Sei sulla pagina 1di 8

7KH'H3DXOLD)HEUXDU\

1DWLRQ :RUOG
7,0(/,1(2)$
5(92/87,21
3RZHUUDJHDQGWHDUVRIMR\
VSLOODFURVV(J\SW

7KRXVDQGVSURWHVWQDWLRQZLGHJRYHUQHQW
VKXWVGRZQ,QWHUQHWDFFHVVRUJDQL]HUV
FDOOSURWHVWV³WKHGD\RIUHYROXWLRQ -$1
DJDLQVWWRUWXUHSRYHUW\FRUUXSWLRQDQG
XQHPSOR\PHQW´

3URWHVWHUVEXUQGRZQUXOLQJSDUW\
V
KHDGTXDUWHUVSURWHVWVWXUQLQWRULRWV -$1

3KRWRFRXUWHV\RI7KH$VVRFLDWHG3UHVV
2PDU6XOHLPDQQDPHGYLFHSUHVLGHQW -$1 $Q(J\SWLDQPRWKHUKXJVKHUFKLOGDVVKHZDWFKHVVRPHWKRXVDQGVRI(J\SWLDQSURWHVW
HUVJDWKHUDW7DKULUVTXDUHLQ&DLUR(J\SW6XQGD\-DQZLWKWKHUXOLQJ1DWLRQDO
0XEDUDNVZHDUVLQQHZFDELQHWDJHVWXUH 'HPRFUDWLFSDUW\EXLOGLQJEXUQHGDWWRSULJKWEHKLQGWKHUHGFRORXUHG(J\SWPXVHXP
PHWZLWKVFRUQE\SURWHVWHUV -$1

)(% &+$26 ,1(*<37

(QWLUHOHDGHUVKLSRI(J\SW
VUXOLQJSDUW\
LQFOXGLQJ*DPDO0XEDUDNVRQRIWKH
SUHVLGHQWUHVLJQ

9LFH3UHVLGHQW6XOHLPDQDJUHHVWR
FRQFHVVLRQVVXFKDVIUHHGRPRIWKHSUHVVDQG
)(%
)($5 ,1&+,&$*2
)(%
WRUHOHDVHGHWDLQHGSURWHVWHUV
%\.$7+(5,1(7(//(= -DQZKHQWKHSHRSOHGHPDQGHG(J\SW¶VHFRQRPLF
 .5,67(1$*8,55( VLWXDWLRQ DQG JRYHUQPHQW FKDQJH +LEEDUG VDLG WKDW
ZKLOHJHWWLQJ0XEDUDNRXWRISRZHUPD\EHWKHILUVW
VWHS LQ (J\SW¶V UHYROXWLRQ DGGUHVVLQJ WKH FRXQWU\¶V
$IWHUZHHNVRIYLROHQFH(J\SW
VKLVWRULFUHYROXWLRQ HFRQRPLFVLWXDWLRQQHHGVWRFRPHQH[W
SXVKHG3UHVLGHQW+RVQL0XEDUDNWRUHVLJQIURPKLV ³, UHDOO\ KRSH WR VHH D PRUH YLEUDQW HFRQRP\´
\HDUSUHVLGHQF\ODVW)ULGD\ +LEEDUG VDLG $FFRUGLQJ WR +LEEDUG WKHUH LV DQ
)(% )HDUKDVVSUHDGWRWKH'H3DXOFRPPXQLW\DVVRPH HQRUPRXV²EXW SRRUO\ GLVWULEXWHG²DPRXQW RI
VWXGHQWVKDYHVDLGWKHSURWHVWVPD\DIIHFWWKHLUIXWXUH ZHDOWK LQ (J\SW DQG LQ WKH UHJLRQ ³:KDW \RX KDYH
6RPH (J\SWLDQV OLYLQJ DZD\ IURP WKH UHYROXWLRQ LVWKHDEVHQFHRIDIUHHDQGRSHQPDUNHWDQGWKDW¶V
KDYH VDLG LW LV KDUG WR EH DSDUW IURP WKHLU FRXQWU\ FRQWULEXWLQJWRPDVVSRYHUW\´+LEEDUGVDLG
GXULQJDWLPHRIFKDRV (J\SW¶V WUDQVLWLRQ SHULRG KDV EHHQ VDLG WR EH
³:KHQ , WKLQN RI P\ IXWXUH , GRQ¶W NQRZ ZKDW DIIHFWLQJ WKH $UDE SRSXODWLRQ DV D ZKROH )DWHQ
,¶PJRLQJWRGR´VDLG(J\SWLDQ6D\HG(O6DODPRQ\ %XVKHKULDUHFHQW'H3DXOJUDGXDWHRI$UDELFGHVFHQW
ZKR LV VWXG\LQJ HFRQRPLFV DQG ILQDQFH DW 'H3DXO VDLGVKHEHOLHYHVWKH$UDEFRPPXQLW\VKRXOGVXSSRUW
(O6DODPRQ\ ZKR LV KHUH RQ D VWXGHQW YLVD VDLG KH (J\SWGXULQJWKLVWLPHRIGLVWUHVV
'HI\LQJH[SHFWDWLRQV0XEDUDNVD\VKH
LVZRUULHGZKDWVWDWHKLVFRXQWU\ZLOOEHLQZKHQKH ³$UDEV XVXDOO\ WHQG WR VWLFN WRJHWKHU DQG VXSSRUW
ZLOOQRWVWHSGRZQEXWZLOOKDQGRYHUVRPH UHWXUQVKRPH
SRZHUVWRKLVYLFHSUHVLGHQWQRZDQGWUDQVIHU )(% HDFKRWKHUEHFDXVHLW¶VRQHUHJLRQ²DQGZKDWKDSSHQV
0XEDUDN DGGUHVVHG KLV QDWLRQ ODVW ZHHN LQ D LQRQHFRXQWU\DIIHFWVWKHRWKHUFRXQWULHV´%XVKHKUL
DOOSRZHULQ6HSWHPEHUDIWHUWKHHOHFWLRQ WHOHYLVHGVWDWHPHQWDQQRXQFLQJWKDWKHZRXOGQRWVWHS VDLG
GRZQ IURP KLV SUHVLGHQF\²GHVSLWH WKUHH ZHHNV RI $V DQ $UDE$PHULFDQ %XVKHKUL VDLG VKH IHHOV
SURWHVWVFDOOLQJIRUKLVUHVLJQDWLRQ([SHFWDWLRQVWKDW WKDW LW LV RQO\ ULJKW WKDW VKH DQG RWKHUV LQ WKH$UDE
0XEDUDNZDVWRUHVLJQWKDWQLJKWOHGWRPRUHYLROHQFH FRPPXQLW\ EDFN (J\SW¶V UHYROXWLRQ LQ KRSHV WR
UHYROWV LQ &DLUR 7KH IROORZLQJ GD\ 9LFH 3UHVLGHQW VSUHDGGHPRFUDF\
6XOHLPDQDQQRXQFHG0XEDUDNKDGUHVLJQHG ³:H¶UHVXSSRUWLQJRWKHUFRXQWULHVWKDWDUHILJKWLQJ
 ³3V\FKRORJLFDOO\ LW LV DIIHFWLQJ PH´ VDLG IRUWKHLUIUHHGRP´%XVKHKULVDLG³,Q$PHULFDLW¶VDOO
(O6DODPRQ\³,MXVWFDQ¶WVHHP\FRXQWU\IDOODSDUWLQ
DERXWGHPRFUDF\DQGIUHHGRP²DQGWKDW¶VVRPHWKLQJ
IURQWRIP\H\HVDQGQRWEHWKHUHEHFDXVH,¶PKHUH
WKDWZHWU\WRSURPRWHWRSHRSOHLQRWKHUFRXQWULHV,W
DQGQRWWKHUHDQGWKDW¶VUHDOO\IUXVWUDWLQJ´KHVDLG
ZRXOGRQO\PDNHVHQVHWRVXSSRUW(J\SWLDQVWRILJKW
 ³, GRQ¶W NQRZ ZKDW¶V JRLQJ WR KDSSHQ , GRQ¶W
IRUWKHLUIUHHGRP´:LWKDSUHVLGHQWZKRKDVEHHQLQ
NQRZ ZKHUH WKH FRXQWU\¶V JRLQJ RU ZKHUH WKH
SRZHUIRUQHDUO\WKLUW\\HDUV%XVKHULVDLGLW¶VDERXW
HFRQRP\LVJRLQJZKHUHWKHSROLWLFDOVLGHLVJRLQJ«
WLPH
LVLWJRLQJWRJRLQWRDEHWWHUVWDWH"7KDW¶VZKDWZH¶UH
)(% :KLOH(J\SWPD\EHRQWKHURDGWRGHPRFUDF\WKH\
WU\LQJWRILJXUHRXW´(O6DODPRQ\VDLG
3UHVLGHQW+RVQL0XEDUDNRI(J\SWUHVLJQV DUHVWLOORQO\DWWKHEHJLQQLQJVWDJHVRIWKHLUMRXUQH\
3ULRUWR0XEDUDN
VUHVLJQDWLRQ6FRWW+LEEDUGVDLG
WXUQLQJRYHUDOOSRZHUWRWKHPLOLWDU\OHDYHV VDLG+LEEDUG%XWKHVWLOOKDVKRSHIRUWKHFRXQWU\¶V
³,QP\SHUVRQDORSLQLRQWKHVRRQHU+RVQL0XEDUDN
&DLURIRUKLVUHVRUWKRPHLQ6KDUPHO6KHLN WUDQVLWLRQ
OHDYHV WKH EHWWHU RII (J\SW ZLOO EH´ +LEEDUG D
KXQGUHGVRIWKRXVDQGVFHOHEUDWHRXWVLGH ³$W WKLV VWDJH WKH IXWXUH LV \HW WR EH ZULWWHQ´ KH
SROLWLFDOVFLHQFHSURIHVVRUDW'H3DXOVDLG³7KHUHDUH
VDLG  ³6RPH FKDQJH ZLOO KDSSHQ  7KH TXHVWLRQ LV
0XEDUDN
VPDLQSDODFHFKDQWLQJ³WKHSHRSOH GLIIHUHQWZD\VWKDWFDQXQIROGEXWKH¶VUHDOO\EHFRPH
KRZ PXFK FKDQJH DQG KRZ VLJQLILFDQW 7KHUH LV D
RXVWHGWKHUHJLPH´ WKHIDFHRIWKHROGUHJLPHDQGWKHIDFHRIHYHU\WKLQJ
PRYHPHQWIRUFKDQJHDQG,WKLQNLWLVORQJRYHUGXH
WKDW¶VZURQJ´
&RPSLOHGE\5DFKHO0HWHD_3KRWRVFRXUWHV\RI7KH$VVRFLDWHG3UHVV IRUWKHUHJLRQ´+LEEDUGVDLG
&LWL]HQSURWHVWVDJDLQVWWKHROGUHJLPHHUXSWHGRQ
7KH'H3DXOLD-DQXDU\

1DWLRQ :RUOG

*816
:KHUH'H3DXOVWDQGV
%\1$7$/,(),&(.
 5$&+(/0(7($1DWLRQ :RUOG(GLWRU

,Q WKH ZDNH RI WKH 7XFVRQ PDVV


VKRRWLQJ WKH PDMRULW\ RI 'H3DXO
VWXGHQWV VDLG JXQ FRQWURO ODZV
VKRXOG EH VWULFWHU DFFRUGLQJ WR
DQHZ'H3DXOLDSROO
0DQ\ VWXGHQWV GLG QRW IDYRU
WKHULJKWWREHDUDUPVRYHUJXQ
FRQWURO DFFRUGLQJ WR WKH SROO
2I RYHU  VWXGHQWV ZKR ZHUH
VXUYH\HG RQO\  SHUFHQW VDLG
WKH\ GLG QRW EHOLHYH JXQ FRQWURO
ODZV VKRXOG EHFRPH VWULFWHU 7KHVH
QXPEHUV IDOO VKRUW WR WKH QDWLRQDO
&KLFDJR¶V
DYHUDJH RI  SHUFHQW RI SHRSOH ZKR RIILFHU
K D Q G J X Q
EHOLHYH LW LV PRUH LPSRUWDQW WR SURWHFW DQG VHFXULW\
UHVWULFWLRQV DUH
WKH ULJKW WR EHDU DUPV RYHU JXQ FRQWURO JXDUG RQ SDLG
LPSRUWDQW EHFDXVH RI WKH FLW\¶V
1DWLRQDOO\  SHUFHQW RI \HDUROGV DGPLQLVWUDWLYH OHDYH DIWHU
KLJKPXUGHUUDWH 6
IDYRU WKH ULJKW WR EHDU DUPV RYHU JXQ OHDNLQJ DQ LQWHUQDO PHPR WKDW 38
/DVW -XQH WKH 6XSUHPH &RXUW
FRQWURO DFFRUGLQJ WR WKH 3HZ 5HVHDUFK
VWUXFN GRZQ &KLFDJR¶V \HDU EDQ RQ JDYH JXLGHOLQHV EDQQLQJ WKH RSHQ $0
&HQWHU 35&  FDUU\LQJRIILUHDUPV &
KDQGJXQV VD\LQJ LW ZDV XQFRQVWLWXWLRQDO &7
7KHLVVXHRYHUJXQFRQWUROEHFDPHDKRW $OWKRXJK WKH VKRRWLQJ RI *DEULHOOH 0
WRSLFQDWLRQZLGHLQWKHDIWHUPDWKRI-DQ
7KHQHZRUGLQDQFHUHTXLUHVWUDLQLQJLQWKH
*LIIRUGV UHFHLYHG QDWLRQDO DWWHQWLRQ  E\
FODVVURRPDQGILULQJUDQJHEHIRUHUHVLGHQWV WLRQ
¶V 7XFVRQ VKRRWLQJ ZKLFK OHIW VL[ GHDG WKH QDWLRQ¶V YLHZV RQ JXQ FRQWURO KDYH WUD
PD\ DSSO\ IRU WKH  ILUHDUP SHUPLW XV
DQG &RQJUHVVZRPDQ *DEULHOOH *LIIRUGV UHPDLQHG UHODWLYHO\ WKH VDPH ZLWK KDOI ,OO Z R X O G
$SSOLFDQWV FDQQRW KDYH DQ\ SUHYLRXV
ZLWKDJXQVKRWZRXQGHGLQWKHKHDG ZKR SULRULWL]H JXQ FRQWURO DQG KDOI ZKR IHHO PXFK VDIHU LI
FRQYLFWLRQVRIDQ\YLROHQWFULPHVRUKDYH
,Q &KLFDJR JXQ YLROHQFH LV QRWKLQJ SULRULWL]H JXQ ULJKWV WR ZKHUH WKH\ ZHUH WKHUH ZHUH VWULFW KDQGJXQ UHJXODWLRQV
WZRRUPRUHRIIHQVHVIRUGULYLQJXQGHUWKH
QHZ WR WKH FLW\ $OWKRXJK &KLFDJR¶V LQ6HSW ³+RZHYHU´VKHDGGHG³,EHOLHYHWKDWWKLV
LQIOXHQFHRIGUXJVRUDOFRKRO
KRPLFLGH UDWH ZDV DW D \HDU ORZ LQ $FFRUGLQJWRWKH35&PRVWUHVSRQGHQWV LVQRWWKHRQO\VROXWLRQWRWKHSUREOHP´
6WHSKDQLH 7RUUHV D IUHVKPDQ VDLG
 JXQ YLROHQFH KDV VWLOO UHPDLQHG VDZ WKH 7XFVRQ VKRRWLQJ DV DQ LVRODWHG 0RUH $PHULFDQV² SHUFHQW²ZHUH
DOWKRXJKVKHIHHOVHYHU\FLWL]HQKDVDULJKW
SUHYDOHQW2Q-DQDEXOOHWZDVIRXQG HYHQW $ERXW KDOI DV PDQ\  SHUFHQW  OLNHO\ WR VHH EURDGHU VRFLDO SUREOHPV
WRFDUU\DJXQVKHVWLOOEHOLHYHVLQVWULFWHU
LQVLGH D &KLFDJR HOHPHQWDU\ VFKRRO DIWHU VDLG WKH\ VDZ WKH LQFLGHQW DV D UHIOHFWLRQ EHKLQGWKH9LUJLQLD7HFKVKRRWLQJVQHDUO\
JXQ ODZV 7RUUHV D SV\FKRORJ\ PDMRU
LWDOOHJHGO\ZDVVKRWWKURXJKWKHZLQGRZ RI EURDGHU SUREOHPV LQ$PHULFDQ VRFLHW\ IRXU\HDUVDJRWKDQLQWKH7XFVRQVKRRWLQJ
VDLG ³7RR PDQ\ PLVKDSV DQG WUDJHGLHV
RYHUQLJKW$FFRUGLQJWRWKH&KLFDJR3ROLFH 7KHVH UHVSRQGHQWV GHILQHG WKH ³EURDGHU 1LHKRIIVDLGWKDWDVDVRFLRORJ\VWXGHQW
RFFXU EHFDXVH LW LV RIWHQ HDV\ WR REWDLQ D
'HSDUWPHQWSHUFHQWRIODVW\HDU¶V SUREOHPV´ ZLWK WKHPHV VXFK DV DV VRFLDO VKH UHFRJQL]HV WKDW HYHQ ZLWK KDQGJXQ
JXQDQGJHWDOLFHQVHIRULW´
KRPLFLGHVZHUHGRQHE\ILUHDUPV FOLPDWH  SHUFHQW  DQG WKH SROLWLFDO UHVWULFWLRQVLQ,OOLQRLVGHDWKDQGVKRRWLQJV
,Q8WDKSXEOLFFROOHJHVDQGXQLYHUVLWLHV
³&KLFDJR VHHV KXQGUHGV RI KRPLFLGHV PHGLDFOLPDWH SHUFHQW  DUH VWLOO D SUREOHP ³:H DUH FDOOHG WR
DUH IRUELGGHQ IURP EDQQLQJ FRQFHDOHG
DQG VKRRWLQJV HDFK \HDU´ VDLG IUHVKPDQ  5XED 6ZHLV D IUHVKPDQ PDMRULQJ LQ TXHVWLRQWKHURRWRIJXQSUREOHPVDQGZK\
ZHDSRQVRQFDPSXVHV(DUOLHUWKLVPRQWK
&DHOLQ1LHKRIIDVRFLRORJ\PDMRU6KHVDLG SXEOLF UHODWLRQV DQG DGYHUWLVLQJ VDLG VKH WKH\UHPDLQDSUREOHP´1LHKRIIVDLG
WKH 8QLYHUVLW\ RI 8WDK SODFHG D SROLFH

