You are on page 1of 249

6XUDV,QIRUPDWLRQ

%\$O0DZGXGL

$O)DWLKD
1DPH
7KLV6XUDLVQDPHG$O)DWLKDEHFDXVHRILWVVXEMHFWPDWWHU)DWLKDKLVWKDWZKLFKRSHQV
DVXEMHFWRUDERRNRUDQ\RWKHUWKLQJ,QRWKHUZRUGV$O)DWLKDKLVDVRUWRISUHIDFH
9HUVHV
7KLV6XUDKDVDWRWDORIYHUVHV
3HULRGRI5HYHODWLRQ
,W LV RQH RI WKH YHU\ HDUOLHVW 5HYHODWLRQV WR WKH+RO\3URSKHW$VDPDWWHURIIDFWZH
OHDUQIURPDXWKHQWLF7UDGLWLRQVWKDWLWZDVWKHILUVWFRPSOHWH6XUDZKLFKZDVUHYHDOHGWR
0XKDPPDG 3%8+ %HIRUHWKLVRQO\DIHZPLVFHOODQHRXVYHUVHVZHUHUHYHDOHGZKLFK
IRUPSDUWVRI6XUD$ODT0X]]DPPLO0XGGDWKLUHWF
7KHPH
7KLV 6XUD LV LQ IDFW D SUD\HU ZKLFK $OODK KDV WDXJKW WRDOOWKRVHZKRZDQWWRPDNHD
VWXG\ RI KLV ERRN ,W KDV EHHQ SODFHG DW WKH YHU\ EHJLQQLQJ RI WKH ERRN WR WHDFK WKLV
OHVVRQWRWKHUHDGHULI\RXVLQFHUHO\ZDQWWREHQHILWIURPWKH4XU
DQ\RXVKRXOGRIIHU
WKLVSUD\HUWRWKH/RUGRIWKH8QLYHUVH
7KLVSUHIDFHLVPHDQWWRFUHDWHDVWURQJGHVLUHLQWKHKHDUWRIWKHUHDGHUWRVHHNJXLGDQFH
IURPWKH/RUGRIWKH8QLYHUVHZKRDORQHFDQJUDQWLW7KXV$O)DWLKDLQGLUHFWO\WHDFKHV
WKDW WKH EHVW WKLQJ IRU D PDQ LV WR SUD\ IRU JXLGDQFH WR WKH VWUDLJKW SDWK WR VWXG\ WKH
4XU
DQZLWKWKHPHQWDODWWLWXGHRIDVHHNHUDIWHUWUXWKDQGWRUHFRJQL]HWKHIDFWWKDWWKH
/RUG RI WKH 8QLYHUVH LV WKH VRXUFH RI DOO NQRZOHGJH +H VKRXOG WKHUHIRU EHJLQ WKH
VWXG\RIWKH4XU
DQZLWKDSUD\HUWRKLPIRUJXLGDQFH
)URP WKLV WKHPH LW EHFRPHV FOHDU WKDW WKH UHDO UHODWLRQ EHWZHHQ $O)DWLKD DQG WKH
4XU
DQLV QRWWKDWRIDQLQWURGXFWLRQWRDERRNEXWWKDWRIDSUD\HUDQGLWVDQVZHU$O
)DWLKDLVWKHSUD\HUIURPWKHVHUYDQWDQGWKH4XU
DQLVWKHDQVZHUIURPWKH0DVWHUWRKLV
SUD\HU 7KH VHUYDQW SUD\V WR $OODK WR VKRZ KLP JXLGDQFH DQG WKH 0DVWHU SODFHV WKH
ZKROH RI WKH 4XU
DQ EHIRUH KLP LQ DQVZHU WR KLV SUD\HU DV LI WR VD\ 7KLV LV WKH
*XLGDQFH\RXEHJJHGIURP0H

%DTDUD
1DPH
:K\ WKH QDPH $/%$4$5$+" $/%$4$5$+ WKH &RZ  KDV EHHQ VR QDPHG IURP
WKHVWRU\RIWKH&RZRFFXUULQJLQWKLV6XUDK YY ,WKDVQRWKRZHYHUEHHQXVHG
DVDWLWOHWRLQGLFDWHWKHVXEMHFWRIWKH6XUDK,WZLOOWKHUHIRUHEHDVZURQJWRWUDQVODWH
WKHQDPH$O%DTDUDKLQWR7KH&RZRU7KH+HLIHUDVWRWUDQVODWHDQ\(QJOLVKQDPH
VD\ %DNHU 5LFH :ROI HWF  LQWR WKHLU HTXLYDOHQWV LQ RWKHU ODQJXDJHV RU YLFH YHUVD
EHFDXVH WKLV ZRXOG LPSO\ WKDW WKH 6XUDK GHDOW ZLWK WKH VXEMHFW RI 7KH &RZ 0DQ\
LVODPPHVVDJHFRP 
PRUH6XUDKVRIWKH4XU
DQKDYHEHHQQDPHGLQWKHVDPHZD\EHFDXVHQRFRPSUHKHQVLYH
ZRUGVH[LVWLQ$UDELF LQVSLWHRILWVULFKQHVV WRGHQRWHWKHZLGHVFRSHRIWKHVXEMHFW
GLVFXVVHG LQ WKHP $V D PDWWHU RI IDFW DOO KXPDQ ODQJXDJHV VXIIHU IURP WKH VDPH
OLPLWDWLRQ
6HTXHQFH
7KRXJK LW LV D 0DGDQL 6XUDK LW IROORZV QDWXUDOO\ D 0DNNL 6DUDK $O)DWLKDK ZKLFK
HQGHG ZLWK WKH SUD\HU  6KRZ XV WKH VWUDLJKW ZD\ ,W EHJLQV ZLWKWKHDQVZHU WRWKDW
SUD\HU 7KLV LV WKH %RRN WKDW    LV JXLGDQFH 7KH JUHDWHU SDUW RI $O%DTDUDK ZDV
UHYHDOHGGXULQJWKHILUVWWZR\HDUVRIWKH+RO\3URSKHW
VOLIHDW$O0DGLQDK7KHVPDOOHU
SDUW ZKLFK ZDV UHYHDOHG DW D ODWHU SHULRG KDV EHHQ LQFOXGHG LQ WKLV 6XUDK EHFDXVH LWV
FRQWHQWV DUH FORVHO\ UHODWHG WR WKRVH GHDOW ZLWK LQ WKLV 6XUD )RU LQVWDQFH WKH YHUVHV
SURKLELWLQJLQWHUHVWZHUHUHYHDOHGGXULQJWKHODVWSHULRGRIWKH+RO\SURSKHW
VOLIHEXW
KDYHEHHQLQVHUWHGLQWKLV6XUD)RUWKHVDPHUHDVRQWKHODVWYHUVHV  RIWKLV
6XUDZKLFKZHUHUHYHDOHGDW0DNNDKEHIRUHWKHPLJUDWLRQRIWKH+RO\3URSKHWWR$,
0DGLQDKKDYHDOVREHHQLQFOXGHGLQLW
+LVWRULFDO%DFNJURXQG
,Q RUGHU WR XQGHUVWDQG WKH PHDQLQJ RI WKLV 6XUD ZH VKRXOG NQRZ LWV KLVWRULFDO
EDFNJURXQG
$W0DNNDKWKH4XU
DQJHQHUDOO\DGGUHVVHGWKHPXVKULN4XUDLVKZKRZHUHLJQRUDQW
RI,VODPEXWDW$O0DGLQDKLWZDVDOVRFRQFHUQHGZLWKWKH-HZVZKRZHUHDFTXDLQWHG
ZLWK WKH FUHHG RI WKH 8QLW\ RI $OODK 3URSKHWKRRG 5HYHODWLRQ WKH +HUHDIWHU DQG
DQJHOV7KH\DOVRSURIHVVHGWREHOLHYHLQWKHODZZKLFKZDVUHYHDOHGE\$OODKWRWKHLU
3URSKHW0RVHV $OODK
VSHDFHEHXSRQKLP DQGLQSULQFLSOHWKHLUZD\ZDVWKHVDPH
,VODP WKDWZDVEHLQJWDXJKWE\3URSKHW0XKDPPDG $OODK
VSHDFHEHXSRQKLP %XW
WKH\ KDG VWUD\HG DZD\ IURP LW GXULQJ WKH FHQWXULHV RI GHJHQHUDWLRQ DQG KDG DGRSWHG
PDQ\XQ,VODPLFFUHHGVULWHVDQGFXVWRPVRIZKLFKWKHUHZDVQRPHQWLRQDQGIRUZKLFK
WKHUHZDVQRVDQFWLRQLQWKH7RUDK
1RW RQO\ WKLV  WKH\ KDG WDPSHUHG ZLWK WKH 7RUDK E\ LQVHUWLQJWKHLU RZQH[SODQDWLRQV
DQGLQWHUSUHWDWLRQVLQWRLWVWH[W7KH\KDGGLVWRUWHGHYHQWKDWSDUWRIWKH:RUGRI*RG
ZKLFKKDGUHPDLQHGLQWDFWLQWKHLU6FULSWXUHVDQGWDNHQRXWRILWWKHUHDOVSLULWRIWUXH
UHOLJLRQDQGZHUHQRZFOLQJLQJWRDOLIHOHVVIUDPHRIULWXDOV&RQVHTXHQWO\WKHLUEHOLHIV
WKHLUPRUDOVDQGWKHLUFRQGXFWKDGJRQHWRWKHORZHVWGHSWKVRIGHJHQHUDWLRQ7KHSLW\
LVWKDWWKH\ZHUHQRWRQO\VDWLVILHGZLWKWKHLUFRQGLWLRQEXWORYHGWRFOLQJWRLW%HVLGHV
WKLVWKH\KDGQRLQWHQWLRQRULQFOLQDWLRQWRDFFHSWDQ\NLQGRIUHIRUP
6RWKH\EHFDPHELWWHUHQHPLHVRIWKRVHZKRFDPHWRWHDFKWKHPWKH5LJKW:D\DQGGLG
WKHLUZRUVWWRGHIHDWHYHU\VXFKHIIRUW7KRXJKWKH\ZHUHRULJLQDOO\0XVOLPVWKH\KDG
VZHUYHG IURPWKHUHDO,VODPDQGPDGHLQQRYDWLRQVDQGDOWHUDWLRQVLQLWDQGKDGIDOOHQ
YLFWLPV WR KDLU VSOLWWLQJ DQG VHFWDULDQLVP 7KH\ KDG IRUJRWWHQ DQG IRUVDNHQ $OODK DQG
EHJXQWRVHUYHPDPPRQ6RPXFKVRWKDWWKH\KDGHYHQJLYHQXSWKHLURULJLQDOQDPH
0XVOLPDQGDGRSWHGWKHQDPH-HZLQVWHDGDQGPDGHUHOLJLRQWKHVROHPRQRSRO\RI
WKHFKLOGUHQRI,VUDHO7KLVZDVWKHLUUHOLJLRXVFRQGLWLRQZKHQWKH+RO\3URSKHWZHQWWR
$O0DGLQDKDQGLQYLWHGWKH-HZVWRWKHWUXHUHOLJLRQ7KDWLVZK\PRUHWKDQRQHWKLUGRI
LVODPPHVVDJHFRP 
WKLV6XUDKKDVEHHQDGGUHVVHGWRWKHFKLOGUHQRI,VUDHO$FULWLFDOUHYLHZRIWKHLUKLVWRU\
WKHLU PRUDO GHJHQHUDWLRQ DQG WKHLU UHOLJLRXV SHUYHUVLRQV KDV EHHQ PDGH VLGH E\ VLGH
ZLWK WKLV WKH KLJK VWDQGDUG RI PRUDOLW\ DQG WKH IXQGDPHQWDO SULQFLSOHV RI WKH SXUH
UHOLJLRQ KDYH EHHQ SXW IRUZDUG LQ RUGHU WR EULQJ RXW FOHDUO\ WKH QDWXUH RI WKH
GHJHQHUDWLRQRIWKHFRPPXQLW\RIDSURSKHWZKHQLWJRHVDVWUD\DQGWRGUDZFOHDUOLQHV
RIGHPDUFDWLRQEHWZHHQUHDOSLHW\DQGIRUPDOLVPDQGWKHHVVHQWLDOVDQGQRQHVVHQWLDOV
RIWKHWUXHUHOLJLRQ
 $W 0DNNDK ,VODP ZDV PDLQO\ FRQFHUQHG ZLWK WKH SURSDJDWLRQ RI LWV IXQGDPHQWDO
SULQFLSOHV DQG WKH PRUDO WUDLQLQJ RI LWV IROORZHUV %XW DIWHU WKH PLJUDWLRQ RI WKH +RO\
3URSKHW WR $O0DGLQDK ZKHUH 0XVOLPV KDG FRPH WR VHWWOH IURP DOO RYHU $UDELD DQG
ZKHUH D WLQ\ ,VODPLF 6WDWH KDG EHHQ VHW XS ZLWK WKH KHOS RI WKH $QVDDU ORFDO
VXSSRUWHUV  QDWXUDOO\ WKH 4XU
DQ KDG WR WXUQ LWV DWWHQWLRQ WR WKH VRFLDO FXOWXUDO
HFRQRPLFSROLWLFDODQGOHJDOSUREOHPVDVZHOO7KLVDFFRXQWVIRUWKHGLIIHUHQFHEHWZHHQ
WKH WKHPHV RI WKH VXUDKV UHYHDOHG DW 0DNNDK DQG WKRVH DW $O0DGLQDK $FFRUGLQJO\
DERXWKDOIRIWKLV6XUDKGHDOVZLWKWKRVHSULQFLSOHVDQGUHJXODWLRQVZKLFKDUHHVVHQWLDO
IRUWKHLQWHJUDWLRQDQGVROLGDULW\RIDFRPPXQLW\DQGIRUWKHVROXWLRQRILWVSUREOHPV
$IWHU WKHPLJUDWLRQWR$O0DGLQDKWKHVWUXJJOHEHWZHHQ,VODPDQGXQ,VODPKDGDOVR
HQWHUHGDQHZSKDVH%HIRUHWKLVWKH%HOLHYHUVZKRSURSDJDWHG,VODPDPRQJWKHLURZQ
FODQV DQG WULEHV KDG WR IDFH LWV RSSRQHQWV DW WKHLU RZQ ULVN %XW WKH FRQGLWLRQV KDG
FKDQJHGDW$O0DGLQDKZKHUH0XVOLPVIURPDOOSDUWVRI$UDELDKDGFRPHDQGVHWWOHG
DV RQH FRPPXQLW\ DQG KDG HVWDEOLVKHG DQ LQGHSHQGHQW FLW\ VWDWH +HUH LW EHFDPH D
VWUXJJOHIRUWKH
VXUYLYDORIWKH&RPPXQLW\LWVHOIIRUWKHZKROHRIQRQ0XVOLP$UDELD
ZDVEHQWXSRQDQGXQLWHGLQFUXVKLQJLWWRWDOO\+HQFHWKHIROORZLQJLQVWUXFWLRQVXSRQ
ZKLFKGHSHQGHGQRWRQO\LWVVXFFHVVEXWLWVYHU\VXUYLYDOZHUHUHYHDOHGLQWKLV6XUDK
D 7KH&RPPXQLW\VKRXOGZRUNZLWKWKHXWPRVW]HDOWRSURSDJDWHLWVLGHRORJ\DQGZLQ
RYHUWRLWVVLGHWKHJUHDWHVWSRVVLEOHQXPEHURISHRSOH
E ,WVKRXOGVRH[SRVHLWVRSSRQHQWVDVWROHDYHQRURRPIRUGRXEWLQWKHPLQGRIDQ\
VHQVLEOHSHUVRQWKDWWKH\ZHUHDGKHULQJWRDQDEVROXWHO\ZURQJSRVLWLRQ
F ,WVKRXOGLQIXVHLQ LW
VPHPEHUV WKHPDMRULW\RIZKRPZHUHKRPHOHVVDQGLQGLJHQW
DQG VXUURXQGHG RQ DOO VLGHV E\ HQHPLHV  WKDW FRXUDJH DQG IRUWLWXGH ZKLFK LV VR
LQGLVSHQVDEOH WR WKHLU YHU\H[LVWHQFHLQWKHDGYHUVHFLUFXPVWDQFHVLQZKLFKWKH\ZHUH
VWUXJJOLQJDQGWRSUHSDUHWKHPWRIDFHWKHVHEROGO\
G  ,W VKRXOG DOVR NHHS WKHP UHDG\ DQG SUHSDUHG WR PHHW DQ\ DUPHG PHQDFH ZKLFK
PLJKWFRPHIURPDQ\VLGHWRVXSSUHVVDQGFUXVKWKHLULGHRORJ\DQGWRRSSRVHLWWRRWK
DQG QDLO ZLWKRXW PLQGLQJ WKH RYHUZKHOPLQJ QXPHULFDO VWUHQJWK DQG WKH PDWHULDO
UHVRXUFHVRILWVHQHPLHV
H ,WVKRXOGDOVRFUHDWHLQWKHPWKDWFRXUDJHZKLFKLVQHHGHGIRUWKHHUDGLFDWLRQRIHYLO
ZD\V DQG IRU WKH HVWDEOLVKPHQW RI WKH ,VODPLF :D\ LQVWHDG 7KDW LV ZK\ $OODK KDV
UHYHDOHG LQ WKLV 6XUDK VXFK LQVWUXFWLRQV DV PD\ KHOS DFKLHYH DOO WKH DERYH PHQWLRQHG
REMHFWV
'XULQJWKLVSHULRGDQHZW\SHRI0XVOLPVPXQDILTLQ K\SRFULWHV KDGEHJXQWR
DSSHDU7KRXJKVLJQVRIGXSOLFLW\KDGEHHQQRWLFHGGXULQJWKHODVWGD\VDW0DNNDKWKH\
LVODPPHVVDJHFRP 
WRRN D GLIIHUHQW VKDSH DW $O0DGLQDK $W 0DNNDK WKHUH ZHUH VRPH SHRSOH ZKR
SURIHVVHG,VODPWREHWUXHEXWZHUHQRWSUHSDUHGWRDELGHE\WKHFRQVHTXHQFHVRIWKLV
SURIHVVLRQDQGWRVDFULILFHWKHLUZRUOGO\LQWHUHVWVDQGUHODWLRQVDQGEHDUWKHDIIOLFWLRQV
ZKLFKLQHYLWDEO\IROORZWKHDFFHSWDQFHRIWKLVFUHHG%XWDW$O0DGLQDKGLIIHUHQWNLQGV
RI PXQDILTLQ K\SRFULWHV  EHJDQ WR DSSHDU 7KHUH ZHUH VRPH ZKR KDG HQWHUHG WKH
,VODPLFIROGPHUHO\WRKDUPLWIURPZLWKLQ7KHUHZHUHRWKHUVZKRZHUHVXUURXQGHGE\
0XVOLPV DQG WKHUHIRUH KDG EHFRPH 0XVOLPV WR VDIHJXDUG WKHLU ZRUOGO\ LQWHUHVWV
7KH\WKHUHIRUHFRQWLQXHGWRKDYHUHODWLRQVZLWKWKHHQHPLHVVRWKDWLIWKHODWWHUEHFDPH
VXFFHVVIXO WKHLU LQWHUHVWV VKRXOG UHPDLQ VHFXUH 7KHUH ZHUH VWLOO RWKHUV ZKR KDG QR
VWURQJ FRQYLFWLRQ RI WKH WUXWK RI ,VODP EXW KDG HPEUDFHG LW DORQJ ZLWK WKHLU FODQV
/DVWO\WKHUHZHUHWKRVHZKRZHUHLQWHOOHFWXDOO\FRQYLQFHGRIWKHWUXWKRI,VODPEXWGLG
QRW KDYH HQRXJK PRUDO FRXUDJH WR JLYH XS WKHLU IRUPHU WUDGLWLRQV VXSHUVWLWLRQV DQG
SHUVRQDODPELWLRQVDQGOLYHXSWRWKH,VODPLFPRUDOVWDQGDUGVDQGPDNHVDFULILFHLQLWV
ZD\
$WWKHWLPHRIWKHUHYHODWLRQRI$O%DTDUDKDOOVRUWVRIK\SRFULWHVKDGEHJXQWRDSSHDU
$OODKKDVWKHUHIRUHEULHIO\SRLQWHGRXWWKHLUFKDUDFWHULVWLFVKHUH$IWHUZDUGVZKHQWKHLU
HYLO FKDUDFWHULVWLFV DQG PLVFKLHYRXV GHHGV EHFDPH PDQLIHVW $OODK VHQW GHWDLOHG
LQVWUXFWLRQVDERXWWKHP
7KHPH*XLGDQFH
7KLV 6XUDK LV DQ LQYLWDWLRQ WR WKH 'LYLQH *XLGDQFH DQG DOO WKH VWRULHV LQFLGHQWV HWF 
UHYROYHURXQGWKLVFHQWUDOWKHPH$VWKLV6XUDKKDVSDUWLFXODUO\EHHQDGGUHVVHGWRWKH
-HZVPDQ\KLVWRULFDOHYHQWVKDYHEHHQFLWHGIURPWKHLURZQWUDGLWLRQVWRDGPRQLVKDQG
DGYLVH WKHP WKDW WKHLU RZQ JRRG OLHV LQ DFFHSWLQJ WKH *XLGDQFH UHYHDOHG WR WKH +RO\
3URSKHW 7KH\ VKRXOG WKHUHIRUH EH WKH ILUVW WR DFFHSW LW EHFDXVH LW ZDV EDVLFDOO\ WKH
VDPHWKDWZDVUHYHDOHGWR3URSKHW0RVHV $OODK
VSHDFHEHXSRQKLP 

$DO,PUDQ
1DPH
7KLV6XUDKWDNHVLWVQDPHIURPY$DO,PUDQOLNHWKHQDPHVRIPDQ\RWKHUVXUDKVLV
PHUHO\DQDPHWRGLVWLQJXLVKLWIURPRWKHUVXUDKVDQGGRHVQRWLPSO\WKDWWKHIDPLO\RI
,PUDQKDVEHHQGLVFXVVHGLQLW
7KH3HULRGRI5HYHODWLRQ
7KLV 6XUDK FRQVLVWV RI IRXU GLVFRXUVHV 7KH ILUVW GLVFRXUVH YY   ZDV SUREDEO\
UHYHDOHGVRRQDIWHUWKH%DWWOHRI%DGU7KHVHFRQGGLVFRXUVH YY ZDVUHYHDOHGLQ
$+RQWKHRFFDVLRQRIWKHYLVLWRIWKHGHSXWDWLRQIURPWKH&KULVWLDQVRI1DMUDQ7KH
WKLUG GLVFRXUVH YY   DSSHDUV WR KDYH EHHQ UHYHDOHG LPPHGLDWHO\ DIWHU WKH ILUVW
RQH7KHIRXUWKGLVFRXUVH YY ZDVUHYHDOHGDIWHUWKH%DWWOHRI8KXG
6XEMHFW
7KRXJKWKHVHGLVFRXUVHVZHUHUHYHDOHGDWGLIIHUHQWSHULRGVDQGRQGLIIHUHQWRFFDVLRQV
WKH\DUHVRLQWHUOLQNHGDQGVRLQWHUFRQQHFWHGLLLUHJDUGWRWKHLUDLPREMHFWDQGFHQWUDO
WKHPH WKDW WKH\ PDNH WRJHWKHU RQH FRQWLQXRXV ZKROH 7KLV 6XUD KDV EHHQ HVSHFLDOO\

LVODPPHVVDJHFRP 
DGGUHVVHGWRWZRJURXSVWKHSHRSOHRIWKH%RRN WKH-HZVDQGWKH&KULVWLDQV DQGWKH
IROORZHUVRI0XKDPPDG $OODK
VSHDFHEHXSRQKLP 
7KH PHVVDJH KDV EHHQ H[WHQGHG WR WKH -HZV DQG WKH &KULVWLDQV LQ FRQWLQXDWLRQ RI WKH
LQYLWDWLRQ LQ $O%DTDUDK LQ ZKLFK WKH\ KDYH EHHQ DGPRQLVKHG IRU WKHLU HUURQHRXV
EHOLHIVDQGHYLOPRUDOVDQGDGYLVHGWRDFFHSWDVDUHPHG\WKH7UXWKRIWKH4XU
DQ7KH\
KDYHEHHQWROGKHUHWKDW0XKDPPDG $OODK
VSHDFHEHXSRQKLP WDXJKWWKHVDPHULJKW
ZD\RIOLIHWKDWKDGEHHQSUHDFKHGE\WKHLU RZQ3URSKHWVWKDWLWDORQHZDVWKH5LJKW
:D\ WKH ZD\ RI $OODK KHQFH DQ\ GHYLDWLRQ IURP LW ZLOO EH ZURQJ HYHQ DFFRUGLQJ WR
WKHLURZQ6FULSWXUHV
7KH VHFRQG JURXS WKH 0XVOLPV ZKR KDG EHHQ GHFODUHGWREHWKHEHVW&RPPXQLW\LQ
$O%DTDUDK DQG DSSRLQWHG WRUFKEHDUHUV RI WKH 7UXWK DQG HQWUXVWHG ZLWK WKH
UHVSRQVLELOLW\ RI UHIRUPLQJ WKH ZRUOG KDYH EHHQ JLYHQ DGGLWLRQDO LQVWUXFWLRQV LQ
FRQWLQXDWLRQRIWKRVHJLYHQLQWKHSUHFHGLQJ6XUDK7KH0XVOLPVKDYHEHHQZDUQHGWR
OHDUQ DOHVVRQIURPWKHUHOLJLRXVDQGPRUDOGHJHQHUDWLRQRIWKHIRUPHUFRPPXQLWLHVDQG
WRUHIUDLQIURPWUHDGLQJLQWKHLUIRRWVWHSV,QVWUXFWLRQVKDYHDOVREHHQJLYHQDERXWWKH
UHIRUPDWLYHZRUNWKH\KDGWRSHUIRUP%HVLGHVWKLVWKH\KDYHEHHQWDXJKWKRZWRGHDO
ZLWK WKH SHRSOH RI WKH %RRN DQG WKH K\SRFULWHV ZKR ZHUH SXWWLQJ GLIIHUHQW NLQGV RI
KLQGUDQFHVLQWKHZD\RI$OODK$ERYHDOOWKH\KDYHEHHQZDUQHGWRJXDUGDJDLQVWWKRVH
ZHDNQHVVHVZKLFKKDGFRPHWRWKHVXUIDFHLQWKH%DWWOH8KXG
%DFNJURXQG
7KHIROORZLQJLVWKHEDFNJURXQGRIWKH6XUDK  7KH%HOLHYHUVKDGPHWZLWKDOOVRUWV
RIWULDOVDQGKDUGVKLSVDERXWZKLFKWKH\KDGEHHQIRUHZDUQHGLQ$O%DTDUDK7KRXJK
WKH\ KDG FRPH RXW YLFWRULRXV LQ WKH %DWWOH RI %DGU WKH\ ZHUH QRW RXW RI GDQJHU \HW
7KHLUYLFWRU\KDGDURXVHGWKHHQPLW\RIDOOWKRVHSRZHUVLQ$UDELDZKLFKZHUHRSSRVHG
WRWKH,VODPLF0RYHPHQW6LJQVRIWKUHDWHQLQJVWRUPVKDGEHJXQWRDSSHDURQDOOVLGHV
DQGWKH0XVOLPVZHUHLQDSHUSHWXDOVWDWHRIIHDUDQGDQ[LHW\,WORRNHGDVLIWKHZKROH
$UDELDQ ZRUOGDURXQGWKHWLQ\VWDWHRI$O0DGLQDKZKLFKZDVQRPRUHWKDQDYLOODJH
VWDWH DW WKDW WLPHZDV EHQW XSRQ EORWWLQJ RXW LWV YHU\ H[LVWHQFH7KLVVWDWHRIZDUZDV
DOVR DGYHUVHO\ DIIHFWLQJ LWV HFRQRP\ ZKLFK KDG DOUHDG\ EHHQ EDGO\ GLVWXUEHG E\ WKH
LQIOX[RIWKH0XVOLPUHIXJHHVIURP0DNNDK
 7KHQWKHUHZDVWKHGLVWXUELQJSUREOHPRIWKH-HZLVKFODQVZKROLYHGLQWKHVXEXUEV
RI $O0DGLQDK 7KH\ ZHUH GLVFDUGLQJ WKH WUHDWLHV RI DOOLDQFH WKH\ KDG PDGH ZLWK WKH
+RO\3URSKHWDIWHUKLVPLJUDWLRQIURP0DNNDK6RPXFKVRWKDWRQWKHRFFDVLRQRIWKH
%DWWOHRI%DGUWKHVHSHRSOHRIWKH%RRNV\PSDWKL]HGZLWKWKHHYLODLPVRIWKHLGRODWHUV
LQ VSLWH RI WKH IDFW WKDW WKHLU IXQGDPHQWDO DUWLFOHV RI WKH )DLWK  2QHQHVV RI $OODK
3URSKHWKRRG/LIHDIWHUGHDWK ZHUHWKHVDPHDVWKRVHRIWKH0XVOLPV$IWHUWKH%DWWOH
RI %DGU WKH\ RSHQO\ EHJDQ WR LQFLWH WKH 4XUDLVK DQG RWKHU $UDE FODQV WR ZUHDN WKHLU
YHQJHDQFH RQ WKH 0XVOLPV 7KXV WKRVH -HZLVK FODQV VHW DVLGH WKHLU FHQWXULHVROG
IULHQGO\ DQG QHLJKERUO\ UHODWLRQV ZLWK WKH SHRSOH RI $O0DGLQDK $W ODVW ZKHQ WKHLU
PLVFKLHYRXV DFWLRQV DQG EUHDFKHV RI WUHDWLHV EHFDPH XQEHDUDEOH WKH +RO\ 3URSKHW
DWWDFNHG WKH %DQL4DLQXTD
D WKHPRVWPLVFKLHYRXVRIDOOWKHRWKHU-HZLVKFODQVZKR
KDG FRQVSLUHG ZLWK WKH K\SRFULWHV RI $O0DGLQDK DQG WKH LGRODWURXV $UDE FODQV WR
LVODPPHVVDJHFRP 
HQFLUFOHWKH%HOLHYHUVRQDOOVLGHV7KHPDJQLWXGHRIWKHSHULOPLJKWEHMXGJHGIURPWKH
IDFWWKDWHYHQWKHOLIHRIWKH+RO\3URSKHWKLPVHOIZDVDOZD\VLQGDQJHU7KHUHIRUHKLV
&RPSDQLRQV VOHSW LQ WKHLU DUPRUV GXULQJ WKDWSHULRGDQGNHSWZDWFKDWQLJKWWRJXDUG
DJDLQVWDQ\VXGGHQDWWDFNDQGZKHQHYHUWKH+RO\3URSKHWKDSSHQHGWREHRXWRIVLJKW
HYHQIRUDVKRUWZKLOHWKH\ZRXOGDWRQFHVHWRXWLQVHDUFKRIKLP
 7KLVLQFLWHPHQWE\WKH-HZVDGGHGIXHOWRWKHILUHZKLFKZDVEXUQLQJLQWKHKHDUWVRI
WKH4XUDLVKDQGWKH\EHJDQWRPDNHSUHSDUDWLRQVWRDYHQJHWKHGHIHDWWKH\KDGVXIIHUHG
DW%DG$\HDUDIWHUWKLVDQDUP\RIVWURQJPDUFKHGRXWRI0DNNDKWRLQYDGH$O
0DGLQDKDQGDEDWWOHWRRNSODFHDWWKHIRRWRI0RXQW8KXG7KH+RO\3URSKHWFDPHRXW
RI$O0DGLQDKZLWKRQHWKRXVDQGPHQWRPHHWWKHHQHP\:KLOHWKH\ZHUHPDUFKLQJWR
WKHEDWWOHILHOGWKUHHKXQGUHGK\SRFULWHVGHVHUWHGWKHDUP\DQGUHWXUQHGWR$O0DGLQDK
EXW WKHUH VWLOO UHPDLQHG D VPDOO EDQG RI K\SRFULWHV DPRQJ WKH VHYHQ KXQGUHG ZKR
DFFRPSDQLHG WKH +RO\ 3URSKHW 7KH\ SOD\HG WKHLU SDUW DQG GLG WKHLU ZRUVW WR FUHDWH
PLVFKLHI DQG FKDRV LQ WKH UDQNV RI WKH %HOLHYHUV GXULQJ WKH %DWWOH 7KLV ZDV WKH ILUVW
FOHDU LQGLFDWLRQ RI WKH IDFW WKDW ZLWKLQ WKH IROG RI WKH 0XVOLP &RPPXQLW\ WKHUH ZDV
TXLWHDODUJHQXPEHURIVDERWHXUVZKRZHUHDOZD\VUHDG\WRFRQVSLUHZLWKWKHH[WHUQDO
HQHPLHVWRKDUPWKHLURZQEUHWKUHQ
 7KRXJKWKHGHYLFHVRIWKHK\SRFULWHVKDGSOD\HGDJUHDWSDUWLQWKHVHWEDFNDW8KXG
WKH ZHDNQHVVHV RI WKH 0XVOLPV WKHPVHOYHV FRQWULEXWHG QR OHVV WR LW $QG LW ZDV EXW
QDWXUDO WKDW WKH 0XVOLPV VKRXOG VKRZ VLJQV RI PRUDO ZHDNQHVV IRU WKH\ ZHUH D QHZ
FRPPXQLW\ZKLFKKDGRQO\UHFHQWO\EHHQIRUPHGRQDQHZLGHRORJ\DQGKDGQRWDV\HW
JRW D WKRURXJK PRUDO WUDLQLQJ1DWXUDOO\LQWKLVVHFRQGKDUGWHVWRIWKHLU SK\VLFDODQG
PRUDOVWUHQJWKVRPHZHDNQHVVHVFDPHWRWKHVXUIDFH7KDWLVZK\DGHWDLOHGUHYLHZRI
WKH%DWWOHRI8KXGZDVQHHGHGWRZDUQWKH0XVOLPVRIWKHLUVKRUWFRPLQJVDQGWRLVVXH
LQVWUXFWLRQV IRU WKHLU UHIRUP ,W VKRXOG DOVR EH QRWHG WKDW WKLV UHYLHZ RI WKH %DWWOH LV
TXLWHGLIIHUHQWIURPWKHUHYLHZVWKDWDUHXVXDOO\PDGHE\JHQHUDOVRQVLPLODURFFDVLRQV
6XEMHFW*XLGDQFH
7KLV 6XUDK LV WKH VHTXHO WR $O%DTDUDK DQG WKH LQYLWDWLRQ WKHUHLQ LV FRQWLQXHG WR WKH
SHRSOH RI WKH %RRN ,Q $O%DTDUDK WKH -HZV ZHUH SRLQWHGO\ LQYLWHG WR DFFHSW WKH
*XLGDQFHDQGLQWKLV6XUDKWKH&KULVWLDQVKDYHSDUWLFXODUO\EHHQDGPRQLVKHGWRJLYHXS
WKHLU HUURQHRXV EHOLHIV DQG DFFHSW WKH *XLGDQFH RI WKH 4XU
DQ $W WKH VDPH WLPH WKH
0XVOLPVKDYHEHHQLQVWUXFWHGWRQRXULVKWKHYLUWXHVWKDWPD\HQDEOHWKHPWRFDUU\RXW
WKHLUREOLJDWLRQVDQGVSUHDGWKH'LYLQH*XLGDQFH

1LVDD
3HULRGRI5HYHODWLRQ
7KLV 6XUDK FRPSULVHV VHYHUDO GLVFRXUVHV ZKLFK ZHUH UHYHDOHG RQ GLIIHUHQW RFFDVLRQV
GXULQJWKH SHULRGUDQJLQJSUREDEO\EHWZHHQWKHHQGRI$+DQGWKHHQGRI$+RU
WKHEHJLQQLQJRI$+$OWKRXJKLWLVGLIILFXOWWRGHWHUPLQHWKHH[DFWGDWHVRIWKHLU
UHYHODWLRQV\HWLWLVSRVVLEOHWRDVVLJQWRWKHPDIDLUO\FRUUHFWSHULRGZLWKWKHKHOSRIWKH
&RPPDQGPHQWVDQGWKHHYHQWVPHQWLRQHGWKHUHLQDQGWKH7UDGLWLRQVFRQFHUQLQJWKHP
$IHZLQVWDQFHVDUHJLYHQEHORZE\ZD\RILOOXVWUDWLRQ
LVODPPHVVDJHFRP 
D :HNQRZWKDWWKHLQVWUXFWLRQVDERXWWKHGLYLVLRQRILQKHULWDQFHRIWKHPDUW\UVDQG
IRUWKHVDIHJXDUGRIWKHULJKWVRIWKHRUSKDQVZHUHVHQWGRZQDIWHUWKH%DWWOHRI8KXGLQ
ZKLFK  0XVOLPV ZHUH NLOOHG 7KHQ QDWXUDOO\ WKH TXHVWLRQ RI WKH GLYLVLRQ RI WKH
LQKHULWDQFHRIWKHPDUW\UVDQGWKHVDIHJXDUGRIWKHULJKWVRIWKHLURUSKDQVDURVHLQPDQ\
IDPLOLHV DW $O0DGLQDK )URP WKLV ZH FRQFOXGH WKDW YY   ZHUH UHYHDOHG RQ WKDW
RFFDVLRQ
E  :H OHDUQ IURP WKH 7UDGLWLRQV WKDW WKH &RPPDQGPHQW DERXW VDODW GXULQJ ZDU WLPH
ZDVJLYHQRQWKHRFFDVLRQRI=DWXU5LTD
DDQH[SHGLWLRQZKLFKWRRNSODFHLQ$+
)URP WKLV ZH FRQFOXGH WKDW WKH GLVFRXUVH FRQWDLQLQJ Y  ZDV UHYHDOHG RQ WKDW
RFFDVLRQ
F 7KHODVWZDUQLQJ Y WRWKH-HZVZDVJLYHQEHIRUHWKH%DQX1DGLUZHUHH[LOHG
IURP$O0DGLQDKLQ5DEL
XO$ZZDO$+)URPWKLVLWPD\VDIHO\EHFRQFOXGHGWKDW
WKHGLVFRXUVHFRQWDLQLQJYPXVWKDYHEHHQUHYHDOHGVRPHWLPHEHIRUHWKDWGDWH
G  7KH SHUPLVVLRQ DERXW WD\DPPXP WKH SHUIRUPDQFHRIDEOXWLRQVZLWKSXUHGXVWLQ
FDVH QR ZDWHU EH DYDLODEOH  ZDV JLYHQ GXULQJ WKH %DQLDO0XVWDOLT H[SHGLWLRQ ZKLFK
WRRNSODFHLQ $+7KHUHIRUHWKHSUREDEOHSHULRGRIWKHUHYHODWLRQRIWKHGLVFRXUVH
FRQWDLQLQJYZDV$+
7RSLFVDQG7KHLU%DFNJURXQG
/HW XV QRZ FRQVLGHU WKH VRFLDO DQG KLVWRULFDO FRQVLGHUDWLRQV RI WKH SHULRG LQ RUGHU WR
XQGHUVWDQG WKH 6XUDK $OO WKH GLVFRXUVHV LQ WKLV 6XUDK GHDO ZLWK WKUHH PDLQ SUREOHPV
ZKLFKFRQIURQWHGWKH+RO\3URSKHWDWWKHWLPH)LUVWRIDOOKHZDVHQJDJHGLQEULQJLQJ
DERXWDQDOOURXQGGHYHORSPHQWRIWKH,VODPLF&RPPXQLW\WKDWKDGEHHQIRUPHGDWWKH
WLPHRIKLVPLJUDWLRQWR$O0DGLQDK)RUWKLVSXUSRVHKHZDVLQWURGXFLQJQHZPRUDO
FXOWXUDOVRFLDOHFRQRPLFDQGSROLWLFDOZD\VLQSODFHRIWKHROGRQHVRIWKHSUH,VODPLF
SHULRG7KHVHFRQGWKLQJWKDWRFFXSLHGKLVDWWHQWLRQDQGHIIRUWVZDVWKHELWWHUVWUXJJOH
WKDW ZDV JRLQJ RQ ZLWK WKH PXVKULN $UDEV WKH -HZLVK FODQV DQG WKH K\SRFULWHV ZKR
ZHUH RSSRVLQJ WRRWK DQG QDLO KLV PLVVLRQ RI UHIRUP $ERYH DOO KH KDG WR SURSDJDWH
,VODPLQWKHIDFHRIWKHELWWHURSSRVLWLRQRIWKHVHSRZHUVRIHYLOZLWKDYLHZWRFDSWXULQJ
PRUHDQGPRUHPLQGVDQGKHDUWV
$FFRUGLQJO\ GHWDLOHG LQVWUXFWLRQV KDYH EHHQ JLYHQ IRU WKH FRQVROLGDWLRQ DQG
VWUHQJWKHQLQJRIWKH,VODPLF&RPPXQLW\LQFRQWLQXDWLRQRIWKRVHJLYHQLQ$O%DTDUDK
3ULQFLSOHV IRU WKH VPRRWK UXQQLQJ RI IDPLO\ OLIH KDYH EHHQ ODLG GRZQ DQG ZD\V RI
VHWWOLQJIDPLO\GLVSXWHVKDYHEHHQWDXJKW5XOHVKDYHEHHQSUHVFULEHGIRUPDUULDJHDQG
ULJKWV RI ZLIH DQG KXVEDQG KDYH EHHQ DSSRUWLRQHG IDLUO\ DQG HTXLWDEO\ 7KH VWDWXV RI
ZRPHQLQWKHVRFLHW\KDVEHHQGHWHUPLQHGDQGWKHGHFODUDWLRQRIWKHULJKWVRIRUSKDQV
KDVEHHQPDGHODZVDQGUHJXODWLRQVKDYHEHHQODLGGRZQIRUWKHGLYLVLRQRILQKHULWDQFH
DQG LQVWUXFWLRQV KDYH EHHQ JLYHQ WR UHIRUP HFRQRPLF DIIDLUV 7KH IRXQGDWLRQ RI WKH
SHQDOFRGHKDVEHHQODLGGRZQGULQNLQJKDVEHHQSURKLELWHGDQGLQVWUXFWLRQVKDYHEHHQ
JLYHQ IRU FOHDQOLQHVV DQG SXULW\ 7KH 0XVOLPV KDYH EHHQ WDXJKW WKH NLQG RI UHODWLRQV
JRRG PHQVKRXOGKDYHZLWKWKHLU $OODKDQGIHOORZPHQ,QVWUXFWLRQVKDYHEHHQJLYHQ
IRUWKHPDLQWHQDQFHRIGLVFLSOLQHLQWKH0XVOLP&RPPXQLW\

LVODPPHVVDJHFRP 
7KHPRUDODQGUHOLJLRXVFRQGLWLRQRIWKHSHRSOHRIWKH%RRNKDVEHHQUHYLHZHGWRWHDFK
OHVVRQV WR WKH 0XVOLPV DQG WR IRUHZDUQ WKHP WR UHIUDLQ IURP IROORZLQJ LQ WKHLU
IRRWVWHSV7KHFRQGXFWRIWKHK\SRFULWHVKDVEHHQFULWLFL]HGDQGWKHGLVWLQFWLYHIHDWXUHV
RI K\SRFULV\ DQG WUXH IDLWK KDYH EHHQ FOHDUO\ PDUNHG RII WR HQDEOH WKH 0XVOLPV WR
GLVWLQJXLVKEHWZHHQWKHWZR,QRUGHUWRFRSHZLWKWKHDIWHUPDWKRIWKH%DWWOHRI8KXG
,QVSLULQJGLVFRXUVHVZHUHVHQWGRZQWRXUJHWKH0XVOLPVWRIDFHWKHHQHP\EUDYHO\IRU
WKHGHIHDWLQWKH%DWWOHKDGVRHPEROGHQHGWKHPXVKULN$UDEFODQVDQGWKHQHLJKERULQJ
-HZVDQGWKHK\SRFULWHVDWKRPHWKDWWKH\ZHUHWKUHDWHQLQJWKH0XVOLPVRQDOOVLGHV$W
WKLV FULWLFDO MXQFWXUH $OODK ILOOHG WKH 0XVOLPV ZLWK FRXUDJH DQG JDYH WKHP VXFK
LQVWUXFWLRQVDVZHUHQHHGHGGXULQJWKDWSHULRGRIZDUFORXGV,QRUGHUWRFRXQWHUDFWWKH
IHDUIXOUXPRUVWKDWZHUHEHLQJVSUHDGE\WKHK\SRFULWHVDQGWKH0XVOLPVRIZHDNIDLWK
WKH\ ZHUH DVNHG WR PDNH D WKRURXJK HQTXLU\ LQWR WKHP DQG WR LQIRUP WKH UHVSRQVLEOH
SHRSOHDERXWWKHP7KHQWKH\ ZHUHH[SHULHQFLQJVRPHGLIILFXOWLHVLQRIIHULQJWKHLUVDODW
GXULQJ WKH H[SHGLWLRQV WR VRPH SODFHV ZKHUH QR ZDWHU ZDV DYDLODEOH IRU SHUIRUPLQJ
WKHLU DEOXWLRQV HWF ,Q VXFK FDVHV WKH\ ZHUH DOORZHG WR FOHDQVH WKHPVHOYHV ZLWK SXUH
HDUWKDQGWRVKRUWHQWKHVDODWRUWRRIIHUWKH6DODWRI)HDUZKHQWKH\ZHUHIDFHGZLWK
GDQJHU,QVWUXFWLRQVZHUHDOVRJLYHQIRUWKHVROXWLRQRIWKHSX]]OLQJSUREOHPRIWKRVH
0XVOLPVZKRZHUHVFDWWHUHGDPRQJWKHXQEHOLHYLQJ$UDEFODQVDQGZHUHRIWHQLQYROYHG
LQZDU7KH\ZHUHDVNHGWRPLJUDWHWR$O0DGLQDKWKHDERGHRI,VODP
7KLV 6XUDK DOVR GHDOV ZLWK WKH FDVH RI %DQL 1DGLU ZKR ZHUH VKRZLQJ D KRVWLOH DQG
PHQDFLQJDWWLWXGHLQVSLWHRIWKHSHDFHWUHDWLHVWKH\KDGPDGHZLWKWKH0XVOLPV7KH\
ZHUH RSHQO\ VLGLQJ ZLWK WKH HQHPLHV RI ,VODP DQG KDWFKLQJ SORWV DJDLQVW WKH +RO\
3URSKHWDQGWKH0XVOLP&RPPXQLW\HYHQDW$,0DGLQDKLWVHOI7KH\ZHUHWDNHQWRWDVN
IRUWKHLULQLPLFDOEHKDYLRUDQGJLYHQDILQDOZDUQLQJWRFKDQJHWKHLUDWWLWXGHDQGZHUH
DWODVWH[LOHGIURP$O0DGLQDKRQDFFRXQW RIWKHLUPLVFRQGXFW
7KH SUREOHP RI WKH K\SRFULWHV ZKR KDG EHFRPH YHU\ WURXEOHVRPH DW WKDW WLPH ZDV
LQYROYLQJ WKH %HOLHYHUV LQ GLIILFXOWLHV 7KHUHIRUH WKH\ ZHUH GLYLGHG LQWR GLIIHUHQW
FDWHJRULHV WR HQDEOH WKH 0XVOLPV WR GHDO ZLWK WKHP DSSURSULDWHO\ &OHDU LQVWUXFWLRQV
ZHUH DOVR JLYHQ UHJDUGLQJ WKH DWWLWXGH WKH\ VKRXOG DGRSW WRZDUGV WKH QRQEHOOLJHUHQW
FODQV7KHPRVWLPSRUWDQWWKLQJQHHGHGDWWKDWWLPHZDVWRSUHSDUHWKH0XVOLPVIRUWKH
ELWWHU VWUXJJOH ZLWK WKH RSSRQHQWV RI ,VODP )RU WKLV SXUSRVH JUHDWHVW LPSRUWDQFH ZDV
DWWDFKHG WR WKHLU FKDUDFWHU EXLOGLQJ IRU LW ZDV REYLRXV WKDW WKH VPDOO 0XVOLP
&RPPXQLW\ FRXOG RQO\ FRPH RXW VXFFHVVIXO QD\ VXUYLYH LI WKH 0XVOLPV SRVVHVVHG
KLJKPRUDOFKDUDFWHU7KH\ZHUHWKHUHIRUHHQMRLQHGWRDGRSWWKHKLJKHVWPRUDOTXDOLWLHV
DQGZHUHVHYHUHO\FULWLFL]HGZKHQHYHUDQ\PRUDOZHDNQHVVZDVGHWHFWHGLQWKHP
7KRXJKWKLV6XUDKPDLQO\GHDOVZLWKWKHPRUDODQGVRFLDOUHIRUPV\HWGXHDWWHQWLRQKDV
EHHQ SDLG WR SURSDJDWLRQ RI ,VODP 2Q WKH RQH KDQG WKH VXSHULRULW\ RI WKH ,VODPLF
PRUDOLW\ DQG FXOWXUH KDV EHHQ HVWDEOLVKHG RYHU WKDW RI WKH -HZV &KULVWLDQV DQG
PXVKULNV RQ WKH RWKHU KDQG WKHLU ZURQJ UHOLJLRXV FRQFHSWLRQV WKHLU ZURQJ PRUDOLW\
DQG WKHLU HYLO DFWV KDYH EHHQ FULWLFL]HG WR SUHSDUH WKH JURXQG IRU LQYLWLQJ WKHP WR WKH
ZD\RIWKH7UXWK
6XEMHFW&RQVROLGDWLRQRIWKH,VODPLF&RPPXQLW\
LVODPPHVVDJHFRP 
7KHPDLQREMHFWRIWKLV6XUDKLVWRWHDFKWKH0XVOLPVWKHZD\VWKDWXQLWHDSHRSOHDQG
PDNH WKHP ILUP DQG VWURQJ ,QWURGXFWLRQV IRU WKH VWDELOLW\ RI IDPLO\ ZKLFK LV WKH
QXFOHXV RI FRPPXQLW\ KDYH EHHQ JLYHQ 7KHQ WKH\ KDYH EHHQ XUJHG WR SUHSDUH
WKHPVHOYHVIRUGHIHQVH6LGHE\VLGHZLWKWKHVHWKH\KDYHEHHQWDXJKWWKHLPSRUWDQFH
RIWKHSURSDJDWLRQRI,VODP$ERYHDOOWKHLPSRUWDQFHRIWKHKLJKHVWPRUDOFKDUDFWHULQ
WKHVFKHPHRIFRQVROLGDWLRQRIWKH&RPPXQLW\KDVEHHQLPSUHVVHG

0DL
GDK
1DPH
7KLV6DUDKWDNHVLWV
QDPHIURPYHUVHLQZKLFKWKHZRUG0DL
GDKRFFXUV/LNHWKH
QDPHV RI PDQ\ RWKHU VXUDKV WKLV QDPH KDV QR VSHFLDO UHODWLRQ WR WKH VXEMHFW RI WKH
6XUDKEXWKDVEHHQXVHGPHUHO\DVDV\PEROWRGLVWLQJXLVKLWIURPRWKHUVXUDKV
3HULRGRI5HYHODWLRQ
7KHWKHPHRIWKLV6XUDKLQGLFDWHVDQGWUDGLWLRQVVXSSRUWLWWKDWLWZDVUHYHDOHGDIWHUWKH
WUHDW\RI+XGDLEL\DKDWWKHHQGRI$+RULQWKHEHJLQQLQJRI$+7KDWLVZK\LW
GHDOVZLWKWKRVHSUREOHPVWKDWDURVHIURPWKLVWUHDW\
7KH +RO\ 3URSKHW ZLWK  0XVOLPV ZHQW WR 0DNNDK LQ =LO4DDCGDK  $ + WR
SHUIRUP 8PUDK EXW WKH 4XUDLVK VSXUUHG E\ WKHLU HQPLW\ SUHYHQWHG KLP IURP LWV
SHUIRUPDQFHWKRXJKLWZDVXWWHUO\DJDLQVW DOOWKHDQFLHQWUHOLJLRXVWUDGLWLRQVRI$UDELD
$IWHUDJRRGGHDORIKDUGDQGKDUVKQHJRWLDWLRQVDWUHDW\ZDVFRQFOXGHGDW+XGDLEL\DK
DFFRUGLQJWRZKLFKLWZDVDJUHHGWKDWKHFRXOGSHUIRUP8PUDKWKHIROORZLQJ\HDU7KDW
ZDVDYHU\DSSURSULDWHRFFDVLRQIRUWHDFKLQJWKH0XVOLPVWKHULJKWZD\RISHUIRUPLQJD
SLOJULPDJHWR0DNNDKZLWKWKHWUXH,VODPLFGLJQLW\DQGHQMRLQLQJWKDWWKH\VKRXOGQRW
SUHYHQWWKHGLVEHOLHYHUVIURPSHUIRUPLQJSLOJULPDJHWR0DNNDKDVDUHWDOLDWLRQIRUWKHLU
PLVEHKDYLRU 7KLV ZDV QRW GLIILFXOW DW DOO DV PDQ\ GLVEHOLHYHUV KDG WR SDVV WKURXJK
0XVOLPWHUULWRU\RQWKHLUZD\WR0DNNDK7KLVLVZK\WKHLQWURGXFWRU\YHUVHVGHDOZLWK
WKHWKLQJVFRQQHFWHGZLWKSLOJULPDJHWR0DNNDKDQGWKHVDPHWKHPHKDVEHHQUHVXPHG
LQYY7KHRWKHUWRSLFVRIWKLV6XUDKDOVRDSSHDUWREHORQJWRWKHVDPHSHULRG
7KH FRQWLQXLW\ RI WKH VXEMHFW VKRZV WKDW PRVW SUREDEO\ WKH ZKROH RI WKH VXUDK ZDV
UHYHDOHGDVDVLQJOHGLVFRXUVHDWRQHDQGWKHVDPHWLPH,WLVDOVRSRVVLEOHWKDWVRPHRI
LWVYHUVHVZHUHUHYHDOHGDWDODWHU SHULRGDQGLQVHUWHGLQWKLV6XUDKDWGLIIHUHQWSODFHV
ZKHUHWKH\ILWWHGLQ%XWWKHUHDSSHDUVWREHQRWWKHOHDVWJDSDQ\ZKHUHLQWKHVXUDKWR
VKRZ WKDW LW PLJKW KDYH FRPSULVHG WZR RU PRUH GLVFRXUVHV 2FFDVLRQ RI 5HYHODWLRQ
7KLV6XUDKZDVUHYHDOHGWRVXLWWKHUHTXLUHPHQWVRIWKHFKDQJHGFRQGLWLRQVZKLFKZHUH
QRZGLIIHUHQWIURPWKRVHSUHYDLOLQJDWWKHWLPHRIWKHUHYHODWLRQRI$DO
,PUDQDQG$Q
1LVD 7KHQ WKH VKRFN RI WKH VHWEDFN DW 8KXG KDG PDGH WKH YHU\ VXUURXQGLQJVRI$O
0DGLQDKGDQJHURXVIRUWKH0XVOLPVEXWQRZ,VODPKDGEHFRPHDQLQYXOQHUDEOHSRZHU
DQGWKH,VODPLF6WDWHKDGH[WHQGHGWR1DMGRQWKHHDVWWRWKH5HG6HDRQWKHZHVWWR
6\ULDRQWKHQRUWKDQGWR0DNNDKRQWKHVRXWK7KLVVHWEDFNZKLFKWKH0XVOLPVKDG
VXIIHUHG DW 8KXG KDG QRW EURNHQ WKHLU GHWHUPLQDWLRQ ,W KDG UDWKHU VSXUUHG WKHP WR
DFWLRQ$VDUHVXOWRIWKHLUFRQWLQXRXVVWUXJJOHDQGXQSDUDOOHOHGVDFULILFHVWKHSRZHURI
WKHVXUURXQGLQJFODQVZLWKLQDUDGLXVRIPLOHVRUVRKDGEHHQEURNHQ7KH-HZLVK
LVODPPHVVDJHFRP 
PHQDFH ZKLFK ZDV DOZD\V WKUHDWHQLQJ $O0DGLQDK KDG EHHQ WRWDOO\ UHPRYHG DQG WKH
-HZVLQWKHRWKHUSDUWVRI+LMD]KDGEHFRPHWULEXWDULHVRIWKH6WDWHRI$O0DGLQDK7KH
ODVWHIIRUWRIWKH4XUDLVKWRVXSSUHVV,VODPKDGEHHQWKZDUWHGLQWKH%DWWOHRIWKH'LWFK
$IWHUWKLVLW KDGEHFRPHTXLWHREYLRXVWRWKH$UDEVWKDWQRSRZHUFRXOGVXSSUHVVWKH
,VODPLFPRYHPHQW1RZ,VODPZDVQRWPHUHO\DFUHHGZKLFKUXOHGRYHUWKHPLQGVDQG
KHDUWVRIWKHSHRSOHEXWKDGDOVREHFRPHD6WDWHZKLFKGRPLQDWHGRYHUHYHU\DVSHFWRI
WKHOLIHRIWKHSHRSOHZKROLYHGZLWKLQLWVERXQGDULHV7KLVKDGHQDEOHGWKH0XVOLPVWR
OLYHWKHLUOLYHVZLWKRXWOHWRUKLQGUDQFHLQDFFRUGDQFHZLWKWKHLUEHOLHIV
$QRWKHUGHYHORSPHQWKDGDOVRWDNHQSODFHGXULQJWKLVSHULRG7KH0XVOLPFLYLOL]DWLRQ
KDGGHYHORSHGLQDFFRUGDQFHZLWKWKHSULQFLSOHVRI,VODPDQGWKH,VODPLFYLHZSRLQW
7KLV FLYLOL]DWLRQ ZDV TXLWH GLVWLQFW IURP DOO RWKHU FLYLOL]DWLRQV LQ DOO LWV
 GHWDLOV DQG
GLVWLQJXLVKHG WKH 0XVOLPV FOHDUO\ IURP WKH QRQ 0XVOLPV LQ WKHLU PRUDO VRFLDO DQG
FXOWXUDOEHKDYLRU 0RVTXHVKDGEHHQEXLOWLQDOOWHUULWRULHVSUD\HUKDGEHHQHVWDEOLVKHG
DQG
,PDP OHDGHU IRUHYHU\KDELWDWLRQDQGFODQKDGEHHQDSSRLQWHG7KH,VODPLFFLYLO
DQG FULPLQDO ODZV KDG EHHQ IRUPXODWHG LQGHWDLODQGZHUHEHLQJHQIRUFHGWKURXJKWKH
,VODPLFFRXUWV1HZDQGUHIRUPHGZD\VRIWUDGHDQGFRPPHUFHKDGWDNHQWKHSODFHRI
WKHROGRQHV7KH,VODPLFODZVRIPDUULDJHDQGGLYRUFHRIWKHVHJUHJDWLRQRIWKHVH[HV
RIWKHSXQLVKPHQWIRUDGXOWHU\DQGFDOXPQ\DQGWKHOLNHKDGFDVWWKHVRFLDOOLIHRIWKH
0XVOLPVLQDVSHFLDOPROG7KHLUVRFLDOEHKDYLRUWKHLUFRQYHUVDWLRQWKHLUGUHVVWKHLU
YHU\PRGHRIOLYLQJWKHLUFXOWXUHHWFKDGWDNHQDGHILQLWHVKDSHRILWVRZQ$VDUHVXOW
RI DOO WKHVH FKDQJHV WKH QRQ0XVOLPV FRXOG QRW H[SHFW WKDW WKH 0XVOLPV ZRXOG HYHU
UHWXUQ WR WKHLU IRUPHU IROG %HIRUH WKH WUHDW\ RI +XGDLEL\DK WKH 0XVOLPV ZHUH VR
HQJDJHG LQ WKHLU VWUXJJOH ZLWK WKH QRQ0XVOLP 4XUDLVK WKDW WKH\ JRW QR WLPH WR
SURSDJDWHWKHLUPHVVDJH7KLVKLQGUDQFHZDVUHPRYHGE\ZKDWZDVDSSDUHQWO\DGHIHDW
EXW LQ UHDOLW\ D YLFWRU\ DW +XGDLEL\DK 7KLV JDYH WKH 0XVOLPV QRW RQO\ SHDFH LQ WKHLU
RZQ WHUULWRU\ EXW DOVR UHVSLWH WR VSUHDG WKHLU PHVVDJH LQ WKH VXUURXQGLQJ WHUULWRULHV
$FFRUGLQJO\ WKH +RO\ 3URSKHW DGGUHVVHG OHWWHUV WR WKH UXOHUV RI ,UDQ (J\SW DQG WKH
5RPDQ(PSLUHDQGWKHFKLHIVRI$UDELDLQYLWLQJWKHPWR,VODP$WWKHVDPHWLPHWKH
PLVVLRQDULHVRI,VODPVSUHDGDPRQJWKHFODQVDQGWULEHVDQGLQYLWHGWKHPWRDFFHSWWKH
'LYLQH:D\RI$OODK7KHVHZHUHWKHFLUFXPVWDQFHVDWWKHWLPHZKHQ$O0D
LGDKZDV
UHYHDOHG
7RSLFV
,WGHDOVZLWKWKHIROORZLQJWKUHHPDLQWRSLFV  &RPPDQGPHQWVDQGLQVWUXFWLRQVDERXW
WKH UHOLJLRXV FXOWXUDO DQG SROLWLFDO OLIH RI WKH 0XVOLPV ,Q WKLV FRQQHFWLRQ D FRGH RI
FHUHPRQLDOUXOHVFRQFHUQLQJWKHMRXUQH\IRU+DMMKDVEHHQSUHVFULEHGWKHREVHUYDQFHRI
VWULFWUHVSHFWIRUWKHHPEOHPVRI$OODKKDVEHHQHQMRLQHGDQGDQ\NLQGRIREVWUXFWLRQ
RULQWHUIHUHQFHZLWKWKHSLOJULPVWRWKH.DDEDKKDVEHHQSURKLELWHG'HILQLWHUXOHVDQG
UHJXODWLRQVKDYHEHHQODLGGRZQIRUZKDWLVODZIXODQGXQODZIXOLQWKHPDWWHURIIRRG
DQG VHOILPSRVHG IRROLVK UHVWULFWLRQV RI WKH SUH,VODPLF DJH KDYH EHHQ DEROLVKHG
3HUPLVVLRQKDVEHHQJLYHQWRWDNHIRRGZLWKWKHSHRSOHRIWKH%RRNDQGWRPDUU\WKHLU
ZRPHQ 5XOHV DQG UHJXODWLRQV IRU WKH SHUIRUPDQFH RI :XGX DEOXWLRQV DQG EDWK DQG
SXULILFDWLRQDQGWD\DPPXP DEOXWLRQVZLWKGXVW KDYHEHHQSUHVFULEHG3XQLVKPHQWIRU
LVODPPHVVDJHFRP 
UHEHOOLRQ GLVWXUEDQFH RI SHDFH DQG WKHIW KDYH EHHQ VSHFLILHG 'ULQNLQJ DQG JDPEOLQJ
KDYHDEVROXWHO\EHHQPDGHXQODZIXO([SLDWLRQIRUWKHEUHDNLQJRIRDWKKDVEHHQODLG
GRZQDQGDIHZPRUHWKLQJVKDYHEHHQDGGHGWRWKHODZRIHYLGHQFH
 $GPRQLWLRQWRWKH0XVOLPV1RZWKDWWKH0XVOLPVKDGEHFRPHDUXOLQJERG\LWZDV
IHDUHG WKDW SRZHU PLJKW FRUUXSW WKHP $W WKLV SHULRG RI JUHDW WULDO $OODK KDG
DGPRQLVKHGWKHPRYHUDQGRYHUDJDLQWRVWLFNWRMXVWLFHDQGWRJXDUGDJDLQVWWKHZURQJ
EHKDYLRU RI WKHLU SUHGHFHVVRUV WKH SHRSOH RI WKH %RRN 7KH\ KDYH EHHQ HQMRLQHG WR
UHPDLQ VWHDGIDVW WR WKH &RYHQDQW RI REHGLHQFH WR $OODK DQG +LV 0HVVHQJHU DQG WR
REVHUYHVWULFWO\ WKHLUFRPPDQGVDQGSURKLELWLRQVLQRUGHUWRVDYHWKHPVHOYHVIURPWKH
HYLO FRQVHTXHQFHV ZKLFK EHIHOO WKH -HZV DQG WKH &KULVWLDQV ZKR KDG YLRODWHG WKHP
7KH\KDYHEHHQLQVWUXFWHGWRREVHUYHWKHGLFWDWHVRIWKH+RO\4XU
DQLQWKHFRQGXFWRI
DOOWKHLUDIIDLUVDQGZDUQHGDJDLQVWWKHDWWLWXGHRIK\SRFULV\
  $GPRQLWLRQ WR WKH -HZV DQG WKH &KULVWLDQV $V WKH SRZHU RI WKH -HZV KDG EHHQ
WRWDOO\ ZHDNHQHG DQG DOPRVW DOO WKHLU KDELWDWLRQV LQ QRUWK $UDELD KDG FRPH XQGHU WKH
UXOHRIWKH0XVOLPVWKH\KDYHEHHQZDUQHGDJDLQDERXWWKHLUZURQJDWWLWXGHDQGLQYLWHG
WRIROORZWKH5LJKW:D\$WWKHVDPHWLPHDGHWDLOHGLQYLWDWLRQKDVDOVREHHQH[WHQGHG
WRWKH&KULVWLDQV7KHHUURUVRIWKHLUFUHHGVKDYHEHHQFOHDUO\SRLQWHGRXWDQGWKH\KDYH
EHHQDGPRQLVKHGWRDFFHSWWKHJXLGDQFHRIWKH+RO\3URSKHW,QFLGHQWDOO\LWPD\EH
QRWHGWKDWQRGLUHFWLQYLWDWLRQKDVEHHQPDGHWRWKH0DMXVLVDQGLGRODWHUVOLYLQJLQWKH
DGMRLQLQJFRXQWULHVEHFDXVHWKHUHZDVQRQHHGIRUDVHSDUDWHDGGUHVVIRUWKHPDVWKHLU
FRQGLWLRQKDGDOUHDG\EHHQFRYHUHGE\WKHDGGUHVVHVWRWKHPXVKULN$UDEV
6XEMHFW&RQVROLGDWLRQRIWKH,VODPLF&RPPXQLW\
,Q FRQWLQXDWLRQ RI WKH LQVWUXFWLRQV DERXW WKH FRQVROLGDWLRQ RI WKH ,VODPLF &RPPXQLW\
JLYHQLQ6XUDK$11,6$WKH0XVOLPVKDYHEHHQGLUHFWHGWRREVHUYHDQG IXOILOODOOWKHLU
REOLJDWLRQV IXUWKHU UHJXODWLRQV KDYH EHHQ SUHVFULEHG WR WUDLQ WKH 0XVOLPV IRU WKDW
SXUSRVH 7KH\ KDYH DOVR EHHQ SDUWLFXODUO\ ZDUQHG DV UXOHUV WR JXDUG DJDLQVW WKH
FRUUXSWLRQRISRZHUDQGGLUHFWHGWRREVHUYHWKH&RYHQDQWRIWKH4XU
DQ7KH\KDYHDOVR
EHHQH[KRUWHGWROHDUQOHVVRQVIURPWKHIDLOLQJVRIWKHLUSUHGHFHVVRUVWKH-HZVDQGWKH
&KULVWLDQV ZKR LQ WKHLU WXUQ KDYH EHHQ DGPRQLVKHG WR JLYH XS WKHLU ZURQJ DWWLWXGHV
WRZDUGVWKH5LJKW:D\DQGDFFHSWWKHJXLGDQFHWDXJKWE\3URSKHW0XKDPPDG *RG
V
SHDFHEHXSRQKLP 

$QDDP
1DPH
7KLV 6XUDK WDNHV LWV QDPH IURP YY   DQG  LQ ZKLFK VRPH VXSHUVWLWLRXV
EHOLHIVRIWKHLGRODWURXV$UDEVFRQFHUQLQJWKHODZIXOQHVVRIVRPHFDWWOH DQDP DQGWKH
XQODZIXOQHVVRIVRPHRWKHUVKDYHEHHQUHIXWHG
3HULRGRI5HYHODWLRQ
$FFRUGLQJ WR D WUDGLWLRQ RI ,EQ $EEDV WKH ZKROH RI WKH 6XUDK ZDV UHYHDOHG DW RQH
VLWWLQJ DW 0DNNDK $VPD D GDXJKWHU RI <D]LG DQG D ILUVW FRXVLQ RI +DGUDW 0X
D]ELQ
-DEOVD\V'XULQJWKHUHYHODWLRQRIWKLV6XUDKWKH+RO\3URSKHWZDVULGLQJRQDVKH
FDPHO DQG , ZDV KROGLQJ KHU QRVHVWULQJ 7KH VKHFDPHO EHJDQ WR IHHO WKH ZHLJKW VR
LVODPPHVVDJHFRP 
KHDYLO\WKDWLWVHHPHGDVLIKHUERQHVZRXOGEUHDNXQGHULW:HDOVROHDUQIURPRWKHU
WUDGLWLRQVWKDWWKH+RO\3URSKHWGLFWDWHGWKHZKROHRIWKH6XUDKWKHVDPHQLJKWWKDWLW
ZDVUHYHDOHG
,WVVXEMHFWPDWWHUFOHDUO\VKRZVWKDWLWPXVWKDYHEHHQUHYHDOHGGXULQJWKHODVW\HDURI
WKH +RO\ 3URSKHW
V OLIH DW 0DNNDK 7KH WUDGLWLRQ RI $VPD GDXJKWHU RI <D]LG DOVR
FRQILUPVWKLV$VVKHEHORQJHGWRWKH$QVDDUDQGHPEUDFHG,VODPDIWHUWKHPLJUDWLRQRI
WKH+RO\3URSKHWWR<DWKULEKHUYLVLWWRWKH+RO\3URSKHWDW0DNNDKPXVWKDYHWDNHQ
SODFH GXULQJ WKH ODVW \HDU RI KLV OLIH WKHUH )RU EHIRUH WKLV KLV UHODWLRQV ZLWK WKRVH
SHRSOHZHUHQRWVRLQWLPDWHWKDWDZRPDQIURPWKHUHPLJKWKDYHFRPHWRYLVLWKLPDW
0DNNDK
2FFDVLRQRI5HYHODWLRQ
$IWHUGHWHUPLQLQJWKHSHULRGRILWVUHYHODWLRQLWLVHDVLHUWRYLVXDOL]HWKHEDFNJURXQGRI
WKH6XUDK7ZHOYH\HDUVKDGSDVVHGVLQFHWKH+RO\3URSKHWKDGEHHQLQYLWLQJWKHSHRSOH
WR,VODP7KHDQWDJRQLVPDQGSHUVHFXWLRQE\WKH4XUDLVKKDGEHFRPHPRVWVDYDJHDQG
EUXWDODQGWKHPDMRULW\RIWKH0XVOLPVKDGWROHDYHWKHLUKRPHVDQGPLJUDWHWR+DEDVK
$E\VVLQLD  $ERYH DOO WKH WZR JUHDW VXSSRUWHUV RI WKH +RO\ 3URSKHW $EX 7DOLE DQG
+DGUDW.KDGLMDKZHUHQRPRUHWRKHOSDQGJLYHVWUHQJWKWRKLP7KXVKHZDVGHSULYHG
RIDOOWKHZRUOGO\VXSSRUW%XWLQVSLWHRIWKLVKHFDUULHGRQKLVPLVVLRQLQWKHWHHWKRI
RSSRVLWLRQ$VDUHVXOWRIWKLVRQWKHRQHKDQGDOOWKHJRRGSHRSOHRI0DNNDKDQGWKH
VXUURXQGLQJFODQVJUDGXDOO\EHJDQWRDFFHSW,VODPRQWKHRWKHUKDQGWKHFRPPXQLW\DV
D ZKROH ZDV EHQW XSRQ REGXUDF\ DQG UHMHFWLRQ 7KHUHIRUH LI DQ\RQH VKRZHG DQ\
LQFOLQDWLRQ WRZDUGV ,VODP KH ZDV VXEMHFWHG WR WDXQWV DQG GHULVLRQ SK\VLFDO YLROHQFH
DQGVRFLDOER\FRWW,WZDVLQWKHVHGDUNFLUFXPVWDQFHVWKDWDUD\RIKRSHJOHDPHGIURP
<DWKULEZKHUH,VODPEHJDQWRVSUHDGIUHHO\E\WKHHIIRUWVRIVRPHLQIOXHQWLDOSHRSOHRI
$XVDQG.KD]UDMZKRKDGHPEUDFHG,VODPDW0DNNDK7KLVZDVDKXPEOHEHJLQQLQJLQ
WKH PDUFK RI ,VODP WRZDUGV VXFFHVV DQG QRQH FRXOG IRUHVHH DW WKDW WLPH WKH JUHDW
SRWHQWLDOLWLHVWKDWOD\KLGGHQLQLW)RUWRDFDVXDOREVHUYHULWDSSHDUHGDWWKDWWLPHDVLI
,VODP ZDV PHUHO\ D ZHDN PRYHPHQW LW KDG QR PDWHULDO EDFNLQJ H[FHSW WKH PHDJHU
VXSSRUW RI WKH 3URSKHW
V RZQ IDPLO\ DQG RI WKH IHZ SRRU DGKHUHQWV RI WKH 0RYHPHQW
2EYLRXVO\WKHODWWHUFRXOGQRWJLYHPXFKKHOSEHFDXVHWKH\WKHPVHOYHVKDGEHHQFDVW
RXWE\WKHLURZQSHRSOHZKRKDGEHFRPHWKHLUHQHPLHVDQGZHUHSHUVHFXWLQJWKHP
7RSLFV
7KHVH ZHUH WKH FRQGLWLRQV ZKHQ WKLV GLVFRXUVH ZDV UHYHDOHG 7KH PDLQ WRSLFV GHDOW
ZLWKLQWKLVGLVFRXUVHPD\EHGLYLGHGXQGHUVHYHQKHDGLQJV  5HIXWDWLRQRIVKLUNDQG
LQYLWDWLRQ WR WKH FUHHG RI 7DZKLG   (QXQFLDWLRQ RI WKH GRFWULQH RI WKH /LIHDIWHU
GHDWKDQGUHIXWDWLRQRIWKHZURQJQRWLRQWKDWWKHUHZDVQRWKLQJEH\RQGWKLVZRUOGO\
OLIH   5HIXWDWLRQ RI WKH SUHYDOHQW VXSHUVWLWLRQV   (QXQFLDWLRQ RI WKH IXQGDPHQWDO
PRUDO SULQFLSOHV IRU WKH EXLOGLQJ XS RI WKH ,VODPLF 6RFLHW\   $QVZHUV WR WKH
REMHFWLRQVUDLVHGDJDLQVWWKHSHUVRQRIWKH+RO\3URSKHWDQGKLVPLVVLRQ  &RPIRUW
DQGHQFRXUDJHPHQWWRWKH+RO\3URSKHWDQGKLVIROORZHUVZKRZHUHDWWKDWWLPHLQD
VWDWH RI DQ[LHW\ DQG GHVSRQGHQF\ EHFDXVH RI WKH DSSDUHQW IDLOXUH RI WKH PLVVLRQ  
$GPRQLWLRQ ZDUQLQJ DQG WKUHDWV WR WKH GLVEHOLHYHUV DQG RSSRQHQWV WR JLYH XS WKHLU
LVODPPHVVDJHFRP 
DSDWK\DQGKDXJKWLQHVV,WPXVWKRZHYHUEHQRWHGWKDWWKHDERYHWRSLFVKDYHQRWEHHQ
GHDOW ZLWK RQH E\ RQH XQGHU VHSDUDWH KHDGLQJV EXW WKH GLVFRXUVH JRHV RQ DV D
FRQWLQXRXVZKROHDQGWKHVHWRSLFVFRPHXQGHUGLVFXVVLRQRYHUDQGRYHUDJDLQLQQHZ
DQGGLIIHUHQWZD\V
7KH%DFNJURXQGRI0DNNL6XUDKV
$VWKLVLVWKHILUVWORQJ0DNNL6XUDKLQWKHRUGHURIWKHFRPSLODWLRQRIWKH4XU
DQLWZLOO
EHXVHIXOWRH[SODLQWKHKLVWRULFDOEDFNJURXQGRI0DNNL6XUDKVLQJHQHUDOVRWKDWWKH
UHDGHUPD\HDVLO\XQGHUVWDQGWKH0DNNL6XUDKVDQGRXUUHIHUHQFHVWRLWVGLIIHUHQWVWDJHV
LQ FRQQHFWLRQ ZLWK RXU FRPPHQWDU\ RQ WKHP )LUVW RI DOO LW VKRXOG EH QRWHG WKDW
FRPSDUDWLYHO\ YHU\ OLWWOH PDWHULDO LV DYDLODEOH LQ UHJDUG WR WKH EDFNJURXQG RI WKH
UHYHODWLRQ RI 0DNNL 6XUDKV ZKHUHDV WKH SHULRG RI WKH UHYHODWLRQ RI DOO WKH 0DGDQL
6XUDKVLVNQRZQRUFDQEHGHWHUPLQHGZLWKDOLWWOHHIIRUW7KHUHDUHDXWKHQWLFWUDGLWLRQV
HYHQLQUHJDUGWRWKHRFFDVLRQVRIWKHUHYHODWLRQRIWKHPDMRULW\RIWKHYHUVHV2QWKH
RWKHU KDQG ZH GR QRW KDYH VXFK GHWDLOHG LQIRUPDWLRQ UHJDUGLQJ WKH 0DNNL 6XUDKV
7KHUHDUHRQO\DIHZ6XUDKVDQGYHUVHVZKLFKKDYHDXWKHQWLFWUDGLWLRQVFRQFHUQLQJWKH
WLPHDQGRFFDVLRQRIWKHLUUHYHODWLRQ7KLVLVEHFDXVHWKHKLVWRU\RIWKH0DNNLSHULRG
KDGQRWEHHQFRPSLOHGLQVXFKGHWDLODVWKDWRIWKH0DGDQLSHULRG7KHUHIRUHZHKDYHWR
GHSHQG RQ WKH LQWHUQDO HYLGHQFH RI WKHVH 6XUDKV IRU GHWHUPLQLQJ WKH SHULRG RI WKHLU
UHYHODWLRQIRUH[DPSOHWKH WRSLFVWKH\GLVFXVVWKHLUVXEMHFWPDWWHUWKHLUVW\OHDQGWKH
GLUHFWRULQGLUHFWUHIHUHQFHVWRWKHHYHQWVDQGWKHRFFDVLRQVRIWKHLUUHYHODWLRQ7KXVLWLV
REYLRXVWKDWZLWKWKHKHOSRIVXFKHYLGHQFHDVWKLVZHFDQQRWVD\ZLWKSUHFLVLRQWKDW
VXFKDQGVXFK6XUDKRUYHUVHZDVUHYHDOHGRQVXFKDQGVXFKDQRFFDVLRQ7KHPRVWZH
FDQGRLVWRFRPSDUHWKHLQWHUQDOHYLGHQFHRID6XUDKZLWKWKHHYHQWVRIWKHOLIHRIWKH
+RO\3URSKHWDW0DNNDKDQGWKHQFRPHWRDPRUHRUOHVVFRUUHFWFRQFOXVLRQDVWRZKDW
SDUWLFXODUVWDJHDFHUWDLQ6XUDKEHORQJV,IZHNHHSWKHDERYHWKLQJVLQYLHZWKHKLVWRU\
RIWKHPLVVLRQRIWKH+RO\3URSKHWDW0DNNDKFDQEHGLYLGHGLQWRIRXUVWDJHV
7KH ILUVW VWDJH EHJDQ ZLWK KLV DSSRLQWPHQW DV D 0HVVHQJHU DQG HQGHG ZLWK WKH
SURFODPDWLRQ RI 3URSKHWKRRG WKUHH \HDUV ODWHU 'XULQJ WKLV SHULRG WKH 0HVVDJH ZDV
JLYHQVHFUHWO\WRVRPHVHOHFWHGSHUVRQVRQO\EXWWKHFRPPRQSHRSOHRI0DNNDKZHUH
QRWDZDUHRILW
7KH VHFRQG VWDJH ODVWHG IRU WZR \HDUV DIWHU WKH SURFODPDWLRQ RI KLV 3URSKHWKRRG ,W
EHJDQZLWKRSSRVLWLRQE\LQGLYLGXDOVWKHQE\DQGE\LWWRRNWKHVKDSHRIDQWDJRQLVP
ULGLFXOHGHULVLRQDFFXVDWLRQDEXVHDQGIDOVHSURSDJDQGDWKHQJDQJVZHUHIRUPHGWR
SHUVHFXWH WKRVH 0XVOLPV ZKR ZHUH FRPSDUDWLYHO\ SRRUZHDN
DQGKHOSOHVV7KHWKLUG
VWDJH ODVWHG IRU DERXW VL[ \HDUV IURP WKH EHJLQQLQJ RI WKH SHUVHFXWLRQ WR WKH GHDWK RI
$EX7DOLEDQG+DGUDW.KDGLMDKLQWKHWHQWK\HDURI3URSKHWKRRG'XULQJWKLVSHULRG
WKH SHUVHFXWLRQ RI WKH0XVOLPVEHFDPH
VRVDYDJHDQGEUXWDOWKDWPDQ\RIWKHPZHUH
IRUFHGWRPLJUDWHWR+DEDVK6RFLDODQGHFRQRPLFER\FRWWZDVDSSOLHGDJDLQVWWKH+RO\
3URSKHW DQG WKH PHPEHUV RI KLV IDPLO\ DQG WKRVH 0XVOLPV ZKR FRQWLQXHG WR VWD\ LQ
0DNNDKZHUHIRUFHGWRWDNHUHIXJHLQ6KL
E$EL7DOLEZKLFKZDVEHVLHJHG
7KH IRXUWK VWDJH ODVWHG IRU DERXW WKUHH \HDUV IURP WKH WHQWK WR WKH WKLUWHHQWK \HDU RI
3URSKHWKRRG 7KLV ZDV D SHULRG RI KDUG WULDOV DQG JULHYRXV VXIIHULQJV IRU WKH +RO\
LVODPPHVVDJHFRP 
3URSKHWDQGKLVIROORZHUV/LIHKDGEHFRPHXQHQGXUDEOHDW0DNNDKDQGWKHUHDSSHDUHG
WREHQRSODFHRIUHIXJHHYHQRXWVLGHLW6RPXFKVRWKDWZKHQWKH+RO\3URSKHWZHQWWR
7D
LILWRIIHUHGQRVKHOWHURUSURWHFWLRQ%HVLGHVWKLVRQWKHRFFDVLRQRI+DMMKHZRXOG
DSSHDOWRHDFKDQGHYHU\$UDEFODQWRDFFHSWKLVLQYLWDWLRQWR,VODPEXWPHWZLWKEODQN
UHIXVDO IURP HYHU\ TXDUWHU $W WKH VDPH WLPH WKH SHRSOH RI 0DNNDK ZHUH KROGLQJ
FRXQVHOV
WRJHWULGRIKLPE\NLOOLQJRULPSULVRQLQJRUEDQLVKLQJKLPIURPWKHLUFLW\,W
ZDV DW WKDW PRVW FULWLFDO WLPH WKDW $OODK RSHQHG IRU ,VODP WKH KHDUWV RI WKH $QVDDU RI
<DWKULEZKHUHKHPLJUDWHGDWWKHLULQYLWDWLRQ1RZWKDWZHKDYHGLYLGHGWKHOLIHRIWKH
+RO\3URSKHWDW0DNNDKLQWRIRXU VWDJHVLWKDVEHFRPHHDVLHUIRUXVWRWHOODVIDUDV
SRVVLEOH WKH SDUWLFXODU VWDJH LQ ZKLFK D FHUWDLQ 0DNNL 6DUDK ZDV UHYHDOHG 7KLV LV
EHFDXVHWKH6XUDKVEHORQJLQJWRDSDUWLFXODU VWDJHFDQEHGLVWLQJXLVKHGIURPWKRVHRI
WKHRWKHUVWDJHVZLWKWKHKHOSRIWKHLUVXEMHFWPDWWHUDQGVW\OH%HVLGHVWKLVWKH\DOVR
FRQWDLQ VXFK UHIHUHQFHV DV WKURZ OLJKW RQ WKH FLUFXPVWDQFHV DQG HYHQWV WKDW IRUP WKH
EDFNJURXQGRIWKHLUUHYHODWLRQ,QWKHVXFFHHGLQJ0DNNL6XUDKVZHZLOOGHWHUPLQHRQ
WKH EDVLV RI WKH GLVWLQFWLYH IHDWXUHV RI HDFK VWDJH DQG SRLQW RXW LQ WKH 3UHIDFH WKH
SDUWLFXODUVWDJHLQZKLFKDFHUWDLQ0DNNL6XUDKZDVUHYHDOHG
6XEMHFW,VODPLF&UHHG
7KLV6XUDKPDLQO\GLVFXVVHVWKHGLIIHUHQWDVSHFWVRIWKH
PDMRU DUWLFOHV RI WKH ,VODPLF &UHHG 7DZKLG /LIHDIWHUGHDWK 3URSKHWKRRG DQ
 WKHLU
SUDFWLFDO DSSOLFDWLRQ WR KXPDQ OLIH 6LGH E\ VLGH ZLWK WKLV LW UHIXWHV WKH HUURQHRXV
EHOLHIVRIWKHRSSRQHQWVDQGDQVZHUVWKHLUREMHFWLRQVZDUQVDQGDGPRQLVKHVWKHPDQG
FRPIRUWVWKH+RO\3URSKHWDQGKLVIROORZHUVZKRZHUHWKHQVXIIHULQJIURPSHUVHFXWLRQ
RI FRXUVH WKHVH WKHPHV KDYH QRW EHHQ GHDOW ZLWK XQGHU VHSDUDWH KHDGV EXW KDYH EHHQ
EOHQGHGLQDQH[FHOOHQWPDQQHU

$CUDDI
1DPH
7KLV6XUDKWDNHVLWVQDPHIURPYYLQZKLFKPHQWLRQRI$CUDDIRFFXUV
3HULRGRI5HYHODWLRQ
$VWXG\RILWVFRQWHQWVFOHDUO\VKRZVWKDWWKHSHULRGRILWVUHYHODWLRQLVDERXWWKHVDPH
DVWKDWRI$/$1
$0LHWKHODVW\HDURIWKH+RO\3URSKHW
VOLIHDW0DNNDKEXWLW
FDQQRWEHDVVHUWHGZLWKFHUWDLQW\ZKLFKRIWKHVHWZRZDVVHQWGRZQHDUOLHU$Q\KRZWKH
PDQQHU RILWVDGPRQLWLRQFOHDUO\LQGLFDWHVWKDWLWEHORQJVWRWKHVDPHSHULRG$VERWK
KDYHWKHVDPHKLVWRULFDOEDFNJURXQGWKHUHDGHUVKRXOGNHHSLQYLHZWKHSUHIDFHWR$/
$1
$0
7RSLFVRI'LVFXVVLRQ
7KH SULQFLSDO VXEMHFW RI WKLV VXUDK LV LQYLWDWLRQ WR WKH 'LYLQH 0HVVDJH VHQW GRZQ WR
0XKDPPDG $OODK
V SHDFH EH XSRQ KLP  ZKLFK LV FRXFKHG LQ D ZDUQLQJ 7KLV LV
EHFDXVH WKH 0HVVHQJHU KDG VSHQW D ORQJ WLPH LQ DGPRQLVKLQJ WKH SHRSOH RI 0DNNDK
ZLWKRXWDQ\WDQJLEOHHIIHFWRQWKHP1D\WKH\KDGWXUQHGDGHDIHDUWRKLVPHVVDJHDQG
EHFRPH VR REGXUDWH DQG DQWDJRQLVWLF WKDW LQ DFFRUGDQFH ZLWK WKH 'LYLQH 'HVLJQ WKH
0HVVHQJHUZDVJRLQJWREHFRPPDQGHGWROHDYHWKHPDQGWXUQWRRWKHUSHRSOH7KDWLV
LVODPPHVVDJHFRP 
ZK\WKH\DUHEHLQJDGPRQLVKHGWRDFFHSWWKH0HVVDJHEXWDWWKHVDPHWLPHWKH\DUH
EHLQJZDUQHGLQVWURQJWHUPVRIWKHFRQVHTXHQFHVWKDWIROORZHGWKHZURQJDWWLWXGHRI
WKHIRUPHUSHRSOHWRZDUGVWKHLU0HVVHQJHUV 1RZWKDWWKH+RO\3URSKHWZDVJRLQJWR
PLJUDWHIURP0DNNDKWKHFRQFOXGLQJSRUWLRQRIWKHDGGUHVVKDVEHHQGLUHFWHGWRZDUGV
WKHSHRSOHRIWKH%RRNZLWKZKRPKHZDVJRLQJWRFRPHLQWRFRQWDFW7KLVPHDQWWKDW
WKHWLPHRIPLJUDWLRQZDVFRPLQJQHDUDQGWKHLQYLWDWLRQZDVJRLQJWREHH[WHQGHGWR
PDQNLQG LQ JHQHUDO DQG ZDV QRW WR EH FRQILQHG WR KLV RZQ SHRSOH LQ SDUWLFXODU DV
EHIRUH 'XULQJ WKH FRXUVH RI WKH DGGUHVV WR WKH -HZV WKH FRQVHTXHQFHV RI WKHLU
K\SRFULWLFDOFRQGXFWWRZDUGV3URSKHWKRRGKDYHDOVREHHQSRLQWHGRXWFOHDUO\IRUWKH\
SURIHVVHGWREHOLHYHLQ3URSKHW0RVHVEXWLQSUDFWLFHRSSRVHGKLVWHDFKLQJVGLVREH\HG
KLP DQG ZRUVKLSSHG IDOVHKRRG DQG FRQVHTXHQWO\ ZHUH DIIOLFWHG ZLWK LJQRPLQ\ DQG
GLVJUDFH
$WWKHHQGRIWKH6XUDKVRPHLQVWUXFWLRQVKDYHEHHQJLYHQWRWKH+RO\3URSKHWDQGKLV
IROORZHUVIRUFDUU\LQJRXWWKHZRUNRIWKHSURSDJDWLRQRI,VODPZLWKZLVGRP7KHPRVW
LPSRUWDQWRIWKHVHLVWKDWWKH\VKRXOGVKRZSDWLHQFHDQGH[HUFLVHUHVWUDLQWLQDQVZHUWR
WKHSURYRFDWLRQVRIWKHLURSSRQHQWV$ERYHDOOWKH\KDYHEHHQDGYLVHGWKDWXQGHUVWUHVV
RIWKHH[FLWHPHQWRIIHHOLQJWKH\VKRXOGQRWWDNHDQ\ZUXQJVWHSWKDWPLJKWKDUPWKHLU
FDXVH
6XEMHFW,QYLWDWLRQWRWKH'LYLQH0HVVDJH

$QIDDO
1DPH
7KH6XUDKWDNHVLWVQDPH$/$1)$/ 7KH%RXQWLHV IURPWKHILUVWYHUVH
7KH3HULRGRI5HYHODWLRQ
,W ZDV UHYHDOHG LQ  $ + DIWHU WKH %DWWOH RI %DGU WKH ILUVW EDWWOH EHWZHHQ ,VODP DQG
NXIU$VLWFRQWDLQVDGHWDLOHGDQGFRPSUHKHQVLYHUHYLHZRIWKH%DWWOHLWDSSHDUVWKDW
PRVWSUREDEO\LWZDVUHYHDOHGDWRQHDQGWKHVDPHWLPH%XWLWLVDOVRSRVVLEOHWKDWVRPH
RIWKHYHUVHVFRQFHUQLQJWKHSUREOHPVDULVLQJDVDUHVXOWRIWKLV%DWWOHPLJKWKDYHEHHQ
UHYHDOHGODWHUDQGLQFRUSRUDWHGDWWKHSURSHUSODFHVWRPDNHLWDFRQWLQXRXVZKROH$W
DQ\UDWHLQWKHZKROH6XUDKWKHUHLVQRWKLQJWKDWPLJKWVKRZWKDWLWLVDFROOHFWLRQRID
FRXSOHRIGLVFRXUVHVWKDWKDYHEHHQSDWFKHGXSWRJHWKHU
+LVWRULFDO%DFNJURXQG
%HIRUHUHYLHZLQJWKH6XUDKLWLVZRUWKZKLOHWRFRQVLGHUWKHHYHQWVWKDWOHGWR WKH%DWWOH
RI%DGU'XULQJWKHILUVWGHFDGHRUVRRIWKH3URSKHWKRRGDW0DNNDKWKH0HVVDJHKDG
SURYHG LWV ILUPQHVV DQG VWDELOLW\ 7KLV ZDV WKH UHVXOW RI WZR WKLQJV )LUVW WKH
0HVVHQJHU ZKR SRVVHVVHG WKH KLJKHVW TXDOLWLHV RI FKDUDFWHU ZDV SHUIRUPLQJ KLV
0LVVLRQZLWKZLVGRPIRUHVLJKWDQGPDJQDQLPLW\+HKDGVKRZQE\KLVFRQGXFWWKDWKH
KDG PDGH XS KLV PLQG WR FDUU\ WKH PRYHPHQW WR D VXFFHVVIXO HQG DQG WKHUHIRUH ZDV
UHDG\WRIDFHDOOVRUWVRIGDQJHUVDQGREVWDFOHVLQWKHZD\6HFRQGO\WKH0HVVDJHZDV
VR FKDUPLQJ WKDW LW DWWUDFWHG WKH PLQGV DQG KHDUWV RI WKH SHRSOH LUUHVLVWLEO\ WRZDUGV
LWVHOI6RPXFKVRWKDWDOOREVWDFOHVRILJQRUDQFHVXSHUVWLWLRQDQGSHWW\SUHMXGLFHVIDLOHG
WRFKHFNLWVDGYDQFH7KDWLVZK\WKH$UDEXSKROGHUVRIWKHZD\VRILJQRUDQFH
ZKR
LVODPPHVVDJHFRP 
ORRNHG GRZQ XSRQ LW LQ LWV LQLWLDO VWDJHV KDG
 EHJXQ WR UHFNRQ LW DV D VHULRXV PHQDFH
GXULQJ WKH ODVW SHULRG RI WKH VWD\ RI WKH +RO\ 3URSKHW DW 0DNNDK DQG ZHUH EHQW RQ
FUXVKLQJ LW ZLWK DOO WKH IRUFH DW WKHLU FRPPDQG %XW LQ VSLWH RI WKH DERYHPHQWLRQHG
VWUHQJWKWKHPRYHPHQWVWLOOODFNHGFHUWDLQWKLQJVWROHDGLWWRYLFWRU\
)LUVWLWKDGQRW\HWEHHQIXOO\SURYHGWKDWLWKDGJDWKHUHGURXQGLWDVXIILFLHQWQXPEHURI
VXFKIROORZHUVZKRQRWRQO\EHOLHYHGLQLWVWUXWKEXWDOVRKDGVXFKDQLQWHQVH GHYRWLRQ
WR LWV SULQFLSOHV WKDW WKH\ ZHUH UHDG\ WR H[SHQG DOO WKHLU HQHUJLHV DQG DOO WKDW WKH\
SRVVHVVHGLQWKHVWUXJJOHIRULWVVXFFHVVDQGHVWDEOLVKPHQW6RPXFKVRWKDWWKH\ZHUH
UHDG\WRVDFULILFHWKHLUOLYHVLQWKHILJKWDJDLQVWWKHZKROHZRUOGLWVHOIHYHQWKRXJKWKH\
VKRXOGEHWKHLURZQQHDUHVWUHODWLYH,WLVWUXHWKDWWKHIROORZHUVRI,VODPKDGHQGXUHG
WKHVHYHUHVWSHUVHFXWLRQVDWWKHKDQGVRIWKH4XUDLVKRI0DNNDKDQGKDGJLYHQDJRRG
SURRIRIWKHILUPQHVVRIWKHLUIDLWKDQGWKHLUVWURQJUHODWLRQZLWK,VODP\HWIXUWKHUWULDOV
ZHUHUHTXLUHGWRVKRZWKDW,VODPKDGVXFFHHGHGLQDFTXLULQJVXFKDEDQGRIIROORZHUV
ZKLFKFRQVLGHUHGQRWKLQJGHDUHUWKDQLWVLGHDODQGZDVUHDG\WRVDFULILFHOLIHIRULW
6HFRQGO\WKRXJKWKHYRLFHRI,VODPKDGUHDFKHG
HYHU\SDUWRIWKHFRXQWU\LWVHIIHFWV
ZHUH \HW VFDWWHUHG DQG LWV DFTXLUHG VWUHQJWK ZDV VSUHDG KHUH DQG WKHUH LW KDG QRW \HW
JDWKHUHGVXIILFLHQWIRUFHHVVHQWLDOIRUDGHFLVLYHFRQIOLFWZLWKWKHROGHVWDEOLVKHGRUGHU
RILJQRUDQFH
7KLUGO\ ,VODP KDG \HW QR KRPH RI LWV RZQ DQG KDG QRW HVWDEOLVKHG LWVHOI ILUPO\
DQ\ZKHUHLQWKHODQGZKHUHLWFRXOGFRQVROLGDWHLWVSRZHUDQGPDNHLWDEDVHIRUIXUWKHU
DFWLRQ)RUWKH0XVOLPVZHUHVFDWWHUHGDOORYHUWKHFRXQWU\DQGZHUHOLYLQJDPRQJWKH
XQEHOLHYHUVDVDOLHQVZKRP WKHLUEORRGWKLUVW\HQHPLHVZDQWHGWRXSURRWIURPWKHLURZQ
KRPHV
)RXUWKO\ WKH 0XVOLPV KDG QRW \HW KDG DQ RSSRUWXQLW\ WR GHPRQVWUDWH SUDFWLFDOO\ WKH
EOHVVLQJV RI WKH V\VWHP RIOLIHEDVHGRQ,VODP7KHUHZDVQHLWKHUDQ\,VODPLFFXOWXUH
QRUDQ\VRFLDOHFRQRPLFRUSROLWLFDOV\VWHPQRUZHUHWKHUHDQ\HVWDEOLVKHGSULQFLSOHV
RI ZDU DQG SHDFH IRU WKHLU JXLGDQFH 7KHUHIRUH WKH 0XVOLPV KDG QR RSSRUWXQLW\ IRU
GHPRQVWUDWLQJ WKRVH PRUDO SULQFLSOHV RQ ZKLFK WKH\ LQWHQGHG WR EXLOG WKHLU HQWLUH
V\VWHPRIOLIHQRUKDGLWEHHQSURYHGRQWKHWRXFKVWRQHRIWULDOWKDWWKH0XVOLPVDVD
FRPPXQLW\ZHUHVLQFHUHLQWKHSURFODPDWLRQRIWKH0HVVDJH
$OODKFUHDWHGRSSRUWXQLWLHVIRUPDNLQJXSWKHVHGHILFLHQFLHV'XULQJWKHODVWIRXU\HDUV
RUVRRIWKH3URSKHW
VVWD\DW0DNNDKWKHYRLFHRI,VODPKDGEHHQSURYLQJHIIHFWLYHDW
<DWKULEDQGWKHSHRSOHIRUYDULRXVUHDVRQVKDGEHHQDFFHSWLQJWKHPHVVDJHPRUHUHDGLO\
WKDQRWKHUFODQVRI$UDELD6RPXFKVRWKDWLQWKHWZHOIWK\HDURI3URSKHWKRRGRQWKH
RFFDVLRQ RI +DMM D GHSXWDWLRQ RI  SHRSOH PHW WKH +RO\ 3URSKHW LQ WKH GDUNQHVV RI
QLJKW 7KHVH SHRSOH QRW RQO\ DFFHSWHG ,VODP EXW DOVR RIIHUHG WR JLYH KLP DQG KLV
IROORZHUVDKRPH
$VWKLVZDVDPRVWHSRFKPDNLQJRSSRUWXQLW\SURYLGHGE\$OODKWKH+RO\3URSKHWWRRN
DGYDQWDJHRILW7KHVLJQLILFDQFHRIWKLVRIIHUZDVTXLWHFOHDUWRWKHSHRSOHRI<DWKULE
DQG WKH\ IXOO\ UHDOL]HG WKDW WKLV ZDV QRW DQ LQYLWDWLRQ WR D PHUH IXJLWLYH EXW WR WKH
0HVVHQJHURI$OODKVRWKDWKHVKRXOGEHFRPHWKHLUOHDGHUDQGUXOHU/LNHZLVHWKH\NQHZ
WKDWWKH\ZHUHQRWLQYLWLQJWKH0XVOLPUHIXJHHVWRJLYHWKHPVKHOWHUIURPSHUVHFXWLRQ
LVODPPHVVDJHFRP 
EXWWRDVVHPEOHWKHPIURPDOORYHUWKHFRXQWU\IRUWKHLULQWHJUDWLRQZLWKWKHPVHOYHVWR
IRUPDQRUJDQL]HGFRPPXQLW\
7KXV WKH RIIHU RI WKH SHRSOH RI <DWKULE ZDV WR PDNH <DWKULE WKH &LW\ RI ,VODP 
$FFRUGLQJO\ WKH +RO\ 3URSKHW DFFHSWHG WKHLU LQYLWDWLRQ DQG PDGH LW WKH ILUVW &LW\ RI
,VODPLQ$UDELD$QGWKHSHRSOHRI<DWKULEZHUHIXOO\DZDUHRIWKHLPSOLFDWLRQVRIWKLV
RIIHU,WZDVLQGHHGDGHFODUDWLRQRIZDUDJDLQVWWKHZKROHRI$UDELDDQGDQLQYLWDWLRQ
WRWKHLURZQVRFLDODQGHFRQRPLFER\FRWWDVZHOO$QGZKHQWKH$QVDDUIURP<DWKULE
GHFODUHG WKHLU DOOHJLDQFH WR WKH +RO\ 3URSKHW DW $TDEDK WKH\ NQHZ IXOO\ ZHOO LWV
FRQVHTXHQFHV
'XULQJ WKH FRXUVH RI WKH IRUPDO GHFODUDWLRQ RI DOOHJLDQFH $VDGELQ=XUDUDK WKH
\RXQJHVWRIDOOWKHGHOHJDWHVIURP<DWKULEVWRRGXSDQGVDLGSHRSOHRI<DWKULE-XVW
OLVWHQWRPHDQGFRQVLGHUWKHPDWWHUFDUHIXOO\LQDOOLWVDVSHFWV7KRXJKZHKDYHFRPHWR
KLP UHJDUGLQJ KLP RQO\ DV D 0HVVHQJHU RI $OODK ZH VKRXOG NQRZ WKDW ZH VKDOO EH
LQYLWLQJWKHHQPLW\RIWKHZKROHRI$UDELD)RUZKHQZHWDNHKLPDZD\WR<DWKULEZH
VKDOOEHDWWDFNHGDQGRXUFKLOGUHQPD\EHSXWWRWKHVZRUG7KHUHIRUHLI\RXKDYHWKH
FRXUDJHLQ\RXUKHDUWVWRIDFHLWWKHQDQGWKHQRQO\\RXVKRXOGGHFODUH\RXUDOOHJLDQFH
WRKLPDQG$OODKZLOOJLYH\RXLWVUHZDUG%XWLI\RXORYH\RXUOLYHVPRUHWKDQKLPDQG
KLV0HVVDJHWKHQOHDYHWKLVPDWWHUDQGIUDQNO\H[FXVH\RXUVHOYHVIRUDWWKLVWLPH$OODK
PD\DFFHSW\RXUH[FXVHV
$EEDV ELQ 8EDGDK ELQ 1DDODK DQRWKHU PHPEHU RI WKH GHOHJDWLRQ UHLWHUDWHG WKH VDPH
WKLQJVD\LQJ'R\RXXQGHUVWDQGWKHLPSOLFDWLRQRIWKHGHFODUDWLRQRI\RXUDOOHJLDQFHWR
WKLVSHUVRQ" 9RLFHV<HVZHNQRZLW <RXDUHFKDOOHQJLQJWKHZKROHZRUOGWR
ZDU E\ \RXU GHFODUDWLRQ RI DOOHJLDQFH WR KLP 7KHUH LV HYHU\ OLNHOLKRRG RI D VHULRXV
PHQDFH WR \RXU OLYHV DQG SURSHUWLHV 7KHUHIRUH FRQVLGHU LW ZHOO ,I \RX KDYH DQ\ LGHD
OXUNLQJLQ\RXUPLQGVWKDW\RXZLOOWKHQKDQGKLPRYHUWRKLVHQHPLHVLWLVPXFKEHWWHU
WROHDYHKLPDORQHQRZEHFDXVHWKDWFRQGXFWVKDOOEULQJVKDPHDQGGLVJUDFHWR\RXLQ
WKLVZRUOGDQGWKHQH[W2QWKHRWKHUKDQGLI\RXKDYHVLQFHUHO\UHVROYHGWKDW\RXZLOO
HQGXUH DOO NLQGVRIFRQVHTXHQFHVWKDWZLOOIROORZDVDUHVXOWRIWKLVLQYLWDWLRQWKHQLW
ZRXOGEHWKHEHVWWKLQJWRWDNHWKHRDWKRIDOOHJLDQFHWRKLPEHFDXVHE\*RGWKLVZLOO
VXUHO\ EULQJ JRRG WR \RX LQ WKLV ZRUOG DV ZHOO DV LQ WKH QH[W ZRUOG  $W WKLV DOO WKH
PHPEHUVRIWKHGHOHJDWLRQFULHGZLWKRQHYRLFH:HDUHUHDG\DQGSUHSDUHGWR ULVNDOO
RXUZHDOWKDQGRXUQREOHNLWKDQGNLQIRUKLVVDNH,WZDVWKHQWKDWWKHIDPRXVRDWKRI
DOOHJLDQFHZKLFKLVNQRZQDVWKH6HFRQG2DWKRI$OOHJLDQFHDW$TDEDKZDVWDNHQ
2QWKHRWKHUVLGHWKHSHRSOHRI0DNNDKDOVRXQGHUVWRRGIXOO\ZHOOWKHLPSOLFDWLRQVRI
WKLVPDWWHUIURPWKHLURZQSRLQWRIYLHZ7KH\UHDOL]HGWKDW0XKDPPDG $OODK
VSHDFH
EHXSRQKLP ZKRWKH\NQHZZHOOKDGDJUHDWSHUVRQDOLW\DQGSRVVHVVHGH[WUDRUGLQDU\
DELOLWLHV ZDV JRLQJ WR JDLQ D VWURQJ IRRWLQJ E\ WKLV DOOHJLDQFH )RU WKLV ZRXOG KHOS
LQWHJUDWHKLVIROORZHUVZKRVHFRQVWDQF\GHWHUPLQDWLRQDQGXQZDYHULQJILGHOLW\WRWKH
0HVVHQJHUKDGEHHQWULHGLQWRDGLVFLSOLQHGFRPPXQLW\XQGHUKLVZLVHOHDGHUVKLSDQG
JXLGDQFH$QGWKH\NQHZWKDWWKLVZRXOGVSHOOGHDWKIRUWKHLUROG ZD\VRIOLIH
7KH\ DOVR UHDOL]HG WKH VWUDWHJLF LPSRUWDQFH RI $O0DGLQDK WR WKHLU WUDGH ZKLFK ZDV
WKHLU FKLHI PHDQV RI OLYHOLKRRG ,WV JHRJUDSKLFDO SRVLWLRQ ZDV VXFK WKDW WKH 0XVOLPV
LVODPPHVVDJHFRP 
FRXOGVWULNHZLWKDGYDQWDJHDWWKHFDUDYDQVWUDYHOLQJRQWKHWUDGHURXWHEHWZHHQ<DPDQ
DQG6\ULDDQGWKXVVWULNHDWWKHURRWRIWKHLUHFRQRP\DQGWKDWRIRWKHUSDJDQFODQVYHU\
HIIHFWLYHO\7KHYDOXHRIWKHWUDGHGRQHE\WKHSHRSOHRI0DNNDKDORQHRQWKLVURXWH
QRW WR FRXQW WKDW RI 7DLI DQG RWKHU SODFHV DPRXQWHG WR DERXW WZR KXQGUHG WKRXVDQG
GLQDUV DQQXDOO\ $V WKH 4XUDLVK ZHUH IXOO\ DZDUH RI WKH LPSOLFDWLRQV RI WKH RDWK RI
DOOHJLDQFH DW $TDEDK WKH\ ZHUH JUHDWO\ SHUWXUEHG ZKHQ WKH\ JRW ZLQG RI LW WKH VDPH
QLJKW$WILUVWWKH\WULHGWRZLQRYHUWKHSHRSOHRI$O0DGLQDKWRWKHLUVLGH%XWZKHQ
WKH\VDZWKDWWKH0XVOLPVZHUHPLJUDWLQJWR$O0DGLQDKLQVPDOOJURXSVWKH\UHDOL]HG
WKDWWKH+RO\3URSKHWZDVDOVRJRLQJWRHPLJUDWHVRRQIURPWKHUH7KHQWKH\GHFLGHGWR
DGRSWDQH[WUHPHPHDVXUHWRSUHYHQWWKLVGDQJHU
$ IHZ GD\V EHIRUH KLV PLJUDWLRQ WKH 4XUDLVK KHOG D FRXQFLO WR FRQVLGHU WKH PDWWHU
$IWHUDJRRGGHDORIDUJXPHQWWKH\GHFLGHGWKDWRQHSHUVRQVKRXOGEHWDNHQIURPHDFK
RIWKHIDPLOLHVRI4XUDLVKRWKHUWKDQWKDWRI%DQX+DVKLPWRSXWDQHQGWRWKHOLIHRIWKH
+RO\3URSKHW7KLVZDVWRPDNHLWGLIILFXOWIRUWKHIDPLO\RIWKH+RO\3URSKHWWRILJKW
DORQHZLWKDOOWKHRWKHUIDPLOLHVRIWKH4XUDLVKDQGWKXVWRIRUFHWKHPWRDFFHSWEORRG
PRQH\ IRU KLV PXUGHULQVWHDGRIWDNLQJUHYHQJHIURPWKHPEXWE\WKHJUDFHRI$OODK
WKHLUSORWDJDLQVWWKHOLIHRIWKH+RO\3URSKHWIDLOHGEHFDXVHRIKLVDGPLUDEOHIRUHVLJKW
DQGIXOOWUXVWLQ$OODKDQGKHUHDFKHG$O0DGLQDKVDIHDQGVRXQG
:KHQWKH\FRXOGQRWSUHYHQWKLVHPLJUDWLRQLWRFFXUUHGWRWKHPWRH[SORLW$EGXOODKELQ
8EZKRKDGEHJXQWRFKHULVKDJULHYDQFHDJDLQVWWKH+RO\3URSKHWVLQFHKLVDUULYDODW
$O0DGLQDK+HZDVDQLQIOXHQWLDOFKLHI RI$O0DGLQDKDQGWKHSHRSOHKDGDJUHHGWR
PDNHKLPWKHLUNLQJ%XWZKHQWKHPDMRULW\RI$XVDQG.KD]UDMFODQEHFDPH0XVOLPV
DQG DFNQRZOHGJHG WKH +RO\ 3URSKHW DV WKHLU OHDGHU JXLGH DQG UXOHU DOO KLV KRSHV RI
EHFRPLQJDNLQJFDPHWRDQHQG
7KHUHIRUHWKH4XUDLVKZURWHWRKLP$V\RXKDYHJLYHQVKHOWHUWRRXUHQHP\ZHWHOO
\RXSODLQO\WKDW\RXVKRXOGHLWKHUILJKWZLWKKLP\RXUVHOIRUH[LOHKLP IURP\RXUFLW\
RWKHUZLVH ZH VZHDU E\ *RG WKDW ZH ZLOO LQYDGH \RXU FLW\ NLOO \RXU PDOHV DQG PDNH
\RXUIHPDOHVRXUVODYHJLUOV
7KLV OHWWHU DGGHG IXHO WR WKH IODPHV RI KLV MHDORXV\ DQG KH ZDV LQFOLQHG WR GR VRPH
PLVFKLHIEXWWKH+RO\3URSKHWWRRNWLPHO\SUHFDXWLRQVDQGGHIHDWHGKLVHYLOGHVLJQV
7KH 4XUDLVK JRW DQRWKHU RSSRUWXQLW\ WR KROG RXW D WKUHDW :KHQ 6D
DG ELQ 0X
D]
DQRWKHUFKLHIRI$O0DGLQDKZHQWWR0DNNDKWRSHUIRUP8PUDK$EX-DKOLQWHUUXSWHG
KLP DW WKH YHU\ GRRU RI WKH .DCEDK VD\LQJ 'R \RX WKLQN ZH ZLOO OHW \RX SHUIRUP
8PUDKLQSHDFHZKHQ\RXJLYHVKHOWHUDQGKHOSWRUHQHJDGHVIURPXV"+DG\RXQRWEHHQ
D JXHVW RI 8PPD\\DK ELQ .KDODI \RX ZRXOG QRW KDYH JRQH DOLYH IURP KHUH  6D
DG
UHSOLHG%\$OODKLI\RXSUHYHQWPHIURPWKLV,ZLOOUHWDOLDWHLQDZRUVHPDQQHUDQG
EORFN\RXUURXWHQHDU$O0DGLQDK
FRQWLQXHG
FRQWLQXLQJ +LVWRULFDO%DFNJURXQG
7KLVLQFLGHQWYLUWXDOO\OHGWRDGHFODUDWLRQIURPWKHSHRSOHRI0DNNDKWKDWWKH\ZRXOG
SUHYHQW WKH 0XVOLPV IURP D SLOJULPDJH WR WKH .DCEDK DQG IURP WKH SHRSOH RI $O
0DGLQDK WKDW DV D UHWDOLDWLRQ WKH\ ZRXOG EORFN WKHLU WUDGH URXWH WR 6\ULD DJDLQVW WKH
LVODPPHVVDJHFRP 
RSSRQHQWVRI,VODP$VDPDWWHURIIDFWWKHUHZDVQRRWKHUDOWHUQDWLYHIRUWKH0XVOLPV
WKDQWRNHHSDVWURQJKROGRQWKLVURXWHVRDVWRIRUFHWKH4XUDLVKDQGWKHRWKHUFODQV
ZKRVH LQWHUHVWV ZHUH YLWDOO\ ERXQG ZLWK WKLV URXWH WR UHFRQVLGHU WKHLU LQLPLFDO DQG
DQWDJRQLVWLFDWWLWXGHWRZDUGVWKHP7KDWLVZK\WKH+RO\3URSKHWDWWDFKHGWKHJUHDWHVW
LPSRUWDQFH WR WKLV SUREOHP $V VRRQ DV KH ZDV IUHH IURP PDNLQJ WKH SUHOLPLQDU\
DUUDQJHPHQWV IRU RUJDQL]LQJWKHQHZO\IRUPHG0XVOLP&RPPXQLW\DQGVHWWOLQJSHDFH
WHUPV ZLWK WKH QHLJKERULQJ -HZLVK KDELWDWLRQV KH DGRSWHG WZR PHDVXUHV LQ WKLV
FRQQHFWLRQ
)LUVWKHHQWHUHGLQWRQHJRWLDWLRQVZLWKWKRVHFODQVZKROLYHGEHWZHHQWKH5HG6HDDQG
WKLVURXWHVRDVWRPDNHDOOLDQFHVZLWKWKHPRUDWHDVWWRSHUVXDGHWKHPWRPDNHWUHDWLHV
RIQHXWUDOLW\ZLWKWKH0XVOLPV+HZDVVXFFHVVIXOLQWKLVDQGKHHQWHUHGLQWRDWUHDW\RI
QRQDOLJQPHQWZLWK -XKDLQDKZKLFKYDVDYHU\LPSRUWDQWFODQRIWKHKLOO\WUDFWQHDUWKH
VHD FRDVW 7KHQ DW WKH HQG RI WKH ILUVW \HDU RI +LMUDK KH PDGH D WUHDW\ RI GHIHQVLYH
DOOLDQFHZLWK%DQL'DPUDKZKROLYHGQHDU<DQEXCDQG=DZDO8VKDLUDK,Q$+%DQL
0XGOLMDOVRMRLQHGWKHDOOLDQFHDVWKH\ZHUHWKHQHLJKERUVDQGDOOLHVRI%DQL'DPUDK
7KHQLLVRKDSSHQHGWKDWTXLWHDODUJHQXPEHURIWKHVHSHRSOHZHUHFRQYHUWHGWR,VODP
DVDUHVXOWRIWKHPLVVLRQDU\ZRUNGRQHE\WKH0XVOLPV
6HFRQGO\ KH VXFFHVVLYHO\ VHQW VPDOO EDQGV RI KLV PHQ RQ WKLV URXWH WR VHUYH DV D
ZDUQLQJ WR WKH 4XUDLVK DQG KLPVHOI DFFRPSDQLHG VRPH RI WKHP ,Q WKH ILUVW \HDU RI
+LMUDK IRXU H[SHGLWLRQV ZHUH VHQW WKHUH WKDW LV WKH H[SHGLWLRQ XQGHU +DP]DK WKH
H[SHGLWLRQXQGHU8EDLGDKELQ+DULWKWKHH[SHGLWLRQXQGHU6D
DGELQ$EL:DTTDVDQG
WKH $O$EZD
 H[SHGLWLRQ XQGHU WKH +RO\ 3URSKHW KLPVHOI ,Q WKH ILUVW PRQWK RI WKH
VHFRQG \HDU WZR PRUH LQFXUVLRQV ZHUH PDGH RQ WKH VDPH URXWH 7KHVH DUH NQRZQ DV
%XZDW ([SHGLWLRQ DQG =DZDO 8VKDLUDK ([SHGLWLRQ 7ZR WKLQJV DERXW DOO WKHVH
H[SHGLWLRQVDUHQRWHZRUWK\)LUVWQREORRGZDVVKHGDQGQRFDUDYDQVZHUHSOXQGHUHGLQ
DQ\ RI WKHVH H[SHGLWLRQV 7KLV SURYHV WKDW WKH UHDO REMHFW RI WKHVH H[SHGLWLRQV ZDV WR
VKRZWRWKH4XUDLVKZKLFKZD\WKHZLQGZDVEORZLQJ6HFRQGO\QRWDVLQJOHPDQIURP
WKHSHRSOHRI$O0DGLQDKZDVVHQWE\WKH+RO\3URSKHWRQDQ\RIWKHVHLQFXUVLRQV$OO
WKHEDQGVFRQVLVWHGSXUHO\RIWKHLPPLJUDQWVIURP0DNNDKVRWKDWWKHFRQIOLFWVKRXOG
UHPDLQEHWZHHQWKHSHRSOHRIWKH4XUDLVKWKHPVHOYHVDQGVKRXOGQRWIXUWKHUVSUHDGE\
WKH LQYROYHPHQW RI RWKHU FODQV 2Q WKH RWKHU VLGH WKH 4XUDLVK RI 0DNNDK WULHG WR
LQYROYHRWKHUVDOVRLQWKHFRQIOLFW:KHQWKH\VHQWEDQGVWRZDUGV$O0DGLQDKWKH\GLG
QRWKHVLWDWHWRSOXQGHU WKHSHRSOH)RULQVWDQFHDQH[SHGLWLRQXQGHUWKHOHDGHUVKLSRI
.XU]ELQ-DELUDO)LKUOSOXQGHUHGWKHFDWWOHRIWKHSHRSOHRI$O0DGLQDKIURPWKHYHU\
YLFLQLW\RIWKHFLW\WRVKRZZKDWWKHLUUHDOLQWHQWLRQVZHUH
7KLVZDVWKHVWDWHRIDIIDLUVZKHQLQ6KD
DEDQ$+ )HEUXDU\RU0DUFK$' 
D ELJ WUDGH FDUDYDQ RI WKH 4XUDLVK FDUU\LQJ JRRGV ZRUWK   RU VR ZLWK RQO\ D
JXDUGRIWKLUW\WRIRUW\PHQRQLWVZD\EDFNIURP6\ULDWR0DNNDKUHDFKHGWKHWHUULWRU\
IURPZKHUHLWFRXOGEHHDVLO\DWWDFNHGIURP$O0DGLQDK$VWKHFDUDYDQZDVFDUU\LQJ
WUDGH JRRGV ZRUWK WKRXVDQGV RI SRXQGV DQG ZDV VFDQWLO\ JXDUGHG QDWXUDOO\ $EX
6XI\DQ ZKR ZDV LQ FKDUJH RI LW IURP KLV 3DVW H[SHULHQFH IHDUHG DQ DWWDFK IURP WKH

