔQSULQFLSLDQWH
&ROOLVLRQ
&RPEXVWLEOH
XQEXHQGRPLQLRGHXQVHJXQGRLGLRPDVLQLQYHUWLU
6XHVSDËROGHIHFWXRVRHVRWURDJUDYDQWH
&ROORTXLDO
&RPHGLDQ
XQPÇQLPRGHHXURV\DVHDGLFKDLQYHUVLÍQ
&RPHQ]ÍDWUDEDMDUVLHQGRDÔQDGROHVFHQWH
&ROORTXLDOLVP
&RPHG\
HQHVIXHU]RHQGLQHURRHQXQDFRPELQDFLÍQGHODV
<HVWDQîQRWDQîQRFRPRHOSHRUDJXDUGLHQWH
&RORJQH
&RPHW
GRVFRVDV,OXVRVKD\HQWRGDVSDUWHVSHURSDUHFHQ
&RORQ
&RPIRUW
'RWDUOHGHLQJOÃVHQXQSOD]RUD]RQDEOH
DFDPSDUHQHVSHFLDOHQHOPXQGRGHORVDVSLUDQWHVD
&RORQLDO
&RPIRUWDEOH
([LJLU»XQHVIXHU]RFLHUWDPHQWHFRQVLGHUDEOH
DSUHQGHULQJOÃV3RUHVRWDQSRFDJHQWHDFDEDUHPD
&RORQLDOLVP
&RPLF
(QGLQHURWUHLQWDPLO\HQWLHPSR"ODWLUD
WDQGRODIDHQD3LFRWHDQVREUHGHOSUREOHPDGXUDQ
&RORQL]DWLRQ
&RPLFDO
3HURDOîQDOKDEODU»LQJOÃVDOLJXDOTXHUHVSLUD
WHDËRVUHDOL]DQGRHVSRU»GLFDVLQFXUVLRQHVGHSRFD
&RORQL]H
&RPPD
0HKDVGLFKRWUHLQWDPLO"%URPHDVRTXÃ"
PRQWD$OFDERGHDËRVDSHQDVKDQSURJUHVDGR
&RORU
&RPPDQG
3RUWUHLQWDPLOOHHQVHËDVKDVWDFDOÍD3HOÃ
SHURHQGLQHURDFXPXODGRKDQWHUPLQDGRJDVWDQGR
&ROXPQ
&RPPDQGHU
6HLVPLOHVORP»[LPRTXHSRGHPRVGHVWLQDU
XQDIRUWXQDWRGRHQEDOGH
&ROXPQLVW
&RPPDQGR
7UHLQWDPLOPHRIHQGHQRVTXLHUHVDUUXLQDU"
7REHFRQWLQXHGf
5LFKDUG9DXJKDQ
&RPD
&RPDWRVH
&RPPHPRUDWH
&RPPHQFH
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
/RVQÔPHURVVRQLQWHUHVDQWHV 1XPEHUVDUHLQWHUHVWLQJ
&X»QWRHVODPLWDGGHGLHFLVÃLV":KDWoVWKHKDOIRIVL[WHHQ"
&X»QWRHVHOGLH]SRUFLHQWR :KDWoVWHQSHUFHQWRIWZR
GHGRVFLHQWRV"
KXQGUHG"
&X»QWRVRQGRVP»VGRV" :KDWoVWZRSOXVWZR"
&X»QWRHVXQFXDUWRGHFLHQ" :KDWoVDTXDUWHURIRQH
KXQGUHG"
4XLÃQYDDYHQLUDODFHQD" :KRoVJRLQJWRFRPHWRWKH
GLQQHU"
1RSXHGRLU ,FDQoWJR
3XHGHYHQLUWXKHUPDQD" &DQ\RXUVLVWHUFRPH"
1RYDDHVWDUHQ(VSDËDHQ 6KHLVQoWJRLQJWREHLQ6SDLQ
LQ'HFHPEHU
GLFLHPEUH
4XÃYDDKDFHUHOOD" :KDWoVVKHJRLQJWRGR"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(/081'2HVXQSHULÍGLFRGLDULR(/081'2LVDGDLO\QHZVSDSHU
+D\UHXQLRQHVVHPDQDOHV 7KHUHDUHZHHNO\PHHWLQJVRQ
WKDWVXEMHFW
DFHUFDGHHVHWHPD
(VXQDUHYLVWDTXHVDOH ,WoVDPDJD]LQHWKDWFRPHVRXW
PRQWKO\
PHQVXDOPHQWH
7ULPHVWUDOPHQWHVLJQLîFDFDGD 4XDUWHUO\PHDQVHYHU\WKUHH
PRQWKV
WUHVPHVHV
6HUHXQHQDQXDOPHQWH 7KH\PHHWDQQXDOO\
1RKDKDELGRPXFKDOOXYLD 7KHUHKDVQoWEHHQPXFKUDLQ
ODWHO\
ÔOWLPDPHQWH
&X»QGRIXHODÔOWLPDYH]TXH:KHQZDVWKHODVWWLPHWKHUH
KXERXQDUHYROXFLÍQHQ,QJODWHUUD" ZDVDUHYROXWLRQLQ(QJODQG"
1RKDKDELGRXQDUHYROXFLÍQ 7KHUHKDVQoWEHHQDSROLWLFDO
SROÇWLFDGHVGHKDFHP»VGH UHYROXWLRQIRURYHU\HDUV
DËRV
'HVGHFX»QGRKD\XQDIXHQWH+RZORQJKDVWKHUHEHHQD
IRXQWDLQLQWKLVVTXDUH"
HQHVWDSOD]D"
6LHPSUHKDKDELGRSUREOHPDV 7KHUHKDYHDOZD\VEHHQ
SUREOHPVZLWKWKHV\VWHP
FRQHOVLVWHPD
6SDUURZ *RUULÍQ
6HDJXOO *DYLRWD
6WRUN &LJÖHËD
2ZO %ÔKR
6ZDQ &LVQH
9RFDEXODULR%LUGV 3»MDURV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
1RVHORGLMLVWHYHUGDG" <RXGLGQoWWHOOWKHPGLG\RX"
DHOORV
+DKDELGRPDODVQRWLFLDVQR" 7KHUHoVEHHQVRPHEDGQHZV
KDVQoWWKHUH"
1RSRGU»WHUPLQDUODFDUUHUD 6KHZRQoWEHDEOHWRïQLVKWKH
UDFHZLOOVKH"
YHUGDG"
'HEHUÇDVHVWDUHQHOFROHJLR <RXVKRXOGEHDWVFKRRO
VKRXOGQoW\RX"
QR"
(VRIXHXQHUURUGHVDVWURVR 7KDWZDVDGLVDVWURXVPLVWDNH
ZDVQoWLW"
YHUGDG"
1RWDUGDUÇDPRVWDQWRVL ,WZRXOGQoWWDNHXVVRORQJLI
WKHUHZHUHPRUHSHRSOHKHUH
KXELHUDP»VJHQWHDTXÇ
&X»QWRWDUGDU»QHQWHUPLQDU" +RZORQJZLOOLWWDNHWKHPWR
ïQLVK"
1XQFDKHWDUGDGRWDQWRHQ ,WoVQHYHUWDNHQPHVRORQJWR
JHWKHUH
OOHJDUDTXÇ
&X»QWRKDEUÇDLVWDUGDGRVL +RZORQJZRXOGLWKDYHWDNHQ
KXELHVHLVWHQLGRXQFRFKHP»V \RXLI\RXoGKDGDIDVWHUFDU"
U»SLGR"
1RKDEUÇDPRVWDUGDGRPHQRV:RXOGQoWLWKDYHWDNHQXVOHVV
WLPHLIZHoGWDNHQWKHWROO
VLKXELÃVHPRVFRJLGROD
URDG"
FDUUHWHUDGHSHDMH"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
'HERGLVFXOSDUPHSRUOR ,PXVWDSRORJL]HIRUZKDW
KDSSHQHG
VXFHGLGR
7HGHERXQDGLVFXOSD ,RZH\RXDQDSRORJ\
/HVURJDPRVDFHSWHQQXHVWUDV 3OHDVHDFFHSWRXUDSRORJLHVIRU
WKHLQFRQYHQLHQFHFDXVHG
GLVFXOSDVSRUODVPROHVWLDV
RFDVLRQDGDV
/DPHQWDPRVWHQHUTXH :HUHJUHWWRLQIRUP\RXWKDW
LQIRUPDUOHGHTXHODHPSUHVD WKHFRPSDQ\KDVJRQHLQWR
OLTXLGDWLRQ
KDHQWUDGRHQOLTXLGDFLÍQ
1RORKLFLPRVDSURSÍVLWR :HGLGQoWGRLWRQSXUSRVH
&RORFDODWDUMHWDERFDDUULED 3ODFHWKHFDUGIDFHXS
'HMDGORVH[»PHQHVERFD /HDYH\RXUH[DPLQDWLRQSDSHUV
DEDMR
IDFHGRZQ
/HGLRODYXHOWDDOFDOFHWÇQ 6KHWXUQHGWKHVRFNLQVLGHRXW
/OHYDVSXHVWRWXVXÃWHUDO <RXoUHZHDULQJ\RXUVZHDWHU
UHYÃV
LQVLGHRXW
(VW»VOH\HQGRHVHOLEURDO <RXoUHUHDGLQJWKDWERRN
UHYÃV
XSVLGHGRZQ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq
/RTXHpZKDWq
'RQoWOHWLWEULQJ\RXGRZQ
1RGHMHVTXHWHGHSULPD
&DQ\RXFRPHGRZQWRP\RIîFH"
3XHGHVEDMDUDPLGHVSDFKR"
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
<RXQHHGWREULQJGRZQWKHSULFH
7LHQHVTXHEDMDUHOSUHFLR
,WFRPHVGRZQWRDTXHVWLRQRIPRQH\
6HUHGXFHDXQDFXHVWLRQGHGLQHUR
1RVÃORTXHYL
£OKL]RORTXHSXGR
1RHQWHQGÇORTXH ÃO GHFÇD
<RXoOOKDYHWRFRPHGRZQWRRXUOHYHO
7HQGU»VTXHEDMDUDQXHVWURQLYHO
,WERLOVGRZQWRDTXHVWLRQRIPRQH\
6HUHGXFHDXQDFXHVWLRQGHGLQHUR
3UHî[HV5H
5HDFW
5HDFWLRQ
5HDOLJQ
5HDUUDQJH
5HDVVXUH
5HDVVXUDQFH
5HDZDNHQLQJ
5HELUWK
5HEXLOG
5HFKDUJH
5HFRQTXHU
5HFRQTXHVW
5HFRQVLGHU
5HFRQVWUXFW
5HFRQVWUXFWLRQ
5HFUHDWH
5HF\FOH
5HF\FOLQJ
5HGHîQH
5HGHSOR\
5HGLDO
+HGLGQoWUHDFWOLNH,H[SHFWHGKLPWR
5HGLVFRYHU
+LVUHDFWLRQWRWKHQHZVLWXDWLRQZDVXQH[SHFWHG
5HHOHFW
:HPXVWUHDOLJQRXUUHVRXUFHVWRWKHQHZWLPHV
5HHYDOXDWH
,oYHUHDUUDQJHGWKHIXUQLWXUHLQWKHOREE\
5HH[DPLQH
/HWPHUHDVVXUH\RX<RXUQDPHLVRQWKHOLVW
5HîQDQFH
<RXUZRUGLVHQRXJKUHDVVXUDQFHIRUPH
5HKDELOLWDWH
7KH5HQDLVVDQFHZDVDFXOWXUDOUHDZDNHQLQJ
5HKDELOLWDWLRQ
,WZDVDUHELUWKRIFODVVLFDOLGHDV
5HLQIRUFH
:HQHHGWRUHEXLOGWKHPRUDOHLQWKHFRPSDQ\
5HLWHUDWH
,QHHGMXPSHUFDEOHVWRUHFKDUJHP\EDWWHU\
5HORFDWH
,WWRRN\HDUVWRUHFRQTXHU6SDLQIURPWKH0RRUV
5HPDUU\
7KH&KULVWLDQUHFRQTXHVWHQGHGLQ*UDQDGD
5HPRGHO
,WKLQN\RXZRXOGGRZHOOWRUHFRQVLGHU\RXUGHFLVLRQ 5HPRGHOOLQJ
*HUPDQ\QHHGHG\HDUVWRUHFRQVWUXFWLWVHFRQRP\
5HQDPH
7KHUHFRQVWUXFWLRQSURFHVVLQ%RVQLDKDVEHHQWRXJK 5HQHJRWLDWH
,ZDQWWRUHFUHDWHDVFHQHIURP/RSHGH9HJD
5HRUJDQL]H
:HWU\WRUHF\FOHDOOWKHZDVWHVZHSURGXFH
5HSD\
7KHUHF\FOLQJSURFHVVLVTXLWHH[SHQVLYH
5HUHDG
<RXQHHGWRUHGHîQHWKHJRDOVDQGREMHFWLYHV
5HVFKHGXOH
7KHJHQHUDOUHGHSOR\HGWKHWURRSVRQVHYHUDOIURQWV
5HXQLI\
,VHWWKHSKRQHWRUHGLDOWKHQXPEHUHYHU\PLQXWHV
5HZULWH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7XIRUPDGHHVFULELUWLHQGHDVHUGHPDVLDGRïRULGD$\HUHVWDEDOH\HQ
GRODHGLWRULDOTXHHVFULELVWH\QRSXGHDYHULJXDUTXÃUD]RQDPLHQWR
KDFÇDVKDVWDHOWHUFHUS»UUDIR/DPD\RUÇDGHODJHQWHVRQOHFWRUHVLP
SDFLHQWHV\VLQRDWUDHVVXDWHQFLÍQHQODSULPHUDOÇQHDRSRUORPHQRV
HQHOSULPHUS»UUDIRHQWRQFHVOHVKDVSHUGLGR7LHQHVTXHVHUP»VHV
FXHWR\DQXQFLDUWXVLQWHQFLRQHVHQHOSULPHUS»UUDIR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
$IWHU\HDUV,UHGLVFRYHUHGWKHMR\RIUHDGLQJ
:HZRQoWUHHOHFW\RXXQOHVV\RXDJUHHWRWKLV
,WKLQNZHVKRXOGUHHYDOXDWHWKHZKROHSURMHFW
,WKLQNZHVKRXOGUHH[DPLQHWKHVWUDWHJ\
7KHVHFRQGPRUWJDJHZLOOUHîQDQFHWKHîUVW
:HZDQWWRUHKDELOLWDWHWKHHQWLUHFLW\FHQWUH
7KHUHKDELOLWDWLRQFRVWVZLOOEHTXLWHORZ
7KLVUHSRUWUHLQIRUFHVRXUSRVLWLRQ
/HWPHUHLWHUDWHRXULQWHUHVWLQWKHSURMHFW
7KH\ZDQWPHWRUHORFDWHWR=DUDJR]D
6KHKDVUHPDUULHGVHYHQWLPHV
,oPJRLQJWRKDYHP\KRXVHUHPRGHOOHG
7KHUHPRGHOOLQJZLOOEHGRQHQH[W\HDU
5HQDPHWKHîOHp7*/q
:HQHHGWRUHQHJRWLDWHWKHFRQWUDFW
7KH\oUHSODQQLQJWRUHRUJDQL]HWKHHQWLUHîUP
+HUHSDLGP\HIIRUWVZLWKDSDWRQWKHEDFN
5HUHDGWKHOHWWHUEHIRUHZULWLQJDQDQVZHU
&DQ,UHVFKHGXOHWKHDSSRLQWPHQWIRU)ULGD\"
7KHGHFLVLRQWRUHXQLI\*HUPDQ\ZDVXQDQLPRXV
,KDGWRUHZULWHWKHHQWLUHGRFXPHQW
<RXUZULWLQJWHQGVWREHWRRïRZHU\-XVW\HVWHUGD\,ZDVUHDGLQJ
WKHHGLWRULDO\RXZURWHDQG,FRXOGQoWîJXUHRXWZKDWDUJXPHQW\RX
ZHUHPDNLQJXQWLOWKHWKLUGSDUDJUDSK0RVWSHRSOHDUHLPSDWLHQW
UHDGHUVDQGLI\RXGRQoWJHWWKHLULQWHUHVWLQWKHîUVWOLQHRUDWOHDVW
WKH îUVW SDUDJUDSK WKHQ \RXoYH ORVW WKHP<RX KDYH WR EH PRUH
FRQFLVHDQGDQQRXQFH\RXULQWHQWLRQVLQWKHîUVWSDUDJUDSK
'HXQDKDELOLGDGQXHYD\SRUSRFRGLQHUR
7REHFRQWLQXHGf
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
&RQIXVH
&RQîGHQW
&RQIXVLRQ
&RQîGHQWLDO
&RQIXVLQJ
&RQîGHQWLDOLW\
&RQIXVHG
&RQîJXUDWLRQ
&RQJHVWHG
&RQîJXUH
&RQJHVWLRQ
&RQîQH
&RQîQHPHQW &RQJORPHUDWH
&RQJORPHUDWLRQ
&RQîUP
&RQîUPDWLRQ &RQJUDWXODWH
&RQîVFDWH &RQJUDWXODWLRQV
&RQJUHJDWH
&RQîVFDWLRQ
&RQïDJUDWLRQ &RQJUHJDWLRQ
&RQJUHVV
&RQïLFW
&RQïXHQFH &RQJUHVVLRQDO
&RQJUXHQW
&RQIRUP
&RQIRUPDQFH &RQJUXHQFH
&RQLFDO
&RQIRUPLW\
&RQLIHURXV
&RQIURQW
&RQIURQWDWLRQ &RQMHFWXUH
(VWLPDGRDPLJR\DOXPQR7ÇSLFRWÇSLFRWÇSLFR&RPRGLMHHQODÔOWLPDîFKDOOHYRDËRVHQVHËDQ
GR LQJOÃV HQ HPSUHVDV \ HQ WRGR HVWH WLHPSR QR KH YLVWR QLQJÔQ SODQWHDPLHQWR pLPSXHVWRq SRU
ODHPSUHVDFDSD]GHSURPHWHUQLUHPRWDPHQWHXQDSRVLELOLGDGGHÃ[LWR/RVGLUHFWLYRVVLQRFRQ
SRFRLQJOÃVSLHQVDQTXHFRQXQDVFODVHVSXHGHQDSUHQGHUOR\FXDQGRQRDOFDQ]DQXQDOWRQLYHO
HQFLHQKRUDVGHFODVHHFKDQODFXOSDDOSURYHHGRU
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
< WLHQHQ UD]ÍQ SRUTXH HO SURYHHGRU QR VH KD DWUH
YLGRDVHQWDUVHFRQHOGLUHFWLYRHQFXHVWLÍQRFRQHO
<HQFXDQWRDOWLHPSR"3XHV7DQFUHGRHVXQFDVR
3DUDÃOHOWLHPSRHVXQELHQPX\HVFDVR
'HSDUWDPHQWRGH5HFXUVRV+XPDQRVSDUDKDFHUOHV
0HGLFHTXHTXLHUHXQFXUVRLQWHQVLYR
YHU TXH HQ OXJDU GH FLHQ KRUDV VRQ FRPR PÇQLPR
3HURHOSURJUDPDTXHSURSRQHVOHSDUHFHH[FHVLYR
PLOKRUDVGHFRQWDFWRFRQHOLGLRPDODVTXHVHYDQD
QHFHVLWDU/DVDFDGHPLDVGHLGLRPDVVRQHQVXPD
/RVîQHVGHVHPDQDSDUDÃOVRQVDJUDGRV
<ORVSURIHVRUHVGHEHU»QHVWDUSUHSDUDGRV
\RUÇD HPSUHVDV SHTXHËDV \ DFHSWDQ FXDOTXLHU HQ
3DUDïH[LELOL]DUVXVKRUDULRVVHJÔQODDJHQGD
FDUJRLPSXHVWRSRUHOFOLHQWHVLÃVWHHVXQDHPSUHVD
4XH7DQFUHGRPDQHMDXQDDJHQGDWUHPHQGD
JUDQGH1RVHDWUHYHQDGHFLUOHODYHUGDGRVRQWDQ
SRFRSURIHVLRQDOHVTXHVHFUHHQFDSDFHVGHSURGXFLU
3HUGRQH6U7HOPRSHURPHWLHQHTXHHVFXFKDU
(OGLQHURGHVXHPSUHVDQRORYR\DGHUURFKDU
XQPLODJUR$OîQDOWRGRHOVHFWRUGHODHQVHËDQ]D
'RWDUÃDVXQXHYRPDHVWURDUSRQHUR
GHLGLRPDVVHTXHGDGHVSUHVWLJLDGR
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
3RUTXÃHVW»HVWHEROLHQPL :K\LVWKLVSHQLQP\EDJ"
EROVD"
4XLÃQHVHVHKRPEUH" :KRLVWKDWPDQ"
4XÃHVHVRGHWXFDEH]D" :KDWoVWKDWRQ\RXUKHDG"
'HGÍQGHVRQHVDVFKLFDV" :KHUHDUHWKRVHJLUOVIURP"
4XÃVRQHVWRVSDSHOHVGHPL :KDWDUHWKHVHSDSHUVRQP\
PHVD"
WDEOH"
&X»QWRVGÇDVKD\HQXQDËR" +RZPDQ\GD\VDUHWKHUHLQD
\HDU"
+D\GÇDVHQXQDËR 7KHUHDUHGD\VLQD\HDU
&X»QWRVGÇDVKD\HQXQPHV" +RZPDQ\GD\VDUHWKHUHLQD
PRQWK"
$OJXQRVWLHQHQGÇDV\RWURV 6RPHKDYHGD\VDQGRWKHUV
KDYH
)HEUHURHVGLIHUHQWHWLHQH )HEUXDU\LVGLIIHUHQWLWKDV
GD\V
GÇDV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
3XHGRKDEODUFRQ&DUORVSRU &DQ,VSHDNWR&DUORVSOHDVH"
IDYRU"
4XLÃQOODPD" :KRoVFDOOLQJ"
6R\+HOHQOODPRGHVGH 7KLVLV+HOHQ,oPFDOOLQJIURP
(QJODQG
,QJODWHUUD
£OQRHVW»TXLHUHVGHMDUXQ +HoVQRWKHUHGR\RXZDQWWR
OHDYHDPHVVDJH"
UHFDGR"
3XHGHVGHFLUOHTXHOODPÍ+HOHQ"&DQ\RXWHOOKLP+HOHQFDOOHG"
+DVHVFULWRDOJRDWXVDEXHORV+DYH\RXZULWWHQVRPHWKLQJ
WR\RXUJUDQGSDUHQWV\HW"
\D"
7RGDYÇDHVWR\HVFULELHQGROD ,oPVWLOOZULWLQJWKHOHWWHU
FDUWD
3RUTXÃHVW»VWDUGDQGRWDQWR" :K\LVLWWDNLQJ\RXVRORQJ"
1RHVWR\DFRVWXPEUDGRD ,oPQRWXVHGWRZULWLQJZLWKDQ
LQNSHQ
HVFULELUFRQXQDSOXPD
$ÔQQRKDQFRPSUDGRXQ +DYHQoWWKH\ERXJKWD
FRPSXWHU\HW"
RUGHQDGRU"
)OXWH )ODXWD
+DUS $USD
%DVV %DMR
&HOOR &KHOR
'UXP 7DPERU
9RFDEXODULR0XVLFDO,QVWUXPHQWV ,QVWUXPHQWRV0XVLFDOHV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
$XQTXHVHTXLHUHQQRVHKDQ $OWKRXJKWKH\ORYHHDFKRWKHU
WKH\KDYHQoWJRWPDUULHG\HW
FDVDGRDÔQ
$SHVDUGHOWU»îFROOHJDURQD ,QVSLWHRIWKHWUDIïFWKH\
DUULYHGRQWLPH
WLHPSR
$XQTXHWXYLHUDHOGLQHURQROR (YHQLI,KDGWKHPRQH\,
ZRXOGQoWEX\LW
FRPSUDUÇD
3DUHFHFRPRVLKXELHVHVYLVWR <RXORRNDVLI\RXoGVHHQD
JKRVW
XQIDQWDVPD
1RWHQGU»VÃ[LWRDPHQRVTXH <RXZRQoWVXFFHHGXQOHVV\RX
ZRUNKDUGHU
WUDEDMHVPXFKR
&UHRTXHQRVGDU»QOX]YHUGH ,WKLQNWKH\oOOJLYHXVWKHJUHHQ
OLJKWIRUWKHSURMHFW
SDUDHOSUR\HFWR
&ÍPRVHJXLUHPRVDGHODQWHVL+RZZLOOZHJRRQLIWKH\GRQoW
JLYHLWWRXV"
QRQRVORGDQ"
7HQGUHPRVTXHHQFRQWUDUXQD :HoOOKDYHWRïQGDZD\
PDQHUD
(VDSROÇWLFDSXHGHFDXVDU 7KDWSROLF\PD\FDXVHVRPH
FRQWURYHUVLD
FRQWURYHUV\
0HLPSRUWDXQEOHGR ,FRXOGQoWFDUHOHVV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
+DVLGRXQSUR\HFWRH[LWRVRH ,WKDVEHHQDVXFFHVVIXO
LQQRYDGRU
LQQRYDWLYHSURMHFW
(QOXJDUGHJXHUUDKD\SD] ,QVWHDGRIZDUWKHUHLVSHDFH
+HPRVSDVDGRGHODVGLFWDGXUDV:HoYHJRQHIURPGLFWDWRUVKLSV
DODVGHPRFUDFLDV
WRGHPRFUDFLHV
3XHEORVTXHDQWHVHVWDEDQ 3HRSOHVZKRXVHGWREHIXOORI
OOHQRVGHRGLRDKRUDVHUHVSHWDQ KDWHQRZUHVSHFWHDFKRWKHU
/DSREUH]DKDVLGRUHHPSOD]DGD3RYHUW\KDVEHHQUHSODFHGE\
SRUODSURVSHULGDG
SURVSHULW\
7UDWDPRVFRQRUJDQL]DFLRQHV :HGHDOZLWKQRQSURïW
VLQ»QLPRGHOXFUR
RUJDQLVDWLRQV
/DHFRQRPÇDPXQGLDOHVW» 7KHZRUOGHFRQRP\LVJRLQJ
SDVDQGRSRUXQDFULVLV
WKURXJKDFULVLV
7HQHPRVTXHIRPHQWDUOD :HKDYHWRSURPRWHFXVWRPHU
îGHOLGDGGHOFOLHQWH
OR\DOW\
(VWDPRVHQXQPHUFDGRHQDO]D:HoUHLQDJURZLQJPDUNHW
(VXQDDPHQD]DSDUDQXHVWUD ,WoVDWKUHDWWRRXUPDUNHW
FXRWDGHPHUFDGR
VKDUH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq
7RGRORTXHp(9(5<7+,1*q
'RQoWFRPHGRZQRQPH
|1RODVSDJXHVFRQPLJR
+HoVFRPHGRZQZLWKWKHïX
+DFRQWUDÇGRODJULSH
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
+HUKDLUFRPHVGRZQWRKHUZDLVW
6XSHOROOHJDKDVWDODFLQWXUD
7KH\FXWGRZQDOOWKHWUHHV
7DODURQWRGRVORV»UEROHV
+LFHWRGRORTXHPHSHGLVWHTXHKLFLHUD
&RPSUÃWRGRORTXHTXHUÇD
9LHURQWRGRORTXHTXHUÇDQYHU
&RPHGRZQIURPWKHWUHHULJKWQRZ <RXQHHGWRFXWGRZQRQIDWW\IRRGV
|%DMDGHO»UERODKRUDPLVPR
7LHQHVTXHFRPHUPHQRVDOLPHQWRVJUDVRV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV'LV
'LVREHGLHQFH
'LVREHGLHQW
'LVREH\
'LVRUGHU
'LVRUGHUO\
'LVRUJDQL]HG
'LVTXDOLîFDWLRQ
'LVTXDOLîHG
'LVTXDOLI\
7KHUHLVFOHDUO\DSUREOHPRIGLVREHGLHQFHKHUH
'LVUHJDUG
7KHVROGLHUVZHUHGLVREHGLHQWWRZDUGVWKHLUVXSHULRUV
'LVUHVSHFW
<RXVKRXOGQHYHUGLVREH\\RXUSDUHQWV
'LVUHVSHFWIXO
+HVXIIHUVIURPDOLYHUGLVRUGHU
'LVVDWLVIDFWLRQ
+HZDVîQHGIRUGLVRUGHUO\FRQGXFW
'LVVDWLVîHG
7KLVFRPSDQ\LVWRWDOO\GLVRUJDQL]HG
'LVVHUYLFH
+LVGLVTXDOLîFDWLRQIURPJROIZDVXQIDLU
'LVWDVWHIXO
+HZDVGLVTXDOLîHGEHFDXVHRIGLVRUGHUO\FRQGXFW
'LVWUXVW
+HoOOGLVTXDOLI\\RXLIKHNQRZV\RXWDNHGUXJV
'LVWUXVWIXO
3OHDVHGLVUHJDUGHYHU\WKLQJ,VDLGODVWQLJKW
,QHYHUVKRZGLVUHVSHFWWRZDUGVROGHUSHRSOH
<RXUDWWLWXGHLQWKHPHHWLQJZDVGLVUHVSHFWIXO
+HVKRZHGDFHUWDLQGHJUHHRIGLVVDWLVIDFWLRQ
+HZDVH[WUHPHO\GLVVDWLVîHGZLWKWKHUHVXOWV
+HoVGRLQJDGLVVHUYLFHWRKLVVRQ ïDFRIDYRU
)LULQJHPSOR\HHVLVDOZD\VGLVWDVWHIXO
,GLVWUXVWDQ\ZRPDQZKRZHDUVKHDY\PDNHXS
,oPGLVWUXVWIXORIKHUPRWLYHV
)RUHKDQG
)RUHKHDG
)RUHPDQ
)RUHPRVW
)RUHVHH
)RUHVHHDEOH
)RUHWDVWH
)RUHZDUQ
0\IRUHKDQGLVZHDNHUWKDQP\EDFNKDQG
,KDYHDVFDURQWKHULJKWVLGHRIP\IRUHKHDG
7KHIRUHPDQRYHUVHHVWKHDVVHPEO\DUHD
)LUVWDQGIRUHPRVWZHPXVWVDYHWKHSHRSOH
,GRQoWIRUHVHHDQ\SUREOHPV
,VHHQRSUREOHPVLQWKHIRUHVHHDEOHIXWXUH
+LVSXQLVKPHQWLVDIRUHWDVWHRIZKDWoVWRFRPH
/HWPHIRUHZDUQ\RX3HSHLVDGLIîFXOWPDQ
3UHî[HV)RUH
)RUHDUP
)RUHFDVW
)RUHFORVH
)RUHFORVXUH
)RUHIDWKHU
)RUHFRXUW
)RUHJURXQG
)RUHUXQQHU
0\IRUHDUPLVEHWZHHQP\ZULVWDQGP\HOERZ
7KHZHDWKHUIRUHFDVWFDOOVIRUUDLQDOOQH[WZHHN
7KH\IRUHFORVHGRQP\KRXVH HMHFXWDUKLSRWHFD
7KHUHKDYHEHHQDORWRIPRUWJDJHIRUHFORVXUHV
2XUIRUHIDWKHUVFDPHWRWKLVODQGVHHNLQJIUHHGRP
3ÃUH]LVWKHWHQQLVSOD\HULQWKHIRUHFRXUW
3HSHLVWKHPDQLQWKHIRUHJURXQGRIWKHSKRWR
-DQH$XVWHQZDVDIRUHUXQQHUWRWKH%URQWHVLVWHUV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&UHR TXH HO RUR GH WX DQLOOR GH FDVDGR WH HVW» LUULWDQGR OD SLHO
3XHGHTXHVHDVDOÃUJLFRDORUR7HKDSDVDGRDOJXQDYH]"&X»Q
WR WLHPSR KDV OOHYDGR HO DQLOOR" <R WH UHFRPHQGDUÇD TXH QR OR
OOHYDUDVGXUDQWHXQSDUGHVHPDQDV\DSOLFDUDVHVWDFUHPDHQOD
]RQDDIHFWDGDGRVYHFHVDOGÇD(OSUREOHPDGHEHUÇDGHVDSDUHFHU
\HQWRQFHVWHSXHGHVYROYHUDSRQHUHODQLOOR3HURVLHOSUREOHPD
UHDSDUHFHK»]PHORVDEHU\EXVFDUHPRVRWUDVROXFLÍQ
, WKLQN WKH JROG LQ \RXU ZHGGLQJ ULQJ LV LUULWDWLQJ \RXU VNLQ
<RX PLJKW EH DOOHUJLF WR JROG +DV WKLV HYHU KDSSHQHG WR \RX
EHIRUH"+RZORQJKDYH\RXEHHQZHDULQJ\RXUZHGGLQJULQJ",oG
UHFRPPHQG\RXQRWZHDULWIRUDFRXSOHRIZHHNVDQGDSSO\WKLV
FUHDP WR WKH DIIHFWHG DUHD WZLFH D GD\7KH SUREOHP VKRXOG JR
DZD\DQGWKHQ\RXFDQSXWWKHULQJEDFNRQ%XWLIWKHSUREOHP
FRPHVEDFNOHWPHNQRZDQGZHoOOORRNIRUDQRWKHUVROXWLRQ
(VWLPDGRDPLJR\DOXPQR&X»QWRYDOHFRQVHJXLUXQEXHQQLYHOGHLQJOÃV"6XYDORUHVUHODWLYRRDE
VROXWR"7DQFUHGRWHQGU»XQVXHOGRDQXDOQHWRGHFLHQPLOHXURVORFXDOVLJQLîFDTXHDODHPSUHVDOH
FRVWDU»HQWUHWRGRVORVFRQFHSWRVHQWRUQRDHXURV6LDËDGLPRVORVLQFHQWLYRVTXHJDQDU»
VLFRPRVHHVSHUDKDFHPLODJURV\GDODYXHOWDDODVFRVDVHQWRQFHVQRVHUÇDH[WUDËRTXHWHUPLQDUD
HODËRFRQPXFKRP»VGLQHUR$KRUDELHQDËDGLUXQD
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
LPSRUWDQWHKDELOLGDGDGLFLRQDODXQDSHUVRQDWDQFUÇ
WLFDSDUDODRUJDQL]DFLÍQHVDOJRGHPXFKRYDORU3DUD
(OFRVWHGH7DQFUHGRFRQVHJXULGDGVRFLDO
6HU»XQLPSRUWHVHJXUDPHQWHVXVWDQFLDO
ODHPSUHVDHOFRVWHQRGHEHVHUXQIDFWRULPSRUWDQWH
&LHQPLOHXURVSRUDËRHVHOFRVWHKDELWXDO
HQODGHFLVLÍQVLQRÔQLFDPHQWHODSUREDELOLGDGGHÃ[L
'HVDOYDGRUHVFRPRÃOHQHOPHUFDGRODERUDO
WRGHODDFFLÍQIRUPDWLYD$TXÇHO6U7HOPRTXLHUHXQ
PLODJURSHURHVW»SRQLHQGRSHURV\SHUHWHVDWRGR0H
8QWHUFLRGHFLHQPLOHVORÔQLFRTXHSLGR
8QWHUFLRGHOSULPHUVXHOGRDQXDOFRQYHQLGR
SLGHFRQVHJXLUXQREMHWLYR\GHVSXÃVSURFHGHDDWDU
$FDPELROHGDUÃXQDQXHYDKDELOLGDG
PHXQDPDQRGHWU»VGHODHVSDOGD(VWRHVFRUULHQWH
$OJRTXHOHGRWHGHPD\RUXWLOLGDG
HQ ODV HPSUHVDV \ HV XQR GH ORV PRWLYRV SRU HO FXDO
PX\ SRFRV GLUHFWLYRV LPSRUWDQWHV VH KDFHQ FRQ XQ
6LWDQEXHQR\ERQLWRHVVXPDHVWURDUSRQHUR
0LSUHFLRHQWRQFHVHVPX\SRFRGLQHUR
DOWR QLYHO GH LQJOÃV XQD YH] VLWXDGRV HQ OD RUJDQL]D
3HURHOWLHPSRORVÃHVXQELHQPX\HVFDVR
FLÍQ\HQHOGÇDDGÇD
3HURVLQWLHPSR6U7HOPRHOîQDOHVIUDFDVR
7REHFRQWLQXHGf
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
&RQVROLGDWLRQ
&RQVRPPÃ
&RQVRQDQFH
&RQVRQDQW
&RQVRUW
&RQVRUWLXP
&RQVSLUDF\
&RQVSLUH
&RQVWDQW
&RQVWHOODWLRQ
&RQVWLWXWH
&RQVWLWXWLRQ
&RQVWLWXWLRQDO
&RQVWUXFW
&RQVWUXFWLRQ
&RQVWUXFWLYH
&RQVXO
&RQVXODU
&RQVXODWH
&RQVXOW
&RQVXOWDQW
&RQVXOWDWLRQ
&RQVXPH
&RQVXPHU
&RQVXPSWLRQ
&RQWDFW
&RQWDJLRXV
&RQWDLQ
&RQWDLQHU
&RQWDPLQDWH
&RQWDPLQDWLRQ
&RQWHPSODWH
&RQWHPSODWLRQ
&RQWHPSRUDU\
&RQWHQW
&RQWH[W
&RQWLJXRXV
&RQWLQHQW
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'HGÍQGHHVWXIDPLOLD":KHUHLV\RXUIDPLO\IURP"
6RQGH,UODQGD7KH\oUHIURP,UHODQG
7XVSDGUHVVRQGH,UODQGD$UH\RXUSDUHQWVIURP,UHODQG
WDPELÃQ"
WRR"
'HTXÃSDUWHGH,UODQGDVRQ":KLFKSDUWRI,UHODQGDUHWKH\
IURP"
6RQGHORHVWH7KH\oUHIURPWKHZHVW
4XÃKDFHÃOHQVXWLHPSROLEUH" :KDWGRHVKHGRLQKLVIUHHWLPH"
'ÍQGHYDHOODORVîQHVGH :KHUHGRHVVKHJRDWWKH
ZHHNHQGV"
VHPDQD"
&X»QGRHPSLH]DODFODVH" :KHQGRHVWKHFODVVEHJLQ"
&ÍPRVDEHÃOHVR" +RZGRHVKHNQRZWKDW"
&RQTXÃIUHFXHQFLDOOXHYHDTXÇ" +RZRIWHQGRHVLWUDLQKHUH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
'DPHHOD]XO *LYHPHWKHEOXHRQH
(VHYHUGHHVW»URWR 7KDWJUHHQRQHLVEURNHQ
&X»OHVHOVX\R" GHHOORV :KLFKRQHLVWKHLUV"
0HJXVWDQORVFDURV ,OLNHWKHH[SHQVLYHRQHV
$TXHOORVVRQPÇRV 7KRVHRQHVDUHPLQH
'ÍQGHSRGUÇDQHVWDUPLVOODYHV" :KHUHFRXOGP\NH\VEH"
'HEHQHVWDUGÍQGHODVGHMDVWH 7KH\PXVWEHZKHUH\RXOHIW
WKHP
*UDFLDVSRUHVHFRQVHMRÔWLO 7KDQNVIRUWKDWXVHIXOSLHFHRI
DGYLFH
1RODVFROJDVWHHQHOPLVPR 'LGQoW\RXKDQJWKHPLQWKH
VDPHSODFHDVXVXDO"
VLWLRGHVLHPSUH"
6LVXSLHUDGÍQGHHVW»QQRODV ,I,NQHZZKHUHWKH\ZHUH,
HVWDUÇDEXVFDQGR
ZRXOGQoWEHORRNLQJIRUWKHP
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
3RGUÇDOOHQDUPLYDVRSRU &RXOG\RXïOOP\JODVVXS
IDYRU"
SOHDVH"
9HUWLÍHOZKLVNH\SRUHO +HSRXUHGWKHZKLVNH\GRZQ
IUHJDGHUR
WKHVLQN
7HKDFDÇGRYLQRHQODFDPLVD <RXoYHVSLOWUHGZLQHRQ\RXU
VKLUW
6HU»GLIÇFLOGHVKDFHUVHGHHVD ,WoOOEHGLIïFXOWWRJHWULGRIWKH
PDQFKD
VWDLQ
£FKDOHXQSRFRGHYLQREODQFR 3XWVRPHZKLWHZLQHRQLWWKDW
HVRTXLWDU»ODPDQFKD
ZLOOUHPRYHWKHVWDLQ
0HUHFHQUHFLELUHORJLRVSRUVX 7KH\GHVHUYHSUDLVHIRUWKHLU
DFWXDFLÍQ
SHUIRUPDQFH
7LHQHODVKDELOLGDGHVSDUD +HKDVWKHVNLOOVWRFDUU\RXW
UHDOL]DUODPLVLÍQ
WKHPLVVLRQ
/DSODQWLOODFXHQWDFRQXQRV 7KHVWDIILVPDGHXSRIDURXQG
HPSOHDGRV
HPSOR\HHV
7RGRVVHVLHQWHQLPSOLFDGRVHQ (YHU\ERG\IHHOVLQYROYHGLQWKH
HOSUR\HFWR
SURMHFW
(VWHFXUVRGHIRUPDFLÍQHVW» 7KLVWUDLQLQJFRXUVHLVDLPHGDW
RULHQWDGRDOOLGHUD]JR
OHDGHUVKLS
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
+DVLGRXQUHYÃVSHOLJURVR ,WKDVEHHQDGDQJHURXV
SDUDHOSURFHVRGHSD]
VHWEDFNWRWKHSHDFHSURFHVV
/DFRDOLFLÍQGHSHQGHGHORV 7KHFRDOLWLRQUHOLHVRQULJKW
SDUWLGRVGHGHUHFKDVSRUVX
ZLQJSDUWLHVIRULWVPDMRULW\
PD\RUÇD
/DFLXGDGKDSHUPDQHFLGR 7KHFLW\KDVUHPDLQHGXQGHU
EDMRWRTXHGHTXHGDGHVGHORV FXUIHZVLQFHODVWZHHNoVULRWV
GLVWXUELRVGHODVHPDQDSDVDGD
/DHOHFFLÍQFRLQFLGLÍFRQHO 7KHHOHFWLRQFRLQFLGHGZLWKDQ
DUUDQTXHGHHQIUHQWDPLHQWRV
RXWEUHDNRIïHUFHïJKWLQJ
IHURFHV
(FKDURQDORVVLQGLFDWRVOD 7KHXQLRQVZHUHEODPHG
FXOSDSRUHOIUDFDVRGHODV
IRUWKHEUHDNGRZQLQWKH
QHJRFLDFLRQHV
QHJRWLDWLRQV
3HUURODGUDGRUSRFRPRUGHGRU +LVEDUNLVZRUVHWKDQKLVELWH
1RVHQFRQWUDPRVHQWUHOD :HKDGRXUVZRUGDJDLQVWWKH
HVSDGD\ODSDUHG
ZDOO
6HKDGHVFXELHUWRWRGRHOSDVWHO7KHFDWoVRXWRIWKHEDJ
6RQFRPRHOGÇD\ODQRFKH 7KH\oUHDVGLIIHUHQWDVFKDON
DQGFKHHVH
1RWHORMXHJXHVWRGRDXQD 'RQoWSXWDOO\RXUHJJVLQRQH
EDVNHW
FDUWD
3HDUO 3HUOD
'LDPRQG 'LDPDQWH
5XE\ 5XEÇ
(PHUDOG (VPHUDOGD
6DSSKLUH =DîUR
9RFDEXODULR-HZHOV -R\DV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
7RDVNIRUWURXEOH
3KUDVDOYHUEVZLWKpGRZQq
(QLQJOÃVFXDQGREXVFDPRVXQOÇR
OLWHUDOPHQWHpSHGLPRVSUREOHPDVq
+HIHOOGRZQDQGKXUWKLVNQHH
6HFD\Í\VHKL]RGDËRDODURGLOOD
,oPIHHOLQJGRZQ
0HVLHQWRDOJRGHSULPLGD
:HGURYHGRZQWRWKHYLOODJH
%DMDPRVDOSXHEOR HQFRFKH
,oPIHHOLQJGRZQLQWKHGXPSV
(VWR\FRQORV»QLPRVSRUORVVXHORV
:HoUHJRQJWRGULYHGRZQWKHSULFHV
9DPRVDIRU]DUORVSUHFLRVDODEDMD
/HWoVJRGRZQDQGVHHKLP
%DMHPRVDYHUOH
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
*HVWLRQDODKLSRWHFD pP»QHFKqWKHpPÍUJXHFKq
(QHVWDîFKDFRQWLQXDPRVFRQSDOD
EUDVHQLQJOÃVTXHWHUPLQDQHQpJHq
\FX\RVRQLGRIRQÃWLFRHVFRPRXQD
pFKq HVSDËROD /DV SDODEUDV P»V
LPSRUWDQWHVGHODOLVWDVRQODVTXH
FLWR GHEDMR GH HVWH S»UUDIR $SDUH
FHQDODGHUHFKDFRQVXVLJQLîFDGR
&X»QWDVFRQRFHV\D"
+XJH
,PDJH
-XGJH
.QRZOHGJH
/DQJXDJH
/DUJH
/RXQJH
/XJJDJH
0DQDJH
0DUULDJH
0HVVDJH
0RUWJDJH
3DFNDJH
3DJH
)RUJH
)ULGJH
)XGJH
*DXJH
*RUJH
*DUDJH
*DUEDJH
*UXGJH
+HGJH
+LQJH
+RPDJH
+XJH
,PDJH
,QGXOJH
,QIULQJH
-XGJH
.QRZOHGJH
/DQJXDJH
/DUJH
/HDNDJH
/LQHDJH
)RUFK
)ULFK
)DFK
*XHLFK
*RUFK
*»UDFK
*»UEDFK
*UDFK
-HFK
-HQFK
-»PDFK
-LÔFK
£PHFK
(QG»OFK
(QIUÃQFK
-»FK
1»OHFK
/»QJÖHFK
/DUFK
/ÇNHFK
/ÃQLHFK
)RUMD
)ULJRUÇîFR
'XOFHGHOHFKH
0HGLGRU
*DUJDQWD *HRO
*DUDMH
%DVXUD
5HQFLOODUHQFRU
6HWR
%LVDJUDJR]QH
+RPHQDMH
(QRUPH
,PDJHQ
&RQVHQWLUPLPDU
,QFXPSOLU
-XH]
&RQRFLPLHQWRV
,GLRPD
*UDQGH
)XJDHVFDSH
/LQDMH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
+DVYLVWRTXÃU»SLGRWHFOHDHVHWLSR"(VWXYHFRQÃOHVWDPDËDQD
\ PH SLGLÍ TXH OH GLFWDUD DOJR SDUD TXH OR PHWLHUD DO RUGHQDGRU
(PSH]ÍDWHFOHDUWDQU»SLGRTXHSHQVÃTXHVLPSOHPHQWHHVWDED
MXJDQGR FRQ HO WHFODGR &XDQGR PLUÃ D OD SDQWDOOD YL TXH KDEÇD
PHFDQRJUDîDGRSHUIHFWDPHQWHWRGDODIUDVHTXHOHKDEÇDGLFKR
&RQWLQXÃGLFWDQGRODFDUWDHQWHUD\ÃOQRPLUÍQLXQDVRODYH]DO
WHFODGRSHURHVFULELÍFDVLWRGRDODYHORFLGDGTXH\RVHOROHÇD
7HORHVW»VEXVFDQGRVLYDVDDTXHOEDUULR
7HORHVW»VEXVFDQGRVLQRWHSRQHVHO
FLQWXUÍQ
|7HORHVW»VEXVFDQGR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
/LQNDJH
/RGJH
/RXQJH
/XJJDJH
0DQDJH
0DUULDJH
0HODQJH
0HVVDJH
0DVVDJH
0LOHDJH
0LUDJH
0LVFDUULDJH
0LVMXGJH
0RUWJDJH
2QVWDJH
2UDQJH
2USKDQDJH
2XWUDJH
2YHUFKDUJH
3DFNDJH
3DJH
$FRSODPLHQWR
$ORMDUVH
6DOÍQ
(TXLSDMH
*HVWLRQDU
0DWULPRQLR
0H]FOD
0HQVDMH
0DVDMH
.LORPHWUDMH
(VSHMLVPR
$ERUWR DFFLGHQWDO
-X]JDUPDO
+LSRWHFD
(QHVFHQD
1DUDQMD
2UIDQDWR
,QGLJQDFLÍQ
&REUDUGHP»V
3DTXHWH
3»JLQD
+DYH\RXVHHQKRZIDVWWKHJX\W\SHV",ZDVZLWKKLPWKLVPRUQLQJ
DQGKHDVNHGPHWRGLFWDWHVRPHWKLQJWRKLPVRWKDWKHFRXOGHQWHU
LW LQWR WKH FRPSXWHU +H VWDUWHG W\SLQJ VR IDVW WKDW , WKRXJKW KH
ZDVMXVWSOD\LQJZLWKWKHNH\ERDUG:KHQ,ORRNHGRQWKHVFUHHQ
,VDZWKDWKHKDGMXVWW\SHGRXWSHUIHFWO\WKHVHQWHQFH,KDGVDLG,
ZHQWRQWRGLFWDWHWKHHQWLUHOHWWHUDQGKHQHYHURQFHORRNHGDWWKH
NH\ERDUGEXWW\SHGHYHU\WKLQJDOPRVWDWWKHVSHHG,UHDGLW
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
&RQWLQHQWDO
&RQWULEXWRU
&RQWLQJHQF\
&RQWURO
&RQWLQJHQW
&RQWUROODEOH
&RQWLQXRXV
&RQWURYHUVLDO
&RQWLQXDWLRQ &RQWURYHUV\
&RQWLQXH
&RQWXVLRQ
&RQWRUWLRQ
&RQYDOHVFH
&RQWRUWLRQLVW &RQYDOHVFHQFH
&RQWUDEDQG
&RQYHQH
&RQWUDFW
&RQYHQLHQFH
&RQWUDFWLRQ
&RQYHQLHQW
&RQWUDFWXDO
&RQYHQWLRQ
&RQWUDGLFW
&RQYHQWLRQDO
&RQWUDGLFWLRQ
&RQYHUJH
&RQWUDGLFWRU\ &RQYHUJHQFH
&RQWUDU\
&RQYHUVDWLRQ
&RQWUDVW
&RQYHUVH
&RQWULEXWH
&RQYHUVHO\
&RQWULEXWLRQ
&RQYHUW
(VWLPDGRDPLJR\DOXPQR/DVGRVSULPHUDVOÇQHDVGHOSRHPDSDUHFHQFRQWUDGLFWRULDVHQWUHVÇ'LJRD
PLLQWHUORFXWRUTXHQRPHSLGDORLPSRVLEOH\TXHQRVR\PDJR6LQHPEDUJRDFRQWLQXDFLÍQOHGLJR
TXHKDJRPLODJURV&ÍPRHVHVWR"(VVHQFLOOR&XDQGRHOFOLHQWHRHODOXPQRVHGHMDJXLDUSRUQRVR
WURV\VHVRPHWHDODWHUDSLDTXHOOHYDPRVDËRVDSUHQGLHQGR\SHUIHFFLRQDQGRQRHVLQXVXDOTXH
VH FRQVLJDQ UHVXOWDGRV UHDOPHQWH VRUSUHQGHQWHV 1R
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
VRQ PLODJURV HQ UHDOLGDG VLQR UHVXOWDGRV OÍJLFRV RE
1RPHSLGDORLPSRVLEOHTXHPDJRQRVR\
WHQLGRVSRUPHGLRGHXQGLVHËROHFWLYR\SHGDJÍJLFR
3HURPLODJURVVÇKDJR\SDUDHVWRHVWR\
UHDOLVWDHQVXVH[SHFWDWLYDV\UDFLRQDOHQVXGHVDUUROOR
0LMDUDEHPLVERQLDWRVPLVDUPDVVHFUHWDV
&DQWDU»QFRPRORVYHUVRVGHODVPHMRUHVRSHUHWDV 4XÃGLUÇDXQFLUXMDQRFX\RSDFLHQWHKDPXHUWRVLHO
KRVSLWDOSDUDDKRUUDUFRVWHVOHREOLJDUDDTXHRSHUDVH
7DQFUHGRQRVÍORDUUDVDU»HQODVYHQWDV
FRQELVWXUÇGHSO»VWLFR\OX]GHODWDUGHFHU6L\RSXGLHUD
&DSHDU»FRQDUURMRODVSHRUHVWRUPHQWDV
DQWHODPD\RUÇDGHORVpGLVHËRVIRUPDWLYRVqLPSXHVWRV
1RWHQGUÃLVTXHFXEULUOHDQWHODVHGHFHQWUDO
SRUHOFOLHQWHFRUSRUDWLYROHVUHFRPHQGDUÇDTXHDEULH
1LEXVFDUOHLQWÃUSUHWHSDUDODUHXQLÍQWULPHVWUDO
VHQ OD YHQWDQD \ WLUDVHQ IXHUD WRGR HO GLQHUR SUHVX
0LHPSUHVDKDEU»YXHOWRDUHVROYHURVODSDSHOHWD
SXHVWDGR'HKDFHUORDVÇVÍORVHSHUGHUÇDHOGLQHUR'H
6ROXFLÍQFRPRGLFHGHîQLWLYD\FRPSOHWD
QRKDFHUORVHSHUGHUÇDWDQWRHOGLQHURFRPRHOYDOLRVR
/RÔQLFRTXHLPSRUWDHQXQUHWRGHIRUPDFLÍQ
WLHPSRGHORVDOXPQRV
(VXQUHVXOWDGRIHOL]VLQP»VFRQWHPSODFLÍQ
7REHFRQWLQXHGf
/ÇQNHFK
/DFK
/DRQFK
/»NDFK
0»QDFK
0ÃUHFK
0HO»QFK
0ÃVDFK
0DV»FK
0»LOHFK
0LU»FK
0ÇVNHUHFK
0LVFK»FK
0ÍUJXHFK
2QVWÃLFK
UDQFK
UIDQHFK
RWUHLFK
2IHUFK»UFK
3»NHFK
3ÃLFK
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'LFLHPEUHHVPLPHVSUHIHULGR 'HFHPEHULVP\IDYRXULWHPRQWK
3RUTXÃHVWXPHVSUHIHULGR" :K\LVLW\RXUIDYRXULWHPRQWK"
3RUTXHHV1DYLGDG %HFDXVHLWoV&KULVWPDV
4XÃIHFKDHVHOGÇDGH :KDWGDWHLV&KULVWPDV'D\"
1DYLGDG"
(VHOGHGLFLHPEUH ,WoVWKHWK WZHQW\ïIWK RI
'HFHPEHU
4XÃYDVDKDFHUHVWHDËR" :KDWDUH\RXJRLQJWRGRWKLV
\HDU"
9DVDYHUDWXIDPLOLDHQ $UH\RXJRLQJWRVHH\RXU
IDPLO\LQ(QJODQG"
,QJODWHUUD"
&UHRTXHHVWDUÃHQ(VSDËD ,WKLQN,oOOEHLQ6SDLQWKLV\HDU
HVWHDËR
(VPX\GLIHUHQWHOD1DYLGDG ,V&KULVWPDVLQ(QJODQGYHU\
GLIIHUHQWIURP6SDLQ"
HQ(VSDËDTXHHQ,QJODWHUUD"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&UHHVTXHKD\PXFKDV 'R\RXWKLQNWKHUHDUHPDQ\
GLIIHUHQFHV"
GLIHUHQFLDV"
7DPELÃQGDPRVORVUHJDORV $OVRZHJLYHWKHSUHVHQWVRQ
&KULVWPDV'D\
HOGÇDGH1DYLGDG
(QTXÃIHFKDUHFLEHODJHQWH :KDWGDWHGRSHRSOHUHFHLYH
WKHLUSUHVHQWVLQ6SDLQ"
VXVUHJDORVHQ(VSDËD"
VL[WK RI-DQXDU\LVD
(OGHHQHURHVXQGÇDPX\ 7KHWK
YHU\LPSRUWDQWGD\KHUH
LPSRUWDQWHDTXÇ
&DGDDËROD1DYLGDGHPSLH]D (YHU\\HDU&KULVWPDVEHJLQV
HDUOLHU
DQWHV
4XÃTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW"
<VLWHFUH\HUDVORVDQXQFLRVGH$QGLI\RXEHOLHYHGWKHDGYHUWV
IURPWKHELJGHSDUWPHQWVWRUHV
ORVJUDQGHVDOPDFHQHVf
SHQVDUÇDVTXHHV1DYLGDGHQ \RXZRXOGWKLQNLWoV&KULVWPDV
FXDQWRWHUPLQDQODVYDFDFLRQHV DVVRRQDV\RXïQLVK\RXU
VXPPHUKROLGD\V
GHYHUDQR
&URZQ &RURQD
6FHSWUH &HWUR
)UDQNLQFHQVH ,QFLHQVR
0\UUK 0LUUD
*ROG 2UR
9RFDEXODULR7KH7KUHH:LVH0HQ /RV5H\HV0DJRV
+LJK,QWHUPHGLDWH
&XÃQWDPHDOJRVREUH3DS» 7HOOPHDOLWWOHDERXW)DWKHU
&KULVWPDV
1RHO
(Q(VWDGRV8QLGRVVXHOHQ ,QWKH8QLWHG6WDWHVWKH\
XVXDOO\VD\6DQWD&ODXV
GHFLU6DQWD&ODXV
'HKHFKRHVWHWÃUPLQRHVXQD,QIDFWWKLVWHUPLVD
PLVSURQXQFLDWLRQRI6DLQW
PDODSURQXQFLDFLÍQGH6DQ
1LFKRODV
1LFRO»V
3RUTXÃVHYLVWHFRQHVHWUDMH :K\GRHVKHGUHVVLQWKDWUHG
VXLW"
URMR"
/RZ$GYDQFHG
0XFKDVSHUVRQDVFUHHQTXH 0DQ\SHRSOHWKLQNWKDWWKLV
LPDJHZDVLQYHQWHGE\&RFD
HVWDLPDJHQIXHLQYHQWDGD
&ROD
SRU&RFD&ROD
'HKHFKRHVWRHVXQDOH\HQGD $FWXDOO\WKLVLVDQXUEDQ
OHJHQG
XUEDQD
6LQHPEDUJRJUDFLDVDXQD +RZHYHUWKDQNVWRRQH
GHVXVHQRUPHVFDPSDËDVGH RIWKHLUKXJHDGYHUWLVLQJ
FDPSDLJQV
SXEOLFLGDGf
VHSRSXODUL]RQORVFRORUHVURMRWKH\GLGSRSXODULVHWKHUHG
\EODQFRSDUDSDUHFHUVHDODODWD DQGZKLWHFRORXUVWRUHVHPEOH
WKHFDQ
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
'LFHQTXHYLDMDSRUHOPXQGR 7KH\VD\KHWUDYHOVDURXQGWKH
ZKROHZRUOGRQ&KULVWPDV(YH
HQWHURHQ1RFKHEXHQD
6XVUHQRVGHEHQWHQHUPXFKD +LVUHLQGHHUVPXVWKDYHDORW
RIVWDPLQD
UHVLVWHQFLD
7HGHMDFDUEÍQVLKDVVLGR 'RHVKHOHDYH\RXFRDOLI\RXoYH
EHHQEDGGXULQJWKH\HDU"
PDORGXUDQWHHODËR"
'HMDORVUHJDORVHQXQ +HOHDYHVWKHJLIWVLQD
&KULVWPDVVWRFNLQJ
&KULVWPDVVWRFNLQJ
7DPELÃQOHGDPRVXQDFRSD :HDOVRJLYHKLPDJODVVRI
GHMHUH]\XQRVSDVWHOHVGH
VKHUU\DQGVRPHPLQFHSLHV
SLFDGLOORGHIUXWD
|4XÃUDURVVRLV <RXORWDUHZHLUG
/RV5H\HV0DJRVVRQPXFKR 7KH7KUHH:LVH0HQDUHPXFK
PHMRUHVTXH3DS»1RHO
EHWWHUWKDQ)DWKHU&KULVWPDV
3RUORPHQRVWLHQHQDOJRTXH $WOHDVWWKH\KDYHVRPHWKLQJ
YHUFRQHOYHUGDGHURPHQVDMH WRGRZLWKWKHUHDOPHVVDJHRI
GH1DYLGDG
&KULVWPDV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq
7R/LNH
+HFDQoWKROGGRZQDMRE
1RSXHGHFRQVHUYDUXQHPSOHR
<RXVKRXOGNHHS\RXUH[SHQVHVGRZQ
'HEHUÇDVFRQWHQHUWXVJDVWRV
:HQHHGWRKROGGRZQSULFHV
1HFHVLWDPRVFRQWHQHUORVSUHFLRV
&RXOG\RXNHHSWKHQRLVHGRZQSOHDVH"
3RGÃLVEDMDUHOWRQRSRUIDYRU"
+HoVOHDGLQJXVGRZQWKHZURQJSDWK
1RVOOHYDSRUHOPDOFDPLQR
:HoOOï\GRZQWR0DODJDWRVHH\RX
%DMDUHPRVD0»ODJDDYHUWH HQDYLÍQ
*HVWLRQDODKLSRWHFD pP»QHFKqWKHpPÍUJXHFKq
(QHVWDîFKDFRQWLQXDPRVFRQSDOD
EUDVHQLQJOÃVTXHWHUPLQDQHQpJHq
\FX\RVRQLGRIRQÃWLFRHVFRPRXQD
pFKq HVSDËROD /DV SDODEUDV P»V
LPSRUWDQWHVGHODOLVWDVRQODVTXH
FLWR GHEDMR GH HVWH S»UUDIR $SDUH
FHQDODGHUHFKDFRQVXVLJQLîFDGR
&X»QWDVFRQRFHV\D"
3HUFHQWDJH
3ULYLOHJH
5DJH
5DQJH
5HDUUDQJH
6WDJH
6WRUDJH
6WUDQJH
8UJH
8VDJH
3RVWDJH
3DVVDJH
6DOYDJH
6DXVDJH
3DUWULGJH
3DVVDJH
3DWURQDJH
3HUFHQWDJH
3LOJULPDJH
3LOODJH
3OHGJH
3OXQJH
3RVWDJH
3UHMXGJH
3UHVDJH
3ULYLOHJH
3XUJH
5DJH
5DQJH
5DYDJH
5HDUUDQJH
5HFKDUJH
5HIXJH
5LGJH
6DERWDJH
S»UWUHFK
S»VDFK
SÃLWUDQHFK
SHUVÃQWHFK
SÇOJUDPHFK
SÇOLFK
SOHFK
SODQFK
SÍVWHFK
SULFK»FK
SUÃVHFK
SUÇïOHFK
SHUFK
UÃLFK
UÃLQFK
U»IDFK
ULDUÃLQFK
ULFK»UFK
UÃïXFK
ULFK
V»ERWDFK
3HUGL]
3DVDMH
3DWURFLQLR
3RUFHQWDMH
3HUHJULQDMH
3LOODMH
-XUDPHQWR
6XPHUJLU
)UDQTXHR
3UHMX]JDU
3UHVDJLDU
3ULYLOHJLR
3XUJDU
&ÍOHUDIXULD
5DQJR»PELWR
+DFHUHVWUDJRV
5HRUGHQDU
5HFDUJDU
5HIXJLR
3UHFLSLFLR
6DERWDMH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7UDVSDVDUWUHVDËRVLQYHVWLJDQGRORVRUÇJHQHVHOGHVDUUROOR\HOÃ[L
WRGHODFDGHQDp.HQWXFN\)ULHG&KLFNHQqKHOOHJDGRDODFRQFOXVLÍQ
GHTXHHOÃ[LWRGHOH[FÃQWULFRIXQGDGRUHOFRURQHO+DUODQG6DQGHUV
WHQÇDTXHYHUPX\SRFRFRQVXVHFUHWRGHRQFHKLHUEDV\HVSHFLDV
(OYHUGDGHURVHFUHWRGHOFRURQHOHUDVXDEVROXWDDXGDFLD\H[WUDRU
GLQDULDFRQîDQ]DHQVÇPLVPR
([SUHVDPRVpJXVWDUqDOUHYÃVTXHHQHVSDËRO
6XMHWRYHUERFRPSOHPHQWR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7HJXVWR
/HVJXVWDPRV
1RVJXVWDQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6DOYDJH
6DXVDJH
6KRUWDJH
6LHJH
6SOXUJH
6SRQJH
6WDJH
6WRUDJH
6WUDQJH
6XEPHUJH
6\ULQJH
7HHQDJH
8QGHUFKDUJH
8UJH
8VDJH
9HUJH
9LOODJH
9LQWDJH
9ROWDJH
9R\DJH
:DJH
V»OIDFK
V»VDFK
VLÍUHFK
VLFK
VSOHUFK
VSDQFK
VWHLFK
VWÍUDFK
VWUÃLQFK
VDEPÃUFK
VXUÃQFK
WLQÃLFK
DQGHUFK»UFK
HUFK
LÔVHFK
IHUFK
IÇOLFK
IÃQWHFK
IÍOWHFK
IÍLHFK
XÃFK
6DOYDUUHVFDWDU
6DOFKLFKD
(VFDVH]
6LWLR GHVLWLDU
'HUURFKDU
(VSRQMD
(VFHQDULR
$OPDFHQDMH
([WUDËR
6XPHUJLU
-HULQJXLOOD
'HODDGROHVFHQFLD
&REUDUGHPHQRV
*DQDVH[KRUWDU
8VR
%RUGH DOERUGHGH
$OGHD
$ËHMR
9ROWDMH
9LDMH HQEDUFR
6DODULRSDJD
$IWHU VSHQGLQJ WKUHH \HDUV UHVHDUFKLQJ WKH RULJLQV GHYHORSPHQW
DQGVXFFHVVRIWKH.HQWXFN\)ULHG&KLFNHQFKDLQ,oYHFRPHWRWKH
FRQFOXVLRQWKDWWKHVXFFHVVRIWKHH[FHQWULFIRXQGHU&RORQHO+DUODQG
6DQGHUVKDGYHU\OLWWOHWRGRZLWKKLVHOHYHQVHFUHWKHUEVDQGVSLFHV
7KH &RORQHOoV UHDO VHFUHWV ZHUH KLV XQPLWLJDWHG DXGDFLW\ DQG KLV
H[WUDRUGLQDU\VHOIFRQîGHQFH
(VWLPDGRDPLJR\DOXPQR&RQHVWDVGRVHVWURIDVWHUPLQRHOSRHPD6RQVÍORGRVHVWURIDVSHURFRQWLHQHQ
0»VSDODEUDVLQJOHVDV
XQPHQVDMHPX\LPSRUWDQWH([LVWHXQGLFKRHQHVSDËRO´/REDUDWRHVFDURµ+D\WUHVIDFWRUHVGHFRVWH
GHUDÇ]ODWLQD
LPSRUWDQWHVFXDQGRXQRTXLHUHKDFHUVHGHYHUGDGFRQXQEXHQGRPLQLRHQXQVHJXQGRLGLRPDXQH[ &RQYHUWLELOLW\
&RUGLDOO\
FHOHQWHSURIHVRU RSURIHVRUHV PXFKRHVIXHU]RSHUVRQDO\ODEÔVTXHGDGHPXFKDVVLWXDFLRQHVUHDOHVGH
&RURQDU\
&RQYH[
FRPXQLFDFLÍQ7RGRVORVIDFWRUHVGHFRVWHVRQFRVWRVRV\VLWUDWDVGHDEDUDWDUFRQWUDWDQGRDXQSURIHVRU &RQYHUWLEOH
&RURQDWLRQ
PHGLRFUHHVFDWLPDQGRHVIXHU]RVRHYLWDQGRSDVDUDSXURVHQVLWXDFLRQHVUHDOHVQRYDVDDSUHQGHULQJOÃV
&RUSRUDO
&RQYLFW
(VRWHORSXHGRDVHJXUDU8QH[FHOHQWHSURIHVRUGHLQJOÃVVHPHUHFHJDQDUORVXîFLHQWHSDUDSRGHUVLTXLH
&RUSRUDWLRQ
&RQYLFWLRQ
&RUSXOHQW
&RQYLQFH
UHGHGLFDUVHDODHQVHËDQ]DFRPRYRFDFLÍQÔQLFD\YLWDOLFLD\SDUDSRGHUIRUPDUXQDIDPLOLD\SDJDUXQD
&RUUDO
&RQYLQFHG
KLSRWHFD(VWRVLHQWRGHFLUORVHWUDGXFHHQWDULIDVSRUKRUDGHFODVHTXHPXFKRVFRQVLGHUDUÇDLVFDUDV6LQ
&RUUHFW
HPEDUJRVRQODVWDULIDVP»VEDUDWDVGHOPHUFDGRSRUTXH &RQYLQFLQJ
&RUUHFWLRQ
&RQYRNH
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW
FRQH[FHOHQWHVSURIHVRUHVDSUHQGHVPXFKRLQJOÃV1RWH
&RUUHFWLYH
&RQYR\
/DIRUPDFLÍQH[LVWHSDUDFDPELDUDODJHQWH
TXHMHV GHO FRVWH GH WXV FODVHV VL HVW»V DSUHQGLHQGR 1R
&RUUHFWO\
&RRSHUDWH
<VLHOFDPELRQRYLHQHHOMXLFLRHVFRQFOX\HQWH
EXVTXHVXQSUHFLRP»VHFRQÍPLFRSRUTXHXQSUHFLREDUD
&RUUHODWH
&RRSHUDWLRQ
3RUPXFKRDKRUURQHJRFLDGRHQHOSUHFLR
WRVLJQLîFDSDJDUPHQRVGLQHURSHURDFDPELRGHDEVROX
&RUUHODWLRQ
&RRSHUDWLYH
(OGLQHURJDVWDGRHVGLQHURGHXQQHFLR
WDPHQWHQDGD0XFKDJHQWH\PXFKDVHPSUHVDVDFDEDQ &RRUGLQDWH
&RUUHVSRQG
JDVWDQGRPXFKRGLQHURDORODUJRGHORVDËRVDFDPELR &RRUGLQDWLRQ &RUUHVSRQGHQW
1RPHEDMHHOSUHFLRQLPHSRQJDFRQGLFLRQHV
/HHQWUHJDUÃXQPLODJURVLQOLPLWDFLRQHV
GHQDGD(VWROHVSDVDSRUTXHPLUDQHOFRVWHSRUHQFLPD &RRUGLQDWRU &RUUHVSRQGLQJ
/DPDUDYLOODGHVXQXHYRPDHVWURDUSRQHUR
GHODEÔVTXHGDGHODFDOLGDG3RVHHUXQîUPHGRPLQLRGHO
&RUULGRU
&RS\
6HU»P»VPDUDYLOODFRQPLPDHVWURIRJRQHUR
LQJOÃVSDJDDOWÇVLPRVGLYLGHQGRV\TXLHQEXVFDHFRQRPÇDV
&RUURERUDWH
&RUGLDO
5LFKDUG9DXJKDQ
)LQ VLPSOHPHQWHWHUPLQDPRQROLQJÖH
&RUURERUDWLRQ
&RUGLDOLW\
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
&X»OHVVRQWXVSODQHVSDUD :KDWDUH\RXUSODQVIRU
&KULVWPDV"
1DYLGDG"
(VW»VGHYDFDFLRQHV" $UH\RXRQKROLGD\"
(VWR\GHYDFDFLRQHVGXUDQWH ,oPRQKROLGD\IRUWZRZHHNV
GRVVHPDQDV
0LIDPLOLDHVW»DTXÇHQPL 0\IDPLO\LVKHUHLQP\KRXVH
XQWLOWKHHQGRIWKH\HDU
FDVDKDVWDîQDOGHDËR
(VWXIDPLOLDRODIDPLOLDGH ,VLW\RXUIDPLO\RU\RXUZLIHoV
IDPLO\"
WXPXMHU"
/RVSDGUHVGHPLPXMHU\ORV 0\ZLIHoVSDUHQWVDQGPLQH
PÇRVWDPELÃQHVWDU»QDTXÇ
WRRZLOOEHKHUH
(VW»VVHJXURTXHHVXQD $UH\RXVXUHLWoVDJRRGLGHD"
EXHQDLGHD"
4XÃYDVDKDFHUFRQHOORV" :KDWDUH\RXJRLQJWRGRZLWK
WKHP"
1RWHQJRQLLGHD ,KDYHQRLGHD
7DOYH]WHQGUHPRVXQD1DYLGDG0D\EHZHoOOKDYHDWUDGLWLRQDO
WUDGLFLRQDOLQJOHVD
(QJOLVK&KULVWPDV
&KULVWPDVFDUGV &ULVPDVWDUMHWDV
0DQWHOSLHFH 5HSLVDGHODFKLPDQHD
6WRFNLQJ &DOFHWÇQJUDQGHSDUD
UHOOHQDUFRQUHJDORV
3UHVHQWV 5HJDORV
&RDO &DUEÍQ
9RFDEXODULR)LUHSODFH &KLPHQHD
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
'HFRUDUHPRVHO»UEROFRQ :HoOOGHFRUDWHDWUHHZLWKORWV
RIOLJKWV
PXFKDVOXFHV
'HMDUHPRVPXFKRVUHJDORV :HoOOOHDYHORWVRISUHVHQWVDW
WKHERWWRPRIWKHWUHH
DSLHGHO»UERO
3RQGUHPRVXQ»QJHOHQFLPD :HoOOSXWDQDQJHORQWRS
(OGÇDSUHSDUDUHPRVXQD 2QWKHWKZHoOOSUHSDUHDELJ
PHDO
JUDQFRPLGD
%HEHUHPRVGHPDVLDGR :HoOOGULQNWRRPXFK
/XHJRLUHPRVDPLVDD 7KHQZHoOOJRWRPLGQLJKW
PDVVDWWKHFKXUFK
PHGLDQRFKHHQODLJOHVLD
&DQWDUHPRVHQYR]DOWDSRUTXH:HoOOVLQJORXGO\EHFDXVHZHoOO
HVWDUHPRVXQSRFRERUUDFKRV EHDOLWWOHGUXQN
1RVOHYDQWDUHPRVHOGÇDGH :HoOOJHWXSHDUO\RQ&KULVWPDV
1DYLGDGFRQGRORUHVGHFDEH]D 'D\ZLWKKHDGDFKHV
0LUDUHPRVSRUODYHQWDQDSDUD :HoOOORRNRXWWKHZLQGRZWR
VHHLILWoVVQRZLQJ
YHUVLHVW»QHYDQGR
(VWDUHPRVHPRFLRQDGRV :HoOOEHH[FLWHGDVZHRSHQ
RXUSUHVHQWV
PLHQWUDVDEULPRVQXHVWURV
UHJDORV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
)LQJLUHPRVHVWDUIHOLFHVFRQ :HoOOSUHWHQGWREHKDSS\ZLWK
RXUSUHVHQWV
QXHVWURVUHJDORV
3RUTXÃVLHPSUHUHFLER :K\GR,DOZD\VJHWVRFNVDQG
WLHV"
FDOFHWLQHV\FRUEDWDV"
3UXÃEDWHHOMHUVH\ 7U\WKHVZHDWHURQ
|1RHVWR\GHDFXHUGRHOURVDWH ,GRQoWDJUHHSLQNORRNVJUHDW
RQ\RX
TXHGDJHQLDO
3RUVXSXHVWRTXHQRPH 2IFRXUVH,ZRQoWEHRIIHQGHGLI
\RXFKDQJHLW
RIHQGHUÃVLORFDPELDV
,QWHQWHPRVQRGLVFXWLUHVWHDËR /HWoVWU\QRWWRDUJXHWKLV\HDU
4XLHUHVTXHWHHFKHXQFDEOH 'R\RXZDQWPHWRJLYH\RXD
KDQGLQWKHNLWFKHQ"
HQODFRFLQD"
3RQODWHOHODUHLQDYDDKDFHU 3XWWKH79RQWKHTXHHQLVJRLQJ
WRPDNHKHU&KULVWPDVVSHHFK
VXGLVFXUVRGH1DYLGDG
1RVHPHRFXUULUÇDXQDLGHDSHRU ,FRXOGQoWLPDJLQHDZRUVHLGHD
|1RWHHPERUUDFKHVDQWHVGH 'RQoWJHWGUXQNEHIRUHZHHDW
OXQFK
TXHFRPDPRV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
+D\DOJXQRVFUÇRVHQODSXHUWD7KHUHDUHVRPHNLGVDWWKHGRRU
VLQJLQJ&KULVWPDVFDUROV
FDQWDQGRYLOODQFLFRV
'LOHVTXHVHSLHUGDQ 7HOOWKHPWRJHWORVW
6HVXSRQHTXHHOSDYRWLHQH ,VWKHWXUNH\VXSSRVHGWREH
WKLVGU\"
TXHHVWDUDVÇGHVHFR"
£FKDOHXQSRFRGHVDOVDGH 3RXUDOLWWOHJUDY\RQLW
FDUQHHQFLPD
9R\DHFKDUPHXQDVLHVWD ,oPJRLQJWRKDYHDQDS
'HVSLHUWDDWXSDGUHHVW» :DNH\RXUIDWKHUXSKHoV
URQFDQGR
VQRULQJ
-XJDPRVDXQMXHJRGHPHVD" 6KDOOZHSOD\DERDUGJDPH"
4XLÃQTXLHUHEHVDUPHEDMRHO:KRZDQWVWRNLVVPHXQGHU
PXÃUGDJR"
WKHPLVWOHWRH"
7HORHVW»VSDVDQGRELHQ $UH\RXKDYLQJDJRRGWLPH
VREULQR"
QHSKHZ"
1RHQFXHQWURSDODEUDV :RUGVIDLOPH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq
'RQoWSXWKLPGRZQOLNHWKDW
|1ROHUHEDMHVDVÇ
7R+XUW
7KH\FDOOHGLQWKH$UP\WRSXWGRZQWKH
UHYROW
/ODPDURQDO(MÃUFLWRSDUDDSODVWDUODUHYXHOWD
<RXFDQSXW\RXUKDQGGRZQQRZ
<DSXHGHVEDMDUODPDQR
3XWLWGRZQRQSDSHU
$SÔQWDORHQXQSDSHO
3XWWKHOHWWHUGRZQRQWKHWDEOH
'HMDODFDUWDHQODPHVD
,SXWDKXQGUHGGROODUVGRZQDVDGHSRVLW
3DJXÃFLHQGÍODUHVFRPRGHSÍVLWR
7KHUDLQLQ6SDLQVWD\VPDLQO\RQWKHSODLQ
/DPD\RUÇDGHODVSDODEUDVLQJOH
VDVTXHFRQWLHQHQODVOHWUDVpDLq
GLFKDVOHWUDVVHSURQXQFLDQ
(L
/DIUDVHGHOWÇWXORGHHVWDVHFFLÍQ
VH SURQXQFLDUÇD p7KH UHLQ LQ
6SHLQVWHLVPÃLQO\RQWKHSOÃLQq
(QODSUÍ[LPDîFKDYHUHPRVTXH
ODSURQXQFLDFLÍQHVFDVLVLHPSUH
ODPLVPDHQUHIHUHQFLDDODVSD
ODEUDV TXH FRQWLHQHQ ODV OHWUDV
pD\q GD\SOD\HWF
/DV H[FHSFLRQHV D HVWDV UHJODV
ODVYHU»VHQODWHUFHUDFROXPQDD
SDUWLUGHODSDODEUDpDLUq
$LG
$LOPHQW
$LP
%DLO
%DLW
&DLQ
'DLO\
ÃLG
ÃLOPHQW
ÃLP
EÃLO
EÃLW
NÃLQ
GÃLOL
$\XGD
'ROHQFLD
$SXQWDU
)LDQ]D F»UFHO
&HER
&DÇQ %LEOLD
'LDULDPHQWH
'DLV\
)DLO
)DLQW
)DLWK
*DLQ
+DLO
+DLWL
-DLO
/DLG
0DLG
0DLO
0DLQ
0DL]H
1DLO
3DLG
3DLO
3DLQ
3DLQW
5DLG
5DLO
5DLQ
5DLVH
5DLVLQV
GÃLVL
IÃLO
IÃLQW
IÃL]
JXÃLQ
MÃLO
MÃLWL
FKÃLO
OÃLG
PÃLG
PÃLO
PÃLQ
PÃLV
QÃLO
SÃLG
SÃLO
SÃLQ
SÃLQW
UÃLG
UÃLO
UÃLQ
UÃLV
UÃLVHQV
0DUJDULWD
)UDFDVDU
'HVPD\DUVH
)H
*DQDU
*UDQL]DU
+DLWÇ
&»UFHO
3DVDGRGHqOD\q
&ULDGD
&RUUHR
3ULQFLSDO
0DÇ]
&ODYR
3DJDGR
&XER
'RORU
3LQWXUD
,QFXUVLÍQ
3DVDPDQRV
/OXYLD
(OHYDU
3DVDV
6HXVDFXDQGRTXHUHPRVH[SUHVDUTXHDOJR
GXHOH
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
0HGXHOHHOGHGRGHSLH
/HVGXHOHQORVSLHV
1RVGXHOHQODVSLHUQDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6DLO
6DLQW
7DLO
7DLORU
9DLQ
:DLVW
:DLW
:DLWHU
VÃLO
VÃLQW
WÃLO
WÃLOHU
IÃLQ
XÃLVW
XÃLW
XÃLWHU
1DYHJDU
6DQWR
5DER
6DVWUH
9DQR
&LQWXUD
$JXDUGDU
&DPDUHUR
$LU
'DLU\
)DLU
)DLU\
+DLU
3DLU
HU
GÃUL
IHU
IÃUL
MHU
SHU
$LUH
/»FWHR
-XVWR
+DGD
3HOR
3DU
1DÉYH
QDÇI
,QJHQXR
$LVOH
&DLUR
.DLVHU
7DLZDQ
»LO
N»LUR
N»LVHU
WDLX»Q
3DVLOOR
(O&DLUR
.DLVHU
7DLZDQ
6DLG
VHG
3DVDGRGHpVD\q
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(V9GXQDSHUVRQDîDEOH\GHUHFXUVRV"7LHQHPXFKDHQHUJÇDLQ
WXLFLÍQHLQLFLDWLYD"9LVWHELHQ\WLHQHDSWLWXGHVFRQHORUGHQDGRU"
(VW»GLVSXHVWRDUHFRJHUDFOLHQWHVHQHODHURSXHUWRIUHJDUSODWRV
DVSLUDUDOIRPEUDVOOHYDUDFDERHQFXHVWDVWHOHIÍQLFDVKDFHUUHFDGRV
\WRGDVODVGHP»VFRVDVTXHQRWHQHPRVWLHPSRGHKDFHU"6RPRV
XQDHPSUHVDGHSXEOLFLGDGFRQFOLHQWHVQDFLRQDOHV\QHFHVLWDPRVD
XQVXSHUD\XGDQWH1DGDGHTXHMLFDV1DGDGHJHQWHYDJD
$UH\RXGHSHQGDEOHDQGUHVRXUFHIXO"'R\RXKDYHORWVRIHQHUJ\
LQWXLWLRQ DQG LQLWLDWLYH" 'R \RX GUHVV ZHOO DQG KDYH FRPSXWHU
VNLOOV"$UH\RXZLOOLQJWRSLFNXSFOLHQWVDWWKHDLUSRUWZDVKGLVKHV
YDFXXPFDUSHWVFRQGXFWWHOHSKRQHVXUYH\VUXQHUUDQGVDQGGRDOO
WKHRWKHUWKLQJVZHGRQoWKDYHWLPHWRGR":HDUHDQDGYHUWLVLQJ
îUP ZLWK FOLHQWV QDWLRQZLGH DQG ZH QHHG D VXSHU KHOSHU 1R
ZKLQHUV1ROD]\SHRSOH
(VWLPDGRDPLJR\DOXPQR1HFHVLWRFUX]DUXQDGHQVDMXQJODSDUDOOHJDUDPLGHVWLQR6HWUDWDGHXQGHVWLQR 0»VSDODEUDVLQJOHVDV
TXHGHVHRFRQPXFKDIXHU]D/RVVHQGHURVDWUDYÃVGHODMXQJODHVW»QOOHQRVGHPDOH]DOLDQDV]DU]DV\UDPDV
GHUDÇ]ODWLQD
EDMDV/RLQWHQWR"6LVLJRDGHODQWHVHJXUDPHQWHPHYHUÃIUHQDGRDFDGDSDVRSRUORVREVW»FXORV/DVOLDQDVVH
&RXQW
&RUURVLRQ
HQUHGDU»QDOUHGHGRUGHPLVWRELOORV(OHVSHVRUDPDMHPHDUDËDU»ORVEUD]RV\ODFDUD0HTXHGDUÃHQJDQFKDGR
&RXQWHVV
&RUURVLYH
\HQUHGDGRDFDGDSDVR0LSURJUHVRVHU»OHQWR\WRUWXRVR\KDVWDPHROYLGDUÃGHFÍPRHVDQGDUFRQSDVRîUPH
&RXSRQ
&RUUXSW
\OLJHUR4XÃKDJR"8QDPLJRPÇRH[SHUWRHQYLDMDUSRUODVMXQJODVPHUHFRPLHQGDTXHYXHOYDDODFDSLWDOD &RUUXSWLRQ
&RXUW
GRVVHPDQDVGHFDPLQRSDUDFRPSUDUPHXQQXHYRLQYHQWROODPDGRPXOWLPDFKHWHPHF»QLFR6HWUDWDGHOR
&RUWLVRQH &RXUWHRXV
&RXUDJH
&RVPHWLF
ÔOWLPRSDUDGHVSHMDUVHQGHURVHQODMXQJOD0HFRVWDU»WUDEDMRYROYHUGHQXHYRDODFDSLWDO\PHFRVWDU»WDPELÃQ
&RVPHWLFV &RXUWHVDQ
EDVWDQWHGLQHURVLQKDEODUGHOYLDMHGHYXHOWDDGRQGHHVWR\DKRUD0HGDSHUH]DYROYHU0HYDDUHVXOWDUSHVDGÇ
&R\RWH
&RVPLF
VLPRSHUGHUWRGRXQPHV HOYLDMHGHLGD\YXHOWDDODFDSLWDO 3HURPLDPLJRLQVLVWHHQTXHMDP»VYROYHUÃDDQGDU
&UHDP
GHVSDFLRFRQHOPXOWLPDFKHWHPHF»QLFR0HGLFHTXHVHUÃXQFDPLQDQWHGHFLGLGR\UHVXHOWRFXDOTXLHUDTXHVHD &RVPRQDXW
ODMXQJODTXHPHHVSHUH6LHPSUHWHQGUÃHOFDPLQRGHVSHMDGR\SRGUÃDQGDUSRUODMXQJODFRPR3HGURSRUVXFDVD &RVPRSROLWDQ &UHDWH
&UHDWLRQ
&RVPRV
<RJUDFLDVD'LRV\DWHQJRXQPXOWLPDFKHWHPHF»QLFRSHURSDUDODMXQJODJUDPDWLFDOGHOFDVWHOODQR+DFHDËRV
&UHDWLYH
&RVVDFN
GHGLTXÃHOWLHPSRQHFHVDULRDDGTXLULUSUHFLVLÍQ\DJLOLGDGFRQODJUDP»WLFDE»VLFDGHWXLGLRPD\GHVGHHQWRQ
&UHDWLYLW\
&RVW
FHVWHQJRORVVHQGHURVGHVSHMDGRVVLQOLDQDV\VLQPDOH]DTXHPHUDOHQWLFHQ7HQJRVROWXUDJUDFLDVDOGRPLQLR
&UHDWRU
&RXQFLO
GHODJUDP»WLFDE»VLFD$KRUDWHWRFDDWLFRQVHJXLUORPLVPRFRQHOLQJOÃV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VHOÔOWLPRGÇDGHHVWHDËR ,WoVWKHODVWGD\RIWKLV\HDU
(VHOSULPHUGÇDGHOSUÍ[LPRDËR,WoVWKHïUVWGD\RIQH[W\HDU
4XÃIHFKDVVRQ" :KDWGDWHVDUHWKH\"
6RQHOGHGLFLHPEUH\HO 7KH\DUHWKHVW
WKLUW\ïUVW
GHHQHUR
RI'HFHPEHUDQGWKHVW ïUVW
RI-DQXDU\
(VXQDQRFKHSDUDJUDQGHV ,WoVDQLJKWIRUELJSDUWLHV
îHVWDV
&ÍPRVHGLFH1RFKHYLHMDHQ +RZGR\RXVD\1RFKHYLHMDLQ
(QJOLVK"
LQJOÃV"
6HGLFH1HZ<HDUoV(YH :HVD\1HZ<HDUoV(YH
4XÃKDFÃLVHVDQRFKH" :KDWGR\RXGRRQWKDWQLJKW"
+DFÃLVODVFRVDVGHPDQHUD 'R\RXGRWKLQJVLQDGLIIHUHQW
GLIHUHQWHDORVHVSDËROHV" ZD\IURPWKH6SDQLVK"
&ÍPRORFHOHEU»LVDOOÇ" +RZGR\RXFHOHEUDWHLWWKHUH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
/DIDPLOLDQRHVWDQLPSRUWDQWH7KHIDPLO\LVQoWDVLPSRUWDQW
DVLWLVKHUH
FRPRORHVDTXÇ
/DJHQWHVXHOHVDOLUFRQVXV 3HRSOHXVXDOO\JRRXWZLWK
WKHLUIULHQGV
DPLJRV
1RKD\XQDFHQDWUDGLFLRQDO 7KHUHLVQoWDWUDGLWLRQDOGLQQHU
EHIRUHPLGQLJKW
DQWHVGHPHGLDQRFKH
9DQDSXEVRîHVWDVDOUHGHGRU 7KH\JRWRSXEVRUSDUWLHVDW
DURXQGVHYHQRUHLJKWRoFORFN
GHODVVLHWHRODVRFKR
,QWHQWDQEHEHUWDQWRFRPR 7KH\WU\WRGULQNDVPXFKDV
WKH\FDQ
VHDSRVLEOH
&RPÃLVODVXYDVFRPRQRVRWURV'R\RXHDWJUDSHVOLNHXVDW
PLGQLJKW"
DPHGLDQRFKH"
1XQFDKHFRPSUHQGLGRPX\ ,oYHQHYHUXQGHUVWRRGYHU\
ZHOOZK\\RXGRWKDW
ELHQSRUTXÃKDFÃLVHVR
6LFRPHVXYDVHQ ,I\RXHDWJUDSHVLQ
VHFRQGV\RXZLOOKDYHJRRG
VHJXQGRVWHQGU»VEXHQD
OXFNLQWKDW\HDU"
VXHUWHHVWHDËR"
7RGRHOPXQGRFUHHTXHHVR 'RHVHYHU\ERG\EHOLHYHWKDWoV
WUXH"
HVYHUGDG"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XÃSLHQVDVKDFHUHVWHDËR" :KDWDUH\RXSODQQLQJWRGR
WKLV\HDU"
6XSRQJRTXHYROYHUÃDFDVD ,VXSSRVH,oOOJREDFNKRPH
$XQTXHSXHGHTXHORSDVHFRQ$OWKRXJK,PLJKWVSHQGLWZLWK
PLIDPLOLDSROÇWLFD
P\IDPLO\LQODZ
7XIDPLOLDWHHFKDU»GHPHQRV <RXUIDPLO\ZLOOPLVV\RX
/HVYHUÃDSULQFLSLRVGH$ËR ,oOOVHHWKHPDWWKHEHJLQQLQJ
1XHYR
RIWKH1HZ<HDU
1RPHLEDVDGHFLUFX»OHVOD :HUHQoW\RXJRLQJWRWHOOPH
WUDGLFLÍQLQJOHVDDPHGLDQRFKH" ZKDWWKH(QJOLVKWUDGLWLRQLVDW
PLGQLJKW"
1RKDFHPRVQDGDHQ :HGRQoWGRDQ\WKLQJLQ
SDUWLFXODU
SDUWLFXODU
&DQWDPRVFRPRWRQWRV\QRV :HVLQJOLNHIRROVDQGJDWKHU
UHXQLPRVDOUHGHGRUGHODWHOHR URXQGWKH79RUOLVWHQWRWKH
UDGLR
HVFXFKDPRVODUDGLR
.QRFNHU $OGDED
+LQJHV %LVDJUD
/HWWHUER[ %X]ÍQ
'RRUPDW )HOSXGR
'RRUEHOO 7LPEUH
9RFDEXODULR(QWUDQFH (QWUDGD
0LGGOH$GYDQFHG
'DPRVEHVRVDWRGRHOPXQGR :HJLYHHYHU\ERG\DNLVVRQ
WKHFKHHNV
HQODVPHMLOODV
2VLHUHVXQVROWHURRXQ 2ULI\RXoUHVLQJOHRUDGUXQN
\RXWU\WRJHWRIIZLWK
ERUUDFKRLQWHQWDVHQUROODUWH
HYHU\ERG\
FRQWRGRHOPXQGR
(OGÇDVLJXLHQWHLQWHQWDV 7KHIROORZLQJGD\\RXWU\WR
UHFRUGDUGHVLKLFLVWHHOULGÇFXOR UHPHPEHULI\RXPDGHDIRRO
RI\RXUVHOI
7HDUUHSLHQWHVSRUORTXHGLMLVWH<RXUHJUHWZKDW\RXVDLGDQG
GLG
HKLFLVWH
)RU(QJOLVKVXSHUVWDUVRQO\
7HQGHPRVDVDOLUFRQQXHVWURV :HWHQGWRJRRXWZLWKRXU
DPLJRVGHVSXÃVGHTXHORV
IULHQGVDIWHUWKHFORFNVKDYH
UHORMHVGHQODPHGLDQRFKH
VWUXFNPLGQLJKW
/DPDQHUDHVSDËRODPHSDUHFH7KH6SDQLVKZD\VHHPVPXFK
PXFKRP»VFLYLOL]DGD
PRUHFLYLOLVHGWRPH
6DEÇDVTXHHQ,WDOLDFRPHQ 'LG\RXNQRZLQ,WDO\WKH\HDW
OHQWHMDVHQYH]GHXYDV"
OHQWLOVLQVWHDGRIJUDSHV"
7DPSRFRWLHQHQXQDSDODEUD 7KH\GRQoWKDYHDZRUGIRU
SDUDUHVDFDHQLWDOLDQR
KDQJRYHULQ,WDOLDQHLWKHU
(VRVLWDOLDQRVUHERVDQ 7KRVH,WDOLDQVRR]H
VRîVWLFDFLÍQQR"
VRSKLVWLFDWLRQGRQoWWKH\"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
0LJKW3XHGHTXH$ORPHMRU
3KUDVDOYHUEVZLWKpGRZQq
(VXQYHUERDX[LOLDUTXHH[SUHVDSRVLELOLGDG
,IHHOUXQGRZQ
0HVLHQWRFDQVDGR\VLQHQHUJÇD
<RXoOOUXQGRZQWKHEDWWHU\LI\RXGRWKDW
$JRWDU»VODEDWHUÇDVLKDFHVHVR
*LYHPHDUXQGRZQRQWKHSODQ
([SOÇFDPHHOSODQ
6HQGKLPGRZQWRP\RIîFH
0»QGDOHSDUDTXHEDMHDPLGHVSDFKR
3XHGHTXHOOXHYDPDËDQD
3XHGHTXHWRGDYÇDFRMDVWXWUHQ
3XHGHTXHWRGDYÇDYHQGDQODHPSUHVD
:K\GR\RXDOZD\VUXQKLPGRZQ"
3RUTXÃVLHPSUHOHFULWLFDVWDQWR"
6HWLWGRZQRQWKHWDEOH
&ROÍFDORHQODPHVD DOJRTXHSHVD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
3UD\IRUWKHKD\LQ0D\WRVWD\JUD\ 5H]DSDUDTXHHOKHQRGHPD\RSHUPDQH]FDGHFRORUJULV
6DOYR ODV GRV H[FHSFLRQHV
FLWDGDV DO îQDO GH OD VH
JXQGD FROXPQD OD FRPEL
QDFLÍQ pD \q VLHPSUH VH
SURQXQFLDHQLQJOÃV
(L
<DVDEHVSURQXQFLDUpGD\q
pSD\q R pZD\q DVÇ TXH
DSOLFD OD PLVPD SURQXQ
FLDFLÍQ VLHPSUH TXH YHDV
pD\q
%D\
%D\RQHW
&OD\
&UD\îVK
&UD\RQ
'D\
'HOD\
*UD\
+D\
/D\
/D\HU
/D\RII
/D\RXW
0D\
0D\EH
0D\RU
EÃL
EHLRQÃW
NOHL
NUÃLïVK
NUÃLRQ
GHL
GHOÃL
JUÃL
MÃL
OÃL
OÃLHU
OÃLDI
OÃLDRW
PÃL
PÃLEL
PÃLHU
%DKÇD
%D\RQHWD
$UFLOOD
&DQJUHMRGHUÇR
/»SL]GHFRORU
'ÇD
5HWUDVR
*ULV ((88
+HQR
3RQHUFRORFDU
&DSD
'HVSHGLU DSHUVRQDO
'LVSRVLFLÍQHQSODQWD
0D\R
7DOYH]
$OFDOGH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&XDQGRFRPSUDPRVHOSLVRWLUDPRVWRGDVODVSDUHGHVLQWHULRUHV\
FRQVWUXLPRVGHQXHYRHOLQWHULRU'LVHËDPRVHOVDOÍQHOFRPHGRU\
ODFRFLQDGHWDOIRUPDTXHDSURYHFK»EDPRVFDGDPHWURFXDGUDGR
GHHVSDFLR(OLPLQDPRVODHQWUDGD\ORJUDPRVUHGXFLUHOSDVLOORDOD
PLWDGGHVXORQJLWXGDVÇLQFUHPHQWDQGRHOWDPDËRGHORVWUHVGRU
PLWRULRV&XDQGRXQDUTXLWHFWRDPLJRQXHVWURYLRORVUHVXOWDGRVQR
SRGÇDFUHHUTXHQRORKXELHUDKHFKRXQGHFRUDGRUGHLQWHULRUHV
3D\
3D\PHQW
3D\UROO
3OD\
3OD\HU
3UD\
3UD\HU
5D\
6D\
6D\LQJ
6WD\
7UD\
:D\
SÃL
SÃLPHQW
SÃLURO
SOÃL
SOÃLHU
SUÃL
SUÃLHU
UÃL
VÃL
VÃLLQJ
VWÃL
WUÃL
XÃL
3DJDU
3DJR
1ÍPLQD
-XJDU
-XJDGRU
5H]DU
2UDFLÍQ
5D\R
'HFLU
'LFKR
4XHGDUVH
%DQGHMD
0DQHUD
.D\DN
0D\D
N»L\DN
P»L\D
.D\DN
0D\D
:KHQZHERXJKW WKHïDWZH WRUHGRZQDOO WKHLQWHULRUZDOOVDQG
UHEXLOW WKH LQVLGH:H GHVLJQHG WKH OLYLQJ URRP GLQLQJ URRP DQG
NLWFKHQLQVXFKDZD\DVWRWDNHDGYDQWDJHRIHYHU\VTXDUHPHWHURI
VSDFH:HHOLPLQDWHGWKHHQWUDQFHKDOODOWRJHWKHUDQGPDQDJHGWR
UHGXFHWKHKDOOZD\WRKDOILWVOHQJWKWKXVLQFUHDVLQJWKHVL]HRIWKH
WKUHHEHGURRPV:KHQDQDUFKLWHFWIULHQGRIRXUVVDZWKHîQDOUHVXOW
KHFRXOGQoWEHOLHYHWKDWLWKDGQoWEHHQGRQHE\DQLQWHULRUGHFRUDWRU
5LFKDUG9DXJKDQ
&UXFLî[
&XOWXUH
0»VSDODEUDVLQJOHVDV
(VWLPDGRDPLJR\DOXPQR$SUHQGHULQJOÃVHVFRPROOHQDUXQHPEXGRGH
GHUDÇ]ODWLQD
DJXDDEDVHGHXQOHQWRJRWHR,PDJÇQDWHXQHPEXGRJUDQGHERFDDUULED
&UXFLî[LRQ
FRQODDSHUWXUDLQIHULRUHVWUHFKDFHUUDGDGHIRUPDTXHSRGDPRVOOHQDUOR &UHDWXUH
&UXGH
VLTXHUHPRV7HGR\XQSHTXHËRFXHQWDJRWDVSDUDTXHOHQWDPHQWHYD &UHGHQWLDOV
&UXHO
\DVOOHQDQGRHOHPEXGR$OSULQFLSLRHOSURJUHVRHVU»SLGRSXHVWRTXHHO &UHGLELOLW\
&UXHOW\
&UHGLEOH
HVWUHFKRFXHOORLQIHULRURFXSDSRFRVFHQWÇPHWURVFÔELFRV6HOOHQDHQVHJXL
&UXVDGH
&UHGLW
GDORFXDOQRVGDFLHUWRRSWLPLVPR'HVSXÃVVLQHPEDUJRHOHPEXGRVHDEUH
&UXVWDFHDQ
&UHGLWRU
UDGLFDOPHQWH\FDGDJRWDDGLFLRQDODSHQDVKDFHVXELUHOQLYHO(VIUXVWUDQWH\D
&U\SW
&UHGXORXV
TXHQRSDUDPRVGHHFKDUJRWDVSHURHOQLYHOQRSDUHFHVXELU$SUHQGHUXQVHJXQ
&U\VWDO
&UHHG
GRLGLRPD\DGHDGXOWRHVH[DFWDPHQWHORPLVPRTXHOOHQDUXQHPEXGRFRQFXHQ
&U\VWDOOLQH
&UHPDWH
WDJRWDV&XDQGRHUHVSULQFLSLDQWHWRGRSDUHFHDOFDQ]DEOH&DGDGÇDDSUHQGHVFRVDV &UHPDWLRQ
&XEH
QXHYDV\HOLQJOÃVSDUHFHDEDUFDEOH'HVSXÃV\DHQODSDUWHSOHQDPHQWHH[SDQVLYDGHO
&XELF
&UHVW
HPEXGRWHGDVFXHQWDGHODLQPHQVLGDGGHOLGLRPD\WXUHWR\DQRHVOLQJÖÇVWLFRVLQR
&XELFOH
&ULPH
PRWLYDFLRQDO7HHQWUDHVDVHQVDFLÍQGH´FXDQWRPiVVpPiVPHGR\FXHQWDGHORSRFRTXHVpµ(OSUREOH
&XELVP
&ULPLQDO
PDHVVHQFLOORGHH[SOLFDUDSDUWLUGHOQLYHOLQWHUPHGLRGHUHSHQWHVHOHDEUHDODOXPQRODLQPHQVLGDG
&XELVW
&ULVLV
GHXQQXHYRLGLRPD6RQFDVLLQîQLWDVODVSRVLELOLGDGHVGHFRPELQDUYRFDEXODULRYHUERVSURSRVLFLRQHV &ULWHULRQ
&XOLQDU\
&XOPLQDWH
&ULWHULD
FRQMXQFLRQHVDGMHWLYRV\WRGRORGHP»V&DGDIUDVHDGPLWHPDQHUDVGHPDWL]DUVH&DGDYHUERLP
&XOPLQDWLRQ
&ULWLF
SRUWDQWHGHOLGLRPDDGPLWHKDVWDYDULDFLRQHVVHJÔQTXÃSUHSRVLFLÍQOHHQJDQFKHFRQGRVRWUHV
&XOW
&ULWLFDO
YDULDFLRQHVP»VSRUFDGDSUHSRVLFLÍQVHJÔQVHLQFOX\DHQODRUDFLÍQXQQRPEUHRXQSURQRPEUH(VHQ
&XOWLYDWH
&ULWLFL]H
HVWHQLYHOLQWHUPHGLRGRQGHVHDWDVFDHOGHORVHVWXGLDQWHVGHLQJOÃV6HTXHGDQDWDVFDGRVGHSRU
&XOWLYDWHG
YLGD\HVWRHVSRUTXHRQRTXLHUHQRSRUTXHQDGLHOHVKDLQVWDGRDWUDEDMDURUDOPHQWHODJUDP»WLFDFRQ &URXSLHU
&XOWXUDO
&UXFLDO
ODPLVPDGLVFLSOLQDTXHORVDFUÍEDWDVGHFLUFRSHUIHFFLRQDQVXVQÔPHURV
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
0RVFÔHVXQDFLXGDGIUÇD 0RVFRZLVDFROGFLW\
£FLMDHVXQSXHEORFDOXURVR £FLMDLVDKRWWRZQ
(O0DQ]DQDUHVHVXQUÇRSHTXHËR7KH0DQ]DQDUHVLVDVPDOOULYHU
/DJHQWHHVSDËRODHVVLPS»WLFD6SDQLVKSHRSOHDUHQLFH
|$QWLFRQVWLWXFLRQDOPHQWHHV $QWLFRQVWLWXWLRQDOO\LVDORQJ
XQDSDODEUDODUJD
ZRUG
&RQRFHHOODPXFKDJHQWH 'RHVVKHNQRZDORWRI
$PHULFDQSHRSOH"
HVWDGRXQLGHQVH"
1ROHRPXFKRVOLEURV ,GRQoWUHDGPDQ\ERRNV
£OQRWLHQHPXFKDLQWHOLJHQFLD +HGRHVQoWKDYHPXFK
LQWHOOLJHQFH
&X»QWDFRPLGDWHQHPRV" +RZPXFKIRRGGRZHKDYH"
1RKD\PXFKRVFXDGURVHQ 7KHUHDUHQoWPDQ\SDLQWLQJVLQ
WKLVPXVHXP
HVWHPXVHR
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
7LHQHVFDORU" $UH\RXKRW"
3DUDVHUVLQFHURWHQJRXQSRFR 7REHKRQHVW,oPDOLWWOHFROG
GHIUÇR
'HTXÃWLHQHVPLHGR" :KDWDUH\RXDIUDLGRI"
1RWHQJRPLHGRGHQDGD ,oPQRWDIUDLGRIDQ\WKLQJ
9»PRQRVDODFDPDWHQJRVXHËR/HWoVJRWREHG,oPVOHHS\
1RYDVDGHFLUQDGD" $UHQoW\RXJRLQJWRVD\
DQ\WKLQJ"
1RPHLEDVDGHFLUDOJR" :HUHQoW\RXJRLQJWRWHOOPH
VRPHWKLQJ"
1RYDQDLUDQLQJXQDSDUWHSRU7KH\DUHQoWJRLQJWRJR
DQ\ZKHUHIRUWKHLUKROLGD\V
VXVYDFDFLRQHV
1RLEDDJULWDUDQDGLH ,ZDVQoWJRLQJWRVKRXWDW
DQ\RQH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
6LIXHUDVDVWUHFRVHUÇDPXFKDV ,I,ZHUHDWDLORU,ZRXOGVHZ
PDQ\WKLQJV
FRVDV
6LIXHUDJUDQMHURFXOWLYDUÇD ,I,ZHUHDIDUPHU,ZRXOGJURZ
ORWVRIYHJHWDEOHV
PXFKDVYHUGXUDV
6LIXHUDERPEHURDSDJDUÇDORV ,I,ZHUHDïUHPDQ,oGSXWRXW
ïUHV
LQFHQGLRV
6LIXHUDIRQWDQHURFREUDUÇD ,I,ZHUHDSOXPEHU,oGFKDUJH
PXFKRGLQHURSRUFRVDVSHTXHËDV ORWVRIPRQH\IRUOLWWOHWKLQJV
6LIXHUDVROGDGRWHQGUÇDTXH ,I,ZHUHDVROGLHU,oGKDYHWR
NLOOSHRSOH
PDWDUDODJHQWH
3UHIHUÇUÇDVHUXQJRUULÍQTXH ,oGUDWKHUEHDVSDUURZWKDQD
VQDLO
XQFDUDFRO
3UHIHULUÇDVHUXQPDUWLOORTXH ,oGUDWKHUEHDKDPPHUWKDQ
DQDLO
XQFODYR
3UHIHULUÇDVHUXQERVTXHTXH ,oGUDWKHUEHDIRUHVWWKDQD
VWUHHW
XQDFDOOH
3UHIHULUÇDVHQWLUODWLHUUDEDMR ,oGUDWKHUIHHOWKHHDUWK
EHQHDWKP\IHHW
PLVSLHV
3UHIHULUÇDVHU3DXO6LPRQTXH ,oGUDWKHUEH3DXO6LPRQWKDQ
$UW*DUIXQNHO
$UW*DUIXQNHO
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
3RUTXÃWLHQHVWDQWDVJDQDV :K\DUH\RXVRHDJHUWROHDYH"
GHLUWH"
(UDUHDFLRDGHFLUOHVDOJR ,ZDVUHOXFWDQWWRWHOOWKHP
DQ\WKLQJ
(VW»EDPRVDVRPEUDGRVDOYHU :HZHUHDPD]HGWRVHHWKDW
RQWKHIURQWSDJH
HVRHQODSRUWDGD
(VWDU»HQFDQWDGRGH ,oGEHGHOLJKWHGWRDFFRPSDQ\
\RXWRWKHGDQFH
DFRPSDËDUWHDOEDLOH
1RVGLRSHQDHVFXFKDUVREUHWX:HZHUHVRUU\WRKHDUDERXW
\RXUORVV
SÃUGLGD
/RVPÍYLOHVGHKR\VHSDUHFHQ 0RELOHVWRGD\EHDUOLWWOH
SRFRDORVGHKDFHDËRV
UHVHPEODQFHWRSKRQHVRI
\HDUVDJR
(OMHIHDQWHULRUQRHUDQLPXFKR7KHIRUPHUERVVZDVQRZKHUH
PHQRVWDQHVWULFWRFRPRHO
QHDUDVVWULFWDVWKHQHZRQH
QXHYR
(VDOJRHQORTXHQRPHKH ,WoVQRWVRPHWKLQJ,oYHJLYHQ
SDUDGRDSHQVDU
PXFKWKRXJKWWR
1RWHQJRXQDRSLQLÍQPX\ ,GRQoWIHHOVWURQJO\DERXWWKH
GHîQLGDVREUHHOWHPD
LVVXH
6KULQH 6DQWXDULR
3ULHVW &XUD
$OWDU $OWDU
1XQ 0RQMD
3HZ %DQFR
9RFDEXODULR&KXUFK ,JOHVLD
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
,QWHUURJDWLYRs0D\,"
3KUDVDOYHUEVZLWKpGRZQq
6LWGRZQDQGOLVWHQWRPH
6LÃQWDWH\HVFÔFKDPH
:HoOOZHDUGRZQWKHLUUHVLVWDQFH
$FDEDUHPRVFRQVXUHVLVWHQFLD
,oPJRLQJWRFORVHGRZQWKHEXVLQHVV 7DNHGRZQP\QDPHDQGQXPEHU
9R\DFHUUDUHOQHJRFLR
$SXQWDPLQRPEUH\WHOÃIRQR
7KHîUHLVVWDUWLQJWRGLHGRZQ
(OLQFHQGLRHPSLH]DDDSDJDUVH
:HKDYHWRWDNHGRZQWKH&KULVWPDV
OLJKWV
7HQHPRVTXHTXLWDUODVOXFHVGH1DYLGDG
&XDQGRKDFHVXQDSUHJXQWDFRQpPD\qHVW»V
SLGLHQGRSHUPLVRGHXQDPDQHUDPX\IRUPDO
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
0HSHUPLWHKDFHUXQDSUHJXQWD"
0HSHUPLWHLUDOVHUYLFLR"
6Ç|SRUVXSXHVWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHEDVLFVRISROLWLFVDQGHFRQRPLFVDUHVWDWLVWLFVDQGpFRVPHWLFVq
7RGDVODVSDODEUDVH[SXHVWDVDFRQWLQXDFLÍQWHUPLQDQFRQODVOHWUDVpFVq$OJXQDVVRQSDODEUDVPX\LPSRUWDQWHVGHOGÇDDGÇDHQHOPXQGR
SURIHVLRQDO7RGDVSURYLHQHQGHOJULHJR
$FRXVWLFV
$HURELFV
$HURG\QDPLFV
$HURQDXWLFV
$WKOHWLFV
%DOOLVWLFV
7KHEDVLFV
&HUDPLFV
&RVPHWLFV
'\QDPLFV
$FÔVWLFD
$HUÍELFR
$HURGLQ»PLFD
$HURQ»XWLFD
'HSRUWHVDWOHWLVPR 58
%DOÇVWLFD
/RVIXQGDPHQWRV
&HU»PLFD
&RVPÃWLFRV
'LQ»PLFD
(FRQRPLFV
(OHFWURQLFV
(WKLFV
*HQHWLFV
*\PQDVWLFV
+\GUDXOLFV
/LQJXLVWLFV
7KHO\ULFV
0DWKHPDWLFV
0HFKDQLFV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/H JXVWD JDVWDU EURPDV D OD JHQWH 'H KHFKR KDU» FXDOTXLHU FRVD
SDUDOODPDUVXDWHQFLÍQ7LHQHXQFRFKHLQJOÃV\DVDEHVGHORVTXH
WLHQHQHOYRODQWHDODGHUHFKD&XDQGRORFRPSUÍLQVWDOÍXQYRODQWH
IDOVRHQHOODGRGHOFRSLORWR\HQVHËÍDVXSHUURDVHQWDUVHHQHVH
ODGR\DSRQHUODVSDWDVVREUHHOYRODQWH(QWRQFHVHPSH]DEDDFRQ
GXFLUSRUODFLXGDGFRQVXSHUURDOYRODQWH$ÔQORKDFH\KDVWDORV
SHULÍGLFRVKDEODQGHHOOR7RGRHOPXQGRVDEHTXLÃQHV\VXQHJRFLR
HVW»VXELHQGRFRPRODHVSXPD
&LHQFLDV(FRQÍPLFDV
(OHFWUÍQLFD
£WLFD
*HQÃWLFD
*LPQDVLD
+LGU»XOLFD
/LQJÖÇVWLFD
/HWUD GHXQDFDQFLÍQ
0DWHP»WLFD
0HF»QLFD
0HWDSK\VLFV
1XPLVPDWLFV
2SWLFV
3HGLDWULFV
3KRQHWLFV
3K\VLFV
3ROLWLFV
5RERWLFV
6HPDQWLFV
6WDWLVWLFV
0HWDIÇVLFD
1XPLVP»WLFD
SWLFD
3HGLDWUÇD
)RQÃWLFD
)ÇVLFD
3ROÇWLFD
5REÍWLFD
6HP»QWLFD
(VWDGÇVWLFD
+H OLNHV WR SOD\ MRNHV RQ SHRSOH ,Q IDFW KHoOO GR DQ\WKLQJ WR JHW
DWWHQWLRQ+HKDVDQ(QJOLVKFDUf\RXNQRZWKHRQHVWKDWKDYHWKH
VWHHULQJZKHHORQWKHULJKW:KHQKHERXJKWLWKHLQVWDOOHGDIDNH
VWHHULQJZKHHORQWKHSDVVHQJHUVLGHDQGWDXJKWKLVGRJWRVLWLQWKH
SDVVHQJHUVHDWZLWKLWVSDZVRQWKHZKHHO7KHQKHVWDUWHGGULYLQJ
DURXQGWKHWRZQZLWKKLVGRJDWWKHZKHHO+HVWLOOGRHVLWDQGHYHQ
WKHQHZVSDSHUVKDYHZULWWHQDERXWLW(YHU\ERG\NQRZVZKRKHLV
QRZDQGKLVEXVLQHVVLVERRPLQJ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
&XUDEOH
&XUH
&XULRVLW\
&XULRXV
&XUUHQW
&XUULFXOXP
&XUU\
&XUVLYH
&XUVRU
&XUWDLQ
&XUYDWXUH
&XUYH
&XVWRG\
&XVWRP
&XWLFOH
&\EHUQHWLFV
&\FOH
&\FOLVW
&\FORQH
&\FORSV
&\FORWURQ
&\OLQGHU
&\OLQGULFDO
&\QLF
&\QLFDO
&\QLFLVP
&\SUHVV
&\ULOOLF
&]DU
'DQFH
'DWD
'HEDFOH
'HEDWDEOH
'HEDWH
'HELOLWDWH
'HELW
'HEXW
'HFDGH
'HFDGHQFH
'HFDGHQW
'HFDSLWDWH
'HFDWKORQ
(VWLPDGRDPLJR\DOXPQR0XFKDJHQWHHQ(VSDËDSLHQVDTXHSDUDGRPLQDUGHîQLWLYDPHQWHHOLQJOÃV
KD\TXHLUDOH[WUDQMHUR(VWRHVFLHUWRVLVHGDQHVWDVWUHVFRQGLFLRQHV HODOXPQR\DSRVHHRLQVLVWHHQ
DGTXLULULQVLWXXQDIXHUWHEDVHJUDPDWLFDODFWLYD HODOXPQRSDVDDOPHQRVGRVDËRVYLYLHQGRHQXQ
SDÇVGHKDEODLQJOHVD\ HODOXPQRUHDOL]D\DHQHOH[WUDQMHURDFWLYLGDGHVDFDGÃPLFDVRODERUDOHVTXH
OHH[LMHQGHVHQYROYHUVHGLDULDPHQWHFRQQDWLYRV5HVSHFWRDODSULPHUDFRQGLFLÍQVLHODOXPQRSDVDXQR
RGRVDËRVHQXQSDÇVGHKDEODLQJOHVDVLQSRVHHUDQWHVRVLQDGTXLULULQVLWXXQDîUPHEDVHJUDPDWLFDO
YROYHU»D(VSDËDFKDSXUUHDQGRHOLGLRPDFRQFLHUWDVROWXUDSHURVLQFDOLGDG7DPSRFRVDEU»H[SUHVDUVH
GHFHQWHPHQWHSRUHVFULWR(QFXDQWRDODVHJXQGDFRQGLFLÍQKHFRQVWDWDGRXQD\RWUDYH]TXHXQVRORDËR
HQHOH[WUDQMHURQRGRWDDODSHUVRQDGHXQDOWRQLYHOVDOYRHQORDXGLWLYRORFXDOHVLPSRUWDQWHSHURQR
VXîFLHQWH0XFKRVYXHOYHQFRQXQQLYHOLQWHUPHGLRDOWRORFXDOHVSRFDFRVDGDGDODLQYHUVLÍQHQWLHPSR
\GLQHUR5HFXHUGRPX\ELHQPLSULPHUDËRHQ(VSDËD6LKXELHUDOOHJDGRDHVWHSDÇVFRQXQQLYHOPX\
PRGHVWRGHHVSDËROHVWR\VHJXURGHTXHQRKDEUÇDWHUPLQDGRHODËRFRQXQEXHQGRPLQLRGHOLGLRPD
$TXÇPLVPRHQ9DXJKDQ6\VWHPVGRQGH\RWUDEDMRWHQHPRVPXFKRVSURIHVRUHVGHLQJOÃVRHPSOHDGRVGHO
5HLQR8QLGRGH,UODQGDGH((88HWFTXHWDUGDQWUHVDËRVRP»VHQDGTXLULUXQQLYHOGHFHQWHGHHVSDËRO
3RUWDQWRSDVDUWLHPSRIXHUDQRHVVLQÍQLPRGHGRPLQLRGHOLGLRPDGHOOXJDUDQRVHUTXHODSHUVRQDVH
GHGLTXHPX\HQVHULRDFRQVHJXLUOR<SRUÔOWLPRFRQUHVSHFWRDODWHUFHUDFRQGLFLÍQVLHODOXPQRHVSDËRO
QRVHFRGHDDGLDULRFRQODJHQWHORFDOVLVXDFWLYLGDGDFDGÃPLFDRODERUDOQROHREOLJDDHQWUDUHQFRQWDFWR
GLQ»PLFRFRQHVWDJHQWHRVLSRUVXIRUPDGHVHUKX\HGHODVSHFWRVRFLDOVXPHMRUDFRQHOLQJOÃVVHUHGXFLU»
DVXWLHPSRGHODQWHGHOWHOHYLVRU\DORVRFDVLRQDOHVPRPHQWRVREOLJDWRULRVGHFRPXQLFDFLÍQ&RQR]FR
FDVRVHQORVFXDOHVHODOXPQRHVSDËROQRKDEODEDQLRÇDP»VGHXQDKRUDQHWDGHLQJOÃVDOGÇD3RUWDQWR
DXQTXHHVVLHPSUHSRVLWLYRHOLUVHIXHUDQRHVQHFHVDULDPHQWHODSDQDFHDSDUDHOLPLQDUpHOPDOqGHOLQJOÃV
<DVHDDTXÇRHQXQSDÇVGHKDEODLQJOHVDODVROXFLÍQGHîQLWLYDSDVDLQH[RUDEOHPHQWHSRUPXFKÇVLPDV
KRUDVGHDWHQFLÍQ\GHGLFDFLÍQDOLGLRPDPXFKÇVLPDV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VWRHVHOFRPLHQ]R 7KLVLVWKHEHJLQQLQJ
1RHVHOîQDO ,WLVQoWWKHHQG
(VWR\HQPHGLRGHODFDOOH ,oPLQWKHPLGGOHRIWKHURDG
(VW»VHQHVWHODGR <RXoUHRQWKLVVLGH
(OODQRHVW»HQHORWURODGR 6KHLVQoWRQWKHRWKHUVLGH
3RUTXÃHVW»VKDEODQGRDVÇ" :K\DUH\RXVSHDNLQJOLNH
WKDW"
1RYDVDLU" $UHQoW\RXJRLQJWRFRPH"
1RFUHRTXHYD\D ,GRQoWWKLQN,oOOJR
&X»QGRORYDQDFRPSUDU" :KHQDUHWKH\JRLQJWREX\LW"
4XÃYDPRVDFRPHUHVWD :KDWDUHZHJRLQJWRHDW
WRQLJKW"
QRFKH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
6LWHQJRWLHPSRLUÃ ,I,KDYHWLPH,oOOJR
&XDQGRWHQJDWLHPSRLUÃ :KHQ,KDYHWLPH,oOOJR
6LHVWXGLDVP»VDSUHQGHU»VP»V ,I\RXVWXG\PRUH\RXoOOOHDUQ
PRUHTXLFNO\
U»SLGR
&XDQGROOHJXHWHORGLUÃ :KHQKHDUULYHV,oOOWHOO\RX
6LOHVYHVPHOODPDU»VSRU ,I\RXVHHWKHPZLOO\RXFDOO
PHSOHDVH"
IDYRU"
3RGU»OOHJDUDOOÇDWLHPSR :LOO\RXEHDEOHWRJHWWKHUH
RQWLPHWRVHHLW"
SDUDYHUOR"
1RSRGUÃD\XGDUWH ,ZRQoWEHDEOHKHOS\RX
+DVSRGLGRHFKDUXQYLVWD]R +DYH\RXEHHQDEOHWRWDNHD
ORRNDWWKRVHïJXUHV"
DHVDVFLIUDV"
/RVLHQWRQRKHHQFRQWUDGR ,oPVRUU\,KDYHQoWEHHQDEOH
WRïQGWKHWLPH
WLHPSR
&X»QGRSRGU»VGDUPHXQD :KHQZLOO\RXEHDEOHWRJLYH
PHDQDQVZHU"
UHVSXHVWD"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
7HKDEUÇDVGDGRFXHQWDVLQRWH <RXoGKDYHUHDOLVHGLI\RX
KDGQoWEHHQGUXQN
KXELHUDVHPERUUDFKDGR
|,PEÃFLO3RGUÇDVKDEHUOHV <RXIRRO<RXFRXOGKDYHNLOOHG
WKHP
PDWDGR
£OGHEHUÇDKDEHUHVSHUDGRD +HVKRXOGKDYHZDLWHGXQWLO,
JRWWKHUH
TXH\ROOHJDVHDOOÇ
'HEHKDEHUVLGRXQDSHUVRQD 6KHPXVWKDYHEHHQD
ZRQGHUIXOSHUVRQ
PDUDYLOORVD
(ODËRTXHYLHQHPHKDEUÃ ,ZLOOKDYHJUDGXDWHGE\QH[W
\HDU
JUDGXDGR
(VWR\GHFDPLQR ,oPRQP\ZD\
1RYHRODSDQWDOODWXFDEH]D ,FDQoWVHHWKHVFUHHQ\RXU
KHDGoVLQWKHZD\
HVW»SRUPHGLR
|4XÇWDWHGHOPHGLR *HWRXWRIP\ZD\
7HQHPRVPXFKRFDPLQRSRU :HKDYHDORQJZD\WRJR
UHFRUUHU
|1LKDEODU 1RZD\
&XUG &XDMDGD
&UÂPH&DUDPHO )ODQ
)UXLW6DODG 0DFHGRQLD
&XVWDUG 1DWLOODV
5LFH3XGGLQJ $UUR]FRQ/HFKH
9RFDEXODULR'HVVHUWV 3RVWUHV
0LGGOH$GYDQFHG
+D\XQDUXHGDGHUHSXHVWRHQ,VWKHUHDVSDUHW\UHLQWKH
ERRW"
HOPDOHWHUR"
(VW»QIXQFLRQDQGRORV $UH\RXUZLQGVFUHHQZLSHUV
ZRUNLQJ"
OLPSLDSDUDEULVDV"
7LHQHHOHYDOXQDV" 'RHVLWKDYHHOHFWULFZLQGRZV"
7LHQHXQPRWRUGHFDEDOORV ,WKDVDKRUVHSRZHUHQJLQH
3RUTXÃWLHQHVWDQWDVSHJDWLQDV:K\GR\RXKDYHVRPDQ\
HQHOVDOSLFDGHUR"
VWLFNHUVRQWKHGDVKERDUG"
)RU(QJOLVKVXSHUVWDUVRQO\
|6ÇFXDQGRODVUDQDVFUÇHQSHOR <HVDQGSLJVPLJKWð\
/RTXHWÔGLFHVPHUHVEDOD :KDW\RXVD\UXQVRIIPHOLNH
ZDWHURIIDGXFNoVEDFN
1RPHGLJDVFKRUUDGDV 'RQoWJLYHPHWKDWEXOO
7HKDFRPLGRODOHQJXDHOJDWR"+DVWKHFDWJRW\RXUWRQJXH"
$FDGDFHUGROHOOHJDVX6DQ (YHU\GRJKDVLWVGD\
0DUWÇQ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
/HDYHPHDORQH
3KUDVDOYHUEVZLWKpGRZQq
+HIROORZHGPHGRZQWKHSDWK
£OPHVLJXLÍSRUHOVHQGHUR
7KHSDLQWLQJVZHUHSDVVHGGRZQWRPH
+HKHUHGDGRODVSLQWXUDV
,KHOSHGKLPGRZQWKHPRXQWDLQ
/HD\XGÃDEDMDUGHODPRQWDËD
6KHMXPSHGGRZQIURPWKHORZHUOLPE
(OODVDOWÍGHVGHODUDPDP»VEDMD
7KH\SXVKHGKLPGRZQ
/HWXPEDURQFRQXQHPSXMÍQ
7KLVH[DPZLOOSXOOGRZQP\DYHUDJH
(VWHH[DPHQKDU»EDMDUPLQRWDPHGLD
6LJQLîFDp'ÃMDPHHQSD]q\DXQTXHVHSXHGH
WUDGXFLUOLWHUDOPHQWHFDVLQXQFDVHKDFH
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
|'ÃMDPHHQSD]
3RUTXÃQRLQWHQWDVGHMDUOHVHQSD]"
'HMDDWXKHUPDQDHQSD]WLHQHTXHHVWXGLDU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
&DPELDODFDGHQD p&KÃLQFKqWKHpFKÃLQq
/DV GRV FROXPQDV GH OD GHUH
FKD FRQWLHQHQ SDODEUDV TXH
WHUPLQDQ HQ pJHq 7RGDV WLH
QHQODPLVPDSURQXQFLDFLÍQDO
îQDOTXHVXHQDFDVLFRPRXQD
VLPSOH pFKq HQ HVSDËRO +D\
PXFKÇVLPDVSDODEUDVHQLQJOÃV
FRQHVWDWHUPLQDFLÍQ\ORVHV
SDËROHV VROÃLV SURQXQFLDUODV
PDOVREUHWRGRODVTXHWHUPL
QDQHQpQJHqFRPRpFKDQJHq
'HFÇVpFKÃLQqHQYH]GHpFKÃQ
FKqGHMDQGRVLQSURQXQFLDUOD
ÔOWLPD VÇODED \ FRPR FRQVH
FXHQFLDKDFLHQGRTXHHOLQWHU
ORFXWRU HQWLHQGD pFDGHQDq HQ
YH]GHpFDPELRq
(QODVSUÍ[LPDVîFKDVYDPRVD
YHUWRGDVODVSDODEUDVTXHWHU
PLQDQHQpJHq
$GYDQWDJH
$JH
$UUDQJH
$YHQJH
$YHUDJH
%DFNVWDJH
%DGJH
%DJJDJH
%DQGDJH
%DUJH
%HLJH
%HVLHJH
%HYHUDJH
%LUGFDJH
%ORFNDJH
%ULGJH
%URNHUDJH
&DEEDJH
&DJH
&DPRXïDJH
&DUULDJH
DGI»QWDFK
ÃLFK
DUÃLQFK
DYÃQFK
»IHU»FK
EDNVWÃLFK
EDFK
E»JDFK
E»QGDFK
EDUFK
EHLFK
EHVÇFK
EÃIHUHFK
EÃUWNHLFK
EOÍNHLFK
EULFK
EUÍNHUHFK
N»EHFK
NÃLFK
N»PRðDFK
NÃULFK
9HQWDMD
(GDG
$UUHJODU
9HQJDU
3URPHGLR
(QWUHEDVWLGRUHV
,QVLJQLD
(TXLSDMH
9HQGD
%DUFD]D
%HLJH
6LWLDU
%HELGD
-DXODGHS»MDURV
2EVWUXFFLÍQ
3XHQWH
&RUUHGXUÇD
5HSROOR
-DXOD
&DPXïDMH
&DUUXDMH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
|'HEHVHVWDUEURPHDQGR&ÍPRVHVXSRQHTXHYR\DKDFHUHVWRVLQ
DOJXLHQTXHPHD\XGH"0HOOHYDU»P»VGHGRVVHPDQDVVRODPHQWH
ORFDOL]DUODLQIRUPDFLÍQGHQRPEUHVGLUHFFLRQHV\QÔPHURVGHWHOÃ
IRQR'HVSXÃVWHQGUÃTXHFRQWDFWDUFRQFDGDSHUVRQD\FRQYHQFHUOH
GHTXHGRQHHOGHVXVLQJUHVRVDXQDIXQGDFLÍQGHODTXHMDP»V
KDRÇGRKDEODU
&KDOOHQJH
&KDQJH
&KDUJH
&ROOHJH
&RWWDJH
&RXUDJH
&RYHUDJH
'DPDJH
'LVDGYDQWDJH
'LVFRXUDJH
'LYXOJH
'RGJH
'RVDJH
'UDLQDJH
'UHGJH
7KHHGJH
(PHUJH
(QFRXUDJH
(QJDJH
(VSLRQDJH
([FKDQJH
FK»OHQFK
FKÃLFK
FKDUFK
F»OHFK
F»WHFK
NÃUHFK
N»IHUHFK
G»PHFK
GLVDGI»QWDFK
GLVNÃUHFK
GDLI»OFK
GDFK
GÍVHFK
GUÃLQHFK
GUHFK
HFK
LPÃUFK
HQNÃUHFK
HQJXÃLFK
ÃVSLRQDFK
HNVFKÃLFK
5HWR
&DPELR
&REUDU
8QLYHUVLGDG
&DVLWD
9DORU
&REHUWXUD
'DËR
'HVYHQWDMD
'HVDQLPDU
5HYHODU
(VTXLYDU
'RVLV
'UHQDMH
'UDJDU
(OERUGH
(PHUJHU
$QLPDU
&DSWDUDWUDHU
(VSLRQDMH
,QWHUFDPELDU
<RXPXVWEHNLGGLQJ"+RZDP,VXSSRVHGWRGRWKLVLI,GRQoWKDYH
DQ\RQHWRKHOSPH",WoOOWDNHPHRYHUWZRZHHNVMXVWWRWUDFNGRZQ
WKH LQIRUPDWLRQ RQ QDPHV DGGUHVVHV DQG WHOHSKRQH QXPEHUV
7KHQ ,oOO KDYH WR FRQWDFW HDFK SHUVRQ RQH E\ RQH DQG FRQYLQFH
WKHPWRGRQDWHRIWKHLULQFRPHWRDIRXQGDWLRQWKH\oYHQHYHU
KHDUGRI
(VWLPDGRDPLJR\DOXPQR0LJXHOIXHWUHVPHVHVD%ULVWRODHVWXGLDULQJOÃV7XYRFODVHGHJUXSRVHLVKRUDVDOGÇDFRQGRVSURIHVRUHV
QDWLYRV6XVFRPSDËHURVHUDQGRVOLWXDQRVXQLWDOLDQR\XQWXUFR6HKL]RPX\DPLJRGHOWXUFR\SDVDEDQDOPHQRVGRVKRUDVDO
GÇDMXQWRVKDEODQGRHQLQJOÃVSRUVXSXHVWR&XDQGRUHJUHVÍD(VSDËDQRWÃTXHKDEÇDPHMRUDGRSHURHVSHUDEDP»V8QGÇDQRV
VHQWDPRVÃO\\RDKDFHUQÔPHURV
7RWDOKRUDVR\HQGRDVXVSURIHVRUHVKDEODUGHJUDP»WLFDHWF
7RWDOKRUDVKDEODQGRHQFODVHFRQVXVSURIHVRUHV
7RWDOKRUDVR\HQGR\KDEODQGRFRQHOWXUFR
7RWDOKRUDVKDFLHQGRGHEHUHVSDUDODDFDGHPLD
7RWDOKRUDVR\HQGR\KDEODQGRFRQJHQWHGH%ULVWRO
7RWDOKRUDVR\HQGRLQJOÃVGHIRQGRHQODFDOOHSXEVHWF
7RWDOKRUDVR\HQGR\KDEODQGRFRQODIDPLOLDFRQTXHYLYÇD
7RWDOKRUDVR\HQGRLQJOÃVSRUWHOHYLVLÍQ
7RWDOKRUDVGHFRQWDFWRFRQHOLQJOÃVGXUDQWHORVWUHVPHVHV
7RWDOKRUDVGHFRQWDFWRGLQ»PLFRFRQJHQWHUHDO SXQWRV\
/DVVHLVKRUDVGLDULDVHQJUXSRUHGXFLGRGXUDQWHGÇDVOHFRVWDURQí íKRUD HODORMDPLHQWRHOGHVD\XQR\ODFHQDFRQOD
IDPLOLDíORVYXHORVí\VXVJDVWRVFRUULHQWHVVXPDURQí(QWRWDOORVWUHVPHVHVOHFRVWDURQí(QPLRSLQLÍQVX
FXUVRHQ%ULVWROVDOLÍSRUíKRUDFDUÇVLPR HOFRVWHWRWDOGLYLGLGRSRUORVSXQWRV\ /RVSXQWRV\VHSXHGHQKDFHULJXDOGH
ELHQHQ(VSDËD\SRUPHQRVGLQHUR<VLPHDSXUDVWDPELÃQORVSXQWRV\VLOHHFKDVXQSRFRGHLPDJLQDFLÍQRYDORUDODVXQWR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
0HJXVWDHOYLQR ,OLNHZLQH
7HJXVWDHOTXHVR" 'R\RXOLNHFKHHVH"
7HJXVWDUÇDXQSRFRGHYLQR" :RXOG\RXOLNHDOLWWOHZLQH"
0HJXVWDUÇDXQDWD]DGHFDIÃ ,oGOLNHDFXSRIFRIIHHSOHDVH
7HJXVWDEDLODU" 'R\RXOLNHGDQFLQJ"
(VW»DODGHUHFKD ,WoVRQWKHULJKW
(VW»DODL]TXLHUGD ,WoVRQWKHOHIW
1RHVW»DOOÇ ,WLVQoWRYHUWKHUH
3RUTXÃQRHVW»DTXÇ" :K\LVQoWLWKHUH"
1RORVÃ ,GRQoWNQRZ
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
3RUTXÃQRHVW»IXQFLRQDQGR" :K\LVQoWLWZRUNLQJ"
3RUTXÃQRPHHVFXFKDV :K\GRQoW\RXOLVWHQWRPH
ZKHQ,WDONWR\RX"
FXDQGRWHKDEOR"
3RUTXÃQRKD\VLOODVHQHVWH :K\DUHQoWWKHUHDQ\FKDLUVLQ
WKLVURRP"
FXDUWR"
3RUTXÃQRSLHQVDXQSRFR :K\GRHVQoWVKHWKLQNDOLWWOH
EHIRUHVSHDNLQJ"
DQWHVGHKDEODU"
3RUTXÃQRVDOGU»VFRQPLJR" :K\ZRQoW\RXJRRXWZLWKPH"
+DEODVGHPDVLDGR <RXWDONWRRPXFK
£OQROHHORVXîFLHQWH +HGRHVQoWUHDGHQRXJK
(OODYHGHPDVLDGDVSHOÇFXODV 6KHZDWFKHVWRRPDQ\EDG
ïOPV
PDODV
1RGLVWHGHWDOOHVVXîFLHQWHV <RXGLGQoWJLYHHQRXJKGHWDLO
LQ\RXUSUHVHQWDWLRQ
HQWXSUHVHQWDFLÍQ
/RQGUHVHVGHPDVLDGRFDUD\QR/RQGRQLVWRRH[SHQVLYHDQG
QRWKRWHQRXJK
ORVXîHQWHPHQWHFDOXURVD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
(OODKDEODELHQLWDOLDQR0L 6KHVSHDNV,WDOLDQZHOO6RGRHV
KHUPDQRWDPELÃQ
P\EURWKHU
1RSXHGHFRPHUP»VFRPLGD +HFDQoWHDWDQ\PRUHIRRG
<RWDPSRFR
1HLWKHUFDQ,
1RIXLLQYLWDGR\WÔWDPSRFR ,ZDVQoWLQYLWHGDQGQHLWKHU
ZHUH\RX
'HEHUÇDKDFHUP»VHMHUFLFLR\ ,VKRXOGGRPRUHH[HUFLVHDQG
HOORVWDPELÃQ
VRVKRXOGWKH\
7XFRFKHHVD]XO\HOPÇR <RXUFDUoVEOXHDQGVRLVPLQH
WDPELÃQ
7HDSHWHFHXQDSL]]D"
4XÃWHDSHWHFHKDFHU"
/HJXVWDVDHOOD"
1RWDEDTXHHOODWHJXVWDED
6HODVGDGHFRFLQHUR
3XVKFKDLU 6LOOLWDGHSDVHR
'R\RXIDQF\DSL]]D"
:KDWGR\RXIDQF\GRLQJ"
'RHVVKHIDQF\\RX"
,FRXOGWHOO\RXIDQFLHGKHU
+HIDQFLHVKLPVHOIDVDFKHI
'XPP\ &KXSHWH
1DSS\ 3DËDO
%LE %DEHUR
%RRWLHV 3DWXFRV
9RFDEXODULR%DE\ %HEÃ
0LGGOH$GYDQFHG
'HYHQWDÔQLFDPHQWHFRQ ,WoVRQO\DYDLODEOHRQ
SUHVFULSWLRQ
UHFHWDPÃGLFD
6HFRPSUDVLQUHFHWDPÃGLFD ,WFDQEHERXJKWRYHUWKH
FRXQWHU
1RWHSUHRFXSHVQRWLHQH 'RQoWZRUU\LWGRHVQoWKDYH
DQ\EDGVLGHHIIHFWV
QLQJÔQHIHFWRVHFXQGDULR
&X»OHVODGRVLVGLDULD :KDWoVWKHUHFRPPHQGHGGDLO\
GRVH"
UHFRPHQGDGD"
3UHIHULUÇDVXQDSDVWLOODRDOJR :RXOG\RXSUHIHUDSLOORU
VRPHWKLQJWKDWGLVVROYHVLQ
TXHVHGLVXHOYHHQDJXD"
ZDWHU"
)RU(QJOLVKVXSHUVWDUVRQO\
0»VYDOHSUHYHQLUTXHFXUDU %HWWHUVDIHWKDQVRUU\
'LRVORVFUÇD\HOORVVHMXQWDQ %LUGVRIDIHDWKHUðRFN
WRJHWKHU
1RHVRURWRGRORTXHUHOXFH $OOWKDWJOLWWHUVLVQRWJROG
1RKD\PDOTXHSRUELHQQR (YHU\FORXGKDVDVLOYHUOLQLQJ
YHQJD
$TXLHQPDGUXJD'LRVOHD\XGD7KHHDUO\ELUGFDWFKHVWKH
ZRUP
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq
7R(QMR\
'RQoWVWDUWGRZQWKHVDPHURDG
1RYXHOYDVFRQODPLVPDFDQFLÍQ
6LJQLîFDpGLVIUXWDUq\VLHPSUHYDVHJXLGRGHO
JHUXQGLR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'LVIUXWDVFDQWDQGR"
1RGLVIUXWDQFRFLQDQGR
0DJJLHGLVIUXWDMXJDQGRIÔWERO
7KH\ZDONHGGRZQWRWKHQHZVVWDQG
%DMDURQDQGDQGRKDVWDHOTXLRVFR
<RXoOOKDYHWRVKRXWKLPGRZQ
,UHDFKHGGRZQWRWKHERWWRPRIWKHEDJ
7HQGU»VTXHKDFHUOHFDOODU JULWDQGR ([WHQGÇHOEUD]RKDVWDHOIRQGRGHODEROVD
:HLQYLWHGWKHPGRZQWRWKHFRDVW ,SUHIHUODPEZDVKHGGRZQZLWK5LRMDZLQH
/HVLQYLWDPRVDODFRVWD HQHOVXU 3UHîHURFRUGHURDFRPSDËDGRGHYLQRGH
5LRMD
6XIî[HVpfQHVVq
%DOGQHVV
%LWWHUQHVV
&DUHOHVVQHVV
&OHDQOLQHVV
&RPSHWLWLYHQHVV
&UHGLWZRUWKLQHVV
'DUNQHVV
'HFLVLYHQHVV
'LUHFWQHVV
'URZVLQHVV
'UXQNHQQHVV
(IIHFWLYHQHVV
)DLUQHVV
)LUPQHVV
)LWQHVV
)RQGQHVV
)ULHQGOLQHVV
*UHDWQHVV
+DSSLQHVV
+DUVKQHVV
+RSHOHVVQHVV
,OOQHVV
,QGHEWHGQHVV
&DOYLFLH
$PDUJXUD
'HVFXLGR
/LPSLH]D
&RPSHWLWLYLGDG
6ROYHQFLD SHUVRQDIÇVLFD
2VFXULGDG
'HFLVLÍQîUPH]D
)UDQTXH]D
0RGRUUDVRSRU
(PEULDJXH]
(îFDFLD
-XVWLFLD
)LUPH]D
%XHQHVWDGRIÇVLFR
&DULËR
6LPSDWÇDDPLJDELOLGDG
*UDQGH]D
)HOLFLGDG
$VSHUH]D
'HVHVSHUDQ]D
(QIHUPHGDG
(QGHXGDPLHQWR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/XGZLJ9DQ%HHWKRYHQHVWDEDWRWDOPHQWHVRUGRDORVDËRV\
FRPSXVR JUDQ SDUWH GH VXV PHMRUHV REUDV HQ XQ PXQGR VLOHQ
FLRVR/RLPSRUWDQWHHUDVXKDELOLGDGSDUDRÇUODVVLQIRQÇDVHQVX
PHQWH3HURHVRQRHVQDGDHVSHFLDO&RPR%HHWKRYHQWRGRVSR
GHPRVRÇUVHQWLUSUREDU\ROHUHQQXHVWUDPHQWH3RUHVRODSX
EOLFLGDGQRVXHOHGLULJLUVHDOPXQGRH[WHULRUGHVXVFOLHQWHVVLQR
TXHWUDWDGHKDEODUDOPXQGRLQWHULRUGHQWURGHVXVPHQWHV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,QGHFLVLYHQHVV
,QHIIHFWLYHQHVV
,QHSWQHVV
.LQGQHVV
/D]LQHVV
/RQHOLQHVV
0DGQHVV
3URPSWQHVV
4XLFNQHVV
5HDGLQHVV
5HVRXUFHIXOQHVV
6DGQHVV
6HOîVKQHVV
6HULRXVQHVV
6KDUSQHVV
6K\QHVV
6LFNQHVV
6WLIIQHVV
7HQGHUQHVV
8VHIXOQHVV
:HDNQHVV
:HDULQHVV
:LOOLQJQHVV
,QGHFLVLÍQ
,QHîFDFLD
7RUSH]D
$PDELOLGDG
3HUH]D
6ROHGDG
/RFXUD
3URQWLWXG
5DSLGH]
3UHSDUDFLÍQ
,QJHQLRLQYHQWLYD
7ULVWH]D
(JRÇVPR
6HULHGDG
$JXGH]D
7LPLGH]
(QIHUPHGDG
5LJLGH]GXUH]D
7HUQXUD
8WLOLGDG
'HELOLGDG
&DQVDQFLR
%XHQDGLVSRVLFLÍQ
/XGZLJYDQ%HHWKRYHQZDVWRWDOO\GHDIE\DJHRIDQGFRPSRVHG
PXFKRIKLVEHVWPXVLFLQDVLOHQWZRUOG:KDWZDVLPSRUWDQWZDV
KLV DELOLW\ WR KHDU V\PSKRQLHV LQ KLV KHDG %XW WKLV LV QRWKLQJ
VSHFLDO/LNH%HHWKRYHQZHDOOFDQVHHKHDUIHHOWDVWHDQGVPHOO
LQRXUKHDG7KDWoVZK\DGYHUWLVLQJGRHVQoWXVXDOO\VSHDNWRWKH
ZRUOGRXWVLGHLWVFXVWRPHUV,W WULHV WRVSHDN WR WKHZRUOGLQVLGH
WKHLUPLQGV
0»VSDODEUDVLQJOHVDV
(VWLPDGR
DPLJR \ DOXPQR +R\ HVWR\ FRQ XQ SRFR GH îHEUH \ VLQ YR] 0LV FRPSDËHURV DTXÇ HQ OD
GHUDÇ]ODWLQD
RîFLQDPHHVW»QGLFLHQGRTXHQRPHSUHRFXSHSRUHOGRUVRGHODîFKDHOFXDOHVFULERGHFDERDUDER
4XLHUHQTXHPHYD\DDFDVD6LQHPEDUJRSUHîHURTXHGDUPH\KDFHUOR\RQRSRUTXHQRFRQIÇHHQPL 'HFHOHUDWLRQ
'HFODVVLI\
JHQWHVLQRSRUTXHPHJXVWD&DGDVHFFLÍQPHH[LJHSHQVDU\HVWRPHPDQWLHQHHQIRUPD+D\YDULDV
'HFOLQH
'HFHQF\
'HFRGH
'HFHQW
KDELOLGDGHVTXHSRVHHPRVORVKXPDQRVTXHQRVGLIHUHQFLDQGHORVDQLPDOHV7DOYH]ODP»VLPSRUWDQWH
HVHOOHQJXDMH/DULTXH]DGHOOHQJXDMHKXPDQRHVWUHPHQGD\TXLHQQRIRPHQWDVXKDELOLGDGHQHVWH 'HFHQWUDOL]DWLRQ 'HFRPSRVH
WHUUHQRSLHUGHXQDRSRUWXQLGDGGHRUR/DVSHUVRQDVFRQEXHQDVGRWHVGHFRPXQLFDFLÍQHQVXSURSLD 'HFHQWUDOL]H 'HFRPSRVLWLRQ
OHQJXDSULPHURHQSURSLRLGLRPDWLHQHQXQDYHQWDMDLPSRUWDQWHHQODYLGDSURIHVLRQDO\SHUVRQDO/R 'HFHSWLRQ RMR 'HFRPSUHVVLRQ
'HFRQWDPLQDWH
'HFLEHO
ODPHQWDEOHHVTXHVHWUDWDGHXQDUPDGHGREOHîOR\HOOLGHUD]JREDVDGRFDVLVLHPSUHHQHOFDULVPDROD
'HFRUDWH
'HFLGH
FDSDFLGDGGHFRPXQLFDFLÍQSXHGHHPSOHDUVH\VHKDHPSOHDGRSDUDîQHVPHQRVQREOHV1RREVWDQWH
'HFRUDWLRQ
'HFLPDO
HVDOJRTXHGHEHVLQWHQWDUPHMRUDUVREUHWRGRVLHUHVMRYHQ(OUHFLÃQOLFHQFLDGRKDUÇDPX\ELHQHQ
'HFRUDWRU
'HFLPDWH
GHGLFDUXQDËRDDSUHQGHUDPDQHMDUODSDODEUDKDEODGDFRQWLQR\GHVWUH]DSRUTXHVHVRUSUHQGHUÇD
'HFRUDWLYH
'HFLSKHU
GHODFDQWLGDGGHSHUVRQDVTXHOHFRQFHGHU»QFXRWDVGHOLGHUD]JR'HVSXÃVGHEHFRQVHJXLUORPLVPR
'HFRUXP
'HFLVLRQ
HQLQJOÃVSRUTXHXQQRDQJORSDUODQWHTXHPDQHMDFRQGHVWUH]DHOLQJOÃVFRQVLJXHP»VDWHQFLÍQTXH
'HFUHH
'HFLVLYH
XQQDWLYRFRQODVPLVPDVKDELOLGDGHV$QWRQLR%DQGHUDV5LFDUGR0RQWDOE»Q0DXULFH&KHYDOLHU\HO 'HFODUDWLRQ
'HGLFDWH
PLVPÇVLPR'RQ-XDQ&DUORV,GH(VSDËDFXDQGRKDEODQHQLQJOÃVDWUDHQDODQJORSDUODQWHP»VTXH
'HGXFH
'HFODUH
RWURVDFWRUHVRSROÇWLFRVGHKDEODLQJOHVD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VWRHVIDQW»VWLFR 7KLVLVIDQWDVWLF
(VRHVW»PX\PDO 7KDWoVYHU\EDG
(VWDVQRVRQEXHQDVLGHDV 7KHVHDUHQoWJRRGLGHDV
(VRVQRVRQPLVSUREOHPDV 7KRVHDUHQoWP\SUREOHPV
(VHVWREXHQRSDUDPÇ" ,VWKLVJRRGIRUPH"
&X»QGRYDVGHYDFDFLRQHV" :KHQDUH\RXJRLQJRQ
KROLGD\"
1RWHQJRYDFDFLRQHVKDVWDHO ,GRQoWKDYHDQ\KROLGD\VXQWLO
QH[W\HDU
DËRTXHYLHQH
'ÍQGHYDVDLU" :KHUHDUH\RXJRLQJWRJR"
1RHVWR\VHJXURWLHQHVDOJXQDV,oPQRWVXUHGR\RXKDYHDQ\
LGHDV"
LGHDV"
7HJXVWDQODVSOD\DV" 'R\RXOLNHEHDFKHV"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(UDVEXHQHVWXGLDQWH" :HUH\RXDJRRGVWXGHQW"
&XDQGRHVWDEDHQHOFROHJLR :KHQ,ZDVDWVFKRRO,ZDV
PRUHLQWHUHVWHGLQVSRUW
HVWDEDP»VLQWHUHVDGRHQHO
GHSRUWH
&X»QGRHVWXYLVWHHQHOFROHJLR":KHQZHUH\RXDWVFKRRO"
/RV%HDWOHVHVWDEDQMXQWRV 7KH%HDWOHVZHUHWRJHWKHU
FXDQGR\RHVWDEDHQHOFROHJLR ZKHQ,ZDVDWVFKRRO
'HEHVVHUPX\YLHMR <RXPXVWEHYHU\ROG
+DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW
JHWWLQJDWDWWRR"
KDFHUWHXQWDWXDMH"
1XQFDKDKDELGRQDGLHFRPR 7KHUHoVQHYHUEHHQDQ\RQHOLNH
$OîH
$OïH
$OJXQDYH]WHKDSHJDGR" +DVKHHYHUKLW\RX"
1XQFDKHSRGLGROHYDQWDUPH ,oYHQHYHUEHHQDEOHWRJHWXS
SURQWR
HDUO\
1XQFDKDKDELGR»UEROHVHQ 7KHUHKDYHQHYHUEHHQDQ\
QXHVWURMDUGÇQ
WUHHVLQRXUJDUGHQ
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
+D\XQDIDOWDGHHQWXVLDVPR 7KHUHoVDODFNRIHQWKXVLDVPLQ
HQHVWDHPSUHVD
WKLVFRPSDQ\
'HYXÃOYHPHORDKRUD *LYHLWEDFNWRPHQRZ
7HQGUHPRVTXHFRQYRFDUXQD :HoOOKDYHWRFDOODPHHWLQJWR
UHXQLÍQSDUDKDEODUGHHVWH
WDONDERXWWKDWVXEMHFW
WHPD
9DPRVDOOHJDUDOOÇDQWHVSDUD /HWoVJHWWKHUHHDUO\VRWKDWZH
FRQVHJXLUEXHQRVDVLHQWRV
FDQJHWJRRGVHDWV
1RKDKDELGRTXHMDVKDVWDOD 7KHUHKDYHQoWEHHQDQ\
IHFKD
FRPSODLQWVVRIDU
3DUHFHFRPRVLKXELHUDVYLVWR <RXORRNDVLI\RXoYHVHHQD
XQIDQWDVPD
JKRVW
4XÃDVSHFWRWLHQHGHVSXÃVGH :KDWGRHVVKHORRNOLNHDIWHU
ODFLUXJÇD"
WKHVXUJHU\"
7HSDUHFHVDWXSDGUH <RXORRNOLNH\RXUIDWKHU
IÇVLFDPHQWH
£OVHSDUHFHDVXPDGUH IRUPD+HWDNHVDIWHUKLVPRWKHU
GHVHU
3DUHFÇDGLVIUXWDUGHOFRQFLHUWR +HVHHPHGWRHQMR\WKHFRQFHUW
&ORZQ 3D\DVR
7UDSH]H 7UDSHFLR
7LJKWURSH &XHUGD)ORMD
/LRQ7DPHU 'RPDGRUGHOHRQHV
5LQJPDVWHU 0DHVWURGH&HUHPRQLDV
9RFDEXODULR&LUFXV &LUFR
0LGGOH$GYDQFHG
1RVHGHEHUÇDQGHFLUVHPHMDQWHV6XFKWKLQJVVKRXOGQoWEHVDLG
FRVDVHQSÔEOLFR
LQSXEOLF
'HEHKDFHUVHDOJRSRUHVWDJHQWH 6RPHWKLQJPXVWEHGRQHIRU
WKHVHSHRSOH
6HPROHVWDI»FLOPHQWHSRUORV 6KHLVHDVLO\XSVHWE\FUXHO
FRPHQWDULRVFUXHOHV
FRPPHQWV
6HLQYHVWLJDU»HODVXQWR 7KHPDWWHUZLOOEHORRNHGLQWR
0HGLMHURQTXHQRVHORGLMHUD ,ZDVWROGQRWWRWHOODQ\RQH
DQDGLH
)RU(QJOLVKVXSHUVWDUVRQO\
|$YHUVLWHHQWHUDV :LVHXS
|)OLSRWÇR ,oPJREVPDFNHGPDWH
(VWRHVPX\IXHUWH 7KLVLVSUHWW\KHDY\VWXII
7LHQHPX\PDODOHFKH +HoVDQDVW\SLHFHRIZRUN
|2VWUDV &ULNH\
(/&8562'(),1,7,92
7R0LVV
3KUDVDOYHUEVZLWKpDZD\q
6LJQLîFDpSHUGHUqHQHOVHQWLGRGHpQRFRJHU
QRYHUQRRÇUQRPDUFDUQRDSURYHFKDUq
7KLVKHDGDFKHZRQoWJRDZD\
(VWHGRORUGHFDEH]DQRVHYD
6WD\DZD\IURPP\JLUOIULHQG
1RWHDFHUTXHVDPLQRYLD
*HWDZD\IURPWKHïDPHV
$OÃMDWHGHODOODPDV
7KHEXWWHUï\ïHZDZD\
/DPDULSRVDVHIXHYRODQGR
7DNHKLPDZD\
/OÃYHVHOR
+HURGHDZD\LQWRWKHVXQVHW
6HDOHMÍDFDEDOORKDFLDODSXHVWDGHVRO
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6XIî[HVpfPHQWq
$EDQGRQPHQW
$FFRPSOLVKPHQW
$FKLHYHPHQW
$FNQRZOHGJHPHQW
$GMRXUQPHQW
$GYDQFHPHQW
$GYHUWLVHPHQW
$JUHHPHQW
$LOPHQW
$OLJQPHQW
$PD]HPHQW
$PHQGPHQW
$QQXOPHQW
$SDUWPHQW
$SSRLQWPHQW
$UJXPHQW
$UPDPHQW
$UUDQJHPHQW
$VVHVVPHQW
$VVLJQPHQW
$VVRUWPHQW
DWWDFKPHQW
DEDQGRQR
ORJUR
ORJUR
UHFRQRFLPLHQWR
VXVSHQVLÍQ UHXQLÍQ
SURJUHVR
DQXQFLRSXEOLFLWDULR
DFXHUGR
GROHQFLD
DOLQHDFLÍQ
DVRPEUR
HQPLHQGD
DQXODFLÍQ
DSDUWDPHQWR
QRPEUDPLHQWRFLWD
GLVFXVLÍQ
DUPDPHQWR
DUUHJOR
HYDOXDFLÍQ
HQFDUJR
VXUWLGR
DFRSODPLHQWR
$VWRQLVKPHQW
%DVHPHQW
&RPPDQGPHQW
&RPPLWPHQW
&RPSDUWPHQW
&RPSOHPHQW
&RPSOLPHQW
&RQGLPHQW
&RQîQHPHQW
'HSDUWPHQW
'HSOR\PHQW
'HWULPHQW
'HYHORSPHQW
'LVDJUHHPHQW
'LVDSSRLQWPHQW
'LVDUPDPHQW
'LVEXUVHPHQW
'RFXPHQW
(PEDQNPHQW
(OHPHQW
(PERGLPHQW
(PSOR\PHQW
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RPHPROHVWHVP»VFRQHVWDVFRVDV6LQRWHSXHGHVHQFDUJDU
GH SHTXHËRV SUREOHPDV FRPR ÃVWRV TXÃ YDV D KDFHU FXDQGR
OOHJXHQORVSUREOHPDVJUDQGHV"7HFRQWUDWÃSDUDSHUPLWLUPHKD
FHUFRVDVP»VLPSRUWDQWHVSDUDHOQHJRFLR(QRWUDVSDODEUDVWH
FRQWUDWÃ SDUD UHVROYHU ORV SHTXHËRV SUREOHPDV \ GHMDUPH D PÇ
ORV JUDQGHV 6L WHUPLQDV WUD\ÃQGRPH FDGD SHTXHËR SUREOHPD
HQWRQFHVQRPHVLUYHVSDUDPXFKRYHUGDG"
DVRPEUR
VÍWDQR
PDQGDPLHQWR
FRPSURPLVR
FRPSDUWLPHQWR
FRPSOHPHQWR
FXPSOLGR
FRQGLPHQWR
UHFOXVLÍQ
GHSDUWDPHQWR
GHVSOLHJXH
GHWULPHQWR
GHVDUUROOR
GHVDFXHUGR
GHFHSFLÍQ
GHVDUPH
GHVHPEROVR
GRFXPHQWR
WHUUDSOÃQ
HOHPHQWR
SHUVRQLîFDFLÍQ
HPSOHR
3HUGLÍXQDRSRUWXQLGDGGHRUR
/RVLHQWRQRRÇORTXHPHGLMLVWH
3HUGÇHODXWREÔVDVÇTXHWXYHTXHFRJHUXQ
WD[L
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
(QFRXUDJHPHQW
(QIRUFHPHQW
(QJDJHPHQW
(QMR\PHQW
(QULFKPHQW
(QODUJHPHQW
(QUROPHQW
(QWHUWDLQPHQW
(TXLSPHQW
(QYLURQPHQW
([FLWHPHQW
([SHULPHQW
)HUPHQW
)UDJPHQW
)XOîOPHQW
*RYHUQPHQW
,PSHGLPHQW
,PSOHPHQW
,PSURYHPHQW
,QVWDOPHQW
,QVWUXPHQW
,QYHVWPHQW
'RQoWERWKHUPHZLWKWKHVHWKLQJVDQ\PRUH,I\RXFDQoWKDQGOH
OLWWOHSUREOHPVOLNHWKHVHZKDWDUH\RXJRLQJWRGRZKHQWKHELJ
SUREOHPVFRPHDORQJ",KLUHG\RXWRIUHHPHXSWRGRWKHPRUH
LPSRUWDQWWKLQJVIRUWKHEXVLQHVV,QRWKHUZRUGV,KLUHG\RXWR
VROYHWKHOLWWOHSUREOHPVDQGOHDYHWKHELJRQHVWRPH,I\RXHQG
XS EULQJLQJ HYHU\ RWKHU OLWWOH SUREOHP EDFN WR PH WKHQ , GRQoW
KDYHPXFKXVHIRU\RXGR,"
+RZORQJGRHVLWWDNH"
6KHGRHVQ·WOLNHWRGRLW
:K\LVQ·WLWSUHSDUHG"
7KH\JDYHXVDVHFRQGFKDQFH
,FDQ·WOLIWLW
:KDWGRHVWKLVZRUGPHDQ"
+RZGR\RXVSHOOLW"
'RQ·WJHWQHUYRXV
7KHUH·VEHHQDPLVXQGHUVWDQGLQJ
,W·VJHWWLQJODWH
+H·VWKHPDQZKRVHVRQLVDSROLWLFLDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
(VWLPDGR DPLJR \ DOXPQR $EDMR WLHQHV GRV FROXPQDV XQD HQ HVSDËRO \ RWUD HQ PL LGLRPD 7DSD
ODFROXPQDHQLQJOÃVFRQODPDQRRFRQXQSDSHO\WUDWDGHGHFLUHQYR]DOWD\HQLQJOÃVODVIUDVHV
HQHVSDËRO'HVSXÃVYHEDMDQGRODPDQRRHOSDSHOSDUDFRPSUREDUORVDFLHUWRV$TXÃHVXQEXHQ
HMHUFLFLRGHDJLOLGDGRUDOJUDPDWLFDO",PDJLQDKDFHUHVWRPLQXWRVDOGÇDGXUDQWHGÇDVDODËR
1RFUHHVTXHJDQDUÇDVHQDJLOLGDG\SUHFLVLÍQ"$TXÇHQ9DXJKDQWHQHPRVOLEURVFRQP»VGH
IUDVHVFRPRÃVWDV5HFXHUGDPLQXWRVDOGÇD$JLOLGDGJUDPDWLFDO
5LFKDUG9DXJKDQ
&X»QWRVHWDUGD"
$HOODQROHJXVWDKDFHUOR
3RUTXÃQRHVW»SUHSDUDGR"
1RVGLHURQXQDVHJXQGDRSRUWXQLGDG
1RORSXHGROHYDQWDU
4XÃVLJQLîFDHVWDSDODEUD"
&ÍPRVHHVFULEH"
1RWHSRQJDVQHUYLRVR
+DKDELGRXQPDOHQWHQGLGR
6HKDFHWDUGH
(VHOVHËRUFX\RKLMRHVSROÇWLFR
»QLPR
FXPSOLPLHQWR
QRYLD]JR
SODFHUGLVIUXWH
HQULTXHFLPLHQWR
DPSOLDFLÍQ
PDWUÇFXOD
HQWUHWHQLPLHQWR
HTXLSR
HQWRUQR
HPRFLÍQ
H[SHULPHQWR
IHUPHQWR
IUDJPHQWR
FXPSOLPLHQWR
JRELHUQR
LPSHGLPHQWR
SRQHUHQSU»FWLFD
PHMRUD
SOD]RGHSDJR
LQVWUXPHQWR
LQYHUVLÍQ
'HGXFW
'HîQLWLYH
'HGXFWLRQ
'HïDWLRQ
'HIDPDWLRQ
'HIRUP
'HIHFW
'HIRUPDWLRQ
'HIHFWLYH
'HIRUPHG
'HIHQFH
'HIRUPLW\
'HIHQG
'HJHQHUDWH
'HIHUHQFH 'HJHQHUDWLRQ
'HIHUHQWLDO
'HJUDGLQJ
'HîFLHQF\
'HJUDGH
'HîFLHQW
'HJUHH
'HîFLW
'HKXPDQL]H
'HîQH
'HK\GUDWH
'HîQLWH
'HK\GUDWLRQ
'HîQLWHO\
'HOHJDWH
'HîQLWLRQ
'HOHJDWLRQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XLÃQHVHOQXHYRMHIH" :KRLVWKHQHZERVV"
'HGÍQGHHVHVWHYLQR" :KHUHLVWKLVZLQHIURP"
&X»OHVODGLIHUHQFLD" :KDWLVWKHGLIIHUHQFH"
&X»OHVVRQWXVSUREOHPDV" :KDWDUH\RXUSUREOHPV"
&X»QGRHVHOGHVD\XQR" :KHQLVEUHDNIDVW"
+D\XQVXSHUPHUFDGRFHUFD ,VWKHUHDVXSHUPDUNHWQHDU
KHUH"
GHDTXÇ"
4XÃTXLHUHVFRPSUDU" :KDWGR\RXZDQWWREX\"
1RQHFHVLWRQDGD ,GRQoWQHHGDQ\WKLQJ
3RUTXÃPHHVW»VSUHJXQWDQGR" :K\DUH\RXDVNLQJPH"
(VLPSRUWDQWHVDEHUHVWDVFRVDV ,WoVLPSRUWDQWWRNQRZWKHVH
WKLQJV
7RPDWR 7RPDWH
2QLRQ &HEROOD
$VSDUDJXV (VS»UUDJR
/HWWXFH /HFKXJD
7XQD $WÔQ
9RFDEXODULR6DODG (QVDODGD
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&XÃQWDPHXQDKLVWRULD 7HOOPHDVWRU\
4XÃFODVHGHKLVWRULDVWH :KDWNLQGRIVWRULHVGR\RX
OLNH"
JXVWDQ"
&RQRFHVKLVWRULDVGHJXHUUD" 'R\RXNQRZDQ\ZDUVWRULHV"
1ROXFKÃHQQLQJXQDJXHUUD ,GLGQoWïJKWLQDQ\ZDU
3HUGRQDSHQVDEDTXHWHQÇDV ,oPVRUU\,WKRXJKW\RXZHUH
ROGHU
P»VDËRV
<DVHKDEÇDPDUFKDGRFXDQGR 6KHoGDOUHDG\OHIWZHZKHQZH
FDPH
OOHJDPRV
(ODYLÍQ\DKDEÇDGHVSHJDGR 7KHSODQHKDGDOUHDG\WDNHQ
RIIKHJRWWRWKHDLUSRUW
FXDQGROOHJÍDODHURSXHUWR
<DKDEÇDSHUGLGRHOWUHQFXDQGR,oGDOUHDG\PLVVHGWKHWUDLQ
ZKHQ,ZRNHXS
PHGHVSHUWÃ
<DKDEÇDWHUPLQDGRODFHQD +HoGDOUHDG\ïQLVKHGGLQQHU
ZKHQVKHJRWKRPH
FXDQGRHOODOOHJÍDFDVD
<DKDEÇDQJDQDGROD/LJDFXDQGR7KH\oGDOUHDG\ZRQWKH/HDJXH
ZKHQWKH\SOD\HGWKHLUODVW
MXJDURQVXÔOWLPRSDUWLGR
JDPH
+LJK,QWHUPHGLDWH
6»FDODGHWXERFD 7DNHLWRXWRI\RXUPRXWK
9XHOYDDSRQHUODHQVXEROVLOOR 3XWLWEDFNLQ\RXUSRFNHW
5HFÍJHOH\OOÃYDOHDODHVWDFLÍQ 3LFNKLPXSDQGWDNHKLPWR
WKHVWDWLRQ
$S»JDOR\OXHJRGHVHQFKÔIDOR 6ZLWFKLWRIIDQGWKHQXQSOXJLW
2ORSRQHVHQVXVLWLRRORWLUDV 3XWLWDZD\RUWKURZLWDZD\
/RZ$GYDQFHG
0HWHPRTXHVHYDDDQXODU ,oPDIUDLGLWoVJRLQJWREH
FDQFHOOHG
0HVLHQWRIDWDOSRUHOOR ,IHHODZIXODERXWLW
6LHQWRSHQDSRUHOORV ,IHHOVRUU\IRUWKHP
0HDOHJURTXHOHVKD\DVSHGLGR,oPJODGWKDW\RXDSRORJLVHG
SHUGÍQ
WRWKHP
1RSXHGRHYLWDUOORUDUFXDQGR ,FDQoWKHOSFU\LQJZKHQ,VHH
ORVYHR
WKHP
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
7LHQHVTXHVHUP»VIUDQFRFRQ <RXQHHGWREHPRUHVWUDLJKW
ODJHQWH
IRUZDUGZLWKSHRSOH
(VXQDWDUHDTXHUHTXLHUH ,WoVDYHU\WLPHFRQVXPLQJ
PXFKRWLHPSR
WDVN
(VXQDQRWLFLDWUDQTXLOL]DGRUD 7KDWoVDUHDVVXULQJSLHFHRI
QHZV
(VWHFDORUHVDJRELDQWH 7KLVKHDWLVRYHUZKHOPLQJ
6ÍORXQDGHFDGDGLH]SHUVRQDV2QO\RQHLQWHQSHRSOHDUHOHIW
HV]XUGD
KDQGHG
(VGXURFRPRXQDURFD +HoVDVKDUGDVQDLOV
(VW»P»VVRUGDTXHXQDWDSLD 6KHoVDVGHDIDVDSRVW
(VFRVHU\FDQWDU ,WoVDVHDV\DVSLH
(VWDEDYRODGR +HZDVDVKLJKDVDNLWH
0LVHYDFXDFLRQHVVRQFRPR 0\PRYHPHQWVDUHDVUHJXODU
XQUHORM
DVFORFNZRUN
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
7R0LVV
3KUDVDOYHUEVZLWKpDZD\q
7KH\VKXWKLPDZD\LQDQDV\OXP
/HHQFHUUDURQHQXQDVLOR
+HJRWLQWKHFDUDQGGURYHDZD\
6HPHWLÍHQHOFRFKH\VHIXH
.HHSDZD\IURPSHRSOHOLNHKLP
0DQWÃQWHDOHMDGRGHJHQWHFRPRÃO
+HEURNHDZD\IURPWKHSDFNDQGWRRN
WKHOHDG
'HMÍDWU»VDOSHORWÍQ\DVXPLÍHOPDQGR
,GURSSHGWKHELOODQGLWEOHZDZD\
6HPHFD\ÍHOELOOHWH\HOYLHQWRVHOROOHYÍ
:HoYHGRQHDZD\ZLWKFHUWDLQSULYLOHJHV
+HPRVVXSULPLGRFLHUWRVSULYLOHJLRV
6XIî[HVpfPHQWq
,QYROYHPHQW
-XGJPHQW
/DPHQW
/LJDPHQW
0DQDJHPHQW
0HDVXUHPHQW
0LVPDQDJHPHQW
0LVWUHDWPHQW
0RQXPHQW
0RYHPHQW
1RXULVKPHQW
2LQWPHQW
2UQDPHQW
3DUFKPHQW
3DUOLDPHQW
3D\PHQW
3ODFHPHQW
3RVWSRQHPHQW
3UHGLFDPHQW
3URFXUHPHQW
3XQLVKPHQW
5HFUXLWPHQW
LPSOLFDFLÍQ
MXLFLR
ODPHQWDU
OLJDPHQWR
JHVWLÍQ
PHGLFLÍQ
PDODJHVWLÍQ
PDORVWUDWRV
PRQXPHQWR
PRYLPLHQWR
DOLPHQWR
XQJÖHQWR
DGRUQR
SHUPDJLQR
SDUODPHQWR
SDJR
FRORFDFLÍQ
DSOD]DPLHQWR
DSXURDSULHWR
DGTXLVLFLÍQREWHQFLÍQ
FDVWLJR
UHFOXWDPLHQWR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1R FUHHV TXH \D HV KRUD GH DVHQWDUWH \ HPSH]DU D KDFHU DOJR
FRQVWUXFWLYRFRQWXYLGD"1RPHLPSRUWDTXHWHWRPHVXQRVDËRV
SDUD YHU PXQGR SHUR WLHQHV DËRV \ KDV OOHJDGR D XQ SXQWR
HQHOTXHODYLGDQÍPDGD\DQRHVXQDH[SHULHQFLDHGXFDWLYD/D
PD\RUÇDGHODJHQWHGHWXHGDGHVW»FDVDGD\FULDQGRDVXVKLMRV
RDYDQ]DQGRHQVXGHVDUUROORSURIHVLRQDO&X»OHVVRQWXVSODQHV
SDUDORVSUÍ[LPRVRDËRV"
7DPELÃQVLJQLîFDpDËRUDUqRpHFKDUGH
PHQRVq&XDQGROHVLJXHXQYHUERÃVWH
VLHPSUHVHH[SUHVDHQJHUXQGLR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
3HWHUHFKDPXFKRGHPHQRVDVXORUR
(FKDVGHPHQRVHOKXPRULQJOÃV"
(FKRGHPHQRVGDUSDVHRVDORODUJRGHOD
