6HHNLQJWKH7UXWK6HULHV
'U1DML,$O$UIDM
-XVW
2QH
'HGLFDWLRQ
&RQWHQWV
3UHUHDGLQJ4XHVWLRQV
6WUDLJKWWRWKH3RLQW
7KH2QH*RGLQWKH%LEOH 7KH2OG7HVWDPHQW
7KH2QH*RGLQWKH%LEOH 7KH1HZ7HVWDPHQW
7KH2QH*RGLQWKH4XU©DQ
&RQFOXVLRQV
3UHUHDGLQJTXHVWLRQV
:KDWLVWKLVµ-XVW2QH0HVVDJH¶"
:KDWGRHVWKH%LEOHVD\DERXWLW"
:KDWGRHVWKH4XU¶DQVD\DERXWLW"
6WUDLJKWWRWKHSRLQW
IWHUWKHFUHDWLRQRI$GDP MXVW RQH RULJLQDO PHVVDJH KDVEHHQ UHSHDWHGO\ GHOLYHUHG WR PDQNLQG WKURXJKRXWWKHKLVWRU\RIKXPDQLW\
7KXV WRUHPLQGSHRSOHDERXWLW DQG EULQJ WKHP EDFN RQ WUDFNPDQ\ SURSKHWV DQG PHVVHQJHUV LQFOXGLQJ $GDP 1RDK$EUDKDP0RVHV-HVXV DQG 0XKDPPDGZHUHVHQWE\WKHRQO\ WUXH*RGWRFRQYH\WKLVPHVVDJH
$GDP *RGLV2QH
1RDK *RGLV2QH
$EUDKDP *RGLV2QH
0RVHV*RGLV2QH
-HVXV*RGLV2QH
0XKDPPDG*RGLV2QH
*RG VHQW WKHVHPDMRUSURSKHWV DV ZHOO DV PDQ\ RWKHU SURSKHWV DQG PHVVHQJHUV WR DFFRPSOLVK VHYHUDO WDVNVDQGPLVVLRQVVRPHRIZKLFKDUH
7R UHFHLYH JXLGDQFH IURP *RG DQG GHOLYHULWWRWKHLUSHRSOH
7R FRQYH\ WKH PHVVDJH WKDW³*RGLV 2QH´WRWKHLUSHRSOH
7REHJRRGH[DPSOHVWRWKHLUSHRSOH
7R LQVWUXFW WKHLU SHRSOH WR IHDU*RG DQGNHHS+LVFRPPDQGPHQWV
7R WHDFK WKHLU IROORZHUV LPSRUWDQW WKLQJV OLNH UHOLJLRXV DQG PRUDO PDWWHUV
7R WHOO SHRSOH DERXW WKHLU ILQDO
GHVWLQDWLRQ WKH /DVW 'D\ DQG ZKDW OHDGVWR3DUDGLVHRU+HOOILUH
,W LVWKHVDPH*RGZKRFUHDWHG WKRVH SURSKHWV DOO KXPDQV DOO DQLPDOVDQGDOOREMHFWV
,Q RWKHU ZRUGV LWLVWKLV21( 758( *2' ZKR FUHDWHG WKH ZKROH XQLYHUVH LQFOXGLQJ QDWXUH DQG DOOLW FRQWDLQV +H LV WKH &UHDWRU RI OLIH GHDWKDQGOLIHDIWHUGHDWK
6WXG\LQJ WKHFRQFHSWRI*RGLQ WKH %LEOHDQGWKH4XU¶DQVLQFHUHO\DQG REMHFWLYHO\ DUHVHDUFKHURUDVHHNHURI WKH WUXWKZRXOGEHDEOHWRGHILQHVRPH XQLTXH TXDOLWLHV EHORQJLQJWRWKHWUXH *RGRQO\
6RPH RI WKH TXDOLWLHV WKDW GLVWLQJXLVK WKLV RQO\ RQH WUXH *RG IURPRWKHUFODLPHGJRGVDUH
7KLV RQH WUXH *RG LV &UHDWRU
QRWFUHDWHG
7KLV RQH WUXH*RGLV21(QRW WKUHHRUPRUH+HKDVQRSDUWQHUV
7KLV RQH WUXH *RGLVLQYLVLEOH
7KLV RQH WUXH *RGLVHWHUQDO
+HGRHVQRWGLHRUFKDQJH
