),567

/$670,1,675,(6

,VV
VVX
XH
H

$XWXPQ
Q


7RSLFV
VDDQG
G1
1HZV
VIIURP
P)
)LUVW
W 
//DVW
W0
0L QL VW U L H V

$ -(+29$+6:LWQHVV(OGHUZKRGDUHGWRTXHV
WLRQWKH:DWFK7RZHU6RFLHW\RYHULWVSROLF\RQ
EORRGWUDQVIXVLRQVKDVEHHQGLVIHOORZVKLSSHG
5D\+HPPLQJZDVDQ(OGHUDQGPHPEHURI
WKH-HKRYDKV:LWQHVVHVLQ7HOIRUGIRU
\HDUV
:KLOHORRNLQJXSLQIRUPDWLRQRQWKH
LQWHUQHWFRQFHUQLQJWKH*HQHUDWLRQ
GRFWULQHKHFDPHWRWKHZHEVLWH1HZ
/LJKWRQ%ORRG
,ZDVVWXQQHGVDLG0U+HPPLQJ
7KLVZHEVLWHKDGSHRSOHZKRDUH(OGHUV
DQG+RVSLWDO/LDLVRQ&RPPLWWHH+/&
PHPEHUVVWLOORSHUDWLQJZLWKLQWKH2UJDQL
VDWLRQ+RZFDQWKLVEH,WKRXJKW"
7KHHQRUPRXVDPRXQWRILQIRUPDWLRQ
SUHVHQWHGWRKLPLQFOXGHGH[SHULHQFHVRI
WKRVHDIIHFWHGE\WKLVSROLF\WKHKLVWRU\RI
WKH:DWFKWRZHU
VVKLIWLQJSRVLWLRQZLWK
UHJDUGWRPHGLFDOLVVXHVDQGVFLHQWLILFLQ
IRUPDWLRQ
,WFDXVHGPHWRRYHUWXUQVWURQJO\HQ
WUHQFKHGWKLQJV&RULQWKLDQV
0U+HPPLQJSUHVHQWHGVRPHRIWKLVLQ
IRUPDWLRQLQWKHIRUPRIDOHWWHUWRDQ(O
GHUZKRVUHODWLYHZDVD+/&PHPEHU+H
WKHQVHQWRXWOHWWHUVWREURWKHUVZKRZHUH
DSSRLQWHGPHQLQWKHFRQJUHJDWLRQLQYLWLQJ
WKHLUFRPPHQWVQRQHUHVSRQGHG
7KHVHEURWKHUVZKRZHUHRQFHFORVHWR
P\IDPLO\DQG,SURFHHGHGWRUHSRUWPH,
VRRQJRWDYLVLWIURPWKH(OGHUV
,WEHFDPHDSSDUHQWWKDWWKHFRQWURO
PHFKDQLVPVWKDWRSHUDWHLQWKLV2UJDQLVD
WLRQVWUDQJOHGRSHQFRPPHQWDOOZHUHIHDU
IXORIVSHDNLQJHYHQLQSULYDWHWRPHKH
FRQWLQXHG

6RRQDMXGLFLDOFRPPLWWHHZDVVHWXS
WKHFKDUJH"$SRVWDV\,DJUHHGWRDWWHQGWKH
PHHWLQJLQWKHKRSHRIPDNLQJWKHPWKLQN
DERXWWKLVGRFWULQHGLIIHUHQWO\DQGSHUKDSV
VWULNHDFRUGLQWKHLUKHDUWV,QHYHUH[
SHFWHGWKHPWRDJUHHZLWKPHRQWKHVXE
MHFWLWZRXOGKDYHSXWWKHPLQWKHVDPH
SRVLWLRQDVP\VHOI,KDGIRXUPHHWLQJV$W
WKHHQGRIWKHILQDOPHHWLQJWKH\LQIRUPHG
PHWKDW,ZDVGLVIHOORZVKLSSHG7KLVZDV
QRVXUSULVHWRPH,WKHQDSSHDOHGWRWKHLU
KXPDQLW\
'R\RXEHOLHYHWKDWWKLVLV -HKRYDKV
MXVWLFHDQG\RXKDYHDFWHGZLWKWKHORYHRI
&KULVW"
,VDLGWKLVEHFDXVHWKHVHEURWKHUVNQHZ
WKHZRUN,KDGGRQHLQWKLVFRQJUHJDWLRQ
DQGWKHVLQFHULW\LQZKLFK,DSSOLHGP\VHOI
7KHSUHVLGLQJRYHUVHHUVDLGFROGO\WKDW,
ZRXOGGLHDW$UPDJHGGRQLI,FRQWLQXHG
DV,ZDV,OHIWZLWKDJRRGE\H
0U+HPPLQJVDLG7KHLURQ\RIDOOWKLV
LVWKH:DWFKWRZHUFRXOGFKDQJHLWVSRVLWLRQ
UHJDUGLQJEORRGDVLWKDVGRQHLQWKHSDVW
DQGWKHVHVDPHEURWKHUVZRXOGWKHQKDYHWR
DUJXHLQIDYRXURIWKHQHZSROLF\
7KHWUXWKWKHQLVQRWWKHLVVXHLQWKHVH
FDVHVRUOR\DOW\WR&KULVWRURQHVRZQFRQ
VFLHQFHEXWOR\DOW\WR2UJDQLVDWLRQDOGLUHF
WLYHV
<RXFDQHPDLO0U+HPPLQJDW
UD\#KHPPRIUHHVHUYHFRXN

$WODQWD.LOOHUOLQNHGZLWK
-HKRYDKV:LWQHVVHV
'HDU5HDGHU
,1WKLVLVVXHRI&RQFHUQZHKDYHD
PL[WXUHRIVWRULHVKLJKOLJKWLQJPDQ\
IDFHWVRIOLIHLQWKH:DWFK7RZHU
6RFLHW\
2XUPDLQVWRU\WHOOVRI5D\+HPPLQJ
D-:(OGHUDQGKRZWKHVRFLHW\ZLOO
VWRSDWQRWKLQJWRVLOHQFHPHPEHUVZKR
TXHVWLRQLWV FRXQVHO
,I\RXDUHD-HKRYDKV:LWQHVVDQG
HYHUKDYHGLIILFXOWLHVLQOLIHWKHQGRQW
H[SHFWDQ\KHOSIURPRQH&LUFXLW
2YHUVHHUFDOOHG&DUOR,IWKLVPDQLV
EHLQJWUXO\OHGE\*RGWKHQ,GKDWHWR
VHHDPDQZKRLVQW5HDGDERXW&DUOR
RQSDJHIRXU
,I\RXDWWHQGHGWKH([-HKRYDKV
:LWQHVVFRQYHQWLRQKHOGUHFHQWO\LQ
3HOVDOO:HVW0LGODQGV\RXZRXOGKDYH
EHHQPRYHGE\VRPHRIWKHPRYLQJDQG
SRZHUIXOWHVWLPRQLHVWKDWWKH/RUGLV
UHOHDVLQJIURPWKHVRFLHW\
2QHVXFKWHVWLPRQ\LVUHSHDWHGIRU
WKRVHZKRZHUHXQDEOHWRDWWHQG
)LQDOO\ZHHQGZLWKP\VWHULRXVIDFHV
IRXQGLQ:DWFKWRZHUSXEOLFDWLRQV,I
\RXUHQHZWRWKLVVWUDQJH:DWFK
7RZHUDUWWKHQZHUHSURGXFHEHORZ
DVDPSOHIURPWKHERRN
5HYHODWLRQ,WV*UDQG
&OLPD[DW+DQGSDJH
+HUH\RXFDQVHHDQH\H
KLGGHQLQWKHSLFWXUHRIWKLV
KDQG-XVWZKHQ\RXWKRXJKW
WKDWWKH:DWFK7RZHU
6RFLHW\KDGVWRSSHGDOOWKLV
WKH\VWDUWDOORYHUDJDLQ
0D\WKH/RUG*RGEOHVV\RXDOO
3DXO%DFRQ
(GLWRU