*XQODZVE\VWDWH
'H3DXO6WXGHQW
6XUYH\
:KHQ DVNHG LI WKH\  DJUHHG ZLWK
WKHVWDWHPHQW,EHOLHYHJXQFRQ
WUROODZVVKRXOGEHFRPHVWULFWHU
:HDNHVW VWXGHQWVVDLG

 6WURQJO\DJUHH

 $JUHH

 1RSUHIHUHQFH

 'LVDJUHH
6WURQJHVW
 6WURQJO\GLVDJUHH

6WDWHVFRULQJEDVHGRQWKHVWUHQJWKDQGZHDNQHVVRIVWDWHJXQ
ODZV WR SUHYHQW JXQ WUDI¿FNLQJ 6RPH FLWLHV DQG FRXQWLHV KDYH
*UDSKLFE\5DFKHO0HWHD
WKHLURZQUHVWULFWLRQV 7+('(3$8/,$_-DQ
6RXUFH%UDG\&DPSDLJQWR3UHYHQW*XQ9LROHQFH
7KH'H3DXOLD-DQXDU\

1DWLRQ :RUOG
µ*ULQJRV¶EHJLQVHUYLFHZRUNLQ0H[LFR (',725,$/

%\0$5*$5(77+203621

%HIRUHODVW:HGQHVGD\,KDGRQO\
VHHQQHLJKERUKRRGVOLNH0pULGD¶V
(PLOLDQR=DSDWD6XULQERRNVLQ
PRYLHVRQWHOHYLVLRQDQGWKURXJKWKH
EXVZLQGRZ,ZDVQ¶WVXUHZKDWWRH[SHFW
ZKHQP\JURXSPHPEHUVDQG,VWHSSHG
RIIWKHEXVLQIURQWRI0DULVWD8QLYHUVLW\
RQWKHVRXWKVLGHRIWKHFLW\ZKHUHZH
ZRXOGEHWDNLQJRXUVHUYLFHOHDUQLQJ
FRXUVHDQGYROXQWHHULQJZLWKWKHORFDO
UHVLGHQWV
,KDGWRGRGJHDGHFRPSRVLQJFDW
LQWKHJXWWHUEHIRUHVWHSSLQJRQWR
WKHVLGHZDON QRWWKHJUHDWHVWLQLWLDO
REVHUYDWLRQEXWKH\«GHDGFDWVDUHQ¶W
H[FOXVLYHWRWKHGHYHORSLQJZRUOG 
:HEHJDQRXUDVVLJQHGQHLJKERUKRRG
SURPHQDGHKHVLWDQWO\IHHOLQJPRUHOLNH
DFRQVSLFXRXVLPSRVLWLRQWKDQDJURXSRI
KXPEOHFROOHJHVWXGHQWV
7KHUHZDVDQHHULHVLOHQFHLQWKH
VWUHHWVDQGWKHVPHOORILQFLQHUDWHG
JDUEDJHKXQJLQWKHDLU±WKHUHLVYHU\
OLPLWHGWUDVKFROOHFWLRQLQ(PLOLDQR
=DSDWD6XUVRUHVLGHQWVEXUQWKHLUZDVWH
RXWVLGH
$VZHZDONHGEHVLGHDURZRI 3KRWRE\5DFKHO0HWHD
ZLQGRZOHVVKRPHVPRVWRIZKLFK
ZHUHPDGHRIFHPHQWDQGURRIHGZLWK &KLOGUHQLQ(PLOLDQR=DSDWD6XUOLQHXSDVWKH\ZDLWWRWDNHDFUDFNDWEUHDNLQJRSHQDSLQDWDRQ
VFUDSPHWDO,ZDVFDUHIXOWRORRNLQVLGH 0DU
ZLWKRXWFDWFKLQJWKHH\HVRILQKDELWDQWV
0RVWRIWKHKRXVHVDSSHDUHGWREH RUVLWWLQJLQGRRUZD\V,GRQ¶WNQRZ QHDUO\DOORIWKHPJUHHWHGXVZLWKEXHQDV WKHQHLJKERUKRRGGRJVUDQDQGFKDVHG
VLQJOHURRPVZLWKXQILQLVKHGIORRUV ZK\,IHOWOLNH,VKRXOG±,VXSSRVH, WDUGHV7KH\ZHUHRXWVLGHKDQJLQJ RQHDQRWKHUKDUPOHVVO\LQWKHVWUHHWV
7KHUHZDVPXVLFHPDQDWLQJIURPPDQ\ IHOWSUHWW\YR\HXULVWLFZDQGHULQJGRZQ ODXQGU\RQWKHLUFORWKHVOLQHVLQVLGH 7KHSHRSOHRI(PLOLDQR=DSDWD6XU
RIWKHPDQGIHZWLPHV,KHDUGWKHORZ WKHVWUHHWZLWKDQRWHERRNLQKDQG,W FRRNLQJRQWKHLUVWRYHWRSVRUDUULYLQJ ZHUHQ¶WDQJU\ZHZHUHWKHUHDWOHDVWQRW
PXUPXURIDWHOHYLVLRQVHW7RZHOVZHUH VHHPHGZURQJWRZDONLQIURQWRIWKHP KRPHIURPZRUN QRWLFHDEO\7KH\GLGQ¶WVFRIIDWWKHODUJH
GUDSHGKHUHDQGWKHUHWRNHHSWKHEXJV ZHDULQJQHZFORWKHVDQGDEDFNSDFN &KLOGUHQSOD\HGRXWVLGHODXJKLQJ JURXSRIJULQJRVZDONLQJRQWKHLUWXUI
RXWDQGFLQGHUEORFNVVHUYHGDVVWDLUV ZLWKDODSWRSFRPSXWHULQVLGH,I,OLYHG WKHVDPHZD\FKLOGUHQODXJKEHKLQG DQG,QHYHUKHDUGRQHFDWFDOO
RQPRVWSRUFKHV2FFDVLRQDOO\DKRXVH LQ(PLOLDQR=DSDWD6XU,¶PTXLWHVXUH ZKLWHSLFNHWIHQFHVLQWKH8QLWHG6WDWHV 7KH\ZHUHMXVWSHRSOH5HJXODU
ZRXOGEHSDLQWHGXVXDOO\DEULJKWKXH ,ZRXOGUHVHQWWKHSHRSOHZKRZDONHG 2QSRUFKHVWHHQDJHJLUOVSDLQWHGWKHLU IULHQGO\KRVSLWDEOHSHRSOH±GRLQJ
VLPLODUWRWKRVHLQQHLJKERUKRRGVRQWKH WKURXJKREVHUYLQJP\SRYHUW\ WRHQDLOVDQGPRWKHUVURFNHGWKHLUEDELHV WKHVDPHWKLQJVWKDWUHJXODUIULHQGO\
QRUWKVLGH 'HVSLWHP\DSSDUHQWGLVFRPIRUWWKH WRVOHHSQH[WWRODUJHVKULQHVWRWKH KRVSLWDEOHSHRSOHGRLQP\RZQ
,WZDVLPSRVVLEOHWRDYRLGH\H SHRSOHRI(PLOLDQR=DSDWD6XUZHUH 9LUJLQ*XDGDOXSH6PDOOIDPLO\RZQHG QHLJKERUKRRGDWKRPH$QGVXGGHQO\,
FRQWDFWZLWKWKHUHVLGHQWVLQWKHLU\DUGV ZHOFRPLQJWKH\VPLOHGZDYHGDQG WLHQGDVVROGFROGGULQNVDQGVQDFNVDQG IHOWYHU\PXFKDWHDVH

,QWHUQHWVXUSDVVHV79DVPDLQQHZVVRXUFHIRU\RXQJDGXOWV
%\9,1*8<(1 LQFOXGLQJ79QHZV´ 0DQ\ \RXQJ DGXOWV
5LFN\*UHHQDVHQLRUILQDQFHVWXGHQW VD\ WKH ,QWHUQHW PDNHV
VDLG KH JHWV KLV QHZV IURP L*RRJOH LW FRQYHQLHQW IRU WKRVH
7ZR\HDUVDJRWKH,QWHUQHWVXUSDVVHG  ³8VHUV DUH DEOH WR SHUVRQDOL]H WKHLU DOZD\V RQ WKH JR WR
QHZVSDSHUV DV WKH PDLQ QHZV VRXUFH *RRJOHKRPHSDJHE\FXVWRPL]LQJWKHLU FKHFN WKHLU QHZV RQ
IRU $PHULFDQV $OWKRXJK WHOHYLVLRQ¶V QHZVSUHIHUHQFH´*UHHQVDLG³,FDQSXW WKHLU VPDUW SKRQHV
SRSXODULW\ UHPDLQHG KLJKHU WKDQ LQ DOO WKH ELJ QHZV ZHEVLWHV RQWR RQH .U\VWLQD $QGUHROL
,QWHUQHW LWV QXPEHUV TXLFNO\ EHJDQ WR SDJHZLWKWKHWRSILYHWRILIWHHQVWRULHV D MXQLRU YRFDO
IDOO$QGQRZWKH,QWHUQHWKDVVXUSDVVHG IURPHDFKZHEVLWHLQWRP\IHHG´ SHUIRUPDQFH PDMRU
WHOHYLVLRQ DV D PDLQ QHZV VRXUFH IRU :LWK PRUH DQG PRUH \RXQJ DGXOWV LV QR VWUDQJHU WR
\RXQJDGXOWV WXUQLQJ WR WKH ,QWHUQHW IRU WKHLU QHZV PRELOHZHEEURZVLQJ
$FFRUGLQJ WR D QDWLRQDO VXUYH\ PDQ\ DUH EHJLQQLQJ WR ZRQGHU ZKDW LV ³0RVW SHRSOH KDYH
FRQGXFWHGE\WKH3HZ5HVHDUFK&HQWHU WRFRPHIRUEURDGFDVWQHZV ,QWHUQHW VHUYLFHV
35&  VLQFH  WKH QXPEHU RI  ³$VVRPHRQHZKRJUHZXSZDWFKLQJ RQ WKHLU SKRQHV
WR \HDUROGV FLWLQJ WKH ,QWHUQHW DV :DOWHU &URQNLWH RQ QHWZRUN QHZV ,W PDNHV LW HDVLHU
WKHLUPDLQQHZVVRXUFHIRUQDWLRQDODQG DV ZHOO DV ORFDO HYHQLQJ DQG QLJKW WR DFFHVV WKH QHZV
LQWHUQDWLRQDO QHZV KDV QHDUO\ GRXEOHG QHZVFDVWV ,¶P GLVDSSRLQWHG WR VHH EHFDXVH FROOHJH NLGV
WRSHUFHQW2YHUWKLVWLPHSHULRGWKH WKH VHD FKDQJH´ 5HLOOH\ VDLG ³, WKLQN DUH RQ WKH JR DQG
QXPEHUV RI WKRVH ZKR VDLG WHOHYLVLRQ ZH DUH D VPDUWHU EHWWHUVHUYHG QHZV OLNH GRQ¶W KDYH WLPH
ZDVWKHLUSULPHQHZVVRXUFHGURSSHGWR FRQVXPHU ZKHQ ZH GUDZ LQIRUPDWLRQ WR VLW DQG ZDWFK
SHUFHQW IURP PXOWLSOH SODWIRUPV´ 5HLOOH\ VDLG WHOHYLVLRQ´VKHVDLG
³79 QHWZRUN QHZV GHPRJUDSKLFV PDNLQJUHIHUHQFHWRZKDWKHFDOOHG³WKH 6HQLRU ILQDQFH
KDYH EHHQ FKDQJLQJ IRU \HDUV´ VDLG GHSWK RI QHZVSDSHUV WKH LPPHGLDF\ VWXGHQW *UHHQ
MRXUQDOLVP SURIHVVRU 0LNH 5HLOOH\ RI 79 DQG UDGLR DQG WKH PXOWLPHGLD DJUHHGZLWK$QGUHROL
³9LHZHUVDUHJHWWLQJROGHUDQGOLIHVW\OH DVSHFWVRIRQOLQHVWRU\WHOOLQJ´ ³, GRQ¶W ZDWFK
DQGWHFKQRORJ\FKDQJHVKDYHLPSDFWHG $QGUHZ 7UHII\ D UHFHQW 'H3DXO WHOHYLVLRQ IRU DQ\
YLHZHUVKLSRIWKHSPQHZV´ (QJOLVK JUDGXDWH VDLG KH LV FRQYLQFHG QHZV RWKHU WKDQ WR
+RZHYHU WHOHYLVLRQ QHZV LV VWLOO WKDWWHOHYLVLRQZLOOILQGDZD\WRHYROYHWR WXUQRQ(631´
GRPLQDWHV DPRQJ OHVV HGXFDWHG \RXQJ WKHUDSLGO\FKDQJLQJPHGLD³7HOHYLVLRQ 'HVSLWHWHOHYLVLRQ
SHRSOH$FFRUGLQJ WR WKH 35& MXVW  VWLOOKDVVRPHZKDWRIDFKDQFHWRXWLOL]H QHZV¶IDOOLQJQXPEHUV
SHUFHQW RI WKRVH ZLWK QR PRUH WKDQ D WKH PHGLXP RI WKH ,QWHUQHW WKURXJK 5HLOOH\ VDLG VWRULHV ZLOO
KLJKVFKRROHGXFDWLRQFLWHGWKH,QWHUQHW ,QWHUQHWYLUDOPDUNHWLQJDQGVXFK´ DOZD\VQHHGWREHWROGRQ
DV WKHLU PDLQ QHZV VRXUFH ZKLOH 0RVW QHZV QHWZRUNV KDYH GRQH VR LWV PHGLXP ³, WKLQN WKHUH
WKUHHTXDUWHUV RI WKH UHVSRQGHQWV FLWHG E\ ZRUNLQJ ZLWK WKH ,QWHUQHW E\ WDNLQJ ZLOO DOZD\V EH D SODFH IRU79
WHOHYLVLRQ DGYDQWDJH DQG XWLOL]LQJ YDULRXV IRUPV QHZV´ KH VDLG ³HVSHFLDOO\ RQ
:KLOH 5HLOOH\ VDLG WKH 3HZ VWXG\ RI VRFLDO PHGLD WR EUHDN QHZV VWRULHV WKHORFDOOHYHO´
GLGQ¶W VXUSULVH KLP KH VDLG ³LW GRHV ³1HZV QHWZRUNV DUH ZHOO DZDUH RI WKH ³$V ORQJ DV DGYHUWLVHUV VWLOO VHH
WLH TXDQWLWDWLYH UHVHDUFK WR ZKDW ZH¶YH VKLIW,W¶VPRVWOLNHO\WKDWWKH\¶UHJRLQJ LW DV D YDOLG RSWLRQ DQG WKH DXGLHQFH
ORQJ NQRZQ²WKH ZHE DQG PRELOH WRZRUNZLWKDQGDGDSWWRWKHFKDQJHLQ GRHVQ¶W FRPSOHWHO\ YDQLVK´ 5HLOOH\
WHFKQRORJLHV DUH GHOLYHULQJ QHZV IDVWHU PHGLD VRXUFH UDWKHU WKDQ ILJKW DJDLQVW VDLG³WKHPHGLXPZLOOUHPDLQLQVRPH
DQG GLIIHUHQWO\ WKDQ WUDGLWLRQDO PHGLD LW´VDLG7UHII\ IRUP´
*UDSKLFFRXUWHV\RI0&7:LUH6HUYLFHV
7KH'H3DXOLD-DQXDU\

1DWLRQ :RUOG
5HFHVVLRQ¶VDIWHUPDWKKLWV'H3DXO
%\1$7$/,(),&(.