RULOODGHOPDU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
5HIUHVKPHQW
5HJLPHQW
5HLPEXUVHPHQW
5HLQIRUFHPHQW
5HLQVWDWHPHQW
5HSODFHPHQW
5HTXLUHPHQW
5HVHQWPHQW
5HWLUHPHQW
5XGLPHQW
6DFUDPHQW
6HGLPHQW
6HJPHQW
6HQWLPHQW
6HWWOHPHQW
6KLSPHQW
6WDWHPHQW
6XSSOHPHQW
7HPSHUDPHQW
7HVWDPHQW
7UHDWPHQW
8QHPSOR\PHQW
UHIULJHULR
UHJLPLHQWR
UHHPEROVR
UHIXHU]R
UHLQFRUSRUDFLÍQ DXQSXHVWR
VXVWLWXFLÍQ
UHTXLVLWR
UHVHQWLPLHQWR
MXELODFLÍQ
UXGLPHQWR
VDFUDPHQWR
VHGLPHQWR
VHJPHQWR
VHQWLU RSLQLÍQ
OLTXLGDFLÍQFRORQLD
HQYÇR
GHFODUDFLÍQDîUPDFLÍQ
VXSOHPHQWR
WHPSHUDPHQWR
WHVWDPHQWR
WUDWDPLHQWR
GHVHPSOHR
'RQoW \RX WKLQN LWoV DERXW WLPH \RX VHWWOHG GRZQ DQG VWDUWHG
GRLQJ VRPHWKLQJ FRQVWUXFWLYH ZLWK \RXU OLIH" , GRQoW PLQG \RX
JRLQJRIIIRUDIHZ\HDUVWRVHHWKHZRUOGEXW\RXoUH\HDUVROG
QRZDQG\RXoYHUHDFKHGDSRLQWLQZKLFK\RXUQRPDGLFZD\RIOLIH
LVQRWDQHGXFDWLRQDOH[SHULHQFHDQ\PRUH0RVWSHRSOH\RXUDJH
DUH PDUULHG DQG UDLVLQJ NLGV RU PRYLQJ DORQJ WKHLU FDUHHU SDWK
:KDWDUH\RXUSODQVIRUWKHQH[WWR\HDUV"
(VWLPDGRDPLJR\DOXPQR$EDMRDODL]TXLHUGDWHQHPRVDXQDQLËDSURGLJLRDVSLUDQWHDVHUDOJÔQGÇD
0»VSDODEUDVLQJOHVDV
ODSULPHUDPXMHUMXJDGRUDGH3ULPHUD'LYLVLÍQ$ODGHUHFKDWHQHPRVDXQFXUWLGRSURIHVLRQDO$PERV
GHUDÇ]ODWLQD
WLHQHQDOJRHQFRPÔQ$PERVGHGLFDQORVSULPHURVPLQXWRVGHFDGDVHVLÍQGHHQWUHQDPLHQWRD
'HPRFUDF\
'HOLEHUDWH
HMHUFLFLRVGHFRQWUROGHEDOÍQ(OSURIHVLRQDOOOHYD\DDVXVDËRVWHPSRUDGDVSHUIHFFLRQDQGR
'HPRFUDW
VX FRQWURO \ VDEH SHUIHFWDPHQWH TXH XQ DEVROXWR GRPLQLR GH HVWRV PRYLPLHQWRV WDQ E»VLFRV \ 'HOLEHUDWHO\
'HPRFUDWLF
IXQGDPHQWDOHVGHOMXHJRHVORTXHOHGLIHUHQFLDGHORVDîFLRQDGRV+D\MXJDGRUHVGHRWUDVGLYLVLRQHV 'HOLEHUDWLRQ
'HPRJUDSKHU
'HOLFDF\
P»V YHORFHV TXH ÃO P»V DOWRV R P»V IXHUWHV P»V HVSHFWDFXODUHV HQ ORV UHJDWHV SHUR VX DEVROXWR
'HOLFDWH
'HPRJUDSKLF
GRPLQLR D OD KRUD GH FRQWURODU HO EDOÍQ HV OR TXH OH FRORFD HQWUH ORV PHMRUHV7RGRV ORV GÇDV HQ HO
'HOLFLRXV
'HPRJUDSK\
FDPSR GH SU»FWLFDV UHDOL]D ORV PLVPRV HMHUFLFLRV TXH OD
'HPROLVK
'HOLQTXHQF\
QLËD SURGLJLR HVW» DSUHQGLHQGR HQ VX HTXLSR GH DOHYLQHV
'HOLQTXHQW
'HPROLWLRQ
6LQFRQWUROGHOEDOÍQQRKD\GRPLQLRSURIHVLRQDO\VLQPLOHV
'HPDJRJXH
'HPRQ
GHHMHUFLFLRVSDUDFRQVROLGDUORVK»ELWRVQRKD\FRQWUROGHO
'HPRQVWUDEOH
'HPDQG
EDOÍQ (Q HO LQJOÃV HV OR PLVPR 6LQ XQD FRPSOHWD DJLOLGDG
'HPDQGLQJ
'HPRQVWUDWH
FRQ OD JUDP»WLFD P»V E»VLFD QR KD\ GRPLQLR 6H WUDWD GHO
'HPHQWLD
'HPRQVWUDWLRQ
»UHDGHOLGLRPDP»VVHQFLOODHQDSDULHQFLDSHURP»VFUÇWLFD
'HPHQWHG 'HPRQVWUDWLYH
\ OD TXH P»V FXHVWD OOHJDU D GRPLQDU 3RU TXÃ" 3RUTXH OD
'HPLOLWDUL]H 'HPRUDOL]DWLRQ
JHQWHQRTXLHUHSUHVWDUOHODGHELGDDWHQFLÍQ
'HPRELOL]DWLRQ 'HPRUDOL]H
'HPRELOL]H
'HPRUDOL]LQJ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VW»QHQPLEROVD 7KH\oUHLQP\EDJ
1RHVW»GHEDMRGHWXFDPD ,WLVQoWXQGHU\RXUEHG
(VW»HQVXFDEH]D GHÃO ,WoVRQKLVKHDG
(VW»HOODHQODSXHUWD" ,VVKHDWWKHGRRU"
(VW»QHQVXFDVD" $UHWKH\LQWKHLUKRXVH"
&X»QWRVOLEURVOHHVDODËR" +RZPDQ\ERRNVGR\RXUHDG
D\HDU"
&X»QWRDJXDEHEHVFDGDGÇD" +RZPXFKZDWHUGR\RXGULQN
HDFKGD\"
&X»QWRGLQHURTXLHUHV" +RZPXFKPRQH\GR\RXZDQW"
&X»QWRVKHUPDQRVWLHQHV" +RZPDQ\EURWKHUVDQGVLVWHUV
GR\RXKDYH"
&X»QWRFXHVWDQ" +RZPXFKGRWKH\FRVW"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&X»QWRVDËRVWLHQHQWXV +RZROGDUH\RXUJUDQGSDUHQWV"
DEXHORV"
&X»QWRVDËRVWHQÇDVFXDQGR +RZROGZHUHZKHQ\RXFDPH
WR6SDLQ"
YLQLVWHD(VSDËD"
&X»QWRVDËRVWHQÇDQWXV +RZROGZHUH\RXUSDUHQWV
ZKHQWKH\JRWPDUULHG"
SDGUHVFXDQGRVHFDVDURQ"
&X»QWRVDËRVWHQGU»VFXDQGR+RZROGZLOO\RXEHZKHQ\RX
UHWLUH"
WHMXELOHV"
7LHQHVP»VDËRVTXHWX $UH\RXROGHUWKDQ\RXU
EURWKHU"
KHUPDQR"
9XHOYHDOODPDUOHVP»VWDUGH &DOOWKHPEDFNODWHU
&X»QGRYROYHUHPRVDYHUQRV" :KHQZLOOZHVHHHDFKRWKHU
DJDLQ"
1RYXHOYDVDSHJDUPHMDP»V 'RQoWHYHUKLWPHDJDLQ
0HKHYXHOWRDHTXLYRFDU ,oYHPDGHDPLVWDNHDJDLQ
1RORKDUÃQXQFDP»V ,ZRQoWGRLWHYHUDJDLQ
$QNOH 7RELOOR
+HHO 7DOÍQ
7RH 'HGR
6ROH 3ODQWD
$UFK $UFR
9RFDEXODULR)RRW 3LH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&XDQGRPXHUDYR\DGHMDUWRGR:KHQ,GLH,oPJRLQJWROHDYH
DOOP\PRQH\WRP\SHWV
PLGLQHURDPLVPDVFRWDV
&X»QGRYDVDGHMDUGHIXPDU" :KHQDUH\RXJRLQJWRJLYHXS
VPRNLQJ"
'ÃMDPH /HWPHVHH
'ÃMDOHTXHLQWHQWHFRQYHQFHUOHV/HWKLPWU\WRFRQYLQFHWKHP
'ÃMDPHWXEROLXQVHJXQGR *LYHPH\RXUSHQDVHFRQG
9DHQFRQWUDGHODSROÇWLFDGH ,WJRHVDJDLQVWFRPSDQ\SROLF\
ODHPSUHVD
&RUUHUÇDPRVHOULHVJRGHRIHQGHU:HoGUXQWKHULVNRIRIIHQGLQJ
RXUFOLHQWV
DQXHVWURVFOLHQWHV
&REU»LVSRUKRUDVRWHQÃLVXQD'R\RXFKDUJHE\WKHKRXURU
GR\RXKDYHDï[HGUDWH"
WDULIDîMD"
&RQFX»QWDDQWHODFLÍQ +RZORQJLQDGYDQFHZLOOZH
QHHGWREHWKHUH"
WHQGUHPRVTXHHVWDUDOOÇ"
0HSRGUÇDIDFLOLWDUHOQRPEUH &RXOG\RXSOHDVHJLYHPHWKH
QDPHRIDJRRGVXSSOLHU"
GHXQEXHQSURYHHGRU"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
1XHVWURHTXLSRGHYHQWDV 2XUVDOHVWHDPFRQVWLWXWHVD
YDOXDEOHDVVHWWRWKHFRPSDQ\
FRQVWLWX\HXQDFWLYRYDOLRVR
SDUDODHPSUHVD
(ODFWLYR\HOSDVLYRGHEHQVHU $VVHWVDQGOLDELOLWLHVVKRXOGEH
HTXDO
LJXDOHV
6LHVWHQHJRFLRIXHUDUHQWDEOH ,IWKLVEXVLQHVVZHUHSURïWDEOH
QRWHQGUÇDPRVTXHGHVSHGLUD ZHZRXOGQoWKDYHWROD\RII
SHRSOH
JHQWH
+DKDELGRGHVSLGRVPDVLYRV 7KHUHKDYHEHHQPDVVLYH
OD\RIIVLQWKDWLQGXVWU\
HQHVHVHFWRU
3RUPXFKRTXHWUDEDMHVQRYDV 1RPDWWHUKRZKDUG\RXZRUN
\RXoUHQRWJRLQJWRHDUQPRUH
DJDQDUP»VGLQHUR
PRQH\
(VWRVELOOHWHVHVW»QIDOVLîFDGRV 7KHVHQRWHVDUHFRXQWHUIHLWHG
1RSXHGRFUHHUTXHHVDREUD ,FDQoWEHOLHYHWKDWPDVWHUSLHFH
PDHVWUDUHVXOWDVHVHUXQD
WXUQHGRXWWREHDIDNH
IDOVLîFDFLÍQ
$OJXQDYH]KDVîQJLGRHVWDU +DYH\RXHYHUIDNHGDQLOOQHVV"
HQIHUPR"
(VHWÇRQRWHUHVXOWDVHUXQ 'RQoW\RXïQGWKDWJX\WREHD
SRFRIDUVDQWH"
ELWRIDSKRQH\"
0HKDQHVWDIDGR ,oYHEHHQFRQQHG
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
0DNH\RXUPLQGXS
3KUDVDOYHUEVZLWKpDZD\q
7KHJXDUGVOHGWKHSULVRQHUDZD\
/RVJXDUGLDVVHOOHYDURQDOSULVLRQHUR
7KHOLWWOHER\UDQDZD\IURPKRPH
(OQLËRKX\ÍGHVXIDPLOLD
7KH\PDGHDZD\ZLWKWKHUDQVRP
6HHVFDSDURQFRQHOUHVFDWH
'RQoWUXQDZD\
1RWHYD\DVFRUULHQGR
3XWDZD\\RXUWR\V
*XDUGDWXVMXJXHWHV
6HQGKLPDZD\
|2UGHQDSDUDTXHVHYD\D
6XIî[HVpfLVWq
$FWLYLVW
$ODUPLVW
$OWUXLVW
$QWKURSRORJLVW
$UVRQLVW
$UWLVW
$WKHLVW
%LRORJLVW
&DSLWDOLVW
&DUGLRORJLVW
&DUWRRQLVW
&ROXPQLVW
&RQIRUPLVW
&\FOLVW
'HQWLVW
'HUPDWRORJLVW
(FRQRPLVW
(FRORJLVW
(OLWLVW
([LVWHQWLDOLVW
([KLELWLRQLVW
DFWLYLVWD
DODUPLVWD
DOWUXLVWD
DQWURSÍORJR
SLUÍPDQR
DUWLVWD
DWHR
ELÍORJR
FDSLWDOLVWD
FDUGLÍORJR
FDULFDWXULVWD
FROXPQLVWD
FRQIRUPLVWD
FLFOLVWD
GHQWLVWD
GHUPDWÍORJR
HFRQRPLVWD
HFRORJLVWD
HOLWLVWD
H[LVWHQFLDOLVWD
H[KLELFLRQLVWD
)DVFLVW
)HPLQLVW
)LQDOLVW
*XLWDULVW
*\QHFKRORJLVW
+DLUVW\OLVW
+XPDQLVW
-RXUQDOLVW
/HIWLVW
/LQJXLVW
0DVRFKLVW
0DWHULDOLVW
0HWHRURORJLVW
0LOLWDULVW
0RGHUQLVW
0RQDUFKLVW
1HJDWLYLVW
1HXURORJLVW
1RQFRQIRUPLVW
1RYHOLVW
1XGLVW
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1XQFD PDQGR IHOLFLWDFLRQHV GH 1DYLGDG (Q VX OXJDU VLHPSUH
FRPSURP»VGHSRVWDOHVGXUDQWHPLVYDFDFLRQHVGHYHUDQR
\ VH ODV HQYÇR D PLV DPLJRV FROHJDV GHO WUDEDMR FOLHQWHV \ SUR
YHHGRUHV 6LHPSUH SDUHFHQ DSUHFLDU PLV SRVWDOHV GHVGH OXJDUHV
H[ÍWLFRVHLQFOXVROHHQPLQRWDHVFULWDDPDQRHQODTXHGHEUR
PD LQWHQWR TXH PH HQYLGLHQ (VWR\ VHJXUR GH TXH ODV SRVWDOHV
YHUDQLHJDVFDSWDQPXFKDP»VDWHQFLÍQ\VHDFHSWDQPHMRUTXH
ODV IHOLFLWDFLRQHV QDYLGHËDV GRQGH VR\ XQD FDUWD P»V GH HQWUH
FLHQWDVTXHUHFLEHQ
6LJQLîFDpGHFLGLUVHq\VHSXHGHGHFLUWDQWR
pWRPDNHXS\RXUPLQGqFRPRpWRPDNH\RXU
PLQGXSq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
|'HFÇGHWH\D
+DGHFLGLGRUHQXQFLDUDVXSXHVWR
3HVFDGRRFDUQH"1RPHSXHGRGHFLGLU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
IDVFLVWD
IHPLQLVWD
îQDOLVWD
JXLWDUULVWD
JLQHFÍORJR
SHOXTXHURHVWLOLVWD
KXPDQLVWD
SHULRGLVWD
L]TXLHUGLVWD
OLQJÖLVWD
PDVRTXLVWD
PDWHULDOLVWD
PHWHRUÍORJR
PLOLWDULVWD
PRGHUQLVWD
PRQ»UTXLFR
QHJDWLYLVWD
QHXUÍORJR
LQFRQIRUPLVWD
QRYHOLVWD
QXGLVWD
2SSRUWXQLVW
3DFLîVW
3DWKRORJLVW
3HUFXVVLRQLVW
3K\VLFLVW
3LDQLVW
3K\VLRWKHUDSLVW
3URWHFWLRQLVW
3V\FKLDWULVW
3V\FKRORJLVW
3XULVW
5DFLVW
5DSLVW
5HDOLVW
6DGLVW
6FLHQWLVW
6HSDUDWLVW
6RFLDOLVW
6SHFLDOLVW
6WUDWHJLVW
7HUURULVW
RSRUWXQLVWD
SDFLîVWD
SDWÍORJR
SHUFXVLRQLVWD
IÇVLFR
SLDQLVWD
îVLRWHUDSHXWD
SURWHFFLRQLVWD
SVLTXLDWUD
SVLFÍORJR
SXULVWD
UDFLVWD
YLRODGRU
UHDOLVWD
V»GLFR
FLHQWÇîFR
VHSDUDWLVWD
VRFLDOLVWD
HVSHFLDOLVWD
HVWUDWHJD
WHUURULVWD
,QHYHUVHQGRXW&KULVWPDVFDUGV,QVWHDG,DOZD\VEX\RYHU
SRVWFDUGVGXULQJP\VXPPHUYDFDWLRQDQGVHQGWKHPWRIULHQGV
EXVLQHVVFROOHDJXHVFXVWRPHUVDQGVXSSOLHUV7KH\DOZD\VVHHP
WR DSSUHFLDWH P\ SRVWFDUGV IURP H[RWLF SODFHV DQG HYHQ UHDG
P\ KDQGZULWWHQ QRWH LQ ZKLFK , MRNLQJO\ WU\ WR PDNH WKHP
IHHOHQYLRXV,oPVXUHWKDWVXPPHUWLPHSRVWFDUGVJHWDORWPRUH
DWWHQWLRQDQGDUHEHWWHUUHFHLYHGWKDQ&KULVWPDVFDUGVZKHUH,oP
MXVWRQHPRUHFDUGRXWRIKXQGUHGVWKH\UHFHLYH
(VWLPDGRDPLJR\DOXPQR(VWDEDLODULQDVHOODPD(NDWHULQD0D[LPRYD
6H FXHQWD HQWUH ODV PHMRUHV GHO VLJOR;; 6X UHJLVWUR DUWÇVWLFR HV WRWDO H
LQFOX\HSDSHOHVGHVHQIDGDGRVDOHJUHV\FÍPLFRV6XGRPLQLRHWÃFQLFR
HV SHUIHFWR IUXWR GH PLOHV GH KRUDV HQ OD EDUUD GH EDOOHW GHODQWH GHO
HVSHMR3RVHHORTXHOODPDQpXQDOÇQHDOÇPSLDqXQLQFUHÇEOHMXHJRGHSLHV
\ OD FDSDFLGDG SDUD LPSULPLU SDVLÍQ \ GUDPD HQ ORV PRYLPLHQWRV P»V
PLQÔVFXORV&XDQGROHSUHJXQWDQHOVHFUHWRGHVXÃ[LWRVLHPSUHGLFHOR
PLVPR PLOHV GH KRUDV SHUIHFFLRQDQGR VX WÃFQLFD p0XFKDV EDLODULQDV
SRVHHQ JDUER \ HOHJDQFLD HQ ORV PRYLPLHQWRV SHUR PX\ SRFDV WLHQHQ
OD GLVFLSOLQD QHFHVDULD FRPR SDUD EULOODU HQ ORV DVSHFWRV HVWULFWDPHQWH
WÃFQLFRV /D TXH IXVLRQD ODV GRV FRVDV HV OD TXH îQDOPHQWH WULXQIDq (O
GRPLQLRGHXQVHJXQGRLGLRPDH[LJHORPLVPR8QRQRSXHGHH[SUHVDUVH
FRQHîFDFLD\DSORPRVLQRWLHQHXQVÍOLGRGRPLQLRGHORVDVSHFWRVWÃFQLFRV\HVWRVDVSHFWRVVRQOD
JUDP»WLFDE»VLFDTXH\DYLVWHHQORVOLEURV\HQORVQLYHOHVSULQFLSLDQWH\SUHLQWHUPHGLR
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
'HQLJUDWH
'HSRSXODWH
'HQRPLQDWLRQ 'HSRSXODWLRQ
'HQRPLQDWRU
'HSRUW
'HQRXQFH
'HSRUWDWLRQ
'HQVH
'HSRVLW
'HQVLW\
'HSUHFLDWH
'HQWDO
'HSUHFLDWLRQ
'HQWLVW
'HSUHVVLRQ
'HRGRUDQW
'HSUHVVLYH
'HSDUWPHQW
'HSUHVVXUL]H
'HSDUWPHQWDO
'HULYDWLRQ
'HSHQG
'HULYDWLYH
'HSHQGHQFH
'HULYH
'HSORUDEOH
'HUPDWLWLV
'HSORUH
'HUPDWRORJ\
'HSROLWLFL]H 'HUPDWRORJLVW
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'ÍQGHHVW»QODVWLHQGDV" :KHUHDUHWKHVKRSV"
(VHVWHHOPHUFDGR" ,VWKLVWKHPDUNHW"
(VHVRSHVFDGR" ,VWKDWïVK"
4XÃFDUQHHVHVD" :KDWPHDWLVWKLV"
&X»QWRHV" +RZPXFKLVLW"
7HJXVWDFRFLQDU" 'R\RXOLNHWRFRRN"
'ÍQGHYDPRVDFHQDU" :KHUHDUHZHJRLQJWRKDYH
GLQQHU"
4XLÃQYDDKDFHUHOGHVD\XQR" :KRoVJRLQJWRPDNH
EUHDNIDVW"
£OQRTXLHUHVDOLUDFRPHU +HGRHVQoWZDQWWRJRRXWIRU
OXQFK
+D\XQUHVWDXUDQWHLWDOLDQR ,VWKHUHDQ,WDOLDQUHVWDXUDQW
QHDUKHUH"
FHUFDGHDTXÇ"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
|7RPDXQDFHUYH]D +DYHDEHHU
&ÍPRKLFLVWHHVWDSDHOOD" +RZGLG\RXPDNHWKLVSDHOOD"
'ÍQGHFRPSUDVWHORV :KHUHGLG\RXEX\WKH
LQJUHGLHQWV"
LQJUHGLHQWHV"
(VP»VI»FLOKDFHUHVWRTXH ,VLWHDVLHUWRPDNHWKLVWKDQD
FRFLGR"
XQFRFLGR"
&X»QWDVYHFHVORKDVFRPLGR +RZPDQ\WLPHVKDYH\RX
HDWHQLWLQWKHODVWPRQWK"
HQHOÔOWLPRPHV"
7XPDGUHWHHQVHËÍDKDFHUOR" 'LG\RXUPRWKHUWHDFKHU\RX
KRZWRPDNHLW"
4XLÃQWHHQVHËÍ" :KRWDXJKW\RX"
&UHHVTXH\RSRGUÇDDSUHQGHU 'R\RXWKLQN,FRXOGOHDUQKRZ
WRPDNHLW"
DKDFHUOR"
&X»QWRVHWDUGDHQSUHSDUDUOR" +RZORQJGRHVLWWDNHWRSUHSDUH"
&X»QWRWDUGDVWHHQ +RZORQJGLGLWWDNH\RXWR
SUHSDUHLW\HVWHUGD\"
SUHSDUDUORD\HU"
5DLQERZ $UFRLULV
5DLQ /OXYLD
7KXQGHU 7UXHQR
/LJKWQLQJ 5D\RV
+DLO *UDQL]R
9RFDEXODULR:HDWKHU 7LHPSR
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&X»QWRVXHOHWDUGDUHQKHUYLU+RZORQJGRHVLWXVXDOO\WDNH
WRERLOWKHULFH"
HODUUR]"
&X»QWRVROÇDVWDUGDUHQKDFHUOR+RZORQJGLGLWXVHWRWDNH\RXWR
PDNHLWZKHQ\RXZHUH\RXQJHU"
FXDQGRHUDVP»VMRYHQ"
&X»QWRWDUGDUÇDVVLDOJXLHQ +RZORQJZRXOGLWWDNH\RXLI
VRPHRQHKHOSHG\RX"
WHD\XGDUD"
7HJXVWDUÇDTXH\RWHD\XGDU»" :RXOG\RXOLNHPHWRKHOS\RX"
9HQJDWHHFKDUÃXQDPDQR &RPHRQ,oOOJLYH\RXDKDQG
(VWDPRVFDVLOLVWRVSXHGHV :HoUHDOPRVWUHDG\FDQ\RX
VHWWKHWDEOH"
SRQHUODPHVD"
6DFRODVVHUYLOOHWDV" 6KDOO,WDNHWKHVHUYLHWWHVRXW"
'HTXÃRWUDPDQHUDYDVD +RZHOVHZRXOG\RXFOHDQ\RXU
OLPSLDUWHODERFDPLHQWUDVFRPHV" PRXWKZKLOH\RXHDW"
6XHORXWLOL]DUODPDQJDGHPL ,XVXDOO\XVHP\VKLUWVOHHYH
FDPLVD
0HSUHJXQWDEDSRUTXÃVLHPSUH,ZRQGHUHGZK\\RXDOZD\V
VPHOORIVHDIRRG
KXHOHVDPDULVFR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
/DFDVDHVW»OOHQDGHYDSRU 7KHKRXVHLVIXOORIVWHDPVKDOO
,RSHQDZLQGRZ"
DEURXQDYHQWDQD"
6LQRWHLPSRUWDHVRVHUÇDJHQLDO ,I\RXGRQoWPLQGWKDWZRXOG
EHJUHDW
&ÍPRVXERHVWDVSHUVLDQDV" +RZGR,SXOOWKHEOLQGVXS"
3RUTXÃQRHPSOHDVXQSRFR :K\\RXGRQoW\RXXVHDELWRI
GHVHQWLGRFRPÔQSRUXQDYH]" FRPPRQVHQVHIRURQFH"
3RUTXHFRPRWXVHQWLGRGHO %HFDXVHOLNH\RXUVHQVH
KXPRUHVHOPHQRVGHVDUUROODGR RIKXPRXULWoVWKHOHDVW
GHYHORSHGRIP\VHQVHV
GHPLVVHQWLGRV
(VWHPDQWHOHVW»VXFÇVLPR 7KLVWDEOHFORWKLVïOWK\
1RWHSUHRFXSHVODFXEHUWHUÇD 'RQoWZRUU\WKHFXWOHU\DQGWKH
\ODYDMLOODHVW»QOLPSLDV
FURFNHU\DUHFOHDQ
6HVXSRQHTXHWHQJRTXH $P,VXSSRVHGWREHJUDWHIXO
HVWDUDJUDGHFLGRSRUHVR"
IRUWKDW"
(QKRUDEXHQDSRUVHUHO &RQJUDWXODWLRQVIRUEHLQJWKH
FRPHQVDOP»VJUXËÍQGHODËR
JUXPSLHVWIHOORZGLQHURIWKH
\HDU
(VSHUHPRVTXHODFRPLGDVHD /HWoVKRSHWKHIRRGLVEHWWHU
WKDQ\RXUPDQQHUV
PHMRUTXHWXVPRGDOHV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDO9HUE7R*HW$W
3KUDVDOYHUEVZLWKpDZD\q
7KH\VWROHDZD\LQWRWKHQLJKW
,ZDVFDOOHGDZD\IURPWKHPHHWLQJ
6HIXHURQVLJLORVDPHQWHHQODQRFKH 0HOODPDURQSDUDTXHVDOLHUDGHODUHXQLÍQ
7KURZWKDWDZD\
7LUDHVR
'RQoWJHWFDUULHGDZD\
1RWHSDVHVFRQORHPRWLYRGHODVXQWR
,oPJRLQJWRZLQKHUDZD\IURPKLP 7KHOHWWHUVKDYHZRUQDZD\
6HODYR\DJDQDUDÃO VXQRYLD
/DVOHWUDVKDQGHVDSDUHFLGR SRUHURVLÍQ
9HUERVTXHWHUPLQDQHQpHQq
6LJQLîFDpTXHUHUGHFLUqRpLQVLQXDUq6HHPSOHD
VREUHWRGRFXDQGRKD\XQDGXGDUHVSHFWRDOR
TXHDOJXLHQTXLHUHGHFLU
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
4XLHUHVGHFLUDOJRHQSDUWLFXODU"
(VRHVH[DFWDPHQWHORTXHTXLHURGHFLU
7RGDYÇDQRKDVFRPSUHQGLGRORTXHTXLHUR
GHFLU"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
&LHUWRVDGMHWLYRV\VXVWDQWLYRVVHFRQYLHUWHQDXWRP»WLFDPHQWHHQYHUERVDODËDGLUOHVODVÇODEDpHQq7HPRVWUDPRVDTXÇ
XQDOLVWDFRQPXFKRVGHHOORVDOJXQRVPX\LPSRUWDQWHV
$ZDNH
%ODFN
%ULJKW
%URDG
&KHDS
&KULVW
'DPS
'DUN
'HDG
'HDI
)ODW
)UHVK
+DUG
+DVWH
/HQJWK
/HVV
/LNH
/RRVH
GHVSLHUWR
QHJUR
EULOODQWH
DPSOLR
EDUDWR
-HVXFULVWR
KÔPHGR
RVFXUR
PXHUWR
VRUGR
SODQROODQR
IUHVFR
GXUR
SULVD
ORQJLWXG
PHQRV
VLPLODUD
ïRMR
7RDZDNHQ
7REODFNHQ
7REULJKWHQ
7REURDGHQ
7RFKHDSHQ
7RFKULVWHQ
7RGDPSHQ
7RGDUNHQ
7RGHDGHQ
7RGHDIHQ
7RïDWWHQ
7RIUHVKHQ
7RKDUGHQ
7RKDVWHQ
7ROHQJWKHQ
7ROHVVHQ
7ROLNHQ
7RORRVHQ
GHVSHUWDU
HQQHJUHFHU
LOXPLQDUP»V
DPSOLDU
TXLWDUOHYDORU
EDXWL]DU
KXPHGHFHU
RVFXUHFHU
DPRUWLJXDU
HQVRUGHFHU
DSODQDU
UHIUHVFDU
HQGXUHFHU
DSUHVXUDUVH
DODUJDU
GLVPLQXLU
FRPSDUDUDOJR
DïRMDU
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&KDUOHVHVHODQWURSÍORJRP»VIDPRVRGH(VWDGRV8QLGRV/RFX
ULRVRGHVXFDVRHVTXHDGPLWHTXHQLVLTXLHUDVDEÇDORTXHHUDOD
$QWURSRORJÇDFXDQGRHQWUÍHQOD8QLYHUVLGDG7HQÇDTXHKDFHUXQ
FXUVR HQ &LHQFLDV 6RFLDOHV \ HOLJLÍ $QWURSRORJÇD 5HVXOWÍ TXH DO
SURIHVRUOHDSDVLRQDEDVXWUDEDMR\IXHFDSD]GHWUDQVPLWLUHVWD
SDVLÍQ D VXV DOXPQRV &KDUOHV FDPELÍ VX SODQ GH FDUUHUD HQ HO
SULPHUPHV\GHVGHHQWRQFHVHVWXGLÍ$QWURSRORJÇD
0RLVW
4XLFN
5LSH
6DG
6KDUS
6KRUW
6LFN
6RIW
6WUDLJKW
6WUHQJWK
6ZHHW
7KLFN
7KUHDW
7LJKW
7RXJK
:HDN
:KLWH
:LGH
KÔPHGR
U»SLGR
PDGXUR
WULVWH
DîODGR
FRUWR
HQIHUPR
EODQGR
UHFWR
IXHU]D
GXOFH
HVSHVR
DPHQD]D
DSUHWDGR
GXUR
GÃELO
EODQFR
DQFKR
KXPHGHFHU
DFHOHUDU
PDGXUDU
HQWULVWHFHU
DîODU
DFRUWDU
GDUUDELD
DEODQGDU
HQGHUH]DU
UHIRU]DU
HQGXO]DU
HVSHVDU
DPHQD]DU
DSUHWDU
HQGXUHFHU
GHELOLWDU
EODQTXHDU
HQVDQFKDU
&KDUOHV LV WKH PRVW IDPRXV DQWKURSRORJLVW LQ WKH 8QLWHG 6WDWHV
:KDWoVVWUDQJHDERXWKLVFDVHLVWKDWKHDGPLWVKHGLGQoWHYHQNQRZ
ZKDWDQWKURSRORJ\ZDVZKHQKHîUVWZHQWWRWKHXQLYHUVLW\+H
KDGWRWDNHDFRXUVHLQVRFLDOVFLHQFHDQGKHFKRVHDQWKURSRORJ\
,W WXUQV RXW WKH SURIHVVRU ORYHG KLV SURIHVVLRQ DQG ZDV DEOH WR
FRQYH\KLVORYHWRRWKHUV&KDUOHVFKDQJHGKLVGHJUHHSODQLQWKH
îUVWPRQWKDQGVWXGLHGDQWKURSRORJ\IURPWKHQRQ
(VWLPDGRDPLJR\DOXPQR2WUDYH]WHRIUH]FRXQSRHPDSHURHQÃVWHWLURSLHGUDVVREUHPLSURSLR
WHMDGRSXHVWRTXHHVWR\KDFLHQGRXQDFUÇWLFDDYHFHVGLUHFWD\DYHFHVYHODGDGHORVFROHFFLRQDEOHV
SDUDDSUHQGHULQJOÃV(QODVSULPHUDVHVWURIDVYHU»V
TXH WUDWD VREUH DOJXLHQ TXH FUHH TXH DOJÔQ GÇD
(QEXVFDGHOLQJOÃV
GDU» FRQ XQ PÃWRGR PLODJURVR FDSD] GH GRWDUOH GH
7LHQHTXHHVWDUDODYXHOWDGHODHVTXLQD
LQJOÃVVLQKDFHUQLQJÔQHVIXHU]R3RUWDQWRQRHVWR\
7LHQHTXHHVWDUFRQVRQULVDGHVSOHJDGD
FULWLFDQGR GHO WRGR HO FRQFHSWR GHO FROHFFLRQDEOH
$OOÇHVWDU»HQVXIRUPDJHQXLQD
VLQRHQVHË»QGRWHTXÃHVORTXHQRGHEHVHVSHUDUGHO
(OLQJOÃVTXHQHFHVLWRHVSHUDQGRPLOOHJDGD
PLVPR&XDQGRODJHQWHPHSUHJXQWDVREUHPÃWRGRV
/RVIDVFÇFXORVTXHDQXQFLDQDERPER\SODWLOOR
VLHPSUH OHV GLJR TXH WRGRV YDOHQ VL HO DOXPQR OHV
&DGDPHGLDKRUDHQODWHOHYLVLÍQ
0HUHVROYHU»QHOSUREOHPDFRPRDOGHGRHODQLOOR" GHGLFDKRUDVGHHVWXGLRUHDO(VWRHVYHUGDGHQ
SDUWH$OJXQRVPÃWRGRVVRQWDQDEXUULGRVRWDQSRFR
0HGDU»HOLQJOÃVVLQGRORUQLLQFLVLÍQ"
SURIHVLRQDOHV TXH HV KDUWDPHQWH GLIÇFLO FRQVHJXLU
7LHQHTXHHVWDUDODYXHOWDGHODHVTXLQD
TXHHODOXPQRVHDQLPH\HVIXHUFH(OQXHVWURQR3RU
/DIÍUPXODP»JLFDTXHEXVFRVLQSDUDU
OR WDQWR OHH HO SRHPD VREUH HO LOXVR GH WXUQR SHUR
6LHOLQJOÃVQRDSUHQGRVHU»PLUXLQD
GHVSXÃVHVWXGLDHVWHFROHFFLRQDEOHKDVWDUHYHQWDU
$VÇTXHYHQJDEXHQLQJOÃVWHTXLHURGHFODUDU
7REHFRQWLQXHG
7RPRLVWHQ
7RTXLFNHQ
7RULSHQ
7RVDGGHQ
7RVKDUSHQ
7RVKRUWHQ
7RVLFNHQ
7RVRIWHQ
7RVWUDLJKWHQ
7RVWUHQJWKHQ
7RVZHHWHQ
7RWKLFNHQ
7RWKUHDWHQ
7RWLJKWHQ
7RWRXJKHQ
7RZHDNHQ
7RZKLWHQ
7RZLGHQ
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
'HVFHQG
'HVFHQGHQW
'HVFULEH
'HVFULSWLRQ
'HVFULSWLYH
'HVHFUDWH
'HVHFUDWLRQ
'HVHUW
'HVHUWHU
'HVHUWLîFDWLRQ
'HVHUWLRQ
'HVLJQDWH
'HVLJQDWLRQ
'HVLVW
'HVRODWH
'HVRODWLRQ
'HVSHUDWLRQ
'HVSRW
'HVSRWLF
'HVSRWLVP
'HVWDELOL]H
'HVWLQDWLRQ
'HVWLQ\
'HVWUR\
'HVWUXFWLRQ
'HVWUXFWLYH
'HWDLO
'HWHFW
'HWHFWLYH
'HWHFWRU
'HWHQWLRQ
'HWHUJHQW
'HWHULRUDWH
'HWHULRUDWLRQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
8QDKDELWDFLÍQSDUDHVWD $URRPIRUWKHQLJKWSOHDVH
QRFKHSRUIDYRU
&X»QWRFXHVWDSRUQRFKH" +RZPXFKLVLWSHUQLJKW"
8QDKDELWDFLÍQLQGLYLGXDOR $VLQJOHURRPRUDGRXEOH
GREOH"
URRP"
&X»OHVODGLIHUHQFLDHQHO :KDWLVWKHGLIIHUHQFHLQWKH
SUHFLR"
SULFH"
8QDKDELWDFLÍQGREOHFRQGXFKD$GRXEOHURRPZLWKVKRZHUIRU
SDUDWUHVQRFKHVSRUIDYRU
WKUHHQLJKWVSOHDVH
3XHGRYHUODKDELWDFLÍQ" &DQ,VHHWKHURRP"
&X»QWDVKDELWDFLRQHVKD\HQ +RZPDQ\URRPVDUHWKHUHLQ
WKLVKRWHO"
HVWHKRWHO"
(VW»LQFOXLGRHOGHVD\XQR" ,VEUHDNIDVWLQFOXGHG"
7LHQHVDOJRP»VEDUDWR" 'R\RXKDYHVRPHWKLQJFKHDSHU"
0HSXHGHGDUODOODYHSRU &DQ\RXJLYHPHWKHNH\
SOHDVH"
IDYRU"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XLÃQHV"|$GHODQWH :KRLVLW"&RPHLQ
+D\DOJÔQPHQVDMHSDUDPÇ" $UHWKHUHDQ\PHVVDJHVIRUPH"
$TXÃKRUDVHVLUYHODFRPLGD" :KDWWLPHGR\RXVHUYHOXQFK"
9XHOYDP»VWDUGHSRUIDYRU &RPHEDFNODWHUSOHDVH
0HPDUFKRSXHGHVOLPSLDUOD ,oPOHDYLQJ\RXFDQFOHDQWKH
URRPQRZ
KDELWDFLÍQDKRUD
3RGUÇDVWUDHUXQDVWRDOODVDOD &RXOG\RXEULQJVRPHWRZHOV
KDELWDFLÍQSRUIDYRU"
WRURRPSOHDVH"
(VWDYH]DVHJÔUHVHGHTXH 7KLVWLPHPDNHVXUHWKH\oUH
HVWÃQOLPSLDV
FOHDQ
1HFHVLWDVTXHWHWUDLJDPRV 'R\RXQHHGXVWREULQJ\RX
DOJRP»V"
DQ\WKLQJHOVH"
&X»QWRPHFRVWDUÇDODSD] +RZPXFKZRXOGLQQHUSHDFH
LQWHULRU\ODIHOLFLGDGHWHUQD"
DQGHWHUQDOKDSSLQHVVFRVWPH"
0HWHPRTXHVÍORWHQJDPRV ,oPDIUDLGZHRQO\KDYHWRZHOV
WRDOODVMDEÍQ\SDSHOKLJLÃQLFR VRDSDQGWRLOHWSDSHUDWLQ
DODVGHODPDËDQD
WKHPRUQLQJ
'URQH =»QJDQR
%HH $EHMD
%XPEOHEHH $EHMRUUR
4XHHQ%HH $EHMDUHLQD
+RQH\ 0LHO
9RFDEXODULR%HHKLYH &ROPHQD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
3XHGRGHMDUHVWRHQODFDMD &RXOG,OHDYHWKLVLQWKHVDIH"
IXHUWH"
7HLPSRUWDVLWHSUHJXQWRTXÃHV"'R\RXPLQGLI,DVNZKDWLWLV"
7HLPSRUWDUÇDVLWHGLMHUDTXHQR":RXOG\RXPLQGLI,VDLGpQRq"
0HKDFHQKDFHUHVWDVSUHJXQWDV7KH\PDNHPHDVNWKHVH
TXHVWLRQV
7HORGLUÃVLPHGHMDVLQYLWDUWH ,oOOWHOO\RXLI\RXOHWPHWDNH
\RXRXWWRGLQQHU
DFHQDU
7HQÃLVVHUYLFLRGHODYDQGHUÇD" 'R\RXKDYHDODXQGU\VHUYLFH"
7HQJRPDQFKDVGHWLQWDHQHO ,KDYHLQNVWDLQVRQP\VKLUW
FROODU
FXHOORGHPLFDPLVD
1HFHVLWRTXHDOJXLHQSODQFKH ,QHHGVRPHERG\WRLURQP\
WURXVHUV
PLVSDQWDORQHV
3RGUÇDGHVSHUWDUPHDODV &RXOG\RXZDNHPHXSDWHLJKW
RFKRSRUIDYRU"
SOHDVH"
$TXÃKRUDKD\TXHGHMDU :KDWoVWKHFKHFNRXWWLPH"
OLEUHODKDELWDFLÍQ"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
3XHGHVGHFLUDORVOLPSLDGRUHV &DQ\RXDVNWKHFOHDQHUV
TXHKDJDQPHQRVUXLGRHQORV WRPDNHOHVVQRLVHLQWKH
SDVLOORV"
FRUULGRUV"
$TXLÃQDYLVRVLKD\DOJÔQ :KRGR,FRQWDFWLIWKHUHDUH
SUREOHPD"
DQ\SUREOHPV"
1RTXHGDDJXDPLQHUDOHQHO 7KHUHoVQRPLQHUDOZDWHUOHIWLQ
PLQLEDU
WKHPLQLEDU
(OODYDERSDUHFHHVWDUDWDVFDGR 7KHVLQNVHHPVWREHEORFNHG
&ÍPRSXHGREDMDUOD +RZFDQ,WXUQGRZQWKH
WHPSHUDWXUDGHODLUH
WHPSHUDWXUHRIWKHDLU
DFRQGLFLRQDGR"
FRQGLWLRQLQJ"
1RSXHGRGRUPLUHQFROFKRQHV,FDQoWVOHHSRQPDWWUHVVHVWKDW
TXHWLHQHQPXHOOHVGHQWUR
KDYHVSULQJVLQVLGH
1RHVSHUDEDXQDOLWHUDFXDQGR,ZDVQoWH[SHFWLQJDEXQNEHG
SHGÇXQDGREOH
ZKHQ,DVNHGIRUDGRXEOH
7HQÃLVXQDJDPDGHDOPRKDGDV"'R\RXKDYHDUDQJHRI
SLOORZV"
$TXÃFODVHGHDOPRKDGDV :KDWVRUWRISLOORZLV6LU
DFFXVWRPHGWR"
HVW»DFRVWXPEUDGRHOVHËRU"
6ÍORSXHGRGRUPLUPHVLWLHQHQ,FDQRQO\IDOODVOHHSLIWKH\
XQUHOOHQRGHSOXPDVGHSDWR KDYHGXFNIHDWKHUïOOLQJ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDZD\q
3URQRPEUHV5HðH[LYRV
7KH\PRYHGDZD\ODVW\HDU
.HHSRQHSXSS\DQGJLYHDZD\WKHUHVW
6HPXGDURQGHDTXÇHODËRSDVDGR 4XÃGDWHFRQXQFDFKRUUR\UHJDODORV
GHP»V
0RYHWKHWDEOHDZD\IURPWKHGRRU
$OHMDODPHVDGHODSXHUWD
0DNHDZLVKDQGORRNDZD\
3LGHXQGHVHR\PLUDHQRWUDGLUHFFLÍQ
<RXFDQoWWDNHDZD\P\GLJQLW\
1RSXHGHVTXLWDUPHODGLJQLGDG
+HSDVVHGDZD\DIWHUDORQJLOOQHVV
)DOOHFLÍGHVSXÃVGHXQDODUJDHQIHUPHGDG
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(VW»VVHËDO»QGRWHDWLPLVPR
(VWR\HVFXFK»QGRPHDPÇPLVPR
(VWDPRVDXWRHQVH˻QGRQRV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
5HSRUWHGVSHHFK
$ODL]TXLHUGDWHQHPRVGRVGL»ORJRV\DODGHUHFKDVXVYHUVLRQHVHQXQHVWLORLQGLUHFWRQDUUDWLYR)ÇMDWHFÍPRFDPELDHOWLHPSRGHORVYHUERV
3UDFWLFDOH\HQGRHQYR]DOWDDPEDVYHUVLRQHVODGLUHFWD\ODLQGLUHFWDDîQGHDGTXLULUODPD\RUDJLOLGDGSRVLEOHFRQVXVIRUPDV\HVWUXFWXUDV
-RH
-LOO
-RH
-LOO
-RH
-LOO
-RH
+DYH\RXHYHUYLVLWHGWKH%ODFN)RUHVW"
,oYHVHHQLWIURPWKHDLUEXW,oYHQHYHUGULYHQWKURXJKLW
,KDYHDKRXVHWKHUH,ZRXOG\RXOLNHWRYLVLWWKHDUHD"
,oGORYHWRVHHLWEXW,GRQoWKDYHDQ\WLPHULJKWQRZ
:KHQDUH\RXSODQQLQJWRFRPHWR6WXWWJDUWDJDLQ"
,GRQoWNQRZ,WGHSHQGVRQ\RXUWHFKQLFDOGHSDUWPHQW
,oOOJHWLQWRXFKZLWKWKHPDQGWKHQJHWEDFNWR\RX
$QQD:LOO\RXEHDWWKHDLUSRUWWRSLFNPHXS"
.DUO 7KHZKROHIDPLO\ZLOOEHWKHUH
$QQD<RXPDNHPHIHHOOLNHDIRUHLJQGLJQLWDU\
.DUO :HoUHDOOORRNLQJIRUZDUGWRVHHLQJ\RX
$QQD%XWGR\RXUSDUHQWVUHPHPEHUPH"
.DUO 2IFRXUVHWKH\GR<RXoUHWKHLUIDYRXULWHQLHFH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
'XUDQWHODJXHUUDGHHQWUH,QJODWHUUD\(VWDGRV8QLGRV6DP:LO
VRQGHVGH1HZ+DPSVKLUHDEDVWHFLÍDO(MÃUFLWRDPHULFDQRGHFDUQH
GHUHV(QHVRVPRPHQWRVQRVHVROÇDFRQRFHUD$PÃULFDFRPRp(VWD
GRV8QLGRVq 86 DVÇTXHFXDQGR6DPPDUFÍVXVEDUULOHVGHFDUQHFRQ
ODVLQLFLDOHV86HQJUDQGHQRWRGRHOPXQGRHVWDEDVHJXURGHORTXH
VLJQLîFDEDQ&XDQGRXQLQVSHFWRUIHGHUDOSUHJXQWÍHOVLJQLîFDGRGH
ODVLQLFLDOHVPDUFDGDVHQORVEDUULOHVXQYLJLODQWHVXJLULÍp&UHRTXH
VLJQLîFD7ÇR6DPq 8QFOH6DP 'HHVWDPDQHUDQDFLÍXQDOH\HQGD
-RHDVNHG-LOOLIVKHKDGHYHUYLVLWHGWKH%ODFN)RUHVWDQGVKHWROG
KLPWKDWVKHKDGVHHQLWIURPWKHDLUEXWWKDWVKHKDGQHYHUGULYHQ
WKURXJKLW-RHWROGKHUWKDWKHKDGDKRXVHWKHUHDQGDVNHGKHULI
VKHZRXOGOLNHWRYLVLWWKHDUHD-LOOVDLGWKDWVKHZRXOGORYHWREXW
WKDWVKHGLGQoWKDYHWLPHULJKWQRZ:KHQ-RHDVNHGKHULIVKHZDV
SODQQLQJWRFRPHWR6WXWWJDUWDJDLQVKHDQVZHUHGWKDWVKHGLGQoW
NQRZEHFDXVHLWGHSHQGHGRQKLVWHFKQLFDOGHSDUWPHQW-RHWROGKHU
WKDWKHZRXOGJHWLQWRXFKZLWKWKHPDQGWKHQJHWEDFNWRKHU
$QQD DVNHG .DUO LI KH ZRXOG SLFN KHU XS DW WKH DLUSRUW DQG .DUO
DQVZHUHG WKDW WKH ZKROH IDPLO\ ZRXOG EH WKHUH $QQD WROG KLP
WKDWLWPDGHKHUIHHOOLNHDIRUHLJQGLJQLWDU\DQG.DUOUHSOLHGWKDWDOO
RIWKHPZHUHORRNLQJIRUZDUGWRVHHLQJKHU$QQDDVNHGKLPLIKLV
SDUHQWVUHPHPEHUHGKHUDQGKHDVVXUHGKHUWKDWWKH\GLGDQGWKDW
VKHZDVLQIDFWWKHLUIDYRXULWHQLHFH
'XULQJWKH:DURIEHWZHHQ(QJODQGDQGWKH8QLWHG6WDWHV
6DP:LOVRQIURP1HZ+DPSVKLUHVXSSOLHGWKH$PHULFDQDUP\
ZLWKEHHI$PHULFDDWWKDWWLPHZDVQRWRIWHQUHIHUUHGWRDVWKH
p8QLWHG6WDWHVqVRZKHQ6DPPDUNHGKLVEDUUHOVRIDUP\PHDW
ZLWKDELJp86qQRWHYHU\RQHZDVVXUHZKDWLWPHDQW:KHQD
IHGHUDOLQVSHFWRUDVNHGDZDWFKPDQZK\p86qZDVPDUNHGRQ
WKHEDUUHOVWKHZDWFKPDQPDGHDJXHVVp,WKLQNLWPHDQV8QFOH
6DP7KXVZDVDOHJHQGPDGH
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
'HWHUPLQDQW 'HWULPHQW
'HWHUPLQDWLRQ 'HYDOXDWLRQ
'HYDOXH
'HWHUHPLQH
'HYDVWDWH
'HWHUPLQVP
'HYDVWDWLQJ
'HWHVW
'HWHVWDEOH 'HYDVWDWLRQ
'HYLDWLRQ
'HWKURQH
'HYLDWH
'HWRQDWH
'HYRWH
'HWRQDWLRQ
'HYRWHG
'HWRQDWRU
'HYRWLRQ
'HWR[LFDWH
'HYRXU
'HWR[LFDWLRQ
'LDEHWHV
'HWUDFW
'LDEHWLF
'HWUDFWRU
'LDEROLFDO
'HWULPHQWDO
(VWLPDGRDPLJR\DOXPQR9DVDFRQYHUWLUPLPÃWRGRHQXQDGRUQRP»VGHWXELEOLRWHFD"+HHVWDGRHQPX
FKDVFDVDVHQ(VSDËD\UHFXHUGRKDEHUYLVWRPXFKRVFROHFFLRQDEOHVGHLQJOÃVGHFRUDUXQDHVWDQWHUÇD\VLHPSUH
KHSUHJXQWDGRp3XGLVWHDSUHQGHUDOJRFRQHVWHPÃWRGR"q/DUHVSXHVWDVLHPSUHKDVLGRODPLVPDp/HGHGL
TXÃXQRVPLQXWRVHQWRWDOq3XHVVLDOîQDOXVDVHVWHPÃWRGR
FRPRXQDGRUQRP»VGHWXELEOLRWHFDHVWDU»VKDFLÃQGRWHXQ
(QEXVFDGHOLQJOÃV FRQW
ïDFRIDYRU1RPHJXVWDQRUPDOPHQWHSUHVXPLUSHURHVWR\FRQ
(VDWLDTXLHQTXLHUR¢QRPHR\HVHOFRUD]yQ"
YHQFLGRGHTXHVHWUDWDGHOPHMRUPÃWRGRGHLQJOÃVMDP»VSUHSD
'HVGHMRYHQWHEXVFRFRQRFKRPLODUWHV
3HURPLVHVIXHU]RVKDVWDKR\VyORWUDHQGHVD]yQ UDGRSDUDORVHVSDËROHV7RGRVORVGHP»VPÃWRGRVVHHODERUDQ
¢3RUTXpQRPHTXLHUHV"0HOHYDQWDVEDOXDUWHV HQ SDÇVHV GH KDEOD LQJOHVD SDUD XQD DXGLHQFLD SDQHXURSHD
$VÇHVWDQGDUL]DQORJUDQPD\RUHVHFRQRPÇDVGHHVFDOD\JDQDQ
+HKHFKRPLOFRVDVSDUDJDQDUWXDIHFWR
PXFKRP»VGLQHUR/RVPÃWRGRVTXHKDVYLVWRHQHOSDVDGRVH
)DVFtFXORVOLEURV\&'·VDPRQWRQHV
YHQGÇDQDOPLVPRWLHPSRHQ)UDQFLD,WDOLD3RORQLD\RWURVSDÇVHV
'HOLQJOpVSUHÀHURREYLDUDUTXLWHFWR
<FRQVWUXLUPLLQJOpVVREUHEXHQRVSRQWRQHV
HXURSHRV(OQXHVWURIUXWRGH9DXJKDQ6\VWHPV\GHJHQWHPX\
LOXVLRQDGDGH(/081'2HVW»GLVHËDGRHVSHFÇîFDPHQWHSDUD
6HxDOGHPLDPRUHVPLELEOLRWHFD
WL\VLDOîQDOQROHVDFDVSURYHFKRFROHFFLÍQDORKDVWDHOîQDO\
&RQOLEURVSUHFLRVRV\HVWXFKHVGHFRORUHV
3HURPLLQJOpVVLJXHVLHQGRXQDSHVDGDKLSRWHFD JX»UGDOREDMROODYH\HQEXHQDVFRQGLFLRQHV$VÇORSRGU»VOHJDU
<ODVFROHFFLRQHVQRORJUDQTXLWDUPHORVGRORUHV DWXVKLMRVRDWXVQLHWRVSRUTXHORVYHUERVLUUHJXODUHVQRFDGX
7REHFRQWLQXHG FDQQLWDPSRFRORVEXHQRVPÃWRGRVGHDSUHQGL]DMH
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
|6RFRUUR +HOS
'ÍQGHHVW»ODFRPLVDUÇD" :KHUHLVWKHSROLFHVWDWLRQ"
(UHVSROLFÇD" $UH\RXDSROLFHPDQ"
7HSXHGRD\XGDU" &DQ,KHOS\RX"
&X»OHVWXSUREOHPD" :KDWLV\RXUSUREOHP"
1RKDEORPX\ELHQLQJOÃV ,GRQoWVSHDN(QJOLVKYHU\ZHOO
+D\DOJXLHQTXHKDEOHHVSDËRO" 'RHVDQ\RQHVSHDN6SDQLVK"
(VWR\SHUGLGR ,oPORVW
'ÍQGHQHFHVLWDVLU" :KHUHGR\RXQHHGWRJR"
&ÍPRVHYDDOKRVSLWDO" +RZGR,JHWWRWKHKRVSLWDO"
+HDUVH &RFKHIÔQHEUH
8QGHUWDNHU 'LUHFWRUGHIXQHUDULD
&RUSVH &DG»YHU
0RXUQHU 'ROLHQWH
&RIîQ $WDÔG
9RFDEXODULR'HDWK /DPXHUWH
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XÃSDVÍ" :KDWKDSSHQHG"
$OJXLHQLQWHQWÍUREDUPHHOEROVR6RPHRQHWULHGWRVWHDOP\EDJ
'ÍQGHHVWDEDVFXDQGRHVWR :KHUHZHUH\RXZKHQWKLV
KDSSHQHG"
VXFHGLÍ"
(VWDEDHQHOFDMHUR ,ZDVDWWKHFDVKPDFKLQH
(OKRPEUHLEDVRORRHVWDED:DVWKHPDQDORQHRUZLWK
VRPHERG\HOVH"
FRQDOJXLHQP»V"
4XÃWHGLMR" :KDWGLGKHVD\WR\RX"
7ÔTXÃFUHHV"0HGLMRTXHOH :KDWGR\RXWKLQN"+HWROGPH
WRJLYHKLPP\PRQH\
GLHUDPLGLQHUR
<VHORGLVWH" $QGGLG\RXJLYHLWWRKLP"
/HJROSHÃHQODFDUDFRQPLEROVR ,KLWKLPLQWKHIDFHZLWKP\EDJ
1RVÃVLHUHVYDOLHQWHR ,GRQoWNQRZLI\RXoUHEUDYHRU
VWXSLG
HVWÔSLGR
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
0HDPHQD]ÍFRQXQFXFKLOOR +HWKUHDWHQHGPHZLWKDNQLIH
/HGLXQDSDWDGDHQVX]RQD ,NLFNHGKLPLQKLVYXOQHUDEOH
DUHD
YXOQHUDEOH
6HFD\ÍDOVXHOR\HPSH]ÍD +HIHOOWRWKHJURXQGDQG
VWDUWHGWRFU\
OORUDU
(QWRQFHVQRHUDXQODGUÍQ +HZDVQoWDQH[SHULHQFHGWKLHI
WKHQ
H[SHULPHQWDGR
1RPHH[WUDËDUÇDVLIXHUDVX ,ZRXOGQoWEHVXUSULVHGLILWZHUH
KLVïUVWDWWHPSWWRUREVRPHRQH
SULPHULQWHQWRGHUREDU
3XHGHTXHVHDXQGURJDGLFWR +HPLJKWEHDGUXJDGGLFW
1RFUHRKDEODEDFRQDFHQWR ,GRQoWWKLQNVRKHVSRNHZLWK
DSRVKDFFHQW
GHSLMR
4XÃVHVXSRQHTXHVLJQLîFD :KDWoVWKDWVXSSRVHGWR
PHDQ"
HVR"
1LHUDODGUÍQQLWR[LFÍPDQR +HZDVQHLWKHUDWKLHIQRUD
GUXJDGGLFW
4XÃWHDSXHVWDV" 'R\RXZDQWDEHW"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
4XLHUHVGHQXQFLDUOH" 'R\RXZDQWWRUHSRUWKLP"
(QUHDOLGDGFUHRTXHKH $FWXDOO\,WKLQN,oYHFKDQJHG
P\PLQG
FDPELDGRGHRSLQLÍQ
4XÃDVSHFWRWHQÇD" :KDWGLGKHORRNOLNH"
0HUHFRUGÍD0DQROR(VFREDU +HUHPLQGHGPHRID\RXQJ
0DQROR(VFREDU
GHMRYHQ
7HUPLQÍFDQW»QGRWHDOJR" 'LGKHHQGXSVLQJLQJ\RX
VRPHWKLQJ"
$OîQDOPHGLRXQSRFRGH ,QWKHHQG,IHOWDELWVRUU\IRU
SHQLWD
KLP
/HUHFRJÇGHOVXHOR\OHPLUÃ ,SLFNHGKLPXSRIIWKHJURXQG
îMDPHQWH
DQGVWDUHGDWKLP
/HUHËÇ ,WROGKLPRII
/HDGYHUWÇTXHQRYROYLHVHD ,ZDUQHGKLPQRWWRGR
KDFHUQDGDSDUHFLGR
DQ\WKLQJOLNHWKLVDJDLQ
%LHQHVW»ORTXHELHQDFDED $OOoVZHOOWKDWHQGVZHOO
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDZD\q
(DFK2WKHU
,SXVKHGKLPDZD\IURPWKHGRRU
/HDOHMÃGHODSXHUWDDHPSXMRQHV
<RXoUHZDVWLQJDZD\LQWKLVMRE
7HHVW»VFRQVXPLHQGRHQHVWHWUDEDMR
'HFLPRVpHDFKRWKHUqSDUDH[SUHVDUpXQRD
RWURq
/HWPHZLSHDZD\WKHWHDUV
'HMDTXHWHVHTXHODVO»JULPDV
6KHWXUQHGDQGZDONHGDZD\
(OODVHGLRODYXHOWD\VHIXH DQGDQGR
7KHVWRUPZDVKHGWKHSLHUDZD\
/DWRUPHQWDVHOOHYÍHOHPEDUFDGHUR
+HoVDZD\RQEXVLQHVV
(VW»IXHUDGHYLDMHGHQHJRFLRV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
1RVHVWDPRVPLUDQGR
2VHVW»LVHVFULELHQGR"
1RVJXVWDPRV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
(OXVRSURIHVLRQDOGHODVIHFKDV
$ORODUJRGHPLFDUUHUDSURIHVLRQDOKHLPSDUWLGRIRUPDFLÍQDGL
UHFWLYRV\SHUVRQDOGHHPSUHVDGHWRGRVORVQLYHOHVGHVGHSULQ
FLSLDQWHV KDVWD FDVL ELOLQJÖHV 3HUR FXULRVDPHQWH QR UHFXHUGR
DQLQJXQRTXHKD\DVDELGRPDQHMDUODVIHFKDVHQLQJOÃV(QXQ
FRQWH[WRSURIHVLRQDOODIRUPDP»VFRUUHFWD\FRPÔQGHH[SUHVDU
XQDIHFKDHVSULPHURGHFLUHOGÇD\GHVSXÃVODIHFKD(Q(VSDËD
0RQGD\WKHîUVW WKHVW
7XHVGD\WKHVHFRQG WKHQG
:HGQHVGD\WKHWKLUG WKHUG
7KXUVGD\WKHIRXUWK WKHWK
)ULGD\WKHîIWK WKHWK
6DWXUGD\WKHVL[WK WKHWK
6XQGD\WKHVHYHQWK WKHWK
0RQGD\WKHHLJKWK WKHWK
7XHVGD\WKHQLQWK WKHWK
:HGQHVGD\WKHWHQWK WKHWK
7KXUVGD\HOHYHQWK WKHWK
WDPELÃQVHKDFHDVÇ6HGLFHHOOXQHVGÇDfHOMXHYHVGÇDfHO
PDUWHVGÇDHWF(QLQJOÃVKDFHPRVORPLVPRSHURXWLOL]DPRV
ORVQÔPHURVRUGLQDOHV SULPHURVHJXQGRWHUFHURHWF 'HEDMRGH
HVWDVOÇQHDVWHLQFOX\RXQPHVHQWHUR\WHUHFRPLHQGRTXHXQD
YH]DOGÇDUHSLWDVORVGÇDV\ODVIHFKDVTXHWHFLWRDîQGHFRQVROL
GDUXQXVRFRUUHFWR\»JLO
)ULGD\WKHWZHOIWK WKHWK
6DWXUGD\WKHWKLUWHHQWK WKHWK
6XQGD\WKHIRXUWHHQWK WKHWK
0RQGD\WKHîIWHHQWK WKHWK
7XHVGD\WKHVL[WHHQWK WKHWK
:HGQHVGD\WKHVHYHQWHHQWK WKHWK
7KXUVGD\WKHHLJKWHHQWK WKHWK
)ULGD\WKHQLQHWHHQWK WKHWK
6DWXUGD\WKHWZHQWLHWK WKHWK
6XQGD\WKHWZHQW\îUVW WKHVW
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
$FDERGHFRPSUDUPHXQSLVRQXHYRTXHFDVLQRUHTXLHUHJDVWRV
GHSXHVWDDSXQWR/DÔQLFDUHIRUPDTXHYR\DKDFHUHVHOEDËR
9R\DTXLWDUODEDËHUDHLQVWDODUXQMDFX]]L7DPELÃQYR\DLQVWDODU
XQDGXFKDDVÇFRPRXQDHQFLPHUDODUJDFRQGRVODYDERV)LQDO
PHQWHYR\DSRQHUHQHOVXHORXQDPRTXHWDHVSHFLDOVXDYHSDUD
ORVSLHV\TXHVHVHTXHU»SLGDPHQWH|$KSRUFLHUWRHOMDFX]]LHV
SDUDGRV7HJXVWDUÇDXQLUWH\SUREDUORDOJXQDYH]"
0RQGD\WKHWZHQW\VHFRQG WKHQG
7XHVGD\WKHWZHQW\WKLUG WKHUG
:HGQHVGD\WKHWZHQW\IRXUWK WKHWK
7KXUVGD\WKHWZHQW\îIWK WKHWK
)ULGD\WKHWZHQW\VL[WK WKHWK
6DWXUGD\WKHWZHQW\VHYHQWK WKHWK
6XQGD\WKHWZHQW\HLJKWK WKHWK
0RQGD\WKHWZHQW\QLQWK WKHWK
7XHVGD\WKHWKLUWLHWK WKHWK
:HGQHVGD\WKHWKLUW\îUVW WKHVW
,oYHMXVWERXJKWDQHZðDWWKDWZRQoWUHTXLUHKDUGO\DQ\H[WUD
H[SHQVHWRJHWXSDQGUHDG\7KHRQO\WKLQJ,oPJRLQJWRGRLV
UHPRGHOWKHEDWKURRP,oPJRLQJWRKDYHWKHEDWKWXEUHPRYHG
DQGDMDFX]]LLQVWDOOHG,oPDOVRJRLQJWRKDYHDVKRZHUVWDOOSXW
LQDVZHOODVDORQJFRXQWHUZLWKWZREDVLQV)LQDOO\,oPJRLQJ
WR KDYH WKH ðRRU FDUSHWHG ZLWK D VSHFLDO PDWHULDO VRIW WR WKH
IHHWDQGWKDWGULHVTXLFNO\2KE\WKHZD\WKHMDFX]]LLVIRUWZR
SHRSOH:RXOG\RXOLNHWRMRLQPHDQGWU\LWRXWVRPHWLPH"
5LFKDUG9DXJKDQ
'LDWULEH
'LIIHUHQWLDO
(VWLPDGRDPLJR\DOXPQR0XFKDJHQWHEXVFDFRPRQXHVWURDPLJRGHOSRHPDXQDVROXFLÍQH[WHUQDDVX 0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
SUREOHPDFRQHOLQJOÃV&UHHTXHXQPÃWRGRXQDDFDGHPLDRXQSURIHVRUOHYDQDGDUORTXHQHFHVLWD1R
VHOHRFXUUHSHQVDUTXHODVROXFLÍQGHîQLWLYDHVW»GHQWUR
'LDGHP
'LFKRWRP\
GHXQRPLVPR9R\DUHSHWLUDOJRTXHKHGLFKRGHFLHQIRU 'LDJQRVH 'LFWDSKRQH
(QEXVFDGHOLQJOÃV FRQW
PDVGLIHUHQWHVDWUDYÃVGHHVWDVîFKDVQDGLHVHKDFHFRQ 'LDJQRVLV
'LFWDWH
3HURWLHQHTXHHVWDUDODYXHOWDGHODHVTXLQD
XQEXHQQLYHOGHRWURLGLRPDVLQGHGLFDUOHHQWUHGRV\WUHV 'LDJRQDO
'LFWDWRU
¢(VWiVDKtEXHQDPLJR"¢7HKHHQFRQWUDGRSRUÀQ"
PLO KRUDV GH HVWXGLR \ XVR HQ VLWXDFLRQHV SU»FWLFDV +D\ 'LDJUDP 'LFWDWRULDO
$KRUDGR\FODVHVFRQXQDSURIHVRUDQHR\RUTXLQD
PÃWRGRVPHMRUHVTXHRWURVSHURWRGRVSURGXFHQEXHQRV
'LDO
'LFWDWRUVKLS
3DUDDYDQ]DUWDQUiSLGRFRPRHQHODJXDHOGHOItQ
UHVXOWDGRVVLHODOXPQROHVGHGLFDODVKRUDVUHFRPHQGDGDV
'LDOHFW
'LFWLRQ
'RVKRUDVSRUVHPDQDHQFODVHLQGLYLGXDO
6LQHPEDUJRQRORKDFH\HVWROHFRQYLHUWHHQXQDOXPQR 'LDOHFWLFDO 'LFWLRQDU\
6yORHOOD\\R\HOOLEURGHJUDPiWLFD
'LGDFWLF
HWHUQRTXHVHOLPLWDDKDFHULQFXUVLRQHVSXQWXDOHVGHSRFD 'LDORJXH
1HFHVLWRXQSURJUHVRPXFKRPiVTXHJUDGXDO
'LDO\VLV
'LHVHO
PRQWDHQEXVFDGHXQDVROXFLÍQ$OîQDOVXIDOWDGHGHGL
8QDYDQFHGHYHUGDGQRGHIRUPDHVWiWLFD
'LDPHWHU
'LHW
FDFLÍQ\WUDEDMR\ODEÔVTXHGDFRQVWDQWHGHXQDVROXFLÍQ
3HURHOFDPELRQRYLHQHHVWR\GHVFRQFHUWDGR
'LHWDU\
'LDPRQG
H[WHUQDEHQHîFLDQDOVHFWRUGHODHQVHËDQ]DGHLGLRPDV
1LSURIHVQLOLEURVPHGDQORTXHTXLHUR
'LIIHU
1RVDFDEDDSRUWDQGRPXFKRGLQHURSRUTXHHODOXPQRQR 'LDSKUDP
¢(VWDUpDOÀQDOPX\SRFRFDSDFLWDGR
'LDUUKHD
'LIIHUHQFH
SDUHFHHQWHUDUVHTXHODVFRVDVYDOLRVDVHQODYLGDVÍORVH
3DUDFRQWURODUHVWDQDYHFRPRXQEXHQQDYLHUR"
'LIIHUHQW
'LDU\
7REHFRQWLQXHG FRQVLJXHQDWUDYÃVGHPXFKRHVIXHU]R
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
$TXÇHVWDPRV +HUHZHDUH
£VWDHVPLFDVD 7KLVLVP\KRPH
(VXQDFDVDEHOOD ,WoVDEHDXWLIXOKRXVH
£VWHHVPLSDGUH\ÃVDHVPL 7KLVLVP\IDWKHUDQGWKDWoVP\
PDGUHHQHOMDUGÇQ
PRWKHULQWKHJDUGHQ
+RODHQFDQWDGRGHFRQRFHUOH +HOORSOHDVHGWRPHHW\RX
%LHQYHQLGRDQXHVWUDFDVD :HOFRPHWRRXUKRXVH
9»PRQRVDOVDOÍQ /HWoVJRWRWKHOLYLQJURRP
4XLHUHVXQDEHELGD" 'R\RXZDQWDGULQN"
7LHQHVZKLVN\" 'R\RXKDYHDQ\ZKLVNH\"
1REHEHPRVHVDVFRVDVHQ :HGRQoWGULQNWKRVHWKLQJVLQ
WKLVIDPLO\
HVWDIDPLOLD
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XÃKDFHWXQRYLR" :KDWGRHV\RXUER\IULHQGGR"
3RUTXÃQROHSUHJXQWDVDÃO" :K\GRQoW\RXDVNKLP"+H
NQRZVKRZWRVSHDN
6DEHKDEODU
0LKLMDPHGLMRTXHHUHVDUWLVWD 0\GDXJKWHUWROGPHWKDW
\RXoUHDQDUWLVW
4XÃFODVHGHFRVDVWHJXVWD :KDWNLQGRIWKLQJVGR\RXOLNH
WRSDLQW"
SLQWDU"
/DVSDUHGHVVRQPLHVSHFLDOLGDG:DOOVDUHP\VSHFLDOLW\
'LOHDWXPDGUHTXHYHQJDDTXÇ 7HOO\RXUPRWKHUWRFRPHKHUH
7HQGU»VTXHJULWDUHVW»XQ <RXoOOKDYHWRVKRXWVKHoVD
OLWWOHGHDIWKHVHGD\V
SRFRVRUGDHVWRVGÇDV
4XÃGHFÇD\R" :KDWZDV,VD\LQJ"
'HTXÃHVW»EDPRVKDEODQGR" :KDWZHUHZHWDONLQJDERXW"
(QTXÃ8QLYHUVLGDG :KLFK8QLYHUVLW\GLG\RXVWXG\
DW"
HVWXGLDVWH"
*RG 'LRV
:LQJV $ODV
+DUS $USD
$QJHO QJHO
&ORXG 1XEH
9RFDEXODULR+HDYHQ 3DUDÇVR
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&X»QWRWDUGDVWHHQWHUPLQDU +RZORQJGLGLWWDNH\RXWR
ïQLVK\RXUGHJUHH"
ODFDUUHUD"
3XHGHVGHMDUGHKDFHUOH &DQ\RXVWRSDVNLQJKLPVR
PDQ\TXHVWLRQV"
WDQWDVSUHJXQWDV"
6ÍORLQWHQWRURPSHUHOKLHOR ,oPMXVWWU\LQJWREUHDNWKHLFH
DOLWWOH
XQSRFR
+DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW
WHOOLQJDMRNH"
FRQWDUXQFKLVWH"
1XQFDPHDFXHUGRGHQLQJÔQ ,FDQQHYHUUHPHPEHUDQ\
MRNHV
FKLVWH
'HWRGRVPRGRVTXÃRVWUDH $Q\ZD\ZKDWLVLWWKDWEULQJV
\RXKHUHWRGD\"
SRUDTXÇKR\"
/OHY»LVVLJORVVLQYLVLWDUQRV <RXKDYHQoWYLVLWHGXVLQDJHV
7RPTXHUÇDSUHJXQWDUWHDOJR 7RPZDQWHGWRDVN\RX
VRPHWKLQJLVQoWWKDWULJKW7RP"
QRHVFLHUWR7RP"
3DUHFHTXHKXELHUDVYLVWRXQ <RXORRNDVLI\RXKDGVHHQD
JKRVW
IDQWDVPD
3XHGHTXHVHDPHMRUKDEODUOR ,WPLJKWEHEHWWHUWRWDONDERXW
LWODWHU
GHVSXÃV
0LGGOH$GYDQFHG
3RUTXÃKDVHPSH]DGRD :K\KDYH\RXEHJXQWR
VWXWWHU"
WDUWDPXGHDU"
1RVXHORSRQHUPHWDQQHUYLRVR ,GRQoWXVXDOO\JHWVRQHUYRXV
+HYHQLGRSDUDSHGLUOHOD ,oYHFRPHWRDVN\RXIRU\RXU
GDXJKWHUoVKDQGLQPDUULDJH
PDQRGHVXKLMD
(VSHURTXHQRHVWÃHVSHUDQGR,KRSHVKHoVQRWH[SHFWLQJD
EDE\
XQEHEÃ
0»VYDOHTXHQRHVWÃV <RXoGEHWWHUQRWEHSUHJQDQW
HPEDUD]DGD
)RU(QJOLVKVXSHUVWDUVRQO\
(OODVLJQLîFDPXFKÇVLPRSDUDPÇ6KHPHDQVWKHZRUOGWRPH
9HQJDSDS»HVXQEXHQ &RPHRQGDGKHoVDJRRG
SDUWLGR
FDWFK
&ODURTXHVÇ|\\RVR\ 2IFRXUVHKHLVDQG,oP/LWWOH
&DSHUXFLWD5RMD
5HG5LGLQJ+RRG
<DQRDJXDQWRP»VHVWR ,FDQoWWDNHWKLVDQ\PRUH
,QGHSHQGLHQWHPHQWHGHORTXH5HJDUGOHVVRIZKDW\RXVD\
GLJDVQRVYDPRVDFDVDU
ZHoUHJRLQJWRWLHWKHNQRW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpRYHUq
3KUDVDO9HUE7R*HW/RVW
7KHVWRUPEOHZRYHU
:K\GRQoW\RXFRPHRYHUWKLVHYHQLQJ"
/DWRUPHQWDSDVÍVLQGHVFDUJDU 3RUTXÃQRYHQÇVDQXHVWUDFDVDHVWDQRFKH"
%ULQJLWRYHUWRP\KRXVH
7U»HORDPLFDVD
7KH\EXLOWWKHFLW\RYHUWKHUXLQVRIWKHIRUXP
(GLîFDURQODFLXGDGVREUHODVUXLQDVGHOIRUR
7KH\FDPHRYHUWRRXUVLGH
6HSDVDURQDQXHVWUREDQGR
7KHFDUFXWRYHULQIURQWRIPH
(OFRFKHVHPHWLÍGHODQWHGHPÇ
&DVLQXQFDWUDGXFLPRVpPHSHUGÇqSRUp,ORVW
P\VHOIq/DWUDGXFFLÍQP»VFRUUHFWDHVp,JRW
ORVWq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
0HSHUGÇHQORVEDUULRVSREUHVGH%DUFHORQD
1RVSHUGLPRVFXDQGRLQWHQWDPRVFRJHUXQ
DWDMR
|'ÃMDPHHQSD]
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHSDVVLYHYRLFH
/DYR]SDVLYDVHXVDHQLQJOÃVPHQRVTXHODYR]DFWLYDDXQTXHGHKHFKRVHUHFRPLHQGDLQWHQWDUXVDUODYR]DFWLYDHQWRGRPRPHQWRSXHVWRTXH
HVXQPÃWRGRP»VGLUHFWR\UHVROXWLYR(VPHMRUGHFLUSRUHMHPSORp:HPDGHWKHGHFLVLRQWRFDQFHOWKHSURMHFWqTXHVXHTXLYDOHQWHHQSDVLYD
p7KHGHFLVLRQZDVPDGHWRFDQFHOWKHSURMHFWq6LQHPEDUJRODYR]SDVLYDHVODTXHVXHOHXVDUVHFXDQGRQRVHPHQFLRQDHODFWRURFXDQGRHV
LUUHOHYDQWHVDEHUTXLÃQHVHODFWRU3RUHMHPSORp6SDLQZDVFRQVLGHUHGDVHFRQGUDWHSRZHULQWKHWKFHQWXU\q$FRQWLQXDFLÍQWHRIUH]FROD
SRVLELOLGDGGHHVWXGLDUODYR]SDVLYDHQWRGRVORVWLHPSRVYHUEDOHV(QHVWRVFDVRVVDEHUTXLÃQHVHODFWRUHVORTXHPHQRVLPSRUWD
$FWLYHYRLFH
6RPHRQHLVGRLQJLWQRZ
6RPHRQHGRHVLWHYHU\GD\
6RPHRQHZDVGRLQJLWZKHQ,DUULYHG
6RPHRQHGLGLW\HVWHUGD\
6RPHRQHFDQGRLW
6RPHRQHZLOOGRLWWRPRUURZ
:KHQLVVRPHRQHJRLQJWRGRLW"
6RPHRQHKDVGRQHLW
6RPHRQHZRXOGGRLWLIWKHUHZHUHPRUHPRQH\
6RPHRQHPD\GRLWEXW,oPQRWVXUH
6RPHRQHPD\KDYHGRQHLW\HVWHUGD\EXW,oPQRWVXUH
6RPHRQHPXVWGRLW
6RPHRQHKDVWRGRLW
6RPHRQHVKRXOGGRLWDVVRRQDVSRVVLEOH
6RPHRQHPXVWKDYHGRQHLW
6RPHRQHFRXOGKDYHGRQHLW,WoVQRWLPSRVVLEOHWRGR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
|(VWR\PXHUWRGHFDQVDQFLR0HOHYDQWÃHVWDPDËDQDDODV
SDUDFRJHUHOYXHORGHODVD%DUFHORQD7XYHGRVUHXQLRQHV\
GHVSXÃVXQDODUJDFRPLGDGHQHJRFLRVFRQGRVSURYHHGRUHV/OH
JXÃDODHURSXHUWRGH%DUFHORQDDODVSHURWXYHTXHHVSHUDU
KDVWDODVSDUDFRJHUXQYXHOR$KRUDPLVPRVRQODV\
DFDERGHHQWUDUHQFDVD0LPXMHUHVW»GRUPLGDGHODQWHGHOWHOH
YLVRU\PLFHQDHVW»HQFLPDGHOPLFURRQGDVHQIUL»QGRVH
3DVVLYHYRLFH
,WoVEHLQJGRQHQRZ
,WoVGRQHHYHU\GD\
,WZDVEHLQJGRQHZKHQ,DUULYHG
,WZDVGRQH\HVWHUGD\
,WFDQEHGRQH
,WoOOEHGRQHWRPRUURZ
:KHQLVLWJRLQJWREHGRQH"
,WoVEHHQGRQH
,WZRXOGEHGRQHLIWKHUHZHUHPRUHPRQH\
,WPD\EHGRQHEXW,oPQRWVXUH
,WPD\KDYHEHHQGRQHEXW,oPQRWVXUH
,WPXVWEHGRQH
,WKDVWREHGRQH
,WVKRXOGEHGRQHDVVRRQDVSRVVLEOH
,WPXVWoYHEHHQGRQH
,WFRXOGKDYHEHHQGRQH,WoVQRWLPSRVVLEOHWRGR
,oPGHDGWLUHG,JRWXSDWDPWKLVPRUQLQJWRFDWFKWKH
ðLJKWWR%DUFHORQD,KDGWZRPHHWLQJVDQGWKHQDORQJEXVLQHVV
OXQFKZLWKWZRVXSSOLHUV,JRWWRWKH%DUFHORQDDLUSRUWDW
EXWKDGWRZDLWXQWLOWRJHWDðLJKWRXW,WoVULJKWQRZ
DQG,MXVWZDONHGLQWKHGRRU0\ZLIHLVDVOHHSLQIURQWRIWKH79
DQGP\GLQQHULVRQWRSRIWKHPLFURZDYHJHWWLQJFROG
3DUDTXHHOPpWRGRPHFXQGD\PHPDUTXHHOWUD\HFWR
)LQ
5LFKDUG9DXJKDQ
'LJQLWDU\
'LJUHVVLRQ
'LRGH
'LR[LGH
(VWLPDGRDPLJR\DOXPQR(QHOSRHPDHOVHËRUGLFHTXHHOPÃWRGRHVUHYROXFLRQDULRTXHKDVLGRHOD
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
ERUDGRSRUXQHTXLSRGHH[SHUWRVTXHJDUDQWL]DUHVXOWDGRV\TXHUHJDODXQGLFFLRQDULR7HVXHQDHVWD
FDQFLyQ"(Q9DXJKDQQRWHUHJDODPRVXQGLFFLRQDULR
'LIIHUHQWLDWH 'LODSLGDWHG
(QEXVFDGHOLQJOÃV FRQW
SRUTXHHVWRQRD\XGDDTXHDSUHQGDVLQJOÃV1RGH 'LIIHUHQWLDWLRQ
'LODWH
FLPRVTXHVHWUDWDGHXQPÃWRGRUHYROXFLRQDULRSRU
3HURWLHQHTXHHVWDUDODYXHOWDGHODHVTXLQD
'LODWLRQ
'LIîFXOW
TXHQRH[LVWHQWDOHVPÃWRGRV(OÔQLFRPÃWRGRUHYR
(QODSUy[LPDHVTXLQDDKtWLHQHTXHHVWDU
'LOHPPD
'LIîFXOW\
OXFLRQDULRHVWXSURSLDIXHU]DGHYROXQWDG7DPSRFR
(QODWHOHDQXQFLDQXQDUHFHWDJHQXLQD
'LOLJHQFH
'LIIXVH
4XHPXFKRGLQHURQRPHYDDFRVWDU
WH JDUDQWL]DPRV UHVXOWDGRV SRUTXH QR FRQWURODPRV
'LOLJHQW
'LIIXVLRQ
QL PDQHMDPRV WX PRWLYDFLÍQ \ HVIXHU]R /R ÔQLFR
'LOXWH
'LJHVW
'HVFULEHQXQPpWRGRWRWDOPHQWHUHYROXFLRQDULR
'LOXWLRQ
'LJHVWLRQ
TXHWHRIUHFHPRVVRQS»JLQDVGHPÃWRGR
(ODERUDGRFRQFXLGDGRSRUXQHTXLSRGHH[SHUWRV
'LPHQVLRQ
'LJHVWLYH
*DUDQWL]DQUHVXOWDGRV\UHJDODQXQGLFFLRQDULR
KRUDV GH DXGLR \ KRUDV GH YÇGHR WRGR GHQWUR GH
'LPLQLVK
'LJLWDO
<DÀUPDQYHUGDGHVTXHVRQJUDQGHVDFLHUWRV
XQDOÍJLFD\XQHVWLORLQPHMRUDEOHVIUXWRGHDËRV
'LPLQXWLYH
'LJLWDOL]H
HQVHËDQGRLQJOÃVDHVSDËROHV(OHTXLSRGHH[SHUWRV
$KtYR\FRQPLVFXDUWRVDFRPSUDUHOLQYHQWR
'LQRVDXU
'LJQLI\
VRPRV\R\XQRVP»V3HURHOÃ[LWRYDDGHSHQGHU
&RQWDSDV\ORPRVGHEHOORDVSHFWR
'LRFHVH
'LJQLW\
+D\HVWDQWHVWRGDYtDHQPLSHTXHxRDSDUWDPHQWR
GHXQDVRODSHUVRQD<HVDSHUVRQDHUHVWÔ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
%XHQRVGÇDV +DVWDODVGH *RRG0RUQLQJ
ODPDËDQD
%XHQDVWDUGHV 'HVSXÃVGHODV *RRG$IWHUQRRQ
\KDVWDTXHRVFXUHFH
%XHQDVWDUGHV 'HVSXÃVGH *RRG(YHQLQJ
TXHRVFXUH]FD
%XHQDVQRFKHV $QWHVGHLUD *RRG1LJKW
ODFDPD
|2ÇJDSRUIDYRU ([FXVHPH
7HQJRKDPEUH ,oPKXQJU\
7LHQHVVHG" $UH\RXWKLUVW\"
1RWHQJRPXFKRFDORU ,oPQRWYHU\KRW
7HQHPRVPXFKRIUÇR :HoUHYHU\FROG
&X»QWRVDËRVWLHQHHOOD" +RZROGLVVKH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
0HSXHGHVUHFRPHQGDUXQ &DQ\RXUHFRPPHQGDJRRG
EXHQUHVWDXUDQWH"
UHVWDXUDQW"
4XHUÇDUHVHUYDUXQDPHVD ,oGOLNHWRERRNDWDEOHIRUWZR
SDUDGRVSHUVRQDV
SHRSOH
0HSXHGHVGDUODFDUWDSRU &RXOG\RXJLYHPHWKHPHQX
IDYRU"
SOHDVH"
+D\SODWRGHOGÇD" ,VWKHUHDGLVKRIWKHGD\"
<RYR\DWRPDUHVWR ,oOOKDYHWKLV
7HQÃLVXQPHQÔGHOGÇD" 'R\RXKDYHDVHWSULFHPHQX"
+D\DOJÔQSODWRYHJHWDULDQR" $UHWKHUHDQ\YHJHWDULDQ
GLVKHV"
&RQTXÃYLHQHHOELVWHF" :KDWGRHVWKHVWHDNFRPHZLWK"
3RFRKHFKRPHGLRKHFKRR 5DUHPHGLXPUDUHRUZHOO
ELHQKHFKR"
GRQH"
&X»QWRVXHOHGHMDUODJHQWH +RZPXFKGRSHRSOHXVXDOO\
GHSURSLQDDTXÇ"
WLSKHUH"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
(VWRQRHVORTXHKHSHGLGR 7KLVLVQoWZKDW,RUGHUHG
4XLHURKDFHUXQDUHFODPDFLÍQ ,ZDQWWRPDNHDFRPSODLQW
/OHYDPRVPXFKRWLHPSR :HoYHEHHQZDLWLQJIRUDYHU\
HVSHUDQGR
ORQJWLPH
3RGUÇDKDEODUFRQHOHQFDUJDGR&RXOG,VSHDNWRWKHPDQDJHU
SRUIDYRU"
SOHDVH"
4XLHURTXHPHGHYXHOYDQHO ,ZDQWP\PRQH\EDFN
GLQHUR
6R\DOÃUJLFRDOPDULVFR ,oPDOOHUJLFWRVKHOOïVK
&RQWLHQHFDFDKXHWHV" 'RHVLWFRQWDLQSHDQXWV"
(OKÇJDGR\ORVULËRQHVQRPH /LYHUDQGNLGQH\VGRQoWDJUHH
VLHQWDQELHQ
ZLWKPH
1RSXHGRFRPHUKXHYRVFUXGRV ,FDQoWHDWUDZHJJV
(VWRHVDVTXHURVR 7KLVLVGLVJXVWLQJ
*URXVH 8URJDOOR
7XUNH\ 3DYR
4XDLO &RGRUQL]
3DUWULGJH 3HUGL]
&KLFNHQ 3ROOR
9RFDEXODULR)RZO $YH
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
0LHQKRUDEXHQDDOFRFLQHUR 0\FRPSOLPHQWVWRWKHFKHI
(VHOSODWRP»VH[TXLVLWRTXH ,WoVWKHPRVWH[TXLVLWHGLVK,oYH
KHSUREDGRHQDËRV
WULHGLQ\HDUV
(VXQSRFRFDULOORHVWHVLWLRQR",WoVDELWSULFH\WKLVSODFHLVQoWLW"
7LHQHHQFDUJDGRGHOJXDUGDUURSD,WKDVDFORDNURRPDWWHQGDQW
\VXPLOOHU
DQGDZLQHZDLWHU
7DPELÃQHVODSULPHUDYH]TXH ,WoVDOVRWKHïUVWWLPH,oYH
KHYLVWRXQUHVWDXUDQWHFRQ
VHHQDUHVWDXUDQWZLWKYDOHW
VHUYLFLRGHDSDUFDPLHQWR
SDUNLQJ
$OJXLHQWLHQHXQVDFDFRUFKRV" 'RHVDQ\ERG\KDYHD
FRUNVFUHZ"
(VWHYLQRWLHQHVDERUDFRUFKR 7KLVZLQHLVFRUNHG
(VXQYLQRGHODFRVHFKDGH ,WoVDYLQWDJHZLQHIURP
6HKDJXDUGDGRHQEDUULFDVGH ,WoVEHHQNHSWLQRDNFDVWVIRU
\HDUV
UREOHGXUDQWHDËRV
1RKD\TXHSHUGHUVHHVWH 7KLVUHVWDXUDQWLVDPXVW
UHVWDXUDQWH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpRYHUq
'RLWRYHU
9XHOYHDKDFHUOR
3KUDVDO9HUE7R7KURZ$ZD\
7KH\IHOORYHUWKHPVHOYHVWRKHOSXV
6HSUHVWDURQDD\XGDUQRVFRQPXFKD
HQHUJÇD
7KH\GURYHRYHUWRRXUKRXVH
9LQLHURQDQXHVWUDFDVD HQFRFKH ,KDYHWRGRLWDOORYHUDJDLQ
7HQJRTXHYROYHUDWU»V\KDFHUORGHQXHYR
+HIHOORYHUWKHUDLOLQJ
6HFD\ÍSRUODEDUDQGLOOD
7KH/HDQLQJ7RZHURI3LVDLVIDOOLQJRYHU
/D7RUUHLQFOLQDGDGH3LVDVHFDH
7KHUHWREH
+D\KDEÇDKDEU»KDEUÇDSDUHFHKDEHUSXHGHTXHKD\DfHWF(Q
LQJOÃVQXHVWUDIRUPDSDUDH[SUHVDUORPLVPRHVFRQODSDODEUD
pWKHUHq\XQDFRQMXJDFLÍQGHOYHUERpWREHq7KHUHLVWKHUHDUH
WKHUHZDVfWKHUHZHUHfWKHUHKDYHEHHQfWKHUHVKRXOGEHfWKHUH
6LJQLîFDpWLUDUqHQHOVHQWLGRGHTXLWDUGHHQ
PHGLRRGHWLUDUDODEDVXUD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
1RWLUHVHVRVSHULÍGLFRV
&X»QGRYDVDWLUDUHVWDEDVXUD"
7LUÃWRGDPLURSDYLHMD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
PD\KDYHEHHQfWKHUHPXVWEHfHWF$FRQWLQXDFLÍQOHHHQYR]
DOWDHOS»UUDIRGHDEDMRXQDYH]DOGÇDGXUDQWHXQDËR7DUGDU»V
GRVPLQXWRVHQKDFHUORSHURFRQVROLGDU»VXQ»JLOGRPLQLRGHOD
HVWUXFWXUD
7KHUHKDYHEHHQDORWRIFRPSODLQWVODWHO\DERXWWKHQHZVHUYLFHV\VWHP7KHUHPXVWKDYHEHHQDWOHDVWWKLUW\FRPSODLQWV\HVWHUGD\
7KHUHZHUHQoWDQ\FRPSODLQWVZLWKWKHROGV\VWHP7KHUHoVDSHUVRQRQWKHSKRQHULJKWQRZFRPSODLQLQJDERXWLWDQGWKHUHZHUHWKUHH
SHRSOHRQWKHOLQHîYHPLQXWHVDJRPDNLQJWKHVDPHFRPSODLQWV7KHUHGRHVQoWDSSHDUWREHDVROXWLRQIRUWKHPRPHQWVR,H[SHFW
WKHUHZLOOEHDORWRIFRPSODLQWVLQWKHIXWXUH7KHUHZRXOGQoWEHVRPDQ\FRPSODLQWVQRZLIWKHUHKDGEHHQDEHWWHUFRQWUROV\VWHP
GXULQJWKHGHVLJQVWDJH%XWVLQFHWKHUHZDVQoWDVWULFWFRQWUROV\VWHP,oPVXUHWKHUHDUHJRLQJWREHDORWRIFRPSODLQWVRYHUWKHQH[W
IHZPRQWKV1H[WZHHNWKHUHZLOOEHDPHHWLQJEHWZHHQWKHGHVLJQHUVDQGWKHVHUYLFHSHUVRQQHO7KHUHZLOOEHDUJXPHQWVGHIHQGLQJ
WKHROGV\VWHPDQGDUJXPHQWVGHIHQGLQJWKHQHZRQH2QHWKLQJ,oPVXUHRILVWKDWWKHUHZRQoWEHDîQDOGHFLVLRQPDGHXQWLOWKHUH
LVDQDJUHHPHQWUHDFKHGDWWKHWRSPDQDJHPHQWOHYHO7KHUHoVEHHQDORWRIPRQH\VSHQWLQFKDQJLQJWKHV\VWHPDQGWKHUHZLOOEH
DORWRIUHVLVWDQFHWRFKDQJLQJEDFNWRWKHROGRQH7KHUHoVDQROGVD\LQJWKDWJRHV:KHUHWKHUHoVDZLOOWKHUHoVDZD\DQG,oPVXUH
WKHUHZLOOEHDVWURQJHIIRUWPDGHWRFRUUHFWWKHGHIHFWVLQWKHQHZV\VWHP7KHUHoVJRWWREHDZD\WRPDNHLWZRUNEHWWHUDQGWKHUH
DUHDORWRIJRRGGHVLJQHUVKHUHFDSDEOHRIPDNLQJLWZRUNEHWWHUVRWKHUHoVVWLOOKRSHWKDWWKHUHZLOOEHDîQDOVROXWLRQVDWLVIDFWRU\WR
DOOLQYROYHG
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
3RGUÇDVHQFRQWUDUDDOJXLHQHQODRîFLQDTXHVHRFXSHGHHVWH
WHPD"(VVHQFLOORSHURVHWDUGDPXFKRWLHPSR\\RQHFHVLWRWHU
PLQDUHVWDSURSXHVWDSDUDHOYLHUQHVRYDPRVDWHQHUSUREOHPDV
+D]PHVDEHUHOUHVXOWDGR\DTXHQRUPDOPHQWHVR\\RHOTXHFRQ
WDFWD FRQ ORV SHULRGLVWDV SDUD HVWRV HYHQWRV 3XHGH TXH 'DYH R
-HQQLIHUVHDQODPHMRURSFLÍQSHURDTXLHQTXLHUDTXHWHUPLQHV
GDQGRHVWDWDUHDTXHPHPDQGHFRSLDGHFDGDHPDLO\TXHPH
LQIRUPHGHFDGDOODPDGDWHOHIÍQLFD
&RXOG \RX ïQG VRPHERG\ LQ WKH RIïFH WR KDQGOH WKLV PDWWHU"
,WoV VLPSOH EXW WLPHFRQVXPLQJ DQG , UHDOO\ QHHG WR ïQLVK WKLV
SURSRVDO E\ )ULGD\ RU ZHoUH LQ WURXEOH -XVW OHW PH NQRZ WKH
RXWFRPHVLQFH,oPWKHRQHZKRXVXDOO\FRQWDFWVMRXUQDOLVWVIRU
WKHVH HYHQWV 'DYH RU -HQQLIHU PLJKW EH WKH EHVW FKRLFHV EXW
ZKRHYHU\RXHQGXSJLYLQJWKHWDVNWRKDYHWKHPFRS\PHRQ
HYHU\HPDLODQGOHWPHNQRZWKHUHVXOWRIHYHU\SKRQHFDOO
0»VSDODEUDVLQJOHVDV
(VWLPDGRDPLJR\DOXPQR/DIRWRHVGH*OHQ&XQQLQJKDPFRUUHGRUQRUWHDPHULFDQRGHPHGLRIRQGRTXHRV
GHUDÇ]ODWLQD
WHQWÍHQHOUÃFRUGPXQGLDOGHODPLOOD7DPELÃQWXYRXQSDSHOGHVWDFDGRHQORV-XHJRV2OÇPSLFRVGH
\/HOODPDEDQ7KH.DQVDV)O\HU$ORVRFKRDËRVHQVX.DQVDVQDWDOIXHDOFDQ]DGRSRUXQDH[SORVLÍQGH 'LSKWKHULD
'LVDVWURXV
JDVROLQD\VXIULÍTXHPDGXUDVLPSRUWDQWHVHQWRGRVXFXHUSR/RVPÃGLFRVUHFRPHQGDURQDPSXWDUVXVGRV 'LSKWKRQJ
'LVFHUQ
SLHUQDVSHURVXPDGUHQRORSHUPLWLÍ
'LSORGRFXV
'LVFLSOLQH
'LSORPD
'LVFLSOLQDU\
1RREVWDQWHORVPÃGLFRVGLMHURQTXHHOFKLFRQXQFDYROYHUÇDDDQGDU$QWHHVWHQHJUR
'LSORPDF\
'LVFLSOLQHG
SDQRUDPDSULPHUR*OHQ&XQQLQJKDPDSUHQGLÍDDQGDUGHQXHYRGRVDËRVGHVSXÃV
'LSORPDW
'LVFRQFHUW
GHODFFLGHQWH\îQDOPHQWHDFRUUHU6XWHVÍQ\GHWHUPLQDFLÍQOHOOHYDURQDVHUFDP
'LSORPDWLF
'LVFRQWHQW
SHÍQGHFDPSRDWUDYÃVHQVXFROHJLR\GHVSXÃVDOSLQ»FXORGHOGHSRUWH7DPELÃQEUL
'LUHFW
'LVFRQQHFW
OOÍHQORDFDGÃPLFRGRFWRU»QGRVHHQOD8QLYHUVLGDGGH1XHYD<RUN(QPLVDËRVGH
'LUHFWLRQ
'LVFRQWLQXH
SURIHVLÍQKHYLVWRHQPXFKDVRFDVLRQHVHOUHVXOWDGRGHOWHVÍQ\GHOHVIXHU]R-DP»VKH
'LUHFWLYH
'LVFRUG
YLVWRIUDFDVDUDDOJXLHQTXHKDSXHVWRWRGRGHVXSDUWHHQXQDLQLFLDWLYD+HYLVWRSRU
'LUHFWO\
'LVFRUGDQW
ORPHQRVDFLQFRSHUVRQDVGHP»VGHDËRVSDVDUGHXQQLYHOGHLQJOÃVFDVLLQH[LV
'LVDELOLW\
'LVFRXQW
WHQWHDXQQLYHOP»VTXHVXîFLHQWHSDUDVXVFRPXQLFDFLRQHVUXWLQDULDV0LVDPLJRV
'LVDGYDQWDJH 'LVFRWKHTXH
\FROHJDV\DHVW»QFDQVDGRVGHRÇUPHXWLOL]DUODH[SUHVLÍQpTXHUHUHVSRGHUq ZKHUH
'LVDSSHDU 'LVFRXUWHRXV
WKHUHoVDZLOOWKHUHoVDZD\ SHURSDUDPÇHVXQDYHUGDGWDQHYLGHQWH\TXHKHYLVWR
'LVDSSHDUDQFH 'LVFRYHU
FXPSOLUVHWDQWDVYHFHVTXHFRQVLGHURXQGHEHUUHFRUG»URVOR4XHUHUHVSRGHU
'LVDUP
'LVFRYHU\
5LFKDUG9DXJKDQ
'LVDVWHU
'LVFUHGLW
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VWDPRVOHMRVGHODHURSXHUWR" $UHZHIDUIURPWKHDLUSRUW"
1RQRHVW»PX\OHMRVHVWDPRV 1RLWLVQoWIDUZHoUHYHU\QHDU
PX\FHUFD
|0LUDDOOÇHVW» /RRNWKHUHLWLV
(VÃVWDODHQWUDGD" ,VWKLVWKHHQWUDQFH"
'ÍQGHHVW»QPLVEROVRV" :KHUHDUHP\EDJV"
$TXÃKRUDHVWXYXHOR" :KDWWLPHLV\RXUðLJKW"
6DOHDODVFXDWUR\FXDUWR ,WOHDYHVDWTXDUWHUSDVWIRXU
'ÍQGHYDLV" :KHUHDUH\RXJRLQJ"
9RODPRVD(VWDGRV8QLGRV :HoUHð\LQJWRWKH8QLWHG6WDWHV
4XÃFLXGDGHVYDLVDYLVLWDU" :KLFKFLWLHVDUH\RXJRLQJWR
YLVLW"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
|9»PRQRVDIDFWXUDFLÍQ /HWoVJRWRWKHFKHFNLQ
+D\PXFKDJHQWHHQODFROD 7KHUHLVDORWRISHRSOHLQWKH
TXHXH
7HQGUHPRVTXHHVSHUDUDTXÇ :HoOOKDYHWRZDLWKHUHIRUD
ORQJWLPH
PXFKRWLHPSR
3RUTXÃVLHPSUHVRPRVORV :K\DUHZHDOZD\VWKHODVWWR
DUULYH"
ÔOWLPRVHQOOHJDU"
1RWHSUHRFXSHVHODYLÍQQR 'RQoWZRUU\WKHSODQHZRQoW
WDNHRIIZLWKRXWXV
GHVSHJDU»VLQQRVRWURV
&X»QWDVPDOHWDVWHQÃLV" +RZPDQ\VXLWFDVHVGR\RX
KDYH"
/OHY»LVHTXLSDMHGHPDQRD $UH\RXWDNLQJDQ\KDQG
OXJJDJHRQERDUG"
ERUGR"
+L]RXVWHGPLVPRVXHTXLSDMH" 'LG\RXSDFN\RXUOXJJDJH
\RXUVHOI"
1RGHMÃDXQSDUGHWHUURULVWDV1R,OHWDFRXSOHRIWHUURULVWV
GRLW
KDFHUOR
|3RUVXSXHVWRTXHORKLFH\R 2IFRXUVH,GLGLWP\VHOI:KDW
PLVPR|4XÃSUHJXQWDVKDFÃLV TXHVWLRQV\RXDVN
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
3RGUÇDVSRQHUWXVOODYHV &RXOG\RXSXW\RXUNH\VZDOOHW
FDUWHUD\PÍYLOHQODEDQGHMD" DQGPRELOHLQWKLVWUD\"
/HLPSRUWDTXLWDUVHHO 'R\RXPLQGWDNLQJRII\RXU
EHOWSOHDVH"
FLQWXUÍQ"
0HYDVDKDFHUXQDSURSXHVWD$UH\RXJRLQJWRPDNHPHDQ
LQGHFHQWSURSRVDO"
LQGHFHQWH"
0HWHPRTXHWHQÃLVTXH ,oPDIUDLG\RXKDYHWRWDNHRII
TXLWDURVORV]DSDWRVWDPELÃQ \RXUVKRHVDVZHOO
0HQRVPDOTXHPHSXVHXQRV ,WoVDJRRGWKLQJ,SXWFOHDQ
FDOFHWLQHVOLPSLRVHVWDPDËDQD VRFNVRQWKLVPRUQLQJ
&X»OHVODSXHUWDGHHPEDUTXH:KLFKJDWHLVLWIRUðLJKWf"
GHOYXHORf"
'LUÇMDQVHDODSXHUWDQÔPHUR 3OHDVHJRWRJDWHQXPEHU
WZHQW\
YHLQWH
'ÍQGHHVW»WXWDUMHWDGH :KHUHoV\RXUERDUGLQJFDUG"
HPEDUTXH"
(OHPEDUTXHVHHIHFWXDU»HQ %RDUGLQJZLOOWDNHSODFH
VKRUWO\
EUHYH
´OWLPDOODPDGDSDUDORV /DVWFDOOIRUSDVVHQJHUVRQ
ðLJKW
SDVDMHURVGHOYXHOR
)OHDV 3XOJDV
/LFHV 3LRMRV
:RUPV /RPEULFHV
0LWHV FDURV
7LFNV *DUUDSDWDV
9RFDEXODULR3DUDVLWHV 3DU»VLWRV
0LGGOH$GYDQFHG
(VSHURTXHQXHVWURYXHORQR ,KRSHRXUðLJKWLVQoWGHOD\HG
VDOJDFRQUHWUDVR
3RGUÇDTXLWDUVHORVFDVFRV" &RXOG\RXUHPRYH\RXU
KHDGSKRQHVSOHDVH"
$EUÍFKHQVHORVFLQWXURQHVGH )DVWHQ\RXUVHDWEHOWV
VHJXULGDG
$OJXLHQWLHQHXQERWLTXÇQGH 'RHVDQ\ERG\KDYHDïUVWDLG
XUJHQFLD"
NLW"
(QHOFDVRSRFRSUREDEOHGH ,QWKHXQOLNHO\HYHQWRIDQ
TXHKD\DXQDXUJHQFLDUH]DG HPHUJHQF\SUD\
)RU(QJOLVKVXSHUVWDUVRQO\
1RWHQJRQDGDTXHGHFODUDU ,KDYHQRWKLQJWRGHFODUH
H[FHSWRPLJHQLR
H[FHSWP\JHQLXV
1RVHDVWDQIUHVFRFRQHVWRV 'RQoWEHVRFKHHN\ZLWKWKHVH
DGXDQHURVHVWDGRXQLGHQVHV
$PHULFDQFXVWRPVRIïFHUV
1HFHVLWDPRVTXHQRVGHQVXV :HQHHG\RXWRJLYHXV\RXU
KXHOODVGDFWLODUHV
ïQJHUSULQWV
3RUTXÃ"1RWHQÃLVODV :K\"'RQoW\RXKDYH\RXURZQ
YXHVWUDVSURSLDV"
RQHV"
|<DHVW»|8QUHJLVWURFRPSOHWR7KDWoVLW$IXOOERG\VHDUFK
DHVWDSHUVRQDFRQJXDQWHVGH ZLWKUXEEHUJORYHV
JRPD
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDO9HUE7R6HOO2XW
3KUDVDOYHUEVZLWKpRYHUq
7KHWZRER\VIRXJKWRYHUWKHJLUO ,FDQoWJHWRYHUKRZKHVZHHWWDONHGWKHP
/RVGRVFKLFRVSHOHDURQSRUODFKLFD |1RPHSXHGRFUHHUFÍPRÃOORVHQJDWXVÍ
:HïHZRYHUWKH*UDQG&DQ\RQ
9RODPRVVREUHHO*UDQ&DËÍQ
+HOSPHJHWRYHUWKHZDOO
$\ÔGDPHDSDVDUDORWURODGRGHOPXUR
<RXoOOJHWRYHULW
<DORVXSHUDU»V
/HWoVJHWLWRYHUZLWK
$FDEHPRVFRQHVWRGHXQDYH]
7KHUHWREH
6LJQLîFDpDJRWDUH[LVWHQFLDVq\VHHPSOHD
SDUDFXDOTXLHUWLSRGHPHUFDQFÇD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6HOHVDJRWDURQODVHQWUDGDVHQVHJXLGD
/RVSO»WDQRVVHQRVKDQDJRWDGR
/OHJXHDOOÇSURQWRVHOHVVXHOHDJRWDUWRGR
PX\SURQWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
)ÇMDWHHQODVIUDVHVHQLQJOÃV)ÇMDWHFÍPRLQLFLDPRVFDGDXQDGHHOODVFRQODSDODEUDpWKHUHqVHJXLGDGHXQDFRQMXJDFLÍQFRQHOYHUER
pWREHq(QDOJXQDVGHODVIUDVHVGHODFROXPQDHQLQJOÃVVXEUD\RDVSHFWRVJUDPDWLFDOHVTXHQRVXHOHQîJXUDUHQFDVWHOODQR
+D\XQOLEURHQODPHVD
1RKD\QLQJÔQSHUURHQPLFDVD
+D\JHQWHHQODVDODGHHVSHUD
1RKD\DFWRUHVHQHOHVFHQDULR
1RKD\FDIÃHQODFDIHWHUD
+D\WLQWDHQODPDQJDGHWXFDPLVD
+XERXQDWRUPHQWDWHUULEOHDQRFKH
+DEÇDDJXDHQHOVXHORFXDQGROOHJXÃDTXÇ
+DEÇDHUURUHVHQWXLQIRUPH
1RKDEÇDSDSHOHQODP»TXLQDGHID[D\HU
+DEU»XQDîHVWDDTXÇPDËDQDSRUODQRFKH
1RKDEU»WLHPSRVXîFLHQWHSDUDHVRPDËDQD
9DDKDEHUXQDUHXQLÍQLPSRUWDQWHDTXÇODVHPDQDSUÍ[LPD
,EDDKDEHUXQDUHXQLÍQSHURVHFDQFHOÍ
+DKDELGRPXFKDVERGDVÔOWLPDPHQWHHQHVWDLJOHVLD
&UHRTXHKDKDELGRXQPDOHQWHQGLGR
'HEHUÇDKDEHUVXîFLHQWHVVLOODVSDUDWRGRHOPXQGR
'HEHKDEHU IRU]RVDPHQWH XQDIRUPDPHMRU
7LHQHTXHKDEHUXQDVROXFLÍQDHVWHSUREOHPD
3DUHFHKDEHUXQPDOHQWHQGLGRDTXÇ
3XHGHTXHKD\DXQDSRVLELOLGDGVLHQVD\DPRVHVWHHQIRTXH
1RSDUHFHKDEHURWUDDOWHUQDWLYD
+DEUÇDKDELGRXQDîHVWDVLKXELÃUDPRVJDQDGRHOSDUWLGR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/DSXUDUHDOLGDGHVTXHHOFHUHEURKXPDQRQRSXHGHFRPSUHQGHU
ODSDODEUDHVFULWDKDVWDTXHQRVHKDWUDGXFLGRDSDODEUDKDEODGD
HQODPHQWH+DVWDTXHHO»UHDGHDVRFLDFLÍQDXGLWLYDGHOFHUHEUR
pR\HqODSDODEUDÃVWDQRWLHQHVLJQLîFDGR+DVHVWDGRDOJXQDYH]
OH\HQGRHQODFDPD\WHKDVGDGRFXHQWDGHTXHWXVRMRVOOHYDQ
YDULRVPLQXWRVOH\HQGRHOPLVPRS»UUDIRSHURQRWLHQHVQLLGHD
GHORTXHGLFH"(VWRHVSRUTXHWXVRMRVHVW»QYLHQGRSDODEUDVTXH
WXPHQWH\DQRpHVFXFKDq
7KHUHoVDERRNRQWKHWDEOH
7KHUHLVQoWDGRJLQP\KRXVH
7KHUHDUHVRPHSHRSOHLQWKHZDLWLQJURRP
7KHUHDUHQoWDQ\DFWRUVRQWKHVWDJH
7KHUHLVQoWDQ\FRIIHHLQWKHFRIIHHPDNHU
7KHUHoVVRPHLQNRQWKHVOHHYHRI\RXUVKLUW
7KHUHZDVDWHUULEOHVWRUPODVWQLJKW
7KHUHZDVVRPHZDWHURQWKHïRRUZKHQ,JRWKHUH
7KHUHZHUHVRPHPLVWDNHVLQ\RXUUHSRUW
7KHUHZDVQoWDQ\SDSHULQWKHID[PDFKLQH\HVWHUGD\
7KHUHZLOOEHDSDUW\KHUHWRPRUURZHYHQLQJ
7KHUHZRQoWEHHQRXJKWLPHIRUWKDWWRPRUURZ
7KHUHoVJRLQJWREHDQLPSRUWDQWPHHWLQJKHUHQH[WZHHN
7KHUHZDVJRLQJWREHDPHHWLQJEXWLWZDVFDQFHOOHG
7KHUHKDYHEHHQDORWRIZHGGLQJVODWHO\LQWKLVFKXUFK
,WKLQNWKHUHoVEHHQDPLVXQGHUVWDQGLQJ
7KHUHVKRXOGEHHQRXJKFKDLUVIRUHYHU\ERG\
7KHUHPXVWEHDEHWWHUZD\
7KHUHKDVWREHDVROXWLRQWRWKLVSUREOHP
7KHUHVHHPVWREHDPLVXQGHUVWDQGLQJKHUH
7KHUHPD\EHDSRVVLELOLW\LIZHWU\WKLVDSSURDFK
7KHUHGRHVQoWVHHPWREHDQ\RWKHUDOWHUQDWLYH
7KHUHZRXOGKDYHEHHQDSDUW\KHUHLIZHKDGZRQWKHPDWFK
7KHVLPSOHWUXWKLVWKDWWKHKXPDQEUDLQFDQQRWXQGHUVWDQGWKH
ZULWWHQZRUGXQWLOLWKDVEHHQWUDQVODWHGLQWRWKHVSRNHQZRUG
LQ WKH PLQG 8QWLO WKH DXGLWRU\ DVVRFLDWLRQ DUHD RI WKH EUDLQ
pKHDUVqDZRUGLWKDVQRPHDQLQJ+DYH\RXHYHUEHHQUHDGLQJ
LQEHGWKHQUHDOL]HGWKDW\RXUH\HVKDYHEHHQVFDQQLQJWKHVDPH
SDUDJUDSKIRUVHYHUDOPLQXWHVEXW\RXKDYHDEVROXWHO\QRLGHD
RI ZKDW LW VD\V"7KLV LV EHFDXVH \RXU H\HV DUH WDNLQJ LQ ZRUGV
WKDWDUHQRORQJHUEHLQJpKHDUGqLQ\RXUPLQG
(VWLPDGRDPLJR\DOXPQR(OS»UUDIRTXHDFDEDVGHYHUHQFLPDGHHVWDVSDODEUDVTXHHVWR\HVFULELHQGRGLFH
DOJRPX\LPSRUWDQWH/RVIÍVLOHVP»VDQWLJXRVGHOKRPRVDSLHQVVHUHPRQWDQDODIULFDGHKDFH
DËRV'HVGHHQWRQFHVKDVWDKDFHVRODPHQWHDËRVHOKRPEUHDQDOL]DEDWRGDODLQIRUPDFLÍQPHGLDQWH
VXFDSDFLGDGDXGLWLYD(VWRVLJQLîFDTXHHVWDPRVWRGDYÇDPXFKRP»VSUHSDUDGRVSDUDDSUHQGHUDWUDYÃVGHO
RÇGRTXHDWUDYÃVGHODSDODEUDHVFULWDDXQTXHDYHFHVQRVDIHUUHPRVDHVWDÔOWLPDSDUDWDQWDVFRVDV6DQ
3DEORJDQÍDGHSWRVHQWUHORVJULHJRVKDEO»QGROHV6XVFDUWDVYDULDVGHODVFXDOHVFRQVWLWX\HQSDUWHGHO1XHYR
7HVWDPHQWRQRWXYLHURQHOPLVPRLPSDFWRTXHVXSUHVHQFLDIÇVLFD\VXYR]&XDOTXLHUH[SHUWRHQSXEOLFLGDG
WHGLU»ORPLVPRTXHXQEXHQpMLQJOHqRHVORJDQDXGLWLYRHVFLHQYHFHVP»VHîFD]TXHXQDIUDVHOHÇGD3RU
HVRORVEXHQRVFRPXQLFDGRUHVLQïX\HQHQQRVRWURVGLFLHQGRFRVDVTXHGHOHHUODVQRVSDUHFHUÇDQVHQFLOODV\
OÍJLFDV5LFKDUG%URZQHQPXFKDVGHODVS»JLQDVGHORVOLEURVGHO0ÃWRGR9DXJKDQWHUHFXHUGDTXHHOVHFUHWR
HVW»HQHVFXFKDUORV&'oV<WLHQHUD]ÍQ1RWHDIHUUHVDODSDODEUDHVFULWDQREXVTXHVHQORVOLEURVODUHVSXHVWD
DWXLQJOÃV([SÍQHORÇGRDOLQJOÃVDWUDYÃVGHORV&'oV\'9'oVGHOPÃWRGR([SÍQHORÇGRDODVPLOHVGHKRUDV
DXGLWLYDVGLVSRQLEOHVHQ,QWHUQHW6ÍORDVÇWHOLEUDU»VGHOODVWUH\ODWLUDQÇDGHODSDODEUDHVFULWD\DSUHQGHU»VD
PDQWHQHUWHDïRWHGHYHUGDGFRQHOLQJOÃV
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
'LVFUHGLW
'LVFUHHW
'LVFUHSDQF\
'LVFUHWLRQ
'LVFXV
'LVFXVV
'LVFXVVLRQ
'LVHPEDUN
'LVHQFKDQW
'LVKRQHVW
'LVKRQRXU
'LVLOOXVLRQ
'LVLQIHFW
'LVLQKHULW
'LVNHWWH
'LVORFDWH
'LVOR\DO
'LVOR\DOW\
'LVPDQWOH
'LVPRXQW
'LVRUGHU
'LVRULHQW
'LVSDULW\
'LVSHUVH
'LVSXWH
'LVUHVSHFW
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VÃVWHHOGHVSDFKRGHOGLUHFWRU",VWKLVWKHPDQDJHUoVRIïFH"
6ÇORHV\RVR\VXVHFUHWDULD <HVLWLV,oPKLVVHFUHWDU\
(VW»RFXSDGRHQHVWH ,VKHEXV\DWWKHPRPHQW"
PRPHQWR"
1RQRORHVW»6U%URZQHO6U)LVK1RKHLVQoW0U%URZQ0U
HVW»DTXÇSDUDYHUOH
)LVKLVKHUHWRVHH\RX
$K6U)LVKHQWUH\VLÃQWHVH $K0U)LVKFRPHLQDQGVLW
GRZQ
(VWR\XQSRFRQHUYLRVRHVPL ,oPDOLWWOHQHUYRXVLWoVP\ïUVW
WLPHLQ\RXURIïFH
SULPHUDYH]HQVXGHVSDFKR
(VSHURTXHQRVHDODÔOWLPD ,KRSHLWoVQRWWKHODVWHLWKHU
WDPSRFR
3RUTXÃTXLHUHYHUPH" :K\GR\RXZDQWWRVHHPH"
4XLHURKDEODUGHVXIXWXUR ,ZDQWWRWDONDERXW\RXUIXWXUH
£VWDYDDVHUXQDFRQYHUVDFLÍQ,VWKLVJRLQJWREHDORQJ
FRQYHUVDWLRQ"
ODUJD"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&X»QGRHPSH]DVWHDWUDEDMDU:KHQGLG\RXVWDUWZRUNLQJ
ZLWKXV"
FRQQRVRWURV"
&RPHQ]ÃKDFHWUHVDËRV ,EHJDQWKUHH\HDUVDJR
(QTXÃGHSDUWDPHQWRHVW»V :KLFKGHSDUWPHQWDUH\RX
ZRUNLQJLQ"
WUDEDMDQGR"
1RVHDFXHUGD"7UDEDMRHQHO 'RQoW\RXUHPHPEHU",ZRUNLQ
WKHVDOHVGHSDUWPHQW
GHSDUWDPHQWRGHYHQWDV
6LHPSUHVHPHROYLGDQODVFRVDV,oPDOZD\VIRUJHWWLQJWKLQJV,
KDYHDYHU\EDGPHPRU\
WHQJRPX\PDODPHPRULD
6DEHVFX»OHVODVLWXDFLÍQ 'R\RXNQRZZKDWWKHFXUUHQW
VLWXDWLRQRIWKHFRPSDQ\LV"
DFWXDOGHODHPSUHVD"
+DVYLVWRODVFLIUDVGHYHQWDV +DYH\RXVHHQWKLV\HDUoVVDOHV
ïJXUHV"
GHHVWHDËR"
&X»QWRKDVYHQGLGRHVWHDËR" +RZPXFKKDYH\RXVROGWKLV
\HDU"
&X»QWRVGÇDVKDVHVWDGRGH +RZPDQ\GD\VKDYH\RXEHHQ
RIIVLFN"
EDMD"
/RVEHQHîFLRVVRQPXFKRP»V 3URïWVDUHPXFKORZHUWKDQ
ODVW\HDU
EDMRVTXHHODËRSDVDGR
5LYHU 5ÇR
2FHDQ 2FÃDQR
6WUHDP $UUR\R
/DNH /DJR
6HD 0DU
9RFDEXODULR:DWHU $JXD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
+HPRVWHQLGRTXHDQDOL]DUORV :HoYHKDGWRDQDO\VHWKH
FRPSDQ\oVH[SHQVHV
JDVWRVGHODHPSUHVD
1RVKHPRVYLVWRREOLJDGRVD :HoYHEHHQIRUFHGWRWDNH
VRPHGLIïFXOWGHFLVLRQV
WRPDUGHFLVLRQHVGLIÇFLOHV
4XÃVLJQLîFDWRGRHVWR" :KDWGRHVDOOWKLVPHDQ"
7RGRVXHQDPX\SUHRFXSDQWH ,WDOOVRXQGVYHU\ZRUU\LQJ
(VW»LVDSXQWRGHGDUPHPDODV <RXoUHDERXWWRJLYHPHVRPH
EDGQHZVDUHQoW\RX"
QRWLFLDVQR"
1RQRVSRGHPRVSHUPLWLU :HFDQoWDIIRUGWRNHHS
VSHQGLQJVRPXFKPRQH\
VHJXLUJDVWDQGRWDQWRGLQHUR
7HQHPRVTXHGHVSHGLUD :HKDYHWROD\RIIVRPH
HPSOR\HHV
DOJXQRVHPSOHDGRV
/DJHQWHTXHOOHYDPHQRVWLHPSR 7KHSHRSOHZKRKDYHEHHQ
DTXÇVHU»QORVSULPHURVHQLUVH KHUHIRUWKHOHDVWWLPHZLOOEH
WKHïUVWWRJR
0X\DPLSHVDUHVW»VHQWUH 0XFKWRP\UHJUHW\RXDUH
DPRQJWKRVHXQIRUWXQDWHRQHV
HVRVGHVDIRUWXQDGRV
1RWHORWRPHVWDQDSHFKR 3OHDVHGRQoWWDNHLWWRKHDUW
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
(QRWUDVSDODEUDVPHHVW»LV ,QRWKHUZRUGV\RXoUHïULQJ
PH
HFKDQGRDODFDOOH
'HEHUÇDLVGHVSHGLUDORVSHRUHV<RXVKRXOGGLVPLVVWKHZRUVW
HPSOHDGRVQRDORVP»VQXHYRV HPSOR\HHVQRWWKHQHZHVWRQHV
6HHOLJLÍHVWDSROÇWLFDSRUTXH 7KLVSROLF\ZDVFKRVHQEHFDXVH
QRVSDUHFLÍTXHVHUÇDODPDQHUD LWVHHPHGWRXVWREHWKH
IDLUHVWZD\
P»VMXVWD
1RHVSHUDEDHVWRSDUDQDGD ,ZDVQoWH[SHFWLQJWKLVDWDOO
&X»QWRVHU»PLLQGHPQL]DFLÍQ+RZPXFKZLOOP\UHGXQGDQF\
SD\EH"
SRUGHVSLGR"
2MDO»QRKXELHUDYHQLGRDO ,ZLVK,KDGQoWFRPHWRZRUN
WUDEDMRKR\
WRGD\
1RWHFRVWDU»QDGDHQFRQWUDU <RXoOOKDYHQRWURXEOHïQGLQJ
RWURWUDEDMR
DQRWKHUMRE
7HQJRODH[WUDËDVHQVDFLÍQGH,KDYHDIXQQ\IHHOLQJ\RXoUH
TXHRVYDLVDDUUHSHQWLUGHHVWR
JRLQJWRUHJUHWWKLV
|1LVHWHRFXUUDDPHQD]DUQRV 'RQoW\RXGDUHWKUHDWHQXV
/RTXHVHVLHPEUDVHFRVHFKD <RXUHDSZKDW\RXVRZ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpRYHUq
+DYH\RXJRQHRYHU\RXUQRWHV"
+DVUHSDVDGRWXVDSXQWHV"
+RZ/RQJ"
,GRQoWZDQWWRJRRYHUWKDWDJDLQ
1RTXLHURYROYHUDVDFDUHVRVWHPDV
/HWoVJREDFNRYHUWKLVRQHPRUHWLPH :HFDQKDYHWKHPRYHUIRUGLQQHU
9ROYDPRVDUHSDVDUHVWRXQDYH]P»V 3RGHPRVLQYLWDUOHVDFHQDUHQFDVD
,ZHQWRYHUWR3HSHoVRIîFH
0HDFHUTXÃDOGHVSDFKRGH3HSH
,VWKHUHDQ\IRRGOHIWRYHUIURPODVWQLJKW"
4XHGDFRPLGDGHDQRFKH"
5HSRUWHGVSHHFK
(PSOHDPRVHOSUHVHQWHSHUIHFWRFRQWLQXRMXQWR
FRQpKRZORQJ"qSDUDGHFLUpFX»QWRWLHPSR"q
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
&X»QWRWLHPSROOHYDVKDEODQGRLQJOÃV"
&X»QWRWLHPSROOHYDVWRFDQGRHOSLDQR"
&X»QWRWLHPSROOHYDVYLYLHQGRHQ(VSDËD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
)ÇMDWHGHQXHYRHQFÍPRPRGLîFDPRVORVWLHPSRVYHUEDOHVFXDQGRKDEODPRVHQpUHSRUWHGVSHHFKq ODQDUUDWLYDLQGLUHFWD
1DQF\ ,VSRNHWR*HRUJH&ORRQH\ODVWQLJKW
3KLOOLS 'RHVKHVRXQGWKHVDPHRQWKHSKRQHDVLQWKHPRYLHV"
1DQF\ +HoVYHU\SROLWHDQGIULHQGO\
3KLOOLS:KHQDUH\RXJRLQJWRPHHWZLWKKLP"
1DQF\ ,KDYHWREHLQ$VSHQQH[W7XHVGD\
3KLOOLS+DYH\RXUHFHLYHGKLVKRXVHSODQV"
1DQF\ (GGLHKDVQoWVHQWWKHPWRPH\HW
1DQF\WROG3KLOOLSWKDWVKHKDGVSRNHQWR*HRUJH&ORRQH\WKHQLJKW
EHIRUH3KLOOLSDVNHGKHULIKHVRXQGHGWKHVDPHRQWKHSKRQHDVLQ
WKHPRYLHVDQG1DQF\UHSOLHGWKDWKHZDVYHU\SROLWHDQGIULHQGO\
3KLOOLSWKHQDVNHGKHUZKHQVKHZDVJRLQJWRPHHWZLWKKLPDQG
VKHDQVZHUHGWKDWVKHKDGWREHLQ$VSHQWKHIROORZLQJ7XHVGD\
3KLOOLSîQDOO\DVNHGKHULIVKHKDGUHFHLYHGKLVKRXVHSODQVDQGVKH
WROGKLPWKDW(GGLHKDGQoWVHQWWKHPWRKHU\HW
5RQQ\ ,PD\VWDUWZRUNLQJZLWKDEXVLQHVVJURXSIURP&RUVLFD
1LJHO :KDWoVWKHQDPHRIWKHJURXS"
5RQQ\,WoVDGLYHUVLïHGJURXSUXQE\WKH7XUTXLIDPLO\
1LJHO 7KDWQDPHVRXQGVIDPLOLDU'RWKH\KDYHDZLQH
EXVLQHVV"
5RQQ\7KH\KDYHDORWRIEXVLQHVVHVfWRRPDQ\WRFRXQW
1LJHO $UH\RXVXUH\RXNQRZZKDW\RXoUHGRLQJ"
5RQQ\'RQoWZRUU\,NQRZPXFKPRUHDERXW\DFKWVWKDQ
WKH\GR
5RQQ\ WROG KLV IDWKHU 1LJHO WKDW KH PLJKW VWDUW ZRUNLQJ ZLWK D
EXVLQHVVJURXSIURP&RUVLFD1LJHODVNHGKLPZKDWWKHQDPHRIWKH
JURXSZDVDQG5RQQ\DQVZHUHGWKDWLWZDVDGLYHUVLîHGJURXSUXQ
E\WKH7XUTXLIDPLO\1LJHOVDLGWKDWWKHQDPHVRXQGHGIDPLOLDUDQG
DVNHGLIWKH\KDGDZLQHEXVLQHVVWRZKLFK5RQQ\UHVSRQGHGWKDW
WKH\KDGDORWRIEXVLQHVVHVfWRRPDQ\WRFRXQW1LJHOîQDOO\DVNHG
KLVVRQLIKHZDVVXUHKHNQHZZKDWKHZDVGRLQJDQG5RQQ\WROG
KLVIDWKHUQRWWRZRUU\WKDWKHNQHZPXFKPRUHDERXW\DFKWVWKDQ
WKH\GLG
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7HUHFRPHQGDUÇDTXHYROYLHUDVDFRQVLGHUDUWXGHFLVLÍQ/DDUTXL
WHFWXUDHVXQFDPSRGHHVWXGLRQREOH\GHFDOLGDG\VLFRQVLJXHV
VXSHUDUODVDVLJQDWXUDV\WHJUDGÔDVHQWRQFHVHVWDU»VUHVWULQJLGR
DJDQDUWHODYLGDHQHVWHFDPSR\VRODPHQWHHQHVWHFDPSR(V
UDURHQFRQWUDUVHFRQXQDUTXLWHFWRHQRWUDVSURIHVLRQHV$TXHOORV
DUTXLWHFWRVTXHWLHQHQÃ[LWRYLYHQPX\ELHQ\OOHJDQPXFKDVYH
FHVDVHUIDPRVRV$TXHOORVTXHQRYLYHQXQDYLGDSUHFDULDOOHQD
GHDPELFLRQHVSHUGLGDV\GHFHSFLÍQ
,ZRXOGVWURQJO\DGYLVH\RXWRWDNHDFORVHUORRNDW\RXUGHFLVLRQ
$UFKLWHFWXUHLVDîQHDQGQREOHîHOGRIVWXG\DQGLI\RXJHWWKURXJK
WKHWRXJKFRXUVHORDGDQGJUDGXDWHWKHQ\RXZLOOEHUHVWULFWHGWR
PDNLQJ\RXUOLYLQJLQWKLVîHOGDQGLQWKLVîHOGRQO\,WoVUDUHWR
îQGDUFKLWHFWVLQRWKHUZDONVRIOLIH7KRVHDUFKLWHFWVZKRVXFFHHG
OLYHYHU\ZHOOLQGHHGDQGRIWHQEHFRPHIDPRXV7KRVHZKRGRQoW
OLYHDSUHFDULRXVOLIHIXOORIORVWDPELWLRQVDQGGLVDSSRLQWPHQW
0»VSDODEUDVLQJOHVDV
(VWLPDGRDPLJR\DOXPQR1DGLHHQODKLVWRULDKDDSUHQGLGRXQVHJXQGRLGLRPDOLPLW»QGRVHDDVLVWLUD
GHUDÇ]ODWLQD
XQDFODVHDXQTXHÃVWDKD\DVLGRVXSHULQWHQVLYD7RGRVORVTXHKDQOOHJDGRDEXHQSXHUWRKDQSDVDGR
DSXURVPXFKRVDSXURVHQVLWXDFLRQHVUHDOHV8QDKRUDHQXQDVLWXDFLÍQFRPSURPHWLGDGHFRPXQLFDFLÍQ 'LVFULPLQDWH 'LVTXDOLîFDWLRQ
FRQDQJORSDUODQWHVUHDOHV QRSURIHVRUHV YDOHSRUKRUDVGHFODVH5HSLWRODUHODFLÍQHVGHXQRD 'LVFULPLQDWLRQ 'LVUHSXWDEOH
0HGLDKRUDUHVROYLHQGRODSÃUGLGDGHOHTXLSDMHHQHODHURSXHUWRGH'DOODVYDOHSRUKRUDVGHFODVH3RU 'LVFULPLQDWRU\ 'LVVDWLVIDFWLRQ
TXÃ"3RUTXHVLORJUDVVDOLUELHQGHOHQYLWHWHQGU»VPXFKDP»VFRQîDQ]DHQWXFDSDFLGDGGHFRPXQLFDFLÍQ 'LVHTXLOLEULXP 'LVUHVSHFWIXO
'LVVDWLVîHG
DSHVDUGHORVHUURUHVFRPHWLGRV1HFHVLWDVKRUDVRP»VSDUDFRQVHJXLUHVDFRQîDQ]DFRQXQSURIHVRUHQ 'LVLQIHFWDQW
'LVVHFW
ODDUWLîFLDOLGDGGHODXOD6LKX\HVGHODRSRUWXQLGDGGHSDVDUDSXURV\GHFDSHDUVLWXDFLRQHVFRPSURPHWLGDV 'LVLQWHJUDWH
'LVORFDWLRQ
'LVVHFWLRQ
WHFRQGHQDVDDVLVWLUDFODVHVDËRWUDVDËRHQXQLQWHQWRGHDSUHQGL]DMHTXHDFDEDU»LQH[RUDEOHPHQWH
HQHOIUDFDVR/OHJDU»VDXQQLYHOLQWHUPHGLRHVRVÇSHURGHDKÇQRSDVDU»V3RUHVWR(VSDËDHVW»OOHQDGH 'LVREHGLHQFH 'LVVHPLQDWH
pDOXPQRVHWHUQRVqTXHGHVGHDVLVWHQDVXVGRVKRULWDVVHPDQDOHVGHFODVHVLQFRQVHJXLUMDP»VXQ 'LVREHGLHQW 'LVVHPLQDWLRQ
'LVRUJDQL]HG
'LVVLSDWH
SURJUHVRLPSRUWDQWH6LHPSUHYXHOYRDODPHW»IRUDGHOSLORWRQRYDWR6LPDËDQDHVVXSULPHUYXHORUHDOQR
'LVRULHQWDWH
'LVVLSDWLRQ
YR\DVXELUFRQÃODXQTXHKD\DDFXPXODGRKRUDVSUHSDU»QGRVHHQHOVLPXODGRU$ODLQYHUVDVLVÍOR
'LVRULHQWDWLRQ
'LVVROYH
WLHQHKRUDVGHVLPXODGRUP»VGHDYLDGRUHQWRQFHVHVWDUÃP»VGLVSXHVWRDVXELUFRQÃO6LQHPEDUJR 'LVSDVVLRQDWH
'LVVRQDQFH
HQHVWHÔOWLPRFDVRHOQRYDWRVÍORWLHQHKRUDVGHIRUPDFLÍQFRQWUDGHORWUR$SHVDUGHHOORVXER 'LVSHQVDEOH
'LVVRQDQW
FRQHOGHODVKRUDV<WÔQR"8QDKRUDGHYXHORYDOHSRUGHVLPXODGRU<XQDKRUDSDVDQGRDSXURVGH
'LVSRVLWLRQ
'LVVXDGH
FRPXQLFDFLÍQHQLQJOÃVYDOHSRUGHFODVH\PÃWRGR
'LVSURSRUWLRQ
'LVVXDVLRQ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XÃGÇDHVHOPHUFDGR" :KDWGD\LVWKHPDUNHW"
(VW»DELHUWRORVPDUWHV\ORV ,WoVRSHQRQ7XHVGD\VDQG
MXHYHV
7KXUVGD\V
+R\QRHVPDUWHV" ,VQoWWRGD\7XHVGD\"
(VRHVW»SRUDOOÇ" ,VWKDWLWRYHUWKHUH"
9HQFRQPLJRDOPHUFDGR &RPHZLWKPHWRWKHPDUNHW
/HSXHGRD\XGDU" &DQ,KHOS\RX"
1RHVW»ELHQJUDFLDV6ÍOR 1RLWoVRNWKDQNV,oPMXVW
ORRNLQJ
HVWR\PLUDQGR
4XÃHVW»EXVFDQGR" :KDWDUH\RXORRNLQJIRU"
1HFHVLWRXQUHJDORGH1DYLGDG ,QHHGD&KULVWPDVSUHVHQWIRU
P\KXVEDQG
SDUDPLPDULGR
(VWR\LQWHUHVDGRHQHVHREMHWR ,oPLQWHUHVWHGLQWKDWREMHFW
1XUVH (QIHUPHUD
6XUJHRQ &LUXMDQR
6FDOSHO %LVWXUÇ
2SHUDWLQJ5RRP 4XLUÍIDQR
9RFDEXODULR2SHUDWLRQ 2SHUDFLÍQ
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
'HTXÃHVW»KHFKR :KDWoVLWPDGHIURPH[DFWO\"
H[DFWDPHQWH"
(VXQDPH]FODGHPDGHUD\RUR ,WoVDPL[WXUHRIZRRGDQGJROG
(VDXWÃQWLFRHORUR" ,VWKHJROGUHDO"
(VW»KHFKRDPDQR" :DVLWKDQGPDGH"
/RWLHQHHQRWURVFRORUHV" 'R\RXKDYHLWLQDQ\RWKHU
FRORXUV"
0HWHPRTXHVÍORKD\XQ ,oPDIUDLGWKHUHLVRQO\RQH
FRORXU
FRORU
6LQHPEDUJRWHQHPRVXQD +RZHYHUZHKDYHDUDQJHRI
VL]HV
JDPDGHWDPDËRV
0HSRGUÇDSDVDUHVHSRUIDYRU" &RXOG\RXSDVVWKDWRQHSOHDVH"
$FX»OVHUHîHUH" :KLFKRQHDUH\RXUHIHUULQJWR"
(OTXHVHDP»VJUDQGHSHUR 7KHRQHWKDWoVELJJHUWKDQWKLV
PHQRVFDURTXHHOTXHHVW»HQ RQHEXWOHVVH[SHQVLYHWKDQ
WKHRQHLQ\RXUKDQG
VXPDQR
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&X»QWROOHYDYHQGLGRHQOR +RZPDQ\KDYH\RXVROGVRIDU
WRGD\"
TXHOOHYDPRVGHGÇD"
'HPDVLDGRVSDUDFRQWDU 7RRPDQ\WRFRXQW
3RGUÇDSDJDUFRQWDUMHWD" &RXOG,SD\E\FDUG"
0LHQWUDVQRVHDODWDUMHWDGH $VORQJDVLWoVQRW\RXUOLEUDU\
FDUG
ODELEOLRWHFD
&X»QWRTXLHUHSRUHVHPDUFR" +RZPXFKGR\RXZDQWIRU
WKDWSLFWXUHIUDPH"
(VW»GLVSXHVWRDQHJRFLDU" $UH\RXZLOOLQJWRQHJRWLDWH"
0HGHMDUÇDWUHVSRUHOSUHFLR :RXOG\RXJLYHPHWKUHHIRU
WKHSULFHRIWZR"
GHGRV"
6LKLFLHUDHVRHVWDUÇDWLUDQGR ,I,GLGWKDW,oGEHWKURZLQJP\
PRQH\DZD\
PLGLQHUR
(VRHVXQSRFRH[FHVLYR 7KDWoVDELWVWHHS
&UHHVTXHHVWR\PRQWDGRHQ 'R\RXWKLQN,oPPDGHRI
PRQH\"
HOGÍODU"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
(VPLÔOWLPDRIHUWD|ORWRPDR ,WoVP\ïQDORIIHUWDNHLWR
OHDYHLW
ORGHMD
/HHVWR\KDFLHQGRXQDRIHUWD ,oPPDNLQJ\RXDQRIIHU\RX
FDQoWUHIXVH
TXHQRVHSXHGHUHFKD]DU
0HSDUHFHXQEXHQWUDWRPH ,WVHHPVOLNHDIDLUGHDOWRPH
,oOOWDNHLW
OROOHYR
|(VODJDQJDGHODËRGLUÇD\R ,WoVWKHEDUJDLQRIWKH\HDU,oGVD\
3XHGHHQYROYÃUPHORSRU &DQ\RXZUDSLWXSIRUPH
SOHDVH"
IDYRU"
1XQFDVXSHTXHHUDVXQDFKLFD,QHYHUNQHZ\RXZHUHVXFKD
WDQOLVWD
VPDUWJLUO
'ÍQGHDSUHQGLVWHDUHJDWHDU :KHUHGLG\RXOHDUQWRKDJJOH
DVÇ"
OLNHWKDW"
$QWHVWUDEDMDEDHQXQ ,XVHGWRZRUNLQDVWUHHW
PHUFDGLOORHQ0DUUXHFRV
PDUNHWLQ0RURFFR
|0HHVW»VWRPDQGRHOSHOR <RXoUHKDYLQJPHRQ
/RGLJRHQVHULR|QDGLHSRGÇD ,PHDQLWQRRQHFRXOGVHOOD
YHQGHUXQDDOIRPEULOODFRPR\R UXJOLNH,FRXOG
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpRYHUq
,&DQ7HOO
+HEHQWRYHUDQGSLFNHGLWXS
6HDJDFKÍSDUDUHFRJHUOR
5HDGLWRYHUEHIRUHVLJQLQJLW
'DOHXQDOHFWXUDDQWHVGHîUPDUOR
/HWWKHPRYHUWKHEULGJH
'ÃMDOHVTXHFUXFHQHOSXHQWH
,oYHUHDGRYHU\RXUUÃVXPÃDQG,oPLPSUHVVHG
+HOHÇGRVXFXUULFXOXP\HVWR\LPSUHVLRQDGR
+HSXWRQHRYHURQPH IUDVHKHFKD &DQ\RXUXQRYHUWRWKHSKDUPDF\"
0HHQJDËÍSHURELHQ
7HSXHGHVDFHUFDUU»SLGRDODIDUPDFLD"
6HSXHGHWUDGXFLUFRPRpVHQRWDTXHqRpVÃ
TXH SRUTXHHVREYLR q
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6HQRWDTXHQRHVW»VPX\FRQYHQFLGR
6HQRWDEDTXHQRTXHUÇDVHVWDUDOOÇ
6LHPSUHVHQRWDFXDQGRHVW»VPLQWLHQGR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
8VHGWRLQîQLWLYRsWRJHWXVHGWRJHUXQGLRsWREHXVHGWRJHUXQGLR
7HSLGRTXHHVWXGLHVFRQGHWHQLPLHQWRHOS»UUDIRHQLQJOÃVH[SXHVWRDFRQWLQXDFLÍQ(VWUHPHQGDPHQWHLPSRUWDQWHSRUTXHORVHVSDËROHVHVW»LV
WUHPHQGDPHQWHGDGRVDXVDUPDOHVWDVHVWUXFWXUDVKDVWDHOSXQWRGHFRQIXQGLUDYXHVWURVLQWHUORFXWRUHVp8VHGWRLQïQLWLYRqHVXQDIRUPD
GHOSDVDGRIRUPDHQODFXDOQRVHKDFHUHIHUHQFLDDFX»QGRQLGXUDQWHFX»QWRWLHPSRp7RJHWXVHGWRJHUXQGLRqHVQXHVWUDIRUPDSDUDGHFLU
pDFRVWXPEUDUVHDLQïQLWLYRq3RUÔOWLPRpWREHXVHGWRJHUXQGLRqHVHOHTXLYDOHQWHDpHVWDUDFRVWXPEUDGRLQïQLWLYRq(QWRGRVORVFDVRV
MXQWDPRVODVGRVSDODEUDVpXVHGWRqHQXQVÍORVRQLGRIRQÃWLFRLÔVWX(VFDVLLGÃQWLFRDOVRQLGRHVSDËROSDUDHO0RQDVWHULRGHp<XVWHqFDPELDQ
GRODpHqîQDOSRUXQDpXq,PDJLQDTXHHOPRQDVWHULRHQFXHVWLÍQVHOODPDVHHO0RQDVWHULRGHp<XVWXq\DKÇWLHQHVODSURQXQFLDFLÍQGHpXVHGWRq
*XV0RUJDQXVHGWREHDQLPSRUWDQWSHUVRQ+HXVHGWREHULFK+H
XVHGWRKDYHDORWRIFDUV+HXVHGWRDSSHDULQWKHJRVVLSPDJD]LQHV
ZLWKEHDXWLIXOZRPHQDWKLVDUP+HXVHGWRWKLQNWKDWWKHIXWXUH
ZDVEULJKW
+RZHYHU WKDW ZDV EHIRUH KH ZHQW WR SULVRQ 1RZ KH KDV D QHZ
OLIHDQGKHKDVWRJHWXVHGWRDORWRIQHZWKLQJV+HoVQRWXVHGWR
OLYLQJLQDSULVRQFHOO+HXVHGWROLYHLQDOX[XULRXVPDQVLRQEXW
QRZKHKDVWRJHWXVHGWROLYLQJLQDSULVRQFHOOVPDOOHUWKDQKLVROG
EDWKURRP+HoVQRWXVHGWRVOHHSLQJRQDKDUGQDUURZEHG+HXVHG
WRVOHHSRQDNLQJVL]HEHGEXWQRZKHKDVWRJHWXVHGWRVOHHSLQJ
RQDEHGRQO\FHQWLPHWHUVZLGH
7KHELJJHVWFKDQJHKRZHYHULVWKHIRRG*XV0RUJDQXVHGWRHDW
LQ WKH EHVW UHVWDXUDQWV DQG GULQN WKH EHVW ZLQHV +HoV QRW XVHG
WRHDWLQJWKHVDPHIRRGHYHU\GD\+HoVQRWXVHGWRHDWLQJRQO\
EHDQVDQGERLOHGSRWDWRHV+HXVHGWRHDWFDYLDUEHHIîVKDQG
ODPE1RZKHKDVWRJHWXVHGWRHDWLQJRQO\EHDQVDQGSRWDWRHV
+HoVQRWXVHGWRGULQNLQJRQO\ZDWHUHLWKHU+HXVHGWRGULQNWKH
EHVWZLQHVIURPWKH%RUGHDX[UHJLRQRI)UDQFH1RZKHKDVWRJHW
XVHGWRGULQNLQJZDWHUDQGRQO\ZDWHU
*XV0RUJDQXVHGWREHWKHpNLQJRIWKHPRXQWDLQq+HXVHGWRGR
ZKDWHYHU KH ZDQWHG DQG JR ZKHUHYHU KH ZDQWHG +HoV QRW XVHG
WRKDYLQJWRVWD\LQRQO\RQHSODFHDQGKHoVQRWXVHGWRIROORZLQJ
RUGHUV+H XVHG WRJLYHRUGHUVQRWIROORZRUGHUV%XWQRZKHoVLQ
SULVRQDQGKHKDVWRJHWXVHGWRDQHZZD\RIOLIH+HoVQRWXVHGWRLW
\HWEXWOLNHHYHU\RWKHUSULVRQHUKHZLOOJHWXVHGWRLWHYHQWXDOO\
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
2\H-RKQDQWHVGHTXHWHYD\DVWLHQHVXQPLQXWRSDUDUHYLVDUHVWHS»
UUDIR"£FKDOHXQYLVWD]RU»SLGR(VSDUDXQDQXQFLRTXHYDPRVDSRQHU
HQHO6DQ)UDQFLVFR+HUDOGDYLVDQGRGHQXHVWUDSUHVHQFLDHQHO&RQJUHVR
GHO&OXE6DIDUL,QWHUQDFLRQDO-HQQLIHUVXHOHHVFULELUHVWDVFRVDVSHUR\D
TXHQRHVW»DTXÇORWHQJRTXHKDFHU\R(VXQDQXQFLRSHTXHËRTXH
DYLVDGHQXHVWUDLQWHQFLÍQGHWHQHUXQSXHVWRSDUDYHQGHUSURGXFWRV
H[ÍWLFRVGHFXHURGHIULFD\2ULHQWHPHGLR,QFOXVRDSDUHFHU»QDOJXQDV
SHUVRQDVTXHQRVRQFD]DGRUHVSDUDYHUTXÃHVORTXHRIUHFHPRV
*XV0RUJDQDQWHVHUDXQDSHUVRQDLPSRUWDQWH(UDULFR7HQÇDPXFKRV
FRFKHV$SDUHFÇDHQODVUHYLVWDVGHOFRUD]ÍQFRQKHUPRVDVPXMHUHVFR
JLGDVGHVXEUD]R$QWHVSHQVDEDTXHHOIXWXURHUDSURPHWHGRU
6LQHPEDUJRHVRHUDDQWHVGHTXHIXHUDDODSULVLÍQ$KRUDWLHQHXQD
YLGDQXHYD\WLHQHTXHDFRVWXPEUDUVHDPXFKDVFRVDVQXHYDV1R
HVW»DFRVWXPEUDGRDYLYLUHQXQDFHOGDGHSULVLÍQ$QWHVYLYÇDHQXQD
OXMRVDPDQVLÍQSHURDKRUDWLHQHTXHDFRVWXPEUDUVHDXQDFHOGDGH
SULVLÍQP»VSHTXHËDGHVXDQWLJXRFXDUWRGHEDËR1RHVW»DFRV
WXPEUDGRDGRUPLUHQXQDFDPDHVWUHFKD\GXUD$QWHVGRUPÇDHQ
XQDFDPDGHJUDQWDPDËRSHURDKRUDWLHQHTXHDFRVWXPEUDUVHD
GRUPLUHQXQDFDPDGHVÍORFHQWÇPHWURVGHDQFKR
(OFDPELRP»VJUDQGHVLQHPEDUJRHVODFRPLGD*XV0RUJDQDQ
WHVFRPÇDHQORVPHMRUHVUHVWDXUDQWHV\EHEÇDORVPHMRUHVYLQRV
1RHVW»DFRVWXPEUDGRDFRPHUODPLVPDFRPLGDWRGRVORVGÇDV
1RHVW»DFRVWXPEUDGRDFRPHUVRODPHQWHMXGÇDV\SDWDWDVFRFL
GDV$QWHVFRPÇDFDYLDUFDUQHGHEXH\SHVFDGR\FRUGHUR$KRUD
WLHQHTXHDFRVWXPEUDUVHDFRPHUVÍORMXGÇDV\SDWDWDV7DPSR
FRHVW»DFRVWXPEUDGRDEHEHUVRODPHQWHDJXD$QWHVEHEÇDORV
PHMRUHVYLQRVGHODUHJLÍQIUDQFHVDGH%XUGHRV$KRUDWLHQHTXH
DFRVWXPEUDUVHDEHEHUDJXD\VRODPHQWHDJXD
*XV0RUJDQDQWHVHUDHOpUH\GHODPRQWDËDq$QWHVKDFÇDORTXHTXHUÇD
HLEDGRQGHTXHUÇD1RHVW»DFRVWXPEUDGRDSHUPDQHFHUHQXQVROR
VLWLR\QRHVW»DFRVWXPEUDGRDVHJXLUÍUGHQHV$QWHVGDEDÍUGHQHVQR
VHJXÇDÍUGHQHV3HURDKRUDHVW»HQSULVLÍQ\WLHQHTXHDFRVWXPEUDUVH
DXQDQXHYDIRUPDGHYLGD1RHVW»DFRVWXPEUDGRDHOODWRGDYÇDSHUR
FRPRORVGHP»VSUHVRVDODODUJDVHDFRVWXPEUDU»DHOOD
+H\-RKQEHIRUH\RXOHDYHGR\RXKDYHDPLQXWHWRSURRIUHDG
WKLVSDUDJUDSK"7DNHDTXLFNORRNDWLW,WoVIRUDQDGZHoUHJRLQJ
WRSODFHLQWKH6DQ)UDQFLVFR+HUDOGDQQRXQFLQJRXUSUHVHQFHDW
WKH 6DIDUL &OXE ,QWHUQDWLRQDO FRQYHQWLRQ -HQQLIHU XVXDOO\ ZULWHV
WKHVHWKLQJVEXWVLQFHVKHoVQRWKHUH,KDYHWRGRLW,WoVDVPDOODG
DQQRXQFLQJRXUSODQVIRUDVWDQGWRVHOOH[RWLFOHDWKHUJRRGVIURP
$IULFDDQGWKH0LGGOH(DVW(YHQVRPHQRQKXQWHUVZLOOVKRZXS
WRVHHZKDWZHKDYHWRRIIHU
(VWLPDGRDPLJR\DOXPQR+R\WHQJRSRFRHVSDFLRDVÇTXHVHUÃEUHYH(OPXQGRHVW»OOHQRGHPXFKRVWLSRVGH 0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
SHUVRQDSHURKD\WUHVWLSRVTXHGHEHVHYLWDUFRPRODSHVWHORVVREHUELRVORVYDJRV\ORVFÇQLFRV6RQSHOLJURVRV
SRUTXHDEXQGDQ\OHVJXVWDDEDWLUWXQDWXUDORSWLPLVPR\PRWLYDFLÍQ\VLOHVKDFHVFDVRORORJUDQ7RGRVDTXHOORV 'LVVXDVLYH 'LVWLOODWLRQ
FX\R SURJUHVR FRQ HO LQJOÃV PH KD VRUSUHQGLGR KDQ VLGR SHUVRQDV TXH UHXQÇDQ WUHV FDUDFWHUÇVWLFDV KXPLOGDG 'LVWDQFH 'LVWLOOHU\
DXWRFRQîDQ]D\GLVSRVLFLÍQSDUDHOWUDEDMR<QRKDFÇDQFDVRDORVFÇQLFRVQLDORVVREHUELRVQLDORVYDJRV
'LVWDQW
'LVWLQFW
5LFKDUG9DXJKDQ
'LVWLOO
'LVWLQFWLRQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'ÍQGHHVW»QORVFRFKHV" :KHUHDUHWKHFDUV"
(VW»QGHWU»VGHODHVWDFLÍQGH 7KH\DUHEHKLQGWKHWUDLQ
WUHQHV
VWDWLRQ
'HTXÃFRORUHVQXHVWURFRFKH":KDWFRORXULVRXUFDU"
&UHRTXHHVDPDULOOR ,WKLQNLWoV\HOORZ
|$TXÇHVW» +HUHLWLV
1RHVHVHDPDULOOR|HVHVWHGH ,WLVQoWWKDW\HOORZRQHLWoVWKLV
VLOYHURQH
SODWD
(VPX\JUDQGHQR" ,WoVYHU\ELJLVQoWLW"
1RYDDYHQLUWXDPLJRFRQ ,VQoW\RXUIULHQGFRPLQJZLWK
XV"
QRVRWURV"
1RSXHGHWLHQHTXHWUDEDMDUKR\ +HFDQoWKHKDVWRZRUNWRGD\
|9»PRQRV /HWoVJR
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&X»QWRFXHVWDDOTXLODUHVWH +RZPXFKGRHVWKLVFDUFRVW
WRUHQW"
FRFKH"
&XHVWDGRVFLHQWRVHXURVDOGÇD ,WFRVWVWZRKXQGUHGHXURVD
GD\SOXVWKHSHWURO
P»VJDVROLQD
'HTXÃSDÇVYLHQHHVWHFRFKH" :KLFKFRXQWU\GRHVWKLVFDU
FRPHIURP"
(VHVWDGRXQLGHQVHORXWLOL]DQ ,WoV$PHULFDQWKH\XVHLWLQWKH
DUP\
HQHOHMÃUFLWR
(VGLIÇFLOFRQGXFLUOR" ,VLWGLIïFXOWWRGULYH"
6HSDUHFHP»VDXQWDQTXHTXH,WORRNVPRUHOLNHDWDQNWKDQ
DFDU
DXQFRFKH
$OJXLHQWUDMRPÔVLFDSDUDHO 'LGDQ\RQHEULQJPXVLFIRUWKH
YLDMH"
MRXUQH\"
'HMDGHIXPDUWDQWRHOFRFKH 6WRSVPRNLQJVRPXFKWKHFDU
HVW»OOHQRGHKXPR
LVIXOORIVPRNH
7RGRHOPXQGRQRVPLUD|VRPRV(YHU\ERG\oVORRNLQJDWXVZHoUH
ORVUH\HVGHODFDUUHWHUD
WKHNLQJVRIWKHPRWRUZD\
3DUHPRVHQXQDJDVROLQHUD /HWoVVWRSDWDSHWUROVWDWLRQWR
SDUDHFKDUJDVROLQD
ïOOXS
3DQW\ %UDJD
%UD 6XMHWDGRU
/LQJHULH /HQFHUÇD
3DQW\KRVH 3DQW\V
7LJKWV 0HGLDV
9RFDEXODULR:RPHQoV8QGHUZHDU 5RSD,QWHULRUSDUD0XMHUHV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
$DOJXLHQOHDSHWHFHXQD 'RHVDQ\RQHIHHOOLNHDEHHU"
FHUYH]D"
4XÃGLUÇDQWXVDPLJRVVL :KDWZRXOG\RXUIULHQGVVD\LI
VXSLHVHQTXHVHVLUYHFHUYH]D
WKH\NQHZWKH\VHUYHEHHULQ
HQJDVROLQHUDVGHDTXÇ"
SHWUROVWDWLRQVKHUH"
'LUÇDQp9DPRVDFRJHUHO 7KH\oGVD\p:HoUHJRLQJWR
SUÍ[LPRYXHORSDUD(VSDËDq
WDNHWKHQH[WðLJKWWR6SDLQq
&ÍPRVHDSDJDQHVWDVOXFHV +RZGR\RXWXUQWKHVHLQWHULRU
LQWHULRUHV"
OLJKWVRII"
&X»OHVODVDOLGDGH&»FHUHV" :KLFKH[LWLVLWIRU&»FHUHV"
&RJHPRVODDXWRSLVWDGHSHDMH" 6KDOOZHWDNHWKHWROOPRWRUZD\"
0»VYDOHTXHUHGX]FDVOD <RXoGEHWWHUVORZGRZQ
YHORFLGDGVLQROD3ROLFÇDQRV
RWKHUZLVHWKH3ROLFHZLOOVWRSXV
SDUDU»
4XÃKDFHPRVVLWHQHPRVXQD :KDWGRZHGRLIZHEUHDN
DYHUÇD"
GRZQ"
$TXÃKRUDOHVGLMLVWHTXH :KDWWLPHGLG\RXWHOOWKHP
OOHJDUÇDPRV"
ZHoGDUULYH"
&ÍPRGHPRQLRVYDPRVD +RZRQHDUWKDUHZHJRLQJWR
DSDUFDUHVWHPRQVWUXR"
SDUNWKLVPRQVWHU"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
'DOHVXQWRTXHSDUDYHUVLHVW»Q*LYHWKHPDEHOOWRVHHLI
HQFDVD
WKH\oUHDWKRPH
$YÇVDOHVTXHHVWDPRVDSXQWR /HWWKHPNQRZZHoUHDERXWWR
GHOOHJDU
DUULYH
0LUDSRUHOWHFKRFRUUHGL]R /RRNRXWRIWKHVXQURRI
1XHVWURVFROHJDVHVW»QDOOÇ 2XUPDWHVDUHXSWKHUHRQWKH
DUULEDHQHOEDOFÍQ
EDOFRQ\
+DJDVORTXHKDJDVQRGHMHV :KDWHYHU\RXGRGRQoWOHW
TXHOOHYHQHOFRFKHDQLQJÔQVLWLR WKHPWDNHWKHFDUDQ\ZKHUH
1DGLHTXHHVWÃHQVXVDQRMXLFLR1RERG\LQWKHLUULJKWPLQG
KDUÇDDOJRDVÇ
ZRXOGGRVRPHWKLQJOLNHWKDW
|$TXÃQRORDGLYLQDV$OJXLHQ *XHVVZKDW6RPHRQHMXVW
DFDEDGHUREDUHOFRFKH
VWROHWKHFDU
(OVHJXURDWRGRULHVJRLED :DVIXOO\FRPSUHKHQVLYH
LQFOXLGRHQHOSUHFLR"
LQVXUDQFHLQFOXGHGLQWKHSULFH"
(VWRQRVYDDFRVWDUXQULËÍQ 7KLVLVJRLQJWRFRVWXVDQDUP
DQGDOHJ
<RORDUUHJODUÃDOTXLODUHVWH ,oOOVRUWLWRXWKLULQJWKLVFDU
ZDVDZKLPRIPLQH
FRFKHIXHFDSULFKRPÇR
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpRYHUq
7R)RFXV2Q
7KHFDUUDQRYHUWKHSRRUGRJ
(OFRFKHDWURSHOOÍDOSREUHSHUUR
7KHPLOLWDU\WRRNRYHUWKHJRYHUQPHQW
/RVPLOLWDUHVVHDSRGHUDURQGHO*RELHUQR
/HWPHWDNHRYHUIRU\RX
'ÃMDPHTXHWHUHOHYH
6HQGKLPRYHUWRP\RIîFH
0»QGDOHDPLGHVSDFKR HQODPLVPD
SODQWD
0\ERVVLVDOZD\VVWDQGLQJRYHUPH
0LMHIHVLHPSUHHVW»DPLODGRYLJLO»QGRPH
1RERG\ZDQWVWRWDNHRYHU
1DGLHTXLHUHDVXPLUHOPDQGR
&XDQGRHOXVRGHpWRqHVW»WHUPLQDQWHPHQWHSURKLELGR
6LJQLîFDpFHQWUDUVHHQq7HQFXLGDGRSRUTXH
QXQFDVHXVDFRQODSUHSRVLFLÍQpLQq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7LHQHVTXHFHQWUDUWHP»VHQWXWUDEDMR
7HQGUHPRVTXHFHQWUDUQRVP»VHQQXHVWUDV
HVWUDWHJLDVGHPDUNHWLQJ
(QTXÃYDPRVDFHQWUDUQRVHQODUHXQLÍQGH
KR\"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
(QDSDULHQFLDORTXHSRQJRDFRQWLQXDFLÍQHVSRFDFRVD6HLVIUD
VHVVHQFLOODVFRQVHLVDGYHUWHQFLDV(QFLPDPHYDVDGHFLUTXH\D
VDEHV GH VREUD TXH QR VH XVD pWRq HQ HVWDV IUDVHV 3XHV LQVLVWR
HQGHGLFDUSDUWHGHHVWDîFKDDUHFRUG»UWHORGHQXHYR\HVWR\VH
JXURGHTXHWRGRVORVSURIHVRUHVGHLQJOÃVGHHVWHSDÇVHVWDU»Q
GHDFXHUGRFRQPLJRHQTXHLQVLVWDSRUHQÃVLPDYH]HQHVWR(Q
WRGRVPLVDËRVGHHQVHËDQ]DKHRÇGRPXFKRP»VODSDODEUDpWRq
HQHVWDVIUDVHVTXHVXDXVHQFLD&RQpFDQqpPXVWq\pOHWqMDP»V
DSDUHFH OD SDUWÇFXOD pWRq<D HVW» /R KH YXHOWR D GHFLU 3HUR PH
DSXHVWRORTXHVHDTXHYXHOYHVDLQVHUWDUpWRqGHVSXÃVGHDOJXQR
GHHVWRVWUHVYHUERVYHFHVP»VHQORVSUÍ[LPRVDËRV
,FDQWRVHHKLP
6KHPXVWWRGRLW
7KH\FDQWRFRPH
:HPXVWQoWWRJRWKHUH
/HWWKHPWRFRPH
/HWPHWRKHOS\RX
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7XYLPRVXQGHEDWHGHPLQXWRVVREUHORVSRPRV\SLFDSRUWHVGH
SXHUWD6DTXÃHOWHPDFDVLFRPRXQDEURPDSHURUHDOPHQWHKL]R
TXHODJHQWHKDEODUD$OSULQFLSLRODPD\RUÇDGHODJHQWHSUHIHUÇD
ORVSRPRVSHURDPHGLGDTXHHOGHEDWHFRQWLQXDEDHVWDEDQGH
DFXHUGRFDGDYH]P»VHQTXHORVSLFDSRUWHVVRQP»VHOHJDQWHV\
P»VÔWLOHV6LOOHYDVDOJRFRQDPEDVPDQRVWLHQHVTXHGHMDUORD
XQODGRSDUDDEULUXQDSXHUWDFRQSRPRSHURVLKD\XQSLFDSRUWH
SXHGHVXVDUHOFRGRRLQFOXVRODFDEH]DSDUDDEULUODSXHUWD
:H KDG D PLQXWH GHEDWH RQ GRRU NQREV DQG GRRU KDQGOHV ,
EURXJKWWKHVXEMHFWXSDOPRVWDVDMRNHEXWLWFHUWDLQO\JRWSHRSOH
WDONLQJ$WîUVWPRVWSHRSOHLQ WKHJURXSSUHIHUUHGGRRUNQREV
EXW DV WKH GHEDWH SURJUHVVHG PRUH DQG PRUH DJUHHG WKDW GRRU
KDQGOHV DUH PRUH HOHJDQW DQG PRUH XVHIXO ,I \RXoUH FDUU\LQJ
VRPHWKLQJZLWKERWKKDQGV\RXKDYHWRSXWWKHWKLQJGRZQWR
RSHQDGRRUZLWKDGRRUNQREEXWLIWKHUHoVDKDQGOH\RXFDQXVH
\RXUHOERZRUHYHQ\RXUKHDGWRRSHQWKHGRRU
(VWLPDGRDPLJR\DOXPQR(OKRPEUHGHODIRWRHV7DQFUHGR6DOD]DU(QGRVRFDVLRQHVWHKHKDEODGR
GHÃO&RPHQ]ÍDDSUHQGHULQJOÃVDORVDËRVKDELHQGRGHMDGRORVHVWXGLRVDORVSDUDWUDEDMDU
FRPRDSUHQGL]GHPHF»QLFR)XHîFKDGRDËRVP»VWDUGHSDUDGLULJLUWRGDODDFFLÍQFRPHUFLDOGHOD
îOLDOHVSDËRODGHXQDJUDQPXOWLQDFLRQDOQRUWHDPHULFDQD&XDQGROHFRQRFÇOHDGYHUWÇGHGRVFRVDV
SULPHURTXHDSUHQGHULQJOÃVDVXHGDG\FRQVXSRFDLQFOLQDFLÍQ
DFDGÃPLFDLEDDVHUXQUHWRPX\GLIÇFLOVHJXQGROHGLMHTXHVX
QXHYDHPSUHVDHVWDEDPX\HTXLYRFDGDVREUHHOFRVWHHQGLQHUR
\HVIXHU]RTXHHOUHWROHLEDDVXSRQHU7DQFUHGRPHPLUÍVRQULÍ
\GLMRp1RWHSUHRFXSHVVHËRU5ÇFKDUG(VWR\DFRVWXPEUDGRDORV
UHWRV 1R SXHGR YLYLU VLQ HOORV &X»QGR HPSH]DPRV"<D YHU»V
TXHORFRQVHJXLUHPRV7HDVHJXURTXHYR\DYHQFHUDOLQJOÃV9R\
DOOHYDUPHHOJDWRDODJXDq<ORFRQVLJXLÍ7DUGÍPHVHV\GRV
PLO KRUDV GH WUDEDMR SHUR OR FRQVLJXLÍ 8Q DËR P»V WDUGH PH
PDQGÍODIRWRGHDOODGR$OGRUVRKDEÇDHVFULWRp9HV"6LHPSUH
PHOOHYRHOJDWRDODJXDq
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
'LVWLQJXLVK
'LVWRUW
'LVWRUWLRQ
'LVWUDFW
'LVWUDFWLRQ
'LVWUDFWHG
'LVWULEXWH
'LVWULEXWLRQ
'LVWULEXWRU
'LVWULFW
'LVXQLWH
'LVXQLRQ
'LXUHWLF
'LYHUJHQFH
'LYHUJHQW
'LYHUVH
'LYHUVLîFDWLRQ
'LYHUVLîHG
'LYHUVLRQ
'LYHUVLW\
'LYLGH
'LYLGHQG
'LYLQH
'LYLQLW\
'LYLVLEOH
'LYLVLRQ
'LYLVRU
'LYRUFH
'LYXOJH
'RFLOH
'RFWRU
'RFWRUDO
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VHVWHWXEHEÃ" ,VWKLV\RXUEDE\"
(VFKLFRRFKLFD" ,VLWDER\RUDJLUO"
6XVRMRVVRQJUDQGHV\D]XOHV +HUH\HVDUHELJDQGEOXH
6XSHORHVFRUWR\PRUHQR +HUKDLULVVKRUWDQGEURZQ
(VXQDQLËDPX\JXDSD 6KHoVDYHU\SUHWW\JLUO
&X»QWRVFUÇRVWHQÃLV" +RZPDQ\NLGVGR\RXKDYH"
&X»QWRVDËRVWLHQHHOP»V +RZROGLVWKH\RXQJHVW"
MRYHQ"
7XKLMRYDDOPLVPRFROHJLR 'RHV\RXUVRQJRWRWKHVDPH
VFKRRODV\RXUGDXJKWHUV"
TXHWXVKLMDV"
$TXÃKRUDVHYDQGHFDVD" :KDWWLPHGRWKH\OHDYH
KRPH"
&RPHQHQHOFROHJLRRYXHOYHQ'RWKH\KDYHOXQFKDWVFKRRORU
GRWKH\FRPHEDFNKRPHWRHDW"
DFDVDSDUDFRPHU"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(UDVEXHQHVWXGLDQWHFXDQGR :HUH\RXDJRRGVWXGHQWZKHQ
\RXZHUHDWVFKRRO"
HVWDEDVHQHOFROHJLR"
$TXÃFROHJLRLEDV" :KLFKVFKRROGLG\RXJRWR"
3RUTXÃQRHVWXGLDQWXVQLËRV:K\GRQoW\RXUFKLOGUHQVWXG\LQ
HQXQFROHJLRP»VFHUFDGHFDVD" DVFKRROQHDUHUWR\RXUKRPH"
&X»QGRYDQDHPSH]DUHQHO :KHQDUHWKH\JRLQJWRVWDUW
VHFRQGDU\VFKRRO"
FROHJLR"
/RVSXHGROOHYDU\RPDËDQDVL ,FDQWDNHWKHPWRPRUURZ
PRUQLQJLI\RXOLNH
TXLHUHV
0LVGRVQLËRV\DVRQ %RWKP\FKLOGUHQDUHWHHQDJHUV
QRZ
DGROHVFHQWHV
0LKLMRPD\RU\DKDHPSH]DGR 0\HOGHVWVRQKDVDOUHDG\
VWDUWHGWRVKDYH
DDIHLWDUVH
$SHQDVKDEODDPHQRVTXH +HKDUGO\WDONVXQOHVVKH
TXLHUDTXHMDUVHRSDUDSHGLUQRV ZDQWVWRFRPSODLQRUWRDVNXV
IRUPRQH\
GLQHUR
3DVDQWRGRHOGÇDFKDWHDQGR 7KH\VSHQGWKHZKROHGD\
FKDWWLQJRQWKHLUFRPSXWHUV
HQVXVRUGHQDGRUHV
&UHHVTXHYDVDVDOLUYHVWLGD 'R\RXWKLQN\RXoUHJRLQJWR
JRRXWGUHVVHGOLNHWKDW"
DVÇ"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
<DQRVRQFUÇRV 7KH\oUHQRWNLGVDQ\PRUH
+DWUDÇGRDFDVDDVXQRYLR\D" +DVVKHEURXJKWKHUER\IULHQG
KRPH\HW"
1RYR\DGHMDUWHSRQHUXQ ,oPQRWJRLQJWROHW\RXJHW
\RXUWRQJXHSLHUFHG
SLHUFLQJHQODOHQJXD
8QWDWXDMHHQHOKRPEUR" $WDWWRRRQ\RXUVKRXOGHU"<RX
PXVWEHMRNLQJ
7LHQHVTXHHVWDUEURPHDQGR
6LVDFDUDVPHMRUHVQRWDVHQHO ,I\RXJRWEHWWHUPDUNVDW
FROHJLRWDOYH]WHGHMDUÇDKDFHU VFKRROPD\EH,oGOHW\RXGR
WKHVHWKLQJV
HVWDVFRVDV
2MDO»QRPDGXUDVHQWDQSURQWR ,ZLVKWKH\GLGQoWJURZXSVR
TXLFNO\
&X»QWRYDVDWDUGDUHQWHUPLQDU +RZORQJLVLWJRLQJWRWDNH