)RU
UK
KHOS
SDDQG
GVVXSS
SSR
RU W
LQ
QUUHDFKLQJ
JR
RXWW
WWR
R
-HKRYDKV
V:
:LWQHVV
VVHHV
S
SOXV
WKH
HOODWHVW
WQ
QHZV
VR
RQ
WKH
H:
:DWFK
K7
7 RZ H U
6 RF L H W \ 

& R QFH U Q

0$66PXUGHUHU0DUN%DUWRQ
ZKRVKRWDQGNLOOHGSHRSOHLQ
$WODQWD86$ZDVNQRZQWRKDYH
DVVRFLDWHGZLWK-HKRYDK
V:LW
QHVVHV
,QKLVVXLFLGHQRWHZULWWHQLQ
$XJXVW%DUWRQGHQLHGWKDWKHKDG
NLOOHGKLVILUVWZLIHDQGKHU
PRWKHU+HZHQWRQWR VD\,KDYH
FRPHWRKDWHWKLVOLIHLQ WKLVV\V
WHPRIWKLQJV
6HDUFKLQJIRUKHOS%DUWRQZHQW
WRWKH-HKRYDK
V:LWQHVVHVIRUL Q
VWUXFWLRQ+LVZLIHKDGOHIWKLP
RYHUPRQH\KHWROGKLVPLQLVWHU
EXWKHFRXOGQ
WVWRSJDPEOLQJRQ
VWRFNV
:KHWKHU0DUN%DUWRQZDVDED S
WLVHGPHPEHURIWKH-HKRYDK
V:L W
QHVVHVRUDGLVIHOORZVKLSSHGPH P
EHUKDVQRW\HWEHHQGHWHUPLQHG

:DWFK7RZHULQPLGGOHRI
VH[DEXVHFODLPV

$0$1LVVXLQJWKH-HKRYDKV:LW
QHVVHVEHFDXVHKHZDVDOOHJHGO\
VH[XDOO\DEXVHGE\DFKXUFK
PHPEHULQ$XJXVWDDQGWKHGH
QRPLQDWLRQGLGQRWKLQJWRSURWHFW
KLP
%U\DQ5HHVVHHNVXQVSHF L
ILHGGDPDJHVIRUDEXVHWKDW5HHV
VD\VKHHQGXUHGEHWZHHQDQG

5HHVFODLPVWKDWOHDGHUVLQWKH
$XJXVWDFKXUFKKHDWWHQGHGDVD
WHHQDJHUNQHZWKDW/DUU\%DNHU
KDGPROHVWHGDFKLOGLQWKHSDVW
EXWGLGQRWZDUQFKXUFKPHPEHUV
RUH[SHO%DNHU
%HVLGHV%DNHUWKHODZVXLWQDPHV
RQHRIWKHGHQRPLQDWLRQVOHJDO
FRUSRUDWLRQVWKH:DWFKWRZHU% L
EOHDQG7UDFW6RFLHW\RI1HZ<RUN
,QFDORQJZLWK$ODQ$\HUV5HHV
VWHSIDWKHUDQG3DWULFN/D%UHFN
DQG5REHUW:HOOVZKRZHUHOHD G
HUVLQKLVFRQJUHJDWLRQ

727+((',725

,)281'\RXUZHEVLWHDQGZDQWHG
WRUHVSRQGWR\RX,DPDFWLYHO\
ZLWQHVVLQJWRD-HKRYDK
V:LWQHVV D
SURPLQHQWPHPEHURIWKH:LWQHVV
FRPPXQLW\KHUHDQGDFURVVWKH
VRXWKHUQVHFWLRQRIWKUHHVWDWHV*RG
ZRXOGKDYHDSRZHUIXOZLWQHVVLI
VKHFRPHVWRNQRZ-HVXVDV-HKR
YDK
,DPLQVHDUFKRIDQ\WRRO,FDQ
XVHWRVZD\KHU3OHDVHVHQGZKDW
HYHUPDWHULDO\RXFDQ6SHFLILFDOO\,
DPORRNLQJIRUGHWDLOHGLQIRUPDWLRQ
DERXWWKH1:7WKHEDFNJURXQGRI
LWVWUDQVODWRUVHVSHFLDOO\-RKDQQHV
*UHEHUWKHDFNQRZOHGJHGVSLULWLVW
WKDWKHOSHGZLWKWKHWUDQVODWLRQ
7KDQNVIRU\RXUPLQLVWU\DQGKHOS
WRWKHVHGHFHLYHGSHRSOH
6LQFHUHO\
$ODQ'5HVQLFNH
9LD(PDLO

727+((',725

7+$1.<28IRUVHQGLQJPH&RQ
FHUQ,DPVWLOOLQWHUHVWHGLQDOO\RXU
ZRUN
2QDUHFHQWYLVLWE\D-:,
WKRXJKWWKDWWKH\KDGVWRSSHGFRP
LQJ,DVNHGKHULIVKHKDGFRPHWR
WHOOPHDERXW-(686"
6KHORRNHGDEVROXWHO\VWXQQHGDV
LI,KDGDVNHGKHUDERXWVRPHRQH
FRPSOHWHO\DOLHQWRKHU
,GLGP\EHVWWRWHOOKHUWKH*RV
SHO,DOZD\VIHHOLQDGHTXDWHEXW,P
VXUH*RGXVHVP\SRRUHIIRUWV
*RG%OHVV
0+DUURS
0HOGUHWK&DPEULGJH

6HQG\RXUOHWWHUVWR
&KHVWHU5RDG
/RXJKWRQ(VVH[,*/5

727+((',725

+,<285ZHEVLWHLVYHU\KHOSIXO
,
YHEHHQZLWQHVVLQJWR-:V,
WKLQNWKH\DUHWKHKDUGHVWWRZLWQHVV
WREHFDXVHWKH\WKLQNWKH\KDYHWKH
RQO\WUXWK(YHQZKHQ\RXVKRZ
WKHPWKHWUXWKLQWKH:25'WKH\
ZDQWWRWU\DQGGLVSXWHLWE\VD\LQJ
WKDWLVQRWZKDWLWPHDQV%XWWKLV
KDVVHUYHGWRPDNHPHDVWURQJHU
EHOLHYHUWKDQHYHU
,WLVVWUDQJHWKRXJKWKDW,KDYH P\
%LEOHDQGWKDWLVDOO,QHHGEXWWKH\
EULQJPHDEOL]]DUGRIWKHLUSULQW
LQJV
,VKRZWKHPVFULSWXUHDQGWKH\KLW
PHZLWKDQRWKHUUHDPRISDSHU
,DPMXVWSODQWLQJWKHVHHGDQG
SUD\WKDWWKH)DWKHUZDWHUVLW
7KDQN\RXIRU\RXUZHEVLWH
<RXU%URWKHULQ&+5,67
9LF'DYLV
9LD(PDLO
727+((',725