7KLV RQH WUXH *RG LV QRW LQ
QHHG RI DQ\RQH OLNH D PRWKHU D ZLIH RU D VRQ RU DQ\WKLQJOLNH IRRG GULQNRUKHOS%XWRWKHUVDUH LQQHHGRI+LP
7KLVRQHWUXH*RGLVXQLTXHLQ
+LV DWWULEXWHV QR RQH LVOLNH+LP 1R KXPDQ RU DQLPDO GHVFULSWLRQV FDQEHDWWULEXWHGWR+LP
1RZ OHW PHWXUQWRGLVFXVVWKH RQH PHVVDJHPHQWLRQHGDERYHDQGFLWH VRPH RI WKH %LEOLFDO DQG 4XU¶DQLF YHUVHVFRQILUPLQJWKHRQHQHVVRI*RG
%XW EHIRUHWKDW,ZRXOGOLNHWR VKDUHZLWK\RXWKLVWKRXJKW
+RZHYHU EDVHGRQDJUHDWGHDO RI UHDGLQJ DQG VWXG\LQJPDWHULDOVRQ
6RPH&KULVWLDQVPLJKW ZRQGHU¦,WLVREYLRXV
&KULVWLDQLW\ DQG GLDORJXHVZLWKPDQ\ &KULVWLDQV , FDPH WRXQGHUVWDQGWKDW WKH\ SHUFHLYH WKLV RQH *RG WR LQFOXGH
*RGWKH)DWKHU *RGWKH6RQ
*RGWKH+RO\6SLULW
6R EDVHG RQ FRPPRQ VHQVH DQG VLPSOHORJLFDVLQFHUHDQGKRQHVW VHHNHURIWKHWUXWKFRXOGUHDVRQ
:KDW GR\RXPHDQE\VD\LQJ WKDW *2'LV21(ZKLOH\RXUHIHU WR7+5((*2'6"
,Q DGGLWLRQ WR WKDW DQG DFFRUGLQJ WR &KULVWLDQ GRJPDV WKHVH WKUHH ³*RGV´ KDYHGLIIHUHQWLGHQWLWLHV LPDJHVUROHVDQGIXQFWLRQV
*RGWKH)DWKHU WKH&UHDWRU
*RGWKH6RQ WKH6DYLRU
*RGWKH+RO\6SLULW WKH&RXQVHORU
<28 +$9( 1(9(5+($5' +,6 92,&( 125 6((1 +,6 )$&(-RKQ
12 21( +$6 (9(5 6((1
+,0 $1' 12 21( &$16(( +,0
7LPRWK\
12 21( &$1 6((0($1'
67$<$/,9(([RGXV
'LGQ¶W WKH-HZVDWKLVWLPHKLV IDPLO\ DQG KLV IROORZHUV 6(( -HVXV *RG WKH 6RQ DV VRPHEHOLHYHDQG +($5KLVYRLFH"
Î
Î ,V WKHUH DQ\ VHFUHW RU KLGGHQ
SXUSRVH
FRQFHUQLQJWKHWUXWKDERXW*RG" ,Q WKH %LEOH WKH WUXH *RG HPSKDWLFDOO\ WHVWLILHV³,DPWKH/RUG DQG WKHUH LVQRRWKHUJRG,KDYHQRW VSRNHQ LQ VHFUHW RUNHSWP\SXUSRVH KLGGHQ , DPWKH/RUGDQG,VSHDN WKH WUXWK , PDNH NQRZQ ZKDW LV ULJKW´,VDLDK
6RZKDWLVWKHWUXWK"
1RZ OHW XV WDNH RII RQ D MRXUQH\ RI VHHNLQJWKHWUXWKDERXWWKH RQH WUXH *RG LQ WKH %LEOH DQG WKH 4XU¶DQ
$W WKH HQG RIWKLVMRXUQH\DQG DIWHU \RXUFULWLFDOVLQFHUHKRQHVWDQG WKRXJKWIXO UHDGLQJRIWKLVERRNOHWDQG SDUWLFXODUO\ WKH YHUVHV FLWHG EHORZ, ZRXOG OLNH WR NQRZ\RXUUHDFWLRQVRU YLHZV
7REHDVREMHFWLYHDVSRVVLEOH ,FLWHWKHYHUVHVZLWKRXWDQ\FRPPHQW
