File theme12 group 4

0RUJDQ&RPLWH
.LDUD*RQ]DOH]
/XUDQ0DQILR
6HEDVWLDQ3DJDQ
6XSSRUWLQJ7KHPH7ZHOIWK1LJKWRU:KDW<RX:LOO
7KHPH$SSHDUDQFHYV5HDOLW\ ([SOLFLW,PSOLHG &ODULI\KRZDQGZK\WKHVHGLUHFWLRQVUHYHDOWKHWKHPH
6WDJH'LUHFWLRQV $FWVFHQH
OLQH
$FWVFHQH
OLQH
$FWVFHQH
0DULDKDVWHPSWHG)HVWHWRSXWRQDJRZQWRWULFN0DOYROLRLQWR
WKLQNLQJKH¶VJRLQJLQVDQH:LWKLQWKHZRUNVHYHUDOFKDUDFWHUV
KDYHGLVJXLVHGWKHPVHOYHVWRUHYHDODGHHSHULPSOLFDWLRQWR
WKHWKHPHRIDSSHDUDQFHYVUHDOLW\:LWKLQWKLVVFHQH)HVWH
WKHFORZQZHDUVWKHJRZQRIDSULHVW,QGRLQJVRKHSRNHVIXQ
DWWKHFKXUFKDVKHVD\V³,ZHUHQRWWKHILUVWWKDWHYHU
GLVVHPEOHGLQVXFKDJRZQ´,QVD\LQJWKLVKHLPSOLHVWKDWKHLV
QRWWKHILUVWFORZQWRZHDUWKHKRO\DWWLUHFODULILHGZKHQKH
VD\V³GLVPHPEHU´ZKLFKPHDQVWRSXWRQ+HLPSOLHVWKDWWKH
PHQRIWKHFORWKDUHIRROVSUHWHQGLQJWREHLPSRUWDQWEHFDXVH
WKH\DUHGLVJXLVHGOLNHWKHPVLPLODUWR)HVWHULJKWQRZ
)XUWKHUPRUH)HVWHVD\VWKDWKHLV³QRWWDOOHQRXJKWREHFRPH
WKHIXQFWLRQZHOOQRUOHDQHQRXJKWREHWKRXJKWDJRRG
VWXGHQW´$JDLQ6KDNHVSHDUHPDNHVIXQRIFKXUFKRIILFLDOVDV
VD\LQJWKDWWKRVHWKDWDUHKLJKLQWKHFKXUFKDUHIDWWKURXJKWKH
XVHRIWKHFRQWUDVWEHWZHHQKLPDQGWKHVWXGHQWZLWKWKH
IXQFWLRQDOPDQDVZHOO+HLVQRW³OHDQHQRXJKWREH«DJRRG
VWXGHQW´PHDQLQJWKDWDJRRGVWXGHQWRIWKHFKXUFKLVOHDQ
WKURXJKIDVWIRUWKHFKXUFKEXWWKRVHRIKLJKHUSRVLWLRQRU
³IXQFWLRQ´DUHVHHQDV³WDOO´DQGWKDWLVXVHGLQFRQWUDVWWROHDQ
PHDQLQJWKDWWKH\DUHIDWIURPWKHJOXWWRQ\DQGRQO\SOD\WKH
SDUWRIWKHFORLVWHUDQGLQUHDOLW\DUHWKHPRVWVLQIXO
9LRODLVILUVWLQWURGXFHGDV&HVDULRDQGKDVGLVJXLVHGKHUVHOIWR
FRQFHDOWKHUHDOLW\RIKHUIHPLQLQLW\9LRODZDQWHGWRVHUYHIRU
'XNH2UVLQREXWWRGRVRVKHQHHGHGKHUDSSHDUDQFHWREH
PDOH6KHVHHVKHUGLVJXLVHDVDQ³DLG´WKDWJLYHVKHU³WKH
IRUPRIKHULQWHQW´+HUGLVJXLVHDOORZVWRKHUZRUNIRU'XNH