%(,1*D:LWQHVV,IRXQGWKHFRP
PHQWVRQ\RXUZHEVLWHLQWHUHVWLQJ
%XWUHVSHFWIXOO\,IRXQG\RXUHYL
GHQFHDJDLQVWWKHWHDFKLQJVVKDOORZ
<RXUZHESDJHKDVEHHQVNLOIXOO\
SXWWRJHWKHUDQG,LPDJLQHLWWRRND
JUHDWGHDORIWLPHWRFUHDWHQHYHU
WKHOHVVDJUHDWGHDORI\RXUHYLGHQFH
KDVEHHQVHOHFWHGIURPWKH
HDUO\

GD\VRIWKHUHOLJLRQDQGQRWSUHVHQW
GD\WHDFKLQJV
3DXO-DNXERYLF
/HHGV

& R QFH U Q 

,QWKLVLVVXHRI&RQFHUQZHEHJLQZKDWZHFDQRQO\GHVFULEHDVWKHPRVWGLVJXVWLQJVHULHVRI
DUWLFOHVZHKDYHHYHUSULQWHG7KH IROORZLQJOHWWHULVIURPDUHDO ,QWHUQHWVLWHSXWWRJHWKHUE\DUHDO
-HKRYDKV:LWQHVV&LUFXLW2YHUVHHU
,QLW&DUORSOD\VWKHUROHRIDJRQ\XQFOHWRDQXPEHURI-HKRYDKV:LWQHVVHVZKRKDYHEHHQ
GHVSHUDWHHQRXJKWRZULWHWRKLP5HDGRQWRGLVFRYHUKLVEUDQGRIRQOLQHVKHSKHUGLQJ

'HDU&2
0\\HDUROGGDXJKWHUZDVUHFHQWO\GLVIHOORZVKLSSHGIRUIRUQLFDWLRQVKH
JRWSUHJQDQWDQGLVQ
WPDUULHG0\KXVEDQGDQG,KDYHFRPSOHWHO\FXWKHU
RIIWKURZQKHURXWRIWKHKRXVHUHIXVHGWRKHOSZLWKDQ\ILQDQFLDORUHPR
WLRQDOVXSSRUWDQGZRQ
WVSHDNWRKHUMXVWDVWKHHOGHUVKDYHFRXQVHOOHG
:KHQWKHEDE\LVERUQZHZDQWWREHDEOHWRVHHLWDQGRIFRXUVHEULQJLW
LQWR7KH7UXWK+RZHYHURXUGDXJKWHULVYHU\DQJU\DQGLVWRWDOO\XQUHSHQW
DQWDQGKDVHYHQEHHQH[KLELWLQJVRPHDSRVWDWHDWWLWXGHV
6KHMXVWFDQ
WVHHKRZPXFKVKHLVKXUWLQJXV
0\TXHVWLRQLVZRXOGLWEHFRQVLGHUHGWKHRFUDWLFZDUIDUHWRJHWFXVWRG\
RIWKHEDE\RQFHLWLVERUQ"6KHREYLRXVO\ZLOOEHDQXQILWPRWKHUFRQGHPQ
LQJKHURZQEDE\WRGHDWKE\WXUQLQJKHUEDFNRQ-HKRYDK
VRUJDQLVDWLRQ,
DPKHVLWDQWWRDVNRXURZQFRQJUHJDWLRQHOGHUVDERXWWKLVPDWWHUEHFDXVH
VLQFHP\GDXJKWHU
VGLVIHOORZVKLSSLQJLWVHHPVWKDWPDQ\LQWKHFRQJUHJD
WLRQKDYHEHHQNHHSLQJWKHLUGLVWDQFHIURPP\KXVEDQGDQGP\VHOI,DP
KRSLQJWKDWLIZHFDQJHWWKHEDE\LQWRWKHWUXWKZHZLOO EHEDFNLQWKHJRRG
JUDFHVRIWKHFRQJUHJDWLRQRQFHDJDLQ
6LJQHG6LVWHU*RGPRWKHU

'HDU6LVWHU
$V\RXUHOGHUVKDYHVRZLVHO\FRXQVHOOHG\RX\RXVKRXOGFRQWLQXHWRVKXQ
\RXUGDXJKWHU7KLVLVWKHPRVWORYLQJWKLQJ\RXFDQGRIRUKHULQWKLVVLWXD
WLRQ7KH:DWFKWRZHUZDUQVXVWKDWSDUHQWVFDQKDYHRQO\OLPLWHGFRQWDFW
ZLWKGLVIHOORZVKLSSHGDGXOWFKLOGUHQIRUIDPLO\HPHUJHQFLHVRUXUJHQWIDPLO\
EXVLQHVVDQGWRYLVLWJUDQGFKLOGUHQ1RZLWLVXSWR\RXURZQFRQVFLHQFHDV
WRZKDW\RXSHUVRQDOO\FRQVLGHUWREHIDPLO\EXVLQHVV
,NQRZRIRQHHOGHUZKRFRQVLGHUHGVXPPHUYDFDWLRQVIDPLO\EXVLQHVV
DQGLQYLWHGDOOWKUHHRIKLV GLVIHOORZVKLSSHGFKLOGUHQDQGWKHLUIDPLOLHVWR
VSHQGWZRZHHNVLQDUHQWHGFDELQRQWKHODNH+RZHYHUKHGLGIROORZWKH
JXLGHOLQHVRIQRWHDWLQJZLWKVXFKDSHUVRQWKHUHIRUHKHDWHKLVPHDOVLQD
VHSDUDWHURRP&RQVLGHULQJWKDW\RXZDQWWRVKRZ\RXUFRQJUHJDWLRQWKDW
\RXDUHVSLULWXDOO\VWURQJ,ZRXOGDGYLVH\RXWRIROORZWKHJXLGHOLQHVIURP
WKHIDLWKIXODQGGLVFUHHWVODYHWRWKHOHWWHUDYRLGLQJDOOFRQWDFWZKDWVRHYHU
7KHUHLVQRUHDVRQ\RXHYHUKDYHWRVHHWKLVEDE\DWDOO
,NQRZPDQ\SDUHQWVZKRKDYHGLVIHOORZVKLSSHGFKLOGUHQDQGWKHVHFKLO
GUHQKDYHJRQHRQWRKDYHIDPLOLHVDQGWKHIDLWKIXOSDUHQWVKDYHQHYHUHYHQ
VHHQWKHVHJUDQGFKLOGUHQ:KDWVWURQJH[DPSOHVRIWUXVWLQJLQ-HKRYDKDQG
KLVDSSRLQWHGRUJDQLVDWLRQZHFDQVHHEHIRUHXV
,I\RXZDQWWRJHWEDFNLQWKHJRRGJUDFHVRI\RXUFRQJUHJDWLRQ\RX PXVW
VKRZKRZVSLULWXDOO\VWURQJ\RXDUH+DYH\RXFRQVLGHUHGSLRQHHULQJ"
1RZWKDW\RXUGDXJKWHULVRXWRIWKHKRXVH\RXDQG\RXUKXVEDQGVKRXOG
KDYHPRUHWLPHIRUVHUYLFH3HUKDSV\RXFRXOGERWKSLRQHHU7KLVZRXOG
WUXO\PDNH-HKRYDKKDSS\
6LJQHG&DUOR