$OWKRXJKWKHUHFHVVLRQKDVRIILFLDOO\EHHQGHFODUHGWREHRYHU
PDQ\VWXGHQWVKDYHVDLGLWFKDQJHGWKHLUOLYHVLQZD\VWKH\VWLOO
FRQWLQXHWRH[SHULHQFH
&ROOHJH WXLWLRQ LV LQFUHDVLQJ DW D IDVWHU UDWH FRPSDUHG WR
IDPLO\LQFRPH:KLOHWKHPHGLDQKRXVHKROGLQFRPHLQWKH86
IHOO E\  SHUFHQW RYHU WKH FRXUVH RI WKH UHFHVVLRQ 'H3DXO
8QLYHUVLW\¶VWXLWLRQLQFUHDVHGE\QHDUO\SHUFHQW
³/LIH LV WRXJK QRZ´ VDLG 1LNRO *DEULVDNRYD D IUHVKPDQ
PDMRULQJ LQ SV\FKRORJ\ ZKR VDLG VKH IHHOV WKH UHFHVVLRQ KDV
FKDQJHG KHU OLIH WUHPHQGRXVO\$IWHU VSHQGLQJ PRQWKV ORRNLQJ
IRUDMRE*DEULVDNRYDVDLGLWLVKDUGWRILQGDMREHYHQDWDVWRUH
³,IHHOJXLOW\DVNLQJP\SDUHQWVIRUPRQH\EHFDXVHP\PRPORVW
KHUMREDQGP\GDG¶VEXVLQHVVLVQRWSURVSHULQJOLNHLWZDVEHIRUH
WKHUHFHVVLRQ´
3KRWRFRXUWHV\RI.DWULQD.RSHFN 'XULQJ WKH UHFHVVLRQ HPSOR\PHQW RI VWXGHQWV HQUROOHG LQ
FROOHJHVIXOOWLPHGURSSHGE\SHUFHQWZKLOHSDUWWLPHVWXGHQW
.HQ\DQVZHOFRPH HPSOR\PHQWIHOOE\SHUFHQW$FFRUGLQJWRWKH86%XUHDXRI
/DERU6WDWLVWLFVGXULQJWKLVWLPHWKHJDSEHWZHHQIHPDOHFROOHJH
VWXGHQWVZLWK VWXGHQWVZKRZHUHPRUHOLNHO\WREHLQWKHODERUIRUFHWKDQWKHLU
PDOHFRXQWHUSDUWVFRQWLQXHGWRJURZ
µRSHQDUPV¶ *DEULVDNRYD¶V GHFLVLRQ WR FRPH WR 'H3DXO ZDV GXH LQ ODUJH
SDUW WR LWV UHODWLYH LQH[SHQVLYHQHVV DQG KHU GHVLUH WR DWWHQG D
%\.$75,1$.23(&. PDMRUXQLYHUVLW\
³, GHFLGHG WR FRPH WR 'H3DXO EHFDXVH LW ZDV P\ FKHDSHVW
2YHU'HFHPEHULQWHUFHVVLRQ'H3DXO RSWLRQ DQG RQH RI P\ WRS VFKRROV /XFNLO\ , TXDOLILHG IRU
VWXGHQWVRIYDULRXVDUHDVRIVWXG\WUDYHOHG ILQDQFLDO DLG EHFDXVH RI P\ SDUHQWV¶ ILQDQFLDO VLWXDWLRQ , GLG
WR .HQ\D DV SDUW RI D VKRUWWHUP VWXG\ QRW ZDQW WR JR WR D FRPPXQLW\ FROOHJH EHFDXVH VFKRRO LV YHU\
DEURDG LPSRUWDQWGXHWRWKHFRPSHWLWLYHQHVVZLWKWKHMREPDUNHW *UDSKLFFRXUWHV\RI0&7:LUH6HUYLFHV
³7KH SHRSOH WKHUH VDLG WKH\ ZHOFRPH $FFRUGLQJ WR WKH 1DWLRQDO &HQWHU IRU (GXFDWLRQ 6WDWLVWLFV
XV ZLWK RSHQ DUPV´ VDLG VHQLRU SXEOLF GXULQJ WKH ILUVW \HDU RI WKH UHFHVVLRQ URXJKO\  SHUFHQW RI IDFHV WKH FKDOOHQJHV RI WKH UHFHVVLRQ ³, KDYH WR ZDWFK P\
SROLF\ VWXGHQW /H$DURQ )ROH\ ³7KLV OLWWOH XQGHUJUDGXDWHVUHFHLYHGILQDQFLDODLG VSHQGLQJ D ORW PRUH ,W XVHG WR EH HDVLHU WR MXVW VSHQG PRQH\
\HDUROGVDLGWRPHZH¶UHDIDPLO\ZH¶UH *DEULVDNRYD LV DOVR ILQDQFLDOO\ DZDUH ZKHQ LW FRPHV WR RQUDQGRPWKLQJVEXWQRZ,KDYHWRUHDOO\DVNP\VHOILI,QHHG
EURWKHUV´ ZKHUH VKH OLYHV FKRRVLQJ WR OLYH RII FDPSXV WR VDYH PRQH\ FHUWDLQWKLQJV´
7KURXJKRXWWKHLUWUDYHOVDURXQGVRXWKHUQ 1HYHUWKHOHVVVKHLVVWLOOZRUULHGDERXWSD\LQJRIIVWXGHQWORDQV 6RPH VWXGHQWV VXFK DV .RSDOVNL ZHQW WR FRPPXQLW\ FROOHJH
.HQ\DVWXGHQWVVWD\HGSULPDULO\LQ.DUHQ LQWKHIXWXUH EHIRUHHQUROOLQJDW'H3DXODVDZD\WRVDYHPRQH\
D VXEXUE RI .HQ\D¶V FDSLWRO 1DLUREL DV 0DQ\ VWXGHQWV KDYH VDLG WKHLU VSHQGLQJ KDELWV FKDQJHG DV D ³0\ IDPLO\ DQG IULHQGV DUH WKH VDPH ZD\´ .RSDOVNL VDLG
JXHVWVRIWKH*UHHQ%HOW0RYHPHQW UHVXOWRIWKHUHFHVVLRQ ³%HIRUH , FDPH WR 'H3DXO , DWWHQGHG D FRPPXQLW\ FROOHJH
7KH *UHHQ %HOW 0RYHPHQW *%0  ³0RQH\ LV WLJKW DQG , QHHG WR VDYH LW VR , FDQ SD\ RII P\ EHFDXVH,ZDQWHGWRVDYHPRQH\´
LV DQ RUJDQL]DWLRQ ZKRVH PLVVLRQ LV WR ORDQV´ VDLG .DULVKPD 5LPDQ D IUHVKPDQ PDMRULQJ LQ ELRORJ\ :KHQ 0DUWLQ %HGQDUF]\N¶V IDWKHU ORVW KLV MRE KH GLG QRW
³PRELOL]H FRPPXQLW\ FRQVFLRXVQHVV ³'XHWRWKHFKDQJHV,GRQRWJRVKRSSLQJDVRIWHQEHFDXVH,DP OHW LW VWRS KLP IURP FRPLQJ WR 'H3DXO ³, VWLOO ZHQW WR FROOHJH
IRU VHOIGHWHUPLQDWLRQ HTXLW\ LPSURYHG VDYLQJ PRQH\ IRU HYHU\GD\ QHFHVVLWLHV´ VDLG 5LPDQ ZKR QRZ EHFDXVH , NQHZ KRZ LPSRUWDQW LW ZDV IRU IXWXUH VXFFHVV´
OLYHOLKRRGVDQGVHFXULW\DQGHQYLURQPHQWDO VSHQGVPRUHWLPHFRRNLQJGLQQHUDWKRPHLQVWHDGRIJRLQJRXWRQ %HGQDUF]\NVDLG1RZDIUHVKPDQZLWKDQXQGHFLGHGPDMRUKH
FRQVHUYDWLRQ´ DFFRUGLQJ WR *%0¶V ZHHNHQGV5LPDQVDLGWKHUHFHVVLRQFKDQJHGKHUGULYLQJKDELWV VDLG³,ZDQWHGWRPDMRULQEXVLQHVVEXWGXHWRWKHUHFHVVLRQ,DP
KRPHSDJH DQG WKDW VKH RQO\ GULYHV ZKHQ DEVROXWHO\ QHFHVVDU\ EHFDXVH RI TXHVWLRQLQJP\FKRLFH´
1RWIDUIURP.DUHQLV.LEHUDWKHODUJHVW WKHKLJKJDVSULFHV $OWKRXJK%HGQDUF]\NLVQRZTXHVWLRQLQJKLVPDMRUDVDUHVXOW
VOXPLQ.HQ\DDQGDUJXDEO\WKHODUJHVWLQ 6WHSKDQLH .RSDOVNL D VRSKRPRUH PDMRULQJ LQ KLVWRU\ DOVR RIWKHUHFHVVLRQKHVDLGWKDWKLVOLIHGLGQ¶WFKDQJHWRRPXFKDQG
DOORI$IULFD.LEHUDLVDFRPPXQLW\PDGH DGGHG³,VWLOOJRRXWDQGKDYHIXQ´
RIWLQURRIHGVKDFNVSRRUVDQLWDWLRQDQGLV
WKHKRPHRIWRRQHPLOOLRQSHRSOH
'H3DXO VWXGHQWV VSHQW D GD\ LQ .LEHUD
ZLWK FKLOGUHQ IURP 5HG 5RVH 6FKRRO (',725,$/
7KH\ WDONHG ZLWK VWXGHQWV DQG WHDFKHUV

)LQGLQJDGMXVWPHQWLQ0H[LFR
PDGHDFWLYLW\ERRNVZLWKWKHFKLOGUHQDQG
GRQDWHGVXSSOLHVWRWKHVFKRRO
³, ORYHG .LEHUD DQG EHLQJ DW 5HG 5RVH
6FKRRO´ 'HYLQ 0H\HU VDLG  ³'HVSLWH WKH
GHVWLWXWHORRNRIWKLQJVWKHSHRSOHDUHUHDOO\ IHPDOHZKRGRHVQ¶WWDNHZHOOWREHLQJ &DQDGLDQXQLYHUVLWLHVVHQGLQJVWXGHQWV
JHQXLQH DQG VLQFHUH  7KH NLGV WKHUH DUH
%\0$5*$5(77+203621
FHDVHOHVVO\RJOHGE\WKHORFDOVWKLV DEURDG,VHHKHUWKHPRVWRXWRIDOO
VR DPELWLRXV GHVSLWH WKHLU FLUFXPVWDQFHV´ SUREDEO\LVQ¶WWKHSODFHIRU\RX P\KRVWVLEOLQJVDQGVKHVSHDNVIOXHQW
VKHVDLG 8SRQOLYLQJLQ0pULGDMXVWRYHU
DZHHNP\6SDQLVKKDVLPSURYHG 2QWKHOLVWRITXDJPLUHV,KDYH\HW (QJOLVKEHFDXVHRIKHUZRUN
0H\HUVDLGVKHDQWLFLSDWHGDJUHDWGLYLGH WRVROYHLVILJXULQJRXWDSROLWHZD\ 3DWULFLRUHFHQWO\JUDGXDWHGIURP
RIUHVRXUFHVDPRQJWKHSHRSOHRI.HQ\D WHQIROG,ILQGP\VHOIVD\LQJ³/R
VLHQWRQRHQWLHQGR«´ ,¶PVRUU\, WRWHOOP\KRVWPRWKHUWKDWWKHUHLVQR DORFDOXQLYHUVLW\ZKHUHKHVWXGLHG
³,H[SHFWHGWKHUHWREHDORWRISRYHUW\ KRWZDWHULQP\EDWKURRPWKDWWKHUH PDUNHWLQJ+HLVFXUUHQWO\WLUHOHVVO\
DQG D ORW RI ULFK SHRSOH , GLGQ¶W H[SHFW GRQ¶WXQGHUVWDQG DERXWKDOIDVRIWHQ
DV,ZDVPHUHGD\VDJR,DPDEOHWR LVDFRORQ\RISRVVLEO\FDUQLYRURXV ORRNLQJIRUZRUN\HWKHDOZD\V
WKHUH WR EH VXFK D VWURQJ PLGGOH FODVV´ DQWVOLYLQJLQP\EHGURRPRUWKDW, HQRXJKIUHHWLPHWRWHOOPHZKHUHDOO
0H\HUVDLG FRQILGHQWO\WHOOSHRSOHJRRGPRUQLQJ
JRRGDIWHUQRRQDQGJRRGQLJKWZLWKRXW ZRXOGOLNHDOLWWOHPRUHWKDQULFHDQG WKHEHVWGLVFRWHFDVDUH DQGDSSHDUVWR
:KLOH .HQ\D LV HVWLPDWHG WR KDYH D OHWWXFHIRUGLQQHUVRPHWLPHV 'LQQHUV IUHTXHQWWKHPQLJKWO\ 
 SHUFHQW XQHPSOR\PHQW UDWH VWXGHQWV ZRQGHULQJLI,VDLGVRPHWKLQJZURQJ
DQGHYHQZKHQ,¶PRQWKHSKRQHZLWK DUHTXLWHVPDOOKHUHDFURVVWKHERDUG ,VHH3DXOLQDWKHOHDVWRXWRIWKH
OHDUQHG WKDW SHRSOH ZKR ODFN PRQH\ FDQ OXQFKLVWKHPDLQHYHQWLQPRVWRI WKUHH²VKHOHDYHVIRUZRUNEHIRUH,
VWLOOEHULFKLQRWKHUUHVRXUFHV IULHQGVDQGIDPLO\LQWKH6WDWHV,ILQG
P\VHOIDFFLGHQWDOO\VD\LQJ³Vt´LQVWHDG /DWLQ$PHULFDDQG6SDLQ  ZDNHLQWKHPRUQLQJVDQGUHWUHDWV
³7KH\ZHUHFRPSOHWHO\KDSS\MXVWZLWK 6SHDNLQJRIP\KRVWPRWKHU XSVWDLUVEHIRUH,KDYHWLPHWRWDON
ZKDW WKH\ KDG´ -DFO\Q 7DEEHUW D MXQLRU RI³\HV´DQG³SRUTXH´LQVWHDGRI
³EHFDXVH´ KHUQDPHLV0DULD/XFLDDQGVKH ZLWKKHUDQ\RWKHUWLPHRIWKHGD\,W
SV\FKRORJ\ VWXGHQW 7KH 'H3DXO VWXGHQWV LVWKHQLFHVWPRVWKHOSIXO0H[LFDQ VHHPVWKDW0DULD/XFLDDVP\SULPDU\
ZKR WUDYHOHG WR .HQ\D VDLG WKHLU RXWORRN ,¶PDEOHWRJHWIURPSRLQW$WRSRLQW
%ZLWKUHODWLYHDVVXUDQFHXVLQJWKHEXV ZRPDQWKDW,KDYHPHWWKXVIDULQ FDUHWDNHULVWKHRQO\RQHZKRWDNHV
RQVHUYLFHDQGFRPPXQLW\KDVEHHQDOWHUHG 0pULGD6KHLVSDWLHQWZLWKPHDVZH PXFKQRWLFHRIPH,FDQKDUGO\EODPH
IURPVWXG\LQJDEURDG V\VWHP,NQRZKRZWRDVNVRPHRQH
IRUKHOSLI,JHWORVWDQG,NQRZ DWWHPSWWRFRQYHUVHLQ6SDQLVKRYHU WKHNLGVIRUWKHLUODFNRILQWHUHVWLQ
³7KH ZD\ , UHODWH WR RUJDQL]DWLRQV KDV EUHDNIDVWDWDPVKHJLYHVPH DWWHPSWLQJWRVSHDN6SDQLVKZLWKPH²
FKDQJHG EHFDXVH RI WKLV H[SHULHQFH´ VDLG KRZPDQ\SHVRVD&RURQDFRVWVRQ
7KXUVGD\QLJKWVDW(O&XPEDQFKHUR GLUHFWLRQVHYHU\ZKHUH,QHHGWRJR WKHIDPLO\KDVEHHQKRVWLQJVWXGHQWV
0H\HU  ³7KHUH DUH ZD\V WR SXW PRQH\ DQG²FKDQQHOLQJWKHVSLULWRIP\UHDO IURPWKH86DQG&DQDGDIRURYHU
GLUHFWO\ LQWR WKH KDQGV RI WKH SHRSOH ZKR WKHORFDOVDOVDEDU
,NQRZWKDWZKHQ\RX¶UHKRW\RX PRWKHU²VKHZLOOQRWOHWPHOHDYHWKH ILIWHHQ\HDUV
ZLOO EH XVLQJ LW  , ZDQW WR PDNH VXUH KRXVHLIP\VKRUWVDUHWRRFRUWR 7DNH $VP\VHFRQGZHHNLQ0pULGD
ZKHQ,JLYHPRQH\RUWLPH,ZDQWLWWRJR DOZD\VZDQWWRVD\\RX¶UHFDORU
QRWFDOLHQWH XQOHVV\RXDUHLQ DJXHVVDWWKDWRQH  GUDZVWRDFORVH,FDQDOUHDG\WHOO
GLUHFWO\ WR WKH FRPPXQLW\ UDWKHU WKDQ D 0DULD/XFLDKDVWKUHHJURZQ WKDWWKHPRVWGLIILFXOWWDVNIDFLQJPH
KXJHRUJDQL]DWLRQOLNH81,&()´VKHVDLG IDFWFDOLHQWHZKLFKSUREDEO\LVQ¶W
VRPHWKLQJ\RXZDQWWRDGYHUWLVHRQ FKLOGUHQZKROLYHKHUHZLWKKHU² RQWKLVWULSZLOOQRWEHOHDUQLQJWKH
³7KHUH¶V D GLIIHUHQW ZRUOG RXWVLGH RI 3ULFLOOD3DWULFLRDQG3DXOLQD,Q ODQJXDJHRUZULWLQJWHQSDJHSDSHUVIRU
ZKHUH ZH DUH´ VDLG )ROH\  ³,I \RX JHW D WKHVWUHHW ,NQRZWKDWWKH<XFDWHFDQ
FXOLQDU\VSHFLDO³3ROOR3LELO´LVDVXUH WKLVFXOWXUHLWLVFXVWRPDU\WROLYHDW P\FODVVHVEXWUDWKHUGHFLGLQJZKLFK
OLWWOH XQFRPIRUWDEOH H[SORULQJ WKH RWKHU KRPHXQWLO\RXPDUU\3ULFLOODZRUNV RIWKHKXQGUHGVRIH[FLWLQJDFWLYLWLHV
SDUWV WKDW¶V JRRG  ,W¶V LPSRUWDQW WKDW \RX EHWDWPRVWUHVWDXUDQWVDQGWKDWLI\RX
DUHDQHDVLO\RIIHQGHG\RXQJ$PHULFDQ IRUDFRPSDQ\EDVHGLQ%RVWRQWKDW RIIHUHGWRYLVLWRUVRIWKH<XFDWDQ,FDQ
JHWRXWRI\RXUFRPIRUW]RQHLWPDNHV\RX VHOOVWUDYHOSDFNDJHVWR$PHULFDQDQG VTXHH]HLQWRWHQVKRUWZHHNV
VXFKDPRUHZHOOURXQGHGSHUVRQ´KHVDLG
7KH'H3DXOLD-DQXDU\