7H[WXDO6XSSRUW
³,
OOSXWLWRQDQG,ZLOO
GLVVHPEOHP\VHOILQ
WDQG,
ZRXOG,ZHUHWKHILUVWWKDW
HYHUGLVVHPEOHGLQVXFKD
JRZQ,DPQRWWDOOHQRXJKWR
EHFRPHWKHIXQFWLRQZHOO
QRUOHDQHQRXJKWREH
WKRXJKWDJRRGVWXGHQW´
³(QWHU9$/(17,1(DQG
9,2/$LQPDQ
VDWWLUH´
³&RQFHDOPHZKDW,
DPDQGEHP\DLG
)RUVXFKGLVJXLVHDV
KDSO\VKDOOEHFRPH
7KHIRUPRIP\
LQWHQW,
OOVHUYHWKLV
GXNH7KRXVKDOO
SUHVHQWPHDVDQ
HXQXFKWRKLP,W
PD\EHZRUWKWK\
SDLQV´
³'LVJXLVH,VHHWKRXDUWD
ZLFNHGQHVV:KHUHLQWKH
SUHJQDQWHQHP\GRHV
PXFK´
0RUJDQ&RPLWH
.LDUD*RQ]DOH]
/XUDQ0DQILR
6HEDVWLDQ3DJDQ
2UVLQRZKLFKWKHQOHDGVWRDOOWKHIROORZLQJLPSOLFDWLRQVIRXQG
LQWKHSOD\9LRODKRZHYHUEHOLHYHVWKDWWKHGLVJXLVHLV³ZRUWK
WK\SDLQV´
9LRODLVNQRZQDVWKHYRLFHRIUHDOLVP(YHQWKRXJKVKHLV
GLVJXLVHGDV&HVDULRLQRUGHUWRZRUNIRU2UVLQR9LRODVD\V
WKDWGLVJXLVHLV³DUWDZLFNHGQHVV:KHUHLQWKHSUHJQDQW
HQHP\GRHVPXFK´7KHIDFWWKDWVKHXQGHUVWDQGVKRZ
GHFHSWLRQRIRQH¶VWUXHHOVHLV³DUWRIZLFNHGQHVV´FDXVHVKHU
WRHYHQWXDOO\UHYHDOKHUWUXHVHOIDVDZRPDQ7KHLQWHUSOD\RI
9LRODDVDER\DQGJLUOHPSKDVL]HVKRZWKHFKDUDFWHUVFUHDWHD
IDOVH³UHDOLW\´E\GLVJXLVLQJWKHWUXWKDERXWWKHPVHOYHVLQRUGHU
WRJHWDKHDGRUVXFFHHG
&KDUDFWHUV
)HVWH
9LROD
2OLYLD
0DOYROLR
+RZGRWKHFKDUDFWHUVVXSSRUWWKHWKHPH
)HVWHGLVJXLVHVKLPVHOIDV6LU7RSDVKLGLQJWKHWUXWKIURP
0DOYROLR+HLVVXSSRVHGWREHDIRROEXWKDSSHQVWRRXWVPDUW
HYHU\RQHDURXQGKLP
9LRODLVGLVJXLVHGDVDER\&HVDULREXWVKHLVWKHYRLFHRI
UHDOLVP6KHNQRZVVKHGRHVQRWDFWDVKHUWUXHVHOI6KH
XQGHUVWDQGVWKDWRWKHUVUHVSRQGMXVWWRKHURXWVLGHQRWKHU
UHDOWUXHVHOI
2OLYLDLVVXSSRVHGWRPRXUQKHUEURWKHUVEXWLVRYHUWDNHQE\
³ORYH´6KHLVDIIHFWHGE\WKHIDOVHUHDOLW\6KHLVDORYHVLFN
QREOHPDQLQDIDQWDV\ZRUOGRIORYHPXVLFDQGVROLWXGH
0DOYROLRLVREVHVVHGZLWKVWDWXVDQGSRZHU+HEHOLHYHVWKDW