LVODPPHVVDJHFRP 
0XVOLPV $FFRUGLQJO\ DV VRRQ DV KH HQWHUHG WKH GDQJHURXV WHUULWRU\ KH GLVSDWFKHG D
FDPHOULGHUWR0DNNDKZLWKDIUDQWLFDSSHDOIRUKHOS
:KHQWKHULGHUUHDFKHG0DNNDKKHIROORZLQJDQROGFXVWRPRI$UDELDWRUHRSHQWKH
HDUVRIKLVFDPHOFXWRSHQKLVQRVHDQGRYHUWXUQHGWKHVDGGOH7KHQUHQGLQJKLVVKLUW
IURP IURQW DQG EHKLQG KH EHJDQ WR FU\ DORXG DW WKH WRS RI KLV YRLFH 2 SHRSOH RI
4XUDLVK GLVSDWFK KHOS WR SURWHFW \RXU FDUDYDQ IURP 6\ULD XQGHU WKH FKDUJH RI $EX
6XI\DQIRU0XKDPPDGZLWKKLVIROORZHUVLVLQSXUVXLWRILWRWKHUZLVH,GRQ
WWKLQN\RX
ZLOOHYHUJHW\RXUJRRGV5XQUXQIRUKHOS
7KLVFDXVHGJUHDWH[FLWHPHQWDQGDQJHULQWKHZKROHRI0DNNDKDQGDOOWKHELJFKLHIVRI
WKH4XUDLVKJRWUHDG\IRUZDU
$QDUP\FRQVLVWLQJRIDUPRUHGVROGLHUVDQGFDYDOU\RIULGHUVZLWKJUHDWSRPS
DQGVKRZPDUFKHGRXWIRUDILJKW7KH\LQWHQGHGQRWRQO\WRUHVFXHWKHFDUDYDQEXWDOVR
WRSXWWRDQHQGRQFHIRUDOOWKHQHZPHQDFHIURPWKH0XVOLPVZKRKDGFRQVROLGDWHG
WKHPVHOYHV DW $O0DGLQDK 7KH\ ZDQWHG WR FUXVK WKDW ULVLQJ SRZHU DQG RYHUDZH WKH
FODQVVXUURXQGLQJWKHURXWHVRDVWRPDNHLWDEVROXWHO\VHFXUHIRUIXWXUHWUDGH
1RZWKH+RO\3URSKHWZKRDOZD\VNHSWKLPVHOIZHOOLQIRUPHGRIWKHVWDWHRIDIIDLUV
IHOW WKDW WKH GHFLVLYH KRXU KDV FRPH DQG WKDW ZDV WKH ULJKW WLPH ZKHQ KH PXVW WDNH D
EROG VWHS RWKHUZLVH WKH ,VODPLF 0RYHPHQW ZRXOG EHFRPH OLIHOHVV IRU HYHU DQG QR
FKDQFH ZRXOG EH OHIW IRU LW WR ULVH DJDLQ )RU LI WKH 4XUDLVK LQYDGHG $O0DGLQDK WKH
RGGVZRXOGEHDJDLQVWWKH0XVOLPV7KHFRQGLWLRQRIWKH0XVOLP&RPPXQLW\ZDVVWLOO
YHU\ VKDN\ EHFDXVH WKH LPPLJUDQWV 0XKDMLULQ KDG QRW EHHQ DEOH WR VWDELOL]H WKHLU
HFRQRP\GXULQJWKHVKRUWSHULRG OHVVWKDQWZR\HDUV RIWKHLUVWD\DW$O0DGLQDKWKHLU
KHOSHUV WKH $QVDDU KDG QRW \HW EHHQ WULHG DQG WKH QHLJKERULQJ -HZLVK FODQV ZHUH
DQWDJRQLVWLF7KHQWKHUHZDVDVWURQJJURXSRIK\SRFULWHVDQGPXVKULNVLQ$O0DGLQDK
LWVHOI DERYH DOO WKH VXUURXQGLQJ FODQV OLYHG LQ DZH RI WKH 4XUDLVK DQG KDG DOO WKHLU
UHOLJLRXVV\PSDWKLHVZLWKWKHP
7KH+RO\3URSKHWWKHUHIRUHIHOWWKDWWKHFRQVHTXHQFHVRIWKLVSRVVLEOHLQYDVLRQZRXOG
QRWEHIDYRUDEOHWRWKH0XVOLPV
7KH VHFRQG SRVVLELOLW\ ZDV WKDW WKH\ ZRXOG QRW LQYDGH $O0DGLQDK EXW WU\ RQO\ WR
HVFRUWWKHLUFDUDYDQVDIHO\DQGVHFXUHO\E\DPHUHVKRZRIIRUFH,QWKDWFDVHWRRLIWKH
0XVOLPV UHPDLQHG LQDFWLYH LW ZRXOG DIIHFW WKHLU UHSXWDWLRQ DGYHUVHO\ 2EYLRXVO\ WKLV
ZHDNVWDQGLQWKHFRQIOLFWZRXOGHPEROGHQWKHRWKHU$UDEVDOVRDQGPDNHWKHSRVLWLRQ
RI WKH 0XVOLPV YHU\ LQVHFXUH LQ WKH FRXQWU\ DQG WKH VXUURXQGLQJ FODQV ZRXOG DW WKH
LQVWDQFHRIWKH4XUDLVKVWDUWKRVWLOLWLHVDJDLQVWWKHPDQGWKH-HZVWKHK\SRFULWHVDQG
WKHPXVKULNVRI$O0DGLQDKZRXOGRSHQO\ULVHDJDLQVWWKHPDQGQRWRQO\HQGDQJHUWKHLU
VHFXULW\RIOLIHSURSHUW\DQGKRQRUEXWPDNHLWGLIILFXOWIRUWKHPHYHQWROLYHWKHUH7KH
0XVOLPVZRXOGQRWEHDEOHWRLQVSLUHWKHHQHP\ZLWKDZHVRDVWRNHHSVDIHIURPWKHP
WKHLUOLIHSURSHUW\DQGKRQRU
$ FDUHIXO VWXG\ RI WKH VLWXDWLRQ OHG WKH +RO\ 3URSKHW WR PDNH XS KLV PLQG WR WDNH D
GHFLVLYH VWHS DQG JR LQWR WKH EDWWOH ZLWK ZKDWHYHU OLWWOH VWUHQJWK KH FRXOG PXVWHU IRU
WKXV DQG WKXV RQO\ FRXOG KH VKRZ ZKHWKHU WKH 0XVOLP &RPPXQLW\ KDG WKH ULJKW WR
VXUYLYHRUZDVGRRPHGWRSHULVK
LVODPPHVVDJHFRP 
:KHQ KH DUULYHG DW WKLV PRPHQWRXV GHFLVLRQ KH FDOOHG WKH 0XKDMLULQ DQG WKH $QVDDU
WRJHWKHUDQGSODFHGWKHZKROHSRVLWLRQEHIRUHWKHPZLWKRXWDQ\UHVHUYDWLRQ+HVDLG
$OODK KDV SURPLVHG WKDW \RX ZLOO FRQIURQW RQH RI WKH WZR WKH WUDGH FDUDYDQ FRPLQJ
IURPWKHQRUWKRUWKHDUP\RIWKH4XUDLVKPDUFKLQJIURPWKHVRXWK1RZWHOOPHZKLFK
RIWKHWZR\RXZDQWWRDWWDFN$ODUJHPDMRULW\RIWKHSHRSOHUHSOLHGWKDWWKH\ ZDQWHG
WR DWWDFN WKH FDUDYDQ %XW WKH +RO\ 3URSKHW ZKR KDG VRPHWKLQJ HOVH EHIRUH KLP
UHSHDWHGWKHVDPHTXHVWLRQ$WWKLV0LTGDGELQ
$PUD0XKDMLUVWRRGXSDQGVDLG
0HVVHQJHURI$OODK3OHDVHPDUFKWRWKHVLGHWRZKLFK\RXU/RUGFRPPDQGV\RXZH
ZLOO DFFRPSDQ\ \RX ZKHUHYHU \RX JR :H ZLOO QRW VD\ OLNH WKH ,VUDHOLWHV
*R DQG OHW
\RX DQG \RXU /RUG ILJKW ZH ZLOO ZDLW
 ,Q FRQWUDVW WR WKHP ZH VD\
/HW \RX DQG \RXU
/RUG ILJKW ZH ZLOO ILJKW E\ \RXU VLGH WR RXU ODVW EUHDWK
  (YHQ WKHQ KH GLG QRW
DQQRXQFH DQ\ GHFLVLRQ EXW ZDLWHG IRU D UHSO\ IURP WKH $QVDDU ZKR KDG QRW\HWWDNHQ
DQ\SDUWLQDQ\EDWWOHRI,VODP
$VWKLVZDVWKHILUVWRSSRUWXQLW\IRUWKHPWRSURYHWKDWWKH\ZHUHUHDG\WRIXOILOOWKHLU
SURPLVH RI ILJKWLQJ IRU WKH FDXVH RI ,VODP KH UHSHDWHG WKH TXHVWLRQ ZLWKRXW GLUHFWO\
DGGUHVVLQJWKHP$WWKLV6D
DGELQ0X
D]DQ$QVDDUVWRRGXSDQGVDLG6LULWDSSHDUV
WKDW\RXDUHSXWWLQJWKHTXHVWLRQWRXV:KHQWKH+RO\3URSKHWVDLG<HVWKH$QVDDU
UHSOLHG :H KDYH EHOLHYHG LQ \RX DQG FRQILUPHG WKDW ZKDW \RX KDYH EURXJKW LV WKH
7UXWKDQGKDYHPDGHDVROHPQSOHGJHZLWK\RXWKDWZHZLOOOLVWHQWR\RXDQGREH\\RX
7KHUHIRUH  0HVVHQJHU RI $OODK GR ZKDWHYHU \RX LQWHQG WR GR :H VZHDU E\ $OODK
:KRKDVVHQW\RXZLWKWKH7UXWKWKDWZHDUHUHDG\WRDFFRPSDQ\\RXWRWKHVHDVKRUH
DQGLI\RXHQWHULWZHZLOOSOXQJHLQWRLW:HDVVXUH\RXWKDWQRWDVLQJOHRQHRIXVZLOO
UHPDLQEHKLQGRUIRUVDNH\RXIRUZHZLOOQRWKHVLWDWHDWDOOWRJRWRILJKWHYHQLI\RX
VKRXOG OHDG XV WR WKH EDWWOHILHOG WRPRUURZ :H ZLOO UHPDLQ VWHDGIDVW LQ WKH EDWWOHDQG
VDFULILFHRXUOLYHVLQWKHILJKW:HGRKRSHWKDWE\WKHJUDFHRI$OODKRXUEHKDYLRUZLOO
JODGGHQ\RXUKHDUW6RWUXVWLQJLQ$OODK
VEOHVVLQJWDNHXVWRWKHEDWWOHILHOG
$IWHU WKHVH VSHHFKHV LW ZDV GHFLGHG WKDW WKH\ VKRXOG PDUFK WRZDUGV WKH DUP\ RI WKH
4XUDLVKDQGQRWWRZDUGVWKHWUDGHFDUDYDQ%XWLWVKRXOGEHQRWHGWKDWWKHGHFLVLRQZDV
RI DQ RUGLQDU\ QDWXUH )RU WKH QXPEHU RI SHRSOH ZKR FDPH IRUZDUG WR JR WR WKH
EDWWOHILHOGZDVRQO\DOLWWOHPRUHWKDQWKUHHKXQGUHG 0XKDMLUVIURP$XVDQG
IURP.KD]UDM 7KHQWKHOLWWOHDUP\ZDVLOODUPHGDQGKDUGO\HTXLSSHGIRUEDWWOH2QO\D
FRXSOH RI WKHP KDG KRUVHV WR ULGH DQG WKH RWKHUV KDG WR WDNH WKHLU WXUQ LQ WKUHHV DQG
IRXUVRQWKHEDFNRIDFDPHORXWRIWKHWKH\KDGLQDOO$ERYHDOOWKH\KDGQRWJRW
HQRXJKZHDSRQVIRUWKHEDWWOHRQO\RIWKHPKDGDUPRUV
,W LV WKHUHIRUH QR ZRQGHU WKDW ZLWK WKH H[FHSWLRQ RI WKRVH ZKR ZHUH SUHSDUHG WR
VDFULILFH WKHLU OLYHV IRU WKH FDXVH RI ,VODP WKH PDMRULW\ RI WKRVH ZKR KDG MRLQHG WKH
H[SHGLWLRQZHUHVRILOOHGZLWKIHDUWKDWWKH\IHOWDVLIWKH\ZHUHNQRZLQJO\JRLQJLQWR
WKHMDZVRIGHDWK
7KHQ WKHUH ZHUH SHRSOH ZKR DOZD\V ORRNHG DW WKLQJV IURP D VHOILVK SRLQW RI YLHZ
7KRXJKWKH\KDGHPEUDFHG,VODPWKH\GLGQRWUHDOL]HWKDWWKHLUIDLWKZRXOGGHPDQGWKH
VDFULILFHRIWKHLUOLYHVDQGSURSHUWLHVIURPWKHPWKH\ZHUHRIWKHRSLQLRQWKDWLWZDVD
PDG H[SHGLWLRQ SURPSWHG E\ LUUDWLRQDO HQWKXVLDVP IRU UHOLJLRQ %XW WKH +RO\ 3URSKHW
LVODPPHVVDJHFRP 
DQGWKHWUXH%HOLHYHUVKDGUHDOL]HGWKHXUJHQF\RIWKDWFULWLFDOKRXUZKLFKUHTXLUHGWKH
ULVNRIOLIHWKHUHIRUHWKH\PDUFKHGVWUDLJKWWRWKHVRXWKZHVWZKHUHIURPWKHDUP\RI
WKH4XUDLVKZDVFRPLQJ7KLVLVDFOHDUSURRIRIWKHIDFWWKDWIURPWKHYHU\EHJLQQLQJ
WKH\KDGJRQHRXWWRILJKW ZLWKWKHDUP\DQGQRWWRSOXQGHUWKHFDUDYDQ)RULIWKH\KDG
DLPHGDWSOXQGHULQJWKHFDUDYDQWKH\ZRXOGKDYHWDNHQWKHQRUWKZHVWHUO\GLUHFWLRQDQG
QRWWKHVRXWKZHVWHUO\RQH
FRQWLQXHG
FRQWLQXLQJ +LVWRULFDO%DFNJURXQG
7KHWZRSDUWLHVPHWLQFRPEDWDW%DGURQWKHVHYHQWHHQWKRI5DPDGDQ:KHQWKHWZR
DUPLHV FRQIURQWHG HDFK RWKHU DQG WKH +RO\ 3URSKHW QRWLFHG WKDW WKH 4XUDLVK DUP\
RXWQXPEHUHGWKH0XVOLPVE\WKUHHWRRQHDQGZDVPXFKEHWWHUHTXLSSHGKHUDLVHGKLV
KDQGV XS LQ VXSSOLFDWLRQ DQG PDGH WKLV HDUQHVW SUD\HU ZLWK JUHDW KXPLOLW\  $OODK
+HUH DUH WKH 4XUDLVK SURXG RI WKHLU ZDU PDWHULDO WKH\ KDYH FRPH WR SURYH WKDW 7K\
0HVVHQJHULVIDOVH$OODKQRZVHQGWKDWVXFFRU DLG WKDW7KRXKDVWSURPLVHGWRJLYH
PH$OODK ,IWKLVOLWWOHDUP\RI7K\VHUYDQWVLVGHVWUR\HGWKHQWKHUHZLOOEHOHIWQRQH
LQWKHODQGWRZRUVKLS7KHH,QWKLVFRPEDWWKHHPLJUDQWVIURP0DNNDKZHUHSXWWR
WKHKDUGHVWWHVWIRUWKH\KDGWRILJKWDJDLQVWWKHLURZQQHDUDQGGHDUUHODWLYHVDQGSXWWR
WKHVZRUGWKHLUIDWKHUVWKHLUVRQVWKHLUSDWHUQDODQGPDWHUQDOXQFOHVDQGWKHLUEURWKHUV
,W LV REYLRXV WKDW RQO\ VXFK SHRSOH FRXOG KDYH FRPH RXW VXFFHVVIXO LQ WKLV KDUGHVW RI
WHVWVDVKDGDFFHSWHGWKH7UXWKVLQFHUHO\DQGFXWRIIDOOUHODWLRQVZLWKIDOVHKRRG$QGLQ
DQRWKHU ZD\WKHWHVWWRZKLFKWKH$QVDDU ZHUHSXWZDVQRWOHVVKDUG6RIDUWKH\KDG
RQO\ DOLHQDWHG WKH SRZHUIXO 4XUDLVK DQG WKHLU DOOLHV E\ JLYLQJ VKHOWHU WR WKH 0XVOLPV
DJDLQVWWKHLUZLVKHVEXWQRZIRU WKHILUVWWLPHWKH\ZHUHJRLQJWRJLYHILJKWWRWKHP
DQGWRVRZWKHVHHGVRIDORQJDQGELWWHUZDUZLWKWKHP
7KLVZDVLQGHHGDYHU\KDUGWHVWIRULWPHDQWWKDWDVPDOOWRZQZLWKDSRSXODWLRQRID
IHZ WKRXVDQG LQKDELWDQWV ZDV JRLQJ WR ZDJH D ZDU ZLWK WKH ZKROH RI $UDELD ,W LV
REYLRXV WKDW RQO\ VXFK SHRSOH FRXOG WDNH WKLV EROG VWHS ZKR EHOLHYHG LQ WKH 7UXWK RI
,VODPVRILUPO\WKDWWKH\ZHUHUHDG\WRVDFULILFHHYHU\SHUVRQDOLQWHUHVWIRULWVVDNH6R
$OODKDFFHSWHGWKHVHOIVDFULILFHVRIWKH0XKDMLULQDQGWKH$QVDDUEHFDXVHRIWKHLUWUXH
IDLWKDQGUHZDUGHGWKHPZLWK+LVVXFFRU
7KH SURXG ZHOODUPHG 4XUDLVK ZHUH URXWHG E\ WKHVH LOOHTXLSSHG GHYRWHHV RI ,VODP
6HYHQW\PHQRIWKHLUDUP\ZHUHNLOOHGDQGVHYHQW\FDSWXUHGDVSULVRQHUVDQGWKHLUDUPV
DQGHTXLSPHQWFDPHLQWRWKHKDQGVRIWKH0XVOLPVDVVSRLOVRIZDU$OOWKHLUELJFKLHIV
ZKRZHUHWKHLUEHVWVROGLHUVDQGZKRKDGOHGWKHRSSRVLWLRQWR,VODPZHUHNLOOHGLQWKLV
%DWWOH1RZRQGHUWKDWWKLVGHFLVLYHYLFWRU\PDGH,VODPDSRZHUWREHUHFNRQHGZLWK$
:HVWHUQ UHVHDUFK VFKRODU VD\V WKDW EHIRUH WKH %DWWOH RI %DGU ,VODP ZDV PHUHO\ D
UHOLJLRQDQGDVWDWHEXWDIWHUWKH%DWWOHLWEHFDPHWKHVWDWHUHOLJLRQQD\WKHVWDWHLWVHOI
7RSLFVRI'LVFXVVLRQ
,W LV WKLV JUHDW %DWWOH WKDW KDV EHHQ UHYLHZHG LQ WKLV 6XUDK %XW OHW LW EH QRWHG WKDW LQ
VRPHUHVSHFWVWKLVUHYLHZLVTXLWHGLIIHUHQWIURPWKHUHYLHZVWKDWDUHXVXDOO\PDGHE\
WKH ZRUOGO\FRPPDQGHUVDIWHUDJUHDWYLFWRU\,QVWHDGRIJORDWLQJRYHUWKHYLFWRU\WKH

LVODPPHVVDJHFRP 
PRUDOZHDNQHVVHVWKDWKDGFRPHWRWKHVXUIDFHLQWKDWH[SHGLWLRQKDYHEHHQSRLQWHGRXW
VRWKDWWKH0XVOLPVVKRXOGWU\WKHLUEHVWWRUHIRUPWKHPVHOYHV
,WKDVEHHQLPSUHVVHGXSRQWKHPWKDWWKHYLFWRU\ZDVGXHWRWKHVXFFRURI$OODKUDWKHU
WKDQWRWKHLURZQYDORUDQGEUDYHU\VRWKDWWKH0XVOLPVVKRXOGOHDUQWRUHO\RQ+LPDQG
REH\ $OODK DQG +LV 0HVVHQJHU DORQH 7KH PRUDO OHVVRQ RI WKH FRQIOLFW EHWZHHQ WKH
7UXWK DQG IDOVHKRRG KDV EHHQ HQXQFLDWHG DQG WKH TXDOLWLHV ZKLFK OHDG WR VXFFHVV LQ D
FRQIOLFW KDYH EHHQ H[SODLQHG 7KHQ WKH 6XUDK DGGUHVVHV WKH PXVKULNV WKH K\SRFULWHV
WKH -HZV DQG WKH SULVRQHUV RI WKLV ZDU LQ D YHU\ LPSUHVVLYH PDQQHU WKDW VKRXOG WHDFK
WKHP D JRRG OHVVRQ ,W DOVR JLYHV LQVWUXFWLRQV LQ UHJDUG WR WKH VSRLOV RI ZDU 7KH
0XVOLPVKDYHEHDQWROGQRWWRUHJDUGWKHVHDVWKHLUULJKWEXWDVDERXQW\IURP$OODK
7KHUHIRUHWKH\VKRXOGDFFHSWZLWKJUDWLWXGHWKHVKDUHWKDWLVJUDQWHGWRWKHPRXWRILW
DQGZLOOLQJO\DFFHGHWRWKHVKDUHZKLFK$OODKVHWVDSDUWIRU+LVFDXVHDQGIRUWKHKHOS
RIWKHQHHG\
7KHQLWDOVRJLYHVQRUPDOLQVWUXFWLRQVFRQFHUQLQJWKHODZVRISHDFHDQGZDUIRUWKHVH
ZHUH XUJHQWO\ QHHGHG WR EH H[SODLQHG DW WKH VWDJH ZKLFK WKH ,VODPLF 0RYHPHQW KDG
HQWHUHG,WHQMRLQHGWKDWWKH0XVOLPVVKRXOGUHIUDLQIURPZD\VRILJQRUDQFHLQSHDFH
DQGZDUDQGWKXVVKRXOGHVWDEOLVKWKHLUPRUDOVXSHULRULW\LQWKHZRUOG,WDOVRPHDQWWR
GHPRQVWUDWH WR WKH ZRUOG LQ DFWXDO SUDFWLFDO OLIH WKH PRUDOLW\ ZKLFK LW KDG EHHQ
SUHDFKLQJ WR WKH ZRUOG IURP WKH YHU\ EHJLQQLQJ RI ,VODP DQG KDG EHHQ HQMRLQLQJ WKDW
SUDFWLFDO OLIH VKRXOG EH EDVHG RQ WKH VDPH ,W DOVR VWDWHV VRPH DUWLFOHV RI WKH ,VODPLF
&RQVWLWXWLRQZKLFKKHOSGLIIHUHQWLDWHWKHVWDWXVRIWKH0XVOLPVOLYLQJZLWKLQWKHOLPLWV
RI'DUXO,VODP WKH$ERGHRI,VODP IURPWKDWRIWKH0XVOLPVOLYLQJEH\RQGLWVOLPLWV

7DXED
1DPH
7KLV6XUDKLVNQRZQE\WZRQDPHV$77$8%$+DQG$/%$5$
$7,WLVFDOOHG$7
7$8%$+ EHFDXVH LW HQXQFLDWHV WKH QDWXUH RI WDXEDK UHSHQWDQFH  DQG PHQWLRQV WKH
FRQGLWLRQVRILWVDFFHSWDQFH YY 7KHVHFRQGQDPH%$5$
$7 5HOHDVH LV
WDNHQIURPWKHILUVWZRUGRIWKH6XUDK
:K\2PLVVLRQRI%LVPLOODK
7KLV LV WKH RQO\ 6XUDK RI WKH 4XU
DQ WR ZKLFK %LVPLOODK LV QRW SUHIL[HG 7KRXJK WKH
FRPPHQWDWRUVKDYHJLYHQGLIIHUHQWUHDVRQVIRUWKLVWKHFRUUHFWRQHWKDWZKLFKKDVEHHQ
JLYHQE\,PDP5D]LQDPHO\WKLVLVEHFDXVHWKH+RO\3URSKHWKLPVHOIGLGQRWGLFWDWHLW
DW WKH EHJLQQLQJ RI WKH 6XUDK 7KHUHIRUH WKH &RPSDQLRQV GLG QRW SUHIL[ LW DQG WKHLU
VXFFHVVRUVIROORZHGWKHP7KLVLVDIXUWKHUSURRIRIWKHIDFWWKDWXWPRVWFDUHKDVEHHQ
WDNHQ WR NHHS WKH 4XU
DQ LQWDFW VR WKDW LW VKRXOG UHPDLQ LQ LWV FRPSOHWH DQG RULJLQDO
IRUP
'LVFRXUVHVDQG3HULRGVRI5HYHODWLRQ
7KLV 6XUDK FRPSULVHV WKUHH GLVFRXUVHV 7KH ILUVW GLVFRXUVH YY   ZDV UHYHDOHG LQ
=LO4D
DGDK $ +  RU WKHUHDERXW $V WKH LPSRUWDQFH RI WKH VXEMHFW RI WKH GLVFRXUVH
UHTXLUHGLWVGHFODUDWLRQRQWKHRFFDVLRQRI+DMMWKH+RO\3URSKHWGLVSDWFKHG+DGUDW$OL
WRIROORZ+DGUDW$EX%DNUZKRKDGDOUHDG\OHIWIRU0DNNDKDVOHDGHURIWKH3LOJULPVWR
LVODPPHVVDJHFRP 
WKH.D
DEDK+HLQVWUXFWHG+DGUDW$,LWRGHOLYHUWKHGLVFRXUVHEHIRUHWKHUHSUHVHQWDWLYHV
RI WKH GLIIHUHQW FODQV RI $UDELD VR DV WR LQIRUP WKHP RI WKH QHZ SROLF\ WRZDUGV WKH
PXVKULNV
7KHVHFRQGGLVFRXUVH YY ZDVVHQWGRZQLQ5DMDE$+RUDOLWWOHEHIRUHWKLV
ZKHQ WKH +RO\ 3URSKHW ZDV HQJDJHG LQ PDNLQJ SUHSDUDWLRQV IRU WKH &DPSDLJQ RI
7DEXN,QWKLVGLVFRXUVHWKH %HOLHYHUVZHUHXUJHGWRWDNHDFWLYHSDUWLQMLKDGDQGWKH
VKLUNHUV ZHUH VHYHUHO\ UHEXNHG IRU KROGLQJ EDFN WKHLU ZHDOWK DQG IRU KHVLWDWLRQ WR
VDFULILFH WKHLU OLYHV LQ WKH ZD\ RI $OODK EHFDXVH RI WKHLU K\SRFULV\ ZHDN IDLWK RU
QHJOLJHQFH
7KH WKLUG GLVFRXUVH YY ,   ZDV UHYHDOHG RQ KLV UHWXUQ IURP WKH &DPSDLJQ RI
7DEXN 7KHUH DUH VRPH SLHFHV LQ WKLV GLVFRXUVH WKDW ZHUH VHQW GRZQ RQ GLIIHUHQW
RFFDVLRQVGXULQJWKHVDPHSHULRGDQGZHUHDIWHUZDUGVFRQVROLGDWHGE\WKH+RO\3URSKHW
LQWR WKH 6XUDK LQ DFFRUGDQFH ZLWK LQVSLUDWLRQ IURP $OODK %XW WKLV FDXVHG QR
LQWHUUXSWLRQLQLWVFRQWLQXLW\EHFDXVHWKH\GHDOWZLWKWKHVDPHVXEMHFWDQGIRUPHGSDUW
RIWKHVDPHVHULHVRIHYHQWV7KLVGLVFRXUVHZDUQVWKHK\SRFULWHVRIWKHLUHYLOGHHGVDQG
UHEXNHVWKRVH%HOLHYHUVZKRKDGVWD\HGEHKLQGLQWKH&DPSDLJQRI7DEXN7KHQDIWHU
WDNLQJWKHPWRWDVN$OODKSDUGRQVWKRVHWUXH%HOLHYHUVZKRKDGQRWWDNHQSDUWLQWKH
-LKDG LQ WKH :D\ RI $OODK IRU RQH UHDVRQ RU WKH RWKHU &KURQRORJLFDOO\ WKH ILUVW
GLVFRXUVHVKRXOGKDYHFRPHODVWEXWEHLQJWKHPRVWLPSRUWDQWRIWKHWKUHHLQUHJDUGWR
LWVVXEMHFWPDWWHULWZDVSODFHGILUVWLQWKHRUGHURIFRPSLODWLRQ
+LVWRULFDO%DFNJURXQG
1RZ OHW XV FRQVLGHU WKH KLVWRULFDO EDFNJURXQG RI WKH 6XUDK 7KH VHULHV RI HYHQWV WKDW
KDYHEHHQGLVFXVVHGLQWKLV6XUDKWRRNSODFHDIWHUWKH3HDFH7UHDW\RI+XGDLEL\DK%\
WKDWWLPHRQHWKLUGRI$UDELDKDGFRPHXQGHUWKHVZD\RI,VODPZKLFKKDGHVWDEOLVKHG
LWVHOI DV D SRZHUIXO ZHOO RUJDQL]HG DQG FLYLOL]HG ,VODPLF 6WDWH 7KLV 7UHDW\ DIIRUGHG
IXUWKHU RSSRUWXQLWLHV WR ,VODP WR VSUHDG LWV LQIOXHQFH LQ WKH FRPSDUDWLYHO\ SHDFHIXO
DWPRVSKHUHFUHDWHGE\LWD$IWHUWKLV7UHDW\WZRHYHQWVWRRNSODFHZKLFKOHGWRYHU\
LPSRUWDQWUHVXOWV
&RQTXHVWRI$UDELD
7KH ILUVW ZDV WKH &RQTXHVW RI $UDELD 7KH +RO\ 3URSKHW ZDV DEOH WR VHQG PLVVLRQV
DPRQJGLIIHUHQWFODQVIRUWKHSURSDJDWLRQRI,VODP7KHUHVXOWZDVWKDWGXULQJWKHVKRUW
SHULRG RI WZR \HDUV LW EHFDPH VXFK D JUHDW SRZHU WKDW LW PDGH WKH ROG RUGHU RI
LJQRUDQFH
IHHOKHOSOHVVEHIRUHLW6RPXFKVRWKDWWKH]HDORXVHOHPHQWVIURPDPRQJWKH
4XUDLVKZHUHVRH[DVSHUDWHGWKDWWKH\EURNHWKH7UHDW\LQRUGHUWRHQFRXQWHU,VODPLQD
GHFLVLYHFRPEDW%XWWKH+RO\3URSKHWWRRNSURPSWDFWLRQDIWHUWKHEUHDFKVRDVQRWWR
DOORZWKHPDQ\RSSRUWXQLW\WRJDWKHUHQRXJKIRUFHIRUWKLV+HPDGHDVXGGHQLQYDVLRQ
RQ0DNNDKLQWKHPRQWKRI5DPDGDQLQ$+DQGFRQTXHUHGLW7KRXJKWKLVFRQTXHVW
EURNHWKHEDFNERQHRIWKHRUGHURILJQRUDQFHLWPDGHVWLOODQRWKHUDWWDFNRQ,VODPLQWKH
EDWWOHILHOGRI+XQDLQZKLFKSURYHGWREHLWVGHDWKNQHOO7KHFODQVRI+DZD]LQ7KDTLI
1DXU-XVKPDQGRWKHUVJDWKHUHGWKHLUHQWLUHIRUFHVLQWKHEDWWOHILHOGLQRUGHUWRFUXVK
WKH UHIRUPDWLYH 5HYROXWLRQ EXW WKH\ XWWHUO\ IDLOHG LQ WKHLU HYLO GHVLJQV 7KH GHIHDW RI

LJQRUDQFH
 DW +XQDLQ SDYHG WKH ZD\ IRU PDNLQJ WKH ZKROH RI $UDELD WKH
$ERGH RI
LVODPPHVVDJHFRP 
,VODP
 'DUXO,VODP  7KH UHVXOW ZDV WKDW KDUGO\ D \HDUKDG3DVVHGDIWHUWKH%DWWOHRI
+XQDLQZKHQWKHPDMRUSRUWLRQRI$UDELDFDPHZLWKLQWKHIROGRI,VODPDQGRQO\DIHZ
XSKROGHUVRIWKHROGRUGHUUHPDLQHGVFDWWHUHG RYHUVRPHFRUQHUVRIWKHFRXQWU\
7KH VHFRQG HYHQW WKDW FRQWULEXWHG WRZDUGV PDNLQJ ,VODP D IRUPLGDEOH SRZHU ZDV WKH
&DPSDLJQ RI 7DEXN ZKLFK ZDV QHFHVVLWDWHG E\ WKH SURYRFDWLYH DFWLYLWLHV RI WKH
&KULVWLDQV OLYLQJ ZLWKLQ RU QHDU WKH ERXQGDULHV RI WKH 5RPDQ (PSLUH WR WKH QRUWK RI
$UDELD$FFRUGLQJO\WKH+RO\3URSKHWZLWKDQDUP\RIWKLUW\WKRXVDQGPDUFKHGEROGO\
WRZDUGVWKH5RPDQ(PSLUHEXWWKH5RPDQVHYDGHGWKHHQFRXQWHU7KHUHVXOWZDVWKDW
WKHSRZHURIWKH+RO\3URSKHWDQG,VODPLQFUHDVHGPDQLIROGDQGGHSXWDWLRQVIURPDOO
FRUQHUV RI $UDELD EHJDQ WR ZDLW XSRQ KLP RQ KLV UHWXUQ IURP 7DEXN LQ RUGHU WR RIIHU
WKHLU DOOHJLDQFH WR ,VODP DQG REHGLHQFH WR KLP 7KH +RO\ 4XU
DQ KDV GHVFULEHG WKLV
WULXPSK LQ 6XUDK $Q1LVD :KHQ WKH VXFFRU RI $OODK FDPH DQG YLFWRU\ ZDV DWWDLQHG
DQG\RXVDZSHRSOHHQWHULQJWKHIROGRI,VODPLQODUJHQXPEHUV
&DPSDLJQWR7DEXN
7KH &DPSDLJQ WR 7DEXN ZDV WKH UHVXOW RI FRQIOLFW ZLWK WKH 5RPDQ (PSLUH WKDW KDG
VWDUWHGHYHQEHIRUHWKHFRQTXHVWRI0DNNDK2QHRIWKHPLVVLRQVVHQWDIWHU WKH7UHDW\RI
+XGDLEL\DK WR GLIIHUHQW SDUWV RI $UDELD YLVLWHG WKH FODQV ZKLFK OLYHG LQ WKH QRUWKHUQ
DUHDVDGMDFHQWWR6\ULD7KHPDMRULW\RIWKHVHSHRSOHZHUH&KULVWLDQVZKRZHUHXQGHU
WKH LQIOXHQFH RI WKH 5RPDQ (PSLUH &RQWUDU\ WR DOO WKH SULQFLSOHV RI WKH FRPPRQO\
DFFHSWHG LQWHUQDWLRQDO ODZ WKH\ NLOOHG ILIWHHQ PHPEHUV RI WKH GHOHJDWLRQ QHDU D SODFH
NQRZQ DV =DWX7DODK RU =DWL,WODK  2QO\ .D
DE ELQ 8PDLU *KLIDUL WKH KHDG RI WKH
GHOHJDWLRQ VXFFHHGHG LQ HVFDSLQJ DQG UHSRUWLQJ WKH VDG LQFLGHQW %HVLGHV WKLV
6KXUDKELOELQ$PUWKH&KULVWLDQJRYHUQRURI%XVUDZKRZDVGLUHFWO\XQGHUWKH5RPDQ
&DHVDU KDG DOVR SXW WR GHDWK +DULWK ELQ 8PDLU WKH DPEDVVDGRU RI WKH +RO\ 3URSKHW
ZKRKDGEHHQVHQWWRKLPRQDVLPLODUPLQLRQ
7KHVHHYHQWVFRQYLQFHGWKH+RO\ 3URSKHWWKDWDVWURQJDFWLRQVKRXOGEHWDNHQLQRUGHU
WR PDNH WKH WHUULWRU\ DGMDFHQW WR WKH 5RPDQ (PSLUH VDIH DQG VHFXUH IRU WKH 0XVOLPV
$FFRUGLQJO\LQWKHPRQWKRI-DPDGLXO8OD$+KHVHQWDQDUP\RIWKUHHWKRXVDQG
WRZDUGVWKH6\ULDQERUGHU:KHQ WKLVDUP\UHDFKHGQHDU0D
DQWKH0XVOLPVOHDUQWWKDW
6KXUDKELOZDVPDUFKLQJZLWKDQDUP\RIRQHKXQGUHGWKRXVDQGWRILJKWZLWKWKHPDQG
WKDW WKH &DHVDU ZKR KLPVHOI ZDV DW +LPV KDG VHQW DQRWKHU DUP\ FRQVLVWLQJ RI RQH
KXQGUHG WKRXVDQG VROGLHUV XQGHU KLV EURWKHU 7KHRGRUH %XW LQ VSLWH RI VXFK IHDUIXO
QHZVWKHEUDYHVPDOOEDQGRIWKH0XVOLPVPDUFKHGRQIHDUOHVVO\DQGHQFRXQWHUHGWKH
ELJDUP\RI6KXUDKELODW0X
WDK$QGWKHUHVXOWRIWKHHQFRXQWHULQZKLFKWKH0XVOLPV
ZHUH ILJKWLQJ DJDLQVW IHDUIXO RGGV WKH UDWLR RI WKH WZR DUPLHV ZDV    DV YHU\
IDYRUDEOHIRUWKHHQHP\XWWHUO\IDLOHGWRGHIHDWWKHP7KLVSURYHGYHU\KHOSIXOIRUWKH
SURSDJDWLRQ RI ,VODP $V D UHVXOW WKRVH $UDEV ZKR ZHUH OLYLQJ LQ D VWDWH RI VHPL
LQGHSHQGHQFHLQ6\ULDDQGQHDU6\ULDDQGWKHFODQVRI1DMGQHDU,UDTZKRZHUHXQGHU
WKHLQIOXHQFHRIWKH,UDQLDQ(PSLUHWXUQHGWRZDUGV,VODPDQGHPEUDFHGLWLQWKRXVDQGV
)RUH[DPSOHWKHSHRSOHRI%DQL6XODLP ZKRVHFKLHIZDV$EEDVELQ0LUGDV6XODLPL 
$VKMD
D*KDWDIDQ=XE\DQ)D]DUDKHWFFDPHLQWRWKHIROGRI,VODPDWWKHVDPHWLPH
$ERYH DOO )DUYDK ELQ
$PUDO-X]DPLZKRZDVWKHFRPPDQGHURIWKH$UDEDUPLHVRI
LVODPPHVVDJHFRP 
WKH 5RPDQ (PSLUH HPEUDFHG ,VODP GXULQJ WKDW WLPH DQG XQGHUZHQW WKH WULDO RI KLV
)DLWK LQ D ZD\ WKDW ILOOHG WKH ZKROH WHUULWRU\ ZLWK ZRQGHU :KHQ WKH &DHVDU FDPH WR
NQRZ WKDW )DUYDK KDG HPEUDFHG ,VODP KH RUGHUHG WKDW KH VKRXOG EH DUUHVWHG DQG
EURXJKWWRKLVFRXUW7KHQWKH&DHVDUVDLGWRKLP<RXZLOOKDYHWRFKRRVHRQHRIWKH
WZR WKLQJV (LWKHU JLYH XS \RXU ,VODP DQG ZLQ \RXU OLEHUW\ DQG \RXU IRUPHU UDQN RU
UHPDLQD0XVOLPDQGIDFHGHDWK+HFDOPO\FKRVH,VODPDQGVDFULILFHGKLVOLIHLQWKH
ZD\RIWKH7UXWK
1RZRQGHUWKDWVXFKHYHQWVDVWKHVHPDGHWKH&DHVDUUHDOL]HWKHQDWXUHRIWKHGDQJHU
WKDWZDVWKUHDWHQLQJKLV(PSLUHIURP$UDELD$FFRUGLQJO\LQ$+KHEHJDQWRPDNH
PLOLWDU\SUHSDUDWLRQVWRDYHQJHWKHLQVXOWKHKDGVXIIHUHGDW0X
WDK7KH*KDVVDQLVDQG
RWKHU$UDEFKLHIVDOVREHJDQWRPXVWHUDUPLHVXQGHUKLP:KHQWKH+RO\3URSKHWZKR
DOZD\V NHSW KLPVHOI ZHOOLQIRUPHG HYHQ RI WKH PLQXWHVW WKLQJV WKDW FRXOG DIIHFW WKH
,VODPLF 0RYHPHQW IDYRUDEO\ RU DGYHUVHO\ FDPH WR NQRZ RI WKHVH SUHSDUDWLRQV KH DW
RQFHXQGHUVWRRGWKHLUPHDQLQJ
7KHUHIRUHZLWKRXWWKHOHDVWKHVLWDWLRQKHGHFLGHGWRILJKWDJDLQVWWKHJUHDWSRZHURIWKH
&DHVDU+HNQHZWKDWWKHVKRZRIWKHVOLJKWHVWZHDNQHVVZRXOGUHVXOWLQWKHXWWHUIDLOXUH
RIWKH0RYHPHQWZKLFKZDVIDFLQJWKUHHJUHDWGDQJHUVDWWKDWWLPH
)LUVWO\WKHG\LQJSRZHURI
LJQRUDQFH
WKDWKDGDOPRVWEHHQFUXVKHGLQWKHEDWWOHILHOGRI
+XQDLQPLJKWUHYLYHDJDLQ
6HFRQGO\WKH+\SRFULWHVRI$O0DGLQDKZKRZHUHDOZD\VRQWKHORRNRXWIRUVXFKDQ
RSSRUWXQLW\PLJKWPDNHIXOOXVHRIWKLVWRGRWKHJUHDWHVWSRVVLEOHKDUPWRLW)RUWKH\
KDGDOUHDG\PDGHSUHSDUDWLRQVIRUWKLVDQGKDGWKURXJKDPRQNFDOOHG$EX$PLUVHQW
VHFUHW PHVVDJHV RI WKHLU HYLO GHVLJQV WR WKH &KULVWLDQ NLQJ RI *KDVVDQ DQG WKH&DHVDU
KLPVHOI%HVLGHVWKLVWKH\KDGDOVREXLOWDPRVTXHQHDU$O0DGLQDKIRUKROGLQJVHFUHW
PHHWLQJVIRUWKLVSXUSRVH
7KHWKLUGGDQJHUZDVRIDQDWWDFNE\WKH&DHVDUKLPVHOIZKRKDGDOUHDG\GHIHDWHG,UDQ
WKHRWKHUJUHDWSRZHURIWKDWSHULRGDQGILOOHGZLWKDZHWKHDGMDFHQWWHUULWRULHV
,WLVREYLRXVWKDWLIDOOWKHVHWKUHHHOHPHQWVKDGEHHQJLYHQDQRSSRUWXQLW\RIWDNLQJD
FRQFHUWHG DFWLRQ DJDLQVW WKH 0XVOLPV ,VODP ZRXOG KDYH ORVW WKH ILJKW LW KDG DOPRVW
ZRQ 7KDW LV ZK\ LQWKLVFDVHWKH+RO\3URSKHWPDGHDQRSHQGHFODUDWLRQIRU PDNLQJ
SUHSDUDWLRQV IRU WKH &DPSDLJQ DJDLQVW WKH 5RPDQ (PSLUH ZKLFK ZDV RQH RI WKH WZR
JUHDWHVWHPSLUHVRIWKHZRUOGRIWKDWSHULRG
7KH GHFODUDWLRQ ZDV PDGH WKRXJK DOO WKH DSSDUHQW FLUFXPVWDQFHV ZHUH DJDLQVW VXFK D
GHFLVLRQIRUWKHUHZDVIDPLQHLQWKHFRXQWU\DQGWKHORQJDZDLWHGFURSVZHUHDERXWWR
ULSHQWKHEXUQLQJKHDWRIWKHVFRUFKLQJVXPPHUVHDVRQRI$UDELDZDVDWLWVKHLJKWDQG
WKHUH ZDV QRW HQRXJK PRQH\ IRU SUHSDUDWLRQV LQ JHQHUDO DQG IRU HTXLSPHQW DQG
FRQYH\DQFHLQSDUWLFXODU
%XWLQVSLWHRIWKHVHKDQGLFDSVZKHQWKH0HVVHQJHURI$OODKUHDOL]HGWKHXUJHQF\RI
WKHRFFDVLRQKHWRRNWKLVVWHSZKLFKZDVWR GHFLGHZKHWKHU WKH0LVVLRQRIWKH7UXWK
ZDVJRLQJWRVXUYLYHRUSHULVK
7KH YHU\ IDFW WKDW KH PDGH DQ RSHQ GHFODUDWLRQ IRU PDNLQJ SUHSDUDWLRQV IRU VXFK D
FDPSDLJQWR6\ULDDJDLQVWWKH5RPDQ(PSLUHVKRZHGKRZLPSRUWDQWLWZDVIRUWKLVZDV
LVODPPHVVDJHFRP 
FRQWUDU\ WR KLV SUHYLRXV SUDFWLFH 8VXDOO\ KH WRRN HYHU\ SUHFDXWLRQ QRW WR UHYHDO
EHIRUHKDQG WKHGLUHFWLRQWRZKLFKKHZDVJRLQJQRUWKHQDPHRIWKHHQHP\ZKRPKH
ZDVJRLQJWRDWWDFNQD\KHGLGQRWPRYHRXWRI$O0DGLQDKHYHQLQWKHGLUHFWLRQRI
WKHFDPSDLJQ
$OOWKHSDUWLHVLQ$UDELDIXOO\UHDOL]HGWKHJUDYHFRQVHTXHQFHVRIWKLVFULWLFDOGHFLVLRQ
7KHUHPQDQWVRIWKHORYHUVRIWKHROGRUGHURI
LJQRUDQFH
ZHUHDQ[LRXVO\ZDLWLQJIRUWKH
UHVXOWRIWKH&DPSDLJQIRUWKH\KDGSLQQHGDOOWKHLUKRSHVRQWKHGHIHDWRI,VODPE\WKH
5RPDQV7KH
K\SRFULWHV
DOVRFRQVLGHUHGLWWREHWKHLUODVWFKDQFHRIFUXVKLQJWKHSRZHU
RI ,VODP E\ LQWHUQDO UHEHOOLRQ LI WKH 0XVOLPV VXIIHUHG D GHIHDW LQ 6\ULD 7KH\ KDG
WKHUHIRUH PDGH IXOO XVH RI WKH 0RVTXH EXLOW E\ WKHP IRU KDWFKLQJ SORWV DQG KDG
HPSOR\HGDOOWKHLUGHYLFHVWRUHQGHUWKH&DPSDLJQDIDLOXUH2QWKHRWKHUVLGHWKHWUXH
%HOLHYHUV DOVR UHDOL]HG IXOO\ WKDW WKH IDWH RI WKH 0RYHPHQW IRU ZKLFK WKH\ KDG EHHQ
H[HUWLQJ WKHLU XWPRVW IRU WKH ODVW  \HDUV ZDV QRZ KDQJLQJ LQ WKH EDODQFH ,I WKH\
VKRZHGFRXUDJHRQWKDWFULWLFDORFFDVLRQWKHGRRUVRIWKHZKROHRXWHUZRUOGZRXOGEH
WKURZQRSHQIRUWKH0RYHPHQWWRVSUHDG%XWLIWKH\VKRZHGZHDNQHVVRUFRZDUGLFH
WKHQ DOO WKH ZRUN WKH\ KDG GRQH LQ $UDELD ZRXOG HQG LQ VPRNH 7KDW LV ZK\ WKHVH
ORYHUVRI,VODPEHJDQWRPDNHHQWKXVLDVWLFSUHSDUDWLRQVIRUWKH&DPSDLJQ
(YHU\RQHRIWKHPWULHGWRVXUSDVVWKHRWKHULQPDNLQJFRQWULEXWLRQVIRUWKHSURYLVLRQRI
HTXLSPHQW IRU LW +DGUDW 8WKPDQ DQG +DGUDW $EGXU 5DKPDQ ELQ $XI SUHVHQWHG ODUJH
VXPVRIPRQH\IRUWKLVSXUSRVH+DGUDW8PDUFRQWULEXWHGKDOIRIWKHHDUQLQJVRIKLVOLIH
DQG+DGUDW$EX%DNUWKHHQWLUHHDUQLQJVRIKLVOLIH7KHLQGLJHQW&RPSDQLRQVGLGQRW
ODJEHKLQGDQGSUHVHQWHGZKDWHYHUWKH\FRXOGHDUQE\WKHVZHDWRIWKHLUODERUDQGWKH
ZRPHQSDUWHGZLWKWKHLURUQDPHQWV7KRXVDQGVRIYROXQWHHUVZKRZHUHILOOHGZLWKWKH
GHVLUHRIVDFULILFLQJWKHLUOLYHVIRU,VODPFDPHWRWKH+RO\3URSKHWDQGUHTXHVWHGWKDW
DUUDQJHPHQWV IRU ZHDSRQV DQG FRQYH\DQFH EH PDGHIRU WKHPVRWKDWWKH\VKRXOGMRLQ
WKHH[SHGLWLRQ7KRVHZKRFRXOGQRWEHSURYLGHGZLWKWKHVHVKHGWHDUVRIVRUURZWKH
VFHQHZDVVRSDWKHWLFWKDWLWPDGHWKH+RO\3URSKHWVDGEHFDXVHRIKLVLQDELOLW\WRDUP
WKHP
,QVKRUWWKHRFFDVLRQEHFDPHWKHWRXFKVWRQHIRUGLVFULPLQDWLQJDWUXHEHOLHYHUIURP D
K\SRFULWH )RU WR ODJ EHKLQG LQ WKH &DPSDLJQ PHDQW WKDW WKH YHU\ UHODWLRQVKLS RI D
SHUVRQWR,VODPZDVGRXEWIXO$FFRUGLQJO\ZKHQHYHUDSHUVRQODJJHGEHKLQGGXULQJWKH
MRXUQH\ WR 7DEXN WKH +RO\ 3URSKHW RQ EHLQJ LQIRUPHG ZRXOG VSRQWDQHRXVO\ VD\
/HDYHKLPDORQH,IWKHUHEHDQ\JRRGLQKLP$OODKZLOODJDLQMRLQKLPZLWK\RXDQG
LIWKHUHEHQRJRRGLQKLPWKHQWKDQN$OODKWKDW+HUHOLHYHG\RXRIKLVHYLOFRPSDQ\
,Q VKRUW WKH +RO\ 3URSKHW PDUFKHG RXW WRZDUGV 6\ULD LQ 5DMDE $ +  ZLWK WKLUW\
WKRXVDQG ILJKWHUV IRU WKH FDXVH RI ,VODP 7KH FRQGLWLRQV LQ ZKLFK WKH H[SHGLWLRQ ZDV
XQGHUWDNHQ PD\ EH MXGJHG IURP WKH IDFW WKDW WKH QXPEHU RI FDPHOV ZLWK WKHPZDVVR
VPDOO WKDW PDQ\ RI WKHP ZHUH REOLJHG WR ZDON RQ IRRW DQG WR ZDLW IRU WKHLU WXUQV IRU
VHYHUDOKDGWRULGHDWDWLPHRQHDFKFDPHO7RDGGWRWKLVWKHUHZDVWKHEXUQLQJKHDWRI
WKHGHVHUWDQGWKHDFXWHVKRUWDJHRIZDWHU%XWWKH\ZHUHULFKO\UHZDUGHGIRUWKHLUILUP
UHVROYH DQG VLQFHUH DGKHUHQFH WR WKH FDXVH DQG IRU WKHLU SHUVHYHUDQFH LQ WKH IDFH RI
WKRVHJUHDWGLIILFXOWLHVDQGREVWDFOHV
LVODPPHVVDJHFRP 
:KHQ WKH\ DUULYHG DW 7DEXN WKH\ OHDUQW WKDW WKH &DHVDU DQG KLV DOOLHV KDG ZLWKGUDZQ
WKHLU WURRSV IURP WKH IURQWLHU DQG WKHUH ZDV QRHQHP\WRILJKWZLWK7KXVWKH\ZRQD
PRUDO YLFWRU\ WKDW LQFUHDVHG WKHLU SUHVWLJH PDQLIROG DQG WKDW WRR ZLWKRXW VKHGGLQJ D
GURSRIEORRG
,QWKLVFRQQHFWLRQLWLVSHUWLQHQWWRSRLQWRXWWKDWWKHJHQHUDOLPSUHVVLRQJLYHQE\WKH
^:HVWHUQ` KLVWRULDQV RI WKH FDPSDLJQV RI WKH +RO\ 3URSKHW DERXW WKH &DPSDLJQ RI
7DEXN LV QRW FRUUHFW ^7KH TXDOLILFDWLRQ :HVWHUQ LQ WKH SUHYLRXV SDUHQWKHVHV ZDV
DGGHGE\'DU(O+DGLWKWR$O0DZGXGL
VWH[W`7KH\UHODWHWKHHYHQWLQDZD\DVLIWKH
QHZVRIWKHPXVWHULQJRIWKH5RPDQDUPLHVQHDUWKH$UDELDQIURQWLHUZDVLWVHOIIDOVH
7KH IDFW LV WKDW WKH &DHVDU KDG EHJXQ WR PXVWHU KLV DUPLHV EXW WKH +RO\ 3URSKHW
IRUHVWDOOHGKLPDQGDUULYHGRQWKHVFHQHEHIRUHKHFRXOGPDNHIXOOSUHSDUDWLRQVIRUWKH
LQYDVLRQ7KHUHIRUHEHOLHYLQJWKDWGLVFUHWLRQLVWKHEHWWHUSDUWRIYDORUKHZLWKGUHZ
KLVDUPLHVIURPWKHIURQWLHU)RUKHKDGQRWIRUJRWWHQWKDWWKHWKUHHWKRXVDQGILJKWHUVIRU
WKH FDXVH RI ,VODP KDG UHQGHUHG KHOSOHVV KLV DUP\ RQH KXQGUHG WKRXVDQG VWURQJ DW
0X
WDK +H FRXOG QRW WKHUHIRUH HYHQZLWKDQDUP\RIWZRKXQGUHGWKRXVDQGGDUHWR
ILJKWDJDLQVWDQDUP\RIWKLUW\WKRXVDQGDQGWKDWWRRXQGHUWKHOHDGHUVKLSRIWKH+RO\
3URSKHWKLPVHOI
:KHQ WKH +RO\ 3URSKHW IRXQG WKDW WKH &DHVDU KDG ZLWKGUDZQ KLV IRUFHV IURP WKH
IURQWLHUKHFRQVLGHUHGWKHTXHVWLRQZKHWKHULWZRXOGEHZRUWKZKLOHWRPDUFKLQWRWKH
6\ULDQWHUULWRU\RUWRKDOWDW7DEXNDQGWXUQKLVPRUDOYLFWRU\WRSROLWLFDODQGVWUDWLJLFDO
DGYDQWDJH+HGHFLGHGRQWKHODWWHUFRXUVHDQGPDGHDKDOWIRUWZHQW\GD\VDW7DEXN
'XULQJ WKLV WLPH KHEURXJKWSUHVVXUHRQWKHVPDOOVWDWHVWKDWOD\EHWZHHQWKH 5RPDQ
(PSLUHDQGWKH,VODPLF6WDWHDQGZHUHDWWKDWWLPHXQGHUWKHLQIOXHQFHRIWKH5RPDQV
DQGVXEGXHGDQGPDGHWKHPWKHWULEXWDULHVRIWKH,VODPLF6WDWH
FRQWLQXHG
FRQWLQXLQJ &DPSDLJQWR7DEXN
)RULQVWDQFHVRPH&KULVWLDQFKLHIV8NDLGLUELQ$EGXO0DOLN.LQGLRI'XPDWXO-DLLGDO
<XKDQQDELQ'
REDKRI$LODKDQGWKHFKLHIVRI0DTQD-DUED
DQG$]UXKDOVRVXEPLWWHG
DQG DJUHHG WR SD\ -L]\DK WR WKH ,VODPLF 6WDWH RI $O0DGLQDK $V D UHVXOW RI WKLV WKH
ERXQGDULHVRIWKH,VODPLF 6WDWHZHUHH[WHQGHGULJKWXSWRWKH5RPDQ(PSLUHDQGWKH
PDMRULW\RIWKH$UDEFODQVZKRZHUHEHLQJXVHGE\WKH&DHVDUDJDLQVW$UDELDEHFDPH
WKHDOOLHVRIWKH0XVOLPVDJDLQVWWKH5RPDQV
$ERYHDOOWKLVPRUDOYLFWRU\RI7DEXNDIIRUGHGDJROGHQRSSRUWXQLW\WRWKH0XVOLPVWR
VWUHQJWKHQ WKHLU KROG RQ $UDELD EHIRUH HQWHULQJ LQWR D ORQJ FRQIOLFW ZLWKWKH5RPDQV
)RU LW EURNH WKH EDFN RI WKRVH ZKR KDG VWLOO EHHQ H[SHFWLQJ WKDW WKH ROG RUGHU RI

LJQRUDQFH
 PLJKW UHYLYH LQ WKH QHDU IXWXUH ZKHWKHU WKH\ ZHUH WKH RSHQ XSKROGHUV RI
VKLUN RU WKH K\SRFULWHV ZKR ZHUH KLGLQJ WKHLU VKLUN XQGHU WKH JDUE RI ,VODP 7KH
PDMRULW\RIVXFKSHRSOHZHUHFRPSHOOHGE\WKHIRUFHRIFLUFXPVWDQFHVWRHQWHULQWRWKH
IROG RI ,VODP DQG DW OHDVW PDNH LW SRVVLEOH IRU WKHLU GHVFHQGDQWV WR EHFRPH WUXH
0XVOLPV$IWHUWKLVDPHUHLPSRWHQWPLQRULW\RIWKHXSKROGHUVRIWKHROGRUGHUZDVOHIW
LQWKHILHOGEXWLWFRXOGQRWVWDQGLQWKHZD\RIWKH,VODPLF5HYROXWLRQIRUWKHSHUIHFWLRQ
RIZKLFK$OODKKDGVHQW+LV0HVVHQJHU
LVODPPHVVDJHFRP 
3UREOHPVRIWKH3HULRG
,IZHNHHSLQYLHZWKHSUHFHGLQJEDFNJURXQGZHFDQHDVLO\ILQGRXWWKHSUREOHPVWKDW
ZHUH FRQIURQWLQJ WKH &RPPXQLW\ DW WKDW WLPH 7KH\ ZHUH   WR PDNH WKH ZKROH RI
$UDELDDSHUIHFW'DUXO,VODP  WRH[WHQGWKHLQIOXHQFHRI,VODPWRWKHDGMRLQLQJ
FRXQWULHV
  WR FUXVK WKH PLVFKLHIV RI WKH K\SRFULWHV DQG   WR SUHSDUH WKH0XVOLPVIRU -LKDG
DJDLQVWWKHQRQ0XVOLPZRUOG
1RZ WKDW WKH DGPLQLVWUDWLRQ RI WKH ZKROH RI $UDELD KDG FRPH LQ WKH KDQGV RI WKH
%HOLHYHUVDQGDOOWKHRSSRVLQJSRZHUVKDGEHFRPH KHOSOHVVLWZDVQHFHVVDU\WRPDNHD
FOHDUGHFODUDWLRQRIWKDWSROLF\ZKLFKZDVWREHDGRSWHGWRPDNHKHUDSHUIHFW'DUXO
,VODP7KHUHIRUHWKHIROORZLQJPHDVXUHVZHUHDGRSWHG
$FOHDUGHFODUDWLRQZDVPDGHWKDWDOOWKHWUHDWLHVZLWKWKHPXVKULNVZHUHDEROLVKHGDQG
WKH0XVOLPVZRXOGEHUHOHDVHGIURPWKHWUHDW\REOLJDWLRQVZLWKWKHPDIWHUDUHVSLWHRI
IRXU PRQWKV YY   7KLV GHFODUDWLRQ ZDV QHFHVVDU\ IRU XSURRWLQJ FRPSOHWHO\ WKH
V\VWHPRIOLIHEDVHGRQVKLUNDQGWRPDNH$UDELDH[FOXVLYHO\WKHFHQWHURI,VODPVRWKDW
LWVKRXOGQRWLQDQ\ZD\LQWHUIHUHZLWKWKHVSLULWRI,VODPQRUEHFRPHDQLQWHUQDOGDQJHU
IRULW
$GHFUHHZDVLVVXHGWKDWWKHJXDUGLDQVKLSRIWKH.DDEDKZKLFKKHOGFHQWUDOSRVLWLRQLQ
DOOWKHDIIDLUVRI$UDELDVKRXOGEHZUHVWHGIURPWKHPXVKULNVDQGSODFHGSHUPDQHQWO\
LQWKHKDQGVRIWKH%HOLHYHUV YY WKDWDOOWKHFXVWRPVDQGSUDFWLFHVRIWKHVKLUN
RIWKHHUDRI
LJQRUDQFH
VKRXOGEHIRUFLEO\DEROLVKHGWKDWWKHPXVKULNVVKRXOGQRWEH
DOORZHG HYHQ WR FRPH QHDU WKH +RXVH Y   7KLV ZDV WR HUDGLFDWH HYHU\ WUDFH RI
VKLUNIURPWKH+RXVHWKDWZDVGHGLFDWHGH[FOXVLYHO\WRWKHZRUVKLSRI$OODK7KHHYLO
SUDFWLFH RI 1DVL E\ZKLFKWKH\XVHGWRWDPSHUZLWKWKHVDFUHGPRQWKVLQWKHGD\VRI

LJQRUDQFH
ZDVIRUELGGHQDVDQDFWRINXIU Y 7KLVZDVDOVRWRVHUYHDVDQH[DPSOH
WRWKH0XVOLPVIRUHUDGLFDWLQJHYHU\YHVWLJHRIWKHFXVWRPVRILJQRUDQFHIURPWKHOLIHRI
$UDELD DQGDIWHUZDUGVIURPWKHOLYHVRIWKH0XVOLPVHYHU\ZKHUH ,QRUGHUWRHQDEOH
WKH 0XVOLPV WR H[WHQG WKH LQIOXHQFH RI ,VODP RXWVLGH $UDELD WKH\ ZHUH HQMRLQHG WR
FUXVKZLWKVZRUGWKHQRQ0XVOLPSRZHUVDQGWRIRUFHWKHPWRDFFHSWWKHVRYHUHLJQW\RI
WKH,VODPLF6WDWH$VWKHJUHDW5RPDQDQG,UDQLDQ(PSLUHVZHUHWKHELJJHVWKLQGUDQFHV
LQWKHZD\DFRQIOLFWZLWKWKHPZDV LQHYLWDEOH7KHREMHFWRI-LKDGZDVQRWWRFRHUFH
WKHP WR DFFHSW ,VODP WKH\ ZHUH IUHH WR DFFHSW RU QRW WR DFFHSW LWEXW WR SUHYHQW WKHP
IURP WKUXVWLQJ IRUFLEO\ WKHLU GHYLDWLRQV XSRQ RWKHUV DQG WKH FRPLQJ JHQHUDWLRQV 7KH
0XVOLPVZHUHHQMRLQHGWRWROHUDWHWKHLUPLVJXLGDQFHRQO\WRWKHH[WHQWWKDWWKH\PLJKW
KDYHWKHIUHHGRPWRUHPDLQPLVJXLGHGLIWKH\FKRVHWREHVRSURYLGHGWKDWWKH\SDLG
-L]\DK Y DVDVLJQRIWKHLUVXEMXJDWLRQWRWKH,VODPLF6WDWH
7KH WKLUG LPSRUWDQW SUREOHP ZDV WR FUXVK WKH PLVFKLHIV RI WKH K\SRFULWHV ZKR KDG
KLWKHUWREHHQWROHUDWHGLQVSLWHRIWKHLUIODJUDQWFULPHV1RZWKDWWKHUHZDVSUDFWLFDOO\
QRSUHVVXUHXSRQWKHPIURPRXWVLGHWKH0XVOLPVZHUHHQMRLQHGWRWUHDWWKHPRSHQO\DV
GLVEHOLHYHUV Y   $FFRUGLQJO\ WKH +RO\ 3URSKHW VHW RQ ILUH WKH KRXVH RI 6ZDLOLP
ZKHUH WKH K\SRFULWHV XVHG WR JDWKHU IRU FRQVXOWDWLRQV LQ RUGHU WR GLVVXDGH WKH SHRSOH
IURPMRLQLQJWKHH[SHGLWLRQWR7DEXN/LNHZLVHRQKLVUHWXUQIURP7DEXNKHRUGHUHGWR
LVODPPHVVDJHFRP 
SXOO GRZQ DQG EXUQ WKH
0RVTXH
 WKDW KDG EHHQ EXLOW WR VHUYH DV D FRYHU IRU WKH
K\SRFULWHVIRUKDWFKLQJSORWVDJDLQVWWKHWUXH%HOLHYHUV
,QRUGHUWRSUHSDUHWKH0XVOLPVIRU-LKDGDJDLQVWWKHZKROHQRQ0XVOLPZRUOGLWZDV
QHFHVVDU\WRFXUHWKHPHYHQRIWKDWVOLJKWZHDNQHVVRIIDLWKIURPZKLFKWKH\ZHUHVWLOO
VXIIHULQJ)RUWKHUHFRXOGEHQRJUHDWHULQWHUQDOGDQJHUWRWKH,VODPLF&RPPXQLW\WKDQ
WKHZHDNQHVVRIIDLWKHVSHFLDOO\ZKHUHLWZDVJRLQJWRHQJDJHLWVHOIVLQJOHKDQGHGLQD

FRQIOLFWZLWKWKHZKROHQRQ0XVOLPZRUOG7KDWLVZK\WKRVHSHRSOH ZKRKDGODJJHG
EHKLQGLQWKH&DPSDLJQWR7DEXNRUKDGVKRZQWKHOHDVWQHJOLJHQFHZHUHVHYHUHO\WDNHQ
WR WDVN DQG ZHUH FRQVLGHUHG DV K\SRFULWHV LI WKH\ KDG QR SODXVLEOH H[FXVH IRU QRW
IXOILOOLQJWKDWREOLJDWLRQ0RUHRYHUDFOHDUGHFODUDWLRQZDVPDGHWKDW LQIXWXUHWKHVROH
FULWHULRQRID0XVOLP
VIDLWKVKDOOEHWKHH[HUWLRQVKHPDNHVIRUWKHXSOLIWRIWKH:RUGRI
$OODKDQGWKHUROHKHSOD\VLQWKHFRQIOLFWEHWZHHQ,VODPDQGNXIU7KHUHIRUHLIDQ\RQH
ZLOOVKRZDQ\KHVLWDWLRQLQVDFULILFLQJKLVOLIHPRQH\WLPHDQGHQHUJLHVKLVIDLWKVKDOO
QRW EH UHJDUGHG DV JHQXLQH YY   ,I WKH DERYHPHQWLRQHG LPSRUWDQW SRLQWV DUH
NHSW LQ YLHZ GXULQJ WKH VWXG\ RI WKLV 6XUDK LW ZLOO IDFLOLWDWH WKH XQGHUVWDQGLQJ RI LWV
FRQWHQWV

<XQXV
1DPH
7KH 6XUDK WDNHV LWV QDPH IURP9LQZKLFKWKHUHLVDUHIHUHQFHWR3URSKHW<XQXV
-RQDK  7KH QDPH DV XVXDO LV V\PEROLFDO DQG GRHV QRW LQGLFDWH WKDW WKH 6XUDK GHDOV
ZLWKWKHVWRU\RI3URSKHW-RQDK
3HULRGRI5HYHODWLRQ
:HOHDUQIURPWUDGLWLRQVDQGWKLVLVVXSSRUWHGE\WKHFRQWHQWVRIWKH6XUDKLWVHOIWKDW
WKHZKROHRIWKLV6XUDKZDVUHYHDOHGDW0DNNDK%XWWKHUHDUHVRPHSHRSOHZKRDUHRI
WKH RSLQLRQ WKDW VRPH RI LWVYHUVHVZHUHUHYHDOHGDW$O0DGLQDK7KLVLVKRZHYHUD
VXSHUILFLDOYLHZ7KHFRQWLQXLW\RIWKHWKHPHFOHDUO\VKRZVWKDWWKLVGRHVQRWFRPSULVH
LVRODWHG YHUVHV RU GLVFRXUVHV WKDW ZHUH UHYHDOHG DW GLIIHUHQW WLPHV DQG RQ GLIIHUHQW
RFFDVLRQV 2Q WKH FRQWUDU\ LW LV IURP WKH EHJLQQLQJ WR WKH HQG D FORVHO\ FRQQHFWHG
GLVFRXUVHZKLFKPXVWKDYHEHHQUHYHDOHGDWRQHVLWWLQJ%HVLGHVWKLVWKHQDWXUHRILWV
WKHPHLVLWVHOIDFOHDUSURRIWKDWWKH6XUDKEHORQJVWRWKH0DNNDQSHULRG
7LPHRI5HYHODWLRQ
:HKDYHQRWUDGLWLRQLQUHJDUGWRWKHWLPHRILW
VUHYHODWLRQEXWLWVVXEMHFWPDWWHUJLYHV
FOHDU LQGLFDWLRQ WKDW LW PXVW KDYH EHHQ UHYHDOHG GXULQJ WKH ODVW VWDJH RI WKH +RO\
3URSKHW
VUHVLGHQFHDW0DNNDK)RUWKHPRGHRIWKHGLVFRXUVHVXJJHVWVWKDWDWWKHWLPH
RILWVUHYHODWLRQWKHDQWDJRQLVPRIWKHRSSRQHQWVRIWKH0HVVDJHKDGEHFRPHVRLQWHQVH
WKDW WKH\ FRXOG QRW WROHUDWH HYHQ WKH SUHVHQFH RI WKH +RO\ 3URSKHW DQG KLV IROORZHUV
DPRQJWKHPVHOYHVDQGWKDWWKLQJVKDGFRPHWRVXFKDSDVVDVWROHDYHQRKRSHWKDWWKH\
ZRXOGHYHUXQGHUVWDQGDQGDFFHSWWKH0HVVDJHRIWKH3URSKHW7KLVLQGLFDWHVWKDWWKH
ODVWVWDJHRIWKH3URSKHW
VOLIHDPRQJWKHSHRSOHKDGFRPHDQGWKHILQDOZDUQLQJOLNH
WKH RQH LQ WKLV 6XUDK KDG WR EH JLYHQ 7KHVH FKDUDFWHULVWLFV RI WKH GLVFRXUVH DUHFOHDU
SURRI WKDW LW ZDV UHYHDOHG GXULQJ WKH ODVW VWDJH RI WKH 0RYHPHQW DW0DNNDK$QRWKHU
LVODPPHVVDJHFRP 
WKLQJ WKDW GHWHUPLQHV PRUH VSHFLILFDOO\ WKH RUGHU RI WKH 6XUDKV RI WKH ODVW VWDJH DW
0DNNDK LV WKH PHQWLRQ RU DEVHQFH  RI VRPH RSHQ RU FRYHUW KLQW DERXW +LMUDW
(PLJUDWLRQ IURP0DNNDK$VWKLV6XUDKGRHVQRWFRQWDLQDQ\KLQWZKDWVRHYHUDERXW
WKLV LW LV D SURRI WKDW LW SUHFHGHG WKRVH VXUDKV ZKLFK FRQWDLQ LW 1RZ WKDW ZH KDYH
VSHFLILHG WKH WLPH RI LWV UHYHODWLRQ WKHUH LV QR QHHG RI UHSHDWLQJ LWV KLVWRULFDO
EDFNJURXQGEHFDXVHWKDWKDVDOUHDG\EHHQVWDWHGLQ6XUDKV9,DQG9,,
6XEMHFW
7KLVGLVFRXUVHGHDOVZLWKWKHLQYLWDWLRQWRWKH0HVVDJHDGPRQLWLRQDQGZDUQLQJ,QWKH
YHU\ LQWURGXFWRU\ YHUVHV WKH LQYLWDWLRQ KDV EHHQ H[WHQGHG OLNH WKLV 7KH SHRSOH
FRQVLGHULWDVWUDQJHWKLQJWKDWWKLV0HVVDJHLVEHLQJFRQYH\HGE\DKXPDQEHLQJDQG
FKDUJHKLPZLWKVRUFHU\ZKHUHDVWKHUHLVQRWKLQJVWUDQJHLQLWQRUKDVLWDQ\FRQQHFWLRQ
ZLWKVRUFHU\RUVRRWKHVD\LQJ,WVLPSO\LQIRUPV\RXRIWZRUHDOLWLHV)LUVW$OODK:KR
KDVFUHDWHGWKHXQLYHUVHDQGPDQDJHVLWLVLQIDFW\RXU0DVWHUDQG/RUGDQG+HDORQH
LVHQWLWOHGWR\RXUZRUVKLS7KHVHFRQGUHDOLW\LVWKDWDIWHUWKHOLIHLQWKLVZRUOGWKHUH
ZLOOEHDQRWKHUOLIHLQWKH1H[W:RUOGZKHUH\RXVKDOOKDYHWRUHQGHUIXOODFFRXQWRI
WKHOLIHRIWKLVZRUOGDQGEHUHZDUGHGRUSXQLVKHGDFFRUGLQJWRZKHWKHU\RXDGRSWHGWKH
ULJKWHRXVDWWLWXGHDVUHTXLUHGE\+LPDIWHUDFNQRZOHGJLQJ+LPDV\RXU0DVWHUVRUDFWHG
DJDLQVW+LVZLOO%RWKRIWKHVHUHDOLWLHVZKLFKWKH0HVVHQJHULVSUHVHQWLQJEHIRUH\RX
DUH UHDOLWLHV LQ WKHPVHOYHV ZKHWKHU \RX DFNQRZOHGJH WKHP DV VXFK RU QRW +H LV
LQYLWLQJ \RX WR DFFHSW WKHVH DQG UHJXODWH \RXU OLYHV LQ DFFRUGDQFH ZLWK WKHP LI \RX
DFFHSW WKHVH \RX ZLOO KDYH D YHU\ EOHVVHG HQG RWKHUZLVH MRLQ VKDOO PHHW ZLWK HYLO
FRQVHTXHQFHV

+XXG
1DPH
7KLV6XUDKKDVEHHQQDPHGDIWHU3URSKHW+XXGZKRVHVWRU\KDVEHHQUHODWHGLQYY

3HULRGRI5HYHODWLRQ
,IZHFRQVLGHULWVWKHPHGHHSO\ZHFRPHWRWKHFRQFOXVLRQWKDWLWZDVUHYHDOHGGXULQJ
WKHVDPHSHULRGDV6XUDK<XQXVDQGPRVWSUREDEO\IROORZHGLWLPPHGLDWHO\
6XEMHFW
7KH 6XUDK GHDOV ZLWK WKH VDPH VXEMHFW DV 6XUDK <XQXV WKDW LV LQYLWDWLRQ WR WKH
0HVVDJHDGPRQLWLRQDQGZDUQLQJZLWKWKLVGLIIHUHQFHWKDWWKHZDUQLQJLVVWHUQHU7KLV
LVDOVRVXSSRUWHGE\D7UDGLWLRQ,WLVUHODWHGWKDWDIWHULWVUHYHODWLRQRQFH+DGUDW$EX
%DNUVDLGWRWKH+RO\3URSKHW2IODWH, KDYHEHHQQRWLFLQJWKDW\RXDUHJURZLQJROGHU
DQGROGHU:KDWLVWKHFDXVHRILW"7KH+RO\3URSKHWUHSOLHG6XUDK+XXGDQGWKHOLNH
6XUDKV KDYH PDGH PH ROG  7KLV VKRZV WKDW LW ZDV D YHU\ KDUG WLPH IRU WKH +RO\
3URSKHWDQGWKHVHVWHUQZDUQLQJVDGGHGJUHDWO\WRKLVDQ[LHWLHVWKDWZHUHFDXVHGE\WKH
SHUVHFXWLRQIURPWKH4XUDLVKZKRZHUHGRLQJWKHLUZRUVWWRFUXVKGRZQWKH0HVVDJH
RI,VODP)RULWZDVREYLRXVWRWKH+RO\3URSKHWWKDWWKHODVWOLPLWRIWKHUHVSLWHJLYHQ
E\ $OODK ZDV DSSURDFKLQJ QHDUHU DQG QHDUHU DQG KH ZDV DIUDLG OHVW WKH WHUP RI WKH
UHVSLWH VKRXOG H[SLUH DQG KLV SHRSOH EH VHL]HG E\ WKH WRUPHQW 7KH LQYLWDWLRQ LV WKLV
LVODPPHVVDJHFRP 
2EH\ WKH 0HVVHQJHU RI $OODK GLVFDUG VKLUN DQG ZRUVKLS $OODK DQG $OODK DORQH
HVWDEOLVKWKHHQWLUHV\VWHPRI\RXUOLIHRQ WKHEHOLHIWKDW\RXVKDOOEHFDOOHGWRDFFRXQW
LQWKH+HUHDIWHU
7KHDGPRQLWLRQLVWKLV5HPHPEHUWKDWWKRVHSHRSOHZKRSXWWKHLUIDLWKLQWKHRXWZDUG
DSSHDUDQFHRIWKLVZRUOGO\OLIHDQGUHMHFWHGWKH0HVVDJHRIWKH3URSKHWVPHWZLWKGLUH
FRQVHTXHQFHV7KHUHIRUH\RXVKRXOGFRQVLGHULWVHULRXVO\ZKHWKHU\RXVKRXOGIROORZWKH
VDPHZD\WKDWKLVWRU\KDVSURYHGWREHWKHSDWKWRUXLQ
7KH ZDUQLQJ LV WKLV <RX VKRXOG QRW EH GHOXGHG E\ WKH GHOD\ LQ WKH FRPLQJ RI WKH
SXQLVKPHQWLWLVEHFDXVHRIWKHUHVSLWHWKDW$OODKKDVJUDQWHG\RXE\+LVJUDFHVRWKDW
\RX PLJKW PHQG \RXU ZD\V LI \RX GR QRW PDNH XVH RI WKLV RSSRUWXQLW\ \RX VKDOO EH
LQIOLFWHGZLWKDQLQHYLWDEOHSXQLVKPHQWWKDWZLOOGHVWUR\\RXDOOH[FHSWWKH%HOLHYHUV
,QVWHDGRIDGGUHVVLQJWKHSHRSOHGLUHFWO\WKH4XU
DQKDVXVHGWKHVWRULHVRIWKHSHRSOH
RI1RDK+XXG6DDOLK/RW6KXCDLEDQG0RVHVWRDFKLHYHWKHDERYHPHQWLRQHGREMHFWV
:KDWLVPRVWSURPLQHQWLQWKHLUVWRULHVLVWKDWZKHQ$OODKSDVVHV+LVMXGJPHQWRQWKH
SHRSOH+HGRHVQRWVSDUHDQ\RQHZKDWVRHYHUHYHQLIKHEHWKHQHDUHVWUHODWLYHRIWKH
3URSKHWRIWKHWLPH2QO\WKDWRQHLVUHVFXHGZKRKDGEHOLHYHGLQWKH3URSKHWDQGQRQH
HOVHQRWHYHQKLVRZQVRQRUZLIH0RUHWKDQWKDWWKH)DLWKGHPDQGVIURPHDFKDQG
HYHU\%HOLHYHUWKDWKHVKRXOGWRWDOO\IRUJHWKLVUHODWLRQVKLSVZKHQWKDWMXGJPHQWFRPHV
DQGUHPHPEHURQO\WKHUHODWLRQVKLSRIWKH)DLWK)RULWLVDJDLQVWWKHVSLULWRI,VODPWR
VKRZDQ\UHJDUGZKDWVRHYHUIRUWKHUHODWLRQVKLSVRIEORRGDQGUDFH$QGWKH0XVOLPV
GHPRQVWUDWHG WKHVH WHDFKLQJV SUDFWLFDOO\ LQ WKH %DWWOH RI %DGU IRXU \HDUV DIWHU WKH
UHYHODWLRQRIWKLV6XUDK

<XVXI
:KHQDQG:K\5HYHDOHG"
7KHVXEMHFWPDWWHURIWKLV6XUDKLQGLFDWHVWKDWLWZDVUHYHDOHGGXULQJWKHODVWVWDJHRI
WKH +RO\ 3URSKHW
V UHVLGHQFH DW 0DNNDK ZKHQ WKH 4XUDLVK ZHUH FRQVLGHULQJ WKH
TXHVWLRQRINLOOLQJRUH[LOLQJRULPSULVRQLQJKLP$WWKDWWLPHVRPHRIWKHXQEHOLHYHUV
SXW WKLV TXHVWLRQ SUREDEO\ DW WKH LQVWLJDWLRQ RI WKH -HZV  WR WHVW KLP  :K\ GLG WKH
,VUDHOLWHVJRWR(J\SW"7KLVTXHVWLRQZDVDVNHGEHFDXVHWKH\NQHZWKDWWKHLUVWRU\ZDV
QRWNQRZQWRWKH$UDEVIRUWKHUHZDVQRPHQWLRQRILWZKDWHYHULQWKHLUWUDGLWLRQVDQG
WKH+RO\3URSKHWKDGQHYHUHYHQUHIHUUHGWRLWEHIRUH7KHUHIRUHWKH\H[SHFWHGWKDWKH
ZRXOGQRWEHDEOHWRJLYHDQ\VDWLVIDFWRU\DQVZHUWRWKLVTXHVWLRQRUZRXOGILUVWHYDGH
LWDQGDIWHUZDUGVWU\WRLQTXLUHDERXWLWIURPVRPH-HZDQGWKXVKHZRXOGEHWRWDOO\
H[SRVHG%XWFRQWUDU\WRWKHLUH[SHFWDWLRQVWKHWDEOHVZHUHWXUQHGRQWKHPIRU$OODK
UHYHDOHGWKHZKROHVWRU\RI3URSKHW-RVHSKWKHQDQGWKHUHDQGWKH+RO\3URSKHWUHFLWHG
LW RQ WKH VSRW 7KLV SXW WKH 4XUDLVK LQ D YHU\ DZNZDUG SRVLWLRQ EHFDXVH LW QRW RQO\
IRLOHGWKHLUVFKHPHEXWDOVRDGPLQLVWHUHGDZDUQLQJWRWKHPE\DSWO\DSSO\LQJLWWRWKHLU
FDVHDVLIWRVD\$V\RXDUH EHKDYLQJWRZDUGVWKLV3URSKHWH[DFWO\LQWKHVDPHZD\
WKHEURWKHUVRI3URSKHW-RVHSKEHKDYHGWRZDUGVKLPVR\RXVKDOOPHHWZLWKWKHVDPH
HQG
2EMHFWVRI5HYHODWLRQ
LVODPPHVVDJHFRP 
)URPWKHDERYHLWLVFOHDUWKDWWKLV6XUDKZDVVHQWGRZQIRUWZRREMHFWV7KHILUVWREMHFW
ZDVWRJLYHWKHSURRIRIWKH3URSKHWKRRGRI0XKDPPDG $OODK
VSHDFHEHXSRQKLP 
DQGWKDWWRRWKHRQHGHPDQGHGE\WKHRSSRQHQWVWKHPVHOYHVVRDVWRSURYHFRQFOXVLYHO\
WKDWKLVNQRZOHGJHZDVQRWEDVHGRQPHUHKHDUVD\EXWZDVJDLQHGWKURXJK5HYHODWLRQ
7KLVDVSHFWKDVEHHQVWDWHGH[SOLFLWO\LQLWVLQWURGXFWRU\YHUVHVDQGH[SODLQHGSODLQO\LQ
LWVFRQFOXGLQJSRUWLRQ7KHVHFRQGREMHFWZDVWRDSSO\LWWRWKH4XUDLVKDQGZDUQWKHP
WKDWXOWLPDWHO\WKHFRQIOLFWEHWZHHQWKHPDQGWKH+RO\3URSKHWZRXOGHQGLQ KLVYLFWRU\
RYHUWKHP$VWKH\ZHUHWKHQSHUVHFXWLQJWKHLUEURWKHUWKH+RO\3URSKHWLQWKHVDPH
ZD\WKHEURWKHUVRI3URSKHW-RVHSKKDGWUHDWHGKLP7KH4XUDLVKZHUHWROGLQGLUHFWO\
WKDWWKH\ZRXOGDOVRIDLOLQWKHLUHYLOGHVLJQVMXVWDVWKHEURWKHUVRI3URSKHW-RVHSKKDG
IDLOHG LQ KLV FDVH HYHQ DIWHU FDVWLQJ KLP LQWR WKH ZHOO 7KLV LV EHFDXVH QRQH KDV WKH
SRZHU WR GHIHDW WKH 'LYLQH ZLOO $QG MXVW DV WKH EURWKHUV RI 3URSKHW -RVHSK KDG WR
KXPEOH WKHPVHOYHV EHIRUH KLP VR RQH GD\ WKH 4XUDLVK VKDOO KDYH WR EHJ IRUJLYHQHVV
IURPWKHLUEURWKHUZKRPWKH\ZHUHWKHQWU\LQJWRFUXVKGRZQ7KLVWRRKDVEHHQPDGH
TXLWHSODLQLQY,QGHHGWKHUHDUHVLJQVLQWKLVVWRU\RI-RVHSKDQGKLVEURWKHUVIRU
WKHVHLQTXLUHUVIURPDPRQJWKH4XUDLVK
7KHIDFWLVWKDWE\DSSO\LQJWKLVVWRU\WRWKHFRQIOLFWWKH4XU
DQKDGPDGHDEROGDQG
FOHDU SURSKHF\ ZKLFK ZDV IXOILOOHG OLWHUDOO\ E\ WKH HYHQWV WKDW KDSSHQHG LQ WKH
VXFFHHGLQJWHQ\HDUV+DUGO\WZR\HDUVKDGSDVVHGDIWHULWVUHYHODWLRQZKHQWKH4XUDLVK
FRQVSLUHG WR NLOO WKH +RO\ 3URSKHW OLNH WKH EURWKHUV RI 3URSKHW -RVHSK DQG KH KDG WR
HPLJUDWH IURP 0DNNDK WR $O0DGLQDK ZKHUH KH JDLQHG WKH VDPH NLQG RI SRZHU DV
3URSKHW -RVHSK KDG JDLQHG LQ (J\SW $JDLQ LQ WKH HQG WKH 4XUDLVK KDG WR KXPEOH
WKHPVHOYHV EHIRUH KLP MXVW OLNH WKH EURWKHUV RI 3URSKHW -RVHSK ZKHQ WKH\ KXPEO\
UHTXHVWHG6KRZPHUF\WRXVIRU$OODKUHZDUGVULFKO\WKRVHZKRVKRZPHUF\ 9 
DQG3URSKHW-RVHSKJHQHURXVO\IRUJDYHWKHP WKRXJKKHKDGFRPSOHWHSRZHUWRZUHDN
YHQJHDQFHRQWKHP VD\LQJWRGD\QR SHQDOW\VKDOOEHLQIOLFWHGRQ\RX0D\$OODK
IRUJLYH \RX +H LV WKH JUHDWHVW RI DOO WKRVH ZKR IRUJLYH 9   7KH VDPH VWRU\ RI
PHUF\ZDVUHSHDWHGZKHQDIWHUWKHFRQTXHVWRI0DNNDKWKHFUHVWIDOOHQ4XUDLVKVWRRG
PHHNO\EHIRUHWKH+RO\3URSKHWZKRKDG IXOOSRZHUWRZUHDNKLVYHQJHDQFHRQWKHP
IRU HDFK DQG HYHU\ FUXHOW\ FRPPLWWHG E\ WKHP %XW LQVWHDG KH PHUHO\ DVNHG WKHP
:KDW WUHDWPHQW GR \RX H[SHFW IURP PH QRZ"  7KH\ UHSOLHG <RX DUH D JHQHURXV
EURWKHUDQGWKHVRQRIDJHQHURXVEURWKHU$WWKLV KHYHU\JHQHURXVO\IRUJDYHWKHP
VD\LQJ,ZLOOJLYHWKHVDPHDQVZHUWR\RXUUHTXHVWWKDW-RVHSKJDYHWRKLVEURWKHUV

WRGD\QRSHQDOW\VKDOOEHLQIOLFWHGRQ\RX\RXDUHIRUJLYHQ
7RSLFVRI'LVFXVVLRQ
0RUHRYHUWKH4XU
DQGRHVQRWUHODWHWKLV VWRU\DVDPHUHQDUUDWLYHEXWXVHVLWDVXVXDO
IRUWKHSURSDJDWLRQRIWKH0HVVDJHLQWKHIROORZLQJZD\V
7KURXJKRXW WKH QDUUDWLYH WKH 4XU
DQ KDV PDGH LW FOHDU WKDW WKH )DLWK RI 3URSKHWV
$EUDKDP,VDDF-DFREDQG-RVHSK $OODK
VSHDFHEHXSRQWKHPDOO ZDVWKHVDPHDVWKDW
RI3URSKHW0XKDPPDG $OODK
VSHDFHEHXSRQKLP DQGWKH\LQYLWHGWKHSHRSOHWRWKH
VDPH0HVVDJHWRZKLFK0XKDPPDG $OODK
VSHDFHEHXSRQKLP ZDVLQYLWLQJWKHP

LVODPPHVVDJHFRP 
7KHQLWSODFHVWKHFKDUDFWHUVRI3URSKHW-DFREDQG3URSKHW-RVHSKVLGHE\VLGHZLWKWKH
FKDUDFWHUV RI WKH EURWKHUV RI -RVHSK WKH PHPEHUV RI WKH WUDGH FDUDYDQ WKH FRXUW
GLJQLWDU\$O$]L]RI(J\SWDQGKLVZLIHWKHODGLHVRI(J\SWDQGWKHUXOHUVRI(J\SW
DQG SRVHV D VLOHQW TXHVWLRQ WR WKH UHDGHU DV LI WR VD\ &RQWUDVWWKHIRUPHUFKDUDFWHUV
PROGHG E\ ,VODP RQ WKH EHGURFN RI WKH ZRUVKLS RI $OODK DQG DFFRXQWDELOLW\ LQ WKH
+HUHDIWHUZLWKWKHODWWHUPROGHGE\NXIU DQGLJQRUDQFHRQWKHZRUVKLSRIWKHZRUOG
DQGGLVUHJDUGRI$OODKDQGWKH+HUHDIWHUDQGGHFLGHIRU\RXUVHOYHVZKLFK RIWKHVHWZR
SDWWHUQV\RXZRXOGFKRRVH
7KH 4XU
DQ KDV XVHG WKLV VWRU\ WR EULQJ IRUWK DQRWKHU WUXWK ZKDWHYHU $OODK ZLOOV +H
IXOILOOVLWDQ\KRZDQGPDQFDQQHYHUGHIHDW+LVSODQZLWKKLVFRXQWHUSODQVQRUSUHYHQW
LWIURPKDSSHQLQJQRUFKDQJHLWLQDQ\ ZD\ZKDWHYHU1D\LWRIWHQVRKDSSHQVWKDWPDQ
DGRSWVVRPHPHDVXUHWRIXOILOOKLVRZQGHVLJQDQGEHOLHYHVWKDWKHKDVGRQHWKDWYHU\
WKLQJZKLFKZRXOGIXOILOOKLVGHVLJQEXWLQWKHHQGKHILQGVWRKLVGLVPD\WKDWKHKDG
GRQHVRPHWKLQJZKLFKZDVDJDLQVWKLVRZQDQGFRQGXFLYHWRWKH'LYLQHSXUSRVH:KHQ
WKHEURWKHUVRI3URSKHW-RVHSKFDVWKLPLQWRWKHZHOOWKH\EHOLHYHGWKDWWKH\KDGRQFH
IRU DOOJRWULGRIWKHREVWDFOHLQWKHLU ZD\EXWLQIDFWWKH\KDGSDYHGWKHZD\IRUWKH
'LYLQH SXUSRVH RI PDNLQJ KLP WKH UXOHU RI (J\SW EHIRUH ZKRP WKH\ ZRXOG KDYH WR
KXPEOHWKHPVHOYHVLQWKHHQG/LNHZLVHWKHZLIHRI$]L]KDGVHQW3URSKHW-RVHSKWRWKH
SULVRQ IORDWLQJ RYHU WKH WKRXJKW WKDW VKH KDG ZUHDNHG KHU YHQJHDQFH RQ KLP EXW LQ
IDFWVKHKDGSURYLGHGIRUKLPWKHRSSRUWXQLW\ IRUEHFRPLQJWKHUXOHURI(J\SWDQGIRU
SXWWLQJKHUVHOIWRWKHVKDPHRIFRQIHVVLQJKHURZQVLQSXEOLFO\
$QG WKHVH DUH QRW WKH VROLWDU\ LQVWDQFHV ZKLFK SURYH WKH WUXWK WKDW HYHQ LI WKH ZKROH
ZRUOGXQLWHGWREULQJDERXWWKHGRZQIDOORIWKH RQHZKRP$OODKZLOOHGWRUDLVHKLJKLW
FRXOGQRWVXFFHHG1D\WKHYHU\VXUHDQGHIIHFWLYHPHDVXUHVWKDWZHUHDGRSWHGE\WKH
EURWKHUV WR GHJUDGH -RVHSK ZHUH XVHG E\ $OODK IRU WKH VXFFHVV RI -RVHSK DQG IRU WKH
KXPLOLDWLRQDQGGLVJUDFHRIKLVEURWKHUV2QWKHRWKHUKDQGLI$OODKZLOOHGWKHIDOORI
RQH QR PHDVXUH KRZVRHYHU HIIHFWLYH FRXOG UDLVH KLP KLJK  QD\ LW KHOSHG WR EULQJ
DERXWKLVIDOODQGWKHGLVJUDFHRIWKRVHZKRDGRSWHGWKHP
0RUHRYHU WKH VWRU\ FRQWDLQV RWKHU OHVVRQV IRU WKRVH ZKR LQWHQG WR IROORZ WKH ZD\ RI
$OODK7KHILUVWOHVVRQLWWHDFKHVLVWKDWRQHVKRXOGUHPDLQZLWKLQWKHOLPLWVSUHVFULEHG
E\WKH'LYLQH/DZLQRQH
VDLPVDQGREMHFWVDQGPHDVXUHVIRUVXFFHVVDQGIDLOXUHDUH
HQWLUHO\LQWKHKDQGVRI$OODK7KHUHIRUHLIRQHDGRSWVSXUHDLPVDQGODZIXOPHDVXUHV
EXW IDLOV DW OHDVW RQH ZLOO HVFDSH LJQRPLQ\ DQG GLVJUDFH 2Q WKH RWKHU KDQG WKH RQH
ZKRDGRSWVDQLPSXUHDLPDQGXQODZIXOPHDVXUHVWRDFKLHYHLWVKDOOQRWRQO\LQHYLWDEO\
PHHW ZLWK LJQRPLQ\ DQG GLVJUDFH LQ WKH +HUHDIWHU EXW DOVR UXQV WKH ULVN RI LJQRPLQ\
DQGGLVJUDFHLQWKLVZRUOG
7KH VHFRQG OHVVRQ LW WHDFKHV LV WKDW WKRVH ZKR H[HUW IRU WKH FDXVH RI WUXWK DQG
ULJKWHRXVQHVV DQG SXW WKHLU WUXVW LQ $OODK DQG HQWUXVW DOO WKHLU DIIDLUV WR +LP JHW
FRQVRODWLRQ DQG FRPIRUW IURP +LP IRU WKLV KHOSV WKHP IDFH WKHLU RSSRQHQWV ZLWK
FRQILGHQFHDQGFRXUDJHDQGWKH\GRQRWORVHKHDUWZKHQWKH\HQFRXQWHUWKHDSSDUHQWO\
WHUULI\LQJPHDVXUHVRIWKHSRZHUIXOHQHPLHV7KH\ZLOOSHUVHYHUHLQWKHLUWDVNZLWKRXW
IHDUDQGOHDYHWKHUHVXOWVWR$OODK
LVODPPHVVDJHFRP 
%XW WKH JUHDWHVW OHVVRQ WKLV VWRU\ WHDFKHVLVWKDWLIWKH%HOLHYHU SRVVHVVHVWUXH,VODPLF
FKDUDFWHU DQG LV HQGRZHG ZLWK ZLVGRP KH FDQ FRQTXHU D ZKROH FRXQWU\ ZLWK WKH
VWUHQJWK RI KLV FKDUDFWHU DORQH 7KH PDUYHORXV H[DPSOH RI 3URSKHW -RVHSK WHDFKHV XV
WKDWDPDQRIKLJKDQGSXUHFKDUDFWHUFRPHVRXWVXFFHVVIXOHYHQXQGHUWKHPRVWDGYHUVH
FLUFXPVWDQFHV :KHQ 3URSKHW -RVHSK ZHQW WR (J\SW KH ZDV RQO\ D ODG RI VHYHQWHHQ
\HDUVDIRUHLJQHUDOODORQHDQGZLWKRXWDQ\SURYLVLRQVQD\KHKDGEHHQVROGWKHUHDV D
VODYH $QG WKH KRUULEOH FRQGLWLRQ RI WKH VODYHV GXULQJ WKDW SHULRG LV NQRZQ WR HYHU\
VWXGHQWRIKLVWRU\7KHQKHZDVFKDUJHGZLWKDKHLQRXVPRUDO&ULPHDQGVHQWWRSULVRQ
IRU DQLQGHILQLWHWHUP%XWWKURXJKRXWWKLVSHULRGRIDIIOLFWLRQKHHYLQFHGWKHKLJKHVW
PRUDOTXDOLWLHVZKLFKUDLVHGKLPWRWKHKLJKHVWUDQNLQWKHFRXQWU\
+LVWRULFDODQG*HRJUDSKLFDO%DFNJURXQG
7KH IROORZLQJ KLVWRULFDO DQG JHRJUDSKLFDO GHWDLOV ZLOO KHOS XQGHUVWDQG WKH VWRU\
3URSKHW-RVHSKZDVDVRQRI3URSKHW-DFREDQGDJUDQGVRQRI3URSKHW,VDDFDQGDJUHDW
JUDQGVRQRI3URSKHW$EUDKDP $OODK
VSHDFHEHXSRQWKHPDOO 7KH%LEOHVD\V DQGWKH
DOOXVLRQVLQWKH4XU
DQDOVRFRQILUPWKLV WKDW3URSKHW-DFREKDGWZHOYHVRQVIURPIRXU
ZLYHV 3URSKHW-RVHSKDQGKLV\RXQJHUEURWKHU%HQMDPLQ ZHUHIURPRQHZLIHDQGWKH
RWKHUWHQIURPWKHRWKHUZLYHV3URSKHW-DFREKDGVHWWOHGDW+HEURQ 3DOHVWLQH ZKHUH
KLVIDWKHU3URSKHW,VDDFDQGEHIRUHKLP3URSKHW$EUDKDPOLYHGDQGRZQHGDSLHFHRI
ODQGDW6KHFKHPDVZHOO
$FFRUGLQJ WR WKH UHVHDUFK VFKRODUV RI WKH %LEOH 3URSKHW -RVHSKZDVERUQLQRUDERXW
%&DQGWKHLQFLGHQWZLWKZKLFKWKLVVWRU\EHJLQVKDSSHQHGLQRUDERXW%&
+HZDVVHYHQWHHQZKHQKHVDZWKHGUHDPDQGZDVWKURZQLQWRWKHZHOO7KLVZHOOZDV
QHDU'RWKDQWRWKHQRUWKRI6KHFKHPDFFRUGLQJWR%LEOLFDODQG7DOPXGLFWUDGLWLRQVDQG
WKHFDUDYDQZKLFKWRRNKLPRXWRIWKHZHOOZDVFRPLQJIURP*LOHDG 7UDQV-RUGDQ 
DQGZDVRQLWVZD\WR(J\SW$WWKDWWLPH)LIWHHQWK'\QDVW\UXOHGRYHU(J\SWZKRVH
UXOHUVDUHNQRZQLQKLVWRU\DVWKH+\NVRVNLQJV7KH\EHORQJHGWRWKH$UDEUDFHEXW
KDG PLJUDWHG IURP 3DOHVWLQH DQG 6\ULD WR (J\SW LQ RU DERXW  % & DQG WDNHQ
SRVVHVVLRQRIWKHFRXQWU\7KH$UDEKLVWRULDQVDQGWKHFRPPHQWDWRUVRIWKH4XU
DQKDYH
JLYHQWKHPWKHQDPHRI$PDOLT WKH$PDOHNLWHV DQGWKLVKDVEHHQFRUURERUDWHGE\WKH
UHFHQWUHVHDUFKHVPDGHE\WKH(J\SWRORJLVWV7KH\ZHUHIRUHLJQLQYDGHUVZKRKDGJRW
WKH RSSRUWXQLW\ RI HVWDEOLVKLQJ WKHLU NLQJGRP EHFDXVH RI WKH LQWHUQDO IHXGV LQ WKH
FRXQWU\7KDWLVZK\WKHUHZDVQRSUHMXGLFHLQWKHZD\RI3URSKHW-RVHSK
VDVFHQGDQF\
WRSRZHUDQGLQWKHVXEVHTXHQWVHWWOHPHQWRIWKH&KLOGUHQRI,VUDHOLQWKHPRVWIHUWLOH
UHJLRQRI(J\SW7KH\FRXOGJDLQWKDWSRZHUDQGLQIOXHQFHZKLFKWKH\GLGEHFDXVHWKH\
EHORQJHGWRWKHVDPHUDFHDVWKHIRUHLJQUXOHUVRI(J\SW
7KH +\NVRV UXOHG RYHU (J\SW XS WR WKH HQG RI WKH ILIWHHQWK FHQWXU\ % &  DQG
SUDFWLFDOO\DOOWKHSRZHUVUHPDLQHGLQWKHKDQGVRIWKH,VUDHOLWHV7KH4XU
DQKDVPDGHD
UHIHUHQFHWRWKLVLQYRI$O0D
LGDK+HUDLVHG3URSKHWVDPRQJ\RXDQGPDGH
\RX UXOHUV    7KHQ WKHUH DURVH D JUHDW QDWLRQDOLVW PRYHPHQW ZKLFK RYHUWKUHZ WKH
SRZHURIWKLVG\QDVW\DQGH[LOHGRUVRRIWKH$PDOHNLWHV$VDUHVXOWRIWKLVD
YHU\ELJRWHGG\QDVW\RI&RSWVFDPHLQWRSRZHUDQGXSURRWHG HYHU\WKLQJFRQQHFWHGZLWK