3OHDVHUHDGWKHIROORZLQJYHUVHV &$5()8//<&5,7,&$//<
$QG
7KH2QH7UXH*RGLQWKH%LEOH
7KH2OG7HVWDPHQW
¾
¾ +HDU 2 ,VUDHO 7KH /RUG RXU *RGLVRQH/RUG'HXWHURQRP\
¾
¾ +DV QRWWKH2QH*RGPDGHDQG VXVWDLQHGIRUXVWKHVSLULWRIOLIH"
0DODFKL
¾
¾
¾ , DP WKHILUVWDQG,DPWKHODVW EHVLGHV 0HWKHUHLVQRJRG:KRLV OLNH0H",VDLDK
¾
¾ $QG WKHUH LV QR RWKHU JRG EHVLGHV 0HDULJKWHRXV*RGDQGD 6DYLRU WKHUH LV QRQHEHVLGHV0H 7XUQ WR 0HDQGEHVDYHG7R0H HYHU\ NQHH VKDOO ERZ ,VDLDK
7+(6($5(-867620(9(56(6 )5207+(2/'7(67$0(17
7KH 2QH 7UXH *RGLQWKH%LEOH
7KH1HZ7HVWDPHQW
¾
¾ 2QH FDPH DQGVDLGXQWRKLP *RRG 0DVWHU ZKDW JRRG WKLQJ VKDOO ,GRWKDW,PD\KDYHHWHUQDO OLIH" $QG KH -HVXV VDLG XQWR KLP :K\ FDOOHVW WKRX PHJRRG" 7KHUH LV QRQH JRRGEXWRQHWKDW LV*RG
0DWWKHZ
LQ.LQJ-DPHV9HUVLRQ
¾
¾ 1RZ WKLV LV OLIH HWHUQDO WKDW WKH\ NQRZ \RXWKHRQO\WUXH*RG DQG -HVXV &KULVWZKRP\RXKDYH VHQW
¾
¾ :RUVKLS WKH /RUG \RXU *RG DQG VHUYH +LPRQO\0DWWKHZ
¾
¾ +HDU 2 ,VUDHO WKH /RUG RXU *RGLV2QH/RUG0DUN
¾
¾ )RUWKHUHLVRQH*RGDQGWKHUH LV RQH PHGLDWRU EHWZHHQ*RGDQG PHQWKHPDQ&KULVW-HVXV
7LPRWK\
&DQ\RXUHFDOORWKHU YHUVHVFRQILUPLQJWKDW *2',621/<21("
7KH2QH7UXH*RG
LQ WKH4XU¶DQ
¾
¾ 6D\ +H LV $OODK WKH 2QH $OODK WKH (WHUQDO $EVROXWH+H EHJHWV QRW QRU LV +H EHJRWWHQ DQG WKHUH LV QRQHOLNHXQWR+LP
¾
¾ 7KHUH LV QR JRG EXW , VR
ZRUVKLS0H
¾
¾ 7KH\GLVEHOLHYHZKRVD\$OODK *RG LV RQH RIWKUHHIRUWKHUHLV QR JRG H[FHSW 2QH *RG ,I WKH\ GHVLVW QRW IURP WKHLU ZRUG RI EODVSKHP\ YHULO\ D JULHYRXV FKDVWLVHPHQW ZLOO EHIDOO WKH GLVEHOLHYHUVDPRQJWKHP
¾
¾
¾ &DQ WKHUH EH DQRWKHU JRG EHVLGHV $OODK *RG" +LJK LV $OODK DERYH ZKDW WKH\ DVVRFLDWH ZLWK+LP
¾
¾ &DQ WKHUH EH DQRWKHU JRG EHVLGHV $OODK *RG"6D\¨%ULQJ IRUWK \RXU SURRI LI\HDUHWHOOLQJ WKHWUXWK©
&RQFOXVLRQV
7KHVH YHUVHV DVZHOODVKXQGUHGVRI VLPLODU SLHFHV RIHYLGHQFHLQWKH%LEOH DQG WKH 4XU¶DQ FRQILUP WKLV RQH HWHUQDO PHVVDJH WKDWWKH WUXH *RGLV RQO\ 21( ¦7XUQ WR PHQRZDQGEH VDYHG SHRSOHDOORYHUWKHZRUOG,$0 7+( 21/< *2'7+(5(,6§,VDLDK