\RXWRïQLVK\RXUGHJUHH"
ODFDUUHUD"
6LKXELHUDVHVWXGLDGR'HUHFKR ,I\RXKDGVWXGLHG/DZ\RX
FRXOGKDYHEHFRPHDODZ\HU
SRGUÇDVKDEHUOOHJDGRDVHU
DERJDGR
1RKD\WDQWRVFKRUL]RVHQ 7KHUHDUHQoWDVPDQ\FURRNVLQ
6SDLQDVODZ\HUV
(VSDËDFRPRDERJDGRV
4XÃSLHQVDVKDFHUFRQHOUHVWR:KDWDUH\RXSODQQLQJWRGR
ZLWKWKHUHVWRI\RXUOLIH"
GHWXYLGD"
%ULHIV 6OLSV
9HVW &DPLVHWD,QWHULRU
/RQJ-RKQV &DO]RQFLOORV/DUJRV
%R[HU%ULHIV &DO]RQHV
%R[HUV &DO]RQFLOORV
9RFDEXODULR0HQoV8QGHUZHDU 5RSD,QWHULRUSDUD+RPEUHV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
4XLÃQKXELHUDSHQVDGRTXH :KRZRXOGKDYHWKRXJKW\RX
OOHJDUÇDVDVHUXQQHXURFLUXMDQR" ZRXOGEHFRPHDEUDLQVXUJHRQ"
(UDVXQDQLËDWDQWUDYLHVD\ <RXZHUHVXFKDQDXJKW\
UHEHOOLRXVJLUO
UHEHOGH
(QYH]GHWDWXDMHV\DWLHQHVXQD,QVWHDGRIWDWWRRVQRZ\RXRZQ
DPRUWJDJHDQGORWVRIVKDUHV
KLSRWHFD\PXFKDVDFFLRQHV
3HURFX»QGRYDVDVHQWDUOD %XWZKHQDUH\RXJRLQJWR
VHWWOHGRZQDQGJHWPDUULHG"
FDEH]D\FDVDUWH"
<DHVKRUDGHTXHWHQJDVQLËRV ,WoVDERXWWLPH\RXKDGFKLOGUHQ
1RTXLHUHVTXHGDUWHSDUDYHVWLU<RXGRQoWZDQWWREHOHIWRQ
VDQWRV
WKHVKHOI
3RUîQKR\HVVXJUDQGÇD )LQDOO\WKLVLVKHUELJGD\
+DFHQXQDSDUHMDHQFDQWDGRUD 7KH\PDNHDORYHO\FRXSOH
(VXQDSHQDTXHÃOVHDFRMR\ ,WoVDSLW\DERXWKLVOLPSDQG
MRUREDGR
KXQFKEDFN
(VSHUHPRVTXHQXHVWURVQLHWRV/HWoVKRSHRXUJUDQGFKLOGUHQ
VHSDUH]FDQDODPDGUH
ORRNOLNHWKHPRWKHU
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
7KH<HDU%HIRUH/DVW
3KUDVDOYHUEVZLWKpRYHUq
7KLQNLWRYHU
3LÃQVDWHOR6RSÃVDOR
:HoOOFKDQJHRYHUWRWKHQHZV\VWHPVRRQ
&DPELDUHPRVSURQWRDOQXHYRVLVWHPD
,oOOKDYHWRWKLQNLWRYHU
0HORWHQGUÃTXHSHQVDU
7KHULRWVSLOOHGRYHULQWRWKHERUGHULQJ
DUHDV
(OPRWÇQVHH[WHQGLÍDODV]RQDVOLQGDQWHV
,SRXUHGRYHUWKHGRFXPHQW
5HSDVÃOÇQHDSRUOÇQHDHOGRFXPHQWR :HZRQKLPRYHUWRRXUFDXVH
/HFRQYHQFLPRVDSDVDUDQXHVWUREDQGR
/DH[SUHVLÍQpWKH\HDUEHIRUHODVWqVLJQLîFDpHO
DËRDQWHULRUDOSDVDGRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHVIUDVHV
HQLQJOÃV"
(ODËRDQWHULRUDOSDVDGRHOYLHQWRVRSODEDPX\
IXHUWH
(ODËRDQWHULRUDOSDVDGRJXDUGDPRVWRGRVORV
WLTXHWV
(ODËRDQWHULRUDOSDVDGRODVYHQWDVFUHFLHURQXQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '( ,1*/£6
'(),1,7,92GH9DXJKDQ1RVÍORVDEU»VVLKDVDFHUWDGRVLQR
TXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
9HUERVUHJXODUHV
/RVYHUERVUHJXODUHVDSHQDVUHFLEHQDWHQFLÍQSRUSDUWHGHORVSURIHVRUHVGHLQJOÃV/DREVHVLÍQHVVLHPSUHFRQORVYHUERVLUUHJXODUHV6LQHPEDU
JRDTXÃOORVVRQP»VQXPHURVRV\VHJÔQHOYHUERHQFXHVWLÍQLJXDOPHQWHLPSRUWDQWHV
6RQLGRGHpGqGXUD
/RVYHUERVGHHVWDFROXPQDDSDUHFHQHQVX
IRUPD DîUPDWLYD GHO SDVDGR \ SDUWLFLSLR $O
LQîQLWLYR GHO YHUER VH OH DËDGH pHGq R VL HO
LQîQLWLYRWHUPLQDHQpHqXQDpGqVLPSOH/D
SURQXQFLDFLÍQHVGHXQDpGqGXUDDOîQDOGH
ODSDODEUD$ODËDGLUODpGqRpHGqQRVHDËDGH
XQDVÇODEDP»V'RQGHKD\XQYHUERTXHWHU
PLQDHQp\qSUHFHGLGDSRUXQDYRFDOVHTXLWD
ODp\q\VHDËDGHpLHGq FU\sFULHG
$FKLHYHG
$GYLVHG
$JUHHG
$OORZHG
$QVZHUHG
$SSHDUHG
$UUDQJHG
$VVXUHG
$UULYHG
%HOLHYHG
%HORQJHG
%RUURZHG
&DOOHG
&DUULHG
&DXVHG
&KDQJHG
&OHDQHG
&ORVHG
&RPSDUHG
&RPSODLQHG
&RQîUPHG
&RQWLQXHG
&RQVLGHUHG
&RSLHG
&RYHUHG
&ULHG
'HOLYHUHG
'HVFULEHG
'LVFRYHUHG
'HVHUYHG
3ODQQHG
'HVWUR\HG
3UHSDUHG
'LHG
3OD\HG
(DUQHG
3UHIHUUHG
(QMR\HG
3XOOHG
([SODLQHG
5DLQHG
)DLOHG
5DLVHG
)LOHG
5HDOL]HG
)LOOHG
5HFRJQL]HG
)ROORZHG
5HFHLYHG
*DLQHG
5HWLUHG
+DQGOHG
5HYLHZHG
+DSSHQHG
6DYHG
+LUHG
6HHPHG
+XUULHG
6HUYHG
,GHQWLîHG
6KRZHG
,PDJLQHG
6LJQHG
-RLQHG
6PLOHG
/LVWHQHGWR
6QRZHG
/LYHG
6ROYHG
/RZHUHG
6XIIHUHG
0DLQWDLQHG
6WD\HG
0HDVXUHG
6WXGLHG
0HQWLRQHG 6XUSULVHG
0RYHG
7UDYHOOHG
2IIHUHG
7ULHG
2ZQHG
8VHG
2ZHG
:RUULHG
3HUIRUPHG
3DUD ORV KLVSDQRKDEODQWHV HV GLIÇFLO
SURQXQFLDU IRQÃWLFDPHQWH OD pGq GXUD
DO îQDO GH HVWDV SDODEUDV (Q OD UHDOLGDG
FXDQGR HO YHUER HQ SDVDGR VH HQOD]D FRQ
RWUDSDODEUDTXHHPSLH]DSRUYRFDOVHXQHQ
PHGLDQWHODpGqGXUD ZHVWD\HGDWKRPH
VWD\GDW &XDQGRQRVHHQOD]DHOVRQLGRVH
DFHUFDDXQDpWq
6RQLGRGHpWq
/RV YHUERV GH HVWD FROXPQD DSDUHFHQ
HQVXIRUPDDîUPDWLYDGHOSDVDGR\HO
SDUWLFLSLR $O LQîQLWLYR GHO YHUER VH OH
DËDGHpHGqRVLHOLQîQLWLYRWHUPLQDHQ
pHqXQDpGqVLPSOH/DSURQXQFLDFLÍQ
HVGHXQDpWqDOîQDOGHODSDODEUD$O
DËDGLUODpGqRpHGqDOîQDOQRVHDËD
GHXQDVÇODEDP»V
$FFRPSOLVKHG
$VNHG
&KHFNHG
%RRNHG
&RQYLQFHG
&RRNHG
&URVVHG
'DQFHG
'HFUHDVHG
'HYHORSHG
'LVFXVVHG
(UDVHG
(VFDSHG
(VWDEOLVKHG
)L[HG
)LQLVKHG
)RUFHG
+HOSHG
+RSHG
,PSURYHG
,QFUHDVHG
-XPSHG
/DXJKHG
/LNHG
/DFNHG
/RFNHG
/RRNHG
0L[HG
0LVVHG
1RWLFHG
3DFNHG
3DUNHG
3DVVHG
3LFNHG
3UDFWLFHG
3URGXFHG
3URJUHVVHG
3URPLVHG
3URWHFWHG
3XVKHG
5HDFKHG
5HGXFHG
5HOD[HG
5HSODFHG
6WRSSHG
6ZLWFKHG
7DONHG
7RXFKHG
7\SHG
:DONHG
:DVKHG
:DWFKHG
:LVKHG
:RUNHG
(VGLîFLOWDPELÃQSURQXQFLDUIRQÃWLFD
PHQWHODpWqHQHVWDFROXPQD+D\TXH
SUDFWLFDUORPXFKR(OYHUERP»VGLIÇFLO
GHWRGRVHVpDVNHGq DVNW 6LQHPEDU
JRFXDQGRKDEODPRVU»SLGDPHQWHGH
FLPRVPXFKDVYHFHVDVW
6RQLGRGHpLGq VÇODEDDGLFLRQDO
/RVYHUERVGHHVWDFROXPQDDSDUHFHQ
HQVXIRUPDDîUPDWLYDGHOSDVDGR\HO
SDUWLFLSLR$OLQîQLWLYRGHOYHUERVHOH
DËDGH pHGq R VL HO LQîQLWLYR WHUPLQD
HQpHqXQDpGqVLPSOH/DSURQXQFLD
FLÍQ HV GH XQD pLGq DO îQDO GH OD SD
ODEUDORFXDOKDFHTXHHOYHUERWHQJD
XQDVÇODEDP»V DFFHSWsDFFHSWHG
3ULQWHG
([LVWHG
$FFHSWHG
3URPRWHG
([SDQGHG
$FWHG
([SHFWHG 3URQRXQFHG
$GGHG
3URYLGHG
$SSRLQWHG ([SRUWHG
5HDFWHG
([WHQGHG
$WWHQGHG
+DWHG 5HFRPPHQGHG
$WWUDFWHG
$YRLGHG ,PSOHPHQWHG 5HMHFWHG
5HQWHG
&RPSOLFDWHG ,PSRUWHG
5HTXHVWHG
,QFOXGHG
&RQVXOWHG
5HVWHG
&RQWDFWHG ,QGLFDWHG
6HOHFWHG
,QVLVWHG
&RXQWHG
6HSDUDWHG
,QYHQWHG
&UHDWHG
'HFLGHG ,QYHVWLJDWHG 6KRXWHG
6WDUWHG
,QYLWHG
'HGLFDWHG
6XSSRUWHG
/DQGHG
'HIHQGHG
6XFFHHGHG
/LIWHG
'HPDQGHG
6XVSHFWHG
'HSHQGHGRQ /DVWHG
7HVWHG
/LVWHG
'HYRWHG
7UDQVODWHG
/RDGHG
'LVWULEXWHG
7UHDWHG
/RFDWHG
'LYLGHG
7UXVWHG
'RXEWHG 0RWLYDWHG
9LVLWHG
1HHGHG
(OLPLQDWHG
:DLWHG
3DLQWHG
(VWLPDWHG
:DQWHG
(YDOXDWHG 3DUWLFLSDWHG
:DVWHG
3RLQWHG
([FOXGHG
(VWD FROXPQD HV OD P»V I»FLO SDUD
SURQXQFLDU (O ÔQLFR YHUER UHDOPHQWH
GLIÇFLO SDUD HVSDËROHV HV HO SULPHUR
GH OD OLVWD DFFHSWHG 6H SURQXQFLD
DNVÃSWLG
7LHQH TXH RLUVH FODUDPHQWH HO VRQLGR
GHpNq\HOVRQLGRGHpSq
(VWLPDGRDPLJR\DOXPQR'HELGRDODLPSRUWDQFLDGHGRPLQDUODSURQXQFLDFLÍQGHORVYHUERVUHJXODUHVSUHîHURHQHVWDîFKDSUHVFLQGLU
GHOS»UUDIR\ODVSDODEUDVGHUDÇ]ODWLQD$VÇOHVGDPRVDORVYHUERVUHJXODUHVXQHVSDFLRIÇVLFRHQFRQVRQDQFLDFRQVXLPSRUWDQFLD+DEODUELHQ
LQJOÃVLPSOLFDSUDFWLFDUPXFKRVDVSHFWRVWÃFQLFRPHF»QLFRVDEXUULGRVVLQHPEDUJRHVQHFHVDULRVLXQRDVSLUDDKDEODUELHQXQVHJXQGR
LGLRPD3DUDGRPLQDUODpUqHQHVSDËROHVWR\VHJXURGHTXHGLMHP»VGHYHFHVp(OSHUURGH6DQ5RTXHQRWLHQHUDERSRUTXH5DPÍQ5D
PÇUH]VHORKDFRUWDGR(OSHUURGH5DPÍQ5DPÇUH]QRWLHQHUDERSRUTXHVHORKDQUREDGR4XLÃQOHKDUREDGRHOUDERDOSHUURGH6DQ5RTXH"
5DPÍQ5DPÇUH]KDUREDGRHOUDERGHOSHUURGH6DQ5RTXH"q
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VHVHWXEDQFR" ,VWKDW\RXUEDQN"
1RQRORHV0LEDQFRHVW»DO 1RLWLVQoW0\EDQNLVQH[WWR
ODGRGHHVHQXHYRKRWHO
WKDWQHZKRWHO
'ÍQGHHVW»ODGLUHFWRUD" :KHUHLVWKHPDQDJHU"
(VW»HOODKR\",VVKHKHUHWRGD\"
6ÇHVW»6XGHVSDFKRHVOD <HVVKHLV+HURIïFHLVWKH
VHJXQGDSXHUWDDODL]TXLHUGD VHFRQGGRRURQWKHOHIW
%XHQRVGÇDV7RPHDVLHQWR *RRGPRUQLQJ+DYHDVHDW
0HDOHJURGHYHUOHGHQXHYR ,oPJODGWRVHH\RXDJDLQ
(VW»PHMRUVXPDGUHDKRUD" ,V\RXUPRWKHUEHWWHUQRZ"
1ROHYHPRVPX\DPHQXGR :HGRQoWVHH\RXYHU\RIWHQ
DTXÇHQHOEDQFR KHUHDWWKHEDQN
(VW»XVWHGEXVFDQGRGLQHUR" $UH\RXORRNLQJIRUPRQH\"
&KRFRODWHV &KRFRODWH
&DUGV 7DUMHWDV
6ZHHWV &DUDPHORV
)ORUHV )ORZHUV
+HDUWV &RUD]RQHV
9RFDEXODULR9DOHQWLQHoV'D\ 'ÇDGH6DQ9DOHQWÇQ
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&ÍPRYDVXQHJRFLR" +RZoV\RXUEXVLQHVVJRLQJ"
1RYDQDGDPDO ,WoVQRWEDGDWDOO
4XÃHVORTXHKDFHVXHPSUHVD":KDWLVLWWKDW\RXUFRPSDQ\
GRHV"
&RPSUDPRV\YHQGHPRV :HEX\DQGVHOOIXUQLWXUH
PXHEOHV
(VHHVXQEXHQQHJRFLROD 7KDWoVDJRRGEXVLQHVVSHRSOH
JHQWHVLHPSUHQHFHVLWDU»
ZLOODOZD\VQHHGWRVLWDQGWR
VHQWDUVH\GRUPLU
VOHHS
'ÍQGHFRPSUDXVWHGOD :KHUHGR\RXEX\PRVWRI
PD\RUÇDGHORVPXHEOHV"
\RXUIXUQLWXUH"
5HFRJHPRVORTXHHQFRQWUDPRV :HSLFNXSZKDWZHïQGLQWKH
HQODFDOOH
VWUHHW
(QWLHQGREXHQRHVLPSRUWDQWH ,VHHZHOOLWoVLPSRUWDQWWR
UHFLFODUQR"
UHF\FOHLVQoWLW"
$VÇTXHGÇJDPHSRUTXÃKD 6RWHOOPHZK\\RXoYHFRPHWR
YHQLGRDYHUQRVKR\
VHHXVWRGD\
1HFHVLWRTXHHOEDQFRPHGÃ,QHHGWKHEDQNWRJLYHPHD
XQSUÃVWDPR
ORDQ
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
3RUGHVJUDFLDQRUHJDODPRV 8QIRUWXQDWHO\ZHGRQoWJLYH
GLQHURORSUHVWDPRV
PRQH\DZD\ZHOHQGLW
<VÍORPHORSUHVWDU»QXVWHGHV $QG\RXoOORQO\OHQGLWWRPHLI,
VLSXHGRGHPRVWUDUTXHQR
FDQSURYHWKDW,GRQoWQHHGLW
PHKDFHIDOWD
3RUTXÃQHFHVLWDTXHOHGHPRV :K\GR\RXQHHGXVWRJLYH
HVWHSUÃVWDPR"
\RXWKLVORDQ"
(VLPSUHVFLQGLEOHTXH ,WoVHVVHQWLDOWKDWZHEX\D
FRPSUHPRVXQFDPLÍQRDO
WUXFNRUDWOHDVWDYDQ
PHQRVXQDIXUJRQHWD
&X»QWRFRVWDUÇDHVR"+RZPXFKZRXOGWKDWFRVW"
3ULPHURWHQGUHPRVTXHHFKDU )LUVWRIDOOZHoOOKDYHWRWDNHD
XQYLVWD]RDVXVîQDQ]DV
ORRNDW\RXUïQDQFHV
&X»QWRVXHOHJDQDUDOPHV" +RZPXFKGR\RXXVXDOO\HDUQ
DPRQWK"
7LHQHKLSRWHFDXRWURV 'R\RXKDYHDPRUWJDJHRUDQ\
SUÃVWDPRV"
RWKHUORDQV"
7UDEDMDXVWHGSRUFXHQWDSURSLD" $UH\RXVHOIHPSOR\HG"
(VW»EXVFDQGRXQSUÃVWDPR $UH\RXORRNLQJIRUDVKRUWRUD
ORQJWHUPORDQ"
DFRUWRRDODUJRSOD]R"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
&X»QWRVRQORVSDJRV +RZPXFKDUH\RXUPRQWKO\
PRUWJDJHUHSD\PHQWV"
PHQVXDOHVGHODKLSRWHFD"
(VW»GRPLFLOLDGDVXQÍPLQD ,V\RXUVDODU\SDLGLQWRDQ
HQXQDFXHQWDFRQHVWHEDQFR" DFFRXQWZLWKWKLVEDQN"
&ÍPRSLHQVDUHHPEROVDUHO +RZDUH\RXSODQQLQJWRUHSD\
WKHPRQH\"
GLQHUR"
(QFLHQFXRWDVGHGRVFLHQWRV ,QRQHKXQGUHGUHSD\PHQWVRI
WZRKXQGUHGDQGïIW\HXURV
\FLQFXHQWDHXURVFDGDXQR
1RFUHRTXHYD\DDKDEHU ,GRQoWWKLQNWKHUHDUHJRLQJWR
EHDQ\SUREOHPV
SUREOHPDV
7HQGUHPRVTXHDYHULJXDUXQ :HoOOKDYHWRZRUNRXWD
SODQGHUHDPRUWL]DFLÍQ
UHSD\PHQWVFKHGXOH
1RVSRGUÇDHQVHËDUVXÔOWLPD &RXOG\RXVKRZXV\RXUODVW
GHFODUDFLÍQGHODUHQWD"
LQFRPHWD[UHWXUQ"
&X»QGRYDQDSRQHUHO :KHQDUH\RXJRLQJWRPDNH
GLQHURDPLGLVSRVLFLÍQ"
WKHPRQH\DYDLODEOHWRPH"
1RYHQGDVODSLHOGHORVR 'RQoWFRXQW\RXUFKLFNHQV
DQWHVGHFD]DUOR
EHIRUHWKH\oUHKDWFKHG
7HQGUHPRVTXHHVSHUDUDTXH:HoOOKDYHWRZDLWIRUKHDG
ODVHGHFHQWUDOQRVGHOX]YHUGH
RIïFHWRJLYHXVWKHJUHHQOLJKW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
7RPDQDJH
3KUDVDOYHUEVZLWKpRYHUq
'RQoWFU\RYHUWKLQJVOLNHWKDW
1ROORUHVSRUFRVDVDVÇ
&DQ\RXSXOORYHUSOHDVH"
6HSXHGHHFKDUDXQODGRSRUIDYRU"
0RYHRYHU
&ÍUUHWHXQSRFRSDUDDOO»
+HVWD\HGRYHUIRUWKHQLJKW
6HTXHGÍDGRUPLUHQQXHVWUDFDVD
7KHSROLFHSXOOHGXVRYHU
:K\GRQoW\RXDVNKLPRYHU"
/DSROLFÇDQRVSDUÍ HQFDUUHWHUD 3RUTXÃQROHLQYLWDVDWXFDVD"
6RIDU
p&RQVHJXLUKDFHUDOJRqHVpWRPDQDJHWRGR
VRPHWKLQJq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(OODFRQVLJXHYHUDVXVSDGUHVXQDYH]FDGD
TXLQFHQD
/RJUÃWHUPLQDUHOLQIRUPHDWLHPSRSDUDOD
UHXQLÍQ
&RQVHJXLPRVKDEODUFRQODSHUVRQDUHVSRQ
VDEOHGHOSUR\HFWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
/DH[SUHVLÍQpVRIDUqWLHQHGRVVLJQLîFDGRV WDQOHMRV\ KDVWDDKRUD2EYLDPHQWHHOVHJXQGRHVHOTXHQRVYDOHDTXÇ/DH[SUHVLÍQpVRIDUqHV
PX\FRUULHQWH'HKHFKRPXFKDVYHFHVFXDQGRDOJXLHQPHSUHJXQWDTXÃWDOPHYDQODVFRVDVOHGLJRVRIDUVRJRRG KDVWDKRUDWRGRPDUFKD
ELHQ p6RIDUqVLJQLîFDpKDVWDDKRUDLQFOXVLYHq8QDH[SUHVLÍQVLQÍQLPDHVpXSWRQRZq$KRUDELHQPXFKRVDOXPQRVGHFÇVpXQWLOQRZq(VWD
H[SUHVLÍQHVFRUUHFWDJUDPDWLFDOPHQWHSHURSXHGHGHVSLVWDUDOLQWHUORFXWRUp8QWLOQRZqSXHGHHQWHQGHUVHFRPRpKDVWDDKRUDSHURDSDUWLUGH
DKRUDQRqPLHQWUDVTXHpXSWRQRZqRpVRIDUqVHHQWLHQGHQFRPRpKDVWDDKRUDLQFOXVLYH\FRQFRQWLQXDFLÍQHQHOIXWXURORP»VVHJXURq
(QHODËRKXERXQDUHXQLÍQHQWUHYDULRVGLUHFWLYRVGHODFDVDPDWUL]DPHULFDQDGHXQDHPSUHVDPXOWLQDFLRQDO\ODSODQD
GLUHFWLYDGHVXîOLDOHVSDËROD(OGLUHFWRUJHQHUDOGHODîOLDOHUDXQDUJHQWLQRFULDGR\HGXFDGRHQ,QJODWHUUDSRUORTXHVDEÇDLQJOÃV
SHUIHFWDPHQWH(OGLUHFWRUFRPHUFLDOHUDHVSDËROSHURKDEODEDLQJOÃVEDVWDQWHELHQ
'XUDQWHHOWUDQVFXUVRGHODUHXQLÍQXQRGHORVDPHULFDQRVSUHJXQWÍDOGLUHFWRUFRPHUFLDOHVSDËROp&ÍPRYDQODVYHQWDVGHUHSXHVWRV"q
(OGLUHFWRUFRPHUFLDOFRQWHVWÍp8QWLOQRZîQHq(ODPHULFDQRLQPHGLDWDPHQWHUHVSRQGLÍp&X»OHVHOSUREOHPDDKRUD"q
(QHVWHPRPHQWRHOGLUHFWRUJHQHUDODUJHQWLQRLQWHUYLQRSDUDDFODUDUTXHVXKRPEUHTXLVRGHFLUp8SWRQRZîQHq6HGLRFXHQWD
GHTXHVXGLUHFWRUFRPHUFLDOKDEÇDGHVSLVWDGRDVXLQWHUORFXWRU$OGHFLUHOGLUHFWRUFRPHUFLDOpXQWLOQRZîQHqÃVWHGDEDDHQWHQGHU
TXHWRGRKDEÇDLGRELHQKDVWDDKRUDSHURTXHDKRUDSRGUÇDKDEHUSUREOHPDV
$VÇTXHVLTXLHUHVH[SUHVDUODLGHDGHpKDVWDDKRUDLQFOXVLYHqXVDpVRIDUqRpXSWRQRZqp8QWLOQRZqVHXVDP»VHQXQVHQWLGRGHOSDVDGR
8QWLOQRZ,DOZD\VDWHLQWKHVDPHUHVWDXUDQWEXW
8SWRQRZ,oYHDOZD\VHDWHQLQWKHVDPHUHVWDXUDQW
+DVWDDKRUDVLHPSUHFRPÇDHQHOPLVPRUHVWDXUDQWHSHUR
+DVWDDKRUDVLHPSUHFRPRHQHOPLVPRUHVWDXUDQWH
)ÇMDWHHQHOVHJXQGRHMHPSOR(QLQJOÃVXVDPRVHOSUHVHQWHSHUIHFWR KHFRPLGR PLHQWUDVTXHHQHVSDËROORKDELWXDOHVHPSOHDUHO
SUHVHQWHKDELWXDO FRPR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/DUHDOLGDGGHOPDËDQDVHFUHDFRQODLPDJLQDFLÍQGHKR\(OPXQ
GRWLHQHXQDIRUPDGHGDUWHORTXHWHPHUHFHV6LHVW»VDVXVWDGR
\EXVFDVIUDFDVR\SREUH]DORVWHQGU»VSRUPXFKRTXHLQWHQWHV
WULXQIDU/DIDOWDGHFRQîDQ]DHQXQRPLVPRHQFÍPRODYLGDWH
YDDWUDWDUWHVHSDUDGHODVFRVDVEXHQDVGHOPXQGR(VSHUDYLF
WRULD\ORJUDU»VYLFWRULD
7RPRUURZoV UHDOLW\ LV FUHDWHG E\ WRGD\oV LPDJLQDWLRQ7KH ZRUOG
KDVDZD\RIJLYLQJ\RXZKDW\RXGHVHUYH,I\RXDUHIULJKWHQHG
DQG ORRN IRU IDLOXUH DQG SRYHUW\ \RX ZLOO JHW WKHP QR PDWWHU
KRZKDUG\RXPD\WU\WRVXFFHHG/DFNRIIDLWKLQ\RXUVHOILQZKDW
OLIHZLOOGRIRU\RXFXWV\RXRIIIURPWKHJRRGWKLQJVLQWKHZRUOG
([SHFWYLFWRU\DQG\RXPDNHYLFWRU\
(VWLPDGR DPLJR \ DOXPQR /R TXH GLFH HO S»UUDIR DQWHULRU HV SDUD PÇ XQD YHUGDG FRPR XQ JUDQ UREOH \ 0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
WUHPHQGDPHQWHLPSRUWDQWH&DGDYH]TXHRLJRDFLHUWDVSHUVRQDVTXHMDUVHGHVXVXHUWHHQODYLGDHVWR\P»V
FRQYHQFLGRGHTXHWHQGUÇDQODPLVPDVXHUWHDXQTXHOHVGLÃVHPRVRSRUWXQLGDGHVP»VGHYLYLUVXYLGD
'RFWRUDWH
GHQXHYR6RQSHUVRQDVTXHHVW»QSURJUDPDGDVSDUDWHQHUSRFDVXHUWHHQODYLGD6XDFWLWXGDQWHODVFRVDV
'RFWULQH
OHVFRQGHQDDIUDFDVDU([LVWHQPXFKRVVÇQWRPDVTXHSRGHPRVUHFRQRFHUHQDOJXQRVFDVRVXQDWHQGHQFLD
'RFXPHQW
DVHQWLUVHYÇFWLPDXQDLQFOLQDFLÍQDVHQWLUHQYLGLDSRUORVGHP»VXQDSURSHQVLÍQDUHDFFLRQDUFRQFLQLVPR
'RFXPHQWDU\
DQWH OD VLQFHULGDG R HO HVIXHU]R KRQHVWR XQD WHQGHQFLD D GLVIUXWDU GHO PDO DMHQR R GHO IUDFDVR GH RWURV
'RFXPHQWDWLRQ
XQDSUHIHUHQFLDSRUWXPEDUDOTXHWULXQIDHQOXJDUGHLQWHQWDUFRPSHWLUFRQÃO\JDQDUOH(QRWURVFDVRV
'RJPD
VHPDQLîHVWDDWUDYÃVGHXQDLGHDQHJDWLYDDQWHODYLGDXQDEDWLPLHQWRDXWRLPSXHVWRDQWHODFRQYLFFLÍQ
'RJPDWLF
'RJPDWLVP
GHTXHODYLGDHVSUHFDULD\SRFRDPLJD([LVWHQHQ(VSDËDGRVUHIUDQHVTXHSRUGHFUHWROH\GHEHUÇDQVHU
'ROSKLQ
GHVWHUUDGRVGHîQLWLYDPHQWHGHOUHIUDQHURTXHVRQ 3LHQVDPDO\DFHUWDU»V\ 0»VYDOHORPDORFRQRFLGR
'RPDLQ
TXHOREXHQRSRUFRQRFHU/DYLGDRIUHFHXQDEDQLFRWDQDPSOLR\DELJDUUDGRGHRSRUWXQLGDGHVTXHKDVWD
'RPH
PDUHD GH HPRFLÍQ D DTXHOODV SHUVRQDV TXH WLHQHQ XQD DFWLWXG SRVLWLYD \ JDQDV GH VDFDUOH WRGR HO MXJR
'RPHVWLF
SRVLEOHDODVSRVLELOLGDGHV0DFEHWKHQXQPRPHQWRGDGRGHVXKLVWRULDGHFÇDpODYLGDHVXQSREUHDFWRU
TXHSDYRQHDVXKRUDHQHOHVFHQDULRSDUDGHVSXÃVGHVDSDUHFHUVLQVHËDOQLUDVWURq<RSHUVRQDOPHQWHQR
GHVFDUWRTXH0DFEHWKSXHGDWHQHUDOJRGHUD]ÍQSHURVLHVDVÇSLHQVRGHGLFDUHVWDKRUDPÇDHQHOHVFHQDULR
DSDYRQHDUPHHQFRQGLFLRQHV\DGLVIUXWDUFRPRXQHQDQR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'ÍQGHHVW»QORVPXVHRVHQ :KHUHDUHWKHPXVHXPVLQWKLV
HVWDFLXGDG"
FLW\"
+D\PXFKRVHQHOFHQWUR 7KHUHDUHPDQ\LQWKHFHQWUH
6RQPXVHRVGH$UWHRGH $UHWKH\$UWRU+LVWRU\
+LVWRULD"
PXVHXPV"
(OPHMRUPXVHRGH(VSDËDHVW»7KHEHVWPXVHXPLQ6SDLQLV
DELHUWRKR\
RSHQWRGD\
(VFDURRHVJUDWLV" ,VLWH[SHQVLYHRULVLWIUHH"
7HJXVWDHODUWH" 'R\RXOLNHDUW"
0HHQFDQWD ,ORYHLW
6DEHVPXFKRVREUHDUWH" 'R\RXNQRZPXFKDERXWDUW"
1RVÃPXFKRSHURVÃORTXH ,GRQoWNQRZPXFKEXW,NQRZ
ZKDW,OLNH
PHJXVWD
(VRHVORTXHGLFHWRGRHO 7KDWoVZKDWHYHU\ERG\VD\V
PXQGR
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(VÃVWDWXSULPHUDYLVLWDDO3UDGR",VWKLV\RXUïUVWYLVLWWRWKH3UDGR"
1RYLQHDTXÇFRQGRFHDËRV 1R,FDPHKHUHZKHQ,ZDV
WZHOYH\HDUVROG
+DFHPXFKRWLHPSRHQWRQFHV $ORQJWLPHDJRWKHQ
+DQFDPELDGRPXFKDVFRVDV 7KH\oYHFKDQJHGDORWRIWKLQJV
VLQFHWKHODVWWLPH\RXZHUH
GHVGHODÔOWLPDYH]TXH
KHUH
HVWXYLVWHDTXÇ
(QTXÃODGRGHOHGLîFLRHVW» :KLFKVLGHRIWKHEXLOGLQJLV
WKHHQWUDQFHRQ"
ODHQWUDGD"
+DVHVWDGRDTXÇDOJXQDYH]" +DYH\RXHYHUEHHQKHUH"
3RUVXSXHVWRTXHVÇ6XHOR 2IFRXUVH,KDYH,XVXDOO\FRPH
WZLFHD\HDU
YHQLUGRVYHFHVDODËR
&X»QWRVHWDUGDHQYLVLWDU" +RZORQJGRHVLWWDNHWRYLVLW"
(VRGHSHQGHGHFXDQWR 7KDWGHSHQGVRQKRZORQJLW
WDNHVXVWRORRNDWHDFKSDLQWLQJ
WDUGHPRVHQYHUFDGDFXDGUR
1HFHVLWDUHPRVSRUORPHQRV :HoOOQHHGDWOHDVWDIHZ
KRXUV
XQDVKRUDV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
6DEÇDVTXHDFDEDQGHDEULU 'LG\RXNQRZWKDWWKH\oYHMXVW
RSHQHGDQHZEXLOGLQJ"
XQQXHYRHGLîFLR"
(O5HLQD6RIÇDWLHQHWDQWRV 'RHVWKH5HLQD6RIÇDKDYHDV
PDQ\SDLQWLQJVDVWKLVRQH"
FXDGURVFRPRÃVWH"
3RUGÍQGHHPSH]DPRV" :KHUHVKDOOZHVWDUW"
/RVVHUYLFLRV0HPXHURGH 7KHWRLOHWV,oPG\LQJWRJR
JDQDVGHLU
|'DWHSULVD +XUU\XS
+D\DOJXQDSDUWHGRQGHSXHGD,VWKHUHDQ\ZKHUH,FDQOHDYH
P\FRDW"
GHMDUHODEULJR"
(OJXDUGDUURSDHVW»DOODGR 7KHFORDNURRPLVQH[WWRWKH
JLIWVKRS
GHODWLHQGDGHUHJDORV
+D\DOJXQDSRVLELOLGDGGH ,VWKHUHDQ\FKDQFHZHFDQJR
WKHUHïUVW"
TXHSRGDPRVLUDOOÇSULPHUR"
(VW»HPSH]DQGRDSRQHUPH <RXoUHEHJLQQLQJWRJHWRQP\
QHUYHV
ORVQHUYLRVGHSXQWD
6LHPSUHMX]JRXQPXVHRSRUOD,DOZD\VMXGJHDPXVHXPE\
FDOLGDGGHVXWLHQGDGHUHFXHUGRV WKHTXDOLW\RILWVVRXYHQLUVKRS
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
(PSHFHPRVSRUODVDODSULQFLSDO/HWoVVWDUWLQWKHPDLQKDOO
6HOHFRQVLGHUDHOPHMRUDUWLVWD+HoVFRQVLGHUHGWKHEHVW
HVSDËROGHWRGRVORVWLHPSRV 6SDQLVKDUWLVWRIDOOWLPH
/RTXHP»VPHJXVWDGHÃOVRQ:KDW,OLNHPRVWDERXWKLPDUH
KLVIUDPHV
VXVPDUFRV
1RHUHVXQJUDQHQWHQGLGR <RXoUHQRWPXFKRID
FRQQRLVVHXUDUH\RX"
YHUGDG"
7HKHGLFKRDOJXQDYH]TXHWH +DYH,HYHUWROG\RX\RXORRN
SDUHFHVDXQFXDGURGH3LFDVVR" OLNHRQHRI3LFDVVRoVSDLQWLQJV"
1RSRGHPRVYHUDOJXQRV &DQoWZHVHHVRPHVHOI
DXWRUUHWUDWRV"
SRUWUDLWV"
7RGRHVWHDUWHPHHVW»PDUHDQGR$OOWKLVDUWLVPDNLQJPHGL]]\
0HHVWR\DEXUULHQGRTXLHUR ,oPJHWWLQJERUHG,ZDQWWR
FRPSUDUDOJXQDVUHSURGXFFLRQHV EX\VRPHSULQWV
0LUDODVSLQFHODGDVGHHVWH /RRNDWWKHEUXVKVWURNHVRI
JHQLR
WKLVJHQLXV
6LHUDWDQJHQLRSRUTXÃVH ,IKHZHUHVXFKDJHQLXVZK\
FRUWÍODRUHMD"
GLGKHFXWKLVHDURII"
9DXOW %ÍYHGD
$UFK $UFR
&DSLWDO &DSLWHO
%XWWUHVV &RQWUDIXHUWH
&ROXPQ &ROXPQD
9RFDEXODULR$UFKLWHFWXUDOIHDWXUHV 3DUWHV$UTXLWHFWÍQLFDV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpRYHUq
&DQ ,
/HWoVFURVVRYHU
&UXFHPRVODFDOOH
,WZHQWULJKWRYHUKLVKHDG
1RVHHQWHUÍGHQDGDGHORTXHGHFÇDQ
7KHFODVVLVRYHU
/DFODVHKDWHUPLQDGR
,WKLQN,FDQMXPSRYHUWKHVWUHDP
&UHRTXHSXHGRVDOWDUHODUUR\R
7KHSDUW\oVRYHU
6HDFDEÍODîHVWD
,UHDFKHGRYHUDQGWRRNEDFNP\,'
0HHVWLUÃ\UHFXSHUÃPL'1,
1RFRQR]FR6XHFLDQRPHODKDQSUHVHQWDGR
8QR GH ORV YHUERV P»V SRSXODUHV VLJQLîFD
pSRGHUq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
3XHGRFRFLQDUSHURQRSXHGRFRQGXFLU
3XHGRKDEODUHVSDËROSHURQRSXHGRKDEODU
SRUWXJXÃV
3XHGRWRFDUHOSLDQRSHURQRSXHGRWRFDUHO
YLROÇQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
(VPX\FRUULHQWHHQHVSDËROXVDUHOYHUERpFRQRFHUqSDUDH[SUHVDUODLGHDGHTXH\DKDVYLVLWDGRDOJÔQSDÇVRXQOXJDUGHWHUPLQDGR
9RVRWURVVROÃLVGHFLUSRUHMHPSORpQRFRQR]FR6XHFLDqp&RQRFHV1XHYD<RUN"qHWF6LWUDVODGDVHVWHK»ELWROLQJÖÇVWLFRDOLQJOÃVWH
HQWHQGHU»QSHUIHFWDPHQWHDXQTXHVRQDU»DOJRJUDFLRVR(QLQJOÃVGHFLPRVVLHPSUH+DYH\RXHYHUEHHQWR"
'R\RXNQRZ0DUJDULWD" 1RWKH\KDYHQoWLQWURGXFHGPHWRKHU\HW
+DYH\RXHYHUEHHQWR6ZHGHQ" 1R,KDYHQoWKDGWKHRSSRUWXQLW\WRYLVLW6ZHGHQ\HW
6HWUDWDGHXQFRQFHSWRPX\VHQFLOOR\DSDUHQWHPHQWHI»FLODXQTXHHQHOPRPHQWRGHODYHUGDGORVHVSDËROHVLQGHSHQGLHQWHPHQWH
GHYXHVWURQLYHOGHGRPLQLRGHOLQJOÃVYROYÃLVPXFKDVYHFHVDODIRUPDHVSDËROD\KDEO»LVGHpWHQHUXQDUHODFLÍQGHFRQRFLPLHQWRqFRQ
XQSDÇVROXJDU WRNQRZ (QLQJOÃVVLHPSUHGHFLPRVp+DYH\RXHYHUEHHQWR")ÇMDWHTXHVHXVDODSUHSRVLFLÍQpWRq(QRWUDVSDODEUDV
HVWDPRVOLWHUDOPHQWHGLFLHQGR+DVHVWDGRDOJXQDYH]D6XHFLD"3XHGHTXHWHVXHQHUDURSHURHVDVÇ
+DYH\RXHYHUEHHQWRWKH)DU(DVW" 1R,oYHQHYHUEHHQWRWKH)DU(DVW
+DYH\RXHYHUEHHQWR5XVVLD" <HV,oYHEHHQWR5XVVLD,ZDVWKHUHLQ
+DYH\RXHYHUEHHQWRWKHQRUWKRI6SDLQ" <HV,oYHEHHQWRWKHQRUWKRI6SDLQPDQ\WLPHV,WoVEHDXWLIXO
+DYH\RXHYHUEHHQWRDK\SHUPDUNHW" 2IFRXUVH,oYHEHHQWRDK\SHUPDUNHW:KRKDVQoW"
+DYH\RXHYHUEHHQWRDWKUHHULQJFLUFXV" <HV,oYHEHHQWRDWKUHHULQJFLUFXV,WoVWKHPRVWFRPPRQLQWKH86
+DYH\RXHYHUEHHQWRWKH0LGGOH(DVW" <HV,oYHEHHQWKHUHRQFH,ZDVLQ,VUDHODQG-RUGDQLQ
+DYH\RXHYHUEHHQWR2NODKRPD" <HV,oYHEHHQWR2NODKRPD,QIDFW,OLYHGWKHUHIRUQLQH\HDUV
+HDTXÇXQDFDQFLÍQGHORV7KUHH'RJ1LJKWXQJUXSRGHîQDOHVGHORVDËRVTXHVLHPSUHFDQWRHQODUDGLR\HQODWHOHYLVLÍQFXDQGR
HQVHËRGHQXHYRpKDYH\RXHYHUEHHQWRq
:HOO,oYHQHYHUEHHQWR6SDLQEXW,oYHEHHQWR2NODKRPD$QGWKH\ 3XHVQRFRQR]FR(VSDËDSHURVÇFRQR]FR2NODKRPD0HGLFHQTXH
WHOOPH,ZDVERUQWKHUHEXW,UHDOO\GRQoWUHPHPEHU,Q2NODKRPD QDFÇDOOÇSHURUHDOPHQWHQRPHDFXHUGR(Q2NODKRPDHQ$UL]R
QD|TXÃLPSRUWD|4XÃLPSRUWD
LQ$UL]RQDZKDWGRHVLWPDWWHU":KDWGRHVLWPDWWHU"
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
$PÇPHFDHELHQHOWLSR6LHPSUHHVW»EXVFDQGRFÍPRKDFHUTXH
ODRîFLQDWUDEDMHGHPDQHUDP»VHîFLHQWH'XUDQWHORVSULPHURV
R DËRV QR WHQÇD HPSOHDGRV \ SDVDED PXFKR WLHPSR KD
FLHQGRYLVLWDVGHYHQWD3RUHVWRVHYLRREOLJDGRDGLVHËDUSURFH
VRVLQWHUQRVVXSHUHîFLHQWHVHQODRîFLQDSDUDDVHJXUDUVHGHTXH
HOWUDEDMRVHKDFÇD$KRUDWLHQHDP»VGHSHUVRQDVWUDEDMDQGR
DVXFDUJRSHURQXQFDKDDEDQGRQDGRODîORVRIÇDGHPDQWHQHU
XQDRîFLQDHîFLHQWH\UDFLRQDOL]DGD
,OLNHWKHJX\+HoVDOZD\VORRNLQJIRUZD\VWRPDNHWKHRIîFHPRUH
HIîFLHQW )RU WKH îUVW RU \HDUV KH KDG QR HPSOR\HHV DQG
KHVSHQWDORWRIWLPHLQWKHîHOGVHOOLQJ%HFDXVHRIWKLVKHZDV
IRUFHGWRGHVLJQVXSHUHIîFLHQWRIîFHSURFHVVHVWRPDNHVXUHWKH
ZRUNZDVGRQH1RZKHKDVRYHUSHRSOHZRUNLQJIRUKLPEXW
KHoVQHYHUDEDQGRQHGWKHSKLORVRSK\RIDQHIîFLHQWVWUHDPOLQHG
RIîFH
(VWLPDGRDPLJR\DOXPQR+D\XQGLFKRHQLQJOÃVGLJQRGHLGLRWDV'LFHDVÇ´,JQRUDQFHLVEOLVVµ\VHWUDGXFHP»V 0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
RPHQRVFRPRpODLJQRUDQFLDHVODIHOLFLGDGDEVROXWDq'HEHVHUTXHH[LVWHQPXFKDVSHUVRQDVTXHSLHQVDQTXH
FXDQWRVP»VFRQRFLPLHQWRV\VDELGXUÇDSRVHHXQRP»VVHGDFXHQWDGHORGLIÇFLOTXHHVVHUIHOL]+D\SHUVRQDVTXH
'RPHVWLFDWH
VHUHJRFLMDQGHVDEHUPX\SRFRRTXHVHHQRUJXOOHFHQGHVXDSDWÇDDQWHODVFRVDV6HR\HQPXFKDVH[SUHVLRQHVFRPR
'RPHVWLFDWLRQ
p\RTXÃVÃqpSDVRqpQRVÃQLPHLPSRUWDqHWF4XÃSHQDFRQORSRWHQFLDOPHQWHERQLWDTXHHVODYLGD2IUHFHWDQWDV
'RPLFLOH
'RPLQDQFH
RSRUWXQLGDGHVTXHHVXQDO»VWLPDREVHUYDUFÍPRVRQWDQWRVORVFÇQLFRV\ORVSHVLPLVWDV+D\RWURGLFKRTXHGLFHp8Q
'RPLQDQW
SHVLPLVWDHVXQRSWLPLVWDFRQH[SHULHQFLDq<RWHQJRDËRV\PLYLGDODERUDOVHLQLFLÍDORVDVÇTXHH[SHULHQFLD
'RPLQDWH
WHQJRSHURDSHVDUGHHOORPHJXVWDOODPDUPH´XQRSWLPLVWDHPSHGHUQLGRµ2WURVPHOODPDQHO´KRPEUHÁRWDGRUµ
'RPLQDWLRQ
FRPSDU»QGRPHFRQXQïRWDGRUGHSLVFLQDTXHWUDWDVGHPDQWHQHUFRQHOSLHHQHOIRQGRGHÃVWD\VLHPSUHVHHVFDSD
'RPLQR
SDUDVXELUDODVXSHUîFLHHQPHQRVGHXQVHJXQGR(VXQDDFWLWXGDQWHODYLGD\VLXQRWLHQHODDFWLWXGDGHFXDGDOH
'RQRU
FXHVWDPXFKRPHQRVTXHDRWURVKDFHUVHFRQODVDSWLWXGHVDGHFXDGDV$FWLWXGDSWLWXG([LVWHXQDFRUUHODFLÍQPX\
'RUPDQW
LPSRUWDQWHHQWUHHVWDVGRVSDODEUDVSHURVLHPSUHHQXQVRORVHQWLGR&DVLODWRWDOLGDGGHSHUVRQDVGHHVWHPXQGR
'RUPLWRU\
SRVHHH[FHOHQWHVDSWLWXGHVHQSRWHQFLDHVSHUDQGRODWHQWHVDTXHVHPDQLîHVWHQ<VLODSHUVRQDWLHQHXQDDFWLWXG
KXPLOGHDELHUWDSRVLWLYD\RSWLPLVWDHOFDXGDOGHDSWLWXGHVVHU»LPSUHVLRQDQWH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VW»HOMHIHHQODRîFLQD" ,VWKHERVVLQWKHRIïFH"
1RHVW»DTXÇKR\ +HoVQRWKHUHWRGD\
(VW»GHYDFDFLRQHV +HoVRQKROLGD\
+D\DOJÔQSUREOHPD" ,VWKHUHDSUREOHP"
6ÇORKD\7HQHPRVXQ <HVWKHUHLV:HKDYHD
SUREOHPDFRQODRWUDHPSUHVD SUREOHPZLWKWKHRWKHU
FRPSDQ\
7HQJRTXHKDEODUFRQHOORV ,KDYHWRVSHDNZLWKWKHP,oP
YHU\DQJU\
HVWR\PX\HQIDGDGR
3XHGRXWLOL]DUWXWHOÃIRQR" &DQ,XVH\RXUSKRQH",WoVD
ORFDOFDOO
(VXQDOODPDGDORFDO
3XHGRKDEODUFRQ3HGUR%ODQFR &DQ,VSHDNWR3HGUR%ODQFR
SOHDVH"
SRUIDYRU"
'HSDUWHGHTXLÃQSRUIDYRU" :KRoVFDOOLQJSOHDVH"
6R\3HWH:KLWHOODPDQGR 7KLVLV3HWH:KLWHFDOOLQJIURP
%LJ&RPSDQ\
GHVGH%LJ&RPSDQ\
&KRS &KXOHWD
5LEV &RVWLOODV
7HQGHUORLQ 6RORPLOOR
7ERQHVWHDN &KXOHWÍQ
/RLQ /RPR
9RFDEXODULR%XWFKHUVoFXWV &RUWHVGH&DUQLFHUÇD
/RZ,QWHUPHGLDWH
1RVHUHWLUHSRUIDYRU +ROGWKHOLQHSOHDVH
(VW»IXHUDGHODRîFLQD +HoVRXWRIWKHRIïFHKHoOOEH
YROYHU»HQPHGLDKRUD
EDFNLQKDOIDQKRXU
4XLHUHGHMDUOHDOJÔQUHFDGR" 'R\RXZDQWWROHDYHD
PHVVDJHIRUKLP"
'LOHTXHPHOODPHFXDQGR 7HOOKLPWRFDOOPHZKHQKH
JHWVEDFN
UHJUHVH
%LHQOHGLUÃTXHXVWHGKD 2N,oOOWHOOKLP\RXFDOOHG
OODPDGR
0LGGOH,QWHUPHGLDWH
/HSXHGRORFDOL]DUHQVXPÍYLO" &DQ,ORFDWHKLPRQKLVPRELOH"
/RVLHQWRQRPHGHMDGDUHVH ,oPVRUU\KHGRHVQoWOHWPH
QÔPHUR
JLYHRXWWKDWQXPEHU
9HUÃVLKD\DOJXLHQHQRWUR ,oOOVHHLIVRPHERG\LQDQRWKHU
GHSDUWDPHQWRTXHOHSXHGD
GHSDUWPHQWFDQKHOS\RX
D\XGDU
1RLPSRUWD/ODPDUÃRWUDYH] 1HYHUPLQG,oOOFDOOEDFNLQKDOI
HQPHGLDKRUD
DQKRXU
+DYXHOWR\DDODRîFLQDHO6U +DV0U%ODQFRUHWXUQHGWRWKH
%ODQFR"
RIïFH\HW"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
0HSXHGHSRQHUFRQÃOSRU &DQ\RXSXWPHWKURXJKWR
IDYRU"
KLPSOHDVH"
1RFRQVLJRORFDOL]DUOHHVW» ,FDQoWJHWWKURXJKWKHOLQHLV
FRPXQLFDQGR
EXV\
3UHîHUHHVSHUDUROHGLJRTXH :RXOG\RXSUHIHUWRKROGRU
OHYXHOYDDOODPDU"
VKDOO,WHOOKLPWRFDOO\RXEDFN"
8QVHJXQGRSRUIDYRUOHSDVR 2QHPRPHQWSOHDVH,oP
SXWWLQJ\RXWKURXJK
&UHRTXHOHKDQSDVDGRPDO ,WKLQN\RXoYHEHHQWUDQVIHUUHG
WRWKHZURQJQXPEHU
,QWHQWRSDVDUODOODPDGDRWUD 6KDOO,WU\WRWUDQVIHU\RXUFDOO
YH]"
DJDLQ"
6U%ODQFROODPDXQWDO0U 0U%ODQFRWKHUHoVD0U:KLWH
:KLWH
RQWKHOLQH
'LOHTXHPHHVWR\OLPDQGRODV 7HOOKLP,oPïOLQJP\QDLOVRU
XËDVRDOJRDVÇ
VRPHWKLQJOLNHWKDW
(O6U%ODQFRHVW»UHXQLGRHQ 0U%ODQFRLVQRWDYDLODEOHDW
HVWRVPRPHQWRV
WKHPRPHQW
6LQRPHDWLHQGHHQVHJXLGD ,IKHGRHVQoWDWWHQGPHULJKW
PHYHUÃREOLJDGRDFDQFHODU
DZD\,oOOEHIRUFHGWRFDQFHODOO
WRGRVQXHVWURVSHGLGRV
RXURUGHUV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
1RFXHOJXHWRGDYÇD 'RQoWKDQJXS\HW
9R\DLQWHQWDUFRPXQLFDURWUD ,oOOWU\WRUHFRQQHFW\RX
YH]
(VW»VRQDQGRSHURQRFRQWHVWD ,WoVULQJLQJEXWWKHUHoVQRUHSO\
$KRUDODVHËDOGHOÇQHDPHGD 1RZ,oPJHWWLQJWKHQXPEHU
FRPRGHVFRQHFWDGD
XQREWDLQDEOHVLJQDO
/HLPSRUWDUÇDYROYHUDPDUFDU" :RXOG\RXPLQGGLDOOLQJDJDLQ"
/RVLHQWRYR\DWHQHUTXH ,nPVRUU\,oPJRLQJWRKDYHWR
FROJDU
FXW\RXRII
|3RQPHFRQÃORVLQRYHU»V 3XWPHWKURXJKWRKLPRUHOVH
+DVOODPDGRDOFRQWHVWDGRU <RXoYHUHDFKHGWKHYRLFHPDLO
DXWRP»WLFRGH3HGUR%ODQFR
RI3HGUR%ODQFR
'HMHVXPHQVDMHGHVSXÃVGH 3OHDVHOHDYH\RXUPHVVDJH
ODVHËDO
DIWHUWKHWRQH
|/RTXHIDOWDED 7KDWoVWKHODVWVWUDZ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDFURVVq
,FDPHDFURVVDZRUG,GLGQoWNQRZ
'LFRQXQDSDODEUDTXHQRFRQRFÇD
$ORQH
6KHFRPHVDFURVVDVVWULFWEXWVKHoVQRW
'DODLPSUHVLÍQGHVHUHVWULFWDSHURQRORHV
7KHFDUFXWDFURVVLQIURQWRIXV
:HoOOVDYHWLPHLIZHFXWDFURVVWKHîHOG
(OFRFKHDWUDYHVÍGHODQWHGHQRVRWURV $KRUUDUHPRVWLHPSRVLDWUDYHVDPRVHO
FDPSR
,GURYHDFURVVWKHEULGJH
$WUDYHVÃHOSXHQWH HQFRFKH
+HGURYHDFURVV$XVWUDOLD
$WUDYHVÍ$XVWUDOLDGHSXQWDDSXQWD
6LJQLîFDpVRORqFRQHOPDWL]GHpVLQRWURVqRpGH
IRUPDH[FOXVLYDq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
0LWÇRDEXHORYLYHVROR
6RORÃOHVFDSD]GHJDQDUOHDOFDPSHÍQ
&XDQGRVXVKLMRVDEDQGRQDURQHOQLGRHOODVH
VHQWÇDPX\VROD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6LPSOHSDVWYVSUHVHQWSHUIHFW
(OSDVDGRH[SUHVDDFFLRQHVTXHWXYLHURQOXJDUHQXQSHULRGRGHWLHPSRTXHKDîQDOL]DGR )ÇMDWHTXHQRKHGLFKRpTXHKDQWHQLGROXJDUq (O
SUHVHQWHSHUIHFWRH[SUHVDDFFLRQHVTXHKDQWHQLGROXJDUHQXQSHUÇRGRGHWLHPSRTXHWRGDYÇDHVW»HQYLJRU
3DVDGRVLPSOH
3UHVHQWHSHUIHFWR
,GLGPDQ\WKLQJVODVWZHHN
,oYHGRQHPDQ\WKLQJVWKLVZHHN
+LFHPXFKDVFRVDVODVHPDQDSDVDGD
+HKHFKRPXFKDVFRVDVHVWDVHPDQD
(QVHJXLGDVHOHYHHOSOXPHURDXQPDOWUDGXFWRUFXDQGRVHOHHQODVWUDGXFFLRQHVDOLQJOÃVGHODVPHPRULDVDQXDOHVGHODVHPSUHVDVHVSDËRODV
(VFRVWXPEUHTXHHQHVSDËROVHXVHHOSUHVHQWHSHUIHFWR 'XUDQWHHOSDVDGRHMHUFLFLRODVYHQWDVKDQFUHFLGRHQXQ
6LHOWUDGXFWRUSRQHp'XULQJWKHSDVWîVFDO\HDUVDOHVKDYHJURZQE\qHQWRQFHVWHGDU»VFXHQWDGHTXHRQRGRPLQDHOLQJOÃVFRPRHVGHELGR
RVXLQJOÃV\DKDVLGRpFRQWDPLQDGRqSRUODLQïXHQFLDGHOFDVWHOODQR
(OHMHUFLFLRSDVDGR\DHVSDVDGRHVGHODËRTXHKDîQDOL]DGRQRUPDOPHQWHHO6LHPSUHKD\TXHHPSOHDUHOSDVDGRVLPSOH9HDPRV
HMHPSORVGHIUDVHVWÇSLFDVGHODVPHPRULDVDQXDOHV\FÍPRGHEHQWUDGXFLUVHÃVWDVDOLQJOÃV
/DVYHQWDVKDQFUHFLGRHQXQ
+HPRVKHFKRXQHVIXHU]RSDUDUHGXFLU
+HPRVDOFDQ]DGRXQDFLIUDUÃFRUGGH
(ODËRKDïQDOL]DGRFRQXQEHQHîFLRGH
6DOHVJUHZE\ FUHFLHURQ
:HPDGHDQHIIRUWWRUHGXFH KLFLPRV
:HUHDFKHGDUHFRUGîJXUHRI DOFDQ]DPRV
7KH\HDUHQGHGZLWKDSURîWRI îQDOL]Í
3RUWDQWRUHFXHUGDVLHPSUHXVDUHOSUHVHQWHSHUIHFWRSDUDDFFLRQHVTXHKDQWHQLGROXJDURTXHHVW»QWHQLHQGROXJDUGHQWURGHXQSHULRGRGH
WLHPSRTXHWRGDYÇDHVW»YLJHQWH HVWHPHV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(VWDEDVHQWDGRHQXQDPHVDGHUHXQLRQHVFXDQGRXQFOLHQWHSRWHQFLDO
PHH[WHQGLÍXQLPSRUWDQWHFKHTXH&XEULÍHOFKHTXHFRQVXPDQR\
PHGLMRp6LWHGR\HVWHGLQHURTXÃPHJDUDQWL]DV"q(VXQDSUHJXQWD
TXHPHKDFHQFRQFLHUWDIUHFXHQFLDSRUORTXHSXVHPLPDQRHQFLPD
GHODVX\DOHPLUÃDORVRMRV\OHGLPLUHVSXHVWDHVW»QGDUp7HJDUDQWL]R
TXHQXQFDYROYHU»VDYHUHVWHGLQHURq
,GLGQoWJRWR3DULVODVWPRQWK
,KDYHQoWJRQHWR3DULVVRIDUWKLVPRQWK
,ZDVVLWWLQJDWDFRQIHUHQFHWDEOHZKHQDSURVSHFWLYHFOLHQWODLGD
ODUJHFKHFNLQIURQWRIPH+HFRYHUHGWKHFKHFNZLWKKLVKDQGDQG
VDLGp,I,JLYH\RXWKLVPRQH\ZKDWZLOO\RXJXDUDQWHHPH"q,WoVD
TXHVWLRQ,oPDVNHGURXWLQHO\VR,SXWP\KDQGRQWRSRIKLVORRNHG
LQWRKLVH\HVDQGJDYHKLPP\VWDQGDUGDQVZHUp,JXDUDQWHHWKDW
\RXoOOQHYHUVHHWKLVPRQH\DJDLQq
(VWLPDGRDPLJR\DOXPQR(OS»UUDIRDQWHULRUFXHQWDXQDHVFHQDTXHWXYROXJDUKDFH\DP»VGHDËRV0HYLVLWÍ
XQGLUHFWLYRGHXQRVDËRVTXHTXHUÇDDSUHQGHULQJOÃV\TXHLEDDSDJDUHOFXUVRGHVXSURSLREROVLOOR(VWDED
OÍJLFDPHQWHSUHRFXSDGRSRUTXHVXGLQHUROHULQGLHUD\TXHUÇDVDEHUVLSRGUÇDFRQîDUHQPÇ\HQPLVSURIHVRUHV
6LQHPEDUJRODIRUPDHQTXHORH[SUHVÍPHOODPÍODDWHQFLÍQ VDFDQGRXQFKHTXHGHODQWHGHPÇ\UHOODQ»QGROR
FRQXQLPSRUWH 'HVSXÃVGLMRODSDODEUDTXH\RQXQFDVXHORSURQXQFLDUJDUDQWL]DUp6L\ROHGR\HVWHGLQHUR
TXÃPHJDUDQWL]D"&XDQGRVHWUDWDGHODSUHQGL]DMHGHOLQJOÃVQRSXHGRJDUDQWL]DUQDGDVDOYRTXHHOFKHTXHHQ
FXHVWLÍQYDDVHULQJUHVDGRHQPLFXHQWDq<DVÇVHORGLMH/HGLMHTXHQRSRGÇDJDUDQWL]DUQXQFDXQDSUHQGL]DMHVL
HODOXPQRQRSRQÇDWDQWRGHVXSDUWHFRPR\R/HJDUDQWLFÃH[FHOHQWHVSURIHVRUHV\XQH[FHOHQWHPÃWRGRSHUR
GHVSXÃVOHDGYHUWÇGHTXHVLÃOQRPHSHUPLWÇDSURJUDPDUXQYROXPHQVXîFLHQWHGHKRUDVOHFWLYDVSDUDFRQVHJXLU
HOREMHWLYR\VLQRHVWXGLDEDHQVHULRXQYROXPHQGHKRUDVHTXLYDOHQWHDODVKRUDVOHFWLYDVSURSXHVWDVHQWRQFHV
GHJDUDQWÇDVQDGD(OVHËRUVHIXH\QRQRVFRQWUDWÍ7DOYH]IXLXQSRFRUDGLFDOHQPLUHVSXHVWD(QîQ3HURTXLHUR
DKRUDDGYHUWLUWHDWLWDPELÃQ/RVKD\\ORVKDEU»TXHWHJDUDQWL]DU»QUHVXOWDGRV\DVHDSDUDDSUHQGHULQJOÃVX
RWUDFRVD/DÔQLFDJDUDQWÇDTXHH[LVWHHVODTXHWÔPLVPRSXHGDVVDFDUGHWXSURSLDSHUVRQDGHWXLQWHJULGDG\
GHWXDFWLWXGDQWHORVSUREOHPDV\UHWRV
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
'RUVDO
'RVVLHU
'RXEOH
'UDFRQLDQ
'UDJRQ
'UDPD
'UDPDWLF
'UDVWLF
'UDVWLFDOO\
'URPHGDU\
'UXJ
'UXLG
'XDO
'XDOLW\
'XFWLOH
'XQH
'XR
'XRGHQDO
'XRGHQXP
'XSOH[
'XSOLFDWH
'XSOLFDWLRQ
'XSOLFLW\
'XUDELOLW\
+RZPDQ\WLPHVGLG\RXJRWR3DULVODVWPRQWK"
$QGVRIDUWKLVPRQWK"
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
&ÍPRHVW»WXKHUPDQDDKRUD" +RZoV\RXUVLVWHUQRZ"
(VW»PXFKRPHMRUJUDFLDV 6KHoVPXFKEHWWHUWKDQNV
<WÔTXÃWDO" $QG\RXKRZDUH\RXGRLQJ"
1RHVWR\PX\ELHQ ,oPQRWYHU\ZHOO
3RUTXÃ"(VW»VHQIHUPR" :K\"$UH\RXLOO"
7HQJRGRORUGHPXHODV ,KDYHDSDLQLQP\WRRWK
3RUTXÃQRYDVDOGHQWLVWD" :K\GRQoW\RXJRWRWKH
GHQWLVW"
1RPHJXVWDPXFKRPLGHQWLVWD ,GRQoWOLNHP\GHQWLVWPXFK
$QDGLHOHJXVWDVXGHQWLVWD 1RERG\OLNHVWKHLUGHQWLVWEXW
SHURDPÇVÇPHJXVWDHOPÇR
,OLNHPLQH
0HSXHGHVGDUVXQÔPHUR &DQ\RXJLYHPHKLVQXPEHU
SRUIDYRU"
SOHDVH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&RQTXÃIUHFXHQFLDYDVDO +RZRIWHQGR\RXJRWRWKH
GHQWLVWD"
GHQWLVW"
7UDWRGHLUXQDYH]FDGDGLH]DËRV,WU\WRJRRQFHHYHU\WHQ\HDUV
&X»QGRIXHODÔOWLPDYH]TXH :KHQZDVWKHODVWWLPH\RX
IXLVWH"
ZHQW"
/DÔOWLPDYH]TXHYLDXQ 7KHODVWWLPH,VDZDGHQWLVW
GHQWLVWDIXHHQORVQRYHQWD
ZDVLQWKHQLQHWLHV
'HEHUÇDVLUGRVYHFHVDODËR <RXVKRXOGJRWZLFHD\HDU
4XHUÇDSHGLUKRUDSDUDODVWUHV ,oGOLNHWRPDNHDQDSSRLQWPHQW
IRUWKUHHRoFORFN
3RGUÇDWRPDUDVLHQWRHQOD &RXOG\RXWDNHDVHDWLQWKH
VDODGHHVSHUD"
ZDLWLQJURRP"
7HQJRXQSRFRGHPLHGRHQ ,oPDOLWWOHDIUDLGRIWKHVH
HVWRVVLWLRV
SODFHV
3RUTXÃQROHHVDOJRHLQWHQWDV :K\GRQoW\RXUHDGVRPHWKLQJ
UHODMDUWH"
DQGWU\WRUHOD["
+D\DOJXQDVUHYLVWDVHQODV 7KHUHDUHVRPHPDJD]LQHVRQ
HVWDQWHUÇDV
WKHVKHOYHV
&DVVHUROH &D]XHOD
3RW 2OOD
6DXFHSDQ &D]R
'HHSIU\HU )UHLGRUD
)U\LQJSDQ 6DUWÃQ
9RFDEXODULR&RRNZDUH %DWHUÇDGHFRFLQD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&X»QWRKDFHTXHQRYLHQHV" +RZORQJKDVLWEHHQVLQFH\RX
ODVWFDPH"
/OHYRGLH]DËRVVLQLUDXQ ,KDYHQoWEHHQWRDGHQWLVWLQ
GHQWLVWD
WHQ\HDUV
4XÃFODVHGHFHSLOORGH :KDWW\SHRIWRRWKEUXVKGR
GLHQWHVXWLOL]DV"
\RXXVXDOO\XVH"
4XÃPDUFDGHSDVWDGH :KDWPDNHRIWRRWKSDVWHGR
GLHQWHVWHJXVWD"
\RXOLNH"
&RQTXÃIUHFXHQFLDWHODYDV +RZRIWHQGR\RXEUXVK\RXU
ORVGLHQWHV"
WHHWK"
(OLQWHULRUGHWXERFDVHSDUHFH 7KHLQVLGHRI\RXUPRXWKORRNV
DOWHFODGRGHXQSLDQR
OLNHDSLDQRNH\ERDUG
&X»QWRVHPSDVWHVWLHQHV" +RZPDQ\ïOOLQJVGR\RXKDYH"
4XH\RVHSDVÍORWHQJRVLHWH $VIDUDV,NQRZ,RQO\KDYH
VHYHQ
7LHQHVXQDVFDULHVHQGRVGH <RXKDYHVRPHGHFD\LQWZRRI
ODVPXHODVGHOMXLFLR
\RXUZLVGRPWHHWK
0HWHPRTXHODVWHQJDPRV ,oPDIUDLGZHoUHJRLQJWRKDYH
TXHVDFDU
WRWDNHWKHPRXW
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
3RGUÇDVVDFDUODOHQJXD" &RXOG\RXVWLFN\RXUWRQJXH
RXWDPRPHQW"
7HODYDVODVHQFÇDVDGHP»V 'R\RXFOHDQ\RXUJXPVDVZHOO
GHORVGLHQWHV"
DV\RXUWHHWK"
6HUÇDUHFRPHQGDEOHXWLOL]DU ,WZRXOGEHUHFRPPHQGDEOHWR
XQHQMXDJXHEXFDO
XVHDPRXWKZDVK
+DVLQWHQWDGRXWLOL]DUKLOR +DYH\RXHYHUWULHGXVLQJ
GHQWDODOJXQDYH]"
GHQWDOðRVV"
3XHGHTXHHVWRWHGXHODXQSRFR 7KLVPLJKWKXUW\RXDOLWWOH
(VWHVLOOÍQUHFOLQDEOHHVPX\ 7KLVUHFOLQLQJFKDLULVDORWRI
GLYHUWLGR
IXQ
0LUDKDFLDHOWHFKRFRQOD /RRNDWWKHFHLOLQJZLWK\RXU
ERFDPX\DELHUWD
PRXWKZLGHRSHQ
,QWHQWDGHMDUGHEDEHDUSRUIDYRU7U\WRVWRSGURROLQJSOHDVH
7HYR\DLQ\HFWDUFRQXQ ,oPJRLQJWRLQMHFW\RXZLWKD
SHTXHËRDQDOJÃVLFR
VPDOOSDLQNLOOHU
$TXÃWHORHVW»VSDVDQGR ,EHW\RXoUHKDYLQJDZKDOHRID
ERPEDHK"
WLPHDUHQoW\RX"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
(DUO\ODVWZLQWHU
3KUDVDOYHUEVZLWKpDFURVVq
:HïHZDFURVVWKH$WODQWLF
&UX]DPRVHO$WO»QWLFR HQDYLÍQ
7KHVKDGRZRIWKHWUHHIHOODFURVVWKHSDWLR
/DVRPEUDGHO»UERODWUDYHVDEDHOSDWLR
:HîQDOO\JRWDFURVVWKHULYHU
3RUîQFRQVHJXLPRVFUX]DUHOUÇR
+RZFDQ,JHWWKLVLGHDDFURVVWRP\SHRSOH
&ÍPRSXHGRWUDQVPLWLUHVWDLGHDDPL
JHQWH"
<RXoUHQRWJHWWLQJDFURVV
1RWHHVW»VH[SOLFDQGRELHQ
0RVHVOHGWKH-HZVDFURVVWKH5HG6HD
0RLVÃVJXLÍDORVMXGÇRVDFUX]DUHO0DU5RMR
8QWUXFRSDUDGRPLQDUORVSDUWLFLSLRV
6LJQLîFDpDSULQFLSLRVGHOLQYLHUQRSDVDGRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
$SULQFLSLRVGHOLQYLHUQRSDVDGRVHOHVDQJUÍ
ODQDUL]GH+DUU\
$SULQFLSLRVGHOLQYLHUQRSDVDGRVHPH
FRQJHODURQORVSHQVDPLHQWRV
$SULQFLSLRVGHOLQYLHUQRSDVDGRPLKLMD
PRQWÍHQEXUUR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7DSDODFROXPQDGHUHFKD\WUDWDGHFRQWHVWDUFRQVLQFHULGDGODVIUDVHVGHODFROXPQDGHODL]TXLHUGD'HVSXÃVPLUDVLKDVDFHUWDGRHQ
HOXVRGHOSUHVHQWHSHUIHFWR\GHOSDUWLFLSLR3UDFWLFDHVWHHMHUFLFLRXQDYH]DOGÇDGXUDQWHXQDËR
:KHQGLG\RXODVWEUHDNDZRUOGUHFRUG"
:KHQGLG\RXODVWEX\DSHWFURFRGLOH"
:KHQGLG\RXODVWFDWFKSQHXPRQLD"
:KHQZDVWKHODVWWLPH\RXGLGKRPHZRUNLQIURQWRIPH"
:KHQZDVWKHODVWWLPH\RXGURYHP\FDU"
:KHQZDVWKHODVWWLPH\RXDWHLQD0RQJROLDQUHVWDXUDQW"
:KHQZDVWKHODVWWLPH\RXIHOOIURPWKHWRSRIDEXLOGLQJ"
:KHQZDVWKHODVWWLPH\RXJDYHPHDJROGZDWFK"
:KHQZDVWKHODVWWLPH\RXJUHZDORQJEHDUG"
:KHQZDVWKHODVWWLPH\RXNQHZKRZWRï\OLNH3HWHU3DQ"
:KHQGLG\RXODVWORVHDPLOOLRQGROODUVLQWKHFDVLQR"
:KHQGLG\RXODVWPHHWZLWKPHLQD7XUNLVKEDU"
:KHQGLG\RXODVWVHOOPHDVHWRIWXSSHUZDUH"
:KHQGLG\RXODVWVOHHSXQGHUDEULGJH"
:KHQGLG\RXODVWWHDFKPHWKHLUUHJXODUYHUEVLQ)UHQFK"
:KHQZDVWKHODVWWLPH\RXVSRNHWRPHDERXW\RXUVLVWHU"
:KHQZDVWKHODVWWLPHWKHVXQURVHLQWKHZHVW"
:KHQZDVWKHODVWWLPH\RXVWROHDSDLQWLQJIURPWKH3UDGR"
:KHQZDVWKHODVWWLPH\RXWKUHZDZD\DGLDPRQGULQJ"
:KHQGLG\RXODVWZHDUDSLQNVXLW"
:KHQGLG\RXODVWZLQWKH&KULVWPDVORWWHU\"
:KHQGLG\RXODVWîJKWLQDFLYLOZDU"
:KHQGLG\RXODVWWKLQNDERXWWKHSUREOHPVLQ$OEDQLD"
:KHQGLG\RXODVWOHDYHKRPHIRUZRUNDWDP"
:KHQZDVWKHODVWWLPH\RXZHQWWRWKH1RUWK3ROH"
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
8QDHQFXHVWDUHFLHQWHHQFRQWUÍTXHODVPXMHUHVSUHîHUHQDKRP
EUHVVLQEDUEDRELJRWH6RODPHQWHHOGHODVPXMHUHVSUHîHUH
DORVKRPEUHVFRQEDUED\VÍORHOFRQELJRWH(QFXDQWRDOD
PRGDHQORVÔOWLPRVDËRVHQHOTXHORVKRPEUHVVHGHMDQEDUED
GHGRVRWUHVGÇDVVRODPHQWHHOGHODVPXMHUHVHQFXHVWDGDV
HQFRQWUDURQHVDPRGDGHVXJXVWR$VÇTXHKRPEUHV\DVDEÃLVOR
TXHWHQÃLVTXHKDFHUDIHLWDURVFDGDGÇD
,oYHQHYHUEURNHQDZRUOGUHFRUG
,oYHQHYHUERXJKWDSHWFURFRGLOH
,oYHQHYHUFDXJKWSQHXPRQLD
,oYHQHYHUGRQHKRPHZRUNLQIURQWRI\RX
,oYHQHYHUGULYHQ\RXUFDU
,oYHQHYHUHDWHQLQD0RQJROLDQUHVWDXUDQW
,oYHQHYHUIDOOHQIURPWKHWRSRIDEXLOGLQJ
,oYHQHYHUJLYHQ\RXDJROGZDWFK
,oYHQHYHUJURZQDORQJEHDUG
,oYHQHYHUNQRZQKRZWRï\OLNH3HWHU3DQ
,oYHQHYHUORVWDPLOOLRQGROODUVLQWKHFDVLQR
,oYHQHYHUPHWZLWK\RXLQD7XUNLVKEDU
,oYHQHYHUVROG\RXDVHWRIWXSSHUZDUH
,oYHQHYHUVOHSWXQGHUDEULGJH
,oYHQHYHUWDXJKW\RXWKHLUUHJXODUYHUEVLQ)UHQFK
,oYHQHYHUVSRNHQWR\RXDERXWP\VLVWHU
7KHVXQKDVQHYHUULVHQLQWKHZHVW
,oYHQHYHUVWROHQDSDLQWLQJIURPWKH3UDGR
,oYHQHYHUWKURZQDZD\DGLDPRQGULQJ
,oYHQHYHUZRUQDSLQNVXLW
,oYHQHYHUZRQWKH&KULVWPDVORWWHU\
,oYHQHYHUIRXJKWLQDFLYLOZDU
,oYHQHYHUWKRXJKWDERXWWKHSUREOHPVLQ$OEDQLD
,oYHQHYHUOHIWKRPHIRUZRUNDWDP
,oYHQHYHUJRQHWRWKH1RUWK3ROH
$UHFHQWVXUYH\IRXQGWKDWZRPHQSUHIHUPHQZLWKRXWIDFLDOKDLU
2QO\WKUHHSHUFHQWRIZRPHQOLNHPHQZLWKEHDUGVDQGRQO\HLJKW
SHUFHQWOLNHPRXVWDFKHV$VIRUWKHIDVKLRQLQUHFHQW\HDUVLQZKLFK
PHQOHDYHRQHRUWZRGD\VRIEHDUGJURZWKRQO\WZRSHUFHQWRI
WKHZRPHQVXUYH\HGIRXQGWKDWIDVKLRQWRWKHLUOLNLQJ6RPHQ
\RXNQRZZKDW\RXKDYHWRGRVKDYHHYHU\GD\
(VWLPDGRDPLJR\DOXPQR/OHJXÃSRUSULPHUDYH]D(VSDËDFRQFUHWDPHQWHD%DUFHORQDHQDJRVWRGH$OOÇHVWXYHGRV 0»VSDODEUDV
VHPDQDVHQXQDUHVLGHQFLDHVWXGLDQWLOMXQWRDXQJUXSRGHHVWXGLDQWHVQRUWHDPHULFDQRV/DVGRVSULPHUDVVHPDQDVODV LQJOHVDVGHUDÇ]
ODWLQD
GHGLFDPRVDFRQRFHUDIRQGRODFLXGDG\DUHGDFWDUDOîQDOXQDVFLQFRS»JLQDVDFHUFDGHQXHVWUDH[SHULHQFLD6HWUDWDED
GHXQPLQLFXUVRTXHQRVLEDDYDOHUDFDGDXQRGRVFUÃGLWRVXQLYHUVLWDULRV5HFXHUGRTXHPXFKRVHVWXGLDQWHVVHTXHMDEDQ
'XUDWLRQ
GHTXHQRVHVHQWÇDQFDSDFHVGHH[SUHVDUFRQSDODEUDVODULTXH]DGHVXH[SHULHQFLDGXUDQWHHVDVGRVVHPDQDV3DUDPÇ
'XULQJ
TXHHVWDEDQLQWHQWDQGROLEUDUVHGHODWDUHDVLQP»V1RREVWDQWHUHFXHUGRPX\ELHQODVSDODEUDVGHXQRGHORVSURIHVRUHV
'\QDPLF
TXHDFRPSDËDEDDOJUXSR1RVGLMRTXHQXHVWUDVLPSUHVLRQHVVHQVDFLRQHVVHQWLPLHQWRVSHQVDPLHQWRV\HPRFLRQHVQR '\QDPLFV
YDOÇDQSDUDQDGDVLQRÃUDPRVFDSDFHVGHWUDQVPLWLUODVDRWURVGHIRUPDHîFD]ELHQSRUHVFULWRRELHQPHGLDQWHXQDEXHQD '\QDPLVP
H[SUHVLÍQRUDO1RVUHFRUGÍTXHXQDPDQHUDFRPÔQGHDVSLUDUDODYLGDHWHUQDHVGHMDQGRQXHVWUDKXHOODHQHVWDWLHUUD '\QDPL]H
DWUDYÃVGHODSDODEUDHVFULWD$VÇHOSURIHVRUQRVLQVWDEDDHVIRU]DUQRVSDUDSODVPDUVREUHHOSDSHOODVLPSUHVLRQHVWDQ
'\QDPR
QXHYDV\GLIHUHQWHVTXHKDEÇDPRVH[SHULPHQWDGRHQ%DUFHORQD6XIRUPDGHGHFÇUQRVORQRIXHHVSHFLDOPHQWHLPSDFWDQWH
'\QDVWLF
'\QDVW\
SHURQRODKHROYLGDGRMDP»V\QRODKHROYLGDGRSRUTXHGHVGHHQWRQFHVKHFRQVWDWDGRXQD\RWUDYH]TXHHOOHQJXDMHOR
HVWRGRVLTXHUHPRVGRWDUGHFDOLGDGQXHVWURVSHQVDPLHQWRVRQXHVWUDVDVSLUDFLRQHV3REUH]DHQODDXWRH[SUHVLÍQ\D '\VHQWHU\
VHDHVFULWDXRUDOFRQGHQDDXQRDQRUHDOL]DUHVDVDVSLUDFLRQHV/DFDOLGDGGHORTXHEURWDGHQXHVWURFHUHEURVÍORWLHQH '\VIXQFWLRQDO
'\VOH[LD
HVRFDOLGDGHQODPHGLGDHQTXHVDEHPRVDGRUQDUORFRQQXHVWUROHQJXDMH(VLPSHUDWLYRSXHVTXHLQWHQWHPRVVLHPSUH
(DUQHVW
PHMRUDUQXHVWUDFDSDFLGDGGHFRPXQLFDFLÍQSULPHURHQQXHVWUDSURSLDOHQJXD\GHVSXÃVHQRWUDVVLHVSRVLEOH
5LFKDUG9DXJKDQ
(EXOOLHQFH
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
&X»QGRHVWXERGD" :KHQLV\RXUZHGGLQJ"
(VHQPDU]R ,WoVLQ0DUFK
1XHVWUDERGDHVHQSULPDYHUD 2XUZHGGLQJLVLQVSULQJ
(QTXÃIHFKDHVODERGD" :KDWGDWHLVWKHZHGGLQJ"
(VHOÔOWLPRGÇDGHPHV ,WoVRQWKHODVWGD\RIWKH
PRQWK
(VW»VQHUYLRVDSRUHOOR" $UH\RXQHUYRXVDERXWLW"
<RQRSHURPLPDULGRVÇ ,oPQRWEXWP\KXVEDQGLV
&UHRTXHHVW»VKDEODQGRGH ,WKLQN\RXoUHWDONLQJDERXW
\RXUER\IULHQG
WXQRYLR
%XHQRWÔHQWLHQGHVORTXH :HOO\RXXQGHUVWDQGZKDW,oP
VD\LQJ
HVWR\GLFLHQGR
(VW»OLVWRWRGR" ,VHYHU\WKLQJUHDG\"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&X»QWDJHQWHKDEU»" +RZPDQ\SHRSOHZLOOWKHUHEH"
(VHVHHODQLOORTXHWHFRPSUÍ",VWKDWWKHULQJKHERXJKW\RX"
&X»QGRWHSLGLÍTXHWH :KHQGLGKHDVN\RXWRPDUU\
KLP"
FDVDUDVFRQÃO"
4XLHUHVTXH\RRUJDQLFHODV 'R\RXZDQWPHWRRUJDQLVH
WKHðRZHUV"
ïRUHV"
(QTXÃLJOHVLDRVYDLVDFDVDU" :KLFKFKXUFKDUH\RXJRLQJWR
JHWPDUULHGLQ"
+DVHQYLDGRODVLQYLWDFLRQHV +DYH\RXVHQWRXWWKH
LQYLWDWLRQV\HW"
\D"
7RGDYÇDHVWDPRVGHFLGLHQGR :HoUHVWLOOGHFLGLQJRQKRZ
PDQ\JXHVWVWKHUHZLOOEH
FX»QWRVLQYLWDGRVKDEU»
+DVFRPSUDGRHOYHVWLGR\D" +DYH\RXERXJKW\RXUGUHVV\HW"
6Ç\DKHHQFRQWUDGRDOJR <HV,oYHDOUHDG\IRXQG
VRPHWKLQJ
'ÍQGHYDLVGHOXQDGHPLHO" :KHUHDUH\RXJRLQJRQ
KRQH\PRRQ"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
7HFDVDU»VGHEODQFR" :LOOLWEHDZKLWHZHGGLQJ"
+DSUHSDUDGRÃOXQGLVFXUVR" +DVKHSUHSDUHGDVSHHFK"
/HTXHGDPXFKRWLHPSRDQWHV +HKDVDORWRIWLPHOHIWEHIRUH
KHKDVWRGRWKDW
GHTXHWHQJDTXHKDFHUHVR
7HOOHYDVELHQFRQVXVSDGUHV" 'RHVKHJHWRQZHOOZLWK\RXU
SDUHQWV"
|9DPRVDVHUFXËDGDV :HoUHJRLQJWREHVLVWHUVLQODZ
&X»QWDVGDPDVGHKRQRUYDV +RZPDQ\EULGHVPDLGVDUH\RX
JRLQJWRKDYH"&DQ,EHRQH"
DWHQHU"3XHGRVHU\RXQD"
'HMDGHKDFHUPHWDQWDV 6WRSDVNLQJPHVRPDQ\
TXHVWLRQV
SUHJXQWDV
|(UHVXQDDXWÃQWLFDSHVDGD <RXoUHDUHDOSDLQLQWKHQHFN
1RORSXHGRHYLWDUHVWR\WDQ ,FDQoWKHOSLW,oPVRH[FLWHG
HPRFLRQDGD
3HQV»LVWHQHUKLMRVHQXQ $UH\RXSODQQLQJWRKDYH
FKLOGUHQLQWKHQHDUIXWXUH"
IXWXURFHUFDQR"
=LS &UHPDOOHUD
+DQGOH $VD
3DGORFN &DQGDGR
:KHHOV 5XHGDV
/RFN &LHUUH
9RFDEXODULR6XLWFDVH 0DOHWD
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
'ÍQGHFHOHEUDVWHODGHVSHGLGD:KHUHGLG\RXFHOHEUDWH\RXU
KHQQLJKW"
GHVROWHUD"
+LFLVWHWUDYHVXUDV" 'LG\RXJHWXSWRPLVFKLHI"
6LKXELHUDKHFKRDOJRQRWHOR ,I,KDGGRQHDQ\WKLQJ,
ZRXOGQoWWHOO\RX
GLUÇD
<ÃOWXYRXQDGHVSHGLGDGH $QGGLGKHKDYHDVWDJSDUW\"
VROWHUR"
6ÇSHURPHSURPHWLÍTXHVH <HVEXWKHSURPLVHGPHWKDW
KHEHKDYHGKLPVHOI
FRPSRUWÍELHQ
7HWRPRDWLFRPRPLHVSRVD ,WDNH\RXWREHP\ZLIH
3DUDELHQRSDUDPDOHQOD 7KURXJKJRRGDQGWKURXJK
ULTXH]DRHQODSREUH]DHQOD
EDGIRUULFKRUIRUSRRULQ
VDOXGRHQODHQIHUPHGDG
VLFNQHVVRULQKHDOWK
3DUDDPDUWH\UHVSHWDUWHKDVWD7RORYHDQGUHVSHFW\RXXQWLO
TXHODPXHUWHQRVVHSDUH
GHDWKGRXVSDUW
+DEODDKRUDRFDOODSDUDVLHPSUH 6SHDNQRZRUIRUHYHUKROG\RXU
SHDFH
<DSXHGHEHVDUDODQRYLD <RXPD\QRZNLVVWKHEULGH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
8QWLO
3KUDVDOYHUEVZLWKpDFURVVq
7KH\GLGQoWPDNHLWDFURVVWKHEULGJH ,UDQDFURVVDQLQWHUHVWLQJVLWHRQWKHZHE
1RORJUDURQFUX]DUHOSXHQWH
+HGDGRFRQXQVLWLRLQWHUHVDQWHHQODZHE
/HWWKHPDFURVVWKHEULGJH
'ÃMDOHVTXHFUXFHQHOSXHQWH
6KHVDWDFURVVIURPPH
6HVHQWÍHQIUHQWHGHPÇ
(Q(VSDËDVHVXHOHDSUHQGHUODSDODEUD
pXQWLOqSDUDGHFLUpKDVWDqORFXDOHVFLHUWR
SHURRMRQRHQWRGRVORVFDVRV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
,oPJRLQJWRVHQGKLPDFURVVWKHRFHDQ
/HYR\DPDQGDUDORWURODGRGHORV
PDUHV
6HTXHGDU»DOOÇKDVWDTXHVHPXHUD
1RORVDEUÃKDVWDTXHQRVHSXEOLTXHQORV
UHVXOWDGRV
7HHVSHUDUHPRVKDVWDODVFLQFR
:HWRRNKLPDFURVVWKHULYHU
/HOOHYDPRVDORWURODGRGHOUÇR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
)DPRXV)RUXV$PELJXRXV)RUXV1HUYRXV)RUXV
|4XÃWÇWXORP»VH[WUDËR3RUTXÃLQFOX\RWUHVYHFHVODH[SUHVLÍQpIRUXVq"4XÃWLHQHTXHYHUpIRUXVqFRQIDPRVRDPELJXRRQHUYLRVR"
3XHVWLHQHPXFKRTXHYHUDODKRUDGHGHPRVWUDUWHFÍPRSURQXQFLDUHOîQDOGHODVWUHVSDODEUDVTXHWHDFDERGHFLWDU/DVÇODEDpRXVqDO
îQDOGHFDGDSDODEUDVHSURQXQFLDFRPRpXVqHQODH[SUHVLÍQpIRUXVq/RVHVSDËROHVSURQXQFL»LVPDOODVSDODEUDVHQLQJOÃVTXHWHUPL
QDQHQpRXVqPX\PDODYHFHVKDVWDHOSXQWRGHLPSRVLELOLWDUODFRPSUHQVLÍQ7RGDVODVSDODEUDVH[SXHVWDVDFRQWLQXDFLÍQWHUPLQDQ
FRQVRQLGRIRQÃWLFRpDVq'LODVWRGDVHQYR]DOWDHOPD\RUQÔPHURGHYHFHVTXHSXHGDV
DGIDQWÃLFKDV
DGIÃQFKXUDV
DPEÇNLXDV
DPEÇVLDV
ÃLQNVLDV
N»VLDV
N»QVLDV
NDQWÃLFKDV
NDQWÃQLXDV
NÃUWLDV
NLÔULDV
GÃLQFKHUDV
GHOÇVLDV
GLV»VWHUDV
HQÍUPDV
ÃQïDV
I»ELXODV
IÃLPDV
IHUÍVLDV
ïFWÇVLDV
IUÇYRODV
ïÔULDV
FKÃQHUDV
JO»PRUDV
YHQWDMRVR
LQWUÃSLGR
DPELJXR
DPELFLRVR
DQVLRVR
FDXWR
FRQVFLHQWH
FRQWDJLRVR
FRQWLQXR
FRUWÃV
FXULRVR
SHOLJURVR
GHOLFLRVR
GHVDVWURVR
HQRUPH
HQYLGLRVR
IDEXORVR
IDPRVR
IHUR]
îFWLFLR
IUÇYROR
IXULRVR
JHQHURVR
JODPRURVR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RFUHRTXHFRQWUDWDUDDOJXLHQDKRUDVHDXQDGHFLVLÍQPX\DFHU
WDGD/DVYHQWDVKDQFDÇGR\SDUHFHTXHHVWDPRVHQWUDQGRHQXQ
SHUÇRGR GH UHFHVLÍQ 6Ã TXH WHQHPRV PXFKR GLQHUR RFLRVR VLP
SOHPHQWHJHQHUDQGRLQWHUHVHVSHURSUHIHULUÇDTXHLQYLUWLHUDVHVH
GLQHURHQXQDLQLFLDWLYDUHQWDEOHRTXHORGHMDUDVHQXQDFXHQWDUH
PXQHUDGDDFRUWRSOD]RDPRGRGHFROFKÍQPHMRUTXHJDVWDUORHQ
XQHPSOHDGRQXHYRTXHQHFHVLWDU»IRUPDFLÍQ\WDUGDU»DOPHQRV
VHLVRVLHWHPHVHVKDVWDOOHJDUDVHUXQDFWLYRSDUDODRUJDQL]DFLÍQ
*ORULRXV
*RUJHRXV
+LODULRXV
-HDORXV
0DUYHORXV
0HWLFXORXV
0LUDFXORXV
0RXQWDLQRXV
0RQRWRQRXV
0\VWHULRXV
1HUYRXV
2EYLRXV
3RLVRQRXV
3UHFLRXV
3UHYLRXV
5HOLJLRXV
6HULRXV
6SRQWDQHRXV
6XSHUVWLWLRXV
6XVSLFLRXV
7UHPHQGRXV
9DULRXV
9LFLRXV
9LUWXRXV
JOÍULDV
JÍUFKDV
MLOÃULDV
FKÃODV
P»UIHODV
PHWÇNLXODV
PLU»NLXODV
P»RQWDQDV
PDQÍWDQDV
PLVWÇULDV
QÃUIDV
»EïDV
SÍLVDQDV
SUÃVLDV
SUÇYLDV
UHOÇFKDV
VÇULDV
VVVVSRQWÃLQLDV
VXSHUVWÇVLDV
VDVSÇVLDV
WUHPÃQGDV
IÃULDV
IÇVLDV
IÃUFKXDV
JORULRVR
SUHFLRVR
GLYHUWLGÇVLPR
FHORVR
PDUDYLOORVR
PHWLFXORVR
PLODJURVR
PRQWDËRVR
PRQÍWRQR
PLVWHULRVR
QHUYLRVR
REYLR
YHQHQRVR
YDOLRVÇVLPR
SUHYLR
UHOLJLRVR
VHULR
HVSRQW»QHR
VXSHUVWLFLRVR
VRVSHFKRVR
WUHPHQGR
GLYHUVRV
îHURIHUR]VDOYDMH
YLUWXRVR
,GRQoWWKLQNLWoVDZLVHGHFLVLRQWRKLUHVRPHRQHULJKWQRZ6DOHV
DUHGRZQDQGZHVHHPWREHHQWHULQJDUHFHVVLRQ,NQRZZHoYH
JRWDORWRILGOHFDVKRQKDQGVLPSO\HDUQLQJLQWHUHVWEXW,ZRXOG
UDWKHU\RXLQYHVWHGWKDWPRQH\LQDSURGXFWLYHYHQWXUHRUMXVWOHIW
LWLQDVKRUWWHUPLQWHUHVWDFFRXQWDVDFDVKFXVKLRQWKDQVSHQGLW
RQDQHZLQGLUHFWHPSOR\HHZKRoOOQHHGWUDLQLQJDQGDWOHDVWVL[RU
VHYHQPRQWKVWREHFRPHDQDVVHWWRWKHRUJDQL]DWLRQ
(VWLPDGRDPLJR\DOXPQR/DVHFFLÍQFHQWUDOGHOGRUVRGHHVWDîFKDSUHVHQWDSDODEUDVTXHWHUPLQDQHQpRXVq6LWH
îMDVHQODVFROXPQDVHQD]XOFODURGRQGHKDJRXQLQWHQWRSRUGHVFULELUODSURQXQFLDFLÍQWHGDU»VFXHQWDGHORGLIÇFLO
TXHHVDFODUDUODIRQÃWLFDLQJOHVDDWUDYÃVGHODRUWRJUDIÇDHVSDËROD([LVWHXQDOIDEHWRIRQÃWLFRSHURÃVWHFLUFXOD
VRODPHQWHHQWUHOLQJÖLVWDVHVSHFLDOLVWDV\IRURIRVGHODIRQÃWLFD3HURLQFOXVRGRPLQDQGRHVWHDOIDEHWRHVSHFLDO
WHQGUÇDVLPSRUWDQWHVSUREOHPDVDODKRUDGHDSUHQGHUFRUUHFWDPHQWHODSURQXQFLDFLÍQGHODVSDODEUDVHQLQJOÃV
+D\SRFDVUHJODV\PLOHVGHDXWÃQWLFDVDEHUUDFLRQHVRUWRJU»îFDV1RSXHGHVFDVLQXQFDîDUWHGHODSDODEUDHVFULWD
SDUDTXHWHGÃDOJXQDSLVWDVREUHVXSURQXQFLDFLÍQ(VSRUHVWRSRUORTXHLQVLVWRWDQWRHQODVFXHVWLRQHVDXGLWLYDV
(V LPSHUDWLYR TXH H[SRQJDV WX RÇGR D ORV VRQLGRV GHO LQJOÃV GXUDQWH PXFKÇVLPDV KRUDV 8QD KRUD GHGLFDGD
SXUDPHQWHDODDXGLFLÍQYDOHSRUKRUDVGHGLFDGDVDOHVWXGLRSDVLYRGHJUDP»WLFD\YRFDEXODULR&DGDXQLGDG
GHDYDQFHUHDOHQHODVSHFWRKDEODGRGHOLGLRPDYDSUHFHGLGDSRUFLQFRXQLGDGHVGHDYDQFHHQHODVSHFWRDXGLWLYR
(VWHPÃWRGRLQFOX\HOLEUR&'\'9'6L\RHVWXYLHUDHQWXOXJDUGHGLFDUÇDHOGHWRGRPLWLHPSRGHHVWXGLRDOD
HVFXFKDGHO&'XQDOYLVLRQDGRGHO'9'\WDQVÍORHOGHOWLHPSRDORVOLEURV3RGUÇDVGHGLFDUFLQFRPLOKRUDV
DPDFKDFDUORVOLEURV\DÔQDVÇQRWHGDUÇDQORTXHKRUDVGHDXGLFLÍQ
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
(EXOOLHQW (FRQRP\
(FFHQWULF (FRV\VWHP
(FVWDV\
(FKR
(FVWDWLF
(FOHFWLF
(F]HPD
(FOLSVH
(GLFW
(FRORJLFDO
(GLîFH
(FRORJ\
(FRORJLVW (GLîFDWLRQ
(GLW
(FRQRPLF
(FRQRPLFDO (GLWLRQ
(GLWRU
(FRQRPLFV
(FRQRPLVW (GLWRULDO
(FRQRPL]H (GXFDWH
$GYDQWDJHRXV
$GYHQWXURXV
$PELJXRXV
$PELWLRXV
$Q[LRXV
&DXWLRXV
&RQVFLRXV
&RQWDJLRXV
&RQWLQXRXV
&RXUWHRXV
&XULRXV
'DQJHURXV
'HOLFLRXV
'LVDVWURXV
(QRUPRXV
(QYLRXV
)DEXORXV
)DPRXV
)HURFLRXV
)LFWLWLRXV
)ULYRORXV
)XULRXV
*HQHURXV
*ODPRURXV
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XÃKRUDHV" :KDWWLPHLVLW"
6RQODVRQFH ,WoVHOHYHQRoFORFN
6RQODVRFKR\PHGLD ,WoVKDOISDVWHLJKW
6RQODVVLHWH\FXDUWR ,WoVDTXDUWHUSDVWVHYHQ
(VODXQDPHQRVFXDUWR ,WoVDTXDUWHUWRWZHOYH
(OGHVD\XQRHVSRUODPDËDQD ,KDYHEUHDNIDVWLQWKHPRUQLQJ
&RPRSRUODWDUGH |/DWDUGH ,KDYHOXQFKLQWKHDIWHUQRRQ
LQJOHVDHQWUHODV\HO
DQRFKHFHU
&HQRSRUODWDUGH |/DWDUGH,KDYHGLQQHULQWKHHYHQLQJ
LQJOHVDHVDSDUWLUGHODQRFKHFHU
/DVHVWUHOODVHVW»QHQHOFLHOR 7KHVWDUVDUHLQWKHVN\DW
SRUODQRFKH
QLJKW
1RWUDEDMRHOîQGHVHPDQD ,GRQoWZRUNDWWKHZHHNHQG
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
/HUHXQLÍQHVHOPLÃUFROHV 7KHPHHWLQJLVRQ:HGQHVGD\
6LHPSUHYR\DODLJOHVLDORV ,DOZD\VJRWRFKXUFKRQ
GRPLQJRV
6XQGD\V
-XHJRDOIÔWEROWRGRVORVV»EDGRV,SOD\IRRWEDOOHYHU\6DWXUGD\
/DIHFKDGHKR\HVPDUWHV 7KHGDWHWRGD\LV7XHVGD\WKH
GHDEULO
WZHQW\WKLUGRI$SULO
1DFLVWHHOGHIHEUHURGHO <RXZHUHERUQRQWKHïIWKRI
)HEUXDU\
1RSRGUÃLUHVWHMXHYHV ,ZRQoWEHDEOHWRJRWKLV
7KXUVGD\
7HQJRFODVHVGHJXLWDUUDXQ ,KDYHJXLWDUFODVVHVHYHU\
OXQHVVÇ\RWURQR
RWKHU0RQGD\
7HYHUÃHOYLHUQHVSRUODQRFKH ,oOOVHH\RX)ULGD\QLJKW
(OFXUVRGXUDU»XQDTXLQFHQD
7KHFRXUVHZLOOODVWDIRUWQLJKW
/DPD\RUÇDGHODJHQWHVXHOH 0RVWSHRSOHXVXDOO\JRRQ
LUVHGHYDFDFLRQHVHQDJRVWR
KROLGD\LQ$XJXVW
6FUHHQ 3DQWDOOD
+DQGVIUHH 0DQRVOLEUHV
.H\ 7HFOD
%DWWHU\ %DWHUÇD
&DUG 7DUMHWD
9RFDEXODULR0RELOH 0ÍYLO
+LJK,QWHUPHGLDWH
/DîQDOGHOD/LJDGH&DPSHRQHV7KH&KDPSLRQV/HDJXHïQDO
WLHQHOXJDUHQPD\R
WDNHVSODFHLQ0D\
/DVKRMDVFDHQGHORV»UEROHV /HDYHVIDOOIURPWKHWUHHVLQ
HQRWRËR
DXWXPQ
/DVïRUHVïRUHFHQHQSULPDYHUD)ORZHUVEORRPLQVSULQJ
(OKRPEUHDWHUUL]ÍHQODOXQD 0DQODQGHGRQWKHPRRQLQ
HQ
(OSUHVLGHQWH.HQQHG\IXH 3UHVLGHQW.HQQHG\ZDV
DVHVLQDGRHQ
DVVDVVLQDWHGLQ
/RZ$GYDQFHG
(VWHWLSRGHLQFLGHQWHVRFXUUH ,QFLGHQWVRIWKLVNLQGDUHD
GLDULDPHQWH
GDLO\RFFXUUHQFH
7HQHPRVUHXQLRQHVVHPDQDOHV :HKDYHZHHNO\PHHWLQJV
FRQHOHTXLSRGHYHQWDV
ZLWKWKHVDOHVWHDP
/HVSDJDQPHQVXDOPHQWH 7KH\DUHSDLGPRQWKO\
7RGRVORVHPSOHDGRVUHFLEHQ $OOHPSOR\HHVUHFHLYHD
XQDHYDOXDFLÍQFDGDWULPHVWUH TXDUWHUO\DVVHVVPHQW
6HSLQWDHOSXHQWHFDGDDËR 7KHEULGJHLVSDLQWHGDQQXDOO\
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
(OFKDUOHVWRQVHKL]RSRSXODU 7KH&KDUOHVWRQEHFDPHD
HQORVDËRVYHLQWH
SRSXODUGDQFHLQWKHWZHQWLHV
/DJHQWHVHYHVWÇDFRQSDQWDORQHV3HRSOHZRUHðDUHVLQWKH
FDPSDQDHQORVVHWHQWD
VHYHQWLHV
+X\ÍD*DOHVDSULQFLSLRVGH 6KHðHGWR:DOHVLQWKHHDUO\
ORVVHVHQWD
VL[WLHV
(OYLV3UHVOH\VHKL]RIDPRVRD (OYLV3UHVOH\EHFDPHIDPRXVLQ
PHGLDGRVGHORVFLQFXHQWD
WKHPLGïIWLHV
0XFKDVHPSUHVDVGH,QWHUQHW 0DQ\,QWHUQHWFRPSDQLHVZHQW
TXHEUDURQDîQDOHVGHORVQRYHQWD EDQNUXSWLQWKHODWHQLQHWLHV
/DV2OLPSLDGDVVLHPSUH 7KH2O\PSLFVDOZD\VFRLQFLGH
FRLQFLGHQFRQORVDËRVELVLHVWRV ZLWKOHDS\HDUV
/D8QLYHUVLGDGGH2[IRUGVH 2[IRUG8QLYHUVLW\GDWHVEDFN
UHPRQWDDOVLJORRQFH
WRWKHHOHYHQWKFHQWXU\
1RPHKHFRUWDGRODVXËDVGHO ,KDYHQoWFOLSSHGP\WRHQDLOV
SLHHQVLJORV
LQDJHV
IXHHODQLYHUVDULRGHO ZDVWKHIRXUKXQGUHWK
FXDUWRFHQWHQDULRGH'RQ4XLMRWH DQQLYHUVDU\RI'RQ4XL[RWH
(OSUREOHPDLQIRUP»WLFRGHO 7KHPLOOHQQLXPFRPSXWHUEXJ
HIHFWRIXHXQJUDQHQJDËR ZDVDKXJHKRD[
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDFURVVq
4XLWHDELW
,WKUHZWKHVWRQHDFURVVWKHULYHU
/DQFÃODSLHGUDDORWURODGRGHOUÇR
+HOLYHVDFURVVWKHVWUHHWIURPXV
9LYHHQIUHQWHGHQRVRWURV
,FDUULHGKHUDFURVVWKHWKUHVKROG
&UXFÃHOXPEUDOFRQHOODHQEUD]RV
7KH\PRYHGDFURVVWKHFRXQWU\
6HPXGDURQKDVWDHORWURODGRGHOSDÇV
7KH\IROORZHGPHDFURVVWKHEULGJH
0HVLJXLHURQKDVWDODRULOODFRQWUDULD
+HHVFDSHGDFURVVWKHULYHU
6HIXJÍDWUDYHVDQGRHOUÇR
<HVVLU
p4XLWHDELWqVLJQLîFDpEDVWDQWHq\HVPX\
XWLOL]DGRFRPRDGYHUELR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(VWR\EDVWDQWHP»VJRUGRGHORTXHHVWDEDOD
ÔOWLPDYH]TXHWHYL
'DQHVEDVWDQWHP»VJUDFLRVRTXHVXMHIH
(OSDQWDQRHVW»EDVWDQWHP»VOOHQRGHORTXH
HVWDEDHODËRSDVDGR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6LU/DQFHORWf6LU*DODKDGf6LU*DZDLQf6LU3HUFHYDO6LU&XPIHUHQFHf
&RQRFHVDOTXLQWRFDEDOOHURGHODPHVDUHGRQGDTXHPHQFLRQRDUULED"6HWUDWDGHXQJUDQFDEDOOHURTXHVXSRFDOFXODUODGLVWDQFLD
TXHKD\DOUHGHGRUGHXQFÇUFXOR/DFLUFXQIHUHQFLDTXHIRUPDXQFÇUFXORVHGLFHHQLQJOÃVpFLUFXPIHUHQFHqFDVLLJXDOTXHHQHVSDËRO
6LQHPEDUJRODSURQXQFLDFLÍQHVELHQGLIHUHQWH\H[LJHXQDLPSRUWDQWHFRQFLHQFLDFLÍQGHODOXPQRHQVXSURQXQFLDFLÍQ/DSULPHUD
VÇODEDVHSURQXQFLDFRPRpVLUqHQODH[SUHVLÍQp\HVVLUq\ODVHJXQGDODTXHOOHYDODDFHQWXDFLÍQVHSURQXQFLDFRPRHOYHUERpWRFRPHq
YHQLU VLUs&0(sIHUÃQVp6LUqVXHQDP»VDODSDODEUDHVSDËRODpVXUqTXHDOVRQLGRIRQÃWLFRpVLUqGH6LUDFXVD/DOLVWDH[SXHVWDD
FRQWLQXDFLÍQFRQWLHQHPXFKDVSDODEUDVLPSRUWDQWHVVREUHWRGRSDUDSHUVRQDVGHSXHVWRVWÃFQLFRVRGHGLUHFFLÍQ6RQSDODEUDVTXH
ORVHVSDËROHVWHQGÃLVDSURQXQFLDUWDQLQFRUUHFWDPHQWHTXHGLîFXOWDODFRPSUHQVLÍQ
&LUFOH
&LUFXLW
&LUFXLWU\
&LUFXODU
&LUFXODWH
&LUFXODWLRQ
&LUFXPIHUHQFH
&LUFXPQDYLJDWH
&LUFXPVFULEH
&LUFXPVWDQFHV
&LUFXV
&LUUKRVLV
6ÃUNDO
6ÃUNHW
6ÃUNHWUL
6ÃUNLXOHU
6ÃUNLXOHLW
6HUNLXOÃLVLDQ
6HUN»PIHUHQV
6HUNDPQ»IHJXHLW
6ÃUNDPVFUDLE
6ÃUNDPVWDQVHV
6ÃUNDV
VHUÍVLV
FÇUFXOR
FLUFXLWR
VLVWHPDGHFLUFXLWRV
UHGRQGRFLUFXODU
FLUFXODU YHUER
FLUFXODFLÍQ
FLUFXQIHUHQFLD
FLUFXQQDYHJDU
OLPLWDUUHVWULQJLU
FLUFXQVWDQFLDV
FLUFR
FLUURVLVKHS»WLFD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
$SUHQGHUXQDOHQJXDH[WUDQMHUDFRQXQSURIHVRUHVFRPRDSUHQGHUD
YRODUFRQXQVLPXODGRUGHYXHOR1XQFDIUDQTXHDU»VODEDUUHUDîQDO
GHODFRPXQLFDFLÍQKDVWDTXHQRWHQJDVVLWXDFLRQHVUHDOHVGRQGHWX
GRPLQLRGHODOHQJXDSXHGHLQïXLUHQHOÃ[LWRRIUDFDVRGHWXHVIXHU]R
(QXQVLPXODGRUGHYXHORVLWHHVWUHOODVQRWHPXHUHV(QVLWXDFLRQHV
GHFRPXQLFDFLÍQUHDOGHODYLGDVLWHHVWUHOODVWXVUHVWRVTXHGDQVDOSL
FDGRVHQXQUDGLRGHP»VGHPHWURV8QDKRUDGHFRPXQLFDFLÍQ
UHDOHQXQDOHQJXDH[WUDQMHUDHTXLYDOHDKRUDVGHFODVH
(QODFROXPQDFHQWUDOGHSURQXQFLDFLÍQODVSDODEUDV
FRPLHQ]DQFRQODVÇODEDIRQÃWLFDpVHUq6LQHPEDUJRHO
VRQLGRUHDOHVDOJRDVÇHQWUHODpHq\ODpXqHVSDËRODV
6HUs6XU
6LWUDWDVGHKDFHUXQVRQLGRIRQÃWLFRDFDEDOORHQWUHpVHUq
\pVXUqHOVRQLGRUHVXOWDQWHVHU»HOPLVPRTXHXVDPRVHQ
LQJOÃVSDUDGHFLUp6ÇVHËRUq
<HVVLU
/HDUQLQJDIRUHLJQODQJXDJHZLWKDWHDFKHULVOLNHOHDUQLQJWRï\
ZLWK D ïLJKW VLPXODWRU<RX ZLOO QHYHU EUHDN WKH îQDO EDUULHU WR
FRPPXQLFDWLRQXQWLO\RXoYHH[SHULHQFHGUHDOOLIHVLWXDWLRQVZKHUH
\RXUFRPPDQGRIWKHODQJXDJHFDQLQïXHQFHWKHVXFFHVVRUIDLOXUH
RI\RXUHQGHDYRU,QDïLJKWVLPXODWRULI\RXFUDVK\RXGRQoWGLH
,QUHDOFRPPXQLFDWLRQVLWXDWLRQVLI\RXFUDVK\RXoUHVSODWWHUHG
RYHU D PHWHU UDGLXV 2QH KRXU RI UHDO FRPPXQLFDWLRQ LQ D
IRUHLJQODQJXDJHLVZRUWKKRXUVRIFODVV
(VWLPDGRDPLJR\DOXPQR(QHOS»UUDIRDQWHULRUUHLWHURDOJRTXHKHGLFKR\DPXFKDVYHFHVDORODUJRGHHVWDV 0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
îFKDV([FHSWXDQGRDORVSULQFLSLDQWHVXQDKRUDFDSHDQGRXQDVLWXDFLÍQLPSRUWDQWHGHFRPXQLFDFLÍQHQODYLGD
UHDOHTXLYDOHDKRUDVGHFODVH&UÃHPH(VFLHUWR1RH[DJHURHQDEVROXWR/DUHODFLÍQHVGHXQRDFLHQ6L
(GXFDWLRQ
WLHQHVXQQLYHOLQWHUPHGLRGHLQJOÃV\PHSLGHVTXHVHDWXSURIHVRUHVWDU»VHQFDQWDGRFRQPLVFODVHV\WHQGU»VOD
(GXFDWLRQDO
VHQVDFLÍQFRUUHFWDHQFLHUWDPHGLGDGHTXHHVW»VSURJUHVDQGR$KRUDELHQVLHQYH]GHGDUWH\RFODVHWHOOHYDUD
(GXFDWRU
DWUDEDMDUVROLWRDODFDVHWDGHLQIRUPDFLÍQGHODHURSXHUWRGH+HDWKURZGXUDQWHFLHQKRUDVODERUDEOHVVHJXLGDV
(IIHFW
ODFRQVROLGDFLÍQGHWXGRPLQLRGHPLLGLRPDFRQHVDVFLHQKRUDVVXSHUDUÇDFRQFUHFHVORTXH\RHQFODVHSXGLHUD
(IIHFWLYH
GDUWHFRQGLH]PLOKRUDV5HSLWRSDUWLHQGRGHXQQLYHOLQWHUPHGLRGHLQJOÃVQROOHJDUÇDVQLFRQKRUDVGH
(IIHFWLYHO\
FODVHSULYDGDFRQPLJRDOGRPLQLRUHVXHOWRTXHFRQVHJXLUÇDVFRQHVDVFLHQKRUDVGHDSXURV\DQJXVWLDVDWHQGLHQGR
(IIHPLQDWH
(IIHUYHVFHQFH
ODVPÔOWLSOHVSUHJXQWDVGHYLDMHURVLQJOHVHVFDGDGÇDGXUDQWHÍGÇDVGHWUDEDMR3RUWDQWR\SRUHQÃVLPD
(IIHUYHVFHQW
YH]WHORUHSLWRQRFRQIÇHVHQODVFODVHVFRQYHQFLRQDOHVGHLQJOÃVSDUDOOHJDUDWHQHUXQEXHQGRPLQLR/DVFODVHV
(IîFDFLRXV
VRQQHFHVDULDVHQODSULPHUDHWDSDGHSULQFLSLDQWH\FRPRVHVLRQHVGHRULHQWDFLÍQ\PRWLYDFLÍQHQODVHWDSDV
(IîFDF\
SRVWHULRUHV3HURORÔQLFRTXHWHYDDDXSDUDOQLYHOTXHUHDOPHQWHTXLHUHVHVODîUPHGLVSRVLFLÍQSRUWXSDUWH
(IîFLHQF\
GHHQWUDUHQODERFDGHOORER<GÍQGHSXHGHVHQFRQWUDUDPELHQWHVOLQJÖÇVWLFRVDVÇ"&XUVDQGRHVWXGLRVQRGH
(IîFLHQW
LQJOÃVHQHOH[WUDQMHUR 2îP»WLFD&RFLQD+LVWRULD&RUWH\FRQIHFFLÍQ$QWURSRORJÇDHWFGRQGHWXVFRPSDËHURV
GHFODVHVRQJHQWHORFDO R\HQGRD9DXJKDQWRZQ ZZZYDXJKDQWRZQFRP (VWRÔOWLPRFXHVWDP»VSRUKRUDGH
pDSXURVqSHURVXSHUDLQFOXVRODVDQJXVWLDVGHODFDVHWDGHLQIRUPDFLÍQGH+HDWKURZ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(OPDUWHVTXHYLHQHHVHOIXWXUR1H[W7XHVGD\LVWKHIXWXUH
(VWDVHPDQDHVHOSUHVHQWH7KLVZHHNLVWKHSUHVHQW
(OPHVSDVDGRHVHOSDVDGR/DVWPRQWKLVWKHSDVW
(OSDVDGRHVPX\LPSRUWDQWH7KHSDVWLVYHU\LPSRUWDQW
£VWDHVXQDFODVHGH+LVWRULD7KLVLVDKLVWRU\FODVV
(Q GRVPLORFKR ,QWZRWKRXVDQGDQGHLJKW
(QHODËR GRVPLO ,QWKH\HDU
(Q PLOQRYHFLHQWRV ,QQLQHWHHQQLQHW\HLJKW
QRYHQWD\RFKR
(Q PLORFKRFLHQWRVVLHWH ,QHLJKWHHQRVHYHQ
(Q PLOTXLQLHQWRV ,QïIWHHQKXQGUHG
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(QHOSUÇQFLSH)HOLSHVH,Q3ULQFH3KLOLSPDUULHG
FDVÍFRQ/HWLFLD
/HWLFLD
(QODSHVHWDGHVDSDUHFLÍ\,QWKHSHVHWDGLVDSSHDUHG
HPSH]DPRVDXVDUHOHXUR
DQGZHVWDUWHGWRXVHWKHHXUR
(QODV2OLPSLDGDVWXYLHURQ,QWKH2O\PSLFVWRRN
OXJDUHQ%DUFHORQD
SODFHLQ%DUFHORQD
(Q(VSDËDLQJUHVÍHQOD ,Q6SDLQMRLQHGWKH
8QLÍQ(XURSHD
(XURSHDQ8QLRQ
(QORVVRFLDOLVWDVJDQDURQ,QWKHVRFLDOLVWVZRQWKH
ODVHOHFFLRQHVJHQHUDOHV
JHQHUDOHOHFWLRQV
(Q(VSDËDIXHHOSDÇV ,Q6SDLQZDVWKHKRVW
DQîWULÍQGHO0XQGLDO
FRXQWU\RIWKH:RUOG&XS
(QVHîUPÍOD&RQVWLWXFLÍQ,QWKH6SDQLVK
(VSDËROD
&RQVWLWXWLRQZDVVLJQHG
(Q$GROIR6X»UH]IXH ,Q$GROIR6X»UH]ZDV
HOHJLGRSUHVLGHQWH
HOHFWHGSUHVLGHQW
(Q-XDQ&DUORV,VH ,Q-XDQ&DUORV,EHFDPH
FRQYLUWLÍHQUH\
NLQJ
(Q(VSDËDSDVÍDVHU ,Q6SDLQEHFDPHDPHPEHU
PLHPEURGHODV1DFLRQHV8QLGDV RIWKH8QLWHG1DWLRQDO
6RXQG&DUG 7DUMHWDGHVRQLGR
+DUG'LVN 'LVFRGXUR
*UDSKLF&DUG 7DUMHWDJUȔFD
5$0 0HPRULD5$0
'LVN'ULYH 'LVTXHWHUD
9RFDEXODULR&RPSXWHU 2UGHQDGRU
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
(QHPSH]ÍODGLFWDGXUD ,QWKHGLFWDWRUVKLSRI
GH)UDQFR
)UDQFREHJDQ
(QFRPHQ]ÍOD*XHUUD ,QWKH6SDQLVK&LYLO:DU
&LYLO(VSDËROD\GXUÍWUHVDËRV VWDUWHGDQGODVWHGWKUHH\HDUV
(QVHHVWDEOHFLÍOD ,QWKH6HFRQG5HSXEOLF
6HJXQGD5HSÔEOLFD
ZDVHVWDEOLVKHG
(Q$OIRQVR;,,,VXELÍDO ,Q$OIRQVR;,,,FDPHWR
WURQR
WKHWKURQH
(Q(VSDËDSHUGLÍVX ,Q6SDLQORVWLWVODVW
ÔOWLPDFRORQLDDPHULFDQD&XED $PHULFDQFRORQ\&XED
,QOD&RQVWLWXFLÍQ ,QWKH6SDQLVK&RQVWLWXWLRQ
(VSDËRODFX\RVREUHQRPEUH
ZKRVHQLFNQDPHLV/D3HSD
HV/D3HSDHQWUÍHQYLJRU
FDPHLQWRHIIHFW
(QKXERXQOHYDQWDPLHQWR,QWKHUHZDVDQXSULVLQJ
HQ0DGULGFRQWUDORVIUDQFHVHV LQ0DGULGDJDLQVWWKH)UHQFK
(QHOUHLQDGRGH)HOLSH9 ,QWKHUHLJQRI3KLOLS9
OOHJÍDVXîQDO
FDPHWRDQHQG
(QPXULÍHOHVFULWRU ,QWKHPRVWIDPRXV
HVSDËROP»VIDPRVRGHWRGRV 6SDQLVKZULWHURIDOOWLPHGLHG
ORVWLHPSRV
,QOD$UPDGD(VSDËROD ,QWKH6SDQLVK$UPDGD
IXHGHUURWDGD
ZDVGHIHDWHG
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
(Q&DUORV,GH(VSDËDIXH ,Q&KDUOHV,RI6SDLQZDV
FRURQDGR(PSHUDGRUGHO6DFUR FURZQHGWKH+RO\5RPDQ
(PSHURU&KDUOHV9
,PSHULR5RPDQR&DUORV9
(Q&ROÍQ]DUSÍDO1XHYR ,Q&ROXPEXVVHWVDLOIRU
WKH1HZ:RUOG
0XQGR
(QHOPLVPRDËRFD\ÍHOÔOWLPR,QWKHVDPH\HDUWKHODVW
0RRULVKNLQJGRP*UDQDGDIHOO
UHLQR»UDEH*UDQDGD
(QHOHQODFHHQWUH,VDEHO\ ,QWKHPDUULDJHRI,VDEHOOD
)HUQDQGROOHYÍDODXQLÍQHQWUH DQG)HUQDQGROHGWRWKHXQLRQ
RI&DVWLOHDQG$UDJÍQ
&DVWLOOD\$UDJÍQ
(QHOVLJOR;,,,)HUQDQGR,,, ,QWKHWKFHQWXU\)HUQDQGR
YROYLÍDWRPDUPXFKDVFLXGDGHV ,,,UHWRRNPDQ\LPSRUWDQW
FLWLHV
LPSRUWDQWHV
(QHOFDG»YHUGH6DQWLDJRIXH,QWKHFRUSVHRI6W-DPHV
GHVFXELHUWRHQ&RPSRVWHOD
ZDVGLVFRYHUHGLQ&RPSRVWHOD
(QHOODYLFWRULDFULVWLDQD,QWKH&KULVWLDQYLFWRU\DW
HQ&RYDGRQJDOOHYÍDODIRUPDFLÍQ &RYDGRQJDOHGWRWKHIRUPDWLRQ
GHOUHLQRGH$VWXULDV
RIWKH$VWXULDQNLQJGRP
(QHOORV»UDEHVLQYDGLHURQ ,QWKH$UDEVLQYDGHG
\FRQTXLVWDURQODSHQÇQVXODHQ DQGFRQTXHUHGWKHSHQLQVXOD
VLHWHDËRV
ZLWKLQVHYHQ\HDUV
(QHOD&HPSH]ÍOD ,Q%&WKH5RPDQ
FRORQL]DFLÍQURPDQDGH(VSDËD FRORQL]DWLRQRI6SDLQEHJDQ
(QHOD&KDEÇDDOJXQRV ,Q%&WKHUHZHUHVRPH
DVHQWDPLHQWRVSUHKLVWÍULFRV
SUHKLVWRULFVHWWOHPHQWVDURXQG
DOUHGHGRUGH6DQWDQGHU
6DQWDQGHU
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDURXQGq
3UHVHQWHFRQWLQXRSDUDH[SUHVDUHO
IXWXUR
,oOOEHDURXQGLI\RXQHHGPH
(VWDUÃSRUDTXÇVLPHQHFHVLWDV
,oOOEULQJLWDURXQGZKHQ,FDQ
/RWUDHUÃSRUDTXÇFXDQGRSXHGD
:HEHJDQDURXQG
(PSH]DPRVDOUHGHGRUGHODV
$ORWRISHRSOHFDPHDURXQGWRJUHHWPH
0XFKDJHQWHYLQRSDUDVDOXGDUPH
$YHFHVXWLOL]DPRVHOSUHVHQWHFRQWLQXR
FXDQGRKDEODPRVGHOIXWXUR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7UDLJRXQDPLJRHVWDQRFKH
(OODOOHJDPDËDQDSRUODPDËDQD
7XVSDGUHVYDQD0DGULG HQDYLÍQ "
,EURXJKWKLPDURXQGWRP\YLHZSRLQW +HoOOFRPHDURXQGWRRXUYLHZSRLQW
/HFRQYHQFÇVREUHPLSXQWRGHYLVWD <DVHLU»FRQYHQFLHQGRGHORQXHVWUR
,UUHJXODUYHUEV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
4XLHURTXHHVWDVîFKDVLQFOX\DQXQDOLVWDFO»VLFDGHORVYHUERVLUUHJXODUHV+D\XQRVYHUERVLUUHJXODUHVHQLQJOÃV6LQHPEDUJR
FRQVLGHURLPSRUWDQWHVWDQVÍORXQRVSDUDHOGÇDDGÇD3DUDSUDFWLFDUORVQRUHFRPLHQGRODIRUPDWUDGLFLRQDOGHpJRsZHQWsJRQHq
TXHHVFRPRUHFLWDUODVWDEODVGHPXOWLSOLFDU3UHîHURTXHFRQFDGDYHUERKDJDVORVLJXLHQWH
(YHU\GD\,JR
<HVWHUGD\,ZHQW
/DWHO\,·YHJRQH
(YHU\GD\,EUHDN
<HVWHUGD\,EURNH
/DWHO\,·YHEURNHQ
(WF
(WF
(WF
DPLVDUH
EHFRPH
EHJLQ
EORZ
EUHDN
EULQJ
EXLOG
EX\
FDWFK
FKRRVH
FRPH
FRVW
FXW
GHDOZLWK
GR
GULQN
GULYH
HDW
IDOO
IHHO
îJKW
îQG
ï\
ZDVZHUH
EHFDPH
EHJDQ
EOHZ
EURNH
EURXJKW
EXLOW
ERXJKW
FDXJKW
FKRVH
FDPH
FRVW
FXW
GHDOWZLWK
GLG
GUDQN
GURYH
DWH
IHOO
IHOW
IRXJKW
IRXQG
ïHZ
EHHQ
EHFRPH
EHJXQ
EORZQ
EURNHQ
EURXJKW
EXLOW
ERXJKW
FDXJKW
FKRVHQ
FRPH
FRVW
FXW
GHDOWZLWK
GRQH
GUXQN
GULYHQ
HDWHQ
IDOOHQ
IHOW
IRXJKW
IRXQG
ïRZQ
IRUJHW
JHW
JLYH
JR
JURZ
KDYH
KHDU
KROG
KXUW
NHHS
NQRZ
OHDG
OHDYH
OHQG
OHW
ORVH
PDNH
PHDQ
PHHW
SD\
SXW
TXLW
UHDG
IRUJRW
JRW
JDYH
ZHQW
JUHZ
KDG
KHDUG
KHOG
KXUW
NHSW
NQHZ
OHG
OHIW
OHQW
OHW
ORVW
PDGH
PHDQW
PHW
SDLG
SXW
TXLW
UHDG
IRUJRWWHQ
JRWJRWWHQ
JLYHQ
JRQH
JURZQ
KDG
KHDUG
KHOG
KXUW
NHSW
NQRZQ
OHG
OHIW
OHQW
OHW
ORVW
PDGH
PHDQW
PHW
SDLG
SXW
TXLW
UHDG
ULQJ
ULVH
UXQ
VD\
VHH
VHOO
VHQG
VHW
VKXW
VLW
VOHHS
VSHDN
VSHQG
VWDQG
VWHDO
WDNH
WHDFK
WHOO
WKLQN
WKURZ
XQGHUVWDQG
ZHDU
ZLQ
ZULWH
UDQJ
URVH
UDQ
VDLG
VDZ
VROG
VHQW
VHW
VKXW
VDW
VOHSW
VSRNH
VSHQW
VWRRG
VWROH
WRRN
WDXJKW
WROG
WKRXJKW
WKUHZ
XQGHUVWRRG
ZRUH
ZRQ
ZURWH
UXQJ
ULVHQ
UXQ
VDLG
VHHQ
VROG
VHQW
VHW
VKXW
VDW
VOHSW
VSRNHQ
VSHQW
VWRRG
VWROHQ
WDNHQ
WDXJKW
WROG
WKRXJKW
WKURZQ
XQGHUVWRRG
ZRUQ
ZRQ
ZULWWHQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
)UHFXHQWHPHQWHODJHQWHPHSUHJXQWDp4XÃHVORTXHORVHPSUHQ
GHGRUHVFRQÃ[LWRWLHQHQHQFRPÔQ"4XÃHVORTXHOHVGLIHUHQFLDGH
ORVGHP»V"q&DGDYH]TXHPHKDFHQHVDSUHJXQWDUHVSRQGRFRQOD
PLVPDUHVSXHVWDp/RVHPSUHQGHGRUHVFRQÃ[LWRVRQDTXHOORVTXH
VLHQWHQSDVLÍQSRUVXQHJRFLR\TXHWLHQHQHOGLQHURQHFHVDULRSDUD
VREUHYLYLUDVXVHUURUHV2FDVLRQDOPHQWHKHYLVWRHOÃ[LWRVLQGLQHUR
VXîFLHQWHSHURQLXQDVRODYH]KHYLVWRTXHRFXUUDVLQSDVLÍQq
3HRSOHRIWHQDVNPHp:KDWGRVXFFHVVIXOHQWUHSUHQHXUVDOOKDYH
LQ FRPPRQ" :KDW LV LW WKDW PDNHV WKHP GLIIHUHQW"q (DFK WLPH
,oPDVNHGWKDWTXHVWLRQ,UHVSRQGZLWKH[DFWO\WKHVDPHDQVZHU
p6XFFHVVIXOHQWUHSUHQHXUVDUHWKRVHZKRKDYHDSDVVLRQIRUWKHLU
EXVLQHVVDQGWKHPRQH\WRVXUYLYHWKHLUPLVWDNHV,oYHRFFDVLRQDOO\
VHHQ VXFFHVV KDSSHQ ZLWKRXW VXIîFLHQW IXQGLQJ EXW ,oYH QHYHU
RQFHVHHQLWKDSSHQZLWKRXWSDVVLRQq
(VWLPDGRDPLJR\DOXPQR+HGDGRFODVHSHUVRQDOPHQWHDXQDVSHUVRQDVGHODVFXDOHV
HVWDEDQSHUIHFWDPHQWHFDSDFLWDGDVSDUDDSUHQGHUDXVDUHOLQJOÃVFRQFLHUWDRPXFKDHîFD
FLD6LQHPEDUJRGHHVDVSHUVRQDVXQDVFLQFRTXH\RUHFXHUGHUHDOPHQWHPHVRUSUHQGLH
URQSRUVXSURJUHVROOHJDQGRDWHQHUXQQLYHOH[FHOHQWH2WUDVDSUR[LPDGDPHQWHSURJUHVDURQ
DXQULWPRPHQRVVRUSUHQGHQWHSHURPX\EXHQROOHJDQGRDSRGHUGHVHQYROYHUVHELHQHQLQJOÃV
/RVGHP»VDOXPQRVODVRWUDVSHUVRQDVTXHKDQVLGRGXUDQWHDOJÔQWLHPSRSXSLORVPÇRV
KDQORJUDGRLQGHSHQGLHQWHPHQWHGHOQÔPHURWRWDOGHKRUDVGHFODVHUHFLELGDVVXELUXQSXQWRHQ
PLHVFDODGHOXQRDOGLH]RWDOYH]SXQWR\PHGLRFRPRP»[LPR1RGDEDQQLJROSHQRUPDOPHQWH
\VHJXUDPHQWHVLJDQLJXDOKR\DVLVWLHQGRDFODVHVGHLQJOÃVVLQVXSHUDUHOVHPSLWHUQRQLYHOLQWHU
PHGLR&UHHQTXHFRQDVLVWLUYDQDLPEXLUVHGHOLGLRPDDXWRP»WLFDPHQWHSRULQWHUYHQFLÍQGLYLQD6RQFRPRHOFRQGXFWRUGHOMHHS
GHODLPDJHQGHDUULED(VSHOLJURVDPHQWHREHVR\ORVPÃGLFRVOHKDQUHFHWDGRYDULDVYHFHVGLHWD\HMHUFLFLR3HURDOîQDOSDVHDDVX
SHUURHQFRFKH1RWLHQHVROXFLÍQ<FRQUHVSHFWRDOLQJOÃVWLHQHVWÔVROXFLÍQ"
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'HGÍQGHHVWXIDPLOLD" :KHUHLV\RXUIDPLO\IURP"
6RQGH,UODQGD 7KH\oUHIURP,UHODQG
7XVSDGUHVVRQGH,UODQGD $UH\RXUSDUHQWVIURP,UHODQG
WDPELÃQ"
WRR"
'HTXÃSDUWHGH,UODQGDVRQ" :KLFKSDUWRI,UHODQGDUHWKH\
IURP"
6RQGHORHVWH 7KH\oUHIURPWKHZHVW
4XÃKDFHÃOHQVXWLHPSROLEUH" :KDWGRHVKHGRLQKLVIUHHWLPH"
'ÍQGHYDHOODORVîQHVGH :KHUHGRHVVKHJRDWWKH
ZHHNHQGV"
VHPDQD"
&X»QGRHPSLH]DODFODVH" :KHQGRHVWKHFODVVEHJLQ"
&ÍPRVDEHÃOHVR" +RZGRHVKHNQRZWKDW"
&RQTXÃIUHFXHQFLDOOXHYHDTXÇ" +RZRIWHQGRHVLWUDLQKHUH"
6XJDU $]ÔFDU
.HWFKXS .HWFKXS
3HSSHU 3LPLHQWD
0XVWDUG 0RVWD]D
6DOW 6DO
9RFDEXODULR&RQGLPHQWV &RQGLPHQWRV
/RZ,QWHUPHGLDWH
'DPHHOD]XO *LYHPHWKHEOXHRQH
(VHYHUGHHVW»URWR 7KDWJUHHQRQHLVEURNHQ
&X»OHVVX\R" GHHOORV :KLFKRQHLVWKHLUV"
0HJXVWDQORVFDURV ,OLNHWKHH[SHQVLYHRQHV
$TXHOORVVRQPÇRV 7KRVHRQHVDUHPLQH
0LGGOH,QWHUPHGLDWH
'ÍQGHSRGUÇDQHVWDUPLVOODYHV" :KHUHFRXOGP\NH\VEH"
'HEHQGHHVWDUGÍQGHODV 7KH\PXVWEHZKHUH\RXOHIW
WKHP
GHMDVWH
*UDFLDVSRUHVHFRQVHMRÔWLO 7KDQNVIRUWKDWXVHIXOSLHFHRI
DGYLFH
1RODVFROJDVWHHQHOPLVPR 'LGQoW\RXKDQJWKHPLQWKH
VDPHSODFHDVXVXDO"
VLWLRGHVLHPSUH"
6LVXSLHUDGÍQGHHVW»QQRODV ,I,NQHZZKHUHWKH\ZHUH,
ZRXOGQoWEHORRNLQJIRUWKHP
HVWDUÇDEXVFDQGR
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
3RGUÇDOOHQDUPLYDVRSRUIDYRU"&RXOG\RXïOOP\JODVVXSSOHDVH"
9HUWLÍHOZKLVNH\SRUHO +HSRXUHGWKHZKLVNH\GRZQ
WKHVLQN
IUHJDGHUR
7HKDFDÇGRYLQRHQODFDPLVD <RXoYHVSLOWUHGZLQHRQ\RXU
VKLUW
6HU»GLIÇFLOGHVKDFHUVHGHHVD ,WoOOEHGLIïFXOWWRJHWULGRIWKH
VWDLQ
PDQFKD
£FKDOHXQSRFRGHYLQREODQFR 3XWVRPHZKLWHZLQHRQLWWKDW
ZLOOUHPRYHWKHVWDLQ
HVRTXLWDU»ODPDQFKD
0HUHFHQUHFLELUHORJLRVSRUVX 7KH\GHVHUYHSUDLVHIRUWKHLU
SHUIRUPDQFH
DFWXDFLÍQ
7LHQHODVKDELOLGDGHVSDUD +HKDVWKHVNLOOVWRFDUU\RXWWKH
PLVVLRQ
UHDOL]DUODPLVLÍQ
/DSODQWLOODFXHQWDFRQXQRV 7KHVWDIILVPDGHXSRIDURXQG
HPSOR\HHV
HPSOHDGRV
7RGRVVHVLHQWHQLPSOLFDGRVHQ (YHU\ERG\IHHOVLQYROYHGLQWKH
SURMHFW
HOSUR\HFWR
(VWHFXUVRGHIRUPDFLÍQHVW» 7KLVWUDLQLQJFRXUVHLVDLPHGDW
OHDGHUVKLS
RULHQWDGRDOOLGHUD]JR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
+DVLGRXQUHYÃVSHOLJURVRSDUD,WKDVEHHQDGDQJHURXVVHWEDFN
WRWKHSHDFHSURFHVV
HOSURFHVRGHSD]
/DFRDOLFLÍQGHSHQGHGHORV 7KHFRDOLWLRQUHOLHVRQULJKWZLQJ
SDUWLHVIRULWVPDMRULW\
SDUWLGRVGHGHUHFKDVSRUVX
PD\RUÇD
/DFLXGDGKDSHUPDQHFLGR 7KHFLW\KDVUHPDLQHGXQGHU
EDMRWRTXHGHTXHGDGHVGHORV FXUIHZVLQFHODVWZHHNoVULRWV
GLVWXUELRVGHODVHPDQDSDVDGD
/DHOHFFLÍQFRLQFLGLÍFRQHO 7KHHOHFWLRQFRLQFLGHGZLWKDQ
DUUDQTXHGHHQIUHQWDPLHQWRV RXWEUHDNRIïHUFHïJKWLQJ
IHURFHV
(FKDURQDORVVLQGLFDWRVODFXOSD7KHXQLRQVZHUHEODPHGIRUWKH
SRUHOIUDFDVRGHODVQHJRFLDFLRQHV EUHDNGRZQLQWKHQHJRWLDWLRQV
3HUURODGUDGRUSRFRPRUGHGRU +LVEDUNLVZRUVHWKDQKLVELWH
1RVHQFRQWUDPRVHQWUHOD :HKDGRXUEDFNVDJDLQVWWKH
HVSDOGD\ODSDUHG
ZDOO
6HKDGHVFXELHUWRWRGRHOSDVWHO7KHFDWoVRXWRIWKHEDJ
6RQFRPRHOGÇD\ODQRFKH 7KH\oUHDVGLIIHUHQWDVFKDONDQG
FKHHVH
1RWHORMXHJHVWRGRDXQDFDUWD'RQoWSXWDOO\RXUHJJVLQRQH
EDVNHW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDURXQGq
6RPHWKLQJ $Q\WKLQJ
,ZDQWWRï\DURXQGWKHZRUOG
4XLHURYRODUDOUHGHGRUGHOPXQGR
+HOLNHVWRMXVWGULYHDURXQG
/HJXVWDVLPSOHPHQWHSDVHDU HQFRFKH
,JHWDURXQG
0HPXHYR7HQJRPXFKRPXQGR
'ULYHDURXQGWRWKHEDFNRIWKHZDUH
KRXVH
9D\DDODSDUWHWUDVHUDGHODOPDFÃQ
FRFKH
$OJR1RROYLGHVTXHHPSOHDPRV
pVRPHWKLQJqHQDîUPDWLYR\pDQ\WKLQJqHQ
QHJDWLYR\LQWHUURJDWLYR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
+D\DOJRHQÃOTXHQRPHJXVWD
9LVWHDOJR"
+D\DOJRTXHSXHGDKDFHU"
,XVHP\FDUWRJHWDURXQG
8VRPLFRFKHSDUDPRYHUPH
,IHOWDURXQGLQWKHGDUNIRUP\NH\V
%XVFDEDDWLHQWDVPLVOODYHVHQODRVFXULGDG
7KH),´&+85RI35&+8*$/LVWKH)§&+85RUP\/£.&+85
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHIXWXUHRI3RUWXJDOLVWKHIHDWXUHRIP\OHFWXUH HOIXWXURGH3RUWXJDOHVHOWHPDFHQWUDOGHPLFRQIHUHQFLD
(QLQJOÃVFXDQGRODVOHWUDVpWXqYDQFRORFDGDVGRQGHODVYHV QRDOSULQFLSLR SXHGHVHVWDUVHJXURGHTXHVHSURQXQFLDQpFKXq
$GYHQWXUH
$JULFXOWXUH
$UFKLWHFWXUH
&DQGLGDWXUH
&DSWXUH
&DULFDWXUH
&RQMHFWXUH
&UHDWXUH
&XOWXUH
&XUYDWXUH
'HQWXUH
'HSDUWXUH
)HDWXUH
)L[WXUH
)UDFWXUH
)XUQLWXUH
)XWXUH
*HVWXUH
,PPDWXUH
/HFWXUH
/HJLVODWXUH
/LWHUDWXUH
0DQXIDFWXUH
DGIÃQFKXU
»JULNDOFKXU
»UNHWHNFKXU
N»QGHGDFKXU
N»SFKXU
NÃUHNDFKXU
FRQFKÃNFKXU
NUÇFKXU
N»OFKXU
NÃUIDFKXU
GÃQFKXU
GLS»UFKXU
IÇFKXU
IÇNVFKXU
IU»NFKXU
IÃUQHFKXU
ïÔFKXU
FKÃVFKXU
HPDFKÔU
OÃNFKXU
OÃFKLVOÃLFKXU
OÃWHUDFKXU
PDQLXI»NFKXU
DYHQWXUD
DJULFXOWXUD
DUTXLWHFWXUD
FDQGLGDWXUD
FDSWXUDU
FDULFDWXUD
FRQMHWXUD
FULDWXUD
FXOWXUD
FXUYDWXUD
SUÍWHVLVGHQWDO
VDOLGD WUHQDYLÍQ
UDVJR
LQVWDODFLÍQ
IUDFWXUD
PXHEOHV
IXWXUR
JHVWRGHWDOOH
LQPDGXUR
FRQIHUHQFLD
OHJLVODWXUD
OLWHUDWXUD
IDEULFDU
0DWXUH
0LQLDWXUH
0L[WXUH
0RLVWXUH
1DWXUH
1XUWXUH
2YHUWXUH
3DVWXUH
3LFWXUH
3RVWXUH
3UHPDWXUH
3XQFWXUH
5XSWXUH
6FULSWXUH
6FXOSWXUH
6LJQDWXUH
6WDWXUH
6WUXFWXUH
7HPSHUDWXUH
7H[WXUH
7RUWXUH
9HQWXUH
PDFKÔU
PÃQLDFKXU
PÃNVFKXU
PÍLVFKXU
QÃLFKXU
QÃUFKXU
ÍIHUFKXU
S»VFKXU
SÇNFKXU
S»VFKXU
SULPDFKÔU
S»QNFKXU
U»SFKXU
VFÇSFKXU
VN»OSFKXU
VÃJQDFKXU
VW»FKXU
VWU»NFKXU
WÃPSHUDFKXU
WÃNVFKXU
WÍUFKXU
IÃQFKXU
PDGXUR
PLQLDWXUD
PH]FOD
KXPHGDG
ODQDWXUDOH]D
FULDUFXOWLYDU
REHUWXUD PXVLFDO
SUDGR
FXDGURLPDJHQ
SRVWXUDSRUWH
SUHPDWXUR
SLQFKD]R UXHGD
URPSHUUHYHQWDU
ODVVDJUDGDVHVFULWXUDV
HVFXOWXUD
îUPD
WDOOD IDPD
HVWUXFWXUD
WHPSHUDWXUD
WH[WXUD
WRUWXUD
LQLFLDWLYDHPSUHVDULDO
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&XÇGDWH\QRWHPHWDVHQOÇRV6HDPDEOHFRQWXPDGUH\D\ÔGDODGH
YH]HQFXDQGRFRQORVSODWRV\FRQODFDVD$KRUDHUHVHOÔQLFRKRP
EUHGHODFDVDDVÇTXHWXUHVSRQVDELOLGDGHVDVHJXUDUWHTXHWRGRV
HVW»QELHQ\HVRLQFOX\HDWXVKHUPDQDVJHPHODV6ÍORWLHQHQ
DËRV\WÔDVÇTXHWÔHUHVHQTXLHQVHYDQDîMDUFRPRJXÇD7HU
PLQDU»VVLHQGRXQDîJXUDSDWHUQDOSDUDHOODVDVÇTXHDFXÃUGDWHGH
FRPSRUWDUWHDGHFXDGDPHQWHSRUORPHQRVFXDQGRHVWÃVHQFDVD
7DNHFDUHRI\RXUVHOIDQGGRQoWJHWLQWRWURXEOH%HQLFHWR\RXUPRWKHU
DQGKHOSKHUIURPWLPHWRWLPHZLWKWKHGLVKHVDQGWKHKRXVHNHHSLQJ
<RXoUHWKHRQO\PDQLQWKHKRXVHQRZVRLWoVRQ\RXUVKRXOGHUVWRPDNH
VXUHWKDWHYHU\RQHLVRND\fDQGWKDWLQFOXGHV\RXUWZROLWWOHWZLQVLV
WHUV7KH\oUHRQO\QLQH\HDUVROGDQG\RXoUHVRLWoV\RXWKH\oOOORRNXS
WRIRUJXLGDQFH<RXoOOHQGXSEHLQJDIDWKHUîJXUHIRUWKHPVRUHPHP
EHUWREHKDYHDFFRUGLQJO\DWOHDVWZKHQ\RXoUHDWKRPH
(VWLPDGRDPLJR\DOXPQR+DFHXQRVGÇDVUHFLEÇXQFRUUHRHOHFWUÍQLFRGHXQDSHUVRQDGHDËRVTXHHVW»FROHFFLRQDQGRHOPÃWRGR9DXJ
KDQDWUDYÃVGH(/081'20HH[SOLFÍTXH\DWHQÇDDËRV\PHIRUPXOÍXQDVHULHGHSUHJXQWDVVREUHFÍPRDERUGDUFRUUHFWDPHQWHHO
XVRGHODVGLIHUHQWHVVHFFLRQHVGHOPÃWRGR+HDTXÇPLUHVSXHVWD
0HKRQUDVDEHUTXHXQDSHUVRQDGHVXHGDGHVW»KDFLHQGRXQQXHYRLQWHQWRSRUDSUHQGHULQJOÃV+HWHQLGRSHUVRQDOPHQWHDOXPQRVGHP»V
HGDGTXHXVWHG\FRQWHVÍQHLOXVLÍQKDQSRGLGROOHJDUDXQQLYHOLQWHUPHGLRVÍOLGR\ÔWLOSDUDODVFRPXQLFDFLRQHVUXWLQDULDV/H\HQGRVX
FRUUHRPHGDODLPSUHVLÍQGHTXHEXVFDXQDPDQHUDGHUDFLRQDOL]DUHODSUHQGL]DMHP»VDOO»GHORSRVLEOH0XFKDJHQWHSLHQVDTXHXQRSXHGH
DSUHQGHUXQVHJXQGRLGLRPDGHODPLVPDIRUPDTXHXQRYDDYDQ]DQGRHQHO»OJHEUDSDUDOXHJRSDVDUDODWULJRQRPHWUÇD\îQDOPHQWHSDVDU
DOF»OFXOR/RVLGLRPDVVRQXQGHOÍJLFDpHVWXGLDEOHq\XQGHRÇGR\FRUD]ÍQ3DUDVDOWDUHWDSDVDOpKDFHUVHFRQXQLGLRPDq QRPHJXV
WDHOYHUERpDSUHQGHUq XQRGHEHIRU]RVDPHQWHVDOWDUDODSLVFLQD\WUDJDUSRFDRPXFKDDJXDDXQTXHWRGDYÇDQRVHSDODWÃFQLFDFRUUHFWDGH
QDWDFLÍQ(QVXFDVRSDUWLFXODUOHUHFRPLHQGRTXHOHDGHWHQLGDPHQWHORVOLEURV\HVFXFKHPXFKDVYHFHVORV&'oVFRQ5LFKDUG%URZQ&XDQGR
GLJRpHVFXFKDUPXFKDVYHFHVqTXLHURTXHQRVÍORORVHVFXFKHVLQRTXHORVRLJDHVGHFLUTXHGHMHHOVRQLGRGHORV&'oVFHUFDGHVXRÇGRLQFOXVR
FXDQGRHVW»OH\HQGRHOSHULÍGLFRRFHQDQGRFRQVXHVSRVD7LHQHTXHDSUHQGHUDGHMDUGHDIHUUDUVHDODLGHDpHWDSDVHVWDQFDVGHDSUHQGL]DMHq
\HPSH]DUDDUURSDUVHGHOVRQLGRGHOLQJOÃVGHMDQGRTXHODVHVWUXFWXUDVOHQWDPHQWHYD\DQSHQHWU»QGROHSRUORVSRURV(VLPSRVLEOHDVXHGDG
DSUHQGHUXQLGLRPDPHGLDQWHHOHVWXGLROÍJLFR2WLHQHTXHLUD9DXJKDQWRZQ ZZZYDXJKDQWRZQFRP \SDVDUDSXURVGHFRPXQLFDFLÍQR
ELHQH[SRQHUHORÇGRDXQDULDGDGHLQJOÃVHQHVWHFDVRORV&'oVGHOpPÃWRGRGHîQLWLYRq
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VPLYLGD ,WoVP\OLIH
(VWXLGHD ,WoV\RXULGHD
£OHVHOVLJXLHQWH +HoVQH[W
(VHOODQXHYDDTXÇ" ,VVKHQHZKHUH"
+R\QRHVPLGÇD 7RGD\LVQRWP\GD\
1RTXLHURYHUODWHOH ,GRQoWZDQWWRZDWFK79
£OQRVDOHORVîQHVGHVHPDQD +HGRHVQoWJRRXWDWWKH
ZHHNHQGV
(OODQRSLHQVDDQWHVGHKDEODU 6KHGRHVQoWWKLQNEHIRUH
VSHDNLQJ
1RQLHYDPXFKRDTXÇ ,WGRHVQoWVQRZPXFKKHUH
1RFUHHQHQ'LRV 7KH\GRQoWEHOLHYHLQ*RG
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
0HGHVSHUWÃFRQXQGRORUGH ,ZRNHXSZLWKDEDFNDFKHWKLV
PRUQLQJ
HVSDOGDVHVW»PDËDQD
(OODVHOHYDQWÍP»VWDUGHTXH 6KHJRWXSODWHUWKDQXVXDO
GHFRVWXPEUHD\HU
\HVWHUGD\
£OKL]RXQJUDQGHVD\XQRLQJOÃV +HPDGHDELJ(QJOLVK
EUHDNIDVW
6HPDUFKDURQGHVXFDVDDODV 7KH\OHIWWKHLUKRXVHDWKDOI
RFKR\PHGLD
SDVWHLJKW
1RKDEÇDPXFKRWU»îFR 7KHUHZDVQoWPXFKWUDIïF
&RQTXÃVRËDVWHDQRFKH" :KDWGLG\RXGUHDPDERXWODVW
QLJKW"
7XYHXQDSHVDGLOODKRUULEOH ,KDGDWHUULEOHQLJKWPDUH
$FHUFDGHTXÃ" :KDWDERXW"
(VWDEDFRUULHQGRSHURQR ,ZDVUXQQLQJEXW,GLGQoWJHW
OOHJDEDDQLQJXQDSDUWH
DQ\ZKHUH
6HJÔQ)UHXGHVRLQGLFDUÇD $FFRUGLQJWR)UHXGWKDW
XQDIDOWDGHVHJXULGDGHQXQR ZRXOGLQGLFDWHDODFNRIVHOI
PLVPR
FRQïGHQFH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
7HJXVWDOOHYDUMR\DV" 'R\RXOLNHWRZHDUMHZHOOHU\"
1XQFDKHOOHYDGRSXHVWRDOJRDVÇ,oYHQHYHUZRUQDQ\WKLQJOLNHWKDW
$OJXQDYH]KDVOOHYDGRSXHVWR:RXOG\RXQHYHUSXWD
XQFROODURXQDSXOVHUD"
QHFNODFHRUDEUDFHOHWRQ"
&ODURTXHQR7DPSRFROOHYDUÇD 2IFRXUVHQRW,ZRXOGQoWZHDU
SHQGLHQWHV
HDUULQJVHLWKHU
0HHVW»VGLFLHQGRTXHHVH $UH\RXWHOOLQJPHWKDWWKDW
UHORMTXHOOHYDVSXHVWRQRHV
ZDWFK\RXoUHZHDULQJLVQoWD
XQDMR\D"
SLHFHRIMHZHOOHU\"
9DPRVDVDOLUQR" /HWoVJRRXWVKDOOZH"
6R\XQLGLRWDDXWÃQWLFRQR" ,oPDUHDOLGLRWDUHQoW,"
&»OODWHTXLHUHV" 6KXWXSZLOO\RX"
&DPELHPRVGHWHPDQR" /HWoVFKDQJHWKHVXEMHFWVKDOO
ZH"
6R\RQRVR\ODHQFDUJDGDDTXÇ" $P,RUDUHQoW,LQFKDUJHKHUH"
6NXOODQGFURVVERQHV &DODYHUD
(\HSDWFK 3DUFKH
+RRN *DUîR
3HJOHJ 3DWDGHSDOR
&XWODVV $OIDQMH
9RFDEXODULR3LUDWHV 3LUDWDV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
6KDNHVSHDUHHUDXQGUDPDWXJR6KDNHVSHDUHZDVDUHQRZQHG
SOD\ZULJKW
UHQRPEUDGR
$OPRGÍYDUHVHOFLQHDVWDP»V $OPRGÍYDULV6SDLQoVPRVW
IDPRXVïOPPDNHU
IDPRVRGH(VSDËD
-.5RZOLQJHVHODXWRUTXHP»V-.5RZOLQJLVWKHZRUOGoVEHVW
VHOOLQJDXWKRU
OLEURVYHQGHHQHOPXQGR
&DODWUDYD\)RVWHUVRQORVPHMRUHV&DODWUDYDDQG)RVWHUDUHWKH
SDJDGRVDUTXLWHFWRVGHOPXQGR ZRUOGoVKLJKHVWSDLGDUFKLWHFWV
3DXO0F&DUWQH\KDVLGRXQ 3DXO0F&DUWQH\KDVEHHQDQ
LQFUHGLEO\VXFFHVVIXOVLQJHU
FDQWDXWRULQFUHÇEOHPHQWH
VRQJZULWHU
H[LWRVR
3RUTXÃVLHPSUHHUXFWDV :K\GR\RXDOZD\VEXUSDIWHU
GHVSXÃVGHFRPHU"
HDWLQJ"
(VPLPRGRGHGDUOD ,WoVP\ZD\RISD\LQJ
HQKRUDEXHQDDOFRFLQHUR
FRPSOLPHQWVWRWKHFKHI
1RGHEHUÇDVKDFHUORGHPXHVWUD<RXVKRXOGQoWGRLWLWVKRZV
XQDPX\PDODHGXFDFLÍQ
YHU\EDGPDQQHUV
(FKDUVHXQSHGRVHUÇDPXFKR 7RIDUWZRXOGEHPXFKZRUVH
SHRU\PXFKRP»VJURVHUR
DQGPXFKUXGHU
1RVHVXSRQHTXHYRVRWURVORV$UHQoW\RX(QJOLVKVXSSRVHGWR
LQJOHVHVWHQÃLVP»VFODVH"
KDYHPRUHFODVV"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDURXQGq
6KHoVUXQQLQJDURXQGZLWKROGHUPHQ
(VW»VDOLHQGRFRQKRPEUHVPD\RUHV
6HH\RXDURXQG
|+DVWDODYLVWD
7RKDYHDJRRGWLPH
,oPUXQQLQJDURXQGSXWWLQJRXWîUHV
(VWR\GHXQODGRDRWURDSDJDQGR
IXHJRV
/HWoVUXQDURXQGWKHSDUN
'ÃPRVODYXHOWDDOSDUTXH FRUULHQGR
+HZDVVLWWLQJDURXQGGRLQJQRWKLQJ
(VWDEDVHQWDGRVLQKDFHUQDGD
/HWoVMRJDURXQGWKHSDUN
'ÃPRVODYXHOWDDOSDUTXH IRRWLQJ
(VWDH[SUHVLÍQQRWLHQHQDGDTXHYHUFRQHO
WLHPSR(VQXHVWUDIRUPDGHGHFLUpSDVDUORELHQq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
0HORSDVÃPX\ELHQHQODîHVWD
7HORHVW»VSDVDQGRELHQ"
7HORSDVDVWHELHQHORWURGÇD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR
$ORODUJRGHÃVWD\GHODVSUÍ[LPDVîFKDVWHDFODUDUHPRVODGLIHUHQFLDHQWUHORVWÃUPLQRVFLWDGRVHQHOWÇWXOR+R\pKDYHWRq
+DYHWR
8QDQJORSDUODQWHXVDU»XRLU»HVWDH[SUHVLÍQRVXHTXLYDOHQWHpKDYHJRWWRqFDGDFLQFRPLQXWRVDORODUJRGHVXYLGD6LJQLîFDpWHQHU
TXHq\H[SUHVDXQDREOLJDFLÍQQRUPDOPHQWHLPSXHVWDSRUFLUFXQVWDQFLDVH[WHUQDVVREUHODVTXHQRWLHQHVQLQJÔQFRQWURO
,KDYHWRZRUN R,oYHJRWWRZRUN
,KDYHWREHWKHUHDW R,oYHJRWWREHWKHUHDW
(VWDQFRUULHQWHHVWDH[SUHVLÍQTXHKHPRVGHIRUPDGRXQSRFRVXSURQXQFLDFLÍQ'HFLPRV
,KDIWRZRUN
(VGHFLUFRQYHUWLPRVODpYqVXDYHGHpKDYHqHQXQDpIqDFHQWXDGD
/DH[SUHVLÍQDOWHUQDWLYDp,oYHJRWWRqHVLJXDOPHQWHFRUULHQWHSHURVHXVDVRODPHQWHHQHODîUPDWLYRHLQWHUURJDWLYRGHOWLHPSRSUHVHQ
WH(QHOQHJDWLYRGHOSUHVHQWH\HQORVGHP»VWLHPSRVVHXVDÔQLFDPHQWHODH[SUHVLÍQHVW»QGDU
,KDYHWRJR
,oYHJRWWRJR
'R\RXKDYHWRJR"
+DYH\RXJRWWRJR"
7HQJRTXHLUPH
7HQJRTXHLUPH
7LHQHVTXHLUWH"
7LHQHVTXHLUWH"
,GRQoWKDYHWRJR
,KDYHQoWJRWWRJR
,KDGWRJR
,KDGJRWWRJR
,oOOKDYHWRJR
,oOOKDYHJRWWRJR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(O VHFUHWR GH VROLFLWDU SUÃVWDPRV HV HQWHQGHU HO SXQWR GH YLVWD
GHORVEDQTXHURV&XDQGRKDVDSUHQGLGRDFRQWHVWDUDWRGDVODV
SUHJXQWDVGHXQEDTXHURHQWÃUPLQRVFRQWDEOHVTXHHVVXOHQ
JXD PDWHUQD WLHQHV PXFKDV P»V SRVLELOLGDGHV GH FRQVHJXLU HO
SUÃVWDPRTXHQHFHVLWDVSDUDVREUHYLYLUDOU»SLGRFUHFLPLHQWRGH
WXQHJRFLR/RVEDQTXHURVDSUHFLDQDORVHPSUHVDULRVTXHWLHQHQ
XQGRPLQLRGHODSDUWHîQDQFLHUDGHVXQHJRFLR
1RWHQJRTXHLUPHQRKDFHIDOWDTXH
PHYD\D
7XYHTXHLUPH
7HQGUÃTXHLUPH
7KH VHFUHW RI ERUURZLQJ PRQH\ LV XQGHUVWDQGLQJ KRZ EDQNHUV
YLHZWKHZRUOG:KHQ\RXoYHOHDUQHGWRDQVZHUDOO\RXUEDQNHUoV
TXHVWLRQV LQ DFFRXQWLQJ WHUPV ZKLFK LV WKH EDQNHUoV QDWLYH
ODQJXDJH\RXoUHDORWPRUHOLNHO\WRJHWWKHORDQ\RXoOOQHHGWR
VXUYLYH WKH UDSLG JURZWK RI \RXU EXVLQHVV %DQNHUV DSSUHFLDWH
EXVLQHVVRZQHUVZKRKDYHDFRPPDQGRIWKHîQDQFLDOVLGHRIWKH
EXVLQHVV
(VWLPDGRDPLJR\DOXPQR6LEXVFDVHQ,QWHUQHWFXUVRVSDUDKDEODUHQSÔEOLFRHQFRQWUDU»VPXFKDVS»JLQDVRIUHFLÃQGRWHP»VRPHQRVOR
PLVPRODRUJDQL]DFLÍQGHODSUHVHQWDFLÍQHODQ»OLVLVGHOSÔEOLFRDVLVWHQWHODUHGDFFLÍQGHOJXLÍQHOHQVD\RGHODH[SRVLFLÍQHOXVRGHODV
PDQRV\ORVRMRVODSUR\HFFLÍQHLQïH[LÍQGHODYR]ODVD\XGDVYLVXDOHVODVFRQFOXVLRQHVHWF1RGHVFDUWRTXHHVWRVFXUVRVD\XGHQDPXFKRVD
H[SRQHUPHMRUSHURFUHRTXHORVPDHVWURVGHODH[SUHVLÍQHQSÔEOLFRSRVHHQXQVHFUHWRTXHQRîJXUDHQQLQJÔQGHVJORVHGHFXUVRODSDVLÍQ
SRUHOWHPD3DUDUHDOPHQWHDUUDVDUGHODQWHGHOSÔEOLFRKD\SDUDPÇFXDWURFRQVLGHUDFLRQHVFODYHV WHQHUXQWHPD FRQRFHUORDIRQGR
FUHHUDSDVLRQDGDPHQWHHQODLPSRUWDQFLDGHOPLVPR\ VHQWLUODXUJHQFLDGHWUDQVPLWLUHVWDSDVLÍQDORVGHP»V$XQTXHHVWÃVKDEODQGR
DDJUÍQRPRVVREUHODLPSRUWDQFLDGHOHVWLÃUFROHQODSURGXFWLYLGDGDJUÇFRODGHOD&RPDUFDGH2VRQDGHEHVLQWHQWDUVHUDSDVLRQDGRRDO
PHQRVXQSRFRSRUODPDWHULD6LORORJUDVWHVRUSUHQGHU»VGHORU»SLGRFRQTXHWHKDFHVFRQHOWHPD\ORHORFXHQWHFRQTXHîQDOPHQWHOR
H[SRQHV3DEORGH7DUVRFXDQGRVHIXHDOPXQGRKHOÃQLFRSDUDFRQYHUWLUORDO&ULVWLDQLVPRMDP»VVHSUHRFXSÍGHD\XGDVYLVXDOHVQLWÃFQLFDV
GHLQWURGXFFLÍQ\FRQFOXVLÍQ([SXVRFRQFRQYLFFLÍQ\IHUYRU\DOKDFHUORVHQWÍODVEDVHVSDUDODFUHDFLÍQGHODUHOLJLÍQP»VLPSRUWDQWHGH
OD+LVWRULD/DSDODEUDKDEODGDFXDQGRVHXVDELHQHVWUHPHQGDPHQWHSRWHQWH/DVSDODEUDVHVFULWDVPXFKRPHQRV6LIXHUDVDXQSXHEOR
GH6XPDWUDFRQHMHPSODUHVGHO1XHYR7HVWDPHQWRORVGLVWULEX\HUDVDSHUVRQDVGHODLVODHLQVWDUDVDFDGDXQDGHHOODVDOHHUOR\D
pFRQYHUWLUVHqFX»QWDVSHUVRQDVFUHHVTXHDFDEDUÇDQFRQYLUWLÃQGRVH"1LQJXQD6LHQYH]GHGDUOHVHOOLEUROHVKDEODUDVGHOFRQWHQLGRGHOPLV
PR\ORKLFLHUDVFRQSDVLÍQ\FRQRFLPLHQWRGHFDXVDQRGHVFDUWRTXHFRPHQ]DUDVDJDQDUDOJXQRVDGHSWRV(QHOVLVWHPDHGXFDWLYRHVSDËRO
VHSUHVWDQXODDWHQFLÍQDODH[SRVLFLÍQRUDOGHODQWHGHODFODVHRGHORVJUXSRV'HVSXÃVHQHOPXQGRSURIHVLRQDOORVDVFHQVRV\ORVÃ[LWRV
YDQPXFKDVYHFHVDORVEXHQRVFRPXQLFDGRUHVDTXHOORVFDSDFHVGHWRFDUODîEUDVHQVLEOHHQODFRPXQLFDFLÍQLQWHUSHUVRQDO\DQWHSÔEOLFRV
1RVXEHVWLPHVODWUHPHQGDLPSRUWDQFLDGHDGTXLULUXQDEXHQDFDSDFLGDGSDUDODFRPXQLFDFLÍQ(OÔOWLPRGHODSURPRFLÍQGHOD3ROLWÃFQLFD
OOHJDU»DQWHVTXHVXVFRPSDËHURVDVHUSUHVLGHQWHGHXQDJUDQHPSUHVDVLVXSHUDDÃVWRVHQODH[SUHVLÍQRUDO
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(OFDIÃHVQHJUR &RIIHHLVEODFN
/RVSO»WDQRVVRQDPDULOORV %DQDQDVDUH\HOORZ
/DVIUHVDVVRQURMDV 6WUDZEHUULHVDUHUHG
/DVPDQ]DQDVVRQURMDVRYHUGHV$SSOHVDUHUHGRUJUHHQ
|<TXÃVRUSUHVD/DVQDUDQMDV $QGZKDWDVXUSULVH2UDQJHV
VRQQDUDQMDV
DUHRUDQJH
3RUTXÃHVW»VHVWXGLDQGR :K\DUH\RXVWXG\LQJ(QJOLVK"
LQJOÃV"
/RQHFHVLWRSDUDPLWUDEDMR ,QHHGLWIRUP\MRE
&RQTXÃIUHFXHQFLDKDEODV +RZRIWHQGR\RXVSHDN
(QJOLVKWKHUH"
LQJOÃVDOOÇ"
|1XQFDSRUTXHQRVÃKDEODU 1HYHUEHFDXVH,FDQoWVSHDN
(QJOLVK
LQJOÃV
(VSRUHVRTXHORHVWR\ 7KDWoVZK\,oPOHDUQLQJLWQRZ
DSUHQGLHQGRDKRUD
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XLÃQHVODSHUVRQDP»VIHOL] :KRoVWKHKDSSLHVWSHUVRQ\RX
TXHFRQRFHV"
NQRZ"
&X»OHVHOH[DPHQP»VI»FLO :KDWoVWKHHDVLHVWH[DP
TXHMDP»VKDVKHFKR"
\RXoYHHYHUGRQH"
4XLÃQHVODPXMHUP»VVH[\ :KRoVWKHVH[LHVWZRPDQLQ
GHOPXQGR"
WKHZRUOG"
&X»OHVODSHOÇFXODP»VJUDFLRVD:KDWoVWKHIXQQLHVWïOP
TXHMDP»VKDVYLVWR"
\RXoYHHYHUVHHQ"
&X»OHVODFLXGDGP»VVXFLDGH:KDWoVWKHGLUWLHVWFLW\LQ
(VSDËD"
6SDLQ"
&X»QGRTXLHUHVTXHOOHJXHPRV:KHQGR\RXZDQWXVWRJHW
DOOÇ"
WKHUH"
1HFHVLWRTXHHVWÃLVDTXÇDODV ,QHHG\RXWREHKHUHDW
VHLVHQSXQWR
RoFORFNVKDUS
/HVGLMRTXHOHHQYLDUDDÃOXQ +HWROGWKHPWRVHQGKLPDQ
FRUUHRHOHFWUÍQLFR
HPDLO
0HSLGLÍTXHGHMDUDGHKDEODU 6KHDVNHGPHWRVWRSWDONLQJ
/HVJXVWDUÇDTXHOOHY»VHPRV 7KH\ZRXOGOLNHXVWRZHDUD
SXHVWDXQDFRUEDWD
WLH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
7HDFRQVHMRTXHQRYD\DVDOOÇ ,oPDGYLVLQJ\RXQRWWRJR
WKHUH
0HSHUVXDGLÍTXHQRPH6KHSHUVXDGHGPHQRWWRKDYH
WKHRSHUDWLRQ
RSHUDUD
5XVLDOHVKDDGYHUWLGRTXHQR 5XVVLDKDVZDUQHGWKHPQRWWR
DWDTXHQ
DWWDFN
0HFRQYHQFLHURQTXHQRGLMHUD 7KH\FRQYLQFHGPHQRWWRVD\
QDGD
DQ\WKLQJ
7HVXSOLFRTXHQRPHGHMHV ,EHJ\RXQRWWROHDYHPH
&UHHVHQODYLGDGHVSXÃVGHOD 'R\RXEHOLHYHLQWKHDIWHUOLIH
PXHUWHRHQODUHHQFDUQDFLÍQ" RULQUHLQFDUQDWLRQ"
6LHQODRWUDYLGDSXGLHUDVVHU,ILQ\RXUQH[WOLIH\RXFRXOG
DOJXLHQIDPRVRTXLÃQVHUÇDV"
VRPHRQHIDPRXVZKRZRXOG
LWEH"
:RRG\$OOHQGLMRTXHOHJXVWDUÇD:RRG\$OOHQVDLGKHZRXOG
UHQDFHUFRPRORVGHGRVGH
OLNHWREHUHERUQDV:DUUHQ
:DUUHQ%HDWW\
%HDWW\oVïQJHUV
1RORSLOOR1XQFDKHRÇGRKDEODU,GRQoWJHWLW,oYHQHYHUKHDUG
GHOVHJXQGR
RIWKHODWWHU
(VDFWRU\HUDXQPXMHULHJR +HoVDQDFWRUDQGZDVD
OHJHQGDULR
OHJHQGDU\ZRPDQLVHU
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
/HTXHGDSRFRSDUDGDUDOX] 6KHoVKHDYLO\SUHJQDQW
£OHVWDEDPX\DYHUJRQ]DGR +HZDVYHU\HPEDUUDVVHG
(VWR\PX\FRQVWLSDGR ,KDYHDYHU\EDGFROG
/OHYRWUHVGÇDVHVWUHËLGR ,oYHEHHQFRQVWLSDWHGIRUWKUHH
GD\V
7DPELÃQXQRWLHQHTXH 2QHDOVRKDVWREHYHU\FDUHIXO
ZLWKWKHSURQXQFLDWLRQRI
WHQHUPXFKRFXLGDGRFRQOD
pEUHDNIDVWq
SURQXQFLDFLÍQGHEUHDNIDVW
(VVHJXURTXHVHHQWHUDU» 6KHoVERXQGWRïQGRXW
(VVHJXURTXHRFXUULU» ,WoVERXQGWRKDSSHQ
3RUTXÃWHHVW»VDFDORUDQGR :KDWDUH\RXJHWWLQJVR
WDQWR"
ZRUNHGXSDERXW"
3RUTXÃQRWHWUDQTXLOL]DVXQ :K\GRQoW\RXVHWWOHGRZQD
SRFR"
OLWWOH"
7HFUHHVWDQVDELRQR" <RXWKLQN\RXoUHVRZLVHGRQoW
\RX"
6QHDNHUV =DSDWLOODV
+LJKKHHOV 7DFRQHV
6DQGDOV 6DQGDOLDV
%RRWV %RWDV
9RFDEXODULR)RRWZHDU &DO]DGR
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDURXQGq
,ZHDULWDURXQGWKHKRXVH
/ROOHYRFXDQGRHVWR\SRUFDVD
,JODQFHGDURXQG
(FKÃXQDPLUDGDDPLDOUHGHGRU
,WRRNKLPDURXQGWRPHHWHYHU\RQH
/HOOHYÃDFRQRFHUDWRGRV
:KDWPDGH\RXGRWKDW"
'RQoWMXVWVWDQGDURXQGDQGGRQRWKLQJ
1RWHTXHGHVDOOÇGHSLHPLUDQGR|+D]
DOJR
+HOLNHVWRWKURZKLVPRQH\DURXQG
/HJXVWDGHUURFKDUGLQHUR
:HDUWKLVDURXQG\RXUQHFN
/OHYDHVWRDOUHGHGRUGHWXFXHOOR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
3RUTXÃWHGLRSRUKDFHUXQDFRVDDVÇ"
3RUTXÃWHGLRSRUGHMDUGHIXPDU"
3RUTXÃOHGLR DÃO SRUFDVDUVHFRQDOJXLHQDVÇ"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR
'RQWKDYHWR
(VWDH[SUHVLÍQHVODFRQWUDULDGHpKDYHWRqRpPXVWq6LJQLîFDpQRKDFHIDOWDqRpTXHQRHVQHFHVDULRq