1DWLRQ :RUOG
1HZODZWDUJHWV,OOLQRLVSROLWLFV
%\1$7$/,(),&(. RQHRI¿YHVWDWHVLQZKLFKWKHUHZHUHQR 8QLYHUVLW\ PDMRULQJ LQ SROLWLFDO VFL
ERXQGDULHVIRUSROLWLFDOFRQWULEXWLRQV HQFH ZRUNHG RQ 2EDPD¶V FDPSDLJQ LQ
,OOLQRLV KDV EHHQ FDOOHG WKH ³ZLOG &RQWULEXWLRQV WR DOO FDQGLGDWHV E\ &LQFLQQDWL2KLR+LVSHUFHSWLRQRI
ZHVW´ EHFDXVH RI LWV XQUHJXODWHG SROLWL LQGLYLGXDOV KDYH QRZ EHHQ OLPLWHG WR D ,OOLQRLV EHIRUH FRPLQJ KHUH ZDV
FDOFDPSDLJQVWKDWHVFDODWHGWRXQIDLUDG PD[LPXP RI  SHU HOHFWLRQ %XVL WKDW LW ZDV QRW WKH FOHDQHVW
YDQWDJHV DQG GRPLQDWLRQ IRU WKH KLJKO\ QHVVHV DQG DVVRFLDWLRQV DUH OLPLWHG WR VWDWH LQ VHQVH RI SROL
VSRQVRUHGSROLWLFDOSDUWLHV+RZHYHUWKH  SHU FDQGLGDWH DQG SROLWLFDO DF WLFV ³7KLV ODZ ZRXOG
1HZ<HDUEHJDQZLWKDQHZVHWRIODZV WLRQ FRPPLWWHHV DUH OLPLWHG WR QR PRUH EH EHQH¿FLDO IRU WKH
LQ ,OOLQRLV WKDW ZLOO OLPLW WKH DPRXQW RI WKDQSHUFDQGLGDWH7KHLPSDFW YRWHUV EHFDXVH WKH
PRQH\WKDWFDQEHFRQWULEXWHGWRSROLWL RI WKLV OLPLWDWLRQ RI PRQH\ FRQWULEXWHG SHRSOHUDWKHUWKDQ
FDOFDQGLGDWHVDQGSROLWLFDODFWLRQFRP WR SROLWLFDO FDQGLGDWHV ZLOO EH DVVHVVHG EXVLQHVVHVDQGDV
PLWWHHV WR GHWHUPLQH IXWXUH SUHFDXWLRQV DQG UH VRFLDWLRQVZRXOG
7KLV LV D JRRG ¿UVW VWHS IRU OHVV FRU TXLUHPHQWVIRUHOHFWLRQV JDLQ PRUH
UXSWLRQLQ,OOVDLGSROLWLFDOVFLHQFHSUR %UXFH 1HZPDQ D 'H3DXO SURIHVVRU LQWHUHVW RQ
IHVVRU =DFKDU\ &RRN ³7KH ODZ PLJKW ZKR VSHFLDOL]HV LQ SROLWLFDO PDUNHWLQJ WKH SROLWL
KHOSSURWHFWKRQHVWEXVLQHVVHVIURPEH VDLG WKH QHZ ODZ ZLOO OHYHO WKH SOD\LQJ FDO FDQGL
LQJSUHVVXUHGE\SROLWLFDO¿JXUHVWRJLYH ¿HOG WR JLYH WKRVH WKDW GR QRW UHFHLYH G D W H V  ´
WKHP VLJQL¿FDQW FRQWULEXWLRQV LQ WKH VLJQL¿FDQWDPRXQWVRIPRQH\DIDLURS (YHUVVDLG
IRUPV RI EULEHV´ &RRN VDLG $OWKRXJK SRUWXQLW\ WR FRPSHWH LQ HOHFWLRQV 7KLV * R Y H U Q R U
WKH ODZ ZLOO EH YHU\ UHOHYDQW WR FDQGL ZLOO HQFRXUDJH WKH SROLWLFDO FDQGLGDWHV 3DWULFN 4XLQQ
GDWHV UXQQLQJ IRU JRYHUQRU &RRN VDLG WR IROORZ WKH ³2EDPD PRWWR´ RI XVLQJ VLJQHGWKHQHZOHJLVODWLRQ
WKH ODZ PD\ KDYH OLWWOH LPSDFW RQ XS WKH ,QWHUQHW WR FROOHFW FRQWULEXWLRQV KH LQWRODZRQ'HF&DQGL
FRPLQJ HOHFWLRQV EHFDXVH WKH FRQWULEX VDLG$FFRUGLQJWR1HZPDQWKLVPHWKRG GDWHV ZLOO EH UHTXLUHG WR
WLRQ OLPLWV DUH VWLOO UHODWLYHO\ KLJK IRU D ZLOO HQDEOH SROLWLFDO FDQGLGDWHV WR FRO ¿OH FDPSDLJQ H[
FDQGLGDWH OHFWPRQH\IURPPRUHSHRSOHUDWKHUWKDQ SHQGLWXUH DQG
'XULQJWKHHOHFWLRQV5RG FROOHFWLQJDVLJQL¿FDQWDPRXQWRIPRQH\ FRQWULEXWLRQ
%ODJRMHYLFK¶V FDPSDLJQ FROOHFWHG  IURPMXVWRQHRUJDQL]DWLRQ UHSRUWV HYHU\
PLOOLRQDQGKLVRSSRQHQW-XG\7RSLQND ³7KLV ODZ ZLOO DIIHFW SROLWLFDO SDUWLHV WKUHH PRQWKV
FROOHFWHG  PLOOLRQ 7KH QHZ ODZ EHFDXVH WKH FDQGLGDWHV ZLOO QRW UHO\ RQ LQVWHDGRIHYHU\
FRPHV DIWHU %ODJRMHYLFK
V DUUHVW LP RQH RUJDQL]DWLRQ IRU VXSSRUW DQG ZLOO VL[PRQWKV
SHDFKPHQW DQG LQGLFWPHQW RQ EORFN JDLQVXSSRUWIURPWKHSHRSOH´1HZPDQ
EXVWHU JRYHUQPHQW FRUUXSWLRQ FKDUJHV VDLG
'XULQJ %ODJRMHYLFK¶V HUD ,OOLQRLV ZDV 0LFKDHO (YHUV D MXQLRU DW 'H3DXO *UDSKLFVFRXUWHV\RI7KH$VVRFLDWHG3UHVV

8QDPHQWLUDLQQHFHVDULD (',725,$/

%\5$&+(/0(7($
1DWLRQ :RUOG(GLWRU VXHOH XWLOL]DU SDUD V X
SHUVRQDVHQVXFRQGLFLyQ
6WXGHQWNLFNVRIIVWXG\DEURDG
/D 'HFHSFLyQ \ ODV (Q UHVSXHVWD D HVWD
%\0$5*$5(77+203621 LWZDVWUXO\DQXUEDQUDLQIRUHVW,GLGQ¶W
SDVWLOODV IDOVDV VH KDQ SUiFWLFD TXH ³YLROD ORV
UHDOL]HKRZDFFXVWRPHG,ZDVWRQHXWUDO
XWLOL]DGR GXUDQWH PXFKR SULQFLSLRV pWLFRV´ OHD VX
FRORUHG EXLOGLQJV LQ WKH 6WDWHV (YHU\
WLHPSRSRUPXFKRVPpGLFRV LQIRUPHORVLQYHVWLJDGRUHV 7KHWKHUPRPHWHURXWVLGHWKHNLWFKHQ VWUXFWXUH LQ 0pULGD VHHPHG WR EH D
FXDQGR QHFHVLWDEDQ FXUDU GH 2VKHU &HQWUR GH ZLQGRZ UHDG WHQ GHJUHHV EHORZ ]HUR XQLTXHFRORU±EULJKWRUDQJHEDE\EOXH
D VXV SDFLHQWHV &RQRFLGR 0HGLFLQDGH+DUYDUGGHOD \HVWHUGD\PRUQLQJ%\WKHWLPH,DUULYHG DQG OLPH JUHHQ ZHUH FRPPRQSODFH
FRPR HO HIHFWR SODFHER (VFXHOD GH ,QYHVWLJDFLyQ DWWKH'HQYHU,QWHUQDWLRQDO$LUSRUWP\ 'HVSLWH WKH IRUHLJQ QDWXUH RI WKH
ORV SDFLHQWHV OOHJDQ D \ %HWK ,VUDHO 'HDFRQHVV IHHW ZHUH VORZO\ UHJDLQLQJ FLUFXODWLRQ DUFKLWHFWXUH DQG ODQGVFDSH PDQ\
VHQWLUVH PHMRU D WUDYpV 0HGLFDO&HQWHUDQDOL]DURQ LQVLGH P\ VQRZFRYHUHG EODFN IODWV ± EXLOGLQJVZHUHDGRUQHGZLWK&KULVWPDV
GH OD FUHHQFLD GH TXH VH VL HV SRVLEOH REWHQHU WKH RQO\ FORVHGWRHG VKRHV WKDW ZRXOG GHFRUDWLRQV DQG D JLDQW &KULVWPDV WUHH
WRPy XQ PHGLFDPHQWR EHQHILFLRV GHO HIHFWR EH PDNLQJ WKH WULS WR 0pULGD 0H[LFR ZDVVLWXDWHGLQWKHFHQWHURIHO3DVHRGH
UHDO 3HUR DKRUD OD QXHYD SODFHERGHPDQHUDKRQHVWD ZLWKPH 0RQWHMR0pULGD¶VPDLQVWUHHW
LQYHVWLJDFLyQ VXJLHUH TXH (O HVWXGLR GLYLGLy D  , KDGQ¶W IHOW VXFK D SX]]OLQJ ,VOHSWOLNHDURFNZKHQZHJRWEDFN
HVWH PpWRGR IXQFLRQD SDFLHQWHVFRQVtQGURPHGH FRPELQDWLRQRIDQ[LHW\DQGH[FLWHPHQW WRWKHKRWHODQGZRNHXSWKLVPRUQLQJ
LQFOXVR FXDQGR ORV LQWHVWLQR LUULWDEOH 6,,  HQ VLQFH OHDYLQJ *UHHOH\ &RORUDGR IRU HDJHU WR VHH 0pULGD LQ WKH GD\OLJKW
SDFLHQWHV VDEHQ TXH HVWiQ GRV JUXSRV XQ JUXSR IXH 'H3DXO D \HDU DQG D KDOI DJR , ZDV %HIRUHOHDYLQJWKHKRWHO,EUXVKHGP\
WRPDQGR PHGLFDPHQWRV LQIRUPDGRTXHODVSDVWLOODV WU\LQJ KDUG WR IRFXV RQ WKH HVVHQWLDOV WHHWKZLWKERWWOHGZDWHU±WKHDPRHEDV
SODFHER TXH WRPDEDQ GRV YHFHV DO ± FKHFN EDJV JHW ERDUGLQJ SDVV GRQ¶W LQ WKH WDS ZDWHU GRQ¶W WDNH ZHOO WR
/D IDOWD GH KRQUDGH] GtD HUDQ StOGRUDV ³IDOVDV´ GURS LW HWF ± EXW WKLV ZDV EHFRPLQJ JULQJRV
HQ HO XVR GH SODFHERV FRQ PLHQWUDV TXH HO RWUR LQFUHDVLQJO\ GLIILFXOW GXH WR WKH QRQ 'XULQJ RXU EXV WRXU WKHUH ZDV QR
ORV SDFLHQWHV IXH UHYHODGR JUXSR QR UHFLELy QLQJ~Q SODFHER GLMR 'U 7HG VWRS EDUUDJH RI TXHVWLRQV UXQQLQJ KLGLQJ WKH IDFW WKDW , ZDV QHZ WR WKH
SDUD TXH ORV PpGLFRV GH WUDWDPLHQWR .DSWFKXN SURIHVRU WKURXJK P\ KHDG :KDW LI DOO RI P\ FLW\,VQDSSHGSKRWRVFHDVHOHVVO\IURP
((88 SXHGDQ XVDUOR 'HVSXpV GH WUHV DVRFLDGR GH PHGLFLQD HQ FODVVHV ZHUH WDXJKW LQ 6SDQLVK" 0L EHJLQQLQJ WR HQG OLNH D NLG LQ D FDQG\
FRP~QPHQWH GH XQD VHPDQDV FDVL HO GREOH +DUYDUG 0HGLFDO 6FKRRO HVSDxRO HV PX\ WHUULEOH«  :KDW LI , VWRUH (YHU\ EXLOGLQJ ZDV XQLTXH
PDQHUD pWLFD \ SHUPLVLEOH GH SDFLHQWHV WUDWDGRV \ %HWK ,VUDHO 'HDFRQHVV VOHSW LQ D KDPPRFN WLHG WR WZR SDOP HYHU\ SOD]D ZDV ILOOHG ZLWK EHDXWLIXO
VHJ~Q VH HQFXHQWUD HQ XQ FRQ SODFHER SUHVHQWy XQ 0HGLFDO &HQWHU 6LQ WUHHV DQG GUDQN QRWKLQJ EXW FRFRQXW PRQXPHQWV DQG LW VHHPHG OLNH HYHU\
HVWXGLR SXEOLFDGR HQ HO DGHFXDGR DOLYLR GH ORV HPEDUJR D SHVDU GH PLON":KDWLIP\KRVWIDPLO\ZDVSDUW RWKHU FDU RQ WKH URDG ZDV DQ ROG
%ULWLVK 0HGLFDO -RXUQDO VtQWRPDV HQ FRPSDUDFLyQ TXH ODV SDVWLOODV IXHURQ RI VRPH 0D\DQ FXOW LQ ZKLFK DQFHVWRU IDVKLRQHG9:%XJ,JUHZLQFUHDVLQJO\
HQ HO  $OUHGHGRU GH FRQ DTXHOORV TXH QR DGPLQLVWUDGDV D ORV ZRUVKLSDQGKXPDQVDFULILFHZHUHVWLOO H[FLWHGDQGQHUYRXVDVWKHWRXUGUHZWR
OD PLWDG GH ORV PpGLFRV UHFLELHURQ HO WUDWDPLHQWR SDFLHQWHV HQ XQD ERWHOOD FXVWRPDU\" DFORVH±PHHWLQJRXUKRVWIDPLOLHVZDV
HVWDGRXQLGHQVHV LQIRUPy $GHPiV ORV SDFLHQWHV TXH GHFtD ³SODFHER´ HQ 8SRQ DUULYLQJ LQ 0pULGD , ZDV KLW WKHQH[WVFKHGXOHGHYHQW
ODSUHVFULSFLyQGHSODFHERV TXH WRPDURQ HO SODFHER WRGD VX VXSHUILFLH VH OHV E\ D EODQNHW RI ZDUP IUHVK KXPLG :H DUULYHG EDFN DW WKH KRWHO LQ WKH
HQ OXJDU GH OD PHGLFLQD GXSOLFDURQ VXV WDVDV GH GLMR TXH OD GURJD KDEtD DLU 7KHUH¶V QRWKLQJ TXLWH OLNH \RXU DIWHUQRRQZKHUHRXUKRVWPRWKHUVZHUH
DFWXDO \ VREUH XQD EDVH PHMRUD HQ XQ JUDGR PiV VLGR GHPRVWUDGD HQ ILUVW EUHDWK LQ WKH WURSLFV 0\ FORWKHV WR SLFN XV XS DQG WDNH XV WR RXU QHZ
UHJXODU 6HJ~Q HO HVWXGLR R PHQRV HTXLYDOHQWH HQVD\RV FOtQLFRV ULJXURVRV LPPHGLDWHO\ IHOW WRR KHDY\ DQG HYHU\ ³FDVDV´ 2XU UHVLGHQW GLUHFWRU &ODXGLD
ORV PpGLFRV TXH XWLOL]DQ DO GH ORV HIHFWRV GH ORV SDUD SURGXFLU LPSRUWDQWHV RGRULQP\VXUURXQGLQJVZDVHQKDQFHG &KDSDVPHWXVLQWKHOREE\³$UH\RX
WUDWDPLHQWRV FRQ SODFHER PHGLFDPHQWRV PiV SURFHVRV GH DXWRFXUDFLyQ 0\VNLQIHOWPRLVWDOORYHUDQG,FRXOGQ¶W UHDG\WRPHHW\RXUKRVWPRWKHUV"´VKH
OR GHVFULEHQ FRP~QPHQWH SRWHQWHVSDUDHO6,, HQPHQWHFXHUSR LPDJLQHHYHUDSSO\LQJORWLRQDJDLQ DVNHG
FRPR XQ PHGLFDPHQWR /RV LQYHVWLJDGRUHV (YHQ DW QLJKW WKH FRORUV RI WKH 7KDW¶VDOO,KDYHWLPHWRZULWHIRUQRZ
SRWHQFLDOPHQWHEHQHILFLRVR GHMDURQ ³DEVROXWDPHQWH )RUDWUDQVODWLRQRIWKLV FLW\ZHUHVWXQQLQJ7KHWHUP³FRQFUHWH 6WD\ WXQHG 'H3DXO IRU PRUH DUWLFOHV
SDUDORVSDFLHQWHVRFRPR FODUR´ D ORV SDUWLFLSDQWHV DUWLFOHJRWR MXQJOH´WRRNRQDZKROHQHZPHDQLQJ± IURP0pULGDVRRQ$GLRVDPLJRV
XQ WUDWDPLHQWR TXH VH TXH HVWDEDQ UHFLELHQGR
GHSDXOLDRQOLQHFRP
WUDWDPLHQWRFRQSDVWLOODV
7KH'H3DXOLD1RYHPEHU