LVODPPHVVDJHFRP 
WKH $PDOHNLWHV 7KHQ VWDUWHG WKDW SHUVHFXWLRQ RI WKH ,VUDHOLWHV ZKLFK KDV EHHQ
PHQWLRQHGLQFRQQHFWLRQZLWKWKHVWRU\RI3URSKHW0RVHV
:HDOVROHDUQIURPWKHKLVWRU\RI(J\SWWKDWWKH+\NVRVNLQJVGLGQRWDFNQRZOHGJH
WKHJRGV RI(J\SWDQGWKHUHIRUHKDGLPSRUWHGWKHLURZQJRGVIURP6\ULDZLWKDYLHZ
WR VSUHDGLQJ WKHLU RZQ UHOLJLRQ LQ (J\SW 7KLV LV WKH UHDVRQ ZK\ WKH 4XU
DQ KDV QRW
FDOOHGWKHNLQJZKRZDVWKHFRQWHPSRUDU\RI3URSKHW-RVHSKE\WKHWLWOHRI3KDUDRK
EHFDXVH WKLVWLWOHZDVDVVRFLDWHGZLWKWKHUHOLJLRQRIWKHRULJLQDOSHRSOHRI(J\SWDQG
WKH +\NVRV GLG QRW EHOLHYH LQ LW EXW WKH %LEOH HUURQHRXVO\ FDOOV KLP 3KDUDRK ,W
DSSHDUVWKDWWKHHGLWRUVRIWKH%LEOHKDGWKHPLVXQGHUVWDQGLQJWKDWDOOWKHNLQJVRI(J\SW
ZHUH3KDUDRKV7KHPRGHUQUHVHDUFKVFKRODUVZKRKDYHPDGHDFRPSDUDWLYHVWXG\RI
WKH %LEOH DQG WKH (J\SWLDQ KLVWRU\ DUH JHQHUDOO\ RI WKH RSLQLRQ WKDW $SRSKLV ZDV WKH
+\NVRVNLQJZKRZDVWKHFRQWHPSRUDU\RI3URSKHW-RVHSK
$WWKDWWLPH0HPSKLVZDVWKHFDSLWDORI(J\SWZKRVHUXLQVDUHVWLOOIRXQGRQWKH1LOH
DWDGLVWDQFHRIPLOHVVRXWKRI&DLUR:KHQ3URSKHW-RVHSKZDVWDNHQWKHUHKHZDV
RU\HDUVROG+HUHPDLQHGLQWKHKRXVHRI$]L]IRUWKUHH\HDUVDQGVSHQWQLQH\HDUVLQ
SULVRQDQGWKHQEHFDPHWKHUXOHURIWKHODQGDWWKHDJHRIWKLUW\DQGUXOHGRYHU(J\SW
LQGHSHQGHQWO\ IRU HLJKW\ \HDUV ,Q WKH QLQWK RU WHQWK \HDU RI KLV UXOH KH VHQW IRU KLV
IDWKHU 3URSKHW -DFRE WR FRPH IURP 3DOHVWLQH WR (J\SW ZLWK DOO WKH PHPEHUV RI KLV
IDPLO\DQGDFFRUGLQJWRWKH%LEOHVHWWOHGWKHPLQWKHODQGRI*RVKHQZKHUHWKH\OLYHG
XSWRWKHWLPHRI3URSKHW0RVHV7KH%LEOHVD\VWKDWEHIRUHKLVGHDWK3URSKHW-RVHSK
ERXQGKLVNLQGUHGE\DQRDWKZKHQ\RXUHWXUQIURPWKLVFRXQWU\WRWKHKRXVHRI\RXU
IRUHIDWKHUV\RXPXVWWDNHP\ERQHVRXWRIWKLVFRXQWU\ZLWK\RX6RKHGLHGDKXQGUHG
DQGWHQ\HDUVROGDQGWKH\HPEDOPHGKLP
7KRXJK WKH VWRU\ RI 3URSKHW -RVHSK DV JLYHQ LQ WKH 4XU
DQ GLIIHUV YHU\ PXFK LQ LWV
GHWDLOVIURPWKDWJLYHQLQWKH%LEOHDQGWKH7DOPXGWKH7KUHHJHQHUDOO\DJUHHLQUHJDUG
WRLWVFRPSRQHQWSDUWV:HVKDOOH[SODLQWKHGLIIHUHQFHVZKHQDQGZKHUHQHFHVVDU\LQ
RXU([SODQDWRU\1RWHV

5D
G
1DPH
7KLV6XUDKWDNHVLWVQDPHIURPWKHZRUG DU5D
G  WKXQGHU WKDWRFFXUVLQY,WLV
PHUHO\WKH V\PEROLFQDPHRIWKH6XUDKDQGGRHVQRWLQDQ\ZD\PHDQWKDWWKH6XUDK
GHDOVZLWKWKHVFLHQWLILFSUREOHPVFRQQHFWHGZLWKWKXQGHU
3HULRGRI5HYHODWLRQ
7KHLQWHUQDOHYLGHQFH YYDQGYY VKRZVWKDWWKLV6XUDKZDVUHYHDOHGLQ
WKHODVWVWDJHRIWKH0LVVLRQRIWKH+RO\3URSKHWDW0DNNDKDQGGXULQJWKHVDPHSHULRG
LQ ZKLFK 6XUDKV <XQXV +XXG DQG $O$CUDDI ZHUH VHQW GRZQ 7KH PDQQHU RI VSHHFK
LQGLFDWHV WKDW D ORQJ WLPH KDG SDVVHG VLQFH WKH +RO\ 3URSKHW KDG EHHQ FRQYH\LQJ WKH
0HVVDJH 2Q WKH RQH KDQG KLV RSSRQHQWV KDG EHHQ FRQWULYLQJ GLIIHUHQW GHYLFHV WR
GHIHDW KLP DQG KLV 0LVVLRQ DQG RQ WKH RWKHU KLV IROORZHUV KDG EHHQ H[SUHVVLQJ D
GHVLUHWKDWE\VKRZLQJDPLUDFOHWKHGLVEHOLHYHUVPLJKWEHEURXJKWWRWKH5LJKW:D\,Q
DQVZHU$OODKLPSUHVVHGRQWKH%HOLHYHUVWKDWLWLVQRW+LVZD\WRFRQYHUWSHRSOHE\WKLV
LVODPPHVVDJHFRP 
PHWKRGDQGWKDWWKH\VKRXOGQRWORVHKHDUWLI+HLVJLYLQJWKHHQHPLHVRIWKH7UXWKD
URSHORQJHQRXJKWRKDQJWKHPVHOYHV2WKHUZLVH+HLVDEOHWRVKRZVXFKVLJQVDVPD\
EULQJ WKH GHDG RXW RI WKHLU JUDYHV DQG PDNH WKHP VSHDN Y   EXW HYHQ WKHQ WKHVH
REGXUDWHSHRSOHZLOOLQYHQWDQH[FXVHWRH[SODLQWKLVDZD\$OOWKLVGHFLVLYHHYLGHQFH
FOHDUO\SURYHVWKDWWKLV6XUDKZDVUHYHDOHGGXULQJWKHODVWVWDJHRIWKH3URSKHW
V0LVVLRQ
DW0DNNDK
&HQWUDO7KHPH
7KH ILUVW YHUVH HQXQFLDWHV WKH PDLQ WKHPH RI WKLV 6XUDK WKDW LV 7KH 0HVVDJH RI
0XKDPPDG $OODK
V SHDFH EH XSRQ KLP  LV WKH YHU\ 7UXWK EXW LW LV WKH IDXOW RI WKH
SHRSOHWKDWWKH\DUHUHMHFWLQJLW7KLVLVWKHSLYRWRQZKLFKWKHZKROH6XUDKWXUQV7KLV
LV ZK\ LW KDV EHHQ VKRZQ RYHU DQG RYHU DJDLQ LQ GLIIHUHQW ZD\V WKDW WKH EDVLF
FRPSRQHQWV RI WKH 0HVVDJH 7DXKLG 5HVXUUHFWLRQ DQG 3URSKHWKRRGDUH D UHDOLW\
WKHUHIRUHWKH\VKRXOGEHOLHYHVLQFHUHO\LQWKHVHIRUWKHLURZQPRUDODQGVSLULWXDOJRRG
7KH\KDYHEHHQZDUQHGWKDWWKH\VKDOOLQFXUWKHLURZQUXLQLIWKH\UHMHFWWKHPIRUNXIU
E\LWVHOILVVKHHUIROO\DQGLJQRUDQFH0RUHRYHUWKHDLPRIWKH6XUDKLVQRWPHUHO\WR
VDWLVI\WKHPLQGVEXWDOVRWRDSSHDOWRWKHKHDUWVWRDFFHSWWKH)DLWK7KHUHIRUHLWGRHV
QRW PHUHO\ SXW IRUZDUG ORJLFDO DUJXPHQWV LQ VXSSRUW RI WKH WUXWK RI WKH 0HVVDJH DQG
DJDLQVWWKHSHRSOH
VZURQJQRWLRQVEXWDWDSSURSULDWHLQWHUYDOVLWPDNHVIUHTXHQWXVHRI
V\PSDWKHWLF DQG HDUQHVW DSSHDOV WR ZLQ RYHU WKHLU KHDUWV E\ ZDUQLQJ WKHP RI WKH
FRQVHTXHQFHVRINXIUDQGE\KROGLQJRXWWKHKDSS\UHZDUGVRI)DLWKVRWKDWWKHIRROLVK
SHRSOHVKRXOGJLYHXSWKHLUREGXUDF\
%HVLGHVWKLVWKHREMHFWLRQVRIWKHRSSRQHQWVKDYHEHHQDQVZHUHGZLWKRXWDQ\PHQWLRQ
RIWKHPDQGWKRVHGRXEWVZKLFKDUH SURYLQJDKLQGUDQFHLQWKHZD\RIWKH0HVVDJHRU
ZHUH EHLQJ FUHDWHG E\ WKH RSSRQHQWV KDYH EHHQ UHPRYHG $W WKH VDPH WLPH WKH
%HOLHYHUVZKRKDGEHHQSDVVLQJWKURXJKORQJDQGKDUGRUGHDODQGZHUHIHHOLQJWLUHG
DQGZDLWLQJDQ[LRXVO\IRU$OODK
VVXFFRUKDYHEHHQFRPIRUWHGDQGILOOHGZLWKKRSHDQG
FRXUDJH

,EUDKLP
1DPH
7KH 6XUDK WDNHV LWV QDPH IURP Y  LQ ZKLFK PHQWLRQ KDV EHHQ PDGH RI 3URSKHW
,EUDKLP $EUDKDP  %XW LW GRHV QRW PHDQ WKDW LW FRQWDLQV WKH OLIH VWRU\ RI 3URSKHW
$EUDKDP7KHQDPHLVPHUHO\DV\PEROOLGWKHQDPHVRIPDQ\RWKHUVXUDKVLHWKH
6XUDKLQZKLFK$EUDKDP
VPHQWLRQKDVEHHQPDGH
3HULRGRI5HYHODWLRQ
,WDSSHDUVIURPWKHWRQHRIWKH6XUDKWKDWLWEHORQJVWRWKDWJURXSRIWKH6XUDKVZKLFK
ZHUH UHYHDOHG GXULQJ WKH ODVW VWDJH RI WKH 0DNNDQ SHULRG )RU LQVWDQFH Y  7KH
GLVEHOLHYHUVZDUQHGWKHLU0HVVHQJHUV
\RXVKDOOKDYHWRUHWXUQWRRXUFRPPXQLW\RUZH
ZLOO DVVXUHGO\ H[SHO \RX IURP RXU ODQG
  FOHDUO\ LQGLFDWHV WKDW WKH SHUVHFXWLRQ RI WKH
0XVOLPVZDVDWLWVZRUVWDWWKHWLPHRIWKHUHYHODWLRQRIWKLV6XUDKDQGWKHSHRSOHRI
0DNNDK ZHUH EHQW RQ H[SHOOLQJ WKH %HOLHYHUV IURP WKHUH OLNH WKH GLVEHOLHYHUV RI WKH
IRUPHU 3URSKHWV7KDWLVZK\LQYWKH\KDYHEHHQZDUQHG:HZLOOGHVWUR\WKHVH
LVODPPHVVDJHFRP 
HYLOGRHUVDQGWKH%HOLHYHUVKDYHEHHQFRPIRUWHGDVZHUHWKHEHOLHYHUVEHIRUHWKHP
DQG DIWHU WKHP VHWWOH \RX LQ WKH ODQG /LNHZLVH WKH VWHUQ ZDUQLQJ FRQWDLQHG LQ WKH
FRQFOXGLQJSRUWLRQ YYDOVRFRQILUPVWKDWWKH6XUDKUHODWHVWRWKHODVWVWDJHRIWKH
0DNNDQ3HULRG
&HQWUDO7KHPHDQG3XUSRVH
7KLV6XUDKLVDQDGPRQLWLRQDQGDZDUQLQJWRWKHGLVEHOLHYHUVZKRZHUHUHMHFWLQJWKH
0HVVDJHRIWKH+RO\3URSKHWDQGGHYLVLQJFXQQLQJVFKHPHVWRGHIHDWKLV0LVVLRQ%XW
ZDUQLQJ UHSURRI FHQVXUH DQG UHSURDFK GRPLQDWH DGPRQLWLRQ 7KLV LV EHFDXVH D JRRG
GHDORIDGPRQLWLRQKDGDOUHDG\EHHQPDGHLQWKHSUHFHGLQJ6XUDKVEXWLQVSLWHRIWKLV
WKHLUREGXUDF\HQPLW\DQWDJRQLVPPLVFKLHISHUVHFXWLRQHWFKDGUDWKHULQFUHDVHG

+LMU
1DPH
7KLV6XUDKWDNHVLWVQDPHIURPY
3HULRGRI5HYHODWLRQ
,WLVFOHDUIURPLWVWRSLFVDQGVW\OHWKDWWKHSHULRGRILWVUHYHODWLRQLVDERXWWKHVDPHDV
WKDW RI 6XUDK ,EUDKLP IRU WZR WKLQJV DUH TXLWH SURPLQHQW LQ LWV EDFNJURXQG )LUVW LW
DSSHDUVIURPWKHUHSHDWHGZDUQLQJVLQWKLV6XUDKWKDWLQVSLWHRIWKHIDFWWKDWWKH+RO\
3URSKHW KDG EHHQ SURSDJDWLQJ WKH 0HVVDJH IRU PDQ\ \HDUV KLV SHRSOH LQ JHQHUDO KDG
QRWVKRZQDQ\LQFOLQDWLRQWRZDUGVLWVDFFHSWDQFHQD\WKH\KDGEHFRPHPRUHDQGPRUH
REGXUDWH DQG VWXEERUQ LQ WKHLU DQWDJRQLVP HQPLW\ DQG ULGLFXOH ZLWK WKH SDVVDJH RI
WLPH6HFRQGO\E\WKDWWLPHWKH+RO\3URSKHWKDGEHJXQWRIHHODOLWWOHWLUHGRIPDNLQJ
VWUHQXRXVHIIRUWVWRHUDGLFDWHGLVEHOLHIDQGRSSRVLWLRQRIKLVSHRSOH7KDWLVZK\$OODK
KDVFRQVROHGDQGFRPIRUWHGKLPRYHUDQGRYHUDJDLQE\ZD\RIHQFRXUDJHPHQW
7RSLFVDQGWKH&HQWUDO7KHPH
7KRXJK WKH PDLQ WRSLFV RI WKH VXUDK DUH  D  ZDUQLQJ WR WKRVH ZKR UHMHFWHG KLV
0HVVDJH RSSRVHG LW WRRWK DQG QDLO DQG ULGLFXOHG KLP DQG E  FRPIRUW DQG
HQFRXUDJHPHQWWRWKH+RO\3URSKHWLWGRHVQRWPHDQWKDWWKLV6XUDKGRHVQRWFRQWDLQ
DGPRQLWLRQDQGLQVWUXFWLRQV$VDPDWWHURIIDFWWKH4XU
DQQHYHUFRQILQHVLWVHOIWRPHUH
ZDUQLQJ UHEXNH DQG FHQVXUH EXW UHVRUWV WR SUHFHSW LQ HYHU\ VXLWDEOH SODFH
$FFRUGLQJO\ WKLV 6XUDK FRQWDLQV EULHI DUJXPHQWV IRU 7DXKLG RQ WKH RQH KDQG DQG
DGPRQLWLRQLQWKHVWRU\RI$GDPDQG6DWDQRQWKHRWKHU

1DKO
1DPH
7KH QDPH $Q1DKO RI WKLV 6XUDK KDV EHHQ WDNHQ IURP Y  7KLV LV PHUHO\ WR
GLVWLQJXLVKLWIURPRWKHU6XUDKV
3HULRGRI5HYHODWLRQ
7KH IROORZLQJ LQWHUQDO HYLGHQFH VKRZV WKDW WKLV 6XUDK ZDV UHYHDOHG GXULQJ WKH ODVW
0DNNDQVWDJHRI3URSKHWKRRG
9FOHDUO\VKRZVWKDWSHUVHFXWLRQKDGIRUFHG
VRPH0XVOLPVWRHPLJUDWHWR+DEDVKEHIRUHWKHUHYHODWLRQRIWKLV6XUDK
LVODPPHVVDJHFRP 
,WLVHYLGHQWIURPYWKDWDWWKDWWLPHWKH
SHUVHFXWLRQRIWKH0XVOLPVZDVDWLWVKHLJKW7KHUHIRUHDSUREOHPKDGDULVHQLQUHJDUG
WR WKH XWWHUDQFH RI D EODVSKHPRXV ZRUG ZLWKRXW DFWXDO GLVEHOLHI XQGHU XQEHDUDEOH
FRQGLWLRQV7KHSUREOHPZDVWKDWLIRQHGLGVRKRZKHVKRXOGEHWUHDWHG
YYFOHDUO\UHIHUWRWKHHQGRIVHYHQ\HDU
IDPLQHWKDWKDGVWUXFN0DNNDKVRPH\HDUVDIWHUWKHDSSRLQWPHQWRIWKH+RO\3URSKHWDV
$OODK
V0HVVHQJHU
7KHUHLVDUHIHUHQFHWR9RIWKLV6XUDKLQ9,
DQGYRIWKLV6XUDKFRQWDLQVDUHIHUHQFHWR9,7KLVLVDSURRIWKDWERWK
WKHVH6XUDKV 9,DQG;9, ZHUHVHQWGRZQLQWKHVDPHSHULRG7KHJHQHUDOVW\OHRIWKH
6XUDKDOVRVXSSRUWVWKHYLHZWKDWWKLVZDVUHYHDOHGGXULQJWKHODVWVWDJHDW0DNNDK
&HQWUDO7KHPH
$OO WKH WRSLFV RI WKH 6XUDK UHYROYH URXQG GLIIHUHQW DVSHFWV RI WKH 0HVVDJH LH 
UHIXWDWLRQRIVKLUNSURRIRI7DXKLGDQGZDUQLQJRIWKHFRQVHTXHQFHVRIWKHUHMHFWLRQRI
DQGRSSRVLWLRQDQGDQWDJRQLVPWRWKH0HVVDJH
7RSLFVRI'LVFXVVLRQ
7KH YHU\ ILUVW YHUVH JLYHV GLUHFW DQG VWULFW ZDUQLQJ WR WKRVH ZKR ZHUH UHMHFWLQJ WKH
0HVVDJHRXWULJKWDVLIWRVD\$OODK
VGHFLVLRQKDVDOUHDG\EHHQPDGHFRQFHUQLQJ\RXU
UHMHFWLRQRIWKH0HVVDJH:K\DUH\RXWKHQFODPRULQJIRUKDVWHQLQJLW":K\GRQ
W\RX
PDNH XVH RI WKH UHVSLWH WKDW LV EHLQJ JLYHQ WR \RX  $QG WKLV ZDV H[DFWO\ ZKDW WKH
GLVEHOLHYHUV RI 0DNNDK QHHGHG DW WKH WLPH RI WKH UHYHODWLRQ RI WKLV 6XUDK )RU WKH\
FKDOOHQJHG WKH +RO\ 3URSKHW RYHU DQG RYHU DJDLQ :K\ GRQ
W \RX EULQJ WKDW VFRXUJH
ZLWKZKLFK\RXKDYHEHHQWKUHDWHQLQJXV)RUZHKDYH QRWRQO\UHMHFWHG\RXU0HVVDJH
EXWKDYHEHHQRSHQO\RSSRVLQJLWIRUDORQJWLPH6XFKDFKDOOHQJHKDGEHFRPHDE\
ZRUG ZLWK WKHP ZKLFK WKH\ IUHTXHQWO\ UHSHDWHG DV D FOHDU SURRI WKDW 0XKDPPDG
$OODK
VSHDFHEHXSRQKLP ZDVQRWDWUXH3URSKHW
,PPHGLDWHO\ DIWHU WKLV ZDUQLQJ WKH\ KDYH EHHQ DGPRQLVKHG WR JLYH XS VKLUN IRU WKLV
IDOVHFUHHGZDVWKHPDLQREVWDFOHLQWKHZD\RIWKH0HVVDJH7KHQWKHIROORZLQJWRSLFV
FRPHRYHUDQGRYHUDJDLQRQHDIWHUWKHRWKHU
 9HU\ FRQYLQFLQJ SURRIV RI 7DXKLG DQG UHIXWDWLRQ RI VKLUN KDYH EHHQ EDVHG RQ WKH
SODLQVLJQVLQWKHXQLYHUVHDQGLQPDQ
VRZQVHOI
7KHREMHFWLRQVRIWKHGLVEHOLHYHUVKDYHEHHQDQVZHUHGWKHLUDUJXPHQWVUHIXWHGWKHLU
GRXEWVUHPRYHGDQGWKHLUIDOVHSUHWH[WVH[SRVHG
 :DUQLQJV KDYH JLYHQ RI WKH FRQVHTXHQFHV RI SHUVLVWHQFH LQ IDOVH ZD\V DQG
DQWDJRQLVPWRWKH0HVVDJH
7KHPRUDOFKDQJHVZKLFKWKH0HVVDJHRIWKH+RO\3URSKHWDLPVWREULQJSUDFWLFDOO\
LQKXPDQOLIHKDYHEHHQSUHVHQWHGEULHIO\LQDQDSSHDOLQJPDQQHU7KHPXVKULNVKDYH
EHHQWROGWKDWEHOLHILQ$OODKZKLFKWKH\DOVRSURIHVVHGGHPDQGHGWKDWLWVKRXOGQRWEH
FRQILQHGPHUHO\WROLSVHUYLFHEXWWKLVFUHHGVKRXOGWDNHDGHILQLWHVKDSHLQPRUDODQG
SUDFWLFDOOLIH
7KH+RO\3URSKHWDQGKLVFRPSDQLRQVKDYHEHHQFRPIRUWHGDQGWROGDERXWWKHDWWLWXGH
WKH\VKRXOGDGRSWLQWKHIDFHRIDQWDJRQLVPDQGSHUVHFXWLRQE\WKHGLVEHOLHYHUV
LVODPPHVVDJHFRP 
%DQL,VUDHO
1DPH
7KLV6XUDKWDNHVLWVQDPH %DQL,VUDLO IURPY%XWWKLVQDPHLVPHUHO\DGLVWLQFWLYH
DSSHOODWLRQOLNHWKHQDPHVRIPDQ\RWKHUVXUDKVDQGQRWDGHVFULSWLYHWLWOHDQGGRHVQRW
PHDQWKDW%DQL,VUDLOLVWKHWKHPHRIWKLV6DUDK
3HULRGRI5HYHODWLRQ
7KH YHU\ ILUVW YHUVH LQGLFDWHV WKDW WKLV 6XUDK ZDV UHYHDOHG RQ WKH RFFDVLRQ RI 0CLUDM
$VFHQVLRQ $FFRUGLQJWRWKH7UDGLWLRQVDQGERRNVRQWKHOLIHRIWKH+RO\3URSKHWWKLV
HYHQW KDSSHQHG RQH \HDU EHIRUH +LMUDK 7KXV WKLV 6XUDK LV RQH RI WKRVH ZKLFK ZHUH
UHYHDOHGLQWKHODVWVWDJHRI3URSKHWKRRGDW0DNNDK
%DFNJURXQG
7KH+RO\3URSKHWKDGEHHQSURSDJDWLQJ7DXKLGIRU WKHSUHYLRXVWZHOYH\HDUVDQGKLV
RSSRQHQWVKDGEHHQGRLQJDOOWKH\FRXOGWRPDNHKLV0LVVLRQDIDLOXUHEXWLQVSLWHRIDOO
WKHLURSSRVLWLRQ,VODPKDGVSUHDGWRHYHU\FRUQHURI$UDELDDQGWKHUHZDVKDUGO\DQ\
FODQZKLFKKDGQRWEHHQLQIOXHQFHGE\KLVLQYLWDWLRQ,Q0DNNDKLWVHOIWKHWUXH%HOLHYHUV
KDG IRUPHG WKHPVHOYHV LQWR D VPDOO FRPPXQLW\ DQG ZHUH UHDG\ DQG ZLOOLQJ WR IDFH
HYHU\GDQJHUWRPDNH,VODPDVXFFHVV%HVLGHVWKHPDYHU\ODUJHQXPEHURIWKHSHRSOH
RI$XVDQG.KD]UDM WZRLQIOXHQWLDOFODQVRI$O0DGLQDK KDGDFFHSWHG,VODP7KXVWKH
WLPHKDGFRPHIRUWKH+RO\3URSKHWWRHPLJUDWHIURP0DNNDKWR$O0DGLQDKDQGWKHUH
JDWKHU WRJHWKHU WKH VFDWWHUHG 0XVOLPV DQG HVWDEOLVK D VWDWH EDVHG RQ WKH SULQFLSOHV RI
,VODP 7KHVH ZHUH WKH FRQGLWLRQV ZKHQ 0LCUDM WRRN SODFH DQG RQ KLV UHWXUQ WKH +RO\
3URSKHWEURXJKWGRZQWKH0HVVDJHFRQWDLQHGLQWKLV6XUDK
7KHPHDQG7RSLFV
7KLV6XUDKLVDZRQGHUIXOFRPELQDWLRQRIZDUQLQJDGPRQLWLRQDQGLQVWUXFWLRQZKLFK
KDYHEHHQEOHQGHGWRJHWKHULQDEDODQFHGSURSRUWLRQ7KHGLVEHOLHYHUVRI0DNNDK KDG
EHHQ DGPRQLVKHG WR WDNH D OHVVRQ IURP WKH PLVHUDEOH HQG RI WKH ,VUDHOLWHV DQG RWKHU
FRPPXQLWLHV DQG PHQG WKHLU ZD\V ZLWKLQ WKH SHULRG RI UHVSLWH JLYHQ E\ $OODK ZKLFK
ZDV DERXW WR H[SLUH 7KH\ VKRXOG WKHUHIRUH DFFHSW WKH LQYLWDWLRQ WKDW ZDV EHLQJ
H[WHQGHG E\ 0XKDPPDG $OODK
V SHDFH EH XSRQ KLP  DQG WKH 4XU
DQ RWKHUZLVH WKH\
VKDOO EH DQQLKLODWHG DQG UHSODFHG E\ RWKHU SHRSOH ,QFLGHQWDOO\ WKH ,VUDHOLWHV ZLWK
ZKRP,VODPZDVJRLQJWRFRPHLQGLUHFWFRQWDFWLQWKHQHDUIXWXUHDW$O0DGLQDKKDYH
DOVR EHHQ ZDUQHG WKDW WKH\ VKRXOG OHDUQ D OHVVRQ IURP WKH FKDVWLVHPHQWV WKDW KDYH
DOUHDG\ EHHQ LQIOLFWHG RQ WKHP 7KH\ ZHUH ZDUQHG 7DNH DGYDQWDJH RI WKH 3URSKHW
KRRG RI 0XKDPPDG $OODK
V SHDFH EH XSRQ KLP  EHFDXVH WKDW LV WKH ODVW RSSRUWXQLW\
ZKLFKLVEHLQJJLYHQWR\RX,IHYHQQRZ\RXEHKDYHDV\RXKDYHEHHQEHKDYLQJ\RX
VKDOOPHHWZLWKDSDLQIXOWRUPHQW
$V UHJDUGV WKH HGXFDWLRQ RI PDQNLQG LW KDV EHHQ LPSUHVVHG WKDW KXPDQ VXFFHVV RU
IDLOXUH JDLQ RU ORVV GHSHQGV XSRQ WKH ULJKW XQGHUVWDQGLQJ RI 7DXKLG OLIHDIWHUGHDWK
DQG3URSKHWKRRG$FFRUGLQJO\FRQYLQFLQJDUJXPHQWVKDYHEHHQSXWIRUZDUGWRSURYH
WKDWWKH4XU
DQLVWKH%RRNRI$OODKDQGLWVWHDFKLQJVDUHWUXHDQGJHQXLQHWKHGRXEWVRI
WKHGLVEHOLHYHUVDERXWWKHVHEDVLFUHDOLWLHVKDYHEHHQUHPRYHGDQGRQ VXLWDEOHRFFDVLRQV
WKH\KDYHEHHQDGPRQLVKHGDQGUHEXNHGLQUHJDUGWRWKHLUZD\VRILJQRUDQFH
LVODPPHVVDJHFRP 
,QWKLVFRQQHFWLRQWKRVHIXQGDPHQWDOSULQFLSOHVRIPRUDOLW\DQGFLYLOL]DWLRQRQZKLFK
WKH,VODPLF6\VWHPRIOLIHLVPHDQWWREHHVWDEOLVKHGKDYHEHHQSXWIRUZDUG7KXVWKLV
ZDVDVRUWRIWKH0DQLIHVWRRIWKHLQWHQGHG,VODPLFVWDWHZKLFKKDGEHHQSURFODLPHGD
\HDUEHIRUHLWVDFWXDOHVWDEOLVKPHQW,WKDVEHHQH[SOLFLWO\VWDWHGWKDWWKDWZDVWKHVNHWFK
RI WKH V\VWHP RQ ZKLFK 0XKDPPDG $OODK
V SHDFH EH XSRQ KLP  LQWHQGHG WR EXLOG
KXPDQOLIHILUVWLQKLVRZQFRXQWU\DQGWKHQLQWKHRXWVLGHZRUOG
%HVLGHVWKHVHWKH+RO\3URSKHWKDVEHHQLQVWUXFWHGWRVWLFNILUPO\WRKLVVWDQGZLWKRXW
PLQGLQJ WKH RSSRVLWLRQ DQG GLIILFXOWLHV ZKLFK KH ZDV HQFRXQWHULQJ DQG VKRXOG QHYHU
WKLQN RI PDNLQJ D FRPSURPLVH ZLWK XQEHOLHI 7KH 0XVOLPV ZKR VRPHWLPHV VKRZHG
VLJQVRILPSDWLHQFHZKHQWKH\PHWZLWKSHUVHFXWLRQFDOXPQ\DQGFURRNHGDUJXPHQWV
KDYHDOVREHHQLQVWUXFWHGWRIDFHDGYHUVHFLUFXPVWDQFHVZLWKSDWLHQFHDQGIRUWLWXGHDQG
NHHS IXOO FRQWURO RYHU WKHLU IHHOLQJV DQG SDVVLRQV 0RUHRYHU VDODW ZDV SUHVFULEHG LQ
RUGHUWRUHIRUPDQGSXULI\WKHLUVRXOVDVLIWRVD\7KLVLVWKHWKLQJ
ZKLFKZLOOSURGXFH
LQ\RXWKRVHKLJKTXDOLWLHVRIFKDUDFWHUZKLFKDUHHVVHQWLDOIRUHYHU\RQHZKRLQWHQGVWR
VWUXJJOHLQWKHULJKWHRXVZD\,QFLGHQWDOO\ZHOHDUQIURP7UDGLWLRQVWKDW0LCUDMZDVWKH
ILUVW RFFDVLRQ RQ ZKLFK WKH ILYH GDLO\ 3UD\HUV ZHUH SUHVFULEHG WR EH RIIHUHG DW IL[HG
WLPHV

.DKI
1DPH
7KLV6XUDKWDNHVLWVQDPHIURPYLQZKLFKWKHZRUG DO.DKI RFFXUV
3HULRGRI5HYHODWLRQ
7KLV LV WKH ILUVW RI WKRVH 6XUDKV ZKLFK ZHUH VHQW GRZQ LQ WKH WKLUG VWDJH RI 3URSKHW
KRRGDW0DNNDK:HKDYHDOUHDG\GLYLGHGWKHOLIHRIWKH+RO\3URSKHWDW0DNNDKLQWR
IRXUVWDJHVLQWKH,QWURGXFWLRQWR&KDSWHU9,$FFRUGLQJWRWKDWGLYLVLRQWKHWKLUGVWDJH
ODVWHG IURP WKH ILIWK WR WKH WHQWK \HDU RI 3URSKHWKRRG :KDW GLVWLQJXLVKHV WKLV VWDJH
IURP WKH VHFRQG DQG WKH IRXUWK VWDJHV LV WKLV 'XULQJ WKH VHFRQG VWDJH WKH 4XUDLVK
PDLQO\ UHVRUWHG WR ULGLFXOLQJ VFRIILQJ WKUHDWHQLQJ WHPSWLQJ UDLVLQJ REMHFWLRQV DQG
PDNLQJ IDOVH SURSDJDQGD DJDLQVW WKH +RO\ 3URSKHW DQG KLV IROORZHUV LQ RUGHU WR
VXSSUHVVWKH,VODPLF0RYHPHQW%XWGXULQJWKHWKLUGVWDJHWKH\HPSOR\HGWKHZHDSRQV
RISHUVHFXWLRQPDQKDQGOLQJDQGHFRQRPLFSUHVVXUHIRUWKHVDPHSXUSRVH6RPXFKVR
WKDWDODUJHQXPEHURIWKH0XVOLPVKDGWRHPLJUDWHIURP$UDELDWR+DEDVKDQGWKRVH
ZKR UHPDLQHG EHKLQG ZHUH EHVLHJHG LQ 6KL
LE $EL 7DOLE DORQJ ZLWK WKH +RO\ 3URSKHW
DQG KLV IDPLO\ 7R DGG WR WKHLU PLVHU\ D FRPSOHWH VRFLDO DQG HFRQRPLF ER\FRWW ZDV
DSSOLHGDJDLQVWWKHP7KHRQO\UHGHHPLQJIHDWXUHZDVWKDWWKHUHZHUHWZRSHUVRQDOLWLHV
$EX 7DOLE DQG +DGUDW .KDGLMDK ZKRVH SHUVRQDO LQIOXHQFH KDG EHHQ FRQGXFLYH WR WKH
VXSSRUW RI WZR JUHDW IDPLOLHV RI WKH 4XUDLVK +RZHYHU ZKHQ LQ WKH WHQWK \HDU RI
3URSKHWKRRG WKHVH WZR SHUVRQV GLHG WKH IRXUWK VWDJH EHJDQ ZLWK VXFK UHYHUH
SHUVHFXWLRQV DV IRUFHG WKH +RO\ 3URSKHW DQG DOO KLV &RPSDQLRQV WR HPLJUDWH IURP
0DNNDK
,WDSSHDUVIURPWKHWKHPHRIWKH6XUDKWKDWLWZDVUHYHDOHGDWWKHEHJLQQLQJRIWKHWKLUG
VWDJH ZKHQ LQ VSLWH RI SHUVHFXWLRQV DQG RSSRVLWLRQ PLJUDWLRQ WR +DEDVK KDG QRW \HW
LVODPPHVVDJHFRP 
WDNHQ SODFH 7KDW LV ZK\ WKH VWRU\ RI $VKDEL.DKI WKH 6OHHSHUV RI WKH &DYH  KDV
EHHQUHODWHGWRFRPIRUWDQGHQFRXUDJHWKHSHUVHFXWHG0XVOLPVDQGWRVKRZWKHPKRZ
WKHULJKWHRXVSHRSOHKDYHEHHQVDYLQJWKHLU)DLWKLQWKHSDVW
6XEMHFWDQG7RSLFV
7KLV 6XUDK ZDV VHQW GRZQ LQ DQVZHU WR WKH WKUHH TXHVWLRQV ZKLFK WKH PXVKULNV RI
0DNNDK LQ FRQVXOWDWLRQ ZLWK WKH SHRSOH RI WKH %RRN KDG SXW WR WKH +RO\ 3URSKHW LQ
RUGHUWRWHVWKLP7KHVHZHUH  :KRZHUHWKH6OHHSHUVRI
WKH&DYH"  :KDWLV
WKHUHDOVWRU\RI.KLGU"DQG  :KDWGR\RXNQRZDERXW=XO4DUQDLQ"$VWKHVHWKUHH
TXHVWLRQVDQGWKHVWRULHVLQYROYHGFRQFHUQHGWKHKLVWRU\RIWKH&KULVWLDQVDQGWKH-HZV
DQG ZHUH XQNQRZQ LQ +LMD] D FKRLFH RI WKHVH ZDV PDGH WR WHVW ZKHWKHU WKH +RO\
3URSKHWSRVVHVVHGDQ\VRXUFHRIWKHNQRZOHGJHRIWKHKLGGHQDQGXQVHHQWKLQJV$OODK
KRZHYHU QRW RQO\ JDYH D FRPSOHWH DQVZHU WR WKHLU TXHVWLRQV EXW DOVR HPSOR\HG WKH
WKUHHVWRULHVWRWKHGLVDGYDQWDJHRIWKHRSSRQHQWVRI,VODPLQWKHFRQIOLFWWKDWZDVJRLQJ
RQDWWKDWWLPHDW0DNNDKEHWZHHQ,VODPDQGXQEHOLHI
7KHTXHVWLRQHUVZHUHWROGWKDWWKH6OHHSHUVRIWKH&DYHEHOLHYHGLQWKHVDPHGRFWULQH
RI 7DXKLG ZKLFK ZDV EHLQJ SXW IRUZDUG LQ WKH 4XU
DQ DQG WKDW WKHLU FRQGLWLRQ ZDV
VLPLODUWRWKHFRQGLWLRQRIWKHSHUVHFXWHG0XVOLPVRI0DNNDK2QWKHRWKHUKDQGWKH
SHUVHFXWRUVRIWKH6OHHSHUVRIWKH&DYHKDGEHKDYHGLQWKHVDPHZD\WRZDUGVWKHPDV
WKH GLVEHOLHYHUV RI WKH 4XUDLVK ZHUH EHKDYLQJ WRZDUGV WKH 0XVOLPV %HVLGHV WKLV WKH
0XVOLPV KDYH EHHQ WDXJKW WKDW HYHQ LI D %HOLHYHU LV SHUVHFXWHG E\ D FUXHOVRFLHW\KH
VKRXOGQRWERZGRZQEHIRUHIDOVHKRRGEXWHPLJUDWHIURPWKHSODFHDOODORQHLIQHHGEH
ZLWKWUXVWLQ*RG,QFLGHQWDOO\WKHGLVEHOLHYHUVRI0DNNDKZHUHWROGWKDWWKHVWRU\RIWKH
6OHHSHUVRIWKH&DYHZDVDFOHDUSURRIRIWKHFUHHGRIWKH+HUHDIWHUIRUWKLVVKRZHGWKDW
$OODKKDVWKHSRZHUWRUHVXUUHFWDQ\RQH+HZLOOVHYHQDIWHUDORQJVOHHSRIGHDWKDV+H
GLGLQFDVHRIWKH6OHHSHUVRIWKH&DYH
7KHVWRU\RIWKH6OHHSHUVRIWKH&DYHKDVDOVREHHQXVHGWRZDUQWKHFKLHIVRI0DNNDK
ZKRZHUHSHUVHFXWLQJWKHVPDOOQHZO\IRUPHG0XVOLP&RPPXQLW\$WWKHVDPHWLPH
WKH+RO\3URSKHWKDVEHHQLQVWUXFWHGWKDWKHVKRXOGLQQRFDVHPDNHDFRPSURPLVHZLWK
WKHLU SHUVHFXWRUV QRU VKRXOG KH FRQVLGHU WKHP WR EH PRUH LPSRUWDQW WKDQ KLV SRRU
IROORZHUV2QWKHRWKHUKDQGWKRVHFKLHIVKDYHEHHQDGPRQLVKHGWKDWWKH\VKRXOGQRW
EHSXIIHGXSZLWKWKHWUDQVLWRU\OLIHRISOHDVXUHWKH\ZHUHWKHQHQMR\LQJEXWVKRXOGVHHN
DIWHUWKRVHH[FHOOHQFHVZKLFKDUHSHUPDQHQWDQGHWHUQDO
7KHVWRU\RI.KLGUDQG0RVHVKDVEHHQUHODWHGLQVXFKDZD\DVWRVXSSO\WKHDQVZHUWR
WKHTXHVWLRQRIWKHGLVEHOLHYHUVDQGWRJLYHFRPIRUWWRWKH%HOLHYHUVDVZHOO7KHOHVVRQ
FRQWDLQHG LQ WKLV VWRU\ LV WKLV <RX VKRXOG KDYH IXOO IDLWK LQ WKH ZLVGRP RI ZKDW LV
KDSSHQLQJLQWKH'LYLQH)DFWRU\LQDFFRUGDQFHZLWKWKHZLOORI$OODK$VWKHUHDOLW\LV
KLGGHQIURP\RX\RXDUHDWDORVVWRXQGHUVWDQGWKHZLVGRPRIZKDWLVKDSSHQLQJDQG
VRPHWLPHVLILWDSSHDUVWKDWWKLQJVDUHJRLQJDJDLQVW\RX\RXFU\RXW
+RZDQGZK\KDV
WKLVKDSSHQHG
7KHIDFWLVWKDWLIWKHFXUWDLQEHUHPRYHGIURPWKHXQVHHQ\RXZRXOG
\RXUVHOYHVFRPHWRNQRZWKDWZKDWLVKDSSHQLQJKHUHLVIRUWKHEHVW(YHQLIVRPHWLPHV
LW DSSHDUV WKDW VRPHWKLQJ LV JRLQJ DJDLQVW \RX \RX ZLOO VHH WKDW LQ WKH HQG LW DOVR
SURGXFHVVRPHJRRGUHVXOWVIRU\RX
LVODPPHVVDJHFRP 
7KHVDPHLVWUXHRIWKHVWRU\RI]XO4DUQDLQIRULWDOVRDGPRQLVKHVWKHTXHVWLRQHUVDVLI
WR VD\  \RX YDLQ FKLHIV RI 0DNNDK \RX VKRXOG OHDUQ D OHVVRQ IURP ]XO4DUQDLQ
7KRXJKKHZDVDJUHDWUXOHUDJUHDWFRQTXHURUDQGWKHRZQHURIJUHDWUHVRXUFHV\HWKH
DOZD\VVXUUHQGHUHGWRKLV&UHDWRUZKHUHDV\RXDUHUHEHOOLQJDJDLQVW+LPHYHQWKRXJK
\RX DUH LQVLJQLILFDQW FKLHIWDLQV LQ FRPSDULVRQ ZLWK KLP %HVLGHV WKLV WKRXJK ]XO
4DUQDLQ EXLOW RQH RI WKH VWURQJHVW ZDOOV IRU SURWHFWLRQ \HW KLV UHDO WUXVW ZDV LQ$OODK
DQGQRWLQWKHZDOO+HEHOLHYHGWKDWWKHZDOOFRXOGSURWHFWKLPDJDLQVWKLVHQHPLHVDV
ORQJDVLWZDVWKHZLOORI$OODKDQGWKDWWKHUHZRXOGEHFUDFNDQGKROHVLQLWZKHQLW
ZRXOG EH +LV ZLOO  ZKHUHDV \RX ZKR SRVVHVV RQO\ LQVLJQLILFDQW IRUWLILHG DERGHV DQG
GZHOOLQJV LQ FRPSDULVRQ ZLWK KLP FRQVLGHU \RXUVHOYHV WR EH SHUPDQHQWO\ VDIH DQG
VHFXUHDJDLQVWDOOVRUWVRIFDODPLWLHV
:KLOH WKH 4XU
DQ WXUQHG WKH WDEOHV RQ WKH TXHVWLRQHUV ZKR KDG WULHG WR H[SRVH WKH
+RO\ 3URSKHW LQ WKH HQG RI WKH 6XUDK WKH VDPH WKLQJV KDYH EHHQ UHLWHUDWHG WKDW ZHUH
VWDWHG DW LWV EHJLQQLQJ 7DXKLG DQGWKH+HUHDIWHUDUHDEVROXWHO\WUXHDQGUHDODQGIRU
\RXURZQJRRG\RXVKRXOGDFFHSWWKHVHGRFWULQHVPHQG\RXUZD\VLQDFFRUGDQFHZLWK
WKHP DQG OLYH LQ WKLV ZRUOG ZLWK WKLV FRQYLFWLRQ WKDW \RX DUH DFFRXQWDEOH WR $OODK
RWKHUZLVH\RXVKDOOUXLQ\RXUOLIHDQGDOO\RXUGRLQJVVKDOOEHVHWDWQDXJKW

0DU\DP
1DPH
,WWDNHVLWVQDPHIURPY
3HULRGRI5HYHODWLRQ
,WZDVUHYHDOHGEHIRUHWKH0LJUDWLRQWR+DEDVK:HOHDUQIURPDXWKHQWLF7UDGLWLRQVWKDW
+DGUDW-D
DIDUUHFLWHGYYRIWKLV6XUDKLQWKHFRXUWRI1HJXVZKHQKHFDOOHGWKH
PLJUDQWVWRKLVFRXUW
+LVWRULFDO%DFNJURXQG
:HKDYHDOUHDG\EULHIO\UHIHUUHGWRWKHFRQGLWLRQVRIWKDWSHULRGLQWKHLQWURGXFWLRQWR
6XUDK $O.DKI +HUH ZH VKDOO JLYH UDWKHU IXOOHU GHWDLOV RI WKH VDPH FRQGLWLRQV ZKLFK
ZLOOEHKHOSIXOLQJUDVSLQJWKHPHDQLQJRIWKLV6XUDKDQGWKHRWKHU6XUDKVRIWKHSHULRG
:KHQ WKH FKLHIV RI WKH 4XUDLVK IHOW WKDW WKH\ KDG IDLOHG WR VXSSUHVV WKH ,VODPLF
PRYHPHQWE\ULGLFXOHVDUFDVPDQGE\KROGLQJRXWSURPLVHVDQGWKUHDWVDQGE\PDNLQJ
IDOVH DFFXVDWLRQV WKH\ UHVRUWHG WR SHUVHFXWLRQ EHDWLQJ DQG HFRQRPLF SUHVVXUH 7KH\
ZRXOGFDWFKKROGRIWKHQHZ0XVOLPVRIWKHLUFODQVDQGSHUVHFXWHWKHPVWDUYHWKHPDQG
ZRXOG HYHQ LQIOLFW SK\VLFDO WRUWXUH RQ WKHP LQ RUGHU WR FRHUFH WKHP WR JLYH XS,VODP
7KHPRVWSLWLIXOYLFWLPVRIWKHLUSHUVHFXWLRQZHUHWKHSRRUSHRSOHDQGWKHVODYHVDQGWKH
SURWHJHV RI WKH 4XUDLVK 7KH\ ZHUH EHDWHQ EODFN DQG EOXH ZHUH LPSULVRQHG DQG NHSW
WKLUVW\ DQG KXQJU\ DQG ZHUH GUDJJHG RQ WKH EXUQLQJ VDQGV RI 0DNNDK 7KH SHRSOH
ZRXOGJHWZRUNIURPWKHSURIHVVLRQDO ODERUHUVEXWZRXOGQRWSD\WKHPWKHLUZDJHV$V
DQ LQVWDQFH ZH JLYH EHORZ WKH VWRU\ RI +DGUDW .KDEEDE ELQ $UDW ZKLFK LV JLYHQ LQ
%XNKDULDQG0XVOLP,XVHGWRZRUNDVDEODFNVPLWKLQ0DNNDK2QFH,GLGVRPHZRUN
IRU$VELQ:D
LO:KHQ,ZHQWWRDVNIRUP\ZDJHVKHVDLG
,ZLOOQRWSD\\RXUZDJHV
XQOHVV\RXGLVRZQ0XKDPPDG

LVODPPHVVDJHFRP 
,QWKHVDPHFRQQHFWLRQ+DGUDW.KDEEDEVD\V2QHGD\WKH+RO\3URSKHWZDVVLWWLQJLQ
WKH VKDGRZ RI WKH .D
DEDK , ZHQW WR KLP DQG VDLG
 0HVVHQJHU RI $OODK QRZ
SHUVHFXWLRQKDVJRQHWRLWVH[WUHPHZK\GR\RXQRWSUD\WR$OODK IRUUHOLHI "
$WWKLV
WKH +RO\ 3URSKHW ZDV JUHDWO\ PRYHG +H VDLG
7KH EHOLHYHUV EHIRUH \RX ZHUH
SHUVHFXWHGPXFKPRUHWKDQ\RX7KHLUERQHVZHUHVFUDSHGZLWKFRPEVRILURQDQGWKHLU
KHDGV ZHUH FXW ZLWK VDZV EXW VWLOO WKH\ GLG QRW JLYH XS WKHLU )DLWK , DVVXUH \RX WKDW
$OODK ZLOO IXOILOO WKLV 0LVVLRQ DQG WKHUH ZLOO FRPH D SHULRG RI VXFK SHDFH WKDW RQH
ZRXOG WUDYHO IURP 6DQQD WR +DGUDPDXW DQG KH ZLOO KDYH QR IHDU IURP DQ\RQH VDYH
$OODK%XW\RXSHRSOHKDYHDOUHDG\EHFRPHLPSDWLHQW
 %XNKDUL
:KHQWKHFRQGLWLRQVEHFDPHXQEHDUDEOHWKH+RO\3URSKHWLQWKHPRQWKRI5DMDERIWKH
ILIWK\HDURI3URSKHWKRRGJDYHDGYLFHWRKLV&RPSDQLRQVWRWKLVHIIHFW<RXPD\ZHOO
PLJUDWH WR +DEDVK IRU WKHUH LV D NLQJ ZKR GRHV QRW DOORZ DQ\ NLQG RI LQMXVWLFH WR
DQ\RQHDQGWKHUHLVJRRGLQKLVODQG<RXVKRXOGUHPDLQWKHUHWLOOWKHWLPHWKDW$OODK
SURYLGHVDUHPHG\IRU\RXUDIIOLFWLRQ
$FFRUGLQJO\DWILUVWHOHYHQPHQDQGIRXUZRPHQOHIWIRU+DEDVK7KH4XUDLVKSXUVXHG
WKHPXSWRWKHFRDVWEXWIRUWXQDWHO\WKH\JRWDWLPHO\ERDWIRU+DEDVKDWWKHVHDSRUWRI
6KX
DLEDKDQGWKH\HVFDSHGDWWHVW7KHQDIWHUDIHZPRQWKVRWKHUSHRSOHPLJUDWHGWR
+DEDVK DQG WKHLU QXPEHU URVH WR HLJKW\WKUHH PHQ DQG HOHYHQ ZRPHQ RI WKH 4XUDLVK
DQGVHYHQQRQ4XUDLVK$IWHUWKLVRQO\IRUW\SHUVRQVZHUHOHIWZLWKWKH+RO\3URSKHWDW
0DNNDK
7KHUHZDVDJUHDWKXHDQGFU\LQ0DNNDKDIWHUWKLV0LJUDWLRQIRUHYHU\IDPLO\RIWKH
4XUDLVKZDVDGYHUVHO\DIIHFWHGE\WKLV7KHUHZDVKDUGO\DIDPLO\RIWKH4XUDLVKZKLFK
GLG QRW ORVH D VRQ D VRQLQODZ D GDXJKWHU D EURWKHU RU D VLVWHU )RU LQVWDQFH WKHUH
ZHUHDPRQJWKH0LJUDQWVWKHQHDUUHODWLYHVRI$EX-DKO$EX6XI\DQDQGRWKHUFKLHIRI
WKH4XUDLVKZKRZHUHQRWRULRXVIRUWKHLUSHUVHFXWLRQRIWKH0XVOLPV$VDUHVXOWRIWKLV
VRPHRIWKHPEHFDPHHYHQPRUHELWWHULQWKHLUHQPLW\RI,VODPZKLOHWKHUHZHUHRWKHUV
ZKRZHUHVRPRYHGE\WKLVWKDWWKH\HPEUDFHG,VODP)RULQVWDQFHWKLV0LJUDWLRQOHIWD
GHHSPDUNRQ+DGUDW8PDU2QHRIKLVUHODWLYHV/DLODGDXJKWHURI+DWKPDKVD\V,
ZDVSDFNLQJP\OXJJDJHIRU0LJUDWLRQZKLOHP\KXVEDQG$PUELQ5DEL\
DKKDGJRQH
RXW,QWKHPHDQWLPH8PDUFDPHWKHUHDQGEHJDQWRZDWFKPHZKLOH,ZDVHQJDJHGLQ
SUHSDUDWLRQIRUWKHMRXUQH\7KHQKHVDLG
$UH\RXDOVR JRLQJWRPLJUDWH"
,DQVZHUHG

<HVE\*RG\RXSHRSOHKDYHSHUVHFXWHGXVPXFK%XWWKHZLGHHDUWKRI$OODKLVRSHQ
IRUXV1RZZHDUHJRLQJWRDSODFHZKHUH$OODKZLOOJUDQWXVSHDFH
$WWKLV,QRWLFHG
VXFKVLJQVRIHPRWLRQRQWKHIDFHRI8PDUDV,KDGQHYHUVHHQEHIRUH+HVLPSO\VDLG

0D\*RGEHZLWK\RX
DQGZHQWDZD\
$IWHUWKHPLJUDWLRQWKH4XUDLVKKHOGFRQVXOWDWLRQVDQGGHFLGHGWRVHQG$EGXOODKELQ
$EL5DEL\
DKKDOIEURWKHURI$EX-DKODQG$PUELQ$VWR+DEDVKZLWKSUHFLRXVJLIWVVR
DV WR SHUVXDGH 1HJXV WR VHQG WKH PLJUDQWV EDFN WR 0DNNDK +DGUDW 8PP 6DOPDK D
ZLIH RI WKH +RO\ 3URSKHW  ZKR ZDV DPRQJ WKH PLJUDQWV KDV UHODWHG WKLV SDUW RI WKH
VWRU\ LQ GHWDLO 6KH VD\V :KHQ WKHVH WZR FOHYHU VWDWHVPHQ RI WKH 4XUDLVK UHDFKHG
+DEDVKWKH\GLVWULEXWHGWKHJLIWVDPRQJWKHFRXUWLHUVRIWKH.LQJDQGSHUVXDGHGWKHP
WRUHFRPPHQGVWURQJO\WRKLPWRVHQGWKHPLJUDQWVEDFN7KHQWKH\VDZ1HJXVKLPVHOI
LVODPPHVVDJHFRP 
DQGSUHVHQWLQJULFKJLIWVWRKLPVDLG6RPHKHDGVWURQJEUDWVRIRXUFLW\KDYHFRPHWR
\RXUODQGDQG RXUFKLHIVKDYHVHQWXVWR\RXZLWKWKHUHTXHVWWKDW\RXPD\NLQGO\VHQG
WKHPEDFN7KHVHEUDWVKDYHIRUVDNHQRXUIDLWKDQGKDYHQRWHPEUDFHG\RXUIDLWKHLWKHU
EXW KDYH LQYHQWHG D QHZ IDLWK $V VRRQ DV WKH\ KDG ILQLVKHG WKHLU VSHHFK DOO WKH
FRXUWLHUV UHFRPPHQGHG WKHLU FDVH VD\LQJ :H VKRXOG VHQG VXFKSHRSOHEDFNWRWKHLU
FLW\IRUWKHLUSHRSOHNQRZWKHPEHWWHU,WLVQRWSURSHUIRUXVWRNHHSWKHPKHUH$WWKLV
WKH .LQJ ZDV DQQR\HG DQG VDLG , DP QRW JRLQJ WR JLYH WKHP EDFN ZLWKRXW SURSHU
HQTXLU\ $V WKHVH SHRSOH KDYH SXW WKHLU WUXVW LQ P\ FRXQWU\ UDWKHU WKDQ LQ DQ\ RWKHU
FRXQWU\DQGKDYHFRPHKHUHWRWDNHVKHOWHU,ZLOOQRWEHWUD\WKHP$WILUVW,ZLOOVHQG
IRUWKHPDQGLQYHVWLJDWHLQWRWKHDOOHJDWLRQVWKHVHSHRSOHKDYHPDGHDJDLQVWWKHP7KHQ
,ZLOOPDNHP\ILQDOGHFLVLRQ$FFRUGLQJO\WKH.LQJVHQWIRUWKH&RPSDQLRQVRIWKH
+RO\3URSKHWDQGDVNHGWKHPWRFRPHWRKLVFRXUW
:KHQ WKH PLJUDQWV UHFHLYHG WKH PHVVDJH RI WKH .LQJ WKH\ DVVHPEOHG DQG KHOG
FRQVXOWDWLRQV DV WR ZKDW WKH\ VKRXOG VD\ WR WKH .LQJ $W ODVW WKH\ FDPH WR WKLV
XQDQLPRXV GHFLVLRQ :H ZLOO SUHVHQW EHIRUH WKH .LQJ WKH WHDFKLQJV RI WKH +RO\
3URSKHWZLWKRXWDGGLQJDQ\WKLQJWRRUZLWKKROGLQJDQ\WKLQJIURPWKHPDQGOHDYHLWWR
KLPZKHWKHUKHOHWVXVUHPDLQKHUHRUWXUQVXVRXWRIKLVFRXQWU\:KHQWKH\FDPHWR
WKHFRXUWWKH.LQJSXWWKLVSUREOHPDEUXSWO\EHIRUHWKHP,XQGHUVWDQGWKDW\RXKDYH
JLYHQXSWKHIDLWKRI\RXURZQSHRSOHDQGKDYHQHLWKHUHPEUDFHGP\IDLWKQRUDQ\RWKHU
H[LVWLQJ IDLWK , ZRXOG OLNH WR NQRZ ZKDW \RXU QHZ IDLWK LV  $W WKLV -DIDU ELQ $EL
7DOLERQEHKDOIRIWKHPLJUDQWVPDGHDQH[WHPSRUHVSHHFKWRWKLVHIIHFW2.LQJ:H
ZHUH VXQN GHHS LQ LJQRUDQFH DQG KDG EHFRPH YHU\ FRUUXSW WKHQ 0XKDPPDG $OODK
V
SHDFHEHXSRQKLP FDPHWRXVDVD0HVVHQJHURI*RGDQGGLG KLVEHVWWRUHIRUPXV
%XWWKH4XUDLVKEHJDQWRSHUVHFXWHKLVIROORZHUVVRZHKDYHFRPHWR\RXUFRXQWU\LQ
WKHKRSHWKDWKHUHZHZLOOEHIUHHIURPSHUVHFXWLRQ$IWHU KLVVSHHFKWKH.LQJVDLG
3OHDVH UHFLWH D SLHFH RI WKH 5HYHODWLRQ ZKLFK KDV EHHQ VHQW GRZQ E\ *RG WR \RXU
3URSKHW,QUHVSRQVH+DGUDW-DIDUUHFLWHGWKDWSRUWLRQRI6XUDK0DU\DPZKLFKUHODWHV
WKHVWRU\RI3URSKHWV-RKQDQG-HVXV $OODK
VSHDFHEHXSRQWKHP 7KH.LQJOLVWHQHGWR
LW DQG ZHSW VR PXFK VR WKDW KLV EHDUG EHFDPH ZHW ZLWK WHDUV :KHQ +DGUDW -DIDU
ILQLVKHGWKHUHFLWDOKHVDLG0RVWVXUHO\WKLV5HYHODWLRQDQGWKH0HVVDJHRI-HVXVKDYH
FRPH IURP WKH VDPH VRXUFH %\ *RG , ZLOO QRW JLYH \RX XS LQWR WKH KDQGV RI WKHVH
SHRSOH
1H[WGD\$PUELQ$VZHQWWR1HJXVDQGVDLG3OHDVHVHQGIRUWKHPDJDLQDQGDVNWKHP
FRQFHUQLQJ WKH FUHHG WKH\ KROG DERXW -HVXV WKH VRQ RI 0DU\ IRU WKH\ VD\ D KRUULEOH
WKLQJDERXWKLP7KH.LQJDJDLQVHQWIRUWKHPLJUDQWVZKRKDGDOUHDG\OHDUQWDERXW
WKH VFKHPH RI $PU 7KH\ DJDLQ VDW WRJHWKHU DQG KHOG FRQVXOWDWLRQV LQ UHJDUG WR WKH
DQVZHU WKH\ VKRXOG JLYH WR WKH .LQJ LI KH DVNHG DERXW WKH EHOLHI WKH\ KHOG DERXW
3URSKHW -HVXV 7KRXJK WKLV ZDV D YHU\ FULWLFDO VLWXDWLRQ DQG DOO RI WKHP ZHUH XQHDV\
DERXWLWWKH\GHFLGHGWKDWWKH\ZRXOGVD\WKHVDPHWKLQJWKDW $OODKDQG+LV0HVVHQJHU
KDG WDXJKW WKHP $FFRUGLQJO\ ZKHQ WKH\ ZHQW WR WKH FRXUW WKH .LQJ SXW WKHP WKH
TXHVWLRQWKDWKDGEHHQVXJJHVWHGE\$PUELQ$V6R-DIDUELQ$EL7DOLEVWRRGXSDQG
DQVZHUHGZLWKRXWWKHOHDVWKHVLWDWLRQ+HZDVD6HUYDQWRI$OODKDQG+LV0HVVHQJHU
LVODPPHVVDJHFRP 
+HZDVD6SLULWDQGD:RUGRI$OODKZKLFKKDGEHHQVHQWWRYLUJLQ0DU\$WWKLVWKH
.LQJSLFNHGXSDVWUDZIURPWKHJURXQGDQGVDLG
%\H*RG-HVXVZDVQRWZRUWKWKLV
VWUDZPRUHWKDQZKDW\RXKDYHVDLGDERXWKLP$IWHUWKLVWKH.LQJ UHWXUQHGWKHJLIWV
VHQW E\ WKH 4XUDLVK VD\LQJ , GR QRW WDNH DQ\ EULEH 7KHQ KH VDLG WR WKH PLJUDQWV
<RXDUHDOORZHGWRVWD\KHUHLQSHUIHFWSHDFH
7KHPHDQG6XEMHFW
.HHSLQJ LQ YLHZ WKLV KLVWRULFDO EDFNJURXQG LW EHFRPHV TXLWH REYLRXV WKDW WKLV 6XUDK
ZDVVHQWGRZQWRVHUYHWKHPLJUDQWVDVDSURYLVLRQIRUWKHLUMRXUQH\WR+DEDVKDVLI
WR VD\ 7KRXJK \RX DUH OHDYLQJ \RXU FRXQWU\ DV SHUVHFXWHG HPLJUDQWV WR D &KULVWLDQ
FRXQWU\\RXVKRXOGQRWLQWKHOHDVWKLGHDQ\WKLQJIURPWKHWHDFKLQJV\RXKDYHUHFHLYHG
7KHUHIRUH\RXVKRXOGSODLQO\VD\WRWKH&KULVWLDQVWKDW3URSKHW-HVXVZDVQRWWKHVRQRI
*RG
$IWHU UHODWLQJ WKH VWRU\ RI 3URSKHWV -RKQ DQG -HVXV LQ YY  WKH VWRU\ RI 3URSKHW
$EUDKDP KDV EHHQ UHODWHG YY DOVRIRU WKHEHQHILWRIWKH0LJUDQWVIRU KHDOVR
KDG EHHQ IRUFHG OLNH WKHP WR OHDYH KLV FRXQWU\ E\ WKH SHUVHFXWLRQ RI KLV IDWKHU KLV
IDPLO\DQGKLVFRXQWU\PHQ2QWKHRQHKDQGWKLVPHDQWWRFRQVROHWKH(PLJUDQWVWKDW
WKH\ZHUHIROORZLQJWKHIRRWVWHSVRI3URSKHW$EUDKDPDQGZRXOGDWWDLQWKHVDPHJRRG
HQGDVWKDW3URSKHWGLG2QWKHRWKHUKDQGLWPHDQWWRZDUQWKHGLVEHOLHYHURI0DNNDK
WKDWWKH\VKRXOGQRWHLWZHOOWKDWWKH\ZHUHLQWKHSRVLWLRQRIWKHFUXHOSHRSOHZKRKDG
SHUVHFXWHG WKHLU IRUHIDWKHU DQG OHDGHU$EUDKDPZKLOHWKH0XVOLP(PLJUDQWVZHUHLQ
WKHSRVLWLRQRI3URSKHW$EUDKDPKLPVHOI
7KHQ WKH PHQWLRQ RI WKH RWKHU 3URSKHWV KDV EHHQ PDGH LQ YY  ZLWK D YLHZ WR
LPSUHVVWKDW0XKDPPDG $OODK
VSHDFHEHXSRQKLP KDGEURXJKWWKHVDPHZD\RI/LIH
WKDW KDG EHHQ EURXJKW E\ WKH IRUPHU 3URSKHWV EXW WKHLU IROORZHUV KDG EHFRPH FRUUXSW
DQGDGRSWHGZURQJZD\V
,QWKHFRQFOXGLQJSDVVDJH YY DVWURQJFULWLFLVPKDVEHHQPDGHRIWKHHYLOZD\V
RIWKHGLVEHOLHYHUVRI0DNNDKZKLOHWKH%HOLHYHUVKDYHEHHQJLYHQWKHJRRGQHZVWKDW
WKH\ZRXOGFRPHRXWVXFFHVVIXODQGEHFRPHWKHEHORYHGRIWKHSHRSOHLQVSLWHRIWKH
ZRUVWHIIRUWVRIWKHHQHPLHVRIWKH7UXWK

7DKD
1DPH
7KLV 6XUDK WDNHVLWVQDPHIURPLWVILUVWZRUG7D+D7KLVQDPHOLNHWKHQDPHVRI
PDQ\RWKHU6XUDKVLVPHUHO\V\PEROLF
3HULRGRI5HYHODWLRQ
7KHSHULRGRILWVUHYHODWLRQLVWKHVDPHDVRI6XUDK0DU\DP,WLVMXVWSRVVLEOHWKDWLW
ZDVVHQWGRZQGXULQJWKH0LJUDWLRQWR+DEDVKRUMXVWDIWHULW$Q\KRZLWLVFHUWDLQWKDW
WKLV6XUDKZDVUHYHDOHGEHIRUH+DGUDW8PDUHPEUDFHG,VODP
$FFRUGLQJWRDZHOONQRZQDQGDXWKHQWLFWUDGLWLRQZKHQ+DGUDW8PDUVHWRXWWRNLOOWKH
+RO\ 3URSKHW KH PHW D FHUWDLQ SHUVRQ ZKR VDLG %HIRUH \RX GR DQ\WKLQJ HOVH \RX
VKRXOG NQRZ WKDW \RXU RZQ VLVWHU DQG EURWKHULQODZ KDYH HPEUDFHG ,VODP +HDULQJ
WKLVKHGLUHFWO\ZHQWWRWKHKRXVHRIKLVVLVWHU7KHUHKHIRXQGKLVVLVWHU)DWLPDKDQG
LVODPPHVVDJHFRP 
KLV EURWKHULQODZ 6DLG ELQ =DLG OHDUQLQJ WKH FRQWHQWV RI D VFUROO IURP .KDEEDE ELQ
$UW :KHQ )DWLPDK VDZ KLP FRPLQJ VKH KLG WKH VFUROO DW RQFH EXW +DGUDW 8PDU KDG
KHDUGWKHUHFLWDOVRKHEHJDQWRLQWHUURJDWHWKHPDERXWLW7KHQKHEHJDQWRWKUDVKKLV
EURWKHULQODZDQGZRXQGHGKLVVLVWHUZKRWULHGWRSURWHFWKLP$WODVWERWKRIWKHP
FRQIHVVHG :H KDYH EHFRPH 0XVOLPV \RX PD\ GR ZKDWHYHU \RX OLNH  $V +DGUDW
8PDU ZDV PRYHG WR VHH EORRG UXQQLQJ GRZQ IURP KHU KHDG KH VDLG 6KRZ PH WKH
WKLQJ\RXZHUHUHDGLQJ7KHVLVWHUDVNHGKLPWRSURPLVHRQRDWKWKDWKHZRXOGQRWWHDU
LWDQGDGGHG<RXFDQQRWWRXFKLWXQOHVV\RXKDYHDEDWK$FFRUGLQJO\ +DGUDW8PDU
WRRN KLV EDWK DQG ZKHQ KH EHJDQ WR UHDG WKH VFUROO ZKLFK FRQWDLQHG WKLV 6XUDK KH
VSRQWDQHRXVO\VSRNHRXW:KDWDQH[FHOOHQWWKLQJ$WWKLV+DGUDW.KDEEDEZKRKDG
KLGGHQKLPVHOIDWWKHVRXQGRIKLVIRRWVWHSVFDPHRXWRIKLVKLGLQJDQGVDLG%\*RG,
KDYH KLJK H[SHFWDWLRQV WKDW $OODK ZLOO JHW JUHDW VHUYLFH IURP \RX WR SURSDJDWH WKH
0HVVDJHRI+LV3URSKHWIRUMXVW\HVWHUGD\,KHDUGWKH+RO\3URSKHWSUD\LQJWR$OODK

0\/RUGPDNH$EXO+DNDPELQ+LVKDP $EX-DKO RU8PDUELQ.KDWWDEDVXSSRUWHU


RI ,VODP 6R 2 8PDU WXUQ WR $OODK WXUQ WR $OODK  7KHVH ZRUGV SURYHG WR EH VR
SHUVXDVLYHWKDWKHDWRQFHDFFRPSDQLHG+DGUDW.KDEEDEDQGZHQWWRWKH+RO\3URSKHW
WRHPEUDFH,VODP7KLVKDSSHQHGDVKRUWWLPHDIWHUWKH0LJUDWLRQWR+DEDVK
7KHPHDQG7RSLFVRI'LVFXVVLRQ
7KLV6XUDKEHJLQVZLWKWKHHQXQFLDWLRQRIWKHREMHFWRIWKH5HYHODWLRQRIWKH4XU
DQWR
WKLV HIIHFW 2 0XKDPPDG WKLV 4XU
DQ KDV QRW EHHQ VHQW GRZQ WR \RX WR SXW \RX
XQQHFHVVDULO\ WR VRPH JUHDW DIIOLFWLRQ ,W GRHV QRW GHPDQG IURP \RX WR SHUIRUP WKH
LPSRVVLEOH WDVN RI LPEXLQJ WKH KHDUWV RI WKH REGXUDWH GLVEHOLHYHUV ZLWK )DLWK ,W LV
PHUHO\DQDGPRQLWLRQPHDQWWRJXLGHRQWRWKH5LJKW3DWKWKRVHZKRIHDU*RGDQGZDQW
WRVDYHWKHPVHOYHVIURP+LVSXQLVKPHQW7KLV4XU
DQLVWKH:RUGRIWKH0DVWHURIWKH
HDUWKDQGWKHKHDYHQVDQG*RGKHDGEHORQJVWR+LPDORQH7KHVHWZRIDFWVDUHHWHUQDO
ZKHWKHURQHEHOLHYHVWKHPRUQRW
$IWHU WKLV LQWURGXFWLRQ WKH 6XUDK DEUXSWO\ PRYHV RQ WR UHODWH WKH VWRU\ RI 3URSKHW
0RVHV ZLWKRXW DQ\ DSSDUHQW UHOHYDQF\DQGZLWKRXWHYHQKLQWLQJDWLWVDSSOLFDELOLW\WR
WKH HYHQWV RI WKH SHULRG +RZHYHU LI ZH UHDG EHWZHHQ WKH OLQHV ZH UHDOL]H WKDW WKH
GLVFRXUVHLVDGGUHVVHGYHU\UHOHYDQWO\WRWKHSHRSOHRI0DNNDK%XWEHIRUHZHH[SODLQ
WKHKLGGHQPHDQLQJRIWKHGLVFRXUVHZHPXVWNHHSLQYLHZWKHIDFWWKDWWKH$UDEVLQ
JHQHUDODFNQRZOHGJHG0RVHVDVD3URSKHWRI*RG7KLVZDVVREHFDXVHWKH\KDGEHHQ
LQIOXHQFHG E\ WKH ODUJH QXPEHU RI WKH -HZV DURXQG WKHP DQG E\ WKH QHLJKERULQJ
&KULVWLDQNLQJGRPV1RZOHWXVVWDWHWKRVH WKLQJVZKLFKDUHKLGGHQEHWZHHQWKHOLQHVRI
WKHVWRU\
 $OODK GRHV QRW DSSRLQW D 3URSKHW E\ WKH EHDW RI GUXPV RU 0\ FHOHEUDWLQJ WKH
RFFDVLRQLQDUHJXODUDQGIRUPDOFHUHPRQ\DVLIWRVD\:HDUHDSSRLQWLQJVXFKDQG
VXFKDSHUVRQDV2XU3URSKHWIURPWRGD\2QWKHFRQWUDU\+HEHVWRZV3URSKHWKRRG
LQ D FRQILGHQWLDO PDQQHU MXVW DV +H GLG LQ WKH FDVH RI 3URSKHW 0RVHV 7KHUHIRUH \RX
VKRXOGQRWFRQVLGHULWVWUDQJHLI+DGUDW0XKDPPDGKDVEHHQDSSRLQWHGDVD3URSKHWDOO
RIDVXGGHQDQGZLWKRXWDQ\SXEOLFSURFODPDWLRQ

LVODPPHVVDJHFRP 
 7KH IXQGDPHQWDO SULQFLSOHV SUHVHQWHG E\ 3URSKHW 0XKDPPDG 7DXKLG DQG WKH
+HUHDIWHU DUH MXVW WKH VDPH DV ZHUH WDXJKW WR 3URSKHW 0RVHV DW WKH WLPH RI KLV
DSSRLQWPHQW
3URSKHW0XKDPPDGKDVEHHQPDGHWKHVWDQGDUGEHDUHURIWKH0HVVDJHRIWKH7UXWK
DPRQJ WKH SHRSOH RI WKH 4XUDLVK DOO E\ KLPVHOI ZLWKRXW PDWHULDO SURYLVLRQV MXVW DV
3URSKHW0RVHVZDVHQWUXVWHGZLWKWKH0LVVLRQWRJRWRDW\UDQWNLQJOLNH3KDUDRKDQG
DVNKLPWRJLYHXSKLVDWWLWXGHRIUHEHOOLRQ7KHVHDUHWKHP\VWHULRXVZD\VRI$OODK+H
FDWFKHVKROGRIDZD\IDUHURI0LGLDQRQKLVZD\WR(J\SWDQGVD\V*RDQGILJKWZLWK
WKHJUHDWHVWW\UDQWRIWKHWLPH+HGLGQRWSURYLGHKLPZLWKDUPLHVDQGSURYLVLRQVIRU
WKLV 0LVVLRQ 7KH RQO\ WKLQJ +H GLG ZDV WR DSSRLQW KLV EURWKHU DV KLV DVVLVWDQW DW KLV
UHTXHVW
 <RX 2 3HRSOH RI 0DNNDK VKRXOG QRWH LW ZHOO WKDW 3KDUDRK HPSOR\HG WKH VDPH
GHYLFHV DJDLQVW 3URSKHW 0RVHV DV \RX DUH HPSOR\LQJ DJDLQVW 3URSKHW 0XKDPPDG
IULYRORXVREMHFWLRQVDFFXVDWLRQVDQGFUXHOSHUVHFXWLRQV<RXVKRXOGNQRZWKDW$OODK
V
3URSKHW FDPH RXW YLFWRULRXV RYHU 3KDUDRK ZKR SRVVHVVHG ODUJH DUPLHV DQG ZDU
HTXLSPHQWV,QFLGHQWDOO\WKH0XVOLPVKDYHEHHQFRQVROHGDQGFRPIRUWHGWKRXJKQRWLQ
VR PDQ\ ZRUGV WKDW WKH\ VKRXOG QRW EH DIUDLG RI ILJKWLQJ ZLWK WKH 4XUDLVK DJDLQVW
IHDUIXO RGGV IRU WKH PLVVLRQ ZKLFKLVVXSSRUWHGE\$OODKFRPHVRXWYLFWRULRXVLQWKH
HQG$WWKHVDPHWLPHWKH0XVOLPVKDYHEHHQH[KRUWHGWRIROORZWKHH[FHOOHQWH[DPSOH
RI WKH PDJLFLDQV RI (J\SW ZKR UHPDLQHG VWHDGIDVW LQ WKHLU )DLWK WKRXJK 3KDUDRK
WKUHDWHQHGWKHPZLWKKRUULEOHYHQJHDQFH
$QLQFLGHQWIURPWKHVWRU\RIWKH,VUDHOLWHVKDVEHHQFLWHGWRVKRZLQZKDWULGLFXORXV
PDQQHUWKHLGROLVDWLRQRIIDOVHJRGVDQGJRGGHVVHVVWDUWVDQGWKDWWKH3URSKHWVRI*RG
GRQRWWROHUDWHHYHQWKHVOLJKWHVWWLQJHRIWKLVSUHSRVWHURXVSUDFWLFH/LNHZLVH3URSKHW
0XKDPPDGLVIROORZLQJWKHIRUPHU3URSKHWVLQRSSRVLQJVKLUNDQGLGROZRUVKLSWRGD\
7KXVWKHVWRU\RI0RVHVKDVEHHQXVHGWRWKURZOLJKWRQDOOWKRVHPDWWHUVZKLFKZHUH
FRQQHFWHGZLWKWKHFRQIOLFWEHWZHHQWKH+RO\3URSKHWDQGWKH4XUDLVK7KHQDWWKHHQG
RIWKHVWRU\WKH4XUDLVKKDYHEHHQEULHIO\DGPRQLVKHGDVLIWRVD\7KH4XU
DQKDV
EHHQ VHQW GRZQ LQ \RXU WRQJXH IRU \RXU RZQ JRRG ,I \RX OLVWHQ WR LW DQG IROORZ LWV
DGPRQLWLRQ \RX ZLOO EH GRLQJ VR IRU \RXU RZQ JRRG EXW LI \RX UHMHFW LW \RX ZLOO
\RXUVHOYHVPHHWZLWKDQHYLOHQG
$IWHUWKLVWKHVWRU\RI3URSKHW$GDPKDVEHHQUHODWHGDVLIWRWHOOWKH4XUDLVK7KHZD\
\RXDUHIROORZLQJLVWKHZD\RI6DWDQZKHUHDVWKHULJKWZD\IRUDPDQLVWRIROORZKLV
IDWKHU $GDP +H ZDV EHJXLOHG E\ 6DWDQ EXW ZKHQ KH UHDOL]HG KLV HUURU KH SODLQO\
FRQIHVVHG LW DQG UHSHQWHG DQG DJDLQ WXUQHG EDFN WR WKH VHUYLFH RI $OODK DQG ZRQ +LV
IDYRU2QWKHRWKHUKDQGLIDSHUVRQIROORZV6DWDQDQGVWLFNVWRKLVHUURUREGXUDWHO\LQ
VSLWHRIDGPRQLWLRQKHGRHVKDUPWRKLPVHOIDORQHOLNH6DWDQ
,QWKHHQGWKH+RO\3URSKHWDQGWKH0XVOLPVKDYHEHHQDGYLVHGQRWWREHLPSDWLHQWLQ
UHJDUGWRWKHSXQLVKPHQWWRWKHGLVEHOLHYHUVDVLIWRVD\$OODKKDV+LV2ZQVFKHPH
FRQFHUQLQJ WKHP +H GRHV QRW VHL]H WKHP DW RQFH EXW JLYHV WKHP VXIILFLHQW UHVSLWH
7KHUHIRUH\RXVKRXOGQRWJURZLPSDWLHQWEXWEHDUWKHSHUVHFXWLRQVZLWKIRUWLWXGHDQGJR
RQFRQYH\LQJWKH0HVVDJH
LVODPPHVVDJHFRP 
,Q WKLV FRQQHFWLRQ JUHDW HPSKDVLV KDV EHHQ ODLG RQ VDODW VR WKDW LW PD\ FUHDWH LQ WKH
EHOLHYHUV WKH YLUWXHV RI SDWLHQFH IRUEHDUDQFH FRQWHQWPHQW UHVLJQDWLRQ WR WKH ZLOO RI
*RGDQGVHOIDQDO\VLVIRUWKHVHDUHJUHDWO\QHHGHGLQWKHVHUYLFHRIWKH0HVVDJHRIWKH
7UXWK

$QEL\DD
1DPH
7KH QDPH RI WKLV 6XUDK KDV QRW EHHQ WDNHQ IURP DQ\ YHUVH EXW LW KDV EHHQ FDOOHG $O
$QEL\DD EHFDXVH LW FRQWDLQV D FRQWLQXRXV DFFRXQW RI PDQ\ $QEL\DD 3URSKHWV 
1HYHUWKHOHVVLWLVDV\PEROLFQDPHDQGQRWDWLWOH
3HULRGRI5HYHODWLRQ
%RWKWKHVXEMHFWPDWWHUDQGWKHVW\OHRIWKH6XUDKLQGLFDWHWKDWLWZDVVHQWGRZQLQWKH
WKLUGVWDJHRIWKHOLIHRIWKH+RO\3URSKHWDW0DNNDK 6HD,QWURGXFWLRQWR&KDSWHU9, 
6XEMHFWDQG7RSLFV
7KLV6XUDKGLVFXVVHVWKHFRQIOLFWEHWZHHQWKH+RO\3URSKHWDQGWKHFKLHIVRI0DNNDK
ZKLFK ZDV UDPSDQW DW WKH WLPH RI LWV 5HYHODWLRQ DQG DQVZHUV WKRVH REMHFWLRQV DQG
GRXEWVZKLFKZHUHEHLQJSXWIRUZDUGFRQFHUQLQJKLV3URSKHWKRRGDQGWKH'RFWULQHVRI
7DXKLG DQG WKH +HUHDIWHU 7KH FKLHIV RI 0DNNDK KDYH DOVR EHHQ UHEXNHG IRU WKHLU
PDFKLQDWLRQV DJDLQVW WKH +RO\ 3URSKHW DQG ZDUQHG RI WKH HYLO FRQVHTXHQFHV RI WKHLU
ZLFNHG DFWLYLWLHV 7KH\ KDYH EHHQ DGPRQLVKHG WR JLYH XS WKHLU LQGLIIHUHQFH DQG
KHHGOHVVQHVVWKDWWKH\ZHUHVKRZLQJDERXWWKH0HVVDJH$WWKHHQGRIWKH6XUDKWKH\
KDYH EHHQ WROG WKDW WKH SHUVRQ ZKRP WKH\ FRQVLGHUHG WREHDGLVWUHVVDQGDIIOLFWLRQ
KDGLQUHDOLW\FRPHWRWKHPDVDEOHVVLQJ
0DLQ7KHPHV
,QYYWKHIROORZLQJWKHPHVKDYHEHHQGLVFXVVHGLQSDUWLFXODU
 7KHREMHFWLRQRIWKHGLVEHOLHYHUVWKDWDKXPDQEHLQJFRXOGQRWEHD0HVVHQJHUDQG
WKHUHIRUHWKH\FRXOGQRWDFFHSW0XKDPPDG SHDFHEHXSRQKLP DVD3URSKHWKDVEHHQ
UHIXWHG
  7KH\KDYHEHHQWDNHQWRWDVNIRUUDLVLQJPXOWLIDULRXVDQGFRQWUDGLFWRU\REMHFWLRQV
DJDLQVWWKH+RO\3URSKHWDQGWKH4XU
DQ
  7KHLU ZURQJ FRQFHSWLRQ RI OLIH KDV EHHQ SURYHG WR EH IDOVH EHFDXVH LW ZDV
UHVSRQVLEOHIRUWKHLULQGLIIHUHQWDQGKHHGOHVVDWWLWXGHWRZDUGVWKH0HVVDJHRIWKH+RO\
3URSKHW 7KH\ EHOLHYHG WKDW OLIH ZDV PHUHO\ D VSRUW DQG SDVWLPH DQG KDG QR SXUSRVH
EHKLQGRUEHIRUHLWDQGWKHUHZDVQRDFFRXQWDELOLW\RUUHZDUGRUSXQLVKPHQW
 7KHPDLQFDXVHRIWKHFRQIOLFWEHWZHHQWKHGLVEHOLHYHUVDQGWKH+RO\3URSKHWZDV
WKHLULQVLVWHQFHRQWKHGRFWULQHRIVKLUNDQGDQWDJRQLVPWRWKH'RFWULQHRI7DXKLG6RWKH
GRFWULQHRIVNLUNKDVEHHQUHIXWHGDQGWKH'RFWULQHRI7DXKLGUHLQIRUFHGE\ZHLJKW\DQG
LPSUHVVLYHWKRXJKEULHIDUJXPHQWV
 $UJXPHQWVDQGDGPRQLWLRQVKDYHEHHQXVHGWRUHPRYHDQRWKHUPLVXQGHUVWDQGLQJRI
WKHLUV7KH\SUHVXPHGWKDW0XKDPPDG SHDFHEHXSRQKLP ZDVDIDOVHSURSKHWDQGKLV
ZDUQLQJV RI D VFRXUJH IURP *RG ZHUH HPSW\ WKUHDWV MXVW EHFDXVH QR VFRXUJH ZDV
YLVLWLQJWKHPLQVSLWHRIWKHLUSHUVLVWHQWUHMHFWLRQRIWKH3URSKHW,QYYLQVWDQFHV
LVODPPHVVDJHFRP 
KDYHEHHQFLWHGIURPWKHLPSRUWDQWHYHQWVRIWKHOLIHVWRULHVRIWKH3URSKHWVWRVKRZWKDW
DOO WKH 3URSKHWV ZKR ZHUH VHQW E\ *RG ZHUH KXPDQ EHLQJV DQG KDG DOO WKH
FKDUDFWHULVWLFVRIDPDQH[FHSWWKRVHZKLFKZHUHH[FOXVLYHWR3URSKHWKRRG7KH\KDG
QRVKDUHLQ*RGKHDGDQGWKH\KDGWRLPSORUH$OODKWRIXOILOOHDFKDQGHYHU\QHFHVVLW\RI
WKHLUV
$ORQJZLWKWKHVHWZRRWKHUWKLQJVKDYHDOVREHHQPHQWLRQHG
 $OOWKH3URSKHWVKDGWRSDVVWKURXJKGLVWUHVVDQGDIIOLFWLRQWKHLURSSRQHQWVGLGWKHLU
ZRUVW WR WKZDUW WKHLU PLVVLRQ EXW LQ VSLWH RI LW WKH\ FDPH RXW VXFFHVVIXO E\ WKH
H[WUDRUGLQDU\VXFFRU IURP$OODK
 $OOWKH3URSKHWVKDGRQHDQGWKHVDPHZD\RIOLIH
WKHVDPHDVZDVEHLQJSUHVHQWHG
E\0XKDPPDG $OODK
VSHDFHEHXSRQKLP DQGWKDWZDVWKHRQO\5LJKW:D\RI/LIH
DQGDOORWKHUZD\VLQYHQWHGDQGLQWURGXFHGE\PLVFKLHYRXVSHRSOHZHUHXWWHUO\ZURQJ
,QYYLWKDVEHHQGHFODUHGWKDWRQO\WKRVHZKRIROORZWKH5LJKW:D\ZLOOFRPH
RXWVXFFHVVIXOLQWKHILQDOMXGJPHQWRI*RGDQGWKRVHZKRGLVFDUGLWVKDOOPHHWZLWKWKH
ZRUVWFRQVHTXHQFHV,QYYWKHSHRSOHKDYHEHHQWROGWKDWLWLVDJUHDWIDYRURI
$OODKWKDW+HKDVVHQW+LV0HVVHQJHUWRLQIRUPWKHPEHIRUHKDQGRIWKLV5HDOLW\DQGWKDW
WKRVH ZKR FRQVLGHU KLV FRPLQJ WR EH DQ DIIOLFWLRQ LQVWHDG RI D EOHVVLQJ DUH IRROLVK
SHRSOH

+DMM
1DPH
7KLV6XUDKWDNHVLWVQDPHIURPY 
3HULRGRI5HYHODWLRQ
$VWKLV6XUDKFRQWDLQVWKHFKDUDFWHULVWLFVRIERWKWKH0DNNLDQGWKH0DGDQL6XUDKVWKH
FRPPHQWDWRUVKDYHGLIIHUHGDVWRLWVSHULRGRIUHYHODWLRQEXWLQWKHOLJKWRILWVVW\OHDQG
WKHPHVZHDUHRIWKHRSLQLRQWKDWDSDUWRILW YY ZDVVHQWGRZQLQWKHODVWVWDJH
RIWKH0DNNLOLIHRIWKH+RO\3URSKHWDOLWWOHEHIRUHPLJUDWLRQDQGWKHUHVW YY 
GXULQJ WKH ILUVW VWDJH RI KLV 0DGDQL OLIH 7KDW LV ZK\ WKLV 6XUDK FRPELQHV WKH
FKDUDFWHULVWLFVRIERWKWKH0DNNLDQGWKH0DGDQL6XUDKV
7KH VXGGHQ FKDQJH RI WKH VW\OH IURP Y  VKRZV WKDW SUREDEO\ YY  ZHUH VHQW
GRZQLQWKHPRQWKRI=XO+LMMDKLQWKHYHU\ILUVW\HDUDIWHU+LMUDK7KLVLVLQGLFDWHGE\
YYDQGFRQILUPHGE\WKHRFFDVLRQRIWKHUHYHODWLRQRIYY,WDSSHDUVWKDW
WKH PRQWK RI =XO+LMMDK PXVW KDYH EURXJKW WR WKH LPPLJUDQWV QRVWDOJLF PHPRULHV RI
WKHLUKRPHVLQ0DNNDKDQGQDWXUDOO\WKH\PXVWKDYHWKRXJKWRIWKHLU6DFUHG&LW\DQGRI
WKHLU +DMM FRQJUHJDWLRQ WKHUH DQG JULHYHG WR WKLQN WKDW WKH PXVKULN 4XUDLVK KDG
GHEDUUHGWKHPIURPYLVLWLQJWKH6DFUHG0RVTXH7KHUHIRUHWKH\PLJKWHYHQKDYHEHHQ
SUD\LQJIRUDQGH[SHFWLQJ'LYLQHSHUPLVVLRQWRZDJHZDUDJDLQVWWKRVHW\UDQWVZKRKDG
H[SHOOHGWKHPIURPWKHLUKRPHVDQGGHSULYHGWKHPRIYLVLWLQJWKH+RXVHRI$OODKDQG
PDGH LW GLIILFXOW IRU WKHP WR IROORZ WKH ZD\ RI ,VODP ,W ZDV DW WKLV SV\FKRORJLFDO
RFFDVLRQWKDWWKHVHYHUVHVZHUHVHQWGRZQ7KDWLVZK\WKHSXUSRVHIRUZKLFK0DVMLGDO
+DUDP ZDV EXLOW KDV EHHQ VSHFLILFDOO\ PHQWLRQHG ,W KDV EHHQ PDGH SODLQ WKDW +DMM
SLOJULPDJH  KDG EHHQ HQMRLQHG IRU WKH ZRUVKLS RI 2QH $OODK %XW LW LV DQ LURQ\ WKDW
LVODPPHVVDJHFRP 
DIWHUZDUGVLWKDGEHHQGHGLFDWHGWRWKHULWXDOVRIVKLUNDQGWKHZRUVKLSSHUVRI2QH$OODK
KDGEHHQGHEDUUHGIURPYLVLWLQJLW7KHUHIRUHSHUPLVVLRQIRUZDJLQJZDUDJDLQVWWKRVH
W\UDQWVKDVEHHQJLYHQWRRXVWWKHPIURPWKHUHDQGWRHVWDEOLVKWKHULJKWHRXVZD\RIOLIH
IRU HVWDEOLVKLQJ YLUWXH DQG HUDGLFDWLQJ HYLO $FFRUGLQJ WR ,EQ $EEDV 0XMDKLG8UZDK
ELQ =XEDLU =DLG ELQ $VODP 0XTDWLO ELQ +D\\DQ 4DWDGDK DQG RWKHU JUHDW
FRPPHQWDWRUVYLVWKHILUVWYHUVHWKDWJUDQWVWKH0XVOLPVSHUPLVVLRQWRZDJHZDU
&ROOHFWLRQVRI+DGLWKDQGERRNVRQWKHOLIHRIWKH+RO\3URSKHWFRQILUPWKDWDIWHUWKLV
SHUPLVVLRQDFWXDOSUHSDUDWLRQVIRUZDUZHUHVWDUWHGDQGWKHILUVWH[SHGLWLRQZDV VHQWWR
WKHFRDVWRIWKH5HG6HDLQ6DIDU$+ZKLFKLVNQRZQDVWKH([SHGLWLRQRI:DGGDQRU
$O$EZD
6XEMHFW0DWWHUDQG7KHPH7KLV6XUDKLVDGGUHVVHGWR  7KHPXVKULNVRI0DNNDK  
WKHZDYHULQJ0XVOLPVDQG  WKH7UXH%HOLHYHUV7KHPXVKULNVKDYHEHHQZDUQHGLQD
IRUFHIXOPDQQHUWRWKLVHIIHFW<RXKDYHREGXUDWHO\DQGLPSXGHQWO\SHUVLVWHGLQ\RXU
LGHDVRILJQRUDQFHDQGWUXVWHGLQ\RXUGHLWLHVLQVWHDGRI$OODKWKRXJKWKH\SRVVHVVQR
SRZHU DW DOO DQG \RX KDYH UHSXGLDWHG WKH 'LYLQH 0HVVHQJHU 1RZ \RX ZLOO PHHW WKH
VDPH HQG DV KDV EHHQ WKH GRRP RI WKRVH OLNH \RX EHIRUH <RX KDYH RQO\ KDUPHG
\RXUVHOYHVE\UHMHFWLQJ2XU3URSKHWDQGE\SHUVHFXWLQJWKHEHVWHOHPHQWRI\RXURZQ
FRPPXQLW\QRZ\RXUIDOVHGHLWLHVVKDOOQRWEHDEOHWRVDYH\RXIURPWKHZUDWKRI*RG
$WWKHVDPHWLPHWKH\KDYHEHHQDGPRQLVKHGWLPHDQGDJDLQIRUWKHLUFUHHGRIVKLUNDQG
VRXQGDUJXPHQWVKDYHEHHQJLYHQLQIDYRURI7DXKLGDQGWKH+HUHDIWHU
7KHZDYHULQJ0XVOLPVZKRKDGHPEUDFHG,VODPEXWZHUHQRWSUHSDUHGWRHQGXUHDQ\
KDUGVKLSLQLWVZD\KDYHEHHQDGPRQLVKHGWRWKLVHIIHFW:KDWLVWKLVIDLWKRI\RXUV"
2QWKHRQHKDQG\RXDUHUHDG\WREHOLHYHLQ$OODKDQGEHFRPH+LVVHUYDQWVSURYLGHG
\RX DUH JLYHQ SHDFH DQGSURVSHULW\EXWRQWKHRWKHULI\RXPHHWZLWKDIIOLFWLRQVDQG
KDUGVKLSV LQ +LV :D\ \RX GLVFDUG \RXU $OODK DQG FHDVH WR UHPDLQ +LV VHUYDQW <RX
VKRXOGEHDULQPLQGWKDWWKLVZDYHULQJDWWLWXGHRI\RXUVFDQQRWDYHUWWKRVHPLVIRUWXQHV
DQGORVVHVZKLFK$OODKKDVRUGDLQHGIRU\RX
$VUHJDUGVWKHWUXH%HOLHYHUVWKH\KDYHEHHQDGGUHVVHGLQWZRZD\V  LQDJHQHUDO
ZD\VRDVWRLQFOXGHWKHFRPPRQSHRSOHRI$UDELDDOVRDQG  LQDQH[FOXVLYHZD\
  7KH %HOLHYHUV KDYH EHHQ WROG WKDW WKH PXVKULNV RI 0DNNDK KDG QR ULJKW WR GHEDU
WKHP IURP YLVLWLQJ WKH +RO\ 0RVTXH 7KH\ KDG QR ULJKW WR SUHYHQW DQ\RQH IURP
SHUIRUPLQJ+DMMEHFDXVHWKH+RO\0RVTXHZDVQRWWKHLUSULYDWHSURSHUW\7KLVREMHFWLRQ
ZDV QRW RQO\ MXVWLILHG EXW LW DOVR DFWHG DV DQ HIIHFWLYH SROLWLFDO ZHDSRQ DJDLQVW WKH
4XUDLVK)RULWSRVHGWKLVTXHVWLRQWRWKHRWKHUFODQVRI$UDELD:HUHWKH4XUDLVKPHUH
DWWHQGDQWV RI WKH +RO\ 0RVTXH RU LWV RZQHUV" ,W LPSOLHG WKDW LI WKH\ VXFFHHGHG LQ
GHEDUULQJ WKH 0XVOLPV IURP +DMM ZLWKRXW DQ\ SURWHVW IURP RWKHUV WKH\ ZRXOG IHHO
HQFRXUDJHGLQIXWXUHWRGHEDUIURP+DMMDQG8PUDKWKHSHRSOHRIDQ\RWKHUFODQZKR
KDSSHQHGWRKDYHVWUDLQHGUHODWLRQVZLWKWKH4XUDLVK,QRUGHUWRHPSKDVL]HWKLVSRLQW
WKHKLVWRU\RIWKHFRQVWUXFWLRQRIWKH+RO\0RVTXHKDVEHHQFLWHGWRVKRZWKDWLWZDV
EXLOWE\3URSKHW$EUDKDPE\WKH&RPPDQGRI$OODKDQGKHKDGLQYLWHGDOOWKHSHRSOHV
WRSHUIRUP+DMMWKHUH7KDWLVZK\WKRVHFRPLQJIURPRXWVLGHKDGHQMR\HGHTXDOULJKWV
E\WKHORFDOSHRSOHIURPWKHYHU\EHJLQQLQJ,WKDVDOVREHHQPDGHFOHDUWKDWWKDW+RXVH
LVODPPHVVDJHFRP 
KDGQRWEHHQEXLOWIRUWKHULWXDOVRIVKLUNEXWIRUWKHZRUVKLSRI2QH$OODK7KXVLWZDV
VKHHUW\UDQQ\WKDWWKHZRUVKLSRI$OODKZDVEHLQJIRUELGGHQWKHUHZKLOHWKHZRUVKLSRI
LGROVHQMR\HGIXOOOLFHQVH
 ,QRUGHUWRFRXQWHUDFWWKHW\UDQQ\RIWKH4XUDLVKWKH0XVOLPVZHUHDOORZHGWRILJKW
ZLWKWKHP7KH\ZHUHDOVRJLYHQLQVWUXFWLRQVWRDGRSWWKHULJKWDQGMXVWDWWLWXGHDVDQG
ZKHQ WKH\ DFTXLUHG SRZHU WR UXOH LQ WKH ODQG 0RUHRYHU WKH %HOLHYHUV KDYH EHHQ
RIILFLDOO\JLYHQWKHQDPHRI0XVOLPVVD\LQJ<RXDUHWKHUHDOKHLUVWR$EUDKDPDQG
\RXKDYHEHHQFKRVHQWREHFRPHZLWQHVVHVRIWKH7UXWKEHIRUHPDQNLQG7KHUHIRUH\RX
VKRXOG HVWDEOLVK VDODW DQG SD\ WKH ]DNDW GXHV LQ RUGHU WR EHFRPH WKH EHVW PRGHOV RI
ULJKWHRXVOLIHDQGSHUIRUP-LKDGIRUSURSDJDWLQJWKH:RUGRI$OODK YY 
,WZLOOEH ZRUWKZKLOHWRNHHSLQYLHZWKHLQWURGXFWLRQVWR&KDSWHUV,, $O%DTDUDK DQG
9,,, $O$QIDO 

0XPLQHHQ
1DPH
7KHVXUDKWDNHVLWVQDPH$O0XPLQXQIURPWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ%RWKLWVVW\OHDQGWKHPH
LQGLFDWH WKDW LW ZDV UHYHDOHG GXULQJ WKH PLGGOH VWDJH RI 3URSKHWKRRG DW 0DNNDK
5HDGLQJEHWZHHQWKHOLQHVRQHIHHOVWKDWDELWWHUFRQIOLFWKDGEHJXQEHWZHHQWKH+RO\
3URSKHW DQG WKH GLVEHOLHYHUV RI 0DNNDK WKRXJK WKH SHUVHFXWLRQ E\ WKHP KDG QRW \HW
EHFRPH W\UDQQLFDO ,W DSSHDUV WKDW WKH VXUDK ZDV VHQW GRZQ GXULQJ WKH FOLPD[ RI WKH
)DPLQH LQ 0DNNDK YY   ZKLFK DFFRUGLQJ WR DXWKHQWLF WUDGLWLRQV RFFXUUHG
GXULQJWKHPLGGOHVWDJHRI3URSKHWKRRG0RUHRYHUDFFRUGLQJWRDWUDGLWLRQUHODWHGE\

8UZDK ELQ =XEDLU +DGUDW 8PDU ZKR KDG HPEUDFHG ,VODP E\ WKDW WLPH VDLG 7KLV
6XUDKZDVUHYHDOHGLQP\SUHVHQFHDQG,P\VHOIREVHUYHGWKHVWDWHRIWKH+RO\3URSKHW
GXULQJLWVUHYHODWLRQ:KHQWKHUHYHODWLRQHQGHGWKH+RO\3URSKHWUHPDUNHG
2QWKLV
RFFDVLRQWHQVXFKYHUVHVKDYHEHHQVHQWGRZQ WRPHWKDWWKHRQHZKRPHDVXUHVXSWR
WKHPZLOOPRVWVXUHO\JRWR3DUDGLVH
7KHQKHUHFLWHGWKHLQLWLDOYHUVHVRIWKHVXUDK
$KPDG7LUPL]L1DVDL+DDNLP 
7KHPH7RSLFV
7KHFHQWUDOWKHPHRIWKHVXUDKLVWRLQYLWHWKHSHRSOHWRDFFHSWDQGIROORZWKH 0HVVDJH
RIWKH+RO\3URSKHWDQGWKHZKROH6XUDKUHYROYHVURXQGWKLVWKHPH

