April 1, 2016 April 15, 2016 | Page 4
3DJH7KH&ROHEURRN&KURQLFOH)ULGD\$SULO
9LHZ)URP7KH
WK3DUDOOHO
3DVVLRQDWH/HWWHUV7HOO$6WRU\
$VRQHFDQVHHORRNLQJDWWKHVHSDJHVWKLVZHHN
VWURQJSDVVLRQVUHJDUGLQJWKHGHYHORSLQJUHODWLRQ
VKLS EHWZHHQ 1RUWKHUQ 3DVV DQG WKH %DOVDPV
SURMHFWFRQWLQXH:HZHOFRPHHYHU\RQHWRDGGWKHLU
WKRXJKWVWRWKLVPL[RIDUHDSXEOLFRSLQLRQ
:HQRWHRQHOHWWHULVIURP'DQ'DJHVVHªVEURWKHU
5RQ ZKLFK LV DOVR SDVVLRQDWHO\ ZULWWHQ 5RQ KDV
UHDVRQ WR EH SURXG RI KLV EURWKHUªV DFFRPSOLVK
PHQWV:KDWQHHGVWREHXQGHUVWRRGKHUHLVWKLVLV
QRW D SHUVRQDO ILJKW :KDW KXUWV VR PDQ\ DW WKH
PRPHQWLVWKDWSHRSOHUHDOO\ZDQWHGWKH%DOVDPV
WRVXFFHHGEXWPDQ\RIWKHVHVDPHSHRSOHDOVRIHHO
VWURQJO\DERXWWKHLPSDFW1RUWKHUQ3DVVZLOOKDYH
RQRXUUHJLRQDVDZKROH,WLVIRUFLQJSHRSOHWRPDNH
GHFLVLRQVZKLFKLVPRUHLPSRUWDQWWRWKHP"
5RQ'DJHVVHVD\V§,IDQ\RIWKHQD\VD\HUVWKLQN
WKHUHªVDEHWWHUZD\WREULQJJRRGSD\LQJMREVWRWKH
1RUWK&RXQWU\FRQWDFWPH¨+HVDLGKHªOOSDVVWKLV
LQIRUPDWLRQRQWRWKHWZR'DQQ\V
:HZLVK'DQ+HEHUWDQG'DQ'DJHVVHKDGFRPH
WRWKHFRPPXQLW\ILUVWEHIRUHRSHQLQJWKH1RUWKHUQ
3DVVGRRU%XWWKH\FKRVHWRRSHQWKDWGRRUDQGQRZ
LWLVDGRRUWKDWFDQªWHDVLO\EHFORVHG
¥&KDUOHV--RUGDQ
5REHUWªV0RWHODQG&RIIHH6KRSLQ*URYHWRQIURPDQXQGDWHGSRVWFDUGEXWE\WKHDXWRVZHªGSODFHLWLQ
WKHV7KHGHVFULSWLRQRQWKHEDFNRIWKHFDUGLQGLFDWHG§:LWK(VVR6HUYLFH&HQWHU3KLODQG9LFN\
&KULVWRSKHU79&HQWUDO+RW:DWHU+HDWLQJ*RRG+XQWLQJ )LVKLQJ1HDUE\7HOHSKRQH5RXWH
×0LOH6R2I*URYHWRQ1+¨
/HWWHUV
7RWKHJRRGSHRSOHRIWKH1RUWK
&RXQWU\
, DP ZULWLQJ WKLV OHWWHU LQ
UHJDUG WR WKH ODWHVW QHZV LQ
ZKDW LV QRZ DQ RQJRLQJ VDJD
FRQFHUQLQJ WKH 1RUWKHUQ 3DVV
7KH%DOVDPVVLWXDWLRQDQGPRVW
UHFHQWO\ WKH 1RUWK &RXQWU\
&KDPEHU
RI
&RPPHUFH
1&&2& 7KHVH DUH P\ YLHZV
DQGWKRXJKWVRQO\DV,FHUWDLQO\
UHVSHFWWKDWHYHU\RQHLVHQWLWOHG
WRWKHLURZQRSLQLRQ
7KDQN\RX-DPLH6D\HQIRU
\RXUGHWDLOHGDQGIDFWXDODFFRXQW
LQ ODVW ZHHNªV &ROHEURRN
&KURQLFOH 7KH WUXWK LV
LPSRUWDQW VR WKDW HYHU\RQH FDQ
XQGHUVWDQG ZKDW LV KDSSHQLQJ
KHUH $V D PHPEHU RI WKH
1&&2&ERDUGRIGLUHFWRUV,FDQ
WHOO\RXWKDW,IHOWZHZHUHSXWLQ
RQHRIWKHPRVWGLIILFXOWSRVLWLRQV
,ªYHHYHUEHHQDVNHGWREHLQLQ
P\HQWLUHOLIH,KRSHWKDWSHRSOH
WDNHWKHWLPHWRGLJGHHSHULQWR
WKLV PDWWHU DQG OHDUQ WKH IDFWV
EHIRUH PDNLQJ DQ\ VZHHSLQJ
MXGJHPHQWV DV WKHUH DUH
FHUWDLQO\ PDQ\ OD\HUV 3OHDVH
NHHSLQPLQGWKDWWKH&KDPEHU
VWDIIDQGGLUHFWRUVKDYHZRUNHG
WLUHOHVVO\RYHUWKHSDVWIHZ\HDUV
WR LPSURYH WKH RUJDQL]DWLRQ WR
DGG YDOXDEOH EHQHILWV IRU
PHPEHUV DQG WR SRVLWLYHO\
LPSDFW WKH 1RUWK &RXQWU\
HFRQRP\IRUDOO,KRSHWKDWWKH