& R QFH U Q

-HKRYDKV:LWQHVVHV
5XVVLD&KXUFK
3UREH0LVVLRQDULHV

7+(5XVVLDQ2UWKRGR[&KXUFK
DVNHGSURVHFXWRUVLQ5XVVLDV)DU
(DVW-XO\WRLQYHVWLJDWHWKHPHWK
RGVXVHGE\WKUHHUHOLJLRXVJURXSV
WRUHFUXLWFRQYHUWV
7KHFKXUFKDFFXVHGWKH-HKRYDKV
:LWQHVVHV6HYHQWKGD\$GYHQWLVWV
DQGDVSOLQWHUJURXSRI+DUH
.ULVKQDEDVHGLQWKH)DU(DVWHUQUH
JLRQRI3ULPRU\HRIUHFUXLWLQJSR
WHQWLDOFRQYHUWVLOOHJDOO\
7KHJURXSVDUHDJJUHVVLYH
FKXUFKHVWKDWKDUYHVWVRXOVLQWKH
UHJLRQE\XVLQJGHFHSWLRQDQGWR
WDOLWDULDQPHWKRGVWKH2UWKRGR[
&KXUFKVDLGLQDVWDWHPHQW
7KHFKXUFKGLGQRWVD\ZKDWODZV
WKHJURXSVKDGDOOHJHGO\YLRODWHG
EXWLWZDVDSSDUHQWO\WU\LQJWR
SURVHFXWHWKHPXQGHUDFRQWURYHU
VLDOUHOLJLRQODZSDVVHGLQ8Q
GHULW5XVVLDQFRXUWVPD\EDQUHOLJ
LRXVJURXSVIRXQGJXLOW\RILQFLWLQJ
KDWUHGRULQWROHUDQWEHKDYLRXU
7KHODZDOVRUHFRJQLVHV5XVVLDQ
2UWKRGR[&KULVWLDQLW\DVWKHQD

:(% 0DUW

,17(51(7:(%3$*('(6,*1
)25
&+5,67,$10,1,675,(6

*HW\RXUPLQLVWU\DGYHUWLVHGWRPLOOLRQV
ZLWKWKHPLQLPXPRIIXVV

)LYHZHE SDJHVGHVLJQHGDQGVHWXS
RQWKH:RUOGZLGH:HEIRU

(PDLODGGUHVV

)UHHDFFHVVWRWKH,QWHUQHW
)RUPRUHGHWDLOVSKRQH3DXORQ


WLRQ
VOHDGLQJIDLWKDQGUHTXLUHVWKDW
PRVWRWKHUUHOLJLRQVSDVVDVHULHVRI
TXDOLI\LQJWHVWVWRRSHUDWHLQ5XVVLD
7KH-HKRYDKV:LWQHVVHVDUHDO
UHDG\RQWULDOLQ0RVFRZZKHUH
SURVHFXWRUVVD\WKH\KDYHEURNHQ
WKHODZ5XVVLDQ3HQWHFRVWDOLVWVDQG
%DSWLVWVKDYHDOVREHHQWKUHDWHQHG
XQGHUWKHODZ
7KH2UWKRGR[&KXUFKVDLGWKH
-HKRYDKV:LWQHVVHVLQWKH)DU(DVW
KDGEURNHQ5XVVLDQODZE\JRLQJ
GRRUWRGRRUDSSURDFKLQJSHRSOH
RQSXEOLFWUDQVSRUWDWLRQDQGFRP
SLOLQJOLVWVRIDOOUHVLGHQWVLQQHLJK
ERXUKRRGVZKHUHWKHJURXSLVDF
WLYH
7KH-HKRYDKV:LWQHVVEUDQFKLQ
9ODGLYRVWRN3ULPRU\H
VFDSLWDOGH
QLHGDQ\ZURQJGRLQJ
/HWWKHPLQYHVWLJDWH:HZDQWWR
EHNQRZQDERXWEXWZHZDQWSHR
SOHWRNQRZWKHWUXWKVDLG9\
DFKHVODY<XGLQWKHEUDQFKOHDGHU

6WLOOQRQHZVRQ
SURSRVHG
GRRUVWHSEDQ

12'(&,6,21KDV\HWEHHQ
PDGHRYHUZKHWKHURUQRW-HKR
YDKV:LWQHVVHVVKRXOGEHEDQQHG
IURPFDUU\LQJRXWGRRUWRGRRU
ZRUNLQ5XVVLD
7KHSURSRVDOZDVSXWIRUZDUG
E\5XVVLDV([SHUW&RXQFLORIWKH
0LQLVWU\RI-XVWLFHDIWHULWGHFLGHG
WRUHUHJLVWHUWKH:DWFK7RZHU
6RFLHW\DVD5HOLJLRQLQ0D\
0HDQZKLOH H[SHUWVLQYROYHGLQ
WKHFDVHWREDQ-HKRYDKV:LW
QHVVHVLQ0RVFRZDUHVWLOOH[DPLQ
LQJWKHGRFWULQHRIWKHPRYHPHQW
EHIRUHFRPLQJWRDGHFLVLRQ
7KH-:VKDGDSSHDOHGDJDLQVW
WKHGHOD\LQWKHFDVH

& R QFH U Q 

3$576(9(1

%<352)(6625:,//,$0*0225(+($'''
81,7('35(6%<7(5,$17+(2/2*,&$/
6(0,1$5<;(1,$2+,2

),567SXEOLVKHGLQ
0LOOHQQLDO'DZQZDVWKHHDUOLHVW
ZRUNRI-HKRYDKV:LWQHVV
IRXQGHU&KDUOHV7D]H5XVVHOO
$OWKRXJKPXFKRIWKHERRNV
FRQWHQWLVDQHPEDUUDVVPHQWWR
SUHVHQWGD\:LWQHVVHVLWVWLOO
FRQWDLQHGPDQ\XQVFULSWXUDO
QRWLRQVDQGIDOVHSURSKHFLHV
,QMXVWWKUHH\HDUVIURP
$UPDJHGGRQ3URIHVVRU:LOOLDP
*0RRUHKHDGJDYHKLVRSLQLRQ
RQWKHERRN
1RZLQ WKHFRPLQJLVVXHVRI
&RQFHUQ\RXFDQUHDGMXVWZKDW
WKHSURIHVVRUKDGWRVD\
UHJDUGLQJ0U5XVVHOOVZULWLQJV

7ZRRWKHUHUURUVRIWKLVYLFLRXV
V\VWHPFDQEHQRPRUHWKDQ
PHQWLRQHGQRWH[SDQGHGE\
UHDVRQRIWKHOLPLWVWRZKLFKWKLV
SDSHUPXVWQHHGVEHFRQILQHG
2QHRIWKHVHWKHQLQWKHUURU
HVVHQWLDODQGIXQGDPHQWDOLQ
&KULVWLDQLW\LVWKH3HUVRQDQG
ZRUNRIWKH+RO\6SLULW7KHUHLV
DVWUDQJHDQGRPLQRXVVLOHQFH
UHJDUGLQJWKLVPRVWLPSRUWDQW
VXEMHFWYHU\DSSDUHQWLQWKH
ZULWLQJVRI0U5XVVHOO$FDUHIXO
UHDGLQJRIWKHVHYROXPHVFRP
SULVLQJPRUHWKDQDWKRXVDQG
SDJHVKDVGLVFRYHUHGEXWRQH
VROLWDU\UHIHUHQFHWRWKH6SLULWLW
LVDFDVXDOPHQWLRQRIWKH6SLULW
LQFRQQHFWLRQZLWKWKH'D\RI