1RRU
1DPH
7KLV6XUDKWDNHVLWVQDPH$Q1RRUIURPYHUVH
3HULRGRI5HYHODWLRQ
7KHFRQVHQVXVRIRSLQLRQLVWKDWLWZDVVHQWGRZQDIWHUWKH&DPSDLJQDJDLQVW%DQLDO
0XVWDOLTDQGWKLVLVFRQILUPHGE\YYWKDWGHDOZLWKWKHLQFLGHQWRIWKH6ODQGHU
ZKLFKRFFXUUHGGXULQJWKDW&DPSDLJQ%XWWKHUHLVDGLIIHUHQFHRIRSLQLRQDVWRZKHWKHU
WKLV&DPSDLJQWRRNSODFHLQ$+EHIRUHWKH%DWWOHRIWKH7UHQFKRULQ$+DIWHULW
,W LV LPSRUWDQW WR GHFLGH WKLV LVVXH LQ RUGHU WR GHWHUPLQH ZKHWKHU WKLV 6XUDK ZDV VHQW
LVODPPHVVDJHFRP 
GRZQHDUOLHURU6XUDK$O$K]DE ;;;,,, ZKLFKLVWKHRQO\RWKHU6XUDKFRQWDLQLQJWKH
&RPPDQGPHQWV DERXW WKH REVHUYDQFH RI SXUGDK E\ ZRPHQ 6XUDK $O$K]DE ZDV
DGPLWWHGO\ VHQW GRZQ RQ WKH RFFDVLRQ RI WKH %DWWOH RI WKH 7UHQFK 1RZ LI WKLV %DWWOH
RFFXUUHG HDUOLHU LW ZRXOG PHDQ WKDW WKH LQLWLDO LQVWUXFWLRQV LQ FRQQHFWLRQ ZLWK WKH
&RPPDQGPHQWV RI SXUGDK ZHUH VHQW GRZQ LQ 6XUDK $O$K]DE DQG WKH\ ZHUH
FRPSOHPHQWHGODWHUE\WKH&RPPDQGPHQWVUHYHDOHGLQWKLV6XUDK2QWKHRWKHUKDQGLI
WKH&DPSDLJQDJDLQVW%DQLDO0XVWDOLTRFFXUUHGHDUOLHUWKHFKURQRORJLFDORUGHURIWKH
&RPPDQGPHQWV ZRXOG EH UHYHUVHG DQG LW ZRXOG EHFRPH GLIILFXOW WR XQGHUVWDQG WKH
OHJDOZLVGRPDQGLPSOLFDWLRQVRIWKH&RPPDQGPHQWVRISXUGDK
$FFRUGLQJWR,EQ6D
GWKH&DPSDLJQDJDLQVW%DQLDO0XVWDOLTWRRNSODFHLQ6KDEDQ
$+DQGWKH%DWWOHRIWKH7UHQFKLQ=LO4D
GDKWKHVDPH\HDU7KLVRSLQLRQLVEDVHGRQ
VRPHWUDGLWLRQVIURP+DGDUDW$\HVKDDERXWWKHHYHQWVFRQQHFWHGZLWKWKH6ODQGHULQ
ZKLFK VKH UHIHUV WR D GLVSXWH EHWZHHQ +DGUDW 6D
G ELQ
8EDGDK DQG 6D
G ELQ 0X
D]
+DGUDW 6D
G ELQ 0X
D] DFFRUGLQJ WR DXWKHQWLF WUDGLWLRQV GLHG GXULQJ WKH &DPSDLJQ
DJDLQVW%DQL4XUDL]DKZKLFKWRRNSODFHLPPHGLDWHO\DIWHUWKH%DWWOHRIWKH7UHQFK,W
LV WKHUHIRUH HYLGHQW WKDW KH FRXOG QRW EH SUHVHQW LQ  $ + WR WDNH SDUW LQ D GLVSXWH
DERXWWKH6ODQGHU
2QWKHRWKHUKDQG0XKDPPDGELQ,VKDTVD\VWKDWWKH%DWWOHRIWKH7UHQFKWRRNSODFHLQ
6KDZZDO$+DQG WKH&DPSDLJQDJDLQVW%DQLDO0XVWDOLTLQ6KD
EDQ$+7KLV
RSLQLRQ LV VXSSRUWHG E\ PDQ\ DXWKHQWLF WUDGLWLRQV IURP +DGUDW $\HVKD DQG RWKHUV
$FFRUGLQJWRWKHVHWUDGLWLRQV  WKH&RPPDQGPHQWVDERXWSXUGDKKDGEHHQVHQWGRZQ
LQ 6XUDK $O$K]DE EHIRUH WKH LQFLGHQW RI WKH 6ODQGHU   WKH +RO\ 3URSKHW KDG
PDUULHG+DGUDW=DLQDELQ=LO4D
GDK$+DIWHUWKH%DWWOHRIWKH7UHQFK  +DPQDK
VLVWHURI+DGUDW=DLQDEKDGWDNHQDOHDGLQJSDUWLQVSUHDGLQJWKH6ODQGHUMXVWEHFDXVH
+DGUDW $\HVKD ZDV D ULYDO RI KHU VLVWHU $OO WKLV HYLGHQFH VXSSRUWV WKH YLHZ RI
0XKDPPDGELQ,VKDT
1RZOHWXVFRQVLGHUWKHWZRRSLQLRQVDOLWWOHPRUHFORVHO\7KHRQO\DUJXPHQWLQIDYRU
RIWKHILUVWRSLQLRQLVWKHPHQWLRQRIWKHSUHVHQFHRI+DGUDW6D
GELQ0X
D]LQDGLVSXWH
FRQQHFWHGZLWKWKHLQFLGHQWRIWKH6ODQGHU%XWWKLVDUJXPHQWLVZHDNHQHGE\VRPH
RWKHUWUDGLWLRQVIURP+DGUDW$\HVKDLQZKLFKVKHPHQWLRQV+DGDUD8VDLGELQ+XGDLU
LQVWHDGRI+DGUDW6D
GELQ0X
D]LQWKLVGLVSXWH,WPD\WKHUHIRUHEHDVVXPHGWKDWWKHUH
KDVEHHQVRPHFRQIXVLRQUHJDUGLQJWKHWZRQDPHVLQUHSRUWLQJWKHWUDGLWLRQV0RUHRYHU
LIZHDFFHSWWKHILUVWRSLQLRQMXVWEHFDXVHRIWKHPHQWLRQRIWKHQDPHRI+DGUDW6D
GELQ
0X
D]LQVRPHWUDGLWLRQVZHHQFRXQWHURWKHUGLIILFXOWLHVWKDWFDQQRWEHUHVROYHGLQDQ\
ZD\)RULQWKDWFDVHZHVKDOOKDYHWRDGPLWWKDWWKHUHYHODWLRQRIWKH&RPPDQGPHQWV
RI SXUGDK DQG WKH +RO\ 3URSKHW
V PDUULDJH ZLWK +DGUDW =DLQDE KDG WDNHQ SODFH HYHQ
HDUOLHUWKDQWKH%DWWOHRIWKH7UHQFK%XWZHOHDUQIURPWKH4XU
DQDQGPDQ\ DXWKHQWLF
WUDGLWLRQV WKDW ERWK WKHVH HYHQWV KDSSHQHG DIWHU WKDW %DWWOH DQG WKH &DPSDLJQ DJDLQVW
%DQL 4XUDL]DK 7KDW LV ZK\ ,EQ +D]P ,EQ 4D\\LP DQG VRPH RWKHU HPLQHQW VFKRODUV
KDYHKHOGWKHRSLQLRQRI0XKDPPDGELQ,VKDTDVFRUUHFWDQGZHDOVRKROGLWWREHVR
7KXV ZH FRQFOXGH WKDW 6XUDK $O $K]DE ZDV VHQW GRZQ HDUOLHU WKDQ 6XUDK $Q1RRU
ZKLFKZDVUHYHDOHGLQWKHODWWHUKDOIRI$+VHYHUDOPRQWKVDIWHU6XUDK$O$K]DE
LVODPPHVVDJHFRP 
+LVWRULFDO%DFNJURXQG
1RZOHWXVUHYLHZWKHFLUFXPVWDQFHVH[LVWLQJDWWKHWLPHRIWKHUHYHODWLRQRIWKLVVXUDK
,WVKRXOGEHNHSWLQPLQGWKDWWKHLQFLGHQWRIWKH6ODQGHUZKLFKZDVWKHRFFDVLRQRI
LWV UHYHODWLRQ ZDV FORVHO\ FRQQHFWHG ZLWK WKH FRQIOLFW EHWZHHQ ,VODP DQG WKH
GLVEHOLHYHUV
$IWHUWKHYLFWRU\DW%DGUWKH,VODPLFPRYHPHQWEHJDQWRJDLQVWUHQJWKGD\E\GD\VR
PXFKVRWKDWE\WKHWLPHRIWKH%DWWOHRIWKH7UHQFKLWKDGEHFRPHVRVWURQJWKDWWKH
XQLWHGIRUFHVRIWKHHQHP\QXPEHULQJDERXWWHQWKRXVDQGIDLOHGWRFUXVKLWDQGKDGWR
UDLVH WKH VLHJH RI $O 0DGLQDK DIWHU RQH PRQWK ,W PHDQW WKLV DQG ERWK WKH SDUWLHV
XQGHUVWRRGLWZHOOWKDWWKHZDURIDJJUHVVLRQZKLFKWKH'LVEHOLHYHUVKDGEHHQZDJLQJ
IRUVHYHUDO\HDUVKDGFRPHWRDQHQG7KH+RO\3URSKHWKLPVHOIGHFODUHG$IWHUWKLV
\HDUWKH4XUDLVKZLOOQRWEHDEOHWRDWWDFN\RXQRZ\RXZLOOWDNHWKHRIIHQVLYH
:KHQWKHGLVEHOLHYHUVUHDOL]HGWKDWWKH\FRXOGQRWGHIHDW,VODPRQWKHEDWWOHILHOGWKH\
FKRVHWKHPRUDOIURQWWRFDUU\RQWKHFRQIOLFW,WFDQQRWEHVDLGZLWKFHUWDLQW\ZKHWKHU
WKLV &KDQJH RI WDFWLFV ZDV WKH RXWFRPH RI GHOLEHUDWH FRQVXOWDWLRQV RU LW ZDV WKH
LQHYLWDEOHUHVXOWRIWKHKXPLOLDWLQJUHWUHDWLQWKH%DWWOHRIWKH7UHQFKIRUZKLFKDOOWKH
DYDLODEOHIRUFHVRIWKHHQHP\KDGEHHQFRQFHQWUDWHG7KH\NQHZLWZHOOWKDWWKHULVHRI
,VODPZDVQRUGXHWRWKHQXPHULFDOVWUHQJWKRIWKH0XVOLPVQRUWRWKHLUVXSHULRUDUPV
DQGDPPXQLWLRQQRUWRWKHLUJUHDWHUPDWHULDOUHVRXUFHVQD\WKH0XVOLPVZHUHILJKWLQJ
DJDLQVW IHDUIXO RGGV RQ DOO WKHVH IURQWV 7KH\ RZHG WKHLU VXFFHVV WR WKHLU PRUDO
VXSHULRULW\7KHLUHQHPLHVUHDOL]HGWKDWWKHSXUHDQGQREOHTXDOLWLHVRIWKH+RO\3URSKHW
DQGKLVIROORZHUVZHUHFDSWXULQJWKHKHDUWVRIWKHSHRSOHDQGZHUHDOVRELQGLQJWKHP
WRJHWKHU LQWR D KLJKO\ GLVFLSOLQHG FRPPXQLW\ $V D UHVXOW RI WKLV WKH\ ZHUH GHIHDWLQJ
WKH PXVKULNV DQG WKH -HZV ERWK RQ WKH SHDFH DQG RQ WKH ZDU IURQW EHFDXVH WKH ODWWHU
ODFNHGGLVFLSOLQHDQGFKDUDFWHU
8QGHU WKH DERYH PHQWLRQHG FLUFXPVWDQFHV WKH ZLFNHG GHVLJQV RI WKH GLVEHOLHYHUV OHG
WKHP WR VWDUW D FDPSDLJQ RI YLOLILFDWLRQ DJDLQVW WKH +RO\ 3URSKHW DQG WKH 0XVOLPV LQ
RUGHU WRGHVWUR\WKHEXOZDUNRIPRUDOHWKDWZDVKHOSLQJWKHPWRGHIHDWWKHLUHQHPLHV
7KHUHIRUHWKHVWUDWHJ\ZDVWRDWWDLQWKHDVVLVWDQFHRIWKHK\SRFULWHVWRVSUHDGVODQGHUV
DJDLQVW WKH +RO\ 3URSKHW DQG KLV IROORZHUV VR WKDW WKH PXVKULNV DQG WKH -HZV FRXOG
H[SORLW WKHVH WR VRZ WKH VHHGV RI GLVFRUG DPRQJ WKH 0XVOLPV DQG XQGHUPLQH WKHLU
GLVFLSOLQH
7KHILUVWRSSRUWXQLW\IRUWKHXVHRIWKHQHZVWUDWHJ\ZDVDIIRUGHGLQ=LO4D
GDK$+
ZKHQ WKH +RO\ 3URSKHW PDUULHG +DGUDW =DLQDE GDXJKWHU RI -DKVK  ZKR ZDV WKH
GLYRUFHG ZLIH RI KLV DGRSWHG VRQ =DLG ELQ +DULWKDK 7KH +RO\ 3URSKHW KDG DUUDQJHG
WKLVPDUULDJHLQRUGHU WRSXWDQHQGWRWKHFXVWRPRILJQRUDQFHZKLFKJDYHWKHVDPH
VWDWXVWRWKHDGRSWHGVRQWKDWZDVWKHULJKWRQO\RIWKHVRQIURPRQH
VRZQORLQV7KH
K\SRFULWHVKRZHYHUFRQVLGHUHGLWDJROGHQRSSRUWXQLW\WRYLOLI\WKH+RO\3URSKHWIURP
LQVLGHWKHFRPPXQLW\DQGWKH-HZVDQGWKHPXVKULNVH[SORLWHGLWIURPRXWVLGHWRUXLQ
KLV KLJK UHSXWDWLRQ E\ WKLV PDOLFLRXV VODQGHU )RU WKLV SXUSRVH IDQWDVWLF VWRULHV ZHUH
FRQFRFWHGDQGVSUHDGWRWKLVHIIHFW2QHGD\0XKDPPDG $OODK
VSHDFHEHXSRQKLP 

LVODPPHVVDJHFRP 
KDSSHQHGWRVHHWKHZLIHRIKLVDGRSWHGVRQDQGIHOOLQORYHZLWKKHUKHPDQHXYHUHG
KHUGLYRUFHDQGPDUULHGKHU
7KRXJKWKLVZDVDQDEVXUGILFWLRQLWZDVVSUHDGZLWKVXFKVNLOOFXQQLQJDQGDUWIXOQHVV
WKDW LW VXFFHHGHG LQ LWV SXUSRVH VR PXFK VR WKDW VRPH 0XVOLP WUDGLWLRQDOLVW DQG
FRPPHQWDWRUVDOVRKDYHFLWHGVRPHSDUWVRILWLQWKHLUZULWLQJVDQGWKHRULHQWDOLVWVKDYH
H[SORLWHGWKHVHIXOO\WRYLOLI\WKH+RO\3URSKHW
$V D PDWWHU RI IDFW +DGUDW =DLQDE ZDV QHYHU D VWUDQJHU WR WKH +RO\ 3URSKHW WKDW KH
VKRXOG VHH KHU E\ FKDQFH DQG IDOO LQ ORYH ZLWK KHU DW ILUVW VLJKW )RU VKHZDVKLVILUVW
FRXVLQ EHLQJ WKH GDXJKWHU RI KLV UHDO SDWHUQDO DXQW 8PDLPDK GDXJKWHU RI $EGXO
0XWWDOLE +H KDG NQRZQ KHU IURP KHU FKLOGKRRG WR KHU \RXWK $ \HDU EHIRUH WKLV
LQFLGHQWKHKLPVHOIKDGSHUVXDGHGKHUDJDLQVWKHUZLOOWRPDUU\+DGDUDW=DLGLQRUGHU
WRGHPRQVWUDWHSUDFWLFDOO\WKDWWKH4XUDLVKDQGWKHOLEHUDWHGVODYHVZHUHHTXDO DVKXPDQ
EHLQJ$VVKHQHYHUUHFRQFLOHGKHUVHOIWRKHUPDUULDJHZLWKDOLEHUDWHGVODYHWKH\FRXOG
QRWSXOORQWRJHWKHUIRUORQJZKLFKLQHYLWDEO\OHGWRKHUGLYRUFH
7KHDERYHPHQWLRQHGIDFWVZHUHZHOONQRZQWRDOO\HWWKHVODQGHUHUVVXFFHHGHGLQWKHLU
IDOVH SURSDJDQGD ZLWK WKH UHVXOW WKDW HYHQ WRGD\ WKHUH DUH SHRSOH ZKR H[SORLW WKHVH
WKLQJVWRGHIDPH,VODP
7KH VHFRQG VODQGHU ZDV PDGH RQ WKH KRQRU RI +DGUDW $\HVKD D ZLIH RI WKH +RO\
3URSKHWLQFRQQHFWLRQZLWKDQLQFLGHQWZKLFKRFFXUUHGZKLOHKHZDVUHWXUQLQJIURPWKH
&DPSDLJQDJDLQVW%DQLDO0XVWDOLT$VWKLVDWWDFNZDVHYHQVHYHUHUWKDQWKHILUVWRQH
DQGZDVWKHPDLQEDFNJURXQGRIWKLV6XUDKZHVKDOOGHDOZLWKLWLQJUHDWHUGHWDLO
/HWXVVD\DIHZZRUGVDERXW$EGXOODKELQ8ED\\ZKRSOD\HGWKHSDUWRIDYLOODLQLQ
WKLVDWWDFN+HEHORQJHGWRWKHFODQRI.KD]UDMDQGZDVRQHRIWKHPRVWLPSRUWDQWFKLHIV
RI$O0DGLQDK7KHSHRSOHKDGHYHQLQWHQGHGWRPDNHKLPWKHLUNLQJDOLWWOHEHIRUHWKH
+RO\ 3URSKHW
V PLJUDWLRQ WKHUH EXW WKH VFKHPH KDG WR EH GURSSHG EHFDXVH RI WKH
FKDQJHG FLUFXPVWDQFHV 7KRXJK KH KDG HPEUDFHG ,VODP KH UHPDLQHG DW KHDUW D
K\SRFULWH DQG KLV K\SRFULV\ ZDV VR PDQLIHVW WKDW KH ZDV FDOOHG WKH &KLHI RI WKH
+\SRFULWHV+HQHYHUORVWDQ\RSSRUWXQLW\WRVODQGHU,VODPLQRUGHUWRWDNHKLV UHYHQJH
1RZWKHPDLQWKHPH:KHQLQ6KD
EDQ$+WKH+RO\3URSKHWOHDUQHGWKDWWKHSHRSOH
RI%DQLDO0XVWDOLTZHUHPDNLQJSUHSDUDWLRQVIRUDZDUDJDLQVWWKH0XVOLPVDQGZHUH
WU\LQJWRPXVWHURWKHUFODQVDOVRIRUWKLVSXUSRVHKHIRUHVWDOOHGDQGWRRNWKHHQHP\E\
VXUSULVH$IWHUFDSWXULQJWKHSHRSOHRIWKHFODQDQGWKHLUEHORQJLQJVWKH+RO\3URSKHW
PDGHDKDOWQHDU0XUDLVLDVSULQJLQWKHLUWHUULWRU\2QHGD\DGLVSXWHFRQFHUQLQJWDNLQJ
ZDWHUIURPWKHVSULQJVWDUWHGEHWZHHQDVHUYDQWRI+DGUDW8PDUDQGDQDOO\RIWKHFODQ
RI .KD]UDM DQG GHYHORSHG LQWR D TXDUUHO EHWZHHQ WKH 0XKDMLUV LPPLJUDQWV  DQG WKH
$QVDDU 0XVOLPV RI 0DG QDK  EXW ZDV VRRQ VHWWOHG 7KLV KRZHYHU GLG QRW VXLW WKH
VWUDWHJ\RI$EGXOODKELQ8ED\\ZKRDOVRKDGMRLQHGWKHH[SHGLWLRQ ZLWKDODUJHQXPEHU
RIK\SRFULWHV6RKHEHJDQWRLQFLWHWKH$QVDDUVD\LQJ<RX\RXUVHOYHVEURXJKWWKHVH
SHRSOH RI WKH 4XUDLVK IURP 0DNNDK DQG PDGH WKHP SDUWQHUV LQ \RXU ZHDOWK DQG
SURSHUW\$QGQRZWKH\KDYHEHFRPH\RXUULYDOVDQGZDQWGRPLQDWLRQRYHU\RX,IHYHQ
QRZ \RX ZLWKGUDZ \RXU VXSSRUW IURP WKHP WKH\ VKDOO EH IRUFHG WR OHDYH \RXU FLW\ 

LVODPPHVVDJHFRP 
7KHQ KH VZRUH DQG GHFODUHG $V VRRQDVZHUHDFKEDFN$O0DGLQDKWKHUHVSHFWDEOH
SHRSOHZLOOWXUQRXWWKHGHJUDGHGSHRSOHIURPWKHFLW\

:KHQ WKH +RO\ 3URSKHW FDPH WR NQRZ RI WKLV KH RUGHUHG WKH SHRSOH WR VHW RII
LPPHGLDWHO\ DQG PDUFK EDFN WR $O0DGLQDK 7KH IRUFHG PDUFK FRQWLQXHG XS WR QRRQ
WKHQH[WGD\ZLWKRXWDKDOWRQWKHZD\VRWKDWWKHSHRSOHEHFDPHH[KDXVWHGDQGKDGQR
WLPHIRULGOHWDON
7KRXJK WKLV ZLVH MXGJPHQW DQG TXLFN DFWLRQ E\ WKH +RO\ 3URSKHW DYHUWHG WKH
XQGHVLUDEOHFRQVHTXHQFHVRIWKHPLVFKLHI$EGXOODKELQ8ED\\JRWDQRWKHURSSRUWXQLW\
IRU GRLQJ D IDU PRUH VHULRXV DQG JUHDWHU PLVFKLHI L H E\ HQJLQHHULQJ D 6ODQGHU
DJDLQVW +DGUDW $\HVKD IRU WKDW ZDV D PLVFKLHI ZKLFK PLJKW ZHOO KDYH LQYROYHG WKH
\RXQJ 0XVOLP &RPPXQLW\ LQ D FLYLO ZDU LI WKH +RO\ 3URSKHW DQG KLV VLQFHUH DQG
GHYRWHG IROORZHUV KDG QRW VKRZQ ZLVGRP IRUEHDUDQFH DQG PDUYHORXV GLVFLSOLQH LQ
GHDOLQJ ZLWK LW ,Q RUGHU WR XQGHUVWDQG WKH HYHQWV WKDW OHG WR WKH LQFLGHQW RI WKH
6ODQGHUZHFLWHWKHVWRU\LQ+DGUDW
$\HVKD
VRZQZRUGV
6KHVD\V
:KHQHYHUWKH+RO\3URSKHWZHQWRXWRQDMRXUQH\KHGHFLGHGE\ORWVDVWRZKLFKRI
KLVZLYHVVKRXOGDFFRPSDQ\KLP$FFRUGLQJO\LWZDVGHFLGHGWKDW,VKRXOGDFFRPSDQ\
KLPGXULQJWKHH[SHGLWLRQWR%DQLDO0XVWDOLT
2QWKHUHWXUQMRXUQH\WKH+RO\3URSKHWKDOWHGIRUWKHQLJKWDWDSODFHZKLFKZDVWKH
ODVWVWDJHRQWKHZD\EDFNWR$O0DGLQDK,WZDVVWLOOQLJKWZKHQWKH\EHJDQWRPDNH
SUHSDUDWLRQVIRUWKHPDUFK6R,ZHQWRXWVLGHWKHFDPSWRHDVHP\VHOI:KHQ,UHWXUQHG
DQGFDPHQHDUP\KDOWLQJSODFH,QRWLFHGWKDWP\QHFNODFHKDGIDOOHQGRZQVRPHZKHUH
,ZHQWEDFNLQVHDUFKIRULWEXWLQWKHPHDQWLPHWKHFDUDYDQPRYHGRIIDQG,ZDVOHIW
EHKLQG DOO DORQH 7KH IRXU FDUULHUV RI WKH OLWWHU KDG SODFHG LW RQ P\ FDPHO ZLWKRXW
QRWLFLQJ WKDW LW ZDV HPSW\ 7KLV KDSSHQHG EHFDXVH RI P\ OLJKW ZHLJKW GXH WR ODFN RI
IRRGLQWKRVHGD\V
,ZUDSSHGP\VHOILQP\VKHHWDQGOD\GRZQLQWKHKRSHWKDWZKHQLWZRXOG EHIRXQGWKDW
,KDGEHHQOHIWEHKLQGDVHDUFKSDUW\ZRXOGFRPHEDFNWRSLFNPHXS,QWKHPHDQWLPH,
IHOODVOHHS
,Q WKH PRUQLQJ ZKHQ 6DIZDQ ELQ 0X
DWWDO 6XODPL SDVVHG WKDW ZD\ KH VDZ PH DQG
UHFRJQL]HGPHIRUKHKDGVHHQPHVHYHUDOWLPHVEHIRUHWKH&RPPDQGPHQWDERXWSXUGDK
KDGEHHQVHQWGRZQ1RVRRQHUGLGKHVHHPHWKDQKHVWRSSHGKLVFDPHODQGFULHGRXW
VSRQWDQHRXVO\+RZVDG7KHZLIHRIWKH+RO\3URSKHWKDVEHHQOHIWKHUH
$WWKLV,ZRNHXSDOORIDVXGGHQDQGFRYHUHGP\IDFHZLWKP\VKHHW:LWKRXWXWWHULQJ
DQRWKHUZRUGKHPDGHKLVFDPHONQHHOE\PHDQGVWRRGDVLGHZKLOH,FOLPEHGRQWRWKH
FDPHOEDFN+HOHGWKHFDPHOE\WKHQRVHVWULQJDQGZHRYHUWRRNWKHFDUDYDQDWDERXW
QRRQZKHQLWKDGMXVWKDOWHGDQGQRERG\KDG\HWQRWLFHGWKDW,KDGEHHQOHIWEHKLQG
, OHDUQW DIWHUZDUGV WKDW WKLV LQFLGHQW KDG EHHQ XVHG WR VODQGHU PH DQG $EGXOODK ELQ
8ED\\ZDVIRUHPRVWDPRQJWKHVODQGHUHUV $FFRUGLQJWRRWKHUWUDGLWLRQVZKHQ+DGUDW
$\HVKDUHDFKHGWKHFDPSRQWKHFDPHOOHGE\6DIZDQDQGLWZDVNQRZQ WKDWVKHKDG
EHHQOHIWEHKLQG$EGXOODKELQ8ED\\FULHGRXW
%\*RGVKHFRXOGQRWKDYHUHPDLQHG

LVODPPHVVDJHFRP 
FKDVWH /RRN WKHUH FRPHV WKH ZLIH RI \RXU 3URSKHW RSHQO\ RQ WKH FDPHO OHG E\ WKH
SHUVRQZLWKZKRPVKHSDVVHGWKHQLJKW

:KHQ,UHDFKHG$O0DGLQDK,IHOOLOO DQGVWD\HGLQEHGIRUPRUHWKDQDPRQWK7KRXJK
,ZDVTXLWHXQDZDUHRILWWKHQHZVRIWKH6ODQGHUZDVVSUHDGLQJOLNHDVFDQGDOLQWKH
FLW\DQGKDGDOVRUHDFKHGWKH+RO\3URSKHW$Q\KRZ,QRWLFHGWKDWKHGLGQRWVHHPDV
FRQFHUQHGDERXWP\LOOQHVV KHXVHGWREH+HZRXOGFRPHEXWZLWKRXWDGGUHVVLQJPH
GLUHFWO\ZRXOGLQTXLUHIURPRWKHUVKRZ,ZDVDQGOHDYHWKHKRXVH7KHUHIRUHLWWURXEOHG
P\PLQGWKDWVRPHWKLQJKDGJRQHZURQJVRPHZKHUH6R,WRRNOHDYHRIKLPDQGZHQW
WRP\PRWKHU
VKRXVHIRUEHWWHUQXUVLQJ
FRQWLQXHG
FRQWLQXLQJ +LVWRULFDO%DFNJURXQG
:KLOH,ZDVWKHUHRQHQLJKW,ZHQWRXWRIWKHFLW\WRHDVHP\VHOILQWKHFRPSDQ\RI
0LVWDK
VPRWKHUZKRZDVDILUVWFRXVLQRIP\PRWKHU$VVKHZDVZDONLQJDORQJVKH
VWXPEOHGRYHUVRPHWKLQJDQGFULHGRXWVSRQWDQHRXVO\
0D\0LVWDKSHULVK
7RWKLV,
UHWRUWHG
:KDWDJRRGPRWKHU\RXDUHWKDW\RXFXUVH\RXURZQVRQWKHVRQZKRWRRN
SDUW LQ WKH %DWWOH RI %DGU
 6KH UHSOLHG
0\ GHDU GDXJKWHU DUH \RX QRW DZDUH RI KLV
VFDQGDOPRQJHULQJ"
7KHQVKHWROGPHHYHU\WKLQJDERXWWKHFDPSDLJQRIWKH6ODQGHU
%HVLGHV WKH K\SRFULWHV VRPH WUXH 0XVOLPV DOVR KDG EHHQ LQYROYHG LQ WKLV FDPSDLJQ
DQG DPRQJ WKHP ZKR WRRN OHDGLQJ SDUW LQ LW ZHUH 0LVWDK +DVVDQ ELQ 7KDELW WKH
IDPRXV SRHW RI ,VODP DQG +DPQDK GDXJKWHU RI -DKVK DQG VLVWHU RI +DGUDW =DLQDE 
+HDULQJ WKLV KRUULEOH VWRU\ P\ EORRG FXUGOHG DQG , LPPHGLDWHO\ UHWXUQHG KRPH DQG
SDVVHGWKHUHVWRIWKHQLJKWLQFU\LQJRYHULW
'XULQJ P\ DEVHQFH WKH +RO\ 3URSKHW WRRN FRXQVHO ZLWK $OL DQG 8VDPDK ELQ =DLG
DERXW WKLV PDWWHU 8VDPDK VDLG JRRG ZRUGV DERXW PH WR WKLV HIIHFW
2 0HVVHQJHU RI
$OODKZHKDYHIRXQGQRWKLQJEXWJRRGLQ\RXUZLIH$OOWKDWLVEHLQJVSUHDGDERXWKHU
LVDOLHDQGFDOXPQ\
$VUHJDUGV$OLKHVDLG
20HVVHQJHURI$OODKWKHUHLVQRGHDUWK
RI ZRPHQ \RX PD\ LI \RX OLNH PDUU\ DQ RWKHU ZLIH ,I KRZHYHU \RX ZRXOG OLNH WR
LQYHVWLJDWH LQWR WKH PDWWHU \RX PD\ VHQG IRU KHU PDLG VHUYDQW DQG LQTXLUH LQWR LW
WKURXJKKHU
$FFRUGLQJO\WKHPDLGVHUYDQWZDVVHQW IRUDQGTXHVWLRQHG6KHUHSOLHG
,
GHFODUHRQDQRDWKE\$OODK:KRKDVVHQW\RXZLWKWKH7UXWKWKDW,KDYHQHYHUVHHQ
DQ\ HYLO WKLQJ LQ KHU H[FHSW WKDW VKH IDOOV DVOHHS ZKHQ , WHOO KHU WR ORRN DIWHU WKH
NQHDGHGGRXJKLQP\DEVHQFHDQGDJRDWFRPHVDQG HDWVLW

2Q WKDW VDPH GD\ WKH +RO\ 3URSKHW DGGUHVVHG WKH SHRSOH IURP WKH SXOSLW VD\LQJ
2
0XVOLPVZKRIURPDPRQJ\RXZLOOGHIHQGP\KRQRUDJDLQVWWKHDWWDFNHURIWKHSHUVRQ
ZKRKDVWUDQVJUHVVHGDOOERXQGVLQGRLQJKDUPWRPHE\VODQGHULQJP\ZLIH%\*RG,
KDYH PDGH D WKRURXJK HQTXLU\ DQG IRXQG QRWKLQJ ZURQJ ZLWK KHU QRU ZLWK WKH PDQ
ZKRVHQDPHKDVEHHQOLQNHGZLWKWKH6ODQGHU$WWKLV8VDLGELQ+XGDLU RU6D
GELQ
0XCDD] DFFRUGLQJWRRWKHUWUDGLWLRQV VWRRGXSDQGVDLG
20HVVHQJHURI$OODKLIWKDW
SHUVRQ EHORQJV WR RXU FODQ ZH ZLOO NLOO KLP E\ RXUVHOYHV EXW LI KH EHORQJV WR WKH
.KD]UDMFODQZHZLOONLOOKLPLI\RXRUGHUXVWRGRVR
+HDULQJWKLV6D
GELQ
8EDGDK
FKLHIRIWKH.KD]UDMFODQVWRRGXSDQGVDLG
<RXOLH\RXFDQQHYHUNLOO KLP<RXDUH
VD\LQJWKLVMXVWEHFDXVHWKHSHUVRQEHORQJVWRRXUFODQRI.KD]UDM+DGKHEHORQJHGWR
LVODPPHVVDJHFRP 
\RXUFODQ\RXZRXOGQHYHUKDYHVDLGVR
+DGUDW8VDLGUHWRUWHG
<RXDUHDK\SRFULWH
WKDWLVZK\\RXDUHGHIHQGLQJDK\SRFULWH
$WWKLVWKHUHZDVDJHQHUDOWXUPRLOLQWKH
PRVTXH ZKLFK ZRXOG KDYH GHYHORSHG LQWR D ULRW HYHQ WKRXJK WKH +RO\ 3URSKHW ZDV
SUHVHQWWKHUHWKHZKROHWLPH%XWKHFRROHGGRZQWKHLUDQJHUDQGFDPHGRZQIURPWKH
SXOSLW
7KHUHPDLQLQJGHWDLOVRIWKHLQFLGHQWZLOOEHFLWHGDORQJZLWKRXUFRPPHQWDU\RQWKH
7H[WZKLFKKRQRUDEO\DEVROYHG+DGUDW$LVKDKIURPWKHEODPH%XWKHUHZHZRXOGRQO\
ZDQW WR SRLQW RXW WKH HQRUPLW\ RI WKH PLVFKLHI WKDW ZDV HQJLQHHUHG E\ $EGXOODK ELQ
8ED\\  ,WLPSOLHGDQDWWDFNRQWKHKRQRURIWKH+RO\3URSKHWDQG+DGUDW$EX%DNU
6LGGLT   +H PHDQW WR XQGHUPLQH WKH KLJK PRUDO VXSHULRULW\ ZKLFK ZDV WKH JUHDWHVW
DVVHWRIWKH,VODPLF0RYHPHQW  +HLQWHQGHGWRLJQLWHFLYLOZDUEHWZHHQWKH0XKDMLUV
DQGWKH$QVDDUDQGEHWZHHQ$XVDQG.KD]UDMWKHWZRFODQVRIWKH$QVDDU
7KHPHDQG7RSLFV7KLV6XUDKDQGYYRI6XUDK$O$K]DE RI ZKLFKWKLVLVWKH
VHTXHO ZHUHVHQWGRZQWRVWUHQJWKHQWKHPRUDOIURQWZKLFKDWWKDWWLPHZDVWKHPDLQ
WDUJHW RI WKH DWWDFN YY  RI $O$K]DE ZHUH VHQW GRZQ FRQFHUQLQJ WKH +RO\
3URSKHW
V PDUULDJH ZLWK +DGUDW =DLQDE DQG RQ WKH RFFDVLRQ RI WKH VHFRQG DWWDFN WKH
6ODQGHUDERXW+DGUDW$LVKDK 6XUDK$Q1RRUZDVVHQWGRZQWRUHSDLUWKHFUDFNVWKDW
KDGDSSHDUHGLQWKHXQLW\RIWKH0XVOLP&RPPXQLW\,IZHNHHSWKLVLQYLHZGXULQJWKH
VWXG\ RI WKH WZR 6XUDKV ZH VKDOO XQGHUVWDQG WKH ZLVGRP WKDW XQGHUOLHV WKH
&RPPDQGPHQWV DERXW SXUGDK $OODK VHQW WKH IROORZLQJLQVWUXFWLRQVWRVWUHQJWKHQDQG
VDIHJXDUGWKHPRUDOIURQWDQGWRFRXQWHUDFWWKHVWRUPRISURSDJDQGDWKDWZDVUDLVHGRQ
WKHRFFDVLRQRIWKHPDUULDJHRI+D]UDW=DLQDE
 7KHZLYHVRIWKH+RO\3URSKHWZHUHHQMRLQHGWRUHPDLQZLWKLQWKHLUSULYDWHTXDUWHUV
WRDYRLGGLVSOD\RIDGRUQPHQWVDQGWREHFDXWLRXVLQWKHLUWDONZLWKRWKHUSHUVRQV YY
 
  7KHRWKHU0XVOLPVZHUHIRUELGGHQWRHQWHU WKHSULYDWHURRPVRIWKH+RO\3URSKHW
DQGLQVWUXFWHGWRDVNZKDWHYHUWKH\ZDQWHGIURPEHKLQGWKHFXUWDLQ Y 
  $ OLQH RI GHPDUFDWLRQ ZDV GUDZQ EHWZHHQ WKH PDKUDP DQG WKH QRQPDKUDP
UHODWLYHV2QO\WKHIRUPHUZHUHDOORZHGWRHQWHU WKHSULYDWHURRPVRIWKRVHZLYHVRIWKH
+RO\3URSKHWZLWKZKRPWKH\ZHUHVRFORVHO\UHODWHGDVWRSURKLELWPDUULDJHZLWKWKHP
Y 
 7KH0XVOLPVZHUHWROGWKDWWKHZLYHVRIWKH3URSKHWZHUHSURKLELWHGIRUWKHPMXVW
OLNHWKHLURZQUHDOPRWKHUVWKHUHIRUHHYHU\0XVOLPVKRXOGUHJDUGWKHPZLWKWKHSXUHVW
RILQWHQWLRQV YY 
 7KH0XVOLPVZHUHZDUQHGWKDWWKH\ZRXOGLQYLWHWKHFXUVHDQGVFRXUJHRI$OODKLI
WKH\RIIHQGHGWKH+RO\3URSKHW/LNHZLVHLWZDVDKHLQRXVVLQWRDWWDFNWKHKRQRURIRU
VODQGHUDQ\0XVOLPPDQRUZRPDQ YY 
  $OO WKH 0XVOLP ZRPHQ ZHUHHQMRLQHGWRFRYHUWKHLUIDFHVZLWKWKHLU VKHHWVLIDQG
ZKHQWKH\KDGWRJRRXWRIWKHLUKRXVHV Y 
2Q WKH RFFDVLRQ RI WKH VHFRQG DWWDFN WKLV 6XUDK ZDV VHQW GRZQ WR NHHS SXUH DQG
VWUHQJWKHQ WKH PRUDO ILEUH RI WKH 0XVOLP VRFLHW\ ZKLFK KDG EHHQ VKDNHQ E\ WKH
HQRUPLW\ RI WKH VODQGHU :H JLYH EHORZ D VXPPDU\ RI WKH &RPPDQGPHQWV DQG
LVODPPHVVDJHFRP 
LQVWUXFWLRQV LQ WKHLU FKURQRORJLFDO RUGHU VR WKDW RQH PD\ XQGHUVWDQG KRZ WKH 4XU
DQ
PDNHVXVHRIWKHSV\FKRORJLFDORFFDVLRQWRUHIRUPWKH&RPPXQLW\E\WKHDGRSWLRQRI
OHJDOPRUDODQGVRFLDOPHDVXUHV
 )RUQLFDWLRQZKLFKKDGDOUHDG\EHHQGHFODUHGWREHDVRFLDOFULPH ,9 ZDV
QRZPDGHDFULPLQDORIIHQVHDQGZDVWREHSXQLVKHGZLWKDKXQGUHGODVKHV
  ,W ZDV HQMRLQHG WR ER\FRWW WKH DGXOWHURXV PHQ DQG ZRPHQ DQG WKH 0XVOLPV ZHUH
IRUELGGHQWRKDYHDQ\PDUULDJHUHODWLRQVZLWKWKHP
 7KHRQHZKRDFFXVHGWKHRWKHURIDGXOWHU\EXWIDLOHGWRSURGXFHIRXUZLWQHVVHVZDV
WREHSXQLVKHGZLWKHLJKW\ODVKHV
 7KH/DZRI/LCDDQZDVSUHVFULEHGWRGHFLGHWKHFKDUJHRIDGXOWHU\DJDLQVWKLVRZQ
ZLIHE\DKXVEDQG
  7KH 0XVOLPV ZHUH HQMRLQHG WR OHDUQ D OHVVRQ IURP WKH LQFLGHQW RI WKH 6ODQGHU
DERXW+DGUDW$LVKDKDVLIWRVD\<RXVKRXOGEHYHU\FDXWLRXVLQUHJDUGWRFKDUJHVRI
DGXOWHU\ DJDLQVW WKH SHRSOH RI JRRG UHSXWDWLRQ DQG VKRXOG QRW VSUHDG WKHVH QD\ \RX
VKRXOGUHIXWHDQGVXSSUHVVWKHPLPPHGLDWHO\,QWKLVFRQQHFWLRQDJHQHUDOSULQFLSOH
ZDVHQXQFLDWHGWKDWWKHSURSHUVSRXVHIRUDSXUHPDQLVDSXUHZRPDQIRUKHFDQQRW
SXOORQZLWKDZLFNHGZRPDQIRUORQJDQGWKHVDPHLVWKHFDVHZLWKDSXUHZRPDQDV
LIWRVD\:KHQ\RXNQHZWKDWWKH+RO\3URSKHWZDVDSXUHPDQQD\WKHSXUHVWRIDOO
KXPDQEHLQJVKRZFRXOG\RXEHOLHYHWKDWKHKDGH[SHULHQFHGKDSSLQHVVZLWKDZLFNHG
ZRPDQ DQG H[DOWHG KHU DV WKH PRVW EHORYHG RI KLV ZLYHV" )RU LW ZDV REYLRXV WKDW DQ
DGXOWHURXV ZRPDQ FRXOG QRW KDYH EHHQ DEOH WR GHFHLYH ZLWK KHU DIIHFWHG EHKDYLRU D
SXUH PDQ OLNH WKH +RO\ 3URSKHW <RX RXJKW DOVR WR KDYH FRQVLGHUHG WKH IDFW WKDW WKH
DFFXVHUZDVDPHDQSHUVRQZKLOHWKHDFFXVHGZDVDSXUHZRPDQ7KLVVKRXOGKDYHEHHQ
HQRXJK WR FRQYLQFH \RX WKDW WKH DFFXVDWLRQ ZDV QRW ZRUWK \RXU FRQVLGHUDWLRQ QD\ LW
ZDVQRWHYHQFRQFHLYDEOH
  7KRVHZKRVSUHDGQHZVDQGHYLOUXPRUVDQGSURSDJDWHZLFNHGQHVVLQWKH0XVOLP
&RPPXQLW\GHVHUYHSXQLVKPHQWDQGQRWHQFRXUDJHPHQW
 $JHQHUDOSULQFLSOHZDVODLGGRZQWKDWUHODWLRQVLQWKH0XVOLP&RPPXQLW\VKRXOG
EH EDVHG RQ JRRG IDLWK DQG QRW RQ VXVSLFLRQ HYHU\RQH VKRXOG EH WUHDWHG DV LQQRFHQW
XQOHVVKHLVSURYHGWREHJXLOW\DQGYLFHYHUVD
 7KHSHRSOHZHUHIRUELGGHQWRHQWHUWKHKRXVHVRIRWKHUVXQFHUHPRQLRXVO\DQGZHUH
LQVWUXFWHGWRWDNHSHUPLVVLRQIRUWKLV
  %RWK PHQ DQG ZRPHQ ZHUH LQVWUXFWHG WR ORZHU WKHLU JD]H DQG IRUELGGHQ WR FDVW
JODQFHVRUPDNHH\HVDWHDFKRWKHU
 :RPHQZHUHHQMRLQHGWRFRYHUWKHLUKHDGVDQGEUHDVWVHYHQLQVLGHWKHLUKRXVHV
  :RPHQ ZHUH IRUELGGHQ WR DSSHDU ZLWK PDNHXS EHIRUH RWKHU PHQ H[FHSW WKHLU
VHUYDQWVRUVXFKUHODWLYHVZLWKZKRPWKHLUPDUULDJHLVSURKLELWHG
 7KH\ZHUHHQMRLQHGWRKLGHWKHLUPDNHXSVZKHQWKH\ZHQWRXWRIWKHLUKRXVHVDQG
HYHQIRUELGGHQWRSXWRQMLQJOLQJRUQDPHQWVZKLOHWKH\PRYHGRXWRIWKHLUKRXVHV
  0DUULDJH ZDV HQFRXUDJHG DQG HQMRLQHG HYHQ IRU VODYHV DQG VODYH JLUOV IRU
XQPDUULHGSHRSOHKHOSVSUHDGLQGHFHQF\

LVODPPHVVDJHFRP 
 7KHLQVWLWXWLRQRIVODYHU\ZDVGLVFRXUDJHGDQGWKHRZQHUVDQGRWKHUSHRSOHZHUH
HQMRLQHG WR JLYH ILQDQFLDO KHOS WR WKH VODYHV WR HDUQ WKHLU IUHHGRP XQGHU WKH ODZ RI
0XNDWDEDW
  3URVWLWXWLRQ E\ VODYH JLUOV ZDV IRUELGGHQ LQ WKH ILUVW LQVWDQFH IRU SURVWLWXWLRQ LQ
$UDELD ZDV FRQILQHG WR WKLV FODVV DORQH 7KLV LQ IDFW LPSOLHG WKH OHJDO SURKLELWLRQ RI
SURVWLWXWLRQ
  6DQFWLW\ RI SULYDF\ LQ KRPH OLIH ZDV HQMRLQHG HYHQ IRU VHUYDQWV DQG XQGHU DJH
FKLOGUHQLQFOXGLQJRQH
VRZQ7KH\ZHUHHQMRLQHGQRWWRHQWHUWKHSULYDWHURRPVRIDQ\
PDQRUZRPDQZLWKRXWSHUPLVVLRQHVSHFLDOO\LQWKHPRUQLQJDWQRRQDQGDWQLJKW
 2OGZRPHQZHUHJLYHQWKHFRQFHVVLRQWKDWWKH\FRXOGVHWDVLGHWKHLU KHDGFRYHUV
ZLWKLQWKHLUKRXVHVEXWVKRXOGUHIUDLQIURPGLVSOD\RIDGRUQPHQWV(YHQWKH\ZHUHWROG
WKDWLWZDVEHWWHUIRUWKHPWRNHHSWKHPVHOYHVFRYHUHGZLWKKHDGZUDSSHUV
 7KHEOLQGODPHFULSSOHGDQGVLFNSHUVRQVZHUHDOORZHGWRWDNHDQ\DUWLFOH RIIRRG
IURP WKH KRXVHV RI RWKHU SHRSOH ZLWKRXW SHUPLVVLRQ IRU LW ZDV QRW WR EH WUHDWHG OLNH
WKHIWDQGFKHDWLQJZKLFKDUHFRJQL]DEOHRIIHQVHV
 2QWKHRWKHUKDQGWKH0XVOLPVZHUHHQFRXUDJHGWRGHYHORSPXWXDOUHODWLRQVKLSV
E\ WDNLQJ WKHLU PHDOV WRJHWKHU DQG WKH QHDUHVW UHODWLYHV DQG LQWLPDWH IULHQGV ZHUH
DOORZHG WR WDNH WKHLU PHDOV LQ HDFK RWKHU
V KRXVH ZLWKRXW DQ\ IRUPDO LQYLWDWLRQ 7KLV
ZDVWRSURGXFHPXWXDODIIHFWLRQDQGVLQFHUHUHODWLRQVKLSVEHWZHHQWKHPWRFRXQWHUDFW
DQ\ IXWXUH PLVFKLHI 6LGH E\ VLGH ZLWK WKHVH LQVWUXFWLRQV FOHDU VLJQV RI WKH %HOLHYHUV
DQGWKHK\SRFULWHVZHUHVWDWHGWRHQDEOHHYHU\0XVOLPWRGLVFULPLQDWHEHWZHHQWKHWZR
$WWKHVDPHWLPHWKH&RPPXQLW\ZDVERXQGWRJHWKHUE\DGRSWLQJGLVFLSOLQDU\PHDVXUHV
LQRUGHU WRPDNHLWVWURQJHUDQGILUPHUWKDQLWZDVDWWKHWLPHVRDVWRGLVFRXUDJHWKH
HQHPLHVIURPFUHDWLQJPLVFKLHILQLW
$ERYH DOO WKH PRVW FRQVSLFXRXV WKLQJ DERXW WKLV GLVFRXUVH LV WKDW LW LV IUHH IURP WKH
ELWWHUQHVV ZKLFK LQHYLWDEO\ IROORZV VXFK VKDPHIXO DQG DEVXUG DWWDFNV ,QVWHDG RI
VKRZLQJ DQ\ ZUDWK DW WKLV SURYRFDWLRQ WKH GLVFRXUVH SUHVFULEHV VRPH ODZV DQG
UHJXODWLRQV DQG HQMRLQV UHIRUPDWLYH FRPPDQGPHQWV DQG LVVXHV ZLVH LQVWUXFWLRQV WKDW
ZHUHUHTXLUHGDWWKHWLPHIRUWKHHGXFDWLRQDQGWUDLQLQJRIWKH&RPPXQLW\,QFLGHQWDOO\
WKLV WHDFKHV XV KRZ WR GHDO ZLWK VXFK SURYRFDWLYH PLVFKLHIV FRROO\ ZLVHO\ DQG
JHQHURXVO\ $W WKH VDPH WLPH LW LV D FOHDU SURRI WKDW WKLV LV QRW WKH ZRUG RI 3URSKHW
0XKDPPDG $OODK
VSHDFHDQGEOHVVLQJVEHXSRQKLP EXWRID%HLQJ:KRLVREVHUYLQJ
DOOKXPDQFRQGLWLRQVDQGDIIDLUVIURPWKHKLJKHVWOHYHODQGJXLGLQJPDQNLQGZLWKRXW
DQ\ SHUVRQDO SUHMXGLFHV IHHOLQJV DQG OHDQLQJV +DG WKLV EHHQ WKH ZRUG RI WKH +RO\
3URSKHWWKHUHZRXOGKDYHEHHQDWOHDVWVRPHWLQJHRIQDWXUDOELWWHUQHVVLQVSLWHRIKLV
JUHDWJHQHURVLW\DQGIRUEHDUDQFHIRULWLVEXWKXPDQWKDWDQREOHPDQQDWXUDOO\EHFRPH
HQUDJHGZKHQKLVRZQKRQRULVDWWDFNHGLQWKLVPHDQPDQQHU

)XUTDDQ
1DPH
7KH6XUDKWDNHVLWVQDPH$O)XUTDDQIURPWKHILUVWYHUVH7KRXJKLWLVV\PEROLFOLNH
WKHQDPHVRIPDQ\RWKHU6XUDKVLWKDVDFORVHUHODWLRQWRLWVVXEMHFWPDWWHU
LVODPPHVVDJHFRP 
3HULRGRI5HYHODWLRQ
,W DSSHDUV IURP LWV VW\OH DQG VXEMHFW PDWWHU WKDW OLNH 6XUDK $O0X
PLQXQ LW ZDV DOVR
UHYHDOHG GXULQJ WKH WKLUG VWDJH RI 3URSKHWKRRG DW 0DNNDK ,EQ -DULU DQG ,PDP 5D]L
KDYHFLWHGDWUDGLWLRQRI'DKKDNELQ0X]DKLPWKDWWKLV6XUDKZDVUHYHDOHGHLJKW\HDUV
EHIRUH6XUDK$Q1LVD7KLVDOVRFRQILUPVRXURSLQLRQDVWRLWVSHULRGRIUHYHODWLRQ ,EQ
-DULU9RO;,;SSDQG7DIVLU.DELU9RO9,S 
6XEMHFW 0DWWHU DQG 7RSLFV 7KH 6XUDK GHDOV ZLWK WKH GRXEWV DQG REMHFWLRQV WKDW ZHUH
EHLQJ UDLVHG DJDLQVW WKH 4XU
DQ WKH 3URSKHWKRRG RI 0XKDPPDG $OODK
V SHDFH DQG
EOHVVLQJV EH XSRQ KLP  DQG KLV WHDFKLQJV E\WKHGLVEHOLHYHUVRI0DNNDK$SSURSULDWH
DQVZHUVWRHDFKDQGHYHU\REMHFWLRQKDYHEHHQJLYHQDQGWKHSHRSOHKDYHEHHQZDUQHG
RIWKHFRQVHTXHQFHVRIUHMHFWLQJWKH7UXWK$WWKHHQGRIWKH6XUDKDFOHDUSLFWXUHRIWKH
PRUDO VXSHULRULW\ RIWKH%HOLHYHUVKDVEHHQGHSLFWHGDVLQWKHEHJLQQLQJRI6XUDK$O
0X
PLQXQ DV LI WR VD\
+HUH LV WKH FULWHULRQ IRU GLVWLQJXLVKLQJ WKH JHQXLQH IURP WKH
FRXQWHUIHLW 7KLV LV WKH QREOH FKDUDFWHU RI WKRVH SHRSOH ZKR KDYH EHOLHYHG LQ DQG
IROORZHG WKH WHDFKLQJV RI WKH +RO\ 3URSKHW DQG WKLV LV WKH NLQG RI SHRSOH WKDW KH LV
WU\LQJWRWUDLQ<RXPD\\RXUVHOYHVFRPSDUHDQGFRQWUDVWWKLVW\SHRISHRSOHZLWKWKRVH
$UDEVZKRKDYHQRWDV\HWDFFHSWHGWKH0HVVDJHDQGZKRDUHXSKROGLQJLJQRUDQFH
DQGH[HUWLQJWKHLUXWPRVWWRGHIHDWWKH7UXWK1RZ\RXPD\MXGJHIRU\RXUVHOYHVDVWR
ZKLFK \RX ZRXOG OLNH WR FKRRVH  7KRXJK WKLV TXHVWLRQ ZDV QRW SRVHG LQ VR PDQ\
ZRUGVLWZDVSODFHGEHIRUHHYHU\RQHLQ$UDELDLQDWDQJLEOHVKDSH,WPD\EHQRWHGWKDW
GXULQJ WKH QH[W IHZ \HDUV WKH SUDFWLFDO DQVZHU JLYHQ WR WKLV TXHVWLRQ E\ WKH ZKROH
QDWLRQZLWKWKHH[FHSWLRQRIDVPDOOPLQRULW\ZDVWKDWWKH\FKRVH,VODP

6KXCDUDD
1DPH
7KH6XUDKWDNHVLWVQDPHIURPYHUVHLQZKLFKWKHZRUG$VK6KXCDUDD
RFFXUV
3HULRGRI5HYHODWLRQ
7KHVXEMHFWPDWWHUDQGWKHVW\OHVKRZDQGWKHWUDGLWLRQVFRQILUPWKDWLWZDVUHYHDOHG
GXULQJWKHPLGGOH0DNNDQSHULRG$FFRUGLQJWR,EQ$EEDV6XUDK7D+DZDVUHYHDOHG
ILUVWWKHQ6XUDK$O:DTLDKDQGWKHQ6XUDK$VK6KX
DUDD 5XKXO0D
DQL9RO[,[S
 $ERXW6XUDK7D+DLWLVZHOONQRZQWKDWLWKDGEHHQUHYHDOHGEHIRUH+DGUDW8PDU
HPEUDFHG,VODP
6XEMHFW0DWWHUDQG7RSLFV
7KH EDFNJURXQG RI WKH 6XUDK LV WKDW WKH GLVEHOLHYHUV RI 0DNNDK ZHUH SHUVLVWHQWO\
UHIXVLQJRQRQHSUHWH[WRUWKHRWKHUWRDFFHSWWKHPHVVDJHRI,VODPJLYHQE\WKH+RO\
3URSKHW 6RPHWLPHV WKH\ ZRXOG VD\ WKDW KH GLG QRW VKRZ WKHP DQ\ VLJQ WR FRQYLQFH
WKHPRIKLV3URSKHWKRRGVRPHWLPHVWKH\ZRXOGEUDQGKLPDVDSRHWRUDVRUFHUHUDQG
PRFN KLV PHVVDJH DQG VRPHWLPHV WKH\ ZRXOG ULGLFXOH KLV 0LVVLRQ VD\LQJ WKDW KLV
IROORZHUVZHUHHLWKHUDIHZIRROLVK\RXWKRUWKHSRRUSHRSOHDQGVODYHVZKHUHDVWKH\
DUJXHGLIKLV0LVVLRQKDGUHDOO\VRPHYDOXHIRUWKHSHRSOHWKHQREOHVDQGWKHHOGHUV
ZRXOG KDYH DFFHSWHG LW ILUVW 7KXV ZKLOH RQ WKH RQH KDQG WKH +RO\ 3URSKHW ZDV
EHFRPLQJZHDULHGE\KLVHIIRUWVWRVKRZWKHPUDWLRQDOO\WKHHUURUVRIWKHLUFUHHGVDQG
LVODPPHVVDJHFRP 
SURYH WKH WUXWK RI WKH 'RFWULQHV RI 7DXKLG DQG WKH +HUHDIWHU WKH GLVEHOLHYHUV RQ WKH
RWKHUZHUHQHYHUWLUHGRIDGRSWLQJRQHNLQGRIREGXUDF\DIWHUWKHRWKHU7KLVVWDWHRI
DIIDLUVZDVFDXVLQJJUHDWDQJXLVKDQGJULHIWRWKH+RO\3URSKHW
6XFK ZHUH WKH FRQGLWLRQV ZKHQ WKLV 6XUDK ZDV UHYHDOHG ,W EHJLQV ZLWK ZRUGV RI
FRQVRODWLRQ WR WKH +RO\ 3URSKHW LPSO\LQJ :K\ GR \RX IUHW IRU WKHLU VDNH" ,I WKHVH
SHRSOH KDYH QRW EHOLHYHG LQ \RX LW LV QRW EHFDXVH WKH\ KDYH QRW VHHQ DQ\ 6LJQ EXW
EHFDXVHWKH\DUHREGXUDWH7KH\ZLOOQRWOLVWHQWRUHDVRQWKH\ZDQWWRVHHD6LJQZKLFK
PDNHVWKHPERZWKHLUKHDGVLQKXPLOLW\:KHQWKLV6LJQLVVKRZQLQGXHFRXUVHRIWLPH
WKH\ZLOOWKHPVHOYHVUHDOL]HWKDWZKDWZDVEHLQJSUHVHQWHGWRWKHPZDVWKH7UXWK
$IWHU WKLV LQWURGXFWLRQ WLOO YHUVH  RQH DQG WKH VDPH WKHPH KDV EHHQ SUHVHQWHG
FRQWLQXRXVO\ DQG LW LV VDLG 7KH ZKROH HDUWK DERXQGV LQ VXFK 6LJQV DV FDQ JXLGH D
VHHNHUDIWHUWUXWKWR5HDOLW\EXWWKHVWXEERUQDQGPLVJXLGHGSHRSOHKDYHQHYHUEHOLHYHG
HYHQDIWHUVHHLQJWKH6LJQVZKHWKHUWKHVHZHUHWKH6LJQVRIWKHQDWXUDOSKHQRPHQDRU
WKH PLUDFOHV RI WKH 3URSKHWV 7KHVH ZUHWFKHG SHRSOH KDYH VWXEERUQO\ DGKHUHG WRWKHLU
HUURQHRXVFUHHGVWLOOWKH'LYLQHVFRXUJHDFWXDOO\RYHUWRRNWKHP,WLVWRLOOXVWUDWHWKLV
WKDWWKHKLVWRU\RIVHYHQRIWKHDQFLHQWWULEHVKDVEHHQWROGZKRSHUVLVWHGLQGLVEHOLHI
MXVWOLNHWKHGLVEHOLHYHUVRI0DNNDK,QWKLVFRQQHFWLRQWKHIROORZLQJSRLQWVKDYHEHHQ
VWUHVVHG
 7KH6LJQVDUHRIWZRNLQGV D 7KRVHZKLFKDUHVFDWWHUHGDOORYHUWKHHDUWKDQGE\
VHHLQJ ZKLFK DQ LQWHOOLJHQW SHUVRQ FDQ MXGJH IRU KLPVHOI ZKHWKHU ZKDW WKH 3URSKHW LV
SUHVHQWLQJLVWKH7UXWKRUQRWDQG E WKRVHZKLFKZHUHVHHQE\3KDUDRKDQGKLVSHRSOH
1RDK
VSHRSOHWKH$GDQGWKH7KDPXG/RW
VSHRSOHDQGWKHSHRSOHRI$L\NDK1RZLW
LVIRUWKHGLVEHOLHYHUVWRGHFLGHZKLFKNLQGRIWKH6LJQVWKH\DUHHDJHUWRVHH
  7KH PHQWDOLW\ RI WKH GLVEHOLHYHU KDV EHHQ WKH VDPH WKURXJKRXW WKH DJHV WKHLU
DUJXPHQWVDQGWKHLUREMHFWLRQVDQGWKHLUH[FXVHVDQGVXEWHUIXJHVIRUQRWEHOLHYLQJKDYH
EHHQVLPLODUDQGXOWLPDWHO\WKHIDWHVWKDWWKH\PHWKDYHDOVREHHQWKHVDPH/LNHZLVH
WKH 3URSKHWV LQ HYHU\ DJH SUHVHQWHG WKH VDPH WHDFKLQJV WKHLU SHUVRQDO FKDUDFWHU DQG
WKHLUUHDVRQLQJDQGDUJXPHQWVDJDLQVWWKHLURSSRQHQWVZHUHWKHVDPHDQGWKH\ZHUHDOO
VLPLODUO\ EOHVVHG ZLWK PHUF\ E\ $OODK $OPLJKW\ %RWK WKHVH SDWWHUQV RI EHKDYLRU DQG
FRQGXFW DUH IRXQG LQ KLVWRU\ DQG WKH GLVEHOLHYHUV FRXOG WKHPVHOYHV VHH DV WR ZKLFK
UHVSHFWLYHSDWWHUQVWKH\DQGWKH+RO\3URSKHWEHORQJHG
  $OODK LV $OO 0LJKW\ $OO 3RZHUIXO DQG $OO 0HUFLIXO DW WKH VDPH WLPH +LVWRU\
FRQWDLQVLQVWDQFHVRI+LV:UDWKDVZHOODVRI+LV0HUF\1RZWKHUHIRUHLWLVIRUWKH
SHRSOHWRGHFLGHZKHWKHUWKH\ZRXOGOLNHWRGHVHUYH$OODK
V0HUF\RU+LV:UDWK
  /DVWO\ WKH GLVFXVVLRQ KDV EHHQ VXPPHG XS VD\LQJ 2 GLVEHOLHYHUV LI DW DOO \RX
ZDQWWRVHHWKH6LJQVZK\VKRXOG\RXLQVLVWRQVHHLQJWKRVHKRUULEOH6LJQVWKDWYLVLWHG
WKH GRRPHG FRPPXQLWLHV RI WKH SDVW" :K\ GRQ
W \RX VHH WKH 4XU
DQ ZKLFK LV EHLQJ
SUHVHQWHG LQ \RXU RZQ ODQJXDJH" :K\ GRQ
W \RX VHH 0XKDPPDG XSRQ ZKRP EH
$OODK
VSHDFHDQGPHUF\ DQGKLV&RPSDQLRQV"&DQWKHUHYHODWLRQVRIWKH4XU
DQEHWKH
ZRUNRIDVDWDQRUDMLQQ"'RHVWKHUHFLSLHQWRIWKH4XU
DQDSSHDUWREH DVRUFHUHU"$UH
0XKDPPDGDQGKLV&RPSDQLRQVQRGLIIHUHQWIURPDSRHWDQGKLVDGPLUHUV":K\GRQ
W
\RXJLYHXSGLVEHOLHIDQGVHDUFK\RXUKHDUWVIRUWKHLUMXGJPHQW":KHQLQWKHKHDUWRI
LVODPPHVVDJHFRP 
\RXU KHDUWV \RX\RXUVHOYHVEHOLHYHWKDWWKH5HYHODWLRQVRIWKH4XU
DQKDYHQRWKLQJLQ
FRPPRQ ZLWK VRUFHU\ DQG SRHWU\ WKHQ \RX VKRXOGNQRZWKDW\RXDUHEHLQJFUXHODQG
XQMXVWDQGZLOOFHUWDLQO\PHHWWKHGRRPPHDQWIRUWKHFUXHODQGXQMXVW

1DPO
1DPH
7KH 6XUDK WDNHV LWV QDPH IURP WKH SKUDVH ZDGLQQDPO ZKLFK RFFXUV LQ YHUVH 
LPSO\LQJWKDWLWLVD6XUDKLQZKLFKWKHVWRU\RI$Q1DPO WKH$QW KDVEHHQUHODWHG
3HULRGRI5HYHODWLRQ
7KH VXEMHFW PDWWHU DQG WKH VW\OH EHDU IXOO UHVHPEODQFH ZLWK WKH 6XUDKV RI WKH PLGGOH
0DNNDQSHULRGDQGWKLVLVVXSSRUWHGE\WUDGLWLRQVDVZHOO$FFRUGLQJWR,EQ$EEDVDQG
-DELUELQ=DLG)LUVWWKH6XUDK$VK6KXCDUDDZDVVHQWGRZQWKHQWKH6XUDK$Q1DPO
DQGWKHQ$O4DVDV
7KHPHDQG7RSLFV
7KH6XUDKFRQVLVWVRIWZRGLVFRXUVHVWKHILUVWIURPWKHEHJLQQLQJRIWKH6XUDKWRWKH
HQGRIYHUVH DQGWKHVHFRQGIURPYHUVHWRWKHHQGRIWKH6XUDK7KHWKHPHRIWKH
ILUVWGLVFRXUVHLVWKDWRQO\WKRVHSHRSOHFDQEHQHILWIURPWKHJXLGDQFHRIWKH4XUDQDQG
EHFRPH ZRUWK\ RI WKH JRRG SURPLVHV PDGH LQ LW ZKR DFFHSW WKH UHDOLWLHV ZKLFK WKLV
%RRNSUHVHQWVDVWKHEDVLFUHDOLWLHVRIWKHXQLYHUVHDQGWKHQIROORZXSWKHLUEHOLHIZLWK
REHGLHQFHDQGVXEPLVVLRQLQWKHLUSUDFWLFDOOLYHVDVZHOO%XWWKHJUHDWHVWKLQGUDQFHIRU
PDQ WR IROORZ WKLV ZD\ LV WKH GHQLDORIWKH+HUHDIWHU)RULWPDNHVKLPLUUHVSRQVLEOH
VHOILVKDQGJLYHQWRZRUOGO\OLIHZKLFKLQWXUQPDNHVLWLPSRVVLEOHIRUKLPWRVXEPLW
KLPVHOIEHIRUH*RGDQGWRDFFHSWWKHPRUDOUHVWULFWLRQVRQKLVOXVWVDQGGHVLUHV$IWHU
WKLVLQWURGXFWLRQWKUHHW\SHVRIFKDUDFWHUKDYHEHHQSUHVHQWHG
7KHILUVWW\SH,VFKDUDFWHUL]HGE\3KDUDRKDQGWKHFKLHIVRI7KDPXGDQGWKHUHEHOVRI
WKHSHRSOHRI/RWZKRZHUHDOOKHHGOHVVRIWKHDFFRXQWDELOLW\RIWKH+HUHDIWHUDQGKDG
FRQVHTXHQWO\EHFRPHWKHVODYHVRIWKHZRUOG7KHVHSHRSOHGLGQRWEHOLHYHHYHQDIWHU
VHHLQJWKHPLUDFOHV5DWKHUWKH\WXUQHGDJDLQVWWKRVHZKRLQYLWHGWKHPWRJRRGQHVVDQG
SLHW\7KH\SHUVLVWHGLQWKHLUHYLOZD\VZKLFKDUHKHOGLQDEKRUUHQFHE\HYHU\VHQVLEOH
SHUVRQ 7KH\ GLG QRW KHHG WKH DGPRQLWLRQ HYHQ XQWLO D PRPHQW EHIRUH WKH\ ZHUH
RYHUWDNHQE\WKH VFRXUJHRI$OODK
7KHVHFRQGW\SHRIFKDUDFWHULVRIWKH3URSKHW6RORPRQ SHDFHEHXSRQKLP ZKRKDG
EHHQEOHVVHGE\*RGZLWKZHDOWKDQGNLQJGRPDQGJUDQGHXUWRDQH[WHQWXQGUHDPWRI
E\ WKH FKLHIV RI WKH GLVEHOLHYHUV RI 0DNNDK %XW VLQFH KH UHJDUGHG KLPVHOI DV
DQVZHUDEOHEHIRUH*RGDQGKDGWKHIHHOLQJWKDWZKDWHYHUKHKDGZDVRQO\GXHWR$OODK
V
ERXQW\KHKDGDGRSWHGWKHDWWLWXGHRIREHGLHQFHEHIRUH+LPDQGWKHUHZDVQRWLQJHRI
YDQLW\LQKLVFKDUDFWHU
7KHWKLUGW\SHLVRIWKHTXHHQRI6KHEDZKRUXOHGRYHUDPRVWZHDOWK\DQGZHOONQRZQ
SHRSOH LQ WKH KLVWRU\ RI $UDELD 6KH SRVVHVVHG DOO WKRVH PHDQV RI OLIH ZKLFK FRXOG
FDXVHDSHUVRQWREHFRPHYDLQDQGFRQFHLWHG+HUZHDOWKDQGSRVVHVVLRQVIDUH[FHHGHG
WKH ZHDOWK DQG SRVVHVVLRQV RI WKH 4XUDLVK 7KHQ VKH SURIHVVHG VKLUN ZKLFK ZDV QRW
RQO\DQDQFHVWUDOZD\RIOLIHZLWKKHUEXWVKHKDGWRIROORZLWLQRUGHUWRPDLQWDLQKHU
LVODPPHVVDJHFRP 
SRVLWLRQDVDUXOHU7KHUHIRUHLWZDVPXFKPRUHGLIILFXOWIRUKHUWRJLYHXSVKLUNDQG
DGRSW WKH ZD\ RI WDXKLG WKDQ LW FRXOG EH IRU D FRPPRQ PXVKULN %XW ZKHQ WKH 7UXWK
EHFDPHHYLGHQWWRKHUQRWKLQJFRXOGVWRSKHUIURPDFFHSWLQJLW+HUGHYLDWLRQZDVLQ
IDFW GXH WR KHU EHLQJ ERUQ DQG EURXJKW XS LQ D SRO\WKHLVWLF HQYLURQPHQW DQG QRW
EHFDXVHRIKHUEHLQJDVODYHWRKHUOXVWVDQGGHVLUHV+HUFRQVFLHQFHZDVQRWGHYRLGRI
WKHVHQVHRIDFFRXQWDELOLW\EHIRUH*RG
,Q WKH VHFRQG GLVFRXUVH DW WKH RXWVHW DWWHQWLRQ KDV EHHQ GUDZQ WR VRPH RI WKH PRVW
JODULQJDQGYLVLEOHUHDOLWLHVRIWKHXQLYHUVHDQGWKHGLVEHOLHYHUVRI0DNNDKKDYHEHHQ
DVNHGRQHTXHVWLRQDIWHUWKHRWKHUWRWKHHIIHFW'RWKHVHUHDOLWLHVWHVWLI\WRWKHFUHHGRI
VKLUNZKLFK\RXDUHIROORZLQJRUWRWKHWUXWKRIWDXKLGWRZKLFKWKH4XU
DQLQYLWHV\RX"
$IWHUWKLVWKHUHDOPDODG\RIWKHGLVEHOLHYHUVKDVEHHQSRLQWHGRXWVD\LQJ7KHWKLQJ
ZKLFK KDV EOLQGHG WKHP DQG PDGH WKHP LQVHQVLWLYH WR HYHU\ JODULQJ UHDOLW\ LV WKHLU
GHQLDORIWKH+HUHDIWHU7KLVVDPHWKLQJKDVUHQGHUHGHYHU\PDWWHUDQGDIIDLURIOLIHQRQ
VHULRXV IRU WKHP )RU ZKHQ DFFRUGLQJ WR WKHP HYHU\WKLQJ KDV WR EHFRPH GXVW
XOWLPDWHO\DQGWKHZKROHVWUXJJOHRIOLIHLVSXUSRVHOHVVDQGZLWKRXWDQREMHFWEHIRUHLW
WKH WUXWK DQG IDOVHKRRG DUH HTXDO DQG DOLNH 7KHUHIRUH WKH TXHVWLRQ ZKHWKHU RQH
V
V\VWHPRIOLIHLVEDVHGRQWKHULJKWRUZURQJIRXQGDWLRQVEHFRPHVPHDQLQJOHVVIRUKLP

%XW WKH GLVFRXUVH DV RXWOLQHG DERYH LV QRW PHDQW WR GLVVXDGH WKH 3URSKHW DQG WKH
0XVOLPV IURP FDOOLQJ WKH REGXUDWH DQG KHHGOHVV SHRSOH WR WKH ZD\ RI WDXKLG LW LV LQ
IDFWLQWHQGHGWRDURXVHWKHPIURPWKHLUVOXPEHU7KDWLVZK\LQYYFHUWDLQWKLQJV
KDYHEHHQVDLGUHSHDWHGO\LQRUGHUWRSURGXFHLQWKHSHRSOHDVHQVHRIWKH+HUHDIWHUWR
ZDUQ WKHP RI WKH FRQVHTXHQFHV RI EHLQJ KHHGOHVV RI LW DQG WR FRQYLQFH WKHP RI LWV
FRLQLQJ OLNH DQ H\H ZLWQHVV RI VRPHWKLQJ ZKR FRQYLQFHV WKH RWKHU SHUVRQ RILWZKR
KDVQRWVHHQLW
,QFRQFOXVLRQWKHUHDOLQYLWDWLRQRIWKH4XUDQWKDWLVWKHLQYLWDWLRQWRVHUYH2QH$OODK
DORQHKDVEHHQSUHVHQWHGLQDFRQFLVHEXWIRUFHIXOPDQQHUDQGWKHSHRSOHZDUQHGWKDW
DFFHSWLQJLWZRXOGEHWRWKHLURZQDGYDQWDJHDQGUHMHFWLQJLWWRWKHLURZQGLVDGYDQWDJH
)RULIWKH\GHIHUUHGWKHLUIDLWKXQWLOWKH\VDZWKRVH6LJQVRI*RGDIWHUWKHDSSHDUDQFHRI
ZKLFKWKH\ZRXOGEHOHIWZLWKQRFKRLFHEXWWREHOLHYHDQGVXEPLWWKH\VKRXOGEHDULQ
PLQGWKHIDFWWKDWWKDWZRXOGEHWKHWLPHRIMXGJPHQWDQGEHOLHYLQJWKHQZRXOGEHRIQR
DYDLO

4DVDV
1DPH
7KH6XUDKWDNHVLWVQDPHIURPYHUVHLQZKLFKWKHZRUG$O4DVDVRFFXUV/H[LFDOO\
TDVDVPHDQVWRUHODWHHYHQWVLQWKHLUSURSHUVHTXHQFH7KXVIURPWKHYLHZSRLQWRIWKH
PHDQLQJWRRWKLVZRUGFDQEHD VXLWDEOHWLWOHIRUWKLV6XUDKIRULQLWWKHGHWDLOHGVWRU\RI
WKH3URSKHW0RVHVKDVEHHQUHODWHG
3HULRGRI5HYHODWLRQ
$V DOUHDG\ PHQWLRQHG LQ WKH LQWURGXFWLRQ WR 6XUDK $Q 1DPO DFFRUGLQJ WR ,EQ $EEDV
DQG-DELUELQ=DLG6XUDKV$VK6KXCDUDD$Q1DPODQG$O4DVDVZHUHVHQWGRZQRQH
LVODPPHVVDJHFRP 
DIWHUWKHRWKHU7KHODQJXDJHWKHVW\OHDQGWKHWKHPHDOVRVKRZWKDWWKHSHULRGRIWKH
UHYHODWLRQ RI WKHVH WKUHH 6XUDKV LV QHDUO\ WKH VDPH $QRWKHU UHDVRQ IRU WKHLU ORVH
UHVHPEODQFHLVWKDWWKHGLIIHUHQWSDUWVRIWKH3URSKHW0RVHVVWRU\DVPHQWLRQHGLQWKHVH
VXUDKVWRJHWKHUPDNHXSDFRPSOHWHVWRU\,Q6XUDK$VK6KXCDUDDH[FXVLQJKLPVHOIIRU
QRW DFFHSWLQJ WKH RIILFH RI 3URSKHWKRRG WKH 3URSKHW 0RVHV VXEPLWV 7KH SHRSOH RI
3KDUDRKKDYHWKHFKDUJH RIDFULPHDJDLQVWPHWKHUHIRUH,IHDUWKDWWKH\ZLOOSXWPHWR
GHDWK7KHQZKHQOLHJRHVEHIRUH3KDUDRKWKHODWWHUVD\V'LGZHQRWEULQJ\RXXS
DVDFKLOGLQRXUKRXVH"<RXOLYHGTXLWHDIHZ\HDUVRI\RXUOLIHDPRQJXVDQGWKHQ\RX
GLGZKDW\RXGLG1RWKLQJPRUHRIWKLVKDVEHHQPHQWLRQHGWKHUHEXWLQWKLV6XUDKWKH
RWKHUGHWDLOVKDYHEHHQVXSSOLHG6LPLODUO\LQ6XUDK$Q1DPOWKHVWRU\VWDUWVDEUXSWO\
IURP WKH WLPH ZKHQ WKH 3URSKHW 0RVHV ZDV MRXUQH\LQJ ZLWK KLV IDPLO\ DQG VXGGHQO\
VDZ D ILUH DW D GLVWDQFH ,Q WKDW 6XUDK QRWKLQJ KDV EHHQ VDLG DERXW WKH QDWXUH RI KLV
MRXUQH\RUWKHSODFHKHZDVFRPLQJIURPRUKLVGHVWLQDWLRQEXWWKLV6XUDKVXSSOLHVDOO
WKH QHFHVVDU\ GHWDLOV 7KXV WKH WKUHH 6XUDKV UHDG WRJHWKHU FRPSOHWH WKH VWRU\ RI WKH
3URSKHW0RVHV $OODK
VSHDFHEHXSRQKLP 
7KHPHDQG7RSLFV
7KHPDLQWKHPHLVWRUHPRYHWKHGRXEWVDQGREMHFWLRQVWKDWZHUHEHLQJUDLVHGDJDLQVW
WKH 3URSKHWKRRG RI WKH +RO\ 3URSKHW 0XKDPPDG XSRQ ZKRP EH $OODK
V SHDFH DQG
EOHVVLQJV DQGWRLQYDOLGDWHWKHH[FXVHVZKLFKZHUHEHLQJRIIHUHGIRUQRWEHOLHYLQJLQ
KLP
)RU WKLV SXUSRVH ILUVW WKH VWRU\ RI WKH 3URSKHW 0RVHV KDV EHHQ UHODWHG ZKLFK E\
DQDORJ\ ZLWK WKH SHULRG RI UHYHODWLRQ LPSUHVVHV WKH IROORZLQJ SRLQWV LQ WKH OLVWHQHU
V
PLQGDXWRPDWLFDOO\
)LUVW $OODK SURYLGHV WKH PHDQV DQG PRWLYHV RI ZKDWHYHU +H ZLOOV WR GR LQ
LPSHUFHSWLEOH ZD\V 7KXV $OODK VR DUUDQJHG WKLQJV WKDW WKH FKLOG WKURXJK ZKRP
3KDUDRKKDGWREHUHPRYHGIURPSRZHUZDVEUHGDQGEURXJKWXSLQKLVRZQKRXVHDQG
KHFRXOGQRWNQRZZKRPKHZDVIRVWHULQJ:KRFDQWKHQILJKW*RGDQGIUXVWUDWH+LP
E\KLVPDFKLQDWLRQV
6HFRQGO\ 3URSKHWKRRG LV QRW JUDQWHG WR D SHUVRQ DPLG IHVWLYLWLHV E\ LVVXLQJ D
SURFODPDWLRQIURPWKHHDUWKDQGKHDYHQV<RXZRQGHUKRZ0XKDPPDG XSRQZKRPEH
$OODK
V SHDFH  KDV EHHQ EOHVVHG ZLWK 3URSKHWKRRG XQH[SHFWHGO\ DOO RI D VXGGHQ EXW
0RVHV ZKRP \RX \RXUVHOYHV DFNQRZOHGJH DV D 3URSKHW Y   KDG DOVR EHFRPH D
3URSKHW XQH[SHFWHGO\ ZKLOH RQ D MRXUQH\ DQG QRERG\ KDG NQRZQ ZKDW HYHQW KDG
RFFXUUHGLQWKHGHVRODWLRQDWWKHIRRWRI0W6LQDL(YHQ0RVHVKLPVHOIGLGQRWNQRZD
PRPHQWEHIRUHZKDWKHZDVJRLQJWREHEOHVVHGZLWK+HLQIDFWKDGJRQHWREULQJD
SLHFHRIWKHILUHEXWKDGUHWXUQHGZLWKWKHJLIWRI3URSKHWKRRG
7KLUGO\WKHSHUVRQIURPZKRP$OODKZDQWVWRWDNHVRPHVHUYLFHFRPHVRXWZLWKRXWDQ\
DUP\DQGDUPRUDQGZLWKRXWDQDSSDUHQWKHOSHURUIRUFHDWKLVEDFN\HWKHSXWVWRURXW
PXFK VWURQJHU DQG EHWWHU HTXLSSHG RSSRQHQWV 7KH FRQWUDVW WKDW H[LVWHG EHWZHHQ WKH
VWUHQJWKV RI 0RVHV SHDFH EH XSRQ KLP  DQG 3KDUDRK ZDV PXFK PRUH SURPLQHQW DQG
JODULQJ WKDQ WKDW ZKLFK H[LVWHG EHWZHHQ 0XKDPPDG SHDFH EH XSRQ KLP  DQG WKH

LVODPPHVVDJHFRP 
4XUDLVK\HWWKHZRUOGNQRZVZKRKDGFRPHRXWYLFWRULRXVLQWKHHQGDQGZKRKDGEHHQ
URXWHG
)RXUWKO\\RXUHIHUWR0RVHVDJDLQDQGDJDLQDQGVD\:K\KDV0XKDPPDGQRWEHHQ
JLYHQWKHVDPHZKLFKZDVJLYHQWR0RVHV"LHPLUDFOHVRIWKHVWDIIWKHVKLQLQJKDQG
HWFDVLIWRVXJJHVWWKDW\RXZRXOGUHDGLO\EHOLHYHRQO\LI\RXZHUHVKRZQWKHNLQGRI
WKH PLUDFOHV WKDW ZHUH VKRZQ E\ 0RVHV WR 3KDUDRK %XW GR \RX NQRZ ZKDW VRUW RI
UHVSRQVH ZDV PDGH E\ WKRVH ZKR ZHUH VKRZQ WKRVH PLUDFOHV" 7KH\ KDG QRW EHOLHYHG
HYHQ DIWHU VHHLQJ WKH PLUDFOHV DQG KDG RQO\ VDLG 7KLV LV PDJLF IRU WKH\ ZHUH
LQYROYHGLQVWXEERUQQHVVDQGKRVWLOLW\WRWKH7UXWK7KHVDPHPDODG\DIIOLFWV\RXWRGD\
:LOO \RX EHOLHYH RQO\ ZKHQ \RX DUH VORZO\ WKH VDPH NLQG RI PLUDFOHV" 7KHQ GR \RX
NQRZ ZKDW IDWH WKH GLVEHOLHYHUV KDG PHW HYHQ DIWHU VHHLQJ WKH PLUDFOHV" 7KH\ ZHUH
DQQLKLODWHG E\ $OODK 'R \RX QRZ ZLVK WR PHHW WKH VDPH GRRP E\ DVNLQJ IRU WKH
PLUDFOHVLQ\RXUREVWLQDF\"
7KHVHZHUHWKHWKLQJVZKLFKZHUHDXWRPDWLFDOO\LPSUHVVHGLQWKHPLQGRIHYHU\OLVWHQHU
ZKR KHDUG WKLV VWRU\ LQ WKH SDJDQ HQYLURQPHQW RI 0DNNDK IRU D VLPLODU FRQIOLFW ZDV
JRLQJ RQ DW WKDW WLPH EHWZHHQ WKH +RO\ 3URSKHW DQG GLVEHOLHYHUV RI 0DNNDK DV KDG
DOUHDG\ WDNHQ SODFH EHWZHHQ WKH 3URSKHW 0RVHV DQG 3KDUDRK EHIRUH 7KLV ZDV WKH
EDFNJURXQGDJDLQVWZKLFKWKHVWRU\RIWKH3URSKHW0RVHVZDVQDUUDWHGVRWKDWDSHUIHFW
DQDORJ\ZDVHVWDEOLVKHGDXWRPDWLFDOO\LQHYHU\GHWDLOEHWZHHQWKHFRQGLWLRQVSUHYDLOLQJ
WKHQLQ0DNNDKDQGWKRVHH[LVWLQJLQWKHWLPHRIWKH3URSKHW0RVHV7KHQIURPYHUVH
RQZDUGWKHGLVFRXUVHWXUQVWRWKHUHDOWKHPH
,QWKHILUVWSODFHWKHQDUUDWLRQRIDWZRWKRXVDQG\HDUROGKLVWRULFDOHYHQWE\WKH+RO\
3URSKHW ZLWK VXFK DFFXUDF\ DQG GHWDLO LV SUHVHQWHG DV D SURRI RI KLV 3URSKHWKRRG
DOWKRXJKKHZDVXQOHWWHUHGDQGWKHSHRSOHRIKLVFLW\DQGFODQNQHZIXOOZHOOWKDWKH
KDG QR DFFHVV WR DQ\ VRXUFH RI VXFK LQIRUPDWLRQ DV WKH\ FRXOG SRLQW RXW 7KHQ KLV
DSSRLQWPHQW DV D 3URSKHW LV SXW IRUZDUG DV $OODK
V PHUF\ WR WKHP IRU WKH\ ZHUH
KHHGOHVV DQG $OODK KDG PDGH WKLV DUUDQJHPHQW IRU WKHLU JXLGDQFH 7KHQ WKHLU RIW
UHSHDWHG REMHFWLRQ :K\ KDV QRW WKLV 3URSKHW EURXJKW WKH PLUDFOHVZKLFK0RVHVKDG
EURXJKW"  KDV EHHQ DQVZHUHG ,W LV VDLG WR WKHP +RZ FDQ \RX EH MXVWLILHG LQ
GHPDQGLQJPLUDFOHVIURPWKLV3URSKHWZKHQ\RXGLGQRWEHOLHYHLQ0RVHVHLWKHUZKR
DV\RX\RXUVHOYHVDFNQRZOHGJHKDGEURXJKWPLUDFOHVIURP*RG"<RXFDQVWLOOVHHWKH
WUXWKRQO\LI\RXGRQRWVHUYH\RXU OXVWVDQGZKLPV%XWLI\RXUHPDLQHGDIIOLFWHGZLWK
WKLVPDODG\\RXZRXOGQHYHUVHHLWHYHQWKRXJK\RXZHUHVKRZQDQ\NLQGRIPLUDFOHV

7KHQWKHGLVEHOLHYHUVRI0DNNDKKDYHEHHQZDUQHGDQGSXWWRVKDPHIRUDQHYHQWWKDW
RFFXUUHGLQWKRVHYHU\GD\V6RPH&KULVWLDQVKDGFRPHWR0DNNDKDQGHPEUDFHG,VODP
ZKHQWKH\KHDUGWKH4XU
DQIURPWKH+RO\3URSKHW,QVWHDGRIOHDUQLQJDQ\OHVVRQIURP
WKLV WKH 0DNNDQV ZHUH VR XSVHW DW WKLV WKDW WKHLU OHDGHU $EX -DKO GLVJUDFHG WKRVH
SHRSOH SXEOLFO\ ,Q FRQFOXVLRQ WKH H[FXVH WKDW WKH GLVEHOLHYHUV SXW IRUZDUG IRU QRW
EHOLHYLQJ LQ WKH +RO\ 3URSKHW KDV EHHQ GHDOW ZLWK :KDW WKH\ IHDUHG ZDV WKLV ,I ZH
JLYHXSWKHSRO\WKHLVWLFFUHHGRIWKH$UDEVDQGDFFHSWWKHGRFWULQHRI7DXKLGLQVWHDG
WKLV ZLOO SXW DQ HQG WR RXU VXSUHPDF\ LQ WKH UHOLJLRXV SROLWLFDO DQG HFRQRPLF ILHOGV
LVODPPHVVDJHFRP 
ZKLFKLQWXUQZLOOGHVWUR\RXUSRVLWLRQRIWKHPRVWLQIOXHQWLDOWULEHRI$UDELDDQGZH
VKDOOEHOHIWZLWKQRUHIXJHDQ\ZKHUHLQWKHODQG$VWKLVZDVWKHUHDOPRWLYHRIWKH
FKLHIV RI WKH 4XUDLVK IRU WKHLU DQWDJRQLVP WRZDUGV WKH 7UXWK DQG WKHLU GRXEWV DQG
REMHFWLRQVZHUHRQO\WKHSUHWHQVHVZKLFKWKH\LQYHQWHGWRGHFHLYHWKHFRPPRQSHRSOH
$OODKKDVGHDOWZLWKWKHVHIXOO\WLOOWKHHQGRIWKH6XUDKFRQVLGHUHGHDFKDVSHFWRIWKHVH
LQ D ZLVH PDQQHU DQG RIIHUHG WKH UHPHG\ IRU WKHLU EDVLF DLOPHQW GXH WR ZKLFK WKRVH
SHRSOH MXGJHG WKH 7UXWK DQG IDOVHKRRG RQO\ IURP WKH YLHZSRLQW RI WKHLU ZRUOGO\
LQWHUHVWV

$QNDERRW
1DPH
7KH 6XUDK WDNHV LWV QDPH IURP YHUVH  LQ ZKLFK WKH ZRUG $QNDERRW 6SLGHU  KDV
RFFXUUHG
3HULRGRI5HYHODWLRQ
9HUVHVWRFOHDUO\VKRZWKDWWKLV6XUDKZDVVHQWGRZQDOLWWOHEHIRUHWKHPLJUDWLRQ
WR+DEDVKDQGWKLVLVVXSSRUWHGE\WKHLQWHUQDOHYLGHQFHRIWKHVXEMHFWPDWWHUDVZHOO
6RPH FRPPHQWDWRUV KDYH RSLQHG WKDW VLQFH LW PHQWLRQV WKH K\SRFULWHV DQG K\SRFULV\
DSSHDUHGLQ0DGLQDKWKHILUVWWHQYHUVHVRIWKLV6XUDKZHUHUHYHDOHGDW0DGLQDKDQGWKH
UHVWRILWDW0DNNDKZKHUHDVWKHSHRSOHZKRVHK\SRFULV\KDVEHHQPHQWLRQHGKHUHDUH
WKRVH ZKR KDG DGRSWHG D K\SRFULWLFDO ZD\ RI OLIH EHFDXVH WKH\ ZHUH DIUDLG RI WKH
RSSUHVVLRQDQGH[WUHPHSK\VLFDOWRUWXUHWRZKLFKWKH0XVOLPVZHUHEHLQJVXEMHFWHGE\
WKH GLVEHOLHYHUV (YLGHQWO\ WKLV NLQG RIK\SRFULV\FRXOGEHWKHUHRQO\DW0DNNDKDQG
QRW DW 0DGLQDK 6LPLODUO\ VRPH RWKHU FRPPHQWDWRUV VHHLQJ WKDW LQ WKLV 6XUDK WKH
0XVOLPV KDYH EHHQ H[KRUWHG WR PLJUDWH KDYH UHJDUGHG LW DV WKH ODVW 6XUDK WR EH
UHYHDOHG DW 0DNNDK ZKHUHDV WKH 0XVOLPV KDG PLJUDWHG WR +DEDVK HYHQ EHIRUH WKHLU
PLJUDWLRQWR0DGLQDK7KHVHRSLQLRQVDUHQRWEDVHGRQDQ\WUDGLWLRQ EXWRQWKHLQWHUQDO
HYLGHQFHRIWKHVXEMHFWPDWWHUDQGWKLV
LQWHUQDOHYLGHQFHZKHQFRQVLGHUHGDJDLQVWWKHVXEMHFWPDWWHURIWKH6XUDKDVDZKROH
SRLQWVWRWKHFRQGLWLRQVSUHYDLOLQJLQWKHWLPHRIWKHPLJUDWLRQWR+DEDVKDQGQRWWRWKH
ODVWVWDJHDW0DNNDK
7KHPHDQG6XEMHFWPDWWHU
$SHUXVDORIWKH6XUDKVKRZVWKDWWKHSHULRGRILWVUHYHODWLRQZDVWKHSHULRGRIH[WUHPH
SHUVHFXWLRQ RI WKH 0XVOLPV DW 0DNNDK 7KH GLVEHOLHYHUV ZHUH RSSRVLQJ DQG ILJKWLQJ
,VODP WRRWK DQG QDLO DQG WKH QHZ FRQYHUWV ZHUH EHLQJ VXEMHFWHG WR WKH VHYHUHVW
RSSUHVVLRQ 6XFK ZHUH WKH FRQGLWLRQV ZKHQ $OODK VHQW GRZQ WKLV 6XUDK WR VWUHQJWKHQ
DQGHQFRXUDJHWKHVLQFHUH0XVOLPVDVZHOODVWRSXWWRVKDPHWKRVHZKRZHUHVKRZLQJ
ZHDNQHVV RI WKH IDLWK %HVLGHV WKH GLVEHOLHYHUV RI 0DNNDK KDYH EHHQ WKUHDWHQHG DQG
ZDUQHGQRWWRLQYLWHIRUWKHPVHOYHVWKHIDWHWKDWWKHDQWDJRQLVWVRIWKH7UXWKKDYHEHHQ
H[SHULHQFLQJLQHYHU\DJH
,QWKLVFRQQHFWLRQWKHTXHVWLRQVWKDWVRPH\RXQJPHQZHUHIDFLQJLQWKRVHGD\VKDYH
DOVR EHHQ DQVZHUHG )RU LQVWDQFH WKHLU SDUHQWV ZHUH XUJLQJ WKHP WR DEDQGRQ
0XKDPPDG PD\$OODK
VSHDFHEHXSRQKLP DQGUHWXUQWRWKHLUDQFHVWUDOUHOLJLRQIRU
LVODPPHVVDJHFRP 
WKH\ DUJXHG 7KH 4XU
DQ LQ ZKLFK \RX KDYH SXW \RXU IDLWK UHJDUGV WKH ULJKWV RI WKH
SDUHQWV DV WKH XSSHUPRVW WKHUHIRUH OLVWHQ WR ZKDW ZH VD\ RWKHUZLVH \RX ZLOO EH
ZRUNLQJDJDLQVWWKHGLFWDWHVRI\RXURZQ)DLWK7KLVKDVEHHQDQVZHUHGLQYHUVH
6LPLODUO\ WKH SHRSOH RI VRPH FODQV VDLG WR WKH QHZ FRQYHUWV WR ,VODP /HDYH WKH
TXHVWLRQRISXQLVKPHQWVHWFWRXV/LVWHQWR XVDQGDEDQGRQWKLVPDQ,I*RGVHL]HV
\RXLQWKH+HUHDIWHUZHZLOOFRPHIRUZDUGDQGVD\
/RUGWKHVHSHRSOHDUHLQQRFHQW
ZHKDGIRUFHGWKHPWRJLYHXSWKH)DLWKWKHUHIRUHVHL]HXV
7KLVKDVEHHQGHDOWZLWK
LQYY
7KH VWRULHV PHQWLRQHG LQ WKLV 6XUDK DOVR LPSUHVV WKH VDPH SRLQW PRVWO\ DV LI WR VD\
/RRN DW WKH 3URSKHWV RI WKH SDVW WKH\ ZHUHPDGHWRVXIIHU JUHDWKDUGVKLSVDQGZHUH
WUHDWHGFUXHOO\IRUORQJSHULRGV7KHQDWODVWWKH\ZHUHKHOSHGE\$OODK7KHUHIRUHWDNH
KHDUW$OODK
VVXFFRUZLOOFHUWDLQO\FRPH%XWDSHULRGRIWULDODQGWULEXODWLRQKDVWREH
XQGHUJRQH  %HVLGHV WHDFKLQJ WKLV OHVVRQ WR WKH 0XVOLPV WKH GLVEHOLHYHUV DOVR KDYH
EHHQZDUQHGDVLIWRVD\,I\RXDUHQRWEHLQJLPPHGLDWHO\VHL]HGE\$OODK\RXVKRXOG
QRWIRUPWKHZURQJLPSUHVVLRQWKDW\RXZLOOQHYHUEHVHL]HG7KHVLJQVRIWKHGRRPHG
QDWLRQV RI WKH SDVW DUH EHIRUH \RX -XVW VHH KRZ WKH\ PHW WKHLU GRRP DQG KRZ $OODK
VXFFRXUHGWKH3URSKHWV
7KHQWKH0XVOLPVKDYHEHHQLQVWUXFWHGWRWKHHIIHFW,I\RXIHHOWKDWWKHSHUVHFXWLRQ
KDVEHFRPHXQEHDUDEOHIRU \RX\RXVKRXOGJLYHXS\RXUKRPHVLQVWHDGRIJLYLQJXS
\RXU)DLWK$OODK
VHDUWKLVYDVWVHHNDQHZSODFHZKHUH\RXFDQZRUVKLS$OODKZLWKWKH
IXOOSHDFHRIPLQG
%HVLGHVDOOWKLVWKHGLVEHOLHYHUVDOVRKDYHEHHQXUJHGWRXQGHUVWDQG,VODP7KHUHDOLWLHV
RI 7DXKLG DQG WKH +HUHDIWHU KDYH EHHQ LPSUHVVHG ZLWK UDWLRQDO DUJXPHQWV VKLUN KDYH
EHHQ UHIXWHG DQG GUDZLQJ WKHLU DWWHQWLRQ WRZDUGV WKH VLJQVLQWKHXQLYHUVHWKH\KDYH
EHHQWROGWKDWDOOWKHVH6LJQVFRQILUPWKHWHDFKLQJVWKDWWKH3URSKHWLVSUHVHQWLQJEHIRUH
WKHP

5XP
1DPH
7KH6XUDKWDNHVLWVQDPH$U5XPIURPWKHVHFRQGYHUVHLQZKLFKWKHZRUGVJKXOLEDWLU
5XPKDYHRFFXUUHG
3HULRGRI5HYHODWLRQ
7KH SHULRG RI WKH UHYHODWLRQ RI WKLV 6XUDK LV GHWHUPLQHG DEVROXWHO\ E\ WKH KLVWRULFDO
HYHQWWKDWKDVEHHQPHQWLRQHGDWWKHRXWVHW,WVD\V7KH5RPDQVKDYHEHHQYDQTXLVKHG
LQ WKH QHLJKERULQJ ODQG ,Q WKRVH GD\V WKH %\]DQWLQH RFFXSLHG WHUULWRULHV DGMDFHQW WR
$UDELD ZHUH -RUGDQ 6\ULD DQG 3DOHVWLQH DQG LQ WKHVH WHUULWRULHV WKH 5RPDQV ZHUH
FRPSOHWHO\ RYHUSRZHUHG E\ WKH ,UDQLDQV LQ  $ ' 7KHUHIRUH LW FDQ EH VDLG ZLWK
DEVROXWHFHUWDLQW\WKDWWKLV6XUDKZDVVHQWGRZQLQWKHVDPH\HDUDQGWKLVZDVWKH\HDU
LQZKLFKWKHPLJUDWLRQWR+DEDVKWRRNSODFH
+LVWRULFDO %DFNJURXQG
7KH SUHGLFWLRQ PDGH LQ WKH LQLWLDO YHUVHV RI WKLV 6XUDK LVRQHRIWKHPRVWRXWVWDQGLQJ
HYLGHQFHVRIWKH4XUDQ
VEHLQJWKH:RUGRI$OODKDQGWKH+RO\3URSKHW0XKDPPDG
V
LVODPPHVVDJHFRP 
EHLQJ D WUXH 0HVVHQJHU RI $OODK /HW XV KDYH D ORRN DW WKH KLVWRULFDO EDFNJURXQG
UHOHYDQWWRWKHYHUVHV
(LJKW \HDUV EHIRUH WKH +RO\ 3URSKHW
V DGYHQW DV D 3URSKHW WKH %\]DQWLQH (PSHURU
0DXULFHZDVRYHUWKURZQE\3KRFXVZKRFDSWXUHGWKHWKURQHDQGEHFDPHNLQJ3KRFXV
ILUVWJRWWKH(PSHURU
VILYHVRQVH[HFXWHGLQIURQWRIKLPDQGWKHQJRWWKH(PSHURUDOVR
NLOOHGDQGKXQJWKHLUKHDGVLQDWKRURXJKIDUHLQ&RQVWDQWLQRSOH$IHZGD\VDIWHUWKLVKH
KDGWKHHPSUHVVDQGKHUWKUHHGDXJKWHUVDOVRSXWWRGHDWK7KHHYHQWSURYLGHG.KXVUDX
3DUYH] WKH 6DVVDQLG NLQJ RI ,UDQ D JRRG PRUDO H[FXVH WR DWWDFN %\]DQWLXP )RU
(PSHURU0DXULFHKDGEHHQKLVEHQHIDFWRUZLWKKLVKHOSKHKDGJRWWKHWKURQHRI,UDQ
7KHUHIRUHKHGHFODUHGWKDWKHZRXOGDYHQJHKLVJRGIDWKHU
VDQGKLVFKLOGUHQ
VPXUGHU
XSRQ3KRFXVWKHXVXUSHU6RKHVWDUWHGZDUDJDLQVW%\]DQWLXPLQ$'DQGZLWKLQ
D IHZ \HDUV SXWWLQJ WKH 3KRFXV DUPLHV WR URXW LQ VXFFHVVLRQ KH UHDFKHG (GHVVD
PRGHUQ8UID LQ$VLD0LQRURQWKHRQHKDQGDQG$OHSSRDQG$QWLRFKLQ6\ULDRQ
WKH RWKHU :KHQ WKH %\]DQWLQH PLQLVWHUV VDZ WKDW 3KRFXV FRXOG QRW VDYH WKH FRXQWU\
WKH\VRXJKWWKH$IULFDQJRYHUQRU
VKHOSZKRVHQWKLVVRQ+HUDFOLXVWR&RQVWDQWLQRSOH
ZLWKDVWURQJIOHHW3KRFXVZDVLPPHGLDWHO\GHSRVHGDQG+HUDFOLXVPDGHHPSHURU+H
WUHDWHG 3KRFXV DV KH KDG WUHDWHG 0DXULFH 7KLV KDSSHQHG LQ  $ '  WKH \HDU WKH
+RO\3URSKHWZDVDSSRLQWHGWR3URSKHWKRRG
7KHPRUDOH[FXVHIRUZKLFK.KXVUDX3DUYH]KDGVWDUWHGWKHZDUZDVQRPRUHYDOLGDIWHU
WKHGHSRVLWLRQDQGGHDWKRI3KRFXV+DGWKHREMHFWRIKLVZDUUHDOO\EHHQWRDYHQJHWKH
PXUGHURIKLVDOO\ RQ3KRFXVIRUKLVFUXHOW\KHZRXOGKDYHFRPHWRWHUPVZLWKWKHQHZ
(PSHURUDIWHUWKHGHDWKRI3KRFXV%XWKHFRQWLQXHGWKHZDUDQGJDYHLWWKHFRORURID
FUXVDGHEHWZHHQ=RURDVWULDQLVPDQG&KULVWLDQLW\7KHV\PSDWKLHVRIWKH&KULVWLDQVHFWV
LH1HVWRULDQVDQG-DFRELDQVHWF ZKLFKKDGEHHQH[FRPPXQLFDWHGE\WKH5RPDQ
HFFOHVLDVWLFDO DXWKRULW\ DQG W\UDQQL]HG IRU \HDUV DOVR ZHQW ZLWK WKH 0DJLDQ
=RURDVWULDQ LQYDGHUVDQGWKH-HZVDOVRMRLQHGKDQGVZLWKWKHPVRPXFKVRWKDWWKH
QXPEHURIWKH-HZVZKRHQOLVWHGLQ.KXVUDX
VDUP\URVHXSWR
+HUDFOLXVFRXOGQRWVWRSWKLVVWRUP7KHYHU\ILUVWQHZVWKDWKHUHFHLYHGIURPWKH(DVW
DIWHU DVFHQGLQJ WKH WKURQH ZDV WKDW RI WKH ,UDQLDQ RFFXSDWLRQ RI $QWLRFK $IWHU WKLV
'DPDVFXVIHOOLQ$'7KHQLQ$'WKH,UDQLDQVRFFXS\LQJ-HUXVDOHPSOD\HG
KDYRF ZLWK WKH &KULVWLDQ ZRUOG 1LQHW\ WKRXVDQG &KULVWLDQV ZHUH PDVVDFUHG DQG WKH
+RO\ 6HSXOFKUH ZDV GHVHFUDWHG 7KH 2ULJLQDO &URVV RQ ZKLFK DFFRUGLQJ WR WKH
&KULVWLDQ EHOLHI -HVXV KDG GLHG ZDV VHL]HG DQG FDUULHG WR 0DGD
LQ 7KH FKLHI SULHVW
=DFKDULDZDVWDNHQSULVRQHUDQGDOOWKHLPSRUWDQWFKXUFKHVRIWKHFLW\ZHUHGHVWUR\HG
+RZSXIIHGXSZDV.KXVUDX3DUYH]DWWKLVYLFWRU\FDQEHMXGJHGIURPWKHOHWWHUWKDWKH
ZURWHWR+HUDFOLXVIURP-HUXVDOHP+HZURWH )URP.KXVUDXWKHJUHDWHVWRIDOOJRGV
WKH PDVWHU RI WKH ZKROH ZRUOG  7R +HUDFOLXV KLV PRVW ZUHWFKHG DQG PRVW VWXSLG
VHUYDQW
<RX VD\ WKDW \RX KDYH WUXVW LQ \RXU /RUG ZK\ GLGQ
W WKHQ \RXU /RUG VDYH
-HUXVDOHPIURPPH"

:LWKLQ D \HDU DIWHU WKLV YLFWRU\ WKH ,UDQLDQ DUPLHV RYHUUDQ -RUGDQ 3DOHVWLQH DQG WKH
ZKROH RI WKH 6LQDL 3HQLQVXOD DQG UHDFKHG WKH IURQWLHUV RI (J\SW ,Q WKRVH YHU\ GD\V
DQRWKHU FRQIOLFW RI D IDU JUHDWHU KLVWRULFDOFRQVHTXHQFHZDVJRLQJRQLQ0DNNDK7KH
LVODPPHVVDJHFRP 
EHOLHYHUV LQ 2QH *RG XQGHU WKH OHDGHUVKLS RI WKH 3URSKHW 0XKDPPDG PD\ $OODK
V
SHDFH EH XSRQ KLP  ZHUH ILJKWLQJ IRU WKHLU H[LVWHQFH DJDLQVW WKH IROORZHUV RI VKLUN
XQGHU WKH FRPPDQG RI WKH FKLHIV RI WKH 4XUDLVK DQG WKH FRQIOLFW KDG UHDFKHG VXFK D
VWDJHWKDWLQ $'DVXEVWDQWLDOQXPEHURIWKH0XVOLPVKDGWROHDYHWKHLUKRPHV
DQG WDNH UHIXJH ZLWK WKH &KULVWLDQ NLQJGRP RI +DEDVK ZKLFK ZDV DQ DOO\ RI WKH
%\]DQWLQH(PSLUH,QWKRVHGD\VWKH6DVVDQLGYLFWRULHVDJDLQVW%\]DQWLXPZHUHWKHWDON
RIWKHWRZQDQGWKHSDJDQVRI0DNNDKZHUHGHOLJKWHGDQGZHUHWDXQWLQJWKH0XVOLPV
WRWKHHIIHFW/RRNWKHILUHZRUVKLSSHUVRI,UDQDUHZLQQLQJYLFWRULHVDQGWKH&KULVWLDQ
EHOLHYHUV LQ 5HYHODWLRQ DQG3URSKHWKRRGDUHEHLQJURXWHGHYHU\ZKHUH/LNHZLVHZH
WKHLGROZRUVKLSSHUVRI$UDELDZLOOH[WHUPLQDWH\RXDQG\RXUUHOLJLRQ
7KHVH ZHUH WKH FRQGLWLRQV ZKHQ WKLV 6XUDK RI WKH 4XUDQ ZDV VHQW GRZQ DQG LQ LW D
SUHGLFWLRQ ZDV PDGH VD\LQJ 7KH 5RPDQV KDYH EHHQ YDQTXLVKHG LQ WKH QHLJKERULQJ
ODQGDQGZLWKLQDIHZ\HDUVDIWHUWKHLUGHIHDWWKH\VKDOOEHYLFWRULRXV$QGLWZLOOEHWKH
GD\ZKHQWKHEHOLHYHUVZLOOUHMRLFHLQWKHYLFWRU\JUDQWHGE\$OODK,WFRQWDLQHGQRW
RQHEXWWZRSUHGLFWLRQV)LUVWWKH5RPDQVVKDOOEH9LFWRULRXVDQGVHFRQGWKH0XVOLPV
DOVRVKDOOZLQDYLFWRU\DWWKHVDPHWLPH$SSDUHQWO\WKHUHZDVQRWDUHPRWHFKDQFHRI
WKH IXOILOOPHQW RI WKH HLWKHU SUHGLFWLRQ LQ WKH QH[W IHZ \HDUV 2Q WKH RQH KDQG WKHUH
ZHUH D KDQGIXO RI WKH 0XVOLPV ZKR ZHUH EHLQJ EHDWHQ DQG WRUWXUHG LQ 0DNNDK DQG
HYHQWLOOHLJKW\HDUVDIWHUWKLVSUHGLFWLRQ WKHUHDSSHDUHGQRFKDQFHRIWKHLUYLFWRU\DQG
GRPLQDWLRQ 2Q WKH RWKHU WKH 5RPDQV ZHUH ORVLQJ PRUH DQG PRUH JURXQG HYHU\ QH[W
GD\%\$'WKHZKROHRI(J\SWKDGSDVVHGLQWR6DVVDQLGKDQGVDQGWKH0DJLDQ
DUPLHV KDG UHDFKHG DV IDU DV 7ULSROL ,Q $VLD 0LQRU WKH\ EHDW DQG SXVKHG EDFN WKH
5RPDQVWR%RVSRUXVDQGLQ$'WKH\FDSWXUHG&KDOFHGRQ PRGHUQ.DGLNR\ MXVW
RSSRVLWH&RQVWDQWLQRSOH7KH(PSHURU VHQWDQHQYR\WR.KXVUDXSUD\LQJWKDWKHZDV
UHDG\ WR KDYH SHDFH RQ DQ\ WHUPV EXW KH UHSOLHG , VKDOO QRW JLYH SURWHFWLRQ WR WKH
HPSHURUXQWLOKHLVEURXJKWLQFKDLQVEHIRUHPHDQGJLYHVXSREHGLHQFHWRKLVFUXFLILHG
JRGDQGDGRSWVVXEPLVVLRQWRWKHILUHJRG$WODVWWKH(PSHURUEHFDPHVRGHSUHVVHG
E\GHIHDWWKDWKHGHFLGHGWROHDYH&RQVWDQWLQRSOHDQGVKLIWWR&DUWKDJH PRGHUQ7XQLV 
,Q VKRUW DV WKH %ULWLVK KLVWRULDQ *LEERQ VD\V HYHQ VHYHQ WR HLJKW \HDUV DIWHU WKLV
SUHGLFWLRQRIWKH4XUDQWKHFRQGLWLRQVZHUHVXFKWKDWQRRQHFRXOGHYHQLPDJLQHWKDW
WKH%\]DQWLQH(PSLUHZRXOGHYHUJDLQDQXSSHUKDQGRYHU,UDQ1RWWRVSHDNRIJDLQLQJ
GRPLQDWLRQ QR RQH FRXOG KRSH WKDW WKH(PSLUHXQGHUWKHFLUFXPVWDQFHVZRXOGHYHQ
VXUYLYH
:KHQWKHVHYHUVHVRIWKH4XUDQZHUHVHQWGRZQWKHGLVEHOLHYHUVRI0DNNDKPDGHJUHDW
IXQ RI WKHP DQG 8ED\\ ELQ .KDODI EHW +DGUDW $EX %DNU WHQ FDPHOV LI WKH 5RPDQV
EHFDPHYLFWRULRXVZLWKLQWKUHH\HDUV:KHQWKH+RO\3URSKHWFDPHWRNQRZRIWKHEHW
KHVDLG7KH4XUDQKDVXVHGWKHZRUGVELGCLVLQLQDQGWKHZRUGELGLQ$UDELFDSSOLHV
WRDQXPEHUXSWRWHQ7KHUHIRUHPDNHWKHEHWIRUWHQ\HDUVDQGLQFUHDVHWKHQXPEHURI
FDPHOVWRDKXQGUHG6R+DGUDW$ED%DNUVSRNHWR8ED\\DJDLQDQGEHWDKXQGUHG
FDPHOVIRUWHQ\HDUV
,Q$'DVWKH+RO\3URSKHWPLJUDWHGWR0DGLQDKWKH(PSHURU+HUDFOLXVVHWRII
TXLHWO\IRU7UDE]RQIURP&RQVWDQWLQRSOHYLDWKH%ODFN6HDDQGVWDUWHGSUHSDUDWLRQVWR
LVODPPHVVDJHFRP 
DWWDFN ,UDQ IURP UHDU )RU WKLV KH DVNHG WKH &KXUFK IRU PRQH\ DQG 3RSH6HUJLXVOHQW
KLP WKH &KXUFK FROOHFWLRQV RQ LQWHUHVW LQ D ELG WR VDYH &KULVWLDQLW\ IURP
=RURDVWULDQLVP +HUDFOLXV VWDUWHGKLVFRXQWHU DWWDFNLQ$'IURP$UPHQLD1H[W
\HDU LQ  $ '  KH HQWHUHG $]HUEDLMDQ DQG GHVWUR\HG &ORUXPLD WKH ELUWKSODFH RI
=RURDVWHUDQGUDYDJHGWKHSULQFLSDOILUHWHPSOHRI,UDQ*UHDWDUHWKHSRZHUVRI$OODK
WKLVZDVWKHYHU\\HDUZKHQ WKH0XVOLPVDFKLHYHGDGHFLVLYHYLFWRU\DW%DGUIRUWKHILUVW
WLPHDJDLQVWWKHPXVKULNV7KXVERWKWKHSUHGLFWLRQVPDGHLQ6XUDK5XPZHUHIXOILOOHG
VLPXOWDQHRXVO\ZLWKLQWKHVWLSXODWHGSHULRGRIWHQ\HDUV
7KH%\]DQWLQHIRUFHVFRQWLQXHGWRSUHVVWKH,UDQLDQVKDUGDQGLQWKHGHFLVLYHEDWWOHDW
1LQHYHK  $ '  WKH\ GHDOW WKHP WKH KDUGHVW EORZ 7KH\ FDSWXUHG WKH UR\DO
UHVLGHQFHRI'DVWDJHUGDQGWKHQSUHVVLQJIRUZDUGUHDFKHGULJKWRSSRVLWHWR&WHVLSKRQ
FDSLWDO RI ,UDQ LQ WKRVH GD\V ,Q  $ ' LQ DQ LQWHUQDO UHYROW .KXVUDX 3DUYH] ZDV
LPSULVRQHG DQG  RI KLV VRQV ZHUH H[HFXWHG LQ IURQW RI KLP DQG D IHZ GD\V ODWHU KH
KLPVHOIGLHGLQWKHSULVRQ7KLVZDVWKH\HDUZKHQWKHSHDFHWUHDW\RI+XGDLEL\DZDV
FRQFOXGHGZKLFKWKH4XUDQKDVWHUPHGDVWKHVXSUHPHYLFWRU\DQGLQWKLVYHU\\HDU
.KXVUDX
VVRQ4XEDG,,JDYHXSDOOWKHRFFXSLHG5RPDQWHUULWRULHVUHVWRUHGWKH7UXH
&URVV DQG PDGH SHDFH ZLWK %\]DQWLXP ,Q  $ '  WKH (PSFURU KLPVHOI ZHQW WR
-HUXVDOHPWRLQVWDOOWKH+RO\&URVVLQLWVSODFHDQGLQWKHVDPH\HDUWKH+RO\3URSKHW
HQWHUHG0DNNDKIRUWKHILUVWWLPHDIWHUWKH+LMUDKWRSHUIRUPWKH8PUDWXO4DGDD