1DWLRQ :RUOG
3DLQDQGRSSUHVVLRQ /D
/W'DQ&KRLVKDUHVKLVWKRXJKWV 3UHVLGHQWD
RQ'RQ
W$VN'RQ
W7HOO
FOHLQ7KH1DWLRQDO'HIHQVH8QL ([JXHUULOOHUDVHYROYLy
%\.$75,1$.23(&.
YHUVLW\ 3UHVV ³7KH -RLQW )RUFH ODSULPHUDPXMHU
,DPJD\ 4XDUWHUO\´ UHDGV ³DIWHU D FDUHIXO SUHVLGHQWHGH%UDVLO
7KHVHWKUHHZRUGVKDYHFKDQJHG H[DPLQDWLRQWKHUHLVQRVFLHQWL¿F
WKH OLIH DQG FDUHHU RI:HVW 3RLQW HYLGHQFHWRVXSSRUWWKHFODLPWKDW
%\5$&+(/0(7($
$FDGHP\ JUDGXDWH ,UDT YHWHUDQ XQLW FRKHVLRQ ZLOO EH QHJDWLYHO\
1DWLRQ :RUOG(GLWRU
DQG$UDELFOLQJXLVW/W'DQ&KRL DIIHFWHG LI KRPRVH[XDOV VHUYH
&KRL  VSRNH WR D FURZG RI RSHQO\´ 8QDH[UHEHOGHPDU[LVWDTXH
'H3DXO VWXGHQWV IDFXOW\ DQG ³,GRQ¶WNQRZZKDWWKHKHOOXQLW IXH HQFDUFHODGD \ WRUWXUDGD
QHLJKERUVRQ2FWDERXWEHLQJ FRKHVLRQLV´&KRLVDLG+HVDLG GXUDQWH OD GLFWDGXUD PLOLWDU
RSHQO\ JD\ LQ WKH$UP\ DQG WKH VRPH SHRSOH EHOLHYH WKH LGHD RI GH %UDVLO 'LOPD 5RXVVHII VH
UHSHUFXVVLRQVRIEHLQJKRQHVW VKRZHULQJ WRJHWKHU FRXOG FUHDWH FRQYLUWLy HQ OD SULPHUD PXMHU
&KRL LV DPRQJ WKH  VHU WHQVLRQ HQ OOHJDU D OD SUHVLGHQFLD HQ
YLFHPHQ DQG ZRPHQ ZKR KDYH ³:K\DUH\RXDIUDLGRIJD\SHR OD KLVWRULD GH %UDVLO HO  GH
EHHQ ¿UHG XQGHU WKH 'RQ¶W $VN SOHLQWKHVKRZHU"<RXMXVWFDPH 1RYLHPEUH
'RQ¶W 7HOO SROLF\ WKDW 3UHVLGHQW EDFNIURP,UDT´KHVDLG 6X SUHVLGHQFLD KD VLGR XQ
2EDPDKDVSURPLVHGWRUHSHDO $FFRUGLQJ WR 6HUYLFHPHPEHUV FDPELR GHVGH TXH IXH PLHP
³:KHQ,IHOOLQORYHIRUWKH¿UVW /HJDO 'HIHQVH 1HWZRUN ³7KH EURDFWLYRGHXQJUXSRDUPDGR
WLPHWKDW¶VZKHQ,IHOWWKHSDLQRI \RXQJHU JHQHUDWLRQV WKRVH ZKR PDU[LVWD
'RQ¶W$VN'RQ¶W7HOO´&KRLVDLG ¿JKW$PHULFD
VVWFHQWXU\ZDUV 'HVSXpV GH VHU LQLFLDGD HQ
&UHDWHG LQ  'RQ¶W $VN ODUJHO\ GRQ
W FDUH DERXW ZKHWKHU ODV SROtWLFDV GHO PDU[LVPR
'RQ¶W7HOO '$'7 PDQGDWHVWKH VRPHRQHLVJD\RUQRW²DQGWKH\ 5RXVVHII D\XGy D FRQVWUXLU
GLVFKDUJH RI RSHQO\ JD\ OHVELDQ GRQRWOLQNMRESHUIRUPDQFHZLWK XQDGHODVWDQWDVRUJDQL]DFLR
DQG ELVH[XDO VHUYLFH PHPEHUV VH[XDORULHQWDWLRQ´ QHV JXHUULOOHUDV WUDWDQGR GH
8QGHUWKLVODZDVHUYLFHPHPEHU 'H3DXO QHLJKERUV -RQ 3RUWHU GHUURFDU DO JRELHUQR 'XUDQWH
FDQ EH GLVFKDUJHG LI WKH\ PDNH  DQG$QQLH 6DOD]DU  KHDUG HVWHWLHPSR5RXVVHIISDVyWUHV
WKHLU VH[XDO RULHQWDWLRQ NQRZQ DERXW WKH HYHQW WKURXJK )DFH DxRVHQSULVLyQ
$FFRUGLQJ WR WKH &RQJUHVVLRQDO ERRN6DOD]DUVDLGVKHFDPHWRWKH $KRUD VLHQGR XQD SROtWLFD
5HVHDUFK 6HUYLFH D WKLUG SDUW\ HYHQWWREHPRUH LQYROYHGLQWKH FRQVHUYDGRUD 5RXVVHII HV OD
FDQ³RXW´DVHUYLFHPHPEHULIKH JD\ ULJKWV PRYHPHQW DQG 3RUWHU SULPHUD PXMHU HQ RFXSDU HO
GRHVVRXQGHURDWK ZDQWHG WR FRQWLQXH KLV LQYROYH FDUJR FRPR SUHVLGHQWD HQ OD
&KRL FDPH RXW RQ 061%&¶V PHQW KLVWRULDGHOSDtV
³,¶P YHU\ DFWLYH LQ ¿JKWLQJ IRU 3KRWRFRXUWHV\RI7KH$VVRFLDWHG3UHVV
³7KH 5DFKHO 0DGGRZ 6KRZ´ 5RXVVHII TXH REWXYR HO 
RQ 0DUFK    7KH $UP\ HTXDOLW\IRUDOO´3RUWHUVDLG+H ³,I \RX GRQ¶W WKLQN \RX¶UH OLYLQJ KLVWRU\ \RX QHHG WR ZDNH SRUFLHQWRHQFRPSDUDFLyQFRQ
WKHQGLVFKDUJHGKLPDVKHZDVLQ VDLGKHIROORZV&KRLLQKLVPHGLD XS´ VDLG 'DQ &KRL DQ ,UDT :DU YHWHUDQ ZKR ZDV GLV HOSRUFLHQWRGHVXULYDOVH
YLRODWLRQ RI '$'7 E\ PDNLQJ D SUHVHQFH DV &KRL LV ³WKH IDFH RI FKDUJHG IURP WKH PLOLWDU\ LQ -XO\ EHFDXVH KH DQQRXQFHG FRPSURPHWLy D GHVKDFHUVH GH
SXEOLF DQQRXQFHPHQW RI KLV KR WKH JD\ ULJKWV PRYHPHQW ULJKW ODSREUH]DHQ%UDVLO\SURPRY
QRZ´ SXEOLFO\WKDWKHZDVJD\/W&KRLVSRNHDW'H3DXORQ2FW
PRVH[XDOLW\+HUH&KRLKDGWZR HUODLJXDOGDGGHJpQHUR
FKRLFHV KH FRXOG DFFHSW KLV WHU 7KURXJKRXW KLV VSHHFK &KRL  ³6t XQD PXMHU SXHGH VHU
PLQDWLRQ DQG UHFHLYH DQ ³KRQRU HQFRXUDJHG KLV OLVWHQHUV WR WDNH GH¿QLWHO\ PRUH YRFDO DERXW P\ GHQW RI WKH +XPDQ 5LJKWV &DP SUHVLGHQWH´GLMRSRFRGHVSXpV
DEOHGLVFKDUJH´RU¿JKWLWDQGUH DFWLRQ LQ WKHLU OLYHV DQG FRPPX RSLQLRQV DIWHU KHDULQJ /W &KRL SDLJQ VDLG LV ³D WUDFN UHFRUG RI GHVHUHOHJLGRSUHVLGHQWH
FHLYHD³GLVKRQRUDEOHGLVFKDUJH´ QLWLHV VSHDN´ RSSRVLQJJD\ULJKWVLQLWLDWLYHV´ 5RXVVHII KDEOy HQ FRQWUD GH
+HFKRVHWR¿JKW +H VDLG WKHUH DUH WZR W\SHV RI 'XULQJKLVVSHHFK&KRLKDGWKH &KRL VDLG KH VKRZV QR OR\DOW\ ODODSLGDFLyQHIHFWXDGDHQ,UiQ
³,IZHZDQWWRKDYHDQ\WKLQJDV KRPRSKRELFSHRSOHWKHORXGKR DXGLHQFHVWDQGXSDQGVD\³,DP WR DQ\ SDUWLFXODU SROLWLFDO SDUW\ HOPLpUFROHVGLFLHQGRTXHVHUtD
RSSUHVVHGSHRSOHZHVKRXOGQHY PRSKREHV ZKR VKURXG ZRUGV LQ VRPHERG\´ RYHU DQG RYHU  +H WKRXJK JD\ULJKWV DFWLYLVWV DUH EiUEDURVLXQDPXMHUHQ,UiQ
HUZDLW´VDLG&KRL+HVDLGWKDW UHOLJLRQDQGWHOHYLVLRQDQGWKHVL VDLG WKLV ZDV QRW IRU WKH SHRSOH WUDGLWLRQDOO\'HPRFUDW IXHVHHMHFXWDGDSRUDGXOWHULR
DIWHU2EDPDZDVHOHFWHGWKHJD\ OHQWKRPRSKREHVWKDWDUHWKHE\ ZKRZHUHVD\LQJLWEXWVRVRPH ³, ZDV ERUQ JD\ , ZDVQ¶W ERUQ (Q  $VKWLDQL 6DNLQHK
FRPPXQLW\ZDVWROGWRZDLWDQG VWDQGHUVLQIUDWHUQLWLHVDQGVSRUWV RQH HOVH FRXOG KHDU WKHP VD\ LW 'HPRFUDW´&KRLVDLG 0RKDPPDGL IXH GHFODUDGD
WKDWWKH\ZHUHFUHDWLQJFRQÀLFW WHDPV WKDW KHDU ³WKDW¶V VR JD\´ DQGIHHOOLNHWKH\ZHUHVRPHERG\ $QDUWLFOHLQWKH+XI¿QJWRQ3RVW FXOSDEOH GH DGXOWHULR \ FRQ
³:H GLGQ¶W VWDUW WKH FRQÀLFW´ DQGGRQ¶WVD\DQ\WKLQJ/RXGRU WRR VDLGWKDWWKLVDQJHUDWWKHODFNRI GHQDGD D PXHUWH (Q DJRVWR
&KRLVDLG³7KHFRQÀLFWLVDOUHDG\ VLOHQWWKHUHVXOWLVWKHVDPH&KRL /DVW ZHHN¶V PLGWHUP HOHFWLRQV SURJUHVV LQ '$'7 KDV FDXVHG %UDVLO RIUHFLy SURYHHU D\XGD
WKHUH ZKHQ \RX FDQQRW GRQDWH VDLG SURYHG FKDOOHQJLQJ WR JD\ULJKWV VRPH SHRSOH ZKR XVXDOO\ YRWH D OD PXMHU SDUD VDOYDUOD ,UiQ
EORRGDGRSWFKLOGUHQRUJHWPDU &KRL VDLG WKDW HYHU\RQH VKRXOG DFWLYLVWVOLNH&KRL&RQJUHVVORVW 'HPRFUDW WR FKDQJH RU ZLWKKROG UHFKD]yODRIHUWD
ULHG´ EH DFWLYH ZKHQ WKH\ ZLWQHVV DIHZNH\VXSSRUWHUVRIJD\PDU WKHLUYRWH
2QH RI WKH UHDVRQV '$'7 ZDV VHHPLQJO\LQQRFHQWDFWVOLNHWKLV ULDJHDQGWKH*23JDLQHGFRQWURO ³,I \RX GRQ¶W WKLQN \RX¶UH OLY )RUDWUDQVODWLRQRIWKLVDUWLFOH
RULJLQDOO\ HQDFWHG ZDV WR HQVXUH )UHVKPDQ SV\FKRORJ\ VWXGHQW RI WKH +RXVH RI 5HSUHVHQWDWLYHV LQJKLVWRU\\RXQHHGWRZDNHXS´ JRWRGHSDXOLDRQOLQHFRP
³XQLWFRKHVLRQ´+RZHYHUDQDUWL 5HEHFFD 0DWUDV VDLG ³, ZLOO EH ZLWK ZKDW -RH 6ROPRQHVH SUHVL &KRLVDLG