KHLVYHU\LPSRUWDQWDQGSRZHUIXO+HGLVJXLVHVDVDKLJKHU
PDQZKHQKHLVWUXO\2OLYLD¶VVHUYDQW
7H[WXDO6XSSRUW
³0$/92/,2>:LWKLQ@:KR
FDOOVWKHUH"&ORZQ6LU
7RSDVWKHFXUDWHZKR
FRPHVWRYLVLW0DOYROLRWKH
OXQDWLF0$/92/,26LU
7RSDV6LU7RSDVJRRG6LU
7RSDVJRWRP\ODG\
³$V,DPZRPDQQRZDODV
WKHGD\:KDWWKULIWOHVV
VLJKVVKDOOSRRU2OLYLD
EUHDWKH2WLPHWKRXPXVW
XQWDQJOHWKLVQRW,´
³7KDWW\UDQQRXVKHDUWFDQ
WKLQN"7RRQHRI\RXU
UHFHLYLQJ(QRXJKLVVKRZQ
DF\SUHVVQRWDERVRP
+LGHWKP\KHDUW6ROHWPH
KHDU\RXVSHDN´
³0\PDVWHUVDUH\RXPDG"
0RUJDQ&RPLWH
.LDUD*RQ]DOH]
/XUDQ0DQILR
6HEDVWLDQ3DJDQ
RUZKDWDUH\RX"+DYH\H
QRZLWPDQQHUVQRU
KRQHVW\EXWWRJDEEOHOLNH
WLQNHUVDWWKLVWLPHRIQLJKW"
'R\HPDNHDQDOHKRXVHRI
P\ODG\
VKRXVHWKDW\H
VTXHDNRXW\RXUFR]LHUV
FDWFKHVZLWKRXWDQ\
PLWLJDWLRQRUUHPRUVHRI
YRLFH",VWKHUHQRUHVSHFWRI
SODFHSHUVRQVQRUWLPHLQ
\RX"´
0RUJDQ&RPLWH
.LDUD*RQ]DOH]
/XUDQ0DQILR
6HEDVWLDQ3DJDQ
*52832QHRIWKHVWURQJHVWKXPDQGULYHVVHHPVWREHGHVLUHIRUSRZHU'LVFXVVKRZDFKDUDFWHULQ7ZHOIWK1LJKW
VWUXJJOHVWRIUHHKLPVHOIRUKHUVHOIIURPWKHSRZHURIRWKHUVRUVHHNVWRJDLQSRZHURYHURWKHUV+RZGRHV6KDNHVSHDUH¶V
WUHDWPHQWRISRZHURUSRZHUVWUXJJOHHQKDQFHWKHPHDQLQJRIWKHZRUNRUUHYDOWKHPDWLFLPSOLFDWLRQV"
&KDUDFWHU0DOYROLR
2QHRIWKHVWURQJHVWKXPDQGULYHVVHHPVWREHWKHGHVLUHIRUSRZHU,Q7ZHOIWK1LJKWE\6KDNHVSHDUHWKHLGHDRISRZHULV
PRUHSURQRXQFHGZLWKLQWKHWLPHIUDPHRIWKHSOD\ZKHUHIXWLOLW\DQGFRORQLDOLVPLVKHDYLO\SUHYDOHQW0DOYROLRLVWKHFKDUDFWHUWKDW
HPXODWHVWKLVLGHDWKHPRVWZLWKLQWKHSOD\DVKLVGHVLUHWRDVFHQGWRWKHKLJKHUHFKHORQVRIVRFLHW\DQGLVPDGHFOHDUWKURXJKWKH
TXRWH³0DOYROLR,PDUYHO\RXUODG\VKLSWDNHVGHOLJKWLQVXFKDEDUUHQUDVFDO,VDZKLPSXWGRZQWKHPRWKHUGD\2OLYLD2K\RX
DUHVLFNRIVHOIORYH0DOYROLRDQGWDVWHZLWKDGLVWHPSHUHGDSSHWLWH7REHJHQHURXVJXLOWOHVVDQGRIIUHHGLVSRVLWLRQ´2OLYLDDQG