$IWHU WKLVQRRQHFRXOGKDYHDQ\GRXEWDERXWWKHWUXWKRIWKHSURSKHF\RIWKH4XUDQ
ZLWKWKHUHVXOWWKDWPRVWRIWKH$UDESRO\WKHLVWVDFFHSWHG,VODP7KHKHLUVRI8ED\\ELQ
.KDODIORVWWKHLUEHWDQGKDGWRJLYHDKXQGUHGFDPHOVWR+DGUDW$EX%DNU6LGGLT+H
WRRN WKHP EHIRUH WKH +RO\ 3URSKHW ZKR RUGHUHG WKDW WKH\ EH JLYHQ DZD\ LQ FKDULW\
EHFDXVHWKHEHWKDGEHHQPDGHDWDWLPHZKHQJDPEOLQJKDGQRW\HWEHHQIRUELGGHQE\
WKH6KDULDKQRZLWZDVIRUELGGHQ7KHUHIRUHWKHEHWZDVDOORZHGWREHDFFHSWHGIURP
WKHEHOOLJHUHQWGLVEHOLHYHUVEXWLQVWUXFWLRQJLYHQWKDWLWVKRXOGEHJLYHQDZD\LQFKDULW\
DQGVKRXOGQRWEHEURXJKWLQSHUVRQDOXVH
7KHPHDQG6XEMHFWPDWWHU
7KH GLVFRXUVH EHJLQV ZLWK WKH WKHPH WKDW WKH 5RPDQV KDYH EHHQ RYHUFRPH DQG WKH
SHRSOH WKH ZRUOG RYHU WKLQN WKDW WKH HPSLUH LV DERXW WR FROODSVH EXW WKH IDFW LV WKDW
ZLWKLQ D IHZ \HDUV WKH WDEOHV ZLOO EH WXUQHG DQG WKH YDQTXLVKHG ZLOO DJDLQ EHFRPH
YLFWRULRXV
7KLVLQWURGXFWRU\WKHPHFRQWDLQVWKHJUHDWWUXWKWKDWPDQLVDFFXVWRPHGWRVHHLQJRQO\
ZKDWLVDSSDUHQWDQGVXSHUILFLDO7KDWZKLFKLVEHKLQGWKHDSSDUHQWDQGVXSHUILFLDOKH
GRHVQRWNQRZ:KHQLQWKHSHWW\PDWWHUVRIOLIHWKLVKDELWWRVHHRQO\WKHDSSDUHQWDQG
VXSHUILFLDO FDQ OHDG PDQ WR PLVXQGHUVWDQGLQJV DQG PLVFDOFXODWLRQV DQG ZKHQ KH LV
OLDEOHWRPDNHZURQJHVWLPDWHVRQO\GXHWRODFNRINQRZOHGJHDERXWZKDWZLOOKDSSHQ
WRPRUURZ KRZ VWXSHQGRXV ZLOO EH KLV HUURU LI KH ULVNV KLV ZKROH OLIHDFWLYLW\ E\
SODFLQJUHOLDQFHRQO\XSRQZKDWLVYLVLEOHDQGDSSDUHQWZLWKUHVSHFWWRKLVZRUOGO\OLIH
DV D ZKROH 7KHQ IURP WKH TXHVWLRQ RI WKH FRQIOLFW EHWZHHQ %\]DQWLXP DQG ,UDQ WKH
GLUHFWLRQ RI WKH GLVFRXUVH WXUQV WR WKH WKHPH RI WKH +HUHDIWHU DQG DV IDU DV YHUVH 
PDQKDVEHHQPDGHWRXQGHUVWDQGLQGLIIHUHQWZD\VWKDWWKH+HUHDIWHULVSRVVLEOHDVZHOO
LVODPPHVVDJHFRP 
DVUDWLRQDODQGQHFHVVDU\WKHQIRUWKHVDNHRINHHSLQJWKHV\VWHPRIKLVOLIHDOVRVWDEOH
DQGEDODQFHGLWLVDEVROXWHO\QHFHVVDU\WKDWKHVKRXOGSODQDQGRUGHUKLVSUHVHQWOLIHRQ
WKHIDLWKLQWKH+HUHDIWHURWKHUZLVHKHZLOOFRPPLWWKHVDPHHUURUDVKDVDOZD\VEHHQ
WKHUHVXOWRISODFLQJRQH
VUHOLDQFHRQO\XSRQWKHDSSDUHQWDQGWKHYLVLEOH
,QWKLVFRQQHFWLRQWKH6LJQVRIWKHXQLYHUVHZKLFKKDYHEHHQSUHVHQWHGDVHYLGHQFHWR
SURYHWKHGRFWULQHRIWKH+HUHDIWHUDUFSUHFLVHO\WKHVDPHZKLFKVXSSRUWWKHGRFWULQHRI
7DXKLG 7KHUHIRUH IURP YHUVH  RQZDUG WKH GLVFRXUVH WXUQV WR WKH DIILUPDWLRQ RI
7DXKLGDQGWKHUHIXWDWLRQRIVKLUNDQG LWLVVWUHVVHGWKDWWKHQDWXUDOZD\RIOLIHIRUPDQ
LV QRQH HOVH EXW WR VHUYH 2QH *RG H[FOXVLYHO\ 6KLUN LV RSSRVHG WR WKH QDWXUH RI WKH
XQLYHUVHDVWRWKHQDWXUHRIPDQ7KHUHIRUHZKHQHYHUPDQKDVDGRSWHGWKLVGHYLDWLRQ
FKDRVKDVUHVXOWHG$JDLQKHUHDQDOOXVLRQKDVEHHQPDGHWRWKHJUHDWFKDRVWKDWKDG
JULSSHGWKHZRUOGRQDFFRXQWRIWKHZDUEHWZHHQWKHWZRPDMRUSRZHUVRIWKHWLPHDQG
LWKDVEHHQLQGLFDWHGWKDWWKLVFKDRVWRRLVWKHUHVXOWRIVKLUNDQGDOOWKHQDWLRQVZKR
ZHUHHYHULQYROYHGLQPLVFKLHIDQGFKDRVLQWKHKLVWRU\RIPDQNLQGZHUHDOVRPXVKULNV
,QFRQFOXVLRQDSDUDEOHKDVEHHQSUHVHQWHGWRPDNHWKHSHRSOHXQGHUVWDQGWKDWMXVWDV
GHDGHDUWKFRPHVWROLIHDOORIDVXGGHQE\DVKRZHURIUDLQVHQWE\*RGDQGVZHOOV
ZLWKYHJHWDWLRQDQGSODQWOLIHVRLVWKHFDVHZLWKWKHGHDGKXPDQLW\:KHQ*RGVHQGVD
VKRZHU RI+LVPHUF\LQWKHIRUPRI5HYHODWLRQDQG3URSKHWKRRGLWDOVRJLYHVDQHZ
OLIHWRPDQNLQGDQGFDXVHVLWWRJURZDQGGHYHORSDQGIORXULVK7KHUHIRUH,I\RXWDNH
IXOO DGYDQWDJH RI WKLV RSSRUWXQLW\ WKH EDUUHQ ODQG RI $UDELD ZLOO EORRP E\ $OODK
V
PHUF\DQGWKHZKROHDGYDQWDJHZLOOEH\RXU%XWLI\RXGRQRWWDNHDGYDQWDJHRILW\RX
ZLOO KDUP RQO\ \RXU VHOYHV 7KHQ QR UHJUHW ZLOO DYDLO DQG QR RSSRUWXQLW\ ZLOO EH
SURYLGHGWRPDNHDPHQGV

/XTPDDQ
1DPH
7KH6XUDKKDVEHHQQDPHG/XTPDDQDIWHU/XTPDDQWKH6DJHZKRVHDGPRQLWLRQVWRKLV
VRQKDYHEHHQUHODWHGLQYYRIWKLV6XUDK
3HULRGRI5HYHODWLRQ
$ SHUXVDO RI WKH VXEMHFW PDWWHU VKRZV WKDW LW ZDV VHQW GRZQ LQ WKH SHULRG ZKHQ
SHUVHFXWLRQWRVXSSUHVVDQGWKZDUWWKHLQYLWDWLRQWR,VODPKDGEHJXQDQGHYHU\VRUWRI
PDFKLQDWLRQKDGVWDUWHGEHLQJHPSOR\HGIRU WKHSXUSRVH7KLVLVERUQHRXWE\YY
LQZKLFKWKH\RXQJFRQYHUWVWR,VODPKDYHEHHQWROGWKDWDOWKRXJKWKHULJKWVRIWKH
SDUHQWV DUH WKH XSSHUPRVW DIWHU *RG WKH\ VKRXOG QRW OLVWHQ WR WKHP LI WKH\ SUHYHQWHG
WKHP IURP DFFHSWLQJ ,VODP RU FRPSHOOHG WKHP WR UHYHUW WR WKH FUHHG RI VKLUN DQG
SRO\WKHLVP7KHVDPHWKLQJKDVEHHQVDLGLQ6XUDK$O$QNDERRWZKLFKLQGLFDWHVWKDW
ERWKWKHVH6XUDKVZHUHVHQWGRZQLQWKHVDPHSHULRG$VWXG\RIWKHVW\OHDQGVXEMHFW
PDWWHURIWKHWZR6XUDKVRQWKHZKROHKRZHYHUVKRZVWKDW6XUDK/XTPDDQZDVVHQW
GRZQHDUOLHUIRURQHGRHVQRWVHHDQ\VLJQRIWKHDQWDJRQLVPLQLWVEDFNJURXQGWKRXJK
FRQWUDU\ WR WKLV ZKLOH VWXG\LQJ 6XUDK $O$QNDERRW RQH FDQ FOHDUO\ IHHO WKDW WKH
0XVOLPVZHUHEHLQJVHYHUHO\SHUVHFXWHGGXULQJWKHSHULRGRILWVUHYHODWLRQ
7KHPHDQG6XEMHFWPDWWHU
LVODPPHVVDJHFRP 
,Q WKLV 6XUDK WKH SHRSOH KDYH EHHQ PDGH WR XQGHUVWDQG WKH PHDQLQJOHVVQHVV DQG
DEVXUGLW\ RI VKLUN DQG WKH WUXWK DQG UHDVRQDEOHQHVV RI 7DXKLG DQG WKH\ KDYH EHHQ
LQYLWHG WR JLYH XS EOLQG LPLWDWLRQ RI WKHLU IRUHIDWKHUV FRQVLGHU ZLWK D FRRO PLQG WKH
WHDFKLQJVZKLFKWKH3URSKHW0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQGEOHVVLQJV LV
SUHVHQWLQJ IURP WKH /RUG RI WKH ZRUOGV DQG VHH ZLWK RSHQ H\HV WKH PDQLIHVW 6LJQV
IRXQGLQWKHXQLYHUVHDURXQGWKHPDQGLQWKHLURZQVHOYHVZKLFKEHDUHYLGHQFHWRLWV
WUXWK
,Q WKLV FRQQHFWLRQ LW KDV DOVR EHHQ SRLQWHG RXW WKDW WKLV LV QRW D QHZ WHDFKLQJ ZKLFK
PLJKWKDYHEHHQSUHVHQWHGLQWKHZRUOGRULQWKHODQGRI$UDELDIRUWKHILUVWWLPHDQG
ZLWK ZKLFK WKH SHRSOH PLJKW EH XQIDPLOLDU 7KH OHDUQHG DQG ZLVH SHRSOH RI WKH SDVW
DJHVVDLGDQGWDXJKWWKHVDPHWKLQJZKLFK0XKDPPDG XSRQZKRPEH$OODK
V SHDFH LV
WHDFKLQJWRGD\,WLVDVLIWRVD\2SHRSOH,Q\RXURZQFRXQWU\WKHUHKDVOLYHGDZLVH
PDQ QDPHG /XTPDDQ ZKRVH ZLVGRP KDV EHHQ ZHOO NQRZQ DPRQJ \RX ZKRVH
SURYHUEVDQGZLVHVD\LQJVDUHFLWHGLQ\RXUGDLO\FRQYHUVDWLRQDQGZKRLVRIWHQTXRWHG
E\ \RXU SRHWV DQG RUDWRUV 1RZ \RX VKRXOG VHH IRU \RXUVHOYHV ZKDW FUHHG DQG ZKDW
PRUDOVKHXVHGWRWHDFK

6DMGDK
1DPH
7KH 6XUDK KDV EHHQ HQWLWOHG $V6DMGDK DIWHU WKH WKHPH RI 6DMGDK SURVWUDWLRQ  DV
H[SUHVVHGLQYHUVH
3HULRGRI5HYHODWLRQ
)URPWKHVW\OHRIWKH6XUDKLWDSSHDUVWKDWLWZDVVHQWGRZQGXULQJWKHPLGGOH0DNNDK
SHULRGPRUHSDUWLFXODUO\LQLWVLQLWLDOVWDJHIRURQHGRHVQRWILQGLQLWVEDFNJURXQGWKDW
VHYHULW\RIWKHSHUVHFXWLRQDQGW\UDQQ\ZKLFKRQHILQGVLQWKH6XUDKVVHQWGRZQLQWKH
ODWHUVWDJHV
7KHPHDQG7RSLFV
7KHPDLQWKHPHRIWKH6XUDKLVWRUHPRYHWKHGRXEWVRIWKHSHRSOHFRQFHUQLQJ7DXKLG
WKH+HUHDIWHUDQGWKH3URSKHWKRRGDQGWRLQYLWHWKHPWRDOOWKHVHWKUHHUHDOLWLHV7KH
GLVEHOLHYHUV RI 0DNNDK ZKHQ WKH\ WDONHG RI WKH +RO\ 3URSKHW LQ SULYDWH VDLG WR RQH
DQRWKHU 7KLV SHUVRQ LV IRUJLQJ VWUDQJHWKLQJVVRPHWLPHVKHJLYHVQHZVRIZKDWZLOO
KDSSHQDIWHUGHDWK+HVD\VZKHQ\RXKDYHEHFRPHGXVW\RXZLOOEHFDOOHGWRUHQGHU
\RXUDFFRXQWVDQGWKHUHZLOOEH+HOODQG+HDYHQ6RPHWLPHVKHVD\VWKHVHJRGVDQG
JRGGHVVHV DQG VDLQWV DUH QRQHQWLWLHV 2QH *RG DORQH LV WKH 'HLW\ $QG VRPHWLPHV KH
VD\V WKH GLVFRXUVHV ZKLFK , UHFLWH DUH QRW P\ RZQ EXW $OODK
V :RUG $OO WKHVH DUH
VWUDQJHWKLQJVZKLFKKHSUHVHQWV7KHDQVZHUWRWKHVHGRXEWVDQGPLVJLYLQJVIRUPVWKH
WKHPHDQGVXEMHFWPDWWHURIWKLV6XUDK
,QWKLVFRQQHFWLRQWKHGLVEHOLHYHUVKDYHEHHQWROG0RVWFHUWDLQO\LWLV$OODK
V:RUG
ZKLFK KDV EHHQ VHQW GRZQ LQ RUGHU WR DURXVH D SHRSOH ZKR DUH VXQN LQ KHHGOHVVQHVV
EHLQJ GHSULYHG RI WKH ERXQWLHV DQG EOHVVLQJV RI 3URSKHWKRRG +RZ FDQ \RX FDOO LW D
IDEULFDWLRQZKHQLWVKDYLQJEHHQVHQWGDZQIURP$OODKLVPDQLIHVWDQGVHOIHYLGHQW"

LVODPPHVVDJHFRP 
7KHQWKH\KDYHEHHQDVNHG8VH\RXUFRPPRQVHQVHDQGMXGJHIRU\RXUVHOYHVZKLFK
RIWKHWKLQJVSUHVHQWHGE\WKH4XUDQLVVWUDQJHDQGQRYHO"/RRNDWWKHDGPLQLVWUDWLRQRI
WKHKHDYHQVDQGWKHHDUWKFRQVLGHU\RXURZQFUHDWLRQDQGVWUXFWXUH'RQ
WWKHVHWKLQJV
WHVWLI\WRWKHWHDFKLQJZKLFKWKLV3URSKHWLVSUHVHQWLQJEHIRUH\RXLQWKH4XUDQ"'RHV
WKHV\VWHPRIWKHXQLYHUVHSRLQWWR7DXKLGRUWRVKLUN":KHQ\RXFRQVLGHUWKLVZKROH
V\VWHPDQG\RXURZQFUHDWLRQGRHV\RXULQWHOOHFWWHVWLI\WKDWWKH2QH:KRKDVJLYHQ
\RX\RXUSUHVHQWH[LVWHQFHZLOOQRWEHDEOHWRFUHDWH\RXRQFHDJDLQ"
7KHQ D VFHQH RI WKH +HUHDIWHU KDV EHHQ GHSLFWHG WKH IUXLWV RI EHOLHI DQG WKH HYLO
FRQVHTXHQFHV RI GLVEHOLHI KDYH EHHQ PHQWLRQHG DQG WKH SHRSOH H[KRUWHG WR JLYH XS
GLVEHOLHIHYHQEHIRUHWKH\PHHWWKHLUGRRPDQGDFFHSWWKHWHDFKLQJRIWKH4XUDQZKLFK
ZLOOEHWRWKHLURZQ DGYDQWDJHLQWKH+HUHDIWHU7KHQWKH\KDYHEHHQWROG,WLV$OODK
V
VXSUHPH 0HUF\ WKDW +H GRHV QRW VHL]H PDQ LPPHGLDWHO\ IRU KLV HUURUV WR SXQLVK KLP
ILQDOO\DQGGHFLVLYHO\EXWZDUQVKLPEHIRUHKDQGE\DIIOLFWLQJKLPZLWKVPDOOWURXEOHV
DQGKDUGVKLSVDQGFDODPLWLHVDQGORVVHVDQGVWURNHVRIPLVIRUWXQHVRWKDWKHPD\ZDNH
XSDQGWDNHDGPRQLWLRQ
7KHQLWLVVDLG7KLVLVQRWWKHILUVWDQGQRYHOHYHQWRILWVNLQGWKDWD%RRNKDVEHHQ
VHQWGRZQXSRQDPDQIURP*RG%HIRUHWKLVWKH%RRNKDGEHHQVHQWXSRQ0RVHVDOVR
ZKLFK \RX DOO NQRZ 7KHUH LV QRWKLQJ VWUDQJH LQ WKLVDWZKLFK\RXVKRXOGPDUYHO%H
DVVXUHG WKDW WKLV %RRN KDV FRPH GRZQ IURP *RG DQG QRWH LW ZHOO WKDW WKH VDPH ZLOO
KDSSHQ QRZ DV KDV DOUHDG\ KDSSHQHG LQ WKH WLPH RI 0RVHV /HDGHUVKLS QRZ ZLOO EH
EHVWRZHGRQO\RQWKRVHZKRZLOODFFHSWWKLV'LYLQH%RRN7KRVHZKRUHMHFWLWVKDOOEH
GRRPHGWRIDLOXUH
7KHQWKHGLVEHOLHYHUVRI0DNNDKKDYHEHHQDGPRQLVKHGWRWKHHIIHFW6HHWKHHQGRI
WKHGRRPHGFRPPXQLWLHVRIWKHSDVWE\ZKRVHUXLQHGKDELWDWLRQV\RX SDVVGXULQJ\RXU
WUDGHMRXUQH\V:LOO\RXOLNHWRPHHWWKHVDPHGRRP\RXUVHOI"'RQRWEHGHOXGHGE\WKH
DSSDUHQW DQG VXSHUILFLDO 7RGD\ \RX VHH WKDW QR RQH LV OLVWHQLQJ WR 0XKDPPDG XSRQ
ZKRPEH$OODK
VSHDFH H[FHSWDIHZ\RXQJPHQDQGVRPHVODYHVDQGSRRUPHQDQGKH
LVEHLQJPDGHWKHWDUJHWRIFXUVHVDQGXJO\UHPDUNVIURPHYHU\VLGH)URPWKLV\RXKDYH
IRUPHGWKHZURQJLPSUHVVLRQWKDWKLVPLVVLRQZLOOIDLO%XWWKLVLVRQO\DGHFHSWLRQRI
\RXUH\HV'RQ
W\RXVHHWKHSKHQRPHQRQLQ\RXUGDLO\OLIHWKDWD ODQGSUHYLRXVO\O\LQJ
DEVROXWHO\ EDUUHQ VWDUWV VZHOOLQJ ZLWK YHJHWDWLRQ DQG SODQW OLIH HYHU\ZKHUH MXVW E\ D
VLQJOHVKRZHURIWKHUDLQWKRXJKEHIRUHWKLVQRRQHFRXOGHYHULPDJLQHWKDWXQGHUWKH
OD\HUVRILWVVRLOWKHUHOD\KLGGHQVXFKWUHDVXUHVRIJUHHQHU\DQGKHUEDJH"
,QFRQFOXVLRQWKH+RO\3URSKHWKDVEHHQDGGUHVVHGWRWKHHIIHFW7KHVHSHRSOHPRFNDW
ZKDW\RXVD\DQGDVNDVWRZKHQ\RXZLOODWWDLQWKLVGHFLVLYHYLFWRU\7HOOWKHPZKHQ
WKH WLPH FRPHV IRU WKH ILQDO MXGJPHQW UHJDUGLQJ \RX DQG XV EHOLHYLQJ WKHQ ZLOO QRW
SURILW\RXDWDOO,I\RXKDYHWREHOLHYHEHOLHYHQRZ%XWLI\RXLQWHQGWRDZDLWWKHILQDO
MXGJPHQWWKHQDZDLWLWDV\RXSOHDVH

$K]DE
1DPH
7KH6XUDKGHULYHVLWVQDPH$O$K]DEIURPYHUVH
LVODPPHVVDJHFRP 
3HULRGRI5HYHODWLRQ
7KH6XUDKGLVFXVVHVWKUHHLPSRUWDQWHYHQWVZKLFKDUHWKH%DWWOHRIWKH7UHQFK RU$O
$K]DEWKH&ODQV ZKLFKWRRNSODFHLQ6KDZZDO$+WKHUDLGRQ%DQL4XUDL]DK
ZKLFKZDVPDGHLQ'KLO4D
GDK$+DQGWKH+RO\3URSKHW
VPDUULDJHZLWK+DGUDW
=DLQDE ZKLFK DOVR ZDV FRQWUDFWHG LQ 'KLO4D
GDK $ +  7KHVH KLVWRULFDO HYHQWV
DFFXUDWHO\GHWHUPLQHWKHSHULRGRIWKHUHYHODWLRQRIWKLV6XUDK
+LVWRULFDO%DFNJURXQG
7KH,VODPLFDUP\
VVHWEDFNLQWKH%DWWOHRI8KXG $+ WKDWUHVXOWHGIURPWKHHUURU
RI WKH DUFKHUV DSSRLQWHG E\ WKH +RO\ 3URSKHW VR ERRVWHG XS WKH PRUDOH RI WKH $UDE
SDJDQVDQGWKH-HZVDQGWKHK\SRFULWHVWKDWWKH\VWDUWHGHQWHUWDLQLQJWKHKRSHWKDWWKH\
ZRXOGVRRQEHDEOHWRH[WHUPLQDWH,VODPDQGWKH0XVOLPVFRPSOHWHO\7KHLUKLJKVWDWH
RI PRUDOH FDQ EH MXGJHG IURP WKH HYHQWV WKDW RFFXUUHG LQ WKH ILUVW \HDU DIWHU 8KXG
+DUGO\ WZR PRQWKV KDG SDVVHG WKHQ WKH WULEH RI %DQL $VDG RI 1DMG EHJDQ WR PDNH
SUHSDUDWLRQVIRUDUDLGRQ0DGLQDKDQGWKH+RO\3URSKHWKDGWRGLVSDWFKDQH[SHGLWLRQ
XQGHU$EX6DODPDKWRFRXQWHUDFWWKHP,Q6DIDU$+VRPHSHRSOHRIWKHWULEHVRI
$GDO DQG 4DUDK DVNHG WKH +RO\ 3URSKHW WR VHQG VRPH PHQ WR LQVWUXFW WKHP LQ ,VODP
$FFRUGLQJO\VL[RIWKH&RPSDQLRQVZHUHDOORZHGWRDFFRPSDQ\WKHPIRUWKHSXUSRVH
%XW ZKHQ WKH\ UHDFKHG 5DML D SODFH EHWZHHQ 5DELJK DQG -HGGDK  WKH\ VXPPRQHG
+XGKDLO DJDLQVW WKHP ZKR NLOOHG IRXU RI WKH &RPSDQLRQV DQG WRRN WKH RWKHU WZR
+DGUDW.KXEDLEELQ$GLDQG+DGUDW=DLGELQDG'DWKLQQDK WR0DNNDKDQGVROGWKHP
WRWKHHQHP\7KHQLQWKHVDPHPRQWKRI6DIDURQWKHUHTXHVWRIDFKLHIRI%DQL$PLU
WKH +RO\ 3URSKHW VHQW DQRWKHU GHSXWDWLRQ RI  DFFRUGLQJ WR RWKHUV   SUHDFKHUV
FRQVLVWLQJRIWKH$QVDDU\RXQJPHQWR1DMG%XWWKH\ZHUHDOVREHWUD\HG7KHSHRSOH
RI8VD\\DKDQG5L
ODQG'KDNZDQWULEHVRI %DQL6XODLPVXUURXQGHGWKHPVXGGHQO\DW
%LU0DXQDK 0DXWDK"" DQGVOHZDOORIWKHP0HDQZKLOHWKH-HZLVKWULEHRI%DQLDQ
1DGLURI0DGLQDKJHWWLQJHQFRXUDJHPHQWFRQWLQXHGWRFRPPLWEUHDFKHVRIWKHWUHDWLHV
VR PXFK VR WKDW LQ 5DEL
XO $ZZDO $+  WKH\ SORWWHG DJDLQVW WKH OLIH RI WKH +RO\
3URSKHWKLPVHOI7KHQLQ-DPDGLDO8OD$+%DQL7KDOEDKDQG%DQL0XKDULEWKH
WZR WULEHV RI %DQL *KDWDIDQ VWDUWHG PDNLQJ SUHSDUDWLRQV WR DWWDFN 0DGLQDK DQG WKH
+RO\3URSKHWKDGWRJRWRSXQLVKWKHP7KXVDIWHUWKHLUVHWEDFNDW8KXGWKH0XVOLPV
ZHQWRQHQFRXQWHULQJUHSHUFXVVLRQVFRQWLQXRXVO\IRUVHYHQWRHLJKWPRQWKV
+RZHYHU LW ZDV WKH +RO\ 3URSKHW
V GHWHUPLQDWLRQ DQG ZLVGRP DQG KLV JUHDW
&RPSDQLRQV
VSLULWRIVDFULILFHWKDWFKDQJHGWKHVHDGYHUVHFRQGLWLRQVFRPSOHWHO\ZLWKLQ
D VKRUW VSDQ RI WLPH 7KH HFRQRPLF ER\FRWW E\ WKH $UDEV KDG PDGH OLIH KDUG IRU WKH
SHRSOH RI 0DGLQDK $OO WKH SRO\WKHLVWLF WULEHV DURXQG 0DGLQDK ZHUH EHFRPLQJ
UHEHOOLRXV,QVLGH0DGLQDKLWVHOIWKH-HZVDQGWKHK\SRFULWHVZHUHEHDWXSRQPLVFKLHI
%XWWKHVXFFHVVLYHVWHSVWDNHQE\DKDQGIXORIWKHVLQFHUH0XVOLPVXQGHUWKHOHDGHUVKLS
RIWKH+RO\3URSKHWQRWRQO\UHVWRUHGWKHLPDJHRIVWUHQJWKRI,VODPLQ$UDELDEXWDOVR
LQFUHDVHGLWPDQLIROG
5DLGV3UHFHGLQJWKH%DWWOHRIWKH7UHQFK
7KHILUVWVXFKVWHSZDVWDNHQLPPHGLDWHO\DIWHUWKH%DWWOHRI8KXG7KHYHU\QH[WGD\
ZKHQTXLWHDODUJHQXPEHURI0XVOLPVOD\ZRXQGHGDQGWKHPDUW\UGRPRIWKHQHDUDQG
LVODPPHVVDJHFRP 
GHDU RQHV ZDV EHLQJ PRXUQHG LQ PDQ\ KRXVHV DQG WKH +RO\ 3URSKHW KLPVHOI ZDV
LQMXUHG DQG VDG DW WKH PDUW\UGRP RI KLV XQFOH +DGUDW +DP]DK KH FDOOHG RXW WR WKH
GHYRWHGVHUYDQWVRI,VODPWRDFFRPSDQ\KLPLQSXUVXLWRIWKHSDJDQVVRDVWRGHWHUWKHP
IURP UHWXUQLQJ DQG DWWDFNLQJ 0DGLQDK DJDLQ 7KH +RO\ 3URSKHW
V DVVHVVPHQW ZDV
DEVROXWHO\FRUUHFW+HNQHZWKDWDOWKRXJKWKH4XUDLVKKDGUHWUHDWHGZLWKRXWWDNLQJDQ\
DGYDQWDJHRIWKHLUDOPRVWFRPSOHWHYLFWRU\WKH\ZRXOGFHUWDLQO\UHJUHWWKHLUIROO\ZKHQ
WKH\ZRXOGKDOWDQGFRQVLGHUWKHZKROHPDWWHUFRROO\RQWKHZD\DQGZRXOGUHWXUQWR
DWWDFN 0DGLQDK DJDLQ 7KHUHIRUH KH GHFLGHG WR JR LQ SXUVXLW RIWKHPDQGRIWKH
0XVOLPVDWRQFHYROXQWHHUHGWRDFFRPSDQ\KLP:KHQWKH\UHDFKHG+DPUDDO$VDGRQ
WKH ZD\ WR0DNNDKDQGFDPSHGWKHUHIRU WKUHHGD\VWKH+RO\3URSKHWFDPHWRNQRZ
WKURXJKDV\PSDWKHWLFQRQ0XVOLPWKDW$EX6XI\DQKDGVWD\HGDW$U5DXKDPLOHV
VKRUWRI0DGLQDKZLWKDQDUP\VWURQJWKH\ZHUHUHJUHWWLQJWKHLUHUURUDQGZHUH
LQIDFWSODQQLQJWRUHWXUQDQGDWWDFN0DGLQDKRQFHDJDLQ%XWZKHQWKH\KHDUGWKDWWKH
+RO\3URSKHWZDVFRPLQJLQSXUVXLWRIWKHPZLWKDQDUP\WKH\ORVWKHDUWDQGJDYHXS
WKHLUSODQ7KXVQRWRQO\ZHUHWKH4XUDLVKGHWHUUHGE\WKLVDFWLRQEXWWKHRWKHUHQHPLHV
OLYLQJDURXQG0DGLQDKDOVRUHDOL]HGWKDWWKH0XVOLPVZHUHEHLQJOHGE\DSHUVRQZKR
ZDVKLJKO\ZHOOLQIRUPHGZLVHDQGUHVROXWHDQGWKDWWKH0XVOLPVZHUHHYHUUHDG\WR
OD\GRZQWKHLUOLYHVDWKLVFRPPDQG )RUIXUWKHUGHWDLOVVHH,QWURGXFWLRQWR6XUDK$O
,PUDQ
7KHQDVVRRQDVWKH%DQL$VDGVWDUWHGPDNLQJ3UHSDUDWLRQVIRUDUDLGRQ0DGLQDKWKH
+RO\ 3URSKHW
V VHFUHW DJHQWV JDYH KLP WLPHO\ LQIRUPDWLRQ DERXW WKHLU LQWHQWLRQ 7KXV
EHIRUHWKH\FRXOGFRPHLQIRUFHWRDWWDFN0DGLQDKKHVHQWDQDUP\VWURQJXQGHU
+DGUDW$EX6DODPDK WKHILUVWKXVEDQGRI+DGUDW8PP6DODPDK WRSXQLVKWKHP7KH\
WRRN %DQL $VDG E\ VXUSULVH ZKR IOHG LQ SDQLF OHDYLQJ DOO WKHLU SRVVHVVLRQV EHKLQG
ZKLFKIHOOLQWRWKH0XVOLPKDQGV
$IWHUWKLVFDPHWKHWXUQRIWKH%DQLDQ1DGLU7KHGD\WKH\SORWWHGDJDLQVWWKHOLIHRI
WKH+RO\3URSKHWDQGWKHVHFUHWZDVGLVFORVHGWKH+RO\3URSKHWRUGHUHGWKHPWROHDYH
0DGLQDKZLWKLQWHQGD\VDQGZDUQHGWKDWDQ\RQHZKRUHPDLQHGEHKLQGDIWHUWKDWZRXOG
EH SXW WR GHDWK $EGXOODK ELQ 8ED\\ WKH FKLHI RI WKH K\SRFULWHV RI 0DGLQDK
HQFRXUDJHGWKHPWRGHI\WKHRUGHUDQGUHIXVHWROHDYH0DGLQDK+HHYHQ SURPLVHGWR
KHOS WKHP ZLWK   PHQ DQG DVVXUHG WKHP WKDW WKH %DQL *KDWDIDQ IURP 1DMG DOVR
ZRXOGFRPHWRWKHLUDLG$FFRUGLQJO\WKH%DQLDQ1DGLUVHQWZRUGWKDWWKH\ZRXOGQRW
OHDYHQRPDWWHUZKDWWKH+RO\3URSKHWPLJKWGR
$VVRRQDVWKHWLPHOLPLWRIWHQGD\VFRPHWRDQHQGWKH+RO\3URSKHWODLGVLHJHWRWKHLU
TXDUWHUVEXWQRQHRIWKHLUVXSSRUWHUVKDGWKHFRXUDJHWRFRPHWRWKHLUUHVFXH$WODVW
WKH\ VXUUHQGHUHG RQ FRQGLWLRQ WKDW HYHU\ WKUHH RI WKHP ZRXOG EH DOORZHG WR ORDG D
FDPHOZLWKZKDWHYHUWKH\FRXOGFDUU\DQGJRDZD\OHDYLQJWKHUHVWRIWKHLUSRVVHVVLRQV
EHKLQG7KXVWKHZKROHVXEXUEVRIWKHFLW\ZKLFKZHUHLQKDELWHGE\WKH%DQLDQ1DGLU
DQGWKHLUJDUGHQVDQGWKHLUIRUWUHVVHVDQGRWKHUSURSHUWLHVIHOOWRWKH0XVOLPVDQGWKH
SHRSOHRIWKLVWUHDFKHURXVWULEHEHFDPHVFDWWHUHGLQ.KDLEDU:DGLO4XUDDQG6\ULD
7KHQWKH+RO\3URSKHWWXUQHGKLVDWWHQWLRQWRWKH%DQL*KDWDIDQZKRZHUHSUHSDULQJ
IRUDZDUDJDLQVW0DGLQDK+HWRRNRIWKH0XVOLPVDQGRYHUWRRNWKHPDW'KDWDU
LVODPPHVVDJHFRP 
5LTDDC7KH\ZHUHVRWDNHQE\VXUSULVHWKDWWKH\IOHGWKHLUKRXVHVZLWKRXWDVWUXJJOHDQG
WRRNUHIXJHLQWKHPRXQWDLQV
$IWHUWKLVLQ6KDEDQ$+WKH+RO\3URSKHWZHQWIRUWKWR%DGUWRILJKW$EX6XI\DQ
$WWKHHQGRIWKH%DWWOHRI8KXGKHKDGFKDOOHQJHGWKH+RO\3URSKHWDQGWKH0XVOLPV
VD\LQJ :H VKDOO DJDLQ PHHW \RX LQ FRPEDW DW %DGU QH[W \HDU  ,Q UHSO\ WKH +RO\
3URSKHW DQQRXQFHG WKURXJK D &RPSDQLRQ $OO ULJKW ZH DFFHSW \RXU FKDOOHQJH 
$FFRUGLQJO\DWWKHDSSRLQWHGWLPHKHUHDFKHG%DGUZLWKRIWKH0XVOLPV)URP
WKHRWKHUVLGH$EX6XI\DQOHIW0DNNDKZLWKDQDUP\RIPHQEXWFRXOGQRWKDYH
WKH FRXUDJH WR PDUFK EH\RQG 0DUUD]=DKUDQ PRGHUQ :DGL )DWLPDK  7KH +RO\
3URSKHW ZDLWHG IRU KLP DW %DGU IRU HLJKW GD\V WKH 0XVOLPV GXULQJ WKHVH GD\V GLG
SURILWDEOH EXVLQHVV ZLWK D WUDGLQJ SDUW\ 7KLV LQFLGHQW KHOSHG PRUH WKDQ UHVWRUH WKH
LPDJH RI VWUHQJWK RI WKH 0XVOLPV WKDW KDG EHHQ WDUQLVKHG DW 8KXG ,W DOVR PDGH WKH
ZKROHRI$UDELDUHDOL]HWKDWWKH4XUDLVKDORQHFRXOGQRORQJHUUHVLVW0XKDPPDG XSRQ
ZKRPEH$OODK
VSHDFHDQGEOHVVLQJV 
7KLV LPDJH DQG SRVLWLRQ RI WKH 0XVOLPV ZDV IXUWKHU VWUHQJWKHQHG E\ DQRWKHU HYHQW
'XPDWDO-DQGDO PRGHUQ$O-DXI ZDVDQLPSRUWDQWSODFHDWWKHERUGHUEHWZHHQ$UDELD
DQG6\ULD:KHQWKHFDUDYDQVRIWKH$UDEVWUDGLQJEHWZHHQ,UDTLQWKHVRXWKDQG6\ULD
DQG(J\SWLQWKHQRUWKSDVVHGWKDWZD\WKH\ZHUHKDUDVVHGDQGORRWHGE\WKHQDWLYHV
,Q5DELDO$ZZDO$+WKH+RO\3URSKHWKLPVHOIZHQWWRSXQLVKWKHPZLWKDQDUP\
RI   PHQ 7KH\ FRXOG QRW PXVWHU XS FRXUDJH WR FRPH RXW DQG ILJKW KLP DQG
WKHUHIRUHIOHGWKHSODFH7KLVFDXVHGWKHZKROHRIQRUWKHUQ$UDELDWRGUHDGWKHSRZHU
RI,VODPDQGWKHWULEHVEHJDQWRUHDOL]HWKDWWKHJUHDWSRZHUHPHUJLQJIURP$O0DGLQDK
ZDVIRUPLGDEOHDQGFRXOGQRORQJHUEHUHVLVWHGE\RQH RUDIHZRIWKHWULEHV
7KH%DWWOHRIWKH7UHQFK
6XFK ZHUH WKH FRQGLWLRQV ZKHQ WKH %DWWOH RI WKH 7UHQFK WRRN SODFH ,W ZDV LQ IDFW D
FRPELQHGUDLGE\PDQ\RIWKH$UDEWULEHVZKRZDQWHGWRFUXVKWKHSRZHURI0DGLQDK
,WKDGEHHQLQVWLJDWHGE\WKHOHDGHUV RIWKH%DQLDQ1DGLUZKRKDGVHWWOHGLQ.KDLEDU
DIWHUWKHLUEDQLVKPHQWIURP0DGLQDK7KH\ZHQWURXQGWRWKH4XUDLVKDQG*KDWDIDQDQG
+XGKDLODQGPDQ\RWKHUWULEHVDQGLQGXFHGWKHPWRJDWKHUDOOWKHLUIRUFHVWRJHWKHUDQG
DWWDFN 0DGLQDK MRLQWO\ 7KXVLQ6KDZZDO$+DQXQSUHFHGHQWHGO\ODUJHDUP\RI
WKH$UDEWULEHVPDUFKHGDJDLQVWWKHVPDOOFLW\RI0DGLQDK)URPWKHQRUWKFDPH-HZVRI
%DQL DQ1DGLU DQG %DQL 4DLQXTDDC ZKR DIWHU WKHLU EDQLVKPHQW IURP 0DGLQDK KDG
VHWWOHGLQ.KDLEDUDQG:DGLO4XUD)URPWKHHDVWDGYDQFHGWKHWULEHVRI*KDWDIDQ%DQL
6XODLP)D]DUDK0XUUDK$VKMD6DG$VDGHWFDQGIURPWKHVRXWKWKH4XUDLVKDORQJ
ZLWKDODUJHIRUFHRIWKHLUDOOLHV7RJHWKHUWKH\QXPEHUHGIURPWHQWRWZHOYHWKRXVDQG
PHQ
+DGLWEHHQDVXGGHQDWWDFNLWZRXOGKDYHEHHQGLVDVWURXV%XWWKH+RO\3URSKHWZDV
QRW XQDZDUH RI WKLV LQ 0DGLQDK +LV LQWHOOLJHQFH PHQ DQG WKH V\PSDWKL]HUV RI WKH
,VODPLFPRYHPHQWDQGWKHSHRSOHLQIOXHQFHGE\LWZHUHSUHVHQWLQHYHU\WULEHZKRNHSW
KLPLQIRUPHGRIWKHHQHP\
VPRYHPHQWV(YHQEHIRUHWKHHQHP\FRXOGUHDFKKLVFLW\
KHJRWDWUHQFKGXJRXWRQWKHQRUWKZHVWRI0DGLQDKLQVL[GD\VDQGKDYLQJWKH0RXQW
6DODWWKHLUEDFNWRRNXSDGHIHQVLYHSRVLWLRQZLWKPHQLQWKHSURWHFWLRQRIWKH
LVODPPHVVDJHFRP 
7UHQFK7RWKHVRXWKRI0DGLQDK WKHUHZHUHPDQ\JDUGHQV HYHQQRZWKHUHDUH VRWKDW
LW FRXOG QRW EH DWWDFNHG IURP WKDW VLGH 7R WKH HDVW WKHUH DUH ODYD URFNV ZKLFK DUH
LPSDVVDEOH IRU D ODUJH DUP\ 7KH VDPH LV WKH FDVH ZLWK WKH VRXWK ZHVWHUQ VLGH 7KH
DWWDFNWKHUHIRUHFRXOGEHPDGHRQO\IURPWKHHDVWHUQDQGZHVWHUQVLGHVRIWKH8KXG
ZKLFKWKH+RO\3URSKHWKDGVHFXUHGE\GLJJLQJDWUHQFK7KHGLVEHOLHYHUVZHUHQRWDW
DOO DZDUH WKDW WKH\ ZRXOG KDYH WR FRXQWHU WKH WUHQFKRXWVLGH0DGLQDK7KLVNLQGRID
GHIHQVLYH VWUDWDJHP ZDV XQNQRZQ WRWKH$UDEV7KXVWKH\KDGWROD\DORQJVLHJHLQ
ZLQWHUIRUZKLFKWKH\KDGQRWFRPHSUHSDUHG
$IWHUWKLVRQO\RQHDOWHUQDWLYHUHPDLQHGZLWKWKHGLVEHOLHYHUVWRLQFLWHWKH-HZLVKWULEH
RI%DQL4XUDL]DKZKRLQKDELWHGWKHVRXWKHDVWHUQSDUWRIWKHFLW\WRUHEHOOLRQ$VWKH
0XVOLPVKDGHQWHUHGDWUHDW\ZLWKWKHPWKDWLQFDVHRIDQDWWDFNRQ0DGLQDKWKH\ZRXOG
GHIHQGWKHFLW\DORQJZLWKWKHPWKH0XVOLPVKDGPDGHQRGHIHQVLYHDUUDQJHPHQWWKHUH
DQG KDG HYHQ VHQW WKHLU IDPLOLHV WR WDNH VKHOWHU LQ WKH IRUWV VLWXDWHG RQ WKDW VLGH 7KH
LQYDGHUV SHUFHLYHG WKLV ZHDNQHVV RI WKH ,VODPLF GHIHQVHV 7KH\ VHQW +X\D\\ ELQ
$NKWDE WKH -HZLVK OHDGHU RI WKH %DQL DQ1DGLUWRWKH%DQL4XUDL]DKVRDVWRLQGXFH
WKHPWREUHDNWKHWUHDW\DQGMRLQWKHZDU,QWKHEHJLQQLQJWKH\UHIXVHGWRREOLJHDQG
VDLG WKDW WKH\ KDG D WUHDW\ ZLWK 0XKDPPDG XSRQ ZKRP EH $OODK
V SHDFH  ZKR KDG
IDLWKIXOO\ DELGHG E\ LW DQG JLYHQ WKHP QR FDXVH IRU FRPSODLQW %XW ZKHQ ,EQ $NKWDE
VDLG WR WKHP /RRN , KDYH VXPPRQHG WKH XQLWHG IRUFH RI HQWLUH $UDELD DJDLQVW KLP
WKLVLVDSHUIHFWRSSRUWXQLW\WRJHWULGRIKLP,I\RXORVHLW\RXZLOOQHYHUKDYHDQRWKHU
RSSRUWXQLW\  WKH DQWL ,VODPLF -HZLVK PLQG SUHYDLOHG RYHU HYHU\ PRUDO FRQVLGHUDWLRQ
DQGWKH%DQL4XUDL]DKZHUHSHUVXDGHGWREUHDNWKHWUHDW\
7KH +RO\ 3URSKHW UHFHLYHG QHZV RI WKLV +H DW RQFH WROG 6DG ELQ 8EDGDK 6DG ELQ
0XCDGK $EGXOODK ELQ 5DZDKDK DQG .KDZZDW ELQ -XEDLU FKLHIV RI WKH $QVDDU WR JR
DQGILQGRXWWKHWUXWK+HDGYLVHGWKHPWKDWLIWKH\IRXQG%DQL4XUDL]DKVWLOOOR\DOWRWKH
WUHDW\WKH\VKRXOGUHWXUQDQGVD\VRRSHQO\EHIRUHWKH0XVOLPDUP\KRZHYHULIWKH\
IRXQG WKDW WKH\ ZHUH EHQW XSRQ WUHDFKHU\ WKH\ VKRXOG RQO\ LQIRUP KLP VR WKDW WKH
FRPPRQ0XVOLPVZRXOGQRWEHGLVKHDUWHQHG2QUHDFKLQJWKHUHWKH&RPSDQLRQVIRXQG
WKH%DQL4XUDL]DKIXOO\EHQWRQPLVFKLHI7KH\WROGWKH&RPSDQLRQVRSHQO\7KHUHLV
QRDJUHHPHQWDQGQRWUHDW\EHWZHHQXVDQG0XKDPPDG$WWKLVWKH\UHWXUQHGWRWKH
,VODPLFDUP\DQGVXEPLWWHGWKHLUUHSRUWWRWKH+RO\3URSKHWVD\LQJ
$GDODQG4DUDK
7KDWLV7KH4XUDL]DKDUHEHQWXSRQGRLQJZKDWWKH$GDODQG4DUDKKDGGRQHZLWKWKH
SUHDFKHUVRI,VODPDW5DML
7KLVQHZVVSUHDGDPRQJWKH0XVOLPVDQGFDXVHGJUHDWFRQVWHUQDWLRQDPRQJWKHPIRU
WKH\ KDG EHHQ HQFLUFOHG DQG WKHLU FLW\ KDG EHHQ HQGDQJHUHG RQ WKH VLGH ZKHUH WKHUH
H[LVWHG QR GHIHQVLYH DUUDQJHPHQW DQG ZKHUH WKH\ KDG DOVR VHQW WKHLU IDPLOLHV WR WDNH
VKHOWHU LQ WKH IRUWV 7KLV IXUWKHU LQFUHDVHG WKH DFWLYLWLHV RI WKH K\SRFULWHV DQG WKH\
VWDUWHG PDNLQJ SV\FKRORJLFDO DWWDFNV WR EUHDN WKH PRUDOH RI WKH 0XVOLPV 2QH VDLG
+RZVWUDQJH:HZHUHEHLQJIRUHWROGWKDWWKHODQGVRI&DHVDUDQG&KRVURHVZRXOGIDOO
WRXVEXWKHUHZHDUHWKDWQRWRQHRIXVFDQJRRXWHYHQWRUHOLHYHKLPVHOI$QRWKHU
RQHDVNHGIRUSHUPLVVLRQWROHDYHKLVSRVWDWWKH7UHQFKVRWKDWKHFRXOGJRDQGSURWHFW
KLVRZQKRXVHZKLFKZDVLQGDQJHU$QRWKHURQHVWDUWHGPDNLQJVHFUHWSURSDJDQGDWR
LVODPPHVVDJHFRP 
WKHHIIHFW6HWWOH\RXUDIIDLUZLWKWKHLQYDGHUV\RXUVHOYHVDQGKDQGRYHU0XKDPPDGWR
WKHP  7KLV ZDV D KLJKO\ FULWLFDO KRXU RI WULDO ZKLFK H[SRVHG HYHU\ SHUVRQ ZKR
KDUERUHGDQ\K\SRFULV\LQKLVKHDUW2QO\WKHWUXHDQGVLQFHUH0XVOLPVUHPDLQHGILUP
DQGVWHDGIDVWLQWKHLUUHVROYHDQGGHYRWLRQ
7KH +RO\ 3URSKHW DW WKDW FULWLFDO PRPHQW LQLWLDWHG SHDFH QHJRWLDWLRQV ZLWK WKH %DQ
*KDWDIDQDQGWULHGWRSHUVXDGHWKHPWRDFFHSWRQHWKLUGRIWKHIUXLWKDUYHVWRI0DGLQDK
DQGZLWKGUDZ%XWZKHQKHDVNHG6DGELQ8EDGDKDQG6DGELQ0XCDDGKFKLHIRIWKH
$QVDDU IRU WKHLU RSLQLRQ DERXW WKH FRQGLWLRQV RI SHDFH WKH\ VDLG 2 0HVVHQJHU RI
$OODK,VLW\RXUSHUVRQDOZLVKWKDWZH VKRXOGDJUHHRQWKHVHFRQGLWLRQVRULVLW$OODK
V
&RPPDQGWKDWZHKDYHQRRSWLRQEXWWRDFFHSWLW"2UDUH\RXJLYLQJWKLVSURSRVDORQO\
LQRUGHUWRVDYHXVIURPWKHHQHP\"7KH+RO\3URSKHWUHSOLHG,DPSURSRVLQJWKLV
RQO\WRVDYH\RX,VHHWKDWWKH ZKROHRI$UDELDKDVIRUPHGDXQLWHGIURQWDJDLQVW\RX,
ZDQWWRGLYLGHWKHHQHP\$WWKLVWKHWZRFKLHIVSURWHVWHGVD\LQJ6LULI\RXZDQWWR
FRQFOXGHWKLVSDFWIRURXUVDNHNLQGO\IRUJHWLW7KHVHWULEHVFRXOGQRWVXEGXHXVXQGHU
WULEXWHZKHQZHZHUHSRO\WKHLVWV1RZWKDWZHKDYHWKHKRQRURIEHOLHYLQJLQ$OODKDQG
+LV0HVVHQJHUZLOOWKH\PDNHXVVLQNWRWKLVGHSWKRILJQRPLQ\"7KHVZRUGQRZVKDOO
EHWKHDUELWHUWLOO$OODKSDVVHV+LVMXGJPHQWEHWZHHQWKHPDQGXV:LWKWKHVHZRUGV
WKH\WRUHXSWKHGUDIWIRUWKHWUHDW\ZKLFKKDGQRW\HWEHHQVLJQHG
,Q WKH PHDQWLPH 1XCDLP ELQ 0DVXG D PHPEHU RI WKH $VKMD EUDQFK RI WKH *KDWDIDQ
WULEHEHFDPHD0XVOLPDQGFDPHEHIRUHWKH+RO\3URSKHWDQGVXEPLWWHG1RRQHDV
\HW NQRZV WKDW , KDYH HPEUDFHG ,VODP <RX FDQ WDNH IURP PH ZKDWHYHU VHUYLFH \RX
SOHDVH7KH+RO\3URSKHWUHSOLHG*RDQGVRZWKHVHHGVRIGLVFRUGDPRQJWKHHQHP\

6RILUVWRIDOO1XCDLPZHQWWRWKH4XUDL]DKZLWKZKRPKHZDVRQIULHQGO\WHUPVDQG
VDLGWRWKHP7KH4XUDLVKDQGWKH*KDWDIDQFDQEHFRPHZHDULHGRIWKHVLHJHDQGJR
EDFN DQG WKH\ ZLOO ORVH QRWKLQJ EXW \RX KDYH WR OLYH KHUH ZLWK WKH 0XVOLPV -XVW
FRQVLGHU ZKDW ZLOO EH \RXU SRVLWLRQ LI WKH PDWWHU WXUQV WKDW ZD\ 7KHUHIRUH , ZRXOG
DGYLVH\RXQRWWRMRLQWKHHQHP\XQWLOWKHRXWVLGHUVVKRXOGVHQGVRPHRIWKHLUSURPLQHQW
PHQDVKRVWDJHVWR\RX7KLVKDGWKHGHVLUHGHIIHFWXSRQWKH%DQL4XUDL]DKDQGWKH\
GHFLGHG WR GHPDQG KRVWDJHV IURP WKH XQLWHG IURQW RI WKH WULEHV 7KHQ KH ZHQW WR WKH
FKLHIVRIWKH4XUDLVKDQGWKH*KDWDIDQDQGVDLGWRWKHP7KH%DQL4XUDL]DKVHHPWREH
VODFNDQGLUUHVROXWH0D\EHWKH\GHPDQGVRPHPHQDVKRVWDJHIURP\RXDQGWKHQKDQG
WKHPRYHUWR0XKDPPDG XSRQZKRPEH$OODK
VSHDFH WRVHWWOHWKHLUDIIDLUZLWKKLP
7KHUHIRUHEHYHU\ILUPDQGFDXWLRXVLQ\RXUGHDOLQJZLWKWKHP7KLVPDGHWKHOHDGHUV
RIWKHXQLWHGIURQWVXVSLFLRXVRI%DQL4XUDL]DK
DQG WKH\ VHQW WKHP D PHVVDJH VD\LQJ :H DUH WLUHG RI WKH ORQJ VLHJH OHW WKHUH EH D
GHFLVLYH EDWWOH OHW XV WKHUHIRUH PDNH D JHQHUDO DVVDXOW VLPXOWDQHRXVO\ IURP ERWK WKH
VLGHV  7KH %DQL4XUDL]DKVHQWEDFNWKHZRUGVD\LQJ:HFDQQRWDIIRUGWRMRLQWKH
ZDUXQOHVV\RXKDQGRYHUVRPHRI\RXUSURPLQHQWPHQWRXVDVKRVWDJHV7KHOHDGHUV
RIWKHXQLWHGIURQWEHFDPHFRQYLQFHGWKDWZKDW1XCDLPKDGVDLGZDVWUXH7KH\UHIXVHG
WRVHQGKRVWDJHV$QGWKH%DQL4XUDL]DKRQWKHRWKHUVLGHDOVRIHOWWKDW1XCDLPKDG
JLYHQWKHPWKHFRUUHFWFRXQVHO7KXVWKHVWUDWHJ\ZRUNHGLWGLYLGHGWKHHQHP\DJDLQVW
LWVHOI
LVODPPHVVDJHFRP 
7KHVLHJHZDVSURORQJHGIRUPRUHWKDQGD\V,WZDVZLQWHU7KHVXSSO\RIIRRGDQG
ZDWHU DQG IRUDJH ZDV EHFRPLQJ PRUH DQG PRUH VFDUFH HYHU\GD\ DQG GLYLVLRQ LQ WKH
FDPSZDVDOVRDJUHDWVWUDLQRQWKHVWDWHRIPRUDOHRIWKHEHVLHJHUV7KHQVXGGHQO\RQH
QLJKWDVHYHUHZLQGVWRUPDFFRPSDQLHGE\WKXQGHUDQGOLJKWQLQJKLWWKHFDPS,WDGGHG
WRWKHFROGDQGGDUNQHVV7KHZLQGRYHUWKUHZWKHWHQWVDQGSXWWKHHQHP\LQGLVDUUD\
7KH\FRXOGQRWVWDQGWKLVVHYHUHEORZRIQDWXUH7KH\OHIWWKHEDWWOHJURXQGHYHQGXULQJ
WKHQLJKWDQGUHWXUQHGWRWKHLUKRPHV:KHQWKH0XVOLPVDZRNHLQWKHPRUQLQJWKHUH
ZDVQRWDVLQJOHHQHP\VROGLHUWREHVHHQRQWKHEDWWOHILHOG7KH+RO\3URSKHWILQGLQJ
WKH EDWWOHILHOG FRPSOHWHO\ HPSW\ VDLG 7KH 4XUDLVK ZLOO QHYHU EH DEOH WR DWWDFN \RX
DIWHU WKLV QRZ \RX ZLOO WDNH WKH RIIHQVLYH  7KLV ZDV D FRUUHFW DVVHVVPHQW RI WKH
VLWXDWLRQ 1RW RQO\ WKH 4XUDLVK EXW WKH XQLWHG IURQW RI DOO WKH HQHP\ WULEHV KDG PDGH
WKHLUILQDODVVDXOWDJDLQVW,VODPDQGKDGIDLOHG1RZWKH\FRXOGQRORQJHUGDUHLQYDGH
0DGLQDKQRZWKH0XVOLPVZHUHRQWKHRIIHQVLYH
5DLGRQ %DQL4XUDL]DK
:KHQ WKH +RO\ 3URSKHW UHWXUQHG IURP WKH 7UHQFK *DEULHO FDPH WR KLP LQ WKH HDUO\
DIWHUQRRQZLWKWKH'LYLQH&RPPDQGWKH0XVOLPVVKRXOGQRWOD\DVLGHWKHDUPV\HWEXW
VKRXOG GHDO ZLWK WKH %DQL 4XUDL]DK DV ZHOO 2Q UHFHLSW RI WKLV &RPPDQG WKH +RO\
3URSKHW JRW DQQRXQFHG (YHU\RQH ZKR LV VWHDGIDVW LQ REHGLHQFH VKRXOG QRW RIIHU KLV
$VU3UD\HUWLOOKHUHDFKHVWKHORFDOLW\RIWKH%DQL4XUDL]DK,PPHGLDWHO\DIWHUWKLVKH
GLVSDWFKHG+DGUDW$OLZLWKDFRQWLQJHQWRIVROGLHUVDVYDQJXDUGWRZDUGVWKH4XUDL]DK
:KHQ WKH\ UHDFKHG WKHUH WKH -HZV FOLPEHG RQ WR WKHLU URRI WRSV DQG VWDUWHG KXUOLQJ
DEXVHVRQWKH+RO\3URSKHWDQGWKH0XVOLPVEXWWKHLULQYHFWLYHVFRXOGQRWVDYHWKHP
IURPWKHFRQVHTXHQFHVRIWKHLUWUHDFKHU\
7KH\KDGFRPPLWWHGEUHDFKRIWKHWUHDW\ULJKWDWWKHPRVWFULWLFDOPRPHQWRIWKHZDU
MRLQHGKDQGVZLWKWKHLQYDGHUVDQGHQGDQJHUHGWKHHQWLUHSRSXODWLRQRI0DGLQDK:KHQ
WKH\VDZWKHFRQWLQJHQWRI+DGUDW$OLWKH\WKRXJKWWKDWWKH\KDGFRPHRQO\WRRYHUDZH
WKHP%XWZKHQWKHZKROH,VODPLF DUP\DUULYHGXQGHUWKHFRPPDQGRIWKH+RO\3URSKHW
KLPVHOIDQGODLGVLHJHWRWKHLUTXDUWHUVWKH\ZHUHYHU\IULJKWHQHG7KH\FRXOGQRWVWDQG
WKHVHYHULW\RIWKHVLHJHIRUPRUHWKDQWZRRUWKUHHZHHNV
$W ODVW WKH\ VXUUHQGHUHG WKHPVHOYHV WR WKH +RO\ 3URSKHW RQ WKH FRQGLWLRQ WKDW WKH\
ZRXOGDFFHSWZKDWHYHUGHFLVLRQ+DGUDW6DGELQ0XCDDGKWKHFKLHIRIWKH$XVZRXOG
JLYH7KH\KDGDFFHSWHG+DGUDW6DGDVWKHLUMXGJHEHFDXVHLQWKHSUH,VODPLFGD\VWKH
$XVDQGWKH4XUDL]DKKDGEHHQFRQIHGHUDWHVDQGWKH\KRSHGWKDWLQYLHZRIWKHSDVWWLHV
KHZRXOGKHOSWKHPTXLW0DGLQDKDVKDGKDSSHQHGLQWKHFDVHRIWKH%DQL4DLQXTDDC
DQGWKH%DQLDQ1DGLUEHIRUH7KHSHRSOHRIWKH$XVWKHPVHOYHVZLVKHGWKDW+DGUDW6DG
WUHDWWKHLUSUHYLRXVDOOLHVOHQLHQWO\
%XW+DGUDW6DGKDGMXVWH[SHULHQFHGDQGVHHQKRZWKHWZR-HZLVKWULEHVZKRKDGEHHQ
DOORZHG WR OHDYH 0DGLQDK SUHYLRXVO\ KDG LQVWLJDWHG WKH RWKHU WULEHV OLYLQJ DURXQG
0DGLQDK DQG VXPPRQHG WKH XQLWHG IURQW RI WHQ WR WZHOYH WKRXVDQG PHQ DJDLQVW WKH
0XVOLPV+HZDVDOVRDZDUH KRZWUHDFKHURXVO\WKLVODVW-HZLVKWULEHKDGEHKDYHGULJKW
RQWKHRFFDVLRQZKHQWKHFLW\ZDVXQGHUDWWDFNIURPRXWVLGHDQGWKUHDWHQHGWKHVDIHW\
RIWKHZKROHRILWVSRSXODWLRQ7KHUHIRUHKHGHFUHHGWKDWDOOWKHPDOHPHPEHUVRIWKH
LVODPPHVVDJHFRP 
4XUDL]DK VKRXOG EH SXW WR GHDWK WKHLU ZRPHQ DQG FKLOGUHQ WDNHQ SULVRQHUV DQG WKHLU
SURSHUWLHVGLVWULEXWHGDPRQJWKH0XVOLPV
7KH VHQWHQFH ZDV FDUULHG RXW GXO\ :KHQ WKH 0XVOLPV HQWHUHG WKHLU VWURQJKROGV WKH\
IRXQGWKDWWKHWUHDFKHURXVSHRSOHKDGFROOHFWHGVZRUGVFRDWVRIPDLO
VSHDUVDQGVKLHOGVLQRUGHUWRMRLQWKHZDU,I$OODK
VVXFFRUKDGQRWUHDFKHGWKH
0XVOLPVDOOWKLVPLOLWDU\HTXLSPHQWZRXOGKDYHEHHQXVHGWRDWWDFN0DGLQDKIURPWKH
UHDU ULJKW DW WKH WLPH ZKHQ WKH SRO\WKHLVWV ZHUH PDNLQJ SUHSDUDWLRQV IRU D JHQHUDO
DVVDXOWRQWKH0XVOLPVDIWHUFURVVLQJWKH7UHQFK$IWHUWKLVGLVFORVXUHWKHUHUHPDLQHG
QR GRXEW WKDW WKH GHFLVLRQ RI +DGUDW 6DG FRQFHUQLQJ WKRVH SHRSOH ZDV DEVROXWHO\
FRUUHFW
6RFLDO5HIRUPV
7KRXJK WKH SHULRG RI WZR \HDUV EHWZHHQ WKH %DWWOHV RI 8KXG DQG WKH 7UHQFK ZDV D
SHULRG RI GLVWXUEDQFH DQG WXUPRLO DQG WKH +RO\ 3URSKHW DQG KLV &RPSDQLRQV FRXOG
KDUGO\UHOD[LQSHDFHDQGVHFXULW\HYHQIRUDGD\WKHZRUNRIUHIRUPDVDZKROHDQGWKH
UHFRQVWUXFWLRQRIWKH0XVOLPVRFLHW\FRQWLQXHGXQLQWHUUXSWHG7KLVZDVWKHWLPHZKHQ
WKH ,VODPLF ODZV SHUWDLQLQJ WR PDUULDJH DQG GLYRUFH ZHUH FRPSOHPHQWHG WKH ODZ RI
LQKHULWDQFHZDVLQWURGXFHGGULQNLQJDQGJDPEOLQJZHUHSURKLELWHGDQGWKHQHZODZV
DQG UHJXODWLRQV FRQFHUQLQJ PDQ\ RWKHU DVSHFWV RI WKH HFRQRPLF DQG VRFLDO OLIH ZHUH
HQIRUFHG
,QWKLVFRQQHFWLRQDQLPSRUWDQWWKLQJWKDWQHHGHGWREHUHIRUPHGZDVWKHTXHVWLRQRI
WKHDGRSWLRQRIDVRQ:KRHYHUZDVDGRSWHGE\WKH$UDEVDVDVRQZDVUHJDUGHGDVRQH
RI WKHLU RZQ RIIVSULQJ KH JRW VKDUH LQ LQKHULWDQFHKHZDVWUHDWHGOLNHDUHDOVRQDQG
UHDO EURWKHU E\ WKH DGRSWHG PRWKHU DQG WKH DGRSWHG VLVWHU KH FRXOG QRW PDUU\ WKH
GDXJKWHURIKLVDGRSWHGIDWKHUDQGKLVZLGRZDIWHUKLVGHDWK$QGWKHVDPHZDVWKHFDVH
LIWKHDGRSWHGVRQGLHGRUGLYRUFHGDZLIH7KHDGRSWHGIDWKHUUHJDUGHGWKHZRPDQDV
KLVUHDOGDXJKWHULQODZ7KLVFXVWRPFODVKHGLQHYHU\GHWDLOZLWKWKHODZVRIPDUULDJH
DQG GLYRUFH DQG LQKHULWDQFH HQMRLQHG E\ $OODK LQ 6XUDKV $O%DTDUDK DQG $Q1LVD ,W
PDGH D SHUVRQ ZKR FRXOG JHW QR VKDUH LQ LQKHULWDQFH HQWLWOHG WR LW DW WKH H[SHQVH RI
WKRVH ZKR ZHUH UHDOO\ HQWLWOHG WR LW ,W SURKLELWHG PDUULDJH EHWZHHQ WKH PHQ DQG WKH
ZRPHQZKRFRXOGFRQWUDFWPDUULDJHSHUIHFWO\ODZIXOO\$QGDERYHDOOLWKHOSHGVSUHDG
WKH LPPRUDOLWLHV ZKLFK WKH ,VODPLF /DZ ZDQWHG WR HUDGLFDWH )RU D UHDO PRWKHU DQG D
UHDOVLVWHUDQGDUHDOGDXJKWHUFDQQRWEHOLNHWKHDGRSWHGPRWKHUDQGWKHDGRSWHGVLVWHU
DQG WKH DGRSWHG GDXJKWHU KRZHYHU RQH PD\ WU\ WR VDQFWLI\ WKH DGRSWHG UHODWLRQV DV D
FXVWRP:KHQWKHDUWLILFLDOUHODWLRQVHQGXHGZLWKFXVWRPDU\VDQFWLW\DUHDOORZHGWRPL[
IUHHO\OLNHWKHUHDOUHODWLRQVLWFDQQRWEXWSURGXFHHYLOUHVXOWV7KDWLVZK\WKH,VODPLF
ODZ RI PDUULDJH DQG GLYRUFH WKH ODZ RI LQKHULWDQFH DQG WKH ODZ RI WKH SURKLELWLRQ RI
DGXOWHU\UHTXLUHGWKDWWKHFRQFHSWDQGFXVWRPRIUHJDUGLQJWKHDGRSWHGVRQDVWKHUHDO
VRQVKRXOGEHHUDGLFDWHGFRPSOHWHO\
7KLVFRQFHSWKRZHYHUFRXOGQRWEHURRWHGRXWE\PHUHO\SDVVLQJDOHJDORUGHUVD\LQJ
7KH DGRSWHG VRQ LV QRW WKH UHDO VRQ 7KH FHQWXULHV ROG SUHMXGLFHV DQG VXSHUVWLWLRQV
FDQQRW EH FKDQJHG E\ PHUH ZRUG RI PRXWK (YHQ LI WKH SHRSOH KDG DFFHSWHG WKH
FRPPDQGWKDWWKHVHUHODWLRQVZHUHQRWWKHUHDOUHODWLRQVWKH\ZRXOGVWLOOKDYHORRNHG
LVODPPHVVDJHFRP 
XSRQ PDUULDJH EHWZHHQ WKH DGRSWHG PRWKHU DQG WKH DGRSWHG VRQ WKH DGRSWHG EURWKHU
DQG WKH VLVWHU WKH DGRSWHG IDWKHU DQG WKH GDXJKWHU DQG WKH DGRSWHG IDWKHULQODZ DQG
WKH GDXJKWHULQODZ RGLRXV DQG GHWHVWDEOH 0RUHRYHU WKHUH ZRXOG VWLOO H[LVW VRPH
IUHHGRPRIPL[LQJWRJHWKHUIUHHO\7KHUHIRUHLWZDVLQHYLWDEOHWKDWWKHFXVWRPVKRXOG
EHHUDGLFDWHGSUDFWLFDOO\DQGWKURXJKWKH+RO\3URSKHWKLPVHOI)RUQR0XVOLPFRXOG
HYHU FRQFHLYH WKDW D WKLQJ GRQH E\ WKH +RO\ 3URSKHW KLPVHOI DQG GRQH E\ KLP XQGHU
$OODK
V &RPPDQG FRXOG EH GHWHVWDEOH 7KHUHIRUH D OLWWOH EHIRUH WKH %DWWOH RI WKH
7UHQFKWKH+RO\3URSKHWZDVLQVSLUHGE\$OODKWKDWKHVKRXOGPDUU\WKHGLYRUFHGZLIH
RIKLVDGRSWHGVRQ=DLGELQ+DULWKDK PD\$OODKEHSOHDVHGZLWKKLP DQGKHDFWHGRQ
WKLV&RPPDQGGXULQJWKHVLHJHRIWKH%DQL4XUDL]DK 7KHGHOD\SUREDEO\ZDVFDXVHG
IRU WKHUHDVRQWKDWWKHSUHVFULEHGZDLWLQJSHULRGKDGQRW\HWHQGHGDQGLQWKHPHDQWLPH
WKH+RO\3URSKHWKDGWREHFRPHEXV\LQWKHSUHSDUDWLRQIRUZDU 
6WRUPRI3URSDJDQGDDWWKH0DUULDJHRI+DGUDW=DLQDE
$VVRRQDVWKHPDUULDJHZDVFRQWUDFWHGWKHUHDURVH DVWRUPRISURSDJDQGDDJDLQVWWKH
+RO\ 3URSKHW 7KH SRO\WKHLVWV WKH K\SRFULWHV DQG WKH -HZV DOO ZHUH EXUQLQJ ZLWK
MHDORXV\ DW KLV WULXPSKV ZKLFK IROORZHG RQH DIWHU WKH RWKHU 7KH ZD\ WKH\ KDG EHHQ
KXPEOHGZLWKLQWZR\HDUVDIWHU8KXGLQWKH%DWWOHRIWKH7UHQFKDQGLQWKHDIIDLURIWKH
4XUDL]DK KDG PDGH WKHP VRUH DW KHDUW 7KH\ KDG DOVR ORVW KRSH WKDW WKH\ FRXOG HYHU
VXEGXHKLPRQWKHEDWWOHILHOG7KHUHIRUHWKH\VHL]HGWKHTXHVWLRQRIWKLVPDUULDJHDVD
JRG VHQG IRU WKHPVHOYHV DQG WKRXJKW WKH\ ZRXOG SXW DQ HQG WR KLV PRUDO VXSHULRULW\
ZKLFKZDVWKHUHDOVHFUHWRIKLVSRZHUDQGVXFFHVV7KHUHIRUHVWRULHVZHUHFRQFRFWHG
WKDW0XKDPPDG*RGIRUELGKDGIDOOHQLQORYHZLWKKLVGDXJKWHULQODZDQGZKHQWKH
VRQKDGFRPHWRNQRZRIWKLVKHGLYRUFHGKLVZLIHDQGWKHIDWKHUPDUULHGKLVGDXJKWHU
LQODZ7KHSURSDJDQGDKRZHYHUZDVDEVXUGRQWKHIDFHRILW+DGUDW=DLQDEZDVWKH
+RO\3URSKHW
VILUVWFRXVLQ+HKDGNQRZQKHUIURPFKLOGKRRGWR\RXWK6RWKHUHFRXOG
EHQRTXHVWLRQRIKLVIDOOLQJLQORYHZLWKKHUDWILUVWVLJKW7KHQKHKLPVHOIKDGDUUDQJHG
KHUPDUULDJHZLWK+DGUDW=DLGXQGHUKLVSHUVRQDOLQIOXHQFHDOWKRXJKKHUZKROHIDPLO\
KDGRSSRVHGLW7KH\GLGQRWOLNHWKDWDGDXJKWHURIWKHQREOH4XUDLVKVKRXOGEHJLYHQ
LQPDUULDJHWRDIUHHGVODYH+DGUDW =DLQDEKHUVHOIZDVQRWKDSS\DWWKLVDUUDQJHPHQW
%XW HYHU\RQH KDG WR VXEPLW WR WKH +RO\ 3URSKHW
V FRPPDQG 7KH PDUULDJH ZDV
VROHPQL]HGDQGDSUHFHGHQWZDVVHWLQ$UDELDWKDW,VODPKDGUDLVHGDIUHHGVODYHWRWKH
VWDWXVRIWKH4XUDLVKLWHQRELOLW\,IWKH+RO\3URSKHWKDGLQUHDOLW\DQ\GHVLUHIRU+DGUDW
=DLQDE WKHUH ZDV QR QHHG RI PDUU\LQJ KHU WR +DGUDW =DLG KH KLPVHOI FRXOG KDYH
PDUULHGKHU%XWLQVSLWHRIDOOWKLVWKHVKDPHOHVVRSSRQHQWVLQYHQWHGVWRULHVRIORYH
VSUHDGWKHPZLWKJUHDWH[DJJHUDWLRQDQGSXEOLFL]HGWKHPVRYHKHPHQWO\WKDWHYHQVRPH
0XVOLPVDOVREHJDQWRDFFHSWWKHPDVWUXH
3UHOLPLQDU\&RPPDQGPHQWVRI3XUGDK
7KH IDFW WKDW WKH WDOHV LQYHQWHG E\ WKH HQHPLHV DOVR EHFDPH WRSLFV RI FRQYHUVDWLRQ
DPRQJ WKH 0XVOLPV ZDV D FOHDU VLJQ WKDW WKH HOHPHQW RI VHQVXDOLW\ LQ VRFLHW\ KDG
FURVVHG DOO OLPLWV ,I WKLV PDODG\ KDG QRW EHHQ WKHUH LW ZDV QRW SRVVLEOH WKDW PLQGV
ZRXOGKDYHSDLGDQ\DWWHQWLRQZKDWHYHUWRVXFKDEVXUGDQGGLVJXVWLQJVWRULHVDERXWD
ULJKWHRXVDQGSXUHSHUVRQOLNHWKH+RO\3URSKHW7KLVZDVSUHFLVHO\WKHRFFDVLRQZKHQ
LVODPPHVVDJHFRP 
WKH UHIRUPDWLYH &RPPDQGPHQWV SHUWDLQLQJ WR WKH ODZ RI +LMDE RU 3XUGDK ZHUH ILUVW
HQIRUFHG LQ WKH ,VODPLF VRFLHW\ 7KHVH UHIRUPV ZHUH LQWURGXFHG LQ WKLV 6XUDK DQG
FRPSOHPHQWHGD\HDUODWHULQ6XUDK$Q1RRUZKHQDVODQGHU ZDVPDGHRQWKHKRQRURI
+DGUDW$LVKDK )RUIXUWKHUGHWDLOVVHH,QWURGXFWLRQWR6XUDK$Q1RRU 
'RPHVWLF$IIDLUVRIWKH+RO\3URSKHW
7KHUHZHUHWZRRWKHUSUREOHPVZKLFKQHHGHGDWWHQWLRQDWWKDWWLPH7KRXJKDSSDUHQWO\
WKH\SHUWDLQHGWRWKH+RO\3URSKHW
VGRPHVWLFOLIHLWZDVQHFHVVDU\WRUHVROYHWKHPIRU
WKHGRPHVWLFDQGPHQWDOSHDFHRIWKHSHUVRQZKRZDVH[HUWLQJHYHU\HIIRUWWRSURPRWH
WKH FDXVH RI $OODK
V 5HOLJLRQ DQG ZDV GD\ DQG QLJKW DEVRUEHG LQ WKLV JUHDW PLVVLRQ
7KHUHIRUH$OODKWRRNWKHVHWZR SUREOHPVDOVRRIILFLDOO\LQ+LVRZQKDQG
7KHILUVWSUREOHPZDVWKDWHFRQRPLFDOO\WKH+RO\3URSKHWDWWKDWWLPHZDVLQVWUDLWHQHG
FLUFXPVWDQFHV'XULQJWKHILUVWIRXU\HDUVKHKDGQRVRXUFHRILQFRPHZKDWHYHU,Q$
+ DIWHU WKH EDQLVKPHQW RI WKH %DQL DQ1DGLU D SRUWLRQ RI WKHLU HYDFXDWHG ODQGV ZDV
UHVHUYHG IRU KLV XVH E\ WKH &RPPDQG RI $OODK EXW LW ZDV QRW HQRXJK IRU KLV IDPLO\
UHTXLUHPHQWV 2Q WKH RWKHU KDQG WKH GXWLHV RI WKH RIILFH RI 3URSKHWKRRG ZHUH VR
RQHURXVWKDWWKH\ZHUHDEVRUELQJDOOKLVHQHUJLHVRIWKHPLQGDQGERG\DQGKHDUWDQG
HYHU\ PRPHQW RI KLV WLPH DQG KH FRXOG QRW PDNH DQ\ HIIRUW DW DOO IRU HDUQLQJ KLV
OLYHOLKRRG,QFRQGLWLRQVVXFKDVWKHVHZKHQKLVZLYHVKDSSHQHGWRGLVWXUEKLVPHQWDO
SHDFHEHFDXVHRIHFRQRPLFKDUGVKLSVKHZRXOGIHHOGRXEO\VWUDLQHGDQGWD[HG
7KHRWKHUSUREOHPZDVWKDWEHIRUHPDUU\LQJ+DGUDW=DLQDEKHKDGIRXUZLYHVDOUHDG\
LQ WKH KRXVHV +DGUDW 6DXGDK +DGUDW $LVKDK +DGUDW +DIVDK DQG +DGUDW 8PP
6DODPDK+DGUDW=DLQDEZDVKLVILIWKZLIH$WWKLVWKHRSSRQHQWV UDLVHGWKHREMHFWLRQ
DQG WKH 0XVOLPV DOVR VWDUWHG HQWHUWDLQLQJ GRXEWV WKDW DV IRU RWKHUV LW KDG EHHQ
IRUELGGHQWRNHHSPRUHWKDQIRXUZLYHVDWDWLPHEXWKRZWKH+RO\3URSKHWKLPVHOIKDG
WDNHQDILIWKZLIHDOVR
6XEMHFW0DWWHUDQG7RSLFV
7KHVHZHUHWKHTXHVWLRQVWKDWZHUHHQJDJLQJWKHDWWHQWLRQRIWKH+RO\3URSKHWDQGWKH
0XVOLPV DW WKH WLPH 6XUDK $O$K]DE ZDV UHYHDOHG DQG UHSOLHV WR WKH VDPH IRUP WKH
VXEMHFWPDWWHURIWKLV6XUDK
$ SHUXVDO RI WKH WKHPH DQG WKH EDFNJURXQG VKRZV WKDW WKH 6XUDK LV QRW D VLQJOH
GLVFRXUVHZKLFKZDVVHQWGRZQLQRQHSLHFHEXWLWFRQVLVWVRIVHYHUDOLQMXQFWLRQVDQG
FRPPDQGPHQWV DQG GLVFRXUVHV ZKLFK ZHUH VHQW GRZQ RQH DIWHU WKH RWKHU LQ
FRQQHFWLRQ ZLWK WKH LPSRUWDQW HYHQWV RI WKH WLPH DQG WKHQ ZHUH SXW WRJHWKHU LQ RQH
6XUDK,WVIROORZLQJSDUWVVWDQGRXWFOHDUO\GLVWLQJXLVKHGIURPRQHDQRWKHU
 9HUVHV  VHHP WR KDYH EHHQ VHQW GRZQ EHIRUH WKH %DWWOH RI WKH 7UHQFK 7KHLU
SHUXVDO NHHSLQJ WKH KLVWRULFDO EDFNJURXQG LQ YLHZ VKRZV WKDW DW WKH WLPH RI WKHLU
UHYHODWLRQ +DGUDW =DLG KDG DOUHDG\ GLYRUFHG +DGUDW =DLQDE 7KH +RO\ 3URSKHW ZDV
IHHOLQJ WKH QHFHVVLW\ WKDW WKH FRQFHSWV DQG FXVWRPV DQG VXSHUVWLWLRQV RI LJQRUDQFH
FRQFHUQLQJWKHDGRSWLRQRIWKHVRQVKRXOGEHHUDGLFDWHGDQGKHZDVDOVRIHHOLQJWKDW
WKH GHOLFDWH DQG GHHS VHQWLPHQWV WKH SHRSOH FKHULVKHG DERXW WKH DGRSWHG UHODWLRQV
PHUHO\ RQ HPRWLRQDO JURXQGV ZRXOG QRW EH URRWHG RXW XQWLO KH KLPVHOI WRRN WKH
LQLWLDWLYHWRHUDGLFDWHWKHFXVWRPSUDFWLFDOO\%XWDWWKHVDPHWLPHKHZDVKHVLWDQWDQG
LVODPPHVVDJHFRP 
FRQVLGHULQJ VHULRXVO\ WKDW LI KH PDUULHG WKH GLYRUFHG ZLIH RI +DGUDW =DLG WKHQ WKH
K\SRFULWHVDQGWKH-HZVDQGWKHPXVKULNVZKRZHUHDOUHDG\EHQWRQPLVFKLHIZRXOGJHW
DIUHVKH[FXVHWRVWDUWDSURSDJDQGDFDPSDLJQDJDLQVW,VODP7KLVZDVWKHRFFDVLRQRI
WKHUHYHODWLRQRIYY
,QYHUVHVDQDSSUDLVDOKDVEHHQPDGHRIWKH%DWWOHRIWKH7UHQFKDQGWKHUDLG
DJDLQVWWKH%DQL4XUDL]DK7KLVLVDFOHDUSURRIWKDWWKHVHYHUVHVZHUHVHQWGRZQDIWHU
WKHVHHYHQWV
 7KH GLVFRXUVH FRQWDLQHGLQYYFRQVLVWVRIWZRSDUWV,QWKHILUVWSDUW$OODK
KDVJLYHQDQRWLFHWRWKHZLYHVRIWKH+RO\3URSKHWZKRZHUHEHLQJLPSDWLHQWRIWKH
VWUDLWHQHGFLUFXPVWDQFHVWRWKHHIIHFW&KRRVHEHWZHHQWKHZRUOGDQGLWVDGRUQPHQWV
DQG $OODK +LV 3URSKHW DQG WKH +HUHDIWHU ,I \RX VHHN WKH IRUPHU \RX VKRXOG VD\ VR
RSHQO\ \RX ZLOO QRW EH NHSW EDFN LQ KDUGVKLS HYHQ IRU D GD\ EXW ZLOO EH VHQW RII
JUDFHIXOO\ $QG LI \RX VHHN WKH ODWWHU \RX VKRXOG FRRSHUDWH ZLWK $OODK DQG +LV
PHVVHQJHUDQGEHDUSDWLHQWO\,QWKHVHFRQGSDUWLQLWLDOVWHSVZHUHWDNHQWRZDUGVWKH
VRFLDO UHIRUPV ZKRVH QHHG ZDV EHLQJ IHOW E\ WKH PLQGV PROGHG LQ WKH ,VODPLF SDWWHUQ
WKHPVHOYHV ,Q WKLV UHJDUG UHIRUP ZDV VWDUWHG IURP WKH KRXVH RI WKH +RO\ 3URSKHW
KLPVHOIDQGKLVZLYHVZHUHFRPPDQGHGWRDYRLGEHKDYLQJDQGFRQGXFWLQJWKHPVHOYHV
LQWKHZD\VRIWKHSUH,VODPLFGD\VRILJQRUDQFHWRUHPDLQLQWKHLUKRXVHVZLWKGLJQLW\
DQG WR H[HUFLVH JUHDW FDXWLRQ LQ WKHLU FRQYHUVDWLRQ ZLWK WKH RWKHU PHQ 7KLV ZDV WKH
EHJLQQLQJRIWKH&RPPDQGPHQWVRI3XUGDK
 9HUVHV  GHDO ZLWK WKH +RO\ 3URSKHW
V PDUULDJH ZLWK +DGUDW =DLQDE ,Q WKLV
VHFWLRQ WKH RSSRQHQWV
 REMHFWLRQ DERXW WKLV PDUULDJH KDYH EHHQ DQVZHUHG WKH GRXEWV
WKDWZHUHEHLQJFUHDWHGLQWKHPLQGVRIWKH0XVOLPVKDYHEHHQUHPRYHGWKH0XVOLPV
KDYHEHHQDFTXDLQWHGZLWKWKH+RO\3URSKHW
VSRVLWLRQDQGVWDWXVDQGWKH+RO\3URSKHW
KLPVHOI KDV EHHQ FRXQVHOHG WR H[HUFLVH SDWLHQFH RQ WKH IDOVH SURSDJDQGD RI WKH
GLVEHOLHYHUVDQGWKHK\SRFULWHV
,QYHUVHDFODXVHRIWKHODZRIGLYRUFHKDVEHHQODLGGRZQ7KLVLVDXQLTXHYHUVH
ZKLFKZDVVHQWGRZQRQVRPHRFFDVLRQSUREDEO\LQFRQQHFWLRQZLWKWKHVDPHHYHQWV
 ,Q YHUVHV  D VSHFLDO UHJXODWLRQ RI PDUULDJH KDV EHHQ ODLG GRZQ IRU WKH +RO\
3URSKHW ZKLFK SRLQWV RXW WKDW KH LV DQ H[FHSWLRQ WR WKH VHYHUDO UHVWULFWLRQV WKDW KDYH
EHHQLPSRVHGRQWKHRWKHU0XVOLPVLQUHJDUGWRPDULWDOOLIH
,QYHUVHVWKHVHFRQGVWHSZDVWDNHQWRZDUGVVRFLDOUHIRUP,WFRQVLVWVRIWKH
IROORZLQJ LQMXQFWLRQV 5HVWULFWLRQ RQ WKH RWKHU PHQ WR YLVLW WKH KRXVHV RI WKH +RO\
3URSKHW
VZLYHV,VODPLF HWLTXHWWHFRQFHUQLQJYLVLWVDQGLQYLWDWLRQVWKHODZWKDWRQO\WKH
QHDUUHODWLYHVFRXOGYLVLWWKHKRO\ZLYHVLQWKHLUKRXVHVDVIRUWKHRWKHUPHQWKH\FRXOG
VSHDN WR RU DVN WKHP D WKLQJ IURP EHKLQG D FXUWDLQ WKH LQMXQFWLRQ WKDW WKH +RO\
3URSKHW
V ZLYHV ZHUH IRUELGGHQ IRU WKH 0XVOLPV OLNH WKHLU PRWKHUV DQG QRQH FRXOG
PDUU\DQ\RIWKHPDIWHUKLP
 ,Q YHUVHV  ZDUQLQJ ZDV JLYHQ WRVWRSFULWLFL]LQJWKH+RO\3URSKHW
VPDUULDJH
DQGKLVGRPHVWLFOLIHDQGWKHEHOLHYHUVLQVWUXFWHGQRWWRLQGXOJHLQIDXOWILQGLQJOLNHWKH
HQHPLHVRI,VODPEXWWRLQYRNHWKHEOHVVLQJVRI$OODKIRUWKHLU3URSKHWPRUHRYHUWKH\

LVODPPHVVDJHFRP 
ZHUH LQVWUXFWHG WKDW WKH\ VKRXOG DYRLG IDOVHO\ DFFXVLQJ RQH DQRWKHU HYHQ DPRQJ
WKHPVHOYHVQRWWRVSHDNRIWKHSHUVRQRIWKH3URSKHW
,QYHUVH WKHWKLUGVWHSIRUVRFLDOUHIRUPZDVWDNHQ$OOWKH0XVOLPZRPHQZHUH
FRPPDQGHG WKDW WKH\ VKRXOG FRPH RXW ZHOO FRYHUHG ZLWK WKH RXWHU JDUPHQWV DQG
FRYHULQJWKHLUIDFHVZKHQHYHUWKH\FDPHRXWRIWKHLUKRXVHVIRUDJHQXLQHQHHG
$IWHU WKLV WLOO WKH HQG RI WKH 6XUDK WKH K\SRFULWHV DQG RWKHU IRROLVK DQG PHDQ SHRSOH
KDYH EHHQ UHEXNHG IRU WKH SURSDJDQGD WKDW WKH\ ZHUH FDUU\LQJ RQ DW WKDWWLPHDJDLQVW
,VODPDQGWKH0XVOLPV

6DEDD
1DPH
7KH6XUDKWDNHVLWVQDPHIURPYHUVHLQZKLFKWKHZRUG6DEDDKDVRFFXUUHGZKLFK
LPSOLHV WKDW LW LV WKH 6XUDK LQ ZKLFK PHQWLRQ KDV EHHQ PDGH RI 6DEDD L H WKH
6DEDHDQV 
3HULRGRI5HYHODWLRQ
7KHH[DFWSHULRGRILWVUHYHODWLRQLVQRWNQRZQIURPDQ\UHOLDEOHWUDGLWLRQ+RZHYHUWKH
VW\OH VKRZV WKDWLWLVHLWKHU WKHPLGGOHRUWKHHDUO\0DNNDQSHULRG,I LWLVWKHPLGGOH
SHULRG LW ZDV SUREDEO\ LWV LQLWLDO VWDJH ZKHQ WKH SHUVHFXWLRQ KDG QRW \HW EHFRPH
W\UDQQLFDO DQG WKH ,VODPLF PRYHPHQW ZDV EHLQJ VXSSUHVVHG RQO\ E\ UHVRUW WR GHULVLRQ
DQGULGLFXOHUXPRUPRQJHULQJIDOVHDOOHJDWLRQVDQGFDVWLQJRIHYLOVXJJHVWLRQVLQWKH
SHRSOH
VPLQGV
7KHPHDQG6XEMHFW0DWWHU
7KH 6XUDK GHDOV ZLWK WKRVH REMHFWLRQV RI WKH GLVEHOLHYHUV ZKLFK WKH\ ZHUH UDLVLQJ
DJDLQVWWKH+RO\3URSKHW
VPHVVDJHRI7DXKLGDQGWKH+HUHDIWHUDQGDERXWKLV3URSKHW
KRRG LWVHOI PRVWO\ LQ WKH IRUP RI DEVXUG DOOHJDWLRQV DQG WDXQWV DQG PRFNHU\ 7KHVH
REMHFWLRQVKDYHEHHQDQVZHUHGVRPHWLPHVE\FLWLQJWKHPDQGVRPHWLPHVZLWKRXWFLWLQJ
WKHPDQGWKHGLVFRXUVHLWVHOIVKRZVZKLFKREMHFWLRQLVEHLQJDQVZHUHGDWDSDUWLFXODU
SODFH7KHDQVZHUVPRVWO\WDNHWKHIRUPRILQVWUXFWLRQDQGDGPRQLWLRQDQGDUJXPHQW
EXWDWVRPHSODFHVWKHGLVEHOLHYHUVKDYHEHHQZDUQHGDOVRRIWKHHYLOFRQVHTXHQFHVRI
WKHLU VWXEERUQQHVV ,Q WKLV FRQQHFWLRQ WKH VWRULHV RI WKH 6DEDHDQV DQG WKH 3URSKHWV
'DYLG DQG 6RORPRQ KDYH EHHQ UHODWHG WR LPSUHVV WKLV OHVVRQ <RX KDYH ERWK WKHVH
KLVWRULFDOSUHFHGHQWVEHIRUH\RX2QWKHRQHKDQGWKHUHZHUHWKH3URSKHWV'DYLGDQG
6RORPRQ ZKR KDG EHHQ EOHVVHG E\ $OODK ZLWK JUHDW SRZHUV DQG VXFK JUDQGHXU DQG
JORU\DV KDGEHHQJUDQWHGWRKDUGO\DQ\SHRSOHEHIRUHWKHP,QVSLWHRIWKLVWKH\ZHUH
QRWSURXGDQGDUURJDQWEXWUHPDLQHGJUDWHIXOVHUYDQWVRIWKHLU/RUG7KH\ZHUHQHYHU
UHEHOOLRXV 2Q WKH RWKHU KDQG WKHUH ZHUH WKH SHRSOH RI 6DEDD ZKR ZKHQ EOHVVHG E\
$OODK EHFDPHSURXGDQGZHUHFRQVHTXHQWO\VRWKRURXJKO\GHVWUR\HGDQGGLVSHUVHGDV
WREHUHPHPEHUHGRQO\LQP\WKVDQGOHJHQGV:LWKWKHVHSUHFHGHQWVLQYLHZ\RXPD\
VHHDQGMXGJHIRU\RXUVHOYHVDVWRZKLFKELQGRIWKHOLIHLVEHWWHUWKDWZKLFKLVEXLOWRQ
EHOLHI LQ 7DXKLG DQG WKH +HUHDIWHU DQG WKH DWWLWXGH RI JUDWHIXOQHVV WR $OODK RU WKDW
ZKLFKLVEDVHGRQGLVEHOLHIDQGVKLUNDQGGHQLDORIWKH+HUHDIWHUDQGWKHZRUVKLSRIWKH
ZRUOG
LVODPPHVVDJHFRP 
)DDWLU
1DPH
7KH ZRUG )DDWLU RI WKH ILUVW YHU\ YHUVH LV WKH WLWOH JLYHQ WR WKLV 6XUDK ZKLFK VLPSO\
PHDQV WKDW LW LV D 6XUDKLQZKLFKWKHZRUG)DDWLU KDVRFFXUUHG7KHRWKHUQDPHLV$O
0DODLNDZKLFKDOVRRFFXUVLQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
7KHLQWHUQDOHYLGHQFHRIWKHVW\OHVKRZVWKDWWKHSHULRGRIWKHUHYHODWLRQRIWKLV6DUDKLV
SUREDEO\WKHPLGGOH0DNNDQSHULRGDQGHVSHFLDOO\WKDWSDUWRILWZKHQDQWDJRQLVPKDG
JURZQTXLWHVWURQJDQGHYHU\VRUWRIPLVFKLHIZDVEHLQJDGRSWHGWRIUXVWUDWHWKHPLVVLRQ
RIWKH+RO\3URSKHW
6XEMHFW0DWWHUDQG7KHPH
7KHGLVFRXUVHLVPHDQWWRZDUQDQGUHSURYHWKHSHRSOHRI0DNNDKDQGWKHLUFKLHIVIRU
WKHLU DQWDJRQLVWLF DWWLWXGH WKDW WKH\ KDG WKHQ DGRSWHG WRZDUGV WKH +RO\ 3URSKHW
V
PHVVDJHRI7DXKLGOLNHDZHOOZLVKHUDQGDOVRWRDGPRQLVKWKHPOLNHDWHDFKHUDVLIWR
VD\ 2 IRROLVK SHRSOH WKH ZD\ WR ZKLFK WKLV 3URSKHW LV FDOOLQJ \RX LV WR \RXU RZQ
DGYDQWDJH <RXU DQJHU \RXU WULFNV DQG PDFKLQDWLRQV DJDLQVW LW DQG \RXU FRQVSLUDFLHV
DQGGHVLJQVWRIUXVWUDWHLWDUHQRWGLUHFWHGDJDLQVWKLPEXWDJDLQVW\RXURZQVHOYHV,I
\RXGRQRWOLVWHQWRKLP\RXZLOOEHKDUPLQJ\RXURZQVHOYHVQRWKLP
-XVWFRQVLGHUDQGSRQGHURYHUZKDWKHVD\VWKHUHLVQRWKLQJZURQJLQLW+HUHSXGLDWHV
VKLUN ,I \RX ORRNDURXQGFDUHIXOO\\RXZLOO\RXUVHOIUHDOL]HWKDWWKHUHLVQREDVLVIRU
VKLUNLQWKHZRUOG+HSUHVHQWVWKHGRFWULQHRI7DXKLG,I\RXXVH\RXUFRPPRQVHQVH
\RX ZLOO FRPH WR WKH FRQFOXVLRQ WKDW WKHUH LV QR EHLQJ EHVLGH $OODK &UHDWRU RI WKH
8QLYHUVHZKLFKPLJKWSRVVHVVGLYLQHDWWULEXWHVDQGSRZHUVDQGDXWKRULW\
+H WHOOV\RXWKDW\RXKDYHQRWEHHQFUHDWHGWREHLUUHVSRQVLEOHLQWKLVZRUOGEXW\RX
KDYHWRUHQGHUDQDFFRXQWRI\RXUGHHGVEHIRUH\RXU*RGDQGWKDWWKHUHLVOLIHDIWHUWKH
OLIHRIWKLVZRUOGZKHQHYHU\RQHZLOOPHHWWKHFRQVHTXHQFHVRIZKDWKHKDVGRQHKHUH
,I \RX WKLQJ D OLWWOH \RX ZLOO VHH WKDW \RXU GRXEWV DQG \RXU DVWRQLVKPHQW DERXW LW DUH
DEVROXWHO\EDVHOHVV
'RQ
W\RXVHHWKHSKHQRPHQRQRIWKHUHSURGXFWLRQRIFUHDWLRQGD\DQGQLJKW+RZFDQ
WKHQ \RXU RZQ UHFUHDWLRQ EH LPSRVVLEOH IRU WKDW *RG :KR FUHDWHG \RX IURP DQ
LQVLJQLILFDQWVSHUPGURS"'RHVQ
W\RXURZQLQWHOOHFWWHVWLI\WKDWWKHJRRGDQGWKHHYLO
FDQQRWEHDOLNH"
7KHQWKLQNDQGMXGJHIRU\RXUVHOYHVDVWRZKDWLVUHDVRQDEOHVKRXOGWKHJRRGDQGWKH
HYLOPHHWZLWKWKHVDPHIDWHDQGHQGXSLQWKHGXVWRUVKRXOGWKHJRRGEHUHTXLWHGZLWK
JRRGDQGWKHHYLOZLWKHYLO"
1RZLI\RXGRQRWDGPLWDQGDFNQRZOHGJHWKHVHUDWLRQDODQGUHDVRQDEOHWKLQJVDQGGR
QRWDEDQGRQ\RXUIDOVHJRGVDQGZLVKWRFRQWLQXHOLYLQJRQO\DVLUUHVSRQVLEOHSHRSOHLQ
WKHZRUOGWKH3URSKHWZLOOQRWORVHDQ\WKLQJ,WLV\RX\RXUVHOYHVRQO\ZKRZLOOVXIIHU
WKHFRQVHTXHQFHV7KH3URSKHW
VRQO\UHVSRQVLELOLW\ZDVWRPDNHWKHWUXWKSODLQWR\RX
ZKLFKEHKDVGRQH
,QWKLVFRQQHFWLRQWKH+RO\3URSKHWKDVEHHQFRQVROHGDJDLQDQGDJDLQDVLIWRVD\
:KHQ\RXDUHGRLQJIXOOMXVWLFHWRWKHSUHDFKLQJRI\RXUPLVVLRQ\RXGRQRWLQFXUDQ\
LVODPPHVVDJHFRP 
UHVSRQVLELOLW\IRUWKRVHZKRSHUVLVWLQWKHLUHUURUDQGGRQRWDFFHSWDQGIROORZWKHULJKW
ZD\)XUWKHUPRUHKHKDVDOVREHHQFRQVROHGWRWKHHIIHFW<RXVKRXOGQHLWKHUJULHYH
RQDFFRXQWRIWKRVHZKRGRQRWZDQWWREHOLHYHQRUFRQVXPH\RXUVHOIZLWKWKHWKRXJKW
RI KRZ WR EULQJ WKHP WR WKH ULJKWV SDWK ,QVWHDG RI WKLV \RX VKRXOG SD\ \RXU IXOO
DWWHQWLRQWRWKRVHZKRDUHLQFOLQHGWROLVWHQWR\RX
7KHEHOLHYHUVDOVRLQWKLVFRQQHFWLRQKDYHEHHQJLYHQWKHJRRGQHZVVRWKDWWKH\PD\
IHHOVWUHQJWKHQHGDQGHQFRXUDJHGDQGUHPDLQVWHDGIDVWRQWKHSDWKRIWKHWUXWKZLWKIXOO
IDLWKLQWKHSURPLVHVPDGHE\$OODK

<DDVLQ
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHWZROHWWHUVRIWKHDOSKDEHWZLWKZKLFKLWEHJLQV
3HULRGRI5HYHODWLRQ
$ VWXG\ RI WKH VW\OH VKRZV WKDW LW ZDV HLWKHU VHQW GRZQ GXULQJ WKH ODVW VWDJH RI WKH
PLGGOH0DNNDQSHULRGRULWLVRQHRIWKRVH6XUDKVZKLFKZHUHVHQWGRZQGXULQJWKH
ODVWVWDJHRIWKH+RO\3URSKHW
V VWD\DW0DNNDK
6XEMHFW0DWWHUDQG7KHPH
7KHREMHFWRIWKHGLVFRXUVHLVWRZDUQWKH4XUDLVKRIWKHFRQVHTXHQFHVRIQRWEHOLHYLQJ
LQWKH3URSKHWKRRGRI0XKDPPDG PD\$OODK
VSHDFHDQGEOHVVLQJVEHXSRQKLP DQG
RI UHVLVWLQJ DQG RSSRVLQJ LW ZLWK W\UDQQ\ ULGLFXOH DQG PRFNHU\ 7KH DVSHFW RI WKH
ZDUQLQJ LV GRPLQDQW DQG FRQVSLFXRXV DOWKRXJK DORQJ ZLWK UHSHDWHGO\ JLYLQJ WKH
ZDUQLQJVDUJXPHQWVDOVRKDYHEHHQJLYHQIRUWKHFRUUHFWXQGHUVWDQGLQJE\WKHSHRSOH
$UJXPHQWV KDYH EHHQ JLYHQ IRU WKUHH WKLQJV   )RU WDXKLG IURP WKH VLJQV RI WKH
XQLYHUVHDQGIURPFRPPRQVHQVH  IRUWKH+HUHDIWHUIURPWKHVLJQVRIWKHXQLYHUVH
IURPFRPPRQVHQVHDQGIURPPDQ
VRZQH[LVWHQFHLWVHOIDQG  IRUWKH3URSKHWKRRG
RIWKH3URSKHW0XKDPPDGIURPWKHIDFWWKDWKHZDVIDFLQJDOONLQGVRIKDUGVKLSVLQWKH
SUHDFKLQJ RI KLV PHVVDJH ZLWKRXW DQ\ VHOILVK PRWLYH DQG IURP WKLV WKDW ZKDWHYHU KH
ZDV LQYLWLQJ WKH SHRSOH WR ZDV UDWLRQDO DQG UHDVRQDEOH DFFHSWLQJ ZKLFK ZDV LQ WKH
SHRSOH
VRZQLQWHUHVW
2Q WKH VWUHQJWK RI WKHVH DUJXPHQWV WKHPHV RI UHSUREDWLRQ UHSURRI DQG ZDUQLQJ KDYH
EHHQSUHVHQWHGUHSHDWHGO\LQDKLJKO\IRUFHIXOPDQQHUVRWKDWKHDUWVDUHVKDNHQXSDQG
WKRVH ZKLFK KDYH DQ\ FDSDFLW\ IRU DFFHSWLQJ WKH WUXWK OHIW LQ WKHP VKRXOG QRW UHPDLQ
XQPRYHG
,PDP$KPDG$EX'DXG1DVDL,EQ0DMDKDQG7DEDUDQLKDYHUHODWHGRQWKHDXWKRULW\
RI+DGUDW0D
TLOELQ<DVDUWKDWWKH+RO\3URSKHWVDLG6XUDK<D6LQLVWKHKHDUWRIWKH
4XU
DQ7KLVLVVLPLODUWRGHVFULELQJWKH6XUDK$O)DWLKDKDVWKH8PPDO4XU
DQ WKH
HVVHQFHRUFRUHRIWKH4XU
DQ EHFDXVH$O)DWLKDKFRQWDLQVWKHVXPDQGVXEVWDQFHRI
WKHWHDFKLQJRIWKHZKROH4XUDQ7KH6XUDK<D6LQKDVEHHQFDOOHGWKHWKUREELQJKHDUW
RIWKH4XU
DQEHFDXVHLWSUHVHQWVWKHPHVVDJHRIWKH4XU
DQLQDPRVWIRUFHIXOPDQQHU
ZKLFKEUHDNVWKHLQHUWQHVVDQGVWLUVWKHVSLULWRIPDQWRDFWLRQ
$JDLQ,PDP$KPDG$ED'D
XGDQG,EQ0DMDKKDYHUHODWHGIURPWKHVDPH0D
TLOELQ
<DVDUWKDWWKH+RO\3URSKHWVDLG5HFLWH6XUDK<D6LQWRWKHG\LQJRQHVDPRQJ\RX
LVODPPHVVDJHFRP 
7KHREMHFWLVQRWRQO\WRUHYLYHDQGUHIUHVKWKHZKROH,VODPLFFUHHGLQWKHPLQGRIWKH
G\LQJSHUVRQEXWDOVREULQJEHIRUHKLPLQSDUWLFXODUDFRPSOHWHSLFWXUHRIWKH+HUHDIWHU
VRWKDWKHPD\NQRZZKDWVWDJHVKHZRXOGKDYHWRSDVVWKURXJKDIWHUFURVVLQJWKHVWDJH
RIWKLVZRUOGO\OLIH,QYLHZRIWKLVLWZRXOGEHGHVLUDEOHWKDWDORQJZLWKWKHUHFLWDWLRQ
RIWKH6XUDK<D6LQLWVWUDQVODWLRQDOVRLVPDGHIRUWKHEHQHILWRIWKHSHUVRQZKRGRHV
QRWNQRZ$UDELFVRWKDWWKHSXUSRVHRIWKHDGPRQLWLRQLVGXO\IXOILOOHG