FXUUHQW XQIRUWXQDWH VLWXDWLRQ
GRHVQRWRYHUVKDGRZWKDWZRUN
32%R[&ROHEURRN1+
7HO
)D[
(PDLOHGLWRU#FROHEURRNFKURQLFOHFRP
:HEZZZFROHEURRNFKURQLFOHFRP
'RZQWRZQRIILFHLQWKHKLVWRULF:LOOLDPV%XLOGLQJ
0DLQ6WUHHW
&ROHEURRN1+
(GLWRU&KDUOHV--RUGDQ3XEOLVKHU'RQQD/-RUGDQ
$VVRFLDWH(GLWRU7KRPDV-RUGDQ
&DQDGLDQ&RUUHVSRQGHQW&RUH\%HOODP
6SRUWV3KRWRJUDSKHU7LQD0F.HQ]LH
1RW RQO\ DP , D VPDOO
EXVLQHVV RZQHU LQ WKH WRZQ RI
&ROHEURRNDQGSURXGO\UHSUHVHQW
VRPHEXVLQHVVHVZKRRSHUDWH
XQGHU P\ EXVLQHVV § XPEUHOOD¨
, DP D QDWLYH WR WKH 1RUWK
&RXQWU\¥ERUQ DQG UDLVHG LQ
&ROHEURRNKDYLQJJURZQXSRQ
RQHRIWKHPDQ\VPDOOIDUPVWKDW
§XVHG WR EH¨ ,Q P\ \HDUV RI
OLYLQJ DQG UDLVLQJ P\ IDPLO\
KHUHMXVWDVP\SDUHQWVFKRVHWR
UDLVH D IDPLO\ KHUH , KDYH
OHDUQHGZKDWPDQ\RI\RXKDYH
,WªVKRPH7KHUHDUHPDQ\WKLQJV
DERXW WKH DUHD WKDW PDNH LW
KRPH¥VXFKDVWKHHQGOHVVEHDXW\
DQGSHDFHIXOQHVVRIWKHDUHD%XW
HYHQPRUHLPSRUWDQWWKDQWKDW
WKHSHRSOHKHUHPDNHLWKRPH
$V,ªYHKDGWRVHDUFKP\VRXO
WR WU\ WR XQGHUVWDQG VR PDQ\
GLIIHUHQW SRLQWV RI YLHZ ODWHO\
UHJDUGLQJ WKLV KRUULEOH PHVV
ZLWK7KH%DOVDPVDQG1RUWKHUQ
3DVV VR PDQ\ PHVVDJHV FDPH
P\ ZD\ ,Q WKH FRXUVH RI ODVW
ZHHN DPRQJ WKH ERXWV RI ZKDW
FHUWDLQO\IHOWOLNHEXOO\LQJWRVD\
WKH OHDVW DV ZH WKH 1&&2&
ZHUH WROG WKH IXWXUH HFRQRPLF
VXUYLYDO ZDV UHVWLQJ RQ RXU
GHFLVLRQ,H[SHULHQFHGVRPDQ\
FRQILUPDWLRQVRIZK\,EHOLHYHLQ
WKHSHRSOHKHUH)URPDIULHQGªV
TXRWH RI WKH GD\ EHLQJ §'R WKH
ULJKW WKLQJ¨ HYHQ WKRXJK VKH
KDG QR FOXH ZKDW ZDV JRLQJ
RQQR RQH GLG WR D
FRQYHUVDWLRQ ZLWK P\ WHQ \HDU
ROG VRQ ZKR DVNHG §ZKDW DUH
PRUDOV"¨WRP\IDWKHUDQGROGHVW
GDXJKWHU SDUWLFLSDWLQJ LQ D
.LZDQLV FHUHPRQ\ ZKHUH §7KH
*ROGHQ5XOH¨LVWKHLUVROLGEDVLV
IRU ZKDW WKH\ EHOLHYH $Q
RUJDQL]DWLRQ OLNH PDQ\ ZKHUH
PDQ\UHWLUHGPHPEHUVPDNHXS
D ODUJH SRUWLRQ RI WKH JURXS¥
§UHWLUHG¨GRHVQªWPHDQWKH\ZRUN
OHVV LW RIWHQ PHDQV WKH\ ZRUN
HYHQ PRUH 0HPEHUV JLYH RI
WKHPVHOYHVWRKHOSRWKHUVDQGIRU
WKH
EHWWHUPHQW
RI
WKH
FRPPXQLWLHV¥QRW IRU PRQHWDU\
JDLQ&RQILUPDWLRQVRIP\EHOLHI
LQ WKH SHRSOH KHUH DOVR FDPH LQ
WKH IRUP RI UDQGRP DFWV RI
NLQGQHVV WKDW , ZLWQHVVHG RQH
DIWHU DQRWKHU QRW GRQH WR JDLQ
DQ\WKLQJ EXW WR VLPSO\ EH D
EOHVVLQJLQVRPHRQHªVGD\$QG
WKHTXRWH§PRQH\LVWKHURRWRI
DOO HYLO¨ KDV HFKRHG LQ P\ HDUV
ODWHO\ DV ZHOO¥\HV PRQH\ LV
QHFHVVDU\ WR VXUYLYH EXW ZH
NQRZZHDUHULFKLVPDQ\RWKHU
ZD\V 'HSHQGV RQ ZKDW \RX
YDOXHPRUH¥SHRSOHKDYHYDOXH
7KLV 1RUWK &RXQWU\ WKDW ZH
ORYH KDV H[SHULHQFHG LWV IDLU
VKDUH RI XSV DQG GRZQV¥ZH DOO
KDYH 1RZ ZH DUH IDFLQJ \HW
DQRWKHU KDUGVKLS