& R QFH U Q

3HQWHFRVW7KHVWDWHPHQWLVVLP
SO\PDGHDVDKLVWRULFDOIDFWRU
UDWKHUDVDQHYHQWZKLFKPDUNVD
VWDJHLQWKHGHYHORSPHQWRIWKH
&KULVWLDQ&KXUFK1RWRQHZRUG
RIWHDFKLQJKDVWKHZULWHUIRXQG
LQ0LOOHQQLDO'DZQDVWRWKHGLV
WLQFWSHUVRQDOLW\RIWKH6SLULWRU
DVWR+LVVXSUHPHDJHQF\LQWKH
VDOYDWLRQRIVLQQHUV7R+LPLVDV
FULEHGLQWKH%LEOHWKHUHJHQHUD
WLRQVDQFWLILFDWLRQDQGVSLULWXDO
JURZWKRIWKHEHOLHYHU+RZYDVW
WKHSODFHWKDWLVDVVLJQHGWR+LP
LQ6FULSWXUHLQ&UHDWLRQ LQWKH
WUDLQLQJRI,VUDHOIRUWKHLUPLV
VLRQLQWKHLQVSLUDWLRQRIWKH2OG
7HVWDPHQWSURSKHWVDQGSVDOP
LVWVLQWKHHQGXHPHQWRI&KULVW
+LPVHOIIRU+LVZRUNRIUHGHPS
WLRQLQWKHSODQWLQJDQGWUDLQLQJ
RIWKH&KULVWLDQ&KXUFKLQWKH
JLIWVEHVWRZHGRQWKHDSRVWOHV
DQGSURSKHWVLQWKHJXLGDQFHRI
WKH&KXUFKE\LWVFKRVHQWHDFKHUV
DQGLQWKHLQVSLUHGZULWHUVRIWKH
1HZ7HVWDPHQWDOODWWHQWLYH
UHDGHUVRI6FULSWXUHNQRZ
6KRUWO\EHIRUH+LVFUXFLIL[LRQ
WKH/RUG-HVXVOHIWZLWK+LVGLVFL
SOHVWKLVPDMHVWLFSURPLVH$QG,
ZLOOSUD\WKH)DWKHUDQG+H
VKDOOJLYH\RXDQRWKHU&RP
IRUWHU(YHQWKH6SLULWRI
WUXWK$QRWKHU&RPIRUWHUWKDW

1RWHRXUQHZZHEVLWHDGGUHVVKWWSZZZILUVWDQGODVWRUJXN

LVRQHLQVWHDGRI+LPVHOIRQH
OLNH+LPVHOIDQGRQHWKDWZRXOG
FRQWLQXHDQGFRPSOHWH+LVRZQ
JUHDWUHYHODWLRQ-RKQ
2Q
WKH'D\RI3HQWHFRVWWKLVSURPLVH
ZDVIXOILOOHGE\WKHJLIWRIWKH
6SLULWLQPDUYHOORXVSRZHUDQG
HIILFLHQF\%XW5XVVHOOLVPLVWR
WDOO\DQGFULPLQDOO\VLOHQWWRXFK
LQJWKLVPLJKW\WUXWK

,WLVTXLWHSODLQ
WKDW0U5XVVHOO
DGPLWVDSOXUDOLW\
RIJRGV

0U5XVVHOOLVLQQRELEOLFDO
VHQVHD7ULQLWDULDQ+HLJQRUHV
WKHSHUVRQDQGZRUNRIWKH6SLULW
LQKLV V\VWHPRIGRFWULQHDQGKDV
QRWKLQJWRVXSSO\+LVSODFHVDYH
KLVRZQYLHZVRIWKHZRUGRI
*RG(YHQWKH6RQRI*RGKH
DIILUPVZDVRQFHDFUHDWXUH
WKHQDPHUHPDQEXWQRZDW
OHQJWKH[DOWHGWREH'LYLQH7KLV
LVLQSODLQFRQWUDGLFWLRQWR*RGV
RZQVROHPQDVVHUWLRQLQ,VDLDK
<HDUH0\:LW
QHVVHVVDLWK-HKRYDKDQG0\
VHUYDQWZKRP,KDYHFKRVHQWKDW
\HPD\NQRZDQGEHOLHYH0H
DQGXQGHUVWDQGWKDW,DP+H
EHIRUH0HWKHUHZDVQR*RG
IRUPHGQHLWKHUVKDOOWKHUHEH
DIWHU0H,HYHQ,DP-HKRYDK
DQGEHVLGHV0HWKHUHLVQR6DY
LRXU1RULVKHDPRQRWKHLVW$F
FRUGLQJWRKLVWHDFKLQJWKHUHDUH
RWKHUJRGVEHVLGHV-HKRYDK7KH
OLWWOHIORFNKHKROGVDUHOLNH
ZLVHWREHFRPHVKDUHUVRIWKH
'LYLQHQDWXUHDQGEHH[DOWHG

HYHQDV-HVXVZDV+HUHWKHUH
IRUHWKHLQIHUHQFHLVTXLWHSODLQ
QDPHO\WKDW0U5XVVHOODGPLWVD
SOXUDOLW\RIJRGV
,QDOOWKLVWKHUHLVDFXULRXV
DQDORJ\EHWZHHQ5XVVHOOVWKHRO
RJ\DQG0RUPRQLVPIRU0RU
PRQLVPOLNHZLVHKROGVWKDWWKHUH
DUHPDQ\JRGVHDFKRIWKHVH
ZDVRQFHDKXPDQEHLQJOLNHZH
DUHDQGKDVJURZQE\HYROXWLRQ
LQWR DJRG2QHRIWKHWHDFKHUV
RI0RUPRQLVP%ULJKDP<RXQJ
DIILUPVWKDW$GDPLVRXUIDWKHU
DQGRXU*RGWKHRQO\*RGZLWK
ZKRPZHKDYHWRGR0LOOHQQLDO
'DZQLVHVVHQWLDOO\SRO\WKHLVWLF
DQGDVLWKDVDOZD\VKDSSHQHG
ZLWKSRO\WKHLVPWKLVV\VWHP
VKRXOGLWHQGXUHZLOOXOWLPDWHO\
VLQNLQWRLGRODWU\

& R QFH U Q 

67$&(<6LQJOHWDU\KDVDPDVVLYH
EUDLQWXPRXU%HLQJD-HKRYDKV
:LWQHVVPHDQWWKDWKHURQO\FKRLFH
RIGHDOLQJZLWKLWZDVWKURXJKDQ
LQQRYDWLYHDSSURDFKFDOOHG
EORRGOHVVVXUJHU\:RXOGWKH\EH
DEOHWRJHWWKHWXPRXURXW"5HDG

$IWHUXSVDQGGRZQVKHUEORRG
FRXQWZDVVWLOOGDQJHURXVO\ORZ DQG
WLPHZDVUXQQLQJVKRUW:RXOGVKH
PDNHLWWRVXUJHU\"$QG LIVKHGLG
ZRXOGVKHPDNHLWWKURXJK"
(YHQLIVKHLVG\LQJ DQGZLWKRXW
DEORRGWUDQVIXVLRQVKHZLOOGLH ZH
ZLOOQRWWUDQVIXVHKHUKHUQHXURVX U
JHRQ'U$EH6WHLQEHUJHUVD\V7KDWV
ZK\WKLVLVVXFKDGDQJHURXVRSHU D
WLRQ
6WDFH\VEORRGFRXQWKDGGURSSHG
DJDLQ,WZDVQRZZHOOEHORZDOHYHO
FRQVLGHUHGFRPSDWLEOHZLWKOLIH,W
ZDVMXVWDERYHWKUHH
6RPHKRZ6WDFH\VERG\DGDSWHG
6KHZDVKDQJLQJRQ%XWLWZDVQRW
FHUWDLQKRZORZVKHFRXOGJRDQGVWLOO
VXUYLYH
6WDFH\ZDVVWLOOWRRZHDNWRZDONRQ
KHURZQRUWRMRLQKHUSDUHQWVDWD
FRQJUHJDWLRQQHDUWKHKRVSLWDOWRSUD\
WKDWKHUEORRGFRXQWZRXOGFRQWLQXH
WRULVH
,WGLGIURPWR$QGWKHQ
 QHDUO\WZLFHWKHEORRGFRXQW
VKHKDGWKHGD\VKHZD VZKHHOHGLQWR
KHUGRFWRUVRIILFH
7KH\UHVD\LQJWKLVLVZRQGHUIXOWKLV
LVJRRGEXWZHUHJRLQJIRUDVKLJKDV
ZHFDQJHWKHUVLVWHU&DVVDQGUDVD\V
7,0()25685*(5<
%XWWKHIDPLO\VRSWLPLVPIDGHGIDVW
EHFDXVH6WDFH\VEORRGFRXQWGLGQWJR
DQ\KLJKHUDIWHUWKDWUHDVVXULQJULVH,Q
IDFWLWGURSSHG7KHGRFWRUVKDGQR
FKRLFH(YHQWKRXJK6WDFH\VEORRG
FRXQWZDVVWLOOOHVVWKDQKDOIZKDWLW
VKRXOGEHLWZDVQRZRUPD\EH
QHYHU,WZDVWLPHIRUVXUJHU\
6WHLQEHUJHUFKHFNHGWRPDNHVXUH
6WDFH\KDGQWFKDQJHGKHUPLQG
:HYHH[SODLQHGWR\RXWKHULVNV