6DDIIDW
1DPH
7KHQDPHLVGHULYHGIURPWKHZRUGZDVVDDIIDWZLWKZKLFKWKH6XUDKEHJLQV
3HULRGRI5HYHODWLRQ
7KH VXEMHFW PDWWHU DQG WKH VW\OH VKRZ WKDW WKLV 6XUDK SUREDEO\ ZDV VHQW GRZQ LQ WKH
PLGGOHRIWKH0DNNDQSHULRGRUSHUKDSVLQWKHODVWVWDJHRIWKHPLGGOH0DNNDQSHULRG
7KHVW\OHFOHDUO\LQGLFDWHVWKDWDQWDJRQLVPLVUDJLQJVWURQJLQWKHEDFNJURXQGDQGWKH
+RO\3URSKHWDQGKLV&RPSDQLRQVDUHSDVVLQJWKURXJKYHU\GLIILFXOWDQGGLVFRXUDJLQJ
FLUFXPVWDQFHV
6XEMHFW0DWWHUDQG7KHPH
7KH GLVEHOLHYHUV RI 0DNNDK KDYH EHHQ VHYHUHO\ ZDUQHG IRU WKHLU DWWLWXGH RI PRFNHU\
DQGGHULVLRQZLWKZKLFKWKH\ZHUHUHVSRQGLQJWRWKH+RO\3URSKHW
VPHVVDJHRI7DXKLG
DQG WKH +HUHDIWHU DQG IRU WKHLU XWWHU UHIXVDO WR DFFHSW DQG DFNQRZOHGJH KLV FODLP WR
3URSKHWKRRG
,QWKHHQGWKH\KDYHEHHQSODLQO\ ZDUQHGWKDWWKH3URSKHWZKRPWKH\DUHPRFNLQJDQG
ULGLFXOLQJZLOORYHUZKHOPWKHPLQVSLWHRIWKHLUSRZHUDQGSHOIDQGWKH\ZLOOILQGWKH
DUP\ RI $OODK HQFDPSLQJ LQ WKH YHU\ FRXUW\DUGV RI WKHLU KRXVHV YY  7KLV
QRWLFH ZDV JLYHQ DW D WLPH ZKHQ WKHUH DSSHDUHG QR FKDQFH ZKDWHYHU RI WKH +RO\
3URSKHW
VVXFFHVVDQGWULXPSK
7KH0XVOLPV ZKRKDYHEHHQFDOOHG$OODK
VDUP\LQWKHVHYHUVHV ZHUHEHLQJPDGHWKH
WDUJHWRIVHYHUHSHUVHFXWLRQ7KUHHIRXUWKRIWKHLUSRSXODWLRQKDGDOUHDG\HPLJUDWHGDQG
KDUGO\  WR  RI WKH &RPSDQLRQV ZHUH OHIW ZLWK WKH +RO\ 3URSKHW LQ 0DNNDK ZKR
ZHUHH[SHULHQFLQJDOOVRUWVRIWKHH[FHVVHVZLWKXWWHUKHOSOHVVQHVV
8QGHUVXFKFLUFXPVWDQFHVLQYLHZRIWKHDSSDUHQWFRQGLWLRQVQRRQHFRXOGEHOLHYHWKDW
WKH +RO\ 3URSKHW DQG WKH KDQGIXO RI KLV LOO HTXLSSHG &RPSDQLRQV ZRXOG XOWLPDWHO\
DWWDLQGRPLQDQFH7KHSHRSOHUDWKHUWKRXJKWWKDWWKHQHZPRYHPHQWZRXOGHQGDQGEH
EXULHG LQ WKH UDYLQHV RI 0DNNDK %XW KDUGO\  WR  \HDUV KDG SDVVHG ZKHQ RQ WKH
FRQTXHVWRI0DNNDKSUHFLVHO\WKHVDPH WKLQJKDSSHQHGRIZKLFKWKHGLVEHOLHYHUVKDG
EHHQIRUHZDUQHG
$ORQJZLWKDGPLQLVWHULQJZDUQLQJV$OODKLQWKLV6XUDKKDVGRQHIXOOMXVWLFHDOVRWRWKH
WKHPHRILQGXFHPHQWDQGLQVWUXFWLRQLQDEDODQFHGZD\%ULHIEXWLPSUHVVLYHDUJXPHQWV
KDYH EHHQ JLYHQ DERXW WKH YDOLGLW\ RI WKH GRFWULQHV RI 7DXKLG DQG WKH +HUHDIWHU
&ULWLFLVP KDV EHHQ PDGH RI WKH FUHHG RI WKH PXVKULNLQ WR VKRZ WKH DEVXUGLW\ RI WKHLU
EHOLHIV WKH\ KDYH EHHQ LQIRUPHG RI WKH HYLO FRQVHTXHQFHV RI WKHLU GHYLDWLRQV ZKLFK
KDYHEHHQFRQWUDVWHGZLWKWKHVSOHQGLGUHVXOWVRIWKHIDLWKDQGULJKWHRXVDFWV7KHQLQ
LVODPPHVVDJHFRP 
FRQWLQXDWLRQ RI WKH VDPH 3UHFHGHQWV IURP SDVW KLVWRU\ KDYH EHHQ FLWHG WR VKRZ KRZ
$OODK KDG EHHQ WUHDWLQJ +LV 3URSKHWV DQG WKHLU IROORZHUV  KRZ +H KDV EHHQ IDYRULQJ
+LVIDLWKIXOVHUYDQWVDQGSXQLVKLQJWKHLUGHQLHUVDQGUHMHFWRUV
7KHPRVWLQVWUXFWLYHRIWKHKLVWRULFDOQDUUDWLYHVSUHVHQWHGLQWKLV6XUDKLVWKHLPSRUWDQW
HYHQWRIWKHSLRXVOLIHRIWKH3URSKHW$EUDKDPZKREHFDPHUHDG\WRVDFULILFHKLVRQO\
VRQDVVRRQDVKHUHFHLYHGDQLQVSLUDWLRQIURP$OODK,QWKLVWKHUHZDVDOHVVRQQRWRQO\
IRUWKHGLVEHOLHYLQJ4XUDLVKZKRZD[HGSURXGRIWKHLUEORRGUHODWLRQVKLSZLWKKLPEXW
DOVRIRUWKH0XVOLPVZKRKDGEHOLHYHGLQ$OODKDQG+LV0HVVHQJHU%\QDUUDWLQJWKLV
HYHQW WKH\ ZHUH WROG ZKDW LV WKH HVVHQFH DQG WKH UHDO VSLULW RI ,VODP DQG KRZ D WUXH
EHOLHYHUVKRXOGEHUHDG\WRVDFULILFHKLVDOOIRUWKHSOHDVXUHDQGDSSURYDORI$OODKDIWHU
KHKDVDGRSWHGLWDVKLV)DLWKDQG&UHHG
7KHODVWYHUVHVRIWKH6XUDKZHUHQRWRQO\DZDUQLQJIRUWKHGLVEHOLHYHUVEXWDOVRDJRRG
QHZVIRUWKHEHOLHYHUVZKRZHUHSDVVLQJWKURXJKKLJKO\XQIDYRUDEOHDQGGLVFRXUDJLQJ
FRQGLWLRQV RQ DFFRXQW RI WKHLU VXSSRUWLQJ DQG IROORZLQJ WKH +RO\ 3URSKHW ,Q WKHVH
YHUVHV WKH\ ZHUH JLYHQ WKH JRRG QHZV WKDW WKH\ VKRXOG QRW EH GLVKHDUWHQHG DW WKH
KDUGVKLSV DQG GLIILFXOWLHV WKH\ KDG WR HQFRXQWHU LQ WKH EHJLQQLQJ IRU LQ WKH HQG WKH\
DORQHZRXOGDWWDLQGRPLQDQFHDQGWKHVWDQGDUGEHDUHUVRIIDOVHKRRGZKRDSSHDUHGWR
EHGRPLQDQWDWWKHWLPHZRXOGEHRYHUZKHOPHGDQGYDQTXLVKHGDWWKHLUKDQGV$IHZ
\HDUVODWHUWKHWXUQWKHHYHQWVWRRNSURYHGWKDWLWZDVQRWDQHPSW\FRQVRODWLRQEXWDQ
LQHYLWDEOHUHDOLW\RIZKLFKWKH\KDGEHHQIRUHWROGLQRUGHUWRVWUHQJWKHQWKHLUKHDUWV

6DDG
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHDOSKDEHWLFOHWWHU6XDGZLWKZKLFKLWEHJLQV
3HULRGRI5HYHODWLRQ
$VZLOOEHH[SODLQHGEHORZDFFRUGLQJWRVRPHWUDGLWLRQVWKLV6XUDKZDVVHQWGRZQLQ
WKH SHULRG ZKHQ WKH +RO\ 3URSKHW KDG VWDUWHG FDOOLQJ WKH SHRSOH RSHQO\ WR ,VODP LQ
0DNNDK DQG WKLV KDG FDXVHG JUHDW DODUP DPRQJ WKH FKLHIV RI WKH 4XUDLVK ,I WKLV EH
WUXH LWV SHULRG RI UHYHODWLRQ ZRXOG EH DERXW WKH WK \HDU RI WKH 3URSKHWKRRG
$FFRUGLQJ WR VRPH RWKHU WUDGLWLRQV LW ZDV VHQW GRZQ DIWHU +DGUDW 8PDU
V HPEUDFLQJ
,VODP DQG WKLV KDSSHQHG DV LV ZHOO NQRZQ DIWHU WKH PLJUDWLRQ WR +DEDVK $QRWKHU
FKDLQ RI WKH WUDGLWLRQV VKRZV WKDW WKH HYHQW ZKLFK RFFDVLRQHG WKH UHYHODWLRQ RI WKLV
6XUDKWRRNSODFHGXULQJWKHODVWLOOQHVVRI$EX7DOLE,IWKLVEHFRUUHFWWKHSHULRGRILWV
UHYHODWLRQZRXOGEHWKHWKRUWK\HDURIWKH3URSKHWKRRG
+LVWRULFDO%DFNJURXQG
+HUHLVDUHVXPHRIWKHWUDGLWLRQVUHODWHGE\,PDP$KPDG1DVD
L7LUPLGKL,EQ-DULU
,EQ$EL6KDLEDK,EQ$ED+DWLP0XKDPPDGELQ,VKDTDQGRWKHUV
:KHQ$EX7DOLEIHOOLOODQGWKH4XUDLVKFKLHIVNQHZWKDWKLVHQGZDVQHDUWKH\KHOG
FRQVXOWDWLRQV DQG GHFLGHG WR DSSURDFK WKH ROG FKLHI ZLWK WKH UHTXHVW WKDW KH VKRXOG
VROYHWKHGLVSXWHEHWZHHQWKHPDQGKLVQHSKHZ)RUWKH\IHDUHGWKDWLI$EX7DOLEGLHG
DQGWKHQWKH\VXEMHFWHG0XKDPPDG XSRQZKRPEH$OODK
VSHDFH WRDKDUVKWUHDWPHQW
DIWHUKLVGHDWKWKH$UDEVZRXOGWDXQWWKHPVD\LQJ7KH\ZHUHDIUDLGRIWKHROGFKLHI
LVODPPHVVDJHFRP 
DVORQJDVKHOLYHGQRZWKDWKHLVGHDGWKH\KDYHVWDUWHGPDOWUHDWLQJKLVQHSKHZ$W
OHDVWRIWKH4XUDLVKFKLHIVLQFOXGLQJ$EX-DKO$EX6XI\DQ8PD\\DKELQ.KDODI$V
ELQ :D
LO $VZDG ELQ DO0XWWDOLE
8TEDK ELQ $EL 0X
DLW 8WEDK DQG 6KDLEDKZHQWWR
$EX7DOLE
)LUVWWKH\SXWEHIRUHKLPWKHLUFRPSODLQWVDJDLQVWWKH+RO\3URSKHWDVXVXDOWKHQVDLG
:HKDYHFRPHWRSUHVHQWEHIRUH\RXDMXVWUHTXHVWDQGLWLVWKLVOHW\RXUQHSKHZOHDYH
XV WR RXU UHOLJLRQ DQG ZH VKDOO OHDYH KLP WR KLV +H PD\ ZRUVKLS ZKRPHYHU KH PD\
SOHDVH ZH VKDOO QRW VWDQG LQ KLV ZD\ LQ WKLV PDWWHU EXW KH VKRXOG QRW FRQGHPQ RXU
JRGVDQGVKRXOGQRWWU\WRIRUFHXVWRJLYHWKHPXS3OHDVHWHOOKLPWRPDNHWHUPVZLWK
XVRQWKLVFRQGLWLRQ
$EX7DOLEFDOOHGWKH+RO\3URSKHWDQGVDLG'HDUQHSKHZWKHVHSHRSOHRI\RXUWULEH
KDYHFRPHWRPHZLWKDUHTXHVW7KH\ZDQW\RXWRDJUHHZLWKWKHPRQDMXVWPDWWHUVR
DVWRSXWDQHQGWR\RXUGLVSXWHZLWKWKHP7KHQKHWROGKLPDERXWWKHUHTXHVWRIWKH
FKLHIVRIWKH4XUDLVK
7KH +RO\ 3URSKHW UHSOLHG 'HDU XQFOH , VKDOO UHTXHVW WKHP WR DJUHH XSRQ D WKLQJ
ZKLFKLIWKH\DFFHSWZLOOHQDEOHWKHPWRFRQTXHUWKHZKROHRI$UDELDDQGVXEMHFWWKH
QRQ$UDE ZRUOG WR WKHLU GRPLQDWLRQ  +HDULQJWKLVWKHSHRSOHZHUHILUVWFRQIRXQGHG
WKH\ GLG QRW NQRZ KRZ WKH\ VKRXOG WXUQ GRZQ VXFK D SURSRVDO 7KHQ DIWHU WKH\ KDG
FRQVLGHUHGWKHPDWWHUWKH\UHSOLHG<RXVSHDNRIRQHZRUGZHDUHSUHSDUHGWRUHSHDW
WHQ RWKHUV OLNH LW EXW SOHDVH WHOO XV ZKDW LW LV  7KH +RO\ 3URSKHW VDLG /D LODKD LOO
$OODK$WWKLVWKH\JRWXSDOOWRJHWKHUDQGOHIWWKHSODFHVD\LQJZKDW$OODKKDVQDUUDWHG
LQWKHLQLWLDOSDUWRIWKLV6XUDK
,EQ6D
GLQKLV7DEDTDWKDVUHODWHGWKLVHYHQWMXVWDVFLWHGDERYHEXWDFFRUGLQJWRKLP
WKLVGLGQRWKDSSHQGXULQJ$EX7DOLEVODVWLOOQHVVEXWDWWKHWLPHZKHQWKH+RO\3URSKHW
KDGVWDUWHGSUHDFKLQJ,VODPRSHQO\DQGWKHQHZVRIWKHFRQYHUVLRQRIRQHSHUVRQRUWKH
RWKHUZDVEHLQJKHDUGDOPRVWGDLO\LQ0DNNDK,QWKRVHGD\VWKH4XUDLVKFKLHIVKDGOHG
VHYHUDOGHSXWDWLRQVWR$EX7DOLEDQGKDGDVNHGKLPWRVWRS0XKDPPDG XSRQZKRPEH
$OODK
VSHDFHDQGEOHVVLQJV IURPSUHDFKLQJKLVPHVVDJHDQGLWZDVZLWKRQHRIWKRVH
GHSXWDWLRQVWKDWWKLVFRQYHUVDWLRQKDGWDNHQSODFH
=DPDNKVKDUL 5D]L 1LVDEXUL DQG VRPH RWKHU FRPPHQWDWRUV VD\ WKDW WKLV GHSXWDWLRQ
ZHQWWR$EX7DOLEDWWKHWLPHWKHQWKHFKLHIVRIWKH4XUDLVKKDGEHHQXSVHWDW+DGUDW
8PDU
V HPEUDFLQJ ,VODP EXW QR UHIHUHQFH WR LWV EDVLV LV DYDLODEOH LQ DQ\ ERRN RI WKH
WUDGLWLRQV QRU KDYH WKHVH FRPPHQWDWRUV FLWHG WKH VRXUFH RI WKHLU WKLV LQIRUPDWLRQ
+RZHYHU LI LW EH WUXH LW LV XQGHUVWDQG DEOH )RU WKH XQEHOLHYLQJ 4XUDLVK KDG DOUHDG\
EHHQEHZLOGHUHGWRVHHWKDWWKHSHUVRQZKRKDGDULVHQIURPDPRQJWKHPVHOYHVZLWKWKH
PHVVDJH RI ,VODP KDG QR SDUDOOHO LQ WKH HQWLUH WULEH DV UHJDUGHG QRELOLW\ SXULW\ RI
FKDUDFWHU ZLVGRP DQG VHULRXVQHVV 0RUHRYHU KLV ULJKWKDQGPDQ DQG FKLHI VXSSRUWHU
ZDV D PDQ OLNH $EX %DNU ZKR ZDV ZHOO NQRZQ LQ DQG DURXQG 0DNNDK DV D JHQWOH
ULJKWHRXVDQGEULOOLDQWPDQ1RZZKHQWKH\PLJKWKDYHVHHQWKDWDEUDYHDQGUHVROXWH
PDQOLNH8PDUDOVRKDGMRLQHGWKHPWKH\PXVWKDYHIHOWWKDWWKHGDQJHUZDVJURZLQJ
DQGEHFRPLQJLQWROHUDEOH
6XEMHFW0DWWHUDQG7RSLFV
LVODPPHVVDJHFRP 
7KH6XUDKEHJLQVZLWKDUHYLHZRIWKHDIRUHVDLGPHHWLQJ0DNLQJWKHGLDORJXHEHWZHHQ
WKH+RO\3URSKHWDQGWKHGLVEHOLHYHUVWKHEDVLV$OODKVD\VWKDWWKHDFWXDOUHDVRQZLWK
WKRVH SHRSOH IRU WKHLU GHQLDO LV QRW DQ\ GHIHFW LQ WKH PHVVDJH RI ,VODP EXW WKHLU RZQ
DUURJDQFH MHDORXV\ DQG LQVLVWHQFH RQ IROORZLQJ WKH EOLQG 7KH\ DUH QRW SUHSDUHG WR
EHOLHYHLQDPDQIURPWKHLURZQFODQDVD3URSKHWRI*RGDQGIROORZKLP7KH\ZDQWWR
SHUVLVWLQWKHLGHDVRILJQRUDQFHZKLFKWKH\KDYHIRXQGWKHLUDQFHVWRUVIROORZLQJ$QG
ZKHQDSHUVRQH[SRVHVWKHLUWKLVLJQRUDQFHDQGSUHVHQWVWKHWUXWKEHIRUHWKHPWKH\DUH
DODUPHGDQGUHJDUGLWDVDQRGGLW\UDWKHUDVDQRYHODQGLPSRVVLEOHWKLQJ)RUWKHPWKH
FRQFHSW RI 7DXKLG DQG WKH +HUHDIWHU LV QRW RQO\ DQ XQDFFHSWDEOH FUHHG EXW DOVR D
FRQFHSW ZKLFKRQO\GHVHUYHVWREHULGLFXOHGDQGPRFNHG
7KHQ$OODKERWKLQWKHLQLWLDOSDUWRIWKH6XUDKDQGLQLWVODVWVHQWHQFHVKDVSUHFLVHO\
ZDUQHG WKH GLVEHOLHYHUV DV LI WR VD\ 7KH PDQ ZKRP \RX DUH ULGLFXOLQJ WRGD\ DQG
ZKRVHJXLGDQFH\RXUHMHFWZLOOVRRQRYHUSRZHU\RXDQGWKHWLPHLVQRWIDUZKHQLQWKLV
YHU\ FLW\ RI 0DNNDK ZKHUH \RX DUH SHUVHFXWLQJ KLP KH ZLOO RYHUZKHOP \RX
FRPSOHWHO\  7KHQ GHVFULELQJ QLQH RI WKH 3URSKHWV RQH DIWHU WKH RWKHU ZLWK JUHDWHU
GHWDLOVRIWKHVWRU\RIWKH3URSKHWV'DYLGDQG6RORPRQ$OODKKDVHPSKDVL]HGWKHSRLQW
WKDW+LV/DZRI-XVWLFHLVLPSDUWLDODQGREMHFWLYHWKDWRQO\WKHULJKWDWWLWXGHRIPDQLV
DFFHSWDEOHWR+LPWKDW+HFDOOVWRDFFRXQWDQGSXQLVKHVHYHU\ZURQJGRHUZKRHYHUKH
EHDQGWKDW+HOLNHVRQO\WKRVH SHRSOHZKRGRQRWSHUVLVWLQZURQJGRLQJEXWUHSHQWDV
VRRQ DV WKH\ DUH ZDUQHG RI LW DQG SDVV WKHLU OLIH LQ WKH ZRUOG NHHSLQJ LQ PLQG WKHLU
DFFRXQWDELOLW\LQWKH+HUHDIWHU
$IWHUWKLVWKHILQDOHQGWKDWWKHREHGLHQWVHUYDQWVDQGWKHGLVREHGLHQWSHRSOHZLOOPHHW
LQWKH+HUHDIWHUKDVEHHQGHSLFWHGDQGWZRWKLQJVKDYHEHHQHVSHFLDOO\LPSUHVVHGRQ
WKH GLVEHOLHYHUV   7KDW WKH OHDGHUV DQG JXLGHV ZKRP WKH LJQRUDQW SHRSOH DUH
IROORZLQJ EOLQGO\ LQ WKH ZRUOG RQ WKH ZD\ RI GHYLDWLRQ ZLOO KDYH UHDFKHG +HOO HYHQ
EHIRUH WKHLU IROORZHUV LQ WKH +HUHDIWHUDQGWKHWZRJURXSVZLOOEHFXUVLQJHDFKRWKHU
WKHUHDQG  WKDWWKHGLVEHOLHYHUVZLOOEHDPD]HGWRVHHWKDWWKHUHLVQRWUDFHZKDWHYHU
LQ+HOORIWKHEHOLHYHUVZKRPWKH\XVHGWRUHJDUGDVFRQWHPSWLEOHLQWKHZRUOGDQGZLOO
WKHPVHOYHVEHLQYROYHGLQLWVWRUPHQW
,QFRQFOXVLRQPHQWLRQKDVEHHQPDGHRIWKHVWRU\RI$GDPDQG,EOLV 6DWDQ ZKLFKLV
PHDQW WR WHOO WKH GLVEHOLHYLQJ 4XUDLVK WKDW WKH VDPH DUURJDQFH DQG YDQLW\ ZKLFK ZDV
SUHYHQWLQJ WKHP IURP ERZLQJ EHIRUH 0XKDPPDG XSRQ ZKRP EH $OODK
V SHDFH  KDG
SUHYHQWHG,EOLVDOVRIURPERZLQJEHIRUH$GDP,EOLVIHOWMHDORXVRIWKHKLJKUDQN*RG
KDGJLYHQWR$GDPDQGEHFDPHDFFXUVHGZKHQKHGLVREH\HG+LV&RPPDQG/LNHZLVH
<RX2SHRSOHRI4XUDLVKDUHIHHOLQJMHDORXVRIWKHKLJKUDQN*RGKDVEHVWRZHGRQ
0XKDPPDG XSRQZKRPEH$OODK
VSHDFH DQGDUHQRWSUHSDUHGWRREH\KLPZKRP*RG
KDVDSSRLQWHG+LVPHVVHQJHU7KHUHIRUH\RXZLOOEHGRRPHGXOWLPDWHO\WRWKHVDPHIDWH
DVZLOOEHPHWE\6DWDQ

=XPDU
1DPH

LVODPPHVVDJHFRP 
7KH 6XUDK GHULYHV LWV QDPH IURP YHUVH  DQG  LQ ZKLFK WKH ZRUG ]XPDU KDV
RFFXUUHG
3HULRGRI5HYHODWLRQ
,Q YHUVH  ZD DUGXOODKLZDVL DWXQ DQG $OODK
V HDUWK LV YDVW  WKHUH LV DEXQGDQW
HYLGHQFHWKDWWKLV6XUDKZDVVHQWGRZQEHIRUHWKHPLJUDWLRQWR+DEDVK6RPHWUDGLWLRQV
SURYLGHWKHH[SODQDWLRQWKDWWKLVYHUVHZDVVHQWGRZQLQUHVSHFWRI+DGUDW-D
IDUELQ$EL
7DOLEDQGKLVFRPSDQLRQVZKHQWKH\PDGHXSWKHLUPLQGWRHPLJUDWHWR+DEDVK 5XK
DO0DDQLYRO;;,,S 
7KHPHDQG6XEMHFWPDWWHU
7KHHQWLUH6XUDKLVDPRVWHORTXHQWDQGHIIHFWLYHDGGUHVVZKLFKZDVJLYHQVRPHWLPH
EHIRUHWKHHPLJUDWLRQWR+DEDVKLQDQHQYLURQPHQWILOOHGZLWKW\UDQQ\DQGSHUVHFXWLRQ
LOOZLOO DQG DQWDJRQLVP DW 0DNNDK ,W LV D VHUPRQ ZKRVH DGGUHVVHHV PDLQO\ DUH WKH
XQEHOLHYLQJ4XUDLVKDOWKRXJKKHUHDQGWKHUHWKHEHOLHYHUVDOVRKDYHEHHQDGGUHVVHG,Q
LW WKH UHDO DLP RI WKH LQYLWDWLRQ RI 0XKDPPDG XSRQ ZKRP EH $OODK
V SHDFH DQG
EOHVVLQJV  KDG EHHQ HQXQFLDWHG ZKLFK LV WKLV 0DQ VKRXOG DGRSW $OODK
V VHUYLWXGH
VLQFHUHO\ DQG VKRXOG QRW SROOXWH KLV *RG ZRUVKLS ZLWK WKH VHUYLFH RI DQ\ RWKHU
3UHVHQWLQJ WKLV FDUGLQDO SULQFLSOH LQ GLIIHUHQW ZD\V RYHU DQG RYHU DJDLQ WKH WUXWK RI
7DXKLGDQGWKHH[FHOOHQWUHVXOWVRIDFFHSWLQJLWDQGWKHIDOVHKRRGRIVKLUNDQGWKHHYLO
FRQVHTXHQFHV RI IROORZLQJ LW KDYH EHHQ H[SODLQHG LQ D PRVW IRUFHIXO ZD\ DQG WKH
SHRSOHH[KRUWHGWRJLYHXSWKHLUZURQJZD\RIOLIHDQGUHWXUQWRWKHPHUF\RIWKHLU/RUG
,QWKLVYHU\FRQQHFWLRQWKHEHOLHYHUVKDYHEHHQLQVWUXFWHGDVLIWRVD\,IDSODFHKDV
EHFRPH QDUURZ IRU WKH ZRUVKLS DQG VHUYLFH RI $OODK +LV HDUWK LV YDVW \RX PD\
HPLJUDWHWRVRPHRWKHUSODFHLQRUGHUWRVDYH\RXUIDLWK$OODKZLOOUHZDUG\RXIRU\RXU
SDWLHQFH2QWKHRWKHUKDQGWKH+RO\3URSKHWKDVEHHQHQFRXUDJHGVRDVWRVD\7HOO
WKHGLVEHOLHYHUVSODLQO\WKDWWKH\PD\GRZKDWHYHUWKH\OLNHEXWWKHLUSHUVHFXWLRQVDQG
W\UDQQLHVZLOOQHYHUGHWHU\RXIURPWKHZD\RI,VODPWKDWWKH\PD\JRRQGRLQJWKHLU
ZRUVWWRREVWUXFW\RXUZD\EXW\RXZLOOFRQWLQXHWRSHUIRUP\RXUPLVVLRQLQVSLWHRIWKH
DGYHUVHFRQGLWLRQVDQGFLUFXPVWDQFHV

$O0X
PLQ
1DPH
7KH6XUDKWDNHVLWVQDPH$O0X
PLQIURPYHUVHLPSO\LQJWKHUHE\WKDWLWLVD6XUDK
LQZKLFK$O0X
PLQ WKH%HOLHYHURI3KDUDRK
VSHRSOH KDVEHHQPHQWLRQHG
3HULRGRI5HYHODWLRQ
$FFRUGLQJ WR ,EQ C$EEDV DQG -DELU ELQ =DLG WKLV 6XUDK ZDV VHQW GRZQ FRQVHFXWLYHO\
DIWHU6XUDK$]=XPDUDQGLWVSUHVHQWSRVLWLRQLQWKHRUGHURIWKH6XUDKVLQWKH4XUDQLV
WKHVDPHDVLWVFKURQRORJLFDORUGHU
%DFNJURXQGRI5HYHODWLRQ
7KHUHDUHFOHDULQGLFDWLRQVLQWKHVXEMHFWPDWWHURIWKLV6XUDKWRWKHFRQGLWLRQVLQZKLFK
LWZDVUHYHDOHG7KHGLVEHOLHYHUVRI0DNNDKDWWKDWWLPHZHUHHQJDJHGLQWZRNLQGVRI
WKHDFWLYLWLHVDJDLQVWWKH+RO\3URSKHW)LUVWWKH\ZHUHFUHDWLQJHYHU\NLQGRIVXVSLFLRQ
DQG PLVJLYLQJ LQ WKH PLQGV RI WKH SHRSOH DERXW WKH WHDFKLQJ RI WKH 4XUDQ DQG WKH
LVODPPHVVDJHFRP 
PHVVDJH RI ,VODP DQG DERXW WKH +RO\ 3URSKHW KLPVHOI E\ VWDUWLQJ PDQ\ GLVSXWHV DQG
GLVFXVVLRQVUDLVLQJLUUHOHYDQWREMHFWLRQVDQGEULQJLQJHYHUQHZDFFXVDWLRQVVRWKDWWKH
+RO\3URSKHWDQGWKHEHOLHYHUVZHUHVLFNRIWU\LQJWRDQVZHUWKHP6HFRQGWKH\ZHUH
SUHSDULQJ WKH JURXQG IRU SXWWLQJ DQ HQG WR WKH +RO\ 3URSKHW KLPVHOI 7KH\ ZHUH
GHYLVLQJRQHSORWDIWHUWKHRWKHUDQGRQRQHRFFDVLRQKDGHYHQWDNHQWKHSUDFWLFDOVWHSV
WRH[HFXWHDSORW%XNKDULKDVUHODWHGDWUDGLWLRQRQWKHDXWKRULW\RI+DGUDW$EGXOODKELQ
$PUELQ
$VVD\LQJWKDWRQHGD\ZKHQWKH+RO\3URSKHWZDVRIIHULQJKLV3UD\HULQWKH
SUHFLQFW
VRIWKH.DDEDKVXGGHQO\
8TEDKELQ$EL0X
DLWUXVKHGIRUZDUGDQGSXWWLQJD
SLHFHRIFORWKURXQGKLVQHFNVWDUWHGWZLVWLQJLWVRDVWRVWUDQJOHKLPWRGHDWK+DGUDW
$EX%DNUZKRKDSSHQHGWRJRWKHUHLQWLPHSXVKHGKLPDZD\+DGUDW$EGXOODKVD\V
WKDW ZKHQ $EX %DNU ZDV VWUXJJOLQJ ZLWK WKH FUXHO PDQ KH ZDV VD\LQJ ZRUGV WR WKH
HIIHFW:RXOG\RXNLOODPDQRQO\EHFDXVHKHVD\V$OODKLVP\/RUG":LWKDOLWWOH
YDULDWLRQWKLVHYHQWKDVDOVREHHQPHQWLRQHGLQ,EQ+LVKDP1DVD
LDQG,EQ$EL+DWLP
7KHPHDQG7RSLFV
%RWK DVSHFWV RI WKLV KDYH EHHQ FOHDUO\ VWDWHG DW WKH YHU\ RXWVHW DQG WKHQ WKH ZKROH
IROORZLQJGLVFRXUVHLVDPRVWHIIHFWLYHDQGLQVWUXFWLYHUHYLHZRIWKHP
$VDQDQVZHUWRWKHFRQVSLUDFLHVRIPXUGHUWKHVWRU\RIWKH%HOLHYHURIWKHSHRSOHRI
3KDUDRKKDVEHHQDFNQRZOHGJHWKHSURSKHWKRRGRI0XKDPPDG XSRQZKRPEH$OODK
V
SHDFH  \RXU SRZHU DQG DXWKRULW\ ZLOO FRPH WR DQ HQG 7KDW LV ZK\ \RX DUH VWUDLQLQJ
HYHU\QHUYHWRIUXVWUDWHDQGGHIHDWKLP,QWKHVDPHFRQQHFWLRQWKHGLVEHOLHYHUVKDYH
EHHQZDUQHGDJDLQDQGDJDLQWRWKHHIIHFW,I\RXGRQRWGHVLVWIURPZUDQJOLQJDJDLQVW
WKH5HYHODWLRQVRI$OODK\RXZLOOEHGRRPHGWRWKHVDPHIDWHDVWKHQDWLRQVRIWKHSDVW
0XFKZRUVHWRUPHQWDZDLWV\RXLQWKH+HUHDIWHU7KHQ\RXZLOOUHSHQWEXWLWZLOOEHWRR
ODWH

+D0LP
1DPH
7KH QDPH RI WKLV 6XUDK LV FRPSRVHG RI WZR ZRUGV +D0LP DQG $V6DMGDK ZKLFK
LPSOLHVWKDWLWLVD6XUDKZKLFKEHJLQVZLWK+D0LPDQGLQZKLFKDYHUVHUHTXLULQJWKH
SHUIRUPDQFHRIVDMGDK SURVWUDWLRQ KDVRFFXUUHG
3HULRGRI5HYHODWLRQ
$FFRUGLQJWRDXWKHQWLF7UDGLWLRQVLWZDVVHQWGRZQDIWHUWKHDIILUPDWLRQRIWKH)DLWKE\
+DGUDW +DP]DKDQGEHIRUHWKHDIILUPDWLRQRIWKH)DLWKE\+DGUDW8PDU0XKDPPDGELQ
,VKDT WKH HDUOLHVW ELRJUDSKHU RI WKH +RO\ 3URSKHW KDV UHODWHG RQ WKH DXWKRULW\ RI
0XKDPPDG ELQ .DCE DO4XU]L WKH IDPRXV IROORZHU RI WKH &RPSDQLRQV WKDW RQH GD\
VRPHRIWKH4XUDLVKFKLHIVZHUHVLWWLQJLQWKHLUDVVHPEO\LQWKH0DVMLGDO+DUDPZKLOH
LQDQRWKHUFRUQHURIWKH0RVTXHWKHUHZDVWKH+RO\3URSKHWVLWWLQJE\KLPVHOI
7KLVZDVWKHWLPHZKHQ+DGUDW+DP]DKKDGDOUHDG\HPEUDFHG,VODPDQGWKHSHRSOHRI
WKH 4XUDLVK ZHUH IHHOLQJ XSVHW DW WKH JURZLQJ QXPEHUV RI WKH 0XVOLPV 2Q WKLV
RFFDVLRQ 8WEDK ELQ 5DEL
DK WKH IDWKHULQODZ RI $EX 6XI\DQ  VDLG WR WKH 4XUDLVK
FKLHIV *HQWOHPHQ LI \RX OLNH , ZRXOG JR DQG VSHDN WR 0XKDPPDG XSRQ ZKRP EH

LVODPPHVVDJHFRP 
$OODK
VSHDFHDQGEOHVVLQJV DQGSXWEHIRUHKLPVRPHSURSRVDOVPD\EHWKDWKHDFFHSWV
RQHRIWKHPWRZKLFKZHPD\DOVRDJUHHDQGVRKHVWRSVRSSRVLQJXV
7KH\ DOO DJUHHG WR WKLV DQG 8WEDK ZHQWDQGVDWE\WKH+RO\3URSKHW:KHQWKH+RO\
3URSKHWWXUQHGWRKLPKHVDLG1HSKHZ\RXNQRZWKHKLJKVWDWXVWKDW\RXHQMR\LQWKH
FRPPXQLW\ E\ YLUWXH RI \RXU DQFHVWU\ DQG IDPLO\ UHODWLRQV EXW \RX KDYH SXW \RXU
SHRSOHWRJUHDWWURXEOH\RXKDYHFUHDWHGGLYLVLRQVDPRQJWKHPDQG\RXFRQVLGHUWKHP
WR EH IRROV \RX WDON LOO RI WKHLU UHOLJLRQ DQG JRGV DQG VD\ WKLQJV DV WKRXJK DOO RXU
IRUHIDWKHUVZHUHSDJDQV1RZOLVWHQWRPHDQG,VKDOOPDNHVRPHVXJJHVWLRQV&RQVLGHU
WKHPZHOOPD\EHWKDW\RXDFFHSWRQHRIWKHP
7KH+RO\3URSKHWVDLG$EXO:DOLGVD\ZKDW\RXZDQWWRVD\DQG,VKDOOOLVWHQWR\RX
 +H VDLG 1HSKHZ LI E\ ZKDW \RX DUH GRLQJ \RX ZDQW ZHDOWK ZH ZLOO JLYH \RX
HQRXJK RI LW VR WKDW \RX ZLOO EHWKHULFKHVWPDQDPRQJXVLI\RXZDQWWREHFDPHDQ
LPSRUWDQWPDQZHZLOOPDNH\RXRXUFKLHIDQGZLOOQHYHUGHFLGHDPDWWHUZLWKRXW\RX
LI\RXZDQWWREHDNLQJZHZLOODFFHSW\RXDVRXUNLQJDQGLI\RXDUHYLVLWHGE\DMLQQ
ZKRP\RXFDQQRWJHWULGRIE\\RXURZQSRZHUZHZLOODUUDQJHWKHEHVWSK\VLFLDQVDQG
KDYH\RXWUHDWHGDWRXURZQH[SHQVH
8WEDKZHQWRQVSHDNLQJLQWKLVVWUDLQDQGWKH
+RO\3URSKHWZHQWRQOLVWHQLQJWRKLPTXLHWO\7KHQKHVDLG+DYH\RXVDLG2$EXO
:DOLGZKDW\RXKDGWRVD\"+HUHSOLHGWKDWKHKDG
7KH +RO\ 3URSKHW VDLG :HOO QRZ OLVWHQ WR PH 7KHQ SURQRXQFLQJ %LVPLODK LU
5DKPDQLU5DLKPKHEHJDQWRUHFLWHWKLVYHU\6XUDKDQG8WEDKNHSWRQOLVWHQLQJWRLW
SXWWLQJ KLV KDQGV EHKLQG KLV EDFN DQG OHDQLQJ RQ WKHP DV KH OLVWHQHG &RPLQJ WR WKH
YHUVHRISURVWUDWLRQ Y WKH+RO\3URSKHWSURVWUDWHGKLPVHOIWKHQUDLVLQJKLVKHDG
VDLG7KLVZDVP\UHSO\2$EXO:DOLGQRZ\RXPD\DFWDV\RXSOHDVH
7KHQ8WEDKDURVHDQGZDONHGEDFNWRZDUGVWKHFKLHIVWKHSHRSOHVDZKLPIURPDIDU
DQGVDLG%\*RG8WEDK
VIDFHLVFKDQJHG+HGRHVQRWORRNWKHVDPHPDQWKDWKHZDV
ZKHQKHZHQWIURPKHUH7KHQZKHQKHFDPHEDFNDQGVDWGRZQWKHSHRSOHDVNHG
:KDW KDYH \RX KHDUG"  +H UHSOLHG %\ *RG , KDYH KHDUG VRPHWKLQJ WKH OLNH RI
ZKLFK,KDGQHYHUKHDUGEHIRUH%\*RGLW
VQHLWKHUSRHWU\QRUVRUFHU\QRUPDJLF2
FKLHIVRIWKH4XUDLVKOLVWHQWRZKDW,VD\DQGOHDYHWKLVPDQWRKLPVHOI,WKLQNZKDWKH
UHFLWHVLVJRLQJWRKDYHLWVHIIHFW,IWKHRWKHU$UDEVRYHUFRPHKLP\RXZLOOEHVDYHG
IURPUDLVLQJ\RXUEDQGDJDLQVW\RXUEURWKHUDQGWKHRWKHUVZLOOGHDOZLWKKLP%XWLIKH
RYHUFDPH$UDELDKLVVRYHUHLJQW\ZRXOGEH\RXU VRYHUHLJQW\DQGKLVKRQRU\RXUKRQRU
+HDULQJWKLVWKHFKLHIVVSRNHRXW<RXWRR2IDWKHURI:DOLGKDYHEHHQEHZLWFKHGE\
KLV WRQJXH 8WEDK UHSOLHG , KDYH JLYHQ \RX P\ RSLQLRQ QRZ \RX PD\ DFW DV \RX
SOHDVH ,EQ+LVKDPYRO,SS 
7KLVVWRU\KDVEHHQQDUUDWHGE\VHYHUDORWKHUWUDGLWLRQLVWVDOVRRQWKHDXWKRULW\RI+DGUDW
-DELU ELQ $EGXOODK LQ GLIIHUHQW ZD\V ZLWK D OLWWOH YDULDWLRQ LQ ZRUGLQJ ,Q VRPH
WUDGLWLRQVLWKDVDOVREHHQUHODWHGWKDWZKHQGXULQJWKHUHFLWDWLRQWKH+RO\3URSKHW KDG
FRPHWRYHUVHYL],IWKH\WXUQDZD\VD\WRWKHP,ZDUQ\RXRIDWKXQGHUEROWWKH
OLNHRIZKLFKKDGYLVLWHGWKH$GDQGWKH7KDPXG8WEDKKDGVSRQWDQHRXVO\SODFHGKLV
KDQG RQ WKH +RO\ 3URSKHW
V PRXWK DQG VDLG )RU *RG
V VDNH KDYH PHUF\ RQ \RXU
SHRSOH  $IWHUZDUGV KH MXVWLILHG KLV DFWLRQ EHIRUH WKH 4XUDLVK FKLHIV VD\LQJ <RX
LVODPPHVVDJHFRP 
NQRZ WKDW ZKDWHYHU 0XKDPPDG VD\V LV DOZD\V IXOILOOHG WKHUHIRUH , IHDUHG OHVW D
WRUPHQWVKRXOGGHVFHQGRQXV )RUGHWDLOVVHH7DIVLU,EQ.DWKLUYRO,9SS
$O%LGD\DKZDQ1LKD\DKYRO,,,S 
7KHPHDQG6XEMHFW0DWWHU
,Q WKH GLVFRXUVH WKDW $OODK VHQW GRZQ LQ UHVSRQVH WR ZKDW 8WEDK VDLG QR DWWHQWLRQ
ZKDWHYHU ZDVSDLGWRWKHDEVXUGSURSRVDOVWKDWKHKDGPDGHWRWKH+RO\3URSKHW)RU
ZKDWKHKDGVDLGZDVLQIDFWDQDWWDFNRQWKH+RO\3URSKHW
VLQWHQWLRQDQGKLVLQWHOOHFW
+LV DVVXPSWLRQ ZDV WKDW DV WKHUH ZDV QR SRVVLELOLW\ RI KLV EHLQJ D 3URSKHW DQG WKH
4XUDQ EHLQJ $OODK
V 5HYHODWLRQ LQHYLWDEO\ WKH PRWLYH RIKLVLQYLWDWLRQPXVWHLWKHU EH
WKHGHVLUHWRREWDLQZHDOWKDQGSROLWLFDOSRZHURU*RGIRUELGKHKDGORVWKLVUHDVRQ,Q
WKHILUVWFDVHKHZDQWHGWRPDNHDEDUJDLQZLWKWKH+RO\3URSKHWLQWKHVHFRQGKHZDV
LQVXOWLQJ KLP ZKHQ KH VDLG WKDW WKH 4XUDLVK FKLHIV ZRXOG KDYH EHHQ FXUHG RI KLV
PDGQHVV DW WKHLU RZQ H[SHQVH 2EYLRXVO\ ZKHQ WKH RSSRQHQWV FRPH GRZQ WR VXFK
DEVXUGWKLQJVQRJHQWOHPDQZRXOGOLNHWRDQVZHUWKHPEXWZRXOGLJQRUHWKHPDQGVD\
ZKDWKHKLPVHOIKDGWRVD\
7KHUHIRUH LJQRULQJ ZKDW 8WEDK VDLG WKLV 6XUDK PDNHV DQWDJRQLVP LWV VXEMHFW RI
GLVFXVVLRQ ZKLFK WKH XQEHOLHYLQJ 4XUDLVK ZHUH VKRZLQJ VWXEERUQO\ DQG ZLFNHGO\ LQ
RUGHU WRGHIHDWWKHPHVVDJHRIWKH4XU
DQ7KH\ZRXOGVD\WRWKH+RO\3URSKHW<RX
PD\WU\KRZHYHUKDUG\RXWU\ZHZRXOGQRWOLVWHQWR\RX:HKDYHSXWFRYHULQJVRQ
RXU KHDUWV DQG ZH KDYH FORVHG RXU HDUV 7KHUH LV D ZDOO EHWZHHQ \RX DQG XV ZKLFK
ZRXOGQHYHUOHWXVPHHWWRJHWKHU
7KH\KDGJLYHQDFOHDUQRWLFHWRWKH+RO\3URSKHWWRWKHHIIHFW<RXPD\FRQWLQXH\RXU
PLVVLRQRILQYLWLQJWKHSHRSOHWR\RXUVHOIEXWZH ZRXOGJRRQRSSRVLQJ\RXDVKDUGDV
ZHFDQWRIUXVWUDWH\RXUPLVVLRQ
)RU WKLV REMHFW WKH\ KDG GHYLVHG WKH IROORZLQJ SODQ :KHQHYHU WKH +RO\ 3URSKHW RU D
IROORZHURIKLVZRXOGWU\WRUHFLWHWKH4XU
DQEHIRUHWKHSHRSOHWKH\ZRXOGDWRQFHUDLVH
VXFK D KXH DQG FU\ WKDW QR RQH FRXOG EHDU DQ\WKLQJ 7KH\ ZHUH GHVSHUDWHO\ WU\LQJ WR
PLVFRQVWUXHWKHYHUVHVRIWKH4XU
DQDQGVSUHDGHYHU\NLQGRIPLVXQGHUVWDQGLQJDPRQJ
WKHSHRSOH7KH\PLVFRQVWUXHGHYHU\WKLQJDQGIRXQGIDXOWHYHQZLWKWKHVWUDLJKWIRUZDUG
WKLQJV7KH\ZRXOGLVRODWHZRUGVDQGVHQWHQFHVIURPWKHLUULJKWFRQWH[WIURPKHUHDQG
WKHUHDQGZRXOGDGGWKHLURZQZRUGVLQRUGHUWRSXWQHZPHDQLQJVRQWKHPVRDVWR
PLVOHDGWKHSHRSOHDERXWWKH4XUDQDQGWKH0HVVHQJHUZKRSUHVHQWHGLW
7KH\ ZRXOG UDLVH VWUDQJH REMHFWLRQV D VSHFLPHQ RI ZKLFK KDV EHHQ SUHVHQWHG LQ WKLV
6XUDK7KH\VDLG,IDQ$UDESUHVHQWVDGLVFRXUVHLQ$UDELFZKDWFRXOGEHWKHPLUDFOH
LQLW"$UDELFLVKLVPRWKHUWRQJXH$Q\RQHFRXOGFRPSRVHDQ\WKLQJWKDWKHSOHDVHGLQ
KLVPRWKHUWRQJXHDQGWKHQPDNHWKHFODLPWKDWKHKDGUHFHLYHGLWIURP*RG,WZRXOG
EH D PLUDFOH LI WKH SHUVRQ ZRXOG VXGGHQO\ DULVH DQG PDNH DQ HORTXHQW VSHHFK LQ D
IRUHLJQWRQJXHZKLFKKHGLGQRWNQRZ7KHQRQO\FRXOGRQHVD\WKDWWKHGLVFRXUVHZDV
QRWRIKLVRZQFRPSRVLWLRQEXWDUHYHODWLRQIURP*RG
+HUHLVDUHVXPHRIZKDWKDVEHHQVDLGLQDQVZHUWRWKLVGHDIDQGEOLQGRSSRVLWLRQ
 7KH4XU
DQLVPRVWFHUWDLQO\WKH:RUGRI*RGZKLFK+HKDVVHQWGRZQLQ$UDELF
7KH LJQRUDQW SHRSOH GR QRW ILQG DQ\ OLJKW RI NQRZOHGJH LQ WKH WUXWKV WKDW KDYH EHHQ
LVODPPHVVDJHFRP 
SUHVHQWHGLQLWSODLQO\DQGFOHDUO\EXWWKHSHRSOHRIXQGHUVWDQGLQJDUHVHHLQJWKLVOLJKW
DVZHOODVEHQHILWLQJE\LW,WLVVXUHO\$OODK
VPHUF\WKDW+HKDVVHQWGRZQWKLV:RUG
IRU WKH JXLGDQFH RI PDQ ,I D SHUVRQ UHJDUGHG LW DV DQ DIIOLFWLRQ LW ZRXOG EH KLV RZQ
PLVIRUWXQH*RRGQHZVLVIRU WKRVHZKREHQHILWE\LWDQGZDUQLQJIRUWKRVHZKRWXUQ
DZD\IURPLW
 ,I\RXKDYHSXWFRYHULQJVRQ\RXUKHDUWVDQGKDYHPDGH\RXUVHOYHVGHDILWLVQRQH
RIWKH3URSKHW
VMREWRPDNHWKHRQHKHDUZKRGRHVQRWZDQWWRKHDUDQGWKHRQHZKR
GRHVQRWZDQWWRXQGHUVWDQGIRUFLEO\+HLVDPDQOLNH\RXKHFDQPDNHRQO\WKRVHWR
KHDUDQGXQGHUVWDQGZKRDUHLQFOLQHGWRKHDUDQGXQGHUVWDQG
 :KHWKHU\RXFORVHGRZQ\RXUH\HVDQGHDUVDQGSXWFRYHULQJVRQ\RXUKHDUWVWKH
IDFWKRZHYHULVWKDW\RXU*RGLVRQO\2QH*RGDQG\RXDUHQRWWKHVHUYDQWRIDQ\RQH
HOVH<RXUVWXEERUQQHVVFDQQRWFKDQJHWKLVUHDOLW\LQDQ\ZD\,I\RXDFFHSWWKLVWUXWK
DQGFRUUHFW\RXUEHKDYLRUDFFRUGLQJO\\RXZLOOGRJRRGRQO\WR\RXUVHOYHVDQGLI\RX
UHMHFWLW\RXZLOORQO\EHSUHSDULQJ\RXURZQGRRP
  'R \RX KDYH DQ\ XQGHUVWDQGLQJ DV WR ZKRP \RX GLVEHOLHYH DQG ZLWK ZKRP \RX
DVVRFLDWHRWKHUVLQGLYLQLW\",WLVZLWKUHJDUGWRWKDW*RG:KRKDVFUHDWHGWKLVOLPLWOHVV
XQLYHUVH:KRLVWKH&UHDWRU RIWKHHDUWKDQGKHDYHQVIURP:KRVHEOHVVLQJV\RXDUH
EHQHILWLQJRQWKHHDUWKDQGRQ:KRVHSURYLVLRQV\RXDUHEHLQJIHGDQGVXVWDLQHG<RX
VHW XS +LV PHDQ FUHDWXUHV DV +LV DVVRFLDWHV DQG WKHQ \RX DUH PDGH WR XQGHUVWDQG WKH
WUXWK\RXWXUQDZD\LQVWXEERUQQHVV
 ,I\RXVWLOOGRQRWEHOLHYHWKHQEHDZDUHWKDWDVXGGHQWRUPHQWLVDERXWWRYLVLW\RX
WKHOLNHRIZKLFKKDGYLVLWHGWKH$GDQGWKH7KDPXGDQGWKLVWRUPHQWDOVRZLOOQRWEH
WKHILQDOSXQLVKPHQWRI\RXUFULPHVEXWWKHUHLVLQDGGLWLRQWKHDFFRXQWDELOLW\DQGWKH
ILUHRI+HOOLQWKH+HUHDIWHU
 :UHWFKHGLVWKHPDQZKRJHWVDVFRPSDQ\VXFKVDWDQVIURPDPRQJPHQDQGMLQQ
ZKRVKRZKLPQRWKLQJEXWJUHHQDQGSOHDVDQWZKRPDNHKLVIROOLHVVHHPIDLUWRKLP
ZKRQHLWKHU OHWKLPWKLQNDULJKWKLPVHOIQRUOHWKLPKHDUULJKWIURPRWKHUV%XWRQWKH
'D\RI5HFNRQLQJZKHQWKHLUGRRPRYHUWDNHVWKHPHDFKRQHRIWKHPZLOOVD\WKDWLIKH
KDSSHQHGWRJHWKROGRIWKRVHZKRKDGPLVOHGDQGGHFHLYHGKLPLQWKHZRUOGKHZRXOG
WUDPSOHWKHPXQGHUKLVIRRW
  7KLV4XUDQLVDQXQFKDQJHDEOH%RRN<RXFDQQRWGHIHDWLWE\\RXUPDFKLQDWLRQV
DQGIDOVHKRRGV:KHWKHUIDOVHKRRGFRPHVIURPWKHIURQWRUPDNHVDVHFUHWDQGLQGLUHFW
DWWDFNIURPEHKLQGLWFDQQRWVXFFHHGLQUHIXWLQJLW
  7RGD\ZKHQWKLV4XUDQLVEHLQJ3UHVHQWHGLQ\RXURZQODQJXDJHVRWKDW\RXPD\
XQGHUVWDQGLW\RXVD\WKDWLWVKRXOGKDYHEHHQVHQWGRZQLQVRPHIRUHLJQWRQJXH%XW
KDG:HVHQWLWLQDIRUHLJQWRQJXHIRU\RXUJXLGDQFH\RXZRXOG\RXUVHOYHVKDYHFDOOHG
LWDMRNHDVLIWRVD\:KDWDVWUDQJHWKLQJ7KH$UDEVDUHEHLQJJLYHQJXLGDQFHLQD
QRQ$UDELFODQJXDJHZKLFKQRERG\XQGHUVWDQGV7KLVPHDQVWKDW\RXLQIDFWKDYH
QRGHVLUHWRREWDLQJXLGDQFH<RXDUHRQO\LQYHQWLQJHYHUQHZH[FXVHVIRUQRWDIILUPLQJ
WKHIDLWK

LVODPPHVVDJHFRP 
  +DYH \RX HYHU FRQVLGHUHG WKDW LI LW EHFDPH HVWDEOLVKHG WKDW WKH 4XU
DQ ZDV UHDOO\
IURP$OODKWKHQZKDWIDWH\RXZRXOGPHHWE\GHQ\LQJLWDQGRSSRVLQJLWVRYHKHPHQWO\
DV\RXGR"
  7RGD\ \RX GR QRW EHOLHYH EXW VRRQ \RX ZLOO VHH ZLWK \RXU RZQ H\HV WKDW WKH
PHVVDJH RI WKLV 4XU
DQ KDG SHUYDGHG WKH ZKROH ZRUOG DQG \RX KDYH \RXUVHOYHV EHHQ
RYHUZKHOPHGE\LW7KHQ\RXZLOOFRPHWRNQRZWKDWZKDW\RXZHUHEHLQJWROGZDVWKH
YHU\WUXWK
%HVLGHVJLYLQJWKHVHDQVZHUVWRWKHRSSRQHQWVDWWHQWLRQKDVEHHQSDLGWRWKHSUREOHPV
ZKLFK WKH EHOLHYHUV DQG WKH +RO\ 3URSKHW KLPVHOI ZHUH IDFLQJ LQ WKDW HQYLURQPHQW RI
DFWLYH UHVLVWDQFH 1RW WR VSHDN RISUHDFKLQJWKHPHVVDJHWRRWKHUVWKHEHOLHYHUVZHUH
HYHQILQGLQJLWGLIILFXOWWRIROORZWKHZD\RIWKH)DLWK$Q\RQHDERXWZKRPLWEHFDPH
NQRZQ WKDW KH KDG EHFRPH D 0XVOLP OLIH ZRXOG EHFRPH DQ DJRQ\ $V DJDLQVW WKH
GUHDGIXO FRPELQDWLRQ RI WKH HQHP\ DQG LWV DOO SHUYDGLQJ SRZHU WKH\ ZHUH IHHOLQJ
XWWHUO\KHOSOHVVDQGSRZHUOHVV,QWKLVVWDWHLQWKHILUVWSODFHWKH\ZHUHFRQVROHGDQG
HQFRXUDJHGDVLIWRVD\<RXDUHQRWLQIDFWKHOSOHVVDQGSRZHUOHVVIRUDQ\SHUVRQ
ZKREHOLHYHVLQ*RGDVKLV/RUGDQGDGKHUHVWRWKLVEHOLHIDQGZD\RIOLIHUHVROXWHO\
*RG
VDQJHOVGHVFHQGRQKLPDQGKHOSDQGVXSSRUWKLPDWHYHU\VWDJHIURPWKHOLIHRI
WKLV ZRUOG WLOO WKH +HUHDIWHU  7KHQ WKH\ ZHUH HQFRXUDJHG ZLWK WKHFRQVRODWLRQ7KH
EHVWPDQLVEHZKRGRHVJRRGLQYLWHVRWKHUVWR*RGDQGSURFODLPVILUPO\WKDWKHLVD
0XVOLP
7KH TXHVWLRQ WKDW ZDV YH[LQJ WKH +RO\ 3URSKHW DW WKDW WLPH ZDV DV WR KRZ EH VKRXOG
FDUYH RXW D ZD\ RI SUHDFKLQJ KLV PHVVDJH ZKHQ KH KDG WR IDFH VXFK KHDY\ RGGV RQ
HYHU\ VLGH 7KH VROXWLRQ KH ZDV JLYHQ WR WKLV TXHVWLRQ ZDV $OWKRXJK DSSDUHQWO\ WKH
REVWDFOHV VHHP WR EH LQVXUPRXQWDEOH WKH ZHDSRQ RI JRRG PRUDOV DQG FKDUDFWHU FDQ
VPDVK DQG PHOW WKHP DZD\ 8VH WKLV ZHDSRQ SDWLHQWO\ DQG ZKHQHYHU 6DWDQSURYRNHV
\RXDQGLQFLWHV\RXWRXVHVRPHRWKHUGHYLFHVHHNUHIXJHLQ$OODK

6KXUD
1DPH
,W LV GHULYHG IURJ WKH VHQWHQFH ZD DPUXKXP VKXUD EDLQD KXP RI YHUVH  LPSO\LQJ
WKHUHE\WKDWLWLVD6XUDKLQZKLFKWKHZRUGVKXUDKDVRFFXUUHG
3HULRGRI5HYHODWLRQ
$OWKRXJKLWFRXOGQRWEHNQRZQIURPDQ\DXWKHQWLFWUDGLWLRQV\HWRQHIHHOVDIWHUDVWXG\
RILWVVXEMHFWPDWWHUWKDWWKLV6XUDKPLJKWKDYHEHHQVHQWGRZQFRQVHFXWLYHO\DIWHU+D
0LLP$V6DMGDKIRULWVHHPVWREHLQDZD\DVXSSOHPHQWWRLW7KLVZLOOEHFRPHFOHDU
WR HYHU\ SHUVRQ ZKR ILUVW VWXGLHV 6XUDK +D0LP $V 6DMGDK FDUHIXOO\ DQG WKHQ JRHV
WKURXJKWKLV6XUDK+HZLOOVHHWKDWLQWKDW6XUDKWKH4XUDLVKFKLHIVKDGEHHQWDNHQWR
WDFNIRUWKHLUGHDIDQGEOLQGRSSRVLWLRQVRWKDWDQ\RQHLQ0DNNDKDQGLQLWVRXWVNLUWV
ZKRKDGDQ\VHQVHRIPRUDOLW\DQGQRELOLW\OHIWLQKLPVKRXOGNQRZKRZXQUHDVRQDEO\
WKHFKLHIVRIWKHSHRSOHZHUHRSSRVLQJ0XKDPPDG XSRQZKRPEH$OODK
VSHDFH DQG
DV DJDLQVW WKHP KRZ VHULRXV KH ZDV LQ HYHU\WKLQJ KH VDLG KRZ UDWLRQDO ZDV KLV
VWDQGSRLQWDQGKRZQREOHKLVFKDUDFWHUDQGFRQGXFW,PPHGLDWHO\DIWHUWKDWZDUQLQJWKLV
LVODPPHVVDJHFRP 
6XUDKZDVVHQWGRZQZKLFKGLGIXOOMXVWLFHWRWHDFKLQJDQGLQVWUXFWLRQDQGPDGHWKH
WUXWKRIWKH+RO\3URSKHW
VPHVVDJHSODLQLQVXFKDQLPSUHVVLYHZD\WKDWDQ\RQHZKR
KDGDQ\HOHPHQWRIWKHORYHRIWKHWUXWKLQKLPDQGZKRKDGQRWEHHQEOLQGHGE\WKH
HUURUVRILJQRUDQFHFRXOGQRWKHOSEHLQJLQIOXHQFHGE\LW
7KHPHDQG6XEMHFW0DWWHU
7KH GLVFRXUVH EHJLQV LQ D ZD\ DV LI WR VD\ :K\ DUH \RX H[SUHVVLQJ VXUSULVH DQG
DPD]HPHQWDWZKDW2XU3URSKHWLVSUHVHQWLQJEHIRUH\RX":KDWKHVD\VLVQRWQHZRU
VWUDQJH QRU DQ\WKLQJ QRYHO ZKLFK PLJKW KDYH EHHQ SUHVHQWHG IRU WKH ILUVW WLPH LQ
KLVWRU\WKDW5HYHODWLRQVKRXOGFRPHGRZQWRDPDQIURP*RGDQGKHVKRXOGEHJLYHQ
LQVWUXFWLRQV IRU WKH JXLGDQFH RI PDQNLQG $OODK KDV EHHQ VHQGLQJ VLPLODU 5HYHODWLRQV
ZLWKVLPLODULQVWUXFWLRQVWRWKHIRUPHU3URSKHWVEHIRUHWKLV,WLVQRWVXUSULVLQJWKDWWKH
2ZQHURIWKH8QLYHUVHVKRXOGEHDFNQRZOHGJHGDV'HLW\DQG5XOHUEXWZKDWLVVWUDQJH
LVWKDWRQHVKRXOGDFFHSWDQRWKHUDVGLYLQHDQGGHLW\LQVSLWHRIEHLQJ+LVVXEMHFWDQG
VODYH<RXDUHEHLQJDQJU\ZLWKKLPZKRLVSUHVHQWLQJ7DXKLGEHIRUH \RXZKHUHDVWKH
VKLUNWKDW\RXDUHSUDFWLFLQJZLWKUHJDUGWRWKH0DVWHURIWKH8QLYHUVHLVVXFKDJUDYH
FULPH DV PD\ FDXVH WKH KHDYHQV WR EUHDN DVXQGHU 7KH DQJHOV DUH DPD]HG DW WKLV
EROGQHVVRI\RXUVDQGIHDUWKDWWKHZUDWKRI$OODKPLJKWGHVFHQGRQ\RXDQ\PRPHQW
$IWHUWKLVWKHSHRSOHKDYHEHHQWROGWKDWDSHUVRQ
VEHLQJDSSRLQWHGWR3URSKHWKRRGDQG
KLVSUHVHQWLQJKLPVHOIDVD3URSKHWGRHVQRWPHDQWKDWKHKDVEHHQPDGHPDVWHURIWKH
SHRSOH
VGHVWLQLHVDQGKHKDVFRPHWRWKHZRUOGZLWKWKDWYHU\FODLP$OODKKDVNHSWWKH
GHVWLQLHVLQ+LVRZQKDQG7KH3URSKHWKDVFRPHRQO\WRDURXVHWKHKHHGOHVVDQGJXLGH
WKHVWUD\HGRQHVWRWKH5LJKW3DWK7RFDOOWRDFFRXQWWKRVHZKRGRQRWOLVWHQWRKLPDQG
WR SXQLVK RU QRW WR SXQLVK WKHP LV $OODK
V RZQ UHVSRQVLELOLW\ DQG QRW SDUW RI WKH
3URSKHW
V ZRUN 7KHUHIRUH WKH\ VKRXOG WDNH LW RXW RI WKHLU KHDG WKDW WKH 3URSKHW KDV
FRPHZLWKDFODLPVLPLODUWRWKRVHWKDWDUHPDGHE\WKHLUVRFDOOHGUHOLJLRXVJXLGHVDQG
VDLQWV WR WKH HIIHFW WKDW KH ZKR ZRXOG QRW OLVWHQ WR WKHP RU ZRXOG EHKDYH LQVROHQWO\
WRZDUGV WKHP ZRXOG EH EXUQW WR GHDWK ,Q WKLV YHU\ FRQQHFWLRQ WKH SHRSOH KDYH DOVR
EHHQWROGWKDWWKH3URSKHWKDVQRWFRPHWRFRQGHPQWKHPEXWKHLVWKHLUZHOOZLVKHUKH
LVZDUQLQJWKHPWKDWWKHZD\WKH\DUHIROORZLQJZLOO RQO\OHDGWRWKHLURZQGHVWUXFWLRQ
7KHQ DQ DQVZHU KDV EHHQ JLYHQ WR WKH TXHVWLRQ :K\ GLGQ
W $OODK PDNH DOO KXPDQ
EHLQJVULJKWHRXVE\ELUWKDQGZK\GLG+HDOORZWKHGLIIHUHQFHRIYLHZSRLQWRZLQJWR
ZKLFKWKHSHRSOHVWDUWIROORZLQJHDFKDQGHYHU\ZD\RIWKRXJKWDQGDFWLRQ"7KHDQVZHU
JLYHQ LV WKLV 2ZLQJ WR WKLV YHU\ IDFW KDV LW EHFRPH SRVVLEOH IRU PDQ WR DWWDLQ WR WKH
VSHFLDOPHUF\RI$OODKZKLFKLVQRWPHDQWIRURWKHUGXPEFUHDWXUHVEXWLVRQO\PHDQW
IRU WKRVH HQGRZHG ZLWK SRZHU DQG DXWKRULW\ ZKR VKRXOG WDNH $OODK DV 3DWURQ DQG
*XDUGLDQ QRW LQVWLQFWLYHO\ EXW FRQVFLRXVO\ E\ ZLOOLQJ FKRLFH $OODK VXSSRUWV WKH PDQ
ZKRDGRSWVWKLVZD\DQGJXLGHVDQGKHOSVKLPWRGRJRRGDQGULJKWDQGDGPLWVKLPLQWR
+LV VSHFLDO PHUF\ 2Q WKH FRQWUDU\ WKH PDQ ZKR PLVXVHV KLV RSWLRQ DQG PDNHV KLV
SDWURQWKRVHZKRDUHQRWLQIDFWWKHJXDUGLDQVDQGFDQQRWEHDUHGHSULYHGRIGLYLQH
PHUF\,QWKLVFRQQHFWLRQLWKDVDOVREHHQPDGHFOHDUWKDWRQO\$OODKLVWKH3DWURQRI
PDQDQGRIDOORWKHUFUHDWXUHV2WKHUVDUHQHLWKHUWKHSDWURQQRUKDYHWKHSRZHUWRGR
IXOO MXVWLFH WR SDWURQDJH 0DQ
V VXFFHVV GHSHQGV RQO\ RQ WKLV WKDW KH VKRXOG PDNH QR
LVODPPHVVDJHFRP 
PLVWDNHLQFKRRVLQJDSDWURQIRUKLPVHOIE\WKHXVHRIKLVIUHHFKRLFHDQGVKRXOGWDNH
RQO\+LPKLV*XLGH:KRLQUHDOLW\LVWKHUHDO3DWURQ
$IWHU WKLV LW KDV EHHQ H[SODLQHG ZKDW WKH 'LQ EHLQJ SUHVHQWHG E\ WKH +RO\ 3URSKHW
0XKDPPDG XSRQZKRPEH$OODK
VSHDFH UHDOO\LV
,WV SULPDU\ EDVLV WKDW DV $OODK $OPLJKW\ LV WKH &UHDWRU 0DVWHUDQGUHDO3DWURQRIWKH
8QLYHUVHDQG0DQ+HDORQHLV0DQ
V5XOHU+HDORQHKDVWKHULJKWWRJLYH0DQ)DLWK
'LQ  DQG /DZ V\VWHP RI EHOLHI DQG SUDFWLFH  DQG MXGJH WKH GLVSXWHV RI PDQ DQG WHOO
ZKDWLV7UXWKDQGZKDWLVIDOVHKRRG1RRWKHUEHLQJKDVDQ\ULJKWZKDWHYHUWREHPDQ
V
ODZJLYHU ,Q RWKHU ZRUGV OLNH WKH QDWXUDO VRYHUHLJQW\ WKH VRYHUHLJQW\ ZLWK UHJDUG WR
ODZPDNLQJDOVRLVYHVWHGRQO\LQ$OODK1RPDQRUFUHDWXUHDSDUWIURP$OODKFDQEH
WKHEHDUHURIWKLVVRYHUHLJQW\$QGLIDSHUVRQGRHVQRWUHFRJQL]HDQGDFFHSWWKLV'LYLQH
UXOHRI$OODKLWLVPHUHO\IXWLOHIRUKLPWRUHFRJQL]HWKHQDWXUDOVRYHUHLJQW\RI$OODK
2Q WKLV YHU\ EDVLV KDV $OODK RUGDLQHG D 'LQ 7UXH 5HOLJLRQ  IRU 0DQ IURP WKH YHU\
EHJLQQLQJ,WZDVRQHDQGWKHVDPH5HOLJLRQWKDWZDVYRXFKVDIHGLQHYHU\DJHWRDOOWKH
3URSKHWV 1R 3URSKHW HYHU IRXQGHG DQ\ VHSDUDWH UHOLJLRQ RI KLV RZQ 7KH VDPH RQH
5HOLJLRQ KDV EHHQ HQMRLQHG E\ $OODK IRU DOO 0DQNLQG VLQFH WKH EHJLQQLQJRIFUHDWLRQ
DQGDOOWKH3URSKHWVKDYHEHHQIROORZLQJLWDQGLQYLWLQJRWKHUVWRIROORZLW
7KLV5HOLJLRQDQG&UHHGZDVQRWVHQWVRWKDWPDQPD\UHVWFRQWHQWRQO\ZLWKEHOLHYLQJ
LQLWEXWLWZDVVHQWZLWKWKHSXUSRVHDQGLQWHQWLRQWKDWLWDORQHVKRXOGEHLQWURGXFHG
HVWDEOLVKHGDQGHQIRUFHGLQWKHZRUOGDQGQRPDQPDGHUHOLJLRQEHPDGHWRSUHYDLOLQ
$OODK
V HDUWK DSDUW IURP +LV 5HOLJLRQ 7KH 3URSKHWV KDG QRW EHHQ DSSRLQWHG RQO\ WR
SUHDFKWKLV5HOLJLRQEXWWRHVWDEOLVKLWSDUWLFXODUO\LQWKHZRUOG
7KLV VDPH ZDV WKH RULJLQDO 5HOLJLRQ RI PDQNLQG EXW DIWHU WKH GHDWK RI WKH 3URSKHWV
VHOILVKSHRSOHFUHDWHGQHZFUHHGVE\FUHDWLQJVFKLVPVIRU YHVWHGLQWHUHVWVGXHWRVHOI
FRQFHLWYDQLW\DQGRVWHQWDWLRQ$OOWKHGLIIHUHQWUHOLJLRQVDQGFUHHGVIRXQGLQWKHZRUOG
WRGD\KDYHUHVXOWHGIURPFRUUXSWLRQRIWKHRULJLQDO'LYLQH7UXWK
1RZ WKH +RO\ 3URSKHW 0XKDPPDG XSRQZKRPEH$OODK
V SHDFH KDVEHHQVHQWVR
WKDW KH PD\ SUHVHQW EHIRUH WKH SHRSOH WKH VDPH DQG RULJLQDO 5HOLJLRQ LQ SODFH RI WKH
YDULRXVSUDFWLFHVDQGDUWLILFLDOFUHHGVDQGPDQPDGHUHOLJLRQVDQGPD\WU\WRHVWDEOLVK
WKHVDPH2QWKLVLILQVWHDGRIEHLQJJUDWHIXO\RXIHHODQJU\DQGFRPHRXWWRILJKWKLP
LW LV \RXU IROO\ WKH 3URSKHW ZLOO QRW DEDQGRQ KLV PLVVLRQ RQO\ EHFDXVH RI \RXU
IRROLVKQHVV+HKDVEHHQHQMRLQHGWRDGKHUHWRKLVIDLWKDWDOOFRVWVDQGWRFDUU\RXWWKH
PLVVLRQWRZKLFKKHKDVEHHQDSSRLQWHG7KHUHIRUHWKHSHRSOHVKRXOGQRWFKHULVKDQ\
IDOVH KRSH WKDW LQ RUGHU WR SOHDVH WKHP KH ZRXOG FDWHU WR WKH VDPH ZKLPV DQG
VXSHUVWLWLRQVRILJQRUDQFHZKLFKKDVFRUUXSWHG$OODK
V5HOLJLRQEHIRUH
<RXGRQRWXQGHUVWDQGKRZJUHDWDQLPSXGHQFHLWLVDJDLQVW$OODKWRDGRSWDPDQPDGH
UHOLJLRQDQGODZLQVWHDGRIWKH5HOLJLRQDQG/DZHQMRLQHGE\$OODK<RXWKLQNLWLVDQ
RUGLQDU\ WKLQJ DQG WKHUH LV QRWKLQJ ZURQJ ZLWK LW %XW LQ WKH VLJKW RI $OODK LW LV WKH
ZRUVWNLQGRIVKLUNDQGDJUDYHFULPHZKRVHSXQLVKPHQWZLOOEHLPSRVHGRQDOOWKRVH
ZKRHQIRUFHGWKHLURZQUHOLJLRQRQ$OODK
VHDUWKDQGWKRVHZKRDGRSWHGDQGIROORZHG
WKHLUUHOLJLRQ

LVODPPHVVDJHFRP 
7KXV DIWHU SUHVHQWLQJ D FOHDU DQG YLVLEOH FRQFHSW RI 5HOLJLRQ LW LV VDLG 7KH EHVW
SRVVLEOHPHWKRGWKDWFRXOGEHHPSOR\HGIRU\RXULQVWUXFWLRQDQGIRUEULQJLQJ\RXWRWKH
5LJKW3DWKKDVDOUHDG\EHHQHPSOR\HG2QWKHRQHKDQG$OODKKDVVHQWGRZQ+LV%RRN
ZKLFKLVWHDFKLQJ\RXWKHWUXWKLQDPRVWLPSUHVVLYHZD\LQ\RXURZQODQJXDJHDQGRQ
WKHRWKHUWKHOLYHVRIWKH+RO\3URSKHW0XKDPPDG XSRQZKRPEH$OODK
VSHDFH DQG
KLV&RPSDQLRQVDUHSUHVHQWEHIRUH\RXE\ZKLFK\RXFDQVHHIRU\RXUVHOYHVZKDWNLQG
RIPHQDUHSUHSDUHGE\WKHJXLGDQFHJLYHQLQWKLV%RRN(YHQWKHQLI\RXGRQRWDFFHSW
WKLV JXLGDQFH QRWKLQJ HOVH LQ WKH ZRUOG FDQ EULQJ \RX WR WKH 5LJKW 3DWK 7KH RQO\
DOWHUQDWLYHWKHUHIRUHLVWKDW\RXVKRXOGEHDOORZHGWRSHUVLVWLQWKHVDPHHUURULQZKLFK
\RXKDYHUHPDLQHGLQYROYHGIRUFHQWXULHVDQGPDGHWRPHHWZLWKWKHVDPHGRRPZKLFK
KDVEHHQGHVWLQHGE\$OODKIRUVXFKZURQJGRHUV
:KLOHVWDWLQJWKHVHWUXWKVEULHIDUJXPHQWVKDYHEHHQJLYHQKHUHDQGWKHUHIRU7DXKLG
DQG WKH +HUHDIWHU WKH ZRUOG ZRUVKLSSHUV KDYH EHHQ ZDUQHG RI WKH HYLO FRQVHTXHQFHV
DQGWKHLUSXQLVKPHQWLQWKHOLIHKHUHDIWHUDQGWKHGLVEHOLHYHUVKDYHEHHQFULWLFL]HGIRU
WKHPRUDOZHDNQHVVHVZKLFKZHUHWKHUHDOFDXVHRIWKHLUGHYLDWLRQIURPWKHWUXWK7KH
6XUDKKDVEHHQFRQFOXGHGZLWKWZRLPSRUWDQWWKHPHV
)LUVW WKDWWKH+RO\3URSKHWZDVZKROO\XQDZDUHRIWKLVFRQFHSWRIWKH%RRNRUWKH
7UXH)DLWKGXULQJWKHILUVWIRUW\\HDUVRIKLVOLIHDQGWKHQKLVVXGGHQDSSHDUDQFHEHIRUH
WKHSHRSOHZLWKWKRVHWZRWKLQJVLVDPDQLIHVWSURRIRIKLVEHLQJD3URSKHW
6HFRQGO\KLVSUHVHQWLQJKLVRZQWHDFKLQJDVWKHWHDFKLQJRI*RGGRHVQRWPHDQWKDWKH
FODLPVWRKDYHVSRNHQWR*RGIDFHWRIDFHEXW*RGKDVFRQYH\HGWRKLPWKLV*XLGDQFH
DV LQ WKH FDVH RI DOO RWKHU 3URSKHWV LQ WKUHH ZD\V +H VSHDNV WR +LV 3URSKHWV HLWKHU
WKURXJK5HYHODWLRQRUIURPEHKLQGDYHLORU+HVHQGVDQDQJHOZLWKWKHPHVVDJH7KLV
WKLQJ ZDV FODULILHG VR WKDW WKH RSSRQHQWV GLG QRW KDYH DQ RSSRUWXQLW\ RI DFFXVLQJ WKH
+RO\3URSKHWRIFODLPLQJWRKDYHVSRNHQWR*RGIDFHWRIDFHDQGWKHORYHUVRIWKHWUXWK
VKRXOG NQRZ E\ ZKDW PHWKRGV $OODK JDYH LQVWUXFWLRQ WR WKH PDQ ZKRP +H KDG
DSSRLQWHGWRWKHPLVVLRQRI 3URSKHWKRRG

=XNKUXXI
1DPH
,WLVGHULYHGIURPWKHZRUG]XNKUXIDQZKLFKRFFXUVLQYHUVHRIWKLV6XUDK
3HULRGRI5HYHODWLRQ
,W FRXOG QRW EH NQRZQ IURP DQ\ DXWKHQWLF WUDGLWLRQ EXW D VWXG\ RI LWV VXEMHFW PDWWHU
VKRZV WKDW WKLV 6XUDK DOVR ZDV VHQW GRZQ LQ WKH VDPH SHULRG LQ ZKLFK WKH 6XUDKV $O
0XPLQ$V6DMGDKDQG$VK6KXUDZHUHVHQWGRZQ,WDSSHDUVWKDWWKHUHYHODWLRQRIWKLV
VHULHVRIWKH6XUDKVEHJDQZKHQWKHGLVEHOLHYHUVRI0DNNDKZHUHSODQQLQJWRSXWDQHQG
WR WKH +RO\ 3URSKHW
V OLIH 'D\ DQG QLJKW WKH\ ZHUH KROGLQJ FRQVXOWDWLRQV LQ WKHLU
DVVHPEOLHVDVKRZWRHOLPLQDWHKLPDQGHYHQDQDWWDFNRQKLVOLIHDOVRKDGEHHQPDGH
DVKDVEHHQFOHDUO\UHIHUUHGWRLQYY
7KHPHDQG7RSLFV
,Q WKLV 6XUDK D IRUFHIXO DQG VHYHUH FULWLFLVP KDV EHHQ PDGH RI WKH 4XUDLVK DQG WKH
FRPPRQ$UDEVFUHHGVDQGVXSHUVWLWLRQVRILJQRUDQFHLQZKLFKWKH\SHUVLVWHGDQGWKHLU
LVODPPHVVDJHFRP 
VWXEERUQQHVVKDVEHHQH[SRVHGLQDILUPDQGHIIHFWLYHZD\VRWKDWHYHU\PHPEHURIWKH
VRFLHW\ ZKR ZDV UHDVRQDEOH LQ VRPH GHJUHH VKRXOG EH PDGH WR FRQVLGHU WKH HYLOV LQ
ZKLFKWKHFRPPXQLW\ZDVLQYROYHGDQGLWVW\UDQQLFDOWUHDWPHQWRIWKHSHUVRQZKRZDV
WU\LQJWRUHGHHPLW
7KHGLVFRXUVHVWDUWVLQDZD\DVLIWRVD\<RXE\PHDQVRI\RXUPLVFKLHIVZDQWWKDW
WKH UHYHODWLRQ RI WKLV %RRN VKRXOG EH VWRSSHG EXW $OODK KDV QHYHU ZLWKKHOG WKH
DSSRLQWPHQWRI+LV3URSKHWVDQGWKHUHYHODWLRQRI+LV%RRNVEHFDXVHRIWKHPLVFKLHIRI
WKH SHRSOH EXW KDV GHVWUR\HG WKH ZLFNHG SHRSOH ZKR REVWUXFWHG WKH ZD\ RI +LV
JXLGDQFH7KHVDPH+HZLOOGRDJDLQ$OLWWOHIXUWKHULQYYDQGWKHVDPH
WKLQJ KDV EHHQ UHLWHUDWHG 7KRXJK WKH SHRSOH ZKR ZHUH SORWWLQJ DJDLQVW KLV OLIH DUH
PHDQWWKH+RO\3URSKHWKDVEHHQDGGUHVVHGWRWKHHIIHFWZKHWKHU\RXUHPDLQDOLYHRU
QRW:HZLOOFHUWDLQO\SXQLVKWKHZLFNHG DQGWKHSHRSOHWKHPVHOYHVKDYHEHHQSODLQO\
ZDUQHGWRWKHHIIHFW,I\RXKDYHGHFLGHGWRWDNHDQDFWLRQDJDLQVW2XU3URSKHW:HWRR
ZLOOWDNHDGHFLVLYHDFWLRQ
7KHQLWKDVEHHQWROGZKDWLVWKHUHDOLW\RIWKHUHOLJLRQWKDWWKHSHRSOHDUHIROORZLQJVR
GHYRWHGO\DQGZKDWDUHWKHDUJXPHQWVRQZKRVHVWUHQJWKWKH\DUHUHVLVWLQJ0XKDPPDG
XSRQZKRPEH$OODK
VSHDFHDQG%OHVVLQJV 
7KH\WKHPVHOYHVDGPLWWKDWWKH&UHDWRURIWKHHDUWKDQGKHDYHQVDQGRIWKHPVHOYHVDQG
WKHLU GHLWLHV LV RQO\ $OODK 7KH\ DOVR NQRZ DQG DGPLW WKDW WKH EOHVVLQJV WKH\ DUH
EHQHILWLQJ IURP KDYH EHHQ EHVWRZHG E\ $OODK \HW WKH\ LQVLVW RQ PDNLQJ RWKHUV
DVVRFLDWHVRI$OODKLQ+LV*RGKHDG7KH\UHJDUGWKHVHUYDQWVDVWKHFKLOGUHQRI$OODK
DQGWKDWWRRGDXJKWHUVZKRPWKH\UHJDUGDVGLVJUDFHIXOIRUWKHPVHOYHV
7KH\EHOLHYHWKDWWKHDQJHOVDUHJRGGHVVHVWKH\KDYHFDUYHGWKHLULPDJHVDVIHPDOHV
WKH\DGRUQWKHPZLWKIHPDOHGUHVVHVDQGRUQDPHQWVDQGFDOOWKHPGDXJKWHUVRI$OODK
WKH\ ZRUVKLS WKHP DQG LQYRNH WKHP IRU WKH IXOILOOPHQW RI WKHLU QHHGV +RZ GLG WKH\
NQRZWKDWWKHDQJHOVZHUHIHPDOH"
:KHQWKH\DUHUHEXNHGIRUWKHVHVXSHUVWLWLRQVWKH\SUHVHQWWKHSUHWHQVHRIGHVWLQ\DQG
VD\  +DG $OODK GLVDSSURYHG RI WKHVH RXU SUDFWLFHV ZH FRXOG QRW KDYH ZRUVKLSSHG
WKHVH LPDJHV ZKHUHDV WKH PHDQV RI ILQGLQJ RXW ZKHWKHU $OODK KDG DSSURYHG RI
VRPHWKLQJRUQRWDUH+LV%RRNVDQGQRWWKRVHWKLQJVZKLFKDUHKDSSHQLQJLQWKHZRUOG
DFFRUGLQJ WR +LV :LOO )RU XQGHU+LV:LOOQRWRQO\LGROZRUVKLSEXWFULPHVOLNHWKHIW
DQGDGXOWHU\UREEHU\PXUGHUHWFDOVRDUHEHLQJFRPPLWWHG&DQWKLVDUJXPHQWEHXVHG
WRMXVWLI\DVULJKWDQGSURSHUWKLVFRPPLVVLRQRIHYHU\FULPHDQGHYLOLVWKHZRUOG"
:KHQLWLVDVNHG+DYH\RXDQ\RWKHUDXWKRULW\DSDUWIURPWKLVZURQJDUJXPHQWIRUWKH
SRO\WKHLVPRI\RXUV"7KH\UHSO\ 7KHVDPHKDVEHHQWKHSUDFWLFHVLQFHWKHWLPHRIRXU
IRUHIDWKHUV  ,Q RWKHU ZRUGV WKLV LQ WKHLU RSLQLRQ LV D VWURQJ HQRXJK DUJXPHQW IRU D
FUHHG
V EHLQJ ULJKW DQG WUXH ZKHUHDV WKH 3URSKHW ,EUDKDP GHVFHQW IURP ZKRP LV WKH
RQO\EDVLVRIWKHLUSULGHDQGGLVWLQFWLRQKDGUHMHFWHGWKHUHOLJLRQRIKLVHOGHUVDQGOHIW
KLVKRPHDQGKHKDGGLVFDUGHGHYHU\VXFKEOLQGLPLWDWLRQRIKLVIRUHIDWKHUVZKLFKGLG
QRWKDYHWKHVXSSRUWRIDQ\UDWLRQDODUJXPHQW7KHQLIWKHVHSHRSOHKDGWRIROORZWKHLU
HOGHUV RQO\ IRU WKLV DOVR WKH\ VHOHFWHG WKHLU PRVW LJQRUDQW HOGHUV DQG DEDQGRQHG WKHLU
PRVWLOOXVWULRXVHOGHUVOLNHWKH3URSKHWV$EUDKDPDQG,VKPDHO RQZKRPEHSHDFH 
LVODPPHVVDJHFRP 
:KHQWKH\DUHDVNHG+DVHYHUD3URSKHWRUD%RRNVHQWGRZQE\*RGDOVRJLYHQWKLV
WHDFKLQJWKDWRWKHUVEHVLGH$OODKWRRDUHZRUWK\RIZRUVKLS"WKH\SUHVHQWWKLVSUDFWLFH
RI WKH &KULVWLDQV DV DQDUJXPHQWWKDWWKH\WRRN-HVXVVRQRI0DU\DVVRQRI*RGDQG
ZRUVKLSSHGKLPZKHUHDVWKHTXHVWLRQZDVQRWWKLVZKHWKHUWKHFRPPXQLW\RID3URSKHW
KDGFRPPLWWHGVKLUNRUQRWEXWWKLVZKHWKHUD3URSKHWKDGKLPVHOIWDXJKWVKLUN-HVXV
VRQRI0DU\KDGQHYHUVDLGWKDWKHZDVVRQRI*RGDQGWKDWWKHSHRSOHVKRXOGZRUVKLS
KLP+LVRZQZDVWKHVDPHWHDFKLQJZKLFKHYHU\RWKHU3URSKHWKDGJLYHQ0\/RUGDV
ZHOODV\RXU/RUGLV$OODKVRZRUVKLS+LPDORQH
7KH\ ZHUH GLVLQFOLQHG WR EHOLHYH LQWKH3URSKHWKRRGRIWKH+RO\3URSKHWEHFDXVHKH
ZDVQHLWKHUDULFKPDQQRUDSHUVRQRIKLJKZRUOGO\SRVLWLRQDQGUDQN7KH\VDLG+DG
$OODKZLOOHGWRDSSRLQWDSURSKHWDPRQJXV+HZRXOG KDYHDSSRLQWHGRQHRIWKHJUHDW
PHQRI
RXUWZRFLWLHV 0DNNDKDQG7DLI 2QWKDWYHU\EDVLV3KDUDRKDOVRKDGORRNHG
GRZQXSRQWKH3URSKHW0RVHVDQGVDLG,I$OODKWKH.LQJRIWKHKHDYHQVKDGWRVHQG
DPHVVHQJHUWRPHWKHNLQJRIWKHHDUWK+HZRXOGKDYHVHQWKLPZLWKEUDFHOHWVRIJROG
DQGDFRPSDQ\RIDQJHOVLQDWWHQGDQFH:KHUHIURPKDVWKLVPHQGLFDQWDSSHDUHG,DP
VXSHULRUWRKLPIRU WKHNLQJGRPRI(J\SWEHORQJVWRPHDQGWKHFDQDOVRIWKH5LYHU
1LOHDUHIORZLQJXQGHUP\FRQWURO:KDWLVWKHVWDWXVRIWKLVPDQDVDJDLQVWPH"+HKDV
QHLWKHUZHDOWKQRUDXWKRULW\
7KXVDIWHUFULWLFL]LQJHDFKSUDFWLFHRILJQRUDQFHRIWKHGLVEHOLHYHUVDQGUHMHFWLQJLWZLWK
UDWLRQDO DUJXPHQWV LW KDV EHHQ SRLQWHG RXW 1HLWKHU KDV *RG DQ\ RIIVSULQJ QRU DUH
WKHUHVHSDUDWHJRGVRIWKHHDUWKDQGKHDYHQVQRULVWKHUHDQ\LQWHUFHVVRUZKRPD\EH
DEOHWRSURWHFWIURP+LVSXQLVKPHQWWKRVHZKRDGRSWGHYLDWLRQNQRZLQJO\$OODKLVIDU
DERYHWKLVWKDW+HVKRXOGKDYHFKLOGUHQ+HDORQHLVWKH*RGRIWKHZKROH8QLYHUVHDOO
RWKHUVDUH+LVVHUYDQWVDQGQRWDVVRFLDWHVLQ+LVDWWULEXWHVDQGSRZHUVDQGRQO\VXFK
PHQFDQLQWHUFHGHZLWK+LPZKRDUHWKHPVHOYHVIROORZHUVRIWKH7UXWKDQGWKH\DOVR
FDQLQWHUFHGHRQO\IRUWKRVHZKRPD\KDYHDGRSWHGREHGLHQFHRIWKH7UXWKLQWKHZRUOG


'XNKDDQ
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGGXNKDDQZKLFKRFFXUVLQYHUVH
3HULRGRI5HYHODWLRQ
,WVSHULRGRIUHYHODWLRQDOVRFRXOGQRWEHGHWHUPLQHGIURPDQ\DXWKHQWLFWUDGLWLRQEXW
WKHLQWHUQDOHYLGHQFHRIWKHVXEMHFWPDWWHUVKRZVWKDWWKLV6XUDKWRRZDVVHQWGRZQLQ
WKH VDPH SHULRG LQ ZKLFK 6XUDK =XNKUXI DQG D IHZ RWKHU HDUOLHU 6XUDKV KDG EHHQ
UHYHDOHG+RZHYHUWKLV6XUDKZDVVHQWGRZQVRPHZKDWODWHU,WVKLVWRULFDOEDFNJURXQG
LVWKLV:KHQWKHGLVEHOLHYHUVRI0DNNDKEHFDPHPRUHDQGPRUHDQWDJRQLVWLFLQWKHLU
DWWLWXGHDQGFRQGXFWWKH+RO\3URSKHWSUD\HG2*RGKHOSPHZLWKDIDPLQHOLNHWKH
IDPLQHRI-RVHSK+HWKRXJKWWKDWZKHQWKHSHRSOHZRXOGEHDIIOLFWHGZLWKDFDODPLW\
WKH\ ZRXOG UHPHPEHU *RG WKHLU KHDUWV ZRXOG VRIWHQ DQG WKH\ ZRXOG DFFHSW WKH
DGPRQLWLRQ $OODK JUDQWHG KLV SUD\HU DQG WKH ZKROH ODQG ZDV RYHUWDNHQ E\ VXFK D
WHUULEOH IDPLQH WKDW WKH SHRSOH ZHUH VRUHO\ GLVWUHVVHG $W ODVW VRPH RI WKH 4XUDLVK
LVODPPHVVDJHFRP 
FKLHIVDPRQJZKRP+DGUDW$EGXOODKELQ0DVXGKDVSDUWLFXODUO\PHQWLRQHGWKH QDPHRI
$EX6XI\DQFDPHWRWKH+RO\3URSKHWDQGUHTXHVWHGKLPWRSUD\WR$OODKWRGHOLYHUKLV
SHRSOHIURPWKHFDODPLW\2QWKLVRFFDVLRQ$OODKVHQWGRZQWKLV6XUDK
6XEMHFW0DWWHUDQG7RSLFV
7KH LQWURGXFWLRQ WR WKH DGGUHVV UHYHDOHG RQ WKLV RFFDVLRQ IRU WKH DGPRQLWLRQ DQG
ZDUQLQJ RI WKH SHRSOH RI 0D.NDK FRQWDLQHG VRPH LPSRUWDQW SRLQWV ZKLFK DUH DV
IROORZV
 <RX23HRSOHRI0DNNDKDUHZURQJLQWKLQNLQJWKDWWKH4XUDQLVEHLQJFRPSRVHG
E\ 0XKDPPDG XSRQ ZKRP EH $OODK
V SHDFH  7KLV %RRN E\ LWVHOI EHDUV WKH FOHDU
WHVWLPRQ\WKDWLWLVQRWWKHFRPSRVLWLRQRIDPDQEXWRI$OODK/RUGRIWKHZRUOGV
  <RX DUH PDNLQJ D ZURQJ HVWLPDWH RI WKH ZRUWK RI WKLV %RRN <RX WKLQN LW LV D
FDODPLW\WKDWKDVGHVFHQGHGRQ\RXZKHUHDVWKH+RXUZKHQ$OODKRXWRIVKHHU PHUF\
GHFLGHGWRVHQG+LV0HVVHQJHUDQG+LV%RRNWR\RXZDVKLJKO\EOHVVHG
  <RX DUH IRROLVKO\ LQYROYHG LQ WKH PLVXQGHUVWDQGLQJ WKDW \RX ZLOO ILJKW WKLV
0HVVHQJHUDQGWKLV%RRNDQGZLOOZLQZKHUHDVWKHIDFWLVWKDWWKH0HVVHQJHUKDVEHHQ
UDLVHGDQGWKH%RRNVHQWGRZQLQWKDWSDUWLFXODU+RXUZKHQ$OODKGHFLGHVWKHGHVWLQLHV
DQG$OODK
VGHFLVLRQVDUHQRWVRZHDNWKDWWKH\PD\EHFKDQJHGWRDSHUVRQ
VOLNLQJQRU
DUHWKH\EDVHGRQLJQRUDQFHDQGIROO\WKDWWKHUHPD\EHWKHOLNHOLKRRGRIDPLVWDNHRU
HUURU RU ZHDNQHVV LQ WKHP 7KH\ DUH UDWKHU WKH ILUP DQG XQDOWHUDEOH GHFLVLRQV RI WKH
5XOHURIWKH8QLYHUVH:KRLV$OO+HDULQJ$OO.QRZLQJDQG$OO:LVH7KHUHIRUHWKH\
FDQQRWEHWUHDWHGOLJKWO\
 <RX\RXUVHOYHVDFNQRZOHGJHWKDW$OODKDORQHLVWKH0DVWHUDQG/RUGRIWKHHDUWK
DQG KHDYHQV DQG RI HYHU\WKLQJ LQ WKH 8QLYHUVH DQG DOVR DGPLW WKDW OLIH DQG GHDWK DUH
RQO\ LQ +LV SRZHU \HW \RX LQVLVW RQ PDNLQJ RWKHUV \RXU GHLWLHV IRU ZKLFK WKH RQO\
DUJXPHQW\RXRIIHULVWKDWWKDWKDGEHHQWKHSUDFWLFHVLQFHWKHWLPHRI\RXUIRUHIDWKHUV
ZKHUHDV LI D SHUVRQ KDV WKH FRQYLFWLRQ WKDW $OODK DORQH LV WKH 0DVWHU 6XVWDLQHU DQG
*LYHU RI OLIH DQG GHDWK KH FDQ QHYHU HQWHUWDLQ WKH GRXEW WKDW WKHUHFDQEHRWKHUJRGV
DOVREHVLGH+LPZKRFDQEHZRUWK\RIZRUVKLS,I\RXUIRUHIDWKHUVKDGFRPPLWWHGWKLV
IROO\ WKHUH LV QR UHDVRQ ZK\ \RX DOVR VKRXOG FRQWLQXH FRPPLWWLQJ LW EOLQGO\ $V D
PDWWHU RI IDFW WKHLU /RUG WRR ZDV RQO\ 2QH *RG :KR LV \RXU /RUG DQG WKH\ DOVR
VKRXOGKDYHZRUVKLSSHGRQO\+LP:KRP\RXVKRXOGZRUVKLS
 7KHRQO\GHPDQGRI$OODK
V3URYLGHQFHDQG0HUFLIXOQHVVLVQRWWKLVWKDW+HVKRXOG
IHHG\RXEXWDOVRWKLVWKDW+HVKRXOGDUUDQJHJXLGDQFHIRU\RX)RUWKLVYHU\JXLGDQFH
+HKDVVHQW+LV0HVVHQJHUDQG+LV%RRN
$IWHUWKLVLQWURGXFWLRQWKHTXHVWLRQRI WKHIDPLQHWKDWZDVUDJLQJLQ0DNNDKKDVEHHQ
GLVFXVVHG $V DOUHDG\ PHQWLRQHG WKLV IDPLQH KDG RFFXUUHG RQ WKH +RO\ 3URSKHW
V
SUD\HU DQG KH KDG SUD\HG IRU LW VR WKDW ZKHQ WKH FDODPLW\ EHIHOO LW ZRXOG EUHDN WKH
VWXEERUQQHVVRIWKHGLVEHOLHYHUVDQGWKHQWKH\ZRXOGOLVWHQWRWKHUHEXNH,WORRNHGDVLI
WKLV H[SHFWDWLRQ ZDV EHLQJ IXOILOOHG WR VRPH H[WHQW IRU VRPH RI WKH PRVW VWXEERUQ
HQHPLHVRIWKH7UXWKRQDFFRXQWRIWKHVHYHULWLHVRIWKHIDPLQHKDGFULHGRXW2/RUG
DYHUW WKLV WRUPHQW IURP XV DQG ZH ZLOO EHOLHYH  $W WKLV RQ WKH RQH KDQG WKH +RO\
3URSKHW KDV EHHQ IRUHWROG  7KHVH SHRSOH ZLOO QRW OHDUQ DQ\ OHVVRQ IURP VXFK
LVODPPHVVDJHFRP 
FDODPLWLHV :KHQ WKH\ KDYH WXUQHG DZD\ IURP WKH 0HVVHQJHU ZKRVH OLIH FKDUDFWHU
ZRUNV DQG VSHHFK FOHDUO\ VKRZ WKDW KH LV $OODK
V WUXH 0HVVHQJHU KRZ ZLOO D PHUH
IDPLQH KHOS UHPRYH WKHLU GLVEHOLHI"  2Q WKH RWKHU WKH XQEHOLHYHUV KDYH EHHQ
DGGUHVVHG VR DV WR VD\  <RX OLH ZKHQ \RX VD\ WKDW \RX ZLOO EHOLHYH DV VRRQ DV WKH
WRUPHQWLVUHPRYHGIURP\RX:HVKDOOMXVWUHPRYHLWWRVHH KRZVLQFHUH\RXDUHLQ\RXU
SURPLVH 7KHUH LV D JUDYHU GLVDVWHU DERXW WR IDOO XSRQ \RX <RX QHHG D PXFK PRUH
FUXVKLQJEORZPLQRUPLVIRUWXQHVFDQQRWVHW\RXULJKW
,Q WKLV YHU\ FRQQHFWLRQ D UHIHUHQFH KDV EHHQ PDGH D OLWWOH EHORZ WR 3KDUDRK DQG KLV
SHRSOH LPSO\LQJ WKDW WKRVH SHRSOH DOVR KDG PHW ZLWK SUHFLVHO\ WKH VDPH WULDO DV WKH
FKLHIVRIWKHGLVEHOLHYLQJ4XUDLVKDUHQRZDIIOLFWHG7RWKHPDOVRDVLPLODUQREOHDQG
KRQRUDEOH 0HVVHQJHU KDG FRPH WKH\ DOVR KDG VHHQ WKRVH H[SUHVV SRLQWHUV DQG VLJQV
ZKLFK FOHDUO\ VKRZHG WKDW KH KDG EHHQ DSSRLQWHG E\ $OODK WKH\ DOVR KDG JRQH RQ
ZLWQHVVLQJRQHVLJQDIWHUWKHRWKHUEXWWKH\GLGQRWJLYHXSWKHLUVWXEERUQQHVVWLOODWODVW
WKH\PDGHXSWKHLUPLQGWRSXWDQHQGWRWKH0HVVHQJHU
VOLIHDQGWKH\PHWWKHLUGRRP
ZKLFKKDVVLQFHEHFRPHDQREMHFWOHVVRQIRUWKHSHRSOHIRUHYHU
$IWHU WKLV WKH WKHPH RI WKH +HUHDIWHU KDV EHHQ WDNHQ XS ZKLFK WKH GLVEHOLHYHUV RI
0DNNDKYHKHPHQWO\GHQLHG7KH\VDLG:HKDYHQHYHUVHHQDQ\RQHULVLQJEDFNWROLIH
DIWHUGHDWK5DLVHRXU IRUHIDWKHUVEDFNWROLIHLI\RXDUHWUXHLQ\RXUFODLPDERXWWKHOLIH
KHUHDIWHU  ,Q UHVSRQVH WR WKLV WZR DUJXPHQWV IRU WKH +HUHDIWHU KDYH EHHQ SUHVHQWHG
EULHIO\   7KDW WKH GHQLDO RIWKLVFUHHGKDVDOZD\VSURYHGGHVWUXFWLYHIRU WKHPRUDOV
DQG  WKDWWKHXQLYHUVHLVQRWDSOD\WKLQJRIDWKRXJKWOHVVGLHW\EXWLWLVDZLVHV\VWHP
DQGQRZRUNRIZLVGRPLVHYHUYDLQRUXVHOHVV7KHQWKHGLVEHOLHYHUVGHPDQGWREULQJ
WKHLUIRUHIDWKHUVEDFNWROLIHKDVEHHQDQVZHUHGWKXV7KLVFDQQRWEHGRQHHYHU\GD\
WR PHHW WKH GHPDQG RI WKH LQGLYLGXDOV EXW $OODK KDV DSSRLQWHG D WLPH ZKHQ +H ZLOO
UHVXUUHFW DOO PDQNLQG VLPXOWDQHRXVO\ DQG ZLOO VXEMHFW WKHP WR DFFRXQWDELOLW\ LQ +LV
&RXUW,IRQHKDVWRSURWHFWRQHVHOIWKHUHRQHVKRXOGWKLQNDERXWLWKHUH)RUQRRQHZLOO
EHDEOHWRVDYHKLPVHOIWKHUHE\KLVRZQSRZHUQRUE\WKHSRZHURIDQ\RQHHOVH
,QFRQQHFWLRQZLWKWKLV&RXUWRI$OODKPHQWLRQKDVEHHQPDGHRIWKHIDWHRIWKRVHZKR
ZLOO EH GHFODUHG DV FXOSULWV DQG RI WKH UHZDUGV RI WKRVH ZKR ZLOO EH GHFODUHG DV
VXFFHVVIXO7KHGLVFRXUVHKDVEHHQFRQFOXGHGZLWKWKLVZDUQLQJ7KLV4XUDQKDVEHHQ
UHYHDOHGLQVLPSOHODQJXDJHLQ\RXURZQWRQJXHVRWKDW\RXPD\XQGHUVWDQGLW\HWLI
\RXGRQRWXQGHUVWDQGLWDQGLQVLVWRQVHHLQJ\RXUHYLOHQG\RXPD\ZDLW2XU3URSKHW
WRRLVZDLWLQJ:KDWHYHULVWRKDSSHQZLOOKDSSHQDWLWVRZQDSSRLQWHGWLPH

-DDWKL\D
1DPH
,W LV GHULYHG IURP WKH VHQWHQFH ZD WDUDD NXOOD XPPDWLQ MDWKL\DWXQ RI YHUVH 
LPSO\LQJWKHUHE\WKDWLWLVWKH6XUDKLQZKLFKWKHZRUGMDWKL\DKKDVRFFXUUHG
3HULRGRI5HYHODWLRQ
7KHSHULRGRIWKHUHYHODWLRQRIWKLV6XUDKDOVRKDVQRWEHHQPHQWLRQHGLQDQ\DXWKHQWLF
WUDGLWLRQ EXW LWV VXEMHFW PDWWHU FOHDUO\ VKRZV WKDW LW ZDV UHYHDOHG FRQVHFXWLYHO\ DIWHU

LVODPPHVVDJHFRP 
6XUDK $G 'XNKDDQ 7KH FORVH UHVHPEODQFH EHWZHHQ WKH FRQWHQWV RI WKH WZR 6XUDKV
PDNHVWKHPORRNOLNHWKHWZLQ6XUDKV
6XEMHFW0DWWHUDQG7RSLFV
,W DQVZHUV WKH GRXEWV DQG REMHFWLRQV RIWKHGLVEHOLHYHUVRI0DNNDKDERXW7DXKLGDQG
WKH +HUHDIWHU DQG ZDUQV WKHP IRU WKHLU DWWLWXGH WKDW WKH\ KDG DGRSWHG DJDLQVW WKH
PHVVDJHRIWKH4XU
DQ
7KHGLVFRXUVHEHJLQVZLWKWKHDUJXPHQWVIRU7DXKLG,QWKLVFRQQHFWLRQUHIHUHQFHKDV
EHHQPDGHWRWKHFRXQWOHVV6LJQVWKDWDUHIRXQGLQWKHZRUOGIURPPDQ
VRZQERG\WR
WKH HDUWK DQG KHDYHQV DQG LW LV SRLQWHG RXW WKDW HYHU\ZKHUH DURXQG KLP PDQ ILQGV
WKLQJV ZKLFK WHVWLI\ WR WDXKLGZKLFKKHUHIXVHVWRDFNQRZOHGJH,I PDQVHHVFDUHIXOO\
WKH YDULHW\ RI DQLPDOV WKH GD\ DQG QLJKW WKH UDLQIDOO DQG WKH YHJHWDWLRQ WKHUHE\ WKH
ZLQGVDQGKLVRZQFUHDWLRQDQGSRQGHUVRYHUWKHPLQWHOOLJHQWO\ZLWKRXWSUHMXGLFHKH
ZLOO ILQG WKHVH 6LJQV VXIILFLHQWO\ FRQYLQFLQJ RI WKH WUXWK WKDW WKLV XQLYHUVH LV QRW
*RGOHVVQRUXQGHUWKHFRQWURORIPDQ\JRGVEXWLWKDVEHHQFUHDWHGE\2QH*RGDQG
+HDORQHLVLWV&RQWUROOHUDQG5XOHU+RZHYHUWKHFDVHRIWKHSHUVRQZKRLVGHWHUPLQHG
QRWWRDFNQRZOHGJHDQGZDQWVWRUHPDLQLQYROYHGLQGRXEWVDQGVXVSLFLRQVLVGLIIHUHQW
+HFDQQRWEHEOHVVHGZLWKWKHIDLWKDQGFRQYLFWLRQIURPDQ\ZKHUHLQWKHZRUOG
$ OLWWOH EHORZ LQ WKH EHJLQQLQJ RI WKH VHFRQG VHFWLRQ LW KDV EHHQ UHLWHUDWHG WKDW WKH
WKLQJV PDQ LV H[SORLWLQJ LQ WKH ZRUOG DQG WKH FRXQWOHVV IRUFHV DQG DJHQFLHV WKDW DUH
VHUYLQJKLVLQWHUHVWVLQWKHXQLYHUVHGLGQRWFRPHLQWREHLQJMXVWDFFLGHQWDOO\QRUKDYH
WKH\ EHHQ SURYLGHG E\ WKH JRGV DQG JRGGHVVHV EXW LW LV 2QH *RG DORQH :KR KDV
VXSSOLHG DQG VXEMHFWHG WKHVH WR KLP IURP +LPVHOI ,I RQO\ D SHUVRQ XVHV KLV PLQG
SURSHUO\ DQG ULJKWO\ KLV RZQ LQWHOOHFW ZLOO SURFODLP WKDW *RG DORQH LV PDQ
V UHDO
%HQHIDFWRUDQG+HDORQHGHVHUYHVWKDWPDQVKRXOGSD\REHLVDQFHWR+LP
$IWHU WKLV WKH GLVEHOLHYHUV RI 0DNNDK KDYH EHHQ WDNHQ WR WDVN DQG UHSURYHG IRU WKHLU
VWXEERUQQHVV DUURJDQFH PRFNHU\ DQG LQVLVWHQFH RQ GLVEHOLHI ZLWK ZKLFK WKH\ ZHUH
UHVLVWLQJWKHLQYLWDWLRQRIWKH4XU
DQWKH\KDYHEHHQZDUQHGWKDWWKLV4XU
DQKDVEURXJKW
WKHVDPHEOHVVLQJZKLFKKDGEHHQJUDQWHGWRWKHFKLOGUHQRI,VUDHOEHIRUHE\YLUWXHRI
ZKLFK WKH\ EHFDPH GLVWLQJXLVKHG DERYH DOO WKH SHRSOH RI WKH ZRUOG 7KHQ ZKHQ WKH\
IDLOHGWRUHFRJQL]HWKHWUXHZRUWKRIWKLVEOHVVLQJDQGGLVSXWHGWKHLUUHOLJLRQDQGORVWLW
WKLVEOHVVLQJQRZKDVEHHQVHQWWRWKHP7KLVLVVXFKDFRGHRIJXLGDQFHZKLFKVKRZV
WKHFOHDUKLJKZD\RI5HOLJLRQWRPDQ7KHSHRSOHZKRZRXOGWXUQLWGRZQE\WKHLURZQ
IROO\ ZRXOG RQO\ SUHSDUH IRU WKHLU RZQ GRRP DQG RQO\ VXFK SHRSOH ZRXOG EHFRPH
ZRUWK\RI*RG
VVXFFRUDQGPHUF\ZKRZRXOGDGRSWREHGLHQFHWRLWDQGOHDGDOLIHRI
SLHW\DQGULJKWHRXVQHVV
,Q WKLV FRQQHFWLRQ WKH IROORZHUV RI WKH +RO\ 3URSKHW KDYH EHHQ LQVWUXFWHG WKDW WKH\
VKRXOGIRUEHDUDQGSDUGRQWKHDEVXUGDQGIRROLVKEHKDYLRUWRZDUGVWKHPRIWKHSHRSOH
IHDUOHVV RI *RG IRU LI WKH\ VKRZHG SDWLHQFH *RG +LPVHOI ZRXOG GHDO ZLWK WKHLU
RSSRQHQWVDQGZRXOGUHZDUGWKHPIRUWKHLUIRUWLWXGH
7KHQ WKHUH LV D FULWLFLVP RI WKH HUURQHRXV LGHDV WKDW WKH GLVEHOLHYHUV KROG DERXW WKH
+HUHDIWHU7KH\VDLGWKDWOLIHZDVRQO\WKLVZRUOGO\OLIHWKHUHZDVQROLIHKHUHDIWHU0DQ
GLHVLQWKHFRXUVHRIWLPHMXVWDVDZDWFKVWRSVIXQFWLRQLQJVXGGHQO\7KHERG\LVQRW
LVODPPHVVDJHFRP 
VXUYLYHG E\ DQ\ VRXO ZKLFK PLJKW EH VHL]HG DQG WKHQ EUHDWKHG DJDLQ LQWR WKH KXPDQ
ERG\VRPHWLPHLQWKHIXWXUH,QWKLVUHJDUGWKH\FKDOOHQJHGWKH+RO\3URSKHWVD\LQJ
,I\RXOD\DFODLPWRWKLVWKHQUDLVHRXUGHDGIRUHIDWKHUVEDFNWROLIH,QDQVZHUWR
WKLV$OODKKDVJLYHQWKHIROORZLQJDUJXPHQWV
 <RXGRQRWVD\WKLVRQWKHEDVLVRIDQ\NQRZOHGJHEXWDUHXWWHULQJWKLVJUDYHWKLQJ
RQWKHEDVLVRIFRQMHFWXUH'R\RXUHDOO\KDYHWKHNQRZOHGJHWKDWWKHUHLVQRRWKHUOLIH
DIWHUGHDWKDQGWKHVRXOVDUHQRWVHL]HGEXWDUHDQQLKLODWHG"
 <RXUWKLVFODLPUHVWVPDLQO\RQWKLVWKDW\RXKDYHQRWVHHQDQ\GHDGSHUVRQULVLQJ
EDFNWROLIHDQGUHWXUQLQJWRWKHZRUOG,VWKLVEDVLVVWURQJHQRXJKIRUDSHUVRQWRPDNH
D FODLP WKDW WKH GHDG SHRSOH ZLOO QHYHU ULVH WR OLIH" :KHQ \RX GRQRWH[SHULHQFHDQG
REVHUYHDWKLQJGRHVLWPHDQWKDW\RXKDYHWKHNQRZOHGJHWKDWLWGRHVQRWH[LVWDWDOO"
 ,WLVXWWHUO\DJDLQVWUHDVRQDQGMXVWLFHWKDWWKHJRRGDQGWKHEDGWKHREHGLHQWDQGWKH
GLVREHGLHQWWKHRSSUHVVRUDQGWKHRSSUHVVHGVKRXOGEHPDGHHTXDOXOWLPDWHO\1HLWKHU
DJRRGDFWVKRXOGEHDU DJRRGUHVXOWQRUDQHYLODFWDQHYLOUHVXOWQHLWKHUWKHJULHYDQFHV
RIWKHRSSUHVVHGEHUHGUHVVHGQRUWKHRSSUHVVRUEHSXQLVKHGEXWHYHU\RQHVKRXOGPHHW
ZLWKWKHVDPHIDWHXOWLPDWHO\:KRHYHUKDVIRUPHGWKLVYLHZDERXWWKHXQLYHUVHRI*RG
KDV IRUPHG D SDWHQWO\ ZURQJ YLHZ 7KH XQMXVW DQG ZLFNHG SHRSOH DGRSW WKLV YLHZ
EHFDXVHWKH\GRQRWZDQWWRIDFHWKHHYLOUHVXOWVRIWKHLUGHHGVEXWWKLVZRUOGRI*RGLV
QRWDODZOHVVNLQJGRPLWLVUDWKHUDV\VWHPEDVHGRQWKH7UXWKLQZKLFKWKHUHFDQEHQR
TXHVWLRQRIWKHLQMXVWLFHRIUHJDUGLQJWKHJRRGDQGWKHEDGDVHTXDO
 7KDWWKHFUHHGRIWKHGHQLDORIWKH+HUHDIWHULVKLJKO\GHVWUXFWLYHRIPRUDOV7KLVLV
DGRSWHGRQO\E\VXFKSHRSOHDVDUHWKHVODYHVRIWKHLUOXVWVDQGIRUWKHUHDVRQWKDWWKH\
VKRXOGKDYHIXOOIUHHGRPWRVHUYHWKHLUOXVWV7KHQZKHQWKH\KDYHDGRSWHGWKLVFUHHG
LWJRHVRQPDNLQJWKHPPRUHDQGPRUHSHUYHUVHWLOODWODVWWKHLUPRUDOVHQVHEHFRPHV
GHDGDQGDOODYHQXHVRIJXLGDQFHDUHFORVHGDJDLQVWWKHP
$IWHUJLYLQJWKHVHDUJXPHQWV$OODKVD\VPRVWHPSKDWLFDOO\-XVWDV\RXGLGQRWEHFRPH
OLYLQJRI\RXURZQDFFRUGEXWEHFDPHOLYLQJE\2XUSRZHUVR\RXGRQRWGLHRI\RXU
RZQDFFRUGEXWGLHZKHQ:HVHQGGHDWKRQ\RX$QGDWLPHLVFHUWDLQO\FRPLQJZKHQ
\RXZLOODOOEHJDWKHUHGWRJHWKHU,I \RXGRQRWEHOLHYHLQWKLVEHFDXVHRI\RXULJQRUDQFH
DQGIROO\WRGD\\RXPD\QRWZKHQWKHWLPHDUULYHV\RXZLOOVHHIRU\RXUVHOIWKDW\RX
DUHSUHVHQWEHIRUH\RXU*RGDQG\RXUZKROHERRNRIFRQGXFWLVUHDG\DFFXUDWHO\ZKLFK
EHDUVHYLGHQFHDJDLQVWHDFKRI\RXUPLVGHHGV7KHQ\RXZLOOFRPHWRNQRZKRZGHDUO\
KDV\RXUGHQLDORIWKH+HUHDIWHUDQG\RXUPRFNHU\RILWFRVW\RX

