0DVWHULQJ6RIW6NLOOVIRU:RUNSODFH6XFFHVV
;LEXW·=SYV4SMRX#
-8677+()$&767KLVDFWLYLW\KHOSVSDUWLFLSDQWVXQGHUVWDQGWKHLPSRUWDQFHRIEHLQJVSHFLÀFZKHQRIIHULQJ
DQGUHFHLYLQJFRPPXQLFDWLRQ2IWHQWLPHVRXUPHDQLQJJHWVORVWWZLVWHGRUPLVXQGHUVWRRGEHFDXVHZH
KDYHQ·WEHHQVSHFLÀFHQRXJKLQRXUFRPPXQLFDWLRQRUZHKDYHQ·WDVNHGFODULI\LQJTXHVWLRQV7KHVHUROHSOD\V
DUHGHVLJQHGWRGHPRQVWUDWHWKHYDOXHRIEHLQJVSHFLÀFLQFRPPXQLFDWLRQ«72RWKHUVDQGLQZKDWLVUHFHLYHG
)520RWKHUV
8MQI
PLQXWHV
1EXIVMEPW
$IHZFRSLHVRI$FWLYLW\ DWOHDVWRQHFRS\SHUYROXQWHHUDFWRUDFWUHVV
&RVWXPHVDQGRWKHUSURSVLISRVVLEOH
(MVIGXMSRW
$VNIRUYROXQWHHUVWRDFWRXWDVKRUWUROHSOD\(DFKVNLWUHTXLUHVWZRSHRSOHRQH
HPSOR\HHDQGRQHVXSHUYLVRU
,QWKHÀUVWUROHSOD\-DGHKDVDMREPRZLQJODZQVDQGUHFHLYHVVRPHQRWVRSRVLWLYH
IHHGEDFNIURP0U=DFOLHQW
,QWKHVHFRQGUROHSOD\:LOOZRUNVDWDGHQWLVW·VRIÀFHDQGKDVJRWWHQLQWRVRPHWURXEOH
ZLWKKLVERVV0V7
6XJJHVWLRQ(QFRXUDJHSDUWLFLSDQWVWRDGOLERULPSURYLVHLIWKH\IHHOFRPIRUWDEOH*LYLQJ\RXWK
SHUPLVVLRQWRDGOLERIWHQPDNHVDFWLYLWLHVPRUH´UHDOµDQGPHPRUDEOH,QDGGLWLRQ\RXWKPD\ZLVK
WRUHWU\RQHRUPRUHRIWKHVNLWVDQGFUHDWHWKHLURZQFKDUDFWHUV
$IWHUHDFKVNLWLVUHDGDVNWKHIROORZLQJTXHVWLRQV
5ROH3OD\+RZGLG-DGHKDQGOH0U=·VFRPPHQWV":KDWGLGVKHGRULJKW":DV
WKHUHDQ\WKLQJVKHFRXOGKDYHGRQHGLIIHUHQWO\":KDWDERXW0U=":KDWFRXOGKH
KDYHGRQHGLIIHUHQWO\"
5ROH3OD\+RZGR\RXWKLQN0V7KDQGOHGWKHVLWXDWLRQZLWK:LOO·VODWHQHVV"+RZ
GLG:LOOKDQGOH0V7·VGLVDSSURYDO":KDWPLJKWKHKDYHGRQHGLIIHUHQWO\":KDWPLJKW
0V7KDYHGRQHGLIIHUHQWO\"
6NLOOVWR3D\WKH%LOOV
'SRGPYWMSR
,QHLWKHURIWKHVHUROHSOD\VLWXDWLRQVWKHHPSOR\HHFRXOGKDYH´FRSSHGDQDWWLWXGHµRUJRWWHQ
GHIHQVLYHZLWKWKHDGXOW5HUHDGRQHRUERWKRIWKHDFWLYLWLHVDQGDFWRXWWKHVLWXDWLRQ
GLIIHUHQWO\:KDWZRXOGLWKDYHORRNHGDQGVRXQGHGOLNHLI-DGHKDGQRWGHPRQVWUDWHGVXFKD
PDWXUHDWWLWXGH":KDWZRXOGLWKDYHORRNHGDQGVRXQGHGOLNHLI:LOOKDGQ·WRIIHUHGDVXJJHVWLRQ