3ROLWLFDO KHDW EHWZHHQ WKH 'H *HRUJH : %XVK RQO\ FUHDWHG $FFRUGLQJWR'XQKDPWKHFRQWUR
3DXO &ROOHJH 5HSXEOLFDQV DQG WKUHHPLOOLRQMREVZLWKWD[FXWV YHUV\RYHU6%LVDQLVVXHRI
'HPRFUDWVDURVHRQ2FWZKHQ (ULF 7DPHUODQL '&'  WRRN RQ ORFDODXWKRULWLHVQRWEHLQJDEOHWR
WKH\ GHEDWHG WKH %XVK WD[ FXWV $UL]RQD¶V LPPLJUDWLRQ HQIRUFH PDNHWKHLURZQGHFLVLRQVRYHUWKH
+($7(' WKH$UL]RQDLPPLJUDWLRQODZDQG
2EDPD¶VVWLPXOXVSDFNDJH
PHQWODZ6%+HVDLGLWLVLQ
YLRODWLRQ RI WKH &RQVWLWXWLRQ DQG
PDWWHU 'XUKDP DVNHG ³$UH \RX
LQ IDYRU RI HQIRUFLQJ $PHULFD¶V

&/$6+ 7KH H[SDQVLRQ RI WKH %XVK 7D[


&XWV ZDV GHEDWHG E\ .HYLQ &ULW
ZLOOUHTXLUH86FLWL]HQVWRVKRZ
GRFXPHQWV RI FLWL]HQVKLS $IWHU
ODZVRUQRW"´
$FFRUGLQJ WR WKH ,PPLJUDWLRQ

2),'($6
WHQGHQD'H3DXO&ROOHJH5HSXE VD\LQJ WKDW WKH ODZ GRHV QRW DS 3ROLF\ &HQWHU 6% UHTXLUHV
OLFDQ '&5 PHPEHUDQG5REHUW SO\WR0H[LFDQVDQGWKDWWKHSURE VWDWH DQG ORFDO ODZ HQIRUFHPHQW
)ROH\WKHSROLWLFDOGLUHFWRURI'H OHPLVLQ0H[LFR7DPHUODQLVDLG DJHQFLHVWRFKHFNWKHLPPLJUDWLRQ
3DXO&ROOHJH'HPRFUDWV '&'  ³7KH GUXJ FDUWHOV LQ 0H[LFR DUH VWDWXVRILQGLYLGXDOVLWHQFRXQWHUV
&ULWWHQGHQZKRZDVLQIDYRURI WKHUHDVRQZK\0H[LFDQVFRPHWR DQGPDNHVLWDVWDWHFULPHIRUQRQ
1DWLRQ
VFRQWURYHUVLHV WKH H[SDQVLRQ VDLG VPDOO EXVL $PHULFD´ FLWL]HQVWRIDLOWRFDUU\SURSHULP
QHVVHVZLOOGHFUHDVH¿QDQFLDOO\E\ +RZHYHU ZKLOH YLROHQFH DORQJ PLJUDWLRQGRFXPHQWDWLRQ
DQGFRQFHUQVGHEDWHGE\  SHUFHQW LI WKH WRS WZR SHUFHQW WKH ERUGHU KDV VLJQL¿FDQWO\ LQ 2EDPD¶V VWLPXOXV SDFNDJH ZDV
'H3DXO5HSXEOLFDQVDQG RI WKH XSSHU LQFRPH EUDFNHW LV FUHDVHG LQ VLJKW RI WKH GUXJ ZDU GHEDWHG E\ %UDQGRQ :HLFKHUW
'HPRFUDWV WD[HG ³5DLVLQJ WD[HV QRZ ZRQ¶W GDWDFROOHFWHGE\WKH3HZ+LVSDQ '&5  DQG 'DYLG (OOLV '&' 
EHDJRRGLGHDIRUEXVLQHVV´&ULW LF&HQWHUUHYHDOHGWKDWLOOHJDOLP (OOLVVDLGWKH5HFRYHU\$FWVDYHG
WHQGHQVDLG PLJUDWLRQ KDV DFWXDOO\ GHFUHDVHG PLOOLRQVRIMREVDQGJDYHDORWRI
)ROH\ GLG QRW DJUHH ³7KH %XVK E\SHUFHQWVLQFH3UHVLGHQW)H PRQH\WR&KLFDJRSXEOLFVFKRROV
WD[ FXWV VKRXOG H[SLUH´ KH VDLG OLSH&DOGHUyQGHFODUHG0H[LFRWR :HLFKHUWRQWKHRWKHUKDQGVDLG
%\52%(57&$5)$1* DIWHU FODLPLQJ WKDW WKH\ DGG WR EHLQDGUXJZDULQ ³6SHQGLQJ PRUH PRQH\ WKDW ZH
WKHGH¿FLW)ROH\DUJXHGWKDWZLWK ,QIDYRURIWKHODZ'DQ'XQKDP DOUHDG\VSHQWLVQRWZRUNLQJ,IZH
KLJKHU WD[HV IRUPHU 3UHVLGHQW '&5 VDLGWKH$UL]RQD6WDWH/DZ GRQRWVWRSVSHQGLQJZHZLOOEHLQ
&OLQWRQ FUHDWHG  PLOOLRQ MREV UHLOOXVWUDWHVIHGHUDOODZWKDWJLYHV DQHFRQRPLFKROH´
ZKLOH IRUPHU IRUPHU 3UHVLGHQW ORFDO SRZHUV WR ORFDO DXWKRULWLHV
!"#!"#$%#&'()*'!"#$%&'()"*+,"*-.-