$KTDDI
1DPH
,WLVGHULYHGIURPWKHVHQWHQFHLGKDQGKDUDTDXPDKXELO$KTDDILRIYHUVH
3HULRGRI5HYHODWLRQ
,W LV GHWHUPLQHG E\ DQ KLVWRULFDO HYHQW WKDW KDV EHHQ PHQWLRQHG LQ YY  7KLV
LQFLGHQW RI WKH YLVLW RI WKH MLQQ DQG WKHLU JRLQJ EDFN DIWHU OLVWHQLQJ WR WKH 4XU
DQ KDG
RFFXUUHGDFFRUGLQJWRDJUHHGWUDGLWLRQVRIWKH+DGLWKDQGELRJUDSKLFDOOLWHUDWXUHDWWKH
WLPHZKHQWKH+RO\3URSKHWKDGKDOWHGDW0DNNDKGXULQJKLVUHWXUQMRXUQH\IURP7D
LI
LVODPPHVVDJHFRP 
WR 0DNNDK $QG DFFRUGLQJ WR DOO DXWKHQWLF KLVWRULFDO WUDGLWLRQV KH KDG JRQH WR 7D
LI
WKUHH\HDUVEHIRUHWKH+LMUDKWKHUHIRUHLWLVGHWHUPLQHGWKDWWKLV6XUDKZDVVHQWGRZQ
WRZDUGV WKH HQG RI WKH WK \HDU RU LQ WKH HDUO\ SDUW RI WKH WK \HDU RI WKH 3URSKHW
KRRG
+LVWRULFDO%DFNJURXQG
7KHWK\HDURIWKH3URSKHWKRRGZDVD\HDURIH[WUHPHSHUVHFXWLRQDQGGLVWUHVVLQWKH
+RO\SURSKHW
VOLIH7KH4XUDLVKDQGWKHRWKHUWULEHVKDGFRQWLQXHGWKHLUER\FRWWRIWKH
%DQL+DVKLPDQGWKH0XVOLPVIRUWKUHH\HDUVDQGWKH+RO\3URSKHWDQGWKHSHRSOHRI
KLVIDPLO\DDG&RPSDQLRQVOD\EHVLHJHGLQ6KL
E$EL7DOLE7KH4XUDLVKKDGEORFNHGXS
WKLV ORFDOLW\ IURP HYHU\ VLGH VR WKDW QRVXSSOLHVRIDQ\ NLQGFRXOGUHDFKWKHEHVLHJHG
SHRSOH 2QO\ GXULQJ WKH +DMM VHDVRQ WKH\ ZHUH DOORZHG WR FRPH RXW DQG EX\ VRPH
DUWLFOHV RI QHFHVVLW\ %XW HYHQ DW WKDW WLPH ZKHQHYHU $EX /DKDE QRWLFHG DQ\ RI WKHP
DSSURDFKLQJWKHPDUNHWSODFHRUDWUDGLQJFDUDYDQKHZRXOGFDOORXWWRWKHPHUFKDQWV
H[KRUWLQJ WKHP WR DQQRXQFH IRUELGGLQJ UDWHV RI WKHLU DUWLFOHV IRU WKHP DQG ZRXOG
SOHGJHWKDWKHKLPVHOIZRXOGEX\WKRVHDUWLFOHVVRWKDWWKH\GLGQRWVXIIHUDQ\ORVV7KLV
ER\FRWW ZKLFK FRQWLQXHG XQLQWHUUXSWHG IRU WKUHH \HDUV KDG EURNHQ WKH EDFN RI WKH
0XVOLPVDQGWKH%DQL+DVKLPVRPXFKVRWKDWDWWLPHVWKH\ZHUHHYHQIRUFHGWRHDW
JUDVVDQGWKHOHDYHVRIWUHHV
$WODVWZKHQWKHVLHJHZDVOLIWHGWKLV\HDU$EX7DOLEWKH+RO\3URSKHW
VXQFOHZKR
KDG EHHQ VKLHOGLQJ KLP IRU WHQ ORQJ \HDUV GLHG DQG KDUGO\ D PRQWK ODWHU KLV ZLIH
+DGUDW.KDGLMDKZKRKDGEHHQDVRXUFHRISHDFHDQGFRQVRODWLRQIRUKLPHYHUVLQFHWKH
EHJLQQLQJRIWKHFDOODOVRSDVVHGDZD\%HFDXVHRIWKHVHWUDJLFLQFLGHQWVZKLFKFORVHO\
IROORZHGHDFKRWKHUWKH+RO\3URSKHWXVHGWRUHIHUWRWKLV\HDUDVWKH\HDURIVRUURZ
DQGJULHI
$IWHUWKHGHDWKRI+DGUDW.KDGLMDKDQG$EX7DOLEWKHGLVEHOLHYHUVRI0DNNDKEHFDPH
HYHQEROGHUDJDLQVWWKH+RO\3URSKHW7KH\VWDUWHGWUHDWLQJKLPHYHQPRUHKDUVKO\6R
PXFK VR WKDW LW EHFDPH GLIILFXOW IRU KLP WR VWHS RXW RI KLV KRXVH 2I WKHVH GD\V ,EQ
+LVKDP KDV UHODWHG WKH LQFLGHQW WKDW D 4XUDLVK VFRXQGUHO RQH GD\ WKUHZ GXVW DW KLP
RSHQO\LQWKHVWUHHW
$WODVWWKH+RO\3URSKHWOHIWIRU7D
LIZLWKWKHLQWHQWLRQWKDWKHVKRXOGLQYLWH WKH%DQL
7KDTLIWR,VODPIRUHYHQLIWKH\GLGQRWDFFHSW,VODPWKH\PLJKWDWOHDVWEHSHUVXDGHG
WR DOORZ KLP WR ZRUN IRU KLV PLVVLRQ SHDFHIXOO\ +H GLG QRW KDYH WKH IDFLOLW\ RI DQ\
FRQYH\DQFH DW WKDW WLPH DQG WUDYHOHG DOOWKHZD\WR7D
LIRQIRRW$FFRUGLQJWRVRPH
WUDGLWLRQV KH KDG JRQH WKHUH DORQH EXW DFFRUGLQJ WR RWKHUV KH ZDV DFFRPSDQLHG E\
=DLGELQ+DULWKDK+HVWD\HGDW7D
LIIRUDIHZGD\VDQGDSSURDFKHGHDFKRIWKHFKLHIV
DQGQREOHVRIWKH%DQL7KDTLIDQGWDONHGWRKLPDERXWKLVPLVVLRQ%XW QRWRQO\WKH\
UHIXVHGWROLVWHQWRKLPEXWSODLQO\JDYHKLPWKHQRWLFHWKDWKHVKRXOGOHDYHWKHLUFLW\
IRUWKH\IHDUHGWKDWKLVSUHDFKLQJPLJKWVSRLOWKHLU\RXQJHUJHQHUDWLRQ7KXVKHZDV
FRPSHOOHG WR OHDYH 7D
LI :KHQ KH ZDV OHDYLQJ WKH FLW\ WKH FKLHIV RI 7KDTLI VHW WKHLU
VODYHVDQGVFRXQGUHOVEHKLQGKLPZKRZHQWRQFU\LQJDWKLPDEXVLQJKLPDQGSHWWLQJ
KLPZLWKVWRQHVIRUDORQJZD\IURPHLWKHUVLGHRIWKHURDGWLOOKHEHFDPHEURNHQGRZQ

LVODPPHVVDJHFRP 
ZLWK ZRXQGV DQG KLV VKRHV ZHUH ILOOHG ZLWK EORRG :HDULHG DQG H[KDXVWHG KH WRRN
VKHOWHULQWKHVKDGHRIWKHZDOORIDJDUGHQRXWVLGH7D
LIDQGSUD\HG
2*RGWR7KHH,FRPSODLQRIP\ZHDNQHVVOLWWOHUHVRXUFHDQGORZOLQHVVEHIRUHPHQ
20RVW0HUFLIXO7KRXDUWWKH/RUGRIWKHZHDNDQG7KRXDUWP\/RUG7RZKRP ZLOW
7KRX FRQILGH PH" 7R RQH DIDU ZKR ZLOO PLVMXGJH ""  PH" 2U WR DQ HQHP\ WR ZKRP
7KRXKDVWJLYHQSRZHURYHUPH",I7KRXDUWQRWDQJU\ZLWKPH,FDUHQRW7K\IDYRULV
PRUHZLGHIRUPH,WDNHUHIXJHLQWKHOLJKWRI7K\FRXQWHQDQFHE\ZKLFKWKHGDUNQHVV
LVLOOXPLQHGDQGWKHWKLQJVRIWKLVZRUOGDQGWKHQH[WDUHULJKWO\RUGHUHGOHVW7K\DQJHU
GHVFHQGXSRQPHRU7K\ZUDWKOLJKWXSRQPH,WLVIRU7KHHWREHVDWLVILHGXQWLO7KRX
DUW ZHOO SOHDVHG 7KHUH LV QR SRZHU DQG QR PLJKW VDYH LQ 7KHH  ,EQ +LVKDP $
*XLOODXPH
V7UDQVODWLRQS 
*ULHYHGDQGKHDUWEURNHQZKHQKHUHWXUQHGDQGUHDFKHGQHDU4DUQDO0DQD]LOKHIHOWDV
WKRXJKWKHVN\ZDVRYHUFDVWE\FORXGV+HORRNHGXSDQGVDZ*DEULHOLQIURQWRIKLP
ZKR FDOOHG RXW $OODK KDV KHDUG WKH ZD\ \RXU SHRSOH KDYH UHVSRQGHG +H KDV
WKHUHIRUH VHQW WKLV DQJHO LQ FKDUJH RI WKH PRXQWDLQV <RX PD\ FRPPDQG KLP DV \RX
SOHDVH  7KHQ WKH DQJHO RI WKH PRXQWDLQV JUHHWHG KLP DQG VXEPLWWHG  ,I \RX OLNH ,
ZRXOGRYHUWXUQWKHPRXQWDLQVIURPHLWKHUVLGHXSRQWKHVHSHRSOH7KH+RO\3URSKHW
UHSOLHG1REXW,H[SHFWWKDW$OODKZLOOFUHDWHIURPWKHLUVHHGWKRVHZKRZLOOZRUVKLS
QRQH EXW $OODK WKH 2QH  %XNKDUL 'KLNU DO 0DOD
LNDK 0XVOLP .LWDE DO0DJKD]L
1DVD
L$O%DXWK 
$IWHUWKLVKHZHQWWRVWD\IRUDIHZ GD\VDW0DNNDKSHUSOH[HGDVWRKRZKHZRXOGIDFH
WKHSHRSOHRI0DNNDKZKRKHWKRXJKWZRXOGEHVWLOOIXUWKHUHPEROGHQHGDJDLQVWKLP
DIWHU KHDULQJ ZKDW KDG KDSSHQHG DW 7D
LI ,W ZDV KHUH WKDW RQH QLJKW ZKHQ KH ZDV
UHFLWLQJWKH4XU
DQLQWKH3UD\HUDJURXSRIWKHMLQQKDSSHQHGWRSDVVE\DQGOLVWHQHGWR
WKH4XU
DQEHOLHYHGLQLWDQGUHWXUQHGWRWKHLUSHRSOHWRSUHDFK,VODP7KXV$OODKJDYH
+LV3URSKHWWKHJRRGQHZVWKDWLIWKHPHQZHUHUXQQLQJDZD\IURPKLVLQYLWDWLRQWKHUH
ZHUH PDQ\ RI WKH MLQQ ZKR KDG EHFRPH LWV EHOLHYHUV DQG WKH\ ZHUH VSUHDGLQJ KLV
PHVVDJHDPRQJWKHLURZQNLQG
6XEMHFW0DWWHUDQG7RSLFV
6XFK ZHUH WKH FRQGLWLRQV ZKHQ WKLV 6XUDK ZDV VHQW GRZQ $Q\RQH ZKR NHHSV WKLV
EDFNJURXQGLQYLHZRQWKHRQHKDQGDQGVWXGLHVWKLV6XUDKRQWKHRWKHUZLOOKDYHQR
GRXEWOHIWLQKLVPLQGWKDWWKLVLVQRWDWDOOWKHFRPSRVLWLRQRI0XKDPPDG XSRQZKRP
EH $OODK
V SHDFH  EXW D 5HYHODWLRQ IURP WKH $OO 0LJKW\ $OO :LVH $OODK  )RU
QRZKHUHLQWKLV6XUDKIURPWKHEHJLQQLQJWRWKHHQGGRHVRQHILQGHYHQDWLQJHRIWKH
KXPDQ IHHOLQJV DQG UHDFWLRQV ZKLFK DUH QDWXUDOO\ SURGXFHG LQ D PDQ ZKR LV SDVVLQJ
WKURXJK VXFK KDUG FRQGLWLRQV +DG LW EHHQ WKH ZRUG RI 0XKDPPDG XSRQ ZKRP EH
$OODK
V SHDFH  ZKRP WKH RFFXUUHQFH RI SHUVRQDO JULHIV RQH DIWHU WKH RWKHU DQG WKH
FRXQWOHVV DQG WKH UHFHQW ELWWHU H[SHULHQFH DW 7D
LI KDG FDXVHG H[WUHPH DQJXLVK DQG
GLVWUHVVLWZRXOGKDYHUHIOHFWHGLQVRPHGHJUHHWKHVWDWHRIWKHPLQGRIWKHPDQZKR
ZDV WKH VXEMHFW RI WKHVH DIIOLFWLRQV DQGJULHIV&RQVLGHUWKHSUD\HUWKDWZHKDYH FLWHG
DERYHLWFRQWDLQVKLVRZQODQJXDJHLWVHYHU\ZRUGLVVDWXUDWHGZLWKWKHIHHOLQJVWKDWKH
KDGDWWKHWLPH%XWWKLV6XUDKZKLFKZDVVHQWGRZQSUHFLVHO\LQWKHVDPHSHULRGDQG
LVODPPHVVDJHFRP 
ZDVUHFLWHGHYHQE\KLPXQGHUWKHVDPHFRQGLWLRQVLVDEVROXWHO\IUHHIURP HYHU\VLJQRU
WUDFHRIWKHWLPH
7KHVXEMHFWPDWWHURIWKH6XUDKLVWRZDUQWKHGLVEHOLHYHUVRIWKHHUURUVLQZKLFKWKH\
ZHUHLQYROYHGDQGDOVRSHUVLVWHGDUURJDQWO\DQGZHUHFRQGHPQLQJWKHPDQZKRZDV
WU\LQJ WR UHGHHP WKHP 7KH\ UHJDUGHG WKH ZRUOG DV D XVHOHVV DQG SXUSRVHOHVV SODFH
ZKHUHWKH\ZHUHQRWDQVZHUDEOHWRDQ\RQH7KH\WKRXJKWWKDWLQYLWDWLRQWR7DXKLGZDV
IDOVHDQGVWXFNWRWKHEHOLHIWKDWWKHLURZQGHLWLHVZHUHDFWXDOO\WKHDVVRFLDWHVRI$OODK
7KH\ ZHUH QRW LQFOLQHG WR EHOLHYH WKDW WKH 4XU
DQ ZDV WKH :RUG RI WKH /RUG RI WKH
ZRUOGV7KH\KDGDVWUDQJHHUURQHRXVFRQFHSWRIDSRVWOHVKLSRQWKHEDVLVRIZKLFKWKH\
ZHUH SURSRVLQJ VWUDQJH FULWHULD RI MXGJLQJ WKH +RO\ 3URSKHW
V FODLP WR LW ,Q WKHLU
HVWLPDWLRQRQHJUHDWSURRIRI,VODP
VQRWEHLQJEDVHGRQWKHWUXWKZDVWKDWWKHLUHOGHUV
DQG LPSRUWDQW FKLHIV RI WKH WULEHV DQG VR FDOOHG OHDGHUV RI WKHLU QDWLRQ ZHUH QRW
DFFHSWLQJ LW DQG RQO\ D IHZ \RXQJ PHQ DQG VRPH SRRU IRONV DQG VRPH VODYHV KDG
DIILUPHGIDLWKLQLW7KH\WKRXJKWWKDW5HVXUUHFWLRQDQGOLIHDIWHUGHDWKDQGWKHUHZDUGV
DQG SXQLVKPHQWV RI WKH +HUHDIWHU ZHUH IDEULFDWLRQV ZKRVH RFFXUUHQFH ZDV DEVROXWHO\
RXWRIWKHTXHVWLRQ
,QWKLV6XUDKHDFKRIWKHVHPLVFRQFHSWLRQVKDVEHHQUHIXWHGLQDEULHIEXWUDWLRQDOZD\
DQG WKH GLVEHOLHYHUV KDYH EHHQ ZDUQHG WKDW LI WKH\ ZRXOG UHMHFW WKH LQYLWDWLRQ RI WKH
4XU
DQDQGWKH3URSKHWKRRGRIWKH3URSKHW0XKDPPDG XSRQZKRPEH$OODK
VSHDFH 
E\SUHMXGLFHDQGVWXEERUQQHVVLQVWHDGRIWU\LQJWRXQGHUVWDQGLWVWUXWKUDWLRQDOO\WKH\
ZRXOGRQO\EHSUHSDULQJIRUWKHLURZQGRRP

0XKDPPDG
1DPH
7KH6XUDKGHULYHVLWVQDPHIURPWKHVHQWHQFHZDDPDQXELPDQX]]LODDOD0XKDPPDG
LQ RI YHUVH  WKHUHE\ LPSO\LQJ WKDW LW LV WKH 6XUDK LQ ZKLFK WKH KRO\ QDPH RI
0XKDPPDG XSRQZKDPEH$OODK
VSHDFHDQGEOHVVLQJV KDVRFFXUUHG%HVLGHVLWKDV
DQRWKHU ZHOO NQRZQ QDPH DO4LWDO DOVR ZKLFK LV GHULYHG IURP WKH VHQWHQFH ZD
GKXNLUDILKDOTLWDORIYHUVH
3HULRGRI5HYHODWLRQ
7KHFRQWHQWVRIWKLV6XUDKWHVWLI\WKDWLWZDVVHQWGRZQDIWHUWKHKLMUDKDW0DGLQDKDWWKH
WLPH ZKHQ WKH ILJKWLQJ KDG EHHQ HQMRLQHG WKRXJK DFWLYH ILJKWLQJ KDG QRW \HW EHHQ
XQGHUWDNHQ 'HWDLOHG DUJXPHQWV LQ VXSSRUW RI WKLV YLHZ KDYH EHHQ JLYHQ LQ ( 1 
EHORZ
+LVWRULFDO%DFNJURXQG
7KHFRQGLWLRQVDWWKHWLPHZKHQWKLV6XUDKZDVVHQWGRZQZHUHVXFKWKDWWKH0XVOLPV
ZHUHEHLQJPDGHWKHWDUJHWRISHUVHFXWLRQDQGW\UDQQ\LQ0DNNDKLQSDUWLFXODUDQGLQ
$UDELDLQJHQHUDODQGOLIHKDGEHFRPHPLVHUDEOHIRUWKHP$OWKRXJKWKH0XVOLPVKDG
HPLJUDWHGWRWKHKDYHQRI0DGLQDKIURPHYHU\VLGHWKHGLVEHOLHYLQJ4XUDLVKZHUHQRW
SUHSDUHG WR OHDYH WKHP DORQH DQG OHW WKHP OLYH LQ SHDFH HYHQ WKHUH 7KXV WKH VPDOO
VHWWOHPHQWRI0DGLQDKZDVKHPPHGLQE\WKHHQHP\ZKRZDVEHQWXSRQH[WHUPLQDWLQJ
LW FRPSOHWHO\ 7KH RQO\ DOWHUQDWLYH OHIW ZLWK WKH 0XVOLPV ZHUH WKDW HLWKHU WKH\ VKRXOG
LVODPPHVVDJHFRP 
VXUUHQGHUWRWKHIRUFHVRILJQRUDQFHJLYLQJXSWKHLUPLVVLRQRISUHDFKLQJWKHWUXH)DLWK
RU HYHQ IROORZLQJ LW LQ WKHLU SULYDWH OLYHV RU VKRXOG ULVH WR ZDJH D ZDU DW WKH FRVW RI
WKHLUOLYHVWRVHWWOHILQDOO\DQGIRUHYHUZKHWKHU,VODPZRXOGVWD\ LQ$UDELDRUWKHFUHHG
RILJQRUDQFH2QWKLVRFFDVLRQ$OODKVKRZHGWKH0XVOLPVWKHVDPHZD\RIUHVROXWLRQ
DQGZLOOZKLFKLVWKHRQO\ZD\IRUWKHWUXHEHOLHYHUV+HILUVWSHUPLWWHGWKHPWRILJKWLQ
6XUDK $O +DMM  DQG WKHQ HQMRLQHG ILJKWLQJ LQ $O %DTDUDK  %XW DW WKDW WLPH
HYHU\RQHNQHZIXOO\ZHOOZKDWLWPHDQWWRZDJHDZDULQWKRVHFRQGLWLRQV7KHUHZHUH
RQO\DKDQGIXORI0XVOLPVLQ0DGLQDKZKRFRXOGQRWPXVWHUHYHQDWKRXVDQGVROGLHUV
\HWWKH\ZHUHEHLQJXUJHGWRWDNHXSWKHVZRUGDQGFODVKDJDLQVWWKHSDJDQIRUFHVRIWKH
ZKROH RI $UDELD 7KHQ WKH NLQG RI WKH ZHDSRQV QHHGHG WR HTXLS LWV VROGLHUV IRU ZDU
FRXOG KDUGO\ EH DIIRUGHG E\ WKH WRZQ LQ ZKLFK KXQGUHGV RI HPLJUDQWV ZHUH VWLOO
KRPHOHVV DQG XQVHWWOHG HYHQ E\ UHVRUW WR VWDUYLQJ LWV PHPEHUV DW D WLPH ZKHQ LW KDG
EHHQER\FRWWHGHFRQRPLFDOO\E\WKH$UDEVRQDOOVLGHV
7KHPHDQG6XEMHFW0DWWHU
6XFK ZHUH WKH FRQGLWLRQV ZKHQ WKLV 6XUDK ZDV UHYHDOHG ,WV WKHPH LV WR SUHSDUH WKH
EHOLHYHUVIRUZDUDQGWRJLYHWKHPSUHOLPLQDU\LQVWUXFWLRQVLQWKLVUHJDUG7KDWLVZK\LW
KDVDOVREHHQHQWLWOHGDO4LWDO,WGHDOVZLWKWKHIROORZLQJWRSLFV
$WWKHRXWVHWLWLVVDLGWKDWRIWKHWZRJURXSVFRQIURQWLQJHDFKRWKHUDWWKLVWLPHRQHKDV
UHIXVHG WR DFFHSW WKH 7UXWK DQG KDV EHFRPH DQ REVWUXFWLRQ IRU RWKHUV RQ WKH ZD\ RI
$OODKZKLOHWKHRWKHUJURXSKDVDFFHSWHGWKH7UXWKZKLFKKDGEHHQVHQWGRZQE\$OODK
WR+LVVHUYDQW0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQGEOHVVLQJV 1RZ$OODK
V
ILQDO GHFLVLRQ LV WKDW +H KDV UHQGHUHG IUXLWOHVV DQG YDLQ DOO WKH ZRUNV RI WKH IRUPHU
JURXSDQGVHWULJKWWKHFRQGLWLRQDQGDIIDLUVRIWKHODWWHUJURXS
$IWHU WKLV WKH 0XVOLPV KDYH EHHQ JLYHQ WKH LQLWLDO ZDU LQVWUXFWLRQV WKH\ KDYH EHHQ
UHDVVXUHGRI$OODK
VKHOSDQGJXLGDQFHWKH\KDYHEHHQJLYHQKRSHIRUWKHEHVWUHZDUGV
RQ RIIHULQJ VDFULILFHV LQ WKH FDXVH RI $OODK DQG WKH\ KDYH EHHQ DVVXUHG WKDW WKHLU
VWUXJJOH LQ WKH FDXVH RI WKH 7UXWK ZLOO QRW JR WR ZDVWH EXW WKH\ ZLOO EH DEXQGDQWO\
UHZDUGHGERWKLQWKLVZRUOGDQGLQWKH+HUHDIWHU
)XUWKHUPRUH DERXW WKH GLVEHOLHYHUV LW KDV EHHQ VDLG WKDW WKH\ DUH GHSULYHG RI $OODK
V
VXSSRUW DQG JXLGDQFH QRQH RI WKHLU GHVLJQV ZLOO VXFFHHG LQ WKHLU FRQIOLFW ZLWK WKH
EHOLHYHUV DQG WKH\ ZLOO PHHW D PRVW HYLO IDWH ERWKLQWKLVZRUOGDQGLQWKH+HUHDIWHU
7KH\WKRXJKWWKH\KDGDFKLHYHGDJUHDWVXFFHVVE\ GULYLQJWKH3URSKHWRI$OODKRXWRI
0DNNDKEXWLQIDFWE\WKLVWKH\KDGKDVWHQHGWKHLURZQGRRP
$IWHUWKLVWKHGLVFRXUVHWXUQVWRWKHK\SRFULWHVZKRZHUHSRVLQJWREHVLQFHUH0XVOLPV
EHIRUHWKHFRPPDQGWRILJKWZDVVHQWGRZQEXWZHUHFRQIRXQGHGZKHQ WKLVFRPPDQG
DFWXDOO\ FDPH GRZQ DQG EHJDQ WR FRQVSLUH ZLWK WKH GLVEHOLHYHUV LQ RUGHU WR VDYH
WKHPVHOYHVIURPWKHKD]DUGVRIZDU7KH\KDYHEHHQSODLQO\ZDUQHGWRWKHHIIHFWWKDWQR
DFW DQG GHHG LV DFFHSWDEOHWR$OODKRIWKRVHZKRDGRSWK\SRFULV\ZLWKUHJDUGWR+LP
DQG+LV3URSKHW7KHUHWKHEDVLFLVVXHDJDLQVWZKLFKDOOWKRVHZKRSURIHVVWKH)DLWKDUH
EHLQJ WULHG LV ZKHWKHU RQH LV RQ WKH VLGH RI WKH 7UXWK RU )DOVHKRRG ZKHWKHU RQH
V
V\PSDWKLHV DUH ZLWK ,VODP DQG WKH 0XVOLPV RU ZLWK GLVEHOLHI DQG WKH GLVEHOLHYHUV
ZKHWKHURQHNHHSVRQH
VRZQVHOIDQGLQWHUHVWVGHDUHURUWKH7UXWKZKLFKRQHSURIHVVHV
LVODPPHVVDJHFRP 
WREHOLHYHLQDQGIROORZ2QHZKRIDLOVLQWKLVWHVWLVQRWDWDOODEHOLHYHUKLV3UD\HUDQG
KLV)DVWLQJDQGKLVGLVFKDUJLQJRIWKH]DNDWGHVHUYHQRUHZDUGIURP$OODK
7KHQWKH0XVOLPVKDYHEHHQH[KRUWHGQRWWRORVHKHDUWIRUEHLQJVPDOOLQQXPEHUVDQG
LOO HTXLSSHG DV DJDLQVW WKH JUHDW VWUHQJWK RI WKH GLVEHOLHYHUV WKH\ VKRXOG QRW VKRZ
ZHDNQHVV E\ RIIHULQJ SHDFH WR WKHP ZKLFK PLJKW VWLOO IXUWKHU HPEROGHQWKHP DJDLQVW
,VODPDQGWKH0XVOLPVEXWWKH\VKRXOGFRPHRXWZLWKWUXVWLQ$OODKDQGFODVKZLWKWKH
PLJKW\IRUFHVRIGLVEHOLHI$OODKLVZLWKWKH0XVOLPVWKH\DORQHVKDOOWULXPSKDQGWKH
PLJKWRIGLVEHOLHIZLOOEHKXPEOHGDQGYDQTXLVKHG
,Q FRQFOXVLRQ WKH 0XVOLPV KDYH EHHQ LQYLWHG WR VSHQG WKHLU ZHDOWK LQ WKH FDXVH RI
$OODK$OWKRXJKDWWKDWWLPHWKH\ZHUHHFRQRPLFDOO\YHU\ZHDNWKHSUREOHPWKDWWKH\
FRQIURQWHG ZDV WKH YHU\ VXUYLYDO RI ,VODP DQG WKH 0XVOLPV 7KH LPSRUWDQFH DQG
GHOLFDF\RIWKHSUREOHPGHPDQGHGWKDWWKH0XVOLPVVKRXOGQRWRQO\ULVNWKHLUOLYHVIRU
VDIHJXDUGLQJ WKHPVHOYHV DQG WKHLU )DLWK IURP WKH GRPLQDQFH RI GLVEHOLHI DQG IRU
H[DOWLQJ $OODK
V 5HOLJLRQ EXW VKRXOG DOVR H[SHQG WKHLU HFRQRPLF UHVRXUFHV DV IDU DV
SRVVLEOHLQWKHSUHSDUDWLRQVIRUZDU7KHUHIRUHWKH\ZHUHFOHDUO\ZDUQHGWRWKHHIIHFW
$Q\RQHZKRDGRSWHGDQLJDUGO\DWWLWXGHDWWKHWLPHZRXOGQRWLQIDFWKDUP$OODKDW
DOO EXW ZRXOG UHVXOW LQ KLV RZQ GHVWUXFWLRQ IRU $OODK GRHV QRW VWDQG LQ QHHG RI KHOS
IURPPHQ,IRQHJURXSRIPHQVKLUNHGRIIHULQJVDFULILFHVLQWKHFDXVHRI+LV5HOLJLRQ
$OODKZRXOGUHPRYHLWDQGEULQJDQRWKHUJURXSLQLWVSODFH

)DWK
1DPH
,WLVGHULYHGIURPWKHZRUGV,QQDIDWDKQDODNDIDWKDQPXELQDRIWKHYHU\ILUVWYHUVH
7KLVLVQRWRQO\DQDPHRIWKH6XUDKEXWDOVRLWVWLWOHLQYLHZRIWKHVXEMHFWPDWWHUIRULW
GHDOVZLWKWKHJUHDWYLFWRU\WKDW$OODKJUDQWHGWRWKH+RO\3URSKHWDQGWKH0XVOLPVLQ
WKHIRUPRIWKH7UXFHRI+XGDLEL\DK
3HULRGRI5HYHODWLRQ
7UDGLWLRQVFRQFXUWKDWLWZDVVHQWGRZQLQ'KLO4DGDK$+DWDWLPHZKHQWKH+RO\
3URSKHWZDVRQKLVUHWXUQMRXUQH\WR0DGLQDKDIWHUFRQFOXGLQJWKH7UXFHRI+XGDLEL\DK
ZLWKWKHGLVEHOLHYHUVRI0DNNDK
+LVWRULFDO%DFNJURXQG
7KHHYHQWVLQFRQQHFWLRQZLWKZKLFKWKLV6XUDKZDVVHQWGRZQEHJDQOLIHWKLV2QHGD\
WKH+RO\3URSKHWVDZLQDGUHDPWKDWKHKDGJRQHWR0DNNDKZLWKKLV&RPSDQLRQVDQG
KDG SHUIRUPHG WKH XPUDK WKHUH 2EYLRXVO\ WKH 3URSKHW
V GUHDP FRXOG QRW EH D PHUH
GUHDPDQGILFWLRQIRULWLVDNLQGRI'LYLQHLQVSLUDWLRQDV$OODK+LPVHOIKDVFRQILUPHG
LQ YHUVH  EHORZ DQG VDLG WKDW +H +LPVHOIKDGVKRZQWKDWGUHDPWR+LV0HVVHQJHU
7KHUHIRUHLWZDVQRWPHUHO\DGUHDPEXWD'LYLQHLQVSLUDWLRQZKLFKWKH+RO\3URSKHW
KDGWRREH\DQGIROORZ
$SSDUHQWO\ WKHUH ZDV QR SRVVLEOH ZD\ RI DFWLQJ RQ WKLV LQVSLUDWLRQ 7KH GLVEHOLHYLQJ
4XUDLVKKDGGHEDUUHGWKH0XVOLPVIURPSURFHHGLQJWRWKH.D
EDKIRUWKHSDVWVL[\HDUV
DQG QR 0XVOLP KDG EHHQ DOORZHG GXULQJ WKDW SHULRG WR DSSURDFK WKH .DCEDK IRU WKH
SXUSRVH RI SHUIRUPLQJ KDMM DQG XPUDK 7KHUHIRUH LW FRXOG QRW EH H[SHFWHG WKDW WKH\
LVODPPHVVDJHFRP 
ZRXOGDOORZWKH+RO\3URSKHWWRHQWHU0DNNDKDORQJZLWKDSDUW\RIKLV&RPSDQLRQV,I
WKH\KDGSURFHHGHGWR0DNNDKLQWKHSLOJULPJDUPHQWVZLWKWKHLQWHQWLRQRISHUIRUPLQJ
XPUDKDORQJZLWKWKHLUDUPVWKLVZRXOGKDYHSURYRNHGWKHHQHP\WRZDUDQGLIWKH\
KDG SURFHHGHG XQDUPHG WKLV ZRXOG KDYH PHDQW HQGDQJHULQJ KLV RZQ DV ZHOO DV KLV
&RPSDQLRQV
OLYHV8QGHUFRQGLWLRQVVXFKDVWKHVHQRERG\FRXOGVHHDQGVXJJHVWKRZ
WKH'LYLQHLQVSLUDWLRQFRXOGEHDFWHGXSRQ
%XWWKH3URSKHW
VSRVLWLRQZDVGLIIHUHQW,WGHPDQGHGWKDWKHVKRXOGFDUU\RXWZKDWHYHU
&RPPDQGKLV/RUGJDYHIHDUOHVVO\DQGZLWKRXWDQ\DSSUHKHQVLRQDQGGRXEW7KHUHIRUH
WKH +RO\ 3URSKHW LQIRUPHG KLV &RPSDQLRQV RI KLV GUHDP DQG EHJDQ WR PDNH
SUHSDUDWLRQV IRU WKH MRXUQH\ $PRQJ WKH WULEHV OLYLQJ LQ WKH VXEXUEV DOVR KH KDG WKH
SXEOLFDQQRXQFHPHQWPDGHWKDWKHZDVSURFHHGLQJIRUXPUDKDQGWKHSHRSOHFRXOGMRLQ
KLP 7KRVH ZKR FRXOG RQO\ VHH WKH DSSDUHQW FRQGLWLRQV WKRXJKW WKDW KH DQG KLV
&RPSDQLRQVZHUHJRLQJLQWRWKHYHU\MDZVRIGHDWKQRQHRIWKHPWKHUHIRUHZDVLQFOLQHG
WR DFFRPSDQ\ KLP LQ WKH H[SHGLWLRQ %XW WKRVH ZKR KDG WUXH IDLWK LQ $OODK DQG +LV
0HVVHQJHUZHUHOHDVWERWKHUHGDERXWWKHFRQVHTXHQFHV)RUWKHPWKLVLQIRUPDWLRQZDV
HQRXJK WKDW LW ZDV D 'LYLQH LQVSLUDWLRQ DQG $OODK
V 3URSKHW KDG PDGH XS KLV PLQG WR
FDUU\ LW LQWR HIIHFW $IWHU WKLV QRWKLQJ FRXOG KLQGHU WKHP IURP DFFRPSDQ\LQJ WKH
0HVVHQJHU RI $OODK 7KXV   RI WKH&RPSDQLRQVEHFDPHUHDG\WRIROORZKLPRQ
WKLVKLJKO\GDQJHURXVMRXUQH\
7KLVEOHVVHGFDUDYDQVHWRIIIURP0DGLQDKLQWKHEHJLQQLQJRI'KLO4D
GDK$+$W
'KXO +XODLIDK WKH\ HQWHUHG WKH SLOJULPV UREH ZLWK WKH LQWHQWLRQ RI XPUDK WRRN 
FDPHOVZLWKFROODUVURXQGWKHLUQHFNVLQGLFDWLQJWKDWWKH\ZHUHVDFULILFLDODQLPDOVNHSW
RQO\DVZRUGHDFKLQ VKHDWKVZKLFKWKHSLOJULPVWRWKH.DCEDKZHUHDOORZHGWRFDUU\
DFFRUGLQJWRWKHUHFRJQL]HGFXVWRPRI$UDELDEXWQRRWKHUZHDSRQ7KXVWKHFDUDYDQ
VHWRXWIRUWKH.D
EDKWKH+RXVHRI$OODKDW0DNNDKFKDQWLQJWKHSUHVFULEHGVORJDQRI
/DEEDLN$OODKXPD ODEEDLN
7KHQDWXUHRIWKHUHODWLRQVEHWZHHQ0DNNDKDQG0DGLQDKLQWKRVHGD\VZDVNQRZQWRR
ZHOOWRHYHU\$UDE-XVWWKHSUHYLRXV\HDULQ6KDZZDO$+WKH4XUDLVKPXVWHULQJ
WKHXQLWHGVWUHQJWKRIWKH$UDEWULEHVKDGLQYDGHG0DGLQDKDQGWKHZHOONQRZQ%DWWOH
RI WKH 7UHQFK KDG WDNHQ SODFH 7KHUHIRUH ZKHQ WKH +RO\ 3URSKHW DORQJ ZLWK VXFK D
ODUJH FDUDYDQ VHW RII IRU WKH KRPH RI KLV EORRGWKLUVW\ HQHP\ WKH ZKROH RI $UDELD
ORRNHGXSZLWKDPD]HPHQWDQGWKHSHRSOHDOVRQRWLFHGWKDWWKHFDUDYDQZDVQRWJRLQJ
ZLWK WKH LQWHQWLRQ WR ILJKW EXW ZDV SURFHHGLQJ WR WKH +RXVH RI $OODK LQ D IRUELGGHQ
PRQWKLQWKHSLOJULPVJDUEFDUU\LQJVDFULILFLDODQLPDOVDQGZDVDEVROXWHO\XQDUPHG
7KH4XUDLVKZHUHFRQIRXQGHGDWWKLVEROGVWHSWDNHQE\WKH+RO\3URSKHW'KLO4D
GDK
ZDV RQH RI WKRVH IRUELGGHQ PRQWKV ZKLFK KDG EHHQ KHOG DV VDFUHG IRU SLOJULPDJH LQ
$UDELD IRU FHQWXULHV 1RERG\ KDG D ULJKW WR LQWHUIHUH ZLWK D FDUDYDQ ZKLFK PLJKW EH
FRPLQJIRU KDMMRUXPUDKLQWKHSLOJULPVJDUELQWKLVPRQWKVRPXFKVRWKDWHYHQDQ
HQHP\ WULEH FRXOG QRW KLQGHU LW IURP SDVVLQJ WKURXJK LWV WHUULWRU\ DFFRUGLQJ WR WKH
UHFRJQL]HGODZRIWKHODQG7KH4XUDLVKWKHUHIRUHZHUHFDXJKWLQDGLOHPPDIRULIWKH\
DWWDFNHGWKLVFDUDYDQIURP0DGLQDKDQGVWRSSHGLWIURPHQWHULQJ0DNNDKWKLVZRXOG
DURXVHDFODPRURISURWHVWLQWKHZKROHFRXQWU\DQGDOOWKH$UDEWULEHVZRXOGKDYHWKH
LVODPPHVVDJHFRP 
PLVJLYLQJWKDWWKH4XUDLVKKDGPRQRSROL]HGWKH.D
EDKDVH[FOXVLYHO\WKHLURZQDQG
HYHU\ WULEH ZRXOG EH LQYROYHG LQ WKH PLVWUXVW WKDW QRZLWGHSHQGHGRQWKHZLOORIWKH
4XUDLVKWRDOORZRUQRWWRDOORZDQ\RQHWRSHUIRUPKDMMRUXPUDKLQWKHIXWXUHDQGWKDW
WKH\ZRXOGVWRSDQ\WULEHZLWKZKLFKWKH\ZHUHDQJU\IURPYLVLWLQJWKH.D
EDKMXVWDV
WKH\KDGVWRSSHGWKH0DGLQHVHSLOJULPV7KLVWKH\WKRXJKWZRXOGEHDJUDYHPLVWDNH
ZKLFKZRXOGFDXVHWKHHQWLUH$UDELDWRUHYROWDJDLQVWWKHP%XWRQWKHRWKHUKDQGLI
WKH\ DOORZHG 0XKDPPDG XSRQ ZKRP EH $OODK
V SHDFH DQG EOHVVLQJV  DQG KLV ODUJH
FDUDYDQWRHQWHU WKHLU FLW\VDIHO\WKH\ZRXOGORVHWKHLULPDJHRISRZHULQ$UDELDDQG
WKHSHRSOHZRXOGVD\WKDWWKH\ZHUHDIUDLGRI0XKDPPDG$WODVWDIWHUDJUHDWGHDORI
FRQIXVLRQSHUSOH[LW\DQGKHVLWDWLRQWKH\ZHUHRYHUFRPHE\WKHLUIDOVHVHQVHRIKRQRU
DQGIRUWKHVDNHRIWKHLUSUHVWLJHWKH\WRRNWKHGHFLVLRQWKDWWKH\ZRXOGDWQRFRVWDOORZ
WKHFDUDYDQWRHQWHUWKHFLW\RI0DNNDK
7KH+RO\3URSKHWKDGGLVSDWFKHGDPDQRIWKH%DQL.DCEDVDVHFUHWDJHQWVRWKDWKH
PD\NHHSKLPIXOO\LQIRUPHGRIWKHLQWHQWLRQVDQGPRYHPHQWVRIWKH4XUDLVK:KHQWKH
+RO\ 3URSKHW UHDFKHG 8VIDQ KH EURXJKW WKH QHZV WKDW WKH 4XUDLVK KDG UHDFKHG 'KL
7XZD ZLWK IXOO SUHSDUDWLRQV DQG WKH\ KDG VHQW .KDOLG ELQ :DOLG ZLWK WZR KXQGUHG
FDYDOU\PHQLQDGYDQFHWRZDUGV.XUD
DO*KDPLPWRLQWHUFHSWKLP7KH4XUDLVKZDQWHG
VRPHKRZWRSURYRNHWKH+RO\3URSKHW
V&RPSDQLRQVLQWR ILJKWLQJVRWKDWWKH\PD\WHOO
WKH $UDEV WKDW WKRVH SHRSOH KDG DFWXDOO\ FRPH WR ILJKW DQG KDG SXW RQ WKH SLOJULPV
JDUPHQWVIRUXPUDKRQO\WRGHFHLYHRWKHUV
,PPHGLDWHO\ RQ UHFHLSW RI WKLV LQIRUPDWLRQ WKH +RO\ 3URSKHW FKDQJHG KLV URXWH DQG
IROORZLQJDYHU\UXJJHGURFN\WUDFNUHDFKHG+XGDLEL\DKZKLFKZDVVLWXDWHGULJKWRQ
WKHERXQGDU\RIWKHVDFUHG0DNNDQWHUULWRU\+HUHKHZDVYLVLWHGE\%XGDLOELQ:DUTD
WKHFKLHIRIWKH%DQL.KX]D
DKDORQJZLWKVRPHPHQRIKLVWULEH7KH\DVNHGZKDWKH
KDGFRPHIRU7KH+RO\3URSKHWUHSOLHGWKDWKHDQGKLV&RPSDQLRQVEDGFRPHRQO\IRU
SLOJULPDJHWRWKH+RXVHRI$OODKDQGIRUJRLQJURXQGLWLQZRUVKLSDQGQRWIRUZDU7KH
PHQ RI .KX]D
DK ZHQW DQG WROG WKLV WR WKH 4XUDLVK FKLHIV DQG FRXQVHOHG WKHP QRW WR
LQWHUIHUH ZLWK WKH SLOJULPV %XW WKH 4XUDLVK ZHUH REVWLQDWH 7KH\ VHQW +XOD\V ELQ
$OTDPDK WKH FKLHI RI WKH $KDELVK WR WKH +RO\ 3URSKHW WR SHUVXDGH KLP WR JR EDFN
7KHLUREMHFWZDVWKDWZKHQ0XKDPPDG XSRQZKRPEH$OODK
VSHDFH ZRXOGQRWOLVWHQ
WR+XOD\VKHZRXOGFRPHEDFNGLVDSSRLQWHGDQGWKHQWKHHQWLUHSRZHURIWKH$KDELVK
ZRXOGEHRQWKHLUVLGH%XWZKHQ+XOD\VZHQWDQGVDZWKDWWKHZKROHFDUDYDQKDGSXW
RQWKHSLOJULPVJDUPHQWVKDGEURXJKWVDFULILFLDOFDPHOVZLWKIHVWLYHFROODUVURXQGWKHLU
QHFNV DQG KDG FRPH IRU GRLQJ UHYHUHQFH WR WKH +RXVH RI $OODK DQG QRW WR ILJKW KH
UHWXUQHG WR 0DNNDK ZLWKRXW KDYLQJ DQ\ GLDORJXH ZLWK WKH +RO\ 3URSKHW DQG WROG WKH
4XUDLVK FKLHIV SODLQO\ WKDW WKRVH SHRSOH EDG QR RWKHU REMHFW EXW WR SD\ D YLVLW WR WKH
.D
EDKLIWKH\GHEDUUHGWKHPIURPLWWKH$KDELVKZRXOGQRWMRLQWKHPLQWKDWEHFDXVH
WKH\ KDG QRW EHFRPH WKHLU DOOLHV WR VXSSRUW WKHP HYHQ LI WKH\ YLRODWHG WKH VDFUHG
FXVWRPVDQGWUDGLWLRQV
7KHQWKH4XUDLVKVHQW8UZDKELQ0DV
XG7KDTDILKHKDGOHQJWK\QHJRWLDWLRQVZLWKWKH
+RO\3URSKHWLQDQHIIRUWWRSHUVXDGHKLPWRJLYHXSKLVLQWHQWLRQWRHQWHU0DNNDK%XW
WKH +RO\ 3URSKHW JDYH KLP DOVR WKH VDPH UHSO\ WKDW KH KDG JLYHQ WR WKH FKLHI RI WKH
LVODPPHVVDJHFRP 
.KX]D
DK WKDW WKH\ KDG QRW FRPH WR ILJKW EXW WR GR KRQRU WR WKH +RXVH RI $OODK DQG
FDUU\RXWDUHOLJLRXVGXW\8UZDKZHQWEDFNDQGVDLGWRWKH4XUDLVK,KDYHEHHQWRWKH
FRXUWVRIWKH&DHVDUDQG.KRVURHVDQGWKH1HJXVDOVREXWE\*RGQHYHUKDYH,VHHQ
DQ\SHRSOHVRGHYRWHGWRDNLQJDVDUHWKH&RPSDQLRQVRI0XKDPPDG XSRQZKRPEH
$OODK
VSHDFHDQGEOHVVLQJV WRKLP,I0XKDPPDGPDNHVKLVDEOXWLRQVWKH\ZRXOGQRW
OHW WKH ZDWHU WKHUHRI IDOO RQ WKH JURXQG EXW ZRXOG UXE LW RQ WKHLU ERGLHV DQG FORWKHV
1RZ\RXPD\GHFLGHDVWRZKDW\RXVKRXOGGR
,QWKHPHDQWLPHZKHQWKHPHVVDJHVZHUHFRPLQJDQGWKHQHJRWLDWLRQVZHUHJRLQJRQ
WKH4XUDLVKWULHGDJDLQDQGDJDLQWRTXLHWO\ODXQFKVXGGHQDWWDFNVRQWKH0XVOLPFDPS
LQRUGHU WRSURYRNHWKH&RPSDQLRQVDQGVRPHKRZLQFLWHWKHPWRZDUEXWHYHU\WLPH
WKH\GLGVRWKH&RPSDQLRQV
IRUEHDUDQFHDQGSDWLHQFHDQGWKH+RO\3URSKHW
VZLVGRP
DQGVDJDFLW\IUXVWUDWHGWKHLUGHVLJQV2QRQHRFFDVLRQIRUW\RUILIW\RIWKHLUPHQFDPHDW
QLJKWDQGDWWDFNHGWKH0XVOLPFDPSZLWKVWRQHVDQGDUURZV7KH&RPSDQLRQVDUUHVWHG
DOO RI WKHP DQG WRRN WKHP EHIRUH WKH +RO\ 3URSKHW EXW KH OHW WKHP JR 2Q DQRWKHU
RFFDVLRQPHQFDPHIURPWKHGLUHFWLRQRI7DQ
LPULJKWDWWKHWLPHRIWKH)DMU3UD\HU
DQGPDGHDVXGGHQDWWDFN7KH\ZHUHDOVRFDXJKWEXWWKH+RO\3URSKHWIRUJDYHWKHP
WRR 7KXV WKH 4XUDLVK ZHQW RQ PHHWLQJ IDLOXUH DIWHU IDLOXUH LQ HYHU\ RQH RI WKHLU
GHVLJQV
$WODVWWKH+RO\3URSKHWVHQW+DGUDW8WKPDQ PD\$OODKEHSOHDVHGZLWKKLP DVKLV
RZQPHVVHQJHUWR0DNNDKZLWKWKHPHVVDJHWKDWWKH\KDGQRWFRPHWRILJKWEXWRQO\IRU
SLOJULPDJHDQGKDGEURXJKWWKHLUVDFULILFLDO FDPHOVDORQJDQGWKH\ZRXOGJREDFNDIWHU
SHUIRUPLQJ WKH ULWH RI SLOJULPDJH DQG RIIHULQJ WKH VDFULILFH %XW WKH 4XUDLVK GLG QRW
DJUHH DQG ZLWKKHOG +DGUDW 8WKPDQ LQ WKH FLW\ ,Q WKH PHDQWLPH D UXPRU VSUHDG WKDW
+DGUDW8WKPDQKDGEHHQNLOOHGDQGZKHQKHGLGQRWUHWXUQLQWLPHWKH0XVOLPVWRRN
WKH UXPRU WR EH WUXH 1RZ WKH\ FRXOG VKRZ QR PRUH IRUEHDUDQFH (QWU\ LQWR 0DNNDK
ZDVGLIIHUHQWIRUWKHUHZDVQRLQWHQWLRQWRXVHIRUFH%XWZKHQWKHDPEDVVDGRUZDVSXW
WR GHDWK WKH 0XVOLPV KDG QR DOWHUQDWLYH EXW WR SUHSDUH IRU ZDU 7KHUHIRUH WKH +RO\
3URSKHW VXPPRQHG DOO KLV &RPSDQLRQV WRJHWKHU DQG WRRNDVROHPQSOHGJHIURPWKHP
WKDW WKH\ ZRXOG ILJKW WR GHDWK ,Q YLHZ RI WKH FULWLFDO RFFDVLRQ LW ZDV QRWDQRUGLQDU\
XQGHUWDNLQJ 7KH 0XVOLPV QXPEHUHG RQO\  DQG KDG FRPH ZLWKRXW DQ\ ZHDSRQV
ZHUHHQFDPSLQJDWWKHERXQGDU\RI0DNNDKPLOHVDZD\IURPWKHLURZQFLW\DQG
WKH HQHP\ FRXOG DWWDFN WKHP LQ IXOO VWUHQJWK DQG FRXOG VXUURXQG WKHP ZLWK LWV DOOLHV
IURPWKHDGMRLQLQJWULEHVDVZHOO,QVSLWHRIWKLVQRQHIURP WKHFDUDYDQH[FHSWRQHPDQ
IDLOHGWRJLYHKLVSOHGJHWRILJKWWRGHDWKDQGWKHUHFRXOGEHQRJUHDWHUSURRIRIWKHLU
GHGLFDWLRQDQGVLQFHULW\WKDQWKDWLQWKHFDXVHRI$OODK7KLVSOHGJHLVZHOONQRZQLQWKH
KLVWRU\RI,VODPDVWKHSOHGJHRI5LGZDQ
FRQWLQXHG
FRQWLQXLQJ +LVWRULFDO%DFNJURXQG
/DWHU LW ZDV NQRZQ WKDW WKH QHZV DERXW +DGUDW 8WKPDQ ZDV IDOVH 1RW RQO\ GLG KH
UHWXUQEXWXQGHU6XKDLOELQ
$PUIURPWKH4XUDLDKDOVRDUULYHGDGHSXWDWLRQWRQHJRWLDWH
SHDFH ZLWK WKH +RO\ 3URSKHW 1RZ WKH 4XUDLVK QR PRUH LQVLVWHG WKDW WKH\ ZRXOG
GLVDOORZWKH+RO\3URSKHWDQGKLV&RPSDQLRQVWRHQWHU0DNNDK+RZHYHULQRUGHUWR
LVODPPHVVDJHFRP 
VDYH WKHLU IDFH WKH\ RQO\ LQVLVWHG WKDW KH ZHQW EDFN WKDW \HDU EXW FRXOG FRPH WKH
IROORZLQJ\HDUWRSHUIRUPWKHXPUDK$IWHU OHQJWK\QHJRWLDWLRQVSHDFHZDVFRQFOXGHG
RQWKHIROORZLQJWHUPV
  :DU ZRXOG UHPDLQ VXVSHQGHG IRU WHQ \HDUV DQG QR SDUW\ ZRXOG LQGXOJH LQ DQ\
KRVWLOLW\RSHQRUVHFUHWDJDLQVWWKHRWKHU
  ,I DQ\ RQH GXULQJ WKDW SHULRG IURP DPRQJ WKH 4XUDLVK ZHQW RYHU WR 0XKDPPDG
ZLWKRXWKLVJXDUGLDQ
VSHUPLVVLRQKHZRXOGUHWXUQKLPWRWKHPEXWLID&RPSDQLRQRI
0XKDPPDGFDPHRYHQWRWKH4XUDLVKWKH\ZRXOGQRWUHWXUQKLPWRKLP
 (YHU\$UDEWULEHZRXOGKDYHWKHRSWLRQWRMRLQHLWKHUVLGHDVLWV DOO\DQGHQWHUWKH
WUHDW\
 0XKDPPDGDQGKLVPHQZRXOGJREDFNWKDW\HDUDQGFRXOGFRPHWKHIROORZLQJ\HDU
IRU XPUDK DQG VWD\ LQ 0DNNDK IRU WKUHH GD\V SURYLGHG WKDW WKH\ EURXJKW RQO\ RQH
VKHDWKHG VZRUG HDFK DQG QR RWKHU ZHDSRQ RI ZDU ,Q WKRVH WKUHH GD\V WKH 0DNNDQV
ZRXOGYDFDWHWKHFLW\IRUWKHP VRWKDWWKHUHZDVQRFKDQFHRIDFODVK EXWWKH\ZRXOG
QRWEHDOORZHGWRWDNHDORQJDQ\0DNNDQRQUHWXUQ:KHQWKHFRQGLWLRQVRIWKHWUHDW\
ZHUH EHLQJ VHWWOHG WKH ZKROH RI WKH 0XVOLP DUP\ ZDV IHHOLQJ JUHDWO\ XSVHW 1R RQH
XQGHUVWRRG WKH H[SHGLHQFH EHFDXVH RI ZKLFK WKH +RO\ 3URSKHW ZDV DFFHSWLQJ WKH
FRQGLWLRQV1RRQHZDVIDUVLJKWHGHQRXJKWRIRUHVHHWKHJUHDWEHQHILWWKDWZDVWRUHVXOW
IURPWKLVWUHDW\7KHGLVEHOLHYLQJ4XUDLVKORRNHGDWLWDVWKHLUYLFWRU\DQGWKH0XVOLPV
ZHUH XSVHW DV WR ZK\ WKH\ VKRXOG EH KXPLOLDWHG WR DFFHSWLQJ WKRVH PHDQ FRQGLWLRQV
(YHQ D VWDWHVPDQ RI WKH FDOLEHU RI +DGUDW 8PDU VD\V WKDW KH KDG QHYHU JLYHQ ZD\ WR
GRXEWVLQFHWKHWLPHKHKDGHPEUDFHG,VODPEXWRQWKLVRFFDVLRQKHDOVRFRXOGQRWDYRLG
LW,PSDWLHQWKHZHQWWR+DGUDW$EX%DNUDQGVDLG,VKH WKH+RO\3URSKHWQRW$OODK
V
0HVVHQJHUDQGDUHZHQRW0XVOLPVDQGDUHWKH\QRWSRO\WKHLVWV"7KHQZK\VKRXOGZH
DJUHH WR ZKDW LV KXPLOLDWLQJ WR RXU )DLWK"  +H UHSOLHG 2 8PDU KH LV VXUHO\ $OODK
V
0HVVHQJHUDQG$OODKZLOOQHYHUPDNHKLPWKHORVHU8QVDWLVILHGKHZHQWWRWKH+RO\
3URSKHW KLPVHOI DQG SXW WKH VDPH TXHVWLRQV WR KLP DQG KH DOVR JDYH KLP WKH VDPH
UHSOLHV DV +DGUDW $EX %DNU KDG JLYHQ $IWHUZDUGV +DGUDW 8PDU FRQWLQXHG WR RIIHU
YROXQWDU\ SUD\HUV DQG JLYH DLPV VR WKDW $OODK PD\ SDUGRQ KLV LQVROHQFH WKDW KH KDG
VKRZQWRZDUGVWKH+RO\3URSKHWRQWKDWRFFDVLRQ
7ZR WKLQJV LQ WKH WUHDW\ ZHUH KLJKO\ GLVWXUELQJ IRU WKH 0XVOLPV ILUVW WKH VHFRQG
FRQGLWLRQ DERXW ZKLFK WKH\ VDLG WKDW LW ZDV DQ H[SUHVVO\ XQIDLU FRQGLWLRQ IRU LI WKH\
KDGWRUHWXUQDIXJLWLYHIURP0DNNDKZK\VKRXOGQRWWKH4XUDLVKUHWXUQDIXJLWLYHIURP
0DGLQDK"7RWKLVWKH+RO\3URSKHWUHSOLHG:KDWXVHZRXOGEHKHWRXVZKRIOHGIURP
XVWRWKHP"0D\$OODKNHHSKLPDZD\IURPXV$QGLIZHUHWXUQWKHRQHZKRIOHHVWRXV
IURP WKHP $OODK ZLOO FUHDWH VRPH RWKHU ZD\ RXW IRU KLP  7KH RWKHU WKLQJ WKDW ZDV
UDQNOLQJLQWKHLUPLQGVZDVWKHIRXUWKFRQGLWLRQ7KH0XVOLPVWKRXJKWWKDWDJUHHLQJWR
LWPHDQWWKDWWKH\ZHUH JRLQJEDFNXQVXFFHVVIXODQGWKLVZDVKXPLOLDWLQJ)XUWKHUPRUH
WKHTXHVWLRQWKDWZDVFDXVLQJWKHPIHHOXSVHWZDGWKDWWKH\KDGDFFHSWHGWKHFRQGLWLRQ
RI JRLQJ EDFN ZLWKRXW SHUIRUPLQJ WKH SLOJULPDJH WR WKH .D
EDK ZKHUHDV WKH +RO\
3URSKHWKDGVHHQLQWKHYLVLRQWKDWWKH\ZHUHSHUIRUPLQJWDZDIDW0DNNDK7RWKLVWKH
+RO\3URSKHWUHSOLHGWKDWLQKLVYLVLRQWKH\HDUKDGQRWEHHQVSHFLILHG$FFRUGLQJWRWKH
LVODPPHVVDJHFRP 
WUHDW\ FRQGLWLRQV WKHUHIRUH WKH\ ZRXOG SHUIRUP WKH WDZDI WKH IROORZLQJ \HDU LI LW
SOHDVHG$OODK
5LJKW DWWKHWLPHZKHQWKHGRFXPHQWZDVEHLQJZULWWHQ6XKDLOELQ
$PU
VRZQVRQ$EX
-DQGDO ZKR KDG EHFRPH D 0XVOLP DQG EHHQ LPSULVRQHG E\ WKH SDJDQV RI 0DNNDK
VRPHKRZHVFDSHGWRWKH+RO\3URSKHW
VFDPS+HKDGIHWWHUVRQKLVIHHWDQGVLJQVRI
YLROHQFHRQKLV ERG\+HLPSORUHGWKH+RO\3URSKHWWKDWKHKHOSVHFXUHKLVUHOHDVHIURP
LPSULVRQPHQW 7KH VFHQH RQO\ LQFUHDVHG WKH &RPSDQLRQV
 GHMHFWLRQ DQG WKH\ ZHUH
PRYHG EH\RQG FRQWURO %XW 6XKDLO ELQ
$PU VDLG WKH FRQGLWLRQV RI WKH DJUHHPHQW KDG
EHHQFRQFOXGHGEHWZHHQWKHPDOWKRXJKWKHZULWLQJZDVQRW\HWFRPSOHWHWKHUHIRUHWKH
ER\ VKRXOG EH UHWXUQHG WR WKHP 7KH +RO\ 3URSKHW DGPLWWHG KLV DUJXPHQW DQG $EX
-DQGDOZDVUHWXUQHGWRKLVRSSUHVVRUV
:KHQWKHGRFXPHQWZDVILQLVKHGWKH+RO\3URSKHWVSRNHWRWKH&RPSDQLRQVDQGWROG
WKHPWRVODXJKWHUWKHLUVDFULILFLDODQLPDOVDWWKDWYHU\SODFHVKDYHWKHLUKHDGVDQGSXW
RIIWKHSLOJULPJDUPHQWVEXWQRRQHPRYHGIURPKLVSODFH7KH+RO\3URSKHWUHSHDWHG
WKHRUGHUWKULFHEXWWKH&RPSDQLRQVZHUHVRRYHUFRPHE\GHSUHVVLRQDQG GHMHFWLRQWKDW
WKH\GLGQRWFRPSO\'XULQJKLVHQWLUHSHULRGRIDSRVWOHVKLSRQQRRFFDVLRQKDGLWHYHU
KDSSHQHGWKDWKHVKRXOGFRPPDQGKLV&RPSDQLRQVWRGRDWKLQJDQGWKH\VKRXOGQRW
KDVWHQWRFRPSO\ZLWKLW7KLVFDXVHGKLPDJUHDWVKRFNDQGKHUHSDLUHGWRKLVWHQWDQG
H[SUHVVHGKLVJULHIEHIRUHKLVZLIH+DGUDW8PP6DODPDK6KHVDLG<RXPD\TXLHWO\
JRDQGVODXJKWHU\RXURZQFDPHODQGFDOOWKHEDUEHUDQGKDYH\RXUKHDGVKDYHG$IWHU
WKDW WKH SHRSOH ZRXOG DXWRPDWLFDOO\ GR ZKDW \RX GLG DQG ZRXOG XQGHUVWDQG WKDW
ZKDWHYHU GHFLVLRQ KDG EHHQ WDNHQ ZRXOG QRW EH FKDQJHG  3UHFLVHO\ WKH VDPH WKLQJ
KDSSHQHG 7KH SHRSOH VODXJKWHUHG WKHLU DQLPDOV VKDYHG WKHLU KHDGV RU FXW WKHLU KDLU
VKRUWDQGSXWRIIWKHSLOJULPJDUEEXWWKHLUKHDUWVZHUHVWLOODIIOLFWHGZLWKJULHI
/DWHU ZKHQ WKLV FDUDYDQ ZDV UHWXUQLQJ WR 0DGLQDKIHHOLQJGHSUHVVHGDQGGHMHFWHGDW
WKHWUXFHRI+XGDLEL\DKWKLV6XUDKFDPHGRZQDW'DMQDQ RUDFFRUGLQJWRVRPHRWKHUV
DW.XUD
DO*KDPLP ZKLFKWROGWKH0XVOLPVWKDWWKHWUHDW\WKDWWKH\ZHUHUHJDUGLQJDQ
WKHLU GHIHDW ZDV LQGHHG D JUHDW YLFWRU\ $IWHU LW KDG FRPH GRZQ WKH +RO\ 3URSKHW
VXPPRQHGWKH0XVOLPVWRJHWKHUDQGVDLG7RGD\VXFKDWKLQJKDVEHHQVHQWGRZQWR
PHZKLFKLVPRUHYDOXDEOHWRPHWKDQWKHZRUOGDQGZKDWLWFRQWDLQV7KHQEHUHFLWHG
WKLV 6XUDK HVSHFLDOO\ WR +DGUDW 8PDU IRU KH ZDV WKH RQH ZKR ZDV IHHOLQJ PRVW
GHMHFWHG
$OWKRXJKWKHEHOLHYHUVZHUHVDWLVILHGZKHQWKH\KHDUGWKLV'LYLQH5HYHODWLRQQRWPXFK
ORQJHUDIWHUZDUGVWKHDGYDQWDJHVRIWKLVWUHDW\EHJDQWRDSSHDURQHDIWHUWKHRWKHUXQWLO
HYHU\RQHEHFDPHIXOO\FRQYLQFHGWKDWWKLVSHDFHWUHDW\LQGHHGZDVDJUHDWYLFWRU\
  ,Q LW IRU WKH ILUVW WLPH WKH H[LVWHQFH RI WKH ,VODPLF 6WDWH LQ $UDELD ZDV GXO\
UHFRJQL]HG %HIRUH WKLV LQ WKH H\HV RI WKH $UDEV WKH SRVLWLRQ RI WKH +RO\ 3URSKHW
0XKDPPDG XSRQ ZKRP EH $OODK
V SHDFH  DQG KLV&RPSDQLRQVZDVQRPRUHWKDQRI
PHUH UHEHOV DJDLQVW WKH 4XUDLVK DQG RWKHU $UDE WULEHV DQG WKH\ UHJDUGHG WKHP DV WKH
RXWODZV 1RZ WKH 4XUDLVK WKHPVHOYHV E\ FRQFOXGLQJ WKLV DJUHHPHQW ZLWK WKH +RO\
3URSKHWUHFRJQL]HGKLVVRYHUHLJQW\RYHUWKHWHUULWRULHVRIWKH,VODPLF6WDWHDQGRSHQHG

LVODPPHVVDJHFRP 
WKHZD\IRUWKH$UDEWULEHVWRHQWHUWUHDWLHVRIDOOLDQFHZLWKHLWKHURIWKHSROLWLFDOSRZHUV
WKH\OLNHG
  %\ DGPLWWLQJ WKH ULJKW RI SLOJULPDJH WR WKH +RXVH RI $OODK IRU WKH 0XVOLPV WKH
4XUDLVKDOVRDGPLWWHGWKDW,VODPZDVQRWDQDQWLUHOLJLRXVFUHHGDVWKH\KDGVRIDUEHHQ
WKLQNLQJEXWLWZDVRQHRIWKHDGPLWWHGUHOLJLRQVRI$UDELDDQGOLNHWKHRWKHU$UDEVLWV
IROORZHUVDOVRKDGWKHULJKWWRSHUIRUPWKHULWHVRIKDMMDQGXPUDK7KLVGLPLQLVKHGWKH
KDWUHGLQWKH$UDEVKHDUWVWKDWKDGEHHQFDXVHGE\WKHSURSDJDQGDPDGHE\WKH4XUDLVK
DJDLQVW,VODP
 7KHVLJQLQJRIDQRZDUSDFWIRUWHQ\HDUVSURYLGHGIXOOSHDFHWRWKH0XVOLPVDQG
VSUHDGLQJWRHYHU\QRRNDQGFRUQHURI$UDELDWKH\SUHDFKHG,VODPZLWKVXFKVSLULWDQG
VSHHGWKDWZLWKLQWZR\HDUVDIWHU+XGDLEL\DKWKHQXPEHURIWKHSHRSOHZKRHPEUDFHG
,VODPIDUH[FHHGHGWKRVHZKREDGHPEUDFHGLWGXULQJWKHSDVW\HDURUVR,WZDVDOO
GXHWRWKLVWUHDW\WKDWWZR\HDUV ODWHUZKHQLQFRQVHTXHQFHRIWKH4XUDLVK
VYLRODWLQJWKH
WUHDW\ WKH +RO\ 3URSKHW LQYDGHG 0DNNDK KH ZDV DFFRPSDQLHG E\ DQ DUP\  
VWURQJZKHUHDVRQWKHRFFDVLRQRI+XGDLEL\DKRQO\PHQKDGMRLQHGKLPLQWKH
PDUFK
  $IWHU WKH VXVSHQVLRQ RI KRVWLOLWLHV E\ WKH 4XUDLVK WKH +RO\ 3URSKHW KDG WKH
RSSRUWXQLW\WRHVWDEOLVKDQGVWUHQJWKHQ,VODPLFUXOHLQWKHWHUULWRULHVXQGHUKLPDQGWR
WXUQ WKH ,VODPLF VRFLHW\ LQWR D IXOO IOHGJHG FLYLOL]DWLRQ DQG ZD\ RI OLIH E\ WKH
HQIRUFHPHQWRI,VODPLFODZ7KLVLVWKDWJUHDWEOHVVLQJDERXWZKLFK$OODKVD\VLQYHUVH
RI6XUDK$O0D
LGDK7RGD\,KDYHSHUIHFWHG\RXU5HOLJLRQIRU\RXDQGFRPSOHWHG
0\EOHVVLQJRQ\RXDQGDSSURYHG,VODPDVWKH:D\RI/LIHIRU\RX IRUH[SODQDWLRQ
VHH,QWURGXFWLRQWR6XUDK$O0D
LGDKDQGLWV(1 
 $QRWKHUJDLQWKDWDFFUXHGIURPWKHWUXFHZLWKWKH4XUDLVKZDVWKDWEHLQJDVVXUHGRI
SHDFHIURPWKHVRXWKWKH0XVOLPVRYHUSRZHUHGDOOWKHRSSRQHQWIRUFHVLQWKHQRUWKDQG
FHQWUDO$UDELDHDVLO\-XVWWKUHHPRQWKVDIWHU+XGDLEL\DK.KDLEDUWKHPDMRUVWURQJKROG
RIWKH-HZVZDVFRQTXHUHGDQGDIWHULWWKH-HZLVKVHWWOHPHQWVRI)DGDN:DGLO4XUD
7DLPDDQG7DEXNDOVRIHOOWR,VODPRQHDIWHUWKHRWKHU7KHQDOORWKHUWULEHVRIFHQWUDO
$UDELDZKLFKZHUHERXQGLQDOOLDQFHZLWKWKH-HZVDQG4XUDLVKFDPHXQGHUWKHVZD\
RI,VODP7KXVZLWKLQWZR\HDUVDIWHU+XGDLEL\DKWKHEDODQFHRISRZHULQ$UDELDZDV
VRFKDQJHGWKDWWKHVWUHQJWKRIWKH4XUDLVKDQGSDJDQJDYHZD\DQGWKHGRPLQDWLRQRI
,VODPEHFDPHFHUWDLQ
7KHVHZHUHWKHEOHVVLQJVWKDWWKH0XVOLPVJDLQHGIURPWKHSHDFHWUHDW\ZKLFKWKH\ZHUH
ORRNLQJ XSRQ DV WKHLU GHIHDW DQG WKH 4XUDLVK DV WKHLU YLFWRU\ +RZHYHU ZKDW KDG
WURXEOHG WKH 0XVOLPV PRVW LQ WKLV WUHDW\ ZDV WKH FRQGLWLRQ DERXW WKH IXJLWLYHV IURP
0DNNDK DQG 0DGLQDK WKDW WKH IRUPHU ZRXOG EH UHWXUQHG DQG WKH ODWWHU ZRXOG QRW EH
UHWXUQHG %XW QRW PXFK ORQJ DIWHUZDUGV WKLV FRQGLWLRQ DOVR SURYHG WR EH
GLVDGYDQWDJHRXV IRU WKH 4XUDLVK DQG H[SHULHQFH UHYHDOHG ZKDW IDU UHDFKLQJ
FRQVHTXHQFHVRILWKDGWKH+RO\3URSKHWIRUHVHHQDQGWKHQ DFFHSWHGLW$IHZGD\VDIWHU
WKH WUHDW\ D 0XVOLP RI 0DNNDK $EX %DVLU HVFDSHG IURP WKH 4XUDLVK DQG UHDFKHG
0DGLQDK7KH4XUDLVKGHPDQGHGKLPEDFNDQGWKH+RO\3URSKHWUHWXUQHGKLPWRWKHLU
PHQZKRKDGEHHQVHQWIURP0DNNDKWRDUUHVWKLP%XWZKLOHRQWKHZD\WR0DNNDKKH
LVODPPHVVDJHFRP 
DJDLQIOHGDQGZHQWDQGVDWRQWKHURDGE\WKH5HG6HDVKRUHZKLFKWKHWUDGHFDUDYDQV
RIWKH4XUDLVKWRRNWR6\ULD$IWHUWKDWHYHU\0XVOLPZKRVXFFHHGHGLQHVFDSLQJIURP
WKH 4XUDLVK ZRXOG JR DQG MRLQ $EX %DVLU LQVWHDG RI JRLQJ WR 0DGLQDK XQWLO  PHQ
JDWKHUHGWKHUH7KH\ZRXOGDWWDFNDQ\4XUDLVKFDUDYDQWKDWSDVVHGWKHZD\DQGFXWLW
LQWRSLHFHVDWODVWWKH4XUDLVKWKHPVHOYHVEHJJHGWKH+RO\3URSKHWWRFDOOWKRVHPHQWR
0DGLQDKDQGWKHFRQGLWLRQUHODWLQJWRWKHUHWXUQRIWKHIXJLWLYHVRILWVHOIEHFDPHQXOO
DQGYRLG7KH6XUDKVKRXOGEHUHDGZLWKWKLVKLVWRULFDOEDFNJURXQGLQYLHZLQRUGHUWR
IXOO\XQGHUVWDQGLW

+XMXUDDW
1DPH
7KH6XUDKWDNHVLWVQDPHIURPYHUVHLQZKLFKWKHZRUGKXMXUDWKDVRFFXUUHG
3HULRGRI5HYHODWLRQ
7UDGLWLRQV VKRZ DQG WKH VXEMHFW PDWWHU RI WKH 6XUDK DOVR VXSSRUWV WKH VDPH WKDW WKLV
6XUDK LV D FROOHFWLRQ RI WKH FRPPDQGPHQWV DQG LQVWUXFWLRQV VHQW GRZQ RQ GLIIHUHQW
RFFDVLRQV ZKLFK KDYH EHHQ SXW WRJHWKHU EHFDXVH RI WKH UHOHYDQF\ RI WKH WKHPH
0RUHRYHUWKHWUDGLWLRQVDOVRVKRZWKDWPRVWRIWKHVHFRPPDQGPHQWVZHUHVHQWGRZQ
GXULQJWKHILQDOVWDJHRIWKH+RO\3URSKHW
VOLIHDW0DGLQDK)RULQVWDQFHDERXWYHUVH
WKH FRPPHQWDWRUV VWDWH WKDW LW ZDV VHQW GRZQ FRQFHUQLQJ WKH %DQL 7DPLP ZKRVH
GHSXWDWLRQ KDG DUULYHG LQ 0DGLQDK DQG VWDUWHG FDOOLQJ RXW WR WKH +RO\ 3URSKHW IURP
RXWVLGHWKHDSDUWPHQWV KXMXUDW  RIKLVZLYHVDQGDFFRUGLQJWRDOOELRJUDSKLFDOERRNV
RQ WKH +RO\ 3URSKHW
V OLIH WKLV GHSXWDWLRQ KDG YLVLWHG 0DGLQDK LQ $ +  /LNHZLVH
DERXWYHUVHDODUJHQXPEHURIWKHWUDGLWLRQVRI+DGLWKFRQILUPWKDWLWZDVVHQWGRZQ
FRQFHUQLQJ:DOLGELQ8TEDKZKRPWKH+RO\3URSKHWKDGVHQWWRFROOHFWWKH]DNDWIURP
WKH%DQLDO0XVWDOLTDQGLWLVZHOONQRZQWKDW:DOLGELQ8TDEDKKDGEHFRPHD0XVOLP
RQWKHFRQTXHVWRI0DNNDK
6XEMHFW0DWWHUDQG7RSLFV
7KH VXEMHFW PDWWHU RI WKLV 6XUDK LV WR WHDFK WKH 0XVOLPV WKH PDQQHUV ZRUWK\ RI WUXH
EHOLHYHUV,QWKHILUVWILYHYHUVHVWKH\KDYHEHHQWDXJKWWKHPDQQHUVWKH\VKRXOGREVHUYH
ZLWKUHJDUGWR$OODKDQG+LV0HVVHQJHU
7KHQWKH\KDYHEHHQJLYHQWKHLQVWUXFWLRQWKDWLWLVQRWULJKWWREHOLHYHLQHYHU\QHZV
EOLQGO\DQGWRDFWDFFRUGLQJWRLWZLWKRXWGXHWKRXJKW,ILQIRUPDWLRQLVUHFHLYHGDERXW
DSHUVRQDJURXSRUDFRPPXQLW\LWVKRXOGEHVHHQFDUHIXOO\ZKHWKHUWKHPHDQVRIWKH
LQIRUPDWLRQ LV UHOLDEOH RU QRW ,I WKH PHDQV LV QRW UHOLDEOH LW VKRXOG EH WHVWHG DQG
H[DPLQHGWRVHHZKHWKHUWKHQHZVLVDXWKHQWLFRUQRWEHIRUHWDNLQJDQ\DFWLRQRQLW
7KHQLWKDVEHHQWROGZKDWDWWLWXGHVKRXOGWKHRWKHU0XVOLPVDGRSWLQFDVHWZRJURXSV
RI WKH 0XVOLPV IDOO WR PXWXDO ILJKWLQJ 7KHQ WKH 0XVOLPV KDYH EHHQ H[KRUWHG WR
VDIHJXDUG DJDLQVW WKH HYLOV WKDW FRUUXSW FROOHFWLYH OLIH DQG VSRLO PXWXDO UHODWLRQVKLSV
0RFNLQJ DQG WDXQWLQJ HDFK RWKHU FDOOLQJ RWKHUV E\ QLFNQDPHV FUHDWLQJ VXVSLFLRQV
SU\LQJLQWRRWKHUSHRSOH
VDIIDLUVDQGEDFNELWLQJDUHWKHHYLOVZKLFKDUHQRWRQO\VLQVLQ
WKHPVHOYHVEXWWKH\DOVRFRUUXSWVRFLHW\$OODKKDVPHQWLRQHGDOOWKHVHHYLOVVHSDUDWHO\
DQGIRUELGGHQWKHPDVXQODZIXO
LVODPPHVVDJHFRP 
$IWHU WKLV WKH QDWLRQDO DQG UDFLDO GLVWLQFWLRQV WKDW FDXVH XQLYHUVDO FRUUXSWLRQ LQ WKH
ZRUOG KDYH EHHQ FRQGHPQHG 1DWLRQV DQG WULEHV DQG IDPLOLHV SULGH RI $QFHVWU\ DQG
WKHLUORRNLQJGRZQXSRQRWKHUVDVLQIHULRUWRWKHPVHOYHVDQGWKHLUSXOOLQJGRZQRWKHUV
RQO\ IRU WKH VDNH RI HVWDEOLVKLQJ WKHLU RZQ VXSHULRULW\ LV DQ LPSRUWDQW IDFWRU WKDW KDV
ILOOHGWKHZRUOGZLWKLQMXVWLFHVDQGW\UDQQ\$OODKLQDEULHIYHUVHKDVFXWDWWKHURRWRI
WKLVHYLOE\VWDWLQJWKDWDOOPHQDUHGHVFHQGDQWVRIWKHVDPHRQHSDLUDQGWKHLUGLYLVLRQ
LQWR WULEHV DQG FRPPXQLWLHV LV RQO\ IRU WKH VDNH RI UHFRJQLWLRQ QRW IRU ERDVWLQJ DQG
SULGHDQGWKHUHLVQRODZIXOEDVLVRIRQHPDQ
VVXSHULRULW\RYHUWKHRWKHUH[FHSWRQWKH
EDVLVRIPRUDOH[FHOOHQFH
,QFRQFOXVLRQWKHSHRSOHKDYHEHHQWROGWKDWWKHUHDOWKLQJLVQRWWKHYHUEDO3URIHVVLRQ
RIWKH)DLWKEXWWREHOLHYHLQ$OODKDQG+LVPHVVHQJHUWUXO\WRREH\WKHPLQSUDFWLFDO
OLIH DQG WR H[HUW VLQFHUHO\ ZLWK RQH
V VHOI DQG ZHDOWK LQ WKH FDXVH RI $OODK 7UXH
EHOLHYHUVDUHRQO\WKRVHZKRDGRSWWKLVDWWLWXGH$VIRUWKRVHZKRSURIHVV,VODPPHUHO\
RUDOO\ ZLWKRXW DIILUPDWLRQ E\ WKH KHDUW DQG WKHQ DGRSW DQ DWWLWXGH DV LI WKH\ KDG GRQH
VRPHRQHDIDYRUE\DFFHSWLQJ,VODPPD\EHFRXQWHGDPRQJWKH0XVOLPVLQWKHZRUOG
PD\HYHQEHWUHDWHGDV0XVOLPVLQVRFLHW\EXWWKH\FDQQRWEHFRXQWHGDVEHOLHYHUVLQ
WKHVLJKWRI$OODK

4DDI
1DPH
7KH6XUDKGHULYHVLWVQDPHIURPWKHLQLWLDOOHWWHU 4DDIWKHUHE\LPSO\LQJWKDWLWLVWKH
6XUDKZKLFKRSHQVZLWKWKHDOSKDEHWLFOHWWHU4DDI
3HULRGRI5HYHODWLRQ
7KHUHLVQRDXWKHQWLFWUDGLWLRQWRVKRZDVWRZKHQH[DFWO\WKLV6XUDKZDVVHQWGRZQ$
VWXG\RIWKHVXEMHFWPDWWHUKRZHYHUUHYHDOVWKDWLWVSHULRGRIUHYHODWLRQLVWKHVHFRQG
VWDJH RI WKH +RO\ 3URSKHW
V OLIH DW 0DNNDK ZKLFK ODVWHG IURP WKH WKLUG \HDU RI WKH
3URSKHWKRRG WLOO WKH ILIWK\HDU:HKDYHJLYHQWKHFKDUDFWHULVWLFVRIWKLVSHULRGLQWKH
,QWURGXFWLRQWRWKH6DUDK$O$QCDDP,QYLHZRIWKRVHFKDUDFWHULVWLFVLWFDQEHVDLGWKDW
WKLV6XUDKPLJKWKDYHEHHQVHQWGRZQLQDERXWWKHWK\HDUZKHQWKHDQWDJRQLVPRIWKH
GLVEHOLHYHUVKDGEHFRPHTXLWHLQWHQVHEXWKDGQRW\HWDVVXPHGW\UDQQLFDOSURSRUWLRQV
7KHPHDQG7RSLFV
$XWKHQWLF WUDGLWLRQV VKRZWKDWWKH+RO\3URSKHWXVHGWRUHFLWHWKLV6XUDKJHQHUDOO\LQ
WKH 3UD\HU RQ WKH (LG GD\V $ ZRPDQ QDPHG 8PP +LVKDP ELQ +DULWKDK ZKR ZDV D
QHLJKERURIWKH+RO\ 3URSKHWVD\VWKDWVKHZDVDEOHWRFRPPLW6XUDK4DDIWRPHPRU\
RQO\EHFDXVHVKHRIWHQKHDUGLWIURPWKH+RO\3URSKHWLQWKH)ULGD\VHUPRQV$FFRUGLQJ
WRVRPHRWKHUWUDGLWLRQVKHRIWHQUHFLWHGLWLQWKH)DMU3UD\HU7KLVPDNHVLWDEXQGDQWO\
FOHDUWKDWWKLV ZDVDQLPSRUWDQW6XUDKLQWKHVLJKWRIWKH+RO\3URSKHW7KDWLVZK\KH
PDGHVXUHWKDWLWVFRQWHQWVUHDFKHGDVPDQ\SHRSOHDVSRVVLEOHRYHUDQGRYHUDJDLQ
7KLVUHDVRQIRUWKLVLPSRUWDQFHFDQEHHDVLO\XQGHUVWRRGE\DFDUHIXOVWXG\RIWKH6XUDK
7KHWKHPHRIWKHHQWLUH6XUDKLVWKH+HUHDIWHU:KHQWKH+RO\3URSKHWVWDUWHGSUHDFKLQJ
KLVPHVVDJHLQ0DNNDKZKDWVXUSULVHGWKHSHRSOHPRVWZDVWKHQHZVWKDWSHRSOHZRXOG
EH UHVXUUHFWHG DIWHU GHDWK DQG WKH\ ZRXOG KDYH WR UHQGHU DQ DFFRXQW RI WKHLU GHHGV
LVODPPHVVDJHFRP 
7KH\ VDLG WKDW WKDW ZDV LPSRVVLEOH KXPDQ PLQG FRXOG QRW EHOLHYH WKDW WKDW ZRXOG
KDSSHQ
$IWHU DOO KRZ FRXOG LW EHSRVVLEOHWKDWZKHQWKHERG\KDGGLVLQWHJUDWHGLQWRGXVWWKH
VFDWWHUHGSDUWLFOHVZRXOGEHUHDVVHPEOHGDIWHUKXQGUHGVRIWKRXVDQGVRI\HDUVWRPDNH
XS WKH VDPH ERG\ RQFH DJDLQ DQG UDLVHG XS DV D OLYLQJ ERG\ $OODK LQ UHVSRQVH VHQW
GRZQ WKLV GLVFRXUVH ,Q LW RQ WKH RQH KDQG DUJXPHQWV KDYH EHHQ JLYHQ IRU WKH
SRVVLELOLW\DQGRFFXUUHQFHRIWKH+HUHDIWHULQDEULHIZD\LQVKRUWVHQWHQFHVDQGRQWKH
RWKHU WKH SHRSOH KDYH EHHQ ZDUQHG DV LI WR VD\ :KHWKHU \RX H[SUHVV ZRQGHU DQG
VXUSULVHRU\RXUHJDUGLWDVVRPHWKLQJUHPRWHIURPUHDVRQRUGHQ\LWDOWRJHWKHULQDQ\
FDVHLWFDQQRWFKDQJHWKHWUXWK
7KHDEVROXWHXQDOWHUDEOHWUXWKLVWKDW$OODKNQRZVWKHZKHUHDERXWVRIHDFKDQGHYHU\
SDUWLFOHRI\RXUERG\WKDWKDVVFDWWHUHGDZD\LQWKHHDUWKDQGNQRZVZKHUHDQGLQZKDW
VWDWHLWLV$OODK
VRQHVLJQDOLVHQRXJKWRPDNHDOOWKHVFDWWHUHGSDUWLFOHVJDWKHUWRJHWKHU
DJDLQDQGWRPDNH\RXULVHXSRQFHDJDLQDV\RXKDGEHHQPDGHLQWKHILUVWLQVWDQFH
/LNHZLVH \RXU WKLV LGHD WKDW \RX KDYH EHHQ FUHDWHG DQG OHIW IUHH WR \RXUVHOYHV LQ WKH
ZRUOG DQG WKDW \RX KDYH QRW EHHQ PDGH DQVZHUDEOH WR DQ\RQH LV QR PRUH WKDQ D
PLVXQGHUVWDQGLQJ7KHIDFWLVWKDWQRWRQO\LV$OODK+LPVHOIGLUHFWO\DZDUHRIHDFKDFW
DQG ZRUG RI \RXUV HYHQ RI WKH LGHDV WKDW SDVV LQ \RXU PLQG EXW +LV DQJHOV DOVR DUH
DWWDFKHG WR HDFK RQH RI \RX ZKR DUH SUHVHUYLQJ WKH UHFRUG RI ZKDWHYHU \RX GR DQG
XWWHU:KHQWKHWLPHFRPHV\RXZLOOFRPHRXW RI\RXUJUDYHVDWRQHFDOOMXVWDV\RXQJ
VKRRWVRIYHJHWDEOHVSURXWXSIURPWKHHDUWKRQWKHILUVWVKRZHURIWKHUDLQ
7KHQ WKLV KHHGOHVVQHVV ZKLFK REVWUXFWV \RXU YLVLRQ ZLOO EH UHPRYHG DQG \RXZLOOVHH
ZLWK\RXURZQH\HVDOOWKDW\RXDUHGHQ\LQJWRGD\$WWKDWWLPH\RXZLOOUHDOL]HWKDW\RX
KDGQRWEHHQFUHDWHGWREHLUUHVSRQVLEOHLQWKLVZRUOGEXWDFFRXQWDEOHWRDOO\RXUGHHGV
WKHPHHWLQJRXWRIWKHUHZDUGVDQGSXQLVKPHQWVWKH+HOODQG+HDYHQZKLFK\RXUHJDUG
DVLPSRVVLEOHDQGLPDJLQDU\WKLQJVZLOODWWKDWWLPHEHFRPHYLVLEOHUHDOLWLHVIRU\RXLQ
FRQVHTXHQFHRI\RXUHQPLW\DQGRSSRVLWLRQWRWKH7UXWK\RXZLOOEHFDVWLQWRWKHVDPH
+HOOZKLFK\RXUHJDUGDVUHPRWHIURPUHDVRQWRGD\DQGWKHRQHVZKRIHDUWKH0HUFLIXO
*RG DQG UHWXUQ WR WKH SDWK RI ULJKWHRXVQHVV ZLOO EH DGPLWWHG WR WKH VDPH 3DUDGLVH DW
ZKRVHPHQWLRQ\RXQRZH[SUHVVZRQGHUDQGVXUSULVH

=KDDUL\DDW
1DPH
,WLVGHULYHGIURPWKHYHU\ILUVWZRUGZDGKGKDUL\DW
ZKLFKLPSOLHVWKDWLWLVD6XUDKZKLFKEHJLQVZLWKWKHZRUGDGKGKDUL\DDW
3HULRGRI5HYHODWLRQ
7KHVXEMHFWPDWWHUDQGWKHVW\OHFOHDUO\VKRZWKDWLWZDVVHQWGRZQLQWKHSHULRGZKHQ
DOWKRXJKWKH+RO\3URSKHW
VLQYLWDWLRQZDVEHLQJUHVLVWHGDQGRSSRVHGZLWKGHQLDODQG
ULGLFXOH DQG IDOVH DFFXVDWLRQV VWXEERUQO\ SHUVHFXWLRQ KDG QRW \HW VWDUWHG 7KHUHIRUH
WKLV6XUDKDOVRVHHPVWRKDYHEHHQUHYHDOHGLQWKHVDPHSHULRGLQZKLFKWKH6XUDK4DDI
ZDVUHYHDOHG
6XEMHFW0DWWHUDQG7RSLFV
LVODPPHVVDJHFRP 
7KH6XUDKPRVWO\GHDOVZLWKWKH+HUHDIWHUDQGLQWKHHQGLWSUHVHQWVWKHLQYLWDWLRQWR
7DXKLG,QDGGLWLRQWKHSHRSOHKDYHDOVREHHQZDUQHGWKDWUHIXVDOWRDFFHSWWKHPHVVDJH
RIWKH3URSKHWVDQGSHUVLVWHQFHLQWKHFRQFHSWVDQGFUHHGVRILJQRUDQFHKDYHSURYHGWR
EHGLVDVWURXVIRUWKRVHQDWLRQVWKHPVHOYHVZKLFKKDYHDGRSWHGWKLVDWWLWXGHDQGZD\RI
OLIHLQWKHSDVW
$ERXW WKH +HUHDIWHU ZKDW WKLV 6XUDK SUHVHQWVLQVKRUWEXWSLWK\VHQWHQFHVLVWKLV7KH
SHRSOH
VGLIIHUHQWDQGFRQIOLFWLQJEHOLHIVDERXWWKHHQGRIKXPDQOLIHDUHWKHPVHOYHVDQ
H[SUHVVSURRIWKDWQRQHRIWKHVHEHOLHIVDQGFUHHGVLVEDVHGRQNQRZOHGJHHYHU\RQHE\
KLPVHOIKDVIRUPHGDQLGHRORJ\RQWKHEDVLVRIFRQMHFWXUHDQGPDGHWKHVDPHKLVFUHHG
6RPHRQHWKRXJKWWKDWWKHUHZRXOGEHQROLIHDIWHUGHDWKVRPHRQHEHOLHYHGLQWKHOLIH
DIWHUGHDWKEXWLQWKHIRUPRIWKHWUDQVPLJUDWLRQRIVRXOVVRPHRQHEHOLHYHGLQWKHOLIH
KHUHDIWHUDQGWKHPHWLQJRXWRIWKHUHZDUGVDQGSXQLVKPHQWVEXWLQYHQWHGGLIIHUHQWVRUWV
RI SURSV DQG VXSSRUWV WR HVFDSH UHWULEXWLRQ $ERXW D TXHVWLRQ RI VXFK YLWDO DQG
IXQGDPHQWDOLPSRUWDQFHDZURQJYLHZRIZKLFKUHQGHUVPDQ
VZKROHOLIHZRUNZURQJ
DQG ZDVWH DQG UXLQV KLV IXWXUH IRU HYHU LW ZRXOG EH D GLVDVWURXV IROO\ WR EXLOG DQ
LGHRORJ\RQO\RQWKHEDVLVRIVSHFXODWLRQDQGFRQMHFWXUHZLWKRXWNQRZOHGJH,WZRXOG
PHDQWKDWPDQVKRXOGUHPDLQLQYROYHGLQDJUDYHPLVXQGHUVWDQGLQJSDVVKLVZKROHOLIH
LQWKHKHHGOHVVQHVVRIHUURUDQGDIWHUGHDWKVKRXOGVXGGHQO\PHHWZLWKDVLWXDWLRQIRU
ZKLFK KH KDG PDGH QR SUHSDUDWLRQ DW DOO 7KHUH LV RQO\ RQH ZD\ RI IRUPLQJ WKH ULJKW
RSLQLRQ DERXW VXFK D TXHVWLRQ DQG LW LV WKLV 0DQ VKRXOG VHULRXVO\ SRQGHU RYHU WKH
NQRZOHGJHDERXWWKH+HUHDIWHUWKDWWKH3URSKHWRI$OODKLVFRQYH\LQJWRKLPIURP+LP
DQGVKRXOGVWXG\FDUHIXOO\WKHV\VWHPRIWKHHDUWKDQGKHDYHQVDQGKLVRZQH[LVWHQFH
DQG VKRXOG VHH ZKHWKHU WKH HYLGHQFH RI WKDW NQRZOHGJH
V EHLQJ VRXQG DQG FRUUHFW LV
DIIRUGHGE\HYHU\WKLQJDURXQGKLPRUQRW,QWKLVUHJDUGWKHDUUDQJHPHQWRIWKHZLQG
DQG UDLQ WKH VWUXFWXUH RI WKH HDUWK DQG WKH FUHDWXUHV IRXQG RQ LW PDQ
V RZQ VHOI WKH
FUHDWLRQRIWKHKHDYHQVDQGRIHYHU\WKLQJLQWKHZRUOGLQWKHIRUPRI SDLUVKDYHEHHQ
SUHVHQWHG DV HYLGHQFH RI WKH +HUHDIWHU DQG LQVWDQFHV KDYH EHHQ FLWHG IURP KXPDQ
KLVWRU\WRVKRZWKDWWKHWHPSHU "" RIWKHHPSLUHRIWKH8QLYHUVHUHTXLUHVWKDWWKHODZ
RIUHWULEXWLRQPXVWRSHUDWHKHUH
$IWHUWKLVJLYLQJWKHLQYLWDWLRQWR7DXKLGEULHIO\LWKDVEHHQVDLG<RXU&UHDWRUKDV
QRW FUHDWHG \RX IRU WKH VHUYLFH RI RWKHUV EXW IRU +LV RZQ VHUYLFH +H LV QRW OLNH \RXU
IDOVHJRGVZKLFKUHFHLYHVXVWHQDQFHIURP\RXDQGJRGKHDGRIZKLFKFDQQRWIXQFWLRQ
ZLWKRXW\RXUKHOSEXW+HLVD*RG:KRLVWKH6XVWDLQHURIDOO:KRGRHVQRWVWDQGLQ
QHHGRIVXVWHQDQFHIURPDQ\RQHDQG:KRVH*RGKHDGLVIXQFWLRQLQJE\+LVRZQSRZHU
DQGPLJKW
,QWKLVYHU\FRQQHFWLRQLWKDVDOVREHHQVWDWHGWKDWZKHQHYHUWKH3URSKHWVRI$OODKKDYH
EHHQRSSRVHGDQGUHVLVWHGWKH\KDYHQRWEHHQRSSRVHGDQGUHVLVWHGRQWKHEDVLVRIDQ\
UDWLRQDOJURXQGEXWRQWKHEDVLVRIWKHVDPHREGXUDF\DQGVWXEERUQQHVVDQGIDOVHSULGH
WKDW LV EHLQJ VKRZQ DJDLQVW WKH 3URSKHW 0XKDPPDG SHDFH DQG EOHVVLQJV RI$OODKEH
XSRQ KLP  DQG WKHUH LV QR RWKHU PRWLYH IRU LW WKDQ UHEHOOLRQ DQG DUURJDQFH 7KHQWKH
+RO\3URSKHWKDVEHHQLQVWUXFWHGQRWWRERWKHUDERXWWKHUHEHOVEXWWRJRRQSHUIRUPLQJ
KLVPLVVLRQRILQYLWDWLRQDQGDGPRQLWLRQIRULWLVXVHIXODQGEHQHILFLDOIRUWKHEHOLHYHUV
LVODPPHVVDJHFRP 
DOWKRXJK LWPD\QRWEHVRIRUWKHRWKHUSHRSOH$VIRUWKHZLFNHGSHRSOHZKRVWLOOSHUVLVW
LQWKHLUUHEHOOLRQWKH\VKRXOGNQRZWKDWWKHLUSUHGHFHVVRUVZKRIROORZHGWKHVDPHZD\
RIOLIHKDYHDOUHDG\UHFHLYHGWKHLUVKDUHVRIWKHSXQLVKPHQWDQGWKHVHSHRSOH
VVKDUHRI
WKHSXQLVKPHQWKDVEHHQPDGHUHDG\IRUWKHP

7XXU
1DPH
,WLVGHULYHGIURPWKHYHU\ILUVWFRUG:DW7XUL
3HULRGRI5HYHODWLRQ
)URP WKH LQWHUQDO HYLGHQFH RI WKH VXEMHFW PDWWHU LW DSSHDUV WKDW WKLV 6XUDK WRR ZDV
UHYHDOHGLQWKHVDPHVWDJHRIWKH +RO\3URSKHW
VOLIHDW0DNNDKLQZKLFKWKH6XUDK$GK
'KDUL\DW ZDV UHYHDOHG :KLOH JRLQJ WKURXJK LW RQH FDQ FOHDUO\ IHHO WKDW GXULQJ WKH
SHULRG RI LWV UHYHODWLRQ WKH +RO\ 3URSKHW SHDFH DQG EOHVVLQJV RI $OODK EH XSRQ KLP 
ZDV EHLQJ VKRZHUHG ZLWK REMHFWLRQV DQG DFFXVDWLRQV EXW WKHUH LV QR HYLGHQFH \HW WR
VKRZWKDWVHYHUHSHUVHFXWLRQRIWKH0XVOLPVKDGVWDUWHG
6XEMHFW0DWWHUDQG7RSLFV
7KHVXEMHFWPDWWHURILWVILUVWVHFWLRQ YY LVWKH+HUHDIWHU$VDUJXPHQWVIRULWV
SRVVLELOLW\ QHFHVVLW\ DQG RFFXUUHQFH KDG DOUHDG\ EHHQ JLYHQ LQ 6XUDK $GK'KDUL\DW
WKHVH KDYH QRW EHHQ UHSHDWHG KHUH +RZHYHU VZHDULQJ DQ RDWK E\ VRPH UHDOLWLHV DQG
VLJQV ZKLFK WHVWLI\ WR WKH +HUHDIWHU LW KDV EHHQ VWDWHG PRVW HPSKDWLFDOO\ WKDW LW ZLOO
VXUHO\FRPHWRSDVVDQGQRQHKDVWKHSRZHUWRSUHYHQWLWVRFFXUUHQFH7KHQLWKDVEHHQ
VWDWHGDVWRZKDWZLOOEHWKHIDWHRIWKRVHZKRGHQ\LWZKHQLWDFWXDOO\RFFXUVDQGKRZ
ZLOOWKRVHZKREHOLHYHLQLWDQGDGRSWWKHZD\RISLHW\DQGULJKWHRXVQHVVDFFRUGLQJO\
EHEOHVVHGE\$OODK
7KHQLQWKHVHFRQGVHFWLRQ YY WKH4XUDLVKFKLHIV
DWWLWXGHWRZDUGVWKHPHVVDJH
RI WKH +RO\ 3URSKHW SHDFH DQG EOHVVLQJV RI $OODK KH XSRQ KLP  KDV EHHQ FULWLFL]HG
7KH\FDOOHGKLPDVRUFHUHUDPDGPDQRUDSRHWDQGZRXOGWKXVPLVOHDGWKHFRPPRQ
SHRSOHDJDLQVWKLPVRWKDWWKH\VKRXOGQRWSD\DQ\VHULRXVDWWHQWLRQWRWKHPHVVDJHKH
SUHDFKHG 7KH\ ORRNHG XSRQ KLP DV D FDODPLW\ WKDW KDG VXGGHQO\ GHVFHQGHG RQ WKHP
DQGZRXOGRSHQO\ZLVKWKDWKHPHWZLWKDGLVDVWHUVRWKDWWKH\ZHUHULGRIKLP7KH\
DFFXVHG KLP RI IDEULFDWLQJ WKH 4XU
DQ E\ KLPVHOI DQG RI SUHVHQWLQJ LW LQ WKH QDPH RI
$OODKDQGWKLVZDV*RGIRUELGDIUDXGWKDWKHZDVSUDFWLFLQJ7KH\ZRXOGRIWHQWDXQW
KLPVD\LQJWKDW*RGFRXOGQRWKDYHDSSRLQWHGDQRUGLQDU\PDQOLNHKLPWRWKHRIILFHRI
3URSKHWKRRG 7KH\ H[SUHVVHG JUHDW GLVJXVW DW KLV LQYLWDWLRQ DQG PHVVDJH DQG ZRXOG
DYRLGKLPDVLIKHZDVDVNLQJWKHPIRUDUHZDUGIRULW7KH\ZRXOGVLWDQGWDNHFRXQVHOV
WRJHWKHUWRGHYLVHVFKHPHVLQRUGHUWRSXWDQHQGWRKLVPLVVLRQ$QGZKLOHWKH\GLGDOO
WKLV WKH\ QHYHU UHDOL]HG ZKDW FUHHGV RI LJQRUDQFH WKH\ ZHUH LQYROYHG LQ DQG KRZ
VHOIOHVVO\ DQG VLQFHUHO\ ZDV 0XKDPPDG SHDFH DQG EOHVVLQJV RI $OODK EH XSRQ KLP 
H[HUWLQJKLPVHOIWRGHOLYHUWKHPIURPWKHLUHUURU:KLOHFULWLFL]LQJWKHPIRUWKLVDWWLWXGH
DQGFRQGXFW$OODKKDVSXWWKHPFHUWDLQTXHVWLRQVRQHDIWHUWKHRWKHUHDFKRIZKLFKLV
HLWKHUDQDQVZHUWRVRPHREMHFWLRQRIWKHLUVRUDFULWLFLVPRIVRPHHUURU7KHQLWKDV
EHHQ VDLG WKDW LW ZRXOG DEVROXWHO\ EH RI QR DYDLO WR VKRZ WKHP D PLUDFOH LQ RUGHU WR
LVODPPHVVDJHFRP 
FRQYLQFH WKHP RI KLV 3URSKHWKRRG IRU WKH\ ZHUH VXFK VWXEERUQ SHRSOH DV ZRXOG
PLVLQWHUSUHWDQ\WKLQJWKH\ZHUHVKRZQRQO\WRDYRLGDIILUPLQJWKHIDLWK
,Q WKH EHJLQQLQJ RI WKLV VHFWLRQ DV ZHOO DV LQ LWV HQG WKH +RO\ 3URSKHW SHDFH DQG
EOHVVLQJV RI $OODK EH XSRQ KLP  KDV EHHQ JLYHQ WKH LQVWUXFWLRQ WKDW KH VKRXOG
SHUVLVWHQWO\ FRQWLQXH JLYLQJ KLV LQYLWDWLRQ DQG SUHDFKLQJ KLV PHVVDJH LQ VSLWH RI WKH
DFFXVDWLRQV DQG REMHFWLRQV RI KLV RSSRQHQWV DQG HQHPLHV DQG VKRXOG HQGXUH WKHLU
UHVLVWDQFHSDWLHQWO\WLOO$OODK
VMXGJPHQWFRPHVWRSDVV%HVLGHVKHKDVEHHQFRQVROHG
DVLIWRVD\<RXU/RUGKDVQRWOHIW\RXDORQHWRIDFH\RXUHQHPLHVDIWHUUDLVLQJ\RXDVD
3URSKHW EXW +H LV FRQVWDQWO\ ZDWFKLQJ RYHU \RX 7KHUHIRUH HQGXUH HYHU\ KDUGVKLS
SDWLHQWO\WLOOWKH+RXURI+LVMXGJPHQWFRPHVDQGVHHNWKURXJKSUDLVLQJDQGJORULI\LQJ
\RXU /RUG WKH SRZHU WKDW LV UHTXLUHG IRU H[HUWLQJ LQ WKH FDXVH RI $OODK XQGHU VXFK
FRQGLWLRQV