& R QFH U Q

KHVD\VDQGZHMXVWQHHG\RXWRVLJQ
LWZKHUHLWVD\VVLJQDWXUHRIWKHS D
WLHQW
%XWVKHZDVVWHDGIDVWQRWUDQVI X
VLRQVQRPDWWHUZKDW7KHUHZDVQR
WXUQLQJEDFNQRZ
,QVLGHWKHRSHUDWLQJURRPGRFWRUV
XVHGDFRPELQDWLRQRIWHFKQRORJLHVW R
UHFLUFXODWHDQ\EORRG6WDFH\ORVW
+HUEORRGORVVZDVPLQLPDOVRIDU
EXWWKHVXUJHU\WXUQHGRXWWREHPRUH
FRPSOH[WKDQ6WDFH\VPHGLFDOWHDP
KDGDQWLFLSDWHG1XUVH2]DZDWULHGWR
UHDVVXUH6WDFH\VSDUHQWV
(QRXJKRIWKHWXPRXUZDVRXWIRUD
KRVSLWDOODEWRFDOOLQDUHSRUW
,WVDEHQLJQWXPRXU6WHLQEHUJHU
VD\V$QGLIWKLVLVDEHQLJQWXPRXU
DQG\RXFDQWDNHLWD OORXW\RXFDQ
FXUHKHU
)LQDOO\VRPHJRRGQHZVIRU6WDFH\V
DQ[LRXVIDPLO\%XWZDV6WDFH\RXWRI
WKHZRRGV"
:HOO,IHHOWHUULILFFRQVLGHULQJKRZ
,YHEHHQIHHOLQJRYHUWKHSDVWFRXSOH
RI\HDUV,PHDQLWVHHPVOLNH,PEDFN
WRQRUPDOQRZ
6WDFH\VOLIHVWLOOUHYROYHVWRDJUHDW
H[WHQWDURXQGEHLQJRQHRI-HKRYDKV
:LWQHVVHV
%XWOLNHPRVWWHHQDJHUVVKHVDOVR
VWULNLQJRXWRQKHURZQHQMR\LQJWKH
LQGHSHQGHQFHVKHGORVWZKLOHVLFNH V
SHFLDOO\FUXLVLQJDURXQGLQWKHSRVW 
RSHUDWLRQSUHVHQWIURPKHUSDUHQWV
KHUILUVWFDU
6KHVDEOHWRUHWXUQWRVFKRRODW/R X
LVLDQD6WDWH8QLYHUVLW\WRSXWKHUOLIH
EDFNWRJHWKHU

-HKRYDKV:LWQHVVHVDURXQGWKH

ZRUOGDUHDWRGGVZLWKHDFKRWKHU
RYHUZKHWKHURUQRWWKH\DUHDO
ORZHGWRYRWH
7KHFRQIXVLRQKDVEHHQFDXVHG
E\D4XHVWLRQVIURP5HDGHUVDUWL
FOHLQWKHVW1RYHPEHULVVXH
RIWKH:DWFKWRZHUPDJD]LQH
7KHUHDGHUPRUHWKDQOLNHO\D
:DWFKWRZHUZULWHUVLPSO\DVNV
+RZGR-HKRYDKV:LWQHVVHVYLHZ
YRWLQJ"
8SXQWLOQRZ-HKRYDKV:LW
QHVVHVKDYHEHHQRUGHUHGQRWWR
YRWHLQSROLWLFDOHOHFWLRQVLQRUGHUWR
PDLQWDLQWKHRUJDQLVDWLRQVVWDQFH
RISROLWLFDOQHXWUDOLW\
,QGHHGWKH:DWFKWRZHUPDJD]LQH
RIWK1RYHPEHURQSDJH
VD\V
7KH:LWQHVVHVDUHQHXWUDODVWRZDU
IDUHDQGVWULIHEHWZHHQWKHQDWLRQVDV
ZHOODVEHLQJFOHDQIURPDOOSROLWLFDO
LQYROYHPHQWQRWHYHQYRWLQJEHFDXVH
WKH\IXOILO -HVXVGHVFULSWLRQRIWKHPDV
EHLQJQRSDUWRIWKHZRUOG-RKQ

%XWLQWKHDQVZHUJLYHQE\WKH
:DWFKWRZHUPDJD]LQHLWVHHPV
WKDWDQRWKHUFKDQJHLQGRFWULQH
PD\EHEHLQJSDVVHGGRZQE\WKH
KHDYHQO\PRWKHU
)RURQSDJHRIWKHPDJD]LQH
ZHUHDG
$VWRZKHWKHUWKH\ZLOOSHUVRQDOO\YRWH
IRUVRPHRQHUXQQLQJLQDQHOHFWLRQHDFK
RQHRI-HKRYDKV:LWQHVVHVPDNHVD
GHFLVLRQEDVHGRQKLV%LEOHWUDLQHGFRQ
VFLHQFHDQGDQXQGHUVWDQGLQJRIKLV
UHVSRQVLELOLW\WR*RGDQGWRWKH6WDWH

$QGMXVWWRPDNHLWFOHDUHURQ
SDJHZHUHDG
,IVRPHRQHGHFLGHVWRJRWRWKHSROOLQJ
ERRWKWKDWLVKLVGHFLVLRQ:KDWKHGRHVLQ
WKHSROOLQJERRWKLVEHWZHHQKLPDQGKLV
FUHDWRU