<RXGRQoWKDYHWRFRPH
6KHGRHVQoWKDYHWRSD\LQDGYDQFH
1RHVQHFHVDULRTXHYHQJDV
1RKDFHIDOWDTXHHOODSDJXHSRUDGHODQWDGR
1HHGQoW
(VWDH[SUHVLÍQHVODFRQWUDFFLÍQGHpQHHGQRWq\HVVLQÍQLPDGHpGRQoWKDYHWRq6HXVDPX\SRFRHQ((88
<RXQHHGQoWZRUU\DERXWLW
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6DP HV XQ YHQGHGRU FRPR QLQJXQR \ VRODPHQWH YHQGH KXHYRV
YHUGHVFRQMDPÍQ3DUDFRQVHJXLUTXHVXVFOLHQWHVFRPSUHQKXH
YRVYHUGHVFRQMDPÍQOHVSLGHP»VGHYHFHVTXHORVSUXHEHQ
6DPVDEHTXHODYHQWDPHGLDVHFRQVLJXHFXDQGRVHOHSUHJXQWD
DOFOLHQWHFLQFRYHFHVVLOHJXVWDUÇDSUREDUHOSURGXFWR(OYHQGHGRU
PHGLRVÍORSUHJXQWDGRVYHFHV3RUWDQWRWHVXJLHURTXHKDEOHV
FRQWXVYHQGHGRUHVGH6DPHOJHQLDOYHQGHGRU
1RKDFHIDOWDTXHWHSUHRFXSHVSRUHOOR
1RWLHQHVTXHSUHRFXSDUWHSRUHOOR
6DP LV D VXSHU VDOHVPDQ DQG KH RQO\ VHOOV JUHHQ HJJV DQG KDP
7RJHWKLVFXVWRPHUVWREX\JUHHQHJJVDQGKDPKHDVNVWKHPQR
OHVVWKDQWLPHVWRWU\WKHP6DPNQRZVWKDWWKHDYHUDJHVDOH
LVPDGHZKHQWKHFXVWRPHUKDVEHHQDVNHGîYHWLPHVZKHWKHUKH
ZRXOGOLNHWRH[DPLQHDSURGXFW7KHDYHUDJHVDOHVSHUVRQZLOODVN
RQO\WZLFH6R,VXJJHVW\RXWDONWR\RXUVDOHVSHRSOHDERXW6DP
WKHVXSHUVDOHVPDQ
(VWLPDGRDPLJR\DOXPQR7HRIUH]FRDFRQWLQXDFLÍQHOLQLFLRGHXQGLVFXUVRHQLQJOÃV
/DGLHVDQGJHQWOHPHQLWLVDSOHDVXUHWREHKHUHWRWDONDERXWDVXEMHFWWKDWLVYHU\LPSRUWDQW
WRPH(YHU\ERG\OLNHVDKDSS\HQGLQJDQG,DPKDSS\WRVD\WKDWWKHVWRU\,DPJRLQJWRWHOO
\RXKDVDKDSS\HQGLQJ7KLUW\IRXU\HDUVDJR,DUULYHGLQWKLVFRXQWU\ZLWKGROODUVLQP\
SRFNHWDQGQRIULHQGV1RZWKLUW\IRXU\HDUVODWHU,KDYHHQRXJKIULHQGVIRUWHQOLIHWLPHVDQG
HQRXJKLQWHUHVWLQJH[SHULHQFHVWRÀOOWHQQRYHOV6SDLQKDVEHHQJRRGWRPHDQGQRZ,ZDQW
WRJLYHVRPHWKLQJWR6SDLQLQUHWXUQ9DXJKDQ5DGLRDQG$SUHQGH,QJOpV79DUHWZRSURMHFWV
WKDW SHUPLW PH WR RIIHU (QJOLVK OHDUQLQJ DEVROXWHO\ IUHH KRXUV D GD\ RQ WZR GLIIHUHQW
SODWIRUPVUDGLRDQG79
(VWR\VHJXURGHTXHHQWLHQGHVSHUIHFWDPHQWHHVWHLQLFLRGHOGLVFXUVRHQLQJOÃV(VSRVLEOH
LQFOXVR TXH OR HQFXHQWUHV LQWHUHVDQWH \ HORFXHQWH 7H KDV îMDGR TXH WRGR HO LQJOÃV TXH
XWLOL]RVHWUDWDGHHVWUXFWXUDV\YRFDEXODULRTXHVHHQFXHQWUDQHQORVGRVSULPHURVOLEURVGH
ORVQLYHOHVSULQFLSLDQWHHLQWHUPHGLR"1RWLHQHVTXHSRVHHUXQDPSOLRYRFDEXODULRQLVDEHU
PDQHMDUFRPSOHMDVHVWUXFWXUDVSDUDKDEODUPX\ELHQHQLQJOÃV&RQXQHîFD]PDQHMRGHOR
TXH\DVDEHVSRGU»VDQGDUSRUHOPXQGR\FHUUDUPLOFRQWUDWRV(VRVÇVLHPSUHTXHWHQJDV
XQRÇGRîQÇVLPRFDSD]GHFDSWDUORWRGRDODSULPHUD
0»VSDODEUDVLQJOHVDVGHUDÇ]ODWLQD
(IIRUW
(IIXVLRQ
(IIXVLYH
(JDOLWDULDQ
(JRLVP
(JRLVW
(ODERUDWH
(ODERUDWLRQ
(ODSVH
(ODVWLF
(ODVWLFLW\
(OHFW
(OHFWLRQ
(OHFWRU
(OHFWRUDWH
(OHFWULF
(OHFWULFDO
(OHFWULFLDQ
(OHFWULI\
(OHFWULI\LQJ
(OHFWURFXWH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XLÃQHVW»GHODQWHGHHOOD" :KRoVLQIURQWRIKHU"
4XÃHVHVRGHGHWU»VGHÃO" :KDWoVWKDWEHKLQGKLP"
(VHVWRSDUDHOORV" ,VWKLVIRUWKHP"
3DUDTXLÃQHV" :KRLVLWIRU"
(VLQWHUHVDQWHWXOLEUR" ,V\RXUERRNLQWHUHVWLQJ"
+D\XQKRPEUHDOWRFRQHOORV 7KHUHoVDWDOOPDQZLWKWKHP
1RKD\OHRQHVHQ,QJODWHUUD 7KHUHDUHQoWDQ\OLRQVLQ
(QJODQG
+D\XQPRWLYRSDUDHVWR" ,VWKHUHDUHDVRQIRUWKLV"
+D\YDVRV" $UHWKHUHDQ\JODVVHV"
3RUTXÃQRKD\QDGLHDTXÇ" :K\DUHQoWWKHUHDQ\SHRSOH
KHUH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
$OJXLHQSXHGHYHUOR" &DQDQ\RQHVHHLW"
3RUTXÃQRVDEHQDGLHOD :K\GRHVQoWDQ\RQHNQRZWKH
DQVZHU"
UHVSXHVWD"
7RGRHOPXQGRTXLHUHDDOJXLHQ(YHU\RQHORYHVVRPHERG\
&XDOTXLHUDVDEHHVR $Q\ERG\NQRZVWKDW
1DGLHYLQR 1RERG\FDPH
4XÃOHGLMRWXSDGUHFXDQGR :KDWGLG\RXUIDWKHUVD\WR
KHUZKHQKHVDZKHU"
ODYLÍ"
/HSUHJXQWÍGÍQGHLEDHOOD" +HDVNHGKHUZKHUHVKHZDV
JRLQJ"
4XÃGLMRHOOD" :KDWGLGVKHVD\"
(OODOHGLMRTXHLEDDFDVDGHVX 6KHWROGKLPVKHZDVJRLQJWR
KHUER\IULHQGoVKRXVH
QRYLR
<GHVSXÃVTXHKL]RÃO" $QGWKHQZKDWGLGKHGR"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
6LHPSUHHVWR\DTXÇDODVFLQFR ,oPDOZD\VKHUHDWRoFORFN
(VWR\DTXÇGHVGHKDFHFLQFR ,oYHEHHQKHUHIRUKRXUV
KRUDV
1RWHTXHUUÃSDUDVLHPSUH ,ZRQoWORYH\RXIRUHYHU
7HTXLHURGHVGHKDFHXQDKRUD ,oYHORYHG\RXIRUDQKRXU
&X»QWRKDFHTXHQRYHVDWX :KHQZDVWKHODVWWLPH\RX
VDZ\RXUQLHFH"
VREULQD"
6HKDWRPDGRXQDGHFLVLÍQ\D" +DVDGHFLVLRQEHHQWDNHQ\HW"
<DVHKDQGHFLFLGR 7KH\oYHDOUHDG\PDGHXSWKHLU
PLQGV
3RGUÇDVKDEÃUPHORGLFKR <RXFRXOGKDYHWROGPH
'HKHFKRGHEHUÇDVKDEÃUPHOR ,QIDFW\RXVKRXOGKDYHWROG
PHVWUDLJKWDZD\
GLFKRHQVHJXLGD
&X»QWRWLHPSROOHYDV +RZORQJKDYH\RXEHHQ
SODQQLQJWKLV"
SODQHDQGRHVWR"
,FH6NDWHU 3DWLQDGRU
(DUPXIIV 2UHMHUDV
,FH +LHOR
5LQN 3LVWD
6NDWHV 3DWLQHV
9RFDEXODULR,FH6NDWLQJ 3DWLQDMHVREUHKLHOR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
4XÃKDUÇDVVLGHVDSDUHFLHUD :KDWZRXOG\RXGRLI,
GLVDSSHDUHGRIIWKHIDFHRIWKH
GHODID]GHODWLHUUD"
HDUWK"
6DOWDUÇDGHMÔELOR ,oGMXPSIRUMR\
<TXHKDUÇDVVLWHDSXQWDUD $QGZKDWZRXOG\RXGRLI,
SRLQWHGDJXQDW\RX"
FRQXQDSLVWROD"
(VWDUÇDPXHUWRGHPLHGR ,oGEHVFDUHGVWLII
(VWDFRQYHUVDFLÍQHVXQFDOOHMÍQ7KLVFRQYHUVDWLRQLVDGHDGHQG
VWUHHW
VLQVDOLGD
6HPHIXHHOVDQWRDOFLHOR ,WFRPSOHWHO\VOLSSHGP\PLQG
'HMDGHWRFDUWHODQDUL] 6WRSSLFNLQJ\RXUQRVHZLOO
TXLHUHV"
\RX"
(VHWLSRHVXQSHVDGRGHQDULFHV7KDWJX\LVDSDLQLQWKHQHFN
|4XÃIDVWLGLRHQYHMHFHU :KDWDGUDJLWLVJHWWLQJROG
6HVDEHWRGDVODVUHVSXHVWDV <RXNQRZDOOWKHDQVZHUVEXW
SHURQDGLHWHKDFHODVSUHJXQWDV QRERG\DVNV\RXWKHTXHVWLRQV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDURXQGq
7KH\oYHFKDQJHGWKHSLFWXUHVDURXQG
+DQFDPELDGRORVFXDGURVGHOXJDU
:HIROORZHGKLPDURXQGWKHWRZQ
/HVHJXLPRVSRUWRGRHOSXHEOR
7KH\XVHGWROLYHDURXQGKHUH
$QWHVYLYÇDQSRUDTXÇ
$OPRVW +DUGO\
:HZHUHDOZD\VPRYLQJDURXQG
6LHPSUHQRVPXG»EDPRVGHXQODGR
DRWUR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'RQoWSOD\DURXQGZLWKP\IHHOLQJV
1RDQGHVMXJDQGRFRQPLVVHQWLPLHQWRV
&DVLJDQDURQHOSDUWLGR
3RUSRFRSHUGLPRVHOWUHQ
&DVLQXQFDYR\DKÇ
,oOOVKRZ\RXDURXQGWKHRIîFH
7HHQVHËDUÃODRîFLQD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92GH9DXJKDQ1RVÍORVDEU»VVLKDVDFHUWDGRVLQR
TXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR
0XVW
p0XVWqWLHQHWUHVVLJQLîFDGRVRXVRV
2EOLJDFLÍQQRUPDOPHQWHDXWRLPSXHVWD\FRQFRQWHQLGRPRUDO(VXQDHVSHFLHGHREOLJDFLÍQTXHVDEHVTXHGHEHVXUJHQWHPHQWH
DWHQGHUSHURTXHQDGDRQDGLHWHORLPSRQHQHFHVDULDPHQWH
,PXVWîQGDZD\WRTXLWVPRNLQJ
:HPXVWLQFUHDVHRXUSURGXFWLYLW\
'HER SRUWRGRVORVPHGLRV HQFRQWUDUXQDIRUPDGHGHMDUGHIXPDU
'HEHPRV SRUWRGRVORVPHGLRV DXPHQWDUQXHVWUDSURGXFWLYLGDG
&RQVHMRFRQIXHUWHLQVLVWHQFLDLQVWDQGRDDOJXLHQDKDFHUDOJR
<RXPXVWVWXG\PRUH
7KH\PXVWEHFDUHIXOZLWKWKLVVXEVWDQFH
|'HEHV FRPRVHD HVWXGLDUP»V
'HEHQWHQHUFXLGDGRFRQHVWDVXVWDQFLD
&RQFOXVLÍQOÍJLFDDQWHXQDHYLGHQFLDFDVLVHJXUD
(QFDVWHOODQRHVWDIRUPDGHpPXVWqVHWUDGXFHSRUpGHEHGHq3RUHMHPSORVLYHVDXQVHËRUFRQGXFLHQGRXQ5ROOV5R\FHSXHGHV
GHFLU(VHVHËRUGHEHGHVHUULFR(QLQJOÃVXVDPRVpPXVWq
7KDWPDQPXVWEHULFK
7KDWZRPDQLVFDUU\LQJDER[RINOHHQL[6KHPXVWKDYHDFROG
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(QPLWDWDUDEXHORPDWÍDXQKRPEUHHQXQDFDOOHGH7H[DV
(OKRPEUHVHOODPDED)UDQN&OD\WRQ\HUDXQDOERURWDGRUDTXLHQ
OHJXVWDEDDPHQD]DUHLQWLPLGDUDODJHQWH8QGÇDWURSH]ÍFRQ
PLWDWDUDEXHORHQODFDOOH\OHGLMRTXHLEDDLUDVXFDVDDSRUVX
HVFRSHWD\TXHYROYHUÇDSDUDPDWDUOH0LWDWDUDEXHORQROHGLROD
RSRUWXQLGDGGHOOHYDUDFDERVXDPHQD]D6DFÍVX&ROW\OHGLV
SDUÍGHPXHUWH7UHVVHPDQDVP»VWDUGHOHGHFODUDURQLQRFHQWH
GHDVHVLQDWR
,Q P\ JUHDW JUDQGIDWKHU NLOOHG D PDQ RQ D 7H[DV VWUHHW
7KHPDQoVQDPHZDV)UDQN&OD\WRQDQGKHZDVD WURXEOHPDNHU
ZKROLNHGWRWKUHDWHQDQGLQWLPLGDWHSHRSOH2QHGD\KHUDQLQWR
P\ JUHDW JUDQGIDWKHU RQ WKH VWUHHW DQG WROG KLP KH ZDV JRLQJ
WRJRKRPHIRUKLVVKRWJXQDQGFRPHEDFNWRNLOOKLP0\JUHDW
JUDQGIDWKHUGLGQoWJLYHWKHPDQDFKDQFHWRFDUU\RXWKLVWKUHDW
+HSXOOHGRXWKLV&ROWDQGVKRWKLPGHDGWKHQDQGWKHUH7KUHH
ZHHNVODWHUKHZDVIRXQGLQQRFHQWRIPXUGHU
(VWLPDGR DPLJR \ DOXPQR +D\ XQ UHIU»Q DOJR FXULRVR TXH GLFH p$\X 0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
GDDXQKRPEUHHQDSULHWRV\VHDFRUGDU»GHWLFXDQGRYXHOYDDHVWDUHQ
DSULHWRVq1RHVWR\GHOWRGRGHDFXHUGRFRQHVWHUHIU»QSRUTXHFUHRHQOD
(OHFWURGH
JUDWLWXGVLQFHUDDXQTXHVÃTXHQRWRGDVODVH[SUHVLRQHVGHHVWDÇQGROH
(OHFWURQ
ORVRQ(QHOFDVRGHWXLQJOÃV\RMXQWRFRQPLVFRPSDËHURVGH9DXJKDQ
(OHFWURQLF
TXHUHPRVKDFHUWRGRORSRVLEOHSDUDVDFDUWHGHWXDSULHWR\DGLIHUHQFLD
(OHFWURQLFV
GHOUHIU»QVDEHPRVSHUIHFWDPHQWHTXHYDVDYROYHUDPHWHUWHHQPXFKRV
(OHJDQFH
DSULHWRVP»V\FRQEXHQDYROXQWDGWHD\XGDUHPRVDVDOLUGHHOORV$SULH
(OHJDQW
WRVFRQODYR]SDVLYDDSULHWRVFRQHOFRQGLFLRQDODSULHWRVFRQORVYHUERV
(OHJ\
DX[LOLDUHVRDSULHWRVFRQHOYHUER´WRJHWµ$SUHQGHUDPDQHMDUFRQGHVWUH
(OHPHQW
(OHPHQWDO
]DXQVHJXQGRLGLRPDH[LJHHQGHUH]DUPLOHVGHHQWXHUWRVJUDPDWLFDOHV
(OHPHQWDU\
IRQÃWLFRVRUWRJU»îFRVDXGLWLYRVHVWLOÇVWLFRV\GHH[SUHVLÍQ&RPRHPSUH
(OHSKDQW
VDOOHYDPRVDËRVVDFDQGRDODJHQWHGHDSXURV\GHDSULHWRVFRQHOLGLRPDLQJOÃV\QRVDEHPRVKDFHURWUD
(OHYDWH
FRVD&X»QWRVÃ[LWRVKHPRVFRVHFKDGR"'RQGHHODOXPQRQRVKDD\XGDGRDWRSHWRGDYÇDQRFRQRFHPRVHO
(OHYDWLRQ
IUDFDVR<HQHVWHFDVRHODJUDGHFLPLHQWRHVPXWXRf\VLQFHUR
5LFKDUG9DXJKDQ
(OHYDWRU
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
&X»OHVVRQVXVQRPEUHV" :KDWDUHWKHLUQDPHV"
'ÍQGHHVW»VXPDGUH" :KHUHoVWKHLUPRWKHU"
(VXQDPXMHUPX\LQWHOLJHQWH 6KHoVDYHU\LQWHOOLJHQWZRPDQ
(VXQDLGHDPX\EXHQD ,WoVDYHU\JRRGLGHD
6RQLQIRUPHVPX\LPSRUWDQWHV 7KH\oUHYHU\LPSRUWDQWUHSRUWV
9HDODYHQWDQD *RWRWKHZLQGRZ
9HQDPLODGR &RPHWRP\VLGH
+D]ORDKRUD 'RLWQRZ
4XÃGDWHDOOÇ 6WD\WKHUH
(VWDWHSUHSDUDGR %HSUHSDUHG
5KLQRFHURV 5LQRFHURQWH
-HHS -HHS
+\HQD +LHQD
/LRQ /HÍQ
+LSSRSRWDPXV +LSRSÍWDPR
9RFDEXODULR6DIDUL 6DIDUL
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
1RYR\DGHFLUOHVQDGD ,oPQRWJRLQJWRWHOOWKHP
DQ\WKLQJ
4XÃTXLHUHGHFLUHOOD" :KDWGRHVVKHPHDQ"
7ÔVDEHVORTXHHOODTXLHUHGHFLU <RXNQRZZKDWVKHPHDQV
3RUTXÃQRORYDVDFRPSUDU" :K\DUHQoW\RXJRLQJWREX\LW"
3RUTXHKDJRORTXHTXLHUR %HFDXVH,GRZKDW,ZDQW
3RUTXÃQRQRVEXVFDU»Q" :K\ZRQoWWKH\ORRNIRUXV"
1RWHSUHRFXSHVQRSHUGHUÃ 'RQoWZRUU\,ZRQoWPLVVWKH
WUDLQ
HOWUHQ
1XQFDYROYHUÃDGHFLUHVR ,oOOQHYHUVD\WKDWDJDLQ
(OODQXQFDYROYHU»VLÃOHVW»DTXÇ 6KHoOOQHYHUFRPHEDFNLIKHoV
KHUH
1RQHYDU»KDVWDHOPHVTXH ,WZRQoWVQRZXQWLOQH[WPRQWK
YLHQH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
0HJXVWDHVWDÃSRFDGHODËR ,OLNHWKLVWLPHRI\HDU
7HJXVWDWDQWRFRPR\RWH 'R\RXOLNHLWDVPXFKDV\RX
JXVWR"
OLNHPH"
0HFDHVELHQSHURODVUHEDMDV ,OLNH\RXEXWWKHVDOHVKDYH
WLHQHQPXFKRP»VTXHRIUHFHU PXFKPRUHWRRIIHU
3RUTXÃWHJXVWDQWDQWRODV :K\GR\RXOLNHWKHVDOHVVR
UHEDMDV"
PXFK"
0HKDFHQVHQWLUOLEUH 7KH\PDNHPHIHHOIUHH
/DJHQWHFRPSUDFRVDVTXHQL 3HRSOHEX\WKLQJVWKDWWKH\
QHFHVLWDQLTXLHUH
QHLWKHUQHHGQRUZDQW
&UHHQTXHWRGRHVXQDJDQJD 7KH\WKLQNHYHU\WKLQJLVD
EDUJDLQ
'HWRGDVIRUPDVODPD\RUÇDGH $Q\ZD\PRVWWKLQJVDUH
ODVFRVDVVRQUHVWRV
OHIWRYHUV
/RVJUDQGHVDOPDFHQHVHVW»Q 7KHGHSDUWPHQWVWRUHVDUH
VLHPSUHDUHERVDUGHJHQWH
DOZD\VSDFNHGZLWKSHRSOH
+D\JHQWHFRUULHQGRSRUWRGDV 7KHUHDUHSHRSOHUXVKLQJ
SDUWHV
HYHU\ZKHUH
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
1XQFDSXHGRSHUPLWLUPH ,FDQQHYHUDIIRUGWREX\
FRPSUDUQDGDHQODVUHEDMDV
DQ\WKLQJLQWKHVDOHV
6LHPSUHHVWR\DGRVYHODV ,oPDOZD\VEURNH
7DUGHRWHPSUDQRWHQGUÃTXH 6RRQHURUODWHU,oOOKDYHWRVHOO
YHQGHUXQRGHPLVULËRQHV
RQHRIP\NLGQH\V
1RHVSDUDWDQWRQR" ,WoVQRWWKDWEDGLVLW"
+DVYLVWRFX»QWRKDQVXELGR +DYH\RXVHHQKRZPXFK
ORVSUHFLRVÔOWLPDPHQWH"
SULFHVKDYHULVHQODWHO\"
&DGDYH]HVP»VGLIÇFLOOOHJDUD ,WoVJHWWLQJPRUHDQGPRUH
îQGHPHV
GLIïFXOWWRPDNHHQGVPHHW
7HQGUHPRVTXHDSUHWDUQRVORV :HoOOKDYHWRWLJKWHQRXUEHOWV
FLQWXURQHV
(VW»VKDFLHQGRXQDPRQWDËD <RXoUHPDNLQJDPRXQWDLQRXW
GHXQJUDQRGHDUHQD
RIDPROHKLOO
(VXQDWRUPHQWDHQXQYDVR ,WoVDVWRUPLQDWHDFXS
GHDJXD
|1RWHSRQJDVQHUYLRVD 'RQoWJHW\RXUNQLFNHUVLQD
WZLVW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDURXQGq
7REHLQDJRRGPRRG
6WD\DURXQGIRUDZKLOH
4XÃGDWHSRUDTXÇXQUDWRP»V
&KHFNDURXQG
9HFRPSUREDQGRSRUDKÇ
&DQ\RXVWLFNDURXQG"
7HSXHGHVTXHGDUXQSRTXLWR"
,ORRNDURXQGEHIRUHEX\LQJDFDU
(VWXGLRODRIHUWDDQWHVGHFRPSUDUXQ
FRFKH
(VWDH[SUHVLÍQVLJQLîFDpHVWDUGHEXHQ
KXPRUq/LWHUDOPHQWHGHFLPRVpHVWDUHQXQ
EXHQKXPRUq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
*DU\QXQFDHVW»GHPDOKXPRU
(VWR\GHPX\EXHQKXPRUKR\
/DUU\VLHPSUHHVW»GHEXHQKXPRU
,oOODVNDURXQG
,UÃSRUDKÇSUHJXQWDQGRDODJHQWH
,SDVVHGDURXQGWKHFKRFRODWHV
2IUHFÇFKRFRODWLQDVDWRGRVXQRSRUXQR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR
0XVWQoW
(VWDH[SUHVLÍQHVVLPSOHPHQWHHOQHJDWLYRGHpPXVWqHQVXVHQWLGRGHREOLJDFLÍQDXWRLPSXHVWDRGHFRQVHMRVHULRHLQVLVWHQWH
<RXPXVWQoWVWDUWVPRNLQJDJDLQ
,PXVWQoWPDNHWKDWPLVWDNHDJDLQ
1RGHEHVHPSH]DUDIXPDURWUDYH]
1RGHERFRPHWHUHVHHUURURWUDYH]
p0XVWQoWqVHSURQXQFLDpP»VHQWq\FDVLVLHPSUHH[LVWHHQVXIRUPDGHFRQWUDFFLÍQ
1HHGQoW
<DYLPRVHVWDH[SUHVLÍQHQOD)LFKD$GHP»VGHVHUORFRQWUDULRGHpKDYHWRqWDPELÃQORHVGHpPXVWq
:HPXVWPDNHDQHIIRUW
7KH\PXVWEHFDUHIXO
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(VFULELUHVWRVS»UUDIRVSXHGHVHUPX\GLYHUWLGR0HVLHQWRGHODQ
WHGHXQDSDQWDOODGHRUGHQDGRUHQEODQFR\HPSLH]RDHVFULELU
XQDIUDVH(VWDIUDVHQRUPDOPHQWHPHDEUHODPHQWHDPLOHVGH
LQFLGHQWHV\H[SHULHQFLDVTXHKHWHQLGRGXUDQWHORVÔOWLPRV
DËRV \ PH OOHYD D DOJR LQWHUHVDQWH GLYHUWLGR LQIRUPDWLYR R LQ
WULJDQWH7DUGRXQRVPLQXWRVHQHVFULELUORVVHLVS»UUDIRVTXH
FRQIRUPDQFDGDS»JLQDGHHVWHOLEUR
:HQHHGQoWPDNHDQHIIRUW
7KH\QHHGQoWEHFDUHIXO
:ULWLQJWKHVHVKRUWSDUDJUDSKVFDQEHDORWRIIXQ,VLWLQIURQWRI
D EODQN FRPSXWHU VFUHHQ DQG MXVW VWDUW WR ZULWH D VHQWHQFH7KLV
VHQWHQFH XVXDOO\ RSHQV P\ PLQG WR WKH WKRXVDQGV RI LQFLGHQWV
DQGH[SHULHQFHV,oYHKDGRYHUWKHSDVW\HDUVDQGOHDGVPHWR
VRPHWKLQJ LQWHUHVWLQJ DPXVLQJ LQIRUPDWLYH RU LQWULJXLQJ ,W
WDNHVPHDERXWPLQXWHVWRZULWHWKHVL[SDUDJUDSKVWKDWPDNH
XSHDFKSDJHRIWKLVERRN
5LFKDUG9DXJKDQ
(VWLPDGRDPLJR\DOXPQR(QODIRWRGHODL]TXLHUGDWLHQHVD*UHJRULRLQFDQVDEOHHVWXGLDQWHGHLQJOÃVTXHSLHQVDTXHSDUDDSUHQ
GHUORELHQWLHQHTXHOHHUUHOHHU\KDVWDPHPRUL]DUODVUHJODVJUDPDWLFDOHVGHVGHHOYHUER´WREHµHQWRGRVVXVWLHPSRV\SHUVRQDV
KDVWDHOSOXVFXDPSHUIHFWR\HOSDVDGRFRQGLFLRQDO1RVLHQWHPXFKRFDULËRSRUPLLGLRPDSRUTXHPXFKDVGHODVHVWUXFWXUDVTXH
HVWXGLDVRQDMHQDVDODOÍJLFDODWLQDRFDVWHOODQD/HVXHQDQDFKLQRFXDQGRODVYHVREUHHOSDSHO\DOGHFLUODVSDUDVXVDGHQWURV
QRVHFXLGDGHSURQXQFLDUODVELHQLQFUXVWDQGRYLFLRVIRQÃWLFRVTXHGHVSXÃVPHFXHVWDKRUURUHVHUUDGLFDU$ODGHUHFKDWHQHPRVD
-RVÃ5DPÍQ7LHQHHOPLVPRQLYHOTXH*UHJRULRSHURSUHîHUHOHHUOLEURVSHULÍGLFRV\UHYLVWDVHQHVSDËROPLHQWUDVVXVRÇGRVUHFLEHQ
XQVXDYHPDVDMHOLQJÖÇVWLFRGHYRFDEORVLQJOHVHVSURQXQFLDGRVSRUQDWLYRV(VW»DEVRUWRHQVXOHFWXUDVLQSUHVWDUODP»VPÇQLPD
DWHQFLÍQDOLQJOÃV'HKHFKRVLGHMDVHGHOHHU\SUHVWDVHWRWDODWHQFLÍQDORTXHR\HHQWHQGHUÇDPHQRVGHOGHOFRQWHQLGR6LQ
HPEDUJRQRVXHOHKDFHUOR6HGHGLFDDOHHUHQHVSDËROXQDKRUDDOGÇD\GRVKRUDVHQV»EDGR\HQGRPLQJR6XVRÇGRVDEVRUEHQ
ODPXVLFDOLGDGGHOLQJOÃV\JUDGXDOPHQWHYDQGLVFULPLQDQGRORVVRQLGRV-RVÃ5DPÍQVDEHTXHVLYLHUDSRUHVFULWRHVHTXHQR
HVW»HQWHQGLHQGRDXGLWLYDPHQWHORHQWHQGHUÇDFDVLWRGR'HELGRDHVWRHVW»VLJXLHQGRPLFRQVHMRGHQRDQJXVWLDUVH\HQWUHQDUHO
RÇGRDPHGLR\ODUJRSOD]R(QVHLVPHVHVFXDQGRYXHOYDDGHMDUODOHFWXUDSDUDSUHVWDUWRWDODWHQFLÍQDOLQJOÃVTXHR\HHQWHQGHU»
HO(OLQJOÃVDPLJROHFWRUQRHVXQDFLHQFLDH[DFWDHVWUXFWXUDGDDEDVHGHFRPSDUWLPHQWRVHVW»WLFRV\HVWDQFRV(VXQYHKÇFX
ORGHFRPXQLFDFLÍQULFR\GLQ»PLFRWDQOÍJLFR\H[SUHVLYRFRPRFXDOTXLHURWURLGLRPDLPSRUWDQWHGHOPXQGR1XQFDYDVDOOHJDU
DGRPLQDUORHQVXDVSHFWRKDEODGRDOLJXDOTXHQRGRPLQDVQLWXSUR
SLRLGLRPDHQFXHVWLRQHVGHLPSDFWRHORFXHQFLDRH[SUHVLYLGDG3HURHV
LPSHUDWLYRTXHORGRPLQHVHQVXDVSHFWRDXGLWLYR&ÍPR"([SRQLHQGR
HORÇGRGXUDQWHPLOHVGHKRUDV1RHVSRVLEOHOOHJDUDXQEXHQQLYHOVLQ
SRVHHUXQH[FHOHQWHQLYHODXGLWLYR<RMRHQWHQGHUELHQDWXSURIHVRUGH
LQJOÃVQRVLJQLîFDQDGD(OSURIHVRUQRWHGDQLXQGHORTXHYDVD
RÇUSRUDKÇHQHOPXQGRUHDO+DEODFRQGHPDVLDGDQLWLGH]\HVFRJHVLQ
GDUVHFXHQWDXQYRFDEXODULRDWXDOFDQFH
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
(VW»QDTXÇSRUTXHVRQPLV 7KH\oUHKHUHEHFDXVHWKH\oUH
SDGUHV
P\SDUHQWV
'HGÍQGHVRQ" :KHUHDUHWKH\IURP"
9XHVWURVDEXHORVVRQGHDOOÇ $UH\RXUJUDQGSDUHQWVIURP
WDPELÃQ"
WKHUHWRR"
1RVRQGHODPLVPDFLXGDG 7KH\oUHQRWIURPWKHVDPHFLW\
3RUTXÃQRHVW»QDTXÇDKRUD" :K\DUHQoWWKH\KHUHQRZ"
1RMXHJXHVFRQVXSHUUR GH 'RQoWSOD\ZLWKWKHLUGRJ
HOORV
(VSHOLJURVRQRORWRTXHV ,WoVGDQJHURXVGRQoWWRXFKLW
|'HVSLÃUWDWH :DNHXS
|/HY»QWDWH *HWXS
|&»OODWH 6KXWXS
%DUPDQ &DPDUHUR
%HHU &DËD
6KRW &KXSLWR
&RFNWDLO &ÍFWHO
6SLULW &RSD
9RFDEXODULR%DU %DU
/RZ,QWHUPHGLDWH
7UDEDMDVGHPDVLDGR <RXZRUNWRRPXFK
7UDEDMDVGHPDVLDGDVKRUDV <RXZRUNWRRPDQ\KRXUV
+DFHGHPDVLDGRIUÇRSDUDPÇ ,WoVWRRFROGIRUPHLQZLQWHU
HQLQYLHUQR
&RVWÍGHPDVLDGR ,WFRVWWRRPXFK
3RUTXÃHVWDQFDUR" :K\LVLWVRH[SHQVLYH"
0LGGOH,QWHUPHGLDWH
4XÃWHJXVWDUÇDKDFHU" :KDWZRXOG\RXOLNHWRGR"
+DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW
MXELODUWH"
UHWLULQJ"
(VORÔOWLPRTXHTXLHURKDFHU ,WoVWKHODVWWKLQJ,ZDQWWRGR
1RFUHHVTXHQHFHVLWDVXQ 'RQoW\RXWKLQN\RXQHHGD
GHVFDQVR"
UHVW"
4XÃSUHQWHQGHVGHFLUPH" :KDWDUH\RXWU\LQJWRWHOOPH"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
/OHYÃDPLKHUPDQRDOTXLRVFR ,WRRNP\EURWKHUWRWKH
QHZVVWDQG
/HSUHJXQWÃVLTXHUÇDTXHOH ,DVNHGKLPLIKHZDQWHGPHWR
FRPSUDUDXQDUHYLVWD
EX\KLPDPDJD]LQH
0HUHFRUGÍTXHQRSRGÇDOHHU +HUHPLQGHGPHWKDWKH
HOHVSDËRO
FRXOGQoWUHDG6SDQLVK
0HSLGLÍTXHOHFRPSUDUD +HDVNHGPHWREX\KLPVRPH
FKLFOH
FKHZLQJJXP
1LQJXQRGHORVGRVWXYLPRV 1HLWKHURIXVKDGDQ\FKDQJH
FDPELR
3DUH]FRVH[\FRQHVWHWUDMH" 'R,ORRNVH[\LQWKLVVXLW"
6LQRWXYLHUDVHVDEDUULJD ,I\RXGLGQoWKDYHWKDWEHOO\
HVWDUÇDVPXFKRPHMRU
\RXoGORRNPXFKEHWWHU
0LEDUULJDPHKDFHSDUHFHU 0\EHOO\PDNHVPHORRNOLNHD
FRPRXQKRPEUHGHHVWDGR
VWDWHVPDQ
(VSRUHVRTXHHUHVFDOYR ,VWKDWZK\\RXoUHEDOGDVZHOO"
WDPELÃQ"
6LQRIXHUDVWDQHQFDQWDGRUD ,I\RXZHUHQoWVRFKDUPLQJ,
QRPHJXVWDUÇDVWDQWR
ZRXOGQoWOLNH\RXVRPXFK
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
0HSRQGUÃDUÃJLPHQFXDQGR ,oOOJRRQDGLHWZKHQ,WXUQ
FXPSODORV
0HGHVKDUÃGHPLEDUULJD ,oOOJHWULGRIP\EHOO\
1RVDEÇDTXHHUDVXQKRPEUH ,GLGQoWNQRZ\RXZHUHVXFKD
WDQUHOLJLRVR
UHOLJLRXVPDQ
4XÃTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW"
3XHVHVHYLGHQWHTXHFUHHVHQ :HOO\RXREYLRXVO\EHOLHYHLQ
ORVPLODJURV
PLUDFOHV
(VPLEXHQSURSÍVLWRGHDËR ,WoVP\1HZ<HDUoVUHVROXWLRQ
QXHYR
0X\ELHQVDEHVTXHQXQFD <RXNQRZYHU\ZHOOWKDW\RX
ORVFXPSOHV
QHYHUNHHSWKHP
(ODËRSDVDGRGLMLVWHTXHLEDV /DVW\HDU\RXVDLG\RXZHUH
DKDFHUSXHQWLQJ
JRLQJWRGRDEXQJHHMXPS
$GHP»VWHHQFDQWDGHPDVLDGR %HVLGHV\RXORYHHDWLQJIDWW\
FRPHUFRPLGDFRQJUDVD
IRRGWRRPXFK
&XDQWRP»VJUDQGHHVPL 7KHELJJHUP\EHOO\LVWKHPRUH
EDUULJDP»VTXLHUR
WKHUHLVWRORYH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDURXQGq
(ODUWÇFXORpDQq
,KHOSKLPDURXQGWKHKRXVH
/HD\XGRDPRYHUVHSRUODFDVD
,oPWLUHGRIZDLWLQJDURXQG
(VWR\FDQVDGRGHHVSHUDUSRUDTXÇ
,OLNHWRZDONDURXQGWKHIDFWRU\
0HJXVWDSDVHDUSRUODI»EULFD
7KH\FURZGHGDURXQGWRVHHWKHERG\
6HDSLËDURQDOUHGHGRUSDUDYHUHO
FXHUSR
7XUQDURXQGDQGORRNDWPH
'DWHODYXHOWD\PÇUDPH
7KHUHoVDUXPRUJRLQJDURXQGWKDWf
&RUUHXQUXPRUGHTXH
1RROYLGHVTXHFXDQGRXQVXVWDQWLYRRDGMHWLYR
HPSLH]DFRQXQDYRFDORXQVRQLGRGHYRFDOHO
DUWÇFXORLQGHîQLGRpDqVHFRQYLHUWHHQpDQq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
&UHRTXHRLJRDXQEÔKR
£OHVXQLPSRUWDQWHFOLHQWHQXHVWUR
6XMHIH GHHOOD HVXQDPXMHULPSDFLHQWH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR
6KRXOG
(VWDH[SUHVLÍQHVPX\LPSRUWDQWH7LHQHWUHVDFHSFLRQHV
8QDUHFRPHQGDFLÍQRVXJHUHQFLD6HSXHGHWUDGXFLUFRPRpGHEHqRpGHEHUÇDq
<RXVKRXOGWDNHDIHZGD\VRII
'HEHUÇDVWRPDUWHXQRVGÇDVOLEUHV
<RXVKRXOGVSHQGPRUHWLPHZLWK\RXUIDPLO\
'HEHVSDVDUP»VWLHPSRFRQWXIDPLOLD
/DH[SUHVLÍQGHXQDDFWLWXGXRSLQLÍQFRQXQFRPSRQHQWHPRUDO
:HVKRXOGWUHDWSHRSOHUHVSHFWIXOO\
'HEHPRVWUDWDUDODJHQWHUHVSHWXRVDPHQWH
(YHU\RQHVKRXOGKDYHWKHULJKWWRDMRE
7RGRVGHEHQWHQHUHOGHUHFKRDXQHPSOHR
/DH[SUHVLÍQGHDOJRTXHYDDRFXUULUFRQWRGDVHJXULGDG
7KH\VKRXOGEHKHUHLQDERXWPLQXWHV
,WVKRXOGWDNHPHDERXWPLQXWHV
,WVKRXOGQoWWDNHWKHPORQJ
(VWDU»QDTXÇVHJXUDPHQWHHQXQRVPLQXWRV
7DUGDUÃVHJXUDPHQWHXQRVPLQXWRV
1RWDUGDU»QPXFKRVHJXUDPHQWH
3DUDUHVXPLUODSULQFLSDOGLIHUHQFLDHQWUHpKDYHWRqpPXVWq\pVKRXOGqIÇMDWHHQHVWDVIUDVHV
<RXKDYHWRVWXG\WKLV0DQXDO
<RXPXVWVWXG\WKLV0DQXDO
<RXVKRXOGVWXG\WKLV0DQXDO
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&ÍPR WH HQFXHQWUDV KR\" $QRFKH HVWDEDV EDVWDQWH WRFDGR
&X»QWDV FRSDV GH FKDPS»Q WH EHELVWH" 7H WXYLPRV TXH OOHYDU
DO FRFKH SHGLU D 1DQF\ TXH WH OOHYDUD D FDVD \ WH PHWLHUD HQ OD
FDPD7HDFXHUGDVGHDOJR"'LFHTXHHVWXYLVWHHQFDQWDGRUFRPR
GHFRVWXPEUH\TXHQRSHUGLVWHHOFRQRFLPLHQWR1RPHSXHGR
FUHHUTXHHVWÃVDTXÇKR\WUDEDMDQGRFRPRVLHPSUH
7LHQHV SRUQDULFHV TXHHVWXGLDUHVWH0DQXDO
'HEHV WHLPSORUR HVWXGLDUHVWH0DQXDO
'HEHV WHUHFRPLHQGR HVWXGLDUHVWH0DQXDO
+RZGR\RXIHHOWRGD\"/DVWQLJKW\RXZHUHLQSUHWW\EDGVKDSH
+RZPDQ\JODVVHVRIFKDPSDJQHGLG\RXGULQN":HKDGWRFDUU\
\RX WR WKH FDU DQG KDYH 1DQF\ WDNH \RX KRPH DQG SXW \RX WR
EHG'R\RXUHPHPEHUDQ\WKLQJ"6KHVD\V\RXZHUH\RXUQRUPDO
FKDUPLQJ VHOI DQG QHYHU SDVVHG RXW , FDQoW EHOLHYH \RXoUH KHUH
WRGD\ZRUNLQJDVXVXDO
(VWLPDGRDPLJR\DOXPQR(ORWURGÇDHQXQIRURSÔEOLFRGH,QWHUQHWDOJXLHQPHSUHJXQWÍVL\RKDEÇDREVHUYDGR 0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
XQFDPELRLPSRUWDQWHHQHOQLYHOGHLQJOÃVGHORVHVSDËROHVGHVGHTXHFRPHQFÃDHQVHË»UVHORHQ/HUHV
SRQGÇTXHKDEÇDKDELGRXQDPHMRUDHQPLRSLQLÍQHQWRUQRDO3HURGHVSXÃVOHDGYHUWÇTXHHVDPHMRUDWDQ
(OLPLQDWH
SURQXQFLDGDVHKDEÇDSURGXFLGRVREUHXQFROHFWLYRWDQSHTXHËRTXHHQUHDOLGDGWDPSRFRHUDSDUDWLUDUFRKHWHV
(OLPLQDWLRQ
/HLQYLWÃDLUFRQPLJRDKDFHUSUXHEDVGHQLYHOHQWUHORVHVWXGLDQWHVGHOÔOWLPRDËRGHOD3ROLWÃFQLFD\FRQVWDWDU
(OLWH
TXHVÍORFLQFRGHFDGDFLHQGHORVIXWXURVLQJHQLHURVTXHWUDEDMDU»QHQXQPXQGRJOREDOL]DGRWHQÇDQXQLQJOÃV
(OLWLVP
VXîFLHQWHFRPRSDUDUHSUHVHQWDUDGHFXDGDPHQWHDVXHPSUHVDRD(VSDËDHQORVIRURVLQWHUQDFLRQDOHV(Q
(OLWLVW
HVDFLIUDHVWDEDHQXQRGHFDGDFLHQORFXDOPHGDODUD]ÍQHQHOVHQWLGRGH
(OL[LU
(OOLSVH
XQDPHMRUDQRWDEOH6LQHPEDUJRHORWURODGRGHODPRQHGDQRVGLFHTXHHQ
(OOLSWLFDO
YH]GHHVWDUHOGHORVIXWXURVLQJHQLHURVHQSDËRVPHQRUHVHQORTXHVH
(ORFXWLRQ
UHîHUHDOLQJOÃVDKRUDVRODPHQWHHVW»HO6LHOHVWDGRRODV&RPXQLGD
(ORTXHQFH
GHV$XWÍQRPDVQRKDFHQDOJRUHDOPHQWHUDGLFDO\SURQWRPLVQLHWRVYDQD
(ORTXHQW
JDQDUVHODYLGD\PX\ELHQHQVHËDQGRLQJOÃVDWXVQLHWRV<VLHOHVWDGRR
(OXGH
ODV&RPXQLGDGHVQRORJUDQHQGHUH]DUHOHQWXHUWRHQWRQFHVWHFRPSHWHD
(OXVLYH
WLKDFHUORHVRHVVLTXLHUHVTXHWXVKLMRVRWXVQLHWRVWHQJDQODOLEHUWDGGH
(PDQDWH
HOHFFLÍQHQODYLGDSURIHVLRQDOTXHXQEXHQGRPLQLRGHLQJOÃVSURSRUFLRQD
5LFKDUG9DXJKDQ
(PDQFLSDWH
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
'HGÍQGHHV" :KHUHLVLWIURP"
3DUDTXLÃQHV" :KRLVWKLVIRU"
(QTXÃFDMDHVW»" :KLFKER[LVLWLQ"
'HTXLÃQHVHVWDFDUWD" :KRLVWKLVOHWWHUIURP"
SURFHGHQFLD
3RUTXÃHVW»VFRQHOORV" :K\DUH\RXZLWKWKHP"
'»PHOR *LYHLWWRPH
'»PHORV *LYHWKHPWRPH
'»VHORDHOORV *LYHLWWRWKHP
3RUTXÃPHORHVW»VGDQGR" :K\DUH\RXJLYLQJLWWRPH"
1RQRVORGHVDQRVRWURV 'RQoWJLYHWKHPWRXV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
1DGLHVDEHSRUTXÃÃOVHIXH 1RERG\NQRZVZK\KHOHIW
7RGRHOPXQGRVDEHORTXH (YHU\ERG\NQRZVZKDW
KDSSHQHG
SDVÍ
$OJXLHQYLRORTXHUREDURQ" 'LGDQ\ERG\VHHZKDWWKH\
VWROH"
$OJXLHQWLHQHTXHWHQHUXQ 6RPHERG\KDVWRKDYHDSHQ
EROÇJUDIR
3RUTXÃQRYLQRQDGLH" :K\GLGQoWDQ\ERG\FRPH"
0HGLMHURQTXHWHQÇDTXHYHQLU 7KH\WROGPH,KDGWRFRPH
KHUH
DTXÇ
1DGLHVDEÇDTXHLEDDRFXUULU 1RERG\NQHZLWZDVJRLQJWR
KDSSHQ
3RUTXÃQDGLHQRGLMRQDGD" :K\GLGQoWDQ\ERG\VD\
DQ\WKLQJ"
1RHUDPLFXOSD ,WZDVQoWP\IDXOW
'HTXLÃQHUDODFXOSDHQWRQFHV" :KRVHIDXOWZDVLWWKHQ"
3RFNHW $JXMHUR
&XH 3DORGHELOODU
&KDON 7L]D
&XVKLRQ %DQGD
%LOOLDUG7DEOH 0HVDGHELOODU
)UDPH 7ULDQJXOR
9RFDEXODULR%LOOLDUGV %LOODU
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XLHURTXHWRGRHOPXQGRVHD ,ZDQWHYHU\RQHWREHKDSS\
IHOL]
1RTXLHURTXHQDGLHHVWÃWULVWH ,GRQoWZDQWDQ\RQHWREHVDG
1RTXLHUHTXHQDGLHOHYHD 6KHGRHVQoWZDQWDQ\RQHWR
VHHKHU
3RUTXÃQRQHFHVLWDTXHQDGLH:K\GRHVQoWKHQHHGDQ\ERG\
WRKHOSKLP"
OHD\XGH"
$OJXLHQTXLHUHTXH\RVLJDFRQ'RHVDQ\ERG\ZDQWPHWR
FRQWLQXHZLWKWKHVHSKUDVHV"
HVWDVIUDVHV"
9DVDLUDHVTXLDUHOPHVTXH $UH\RXJRLQJVNLLQJQH[W
YLHQH"
PRQWK"
3RUVXSXHVWRTXHVÇ9R\FDGD 2IFRXUVH,DP,oYHJRQHHYHU\
LQYLHUQRGHVGHKDFHDËRV
ZLQWHUIRU\HDUV
$OJXQDYH]WHKDRFXUULGRDOJR+DVDQ\WKLQJEDGHYHU
PDORHQODVSLVWDV"
KDSSHQHGWR\RXRQWKHVORSHV"
8QDYH]XQRVRVHSXVRHQPL $EHDURQFHJRWLQP\ZD\
FDPLQR
/HDSXËDOÃFRQPLEDVWÍQGH ,VWDEEHGKLPZLWKP\VNLSROH
HVTXÇ
0LGGOH$GYDQFHG
6HSXHGHDOTXLODUHOHTXLSDMH" &DQ\RXKLUHWKHHTXLSPHQW"
3RGUÇD\RHVTXLDUFRQPLWUDMH &RXOG,VNLLQP\OHDWKHU
PRWRUELNHVXLW"
GHFXHURGHPRWRFLFOLVWD"
0HSDUHFHUÇDD-DPHV%RQG ,oGORRNOLNH-DPHV%RQG
3DUHFHUÇDVXQDXWÃQWLFRLPEÃFLO<RXoGORRNOLNHDUHDOIRRO
7HDSHWHFHDFRPSDËDUPHHVWH'R\RXIDQF\FRPLQJZLWKPH
WKLV\HDU"
DËR"
)RU(QJOLVKVXSHUVWDUVRQO\
1RTXLVLHUDTXHWHORSHUGLHUDV ,ZRXOGQoWZDQW\RXWRPLVV
RXWRQLW
-DP»VVHPHRFXUULUÇDKDFHUWDO ,ZRXOGQoWGUHDPRIGRLQJVXFK
DWKLQJ
FRVD
3HQVDEDTXHWHHVWDED ,WKRXJKW\RXZHUHEHJLQQLQJ
WROLNHPH
HPSH]DQGRDJXVWDU
6LHPSUHVHWHRFXUUHQHVWDV <RXoUHDOZD\VFRPLQJXSZLWK
WKHVHPDGFDSLGHDV
LGHDVGLVSDUDWDGDV
4XÃWLHQHHVRGHUDUR" :KDWoVVRVWUDQJHDERXWLW"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpE\q
%ULQJLWE\P\SODFHEHIRUH\RXOHDYH
7U»HPHORDFDVDDQWHVGHLUWH
&RPHE\RQ\RXUZD\KRPH
3DVDSRUPLFDVDFDPLQRGHODWX\D
'URSE\RQ\RXUZD\KRPH
+D]PHXQDYLVLWDFDPLQRGHFDVD
*LYHPHPLQH
'ULYHE\P\KRXVHRQ\RXUZD\KRPH
3DVDSRUPLFDVDFDPLQRGHODWX\D
FRFKH
7KH\IHOOE\WKHZD\VLGH
6HTXHGDURQDPHGLRFDPLQR HQVX
PHWD
7KHZHHNKDVïRZQE\
|/DVHPDQDKDSDVDGRYRODQGR
(QHVWDHVWUXFWXUDHOFRPSOHPHQWRLQGLUHFWR
QRUPDOPHQWHSUHFHGHDOSURQRPEUHSHUVRQDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'DQRVHOQXHVWUR
1ROHVWUDLJDVHOWX\R
1ROHVHQYÇHVHOPÇR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3(23/($5(3(23/($5(3(23/($5(3(23/($5(
7HQJRXQDFXHUGRFRQ6HUJLRPLPHMRUDPLJR6LPHPXHURDQWHVTXHÃOD\XGDU»DPLIDPLOLDDRUJDQL]DUXQIXQH
UDODOHVWLORDPHULFDQRHQHOFXDOHVWR\HQXQDWDÔGDELHUWRGXUDQWHODPLVDDQWHVGHTXHPHOOHYHQDOFHPHQWHUR
6LQHPEDUJRDQWHVGHLQLFLDUODFHUHPRQLD6HUJLRWLHQHLQVWUXFFLRQHVGHDFHUFDUVHDODWDÔG\GHFLUHQYR]ELHQ
DOWD´7KHSHRSOHLVKHUHµ(VWR\VHJXUR\6HUJLRWDPELÃQGHTXHUHVXFLWDUÃGHORVPXHUWRVSDUDFRUUH
JLUOH/RYDPRVDSUREDUSRUTXHFXDOTXLHUEXHQSURIHVRUGHLQJOÃVWHGLU»TXHVXVLVWHPDQHUYLRVRVH
SRQHDFLHQSRUKRUDFXDQGRR\HODSDODEUD´SHRSOHµSUHFHGLGDRVHJXLGDGHDOJÔQYHUERQRUPDOR
DX[LOLDUGHODWHUFHUDSHUVRQDGHOVLQJXODU3XHVWRTXHYDDVHU6HUJLRTXLHQVHHQFDUJXHGHODSUXHED
SXHGRHQWRQFHVSURFHGHUDGDUWHXQDVHULHGHIUDVHVFDGDXQDGHODVFXDOHVTXLHURTXHGLJDVHQYR]
DOWDXQDVYHFHVDOPHVKDVWDHUUDGLFDUGHOWRGRHVWHYLFLRJUDPDWLFDO
6SDQLVKSHRSOHDUHLQWHOOLJHQW
)UHQFKSHRSOHOLYHTXLWHZHOO
$UHWKHSHRSOHLQWKHQH[WURRP*HUPDQ"
'RPRVWSHRSOHLQ6SDLQVPRNH"
3HRSOHGRWKHVWUDQJHVWWKLQJV
:KDWGRSHRSOHGRZKHQWKH\ORVHWKHLUWHPSHU"
+DYHWKHSHRSOHFRPH\HW"
3HRSOHDUHDOZD\VWU\LQJWRPHHWPH
:HUHWKHSHRSOH,VDZ\HVWHUGD\0H[LFDQ"
3HRSOHZHUHPRUHFRXUWHRXVZKHQ,ZDVJURZLQJXS
3HRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(VWDEDWXPEDGRHQODFDPDGHOKRVSLWDOFRQODFDEH]DYHQGDGD\
XQDHVFD\RODHQHOEUD]RGHUHFKR0HKDEÇDFDÇGRGHPLPRWRWUDV
TXHGDUPHGRUPLGRDFLHQNLOÍPHWURVSRUKRUD&XDQGRHOPÃGLFR
HQWUÍHQODKDELWDFLÍQVDFÍHOKLVWRULDOGHVXFDUSHWDDOSLHGHPL
FDPD\ORPLUÍSRUXQPRPHQWR(QWRQFHVVHYROYLÍKDFLDPÇ\PH
GLMRp1RVÃFÍPRGHFLUOHHVWRSHURKHPRVGHVFXELHUWRTXHWLHQH
XQDHQIHUPHGDGKHUHGLWDULDSDUDODTXHQRKD\WUDWDPLHQWR6H
OODPDHVWXSLGH]q
,ZDVO\LQJLQDKRVSLWDOEHGZLWKEDQGDJHVDURXQGP\KHDGDQG
DFDVWRQP\ULJKWDUP,KDGIDOOHQRIIP\PRWRUF\FOHDIWHUIDOOLQJ
DVOHHSDWDKXQGUHGNLORPHWHUVDQKRXU:KHQWKHGRFWRUHQWHUHG
WKHURRPKHSXOOHGWKHFKDUWVRXWRIWKHIROGHUDWWKHIRRWRIP\
EHGDQGORRNHGDWWKHPIRUDPRPHQW7KHQKHWXUQHGWRPHDQG
VDLGp,GRQoWNQRZKRZWRWHOO\RXWKLVEXWZHoYHGLVFRYHUHGWKDW
\RXKDYHDKHUHGLWDU\FRQGLWLRQIRUZKLFKWKHUHLVQRWUHDWPHQW
,WoVFDOOHGVWXSLGLW\q
+HOOR3DXO"7KLVLV%iUEDUD&RUWpV,UHFHLYHG\RXUHPDLODQG,DJUHHZLWK\RXWKDWLWLVLPSRUWDQWWRKDYHWKHFDVKïRZDQDO\VLVUHDG\IRU
WKH)ULGD\PHHWLQJ+RZHYHUZHKDYHGLVFRYHUHGVRPHFRVWVWKDWZHUHQRWLQFOXGHGLQWKHÀUVWDQDO\VLVDQG,WKLQNLWZRXOGEHEHWWHUWR
SRVWSRQHWKHPHHWLQJXQWLOQH[W0RQGD\,IWKLVLVSRVVLEOHWKHQ,WKLQNZHZLOOKDYHDPRUHUHDOLVWLFSLFWXUHRIWKHLQYHVWPHQWSURMHFW
DQGZHZLOOEHDEOHWRPDNHDÀQDOGHFLVLRQEDVHGRQEHWWHULQIRUPDWLRQ:HKDYHQ·WFKDQJHG\RXUKRWHOUHVHUYDWLRQVLQFDVH\RXZRXOG
OLNHWRFRPHWR0DGULGRQ)ULGD\DQGVWD\IRUWKHZHHNHQG,I\RXGHFLGHQRWWRFKDQJH\RXUSODQVWKHQ,ZRXOGOLNHWRLQYLWH\RXWR
GLQQHUWKDWVDPHQLJKW7KHUHDUHVHYHUDOWKLQJV,QHHGWRGLVFXVVZLWK\RXLQDGGLWLRQWRWKHLQYHVWPHQWSURMHFW
(VWLPDGRDPLJR\DOXPQR(VWHS»UUDIRHVWÇSLFRGHXQDFRQYHUVDFLÍQHQWUHLQJHQLHURVGHSURGXFFLÍQRGLUHFWRUHVîQDQFLHURV&X»Q
WRVWÃUPLQRVWÃFQLFRVKD\HQODFRQYHUVDFLÍQ"3DUDPÇVRODPHQWHXQRFDVKïRZDQDO\VLV6LPHDSXUDVLQFOXLUÇDORVRWURVWÃUPLQRV
VXEUD\DGRVSHURDUHJDËDGLHQWHV0XFKRVGLUHFWLYRV\SURIHVLRQDOHVPHSLGHQLQJOÃVîQDQFLHURLQJOÃVGHPDUNHWLQJLQJOÃVWÃFQLFR
LQJOÃVPÃGLFRLQJOÃVMXUÇGLFRHWF\VLHPSUHOHVGLJRORPLVPR7HYR\DGDUXQFXUVRGHLQJOÃVQRUPDO&XDQGRVHPXHVWUDQHQGHV
DFXHUGROHVUHFXHUGRTXHODWHUPLQRORJÇDSURSLDGHXQ»UHDGHHVSHFLDOL]DFLÍQFRQVWLWX\HFRPRPXFKRHOGHWRGRORTXHVHGLFHHQ
XQDUHXQLÍQRHQXQDFRQYHUVDFLÍQHQWUHSURIHVLRQDOHVFRPRPXFKR(QODFRQYHUVDFLÍQGHDUULEDGHODVSDODEUDVSURQXQFLDGDV
VÍORWUHVRXQSXHGHQFRQVLGHUDUVHWÃFQLFDV'HKHFKRORVSURIHVLRQDOHVHVSDËROHVVXHOHQFRQRFHUODMHUJDSURSLDGHVX»UHDPHMRU
TXH\R'RQGHIDOODQPXFKDVYHFHVHVWUHSLWRVDPHQWHHVDOHQOD]DUGLFKRVWÃUPLQRVFRQXQLQJOÃVGHFHQWHFRQVWUXLGRGHFHQWHPHQWH
7HLQYLWRDWUDGXFLUDOHVSDËROHOS»UUDIRGHDUULED\GHVSXÃVWUDGXFLUORGHQXHYRDOLQJOÃVRUDOPHQWHRSRUHVFULWR\VLQPLUDUHORULJLQDO
3RVLEOHPHQWHWHGDU»VFXHQWDGHORTXHYHQJRGLFLHQGRDORVSURIHVLRQDOHVGXUDQWHWRGDPLYLGDSURIHVLRQDO
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
/DPDGUHGHWXDPLJDHVIUDQFHVD<RXUIULHQGoVPRWKHULV)UHQFK
/DQXHYDMHIDHVPX\VHULD 7KHQHZERVVLVYHU\VHULRXV
(OFRFKHGHVXVHFUHWDULDHVD]XO+LVVHFUHWDU\oVFDULVEOXH
/DFDVDGHVXQRYLRHVPX\ +HUER\IULHQGoVKRXVHLVYHU\
JUDQGH
ELJ
/RVRMRVGH0DU\VRQYHUGHV 0DU\oVH\HVDUHJUHHQ
3RUTXÃHVIUDQFHVDODPDGUH :K\LV\RXUIULHQGoVPRWKHU
)UHQFK"
GHWXDPLJD"
3RUTXÃHVPX\VHULDODQXHYD :K\LVWKHQHZERVVYHU\
VHULRXV"
MHID"
3RUTXÃHVD]XOHOFRFKHGHVX :K\LVQoWKLVVHFUHWDU\oVFDU
ELJJHU"
VHFUHWDULD"
3RUTXÃQRHVW»HQODFLXGDG :K\LVQoWKHUER\IULHQGoV
KRXVHLQWKHFLW\"
ODFDVDGHVXQRYLR"
3RUTXÃVRQYHUGHVORVRMRVGH :K\DUH0DU\oVH\HVJUHHQ"
0DU\"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XLÃQHQYLÍHVDFDUWD" :KRVHQWWKDWOHWWHU"
$TXLÃQORHQYLDVWH" :KRGLG\RXVHQGLWWR"
3RUTXÃQRPHHQYLDVWHXQD :K\GLGQoW\RXVHQGPHD
FRSLD"
FRS\"
4XLÃQWHYLR" :KRVDZ\RX"
$TXLÃQYLVWH" :KRGLG\RXVHH"
&X»QWRWLHPSRQRVTXHGD" +RZPXFKWLPHGRZHKDYHOHIW"
1RVTXHGDXQDKRUD :HKDYHDQKRXUOHIW
4XHGDDOJXLHQ" ,VWKHUHDQ\ERG\OHIW"
1LQJXQRGHHOORVVHKDLGR\D 1RQHRIWKHPKDYHOHIW\HW
$YÇVDPHFXDQGRHVWÃQDSXQWR /HWPHNQRZZKHQWKH\oUH
GHLUVH
DERXWWROHDYH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
3RUTXÃVHWHFD\Í" :K\GLG\RXGURSLW"
|5HFÍJHOR 3LFNLWXS
'HYXÃOYHVHORDWXKHUPDQD *LYHLWEDFNWR\RXUVLVWHU
1RORYXHOYDVDDSDJDU 'RQoWVZLWFKLWRIIDJDLQ
7HGLMHTXHQRORDSDJDUDV ,WROG\RXQRWWRVZLWFKLWRII
(VPX\DUULHVJDGRLQYHUWLUDKRUD ,WoVYHU\ULVN\WRLQYHVWQRZ
/RVEDQFRVVHQLHJDQDSUHVWDU %DQNVDUHUHIXVLQJWROHQG
GLQHUR
PRQH\
/DPDQRGHREUDHVFDUD 0DQSRZHULVH[SHQVLYH
1DGLHTXLHUHDKRUUDU 1RERG\ZDQWVWRVDYH
(OSDURHVW»VXELHQGR 8QHPSOR\PHQWLVLQFUHDVLQJ
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
<DHVKRUDGHTXHWRP»VHPRV ,WoVDERXWWLPHZHPDGHD
GHFLVLRQ
XQDGHFLVLÍQ
2MDO»WXYLÃUDPRVP»V ,ZLVKZHKDGPRUH
LQIRUPDWLRQ
LQIRUPDFLÍQ
$OPHQRVQRVVHQWLUÇDPRVP»V $WOHDVWZHoGIHHOPRUH
UHDVVXUHG
WUDQTXLORV
7RGRVDOGU»ELHQ (YHU\WKLQJZLOOWXUQRXWïQH
1RSXHGRHYLWDUSUHRFXSDUPH ,FDQoWKHOSZRUU\LQJ
1DGLHSXHGHVDFDUOHQLSLHVQL 1RERG\FDQPDNHKHDGVRU
WDLOVRILW
FDEH]D
|9D\DFDUDTXHWLHQHVKR\ <RXORRNDZIXOWRGD\
1RKHSHJDGRRMRHQWRGDOD ,GLGQoWVOHHSDZLQNODVWQLJKW
QRFKH
4XÃWHSDVD" :KDWoVXSZLWK\RX"
$QWHVHUDVWDQIXHUWHFRPRXQ <RXXVHGWREHDVVWURQJDV
DQR[
EXH\
&RZER\ 9DTXHUR
3HQ (QFLHUUR
%XOO 7RUR
/DVVR /D]R
:KLS /»WLJR
9RFDEXODULR5RGHR 5RGHR
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpE\q
,NQRZHQRXJK)UHQFKWRJHWE\
6ÃVXîFLHQWHIUDQFÃVSDUDDSDËDUPH
,FDQJHWE\ZLWKP\)UHQFK
6DOJRGHOSDVRFRQPLIUDQFÃV
,oOOKDYHWRJHWE\ZLWKOHVV
7HQGUÃTXHDUUHJO»UPHODVFRQPHQRV
:KDWHOVHf"
,JHWE\RQDPRGHVWLQFRPH
0HODVDUUHJORFRQXQRVLQJUHVRVPR
GHVWRV
,JRE\WKHQDPHRI&ORYHUGDOH
0HLGHQWLîFRSRUHOQRPEUHp&ORYHUGDOHq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
4XÃP»VSLHQVD ÃO FRPSUDU"
$GÍQGHP»VIXLVWH"
4XLÃQP»VHVWXYRHQODîHVWD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
$VWLPHJRHVE\f
&RQIRUPHSDVDHOWLHPSR
7RRVRWRRPXFKWRRPDQ\VKRXOGVKRXOGQoW
3URIHVRU 5RQQ\KDVSUREOHPVEHFDXVHKHVSHQGVWRRPXFK
$OXPQR +HVKRXOGQoWVSHQGVRPXFK
WRRPXFK GHPDVLDGR
VRPXFK WDQWR
3URIHVRU 5RQQ\KDVDFFLGHQWVEHFDXVHKHGULYHVWRRIDVW
$OXPQR +HVKRXOGQoWGULYHVRIDVW
WRRIDVW GHPDVLDGRU»SLGR
VRIDVW WDQU»SLGR
3URIHVRU 5RQQ\LVIDWEHFDXVHKHHDWVWRRPDQ\VZHHWV
$OXPQR +HVKRXOGQoWHDWVRPDQ\VZHHWV
WRRPDQ\ GHPDVLDGRV
VRPDQ\ WDQWRV
'HPDVLDGR VHJXLGRGHXQDGMHWLYRRDGYHUELR
7DQ VHJXLGRGHXQDGMHWLYRRDGYHUELR
'HPDVLDGR VHJXLGRGHXQVXVWDQWLYRLQFRQWDEOH
7DQWR VHJXLGRGHXQVXVWDQWLYRLQFRQWDEOH
'HPLDVLDGRV VHJXLGRGHXQVXVWDQWLYRSOXUDO
7DQWRV VHJXLGRGHXQVXVWDQWLYRSOXUDO
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&UHRTXHPLSDGUHQXQFDWHUPLQÍGHOHHUXQDVRODQRYHOD(QVX
YLGD6HQFLOODPHQWHQRWHQÇDODSDFLHQFLDSDUDOHHUS»JLQDVR
P»V&XDQGR\RHUDQLËRHUDFRPRÃO1XQFDWHQÇDHOWLHPSRQLOD
SDFLHQFLDSDUDVHQWDUPHDOHHUDOJR6LHPSUHKDFÇDEXHQWLHPSR
IXHUD \ DOOÇ HV GRQGH TXHUÇD HVWDU MXJDQGR FRQ PLV DPLJRV SRU
WRGDODFDOOH3HURHQXQPRPHQWRGDGRODVHËRUDPD\RUTXHYLYÇD
DOODGRPHUHJDOÍXQOLEUROODPDGRp/DFDVDHQHODFDQWLODGRqXQD
KLVWRULDGHGHWHFWLYHVFRQGRVDGROHVFHQWHVOODPDGRVORVFKLFRV
+DUG\'HVGHHQWRQFHVPLYLGDQXQFDKDYXHOWRDVHUODPLVPD
+HGULYHVWRRIDVW
+HVKRXOGQoWGULYHVRIDVW
+HGULQNVWRRPXFKZKLVNH\
+HVKRXOGQoWGULQNVRPXFKZKLVNH\
+HHDWVWRRPDQ\VZHHWV
+HVKRXOGQoWHDWVRPDQ\VZHHWV
,WKLQNP\IDWKHUQHYHUîQLVKHGUHDGLQJDVLQJOHQRYHOLQKLVOLIH
+HMXVWGLGQoWKDYHWKHSDWLHQFHWRUHDGSDJHVRUPRUH:KHQ
,ZDVDNLG,ZDVOLNHKLP,QHYHUKDGWKHWLPHRUSDWLHQFHWRVLW
GRZQDQGUHDGVRPHWKLQJ7KHZHDWKHUZDVDOZD\VQLFHRXWVLGH
DQG WKDWoV ZKHUH , ZDQWHG WR EH SOD\LQJ ZLWK IULHQGV XS DQG
GRZQWKHVWUHHW%XWWKHQWKHROGODG\ZKROLYHGQH[WGRRUJDYH
PHDERRNFDOOHGp7KH+RXVHRQWKH&OLIIqDGHWHFWLYHVWRU\ZLWK
WZRWHHQDJHUVFDOOHGWKH+DUG\%R\V(YHUVLQFHWKHQP\OLIHKDV
QHYHUEHHQWKHVDPH
(VWLPDGRDPLJR\DOXPQR$SDUWLUGHODîFKDYR\DHQWUDUXQSRFRP»VGHORKDELWXDOHQHOWLSRGHLQJOÃVTXHVHXVDDGLDULR
HQI»EULFDVRîFLQDVPLQLVWHULRVGHVSDFKRV\RWURVFHQWURVGHDFWLYLGDGODERUDORSURIHVLRQDO6ÃTXHDOJXQRVGHPLVDOXPQRVVRQ
DPDVGHFDVDRSHUVRQDVMXELODGDVTXHQRQHFHVLWDQXVDUHOLQJOÃVHQHVWRVFRQWH[WRV6LQHPEDUJRODLQPHQVDPD\RUÇDGHYRVRWURV
VÇQHFHVLW»LVPHMRUDUHOXVRGHOLGLRPDSDUDODDFWLYLGDGODERUDO&RPR\DWHKHFRQWDGRHQQXPHURVDVRFDVLRQHVHOpLQJOÃVGHORVQH
JRFLRVqHVHQUHDOLGDGHOLQJOÃVQRUPDOGHFDGDGÇDSXHVWRTXHODWHUPLQRORJÇDSURSLDGHFDGDDFWLYLGDGGHFDGDJUHPLRRGHFDGD
GLVFLSOLQDQROOHJDDFRQVWLWXLUQLHOGHORTXHVHGLFH'RQGHIDOODODJHQWHHVVLHPSUHVLQH[FHSFLÍQHQORVYHUERVQRUPDOHVODV
FRQMXJDFLRQHVQRUPDOHV\ODVLQWD[LVQRUPDOGHPLLGLRPD9DPRVDFRPHQ]DUGHQWURGHGRVîFKDV\HQHOGRUVRGHODVPLVPDVFRQ
XQDKLVWRULDWLWXODGD´3HWHU·V3URPRWLRQµ6HWUDWDGHXQDKLVWRULDUHDOTXHREVHUYÃGHFHUFDKDFHXQRVDËRVHQODîOLDOHVSDËROD
GHXQDPXOWLQDFLRQDODOHPDQD3RQGUÃQRPEUHVDQJORVDMRQHV\FDPELDUÃDOJÔQTXHRWURDFRQWHFLPLHQWRSDUDQRGDUSLVWDVVREUH
ODHPSUHVD\ODVSHUVRQDVHQFXHVWLÍQSHURVHJXLUHPRVORVGL»ORJRV\FRQYHUVDFLRQHVGHYDULDVSHUVRQDVGHODRUJDQL]DFLÍQDOR
ODUJRGHXQRVPHVHVPHVHVUHSOHWRVGHUHXQLRQHVDVFHQVRVULYDOLGDGHV\OHFFLRQHVDDSUHQGHUWRGRHQLQJOÃV,UÃGHVSDFLRFRQ
HOîQGHSRGHUH[SOLFDUDOODGRHQRWUDFROXPQDHOSRUTXÃGHFDGDSDODEUDRH[SUHVLÍQGHLQWHUÃV(VWR\VHJXURGHTXHXQHVWXGLR
FRQFLHQ]XGRGHODKLVWRULDTXHWHYR\DSUHVHQWDUODFXDORFXSDU»I»FLOPHQWHÍîFKDVWHD\XGDU»PXFKRSDUDHVWDUPHMRUHQ
IXWXURVHVFHQDULRVSURIHVLRQDOHVHQLQJOÃV
&RQ UHVSHFWR D ORV '9'oV GH YÇGHR \D HVWR\ JUDEDQGR SHUVRQDOPHQWH KRUDV GH LQJOÃV KDEODGR VREUH PÔOWLSOHV DVSHFWRV GHO
PXQGRSURIHVLRQDO\FUHRTXHLQFOXVRODVSHUVRQDVDMHQDVDHVWHPXQGRHQFRQWUDU»QODVJUDEDFLRQHVLQWHUHVDQWHV\SURGXFWLYDV
$VLPLVPR5LFKDUG%URZQHQODJUDEDFLÍQGHORV&'oVGHDXGLRDËDGLU»FLHUWDVWRQDOLGDGHVGHLQJOÃVSURIHVLRQDOHQORVPLQXWRV
GHGLQ»PLFDOLQJÖÇVWLFDTXHWHRIUHFHFDGDVHPDQD7HLQYLWR\DQLPRDVHJXLUDGHODQWHFRQQRVRWURVHQODVVHPDQDVDGLFLRQDOHV
TXHWHQHPRVSRUGHODQWH$OîQDOVHU»VSRVHHGRUGHXQDFROHFFLÍQLQYDOLRVÇVLPDHLQLJXDODEOHSDUDKDFHUWHGHîQLWLYDPHQWHFRQHO
LQJOÃVRSDUDOHJDUDWXVKLMRVRQLHWRV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU
+LJK%HJLQQHU
4XÃHVORTXHKD\HQWXEROVR" :KDWoVLQ\RXUEDJ"
4XÃHVORTXHHVW»HQODSDUHG" :KDWoVRQWKHZDOO"
(VW»QGHODQWHGHQRVRWURV 7KH\oUHLQIURQWRIXV
(VWDPRVGHWU»VGHHOODV" $UHZHEHKLQGWKHP"
(VW»DOODGRGHODYHQWDQD" ,VLWQH[WWRWKHZLQGRZ"
$TXÃOHVHOPÇR 7KDWRQHoVPLQH
£VWHHVHOWX\R 7KLVRQHoV\RXUV
(VÃVDODWX\DWDPELÃQ" ,VWKDWRQH\RXUVWRR"
'ÍQGHHVW»QORVQXHVWURV" :KHUHDUHRXUVRXURQHV"
&X»OHVVRQORVYXHVWURV" :KLFKRQHVDUH\RXUV"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
3RUTXÃHVW»VHVFXFK»QGROHV" :K\DUH\RXOLVWHQLQJWRWKHP"
&RQTXLÃQHVW»QMXJDQGR" :KRDUHWKH\SOD\LQJZLWK"
(OODOHVHVW»GHVSHUWDQGRDKRUD 6KHoVZDNLQJWKHPXSQRZ
1RTXLHURFRPSUDUQDGD ,GRQoWZDQWWREX\DQ\WKLQJ
(VWDPRVHPSH]DQGRD :HoUHEHJLQQLQJWRXQGHUVWDQG
KLP
FRPSUHQGHUOH DÃO
/RKDUÃHQFXDQWRSXHGD ,oOOGRLWDVVRRQDV,FDQ
6HORH[SOLFDUHPRV DHOOD :HoOOH[SODLQLWWRKHUZKHQ
VKHoVUHDG\
FXDQGRHVWÃOLVWD
'ROÇDPXFKRP»VGHORTXH ,WKXUWPXFKPRUHWKDQ,
H[SHFWHG
HVSHUDED
'ÍQGHWHGXHOH" :KHUHGRHVLWKXUW"
0HGXHOHHOKRPEUR ,WKXUWVP\VKRXOGHU
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
(OHVSHFW»FXORIXHXQIUDFDVR 7KHVKRZZDVDFRPSOHWH
WRWDO
IDLOXUH
3RUTXÃQRWXYRÃ[LWR" :K\GLGQoWLWVXFFHHG":K\
ZDVQoWLWVXFFHVVIXO"
'HTXLÃQIXHODLGHD" :KRVHLGHDZDVLW"
)XHLGHDGH-XDQDVÇTXHIXH ,WZDV-XDQoVLGHDVRLWZDVKLV
IDXOW
VXFXOSD
1RFUHRTXHIXHUDFXOSDGH ,GRQoWWKLQNLWZDVDQ\ERG\oV
IDXOW
QDGLH
6HKDSXHVWR\DHOVRO" +DVWKHVXQVHW\HW"
<DVHKDSXHVWRDXQTXHQR ,WoVDOUHDG\VHWDOWKRXJK,
FDQoWVHHWKHPRRQ\HW
YHRODOXQDWRGDYÇD
(OVROQRVDOLÍD\HU 7KHVXQGLGQoWULVH\HVWHUGD\
'HMDGHGHFLUWRQWHUÇDVHOVRO 6WRSWDONLQJQRQVHQVHWKHVXQ
DOZD\VULVHV
VLHPSUHVDOH
7HYDVDTXHGDUFLHJRVLQRWH <RXoUHJRLQJWRJREOLQGLI\RX
GRQoWSXW\RXUVXQJODVVHVRQ
SRQHVODVJDIDVGHVRO
+D]HOQXW $YHOODQD
&DVKHZ $QDFDUGR
$OPRQG $OPHQGUD
3HDQXW &DFDKXHWH
:DOQXW 1XH]
9RFDEXODULR1XWV )UXWRV6HFRV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
1RWHQÇDQLLGHDGHTXH\DWH ,KDGQRLGHDWKDW\RXKDG
DOUHDG\UHWLUHG
KDEÇDVMXELODGR
0HHQWHUÃGHHOORDWUDYÃVGHOD ,IRXQGRXWDERXWLWIURPWKH
KHDGRIKXPDQUHVRXUFHV
MHIDGH5HFXUVRV+XPDQRV
0HQRVPDOTXHPHWURSHFÃ -XVWDVZHOO,UDQLQWRKHUWKH
RWKHUGD\
FRQHOODHORWURGÇD
7HKDVUHFXSHUDGR\DGHODJULSH"+DYH\RXJRWRYHUWKHðX\HW"
0DQWHQPHDOGÇDGHFÍPRYDV .HHSPHXSWRGDWHRQKRZ
\RXoUHGRLQJ
6DOGU»ELHQDODODUJD ,WoOOZRUNRXWLQWKHORQJUXQ
9DPRVDWHQHUTXHHPSH]DU :HoUHJRLQJWRKDYHWRVWDUW
GHFHUR
IURPVFUDWFK
3HQV»QGRORELHQFUHRTXHPH 2QVHFRQGWKRXJKWV,WKLQN,oOO
TXHGDUÃHQFDVDHVWDQRFKH
VWD\LQWRQLJKW
0HDVHJXUDUÃGHTXHVHKDJD ,oOOVHHWRLWWKDWLWJHWVGRQH
/RWLHQHVELHQPHUHFLGR ,WVHUYHV\RXULJKW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpE\q
:LWKRXWYHUER
,NQRZHQRXJK)UHQFKWRJHWE\
6ÃVXîFLHQWHIUDQFÃVSDUDDSDËDUPH
&DQ\RXUXQWKDWE\PHRQHPRUHWLPH"
0HSXHGHVH[SOLFDUHVRXQDYH]P»V"
(QLQJOÃVFXDQGRXQYHUERVLJXHDODSDODEUD
pZLWKRXWqVHSRQHHQJHUXQGLR
+HMXVWVDWE\DQGGLGQRWKLQJ
9LRWRGR\QRKL]RQDGDSRUHYLWDUOR
6WDQGE\PH
(VWDWHFRQPLJRHQODVGXUDV\HQODV
PDGXUDV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
£OVDOLÍGHOUHVWDXUDQWHVLQSDJDU
(OODYHQGLÍHOFRFKHVLQGHFÇUPHOR
0DUNVHIXHVLQGHFLUQLXQDSDODEUD
+HMXVWVWRRGE\DQGGLGQRWKLQJ
9LRWRGR\QRKL]RQDGDSRUHYLWDUOR
,VWDQGE\P\SULQFLSOHV
0HDWHQJRDPLVSULQFLSLRV
6WLOO<HW$OUHDG\$Q\PRUH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92GH9DXJKDQ1RVÍORVDEU»VVLKDVDFHUWDGRVLQR
TXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
2VFXHVWDPXFKRWUDEDMRDORVHVSDËROHVLQFRUSRUDUHVWDVFXDWURSDODEUDVDYXHVWUROÃ[LFR\VREUHWRGRXVDUODVFRUUHF
WDPHQWH+HHQFRQWUDGRTXHPHGLDQWHH[SOLFDFLRQHVWHÍULFDVQROOHJRDQLQJXQDSDUWH6ÍORORJURFRQIXQGLUP»V3RU
WDQWRYR\DSRQHUWHDFRQWLQXDFLÍQXQRVHMHPSORVVREUHVXXVR\HVSHURTXHOH\ÃQGRORV\SUDFWLF»QGRORVFRQVLJDVDOJR
GH´IHHOLQJµKDFLDVXXVR
+DHPSH]DGR\DODFODVH"
1RODFODVHQRKDHPSH]DGRWRGDYÇD
6ÇODFODVH\DKDHPSH]DGR
<DQRHVWDPRVHVSHUDQGRTXHHPSLHFH
+DVWKHFODVVVWDUWHG\HW"
1RWKHFODVVKDVQoWVWDUWHG\HW
<HVWKHFODVVKDVDOUHDG\VWDUWHG
:HDUHQoWZDLWLQJIRULWWRVWDUWDQ\PRUH
6LJXHQMXJDQGRDODMHGUH]
<DQRHVW»QMXJDQGRDODMHGUH]
<DKDQWHUPLQDGRGHMXJDU
1RKDQHPSH]DGROD SDUWLGDWRGDYÇD
7KH\oUHVWLOOSOD\LQJFKHVV
7KH\DUHQoWSOD\LQJFKHVVDQ\PRUH
7KH\oYHDOUHDG\îQLVKHGSOD\LQJ
7KH\KDYHQoWVWDUWHGWKHVHFRQGPDWFK\HW
7RGDYÇDHUHVDPLJRPÇR"
6LJXHVVLHQGRPLDPLJR"
6ÇWRGDYÇDVR\WXDPLJR
1R\DQRVRPRVDPLJRV
<DKHHQFRQWUDGRRWURDPLJR
1RKHHQFRQWUDGRRWURDPLJRWRGDYÇD
7RGDYÇDPHTXLHUHV"
6ÇWRGDYÇDWHTXLHUR
1R\DQRWHTXLHUR
<DKHHQFRQWUDGRDRWUDSHUVRQD
$UH\RXVWLOODIULHQGRIPLQH"
$UH\RXVWLOOP\IULHQG"
<HV,oPVWLOO\RXUIULHQG
1RZHoUHQRWIULHQGVDQ\PRUH
,oYHDOUHDG\IRXQGDQRWKHUIULHQG
,KDYHQoWIRXQGDQRWKHUIULHQG\HW
'R\RXVWLOOORYHPH"
<HV,VWLOOORYH\RX
1R,GRQoWORYH\RXDQ\PRUH
,oYHDOUHDG\IRXQGVRPHRQHHOVH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
)HOLSHQRKDEODEDPX\ELHQHOLQJOÃV\HOSREUHKRPEUHWHQÇDTXH
LUDXQDîHVWDSDUDHOSHUVRQDOGHODHPSUHVD/HSUHVHQWDURQD
GRFHQDV GH DPHULFDQRV \ WRGRV GHFÇDQ ´SOHDVHG WR PHHW \RXµ R
´JRRGWRPHHW\RXµR´QLFHWRPHHW\RXµ)HOLSHQRFRQVHJXÇDHQ
WHQGHUH[DFWDPHQWHTXÃHUDORTXHOHGHFÇDQSHURVLHPSUHFRQ
WHVWDED p5REHUW 0LWFKXPq \ WRGRV ORV DPHULFDQRV SDUHFÇDQ HQ
FDQWDGRVFRQVXLQJOÃV\OHHQWHQGÇDQSHUIHFWDPHQWH
)HOLSH GLGQoW VSHDN (QJOLVK YHU\ ZHOO DQG WKH SRRU JX\ KDG WR
DWWHQGDFRFNWDLOSDUW\IRUFRPSDQ\SHUVRQQHO+HZDVLQWURGXFHG
WRGR]HQVRI$PHULFDQVDQGWKH\DOOVDLGpSOHDVHGWRPHHW\RXqRU
pJRRGWRPHHW\RXqRUpQLFHWRPHHW\RXq)HOLSHFRXOGQoWîJXUH
RXWZKDWLWZDVH[DFWO\WKDWWKH\ZHUHVD\LQJEXWKHDOZD\VVDLG
EDFN p5REHUW 0LWFKXPq DQG DOO WKH $PHULFDQV VHHPHG SOHDVHG
ZLWKKLV(QJOLVKDQGDSSHDUHGWRXQGHUVWDQGKLPSHUIHFWO\
(VWLPDGRDPLJR\DOXPQR(QODSUÍ[LPDîFKDFRPHQ]DUHPRVDWUDYÃVGH´3HWHU·V3URPRWLRQµDFRQRFHUODYLGD\PLODJURVGHYDULRV
SHUVRQDMHVHQHO»PELWRGHVXYLGDODERUDO&RQRFHUHPRVHQWURVRWURVD3HWHU)LHOGVHOMÍYHQ\SURPHWLGRUMHIHGHIRUPDFLÍQGHYHQ
GHGRUHVD&KDUOHV+HQGHUVRQHOVDJD]GLUHFWRUGHGHVDUUROORFRUSRUDWLYRD*HRUJH5RELQVRQHOGLVWUDÇGRGLUHFWRUJHQHUDOSUÍ[LPR
DVXMXELODFLÍQD6DUDK(YDQVODVHULDGLUHFWRUDGHUHFXUVRVKXPDQR\D-RKQ2OVRQHOH[GLUHFWRUFRPHUFLDOTXHTXLHUHDWUDHUDVX
QXHYDHPSUHVDDDOJXQRGHORVFLWDGRV/RVGL»ORJRV\FRQYHUVDFLRQHVHQWUHORVSHUVRQDMHVVXPDQHQWRWDOXQDVSDODEUDV\OD
IRUPDHQTXHVHH[SUHVDQUHïHMDFRQîGHOLGDGHOOHQJXDMHVHR\HWRGRVORVGÇDVHQWRGDVODVHPSUHVDVSÔEOLFDV\SULYDGDVGHOPXQGR
GHKDEODLQJOHVD1RWDU»VXQDIRUPDGHH[SUHVLÍQDOJRP»VGLVWHQGLGD\ïHP»WLFDGHORTXHKDELWXDOPHQWHVHSDOSDHQORVGHVSDFKRV
\SDVLOORVGHOPXQGRSURIHVLRQDOHVSDËROGRQGHODJHQWHLQ\HFWDDOJRP»VGHJHQLR\VHQWLPLHQWRODWLQRVHQORVLQWHUFDPELRVYHU
EDOHV&RQIRUPHYD\DVFROHFFLRQDQGRODVIXWXUDVîFKDVSRGU»VKDVWDPHPRUL]DUODVIUDVHVDVÇFRPRVXHQWRQDFLÍQ\FDGHQFLDSDUD
îQDOPHQWHDGTXLULUXQDDJLOLGDGQXHYDHLPSRUWDQWHHQWXGRPLQLRGHOLQJOÃV&XDQGR\RDSUHQGÇDHVSDËROUHFXHUGRTXHXQDSDUWH
LPSRUWDQWHGHPLSURJUHVRVHGHELÍDOK»ELWRGHPHPRUL]DU\UHFLWDUDYHFHVHQFODVHHQODXQLYHUVLGDGSRHPDVHQWHURVRSDVDMHV
ODUJRVGHQRYHODVIDPRVDV+XERXQPRPHQWRHQTXHSRGÇDUHFLWDUFLQFRSRHPDVGHO5RPDQFHUR*LWDQRGH/RUFD\WUHVGHORVP»V
HPSDODJRVRVGH5XEÃQ'DUÇR6LHPSUHIXHXQHMHUFLFLRPX\SURGXFWLYRHQPLLPSODFDEOHHVIXHU]RSRUKDFHUPHFRQXQQLYHOïXLGR\
FRQVROLGDGRGHOHVSDËRO$KRUDWHLQVWRDKDFHUORPLVPRHQLQJOÃVSHURQRFRQSRHVÇDVVLQRFRQXQRVGL»ORJRV\XQDVFRQYHUVDFLRQHV
WUHPHQGDPHQWHÔWLOHV\UHOHYDQWHVSDUDHOGÇDDGÇDGHODYLGDODERUDO\SURIHVLRQDO
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
£OHVGHXQSXHEORSHTXHËR +HoVIURPDVPDOOWRZQ
1RHVGHXQDFLXGDGJUDQGH +HoVQRWIURPDELJFLW\
(OODHVW»HQHVDKDELWDFLÍQRVFXUD6KHoVLQWKDWGDUNURRP
0DËDQDWHQJRXQDHQWUHYLVWD ,KDYHDQLPSRUWDQWLQWHUYLHZ
LPSRUWDQWH
WRPRUURZ
&X»OHVVRQODVWÇSLFDV :KDWDUHWKHW\SLFDOTXHVWLRQV"
SUHJXQWDV"
7HGDUÃXQDOLVWDODUJDGHODV ,oOOJLYH\RXDORQJOLVWRIWKH
TXHVWLRQV
SUHJXQWDV
7DOYH]ODSULPHUDYDDVHU 0D\EHWKHïUVWRQHZLOOEHp7HOO
PHDOLWWOHDERXW\RXUVHOIq
p&XÃQWDPHXQSRFRVREUHWLq
3RUTXÃTXLHUHWUDEDMDUXVWHG :K\GR\RXZDQWWRZRUNZLWK
XV"
FRQQRVRWURV"
4XÃVDEHGHQXHVWUDHPSUHVD" :KDWGR\RXNQRZDERXWRXU
FRPSDQ\"
(VXQEXHQJHUHQWH" $UH\RXDJRRGPDQDJHU"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XÃEXVFDHQXQWUDEDMR" :KDWGR\RXORRNIRULQDMRE"
(VW»WUDEDMDQGRDKRUDPLVPR" $UH\RXZRUNLQJDWWKH
PRPHQW"
3RUTXÃVHPDUFKÍGHVX :K\GLG\RXOHDYH\RXUODVW
MRE"
ÔOWLPRWUDEDMR"
4XÃPHSXHGHVFRQWDUGH :KDWFDQ\RXWHOOPHDERXW
RXULQGXVWU\"
QXHVWURVHFWRU"
&X»OIXHHOÔOWLPROLEURTXH :KDWZDVWKHODVWERRN\RX
UHDG"
OH\Í"
&ÍPRVHGHVFULELUÇD" +RZZRXOG\RXGHVFULEH
\RXUVHOI"
4XÃOHDWUDHP»VGHOSXHVWR" :KDWGR\RXïQGPRVW
DWWUDFWLYHDERXWWKLVSRVLWLRQ"
6HFRQVLGHUDDVLPLVPRXQ 'R\RXFRQVLGHU\RXUVHOID
OHDGHU"
OÇGHU"
6LSXGLHUDKDFHUFXDOTXLHU ,I\RXFRXOGGRDQ\MREZKDW
ZRXOGLWEH"
WUDEDMRFX»OVHUÇD"
4XÃKDFHXQEXHQJHUHQWH" :KDWPDNHVDJRRGPDQDJHU"
6XQGDH +HODGRHODERUDGR
)UHQFK)ULHV 3DWDWDVIULWDV
+DPEXUJHU +DPEXUJXHVD
3L]]D 3L]]D
+RW'RJ 3HUULWRFDOLHQWH
9RFDEXODULR)DVW)RRG &RPLGDU»SLGD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
3RUTXÃGHEHUÇDPRVGDUOHHO :K\VKRXOGZHJLYH\RXWKH
MRE"
WUDEDMR"
4XÃWHQGHQFLDVLPSRUWDQWHV :KDWLPSRUWDQWWUHQGVGR\RX
IRUHVHHLQWKHLQGXVWU\"
SUHYÃHQHOVHFWRU"
6LKDEODUDFRQVXH[MHIHFX»OHV ,I,VSRNHWR\RXUERVVZKDW
GLUÇDTXHVRQWXVSXQWRVIXHUWHV" ZRXOGKHVD\\RXUVWUHQJWKVDUH"
6LSUHJXQWDUDDVXVDPLJRVSRU ,I,DVNHG\RXUIULHQGVDERXW
\RXUZHDNQHVVHVZKDWZRXOG
VXVSXQWRVGÃELOHVTXÃPH
WKH\WHOOPH"
GLUÇDQ"
&ÍPRGHFUHDWLYRHVXVWHG" +RZFUHDWLYHDUH\RX"
4XÃEXVFDFXDQGRFRQWUDWDD :KDWGR\RXORRNIRUZKHQ
\RXKLUHSHRSOH"
JHQWH"
$OJXQDYH]KDWHQLGRTXH +DYH\RXHYHUKDGWRïUH
VRPHRQH"
GHVSHGLUDDOJXLHQ"
&ÍPRUHDFFLRQDDQWHOD +RZGR\RXUHDFWWRSUHVVXUH"
SUHVLÍQ"
/HFXHVWDFXPSOLUORVSOD]RV" 'R\RXKDYHWURXEOHPHHWLQJ
GHDGOLQHV"
6LSXGLHUDYROYHUDHPSH]DU ,I\RXFRXOGVWDUWDJDLQZKDW
TXÃKDUÇDGHPDQHUDGLIHUHQWH" ZRXOG\RXGRGLIIHUHQWO\"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
&X»OHVVRQVXVREMHWLYRVD :KDWDUH\RXUORQJWHUP
JRDOV"
ODUJRSOD]R"
&ÍPRGHH[LWRVRFUHHTXHKD +RZVXFFHVVIXOGR\RXWKLQN
\RXoYHEHHQVRIDU"
VLGRKDVWDHOPRPHQWR"
&X»QWRWDUGDUÇDHQKDFHUXQD +RZORQJZRXOGLWWDNH\RXWR
PDNHDPHDQLQJIXOFRQWULEXWLRQ"
FRQWULEXFLÍQVLJQLîFDWLYD"
&X»OHVKDQVLGRVXVPD\RUHV :KDWKDYHEHHQ\RXUJUHDWHVW
SURIHVVLRQDODFKLHYHPHQWV"
ORJURVSURIHVLRQDOHV"
|%DVWD\D 7KDWoOOGR7KDWoVHQRXJK
0HSXHGHVGDUDOJXQFRQVHMR&DQ\RXJLYHPHVRPHWLSVIRU
SDUDODHQWUHYLVWD"
WKHLQWHUYLHZ"
1RPHGLJDVTXHVHD\RPLVPR 'RQoWWHOOPHWREHP\VHOI
/OHYDXQDXULFXODU\XQ 7DNHDQHDUSLHFHDQGDZLUH
PLFUÍIRQRRFXOWR
<\RWHVRSODUÃODVUHVSXHVWDV $QG,oOOZKLVSHUWKHDQVZHUV
WR\RX
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpE\q
7REHH[FLWHGDERXWVRPHWKLQJ
3OD\E\WKHUXOHV
-XJDGVHJÔQODVUHJODV
,oOOWDNHLWE\KLVKRXVHRQP\ZD\KRPH
/ROOHYDUÃDVXFDVDFDPLQRGHODPÇD
+HSDVVHGE\ZLWKRXWVD\LQJDZRUG
3DVÍGHODUJRVLQPHGLDUSDODEUD
,ZDVSDVVLQJE\DQGGHFLGHGWRGURSLQ
3DVDEDSRUOD]RQD\GHFLGÇYHUVL
HVWDEDV
'RQoWOHWWKLVRSSRUWXQLW\SDVV\RXE\
1RGHVDSURYHFKHVHVWDRSRUWXQLGDG
7KHVH\HDUVKDYHSDVVHGE\VRTXLFNO\
|(VWRVDËRVKDQSDVDGRWDQU»SLGR
(VHOHTXLYDOHQWHGHLOXVLRQDUVHRHVWDU
HQWXVLDVPDGRFRQDOJR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(VWDPRVLOXVLRQDGRVFRQHOSODQ
3RUTXÃHVW»QLOXVLRQDGRVFRQHOOR"
(VWR\PX\LOXVLRQDGRGHOYLDMH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
&KDUOHV+HQGHUVRQDJHKDVMXVWUHWXUQHGIURPDQHLJKWPRQWKDVVLJQPHQWWRWKH)UHQFKVXEVLGLDU\RIWKHPXOWLQDWLRQDOFRPSDQ\ZKHUH
KHZRUNV)RUWKHPRPHQW*HRUJH5RELQVRQWKHJHQHUDOPDQDJHUKDVJLYHQ&KDUOHVDQHZO\FUHDWHGSRVLWLRQZLWKWKHWLWOHRIFRUSRUDWH
GHYHORSPHQWPDQDJHU&KDUOHVLVIDPLOLDUL]LQJKLPVHOIZLWKDOOWKHFKDQJHVWKDWKDYHWDNHQSODFHGXULQJWKHHLJKWPRQWKVKHZDVDEVHQW
+HLVHVSHFLDOO\LQWHUHVWHGLQWKHVDOHVDUHD7KLVîUVWFRQYHUVDWLRQLVEHWZHHQ&KDUOHVDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHU
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
:HOO6DUDK,VHHWKDW\RXKDYHQoWLQFOXGHGDQ\WKLQJLQ
\RXUUHSRUWDERXWWKHWKHVDOHVIRUHFDVW"
'RQoWZRUU\LWZLOOEHLQFOXGHGLQWKHïQDOGUDIW
+RZPDQ\SHRSOHZHUHLQYROYHGLQWKHSODQ"
,SUHSDUHGLWP\VHOI
'RQoW\RXWKLQN-RKQVKRXOGoYHEHHQLQFOXGHG"
+HGRHVQoWZRUNKHUHDQ\PRUH
'R\RXPHDQKHOHIWWKHFRPSDQ\"
'LGQoW\RXNQRZ"
'RQoWIRUJHWWKDW,oYHEHHQRXWRIWKHFRXQWU\IRUHLJKW
PRQWKV
:HOOKHOHIWDERXWWKUHHPRQWKVDJR
:KHUHGLGKHJR"
+HVWDUWHGKLVRZQEXVLQHVV
:KDWNLQGRIEXVLQHVVGLGKHVWDUW"
+HKDVKLVRZQFRQVXOWLQJïUP
+RZoVKHGRLQJ"
,KDYHQRLGHD
:KRUHSODFHGKLP"
:HKDYHQoWIRXQGDUHSODFHPHQW\HW
'R\RXPHDQ\RXKDYHQoWKDGDVDOHVPDQDJHUIRU
WKUHHPRQWKV"
3HWHUoVEHHQKDQGOLQJPRVWRI-RKQoVZRUNVLQFHKHOHIW
VDOHVIRUHFDVW SUHYLVLÍQGHYHQWDV
ïQDOGUDIW ERUUDGRUîQDO
LQYROYHG LQYROXFUDGR
VKRXOGoYH VKRXOGKDYH
HLJKWPRQWKV FXDQGRXQQÔPHURHVGHXQVRORGÇJLWROR
FRUUHFWRHVHVFULELUORHQOHWUD6LHVGHGRVGÇJLWRVRP»VVHVXHOH
HVFULELUHQIRUPDQXPÃULFD
WRVWDUWDEXVLQHVV ÃVWDHVODIRUPDP»VFRUULHQWHHQLQJOÃVGH
GHFLUpPRQWDUXQQHJRFLRq
FRQVXOWLQJïUP HQHOLQJOÃVEULW»QLFRVHVXHOHGHFLUpFRQVXOWDQF\q
KRZoVKHGRLQJ" &ÍPROHYD"
5LFKDUG9DXJKDQ
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
(PEDUJR
(PLUDWH
(PEDUN
(PLU
(PEDVV\
(PLVVDU\
(PEHOOLVK
(PLVVLRQ
(PEOHP
(PLW
(PEU\R
(PRWLRQ
(PEU\RQLF (PRWLRQDO
(PHUDOG
(PRWLYH
(PHUJH
(PSDWKHWLF
(PHUJHQFH (PSDWKL]H
(PHUJHQF\ (PSDWK\
(PLJUDQW
(PSHURU
(PLJUDWH
(PSKDVLV
(PLJUDWLRQ (PSKDVL]H
(PLQHQFH
(PSKDWLF
(PLQHQW
(PSLUH
(VWLPDGRDPLJR\DOXPQR3DUDGDUP»VHVSDFLRDOLQLFLRGH´3HWHU·V3URPRWLRQµKHTXHULGRVXSULPLUHO
S»UUDIRTXHFDGDGÇDRIUHFHPRVHQHVSDËRO\HQLQJOÃV(QIXWXUDVîFKDVYROYHUHPRVDRIUHFHUORVHJÔQHO
GÇD\ODVH[LJHQFLDVGHOJXLÍQ(QODFROXPQDGHUHFKDGHODKLVWRULDYR\DH[WHQGHUPHEDVWDQWHHQPX
FKRVPRPHQWRVSDUDH[SOLFDUHOSRUTXÃ\HOFÍPRGHPXFKDVSDODEUDV\H[SUHVLRQHVTXHVHR\HQDGLDULR
HQHOPXQGRODERUDO1RYR\DVLPSOLîFDUQDGDVLQRDSUHVHQWDUHOLQJOÃVWDOFXDOVHGLFH\VHR\H$SHVDU
GHHVWRQRWDU»VDPHGLGDTXHQRVDGHQWUHPRVHQODKLVWRULDTXHHQWHQGHU»VWRGRFDVLDODSHUIHFFLÍQ
ORFXDOYLHQHDFRQîUPDUORTXH\DWHGLFKRUHSHWLGDVYHFHVHVPX\SRVLEOHTXHWXVFRQRFLPLHQWRVGHO
LQJOÃV\DVXSHUHQHOQLYHOQHFHVDULRSDUDTXHWHGHVHQYXHOYDVFRQHîFDFLDHQFXDOTXLHUIRURRVLWXDFLÍQ
SURIHVLRQDO(OTXHQRVHDVFDSD]GHKDFHUORWRGDYÇDVHGHEHVHJXUDPHQWHDTXHWXRÇGRQRHVW»ELHQ
IRUPDGRSDUDORVVRQLGRVGHOLQJOÃVRTXHKDVWDDKRUDWHKDVFHQWUDGRGHPDVLDGRHQODWHRUÇDJUDPDWLFDO
\PX\SRFRHQODSU»FWLFDRUDO\»JLOGHGLFKDJUDP»WLFD$HVWHîQYXHOYRDSRQHUOD
LPDJHQGHODH[SHUWDPDODEDULVWDTXHORJUDFRQYHQFHUQRVPHGLDQWHVXGRPLQLRWRWDO
FRQVÍORWUHVSHORWDVHQHODLUH'LHQYR]DOWDWRGDVODVIUDVHVGH´3HWHU·V3URPRWLRQµ
'HKHFKRVLIXHUDVXQDSHUVRQDWDQUDUDFRPR\RWHSURSRQGUÇDVDPHPRUL]DUSRU
FRPSOHWRODREUDHQWHUDFRQHOîQGHUHFLWDUODFLHQYHFHVHQORVSUÍ[LPRVPHVHV<R
HQOHÇFXDWURQRYHODVGH3ÇR%DURMDHQYR]DOWD/DVJUDQGHVDVSLUDFLRQHVH[LJHQ
JUDQGHVHVIXHU]RV
/RZ%HJLQQHU
+LJK%HJLQQHU
6XFDVD GHHOORV HVPX\JUDQGH7KHLUKRXVHLVYHU\ELJ
(VXQDFDVDPX\JUDQGH ,WoVDYHU\ELJKRXVH
7XSDGUHHVPX\MRYHQ <RXUIDWKHULVYHU\\RXQJ
(VXQSDGUHPX\MRYHQ +HoVDYHU\\RXQJIDWKHU
6RQSUHJXQWDVPX\GLIÇFLOHV 7KH\oUHYHU\GLIïFXOWTXHVWLRQV
'ÍQGHHVW»HOGLQHURGHO :KHUHoVWKHODZ\HUoVPRQH\"
DERJDGR"
3RUTXÃOOHYDVSXHVWDODURSD :K\DUH\RXZHDULQJ\RXU
VLVWHUoVFORWKHV"
GHWXKHUPDQD"
1RHQFXHQWURODFDVDGHWX ,FDQoWïQG\RXUIULHQGoVKRXVH
DPLJR
3RUTXÃHVWDPRVKDEODQGR :K\DUHZHWDONLQJDERXWRXU
GHORVSUREOHPDVGHQXHVWURV QHLJKERXUoVSUREOHPV"
YHFLQRV"
/RVUHVXOWDGRVGHORVHVWXGLDQWHV 7KHVWXGHQWoVUHVXOWVDUHYHU\
VRQPX\PDORV
EDG
+HDGOLQH 7LWXODU
$UWLFOH $UWÇFXOR
7LWOH 7ÇWXOR
&ROXPQ &ROXPQD
$GYHUWLVHPHQW $QXQFLR
9RFDEXODULR1HZVSDSHU 3HULÍGLFR
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
/RPDQGR\RVLTXLHUHV ,oOOVHQGLWLI\RXZDQW
/RPDQGDU»VVLWHGR\HO :LOO\RXVHQGLWLI,JLYH\RXWKH
GLQHUR"
PRQH\"
/RPDQGDUÃFXDQGRWÔPHGLJDV ,oOOVHQGLWZKHQ\RXWHOOPH
1RORPDQGDUÃDPHQRVTXH ,ZRQoWVHQGLWXQOHVV\RXDVN
PHORSLGDV
PHWR
3RUTXÃQRORPDQGDVWH" :K\GLGQoW\RXVHQGLW"
3XHGHVLUDGRQGHTXLHUDV <RXFDQJRZKHUHYHU\RXZDQW
+D]ORTXHTXLHUDV 'RZKDWHYHU\RXZDQW
3XHGHVKDEODUFRQTXLHQTXLHUDV <RXFDQWDONWRZKRHYHU\RX
ZDQW
3RGHPRVPDUFKDUQRVFXDQGR :HFDQOHDYHZKHQHYHU\RX
ZDQW
TXLHUDV
&RMHHOTXHTXLHUDV 7DNHZKLFKHYHURQH\RXZDQW
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
(OSODQQRKDVLGRDSUREDGR 7KHSODQKDVQoWEHHQDSSURYHG
(VHSUREOHPDQXQFDKDVLGR 7KDWSUREOHPKDVQHYHUEHHQ
UHVROYHG
UHVXHOWR
+DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW
WKDWSRVVLELOLW\"
HVDSRVLELOLGDG"
1RKDQYLVWRQDGDDÔQ 7KH\KDYHQoWVHHQDQ\WKLQJ
\HW
3RUTXÃQRVHKDKHFKRDÔQ" :K\KDVQoWLWEHHQGRQH\HW"
1XQFDKDKDELGRQDGDFRPR 7KHUHoVQHYHUEHHQDQ\WKLQJ
OLNHWKLV
HVWR
6LVLJXHODVGLUHFWULFHVWRGRLU» ,I\RXIROORZWKHJXLGHOLQHV
HYHU\WKLQJZLOOWXUQRXWïQH
ELHQ
2MDODQRPHORKXELHUDVGLFKR ,ZLVK\RXKDGQoWWROGPH
0HFULÃHQORVEDUULRVEDMRV ,JUHZXSLQWKHVOXPV
'HEHUÇDKDEHUDSUHQGLGRXQ ,VKRXOGoYHOHDUQHGDWUDGH
RîFLR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
0HVLHQWRPDUHDGR ,IHHOGL]]\
7HQJRHOHVWÍPDJRUHYXHOWR ,KDYHDQXSVHWVWRPDFK
&UHRTXHYR\DGHYROYHU ,WKLQN,oPJRLQJWRWKURZXS
7RPDXQVRUERGHHVWR +DYHDVLSRIWKLV
1RWHSUHRFXSHVQRLQWHQWR 'RQoWZRUU\,oPQRWWU\LQJWR
SRLVRQ\RX
HQYHQHQDUWH
7HQGU»VTXHGDUPDUFKDDWU»V <RXoOOKDYHWRUHYHUVHWRJHWRXW
SDUDVDOLU
0HWHSULPHUDSDUDDUUDQFDU 3XWLWLQïUVWJHDUWRVWDUW
7LHQHVTXHTXLWDUHOIUHQRGH <RXKDYHWRUHOHDVHWKH
PDQR
KDQGEUDNH
8VDHOHPEUDJXHSDUDFDPELDU 8VHWKHFOXWFKWRFKDQJHJHDU
GHPDUFKD
0DQWÃQODVGRVPDQRVHQHO .HHSERWKKDQGVRQWKH
YRODQWH
VWHHULQJZKHHO
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpE\q
:DV :HUHHQLQWHUURJDWLYR
1RRQHHYHUGURSVE\DQ\PRUH
1DGLHYLHQH\DDKDFHUQRVYLVLWDV
,oOOVWRSE\\RXUSODFHRQP\ZD\KRPH
3DVDUÃSRUWXFDVDFDPLQRGHODPÇD
)RUPDPRVHOLQWHUURJDWLYRLJXDOTXHHQHO
SUHVHQWHVLPSOHLQYLUWLHQGRVXMHWR\YHUER
6WDUWE\SUHVVLQJWKLVEXWWRQ
(PSLH]DSXOVDQGRHVWHERWÍQ
:K\GRQoW\RXVWRSE\DQGKDYHDGULQN"
3RUTXÃQRYLHQHVDPLFDVDSDUDXQD
FRSD"
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(VWDEDVFRQÃO"
(UDQDPLJRV"
)XHD\HU"
7KDWoVîQHE\PH
3RUPÇQRKD\QLQJÔQSUREOHPD
%HEDFNE\SP
9XHOYHDQWHVGHODVFRPRWDUGH
3HWHUoV3URPRWLRQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
&KDUOHV+HQGHUVRQMXVWEDFNIURPHLJKWPRQWKVZRUNLQJLQWKH)UHQFKVXEVLGLDU\LVWDONLQJWR6DUDK(YDQVWKH+5PDQDJHU6DUDKLVEULQJLQJ
&KDUOHVXSWRGDWH WREULQJVRPHRQHXSWRGDWH SRQHUOHDXQRDOGÇD RQFRPSDQ\VDOHV6KHPHQWLRQVWKHJRRGZRUNGRQHE\3HWHU)LHOGV
ZKRWRRNRYHUDVDFWLQJVDOHVPDQDJHUZKHQ-RKQ2OVRQOHIWWKHFRPSDQ\ DFWLQJVDOHVPDQDJHU GLUHFWRUFRPHUFLDOHQIXQFLRQHV
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
,VKHGRLQJDJRRGMRE"
6RIDUHYHU\WKLQJoVEHHQJRLQJTXLWHZHOO
,VQoWKHDOLWWOH\RXQJWREHGHDOLQJZLWKVRPDQ\DJHQWV"
+HVHHPVWREHKDQGOLQJWKLQJVH[WUHPHO\ZHOO
,VKHVWLOOZRUNLQJLQWUDLQLQJ"
:HoYHKLUHGDQRXWVLGHïUPWRKDQGOHWUDLQLQJIRUWKH
WLPHEHLQJ
+RZDUHWKHVDOHVïJXUHVIRUWKLVTXDUWHU"
6DOHVDUHXSRYHUWKHVDPHSHULRGIRUODVW\HDU
7KDWVRXQGVZRQGHUIXO&RQJUDWXODWLRQV
'RQoWFRQJUDWXODWHPH3HWHUoVEHHQGRLQJDWHUULïFMRE
:KDWoVKLVVHFUHW"
,KDYHQRLGHD
%XWKHPXVWEHGRLQJVRPHWKLQJJRRG
+HVHHPVWRKDYHDVSHFLDODELOLW\IRUPRWLYDWLQJDJHQWV
+DYH\RXUDLVHGFRPPLVVLRQV"
2QWKHFRQWUDU\ZHoYHKDGWRORZHUWKHPWHPSRUDULO\
:K\oVWKDW"
,WoVDORQJVWRU\,GRQoWZDQWWRERUH\RX
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
'HVKL]R OD PDOHWD VH GXFKÍ \ VH XQLÍ D OD FHQD FRQ ORV GHP»V
PLHPEURVGHOFRQVHMR+DEÇDQOOHJDGRHQDYLÍQGHVGHWRGRVORV
ULQFRQHVGHOPXQGRSDUDORTXHVHVXSRQÇDLEDDVHUXQLQWHUFDP
ELRGHLGHDVVREUHHOGHVDUUROORGHODHPSUHVDHQORVSUÍ[LPRV
DËRV$KRUDSDUHFÇDTXHLEDQDKDEODUGHFÍPRGHVPRQWDUODHQ
ORVSUÍ[LPRVGÇDV
VRIDUHYHU\WKLQJoVEHHQJRLQJTXLWHZHOO +DVWDDKRUDWRGRYD
EDVWDQWHELHQ0HPRUL]DHVWDIUDVHHQLQJOÃV\SURQÔQFLDODFLHQ
YHFHVKR\PLVPR
WRGHDOZLWK WUDWDUFRQ
LQYROYHG LQYROXFUDGR
ZHoYHKLUHG WDPELÃQVHSXHGHGHFLUpZHoYHFRQWUDFWHGq(O
YHUERpWRKLUHqHVHOXVDGRSDUDFRQWUDWDUDSHUVRQDVDXQTXHVH
SXHGHXVDUSDUDFRQVXOWRUDVWDPELÃQ
DQRXWVLGHïUP XQDHPSUHVDH[WHUQD
TXDUWHU WULPHVWUH
WKDWVRXQGVZRQGHUIXO |TXÃELHQ
,KDYHQRLGHD 1RWHQJRQLLGHD
WRUDLVHWRORZHU VXELUEDMDU pUDLVHqVHSURQXQFLDpUÃLVq
RQWKHFRQWUDU\ DOFRQWUDULR
+HXQSDFNHGWRRNDVKRZHUDQGMRLQHGWKHRWKHUERDUGGLUHFWRUV
IRUGLQQHU7KH\KDGïRZQLQIURPDOORYHUWKHZRUOGIRUZKDWZDV
VXSSRVHGWREHDQH[FKDQJHRILGHDVRQWKHGHYHORSPHQWRIWKH
FRPSDQ\RYHUWKHQH[WWHQ\HDUV1RZLWORRNHGDVLIWKH\PLJKW
EHWDONLQJDERXWKRZWRGLVPDQWOHLWLQWKHQH[WWHQGD\V
(VWLPDGRDPLJR\DOXPQR6DFDXQSDSHO\WUDGXFHDOLQJOÃVORP»VU»SLGDPHQWHSRVLEOHODVIUDVHVHQHVSDËROTXH
0»VSDODEUDV
LQJOHVDVGHUDÇ]ODWLQD
WHSRQJRDFRQWLQXDFLÍQ
'HTXÃGHSHQGH"
6HWUDWDGHIUDVHVVHQFLOODVTXHVHXVDQDGLDULRWRGDVGHQWURGHXQDJUD
+DKDELGRXQPDOHQWHQGLGR P»WLFDE»VLFDTXHGHEHUÇDVVDEHUUHSURGXFLURUDOPHQWHVLQSHVWDËHDU6L
1RORSDUHFH
WRGDYÇDQRODVSXHGHVWUDGXFLUDYXHODSOXPD\FRUUHFWDPHQWHHQWRQFHV
3RUTXÃHVWDQGLIÇFLO"
HVSUREDEOHTXHWXIDOWDGHGRPLQRGHOLQJOÃVHQHODVSHFWRRUDOVHGHEH
4XLÃQHVFULELÍHVWDFDUWD"
DXQDIDOWDGHDWHQFLÍQDOGHVDUUROORGHODDJLOLGDGRUDOFRQODJUDP»WLFD
&X»QGRSDVÍ"
E»VLFD
:KDWGRHVLWGHSHQGRQ"
6LHPSUH LQVLVWR HQ WUHV FRVDV RÇGR FRQîDQ]D \ DJLOLGDG FRQ OD JUD
7KHUH·VEHHQDPLVXQGHUVWDQGLQJ
P»WLFDE»VLFD/DVHJXQGDFRVDFRQîDQ]DYLHQHDXWRP»WLFDPHQWHVL
,WGRHVQ·WVHHPOLNHLW
FRQVLJXHVODSULPHUD\ODWHUFHUD6LQRWLHQHVDJLOLGDGFRQORE»VLFR
:K\LVLWVRGLIÀFXOW"
GHMDGHDGHQWUDUWHP»VHQHOLGLRPD\SRQWHDGHFLUHQYR]DOWDPLO
:KRZURWHWKLVOHWWHU"
IUDVHVSRUVHPDQDVDFDGDVGHORVOLEURVHOHPHQWDOHV
5LFKDUG9DXJKDQ
:KHQGLGLWKDSSHQ"
(PSLULFDO
(PSOR\
(PSOR\PHQW
(PSOR\HH
(PSOR\HU
(PSRULXP
(PSUHVV
(PXODWH
(PXODWLRQ
(QFKDQW
(QFODYH
(QF\FORSHGLD
/RZ%HJLQQHU
+LJK%HJLQQHU
£VWHHVPLSUHIHULGR 7KLVRQHLVP\IDYRXULWH
£VHHVP»VLQWHUHVDQWH 7KDWRQHLVPRUHLQWHUHVWLQJ
£VWDVVRQQXHYDV 7KHVHRQHVDUHQHZ
$TXHOORVVRQYLHMRV 7KRVHRQHVDUHROG
4XÃSHUURHVJUDQGHÃVWHR :KLFKGRJLVELJWKLVRQHRU
»TXHO"
WKDWRQH"
&X»OHVHOPÇRÃVWHR»TXHO" :KLFKRQHoVPLQHWKLVRQHRU
WKDWRQH"
&X»OHVVRQORVGHÃO" :KLFKRQHVDUHKLV"
6RQÃVWRVRDTXÃOORV" $UHWKH\WKHVHRQHVRUWKRVH
RQHV"
&X»OHVHOVLJXLHQWH" :KDWoVWKHQH[WRQH"
&X»OIXHODÔOWLPD" :KDWZDVWKHODVWRQH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
6LHPSUHWHQJRTXHKDFHUOR ,DOZD\VKDYHWRGRLW
1XQFDWLHQHQTXHYHQLUDTXÇ 7KH\QHYHUKDYHWRFRPHKHUH
$PHQXGRHOODWLHQHTXH 6KHRIWHQKDVWRKHOSXV
D\XGDUQRV
1RUPDOPHQWHWHQJRTXH ,XVXDOO\KDYHWRFRUUHFWKLP
DORW
FRUUHJLUOHPXFKR
$YHFHVWHQHPRVTXHUHSHWLUOR :HVRPHWLPHVKDYHWRUHSHDWLW
4XLÃQORFDPELÍ" :KRFKDQJHGLW"
3RUTXÃQRORFDPELÍDQWHV" :K\GLGQoWKHFKDQJHLW
HDUOLHU"
4XLÃQOHKL]RFDPELDUOR" :KRPDGHKLPFKDQJHLW"
4XLÃQQRKDYLVWRHOFDPELR :KRKDVQoWVHHQWKHFKDQJH
\HW"
DÔQ"
$TXLÃQFUHHVTXHOHYDD :KRGR\RXWKLQNLVJRLQJWR
OLNHWKHFKDQJH"
JXVWDUHOFDPELR"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
(VW»VHQJRUGDQGR <RXoUHJHWWLQJIDW
(VWR\LQWHQWDQGRDGHOJD]DU ,oPWU\LQJWRORVHZHLJKW
1RHVW»VWHQLHQGRPXFKR <RXoUHQRWKDYLQJPXFK
Ã[LWRQR"
VXFFHVVDUH\RX"
&X»QWRSHVDV" +RZPXFKGR\RXZHLJK"
'XGRTXHSHVHWDQWRFRPRWÔ ,GRXEW,ZHLJKDVPXFKDV\RX
0HSLFDODQDUL] 0\QRVHLVLWFK\
(QWRQFHVSRUTXÃQRWHOD :K\GRQoW\RXVFUDWFKLWWKHQ"
UDVFDV"
/DSLPLHQWDPHKDFHHVWRUQXGDU 3HSSHUPDNHVPHVQHH]H
|-HVÔV %OHVV\RX
6XÃQDWHWLHQHVXQFOÇQH[" %ORZ\RXUQRVHGR\RXKDYHD
WLVVXH"
+DLUGUHVVHU 3HOXTXHUR
0RGHO 0RGHOR
0DNHXSDUWLVW 0DTXLOODGRU
3KRWRJUDSKHU )RWÍJUDIR
'HVLJQHU 'LVHËDGRU
9RFDEXODULR&DWZDON 3DVDUHOD
0LGGOH$GYDQFHG
6LKXELHUDVYHQLGRKDEUÇDPRV ,I\RXKDGFRPHZHZRXOG
JDQDGR
KDYHZRQ
*DQDUQRHVORP»VLPSRUWDQWH:LQQLQJLVQRWWKHPRVW
/RLPSRUWDQWHHVSDUWLFLSDU
LPSRUWDQWWKLQJ,WoVWDNLQJ
SDUWWKDWFRXQWV
6LFUHHVHVRFUHHU»VHQFXDOTXLHU ,I\RXEHOLHYHWKDW\RXoOO
FRVD
EHOLHYHDQ\WKLQJ
/HVYHQFHUHPRV :HoOOEHDWWKHP
1RVHUHPRVGHUURWDGRV :HZLOOQRWEHGHIHDWHG
)RU(QJOLVKVXSHUVWDUVRQO\
4XÃKRUÍVFRSRHUHV" :KDWVWDUVLJQDUH\RX"
1RFUHRHQHVDVWRQWHUÇDV ,GRQoWEHOLHYHLQWKDWUXEELVK
&ÍPRSXHGHQORVSODQHWDV +RZFDQWKHSODQHWVFKDQJH
FDPELDUQXHVWURHVWDGRGH
RXUPRRGV"
»QLPR"
3RUTXÃQR"/DOXQDLQïX\HHQ :K\QRW"7KHPRRQLQðXHQFHV
ODVPDUHDV
WKHWLGHV
<HOVROHVW»DXQDGLVWDQFLDGH $QGWKHVXQLVPLOOLRQ
PLOORQHVGHNLOÍPHWURV\GD NLORPHWUHVDZD\DQGJLYHVOLIH
YLGDDWRGDOD7LHUUD
WRDOORI(DUWK
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
,oPRQVSHFLDOPHGLFDWLRQ
(VWR\DEDVHGHPHGLFDFLÍQHVSHFLDO
+HoVRQGUXJV
(VW»WRPDQGRGURJDV
:KDWEURXJKWRQWKDWUHDFWLRQ"
4XÃKDSURYRFDGRHVDUHDFFLÍQ"
&RPXQLFDFLÍQSRUWHOÃIRQR
<RXoYHEURXJKWDOO\RXUWURXEOHVRQ
\RXUVHOI
(UHVWÔPLVPRHOFDXVDQWHGHWXV
SUREOHPDV
<RXoOOFDWFKRQ
<DLU»VDSUHQGLHQGRHOLQWUÇQJXOLV
&RPHRQ
|9HQJD|9DPRV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(QTXÃOHSXHGRD\XGDU"
0HSXHGHGHFLUTXLÃQOODPDSRUIDYRU"
1ROHSXHGRIDFLOLWDUQRPEUHVORVLHQWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
&KDUOHV+HQGHUVRQSUDLVHVWKHMRERI3HWHU)LHOGVZKRIRUWKHSDVWIHZPRQWKVKDVEHHQWKHDFWLQJVDOHVPDQDJHU DFWLQJ HQIXQFLRQHV
6DUDKGRHVQoWVHHPWREHDVHIIXVLYHDV&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
6DUDK
&KDUOHV
:K\GR\RXVD\WKDW"
6DOHVKDYHJURZQE\ZLWKDORZHUFRPPLVVLRQUDWH
3HWHUoVWKHRQHWRWKDQNIRUWKDW+HVKRXOGJHWWKHFUHGLW
,KDGQRLGHDKHZDVVXFKDQHIIHFWLYHZRUNHU
(YHU\ERG\oVVXUSULVHGDURXQGKHUH
+DYH\RXUDLVHGKLVVDODU\"
+HoVHDUQLQJWKHVDPHDVZKHQKHZDVWUDLQLQJPDQDJHU
+DVQoWKHVDLGDQ\WKLQJ"
+HVHHPVWREHKDSS\WKRXJK,LPDJLQHKHoOODVNIRU
DUDLVHVRRQ
,I,ZHUH\RX,ZRXOGQoWZDLWIRUKLPWRDVNIRURQH
'R\RXPHDQZHVKRXOGUDLVHLWQRZ"
,IHYHU\WKLQJ\RXWHOOPHLVWUXH\RXVKRXOGKDYHUDLVHG
LWDWOHDVWWKUHHPRQWKVDJR
+RZPXFKGR\RXWKLQNZHVKRXOGUDLVHLW"
7KDWoVXSWR\RX
,oGUDWKHUZDLWIRUDIHZPRUHPRQWKV
,I\RXZDLWWRRORQJ\RXPLJKWORVHKLP
:KDWGR\RXPHDQ"
-RKQPLJKWWU\WRKLUHKLP7KHLUZLYHVDUHJRRGIULHQGV
,GLGQoWNQRZWKDW
7KDWoVZK\3HWHUFDPHWRWKLVFRPSDQ\LQWKHïUVWSODFH
<RXFHUWDLQO\VHHPWREHZHOOLQIRUPHG
'RQoWIRUJHWWKDW,XVHGWREHWKH3HUVRQQHO0DQDJHUKHUH
E\ 6ROHPRVXVDUpE\qGHODQWHGHORVSRUFHQWDMHVFXDQGR
KDEODPRVGHFUHFLPLHQWR
7RJHWWKHFUHGLW UHFLELUHOPÃULWR
WKRXJK DOWKRXJK
7KDWoVXSWR\RX (VSDUDWLGHFLGLU
f\RXPLJKWORVHKLP SXHGHTXHOHSLHUGDV
7KDWoVZK\ HVSRUHVRSRUORTXH
,XVHGWREH DQWHVHUD
(VWLPDGRDPLJR\DOXPQR
5XQQLQJLQWKHRXWVLGHODQH$ORVDËRVJDQÃHOFDPSHRQDWRGH2NODKRPDHQODSUXHEDGHORVPHWURVOLVRVHQHOWRUQHRîQDOHQWUH
LQVWLWXWRVGHVHJXQGDHQVHËDQ]D5HFXHUGRPX\ELHQODFDUUHUDIDOWDUÇDP»VSXHVWRTXHJDQÃ3HURODUHFXHUGRSRUXQPRWLYRPX\HVSHFLDO
\DTXHDSUHQGÇXQDOHFFLÍQTXHFUHRTXHWRGRVGHEHPRVDSUHQGHU\SRUIRUWXQDORKLFHVLHQGRDÔQPX\MRYHQ/DFDUUHUDGHORVPHWURV
HVGXUD/DGHQRPLQDQ´VSULQWµHVGHFLUXQDFDUUHUDSDUDYHORFLVWDVFRPRORVRORVPHWURV6LQHPEDUJRORVÔOWLPRVPHWURVGHOD
FDUUHUDH[LJHQXQHVIXHU]RIÇVLFRWDQEUXWDOTXHDOJXQRVFRUUHGRUHVSLHUGHQSVLFROÍJLFDPHQWHODFDUUHUDDQWHVGHFRPHQ]DUOD£UDPRVRFKR
HQODîQDO\PHFRORFDURQHQODÔOWLPDFDOOHHVGHFLUODGHODSDUWHH[WHULRUGHODSLVWD(QORVPHWURVOLVRVVLDUUDQFDVGHVGHOD FDOOHQR
SXHGHVYHUDWXVFRPSHWLGRUHVHQQLQJÔQPRPHQWRDQRVHUTXHWHDGHODQWHQORFXDOVLJQLîFDTXH
\DHVW»VSHUGLGR(VWDUHQOD FDOOHWHFRQGHQDDUHDOL]DUODFDUUHUDGHDFXHUGRFRQWXSURSLDHVWUD
WHJLDVLQPHGLUWHFRQQDGLH\VLQHPSOHDUW»FWLFDVVHJÔQGRQGHHVWÃQWXVFRPSHWLGRUHV(QRWUDV
SDODEUDVWLHQHVTXHFRUUHUFRPRXQGLDEORGHVGHHOSULQFLSLRFLHJRDWRGRH[FHSWRDWXSURSLR
HVIXHU]R(QODîQDOHVRHVH[DFWDPHQWHORTXHKLFH\JDQÃ$ORVDËRVDSUHQGÇTXHORÔQLFRTXH
WHQÇDTXHKDFHUSDUDWHQHUÃ[LWRHQFXDOTXLHUDFWLYLGDGHUDFRUUHUFRPRXQGLDEORVLQSUHVWDUDWHQ
FLÍQDORVGHP»VQLDVXVUHDFFLRQHVRW»FWLFDV'HVGHHQWRQFHVXQRGHPLVOHPDVKDVLGRVLHPEUH
´UXQQLQJLQWKHRXWVLGHODQHµ FRUULHQGRSRUODFDOOHH[WHULRU &XDQGRWHPLGHVGHPDVLDGRSRUORV
GHP»VFXDQGRWLHQHVGHPDVLDGRHQFXHQWDTXÃKDFHQRFÍPRUHDFFLRQDQORVGHP»VSLHUGHVGH
YLVWDORHVHQFLDOSDUDFRQVHJXLUHOÃ[LWRWXDXWRFRQîDQ]D\WXSURSLRHVIXHU]R 5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
6R\HVWXGLDQWH ,DPDVWXGHQW
1RHUHVSURIHVRU <RXDUHQoWDWHDFKHU
£OHVHVWXGLDQWHWDPELÃQ" ,VKHDVWXGHQWWRR"
(OODQRHVODSURIHVRUDWDPSRFR 6KHLVQoWWKHWHDFKHUHLWKHU
1RVRPRVWRGRVHVWXGLDQWHV" $UHQoWZHDOOVWXGHQWV"
-XHJRDOIÔWEROWRGDVODV ,SOD\IRRWEDOOHYHU\ZHHN
VHPDQDV
£OMXHJDVLWLHQHWLHPSR +HSOD\VLIKHKDVWLPH
(OODQRMXHJDSRUTXHQROH 6KHGRHVQoWSOD\EHFDXVHVKH
JXVWDQORVGHSRUWHV
GRHVQoWOLNHVSRUWV
-XJDURQXQEXHQSDUWLGR 7KH\SOD\HGDJRRGPDWFK
1RMXJDURQELHQ 7KH\GLGQoWSOD\ZHOO
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
-XJDUÃVLYLHQHVFRQPLJR ,ZLOOSOD\LI\RXFRPHZLWKPH
3XHGHVMXJDUWDPELÃQVLTXLHUHV <RXFDQSOD\WRRLI\RXZDQW
(OODGHEHMXJDUSRUTXHHVOD 6KHPXVWSOD\EHFDXVHVKHoV
FDSLWDQD
WKHFDSWDLQ
£OQRMXJDU»VLHVW»OORYLHQGR +HZRQoWSOD\LILWoVUDLQLQJ
1RSXHGHQMXJDUSRUTXHVRQ 7KH\FDQoWSOD\EHFDXVHWKH\oUH
GHPDVLDGRYLHMRV
WRRROG
-XJDUÇDPRVVLIXÃVHPRVP»V :HoGSOD\LIZHZHUH\RXQJHU
MÍYHQHV
'HEHUÇDMXJDUP»V ,VKRXOGSOD\PRUH
3RGUÇDQMXJDUVLQRVSDJDUDQ 7KH\FRXOGSOD\LIWKH\SDLGXV
3RGUÇDQMXJDUFRQWUHVDËRV 7KH\FRXOGSOD\ZKHQWKH\
ZHUHWKUHH\HDUVROG
<RQRMXJDUÇDVLIXHUDWÔ ,ZRXOGQoWSOD\LI,ZHUH\RX
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
3XHGHTXHHOODMXHJXHVLODGHMDQ 6KHPLJKWSOD\LIWKH\OHWKHU
-XHJRDOJROIXQGÇDVL\RWURQR ,SOD\JROIHYHU\RWKHUGD\
-XHJRDOJROIGHVGHKDFHDËRV,oYHSOD\HGJROIIRU\HDUV
/OHYRPHGLRDËRVLQMXJDU ,KDYHQoWSOD\HGJROIIRUKDOI
DOJROI
D\HDU
/OHYRMXJDQGRDOJROIGHVGH ,oYHEHHQSOD\LQJJROIIRUD
KDFHXQSDUGHKRUDV
FRXSOHRIKRXUV
+DEUÇDVMXJDGRELHQVLKXELHVHV<RXoGKDYHSOD\HGEHWWHULI\RX
GRUPLGRP»V
KDGVOHSWPRUH
'HEHUÇDKDEHUMXJDGRSRUOD <RXVKRXOGKDYHSOD\HGLQWKH
PDËDQD
PRUQLQJ
3RGUÇDVKDEHUMXJDGRVLKXELHVHV<RXFRXOGKDYHSOD\HGLI\RXoG
OOHJDGRDWLHPSR
DUULYHGRQWLPH
'HEHQGHKDEHUMXJDGRMXQWRV 7KH\PXVWKDYHSOD\HG
DQWHV
WRJHWKHUEHIRUH
3XHGHTXH\DKD\DQMXJDGRSHUR7KH\PLJKWKDYHSOD\HG
QRHVWR\VHJXUR
DOUHDG\EXW,oPQRWVXUH
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
1RKDEU»PXFKDJHQWHDOOÇ 7KHUHZRQoWEHPDQ\SHRSOH
WKHUH
'HEHUÇDKDEHUXQRHQHOFDMÍQ 7KHUHVKRXOGEHRQHLQWKH
GUDZHU
3RGUÇDKDEHUP»VGHORTXH 7KHUHFRXOGEHPRUHWKDQ\RX
WKLQN
SLHQVDV
1RSDUHFHKDEHUXQDVROXFLÍQ 7KHUHGRHVQoWVHHPWREHD
VROXWLRQ
3XHGHTXHKD\DXQDPDQHUD 7KHUHPLJKWEHDZD\WRVROYHLW
GHUHVROYHUOR
$QWHVKDEÇDVHUHQRVHQODV 7KHUHXVHGWREHQLJKW
FDOOHV
ZDWFKPHQRQWKHVWUHHWV
+DEUÇDKDELGRJUDYHVSUREOHPDV 7KHUHZRXOGKDYHEHHQVHULRXV
VLQRKXELHUDKDELGR3ROLFÇD
SUREOHPVLIWKHUHKDGQoWEHHQ
3ROLFH
3XHGHTXHKD\DKDELGRXQ 7KHUHPLJKWKDYHEHHQD
PDOHQWHQGLGR
PLVXQGHUVWDQGLQJ
4XLHURTXHKD\DXQLQWÃUSUHWH ,ZDQWWKHUHWREHDQLQWHUSUHWHU
7U»HPHORTXHKD\D %ULQJPHZKDWHYHUWKHUHLV
)DLU\ +DGD
2JUH 2JUR
*QRPH *QRPR
(OI (OIR
'ZDUI 'XHQGH
9RFDEXODULR0\WKLFDO%HLQJV 6HUHVPÇWLFRV
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
&RPXQLFDFLÍQLQWHUQD
&RPHRQXS
6XEH HVWR\HQXQDSODQWDVXSHULRU
,KDYHDIHYHUFRPLQJRQ
(VWR\HPSH]DQGRDWHQHUGÃFLPDV
&RPHRQGRZQ
%DMD HVWR\HQXQDSODQWDLQIHULRU
7KHOLJKWVFRPHRQDXWRPDWLFDOO\
/DVOXFHVVHHQFLHQGHQDXWRP»WLFDPHQWH
&RPHRQLQ
3DVDSDVD HQWUDU
7KHDFWRUîQDOO\FDPHRQVWDJH
(ODFWRUSRUîQVDOLÍDOHVFHQDULR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(VWR\SUHSDUDQGRXQVSRWSXEOLFLWDULR 79
/DHQFXHVWDQRDUURMDQDGDQXHYR
9DPRVDJDQDUDODFRPSHWHQFLD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
7KHIROORZLQJFRQYHUVDWLRQLVWKHEHJLQQLQJRIDORQJDQGLQWHUHVWLQJFKDWEHWZHHQWKHYHWHUDQ&KDUOHV+HQGHUVRQDQGWKHUHODWLYHO\
\RXQJWUDLQLQJPDQDJHU3HWHU)LHOGVZKRLVDOVRDFWLQJVDOHVDQGPDUNHWLQJPDQDJHU GLUHFWRUFRPHUFLDOHQIXQFLRQHV
&KDUOHV +HOOR3HWHUKRZDUH\RXGRLQJ"
3HWHU
)LQH&KDUOHVKRZDUH\RX",WoVJRRGWRVHH\RXEDFN
DJDLQ
&KDUOHV :HOO LWoV JRRG WR EH EDFN WKRXJK , HQMR\HG P\ WLPH
LQ)UDQFH
3HWHU
+RZORQJZHUH\RXWKHUH"
&KDUOHV ,ZDVWKHUHIRUDOPRVWPRQWKV
3HWHU
+RZGLG\RXOLNHLW"
&KDUOHV ,WWRRNPHDIHZPRQWKVWRJHWXVHGWRWKHFOLPDWHEXW
,KDGDJUHDWWLPH
3HWHU
'LG\RXWDNH\RXUIDPLO\ZLWK\RX"
&KDUOHV <HV,GLG,QIDFWWKH\oUHVWLOOWKHUH
:KHQZLOOWKH\EHFRPLQJEDFN"
3HWHU
&KDUOHV 7KH\oUHSODQQLQJWRVWD\XQWLOVFKRROHQGVLQ-XQH
3HWHU
6RLQWKHPHDQWLPH\RXoOOEHOLYLQJOLNHDEDFKHORU
&KDUOHV ,oYHEHHQKHUHIRUOHVVWKDQDZHHNDQG,oPDOUHDG\ERUHG
%\WKHZD\,KHDU\RXoYHWDNHQRYHUIRU-RKQ2OVRQ
3HWHU
7KDWoVULJKW+HOHIWDFRXSOHRIPRQWKVDJR
&KDUOHV ,oYHDOVRKHDUGWKDWVDOHVKDYHEHHQJRLQJXSDWDUHFRUG
SDFH
3HWHU
:HOOFRQVXPHUGHPDQGKDVULVHQRYHUWKHSDVWIHZ
PRQWKV
&KDUOHV ,KDYHDIHHOLQJLWoVPRUHWKDQMXVWFRQVXPHUGHPDQG
7KH LPSUHVVLRQ DURXQG KHUH LV WKDW \RXoYH IRXQG WKH
PDJLFIRUPXODIRUVXFFHVV
KRZDUH\RXGRLQJ" 4XÃWDO"
LWoVJRRGWRVHH\RXEDFNDJDLQ PHDOHJURYHUWHGHQXHYR
WKRXJK DOWKRXJK
KRZGLG\RXOLNHLW" 4XÃLPSUHVLÍQWHFDXVÍ"
WRJHWXVHGWRf DFRVWXPEUDUVHDf
ZKHQZLOOWKH\EHFRPLQJEDFN HOXVRGHOIXWXURFRQWLQXR
KDFHTXHODSUHJXQWDVXHQHPHQRVQHXWUDORIRUPDO
LQWKHPHDQWLPH PLHQWUDVWDQWR
DEDFKHORU XQVROWHUR
DWDUHFRUGSDFH DXQULWPRVLQSUHFHGHQWHV
FRQVXPHUGHPDQG ODGHPDQGD
MXVW VLPSOHPHQWH
(VWLPDGRDPLJR\DOXPQR
5XQQLQJLQWKHRXWVLGHODQH/DIDOWDGHIXHU]DGHYROXQWDGKDFDXVDGRP»VIUDFDVRVTXHODIDOWDGHLQWHOLJHQFLDRKDELOLGDG'HHVWRHVWR\
VHJXUR+HFRQRFLGRDPXFKRVHPSUHVDULRVGHJUDQÃ[LWRHQ(VSDËDFX\DÔQLFDYLUWXGHQPLRSLQLÍQHUDVXLPSHUWXUEDEOHWHQDFLGDG'H
KHFKRVLHVWXGLDUDVWRGRVORVFDVRVHQ(VSDËDGHKRPEUHV\PXMHUHVTXHKDQSDVDGRGHODQDGDDWHQHUSHTXHËRVRJUDQGHVLPSHULRV
YHUÇDVTXHVXQLYHOLQWHOHFWXDO\FXOWXUDODVÇFRPRVXFRHîFLHQWHGHLQWHOLJHQFLDQRVXSHUDQRUPDOPHQWHDODPHGLDQDFLRQDO6LQHPEDUJR
GRQGHVÇVREUHVDOHQHVHQODIXHU]DGHYROXQWDG3ODQWHDQREMHWLYRV\WUDEDMDQLQFDQVDEOHPHQWHSDUDFRQVHJXLUORV<VLTXLHUHVWHGLUÃXQ
VHFUHWRTXHHOORVQRVXHOHQGHVYHODUVHORSDVDQSLSD3ODQWHDUREMHWLYRVHLUDSRUHOORVFUHDXQFÇUFXORYLUWXRVRTXHKDFHTXHHOWLHPSR
GHWUDEDMRVHDP»VHVWLPXODQWH\GLYHUWLGRTXHFXDOTXLHUSODQWHDPLHQWRGHHVSDUFLPLHQWRXRFLR8QHPSUHVDULRTXHWUDEDMDGHVRODVRO
QRUPDOPHQWHQRHVW»WUDEDMDQGRHVW»MXJDQGR3XHGHVWDFKDUOHGHHVWDUFDVDGRFRQVXHPSUHVDSHURODYHUGDGHVTXHHVW»VLPSOHPHQWH
MXJDQGRDOLJXDOTXHXQDGROHVFHQWHSDVDKRUDVVHJXLGDVGHODQWHGHXQYLGHRMXHJR3HURHOEXHQHPSUHVDULRHVSDËRODSHVDUGHQRVHU
P»VLQWHOLJHQWHQLP»VK»ELOTXHORVGHP»VWLHQHDOJRTXHVLHPSUHPHKDOODPDGRODDWHQFLÍQXQDWRWDOîMDFLÍQHQORVREMHWLYRVGHVX
DFWLYLGDGHPSUHVDULDO1DGDOHVGHVYÇDQLOHVGHVSLVWD3DUHFHFRPRHOFDEDOORTXHOOHYDDQWHRMHUDV1RYHQLTXLHUHYHUORTXHKD\IXHUDGHVX
FDPSRGHYLVLÍQ9DWHQD]PHQWHFDPLQDQGRDJUDQGHV]DQFDGDVKDFLDODFRQVHFXFLÍQGHVXVREMHWLYRV
6DEHDOLJXDOTXHORVSDVWRUHVDOHPDQHVGHODIRWRTXHODVGLVWUDFFLRQHVpGLVWUDHQq\ORVSHUURVHVW»Q
DGLHVWUDGRVSDUDQRFDHUDQWHQLQJXQDWHQWDFLÍQ6LQRSLHUGHQVXHPSOHR(QPLVDËRVGHSURIHVRUGH
LQJOÃVHOGHPLVDOXPQRVKDQVLGRPDHVWURVHQHODUWHGHHQFRQWUDUGLVWUDFFLRQHVRH[FXVDVSDUDQR
KDFHUHOHVIXHU]RTXHVHH[LJHSDUDKDFHUVHFRQXQEXHQQLYHOGHLQJOÃV&XDOTXLHUSHTXHËDGLVWUDFFLÍQ
OHVKDEDVWDGRSDUDSHUGHUXQDVFODVHVRSDUDQRHVWXGLDU$OîQDOPLFRQFOXVLÍQHVTXHVLPSOHPHQWHQR
WLHQHQPXFKRLQWHUÃVHQDSUHQGHULQJOÃV0HLQVLVWHQHQTXHQRHVDVÇSHURQXQFDPHORGHPXHVWUDQ<
WÔ"0HORYDVDGHPRVWUDU"(VSHURTXHVÇ
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
&X»OHVVRQVXVQRPEUHV" :KDWDUHWKHLUQDPHV"
'ÍQGHHVW»QVXVFDUWDV" GHHOOD :KHUHDUHKHUOHWWHUV"
&ÍPRHVW»QVXVDEXHORV" GHÃO +RZDUHKHUJUDQGSDUHQWV"
4XLÃQHVVRQVXVSDGUHV" GH :KRDUHWKHLUSDUHQWV"
HOODV
&X»QGRHVYXHVWUDîHVWD" :KHQoV\RXUSDUW\"
'HTXLÃQHVHOSHUUR" :KRVHGRJLVLW"
(VWX\R" ,VLW\RXUV"
1RQRHVPÇR(VGHPLKHUPDQR 1RLWLVQoWPLQH,WoVP\
EURWKHUoV
'HTXLÃQVRQHVWDVOODYHV" :KRVHNH\VDUHWKHVH"
&UHRTXHVRQGHHOOD ,WKLQNWKH\oUHKHUV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(OODOHHPXFKRSHURDSUHQGH 6KHUHDGVDORWEXWOHDUQVYHU\
OLWWOH
PX\SRFR
£OWUDEDMDPXFKRSHURJDQD +HZRUNVDORWEXWHDUQVYHU\
OLWWOH
PX\SRFR
/HJXVWDWUDEDMDUPXFKR +HOLNHVWRZRUNDORW
3RUTXÃQRJDQDPXFKR" :K\GRHVQoWKHHDUQDORW"
7LHQHTXHEXVFDURWURWUDEDMR +HKDVWRORRNIRUDQRWKHUMRE
1RWHYHR ,FDQoWVHH\RX
0HR\HV" &DQ\RXKHDUPH"
1RWHRLJRPX\ELHQ ,FDQoWKHDU\RXYHU\ZHOO
|+DEODP»VDOWR 6SHDNXS
|'HMDGHJULWDUPH 6WRSVKRXWLQJDWPH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XÃTXLHUHTXHKDJDPRV" :KDWGRHVVKHZDQWXVWRGR"
1RWHQJRQLODP»VUHPRWDLGHD ,KDYHQoWWKHVOLJKWHVWLGHD
1RVHORKDVSUHJXQWDGR" +DYHQoW\RXDVNHGKHU"
0HGDFRUWHKDFHUOR ,oPDOLWWOHHPEDUUDVVHGWRGRLW
&UHRTXHPHKHHQDPRUDGR ,WKLQN,oYHIDOOHQLQORYHZLWK
GHHOOD
KHU
6LHQWRSHQDSRUHOORV ,IHHOVRUU\IRUWKHP
/HVKDFHVWUDEDMDUGHPDVLDGR <RXPDNHWKHPZRUNWRRPXFK
/RVYDVDYROYHUORFRVFRQWDQWR<RXoUHJRLQJWRGULYHWKHP
WUDEDMR
FUD]\ZLWKVRPXFKZRUN
(VSHUDVGHPDVLDGRGHHOORV <RXH[SHFWWRRPXFKIURPWKHP
6ÍORHVSHURTXHWUDEDMHQELHQ ,RQO\H[SHFWWKHPWRZRUN
QDGDP»V
ZHOOQRWKLQJHOVH
1RPDG 1ÍPDGD
'XQH 'XQD
&DFWXV &DFWXV
&DPHO &DPHOOR
6DQG $UHQD
9RFDEXODULR'HVHUW 'HVLHUWR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
7HQGUHPRVTXHFRQYRFDUXQD :HoOOKDYHWRFDOODPHHWLQJ
UHXQLÍQ
0HJXVWDUÇDTXHODDEULHVHVFRQ,oGOLNH\RXWRVWDUWLWRIIZLWKD
EULHISUHVHQWDWLRQ
XQDEUHYHSUHVHQWDFLÍQ
1RSRGHPRVDGHODQWDUODIHFKD"&DQoWZHPRYHWKHGDWHIRUZDUG"
'HEHUÇDPRVUHWUDVDUODIHFKD :HVKRXOGPRYHEDFNWKHGDWH
3RVSRQJDPRVODUHXQLÍQKDVWD /HWoVSXWWKHPHHWLQJRIIXQWLO
WRPRUURZ
PDËDQD
/DVFRVDVDYDQ]DQVLQ 7KLQJVDUHUXQQLQJVPRRWKO\
VREUHVDOWRV
/DVYHQWDVKDQVXELGRGH 6DOHVKDYHULVHQVWHDGLO\
PDQHUDFRQVWDQWH
(VWRVÍORHVXQSODQSURYLVLRQDO 7KLVLVRQO\DWHQWDWLYHSODQ
7HQHPRVTXHVHJXLUXQSURJUDPD:HKDYHWRIROORZDYHU\WLJKW
PX\DSUHWDGR
VFKHGXOH
(VXQDWDUHDTXHFRQVXPH ,WoVDWLPHFRQVXPLQJWDVN
PXFKRWLHPSR
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
+HGURYHRQIRUDQRWKHUPLOHV
6LJXLÍFRQGXFLHQGRRWUDVPLOODV
7KH\IRXJKWRQXQWLOGDZQ
6LJXLHURQOXFKDQGRKDVWDHODPDQHFHU
7KH\ïHZRQGHVSLWHWKHZHDWKHU
6LJXLHURQYRODQGRDSHVDUGHOWLHPSR
,QJOÃV6RFLDO
7KH\oYHIDOOHQRQKDUGWLPHV
(VW»QSDVDQGRSRUXQDPDODUDFKD
HFRQ
:HJHWRQTXLWHZHOO
1RVOOHYDPRVEDVWDQWHELHQ
*HWRQWKHEXV
6ÔEHWHDODXWREÔV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7HHQWXVLDVPDQORVYLQRV"
3XHGRYHUODFDUWDGHORVYLQRV"
0HJXVWDP»VHOWLQWRTXHHOEODQFR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
3HWHU)LHOGVVSHDNVWR&KDUOHV+HQGHUVRQDERXWVRPHRIWKHFKDQJHVKHKDVPDGHVLQFHKHWRRNRYHUIRU-RKQ2OVRQFKDQJHVZKLFKKDYH
EHHQLQVWUXPHQWDOWRVRPHRIWKHVDOHVJURZWKHQMR\HGE\WKHFRPSDQ\
3HWHU
&KDUOHV
3HWHU
&KDUOHV
3HWHU
&KDUOHV
3HWHU
&KDUOHV
3HWHU
&KDUOHV
3HWHU
&KDUOHV
3HWHU
&KDUOHV
3HWHU
&KDUOHV
'RQoW EHOLHYH HYHU\WKLQJ \RX KHDU ,oYH PDGH VRPH
FKDQJHV LQ WKH VDOHV WHUULWRULHV DQG DSSRLQWHG D IHZ
QHZDJHQWV7KDWoVDOO
:KDWFKDQJHVKDYH\RXPDGH"
,oYH GLYLGHG WKH IRXU ODUJHVW WHUULWRULHV LQWR HLJKW
VPDOOHURQHVDQGQDPHGIRXUQHZDJHQWV
+DYHWKHROGDJHQWVFRPSODLQHG"
1RWDWDOO7KH\ZHUHKDYLQJWURXEOHFRYHULQJVXFKELJ
WHUULWRULHV
<RXPXVWKDYHDVSHFLDODELOLW\ZLWKWKHDJHQWV:KHQ
-RKQZDVLQFKDUJHWKH\FRPSODLQHGDERXWHYHU\WKLQJ
XQGHUWKHVXQ
'RQoWIRUJHWWKDWPRVWRIWKHPZHUHWUDLQHGE\PH,oP
OLNHDIDWKHUïJXUHWRWKHP
%XWWHOOPHDUH\RXHQMR\LQJWKHMRE"
,FDQoWFRPSODLQ,QIDFW,ïQGLWTXLWHVWLPXODWLQJ
'R\RXJHWDORQJZLWKWKHUHVWRIWKHPDQDJHUV"
,DWWHQGDOOWKHPHHWLQJVEXW,GRQoWVD\PXFK(YHU\RQH
WDONV KLJKOHYHO VWUDWHJ\ EXW ,oP RQO\ LQWHUHVWHG LQ
VDOHVDQGPRUHVDOHVIRUWKHPRPHQW
, WKLQN WKDWoV WKH ULJKW ZD\ WR GR LW &RQFHQWUDWH RQ
\RXUMRE
1RZWKDW\RXoUHEDFNZKDWZLOOEH \RXU MRE"
:HoUH FUHDWLQJ D QHZ GHSDUWPHQW FDOOHG FRUSRUDWH
GHYHORSPHQW
:KDWGRHVWKDWPHDQ"
:HoUH JRLQJ WR VWXG\ WKH LGHD RI EX\LQJ RXW D IHZ
VPDOOHUORFDOFRPSHWLWRUV
GLYLGHLQWR IÇMDWHTXHXVDPRVpLQWRq
ROG DQWLJXRV
WKH\ZHUHKDYLQJWURXEOH OHVFRVWDEDWUDEDMR
\RXPXVWKDYH GHEHVGHWHQHU
PRVWRIWKHP ODPD\RUÇDGHHOORV
JHWDORQJZLWK OOHYDUVHELHQFRQ
KLJKOHYHOVWUDWHJ\ HVWUDWHJLDGHDOWRQLYHO
WKDWoVWKHULJKWZD\WRGRLW DFLHUWDV
QRZWKDW\RXoUHEDFN DKRUDTXHKDVYXHOWR
ORFDOFRPSHWLWRUV FRPSHWLGRUHVQDFLRQDOHV
$F\QLFFDQFKLOODQGGLVKHDUWHQZLWKDVLQJOHZRUG 5DOSK:DOGR(PHUVRQ
8QFÇQLFRSXHGHHQIULDU\GHVDOHQWDUFRQXQDVRODSDODEUD
7KHSRZHURIDFFXUDWHREVHUYDWLRQLVFRPPRQO\FDOOHGF\QLFLVPE\WKRVHZKRGRQ·WKDYHLW *HRUJH%HUQDUG6KDZ
(OSRGHUGHODREVHUYDFLÍQFHUWHUDHVORTXHVXHOHVHUGHQRPLQDGRFLQLVPRSRUDTXHOORVTXHQRORSRVHHQ
$F\QLFLVDPDQZKRNQRZVWKHSULFHRIHYHU\WKLQJDQGWKHYDOXHRIQRWKLQJ 2VFDU:LOGH
8QFÇQLFRHVXQKRPEUHTXHFRQRFHHOSUHFLRGHWRGRVLQFRPSUHQGHUHOYDORUGHQDGD
(QRORJ\
(QRUPRXV
(QWKXVLDVP
(QWKXVLDVW
(QWKXVLDVWLF
(QWLUH
(QWLW\
(QWUDQFH
(VWLPDGRDPLJR\DOXPQR'HVGHTXHHPSHFÃDHQVHËDULQJOÃVKHTXHULGRDQL
0»VSDODEUDV
PDUDPLVDOXPQRV\DOSÔEOLFRHQJHQHUDODUHDOL]DUXQHVIXHU]RKRQHVWRSDUD
LQJOHVDVGHUDÇ]ODWLQD
SURJUHVDU2VDQLPRGHEXHQFRUD]ÍQRFRPRGHFÇVDTXÇDSHFKRGHVFXELHUWR0H
(QGHPLF
(QGLYHV
KHWRSDGRGHVGHVLHPSUHFRQSHUVRQDVTXHGHVSUHFLDEDQPLPHQVDMHRTXHVH
(QGRFULQH
EXUODEDQGHPLLQWHQWRSRUDQLPDURV´OWLPDPHQWH\FRQIRUPHJDQRP»VDXGLHQFLDSRUPLWUDEDMRHQUDGLR\WHOHYL
(QHP\
VLÍQSHUFLERXQDXPHQWRVLJQLîFDWLYRGHHVWHIHQÍPHQR1RVÃVLVHU»XQHVSHMLVPRSHURRLJRFRQFDGDSDVRTXHGR\
(QHUJHWLF
XQFUHFLHQWHHMÃUFLWRGHVDUF»VWLFRVGHVHRVRVGHHPSHTXHËHFHUWRGRORTXHGLJRRGHVHVWLPDUFXDOTXLHUDSHODFLÍQ
(QHUJ\
DDFWLWXGHV\YDORUHVQREOHV3HUR\DORVFRQR]FR6RQORVFÇQLFRV$FDPSDQSRUWRGDVSDUWHV\GLVIUXWDQWXPEDQGR
(QJHQGHU
SUHFLVDPHQWHDTXHOORVHVIXHU]RV\DVSLUDFLRQHVTXHKDFHQTXHHOPXQGRSURJUHVH6RQGHWRGRVORVVHUHVKXPDQRV
(QJLQHHU
ORVPHQRVÔWLOHV6RQVHUHVGHQRFKHTXHVHQXWUHQGHODVDOLPDËDVSRUTXHODOLPSLDOX]GHOGÇDOHVFLHJDREOLJ»QGROHV
(QJLQHHULQJ
(QJOLVK
DUHQXQFLDUDODYLVLÍQ\HQÔOWLPRWÃUPLQRDGHVGHËDUOD1RGHMHVTXHORVFÇQLFRVWXPEHQRGHVHVWLPHQWXUHVROXFLÍQ
(QLJPD
GHYHQFHUDOLGLRPDGHOLQJOÃV([FHSWRXQVÍORFDVRHQWRGDPLYLGDSURIHVLRQDOQRKHFRQRFLGRDQDGLHLQFDSD]GH
(QLJPDWLF
KDFHUVHFRQXQEXHQQLYHOHQPLLGLRPD(OTXHORFRQVLJDVWÔîQDOPHQWHGHSHQGHQRGHWXFDSDFLGDGVLQRGHWX
(QRORJLVW
IXHU]DGHYROXQWDG
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
(VGLIÇFLO ,WoVGLIïFXOW
3RUTXÃHVGLIÇFLO" :K\LVLWGLIïFXOW"
6XVRMRVVRQD]XOHV +HUH\HVDUHEOXH
3RUTXÃVRQD]XOHVVXVRMRV" :K\DUHKHUH\HVEOXH"
(VLQWHUHVDQWHWXOLEUR" ,V\RXUERRNLQWHUHVWLQJ"
3DVHDPLGHVSDFKR *RLQWRP\RIïFH
1RFLHUUHODSXHUWD 'RQoWFORVHWKHGRRU
6LÃQWHVHSRUIDYRU 6LWGRZQSOHDVH
(VFXFKHORTXHYR\DGHFLU /LVWHQWRZKDW,oPJRLQJWRVD\
/HY»QWHVHSRUIDYRU *HWXSSOHDVH
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
1RKDEODU»VXQEXHQLQJOÃVVL <RXZRQoWVSHDNJRRG(QJOLVK
LI\RXGRQoWVWXG\
QRHVWXGLDV
/RVLHQWRQRSRGUÃLU ,oPVRUU\,ZRQoWEHDEOHWRJR
3RGU»VGDUPHXQDFODVH :LOO\RXEHDEOHWRJLYHPHD
FODVVWRPRUURZ"
PDËDQD"
1RWHD\XGDUÃDPHQRVTXH ,ZRQoWKHOS\RXXQOHVV\RX
FKDQJH\RXUDWWLWXGH
FDPELHVWXDFWLWXG
$OJXQDYH]OOHJDU»VDWLHPSR" :LOO\RXHYHUDUULYHRQWLPH"
+DEU»PXFKDJHQWHHVWD :LOOWKHUHEHPDQ\SHRSOH
WRQLJKW"
QRFKH"
1RKDEU»WDQWRVFRPROD 7KHUHZRQoWEHDVPDQ\DVWKH
ODVWWLPH
ÔOWLPDYH]
3RUTXÃKDEU»PHQRVJHQWH" :K\ZLOOWKHUHEHIHZHUSHRSOH"
/DJHQWHVHKDDEXUULGRXQ 3HRSOHKDYHJRWDOLWWOHERUHG
RIWKHIRUPDW
SRFRGHOIRUPDWR
,QWHQWDKDFHUORP»VLQWHUHVDQWH 7U\WRPDNHLWPRUHLQWHUHVWLQJ
%HGVSUHDG &ROFKD
%HGVKHHW 6»EDQD
%ODQNHW 0DQWD
%HGVWHDG 6RPLHU
0DWWUHVV &ROFKÍQ
9RFDEXODULR%HG &DPD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
$OJXLHQKDYLVWRDOJXQDYH]XQ+DVDQ\ERG\HYHUVHHQD8)2"
291,"
7RGRHOPXQGRFUHHUÇDTXHHVW»V(YHU\ERG\ZRXOGWKLQN\RXoUH
FUD]\LI\RXVDLGWKDW
ORFRVLGLMHUDVHVR
1RFUHRTXHYD\DDYHQLUQDGLH ,GRQoWWKLQNDQ\ERG\oVJRLQJ
WRFRPH
1DGLHWLHQHWDQWRSRGHU 1RERG\KDVDVPXFKSRZHUDV
KHGRHV
FRPRÃO
&XDOTXLHUDVDEHHVR $Q\ERG\NQRZVWKDW
/DYLGDQRHVXQOHFKRGHURVDV /LIHLVQRWDEHGRIURVHV
7LHQHVTXHOXFKDUSRUWRGROR <RXKDYHWRïJKWIRU
HYHU\WKLQJ\RXJHW
TXHFRQVLJXHV
7LHQHVTXHDSURYHFKDUWRGDV <RXKDYHWRPDNHWKHPRVWRI
WKHVHRSSRUWXQLWLHV
HVWDVRSRUWXQLGDGHV
1XQFDOOHJDU»VDQLQJXQDSDUWH<RXoOOQHYHUJHWDQ\ZKHUH
ZLWKWKDWDWWLWXGH
FRQHVDDFWLWXG
'HEHUÇDVVHQWLUWHDYHUJRQ]DGR <RXVKRXOGIHHODVKDPHGRI
\RXUVHOI
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
&UHÇTXHWHQÇDHOLQJOÃV ,WKRXJKW,KDG(QJOLVK
PDVWHUHG
GRPLQDGR
9HRTXHWRGDYÇDWHQJRPXFKR ,VHH,VWLOOKDYHDORQJZD\WRJR
FDPLQRSRUUHFRUUHU
$SUHQGHUXQLGLRPDHVXQJUDQ/HDUQLQJDODQJXDJHLVDJUHDW
FKDOOHQJH
UHWR
1RVÃVLHVWR\SRUODODERU ,GRQoWNQRZLI,oPXSWRWKHWDVN
$QGDDQÇPDWH1RWHGHVDQLPHV&RPHRQFKHHUXS'RQoWJHW
GLVFRXUDJHG
/DUHXQLÍQQRDFDEDEDQXQFD 7KHPHHWLQJGUDJJHGRQIRUHYHU
4XLHURVRQGHDUOHVREUHHOWHPD ,ZDQWHGWRVRXQGKLPRXWRQ
WKHVXEMHFW
1XQFDVHPHRFXUULÍ ,WQHYHUFURVVHGP\PLQG
0DQWÃQPHLQIRUPDGR .HHSPHSRVWHG
([SOÇFDPHHVRXQDYH]P»V 5XQWKDWE\PHRQHPRUHWLPH
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
7REHPDUULHGWR
,KDYHWRJHWRQP\ZD\
7HQJRTXHSRQHUPHHQFDPLQR
8VHWKHVWLUUXSVWRJHWRQWKHKRUVH
8VDORVHVWULERVSDUDVXELUWHDOFDEDOOR
*HWRQZLWKLW
|3ÍQWH\DFRQHOOR
*RRQf
6LJXHVLJXH
+RZoV0DU\JHWWLQJRQ"
&ÍPROHYDQODVFRVDVD0DUÇD"
+HoOOJRRQIRUHYHULI\RXOHWKLP
6HJXU»KDEODQGRVLQSDUDUVLOHGHMDV
3HWHUoV3URPRWLRQ
6LJQLîFDpHVWDUFDVDGRFRQq1XQFDGHFLPRV
´0DUULHGZLWKVRPHRQHµ
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
£OHVW»FDVDGRFRQ-DQH
(VW»VFDVDGDFRQ3KLO"
(VW»HOODFDVDGDFRQ%RER(ULF"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHU)LHOGVVSHDNVWR&KDUOHV+HQGHUVRQDERXWVRPHRIWKHFKDQJHVKHKDVPDGHVLQFHKHWRRNRYHUIRU-RKQ2OVRQFKDQJHVZKLFKKDYH
EHHQLQVWUXPHQWDOWRVRPHRIWKHVDOHVJURZWKHQMR\HGE\WKHFRPSDQ\
3HWHU
7KDWZLOOPHDQPRUHZRUNIRUPHZRQoWLW"
&KDUOHV 1RWIRUWKHPRPHQWEXWHYHQWXDOO\\RXPD\KDYHDQ
DGGLWLRQDOVDOHVIRUFHWRWUDLQDQGGLUHFW
3HWHU
HYHQWXDOO\ WDUGHRWHPSUDQR
\RXUHDOL]H WHGDVFXHQWD
<RXUHDOL]H,VXSSRVHWKDW,oPQRWRIïFLDOO\WKHVDOHV
PDQDJHU KHUH ,oYH EHHQ SURYLVLRQDOO\ DSSRLQWHG WR
WKLVSRVLWLRQ
&KDUOHV <RX VKRXOGQoW ZRUU\ DERXW WKDW ,oP VXUH WKDW WKH
DSSRLQWPHQW ZLOO EH PDGH SHUPDQHQW VRRQ ZLWK DOO
WKHDGGLWLRQDOEHQHïWVWKDWJRZLWKLW
&KDUOHV +HQGHUVRQ PHHWV ZLWK 6DUDK (YDQV WKH KXPDQ UHVRXUFHV PDQDJHU WR GLVFXVV WKH VDOHV GHSDUWPHQW DQG WR WDON DERXW 3HWHU
)LHOGV6DUDKWHOOVKLPWKDWWKHFRPSDQ\LVORRNLQJRXWVLGHIRUDQHZVDOHVDQGPDUNHWLQJPDQDJHU
&KDUOHV %\ WKH ZD\ 6DUDK , MXVW KDG D QLFH FKDW ZLWK 3HWHU
)LHOGV +H VHHPV WR EH TXLWH KDSS\ UXQQLQJ WKH VDOHV
GHSDUWPHQWDQGKHoVGRLQJDWHUULïFMREEXWKHIHHOVD
OLWWOHLQVHFXUHLQWKHSRVLWLRQVLQFHLWoVVWLOOSURYLVLRQDO
DQLFHFKDW XQDFRQYHUVDFLÍQDJUDGDEOH
6DUDK
WHUULïF JHQLDO
:HoYH EHHQ LQWHUYLHZLQJ FDQGLGDWHV IRU WKH MRE DQG
KDYHUHGXFHGLWWRWKUHH
&KDUOHV 'R\RXUHDOO\WKLQNZHQHHGDQRXWVLGHSHUVRQIRUWKHMRE"
6DUDK
$UH\RXVXJJHVWLQJZHNHHS3HWHULQWKHSRVLWLRQ"
&KDUOHV ,I VDOHV DUH DQ LQGLFDWRU RI KLV DELOLWLHV WKHQ , WKLQN
ZHoYHDOUHDG\IRXQGWKHSHUIHFWPDQIRUWKHMRE
6DUDK
%XW 3HWHUoV RQO\ \HDUV ROG +HoV VWLOO WRR \RXQJ WR
PDQDJHVXFKDYHWHUDQWHDPRIDJHQWV
&KDUOHV 'R \RX UHDOL]H WKDW VDOHV KDYH JRQH XS VLQFH KH
WRRNRYHU"
6DUDK
UXQQLQJ GLULJLHQGR
VLQFH SXHVWRTXH
DQRXWVLGHSHUVRQ XQDSHUVRQDGHIXHUD
VXFKDYHWHUDQWHDPRIDJHQWV XQHTXLSRGHDJHQWHVWDQ
YHWHUDQR
VLQFHKHWRRNRYHU GHVGHTXHVHKL]RFDUJR
FRQVXPHUGHPDQGD HOFRQVXPRSULYDGR
6XUH,GREXWFRQVXPHUGHPDQGKDVJRQHXSWRR$OO
RXUFRPSHWLWRUVDUHJURZLQJDVZHOO
&KDUOHV $FFRUGLQJWRWKHïJXUHV,KDYHFRQVXPHU GHPDQGKDV
JRQHXSRQO\:KRoVUHVSRQVLEOHIRUWKHRWKHU"
(VWLPDGRDPLJR\DOXPQR(QOOHYÃDDOUHGHGRUGHMÍYHQHVHVSDËROHVD((
88SDUDFXUVDUXQDËRGH 0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
HVWXGLRVXQLYHUVLWDULRV(VWXYHFRQHOORVGXUDQWHHOSULPHUPHV\GHVSXÃVYROYÇKDFLDîQDOHVGHODËRDFDGÃPLFR
'XUDQWHHVWDÔOWLPDYLVLWDPHKL]RPXFKDJUDFLDHOFRPHQWDULRGHODUHVSRQVDEOHGHOSHTXHËRFHQWURXQLYHUVLWDULR
(QXPHUDWH
GHO,OOLQRLVUXUDOGRQGHHVWXYLHURQSDVDQGRHODËR0HGLMR´(VLQFUHtEOHFRQTXpDUWHKLODQH[FXVDVSDUDQRHVWXGLDU
(QXPHUDWLRQ
SDUDQRDVLVWLUDFODVHRSDUDOOHJDUWDUGHFRQUHJXODULGDG$OSULQFLSLRORVSURIHVRUHVVHQWtDQFLHUWDSUHRFXSDFLyQSRU
(QXQFLDWH
HOORVDQWHODVWULVWHVKLVWRULDVGHFRQWDEDQSHURSURQWRQRVGLPRVFXHQWDWRGRVGHTXHHUDQDUWLVWDVGHOHVFDTXHR£<\R
(QYLRXV
FUHtDTXHORVDOXPQRVDTXtWHQtDQMHWD(VWRVFKLFRVHVSDxROHVVHOOHYDQODSDOPDµ5HFXHUGRTXHXQSURIHVRUGHO,(6(
(SKHPHUDO
PHGLMRXQGÇDTXHORVODWLQRVWHQÇDQP»VLPDJLQDFLÍQTXHORVQÍUGLFRV\DQJORVDMRQHV/HUHVSRQGÇTXHHQORTXH
(SLF
QRVJDQDEDQORVODWLQRVQRHUDHQLPDJLQDFLÍQVLQRHQSLFDUHVFD/DLPDJLQDFLÍQHVORTXHKDFHIDOWDSDUDGHVFXEULU
(SLFHQWHU