!"#$%!&'&(%)*+
F7(3"263&)/3$("243G%"':244
>0()2$/G4":/$S"&L")(:262&K4"8&):1"S3&8:(16("4%2)4"/"1('/%("
&3"87(%7()")(:262&3"47&K:1"'("%/K67%"23"9K':2$"4$7&&:4
;<"UADR>B@"D#QA#"/31
"""""Q>DRB@"UB?B>,"=/%2&3"V"F&):1"B12%&) -"%)0)17F
D0.?'30-0&%$'$"%3+)3'.+'(?;'Q"R%5&'"-="#3'$"&010+)',&%33"3'
@?"'%9"$%1"'J-"$0,%)'#+"3)4.'2)+('=%30,'*%,.3'%=+5.'(+$&#'$"&06 0).+'0.3',5$$0,5&5-:'-%);'3.5#").3'%)#'*%,5&.;'-"-="$3'?%9"'3%0#'
10+):'%,,+$#0)1'.+'%'$",").'R"('W"3"%$,?'H")."$'35$9";7'J-"$0,%43' (+$&#' $"&010+)3' 3?+5&#' %&3+' ="' +=Y",.09"&;' .%51?.' 0)' /5=&0,' ?01?'
&%,2'+*'$"&010+53'2)+(&"#1"'?%3'&"#'-%);'.+'X5"3.0+)'(?".?"$'(+$&#' 3,?++&37
$"&010+)3'3?+5&#'="'.%51?.'%3'+=Y",.09":'%,%#"-0,'0)X50$0"3'0)'/5=&0,' @?"' /$"30#").' +*' .?"' Q"R%5&' J&&0%),"' *+$' !$""' @?+51?.:' <$%)#0'
3,?++&37 >."//:'%'3")0+$:'3%0#'.?%.'0.'03'0-/+$.%).'.+'5)#"$3.%)#'?+('$"&010+53'
J,,+$#0)1' .+' .?"' R"(' W"3"%$,?' H")."$' ZRWH[:' J-"$0,%)3' ("$"' /+&0,;'%**",.3'3+,0%&'0335"37'C8)'%'(+$&#'(?"$"'("'%$"',+).0)5+53&;'
%=&"'.+',+$$",.&;'%)3("$'\]'/"$,").'+*'=%30,'X5"3.0+)3'%=+5.'%')5-6 ¿JKWLQJRYHU/*%7HTXDOLW\DQGVH[HGXFDWLRQSHRSOHVKRXOG
="$'+*'*%0.?'.$%#0.0+)37'J=+5.'?%&*'+*'.?+3"'35$9";"#'2)"('.?"' 5)#"$3.%)#'.?"'$+&"'.?%.',?5$,?"3',%)'/&%;'0)'3%0#'#"6
V+$%)' 03' .?"' 83&%-0,' ?+&;' =++2:' .?%.' .?"' Q % & % 0' =%."3:F'3?"'3%0#7
K%-%' 03' <5##?03.:' %)#' .?%.' .?"' 1+&#")' @?"' Q"R%5&' H?%0$' +*' W"&010+53'
P3$:("X/0G4"" $5&"' 03' )+.' +)"' +*' .?"' @")' H+--%)#6
-").37'A)'X5"3.0+)3'/"$.%0)0)1'.+'
>.5#0"3:' T%-"3' U%&3."%#:' 3%0#'
/5=&0,' ?01?' 3,?++&3' 3?+5&#' ."%,?'
C/$('&&S"/31" .?"'<0=&"'%)#'H?$03.0%)0.;:'T"(03?'
/"+/&"' 3,+$"#' .?"' ?01?"3.' (?0&"'
%=+5.' #0**"$").' $"&010+)37' C8*' %'
?01?' 3,?++&' ,5$$0,5&5-' 3.5#6
(M0/2:"43&&9236" H%.?+&0,3' *%$"#' .?"' (+$3.7'
A9"$%&&:' +)&;' ?%&*' +*' H?$036
0"3'/"+/&":'.?"'3.5#").'+51?.'.+'
&"%$)'%=+5.'.?"'3.+$0"3:'$0.5%&3:'
9&8()4 .0%)3' ("$"' %=&"' .+' ,+$$",.&;'
%)3("$' X5"3.0+)3' /"$.%0)0)1'
="&0"*3:'%)#'9%&5"3'=;'(?0,?'
/"+/&"'&09":'%)#'*+$'(?0,?'
.+'.?"0$'*%0.?7'A)&;'^_'/"$,").' /"+/&"'%$"'(0&&0)1'.+'#0"7F
#'/0/"/102324%)/%2&3" +*' .?+3"' 35$9";"#' 2)"(' .?%.' D?0&"' #"9+.0+)%&' <0=&"'
0&5(4"%&"4%)(36%7(3 /5=&0,' 3,?++&' ."%,?"$3' ,%)' 3.5#;' 03' /$+?0=0."#' 0)' /5=&0,'
82)(%/99236":/8 $"%#'*$+-'.?"'<0=&"'%3'%)'"B6 3,?++&3:'-%);'."%,?"$3'(0&&'53"'
%-/&"'+*'&0."$%.5$"7 0.'%3'%'/0","'+*'&0."$%.5$"'(?")'
;<"=>?>@AB"CADBE J-"$0,%43'&%,2'+*'$"&010+53' ."%,?0)1'0)'.?"',&%33$++-7'@?"'
2)+(&"#1"'1+"3'?%)#60)6?%)#' <0=&"'03'.%51?.'0)'O_'3.%."3:'%,6
!"#"$%&' &%(' ")*+$,"-").' %)#' (0.?'%'3"/%$%."'RWH'3.5#;'.?%.' ,+$#0)1' .+' .?"' <0=&"' K0."$%,;'
QDWLRQDO VHFXULW\ RI¿FLDOV DUH $"9"%&"#'.?"'S7>7'03'.?"'(+$&#`3' R$+Y",.:' (?0,?' /5=&03?"3' @?"'
/$"/%$0)1'.+'-%2"'0.'"%30"$'.+'.%/' -+3.'$"&010+53'0)#53.$0%&0E"#')%.0+)7' %LEOH DQG ,WV ,QÀXHQFH D VWXGHQW
0).+'/"+/&"43'+)&0)"',+--5)0,%6 J,,+$#0)1' .+' .?"' >"/.7' ^a' $"/+$.:' ."B.=++2'#"301)"#'*+$'/5=&0,'3,?++&'
.0+)7' 8*' 3"$9"#' %' (0$".%/' +$#"$:' )"%$&;' 30B60)6.")' J-"$0,%)' %#5&.3' ,+5$3"3'+)'.?"'<0=&"7'>5,?'3.%."3:'?+(6
.$%)3-0.."$3' 0),&5#0)1' "),$;/."#' 3%;'$"&010+)'03'b9"$;'0-/+$.%).b'0)'.?"0$' "9"$:'%$"')+.'$"X50$"#'.+'+**"$',+-/%$%.09"'
"6-%0&' .$%)3-0.."$3' &02"' <&%,26 &09"37 $"&010+53' ,&%33"3' +$' 3.5#;' +*' +.?"$' $"&010+)3:'
<"$$;:' !%,"=++2:' %)#' >2;/"' @?"' RWH' $"/+$.' (%3' )+.' .?"' +)&;' 0)3.%),"' %)#'-%);'#+')+.'/$+90#"'+.?"$'+**"$0)13'.+'T"(6
(+5&#' ="' %=&"' .+' ="' 0)."$,"/."#' (?")',+),"$)'+9"$'J-"$0,%)34'$"&010+53'2)+(&"#1"' 03?:'P53&0-:'%)#'3.5#").3'*$+-'+.?"$'$"&010+53'=%,21$+5)#37
%)#'#",+#"#'=;'.?"'1+9"$)-").7 ?%3'%$03")7 @?03' *%&&:' A2&%?+-%' 0-/&"-")."#' U<' ^_^M:' %' &%(' "),+5$%10)1'
!"#"$%&' &%(' ")*+$,"-").' %)#' @?"'H?0,%1+'H+5),0&'+*'I&+=%&'J**%0$3'ZHHIJ['$"&"%3"#'%'$"/+$.' /5=&0,'3,?++&'#03.$0,.3'.+'+**"$'<0=&"'&0."$%,;',+5$3"37'I"+$10%:'>+5.?'
QDWLRQDO VHFXULW\ RI¿FLDOV DUH DU6 "%$&0"$'.?03';"%$'.?%.'3%0#'C%&&'.++'+*."):'D"3."$)'/+("$3'*%0&'.+'%//$"6 H%$+&0)%:'@"))"33"":'%)#'@"B%3'%&&'?%9"'&%(3'.?%.',%&&'*+$'<0=&"'&0.6
150)1'.?%.'.?"0$'%=0&0.;'.+'(0$".%/' FLDWHWKHFRQVHTXHQFHVRIPDQ\LQWHUQDWLRQDOFRQÀLFWVEHFDXVHWKH "$%,;'0)'/5=&0,'3,?++&37
,$0-0)%&3'%)#'."$$+$03.3'03'=",+-6 $"&010+53'$"3+)%),"'03'3+'/++$&;'5)#"$3.++#7F'CU+("9"$:'J-"$0,%)3' <"*+$"'?"'(%3'%'3.5#").'%.'Q"R%5&:'#010.%&',0)"-%'-%Y+$'>%-5"&'
LQJ GLI¿FXOW VLQFH D ORW RI FRP6 ,%)'%&3+'"-/&+;'$"&010+)'0)'%'(%;'.?%.'03'0$$"3/+)30=&":'($+)1:'%)#' P,H&5$"'3%0#'?"'.++2'%'<0=&"'&0."$%,;',&%33'0)'?01?'3,?++&'(?0,?'$"%#'
-5)0,%.0+)'?%3'1+)"'+)&0)"7'@?"' ,%)'"3,%&%."'.")30+)3:F'.?"'$"/+$.'3%0#7 ."B.3'0)'.?"'<0=&"'%)#'%)%&;E"#'.?"-'%3'&0."$%.5$"7'C8*'%'#03,5330+)'
A=%-%' %#-0)03.$%.0+)' /&%)3' .+' &ODLPLQJWKDWDQDUURZYLHZRIUHOLJLRQZLOOQRORQJHUVXI¿FHWKH 3.%$."#'5/'0)',&%33'+)'&0."$%.5$"'?%90)1'.+'#+'(0.?'$"&010+53'="&0"*3:'
35=-0.'.?"'=0&&')"B.';"%$7' $"/+$.'3%0#'.?%.'$"&010+)'-53.'="'3"")'%3'%'3+,0%&'$"%&0.;'.?%.'3?%/"3' -;'."%,?"$'(+5&#'$"*53"'.+'$"3/+)#'.+'35,?'X5"3.0+)37F'J,,+$#0)1'
CD"4$"' .%&20)1' %=+5.' &%(*5&&;' DQGLVVKDSHGE\YLROHQWFRQÀLFWDQGZDUJOREDOL]DWLRQDQGGHPRF6 .+'P,H&5$":'?03'3,?++&'#0#')+.'+**"$'%);'+.?"$',&%33"3'+)'$"&010+53'
%5.?+$0E"#' 0)."$,"/.3:F' 3%0#' G%&6 $%.0E%.0+)7 .$%#0.0+)37
"$0"' H%/$+)0:' .?"' I")"$%&' H+5)6 !$7'J).?+);'Q+3"):'%'/$0"3.'%)#'"#5,%.0+)'/$+*"33+$'%.'Q"R%5&'3%0#' $OWKRXJKWKH6XSUHPH&RXUWRIWHQ¿QGVLWSHUPLVVLEOHWRWHDFKWKH
3"&'*+$'.?"'!"#"$%&'<5$"%5'+*'8)6 ?"' %#9+,%."3' %' -+$"' ,+-/$"?")309"' "#5,%.0+)' +*' (+$&#' $"&010+)3' <0=&"'%3'&0."$%.5$"'0)'/5=&0,'3,?++&3:'3+-"'<0=&"'3.5#;'/$+1$%-3'.?%.'
9"3.01%.0+)7' CD"4$"' )+.' .%&20)1' %)#'H?$03.0%)0.;'=",%53"'#0**"$").'="&0"*'3;3."-3'0-/%,.'?+('("'#+' 3,?++&' #03.$0,.3' ?%9"' 0)3.0.5."#' ?%9"' ="")' *+5)#' 5),+)3.0.5.0+)%&7'
"B/%)#0)1' %5.?+$0.;7' D"4$"' .%&26 .?0)137'CD"'-%2"'#",030+)3'+)'*+$"01)'/+&0,;'(0.?')+',&5"'.+'(?%.' T5#1"3'?%9"'*$"X5").&;',+),&5#"#'.?%.'.?"3"',+5$3"3'%$"'#031503"#'
0)1' %=+5.' /$"3"$90)1' +5$' %=0&0.;' 03'1+0)1'+)'$"&010+53&;'0)'3+-"'+*'.?"3"',+5).$0"3:F'Q+3")'3%0#7'>5,?' "**+$.3'.+'."%,?'%'/%$.0,5&%$'5)#"$3.%)#0)1'+*'.?"'d"('@"3.%-").7
.+' "B",5."' +5$' "B03.0)1' %5.?+$0.;' -035)#"$3.%)#0)1',%)'01)0."'%'/+(#"$'2"1'+*'0335"3:'?"'3%0#7 !+$'%'/5=&0,'3,?++&',&%33'.+'3.5#;'.?"'<0=&"'(0.?+5.'90+&%.0)1'.?"'
0)'+$#"$'.+'/$+.",.'.?"'/5=&0,'3%*"6 J.'Q"R%5&'S)09"$30.;:'5)#"$1$%#5%."'3.5#").3'%$"'$"X50$"#'.+'.%2"' H+)3.0.5.0+):'.?"',&%33'?%3'.+'0),&5#"',$0.0,%&'$%.?"$'.?%)'#"9+.0+)%&'
.;'%)#')%.0+)%&'3",5$0.;7F' %.'&"%3.'.(+'$"&010+)',&%33"3'0)'.?"'#+-%0)3'+*'W"&010+)'%)#'L.?0,%&' $"%#0)13'.?%.'%&&+('+/")'0)X50$;'0).+'.?"'?03.+$;'%)#',+).").'+*'=0=&06
@?"' =0&&' 3.$")1.?")3' .?"' H+-6 c5"3.0+)3'%)#'W"&010+53'@$%#0.0+)37'J&.?+51?'0.'03'.?"')%.0+)43'&%$16 ,%&'/%33%1"37
-5)0,%.0+)3' J3303.%),"' .+' K%(' "3.'H%.?+&0,'5)09"$30.;:'.?"',+5$3"3'+**"$"#'"B/&+$"'-%);'#0**"$").' 8*' 0.43' .$5"' .?%.' 2)+(&"#1"' #03/"&3' *"%$:' .?")' ."%,?0)1' %=+5.' $"&06
L)*+$,"-").'J,.7' @?"' MNNO' &%(' $"&010+)3'%)#'/"$3/",.09"37 10+)3'0)'/5=&0,'?01?'3,?++&3',+5&#')+.'?5$.:'3%0#'J..+$)";'Q%90#'K;6
3.%."3' .?%.' ."&"/?+)"' %)#' =$+%#6 !$7' U+&.3,?)"0#"$:' 3%0#' .?%.' *$+-' ?03' /+0).' +*' 90"(' .?"$"' %$"' .(+' 302:'%'9030.0)1'/$+*"33+$'+*'$"&010+53'3.5#0"37'Q+0)1'3+',+5&#'?%9"'%)'
=%)#',+-/%)0"3'-53.'#"301)'3"$6 $"%3+)3' .?%.' Q"R%5&' 3.5#").3' %$"' $"X50$"#' .+' .%2"' .?"3"' $"&010+53' 0-/%,.' +)' .?"' #%;6.+6#%;' $"&%.0+)3' (0.?' -"-="$3' +*' )+)6-%Y+$0.;'
90,"3'3+'.?"'1+9"$)-").',%)',+)6 ,&%33"37'C@?"$"'03'=%$"&;'%'#%;'(?")'.?"'d"('e+$2'@0-"3'#+"3')+.' $"&010+)3'0)'.?03',+5).$;:'35,?'%3'=".("")'S7>7'H?$03.0%)3'%)#'S7>7'
#5,.'35$9"0&&%),"'+)'.%$1".3'%*."$' ,%$$;'%'3.+$;'%=+5.'%'/&%,"'+$'%)'0335"'0)'.?"'(+$&#'0)'(?0,?'$"&010+)3' P53&0-3:'?"'3%0#7
="0)1'/$"3")."#'%',+5$.'+$#"$7 /&%;' %' $+&":F' ?"' 3%0#7' C@+' ="' %)' %,.09"' -"-="$' +*' +5$' (+$&#:' +)"' P%);'Q"R%5&'/$+*"33+$3'?%9"'3%0#'.?%.'."%,?0)1'%=+5.'$"&010+)3'0)'
P%);'Q"R%5&'3.5#").3'%)#'*%,6 -53.'5)#"$3.%)#'.?"'1$"%.'$"&010+)3'+*'.?"'(+$&#7F /5=&0,'3,?++&3',+5&#'/+.").0%&&;'=$0)1'*+$.?'0335"37
5&.;' ?%9"' 3%0#' .?%.' .?";' *""&' .?"' 'CQ"R%5&'03'%'*%0.?6=%3"#'5)09"$30.;'.?%.'="&0"9"3'.?%.'$"&010+)',%)' !$7' Q+3")' 3%0#' .?%.' ."%,?0)1' %=+5.' #0**"$").' $"&010+)3' 0)' /5=&0,'
=0&&' 03' %' /+30.09"' .?0)1' *+$' .?"' /&%;'%'/+("$*5&'$+&"'0)'%'/"$3+)43'&0*":F'!$7'U+&.3,?)"0#"$'3%0#7'CA5$' 3,?++&3'C=",+-"3'%'3&0//"$;'3&+/"'#5"'.+'.?"'*%,.'.?%.'"%,?'."%,?"$'
S)0."#'>.%."37 $"&010+53' 3.5#0"3' ,+5$3"3' #+' )+.' %.."-/.' .+' ,+)9"$.' 3.5#").3:' =5.' (0&&'.%&2'%=+5.'.?"'35=Y",.'+5.'+*'.?"0$'+()'"B/"$0"),":F'%)#'%##"#:'
R+&0.0,%&' 3,0"),"' /$+*"33+$' R%.6 .?";' #+' +**"$' %)' 0)."&&",.5%&' %)#' %#5&.' 3.5#;' +*' $"&010+)' 0)' %' (%;' CD?")'#+"3'0.'=",+-"'0)#+,.$0)%.0+)fF
$0,2'H%&&%?%)'3%0#'.?%.'0.'03')","36 .?%.'")%=&"3'3.5#").3'.+'5)#"$3.%)#'.?"3"'1$"%.'*%0.?3'*$+-'.?"'0)30#"' @"%,?0)1'%=+5.'$"&010+)'0)'/5=&0,'3,?++&3'3?+5&#'="'%)'"&",.09"'%)#'
3%$;'*+$'.?"'S7>7'.+'1%.?"$'0)*+$6 SHUVSHFWLYH RI WKRVH ZKR SUDFWLFH WKHP DQG ¿QG WKHP D VRXUFH RI +)&;'#+)"'0*'.?"'3,?++&'?%3'.?"'$"3+5$,"3'.+'#+'0.:'K;302'3%0#7'CR5=&0,'
-%.0+)'.+'/$"/%$"'0.3"&*'*+$'*5.5$"' 3,?++&3'?%9"'%'&+.'+*'+.?"$'-%."$0%&'.?%.'.?";')""#'.+'/5.'0)'.?"0$',5$6
%..%,237' <",%53"' .",?)+&+1;' ?%3' $0,5&5-'%)#'-%."$0%&'.?%.'3.5#").3')""#'.+'&"%$)'0)'+$#"$'.+'=",+-"'
/$+1$"33"#:' .?"' =0&&' 03' %' &+10,%&' 35,,"33*5&'-"-="$3'+*'+5$'3+,0".;:F'?"'3%0#7
%#9%),"-").:'H%&&%?%)'3%0#7 ³$QREMHFWLYHVFLHQWL¿FDFDGHPLFVWXG\RISDUWLFXODUUHOLJLRQVLV
T+5$)%&03-' /$+*"33+$:' P02"' .?"' +)&;' %//$+%,?' *+$' %' /5=&0,' 3,?++&' .+' .%2"' 0*' 0.' #"30$"3' .+' ?%9"'
H+)2&0):'3%0#'.?"'=0&&'(0&&'.+51?6 ,+5$3"3'.?%.'#"%&'(0.?'$"&010+):F'3%0#'K;3027'
")' A=%-%43' 0-%1"7' R"+/&"' (?+' @"%,?0)1'$"&010+)'0)'/5=&0,'3,?++&3'?%3'="")',$0.0,0E"#'0)'.?"'/%3.'
#0#')+.'9+."'*+$'?0-'(0&&'3""'.?%.' *+$'#03,$0-0)%.0)1'%1%0)3.'%.?"03.'3.5#").37'U+("9"$:',0.0)1'.?"'RWH'
?"'03')+.'3+*.'+)'.?"3"'.;/"3'+*'036 $"/+$.'.?%.'$"9"%&"#'%.?"03.3'%)#'%1)+3.0,3'2)"('.?"'-+3.'%=+5.'$"6
35"37'U+("9"$:',090&'$01?.3'%$"'%.' &010+)'.?%)'+.?"$'$"&010+53'1$+5/3:'>."//'3%0#:'CU%90)1'.?"3"'%$.0,56
3.%2":'H+)2&0)'3%0#7 &%.":'0)*+$-"#'3.5#").3'0)'.?"',&%33$++-3'(+5&#'-%2"'*+$'%)'0)."&6
>."/?%)0"' V+/%&320:' %' 3+/?+6 &",.5%&&;',?%&&")10)1'"B/"$0"),"'*+$'%&&'0)9+&9"#7F
-+$":' 3%0#' 3?"' *""&3' .?%.' .?03' 03' C8.' (+5&#' #+' ;+5)1' /"+/&"' 1++#' .+' 5)#"$3.%)#' .?%.' "9"$;.?0)1:'
%)'0-/+$.%).'.%,.0,'.+'.$%,2'#+()' "9")' .?"0$' -+3.' #""/&;' ?"&#' ="&0"*3:' 3?+5&#' ="' 5/' *+$' "B%-0)%6
#%)1"$+53' .?$"%.37' U+("9"$:' 3?"' .0+)'%)#'X5"3.0+)0)1:F'>."//'3%0#7'C>5,?'%',?%&&")10)1'"B/"$0"),"'
3%0#' 0.' 03' 5)*%0$' *+$' .?"' 1+9"$)6 &"%#3'.+'%'-+$"'.?+51?.*5&'/+/5&%,"7F
-").'.+'.%/'0).+'/$09%."',+)9"$3%6
.0+)37 W)/972$"'<"$%&'()#*(+(% W)/972$4"$&K)%(4<"&L#*,-#./0(#1(02/&(3
!"#!"#$%#&'()*'!"#$%&'()"*+",-.-