2IFRXUVHWKH:DWFK7RZHU6RFL
HW\VVXJJHVWLRQWKDW-HKRYDKV:LW
QHVVHVXVHWKHLU%LEOHWUDLQHGFRQ
VFLHQFHLVMXVWOLNHWHOOLQJWKHPWR
IROORZWKH:DWFK7RZHUOLQHDQGQRW
YRWHLQSROLWLFDOHOHFWLRQVEXWWKHUH
PD\EHDQRWKHUUHDVRQZK\WKHVR
FLHW\LVORRVHQLQJLWVLURQOLNHJULS
5HFHQWO\HIIRUWVE\WKHVRFLHW\WR
JDLQDFFHSWDQFHDQGOHJDOUHFRJQL
WLRQLQDQXPEHURI(XURSHDQFRXQ
WULHVLH%XOJDULDKDYHFRPHXS
DJDLQVWVRPHRSSRVLWLRQDIWHUWKH
JRYHUQPHQWLQVLVWHGWKDWIRUDUHOLJ
LRQWREHUHFRJQLVHGE\WKHVWDWH
WKH\PXVWDOORZWKHLUSHRSOHWRYRWH
:KLOHVRPHDUHWRXWLQJWKLVDVD
FKDQJHRISROLF\LWPD\VLPSO\EH
ZRUGVWRSODFDWHWKHJRYHUQPHQWV
MXVWOLNHWKHFKDQJHLQWKHEORRG
GRFWULQHLQ%XOJDULD
:KLOHWKHFRQWH[WRIWKHZKROH
GLVFXVVLRQPDNHVLWFOHDUWKDWYRW
LQJLQSROLWLFVLVSODLQO\:521*IRU
WKH-HKRYDK
V:LWQHVVLWVHHPVLQ
FHUWDLQVLWXDWLRQVWKH\ZLOOEHDO
ORZHGWRFRPSURPLVHWKHLUIDLWKDQG
DFWRXWWKHSURFHVVIRUWKHVDNHRI
WKHJRYHUQPHQW
/LNHO\WKLVWROHUDQFHZLOORQO\
DSSO\LQVXFKFRXQWULHV
7LPHZLOOWHOO
)RUWKHPRPHQWWKRXJKWKRX
VDQGVRI-HKRYDKV:LWQHVVHVDUH
OHIWXQFHUWDLQDVWRZKHWKHUWKHUXOH
DSSOLHVWRWKHPRUQRW
2QDQXPEHURI,QWHUQHWGLVFXV
VLRQERDUGV-HKRYDKV:LWQHVVHV
DUHEHJLQQLQJWRDUJXHRYHU
ZKHWKHURUQRWPHPEHUVZLOOEHGLV
IHOORZVKLSSHGIRUYRWLQJ
2QFHDJDLQLQDQHIIRUWWRFODULI\
WKLQJVWKH:DWFK7RZHU6RFLHW\
KDVFUHDWHGHYHQPRUHRIDPHVV
,VWKLVUHDOO\DVLJQWKDW*RGLV
OHDGLQJWKHP":HZLOOOHDYHWKH%L
EOHWRDQVZHUIRUXV
)RU*RGLVQRWWKHDXWKRURIFRQIX
VLRQEXWRISHDFHDVLQDOOFKXUFKHVRI
&RULQWKLDQV
WKHVDLQWV

& R QFH U Q 

7KHWHVWLPRQ\RI)DLWK5RELQVRQ

, :$6ERUQDQGUDLVHGDVDWKLUG
JHQHUDWLRQ-HKRYDKV:LWQHVV
0\JUDQGIDWKHUEHFDPHD:LW
QHVVZKHQP\PRWKHUZDVILYH
\HDUVROGP\JUDQGPRWKHUVRRQ
IROORZHGWKRXJKVKHZDVQHYHU
DVVWURQJO\FRPPLWWHGVKHGLG
EHOLHYHLQLW
:KHQP\PRWKHUZDVVL[WHHQ
VKHPHWP\IDWKHUE\VHYHQWHHQ
VKHZDVSUHJQDQWDQGWKH\JRW
PDUULHG0\IDWKHUZDVQRWD
:LWQHVVZKHQWKH\PHWEXWKH
VRRQEHJDQWRVWXG\DQGHYHQWX
DOO\ZDVEDSWLVHG
0\FKLOGKRRGZDVQRWYHU\
KDSS\,KDGDOZD\VIHOWWKDW,
ZDVXQZDQWHG,KDGDOZD\V
NQRZQ,ZDVFRQFHLYHG RXWVLGH
RIZHGORFNHYHQWKRXJKP\
SDUHQWVPDUULHG,DOZD\VIHOW,
VKRXOGQHYHUKDYHH[LVWHG
7KHRQHVDYLQJJUDFHZDVWKDW
,IHOWORYHGE\*RG
2QHRIP\ILUVWPHPRULHVZDV
RIVLWWLQJOLVWHQLQJWRVWRULHV
DERXWWKH3DUDGLVHHDUWKDQG
DERXW-HVXV,FDQUHPHPEHUWKH
VHWRI:DWFKWRZHUDUWLFOHVWKDW
ODWHUEHFDPHWKHERRN/LVWHQLQJ
WRWKH*UHDW7HDFKHU,KDGDO
ZD\VGUHDPHGDERXWKDYLQJD
SHWWLJHULQWKHSDUDGLVHHDUWK
6FKRROZDVDGLIILFXOWWLPH
1RWRQO\ZDV,SDLQIXOO\VK\EXW
, ZDVDOVRGLIIHUHQWEHFDXVH
,FRXOGQRWWDNHSDUWLQPDQ\
VFKRRODFWLYLWLHVIURPWKHGDLO\
DVVHPEO\WRKROLGD\VOLNH(DVWHU
DQG&KULVWPDVEHFDXVHWKH:LW
QHVVHVEHOLHYHWKDWWKHVHHYHQWV
DUH3DJDQDQGWKHUHIRUHQRWSDUW
RIWUXHZRUVKLS2QRQHKDQG


& R QFH U Q

,NQHZRUWKRXJKW,NQHZWKDW,
ZDVEHLQJREHGLHQWWR-HKRYDK
DQG,ZDQWHGWKDWPRUHWKDQ
DQ\WKLQJEXWSDUWRIPHDFKHG
WREHDEOHWRMRLQLQZLWKP\
SHHUVWREHQRUPDO
$VDFKLOG,ZDVHQFRXUDJHG
DVZHUHDOOFKLOGUHQWRJRRQ
WKHGRRUWRGRRUZRUNGXULQJ

WKHVFKRROKROLGD\V,WKRURXJKO\
HQMR\HGLW,IHOWDVWKRXJK,ZDV
GRLQJZKDW-HKRYDKZDQWHGPH
WRGR,HYHQUHPHPEHUKROGLQJ
ERRNVWXGLHVZLWKVRPHRIP\
IULHQGV,ZRXOGKDYHEHHQHLJKW
RUQLQHDWWKHWLPHDQG,UHDOO\
HQMR\HGWHOOLQJWKHPDERXW-H
KRYDK,ZDVQHYHUKDSSLHU
:KHQ,ZDVHLJKWP\IDWKHU
GLHGKHKDGDVHYHUDVWKPDDW
WDFNDQGKHGLHGEHIRUHWKHDP
EXODQFHDUULYHG)LYH\HDUVODWHU
P\JUDQGPDGLHGIURPFDQFHU
7KH\ZHUHWKHWZRSHRSOH,ZDV
FORVHVWWRLQWKHZKROHZRUOG
DQGWKH\ZHUHJRQH
,QHYHUEODPHG-HKRYDK*RG