FUHDULQYHQWDUFRPSRQHUSURJUHVDU\FRQVWUXLU/DSLFDUHVFDHVORTXHKDFHIDOWDSDUDFRQVHJXLUSHTXHËDVYLFWRULDV
(SLFXUH
HQHOFRUWRSOD]RTXHHQHOODUJRUHVXOWDQLQÔWLOHV(VXQDKDELOLGDGTXHGHDîQDUVHDVHJXUDHOIUDFDVRHQODYLGD
(SLFXUHDQ
(SLGHPLF
$ORODUJRGHORVDËRVKHREVHUYDGRODSLFDUHVFDHQHOHVWXGLRGHOLQJOÃV([FXVDVGHODVP»VSLQWRUHVFDVfH[FXVDV
(SLGHUPLV
GLVHËDGDVSDUDJDUDQWL]DUXQSURJUHVRQXOR(QODPD\RUÇDGHORVFDVRVQRPHKHPROHVWDGRHQDEVROXWRHQUHEDWLU
(SLJUDP
ODH[FXVDSRUTXHHVWDEDFODURTXHODSHUVRQDHQFXHVWLÍQQRLEDDDSUHQGHULQJOÃVQXQFDQLVH
(SLOHSV\
JXUDPHQWHLEDDWULXQIDUHQQDGDHQORTXHOHTXHGDEDGHYLGD3UHîHURJDVWDUPLVHQHUJÇDVHQ
(SLOHFWLF
DQLPDU\DOHQWDUDDTXHOORVpPHQRVOLVWRVqSHURLOXVLRQDGRVTXHGHVHHQKDFHUORQHFHVDULRSDUD
(SLORJXH
WULXQIDU(QHVWRVFDVRVJDVWDUÃWRGDODHQHUJÇDTXHWHQJRGHQWUR6LDOJÔQGÇDQRVFRQRFHPRV
SHUVRQDOPHQWHQRPHKDEOHVGHSRUTXÃWXLQJOÃVQRHVSHUIHFWR1RPHGHVH[FXVDV3UHJÔQWD
PHTXÃP»VWLHQHVTXHKDFHUSDUDYHQFHUGHîQLWLYDPHQWHPLLGLRPD\KDUÃWRGRORTXHSXHGD
SDUDD\XGDUWH
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
'HTXÃFRORUHVVXFRFKH" GH :KDWFRORXULVKHUFDU"
HOOD
'HTXÃFRORUVRQVXVRMRV" GH :KDWFRORXUDUHWKHLUH\HV"
HOODV
&X»OHVÃVWHRDTXÃO" :KLFKRQHLVLWWKLVRQHRUWKDW
RQH"
&X»OHVHODPDULOOR" :KLFKRQHLV\HOORZ"
4XLÃQHVVXMHIH" GHHOORV :KRoVWKHLUERVV"
4XÃTXLHUHHOOD" :KDWGRHVVKHZDQW"
1RVDEHTXHHVWR\RFXSDGR" 'RHVQoWVKHNQRZWKDW,oP
EXV\"
'LOHTXHYXHOYDP»VWDUGH 7HOOKHUWRFRPHEDFNODWHU
&X»QGRFUHHVTXHHVWDU»V :KHQGR\RXWKLQN\RXoOOEH
OHVVEXV\"
PHQRVRFXSDGR"
/HOODPDUÃFXDQGRWHUPLQHHVWH ,oOOSKRQHKHUZKHQ,ïQLVKWKLV
UHSRUW
LQIRUPH
&DYH3DLQWLQJ 3LQWXUDUXSHVWUH
6WDODFWLWH (VWDODFWLWD
&DYH'ZHOOHU &DYHUQÇFROD
6WDODJPLWH (VWDODJPLWD
&OXE *DUURWH
9RFDEXODULR&DYH &XHYD
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
3RUTXÃIXPDÃOWDQWR" :K\GRHVKHVPRNHVRPXFK"
(OIXPDUOHUHODMD 6PRNLQJUHOD[HVKLP
6XSRQJRTXHHVSRUTXHWLHQH ,VXSSRVHLWoVEHFDXVHKHKDVD
ORWRIZRUULHV
PXFKDVSUHRFXSDFLRQHV
3RUTXÃVHSUHRFXSDWDQWR" :K\GRHVKHZRUU\VRPXFK"
7LHQHPXFKDUHVSRQVDELOLGDG" 'RHVKHKDYHDORWRI
UHVSRQVLELOLW\"
/RKLFLPRVQRVRWURVPLVPRV :HGLGLWRXUVHOYHV
3RUTXÃHVW»VKDEODQGR :K\DUH\RXWDONLQJWR
\RXUVHOI"
FRQWLJRPLVPR"
'HMDGGHSHJDURV 6WRSKLWWLQJHDFKRWKHU
/RFRQVWUX\ÍÃOPLVPR +HEXLOWLWKLPVHOI
&ÔDQGRVHHQDPRUDURQ" :KHQGLGWKH\IDOOLQORYHZLWK
HDFKRWKHU"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
(VWXYLHURQGHDFXHUGRFRQWLJR"'LGWKH\DJUHHZLWK\RX"
1RHVWDEDQGHDFXHUGRSDUD 7KH\GLGQoWDJUHHDWDOO
QDGD
1RVHGDQFXHQWDGHTXHHVW»Q'RQoWWKH\UHDOLVHWKH\oUH
ORVLQJPRQH\"
SHUGLHQGRGLQHUR"
3RUORYLVWRQR $SSDUHQWO\QRW
7DUGHRWHPSUDQRYDQDWHQHU 6RRQHURUODWHUWKH\oUHJRLQJWR
TXHGDUVHFXHQWD
KDYHWRUHDOLVH
+DVUHOOHQDGRHOLPSUHVR" +DYH\RXïOOHGRXWWKHIRUP"
4XLHUHVTXHUHOOHQHHVWH 'R\RXZDQWPHWRïOORXWWKLV
LPSUHVRGHVROLFLWXG"
DSSOLFDWLRQIRUP"
<TXÃVHVXSRQHTXHHVWR\ $QGZKDWDP,VXSSRVHGWREH
VROLFLWDQGR"
DSSO\LQJIRU"
<DHVKRUDGHTXHHQFXHQWUHV ,WoVDERXWWLPH\RXIRXQGD
WUDEDMR
MRE
(OWUDEDMRHVW»VREUHYDORUDGR :RUNLVRYHUUDWHG
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
0HSLFDODQDUL] 0\QRVHLVLWFK\
6DEHVORTXHVLJQLîFDHVRQR" <RXNQRZZKDWWKDWPHDQV
GRQoW\RX"
4XÃHVWR\DSXQWRGH 7KDW,oPDERXWWRVQHH]H"
HVWRUQXGDU"
6LJQLîFDTXHYDVDSHOHDUFRQ ,WPHDQV\RXoUHJRLQJWRKDYH
DOJXLHQ
DïJKWZLWKVRPHRQH
|(VRHVXQFXHQWRFKLQR 7KDWoVDFRFNDQGEXOOVWRU\
3RUTXÃPHHVW»VWRVLHQGRDVÇ":K\DUH\RXFRXJKLQJDWPH
OLNHWKDW"
7LHQHVFDUUDVSHUD" 'R\RXKDYHDIURJLQ\RXU
WKURDW"
|'LORKDEOD 6SLWLWRXW
|7LHQHVODEUDJXHWDDELHUWD <RXUðLHVDUHRSHQ
3XHGHTXHODWHQJDDELHUWDD ,PLJKWKDYHWKHPRSHQRQ
SURSÍVLWRSDUDDKRUUDUWLHPSR SXUSRVHWRVDYHWLPH
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
0DQ\
7KHPHHWLQJZHQWRQDOODIWHUQRRQ
/DUHXQLÍQVLJXLÍWRGDODWDUGH
,oPWRRWLUHGWRJRRQ
(VWR\GHPDVLDGRFDQVDGRSDUDVHJXLU
<RXFDQoWJRRQOLNHWKDW
1RSXHGHVVHJXLUDVÇ
+HZHQWRQWRDFKLHYHJUHDWWKLQJV
/OHJÍFRQHOWLHPSRDKDFHUJUDQGHVFRVDV
+HNHSWJRLQJRQDERXWKLVVLVWHU
1RSDUDEDGHKDEODUGHVXKHUPDQD
+HZHQWRQDQGRQDERXWKLVRSHUDWLRQ
+DEODEDGDOHTXHGDOHGHVXRSHUDFLÍQ
3HWHUoV3URPRWLRQ
6LJQLîFDpPXFKRVq\QRUPDOPHQWHVHXVDHQ
HOQHJDWLYRRHOLQWHUURJDWLYRFXDQGRHOREMHWR
GHODIUDVHHVSOXUDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7LHQHVPXFKDVSUHJXQWDV"
6LPRQYDDFRPSUDUPXFKRVUHJDORV"
+D\PXFKRVSDUTXHVHQ/RQGUHV"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHUFRQWLQXHWRDUJXHDERXW3HWHU)LHOGVDQGWKHVWUDWHJ\IRUFRQVROLGD
WLQJWKHVDOHVDQGPDUNHWLQJDUHDRIWKHFRPSDQ\
6DUDK
/LVWHQ&KDUOHV,oPQRWDJDLQVW3HWHU)LHOGV+HoVDïQH
\RXQJPDQDQGKHoVGRQHDQH[FHOOHQWMREVLQFH-RKQ
OHIW%XWKHoVVLPSO\QRWWKHULJKWPDQIRUWKHIXWXUH
&KDUOHV :KDWoVZURQJZLWKKLP"
6DUDK
)LUVWRIDOOKHNQRZVQRWKLQJDERXWH[SRUWVDOHVDQG
ZLWKWKHQHZSDQ(XURSHDQVWUDWHJ\WKDWWKH(XURSHDQ
2IïFHLVSODQQLQJIRUQH[W\HDU,oPQRWVRVXUHKHoOOEH
DEOHWRKDQGOHLW 6HFRQGO\ZKHQ\RXVWDUWDFTXLULQJ
QHZFRPSDQLHVDQGDGGLQJWKHLUVDOHVIRUFHVWRRXUV
KHoOO KDYH KLV KDQGV VR IXOO WKDW KHoOO SUREDEO\ ORVH D
JUHDW GHDO RI WKH HIIHFWLYHQHVV KH QRZ KDV ZLWK RXU
SUHVHQWVDOHVIRUFHPDQ\RIZKRPKHWUDLQHGKLPVHOI
&KDUOHV , GRQoW EX\ WKDW DUJXPHQW +H PD\ QRW KDYH PXFK
H[SHULHQFHZLWKWKH(XURSHDQ2IïFHEXWKHoVWKHRQO\
SHUVRQKHUHZKRVSHDNVðXHQW*HUPDQ+HFDQWDONWR
WKHPLQWKHLURZQODQJXDJH+LVPRWKHUZDV*HUPDQ
\RX NQRZ %\ WKH ZD\ GR WKH DJHQWV NQRZ \RXoUH
ORRNLQJIRUDQHZVDOHVPDQDJHU"
6DUDK
:HKDYHQoWLQIRUPHGWKHP\HW
&KDUOHV 'RQoW\RXWKLQNLWZRXOGEHDJRRGLGHDWRFRQVXOWZLWK
WKHP"7KH\oUHZRUNLQJEHWWHUWKDQHYHUZLWK3HWHUDQG
WKH\PLJKWJHWXSVHWLI\RXPDNHDFKDQJHQRZ
6DUDK
DïQH\RXQJPDQ XQMRYHQH[FHOHQWH
ZKDWoVZURQJZLWKKLP" TXÃWLHQHGHPDOR"
)LUVWRIDOO HQSULPHUOXJDU
6HFRQGO\ HQVHJXQGROXJDU
DJUHDWGHDORI PXFKR
PDQ\RIZKRP PXFKRVGHORVFXDOHV
,GRQoWEX\WKDWDUJXPHQW QRHVWR\GHDFXHUGR
EHWWHUWKDQHYHU PHMRUTXHQXQFD
WKH\PLJKWJHWXSVHW SXHGHTXHVHGLVJXVWHQ
H[SHULHQFHG H[SHULPHQWDGR
IDUPHTXLSPHQW PDTXLQDULDDJUÇFROD
WRKHDG HQHVWHFDVR KDFHUVHFDUJRGH
/LVWHQ WKH %RVWRQ &RQVXOWLQJ *URXS KDV EHHQ KHUH
IRU WKH SDVW WZR PRQWKV VWXG\LQJ HYHU\ GHSDUWPHQW
DQG WKHLU FRQFOXVLRQ LV WKDW ZH QHHG DQ H[SHULHQFHG
YHWHUDQ LQ IDUP HTXLSPHQW VDOHV WR KHDG WKH VDOHV
GHSDUWPHQW
&KDUOHV 7KHQZKDWoVJRLQJWRKDSSHQWR3HWHU)LHOGV"
6DUDK
+HoOOJREDFNWRWUDLQLQJ:HoUHSD\LQJDIRUWXQHULJKW
QRZWRDQRXWVLGHïUPWRKDQGOHWKDW
(VWLPDGRDPLJR\DOXPQR'HVGHTXHYLYRHQ(VSDËDYRVRWURVORVHVSDËROHVPHGHFÇVTXHYXHVWURSHFDGRFD 0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
SLWDOQÔPHURXQRHVODHQYLGLD(QPLSDÇVFUHRTXHVHU»ODJXODRODDYDULFLD$KRUDGHVSXÃVGHDËRVYLYLHQGR
(SLVRGH
DTXÇHVWR\GHDFXHUGRFRQYXHVWUDDSUHFLDFLÍQ+HH[SHULPHQWDGRHQFDUQHSURSLD\KHREVHUYDGRHQLQQXPHUDEOHV
(SLVWOH
PRPHQWRVFÍPRODHQYLGLDGHVWUX\HSULPHURDOTXHHQYLGLD\VLOOHJDDVXVÔOWLPRVH[WUHPRVDOHQYLGLDGR3HUROD
(SLVWRODU\
GHVWUXFFLÍQVLHPSUHVHFHEDSULPHURFRQHOTXHHQYLGLD\VLQSLHGDG&UHRVLQFHUDPHQWHTXHVHWUDWDGHXQSHFDGR
(SLWDSK
TXHQRVLHQWRHQDEVROXWR\DTXHQRDFDERGHHQWHQGHUHOSRUTXÃGHODHQYLGLD\ORKHGDGRP»VGHXQDSHQVDGD
(SRFK
3DUDPÇHVHOÔQLFRSHFDGRFDSLWDOTXHVHSRGUÇDFRQVLGHUDUHOLQÔWLO/DJXODWHGHMDJRUGR\IHRSHURDOPHQRV
(TXDO
FRPHVDWXVDQFKDV/DDYDULFLDWHGHMDVLQDOPDSHURDOPHQRVHOGLQHURWHORTXHGDVWÔ\QRORVGHP»V/DOXMXULDWH
(TXDOLW\
GHVYÇDGHODQREOH]DGHODYLGDSHURDOPHQRVSDVDVDOJXQRVUDWRVSODFHQWHURV/DVREHUELDWHLPEX\HGHODLGLRWH]
(TXDWLRQ
VXSUHPDSHURDOPHQRVWHGDSODFHUDOVHQWLUWHLQPRUWDOHQWLHUUDGHPRUWDOHV/DLUDWHUHVWDODFDSDFLGDGSDUDPHGLU
(TXDWRU
FRUUHFWDPHQWHODVFRVDVSHURDOPHQRVWHSHUPLWHXQGHVIRJXHDYHFHVVDQRSDUDODWHQVLÍQVDQJXÇQHD<SRUÔOWLPR
(TXDWRULDO
ODSHUH]DWHDQXODWRGDVODVMR\DVTXHWHRIUHFHODYLGDSHURDOPHQRVWHSHUPLWHXQSRFRSUHVXPLUGH´GRQ·WZRUU\«
(TXHVWULDQ
EHKDSS\µ3HURODHQYLGD"'LPHXQDVRODFRVDSRVLWLYDTXHDSRUWDODHQYLGLD'HWRGRVORV
(TXLGLVWDQW
SHFDGRVFDSLWDOHVHVHOP»VLQÔWLOHLGLRWD(QYLGLDUDRWURHVTXHPDUVHYLYRHQXQDKRJXHUDGH
(TXLOLEULXP
UDELDVLQGLVIUXWDUGHQDGDDFDPELR3DUDVHQWLUVDWLVIDFFLÍQODHQYLGLDWHREOLJDDWXPEDUDO
(TXLQH
HQYLGLDGRORTXHH[LJHPXFKRWUDEDMRPX\FXHVWDDUULED7HUHFRPLHQGRHQHVWRVFDVRVFDQMHDU
(TXLQR[
(TXLS
ODHQYLGLDSRUODSHUH]D$VÇSDVDVGHWRGR\GHMDVHQSD]DORVTXHHVW»QRFXSDGRVFRQVWUX\HQGR
5LFKDUG9DXJKDQ
(TXLSPHQW
HOPXQGRSDUDWL\SDUDPXFKRVP»VFRPRWÔ
/RZ%HJLQQHU
+LJK%HJLQQHU
6DODPDQFDHVIDPRVDSRUVX 6DODPDQFDLVIDPRXVIRULWV
8QLYHUVLGDG
8QLYHUVLW\
(OSUREOHPDGH$QDHVQXHVWUR $QDoVSUREOHPLVRXUSUREOHP
SUREOHPDWDPELÃQ
WRR
'HTXLÃQVRQHVWRV]DSDWRV" :KRVHVKRHVDUHWKHVH"
6RQGH0DUN 7KH\oUH0DUNoV
3RUTXÃHVW»QHQODGXFKD" :K\DUHWKH\LQWKHVKRZHU"
1XQFDFRPRFDUQH ,QHYHUHDWPHDW
(OODVLHPSUHFRPHELHQ 6KHDOZD\VHDWVZHOO
1REHEHPXFKRWDPSRFR 6KHGRHVQoWGULQNPXFKHLWKHU
£OKDFHHMHUFLFLRWRGDVODV +HGRHVH[HUFLVHHYHU\
PRUQLQJ
PDËDQDV
1RSDVDPXFKRWLHPSRFRQVX +HGRHVQoWVSHQGPXFKWLPH
ZLWKKLVIDPLO\
IDPLOLD
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
9HQDTXÇ\WU»HPHHVDFDUSHWD &RPHKHUHDQGEULQJPHWKDW
IROGHU
9HDOOÇ\OOÃYDOH DHOOD HVWDFRSD*RRYHUWKHUHDQGWDNHKHUWKLV
JODVVRIZLQH
GHYLQR
3RUTXÃOHWUDMLVWHFRQWLJR" :K\GLG\RXEULQJKLPZLWK
\RX"
DÃO
/OÃYDPHHVWDQRFKHD6DQ 7DNHPHWR6DQ)HUQDQGR
WRQLJKW
)HUQDQGR
3RUTXÃQRTXLHUHV :K\GRQoW\RXZDQWWRDQVZHU
PH"
FRQWHVWDUPH"
$TXÃKRUDVDOHHODYLÍQ" :KDWWLPHGRHVWKHSODQHOHDYH"
'HTXÃSXHUWDVDOH" :KDWJDWHGRHVLWOHDYHIURP"
&X»QWDVPDOHWDVWHQGU»V" +RZPDQ\VXLWFDVHVZLOO\RX
KDYH"
&X»QWRSXHGHSHVDUFDGDXQD" +RZPXFKFDQHDFKRQHZHLJK"
&X»OHVODKRUDHVWLPDGDGH :KDWoVWKHHVWLPDWHGODQGLQJ
WLPH"
DWHUUL]DMH"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
0HDOHJURGHTXHKD\DVYHQLGR ,oPJODG\RXFDPH
/OHYDPRVPXFKRWLHPSRVLQ :HKDYHQoWVHHQ\RXURXQG
KHUHIRUDORQJWLPH
YHUWHSRUDTXÇ
'ÍQGHKDVHVWDGRHVWRVÔOWLPRV:KHUHKDYH\RXEHHQWKHVH
ODVWIHZPRQWKV"
PHVHV"
3HQVDEDTXHWHKDEÇDVDOLVWDGR ,WKRXJKW\RXoGMRLQHGWKH
$UP\
HQHO(MÃUFLWR
3RUTXÃQRQRVOODPDVWH" :K\GLGQoW\RXFDOOXV"
3RUTXÃSLHQVDVGLPLWLU" :K\DUH\RXSODQQLQJWRUHVLJQ"
6HPHKDDJRWDGRODSDFLHQFLD ,oYHUXQRXWRISDWLHQFH
1RWRPDQHQVHULRPLV 7KH\GRQoWWDNHP\
VXJHUHQFLDV
VXJJHVWLRQVVHULRXVO\
1RPHGHMDQLQïXLUHQODSROÇWLFD7KH\GRQoWOHWPHLQðXHQFH
GHODHPSUHVD
FRPSDQ\SROLF\
1RORDJXDQWRP»V ,FDQoWWDNHDQ\PRUH
5DNH 5DVWULOOR
:KHHOEDUURZ &DUUHWLOOD
&RPSRVWKHDS /XJDUGRQGHVHDPRQ
WRQDQGHVHFKRVSDUDSUHSDUDUDERQR
/DZQPRZHU &RUWDFÃVSHG
)HUWLOL]HU $ERQR
9RFDEXODULR*DUGHQLQJ -DUGLQHUÇD
0LGGOH$GYDQFHG
'HEHUÇDVKDEHUPHDGYHUWLGR <RXVKRXOGKDYHZDUQHGPH
DERXWWKHGDQJHU
GHOSHOLJUR
0»VYDOHTXHWHPDUFKHVDKRUD<RXoGEHWWHUOHDYHQRZ
EHFDXVHRWKHUZLVHf
SRUTXHVLQR
0HHVW»VDPHQD]DQGR" $UH\RXWKUHDWHQLQJPH"
6ÍORVRQPLVFRQVHMRV\P»V ,WoVMXVWP\DGYLFHDQG\RXoG
EHWWHUIROORZLW
YDOHTXHORVVLJDV
|1RPHWUDWHVFRQ 'RQoWSDWURQLVHPH
FRQGHVFHQGHQFLD
)RU(QJOLVKVXSHUVWDUVRQO\
(VW»VHQODVQXEHV <RXKDYH\RXUKHDGLQWKH
FORXGV
9LYHVHQXQPXQGRGHHQVXHËR <RXOLYHLQDGUHDPZRUOG
(VWR\HQHOVÃSWLPRFLHOR ,oPRQFORXGQLQH
'LUÇDTXHWHIDOWDXQWRUQLOOR ,oGVD\\RXKDYHDVFUHZORRVH
|(VWDUFKDSDGRDODDQWLJXD <RXoUHDQROGIXGG\GXGG\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
3KUDVDO9HUE7R*URZ8S
:KDWoVJRLQJRQKHUH"
4XÃSDVDDTXÇ"
+HoVJRLQJRQVHYHQ
(VW»SUÍ[LPRDFXPSOLUORVVLHWHDËRV
+RZORQJKDVWKLVEHHQJRLQJRQ"
&X»QWRKDFHTXHSDVDHVWR"
+HKDVQRWKLQJWRJRRQ
1RWLHQHHQTXÃEDVDUODLQYHVWLJDFLÍQ
$VWLPHJRHVRQf
$PHGLGDTXHSDVDHOWLHPSR
,WoOOJURZRQ\RX
7HLU»JXVWDQGRFRQHOSDVRGHOWLHPSR
6LJQLîFDpFULDUVHqRpKDFHUVHPD\RUqHQHO
VHQWLGRGHpFRQYHUWLUVHHQDGXOWRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
&XDQGRPLKLMRVHDPD\RUTXLHUHVHUERPEHUR
|0LVKLMRVVHHVW»QKDFLHQGRPD\RUHVWDQU»SLGR
-DPHVVHFULÍHQHOVXUGH(VFRFLD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHUîQLVKDîUVWGLVFXVVLRQDERXW3HWHU)LHOGVDQGWKHQWZRGD\VODWHU
VWDUWDVHFRQGGLVFXVVLRQ GLVFXVVLRQ FRQYHUVDFLÍQ
&KDUOHV 6R\RXoUHJRLQJWRGLVPLVVWKHEHVWVDOHVPDQDJHUZHoYH
KDGLQRXUKLVWRU\MXVWEHFDXVHWKH%RVWRQ&RQVXOWLQJ
*URXSVD\VVR
6DUDK
+HoVQRWJRLQJWREHGLVPLVVHG+HoVVLPSO\JRLQJWREH
WUDQVIHUUHG EDFN WR KLV RULJLQDO IXQFWLRQV 'RQoW IRUJHW
WKDWKHoVDOVRWKHEHVWWUDLQLQJPDQDJHUZHoYHHYHUKDG
GLVPLVV GHVSHGLU
fVD\VVR DVÇORGLFH
WHUULïF JHQLDO
LQWKHïUVWSODFH HQSULPHUOXJDU
WREULQJLQ FRQWUDWDU XQFRQVXOWRU
&KDUOHV ,ZDVZLWK*HRUJH5RELQVRQWKLVPRUQLQJDQGKHVHHPV
WRDJUHHZLWKPHWKDW3HWHU)LHOGVLVGRLQJDWHUULïFMRE
DWRSFODVVSHUVRQ XQDSHUVRQDGHSULPHUD
6DUDK
FDOODPHHWLQJ FRQYRFDUXQDUHXQLÍQ
,W ZDV *HRUJHoV LGHD LQ WKH ïUVW SODFH WR EULQJ LQ WKH
%RVWRQ &RQVXOWLQJ *URXS ,WoV EHHQ KLV LGHD VLQFH WKH
EHJLQQLQJWRïQGDWRSFODVVSHUVRQIRUVDOHV
&KDUOHV :HOO,KDYHDIHHOLQJKHoVQRWVRFRQYLQFHGDQ\PRUH
0D\EHZHVKRXOGFDOODPHHWLQJRQWKLVVXEMHFWEHIRUH
LWoVWRRODWH
6DUDK
,KDYHDIHHOLQJ WHQJRXQSUHVHQWLPLHQWR
,oPZDUQLQJ\RX WHDGYLHUWR
DïQHMRE XQWUDEDMRH[FHOHQWH
,I\RXLQVLVWEXW,oP ZDUQLQJ \RXf3HWHU)LHOGVPD\EH
GRLQJDïQHMREQRZEXWWKLQJVDUHJRLQJWRJHWDORWPRUH
FRPSOLFDWHGLQWKHIXWXUHDQGZHKDYHWREHUHDG\IRULW
7KHIROORZLQJLVWKHEHJLQQLQJRIDVHFRQGFRQYHUVDWLRQEHWZHHQ&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHU
7ZRGD\VKDYHSDVVHGDQGWKHGLVFXVVLRQUHPDLQVFHQWHUHGRQWKHVXEMHFWRI3HWHU)LHOGV
&KDUOHV +L6DUDKKRZDUHWKLQJVJRLQJ"
KRZDUHWKLQJVJRLQJ" FÍPRYDQODVFRVDV"
6DUDK
KRZDERXW\RXUVHOI" <WÔTXÃWDO"
1RWWRREDG&KDUOHVKRZDERXW\RXUVHOI"
&KDUOHV 1RWWRREDGHLWKHU7HOOPHKDYH\RXVSRNHQWR*HRUJH
5RELQVRQVLQFHWKHODVWWLPHZHVSRNH"
KHoVKDYLQJVHFRQGWKRXJKWV OHHVW»QHQWUDQGRGXGDV
6DUDK
WRUXQ GLULJLU
<HVZHKDGDORQJWDONDIWHUOXQFK\HVWHUGD\,WKLQN
\RXoUHULJKW+HoVKDYLQJVHFRQGWKRXJKWVDERXWKLULQJ
VRPHRQHWRUHSODFH3HWHU)LHOGV,WVHHPV\RXoUHJRLQJ
WRJHW\RXUZD\DIWHUDOO
fJHW\RXUZD\ VDOLUWHFRQODWX\D
EHVLGHV DGHP»V
&KDUOHV /LVWHQ6DUDKDV,VDLGWKHRWKHUGD\,oPQRWQHFHVVDULO\
DJDLQVW ïQGLQJ D WRSFODVV YHWHUDQ WR UXQ WKH VDOHV
GHSDUWPHQW%XW,VLPSO\WKLQNLWoVDOLWWOHWRRHDUO\WR
PDNH VXFK DQ LPSRUWDQW GHFLVLRQ QRZ %HVLGHV ZH
FRXOGULVNORVLQJ3HWHU)LHOGVLIZHVXGGHQO\WUDQVIHUKLP
EDFNWR7UDLQLQJ
(VWLPDGRDPLJR\DOXPQR&RPSUÃKDFHPXFKRVDËRVXQDERODGHFULVWDOTXHGXUDQWHXQDÃSRFDLPSRUWDQWHGH
0»VSDODEUDV
PLYLGDPHD\XGÍEDVWDQWHDODKRUDGHYHUHOIXWXUR\DGDSWDUPLVDFWXDFLRQHVHQOÇQHDFRQORTXHODERODPH LQJOHVDVGHUDÇ]ODWLQD
SURQRVWLFDED6LQHPEDUJRKDFHXQRVÍDËRVQRWÃTXHODERODIXQFLRQDEDFDGDYH]SHRUIDOODQGRHQPXFKRV
(TXLW\
PRPHQWRVSRUORTXHIXLDXQRVJUDQGHVDOPDFHQHVSDUDLQIRUPDUPHVREUHODVQXHYDVJHQHUDFLRQHVGHERODVGH
(TXLYDOHQFH
FULVWDO0HGLMHURQTXH\DWHQÇDQHQVWRFNODQXHYDVHULH%TXHSURPHWÇDSUHGHFLUHOIXWXURFRQXQGH
(TXLYDOHQW
îDELOLGDG/RFRPSUÃDSHVDUGHOSUHFLRSDUDPÇGHVRUELWDGR\PHSXVHDSODQLîFDUODVHWDSDV\GHPLIXWXUR1R
(UD
VÃVLSRUPDODVXHUWHRSRUIDOORVHQODQXHYDWHFQRORJÇDODERODPHLQGLFDEDFRVDVTXHQRPHJXVWDEDQRTXH\RQR
(UDGLFDWH
TXHUÇDSHUVHJXLU$OFDERGHXQRVPHVHV\VREUHWRGRDLQVWDQFLDVGHPLPXMHUTXLHQFUHHP»VHQPÇTXH\RPLVPR
(UDGLFDWLRQ
GHFLGÇKDFHUFDVRRPLVRDODERODGHFULVWDO\FUHDU\RPLVPRPLIXWXUR<VDEHVXQDFRVD"(OSRGHUGHODPHQWH
(UJRQRPLF
FXDQGRVHFHQWUDHQDOJRVXSHUDFRQFUHFHVDODVERODVGHFULVWDOLQFOXVRDODVGHÔOWLPDJHQHUDFLÍQ7HORGLJRGH
(URVLRQ
WRGRFRUD]ÍQODPHMRUPDQHUDSDUDSUHGHFLUHOIXWXURHVFUH»QGRORWÔPLVPR<SXHGHVKDFHUORWH
(URWLF
(URWLFLVP
ORDVHJXUR9LVXDOL]DORVGLIHUHQWHVIXWXURVTXHTXLHUHVKDFHUUHDOLGDG\GHVSXÃVWUDEDMDDWRSHFRQ
(UUDWLF
SDFLHQFLD\EXHQDYROXQWDG\WHVRUSUHQGHU»VGHFX»QWRVGHHVRVIXWXURVTXHKDVYLVXDOL]DGRVHYDQ
(UURQHRXV
KDFLHQGRUHDOLGDG0HGLFHQTXHVR\LPSDUDEOHSHURORTXHQRVDEHQHVTXHWHQJRXQVHFUHWRfHO
(UURU
VHFUHWRDSUHQGLGRWUDVGHFLGLUDEDQGRQDUODLGHDGHODVXHUWH\GHODVERODVGHFULVWDO(VHVHFUHWRHV
HOSRGHUGHODGHWHUPLQDFLÍQ\ODIXHU]DGHYROXQWDG\P»VLPSRUWDQWHWRGDYÇDHOSRGHUGHODYLVLÍQ
5LFKDUG9DXJKDQ
\GHODDFWLWXGSRVLWLYD
/RZ%HJLQQHU
+LJK%HJLQQHU
(UHVPLDPLJR" $UH\RXP\IULHQG"
3RUTXÃHVW»HOODDTXÇFRQHOORV" :K\LVVKHKHUHZLWKWKHP"
1RHVW»QLQWHUHVDGRVHQOD $UHQoWWKH\LQWHUHVWHGLQ
PXVLF"
PÔVLFD"
3RUTXÃQRHVW»QFRQQRVRWURV" :K\DUHQoWWKH\ZLWKXV"
(VRHVWRGR" ,VWKDWHYHU\WKLQJ"
7HYDVDKRUD" $UH\RXJRLQJQRZ"
'ÍQGHYDHOOD" :KHUHoVVKHJRLQJ"
1RYDPRVFRQHOORV" $UHQoWZHJRLQJZLWKWKHP"
'ÍQGHYDHOODGHVSXÃVGHO :KHUHGRHVVKHJRDIWHU
VFKRRO"
FROHJLR"
1RYDÃODOPLVPRFROHJLRTXH 'RHVQoWKHJRWRWKHVDPH
VFKRRODVKHU"
HOOD"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
)XLVWHDVXERGD" GHHOORV 'LG\RXJRWRWKHLUZHGGLQJ"
&RQTXLÃQIXHÃO" :KRGLGKHJRZLWK"
,U»VVLQPÇ" :LOO\RXJRZLWKRXWPH"
3RUTXÃQRLU»VFRQPLJR" :K\ZRQoW\RXJRZLWKPH"
4XLÃQIXHDODFODVH" :KRZHQWWRWKHFODVV"
&X»QWRVIXHURQ" +RZPDQ\ZHQW"
+DLGRHOODDPLVDÔOWLPDPHQWH" +DVVKHJRQHWRPDVVODWHO\"
&X»QWDVYHFHVKDLGRÃOSDUD +RZPDQ\WLPHVKDVKHJRQH
WRVHHKHU"
YHUOD"
&RQTXÃIUHFXHQFLDKDVLGR" +RZRIWHQKDYH\RXEHHQ
JRLQJ"
3RUTXÃQRKHPRVLGRP»VD :K\KDYHQoWZHJRQHPRUH
RIWHQ"
PHQXGR"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
'ÍQGHLEDVFXDQGRWHYL" :KHUHZHUH\RXJRLQJZKHQ,
VDZ\RX"
$TXLÃQLEDVDYHU" :KRZHUH\RXJRLQJWRVHH"
+DEÇDLVLGRD5RPDDQWHVGH +DG\RXJRQHWR5RPHEHIRUH
\RXUKRQH\PRRQ"
YXHVWUDOXQDGHPLHO"
1RLEDDLUHOODFRQWLJRDO :DVQoWVKHJRLQJWRJRWKH
FRQFHUWZLWK\RX"
FRQFLHUWR"
3RUTXHQRIXHURQDQWHVGH :K\KDGQoWWKH\JRQHEHIRUH,
DUULYHG"
TXHOOHJDUD\R"
3RUTXÃQRLU»VDQRVHUTXH :K\ZRQoW\RXJRXQOHVVVKH
JRHV"
YD\DHOOD"
,UÇDVLQRHVWXYLHVHHQIHUPD" :RXOGVKHJRLIVKHZHUHQoWLOO"
'ÍQGHLUÇDPRVVLWXYLÃVHPRV :KHUHZRXOGZHJRLIZHKDG
WKHPHDQV"
ORVPHGLRV"
3RUTXÃHOODQRLUÇDVLVHOR :K\ZRXOGQoWVKHJRLI\RX
DVNHGKHU"
SLGLHVHV"
1RLUÇDQVLQRIXÃVHPRVFRQ :RXOGQoWWKH\JRLIZHGLGQoW
JRZLWKWKHP"
HOORV"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
3RUTXÃQRKDEUÇDVLGR" :K\ZRXOGQoW\RXKDYHJRQH"
+DEUÇDVLGRVLDOJXLHQWHOR :RXOG\RXKDYHJRQHLI
VRPHERG\KDGWROG\RX"
KXELHUDGLFKR"
1RKDEUÇDLGRQDGLHVLQR :RXOGQoWDQ\RQHKDYHJRQHLI
VKHKDGQoWJRQH"
KXELHUDLGRHOOD"
'ÍQGHKDEUÇDVLGRVLKXELHUDV:KHUHZRXOG\RXKDYHJRQHLI
\RXFRXOGKDYHJRQHDQ\ZKHUH"
SRGLGRLUDFXDOTXLHUVLWLR"
&UHHVTXHVLQRKXELÃVHPRV 'R\RXWKLQNLIZHKDGQoWJRQH
LGRQRKDEUÇDKDELGRXQDîHVWD" WKHUHZRXOGQoWKDYHEHHQD
SDUW\"
3DUDTXÃWRGDVHVWDVSUHJXQWDV" :KDWoVZLWKDOOWKHVHTXHVWLRQV"
(VWR\KDVWDODFRURQLOODGH ,oPVLFNDQGWLUHGRIWKLQNLQJ
SHQVDUWDQWR
VRPXFK
|'DPHXQUHVSLUR4XLHUHV" *LYHPHDEUHDNZLOO\RX"
6ÍORSUHWHQGRHFKDUWHXQFDEOH ,oPMXVWWU\LQJWRJLYH\RXD
KHOSLQJKDQG
(OLQWHUURJDWLYRHVFRPSOLFDGLOOR7KHLQWHUURJDWLYHLVWULFN\LW
|KDFHIDOWDSUDFWLFDUORPXFKR QHHGVWREHSUDFWLVHGDORW
0LFURVFRSH 0LFURVFRSLR
7HVW7XEH 3UREHWD
3HWUL'LVK 3ODFD
6OLGH 3RUWDREMHWRV
/DE5DW 5DWDGHODERUDWRULR
9RFDEXODULR/DERUDWRU\ /DERUDWRULR
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
+HFDPHRXWZLWKQRWKLQJRQ
|6DOLÍGHVQXGR
+HKHOGRQWRZLQ
$JXDQWÍORVÔOWLPRVPHWURVSDUDJDQDU
:KDWGR\RXKDYHRQXQGHUQHDWK"
4XÃOOHYDVGHEDMR"
+ROGRQWR\RXUMRE
1RSLHUGDVWXHPSOHR
+ROGRQ
|(VSÃUDWH
&DQ\RXKROGRQIRUDVHFRQG"
3XHGHVHVSHUDUXQPRPHQWR"
3HWHUoV3URPRWLRQ
&RPXQLFDFLÍQVRFLDOHOPXQGRGHO
IÔWERO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
|4XÃJROD]R
|(VRIXHXQDMXJDGDSUHFLRVD
(VRQRKDVLGRIXHUDGHMXHJR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKH+5PDQDJHUFRQWLQXHWKHLUGHEDWHRQWKHYDOXHRI3HWHU)LHOGVLQWKHRUJDQL]DWLRQ
6DUDK ,GRQoWWKLQN3HWHUZRXOGOHDYHWKHFRPSDQ\,WoVQRW WKDWHDV\ WDQI»FLO
WKDWHDV\WRïQGDMREQRZ
DVIDUDV,NQRZ TXH\RVHSD
&KDUOHV ,WKLQN\RXVKRXOGNQRZ6DUDKWKDWKHoVDOUHDG\EHHQ
RIIHUHGDMREDQGWKHVDODU\LVDOPRVWGRXEOH
6DUDK
'R\RXPHDQKHoVEHHQORRNLQJIRUDMRE"
&KDUOHV +HKDVQoWEHHQORRNLQJIRUDMRE+HZDVRIIHUHGRQH
E\-RKQ2OVRQ
6DUDK
-RKQ2OVRQ":K\ZRXOGKHRIIHU3HWHUDMRE"$V IDU DV ,
NQRZKHoVKDYLQJWURXEOHJHWWLQJKLVQHZEXVLQHVVJRLQJ
&KDUOHV 7KDWoVZK\KHQHHGV3HWHU)LHOGV+HQHHGVSHRSOHZLWK
GULYHDQGDPELWLRQDQG3HWHUoVMXVWWKHPDQKHQHHGV
%HVLGHVWKHLUZLYHVDUHJRRGIULHQGV'LGQoW\RXNQRZ
WKDW"
6DUDK
,KDGQRLGHD
&KDUOHV <RX VKRXOG NQRZ WKHVH WKLQJV <RXoUH WKH +5
PDQDJHU :KHQ , ZDV LQ \RXU SRVLWLRQ , PDGH VXUH ,
NQHZHYHU\WKLQJWKDWZDVJRLQJRQ
6DUDK
6RKHoVRIIHULQJ3HWHUEHWWHUPRQH\7KDWFRPSOLFDWHV
WKLQJV<RXNQRZZHoUHQRWLQDSRVLWLRQULJKWQRZWR
EHWRRJHQHURXV,IZHUDLVH3HWHUoVVDODU\WKHUHoOOEH
RWKHUPDQDJHUVNQRFNLQJRQP\GRRU
&KDUOHV , WKLQN ZH FDQ DIIRUG WR EH PRUH JHQHURXV QRZ
%XVLQHVVLVERRPLQJ
6DUDK
%XVLQHVVLVERRPLQJEXWRQPXFKWKLQQHUPDUJLQVWKDQ
EHIRUH /DVW \HDU ZDV WKH ZRUVW LQ UHFHQW KLVWRU\ DQG
ZHFDQoWVXGGHQO\VWDUWDFWLQJDVLIWKHUHFHVVLRQLVRYHU
%HVLGHV LI ZH VWDUW UDLVLQJ VDODULHV DW WKH PDQDJHPHQW
OHYHOZHoUHJRLQJWRKDYHWRGRWKHVDPHZLWKWKHZRUNHUV
:HDOUHDG\KDYHWKHKLJKHVWSDLGZRUNHUVLQWKHLQGXVWU\
KHoVKDYLQJWURXEOH OHHVW»FRVWDQGRWUDEDMR
JHWWLQJKLVQHZEXVLQHVVJRLQJ SRQHUHQPDUFKDVXQXHYR
QHJRFLR
GULYHDQGDPELWLRQ HPSXMH\GLQDPLVPR
+5 +XPDQ5HVRXUFHV
,PDGHVXUHWKDW PHDVHJXUÃGHTXH
UDLVH VXELU VHSURQXQFLDpUHLVq
WKHUHoOOEH KDEU»
ZHFDQDIIRUGWREH SRGHPRVSHUPLWLUQRVHOOXMRGHVHU
WKLQQHUPDUJLQV P»UJHQHVP»VHVWUHFKRV
LQGXVWU\ VHFWRU
FRPSHWLWLYHQHVV FRPSHWLWLYLGDG
NHHSLQJZDJHVWRDPLQLPXP PDQWHQHUORVVDODULRVDOPÇQLPR
IXOOFDSDFLW\ SOHQDFDSDFLGDG
VHULHV VHULH VLHPSUHFRQpVqDOîQDO
HDUO\oV DSULQFLSLRVGHORV
VFUHDPLQJIRU SLGLHQGRDJULWRV
XQLWPDUJLQV ORVP»UJHQHVSRUXQLGDGYHQGLGD
RYHU DORODUJRGH
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
(VSODQDGH
(UXGLWH
(VSUHVVR
(UXGLWLRQ
(VVHQFH
(UXSW
(VVHQWLDO
(UXSWLRQ
(VWDEOLVK
(VFDODWH
(VFDODWLRQ (VWDEOLVKPHQW
(VWHHP
(VFDODWRU
(VWLPDEOH
(VFDSDGH
(VWLPDWH
(VFDSH
(VWLPDWLRQ
(VNLPR
(VWURJHQ
(VRWHULF
(VWXDU\
(VRSKDJXV
(WFHWHUD
(VSHFLDOO\
(WHUQDO
5LFKDUG9DXJKDQ (VSLRQDJH
&KDUOHV 3URGXFWLYLW\DQGFRPSHWLWLYHQHVVDUHUHODWHGWRPRUH
WKLQJV WKDQ MXVW NHHSLQJ ZDJHV WR D PLQLPXP :LWK
SURGXFWLRQDWIXOOFDSDFLW\QRZZHFDQoWDIIRUGWRVWDUW
RQDQRWKHUORQJVHULHVRIVWULNHVOLNHLQWKHHDUO\oV
7KH DJHQWV DUH VFUHDPLQJ IRU PRUH SURGXFWV DQG ,oP
FRQYLQFHG WKDW XQLW PDUJLQV ZLOO JUDGXDOO\ LPSURYH
RYHUWKHQH[WWRPRQWKV
(VWLPDGRDPLJR\DOXPQR7RGDVODVPDËDQDVHPSLH]RXQSURJUDPDGHUDGLRDODVGHODPDËDQD
9R\DODHPLVRUDHQFRFKH\DSDUFRHQODFDOOHDXQRVPHWURVGHGLVWDQFLDORFXDOPHREOLJDDFUX]DU
XQSDUTXHFRQPXFKDWLHUUD\SRFRDVIDOWR'HFDGDFLQFRRGLH]YHFHVTXHFUX]RHOSDUTXHWRGDYÇDHQOD
RVFXULGDGGHODPDGUXJDGDHOTXLRVTXHURFHUFDQRPHYHVHQWDUPHHQXQEDQFR\TXLWDUPHXQ]DSDWR
SDUDVDFDUXQDFKLQD'HVSXÃVPHOHYDQWR\VLJRFRQSDVRîUPHKDVWDODSXHUWD
GHODHPLVRUD/RTXHHOTXLRVTXHURQRYHVLQHPEDUJRVRQODVPLOHVGHYHFHV
TXHPHSDURFDGDDËRSDUDVDFDUXQDFKLQDGHPLFDPLQRSURIHVLRQDORSVLFR
OÍJLFR/DYLGDHVW»OOHQDGHREVW»FXORVWDQWRVTXHPHJXVWDOODPDUODpORVWUHV
PLOPHWURVREVW»FXORVqHQKRQRUDODSUXHEDROÇPSLFD3HURORVREVW»FXORVVH
VRUWHDQ\ODVFKLQDVVHTXLWDQ(VQHFHVDULRVLXQRTXLHUHDQGDUUHFWR\FRQSDVR
îUPH3HURFXULRVDPHQWHPHGDODLPSUHVLÍQGHTXHPXFKRVSUHîHUHQSDUDUR
DFKLFDUVHDQWHORVREVW»FXORVRGHMDUODFKLQDHQVX]DSDWRVLQEXVFDUUHPHGLR
3UHîHUHQGHVDUUROODUXQDFRMHUDFÍPRGDTXHPROHVWDUVHHQVHQWDUVHDUHVROYHU
HOSUREOHPDRTXLWDUHOREVW»FXOR&DPLQDVUHFWR\FRQSDVRîUPHR\DWHKDV
DFRVWXPEUDGRDODFKLQD\DFRPRGDGRDXQDFRMHUD"
/RZ%HJLQQHU
+LJK%HJLQQHU
0LFRFKHHVHOPHMRU 0\FDULVWKHEHVW
7XUHVSXHVWDHVODSHRU <RXUDQVZHULVWKHZRUVW
(VWRVUHVXOWDGRVVRQPHMRUHV 7KHVHUHVXOWVDUHEHWWHU
(VRVSHUURVHVW»QVXFLRV 7KRVHGRJVDUHGLUW\
/RVFDEDOORVVRQKHUPRVRV +RUVHVDUHEHDXWLIXO
'HTXLÃQVRQÃVWRV" :KRVHDUHWKHVH"
6RQQXHVWURV 7KH\oUHRXUV
(VW»VVHJXURGHTXHVRQ $UH\RXVXUHWKH\oUHRXUV"
QXHVWURV"
3RUVXSXHVWRTXHVÇ 2IFRXUVH,DP
3RUTXÃQRPHFUHHV" :K\GRQoW\RXEHOLHYHPH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XÃHVW»LVDSUHQGLHQGR" :KDWDUH\RXOHDUQLQJ"
(VWDPRVDSUHQGLHQGRDQDGDU :HoUHOHDUQLQJKRZWRVZLP
1RVDEÃLVQDGDU" 'RQoW\RXNQRZKRZWRVZLP"
1DGLHQRVHQVHËÍDKDFHUOR 1RERG\WDXJKWXVKRZWRGRLW
3HURWHQÃLVFXDUHQWDDËRV %XW\RXoUHIRUW\\HDUVROG
)XHWDQDEXUULGDTXHPH ,WZDVVRERULQJWKDW,OHIWWKH
PDUFKÃGHOFLQH
FLQHPD
&ÍPRVHOODPDEDODSHOÇFXOD" :KDWZDVWKHQDPHRIWKHïOP"
)XHWDQPDODTXHQLPH ,WZDVVREDGWKDW,FDQoWHYHQ
DFXHUGR
UHPHPEHU
7HDFXHUGDVGHTXÃ 'R\RXUHPHPEHUZKDW
QDFLRQDOLGDGHUD"
QDWLRQDOLW\LWZDV"
6LQRPHHTXLYRFRFUHRTXHHUD ,I,oPQRWPLVWDNHQ,WKLQNLW
MDSRQHVD
ZDV-DSDQHVH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
2\HVHVR" &DQ\RXKHDUWKDW"
6LRLJRTXÃ" ,I,FDQKHDUZKDW"
1RR\HVHVDFDQFLÍQ" &DQoW\RXKHDUWKDWVRQJ"
0HUHFXHUGDDPLLQIDQFLD ,WUHPLQGVPHRIP\FKLOGKRRG
1RPHGLFXHQWDTXHHUDVWDQ ,GLGQoWUHDOLVH\RXZHUHWKDWROG
YLHMR
(VW»VRQDQGRHOWHOÃIRQR 7KHWHOHSKRQHLVULQJLQJ
/OHYDWRGRHOGÇDVRQDQGR ,WoVEHHQULQJLQJDOOGD\
&RMHHOWHOHIÍQRTXLHUHV" $QVZHUWKHSKRQHZLOO\RX"
3RUTXÃTXLHUHVTXHORFRMD\R" :K\GR\RXZDQWPHWRJHWLW"
4XLÃQFUHHVTXHHVHOMHIHDTXÇ" :KRGR\RXWKLQNWKHERVVLV
KHUH"
6WHDP5RRP %DËRWXUFR
+RW7XE %DËHUDFRPXQLWDULD
XWLOL]DGDFRPRPÃWRGRGHUHOD[
6KRZHUV 'XFKDV
6DXQD 6DXQD
3RRO 3LVFLQD
9RFDEXODULR6SD %DOQHDULR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
+DOOHJDGRODKRUDGHWRPDU 7KHWLPHKDVFRPHWRPDNHD
XQDGHFLVLÍQ
GHFLVLRQ
2MDO»WXYLHVHPRVP»V ,ZLVKZHKDGPRUH
LQIRUPDFLÍQ
LQIRUPDWLRQ
&ÍPRFDPELDUÇDHVROD +RZZRXOGWKDWFKDQJHWKH
VLWXDFLÍQ"
VLWXDWLRQ"
$OPHQRVQRVVHQWLUÇDPRVP»V $WOHDVWZHoGIHHOPRUH
WUDQTXLORV
UHDVVXUHG
3XHGHTXHWHQJDVUD]ÍQ <RXPLJKWEHULJKW
(QUHVXPLGDVFXHQWDVHVWR\ ,QVKRUW,DJUHH
GHDFXHUGR
&RUWDURQODUHXQLÍQDQWHVGH 7KH\FXWWKHPHHWLQJVKRUW
ORSUHYLVWR
4XLÃQOOHYDODYR]FDQWDQWH :KRFDOOVWKHVKRWVKHUH"
DTXÇ"
/HJXVWDSUHVXPLUGHVXQXHYD +HOLNHVWRVKRZRIIKLVQHZ
QRYLD
JLUOIULHQG
'ÃMHPHTXHOHGÃXQFRQVHMR /HWPHJLYHKLPDSLHFHRIDGYLFH
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
,QJOÃVDOWHOÃIRQR
,NHHSRQIRUJHWWLQJWRWHOOWKHP
6LHPSUHVHPHROYLGDGHFÇUVHOR
+HNHSWRQFDOOLQJGHVSLWHP\ZDUQLQJV
6LJXLÍOODPDQGRDSHVDUGHPLVDGYHUWHQFLDV
,I\RXNHHSRQOLNHWKDW,oOOOHDYH
6LVLJXHVDVÇPHPDUFKDUÃ
/HDGRQ
$GHODQWH7HVLJR
<RXVKRXOGNHHS\RXUJORYHVRQ
1RGHEHUÇDVTXLWDUWHORVJXDQWHV
6KHoVOHDGLQJ\RXRQ
(OODWHHVW»HQJDWXVDQGR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
+RODKDEORFRQ-RKQVWRQoV2IîFH)XUQLVKLQJV"
+RODQHFHVLWRPRQWDUXQGHVSDFKRHQ/RQGUHV
(VSDUDPLMHID7UDEDMDDFWXDOPHQWHGHVGH
(VSDËD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKH+5PDQDJHUJRRQWRWDONDERXWDQXSFRPLQJPDQDJHPHQWPHHWLQJ
6DUDK
+RZ FDQ ZH LPSURYH PDUJLQV LI ZH VWDUW UDLVLQJ
HYHU\RQHoV SD\" ,oG ORYH WR HDUQ PRUH VWDUWLQJ
WRPRUURZ,oYHJRWDQHZ\HDUPRUWJDJHWRSD\RII
,oPVXUHWKH(XURSHDQ2IïFHZRXOGEHGHOLJKWHGLIZH
GHFLGHGWRPDNHRXUVHOYHVWKHULFKHVWPDQDJHUVLQWKH
LQGXVWU\
&KDUOHV :KDWoVWKLVDERXWDPRUWJDJH"+DYH\RXERXJKWDQHZ
KRXVH"
6DUDK
<HVLWoVXQGHUFRQVWUXFWLRQQRZ
6DUDK
'RQoW \RX NQRZ 3DUNLQVRQoV /DZV" 2QH RI WKHP VD\V
WKDW LQ D ERDUG PHHWLQJ WKH OHQJWK DQG LQWHQVLW\
RI GLVFXVVLRQ LV DOZD\V LQ LQYHUVH SURSRUWLRQ WR WKH
LPSRUWDQFHRIWKHVXEMHFW
&KDUOHV ,GRQoWZDQWWRVSHQGWZRKRXUVWDONLQJDERXWFRIIHH
PDFKLQHV:HKDYHPRUHLPSRUWDQWWKLQJVWRGLVFXVV
DQG,oOOPDNHVXUHZHJHWWRWKHP
6DUDK
*RRGOXFN
&KDUOHV ,oOOQHHGLWfDQGVRZLOO3HWHU)LHOGV
&KDUOHV :KHUHDUH\RXEXLOGLQJ"
6DUDK
1RWIDUIURP\RXUSODFHfLQ5R\DO2DNV
PRUWJDJH KLSRWHFD
&KDUOHV 5R\DO 2DNV" :RZ <RXoUH UHDOO\ PRYLQJ XS LQ WKH
ZRUOG
ZRXOGEHGHOLJKWHG HVWDUÇDHQFDQWDGD
6DUDK
JURZQXS LQGHSHQGLHQWHV KLMRV
1RZ WKDW WKH NLGV DUH JURZQ XS ZH FDQ ïQDOO\ EX\
WKH KRXVH RI RXU GUHDPV %XW ZHoUH JHWWLQJ RII RQ D
WDQJHQW5DLVLQJVDODULHVQRZZLOORQO\EULQJSUREOHPV
DQGWKH(XURSHDQ2IïFHZLOOFXWRXUWKURDWV
&KDUOHV :HOO LWoV D ZDVWH RI WLPH WR WDON DERXW LW QRZ ,oP
VXUHLWZLOOFRPHXSLQWKHPDQDJHPHQWPHHWLQJQH[W
0RQGD\ ,Q DQ\ FDVH WKH TXHVWLRQ DERXW 3HWHU )LHOGV
ZRUULHVPH,oPJRLQJWRPDNHVXUHLWoVLQFOXGHGLQWKH
DJHQGDIRUWKHPHHWLQJ
6DUDK
,W ZLOO SUREDEO\ EH D SUHWW\ VKRUW PHHWLQJ 7KHUH DUH
RQO\ WZR SRLQWV RQ WKH RUGHU RI EXVLQHVV D URRI IRU
WKHFRPSDQ\SDUNLQJORWDQGWKHLQVWDOODWLRQRIFRIIHH
PDFKLQHVLQWKHIDFWRU\
SODFH FDVD FRORTXLDO
JHWWLQJRIIRQDWDQJHQW VDOLÃQGRQRVSRUODWDQJHQWH
ZLOOFXWRXUWKURDWV QRVFRUWDU»QHOFXHOOR
ZDVWHRIWLPH SÃUGLGDGHWLHPSR
LWZLOOFRPHXS VDOGU» HOWHPD
SUHWW\VKRUW EDVWDQWHFRUWD
RUGHURIEXVLQHVV RUGHQGHOGÇD
ERDUGPHHWLQJ UHXQLÍQGHFRQVHMR
DQGVRZLOO3HWHU)LHOGV \3HWHU)LHOGVWDPELÃQ
&KDUOHV ,WVRXQGVOLNHDQLPSRUWDQWPHHWLQJ7KDWoVW\SLFDORI
*HRUJH5RELQVRQfZHDOZD\VHQGXSWDONLQJDERXWWKH
PRVWLQVLJQLïFDQWWKLQJV
0»VSDODEUDVLQJOHVDV
GHUDÇ]ODWLQD
(WHUQLW\
(WKDQRO
(WKLF
(WKLFDO
(WKLFV
(WKQLF
(WKQRORJ\
(WLTXHWWH
(W\PRORJLVW
(W\PRORJ\
(XFDO\SWXV
(XFKDULVW
(XQXFK
(XSKHPLVP
(XSKHPLVWLF
(XSKRULD
(XSKRULF
(XWKDQDVLD
(YDFXDWH
(YDFXDWLRQ
(YDFXHH
(YDGH
(YDOXDWH
(YDOXDWLRQ
(YDQJHOLFDO
(YDQJHOLVW
(YDSRUDWH
(YDVLRQ
(YDVLYH
(YHQW
(YHQWXDO
(YHQWXDOO\
eUDVH XQD YH] KDFH PXFKRV DxRV XQ YLDMHUR TXH FDPLQDED SRU XQ VHQGHUR GH OD HVWHSD UXVD $OOt ODV
GLVWDQFLDVVRQODUJDV\HOKRPEUHHVWDEDXQSRFRFDQVDGR\QRVDEtDFXiQWROHTXHGDEDSDUDHOSXHEOR
VLJXLHQWH$OVDOLUGHXQDFXUYDHQHOFDPLQRGLYLVyDXQYLHMRKRPEUHGHODEUDQ]DWUDEDMDQGRHQXQFDPSR
VHPEUDGR(OYLDMHURSDUy\OHSUHJXQWR´3HUGRQH¢PHSRGUtDGHFLUFXiQWRWLHPSRGHFDPLQRPHTXHGD
SDUDHOSUy[LPRSXHEOR"µ(OVHxRUGHOFDPSROHYDQWyXQSRFRODFDEH]DSHURQRUHVSRQGLyYROYLHQGRD
VXWUDEDMR´3HUGRQHµUHSLWLyHOYLDMHUR´¢6HUtDWDQDPDEOHGHLQGLFDUPHHOWLHPSRTXHPHTXHGDSDUD
OOHJDU DO SXHEOR"µ 2WUD YH] XQD PLUDGD VLOHQFLRVD $QWH HVWR HO YLDMHUR VH HQFRJLy GH KRPEURV \ YROYLy
D HPSUHQGHU VX PDUFKD7UDV FXEULU XQRV PHWURV GH FDPLQR HO FDPSHVLQR OH
JULWyDSOHQRSXOPyQ´7UHVFXDUWRVGHKRUDµ6RUSUHQGLGR\XQSRFRH[WUDxDGRHO
YLDMHURVHYROYLyKDFLDHOKRPEUH´'tJDPHOHSUHJXQWpGRVYHFHVDQWHVVLQTXHPH
GLMHUDQDGD¢3RUTXpPHORGLFHDKRUD"µ(OFDPSHVLQROHUHVSRQGLy´(VTXHDQWHV
QRKDEtDYLVWRODYHORFLGDG\ORQJLWXGGHVXV]DQFDGDVµ(VWLPDGRDPLJR\DOXPQR
HOWLHPSRTXHYD\DVDWDUGDUHQKDFHUWHFRQXQEXHQQLYHOGHLQJOÃVGHSHQGHU»
HQJUDQPHGLGDGHODYHORFLGDG\ORQJLWXGGHWXV]DQFDGDV+D\PXFKDîORVRIÇD
EXHQDHQFHUUDGDHQODH[SUHVLÍQHVSDËRODpSLVDQGRIXHUWHq/RTXHFRQVLJDVHQ
ODYLGD\HVSHURFRQHOLQJOÃVWHQGU»XQDFRUUHODFLÍQPX\HVWUHFKDFRQHOWLQR\
DFLHUWRGHWXV]DQFDGDV$FDPLQDU
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
/RVLHQWRQRHQWLHQGR ,oPVRUU\,GRQoWXQGHUVWDQG
+DEODXVWHGHVSDËRO" 'R\RXVSHDN6SDQLVK"
6ÍORKDEORXQSRFRGHLQJOÃV ,RQO\VSHDNDOLWWOH(QJOLVK
3XHGHVUHSHWLUORSRUIDYRU" &DQ\RXUHSHDWWKDWSOHDVH"
3XHGHKDEODUP»VGHVSDFLR &DQ\RXVSHDNPRUHVORZO\
SRUIDYRU"
SOHDVH"
&ÍPRVHGHOHWUHDHVR" +RZGR\RXVSHOOWKDW"
4XÃVLJQLîFD´IDUWµ" :KDWGRHVpIDUWqPHDQ"
(VWR\DSUHQGLHQGRLQJOÃVHQ ,DPOHDUQLQJ(QJOLVKDWWKH
PRPHQW
HVWHPRPHQWR
'ÍQGHHVW»VHVWXGLDQGR" :KHUHDUH\RXVWXG\LQJ"
9R\D9DXJKDQ6\VWHPV ,JRWR9DXJKDQ6\VWHPV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
6RQEXHQRV" $UHWKH\JRRG"
6RQORVPHMRUHV 7KH\oUHWKHEHVW
3LHQVRHVWXGLDULQJOÃVHQHO ,oPWKLQNLQJDERXWVWXG\LQJ
(QJOLVKLQWKHDXWXPQ
RWRËR
3RUTXÃYDVDHVSHUDUWDQWR" :K\DUH\RXJRLQJWRZDLWVR
ORQJ"
7HORGLUÃPDËDQD ,oOOWHOO\RXWRPRUURZ
3RUTXÃQRPHORSXHGHVGHFLU :K\FDQoW\RXWHOOPHQRZ"
DKRUD"
3RUTXHQDGLHORVDEHWRGDYÇD %HFDXVHQRERG\NQRZVDERXW
LW\HW
'HTXÃGHPRQLRVHVW»V :KDWRQHDUWKDUH\RXWDONLQJ
DERXW"
KDEODQGR"
1RHVTXHQRTXLHURGHFÇUWHOR ,WoVQRWWKDW,GRQoWZDQWWRWHOO
\RX
(VTXHQRSXHGRHVXQVHFUHWR ,WoVWKDW,FDQoWWHOO\RXLWoVD
VHFUHW
%DWRQ %DVWÍQ
'DQFHUV %DLODULQHV
&RVWXPH 'LVIUD]
)ORDW &DUUR]D
&RQIHWWL &RQIHWL
9RFDEXODULR&DUQLYDO &DUQDYDO
+LJK,QWHUPHGLDWH
|1RPHGLJDVTXHOD&,$WHKD 'RQoWWHOOPHWKDWWKH&,$KDV
KLUHG\RX
FRQWUDWDGR
7HFUHHVJUDFLRVRQR" <RXWKLQN\RXoUHIXQQ\GRQoW
\RX"
1RSUHWHQGRVHUJUDFLRVR ,oPQRWWU\LQJWREHIXQQ\
1RGHEHUÇDVVHUHOSULPHURHQ <RXVKRXOGQoWEHWKHïUVWWR
KHDUP\VHFUHW
RÇUPLVHFUHWR
7HSDVDDOJRPDOR" ,VWKHUHDQ\WKLQJZURQJZLWK
\RX"
/RZ$GYDQFHG
|3RUVXSXHVWRTXHQR 2IFRXUVHWKHUHLVQoW
(QWRQFHVSRUTXÃWDQWR :KDWoVDOOWKHP\VWHU\DERXW"
PLVWHULR"
'HEHUÇDGHFÇUVHORSULPHURDPL ,VKRXOGWHOOP\KXVEDQGïUVW
PDULGR
|<DORKHSLOODGR ,oYHJRWLWQRZ
1RGHEHUÇDKDEHUHPSH]DGRD ,VKRXOGQoWKDYHVWDUWHG
WDONLQJWR\RX
KDEODUFRQWLJR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
|7UDQTXLOD &DOPGRZQ
3HUGÍQDPHHVWR\XQSRFR )RUJLYHPH,oPDOLWWOHHGJ\
FULVSDGD
+HDYHULJXDGRWXVHFUHWR ,oYHZRUNHG\RXUVHFUHWRXW
<DPHORVXSRQÇD ,JXHVVHGDVPXFK
%XHQROLVWLOORGLPHFX»OHVPL $OULJKWNQRZLWDOOWHOOPH
ZKDWP\VHFUHWLV
VHFUHWR
4XHGDQQXHYHPHVHVDQWHV 7KHUHDUHQLQHPRQWKVOHIW
GHTXHVHDRWRËR
EHIRUHLWoVDXWXPQ
4XÃLQVLQXDV" :KDWDUH\RXJHWWLQJDW"
(VW»VHPEDUD]DGDQR"|9DVD <RXoUHSUHJQDQWDUHQoW\RX"
WHQHUXQEHEÃ
<RXoUHJRLQJWRKDYHDEDE\
1RHUHVWDQERERFRPRSDUHFHV <RXoUHQRWDVGXPEDV\RX
ORRN
(VSHUHPRVTXHHOEHEÃQR /HWoVKRSHWKHEDE\GRHVQoW
LQKHULW\RXUFKDUP
KHUHGHWXVLPSDWÇD
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
7RPDNHDPHVVRIVRPHWKLQJ
'RQoWOHWRQWKDW\RXNQRZPH
4XHQRVRVSHFKHQTXHPHFRQRFHV
<RXoYHSXWRQVRPHZHLJKWODWHO\
+DVHQJRUGDGRÔOWLPDPHQWH
3XWRQ\RXUVRFNV
3RQWHORVFDOFHWLQHV
'RQoWSXWRQDVDGIDFH
1RPHSRQJDVFDUDWULVWH
+HKDGWRSXWRQWKHEUDNHVTXLFNO\
7XYRTXHIUHQDUU»SLGDPHQWH
5HDGRQ
6LJXHOH\HQGR
6LJQLîFDpHQVXFLDUqpKDFHUDOJRPX\PDOqR
LQFOXVRpDUUXLQDUDOJRq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(OODKDDUUXLQDGRVXYLGDSRUFRPSOHWR
3RUTXÃVLHPSUHKDFHVODVFRVDVPDO"
6LQRHQVD\DVWHVDOGU»PDOHOGLVFXUVR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
7KHPDQDJHPHQWPHHWLQJEHJLQVZLWKWKHîUVWLWHPRQWKHDJHQGDDURRIIRUWKHRXWGRRUSDUNLQJORW
*HRUJH :HOO OHWoV FDOO WKH PHHWLQJ WR RUGHU 6DUDKoV QRW KHUH
\HW EXW , WKLQN ZH FDQ JR DKHDG DQG VWDUW7KHUH DUH
WZRSRLQWVRQWKHDJHQGDIRUWRGD\7KHïUVWRQHKDV
WR GR ZLWK D URRI IRU WKH SDUNLQJ ORW -RH JLYH XV DQ
XSGDWHRQ\RXUSURJUHVV
-RH
:HOOZHoYHUHFHLYHGIRXUHVWLPDWHVDQGWKHSULFHVYDU\
TXLWHDELW7KHFKHDSHVWLVOHVVWKDQWKHUHVW
*HRUJH :KDWFRPSDQ\LVWKDW"
-RH
3HUNLQV (QJLQHHULQJ :HoYH QHYHU ZRUNHG ZLWK
WKHP EHIRUH EXW WKH IHOORZ , WDONHG WR PDGH D JRRG
LPSUHVVLRQ RQ PH , FRQWDFWHG D FRXSOH RI ïUPV WKDW
KDYHXVHGWKHLUVHUYLFHVDQGWKH\KDGQRFRPSODLQWV
*HRUJH :KDWoVWKHLUTXRWH"
-RH
*HRUJH (YHQWKRXJKWKH\oUHWKHFKHDSHVWLWVWLOOVHHPVOLNHD
ORW RI PRQH\ WR PH :HoYH JRWWHQ E\ ïQH ZLWKRXW D
URRIRQWKHSDUNLQJORWIRU\HDUV:K\GRZHQHHGWR
VSHQGQRZ"
-RH
:HoYHEHHQWDONLQJDERXWWKLVVXEMHFWIRU\HDUV,oPWLUHG
RI KHDULQJ HYHU\ERG\ FRPSODLQ DERXW WKHLU FDUV LQ WKH
VXPPHU0\FDUoVOLNHDQRYHQZKHQ,JHWLQDQG,FDQoWWRXFK
WKHVWHHULQJZKHHOIRUWKHïUVWWKUHHRUIRXUPLQXWHV
&KDUOHV /LVWHQIHOORZVZHoYHJRQHRYHUWKLVEHIRUH7KHGHFLVLRQ
ZDVPDGHWREXLOGWKHURRIDQGOHWoVJRDKHDGZLWKLW
7HOOPH-RHZKDWWLPHIUDPHDUHZHWDONLQJDERXW"
-RH
3HUNLQVVD\VWKH\FDQGRLWLQGD\VJLYHRUWDNHDIHZ
&KDUOHV +RZVRRQFRXOGWKH\VWDUW"
-RH
&KDUOHV :HOO ,oP LQ IDYRXU RI VWDUWLQJ ULJKW DZD\ &DQ WKH\
ZRUNWKURXJKWKH&KULVWPDVEUHDN"
-RH
7KH\oOOKDYHWRLI,JLYHWKHPWKHMRE
*HRUJH :HOOLIWKH\FDQJHWVWDUWHGLPPHGLDWHO\,oGVD\OHWoV
JLYHWKHFRQWUDFWWR3HUNLQV$Q\REMHFWLRQV"2ND\-RH
LWoV\RXUEDE\+DYHWKHPVWDUWULJKWDZD\RQLW
FDOOWKHPHHWLQJWRRUGHU HPSH]DUODUHXQLÍQ
KDVWRGRZLWK WLHQHTXHYHUFRQ
JLYHXVDQXSGDWH SRQQRVDOFRUULHQWH
HVWLPDWHV SUHVXSXHVWRV
PDGHDJRRGLPSUHVVLRQRQPH PHFDXVÍXQDEXHQDLPSUH
VLÍQ
TXRWH SUHFLRRIHUWDGR
ZHoYHJRWWHQE\ QRVKHPRVDSDËDGR
RYHQ KRUQR
VWHHULQJZKHHO YRODQWH
ZHoYHJRQHRYHUWKLV KHPRVYXHOWRVREUHHVWHWHPD
OHWoVJRDKHDGZLWKLW VLJDPRVDGHODQWHFRQHOOR
WLPHIUDPH SOD]RGHWLHPSR
JLYHRUWDNHDIHZ P»VRPHQRV
KRZVRRQ" &X»QGR"
JHWVWDUWHG HPSH]DU
LWoV\RXUEDE\ DGHODQWHFRQHOHQFDUJR
$VVRRQDVZHWHOOWKHPWR
(VWLPDGR DPLJR \ DOXPQR $XQTXH QR VR\ XQ DVLGXR OHFWRU GH SUHQVD VÇ KDEUÃ KRMHDGR I»FLOPHQWH XQRV WUHV PLO SHULÍGLFRV HQ
PLYLGD$OJXQDVSHUVRQDVHPSLH]DQSRUHOSULQFLSLROH\HQGRORVWLWXODUHVPLHQWUDVTXHRWURVFRPLHQ]DQGHVGHODÔOWLPDS»JLQD
DYDQ]DQGRHQVHQWLGRFRQWUDULR'HVGHTXHWHQÇDDËRV\\DHPSH]DEDDKRMHDUORVSHULÍGLFRVPLFDVRKDVLGRGLIHUHQWH6LHPSUH
HPSLH]RSRUODVHFFLÍQGHSRUWLYD'HGLTXÃPXFKRVDËRVGHPLQLËH]\DGROHVFHQFLDDOGHSRUWHGHFRPSHWLFLÍQ\HUDOÍJLFRHQHVRV
DËRVTXHGHYRUDVHODVHFFLÍQGHSRUWLYDVLQDSHQDVPLUDUHOUHVWR0LLQWHUÃVHVWDEDHQORVORJURVGHPLVGHSRUWLVWDVIDYRULWRV3HURKR\
KDJRORPLVPRDSHVDUGHWHQHUPHQRVLQWHUÃVHQHOGHSRUWH/RKDJRSRUTXHODVHFFLÍQGHSRUWLYDHVODÔQLFDTXHUHDOPHQWHHOHYDDO
KRPEUH$OOÇHQFRQWUDU»VVXVORJURVVXVKD]DËDVf\QRVXVGHIHFWRVQLVXDYDULFLDQLVXLQGLIHUHQFLDQLVXSHTXHËH]GHHVSÇULWXQL
VXHVWUHFKH]GHPLUDV$GPLUDUHOKDWWULFNGHXQIXWEROLVWDPHHOHYDPXFKRP»VODPRUDOTXHHQWHUDUPHGHODV
SHOHDV\GLVFXVLRQHVGHSROÇWLFRV\FDUJRVSÔEOLFRV/RVR\HQWHVGH9DXJKDQ5DGLRQRVSLGHQGHYH]HQFXDQGR
TXHDGHP»VGHHQVHËDULQJOÃVSRUODVRQGDVRIUH]FDPRVXQUHVXPHQGHODVQRWLFLDV\VLHPSUHPHQLHJR+DFH
DËRVHVWXGLÃODKLVWRULDGHORVÔOWLPRVFLHQDËRVGHOD5HSÔEOLFDURPDQDGHVGHORVKHUPDQRV*UDFFKLKDVWDOD
PXHUWHGH0DUFR$QWRQLR\&OHRSDWUD$OOHHUDOJXQDVDFWDVGHODVVHVLRQHVGHO6HQDGRGH5RPDPHSDUHFÇDRÇUD
ORVSDUODPHQWDULRVGHKR\HQGÇD0HGÇFXHQWDTXHODVQRWLFLDV\ODSROÇWLFDVRQVLPSOHPHQWHXQUHïHMRGLDULRGH
ODFRQGLFLÍQKXPDQD/RVRGLRV\ODSRODUL]DFLÍQHYLGHQWHVHQOD5HSÔEOLFDURPDQDVHLQWHUSUHWDQîHOPHQWHKR\
DXQTXHFRQGLIHUHQWHVQRPEUHV\DSHOOLGRV0X\SRFRKDFDPELDGRVDOYRHQODFDQDOL]DFLÍQGHORVVXHËRVGHORV
KRPEUHV+R\ODSRVLELOLGDGSDUDTXHXQDSHUVRQDQRUPDOUHDOLFHVXVVXHËRVHVLQîQLWDPHQWHPD\RUTXHKDFH
GRVPLODËRV\HVWRHPSLH]DSULPHURSRUWHQHUXQVXHËR\VHJXQGRSRUGRWDUWHGHODFDSDFLGDGSDUDKDFHUOR
UHDOLGDG(PSLH]DSRUWXSURSLDSUHSDUDFLÍQ\WXSURSLDIXHU]DGHYROXQWDG<HQHOSURFHVRKD]WHFRQPLLGLRPD
7HD\XGDU»HQRUPHPHQWHHQODUHDOL]DFLÍQGHWXVVXHËRV
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
'ÍQGHHVW»VXRîFLQD" GHHOOD :KHUHoVKHURIïFH"
(VW»FHUFDGHPLWLHQGD" ,VLWQHDUP\VKRS"
1RHVW»OHMRVGHWXWLHQGD 1RLWoVIDUIURP\RXUVKRS
(VW»VFRQWHQWRDOOÇ" $UH\RXKDSS\WKHUH"
6ÇFUHRTXHVÇ <HV,WKLQNVR
7HQJRFDORU ,oPKRW
7LHQHQIUÇR" $UHWKH\FROG"
&X»QWRVDËRVWHQÃLV" +RZROGDUH\RX"
7HQHPRVVXHËR :HoUHVOHHS\
1RWHQJDVPLHGR 'RQoWEHDIUDLG
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
/XFKÍHQOD6HJXQGD*XHUUD +HIRXJKWLQWKHVHFRQGZRUOG
ZDU
0XQGLDO
&RJÇXQWD[L ,FDXJKWDWD[L
£OORFRPSUÍHQ6XL]D +HERXJKWLWLQ6ZLW]HUODQG
7UDMHURQFLQFRERWHOODVDODîHVWD 7KH\EURXJKWïYHERWWOHVWR
WKHSDUW\
(OODHQVHËÍIUDQFÃVGXUDQWH 6KHWDXJKW)UHQFKIRUIRUW\
\HDUV
FXDUHQWDDËRV
/HFRQRFHV" 'R\RXNQRZKLP"
1RQXQFDOHKHFRQRFLGR 1R,oYHQHYHUPHWKLP
%XHQRÃOWHFRQRFHDWL\FUHR :HOOKHNQRZV\RXDQG,WKLQN
KHOLNHV\RX
TXHOHFDHVELHQ
0HFRQRFH"&X»QGRPH 'RHVKHNQRZPH":KHQGLG
KHPHHWPH"
FRQRFLÍ"
1RORVH4XLHUHVTXHWHOR ,GRQoWNQRZ'R\RXZDQWPH
WRLQWURGXFH\RXWRKLP"
SUHVHQWH"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XLHURYHUWHHQVHJXLGD ,ZDQWWRVHH\RXULJKWDZD\
3RQORDTXÇPLVPR 3XWLWULJKWKHUH
(QVHJXLGDYXHOYR ,oOOEHULJKWEDFN
/RKDUÃMXVWRGHVSXÃVGHFHQDU ,oOOGRLWULJKWDIWHUGLQQHU
(VW»MXVWRGHODQWHGHWL ,oOOEHULJKWZLWK\RX
6HORGHFLPRV" DHOODV 6KDOOZHWHOOWKHP"
1RVHORGLJ»LV 'RQoWWHOOWKHP
6XERHOYROXPHQGHODWHOH" 6KDOO,WXUQWKHYROXPHRIWKH
79XS"
4XÃKDFHPRV" :KDWVKDOOZHGR"
/ROHRHQYR]DOWD" 6KDOO,UHDGLWRXWORXG"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
4XÃGHVHDXVWHGWRPDU" :KDWZRXOG\RXOLNHWRKDYH"
0HDSHWHFHTXHHOVRORPLOORGH ,IHHOOLNHWKHYHDOVLUORLQ
WHUQHUD
&ÍPRTXLHUHVXîOHWH" +RZGR\RXZDQW\RXUVWHDN"
%LHQKHFKRSRFRKHFKR" :HOOGRQHUDUH"
(QVXSXQWRSRUIDYRU 0HGLXPUDUHSOHDVH
$FDEDOORUHJDODGRQROHPLUHV 'RQoWORRNDJLIWKRUVHLQWKH
HOGLHQWH
PRXWK
(VW»VWLUDQGRSLHGUDVFRQWUDWX <RXoUHFXWWLQJ\RXUQRVHRIIWR
SURSLRWHMDGR
VSLWH\RXUIDFH
0HWRFÍFDUJDUFRQHOPXHUWR ,ZDVOHIWKROGLQJWKHEDE\
3UHGLFDUFRQHOHMHPSOR 7RSUDFWLVHZKDW\RXSUHDFK
$ORVWRQWRVQROHVGXUDHO $IRRODQGKLVPRQH\DUHVRRQ
GLQHUR
SDUWHG
'UDZEULGJH 3XHQWHOHYDGL]R
%DWWOHPHQWV $OPHQDV
7XUUHW 7RUUHÍQ
'XQJHRQ 0D]PRUUD
0RDW )RVR
9RFDEXODULR&DVWOH &DVWLOOR
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
3KUDVDOYHUE7REUXVKXSRQ
,VLWRQWKHîQDQFHFRPPLWWHH
:HVHQWWKHEDJVRQWRWKHîQDOGHVWLQDWLRQ
6R\PLHPEURGHOFRPLWÃGHîQDQ]DV (QYLDPRVODVPDOHWDVKDVWDHOGHVWLQRîQDO
6LJQLîFDpGDUOHXQUHSDVRqpSRQHUVHDOGÇDqR
pPHMRUDUHVWXGLDQGRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
1HFHVLWRGDUOHXQUHSDVRDPLLQJOÃV
1RVÃDTXÃP»VOHGHEHUÇDGDUXQUHSDVR
5HSDVÃHO&ÍGLJRGH&LUFXODFLÍQDQWHVGH
SUHVHQWDUPHDOH[DPHQGHFRQGXFLU
6OHHSRQLW
&RQVXOWDFRQODDOPRKDGD
+HoVVLWWLQJRQWKHGRFXPHQWV
1RKDGDGRWU»PLWHDORVGRFXPHQWRV
'RQoWWDNHRQVRPDQ\WDVNV
1RDFHSWHVWDQWDVWDUHDV
:HFDQWDNHRQRQHPRUHVWXGHQW
3RGHPRVDGPLWLUXQDOXPQRP»V
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
*HRUJH5RELQVRQWKH&(2LQWURGXFHVWKHVHFRQGLWHPRQWKHDJHQGDFRIIHHPDFKLQHVLQWKHIDFWRU\
*HRUJH 1RZRXUQH[WVXEMHFWLVFRIIHHPDFKLQHVLQWKHIDFWRU\
3HUVRQDOO\,oPDJDLQVWLW:HDOUHDG\KDYHWZRFRIIHH
PDFKLQHV LQ WKH RIïFH ZLQJ DQG HYHU\ WLPH , SDVV
WKURXJK WKRVH DUHDV , KDYH WR ïJKW P\ ZD\ WKURXJK
DFURZGRIHPSOR\HHV2QHRIWKHVHGD\V,oPJRLQJWR
VHWDUXOHWKDWRQO\WKUHHSHRSOHFDQEHDWWKHFRIIHH
PDFKLQHDWRQHWLPH
-RH
2QHRIWKHUHDVRQVVRPDQ\SHRSOHFRQJUHJDWHDURXQG
WKHPDFKLQHVLVWKDWDORWRIIDFWRU\ZRUNHUVFRPHXS
WRKDYHFRIIHHLQWKHRIïFHDUHD,IZHLQVWDOODFRXSOH
RIPDFKLQHVLQWKHVKRSZHSUREDEO\ZRQoWKDYHWKRVH
FURZGV
,oPSHUVRQDOO\DJDLQVWWKHLGHDEXWWKHUHVHHPVWREH
D FRQVHQVXV WR JR DKHDG DQG LQVWDOO WKHP 'R ZH DOO
DJUHH"
6DUDK
:HOO , FHUWDLQO\ DJUHH , KDYH WR VWDUW QHJRWLDWLRQV
ZLWK WKH XQLRQ SHRSOH QH[W ZHHN RQ WKH FROOHFWLYH
EDUJDLQLQJDJUHHPHQWIRUWKHQH[WWZR\HDUV$FRXSOH
RISUHWW\QHZFRIIHHPDFKLQHVLQWKHVKRSPLJKWPDNH
P\MREDELWHDVLHU
*HRUJH :HOO WKHQ LI ZH DOO DJUHH WKHQ OHWoV KDYH WKHP
LQVWDOOHG 6DUDK WKDWoV \RXU DUHD VR FRQWDFW9HQGLQJ
:RUOGDVVRRQDV\RXFDQ
*HRUJH :LOOLWFRVWXVDQ\WKLQJ"
RIïFHZLQJ DODGHOHGLîFLRSDUDRîFLQD
-RH
WRïJKWP\ZD\WKURXJK DEULUPHSDVRDSXËHWD]RV
1RW D SHQQ\ ,Q IDFW ZHoOO HDUQ WZR FHQWV IRU HYHU\
FRIIHH FRQVXPHG:HOO ZH GRQoW HDUQ LWf LWoV IRU WKH
HPSOR\HHDFWLYLWLHVIXQG7KH\XVHLWWRJRRQïVKLQJ
WULSVRURWKHUH[FXUVLRQV7KHRQO\WKLQJZHoOOORVHLVD
IHZVTXDUHPHWHUVRIIDFWRU\VSDFH
*HRUJH :LOOZHEHZRUNLQJZLWKWKHVDPHYHQGLQJFRPSDQ\"
-RH
<HVZLWK9HQGLQJ:RUOG7KH\LQVWDOOHGWKHPDFKLQHV
ZH KDYH LQ WKH RIïFH DUHD DQG WKH\oYH DOZD\V JLYHQ
IDLUO\JRRGVHUYLFHXSWRQRZ
*HRUJH +HOOR6DUDKZKHUHKDYH\RXEHHQ":HoUHDOUHDG\RQ
SRLQWWZRRIWKHDJHQGD
6DUDK
6RUU\ P\ FDU EURNH GRZQ RQ WKH ZD\ KHUH , KDG WR
FDWFKDFDE
*HRUJH :HOOZHDJUHHGWRJLYHWKHSDUNLQJORWFRQWUDFWWRWKH
ORZHVW ELGGHU DW DQG ZHoUH DSSURYLQJ ULJKW
QRZ WKH LGHD RI WKH FRIIHH PDFKLQHV LQ WKH IDFWRU\
VHWDUXOH îMDUXQDUHJOD
FRPHXS VXEHQ
QRWDSHQQ\ QLXQFÃQWLPR
YHQGLQJFRPSDQ\ GLVWULEXLGRUGHP»TXLQDVH[SHQGHGRUDV
IDLUO\JRRGVHUYLFH EDVWDQWHEXHQVHUYLFLR
EURNHGRZQ VHDYHULÍ
FDE WD[L
WKHORZHVWELGGHU HORIHUWDQWHGHPHQRUSUHFLR
WKHUHVHHPVWREH SDUHFHKDEHU
WRJRDKHDG VHJXLUDGHODQWH
WKHXQLRQSHRSOH ORVGHOVLQGLFDWR
FROOHFWLYHEDUJDLQLQJDJUHHPHQW FRQYHQLRFROHFWLYR
VKRS WDOOHU
(VWLPDGRDPLJR\DOXPQR3DUDPÇXQRGHORVPD\RUHVORJURVHQHVWDYLGDHVFXDQGRXQDSHUVRQDFRQVLJXHTXHODOÇQHDTXHGLYLGHHO
WUDEDMRGHORFLR\HOMXHJRVHKDJDERUURVD&XDQGRXQRDERUGDODDFWLYLGDGODERUDOFRPRXQMXHJRHQHOTXHVHSXHGHGLYHUWLULQFOXVRORV
WUDEDMRVP»VDQRGLQRVVHKDFHQDWUDFWLYRV6LWLHQHVXQWUDEDMRDWUDFWLYRWUDEDMDVFRQP»VJDQDVORFXDOFRQGXFHDTXHWHDVFLHQGDQHQ
ODRUJDQL]DFLÍQRTXHWÔPLVPRDGTXLHUDVKDELOLGDGHV\FRQYLFFLRQHVTXHWHKDFHQP»VDWUDFWLYRHQHOPHUFDGRODERUDO&RPRWRGDVODV
FRVDVEXHQDVHOWHQHUXQDDFWLWXGSRVLWLYDHVXQFÇUFXORYLUWXRVR8QYHUDQRDQWHVGHFRPHQ]DUOD8QLYHUVLGDGWUDEDMÃHQXQDOPDFÃQGH
UDGLDGRUHVGHFRFKH7HQÇDTXHHPEDODUPLOHVGHUDGLDGRUHVHQFDMDVGHFDUWÍQDSLODUODVFDMDVHQSDOHWDV\GHVSXÃVVXELUPHDXQDFDUUHWLOOD
HOHYDGRUDSDUDGHMDUODVSDOHWDVOLVWDVSDUDTXHRWURODVFDUJDVH\\DGHGÇDHQORVFDPLRQHVTXHOOHJDEDQ7UDEDMDEDGHQRFKHFRPSOHWDPHQ
WHVRORHQXQDOPDFÃQGHPLOPHWURVFXDGUDGRV/ROODP»EDPRVHOWXUQRGHXOWUDWXPED0HSDJDEDQWUHVGÍODUHVODKRUD\\RVROLWRPHOR
PRQWDEDGHPDUDYLOOD$SDUWLUGHODVHJXQGDQRFKHGHFLGÇGRVFRVDV HVWDEOHFHUXQUÃFRUGPXQGLDOFDGDQRFKHSDUDLQWHQWDUEDWLUORDOD
QRFKHVLJXLHQWH\ LPDJLQDUPHXQD\XGDQWHIHPHQLQRSDUDFRPSDUWLUFRQPLJRODVSHQDV<DODVHJXQGDQRFKHORJUÃ
FRORFDUFXDWURSDOHWDV FDMDV HQSRVLFLÍQSDUDODFDUJDHQORVFDPLRQHV'RVPHVHVGHVSXÃVHQPLSHQÔOWLPD
QRFKHEDWÇPLSURSLRUÃFRUGSDOHWDVFRQODIULROHUDGHUDGLDGRUHVWRGRVFÍPRGRV\FDOHQWLWRVHQVXVFDMDVGH
FDUWÍQ(QODIRWRPHSXHGHVYHUVXELGRDODFDUUHWLOODRUJXOORVRGHPLSURH]DGLVIUXWDQGRDOPLVPRWLHPSRGHODPLUDGD
GHDGPLUDFLÍQGHPLD\XGDQWHPLFKLFDLPDJLQDULD(QWUHORVGRVFRQVHJXLPRVFRQYHUWLUHOWUDEDMRP»VDEXUULGRLPD
JLQDEOHHQXQYHUDQRPHPRUDEOH7UHVGÇDVDQWHVGHODIRWRHOMHIHPHRIUHFLÍXQQXHYRWUDEDMRFRQXQVDODULRGHVHLV
GÍODUHVODKRUD/RUHFKDFÃSRUTXHWHQÇDTXHLUDRWUDFLXGDGDHPSH]DUOD8QLYHUVLGDG3HURXQDYH]P»VDSUHQGÇXQD
YDOLRVDOHFFLÍQGHHVWDYLGDSXHGHVVDFDUXQMXJRGHOLFLRVRHQWRGDVODVH[SHULHQFLDV1RGHEHVMDP»VPHQRVSUHFLDU
XQDDFWLYLGDGXQWUDEDMRRXQDFR\XQWXUD+D\OHFFLRQHVYDOLRVDVHQWRGROHFFLRQHVTXHWHLU»QWUD\HQGRGLYLGHQGRV
LPSRUWDQWHVFRQHOSDVRGHOWLHPSRVLVLHPSUHPDQWLHQHVXQDDFWLWXGSRVLWLYD
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
'ÍQGHHVW»HVHKRPEUHDOWR" :KHUHLVWKDWWDOOPDQ"
4XLÃQHVHVDPXMHUJXDSD" :KRoVWKDWSUHWW\ZRPDQ"
&ÍPRHVW»QHVRVQLËRV +RZDUHWKRVHVLFNFKLOGUHQ"
HQIHUPRV"
3RUTXÃHVW»QHVDVSHUVRQDV :K\DUHWKRVHKRUULEOHSHRSOH
KRUULEOHVDTXÇ"
KHUH"
&X»OHVVRQVXVDSHOOLGRV" :KDWDUHWKHLUVXUQDPHV"
(VXQWUDMH GHPXMHU PX\IHR ,WoVDYHU\XJO\GUHVV
/DWLHUUDHVUHGRQGDQR 7KHHDUWKLVURXQGQRWVTXDUH
FXDGUDGD
/RVSXSLWUHVGHORVHVWXGLDQWHV 7KHVWXGHQWVoGHVNVDUHROG
VRQYLHMRV
/DJHQWHMRYHQHVW»ORFD <RXQJSHRSOHDUHFUD]\
$TXHOODJHQWHHVJULHJD 7KRVHSHRSOHDUH*UHHN
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&X»QWRVLGLRPDVKDEODÃO" +RZPDQ\ODQJXDJHVGRHVKH
VSHDN"
$OJXLHQORVDEH" 'RHVDQ\ERG\NQRZ"
4XLÃQORVDEH" :KRNQRZV"
4XÃGLFHÃOFXDQGRWHYH" :KDWGRHVKHVD\ZKHQKH
VHHV\RX"
1RGLFHQDGD +HGRHVQoWVD\DQ\WKLQJ
4XLÃQKL]RHVR" :KRGLGWKLV"
4XLÃQKL]RTXÃ" :KRGLGZKDW"
4XLÃQURPSLÍHVWDYHQWDQD" :KREURNHWKLVZLQGRZ"
4XLÃQFUHHVTXHORURPSLÍ" :KRGR\RXWKLQNEURNHLW"
'HTXLÃQHVWDPRVKDEODQGR" :KRDUHZHWDONLQJDERXW"
.LWWHQ *DWLWR
3XSS\ &DFKRUUR
&KLFN 3ROOLWR
&DOI 7HUQHUR
)RDO 3RWUR
9RFDEXODULR%DE\$QLPDOV &UÇDV
+LJK,QWHUPHGLDWH
(VWDVUHXQLRQHVVXHOHQGXUDU 7KHVHPHHWLQJVXVXDOO\ODVWD
PXFKRWLHPSR
ORQJWLPH
&X»QWRWLHPSRVXHOHQGXUDU" +RZORQJGRWKH\XVXDOO\ODVW"
6XHOHQGXUDUXQSDUGHKRUDV 7KH\XVXDOO\ODVWDFRXSOHRI
KRXUV
3RUTXÃGXUDQWDQWR" :K\GRWKH\ODVWVRORQJ"
(OMHIHQXQFDGHMDGHKDEODU 7KHERVVQHYHUVWRSVWDONLQJ
/RZ$GYDQFHG
4XLÃQKDDSDJDGRODVOXFHV" :KRoVWXUQHGWKHOLJKWVRII"
/DVDSDJXÃ\R ,WXUQHGWKHPRII
<DHVWDEDQHQFHQGLGDVFXDQGR 7KH\ZHUHDOUHDG\RQZKHQ,
OOHJXÃDTXÇ
JRWKHUH
(QWRQFHVOOHYDQDOPHQRVGRV 7KHQWKH\oYHEHHQRQIRUDW
GÇDVHQFHQGLGDV
OHDVWWZRGD\V
4XLÃQGHPRQLRVODVGHMÍ :KRWKHKHOOOHIWWKHPRQ"
HQFHQGLGDV"
0LGGOH$GYDQFHG
(VXQERFD]DV +HoVDELJPRXWK
1DGLHOHDJXDQWD 1RERG\FDQVWDQGKLP
7LHQHUDELHWDVFXDQGRQR +HKDVWDQWUXPVZKHQKH
FRQVLJXHORTXHTXLHUH
GRHVQoWJHWZKDWKHZDQWV
3LHUGHORVHVWULERVDPHQXGR +HRIWHQORVHVKLVWHPSHU
6LHPSUHVHVDOHFRQODVX\D +HDOZD\VJHWVKLVZD\
)RU(QJOLVKVXSHUVWDUVRQO\
3RUFLHUWRSRUTXÃQRVDFDVWH %\WKHZD\ZK\GLGQoW\RX
HOWHPD"
EULQJXSWKHVXEMHFW"
6HKDEUÇDKHFKRVLKXELHUD ,WZRXOGKDYHEHHQGRQHLI
KDELGRWLHPSR
WKHUHKDGEHHQWLPH
3XHGHTXH\DVHKD\DKHFKR ,WPD\DOUHDG\KDYHEHHQGRQH
3XHVWRTXHQRKXERWLHPSRQR 6LQFHWKHUHZDVQoWWLPHLW
VHKL]R
ZDVQoWGRQH
4XLÃQORKDEU»KHFKR" ,ZRQGHUZKRGLGLW"
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
7RDVNIRU
,WORRNVJRRGRQ\RX
7HTXHGDELHQ XQDSUHQGD
,WKUHZRQP\FRDWDQGUDQRXW
0HSXVHGHSULVDHODEULJR\VDOÇFRUULHQGR
\HDUVWHDFKLQJZHDUVRQ\RX
DËRVHQVHËDQGRGHVJDVWD
6KHGRHVQoWZDQWWRWDNHRQWKHUHVSRQVLELOLW\
1RTXLHUHDVXPLUUHVSRQVDELOLGDG
7KH\HDUVZRUHRQ
/RVDËRVSDVDEDQVLQFDPELRV
:HoOOWDNHRQDOOFRPSHWLWLRQ
1RVHQIUHQWDUHPRVDWRGDODFRPSHWHQFLD
(OYHUERpSHGLUDOJRqRpSUHJXQWDUSRUDOJRq
HVpWRDVNIRUq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
9R\DSHGLUODFXHQWD
(OODPHSLGLÍXQIDYRU
/HSHGÇTXHPHOOHYDUD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
7KHPDQDJHPHQWPHHWLQJFRQWLQXHVDQG&KDUOHV+HQGHUVRQEULQJVXSWKHVXEMHFWRI3HWHU)LHOGV
&KDUOHV 6SHDNLQJRIFROOHFWLYHEDUJDLQLQJZKDWoVWKHFRPSDQ\oV
SRVLWLRQRQWKHZDJHLQFUHDVHIRUQH[W\HDU"
6DUDK
:HoUH SURSRVLQJ D SHUFHQW ZDJH LQFUHDVH ,QðDWLRQ
LV FXUUHQWO\ DW SHUFHQW EXW ZH FDQoW DIIRUG WR EH
JHQHURXV\HW,WKLQNWKHZRUNHUVZLOOXQGHUVWDQG
&KDUOHV :HOOQRZWKDWZHoUHRQWKHVXEMHFWRIZDJHVDQGVDODULHV
,ZRXOGOLNHWREULQJXSWKHVXEMHFWRI3HWHU)LHOGV$V\RX
NQRZ *HRUJH ,oYH EHHQ WDONLQJ DW OHQJWK ZLWK 6DUDK
DERXW WKH VXEMHFW DQG ,oYH EHHQ WU\LQJ WR FRQYLQFH KHU
WKDW 3HWHU GHVHUYHV D FRQVLGHUDEOH UDLVH -RKQ 2OVRQ LV
WU\LQJWRKLUHKLPDQGZHGHVSHUDWHO\QHHGDSHUVRQRI
KLVFDOLEHULQVDOHV:HFDQoWDIIRUGWRORVHKLP
6DUDK
:HOOZHKDYHDVPDOOGLOHPPDKHUH2QHRIWKHRXWVLGH
FDQGLGDWHV IRU WKH SRVLWLRQ LV 0DUYLQ 7KRPSVRQ +H
ZDV WKH VDOHV PDQDJHU IRU 1HZ +ROODQG LQ *HUPDQ\
IRUVHYHQ\HDUV+HZDQWVWRPRYHEDFNKHUHIRUIDPLO\
UHDVRQVDQGKHZRXOGEHWKHLGHDOSHUVRQIRUWKHMRE
&KDUOHV +RZPXFKLVKHDVNLQJ"
6DUDK
+H ZDV HDUQLQJ LQ 1HZ +ROODQG VR ZH DW
OHDVWKDYHWRPHHWWKDWïJXUH
&KDUOHV 3HWHU HDUQV D \HDU DQG KHoV GRLQJ D WHUULïF MRE
:HoYHQHYHUKDGDSHUFHQWVDOHVLQFUHDVHLQRXUKLVWRU\
6DUDK
3ULYDWH VSHQGLQJ KDV ULVHQ D ORW DQG HYHU\ERG\ LV
EHQHïWLQJIURPWKHXSWXUQLQWKHHFRQRP\
&KDUOHV 3ULYDWH FRQVXPSWLRQ KDV JRQH XS 6LQFH 3HWHU
WRRN RYHU IRU -RKQ 2OVRQ VDOHV KDYH ULVHQ ,I
P\ EDVLF DULWKPHWLF LV ULJKW KHoV UHVSRQVLEOH IRU D
LPSURYHPHQW RYHU DQG DERYH WKH ULVH LQ SULYDWH
FRQVXPSWLRQ
ZDJHLQFUHDVH DXPHQWRVDODULDO SDUDRSHUDULRV
ZHFDQoWDIIRUG QRSRGHPRVSHUPLWLUQRVHOOXMR
RQWKHVXEMHFWRI FRQHOWHPDGH
WREULQJXS VDFDU XQWHPD
DWOHQJWK GHWHQLGDPHQWH
FDOLEHU HQ5HLQR8QLGRFDOLEUH
PRYHEDFNKHUH WUDVODGDUVHGHQXHYRDTXÇ
WRPHHWWKDWïJXUH LJXDODUHVDFLIUD
WHUULïF IDQW»VWLFR
SULYDWHVSHQGLQJ HOFRQVXPRSULYDGR
XSWXUQ UHSXQWH
SULYDWHFRQVXPSWLRQ HOFRQVXPRSULYDGR
RYHUDQGDERYH DGHP»VGH
'RQoW IRUJHW WKDW LWoV D SHUFHQW LQFUHDVH RYHU ODVW
\HDU ZKLFK ZDV DOVR WKH ZRUVW \HDU LQ RXU KLVWRU\
5LFKDUG9DXJKDQ
(VWLPDGRDPLJR\DOXPQR+D\XQSURYHUELRLQJOÃVTXHGLFH´$VPRRWKVHDQHYHUPDGHDVNLOIXOPDULQHUµ8QDEXHQDWUDGXFFLÍQ
VHUÇDp'HXQPDUHQFDOPDQXQFDKDVDOLGRXQPDULQHURKDELOLGRVRq<HQODYLGDSDVDLJXDO/DJUDQPD\RUÇDGHODVSHUVRQDVGH
Ã[LWRORKDQFRQVHJXLGRSRUXQHVIXHU]RKRQHVWRDQWHXQHQWRUQRKRVWLO1RORKDQFRQVHJXLGRQLSRUVXHUWHQLSRUPDODDVWXFLD
6HKDQLGRFXUWLHQGRDQWHORVSUREOHPDV\ORVREVW»FXORVVLQGHVIDOOHFHU(QPLVDËRVGHSURIHVLÍQ\KRUDVLPSDUWLGDV
KHOOHJDGRDFRQRFHUEDVWDQWHELHQDXQRVFLHQSUHVLGHQWHVFRQVHMHURVGHOHJDGRVRGLUHFWRUHVJHQHUDOHVGHHPSUHVDVGHÃ[LWRHQ
(VSDËD\DVHDQÃVWDVîOLDOHVGHPXOWLQDFLRQDOHVRHPSUHVDVQHWDPHQWHHVSDËRODV/RVKHOOHJDGRDFRQRFHUELHQSRUTXHIXHURQ
GXUDQWHFLHUWRWLHPSRDOXPQRVPÇRVORFXDOPHSHUPLWLÍFRQRFHUORVGHVGHXQDSHUVSHFWLYDLQWHUHVDQWH\FXULRVD3XHVWRTXHQR
HUDQPX\H[SHUWRVHQHOLQJOÃVVHVHQWÇDQDOJRYXOQHUDEOHVGHODQWHGHPÇ\SXGHFRQRFHURLQWXLUVXIRUPDGHVHUUHDOVLQODVEDUUH
UDVTXHPXFKRVDOWRVGLUHFWLYRVSRQHQHQWUHVÇ\ODRUJDQL]DFLÍQ$OîQDOVHDEULHURQ\FRQîDURQHQPÇFRQW»QGRPHVXVKLVWRULDV
\VHFUHWRV'HODVFLHQSHUVRQDVGLUÇDTXHQRYHQWDH[KLEÇDQFODUDPHQWHXQWDOHQWRHVSHFLDOTXHKDFÇDOÍJLFRTXHHVWXYLHUDQHQOD
FXPEUHJDQDQGRPXFKRGLQHUR7DPELÃQHUDQSHUVRQDVTXHSRQLHQGRODPDQRHQHOIXHJRHUDQKRQHVWDV([KLEÇDQGRWHVGHOLGH
UD]JR\ODJHQWHOHVDSUHFLDED<WRGRVVLQH[FHSFLÍQKDEÇDQWUDEDMDGRGXURDORODUJRGHVX
FDUUHUDSURIHVLRQDO1RWRGRVHUDQOLFHQFLDGRVVXSHULRUHV5HFXHUGRDXQRHQHVSHFLDOTXH
ORJUÍIUDQTXHDUODEDUUHUDTXHH[LVWÇDHQODHPSUHVDHQWUHORV
LQJHQLHURV VXSHULRUHV \ ORV LQJHQLHURV WÃFQLFRV 3HUR LQGH
SHQGLHQWHPHQWHGHVXVHVWXGLRVXQLYHUVLWDULRVWRGRVGHEÇDQ
VX Ã[LWR D OR TXH GHFLPRV HQ LQJOÃV pWKLQN KDUG DQG ZRUN
KDUGq /RV EXHQRV FDSLWDQHV TXH VXUFDQ ORV RFÃDQRV VDEHQ
TXHSDUDVREUHYLYLU\WULXQIDUKDQGHSHQVDULQWHQVDPHQWH\
WUDEDMDULQWHQVDPHQWH´*RRGFDSWDLQVDUHPDGHIURPURXJK
VHDVDQGGHHSRFHDQVµ
/RZ%HJLQQHU
+LJK%HJLQQHU
(VHQRHVPLEROÇJUDIR" ,VQoWWKDWP\SHQ"
£VRVQRVRQWXVSDGUHV" $UHQoWWKRVH\RXUSDUHQWV"
1RHVHOODODSURIHVRUD" ,VQoWVKHWKHWHDFKHU"
1RVRQÃVWDVQXHVWUDVVLOODV" $UHQoWWKHVHRXUFKDLUV"
1RHVXQDFLXGDGFDUD" ,VQoWLWDQH[SHQVLYHFLW\"
1RORVDEHHOOD" 'RHVQoWVKHNQRZ"
1RYDVDYHQLU" $UHQoW\RXJRLQJWRFRPH"
3RUTXÃQRHVW»VSHQVDQGR" :K\DUHQoW\RXWKLQNLQJPRUH"
3RUTXÃQRHVWDU»QDOOÇ" :K\ZRQoWWKH\EHWKHUH"
1RSXHGHVGHFÇUVHOR" DHOODV &DQoW\RXWHOOWKHP"
)HDWKHUGXVWHU 3OXPHUR
6RDS -DEÍQ
&ORWK %D\HWD
6RDSGLVK -DERQHUD
6FRXUHU (VWURSDMR
9RFDEXODULR&OHDQLQJ7RROV 8WHQVLOLRVGHOLPSLH]D
/RZ,QWHUPHGLDWH
1RIXLVWH" 'LGQoW\RXJR"
3RUTXÃQRPHOODPÍHOOD" :K\GLGQoWVKHSKRQHPH"
1RQDFLVWHHQ,UODQGDFRPR :HUHQoW\RXERUQLQ,UHODQG
OLNH\RXUSDUHQWV"
WXVSDGUHV"
1RWHHVWDEDHVFXFKDQGR" :DVQoWVKHOLVWHQLQJWR\RX"
3RUTXÃQRKDEU»îHVWDHVWD :K\ZRQoWWKHUHEHDSDUW\
WRQLJKW"
QRFKH"
0LGGOH,QWHUPHGLDWH
3RUTXÃQRDSUREDVWHHO :K\GLGQoW\RXSDVVWKHH[DP"
H[DPHQ"
1RKDVKDEODGRFRQHOORVDÔQ" +DYHQoW\RXVSRNHQWRWKHP\HW"
1RSXGLVWHGRUPLUDQRFKH" &RXOGQoW\RXVOHHSODVWQLJKW"
1RKDVWHUPLQDGRWXFDUUHUD +DYHQoW\RXïQLVKHG\RXU
GHJUHH\HW"
DÔQ"
3RUTXÃQRWHKDVYHVWLGRDÔQ" :K\KDYHQoW\RXJRWGUHVVHG
\HW"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
3RUTXÃQRKDVYHQLGRSRU :K\KDYHQoW\RXFRPHURXQG
KHUHODWHO\"
DTXÇÔOWLPDPHQWH"
1RKDVHVFXFKDGRQLXQD +DYHQoW\RXEHHQOLVWHQLQJWRD
ZRUG,oYHVDLG"
SDODEUDGHORTXHKHGLFKR"
3RUTXÃQRKXER3ROLFÇDHQHO :K\ZHUHQoWWKHUHDQ\3ROLFH
DWWKHPDWFK"
SDUWLGR"
3RUTXÃQRORKDUÇDV" :K\ZRXOGQoW\RXGRLW"
1RKDKDELGRFRUUHRKR\" +DVQoWWKHUHEHHQDQ\SRVW
WRGD\"
1RKDEÇDVHVWDGRHQ3DUÇV +DGQoW\RXEHHQWR3DULV
EHIRUH"
DQWHV"
3RUTXÃQRVDOGUÇDVFRQÃOVL :K\ZRXOGQoW\RXJRRXWZLWK
KLPLIKHDVNHG\RX"
WHORSLGLHUD"
3RUTXÃQRPHFUHHUÇDVVLWHOR :K\ZRXOGQoW\RXEHOLHYHPH
LI,WROG\RX"
GLMHUD"
3RUTXÃQRIXLLQFOXLGR" :K\ZDVQoW,LQFOXGHG"
3RUTXÃQRVHKL]R" :K\ZDVQoWLWGRQH"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
1RWHVHQWLUÇDVWRQWRVLVH :RXOGQoW\RXIHHOVLOO\LIWKH\
HQWHUDVHQ"
IRXQGRXW"
3RUTXÃQRORKDEUÇDV :K\ZRXOGQoW\RXKDYHWKDQNHG
DJUDGHFLGRVLWHKXELHUDD\XGDGR" KLPLIKHKDGKHOSHG\RX"
1RKDEUÇDQDSODXGLGRVLHOOD :RXOGQoWWKH\KDYHDSSODXGHG
KXELHUDFDQWDGR"
LIVKHKDGVXQJ"
1RKDEUÇDKDELGRGLUWXUELRVVL :RXOGQoWWKHUHKDYHEHHQD
OHKXELHUDQFRQGHQDGR"
ULRWLIWKH\KDGVHQWHQFHGKLP"
3RUTXÃQROHJXVWDUHPRVDHOOD" :K\ZRQoWVKHOLNHXV"
3RUTXÃQROHVSXHGHV :K\FDQoW\RXSXWXSZLWK
DJXDQWDU"
WKHP"
3RUTXÃQRPHDYLVDVWHDQWHV :K\GLGQoW\RXOHWPHNQRZ
GHTXHHVWDOODVHQORVSUREOHPDV" EHIRUHWKHWURXEOHEURNHRXW"
3RUTXÃQRPHUHVSDOGDVWHHQ :K\GLGQoW\RXEDFNPHXSLQ
ODUHXQLÍQ"
WKHPHHWLQJ"
3RUTXÃQXQFDWHFDOODV" :K\GRQoW\RXHYHUVKXWXS"
3RUTXÃQRHVWR\ :K\DUHQoW,XQGHUVWDQGLQJD
FRPSUHQGLHQGRQLXQDSDODEUD ZRUG\RXoUHWHOOLQJPH"
GHORTXHPHGLFHV"
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
:HDJUHHGRQ
1RVSXVLPRVGHDFXHUGRHQ
7KHGRFWRUFDOOVRQPHZHHNO\
(OPÃGLFRPHYLVLWDFDGDVHPDQD
&DUU\RQ
&RQWLQÔH
&RPXQLFDFLÍQVRFLDOHOPXQGR
LQPRELOLDULR
:K\DUH\RXFDUU\LQJRQOLNHWKDW"
3RUTXÃHVW»VGDOHTXHWHGDOHFRQHO
DVXQWR"
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
/RVSUHFLRVGHODVFDVDVVHKDQGLVSDUDGR
+D\WDQWDVHPSUHVDVSLUDWDVGHFRQVWUXFFLÍQ
0LUHVGRQGHPLUHVVHYHQJUÔDV
'RQoWGLHRQPHQRZ
|1RWHPHPXHUDVDKRUD
7KH\oUHJDLQLQJRQXV
1RVHVW»QUHGXFLHQGRGLVWDQFLDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
7KHPDQDJHPHQWPHHWLQJFRQWLQXHVZLWKDH[FKDQJHEHWZHHQ&KDUOHV+HQGHUVRQDQG*HRUJH5RELQVRQWKHPDQDJLQJGLUHFWRU
*HRUJH , NQRZ 0DUYLQ 7KRPSVRQ SHUVRQDOO\ +HoV D WRXJK
KDUGGULYLQJNLQGRISHUVRQ+HZRXOGSUREDEO\SXVK
RXU DJHQWV WR WKHLU OLPLW 3HWHU )LHOGV JLYHV PH WKH
LPSUHVVLRQ RI EHLQJ D OLWWOH VRIW $QG EHVLGHV KHoV
DZIXOO\\RXQJWREHLQWKHH\HRIWKHKXUULFDQH
&KDUOHV 3HWHU )LHOGV PD\ EH \RXQJ EXW KHoV FHUWDLQO\ QRW VRIW
+LV VW\OH LV VLPSO\ GLIIHUHQW +HoV LPSOHPHQWHG D YHU\
LPDJLQDWLYH DGYHUWLVLQJ FDPSDLJQ DQG KDV UHGHVLJQHG
DQG UHZULWWHQ WKH SURGXFW LQIRUPDWLRQ EXOOHWLQV WKH
DJHQWVXVH7KH\oUHYHU\KDSS\ZRUNLQJZLWK3HWHUDQG
IHHOPXFKPRUHVXSSRUWHGLQWKHLUWHUULWRULHV,WKLQN3HWHU
LVWKHQHZEORRGZHoYHEHHQQHHGLQJIRUDORQJWLPH7KH
DYHUDJHDJHRIWKHPDQDJHPHQWKHUHLVQHDUDQG\RX
PXVWDGPLWWKDWWKHPDUNHWLVFKDQJLQJRXUFRQVXPHUV
DUHFKDQJLQJDQGRXUVWUDWHJLHVQHHGWRNHHSSDFHZLWK
WKHWLPHV,oPFRQYLQFHGWKDW3HWHU)LHOGVLVWKHULJKWPDQ
IRUWKHMRE:KDWGR\RXWKLQN*HRUJH"
*HRUJH , JHW \RXU SRLQW 0DUYLQ 7KRPSVRQ LV H[SHQVLYH EXW
FDQ\RXLPDJLQHZKDWZHFRXOGDFKLHYHLIKHDQG3HWHU
)LHOGVZHUHWRJHWKHU"0DUYLQZRXOGEHWKHSXVKHUDQG
3HWHUWKHPDUNHWLQJZL]DUG7KH\ZRXOGPDNHDJRRG
WDQGHP
&KDUOHV ,KDYHP\GRXEWV)LUVWRIDOO3HWHUZRXOGIHHOXSVHWLI
KH ZHUH SXVKHG DVLGH WR PDNH URRP IRU DQ RXWVLGHU
6HFRQGO\KHDQG0DUYLQ7KRPSVRQDUHRSSRVLWHV7KH\
SUREDEO\ ZRXOGQoW ZRUN ZHOO WRJHWKHU %HVLGHV LI
7KRPSVRQLVEURXJKWLQ,oPVXUH3HWHU)LHOGVZLOOOHDYH
WR ZRUN ZLWK -RKQ 2OVRQ 7KDW ZLOO OHDYH XV ZLWKRXW
D WUDLQLQJ H[SHUW DQG ZLWK D QHZ VDOHV PDQDJHU
ZKR PD\ VWDUW SXVKLQJ WKH DJHQWV WRR KDUG 7KH\oUH
ZRUNLQJZHOOULJKWQRZDQG3HWHUVHHPVWRKDYHIRXQG
WKH IRUPXOD IRU VXFFHVV /HWoV QRW FKDQJH WKLQJV QRZ
WKDWZHoUHJURZLQJDWDUHFRUGSDFH
WRXJK GXUR
KDUGGULYLQJ LQWHQVR
KHoVDZIXOO\\RXQJ HVPX\MRYHQ
QHZEORRG VDQJUHQXHYD
\RXPXVWDGPLW KDVGHUHFRQRFHU
WRNHHSSDFHZLWKWKHWLPHV PDQWHQHUVHFRQORVWLHPSRV
,JHW\RXUSRLQW (QWLHQGRWXDUJXPHQWR
ZL]DUG PDJRJHQLR
LIKHZHUHSXVKHGDVLGH VLIXHUDGHVSOD]DGR
WRPDNHURRPIRU KDFHUVLWLRSDUD
DQRXWVLGHU DOJXLHQGHIXHUD
LVEURXJKWLQ HVFRQWUDWDGR
DWDUHFRUGSDFH DXQULWPRVLQSUHFHGHQWHV
(VWLPDGRDPLJR\DOXPQR(OGHQXHVWURWLHPSRGHYLJLOLDORGHGLFDPRVDOWUDEDMR6LSRUSHUH]DFLQLVPRRGHVFRQîDQ]DFRQ
YHUWLPRVHVDPLWDGGHQXHVWUDYLGDHQXQDSHVDGDFUX]HVXQDWUDJHGLD(OWUDEDMRWLHQHTXHVHUDOJRHVWLPXODQWHTXHHOHYHDOVHU
KXPDQRDXQTXHVHWUDWHGHIDEULFDUDOTXLWU»Q5HFXHUGRXQHMHPSORXQDYH]DOîQDOGHXQODUJRGÇDODUHFHSFLRQLVWD\\RÃUDPRV
ODVÔQLFDVSHUVRQDVTXHTXHG»EDPRVHQODRîFLQD6HUÇDQODVKRUDVGHODWDUGH6DOÇDODP»TXLQDGHDJXD\ODVDOXGÃ
p4XÃWDO)HUQDQGD"q
p%LHQSHURPHKDQHQFDVTXHWDGRXQWUDEDMRXQSRFRPRQÍWRQRSDUDUHPDWDUODWDUGHq
p4XÃHV"q
p7HQJRTXHPDUFDUGHHVWDOLVWDDWRGDVODVSHUVRQDVTXHVHDQGHOFÍGLJRSRVWDOq
p&X»QWDVKD\HQWRWDO"q
p8QDVq
p9HQDPLGHVSDFKR\WUDHODOLVWDq
)HUQDQGDDFXGLÍDPLGHVSDFKR\UHSDUWLPRVODVS»JLQDVGHOLVWDTXHG»QGRPH\RFRQ\HOODFRQ$FWRVHJXLGRVDTXÃXQD
KRMDHQEODQFR\ODGLYLGÇFRQPLEROÇJUDIRHQGRVFROXPQDVXQDHQFDEH]DGDFRQPLQRPEUH\ODRWUDFRQHOGH)HUQDQGD
p9DPRVDKDFHUHVWRMXQWRV\TXLHQP»VQRPEUHVHQFXHQWUHFRQHOFÍGLJRJDQDq
6HWUDWDEDGHODDFWLYLGDGP»VPRQÍWRQDLQLPDJLQDEOHSHURHOUHWRHVWDEDVHUYLGR\WDQWR)HUQDQGDFRPR\RIXLPRVU»SLGDPHQWHHQ
EXVFDGHODYLFWRULDOOHQDQGRQXHVWUDVFROXPQDVGHSXQWRVULÃQGRQRVHQODFDUUHUD\WHUPLQDQGRHOWUDEDMRHQPLQXWRV)HUQDQGD
PHJDQÍDOîQDOSHUR\RWDPELÃQJDQÃDOJRDOJRP»VLPSRUWDQWHWRGDYÇD*DQÃDODPXMHUTXHDKRUDHVODPDGUHGHPLVGRVKLMRV
(PSOHÃXQWUXFRSDUDFRQYHUWLUXQDWDUHDLQJUDWDHQDOJRGLYHUWLGR\HQHOSURFHVRJDQÃHOFRUD]ÍQGHXQDMRYHQGHLQWR[LFDQWHEHOOH
]D3HURHOWUXFRORVLJRXWLOL]DQGR\DGLDULR$KRUDDPLPDGXUDHGDGVLJRLPEX\HQGRFDGDWDUHDGHDOJRGHUHWR\HVWHUHWRKDFHTXH
HVHREOLJDWRULRGHPLYLGDHVGHFLUPLTXHKDFHUODERUDOVHYLVWDGHXQFRORULGRTXHOHDËDGHDOHJUÇD\VLJQLîFDFLÍQ
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
6RQPX\ODUJRV 7KH\oUHYHU\ORQJ
3RUTXÃQRHVW»QDTXÇ" :K\DUHQoWWKH\KHUH"
4XLÃQHVVRQHOODV" :KRDUHWKH\"
6RQVXVKHUPDQDV" GHHOODV $UHWKH\WKHLUVLVWHUV"
3RUTXÃQRHVW»QDTXÇVXV :K\DUHQoWWKHLUEURWKHUVKHUH"
KHUPDQRV" GHHOORV
+D\XQFRQHMRHQQXHVWURMDUGÇQ 7KHUHoVDUDEELWLQRXUJDUGHQ
'HTXLÃQHV" :KRVHLVLW"
(OMDUGÇQHVQXHVWUR 7KHJDUGHQoVRXUV
(VWR\KDEODQGRGHOFRQHMR ,oPWDONLQJDERXWWKHUDEELW
&ODUR3XHVQRWHQJRQLLGHD 2IFRXUVH:HOO,KDYHQRLGHD
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
+D\DOJXLHQDOOÇ" ,VWKHUHDQ\ERG\WKHUH"
1RFUHRTXHKD\DQDGLHDOOÇ ,GRQoWWKLQNWKHUHoVDQ\ERG\
WKHUH
3HURVLHPSUHKD\DOJXLHQDOOÇ %XWWKHUHoVDOZD\VVRPHERG\
WKHUH
$\HUYLQRWRGRHOPXQGR (YHU\ERG\FDPH\HVWHUGD\
&UHHVTXHDOJXLHQYHQGU» 'R\RXWKLQNDQ\ERG\ZLOO
FRPHWRPRUURZ"
PDËDQD"
$OJXLHQWLHQHDOJXQDSUHJXQWD" 'RHVDQ\ERG\KDYHDQ\
TXHVWLRQV"
3RUTXÃQDGLHHVW»GLFLHQGR :K\LVQoWDQ\ERG\VD\LQJ
DQ\WKLQJ"
QDGD"
&UHRTXHWRGRVWLHQHQPLHGR ,WKLQNWKH\oUHDOODIUDLG
0LHGRGHTXÃ" $IUDLGRIZKDW"
(VW»QSUHRFXSDGRVSRUORTXH 7KH\oUHZRUULHGDERXWZKDW
WKHRWKHUVDUHJRLQJWRWKLQN
YDQDSHQVDUORVGHP»V
+LJK,QWHUPHGLDWH
0HJXVWDV ,OLNH\RX
7HJXVWR" 'R\RXOLNHPH"
&UHÇTXHQRWHJXVWDED ,WKRXJKW\RXGLGQoWOLNHPH
6LHPSUHPHKDVJXVWDGR ,oYHDOZD\VOLNHG\RX
7HJXVWDUÃSDUDVLHPSUH" :LOO\RXOLNHPHIRUHYHU"
/RZ$GYDQFHG
'HEHUÇDLUPH\D ,VKRXOGOHDYHQRZ
3RGUÇDVHVSHUDUXQSRFRQR" <RXFRXOGZDLWDOLWWOHFRXOGQoW
\RX"
0HSHUPLWLUÇDVTXHWHOOHYDUD :RXOG\RXDOORZPHWRWDNH
\RXKRPH"
DFDVD"
6LIXHUDVP»VJXDSRVÇ ,I\RXZHUHEHWWHUORRNLQJ,
ZRXOG
3XHGHTXHHVWÃVSHUGLHQGRXQD <RXPLJKWEHPLVVLQJRXWRQD
ELJRSSRUWXQLW\
JUDQRSRUWXQLGDG
3ROLVKHU (QFHUDGRUD
0RS )UHJRQD
%URRP &HSLOOR
'XVWSDQ 5HFRJHGRU
9DFXXP&OHDQHU $VSLUDGRUD
9RFDEXODULR&OHDQLQJ7RROV 8WHQVLOLRVGHOLPSLH]D
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
|'ÃMDPHHQSD] /HDYHPHDORQH
'HMDGHPROHVWDUPHTXLHUHV" 6WRSERWKHULQJPHZLOO\RX"
3RUTXÃQRWHVXHOWDVODPHOHQD :K\GRQoW\RXOHW\RXUKDLU
GRZQDELW"
XQSRFR"
1RWHKDVGDGRFXHQWD\DGH +DYHQoW\RXUHDOLVHGWKDW,oP
EDOG\HW"
TXHVR\FDOYR"
(VWDEDKDEODQGRGHPDQHUD ,ZDVVSHDNLQJPHWDSKRULFDOO\
PHWDIÍULFD
6HURQRVHUXQDHVWUHOODGHO 7REHRUQRWWREHDQ(QJOLVK
LQJOÃVHVODFXHVWLÍQ
VXSHUVWDUWKDWLVWKHTXHVWLRQ
(QWUHTXÃGHEHP»VGLJQDPHQWH :KHWKHUnWLVQREOHULQWKH
RSWDUHODOPDQREOHf
PLQGf
HQWUHVXIULUGHODIRUWXQDLPSÇD fWRVXIIHUWKHVOLQJVDQG
HOSRUîDGRUULJRU
DUURZVRIRXWUDJHRXVIRUWXQH
RUHEHODUVHFRQWUDXQPDUGH 2UWRWDNHDUPVDJDLQVWDVHD
GHVGLFKDV
RIWURXEOHV
\DIURQW»QGRORGHVDSDUHFHU DQGE\RSSRVLQJHQGWKHP
FRQHOODV
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
3UDFWLFDO(QJOLVKFDPELRGHSODQHV
+HOLYHVRQHXURVDPRQWK
6HDSDËDFRQHXURVDOPHV
<RXQHHGWRPRYHRQ
7LHQHVTXHVHJXLUDGHODQWHFRQWXYLGD
+LVPHPRU\ZLOOOLYHRQ
6XUHFXHUGRSHUGXUDU»
/HWoVPRYHRQWRWKHQH[WLWHPRQWKH
DJHQGD
3DVHPRVHOSUÍ[LPRSXQWRGHORUGHQGHOGÇD
)URJVOLYHRQïLHV
/DVUDQDVVHDOLPHQWDQGHODVPRVFDV ,oPSODQQLQJRQJRLQJWKHUHVRRQ
3LHQVRLUDOOÇSURQWR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
9R\WDUGH
(VWDPRVGHWHQLGRVHQHOWUȔFR
(PSLH]DVLQPÇ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
7KHPDQDJHPHQWPHHWLQJHQGVZLWKWKHDJUHHPHQWQRWWRKLUH0DUYLQ7KRPSVRQDQGWRSURPRWH3HWHU)LHOGV
*HRUJH :HOO 0DUYLQ 7KRPSVRQ LV FHUWDLQO\ LQWHUHVWHG LQ
ZRUNLQJKHUH,LPDJLQHLIZHGRQoWRIIHUKLPWKHMRE
KHoOO HQG XS LQ 0DVVH\ RU LQ )RUG DQG ZHoOO KDYH WR
FRPSHWHDJDLQVWKLP,GRQoWOLNHWKDWLGHD,SUHIHUKLP
RQRXUVLGH
&KDUOHV :KR NQRZV" +H PLJKW GHFLGH WR VWD\ LQ *HUPDQ\ ,
GRXEW WKDW 0DVVH\ RU )RUG ZRXOG EH ZLOOLQJ WR SD\
KLPD\HDU7KH\oYHEHHQJRLQJWKURXJKWKH
VDPHSUREOHPVZHKDYHDQGWKH\oUHLQDQHYHQZRUVH
SRVLWLRQWKDQZHDUHWRVWDUWSD\LQJVXFKELJVDODULHV
:KDWGR\RXVXJJHVWZHGR6DUDK"
6DUDK
,VXJJHVWWKDW\RXDQG,*HRUJHVLWGRZQDQGKDYHD
ORQJFKDWZLWK3HWHU)LHOGVDERXWWKHIXWXUH,ZDQWWR
NQRZZKDWKHWKLQNVH[DFWO\DQGWRZKDWH[WHQWKHoV
FRPPLWWHGWRXVDQGWRWKHIXWXUHRIWKLVFRPSDQ\,
ZDQWKLPWRFRQYLQFHXVWKDWKHoVWKHPDQZHQHHG
,IKHFDQGRWKDWWKHQ,oOOWHOO0DUYLQ7KRPSVRQWKDW
WKHGHDOLVRII
*HRUJH :KHQFDQZHJHWWRJHWKHUZLWKKLP",GRQoWKDYHDQ\
DSSRLQWPHQWVïUVWWKLQJLQWKHPRUQLQJ
6DUDK
)LQHQHLWKHUGR,,oOOFDOO3HWHUDQGVHWXSDPHHWLQJIRU
WRPRUURZPRUQLQJLQ\RXURIïFH*HRUJH,I\RX
ZDQWWRMRLQXV&KDUOHV\RXoUHZHOFRPH
&KDUOHV 1R WKDQNV <RX DOUHDG\ NQRZ P\ RSLQLRQ RQ WKH
PDWWHU,oGUDWKHUOHDYHLWWRWKHWZRRI\RX
*HRUJH 2ND\ ODGLHV DQG JHQWOHPHQ , WKLQN ZHoYH FRYHUHG
HYHU\WKLQJWRGD\,WoVEHHQDSURGXFWLYHPHHWLQJ/HWoV
JHWEDFNWRZRUN
FHUWDLQO\ VLQGXGD
KHoOOHQGXS DFDEDU»
RQRXUVLGH GHQXHVWURODGR
ZRXOGEHZLOOLQJ HVWDUÇDGLVSXHVWR
JRLQJWKURXJK SDVDQGRSRU
VXFKELJVDODULHV VXHOGRVWDQDOWRV
WRKDYHDORQJFKDWZLWK KDEODUODUJR\WHQGLGRFRQ
WRZKDWH[WHQW KDVWDTXÃSXQWR
FRPPLWWHGWRXV FRPSURPHWLGRFRQQRVRWURV
WKHGHDOLVRII \DQRKD\DFXHUGR
JHWWRJHWKHUZLWK UHXQLUVHFRQ
ïUVWWKLQJLQWKHPRUQLQJ DSULPHUDKRUDGHODPDËDQD
VHWXSDPHHWLQJ îMDUXQDUHXQLÍQ
(VWLPDGRDPLJR\DOXPQR(OPXQGRHVW»OOHQRGHSHUVRQDVTXHKDQOOHJDGRDUULEDDSDUHQWHPHQWHGHODQDGDp'HGÍQGHKD
YHQLGRÃVH"qVHR\HFRQIUHFXHQFLDp0HQXGDVXHUWHKDWHQLGRHOWÇRqVHHVFXFKDHQRWUDVRFDVLRQHV3HURVLWÔHUHVXQRGHHVRVTXH
PXUPXUDQHVWDVFRVDVKD]XQHVIXHU]RSRUVDOLUGHWXPLRSÇDGHWXFLQLVPRGHWXHQYLGLDRGHWXLQGROHQFLD\WUDWDGHFRQRFHUXQ
SRFRPHMRUDHVHpDIRUWXQDGRq6LORKDFHVREVHUYDU»VHQQXHYHGHFDGDGLH]GHHOORVXQGHVWHOORGHOX]HQORVRMRV\XQDHQHUJÇD
LQWHULRUTXHWÔQRSRVHHVRTXHKDVGHVGHËDGRHQDOJÔQPRPHQWRGHWXYLGDKDVWDDSDJDUORVGHOWRGR
(VHSHTXHËRSRUFHQWDMHGHSHUVRQDVDSDUHQWHPHQWHGHÃ[LWRHQHVWHPXQGRFÍPRKDQOOHJDGRDUULED"/RVKD\TXHQDFHQULFRV
/RVKD\TXHVXEHQSRUDVWXFLD\PDOGDG'HVSXÃVORVKD\TXHOOHJDQSRUORVRWURVGRVFDPLQRVTXHQRVTXHGDQHOGHORVDIRUWX
QDGRV\HOGHORVKRQHVWDPHQWHHQWUHJDGRV6LQRVHQFDUJDVHQUHDOL]DUXQHVWXGLR\SXEOLFDUXQUHSDUWRSRUFHQWXDOGHHVWDVFXDWUR
FDWHJRUÇDVGHSHUVRQDVGHÃ[LWRFUHRTXHHOUHSDUWRFRUUHFWRVHUÇDHOVLJXLHQWH
/RVQDFLGRULFRV
/RVDVWXWRV\RPDORV
/RVDIRUWXQDGRV
/RVKRQHVWDPHQWHHQWUHJDGRV
6LHPSUHYDDKDEHUULFRVDVWXWRVPDORV\DIRUWXQDGRVSHURVLHPSUHVHU»QXQDPLQRUÇDHQWUHODVSHUVRQDVGHÃ[LWRHQHVWHPXQGRSRUPX\
GHVFRQîDGRV\FÇQLFRVTXHDOJXQRVTXLHUDQSRQHUVHDQWHHVWDDVHYHUDFLÍQ(VSUHFLVDPHQWHODGHVFRQîDQ]D\FLQLVPRGHHVWDVSHUVRQDVOR
TXHOHVFRORFDELHQHQRWUDFROXPQDDSDUWHUHVHUYDGDSDUDORVIUDFDVDGRVRELHQHQHODSDUWDGRGHDUULEDGHORVDVWXWRV\RPDORV
/DQDWXUDOH]DGHVERUGDEHOOH]D1RVTXHGDPRVDGPLUDGRVDQWHORVFDPELRVHVWDFLRQDOHVDQWHODKHUPRVDIXHU]DGHODVWRUPHQWDV
GHORVYLHQWRVRGHODVQLHYHVDQWHODDUPRQÇDGHODSHUIHFFLÍQIÇVLFDELROÍJLFD\HFROÍJLFDGHODQDWXUDOH]D&RPRVHUHVKXPDQRV
IRUPDPRVSDUWHGHHVWHGHVLJQLR1XHVWUDVDFFLRQHV\UHDFFLRQHVIRUPDQXQDSDUWHLQHOXGLEOHGHODQDWXUDOH]DGHODVFRVDV6LQRV
TXHGDPRVWDQDGPLUDGRVDQWHODEHOOH]DGHODQDWXUDOH]DSRUTXÃQRKHPRVGHTXHGDUQRVLJXDOPHQWHPDUDYLOODGRVDQWHHODVSHF
WRWDOYH]P»VLQVÍOLWRGHWRGDHVWDVLQIRQÇDHOVHUKXPDQR\VXVFDSDFLGDGHV"
(OWUDEDMRHVODPHMRUYÇDSRUODTXHHOKRPEUHHOPD\RUHMHPSORGHODJUDQGH]DGHODQDWXUDOH]DSXHGHUHDOL]DUVH\FRQVDJUDUVXOXJDUHQ
HVWHPXQGR<DVÇFRPRODQDWXUDOH]DIÇVLFDQRVLPSUHVLRQDHVLJXDOPHQWHLPSUHVLRQDQWHHLQFOXVRP»VHOSURGXFWRîQDOGHORSWLPLVPR
KXPDQR
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
4XÃGÇDHVKR\" :KDWGD\LVLWWRGD\"
1RORVÃPDP» ,GRQoWNQRZPXPP\
(VHOSULPHUGÇDGHODVHPDQD ,WoVWKHïUVWGD\RIWKHZHHN
&X»OHVHOSULPHUGÇDGHOD :KDWLVWKHïUVWGD\RIWKH
VHPDQD"
ZHHN"
(VGRPLQJR" ,VLW6XQGD\"
1RHOGRPLQJRHVHOÔOWLPR 1R6XQGD\LVWKHODVWGD\RI
WKHZHHN
GÇDGHODVHPDQD
4XÃGÇDYLHQHGHVSXÃVGHO :KDWGD\FRPHVDIWHU6XQGD\"
GRPLQJR"
'HEHVHUHOV»EDGR ,WPXVWEH6DWXUGD\
(OV»EDGRYLHQHDQWHVGHO 6DWXUGD\FRPHVEHIRUH
6XQGD\QRWDIWHU
GRPLQJRQRGHVSXÃV
1RVDEHVTXHHVOXQHV" 'RQoW\RXNQRZLWoV0RQGD\"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
6DEHVTXÃVHPDQDHV" 'R\RXNQRZZKDWZHHNLWLV"
&ODURTXHVÇ(V6HPDQD6DQWD 2IFRXUVH,GR,WoV6HPDQD6DQWD
&ÍPRVHGLFH6HPDQD6DQWD +RZGR\RXVD\6HPDQD6DQWD
LQ(QJOLVK"
HQLQJOÃV"
6LUHFXHUGRELHQFUHRTXHVH ,I,UHPHPEHUZHOO,WKLQNLWoV
FDOOHG(DVWHU
OODPD(DVWHU
|4XÃQRPEUHP»VUDUR :KDWDVWUDQJHQDPH
+R\WDPELÃQHVXQGÇDPX\ 7RGD\LVDOVRDYHU\LPSRUWDQW
LPSRUWDQWHSDUDORVLUODQGHVHV GD\IRUWKH,ULVK
7DPELÃQFHOHEUDQ(DVWHUDOOÇ" 'RWKH\FHOHEUDWH(DVWHUWKHUH
WRR"
+D\PXFKRVFDWÍOLFRVHQ 7KHUHDUHPDQ\&DWKROLFVLQ
,UHODQG
,UODQGD
3HURQRPHUHîHURDHVR %XW,oPQRWUHIHUULQJWRWKDW
+R\HVHOGÇDGH6DQ3DWULFLR 7RGD\LV6DLQW3DWULFNoVGD\
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
/DJHQWHLUODQGHVDSRUWRGRHO ,ULVKSHRSOHDURXQGWKHZRUOG
PXQGRORFHOHEUD
FHOHEUDWHLW
$OJXQRVYDQDPLVD 6RPHJRWRPDVV
3HURFDVLWRGRVHOORVVH %XWDOPRVWDOORIWKHPJHWD
HPERUUDFKDQXQSRFR
OLWWOHGUXQN
,QFOXVRVLHVOXQHV" (YHQLILWoVD0RQGD\"
(QHVHFDVRSXHGHTXHVHDXQ ,QWKDWFDVHLWPLJKWEHDELW
SRFRGLIHUHQWH
GLIIHUHQW
6XHOHQOOHYDUDOJXQDSUHQGD 7KH\XVXDOO\ZHDUDJUHHQLWHP
RIFORWKLQJRQWKDWGD\
YHUGHHVHGÇD
3DUHFHUÇDQFRPR5RELQ+RRG 7KH\oGORRNOLNH5RELQ+RRG
ZRXOGQoWWKH\"
QR"
1RYDQYHVWLGRVGHYHUGHGH 7KH\GRQoWJRGUHVVHGIURP
KHDGWRWRHLQJUHHQ
ORVSLHVDODFDEH]D
6ÍORWLHQHTXHVHUXQDSUHQGD ,WRQO\KDVWREHRQHLWHPRI
FORWKLQJ
8QDFRUEDWDFDOFHWLQHV $WLHVRFNVXQGHUSDQWV
ZKDWHYHU\RXZDQW
FDO]RQFLOORVORTXHTXLHUDV
%DVNHW &DQDVWD
*XDUG (VFROWD
7LPH2XW 7LHPSRPXHUWR
3RLQW*XDUG $OHUR
&HQWHU 3LYRW
9RFDEXODULR%DVNHWEDOO %DORQFHVWR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
6DEHVTXHSDUHFHVP»V'R\RXNQRZ\RXORRNWKLQQHU
GHOJDGDDKRUDPDP»"
QRZPXP"
'HMÃGHFRPHUFRPLGDJUDVLHQWD ,JDYHXSIDWW\IRRGGXULQJ
GXUDQWHOD&XDUHVPD
/HQW
6HJÔQOD%LEOLD-HVÔVD\XQÍ $FFRUGLQJWRWKH%LEOH-HVXV
GXUDQWHFXDUHQWDGÇDV\
IDVWHGIRUIRUW\GD\VDQGQLJKWV
FXDUHQWDQRFKHV
'HEHKDEHUVLGRPX\GHOJDGR +HPXVWKDYHEHHQYHU\WKLQ
GHVSXÃVGHWDQWRWLHPSRVLQ
DIWHUVRPXFKWLPHZLWKRXW
FRPHU
HDWLQJ
6ÇSHURÃOQRORKDFÇDSRU <HVEXWKHZDVQoWGRLQJLWIRU
PRWLYRVHVWÃWLFRV
DHVWKHWLFUHDVRQV
6DEHVFÍPRVHOODPDQORV 'R\RXNQRZZKDWWKHQDPHV
GÇDVHQ6HPDQD6DQWD"
RIWKHGD\VLQ(DVWHUDUHFDOOHG"
'RPLQJRGH5DPRV 3DOP3DVVLRQ6XQGD\
-XHYHV6DQWR 0DXQG\7KXVGD\
9LHUQHV6DQWR *RRG)ULGD\
'RPLQJR6DQWR (DVWHU6XQGD\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
$ORW
,WoVDSOD\RQZRUGV
(VXQMXHJRGHSDODEUDV
<RXFDQNHHS\RXUKDWRQ
3XHGHVVHJXLUFRQHOVRPEUHURSXHVWR
+HVWD\HGRQDVDFRQVXOWDQW
6HTXHGÍFRPRFRQVXOWRU
&DQ\RXFKHFNRQWKHNLGV"
3XHGHVYHUVLHVW»QELHQORVQLËRV"
7U\LWRQ
3UXÃEDWHOR
,oOOSDVVRQ\RXUPHVVDJHWR3HWHU
3DVDUÃWXPHQVDMHD3HGUR
6LJQLîFDpPXFKRDq\pPXFKRVDVq\VH
SXHGHHPSOHDUHQDîUPDWLYRQHJDWLYRLQWH
UURJDWLYR\WDPELÃQFRQVXVWDQWLYRVFRQWDEOH
\QRFRQWDEOHV
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7HQJRPXFKRVOLEURV
1RWHQJRPXFKRWLHPSR
7LHQHQPXFKDFHUYH]D"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
&KDUOHV+HQGHUVRQZDQWVWRJHWWRNQRZ3HWHU)LHOGVDELWEHWWHUDQGVWULNHVXS HQWDEODU DFRQYHUVDWLRQZLWKKLP
&KDUOHV ([FXVHPH3HWHUGR\RXKDYHDPLQXWH"
3HWHU
6XUH&KDUOHVFRPHLQ:KDWoVRQ\RXUPLQG"
&KDUOHV ,oPLQWHUHVWHGLQNQRZLQJDOLWWOHPRUHDERXWWKLVQHZ
LQIRUPDWLRQV\VWHP\RXoUHVHWWLQJXSZLWKWKHDJHQWV
,WVHHPVOLNHDSUHWW\FRPSOLFDWHGWKLQJWRPH
3HWHU
:HOOLWoVVRPHWKLQJZHoYHQHHGHGIRUDORQJWLPH8S
WRQRZZHoYHFRPSLOHGWKHVDOHVïJXUHVRQDPRQWKO\
EDVLV $JHQWV VHQW LQ ZHHNO\ VXPPDU\ VKHHWV DQG
P\ SHRSOH VSHQW KRXUV HQWHULQJ WKH ïJXUHV LQWR WKH
FRPSXWHU $V \RX NQRZ RXU PRQWKO\ WRWDOV RQ VDOHV
KDYH QHYHU EHHQ UHDG\ XQWLO DURXQG WKH WK RI WKH
IROORZLQJPRQWK:LWKWKHQHZV\VWHPZHoOOKDYHWKH
GDLO\ïJXUHVRQDOOVDOHVE\SPHYHU\HYHQLQJ
&KDUOHV 'RZHUHDOO\QHHGGDLO\ïJXUHV"
3HWHU
1RW QHFHVVDULO\ %XW WKH QHZ V\VWHP DOORZV IRU GDLO\
LQIRUPDWLRQ ZLWKRXW DQ\ H[WUD ZRUN IRU XV RU WKH
DJHQWV,QIDFWDOOWKHWLPHZHQRUPDOO\VSHQGHQWHULQJ
WKHGDWDZLOOEHFXWWR]HUR
3HWHU
(DFKDJHQWZLOOKDYHSHUVRQDODQGSULYDWHDFFHVVWRD
ZHEVLWH ZHoYH GHVLJQHG $W WKH HQG RI HDFK ZRUNLQJ
GD\ WKH\ ZLOO VLPSO\ HQWHU WKH RUGHUV WKURXJK DQ
HDV\IRUPZHoYHGHVLJQHG2XUVHUYHUZLOOUHJLVWHUWKH
LQIRUPDWLRQDQGRUJDQL]HLWLQOLQHZLWKRXUQHHGV
:KDWoVRQ\RXUPLQG" 4XÃWHWUDHDTXÇ" $VXQWR
<RXoUHVHWWLQJXS HVW»VPRQWDQGR
3UHWW\ EDVWDQWH
:HoYHFRPSLOHG KHPRVUHFRSLODGR
2QDPRQWKO\EDVLV PHQVXDOPHQWH
6XPPDU\VKHHWV KRMDVGHUHVXPHQ
%\SP SDUDODVKRUDVGHODQRFKHFRPRPX\WDUGH
$OORZVIRU SHUPLWH
:LOOEHFXWWR VHUHGXFLU»D
)RUP IRUPXODULR
&KDUOHV +RZGRHVWKHV\VWHPZRUN"
5LFKDUG9DXJKDQ
(VWLPDGRDPLJR\DOXPQR+D\GÇDVHVFRODUHVDODËRHQ(VSDËD\HQPXFKRVRWURVSDÇVHVGHOPXQGR3DUHFHQSRFRVYHUGDG"6ÍOR
HOGHORVGÇDVTXHWLHQHXQDËR3HURDÔQDVÇFDOFXOHPRVHOWRWDOGHGÇDVHVFRODUHVHQODYLGDDFDGÃPLFDGHXQHVWXGLDQWHTXHWHUPLQD
FRQÃ[LWRODXQLYHUVLGDG$FWXDOPHQWHHQ(VSDËDHODOXPQRHQWUDHQSUHHVFRODUDORVWUHVDËRVGHHGDG\VLKDFHXQDFDUUHUDTXHQRVHD
,QJHQLHUÇDWHUPLQDU»DORVDËRV(VWRVXPDDËRVRGÇDVHVFRODUHV&UHHVTXHHVSRVLEOHDSUHQGHULQJOÃVGHGLFDQGR
GÇDV"&RQTXHFDGDFODVHGHDOXPQRVWXYLHUDXQDKRUDGLDULDGHDXGLFLÍQSDVLYDGHVGHORVWUHVDORVDËRVHVWREDVWDUÇDSDUDTXH
WRGRVWHUPLQDUDQVXHVFRODULGDGFRQXQQLYHOKDEODGRDOWR\XQQLYHODXGLWLYRFDVLQDWLYR1RKDUÇDQIDOWDH[»PHQHV/DQRWDVÍORWHQGUÇD
TXHEDVDUVHHQODDVLVWHQFLDDFODVH$KRUDELHQXQÔQLFRUHTXLVLWRVHUÇDTXHORVSURIHVRUHVWXYLHUDQDFHQWRQDWLYR\SXGLHUDQDVHJXUDU
TXHODPXVLFDOLGDGGHVXYR]LPSUHJQDVHHODXODGXUDQWHWRGDODKRUDGHFODVH6LTXLVLÃUDPRVDËDGLUGHEHUHVÃVWRVVHUÇDQIUDJPHQWRV
GHDXGLFLÍQ\DGLVSRQLEOHVHQ,QWHUQHWFRQXQFXHVWLRQDULRGHOWLSRYHUGDGHURIDOVRHQSDSHORFROJDGRHQODZHETXHDVHJXUDUDTXH
HODOXPQRHVFXFKDVHHOIUDJPHQWRHQFXHVWLÍQ/DSDODEUDHVFULWD\ODVH[SOLFDFLRQHVJUDPDWLFDOHVQRDSDUHFHUÇDQKDVWDWHUFHURGHOD
(62FXDQGRORVFKDYDOHVWXYLHUDQDËRV(QRWUDVSDODEUDVORVRQFHSULPHURVDËRVGHFODVH KRUDV VHUÇDQDXGLFLÍQSXUD\GXUD
SHURRMRFRQYRFHVQDWLYDV\SURIHVRUHV RDQJORSDUODQWHV HQWUHJDGRVDOREMHWLYR<DDORVDËRVORVMÍYHQHVHPSLH]DQDGHVDUUROODU
XQDPHQWHP»VDQDOÇWLFD\VL\DUHFRQRFHQVLQSHVWDËHDUODSURQXQFLDFLÍQGHODVSDODEUDV\ODVLQWD[LVGHODVIUDVHV WUDVRQFHDËRVHVFX
FK»QGRODV HQWRQFHVVHDGDSWDU»QDODHVFULWXUD\JUDP»WLFDFRPRHOSH]DODJXD$KRUDELHQHOHQIRTXHVHJXLUÇDVLHQGRGHXQGH
DXGLFLÍQLQFOXVRGXUDQWHODFDUUHUDXQLYHUVLWDULD
3RUTXÃORVWD[LVWDVGHPVWHUGDPR&RSHQKDJXHKDEODQLQJOÃVDVXVSDVDMHURVH[WUDQMHURVVLQSUREOHPD"7HDGYLHUWRSRUH[SHULHQFLD
TXHHVWRVWD[LVWDVQRKDEODQFRQXQDJUDP»WLFDSHUIHFWDQLXQDSURQXQFLDFLÍQSXOLGD6LQHPEDUJRVHPDQHMDQHQHOLGLRPDFRPROD
FRVDP»VQDWXUDOGHOPXQGR1ROHVSLGDVTXHWHH[SOLTXHQODFRQMXJDFLÍQGHOYHUER´WRWDNHµQLTXHWHDFODUHQHOXVRGHORVSURQRPEUHV
UHODWLYRVQLTXHWHHQXPHUHQODVGLIHUHQWHVSRVLELOLGDGHVGH´JHWµVHJÔQTXÃSUHSRVLFLÍQOHHQJDQFKDGHVSXÃV1RVDEUÇDQFRQWHVWDUWH
SRUTXHQRORVDEHQ3HURVÇVDEHQHQWHQGHUDORVWXULVWDVSHUIHFWDPHQWH\FRQWHVWDUOHVFRQXQDJUDP»WLFDWDOYH]LPSHUIHFWDSHURFRQXQD
HîFDFLDFRPXQLFDWLYDWRWDO(VWRVWD[LVWDVTXHGHMDURQODHVFRODULGDGDORVRDËRVVHPDQHMDQPHMRUTXHODLQPHQVDPD\RUÇDGHORV
HVWXGLDQWHVHVSDËROHVGH,QJHQLHUÇDDOWÃUPLQRGHVXVVHLVDËRVGHFDUUHUD&ÍPRSXHGHVHUHVWR")»FLOGHVGHSUHHVFRODUHQ+RODQGDR
'LQDPDUFDQRSDUDQGHRÇUXQLQJOÃVELHQKDEODGRGXUDQWHXQDKRUDDOGÇD(OVLVWHPDHGXFDWLYRGHXQSDÇVHVHOÔQLFRDJHQWHFDSD]GHGDU
ODYXHOWDDXQDVLWXDFLÍQFRPRHVHOLQJOÃVHQ(VSDËD(OGHMDUGHGREODUODVSHOÇFXODV\VHULHVGHWHOHYLVLÍQD\XGDUÇDQPX\SRFRSXHVWRTXH
KD\PXFKRVSDÇVHVGRQGHQRGREODQ\GRQGHHOQLYHOJHQHUDOGHLQJOÃVHVWDPELÃQEDMRFRPRDTXÇHQ(VSDËD/DVROXFLÍQHVW»HQPDQRV
GHORVSRGHUHVSÔEOLFRV\GHQDGLHP»V<R\PLVFRODERUDGRUHVDWUDYÃVGH(/081'2GH9DXJKDQ5DGLRGH9DXJKDQWRZQGH$SUHQGH
,QJOÃV79\GHQXHVWUDOXFKDHQPXFKRVP»VIUHQWHVHVWDPRVLQWHQWDQGRD\XGDURVDWRGRVFRQHOGLFKRVRWHPDGHOLQJOÃVSHURKDVWDTXH
HOVLVWHPDHGXFDWLYRQRGHFLGDSRQHUSDWDVDUULEDODIRUPDDFWXDOGHDERUGDUHOLGLRPDQRSUHYHRPXFKRDYDQFH
/RZ%HJLQQHU
+LJK%HJLQQHU
6XSDGUHHVPLKHUPDQR GHHOOD +HUIDWKHUoVP\EURWKHU
0LVREULQDHVVXKLMD GHÃO 0\QLHFHLVKLVGDXJKWHU
6XHVSRVDHVPLFXËDGD +LVZLIHoVP\VLVWHULQODZ
(OKHUPDQRGHPLFXËDGDHV 0\VLVWHULQODZoVEURWKHULVD
FXUD
SULHVW
6XLJOHVLDHVW»HQHOQRURHVWH +LVFKXUFKLVLQWKHQRUWKHDVW
GH(VSDËD
RI6SDLQ
4XÃKDFHHOOD" DKRUD :KDWoVVKHGRLQJ"
(QTXÃSLHQVDV" :KDWoVVKHWKLQNLQJDERXW"
4XÃKDFHÃO" GHWUDEDMR :KDWGRHVKHGR"
'ÍQGHYDV" :KHUHDUH\RXJRLQJ"
4XÃGLFHV" :KDWDUH\RXVD\LQJ"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
7HQJRXQWÇRTXHYLYHHQ6XL]D ,KDYHDQXQFOHZKROLYHVLQ
6ZLW]HUODQG
+DEODVXL]R" 'RHVKHVSHDN6ZLVV"
1RFUHRTXHKD\DXQLGLRPD ,GRQoWWKLQNWKHUHoVDODQJXDJH
WKDWoVFDOOHG6ZLVV
TXHVHOODPHVXL]R
&X»QWRVLGLRPDVVHKDEODQ +RZPDQ\ODQJXDJHVGRWKH\
VSHDNLQ6ZLW]HUODQG"
HQ6XL]D"
&RQR]FRDDOJXLHQTXHYLYHDOOÇ ,NQRZVRPHERG\ZKROLYHV
WKHUH
&X»QWRWDUGDU»V" +RZORQJZLOOLWWDNH\RX"
6XHORWDUGDUXQDKRUD ,XVXDOO\WDNHDQKRXU
7LHQHVSULVD" $UH\RXLQDKXUU\"
1HFHVLWRTXHPHORGHVPDËDQD ,QHHG\RXWRJLYHLWWRPH
WRPRUURZPRUQLQJ
SRUODPDËDQD
/RVLHQWRWHQGU»VTXHHVSHUDU ,oPVRUU\\RXoOOKDYHWRZDLWD
OLWWOHPRUH
XQSRFRP»V
5LQJV $QLOODV
+RUVH 3RWUR
3DUDOOHO%DUV 3DUDOHODV
)ORRU 6XHOR
%DODQFH%HDP %DUUD
9RFDEXODULR*\PQDVWLFV *LPQDVLD
+LJK,QWHUPHGLDWH
$TXLÃQHVW»VHVSHUDQGR" :KRDUH\RXZDLWLQJIRU"
(VSHURTXHWRGRHOPXQGR ,H[SHFWHYHU\RQHWRZRUNKDUG
LQWKLVRIïFH
WUDEDMHGXURHQHVWDRîFLQD
(VW»LVHVSHUDQGRXQDQLËDR $UH\RXH[SHFWLQJDER\RUD
JLUO"
XQQLËR"
(VSHURTXHQROOXHYDHVWDWDUGH ,KRSHLWGRHVQoWUDLQWKLV
DIWHUQRRQ
4XÃHVSHUDEDVGHXQFKLFR :KDWGLG\RXH[SHFWIURPD
ER\OLNHKLP"
FRPRÃO"
/RZ$GYDQFHG
(VSHUDPRVWHQHUQRWLFLDVWX\DV :HORRNIRUZDUGWRKHDULQJ
IURP\RXVKRUWO\
PX\SURQWR
2\HVHVR" &DQ\RXKHDUWKDW"
(OWHOÃIRQRHVW»VRQDQGR 7KHWHOHSKRQHLVULQJLQJ
4XLÃQVHU»" ,ZRQGHUZKRLWLV"
&ÍPRVHVXSRQHTXHYR\D +RZDP,VXSSRVHGWRNQRZ
ZKRLWLVJRLQJWREH"
VDEHUTXLÃQHV"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
4XLÃQORYDDFRJHU" :KRoVJRLQJWRDQVZHULW"
/RFRMR\R" 6KDOO,JHWLW"
+D\XQKRPEUHHQODOÇQHD 7KHUHoVDPDQRQWKHOLQH
EUHDWKLQJKHDYLO\
UHVROODQGR
|&XHOJDHQWRQFHV +DQJXSWKHQ
3HUGRQHVHKDHTXLYRFDGRGH ,oPVRUU\\RXoYHJRWWKHZURQJ
QXPEHU
QÔPHUR
7HHVW»VVDOLHQGRSRUODWDQJHQWH <RXoUHJRLQJRIIRQDWDQJHQW
/RVLHQWRORKLFHVLQTXHUHU ,oPVRUU\,GLGQoWPHDQWRGRLW
4XÃSUHWHQGHVGHFLUFRQHVR" :KDWDUH\RXJHWWLQJDW"
6LQRKXELHUDQTXHEUDGR ,IWKH\KDGQoWJRQHEDQNUXSW
SRGUÇDPRVKDEHUFREUDGROD
ZHFRXOGKDYHFROOHFWHGWKH
FDQWLGDG
DPRXQW
(VWR\PHWLGRHQXQDWDVFR ,oPVWXFNLQDWUDIïFMDP
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
7RFDOOVRPHRQH
:K\GR\RXSLFNRQPHVRPXFK"
3RUTXÃWHPHWHVWDQWRFRQPLJR"
7KHGRJWXUQHGRQLWVPDVWHU
(OSHUURVHYROYLÍFRQWUDVXDPR
&XDQGRGHFLPRVpOODPDUDDOJXLHQqQXQFD
HPSOHDPRVODSUHSRVLFLÍQpWRq
,oPVRUU\EXWZHQHHGWRSXVKRQ
/RVLHQWRSHURGHEHPRVVHJXLUHOYLDMH
7KH\MXVWZDONHGRQE\
3DVDURQGHODUJR\VLJXLHURQDQGDQGR
,oPZRUNLQJRQLW
(VWR\WUDEDMDQGRHQHOOR
$VXUSULVHJXHVWZDONHGRQWKHVWDJH
8QLQYLWDGRVRUSUHVDVDOLÍDOHVFHQDULR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
/ODPDD-DPHVDKRUD
£OHVW»OODPDQGRDVXQRYLR
/HOODPDUÃPDËDQD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
&KDUOHV+HQGHUVRQDQG3HWHU)LHOGVFRQWLQXHWDONLQJDERXWWKHFKDQJHVDQGVWUDWHJ\IRUWKHVDOHVDQGPDUNHWLQJDUHDRIWKHFRPSDQ\
&KDUOHV +RZPXFKZLOOLWFRVWWRLPSOHPHQWWKLV"
3HWHU
-RQHV &ROOLQV LV WKH FRQVXOWLQJ ïUP ZH FKRVH WR
GHVLJQDQGLPSOHPHQWWKHV\VWHPDVZHOODVWRSURYLGH
WUDLQLQJIRUWKHDJHQWVDQGVHYHQSHRSOHKHUHDW
KHDGTXDUWHUV7KHWRWDOFRVWZLOOFRPHWR
WRJLYHDPRUHHIIHFWLYHVHUYLFHWRWKHDJHQWVQRWRQO\
WKURXJK DGYHUWLVLQJ DQG PHUFKDQGLVLQJ EXW WKURXJK
SHUVRQDO FRQWDFW DQG RULHQWDWLRQ 7KH\ QHHG WR IHHO
WKDW ZHoUH ZDWFKLQJ WKHP VXSSRUWLQJ WKHP DQG
KHOSLQJWKHPRQDGDLO\EDVLVLISRVVLEOH
&KDUOHV ,VXSSRVHDORWRIWLPHZLOOJRLQWRWUDLQLQJ
3HWHU
1RW WRR PXFK (YHQ WKH ROGHU IHOORZV ZLOO ïQG LW TXLWH
VLPSOH 1DQF\ &DUOVRQ KDV EHHQ ZRUNLQJ ZLWK WKH
FRQVXOWDQWVDQGWKHSURJUDPIRUPRUHWKDQWKUHHPRQWKV
DQGLWoVYHU\XVHUIULHQGO\+HUKXVEDQGZRUNVIRU3URFWHU
DQG*DPEOHDQGWKH\KDYHDVLPLODUV\VWHP6KHVSHQW
DIHZGD\VDW3URFWHUVWXG\LQJKRZWRXVHLW,WKLQNLWoV
JRLQJ WR ZRUN UHDO ZHOO 7KH RQO\ SUREOHP , IRUHVHH LV
ZKDW WR GR ZLWK WKH WZR SHRSOH KHUH ZKR KDYH GRQH
QRWKLQJHOVHEXWHQWHUVDOHVGDWDXSWRQRZ7KH\ZRQoW
KDYHDQ\WKLQJWRGRRQFHWKHV\VWHPLVLQSODFH
&KDUOHV 'R\RXUHDOO\WKLQNLWZLOOKHOSVDOHV"
3HWHU
:LOOFRPHWR DVFHQGHU»D
:LOOJRLQWR VHGHGLFDU»D
8VHUIULHQGO\ GHI»FLOPDQHMRSDUDSURIDQRV
5HDOZHOO PX\ELHQ
)RUHVHH SUHYHU
,QSODFH HQHVWHFDVR IXQFLRQDQGR
2QWRSRIWKLQJV HQFLPDGHODVFRVDV
0HUFKDQGLVLQJ SXEOLFLGDG\SURPRFLÍQHQHOSXQWRGHYHQWD
2QDGDLO\EDVLV DGLDULR
5LJKW QRZ ZHoUH VR EXV\ HQWHULQJ DQG FRPSLOLQJ
LQIRUPDWLRQWKDWZHKDUGO\HYHUWDNHWKHWLPHWRVWXG\
LW DQG PDNH GHFLVLRQV , ZDQW WKLV GHSDUWPHQW WR EH
PRUH RQ WRS RI WKLQJV :H VSHQG PRVW RI RXU WLPH
FUHDWLQJ VWDWLVWLFV DQG FDOFXODWLQJ ERQXVHV :H QHHG
5LFKDUG9DXJKDQ
(VWLPDGRDPLJR\DOXPQR$FDERGHWHUPLQDUGHJUDEDUKRUDVGHWHOHYLVLÍQSDUDORV'9'oVGHODFROHFFLÍQGHHQWUHJDVGH
LQJOÃVSURIHVLRQDO LQJOÃVSDUDHOPXQGRGHOWUDEDMR\GHORVQHJRFLRV \KHYXHOWRDGDUPHFXHQWDXQDYH]P»VGHORSRFRTXHVH
GLIHUHQFLDHVWHLQJOÃVVXSXHVWDPHQWHWÃFQLFRRSURIHVLRQDOGHOLQJOÃVQRUPDO\FRUULHQWH'XUDQWHODUJDVKRUDVKHKDEODGRGHODQWH
GHODVF»PDUDVVREUHPXFKRVDVSHFWRVGHODGLUHFFLÍQJHQHUDOGHODGLUHFFLÍQWÃFQLFDGHIDEULFDFLÍQGHPDUNHWLQJGHLQYHUVLRQHV
\RSHUDFLRQHVEXUV»WLOHVGHPDFUR\PLFURHFRQRPÇDGHOIDFWRUKXPDQRHQODRUJDQL]DFLÍQGHODIRUPXODFLÍQHLPSODQWDFLÍQGHOD
HVWUDWHJLDGHODGLQ»PLFDFRPSHWLWLYDGHQWURGHORVVHFWRUHVGHODHFRQRPÇDGHODFRQWDELOLGDG\DQ»OLVLVîQDQFLHUR\GHFÍPRXVDU
HOWHOÃIRQRHQHODPELHQWHGHODHPSUHVD+HGHGLFDGRLQFOXVRFXDWUREORTXHVGHPLQXWRVSDUDLQWHQWDUFRQYHQFHURVGHLQYHUWLU
FRQPLJRHQXQQHJRFLRSDUDODLPSRUWDFLÍQ\FRPHUFLDOL]DFLÍQHQ(VSDËDGHOHQWHVGHFRQWDFWRSDUDJDOOLQDV'HODVFLHQPLOSDODEUDV
TXHFDOFXORKHGLFKRDORODUJRGHODVKRUDVDSRVWDUÇDORTXHIXHUDDTXHQLHUDQSDODEUDVUHDOPHQWHWÃFQLFDVîQDQFLHUDVEXU
V»WLOHVRHFRQÍPLFDV(OGHWRGRORTXHGLMHHUDQIUDVHVQRUPDOHV\SDODEUDV\H[SUHVLRQHVQRUPDOHVDXQTXHHVRVÇUHIHUHQWHVD
VLWXDFLRQHVSURIHVLRQDOHV\QRSHUVRQDOHV3RUWDQWRGHVPLWLîTXHPRVGHXQDYH]SRUWRGDVFXDOTXLHULGHDGHLQJOÃVSDUDORVQHJRFLRV
(VVLPSOHPHQWHXQLQJOÃVQRUPDO\FRUULHQWHGHQWURGHOFRQWH[WRVRFLDOGHODDFWLYLGDGODERUDORSURIHVLRQDO0HKDFHJUDFLDFXDQGR
XQDOWRGLUHFWLYRPHSLGHXQFXUVRGHLQJOÃVWÃFQLFRFXDQGRDSHQDVORJUDKLODUIUDVHVFRQVXMHWRVYHUERV\SUHGLFDGRVQRUPDOHV(O
HVSDËRODGXOWRKX\HFRPRODSHVWHGHXQRGHORVDVSHFWRVP»VFUÇWLFRVGHODEXHQDH[SUHVLÍQHOGRPLQLR\DJLOLGDGFRQODJUDP»WLFD
P»VE»VLFD(VOÍJLFRSXHVWRTXHOOHJDUDHVHGRPLQLR\DJLOLGDGH[LJHXQJUDQHVIXHU]R\XQDVGRVLVGHKXPLOGDGTXHODPD\RUÇDQR
WLHQH$ORVDËRVXQDVSLUDQWHDOHVWUHOODWRHPSUHVDULDOQRTXLHUHYROYHUDSUDFWLFDUKDVWDODVDFLHGDGOD
FRQMXJDFLÍQGHORVYHUERVLUUHJXODUHVP»VFRPXQHV6LQHPEDUJRVLQRORKDFHHVFRPRHODVSLUDQWHDJUDQ
PDWHP»WLFRTXHQRVHVDEHODVWDEODVGHPXOWLSOLFDU(OMRYHQPDWHP»WLFRGHODIRWRGHODL]TXLHUGDUHSUR
GXFÇDODVWDEODVGHPXOWLSOLFDUDXQDYHORFLGDGVXSHUVÍQLFDFXDQGRWHQÇDWDQVÍORRFKRDËRV&RQHVWDEDVH
SXGRFRPRVHYHOOHJDUDXQGRPLQLRUHDOPHQWHLPSUHVLRQDQWHGHVX»UHDGHOVDEHU6LWLHQHVDËRVHUHV
VXEGLUHFWRUîQDQFLHURGHXQDHPSUHVDTXHIDFWXUDPLOORQHVGHHXURVDODËRDVSLUDVDOOHJDUDODFLPD
GHOPXQGRHPSUHVDULDOHQ(VSDËD\TXLHUHVKDFHUWHFRQHODOWRGRPLQLRGHOLQJOÃVTXHHVWRVSXHVWRVVXHOHQ
H[LJLUP»VYDOHTXHVHSDVWXVWDEODVGHPXOWLSOLFDUDQWHVGHTXHPHOODPHVSLGLHQGRpLQJOÃVîQDQFLHURq6LQR
DFDEDU»VVLHQGRREMHWRGHXQRGHPLVIDPRVRVVHUPRQHV\WHDGYLHUWRTXHVR\PX\SHVDGR
/RZ%HJLQQHU
+LJK%HJLQQHU
4XÃYDVDKDFHUHVWHîQGH :KDWDUH\RXJRLQJWRGRWKLV
ZHHNHQG"
VHPDQD"
1RORVÃSUREDEOHPHQWHPH ,GRQoWNQRZ,oOOSUREDEO\VWD\
KHUH
TXHGDUÃDTXÇ
1RYDVDYLVLWDUDWXIDPLOLD $UHQoW\RXJRLQJWRYLVLW\RXU
IDPLO\LQWKH&DQDU\,VODQGV"
HQ/DV&DQDULDV"
(VXQDGHODVFRVDVTXHQRPH ,WoVRQHRIWKHWKLQJV,GRQoW
JXVWDGHHVWDVHPDQD
OLNHDERXWWKLVZHHN
9RODU\YLDMDUHVPXFKRP»V )O\LQJDQGWUDYHOOLQJLVPXFK
PRUHH[SHQVLYH
FDUR
/DWLHQGDHVW»DELHUWD 7KHVKRSLVRSHQ
/DVSXHUWDVQRHVW»QFHUUDGDV 7KHGRRUVDUHQoWFORVHG
(VWHOLEURHVLQWHUHVDQWH 7KLVERRNLVLQWHUHVWLQJ
6XVSHOÇFXODVQRVRQDEXUULGDV +HUïOPVDUHQoWERULQJ
GHHOOD
(VWR\FDQVDGR ,oPWLUHG
0HVD 0HVHWD
3DWK 6HQGHUR
0RXQWDLQ7RS &XPEUH
+LOO &ROLQD
9DOOH\ 9DOOH
9RFDEXODULR0RXQWDLQ 0RQWDËD
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(VOD6HPDQD6DQWDPX\ ,V(DVWHUYHU\GLIIHUHQWLQ
GLIHUHQWHHQ,QJODWHUUD"
(QJODQG"
6LFRPSDUDV/RQGUHVFRQ6HYLOOD,I\RXFRPSDUH/RQGRQWR
HVRWURSODQHWD
6HYLOOHLWoVDQRWKHUSODQHW
3RUTXÃGLFHVHVR" :K\GR\RXVD\WKDW"
/DJHQWHQRHVPX\UHOLJLRVD $UHQoWSHRSOHYHU\UHOLJLRXV
SRUDOOÇ"
RYHUWKHUH"
+D\JHQWHUHOLJLRVDSHURQR 7KHUHDUHUHOLJLRXVSHRSOHEXW
VRQLQJOHVHV
WKH\DUHQoW(QJOLVK
0X\SRFRVWRPDQHQFXHQWD 9HU\IHZWDNHLQWRDFFRXQWWKH
HOVLJQLîFDGRRULJLQDO
RULJLQDOPHDQLQJ
(VGHFLUTXHWRGRVHWUDWDGH 7KDWLVWRVD\WKDWLWoVDOO
UHOLJLÍQ
DERXWUHOLJLRQ
1XQFDKHYLVWRXQDSURFHVLÍQ ,oYHQHYHUVHHQDSURFHVVLRQLQ
HQODVFDOOHVGHPLSXHEOR
P\WRZQ
1RWHQÃLVWUDGLFLRQHVR 'RQoW\RXKDYHWUDGLWLRQVRU
FRVWXPEUHVSDUDFHOHEUDUOR"
FXVWRPVWRFHOHEUDWHLW"
$YHUTXHORSLHQVHXQPRPHQWR /HWPHWKLQNDERXWWKDWIRUD
PRPHQW
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
/RVTXHVRQUHOLJLRVRVQRVXHOHQ 7KRVHZKRDUHUHOLJLRXVGRQoW
FRPHUFDUQHHQ9LHUQHV6DQWR XVXDOO\HDWPHDWRQ*RRG)ULGD\
$KHVRHVLJXDOTXHDTXÇ $KWKDWoVWKHVDPHDVLWLVKHUH
(O'RPLQJRGH5HVXUUHFFLÍQ 2Q(DVWHU6XQGD\FKLOGUHQHDW
ORVQLËRVFRPHQKXHYRVGH
FKRFRODWHHJJV
FKRFRODWH
/RVUHFLEHQGHXQFRQHMLWR 7KH\UHFHLYHWKHPIURPDEXQQ\
1RHQWLHQGRQDGDGHORTXH ,GRQoWXQGHUVWDQGDQ\WKLQJ
PHHVW»VGLFLHQGR
\RXoUHWHOOLQJPH
4XÃWLHQHTXHYHUXQFRQHMR\ :KDWGRDUDEELWDQGFKRFRODWH
HOFKRFRODWHFRQ-HVÔV"
KDYHWRGRZLWK-HVXV"
7LHQHDOJRTXHYHUFRQULWRV ,WKDVWRGRZLWKDQFLHQWULWHV
DQWLJXRVGHODSULPDYHUD
RIVSULQJ
(VXQDODUJDKLVWRULDWHOR ,WoVDORQJVWRU\,oOOWHOO\RXLW
FXHQWRRWURGÇD
DQRWKHUGD\
$OJXQDYH]KDVYLVWRODV +DYH\RXHYHUVHHQWKH
SURFHVLRQHVHQ$QGDOXFÇD"
SURFHVVLRQVLQ$QGDOXVLD"
8QSDUGHYHFHVVRQ $FRXSOHRIWLPHVWKH\oUH
DOXFLQDQWHV
DPD]LQJ
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
+D\XQDPELHQWHLQFUHÇEOH 7KHUHoVDQLQFUHGLEOH
DWPRVSKHUH
$XQTXHHVRVWÇRVYHVWLGRVGH $OWKRXJKWKRVHJX\VGUHVVHGLQ
EODQFRPHGLHURQPLHGR
ZKLWHVFDUHGPH
|1RPHGLJDVTXHSHQVDEDV 'RQoWWHOOPH\RXWKRXJKWWKH\
TXHHUDQGHO.X.OX[.ODQ
ZHUHIURPWKH...