!"#$%!&'&(%)*+
A7:<$(EE;&<A"');<FE"<(K"I:L&);%0"%&"%M("K&)NH&)$(O"K&I(<
/0"123456"75852+"""""""" WLPHWRLQVWLWXWHDIÀUPDWLYHDFWLRQIRUPHQ
"""""9:%;&<"=">&)?@"5@;%&) H&($2+ 0#?&+ 3#('&'+ ,-&+ %-#$%&+ )6+ %)??&2&+
DFFHSWDQFHE\WRSHUFHQWDJHSRLQWVLQ
!"#$%&''()$*+('+,-&+$&.+$(%/$#0&+1&($2+ '&?&%,(<&+?(1&3#?=#3,'+'%-))?'D+6)4$5+&%)$)=
,-3).$+#3)4$5+6)3+,-&+3&%&''()$+,-#,+1&2#$+ 0(','+G#$5A+H#40+#$5+N1#$+X))5',&($+($+
($+7889:+;-&+$(%/$#0&+',&0'+63)0+,-&+<(%= #+788J+',45A:
,(0'+ )6+ >)1+ ?)''+ ($+ ,-&+ 3&%&''()$@0)',?A+ V$+ W&%&01&3D+ ,-&+ F:G:+ M)00(''()$+ )$+
0&$:+ &LYLO 5LJKWV VDLG LW ZRXOG LQYHVWLJDWH
"&$+ #%%)4$,+ 6)3+ 9B+ C&3%&$,+ )6+ ,-&+ ?#1)3+ .-&,-&3+ ')0&+ %)??&2&'+ .&3&+ 5('%3(0($#,=
0#3/&,+,-#,+-#<&+?)',+>)1'+'($%&+7889D+#%= ($2+ #2#($',+ .)0&$+ ($+ #50(''()$'+ 1A+ #5=
%)35($2+ ,)+ #+ 788E+ 3&C)3,+ 1A+ ,-&+ F:G:+ H4= 0(,,($2+0#?&'+#,+#+-(2-&3+3#,&+)3+1A+)66&3=
3&#4+)6+I#1)3+G,#,(',(%':+")',+)6+,-)'&+>)1'+ ($2+,-&0+0)3&+2&$&3)4'+#(5+C#%/#2&':
ORVWKDGEHHQLQÀHOGVVXFKDVPDQXIDFWXU= 7LWOH ,; RI WKH (GXFDWLRQ $PHQGPHQWV
RI  EDUV JHQGHU GLVFULPLQDWLRQ LQ DOO
($2+#$5+%)$',34%,()$:+
&54%#,()$+ C3)23#0'+ #,+ ($',(,4,()$'+ 3&%&(<=
7KLV \HDU IRU WKH ÀUVW WLPH LQ$PHULFDQ ($2+6&5&3#?+64$5':+H4,+,-('+5)&'+$),+#CC?A+
-(',)3AD+.)0&$+0#/&+4C+#+0#>)3(,A+)6+,-&+ ,)+C3(<#,&+($',(,4,()$':
.)3/6)3%&+ ($+ -(2-?A+ C#(5+ 0#$#2&3(#?+ #$5+ ,QD2S(GSLHFHWR7KH1HZ<RUN
C3)6&''()$#?+ C)'(,()$'D+ -)?5($2+ 5).$+ ,-&+ 7LPHV-HQQLIHU'HODMXQW\%ULW]ZKRZDV
ÀHOGVDWSHUFHQWDFFRUGLQJWRWKH86 )$+,-&+1)#35+)6+,-&+#50(''()$+%)00(,,&&+#,+
H43&#4+)6+I#1)3+G,#,(',(%': .HQ\RQ &ROOHJH FRQIHVVHG WKDW TXDOLÀHG
2YHU D ÀYHPRQWK WLPH SHULRG LQ  6&0#?&+ #CC?(%#$,'+ .&3&+ 2(<&$+ -&'(,#,()$+
QHDUO\  $PHULFDQ PHQ ORVW WKHLU ($+ ,-&+ #50(,,#$%&+ C3)%&''+ 1#'&5+ )$+ ,-&(3+
>)1'+.-(?&+.)0&$+2#($&5+%?)'&+,)+J88D888+ 2&$5&3+ #?)$&:+ + K-&$+ 3&%#??($2+ #+ .)0&$+
>)1'D+ #%%)35($2+ ,)+ ,-&+ H43&#4+ )6+ I#1)3+ DSSOLFDQWWKDWZDV RYHUTXDOLÀHGLQ HYHU\
3&#?0+ &S%&C,+ -&3+ 0(55?&=)6=,-&=C))?+ ,&',+
G,#,(',(%':+K-(?&+)$?A+J+C&3%&$,+)6+,-&+L)3=
'%)3&'D+ H3(,P+ .3),&D+ !K&+ -#5+ ,)+ -#<&+ #+
,4$&+B88+MNO+?(',+.&3&+.)0&$D+?#',+A&#3+ 5&1#,&+ 1&6)3&+ .&+ 5&%(5&5+ ,)+ '.#??).+ ,-&+
6&0#?&+MNO'+)4,=&#3$&5+,-&(3+0#?&+%)4$= 0(55?($2+'%)3&'+#$5+.3(,&+!#50(,*+$&S,+,)+
WHUSDUWVE\SHUFHQWDQGRQDYHUDJHUH= -&3+$#0&:+R#5+'-&+1&&$+#+0#?&+#CC?(%#$,D+
%&(<&5+1(22&3+C#A+3#('&': ,-&3&+.)4?5+-#<&+1&&$+?(,,?&D+(6+#$AD+-&'(,#=
$FFRUGLQJWRWKH-DPHV&KXQJRI5HDFK ,()$+,)+#50(,:*
$GYLVHUV ZKR VSHQW RYHU ÀYH \HDUV DQD= ´5HVWDVVXUHGWKDWDGPLVVLRQVRIÀFHUVDUH
?AP($2+ 5#,#+ 63)0+ ,-&+ M&$'4'+ H43&#4Q'+ P):CM;$"$&G)%(E0"&H"$%&#'()*#+*),(-*## $),+ %#<#?(&3+ ($+ 0#/($2+ ,-&(3+ 5&%('()$'D*+
$PHULFDQ &RPPXQLW\ 6XUYH\ LQ  RI .&3&+ 0#$46#%,43($2+ ,).$'+ .-&3&+ ($54'= $UUHROD VDLG ´,I ZH DUH ZH WHOOLQJ WKHP .3),&+H3(,P:
WKH  ELJJHVW 86 FLWLHV WKH PHGLDQ ,3(&'+ -#5+ '-34$/:+ M(,(&'+ .-&3&+ 0&$+ )4,= ,-#,+)$?A+.)0&$+#3&+%#3&,#/&3'D+,-&$+)$?A+ ;-&+23).($2+2&$5&3+2#C+($+%)??&2&+&$3)??=
64??=,(0&+ '#?#3(&'+ )6+ A)4$2+ .)0&$+ #3&+ &#3$&5+ A)4$2+ .)0&$+ .&3&+ C?#%&'+ ,-#,+ .)0&$+ .(??+ 2)+ ($,)+ $43'($2:+ K&+ $&&5+ ,)+ 0&$,+-#'+?&5+0#$A+,)+'C&%4?#,&+.-#,+('+,)+
,&$5&5+ ,)+ 1&+ 14(?,+ #3)4$5+ ($54',3(&'+ ,-#,+ 2&,+,)+,-&+C)($,+.-&3&+0#?&+$43'&'+#3&+3&= %)0&+$&S,+($+,-&+.)3/6)3%&:
&(2-,+C&3%&$,+-(2-&3+,-#$+,-)'&+)6+0&$+($+
.&3&+-&#<(?A+0#?&=5)0($#,&5D+'4%-+#'+0(?= 'C&%,&5+#'+04%-+#'+0#?&+5)%,)3':* !K)0&$+ .(??+ 2)+ ($,)+ >)1'+ ,-#,+ 3&Y4(3&+ #+
WKHLUDJHJURXS,Q$WODQWDDQG0HPSKLV %)??&2&+ &54%#,()$+ #$5+ 6&.&3+ 0&$+ .(??+ 1&+
(,#3A=,&%-$)?)2A+)3+')6,.#3&+5&<&?)C0&$,: K-(?&+$),+#??+)6+,-&'&+>)1'+#3&+&''&$,(#??A+
A)4$2+.)0&$+#3&+0#/($2+#1)4,+78+C&3%&$,+ #1?&+ ,)D*+ '#(5+ X)?5($:+ !H4,+ ,-&3&+ ('+ #+ ?),+
2IWKHMREVWKDWDUHSURMHFWHGWRJURZ -(2-+C#A($2D+,-&A+%#$+?&#5+,).#35'+#+',&#5A+
PRUH,Q1HZ<RUN&LW\/RV$QJHOHVDQG #%%404?#,()$+)6+.)3/($2+.)0&$: )6+ 3&,))?($2+ #$5+ 3&,3#($($2+ ,-#,+ 2)&'+ )$:+
6DQ 'LHJR WKH\ DUH HDUQLQJ URXJKO\  )<&3+ ,-&+ $&S,+ 5&%#5&D+ 0&$+ #3&+ ,-&+ 0#>)3=
(,A+($+,.)+)6+,-&0T+>#$(,)3'+#$5+%)0C4,&3+ H4,+$),+#??+1&?(&<&+,-('+('+2))5+&%)$)0(= "#?&'+ 0#,43&+ ?#,&3+ #$5+ 0#$A+ .(??+ 3&#?(P&+
C&3%&$,+0)3&+,-#$+A)4$2+0#?&':+R).&<&3D+ %#??A:+!K-)+'#(5+,-#,+1&($2+#+-)0&+-&#?,-+ DWDJHWKDWWKH\QHHGEHWWHUWRROVµ
&$2($&&3':+K)0&$+5)0($#,&+,-&+3&0#($($2+
,-('+ )$?A+ -)?5'+ ,34&+ 6)3+ %-(?5?&''D+ 4$0#3= LQMREVVXFKDVQXUVLQJRUFKLOGFDUH #''(',#$,+('+#+2))5+>)1U+V,+('+#+<&3A+?).+C#A= $PHULFDQZRPHQDUHQRZWKHEUHDGZLQ=
3(&5+.)0&$+4$5&3+J8: !K&+ $&&5+ ,)+ ?))/+ #,+ -).+ .&+ #3&+ 3#('($2+ ($2+ >)1D*+ '#(5+ W3:+ M?#45(#+ X)?5($D+ ,-&+ 5(= $&3'+ )3+ %)=13&#5.($$&3'+ ($+ ,.)+ ,-(35'+ )6+
;-&+ ',45A+ 6)4$5+ ,-#,+ ,-&+ %(,(&'+ .-&3&+ )43+ ')$'+ #$5+ 5#42-,&3'D*+ '#(5+ M-(%#2)#$+ UHFWRURIWKH$PHULFDQ(FRQRP\SURJUDP $PHULFDQ KRXVHKROGV ,Q D VXUYH\ FRQ=
A)4$2+.)0&$+.&3&+)4,=&#3$($2+0&$+.&3&+ 9HURQLFD$UUHRODZKRUXQVWKHEORJ9LYD DW WKH 1DWLRQDO %XUHDX RI (FRQRPLF 5H= 54%,&5+1A+!"#$%#&$'()*$!+,#-D+.-&$+>)1'+
($+C?#%&'+,-#,+&(,-&3+-#5+C3(0#3A+?)%#?+($= I#+ L&0($(',#:+ K(,-+ 0)',+ )6+ ,-&+ 6#',&',+ VHDUFK ´-XVW EHFDXVH D VHFWRU LV JURZLQJ DUHVFDUFHSHUFHQWRISHRSOHSROOHGLQ
23).($2+ >)1'+ ($+ $43,43($2+ C3)6&''()$'D+ 5)&'+$),+0&#$+,-#,+(,+-#'+?4%3#,(<&+>)1':* ,-&+ F:G:+ 1&?(&<&+ ,-#,+ 0&$+ '-)4?5+ $),+ 2&,+
54',3(&'+ ,-#,+ .&3&+ /$).?&52&=1#'&5+ )3+
K-(?&+.)0&$+-#<&+'43C#''&5+0&$+($+,-&+ C3()3(,A+6)3+>)1':
ZRUNIRUFHDVDZKROHLQVRPHÀHOGVWKHLU ´3DUWRIP\&KULVWLDQXSEULQJLQJLQDSUH=
QXPEHUVDUHGHFOLQLQJ,QÀQDQFHSHU= 5)0($#$,?A+ M-3(',(#$+ $#,()$+ ('+ ,-#,+ X)5+
%&$,+)6+.)0&$+-#<&+5('#CC&#3&5+63)0+,-&+ ('+,-&+-&#5+)6+0#$+#$5+0#$+('+,-&+-&#5+)6+
LQGXVWU\ZKLOHPHQKDYHJURZQE\SHU= ,-&+-)4'&-)?5D*+'#(5+"4',#6##+N?=G%#3(D+#+
FHQW ÀQGV WKH 86 %XUHDX RI /DERU 6WD= SURJUDP VSHFLDOLVW IRU WKH$GPLQLVWUDWLRQ
,(',(%': 6)3+M-(?53&$+#$5+L#0(?(&':+!;-&3&+#3&+<&3A+
$WWKHVDPHWLPHWKDWEOXHFROODUMREVKLV= 6&.+ 0&$+ ($+ ,-&+ $#,()$+ ,-#,+ %#$+ #'/+ ,-&(3+
,)3(%#??A+ 5)$&+ 1A+ 0&$+ #3&+ 1&%)0($2+ -#35+ .(<&'+,)+',#A+#,+-)0&+1&%#4'&+,-&A+5)$Q,+
WRÀQGKLJKHUHGXFDWLRQLVEHLQJGRPLQDW= KDYHWKHÀQDQFLDOUHVRXUFHVWRGRVRµ
&5+1A+.)0&$:+;-('+('+2(<($2+.#A+,)+#+$&.+ !;-&+ ?($&'+ -#<&+ 1&&$+ 1?433&5+ )<&3+ >)1'+
5A$#0(%+($+,-&+.-(,&=%)??#3+.)3/6)3%&: ,-#,+ #3&+ '4CC)'&5+ ,)+ 1&+ 6)3+ 0&$+ #$5+ '4C=
;-(3,A+ A&#3'+ -#<&+ C#''&5+ '($%&+ .)0&$+ C)'&5+,)+1&+6)3+.)0&$D*+'#(5+N?=G%#3(+.-)+
',#3,&5+,)+3&%&(<&+0)3&+1#%-&?)3Q'+5&23&&'+ -&#5'+'4CC)3,+23)4C'+6)3+0&$+,-#,+#3&+?#,&+
,-&$+ 0&$:+ G($%&+ ,-&$D+ ,-&+ 2&$5&3+ 2#C+ ($+ )3+ 5&?($Y4&$,+ )$+ %-(?5+ '4CC)3,+ C#A0&$,':+
%)??&2&+&$3)??0&$,+-#'+%)$,($4&5+,)+23).:+ 6LQFH  (O6FDUL VDLG KLV VXSSRUW
$W 'H3DXO 8QLYHUVLW\ RQO\  SHUFHQW RI 23)4C'+ 6)3+ 0&$+ -#<&+ '&&$+ #+ 53#0#,(%+ ($=
?#',+ A&#3Q'+ &$,&3($2+ 63&'-0#$+ %?#''+ .&3&+ %3&#'&+($+&$3)??0&$,:
0#?&: ;-&+ 3&%&''()$+ -#'+ 0#5&+ ',#A=#,=-)0&+
!K&+.&3&+>4',+-&?5+1#%/+6)3+')+?)$2D+(,+.#'+ GDGVDUHDOLW\VDLG$UUHROD´+RSHIXOO\LQ
DSUHVVXUHEXLOGLQJXSµVDLG$UUHROD´2Q ,-&+ 64,43&D+ 0&$+ .(??+ /$).+ ,-&A+ -#<&+ ,-&+
')0&+ ?&<&?D+ .)0&$+ /$).+ ,-#,+ ,-&A+ $&&5+ %-)(%&+ ,)+ ',#A+ #,+ -)0&+ )3+ .)3/:+K(,-+ ,-&+
,-('+%)??&2&+5&23&&+,)+&<&$+'43<(<&+($+,-('+ ($%3&#'&+)6+.)0&$+($+,-&+.)3/6)3%&D+,-&A+
HFRQRP\µVDLG$UUHROD .(??+#?')+/$).+,-#,+,-&A+-#<&+,-#,+)C,()$:*
$VWKHSURSRUWLRQRIPDOHDQGIHPDOHFRO= K(,-+ #+ %)4$,3A+ %)0C)'&5+ )6+ #+ 23).($2+
P):CM;$"$&G)%(E0"&H"./-0*1#$*2*/ ?&2&+&$3)??0&$,+%)$,($4&'+,)+23).D+($',#$%= 0#?&+ C)C4?#,()$+ .-)+ 5)+ $),+ -)?5+ %)??&2&+
HV RI DQ DIÀUPDWLYH DFWLRQW\SH PHWKRG 5&23&&'D+ #$5+ #+ 3&%&''()$+ ,-#,+ -#'+ 5(0($=
Q;<$("%M("I;@RDS-E+"K&I(<"M:J("$&<%;<G(@"%&"&G%<GI'()"I(<";<"$&??(F(E"
-#<&+ Y4(&,?A+ 1&24$+ ,)+ 'C3($2+ 4C:+ G&<&3#?+ ('-&5+ 0#$A+ 1?4&=%)??#3+ >)1'D+ C&)C?&+ #3&+
:<@"G<;J()E;%;(E! 1&2($$($2+,)+'C&%4?#,&+.-#,+('+,)+%)0&+6)3+
'%-))?'+ '4%-+ #'+ ,-&+ F$(<&3'(,A+ )6+ Z)3,-+
M#3)?($#+#,+M-#C&?+R(??+-#<&+#'/&5+(6+(,+('+ WKH$PHULFDQZRUNIRUFH

AB&C(DE":C&?&F0A"$&<%;<G(@"H)&I"$&J()
13($2+ ,-&+ %-43%-Q'+ 3&C4,#,()$+ 1#%/+ ,)+ #+ 0)3&+ C)'(,(<&+ ,-($/+(,+('+#$+#50(3#?+#%,+)6+,-&+C)C&+,)+-#<&+#C)?)2(P&5+6)3+ C)C&Q'+#C)?)2A+5)&'+$),+3(2-,+,-&+.3)$2:*+
)4,?))/+.(,-)4,+')?<($2+,-&+C3)1?&0:+ WKHFOHUJ\·VDFWLRQVµVDLG2VFiU´,EHOLHYHDVD&DWKROLF !V+ 5)$Q,+ #%%&C,+ ,-&+ C)C&Q'+ #C)?)2A+ 1&%#4'&+ ,-&+ C)C&+ ('+
H4,+$),+#??+1&?(&<&+,-&+C)C&Q'+#C)?)2A+.#'$Q,+2&$4($&:+ XQLYHUVLW\ XQGHU WKH SDSDF\ 'H3DXO VKRXOG DFFHSW WKH 1&($2+4'&5+#'+#+'%#C&2)#,D*+'#(5+63&'-0#$+5(2(,#?+%($&0#+
´3RSH %HQHGLFW ;9, WRRN D VWDQFH RI UHSHQWDQFH DQG 3RSH·V DSRORJ\ DQG DGPLUH KLV JRDO IRU EHWWHU UHODWLRQV SURGXFWLRQ PDMRU 6DUDK -HDQQH 3HUU\ ´7KH SHUVRQ ZKR
3&0)3'&D*+'#(5+M#''#3&??#:+R#<($2+0&,+,-&+C)C&+04?,(C?&+ .(,-+C&)C?&+#$5+,-&+%-43%-:*+ %)00(,,&5+ ,-&+ %3(0&+ '-)4?5+ 1&+ ,-&+ )$&+ ,)+ #C)?)2(P&=+
,(0&'+,-3)42-)4,+-('+%#3&&3D+W3:+M#''#3&??#+'#(5+-&+/$).'+ +!V,Q'+$),+?(/&+V+#0+$),+2)($2+,)+#%%&C,+,-&+C)C&Q'+#C)?)2AD+ QRW WKH SRSH $IWHU FRPPLWWLQJ D FULPH OLNH WKDW WKDW
,-&+C)C&Q'+,-&)?)2A+#$5+'-#3&'+,-&+'#0&+(5&#+)6+,-&+%-43%-+ 1&%#4'&+ -&+ ('+ >4',+ 3&%)2$(P($2+ ,-&+ C3)1?&0+ #$5+ )66&3($2+ %?&32A0#$+'-)4?5+$),+1&+#66(?(#,&5+.(,-+,-&+M-43%-:*
#?.#A'+1&($2+($+3&6)30:+ -('+%)$5)?&$%&'+6)3+,-&+#%,()$'+)6+,-&+%?&32AD*+'#(5+[(#3#+
5REHUWR)UDQFtVFR2VFiU9DOHQWtQDIUHVKPDQHGXFDWLRQ R#35&$D+ #+ >4$()3+ 0#>)3($2+ ($+ 1()?)2A:+ !R).&<&3D+ V+ ,-($/+
PDMRUZKRLGHQWLILHVKLPVHOIDVD5RPDQ&DWKROLFVDLG´, ,-&+#C)?)2A+'-)4?5+1&+%)0($2+63)0+,-&+)66&$5&3'D+#$5+,-&+

Potrebbero piacerti anche