IRUKLVVLWXDWLRQ"
%HFDXVHHDFKHPSOR\HHUHPDLQHGFDOPDQGDVNHGDGGLWLRQDOTXHVWLRQVWRJHWFODULW\DERXWHDFK
VLWXDWLRQKHVKHZDVDEOHWRFRPPXQLFDWHZLWKWKHRWKHUSHUVRQ²DQGFOHDUO\LGHQWLI\WKH
SUREOHP
,VWKLVHDV\RUGLIÀFXOWIRU\RXWRGRLQPRVWVLWXDWLRQV",ILW·VHDV\ZKDWDUHVRPHVWUDWHJLHV\RX
XVHWKDWKHOS\RXWR´NHHS\RXUFRROµ",ILW·VGLIÀFXOWZKDWPLJKW\RXWU\WRGRGLIIHUHQWO\"
.SYVREPMRK%GXMZMX]
7KLQNDERXWDWLPHZKHQDSDUHQWWHDFKHURUIULHQGFULWLFL]HG\RX:KDWKDSSHQHG"+RZGLG
WKLVPDNH\RXIHHO"+RZGLG\RXKDQGOHLW"$UH\RXSURXGRIWKHZD\\RXKDQGOHGLW":KDW
PLJKW\RXGRGLIIHUHQWO\LIVRPHWKLQJOLNHWKLVKDSSHQVLQWKHIXWXUH"'LGWKLVH[SHULHQFH
FKDQJHWKHZD\\RXRIIHUIHHGEDFNWRRWKHUV"
)\XIRWMSR%GXMZMX]
'LYLGHWKHJURXSLQWRVPDOOHUJURXSV QRPRUHWKDQIRXUSHUJURXS +DYHSDUWLFLSDQWVVKDUH LI
WKH\DUHFRPIRUWDEOH WKHVLWXDWLRQWKH\XVHGIRUWKHLUMRXUQDOHQWU\8VHWKHVLWXDWLRQVWR
FUHDWHDQGDFWRXWQHZUROHSOD\VLWXDWLRQVIRUWKHRWKHUJURXSV7KUHHGLVFXVVLRQTXHVWLRQV
VKRXOGEHZULWWHQDVZHOO²DQGGLVFXVVHGDVDJURXS&UHDWHWKUHHTXHVWLRQVWREHXVHGZLWK
WKHODUJHUJURXSDIWHUWKHUROHSOD\LVDFWHGRXW
0DVWHULQJ6RIW6NLOOVIRU:RUNSODFH6XFFHVV
%GXMZMX];LEX·W=SYV4SMRX#
52/(3/$<
6FHQDULR-DGHKDVKHUÀUVWMREPRZLQJODZQV6KHZRUNVIRUKHUEHVWIULHQG·VEURWKHUZKRRZQVD
ODQGVFDSLQJFRPSDQ\6KH·VKDGWKHMREIRUDERXWWKUHHZHHNVDQGUHDOO\IHHOVOLNHVKH·VJHWWLQJLQWR
WKHJURRYH,QIDFWLW·VWKHSHUIHFWMREIRUKHUVKHORYHVEHLQJRXWVLGHDQGDSSUHFLDWHVWKHIDFWWKDW
VKHFDQZRUNRQKHURZQDQGHYHQOLVWHQWRKHU03SOD\HU-DGHDUULYHVHDUO\DW0U=·VKRXVH KHU
ÀUVWFXVWRPHURIWKHGD\ DQGJHWVUHDG\WREHJLQPRZLQJ
0U= <RX·UHÀQDOO\KHUH
-DGH +L0U=<HV,·PKHUHWRPRZ\RXUODZQ
0U= :HOO\RXGLGQ·WGRDYHU\JRRGMREODVWZHHN
-DGH ,ZDVQ·WWKHSHUVRQZKRPRZHG\RXUODZQEXW,·GOLNHWRKHDUZK\\RXZHUHXQKDSS\
ZLWKWKHMRE
0U= ,WZDVMXVWDPHVV
-DGH &DQ\RXSOHDVHEHPRUHVSHFLÀF":KDWH[DFWO\GLGQ·W\RXOLNH",QZKDWZD\ZDVLWD
PHVV"