$QGDEDQGHVFDO]RVFRQFUXFHV 7KH\ZHUHZDONLQJEDUHIRRW
\DJXMHURVHQVXVVRPEUHURV
ZLWKFURVVHVDQGZLWKKROHVLQ
H[WUDËRV
WKHLUKDWV
4XÃVHVXSRQHTXHLEDD :KDWZDV,VXSSRVHGWRWKLQN"
SHQVDU"
6DEHVTXHDQWHVIXL 'R\RXNQRZWKDW,XVHGWREH
PRQDJXLOOR"
DQDOWDUER\"
|$QGD :HOO,QHYHU
0HPHWÇHQPXFKRVOÇRVFRQORV ,XVHGWRJHWLQWRDORWRI
FXUDV
WURXEOHZLWKWKHSULHVWV
<HVR" +RZVR"
0HFRPÇDODVKRVWLDVFXDQGR ,ZRXOGHDWWKHKRVWVZKHQ,
WHQÇDKDPEUH
ZDVKXQJU\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
%XVLQHVVYRFDEXODU\
:HDGGHGRQRQHPRUH
$ËDGLPRVXQRP»V DODOLVWD
:HQHHGWRDFWRQWKLVULJKWDZD\
'HEHPRVDFWXDU\DVREUHODEDVHGHHVWR
,GHFLGHGRQSODQ%
0HGHFLGÇSRUHOSODQ%
:HoUHFRXQWLQJRQ\RX'RQoWOHWXVGRZQ
&RQWDPRVFRQWLJR1RQRVGHFHSFLRQHV
,WGHSHQGVRQDORWRIIDFWRUV
'HSHQGHGHPXFKRVIDFWRUHV
7KH\LQVLVWHGRQFRPLQJ
6HHPSHËDURQHQYHQLU
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'R\RXWKLQNRXULQYHVWRUVZLOOîQDQFHWKH
SURMHFW"
7KDWoVDNH\DFFRXQWWUHDWWKHPZHOO
2XUFRPSHWLWLRQLVZD\DKHDGRIXV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
3HWHU)LHOGVFRQWLQXHVWRXSGDWH&KDUOHV+HQGHUVRQRQKLVSODQVIRUWKHVDOHVDQGPDUNHWLQJGHSDUWPHQW
&KDUOHV +RZZLOO\RXKHOSWKHP"
3HWHU
3HWHU
&KDUOHV , ZLOO 3HWHU 7KDWoV ZK\ ,oP KHUH , DP H[FLWHG DERXW
ZKDW\RXoUHGRLQJDQG,ZDQW\RXWRNQRZ,oP
EHKLQG \RX 7KH PRVW LPSRUWDQW WKLQJ IRU PH LV WR
NQRZWKDW\RXoUHH[FLWHGDERXWLWWRRDQGWKDW\RXoUH
JRLQJWRGR\RXUEHVWWRPDNHLWZRUN
7KHQHZFRPSXWHUV\VWHPJLYHVXVDGDLO\VXPPDU\RI
WKHVWRFNOHYHOVLQHYHU\RQHRIWKHRXWOHWVZKHUH
RXUSURGXFWVDUHVROG$WLQWKHPRUQLQJZHKDYH
D OLVWLQJ ZLWK DOO WKH RXWOHWV RUGHUHG E\ VWRFN OHYHO
IURPWKHORZHVWWRWKHKLJKHVW2QWKHVDPHGD\WKH
SURJUDP EUHDNV GRZQ HDFK DJHQWoV WHUULWRU\ LQWR WHQ
GLVWULFWVDQGVHQGVDPDSRIHDFKGLVWULFWPDUNLQJZLWK
DQp;qWKHUHWDLOHUVZKRDUHORZRQVWRFN
&KDUOHV +RZGRWKHDJHQWVJHWWKHPDS"
3HWHU
, IRUJRW WR WHOO \RX 7KH\ UHFHLYH LW E\ HPDLO RQ WKH
VDPHGD\:KHQWKH\JHWKRPHDWQLJKWDQGVHQGXV
WKHLUGDLO\VDOHVWKH\DOUHDG\KDYHPDSVVKRZLQJ
WKHLGHDOVDOHVURXWHIRUWKHQH[WGD\
&KDUOHV ,WVRXQGVSUHWW\LPSUHVVLYH'R\RXWKLQNWKH\oOOIROORZ
WKHURXWH"
3HWHU
7KH\KDYHWR:HoYHFRQYLQFHGWKHPWKDWWKHLUERQXVHV
ZLOO EH HYHQ EHWWHU LI WKH\ GR , EHW ZH ORVH RI
SRWHQWLDOVDOHVEHFDXVHUHWDLOHUVKDYHUXQRXWRIVWRFN
&KDUOHV :KHQZLOOWKHV\VWHPJRLQWRHIIHFW"
3HWHU
2XUWDUJHWGDWHLV0DUFKVWDQG,WKLQNZHoUHJRLQJWR
PHHW LW7KDWoV WZR ZHHNV DIWHU WKH VDOHV FRQYHQWLRQ
DQGZHoUHJRLQJWRVSHQGDWOHDVWKDOIDGD\ZLWKWKHP
DWWKHFRQYHQWLRQWUDLQLQJWKHPWKRURXJKO\LQKRZWR
RSHUDWHWKHSURJUDP,oPFRQYLQFHGLWoVJRLQJWRZRUN
&KDUOHVDQGZLWKLQD\HDUZHoUHJRLQJWRJHWDWOHDVW
RI WKRVH VDOHV ZHoYH QHYHU PDGH GXH WR VWRFN
SUREOHPV
&KDUOHV 'RHV*HRUJH5RELQVRQNQRZDQ\WKLQJDERXWWKLV"
3HWHU
+HDSSURYHGWKHEXGJHWIRULWEXWKHGLGQoWVHHPWRR
H[FLWHG+HQHYHUVHHPVWRJHWH[FLWHGDERXWDQ\WKLQJ
3HWHU
:KRZLOOWDNHRYHUIRUKLP"
'RQoWZRUU\DERXWWKDW&KDUOHV,NQRZKRZPXFK\RX
VXSSRUWHG PH ZKHQ \RX JRW EDFN IURP )UDQFH DQG ,
DSSUHFLDWHLW7KHODVWSHUVRQLQWKHZRUOG,oPJRLQJWR
GLVDSSRLQWLV\RX<RXFDQEHVXUHRIWKDW
2XWOHWV SXQWRVGHYHQWD
/LVWLQJ OLVWDGR
6WRFNOHYHO QLYHOGHVWRFN
%UHDNVGRZQ GHVJORVD
5HWDLOHUV PLQRULVWDV
/RZRQVWRFN EDMRVGHVWRFN
3UHWW\ EDVWDQWH
,EHW PHDSXHVWRDTXH
+DYHUXQRXWRIVWRFN KDQTXHGDGRVLQVWRFN
*RLQWRHIIHFW HQWUDUHQIXQFLRQDPLHQWR
7DUJHWGDWH IHFKDGHLQLFLR
7KRURXJKO\ FRQFLHQ]XGDPHQWH
%XGJHW SUHVXSXHVWR
+HQHYHUVHHPVWRJHWH[FLWHG QXQFDSDUHFHHPRFLRQDUVH
+HoOOEHOHDYLQJ VHYD
:KRZLOOWDNHRYHUIRUKLP" TXLÃQOHVXVWLWXLU»"
7KDWoVZK\ HVSRUHVRSRUORTXH
,oPEHKLQG\RX WHDSR\RDO
&KDUOHV :HOO , WKLQN KHoV WRR EXV\ SODQQLQJ KLV UHWLUHPHQW
+HoOOEHOHDYLQJDWWKHHQGRI-XQH
(VWLPDGRDPLJR\DOXPQR´OWLPDPHQWHQRVÃSRUTXÃYDULDVSHUVRQDVPHKDQSUHJXQWDGRVREUHODLPSRUWDQFLDGHODSURQXQFLDFLÍQ
DODKRUDGHDERUGDUVHULDPHQWHHOHVWXGLRGHOLQJOÃV$XQTXHHQUDGLR\WHOHYLVLÍQSXHGDVRÇUPHRYHUPHLQFLGLHQGRHQFDGDHUURU
IRQÃWLFRFXDQGRGR\FODVHVQRUPDOHVDSHQDVSUHVWRDWHQFLÍQDHVWHDVSHFWRGHOLGLRPD&XDQGRWHQJRDFHQWHQDUHVGHPLOHVGH
R\HQWHVRWHOHYLGHQWHVGHWRGRVORVQLYHOHVOLQJÖÇVWLFRVLPDJLQDEOHVSUHîHURDSURYHFKDUHVWDVSODWDIRUPDVWDQDPSOLDVSDUDHQWUDU
HQDEVROXWDPHQWHWRGRVORVHQWUHVLMRVGHOLGLRPD0XFKDJHQWHGHXQQLYHODOWRGHLQJOÃVDSUHFLDHOHVWÇPXORLQWHOHFWXDOTXHSXHGR
SURSRUFLRQDUDOGHVYHODUOHVWUXFRVLQWHUHVDQWHVSDUDDOODQDUXQHVFROORIRQÃWLFRGHWHUPLQDGRHQPLLGLRPD3HURUHSLWRHQFODVHV
QRUPDOHVHVPLÔOWLPDSULRULGDGSXHVWRTXHODLQPHQVDPD\RUÇDGHPLVDOXPQRVWÔLQFOXLGRVHJXUDPHQWHSURQXQFL»LVHOLQJOÃVOR
VXîFLHQWHPHQWHELHQFRPRSDUDVHUHQWHQGLGRV7HQÃLVTXHUHFRUGDUTXHVLHPSUHYDLVDWHQHUXQDFHQWRHVSDËRODOKDEODUHQLQJOÃV
DOLJXDOTXH\RWHQJRXQDFHQWRDPHULFDQRHQFDVWHOODQR3RUWDQWRVLYXHVWUDSURQXQFLDFLÍQHVVXîFLHQWHPHQWHDFHSWDEOHSDUDTXH
WHHQWLHQGDQVLQGLîFXOWDGFHQWUDWXVHVIXHU]RVHQHORÇGRHQODFRQîDQ]DDOKDEODU\HQHO»JLOGRPLQLRGHODJUDP»WLFDE»VLFDGHO
LGLRPD+D\P»VSHUVRQDVHQHOPXQGRSURIHVLRQDOTXHVHGHVHQYXHOYHQFRQÃ[LWRDEDVHGHXQDFHQWRUDURHQLQJOÃVTXHORVTXH
WLHQHQXQDFHQWRQDWLYRDVÇTXHQRWHSUHRFXSHVHQH[FHVRSRUHVWHDVSHFWR
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
+R\HVHOFXPSOHDËRVGHPL 7RGD\LVP\VLVWHUoVELUWKGD\
KHUPDQD
(OODWLHQHDËRV 6KHoV\HDUVROG
7XGLQHURHVW»HQEXHQDVPDQRV <RXUPRQH\LVLQJRRGKDQGV
6XFRFKHHVW»HQHOJDUDJH 7KHLUFDULVLQWKHJDUDJH
1XHVWURWLHPSRHVPX\ 2XUWLPHLVYHU\LPSRUWDQW
LPSRUWDQWH
&RQTXLÃQHVW»QHOORV :KRDUHWKH\WDONLQJWR"
KDEODQGR"
3RUTXÃPHHVW»VPLUDQGRDVÇ" :K\DUH\RXORRNLQJDWPHOLNH
WKDW"
(VWR\ODY»QGRPHODVPDQRV ,oPZDVKLQJP\KDQGVEHFDXVH
WKH\DUHGLUW\
SRUTXHHVW»QVXFLDV
(OODQRTXLHUHYHUWHKR\ 6KHGRHVQoWZDQWWRVHH\RX
WRGD\
3RUTXÃQRTXLHUHYHUPHKR\" :K\GRHVQoWVKHZDQWWRVHH
PHWRGD\"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
7HSHUWHQHFHHVWR" 'RHVWKLVEHORQJWR\RX"
$TXLÃQSHUWHQHFH" :KRGRHVLWEHORQJWR"
3RUTXÃPHORSUHJXQWDVDPÇ" :K\DUH\RXDVNLQJPH"
3RUTXÃQRFRQWHVWDVOD :K\GRQoW\RXDQVZHUWKH
TXHVWLRQ"
SUHJXQWD"
3RUTXHQRVÃGHTXHKDEODV %HFDXVH,GRQoWNQRZZKDW
\RXoUHWDONLQJDERXW
3RUTXÃQRHVWXYLVWHDOOÇ" :K\ZHUHQoW\RXWKHUH"
/HVGLMHTXHLEDVDHVWDUDOOÇ ,WROGWKHP\RXZHUHJRLQJWR
EHWKHUH
0HLEDVDGHFLUDOJR" :HUH\RXJRLQJWRVD\
VRPHWKLQJWRPH"
<DVHPHKDROYLGDGR ,oYHDOUHDG\IRUJRWWHQ
<DQRWHDFXHUGDV" 'RQoW\RXUHPHPEHUDQ\PRUH"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
+D]WXVGHEHUHV 'R\RXUKRPHZRUN
+D]OHVXQDSURPHVD 0DNHWKHPDSURPLVH
+LFLVWHXQDEXHQDLPSUHVLÍQ <RXPDGHDJRRGLPSUHVVLRQ
1RPHKDJDVUHÇU 'RQoWPDNHPHODXJK
(VW»VKDFLHQGRHOULGÇFXOR <RXoUHPDNLQJDIRRORI
\RXUVHOI
1RPHIDOOHV 'RQoWOHWPHGRZQ
7UDQTXLORQRWHGHIUDXGDUÃ 'RQoWZRUU\,ZRQoWOHW\RX
GRZQ
1ROHVYDVDGHVHDUVXHUWH" $UHQoW\RXJRLQJWRZLVKWKHP
OXFN"
1LVLTXLHUDVHPHRFXUULÍ ,WGLGQoWHYHQRFFXUWRPH
1RYXHOYDVDKDFHUHVRQXQFD 'RQoWHYHUGRWKDWDJDLQ
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
1RWHULQGDVWRGDYÇD 'RQoWJLYHXS\HW
(VRHVYHUGDG"2WHORKDV ,VWKDWWUXH"2UGLG\RXPDNH
LQYHQWDGR"
LWXS"
1RSXHGRUHVROYHUHVWHDFHUWLMR ,FDQoWZRUNWKLVULGGOHRXW
2VOOHY»LVELHQHOXQRFRQHO 'R\RXJHWRQZHOOZLWKHDFK
RWUR"
RWKHU"
(VWR\KDUWRGHHVWRVYHUERV ,oPIHGXSZLWKWKHVH(QJOLVK
LQJOHVHV
YHUEV
(QDOJÔQOXJDUGH/D0DQFKD 6RPHZKHUHLQ/D0DQFKD
GHFX\RQRPEUHQRTXLHUR LQDSODFHZKRVHQDPH,GRQRW
DFRUGDUPH
FDUHWRUHPHPEHU
QRKDPXFKRWLHPSRTXHYLYÇD DJHQWOHPDQOLYHGQRWORQJ
XQKRPEUH
DJR
GHORVGHODQ]DHQDVWLOOHUR RQHRIWKRVHZKRKDVDODQFHDQG
DGDUJDDQWLJXD
DQFLHQWVKLHOGRQDVKHOIDQG
URFÇQïDFR\JDOJRFRUUHGRU NHHSVDVNLQQ\QDJDQGD
JUH\KRXQGIRUUDFLQJ
7URZHO /ODQD
&HPHQW &HPHQWR
3ODVWHU <HVR
6SLULW/HYHO 1LYHO
%ULFN /DGULOOR
6SDGH 3DOHWD
9RFDEXODULR&RQVWUXFWLRQ &RQVWUXFFLÍQ
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWKURXJKq
7RWDNHRII
,oPQRWWKURXJK\HW
6KHEURXJKWPHWKURXJKWKHKDUGWLPHV
1RKHWHUPLQDGRWRGDYÇD ((88 (OODPHJXLÍHQPLVPRPHQWRVGLIÇFLOHV
$UH\RXWKURXJK"
+DVWHUPLQDGR" ((88
<RXoUHFRPLQJWKURXJKORXGDQGFOHDU
7HHVWDPRVHQWHQGLHQGRSHUIHFWDPHQWH
<RXoUHQRWFRPLQJWKURXJK
1RWHUHFLELPRV 1RWHRÇPRV
$VXVXDOKHFDPHWKURXJK
&RPRGHFRVWXPEUHÃOQRQRVIDOOÍ
3HWHUoV3URPRWLRQ
6LJQLîFDpTXLWDUq HQWUHRWUDVFRVDV FRQ
UHIHUHQFLDDSUHQGDVDFFHVRULRVJDIDVUHORMHV
MR\DVHWF
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
£OQXQFDVHTXLWDHOVRPEUHUR
3XHGHVTXLWDUWHHOUHORMSRUIDYRU"
1RSXHGRTXLWDUPHHODQLOOR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHU)LHOGVUHFHLYHVDWHOHSKRQHFDOOIURPKLVROGERVV-RKQ2OVRQ-RKQZDQWVWRKLUH3HWHUWRKHOSKLPLQKLVQHZFRPSDQ\
-RKQ
+HOOR3HWHU"7KLVLV-RKQ2OVRQ"
3HWHU
+L-RKQKRZDUH\RXGRLQJ"
-RKQ
)LQHKRZDUH\RX"
3HWHU
1RW WRR EDG ,oP EXV\ SUHSDULQJ WKLQJV IRU WKH VDOHV
FRQYHQWLRQQH[WZHHN
-RKQ
,GRQoWHQY\\RX,PXVWKDYHVSHQWDIXOOPRQWKHYHU\
\HDUSUHSDULQJWKHFRQYHQWLRQZKHQ,ZDVWKHUH
3HWHU
:HOO ,oYH JRW -HUU\ 6PLWK KHOSLQJ PH QRZ DQG KHoV
KDQGOLQJDORWRIWKHVPDOOGHWDLOV,WoVHQRXJKWRGULYH
\RXFUD]\
-RKQ
,NQRZZKDW\RXPHDQ/LVWHQ3HWHUGR\RXUHPHPEHU
RXUFRQYHUVDWLRQDFRXSOHRIPRQWKVDJR"
3HWHU
'R\RXPHDQDERXWP\ZRUNLQJIRU\RX"
-RKQ
7KDWoVULJKW,QHHG\RXWRPDNHDGHFLVLRQ7KLQJVDUH
VWDUWLQJ WR JURZ KHUH DQG , UHDOO\ QHHG VRPHRQH OLNH
\RX
3HWHU
,oPJODGWRNQRZWKLQJVDUHJRLQJZHOOIRU\RX,WoVQRW
HDV\ VWDUWLQJ D EXVLQHVV IURP VFUDWFK (QWUHSUHQHXUV
OLNH\RXDUHRXUPRGHUQGD\KHURHV
-RKQ
7KDQNVIRUWKHQLFHZRUGVEXW,FHUWDLQO\GRQoWIHHOOLNH
DKHUR:KDW,QHHGLVDULJKWKDQGPDQDQG\RXoUHWKH
PDQ,ZDQW:KDWGR\RXWKLQN"
3HWHU
, FDQoW -RKQ ,oP VRUU\ 0\ MRE ZDV PDGH SHUPDQHQW
DFRXSOHRIZHHNVDJRDQG,UHDOO\FDQoWEDFNRXWQRZ
,oPKDSS\KHUHDQGWKLQJVDUHJRLQJZHOO
KRZDUH\RXGRLQJ" TXÃWDOHVW»V"
WRGULYH\RXFUD]\ YROYHUWHORFR
IURPVFUDWFK GHVGHFHUR
HQWUHSUHQHXUV HPSUHQGHGRUHV
PRGHUQGD\KHURHV KÃURHVPRGHUQRV
WKHQLFHZRUGV ODVSDODEUDVERQLWDV
DULJKWKDQGPDQ XQDPDQRGHUHFKD
EDFNRXW GDUPDUFKDDWU»V GHXQDGHFLVLÍQ
(VWLPDGRDPLJR\DOXPQR(OQLYHOGHLQJOÃVPÇQLPRDOTXHGHEHDVSLUDUFXDOTXLHUMRYHQFRQLQTXLHWXGHVDFDGÃPLFDV\SURIHVLRQDOHV
HVHOTXHVHSDOSDHQWUHORVSURIHVLRQDOHVHVFDQGLQDYRV\KRODQGHVHV(VHOTXHXQRREVHUYDHQWUHORVWHFQÍFUDWDVTXHWUDEDMDQHQ
%UXVHODVRHQOD218GH1XHYD<RUN(VHOTXHVHR\HHQORVSDVLOORVGHODUHXQLÍQDQXDOGHORVOÇGHUHVLQWHUQDFLRQDOHVHQ'DYRV 6XL]D
(QGHîQLWLYDHQXQPXQGRJOREDOL]DGRFXDOTXLHUSURIHVLRQDOFRQLQTXLHWXGHV\DVSLUDFLRQHVGHEHVDEHUGHVHQYROYHUVHHQLQJOÃVVLQ
SUREOHPDV<TXÃVLJQLîFDP»VH[DFWDPHQWHGHVHQYROYHUVHVLQSUREOHPDV"
3RGHUDVLVWLUDXQDUHXQLyQGHDOWRQLYHOFRQFLQFRQDWLYRVGHKDEODLQJOHVD\HQWHQGHUDODSULPHUDGHIRUPDTXHXQRSXHGDLQWHUYHQLU
HQORVPRPHQWRVSURSLFLRV\PHWHUED]DVLHVSUHFLVR
&RPSDUWLUFRQHVWRVPLVPRVQDWLYRVORVPRPHQWRVVRFLDOHVGHODUHODFLyQSURIHVLRQDOFRPRODVFRPLGDVSDXVDVSDUDFDIpFyFWHOHV
ÀHVWDVHWF\VDEHUPDQWHQHUHOWLSRKDVWDWDOSXQWRGHSRGHUDSRUWDUWDPELpQDOEXHQDPELHQWHUHLQDQWH
6DEHUHVFULELUXQLQIRUPHGHIHQGLHQGRXQSXQWRGHYLVWDDQWHODVHGHH[WUDQMHUDGHVSOHJDQGRDORODUJRGHOPLVPRGHIRUPDHÀFD]\
HORFXHQWHORVDUJXPHQWRVGHQWURGHXQDFRUUHFWDJUDPiWLFDVLQWD[LV\RUWRJUDItD
0HQRVGHOGHORVGLUHFWLYRV\SURIHVLRQDOHVHQ(VSDËDSRVHHQHVWHQLYHO+DFHWUHVDËRVWXYHGXUDQWHVHLVPHVHVDXQDOXPQR
PX\HVSHFLDOHOFRQVHMHURGHOHJDGRSDUD(VSDËDGHXQRGHODVHPSUHVDVPXOWLQDFLRQDOHVP»VJUDQGHVGHOPXQGRXQKRPEUHKDU
WDPHQWHFRQRFLGRHQODSUHQVDHFRQÍPLFDGHOSDÇV6XQLYHOHVXQHQODHVFDOD9DXJKDQ SDUDVLWXDURVHOQLYHOHVHOGHXQVXHFR
XKRODQGÃV (QPLFODVHVHTXHMDEDFRQVWDQWHPHQWHGHODVUHXQLRQHVDODVTXHWHQÇDTXHDVLVWLUHQ/RQGUHV
´(OSUHVLGHQWHPXQGLDOHVFDQDGLHQVH\ORVRWURVVLHWHPLHPEURVGHOFRPLWpVRQLQJOHVHVHVFRFHVHV\XQVXUDIULFDQR6LJRELHQVRODPHQWH
HOGHORTXHGLFHQ\FXDQGRVHDFHOHUDHOFUXFHGLQiPLFRGHFRPHQWDULRVGHXQODGRDORWURGHODPHVDPHTXHGRFRQPHQRVGHO
'HVSXpVHQODVFRPLGDV\FHQDVKDEODQGHSDWLQDMHDUWtVWLFRRGHOEXQJDORZTXHXQRWLHQHHQODV,VODV)LML\PHTXHGRWRWDOPHQWH
DGRVYHODV(QODVFRPXQLFDFLRQHVUXWLQDULDVVLHPSUHPHKHGHIHQGLGRVLQSUREOHPDVSHURGHVGHTXHHVWR\HQODFXPEUHHOUHWRFRPX
QLFDWLYRHVPXFKRPiVHYLGHQWH\ODLPSRUWDQFLDGHHQWHQGHUWRGRDODSULPHUDDEVROXWDPHQWHFUtWLFDµ
(QUHVXPLGDVFXHQWDVFXDOTXLHUQLYHOLQIHULRUDOTXHDFDERGHUHVHËDUHQORVWUHVSXQWRVP»VDUULEDHVXQQLYHOLQVXîFLHQWHGHLQJOÃV
/DDQJXVWLDGHHVWHFRQVHMHURGHOHJDGRGHEHVHUVXîFLHQWHDOLFLHQWHFRPRSDUDTXHDTXHOORVMÍYHQHVTXHDVSLUHQDRFXSDUSXHVWRV
FRPRHOVX\RHQHOIXWXUREXVTXHQXQDIÍUPXODHîFD]SDUDUHVROYHUODFDUHQFLD
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
(VW»HQODPHVD" ,VLWRQWKHWDEOH"
1RQRHVW»HQODPHVD 1RLWLVQoWRQWKHWDEOH
(VÃOHVSDËRORSRUWXJXÃV" ,VKH6SDQLVKRU3RUWXJXHVH"
(VYHUGHHOFRFKH" ,VWKHFDUJUHHQ"
(VXQFRFKHYHUGH" ,VLWDJUHHQFDU"
(VW»HOSHUURGHSLH" ,VWKHGRJVWDQGLQJ"
1RQRHVW»GHSLH 1RLWoVQRWVWDQGLQJ
(VW»VHQWDGR ,WoVVLWWLQJ
(VW»IXQFLRQDQGR" ,VLWZRUNLQJ"
)XQFLRQD" 'RHVLWZRUN"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(VWDPRVFRPLHQGR :HoUHKDYLQJOXQFK
(OODHVW»FHQDQGR 6KHoVKDYLQJGLQQHU
(VW»VGHVD\XQDQGR" $UH\RXKDYLQJEUHDNIDVW"
(VW»QWRPDQGRYLQRWLQWR 7KH\oUHKDYLQJUHGZLQH
1RHVW»QWRPDQGRFHUYH]DV 7KH\oUHQRWKDYLQJEHHUV
/OHYDPXFKRWLHPSROORYLHQGR" +DVLWEHHQUDLQLQJORQJ"
/OHYDWRGRHOGÇDOORYLHQGR ,WoVEHHQUDLQLQJDOOGD\
0HSXHGHVSUHVWDUWX &DQ\RXOHQGPH\RXU
SDUDJXDV"
XPEUHOOD"
6ÍORVLPHSURPHWHVTXHQROR 2QO\LI\RXSURPLVHPHWKDW
YDVDSHUGHU
\RXoUHQRWJRLQJWRORVHLW
|6DEHVORGLVWUDÇGRTXHSXHGHV <RXNQRZKRZDEVHQWPLQGHG
OOHJDUDVHU
\RXFDQEH
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
6LHPSUHSDURDWRPDUXQFDIÃ ,DOZD\VVWRSWRKDYHDFRIIHH
HQHVHEDU
LQWKDWEDU
$KRUDYDPRVDSDUDUSDUDWRPDU 1RZZHoUHJRLQJWRVWRSWR
XQGHVFDQVR
WDNHDEUHDN
+HGHMDGRGHWRPDUODVSDVWLOODV ,oYHVWRSSHGWDNLQJWKHSLOOV
'HEHUÇDVGHMDUGHHVFXFKDUOH <RXVKRXOGVWRSOLVWHQLQJWR
KLP
DÃO
1RGHMDU»GHPROHVWDUPH +HZRQoWVWRSERWKHULQJPH
$TXLÃQYRWDVWH" :KRGLG\RXYRWHIRU"
|<DWLTXÃWHLPSRUWD 1RQHRI\RXUEXVLQHVV
3RUFXULRVLGDG 2XWRIFXULRVLW\
/DFXULRVLGDGPDWÍDOJDWR &XULRVLW\NLOOHGWKHFDW
(VRTXÃHV"8QDDPHQD]D" :KDWoVWKDW"$WKUHDW"
5XEEOH (VFRPEURV
6FDIIROGLQJ $QGDPLRV
&HPHQW0L[HU +RUPLJRQHUD
6NLS &RQWHQHGRUSDUDHVFRPEURV
&RQVWUXFWLRQ:RUNHU 2EUHUR
9RFDEXODULR&RQVWUXFWLRQ &RQVWUXFFLÍQ
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
7HGLMHTXHQRYROYLHUDVD ,WROG\RXQHYHUWRWKUHDWHQPH
DPHQD]DUPHMDP»V
DJDLQ
1RVHDVWDQVXVFHSWLEOH 'RQoWEHVRWRXFK\
6LSHQVDUDVP»VDQWHVGHKDEODU ,I\RXWKRXJKWPRUHEHIRUH
QRRIHQGHUÇDVDWDQWDJHQWH
WDONLQJ\RXZRXOGQoWRIIHQGVR
PDQ\SHRSOH
+D\TXHVHUîHODXQRPLVPR <RXKDYHWREHWUXHWR\RXUVHOI
&UHRTXHODîGHOLGDGHVW» ,WKLQNIDLWKIXOQHVVLV
VREUHYDORUDGD
RYHUUDWHG
|&X»QGRODVUDQDVFUÇHQSHOR <HVDQGSLJVPLJKWð\
'H3DVFXDVD5DPRV 2QFHLQDEOXHPRRQ
|1RPHGLJDV :HOO,QHYHU
6HVDOYDURQSRUXQSHOR ,WZDVDFORVHVKDYH
|9D\DIROOÍQ :KDWDPHVV
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWKURXJKq
)URPWLPHWRWLPH
0\SODQVIHOOWKURXJK
0LVSODQHVVHYLQLHURQDEDMR
,KDYHWRFXWWKURXJKWKHUHGWDSH
7HQJRTXHDEULUPHSDVRHQWUHHOSDSHOHR
,FDQoWJHWWKURXJKWR3HWHU
1RORJURFRQWDFWDUFRQ3HGUR
,FDQoWJHWWKURXJKWKHWKLFNXQGHUJURZWK
1RSXHGRDWUDYHVDUODHVSHVDPDOH]D
+HJRWWKURXJKWRWKHîQDOV
/OHJÍ FRQHVIXHU]R DODîQDO
,IZHFDQJHWWKURXJKWKHUDLQ\VHDVRQf
6LSRGHPRVVXSHUDUODWHPSRUDGDGHOOXYLDV
6LJQLîFDpGHYH]HQFXDQGRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'HYH]HQFXDQGRYR\DOFLQH
'HYH]HQFXDQGR0DULDYLVLWDDVXVDEXHORV
'HYH]HQFXDQGR-XOLDOODPDDVXDPLJDHQ
$XVWUDOLD
3HWHUoV3URPRWLRQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHU)LHOGVWXUQVGRZQDQRIIHUIURP-RKQ2OVRQWRJRDQGZRUNIRUKLP
-RKQ
6RWKH\GHFLGHGQRWWRKLUH0DUYLQ7KRPSVRQ
EHGRQHLQWKHVDOHVGHSDUWPHQW:HoUHLPSOHPHQWLQJ
D FRPSUHKHQVLYH VXSSRUW V\VWHP IRU WKH DJHQWV WKDW
WHOOVWKHPZKDWUHWDLOHUVDUHORZRURXWRIVWRFN,oYH
DOUHDG\ UHRUJDQL]HG IRXU WHUULWRULHV DQG WKHUH DUH DW
OHDVW WKUHH PRUH WKDW QHHG WR EH UHRUJDQL]HG ,WoV D
FKDOOHQJLQJMREDQG,oPHQMR\LQJLW
3HWHU
+RZGLG\RXNQRZWKDW"
-RKQ
,KDYHP\VRXUFHVRILQIRUPDWLRQ7REHKRQHVW0DUYLQ
FDOOHGPHWKHRWKHUGD\WRïQGRXWVRPHWKLQJDERXW
\RX
3HWHU
:K\ ZRXOG 0DUYLQ7KRPSVRQ EH LQWHUHVWHG LQ PH" ,
GRQoWHYHQNQRZKLP
-RKQ
+HZDVVRVXUSULVHGWKDWKHGLGQoWJHWWKHMREWKDWKH
ZDQWHGWRNQRZZKDW\RXUVHFUHWZDV
3HWHU
, JXHVV WKH\ MXVW GHFLGHG WKDW WKLQJV ZHUH JRLQJ WRR
ZHOO WR PDNH D ELJ FKDQJH QRZ &KDUOHV +HQGHUVRQ
FDPHEDFNIURP)UDQFHLQ2FWREHUDQGJDYHPHDORW
RI VXSSRUW7R EH KRQHVW ZLWK \RX LI KH KDGQoW FRPH
EDFNZKHQKHGLG,SUREDEO\ZRXOGQoWKDYHVWD\HGLQ
WKLVSRVLWLRQ
,JXHVV VXSRQJR
-RKQ
6R&KDUOHV+HQGHUVRQUXLQHGP\SODQVWRKLUH\RX
UHWDLOHUV PLQRULVWDV
3HWHU
,JXHVV\RXFRXOGVD\WKDW
DFKDOOHQJLQJMRE XQWUDEDMRTXHVXSRQHXQUHWR
-RKQ
+RZPXFKDUHWKH\SD\LQJ\RX"
3HWHU
7KH\oYHUDLVHGP\VDODU\E\
-RKQ
7KDWoVVWLOODORWOHVVWKDQ,ZDVHDUQLQJ
3HWHU
%XW \RXoUH \HDUV ROGHU WKDQ PH DQG \RX KDG
\HDUVo VHQLRULW\ %HVLGHV PRQH\oV QRW WKH PRWLYDWLQJ
IDFWRUKHUH1RRIIHQVHEXWWKHUHDUHDORWRIWKLQJVWR
WREHKRQHVW SDUDVHUVLQFHUR
WRïQGRXW DYHULJXDU
UXLQHG HVWURSHÍ
VHQLRULW\ DQWLJÖHGDG
QRRIIHQVH VLQ»QLPRGHRIHQGHU
FRPSUHKHQVLYHVXSSRUWV\VWHP VLVWHPDGHDSR\RLQWHJUDO
(VWLPDGRDPLJR\DOXPQR&RQUHVSHFWRDORVXQLYHUVLWDULRVHVSDËROHVREVHUYRGHVGHVLHPSUHSHURVREUHWRGRHQORVÔOWLPRVGLH]
DËRVXQDFXULRVDPH]FODGHGHVLGLD\SDVRWLVPRLQFOXVRHQWUHPXFKRVGHORVPHMRUHVHVWXGLDQWHVGHODVIDFXOWDGHV([FHSFLRQHV
KD\FODURHVW»SHURHVWR\PX\ELHQSRVLFLRQDGRSDUDRSLQDUFRQFRQRFLPLHQWRGHFDXVDSXHVWRTXHVR\HOEHQHîFLDULRP»VDGH
ODQWHGHODWUHPHQGDODJXQDTXHH[LVWHHQ(VSDËDHQPDWHULDGHLQJOÃV&HQWHQDUHVGHLQJHQLHURV\RWURVSURIHVLRQDOHVYLHQHQ
DQRVRWURV\DFRQRDËRVGHHGDGSLGLÃQGRQRVTXHOHUHVROYDPRVHOSUREOHPD/OHJDQODPD\RUÇDFRQQLYHOHVGHLQJOÃV
IUDQFDPHQWHSREUHVWHQLHQGRHQFXHQWDVXVWLWXODFLRQHV\DVSLUDFLRQHV3RUORWDQWRSXHVWRTXHH[SHULPHQWRVXDQJXVWLDP»V
DGHODQWHVÇSXHGRUHSLWRRSLQDU\PLRSLQLÍQHVODVLJXLHQWHH[LVWHSRFRLQWHUÃVHQWUHODPD\RUÇDGHORVMÍYHQHVXQLYHUVLWDULRVHQ
(VSDËDSRUGRWDUVHGHODVKDELOLGDGHVQHFHVDULDVSDUDHOÃ[LWR(VWXGLDQSDUDORVH[»PHQHV\DOîQDOPXFKRVORVDSUXHEDQ\DFD
EDQOLFHQFL»QGRVH3HURQRVHSUHRFXSDQ QLVHSUHRFXSDQODVLQVWLWXFLRQHVGHHVWXGLRVVXSHULRUHV HQGRWDUVHGHODVKDELOLGDGHV
P»VFUÇWLFDVSDUDHOÃ[LWR\DORVDËRVHVWDVKDELOLGDGHVVRQWUHV
(OPDQHMRSURIXQGR\»JLOGHODVDSOLFDFLRQHVLQIRUP»WLFDVP»VXWLOL]DGDV0XFKRVLQJHQLHURVVDEHQSURJUDPDUFRQFyGLJRSHUR
FXDQGRVHOHVSLGHTXHGLVHxHQXQDVROXFLyQVHQFLOODHQHQWRUQR$FFHVVQRVDEHQKDFHUOR&XDQGRVHOHVSLGHTXHRUJDQLFHQXQDV
LGHDVGHQWURGHXQDSUHVHQWDFLyQGH3RZHU3RLQWPXFKRVWDUGDQHQDSUHQGHUDKDFHUOR
+DELOLGDGHVFRPXQLFDWLYDVWDQWRLQWHUSHUVRQDOHVFRPRGHODQWHGHJUXSRV&XDQGRSUHJXQWRDMyYHQHVHVSDxROHVGHHQWUH\
DxRVFXiQWDVYHFHVHQWRGRVVXVDxRVGHHVFRODULGDGWXYLHURQTXHOHYDQWDUVHSDUDH[SRQHUGHODQWHGHVXFODVHODPD\RUtDPH
GLFHTXHQXQFD6HPHKLHODODVDQJUHSULPHUR\GHVSXpVGHXQUDWRVHHPSLH]DDKHUYLUSRUHOHQIDGRTXHWHQJRKDFLDODVDXWRUL
GDGHVHGXFDWLYDV
8QGRPLQLRWRWDOGHOLQJOÃVHVGHFLUGHODOHQJXDIUDQFDSDUDORTXHUHVWHGHVLJORGHOFRPHUFLRGHODFLHQFLD\GHODWHFQRORJÇD
(OÔOWLPRGHODSURPRFLÍQGHOD3ROLWÃFQLFDVLJDQDDVXVFRPSDËHURVHQODVWUHVKDELOLGDGHVTXHDFDERGHUHVHËDUOHVDFDEDU»
SDVDQGRDWRGRVHQHOPXQGRUHDO\HQDËRVRPHQRV/RKHYLVWRSHUVRQDOPHQWHGXUDQWHGRVGÃFDGDVKDFLHQGRSDVLOORVDGLDULR
HQHPSUHVDVLQGXVWULDOHV\GHDOWDWHFQRORJÇD
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
(VW»QEXHQRV" $UHWKH\JRRG"
(VW»QGHOLFLRVRV 7KH\oUHGHOLFLRXV
(VJXDSR" ,VKHKDQGVRPH"
(VJXDSR +HoVKDQGVRPH
(VXQKRPEUHPX\JXDSR +HoVDYHU\KDQGVRPHPDQ
£OHVW»FRUULHQGR +HoVUXQQLQJ
(VWDPRVGDQGRXQSDVHR :HoUHJRLQJIRUDZDON
(OODHVW»OH\HQGRHOSHULÍGLFR 6KHoVUHDGLQJWKHQHZVSDSHU
(VW»WRPDQGRXQFDIÃWDPELÃQ 6KHoVKDYLQJDFRIIHHWRR
(VWDPRVWUDEDMDQGR :HoUHZRUNLQJ
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XÃKDFHQ" :KDWDUHWKH\GRLQJ"
(VW»QSDJDQGRODFXHQWD 7KH\oUHSD\LQJWKHELOO
3DJXÃHXURVSRUOD ,SDLGRQHKXQGUHGHXURVIRU
WKHURRP
KDELWDFLÍQ
&X»QWRWHSDJDQDOPHV" +RZPXFKGRWKH\SD\\RXD
PRQWK"
0HSDJDQPX\SRFR 7KH\SD\PHYHU\OLWWOH
'HEHUÇDVWHQHUP»VFXLGDGR <RXVKRXOGEHPRUHFDUHIXO
1RWLHQHSRUTXÃVHUWDQ +HGRHVQoWKDYHWREHVR
SROLWH
HGXFDGR
1RGHMDU»GHKDEODU +HZRQoWVWRSWDONLQJ
1RGHEHVHUPX\TXHULGR +HPXVWQoWEHPXFKORYHG
/HRHQYR]DOWD" 6KDOO,UHDGDORXG"
/LIHJXDUG 6RFRUULVWD
6ZLPPHU 1DGDGRU
'LYLQJ%RDUG 7UDPSROÇQ
*RJJOHV *DIDVSDUDQDGDU
/DQH &DOOH
9RFDEXODULR3RRO 3LVFLQD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
6HHVW»KDFLHQGRWDUGH ,WoVJHWWLQJODWH
3RUTXÃQRWHKDV :K\KDYHQoW\RXJRQHWREHG
DFRVWDGRDÔQ"
\HW"
7RGDYÇDQRWHQJRVXHËR ,oPQRWVOHHS\\HW
+DVSXHVWR\DHOGHVSHUWDGRU" +DYH\RXVHW\RXUDODUPFORFN
\HW"
/RSRQGUÃP»VWDUGH ,oOOVHWLWODWHU
3RUTXÃWHKDVUHWUDVDGR" :KDWNHSW\RX"
0HTXHGÃGRUPLGR ,RYHUVOHSW
1RVRQÍWXGHVSHUWDGRU" 'LGQoW\RXUDODUPFORFNJRRII"
+XERXQDSDJÍQHQPHGLR 7KHUHZDVDSRZHUFXWLQWKH
PLGGOHRIWKHQLJKW
GHODQRFKH
(VSHUDVTXHPHYR\D 'R\RXH[SHFWPHWREHOLHYH
WKDW"
FUHHUHVR"
0LGGOH$GYDQFHG
3RUTXÃOOHYDVHVDSDMDULWD :K\DUH\RXZHDULQJWKDW
ULGLFXORXVERZWLH"
ULGÇFXOD"
3RUTXHPHJXVWDGHVWDFDU %HFDXVH,OLNHWRVWLFNRXW
/DJHQWHVHYDDEXUODUGHWL 3HRSOHDUHJRLQJWRPDNHIXQ
RI\RX
|$PÇTXÃPHLPSRUWD :KDWGR,FDUH
(OFKLVPRUUHRQRPHPROHVWD *RVVLSGRHVQoWERWKHUPH
)RU(QJOLVKVXSHUVWDUVRQO\
7XPDULGRHVXQPDQLWDV" ,V\RXUKXVEDQGDKDQG\PDQ"
0HYHQGUÇDELHQXQDD\XGDHQ ,FRXOGGRZLWKVRPHKHOSLQ
PLFDVD
P\KRXVH
7HQJRTXHGHVPRQWDUXQD ,KDYHWRGLVPDQWOHDERRNFDVH
OLEUHUÇD
6R\XQDLQÔWLOFXDQGRVH ,oPKRSHOHVVZKHQLWFRPHV
WUDWDGHEULFRODMH
WR',<
6R\XQPDQD]DV ,KDYHEXWWHUïQJHUV
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWKURXJKq
+RZFDQ,JHWWKURXJKWR\RX
|$YHUVLPHHQWLHQGHV
p:KDWDERXW"q
,oOOFDOO\RXZKHQ,JHWWKURXJKZLWKWKLV
7HOODPDUÃFXDQGRWHUPLQHFRQHVWR
((88
:HFDQWoJHWWKURXJKWR
KHDGTXDUWHUV
1RKD\FRQH[LÍQFRQODVHGHFHQWUDO
,GRQoWZDQWWRJRWKURXJKWKDWDJDLQ
|1RTXLHURYROYHUDSDVDUSRUHVRQXQFD
,ZHQWWKURXJKHYHU\ER[
%XVTXÃDWUDYÃVGHWRGDVODVFDMDV
/HWoVJRWKURXJKLWRQHPRUHWLPH
5HSDVÃPRVORXQDYH]P»V
3HWHUoV3URPRWLRQ
(VODIRUPDGHDYHULJXDUGHTXÃLEDDOJRRGH
TXÃWUDWDED(PSOHDPRVHOYHUERpWREHqSUHFH
GLGRGHODSDODEUDpZKDWq\VHJXLGRGHpDERXWq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'HTXÃLEDODSHOÇFXOD"
'HTXHLEDODUHXQLÍQ"
'HTXÃWUDWDEDWRGRHVR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHU)LHOGVîQLVKHVKLVFRQYHUVDWLRQZLWK-RKQ2OVRQDQGWKHVWRU\RIp3HWHUoV3URPRWLRQqUHDFKHVDKDSS\HQGLQJ
-RKQ
,WWRRNPH\HDUVWRRUJDQL]HWKHVDOHVIRUFHDQGQRZ
\RXoUH FKDQJLQJ HYHU\WKLQJ :HOO JRRG OXFN , GRQoW
HQY\\RXKDYLQJWRGHDOZLWKDOOWKRVHDJHQWV,KRSH
\RXNQRZZKDW\RXoUHGRLQJ
-RKQ
:HOOOHWPHNQRZLI\RXKDYHDQ\VHFRQGWKRXJKWV
3HWHU
2ND\EXWZKDWHYHUKDSSHQVOHWoVQRWORVHWRXFK
3HWHU
'RQoWZRUU\DERXWPH-RKQ,oOOVXUYLYH
WRGHDOZLWK WUDWDUFRQ
-RKQ
7KHQ,JXHVV,oYHORVW\RX<RXoUHGHGLFDWHGKHDUWDQG
VRXOWRWKHFRPSDQ\QRZ
KHDUWDQGVRXO HQFXHUSR\DOPD
3HWHU
, KDYH D IHHOLQJ ,oP D FRPSDQ\ PDQ ,Q IDFW ,oP QRW
VRVXUH,ZRXOGEHWKHULJKWPDQIRU\RX<RXQHHGD
UHVRXUFHIXOULVNWDNHUQRWDFDOPSODQQHUOLNHPH
VRUU\WROHW\RXGRZQ VLHQWRIDOODUWH
-RKQ
0D\EHVR%XW\RXZRXOGKDYHEHHQWKHSHUIHFWPDQ
IRUWKHMRE,KDGLQPLQG
3HWHU
6RUU\WROHW\RXGRZQEXW,oPVXUH\RXoOOïQGVRPHRQH
EHWWHUWKDQPH<RXoYHJRWQLQHOLYHVOLNHDFDW<RXoOO
JHWE\
7KHHQG
,KDYHDIHHOLQJ WHQJRXQSUHVHQWLPLHQWR
\RXoYHJRWQLQHOLYHVOLNHDFDW HQHOPXQGRDQJORVDMÍQORV
JDWRVWLHQHQQXHYHYLGDVQRVLHWH
ZKDWHYHUKDSSHQV SDVHORTXHSDVH
OHWoVQRWORVHWRXFK QRSHUGDPRVHOFRQWDWR
'HVWHUUDGHO<DYDOLVPR
(VWLPDGRDPLJR\DOXPQR/DEUHYHFDUWDTXHKHUHGDFWDGRDFRQWLQXDFLÍQHVXQLQWHQWRSRUKDFHUWHYHUTXÃLPSDFWRWLHQHHQORV
DQJORSDUODQWHVPXFKRVGHORVHVFULWRVHQLQJOÃVTXHVDOHQGHODVHPSUHVDVHVSDËRODV
4XHULGD6U3HUH]
0XFKRVJUDFLDVSRUVXFDUWDGHIHEUHURHQFXDOQRVLQYLWDVYLVLWDUVXIDEULFDHQHOVXUGH$OHPDQGXUDQWHHOSUHPLHUVHPDQDGH
$EULO,QIRUWXQDGDPHQWHQRHVSRVVLEOHSDUDQRVRWURVSRUTXHWHQLPRVHQ%DUFHORQDODDQXDOIHULDGHPDTXLQHULDDTXHOODVHPDQD
$WHQWRPHQWH
$TXHFKRFD3HURORFXULRVRHVTXHDPXFKRVGHYRVRWURVRVGDLJXDOHQYLDUDOJRDVÇ6LQRQRPHORH[SOLFR/DUHYLVWDGHOJUHPLR
GHWD[LVWDVGH0DGULGUHYLVWDTXHVHHQFXHQWUDHQODVRODSDGHWU»VGHORVDVLHQWRVGHODQWHURVGHWRGRVORVWD[LVGHODFLXGDGHVW»
HQHVSDËRO\HQLQJOÃV/DWUDGXFFLÍQLQJOHVDFRQWLHQHHUURUHVHQFDGDIUDVH/DQXHYDVHFFLÍQHQLQJOÃVGHXQFRQRFLGRSHULÍGLFR
HOHFWUÍQLFRQXHYDVHFFLÍQDQXQFLDGDDERPER\SODWLOORFRQWLHQHHUURUHVJDUUDIDOHVKDVWDHQORVWLWXODUHV&XDOTXLHUOHFWRUH[WUDQ
MHURTXHPLUDVHODYHUVLÍQLQJOHVDGHOFLWDGRSHULÍGLFRVDFDUÇDXQDRSLQLÍQQHIDVWDGHODFDVDHGLWRULDOHQFXHVWLÍQ<RDQWHVOHÇDVX
SHULÍGLFRFRQFLHUWRLQWHUÃVSHURGHVGHVXSDWÃWLFDHQWUDGDHQHOPXQGRGHOLQJOÃV\DOHKHSHUGLGRHOUHVSHWR/DPLWDGGHWRGRV
ORVKRWHOHVGHFXDWUR\FLQFRHVWUHOODVHQ(VSDËDWLHQHQWUDGXFFLRQHVDOLQJOÃVKRUUHQGDVGHVXVS»JLQDVZHERGHVXVIROOHWRV
7HVRUSUHQGHUÇDVGHODJUDQFDQWLGDGGHIDPRVRVUHVWDXUDQWHVHQWRGD(VSDËDFX\DVFDUWDVHQLQJOÃVVHUYLUÇDQFRPRREMHWRGH
ULVRWDGDVHQWUHDQJORSDUODQWHVELOLQJÖHV4XLHUHVTXHWHGÃP»VHMHPSORV"$HVWHSDVRWHYDVDHQIDGDUFRQPLJR\GHFLUPHFRQ
UD]ÍQTXH\DHVW»ELHQGHFULWLFDU3HURFUHRTXHHVLPSRUWDQWHTXHLQFOXVRFDLJDHQODH[DJHUDFLÍQSRUTXHFDPSDDVXVDQFKDV
HQ(VSDËDODîORVRIÇDGHOp\DYDOLVPRq'HVGHTXHYLYRHQHVWHSDÇVRLJRODH[SUHVLÍQp\DYDOHqSRUGRTXLHU4XH\DYDOHSRUTXÃ
HVPHUDUVHP»VTXH\DYDOH
5LFKDUG9DXJKDQ
1DGLHHVSHUIHFWR\HOSHUIHFFLRQLVPRQRHVUHFRPHQGDEOH6LQHPEDUJRHOWUDEDMRELHQKHFKRHQDOWHFH\SDJDGLYLGHQGRVDFRUWR
\DODUJRSOD]RSDUDTXLHQHVVHHVIXHUFHQSRUFRQVHJXLUOR8QHUURUHQXQWH[WRHVFULWRDGLIHUHQFLDGHXQHUURUDOKDEODUDERIHWHD
DOOHFWRU\OHLQGXFHDSHQVDUQHJDWLYDPHQWHHQHODXWRU6L\RFRPHWRXQHUURUKDEODQGR\DVHDJUDPDWLFDORIRQÃWLFRQLWHHQWHUDV
RHQWLHQGHVTXHHVWR\HVIRU]»QGRPHSDUDH[SUHVDUPHORPHMRUTXHSXHGD$KRUDELHQXQHUURULPSRUWDQWHDODKRUDGHHVFULELU
GRQGHVHVXSRQHTXHHODXWRUWLHQHHOWLHPSRQHFHVDULRSDUDSRQGHUDUFDGDIUDVHRSDUDEXVFDUODD\XGDQHFHVDULDDîQGHTXHHO
HVFULWRWHQJDFDOLGDGFDXVDLQPHGLDWDPHQWHXQDPDODLPSUHVLÍQTXHFRQGXFHDSHQVDUFRQRVLQUD]ÍQTXHHODXWRUHVGHMDGRR
SRFROÔFLGR6LWHLQVWRFRQVWDQWHPHQWHHQHVWDVîFKDVDKDFHUXQHVIXHU]RVLQFHURSDUDPHMRUDUWXLQJOÃVKDEODGRWHORGLJRFRQ
P»VLQVLVWHQFLDWRGDYÇDFRQUHVSHFWRDWXLQJOÃVHVFULWR$FDULFLDFDGDIUDVHTXHVDOHGHWXSOXPDRGHWXWHFODGR\VLWLHQHVGXGDV
EXVFDDXQEXHQWUDGXFWRUTXHVHSDHQWHQGHUSHUIHFWDPHQWHHOLGLRPDGHRULJHQ\SODVPDUORHQXQDEXHQDSURVD\HVWLORHQHO
LGLRPDGHGHVWLQR
/RZ%HJLQQHU
+LJK%HJLQQHU
(VHOODEXHQD" ,VVKHJRRG"
(VPHMRUTXHÃO 6KHoVEHWWHUWKDQKLP
(VODPHMRU 6KHoVWKHEHVW
6RQPDODVHVDVPDQ]DQDV" $UHWKRVHDSSOHVEDG"
6RQKRUULEOHV 7KH\oUHWHUULEOH
4XÃRSLQDWXDPLJD" :KDWGRHV\RXUIULHQGWKLQN"
3LHQVDTXHHVPX\WDUGHSDUDLU 6KHWKLQNVWKDWLWoVYHU\ODWH
WRJR
1RSRGHPRVLUDKRUD" &DQoWZHJRQRZ"
7LHQHFRFKHWXDPLJD" 'RHV\RXUIULHQGKDYHDFDU"
7LHQHXQFRFKHPX\YLHMR 6KHKDVDYHU\ROGFDU
6NLOLIW 5HPRQWH
6NLSROHV %DVWRQHV
6NLVXLW 0RQR
6NLV (VTXÇV
6NL6ORSH 3LVWD
9RFDEXODULR6NLLQJ (VTXÇ
/RZ,QWHUPHGLDWH
(VEDQTXHUR +HoVDEDQNHU
(OODHVFRQWDEOH" ,VVKHDQDFFRXQWDQW"
6RQLQIRUP»WLFRVPX\EXHQRV 7KH\oUHYHU\JRRGFRPSXWHU
SURJUDPPHUV
6RPRVLQJHQLHURV :HoUHHQJLQHHUV
6RQFDMHURV" $UHWKH\FDVKLHUV"
0LGGOH,QWHUPHGLDWH
&X»QWDVFHUYH]DVKDVWRPDGR" +RZPDQ\EHHUVKDYH\RX
KDG"
1RODVVXîFLHQWHVWRGDYÇD 1RWHQRXJK\HW
(VSHURTXHQRYXHOYDVDFDVD ,KRSH\RXoUHQRWGULYLQJ
KRPH
HQFRFKH
&ODURTXHQR 2IFRXUVH,oPQRW
0HYDVDOOHYDUWÔ <RXoUHJRLQJWRWDNHPH
+LJK,QWHUPHGLDWH
&ÍPRVHKDFHXQDWRUWLOOD +RZGR\RXPDNHD6SDQLVK
RPHOHWWH"
HVSDËROD"
7LHQHVTXHFRUWDUXQDSDWDWD <RXQHHGWRFXWDSRWDWRLQWR
VPDOOSLHFHV
HQWUR]RVSHTXHËRV
/XHJRVHODVIUÇH 7KHQ\RXIU\WKHP
%DWHVORVKXHYRV <RXEHDWWKHHJJV
0H]FODVWRGR\ORIUÇHVSRU <RXPL[HYHU\WKLQJDQGWKHQ
\RXIU\LWRQERWKVLGHV
ORVGRVODGRV
/RZ$GYDQFHG
4XÃGLU»"
6DEU»ÃO"
4XÃKDU»HOODDKRUD"
'ÍQGHHVWDU»QHOORV"
3RUTXÃGLUÇDQHVR"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
1RORFRPSUDUÃSRUPXFKR ,ZRQoWEX\LWQRPDWWHUKRZ
TXHLQWHQWHVSHUVXDGLUPH
KDUG\RXWU\WRSHUVXDGHPH
3HUGHU»VSRUPXFKRTXHWH <RXoOOORVHQRPDWWHUKRZKDUG
HVIXHUFHV
\RXWU\
3RUPXFKRTXHYD\DVDOOÇQR 1RPDWWHUKRZRIWHQ\RXJR
WHYDDYHU
WKHUHVKHLVQoWJRLQJWRVHH\RX
'LJDQORTXHGLJDQWH 1RPDWWHUZKDWWKH\VD\ZHoOO
VHJXLUHPRVDSR\DQGR
VWLOOVXSSRUW\RX
3DVHORTXHSDVHVLHPSUHWH 1RPDWWHUZKDWKDSSHQV,oOO
TXHUUÃ
DOZD\VORYH\RX
,ZRQGHUZKDWKHoOOVD\
,ZRQGHULIKHNQRZV
,ZRQGHUZKDWVKHoOOGRQRZ
,ZRQGHUZKHUHWKH\DUH
,ZRQGHUZK\WKH\VDLGWKDW
8QWUDEDOHQJXDVSDUDGHFLU $WRQJXHWZLVWHUWRVD\RXW
HQYR]DOWD
ORXG
(OODYHQGHFRQFKDVPDULQDV 6KHVHOOVVHDVKHOOVE\WKHVHD
HQODRULOODGHOPDU
VKRUH
/DVFRQFKDVTXHYHQGHVRQ 7KHVKHOOVVKHVHOOVDUHVXUHO\
VLQGXGDFRQFKDVPDULQDV
VHDVKHOOV
$VÇTXHVLYHQGHFRQFKDVHQ 6RLIVKHVHOOVVKHOOVRQWKH
ODRULOODGHOPDUf
VHDVKRUHf
(VWR\VHJXURTXHYHQGH ,oPVXUHVKHVHOOVVHDVKRUH
FRQFKDVGHODRULOODGHOPDU
VKHOOV
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWKURXJKq
,FDQoWJRWKURXJKZLWKLW
1RORSXHGRKDFHU1RWHQJRYDORU
/HWoVJRWKURXJKHYHU\VWHS
9DPRVSXQWRSRUSXQWRSRUFDGDSDVR
7KHDPHQGPHQWVZHQWWKURXJK
RND\
/DVHQPLHQGDVIXHURQDSUREDGDV
:HoYHDOUHDG\JRQHWKURXJKDOORXUVDYLQJV
<DKHPRVDJRWDGRWRGRVQXHVWURVDKRUURV
+HJRHVWKURXJKWZRER[HVRIFHUHDOD
+HZHQWWKURXJKVRPHKDUGWLPHV ZHHN
3DVÍSRUÃSRFDVGLIÇFLOHV
6HIXQGHGRVFDMDVGHFHUHDOHVSRUVHPDQD
%DQNLQJ
%XVLQHVVYRFDEXODU\
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6LUHVWDVORVSDVLYRVGHORVDFWLYRVWLHQHVHO
SDWULPRQLRQHWRGHWXHPSUHVD
1XHVWURVFRVWHVGHH[SORWDFLÍQVHKDQ
GLVSDUDGRHVWHDËR
$FRUGDPRVHQIDFWXUDUHOFOLHQWHGÇDVWUDV
ODHQWUHJDGHODPHUFDQFÇD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HRSOHRSHQEDQNDFFRXQWVIRUPDQ\UHDVRQVRQHRIZKLFKLVWRNHHSWKHLUPRQH\LQDVDIHSODFH
:KHQ\RXRSHQDEDQNDFFRXQW\RXQHHGWRGHSRVLWDPLQLPXPDPRXQWRIFDVK
7KHEDQNSURYLGHV\RXZLWKDGHSRVLWVOLSDVSURRIWKDW\RXKDYHGHSRVLWHGPRQH\LQ\RXUDFFRXQW
%DQNVRIIHUGLIIHUHQWNLQGVRIDFFRXQWVERWKWRLQGLYLGXDOVDQGWRFRUSRUDWLRQV
$VDYLQJVDFFRXQWRIIHUVDFHUWDLQDPRXQWRILQWHUHVWRQWKHDYHUDJHEDODQFHWKDW\RXPDLQWDLQLQWKHDFFRXQW
&XUUHQWDFFRXQWVRIIHUYHU\OLWWOHLQWHUHVWRUQRLQWHUHVWDWDOO
%DQNVSURYLGH\RXZLWKFKHFNERRNVDQGFUHGLWFDUGVWRHQDEOH\RXWRPDNHSD\PHQWVZLWKRXWWKHQHHGIRUFDVK
,I\RXXVHDFUHGLWFDUGWKHEDODQFHRI\RXUWUDQVDFWLRQVLVSDLGDWWKHHQGRIWKHPRQWKXQOHVV\RXVSHFLI\RWKHUZLVH
0DQ\SHRSOHXVHWKHFUHGLWRSWLRQDQGGHIHUWKHLUSD\PHQWV,QWKHVHFDVHVWKHEDQNFKDUJHVLQWHUHVWRQWKHRXWVWDQGLQJEDODQFH
%DQNVFKDUJHWKHLUFUHGLWFDUGKROGHUVDQDQQXDOIHH
0RVWPHUFKDQWVLQ6SDLQDFFHSWFUHGLWFDUGV0DQ\RIWKHPGRQoWDFFHSWSHUVRQDOFKHFNV
(FRQRPLFV
(FRQRPLFVLVDERXWWKHGLVWULEXWLRQRIJRRGVDQGVHUYLFHV*RRGVDUHWDQJLEOHSURGXFWVDQGVHUYLFHVDUHLQWDQJLEOH
(FRQRPLFVLVRIWHQFRQVLGHUHGDVRFLDOVFLHQFHEHFDXVHLWoVEDVHGRQKXPDQEHKDYLRXU
0DFURHFRQRPLFVLVFRQFHUQHGZLWKQDWLRQDORUUHJLRQDOHFRQRPLHVDVDZKROH
0DFURHFRQRPLFVWULHVWRXQGHUVWDQGKRZODUJHVHFRQRPLHVZRUN
7KHWKUHHPRVWLPSRUWDQWLQGLFDWRUVDUH*'3WKHXQHPSOR\PHQWUDWHDQGWKHLQïDWLRQUDWH
*'3VWDQGVIRUJURVVGRPHVWLFSURGXFW,WoVWKHWRWDOPDUNHWYDOXHRIDOOJRRGVDQGVHUYLFHVSURGXFHGLQDFRXQWU\GXULQJD\HDU
7KHUHSRUWLQJSHULRGIRU*'3LVXVXDOO\WKHFDOHQGDU\HDU
7KHUHSRUWLQJSHULRGIRUFRUSRUDWLRQVLVRIWHQGLIIHUHQWDQGLVFDOOHGpWKHîQDQFLDO\HDUqLQWKH8.DQGpWKHîVFDO\HDUqLQWKH86
*'3DGGVXSIRXULWHPVFRQVXPSWLRQJURVVLQYHVWPHQWJRYHUQPHQWVSHQGLQJDQGWKHGLIIHUHQFHEHWZHHQH[SRUWVDQGLPSRUWV
&RQVXPSWLRQPHDQVSULYDWHVSHQGLQJ,WLQFOXGHVHYHU\WKLQJWKDWSHRSOHVSHQGPRQH\RQH[FHSWQHZKRXVLQJ
*URVVLQYHVWPHQWPHDQVWKHPRQH\LQYHVWHGLQFDSLWDOH[SHQGLWXUHVE\EXVLQHVVHVDQGKRXVHKROGV
0DQXIDFWXULQJ
0DQXIDFWXULQJXVXDOO\KDVWRGRZLWKLQGXVWULDOSURGXFWLRQZKHUHUDZPDWHULDOVDUHWUDQVIRUPHGLQWRîQLVKHGJRRGV
,QFDSLWDOLVWHFRQRPLHVPDQXIDFWXULQJLVGHYRWHGWRWKHPDVVSURGXFWLRQRISURGXFWVIRUVDOHWRFRQVXPHUV
0DQXIDFWXULQJLQFOXGHVHQJLQHHULQJDQGLQGXVWULDOGHVLJQ
,QDPDQXIDFWXULQJIDFLOLW\HQJLQHHULQJXVXDOO\LQFOXGHVSURGXFWHQJLQHHULQJDQGSURFHVVHQJLQHHULQJ
3URGXFWHQJLQHHULQJLQFOXGHVGHVLJQLQJFRPSOHWHSURGXFWVRUSDUWVRUFRPSRQHQWVRIDSURGXFWIRUODWHUPDQXIDFWXULQJ
3URGXFWHQJLQHHUVQHHGWRFRRUGLQDWHZLWKSURFHVVHQJLQHHUVWRPDNHVXUHWKDWWKHSURGXFWGHVLJQLVSURGXFLEOH
6RPHWLPHVSURGXFWHQJLQHHUVGHVLJQSURGXFWVRUFRPSRQHQWVWKDWDUHWRRH[SHQVLYHWRPDNH
6RPHWLPHVWKH\GHVLJQSURGXFWVRUFRPSRQHQWVWKDWDUHLPSRVVLEOHWRPDQXIDFWXUH
3URGXFWGHVLJQHUVPDNHSURWRW\SHVDQGWHVWWKHPEHIRUHVHQGLQJWKHGHVLJQVWRWKHIDFWRU\IRUPDQXIDFWXULQJ
:KHQSURFHVVHQJLQHHULQJUHFHLYHVWKHGUDZLQJVRIWKHQHZSURGXFWRUFRPSRQHQWWKH\SUHSDUHWKHWRROLQJ
:KHQHQJLQHHUVWDONDERXWWRROLQJWKH\DUHUHIHUULQJWRPDFKLQHWRROV
0DFKLQHWRROVDUHGHYLFHVWKDWDUHXVHGWRPDNHPHWDOSDUWVRUFRPSRQHQWV:HXVXDOO\FDOOWKLVPDFKLQLQJ
(VWLPDGRDPLJR\DOXPQR+R\FRPLHQ]RXQDQXHYDVHFFLÍQGHGLFDGDDRIUHFHUWHFDVLPLOIUDVHVVREUHODVVLJXLHQWHV»UHDV
%DQNLQJ
*HQHUDODQGVWUDWHJLFPDQDJHPHQW
,QIRUPDWLRQWHFKQRORJ\
(FRQRPLFV
,QYHVWLQJ
/DZDQGOHJDOFRXQVHO
0DQXIDFWXULQJ
+XPDQUHVRXUFHV
(QWUHSUHQHXUVKLS
)LQDQFHDQGDFFRXQWLQJ
6HFUHWDULDODQGDGPLQLVWUDWLRQ
5HVHDUFKDQGGHYHORSPHQW
0DUNHWLQJDQGVDOHVPDQDJHPHQW
2SHUDWLRQV
7\SLFDORIîFHODQJXDJH
&RQHOîQGHQRGHGLFDUFDGDîFKDHQXQVRORWHPDYR\DLQFOXLUWUHVGHODV»UHDVHQFDGDXQD$VÇSRGUÃDWHQGHUODVQHFHVLGDGHVHVSHFÇ
îFDVGHDOPHQRVWUHVFROHFWLYRVGLIHUHQWHVFDGDGÇD$OîQDOGHODVîFKDVTXHQRVTXHGDQSRQGUHPRVDGLVSRVLFLÍQGHWRGRVORVXVXDULRV
ORVDXGLRVFRUUHVSRQGLHQWHVDODVOHFFLRQHVGHODVîFKDVHQIRUPDWR03\VHJÔQGHPDQGDHQIRUPDWR&'DXGLR6HWUDWDU»GHXQDELEOLR
WHFDDXGLWLYDWUHPHQGDPHQWHULFDHQFRQWHQLGRVUHOHYDQWHV7HPDQWHQGUHPRVLQIRUPDGRFRQIRUPHVHDFHUTXHQODVIHFKDV
5LFKDUG9DXJKDQ
/RZ%HJLQQHU
+LJK%HJLQQHU
(VXQSHULÍGLFR" ,VLWDQHZVSDSHU"
6ÇORHVHVXQSHULÍGLFR <HVLWLVLWoVDQHZVSDSHU
(VXQDFKLFDïDFD" ,VVKHDWKLQJLUO"
(OODHVïDFDFRPRVXKHUPDQD 6KHoVWKLQOLNHKHUVLVWHU
3HURVRQPX\JXDSDV %XWWKH\oUHYHU\SUHWW\
1RHVW»QFRQGXFLHQGR 7KH\oUHQRWGULYLQJ
(VWR\OODPDQGRSRUWHOÃIRQR ,oPFDOOLQJE\SKRQH
(VWR\KDEODQGRSRUWHOÃIRQR ,oPWDONLQJRQWKHSKRQH
(VW»QKDEODQGRSRUHOPÍYLO" $UHWKH\WDONLQJRQWKHPRELOH
SKRQH"
0HHVW»LVHVFXFKDQGR" $UH\RXOLVWHQLQJWRPH"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&ÍPRHVW»WXSDGUH" +RZoV\RXUIDWKHU"
&ÍPRHVHOQXHYRMHIH" :KDWoVWKHQHZERVVOLNH"
&ÍPRHVHOWLHPSRHQ :KDWoVWKHZHDWKHULQ1RUZD\
OLNH"
1RUXHJD"
&ÍPRHVW»HOJD]SDFKR" :KDWoVJD]SDFKROLNH"
&ÍPRHUDODYLGDKDFHWUHLQWD :KDWZDVOLIHOLNHWKLUW\\HDUV
DJR"
DËRV"
9HQDTXÇDKRUDPLVPR &RPHKHUHULJKWQRZ
|9R\ ,oPFRPLQJ
4XÃSDVD" :KDWoVWKHPDWWHU"
2OYÇGDOR 1HYHUPLQG
'DLJXDO ,WGRHVQoWPDWWHU
+LJK,QWHUPHGLDWH
1XQFDKHYLVWRDWDQWDJHQWH ,oYHQHYHUVHHQVRPDQ\SHRSOH
HQWRGDPLYLGD
LQDOOP\OLIH
-DP»VVRËÃFRQTXHDFHSWDUÇD ,QHYHUGUHDPHGVKHZRXOG
DFFHSW
$OJXLHQKDYLVWRPLSHQGULYH" +DVDQ\ERG\VHHQP\SHQGULYH"
1XQFDKHFRQRFLGRDDOJXLHQ ,oYHQHYHUPHWDQ\RQHZKR
ORVHVVRPDQ\WKLQJV
TXHSLHUGHWDQWDVFRVDV
7HOODPÍXQWDO6U6PHOOH\ $0U6PHOOH\FDOOHG\RX
'UXPPHU %DWHUÇD
/RZ$GYDQFHG
&XDQWRP»VJUDQGHPHMRU 7KHELJJHUWKHEHWWHU
&XDQWDP»VSHTXHËDP»V 7KHVPDOOHUWKHVZHHWHU
GXOFH
&XDQWRP»VWLHPSRSDVR 7KHPRUHWLPH,VSHQGZLWK
FRQWLJRP»VPHJXVWDV
\RXWKHPRUH,OLNH\RX
&XDQWRP»VOHRDFHUFDGHHVWH 7KHPRUH,UHDGDERXWWKLV
WHPDP»VSHVLPLVWDPHVLHQWR VXEMHFWWKHPRUHSHVVLPLVWLF
,IHHO
&XDQWRP»VOHYHR DÃO P»V 7KHPRUH,VHHKLPWKHPRUH
KDQGVRPH,WKLQNKHLV
JXDSRPHSDUHFH
0LFURSKRQH 0LFUÍIRQR
6LQJHU &DQWDQWH
%DVV3OD\HU %DMR
*XLWDULVW *XLWDUULVWD
9RFDEXODULR0XVLF*URXS *UXSRGH0ÔVLFD
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
4XÃKDEUÇDPRVKHFKRVLQR :KDWZRXOGZHKDYHGRQHLILW
KDGQoWEHHQIRUWKHP"
KXELHUDVLGRSRUHOODV"
&ÍPRKDEUÇDVVREUHYLYLGRVL +RZZRXOG\RXKDYHVXUYLYHG
LI,KDGQoWKHOSHG\RX"
QRWHKXELHUDD\XGDGR"
'ÍQGHKDEUÇDWHQLGROXJDU" :KHUHZRXOGLWKDYHWDNHQ
SODFH"
+DEUÇDKDELGRXQDîHVWDVLWXV :RXOGWKHUHKDYHEHHQDSDUW\LI
SDGUHVKXELHVHQHVWDGRHQFDVD" \RXUSDUHQWVKDGEHHQDWKRPH"
6LKXELHVHKDELGRP»V ,IWKHUHKDGEHHQPRUHVHFXULW\
VHJXULGDGVHKDEUÇDSURGXFLGR ZRXOGWKHUHKDYHEHHQD
UREEHU\"
HOURER"
7XQRYLRHVXQSRFRPDFDUUD <RXUER\IULHQGoVDELWRID\RE
(VWHVLWLRHVPX\FXWUH 7KLVSODFHLVDGLYH
3DUHFHVPX\SLMRFRQHVDFDPLVD <RXORRNUHDOO\SUHSS\LQWKDW
VKLUW
7HKDVFRQYHUWLGRHQXQDSLMD <RXoYHEHFRPHDVQRE
GHDFWLWXG
7LHQHXQDFHQWREDVWDQWHSLMR 6KHKDVTXLWHDSRVKDFFHQW
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWKURXJKq
:HPDGHLWWKURXJKRND\
/RJUDPRVSDVDUVLQLQFLGHQFLDV
+HSXWKLPVHOIWKURXJKVFKRRO
+L]RODFDUUHUDSDJ»QGRVHORÃOPLVPR
,oOOSXW\RXWKURXJK
/HSRQJR WHOHIRQLVWD
&DQ\RXSXWPHWKURXJKWRWKHPDQDJHU"
0HSRQHFRQHOJHUHQWH"
/HWoVUXQWKURXJKLWRQHPRUHWLPH 5HDGWKURXJKLWDQGWHOOPHZKDW
\RXWKLQN
(QVD\ÃPRVORXQDYH]P»V
/ÃHOR\GLPHORTXHRSLQDV
)LQDQFHDQGDFFRXQWLQJ
3UDFWLFDO(QJOLVK
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(VÃVWHHOPRVWUDGRUGHIDFWXUDFLÍQSDUDHO
YXHORGH6LQJDSRUH$LUOLQHVD0DQLOD"
<DKHVDFDGRODWDUMHWDGHHPEDUTXHRQOLQH
KDFHIDOWDUHFRQîUPDUPLUHVHUYD"
&XDQWRGXUDHVODHVFDODHQ1XHYD'HOKL"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
$FFRXQWLQJLVWKHODQJXDJHRIEXVLQHVVDQGLVWKHEHVWZD\RINHHSLQJDUHFRUGRIWKHSHUIRUPDQFHRIDFRPSDQ\
$FFRXQWLQJLVEDVHGRQDGRXEOHHQWU\V\VWHPLQYHQWHGE\9HQHWLDQPHUFKDQWV
(YHU\WUDQVDFWLRQLVUHïHFWHGLQWZRHQWULHVDGHELWDQGDFUHGLW
(YHU\FRPSDQ\KDVDVVHWVDQGOLDELOLWLHV$VVHWVDUHZKDWWKHFRPSDQ\KDVDQGOLDELOLWLHVDUHZKDWWKHFRPSDQ\RZHV
7KHPRQH\LQWKHFRUSRUDWHEDQNDFFRXQWVLVDQDVVHWEHFDXVHWKHPRQH\EHORQJVWRWKHFRPSDQ\,WoVDOLTXLGDVVHW
7KHPRQH\WKDWFXVWRPHUVRZHWKHFRPSDQ\LVDQDVVHWEHFDXVHLWZLOOVRRQEHFROOHFWHGDQGEHFRPHPRQH\LQWKHEDQN
7KHPRQH\WKDWFXVWRPHUVRZHLVFDOOHGDFFRXQWVUHFHLYDEOHDQGLVFRQVLGHUHGDVKRUWWHUPRUFXUUHQWDVVHW
7KHîQDOLQYHQWRU\WKDWWKHFRPSDQ\KDVLQLWVZDUHKRXVHUHDG\IRUVKLSPHQWWRDFRPSDQ\LVDOVRDVKRUWWHUPRUFXUUHQWDVVHW
7KHFRPSDQ\ZLOOVKLSWKHLQYHQWRU\WRLWVGLIIHUHQWFXVWRPHUVDQGWKHVHJRRGVZLOOEHFRPHPRQH\LQWKHEDQNZLWKLQWKHîVFDO\HDU
7KHWHUPîVFDO\HDULVXVHGLQWKH86DQGWKHWHUPîQDQFLDO\HDULVXVHGLQWKH8.7KHQRUPDO\HDULVFDOOHGWKHFDOHQGDU\HDU
7KHODQGDQGIDFWRU\WKDWWKHFRPSDQ\RZQVLVDOVRDQDVVHW+RZHYHULWoVDORQJWHUPRUî[HGDVVHW
,IZHZDQWWRWUDQVIRUPDî[HGDVVHWLQWRFDVKZKLFKLVDQRWKHUWHUPIRUPRQH\ZHRIWHQQHHGPRUHWKDQD\HDU
,IWKHFRPSDQ\QHHGVWRSD\EDFNDORDQQH[WPRQWKWKDWoVDFXUUHQWRUVKRUWWHUPOLDELOLW\
,IWKHFRPSDQ\SD\VDVXSSOLHUGD\VDIWHUUHFHLYLQJDQLQYRLFHWKLVDPRXQWRZHGWRWKHVXSSOLHULVDOVRDFXUUHQWOLDELOLW\
0RQH\RZHGWRVXSSOLHUVLVFDOOHGDFFRXQWVSD\DEOH&RPSDQLHVXVXDOO\QHJRWLDWHGD\SD\PHQWWHUPV
0DUNHWLQJDQGVDOHVPDQDJHPHQW
,QDPDUNHWHFRQRP\SXEOLFDQGSULYDWHFRPSDQLHVDUHIRUPHGLQRUGHUWRJHQHUDWHDSURîW
,QWKH$QJOR6D[RQZRUOGDSXEOLFFRPSDQ\LVQRWDVWDWHRZQHGFRPSDQ\
$SXEOLFFRPSDQ\LVDFRPSDQ\LQZKLFKWKHJHQHUDOSXEOLFKDVDFFHVVWRSDUWLDORZQHUVKLSWKURXJKDVWRFNPDUNHWRUVWRFNH[FKDQJH
,IWKHFRPSDQ\LVDSULYDWHFRPSDQ\WKHQWKHVKDUHVRIWKHFRPSDQ\DUHQRWDYDLODEOHWRWKHJHQHUDOSXEOLF
,I\RXZDQWWREHFRPHSDUWRZQHURIDSULYDWHFRPSDQ\\RXPXVWFRQWDFWRQHRIWKHRZQHUVGLUHFWO\DQGPDNHDQRIIHU
&RPSDQLHVPXVWJHQHUDWHDSURîWLQRUGHUWRVXUYLYHRYHUWKHORQJWHUP
7RPDNHDSURîWDFRPSDQ\PXVWJHQHUDWHUHYHQXHLQH[FHVVRILWVRSHUDWLQJFRVWVDQGH[SHQVHV
6RWKHîUVWJRDOLQDEXVLQHVVLVWRJHQHUDWHUHYHQXH
0RVWUHYHQXHWKDWDFRPSDQ\JHQHUDWHVFRPHVIURPWKHVDOHRILWVSURGXFWVRUVHUYLFHV6RPHUHYHQXHLVQRQRSHUDWLQJLQFRPH
1RQRSHUDWLQJLQFRPHXVXDOO\UHIHUVWRH[WUDRUGLQDU\LWHPVVXFKDVLQWHUHVWLQFRPHRUîQDQFLDOJDLQV
7RJHQHUDWHUHYHQXHDFRPSDQ\PXVWVHOODSURGXFWRUVHUYLFH
,IWKHSURGXFWKDVPDJLFDOSRZHUVSHRSOHZLOOFRPHWR\RXUGRRUWREX\LW<RXZRQoWQHHGWRDGYHUWLVHRUVHOO
+RZHYHUSURGXFWVDQGVHUYLFHVDUHQRWPDJLFDOVRZHQHHGWRFRQYLQFHWKHJHQHUDOSXEOLFWREX\WKHP
,WoVQRWHDV\WRFRQYLQFHSHRSOHWREX\\RXUSURGXFWRUVHUYLFHVR\RXQHHGXVHVWUDWHJLHVDQGWDFWLFVGHVLJQHGWRSHUVXDGHWKHP
<RXQHHGWRSURPRWHEUDQGDZDUHQHVVZKLFKPHDQVJHWWLQJSHRSOHWRNQRZ\RXUSURGXFWRUVHUYLFHDQGWRNQRZWKLQJVDERXWLW
*HQHUDODQGVWUDWHJLFPDQDJHPHQW
7KHSHUVRQDWWKHWRSRIDEXVLQHVVRUJDQL]DWLRQLVUHVSRQVLEOHIRUWKHVXFFHVVRIWKHRSHUDWLRQV
7KLVSHUVRQFDQEHWKHFKDLUPDQRIWKHFRPSDQ\WKHPDQDJLQJGLUHFWRURUWKH&(2
7KHFKDLUPDQRIWKHERDUGLVWKHUHSUHVHQWDWLYHRIWKHFRPSDQ\LQIURQWRIWKHVKDUHKROGHUV
7KH&(2RUFKLHIH[HFXWLYHRIîFHULVDOVRDPHPEHURIWKHERDUGDQGLVUHVSRQVLEOHIRUPDQDJLQJWKHRSHUDWLRQVRIWKHFRPSDQ\
7KHWHUPPDQDJLQJGLUHFWRULVDWHUPXVHGLQFHUWDLQW\SHVRIFRPSDQLHVLQWKH8.IRUWKHVDPHîJXUHDVWKH&(2
,QVRPHFRPSDQLHVWKHFKDLUPDQRIWKHERDUGLVDOVRWKH&(2,QWKHVHFDVHVWKLVSHUVRQKDVDORWRISRZHUDQGLQïXHQFH
7KHPDLQMRERID&(2LVWRPDNHVXUHWKDWWKHFRPSDQ\SURYLGHVDJRRGUHWXUQRQRZQHUVoHTXLW\
/HWVD\WKHRZQHUVVWDUWDFRPSDQ\E\GHSRVLWLQJLQWKHFRPSDQ\oVQHZEDQNDFFRXQW7KLVLVFDOOHGWKHFDSLWDORUFDSLWDOVWRFN
'XULQJWKHîUVW\HDURIRSHUDWLRQVWKHFRPSDQ\PDNHVDSURîWRIZKLFKLVYHU\JRRGFRQVLGHULQJLWoVWKHîUVW\HDU
7KHRZQHUVQHHGWRGHFLGHZKHWKHUWRFROOHFWWKHPRQH\LQWKHIRUPRIGLYLGHQGVUHPRYLQJLWIURPWKHFRPSDQ\RUWRUHLQYHVWLW
,IWKHFRPSDQ\GRHVQoWQHHGDGGLWLRQDOFDVKWRSURPRWHJUHDWHUJURZWKWKHQLWoVQRUPDOIRUWKHRZQHUVWRSD\WKHPVHOYHVDGLYLGHQG
+RZHYHULIWKHFRPSDQ\QHHGVPRUHFDVKWRFRQVROLGDWHDQGSURPRWHLWVJURZWKWKHQLWoVQRUPDOIRUWKHRZQHUVQRWWRHDUQGLYLGHQGV
,QWKLVFDVHWKHSURîWLVOHIWLQWKHFRPSDQ\DQGLVFDOOHGUHWDLQHGHDUQLQJV7KLVPRQH\LVUHLQYHVWHGLQRUGHUWRSURPRWHJURZWK
7KHRULJLQDOFDSLWDORIWKHFRPSDQ\SOXVWKHDFFXPXODWHGUHWDLQHGHDUQLQJVHDFK\HDULVFDOOHGWKHRZQHUVoHTXLW\RUQHWZRUWK
7KHRQO\WUXHREMHFWLYHRIWKH&(2RIDEXVLQHVVRUJDQL]DWLRQZKHWKHULWEHSXEOLFRUSULYDWHLVWRLPSURYHWKHUHWXUQRQHTXLW\RU52(
$VZHNQRZDIWHUWKHîUVW\HDUWKHRZQHUVoHTXLW\RIWKHFRPSDQ\LVfRIFDSLWDODQGRIUHWDLQHGHDUQLQJV
/RZ%HJLQQHU
+LJK%HJLQQHU
(VLQWHUHVDQWHHVDUHYLVWD" ,VWKDWPDJD]LQHLQWHUHVWLQJ"
(VXQDUHYLVWDLQWHUHVDQWH" ,VLWDQLQWHUHVWLQJPDJD]LQH"
6RQWRQWRVHVRVQLËRV" $UHWKRVHER\VVLOO\"
6RQQLËRVWRQWRV" $UHWKH\VLOO\ER\V"
(VÃVWDXQDSUHJXQWD" ,VWKLVDTXHVWLRQ"
(VW»VOODPDQGRDOUHVWDXUDQWH $UH\RXFDOOLQJWKH&KLQHVH
FKLQR"
UHVWDXUDQW"
(VWR\UHVHUYDQGRXQDPHVD ,oPUHVHUYLQJ ERRNLQJ DWDEOH
4XÃKDFHHOOD" :KDWoVVKHGRLQJ"
(VW»OODPDQGRDOKRWHO 6KHoVFDOOLQJWKHKRWHO
(VW»UHVHUYDQGRXQDKDELWDFLÍQ" ,VVKHERRNLQJDURRP"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(OODSLHQVDDVÇQR" 6KHWKLQNVOLNHWKDWGRHVQoWVKH"
(VWXYLVWHDOOÇQR" <RXZHUHWKHUHZHUHQoW\RX"
9DQDYHQLUPDËDQDQR" 7KH\oUHJRLQJWRFRPH
WRPRUURZDUHQoWWKH\"
3XHGHVKDFHUORQR" <RXFDQGRLWFDQoW\RX"
£OVHU»HOSUÍ[LPRSUHVLGHQWH +HoOOEHWKHQH[WSUHVLGHQW
QR"
ZRQoWKH"
(VW»QSUHVWDQGRDWHQFLÍQHQ $UHWKH\SD\LQJDWWHQWLRQLQ
WXVFODVHV"
\RXUFODVVHV"
1RWDQWRFRPRPHJXVWDUÇD 1RWDVPXFKDV,oGOLNH
6XSRQJRTXHHVW»QWUDEDMDQGR ,VXSSRVHWKH\oUHZRUNLQJRQ
HQHOOR
LW
1RVRQPX\WUDEDMDGRUHV 7KH\oUHQRWYHU\KDUGZRUNLQJ
YHUGDG"
DUHWKH\"
/HVIDOWDPRWLYDFLÍQ 7KH\ODFNPRWLYDWLRQ
:KLWH&RIIHH &DIÃFRQOHFKH
)LOWHU&RIIHH &DIÃGHFDIHWHUDHOÃFWULFD
%ODFN&RIIHH &DIÃDPHULFDQR
,FHG&RIIHH &DIÃFRQKLHOR
(VSUHVVR &DIÃVROR
9RFDEXODULR&RIIHH &DIÃ
+LJK,QWHUPHGLDWH
/HGLMHTXHYROYLHUD DÃO ,WROGKLPWRFRPHEDFN
0HSLGLÍTXHQRGLMHUDQDGD 6KHDVNHGPHQRWWRVD\
DQ\WKLQJ
1RVGLMHURQTXHYHQGUÇDQ 7KH\WROGXVWKH\ZRXOGFRPH
/HVGLMRTXHWRGRVDOGUÇDELHQ 6KHWROGWKHPWKDWHYHU\WKLQJ
ZRXOGWXUQRXWïQH
7HGLMHTXHQRWHSUHRFXSDUDV ,WROG\RXQRWWRZRUU\
/RZ$GYDQFHG
(VSHURTXHYHQJDV
(VSHURTXHSXHGDVYHQLU
2MDO»YLQLHUD
2MDO»SXGLHUDYHQLU
|2MDO»QRKXELHUDYHQLGR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
7DUGÃVLJORVHQVXSHUDUODJULSH ,WWRRNPHDJHVWRJHWRYHUWKH
ðX
1XQFDVXSHUÍODPXHUWHGHVX +HQHYHUJRWRYHUWKHGHDWKRI
KLVKDPVWHU
K»PVWHU
7HDSDËDVWHFRQWXLQJOÃVHQ 'LG\RXJHWE\ZLWK\RXU(QJOLVK
LQ(GLQEXUJK"
(GLPEXUJR"
&KDUOÃFRQODPXMHUGHOMHIHHQ ,FKDWWHGZLWKWKHERVVoZLIHDW
WKH&KULVWPDVSDUW\
ODîHVWDQDYLGHËD
|1XQFDVHYDDVDOLUFRQODVX\D <RXoOOQHYHUJHWDZD\ZLWKLW
,KRSH\RXoOOFRPH
,KRSH\RXFDQFRPH
,ZLVKKHZRXOGFRPH
,ZLVKKHFRXOGFRPH
,ZLVKKHKDGQoWFRPH
1XQFDKHYLVWRXQUHVWDXUDQWH ,oYHQHYHUVHHQVXFKDWDFN\
WDQKRUWHUD
UHVWDXUDQW
|4XÃSULQJDRHUHV :KDWDVXFNHU\RXDUH
(VWDFODVHHVW»OOHQDGH 7KLVFODVVLVIXOORIVZRWV
HPSROORQHV
1RVHDVWDQFDUFD 'RQoWEHVXFKDVTXDUH
|9D\DSDQGLOODGHPXHUPRV :KDWDEXQFKRIGULSV
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWKURXJKq
,oOOVHH\RXWKURXJKWRWKHHQG
7HD\XGDUÃKDVWDHOîQDO
,FDQVHHWKURXJK\RXUOLWWOHVWRU\
7LHQHVPXFKRFXHQWRQRPHHQJDËDV
6HQGLWWKURXJK
0»QGDOR DWUDYÃVGHOSURFHVR
,VOHSWWKURXJKWKHZKROHPRYLH
(VWXYHGRUPLGRGXUDQWHWRGDODSHOÇFXOD
,KDGWRVLWWKURXJKWKHHQWLUHWDON
7XYHTXHDJXDQWDUODFKDUODHQWHUD
7KLQNLWWKURXJK
3ODQLIÇFDORSXQWRSRUSXQWR
,QYHVWLQJ
$Q\sHQLQWHUURJDWLYR
(QHVSDËROQRH[LVWHHTXLYDOHQWHDpDQ\qHQHO
LQWHUURJDWLYR$XQTXHHVSRVLEOHRPLWLUODSDOD
EUDpDQ\qQRVXHOHVRQDUPX\QDWXUDOKDFHUOR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7LHQHVSHJDPHQWR"
+D\PLHOHQHODUPDULR"
+DEÇDQLHYHHQODVLHUUD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
(YHU\RQHQHHGVPRQH\WRPDNHHQGVPHHW
,I\RXKDYHPRUHPRQH\WKDQ\RXQHHGWRPDNHHQGVPHHWWKHQ\RXKDYHLGOHFDVK
,I\RXKDYHLGOHFDVKLWDFFXPXODWHVDQG\RXQHHGWRîQGDGHVWLQDWLRQIRUWKHPRQH\
7KHUHDUHRQO\îYHSRVVLEOHGHVWLQDWLRQVIRULGOHFDVK\RXFDQVSHQGLWVDYHLWWKURZLWDZD\JLYHLWDZD\RULQYHVWLW
,I\RXJLYHLWDZD\WKHQ\RXDUHFRQVLGHUHGHLWKHUDJHQHURXVSHUVRQDSKLODQWKURSLVWRUDQLGLRW
,I\RXVDYHWKHPRQH\WKHQ\RXDUHFRQVLGHUHGDFRQVHUYDWLYHZLWK\RXUPRQH\ZKLFKLVXVXDOO\YHU\JRRG
,I\RXLQYHVWLWWKHQ\RXDUHFRQVLGHUHGHLWKHUDFRQVHUYDWLYHRUDULVNWDNHUGHSHQGLQJRQ\RXULQYHVWPHQWVWUDWHJ\
:KHQDSHUVRQLQYHVWVWKHREMHFWLYHLVDOZD\VWKHVDPHWKHJUHDWHVWUHWXUQSRVVLEOHZLWKQRULVNLISRVVLEOH
+RZHYHULWoVLPSRVVLEOHWRîQGîQDQFLDOLQVWUXPHQWVWKDWRIIHUJRRGUHWXUQVZLWKDEVROXWHO\QRULVN
7KHîQDQFLDOLQVWUXPHQWVZLWKWKHORZHVWULVNVDUHVDYLQJVDFFRXQWVDQGJRYHUQPHQWERQGV
$VDYLQJVDFFRXQWLVDYHU\FRQVHUYDWLYHîQDQFLDOLQVWUXPHQWRIIHUHGE\EDQNV7KHLQWHUHVWLVYHU\ORZXVXDOO\EHORZLQïDWLRQ
,I\RXFRQVLGHUWKHPRQH\WKDW\RXGHSRVLWLQDVDYLQJVDFFRXQWDVDQLQYHVWPHQWWKHQWKHUHWXUQRQ\RXULQYHVWPHQWLVYHU\ORZ
7KHWHUPZHXVHIRUUHWXUQRQLQYHVWPHQWLV52,DQGLIWKHLQWHUHVW\RXUHFHLYHLVEHORZLQïDWLRQWKHQWKH52,LVQHJDWLYHLQUHDOWHUPV
:KHQZHLQYHVWZHDOZD\VORRNIRUWKHSHUIHFWEDODQFHEHWZHHQWKHULVNDQGWKHUHWXUQ
,IWKHULVNRIORVLQJRXUPRQH\LVYHU\KLJKWKHQWKHUHWXUQPXVWDOVREHKLJK2WKHUZLVHLWoVDEDGLQYHVWPHQW
+XPDQUHVRXUFHV
(YHU\LPSRUWDQWFRPSDQ\QHHGVDKXPDQUHVRXUFHVGHSDUWPHQWLQRUGHUWRIXQFWLRQSURSHUO\
7KHKXPDQUHVRXUFHVGHSDUWPHQWSHUIRUPVWKHWUDGLWLRQDOSHUVRQQHODGPLQLVWUDWLRQIXQFWLRQDVZHOODVPDQ\RWKHUFULWLFDOWDVNV
,WVHWVWKHVWUDWHJ\IRUUHFUXLWPHQWDQGWUDLQLQJLQOLQHZLWKWKHRYHUDOOREMHFWLYHVRIWKHRUJDQL]DWLRQ
,WSHUIRUPVWKHDFWXDOKLULQJDQGWUDLQLQJRURYHUVHHVDQGFRQWUROVWKHRXWVRXUFLQJRIWKHVHWZRIXQFWLRQV
,WSURYLGHVWKHIUDPHZRUNIRUSHUIRUPDQFHHYDOXDWLRQDQGHQFRXUDJHVPDQDJHUVDQGHPSOR\HHVWRDGKHUHWRLW
,WLVXVXDOO\UHVSRQVLEOHIRUODERURULQGXVWULDOUHODWLRQVRIWHQLQFOXGLQJPDWWHUVUHODWLQJWRHPSOR\HHRUODERUODZ
,WLVXVXDOO\UHVSRQVLEOHIRUQHJRWLDWLQJWKHFROOHFWLYHEDUJDLQLQJDJUHHPHQWZLWKWKHZRUNHUVDQGHPSOR\HHV
7KHKXPDQUHVRXUFHVGHSDUWPHQWLVXVXDOO\UHIHUUHGWRDVWKH+5GHSDUWPHQWDQGWKHSHRSOHLQWKHGHSDUWPHQWSHUIRUP+5IXQFWLRQV
7KHUHDUHPDQ\FULWLFDOIXQFWLRQVZLWKLQ+52QHRIWKHPRVWLPSRUWDQWRQHVLVSD\UROOVDODU\DGPLQLVWUDWLRQDQGHPSOR\HHEHQHîWV
0DQ\SHRSOHFRQVLGHUZRUNIRUFHSODQQLQJDVWKHPRVWFULWLFDOIXQFWLRQIRUD\RXQJFRPSDQ\WKDWLVJURZLQJDQGQHHGVSURSHUVWDIîQJ
7RVWDIIDFRPSDQ\PHDQVWRîOOWKHGLIIHUHQWMREVZLWKWKHULJKWSHRSOH
7KHJHQHUDOPDQDJHPHQWRIWKHFRPSDQ\PXVWVHWWKHVWDWHJ\DQGWKHQZRUNZLWK+5WRHVWDEOLVKWKHULJKWFRUSRUDWHVWUXFWXUH
7KHQWKH+5GHSDUWPHQWSURFHHGVWRîQGWKHULJKWSHRSOHWRîOOWKHQHZYDFDQFLHVWKDWRSHQXS
7KHUHFUXLWLQJSURFHVVLVFULWLFDOIRUWKHVXFFHVVRIWKHFRPSDQ\+5PXVWHVWDEOLVKWKHULJKWSURîOHIRUHDFKMREDQGWKHQîQGLW
,I+5PDNHVPDQ\PLVWDNHVLQUHFUXLWPHQWQRWHYHQWKHEHVWWUDLQLQJFDQVRIWHQWKHQHJDWLYHLPSDFWRQWKHRUJDQL]DWLRQ
6HFUHWDULDODQGDGPLQLVWUDWLRQ
6RPHERVVHVVD\WKDWDJRRGVHFUHWDU\FDQLQFUHDVHWKHLUHIIHFWLYHQHVVE\SHUFHQW
6HFUHWDULHVDUHRIWHQWKHRSHUDWLRQDODUPRIWKHERVV
1RZDGD\VLWoVYHU\FRPPRQWRKHDUWKHZRUGpDGPLQLVWUDWLYHDVVLVWDQWqLQVWHDGRIVHFUHWDU\
6HFUHWDULHVNQRZKRZWRLQFUHDVHWKHERVVoVSURGXFWLYLW\
7KHLUMRELQFOXGHVPDQ\GLIIHUHQWDFWLYLWLHVWKHPRVWEDVLFRIZKLFKUHTXLUHDJRRGFRPPDQGRIWKHSUHYDLOLQJRIîFHODQJXDJH
7KH\PXVWEHDYHU\IDVWDQGDFFXUDWHW\SLVWVDQGNQRZGLIIHUHQWZD\VRIîOLQJDQGUHWULHYLQJSDSHUVHLWKHUSK\VLFDOO\RUHOHFWURQLFDOO\
7KH\PXVWNQRZKRZWRXVHWKHWHOHSKRQHDQGH[KLELWDKLJKOHYHORIWHOHSKRQHHWLTXHWWH
7KH\PXVWNQRZKRZWRGUDZXSWUDYHOLWLQHUDULHVPDNHWKHSHUWLQHQWUHVHUYDWLRQVDQGERRNLQJVDQGRUJDQL]HGLDULHVRUDJHQGDV
7KH\PXVWEHVNLOOHGDWFDOOLQJPHHWLQJVRUJDQL]LQJWKHPDQGDWPDNLQJVXUHWKDWWKHWKHPHHWLQJURRPLVDYDLODEOHDQGHTXLSSHG
*RRGVHFUHWDULHVDOVRQHHGWRSRVVHVVDGPLQLVWUDWLYHVNLOOVWKDWLQFOXGHDFFRXQWLQJ
7KH\FRQWUROWKHDFFHVVWRWKHH[HFXWLYHDQGEHFRPHVDQLQïXHQWLDODQGWUXVWHGDVVLVWDQW7KH\RIWHQUHPDLQDYDLODEOHKRXUVDGD\
7KH\LQWHUDFWZLWKWKHJHQHUDOSXEOLFVXSSOLHUVFXVWRPHUVSXEOLFRIîFLDOVDQGRWKHULPSRUWDQWJURXSVRISHRSOH
7KH\PXVWPDLQWDLQDVNLOOVOHYHOLQOLQHZLWKWKDWRIWKHLUERVV2IWHQWKH\DGYDQFHLQWKHRUJDQL]DWLRQWRJHWKHUZLWKWKHERVV
0RUHVSHFLîFDOO\WKH\VFUHHQLQFRPLQJFDOOVFKHFNWKHERVVoVHPDLOVFKHFNGRFXPHQWDWLRQERRNPHHWLQJVDQGVFKHGXOHUHVHUYDWLRQV
$WKLUGZRUGIRUVHFUHWDU\LVpSHUVRQDODVVLVWDQWqDQGPDQ\FRPSDQLHVUHIHUWRWKHPDVp3$oVq
/RZ%HJLQQHU
+LJK%HJLQQHU
4XÃGÇDHVKR\" :KDWGD\LVLWWRGD\"
(VPDUWHV ,WoV7XHVGD\
&X»OHVODIHFKDGHKR\" :KDWoVWKHGDWHWRGD\"
(VHOXQRGHDEULO ,WoVWKHïUVWRI$SULO
(VHOSULPHUGÇDGHPHV ,WoVWKHïUVWGD\RIWKHPRQWK
&X»QWRVKHUPDQRVWLHQHHOOD" +RZPDQ\EURWKHUVDQGVLVWHUV
GRHVVKHKDYH"
1RWLHQHQLQJÔQKHUPDQR 6KHGRHVQoWKDYHDQ\EURWKHUV
RUVLVWHUV
(VKLMDÔQLFD 6KHoVDQRQO\FKLOG
7LHQHPXFKRVDPLJRV" 'RHVVKHKDYHPDQ\IULHQGV"
1RVÃVLWLHQHPXFKRVDPLJRV ,GRQoWNQRZLIVKHKDVPDQ\
IULHQGV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(OODQRORTXHUÇDSHUR\RVÇ 6KHGLGQoWZDQWLWEXW,GLG
0LSDGUHIXPDSHURPL 0\IDWKHUVPRNHVEXWP\
EURWKHUGRHVQoW
KHUPDQRQR
<RSXHGRKDEODULQJOÃVSHURPL ,FDQVSHDN(QJOLVKEXWP\
ER\IULHQGFDQoW
QRYLRQR
1RYR\DLUDODîHVWDSHURPL ,oPQRWJRLQJWRWKHSDUW\EXW
P\EHVWIULHQGLV
PHMRUDPLJRVÇ
(OODHVWDU»HQ3DUÇVODVHPDQD 6KHoOOEHLQ3DULVQH[WZHHNEXW
,ZRQoW
TXHYLHQHSHUR\RQR
$SÔQWDOR :ULWHLWGRZQ
5HSÇWDPHOR 5HSHDWLWIRUPH
([SOÇFDPHOR ([SODLQLWWRPH
(VFÔFKDQRV /LVWHQWRXV
(VSÃUDOHV :DLWIRUWKHP
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
+R\HVHOGÇDGHODËRf 7RGD\LVWKHQLQHW\ïUVWGD\RI
WKH\HDUf
RHOGÇDHQXQDËRELVLHVWR fRUWKHQLQHW\VHFRQGLQDOHDS
\HDU
/RVDËRVELVLHVWRVVLHPSUH /HDS\HDUVDOZD\VFRLQFLGH
FRLQFLGHQFRQODV2OLPSLDGDV ZLWKWKH2O\PSLF*DPHV
(VWHDËRWHQGU»QOXJDUHQ 7KLV\HDUWKH\ZLOOWDNHSODFH
LQ&KLQD
&KLQD
&X»QWDVPHGDOODVYDDJDQDU +RZPDQ\PHGDOVLV6SDLQ
JRLQJWRZLQ"
(VSDËD"
6HJXUDPHQWHJDQDU»P»VTXH 7KH\oOOSUREDEO\ZLQPRUH
WKDQ(QJODQG
,QJODWHUUD
3HURQRFUHRTXHYD\DDJDQDU %XW,GRQoWWKLQNWKH\oUHJRLQJ
WRZLQDVPDQ\DV&KLQD
WDQWDVFRPR&KLQD
7LHQHPXFKDJHQWHSDUDHOHJLU 7KH\KDYHDORWRISHRSOHWR
FKRRVHIURP
&UHRTXHHVRHVTXHGDUVHFRUWR ,WKLQNWKDWoVVRPHWKLQJRIDQ
XQGHUVWDWHPHQW
6XSREODFLÍQHVWUHLQWDYHFHV 7KHLUSRSXODWLRQLVWKLUW\WLPHV
P»VJUDQGHTXHODGH(VSDËD DVELJDV6SDLQoV
+HDGUHVW 5HSRVDFDEH]DV
'RRU/RFN 3HVWLOOR
%DFN6HDW $VLHQWRWUDVHUR
$UPUHVW 5HSRVDEUD]RV
+DQGOH 7LUDGRU
9RFDEXODULR&DULQWHULRU ,QWHULRUGH&RFKH
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
+R\HVHOGÇDGHORVWRQWRV 7RGD\LV$SULO)RROoV'D\
4XÃGHPRQLRVVLJQLîFDHVR" :KDWWKHKHOOGRHVWKDWPHDQ"
(VLJXDOTXHHOGHGLFLHPEUH ,WoVWKHVDPHDVWKHWKRI
'HFHPEHUWKHSUDFWLFDOMRNHGD\
HOGÇDGHODVLQRFHQWDGDV
+D\TXHJDVWDUXQDEURPDD <RXKDYHWRSOD\DMRNHRQ
VRPHERG\
DOJXLHQ
$XQTXHVHVXSRQHTXHKD\TXH $OWKRXJK\RXoUHVXSSRVHGWR
GRLWEHIRUHPLGGD\
KDFHUORDQWHVGHPHGLRGÇD
(QRWURVDËRVHOGHDEULO 7KHVHWKLQJVKDSSHQHGLQ
VXFHGLHURQHVWDVFRVDV
RWKHU\HDUVRQWKHïUVWRI$SULO
(Q+LWOHUHVFRQGHQDGRD ,Q$GROI+LWOHULV
FLQFRDËRVGHF»UFHO
VHQWHQFHGWRïYH\HDUVLQMDLO
(Q)UDQFRGHFODUDHOîQ ,Q)UDQFRDQQRXQFHVWKH
GHOD*XHUUD&LYLO
HQGRIWKH&LYLO:DU
(QVHIRUPDODHPSUHVD ,QWKHFRPSDQ\$SSOHLV
$SSOH
IRUPHG
(QQDFH%DUW6LPSVRQ ,Q%DUW6LPSVRQLVERUQf
|1RHVEURPDHVYHUGDG
,WoVQRWDMRNHLWoVWUXH
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWKURXJKq
7KH\OLYHGWKURXJKWZRZDUV
9LYLHURQGRVJXHUUDV
,WZRUHWKURXJKWKHOLQLQJ
'HVJDVWÍHOIRUURKDVWDKDFHUXQDJXMHUR
<RXoOOSXOOWKURXJK
&RQWXHVIXHU]RORVXSHUDU»V
7KLVPRQH\FDQFDUU\PHWKURXJK$SULO
(VWHGLQHURPHSHUPLWHOOHJDUDPD\R
&DQ\RXFKHFNWKURXJKLW"
/HSXHGHVGDUXQUHSDVR"
<RXKDYHWRIROORZWKURXJKRQ\RXUGHFLVLRQ
7LHQHVTXHVHUFRQVHFXHQWHFRQWXGHFLVLÍQ
2SHUDWLRQV
6RPHsHQLQWHUURJDWLYR
&XDQGRRIUHFHPRVDOJRXVDQGRXQDSUHJXQWD
\FUHHPRVFRQEDVWDQWHFHUWH]DTXHQRVYDQD
FRQWHVWDUpVÇqVHXVDpVRPHq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7HDSHWHFHXQFDIÃ"
7HDSHWHFHDOJRGHFRPHU"
7HDSHWHFHXQSRFRGHFKDPSDJQH"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
2SHUDWLRQVPDQDJHPHQWLVFRQFHUQHGZLWKWKHSURGXFWLRQRIJRRGVDQGHQVXUHVWKDWEXVLQHVVRSHUDWLRQVDUHHIIHFWLYHDQGHIîFLHQW
7KHWHUPpHIIHFWLYHqPHDQVWKHDFKLHYHPHQWRIWKHîQDOUHVXOW7KHWHUPpHIîFLHQWqKDVWRGRZLWKWKHHIIHFWLYHXVHRIUHVRXUFHV
.LOOLQJDQDQWZLWKFDQQRQLVYHU\HIIHFWLYH+RZHYHULWoVQRWWKHPRVWHIîFLHQWZD\RIHOLPLQDWLQJLQVHFWV
7KHLGHDOVFHQDULRLVWRîQGDZD\WRNLOOEDGLQVHFWVRIWKHWLPHDQGDWWKHORZHVWSRVVLEOHFRVW
2SHUDWLRQVPDQDJHPHQWDOVRVWXGLHVKRZWRPDQDJHUHVRXUFHVDQGKRZWRGLVWULEXWHJRRGVDQGVHUYLFHVWRFXVWRPHUV
2SHUDWLRQVUHVHDUFKLVDVSHFLDOîHOGWKDWXVHVPDWKHPDWLFDODQDO\VLVWRSURPRWHJRRGGHFLVLRQVGHVLJQHGWRRSWLPL]HSURGXFWLRQ
,QGXVWULDOHQJLQHHULQJLVWKHîHOGRIHQJLQHHULQJWKDWWULHVWRH[WUDFWPD[LPXPHIîFLHQF\IURPSURGXFWLRQSURFHVVHV
7KH(QJOLVKWHUPpLQGXVWULDOHQJLQHHULQJqLVPRUHOLPLWHGWKDQWKH6SDQLVKWHUP,WUHIHUVEDVLFDOO\WRSURFHVVHVDQGHIîFLHQF\
$QLQGXVWULDOHQJLQHHULVDSHUVRQZKRFDQEHIRXQGRQWKHIDFWRU\ïRRUZLWKDVWRSZDWFKLQKDQG
7KHJHQHUDOWHUPpRSHUDWLRQVqXVXDOO\LQFOXGHVGHVLJQHQJLQHHULQJZKLFKLQYROYHVWKHRSWLPXPGHVLJQRIDSURGXFW
,QGXVWULDOHQJLQHHULQJîQGVZD\VWRWUDQVIRUPWKHîQDOSURGXFWGHVLJQLQWRDWDQJLEOHSURGXFWSURGXFHGDWWKHORZHVWFRVWSRVVLEOH
(YHQVHUYLFHFRPSDQLHVORRNIRUZD\VWRVWUHDPOLQHWKHLURSHUDWLRQVWKURXJKJRRGSURFHVVGHVLJQDQGPDQDJHPHQW
7KHYHUEpWRVWUHDPOLQHqPHDQVWRPDNHVRPHWKLQJDVHIîFLHQWDQGG\QDPLFDVSRVVLEOH
+HQU\)RUGLVWKHPRVWIDPRXVLQGXVWULDOHQJLQHHULQKLVWRU\,QVHYHQ\HDUVKHUHGXFHGWKHFRVWRIPDNLQJDFDUE\
7KHJHQLXVRI0U)RUGDOORZHGWKHZRUOGWREHFRPHDFRQVXPHUVRFLHW\ZKHUHHYHQWKHORZHUFODVVHVFRXOGEX\FRVWHIîFLHQWJRRGV
,QIRUPDWLRQWHFKQRORJ\
7KHDFURQ\Pp,7qVWDQGVIRUpLQIRUPDWLRQWHFKQRORJ\q$QRWKHUDFURQ\PLVp,6qZKLFKVWDQGVIRUpLQIRUPDWLRQV\VWHPVq
,Q(QJOLVKZHGRQoWXVHWKHZRUGpLQIRUPDWLTXHq,WoVD)UHQFKZRUGLPSRUWHGLQWR6SDQLVKPDQ\\HDUVDJR
3HRSOHLQYROYHGLQ,7XVXDOO\QHHGWRVWXG\GHVLJQGHYHORSLPSOHPHQWVXSSRUWDQGPDQDJHFRPSXWHUEDVHGLQIRUPDWLRQV\VWHPV
,QIRUPDWLRQV\VWHPVLQFOXGHKDUGZDUHDQGVRIWZDUHWKDWPXVWFRQYHUWVWRUHSURFHVVWUDQVPLWDQGVHFXUHO\UHWULHYHLQIRUPDWLRQ
,7SURIHVVLRQDOVDUHLQJUHDWGHPDQGEHFDXVHWKH\NQRZKRZWRLQVWDOODSSOLFDWLRQVDQGGHVLJQQHWZRUNVDQGLQIRUPDWLRQGDWDEDVHV
7KHGXWLHVRIDQ,7SURIHVVLRQDOLQFOXGHGDWDPDQDJHPHQWQHWZRUNLQJGDWDEDVHFUHDWLRQDQGPDQDJHPHQWDQGVRIWZDUHGHVLJQ
,QWKHEXVLQHVVZRUOG,7V\VWHPVDUHQHFHVVDU\WRKHOSPDQDJHPHQWPDNHLQWHOOLJHQWGHFLVLRQV
7KHPDQDJHPHQWRIDFRPSDQ\QHHGVLQIRUPDWLRQWRPDNHGHFLVLRQVDQGWKLVLQIRUPDWLRQPXVWEHDFFXUDWHUHOHYDQWDQGWLPHO\
,7V\VWHPVDUHFDSDEOHRISURGXFLQJDYDVWDPRXQWRILQIRUPDWLRQWRRPXFKIRUWKHPDQDJHPHQWWRGLJHVWDQGDFWXSRQ
7KHPDQDJHPHQWPXVWVLWGRZQZLWKWKH,7VSHFLDOLVWVDQGVSHFLI\ZKDWLQIRUPDWLRQLVFULWLFDOWRWKHGHFLVLRQPDNLQJSURFHVV
7KH,7SHRSOHQHHGWRJDLQDJRRGXQGHUVWDQGLQJRIKRZWKHFRPSDQ\ZRUNVDQGZKDWLQIRUPDWLRQLVUHOHYDQWWRJRRGGHFLVLRQPDNLQJ
7KHPDQDJHPHQWNQRZVZKDWWKH\QHHGWRPDNHGHFLVLRQVEXWWKH\RIWHQKDYHWURXEOHPDNLQJLWFOHDUWRWKH,7SHRSOH
2QHLPSRUWDQWVWHSLQVROYLQJWKLVSUREOHPKDVEHHQWKHFUHDWLRQRIWKH&,2RUFKLHILQIRUPDWLRQRIîFHU
7KH&,2LVXVXDOO\DPHPEHURIWKHH[HFXWLYHFRPPLWWHHDQGLVLQYROYHGLQWKHIRUPXODWLRQRIFRUSRUDWHVWUDWHJ\DQGLQIRUPDWLRQQHHGV
7KH&,2LVWKHUHIRUHNQRZOHGJHDEOHQRWRQO\RQPDWWHUVUHODWLQJWR,7EXWLVLQWLPDWHO\DZDUHRIWKHQHHGVRIPDQDJHPHQWFROOHDJXHV
/DZDQGOHJDOFRXQVHO
:HDUHJRLQJWRIRFXVWKLVVHFWLRQEDVLFDOO\RQFRUSRUDWHODZZKLFKLQFOXGHVPDQ\DVSHFWVRIEXVLQHVVODZDQGFRPPHUFLDOODZ
:HZLOODOVRORRNDWPDMRUDVSHFWVRIODERUODZRUDVWKH\FDOOLWLQWKH8.HPSOR\HHODZ
/HJDOSURFHGXUHVPXVWEHIROORZHGLQHYHU\FRXQWU\LI\RXZDQWWRVHWXSDFRPSDQ\
7KHUHDUHPDQ\GLIIHUHQWW\SHVRIFRPSDQLHVDQGGLIIHUHQWFRXQWULHVKDYHGLIIHUHQWIRUPVRILQFRUSRUDWLRQ
:KHQ\RXVWDUWRUVHWXSDFRPSDQ\\RXFDQFKRRVHVHYHUDOGLIIHUHQWZD\VWRLQFRUSRUDWH
7KHPRVWEDVLFIRUPLVWKHVROHSURSULHWRUVKLSLQZKLFKWKHEXVLQHVVLVQRWOHJDOO\VHSDUDWHIURPWKHRZQHU
,IWKHEXVLQHVVKDVDGHEWWKHQLWoVWKHRZQHUoVGHEWDVZHOO7KHUHDUHQRSDUWQHUVRURWKHUVKDUHKROGHUVWRVKDUHWKHGHEW
$VROHSURSULHWRUGRHVQoWSD\FRUSRUDWHWD[EXWUDWKHUQRUPDOSHUVRQDOLQFRPHWD[RQWKHSURîWPDGHWKURXJKWKHFRPSDQ\
7KHDGYDQWDJHRIDVROHSURSULHWRUVKLSLVWKDWLWoVYHU\HDV\WRVWDUWRUGLVVROYHWKHEXVLQHVV
$GLVDGYDQWDJHLVWKDWDOOWKHRZQHUoVSHUVRQDODVVHWVVXFKDVDKRXVHRUDUHWLUHPHQWDFFRXQWDUHQRWSURWHFWHGIURPOHJDODFWLRQ
$QRWKHUSRVVLEOHEXVLQHVVIRUPLVWKHSDUWQHUVKLSLQZKLFKVHYHUDORZQHUVRUSDUWQHUVLQYHVWDQGWKHQVKDUHLQWKHSURîWVRUORVVHV
$QDGYDQWDJHRIDSDUWQHUVKLSRYHUDFRUSRUDWLRQLVWKDWWD[DWLRQLVXVXDOO\GLIIHUHQW
$SDUWQHUVKLSGRHVQRWXVXDOO\LQFXUWD[HVRQSURîWVEHIRUHWKH\DUHGLVWULEXWHGWRWKHRZQHUV,QRWKHUZRUGVWKHUHLVQRGLYLGHQGWD[
&RUSRUDWLRQVDUHWD[HGRQSURîWVDQGLIWKH\GLVWULEXWHGLYLGHQGVWRWKHLUVKDUHKROGHUVWKHVHDUHWD[HGDVZHOOFDXVLQJGRXEOHWD[DWLRQ
,QWKH8.WKLVNLQGRIEXVLQHVVLVFDOOHGDOLPLWHGSDUWQHUVKLSZKLFKXVXDOO\FRQVLVWVRIJHQHUDOSDUWQHUVDQGOLPLWHGSDUWQHUV
/RZ%HJLQQHU
+LJK%HJLQQHU
4XÃFODVHGHSUHJXQWDHVÃVWD" :KDWNLQGRITXHVWLRQLVWKLV"
(VÃVDWXPHMRUUHVSXHVWD" ,VWKDW\RXUEHVWDQVZHU"
3RUTXÃHUHVSURIHVRU" :K\DUH\RXDWHDFKHU"
&X»QGRHVODîQDO" :KHQLVWKHïQDO"
&X»QWRVDËRVWLHQHWXSDGUH" +RZROGLV\RXUIDWKHU"
(UHVGH&DWDOXËDWDPELÃQ" $UH\RXIURP&DWDORQLDWRR"
0LSDGUHYLHQHGHDOOÇ 0\IDWKHUFRPHVIURPWKHUH
1DFÇHQ$QGDOXFÇD ,ZDVERUQLQ$QGDOXVLD
£OQRYLYHDTXÇDKRUD +HGRHVQoWOLYHKHUHQRZ
0LDEXHORQRYLYHDOOÇWDPSRFR 0\JUDQGIDWKHUGRHVQoWOLYH
WKHUHHLWKHU
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
7XKLMRVDEHQDGDU\D" 'RHV\RXUVRQNQRZKRZWR
VZLP\HW"
7RGDYÇDQR 1RW\HW
/HYDVDHQVHËDUDKDFHUOR" $UH\RXJRLQJWRWHDFKKLP
KRZWRGRLW"
(VI»FLODSUHQGHUDQDGDU" ,VLWHDV\WROHDUQKRZWRVZLP"
(VP»VI»FLOTXHDSUHQGHUD ,WoVHDVLHUWKDQOHDUQLQJKRZWR
VSHDNDQRWKHUODQJXDJH
KDEODURWURLGLRPD
'HMDGHKDEODUFRQWLJRPLVPR 6WRSWDONLQJWR\RXUVHOI
7UDWÍGHPDWDUVH" 'LGKHWU\WRNLOOKLPVHOI"
-LPL+HQGUL[DSUHQGLÍDWRFDU -LPL+HQGUL[WDXJKWKLPVHOI
KRZWRSOD\WKHJXLWDU
ODJXLWDUUDSRUVXFXHQWD
3RUTXÃRVHVW»LVPLUDQGR" :K\DUH\RXORRNLQJDWHDFK
RWKHU"
6HTXLHUHGHPDVLDGRDVÇPLVPD 6KHORYHVKHUVHOIWRRPXFK
0DQDJHU 'LUHFWRU
)OLSFKDUW 3L]DUUD
0LQXWHV $FWDV
(DVHO &DEDOOHWH
5HSRUW ,QIRUPH
3URSRVDO 3URSXHVWD
9RFDEXODULR0HHWLQJ 5HXQLÍQ
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&XDOTXLHUDSRGUÇDKDFHUHVR $Q\ERG\FRXOGGRWKDW
&RQRFHVDDOJXLHQTXHSRVHD 'R\RXNQRZDQ\ERG\ZKR
XQDSLVWROD"
RZQVDJXQ"
&RQR]FRDDOJXLHQTXHFRQRFLÍ ,NQRZVRPHERG\ZKRPHW
D0DULO\Q0RQURH
0DULO\Q0RQURH
&RQRFÇDDOJXLHQTXHFRQRFÇDD ,PHWVRPHERG\ZKRNQHZ
WXELVDEXHOD
\RXUJUHDWJUDQGPRWKHU
1DGLHVDEHWDQWRFRPRHOOD 1RERG\NQRZVDVPXFKDVVKH
GRHV
6HHQIDGDU»QVLQRYR\" :LOOWKH\JHWDQJU\LI,GRQoWJR"
6HHQULTXHFLÍHQOD%ROVD +HJRWULFKRQWKH6WRFN0DUNHW
$QWHVPHSRQÇDPXFKRP»V ,XVHGWRJHWDORWPRUHMHDORXV
FHORVR
3RUTXÃWHGHMDVGHSULPLU :K\GR\RXOHW\RXUVHOIJHWVR
WDQWR"
GHSUHVVHG"
6HOHVLRQÍGHPDQHUDJUDYH +HJRWVHULRXVO\LQMXUHGLQWKH
HQODEDWDOOD
EDWWOH
0LGGOH$GYDQFHG
/OHYRVLJORVVLQYHUDWXVREULQR ,KDYHQoWVHHQ\RXUQHSKHZLQ
DJHV
/OHYDWRGRHODËRSUHSDUDQGR +HKDVVSHQWWKHZKROH\HDU
VXVRSRVLFLRQHV
SUHSDULQJIRUKLV&LYLO6HUYLFH
H[DPV
4XLHUHKDFHUVHQRWDULR +HZDQWVWREHFRPHDQRWDU\
6HHQIUHQWDU»DPXFKD +HoOOIDFHDORWRIVWLII
FRPSHWHQFLDGXUD
FRPSHWLWLRQ
/HJXVWDGHVDîDUVH +HOLNHVWRFKDOOHQJHKLPVHOI
)RU(QJOLVKVXSHUVWDUVRQO\
7HQJRTXHLUD+DFLHQGDKR\ ,KDYHWRJRWRWKH,QODQG
5HYHQXHWRGD\
7LHQHVTXHKDFHUODGHFODUDFLÍQ'R\RXKDYHWRGR\RXULQFRPH
WD[UHWXUQV"
GHODUHQWD"
2GLRWRGRHVWHSDSHOHR ,KDWHDOOWKLVUHGWDSH
3RUTXÃWLHQHQTXHFRPSOLFDU :K\GRWKH\KDYHWRPDNH
WKLQJVVRFRPSOLFDWHG"
ODVFRVDVWDQWR"
6LQRQRKDEUÇDWUDEDMR 2WKHUZLVHWKHUHZRXOGQoW
VXîFLHQWHSDUDORVIXQFLRQDULRV EHHQRXJKZRUNIRUWKHFLYLO
VHUYDQWV
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
7RSXOORXWDOOWKHVWRSV
&RPHLQ
3DVDSDVD
,ERXJKWLQWRWKHFRPSDQ\
&RPSUÃXQDSDUWLFLSDFLÍQHQODHPSUHVD
+HFDPHLQWRVHHPH
(QWUÍSDUDYHUPH
+HFXWLQOLQH
6HKDFRODGR
,FDPHLQVHFRQG
7HUPLQÃHQVHJXQGROXJDU
6RPHERG\GLGKLPLQ
$OJXLHQOHOLTXLGÍ
6LJQLîFDpKDFHUWRGRORSRVLEOHRKDFHUXVRGH
WRGRVORVUHFXUVRVGLVSRQLEOHVSDUDFRQVHJXLU
WXREMHWLYRqVHDFXDOVHD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7HQGUHPRVTXHXVDUWRGRVQXHVWURVUHFXUVRVVL
TXHUHPRVWHUPLQDUWRGRSDUDODIHFKDWRSH
+HPRVKHFKRWRGRORSRVLEOHSHURQRFUHRTXH
YD\DDVHUVXîFLHQWH
/DHPSUHVDKL]RXQHVIXHU]RHQRUPHSDUDJDQDU
HOFRQWUDWR
(QWUHSUHQHXUVKLS
(QWUHSUHQHXUVDUHSHRSOHZKRVWDUWDFRPSDQ\IURPVFUDWFKDQGZKRWDNHDSHUVRQDODQGîQDQFLDOULVNLQWKHSURFHVV
(QWUHSUHQHXUVDUHSHRSOHZLWKEXVLQHVVLGHDVZKRWU\WRWXUQWKHLGHDVLQWRDVXFFHVVIXOEXVLQHVV
:KHQHQWUHSUHQHXUVDUHVXFFHVVIXOWKHEXVLQHVVLGHDVVRRQEHFRPHERRPLQJEXVLQHVVHVDQGWKHHQWLUHVRFLHW\LVWKHEHQHîFLDU\
7REHVXFFHVVIXOHQWUHSUHQHXUVQHHGHPSOR\HHVFXVWRPHUVVXSSOLHUVDQGRIîFHVSDFH
6XFFHVVIXOHQWUHSUHQHXUVFUHDWHVDODULHVZKHUHEHIRUHWKHUHZHUHQRQH7KH\DGGQHZEXVLQHVVWRWKHERRNVRIVXSSOLHUV
7KH\LQMHFWQHZFRPSHWLWLRQLQWRWKHPDUNHWDQGDVVXFKSURYLGHDGGLWLRQDORSWLRQVWRFXVWRPHUV
7KH\PDNHPRQH\DQGSD\WD[HVWKURXJK9$7DQGFRUSRUDWHLQFRPHWD[HVWKXVLQMHFWLQJIUHVKPRQH\LQWRWKHSXEOLFEXGJHW
:LWKRXWHQWUHSUHQHXUVWKHHQWLUHZRUOGZRXOGVWLOOEHOLYLQJLQFDYHV,QYHQWRUVVFLHQWLVWVDQGHQJLQHHUVZRXOGKDYHQRVSRQVRUV
(QWUHSUHQHXUVDGKHUHWRWKHSURîWPRWLYH$OWKRXJKWKH\DUHIDVFLQDWHGZLWKWKHEXVLQHVVLGHDLIWKHUHLVQRSURîWWKH\DUHQoWLQWHUHVWHG
(QWUHSUHQHXUVDUHSHRSOHZKRJHWH[FLWHGZKHQWKHUHLVDFKDOOHQJHWKDWLQYROYHVPRQHWDU\DQGSHUVRQDOJURZWK
7KH\oUHWKHW\SHRISHRSOHZKRDUHQRWDIUDLGWRWDNHULVNVDQGWKHVXFFHVVIXORQHVDUHWKRVHZKROHDUQIURPWKHLUPLVWDNHV
7UDGLWLRQDOO\QLQHW\îYHSHUFHQWRIHQWUHSUHQHXUVIDLOHGLQWKHîUVWîYH\HDUVRIWKHLUEXVLQHVV
7KHFUHDWLRQRIWKHIUDQFKLVHFRQFHSWLQWKHoVUHGXFHGWKLVIDLOXUHUDWHWRVL[W\îYHSHUFHQWDSHUFHQWLPSURYHPHQW
7KHIUDQFKLVHFRQFHSWZKHUHOHVVFRPSHWHQWEXWKDUGZRUNLQJHQWUHSUHQHXUVFRXOGVXFFHHGZDVDWHFKQRORJLFDOEUHDNWKURXJK
7KHIUDQFKLVHFRQFHSWDOORZVPDQ\HQWUHSUHQHXUVWRGHYHORSWKHLUVNLOOVXQGHUWKHSURWHFWLRQRIDEXVLQHVVLGHDWKDWDOUHDG\ZRUNV
5HVHDUFKDQGGHYHORSPHQW
5HVHDUFKDQGGHYHORSPHQWLVDQDFWLYLW\WKDWGLUHFWO\LQFUHDVHVRXUNQRZOHGJHDQGXVHVWKHQHZNQRZOHGJHWRFUHDWHQHZDSSOLFDWLRQV
5HVHDUFKDQGGHYHORSPHQWLVLPSRUWDQWLQWKHSXEOLFDQGSULYDWHVHFWRUVDQGLVDQRQJRLQJDFWLYLW\RQXQLYHUVLW\FDPSXVHV
,QPDQ\LQGXVWULHVUHVHDUFKDQGGHYHORSPHQWLVWKHNH\WRVXFFHVVDQGVXUYLYDO,QGXVWU\OHDGHUVDUHXVXDOO\5 'OHDGHUVDVZHOO
7KHDFURQ\Pp5 'qLVFRPPRQO\XVHGZKHQZHUHIHUWRDFWLYLWLHVUHODWLQJWRUHVHDUFKDQGGHYHORSPHQW
5 'DFWLYLWLHVDUHXVXDOO\SHUIRUPHGLQVSHFLDOXQLWVRUGHSDUWPHQWVZLWKLQFRPSDQLHVXQLYHUVLWLHVRUJRYHUQPHQWDODJHQFLHV
7KHLGHDRI5 'LVWRFUHDWHQHZNQRZOHGJHDQGDSSOLFDWLRQVWKDWSXVKEH\RQGWKHEDUULHURIKXPDQNQRZOHGJHDQGVROXWLRQV
7KHQRXQWKDWZHRIWHQXVHLQ(QJOLVKLVpEUHDNWKURXJKqEHFDXVHLWLPSOLHVWKDWZHDUHEUHDNLQJWKURXJKDQH[LVWLQJEDUULHU
,QVFLHQFHDQGWHFKQRORJ\WKLVEDUULHULVRIWHQUHIHUUHGWRDVpWKHVWDWHRIWKHDUWq
:KHQZHLQYHQWGLVFRYHURUGHYHORSNQRZOHGJHRUDSSOLFDWLRQVWKDWFUHDWHDQHZVWDWHRIWKLVDUWWKLVLVFRQVLGHUHGDpEUHDNWKURXJKq
(YHU\LQYHQWRUDQGUHVHDUFKHUGUHDPVRIEUHDNLQJWKURXJKWKHEDUULHUSXVKLQJIRUZDUGWKHVWDWHRIWKHDUWDQGIRUJLQJDpEUHDNWKURXJKq
,QQRYDWLRQLVWKHEUHDGDQGEXWWHURIWKHEXVLQHVVZRUOGWRGD\
:LWKRXWLQQRYDWLRQZHZRXOGVWLOOEHLQWKHGDUNDJHVKLGLQJLQFDYHVRUVHHNLQJSURWHFWLRQLQFDVWOHV
,QQRYDWLRQLVDSURGXFWRIERWKIRUPDODQGLQIRUPDO5 'DQGFDQEHIRXQGLQHYHU\NLQGRIEXVLQHVVDQGVFLHQWLîFDFWLYLW\
0DQ\ODUJHFRPSDQLHVDUHVXFFHVVIXOLQRUJDQL]LQJDQGSURPRWLQJRQJRLQJ5 'DFWLYLWLHVWKDWEULQJLQKXQGUHGVRISDWHQWVD\HDU
7KRPDV(GLVRQLVFRQVLGHUHGWKHîUVWLQYHQWRUWRRUJDQL]HWKHSURFHVVRILQYHQWLRQLQWRDVWUXFWXUHGSURGXFWLRQV\VWHP
7\SLFDORIîFHODQJXDJH
([FXVHPH3HGURFDQ\RXJHWPHLQIRUPDWLRQRQWKHODWHVWVDOHVîJXUHVIRU5HJLRQ,,"
2QHRIRXUPRVWFULWLFDOVXSSOLHUVLVKDYLQJWURXEOHPHHWLQJWKHLUGHOLYHU\GDWHV
:HoYHGHFLGHGWRWDNHDGLIIHUHQWFRXUVHRIDFWLRQDQGDSSO\GLUHFWO\IRUWKHH[SRUWOLFHQVH
+DYH\RXHYHUWKRXJKWDERXWXVLQJDWHPSDJHQF\"
,oPXSWRP\H\HVLQZRUN,GRQoWNQRZZKDWWRGRWRRUJDQL]HWKLQJVEHWWHU,oYHQHYHUEHHQWKLVEXV\LQP\OLIH
7KHUHoVDJHQWOHPDQRQWKHOLQHDVNLQJWRWDONWR\RX+HVD\VKHoVDIULHQGRI&DURO(YDQVo
&DQ\RXJHWKLVSKRQHQXPEHUDQGWHOOKLP,oOOFDOOKLPEDFNODWHUWKLVDIWHUQRRQ"
7KLV\HDUZDVVXSSRVHGWREHWKHEHVWLQRXUKLVWRU\DQGQRZLWVHHPVZHoOOEHOXFN\WRHTXDOODVW\HDUoVUHVXOWV
:HNHHSUXQQLQJLQWRWKHVDPHSUREOHP(YHU\WLPHZHWU\WRRSHQDQRIîFHDEURDGWKHORFDODXWKRULWLHVDVNIRUPRQH\XQGHUWKHWDEOH
,WKLQN,oYHVWXPEOHGRQWRDVROXWLRQRQKRZWRVKLSWKHFRQWDLQHUVWR,QGRQHVLD
:K\GRQoWZHFDOODPHHWLQJRQWKDW"$UH\RXIUHHWRPRUURZDW"
/LVWHQ)UHGLI\RXGRQoWPLQG,oGSUHIHUWRSXWWKDWRQKROGIRUDIHZGD\VXQWLOPRUHGDWDFRPHVLQRQ'HFHPEHUVDOHV
7KLQJVDUHWDNLQJRII,oPUHDOO\LPSUHVVHGZLWKWKHUHVSRQVHZHoUHJHWWLQJ<RXZHUHULJKW,GLGQoWH[SHFWWKLVNLQGRIUHVSRQVH
:HQHHGWRSODQWKLVWKLQJWKURXJKUHDOO\ZHOO2QHPLVWDNHDQGZHoUHGHDG
,MXVWKDG-XDQ3HËDRQWKHOLQHDQGKHoVDVNLQJIRUDGLVFRXQW:KDWVKRXOG,WHOOKLP"
+LJK%HJLQQHU
/RZ%HJLQQHU
/DVPDQ]DQDVQRVRQSHUDV $SSOHVDUHQRWSHDUV
8QDPDQ]DQD\XQDSHUDQR $QDSSOHDQGDSHDUDUHQoWWZR
VRQGRVPDQ]DQDV
DSSOHV
/DVPDQ]DQDVHQPLMDUGÇQVRQ 7KHDSSOHVLQP\JDUGHQDUH
YHUGHV
JUHHQ
/DVSHUDVHQODHQVDODGDVRQ 7KHSHDUVLQWKHVDODGDUH
GXOFHV
VZHHW
0LSO»WDQRHVDPDULOOR 0\EDQDQDLV\HOORZ
$TXÃOHVPÇR 7KDWRQHoVPLQH
£VWRVVRQWX\RV 7KHVHRQHVDUH\RXUV
(VWHHVERQLWR 7KLVRQHoVSUHWW\
(OYHUGHHVGHHOOD 7KHJUHHQRQHoVKHUV
/RVD]XOHVVRQGHHOORV 7KHEOXHRQHVDUHWKHLUV
0LGGOH,QWHUPHGLDWH
/RZ,QWHUPHGLDWH
'LVÍORWXQRPEUHGHSLOD 6D\RQO\\RXUïUVWQDPH
'LOHVSRUTXÃHVW»VDTXÇ 7HOOWKHPZK\\RXoUHKHUH
1RGLJDVQDGD 'RQoWVD\DQ\WKLQJ
1ROHVGLJDVQDGD 'RQoWWHOOWKHPDQ\WKLQJ
'LPHORTXHOHVGLMLVWHD\HU 7HOOPHZKDW\RXWROGWKHP
\HVWHUGD\
&X»QGRLEDVDSDJDUOR" :KHQZHUH\RXJRLQJWRSD\
IRULW"
&X»QGRVHORLEDVDGDUDHOOD" :KHQZHUH\RXJRLQJWRJLYH
LWWRKHU"
4XÃPHLEDVDH[SOLFDU" :KDWZHUH\RXJRLQJWRH[SODLQ
WRPH"
$TXLÃQLEDVDYHU" :KRZHUH\RXJRLQJWRVHH"
&RQTXÃVRËDEDVDQRFKH" :KDWZHUH\RXGUHDPLQJ
DERXWODVWQLJKW"
0HQXEDU %DUUDGHOPHQÔ
,FRQ ,FRQR
6FUROOEDU %DUUDGHGHVSOD]DPLHQWR
:LQGRZ 9HQWDQD
:DOOSDSHU )RQGRGHHVFULWRULR
7RROEDU %DUUDGHDFFHVR
9RFDEXODULR'HVNWRS (VFULWRULR
+LJK,QWHUPHGLDWH
7XYHTXHHVWDUGHSLHHQHO ,KDGWRVWDQGXSLQWKHEXV
DXWREÔV
1RWHRIUHFLÍQDGLHXQDVLHQWR" 'LGQoWDQ\ERG\RIIHU\RXDVHDW"
1RVHGLHURQFXHQWDGHTXH 'LGQoWWKH\UHDOLVH\RXZHUH
HVWDEDVHPEDUD]DGD"
SUHJQDQW"
$OSDUHFHUQR $SSDUHQWO\QRW
/DJHQWHQRHVWDQHGXFDGD 3HRSOHDUHQoWDVSROLWHDVWKH\
FRPRDQWHV
XVHGWREH
/RZ$GYDQFHG
'HTXLÃQIXHODFXOSD" :KRVHIDXOWZDVLW"
1RIXHFXOSDGHQDGLH ,WZDVQoWDQ\ERG\oVIDXOW
1RGHEHUÇDVHFKDUODFXOSDD <RXVKRXOGQoWEODPHDQ\RQH
QDGLH
$OJXLHQGHELÍKDFHUOR 6RPHERG\PXVWKDYHGRQHLW
3RUTXÃEXVFDVXQDFDEH]DGH :K\DUH\RXORRNLQJIRUD
WXUFR"
VFDSHJRDW"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
3ULPHURKDFHPRVXQDSUHYLVLÍQ )LUVWZHPDNHDVDOHVIRUHFDVW
GHYHQWDV
'HVSXÃVHODERUDPRVHO 7KHQZHGUDZXSWKHH[SHQVH
SUHVXSXHVWRGHJDVWRV
EXGJHW
/RVJDVWRVJHQHUDOHVVH *HQHUDOH[SHQVHVDUHVKDUHG
FRPSDUWHQ
6RPHGHSDUWPHQWKHDGV
$OJXQRVMHIHVGHGHSDUWDPHQWR FRPSODLQDERXWWKLVSROLF\
VHTXHMDQGHHVWDSROÇWLFD
+D\PXFKRVDOWLEDMRVDORODUJR 7KHUHDUHPDQ\XSVDQGGRZQV
GHODËR
WKURXJKRXWWKH\HDU
|&RQWUÍODWH4XLHUHV" &RQWURO\RXUVHOIZLOO\RX
/RVLHQWRQRORSXHGRHYLWDU ,oPVRUU\,FDQoWKHOSLW
|$QGDQRHVSDUDWDQWR &RPHRQLWoVQRWWKDWEDG
7RGRHOPXQGRWLHQHGHUHFKRD (YHU\ERG\KDVDULJKWWRIDOO
DVOHHSIURPWLPHWRWLPH
GRUPLUVHGHYH]HQFXDQGR
6ÇSHURQRMXVWRHQPHGLRGHO <HVEXWQRWEDQJLQWKHPLGGOH
RIWKHDPEDVVDGRUoVVSHHFK
GLVFXUVRGHOHPEDMDGRU
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
%XVLQHVVYRFDEXODU\
)DOOLQ
|)RUPHQîODV
*HWLQ
6ÔEHWH DOFRFKH
7KHURRIIHOOLQ
(OWHFKRVHYLQRDEDMR
7KHWUDLQJRWLQDWPLGQLJKW
(OWUHQOOHJÍDPHGLDQRFKH
+HïHZLQIRUWKHPHHWLQJ
9LQR HQDYLÍQ SDUDODUHXQLÍQ
,FRXOGQoWJHWDZRUGLQHGJHZLVH
+DEODURQWDQWRTXHQRSXGHGHFLUQDGD
%DQNLQJ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(ODQXQFLRGHWHOHYLVLÍQKDGDGRPXFKRTXH
KDEODU
/DUHODFLÍQSUHFLRFDOLGDGGHHVWDVSUHQGDV
HVW»JHQLDO
*HQHUDOPHQWHODV3<0(6VRQSUR\HFWRVFRQ
SRFRULHVJR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
(YHU\PRQWKWKHEDQNVHQGV\RXDEDQNVWDWHPHQWZLWKWKHRSHQLQJEDODQFHFORVLQJEDODQFHDQGPRYHPHQWVGXULQJWKHSHULRG
,I\RXZDQWWRLQFUHDVH\RXUEDQNEDODQFH\RXFDQPDNHDFDVKGHSRVLWDFKHFNGHSRVLWRUGHSRVLWPRQH\E\ZD\RIDZLUHWUDQVIHU
<RXFDQZLWKGUDZFDVKIURP\RXUDFFRXQWE\YLVLWLQJWKHEDQNDQGSUHVHQWLQJDFKHFNWRWKHEHDUHU<RXDUHWKHEHDUHU
<RXFDQDOVRZLWKGUDZFDVKE\XVLQJDQ$70RU$XWRPDWLF7HOOHU0DFKLQH7KHVHFDVKPDFKLQHVFDQEHIRXQGDOPRVWHYHU\ZKHUH
,QWKH8.DQG,UHODQGWKHZRUGXVHGIRU$70LV&DVK3RLQW<RXFDQZLWKGUDZXSWRDFHUWDLQDPRXQWRIFDVKDWWKHVHSRLQWV
<RXUEDQNVWDWHPHQWDOVRUHïHFWVWKHGLUHFWGHELWSD\PHQWVWKDW\RXKDYHPDGH
,WLVYHU\FRPPRQLQ6SDLQWRSURYLGH\RXUEDQNGHWDLOVWRYDULRXVHQWLWLHVWKDWGHELW\RXUDFFRXQWGLUHFWO\DVDIRUPRISD\PHQW
,I\RXEX\DQLQVXUDQFHSROLF\LQ6SDLQIRUH[DPSOHLWoVFRPPRQIRUWKHLQVXUDQFHFRPSDQ\WRGHELW\RXUDFFRXQWGLUHFWO\HDFK\HDU
,QWKH(QJOLVKVSHDNLQJZRUOGLWoVPRUHFRPPRQWRUHFHLYHWKHSUHPLXPQRWLFHLQ\RXUKRPHDQG\RXZULWHRXWDFKHFNWRWKHFRPSDQ\
,IVRPHRQHKDVH[WHQGHG\RXDSHUVRQDOFKHFNDQG\RXJRWRWKHEDQNWRFDVKLW\RXPXVWHQGRUVHWKHFKHFNRQWKHEDFN
,I\RXGHFLGHWRGHSRVLWWKHFKHFNLQ\RXURZQDFFRXQW\RXQHHGWRHQGRUVHWKHFKHFNDVZHOO
,IWKHUHLVQoWHQRXJKPRQH\LQWKHSHUVRQoVDFFRXQWWRFRYHUWKHFKHFNWKHQWKHFKHFNZLOOERXQFH
:KHQDFKHFNERXQFHVLWoVRIWHQFDOOHGDpKRWFKHFNq
%DQNVDUHîQDQFLDOLQVWLWXWLRQVWKDWSURYLGHîQDQFLDOVROXWLRQVWRLQGLYLGXDOVDQGFRUSRUDWLRQV
,I\RXQHHGPRQH\WREX\DFDU\RXUEDQNFDQJLYH\RXDSHUVRQDOORDQ
(FRQRPLFV
$QLQYHVWPHQWLVZKHQDSHUVRQRUHQWLW\SXUFKDVHVVRPHWKLQJZKRVHYDOXHH[WHQGVEH\RQGWKHSHULRGRIRQH\HDU
,I\RXEX\DKRXVHDFDURUDORQJWHUPDPELWLRXV(QJOLVKFRXUVHWKLVLVQRWDQH[SHQVHEXWUDWKHUDQLQYHVWPHQW
:KHQWKHJRYHUQPHQWSD\VUHWLUHPHQWSHQVLRQVWKLVLVDQH[SHQVH:KHQLWVSHQGVPRQH\RQQHZPRWRUZD\VWKLVLVDQLQYHVWPHQW
2IWHQLQYHVWPHQWVRIWKLVW\SHDUHFDOOHGFDSLWDOH[SHQGLWXUHV7KHZRUGH[SHQGLWXUHLVXVXDOO\DVVRFLDWHGZLWKLQYHVWPHQWV
:KHQZHFDOFXODWH*'3ZHLQFOXGHLQWKHFRQFHSWpJRYHUQPHQWVSHQGLQJqERWKJRYHUQPHQWH[SHQVHVDQGH[SHQGLWXUHV
7KHVDODULHVSDLGWRFLYLOVHUYDQWVE\WKHQDWLRQDOJRYHUQPHQWDQGE\UHJLRQDODQGORFDOJRYHUQPHQWVDUHLQFOXGHGDVJRYHUQPHQWVSHQGLQJ
7KHIRUWKPDMRULWHPLQFDOFXODWLQJ*'3LVWKHGLIIHUHQFHEHWZHHQH[SRUWVDQGLPSRUWV
(YHU\FRXQWU\LQWKHZRUOGLPSRUWVDQGH[SRUWVSURGXFWV7KHîQDOPRQHWDU\GLIIHUHQFHLVFDOOHGWKHWUDGHEDODQFH
,IWKHWUDGHEDODQFHLVQHJDWLYHWKHFRXQWU\LVUXQQLQJDWUDGHGHîFLW,IWKHWUDGHEDODQFHLVSRVLWLYHWKHQLWoVUXQQLQJDWUDGHVXUSOXV
7KHIDFWWKDWDJLYHQFRXQWU\LVUXQQLQJDWUDGHGHîFLWGRHVQoWQHFHVVDULO\PHDQWKDWWKHVLWXDWLRQLVQHJDWLYH
7KH8QLWHG6WDWHVKDVEHHQUXQQLQJDWUDGHGHîFLWIRUDWOHDVWFRQVHFXWLYHV\HDUVDQGGHVSLWHWKLVWKHHFRQRP\LVKHDOWK\
:KHQDFRXQWU\UXQVDWUDGHGHîFLWLWoVRIWHQEHFDXVHGRPHVWLFVXSSO\FDQQRWPHHWGRPHVWLFGHPDQG
%\DGGLQJWKHîQDOWUDGHEDODQFHWRSULYDWHFRQVXPSWLRQJURVVLQYHVWPHQWDQGJRYHUQPHQWVSHQGLQJZHKDYHWKH*'3
$QRWKHUWHUPRIWHQXVHGLQPDFURHFRQRPLFVLVEDODQFHRISD\PHQWV7KLVLVWKHWUDGHEDODQFHSOXVîQDQFLDOLPSRUWVDQGH[SRUWV
,I\RXVHQGPRQH\WRDUHODWLYHLQ0H[LFRWKLVPRQH\LVQoWUHJLVWHUHGLQWKHWUDGHEDODQFHEHFDXVHLWGRHVQoWLPSO\JRRGVRUVHUYLFHV
0DQXIDFWXULQJ
&RQYHQWLRQDOPDQXIDFWXULQJLQYROYHVPDFKLQLQJDQGDVVHPEO\)LUVW\RXPDNHWKHSDUWVDQGWKHQ\RXPXVWDVVHPEOHWKHP
(YHU\FDUKDVIRXUIHQGHUVRYHUHDFKZKHHO7KHVHIHQGHUVDUHFUHDWHGIURPïDWVKHHWPHWDOSLHFHVWKDWDUHPDFKLQHGLQWRWKHULJKWVKDSH
7KHIHQGHUVDUHWKHQVHQWWRWKHDVVHPEO\OLQHZKHUHWKH\DUHPRXQWHGDERYHWKHIRXUZKHHOV
0DQXIDFWXULQJLQYROYHVSURFXUHPHQWPDFKLQLQJLQYHQWRU\FRQWUROTXDOLW\FRQWUROîQDODVVHPEO\DQGîQDOVWRUDJH
3URFXUHPHQWLQYROYHVîQGLQJWKHULJKWVXSSOLHUVDQGLQVXULQJWKDWWKHTXDOLW\SDUDPHWHUVDUHPHWDQGWKDWWKHGHOLYHU\GDWHVDUHKRQRXUHG
0DFKLQLQJLQYROYHVWUDQVIRUPLQJUDZPDWHULDOVLQWRîQLVKHGSLHFHVSDUWVDQGFRPSRQHQWVIRUWKHLUîQDODVVHPEO\
,QYHQWRU\FRQWUROVHHVWKDWWKHPRQH\LQYHVWHGLQSXUFKDVLQJUDZPDWHULDOVLVWUDQVIRUPHGDVTXLFNO\DVSRVVLEOHLQWRîQLVKHGSURGXFWV
4XDOLW\FRQWUROLQVXUHVWKDWWKHVXSSOLHUVUDZPDWHULDOVSDUWVFRPSRQHQWVDQGîQDOSURGXFWVFRPSO\ZLWKVSHFLîFDWLRQV
7KHTXDOLW\FRQWURODUHDLVRIWHQDVHSDUDWHGHSDUWPHQWWKDWUHSRUWVGLUHFWO\WRWKHJHQHUDOPDQDJHPHQW
7KHTXDOLW\FRQWUROPDQDJHURIWHQKDVWKHSRZHUWRVWRSSURGXFWLRQLIWKHTXDOLW\SDUDPHWHUVDUHQRWEHLQJPHW
7KHSURGXFWLRQPDQDJHULVXQGHUSUHVVXUHWRSURGXFHEXWWKHTXDOLW\PDQDJHUKDVWKHSRZHUWRVWRSHYHU\WKLQJLITXDOLW\LVFRPSURPLVHG
7KHUHLVRIWHQDORWRIFRQïLFWEHWZHHQWKHSURGXFWLRQDQGTXDOLW\GHSDUWPHQWVHVSHFLDOO\ZKHQVDOHVDUHERRPLQJ
7KHTXDOLW\GHSDUWPHQWRIWHQVSHQGVDORWRIWLPHZLWKVXSSOLHUVWRPDNHVXUHWKDWWKH\DGKHUHWRWKHFRPSDQ\oVTXDOLW\VWDQGDUGV
)LQDODVVHPEO\LVEDVLFDOO\WKHIDPRXVFRQFHSWRIWKHDVVHPEO\OLQHGHYHORSHGWRSHUIHFWLRQE\+HQU\)RUG
+HQU\)RUGoVDVVHPEO\OLQHDQGKLVHIIRUWVWRJDLQHIîFLHQFLHVLQSURGXFWLRQZHUHLQVWUXPHQWDOLQFUHDWLQJWKHFRQVXPHUVRFLHW\
/RZ%HJLQQHU
+LJK%HJLQQHU
(VGXURREODQGR" ,VLWKDUGRUVRIW"
6RQQHJURVREODQFRV" $UHWKH\EODFNRUZKLWH"
(VXQDFDOOHODUJDRFRUWD" ,VLWDORQJRUDVKRUWVWUHHW"
6RQSUHJXQWDVI»FLOHVR $UHWKH\HDV\RUGLIïFXOW
GLIÇFLOHV"
TXHVWLRQV"
(VXQDSHOÇFXODLQWHUHVDQWHR ,VLWDQLQWHUHVWLQJRUDERULQJ
DEXUULGD"
ïOP"
8QPHGLRHVORPLVPRTXH 2QHKDOILVWKHVDPHDVïIW\
SHUFHQW
FLQFXHQWDSRUFLHQWR
8QFXDUWRHVORPLVPRTXH 2QHTXDUWHULVWKHVDPHDV
WZHQW\ïYHSHUFHQW
YHLQWLFLQFRSRUFLHQWR
8QFXDUWRHVGRQGHGXHUPR $URRPLVZKHUH,VOHHS
8QWHUFLRHVXQDERWHOODGH $WHUFLRLVDERWWOHRIEHHU
FHUYH]D
8QGÃFLPRHVXQELOOHWHGHOD $GÃFLPRLVD/RWWHU\WLFNHW
/RWHUÇD
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&XDQGRVHDPD\RUVHUÃPÃGLFR :KHQ,oPROGHU,oOOEHDGRFWRU
&XDQGROOHJXHHPSH]DUHPRV :KHQKHDUULYHVZHoOOEHJLQ
WKHPHHWLQJ
ODUHXQLÍQ
6LOOHJDVDQWHVGHODVGLH] ,I\RXDUULYHEHIRUHWHQRoFORFN
ZHoOOEHDEOHEHJLQWREHJLQ
SRGUHPRVHPSH]DUDQWHV
HDUOLHU
1RWHQGU»VTXHGHFLUQDGD <RXZRQoWKDYHWRVD\DQ\WKLQJ
1RKDEU»UHXQLÍQDQRVHUTXH 7KHUHZRQoWEHDPHHWLQJ
XQOHVVWKHPDQDJHUVFRPH
YHQJDQORVJHUHQWHV
(VWXYHWRGDODPDËDQD ,VSHQWWKHZKROHPRUQLQJ
FOHDQLQJWKHKRXVH
OLPSLDQGRODFDVD
+HHVWDGRWRGRHOGÇDRUGHQDQGR ,oYHVSHQWWKHZKROHGD\
WLG\LQJP\GUDZHUV
PLVFDMRQHV
(VWXYHWRGDODWDUGHSODQFKDQGR ,VSHQWWKHZKROHDIWHUQRRQ
LURQLQJVKLUWV
FDPLVDV
3RUTXÃKDVHVWDGRWRGDOD :K\KDYH\RXVSHQWWKHZKROH
FODVVFKDWWLQJ"
FODVHFKDUODQGR"
+HHVWDGRWRGDODYLGDEXVFDQGR ,oYHVSHQWP\ZKROHOLIH
ORRNLQJIRUVRPHRQHOLNH\RX
DDOJXLHQFRPRWÔ
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&X»QWRWLHPSRYDVDWDUGDU" +RZORQJLVLWJRLQJWRWDNH\RX"
1RGHEHUÇDWDUGDUPXFKR ,WVKRXOGQoWWDNHPHORQJ
7DUGDVWHPXFKRODÔOWLPDYH] ,WWRRN\RXDORQJWLPHWKHODVW
WLPH
+DQWDUGDGRPXFKR ,WoVWDNHQWKHPDORQJWLPH
/DSHOÇFXODWHUPLQÍP»VWDUGH 7KHïOPïQLVKHGODWHUWKDQZH
GHORTXHHVSHU»EDPRV
H[SHFWHG
6HPHSHJDURQODVV»EDQDV ,RYHUVOHSWWKLVPRUQLQJ
HVWDPDËDQD
1RSXHGHVSHUPLWLUWHHOOXMR <RXFDQoWDIIRUGWRRYHUVOHHS
GHTXHGDUWHGRUPLGR
1RVRSRUWRPDGUXJDU ,FDQoWVWDQGJHWWLQJXSHDUO\
0HFXHVWDKRUURUHVOHYDQWDUPH ,KDYHDWHUULEOHWLPHJHWWLQJXS
7DUGRXQDKRUDHQGHVSHMDUPL ,WWDNHVPHDQKRXUWRFOHDUP\
FDEH]D
KHDG
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
2WURDËRRWUDVHTXÇD $QRWKHU\HDUDQRWKHUGURXJKW
6XSRQJRTXHLPSRQGU»Q ,VXSSRVHWKH\oOOLPSRVHZDWHU
UHVWULFWLRQV
UHVWULFFLRQHVGHDJXD
7LHQHDOJRTXHYHUFRQHO 'RHVLWKDYHDQ\WKLQJWRGR
FDOHQWDPLHQWRJOREDO"
ZLWKJOREDOZDUPLQJ"
3XHVFODURTXHVÇ :HOORIFRXUVHLWGRHV
&X»OHVVRQVXVRWURVHIHFWRV :KDWDUHLWVRWKHUVLGHHIIHFWV"
VHFXQGDULRV"
+DKDELGRXQLQFUHPHQWR 7KHUHKDVEHHQDSURJUHVVLYH
SURJUHVLYRGHODWHPSHUDWXUD LQFUHDVHLQDYHUDJH
WHPSHUDWXUHV
SURPHGLR
+DEU»XQDXPHQWRGHOQLYHO 7KHUHZLOOEHDULVHLQVHD
OHYHOV
GHOPDU
(VWDPRVYLHQGRXQDUHGXFFLÍQ :HoUHVHHLQJDUHGXFWLRQRIWKH
GHORVJODFLDUHVGHOD$QW»UWLGD $QWDUFWLFLFHVKHHWV
+DEU»P»VWRUPHQWDVH 7KHUHZLOOEHPRUHVWRUPVDQG
ðRRGV
LQXQGDFLRQHV
$XQTXHORVFDPELRVSRGUÇDQ $OWKRXJKWKHFKDQJHVPD\EH
VHUEHQHîFLRVRVSDUDDOJXQDV EHQHïFLDOIRUVRPHUHJLRQV
UHJLRQHV
6WHHULQJ:KHHO 9RODQWH
'DVKERDUG 6DOSLFDGHUR
+RUQ %RFLQD
+D]DUG/LJKWV /XFHVGHHPHUJHQFLD
6DWHOOLWH1DYLJDWLRQ 1DYHJDFLÍQSRUVDWÃOLWH
9RFDEXODULR&DUFRQWUROV &RQWUROHVGHOFRFKH
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
3UDFWLFDO(QJOLVK(QHOWD[L
+HJRWPHLQ
(OFRQVLJXLÍTXHPHGHMDVHQHQWUDU
+HKDVLWLQIRUPH
/DWLHQHWRPDGDFRQPLJR
'RQoWJLYHLQ
1RFHGDV1RGHVHOEUD]RDWRUFHU
+ROGLQ\RXUJXW VWRPDFK
0HWHODWULSD
<RXFDQJRLQQRZ
<DSXHGHXVWHGHQWUDU HQRWUDVDOD
6KHNHSWKHUVRQLQDOOGD\
(OODQRGHMÍVDOLUDVXKLMRHQWRGRHOGÇD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
$ODFDOOH*OHQGDOHSRUIDYRU
(VW»HQODHVTXLQDGH2[IRUGFRQ*UDQJH
4XÃGDWHFRQHOFDPELR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
)LQDQFHDQGDFFRXQWLQJ
,IWKHFRPSDQ\RZHVWKHJRYHUQPHQWWD[HVZLWKLQWKHFXUUHQW\HDUWKLVDPRXQWLVDOVRFDOOHGDFXUUHQWRUVKRUWWHUPOLDELOLW\
,IWKHFRPSDQ\ERUURZVPRQH\WKURXJKDORQJWHUPORDQWKLVLVDXVXDOO\FDOOHGDORQJWHUPOLDELOLW\
+RZHYHUWKHSDUWRIWKHSULQFLSDORIWKLVORQJWHUPORDQWKDWPXVWEHSDLGGXULQJWKH\HDUEHFRPHVDFXUUHQWOLDELOLW\
7KHFDSLWDORIWKHFRPSDQ\LVDOVRFRQVLGHUHGDOLDELOLW\,WoVDOLDELOLW\EHFDXVHHYHQWXDOO\LWPXVWEHUHWXUQHGWRWKHRZQHUV
7KLVFDSLWDORIWKHFRPSDQ\LVWKHPRQH\WKDWWKHRZQHUVRULJLQDOO\GHSRVLWHGLQWKHEDQNWRVWDUWWKHEXVLQHVV
,QFRUSRUDWLRQVWKLVLWHPLVXVXDOO\FDOOHGWKHFDSLWDOVWRFN,WoVLVVXHGLQWKHIRUPRIVKDUHV
,IWKHEXVLQHVVLVDSXEOLFFRPSDQ\WKHFDSLWDOVWRFNLVTXRWHGRUOLVWHGRQDSXEOLFVWRFNPDUNHWRUVWRFNH[FKDQJH
,QWKH$QJOR6D[RQZRUOGDSXEOLFFRPSDQ\LVQRWDVWDWHRZQHGFRPSDQ\
$SXEOLFFRPSDQ\LVDFRPSDQ\LQZKLFKWKHJHQHUDOSXEOLFKDVDFFHVVWRSDUWLDORZQHUVKLSWKURXJKDVWRFNH[FKDQJH
6WRFNPDUNHWVRUVWRFNH[FKDQJHVDUHVHFRQGDU\PDUNHWVZKHUHSHRSOHFDQEX\RUVHOOVKDUHVLQFRPSDQLHVWKDWDUHOLVWHGSXEOLFO\
%LOOLRQVRIVKDUHVDUHERXJKWDQGVROGRQDGDLO\EDVLVLQWKHZRUOGVoVWRFNH[FKDQJHV
7KH1HZ<RUN6WRFN([FKDQJHLVWKHELJJHVWLQWKHZRUOG7KHYROXPHRIWUDGLQJRIWHQH[FHHGVRQHELOOLRQWUDQVDFWLRQVGDLO\
2WKHUVWRFNPDUNHWVDUHOHVVWUDQVSDUHQWDQGHIîFLHQW6RPHWLPHVDSHUVRQFDQQRWîQGDEX\HURUVHOOHUTXLFNO\
:KHQ\RXEX\WKHVKDUHVRIDFRPSDQ\\RXDXWRPDWLFDOO\EHFRPHSDUWRZQHURIWKHEXVLQHVVLQTXHVWLRQ
:KHQSHRSOHEX\WKHVKDUHVRIDSXEOLFO\WUDGHGFRPSDQ\WKH\DUHXVXDOO\ORRNLQJIRUWZRSRVVLEOHVRXUFHVRIUHYHQXH
0DUNHWLQJDQGVDOHVPDQDJHPHQW
7RDFKLHYHEUDQGDZDUHQHVVWKHPDUNHWLQJGHSDUWPHQWPXVWDGYHUWLVHWKHEUDQGLQTXHVWLRQDPRQJWKHWDUJHWJURXSVRISURVSHFWV
3URVSHFWVDUHSHRSOHRUHQWLWLHVWKDWDUHFRQVLGHUHGSRWHQWLDOFXVWRPHUVRI\RXUSURGXFWRUFOLHQWVRI\RXUVHUYLFH
7RJDLQEUDQGDZDUHQHVV\RXPXVWJHWWKHQDPHRIWKHEUDQGLQIURQWRI\RXUSURVSHFWVDVPXFKDVSRVVLEOH
,WoVQRWVRLPSRUWDQWDWWKLVSRLQWLQWLPHWRWDONDERXWWKHIHDWXUHVRUDGYDQWDJHVRI\RXUSURGXFWEXWUDWKHUWRPDNHSHRSOHDZDUHRILW
2QFH\RXKDYHJDLQHGEUDQGDZDUHQHVVDPRQJ\RXUSURVSHFWVWKHQWKHQH[WVWHSLVWRJDLQEUDQGSUHIHUHQFH
$WWKLVSRLQW\RXUHQWLUHSURPRWLRQDOEXGJHWVKRXOGEHIRFXVHGRQJDLQLQJEUDQGSUHIHUHQFH
7KHPRUHXQLWVDOHV\RXDFKLHYHWKHPRUHPDUNHWVKDUH\RXJDLQ$QGWKHPRUHPDUNHWVKDUH\RXJDLQWKHORZHU\RXUXQLWFRVWV
$GYHUWLVLQJVDOHVSURPRWLRQPHUFKDQGLVLQJDQGSXEOLFUHODWLRQVDUHQRWRQO\GHVLJQHGWRLQFUHDVHWKHVDOHVîJXUHVRIDFRPSDQ\
7KHVHDFWLYLWLHVLIWKH\DUHVXFFHVVIXOKHOSWKHFRPSDQ\WRLQFUHDVHPDUNHWVKDUHDQGORZHUXQLWFRVWVWKURXJKHFRQRPLHVRIVFDOH
/HWoVVD\\RXGHFLGHWRVWDUWDFRPSDQ\WRSURGXFHSULYDWHMHWV7KHîUVWMHWFRVWV\RXRQHPLOOLRQGROODUVWRPDNHLQ\RXUIDFWRU\
7KHVHFRQGMHW\RXPDNHFRVWVRQO\GROODUVWKDWLVOHVV7KHIRXUWKMHW\RXPDNHFRVWV\RXGROODUV
7KHHLJKWKMHWFRVWV\RXGROODUVDQGWKHWKMHWFRVWV\RXGROODUV7KLVLVFDOOHGWKHpOHDUQLQJFXUYHq
,QGXVWULDOHQJLQHHUVKDYHFDOFXODWHGWKDWHYHU\WLPHDIDFWRU\GRXEOHVLWVSURGXFWLRQHDFKXQLWFRVWVOHVVWRSURGXFH
,QQRQLQGXVWULDODFWLYLWLHVWKLVFRQFHSWLVFDOOHGWKHH[SHULHQFHFXUYH,WoVDWWKHKHDUWRIWKHLGHDRIHFRQRPLHVRIVFDOH
7KHPRUHVDOHV\RXJHQHUDWHWKHPRUHSURGXFWV\RXQHHGWRPDNHDQGWKHFKHDSHULWEHFRPHVWRPDNHHDFKSURGXFW
*HQHUDODQGVWUDWHJLFPDQDJHPHQW
,Q,QVHUWQRZHOHDUQHGWKDWWKHRZQHUVoHTXLW\RIWKHFRPSDQ\DIWHUWKHîUVW\HDUZDV
,IWKHIROORZLQJ\HDUWKH&(2PDQDJHVWRPDNHDSURîWDIWHUWD[HVRIWKHQWKHUHWXUQRQHTXLW\ 52( LV
7KLV52(FDQEHJRRGRUEDGGHSHQGLQJRQWKHW\SHRIFRPSDQ\DQGRQWKHLQGXVWU\LQZKLFKLWRSHUDWHV
,QWKHîQDODQDO\VLVDQGLQWKHORQJUXQ52(LVSUREDEO\WKHRQO\\DUGVWLFNE\ZKLFKD&(2oVSHUIRUPDQFHFDQEHPHDVXUHG
,QWKHVKRUWWHUPRWKHUREMHFWLYHVFDQEHPRUHLPSRUWDQWEXWDOOHYHQWXDOO\SRLQWWRUHWXUQRQHTXLW\RU52(
6KRUWWHUPVWUDWHJLHVFDQEHPDQ\EXWRQHRIWKHPRVWFRPPRQLVWKHVWUDWHJ\WRJDLQPDUNHWVKDUH
7KHJUHDWHUWKHPDUNHWVKDUHWKHORZHUWKHXQLWFRVWVRISURGXFWLRQDQGWKHJUHDWHUWKHSRWHQWLDOJURVVPDUJLQDQGîQDOSURîW
6RPHWLPHVDFRPSDQ\ZLOOHYHQVHOOLWVSURGXFWEHORZFRVWLIE\GRLQJVRLWFDQLQFUHDVHLWVPDUNHWVKDUHPRUHTXLFNO\
6RPH-DSDQHVHFRQVXPHUSURGXFWVFRPSDQLHVXVHGWKLVVWUDWHJ\WRJDLQDVWURQJPDUNHWVKDUHTXLFNO\LQIRUHLJQPDUNHWVOLNH6SDLQ
7KH\VROGWKHLUSURGXFWVDWYHU\ORZSULFHVORVLQJPRQH\RQHYHU\XQLWVROG+RZHYHUZLWKLQDIHZ\HDUVWKH\ZHUHPDUNHWOHDGHUV
$VPDUNHWOHDGHUVWKH\ZHUHVHOOLQJDORWRIXQLWVDQGWKHSURGXFWLRQFRVWVRIWKHVHXQLWVZHUHPXFKORZHUWKDQDWWKHEHJLQQLQJ
7KHFRVWRISURGXFWLRQRIHDFKXQLWZDVPXFKORZHUEHFDXVHRIHFRQRPLHVRIVFDOHJDLQHGE\JUHDWHUSURGXFWLRQYROXPHV
:KHQ\RXPDVVSURGXFHPLOOLRQVRIXQLWV\RXORZHUPDQ\FRVWLWHPVHVSHFLDOO\ZKHQQHJRWLDWLQJZLWKVXSSOLHUV
,QPRVWLQGXVWULDODQGPDQXIDFWXULQJFRPSDQLHVWKHPRVWLPSRUWDQWVWUDWHJ\LVWRJDLQVKDUHWRJDLQVFDOHWRFXWFRVWVWRLQFUHDVHSURîWV
:KHQWKLVLVDFKLHYHGWKHFRQVXPHUHQMR\VORZHUSULFHVIRUVLPLODUTXDOLW\DQGWKH&(2oVERWWRPOLQHLVJRRGHQKDQFLQJ52(
/RZ%HJLQQHU
+LJK%HJLQQHU
4XLÃQHVDTXHOKRPEUH" :KRoVWKDWPDQ"
(VHVDPXMHUDOWDVXHVSRVD" ,VWKDWWDOOZRPDQKLVZLIH"
6RQDTXHOORVVXVQLËRV" $UHWKRVHWKHLUFKLOGUHQ"
'ÍQGHHVW»QVXVMXJXHWHV" :KHUHDUHWKHLUWR\V"
1XHVWURVFRFKHVVRQLJXDOHV 2XUFDUVDUHWKHVDPH
(VWR\HPSH]DQGRXQDQXHYD ,oPEHJLQQLQJDQHZOLIH
YLGD
(VW»LVHVFXFKDQGRODUDGLR" $UH\RXOLVWHQLQJWRWKHUDGLR"
(VW»QHOODVPLU»QGRPH" $UHWKH\ORRNLQJDWPH"
3RUTXÃQRHVW»QWUDEDMDQGR" :K\DUHQoWWKH\ZRUNLQJ"
4XÃKDFÃLVPDËDQD" :KDWDUH\RXGRLQJWRPRUURZ"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
1RLQWHQWDÃOKDFHUQDGD" 'RHVQoWKHWU\WRGRDQ\WKLQJ"
1ROOXHYHPXFKRDTXÇ" 'RHVQoWLWUDLQPXFKKHUH"
3RUTXÃQRIXQFLRQD" :K\GRHVQoWLWZRUN"
6LHPSUHYDÃOVÍOR" 'RHVKHDOZD\VJRDORQH"
1RPHHQWLHQGHQDGLH" 'RHVQoWDQ\ERG\XQGHUVWDQG
PH"
(VULFRGHVGHTXHQDFLÍ +HKDVEHHQULFKVLQFHKHZDV
ERUQ
/OXHYHGHVGHODVQXHYHGHOD ,WoVEHHQUDLQLQJVLQFHQLQH
RoFORFNWKLVPRUQLQJ
PDËDQD
'HVGHTXHWHFRQR]FRWHTXLHUR ,oYHORYHG\RXVLQFH,PHW\RX
/OHYDÃOWRGDODQRFKHERUUDFKR +HoVEHHQGUXQNDOOQLJKW
/OHYDPRVFDVDGRVGHVGHTXHOD :HoYHEHHQPDUULHGVLQFH,JRW
KHUSUHJQDQW
GHMÃHPEDUD]DGD
3URVHFXWLRQ $FXVDFLÍQ
-XGJH -XH]
:LWQHVV 7HVWLJR
&RXUW2IîFHU $OJXDFLO
-XU\ -XUDGR
9RFDEXODULR&RXUWURRP 6DODGHOWULEXQDO
+LJK,QWHUPHGLDWH
4XLÃQKDFHODVFRPLGDVDTXÇ" :KRPDNHVWKHPHDOVKHUH"
4XÃOHKDFHDÃOSHQVDUHVR" :KDWPDNHVKLPWKLQNWKDW"
4XLÃQWHKL]RGHFLUHVR" :KRPDGH\RXVD\WKDW"
4XÃWHWUDHDTXÇ" :KDWEULQJV\RXKHUH"
4XÃRVKL]ROORUDUWDQWR" :KDWPDGH\RXFU\VRPXFK"
/RZ$GYDQFHG
&ÍPRYDHVHGLVFXUVR" +RZoVWKDWVSHHFKJRLQJ"
$VHJÔUDWHTXHWLHQHVVX 0DNHVXUH\RXKDYHWKHLU
DWHQFLÍQ