6R DFFRUGLQJ WR WKLV DIILUPDWLRQ DOORWKHUVXSSRVHGJRGVRUGHLWLHVOLNH -HVXV WKH +RO\ 6SLULW %UDKPD 9LVKQX 6KLYD .ULVKQD RU%XGGKD
DUH QHLWKHUJRGVQRUPDQLIHVWDWLRQVRI WKH21(758(*2'
,W ZDVEHFDXVHRIVXFKIDOVHEHOLHIV WKDW DIWHU WKH -HZV ZRUVKLSSHG RWKHU JRGV ¦WKH /RUG©V DQJHU EXUQHG DJDLQVW WKHP§ 1XPEHUV
/LNHZLVH 0RVHV GHVWUR\HGWKHJROGHQ FDOI
7R VXP XS DOO *RG¶V SURSKHWV LQFOXGLQJ $GDP 1RDK $EUDKDP 0RVHV -HVXV DQG 0XKDPPDG ZHUH VHQW E\ WKH VDPH *RGWKH&UHDWRUWR FRQYH\WKHVDPHPHVVDJH
7KHWUXH*RGLVRQO\21(:RUVKLS +LP$/21(DQGNHHS+LV
FRPPDQGPHQWV
$QG VLQFH WKRVH SURSKHWV DQG PHVVHQJHUV SUHDFKHG WKH VDPH RQH PHVVDJH WKHLU UHOLJLRQ PXVW EH WKH VDPH RQH 6RZKDWLVWKHUHOLJLRQRI WKRVHSURSKHWVDQGPHVVHQJHUV"
7KH 4XU¶DQ GRHV FRQILUP WKDW µ,VODP¶ LV WKH UHOLJLRQ RI DOO *RG¶V SURSKHWV DQG PHVVHQJHUV 7KLV 4XU¶DQLF IDFW LV DOVR WUDFHDEOH LQ WKH %LEOH LWVHOI $QG WKLV LV ZKDW ZLOO EH GLVFXVVHG LQ WKH XSFRPLQJ ERRNOHW *RG ZLOOLQJ
6R LI \RX DUH D VLQFHUH VHHNHU RI WUXWK DQG D ORYHU RI VDOYDWLRQ \RX PLJKW OLNH WR FRQVLGHU WKLV 12: EHIRUH LW LV WRR ODWH %()25( '($7+ ,W FDQ EH VRRQ :KR NQRZV"
2QHPRUHWKLQJ $ILQDOWKRXJKW
Î
Î 6RZKDWLVWKHWUXWK"
Î
Î :KDWZHQWZURQJ"
Î
Î :KDWFDQ,GR"
7KHVHTXHVWLRQVDQGPRUHZLOOEH GLVFXVVHGLQP\XSFRPLQJZULWLQJV
*RGZLOOLQJ
)RUIXUWKHULQIRUPDWLRQTXHVWLRQV VXJJHVWLRQVRUUHDFWLRQV
SOHDVHIHHOIUHHWRFRQWDFW
'U1DML,EUDKLP$O$UIDM
:HEVLWHZZZDEFWUXWKFRP
(PDLODEFWUXWK#KRWPDLOFRP
32%R[
,$VWHSE\VWHSVHULHVRIVHHNLQJWKHWUXWK )ROORZLQJDVFKRODUO\DQGFRPSDUDWLYHDSSURDFK
:KRLV+H"
:KDWLV+LV1DWXUH" -XVW2QH0HVVDJH :KDWLVWKH7UXWK" :KDW:HQW:URQJ" 7KH%HDXW\RI,VODP 7KH$%&VRI,VODP :KDW,V1H[W"
,,8SFRPLQJZULWLQJV
:ULWLQJVDQG:RUNVE\WKH$XWKRU
¾
¾ .H\VWR8OWLPDWH6XFFHVVDQG+DSSLQHVV
¾
¾ $/HWWHUWR-DQHW
¾
¾ :K\µ:H¶"
,,,2WKHUZRUNV
x $ZHHNO\79SURJUDPXVLQJFUHDWLYH
x 3RZHU3RLQWDQG,QWHUQHWPDWHULDOV
x 79HSLVRGHVRQYLGHR DXGLRWDSHV
x3XEOLFOHFWXUHVRQ,VODP
¨ó¢
º
Ç
°
Â
º
Ìû
?