0U= :HOOLWORRNHGMXVWDZIXO
-DGH 0U=,UHDOO\ZDQWWRPDNHVXUHWKDWZKDWHYHUXSVHW\RXODVWWLPHGRHVQ·WKDSSHQ
DJDLQ,I\RXZLOOWHOOPHH[DFWO\ZKDW\RXZDQWGRQHGLIIHUHQWO\LQWKHIXWXUHLWZLOO
UHDOO\KHOSPHWREHVXUH\RXUODZQLVPRZHGMXVWWKHZD\\RXOLNHLW
0U= :HOOWKHFXWJUDVVZDVOHIWRQWKHODZQDQGWKHHGJHVZHUHQ·WVWUDLJKW
-DGH 2ND\OHWPHEHVXUH,XQGHUVWDQG%HVLGHVPRZLQJ\RXZDQWXVWREHVXUHWRUDNHXS
UHPRYHWKHFXWJUDVVDQGEHPRUHFDUHIXOWRVWUDLJKWHQWKHHGJLQJ
0U= <HVWKDWLVH[DFWO\ZKDW,H[SHFW
-DGH 7KDQNV0U=,·OOEHVXUHWRGRWKRVHWKLQJVWRGD\DQG,ZLOOOHWWKHERVVNQRZWKDW·V
ZKDW\RX·GOLNHGRQHIURPQRZRQ
0U= 7KDQN\RXYHU\PXFK
6NLOOVWR3D\WKH%LOOV
%GXMZMX];LEX·W=SYV4SMRX#
52/(3/$<
6FHQDULR:LOOZRUNVLQDODUJHGHQWDORIÀFHDQGZLQGVXSUXVKLQJWRJHWWRZRUNHYHU\GD\DIWHU
VFKRRO+LVMREWDVNVLQFOXGHÀOLQJPDNLQJSKRWRFRSLHVVWXIÀQJHQYHORSHVDQGDQVZHULQJWKH
WHOHSKRQH0V7WKHRIÀFHPDQDJHUKDVDVNHGWRVSHDNZLWK:LOODERXWKLVWLPHVKHHW
0V7 +HOOR:LOO,ZRXOGOLNHWRWDONZLWK\RX
:LOO <HV0V7"
0V7 :LOO,·YHEHHQZDWFKLQJ\RXUWLPHWKLVZHHNDQG,·PTXLWHFRQFHUQHG
:LOO 0V7,VHHWKDW\RX·UHQRWKDSS\EXWZLOO\RXSOHDVHEHPRUHVSHFLÀF"
0V7 <RX·UHQRWJHWWLQJKHUHRQWLPH
:LOO ,NQRZ,·YHEHHQDUULYLQJWRZRUNODWHDQG,DPVRUU\
0V7 :HOOORRNDW\RXUWLPHWRGD\<RXZHUHVXSSRVHGWREHKHUHDWWKLVDIWHUQRRQDQG
LW·VQRZDQG\RXMXVWZDONHGLQ:HQHHGWREHDEOHWRGHSHQGRQ\RXWREHKHUH
DWWKHWLPH\RX·UHVFKHGXOHGWRZRUN
:LOO ,XQGHUVWDQGWKDW\RXH[SHFWPHWREHKHUHRQWLPH,·PJHWWLQJKHUHDVTXLFNO\DV,
FDQDIWHUVFKRRO:RXOGLWEHSRVVLEOHWRFKDQJHP\VWDUWWLPHWR",FDQSXWLQWKH
H[WUDPLQXWHVDWWKHHQGRIWKHZRUNGD\LQVWHDG
0V7 :HOO,VXSSRVHZHFDQWU\WKDW$UH\RXDEVROXWHO\VXUHWKDW\RXFDQPDNHLWKHUH
HYHU\GD\E\"
:LOO ,·PVRUU\WKDW,·YHEHHQJHWWLQJKHUHODWHDQGXSVHWWLQJ\RX,UHDOO\GRWKLQNWKDW,FDQ
EHKHUHHYHU\GD\E\EXWLIIRUVRPHUHDVRQ,FDQ·WPDNHLWKHUHE\WKDWWLPH,
ZLOOEHVXUHWRFDOOWROHW\RXNQRZ
0V7 7KDWZRXOGEHYHU\KHOSIXO7KDQN\RX:LOO