DWWHQWLRQ
$VHJÔUDWHGHTXHWXYR]OOHJXH 0DNHVXUH\RXUYRLFHUHDFKHV
KDVWDDOIRQGRGHODVDOD
WKHEDFNRIWKHURRP
/RKDVDSUHQGLGRGHPHPRULD" +DYH\RXOHDUQWLWE\KHDUW"
1RGHMHVTXHHOPLFUÍIRQRWH 'RQoWOHWWKHPLFURSKRQHVFDUH
DVXVWH
\RX
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
$QWHVKDFÇDPRVWRGRMXQWRV :HXVHGWRGRHYHU\WKLQJ
WRJHWKHU
$KRUDQLVLTXLHUDPHOOHYDVD 1RZ\RXGRQoWHYHQWDNHPH
RXWIRUGLQQHU
FHQDU
<DQRSDUHFHJXVWDUWHQDGD <RXGRQoWVHHPWROLNH
DQ\WKLQJDQ\PRUH
3RUTXÃHVW»VVLHPSUH :K\DUH\RXDOZD\VSLFNLQJ
RQPH"
PHWLÃQGRWHFRQPLJR"
'HYHUGDGPHHVW»VVDFDQGR <RXoUHUHDOO\JHWWLQJRQP\
QHUYHV
GHTXLFLR
7RGRHQHVWDYLGDSDUHFHFXHVWD (YHU\WKLQJLQWKLVOLIHVHHPV
DUULED
XSKLOO
(VW»VSDVDQGRSRUXQDPDOD <RXoUHJRLQJWKURXJKDEDG
UDFKDQDGDP»V
SDWFKWKDWoVDOO
1RHVW»VHQODFULVLVGHORV <RXoUHQRWLQDPLGOLIHFULVLV
FXDUHQWD
$XQTXHWLHQHVXQDVEXHQDV $OWKRXJK\RXGRKDYHVRPH
DJDUUDGHUDV
JRRGORYHKDQGOHV
|7UDQTXLWURQFR &KLOORXWPDQ
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
&DQ\RXOHWPHLQSOHDVH"
0HGHMDVHQWUDUSRUIDYRU"
+RZPXFKKDYH\RXSDLGLQ"
&X»QWRKDVFRQWULEXLGR" DOIRQGR
,oOOOHW\RXLQRQDVHFUHW
7HFRQîDUÃXQVHFUHWR
<RXKDYHWRSXWLQDORWRIHIIRUW
7LHQHTXHKDFHUXQJUDQHVIXHU]R
'RQoWOHWWKHGRJLQ
4XHQRHQWUHHOSHUUR
3XWLQDJRRGZRUGIRUPH
'LDOJRELHQGHPÇYDOH"
,QYHVWLQJ
&RPXQLFDFLÍQVRFLDOHOPXQGRGHO
WHDWUR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
|&RQVHJXLPRVXQDVHQWUDGDVPX\EXHQDV
7HLQYLWDUÃDXQKHODGRHQHOGHVFDQVR
$TXÃKRUDVHOHYDQWDHOWHOÍQ"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
0DQ\SHRSOHKDYHORVWDOOWKHLUVDYLQJVEHFDXVHWKH\SODFHGWKHLUPRQH\LQULVN\îQDQFLDOLQVWUXPHQWV
2WKHUSHRSOHKDYHORVWWKHLUVDYLQJVEHFDXVHWKH\GLGQoWXQGHUVWDQGFHUWDLQIXQGDPHQWDOVFRQFHUQLQJLQYHVWLQJ
2QHRIWKHVHIXQGDPHQWDOVLVWKDWKLJKUHWXUQVRIRUSHUFHQWDOZD\VLQYROYHDGHJUHHRIULVNWKDWVPDOOLQYHVWRUVVKRXOGDYRLG
0DQ\SHRSOHLQYHVWWKHLUVDYLQJVLQRUGHUWRVORZO\HVWDEOLVKDQDOWHUQDWLYHVRXUFHRIUHYHQXHWKURXJKLQWHUHVWLQFRPHRUVWRFNGLYLGHQGV
6RPHSHRSOHLQYHVWWKHLUVDYLQJVLQRUGHUWRWDNHDGYDQWDJHRIFHUWDLQWD[UHEDWHVRUGHGXFWLRQV
0DQ\SHRSOHLQYHVWWKHLUVDYLQJVWRFUHDWHDQHVWHJJIRUUHWLUHPHQW%\pQHVWHJJqZHPHDQPRQH\VDYHGWRVXSSOHPHQWWKHLUSHQVLRQ
:KHQSHRSOHVWDUWWRVDYHDQGLQYHVWPRQH\RQHRIWKHEHVWLQLWLDOLQYHVWPHQWVLVOLIHLQVXUDQFH
1RUPDOSHRSOHQHHGRU\HDUVWRDFFXPXODWHDODUJHDPRXQWRIVDYLQJVIRUWKHPVHOYHVDQGWKHLUORYHGRQHV
,IWKHSHUVRQGLHVRUEHFRPHVSHUPDQHQWO\GLVDEOHGKHRUVKHFDQQRORQJHUSD\LQWRWKHVDYLQJVSODQ
/LIHLQVXUDQFHFRYHUVWKLVULVNDQGSURYLGHVWKHORYHGRQHVRUEHQHîFLDULHVZLWKWKHHTXLYDOHQWQRZRIWKHRULJLQDOîQDQFLDOJRDO
/HWoVLPDJLQHD\RXQJPDQZKRLV\HDUVROGZLWKDWDNHKRPHSD\RIHXURVD\HDURUHXURVDPRQWK
/HWoVDVVXPHWKDWWKLVSHUVRQVHWVDJRDORIUHWLULQJDWDJHZLWKHXURVLQDGGLWLRQWRKLVUHWLUHPHQWSHQVLRQ
7KLVPHDQVWKDWKHZLOOQHHGWRVDYHDQDYHUDJHRIHXURVHYHU\PRQWKDQGLQYHVWLWDWDQDYHUDJHLQWHUHVWUDWHRIDQQXDOO\
$îYHSHUFHQWLQWHUHVWUDWHLVRIWHQQRWHDV\WRîQGVRWKH\RXQJPDQPD\QHHGWRLQYHVWDOLWWOHPRUHPRQH\HDFKPRQWK
,IKHKDVDZLIHDQGFKLOGDWDJHWKHQKHVKRXOGEX\DQLQVXUDQFHSROLF\WRJXDUDQWHHWKLVJRDOHYHQLIKHGLHVRUEHFRPHVGLVDEOHG
+XPDQUHVRXUFHV
'XULQJJURZWKSHULRGVHYHU\FRPSDQ\ZKHWKHUVPDOOPHGLXPVL]HGRUODUJHQHHGVWRUHFUXLWSHRSOHTXLFNO\DQGHIIHFWLYHO\
,IDFRPSDQ\LVJURZLQJDWDSHUFHQWDQQXDOUDWHRUPRUHWKHSUHVVXUHWRFRYHUPDQSRZHUQHHGVFDQEHYHU\LQWHQVH
$JRRG+5GHSDUWPHQWLVRQHWKDWFDQDQWLFLSDWHWKHVHQHHGVDQGFRYHUWKHPHIîFLHQWO\DQGHIIHFWLYHO\
7KHPRVWLPSRUWDQWHOHPHQWLVWRNQRZYHU\ZHOOZKDWNLQGRISHRSOHHDFKGHSDUWPHQWDQGHDFKMREIXQFWLRQUHTXLUHV
$JRRG+5PDQDJHULVDSHUVRQZKRLVNHHQO\DZDUHRIZKDWNLQGRISURîOHZRUNVWKHEHVWLQZKDWNLQGRIMRE
$JRRG+5PDQDJHUVKRXOGEHDEOHWRVROYHWKHVWDIîQJDQGSHUVRQQHOSUREOHPVRIHYHU\IXQFWLRQDOPDQDJHU
)XQFWLRQDOPDQDJHUVDUHH[SHUWLQWKHIXQFWLRQLQZKLFKWKH\ZRUN7KH\DUHQRWH[SHUWLQGHDOLQJZLWKSHRSOHTXHVWLRQV
$JRRG+5GHSDUWPHQWVROYHVWKHVHSHRSOHSUREOHPVIRUWKHIXQFWLRQDOH[SHUWVDQGIUHHVWKHPXSWRGRZKDWWKH\NQRZKRZWRGREHVW
$Q\H[SHUWLQPDUNHWLQJVDOHVSURGXFWLRQRUîQDQFHZLOOWHOO\RXWKDWWKHLUELJJHVWKHDGDFKHVDUHPDWWHUVUHODWLQJWRWKHLUSHRSOH
,WoVWKHUHVSRQVLELOLW\RI+5WRPDNHVXUHWKDWWKHVHNLQGVRISUREOHPVDUHNHSWWRDPLQLPXP
2QHIDPRXVPDUNHWLQJJXUXVDLGWKDWKDOIKLVWLPHZDVVSHQWpFKDQJLQJGLDSHUVqIRUWKHSHRSOHZKRVXSSRVHGO\ZHUHWKHUHWRKHOSKLP
3HRSOHSUREOHPVRUDWWLWXGHSUREOHPVFDQEHFRPHDFRQVWDQWKHDGDFKHLQRUJDQL]DWLRQVWKDWGRQoWKDYHJRRG+5GHSDUWPHQWV
7KHîUVWWKLQJWKDW+5PXVWGRLVWRKHOSHDFKGHSDUWPHQWGHîQHLWVSHUVRQQHOQHHGVDVFOHDUO\DVSRVVLEOH
7KHVHFRQGHOHPHQWLVJRRGUHFUXLWPHQW7KLVUHGXFHVWKHLQFLGHQFHVRIEDGDWWLWXGHVRUSHRSOHZKRODWHUFDXVHVXUSULVHVDQGSUREOHPV
7KHWKLUGHOHPHQWLVJRRGLQLWLDORULHQWDWLRQWRWKHFRPSDQ\DQGLWVSHRSOH7KLVPDNHVWKHQHZSHUVRQIHHOZHOFRPHGDQGDFFHSWHG
6HFUHWDULDODQGDGPLQLVWUDWLRQ
6FUHHQLQJFDOOVLVDQLPSRUWDQWDFWLYLW\RID3$,IWKHPDQDJHULVZHOONQRZQRULQïXHQWLDOPDQ\SHRSOHZDQWWRPDNHFRQWDFW
$FRPPRQWDFWLFXVHGE\3$oVLVVLPSO\WRVWDWHWKDWWKHERVVLVQRWLQHYHQLIWKLVLVQRWWUXHDVNLQJWKDWWKHFDOOHUOHDYHDPHVVDJH
,IWKHVHFUHWDU\VD\VpPD\,DVNZKRoVFDOOLQJ"qVRPHFDOOHUVZLOOIHHOXQFRPIRUWDEOHDERXWOHDYLQJWKHLUQDPH
,IWKHVHFUHWDU\VD\VpPD\,WDNHDPHVVDJH"qWKHQWKHFDOOHUIHHOVIUHHWROHDYHDQDPHRUVLPSO\WRVD\WKDWWKH\ZLOOFDOOEDFNODWHU
$QDGPLQLVWUDWLYHDVVLVWDQWJURZVWRNQRZZKRDQGZKDWLVLPSRUWDQWIRUWKHERVVDQGZKRDQGZKDWLVQRW
+RZHYHUWKHDVVLVWDQWVKRXOGQHYHUWDNHIRUJUDQWHGWKDWWKHERVVZLOOZDQWWRGRWKLVRUWKDW6KHPXVWFRQVXOWDWDOOWLPHV
,I\RXDVNDYHWHUDQWRSPDQDJHUZKDWWKHPRVWLPSRUWDQWHOHPHQWLVLQDJRRG3$KHRUVKHZLOOVD\RQHZRUGFRQîGHQWLDOLW\
0DQ\VHFUHWDULHVKDYHEHHQFKRVHQRYHUDSSDUHQWO\EHWWHUTXDOLîHGFDQGLGDWHVVLPSO\EHFDXVHWKH\VHHPHGPRUHSUXGHQWDQGGLVFUHHW
7KHEHVW3$oVDUHDOZD\VWKRVHZKRDQWLFLSDWHWKHERVVoVQHHGVDQGWDNHFDUHRIWKHPEHIRUHWKH\DUHDVNHGWRGRVR
0DQDJHUVDUHDOZD\VYHU\SOHDVDQWO\VXUSULVHGZKHQDPDWWHUWKH\PHQWLRQKDVDOUHDG\EHHQWDNHQFDUHRI
$IRXUWKZRUGXVHGIRUWKLVIXQFWLRQDIWHUVHFUHWDU\DGPLQLVWUDWLYHDVVLVWDQFHDQG3$LVH[HFXWLYHDVVLVWDQW
7KLVUHIHUVWRVHFUHWDULHVZKRSURYLGHVXSSRUWIRUDFRUSRUDWHRIîFHURUFKLHIH[HFXWLYHZKRVHGHFLVLRQVDUHFUXFLDOWRWKHRUJDQL]DWLRQ
7KHH[HFXWLYHDVVLVWDQWSHUIRUPVWKHQRUPDOIXQFWLRQVRIDVHFUHWDU\RU3$EXWDOVRDFWVDVWKHpJDWHNHHSHUqLQWKHH[HFXWLYHoVVFKHGXOH
7KHEHVWVHFUHWDULHVFDQGHPRQVWUDWHWRWDOPDVWHU\RIPDQ\GLIIHUHQWVNLOOVQRWRQO\îOLQJW\SLQJVFUHHQLQJDQGRUJDQL]LQJ
7KH\NQRZKRZWRRSHUDWHRIîFHHTXLSPHQWDQGVRIWZDUH7KH\NQRZKRZWRFRPSRVHHGLWDQGSUHSDUHURXWLQHFRUUHVSRQGHQFH
/RZ%HJLQQHU
+LJK%HJLQQHU
(VÃVWDRWUDOLVWD" ,VWKLVDQRWKHUOLVW"
6ÇHVRWUDOLVWD <HVLWoVDQRWKHUOLVW
'ÍQGHHVW»QPLVRWURVDPLJRV":KHUHDUHP\RWKHUIULHQGV"
4XLÃQHVHVDRWUDPXMHUTXH :KRLVWKDWRWKHUZRPDQZKR
HVW»FRQÃO"
LVZLWKKLP"
'ÍQGHHVW»QORVRWURV" :KHUHDUHWKHRWKHUV"
0HHQFDQWDODPÔVLFD ,ORYHPXVLF
&ÍPRVHOODPDODPÔVLFDTXH :KDWoVWKHQDPHRIWKHPXVLF
\RXoUHOLVWHQLQJWR"
HVW»VHVFXFKDQGR"
/DVPXMHUHVHVSDËRODVVRQ 6SDQLVKZRPHQDUHSUHWW\
JXDSDV
/DVPXMHUHVGHODîHVWDGH 7KHZRPHQDWODVWQLJKWoV
SDUW\ZHUHXJO\
DQRFKHHUDQIHDV
(ODPRUHVORÔQLFRTXH /RYHLVWKHRQO\WKLQJ\RX
QHHG
QHFHVLWDV
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
/DVYHQWDVHVW»QFD\HQGR 6DOHVDUHIDOOLQJ
(VWDPRVJDVWDQGRGHPDVLDGR :HoUHVSHQGLQJWRRPXFK
GLQHUR
PRQH\
3RUTXÃQRHVW»LVDKRUUDQGR :K\DUHQoW\RXVDYLQJPRUH
P»VGLQHUR"
PRQH\"
&X»QWRJDQDVWHHODËRSDVDGR" +RZPXFKGLG\RXHDUQODVW
\HDU"
&X»QWRWHGLHURQSRUHOFXDGUR" +RZPXFKGLGWKH\JLYH\RX
IRUWKHSDLQWLQJ"
+HPRVGHMDGRODYHQWDQD :HoYHOHIWWKHZLQGRZRSHQ
DELHUWD
1RVGHMDURQJDQDU 7KH\OHWXVZLQ
0LVSDGUHVQRPHGHMDQVDOLU 0\SDUHQWVGRQoWOHWPHJRRXW
YHVWLGDDVÇ
GUHVVHGOLNHWKDW
0HGHMDVXWLOL]DUWXWHOÃIRQR" :LOO\RXOHWPHXVH\RXUSKRQH"
0HGHMDVWXEROLXQVHJXQGR" &DQ\RXJLYHPH\RXUSHQD
VHFRQG"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XÃDVSHFWRWLHQHWXKHUPDQR" :KDWGRHV\RXUEURWKHUORRN
OLNH"
+XHOHDSHUIXPHEDUDWR ,WVPHOOVOLNHFKHDSSHUIXPH
6XHQDFRPRVLHVWXYLHUDD ,WVRXQGVDVLILWZHUHJRLQJWR
EUHDN
SXQWRGHURPSHUVH
7LHQHXQWDFWRSDUHFLGRDO ,WIHHOVOLNHFRWWRQ
DOJRGÍQ
6DEHDFHEROOD ,WWDVWHVOLNHRQLRQ
6HKDQYLVWR\D" +DYHWKH\VHHQHDFKRWKHU\HW"
6HHQYLDU»QPDËDQDDSULPHUD 7KH\oOOEHVHQWïUVWWKLQJ
KRUD
WRPRUURZPRUQLQJ
6HKDQGLFKRPXFKDVWRQWHUÇDV $ORWRIVLOO\WKLQJVKDYHEHHQ
ÔOWLPDPHQWH
VDLGODWHO\
&X»QGRVHYDDODQ]DUHO :KHQLVWKHURFNHWJRLQJWREH
FRKHWH"
ODXQFKHG"
3RUTXÃVHKDDSOD]DGROD :K\KDVWKHPHHWLQJEHHQSXW
UHXQLÍQKDVWDHOPDUWHV"
EDFNWLOO7XHVGD\"
,QER[ %DQGHMDGHHQWUDGD
2XWER[ %DQGDGHVDOLGD
6HQW,WHPV (OHPHQWRVHQYLDGRV
'HOHWHG,WHPV (OHPHQWRVHOLPLQDGRV
'UDIWV %RUUDGRUHV
9RFDEXODULR(PDLO &RUUHRHOHFWUÍQLFR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
&UHÇTXHWHLEDQDHFKDUDOD ,WKRXJKWWKH\ZHUHJRLQJWR
FDOOH
VDFN\RX
7XYHXQDVJXDUGDGRHQOD ,KDGDQDFHXSP\VOHHYH
PDQJD
/RJUÃFKDQWDMHDUDOMHIH ,PDQDJHGWREODFNPDLOWKH
QDFLRQDOGHYHQWDV
QDWLRQDOVDOHVERVV
(VWRQRWHORYDQDFRQVHQWLU <RXZRQoWJHWDZD\ZLWKLW
|4XÃPRUURWLHQHV :KDWDQHUYH\RXoYHJRW
/DSXOJDSXHGHVDOWDUYHFHV 7KHðHDFDQMXPSWLPHVLWV
ODORQJLWXGGHVXFXHUSR
ERG\OHQJWK
(VFRPRVLXQKRPEUHVDOWDUD ,WoVDVLIDPDQMXPSHGWKH
HOODUJRGHXQFDPSRGHIÔWERO OHQJWKRIDIRRWEDOOSLWFK
/DJHQWHGLHVWUDYLYHXQ 5LJKWKDQGHGSHRSOHOLYHRQ
SURPHGLRGHQXHYHDËRV
DYHUDJHQLQH\HDUVORQJHUWKDQ
P»VTXHORV]XUGRV
OHIWKDQGHGSHRSOH
7HHVWR\WRPDQGRHOSHOR ,oPKDYLQJ\RXRQ
$FDERGHLQYHQW»UPHOR ,MXVWPDGHWKDWXS
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
9RFDEXODU\
+RZPXFKWLPHGLG\RXSXWLQ
&X»QWRWLHPSRKDVLQYHUWLGR"
,oPJRLQJWRULQJLQVLFN
9R\DOODPDUSDUDGHFLUTXHHVWR\PDOLWR
+DYH\RXVHQWLQ\RXUDSSOLFDWLRQ"
+DVHQYLDGRWXVROLFLWXG"
7KH\VHQWLQWURRSVWRUHVWRUHRUGHU
(QYLDURQWURSDVSDUDUHVWDXUDUHORUGHQ
:HVKXWWKHPLQIRUWZRGD\V
$IHHOLQJRISHVVLPLVPVHWLQ
/HVHQFODXVWUDPRVGXUDQWHGRVGÇDV 6HH[WHQGLÍXQDVHQVDFLÍQGHSHVLPLVPR
2SHUDWLRQV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
&UHHVTXHXQSURGXFWRQXHYRGDU»XQ
HPSXMÍQDODVYHQWDV"
/DVSUHYLVLRQHVQRIXHURQQDGDSUHFLVDV
(VHPRGHORIXHUHWLUDGRSURJUHVLYDPHQWH
KDFHDËRV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
,I\RXORRNDWDSKRWRJUDSKRIWKHVWUHHWVRI1HZ<RUNLQWKHUHZHUHQoWPDQ\FDUVRQWKHVWUHHW
,I\RXORRNDWWKHVDPHSKRWRJUDSKWDNHQLQWKHUHDUHWUDIîFMDPVHYHU\ZKHUH7KLVLVWKDQNVDOPRVWH[FOXVLYHO\WR+HQU\)RUG
+HZDVWKHîUVWSHUVRQWRDSSO\LQQRYDWLRQWRWKHPDQXIDFWXULQJWDVNORRNLQJIRUSURGXFWLRQHIîFLHQFLHVLQHYHU\VLQJOHRSHUDWLRQ
7KHJUHDWQRYHOLVWDQGWKLQNHU$OGRXV+X[OH\LQKLVQRYHOp$%UDYH1HZ:RUOGqQDPHG+HQU\)RUGDVRXUPRGHUQ&KULVW
+HQU\)RUGLVWKHIDWKHURILQGXVWULDOHQJLQHHUV7KHPRWWRpWKHUHLVDOZD\VDEHWWHUZD\qZDVFRLQHGIROORZLQJKLVH[DPSOH
,QGXVWULDOHQJLQHHUVDQGPDQXIDFWXULQJH[SHUWVDUHDOZD\VORRNLQJIRUZD\VWRVTXHH]HSURGXFWLYLW\RXWRIHPSOR\HHVDQGSURFHVVHV
7KHUHDUHPDQ\HOHPHQWVWKDWJRLQWRWKHîQDOFRVWRIDSURGXFW7KHîUVWFRVWLWHPLVXVXDOO\WKHUDZPDWHULDOV
7KHVHFRQGFRVWLWHPLVWKHWUDQVSRUWDWLRQRIWKHUDZPDWHULDOVWRWKHSODFHRIWUDQVIRUPDWLRQLQWRîQLVKHGSURGXFWV
7KHWKLUGFRVWLWHPLVWKHDFWXDOPDFKLQLQJDQGDVVHPEO\RIWKHSURGXFWWKDWLVWKHWUDQVIRUPDWLRQFRVWV
$IRXUWKFRVWLWHPLVWKHFRVWLQFXUUHGLQWUDQVSRUWLQJWKHSURGXFWWRWKHîQDOFXVWRPHUZKHWKHULWLVDPLGGOHPDQRUDîQDOXVHU
7KHîIWKFRVWLWHPLVWKHVHOOLQJFRVWZKLFKPHDQVWKHFRVWLQFXUUHGLQFRPPLVVLRQVDQGLQFHQWLYHVQHFHVVDU\WRDFKLHYHWKHVDOH
7KHVL[WKFRVWLWHPLVWKHîQDQFLDOFRVWWKURXJKRXWWKHHQWLUHSURFHVV7KLVFRVWLVRIWHQFDOOHGWKHFDUU\LQJFRVW
7KLVîQDQFLDOFRVWLVWKHPRQH\SDLGRXWIURPWKHEHJLQQLQJDQGQRWUHFRYHUHGXQWLOWKHîQDOSURGXFWLVVROGDQGWKHSULFHFROOHFWHG
,WoVFRPPRQWRKHDUFRPSDQLHVFRPSODLQDERXWKRZPXFKPRQH\LVpWLHGXSqLQLQYHQWRU\DQGWKHFROOHFWLRQSHULRG
,QGXVWULDOHQJLQHHUVDQGPDQXIDFWXULQJH[SHUWVDUHDOZD\VORRNLQJIRUZD\VWRVWUHDPOLQHWKHHQWLUHSURFHVVDQGPDNHLWPRUHHIîFLHQW
,QIRUPDWLRQWHFKQRORJ\
7KURXJKWKH,7GHSDUWPHQWWKH&,2RUFKLHILQIRUPDWLRQRIîFHUZRUNVFORVHO\ZLWKDOPRVWHYHU\IXQFWLRQDOPDQDJHULQWKHFRPSDQ\
7KH,7GHSDUWPHQWKHOSVSXUFKDVLQJDQGTXDOLW\FRQWUROE\GHVLJQLQJFRPSXWHUDSSOLFDWLRQVWRVWUHDPOLQHLQFRPLQJLQVSHFWLRQ
7KH\KHOSWKHSURGXFWLRQFRQWURODUHDE\GHVLJQLQJDSSOLFDWLRQVWRPRQLWRUWKHïRZRISDUWVDQGPDWHULDOVWKURXJKRXWWKHSURFHVV
7KH\KHOSWKHVFKHGXOLQJDUHDE\GHVLJQLQJDSSOLFDWLRQVWRVWXG\WKHEHVWSURFHVVïRZDQGWRIRUHFDVWSRWHQWLDOERWWOHQHFNV
7KH\KHOSSURFHVVHQJLQHHULQJE\VHUYLFLQJWKHQXPHULFDOFRQWUROV\VWHPVWKDWDXWRPDWLFDOO\PDFKLQHSDUWVDQGFRPSRQHQWV
7KH\KHOSLQGXVWULDOHQJLQHHULQJE\GHVLJQLQJDSSOLFDWLRQVWRPHDVXUHKXPDQSHUIRUPDQFHDQGPDQDJHWKHPRQHWDU\LQFHQWLYHV\VWHP
7KH\KHOSWKHSK\VLFDOGLVWULEXWLRQDUHDE\GHVLJQLQJDSSOLFDWLRQVWRFRRUGLQDWHDQGUDWLRQDOL]HSURGXFWVKLSPHQWVWRFXVWRPHUV
7KH\KHOSWKHVDOHVGHSDUWPHQWE\GHVLJQLQJDSSOLFDWLRQVWRPRQLWRUWKHVDOHVDFWLYLW\DQGPDQDJHWKHVDOHVLQFHQWLYHV\VWHP
7KH\KHOSWKHDFFRXQWLQJGHSDUWPHQWE\GHVLJQLQJDSSOLFDWLRQVWRVSHHGXSLQIRUPDWLRQUHWULHYDODQGWKHERRNNHHSLQJSURFHVV
7KH\KHOSWKHWRSPDQDJHPHQWE\SURYLGLQJWLPHO\UHSRUWVRQWKHRYHUDOOSHUIRUPDQFHLQGLFDWRUVRIWKHFRPSDQ\
7KDQNVWR,7DSSOLFDWLRQVWKHWRSPDQDJHPHQWXVXDOO\NQRZVWKHVDOHVSHUIRUPDQFHRQDGDLO\EDVLV
7KDQNVWR,7DSSOLFDWLRQVWKHWRSPDQDJHPHQWXVXDOO\UHFHLYHVLQIRUPDWLRQLQWLPHWRDFWGHFLVLYHO\ZKHQSUREOHPVDULVH
7KDQNVWR,7DSSOLFDWLRQVWKHFRPSDQ\FDQSURYLGHDFFXUDWHLQIRUPDWLRQWRVKDUHKROGHUVîQDQFLDOLQVWLWXWLRQVDQGSXEOLFHQWLWLHV
$FRPSDQ\ZLWKDQH[FHOOHQW,7GHSDUWPHQWLVDFRPSDQ\ZHOOSRVLWLRQHGWREHFRPHDOHDGHULQLWVLQGXVWU\
0RVWRIWKHDFWLYLWLHVGHVFULEHGDERYHIRUDPDQXIDFWXULQJFRPSDQ\DUHHTXDOO\DSSOLFDEOHWRWKHSURFHVVHVLQDVHUYLFHFRPSDQ\
/DZDQGOHJDOFRXQVHO
,QD8.FRPSDQ\VXEMHFWWRFRPPRQODZJHQHUDOSDUWQHUVDUHSHUVRQDOO\OLDEOHIRUWKHFRPSDQ\GHEWV
,IWKHFRPSDQ\JRHVEDQNUXSWWKHFUHGLWRUVFDQJRQRWRQO\DJDLQVWWKHFRPSDQ\oVDVVHWVEXWDJDLQVWWKHRZQHUVoDVVHWVDVZHOO
7KHDGMHFWLYHpOLDEOHqLVWKHWHUPHGXVHGLQ(QJOLVKWRUHIHUWROHJDORUFLYLOUHVSRQVLELOLW\7KHQRXQLVpOLDELOLW\q
,QDFFRXQWLQJDOLDELOLW\LVDQREOLJDWLRQWKDWDFRPSDQ\DVVXPHVWKURXJKSDVWWUDQVDFWLRQV,WLQYROYHVDIXWXUHSURPLVHRISD\PHQW
,QWKHOHJDOZRUOGDOLDELOLW\LVDQREOLJDWLRQWRSD\FRPSHQVDWLRQRUGDPDJHVDULVLQJIURPDFLYLORUFULPLQDOODZVXLW
,QFRPPHUFLDOODZOLPLWHGOLDELOLW\LVDIRUPRIEXVLQHVVRZQHUVKLSZKHUHWKHRZQHUVDUHRQO\OLDEOHIRUWKHPRQH\WKH\KDYHLQYHVWHG
,IWKHFRPSDQ\JRHVEDQNUXSWWKHRZQHUVoSHUVRQDOSURSHUW\DQGEHORQJLQJVFDQQRWEHWRXFKHGE\WKHFRXUWVRUE\FUHGLWRUV
,QFDULQVXUDQFHOLDELOLW\UHIHUVWRWKHW\SHRIPDQGDWRU\LQVXUDQFHWKDWGULYHUVPXVWNHHSLQFDVHWKH\LQMXUHRUGDPDJHWKLUGSDUWLHV
,QWKH86FRUSRUDWHGLUHFWRUVDQGRIîFHVRIWHQKDYHLQVXUDQFHWRSURWHFWWKHPDJDLQVWSRVVLEOHODZVXLWVDULVLQJIURPFRUSRUDWHOLDELOLW\
7KHLUSHUVRQDODVVHWVDUHSURWHFWHGIRUH[DPSOHLIWKHFRPSDQ\VXIIHUVDQDFFLGHQWWKDWUHTXLUHVPLOOLRQVRIHXURVLQLQGHPQL]DWLRQ
$FRUSRUDWHGLUHFWRULVDPHPEHURIWKHERDUGRIGLUHFWRUV$FRUSRUDWHRIîFHULVDSHUVRQLQYROYHGLQPDQDJLQJWKHFRUSRUDWLRQ
:KLOHPRVWFRUSRUDWHGLUHFWRUVDUHQRWHPSOR\HHVRIWKHFRUSRUDWLRQDOOFRUSRUDWHRIîFHUVDUHHPSOR\HHVRQWKHFRPSDQ\oVSD\UROO
7KHWHUPpFRUSRUDWLRQqLQWKH86LVWKHHTXLYDOHQWRIWKHpSXEOLFOLPLWHGFRPSDQ\qLQWKH8.RUWKH$*LQ*HUPDQ\
7KHPRVWLPSRUWDQWOHJDOSHUVRQLQDFRPSDQ\LVWKH&/2RUFKLHIOHJDORIîFHU$QRWKHUWHUPLVJHQHUDOFRXQVHO
,QYHU\ODUJHFRPSDQLHVWKDWKDYHPDQ\ODZ\HUVDQGVHYHUDOGLIIHUHQWOHJDOGHSDUWPHQWVWKHWRSH[HFXWLYHLVXVXDOO\FDOOHGWKH&/2
/RZ%HJLQQHU
+LJK%HJLQQHU
(VW»HOSHUURGHWU»VGHPÇ",VWKHGRJEHKLQGPH"
(OPXVHRHVW»GHODQWHGHWL7KHPXVHXPLVLQIURQWRI\RX
/DFRFLQDHVW»DOODGRGHÃO7KHNLWFKHQLVQH[WWRKLP
1RHVSDUDHOODHVSDUDHOORV,WoVQRWIRUKHULWoVIRUWKHP
(VW»QHQIUHQWHGHQRVRWURV"$UHWKH\RSSRVLWHXV"
/DPXMHUGHOMHIHHVW»PX\7KHERVVoZLIHLVYHU\VLFN
HQIHUPD
1RHVW»QOLVWRVORVLQIRUPHV" $UHQoWWKHUHSRUWVUHDG\"
1RHVW»QLQWHUHVDGRVHQ$UHQoWWKH\LQWHUHVWHGLQ
DSUHQGHULQJOÃV"
OHDUQLQJ(QJOLVK"
1RHVW»HOODFDVDGDFRQWX,VQoWVKHPDUULHGWR\RXU
PÃGLFR"
GRFWRU"
1RHVW»HVWRFRQWUDODVUHJODV" ,VQoWWKLVDJDLQVWWKHUXOHV"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(VW»QOORUDQGRSRUTXHWLHQHQ7KH\oUHFU\LQJEHFDXVHWKH\oUH
KDPEUH
KXQJU\
(OODVHHVW»TXLWDQGRODURSD6KHoVWDNLQJKHUFORWKHVRII
SRUTXHWLHQHFDORU
EHFDXVHVKHoVKRW
£OVHHVW»SRQLHQGRORVJXDQWHV+HoVSXWWLQJKLVJORYHVRQ
SRUTXHWLHQHIUÇR
EHFDXVHKHoVFROG
'XHUPHFRQODOX]HQFHQGLGD6KHVOHHSVZLWKWKHOLJKWRQ
SRUTXHWLHQHPLHGR
EHFDXVHVKHoVDIUDLG
1ROHJXVWDDQGDUSRUTXHWLHQH+HGRHVQoWOLNHZDONLQJ
DËRV
EHFDXVHKHoV\HDUVROG
1RWHQJRPLSURSLRFRFKH ,GRQoWKDYHP\RZQFDU
7LHQHPXFKDVSURSLHGDGHVHQHO+HRZQVDORWRISURSHUW\LQ
VXU
WKHVRXWK
6RLVGXHËRVGHYXHVWUDFDVD" 'R\RXRZQ\RXUKRXVH"
&X»QWRRVGHER" +RZPXFKGR,RZH\RX"
/HGHER DÃO XQIDYRU ,RZHKLPDIDYRXU
/LJKW )RFR
3UHVHQWHU 3UHVHQWDGRU
&DPHUD /DF»PDUD
&DPHUDPDQ (OF»PDUD
6HW 3ODWÍ
9RFDEXODULR7HOHYLVLRQ6WXGLR (VWXGLRGHWHOHYLVLRQ
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
3RUTXÃTXLHUHVTXHVXVXUUH":K\GR\RXZDQWPHWRZKLVSHU"
&X»QWRWLHPSRTXLHUHVTXHPH+RZORQJGR\RXZDQWPHWR
TXHGHDOOÇ"
VWD\WKHUHIRU"
&RQTXÃIUHFXHQFLDTXLHUHVTXH+RZRIWHQGR\RXZDQWXVWR
UHFHPRV"
SUD\"
&X»OTXLHUHVTXHPHSUXHEH":KLFKRQHGR\RXZDQWPHWR
WU\RQ"
3RUTXÃQHFHVLWDHOODTXHEDUUD:K\GRHVVKHQHHGPHWR
\RHOVXHORHQWHUR"
VZHHSWKHZKROHðRRU"
(VWDVLWXDFLÍQVHKDFRQYHUWLGR 7KLVVLWXDWLRQKDVWXUQHGLQWRD
HQXQFDOOHMÍQVLQVDOLGD
GHDGHQGVWUHHW
1RYDPRVDQLQJXQDSDUWH :HoUHQRWJHWWLQJDQ\ZKHUH
1RYDPRVDWLUDUODWRDOOD :HoUHQRWJRLQJWRWKURZWKH
WRZHOLQ
1RSRGHPRVUHQGLUQRVDKRUD :HFDQoWJLYHXSQRZ
1RWLHQHQLQJÔQVHQWLGR ,WGRHVQoWPDNHDQ\VHQVH
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
0»VYDOHTXHPHKDJDVFDVR<RXoGEHWWHUSD\DWWHQWLRQWRPH
0»VYDOHTXHORFRQVXOWHVFRQOD<RXoGEHWWHUVOHHSRQLW
DOPRKDGD
6HYDQDDSURYHFKDUGHWL7KH\oUHJRLQJWRWDNHDGYDQWDJH
RI\RX
1LVLTXLHUDPHOODPDVWHSDUD<RXGLGQoWHYHQFDOOPHWROHW
DYLVDUPH
PHNQRZ
$ÔQQRVTXHGDWLHPSRSDUD7KHUHoVVWLOOWLPHOHIWIRUXVWR
DUUHJODUOR
ï[LW
6HWHFDHODEDEDFXDQGRKDEODV<RXVWDUWWRGURROZKHQ\RX
FRQHOOD
WDONWRKHU
0LUDFRPRKHPRVGDGRODYXHOWD/RRNKRZZHoYHWXUQHGWKH
DODWRUWLOOD
WDEOHV
£OQRSLFÍFXDQGRLQWHQWDPRV+HGLGQoWWDNHWKHEDLWZKHQ
VRERUQDUOH
ZHWULHGWREULEHKLP
9ROYHPRVDHPSH]DUGHVGHFHUR/HWoVVWDUWIURPVFUDWFKDJDLQ
0HKHTXHGDGRHQEODQFR0\PLQGoVJRQHEODQN
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
,QJOÃVDOWHOÃIRQR
&DQ,VLWLQRQWKHFODVV"
3XHGRHVWDUHQODFODVHGHR\HQWH"
+HVWROHLQWRWKHURRP
(QWUÍVLJLORVDPHQWHHQODKDELWDFLÍQ
,oPJRLQJWRVOHHSLQWRPRUURZ
9R\DGRUPLUKDVWDWDUGHPDËDQD
:HWRRNKLPLQ
/HGLPRVWHFKR\FRPLGD
,oOOVWDQGLQIRU\RX
<RWHVXVWLWXLUÃKDVWDTXHYXHOYDV
,WZDVWRRPXFKIRUPHWRWDNHLQ
1RSXGHDVLPLODUWRGRORTXHYHÇD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
%XHQRVGÇDV6R\3HWHUGHODHPSUHVD$&%
3XHGRKDEODUFRQHOGLUHFWRU"
6LVR\HOGLUHFWRU7RP6SULJJV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
(QWUHSUHQHXUVKLS
,QWKH86SHUFHQWRIDOOQHZEXVLQHVVVWDUWXSVIDLOZLWKLQWKHîUVWîYH\HDUVRIWKHLUOLIH
7KHPRVWFRPPRQUHDVRQIRUWKHIDLOXUHRIWKHVHFRPSDQLHVDFFRUGLQJWRPRVWH[SHUWVLVLQFRPSHWHQFHRQWKHSDUWRIWKHHQWUHSUHQHXU
6RPHSHRSOHVWDUWDEXVLQHVVIRUWKHZURQJUHDVRQV7KH\GRLWWRKDYHPRUHIUHHGRPPRUHWLPHIRUWKHIDPLO\RUWRPDNHPRUHPRQH\
3HRSOHZKRVXFFHHGXVXDOO\KDYHDSDVVLRQRUORYHIRUZKDWWKH\oUHGRLQJDQGEHOLHYHVWURQJO\LQWKHLUSURGXFWDQGLQWKHPDUNHW
6XFFHVVIXOHQWUHSUHQHXUVDUHSK\VLFDOO\DQGPHQWDOO\îW7KH\KDYHWKHPHQWDOVWDPLQDWRZLWKVWDQGFKDOOHQJHV
6XFFHVVIXOHQWUHSUHQHXUVKDYHGULYHGHWHUPLQDWLRQSDWLHQFHDQGDSRVLWLYHDWWLWXGH7KH\GRQoWWKURZLQWKHWRZHOHDVLO\
7KH\OHDUQIURPWKHLUPLVWDNHVDQGXVHWKHOHVVRQVOHDUQHGWRVXFFHHGWKHQH[WWLPH7KH\EXLOGRQHDUOLHUIDLOXUHV
7KH\HQMR\LQGHSHQGHQFHDQGWDNHFKDUJHZKHQDFUHDWLYHRULQWHOOLJHQWVROXWLRQLVQHFHVVDU\HVSHFLDOO\ZKHQWKHUHDUHWLPHFRQVWUDLQWV
7KH\DUHKRQHVWWKH\OLNHSHRSOHDQGHQMR\GHDOLQJZLWKRWKHUV7KH\JHWDORQJZLWKDOOGLIIHUHQWW\SHVRILQGLYLGXDOV
3RRUPDQDJHPHQWLVRIWHQWKHPDLQUHDVRQIRUEXVLQHVVIDLOXUH0DQ\HQWUHSUHQHXUVODFNEXVLQHVVDQGPDQDJHPHQWH[SHUWLVH
7KH\oYHVHOGRPZRUNHGLQîQDQFHSXUFKDVLQJVHOOLQJSURGXFWLRQRUKLULQJDQGPDQDJLQJHPSOR\HHV
,IHQWUHSUHQHXUVGRQoWUHFRJQL]HZKDWWKH\GRQoWGRZHOODQGVHHNKHOSWKH\FDQVRRQUXQLQWRGLVDVWHU
$QRWKHULPSRUWDQWUHDVRQIRUEXVLQHVVIDLOXUHLVVLPSO\QHJOHFW%XVLQHVVHVUHTXLUHVWXG\RUJDQL]DWLRQSODQQLQJDQGFRQWURO
6XFFHVVIXOHQWUHSUHQHXUVDUHRIWHQJRRGOHDGHUVZKRFUHDWHZRUNFOLPDWHVWKDWHQFRXUDJHSURGXFWLYLW\7KH\KLUHWUDLQDQGGHOHJDWH
7KH\DUHQDWXUDOVWUDWHJLFWKLQNHUVDEOHWRWXUQDYLVLRQLQWRUHDOLW\7KH\DUHïH[LEOHDQGDEOHWRFKDQJHLQGLIIHUHQWFLUFXPVWDQFHV
5HVHDUFKDQGGHYHORSPHQW
6LQFHWKHVXFFHVVRI7KRPDV(GLVRQODUJHRUJDQL]DWLRQVKDYHOHDUQHGWRSURPRWHDQGFKDQQHOUHVHDUFKDQGGHYHORSPHQW
0DQDJLQJ5 'UHTXLUHVLQWHJUDWLQJWKHHIIRUWVRIPDQ\SHRSOH$Q5 'PDQDJHUPXVWSURYLGHRUGHUSXUSRVHDQGIRUHVLJKW
:KHQWDONLQJDERXW5 'ZHXVXDOO\KHDUWKUHHWHUPVEDVLFUHVHDUFKDSSOLHGUHVHDUFKDQGGHYHORSPHQW
,QEDVLFUHVHDUFKWKHPDLQPRWLYDWLRQLVWRH[SDQGRXUNQRZOHGJHQRWWRFUHDWHRULQYHQWVRPHWKLQJ7KHUHLVQRFRPPHUFLDOYDOXH
([DPSOHVRIEDVLFUHVHDUFKDUHWKHDWWHPSWWROHDUQKRZWKHXQLYHUVHEHJDQRUZKDWDQDWRPLVPDGHRI
0RVWVFLHQWLVWVEHOLHYHWKDWDEDVLFXQGHUVWDQGLQJRIDOOEUDQFKHVRIVFLHQFHLVQHFHVVDU\IRUSURJUHVVWRWDNHSODFH
7KH\EHOLHYHWKDWEDVLFUHVHDUFKOD\VWKHIRXQGDWLRQIRUWKHDSSOLHGVFLHQFHWKDWIROORZV,WJHQHUDWHVDSSOLHGUHVXOWV
$SSOLHGUHVHDUFKH[LVWVWRVROYHSUDFWLFDOSUREOHPVRIWKHPRGHUQZRUOGUDWKHUWKDQWRJDLQNQRZOHGJHIRUNQRZOHGJHoVVDNH
([DPSOHVRIDSSOLHGUHVHDUFKDUHLPSURYHPHQWVLQFURSSURGXFWLRQWKHFXUHRIGLVHDVHVRUWKHLPSURYHPHQWRIKHDWLQJHIîFLHQF\
6RPHVFLHQWLVWVEHOLHYHWKDWEDVLFUHVHDUFKLVQRWSURGXFLQJHQRXJKUHVXOWVDQGDUHLQIDYRXURIDSSOLHGVFLHQFH
,QGXVWULDODQGWHFKQRORJLFDOFRPSDQLHVSHUIRUPYHU\OLWWOHEDVLFUHVHDUFKQRZDGD\V7KHEXVLQHVVZRUOGLVVLPSO\WRRFRPSHWLWLYH
,QFRPSDQLHVFRPPHUFLDOUHVHDUFKHPSKDVL]HVSURMHFWVWKDWUHTXLUHOHVVWKDQ\HDUVWRGHYHORSDQHZSURGXFWRUSURFHVV
0RVWEDVLFUHVHDUFKDQGORQJWHUPDSSOLHGUHVHDUFKDUHGRQHLQXQLYHUVLW\RUJRYHUQPHQWDOODERUDWRULHV
7KH5 'IXQFWLRQLVFULWLFDOIRUPDQ\FRPSDQLHV$ODUJHSKDUPDFHXWLFDOFRPSDQ\FDQHPSOR\PRUHWKDQSHRSOHLQ5 '
7KHVHODUJHVDUPLHVRIVFLHQWLîFDQGWHFKQLFDOSHUVRQQHOFRPHIURPDZLGHYDULHW\RIGLVFLSOLQHVDQGJHRJUDSKLFDOORFDWLRQV
7\SLFDORIîFHODQJXDJH
([FXVHPH3HGURGR\RXPLQGLI,WDONWRKLPîUVWEHIRUHWKHPHHWLQJ"+HoVQHUYRXVDERXWWKHIDOOLQVDOHV
,oYHEHHQWU\LQJWRJHWWKURXJKWRKLPDOOPRUQLQJ,oOONHHSWU\LQJ,VHQWKLPDQHPDLOODVWQLJKWEXWKHKDVQoWDQVZHUHG
,IZHORZHUWKHSULFHZHoOOEHVHQGLQJWKHZURQJVLJQDOVWRWKHPDUNHW7KH\oOOFRQVLGHUXVMXVWOLNHDOOWKHUHVW
7DNH\RXUWLPHDQGJHWEDFNWRPHZKHQ\RXKDYHWKHQXPEHUV,I\RXQHHGDQ\KHOSWDONWR-XDQ3HËD
,GRQoWFDUHZKDWWKH\WKLQN7KH\KDYHQRWKLQJWRJDLQRUORVH:HoUHWDNLQJWKHULVNDQGZHVKRXOGWUXVWRXURZQMXGJPHQW
,oGUDWKHUWKH\QRWNQRZDQ\WKLQJDERXWLWXQWLOLWoVRIîFLDO,oPQRWJRLQJWRVD\DZRUGWRDQ\ERG\XQWLOWKHFRQWUDFWLVVLJQHG
:HoUHVWDUWLQJWRQRWLFHDFKDQJHLQSHRSOHoVKDELWV7KH\oUHDVNLQJPRUHTXHVWLRQVDQGDQDO\]LQJHYHU\WKLQJ
'RQoWJHWPHZURQJ,VXSSRUWWKHSURMHFWDVPXFKDV\RXGR,WoVMXVWWKDW,oGOLNHWRKDYHDOLWWOHPRUHLQIRUPDWLRQDERXWLWWKDWoVDOO
:HoUHKDYLQJVRPHWURXEOHîQGLQJHQRXJKVSRQVRUVIRUWKHHYHQW:HPD\KDYHWRIRRWPRVWRIWKHELOORXUVHOYHV
,KDYHQoWKHDUGIURPKLP0D\EHZHRIIHQGHGKLP0\HPDLOZDVDELWVWURQJQRZWKDW,UHDGLWDVHFRQGWLPH
6DUDKZLOOEHRQPDWHUQLW\OHDYHVWDUWLQJQH[WZHHNDQGZHVWLOOGRQoWKDYHDQ\RQHWRWDNHRYHUIRUKHU
)RUQRZ,oPIUHHIRUOXQFKDOOQH[WZHHNEXWJHWEDFNWRPHTXLFNO\0\DJHQGDîOOVXSSUHWW\IDVW
,FDQoWîJXUHRXWZKDWPDNHVWKDWJX\WLFN,oYHQHYHUEHHQDEOHWRUHDGSHRSOHDQGKHoVDP\VWHU\WRPH
2QFHZHJHWWKURXJKWKHKHDY\UHFUXLWLQJSHULRGWKHQZHoOOEHDEOHWRVLWGRZQDQGPDSRXWDVWUDWHJ\IRU5 '
,WoVWDNHQPHORQJHUWKDQ,WKRXJKWWRîQLVKDOOWKHVHUHJLRQDOVDOHVPHHWLQJV:HPD\KDYHWRPRYHWKHVWDUWLQJGDWHEDFNDIHZPRQWKV
+LJK%HJLQQHU
/RZ%HJLQQHU
3RUTXÃHVWDPRVDTXÇKR\" :K\DUHZHKHUHWRGD\"
&X»QWDVSHUVRQDVKD\" +RZPDQ\SHRSOHDUHWKHUH"
&X»QWRHVHOYXHOR" +RZPXFKLVWKHðLJKW"
&X»QWDVOLVWDVKD\HQWRWDO" +RZPDQ\OLVWVDUHWKHUHLQ
WRWDO"
&X»QGRHVHOîQ" :KHQLVWKHHQG"
+DJRORTXHHOODGLFH ,GRZKDWVKHVD\V
&RPHQGÍQGHYDHOOD 7KH\HDWZKHUHVKHJRHV
1RVDOLPRVVLÃOHVW»FDQVDGR :HGRQoWJRRXWLIKHoVWLUHG
(OODFRPSUDORTXHÃOYHQGH 6KHEX\VZKDWKHVHOOV
3RUTXÃKDFHVORTXHHOOD :K\GR\RXGRZKDWVKH
ZDQWV"
TXLHUH"
0LGGOH,QWHUPHGLDWH
/RZ,QWHUPHGLDWH
+LFHORTXHPHGLMR ,GLGZKDWVKHVDLG
&RPLHURQGRQGHHOODIXH 7KH\DWHZKHUHVKHZHQW
1RVDOLHURQSRUTXHÃOHVWXYR :HGLGQoWJRRXWEHFDXVHKH
ZDVWLUHG
FDQVDGR
(OODFRPSUÍORTXHÃOYHQGLÍ 6KHERXJKWZKDWKHVROG
3RUTXÃKLFLVWHORTXHHOOD :K\GLG\RXGRZKDWVKH
ZDQWHG"
TXHUÇD"
&DVLVLHPSUHVHHTXLYRFD +HDOPRVWDOZD\VPDNHVD
PLVWDNHZKHQKHWULHVWRGRLW
FXDQGRORLQWHQWDKDFHU
&DVLVLHPSUHHOODWLHQHUD]ÍQ 6KHoVDOPRVWDOZD\VULJKW
&DVLQXQFDOOHJDQDWLHPSR 7KH\KDUGO\HYHUDUULYHRQWLPH
&DVLQXQFDFUHRXQDSDODEUD ,KDUGO\HYHUEHOLHYHDZRUG
\RXWHOOPH
GHORTXHPHGLFHV
$SHQDVWUDEDMDQ 7KH\KDUGO\ZRUN
0HDWWHQGHUL]HU 0D]RGHFRFLQD
6NHZHU 3LQFKR
.QLIH6KDUSHQHU $îODGRU
&OHDYHU +DFKDGHFRFLQD
&KRSSLQJ%RDUG 7DEODSDUDFRUWDU
9RFDEXODULR.LWFKHQZDUH 8WHQVLOLRVGHFRFLQD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
/RP»VLPSRUWDQWHVRQORV 7KHPRVWLPSRUWDQWWKLQJDUH
HPSOHDGRV
WKHHPSOR\HHV
/RPHMRUGHWXGLVFXUVRIXHHO 7KHEHVWWKLQJDERXW\RXU
îQDO
VSHHFKZDVWKHHQG
/RSHRUGH/RQGUHVHVVX 7KHZRUVWWKLQJDERXW/RQGRQ
WUDQVSRUWHSÔEOLFR
LVLWVSXEOLFWUDQVSRUW
/RP»VSUHRFXSDQWHVRQODV 7KHPRVWZRUU\LQJWKLQJDUH
FLIUDVGHYHQWDV
WKHVDOHVïJXUHV
'HKHFKRHVORÔQLFRTXHPH ,QIDFWLWoVWKHRQO\WKLQJWKDW
SUHRFXSD
ZRUULHVPH
'HELGRDOWU»îFROOHJXÃWDUGH 'XHWRWKHWUDIïF,DUULYHGODWH
'HELGRDTXHQRWHQJRGLQHUR 'XHWRWKHIDFWWKDW,KDYHQR
QRPHLUÃGHYDFDFLRQHV
PRQH\,ZRQoWJRRQKROLGD\
$SHVDUGHWXPDODOLHQWRWH ,QVSLWHRI\RXUEDGEUHDWK,oOO
GDUÃXQEHVR
JLYH\RXDNLVV
$SHVDUGHTXHWHTXLHURQR ,QVSLWHRIWKHIDFWWKDW,ORYH
PHYR\DFDVDUFRQWLJR
\RX,oPQRWJRLQJWRPDUU\\RX
'HVFRQWDQGRODEDQGDVRQRUD $SDUWIURPWKHVRXQGWUDFNWKH
ODSHOÇFXODHVWXYRPX\ELHQ
PRYLHZDVUHDOO\JRRG
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
4XLHURHQVD\DUHOHIHFWRGHXQD ,ZDQWWRWHVWWKHHIIHFWRID
UHGXFFLÍQGHSUHFLR
SULFHUHGXFWLRQ
0LWDUHDHVUHDOL]DUODUHFRJLGD 0\WDVNLVWRFDUU\RXWGDWD
GHGDWRV
FROOHFWLRQ
$XQTXHQRPHJXVWDWHQHUTXH $OWKRXJK,GRQoWOLNHKDYLQJWR
LQWURGXFLUWRGRVORVGDWRV
LQSXWDOOWKHGDWD
4XÃWÃFQLFDVGHSUHYLVLÍQ :KDWIRUHFDVWLQJWHFKQLTXHV
HPSOH»LV"
GR\RXXVH"
(QTXÃEDVDVWXVSUHYLVLRQHV :KDWGR\RXEDVH\RXUVDOHV
GHYHQWD"
IRUHFDVWVRQ"
|0HSLUR ,oPRII ,oPRXWRIKHUH
|7HODHVW»VEXVFDQGRFKDYDOLWR <RXoUHDVNLQJIRULWODGGLH
(VXQFDO]RQD]RV +HoVXQGHUWKHWKXPE
(VWDFRPLGDHVSDUDFKXSDUVH 7KLVIRRGLVïQJHUOLFNLQJJRRG
ORVGHGRV
+DVGDGRHQHOFODYR <RXoYHKLWWKHQDLORQWKHKHDG
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
3UDFWLFDO(QJOLVK-RE,QWHUYLHZ,
+HWKUHZLQWKHWRZHO
7LUÍODWRDOOD
+HZDVDOORZHGLQ
6HOHSHUPLWLÍHQWUDU
+HWKUHZKLVKDWLQWKHULQJ
6HSUHVHQWÍFRPRFDQGLGDWR
6KHFDOOHGLQVLFN
+DOODPDGRSDUDGHFLUTXHHVW»HQIHUPD
,WKUHZLQDQH[WUDSL]]D
,QFOXÇHQHOSUHFLRXQDSL]]DGHP»V
7KH\FDOOHGLQDQH[SHUW
3LGLHURQODSUHVHQFLDGHXQH[SHUWR
%DQNLQJ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7XFXUUÇFXOXPHVLPSUHVLRQDQWH
7HQJRDËRVGHH[SHULHQFLDHQHOVHFWRU
îQDQFLHUR
&RPRSXHGHVYHUPHKHJUDGXDGRHQHO0%$
FRQPDWUÇFXODGHKRQRU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
,I\RXDVNIRUDSHUVRQDOORDQWKHEDQNZLOOJLYHLWWR\RXLIWKHEDQNPDQDJHUWUXVWV\RXDQGFDQFRQYLQFHWKHORDQFRPPLWWHH
,IWKHEDQNPDQDJHUGRHVQoWNQRZ\RXZHOO\RXZLOOSUREDEO\KDYHWRRIIHUVRPHNLQGRIJXDUDQWHH
7KHWZRPRVWFRPPRQIRUPVRIJXDUDQWHHDUHFROODWHUDORUDJXDUDQWRU
&ROODWHUDOLVDSK\VLFDOJXDUDQWHHWREDFNXSWKHORDQ<RXUFDURUKRXVHFDQEHFRQVLGHUHGDVFROODWHUDOWREDFNXSDORDQ
:KHQWKHKRXVH\RXEX\LVXVHGDVFROODWHUDOWKHORDQLVFDOOHGDPRUWJDJH
$JXDUDQWRULVDSHUVRQZKRFRVLJQV\RXUORDQ,WLVXVXDOO\DSHUVRQZKRKDVHQRXJKPRQH\WREDFNXS\RXUORDQLI\RXGHIDXOW
:KHQDSHUVRQRUHQWLW\IDLOVWRSD\XSDORDQRUPRUWJDJHWKH\KDYHLQHIIHFWpGHIDXOWHGqRQWKHORDQ
:KHQDSHUVRQRUHQWLW\GHIDXOWVWKHEDQNIRUHFORVHVRQWKHPRUWJDJHDQGVHOOVWKHSURSHUW\DWDSXEOLFDXFWLRQ
:KHQ\RXDVNIRUDPRUWJDJHWKHEDQNVHQGVDQDSSUDLVHUWR\RXUKRXVHWRDSSUDLVHLWVPDUNHWYDOXHRUWRPDNHDQDSSUDLVDO
7KHEDQNLVXVXDOO\FRQVHUYDWLYHDQGOHQGV\RXDQDPRXQWHTXLYDOHQWWREHWZHHQDQGRIWKHDSSUDLVHGYDOXH
7KHWHUPRIWKHORDQRUPRUWJDJHLVWKHQXPEHURI\HDUV\RXKDYHWRSD\EDFNWKHGHEW
0DQ\\HDUVDJRLQ6SDLQPRUWJDJHWHUPVZHUHXVXDOO\WR\HDUV1RZZHVHHDQGHYHQ\HDUPRUWJDJHWHUPV
7KHSHUVRQZKREX\VDKRXVHZLWKDPRUWJDJHKDVWRSD\VRPHXSIURQWFRVWVVXFKDVQRWDU\IHHVDSSUDLVDOIHHVRSHQLQJIHHVDQGPRUH
$QDGGLWLRQDORQJRLQJFRVWZKHQ\RXSXUFKDVHDKRXVHWKURXJKDPRUWJDJHLVWKHOLIHLQVXUDQFHSUHPLXPWKDW\RXPXVWSD\
7KHOLIHLQVXUDQFHSROLF\FRYHUVWKHEDQNoVULVNVLQFDVH\RXGLHRUEHFRPHSHUPDQHQWO\GLVDEOHGGXULQJWKHWHUPRIWKHPRUWJDJH
(FRQRPLFV
2QHRIWKHPRVWLPSRUWDQWHOHPHQWVLQXQGHUVWDQGLQJPDFURHFRQRPLFVLVWKHODZRIVXSSO\DQGGHPDQG
&RQVXPHUVGHPDQGJRRGVDQGVHUYLFHVDQGVXSSOLHUVSURYLGHFRQVXPHUVZLWKWKHVHJRRGVDQGVHUYLFHV
:KHQVXSSOLHUVDUHQoWSURGXFLQJHQRXJKJRRGVDQGVHUYLFHVWRPHHWFRQVXPHUGHPDQGSULFHVXVXDOO\JRXS
7KLVLVFDOOHGGHPDQGSXOOLQïDWLRQEHFDXVHWKHSULFHVDUHULVLQJEHFDXVHWKHGHPDQGLVpSXOOLQJqWKHSULFHVXS
$FRPPRQZD\WRFRQWUROWKLVNLQGRILQïDWLRQLVWRLQFUHDVHLPSRUWVHVSHFLDOO\IURPFRXQWULHVZKHUHSURGXFWLRQFRVWVDUHORZ
,QDQRSHQPDUNHWGHPDQGSXOOLQïDWLRQLVOHVVFRPPRQEHFDXVHLPSRUWVHQWHUWKHFRXQWU\IUHHRIKLJKWDULIIV
,IDFRXQWU\KDVKLJKWDULIIVRQLPSRUWHGJRRGVRUVHUYLFHVWKHFRXQWU\LVXVXDOO\FRQVLGHUHGWREHSURWHFWLRQLVW
7KLVNLQGRIFRXQWU\ZDQWVWRSURWHFWGRPHVWLFLQGXVWU\ZKLFKRIWHQOHDGVWRLQïDWLRQEHFDXVHSULFHFRPSHWLWLRQLVORZ
$FRXQWU\LQZKLFKWDULIIVDUHORZRUQRQH[LVWHQWLVXVXDOO\FDOOHGDIUHHWUDGLQJQDWLRQ,QWKHVHFRXQWULHVSULFHFRPSHWLWLRQLVKLJK
$VLPSOHH[DPSOHRIGHPDQGSXOOLQïDWLRQFDQEHDSRSXODUUHVWDXUDQWZKHUHERRNLQJDWDEOHLVEHFRPLQJPRUHDQGPRUHGLIîFXOW
3UREDEO\WKHEHVWSROLF\IRUWKHUHVWDXUDQWRZQHULVWRUDLVHSULFHVXQWLOWKHZDLWLQJOLVWLVUHGXFHGWR]HUR
7KHUHVWDXUDQWLQTXHVWLRQKDVDGGHGWRWKHQDWLRQDOLQïDWLRQUDWHEXWLWZDVQHFHVVDU\LQRUGHUWRUDWLRQDOL]HWKHKLJKGHPDQG
7KHRSSRVLWHLVZKHQVXSSO\H[FHHGVGHPDQG:KHQWKLVKDSSHQVWKHHFRQRP\XVXDOO\H[SHULHQFHVSULFHVWDELOLW\RUGHïDWLRQ
,QWKLVFDVHVXSSOLHUVKDYHDORWRILQYHQWRU\LQWKHLUZDUHKRXVHVRUVKRSVDQGSHRSOHDUHQRWEX\LQJWKHJRRGVRUVHUYLFHVIDVWHQRXJK
:KHQWKLVKDSSHQVVXSSOLHUVORZHUWKHLUSULFHVLQRUGHUWRHQFRXUDJHGHPDQGDQGVHOORIIWKHLUH[FHVVLQYHQWRULHV
0DQXIDFWXULQJ
6FLHQWLîFDQGWHFKQRORJLFDOEUHDNWKURXJKVKDYHKDGDWUHPHQGRXVLPSDFWRQPDQXIDFWXULQJLQWKHSDVW\HDUV
2QFHFRPSXWHUWHFKQRORJ\EHJDQWRSHUPHDWHLQGXVWU\WKHWHUP&$'&$0EHJDQWRDSSHDU
&$'&$0VWDQGVIRUFRPSXWHUDLGHGGHVLJQFRPSXWHUDLGHGPDQXIDFWXULQJ&$'&$0LQWHJUDWHVGHVLJQDQGPDQXIDFWXULQJ
&RPSXWHUDLGHGGHVLJQ &$' UHIHUVWRFRPSXWHUWRROVXVHGWRKHOSHQJLQHHUVLQGHVLJQLQJSURGXFWVPRUHHIîFLHQWO\DQGHIIHFWLYHO\
&$'WDNHVDGYDQWDJHRIWKHFDOFXODWLRQVSHHGRIFRPSXWHUSRZHUWRVROYHTXHVWLRQVVXFKDVVWUHVVDQGWKHUPDODQDO\VLV
&$'V\VWHPVDUHHDV\WRXVHFXWGHVLJQWLPHGRZQWRDPLQLPXPDQGRIIHUFORVHWRSHUIHFWîQDOGHVLJQV
&RPSXWHUDLGHGPDQXIDFWXULQJ &$0 DOORZVIRUWKHFRQWURORIURERWLFVDQGPDFKLQHWRROVGXULQJWKHPDQXIDFWXUHRIWKHSURGXFWV
$FRPPRQSUREOHPEHIRUH&$'&$0ZDVWKHWHQGHQF\IRUGHVLJQHUVWRGHVLJQSURGXFWVWKDWFRXOGQRWEHPDQXIDFWXUHG
%\LQWHJUDWLQJWKHWZRFRPSXWHUDLGHGV\VWHPVLWoVXQOLNHO\IRUSURGXFWHQJLQHHUVWRZRUNGLVFRQQHFWHGIURPPDQXIDFWXULQJHQJLQHHUV
$&$'&$0V\VWHPLQFUHDVHVSURJUDPPLQJDFFXUDF\FRPSOLDQFHWRGHVLJQSDUDPHWHUVDQGWKHDELOLW\WRPDNHFRQîJXUDWLRQFKDQJHV
,QIRUPDWLRQWHFKQRORJ\KDVUDGLFDOO\FKDQJHGPDQXIDFWXULQJDQGWXUQHGLWLQWRDQH[FLWLQJîHOGRIDSSOLHGUHVHDUFKDQGGHYHORSPHQW
7KDQNVWRWKHVHQHZWHFKQRORJLHVPDQXIDFWXULQJKDVEHHQWKHPRWRUIRUFHLQWKHLQFUHGLEOHLQFUHDVHVLQSURGXFWLYLW\ZRUOGZLGH
0DQ\FRPSXWHUUHODWHGV\VWHPVKDYHDSSHDUHGVLQFH&$'&$0WKDWDUHEULQJLQJPRUHSURGXFWLYLW\LPSURYHPHQWV
&1&RUFRPSXWHUQXPHULFDOFRQWUROLVEDVLFDOO\DFRPSXWHUWKDWGULYHVWKHELJPDFKLQHWRROVWKDWPDNHSDUWVDQGFRPSRQHQWV
&1&DXWRPDWLRQKDVUHGXFHGWKHIUHTXHQF\RIHUURUVDQGIUHHGXSWKHKXPDQRSHUDWRUWRSHUIRUPDGGLWLRQDOWDVNV
/RZ%HJLQQHU
+LJK%HJLQQHU
£VWDHVXQDFDQFLÍQPDUDYLOORVD 7KLVLVDZRQGHUIXOVRQJ
£VDHVXQDLGHDHVWÔSLGD 7KDWoVDVWXSLGLGHD
£VWRVVRQPLVSULPRVJUDFLRVRV 7KHVHDUHP\IXQQ\FRXVLQV
£VDVVRQWXVSULPHUDV 7KRVHDUH\RXUïUVW
LPSUHVLRQHV
LPSUHVVLRQV
3RUTXÃHVGLIÇFLOSDUDWL :K\LVLWGLIïFXOWIRU\RXWR
HQWHQGHUOR"
XQGHUVWDQG"
(VW»VSHQVDQGRORTXH\RHVWR\ $UH\RXWKLQNLQJZKDW,oP
WKLQNLQJ"
SHQVDQGR"
(VW»VHVFXFKDQGRORTXHHVWR\ $UH\RXOLVWHQLQJWRZKDW,oP
VD\LQJ"
GLFLHQGR"
(VW»QOH\HQGRORTXHHVWDPRV $UHWKH\UHDGLQJZKDWZHoUH
ZULWLQJ"
HVFULELHQGR"
(VW»LVEHELHQGRORTXHRV $UH\RXGULQNLQJZKDWZHoUH
JLYLQJ\RX"
HVWDPRVGDQGR"
(VW»KDFLHQGRORTXHHOODHVW» ,VKHGRLQJZKDWVKHoVVD\LQJ"
GLFLHQGR"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XLHURTXHORKDJDV ,ZDQW\RXWRGRLW
1HFHVLWRTXHORKDJDV ,QHHG\RXWRGRLW
7HHVWR\GLFLHQGRTXHORKDJDV ,oPWHOOLQJ\RXWRGRLW
7HSHGÇTXHORKLFLHUDV ,DVNHG\RXWRGRLW
0HJXVWDUÇDTXHORKLFLHUDV ,oGOLNH\RXWRGRLW
$SUHQGHULQJOÃVSXHGHVHU /HDUQLQJ(QJOLVKFDQEHIXQ
GLYHUWLGR
)XPDUHVPX\PDORSDUDOD 6PRNLQJLVYHU\EDGIRU\RXU
KHDOWK
VDOXG
+DFHUHODPRUHVPHMRUTXH 0DNLQJORYHLVEHWWHUWKDQ
KDFHUODJXHUUD
PDNLQJZDU
(OGHVSHUWDUHVHOSHRUPRPHQWR :DNLQJXSLVWKHZRUVWSDUWRI
GHOGÇD
WKHGD\
3HQVDUGHPDVLDGRSXHGHVHU 7KLQNLQJWRRPXFKFDQEH
SHOLJURVR
GDQJHURXV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
4XLÃQVHUÇDWXQRYLDVLIXHUDV :KRZRXOGEH\RXUJLUOIULHQGLI
'LRV"
\RXZHUH*RG"
6LIXHUDVLQYLVLEOHGRQGHLUÇDV" ,I\RXZHUHLQYLVLEOHZKHUH
ZRXOG\RXJR"
4XÃKDUÇDVVLWXYLHUDVWDQWRV :KDWZRXOG\RXGRLI\RXKDG
DVPDQ\DUPVDVDQRFWRSXV"
EUD]RVFRPRXQSXOSR"
6LSXGLHUDVYLYLUHQRWUDÃSRFD ,I\RXFRXOGOLYHLQDQRWKHUHUD
ZKLFKZRXOGLWEH"
FX»OVHUÇD"
3UHIHULUÇDVVHUULFR\IHRR :RXOG\RXUDWKHUEHULFKDQG
XJO\RUKDQGVRPHDQGSRRU"
JXDSR\SREUH"
|&XLGDGR /RRNRXW
'HEHUÇDVKDEHUWHDJDFKDGR <RXVKRXOGKDYHGXFNHG
3RUTXÃWHQÇDTXHKDEHUPH :K\ZDV,VXSSRVHGWRKDYH
GXFNHG"
DJDFKDGR"
3RUTXHDVÇQRWHKDEUÇDVPRMDGR %HFDXVHRWKHUZLVH\RXZRXOG
KDYHJRWZHW
$PÇQRPHLPSRUWDPRMDUPH ,GRQoWPLQGJHWWLQJZHW
0RUWDU 0RUWHUR
*UDWHU 5DOODGRU
&DQ2SHQHU $EUHODWDV
3HHOHU 0RQGDGRU
/DGOH &XFKDUÍQ
9RFDEXODULR.LWFKHQZDUH 8WHQVLOLRVGHFRFLQD
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
6LHPSUHHVW»VPHWLÃQGRWHHQ <RXoUHDOZD\VJHWWLQJLQWR
OÇRV
WURXEOH
1RVOOHYDPRVGHPDUDYLOOD :HJHWRQOLNHDKRXVHRQïUH
1RPHKHUHFXSHUDGRGHO ,KDYHQoWJRWRYHUWKHVKRFN
FKRTXHWRGDYÇD
\HW
1RVHOOHYDELHQFRQQDGLH 6KHGRHVQoWJHWRQZLWKDQ\ERG\
1RPHSXHGROLEUDUGHO ,FDQoWJHWRXWRIWKH
FRPSURPLVR
FRPPLWPHQW
'HMDGHDQGDUWHSRUODVUDPDV 6WRSEHDWLQJDURXQGWKHEXVK
|TXLHUHV
ZLOO\RX
1RHVSHUDEDTXHIXHUDVDVHU ,GLGQoWH[SHFW\RXWREHD
XQFKDTXHWHUR
WXUQFRDW
1RYDPRVDEXVFDUOHWUHVSLHV /HWoVQRWVSOLWKDLUV
DOJDWR
9DVDFRUUHUXQWXSLGRYHOR $UH\RXJRLQJWRGUDZD
VREUHHVWR"
GLVFUHHWYHLORYHUWKLV"
0HFDHIDWDO ,FDQoWVWDQGKLP
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
&RPXQLFDFLÍQ,QWHUQD
7KH\oUHFORVLQJLQRQXV
1RVHVW»QFHUFDQGR
6KHGHFLGHGQRWWRPRYHLQ
(OODGHFLGLÍQRYHQLUDYLYLUFRQPLJR
|-RLQLQ
|9HQDSDUWLFLSDUFRQQRVRWURV
+HKDGWRSXOOLQKLVVDLOV
7XYRTXHUHFRJHUYHODV
,ZDVOLVWHQLQJLQ
(VFXFKDEDVLQTXHVHGLHVHQFXHQWD
:HoYHSXOOHGLQRYHUDPLOOLRQ
+HPRVVDFDGRHQOLPSLRP»VGHXQPLOOÍQ
)LQDQFHDQGDFFRXQWLQJ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
&RQRFHVDXQEXHQFD]DWDOHQWRV"
+HSDVDGR VXSHUDGR ODVKRUDVP»[LPDVSRU
MRUQDGD
+HKHFKRKRUDVH[WUD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
:KHQSHRSOHEX\VWRFNVWKH\FDQHDUQPRQH\LQWKUHHZD\VWKURXJKVWRFNSULFHDSSUHFLDWLRQWKURXJKGLYLGHQGVRUWKURXJKERWK
0DQ\SHRSOHEX\VWRFNVZLWKWKHLGHDRIVHOOLQJWKHPODWHUDWDKLJKHUSULFH:KHQVXFFHVVIXOWKLVLVFDOOHGDFDSLWDOJDLQ
,IWKHVWRFNSULFHIDOOVPDQ\SHRSOHSUHIHUWRKROGRQWRWKHVWRFNXQWLOWKHSULFHFRPHVEDFNXS
,I\RXVHOODVWRFNDWDORVVLWoVFDOOHGDFDSLWDOORVV6RPHWLPHVLWoVEHWWHUWRVHOODVWRFNDQGWDNHWKHORVVWKDQWRKROGRQWRLW
&RUSRUDWLRQVXVXDOO\GRQoWLQYHVWWKHLULGOHFDVKRQWKHVWRFNH[FKDQJH7KH\SUHIHUVKRUWWHUPLQWHUHVWEHDULQJGHSRVLWV
0RVWFRUSRUDWLRQVKRZHYHUQHHGWRîQGVRXUFHVRIîQDQFLQJUDWKHUWKDQLQVWUXPHQWVWRLQYHVWLQ
0RVWFRUSRUDWLRQVKDYHFDVKQHHGVERWKVKRUWWHUPDQGORQJWHUP
6KRUWWHUPFDVKQHHGVDUHXVXDOO\FRYHUHGE\FUHGLWOLQHV$FUHGLWOLQHLVZKHQWKHEDQNDOORZV\RXWRRYHUGUDZ\RXUDFFRXQW
,I\RXKDYHíLQ\RXUEDQNDFFRXQWDQG\RXZULWHDFKHFNIRUí\RXKDYHRYHUGUDZQ\RXUDFFRXQWE\í
7KHEDQNZLOOFKDUJH\RXDSHQDOW\DQGDYHU\KLJKLQWHUHVWUDWHRQWKHHXURRYHUGUDIWXQOHVV\RXKDYHDSUHYLRXVDJUHHPHQW
:HFDOOWKLVDJUHHPHQWDQRYHUGUDIWIDFLOLW\DQGZKHUHFRPSDQLHVDUHFRQFHUQHGLWoVXVXDOO\FDOOHGDFUHGLWOLQHRUOLQHRIFUHGLW
$FUHGLWOLQHDOORZVWKHFRPSDQ\WRGUDZPRQH\IURPLWVDFFRXQWXSWRDSUHDJUHHGQHJDWLYHEDODQFH
/HWoVVD\DFRPSDQ\QHJRWLDWHVDHXURFUHGLWOLQHIURPDEDQN7KLVDOORZVWKHFRPSDQ\WRRYHUGUDZLWVDFFRXQWXSWRí
,IWKHFRPSDQ\RQO\XVHVHXURVRIWKHFUHGLWOLQHLWZLOOSD\LQWHUHVWRQO\RQWKHDPRXQWXVHGWKDWLVHXURV
,QVRPHFDVHVWKHEDQNZLOODOVRDSSO\DVPDOOLQWHUHVWUDWHWRWKHXQXVHGSRUWLRQRIWKHFUHGLWOLQH
0DUNHWLQJDQGVDOHVPDQDJHPHQW
7RJDLQPDUNHWVKDUHDQGVHOOPRUHFRPSDQLHVXVHPDQ\GLIIHUHQWW\SHVRISURPRWLRQDOWRROV
7KHPRVWSRSXODUWHUPVXVHGWRUHIHUWRWKHVHSURPRWLRQDOWRROVLVWKH0DUNHWLQJ0L[DQGWKHIRXU3oV
:KHQ\RXKHDUWKHWHUPpWKHIRXU3oVq\RXVKRXOGUHPHPEHUSURGXFWSULFHSODFHDQGSURPRWLRQ
+RZHYHUEHIRUHPDNLQJGHFLVLRQVDERXWKRZWRDGGUHVVWKHIRXU3oVHYHU\FRPSDQ\QHHGVDVROLGPDUNHWLQJSODQ
7KHPDUNHWLQJSODQLVSDUWRIWKHRYHUDOOEXVLQHVVSODQRIWKHRUJDQL]DWLRQZKLFKUHïHFWVWKHVWUDWHJLFJRDOVRIWKHFRPSDQ\
(YHU\RQHPXVWXQGHUVWDQGWKHEHQHîWVRIWKHSURGXFWVRUVHUYLFHVWKDWWKHFRPSDQ\RIIHUVWRWKHFXVWRPHU
2QFHWKLVLVGRQHWKHQDPDUNHWLQJSODQFDQEHGUDZQXSWRFRPPXQLFDWHZLWKWKHPDUNHWDQGVHOOWKHSURGXFWRUVHUYLFH
7KHPRVWFULWLFDOHOHPHQWLQDVXFFHVVIXOPDUNHWLQJSODQLVWRXQGHUVWDQGKRZSHRSOHZLOOEHQHîWIURPDUHODWLRQVKLSZLWK\RXUFRPSDQ\
7KHQ\RXUQH[WVWHSLVWRGHVLJQDQHIIHFWLYHFRPPXQLFDWLRQVWUDWHJ\WRPDNHWKHVHEHQHîWVFOHDUWR\RXUWDUJHWPDUNHW
$WWKHVDPHWLPH\RXQHHGWRGHYLVHZD\VRIPHDVXULQJWKHUHVXOWVRIWKHSODQWRNQRZKRZZHOOLWoVZRUNLQJ
7KHIRXU3oVKDYHEHHQXVHGWUDGLWLRQDOO\WRIRFXVWKHHQHUJ\DQGHIIRUWVRIWKHVDOHVDQGPDUNHWLQJSHRSOH
7KHîUVW3LVSURGXFWDQGWKHVDOHVDQGPDUNHWLQJSHRSOHPXVWFRQFHQWUDWHRQHYHU\WKLQJVXUURXQGLQJWKHSURGXFWHVSHFLDOO\EUDQGLQJ
%UDQGLQJLVWKHHIIRUWPDGHE\DQRUJDQL]DWLRQWRPDNHWKHSURGXFWoVQDPHIDPRXVUHVSHFWHGDQGLQGHPDQG
$EUDQGQDPHFDQEHPRUHYDOXDEOHWKDQWKHFRPSDQ\LWVHOI7KHEUDQGp/HYLoVqLVZRUWKPRUHWKDQWKH/HYL6WUDXVV &RPSDQ\
%LOOLRQVRIGROODUVDUHLQYHVWHGHDFK\HDULQFUHDWLQJpEUDQGHTXLW\q7KLVLQFOXGHVWKHSHUFHLYHGTXDOLW\RIWKHEUDQGDQGEUDQGOR\DOW\
*HQHUDODQGVWUDWHJLFPDQDJHPHQW
7KHPRVWLPSRUWDQWVWUDWHJLFGHFLVLRQD&(2PDNHVLVWRGHFLGHRQZKHUHWKHFRPSDQ\ZDQWVWREHLQîYHWHQRU\HDUV
:KDWHYHUWKHGHFLVLRQWKHîQDOPHDVXUHPHQWRIVXFFHVVZLOOEHWKHJURZWKDFKLHYHGLQRYHUDOOSURîWVDQGWKHUHWXUQRQHTXLW\ 52(
,I52(LVKLJKEXWRQSURîWVWKDWJURZVORZO\WKHQVKDUHKROGHUVZLOOEHFRPHLPSDWLHQWZLWKWKHUHWXUQRQWKHLULQYHVWPHQW 52,
7KDWoVZK\&(2VRIWHQXVHWKHWHUPpSURîWDEOHJURZWKqRUpSURîWDELOLW\DQGFRQWLQXRXVLPSURYHPHQWq
$QLPSRUWDQWVWUDWHJLFWRROXVHGE\&(2VDQGFRQVXOWDQWVLVWKH6:27PRGHO6WUHQJWKV:HDNQHVVHV2SSRUWXQLWLHVDQG7KUHDWV
$&(2QHHGVWRDVVHVVWKHVWUHQJWKVDQGZHDNQHVVHVRIWKHFRPSDQ\DVZHOODVWKHRSSRUWXQLWLHVDQGWKUHDWVLQWKHPDUNHWSODFH
%\DQDO\]LQJVWUHQJWKVDQGZHDNQHVVHVWKH&(2WULHVWRLGHQWLI\LQWHUQDOIDFWRUVLQWKHRUJDQL]DWLRQWKDWPD\EHKHOSIXORUKDUPIXO
%\DQDO\]LQJRSSRUWXQLWLHVDQGWKUHDWVWKH&(2WULHVWRLGHQWLI\H[WHUQDOIDFWRUVWKDWFDQKHOSRUKXUWWKHRUJDQL]DWLRQ
7\SLFDOVWUHQJWKVFDQEHDVWURQJEUDQGDQHVSHFLDOO\HIîFLHQWIDFWRU\DVWURQJîQDQFLDOSRVLWLRQRUDSURYHQPDQDJHPHQWWHDP
7\SLFDOZHDNQHVVHVFDQLQFOXGHDZHDNEUDQGQDPHSRRUSDWHQWSURWHFWLRQDKLJKFRVWVWUXFWXUHRUDSRRUUHSXWDWLRQDPRQJFXVWRPHUV
7\SLFDORSSRUWXQLWLHVFDQEHDQHZPDUNHWWUHQGVZHDNFRPSHWLWRUVQHZWHFKQRORJLHVDJURZLQJHFRQRP\RUDVKLIWLQEX\LQJKDELWV
7\SLFDOWKUHDWVFDQEHVWURQJORFDOFRPSHWLWRUVDQXQIULHQGO\JRYHUQPHQWIRUHLJQFRPSHWLWLRQRUSXEOLFUHODWLRQVGDQJHUV
$&(2oVîUVWMRELVWRHQKDQFHWKHFRPSDQ\oVVWUHQJWKVZKLOHPLQLPL]LQJRUHOLPLQDWLQJLWVZHDNQHVVHV7KLVFDQRIWHQWDNH\HDUV
2QHVWUDWHJ\WKDW&(2VRIWHQXVHLVVLPSO\WRSXUVXHEXVLQHVVRSSRUWXQLWLHVWKDWDUHDJRRGîWWRWKHFRPSDQ\oVVWUHQJWKV
$QRWKHUVWUDWHJ\LVWRFRQFHQWUDWHUHVRXUFHVDQGHQHUJ\RQPLQLPL]LQJWKHZHDNQHVVHVLQRUGHUWREHDEOHWRSXUVXHRSSRUWXQLWLHVEHWWHU
/RZ%HJLQQHU
+LJK%HJLQQHU
6XVRUHMDVVRQJUDQGHV GHÃO +LVHDUVDUHELJ
6XVPDQRVVRQSHTXHËDV +HUKDQGVDUHVPDOO
GHHOOD
6XVRMRVVRQD]XOHV GHHOODV 7KHLUH\HVDUHEOXH
6XVEUD]RVVRQIXHUWHV GHHOORV 7KHLUDUPVDUHVWURQJ
7XVSLHUQDVVRQODUJDV <RXUOHJVDUHORQJ
6LHPSUHÃOOORUDFXDQGRVH +HDOZD\VFULHVZKHQKHJHWV
XS
OHYDQWD
1XQFDFDQWDFXDQGRVHGXFKD +HQHYHUVLQJVZKHQKHKDVD
VKRZHU
6LHPSUHFRUUHFXDQGRYDDO +HDOZD\VUXQVZKHQKHJRHV
WRZRUN
WUDEDMR
$YHFHVEHEHFDIÃFXDQGROOHJD +HVRPHWLPHVGULQNVFRIIHH
ZKHQKHDUULYHVDWZRUN
DOWUDEDMR
6LHPSUHHVW»FRQWHQWRFXDQGR +HoVDOZD\VKDSS\ZKHQKH
ZRUNV
WUDEDMD
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
-XJDURQSHRUTXHODVHPDQD 7KH\SOD\HGZRUVHWKDQODVW
ZHHN
SDVDGD
&DQWDVPHMRUFXDQGRKDV <RXVLQJEHWWHUZKHQ\RXoYH
KDGDGULQN
WRPDGRXQDFRSD
-DÃQHVW»P»VOHMRVGH0DGULG -DHQLVIXUWKHUIURP0DGULG
WKDQ/HÍQ
TXH/HÍQ
7XKHUPDQDQRHVW»P»VJXDSD <RXUVLVWHULVQoWSUHWWLHUWKDQ
\RX
TXHWÔ
1RVÃWDQWRFRPRWÔ ,GRQoWNQRZDVPXFKDV\RXGR
/OHYRDËRVVLQYHUDPLWÇR3HSH ,KDYHQoWVHHQP\XQFOH3HSH
IRU\HDUV
/OHYDQPXFKRWLHPSRVLQ 7KH\KDYHQoWVSRNHQWRHDFK
RWKHUIRUDORQJWLPH
KDEODUVH
/OHYDVPXFKRWLHPSRVLQ <RXKDYHQoWFXW\RXUKDLUIRUD
ORQJWLPHKDYH\RX"
FRUWDUWHHOSHORQR"
(O5HDO0DGULGOOHYDVHLVDËRV 5HDO0DGULGKDVQoWZRQWKH
VLQJDQDUOD/LJDGH&DPSHRQHV &KDPSLRQV/HDJXHLQVL[\HDUV
/OHYDPRVWUHVPHVHVVLQOOXYLD :HKDYHQoWKDGUDLQIRUWKUHH
PRQWKV
%DE\%DWK %DËHUDGHSO»VWLFR
&KDQJLQJ0DW FDPELDGRU
6SRQJH (VSRQMD
3RWW\ 2ULQDO
1DSS\5DVK&UHDP &UHPDSDUDODVHVFRFHGXUDV
9RFDEXODULR1XUVHU\ (OFXLGDGRGHOEHEÃ
+LJK,QWHUPHGLDWH
3RUTXÃPHHVW»VPLUDQGRDVÇ" :K\DUH\RXORRNLQJDWPHOLNH
WKDW"
1RWHYR\DKDFHUQDGD ,oPQRWJRLQJWRGRDQ\WKLQJ
WR\RX
1RTXLHUHVGHFLUPHQDGD" 'RQoW\RXZDQWPHWRWHOO
DQ\WKLQJ"
1DGLHVDEHQDGDDTXÇ" 'RHVQoWDQ\ERG\NQRZ
DQ\WKLQJKHUH"
7RGRHOPXQGRVDEHTXHQR (YHU\ERG\NQRZVWKHUHoV
QRERG\WKHUH
KD\QDGLHDOOÇ
/RZ$GYDQFHG
+HVKRWWKHPZLWKDVKRWJXQ
+HVWDEEHGKHUZLWKDNQLIH
7KH\KXQJWKHPZLWKDURSH
6KHVXIIRFDWHGWKHPZLWKD
SLOORZ
(QYHQHQDURQDODVUDWDVFRQ 7KH\SRLVRQHGWKHUDWVZLWK
DUVHQLF
DUVÃQLFR
/HVGLVSDUÍFRQXQDHVFRSHWD
/DDSXËDOÍFRQXQDQDYDMD
/HVFROJDURQFRQXQDFXHUGD
/HVDVî[LÍFRQXQDDOPRKDGD
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
/DVGRVHPSUHVDVVHIXVLRQDURQ 7KHWZRFRPSDQLHVPHUJHG
6HWDUGDURQPHVHVHQQHJRFLDU ,WWRRNWKHPPRQWKVWR
ODIXVLÍQ
QHJRWLDWHWKHPHUJHU
1RSRGÇDQSRQHUVHGHDFXHUGR 7KH\FRXOGQoWDJUHHRQZKR
HQTXLÃQLEDVHUHOSUHVLGHQWH ZRXOGEHWKH&(2
/OHJDURQDXQDFXHUGR 7KH\UHDFKHGDFRPSURPLVH
FRQVHQVXDGR
DJUHHPHQW
1RQRPEUDURQDQDGLH 7KH\GLGQoWDSSRLQWDQ\ERG\
|0HDSXQWRDXQERPEDUGHR ,oPXSIRUDQ\WKLQJ
1RVHVWDPRVDJDUUDQGRDXQ :HoUHFOXWFKLQJDWVWUDZVZLWK
FODYRDUGLHQGRFRQHVWR
WKLV
+D\TXHFRJHUHOWRURSRUORV <RXKDYHWRWDNHWKHEXOOE\
FXHUQRV
WKHKRUQV
9DPRVGLUHFWRVDOJUDQR /HWoVJHWVWUDLJKWWRWKHSRLQW
6ÍORQRVFRQRFHPRVGHYLVWD :HRQO\NQRZHDFKRWKHUE\
VLJKW
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
3UDFWLFDO(QJOLVK-RE,QWHUYLHZ,,
6KRZKLPLQSOHDVH
4XHSDVH DFRPSD˻QGROHXVWHG
-LPP\VWD\HGLQDIWHUVFKRRO
-DLPLWRVHTXHGÍGHVSXÃVGHODVFODVHV
:HoUHVQRZHGLQ
(VWDPRVDLVODGRVSRUODQLHYH
$VNKHULQ
,QYÇWDODDHQWUDU
,oPJRLQJWRVWD\LQWRQLJKW
&KHFNLQZLWKPHEHIRUH\RXOHDYH
0HYR\DTXHGDUHQFDVDHVWDQRFKH 3DVDDYHUPHDQWHVGHPDUFKDUWH
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
1RHVW»VVREUHFXDOLîFDGRSDUDHVWHWUDEDMR"
3RUTXÃGHEHUÇDPRVFRQWUDWDUWH"
(VW»VGLVSXHVWRDYLDMDU"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
,QYHVWLQJ
2QFHOLIHLQVXUDQFHSURWHFWLRQLVVHFXUHGWKHQDPDUULHGFRXSOHXVXDOO\ZDQWVWREX\DKRXVHDQGVWDUWDVDYLQJVSODQ
,Q6SDLQKRXVLQJKDVEHHQDW\SLFDOVDIHKDYHQIRUVDYLQJV7KHWHUPpVDIHKDYHQqPHDQVDSODFHIRUSURWHFWLRQDQGVDIHUHIXJH
+RXVLQJSULFHVKDYHWUDGLWLRQDOO\DSSUHFLDWHGLQ6SDLQDOORZLQJLQYHVWRUVLQUHDOHVWDWHKDQGVRPHFDSLWDOJDLQV
7KHWHUPpKDQGVRPHqLVWKHDGMHFWLYHWKDWLVRIWHQXVHGZKHQZHUHIHUWRDQLPSRUWDQWîQDQFLDORUEXVLQHVVSURîW
7KHWHUPpUHDOHVWDWHqUHIHUVWRSURSHUW\LQWKHIRUPRIODQGKRXVHVïDWVDSDUWPHQWVEXLOGLQJVRUFRPPHUFLDOSURSHUW\
7KHWHUPpHVWDWHqUHIHUVWRDOOSRVVHVVLRQVWKDWIRUPWKHQHWZRUWKRIDSHUVRQ)RUFRUSRUDWLRQVZHXVXDOO\XVHWKHZRUGpHTXLW\q
,QWKH86DUHDOHVWDWHDJHQWLVWKHLQWHUPHGLDU\EHWZHHQEX\HUVDQGVHOOHUVRIUHDOHVWDWH,QWKH8.WKHWHUPLVpHVWDWHDJHQWq
<RXUQHWHVWDWHLVHYHU\WKLQJ\RXSRVVHVVPLQXVHYHU\WKLQJ\RXRZH7KLVLV\RXUQHWZRUWKRUSHUVRQDOHTXLW\SRVLWLRQ
$EDQNPD\UHTXLUH\RXWRVXEPLWDGRFXPHQWVWDWLQJ\RXUQHWZRUWK7KLVLVXVXDOO\FDOOHGDSHUVRQDOîQDQFLDOVWDWHPHQW
8QOHVV\RXoUHDOUHDG\ULFKRUEHFRPHULFKEHIRUHWKHDJHRIWKHQ\RXUJRDOLVWRJHWULFKpVORZO\qWKURXJKJRRGHVWDWHSODQQLQJ
(VWDWHSODQQLQJLQPRVWFRXQWULHVVWDUWVZLWKOLIHLQVXUDQFHWKHQDKRXVHDQGWKHQDVWHDG\VDYLQJVSODQ
7KHVDYLQJVSODQVKRXOGORRNIRUVHFXUHLQYHVWPHQWVWKDWSURYLGHWKHJUHDWHVWUHWXUQSRVVLEOH5LVNVKRXOGEHNHSWWRDPLQLPXP
0DQ\SHRSOHORRNIRUWKHEHVWUHWXUQVRQWKHLULQYHVWPHQWRQO\WRORVHDOOWKHLUPRQH\EHFDXVHRISXWWLQJDOOWKHLUHJJVLQRQHEDVNHW
$Q\KRQHVWH[SHUWZLOOWHOO\RXWKDW\RXPXVWDOZD\VGLYHUVLI\\RXULQYHVWPHQWVDQGGLYHUVLI\ULVN
(YHQWKHPRVWVXFFHVVIXOLQYHVWRUVGRQoWSXWPRUHWKDQSHUFHQWRIWKHLUPRQH\LQKLJKUHWXUQDQGKLJKULVNLQYHVWPHQWV
+XPDQUHVRXUFHV
:KHQDFRPSDQ\KLUHVDQHZHPSOR\HHRUPDQDJHUXVXDOO\WKLVSHUVRQUHFHLYHVYHU\OLWWOHRULHQWDWLRQDERXWWKHFRPSDQ\DQGLWVSHRSOH
$QHZHPSOR\HHRUPDQDJHUXVXDOO\IHHOVLQVHFXUHDWWKHEHJLQQLQJDQGZRXOGEHQHîWIURPDJRRGRQWKHMRERULHQWDWLRQ
6RPHFRPSDQLHVSUHSDUHKDQGERRNVIRUQHZDUULYDOVWKDWH[SODLQWKHPLVVLRQDQGREMHFWLYHVRIWKHFRPSDQ\DVZHOODVWKHRUJDQL]DWLRQ
7KH+5GHSDUWPHQWVLQVRPHFRPSDQLHVPDNHDSRLQWWRHVFRUWWKHQHZDUULYDOWRHYHU\GHSDUWPHQWWRPHHWWKHSHRSOH
7KLVNLQGRIRULHQWDWLRQKDVDVWURQJLPSDFWRQQHZHPSOR\HHVDQGUHGXFHVWKHDFFOLPDWLRQSUREOHPVWKDWRIWHQKXUWSHUVRQDOPRUDOH
7KHWKLUGLPSRUWDQWHOHPHQWLVJRRGWUDLQLQJ(YHU\FRPSDQ\KDVDFXOWXUHDQGDZD\RIGRLQJWKLQJV
,WoVYLWDOIRUQHZHPSOR\HHVDQGPDQDJHUVWRDVVLPLODWHWKHFRUSRUDWHFXOWXUHLWVJRDOVLWVSHUVRQDOLW\DQGLWVPLVVLRQ
7UDLQLQJVKRXOGQRWRQO\EHMREVSHFLîFEXWVKRXOGEHGHVLJQHGDVZHOOWRLQFXOFDWHFRUSRUDWHYDOXHV
3HRSOHQHHGWRIHHOWKDWWKH\oUHDSDUWRIDQRYHUDOOMRLQWHIIRUWLQZKLFKHYHU\RQHLVURZLQJLQWKHVDPHGLUHFWLRQ
7KHIRXUWKLPSRUWDQWHOHPHQWLQJRRG+5PDQDJHPHQWLVWRPDNHVXUHWKDWSHRSOHDUHIDLUO\FRPSHQVDWHGIRUWKHLUHIIRUWV
7KHFRPSHQVDWLRQV\VWHPERWKIRUHPSOR\HHVDQGPDQDJHUVLVDKLJKO\VHQVLWLYHWRROWKDWPXVWEHFDUHIXOO\GHVLJQHGDQGPDQDJHG
(YHU\PHPEHURIWKHH[HFXWLYHFRPPLWWHHVKRXOGSDUWLFLSDWHLQWKHîQDOGHVLJQDQGDSSURYDORIWKHFRPSHQVDWLRQSODQRUVFKHPH
7KHWHUPpVFKHPHqLVXVHGYHU\IUHTXHQWO\LQ%ULWLVK(QJOLVK,Q$PHULFDQ(QJOLVKWKHZRUGpSODQqLVXVHGLQWKHVHFDVHV
7KHFRPSHQVDWLRQSODQLVRIWHQFDOOHGpHPSOR\HHEHQHîWVq+RZHYHUWKHWHUPpHPSOR\HHEHQHîWVqLVXVXDOO\QRQVDODU\
7KHFRPSHQVDWLRQSODQLQFOXGHVWKHEDVHVDODU\SOXVH[WUDVFDOOHGpHPSOR\HHEHQHîWVqLQWKH86DQGpEHQHîWVLQNLQGqLQWKH8.
6HFUHWDULDODQGDGPLQLVWUDWLRQ
0U(YDQVLVQoWLQDWWKHPRPHQW
0D\,WDNHDPHVVDJH"
:RXOG\RXOLNHWROHDYHDPHVVDJH"
+HoVRXWRIWKHRIîFHULJKWQRZ
+HoVDZD\RQEXVLQHVVWKLVZHHN
+HoOOEHEDFNRQ0RQGD\PRUQLQJ
+HoVDZD\RQKROLGD\ 2QYDFDWLRQ
,oOOWHOOKLP\RXFDOOHG
+HoVRQDQRWKHUOLQHDWWKHPRPHQW
,oOOKDYHKLPUHWXUQ\RXUFDOO
:RXOG\RXFDUHWRWDONWRVRPHRQHHOVH"
,EHOLHYH\RXoYHUHDFKHGWKHZURQJQXPEHU
,oPVRUU\EXW,KDYHDQRWKHUFDOORQKROG
0D\,DVNZKRoVFDOOLQJ"
3OHDVHKROGWKHOLQHIRUDPRPHQW
,oOOEHULJKWZLWK\RX
3OHDVHKROGWKHOLQH,oOOSXW\RXWKURXJK
,oOOWU\WRWUDQVIHU\RXUFDOO
<RXFDQORFDWHKLPDWWKLVQXPEHU
0D\,VSHDNWR0U-RKQVRQSOHDVH"
+HOOR,oPFDOOLQJIURPWKH6SDQLVKRIîFH
7KLVLV3DXODIURPWKH6SDQLVKVXEVLGLDU\
,oPQRWDXWKRUL]HGWRJLYHRXWKLVQXPEHU
&DQ\RXSXWPHWKURXJKWR0U7KRPSVRQ"
&DQ\RXWHOOPHZKHQKHoOOEHEDFN"
0D\,EHRIDQ\KHOS"
&DQ,OHDYHDPHVVDJHSOHDVH"
<RXoYHEHHQWUDQVIHUUHGWRWKHZURQJQXPEHU
0U(YDQVD0U3ÃUH]LVRQWKHOLQH
:KDWVKDOO,WHOOKLP"
7KHUHoVQRERG\KHUHE\WKDWQDPH
0U(YDQVLVLQDPHHWLQJULJKWQRZ
0U(YDQVVKRXOGEHEDFNDWDQ\PRPHQW
,oPVXUHKHoOODSSUHFLDWH\RXUJHVWXUH
,oOOOHWKLPNQRZWKDW\RXFDOOHG
&RXOG\RXFRPHXSWR0U(YDQoVRIîFH"
,oPFDOOLQJRQEHKDOIRI-RKQ(YDQV
&RXOG\RXVSHOO\RXUQDPHSOHDVH"
:RXOG\RXPLQGVSHOOLQJWKDWIRUPH"
&RXOG\RXSOHDVHUHSHDWWKDW"
,GLGQoWFDWFK\RXUODVWQDPH
&RXOG\RXUHSHDWWKHFRPSDQ\QDPH"
0D\,DVNZKHUH\RXoUHFDOOLQJIURP"
0U(YDQVZRQoWEHLQDOOGD\
0DUÇDLVLOODQG,oPVLWWLQJLQIRUKHU
/RZ%HJLQQHU
+LJK%HJLQQHU
1RHQWLHQGR ,GRQoWXQGHUVWDQG
1RVÃ ,GRQoWNQRZ
1RPHDFXHUGR ,GRQoWUHPHPEHU
1RPHORFUHR ,GRQoWEHOLHYHLW
1RPHJXVWD ,GRQoWOLNHLW
£OFRPSUHQGHORTXHHVWDPRV 'RHVKHXQGHUVWDQGZKDW
ZHoUHVD\LQJ"
GLFLHQGR"
6DEHHOODODUHVSXHVWD" 'RHVVKHNQRZWKHDQVZHU"
6HDFXHUGDGHQRVRWURV" 'RHVKHUHPHPEHUXV"
&UHHHOODHQ'LRV" 'RHVVKHEHOLHYHLQ*RG"
7HJXVWDODFHUYH]D" 'R\RXOLNHEHHU"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
'ÍQGHHVWXYLVWHDQRFKH" :KHUHZHUH\RXODVWQLJKW"
7HGLMHGÍQGHHVWXYH ,oYHWROG\RXZKHUH,ZDV
4XÃHVWDEDVKDFLHQGRDOOÇ" :KDWZHUH\RXGRLQJWKHUH"
1RVDEHVORTXHHVWDED 'RQoW\RXNQRZZKDW,ZDV
GRLQJWKHUH"
KDFLHQGRDOOÇ"
1RQRVÃORTXHHVWDEDV 1R,GRQoWNQRZZKDW\RX
ZHUHGRLQJWKHUH
KDFLHQGRDOOÇ
&XDQGRHOODWHQJDWLHPSROR :KHQVKHKDVWLPHVKHoOOGRLW
KDU»
6LOHYHRDÃOVHORGLUÃ ,I,VHHKLP,oOOWHOOKLP
&XDQGRJDQHVVXîFLHQWH :KHQ\RXHDUQHQRXJKPRQH\
\RXoOOEHDEOHWREX\LW
GLQHURORSRGU»VFRPSUDU
6LKD\XQDîHVWDQRLUÃ ,IWKHUHLVDSDUW\,ZRQoWJR
&XDQGROOHJXHQKDEU» :KHQWKH\DUULYHWKHUHZLOOEH
SUREOHPV
SUREOHPDV
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
+DVYHQGLGRWXVFXDGURV\D" +DYH\RXVROG\RXUSDLQWLQJV
\HW"
1LVLTXLHUDORVKHWHUPLQDGR ,KDYHQoWHYHQïQLVKHGWKHP\HW
1RORVWHQÇDVTXHWHUPLQDU 'LGQoW\RXKDYHWRïQLVKWKHP
DQWHVGH6HPDQD6DQWD"
EHIRUH(DVWHU"
0HHVW»FRVWDQGRPXFKR ,WoVWDNLQJPHDORWRIHIIRUWWR
HVIXHU]RWHUPLQDUORV
ïQLVKWKHP
'HEHUÇDVGDUWHXQSRFRGHSULVD <RXVKRXOGKXUU\DOLWWOH
3XHGHVUHFRJHUDORVQLËRV &DQ\RXSLFNWKHNLGVXSIURP
GHOFROH"
VFKRRO"
&X»QGRWHYDVDGHVKDFHUGH :KHQDUH\RXJRLQJWRJHWULG
HVHFKLFR"
RIWKDWER\"
3RUTXÃOHHVW»VPLUDQGR :K\DUH\RXVWDULQJDWKHU"
îMDPHQWH"
6HPHDFHUFÍXQWXULVWDSDUD $WRXULVWFDPHXSWRPHWRDVN
SHGLUGLUHFFLRQHV
IRUGLUHFWLRQV
0HDFHUTXÃDOSROLFÇDSDUD ,ZHQWXSWRWKHSROLFHPDQWR
DVNKLPIRUKHOS
SHGLUOHD\XGD
3KDU\Q[ )DULQJH
/DU\Q[ /DULQJH
9RFDO&RUGV &XHUGDVYRFDOHV
$GDPoV$SSOH 1XH]
2HVRSKDJXV (VÍIDJR
9RFDEXODULR+HDG &DEH]D
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
3RUTXÃDJXDQWDVHVH :K\GR\RXSXWXSZLWKWKDW
EHKDYLRXU"
FRPSRUWDPLHQWR"
'LOHTXHVHSUHRFXSHGHVXV 7HOOKLPWRPLQGKLVRZQ
EXVLQHVV
SURSLRVDVXQWRV
1RHVDVXQWRVX\R ,WoVQRQHRIKLVEXVLQHVV
(VWȔVJRQHDQGRHQWXYLGD +HoVSU\LQJLQWR\RXUSULYDWH
OLIH
SULYDGD
3RUTXÃHUHVWDQHQWURPHWLGR" :K\LVKHVRQRVH\"
4XÃSDVDFRQWLJR" :KDWoVXSZLWK\RX"
0HVLHQWRIDWDO ,IHHOORXV\
0LFXËDGRPHSXVRHQULGÇFXOR 0\EURWKHULQODZPDGHDIRRO
GHODQWHGHWRGRV
RIPHLQIURQWRIHYHU\RQH
/RÔOWLPRTXHQHFHVLWDPRVHV 7KHODVWWKLQJZHQHHGLVD
XQERFD]DVFRPRÃO
ELJPRXWKOLNHKLP
(VXQDYHUJÖHQ]DTXHWHWUDWH ,WoVDGLVJUDFHKHWUHDWV\RXVR
WDQPDO
EDGO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
9RFDEXODU\
+HKHOSHGPHLQ
0HD\XGÍDHQWUDU
+HZDONHGLQDQGSXOOHGRXWDJXQ
(QWUÍ DQGDQGR \VDFÍXQDUPDGHIXHJR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
-XPSLQ
|7ÇUDWH SDUDHQWUDUHQODSLVFLQD
,KDYHQoWWXUQHGLQP\KRPHZRUN\HW
1RKHHQWUHJDGRPLVGHEHUHVWRGDYÇD
7KH\VWRSSHGLQWRVD\KHOOR
3DVDURQSRUDTXÇSDUDVDOXGDU
'RQoWWXUQPHLQ
|1RPHHQWUHJXHV DOD3ROLFÇD
1HFHVLWDPRVDDOJXLHQFRQXQDJUDQ
FDSDFLGDGGHOLGHUD]JR
9R\DFRJHUXQDH[FHGHQFLDGHWUHVPHVHV
1XHVWUDVFLIUDVGHYHQWDHVW»QHQGHFOLYH
2SHUDWLRQV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
2SHUDWLRQVPDQDJHPHQWLVDWHUPWKDWUHIHUVWRDFWLYLWLHVVXFKDVSURGXFWFUHDWLRQGHYHORSPHQWSURGXFWLRQDQGGLVWULEXWLRQ
,WoVDKLJKO\FKDOOHQJLQJDFWLYLW\EHFDXVHLWIRFXVHVRQSUDFWLFDOO\HYHU\DFWLYLW\LQDFRPSDQ\ORRNLQJIRUZD\VWRLPSURYH
2SHUDWLRQVH[SHUWVWU\WRLPSURYHWKHSXUFKDVLQJIXQFWLRQZKHUHVDYLQJVFDQEHJDLQHGWKURXJKVXSSOLHUFXVWRPHUFROODERUDWLRQ
0DQ\PDQXIDFWXULQJDQGTXDOLW\H[SHUWVIURPWKHFXVWRPHUVSHQGZHHNVRUPRQWKVKHOSLQJVXSSOLHUVWREHFRPHPRUHHIîFLHQW
7KHSXUFKDVLQJIXQFWLRQLWVHOILVORQJDQGWLPHFRQVXPLQJZLWKPXOWLSOHELGVDQGQHJRWLDWLRQV0XFKHIîFLHQF\FDQEHDFKLHYHG
7KHGHFLVLRQRQZKHWKHUWRSURGXFHSURGXFWVRUVHUYLFHVLQKRXVHYHUVXVRXWVRXUFLQJLVDQLPSRUWDQWHOHPHQWLQRSHUDWLRQV
$GPLQLVWUDWLYHFRQWUROVDUHDOVRLPSRUWDQWLQRSHUDWLRQV6WDQGDUGL]HGGRFXPHQWVHQVXUHFRPSOHWHDQGFRQVLVWHQWLQIRUPDWLRQ
'RFXPHQWVLQFOXGHWLWOHVDQGGDWHVWRGHWHFWGLIIHUHQWYHUVLRQVRIWKHVDPHGRFXPHQW
,7VROXWLRQVDOORZIRULQWHJUDWHGPDQDJHPHQWLQIRUPDWLRQV\VWHPVDQGSRZHUIXOVRIWZDUHIRUWKHPDQDJHPHQWRISURMHFWV
7KHVHVROXWLRQVDOVRSURYLGHLQIRUPDWLRQV\VWHPVIRUWKHPDQDJHPHQWRIKXPDQUHVRXUFHVDQGIRURIîFHDXWRPDWLRQLQJHQHUDO
7KURXJKîQDQFLDOUHSRUWVVWDWXVUHSRUWVRUSURMHFWUHSRUWVRUJDQL]DWLRQVFDQPRQLWRUZKDWoVEHLQJGRQHE\ZKDWGHDGOLQHDQGKRZ
,QWKHSDVW\HDUVWKHWHUPpVXSSO\FKDLQqDQGpVXSSO\FKDLQPDQDJHPHQWqKDYHEHFRPHPDLQVWUHDPLQRSHUDWLRQVPDQDJHPHQW
$VXSSO\FKDLQLQYROYHVWKHRUJDQL]DWLRQVSHRSOHWHFKQRORJ\LQIRUPDWLRQDQGUHVRXUFHVWKDWPRYHDSURGXFWIURPVXSSOLHUWRFXVWRPHU
6XSSO\FKDLQPDQDJHPHQWRU6&0WULHVWRLPSURYHKRZUDZFRPSRQHQWVDUHIRXQGWUDQVIRUPHGDQGGHOLYHUHGWRFXVWRPHUV
6&0EHJLQVZLWKDSODQWKDWLVWKHVWUDWHJ\RQKRZWRPDQDJHDOOWKHUHVRXUFHVQHFHVVDU\WRPHHWFXVWRPHUGHPDQGVXFFHVVIXOO\
,QIRUPDWLRQWHFKQRORJ\
&HUWDLQ,7JXUXVWDONDERXWWKHHQGRIFRUSRUDWHFRPSXWLQJ%\WKLVWKH\PHDQWKHHQGRIFRPSXWLQJSRZHUDVDQLQKRXVHDVVHW
,QWKHîUVW\HDUVRIHOHFWULFLW\PRVWODUJHFRPSDQLHVRZQHGDQGRSHUDWHGWKHLURZQHOHFWULFDOJHQHUDWRUVWRSURYLGHSRZHU
6RRQKRZHYHUWKH\VKLIWHGWRRXWVRXUFLQJWKLVWRXWLOLW\FRPSDQLHVZKLFKLVKRZZHXVXDOO\VD\HOHFWULFFRPSDQLHVLQ(QJOLVK
0DQ\EHOLHYHWKDWWKLVXWLOLW\PRGHOZLOOSHQHWUDWHFRUSRUDWHFRPSXWLQJHOLPLQDWLQJWKHFRVWRIHTXLSPHQWSXUFKDVHDQGPDLQWHQDQFH
8QOLNHHOHFWULFLW\FRUSRUDWHFRPSXWLQJLQFOXGHVLPSRUWDQWVHFXULW\FRQVLGHUDWLRQVWKDWPXVWEHDGGUHVVHG
$QRXWVLGHVXSSOLHUZLOOWDNHUHVSRQVLELOLW\IRUDOORIDFRPSDQ\oV,7UHTXLUHPHQWVIURPLQIUDVWUXFWXUHDQGVWRUDJHWRDSSOLFDWLRQV
:KHWKHUWKLVKDSSHQVRUQRWWKHFRPSDQ\ZLOODOZD\VQHHGWRSURYLGHLQIRUPDWLRQRQWKHEXVLQHVVLWVHOIDQGWKHLQWHUQDOSURFHVVHV
%XVLQHVVLQWHOOLJHQFHLVDFRPPRQZRUGWRUHIHUWRFROOHFWLQJLQWHJUDWLQJDQDO\]LQJDQGSUHVHQWLQJEXVLQHVVLQIRUPDWLRQ
%XVLQHVVLQWHOOLJHQFHV\VWHPVSURYLGHKLVWRULFDOFXUUHQWDQGSUHGLFWLYHYLHZVRIEXVLQHVVRSHUDWLRQV
7KHV\VWHPVVLIWWKURXJKODUJHDPRXQWVRIGDWDH[WUDFWWKHSHUWLQHQWLQIRUPDWLRQDQGWXUQLWLQWRNQRZOHGJHIRUGHFLVLRQVDQGDFWLRQV
7KHYDVWDPRXQWRIUDZLQIRUPDWLRQLVFRQWDLQHGLQZKDWLVXVXDOO\FDOOHGDGDWDZDUHKRXVH
7KHLQIRUPDWLRQLQWKLVGDWDZDUHKRXVHLVPLQHGDQDO\]HGDQGWUDQVIRUPHGLQWRUHSRUWV
7KHRYHUDOOLGHDLVWRSURYLGHPDQDJHUVZLWKUHOHYDQWUHSRUWVLQUHDOWLPHIRUIRUHFDVWLQJDQDO\VLVDQGEXVLQHVVGHFLVLRQPDNLQJ
%XVLQHVVLQWHOOLJHQFHRIWHQXVHVNH\SHUIRUPDQFHLQGLFDWRUV .3,V WRDVVHVVWKHFXUUHQWEXVLQHVVDQGWRSUHVFULEHDFWLRQ
*RRGEXVLQHVVLQWHOOLJHQFHFDQJLYHDFRPSDQ\DVWURQJFRPSHWLWLYHDGYDQWDJHDQGPRUHDQGPRUHFRQVXOWDQWVDUHZRUNLQJLQWKLVîHOG
/DZDQGOHJDOFRXQVHO
$W\SLFDODFWLYLW\SHUIRUPHGE\DFRUSRUDWHOHJDOGHSDUWPHQWLVOLWLJDWLRQEXWPRVWGHSDUWPHQWVFDQQRWGRLWZLWKRXWRXWVLGHKHOS
2WKHUFRPSDQLHVWU\WRNHHSOLWLJDWLRQLQKRXVHLQRUGHUWRVDYHH[SHQVLYHRXWVLGHOHJDOIHHV
(PSOR\PHQWGLVSXWHVDUHRIWHQKDQGOHGLQKRXVHDOWKRXJKVPDOOFRPSDQLHVVWLOOWHQGWRVHHNRXWVLGHKHOS
&RPPHUFLDOGLVSXWHVLQYROYLQJVPDOOSRWHQWLDOOLDELOLW\DOVRWHQGWREHKDQGOHGLQWHUQDOO\E\ODUJHRUJDQL]DWLRQV
/DUJHODZîUPVDUHVWDIIHGZLWKH[SHUWVLQGLIIHUHQWDUHDVRIOLWLJDWLRQ+RZHYHUWKH\DUHXVXDOO\RQO\DGYLVDEOHIRUODUJHOHJDOTXHVWLRQV
6PDOOFRPSDQLHVRIWHQXVHGLIIHUHQWVPDOOODZîUPVHDFKH[SHUWLQVSHFLDOL]HGDUHDVRIODZ
&RPSDQLHVZKHUHLQWHOOHFWXDOSURSHUW\LVLPSRUWDQWVKRXOGVHHNWKHDGYLFHDQGFRXQVHORIDJRRGODZîUPH[SHUWLQWKLVDUHD
0DQ\FRPSDQLHVPDNHLPSRUWDQWPLVWDNHVFRQFHUQLQJQDPHVEUDQGVSDWHQWVWUDGHPDUNVRUFRS\ULJKWV
,IDFRPSDQ\LVLQDSUHFDULRXVVLWXDWLRQUHJDUGLQJHPSOR\HHVWKHQLWVKRXOGVHHNH[SHUWVLQODERXURUHPSOR\PHQWODZ
)LULQJDQHPSOR\HHQRZDGD\VLVGLIîFXOWLQLWVHOIDQGHYHQZRUVHLILWEULQJVRQSRVWWHUPLQDWLRQOLWLJDWLRQ
/LWLJDWLRQLVDFRPPRQZRUGZKHQUHIHUULQJWRODZVXLWVWKDWDUHKHDUGDQGGHFLGHGE\DMXGJHRUMXU\LQDFRXUW
%HIRUHUHVRUWLQJWROLWLJDWLRQWKHWZRSDUWLHVRIWHQWU\WRUHDFKDVHWWOHPHQWWKURXJKpDOWHUQDWLYHGLVSXWHUHVROXWLRQq
7KHWZRPRVWFRPPRQIRUPVRIDOWHUQDWLYHGLVSXWHUHVROXWLRQDUHDUELWUDWLRQDQGPHGLDWLRQ
:LWKDUELWUDWLRQWKHDUELWUDWRUPDNHVWKHîQDOGHFLVLRQ0HGLDWLRQXVHVDWKLUGSDUW\WRKHOSEULQJDERXWDQDJUHHPHQW
-XGJHVXVXDOO\WU\WRJHWWKHWZRSDUWLHVLQGLVSXWHWRVHHNDUELWUDWLRQRUPHGLDWLRQLQRUGHUWRUHGXFHWKHOHJDOZRUNORDG
/RZ%HJLQQHU
+LJK%HJLQQHU
(VHVHXQOLEURLQWHUHVDQWH" ,VWKDWDQLQWHUHVWLQJERRN"
£VWDHVXQDFDQFLÍQEHOOD 7KLVLVDEHDXWLIXOVRQJ
6RQQLËRVEXHQRV 7KH\oUHJRRGFKLOGUHQ
(VRVVRQPLVSDQWDORQHV 7KRVHDUHP\WURXVHUV
6RQHVWRVWXV]DSDWRV" $UHWKHVH\RXUVKRHV"
(VXQHVFULWRUPX\LPSRUWDQWH +HoVDYHU\LPSRUWDQWZULWHULQ
RXUFRXQWU\
HQQXHVWURSDÇV
|(UHVXQQLËRPX\HVWÔSLGR <RXoUHDYHU\VWXSLGER\
(VWDVVRQOLVWDVPX\GLIÇFLOHV 7KHVHDUHYHU\GLIïFXOWOLVWV
|4XÃGÇDP»VKRUULEOH :KDWDKRUULEOHGD\
|4XÃJHQWHP»VKRUULEOH :KDWKRUULEOHSHRSOH
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
1RKD\FKLFDVHQWXFROHJLR" $UHQoWWKHUHDQ\JLUOVDW\RXU
VFKRRO"
1RHVXQFROHJLRPL[WR6ÍOR ,WoVQRWDPL[HGVFKRRO7KHUH
DUHRQO\ER\V
KD\FKLFRV
+D\YLQRHQODERWHOOD" ,VWKHUHDQ\ZLQHLQWKHERWWOH"
1RKD\HQODERWHOODSHURKD\ 7KHUHLVQoWDQ\LQWKHERWWOH
EXWWKHUHoVVRPHLQP\JODVV
HQPLYDVR
3RUTXÃQRKD\JHQWHDTXÇ" :K\DUHQoWWKHUHDQ\SHRSOH
KHUH"
8QFDUQLFHURFRUWDFDUQH $EXWFKHUFXWVPHDW
8QFDUSLQWHURWUDEDMDFRQ $FDUSHQWHUZRUNVZLWKZRRG
PDGHUD
8QERPEHURDSDJDLQFHQGLRV $ïUHPDQSXWVRXWïUHV
8QDHQIHUPHUDFXLGDDORV $QXUVHORRNVDIWHUVLFNSHRSOH
HQIHUPRV
8QIRQWDQHURFREUDPXFKR $SOXPEHUFKDUJHVDORWRI
PRQH\
GLQHUR
/DFH (QFDMH
9HLO 9HOR
%RXTXHW 5DPRGHïRUHV
7UDLQ &ROD
:HGGLQJGUHVV 9HVWLGRGHQRYLD
9RFDEXODULR:HGGLQJ %RGD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
$OJXLHQHVW»OODPDQGRDOD 6RPHERG\oVNQRFNLQJDWWKH
SXHUWD
GRRU
4XLÃQVHU»" ,ZRQGHUZKRLWLV
|$EUHODSXHUWDVRPRVQRVRWURV 2SHQWKHGRRULWoVXV
&LHUUDODSXHUWDFRQOODYH\QR /RFNWKHGRRUDQGGRQoWOHW
OHVGHMHVHQWUDU
WKHPFRPHLQ
1RORKDUÃDPHQRVTXHPHOR ,ZRQoWGRLWXQOHVV\RXDVNPH
SLGDVGHPDQHUDDPDEOH
QLFHO\
3XHGHTXHOOHJXHQWDUGH 7KH\PLJKWDUULYHODWH
3XHGHTXHKD\DDWDVFRVDODV 7KHUHPLJKWEHWUDIïFMDPVLQ
DIXHUDVGHODFLXGDG
WKHRXWVNLUWVRIWKHFLW\
3XHGHTXHVHOHKD\DROYLGDGR 6KHPLJKWKDYHIRUJRWWHQ
DHOOD
3XHGHTXHPHSRQJDXQD ,PLJKWZHDUDZLJIRUWKH
SHOXFDSDUDODîHVWD
SDUW\
3XHGHTXHKD\DKDELGRXQ 7KHUHPLJKWKDYHEHHQD
FDPELRHQHOKRUDULR
FKDQJHWRWKHVFKHGXOH
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
&ÍPRYDPRVDVDOLUGHHVWHOÇR" +RZDUHZHJRLQJWRJHWRXWRI
WKLVPHVV"
6LQRKXELHUDQTXHEUDGR ,IWKH\KDGQoWJRQHEDQNUXSW
SRGUÇDPRVKDEHUUHFXSHUDGR ZHFRXOGKDYHUHFRYHUHGRXU
QXHVWUDVSÃUGLGDV
ORVVHV
6HKDFDGXFDGRPLWDUMHWDGH 0\FUHGLWFDUGKDVH[SLUHG
FUÃGLWR
7HQHPRVORVXîFLHQWHSDUD 'RZHKDYHHQRXJKWRJHW
OOHJDUDPD\R"
WKURXJK$SULO"
&ÍPRYDPRVDVDOGDU +RZDUHZHJRLQJWRVHWWOHRXU
QXHVWUDVGHXGDV"
GHEWV"
0LSHUURHVW»FULDQGRPDOYDV 0\GRJoVSXVKLQJXSGDLVLHV
/HIDOWDXQWRUQLOORDHVHWÇR 7KDWJX\oVJRWDVFUHZORRVH
1RWHLPSRUWDXQSLPLHQWR <RXFRXOGQoWFDUHOHVVFRXOG
YHUGDG"
\RX"
1RVPLUDSRUHQFLPDGHO +HORRNVGRZQKLVQRVHDWXV
KRPEUR
9DPRVDWHQHUTXHSRQHUWRGD :HoUHJRLQJWRKDYHWRSXOORXW
DOOWKHVWRSV
ODFDUQHHQHODVDGRU
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpDIWHUq
9RFDEXODU\
,UDQDIWHUWKHP
&RUUÇWUDVHOORV
+HoVDIWHUPHWRîQLVKLW
(VW»GHWU»VGHPÇSDUDTXHORWHUPLQH
6KHoVRQO\DIWHU\RXUPRQH\
(OODVÍORHVW»GHWU»VGHWXGLQHUR
<RXWDNHDIWHU\RXUIDWKHU
6DOLVWHDWXSDGUH
+HoVJRLQJWRFRPHDIWHU\RX
9DDYHQLUDSRUWL HQIDGDGR
,KDYHWRORRNDIWHUWKHNLGV
7HQJRTXHFXLGDUDORVQLËRV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(OSRGHUTXHWLHQHÃOHQFXDQWRDWRPDGH
GHFLVLRQHVHVPÇQLPR
/RVLQWHUPHGLDULRVVHHVW»QFRPLHQGR
QXHVWURVP»UJHQHV
7LHQHQXHVWUDDJHQFLDGHFRPXQLFDFLÍQ
FRQWDFWRVHQHOVHFWRUWHFQROÍJLFR"
&RPSUXHED WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/
&8562'(,1*/£6'(),1,7,92GH9DXJKDQ
(QWUHSUHQHXUVKLS
$FRPPRQFDXVHRIIDLOXUHDPRQJEXVLQHVVVWDUWXSVLVKDYLQJLQVXIîFLHQWRSHUDWLQJIXQGV
0DQ\SHRSOHXQGHUHVWLPDWHKRZPXFKPRQH\LVQHHGHGWRUXQDEXVLQHVVDQGRIWHQKDYHWRFORVHHYHQZKHQVXFFHVVVHHPVSRVVLEOH
7KH\WHQGWRPDNHXQUHDOLVWLFIRUHFDVWVRILQFRPLQJUHYHQXHVIURPVDOHV
,WoVLPSRUWDQWWRHVWDEOLVKKRZPXFKPRQH\WKHEXVLQHVVLVJRLQJWRQHHGZKLFKLQFOXGHVERWKVWDUWXSDQGRSHUDWLQJFRVWV
0RVWVPDOOEXVLQHVVHVWDNHRQHRUWZR\HDUVWREUHDNHYHQZKLFKPHDQVWKDWHQRXJKPRQH\PXVWEHDYDLODEOHWRFRYHUHDUO\ORVVHV
7KHYHUEpWREUHDNHYHQqLVXVHGZKHQWKHWRWDOPDUJLQDOFRQWULEXWLRQHDFKPRQWKRQVDOHVLVHQRXJKWRFRYHUî[HGH[SHQVHV
/HWoVVD\\RXVWDUWDFRPSDQ\LQZKLFK\RXEX\SRWDWRHVIURPDVXSSOLHULQ0RURFFRDQGVHOOWKHPLQ6SDLQ
<RXEX\WKHSRWDWRHVDWRQHHXURDNLORDQG\RXVHOOWKHPDWWKUHHHXURVDNLOR<RXUSULFHLVíDQG\RXUYDULDEOHFRVWLVí
7KHWHUPpYDULDEOHFRVWqUHIHUVRQO\WRWKRVHFRVWVWKDWDUHQRWLQFXUUHGLI\RXGRQoWVHOOWKHSURGXFW
)L[HGFRVWVDUHWKRVHWKDW\RXPXVWLQFXUHYHQLI\RXGRQoWVHOOWKHSURGXFW7KHVHLQFOXGHVDODULHVUHQWVRYHUKHDGH[SHQVHVHWF
:HNQRZWKDWIRUHYHU\NLORRISRWDWRHV\RXVHOOLQ6SDLQ\RXHDUQDPDUJLQDOFRQWULEXWLRQRIí
7KLVLVFDOOHGpFRQWULEXWLRQqEHFDXVHLWoVWKHPRQH\\RXUHDOO\HDUQLQRUGHUWRpFRQWULEXWHqWRFRYHULQJ\RXUî[HGFRVWV
/HWoVVD\\RXUHQWDZDUHKRXVHIRUíDPRQWK\RXSD\DVHFUHWDU\íDPRQWKDQGRWKHURYHUKHDGVWRWDODQRWKHUí
7KLVPHDQVWKDW\RXKDYHî[HGFRVWVWRWDOOLQJHXURV+RZPDQ\NLORVRISRWDWRHVGR\RXQHHGWRVHOOWRpEUHDNHYHQq"
%\VLPSOHGLYLVLRQLWoVFOHDUWKDWWKHEUHDNHYHQSRLQWLVNLORVRISRWDWRHV8QWLO\RXVHOONLORV\RXoUHQRWPDNLQJDQ\PRQH\
5HVHDUFKDQGGHYHORSPHQW
&UHDWLQJDVXFFHVVIXO5 'GHSDUWPHQWLQDODUJHRUJDQL]DWLRQLVQRWDQHDV\WDVN,WUHTXLUHVSHRSOHVNLOOVDVZHOODVYLVLRQ
5 'WHDPVGRQoWXVXDOO\GRWKLQJVWKDWKDYHQHYHUEHHQGRQHEHIRUHEXWWKH\PDNHFRQQHFWLRQVZKHUHQRRQHHOVHKDVPDGHWKHP
6FLHQWLîFSHUVRQQHOQHHGWREHFORVHWRWKHPDUNHWSODFH7KHPRUHVFLHQWLVWVWDONWRFXVWRPHUVWKHPRUHPDUNHWRULHQWHGWKH\oOOEHFRPH
6RPH5 'GHSDUWPHQWVKLUHSHRSOHZLWKH[SHUWLVHLQRWKHUDUHDV7KHVHSHRSOHRIWHQFKDOOHQJHWKHH[LVWLQJDVVXPSWLRQV
7KHLPSRUWDQWSRLQWKHUHLVWRSURPRWHWKHLGHDRIpWKLQNLQJRXWVLGHRIWKHER[qDFOLFKÃWKDWLVSRSXODUDPRQJUHVHDUFKHUVDQGLQYHQWRUV
7RpWKLQNRXWVLGHRIWKHER[qPHDQVWRDSSURDFKDSUREOHPIURPDQHZSHUVSHFWLYHZLWKRXWSUHFRQFHSWLRQV
,QDODUJHRUJDQL]DWLRQWKH5 'ODEVDUHRIWHQGHWDFKHGIURPWKHODWHUVXFFHVVRUIDLOXUHRIWKHVROXWLRQVWKH\SURGXFH
7KHEXVLQHVVXQLWVWKDWPDUNHWWKHVROXWLRQVDUHXVXDOO\LQWKHEHVWSRVLWLRQWRMXGJHWKHVXFFHVVRIWKH5 'GHSDUWPHQW
6RPHFRPSDQLHVLQFOXGH5 'WRJHWKHUZLWKWKHGLIIHUHQWEXVLQHVVXQLWVZKHQHVWDEOLVKLQJVDOHVDQGîQDQFLDOJRDOVDQGLQFHQWLYHV
:KHQWKLVKDSSHQVWKH5 'SHRSOHEHFRPHOHVVVFLHQWLîFDQGPRUHLQWHUHVWHGLQWKHîQDOVXFFHVVRIWKHLUFUHDWLRQV
7KHPRUHDFRPSDQ\oVVFLHQWLVWVWDONZLWKFXVWRPHUVWKHPRUHWKH\ZLOOEHJXLGHGE\PDUNHWQHHGVDQGSUREOHPV
0DQ\LQQRYDWLRQVFRPHIURPSHRSOHZKRKDYHHQWHUHGIUHVKIURPWKHRXWVLGH7KH\GRQoWIRFXVRQLPSURYLQJROGDQGIDPLOLDUVROXWLRQV
6RPHFRPSDQLHVPDNHDSRLQWHYHU\IHZ\HDUVRISXVKLQJWKHLUVFLHQWLVWVDQGHQJLQHHUVLQWRXQIDPLOLDUDUHDV
6RPHWLPHVDIDLOHGSURMHFWLQRQHPDUNHWWXUQVRXWWREHDUHYROXWLRQDU\VXFFHVVLQDQRWKHU1HYHUWKURZRXWDIDLOHGSURMHFW
9LDJUDIDLOHGDVDKHDUWPHGLFDWLRQDQGSRVWLWVIDLOHGDVHIIHFWLYHJOXH+RZHYHUWKH\ZHUHVXFFHVVIXOO\UHVXUUHFWHGIRURWKHUXVHV
7\SLFDORIîFHODQJXDJH
,KDYHQoWKDGWLPHWRJRRYHULWFRPSOHWHO\,oOOWDNHLWKRPHZLWKPHWRQLJKW<RXoOOKDYHLWRQ\RXUGHVNE\DPWRPRUURZ
6DOHVDUHGRZQWKURXJKRXWWKHLQGXVWU\:HoUHQRWWKHRQO\RQHVKXUWLQJ3HRSOHKDYHVXGGHQO\VWRSSHGEX\LQJ
'RHVDQ\ERG\NQRZZKHUH0DUJDUHWLV",oYHEHHQORRNLQJDOORYHUIRUKHU6KHVHHPVWRKDYHGLVDSSHDUHG
:HoGEHWWHUJHWJRLQJ,KDG0DUJDUHWFDOODFDEDQGLWVKRXOGEHZDLWLQJGRZQVWDLUV,GRQoWZDQWWRJHWWRWKHUHVWDXUDQWDIWHUWKH\GR
,oPVWDUWLQJWRJHWIDWVLWWLQJLQWKLVFKDLUDOOGD\,XVHGWREHDEOHWRJHWDZD\LQWKHHDUO\DIWHUQRRQWRVZLPDIHZODSVEXWQRWDQ\PRUH
,oOOVHQGDGULYHUWRSLFN\RXDQG)UHGXSDQGEULQJ\RXKHUH7KHPHHWLQJoVVHWIRUEXW,oPVXUHZHZRQoWVWDUWXQWLODTXDUWHUSDVW
,oYHEHHQORRNLQJRYHU\RXU&9DQG\RXVHHPWREULQJWRJHWKHUDORWRIWKHTXDOLîFDWLRQVZHQHHG$UH\RXïXHQWLQ(QJOLVK"
'RULVFDQ\RXERRNPHïLJKWIRU=XULFKHDUO\WRPRUURZPRUQLQJ"0DNHDWHQWDWLYHUHVHUYDWLRQIRUDUHWXUQïLJKWLQWKHHDUO\HYHQLQJ
,KRQHVWO\GRXEWWKDWWKH\oGJRWRWKDWH[WUHPH$FRXUWFDVHZRXOGEHGDPDJLQJWRHYHU\RQHLQYROYHG
'RULV,FDQoWîJXUHRXWKRZWRXVHWKLVQHZWHOHSKRQH(YHU\WLPH,WU\WRFDOODQH[WHUQDOQXPEHU,JHWDEXV\WRQH
*RRGPRUQLQJ0U(YDQVWKLVLV'RULV3DWWHUVRQ0U-RKQVRQLVQoWLQDWWKHPRPHQW:RXOG\RXOLNHWROHDYHDPHVVDJHIRUKLP"
:K\GRWKHVHSUREOHPVDOZD\VVHHPWRFRPHXSRQD)ULGD\DIWHUQRRQ",ZDVSODQQLQJWRWDNHRIILQPLQXWHV
7KHUHKDYHEHHQTXLWHDIHZFRPSODLQWVDERXWWKHQHZV\VWHP3HRSOHGRQoWVHHPWRRFRQYLQFHGWKDWLWoVJRLQJWRVDYHXVDQ\WLPH
:K\GRQoW\RXRSHQWKHEOLQGVDQGJHWVRPHVXQOLJKWLQWRWKLVRIîFH,GRQoWVHHKRZ\RXFDQZRUNLQVXFKDGDUNURRP
,UHPHPEHUZKHQZHXVHGWRMXVWSLFNXSDWHOHSKRQHDQGVROYHSUREOHPVLQPLQXWHV1RZLWUHTXLUHVDPRQWKRIFRQWLQXRXVHPDLOV
+LJK%HJLQQHU
/RZ%HJLQQHU
(VÃVWDPLWD]DGHFDIÃ" ,VWKLVP\FXSRIFRIIHH"
(VW»FDOLHQWHRIUÇR" ,VLWKRWRUFROG"
0HJXVWDHOFDIÃFRQOHFKH ,OLNHZKLWHFRIIHH
£VWRHVYLQRWLQWRRYLQREODQFR" ,VWKLVUHGRUZKLWHZLQH"
1REHERDOFRKRO ,GRQoWGULQNDOFRKRO
6RQJXDSDVWXVKHUPDQDV" $UH\RXUVLVWHUVSUHWW\"
6RQYHUGHVRD]XOHVWXVRMRV" $UH\RXUH\HVJUHHQRUEOXH"
3RUTXÃHVW»WULVWHWXSULPD" :K\LV\RXUFRXVLQVDG"
(VW»OLVWRHOLQIRUPH" ,VWKHUHSRUWUHDG\"
(VW»QFDVDGRVWXVDPLJRV" $UH\RXUIULHQGVPDUULHG"
0LGGOH,QWHUPHGLDWH
/RZ,QWHUPHGLDWH
1RPHOODPHVSRUODVPDËDQDV 'RQoWFDOOPHLQWKHPRUQLQJV
1ROHVOODPHVWRQWRV 'RQoWFDOOWKHPVWXSLG
1RKDEOHVFRQGHVFRQRFLGRV 'RQoWVSHDNWRVWUDQJHUV
1RWHHQIDGHVSRUIDYRU 'RQoWJHWDQJU\SOHDVH
1RORHQFLHQGDVWRGDYÇD 'RQoWVZLWFKLWRQ\HW
+DVFROHFFLRQDGRWRGDVHVWDV +DYH\RXFROOHFWHGDOOWKHVH
OLVWDV"
OLVWV"
&X»QWRWLHPSROOHYDPRV +RZORQJKDYHZHEHHQ
MXQWRV"
WRJHWKHU"
'HEHVHVWDUDEXUULGRGHWDQWDV <RXPXVWEHERUHGRIVRPDQ\
IUDVHV
SKUDVHV
(VSHURTXHWHD\XGHQXQSRFR ,KRSHWKH\KHOS\RXDOLWWOH
|/RVKDJRFRQPXFKRFDULËR ,GRWKHPZLWKORYLQJFDUH
3ROLFH2IîFHU $JHQWHGHSROLFÇD
%DGJH 3ODFD
*XQ 3LVWROD
7UXQFKHRQ 3RUUD
+DQGFXIIV (VSRVDV
9RFDEXODULR3ROLFH /D3ROLFÇD
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
|6LJXHKDEODQGR1RWHKH .HHSWDONLQJ,KDYHQoW
HQWHQGLGRWRGDYÇD
XQGHUVWRRG\RX\HW
|6LJXHLQWHQW»QGROR1RWHGHV .HHSWU\LQJ'RQoWJLYHXS
SRUYHQFLGR
6LJXHVVDOLHQGRFRQHVH $UH\RXVWLOOJRLQJRXWZLWK
JUDQMHUR"
WKDWIDUPHU"
£OQRGHMDGHPROHVWDUPHFRQ +HNHHSVDQQR\LQJPHZLWKKLV
VXVTXHMDV
FRPSODLQWV
1XQFDGHMDVGHURQFDU <RXQHYHUVWRSVQRULQJ
7HKDVSXHVWRFRORUDGR <RXoYHJRQHUHG
(VGHHVSHUDUQR" ,WoVWREHH[SHFWHGLVQoWLW"
6ÍORDFDEDVGHGDUWHFXHQWD +DYH\RXRQO\MXVWUHDOLVHG"
DKRUD"
0HSRGUÇDVKDEHUGLFKR <RXFRXOGKDYHWROGPH
TXHOOHYRWRGRHOGÇDFRQOD fWKDW,oYHKDGP\ðLHVXQGRQH
EUDJXHWDDELHUWD
DOOGD\
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
7HQJRTXHSUHSDUDUHO ,KDYHWRGUDZXSWKHEXGJHW
SUHVXSXHVWR
1DGLHKDDVXPLGRHOFRQWURO 1RERG\KDVWDNHQRYHU\HW
WRGDYÇD
$\ÔGDOHDOHYDQWDUVH +HOSKLPXS
7HSDUHFHVDPLVXHJUR <RXORRNOLNHP\IDWKHULQODZ
IÇVLFDPHQWH
7HSDUHFHVDWXELVDEXHOR IRUPD <RXWDNHDIWHU\RXU
GHVHU
JUHDWJUDQGIDWKHU
8QFXUVREUHYHGH606HQ $EULHIFRXUVHLQ(QJOLVKWH[W
LQJOÃVSDUDDGROHVFHQWHVf
PHVVDJHVIRUWHHQDJHUVf
1RVYHPRVDODVYDOH" &8#2." 6HH\RXDW
RN"
*UDFLDVSRUWXPHQVDMH0XFKRV7;<506*;;; 7KDQNVIRU
\RXUPHVVDJH/RWVRINLVVHV
EHVRV
9DVDLUHVWDQRFKH" 58*2,1721,7(" $UH\RX
JRLQJWRQLJKW"
4XLHURKDEODUFRQWLJRP»V ,:$17/.8/753&0
,ZDQWWRWDONWR\RXODWHU
WDUGH/O»PDPHSRUIDYRU
3OHDVHFDOOPH
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpE\q
9$8*+$15(9,(:
5HYLVWDGH,QJOÃV
+HEURXJKWLWE\
0HORWUDMRDTXÇDFDVD
,QWHUHVWLQJMREVDUHKDUGWRFRPHE\
1RDEXQGDQORVWUDEDMRVLQWHUHVDQWHV
7KH\FDPHE\WRVD\KHOOR
3DVDURQSRUDTXÇSDUDVDOXGDU
7KHSROLFHGULYHE\HYHU\PLQXWHV
/DSROLFÇDSDVDFDGDPLQXWRV HQFRFKH
,EDUHO\PDNHHQRXJKWRJHWE\
$SHQDVJDQRSDUDVDOLUGHOSDVR
,JHWE\ZLWKP\OLPLWHG)UHQFK
0HDSDËRFRQPLSRFRIUDQFÃV
%DQNLQJ
$SUHQGHFRQODUHYLVWDGHORVSURIHVLRQDOHVGHO
LQJOÃV9DXJKDQ5HYLHZ
6XVFULSFLÍQíDODËRZZZYDXJKDQUHYLHZFRP
,QDGGLWLRQWROHQGLQJDQGRWKHUVHUYLFHVEDQNVVDIHJXDUG\RXUPRQH\DQGYDOXDEOHV
0DQ\SHRSOHKDYHVDIHGHSRVLWER[HVLQWKHLUEDQNVZKHUHWKH\NHHSLPSRUWDQWGRFXPHQWVRUYDOXDEOHV
%DQNVDOVRSURYLGHSD\PHQWVHUYLFHVWKURXJKPRQH\RUGHUVDQGFDVKLHUoVFKHFNV
$PRQH\RUGHULVDSD\PHQWRUGHUWKDWLVPRUHWUXVWHGWKDQDSHUVRQDOFKHFNEHFDXVHWKHIXQGVLQWKHRUGHUDUHDOUHDG\SUHSDLG
$FDVKLHUoVFKHFNZKLFKFDQDOVREHFDOOHGDEDQNGUDIWLVDFKHFNWKDWLVJXDUDQWHHGE\WKHEDQN,WLVFOHDUHGE\WKHEDQNLPPHGLDWHO\
:KHQDSHUVRQDOFKHFNLVH[WHQGHGLWPXVWVSHQGWZRGD\VJRLQJWKURXJKFOHDUDQFH,IWKHFKHFNLVQoWFOHDUHGLWERXQFHV
7KHEDQNLQJLQGXVWU\LVXQGHUWKHFRQWURORIDFHQWUDOEDQNWKDWPRQLWRUVLWVDFWLYLWLHVDQGFRQWUROVWKHPRQH\VXSSO\
7KH(XURSHDQ&HQWUDO%DQNLVORFDWHGLQ)UDQNIXUWDQGWKH86)HGHUDO5HVHUYHLVORFDWHGLQ:DVKLQJWRQ'&
7KHFHQWUDOEDQNRUPRQHWDU\DXWKRULW\LVLQGHSHQGHQWIURPJRYHUQPHQWVDQGVHWVPRQHWDU\SROLF\LQDFRXQWU\RUJURXSRIFRXQWULHV
,WVPDLQUHVSRQVLELOLW\LVWRHQVXUHWKHVWDELOLW\RIWKHFXUUHQF\DQGPRQH\VXSSO\DQGWRFRQWUROLQWHUHVWUDWHVFKDUJHGE\WKHEDQNV
0RVWFHQWUDOEDQNVKDYHVXSHUYLVRU\SRZHUVWRPDNHVXUHWKDWEDQNVDQGRWKHUîQDQFLDOLQVWLWXWLRQVEHKDYHSURSHUO\
$QLPSRUWDQWWRROXVHGE\WKHFHQWUDOEDQNWRIRUFHEDQNVWREHFRQVHUYDWLYHLVFDOOHGWKHUHVHUYHUHTXLUHPHQWRUUHTXLUHGUHVHUYHUDWLR
7KURXJKWKLVWRROWKHFHQWUDOEDQNHVWDEOLVKHVWKHPLQLPXPDPRXQWRIOLTXLGUHVHUYHVWKDWEDQNVPXVWNHHSRQKDQG
,QWKH8QLWHG6WDWHVWKHUDWLRLVSHUFHQWRIEDQNGHSRVLWV,QWKH8.WKHUDWLRLV]HUR,QWKH(8WKHUHVHUYHUDWLRLVWZRSHUFHQW
$EDQNUXQLVZKHQSHRSOHSDQLFEHFDXVHRIDUXPRUWKDWDEDQNLVLQVROYHQWDQGDOOJRDWWKHVDPHWLPHWRZLWKGUDZWKHLUGHSRVLWV
(FRQRPLFV
,QDFRPSHWLWLYHPDUNHWSULFHVVHUYHWRHTXDOL]HWKHTXDQWLW\GHPDQGHGE\FRQVXPHUVDQGWKHTXDQLW\VXSSOLHGE\SURGXFHUV
,IWKHUHLVDQLPEDODQFHSULFHVZLOOULVHRUIDOOXQWLOWKHEDODQFHLVHYHQWXDOO\UHVWRUHG
$IDPRXVVFKRRORIHFRQRPLFWKHRU\LVFDOOHG.H\QHVLDQ(FRQRPLFVQDPHGDIWHUWKH%ULWLVKHFRQRPLVW-RKQ0D\QDUG.H\QHV
7KHWKHRU\SODFHVLPSRUWDQFHRQERWKWKHSXEOLFDQGSULYDWHVHFWRUVDVHVVHQWLDOHOHPHQWVLQDpPL[HGqHFRQRP\
%\PL[HGHFRQRP\ZHPHDQDQHFRQRP\WKDWLVEDVHGRQERWKSULYDWHLQLWLDWLYHDQGJRYHUQPHQWLQWHUYHQWLRQ
7KH.H\QHVLDQ7KHRU\ZDVGUDZQXSGXULQJWKHHFRQRPLFGHSUHVVLRQRIWKHoV
,WZDVDQDQVZHUWRZKDWPDQ\SHRSOHFRQVLGHUHGDQLPSRUWDQWIDLOXUHRIODLVVH]IDLUHFDSLWDOLVPRUHFRQRPLFOLEHUDOLVP
)RU.H\QHVWKHJRYHUQPHQWWKURXJKîVFDOSROLF\DQGWKHFHQWUDOEDQNWKURXJKPRQHWDU\SROLF\PXVWPDLQWDLQHFRQRPLFVWDELOLW\
)LVFDOSROLF\LVWKHWHUPXVHGWRUHIHUWRWD[DWLRQDQGJRYHUQPHQWVSHQGLQJ7KHJRYHUQPHQWFRQWUROVWKHVHSROLF\DVSHFWV
,IWKHJRYHUQPHQWUDLVHVWD[HVSHRSOHSD\PRUHWD[HVDQGVSHQGOHVVPRQH\7KLVXVXDOO\FRROVWKHHFRQRP\
,IWKHJRYHUQPHQWORZHUVWD[HVSHRSOHSD\IHZHUWD[HVDQGKDYHPRUHLQFRPHIRUFRQVXPSWLRQ7KLVXVXDOO\KHDWVXSWKHHFRQRP\
,IWKHJRYHUQPHQWUDLVHVWD[HVWRRPXFKSHRSOHVSHQGDORWOHVVDQGWKHHFRQRP\FRROVGRZQWRRPXFKFDXVLQJXQHPSOR\PHQW
,IWKHJRYHUQPHQWORZHUVWD[HVWRRPXFKSULYDWHVSHQGLQJJRHVXSWRRIDVWDQGWKHHFRQRP\KHDWVXSWRRPXFKFDXVLQJLQïDWLRQ
7KHUHIRUHFRQFHUQLQJîVFDOSROLF\WKHJRYHUQPHQWXVHVWKHWD[UDWHVWRVHHNDSHUIHFWEDODQFHEHWZHHQXQHPSOR\PHQWDQGLQïDWLRQ
&RQFHUQLQJPRQHWDU\SROLF\LIWKHFHQWUDOEDQNUDLVHVLQWHUHVWUDWHVSHRSOHZLOOERUURZOHVVDQGWKXVVSHQGOHVV
0DQXIDFWXULQJ
7KHUHDUHWZREDVLFDSSURDFKHVWRPDQXIDFWXULQJWRSURGXFHWRVWRFNDQGWRSURGXFHRQRUGHU
:KHQDIDFWRU\SURGXFHVWRVWRFNLWPDNHVLWVSURGXFWVVWRUHVWKHPLQDZDUHKRXVHDQGORRNVIRUFXVWRPHUVZLOOLQJWREX\WKHP
:KHQDIDFWRU\SURGXFHVRQRUGHULWPDNHVDSURGXFWRQO\ZKHQLWUHFHLYHVDîUPRUGHUIURPDFXVWRPHU
&DUPDQXIDFWXUHVSURGXFHWRVWRFN<RXFDQRIWHQVHHKXJHRXWGRRUORWVIXOORIFDUVZDLWLQJWREHVKLSSHGWRGHDOHUV
6RIWZDUHVROXWLRQVPDNHUVSURGXFHRQRUGHUDVHYHU\VROXWLRQLVWDLORUPDGHWRWKHFXVWRPHU
,QWKHSDVW\HDUV-DSDQHVHPDQXIDFWXUHUVKDYHKDGDVWURQJLPSDFWRQWKHHYROXWLRQRIPDQXIDFWXULQJV\VWHPV
/HDQSURGXFWLRQ-XVW,Q7LPHSURGXFWLRQDQGWKH.DQEDQV\VWHPDUHWKUHHLPSRUWDQW-DSDQHVHFRQWULEXWLRQVWRPDQXIDFWXULQJ
/HDQSURGXFWLRQFRPHVIURPWKH(QJOLVKZRUGpOHDQqZKLFKLVWKHRSSRVLWHRIpIDWqZKHQUHIHUULQJWRPHDW
/HDQSURGXFWLRQPHDQVQRIDWSURGXFWLRQWKDWLVSURGXFWLRQDFKLHYHGZLWKPXFKJUHDWHUHIîFLHQF\
/HDQSURGXFWLRQPHDQVOHVVZDVWHOHVVKXPDQHIIRUWOHVVVSDFHIHZHUWRROVOHVVLQYHQWRU\DQGOHVVSURGXFWGHYHORSPHQWWLPH
/HDQPDQXIDFWXULQJIRFXVHVRQWKHpVHYHQZDVWHVqVHWRXWE\7R\RWD7KHîUVWZDVWHLVGHIHFWV&XVWRPHUVUHMHFWSURGXFWVZLWKGHIHFWV
7KHVHFRQGZDVWHLVRYHUSURGXFWLRQZKLFKPHDQVWKHSURGXFWLRQRUDFTXLVLWLRQRIPDWHULDOVEHIRUHWKH\DUHUHDOO\QHHGHG
2YHUSURGXFWLRQLVFRQVLGHUHGWKHZRUVWZDVWHRIDOOEHFDXVHWKHPDWHULDOVPXVWEHVWRUHGPDQDJHGDQGSURWHFWHG
$FRPSDQ\WKDWVXIIHUVRYHUSURGXFWLRQIHHOVVDIHEHFDXVHWKH\KDYHWKHPDWHULDOVWKH\QHHGDQGEHFDXVHRIWKLVWKH\JHWOD]\
7KHWKLUGZDVWHLVWUDQVSRUWDWLRQ:KHQDSURGXFWLVPRYHGGDPDJHORVVHVRUGHOD\VFDQRFFXU7UDQVSRUWDWLRQDGGVQRWKLQJWRWKHYDOXH
/RZ%HJLQQHU
+LJK%HJLQQHU
%XHQRVGÇDV DQWHVGHPHGLRGÇD *RRGPRUQLQJKRZDUH\RX"
FÍPRHVW»V"
%XHQDVWDUGHV HQWUHODV\ *RRGDIWHUQRRQZKHQLV
ODV FX»QGRHVODFRPLGD" OXQFK"
/DFXHQWDSRUIDYRU 7KHELOOSOHDVH
&X»QWRHVODFRPLGD" +RZPXFKLVOXQFK"
(VWR\FDQVDGREXHQDVQRFKHV ,oPWLUHGJRRGQLJKW
7HHVWR\HVFXFKDQGRSHURHOODQR ,DPOLVWHQLQJWR\RXEXWVKH
LVQoW
(OODYLYHHQ0DGULGSHURVX 6KHOLYHVLQ0DGULGEXWKHU
EURWKHUGRHVQoW
KHUPDQRQR
£OSXHGHKDEODUIUDQFÃVSHURVX +HFDQVSHDN)UHQFKEXWKLV
JLUOIULHQGFDQoW
QRYLDQR
(VWR\HVWXGLDQGRSDUDHOH[DPHQ ,oPVWXG\LQJIRUWKHH[DPEXW
P\IULHQGVDUHQoW
SHURPLVDPLJRVQR
0HJXVWDLUDOFROHJLRSHURDPL ,OLNHJRLQJWRVFKRROEXWP\
EHVWIULHQGGRHVQoW
PHMRUDPLJDQR
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&RJÇXQWD[LSDUDLUDO ,WRRNDWD[LWRJRWRWKH
DLUSRUW
DHURSXHUWR
&RPSUÃXQDFDOFXODGRUDSDUD ,ERXJKWDFDOFXODWRUWRKHOS
TXHPHD\XGHFRQPLVGHEHUHV ZLWKP\KRPHZRUN
7UDMHXQERFDGLOORSDUDFRPHU ,EURXJKWDVDQGZLFKWRHDWLQ
WKHEUHDN
HQHOGHVFDQVR
)XLDOPXVHRSDUDYHUOD ,ZHQWWRWKHPXVHXPWRVHH
WKHH[KLELWLRQ
H[SRVLFLÍQ
+LFHXQDWDUWDSDUDFHOHEUDUWX ,PDGHDFDNHWRFHOHEUDWH\RXU
ELUWKGD\
FXPSOHDËRV
&X»OHVHOPHMRUOLEURTXHKDV :KDWoVWKHEHVWERRN\RXoYH
HYHUUHDG"
OHÇGRQXQFD"
4XÃHVORSHRUTXHKDVKHFKR :KDWoVWKHZRUVWWKLQJ\RXoYH
HYHUGRQH"
QXQFD"
&X»OHVODSHOÇFXODP»VODUJD :KDWoVWKHORQJHVWïOP\RXoYH
HYHUVHHQ"
TXHKDVYLVWR"
&X»OHVODSUHQGDP»VFDUD :KDWoVWKHPRVWH[SHQVLYH
LWHPRIFORWKLQJ\RXoYHHYHU
TXHKDVFRPSUDGRQXQFD"
4XLÃQHVODSHUVRQDP»V ERXJKW"
:KRoVWKHPRVWLQWHUHVWLQJ
LQWHUHVDQWHFRQODTXHKDV
SHUVRQ\RXoYHHYHUVSRNHQWR"
KDEODGRQXQFD"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
6LIXHUDXQDPRVFDYRODUÇD ,I,ZHUHDð\,oGð\
6LIXHUDXQEHEÃOORUDUÇD ,I,ZHUHDEDE\,oGFU\
6LIXHUDXQODGUÍQUREDUÇD ,I,ZHUHDWKLHI,ZRXOGVWHDO
6LIXHUDVHUSLHQWHPHSHODUÇD ,I,ZHUHDVQDNH,ZRXOGSHHO
6LIXHUDLQVSHFWRUGH+DFLHQGD ,I,ZHUHDWD[LQVSHFWRU,
QRVHORGLUÇDDQDGLH
ZRXOGQoWWHOODQ\ERG\
/HVJXVWDHOGLVHËRSHURGLFHQ 7KH\OLNHWKHGHVLJQEXWWKH\
TXHVXSHUDVXSUHVXSXHVWR
VD\LWH[FHHGVWKHLUEXGJHW
|1RSXHGHVHU 7KDWoVLPSRVVLEOH
3HURHOSUHFLRIXHSDFWDGR %XWWKHSULFHZDVDJUHHGXSRQ
KDFHVLJORV
DJHVDJR
2VHDWHQGUHPRVTXH ,QRWKHUZRUGVZHoOOKDYHWR
UHQHJRFLDU
UHQHJRWLDWH
1RYHRRWUDVDOLGD ,GRQoWVHHDQ\RWKHUZD\RXW
$FFRXQW1XPEHU 1ÔPHURGHFXHQWD
&KHTXH &KHTXH
$PRXQW &DQWLGDG
6WXE 0DWUL]
6LJQDWXUH )LUPD
9RFDEXODULR&KHTXHERRN 7DORQDULRGHFKHTXHV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
6LHPSUHPHWRFDDPÇODFKLQD ,DOZD\VGUDZWKHVKRUWVWUDZ
|1RVHDVWDQSODVWD 'RQoWEHVXFKDERUH
/RWHQJRHQODSXQWDGHOD ,WoVRQWKHWLSRIP\WRQJXH
OHQJXD
&X»QGRYDVDVHQWDUFDEH]D" :KHQDUH\RXJRLQJWRVHWWOH
GRZQ"
(UHVXQJDIH <RXoUHDMLQ[
|/RVUXLGRVTXHKDFHQORV 7KHQRLVHVDQLPDOVPDNHLQ
DQLPDOHVHQLQJOÃV
(QJOLVK
8QSHUURDQLPDGRGLFHpJXDX $QH[FLWHGGRJVD\VpZRRI
JXDXq
ZRRIq
8QSDYRDQVLRVRGLFHpSUXGUX $QDQ[LRXVWXUNH\VD\V
SUXGUXq
pJREEOHVJREEOHVq
8QDUDQDKDPEULHQWDGLFH $KXQJU\IURJVD\VpULEELW
pFURDFURDq
ULEELWq
(OJDOORTXHQRVGHVSLHUWDGLFH 7KHFRFNWKDWZDNHVXVXSVD\V
pTXLTXLULTXÇq
pFRFNDGRRGOHGRRq
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpE\q
9$8*+$1&/$665220
&ODVHVDWXHPDLO
,oOOJRE\KLVKRXVHDQGGURSLWRII
3DVDUÃSRUVXFDVDSDUDGHM»UVHOR
,oOOUXQE\WKHSKDUPDF\DQGSLFNLWXS
3DVDUÃSRUODIDUPDFLDDUHFRJHUOR
/HWWKHPE\
$S»UWDWHSDUDGHMDUOHVSDVDU
7KH\VDWE\DQGGLGQRWKLQJ
9LHURQWRGR\QRKLFLHURQQDGDSDUDSDUDUOR
5XQWKDWE\PHRQHPRUHWLPH
([SOÇFDPHHVRXQDYH]P»V
7KH\VWRRGE\DQGGLGQRWKLQJ
9LHURQWRGR\QRKLFLHURQQDGDSDUDSDUDUOR
3RQDSUXHEDWX´OLVWHQLQJµFRQHODXGLR\
YLGHRTXHYLHQHQHQFDGDOHFFLÍQ
,QVFUÇEHWHRQOLQH\UHFLEHWXVFODVHVGHLQJOÃVJUDWXLWDV
GLUHFWDPHQWHDWXHPDLO
ZZZYDXJKDQFODVVURRPFRP
)LQDQFHDQGDFFRXQWLQJ
)RUODUJHLQYHVWPHQWSURMHFWVFRPSDQLHVXVXDOO\UHVRUWWRORQJWHUPORDQVRUGHFLGHWRpïRDWqERQGV
$ORQJWHUPORDQLVDUUDQJHGZKHQWKHUHSD\PHQWRIWKHORDQDQGWKHXVHIXOOLIHRIWKHDVVHWVSXUFKDVHGDUHH[SHFWHGWRH[FHHGRQH\HDU
,IDFRPSDQ\GHFLGHVWREX\QHZFRPSXWHUHTXLSPHQWDFRPPRQRSWLRQLVWRWDNHRXWDORQJWHUPORDQWRSD\IRUWKHQHZHTXLSPHQW
/RQJWHUPORDQVDUHRIWHQVHFXUHGE\WKHQHZDVVHW,QRWKHUZRUGVWKHDVVHWLVXVHGDVFROODWHUDORQWKHORDQ
,IWKHEDQNLQVLVWVRQVHFXULWL]DWLRQDQGWKHFRPSDQ\GRHVQoWDJUHHWKHQWKHEDQNZLOODVNIRUSHUVRQDOJXDUDQWHHVIURPWKHRZQHUV
2QWKHEDODQFHVKHHWWKHHTXLSPHQWVKRZVXSDVDî[HGDVVHWDQGWKHORDQDVDORQJWHUPOLDELOLW\
%DQNVDQGRWKHUOHQGHUVPDNHORDQVWREXVLQHVVHVWKDWVKRZVWURQJPDQDJHPHQWDELOLW\DQGVWHDG\JURZWKSRWHQWLDO
$ZULWWHQEXVLQHVVSODQLQFOXGLQJDFDVKïRZIRUHFDVWPXVWEHSUHVHQWHGWRGHPRQVWUDWHWKHFRPSDQ\oVDELOLW\WRSD\EDFNWKHORDQ
7KHWHUPpFDVKïRZqPHDQVVLPSO\WKHPRQH\WKDWPRYHVLQWRDQGRXWRIWKHEXVLQHVV,WoVWKHF\FOHRIFDVKLQïRZVDQGRXWïRZV
,QDFFRXQWLQJWHUPVLWoVWKHSURîWDIWHUWD[HVSOXVGHSUHFLDWLRQDQGDPRUWL]DWLRQFRVWVSOXVSURYLVLRQV
'HSUHFLDWLRQDPRUWL]DWLRQDQGSURYLVLRQVDUHH[SHQVHVWKDWDUHQRWUHDOO\PRQH\ORVVHVLQDJLYHQîVFDORUîQDQFLDO\HDU
,IDFRPSDQ\EX\VDPDFKLQHIRUHXURVLWXVXDOO\SD\VDOOWKHPRQH\XSRQSXUFKDVH7KHQLWDSSOLHVDGHSUHFLDWLRQVFKHGXOH
7KLVPHDQVWKDWRYHUWKHQH[W\HDUVIRUH[DPSOHWKHFRPSDQ\pGHSUHFLDWHVqWKHPDFKLQHE\GHGXFWLQJDH[SHQVHDQQXDOO\
7KHHXURVWKDWWKHFRPSDQ\GHGXFWVHYHU\\HDULVDUHDOH[SHQVHEXWWKHPRQH\ZDVDOUHDG\SDLGRXWXSRQSXUFKDVHLQ\HDU]HUR
%HFDXVHWKHGHSUHFLDWLRQH[SHQVHLVQRWDUHDOORVVRIPRQH\GXULQJWKH\HDULWLVDGGHGEDFNWRWKHQHWSURîWWRFDOFXODWHFDVKïRZ
0DUNHWLQJDQGVDOHVPDQDJHPHQW
,QDGGLWLRQWRWKHEUDQGHTXLW\RIDSURGXFWDQRQJRLQJHIIRUWVKRXOGEHPDGHWRRSWLPL]HIXQFWLRQDOLW\VW\OLQJTXDOLW\DQGSDFNDJLQJ
6XFFHVVIXOSURGXFWVDOZD\VZRUNSURSHUO\QHHGOLWWOHRUQRVHUYLFLQJDQGDUHDWWUDFWLYHWRWKHH\H
)LQDOO\GHSHQGLQJRQWKHW\SHRISURGXFWLWZLOOQHHGJRRGDIWHUVDOHVVHUYLFHDQGZDUUDQW\SURWHFWLRQ
7KHVHFRQGp3qDIWHU3URGXFWLVp3ULFHq2IWHQWKHSULFHGHFLVLRQGHSHQGVRQWKHSURGXFWVWUDWHJ\
,IDFRPSDQ\ZDQWVWRJDLQPDUNHWVKDUHDVTXLFNO\DVSRVVLEOHWKHQWKHSULFHLVNHSWORZWRSURPRWHSHQHWUDWLRQ
,IWKHSURGXFWLVPDWXUHRULQGHFOLQHDFRPSDQ\PLJKWGHFLGHRQDKLJKSULFHZLWKWKHLGHDRIpVNLPPLQJqWKHPDUNHW
7KHYHUEpWRVNLPqPHDQVWRWDNHWKHFUHDPRUIDWRIIWKHVXUIDFHRIPLON7RVNLPDSURGXFWPHDQVWRH[SORLWLWIRUPD[LPXPSURîW
3ULFLQJFDQDOVREHVXEMHFWWRGLVFRXQWV$TXDQWLW\GLVFRXQWLVZKHQFXVWRPHUVUHFHLYHDGLVFRXQWIRUSXUFKDVLQJLQODUJHTXDQWLWLHV
$FXPXODWLYHTXDQWLW\GLVFRXQWLVZKHQDODUJHQXPEHURIVPDOOLQGLYLGXDORUGHUVDOORZVDFXVWRPHUWRUHFHLYHDTXDQWLW\GLVFRXQW
6HDVRQDOGLVFRXQWVDUHRIIHUHGWRFXVWRPHUVZKREX\WKHSURGXFWRUVHUYLFHLQORZVHDVRQRURIIVHDVRQ
&DVKGLVFRXQWVDUHWKRVHRIIHUHGWRFXVWRPHUVZKRSD\WKHLUELOOVEHIRUHDVSHFLîHGGDWH
7UDGHGLVFRXQWVDUHWKRVHRIIHUHGWRPLGGOHPHQRULQWHUPHGLDULHVZKRDUHUHJXODUPHPEHUVRIWKHYDOXHFKDLQ
3URPRWLRQDOGLVFRXQWVDUHWKRVHWKDWDUHRIIHUHGWRWKHSXEOLFLQRUGHUWRVWLPXODWHVDOHV
)RUPDQ\PDUNHWHUVSULFLQJLVWKHPRVWLPSRUWDQWHOHPHQWLQPDUNHWLQJ)RUWKHPLWoVLPSHUDWLYHWRVHWDSULFLQJREMHFWLYH
6RPHFRPSDQLHVVHHNWRSURPRWHTXDOLW\OHDGHUVKLSDQGWKH\XVHSULFHDVDVLJQDORIKLJKTXDOLW\LQDQHIIRUWWRSRVLWLRQWKHLUSURGXFW
*HQHUDODQGVWUDWHJLFPDQDJHPHQW
0DQ\&(2oVFRQFHQWUDWHRQWKHYDOXHFKDLQRIWKHLUFRPSDQ\7KHîUVWHOHPHQWLQWKHYDOXHFKDLQLVLQERXQGORJLVWLFV
,QERXQGORJLVWLFVLQFOXGHVDOOWKHDFWLYLWLHVWKDWDUHSHUIRUPHGE\WKHFRPSDQ\WRJHWWKHUDZPDWHULDOVWRWKHIDFWRU\
7KHVHFRQGHOHPHQWLQWKHYDOXHFKDLQLVRSHUDWLRQVWKDWLVWKHSURFHVVHVQHFHVVDU\WRWUDQVIRUPWKHLQSXWVLQWRîQLVKHGSURGXFWV
7KHWKLUGHOHPHQWLVRXWERXQGORJLVWLFVZKLFKLQFOXGHVWKHZDUHKRXVLQJRIîQLVKHGSURGXFWVDQGWKHLUGLVWULEXWLRQWKURXJKWKHFKDQQHO
7KHIRXUWKHOHPHQWLVPDUNHWLQJDQGVDOHVZKLFKLQFOXGHVLGHQWLI\LQJWKHQHHGVRIWKHFXVWRPHUDQGJHQHUDWLQJVDOHV
$QGîQDOO\WKHîIWKHOHPHQWLVWKHVXSSRUWWKDWFXVWRPHUVQHHGDIWHUEX\LQJWKHSURGXFWRUVHUYLFH
7KHVHîYHHOHPHQWVDUHVXSSRUWHGE\WKHLQIUDVWUXFWXUHRIWKHFRPSDQ\LWVRUJDQL]DWLRQLWVFRQWUROV\VWHPVDQGWKHFRUSRUDWHFXOWXUH
,WLVDOVRVXSSRUWHGE\WKHKXPDQUHVRXUFHVPDQDJHPHQWZKLFKLQFOXGHVUHFUXLWLQJWUDLQLQJGHYHORSPHQWDQGFRPSHQVDWLRQ
0DQ\&(2oVXVHWKLVPRGHOWRGHîQHWKHpFRUHFRPSHWHQFLHVqRIWKHFRPSDQ\DQGLGHQWLI\DFWLYLWLHVWRJLYHLWDFRPSHWLWLYHDGYDQWDJH
7KHUHDUHEDVLFDOO\WZRVWUDWHJLFGHFLVLRQVWKDW&(2oVPDNHDERXWWKHIXWXUHRIWKHLUFRPSDQ\&RVWDGYDQWDJHRUGLIIHUHQWLDWLRQ
,IWKHFRPSDQ\SXUVXHVFRVWDGYDQWDJHWKLVPHDQVWKDWWKHVWUDWHJ\ZLOOEHWRFRPSHWHLQSULFHDQGEHFRPHWKHORZSULFHFRPSHWLWRU
7RDFKLHYHWKLVWKH&(2PXVWîQGZD\VWRUHGXFHWKHFRVWRIYDOXHFKDLQDFWLYLWLHVRUUHFRQîJXUHWKHYDOXHFKDLQDOWRJHWKHU
5HGXFLQJFRVWVUHTXLUHVDGGUHVVLQJZKDWVWUDWHJLVWVFDOOpFRVWGULYHUVqPDQ\RIZKLFKDUHLQWHUOLQNHGDQGUHODWHGWRHFRQRPLHVRIVFDOH
7KHPRVWLPSRUWDQWHOHPHQWLQFXWWLQJFRVWVLVWRJDLQJUHDWHUPDUNHWVKDUHDQGDVDUHVXOWPRYHGRZQWKHOHDUQLQJRUH[SHULHQFHFXUYH
7KHPRUHXQLWVRIDSURGXFWDFRPSDQ\SURGXFHVWKHORZHUWKHXQLWFRVWRISURGXFWLRQ7KHUHIRUHLQFUHDVLQJPDUNHWVKDUHLVHVVHQWLDO
/RZ%HJLQQHU
+LJK%HJLQQHU
6XFRFKH GHHOORV HVHOD]XO 7KHLUFDULVWKHEOXHRQH
0LFDVDHVODSHTXHËD 0\KRXVHLVWKHVPDOORQH
7XDVLHQWRHVHVWH <RXUVHDWLVWKLVRQH
6XEROVRHVHOPDUUÍQ" ,VKHUEDJWKHEURZQRQH"
1XHVWURVOLEURVVRQORVJUDQGHV 2XUERRNVDUHWKHELJRQHV
7HORHVWR\GDQGRSRUTXHHVWX\R ,oPJLYLQJLWWR\RXEHFDXVHLWoV
\RXUV
(OODPHORHVW»GDQGRSRUTXH 6KHoVJLYLQJLWWRPHEHFDXVH
LWoVPLQH
HVPÇR
3RUTXÃÃOVHORHVW»GDQGR" :K\LVKHJLYLQJLWWRWKHP"
DHOORV
1RVORHVW»QGDQGR 7KH\oUHJLYLQJLWWRXV
6HORHVWDPRVGDQGR DHOODV :HoUHJLYLQJLWWRWKHP
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
&RQTXÃIUHFXHQFLDYDLVDOOÇ" +RZRIWHQGR\RXJRWKHUH"
&X»QWDVYHFHVIXLVWHDOOÇ" +RZPDQ\WLPHVGLG\RXJR
WKHUH"
&RQTXÃIUHFXHQFLDYLHQHWX +RZRIWHQGRHV\RXUEURWKHU
FRPHWR6SDLQ"
KHUPDQRD(VSDËD"
6LHPSUHWHQJRTXHGHFLUWHOR ,DOZD\VKDYHWRWHOO\RXWKH
VDPHWKLQJ
PLVPR
3RUTXÃQXQFDIXQFLRQD" :K\GRHVLWQHYHUZRUN"
6HFRQVLGHUDDVÇPLVPRXQ +HFRQVLGHUVKLPVHOIDIDLOXUH
IUDFDVDGR
3RUTXÃIUDFDVDVWH" :K\GLG\RXIDLO"
1RWXYLHURQÃ[LWR 7KH\GLGQoWVXFFHHG
+DWHQLGRPXFKRÃ[LWRHQOD 6KHoVEHHQYHU\VXFFHVVIXOLQ
YLGD
KHUOLIH
(OÃ[LWRQRHVORÔQLFRTXH 6XFFHVVLVQoWWKHRQO\WKLQJ
LPSRUWDHQODYLGD
WKDWPDWWHUVLQOLIH
3UHPRODU 3UHPRODU
,QFLVRU ,QFLVLYR
&DQLQH &ROPLOOR
)LOOLQJ (PSDVWH
0RODU 0XHOD
&DYLW\ &DULH
9RFDEXODULR7HHWK 'LHQWHV
+LJK,QWHUPHGLDWH
|4XÃSHQD :KDWDVKDPH SLW\
/DVSHUVRQDVVLQKRJDUPHGDQ ,IHHOUHDOO\VRUU\IRUWKH
PXFKDSHQD
KRPHOHVV
(VWR\WRWDOPHQWHHQFRQWUD ,oPWRWDOO\DJDLQVWWKHGHDWK
GHODSHQDGHPXHUWH
SHQDOW\
1RYDOHODSHQDGLVFXWLUFRQ ,WoVQRWZRUWKDUJXLQJZLWK
HOORV
WKHP
1RPHUHFHODSHQD ,WoVQRWZRUWKLW
/RZ$GYDQFHG