½°
¢
ºº
Ì«
À¢
ª¦¦·
¢¦¯¤
î¬ìèû
ôß
§
¢¬ðó
¦¦
Àÿ
¸±
«
À¢©®°¢¦¯¤
¨
ºº
°
¢³
¨ë¾Ï
Â
Þç¢û
öôß
ÂÌû
òÔç
¾
¢ü¬ó
¤b
úm
¢
îó
+¬¶Ö>¤º°Éj¿K¶>´¿³»Éª
¨ì
ìk
¦
úß
®¸¦ó
¦
¨ôÈôÇ
ú¥¦©¢÷ ¦¯¤öôÇÂþôß ¦ôÏó ¦¾Ç°¾¢ë ª¯ ú÷¤þôøßþüßÞØìû¦¿®¡
þóß¾ A¢Ï¾ó¢þ¥Þè¬ü öôߢ¨°¢³¨ë¾Ï
P^Zo?9(kpb)HA
GGG ih}n _} "
x
Y
¦¨
ea
¦
¦
eaY
¦
WSj
°
u
§
SY
¦¦
f
Y
ó ¿®¡À
e
º
ºº
¾
jg
¦Â
SU
¦
t^
Sa
¨
º
n
¦
u
ó
ea
SU
¤ó ¿
j
¦
u
¿
j
¦
GGG _%^^gi%
x
®
¦
TY
8
¦
W¦eaÂeaY
©
SU[NU
æóøôó ¨Û
èp
¼
ìk
¦
Þ
f
ÍÒÒÖÎÐÎÎÐ ¾¦³ ²çÂàó¦öÿ¦Â¥¤ú¥³¢û
(PDLODEFWUXWK#KRWPDLOFRP VHHN#NIXHGXVD
ÐÎÖÕÏ ¢È·¦ »èn¦ ÑÎÕ §´
¢È·
¢¥
©
¢
ó¢j
¦
¨
ß
« ¤¬ð÷
ÍÐÒÕÓÓÓÔÏ ©ÏÍÏÏ §´ó »
èn
¦
ÍÐÒÖÏÐÎÑÍ ©ÎÎÎÏÔ §´ó ±
Pm
¦
¨
®
àÈó
¦
¨
¥Âàó
¦
¨ðôøm
¦
§
¢¬ðó
¦¦
Àÿ
¨ß¢¦Ø¥
¶øÈ
æóm
¦
ú÷
¨ì¦È÷
¨ìç
¦
`
¤
1DML,$O$UIDM.)1DWLRQDO/LEUDU\&DWDORJLQJLQ
3XEOLFDWLRQ'DWD
$UIDM1DML,EUDKLP
-XVW2QH0HVVDJH
SFP
,6%1
2QHQHVV,VODP
,7LWOH
GF
/HJDO'HSRVLWQR
,6%1
)LUVW(GLWLRQ
$OO ULJKWV UHVHUYHG 7R UHSULQW WKLV