0DOYROLRDUHGLVFXVVLQJWKHIDWHRIWKHFORZQ)HVWHDQG0DOYROLRWDNHVKLPVHOIZLWKPRUHSRZHUDQGDXWKRULW\WKDQKHDFWXDOO\KDV
7KLVHPSKDVL]HVWKHGLIIHUHQFHEHWZHHQKLVDSSHDUDQFHDQGUHDOLW\0DOYROLREHOLHYHVKLPVHOIWREHZLWKKLJKDXWKRULW\VSHDNLQJWR
2OLYLDDVLIWKH\DUHRQWKHVDPHVWDQGLQJVLIQRWKLJKHUZLWKKLVFROORTXLDOFKRLFHRIGLFWLRQ:KHQ0DOYROLRVD\V³PDUYHO´WR2OLYLD
LW¶VDVLIKHWDONLQJZLWK2OLYLDLQVWHDGRIWDONLQJXSWRKHUEHFDXVHKHLVKHUVHUYDQW7KHZRUG³PDUYHO´PHDQVILOOHGZLWKZRQGHU
0DOYROLRLVQRWDVWRXQGHGE\2OLYLD¶V³OHDGHUVKLS´EXWLQVWHDGKHLVZLWKKHUDFWLQJZLWKPRUHDXWKRULW\5HDGHUVFDQVHHWKH
FRQWUDVWDV2OLYLDVD\VWR0DOYROLRWKDWKHLV³VLFNRIVHOIORYH0DOYROLR´ZKLFKLVDFFXUDWHDVKHKROGVKLPVHOIWRDKLJKHUUDQNLQJ
WKDWZKDWKHLVLQUHDOLW\+HLQUHDOLW\LVMXVWDVHUYDQWEXWVHHVKLPVHOIDVKLJKHUZKHQKHVD\VWKDW2OLYLDVKRXOGLQWHUDFWZLWK)HVWH
³GHOLJKWLQVXFKDEDUUHQUDVFDO,VDZKLPSXWGRZQWKHPRWKHUGD\´KHWKLQNVWKDWVKHLVWRKLJKHUIRUKLP+HEHOLHYHVWKDWVRPHRQH
OLNHD³ODG\´VKRXOGQRWLQWHUDFWZLWKD³UDVFDO´7KHVHGLFWLRQFKRLFHVDUHLPSOLHVWKDWWKHLGHDRIFODVVLVPLVDOOKHFDUHVDERXWDQG
WKLVLVVWUDQJHDVKHLVYHU\ORZDQGHTXDOWR)HVWH\HWKHLVEHOLWWOLQJKLP$GGLWLRQDOO\0DOYROLRVD\V³*RKDQJ\RXUVHOYHVDOO\RX
DUHLGOHVKDOORZWKLQJV,DPQRWRI\RXUHOHPHQW\RXVKDOONQRZPRUHKHUHDIWHU´+HVSHDNVDVWKRXJKWKH\VKRXOGDOOSUDLVHWKH
JURXQGKHZDONVRQZKHQLQUHDOLW\KHLV2OLYLD¶VVHUYDQW0DOYROLRFDOOVWKHPDOO³LGOHVKDOORZWKLQJV´7KLVXVHRILQIRUPDOGLFWLRQ
SURYHVKRZKHEHOLHYHVWKH\DUHDOOEHQHDWKKLP7KURXJKKLVGLFWLRQFKRLFHKLVDSSHDUDQFHFRPHVRIIDVKLJKDQGPLJKW\ZKLOHKLV
UHDOLW\LVDVHUYDQW8OWLPDWHO\0DOYROLR¶VFROORTXLDOGLFWLRQFKRLFHVWRDFWZLWKPRUHDXWKRULW\KHOSWRDGGWRDWKHPHRIDSSHDUDQFH
YHUVXVUHDOLW\DV0DOYROLRDSSHDUVZLWKSRZHUZKHQLQUHDOLW\KHLVPHUHO\2OLYLD¶VVHUYDQW