3RUTXÃVHWHFD\HURQ"
1RORKLFHDSURSÍVLWR
5HVEDOÃFRQODSLHOGHXQSO»WDQR
1RODVGHMHVHQHOVXHOR
UHFÍJHODV
1RPHSXHGRDJDFKDUPH
GXHOHODHVSDOGD
:K\GLG\RXGURSWKHP"
,GLGQoWGRLWRQSXUSRVH
,VOLSSHGRQDEDQDQDSHHO
'RQoWOHDYHWKHPRQWKHðRRU
SLFNWKHPXS
,FDQoWEHQGGRZQP\EDFN
KXUWV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
&X»OHVHOVDODULRPÇQLPRHQ :KDWoVWKHPLQLPXPZDJHLQ
WXSDÇV"
\RXUFRXQWU\"
/DGXUDFLÍQGHODMRUQDGD 7KHOHQJWKRIWKHZRUNLQJGD\
ODERUDOHVGHRFKRKRUDV
LVKRXUV
(OVXHOGRHVW»YLQFXODGRDO 6DODU\LVOLQNHGWRSHUIRUPDQFH
UHQGLPLHQWR
1HJRFLDU»QHQQRPEUHGHWRGRV 7KH\oOOQHJRWLDWHRQEHKDOIRI
ORVHPSOHDGRV
DOOWKHHPSOR\HHV
(QFRQWUÃHVWHWUDEDMRDWUDYÃV ,IRXQGWKLVMREWKURXJKD
GHXQD(77
WHPSRUDU\ZRUNDJHQF\
1RHVSHUDEDTXHIXHUDVWDQ ,GLGQoWH[SHFW\RXWREHVXFKD
FKDTXHWHUR
WXUQFRDW
9LYHHQHOTXLQWRSLQR +HOLYHVDWWKHEDFNRIEH\RQG
6HSXHGHKDFHUHQXQVDQWLDPÃQ ,WFDQEHGRQHLQDMLII\
1LVHWHRFXUUDPRQWDUXQ 'RQoWHYHQWKLQNDERXWPDNLQJ
QXPHULWR
DVFHQH
(VWDYH]WHKDVSDVDGRGHODUD\D <RXoYHRYHUVWHSSHGWKHPDUN
WKLVWLPH
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRIq
3UDFWLFDO(QJOLVKDWDUHVWDXUDQW
:KDWHYHUFDPHRIKLP"
4XÃIXHGHÃO"
6SHDNLQJRIWKHGHYLOf
+DEODQGRGHOUH\GH5RPD
,oYHQHYHUKHDUGRIKLP
1RPHVXHQDVXQRPEUHSDUDQDGD
7KLQNRIVRPHWKLQJ
|,QYÃQWDWHDOJR SDUDGHFÇUVHORDRWUR
:KDWGR\RXPDNHRILW"
4XÃRSLQDV" GHODVLWXDFLÍQ
,NQRZRIQRRQHFDSDEOHRIGRLQJLW
1RVÃGHQDGLHFDSD]GHKDFHUOR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
8QDPHVDSDUDFXDWURSRUIDYRU
&X»OHVHOPHQÔGHOGÇD"
9R\DWRPDUHOîOHWHSRFRKHFKR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
,QYHVWLQJ
6WDUWLQJDWDJHLI\RXSXWHXURVDPRQWKLQDVDYLQJVSODQWKDWSURYLGHVDUHWXUQ\RXZLOOKDYHHXURVDWDJH
,I\RXLQFUHDVHWKHHXURVDPRQWKE\RQO\îYHHXURVHDFK\HDUWKHîQDODPRXQWZLOOFRPHWRHXURV
,I\RXWUDQVIRUPHGWKDWîQDOPRXQWLQWRDQDQQXLW\DW\RXZRXOGUHFHLYHRYHUHXURVSHUPRQWKIRUWKHUHVWRI\RXUOLIH
$QDQQXLW\LVDPRQWKO\OLIHWLPHLQFRPHWKDWLQVXUDQFHFRPSDQLHVZLOOSD\\RXRQDQ\DPRXQWRIPRQH\WKDW\RXJLYHWKHP
2IWHQIDPRXVVSRUWVVWDUVZKRHDUQDORWRIPRQH\LQDVKRUWSHULRGRI\HDUVKDQGRYHUDSRUWLRQRIWKRVHHDUQLQJVWRDQLQVXUDQFHîUP
7KHîUPWUDQVIHUVWKHPRQH\LQWRDQHQGRZPHQWZKLFKWKHVSRUWVVWDUGRHVQoWWRXFKXQWLODJHZKHQWKHHQGRZPHQWPDWXUHV
$IWHUWKHHQGRZPHQWPDWXUHVWKHQWKHH[VSRUWVVWDUFDQWDNHDOOWKHPRQH\RUWUDQVIRUPLWLQWRDQDQQXLW\
,QVXUDQFHFRPSDQLHVRIIHUHQGRZPHQWSROLFLHVWRQRUPDOSHRSOHWRRUHFRPPHQGLQJDQDQQXLW\DWPDWXULW\
7KHVHHQGRZPHQWVDUHORQJWHUPVDYLQJVSODQVVLPLODUWRSHQVLRQIXQGVUHJXODWHGE\WKHJRYHUQPHQWZLWKRQHDGGLWLRQ
$QHQGRZPHQWDOPRVWDOZD\VLQFOXGHVOLIHLQVXUDQFHFRYHUDJHWKDWDOORZVDSHUVRQoVEHQHîFLDULHVLPSRUWDQWSURFHHGVLIWKHSHUVRQGLHV
7KHWHUPpSURFHHGVqLVWKHZRUGZHXVHWRUHIHUWRWKHPRQH\DEHQHîFLDU\UHFHLYHVIURPDOLIHLQVXUDQFHSROLF\
,QYHVWLQJLQOLIHLQVXUDQFHHQGRZPHQWVLVRQHRIWKHVDIHVWLQYHVWPHQWVWKDWH[LVW7KHUHWXUQLVQRWKLJKEXWLWLVVHFXUH
2WKHUîQDQFLDOLQVWUXPHQWVRIIHUJUHDWHUUHWXUQVEXWWKHLQYHVWRUPXVWH[HUFLVHVHOIGLVFLSOLQHDQGLQYHVWPRQH\UHOLJLRXVO\HYHU\\HDU
7KHPRQH\SXWLQWROLIHLQVXUDQFHHQGRZPHQWVLVXVXDOO\E\PHDQVRIGLUHFWGHELWLQWRDEDQNDFFRXQWVLPLODUWRWKHHOHFWULFELOO
2YHUD\HDUSHULRGPRVWSHRSOHFDQQRWPDLQWDLQWKHVDYLQJVGLVFLSOLQHWKDWDOLIHLQVXUDQFHHQGRZPHQWIRUFHVWKHPWRDFTXLUH
+XPDQUHVRXUFHV
+XPDQUHVRXUFHVPDQDJHPHQWLVEHFRPLQJDQLQFUHDVLQJO\FULWLFDOIXQFWLRQIRUWKHVXFFHVVRIODUJHDQGVPDOORUJDQL]DWLRQV
/HJDOTXHVWLRQVVXFKDVIDLUQHVVLQKLULQJDQGSURPRWLQJDUHEHFRPLQJLQFUHDVLQJO\LPSRUWDQW*RYHUQPHQWVVHHNHTXDORSSRUWXQLW\
,QUHFUXLWPHQW+5PXVWGHWHUPLQHWKHUHFUXLWPHQWQHHGVDQGREMHFWLYHVDQGKRZPXFKLVLQWHUQDOO\VRXUFHGDQGKRZPXFKH[WHUQDOO\
+5QHHGVWRPDQDJHWKHMREDSSOLFDWLRQSURFHVVLQWHUYLHZLQJEDFNJURXQGWHVWLQJSUHHPSOR\PHQWWHVWLQJDQGPHGLFDOH[DPLQDWLRQV
,QWKHDUHDRIFDUHHUSODQQLQJDQGGHYHORSPHQW+5PXVWNQRZKRZWRDFFRPPRGDWHRUJDQL]DWLRQDODQGLQGLYLGXDOQHHGV
7KH+5GHSDUWPHQWVKRXOGDOZD\VRYHUVHHDQGFORVHO\PRQLWRUPRELOLW\ZLWKLQWKHRUJDQL]DWLRQDVZHOODVMREWUDQVLWLRQV
+5LVXVXDOO\WKHDUHDPRVWDFWLYHLQLQGLYLGXDOGLVPLVVDOVFROOHFWLYHOD\RIIVUHWLUHPHQWVDQGHPSOR\HUGHIHQFHVDJDLQVWOLWLJDWLRQ
7KH+5DUHDVKRXOGDOZD\VWU\WRPDLQWDLQDFORVHOLQNEHWZHHQWUDLQLQJDQGWKHJRDOVREMHFWLYHVDQGVWUDWHJLHVRIWKHRUJDQL]DWLRQ
*RRGWUDLQLQJFDQEHYLWDOWRWKHKHDOWKDQGJURZWKRIDQRUJDQL]DWLRQDQG+5VKRXOGDOZD\VDQDO\]HWKHFRVWVDQGEHQHîWV
7KHWUDLQLQJDUHDVKRXOGEHHIIHFWLYHLQVHOHFWLQJJRRGWUDLQHUVRUWUDLQLQJîUPVDQGLQHVWDEOLVKLQJWKHULJKWW\SHVRIWUDLQLQJSURJUDPV
:KHQGHWHUPLQLQJFRPSHQVDWLRQWKH+5GHSDUWPHQWPXVWDOZD\VFRQVLGHUDOOIDFWRUVWKDWFDQLQïXHQFHVDODU\DQGEHQHîWV
6RPHRIWKHVHIDFWRUVLQFOXGHLQïDWLRQLQWHUHVWUDWHVLQGXVWU\FRPSHQVDWLRQVWDQGDUGVGHPRJUDSKLFVDQGODERXUPDUNHWWUHQGV
&RPSHQVDWLRQSURJUDPVDUHXVXDOO\DGDSWHGDQGWDLORUHGWRWKHRUJDQL]DWLRQoVFXOWXUHVWUXFWXUHDQGREMHFWLYHV
&RPSHQVDWLRQLQFOXGHVWKHEDVHSD\RUVDODU\GLIIHUHQWLDOSD\DQGLQFHQWLYHSD\,QFHQWLYHSD\LQFOXGHVERQXVHVDQGRWKHUEHQHîWV
'LIIHUHQWLDOSD\LVDGGLWLRQDOSD\SURYLGHGWRWKRVHHPSOR\HHVZKRKDYHWRZRUNLQXQGHUVSHFLDOFRQGLWLRQVWKDWGLIIHUIURPWKHQRUP
6HFUHWDULDODQGDGPLQLVWUDWLRQ
3HRSOHLQWHUHVWHGLQVHFUHWDULDOZRUNVKRXOGEHFRPSXWHUOLWHUDWHDQGDZDUHRIQHZWHFKQRORJ\-REWHFKQRORJ\LVHYROYLQJTXLFNO\
*RRG3$oVDOZD\VVWULYHWRVHHNQHZFKDOOHQJHVDQGWDNHRQQHZUHVSRQVLELOLWLHVWKDWZLOOH[SDQGWKHLUVNLOOV
0DQ\SHUVRQDODVVLVWDQWVIDLOEHFDXVHRISRRUSHRSOHVNLOOV,WoVHVVHQWLDOIRUD3$WREXLOGDQGPDLQWDLQSRVLWLYHUHODWLRQVKLSVDWZRUN
$JRRGVHFUHWDU\VKRXOGDOZD\VORRNIRUQHZZD\VWRGRWKLQJVEHWWHUTXLFNHUPRUHHIîFLHQWO\DQGPRUHHIIHFWLYHO\
6HFUHWDULHVQHHGWRNQRZKRZWRPXOWLWDVNDVWKH\RIWHQSHUIRUPVHYHUDOWDVNVDWWKHVDPHWLPHZKLFKUHTXLUHVEHLQJZHOORUJDQL]HG
,QïH[LEOHDWWLWXGHVZLOORQO\EULQJSUREOHPV$VHFUHWDU\DOPRVWDOZD\VQHHGVWRDGDSWWRWKHZRUNLQJVW\OHRIWKHERVV
$JRRG3$PXVWEHDEOHWRLQWHUDFWDWDOOOHYHOVDVVKHLVRIWHQWKHSRLQWRIFRRUGLQDWLRQEHWZHHQGLIIHUHQWGHSDUWPHQWV
$SURDFWLYHVHFUHWDU\LVDOZD\VWKHEHVW6KHDQWLFLSDWHVZKDWWKHERVVQHHGVDQGLVUHDG\ZKHQWKHUHTXHVWFRPHV
,WoVHVSHFLDOO\LPSRUWDQWWKDWDVHFUHWDU\NQRZKRZWRZULWHZHOOZLWKQRVSHOOLQJHUURUVW\SRVRUJUDPPDWLFDOPLVWDNHVZKHQZULWLQJ
0RVWERVVHVKDYHDVHOHFWLYHPHPRU\IRUZKDWLVFULWLFDOIRUWKHRUJDQL]DWLRQ$JRRG3$PXVWSURYLGHWKHUHVWRIWKHPHPRU\QHHGV
:KHQRUJDQL]LQJPHHWLQJVRXWVLGHWKHFRPSDQ\DVHFUHWDU\QHHGVWRNQRZZKDWORFDOKRWHOVKDYHWRRIIHUDQGZKDWWKHPHHWLQJVUHTXLUH
,QWKHIXWXUHVHFUHWDULHVZLOOEHFRPHSURMHFWPDQDJHUVDQGGHFLVLRQPDNHUV7KH\ZLOOSURYLGHVROXWLRQVLQUXQQLQJDQRIîFH
&RPSDQLHVZRXOGEHZLVHWRGHYHORSVHFUHWDULHVDVSUREOHPVROYHUVDQGGHFLVLRQPDNHUV
7RSVHFUHWDULHVNQRZKRZWRVWUXFWXUHRUJDQL]HDQGZULWHOHWWHUVPHPRVDQGUHSRUWVWRDFFXUDWHO\FRPPXQLFDWHEXVLQHVVPDWWHUV
6HFUHWDULHVPXVWEHDEOHWRPDNHRQWKHVSRWGHFLVLRQVDQGGHYHORSVROXWLRQVIRUFRPSOH[SUREOHPV
/RZ%HJLQQHU
+LJK%HJLQQHU
'HGÍQGHVRQHOODV" :KHUHDUHWKH\IURP"
1RVRQIUDQFHVDV" $UHQoWWKH\)UHQFK"
6XVSDGUHV GHHOOD VRQGH $UHKHUSDUHQWVIURP)UDQFH
)UDQFLDWDPELÃQ"
WRR"
6RLVLQJOHVDV" $UH\RX(QJOLVK"
6RPRVSURIHVRUDVGHLQJOÃV :HDUH(QJOLVKWHDFKHUV
'HTXLÃQHV" :KRVHLVLW"
'HTXLÃQHVHVWDFDUWD" :KRVHOHWWHULVWKLV"
SHUWHQHQFLD
'HTXLÃQHVHVWDFDUWD" :KRLVWKLVOHWWHUIURP"
SURFHGHQFLD
'HTXLÃQVRQHVWDVOODYHV" :KRVHNH\VDUHWKHVH"
'HTXLÃQIXHHVDLGHD" :KRVHLGHDZDVWKDW"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
9HQDTXÇ\WU»HPHXQYDVRGH &RPHKHUHDQGEULQJPHD
DJXD
JODVVRIZDWHU
9HDOOÇ\OOHYDHVWHPHQVDMH *RWKHUHDQGWDNHWKLVPHVVDJH
FRQWLJR
ZLWK\RX
4XLÃQQRVOOHYDU»DO :KRZLOOWDNHXVWRWKH
DHURSXHUWR"
DLUSRUW"
4XÃKDU»VVLHOODWHGLFH :KDWZLOO\RXGRLIVKHVD\V
TXHQR"
QR"
4XÃKDU»VFXDQGRHOODWHGLJD :KDWZLOO\RXGRZKHQVKH
TXHQR"
VD\VQR"
(OODQRVHDFXHUGDGHORTXH 6KHGRHVQoWUHPHPEHUZKDW
KL]R
VKHGLG
/HVGLMLVWHGÍQGHÇEDPRV" 'LG\RXWHOOWKHPZKHUHZH
ZHUHJRLQJ"
1RHQWLHQGRSRUTXÃÃOWLHQH ,GRQoWXQGHUVWDQGZK\KHKDV
TXHGHFLUFRVDVDVÇ
WRVD\WKLQJVOLNHWKDW
6DEHÃOFX»QWDVSHUVRQDV 'RHVKHNQRZKRZPDQ\
KDEU»"
SHRSOHWKHUHZLOOEH"
/HVYDVDSUHJXQWDUFX»QGR $UH\RXJRLQJWRDVNWKHP
YDQDYHQLU"
ZKHQWKH\oUHJRLQJWRFRPH"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
(VWRV]DSDWRVQRPHKDQ 7KHVHVKRHVGLGQoWFRVWPH
FRVWDGRQDGD
DQ\WKLQJ
1RSLHQVRGDUWHQLQJXQR ,oPQRWSODQQLQJWRJLYH\RX
DQ\
(OODQRKDYLVWRQLQJXQDGH 6KHKDVQoWVHHQHLWKHURIWKRVH
ïOPV
HVDVGRVSHOÇFXODV
1LQJXQRGHHVRVDUFKLYRVVRQ 1RQHRIWKRVHïOHVDUH\RXUV
WX\RV
1RKDFÇDQDGDFXDQGRPHYLVWH ,ZDVQoWGRLQJDQ\WKLQJZKHQ
\RXVDZPH
$ÔQQRVHKDWRPDGRQLQJXQD +DVQoWDQ\GHFLVLRQEHHQWDNHQ
\HW"
GHFLVLÍQ"
7RGDYÇDHOODVVHHVW»QYLVWLHQGR 7KH\oUHVWLOOJHWWLQJGUHVVHG
<DQRSDUHFHTXHYD\DDOORYHU ,WGRHVQoWORRNOLNHLWoVJRLQJWR
UDLQDQ\PRUH
1RGHEHUÇDKDEHUXQRHQHO 6KRXOGQoWWKHUHEHRQHLQWKH
GUDZHU"
FDMÍQ"
1RKDEUÇDKDELGRSUREOHPDVVL :RXOGQoWWKHUHKDYHEHHQ
SUREOHPVLIWKH\KDGIRXQGRXW"
VHKXELHVHQHQWHUDGR"
1DLOYDUQLVKUHPRYHU 4XLWDHVPDOWH
1DLOVFLVVRUV 7LMHUDVGHXËDV
1DLOYDUQLVK (VPDOWHGHXËDV
1DLOFOLSSHUV &RUWDÔËDV
1DLOîOH /LPDGHXËDV
9RFDEXODULR0DQLFXUH 0DQLFXUD
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
(OSLVWRVHKDFHFRQFDODEDFLQHV 5DWDWRXLOOHLVPDGHZLWK
\EHUHQMHQDV
FRXUJHWWHVDQGDXEHUJLQHV
4XÃKD\H[DFWDPHQWHHQOD :KDWoVLQWKHIUXLWVDODG
PDFHGRQLD"
H[DFWO\"
1RPHJXVWDQORVFDOORVSDUD ,GRQoWOLNHWULSHDWDOO
QDGD
(VXQSODWRSDUHFLGRDOEDFDODR ,WoVDGLVKVLPLODUWREDWWHUHG
UHER]DGR
FRG
6HGLFHTXHHOSHUHMLOHVEXHQR ,WoVVDLGWKDWSDUVOH\LVJRRGIRU
SDUDHODOLHQWR
WKHEUHDWK
1RVHKDQWUDJDGRQLXQD 7KH\GLGQoWVZDOORZDZRUG
SDODEUD
RILW
(VWDEDVXGDQGRODJRWDJRUGD ,ZDVVZHDWLQJEXFNHWV
0DQWHQPHDOFRUULHQWHGHOR .HHSPHLQIRUPHGDERXW
TXHSDVD
ZKDWoVJRLQJRQ
6ÃDFLHQFLDFLHUWDTXHQRIXH ,NQRZIRUDIDFWWKDWLWZDVQoW
DVÇ
OLNHWKDW
&XDQGRODRLJRFDQWDUPH :KHQ,KHDUKHUVLQJ,JHW
SRQHODFDUQHGHJDOOLQD
JRRVHEXPSV
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWRq
<RXDUHWREHKHUHDW
7HQÃLVTXHHVWDUDTXÇDODV
9RFDEXODU\
7KHWRWDOFRPHVWRHXURV
(OWRWDODVFLHQGHDHXURV
:KDWFRQFOXVLRQDUHZHWRGUDZ" :KHQLWFRPHVWRPRQH\%HQLVWKHH[SHUW
4XÃFRQFOXVLÍQGHEHPRVVDFDU"
&XDQGRVHWUDWDGHGLQHUR%HQHVHOH[SHUWR
:KHQKHFDPHWRKHVDLGQRWKLQJ ,QHYHUWKRXJKWLWZRXOGFRPHWRWKLV
&XDQGRYROYLÍHQVÇQRGLMRQDGD
1XQFDSHQVÃTXHOOHJDUÇDDHVWR
2SHUDWLRQV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
6HUDXWÍQRPRWLHQHVXVYHQWDMDV
7DOYH]VLKDFHPRVXQDWRUPHQWDGHLGHDV
VXUJLU»QQXHYDVLGHDV
|(QKRUDEXHQD0HGLFHQTXHKDVVLGR
DVFHQGLGR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
$QLPSRUWDQWHOHPHQWLQWKH6&0SODQLVWRGHYHORSPHWULFVWRPRQLWRUWKHFKDLQIRUHIîFLHQF\ORZFRVWKLJKTXDOLW\DQGYDOXH
7KHWHUPpPHWULFVqLVXVHGRIWHQLQSODFHRIpPHDVXUHPHQWVqZKHQGHDOLQJZLWK6&0DQG,7PDQDJHPHQW
7KHSODQVKRXOGFOHDUO\LGHQWLI\ZKDWNLQGVRIVXSSOLHUVDUHUHTXLUHGWRGHOLYHUWKHJRRGVDQGVHUYLFHVQHFHVVDU\IRUVXFFHVV
7KHFRPSDQ\ZRUNVZLWKVXSSOLHUVWRHVWDEOLVKVWUHDPOLQHGSURFHVVHVIRUSULFLQJGHOLYHU\DQGSD\PHQWZLWKPHWULFVWRPRQLWRUUHVXOWV
7KHEDVLFDFWLYLWLHVLQFOXGHVKLSPHQWUHFHSWLRQYHULîFDWLRQWUDQVIHUWRPDQXIDFWXULQJDQGDXWKRUL]DWLRQRISD\PHQWWRWKHVXSSOLHU
,QPDQXIDFWXULQJWKHPDWHULDOVDUHWUDQVIRUPHGWHVWHGSDFNDJHGDQGSUHSDUHGIRUGHOLYHU\
'XULQJWKHPDQXIDFWXULQJSKDVHPHWULFVDUHSHUIRUPHGRQTXDOLW\SURGXFWLRQRXWSXWDQGZRUNHUSURGXFWLYLW\
3RVWSURGXFWLRQORJLVWLFVLQFOXGHRUGHUUHFHLSWIURPFXVWRPHUVZDUHKRXVLQJWUDQVSRUWDWLRQLQYRLFLQJDQGFROOHFWLRQ
$îQDOSKDVHLVWKHQHHGWRFUHDWHDQHWZRUNIRUUHFHLYLQJGHIHFWLYHRUH[FHVVSURGXFWVUHWXUQHGIURPFXVWRPHUV
7KLVSKDVHDOVRLQFOXGHVFUHDWLQJDVWURQJDIWHUVDOHVVXSSRUWV\VWHPWRKHOSFXVWRPHUVWKDWPD\KDYHSUREOHPVZLWKGHOLYHUHGSURGXFWV
,QYHQWRU\PDQDJHPHQWLVRQHRIWKHNH\HOHPHQWVLQRSHUDWLRQVDQGVXSSO\FKDLQPDQDJHPHQW
6XSSO\DQGGHPDQGLQWKHVXSSO\FKDLQLVQHYHUSHUIHFWDQGLQYHQWRU\PDQDJHPHQWLVHVVHQWLDOWRPLQLPL]HLPEDODQFHV
7KHSUREOHPLVFRPSOLFDWHGE\WKHIDFWWKDWGHPDQGLVXQFHUWDLQDQGWKLVXQFHUWDLQW\FDQFDXVHLQYHQWRU\GHSOHWLRQDQGXQîOOHGRUGHUV
,I\RXORRNDWRYHUDOORSHUDWLRQVIURPEHJLQQLQJWRHQGWKHORJLFDOVWDUWLQJSRLQWZRXOGEHLQSURGXFWGHYHORSPHQW
7KHîUVWFRQVLGHUDWLRQLVWRDVVHVVWKHOLNHOLKRRGWKDWWKHSURGXFWLVDFWXDOO\YLDEOHLQWKHPDUNHWSODFH
,QIRUPDWLRQWHFKQRORJ\
,QVPDOOFRPSDQLHVDEUHDFKLQFRPSXWHUVHFXULW\FDQVRPHWLPHVWKUHDWHQWKHOLIHRIWKHEXVLQHVV
,WoVFULWLFDOWRNHHSVHUYHUVVDIHIURPDWWDFNEHFDXVHRQFHWKHVHUYHUVDUHFRPSURPLVHGWKHHQWLUHQHWZRUNLVDWULVN
6HUYHUVVHUYHWKHDSSOLFDWLRQVZHESDJHVRUHPDLOWKDWVPDOOFRPSDQLHVQHHGWRGRWKHLUMRE7KH\VWRUHYDOXDEOHDQGFRQîGHQWLDOGDWD
6HUYHUVSURYLGHWKHPHDQVIRUFXVWRPHUVWRFRPPXQLFDWHZLWKWKHFRPSDQ\DQGHYHQLQPDQ\FDVHVWRSXUFKDVHJRRGVRUVHUYLFHV
,IWKHVHUYHUVDUHGRZQDFRPSDQ\ZLOOORVHSURGXFWLYLW\MHRSDUGL]HFXVWRPHUUHODWLRQVKLSVDQGSUREDEO\ORVHPRQH\
*RRG,7VHFXULW\PHDQVVRIWZDUHXSGDWHVYLUXVSURWHFWLRQîUHZDOOVWLJKWLQKRXVHVHFXULW\DQGVWURQJSDVVZRUGV
6PDOOFRPSDQLHVQHHGWRKDYHDQLQKRXVHFRPSXWHUWHFKQLFLDQRUDUHOLDEOHRXWVLGHWHFKQRORJ\SDUWQHUWRNHHSWKHV\VWHPVXSWRGDWH
,IWKHFRPSDQ\XVHVRXWVLGHKHOSWKLVFRQVXOWDQWVKRXOGNQRZKRZWRDQDO\]HWKHEXVLQHVVDQGSURYLGHWKHULJKW,7VROXWLRQV
$QLPSRUWDQWTXHVWLRQIRUVPDOOEXVLQHVVHVLVLIWKHLUV\VWHPVFDQZLWKVWDQGDFULVLVDQGLIWKH\KDYHDGLVDVWHUUHFRYHU\SODQ
$QRWKHUFULWLFDOSUDFWLFHWKDWPDQ\VPDOOFRPSDQLHVRYHUORRNLVWKHQHHGWRGRFRPSOHWHGDLO\EDFNXSVRIGDWDDQGLPDJHV
0DQ\VPDOOFRPSDQLHVGRQoWXWLOL]HWKHLUFRPSXWHUV\VWHPVWRWKHIXOOHVWSRWHQWLDOWRUHGXFHFRVWVDQGLPSURYHVHUYLFH
,QERWKELJDQGVPDOOFRPSDQLHVLWoVFRPPRQWRîQGHPSOR\HHVZKRDUHXQGHUWUDLQHGRUZKRXVHROGFRPSXWHUZRUNLQJKDELWV
0DQ\FRPSDQLHVSD\RXWVLGHFRQVXOWDQWVWRSHUIRUPVHFXULW\DXGLWVRQWKHLU,7V\VWHPVDQGQHWZRUNV
7KHSK\VLFDOVHFXULW\RIWKHV\VWHPLVWKHPRVWLPSRUWDQWHOHPHQWLQPDLQWDLQLQJRYHUDOOVHFXULW\(YHU\WKLQJPXVWEHSK\VLFDOO\VHFXUH
7KHVHFRQGFRQVLGHUDWLRQLVQHWZRUNVHFXULW\1HWZRUNHGHQYLURQPHQWVDUHPRUHVXVFHSWLEOHWRRXWVLGHDWWDFNVWKDQVWDQGDORQHV\VWHPV
/DZDQGOHJDOFRXQVHO
$UHFHQWWUHQGLQWKHSDVW\HDUVLQWKH8QLWHG6WDWHVKDVEHHQWKHQRWLFHDEOHLQFUHDVHLQWKHDPRXQWRIOLWLJDWLRQ
&LYLODQGFULPLQDOODZVXLWVDUHPXFKPRUHSUHYDOHQWWRGD\ZLWKSHRSOHVHHNLQJGDPDJHVWKURXJKVRPHWLPHVTXHVWLRQDEOHFODLPV
&DVHVRIWHQKDYHWRGRZLWKQHJOLJHQFHIUDXGRUSURGXFWOLDELOLW\ZLWKGDPDJHVUHDFKLQJVFDQGDORXVSURSRUWLRQV
$QRWKHUDUHDRIODZKDVWRGRZLWKZLOOVDQGHVWDWHV$ZLOOLVWKHWHUPXVHGIRUWKHODVWZLOODQGWHVWDPHQWRIDGHFHDVHGSHUVRQ
$ZLOOWDNHVHIIHFWXSRQGHDWK,WKDVQRIRUFHRUHIIHFWEHIRUHGHDWK,WVSXUSRVHLVWREHTXHDWKSHUVRQDOSURSHUW\
7KHSHRSOHZKRLQKHULWWKHSURSHUW\LQFOXGHGLQWKHZLOODUHFDOOHGWKHKHLUV7KH\UHFHLYHDQLQKHULWDQFHWKURXJKWKHZLOO
(PSOR\PHQWODZLVWKHWHUPXVHGPRVWRIWHQLQWKH(QJOLVKVSHDNLQJZRUOGWRUHIHUWROHJLVODWLRQFRQFHUQLQJODERXUUHODWLRQV
(XURSHDQFRXQWULHVXVXDOO\KDYHODZVWKDWDUHPRUHSURWHFWLYHRIWKHHPSOR\HHWKDQLQ$QJOR6D[RQFRXQWULHV
6H[XDOKDUDVVPHQWLVDFRPPRQFODLPWKDWDULVHVLQWKHZRUOGRIHPSOR\PHQWODZ
7KHUHDUHPDMRUGLIIHUHQFHVEHWZHHQWKHOHJDODQGUHJXODWRU\DWPRVSKHUHVEHWZHHQFRQWLQHQWDO(XURSHDQG$QJOR6D[RQFRXQWULHV
,QWKHSDVW\HDUV(XURSHKDVEHHQPLJUDWLQJIURPVWDWHLQWHUYHQWLRQLVPWRDUHJXODWRU\PRGHO
)RUFHVLQïXHQFLQJWKLVFKDQJHDUHJOREDOL]DWLRQ(XURSHDQLQWHJUDWLRQDQGWKHGHFOLQHRIVWDWHRZQHUVKLSDQG.H\QHVLDQHFRQRPLFV
7KHSUHYLRXVVLWXDWLRQZDVRQHRIVWDWHRZQHUVKLSRIVWUDWHJLFLQGXVWULHVDQGSXEOLFXWLOLWLHVWRJHWKHUZLWKVWDWHHFRQRPLFLQWHUYHQWLRQ
7KHFXUUHQWVLWXDWLRQEHJDQLQWKHoVZLWKSULYDWL]DWLRQOLEHUDOL]DWLRQDQGWKHFKDQJHIURPHFRQRPLFPDQDJHPHQWWRUHJXODWLRQ
7KHNH\SOD\HUVLQWKHQHZVLWXDWLRQDUHLQGHSHQGHQWDJHQFLHVSDUOLDPHQWDU\FRPPLWWHHVDQGWKHFRXUWV
/RZ%HJLQQHU
+LJK%HJLQQHU
4XÃIHFKDHVKR\" :KDWGDWHLVLWWRGD\"
+R\HVGHDEULO 7RGD\LVWKHUGRI$SULO
+R\HVXQGÇDHVSHFLDO" ,VWRGD\DVSHFLDOGD\"
7RGRVORVGÇDVVRQGÇDV (YHU\GD\LVDVSHFLDOGD\
HVSHFLDOHV
(VWR\VHJXURGHTXHKR\HVXQ ,oPVXUHWRGD\LVDOLWWOH
SRFRGLIHUHQWH
GLIIHUHQW
'HTXÃPHHVW»VKDEODQGR" :KDWDUH\RXWDONLQJWRPH
DERXW"
+R\HVXQGÇDSDUDHVFULWRUHV\ 7RGD\LVDGD\IRUZULWHUVDQG
VDLQWV
VDQWRV
7LHQHVDPLJRVTXHVRQ 'R\RXKDYHDQ\IULHQGVZKR
DUHZULWHUV"
HVFULWRUHV"
&RQR]FRDOJXQRV ,NQRZVRPH
<FX»QWRVVDQWRVFRQRFHV" $QGKRZPDQ\VDLQWVGR\RX
NQRZ"
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
6KDNHVSHDUHQDFLÍKR\ 6KDNHVSHDUHZDVERUQWRGD\
(QTXÃDËRQDFLÍ" :KDW\HDUZDVKHERUQLQ"
'LFHQTXHHQHOPLOTXLQLHQWRV 7KH\VD\LQïIWHHQVL[W\IRXU
VHVHQWD\FXDWUR
$VÇTXHQDFLÍKDFHFXDWURFLHQWRV 6RKHZDVERUQIRXUKXQGUHG
DQGIRUW\IRXU\HDUVDJR
FXDUHQWD\FXDWURDËRV
$VÇHV(UHVEXHQDHQ 7KDWoVULJKW<RXoUHJRRGDW
0DWKVDUHQoW\RX"
0DWHP»WLFDVQR"
4XLHUHVTXHWHFXHQWHRWUD 'R\RXZDQWPHWRWHOO\RX
VRPHWKLQJHOVHDERXWWRGD\"
FRVDGHKR\"
9DOHFRQWLQXDHQWRQFHV $OULJKWJRRQWKHQ
7DQWR&HUYDQWHVFRPR %RWK&HUYDQWHVDQG
6KDNHVSHDUHPXULHURQHVWHGÇD 6KDNHVSHDUHGLHGRQWKLVGD\
&ÍPRSXHGH6KDNHVSHDUH +RZFDQ6KDNHVSHDUHEHERUQ
DQGGLHRQWKHVDPHGD\"
QDFHU\PRULUHQHOPLVPRGÇD"
1RQDFLÍ\OXHJRPXULÍHO +HZDVQoWERUQDQGWKHQGLHG
RQWKHVDPHGD\\RXIRRO
PLVPRGÇD|LPEÃFLO
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&ODURQRKDEUÇDWHQLGRWLHPSR 2IFRXUVHKHZRXOGQoWKDYH
SDUDHVFULELUWDQWR
KDGWLPHWRZULWHVRPXFK
'HKHFKRWRGRORTXHWHKH ,QIDFWHYHU\WKLQJ,oYHWROG\RX
FRQWDGRHVPHQWLUD
LVDOLH
/DIHFKDGHQDFLPLHQWRGH 6KDNHVSHDUHoVELUWKGDWHLVD
6KDNHVSHDUHHVXQDHVWLPDFLÍQ JXHVV
8WLOL]DURQRWURWLSRGHFDOHQGDULR7KH\XVHGDQRWKHUW\SHRI
HQHVDÃSRFD
FDOHQGDUDWWKDWWLPH
&HUYDQWHVPXULÍHO\IXH &HUYDQWHVGLHGRQWKHQG
HQWHUUDGRHO
DQGZDVEXULHGRQWKHUG
7DPELÃQKR\HVHOGÇDGH6DQ 7RGD\LV6W*HRUJHoVGD\DV
-RUJH
ZHOO
6DQ-RUJHHVHOSDWUÍQGH 6W*HRUJHLVWKHSDWURQVDLQW
PXFKDVQDFLRQHV
RIPDQ\QDWLRQV
6HFHOHEUDHVWHGÇDHQ,QJODWHUUD 7KLVGD\LVFHOHEUDWHGLQ
\&DWDOXËD
(QJODQGDQG&DWDORQLD
$XQTXHHVJUDFLRVRSRUTXH6DQ $OWKRXJKLWoVIXQQ\EHFDXVH6W
-RUJHHUDWXUFRHQUHDOLGDG
*HRUJHZDVLQIDFW7XUNLVK
(UDHVHTXLHQGHFDSLWÍDO +HZDVWKHRQHZKREHKHDGHG
GUDJÍQQR"
WKHGUDJRQZDVQoWKH"
%XWWHUEHDQV $OXELDVEODQFDV
*UHHQEHDQV $OXELDVYHUGHV
%ODFNH\HGEHDQV -XGÇDVSLQWDV
6R\DEHDQV 6HPLOODVGH6RMD
5HG.LGQH\%HDQV $OXELDVURMDV
9RFDEXODULR%HDQV $OXELDV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
(Q&DWDOXËDKR\VHUHJDODQ 7RGD\LQ&DWDORQLDWKH\JLYH
URVHVDQGERRNVDVSUHVHQWV
URVDV\OLEURV
/DWUDGLFLÍQGHUHJDODUXQDURVD 7KHWUDGLWLRQRIJLYLQJDURVH
DVDSUHVHQWGDWHVEDFNWRWKH
VHUHPRQWDDOVLJOR;9
ïIWHHQWKFHQWXU\
0HSDUHFHXQDWUDGLFLÍQ ,WKLQNLWoVTXLWHDFKDUPLQJ
WUDGLWLRQ
EDVWDQWHHQFDQWDGRUD
+R\HQ,QJODWHUUDQLUHJDODQ ,Q(QJODQGWKH\JLYHQHLWKHUURVHV
QRUERRNVDVSUHVHQWVWRGD\
URVDVQLOLEURV
/RVFDWDODQHVVRQP»V $UH&DWDORQLDQVPRUHURPDQWLF
URP»QWLFRV\FXOWRVHQWRQFHV" DQGHGXFDWHGWKHQ"
3RUTXÃVDEHVWDQWRVREUHHO :K\GR\RXNQRZVRPXFK
GÇDGHKR\"
DERXWWRGD\"
7HKDVWUDJDGRXQD +DYH\RXVZDOORZHGDQ
HQFLFORSHGLDRTXÃ"
HQF\FORSDHGLDRUZKDW"
1RGHVHRUHYHODUPLVVHFUHWRV ,GRQRWZLVKWRJLYHDZD\P\
VHFUHWV
|$TXÃHUHVXQWUDPSRVRTXH ,EHW\RXoUHDFKHDWZKRFRSLHV
FRSLDWRGRGH:LNLSHGLD
HYHU\WKLQJIURP:LNLSHGLD
|4XÃSRFDFRQîDQ]DWLHQHVHQ :KDWOLWWOHIDLWK\RXKDYHLQ
PÇ
PH
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWRq
9RFDEXODU\
:KHQZLOO,JHWWRGRLW"
&X»QGRSRGUÃKDFHUOR"
3OHDVHGRQoWJRWRDQ\WURXEOH
3RUIDYRUQRVHPROHVWH
,JRWWRZRUNODWH\HVWHUGD\
/OHJXÃWDUGHDOWUDEDMRD\HU
7KH\oOOJRWRDQ\OHQJWKWRZLQ
+DU»QWRGRORQHFHVDULRSDUDJDQDU
$QGWKH2VFDUJRHVWRf
<HO2VFDUHVSDUD
+HKHOGPHWRP\SURPLVH
0HREOLJÍDPDQWHQHUPLSURPHVD
(QWUHSUHQHXUVKLS
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
1HFHVLWDPRVDSUREDFLÍQGHOGHSDUWDPHQWR
GH5HFXUVRV+XPDQRV
1HFHVLWDPRVLQYHUWLUP»VHQ,QYHVWLJDFLÍQ\
'HVDUUROOR
3RUTXÃQRSDWURFLQDPRVHOHYHQWR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
$SHUVRQZKRLVQRWFDSDEOHRISHUIRUPLQJEUHDNHYHQDQDO\VLVVKRXOGEHFDUHIXOZKHQVWDUWLQJDEXVLQHVVYHQWXUH
$JRRGEXVLQHVVLGHDLVîQHEXWLWPXVWEHEDFNHGXSE\EXVLQHVVNQRZOHGJHVDOHVDQGPDQDJHPHQWVNLOOVDQGDORWRISDVVLRQ
7KHDELOLW\WRTXLFNO\FDOFXODWHWKHEUHDNHYHQSRLQWLQDEXVLQHVVYHQWXUHLVHVVHQWLDOWRLGHQWLI\LQJWKHYLDELOLW\RIDEXVLQHVVLGHD
7KHDELOLW\WRXQGHUVWDQGWKHWLPHDQGH[SHQVHQHFHVVDU\WRUHDFKWKHEUHDNHYHQSRLQWLVHVVHQWLDOLQFDOFXODWLQJîQDQFLQJQHHGV
7KHDELOLW\WRFRQYLQFHDQGSHUVXDGHSURVSHFWLYHFXVWRPHUVEDQNPDQDJHUVDQGVXSSOLHUVLVDQRWKHUHVVHQWLDODELOLW\WKDWLVQHHGHG
7KHDELOLW\WRKLUHKRQHVWDQGKDUGZRUNLQJSHRSOHDQGWRPRWLYDWHWKHPWRZRUNKDUGIRU\RXLVDQDGGLWLRQDOVNLOOWKDWPXVWEHSUHVHQW
,WoVFULWLFDOIRUDQHQWUHSUHQHXUWRGUDZXSDGHWDLOHGEXVLQHVVSODQIRUWKHQHZYHQWXUH
7KHSODQPXVWEHUHDOLVWLFDQGEDVHGRQDFFXUDWHFXUUHQWLQIRUPDWLRQDQGRQHGXFDWHGSURMHFWLRQVIRUWKHIXWXUH
7KHSODQVKRXOGLQFOXGHDGHVFULSWLRQRIWKHEXVLQHVVWKHYLVLRQWKHJRDOVDQGWKHNH\VWRVXFFHVVIRUWKHYHQWXUH
$QRWKHUVHFWLRQVKRXOGVHWRXWWKHSRWHQWLDOWKUHDWVDQGSUREOHPVDQGKRZWKHVHZLOOEHPHWDQGVROYHG
7KHîQDQFLDOVHFWLRQVKRXOGLQFOXGHEDODQFHVKHHWDQGLQFRPHVWDWHPHQWSURMHFWLRQVFDVKïRZDQDO\VLVDQGVDOHVDQGH[SHQVHIRUHFDVWV
$QLPSRUWDQWVHFWLRQLQWKHEXVLQHVVSODQVKRXOGGHVFULEHWKHFRPSHWLWLRQWKDWWKHQHZYHQWXUHZLOOIDFHLQWKHPDUNHW
$QRWKHUVHFWLRQVKRXOGGHDOZLWKWKHPDUNHWLQJSODQDQGZKDWNLQGRIDGYHUWLVLQJDQGSURPRWLRQZLOOEHEXGJHWHG
$îQDOVHFWLRQVKRXOGWDONDERXWKRZWKHFRPSDQ\LVH[SHFWHGWRJURZLQWKHIXWXUHDQGKRZWKLVJURZWKZLOOEHEXGJHWHGDQGîQDQFHG
,IWKHHQWUHSUHQHXUZDQWVWRVHHNîQDQFLQJWKURXJKEDQNVRULQVWLWXWLRQDOLQYHVWRUVDJRRGEXVLQHVVSODQLVPDQGDWRU\
5HVHDUFKDQGGHYHORSPHQW
5HVHDUFKDQGGHYHORSPHQWGRHVQoWLQYROYHRQO\SURGXFWV,WFDQLQYROYHLQQRYDWLRQLQSURFHVVHVDQGSUDFWLFHV
7KH5 'GHSDUWPHQWFDQKHOSGHSDUWPHQWVRUEXVLQHVVXQLWVZLWKLQVLGHLQQRYDWLRQ
6RPHFRPSDQLHVKDYHVPDOO5 'WHDPVWKDWZRUNLQWKHGLIIHUHQWEXVLQHVVXQLWVRIWKHRUJDQL]DWLRQVKDULQJWKHEHVWSUDFWLFHVRIHDFK
5 'SHRSOHZKRKDYHEHHQLQFORVHFRQWDFWZLWKWKHVXSSO\FKDLQLQWKHLUFRPSDQLHVRIWHQFRQWULEXWHLQQRYDWLYHLPSURYHPHQWV
6RPHFRPSDQLHVPDUNHWWKHLU5 'IXQFWLRQ0DQ\H[WHUQDOîUPVDQGJRYHUQPHQWDJHQFLHVXVHWKHVHUYLFHVRIFRUSRUDWH5 'GLYLVLRQV
*RRG5 'SHRSOHDOZD\VORRNIRUZD\VWRLQQRYDWH7KH\REVHUYHSURFHVVHVLQRWKHUîUPVRUDWWHQGWUDGHIDLUVRQHYHU\FRQWLQHQW
7KH\WDNHIDFWRU\WRXUVHYHQLQEXVLQHVVHVRULQGXVWULHVWRWDOO\XQUHODWHGWRWKHLURZQDFWLYLW\RUEXVLQHVV
+HQU\)RUGJRWKLVLGHDRQWKHDVVHPEO\OLQHZKHQKHZDVYLVLWLQJDVODXJKWHUKRXVHDQGPHDWSDFNLQJSODQWLQ&KLFDJR
6RPHWLPHVWKHWRSPDQDJHPHQWLQODUJHFRPSDQLHVEHFRPHVLPSDWLHQWZLWKWKHSDFHRILQQRYDWLRQFRPLQJRXWRI5 '
7KRPDV(GLVRQRQFHVDLGWKDWWKHVXFFHVVRILQYHQWLRQGHSHQGVRQKRZPDQ\H[SHULPHQWV\RXFDQîWLQWRKRXUV
0U(GLVRQWHVWHGRYHUGLIIHUHQWPDWHULDOVEHIRUHKHFDPHXSRQWKHFDUERQîODPHQWWKDWZRUNHGIRUWKHOLJKWEXOE
+HDOZD\VVDLGWKDWLQQRYDWLRQLVRQHSHUFHQWLQVSLUDWLRQDQGSHUFHQWSHUVSLUDWLRQ,Q(QJOLVKWRSHUVSLUHPHDQVWRVZHDW
7KHPRVWLPSRUWDQWFRQWULEXWLRQE\7KRPDV(GLVRQZDVQoWDQ\VSHFLîFLQYHQWLRQEXWUDWKHUWKHFRQFHSWDW0HQOR3DUN
0HQOR3DUNLQ1HZ-HUVH\ZDVWKHîUVWLQVWLWXWLRQVHWXSVSHFLîFDOO\WRSURGXFHFRQVWDQWWHFKQRORJLFDOLQQRYDWLRQDQGLPSURYHPHQW
(GLVRQRZQHGWKHSDWHQWRQPRVWRIWKHSURGXFWVLQYHQWHGWKHUHWKRXJKPDQ\RIKLVHPSOR\HHVFDUULHGRXWWKH5 'ZRUN
7\SLFDORIîFHODQJXDJH
$GD\GRHVQoWJRE\ZLWKRXWP\ERVVFDOOLQJPHWRKLVRIîFHWRWDONDERXWWKHQHZFRVWFXWWLQJLQLWLDWLYH,WoVKLVIDYRXULWHWR\
*RRGPRUQLQJ0DUJDUHW$Q\FDOOV",IRUJRWWRWHOO\RX\HVWHUGD\WKDWDMRXUQDOLVWIURP7KH(FRQRPLVWZLOOEHKHUHDWRoFORFN
'RQoWZRUU\DERXWWKDWSUREOHP,oOOWDNHFDUHRILW,WoVWKHODVWWKLQJLQWKHZRUOG,IHHOOLNHGRLQJEXWLWoVSDUWRIP\MRE
+DYH\RXKHDUGWKHODWHVW"7RP(YDQVLVOHDYLQJ3HUNLQV,QFRUSRUDWHGDQGZLOOWDNHRYHUIRU3HGUR$OYDUH]DW6DOHP,QGXVWULHV
([FXVHPHWKHUHoVD0U7RP(YDQVRQWKHOLQH+HVD\VKHoVDJRRGIULHQGRI\RXUV:KDWVKDOO,WHOOKLP"
*RRGPRUQLQJHYHU\RQH,oPJODGWRKDYHWKLVRSSRUWXQLW\WRJLYH\RXDEULHISUHVHQWDWLRQRQWKHQHZ6$3DSSOLFDWLRQ
,WKLQNWKHHFRQRP\oVVWDUWLQJWRFRPHRXWRIWKHUHFHVVLRQ:HoUHQRWIHHOLQJLW\HWEXW,oPRSWLPLVWLF
7KH\KDGWROD\RIIKDOIWKHLUVWDIIDQGUHVWUXFWXUHWKHLUGHEWZLWKWKHEDQNV,QP\RSLQLRQWKH\oUHVWLOOQRWRXWRIWKHZRRGV\HW
6DOHVDUHXSDQGZHoUHVORZO\LPSURYLQJRXUPDUJLQV,IWKLQJVJRDVSODQQHGZHVKRXOGEHDEOHWRSD\DGLYLGHQGWKLV\HDU
6RPHWLPHV,IHHOOLNHVHOOLQJWKLVFRPSDQ\WRWKHîUVWSHUVRQZKRZDONVWKURXJKWKHGRRU
<RXQHHGWRFRQVLGHUWKHOHJDOUDPLîFDWLRQVRIWKHGHFLVLRQ,IZHGRQoWDFWQRZZHFRXOGîQGRXUVHOYHVLQFRXUW
:HoUHJRLQJWKURXJKVRPHKDUGWLPHVEXWVRDUHRXUFRPSHWLWRUV,WoVJRRGIRUWKHLQGXVWU\WRJRWKURXJKDVKDNHRXW
,oPJHWWLQJWRWKHSRLQWZKHUH,GRQoWUHDOO\FDUHZKHWKHUWKH\DZDUGXVWKHFRQWUDFWRUQRW
<RXQHHGWRXVHWKHULJKWWDFWLFV7RP(YDQVLVWKHW\SHRIJX\WKDWGRHVQoWQHHGDWHFKQLFDOH[SODQDWLRQ)RUKLPLWoVWKHERWWRPOLQH
,FDQoWîJXUHRXWZK\WKHJRYHUQPHQWZDQWVWRUDLVHWKHFRUSRUDWHWD[RQVPDOOEXVLQHVVHV,WMXVWGRHVQoWPDNHDQ\VHQVH
+LJK%HJLQQHU
/RZ%HJLQQHU
&X»OHVVXDSHOOLGR GHHOODV " :KDWoVWKHLUODVWQDPH
VXUQDPH"
&X»QWRVDËRVWLHQHWXPDGUH" +RZROGLV\RXUPRWKHU"
'ÍQGHYLYHV" :KHUHGR\RXOLYH"
4XLÃQHVW»GHODQWHGHWLHQOD :KRoVLQIURQWRI\RXLQWKH
SKRWR"
IRWR"
&ÍPRVHOODPDWXSHUUR" :KDWoV\RXUGRJoVQDPH"
$TXÃKRUDVHGHVSLHUWD" :KDWWLPHGRHVKHZDNHXS"
$TXÃKRUDWHOHYDQWDV" :KDWWLPHGR\RXJHWXS"
'HVD\XQDFRQVXVQLËRV" 'RHVKHKDYHEUHDNIDVWZLWK
KLVFKLOGUHQ"
4XÃKDFHÃO" :KDWGRHVKHGR"
&ÍPRYDDOWUDEDMR" +RZGRHVKHJRWRZRUN"
0LGGOH,QWHUPHGLDWH
/RZ,QWHUPHGLDWH
4XÃKDU»VVLQRSDVDQDGD" :KDWZLOO\RXGRLIQRWKLQJ
KDSSHQV"
$OJRWLHQHTXHSDVDU 6RPHWKLQJKDVWRKDSSHQ
6LHPSUHSDVDDOJRFXDQGR 6RPHWKLQJDOZD\VKDSSHQV
ZKHQ,JRWKHUH
YR\DOOÇ
/OHJDURQPLVGRVDPLJDVD 0\WZRIULHQGVDUULYHGDW
PHGLDQRFKH
PLGQLJKW
3RUTXÃSDVÍHVR" :K\GLGWKDWKDSSHQ"
7DQWRPLSDGUHFRPR\R %RWKP\IDWKHUDQG,DUHVFDUHG
WHQHPRVPLHGRGHODVDOWXUDV RIKHLJKWV
1LODMHIDQLVXVHPSOHDGRV 1HLWKHUWKHERVVQRUKHU
SXGLHURQDUUHJODUOR
HPSOR\HHVFRXOGï[LW
1LQJXQRGHORVGRVUHDFFLRQÍ 1HLWKHURIWKHPUHDFWHGLQ
DWLHPSR
WLPH
/RVGRVVRPRV]XUGRV %RWKRIXVDUHOHIWKDQGHG
:HoUHERWKOHIWKDQGHG
1LQJXQRGHORVVRFLRVTXHUÇD 1RQHRIWKHPHPEHUVZDQWHG
HVFXFKDUPLH[FXVD
WRKHDUP\H[FXVH
%OXHFKHHVH 4XHVRD]XO
6HPLKDUGFKHHVH 4XHVRVHPLFXUDGR
&UHDPFKHHVH 4XHVRFUHPRVR
&RWWDJHFKHHVH 5HTXHVÍQ
)UHVKFKHHVH 4XHVRIUHVFR
*UDWHGFKHHVH 4XHVRUDOODGR
9RFDEXODULR&KHHVH 4XHVR
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
&X»QWRWDUGDUHPRVHQOOHJDU +RZORQJZLOOLWWDNHXVWRJHW
DOOÇ"
WKHUH"
1RWDUGDUÃLVPXFKR ,WZRQoWWDNH\RXORQJ
3RUTXÃWDUGDVWHWDQWR" :K\GLGLWWDNH\RXVRORQJ"
&X»QWRVXHOHQGXUDUVXV +RZORQJGRWKHLUFRQFHUWV
FRQFLHUWRV GHHOORV "
XVXDOO\ODVW"
(VWHGXUDU»PHQRVTXHHO 7KLVRQHZLOOODVWOHVVWKDQWKH
ÔOWLPR
ODVWRQH
1RVHPDUFKDU»GHODHPSUHVD :RQoWVKHOHDYHWKHFRPSDQ\
DQRVHUTXHODHFKHQ"
XQOHVVWKH\ïUHKHU"
6LGLPLWLHUDPHGDUÇDQXQD ,I,UHVLJQHGZRXOGWKH\JLYH
LQGHPQL]DFLÍQ"
PHFRPSHQVDWLRQ"
6LWXYLHUDHOHFFLÍQPHTXHGDUÇD ,I,KDGDFKRLFH,oGVWD\
6LQRKXELHUDVWHQLGRWDQWD ,I\RXKDGQoWEHHQLQVXFKD
SULVDQRWHKDEUÇDVHTXLYRFDGR KXUU\\RXZRXOGQoWKDYHPDGH
DPLVWDNH
6HKDEUÇDQGDGRFXHQWDVLQR :RXOGWKH\KDYHUHDOLVHGLIZH
OHVKXELÃVHPRVGLFKRQDGD"
KDGQoWWROGWKHPDQ\WKLQJ"
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
6HUEXHQYHQGHGRUHVXQD %HLQJDJRRGVDOHVSHUVRQLVD
H[SHULHQFLDJUDWLîFDQWH
UHZDUGLQJH[SHULHQFH
'ÃMDPHGDUWHXQRV /HWPHJLYH\RXVRPHDGYLFH
FRQVHMRVVREUHHOFRQVHMRGH
DERXWWKHERDUGRIGLUHFWRUV
DGPLQLVWUDFLÍQ
7HUPLQDPRVDQWHVGHOSOD]R :HïQLVKHGDKHDGRIVFKHGXOH
HVWDEOHFLGR
+HPRVVDOLGRGHOSDVRKDVWD :HoYHJRWE\ZLWKRXWRQHVR
DKRUDVLQQLQJXQR
IDU
1HFHVLWRODLQIRUPDFLÍQ ,QHHGWKHULJKWLQIRUPDWLRQDW
DSURSLDGDHQHOPRPHQWR
WKHULJKWWLPH
DGHFXDGR
6HFDVDURQGHSHQDOWL 7KH\KDGDVKRWJXQZHGGLQJ
1RGR\DEDVWRDODVH[LJHQFLDV ,FDQoWNHHSXSZLWKP\ERVVo
GHPDQGV
GHPLMHIH
3RUTXÃVLHPSUHKDFHVODV :K\GR\RXDOZD\VGRWKLQJV
DQ\ROGKRZ"
FRVDVDOWXQWÔQ"
$KRUDVÍORQRVIDOWDSRQHUORV $OOZHKDYHWRGRQRZLVWRGRW
WKHLoVDQGFURVVWKHWoV
SXQWRVVREUHODVÇHV
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWRq
%86,1(66(1*/,6+
,oOOVHHWRLWWKDWLWoVGRQH
0HDVHJXUDUÃGHTXHVHKDJD
7KHFDWWRRNWRKLPOLNHDîVKWRZDWHU
(OJDWRVHHQFDULËÍFRQÃOFRPRSH]DODJXD
,oOOVHHWRLW
0HHQFDUJR\R
:HDJUHHGWRGRLW
1RVSXVLPRVGHDFXHUGRHQKDFHUOR
:HoUHDOOVHWWRGRLW
7RGROLVWR SDUDKDFHUOR
/LVWHQWRPH
(VFÔFKDPH
%DQNLQJ
p,QJOÃVSDUDWXSXHVWRGHWUDEDMRq
$GPLQLVWUDFLÍQ55++\0DUNHWLQJ
&RQVÇJXHORHQZZZYDXJKDQWLHQGDFRP
7KHPDLQUHDVRQIRUWKH*UHDW'HSUHVVLRQRIWKHoVLQWKH8QLWHG6WDWHVZDVDVHULHVRIEDQNUXQVWKDWFDXVHGHFRQRPLFFROODSVH
6LQFHWKDWWLPHPRVWJRYHUQPHQWVKDYHFUHDWHGSXEOLFHQWLWLHVHTXLSSHGWRLQVXUHEDQNGHSRVLWVXSWRDFHUWDLQDPRXQW
,I\RXGHSRVLWDORWRIPRQH\LQEDQNDFFRXQWVPDNHVXUHWKDWWKHDPRXQWGHSRVLWHGLQHDFKEDQNLVZLWKLQWKHPD[LPXPLQVXUHG
$VHFRQGVDIHJXDUGWRVRIWHQWKHLPSDFWRIEDQNUXQVLVWKHUHTXLUHGUHVHUYHUDWLRWKDWFHQWUDOEDQNVLPSRVHRQQDWLRQDODQGORFDOEDQNV
7KHUHDUHVHYHUDONLQGVRIEDQNVWKDWRSHUDWHLQPDUNHWHFRQRPLHV7KHPRVWFRPPRQLVWKHFRPPHUFLDOEDQN
,QVRPHFRXQWULHVWKHWHUPFRPPHUFLDOEDQNUHIHUVWRQRUPDOEDQNVWKDWSURYLGHUHWDLOEDQNLQJDVRSSRVHGWRLQYHVWPHQWEDQNV
7KHZRUGUHWDLOUHIHUVWRWUDQVDFWLRQVZLWKLQGLYLGXDOVRUîQDOXVHUV7KHRSSRVLWHLVZKROHVDOHZKLFKLPSOLHVDQLQWHUPHGLDU\IXQFWLRQ
,QRWKHUFRXQWULHVWKHWHUPFRPPHUFLDOEDQNUHIHUVWREDQNVWKDWPDLQO\GHDOZLWKODUJHEXVLQHVVHVRUFRUSRUDWLRQV
,QPRVWFDVHVKRZHYHUFRPPHUFLDOEDQNVRIIHUDIXOOUDQJHRIVHUYLFHVIRULQGLYLGXDOVEXVLQHVVHVDQGJRYHUQPHQWV
$VDYLQJVEDQNLVDQLQVWLWXWLRQZKRVHPDLQSXUSRVHLVWRDFFHSWVDYLQJVGHSRVLWVDOWKRXJKLWRIWHQSHUIRUPVRWKHUEDQNLQJWUDQVDFWLRQV
,Q6SDLQVDYLQJVEDQNVDUHSXEOLFLQLWLDWLYHVXQGHUJRYHUQPHQWFRQWUROZKRVHSURîWVDUHRIWHQHDUPDUNHGIRUVRFLDOLQLWLDWLYHV
7KHYHUEpWRHDUPDUNqPHDQVWRUHVHUYHDOORFDWHRUDVVLJQ3XEOLFPRQLHVDUHRIWHQHDUPDUNHGIRUVSHFLîFLQYHVWPHQWSXUSRVHV
6DYLQJVEDQNVDUHFDOOHGpVDYLQJVDQGORDQDVVRFLDWLRQVqLQWKH86DQGpEXLOGLQJVRFLHWLHVqLQWKH8.
,QYHVWPHQWEDQNVDUHîQDQFLDOLQVWLWXWLRQVWKDWLVVXHDQGVHOOVHFXULWLHVLQFDSLWDOPDUNHWVDQGDGYLVHLQPHUJHUVDQGDFTXLVLWLRQV
:KHQZHVD\FDSLWDOPDUNHWVZHDUHUHIHUULQJWRVWRFNPDUNHWVDQGERQGPDUNHWV6HFXULWLHVDUHEDVLFDOO\VWRFNVDQGERQGV
(FRQRPLFV
,IWKHFHQWUDOEDQNUDLVHVLQWHUHVWUDWHVSHRSOHSD\PRUHIRUORDQVDQGPRUWJDJHVDQGWKLVFRROVWKHHFRQRP\DQGFRQWUROVLQïDWLRQ
,IWKHFHQWUDOEDQNORZHUVLQWHUHVWUDWHVPRUHSHRSOHWDNHRXWORDQVDQGPRUWJDJHVDQGVWDUWWRVSHQGPRUHZKLFKUHDFWLYDWHVWKHHFRQRP\
,IWKHUHLVKLJKXQHPSOR\PHQWLQDFRXQWU\WKLVXVXDOO\PHDQVWKDWWKHHFRQRP\LVLQDUHFHVVLRQDQGQHHGVDERRVW
,QWKLVFDVH.H\QHVLDQHFRQRPLVWVZRXOGUHFRPPHQGORZHULQJWD[HVDQGORZHULQJLQWHUHVWUDWHVLQRUGHUWRSURPRWHFRQVXPSWLRQ
,QWKHPHGLXPWHUPWKLVXVXDOO\SURPRWHVFRQVXPSWLRQZKLFKUHDFWLYDWHVSURGXFWLRQRIJRRGVDQGVHUYLFHVDQGLQFUHDVHVHPSOR\PHQW
,IWKHJRYHUQPHQWDQGPRQHWDU\DXWKRULWLHVJRWRRIDULQUHDFWLYDWLQJWKHHFRQRP\WKHQVHYHUDOSRVLWLYHIDFWRUVEHFRPHQHJDWLYH
)XOOHPSOR\PHQWPHDQVDWLJKWMREPDUNHWZKLFKPHDQVWKDWHPSOR\HHVDQGZRUNHUVFDQQHJRWLDWHKLJKHUVDODULHVDQGZDJHV
7KLVFDXVHVZKDWLVFDOOHGpFRVWSXVKLQïDWLRQqEHFDXVHIXOOHPSOR\PHQWLQFUHDVHVODERXUFRVWVZKLFKLQWXUQpSXVKqXSFRVWVDQGSULFHV
$OVRZLWKIXOOHPSOR\PHQWSHRSOHVSHQGPRUHDQGWKLVFUHDWHVPRUHGHPDQGRQSURGXFHUVZKRRIWHQFDQQRWPHHWWKHGHPDQG
:KHQSURGXFHUVDUHSURGXFLQJDWIXOOFDSDFLW\DQGFDQQRWPHHWKLJKGHPDQGZKROHVDOHDQGUHWDLOSULFHVQDWXUDOO\ULVH
7KLVLVFDOOHGpGHPDQGSXOOqLQïDWLRQEHFDXVHWKHLPSUHVVLRQLVWKDWSULFHVDUHULVLQJEHFDXVHWKHGHPDQGLVpSXOOLQJqWKHPXS
7KHUHIRUHZKHQîVFDODQGPRQHWDU\SROLF\LVORRVHHFRQRPLHVHYHQWXDOO\KHDWXSDQGSURGXFHWZRW\SHVRILQïDWLRQVLPXOWDQHRXVO\
:KHQWKLVKDSSHQVWKHJRYHUQPHQWDQGFHQWUDOEDQNVVZLWFKWRDWLJKWHUîVFDODQGPRQHWDU\SROLF\LQRUGHUWRFRROWKHHFRQRP\
7RFRROWKHHFRQRP\WD[HVDQGLQWHUHVWUDWHVDUHUDLVHGWRPDNHLWPRUHGLIîFXOWIRUSHRSOHWRERUURZRUVSHQG
7KLVOHDGVWROHVVFRQVXPSWLRQOHVVSURGXFWLRQDQGMREUHGXFWLRQV)LVFDODQGPRQHWDU\DXWKRULWLHVDUHDOZD\VVHHNLQJWKHULJKWEDODQFH
0DQXIDFWXULQJ
7KHIRXUWKRIWKHVHYHQZDVWHVVHWRXWE\7R\RWDLVpZDLWLQJq7KLVUHIHUVWRWKHWLPHORVWDWVHYHUDOGLIIHUHQWPRPHQWVGXULQJWKHSURFHVV
,QWUDGLWLRQDOPDQXIDFWXULQJSHUFHQWRIDSURGXFWoVOLIHLVVSHQWZDLWLQJWREHSURFHVVHG7KHUHDUHVHYHUDOUHDVRQVIRUWKLV
([DPSOHVLQFOXGHPDWHULDOVïRZWKDWLVVORZSURGXFWLRQUXQVWKDWDUHORQJRUGLVWDQFHVEHWZHHQZRUNFHQWUHVWKDWDUHWRRJUHDW
2QHKRXUORVWEHFDXVHRIDVLQJOHERWWOHQHFNLQRQHRSHUDWLRQFDXVHVDRQHKRXUORVVLQWKHHQWLUHIDFWRU\oVRXWSXW
7KHîIWKZDVWHLVLQYHQWRU\7KHUHDUHWKUHHW\SHVRILQYHQWRU\UDZPDWHULDOVZRUNLQSURJUHVVDQGîQLVKHGJRRGV
7KHVORZHUWKHPRYHPHQWRIWKHVHPDWHULDOVXQîQLVKHGJRRGVDQGîQLVKHGJRRGVWKHODWHUWKHFRPSDQ\FROOHFWVPRQH\RQVDOHV
7KHVORZHUWKHHQWLUHSURFHVVWKHPRUHWKHLQYHVWPHQWLQUDZPDWHULDOVDQGWUDQVIRUPDWLRQFRVWVLVXQUHDOL]HGFDXVLQJîQDQFLDOVWUDLQ
$VORZPDQXIDFWXULQJSURFHVVZLWKH[FHVVLQYHQWRU\FDQDOVRFUHDWHLPSDWLHQWFXVWRPHUVORRNLQJIRUSURPSWJUDWLîFDWLRQ
7KHVL[WKZDVWHLVWKHXQQHFHVVDU\RUH[FHVVPRWLRQWKDWRIWHQDFFRPSDQLHVPDQXIDFWXULQJSURFHVVHV
0DQ\IDFWRU\ZRUNHUVVSHQGXQQHFHVVDU\WLPHEHQGLQJGRZQUHDFKLQJVWUHWFKLQJZDONLQJDQGOLIWLQJ$OOWKHVHPRYHPHQWVWDNHWLPH
,QGXVWULDOHQJLQHHUVORRNIRUZD\VWRUHGXFHWKHWLPHDZRUNHUVSHQGVLQH[FHVVPRWLRQRYHUDQKRXUVKLIW
([FHVVPRWLRQDOVRLQFUHDVHVWKHSUREDELOLW\RIZRUNLQJDFFLGHQWVZKLFKFDXVHDGGLWLRQDOWLPHORVVDQGSRVVLEOHOLWLJDWLRQH[SHQVHV
7KHVHYHQWKZDVWHLVRYHUSURFHVVLQJ$FRPPRQDQDORJ\WRGHVFULEHWKLVLVpXVLQJDVOHGJHKDPPHUWRFUDFNDQXWq
2YHUSURFHVVLQJLQYROYHVXVLQJH[SHQVLYHKLJKSUHFLVLRQHTXLSPHQWZKHUHVLPSOHUWRROVZRXOGEHVXIîFLHQW
:KHQGHVLJQLQJSURGXFWLRQV\VWHPVPRQH\VKRXOGEHLQYHVWHGLQVPDOOHUPRUHïH[LEOHHTXLSPHQWZKHUHYHUSRVVLEOH
/RZ%HJLQQHU
+LJK%HJLQQHU
(VDSHOÇFXODHVPDOD 7KDWïOPLVEDG
(VXQDSHOÇFXODPDOD ,WoVDEDGïOP
(VXQDSHOÇFXODPX\PDOD ,WoVDYHU\EDGïOP
3RUTXÃHVXQDSHOÇFXODPX\ :K\LVLWDYHU\EDGïOP"
PDOD"
/DKLVWRULDHVPX\DEXUULGD 7KHVWRU\LVYHU\ERULQJ
(QFDQWDGRGHFRQRFHUOH 3OHDVHGWRPHHW\RX
0HDOHJURGHYHUWH ,WoVJRRGWRVHH\RX
4XÃWDO" +RZDUH\RXGRLQJ"
1RVYHPRVSURQWR 6HH\RXVRRQ
)XHXQSODFHUFRQRFHUWH ,WZDVDSOHDVXUHPHHWLQJ\RX
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
4XÃWLHPSRKDFHKR\" +RZoVWKHZHDWKHUWRGD\"
+DFHYLHQWR" ,VLWZLQG\"
+DFHVRO\FDORU ,WoVVXQQ\DQGLWoVKRW
+D\QLHEOD ,WoVIRJJ\
$\HUKL]RPXFKRIUÇR ,WZDVYHU\FROG\HVWHUGD\
4XLÃQKL]RODFDPD" :KRPDGHWKHEHG"
4XLÃQSXVRODPHVD" :KRVHWWKHWDEOH"
4XLÃQQRGLMRQDGD" :KRVDLGQRWKLQJ"
&ÍPRSDVÍ" +RZGLGLWKDSSHQ"
3RUTXÃWUDMHURQHVWHYLQR :K\GLGWKH\EULQJWKLVEDG
ZLQH"
PDOR"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
+DFHDËRVTXHHVWRQRRFXUUÇD 7KLVKDVQoWKDSSHQHGIRU\HDUV
+DFHDËRVTXHQRRFXUUÇDTXÃ" :KDWKDVQoWKDSSHQHGIRU\HDUV"
1RUHFXHUGRODÔOWLPDYH]TXH ,GRQoWUHPHPEHUWKHODVWWLPH
\RXSDLGPHVRPXFKDWWHQWLRQ
PHSUHVWDVHWDQWDDWHQFLÍQ
(UHVPX\FDULËRVR <RXoUHYHU\DIIHFWLRQDWH
|4XÃQLËRP»VVHQVDWR :KDWDVHQVLEOHER\
/RV$ULHVVRQHQHUJÃWLFRVH $ULHVDUHHQHUJHWLFDQG
LPSXOVLYH
LPSXOVLYRV
/RV/LEUDVRQDUWÇVWLFRVH /LEUDDUHDUWLVWLFDQGLQGHFLVLYH
LQGHFLVRV
/RV/HRVRQJHQHURVRV\ /HRDUHJHQHURXVDQGSURXG
RUJXOORVRV
/RV9LUJRVRQDQDOÇWLFRV\ 9LUJRDUHDQDO\WLFDODQG
SHUIHFFLRQLVWDV
SHUIHFWLRQLVW
/RV&DSULFRUQLRVRQUDFLRQDOHV &DSULFRUQDUHUDWLRQDODQG
\SHVLPLVWDV
SHVVLPLVWLF
%URZQ/HQWLOV /HQWHMDVFDVWHOODQDV
*UHHQ3HDV *XLVDQWHVWLHUQRV
&KLFN3HDV *DUEDQ]RV
6SOLW3HDV *XLVDQWHVVHFRV
5HG/HQWLOV /HQWHMDVURMDV
9RFDEXODULR3HDV /HJXPEUHV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
/RV7DXURVRQWHUFRV\GLJQRV 7DXUXVDUHVWXEERUQDQG
UHOLDEOH
GHFRQîDQ]D
/RV*ÃPLQLVVRQLQJHQLRVRVH *HPLQLVDUHZLWW\DQGUHVWOHVV
LQTXLHWRV
/RV(VFRUSLRVRQDSDVLRQDGRV 6FRUSLRDUHSDVVLRQDWHDQG
\UHVHUYDGRV
VHFUHWLYH
/RV&»QFHUVRQVHQVLEOHV\ &DQFHUDUHVHQVLWLYHDQGVK\
WÇPLGRV
/RV6DJLWDULRVRQRSWLPLVWDV 6DJLWWDULXVDUHRSWLPLVWLFDQG
\IDQIDUURQHV
ERDVWIXO
/RV3LVFLVVRQURP»QWLFRV\GH 3LVFHVDUHURPDQWLFDQG
KXPRUYDULDEOH
PRRG\
/RV$FXDULRVRQLGHDOLVWDV\ $TXDULXVDUHLGHDOLVWLFDQG
VXVFHSWLEOHV
WRXFK\
6ÍORPHVLHQWRVXSHUVWLFLRVR ,RQO\IHHOVXSHUVWLWLRXVZKHQ,
FXDQGRGHUUDPRVDORf
VSLOOVDOWRU
VLWHQJRTXHSDVDUSRUGHEDMR fLI,KDYHWRJRXQGHUDODGGHU
GHXQDHVFDOHUDGHPDQRRf
RU
VLXQJDWRQHJURVHFUX]DHQPLfLIDEODFNFDWFURVVHVP\SDWK
FDPLQR
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRXWq
3$&.6'((678',2
%ORZRXWWKHPDWFK
$SDJDODFHULOOD
7KH\EURNHRXWRISULVRQ
6HIXJDURQGHODSULVLÍQ
7KH\EOHZKLVEUDLQVRXW
/HYRODURQODWDSDGHORVVHVRV
7KH)LUVW:RUOG:DUEURNHRXWLQ
/D3ULPHUD*XHUUD0XQGLDOHVWDOOÍHQ
7KHWLUHEOHZRXW
/DUXHGDUHYHQWÍ
7KHHSLGHPLFEURNHRXWLQWKHELJFLWLHV
/DHSLGHPLDHVWDOOÍHQODVFLXGDGHVJUDQGHV
3ULQFLSLDQWHLQWHUPHGLR\DYDQ]DGR
5HIXHU]DWXVHVWXGLRVHQFDVD
&RQVÇJXHORHQZZZYDXJKDQWLHQGDFRP
)LQDQFHDQGDFFRXQWLQJ
&RPSDQLHVUHSRUWWKHLUVROYHQF\SRVLWLRQWKURXJKIRXUîQDQFLDOVWDWHPHQWV7KHîUVWWZRDUHWKHEDODQFHVKHHWDQGWKHLQFRPHVWDWHPHQW
7KHEDODQFHVKHHWVKRZVWKHFRPSDQ\oVVLWXDWLRQFRQFHUQLQJLWVDVVHWVOLDELOLWLHVDQGQHWHTXLW\DWDJLYHQSRLQWLQWLPH
7KHLQFRPHVWDWHPHQWDOVRFDOOHGSURîWDQGORVVVWDWHPHQWRU3 /VKRZVWKHUHVXOWVRIDFRPSDQ\RYHUDJLYHQSHULRGRIWLPH
7KHVWDWHPHQWRIUHWDLQHGHDUQLQJVVKRZVWKHîQDOSURîWWKDWWKHFRPSDQ\KDVGHFLGHGQRWWRGLVWULEXWHDVGLYLGHQGV
7KHVWDWHPHQWRIFDVKïRZVVKRZVWKHFRPSDQ\oVFDVKïRZDFWLYLWLHVHVSHFLDOO\LWVRSHUDWLQJLQYHVWPHQWDQGîQDQFLQJDFWLYLWLHV
)LQDQFLDOVWDWHPHQWVVKRXOGEHXQGHUVWDQGDEOHUHOHYDQWUHOLDEOHDQGFRPSDUDEOH7KH\UHïHFWîQDQFLDOVWUHQJWKDQGSHUIRUPDQFH
2ZQHUVDQGPDQDJHUVDSSO\îQDQFLDODQDO\VLVWRWKHVHVWDWHPHQWVWRPDNHLPSRUWDQWEXVLQHVVGHFLVLRQV
'HWDLOHGîQDQFLDOVWDWHPHQWVPDNHXSDQLPSRUWDQWSDUWRIWKH$QQXDO5HSRUWVHQWWRWKHVKDUHKROGHUV
(PSOR\HHVXVHWKHVHîQDQFLDOVWDWHPHQWVZKHQSUHSDULQJFROOHFWLYHEDUJDLQLQJHVSHFLDOO\FRQFHUQLQJWKHFRPSHQVDWLRQSDFNDJH
3RWHQWLDOLQYHVWRUVDOZD\VUHDGWKHîQDQFLDOVWDWHPHQWVFDUHIXOO\WRDVVHVVWKHYLDELOLW\RIDFRPSDQ\WDUJHWHGIRULQYHVWPHQW
)LQDQFLDOLQVWLWXWLRQVVWXG\îQDQFLDOVWDWHPHQWVZKHQGHFLGLQJZKHWKHUWRJUDQWORQJDQGVKRUWWHUPORDQVDQGFUHGLWOLQHV
7KHWD[DXWKRULWLHVDXGLWWKHîQDQFLDOVWDWHPHQWVRIWKHFRPSDQ\ZKHQGLVDJUHHPHQWH[LVWVRQFRUSRUDWHWD[OLDELOLWLHV
,QGXVWU\DQDO\VWVDQGSHQVLRQIXQGPDQDJHUVFRQVWDQWO\FRPEWKHîQDQFLDOVWDWHPHQWVLQVHDUFKRIVWUHQJWKVDQGZHDNQHVVHV
,QDFFRXQWLQJWKHPRVWLPSRUWDQWEUDQFKHVDUHîQDQFLDODFFRXQWLQJPDQDJHPHQWDFFRXQWLQJWD[DFFRXQWLQJDQGFRVWDFFRXQWLQJ
)LQDQFLDODFFRXQWLQJLVWKHEDVLFSUHSDUDWLRQRIîQDQFLDOVWDWHPHQWVIRUWKHGLIIHUHQWSXEOLFVPHQWLRQHGDERYHLQWKLVVHFWLRQ
0DUNHWLQJDQGVDOHVPDQDJHPHQW
7KHWKLUGp3qDIWHUSURGXFWLVpSODFHq1RUPDOO\LQPDUNHWLQJWKHWHUPpSODFHqUHIHUVWRGLVWULEXWLRQDQGîQDOSRLQWRIVDOH
7KHLPSRUWDQWHOHPHQWFRQFHUQLQJpSODFHqLVKRZWRJHWWKHSURGXFWWRWKHFXVWRPHULQWKHTXLFNHVWDQGPRVWFRVWHIîFLHQWZD\
$GHFLVLRQWKDWLVFUXFLDOWRWKHVXFFHVVRIPDQ\FRPSDQLHVLVZKDWGLVWULEXWLRQFKDQQHOVVKRXOGEHXVHG
5HSVROLVDYHUWLFDOO\LQWHJUDWHGFRPSDQ\ZKHUHE\LWRZQVLWVRZQGLVWULEXWLRQFKDQQHOIURPRLOZHOOWRUHîQHU\WRVHUYLFHVWDWLRQ
&DUUHIRXUVHOOVLWVJRRGVWKURXJKODUJHVXUIDFHUHWDLOLQJ%HFDXVHRILWVVL]HLWFDQVNLSWKHZKROHVDOHFKDQQHODQGRIIHUORZHUSULFHV
7KH)OH[0DWWUHVV&RPSDQ\XVHVWZRFKDQQHOVODUJHVXUIDFHUHWDLOHUVDQGVPDOOIXUQLWXUHVWRUHV
&KDQHOSUHIHUVWRDYRLGORZSULFHFKDQQHOVVXFKDV&DUUHIRXU'ÇDRU0HUFDGRQDLQIDYRXURIKLJKHUSULFHVFKDQQHOVOLNH(O&RUWH,QJOÃV
1LYHDXVXDOO\SUHIHUVWREHSUHVHQWLQHYHU\RXWOHWIURPODUJHVXUIDFHUHWDLOHUVRIHYHU\NLQGWRVPDOOQHLJKERXUKRRGVKRSV
6RPHEDE\IRRGPDNHUVSUHIHUWRUHVWULFWWKHLUGLVWULEXWLRQWRSKDUPDFLHV7KLVZD\WKH\VHQGDSDUWLFXODUPHVVDJHWRPRWKHUV
6RPHFRPSDQLHVOLNH(O&RUWH,QJOÃVSUHIHUWKHLURZQGLVWULEXWLRQZDUHKRXVHVZKLOHVPDOOUHWDLOHUVEX\IURPZKROHVDOHUV
$ZKROHVDOHULVDQLQWHUPHGLDU\ZKREX\VJRRGVIURPIDFWRULHVVWRUHVWKHPLQZDUHKRXVHVDQGVHOOVWKHPWRUHWDLOHUV
5HWDLOHUVDUHEXVLQHVVHVXVXDOO\VPDOORQHVWKDWVHOOPHUFKDQGLVHGLUHFWO\WRWKHSXEOLFWKURXJKVPDOOVKRSVRUVPDOOFKDLQVWRUHV
/DUJHVXUIDFHUHWDLOHUVDUHHQRUPRXVGLVWULEXWLRQFRPSDQLHVOLNH&DUUHIRXU:DO0DUWRU(O&RUWH,QJOÃVWKDWVHOOGLUHFWO\WRWKHSXEOLF
2WKHUpSODFHqRUGLVWULEXWLRQFRQVLGHUDWLRQVLQFOXGHGHFLVLRQVFRQFHUQLQJPDUNHWVHJPHQWDWLRQ
6RPHFRPSDQLHVSUHIHUWRIRFXVWKHLUHIIRUWVRQRQHVSHFLîFVHJPHQWRIWKHPDUNHWLQRUGHUWREHFRPHWKHEHVWIRUWKDWVHJPHQW
*HQHUDODQGVWUDWHJLFPDQDJHPHQW
6RPHFRPSDQLHVLQRUGHUWRFRQWUROFRVWVGHFLGHWRLQWHJUDWHYHUWLFDOO\7KLVLVFDOOHGpYHUWLFDOLQWHJUDWLRQq
9HUWLFDOLQWHJUDWLRQLVZKHQDFRPSDQ\EX\VRXWVXSSOLHUVRUFXVWRPHUVWKXVpLQWHJUDWLQJqWKHLUDFWLYLWLHVXSVWUHDPDQGGRZQVWUHDP
7KHWHUPpXSVWUHDPqPHDQVWKHSDUWRIDULYHUWKDWLVQHDUWKHVRXUFHp'RZQVWUHDPqLVWKHSDUWRIWKHULYHUQHDUWKHVHD
)RU5HSVROXSVWUHDPDFWLYLWLHVDUHWKHRLODQGJDVH[SORUDWLRQDQGH[WUDFWLRQ'RZQVWUHDPDFWLYLWLHVDUHWKHJDVVWDWLRQVWKDWZHYLVLW
7KHHQWLUHVWUHDPLVH[SORUDWLRQGULOOLQJH[WUDFWLRQWUDQVSRUWDWLRQWRUHîQHULHVUHîQLQJDGGLWLRQDOWUDQVSRUWDWLRQDQGîQDOIXHOVDOHV
(O&RUWH,QJOÃVKDVSHUIRUPHGpEDFNZDUGLQWHJUDWLRQqE\EX\LQJRXWVRPHRILWVXSVWUHDPVXSSOLHUVVXFKDV,QYHVWUÍQLFDRU,QGX\FR
7KHRSSRVLWHLVpIRUZDUGLQWHJUDWLRQqZKHUHSURGXFHUVRUZKROHVDOHUVEX\RUFUHDWHGRZQVWUHDPDFWLYLWLHVWRVHOOGLUHFWO\WRWKHSXEOLF
7KHFOHDUHVWFDVHRIWKLVKDVEHHQVRPHRIWKH+ROO\ZRRGPRYLHVWXGLRVWKDWKDYHFUHDWHGFLQHPDFKDLQVWKURXJKRXWWKH86
)RU&(2oVLWoVRIWHQDWHPSWDWLRQWRLQWHJUDWHXSVWUHDPRUGRZQVWUHDPLQRUGHUWRFRQWUROFHUWDLQFULWLFDOHOHPHQWVLQWKHYDOXHFKDLQ
7KHGHFLVLRQDVWRZKHWKHUWRGRLWRUQRWPXVWEHFDUHIXOO\ZHLJKHG,QWHJUDWLQJVPRRWKHVRXWFHUWDLQWUDQVDFWLRQVEXWDGGVîQDQFLDOULVNV
$QRWKHUVWUDWHJLFGHFLVLRQKDVWRGRZLWKWKHWLPLQJRIHQWU\LQWRDPDUNHW7RRVRRQFDQEHDVGHDGO\DVWRRODWH
,QWKHHDUO\\HDUVRISHUVRQDOFRPSXWLQJFRPSDQLHVOLNH$SSOHWULHGWREHWKHîUVWWRWKHPDUNHWFRQVLGHULQJWKLVWREHDQDGYDQWDJH
,%0KRZHYHUGHFLGHGWRZDLWIRUWKHVHVPDOOHUSOD\HUVWRRSHQWKHPDUNHWDQGSURPRWHGHPDQGEHIRUHHQWHULQJDVDFRPSHWLWRU
,IDFRPSDQ\LVQRWSUHSDUHGWRVHHNDFRVWDGYDQWDJHVWUDWHJ\WKHRWKHUVWUDWHJLFRSWLRQLVGLIIHUHQWLDWLRQ
7KHLGHDEHKLQGGLIIHUHQWLDWLRQLVWRPDNHDSURGXFWWKDWLVVRGLIIHUHQWLQTXDOLW\RUXWLOLW\WKDWSHRSOHZLOOSD\DSUHPLXPWRKDYHLW
/RZ%HJLQQHU
+LJK%HJLQQHU
/RVFKLFRVJUDQGHVHVW»Q 7KHELJER\VDUHEHKLQGPH
GHWU»VGHPÇ
/DQXHYDWLHQGDHVW»GHODQWH 7KHQHZVKRSLVLQIURQWRI\RX
GHWL
/RVSHUURVVXFLRVHVW»QGHEDMR 7KHGLUW\GRJVDUHXQGHUWKH
GHODPHVD
WDEOH
(VW»ODFKLFDJXDSDDOODGRGHÃO" ,VWKHSUHWW\JLUOQH[WWRKLP"
(VW»QORVSODWRVYLHMRVHQOD $UHWKHROGSODWHVRQWKHWDEOH"
PHVD"
/DJHQWHGH)UDQFLDHVIUDQFHVD 3HRSOHIURP)UDQFHDUH)UHQFK
/DJHQWHGH$OHPDQLDHV 3HRSOHIURP*HUPDQ\DUH
DOHPDQD
*HUPDQ
(VLQJOHVDODJHQWHGH(VFRFLD" $UHSHRSOHIURP6FRWODQG
(QJOLVK"
6RQHVFRFHVHV\EULW»QLFRV 7KH\DUH6FRWWLVKDQG%ULWLVK
1RHQWLHQGRHVRTXÃVLJQLîFD" ,GRQoWXQGHUVWDQGZKDWGRHV
WKDWPHDQ"
6WXPS 3DOR
%RZOHU /DQ]DGRU
%DWVPDQ %DWHDGRU
3LWFK &DPSRGHFUÇTXHW
:LFNHW 5DVWULOOR
9RFDEXODULR&ULFNHW &UÇTXHW
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
6LJQLîFDTXHVLHQWHQ\VRQ ,WPHDQVWKH\IHHODQGWKH\DUH
6FRWWLVKEXWf
HVFRFHVHVSHURf
WLHQHQSDVDSRUWHVEULW»QLFRV WKH\KDYH%ULWLVKSDVVSRUWV
3RUTXÃWLHQHQSDVDSRUWHVGH :K\GRWKH\KDYHSDVVSRUWV
RWURSDÇV"
IURPDQRWKHUFRXQWU\"
(VFRFLDIRUPDSDUWHGH*UDQ 6FRWODQGLVSDUWRI*UHDW%ULWDLQ
%UHWDËD\GHO5HLQR8QLGR
DQGWKH8QLWHG.LQJGRP
&X»OHVODGLIHUHQFLDHQWUHHVRV :KDWoVWKHGLIIHUHQFHEHWZHHQ
GRVSDÇVHV"
WKRVHWZRFRXQWULHV"
4XLHUHVTXÃWHORH[SOLTXH" 'R\RXZDQWPHWRH[SODLQLW
WR\RX"
&ODURTXHTXLHURTXHPHOR 2IFRXUVH,ZDQW\RXWRH[SODLQ
LWWRPH
H[SOLTXHV
(VGLIÇFLOH[SOLF»UWHOR ,WoVGLIïFXOWWRH[SODLQLWWR
\RX
+D\UHJLRQHVGLIHUHQWHVHQ 7KHUHDUHGLIIHUHQWUHJLRQVLQ
6SDLQDUHQoWWKHUH"
(VSDËDQR"
7RGRVSHUWHQHFHQDOPLVPR 7KH\DOOEHORQJWRWKHVDPH
FRXQWU\GRQoWWKH\"
SDÇVQR"
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
(VHHVXQDVXQWRGHOLFDGR 7KDWoVDGHOLFDWHPDWWHUOHWoV
FKDQJHWKHVXEMHFW
FDPELHPRVGHWHPD
9DOHGHTXÃTXLHUHVTXH $OULJKWZKDWGR\RXZDQWXV
WRWDONDERXW"
KDEOHPRV"
(VFRFLDWHQGU»VXSURSLR :LOO6FRWODQGKDYHLWVRZQ
WHDPLQ&KLQDWKLV\HDU"
HTXLSRHQ&KLQDHVWHDËR"
4XÃTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW"
0HUHîHURDORV-XHJRV ,oPUHIHUULQJWRWKH2O\PSLF
*DPHV
2OÇPSLFRV
1RKD\XQHTXLSRHVFRFÃVQL 7KHUHLVQHLWKHUD6FRWWLVKQRU
XQHTXLSRJDOÃV
D:HOVKWHDP
(QWRQFHVSRUTXÃWLHQHQXQD :K\GRWKH\KDYHDQDWLRQDO
VHOHFFLÍQQDFLRQDOGHIÔWERO"
IRRWEDOOWHDPWKHQ"
|$KÇPHKDVSLOODGR <RXoYHJRWPHWKHUH
1RWHQJRODP»VPÇQLPDLGHD ,KDYHQoWWKHVOLJKWHVWLGHD
(VDOJRTXHVLHPSUHPHKD 7KDWoVVRPHWKLQJWKDWoVDOZD\V
FRQIXQGLGRDPÇWDPELÃQ
FRQIXVHGPHWRR
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
6L*UDQ%UHWDËDKXELHUDWHQLGR ,I*UHDW%ULWDLQKDGKDGRQO\
XQDÔQLFDVHOHFFLÍQGHIÔWEROf RQHIRRWEDOOWHDPf
SRGUÇDLVKDEHUJDQDGR f\RXFRXOGKDYHZRQPRUH
PXFKRVP»VWRUQHRV
WRXUQDPHQWV
1RÇEDPRVDFDPELDUGHWHPD" :HUHQoWZHJRLQJWRFKDQJH
WKHVXEMHFW"
'HTXÃKDEODPRV" :KDWVKDOOZHWDONDERXW"
4XÃHVORTXÃP»VWHJXVWDGH :KDWGR\RXOLNHPRVWDERXW
WKH2O\PSLF*DPHV"
ORV-XHJRV2OÇPSLFRV"
$PÇVLHPSUHPHHQFDQWDOD ,DOZD\VORYHWKHRSHQLQJ
FHUHPRQLDGHLQDXJXUDFLÍQ
FHUHPRQ\
<WRGRVHVRVQXHYRVGHSRUWHV $QGDOOWKRVHZHLUGQHZ
UDURV
VSRUWV
4XLÃQGHPRQLRVLQYHQWÍHO :KRRQHDUWKLQYHQWHGWKH
VDOWRGHSÃUWLJD"
SROHYDXOW"
/RLPSRUWDQWHHVSDUWLFLSDU ,WoVWKHWDNLQJSDUWWKDWFRXQWV
|1RWHORFUHHVQLWÔ &RPHRIILW
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRXWq
9RFDEXODU\
7KH\ERXJKWXVRXW
+DQDGTXLULGRQXHVWUDHPSUHVD
,H[HUFLVHXQWLO,EUHDNRXWLQWRDVZHDW
+DJRHMHUFLFLRVKDVWDHPSH]DUDVXGDU
+HERXJKWRXWP\VKDUHV
£OKDFRPSUDGRPLVDFFLRQHV
7KDWEULQJVRXWWKHEHVWLQKHU
(VRKDFHVDOLUORPHMRUGHHOOD
7KHVWDLQGLGQoWFRPHRXW
/DPDQFKDQRKDVDOLGR
7KH\oUHJRLQJWREULQJRXWDQHZPRGHO
9DQDVDFDUXQQXHYRPRGHOR
,QYHVWLQJ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
8WLOL]DPRVFRQWDELOLGDGGHFRVWHVSDUDOOHYDUOD
FXHQWDGHORVJDVWRV
1XHVWUDUHGGHSURYHHGRUHVHVPX\îDEOH
+HPRVUDOHQWL]DGRODFRQWUDWDFLÍQGHSHUVRQDO
SRUHOPRPHQWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
'HSHQGLQJRQ\RXUFXUUHQWVLWXDWLRQ\RXFDQGHFLGHWRORRNIRUVKRUWWHUPLQYHVWPHQWVRUORQJWHUPLQYHVWPHQWV
7\SLFDOVKRUWWHUPLQYHVWPHQWVDUHEDQNVDYLQJVDFFRXQWVPRQH\PDUNHWIXQGVRUFHUWLîFDWHVRIGHSRVLWVDOVRFDOOHG&'oV
6KRUWWHUPLQYHVWPHQWVDUHRIWHQXVHGDVSODFHVWRWHPSRUDULO\pSDUNqPRQH\XQWLOLWLVQHHGHGIRURWKHUXVHVODWHU
/RQJWHUPLQYHVWPHQWVVKRXOGDOZD\VEHIDLWKIXOWRDORQJWHUPHTXLW\JURZWKVWUDWHJ\
,QERWKFDVHVWKHLQYHVWPHQWPXVWSURYLGHDUHWXUQHTXDOWRRUDERYHWKHLQïDWLRQUDWH<RXPXVWNHHSSDFHZLWKLQïDWLRQRUVXUSDVVLW
7KHPRVWFRPPRQDQGLPSRUWDQWîQDQFLDOREMHFWLYHLQLQYHVWLQJLVWRFUHDWHDVHFXUHUHWLUHPHQWIXQG
<RXUWLPHKRUL]RQLVWKHQXPEHURI\HDUV\RXZLOOQHHGWRDFKLHYH\RXUîQDQFLDOREMHFWLYH
,I\RXZDQWWRLQYHVWZLVHO\DQGRQDQRQJRLQJEDVLVWKHQ\RXQHHGWRHVWDEOLVKDEXGJHWDQGKRZPXFK\RXFDQVDYHHDFKPRQWK
<RXPXVWPDNHSXUFKDVLQJGHFLVLRQVDQGEXGJHW\RXUH[SHQVHVLQVXFKDZD\WKDW\RXDOZD\VKDYHVRPHPRQH\OHIWRYHUHDFKPRQWK
<RXVKRXOGDOVREHDZDUHRI\RXUULVNWROHUDQFH6RPHSHRSOHDUHULVNDYHUVHDQGRWKHUVDUHFRPIRUWDEOHWDNLQJFHUWDLQFKDQFHV
7KHUHDUHPDQ\W\SHVRILQYHVWPHQWYHKLFOHV/RZULVNDQGORZLQWHUHVWYHKLFOHVDUHRIWHQFDOOHGpFDVKHTXLYDOHQWVq
7KHVHYHKLFOHVLQFOXGHFKHFNLQJDQGVDYLQJVDFFRXQWV&'oVPRQH\PDUNHWIXQGVDQGPRQH\PDUNHWDFFRXQWV
0RQH\PDUNHWIXQGVDUHPXWXDOIXQGVZKHUH\RXUPRQH\LVLQYHVWHGLQVKRUWWHUPGHEWREOLJDWLRQVVXFKDV7UHDVXU\%LOOVRU&'oV
6RPHRIWKHPRVWFRPPRQLQYHVWPHQWYHKLFOHVDUHVWRFNVERQGVDQGPXWXDOIXQGV
:KHQ\RXEX\VWRFNLQWKHVWRFNPDUNHW\RXDUHEHFRPLQJDVKDUHKROGHURUSDUWRZQHURIDFRPSDQ\
+XPDQUHVRXUFHV
$QLPSRUWDQW+5IXQFWLRQHVSHFLDOO\LQ\RXQJRUJDQL]DWLRQVLVpMRESULFLQJq7KLVPHDQVVHWWLQJWKHULJKWVDODU\IRUHDFKMRE
p0DUNHWSULFLQJqLVWKHPRVWFRPPRQIRUPXVHG7KHFRPSDQ\VHWVVDODULHVVLPLODUWRWKRVHLQWKHH[WHUQDOPDUNHWIRUVLPLODUMREV
7KHWHUPpSD\JUDGHqLVRIWHQXVHGWRUHIHUWRWKHGLIIHUHQWSD\FDWHJRULHVWKDWMREVDUHFODVVLîHGLQ
:LWKLQHDFKSD\JUDGHWKHUHLVXVXDOO\DpSD\UDQJHqWKDWDOORZVDFRPSDQ\WRLQFUHDVHDSDUWLFXODUVDODU\ZLWKLQDSD\JUDGH
,IWZRSHRSOHKDYHMREVZLWKLQWKHVDPHSD\JUDGHDQGRQHRIWKHWZRZRUNVEHWWHUWKHFRPSDQ\SD\VKLPDWWKHKLJKHUUDQJH
0DQ\ODUJHFRPSDQLHVSHUIRUPRUSXUFKDVHZDJHDQGVDODU\VXUYH\VWRPDNHVXUHWKDWWKHLUFRPSHQVDWLRQSDFNDJHVDUHFRPSHWLWLYH
:DJHVDUHFRPSHQVDWLRQSDLGLQUHODWLRQWRDVSHFLîHGDPRXQWRIWLPHZRUNHG:DJHVDUHXVXDOO\PHDVXUHGLQXQLWVRIWLPH
6DODULHVDUHFRPSHQVDWLRQSDLGZLWKRXWDQ\UHIHUHQFHWRDVSHFLîHGQXPEHURIKRXUVZRUNHG
&ROOHFWLYHEDUJDLQLQJLVZKDWWDNHVSODFHSHULRGLFDOO\EHWZHHQZDJHHDUQHUVDQGHPSOR\HUVWRHVWDEOLVKWKHpHPSOR\PHQWFRQWUDFWq
0DQ\FRPSDQLHVGLIIHUHQWLDWHEHWZHHQpH[HPSWHPSOR\HHVqDQGpQRQH[HPSWHPSOR\HHVq
([HPSWHPSOR\HHVDUHQRWVXEMHFWWRWKHZDJHDQGKRXUDJUHHPHQWVUHDFKHGGXULQJWKHFROOHFWLYHEDUJDLQLQJQHJRWLDWLRQV
([HPSWHPSOR\HHVHDUQVDODULHVQRWZDJHVDQGGRQoWUHFHLYHGLUHFWDGGLWLRQDOFRPSHQVDWLRQIRUZRUNLQJRYHUWLPH
1RQH[HPSWHPSOR\HHVDUHSDUWRIWKHFRPSHQVDWLRQSDFNDJHQHJRWLDWHGZLWKWKHPDQDJHPHQWDQGDUHSDLGDFFRUGLQJWRKRXUVZRUNHG
2WKHUHPSOR\HHEHQHîWVWKDWDFFRPSDQ\FRPSHQVDWLRQLQFOXGHH[WUDVOLNHLQVXUDQFHFKLOGFDUHOXQFKDOORZDQFHVRUFRPSDQ\FDUV
$FRPPRQDQGVRPHWLPHVFRQWURYHUVLDOHPSOR\HHEHQHîWLVSURîWVKDULQJZKHUHDFRPSDQ\SD\VLQFHQWLYHVOLQNHGWR\HDUHQGSURîWV
6HFUHWDULDODQGDGPLQLVWUDWLRQ
5HFHQWO\DVHFUHWDU\SODFHGWKHIROORZLQJPHVVDJHRQDIRUXP7REHDSSRLQWHGVHFUHWDU\RIDFHUWDLQFRPSDQ\RUFRPPLWWHHLVQRMRNH
,WHQWDLOVERWKNQRZOHGJHDQGVNLOOV2QHKDVWREHFRPSHWHQWHQRXJKWRWUDQVFULEHWKHPLQXWHVRIDPHHWLQJRUGLVFXVVLRQVRUZKDWHYHU
&RPSHWHQFHLQYROYHVNQRZOHGJHLQJUDPPDUDQGFRPSRVLWLRQ6NLOOVZLVHRQHKDVWREHTXLFNHQRXJKWRJUDVSZKDWRWKHUVPHDQ
6SHOOLQJDORXGLVDYHU\FRPPRQHYHU\GD\DFWLYLW\WKDWDVHFUHWDU\SHUIRUPV)RUIRUHLJQVHFUHWDULHVLWoVLPSHUDWLYHWREHVNLOOHGDWWKLV
3UREDEO\KDOIRIDOO(QJOLVKVSHDNLQJSHRSOHKDYHVXUQDPHVWKDWUHTXLUHVSHOOLQJRYHUWKHWHOHSKRQH&RUSRUDWHQDPHVDVZHOO
,I\RXoUHDVHFUHWDU\DQGQRWDQDWLYH(QJOLVKVSHDNHUWKHQ\RXPXVWPDNHVXUHWKDW\RXFDQVSHOORXWORXGDQGXQGHUVWDQGVSHOOLQJ
7KH%ULWLVKVD\IRUH[DPSOHp$IRU$OSKDq7KH$PHULFDQVVD\p$DVLQ$OSKDq,QWKHIROORZLQJOLQHVZHZLOOJRWKURXJKWKHDOSKDEHW
)RURXUSXUSRVHVKHUHZHZLOOXVHWKH%ULWLVKIRUPDQGWKHV\VWHPHPSOR\HGE\WKH,QWHUQDWLRQDO&LYLO$YLDWLRQ2UJDQL]DWLRQ
$IRU$OSKD
%IRU%UDYR
&IRU&KDUO\
'IRU'HOWD
(IRU(FKR HFR
)IRU)R[WURW
*IRU*XOI
+IRU+RWHO KRWÃO
,IRU,QGLD
-IRU-XQR FKÔQR
.IRU.LOR
/IRU/LPD
0IRU0LNH
1IRU1RYHPEHU
2IRU2VFDU
3IRU3DSD S»SD
4IRU4XHEHF NXHEÃF
5IRU5RPHR UÍPLR
6IRU6LHUUD
7IRU7DQJR WÃQJR
8IRU8QLIRUP LÔQLIRUP
9IRU9LFWRU IÇFWRU
:IRU:KLVNH\
;IRU;UD\
<IRU<DQNHH
=IRU=XOX
/RZ%HJLQQHU
+LJK%HJLQQHU
'ÍQGHHVW»QORVQLËRV" :KHUHDUHWKHFKLOGUHQ"
(VW»QHQFDVD" $UHWKH\DWKRPH"
(VW»QHQHOFROHJLR" $UHWKH\DWVFKRRO"
'ÍQGHHVW»Q" :KHUHDUHWKH\"
1RORVÃ ,GRQoWNQRZ
(VW»OLVWDHVDJHQWH" $UHWKRVHSHRSOHUHDG\"
(VWDJHQWHQRHVHVWÔSLGD 7KHVHSHRSOHDUHQoWVWXSLG
3RUTXÃQRKD\JHQWHDTXÇ" :K\DUHQoWWKHUHDQ\SHRSOH
KHUH"
+D\SUREOHPDVFRQHO $UHWKHUHDQ\SUREOHPVZLWK
RUGHQDGRU"
WKHFRPSXWHU"
1RKD\DFHLWHHQHVWDERWHOOD 7KHUHLVQoWDQ\RLOLQWKLV
ERWWOH
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
'ÍQGHFRPSUDVWXURSD" :KHUHGR\RXEX\\RXU
FORWKHV"
&XHVWDPXFKRWXWUDMH GH 'RHV\RXUVXLWFRVWDORW"
KRPEUH "
&X»QWRFXHVWD" +RZPXFKGRHVLWFRVW"
3RUTXÃFXHVWDWDQWR" :K\GRHVLWFRVWVRPXFK"
3RUTXÃJDVWDVWDQWRHQURSD" :K\GR\RXVSHQGVRPXFKRQ
FORWKHV"
1RLUÃDPHQRVTXHYHQJDV ,ZRQoWJRXQOHVV\RXFRPH
FRQPLJR
ZLWKPH
'HTXÃWLHQHVPLHGR" :KDWDUH\RXDIUDLGRI"
1RWHQJRPLHGRGHQDGDQLGH ,oPQRWDIUDLGRIDQ\WKLQJRU
QDGLH
DQ\ERG\
0HWHPRTXHHVRQRHVFLHUWR ,oPDIUDLGWKDWoVQRWWUXH
(VWR\WRWDOPHQWHGHDFXHUGR ,WRWDOO\DJUHHZLWK\RX
FRQWLJR
+LJK,QWHUPHGLDWH
&X»QGRKDEU»XQDîHVWD" :KHQZLOOWKHUHEHDSDUW\"
1RYDDKDEHUQLQJXQDîHVWD 7KHUHLVQoWJRLQJWREHDQ\
SDUW\
3RUTXÃQXQFDKDKDELGRXQD :K\KDVWKHUHQHYHUEHHQD
SDUW\LQWKLVKRXVH"
îHVWDHQHVWDFDVD"
6LJDQ»VHPRVHOFRQFXUVR ,IZHZRQWKHFRPSHWLWLRQ
WKHUHZRXOGEHDSDUW\
KDEUÇDXQDîHVWD
1ROHGLJDVTXHWHORGLMH 'RQoWWHOOKLP,WROG\RX
/RZ$GYDQFHG
&X»QGRVHYDDKDFHU" :KHQLVLWJRLQJWREHGRQH"
4XÃHVORTXHVHKDU»" :KDWZLOOEHGRQH"
/RTXHWLHQHTXHKDFHUVH :KDWKDVWREHGRQH
1RVHKDKHFKRDÔQ" +DVQoWLWEHHQGRQH\HW"
6HKDEUÇDKHFKRVLKXELHUD ,WZRXOGKDYHEHHQGRQHLI
WKHUHKDGEHHQPRUHWLPH
KDELGRP»VWLHPSR
+L)L6\VWHP (TXLSRGHDOWDîGHOLGDG
&'3OD\HU /HFWRUGH&'
$PSOLîHU $PSOLîFDGRU
5DGLR 5DGLR
6SHDNHU $OWDYR]
9RFDEXODULR+RPH(QWHUWDLQPHQW 2FLRHQHOKRJDU
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
/DKXHOJDSHUMXGLFDU» 7KHVWULNHZLOOVHULRXVO\KDUP
JUDYHPHQWHODLPDJHQGHOD
WKHFRPSDQ\oVLPDJH
HPSUHVD
6LJXHKDELHQGRPX\SRFDV 7KHUHDUHVWLOOYHU\IHZZRPHQ
PXMHUHVHQODJHVWLÍQ
LQPDQDJHPHQW
(OVLQGLFDWRHPSH]DU»ODV 7KHXQLRQZLOOVWDUWQHJRWLDWLRQV
QHJRFLDFLRQHVFRQODGLUHFFLÍQ ZLWKPDQDJHPHQW
(OHPSUHVDULRGHEHU»LQIRUPDUVH 7KHHPSOR\HUPXVWJHWLQIRUPHG
VREUHODOH\DFWXDO
DERXWWKHFXUUHQWODZ
(QORTXHYDGHDËRKHUHDOL]DGR 6RIDUWKLV\HDU,oYHJRQHRQVL[
VHLVYLDMHVGHQHJRFLRV
EXVLQHVVWULSV
(VDVHFWDOHVKDFRPLGRHOFRFR 7KDWVHFWKDVJRWWKHP
EUDLQZDVKHG
1RWHFRPDVHOFRFRSRUORTXH 'RQoWZRUU\\RXUKHDGRYHU
ZKDWVKHVDLG
WHGLMRHOOD
6XHOHWLUDUODFDVDSRUODYHQWDQD +HVSDUHVQRH[SHQVHVRQKLV
KROLGD\V
HQVXVYDFDFLRQHV
7HQGUHPRVTXHSUHSDUDUHO :HoOOKDYHWRGRWKH
JURXQGZRUNEHIRUHKDQG
WHUUHQRDQWHV
'RUPÇFRPRXQOLUÍQDQRFKH ,VOHSWOLNHDORJODVWQLJKW
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRXWq
9RFDEXODU\
&RPHRXW
6DO HOTXHKDEODHVW»IXHUD
7KHVXQFDPHRXWIURPEHKLQGWKHFORXGV
(OVROVDOLÍSRUGHWU»VGHODVQXEHV
+RZGLGHYHU\WKLQJFRPHRXW"
&ÍPRKDLGRODFRVD"
,oOONLVV\RXZKHQWKHVWDUVFRPHRXW
7HEHVDUÃFXDQGRVDOJDQODVHVWUHOODV
6RPHSDJHVKDYHFRPHRXW
6HKDQGHVSHJDGRDOJXQDVS»JLQDV
+HFDPHRXWLQIDYRXURIWKHWD[
6DOLÍHQGHIHQVDGHOLPSXHVWR
2SHUDWLRQV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
(VWDU»SUHSDUDGDODPHUFDQFÇDSDUDHO
WUDQVSRUWH"
+HPRVDXPHQWDGRODSURGXFWLYLGDGXQ
6XHOHVHUP»VGLIÇFLOGLULJLUODVSHTXHËDV
HPSUHVDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
,QDGGLWLRQWRWKHVLPSOHTXHVWLRQRISURGXFWYLDELOLW\DQRWKHUVLPSOHEXWFHQWUDOFRQVLGHUDWLRQLVWKHLGHDORUJDQL]DWLRQGHVLJQ
7KHEHVWRUJDQL]DWLRQVPDLQWDLQDQHQWUHSUHQHXULDOFXOWXUHSURPRWHFROODERUDWLRQDQGWHDPZRUNDQGHVWDEOLVKFOHDUDFFRXQWDELOLW\
7KHEHVWRUJDQL]DWLRQVDUHDOVRWKRVHWKDWNQRZKRZWRFRPPLWWKHLUVXSSOLHUVWRFRQWLQXRXVLPSURYHPHQWLQTXDOLW\GHOLYHU\DQGFRVW
6RPHFRPSDQLHVVSHQGDQHQRUPRXVDPRXQWRIWLPHKHOSLQJWKHLUVXSSOLHUVWREHFRPHPRUHHIîFLHQW
2WKHUFRPSDQLHVGHFLGHWRLQWHJUDWHEDFNZDUGVLQRUGHUWRJDLQFRPSOHWHFRQWURORYHUWKHLUXSVWUHDPDFWLYLWLHV
:KLFKHYHUWKHVWUDWHJ\WKHFRPSDQ\WKDWJDLQVWKHEHVWTXDOLW\GHOLYHU\DQGFRVWLQWKLVSDUWRIWKHVXSSO\FKDLQZLOOKDYHDQDGYDQWDJH
0RUHDQGPRUHPDWKHPDWLFDOPRGHOVDQGRWKHUDQDO\WLFDOWRROVDUHEHLQJXVHGWRLPSURYHRSHUDWLRQVDQGPDQDJHPHQWGHFLVLRQV
'HFLVLRQDQDO\VLVLVRQHDUHDZKHUHPDWKHPDWLFDOWRROVDUHXVHGWRKHOSDGHFLVLRQPDNHUUHGXFHXQFHUWDLQW\
7KHPRVWFRPPRQW\SHRIGHFLVLRQDQDO\VLVLVWKHGHFLVLRQWUHHZKHUHDOOSRVVLEOHRXWFRPHVDUHVWXGLHGLQFOXGLQJWKHLUFRVWDQGXWLOLW\
7KHLGHDLVWKDWWKHGHFLVLRQWUHHWKURXJKSUREDELOLW\DQDO\VLVWHOOV\RXZKLFKVWUDWHJ\LVWKHPRVWOLNHO\WRUHDFKWKHJRDO\RXZDQW
7KHUHDUHPDQ\GLIIHUHQWZD\VLQZKLFKFRPSDQLHVRUGHSDUWPHQWVFDQIRUHFDVWIXWXUHHYHQWV2QHRIWKHPRVWFRPPRQLVWKHWLPHVHULHV
7KHPRYLQJDYHUDJHLVRQHRIWKHPRVWSRZHUIXOWRROVIRUVWXG\LQJDSDVWWUHQGLQRUGHUWRSURMHFWLWLQWRWKHIXWXUH
0RYLQJDYHUDJHVVPRRWKRXWVKRUWWHUPïXFWXDWLRQVWKHUHE\HQDEOLQJWKHDQDO\VWWRVHHORQJHUWHUPWUHQGVRUF\FOHV
$QLQWHUHVWLQJQRQPDWKHPDWLFDOIRUHFDVWLQJPHWKRGLVFDOOHGWKH'HOSKL0HWKRG,WoVDV\VWHPDWLFLQWHUDFWLYHZD\RISUHGLFWLRQ
7KH'HOSKL0HWKRGPDLQWDLQVSDUWLFLSDQWVSK\VLFDOO\VHSDUDWHGVRWKHLUYHUEDOVNLOOVRUSHUVXDVLRQGRQoWLQïXHQFHWKHRSLQLRQVRIRWKHUV
,QIRUPDWLRQWHFKQRORJ\
1HWZRUNVHFXULW\UHTXLUHVDWKRURXJKXQGHUVWDQGLQJRIWKHFRPSRQHQWVDQGOD\HUVLQWKHV\VWHPDVZHOODVLQWHUDFWLQJH[WHUQDOV\VWHPV
<RXPXVWEHVXUHWKDWWKHRWKHUV\VWHPVWKDWDUHFRQQHFWHGWRWKHVDPHQHWZRUNDUHSK\VLFDOO\DQGHOHFWURQLFDOO\VHFXUH
<RXPXVWPDNHVXUHWKDWQRXQDXWKRUL]HGSHUVRQQHOKDYHDFFHVVWRWKHSK\VLFDOQHWZRUNWRZKLFKWKHV\VWHPLVDWWDFKHG
$WKLUGLPSRUWDQWFRQVLGHUDWLRQLQYROYHVSURWRFROVDQGVHUYLFHV/DUJHV\VWHPVUXQPDQ\VRIWZDUHVDQGSURJUDPVVLPXOWDQHRXVO\
%HFDXVHPRVWVRIWZDUHVDQGSURJUDPVDUHZULWWHQE\GLIIHUHQWSHRSOHLWoVFRPPRQIRUDWOHDVWRQHWRKDYHDVHFXULW\KROH
$IRXUWKFRQVLGHUDWLRQKDVWRGRZLWKXVHUVHFXULW\6RPHV\VWHPVKDYHKXQGUHGVRIXVHUVGLUHFWO\DFFHVVLQJWKHV\VWHPDWWKHVDPHWLPH
<RXQHHGWRGHYHORSDVWDQGDUGPHWKRGIRUFUHDWLQJDQGPDLQWDLQLQJXVHUDFFRXQWV6HWOLPLWVWRZKDWFHUWDLQXVHUVFDQGR
.HHSDFFXUDWHORJVRIXVHUDFWLYLW\ZKLFKLQFOXGHVFRQQHFWLRQWLPHGXUDWLRQDQGZKHUHWKH\FRQQHFWIURP
,WoVFRPPRQWRXVHpSDWUROqSURJUDPVWRGHWHFWXVHUVZKRWU\WRJDLQDGPLQLVWUDWRUSULYLOHJHVRUDFFHVVîOHVWKDWWKH\VKRXOGQoW
$îIWKFRQFHUQLVGDWDVWRUDJHVHFXULW\7KHUHDUHRIWHQPDQ\FRPSOLFDWHGZD\VWRDFFHVVWKHVDPHGDWDRQDV\VWHP
$SHUVRQLQFKDUJHRI,7VHFXULW\VKRXOGNQRZWKHîOHRZQHUVKLSVFKHPHWKDWWKHV\VWHPLPSOHPHQWV,VLWJURXSEDVHGRZQHUEDVHG"
$OOLPSRUWDQWGDWDEDVHVVKRXOGEHDFFHVVLEOHRQO\WRDXWKRUL]HGXVHUVDQGWKLVLQFOXGHVSHRSOHLQVLGHDQGRXWVLGHWKHFRPSDQ\
3DVVZRUGVDUHYLWDOWRHYHU\VHFXULW\VFKHPH7KH\SURWHFWXVHUDFFRXQWVVHQVLWLYHZHEVLWHVDQGV\VWHPVHUYLFHV
7KHEHVWSROLF\LVWRUHTXLUHXQLTXHFRPSOH[SDVVZRUGVIRUDOOXVHUDFFRXQWVQXPEHUVWRJHWKHUZLWKXSSHUDQGORZHUFDVHOHWWHUV
3DVVZRUGVVKRXOGQHYHUEHNHSWIRUPRUHWKDQRQH\HDU,WoVDGYLVDEOHWRSURPRWHSDVVZRUGURWDWLRQDQGH[SLUDWLRQ
/DZDQGOHJDOFRXQVHO
7KHOHJDOWHUPLQRORJ\LQWKH86DQG8.LVTXLWHGLIIHUHQW7KHWHUPpODZ\HUqLVWKHJHQHUDOZRUGIRUDSHUVRQOLFHQVHGWRSUDFWLFHODZ
,QWKH86ODZ\HUVDUHRIWHQFDOOHGDWWRUQH\V,IWKH\VSHQGDORWRIWLPHLQFRXUWWKHQWKHWHUPLVWULDOODZ\HURUOLWLJDWLRQDWWRUQH\
,I\RXQHHGDODZ\HULQWKH8.\RXFRQWDFWDVROLFLWRUZKRZLOOUHSUHVHQW\RXDQGDGYLVH\RXEXWQRWLQFRXUW
,I\RXQHHGWRJRWRFRXUW\RXUVROLFLWRUZLOOXVHWKHVHUYLFHVRIDEDUULVWHUWRUHSUHVHQWWKHSHUVRQLQDSXEOLFKHDULQJRUFRXUWFDVH
$86DWWRUQH\FDQDUJXHFDVHVLQFRXUWSURYLGHOHJDODGYLFHWRFOLHQWVDQGGUDIWOHJDOGRFXPHQWVVXFKDVZLOOVGHHGVDQGFRQWUDFWV
,QFULPLQDOFRXUWVWKHUHLVDSURVHFXWLQJDWWRUQH\DQGDGHIHQFHDWWRUQH\7KHSURVHFXWLQJDWWRUQH\RIWHQUHSUHVHQWVDSXEOLFMXULVGLFWLRQ
7KHUHDUHPDQ\GLIIHUHQWNLQGVRIODZ&ULPLQDOODZLVWKHERG\RIOHJLVODWLRQWKDWGHîQHVFULPLQDORIIHQFHVDQGWKHSHQDOWLHV
7RUWODZLVWKHERG\RIOHJLVODWLRQWKDWHVWDEOLVKHVUHPHGLHVIRUFLYLOZURQJVWKDWDUHQRWDUHVXOWRIFRQWUDFWXDOGXWLHV
7RUWODZLQYROYHVOLDELOLW\GDPDJHVQHJOLJHQFHGHIDPDWLRQFRPSHWLWLRQODZVHOIGHIHQFHHPRWLRQDOGLVWUHVVIUDXGDQGPXFKPRUH
3URSHUW\ODZLQYROYHVWKHYDULRXVIRUPVRIRZQHUVKLSRIUHDOSURSHUW\ RUUHDOHVWDWH DQGSHUVRQDOSURSHUW\
/DERXUODZLVWKHWHUPXVHGWRUHIHUWRWKHLQGXVWULDOUHODWLRQVKLSEHWZHHQZRUNHUHPSOR\HUDQGWUDGHXQLRQ
7D[ODZLQYROYHVWKHUHJXODWLRQVSXWLQWRHIIHFWFRQFHUQLQJSHUVRQDOLQFRPHWD[YDOXHDGGHGWD[LQKHULWDQFHWD[DQGFRUSRUDWHWD[
&RPSHWLWLRQODZDWWHPSWVWRHQVXUHWKDWFRPSHWLWLRQLVIUHHDQGIDLU,QWKH86LWLVRIWHQFDOOHGpDQWLWUXVWODZq
&RXQWULHVWKDWIROORZDFLYLOODZV\VWHPEDVHDXWKRULW\SULPDULO\RQOHJLVODWLRQDQGVHFRQGO\RQFXVWRP/DZVDUHFRGLîHG
&RXQWULHVWKDWIROORZDFRPPRQODZV\VWHPEDVHDXWKRULW\RQSUHFHGHQWDQGMXULVSUXGHQFHLVLQVWUXPHQWDOLQHVWDEOLVKLQJODZ
/RZ%HJLQQHU
+LJK%HJLQQHU
6RQSDUDPÇ 7KH\oUHIRUPH
(VSDUDQRVRWURV ,WoVIRUXV
(VWDPRVFRQHOORV :HoUHZLWKWKHP
1RHVW»QFRQWLJR 7KH\oUHQRWZLWK\RX
(VW»LVDOODGRGHHOORV <RXoUHQH[WWRWKHP
(QWUHSRUIDYRU &RPHLQSOHDVH
6LÃQWHVH 6LWGRZQ
/HY»QWHVH *HWXS
6DOGHDTXÇDKRUDPLVPR *HWRXWRIKHUHQRZ
1RYXHOYDV 'RQoWFRPHEDFN
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
'ÍQGHHVWXYLVWHDODV :KHUHZHUH\RXODVWQLJKWDW
DQRFKH"
"
3HUGÍQTXÃPHKDVGLFKR" 6RUU\ZKDWGLG\RXVD\"
7HSUHJXQWÃTXHGÍQGHHVWDEDV ,DVNHG\RXZKHUH\RXZHUH
DQRFKH
ODVWQLJKW
<TXÃKDFÇDVDOOÇ" $QGZKDWZHUH\RXGRLQJ
WKHUH"
4XLHURVDEHUTXÃKDFÇDVDOOÇ ,ZDQWWRNQRZZKDW\RXZHUH
GRLQJWKHUH
(VWDUÃGHYXHOWDHQXQSDUGH ,oOOEHEDFNLQDFRXSOHRIGD\V
GÇDV
(QVHJXLGDYXHOYR ,oOOEHULJKWEDFN
(QVHJXLGDHVWR\FRQWLJR ,oOOEHULJKWZLWK\RX
(QVHJXLGDYR\SDUDDOO» ,oOOEHULJKWRYHU
7HQGUÃUD]ÍQ\DYHU»V ,oOOEHULJKW\RXoOOVHH
8PSLUH -XH]GHVLOOD
%DOOER\ 5HFRJHSHORWDV
6HUYH 6DFDU
6HUYLFH/LQH /ÇQHDGHVHUYLFLR
1HW 5HG
%DVHOLQH /ÇQHDGHIRQGR
9RFDEXODULR7HQQLV 7HQLV
+LJK,QWHUPHGLDWH
9»PRQRV /HWoVJR
1RVYDPRV" 6KDOOZHJR"
|9R\ ,oPFRPLQJ
9R\DFDVWLJDUOHV ,oPJRLQJWRSXQLVKWKHP
/HVFDVWLJR" 6KDOO,SXQLVKWKHP"
/RZ$GYDQFHG
'HFÇGHWHTXLHUHV" 0DNHXS\RXUPLQGZLOO\RX"
(ODJXDHVW»FRPSXHVWDSRU :DWHULVPDGHXSRIR[\JHQ
R[ÇJHQRHKLGUÍJHQR
DQGK\GURJHQ
7HQJRTXHUHFXSHUDUODVFODVHV ,KDYHWRPDNHXSODVWZHHNoV
SHUGLGDVGHODVHPDQDSDVDGD ORVWFODVVHV
&ÍPRORSXHGRHQPHQGDU" +RZFDQ,PDNHLWXSWR\RX"
&RQIHFFLRQHPRVXQDOLVWDGH
/HWoVPDNHXSDOLVWRIJXHVWV
LQYLWDGRV
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
7HGDVFXHQWDGHORTXHPH 'R\RXUHDOLVHZKDW\RXoYHMXVW
DFDEDVGHKDFHU"
GRQHWRPH"
&ÍPRYDPRVDVDOLUGHHVWH +RZDUHZHJRLQJWRJHWRXWRI
OÇR"
WKLVPHVV"
3XHGHTXHHVWÃQPHWLGRVHQXQ 7KH\PLJKWEHVWXFNLQDWUDIïF
DWDVFR
MDP
&X»QGRYDVDGHVKDFHUWHGH :KHQDUH\RXJRLQJWRJHWULG
HVWRVHVFRPEURV"
RIWKLVUXEEOH"
&XDQGRPHGÃODJDQD :KHQ,IHHOOLNHLW
&ÍPRHUDODPHORGÇDGH/RV +RZGLGWKHWKHPHWXQHIURP
7HOHxHFRV"
7KH0XSSHWVJR"
7HDFXHUGDVGH3DEOR0»UPRO 'R\RXUHPHPEHU%DUQH\
\3HGUR3LFDSLHGUD"
5XEEOHDQG)UHG)OLQWVWRQH"
$TXLÃQSUHIHUÇDVGH%DUULR:KRGLG\RXSUHIHUIURP
6HVDPH6WUHHW%HUWRU(UQLH"
6pVDPRD(SLRD%ODV"
6LHPSUHPHFRQIXQGRHQWUHHO ,DOZD\VJHWFRQIXVHGEHWZHHQ
'RQDOG'XFNDQG'DII\WKH
3DWR'RQDOG\HO3DWR/XFDV
'XFN
3RUTXÃHO&R\RWHQXQFD :K\GLG:LO\(&R\RWHQHYHU
FDWFKWKDWVWXSLG5RDG5XQQHU"
OOHJÍDSLOODUDHVHHVWÔSLGR
&RUUHFDPLQRV"
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRXWq
9$8*+$1&/$665220
&ODVHVDWXHPDLO
7KHPDJD]LQHFRPHVRXWZHHNO\
/DUHYLVWDVDOHVHPDQDOPHQWH
,oPQRWFXWRXWWREHDWHDFKHU
1RHVWR\KHFKRSDUDVHUSURIHVRU
&XWLWRXWZLOO\RX
|3DUD\DTXLHUHV" GHLQFRUGLDU
7KH\IHOORXWDIWHUWZR\HDUV
5LËHURQ\VHVHSDUDURQGHVSXÃVGHGRVDËRV
:K\GLGQoW\RXFXWRXWWKHDUWLFOH"
3RUTXÃQRUHFRUWDVWHHODUWÇFXOR"
)DOORXW
|5RPSDQîODV
3RQDSUXHEDWX´OLVWHQLQJµFRQHODXGLR\
YLGHRTXHYLHQHQHQFDGDOHFFLÍQ
,QVFUÇEHWHRQOLQH\UHFLEHWXVFODVHVGHLQJOÃVJUDWXLWDV
GLUHFWDPHQWHDWXHPDLO
ZZZYDXJKDQFODVVURRPFRP
(QWUHSUHQHXUVKLS
6RPHFRPSDQLHVHQGXSIDLOLQJEHFDXVHWKH\pGLHRIVXFFHVVq7KHRZQHUVRYHUH[SDQGLQVWHDGRIIRFXVLQJRQVORZDQGVWHDG\JURZWK
0RVWXQLYHUVLW\FRXUVHVRQ(QWUHSUHQHXUVKLSDSSURDFKWKHVXEMHFWDVLILWFRXOGEHOHDUQHGWKURXJKDWH[WERRN
0RVWVXFFHVVIXOFRPSDQLHVKRZHYHUZHUHVWDUWHGEHFDXVHDSHUVRQOHDUQHGDWUDGHDQGWKHQZHQWLQGHSHQGHQWWRGHYHORSLWEHWWHU
0RVWVXFFHVVIXOHQWUHSUHQXHUVVWDUWHGWKHLUZRUNLQJOLYHVOHDUQLQJWKHpWULFNVRIWKHWUDGHqLQDQHVWDEOLVKHGîUP
)URPWKHUHWKH\GHFLGHGWRWU\WKHLURZQKDQGDWLWDQGDSSOLHGHQHUJ\DQGSDVVLRQWRWKHWDVN
+RZHYHUGHVSLWHHQHUJ\DQGSDVVLRQPRUHWKDQSHUFHQWRIQHZEXVLQHVVHVIDLOLQWKHîUVWîYH\HDUVRIWKHLUOLIH
7REHVXFFHVVIXOHQWUHSUHQXHUVXVXDOO\QHHGWREHDEOHWRVHOOWKHPVHOYHVDQGWKHLULGHDVWRRWKHUV&RPPXQLFDWLRQVVNLOOVDUHLPSRUWDQW
7KH\PXVWEHDEOHWRZKLSXSWKHHQWKXVLDVPRUDWOHDVWJDLQWKHFRQîGHQFHRIEDQNHUVLQYHVWRUVFXVWRPHUVDQGHPSOR\HHV
7KH\QHHGWREHOLHYHVWURQJO\LQWKHSRZHURIWKHLUSURGXFWRUVHUYLFHWRîOOFOHDUDQGLPSRUWDQWQHHGVRUGHVLUHVDPRQJFRQVXPHUV
7KH\QHHGWRNQRZKRZWRLGHQWLI\ZKHUHWKHWDUJHWPDUNHWVDUHDQGEHDEOHWRîJXUHRXWKRZWRUHDFKWKHVHPDUNHWVHIIHFWLYHO\
7KH\PXVWEHFRROKHDGHGHQRXJKWRNHHSDîUPKDQGRQWKHFRPSDQ\WUHDVXU\DQGPDNHVXUHWKDWPRQH\LVZHOOPDQDJHG
7KH\PXVWEHWLUHOHVVLQîQGLQJFRVWHIIHFWLYHZD\VWRGRHYHU\WKLQJDQGWRNHHSî[HGH[SHQVHVWRWKHEDUHPLQLPXP
7KH\PXVWEHYLVLRQDULHVDEOHWRVHHWKHGLIIHUHQWIXWXUHVWKH\ZDQWWRFUHDWHDQGDEOHWRFRQYH\WKHLUYLVLRQWRRWKHUV
7KH\PXVWEHGUHDPHUVDQGGRZQWRHDUWKpEHDQFRXQWHUVqDWWKHVDPHWLPHp%HDQFRXQWHUqLVDFROORTXLDOH[SUHVVLRQIRUDQDFFRXQWDQW
7KH\PXVWIXVHVFLHQFHDQGVWRLFSHUVHYHUDQFHDQGGHYRWLRQZLWKGUHDPVDQGYLVLRQV
5HVHDUFKDQGGHYHORSPHQW
0DQ\SHRSOHWKDQNWKDWLQQRYDWLRQLQXQPDQDJHDEOHEHFDXVHRIXQFHUWDLQWLHVRYHURSWLPLVWLFIRUHFDVWVDQGXQSUHGLFWDEOHFRQVXPHUV
7KHEHVWLQQRYDWLRQLVZKHQVFLHQWLîFNQRZOHGJHLVFRPELQHGZLWKPDUNHWLQJVNLOOVWRLGHQWLI\UDGLFDOO\EHWWHUVROXWLRQV
$FRPPRQGHOLPPDLQRUJDQL]DWLRQVLVZKHWKHUWROHDYHLWVLQQRYDWLRQSURFHVVHVXQWRXFKHGRUWRDSSO\SURFHVVPDQDJHPHQWFRQWUROV
6RPH5 'PDQDJHUVSUHIHUWRLPSRVHGLVFLSOLQHGRUVWUXFWXUHGZRUNSURFHVVHVWRWKHLU5 'ZRUNIRUFH
7KHVHSURFHVVHVFDQLQFOXGHWHFKQRORJ\SODQQLQJLGHDJHQHUDWLRQGLVFRYHU\UHVHDUFKDQGQHZSURGXFWRUSURFHVVGHYHORSPHQW
7RGRWKLVWKH5 'PDQDJHUPXVWDOVRFRQVLGHUWKHW\SLFDOWRSLFVRIKLULQJEXGJHWLQJSDWHQWLQJWUDLQLQJDQGSHUVRQQHOGHYHORSPHQW
2QHSUREOHPLVWKDWPRVW5 'HIIRUWVIDLOEXWGHVSLWHWKHVHIDLOXUHV5 'SHRSOHXVXDOO\SHUVHYHUHEHFDXVHWKHUHZDUGVFDQEHJUHDW
$FFRUGLQJWRYHQWXUHFDSLWDOLVWVSDWHQWOLWHUDWXUHDQGRWKHUVXUYH\VLWWDNHVUDZLGHDVWRDFKLHYHRQHFRPPHUFLDOVXFFHVV
6RPHVXUYH\VSRLQWWRWKHIDFWWKDWGHVSLWHWKHLQFUHDVHLQ5 'SURFHVVFRQWUROVXFFHVVUDWHVRYHUWKHSDVWGHFDGHKDYHIDOOHQ
7KHRYHUDOOLQQRYDWLRQSURFHVVLVQRWRQO\ULVN\EXWYHU\FRPSOH[DQGPDQDJLQJWKLVHIIRUWLVQRWHDV\
7KHLQQRYDWLRQSURFHVVLQFOXGHVNQRZOHGJHRIFRPSDQ\VWUDWHJLHVNQRZOHGJHRIWHFKQRORJ\DQGNQRZOHGJHRIWKHPDUNHWV
,IDFRXQWU\ZDQWVWRSURJUHVVLQFRPPHUFHLQGXVWU\DQGWHFKQRORJ\LWPXVWKDYHDVWURQJ5 'EDVH
0DQ\FRXQWULHVVXIIHUDpEUDLQGUDLQqZKHUHE\WKHLUEHVWVFLHQWLVWVDQGHQJLQHHUVVHHNHPSOR\PHQWLQRWKHUPRUHZHOFRPLQJFRXQWULHV
,WoVHVVHQWLDOWKDWWKHXQLYHUVLW\V\VWHPLQDFRXQWU\SURYLGHRSSRUWXQLWLHVIRUH[WHQVLYH5 'DFWLYLWLHVDPRQJLWVVWXGHQWV
$Q\FRXQWU\ZKRVHJRYHUQPHQWLVUHOXFWDQWWRIXQG5 'DFWLYLWLHVLVDFRXQWU\WKDWZLOOQRWSURJUHVVDVIDVWDVLWVQHLJKERUV
7\SLFDORIîFHODQJXDJH
/HWoVJRGRZQDQGJHWDFRIIHHîUVWEHIRUHZHWU\WRWDFNOHWKLVLVVXH:HoYHEHHQKHUHIRUWZRKRXUVDOUHDG\DQG,QHHGDEUHDN
,oYHEHHQWKLQNLQJ:K\GRQoWZHFRQWDFWWKH&KDPEHURI&RPPHUFHRQWKLVDQGVHHLIWKH\FDQKHOSXVFRQYLQFHWKHORFDOJRYHUQPHQW"
,WoVWDNLQJORQJHUWKDQ,WKRXJKW7KLVSODQZDVVXSSRVHGWREHDVKRUWFXWEXWZHoYHUXQLQWRPRUHSUREOHPVWKDQZHH[SHFWHG
7KHUHoVDUXPRUJRLQJDURXQGWKDWZHoUHORVLQJPRQH\:KHUHDUHSHRSOHJHWWLQJWKLVLQIRUPDWLRQ":KRoVSURSDJDWLQJWKHVHUXPRUV"
7KHQH[WLWHPRQWKHDJHQGDLVWKHGHFLVLRQWREX\DQHZïHHWRIFRPSDQ\FDUV,oPSHUVRQDOO\DJDLQVWWKHLGHDIRUQRZ
,WKLQNKHoVFRPHXSZLWKDQLGHDWKDWFRXOGVDYHXVWKHWLPHDQGWURXEOHRIîQGLQJDQHZVHUYLFHSURYLGHU
*RDKHDGDQGFDOOKHU6KHVKRXOGVWLOOEHLQKHURIîFH,WULHGWRJHWDKROGRIKHUWKLVPRUQLQJEXWFRXOGQoWJHWWKURXJK
7KHWHOHSKRQHMXVWZRQoWVWRSULQJLQJWKLVPRUQLQJ,oOOEHOXFN\WRJHWDQ\WKLQJGRQHWRGD\
7KHLQGXVWU\LVFKDUDFWHUL]HGE\ORZHQWU\EDUULHUVWKDWDOORZDOPRVWDQ\7RP'LFNRU+DUU\WRMXPSLQDQGFRPSHWHDJDLQVWXV
+DYH\RXWDONHGWR3HGURDERXWWKLV",oPVXUHKHoOOZDQWWRNQRZDERXWLW,WDIIHFWVKLVGHSDUWPHQWHYHQPRUHWKDQ\RXUV
+HOOR0DUJDUHW"&DQ\RXSXWPHWKURXJKWR9LFHQWH:DONHU",IKHoVLQFRQQHFWPHVRWKDW,oPRQWKHOLQHZKHQKHDQVZHUV
7KH\oOOSUREDEO\ZDQWDKHIW\GLVFRXQWRQWKHOLVWHGSULFH7KH\GHVHUYHLWLI\RXZDQWP\RSLQLRQ7KH\oYHQHYHUJLYHQXVDQ\WURXEOH
0\FHOOSKRQHoVVWDUWLQJWRJLYHPHVRPHWURXEOH'RZHVWLOOKDYHDQ\RIWKHQHZRQHVRUKDYH\RXDVVLJQHGWKHPDOORXW"
7HOOKLP,oPQRWJRLQJWRORRNRYHUKLVUHSRUWXQWLOVRPHRQHHOVHSURRIUHDGVLWîUVW+HPDNHVWRRPDQ\VSHOOLQJPLVWDNHV
:HoYHPDGHWKHGHFLVLRQWRJRDKHDGZLWK3ODQ$GHVSLWHWKHRSSRVLWLRQRIWZRPHPEHUVRIWKHH[HFXWLYHFRPPLWWHH
+LJK%HJLQQHU
/RZ%HJLQQHU
&X»OHVVRQVXVQRPEUHV" :KDWDUHWKHLUQDPHV"
&X»QWRVDËRVWLHQHQ" +RZROGDUHWKH\"
'HGÍQGHVRQ" :KHUHDUHWKH\IURP"
'ÍQGHYLYHQ" :KHUHGRWKH\OLYH"
&ÍPRHVW»Q" +RZDUHWKH\"
&X»OHVHOWX\RÃVWHRDTXÃO" :KLFKRQHoV\RXUVWKLVRQHRU
WKDWRQH"
/RVD]XOHVVRQORVPÇRV 7KHEOXHRQHVDUHPLQH
&X»OHVVRQORVGHHOORV" :KLFKRQHVDUHWKHLUV"
/RVTXHHVW»QDOOÇVRQGHHOORV 7KHRQHVRYHUWKHUHDUHWKHLUV
&X»OHVHOPHMRU" :KLFKRQHLVWKHEHVW"
0LGGOH,QWHUPHGLDWH
/RZ,QWHUPHGLDWH
&X»QGRYDLVDLUGHYDFDFLRQHV" :KHQDUH\RXJRLQJWRJRRQ
KROLGD\"
6HYDQDTXHGDUHQXQKRWHO" $UHWKH\JRLQJWRVWD\LQDKRWHO"
&RQTXÃFRPSDËÇDYDQDYRODU" :KLFKFRPSDQ\DUHWKH\JRLQJ
WRð\ZLWK"
&ÍPRYDQDYROYHU" +RZDUHWKH\JRLQJWRFRPH
EDFN"
3RUTXÃORVQLËRVQRYDQDLU :K\DUHQoWWKHFKLOGUHQJRLQJ
WRJRZLWKWKHP"
FRQHOORV"
4XÃOHGLMLVWH" DHOOD :KDWGLG\RXWHOOKHU"
/HGLMHWRGR ,WROGKHUHYHU\WKLQJ
4XLÃQGLMRHVR" :KRVDLGWKDW"
4XLÃQWHGLMRHVR" :KRWROG\RXWKDW"
3RUTXÃQRPHORGLMHURQDPÇ" :K\GLGQoWWKH\WHOOPH"
%XQ 0RËR
3LJWDLOV &ROHWDV
3RQ\WDLO &RODGHFDEDOOR
3ODLW 7UHQ]D
%RE 0HOHQD
9RFDEXODULR+DLUVW\OHV 3HLQDGRV
/RZ$GYDQFHG
+LJK,QWHUPHGLDWH
4XÃGHFÇDV" :KDWZHUH\RXVD\LQJ"
<RQRGHFÇDQDGD ,ZDVQoWVD\LQJDQ\WKLQJ
1RPHGHFÇDVDOJR" :HUHQoW\RXWHOOLQJPH
VRPHWKLQJ"
1RGLMHQDGDHQDEVROXWR ,GLGQoWVD\DQ\WKLQJDWDOO
4XLÃQWHGLMRTXHGLMHUDVHVR" :KRWROG\RXWRVD\WKDW"
$QWHVWUDEDMDEDHQHOWXUQRGH ,XVHGWRZRUNWKHQLJKWVKLIW
QRFKH
$XQTXHQRSRGÇD $OWKRXJK,FRXOGQoWJHWXVHGWR
WKHWLPHWDEOH
DFRVWXPEUDUPHDOKRUDULR
$QWHVGHTXHGLJDVQDGD %HIRUH\RXVD\DQ\WKLQJWKLQN
LWRYHUDOLWWOH
UHïH[LÍQDORXQSRFR
$QWHVKDEÇDPHQRVFRFKHVHQ 7KHUHXVHGWREHIHZHUFDUVRQ
WKHURDG
ODVFDUUHWHUDV
3XHGHTXHOOHJXHPRVXQSRFR :HPLJKWDUULYHDOLWWOHHDUOLHU
DQWHV
)RU(QJOLVKVXSHUVWDUVRQO\
0LGGOH$GYDQFHG
&ÍPRDJXDQW»LVHVWHRORU" +RZGR\RXSXWXSZLWKWKLV
VPHOO"
0LFXËDGRHVXQSHVDGR 0\EURWKHULQODZLVDSDLQLQ
WKHQHFN
/DPÔVLFDKHDY\HVPX\SHVDGD +HDY\PHWDOPXVLFLVDSDLQLQ
WKHQHFN
&ÍPRWHSXGRVDOLUWDQPDO +RZFRXOG\RXPDNHVXFKD
SLJoVHDURIWKDWSUHVHQWDWLRQ"
HVDSUHVHQWDFLÍQ"
1RDGLYLQDU»VQXQFDGHORTXH <RXoOOQHYHUJXHVVZKDW,oYH
MXVWIRXQGRXW
PHDFDERGHHQWHUDU
6HYLRREOLJDGRDHFKDUVHDWU»V +HZDVIRUFHGWREDFNRXWRI
HQODFDUUHUDKDFLDOD&DVD%ODQFD WKHUDFHIRUWKH:KLWH+RXVH
7HQGU»VTXHUHVSDOGDUHVH <RXoOOQHHGWREDFNWKDW
DUJXPHQWXSZLWKIDFWV
UD]RQDPLHQWRFRQKHFKRV
+DVHVWDGRWRPDQGRHOVRO" +DYH\RXEHHQVXQEDWKLQJ"
7LHQHVODFDUDURMD <RXUIDFHLVUHGGLVK
&UHRTXHVXPXMHUWLHQH ,WKLQNKLVZLIHoVIRUW\LVK
DOUHGHGRUGHFXDUHQWDDËRV
/DUHXQLÍQFRPHQ]DU»DOUHGHGRU 7KHPHHWLQJZLOOVWDUWDW
HLJKW\LVK
GHODVRFKR
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRXWq
%86,1(66(1*/,6+
,oOOIHHOKLPRXWRQWKHVXEMHFW
/HWDQWHDUÃVREUHHODVXQWR
:HJRWRXWWKURXJKDRSHQLQJLQWKHKHGJH
6DOLPRVDWUDYÃVGHXQDDEHUWXUDHQHOVHWR
/HWoVJHWRXWRIKHUH
|/DUJXÃPRQRVGHDTXÇ
,GLGQoWJHWDQ\WKLQJRXWRIWKHFRXUVH
1RVDTXÃQDGDGHYDORUGHOFXUVR
&DQ\RXJHWPHRXWRIWKLVPHVV"
0HSXHGHVVDFDUGHHVWHOÇR"
:HFDQoWOHWWKHWUXWKJHWRXW
1RSRGHPRVGHMDUTXHODYHUGDGVHVHSD
%DQNLQJ
p,QJOÃVSDUDWXSXHVWRGHWUDEDMRq
$GPLQLVWUDFLÍQ55++\0DUNHWLQJ
&RQVÇJXHORHQZZZYDXJKDQWLHQGDFRP
,QWHUHVWRQORDQVLVWKHPDLQVRXUFHRIUHYHQXHIRUPRVWEDQNV7KHLUOHQGLQJGHSDUWPHQWVDUHFULWLFDOIRUVXFFHVV
0RVWFRPPHUFLDOORDQVDUHJUDQWHGWRVWDUWRUH[SDQGDEXVLQHVVRUWRSXUFKDVHLQYHQWRU\DQGFDSLWDOHTXLSPHQW
7KHPRQH\WKDWEDQNVOHQGFRPHVSULPDULO\IURPGHSRVLWVLQFXUUHQWDFFRXQWVDQGVDYLQJVDFFRXQWV&'oVDQGPRQH\PDUNHWDFFRXQWV
7KHVHGHSRVLWVRIWHQHDUQDORZLQWHUHVWEXWWKH\DOVRRIIHUFKHFNLQJFUHGLWFDUGDQGHOHFWURQLFEDQNLQJIDFLOLWLHVIRUHDV\WUDQVDFWLRQV
7HFKQRORJ\LVKDYLQJDPDMRULPSDFWRQEDQNLQJ'LUHFWGHSRVLWDOORZVXVHUVWRHOHFWURQLFDOO\WUDQVIHUSD\PHQWVWRYDULRXVDFFRXQWV
'HELWFDUGVDOORZIRUUHPRWHWUDQVDFWLRQVWKDWLQVWDQWO\GHGXFWWKHPRQH\IURPWKHDFFRXQWLQTXHVWLRQ
(OHFWURQLFEDQNLQJE\SKRQHRUFRPSXWHUDOORZVFXVWRPHUVWRDFFHVVEDQNEDODQFHVEDQNVWDWHPHQWVDQGWRPDNHSD\PHQWV
$GYDQFHPHQWVLQWHFKQRORJ\KDYHDOVRDOORZHGEDQNVWRLPSURYHWKHSURFHVVLQJRILQIRUPDWLRQ
7KHXVHRIFKHFNLPDJLQJDOORZVEDQNVWRVWRUHSKRWRJUDSKHGFKHFNVHOHFWURQLFDOO\LQVWHDGRINHHSLQJWKHSDSHUFKHFNV
7KHDYDLODELOLW\RIFUHGLWFDUGVFRULQJVRIWZDUHDOORZVOHQGLQJGHSDUWPHQWVWRDSSURYHORDQVLQDTXHVWLRQRIPLQXWHVUDWKHUWKDQGD\V
0DQ\EDQNVKDYHGLYHUVLîHGE\RIIHULQJîQDQFLDOSODQQLQJDVVHWPDQDJHPHQWVHUYLFHVEURNHUDJHVHUYLFHVDQGLQVXUDQFHRSWLRQV
2WKHUEDQNVDUHJRLQJLQWRLQYHVWPHQWEDQNLQJKHOSLQJFRPSDQLHVDQGJRYHUQPHQWVUDLVHPRQH\ZLWKVWRFNVDQGERQGVLVVXHV
%DQNVSURYLGHRQHRIWKHPRVWLPSRUWDQWIXQFWLRQVLQDQ\PRGHUQPDUNHWHFRQRP\
:LWKRXWWKHVHUYLFHVWKDWEDQNVSURYLGHSHUFHQWRIDOOWKHFRPPHUFLDODQGLQGXVWULDODFWLYLW\ZHNQRZWRGD\ZRXOGQRWH[LVW
7KHEDQNLQJLQGXVWU\LVWKHUHVSLUDWRU\V\VWHPRIDQ\KHDOWK\HFRQRP\
(FRQRPLFV
0DQ\SHRSOHFRQVLGHUHFRQRPLFVWREHDVRFLDOVFLHQFHEHFDXVHLWLVVRGHSHQGHQWRQWKHXQSUHGLFWDELOLW\RIKXPDQEHKDYLRU
7KHPRVWEDVLFWHQHWRIHFRQRPLFVLVWKDWUHVRXUFHVDUHDOZD\VVFDUFHDQGWKDWSHRSOHDQGHQWLWLHVPXVWPDNHFKRLFHV
7KHPRVWDGPLUHGHFRQRPLVWLQWKHFDSLWDOLVWLFZRUOGLV$GDP6PLWKWKH6FRWWLVKDXWKRURIp7KH:HDOWKRI1DWLRQVq
$GDP6PLWKLVFRQVLGHUHGWKHIDWKHURIpODLVVH]IDLUHqFDSLWDOLVPp/DLVVH]IDLUHqLVD)UHQFKWHUPWKDWPHDQVpOHDYHDORQHq
$QRWKHUWHUPIRUWKLVLVHFRQRPLFOLEHUDOLVPDQGLWPHDQVWUXVWLQJWKDWLQGLYLGXDOVHOîVKHFRQRPLFGHFLVLRQVZLOOEHJRRGIRUWKHZKROH
$GDP6PLWKEHOLHYHGWKDWUDWLRQDOVHOILQWHUHVWDQGFRPSHWLWLRQZRXOGDOZD\VOHDGWRHFRQRPLFZHOOEHLQJDQGSURVSHULW\
)RU$GDP6PLWKWKHIRXQGDWLRQVRIDIUHHPDUNHWHFRQRP\ZHUHWKHGLYLVLRQRIODERUWKHSXUVXLWRIVHOILQWHUHVWDQGIUHHGRPRIWUDGH
7KHPRVWIDPRXVFRQFHSWSXWIRUZDUGE\$GDP6PLWKZDVWKHFRQFHSWRIWKHpLQYLVLEOHKDQGq
7KHîUVWSUHPLVHUHJDUGLQJWKLVFRQFHSWLVWKDWSHRSOHDFWFRQVFLRXVO\RUXQFRQVFLRXVO\LQWKHLURZQVHOILQWHUHVW
7KHVHFRQGSUHPLVHLVWKDWWRSXUVXHVHOILQWHUHVWLVQRWEDGIRUVRFLHW\EHFDXVHLWVWLPXODWHVFRPSHWLWLRQZKLFKSURGXFHVEHQHîWV
)RU6PLWKLIWKHUHLVDVKRUWDJHRIDJLYHQSURGXFWWKHSULFHZLOOULVHZKLFKLQWXUQZLOOEHDQLQFHQWLYHIRUSURGXFLQJPRUHRILW
,IDKLJKSULFHFDXVHVSHRSOHWREX\OHVVEXWDWWKHVDPHWLPHLWFDXVHVSURGXFHUVWRPDNHPRUHWKHQVRRQWKHVKRUWDJHZLOOEHUHPHGLHG
*UHDWHUFRPSHWLWLRQDPRQJSURGXFHUVLQFUHDVHVVXSSO\ZKLFKîQDOO\FUHDWHVDpQDWXUDOSULFHqZKLFKLVWKHFRVWSOXVDVPDOOSURîW
)RU$GDP6PLWKKXPDQPRWLYHVFRQVLGHUHGJUHHG\DQGVHOîVKFUHDWHFRPSHWLWLRQLQWKHIUHHPDUNHWWKDWEHQHîWVVRFLHW\DVDZKROH
%HFDXVHRI$GDP6PLWKDQGHFRQRPLVWVOLNHKLPWKHWHUPpSURîWPRWLYHqLVQRWDQHJDWLYHWHUPOLNHp»QLPRGHOXFURqLVLQ6SDQLVK
0DQXIDFWXULQJ
$QLPSRUWDQWSDUWRIIXWXUHSURJUHVVRQWKLVSODQHWZLOOGHSHQGRQKRZZHOOSURGXFWVDUHPDQXIDFWXUHGRUVHUYLFHVSURGXFHG
/DUJHFRPSDQLHVLQERWKWKHVHFRQGDU\DQGWHUWLDU\VHFWRUVDUHFRQVWDQWO\ORRNLQJIRUQHZLQQRYDWLYHZD\VWRFXWSURGXFWLRQFRVWV
7KHFRVWRIWUDQVSRUWLQJDWUDFWRUIURP,RZDWR9DOODGROLG6SDLQKDVIDOOHQE\SHUFHQWWKDQNVWRFRQWDLQHUVKLSSLQJ
&RQWDLQHUVKLSSLQJKDVDOORZHGFRPSDQLHVZKRVHDPELWLRQVZHUHSXUHO\GRPHVWLFWREHFRPHLQWHUQDWLRQDOFRPSHWLWRUV
5DGLFDOO\ORZHUVKLSSLQJFRVWVKDYHEHHQPRUHLQVWUXPHQWDOLQSURPRWLQJJOREDOL]DWLRQWKDQWKHWHFKQROJLFDOUHYROXWLRQ
/RFDOFRPSDQLHVXQLQWHUHVWHGLQJRLQJLQWHUQDWLRQDOZHUHIRUFHGWRGRVRDVORZHUWUDQVSRUWDWLRQFRVWVEURXJKWLQIRUHLJQFRPSHWLWRUV
%HFDXVHRIWKHFRQWDLQHUUHYROXWLRQWUDQVSRUWDWLRQKDVEHFRPHVRHIîFLHQWWKDWIUHLJKWFRVWVKDUGO\DIIHFWHFRQRPLFGHFLVLRQV
7KHFRQWDLQHUUHYROXWLRQLQYROYHVLQQRYDWLRQLQORJLVWLFVDQGSDFNDJLQJEDFNHGXSE\EHWWHUDQGEHWWHU,7VROXWLRQV
5HYROXWLRQVRIWKLVNLQGDUHWDNLQJSODFHLQPDQ\RWKHUîHOGVRIPDQXIDFWXULQJDQGVHUYLFHSURGXFWLRQ
,QVXUDQFHFRPSDQLHVDUHîQGLQJZD\VWRFXWSHUFHQWRIWKHFRVWRXWRIFODLPVPDQDJHPHQW
6WDQGDUGL]DWLRQDQGHFRQRPLHVRIVFDOHDUHEULQJLQJGRZQWKHFRVWRIIRRGPDQXIDFWXULQJDQGSURFHVVLQJDOORYHUWKHZRUOG
$ORWRIWKH5 'HIIRUWLQPDQ\FRPSDQLHVLVSRLQWHGPRUHDWSURFHVVLPSURYHPHQWWKDQDWSURGXFWGHVLJQRUFUHDWLRQ
,QGXVWU\OHDGHUVDUHDOPRVWDOZD\VWKRVHFRPSDQLHVWKDWSD\FDUHIXODWWHQWLRQWRUHGXFLQJFRVWVDQGJDLQLQJJUHDWHUHIîFLHQFLHV
,PSURYHPHQWVLQPDQXIDFWXULQJDQGVHUYLFHSURGXFWLRQDOZD\VîOWHULQWRWKHZRUOGHFRQRP\DQGUDLVHVWDQGDUGVRIOLYLQJ
$PDQXIDFWXULQJDQGSURGXFWLRQUHQDLVVDQFHLVXQGHUZD\DQGZLOOFRQWLQXHWRLPSURYHRXUPDWHULDOTXDOLW\RIOLIH
/RZ%HJLQQHU
+LJK%HJLQQHU
£VWHHVHOîQ 7KLVLVWKHHQG
(VÃVWDODÔOWLPD" ,VWKLVWKHODVWRQH"
6ÇORHV <HVLWLV
/RVLHQWR HVR HVXQDSHQD ,oPVRUU\WKDWoVVDG
1RWHSUHRFXSHVQRHVHOîQ 'RQoWZRUU\LWoVQRWWKHHQGRI
GHOPXQGR
WKHZRUOG
£VWDHVODÔOWLPDGHYHUGDG" ,VWKLVUHDOO\WKHODVWRQH"
4XÃYR\DOHHUPDËDQDHQHO :KDWDP,JRLQJWRUHDG
WRPRUURZRQWKHWUDLQ"
WUHQ"
(QFRQWUDU»VDOJR <RXoOOïQGVRPHWKLQJ
3RUTXÃQROHHVXQOLEURHQ :K\GRQoW\RXUHDGDERRNLQ
(QJOLVK"
LQJOÃV"
7DOYH]ORKDJD 0D\EH,ZLOO
/RZ,QWHUPHGLDWH
0LGGOH,QWHUPHGLDWH
(VGLIÇFLODSUHQGHURWURLGLRPD ,WoVGLIïFXOWWROHDUQDQRWKHU
ODQJXDJHLVQoWLW"
QR"
1DGDHVLPSRVLEOHFRPR 1RWKLQJLVLPSRVVLEOHDVWKH\
VD\
VXHOHQGHFLU
0HJXVWÍHVWXGLDUHVWDVIUDVHV ,HQMR\HGVWXG\LQJWKHVH
SKUDVHV
0HDOHJUDRÇUOR ,oPJODGWRKHDULW
(VP»VI»FLODSUHQGHUDOJRVL ,WoVHDVLHUWROHDUQVRPHWKLQJLI
\RXHQMR\GRLQJLW
GLVIUXWDVKDFLÃQGROR
&X»QWDVKDKDELGR" +RZPDQ\KDYHWKHUHEHHQ"
+DKDELGRFRQIUDVHV 7KHUHKDYHEHHQZLWK
SKUDVHVRQHDFKRQH
HQFDGDXQD
(VRVLJQLîFDTXHKDKDELGR 7KDWPHDQVWKHUHKDYHEHHQ
PRUHWKDQVL[WKRXVDQGSKUDVHV
P»VGHVHLVPLOIUDVHV
$VÇHV(VEDVWDQWHQR" 7KDWoVULJKW,WoVTXLWHDORW
LVQoWLW"
|'HPDVLDGRGLUÇD\R 7RRPXFK,oGVD\
+LJK,QWHUPHGLDWH
/RZ$GYDQFHG
/DFODYHHVW»HQODUHSHWLFLÍQ 5HSHWLWLRQLVWKHNH\
5HDOPHQWHODJUDP»WLFDLQJOHVD (QJOLVKJUDPPDULVQoWUHDOO\
QRHVWDQGLIÇFLO
WKDWGLIïFXOW
/RP»VLPSRUWDQWHHVDGTXLULU 7KHPRVWLPSRUWDQWWKLQJLVWR
DJLOLGDGYHUEDO
DFTXLUHYHUEDODJLOLW\
3DUDFRQVHJXLUHVRKD\TXH 7RDFKLHYHWKDW\RXKDYH
UHSHWLUODVHVWUXFWXUDVPLOHVGH WRUHSHDWWKHVWUXFWXUHV
YHFHV
WKRXVDQGVRIWLPH
7LHQHVRWURVFRQVHMRV" 'R\RXKDYHDQ\RWKHUDGYLFH"
%XHQRDYHUPL3HTXHËR :HOOOHWPHVHHP\/LWWOH
6DOWDPRQWHV
*UDVVKRSSHU
(VLPSUHVFLQGLEOHTXHHVFXFKHV ,WoVHVVHQWLDOWROLVWHQWRDV
WRGRHOLQJOÃVTXHSXHGDV
PXFK(QJOLVKDV\RXFDQ
&XDQWRP»VHQWLHQGDVP»V 7KHPRUH\RXXQGHUVWDQGWKH
VHJXURWHVHQWLU»V
PRUHFRQïGHQW\RXoOOIHHO
,QWHQWDHVWXGLDUWRGRVORVGÇDV 7U\WRVWXG\HYHU\GD\
$XQTXHVÍORVHDGXUDQWHXQRV (YHQLILWoVRQO\IRUïIWHHQ
TXLQFHPLQXWRV
PLQXWHVRUVR
+HUEDO7HD ,QIXVLÍQ
&DPRPLOH7HD 0DQ]DQLOOD
*UHHQ7HD 7ÃYHUGH
7HDZLWK0LON 7ÃFRQOHFKH
%ODFN7HD 7ÃVROR
,FHG7HD 7ÃFRQKLHOR
9RFDEXODULR7HD 7Ã
0LGGOH$GYDQFHG
)RU(QJOLVKVXSHUVWDUVRQO\
(QWRQFHVPHYDVDHFKDUGH $UH\RXJRLQJWRPLVVPHWKHQ"
PHQRV"
&UHRTXHORVXSHUDUÃ ,WKLQN,oOOJHWRYHULW
&UHÇTXHPHKDEÇDVWRPDGR ,WKRXJKW\RXKDGEHFRPHIRQG
RIPH
FDULËR
|1RORGLFHVHQVHULR <RXPXVWEHMRNLQJ
|'HVSXÃVGHIUDVHVHVWR\ $IWHUSKUDVHV,oPORRNLQJ
GHVHDQGRTXHPHGHMHVHQSD] IRUZDUGWR\RXOHDYLQJPH
DORQH
<DKRUDVHDFHUFDHOîQDO $QGQRZWKHHQGLVQHDU
<HQWRQFHVQRVHQIUHQWDPRV $QGVRZHIDFHWKHïQDO
DOWHOÍQîQDO
FXUWDLQ
1ROORUHVSRUTXHVHDFDEH 'RQoWFU\EHFDXVHLWoVRYHU
6RQUÇHSRUTXH\DSDVÍ 6PLOHEHFDXVHLWKDSSHQHG
|(VRHVWRGRDPLJRV 7KDWoVDOOIRONV
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRXWq
3$&.6'((678',2
,IHHOOHIWRXW
0HVLHQWRH[FOXLGR
&DQ\RXPDNHRXWDFKHFNIRU-XDQ"
3XHGHVH[WHQGHUOHXQFKHTXHD-XDQ"
,FDQoWPDNHRXWZKRWKH\DUH
1RGLVWLQJRTXLHQHVVRQ
'RQoWSXW\RXUVHOIRXW
1RWHPROHVWHV
,FDQoWPDNHRXWZKDWLWVD\V
1RGHVFLIURORTXHGLFH
3XWRXWWKHîUH
$SDJDHOIXHJR
3ULQFLSLDQWHLQWHUPHGLR\DYDQ]DGR
5HIXHU]DWXVHVWXGLRVHQFDVD
&RQVÇJXHORHQZZZYDXJKDQWLHQGDFRP
)LQDQFHDQGDFFRXQWLQJ0DUNHWLQJDQGVDOHVPDQDJHPHQW
:LWKRXWJRRGDQDO\WLFDORUPDQDJHPHQWDFFRXQWLQJLWoVYLUWXDOO\LPSRVVLEOHIRUD&(2WRPDNHJRRGEXVLQHVVGHFLVLRQV
$VFRPSDQLHVJURZLWEHFRPHVPRUHDQGPRUHFULWLFDOIRUGHFLVLRQPDNHUVWRKDYHDFFXUDWHDQGUHOHYDQWLQIRUPDWLRQDWWKHLUGLVSRVDO
,IWKHLQIRUPDWLRQLVLQFRUUHFWRUQRWZKDWWKHGHFLVLRQPDNHUVQHHGWKHQWKH\ZLOOPDNHGHFLVLRQVEDVHGRQLQWXLWLRQ
,QWXLWLRQLVWKHPRVWLPSRUWDQWWRROVXFFHVVIXOPDQDJHUVFDQKDYHEXWWKHLULQWXLWLRQLVWULSOHGLILWoVEDFNHGXSE\JRRGLQIRUPDWLRQ
6DOHVE\UHJLRQDQGSURGXFWOLQHDUHHVVHQWLDOLQDGGLWLRQWRWKHPDUJLQDOFRQWULEXWLRQRIHDFKOLQH
'HFLVLRQPDNHUVQHHGWRNQRZWKHYDULDEOHFRVWVDQGGLUHFWFRVWVIRUHYHU\DUHDRIWKHFRPSDQ\
,IDQ(QJOLVKWHDFKHUHDUQVHXURVDQKRXUDQG\RXVHOOKLVVHUYLFHVIRUHXURVDQKRXUWKHQ\RXUPDUJLQDOFRQWULEXWLRQLVHXURV
,I\RXKDYHDQRIîFHVHFUHWDULHVUHFHSWLRQLVWV5 'SHUVRQQHODGPLQLVWUDWLYHVWDIIZKRVHUHQWDQGVDODULHVWRWDOWZRPLOOLRQHXURVf
fWKHQ\RXQHHGWRJHQHUDWHKRXUVRIFODVVMXVWWREUHDNHYHQ7KDWPHDQVWKDW\RXVWDUWWRPDNHDSURîWDWKRXUQXPEHU
7KHUHIRUH\RXNQRZWKDW\RXQHHGWRJHQHUDWHDPLQLPXPRIKRXUVDPRQWKMXVWWRFRYHU\RXUFRVWVZKLFKPHDQVWKDWf
f\RXQHHGWRUHFUXLWWUDLQDVVLJQDQGVXSHUYLVHDPLQLPXPRIWHDFKHUVMXVWWREUHDNHYHQ
/HWoVLPDJLQHWKDW\RXPDQDJHWRVHOODYROXPHRIEXVLQHVVWKDWJHQHUDWHVKRXUVRIFODVVHYHU\PRQWK
7KLVSURYLGHV\RXZLWKHXURVDPRQWKLQVDOHV<RXSD\WHDFKHUVZKLFKOHDYHVDPDUJLQDOFRQWULEXWLRQRI
,QDPRQWKSHULRGWKLVFRPHVWRHXURV$IWHUWKHî[HGH[SHQVHVRIPLOOLRQHXURV\RXKDYHDQHXURSURîW
:LWKDQHXURSURîW\RXKDYHWRSD\HXURVLQFRUSRUDWHLQFRPHWD[WRWKHWD[DXWKRULWLHV
,QWKHHQG\RXZLOOKDYHDQHWSURîWRIHXURVLI\RXPDQDJH\RXUHPSOR\HHVDQGWHDFKHUVZHOO
,I\RXKDYHJRRGSHRSOHLQîQDQFHDQGDFFRXQWLQJ\RXZLOOEHQHîWIURPWZRFULWLFDOO\LPSRUWDQWVXSSRUWV
7KHîUVWLVWKHLQIRUPDWLRQWKDWZLOODOORZ\RXWRNQRZLI\RXDUHRQWUDFNWRZDUGV\RXUJRDOLQDFKLHYLQJDQGVXUSDVVLQJEUHDNHYHQ
6HFRQG\RXZLOONQRZLQUHDOWLPHZKDWYDULDQFHVDQGSUREOHPVDUHRFFXUULQJWKDWFRXOGVLGHWUDFN\RXIURP\RXUREMHFWLYHV
7KLUG\RXZLOOKDYHDPHDVXULQJVWLFNZLWKZKLFKWRMXGJH\RXUHPSOR\HHVLQWKHLUHIIRUWVWRKHOS\RXWRZDUGV\RXUREMHFWLYHV
)RXUWK\RXZLOOKDYHJRRGDGYLFHDQGFRXQVHOFRQFHUQLQJZD\VWRUHGXFHWKHLPSDFWRIWKHFRUSRUDWHLQFRPHWD[
)LIWK\RXZLOOKDYHSHRSOHZKRNQRZKRZWRWDONWREDQNVDQGJHWWKHPRQH\\RXQHHGWRSHUIRUPWKHHVVHQWLDOPDUNHWLQJIXQFWLRQV
:LWKRXWHQRXJKVHHGFDSLWDODQGFUHGLWOLQHV\RXZLOORQO\EHDEOHWRJURZLQOLQHZLWK\RXUDELOLW\WRSURYLGHVHOIîQDQFLQJ
,QDEXVLQHVVZKRVHPDUJLQDOFRQWULEXWLRQLVRQO\HXURVDQKRXUZLWKRXWRXWVLGHîQDQFLQJ\RXDUHFRQGHPQHGWRJURZLQJVORZO\
7KHULJKWîQDQFHDQGDFFRXQWLQJPDQDJHUîQGVPRQH\IRU\RXDQGJLYHV\RXWKHLQIRUPDWLRQWRPDNHPRQH\SURSHUO\
7KHPDUNHWLQJHIIRUWERLOVGRZQWRHVWDEOLVKLQJEUDQGDZDUHQHVVIRU\RXUSURGXFWRUVHUYLFHDQGîQDOO\EUDQGSUHIHUHQFH
,WWDNHVPRQH\WRHVWDEOLVKEUDQGDZDUHQHVVDQGSUHIHUHQFHLQDUHDVRQDEOHWLPHIUDPH:LWKRXWVROLGîQDQFLQJDOOWKLVLVLPSRVVLEOH
'HSHQGLQJRQWKHSURGXFWRUVHUYLFHEUDQGDZDUHQHVVFRPHVWKURXJK35DGYHUWLVLQJDQGPHUFKDQGLVLQJ
%UDQGSUHIHUHQFHFRPHVWKURXJKDWRSTXDOLW\SURGXFWDFRPSHWLWLYHSULFHDQGJRRGDIWHUVDOHVVHUYLFH
4XDOLW\LQWKHSURGXFWLRQSURFHVVDQGVXSHULRUPDUNHWLQJVNLOOVFDQPDNHVXUHWKDWWKHVHREMHFWLYHVDUHPHW
+RZHYHUZLWKRXWJRRGLQIRUPDWLRQV\VWHPVDFFXUDWHPDQDJHPHQWDFFRXQWLQJDQGWKHR[\JHQRIJRRGîQDQFLDOPDQDJHPHQWLWLVf
fYLUWXDOO\LPSRVVLEOHWRDFKLHYHWKHPDUNHWLQJDQGVDOHVREMHFWLYHVRIWKHRUJDQL]DWLRQ
7KHPDWHULDOTXDOLW\RIOLIHWKDWZHHQMR\WRGD\LVWKDQNVWRWKHWLUHOHVVHIIRUWVRISULYDWHLQLWLDWLYH
7KHRQO\WUXHVRXUFHRIZHDOWKLQDQ\QDWLRQLVWKHZHDOWKJHQHUDWHGE\SULYDWHLQLWLDWLYH$OOWKHUHVWH[LVWVWKDQNVWRSULYDWHLQLWLDWLYH
5LFKDUG9DXJKDQ
(VWLPDGRDPLJR\DOXPQR&RQHVWDîFKDWHUPLQDPRVp(OFXUVRGHïQLWLYRqGH9DXJKDQ6\VWHPVFXUVRGLIXQGLGRJUDFLDVDODEXHQD
LQLFLDWLYD\JUDFLDVDOFRQVWDQWH»QLPRGHPXFKRVGLUHFWLYRV\HPSOHDGRVGHOGLDULR(/081'2&XDQGRVHSXVLHURQHQFRQWDFWR
FRQPLJRKDFHP»VGHXQDËRSDUDSURSRQHUODFUHDFLÍQ\GLIXVLÍQGHXQFROHFFLRQDEOHSDUDDSUHQGHULQJOÃV\RHVWDEDEDVWDQWH
UHDFLRDQWHODLGHD/OHYDEDDËRVFULWLFDQGRODWHQGHQFLDGHOSÔEOLFRDEXVFDUDODYXHOWDGHFDGDHVTXLQDHVHPÃWRGRUHYROXFLRQDULR
H LQGRORUR TXH OH GRWDVH GHO LQJOÃV VLQ WHQHU TXH KDFHU XQ HVIXHU]R 3HUR PLV DPLJRV GH (/ 081'2 LQVLVWÇDQ XQD \ RWUD YH] \
PLSURSLDJHQWHHQWUHODTXHGHVWDFD5LFKDUG%URZQPHDQLPDEDDLQWHQWDUOR$QWHODSUHVLÍQGHFLGÇîQDOPHQWHTXHVÇSHURD
FRQGLFLÍQGHTXHHOHVSÇULWX9DXJKDQFDODUDSRUWRGRHLPSUHJQDUDWRGRGHVGHORVOLEURV\&'VKDVWDHVWDVîFKDVFX\RVGRUVRV
KHHVFULWRSHUVRQDOPHQWHGHFDERDUDER/RODQ]DPRVWRGRDSULQFLSLRVGHOSDVDGRVHSWLHPEUH\ORVUHVXOWDGRVGHVGHODSULPHUD
VHPDQDKDQVLGRVRUSUHQGHQWHVVXSHUDQGRHQXQODVPHMRUHVH[SHFWDWLYDV3HURORTXHKDVLGRP»VJUDWLîFDQWHWRGDYÇDHV
HOKHFKRGHTXHKHPRVUHFLELGRLQîQLWDVPXHVWUDVGHDSUHFLR\DJUDGHFLPLHQWRSRUODLQLFLDWLYDLQFOXVRSDUDP»VPRUERHQWUH
ORVPÔOWLSOHVXVXDULRVGH(PXOH\RWUDVS»JLQDVZHEGHGLFDGDVDKDFHUVHJUDWXLWDPHQWHFRQXQDSURSLHGDGLQWHOHFWXDOTXHPHKD
FRVWDGRDËRVDîQDU\DFXPXODU$KRUDFRQWRGRHOFROHFFLRQDEOHHQPLDUPDULR ORKHLGRFRPSUDQGRFDGDGÇD\FDGDGRPLQJR
DOLJXDOTXHWÔSUHJÔQWDVHORDOTXLRVTXHURGHODFDOOH-RVÃGHO+LHUUR PHVLHQWRPX\VDWLVIHFKR\VR\GLJDPRVXQSRFRPHQRV
HVFÃSWLFRFRQUHVSHFWRDORTXHSXHGDDSRUWDUXQFROHFFLRQDEOHSDUDHODSUHQGL]DMHGHXQVHJXQGRLGLRPD3HURHQFLHUWDPHGLGD
PLHVFHSWLFLVPRVLJXHVLHQWRGHFLUORSRUTXHOOHYRP»VGHODPLWDGGHPLYLGDFRQVWDWDQGRTXHPX\SRFRVOOHJDQDEXHQSXHUWR
FRQHOLQJOÃV\DVHDFRQXQFROHFFLRQDEOHRFRQHOPHMRUSURIHVRUGHLQJOÃVGHODKLVWRULDGHOPXQGR1ROOHJDQSRUTXHQRTXLHUHQHQ
HOIRQGRGHGLFDUDOLGLRPDODVGRVPLOKRUDVGHDWHQFLÍQTXHHOREMHWLYRLQH[RUDEOHPHQWHH[LJH<RWDUGÃGRVPLOKRUDVHQDSUHQGHU
ELHQHVSDËRO\YLYLHQGRHQ(VSDËD6LTXLHUHVDSUHQGHUELHQLQJOÃVYLYLHQGRDTXÇWDQOHMRVGHGRQGHVHKDEODSXHVWXHVIXHU]R
YDDWHQHUTXHVXSHUDUDOPÇR$VÇTXH»QLPRDPLJR\GHQXHYRPXFKÇVLPDVJUDFLDVSRUWXDSR\R\WXDPLVWDG