IRUWKHLUGHDWKV,NQHZWKDWWKH
%LEOHWHDFKHVWKDWLOOQHVVDQG
GHDWKDUHWKHUHVXOWRIVLQDQGLW
FRXOGQWEHKHOSHG%XWWKH:LW
QHVVHVEHOLHYHWKDWWKHGHDGDUH
RQO\DVOHHSDQGWKDWDIWHU$UPD
JHGGRQWKH\ZRXOGEHUHVXU
UHFWHGZLWKSHUIHFWKXPDQERG
LHVDQG,NQHZWKDWWKRXJK,
PLVVHGWKHPERWKGHVSHUDWHO\,
ZRXOGVHHWKHPDJDLQ
0\ILUVWUHDOFULVLVRIIDLWK
FDPHDERXWD \HDUDIWHUP\
JUDQGPRWKHUGLHG2YHUDERXWD
\HDUDQGDKDOI,ZDVVH[XDOO\
DEXVHGDQGUDSHGE\DUHODWLYH
7KHILUVWWLPHLWKDSSHQHG,ZDV
WHUULILHGWKHUHZDVQRWKLQJWKDW
,FRXOGGRWRVWRSKLP,FRXOG
QRWUHDVRQZLWKKLPKHZRXOG
QRWOLVWHQ,FRXOGQRWJHWDZD\
IURPKLPEHFDXVHKHKDGORFNHG
PHLQWKHKRXVHZLWKKLP,ZDV
WRRDIUDLGWRSK\VLFDOO\UHVLVWWRR
PXFKEHFDXVHKHKDGWKUHDWHQHG
WRKXUWPHDQG,NQHZZLWKRXW
DGRXEWWKDWKHZRXOGGRDVKH
VDLG7KHUHZDVRQO\RQHWKLQJ,
NQHZ,FRXOGGR,SUD\HG,EH
OLHYHGZLWKRXWDQ\GRXEWWKDW
*RGORYHGPHDQG+HNQHZ
KRZGHVSHUDWHO\,QHHGHG
KHOSDQGKHGLGQRWKLQJ
,WZDVWKHQWKDW, UHDOLVHGWKDW
WKHUHPXVWKDYHEHHQVRPHWKLQJ
VRZRUWKOHVVDQGGLUW\DERXWPH
WKDW,PXVWEHVRHYLOWKDWHYHQ
*RGGLGQWFDUH DERXWPH
,VKRXOGQHYHUKDYHEHHQERUQ
DQG,KDGQRZRUWKWRDQ\RQH
H[FHSWWREHXVHG
)RUIRXU\HDUV,GLGQRWDWWHQG
WKHPHHWLQJVRQDUHJXODUEDVLV,
GLGQRWNQRFNRQGRRUV,GLG
QRWWDONWRDQ\RQHDERXW-HKR
YDK,WLVQWWKDW,GRXEWHGWKDW
+HH[LVWHGRUWKDW,GLGQWZDQW
WRZRUVKLSKLP7KH:LWQHVVHV
SXWLWGRZQWRWHHQDJHUHEHO
OLRXVQHVVEXWLQWUXWK,GLGQRW

WKLQN*RGZDQWHGPHWKHUH
IRXOLQJXS+LVPHHWLQJVZLWKP\
ILOWK\SUHVHQFH,IHOWYHU\JXLOW\
QRWDWWHQGLQJWKHPHHWLQJV
,QZKHQ,ZDVVHYHQ
WHHQ,PHWDER\ZKR,WUXVWHG,
WKRXJKW,ZDVLQORYHKHVDLG
WKDWKHORYHGPHDQG,ZDVVR
LQQHHGRIVRPHRQHWRORYHPH
WKDW,EHOLHYHGKLP%XWKHOLHG
DQGOHIWPHZKHQ,ZDVHLJKW
PRQWKVSUHJQDQW:KHQWKH(O
GHUIRXQG,ZDVSUHJQDQW,ZDV
VXPPRQHGWRDGLVFLSOLQDU\
KHDULQJHYHQWKRXJK,ZDVQRW
EDSWLVHGDQGQRWHYHQDWWHQGLQJ
PHHWLQJV
7KUHHPHQTXHVWLRQHGPH
DERXWP\UHODWLRQVKLSZLWKP\
ER\IULHQGDQGWKHQWKH\VDLG,
KDGDFKRLFH,FRXOGHLWKHUFXW
P\VHOIRIIIURPWKH:LWQHVVHV
FRPSOHWHO\DQGFRQGHPQP\VHOI
DQG P\XQERUQFKLOGWRHWHUQDO
GHDWKDW$UPDJHGGRQRUEXFNOH
GRZQDQGEHFRPHDEDSWLVHG
PHPEHU7KHFKRLFHZDVOLIHRU
GHDWK

1H[W,VVXH

<RX
X'
'HFLGH

7KH:DWFK7RZHU6RFLHW\
VKRXOGEHIRUFHGLQWRSD \
LQJWKH)UHQFKJRYHU Q
PHQWPLOOLRQLQEDFNWD[HVD F
FRUGLQJWRYLVLWRUVWRWKH)LUVW 
/DVW0LQLVWULHVZHEVLWH
:KHQDVNHGIRUWKHLURSLQLRQ
YLVLWRUVWRWKHVLWHYRWHGDVIROORZV
<HV
1R

2WKHU







&RQFHUQ 

$57,676DWWKH:DWFK7RZHU6RFLHW\V
SULQWLQJGHSDUWPHQWKDYHLQWKHSDVWEHHQ
DFFXVHGWRKLGLQJVWUDQJHIDFHVDQGRWKHU
RFFXOWOLNHLPDJHU\LQWKHGUDZLQJVWKH\
FUHDWHIRUWKHSDJHVRIWKH:DWFKWRZHUDQG
$ZDNHPDJD]LQHV

1RZLWVHHPVWKDWWKH\DUHXSWRWKHLUROGWULFNVDJDLQ
LIWKH:DWFKWRZHUPDJD]LQHRI-XO\WKLVDQ\
WKLQJWRJRE\
)RURQSDJHDVSDUWRIDQDUWLFOHHQWLWOHG
$QFKRUHGE\+RSH,PSHOOHGE\/RYHWKHUHLVDSLFWXUH
RIDQ DQFKRUDWWKHERWWRPRIWKHVHD:KDWSUD\WHOOLV
WKDWRQWKHERXOGHUE\WKHDQFKRU"

0\VWHULRXV
,VWKDWDH\HPRXWKDQGFKLQRQWKDWERXOGHU"$QGLI
LPDJHV
\RXORRNYHU\FDUHIXOO\DWWKHFRUDOLQWKHERWWRPOHIW
PDNHD
FRUQHULVWKDWDIDFHRQWKHHQGRIHDFKFROXPQ"
FRPHEDFNLQ :KDWLVWKH:DWFK7RZHU6RFLHW\XSWR"
:DWFK
0D\EHLWLVDOODFRLQFLGHQFHRUPD\EHWKHUHLVVRPH
WKLQJPRUHVLQLVWHUEHKLQGWKHLUGUDZLQJV<RXGHFLGH

35,1&,3$/
/$
$''
''5
5(66
66
)LUVW
W 
//DVW
W0
0 L QL V W U L H V
&

&KHUWVH\
\0
0 R X QW 
&DUOLVOH
&$

 3+
( 1 */ $ 1 ' 
$66
662
2&,$7(
($
$''
''5
5(66
66
)LUVW
W 
//DVW
W0
0 L QL V W U L H V
&

&KHVWHU
U5
5RDG
/ R X J K W R Q
(VV
VVHH[
[,,*

 /5
( 1 */ $ 1 ' 

3+ 2 1 ( 
/RQGRQ
Q 




&DUOLVOH
H 
, 1 7 ( 51 ( 7 
(PDLO
0
0LQLVWU\#ILUVWDQGODVWRUJXN
ZLOO
OOLLDP#EDFRQZIUH HVHUYHFRXN
ILUVW DQGODVW#HQJODQGFRP
:HE
K
KWW
WWS
S
ZZZ
ZZZILUVWDQGODVWRUJXN
3/($6(1
(127(
:KLOH
HD
DOOW
OOWKH
HP
PDWHULDOF
OFRQWDLQHG
GLLQ
QWWKLV
VS
S XE O L F D
WLRQ
QLLV
VS
SURWHFWHG
GE
E\
\FFRS\ULJKW
WLLW
WP
PD\E
\EH
HIIUHH
HHOO\
XVHG
GIIRU
US
SHUVRQDOH
OHYDQJHOLVP