1DMP
1DPH
7KH6DUDKGHULYHVLWVQDPHIURPWKHYHU\ILUVWZRUG
ZDQ1DMP7KLVWLWOHDOVRGRHVQRWUHODWHWRWKHVXEMHFWPDWWHUEXWLVDQDPHJLYHQWRWKH
6XUDKDVDV\PERO
3HULRGRI5HYHODWLRQ
$FFRUGLQJ WR D 7UDGLWLRQ UHODWHG E\ %XNKDUL 0XVOLP $EX 'D
XG DQG 1DVDL RQ WKH
DXWKRULW\RI+DGUDW$EGXOODKELQ0DV
XGWKHILUVW6XUDKLQZKLFKDYHUVDUHTXLULQJWKH
SHUIRUPDQFHRIDVDMGDK SURVWUDWLRQ DVVHQWGRZQLV6XUDK$Q1DMP7KHSDUWVRIWKLV
+DGLWK ZKLFK KDYH EHHQ UHSRUWHG E\ $VZDG ELQ <D]LG $EX ,VKDT DQG =XEDLU ELQ
0X
DZL\DKIURP+DGUDW,EQ0DV
XGLQGLFDWHWKDWWKLVLVWKHILUVW6XUDKRIWKH4XU
DQ
ZKLFKWKH+RO\3URSKHW SHDFHDQGEOHVVLQJVRI$OODKEHXSRQKLP KDGSXEOLFO\UHFLWHG
EHIRUHDQDVVHPEO\RIWKH4XUDLVK DQGDFFRUGLQJWR,EQ0DUGX\DKLQWKH.D
EDK LQ
ZKLFKERWKWKHEHOLHYHUVDQGWKHGLVEHOLHYHUVZHUHSUHVHQW$WWKHHQGZKHQKHUHFLWHG
WKHYHUVHUHTXLULQJWKHSHUIRUPDQFHRIDVDMGDKDQGIHOOGRZQLQSURVWUDWLRQWKHZKROH
DVVHPEO\DOVRIDOOGRZQLQSURVWUDWLRQZLWKKLPDQGHYHQWKRVHFKLHIVRIWKHSRO\WKHLVWV
ZKRZHUHLQWKHIRUHIURQWRIWKHRSSRVLWLRQWRWKH+RO\ 3URSKHW SHDFHDQGEOHVVLQJVRI
$OODKEHXSRQKLP FRXOGQRWUHVLVWIDOOLQJGRZQLQSURVWUDWLRQ,EQ0DV
XG PD\$OODK
EHSOHDVHGZLWKKLP VD\VWKDWKHVDZRQO\RQHPDQ8PD\\DKELQ.KDODIIURPDPRQJ
WKHGLVEHOLHYHUVZKRGLGQRWIDOOGRZQLQSURVWUDWLRQEXWWRRNDOLWWOHGXVWDQGUXEELQJLW
RQKLVIRUHKHDGVDLGWKDWWKDWZDVHQRXJKIRUKLP/DWHUDV,EQ0DV
XGUHODWHVKHVDZ
WKLVPDQEHLQJNLOOHGLQWKHVWDWHRIGLVEHOLHI
$QRWKHUH\HZLWQHVVRIWKLVLQFLGHQWLV+DGUDW0XWWDOLEELQ$EL:DGD
DKZKRKDGQRW
\HWEHFRPHD0XVOLP1DVDLDQG0XVQDG$KPDGFRQWDLQKLVRZQZRUGVWRWKHHIIHFW
:KHQWKH+RO\3URSKHWUHFLWHGWKH6XUDK$Q1DMPDQGSHUIRUPHGWKHVDMGDKDQGWKH
ZKROHDVVHPEO\IHOOGRZQLQSURVWUDWLRQDORQJZLWKKLP,GLGQRWSHUIRUPWKHVDMGDK
1RZ WR FRPSHQVDWH IRU WKH VDPH ZKHQHYHU , UHFLWH WKLV 6XUDK , PDNH VXUH QHYHU WR
DEDQGRQLWVSHUIRUPDQFH

LVODPPHVVDJHFRP 
,EQ6DGVD\VWKDWEHIRUHWKLVLQWKH5DMDERIWKHWK\HDURI3URSKHWKRRGDVPDOOJURXS
RIWKH&RPSDQLRQVKDGHPLJUDWHGWR$E\VVLQLD7KHQZKHQLQWKH5DPDGDQRIWKHVDPH
\HDUWKLVLQFLGHQWWRRNSODFHWKHQHZVVSUHDGWKDWWKH+RO\3URSKHW SHDFHDQGEOHVVLQJV
RI $OODK EH XSRQ KLP  KDG UHFLWHG 6XUDK $Q1DMP SXEOLFO\ LQ WKH DVVHPEO\ RI WKH
4XUDLVKDQGWKHZKROHDVVHPEO\LQFOXGLQJWKHEHOLHYHUVDVZHOODVWKHGLVEHOLHYHUVKDG
IDOOHQGRZQLQSURVWUDWLRQZLWKKLP:KHQWKHHPLJUDQWVWR$E\VVLQLDKHDUGWKLVQHZV
WKH\ IRUPHG WKH LPSUHVVLRQ WKDW WKH GLVEHOLHYHUV RI 0DNNDK KDG EHFRPH 0XVOLPV
7KHUHXSRQ VRPH RI WKHP UHWXUQHG WR 0DNNDK LQ WKH 6KDZZDO RI WKH WK \HDU RI
3URSKHWKRRGRQO\WROHDUQWKDWWKHQHZVZDVZURQJDQGWKHFRQIOLFWEHWZHHQ,VODPDQG
GLVEHOLHI ZDV UDJLQJ DV IXULRXVO\ DV EHIRUH &RQVHTXHQWO\ WKH VHFRQG HPLJUDWLRQ WR
$E\VVLQLDWRRNSODFHLQZKLFKPDQ\PRUHSHRSOHOHIW0DNNDK7KXVLWEHFRPHVDOPRVW
FHUWDLQWKDWWKLV6XUDKZDVUHYHDOHGLQWKH5DPDGDQRIWK\HDURI3URSKHWKRRG
+LVWRULFDO%DFNJURXQG
7KHGHWDLOVRIWKHSHULRGRIUHYHODWLRQDVJLYHQDERYHSRLQWWRWKHFRQGLWLRQVLQZKLFK
WKLV6XUDKZDVUHYHDOHG'XULQJWKHILUVWILYH\HDUVRIKLVDSSRLQWPHQWDVD3URSKHWWKH
+RO\3URSKHW SHDFHDQGEOHVVLQJVRI$OODKEHXSRQKLP KDGEHHQH[WHQGLQJLQYLWDWLRQ
WR $OODK
V 5HOLJLRQ E\ SUHVHQWLQJ WKH 'LYLQH 5HYHODWLRQV EHIRUH WKH SHRSOH RQO\ LQ
SULYDWHDQGUHVWULFWHGPHHWLQJVDQGDVVHPEOLHV'XULQJWKLVZKROHSHULRGKHFRXOGQHYHU
KDYHDFKDQFHWRUHFLWHWKH4XUDQEHIRUHDFRPPRQJDWKHULQJRSHQO\PDLQO\EHFDXVHRI
WKH VWURQJ RSSRVLWLRQ DQG UHVLVWDQFH IURP WKH GLVEHOLHYHUV 7KH\ ZHUH ZHOO DZDUH RI
KRZ PDJQHWLF DQG FDSWLYDWLQJ ZDV WKH +RO\ 3URSKHW
V SHUVRQDOLW\ DQG KLV ZD\ RI
SUHDFKLQJDQGKRZLPSUHVVLYHZHUHWKH5HYHODWLRQVRIWKH4XU
DQ7KHUHIRUHWKH\WULHG
WKHLUEHVWWRDYRLGKHDULQJLWWKHPVHOYHVDQGWRVWRSRWKHUVDOVRIURPKHDULQJLWDQGWR
VXSSUHVVKLVLQYLWDWLRQE\IDOVHSURSDJDQGDE\VSUHDGLQJHYHU\NLQGRIVXVSLFLRQDJDLQVW
KLP )RU WKLV REMHFW RQ WKH RQH KDQG WKH\ ZHUH WHOOLQJ WKH SHRSOH WKDW 0XKDPPDG
SHDFH DQG EOHVVLQJV RI $OODK EH XSRQ KLP  KDG JRQH DVWUD\ DQG ZDV QRZ EHQW XSRQ
PLVOHDGLQJRWKHUVDVZHOORQWKHRWKHUKDQGWKH\ZRXOGUDLVHRQXSURDUZKHQHYHUKH
WULHGWRSUHVHQWWKH4XU
DQEHIRUHWKHSHRSOHVRWKDWQRRQHFRXOGNQRZZKDWLWZDVIRU
ZKLFKKHZDVEHLQJEUDQGHGDVDPLVOHGDQGPLVJXLGHGSHUVRQ
6XFKZHUHWKHFRQGLWLRQVZKHQWKH+RO\3URSKHW SHDFHDQGEOHVVLQJVRI$OODKEHXSRQ
KLP VXGGHQO\VWRRGXSRQHGD\WRPDNHDVSHHFKLQWKHVDFUHGSUHFLQFWVRIWKH.D
EDK
ZKHUHDODUJHQXPEHURIWKH4XUDLVKKDGJDWKHUHGWRJHWKHU$OODKDWWKDWWLPHPDGHKLP
GHOLYHUWKLVGLVFRXUVHZKLFKZHKDYHQRZLQWKHIRUPRIWKH6XUDK$Q1DMPZLWKXV
6XFK ZDV WKH LQWHQVLW\ RI WKH LPSUHVVLRQ WKDW ZKHQ WKH +RO\ 3URSKHW SHDFH DQG
EOHVVLQJV RI $OODK EH XSRQ KLP  VWDUWHG UHFLWLQJ LW WKH RSSRQHQWV ZHUH VR FRPSOHWHO\
RYHUZKHOPHG WKDW WKH\ FRXOG QRW WKLQN RI UDLVLQJ DQ\ GLVRUGHU DQG ZKHQ DW WKH
FRQFOXVLRQKHIHOOGRZQLQSURVWUDWLRQWKH\WRRIHOOGRZQLQSURVWUDWLRQDORQJZLWKKLP
/DWHUWKH\IHOWJUHDWUHPRUVHDWWKHZHDNQHVVWKH\KDGLQYROXQWDULO\VKRZQ7KHSHRSOH
DOVRVWDUWHGWDXQWLQJWKHPWRWKHHIIHFWWKDWZKHUHDVWKH\KDGEHHQIRUELGGLQJRWKHUVWR
OLVWHQWRWKH4XU
DQWKDWGD\QRWRQO\KDGWKH\WKHPVHOYHVOLVWHQHGWRLWZLWKFRPSOHWH
DEVRUSWLRQEXWKDGHYHQIDOOHQGRZQLQSURVWUDWLRQDORQJZLWK0XKDPPDG SHDFHDQG
EOHVVLQJVRI$OODKEHXSRQKLP $WODVWWKH\KDGWRLQYHQWDVWRU\LQRUGHUWRJHWULGRI
LVODPPHVVDJHFRP 
WKHSHRSOH
VWDXQWDQGULGLFXOH7KH\VDLG$IWHUKHKDGUHFLWHGDIDUD
DLWXPXO/DWDZDO
8]]D ZD 0DQDW DWKWKDOLWKDDO XNKUD ZH KHDUG IURP 0XKDPPDG WKH ZRUGV WLON DO
JKDUDQLTDWDO
XOD ZD DQQD VKDID
DWXKXQQD ODWDUMD
7KH\ DUH H[DOWHG JRGGHVVHV
LQGHHGWKHLULQWHUFHVVLRQPD\EHH[SHFWHG
)URPWKLVZHXQGHUVWRRGWKDW0XKDPPDG
KDGUHWXUQHGWRRXUIDLWK$VDPDWWHURIIDFWRQO\DPDGSHUVRQFRXOGWKLQNWKDWLQWKH
FRQWH[WRIWKLV6XUDKWKHVHQWHQFHVWKH\FODLPHGWRKDYHKHDUGFRXOGKDYHDQ\SODFHDQG
UHOHYDQFH )RUGHWDLOVSOHDVHVHH(1
VWRRI6XUDK$O+DMM 
6XEMHFW0DWWHUDQG7RSLFV
7KHWKHPHRIWKHGLVFRXUVHLVWRZDUQWKHGLVEHOLHYHUVRI0DNNDKDERXWWKHHUURURIWKH
DWWLWXGH WKDW WKH\ KDG DGRSWHG WRZDUGV WKH 4XU
DQ DQG WKH3URSKHW0XKDPPDG SHDFH
DQGEOHVVLQJVRI$OODKEHXSRQKLP 
7KH GLVFRXUVH VWDUWV LQ D ZD\ DV LI WR VD\ 0XKDPPDG LV QHLWKHU GHOXGHG QRU JRQH
DVWUD\DV\RXDUHWHOOLQJRWKHUVLQ\RXUSURSDJDQGDDJDLQVWKLPQRUKDVKHIDEULFDWHG
WKLVWHDFKLQJRI,VODPDQGLWVPHVVDJHDV\RXVHHPWRWKLQNKHKDV,QIDFWZKDWHYHUKH
LVSUHVHQWLQJLVQRWKLQJEXW5HYHODWLRQZKLFKLVVHQWGRZQWRKLP7KHYHULWLHVWKDWEH
SUHVHQWVEHIRUH\RXDUHQRWWKHSURGXFWRIKLVRZQVXUPLVHDQGVSHFXODWLRQEXWUHDOLWLHV
RI ZKLFK KH KLPVHOI LV DQ H\H ZLWQHVV +H KDV KLPVHOI VHHQ WKH $QJHO WKURXJK ZKRP
WKLV NQRZOHGJH LV FRQYH\HG WR KLP +H KDV EHHQ GLUHFWO\ PDGH WR REVHUYH WKH JUHDW
6LJQVRIKLV/RUGZKDWHYHUKHVD\VLVQRWZKDWKHKDVKLPVHOIWKRXJKWRXWEXWZKDWKH
KDVVHHQZLWKKLVRZQH\HV7KHUHIRUH\RXUGLVSXWLQJDQGZUDQJOLQJZLWKKLPLVMXVW
OLNHWKHGLVSXWLQJDQGZUDQJOLQJRIDEOLQGPDQZLWKDPDQRIVLJKWRYHUDWKLQJZKLFK
WKHEOLQGPDQFDQQRWVHHEXWKHFDQVHH
$IWHUWKLVWKUHHWKLQJVKDYHEHHQSUHVHQWHGLQWKHLUVXFFHVVLYHRUGHU)LUVWWKHOLVWHQHUV
KDYH EHHQ PDGH WR XQGHUVWDQG WKDW 7KH UHOLJLRQ WKDW \RX DUH IROORZLQJ LV EDVHG RQ
PHUH FRQMHFWXUH DQG LQYHQWHG LGHDV <RX KDYH VHW XS D IHZ JRGGHVVHV OLNH /DW DQG
0DQDWDQG8]]DDV\RXUGHLWLHVZKHUHDVWKH\KDYHQRVKDUHZKDWHYHULQGLYLQLW\<RX
UHJDUG WKH DQJHOV DV WKH GDXJKWHUV RI $OODK ZKHUHDV \RX UHJDUG D GDXJKWHU DV
GLVJUDFHIXO IRU \RXU RZQ VHOYHV <RX WKLQN WKDW WKHVH GHLWLHV RI IRXUV FDQ LQIOXHQFH
$OODKLQ\RXUIDYRUZKHUHDVWKHIDFWLVWKDWDOOWKHDQJHOVWRJHWKHUZKRDUHVWDWLRQHG
FORVHVW WR $OODK FDQQRW LQIOXHQFH +LP HYHQ LQ WKHLU RZQ IDYRU 1RQH RI VXFK EHOLHIV
WKDW\RXKDYHDGRSWHGLVEDVHGRQNQRZOHGJHDQGUHDVRQEXWDUHZLVKHVDQGGHVLUHVIRU
WKH VDNH RI ZKLFK \RX KDYH WDNHQ VRPH ZKLPV DV UHDOLWLHV 7KLV LVDJUDYHHUURU7KH
ULJKW DQG WUXH UHOLJLRQ LV WKDW ZKLFK LV LQ FRQIRUPLW\ WR WKH UHDOLW\ DQG WKH UHDOLW\ LV
QHYHUVXEMHFWWRWKHSHRSOH
VZLVKHVDQGGHVLUHVVRWKDWZKDWHYHUWKH\PD\UHJDUGDVD
UHDOLW\DQGWUXWKVKRXOGEHFRPHWKHUHDOLW\DQGWUXWK6SHFXODWLRQDQGFRQMHFWXUHFDQQRW
KHOSWRGHWHUPLQHDVWRZKDWLVDFFRUGLQJWRWKHWUXWKDQGZKDWLVQRWLWLVNQRZOHGJH
:KHQWKDWNQRZOHGJHLVSUHVHQWHGEHIRUH\RX\RXWXUQDZD\IURPLWDQGEUDQGWKHRQH
ZKR WHOOV \RX WKH WUXWK DV PLVJXLGHG 7KH DFWXDO FDXVHRI\RXUEHLQJLQYROYHGLQWKLV
HUURULVWKDW\RXDUHKHHGOHVVRIWKH+HUHDIWHU2QO\WKLVZRUOGLV\RXUJRDO7KHUHIRUH
\RXKDYHQHLWKHUDQ\GHVLUHIRUWKHNQRZOHGJHRIUHDOLW\QRU\RXERWKHUWRVHH
ZKHWKHU
WKHEHOLHIV\RXKROGDUHDFFRUGLQJWRWKHWUXWKRUQRW

LVODPPHVVDJHFRP 
6HFRQGO\WKHSHRSOHKDYHEHHQWROGWKDW$OODKLVWKHFDVWHUDQG6RYHUHLJQRIWKHHQWLUH
8QLYHUVH 7KH ULJKWHRXV LV KH ZKR IROORZV +LV ZD\ DQG WKH PLVJXLGHG KH ZKR KDV
WXUQHG DZD\ IURP +LV ZD\ 7KH HUURU RI WKH PLVJXLGHG DQG WKH ULJKWHRXVQHVV RI WKH
ULJKWHRXV DUH QRW KLGGHQ IURP +LP +H NQRZV ZKDWHYHU HYHU\RQH LV GRLQJ +H ZLOO
UHTXLWHWKHHYLOZLWKHYLODQGWKHJRRGZLWKJRRG7KHILQDOMXGJPHQWZLOOQRWGHSHQGRQ
ZKDW \RX FRQVLGHU \RXUVHOI WR EH DQG RQ WDOO FODLPV \RX PDNH RI \RXU SXULW\ DQG
FKDVWLW\EXWRQZKHWKHU\RXDUHSLRXVRULPSLRXVULJKWHRXVRUXQULJKWHRXVLQWKHVLJKW
RI*RG,I\RXUHIUDLQIURPPDMRUVLQV+HLQ+LVPHUF\ZLOORYHUORRN\RXUPLQRUHUURUV


7KLUGO\DIHZEDVLFSULQFLSOHVRIWKHWUXH5HOLJLRQZKLFKKDGEHHQSUHVHQWHGKXQGUHGV
RI\HDUVEHIRUHWKHUHYHODWLRQRIWKH4XU
DQLQWKH%RRNVRIWKH3URSKHWV$EUDKDPDQG
0RVHV KDYH EHHQ UHLWHUDWHG VR WKDW WKH SHRSOH GLG QRW UHPDLQ LQYROYHG LQ WKH
PLVXQGHUVWDQGLQJ WKDW WKH 3URSKHW0XKDPPDG SHDFHDQG EOHVVLQJVRI$OODKEHXSRQ
KLP KDGEURXJKWVRPHQHZDQGQRYHOUHOLJLRQEXWWKH\VKRXOGNQRZWKDWWKHVHDUHWKH
IXQGDPHQWDOWUXWKVZKLFKWKHIRUPHU3URSKHWVRI$OODKKDYHDOZD\VEHHQSUHVHQWLQJLQ
WKHLU UHVSHFWLYH DJHV %HVLGHV WKH VDPH %RRNV KDYH EHHQ TXRWHG WR FRQILUP WKH
KLVWRULFDOIDFWVWKDWWKHGHVWUXFWLRQRIWKH
$GDQGWKH7KDPXGDQGRIWKHSHRSOHRIWKH
3URSKHWV 1RDK DQG /RW ZDV QRW WKH UHVXOW RI DFFLGHQWDO FDODPLWLHV EXW $OODK KDV
GHVWUR\HG WKHP LQ FRQVHTXHQFH RI WKH VDPH ZLFNHGQHVV DQG UHEHOOLRQ IURP ZKLFK WKH
GLVEHOLHYHUVRI0DNNDKZHUHQRWLQFOLQHGWRUHIUDLQDQGGHVLVWLQDQ\FDVH
$IWHUSUHVHQWLQJWKHVHWKHPHVDQGGLVFRXUVHVWKH6XUDKKDVEHHQFRQFOXGHGWKXV7KH
+RXU RI -XGJPHQW KDV DSSURDFKHG QHDU DW KDQG ZKLFK QR RQH FDQ DYHUW %HIRUH WKH
RFFXUUHQFHRIWKDW+RXU\RXDUHEHLQJZDUQHGWKURXJK0XKDPPDG SHDFHDQGEOHVVLQJV
RI$OODKEHXSRQKLP DQGWKH4XUDQLQWKHOLNHPDQQHUDVWKHIRUPHUSHRSOHKDGEHHQ
ZDUQHG EHIRUH 1RZ LV LW WKLV ZDUQLQJ WKDW \RX ILQG QRYHO DQG VWUDQJH" :KLFK \RX
PRFNDQGULGLFXOH":KLFK\RXWXUQDZD\IURPDQGFDXVHGLVRUGHUVRWKDWQRRQHHOVH
DOVRLVDEOHWRKHDUZKDWLWLV"'RQ
W\RXIHHOOLNHZHHSLQJDW\RXUIROO\DQGLJQRUDQFH"
$EDQGRQWKLVDWWLWXGHDQGEHKDYLRUERZGRZQWR$OODKDQGVHUYH+LPDORQH
7KLVZDVWKDWLPSUHVVLYHFRQFOXVLRQKHDULQJZKLFKHYHQWKHPRVWKDUGHQHGGHQLHUVRI
WKH7UXWKZHUHFRPSOHWHO\RYHUZKHOPHGDQGZKHQDIWHUUHFLWLQJWKHVHYHUVHVRI'LYLQH
:RUG WKH +RO\ 0HVVHQJHU RI $OODK SHDFH DQG EOHVVLQJV RI $OODK EH XSRQ KLP  IHOO
GRZQLQSURVWUDWLRQWKH\WRRFRXOGQRWKHOSIDOOLQJGRZQLQSURVWUDWLRQDORQJZLWKKLP

4DPDU
1DPH
7KH 6XUDK WDNHV LWV QDPH IURP WKH YHU\ ILUVW YHUVH :DQ VKDTT DO4DPDU WKHUHE\
LPSO\LQJWKDWLWLVD6XUDKLQZKLFKWKHZRUGDO4DPDUKDVRFFXUUHG
3HULRGRI5HYHODWLRQ
7KHLQFLGHQWRIWKHVKDTTDO4DPDU VSOLWWLQJRIWKHPRRQ WKDWKDVEHHQPHQWLRQHGLQ
LWGHWHUPLQHVLWVSHULRGRIUHYHODWLRQSUHFLVHO\7KHWUDGLWLRQLVWVDQGFRPPHQWDWRUVDUH
DJUHHGWKDWWKLVLQFLGHQWWRRNSODFHDW0LQDLQ0DNNDKDERXWILYH\HDUVEHIRUHWKH+RO\
3URSKHW
VKLMUDWR0DGLQDK
LVODPPHVVDJHFRP 
7KHPHDQG6XEMHFW0DWWHU
,QWKLV6XUDKWKHGLVEHOLHYHUVRI0DNNDKKDYHEHHQZDUQHGIRUWKHLUVWXEERUQQHVVZKLFK
WKH\ KDG DGRSWHG DJDLQVW WKH LQYLWDWLRQ RI WKH +RO\ 3URSKHW SHDFH DQG EOHVVLQJV RI
$OODK EH XSRQ KLP  7KH DPD]LQJ DQG ZRQGHUIXO SKHQRPHQRQ RI WKH VSOLWWLQJ RI WKH
0RRQZDVDPDQLIHVWVLJQRIWKHWUXWKWKDWWKH5HVXUUHFWLRQRIZKLFKWKH+RO\3URSKHW
ZDVJLYLQJWKHPWKHQHZVFRXOGWDNHSODFHDQGWKDWLWKDGDSSURDFKHGQHDUDWKDQG7KH
JUHDWVSKHUHRIWKH0RRQKDGVSOLWLQWRWZRGLVWLQFWSDUWVLQIURQWRIWKHLUYHU\H\HV7KH
WZR SDUWV KDG VHSDUDWHG DQG UHFHHGHG VR PXFK DSDUW IURP HDFK RWKHU WKDW WR WKH RQ
ORRNHUVRQHSDUWKDGDSSHDUHGRQRQHVLGHRIWKHPRXQWDLQDQGWKHRWKHURQWKHRWKHU
VLGH RI LW 7KHQ LQ DQ LQVWDQW WKH WZR KDG UHMRLQHG 7KLV ZDV D PDQLIHVW SURRI RI WKH
WUXWK WKDW WKH V\VWHP RI WKH 8QLYHUVH ZDV QHLWKHU HWHUQDO QRU LPPRUWDO LW FRXOG EH
GLVUXSWHG +XJH VWDUV DQG 3ODQHWV FRXOG VSOLW DVXQGHU GLVLQWHJUDWH FROOLGH ZLWK HDFK
RWKHU DQG HYHU\WKLQJ WKDW KDG EHHQ GHSLFWHG LQ WKH 4XUDQ ,Q FRQQHFWLRQ ZLWK WKH
GHVFULSWLRQ RI WKH GHWDLOV RI 5HVXUUHFWLRQ FRXOG KDSSHQ 1RW RQO\ WKLV  LW ZDV DOVR D
SRUWHQWWKDWWKHGLVLQWHJUDWLRQRIWKHV\VWHPRIWKH8QLYHUVHKDGEHJXQDQGWKHWLPHZDV
QHDU ZKHQ 5HVXUUHFWLRQ ZRXOG WDNH SODFH 7KH +RO\ 3URSKHW SHDFH DQG EOHVVLQJV RI
$OODKEHXSRQKLP LQYLWHGWKHSHRSOH
VDWWHQWLRQWRWKLVHYHQWRQO\ZLWKWKLVREMHFWLQ
YLHZDQGDVNHGWKHPWRPDUNLWDQGEHDZLWQHVVWRLW%XWWKHGLVEHOLHYHUVGHVFULEHGLW
DV DPDJLFDOLOOXVLRQDGGSHUVLVWHGLQWKHLUGHQLDO)RUWKLVVWXEERUQQHVVWKH\KDYHEHHQ
UHSURDFKHGLQWKLV6XUDK
$WWKHRXWVHWLWKDVEHHQVDLG7KHVHSHRSOHQHLWKHUEHOLHYHLQWKHDGPRQLWLRQQRUOHDUQ
D OHVVRQ IURP KLVWRU\ QRUDIILUPIDLWKDIWHUZLWQHVVLQJPDQLIHVWVLJQVZLWKWKHLU H\HV
1RZ WKH\ ZRXOG EHOLHYH RQO\ ZKHQ 5HVXUUHFWLRQ KDV WDNHQ SODFH DQG WKH\ ZRXOG EH
UXVKLQJRXWRIWKHLUJUDYHVWRZDUGVWKH6XPPRQHURQWKDW'D\
7KHQWKHVWRULHVRIWKHSHRSOHRI1RDKDQGRI
$GDQG7KDPXGDQGRIWKHSHRSOHVRI
/RW DQG WKH 3KDUDRK KDYH EHHQ UHODWHG EULHIO\ DQG WKH\ KDYH EHHQ UHPLQGHG RI WKH
WHUULEOH SXQLVKPHQWV WKDW WKHVH QDWLRQV VXIIHUHG ZKHQ WKH\ EHOLHG DQG GLVUHJDUGHG WKH
ZDUQLQJVJLYHQE\WKH3URSKHWVRI*RG$IWHUWKHQDUUDWLRQRIHDFKVWRU\WKHUHIUDLQWKDW
KDVEHHQSURYLGHGLV7KLV4XU
DQLVDQHDV\PHDQVRIDGPRQLWLRQZKLFKLIDQDWLRQ
WDNHV WR KHDUW DQG WKHUHE\ WDNHV WKH 5LJKW :D\ WKH WRUPHQW WKDW GHVFHQGHG RQ WKH
IRUPHUQDWLRQVFRXOGEHDYRLGHG%XWLWZRXOGLQGHHGEHDIROO\LILQVWHDGRIKHHGLQJWKH
DGPRQLWLRQWKURXJKWKLVHDV\PHDQVRQHSHUVLVWHGLQKHHGOHVVQHVVDQGGLVEHOLHYHGXQWLO
RQHZDVRYHUWDNHQE\WKHWRUPHQWLWVHOI
/LNHZLVHDIWHUFLWLQJDGPRQLWDU\SUHFHGHQWVIURPWKHKLVWRU\RIWKHIRUPHUQDWLRQVWKH
GLVEHOLHYHUVRI0DNNDK KDYHEHHQDGGUHVVHGDQGZDUQHGWRWKLVHIIHFW,I\RXWRRDGRSW
WKHVDPHDWWLWXGHDQGFRQGXFWIRUZKLFKWKHRWKHUQDWLRQVKDYHDOUHDG\EHHQSXQLVKHG
ZK\ ZLOO \RX QRW EH SXQLVKHG IRU LW" $UH \RX LQ DQ\ ZD\ D VXSHULRU SHRSOH WKDW \RX
VKRXOGEHWUHDWHGGLIIHUHQWO\IURPRWKHUV"2UKDYH\RXUHFHLYHGDGHHGRIDPQHVW\WKDW
\RXZLOOQRWEHSXQLVKHGIRUWKHFULPHIRUZKLFKRWKHUVKDYHEHHQSXQLVKHG"$QGLI\RX
IHHOHODWHGDW\RXUJUHDWQXPEHUV\RXZLOOVRRQVHHWKDWWKHVHYHU\QXPEHUVRI\RXUVDUH
SXW WR URXW RQ WKH EDWWOHILHOG  DQG RQ WKH 'D\ RI 5HVXUUHFWLRQ \RX ZLOO EH GHDOW ZLWK
HYHQPRUHVHYHUHO\
LVODPPHVVDJHFRP 
,Q WKH HQG WKH GLVEHOLHYHUV KDYH EHHQ WROG WKDW $OODK GRHV QRW QHHG WR PDNH OHQJWK\
SUHSDUDWLRQV WR EULQJ DERXW 5HVXUUHFWLRQ 1R VRRQHU GRHV +H JLYH D VLPSOH FRPPDQG
IRU LW WKDQ LW ZLOO WDNH SODFH LPPHGLDWHO\ /LNH HYHU\WKLQJ HOVH WKH 8QLYHUVH DQG
PDQNLQGDOVRKDYHDGHVWLQ\$FFRUGLQJWRWKLVGHVWLQ\HYHU\WKLQJKDSSHQVDWLWVRZQ
DSSRLQWHGWLPH,WFDQQRWEHVRWKDWZKHQHYHUVRPHERG\JLYHVDFKDOOHQJH5HVXUUHFWLRQ
LVEURXJKWDERXWLQRUGHUWRFRQYLQFHKLP,I\RXDGRSWUHEHOOLRQEHFDXVH\RXGRQRWVHH
LWFRPLQJ\RXZLOORQO\EHDGGLQJWR\RXURZQGLVWUHVVDQGPLVIRUWXQH)RU\RXUUHFRUG
ZKLFKLVEHLQJSUHSDUHGE\'LYLQHDJHQWVKDVQRWOHIWDQ\PLVGHHGRI\RXUVJUHDWRU
VPDOOXQUHFRUGHG

5DKPDQ
1DPH
7KLV6XUDKLVHQWLWOHG$U5DKPDQWKHZRUGZLWKZKLFKLWEHJLQV7KLVWLWOHKRZHYHU
GHHSO\UHODWHVWRWKHVXEMHFWPDWWHURIWKH6XUDKWRRIRULQLWIURPWKHEHJLQQLQJWRWKH
HQG WKH PDQLIHVWDWLRQV DQG IUXLWV RI $OODK
V DWWULEXWH RI PHUF\ DQG JUDFH KDYH EHHQ
PHQWLRQHG
3HULRGRI5HYHODWLRQ
7KHFRPPHQWDWRUVJHQHUDOO\KROGWKHYLHZWKDWWKLVLVD0DNNL6XUDKWKRXJKDFFRUGLQJ
WR VRPH WUDGLWLRQV ZKLFK KDYH EHHQ FLWHG RQ WKH DXWKRULW\ RI +DGUDW $EGXOODK ELQ
$EEDV ,NULPDK DQG 4DWDGDK LW ZDV UHYHDOHG DW 0DGLQDK %XW ILUVWO\ WKHUH DUH DOVR
VRPHRWKHUWUDGLWLRQVIURPWKHVHYHU\DXWKRULWLHVZKLFKFRQWUDGLFWWKLVYLHZVHFRQGO\
LWV VXEMHFW PDWWHU EHDUV D FORVHU UHVHPEODQFH ZLWK WKH 0DNNL 6XUDKV WKDQ ZLWK WKH
0DGDQL6XUDKVUDWKHULWDSSHDUVWREHORQJWRWKHYHU\HDUO\0DNNDKSHULRG+RZHYHU
WKHUHDUHVHYHUDODXWKHQWLFWUDGLWLRQVZKLFKWHVWLI\WKDWLWKDGEHHQUHYHDOHGLQ0DNNDK
LWVHOIPDQ\\HDUVEHIRUHWKHKLMUD
0XVQDG $KPDG FRQWDLQV D WUDGLWLRQ IURP +DGDUDW $VPD GDXJKWHU RI $EX %DNU PD\
$OODKEOHVVWKHPERWK WRWKHHIIHFW,VDZWKH0HVVHQJHURI$OODKRIIHULQJKLV3UD\HUV
LQ WKH VDFUHG SUHFLQFWV RI WKH .D
EDK IDFLQJ WKH FRUQHU LQ ZKLFK WKH %ODFN 6WRQH LV
IL[HG 7KLV UHODWHV WR WKH WLPH ZKHQ WKH 'LYLQH &RPPDQG IDVGD ELPD WXPDU 6R
SURFODLP SXEOLFO\ 2 3URSKHW ZKDW \RX DUH EHLQJ FRPPDQGHG  KDG QRW \HW EHHQ
UHYHDOHG 7KH SRO\WKHLVWV DW WKDW WLPH ZHUH KHDULQJ WKH ZRUGV )DELD\\L DODD
L 5DEEL
NXPDWXNDGKGKLEDQEHLQJUHFLWHGE\KLPLQWKH3UD\HU7KLVVKRZVWKDQWKLV6XUDK
KDGEHHQVHQWGRZQHYHQEHIRUH6XUDK$O+LMU
$O%D]]DU,EQ-DULU,EQ$O0XQGKLU'DUDTXWQL LQ$O$IUDG ,EQ0DUGX\DKDQG,EQ
$O.KDWLE LQ$W7DULNK KDYHUHODWHGRQWKHDXWKRULW\RI+DGUDW$EGXOODKELQ8PDU
WKDW RQFH WKH +RO\ 3URSKHW SHDFH DQG EOHVVLQJV RI $OLDK EHXSRQKLP UHFLWHG6XUDK
$U5DKPDQKLPVHOIRUKHDUGLWUHFLWHGEHIRUHKLPWKHQKHVDLGWRWKHSHRSOH+RZLVLW
WKDW,DPQRWKHDULQJIURP\RXWKHNLQGRIJRRGDQVZHUWKDWWKHMLQQKDGJLYHQWRWKHLU
/RUG" :KHQWKHSHRSOHDVNHGZKDWLWZDVKHUHSOLHG$V,UHFLWHGWKH'LYLQH:RUGV
)DELD\\LDODD
L5DEELNXPDWXNDGKGKLEDQWKHMLQQLQUHVSRQVHZRXOGUHSHDWWKHZRUGV
/D EL VKDL
LQ PLQ QL
PDWL 5DEELQD QXNDGKGKLE :H GR QRW GHQ\ DQ\ RI RXU /RUG
V
EOHVVLQJV
LVODPPHVVDJHFRP 
$VLPLODUWKHPHKDVEHHQUHODWHGE\7LUPLGKL+DDNLPDQG+DIL]$EX%DNUDO%D]]DU
IURP+DGUDW-DELUELQ$EGXOODK7KHLUWUDGLWLRQFRQWDLQVWKHVHZRUGV:KHQWKHSHRSOH
NHSWVLOHQWRQKHDULQJWKH6XUDK$U5DKPDQWKH+RO\3URSKHWVDLG
,UHFLWHGWKLVYHU\
6XUDKEHIRUHWKHMLQQLQWKHQLJKWZKHQWKH\KDGJDWKHUHGWRJHWKHUWRKHDUWKH4XU
DQ
7KH\ UHVSRQGHG WR LW EHWWHU WKDQ \RX KDYH $V , UHFLWHG WKH 'LYLQH :RUGV )D EL D\\L
DODD
L 5DEELNXPD WXNDGKGKLEDQ 2 MLQQ DQG PHQ ZKLFK EOHVVLQJV RI \RXU /RUG ZLOO
\RX GHQ\"   WKH\ ZRXOG UHVSRQG WR LW VD\LQJ 2 RXU /RUG GR QRW GHQ\ DQ\ RI \RXU
EOHVVLQJV3UDLVHLVIRU<RXDORQH

7KLV WUDGLWLRQ LQGLFDWHV WKDW RQ WKH RFFDVLRQ RI WKH LQFLGHQW WKDW EDV EHHQ UHODWHG LQ
6XUDK $O $KTDI YY     RI WKH MLQQ
V KHDULQJ WKH 4XU
DQ IURP WKH +RO\ 3URSKHW
SHDFH DQG EOHVVLQJV RI $OODK EH XSRQ KLP  KH ZDV UHFLWLQJ 6XUDK $U 5DKPDQ LQ WKH
3UD\HU7KLVKDSSHQHGLQWKHWK\HDURIWKH3URSKHWKRRGZKHQWKH+RO\3URSKHWKDG
KDOWHGDW0DNNDKRQKLVZD\EDFNIURP7D
LI$OWKRXJKLQVRPHRWKHUWUDGLWLRQVLWKDV
EHHQUHSRUWHGWKDWWKH+RO\3URSKHWGLGQRWNQRZWKHQWKDWWKHMLQQZHUHKHDULQJKLP
UHFLWHWKH4XU
DQEXWDIWHUZDUGV$OODKKDGLQIRUPHGKLPRIWKLVLWLVQRWXQUHDVRQDEOH
WRVXSSRVHWKDWMXVWDV$OODKKDGLQIRUPHGKLPRIWKHMLQQ
VKHDULQJWKH4XU
DQVRDOVR
$OODK +LPVHOI PLJKW KDYH WROG KLP DV WR ZKDW DQVZHU WKH\ ZHUH JLYLQJ RQ KHDULQJ
6XUDK$U5DKPDQ
7KHVH WUDGLWLRQV RQO\ LQGLFDWH WKDW 6XUDK $U 5DKPDQ KDG EHHQ UHYHDOHG HYHQ EHIRUH
6XUDKV$O+LMUDQG$O$KTDI%HVLGHVZHFRPHDFURVVDQRWKHUWUDGLWLRQZKLFKVKRZV
WKDWLWLVRQHRIWKRVH6XUDKVZKLFKZHUHWKHHDUOLHVW5HYHODWLRQVDW0DNNDK,EQ,VKDT
KDVUHODWHGWKLVRQWKHDXWKRULW\RI+DGUDW8UZDKELQ=XEDLU7KH&RPSDQLRQVRQHGD\
VDLGWRRQHDQRWKHU7KH4XUDLVKKDYHQHYHUKHDUGDQ\RQHUHFLWHWKH4XU
DQSXEOLFO\WR
WKHP DQG ZKR ZRXOG UHDG RXW WKH 'LYLQH :RUG DORXG WR WKHP +DGUDW $EGXOODK ELQ
0DVXGVDLGWKDWKHZRXOG7KH&RPSDQLRQVH[SUHVVHGWKHDSSUHKHQVLRQWKDWKHPLJKW
EHVXEMHFWHGWRDKDUVKWUHDWPHQWDQGVDLG WKDWLWVKRXOGEHWWHUEHGRQHE\DSHUVRQRID
SRZHUIXOIDPLO\ZKRZRXOGSURWHFWKLPLIWKH4XUDLVKWULHGWRVXEMHFWKLPWRYLROHQFH
+DGUDW$EGXOODKVDLG
/HWPHDORQHP\3URWHFWRULV$OODK
6RHDUO\QH[WPRUQLQJKH
ZHQWWRWKH.D
EDKZKLOHWKH4XUDLVKFKLHIVZHUHVLWWLQJLQWKHLUUHVSHFWLYHFRQIHUHQFHV
+DGUDW$EGXOODKDUULYHGDWWKH0DTDP VWDWLRQRI$EUDKDP DQGEHJDQWRUHFLWH6XUDK
$U5DKPDQ UDLVLQJ KLV YRLFH DV KH GLG VR 7KH 4XUDLVK ILUVW WULHG IRU D ZKLOH WR
XQGHUVWDQG ZKDW KH ZDV VD\LQJ 7KHQ ZKHQ WKH\ UHDOL]HG WKDW LW ZDV WKH :RUG WKDW
0XKDPPDG SHDFHDQGEOHVVLQJVRI$OODKEHXSRQKLP ZDVUHSUHVHQWLQJDVWKH:RUG
RI*RGWKH\IHOOXSRQKLPDQGEHJDQWRKLWKLPLQWKHIDFH%XW+DGUDW$EGXOODKZDV
QRW GHWHUUHG  KH FRQWLQXHG WR UHFHLYH WKH VODSV DQG WR UHDG WKH 4XU
DQ DV ORQJ DV KH
FRXOG $W ODVW ZKHQ KH UHWXUQHG ZLWK D VZROOHQ IDFH WKH &RPSDQLRQV VDLG WKDW WKH\
DSSUHKHQGHG WKH VDPH +H UHSOLHG
*RG
V HQHPLHV ZHUH QHYHU VR OLJKW IRU PHDVWKH\
ZHUHWRGD\,I\RXVD\,
OOUHFLWHWKH4XU
DQWRWKHPDJDLQWRPRUURZ
7KH\DOOVDLG
1R
\RXKDYHGRQHHQRXJK\RXKDYHPDGHWKHPOLVWHQWRZKDWWKH\GLGQ
WZDQWWREHDU

,EQ+LVKDPYROS 
7KHPHDQG6XEMHFW0DWWHU

LVODPPHVVDJHFRP 
7KLV LV WKH RQO\ 6XUDK RI WKH 4XU
DQ LQ ZKLFK EHVLGHV PHQ WKH MLQQ DOVR ZKR DUH WKH
RWKHUFUHDWLRQRIWKHHDUWKHQGRZHGZLWKIUHHGRPRIZLOODQGDFWLRQKDYHEHHQGLUHFWO\
DGGUHVVHG DQG ERWK PHQ DQG MLQQ KDYH EHHQ PDGH WR UHDOL]H WKH ZRQGHUV RI $OODK
V
SRZHU+LVFRXQWOHVVEOHVVLQJVWKHLURZQKHOSOHVVQHVVDQGDFFRXQWDELOLW\EHIRUH+LP
DQGKDYHEHHQZDUQHGRIWKHHYLOFRQVHTXHQFHVRI+LVGLVREHGLHQFHDQGPDGHDZDUHRI
WKHEHVWUHVXOWVRI+LVREHGLHQFH$OWKRXJKDWVHYHUDORWKHUSODFHVLQWKH4XU
DQWKHUH
DUHFOHDUSRLQWHUVWRVKRZWKDWOLNHWKHPHQWKHMLQQWRRDUHDFUHDWLRQZKRKDYHEHHQ
HQGRZHGZLWKIUHHGRPRIZLOODQGDFWLRQDQGDUHDFFRXQWDEOHZKRKDYHEHHQJUDQWHG
WKHIUHHGRPRIEHOLHIDQGXQEHOLHIRIREHGLHQFHDQGGLVREHGLHQFHDQGDPRQJWKHPWRR
WKHUH DUH WKH EHOLHYHUV DQG WKH XQEHOLHYHUV WKH REHGLHQW DQG WKH UHEHOOLRXV DV DPRQJ
KXPDQ EHLQJV DQG DPRQJ WKHP WRR WKHUH H[LVW VXFK JURXSV DV KDYH EHOLHYHG LQ WKH
3URSKHWV VHQW E\ *RG DQG LQ WKH 'LYLQH %RRNV WKLV 6XUDK FOHDUO\ SRLQWV RXW WKDW WKH
PHVVDJHRIWKH+RO\3URSKHW SHDFHDQGEOHVVLQJVRI$OODKEHXSRQKLP DQGWKH4XU
DQ
LVPHDQWERWKIRUPHQDQGIRUMLQQDQGWKDWKLV3URSKHWKRRGLVQRWUHVWULFWHGWRKXPDQ
EHLQJVDORQH
$OWKRXJKLQWKHEHJLQQLQJRIWKH6XUDKWKHDGGUHVVLVGLUHFWHGRQO\WRKXPDQEHLQJVIRU
WR WKHP RQO\ EHORQJV WKH YLFHJHUHQF\ RI WKH HDUWK DPRQJ WKHP RQO\ KDYH WKH
0HVVHQJHUVRI$OODKEHHQUDLVHGDQGLQWKHLUWRQJXHVRQO\KDYHWKH'LYLQH%RRNVEHHQ
UHYHDOHG\HWIURPYHUVHRQZDUGERWKWKHPHQDQGWKHMLQQKDYHEHHQDGGUHVVHGDQG
RQHDQGWKHVDPHLQYLWDWLRQKDVEHHQH[WHQGHGWRERWK

:DDTLD
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGDOZDTL
DKRIWKHYHU\ILUVWYHUVH
3HULRGRI5HYHODWLRQ
$FFRUGLQJWRWKHFKURQRORJLFDORUGHUWKDW+DGUDW$EGXOODKELQ$EEDVKDVJLYHQRIWKH
6XUDKV ILUVW 6XUDK 7D +D ZDV VHQWGRZQWKHQ$O:DTL
DK DQGWKHQ$VK6KXDUD7KH
VDPHVHTXHQFHKDVEHHQUHSRUWHGIURP,NULPDK7KLVLVVXSSRUWHGDOVRE\WKHVWRU\WKDW
,EQ +LVKDP KDV UHODWHG IURP ,EQ ,VKDT DERXW WKH DIILUPDWLRQ RI WKH )DLWK E\ +DGUDW
8PDU PD\ $OODK EH SOHDVHG ZLWK KLP  ,W VD\
V WKDW ZKHQ +DGDUDW 8PDU HQWHUHG KLV
VLVWHU
VKRXVH6XUDK7D+DZDVEHLQJUHFLWHG+HDULQJKLVYRLFHWKHSHRSOHRIWKHKRXVH
KLG WKH SDJHV RI WKH 4XU
DQ +DGUDW 8PDU ILUVW VHL]HG KLV EURWKHULQODZ DQG WKHQ KLV
VLVWHU URVH LQ GHIHQVH RI KHU KXVEDQG KH KLW KHU DOVR DQG ZRXQGHG KHU RQ WKH KHDG
:KHQ8PDUVDZEORRGRQKLVVLVWHUKHZDVVRUU\IRUZKDWKHKDGGRQHDQGVDLGWRKHU
6KRZPHWKHPDQXVFULSWWKDW\RXKDYHFRQFHDOHGVRWKDW,PD\VHHZKDWLWFRQWDLQV
7KHVLVWHUVDLG<RXDUHXQFOHDQEHFDXVHRI\RXUSRO\WKHLVP2QO\DFOHDQSHUVRQFDQ
WRXFKLW6R+DGUDW8PDUURVHDQGZDVKHGKLPVHOIDQGWKHQWRRNXSWKHPDQXVFULSW
WR UHDG LW 7KLV VKRZV WKDW 6DUDK $O:DTL
DK KDG EHHQ VHQW GRZQ E\ WKDW WLPH IRU LW
FRQWDLQV WKH YHUVH /D \DPDVVX KX LOO DO PXWDKKDUXQ DQG LW KDG EHHQ HVWDEOLVKHG
KLVWRULFDOO\WKDW+DGUDW8PDUHPEUDFHG,VODPDIWHUWKHILUVWPLJUDWLRQWR+DEDVKLQWKH
ILIWK\HDURIWKH3URSKHWKRRG
7KHPHDQG6XEMHFW0DWWHU
LVODPPHVVDJHFRP 
,WVWKHPHLVWKH+HUHDIWHU7DXKLGDQGUHIXWDWLRQRIWKH0DNNDQGLVEHOLHYHUV
VXVSLFLRQV
DERXWWKH4XU
DQ:KDWWKH\UHJDUGHGDVXWWHUO\LQFUHGLEOHZDVWKDW5HVXUUHFWLRQZRXOG
HYHU WDNH SODFH WKHQ WKH HQWLUH V\VWHP RI WKH HDUWK DQG KHDYHQV ZRXOG EH XSVHW DQG
ZKHQDOOWKHGHDGZRXOGEHUHVXUUHFWHGDQGFDOOHGWRDFFRXQWDIWHUZKLFKWKHULJKWHRXV
ZRXOGEHDGPLWWHGWR3DUDGLVHDQGWKHZLFNHGFDVWLQWR+HOO7KH\UHJDUGHGDOOWKLVDV
LPDJLQDU\ZKLFKFRXOGQRWSRVVLEO\KDSSHQLQDFWXDOIDFW,QDQVZHUWRWKLVLWZDVVDLG
:KHQWKHLQHYLWDEOHHYHQWZLOOWDNHSODFHWKHUHZLOOEHQRQHWREHOLHLWVKDSSHQLQJQRU
ZLOODQ\RQHKDYHWKH3RZHUWRDYHUWLWQRUSURYHLWWREHDQXQUHDOKDSSHQLQJ$WWKDW
WLPH DOO SHRSOHV ZLOO EH GLYLGHG LQWR WKUHH FODVVHV   7KH IRUHPRVW LQ UDQN DQG
SRVLWLRQ  WKHFRPPRQULJKWHRXVSHRSOHDQG  WKRVHZKRGHQLHG WKH+HUHDIWHUDQG
SHUVLVWHG LQ GLVEHOLHI DQG SRO\WKHLVP DQG PDMRU VLQV WLOO WKH ODVW  +RZ WKHVH WKUHH
FODVVHVRIWKHSHRSOHZLOOEHUHZDUGHGDQGSXQLVKHGKDVEHHQGHVFULEHGLQGHWDLOLQYY

7KHQLQYYDUJXPHQWVKDYHEHHQJLYHQRQHDIWHUWKHRWKHUWRSURYHWKHWUXWKRI
WKHWZREDVLFGRFWULQHVRI,VODPZKLFKWKHGLVEHOLHYHUVZHUHUHIXVLQJWRDFFHSWYL]WKH
GRFWULQHVRI7DXKLGDQGWKH+HUHDIWHU,QWKHVHDUJXPHQWVDSDUWIURPHYHU\WKLQJHOVH
WKDWH[LVWVLQWKHHDUWKDQGKHDYHQVPDQ
VDWWHQWLRQKDVEHHQGUDZQWRKLVRZQERG\DQG
WRWKHIRRGWKDWKHHDWVDQGWRWKHZDWHUWKDWKHGULQNVDQGWRWKHILUHRQZKLFKKHFRRNV
KLV IRRG DQG KH KDV EHHQ LQYLWHG WR SRQGHUWKHTXHVWLRQ:KDWULJKWGR\RXKDYHWR
EHKDYH LQGHSHQGHQWO\ RI RU VHUYH DQ\ RWKHU WKDQ WKH *RG :KRVH FUHDWLYH SRZHU KDV
EURXJKW\RXLQWREHLQJDQG:KRVHSURYLVLRQVVXVWDLQ\RX$QGKRZFDQ\RXHQWHUWDLQ
WKH LGHDWKDWDIWHUKDYLQJRQFHEURXJKW\RXLQWRH[LVWHQFH+HKDVEHFRPHVRKHOSOHVV
DQGSRZHUOHVVWKDW+HFDQQRWUHFUHDWH\RX RQFHDJDLQHYHQLIKHZLOOVWR"
7KHQLQYYWKHLUVXVSLFLRQVLQUHVSHFWRIWKH4XU
DQKDYHEHHQUHIXWHGDQGWKH\
KDYH EHHQ PDGH WR UHDOL]H KRZ IRUWXQDWH WKH\ DUH WKDW LQVWHDG RI GHULYLQJDQ\EHQHILW
IURP WKHJUHDWEOHVVLQJWKDWWKH4XU
DQLVWKH\DUHWUHDWLQJLWZLWKVFDQWDWWHQWLRQDQG
KDYHVHWRQO\WKLVVKDUHRIWKHLUVLQLWWKDWWKH\GHQ\LW,IRQHVHULRXVO\FRQVLGHUVWKLV
PDWFKOHVVDUJXPHQWWKDWKDVEHHQSUHVHQWHGLQWZREULHIVHQWHQFHVDERXWWKHWUXWKRIWKH
4XU
DQRQHZLOOILQGLQLWWKHVDPHNLQGRIILUPDQGVWDEOHV\VWHPDVH[LVWVDPRQJWKH
VWDUVDQGSODQHWVRIWKH8QLYHUVHDQGWKHVDPHLVWKHSURRIRIWKHIDFWWKDWLWV$XWKRULV
WKHVDPH%HLQJ:KRKDVFUHDWHGWKH8QLYHUVH7KHQWKHGLVEHOLHYHUVKDYHEHHQWROGWKDW
WKLV%RRNLVLQVFULEHGLQWKDW:ULWRI'HVWLQ\ZKLFKLVEH\RQGWKHUHDFKRIWKHFUHDWXUHV
DV LI WR VD\ <RX WKLQN LW LV EURXJKW GRZQ E\ WKH GHYLOV WR 0XKDPPDG SHDFH DQG
EOHVVLQJVRI$OODKEHXSRQKLP ZKHUHDVQRQHEXWWKHSXUHDQJHOVKDVDQ\DFFHVVWRWKH
PHDQVE\ZKLFKLWUHDFKHV0XKDPPDG SHDFHDQGEOHVVLQJVRI$OODKEHXSRQKLP IURP
WKHZHOOJXDUGHG7DEOHW
,QFRQFOXVLRQPDQKDVEHHQZDUQHGDVLIWRVD\<RXPD\EUDGDQGERDVWDV\RXOLNH
DQG PD\ VKXW \RXU H\HV WR WKH WUXWKV LQ \RXU DUURJDQFH RI LQGHSHQGHQFH EXW GHDWK LV
HQRXJK WR RSHQ \RXU H\HV $W GHDWK \RX EHFRPH KHOSOHVV \RX FDQQRW VDYH \RXU RZQ
SDUHQWV \RX FDQQRW VDYH \RXU FKLOGUHQ \RX FDQQRW VDYH \RXU UHOLJLRXV JXLGHG DQG
EHORYHGOHDGHUV7KH\DOOGLHLQIURQWRI\RXUYDU\H\HVZKLOH\RXORRNRQKHOSOHVVO\,I
WKHUHLVQRVXSUHPHSRZHUUXOLQJRYHU\RXDQG\RXUWKLVDVVXPSWLRQLVFRUUHFWWKDW\RX
LVODPPHVVDJHFRP 
DUHDOOLQDOOLQWKHZRUOGDQGWKHUHLVQR*RGWKHQZK\GRQ
W\RXUHVWRUHWRWKHG\LQJ
SHUVRQKLVVRXO"-XVWDV\RXDUHKHOSOHVVLQWKLVVRLWLVDOVREH\RQG\RXU SRZHUWRVWRS
$OODK IURP FDOOLQJ WKH SHRSOH WR DFFRXQW DQG PHWH RXW UHZDUGV DQG SXQLVKPHQWV WR
WKHP <RX PD\ RU PD\ QRWEHOLHYHLWEXWHYHU\G\LQJSHUVRQZLOOVXUHO\VHHKLVRZQ
HQGDIWHUGHDWK,IKHEHORQJVWRWKRVHQHDUHVWWR*RGKHZLOOVHHWKHJRRG HQGPHDQW
IRU WKHP LI KH EH IURP DPRQJ WKH ULJKWHRXV KH ZLOO VHH WKH HQG SUHSDUHG IRU WKH
ULJKWHRXVDQGLIKHEHIURPDPRQJWKHGHQLHUVRIWKHWUXWKKHZLOOVHHWKHHQGGHVWLQHG
IRUWKHFULPLQDOV

+DGLLG
1DPH
7KH6XUDKWDNHVLWVWLWOHIURPWKHVHQWHQFH:DDQ]DOQD
OKDGLGDRIYHUVH
3HULRGRI5HYHODWLRQ
7KLVLVXQDQLPRXVO\D0DGDQL6XUDKDQGDVWXG\RILWVVXEMHFWPDWWHUVKRZVWKDWLWZDV
SUREDEO\VHQWGRZQVRPHWLPHGXULQJWKHLQWHUYDOEHWZHHQWKH%DWWOHRI8KXGDQGWKH
7UXFH RI +XGDLEL\DK 7KLV ZDV WKH WLPH ZKHQ WKH WLQ\ ,VODPLF 6WDWH RI 0DGLQDK KDG
EHHQKHPPHGLQE\WKHGLVEHOLHYHUVDQGWKHKDQGIXORIWKHLOOHTXLSSHG0XVOLPVZHUH
HQWUHQFKHG DJDLQVW WKH FRPELQHG SRZHU RI HQWLUH $UDELD ,Q WKLV VWDWH ,VODP QRW RQO\
VWRRG LQ QHHG RI WKH VDFULILFH RI /LIH IURP LWV IROORZHUV EXW LW DOVR QHHGHG PRQHWDU\
KHOS DQG DVVLVWDQFH ,Q WKLV6XUDKDIRUFHIXODSSHDOKDVEHHQPDGHIRU WKHVDPH7KLV
YLHZLVIXUWKHUVWUHQJWKHQHGE\YHUVHLQZKLFK$OODKKDVDGGUHVVHGWKHEHOLHYHUVWR
WKHHIIHFW7KRVHRI \RXZKRZRXOGVSHQGDQGILJKWDIWHUWKHYLFWRU\FDQQHYHUEHHTXDO
WRWKRVHZKRKDYHVSHQWDQGIRXJKWEHIRUHWKHYLFWRU\$QGWKHVDPHLVVXSSRUWHGE\
WKHWUDGLWLRQVWKDW,EQ0DUGX\DKKDVUHODWHGRQWKHDXWKRULW\RI+DGUDW$QDV,QUHVSHFW
RIWKHYHUVH$ODP\D
QLOLOODGKLQDDDPDQXDQWDNKVKD
DTXOXEXKXPOLGKLNULOODKLKH
VD\VWKDW\HDUVDIWHUWKHFRPPHQFHPHQWRIWKHUHYHODWLRQRIWKH4XU
DQWKLVYHUVHZDV
VHQWGRZQWRDURXVHWKHEHOLHYHUVWRDFWLRQ5HFNRQHGWKXVWKHSHULRGRIWKHUHYHODWLRQ
RIWKLV6XUDKIDOOVEHWZHHQWKHWKDQGWKHWK\HDUDIWHUWKHKLMUD
7KHPHDQG6XEMHFW0DWWHU
7KHWKHPHRIWKLV6XUDKLVWRH[KRUWWKH0XVOLPVWRVSHQGLQWKHFDXVHRI$OODK$WWKH
PRVW FULWLFDO MXQFWXUH RI WKH KLVWRU\ RI ,VODP ZKHQ LW ZDV HQJDJHG LQ D OLIH DQGGHDWK
VWUXJJOH DJDLQVW $UDE SDJDQLVP WKLV 6XUDK ZDV UHYHDOHG WR SHUVXDGH WKH 0XVOLP
V WR
PDNH PRQHWDU\ VDFULILFHV LQ SDUWLFXODU DQG WR PDNH WKHP UHDOL]H WKDW ,VODP GLG QRW
PHUHO\ FRQVLVW LQ YHUEDO DIILUPDWLRQ DQG VRPH RXWZDUG SUDFWLFHV EXW LWV HVVHQFH DQG
VSLULWLVVLQFHULW\WRZDUGV$OODKDQG+LV5HOLJLRQ7KHIDLWKRIWKHRQHZKRZDVGHYRLG
RIWKLVVSLULWDQGZKRUHJDUGHGKLVRZQVHOIDQGZHDOWKDVGHDUHUWRKLPVHOIWKDQ$OODK
DQG+LV5HOLJLRQZDVKROORZDQGWKHUHIRUHRIOLWWOHZRUWKLQWKHVLJKWRI $OODK)RUWKLV
REMHFWILUVWWKHDWWULEXWHVRI$OODK$OPLJKW\KDYHEHHQPHQWLRQHGVRWKDWWKHOLVWHQHUV
PD\IXOO\UHDOL]HDVWR:KRLVDGGUHVVLQJWKHP7KHQWKHIROORZLQJWKHPHVKDYHEHHQ
H[SUHVVHGLQVHTXHQFH
  7KH LQHYLWDEOH GHPDQG RI WKH )DLWK LV WKDW RQH VKRXOG QRW VKLUN VSHQGLQJ RQH
V
ZHDOWK IRU WKH VDNH RI $OODK 7KLV ZRXOG QRW RQO\ EH FRQWUDU\ WR WKH )DLWK EXW DOVR
LVODPPHVVDJHFRP 
ZURQJ UHDOLVWLFDOO\ )RU WKH ZHDOWK LQGHHG EHORQJV WR $OODK RQ ZKLFK PDQ KDV EHHQ
JLYHQ SURSULHWDU\ ULJKWV RQO\ DV +LV YLFHJHUHQW <HVWHUGD\ WKLV ZHDOWK ZDV LQ RWKHU
SHRSOH
VSRVVHVVLRQWRGD\LWLVZLWKRQHSDUWLFXODUPDQDQGWRPRUURZLWZLOOSDVVLQWR
VRPH RQH HOVH
V KDQG 8OWLPDWHO\ LW ZLOO JR EDFN WR $OODK :KR LV WKH LQKHULWRU RI
HYHU\WKLQJLQWKHXQLYHUVH2QO\WKDWPXFKRIWKLVZHDOWKZLOOEHRIDQ\XVHWRDPDQ
ZKLFKKHVSHQGVLQWKHFDXVHRI$OODKGXULQJWKHSHULRGLWLVLQKLVSRVVHVVLRQ
 $OWKRXJKPDNLQJVDFULILFHVIRUWKHVDNHRI$OODKLVFRPPHQGDEOHLQDQ\FDVHWKH
WUXHZRUWKRIWKHVHVDFULILFHVLVGHWHUPLQHGE\WKH QDWXUHRIWKHRFFDVLRQ7KHUHLVDQ
RFFDVLRQ ZKHQ WKH SRZHU RI SDJDQLVP LV RYHUZKHOPLQJ DQG WKHUH LV D GDQJHU WKDW LW
PLJKWVXEGXHDQGRYHUFRPH,VODPFRPSOHWHO\WKHUHLVDQRWKHURFFDVLRQZKHQ,VODPLV
LQ D VWURQJHU SRVLWLRQ LQ LWV VWUXJJOH DJDLQVW XQ,VODP DQG WKH EHOLHYHUV DUH DWWDLQLQJ
YLFWRULHV %RWK WKHVH VWDWHV DUH QRW HTXDO DV UHJDUGV WKHLU UHVSHFWLYH LPSRUWDQFH
7KHUHIRUHWKHVDFULILFHVWKDWDUHPDGHLQWKHVHGLIIHUHQWVWDWHVZRXOGDOVRQRWEHHTXDO
7KRVHZKRVDFULILFHWKHLUOLYHVDQGH[SHQGWKHLUZHDOWKWRIXUWKHUSURPRWHWKHFDXVHRI
,VODP ZKHQ LW LV DOUHDG\ VWURQJ FDQQRW DWWDLQ WR WKH UDQN RI WKRVH ZKR VWUXJJOHG ZLWK
WKHLUOLYHVDQGWKHLUZHDOWKWRSURPRWHDQGXSKROGWKHFDXVHRI,VODPZKHQLWZDVZHDN
 :KDWHYHULVVSHQWIRUWKHFDXVHRIWKH7UXWKLVDORDQRQ$OODKDQG$OODKZLOOQRW
RQO\UHWXUQLWLQFUHDVLQJLWPDQLIROGEXWZLOODOVRJLYHIURP+LPVHOIWKHEHVWUHZDUGIRU
LW
 ,QWKH+HUHDIWHUWKH/LJKWVKDOOEHEHVWRZHGRQO\RQWKRVHEHOLHYHUVZKRZRXOGKDYH
VSHQWWKHLUZHDOWKLQWKH FDXVHRI$OODK$VIRUWKHK\SRFULWHVZKRZDWFKHGDQGVHUYHG
RQO\ WKHLU RZQ LQWHUHVWV LQ WKH ZRUOG DQG ZKR OHDVW ERWKHUHG ZKHWKHU WKH 7UXWK RU
IDOVHKRRGSUHYDLOHGZLOOEHVHJUHJDWHGIURPWKHEHOLHYHUVLQWKH+HUHDIWHUDOWKRXJKWKH\
PLJKWKDYHOLYHGLQFORVHDVVRFLDWLRQZLWKWKHPLQWKHZRUOG7KH\ZLOOEHGHSULYHGRI
WKH/LJKWDQGWKH\ZLOOEHFRXQWHGDPRQJWKHGLVEHOLHYHUV
  7KH 0XVOLPV VKRXOG QRW EHKDYH OLNH WKRVH IROORZHUV RI WKH HDUOLHU %RRNV ZKRVH
OLYHV KDYH EHHQ VSHQW LQ WKH ZRUVKLS RI WKH ZRUOG DQG ZKRVH KHDUWV KDYH EHFRPH
KDUGHQHG GXH WR QHJOLJHQFH ZLWK WKH SDVVDJH RI WLPH +H FDQQRW EH D EHOLHYHU ZKRVH
KHDUW GRHV QRW PHOW DW WKH UHPHPEUDQFH RI $OODK DQG GRHV QRW ERZ WR WKH 7UXWK VHQW
GRZQE\+LP
 7KHVLQFHUHXSKROGHUVRIWKH7UXWKDQGWKHWUXHZLWQHVVHVRIWKH)DLWKLQWKHVLJKWRI
$OODKDUHRQO\WKRVHEHOLHYHUVZKRVSHQGWKHLUZHDOWKLQ+LVZD\VLQFHUHO\ZLWKRXWDQ\
GHVLUHRIVKRZ
 7KHOLIHRIWKLVZRUOGLVRQO\DVKRUWOLYHGVSULQJDQGDPHDQVRISULGHDQGVKRZ,WV
VSRUWV DQG SDVWLPHV LWV DGRUQPHQWV DQG GHFRUDWLRQVLWVSULGHRISODFHLWVZHDOWKDQG
SRVVHVVLRQVIRUZKLFKWKHSHRSOHWU\WRYLHZLWKRQHDQRWKHUDUHWUDQVLHQW,WVOLNHQHVV
LVRIWKHFURSZKLFKIORXULVKHVDQGEORRPVWKHQWXUQVSDOHDQGWKHQILQDOO\LVUHGXFHGWR
FKDII7KHHYHUODVWLQJOLIHLVWKHOLIHKHUHDIWHUZKHQUHVXOWVRIJUHDWFRQVHTXHQFHZLOOEH
DQQRXQFHG7KHUHIRUHLIRQHKDVWRYLHZLWKDQRWKHUIRUVRPHWKLQJRQHVKRXOGVWULYH
IRU3DUDGLVH
 :KDWHYHUJRRGPDQPHHWVZLWKDQGZKDWHYHUKDUGVKLSKHVXIIHUVLQWKHZRUOGDUH
SUHRUGDLQHGE\$OODK$WUXHEHOLHYHULVKHZKRGRHVQRWORVHKHDUWLQDIIOLFWLRQDQGLV
LVODPPHVVDJHFRP 
QRWSXIIHGXSZLWKSULGHLQJRRGWLPHV,WLVWKHFKDUDFWHURIDK\SRFULWHDQGGLVEHOLHYHU
WKDW KH LV SXIIHG XS ZLWK SULGH ZKHQ $OODK IDYRUV KLP ZLWK +LV EOHVVLQJV EHKDYHG
ERDVWIXOO\DQGVKRZVVWLQJLQHVVZKHQFDOOHGXSRQWRVSHQGLQWKHFDXVHRIWKHVDPH*RG
:KREOHVVHGKLPDQGDOVRFRXQVHOVRWKHUVWREHVWLQJ\OLNHKLPVHOI
 $OODKVHQW+LV0HVVHQJHUVZLWKFOHDUVLJQVDQGWKH%RRNDQGWKH/DZRI-XVWLFHVR
WKDW WKH SHRSOH PD\ DGKHUH WR MXVWLFH EHVLGHV +H VHQW GRZQ LURQ DOVR VR WKDW SRZHU
PD\EHXVHGWRHVWDEOLVKWKH7UXWKDQGYDQTXLVKIDOVHKRRG7KXV$OODKOLNHVWRVHHDV
WRZKRIURPDPRQJWKHSHRSOHZRXOGULVHWRVXSSRUWDQGVXFFRU+LVWUXH5HOLJLRQHYHQ
DWWKHULVNRIWKHLUOLYHV7KHVHRSSRUWXQLWLHV$OODKKDVFUHDWHGIRUPDQ
VRZQDGYDQWDJH
DQGGHYHORSPHQWRWKHUZLVH$OODKGRHVQRWVWDQGLQQHHGRIRWKHUVIRU+LVZRUNV
 3URSKHWVFDPHIURP$OODKLQWKHSDVWDQGE\WKHLUSUHDFKLQJVRPHSHRSOHDGRSWHG
WKH5LJKW3DWKEXWPRVWRIWKHPSHUVLVWHGLQZLFNHGQHVV7KHQWKH3URSKHW-HVXVFDPH
ZKRVHWHDFKLQJVEURXJKWDERXWPDQ\PRUDOLPSURYHPHQWVLQWKHOLYHVRIWKHSHRSOHEXW
KLV FRPPXQLW\ LQYHQWHG PRQDVWLFLVP 1RZ $OODK KDV VHQW WKH 3URSKHW 0XKDPPDG
XSRQZKRPEH+LVSHDFHDQGEOHVVLQJV 7KRVHZKRDIILUPIDLWKLQKLPDQGSDVVWKHLU
OLIHIHDULQJ$OODK
VDFFRXQWDELOLW\ZLOOEHJLYHQE\$OODKDGRXEOHVKDUHRI+LVPHUF\
DQG+HZLOOEOHVVWKHPZLWKWKH/LJKWE\ZKLFKWKH\ZLOOVHHDQGZDONWKHVWUDLJKWSDWK
DPRQJWKHFURRNHGSDWKVPHWZLWKDWHYHU\VWHSLQWKHOLIHRIWKLVZRUOG$OWKRXJKWKH
IROORZHUV RI WKH HDUOLHU UHYHODWLRQ UHJDUG WKHPVHOYHV DV WKH PRQRSROLVWV RI $OODK
V
ERXQWLHVWKHIDFWUHPDLQVWKDW$OODK+LPVHOIFRQWUROV+LVERXQWLHV +HPD\EOHVVZLWK
WKHVHZKRPHYHU+HSOHDVHV

0XMDGLOD
1DPH
7KLV6XUDKLVHQWLWOHG$O0XMDGDODKDVZHOODV0XMDGLODKWKHWLWOHEHLQJGHULYHGIURP
WKHZRUGWXMDGLOXNDRIWKHYHU\ILUVWYHUVH$VDWWKHRXWVHWPHQWLRQKDVEHHQPDGHRI
WKHZRPDQZKRSOHDGHGZLWKWKH+RO\3URSKHW XSRQZKRPEH$OODK
VSHDFH WKHFDVH
RI]LKDUSURQRXQFHGE\KHUKXVEDQGDQGXUJHGKLPWRVXJJHVWDZD\RXWRIWKHGLIILFXOW
VLWXDWLRQLQRUGHUWRVDYHKHUDQGKHUFKLOGUHQ
VOLIHIURPUXLQDQG$OODKKDVGHVFULEHG
KHUSOHDGLQJ E\WKHZRUGPXMDGDODKWKH6XUDKFDPHWREHNQRZQE\WKLVYHU\WLWOH,I
LW LV UHDG DV PXMDGDODK LW ZRXOG PHDQ SOHDGLQJ DQG DUJXLQJ DQG LI LW LV UHDG DV
PXMDGLODKLWZRXOGPHDQWKHZRPDQZKRSOHDGHGDQGDUJXHG
3HULRGRI5HYHODWLRQ
7KHUHLVQRWUDGLWLRQWRWHOODVWRZKHQWKLVLQFLGHQWRISOHDGLQJDQGDUJXLQJWRRNSODFH
EXWWKHUHLVDKLQWLQWKHVXEMHFWPDWWHURIWKH6XUDKRQWKHEDVLVRIZKLFKLWFDQEHVDLG
ZLWKFHUWDLQW\WKDWLWKDSSHQHGVRPHWLPHDIWHUWKHEDWWOHRIWKH7UHQFK 6KDZZDO $
+ ,Q6DXDK$O$K]DE$OODKZKLOHQHJDWLQJWKDWDQDGRSWHGVRQFRXOGEHRQH
VUHDO
VRQKDGMXVWVDLGWKLVDQGQRPRUH$QG$OODKKDVQRWPDGHWKRVHRI\RXUZLYHVZKRP
\RXGLYRUFHE\]LKDU\RXUPRWKHUV%XWLQWKDW6XUDKWKHUHZDVQRWKLQJWRWKHHIIHFW
WKDW WR GLYRUFH D ZLIH E\ ]LKDU ZDV D VLQ RU D FULPH QRU DQ\WKLQJ DERXW WKH OHJDO
LQMXQFWLRQFRQFHUQLQJLW&RQWUDU\WRLWLQWKLV6XUDKWKHZKROHODZUHODWLQJWR]LKDUKDV

LVODPPHVVDJHFRP 
EHHQODLGGRZQZKLFKVKRZVWKDWWKHVHGHWDLOHGLQMXQFWLRQVZHUHVHQWGRZQVRPHWLPH
DIWHUWKHEULHIUHIHUHQFHWRLWLQ6XUDK$O$K]DE
6XEMHFW0DWWHUDQG7RSLFV
,QWKLV6XUDKLQVWUXFWLRQVKDYHEHHQJLYHQWRWKH0XVOLPVDERXWWKHGLIIHUHQWSUREOHPV
WKDW FRQIURQWHG WKHP DW WKDW WLPH )URP WKH EHJLQQLQJ RI WKH 6XUDK WR YHUVH  OHJDO
LQMXQFWLRQV DERXW ]LKDU KDYH EHHQ JLYHQ DORQJ ZLWK ZKLFK WKH 0XVOLPV KDYH EHHQ
VWULFWO\ ZDUQHG WKDW LWLVFRQWUDU\WRWKHLU SURIHVVLRQRIWKH)DLWKWKDWWKH\VKRXOGVWLOO
SHUVLVW LQ WKH SUDFWLFHV RI LJQRUDQFH DIWHU WKH\ KDYH DFFHSWHG ,VODP WKDW WKH\ VKRXOG
EUHDNWKHERXQGVVHWE\$OODKRUUHIXVHWRDELGHE\WKHPRUWKDWWKH\VKRXOGPDNHWKHLU
RZQ UXOHV DQG UHJXODWLRQV FRQWUDGLFWRU\ WR WKHP )RU WKLV WKHUH LV QRW RQO\ WKH
SXQLVKPHQWRIGLVJUDFHDQGKXPLOLDWLRQLQWKHZRUOGEXWLQWKH+HUHDIWHUWRRWKHUHZLOO
EHVWULFWDFFRXQWDELOLW\IRULW
,Q YY  WKH K\SRFULWHV KDYH EHHQ WDNHQ WR WDVN IRU WKHLU VHFUHW ZKLVSHULQJV DQG
FRQVXOWDWLRQV E\ ZKLFK WKH\ FRQVSLUHG DQG LQWULJXHG DJDLQVW WKH +RO\ 3URSKHW XSRQ
ZKRPEH$OODK
VSHDFHDQGEOHVVLQJV DQGEHFDXVHRIWKHLUKLGGHQPDOLFHDQGJUXGJH
JUHHWHG KLP OLNH WKH -HZV LQ D PDQQHU DV WR ZLVK KLP LOO LQVWHDG RI ZHOO ,Q WKLV
FRQQHFWLRQ WKH 0XVOLPV KDYH EHHQ FRQVROHG DV LI WR VD\ 7KHVH ZKLVSHULQJV RI WKH
K\SRFULWHVFDQGRQRKDUPWR\RXWKHUHIRUH\RXVKRXOGJRRQGRLQJ\RXUGXW\ZLWKIXOO
WUXVW LQ $OODK %HVLGHV WKH\ KDYH DOVR EHHQ WDXJKW WKLV PRUDO OHVVRQ 7KH WUXH
EHOLHYHUV ZKHQ WKH\ WDON VHFUHWO\ WRJHWKHU GR QRW WDON RI VLQ DQG WUDQVJUHVVLRQ DQG
GLVREHGLHQFHWRWKH0HVVHQJHULIWKH\KDYHWRWDONVHFUHWO\WRJHWKHUWKH\VKRXOGWDONRI
JRRGQHVVDQGSLHW\
,QYYWKH0XVOLPVKDYHEHHQWDXJKWFHUWDLQPDQQHUVRIVRFLDOEHKDYLRUDQGJLYHQ
LQVWUXFWLRQV WR HUDGLFDWH FHUWDLQ VRFLDO HYLOV ZKLFK ZHUH SUHYDOHQW DPRQJ WKH SHRSOH
WKHQ DV WKH\ DUH WRGD\ ,I VRPH SHRSOH DUH VLWWLQJ LQ DQ DVVHPEO\ DQG PRUH SHRSOH
DUULYH WKH\ GR QRW VKRZ HYHQ WKH FRXUWHV\ DV WR VTXHH]H LQ VR DV WR PDNH URRP IRU
RWKHUVZLWKWKHUHVXOWWKDWWKHQHZFRPHUVKDYHWRNHHSVWDQGLQJRUWRVLWLQWKHGRRU
ZD\ RU WR JR EDFN RU VHHLQJ WKDW WKHUH LV HQRXJK URRP \HW VWDUW MXPSLQJ RYHU WKH
SHRSOH
V KHDGV WR ILQG URRP IRU WKHPVHOYHV 7KLV RIWHQ XVHG WR EH H[SHULHQFHG LQ WKH
+RO\3URSKHW
VDVVHPEOLHV7KHUHIRUH$OODKJDYHWKHLQVWUXFWLRQDVLIWRVD\'RQRW
EHKDYHVHOILVKO\DQGQDUURZPLQGHGO\LQ\RXUDVVHPEOLHVEXWGRDFFRPPRGDWHWKHQHZ
FRPHUVDOVRZLWKDQRSHQKHDUW
/LNHZLVH DQRWKHU YLFH IRXQG DPRQJ WKH SHRSOH LV WKDW ZKHQ WKH\ JR RQ D YLVLW WR
VRPHERG\ DQLPSRUWDQWSHUVRQLQSDUWLFXODU WKH\SURORQJWKHLUVLWWLQJDQGGRQRWDW
DOOPLQGWKDWHQFURDFKLQJXSRQKLVWLPHXQGXO\ZRXOGFDXVHKLPKDUGVKLS7KHQLIKH
WHOOV WKHP WR OHDYH WKH\ PLQG LW LI KH KLPVHOI ULVHV XS IURP WKHLU DVVHPEO\ WKH\
FRPSODLQ RI KLV ODFN RI PDQQHUV LI KH WHOOV WKHP LQGLUHFWO\ WKDW KH KDV VRPH RWKHU
EXVLQHVVDOVRWRDWWHQGWRIRUZKLFKKHQHHGVWLPHWKH\WXUQDGHDIHDUWRKLVUHTXHVW
7KH +RO\ 3URSKHW XSRQZKRPEH$OODK
VSHDFH KLPVHOIDOVRKDGWRH[SHULHQFHVXFK
PLVFRQGXFWRIWKHSHRSOHZKRLQWKHLUHDUQHVWQHVVWREHQHILWE\KLVWHDFKLQJGLGQRWDW
DOO VHH WKDW WKH\ ZHUH ZDVWLQJ KLV SUHFLRXV WLPH VR EDGO\ QHHGHG IRU RWKHU LPSRUWDQW

LVODPPHVVDJHFRP 
ZRUNV $W ODVW $OODK LQ RUGHU WR HUDGLFDWH WKLV EDG PDQQHU HQMRLQHG WKDW ZKHQ WKH
SHRSOHDUFDVNHGWRULVHXSIURPDQDVVHPEO\WKH\VKRXOGULVHXSDQGGLVSHUVH
$QRWKHU YLFH SUHYDOHQW DPRQJ WKH SHRSOH ZDV WKDW HDFK SHUVRQ ZLVKHG WR KDYH VHFUHW
FRXQVHOLQGLYLGXDOO\ZLWKWKH+RO\3URSKHW XSRQZKRPEH$OODK
VSHDFH ZLWKRXWDQ\
UHDOQHHGRUZRXOGOLNHWKDWKHVKRXOGDSSURDFKKLPGXULQJDQDVVHPEO\DQGZKLVSHU
VRPHWKLQJ WR KLP 7KLV ZDV QRW RQO\ HPEDUUDVVLQJ IRU WKH +RO\ 3URSKHW EXW DOVR
DQQR\LQJ IRU WKH SHRSOH ZKR VDW LQ WKH DVVHPEO\ 7KDW LV ZK\ $OODK LPSRVHG WKH
UHVWULFWLRQ WKDW DQ\RQH ZKR ZDQWHG WR FRQVXOW KLP LQ SULYDWH VKRXOG ILUVW JLYH DZD\
VRPHWKLQJ LQ FKDULW\ 7KH REMHFW ZDV WKDW WKH SHRSOH VKRXOG EH ZDUQHG RI WKLV EDG
PDQQHUDQGPDGHWRJLYHLWXS7KXVWKHUHVWULFWLRQZDVNHSWLQIRUFHIRUDVKRUWZKLOH
DQGZKHQWKHSHRSOHKDGFRUUHFWHGWKHLUEHKDYLRULWZDVZLWKGUDZQ
)URP YHUVH  WR WKH HQG RI WKH 6XUDK PHPEHUV RI WKH 0XVOLP VRFLHW\ ZKLFK ZDV D
PL[WXUH RI WKH VLQFHUH 0XVOLPV DQG WKH K\SRFULWHV DQG WKH ZDYHUHUV KDYH EHHQ WROG
SODLQO\DVWRZKDWLVWKHFULWHULRQRIVLQFHULW\LQ,VODP2QHNLQGRI0XVOLPVDUHWKRVH
ZKR DUH IULHQGV ZLWK WKH HQHPLHV RI ,VODP WKH\ GR QRW KHVLWDWH IRU WKH VDNH RI WKHLU
LQWHUHVWVWREHWUHDFKHURXVWRWKHUHOLJLRQZKLFKWKH\SURIHVVWREHOLHYHLQWKH\VSUHDG
DOOVRUWVRIGRXEWVDQGVXVSLFLRQVDJDLQVW,VODPDQGSUHYHQWWKHSHRSOHIURPDGRSWLQJ
WKH :D\ RI $OODK %XW VLQFH WKH\ DUH SDUW RI WKH 0XVOLP FRPPXQLW\ WKHLU IDOVH
SURIHVVLRQRI)DLWKVHUYHVWKHPDVDFRYHUDQGVKLHOG7KHVHFRQGNLQGRI0XVOLPVDUH
WKRVH ZKR LQ WKH PDWWHU RI $OODK
V 5HOLJLRQ GR QRW FDUH HYHQ IRU WKHLU RZQ IDWKHU
EURWKHUFKLOGUHQDQGIDPLO\WRVD\QRWKLQJRIRWKHUV7KH\GRQRWFKHULVKDQ\IHHOLQJ
RIORYHIRU WKHSHUVRQZKRLVDQHQHP\RI*RGDQG+LV0HVVHQJHUDQG+LV5HOLJLRQ
$OODKLQWKHVHYHUVHVKDVH[SOLFLWO\VWDWHGWKDWWKHSHRSOHRIWKHILUVWNLQGLQIDFWEHORQJ
WR6DWDQ
VSDUW\KRZHYHUKDUGWKH\PD\WU\WRFRQYLQFHRWKHUVRIWKHLU,VODPE\VZHDULQJ
RDWKV$QGWKHKRQRURIEHORQJLQJWR$OODK
VSDUW\LVSRVVHVVHGRQO\E\WKH0XVOLPVRI
WKHVHFRQGNLQG7KH\DORQHDUHWKHWUXH0XVOLPVWKH\DORQHZLOODWWDLQWRWUXHVXFFHVV
DQGZLWKWKHPDORQHLV$OODKZHOOSOHDVHG

+DVKU
1DPH
7KH 6XUDK GHULYHV LWV QDPH IURP WKH PHQWLRQ RI WKH ZRUG DOKDVKU LQ YHUVH WKHUHE\
LPSO\LQJWKDWLWLVWKH6XUDKLQZKLFKWKHZRUGDOKDVKUKDVRFFXUUHG
3HULRGRI5HYHODWLRQ
%XNKDUL DQG 0XVOLP FRQWDLQ D WUDGLWLRQ IURP +DGUDW 6D
LG ELQ -XEDLU WR WKH HIIHFW
:KHQ,DVNHG+DGUDW$EGXOODKELQ$EEDVDERXW6XUDK$O+DVKUKHUHSOLHGWKDWLWZDV
VHQWGRZQFRQFHUQLQJWKHEDWWOHDJDLQVWWKH%DQLDQ1DGLUMXVWDV6XUDK$O$QIDOZDV
VHQW GRZQ FRQFHUQLQJ WKH %DWWOH RI %DGU ,Q DQRWKHU WUDGLWLRQ IURP +DGUDW 6D
LG ELQ
-XEDLUWKHZRUGVFLWHGIURP,EQ$EEDV PD\$OODKEHSOHDVHGZLWKKLP DUH4XOVXUDK
DQ1DGLU 6D\ LW LV 6XUDK DQ1DGLU  7KH VDPH WKLQJ KDV EHHQ UHODWHG DOVR IURP
0XMDKLG4DWDGDK=XKUL,EQ=DLG<D]LGELQ5XPDQ0XKDPPDGELQ,VKDTDQGRWKHUV
7KH\ DUH XQDQLPRXV WKDW WKH IROORZHUV RI WKH %RRN ZKRVH EDQLVKPHQW KDV EHHQ
PHQWLRQHGLQLWLPSO\WKH%DQLDQ1DGLU<D]LGELQ5XPDQ0XMDKLGDQG0XKDPPDG
LVODPPHVVDJHFRP 
ELQ ,VKDT KDYH VWDWHG WKDW WKLV ZKROH 6XUDK IURP EHJLQQLQJ WR HQG FDPH GRZQ
FRQFHUQLQJWKLVYHU\EDWWOH
$V IRU WKH TXHVWLRQ DV WR ZKHQ WKLV EDWWOH WRRN SODFH ,PDP =XKUL KDV VWDWHG RQ WKH
DXWKRULW\ RI 8UZDK ELQ =XEDLU WKDW LW WRRN SODFH VL[ PRQWKV DIWHU WKH %DWWOH RI %DGU
+RZHYHU,EQ6D
G,EQ+LVKDPDQG%DODGKXULUHJDUGLWDVDQHYHQWRI5DEL
DO$ZZDO
$+DQGWKHVDPHLVFRUUHFW)RUDOOWUDGLWLRQVDJUHHWKDWWKLVEDWWOHWRRNSODFHDIWHU
WKHLQFLGHQWRI%L
U0D
XQDKDQGKLVWRULFDOO\DOVRLWLVZHOONQRZQWKDWWKHLQFLGHQWRI
%LU0D
XQDKRFFXUUHGDIWHUWKH%DWWOHRI8KXGDQGQRWEHIRUHLW
+LVWRULFDO%DFNJURXQG
,Q RUGHU WR XQGHUVWDQG WKH VXEMHFW PDWWHU RI WKLV 6XUDK ZHOO LW LV QHFHVVDU\ WR KDYH D
ORRN DW WKH KLVWRU\ RI WKH 0DGLQDK DQG +HMD] -HZV IRU ZLWKRXW LW RQH FDQQRW NQRZ
SUHFLVHO\WKHUHDOFDXVHVRIWKH+RO\3URSKHW
VGHDOLQJZLWKWKHLUGLIIHUHQWWULEHVWKHZD\
KHGLG
1R DXWKHQWLF KLVWRU\ RI WKH $UDELDQ -HZV H[LVWV LQ WKH ZRUOG 7KH\ KDYH QRW OHIW DQ\
ZULWLQJRIWKHLURZQLQWKHIRUPRIDERRNRUDWDEOHWZKLFKPLJKWWKURZOLJKWRQWKHLU
SDVW QRU KDYH WKH -HZLVK KLVWRULDQV DQG ZULWHUV RI WKH QRQ$UDE ZRUOG PDGH DQ\
PHQWLRQ RI WKHP WKH UHDVRQ EHLQJ WKDW DIWHU WKHLU VHWWOHPHQWLQWKH$UDELDQSHQLQVXOD
WKH\ KDG GHWDFKHG WKHPVHOYHV IURP WKH PDLQ ERG\ RI WKH QDWLRQ DQG WKH -HZV RI WKH
ZRUOGGLGQRWFRXQWWKHPDVDPRQJWKHPVHOYHV)RUWKH\KDGJLYHQXS+HEUHZFXOWXUH
DQG ODQJXDJH HYHQ WKH QDPHV DQG DGRSWHG $UDELVP LQVWHDG ,Q WKH WDEOHWV WKDW KDYH
EHHQXQHDUWKHGLQWKHDUFKDHRORJLFDOUHVHDUFKLQWKH+HMD]QRWUDFHRIWKH-HZVLVIRXQG
EHIRUHWKH ILUVWFHQWXU\RIWKH&KULVWLDQHUDH[FHSWIRUDIHZ-HZLVKQDPHV7KHUHIRUH
WKHKLVWRU\RIWKH$UDELDQ-HZVLVEDVHGPRVWO\RQWKHYHUEDOWUDGLWLRQVSUHYDOHQWDPRQJ
WKH$UDEVPRVWRIZKLFKEDGEHHQVSUHDGE\WKH-HZVWKHPVHOYHV
7KH -HZV RI WKH +HMD] FODLPHG WKDW WKH\ KDG FRPH WR VHWWOH LQ $UDELD GXULQJ WKH ODVW
VWDJHRIWKHOLIHRIWKH3URSKHW0RVHV SHDFHEHXSRQKLP 7KH\VDLGWKDWWKH3URSKHW
0RVHV KDG GLVSDWFKHG DQ DUP\ WR H[SHO WKH $PDOHNLWHV IURP WKH ODQG RI <DWKULE DQG
KDG FRPPDQGHG LW QRW WR VSDUH HYHQ D VLQJOH VRXO RI WKDW WULEH 7KH ,VUDHOLWH DUP\
FDUULHG RXW WKH 3URSKHW
V FRPPDQG EXW VSDUHG WKH OLIH RI D KDQGVRPH SULQFH RI WKH
$PDOHNLWHNLQJDQGUHWXUQHGZLWKKLPWR3DOHVWLQH%\WKDWWLPHWKH3URSKHW0RVHVKDG
SDVVHG VZD\ +LV VXFFHVVRUV WRRN JUHDW H[FHSWLRQ WR ZKDW WKH DUP\ KDG GRQH IRU E\
VSDULQJ WKH OLIH RIDQ$PDOHNLWHLWKDGFOHDUO\GLVREH\HGWKH3URSKHWDQGYLRODWHGWKH
0RVDLFODZ&RQVHTXHQWO\WKH\H[FOXGHGWKHDUP\IURPWKHLUFRPPXQLW\DQGLWKDGWR
UHWXUQWR<DWKULEDQGVHWWOHWKHUHIRUHYHU .LWDEDO$JKDQLYRO[L[S 7KXVWKH
-HZVFODLPHGWKDWWKH\KDGEHHQOLYLQJLQ<DWKULEVLQFHDERXW%&%XWWKLVKDG
LQ IDFW QR KLVWRULFDO EDVLV DQG SUREDEO\ WKH -HZV KDG LQYHQWHG WKLV VWRU\ LQ RUGHU WR
RYHUDZH WKH $UDEV LQWR EHOLHYLQJ WKDW WKH\ ZHUH RI QREOH OLQHDJH DQG WKH RULJLQDO
LQKDELWDQWVRIWKHODQG
7KHVHFRQG-HZLVKLPPLJUDWLRQDFFRUGLQJWRWKH-HZVWRRNSODFHLQ%&ZKHQ
1HEXFKDGQH]]HU WKH NLQJ RI %DE\ORQ GHVWUR\HG -HUXVDOHP DQG GLVSHUVHG WKH -HZV
WKURXJKRXW WKH ZRUOG 7KH $UDE -HZV VDLG WKDW VHYHUDO RI WKHLU WULEHV DW WKDW WLPH KDG
FRPHWRVHWWOHLQ:DGLDO4XUD7DLPDDQG<DWKULE $O%DODGKXUL)XWXKDO%XOGDQ 
LVODPPHVVDJHFRP 
%XWWKLVWRRKDVQRKLVWRULFDOEDVLV%\WKLVDOVRWKH\PLJKWKDYHZDQWHGWRSURYHWKDW
WKH\ZHUHWKHRULJLQDOVHWWOHUVRIWKHDUHD
$VDPDWWHURIIDFWZKDWLVHVWDEOLVKHGLVWKDWZKHQLQ$'WKH5RPDQVPDVVDFUHG
WKH-HZVLQ3DOHVWLQHDQGWKHQLQ$'H[SHOOHGWKHPIURPWKDWODQGPDQ\RIWKH
-HZLVK WULEHV IOHG WR ILQG DQ DV\OXP LQ WKH +HMD] D WHUULWRU\ WKDW ZDV FRQWLJXRXV WR
3DOHVWLQH LQ WKH VRXWK 7KHUH WKH\ VHWWOHG ZKHUHYHU WKH\ IRXQG ZDWHU VSULQJV DQG
JUHHQHU\DQGWKHQE\LQWULJXHDQGWKURXJKPRQH\OHQGLQJEXVLQHVVJUDGXDOO\RFFXSLHG
WKHIHUWLOHODQGV$LODK0DTQD7DEXN7DLPD:DGLDO4XUD)DGDNDQG.KDLEDUFDPH
XQGHUWKHLUFRQWUROLQWKDWYHU\SHULRGDQG%DQO4XUDL]DK%DQLDO1DGLU%DQL%DKGDO
DQG%DQL4DLQXTDDCDOVRFDPHLQWKHVDPHSHULRGDQGRFFXSLHG<DWKULE
$PRQJWKHWULEHVWKDWVHWWOHGLQ<DWKULEWKH%DQLDO1DGLUDQGWKH%DQL4XUDL]DKZHUH
PRUHSURPLQHQWIRUWKH\EHORQJHGWRWKH&RKHQRUSULHVWFODVV7KH\ZHUHORRNHGXSRQ
DVRIQREOHGHVFHQWDQGHQMR\HGUHOLJLRXVOHDGHUVKLSDPRQJWKHLUFRUHOLJLRQLVWV:KHQ
WKH\FDPHWRVHWWOHLQ0DGLQDKWKHUHZHUHVRPHRWKHUWULEHVOLYLQJWKHUHEHIRUHZKRP
WKH\ VXEGXHG DQG EHFDPH SUDFWLFDOO\ WKH RZQHUV RI WKLV JUHHQ DQG IHUWLOH ODQG $ERXW
WKUHHFHQWXULHVODWHULQ$'RUWKHJUHDWIORRGRI<DPDQRFFXUUHGZKLFKKDV
EHHQPHQWLRQHGLQYYRI6XUDK6DEDDDERYH$VDUHVXOWRIWKLVGLIIHUHQWWULEHVRI
WKHSHRSOHRI6DEDDZHUHFRPSHOOHGWROHDYH<DPDQDQGGLVSHUVHLQGLIIHUHQWSDUWVRI
$UDELD 7KXV WKH %DQL *KDVVDQ ZHQW WR VHWWOH LQ 6\ULD %DQL /DNKP LQ +LUDK ,UDT 
%DQL.KX]DDKEHWZHHQ-HGGDKDQG0DNNDKDQGWKH$XVDQGWKH.KD]UDMZHQWWRVHWWOH
LQ<DWKULE$V<DWKULEZDVXQGHU-HZLVKGRPLQDWLRQWKH\DWILUVWGLGQRWDOORZWKH$XV
DQGWKH.KD]UDMWRJDLQDIRRWLQJDQGWKHWZR$UDEWULEHVKDGWRVHWWOHRQODQGVWKDWKDG
QRW\HWEHHQEURXJKWXQGHUFXOWLYDWLRQZKHUHWKH\FRXOGKDUGO\SURGXFHMXVWHQRXJKWR
HQDEOHWKHPWRVXUYLYH$WODVWRQHRIWKHLUFKLHIVZHQWWR6\ULDWRDVNIRUWKHDVVLVWDQFH
RIWKHLU*KDVVDQLGHEURWKHUVKHEURXJKWDQDUP\IURPWKHUHDQGEURNHWKHSRZHURIWKH
-HZV 7KXV WKH $XV DQG WKH .KD]UDM ZHUH DEOH WR JDLQ FRPSOHWH GRPLQDQFH RYHU
<DWKULE ZLWK WKH UHVXOW WKDW WZR RI WKH PDMRU -HZLVK WULEHV %DQL DQ1DGLU DQG %DQL
4XUDL]DKD ZHUH IRUFHG WR WDNH TXDUWHUV RXWVLGH WKH FLW\ 6LQFH WKH WKLUG WULEH %DQL
4DLQXTDDCZDVQRWRQIULHQGO\WHUPVZLWKWKHRWKHUWZRWULEHVLWVWD\HGLQVLGHWKHFLW\
DVXVXDOEXWKDGWRVHHNSURWHFWLRQRIWKH.KD]UDMWULEH$VDFRXQWHUPHDVXUHWRWKLV
%DQLDQ1DGLUDQG%DQL4XUDL]DKWRRNSURWHFWLRQRIWKH$XVWULEHVRWKDWWKH\FRXOGOLYH
LQSHDFHLQWKHVXEXUEVRI<DWKULE
%HIRUHWKH+RO\3URSKHW
VDUULYDODW0DGLQDKXQWLOKLVHPLJUDWLRQWKHIROORZLQJZHUHWKH
PDLQIHDWXUHVRIWKH-HZVSRVLWLRQLQ+HMD]LQJHQHUDODQGLQ<DWKULELQSDUWLFXODU
  ,Q WKH PDWWHU RI ODQJXDJH GUHVV FLYLOL]DWLRQ DQG ZD\ RI OLIH WKH\ KDG FRPSOHWHO\
DGRSWHG$UDELVPHYHQWKHLU QDPHVKDGEHFRPH$UDELDQ2IWKH-HZLVKWULEHVWKDW
KDGVHWWOHGLQ+HMD]QRQHH[FHSWWKH%DQL=DXUDUHWDLQHGLWV+HEUHZQDPH([FHSWIRUD
IHZVFDWWHUHGVFKRODUVQRQHNQHZ+HEUHZ,QIDFWWKHUHLVQRWKLQJLQWKH SRHWU\RIWKH
-HZLVKSRHWVRIWKHSUH,VODPLFGD\VWRGLVWLQJXLVKLWIURPWKHSRHWU\RIWKH$UDESRHWV
LQODQJXDJHLGHDVDQGWKHPHV7KH\HYHQLQWHUPDUULHGZLWKWKH$UDEV,QIDFWQRWKLQJ
GLVWLQJXLVKHGWKHPIURPWKHFRPPRQ$UDEVH[FHSWUHOLJLRQ1RWZLWKVWDQGLQJWKLVWKH\
KDG QRW ORVW WKHLU LGHQWLW\ DPRQJ WKH $UDEV DQG KDG NHSW WKHLU -HZLVK SUHMXGLFH DOLYH
LVODPPHVVDJHFRP 
PRVWDUGHQWO\DQGMHDORXVO\7KH\KDGDGRSWHGVXSHUILFLDO$UDELVPEHFDXVHWKH\FRXOG
QRWVXUYLYHLQ$UDELDZLWKRXWLW
 %HFDXVHRIWKLV$UDELVPWKHZHVWHUQRULHQWDOLVWVKDYHEHHQPLVOHGLQWRWKLQNLQJWKDW
SHUKDSVWKH\ZHUHQRWUHDOO\,VUDHOLWHVEXW$UDEVZKRKDGHPEUDFHG-XGDLVPRUWKDWDW
OHDVW PDMRULW\ RI WKHP FRQVLVWHG RI WKH $UDE -HZV %XW WKHUH LV QR KLVWRULFDO SURRI WR
VKRZWKDWWKH-HZVHYHU HQJDJHGLQDQ\SURVHO\WL]LQJDFWLYLWLHVLQ+HMD]RUWKHLUUDEELV
LQYLWHGWKH$UDEVWRHPEUDFH-XGDLVPOLNHWKH&KULVWLDQSULHVWVDQGPLVVLRQDULHV2QWKH
FRQWUDU\ ZH VHH WKDW WKH\ SULGHG WKHPVHOYHV XSRQ WKHLU ,VUDHOLWH GHVFHQW DQG UDFLDO
SUHMXGLFHV 7KH\ FDOOHG WKH $UDEV WKH *HQWLOHV ZKLFK GLG QRW PHDQ LOOLWHUDWH RU
XQHGXFDWHGEXWVDYDJHDQGXQFLYLOL]HGSHRSOH7KH\EHOLHYHGWKDWWKH*HQWLOHVGLGQRW
SRVVHVVDQ\KXPDQULJKWVWKHVHZHUHRQO\UHVHUYHGIRUWKH,VUDHOLWHVDQGWKHUHIRUHLW
ZDVODZIXODQGULJKWIRUWKH,VUDHOLWHVWRGHIUDXGWKHPRIWKHLUSURSHUWLHVE\HYHU\IDLU
DQGIRXOPHDQV$SDUWIURPWKH$UDEFKLHIVWKH\GLGQRWFRQVLGHUWKHFRPPRQ$UDEVILW
HQRXJKWRKDYHHTXDOVWDWXVZLWKWKHPHYHQLIWKH\HQWHUHG-XGDLVP1RKLVWRULFDOSURRI
LVDYDLODEOHQRULVWKHUHDQ\HYLGHQFHLQWKH$UDELDQWUDGLWLRQVWKDWVRPH$UDEWULEHRU
SURPLQHQW FODQ PLJKW KDYH DFFHSWHG -XGDLVP +RZHYHU PHQWLRQ KDV EHHQ PDGH RI
VRPHLQGLYLGXDOVZKRKDGEHFRPH-HZV7KH-HZVKRZHYHUZHUHPRUHLQWHUHVWHGLQ
WKHLUWUDGH DQGEXVLQHVVWKDQLQWKHSUHDFKLQJRIWKHLUUHOLJLRQ7KDWLVZK\-XGDLVPGLG
QRW VSUHDG DVDUHOLJLRQDQGFUHHGLQ+HMD]EXWUHPDLQHGRQO\DVDPDUNRISULGHDQG
GLVWLQFWLRQ RI D IHZ ,VUDHOLWH WULEHV 7KH -HZLVK UDEELV KRZHYHU KDG D IORXULVKLQJ
EXVLQHVVLQJUDQWLQJDPXOHWVDQGFKDUPVIRUWXQHWHOOLQJDQGVRUFHU\EHFDXVHRIZKLFK
WKH\ZHUHKHOGLQJUHDWDZHE\WKH$UDEVIRUWKHLUNQRZOHGJHDQGSUDFWLFDOZLVGRP
  (FRQRPLFDOO\ WKH\ ZHUH PXFK VWURQJHU WKDQ WKH $UDEV 6LQFH WKH\ EDG HPLJUDWHG
IURPPRUHFLYLOL]HGDQGFXOWXUDOO\DGYDQFHGFRXQWULHVRI3DOHVWLQHDQG6\ULDWKH\NQHZ
PDQ\VXFKDUWVDVZHUHXQNQRZQWRWKH$UDEVWKH\DOVRHQMR\HGWUDGHUHODWLRQVZLWKWKH
RXWVLGHZRUOG+HQFHWKH\KDGFDSWXUHGWKHEXVLQHVVRILPSRUWLQJJUDLQLQ<DWKULEDQG
WKH XSSHU +HMD] DQG H[SRUWLQJ GULHG GDWHV WR RWKHU FRXQWULHV 3RXOWU\ IDUPLQJ DQG
ILVKLQJ DOVR ZHUH PRVWO\ XQGHU WKHLU FRQWUROV 7KH\ ZHUH JRRG DW FORWK ZHDYLQJ WRR
7KH\ KDG DOVR VHW XS ZLQH VKRSV KHUH DQG WKHUH ZKHUH WKH\ VROG ZLQH ZKLFK WKH\
LPSRUWHGIURP6\ULD7KH%DQL4DLQXTDDCJHQHUDOO\SUDFWLFHGFUDIWVVXFKDVWKDWRIWKH
JROGVPLWK EODFNVPLWK DQG YHVVHO PDNHU ,Q DOO WKHVH RFFXSDWLRQV WUDGH DQG EXVLQHVV
WKHVH -HZV HDUQHG H[RUELWDQW SURILWV EXW WKHLU FKLHI RFFXSDWLRQ ZDV WUDGLQJ LQ PRQH\
OHQGLQJ LQ ZKLFK WKH\ KDG HQVQDUHG WKH $UDEV RI WKH VXUURXQGLQJ DUHDV 0RUH
SDUWLFXODUO\WKHFKLHIVDQGHOGHUVRIWKH$UDEWULEHVZKRZHUHJLYHQWRDOLIHRISRPS
EUDJJLQJ DQG ERDVWLQJ RQ WKH VWUHQJWK RI ERUURZHG PRQH\ ZHUH GHHSO\ LQGHEWHG WR
WKHP 7KH\ OHQW PRQH\ RQ KLJK UDWHV RI LQWHUHVW DQG WKHQ ZRXOG FKDUJH FRPSRXQG
LQWHUHVWZKLFKRQHFRXOGKDUGO\FOHDURIIRQFHRQHZDVLQYROYHGLQLW7KXVWKH\KDG
UHQGHUHG WKH $UDEV HFRQRPLFDOO\ KROORZ EXW LW KDG QDWXUDOO\ LQGXFHG D GHHS URRWHG
KDWUHGDPRQJWKHFRPPRQ$UDEV DJDLQVWWKH-HZV
  7KH GHPDQG RI WKHLU WUDGH DQG HFRQRPLF LQWHUHVWV ZDV WKDW WKH\ VKRXOG QHLWKHU
HVWUDQJHRQH$UDEWULEHE\EHIULHQGLQJDQRWKHUQRUWDNHSDUWLQWKHLUPXWXDOZDUV%XW
RQWKHRWKHUKDQGLWZDVDOVRLQWKHLULQWHUHVWVWKDWWKH\VKRXOGQRWDOORZWKH$UDEVWR
LVODPPHVVDJHFRP 
EH XQLWHG DQG VKRXOG NHHS WKHP ILJKWLQJ DQG HQWUHQFKHG DJDLQVW HDFK RWKHU IRU WKH\
NQHZ WKDW ZKHQHYHU WKH $UDE WULEHV XQLWHG WKH\ ZRXOG QRW DOORZ WKHP WR UHPDLQ LQ
SRVVHVVLRQRIWKHLUODUJHSURSHUWLHVJDUGHQVDQGIHUWLOHODQGV ZKLFKWKH\KDGFRPHWR
RZQWKURXJKWKHLUSURILWHHULQJDQGPRQH\OHQGLQJEXVLQHVV)XUWKHUPRUHHDFKRIWKHLU
WULEHV DOVR KDG WR HQWHU LQWR DOOLDQFH ZLWK RQH RU DQRWKHU SRZHUIXO $UDE WULEH IRU WKH
VDNHRILWVRZQSURWHFWLRQVRWKDWQRRWKHUSRZHUIXOWULEHVKRXOGRYHUDZHLWE\LWVPLJKW
%HFDXVHRIWKLVWKH\KDGQRWRQO\WRWDNHSDUWLQWKHPXWXDOZDUVRIWKH$UDEVEXWWKH\
RIWHQ KDG WR JR WR ZDU LQ VXSSRUW RI WKH $UDE WULEH WR ZKLFK WKHLU WULEH ZDV WLHG LQ
DOOLDQFHDJDLQVWDQRWKHU-HZLVKWULEHZKLFKZDVDOOLHGWRWKHHQHP\WULEH,Q<DWKULEWKH
%DQL 4XUDL]DK DQG WKH %DQL DQ1DGLU ZHUH WKH DOOLHV RI WKH $XV ZKLOH WKH %DQL
4DLQXTDDC RI WKH .KD]UDM $ OLWWOH EHIRUH WKH +RO\ 3URSKHW
V HPLJUDWLRQ WKHVH -HZLVK
WULEHVKDGFRQIURQWHGHDFKRWKHULQVXSSRUWRIWKHLUUHVSHFWLYHDOOLHVLQWKHEORRG\ZDU
WKDWWRRNSODFHEHWZHHQWKH$XVDQGWKH.KD]UDMDW%XDWK
FRQWLQXHG
FRQWLQXLQJ +LVWRULFDO%DFNJURXQG
6XFKZHUHWKHFRQGLWLRQVZKHQ,VODPFDPHWR0DGLQDKDQGXOWLPDWHO\DQ,VODPLF6WDWH
FDPHLQWRH[LVWHQFHDIWHUWKH+RO\3URSKHW
V XSRQZKRPEH$OODK
VSHDFH DUULYDOWKHUH
2QH RI WKH ILUVW WKLQJV WKDW KH DFFRPSOLVKHG VRRQ DIWHU HVWDEOLVKLQJ WKLV VWDWH ZDV
XQLILFDWLRQ RI WKH $XV DQG WKH.KD]UDMDQGWKH(PLJUDQWVLQWRDEURWKHUKRRGDQGWKH
VHFRQG ZDV WKDW KH FRQFOXGHG D WUHDW\ EHWZHHQ WKH 0XVOLPV DQG WKH -HZV RQ GHILQLWH
FRQGLWLRQVLQZKLFKLWZDVSOHGJHGWKDWQHLWKHUSDUW\ZRXOGHQFURDFKRQWKHULJKWVRI
WKH RWKHU DQG ERWKZRXOGXQLWHLQDMRLQWGHIHQVHDJDLQVWWKHH[WHUQDOHQHPLHV6RPH
LPSRUWDQW FODXVHV RI WKLV WUHDW\DUHDVIROORZVZKLFKFOHDUO\VKRZZKDWWKH-HZVDQG
WKH0XVOLPVKDGSOHGJHGWRDGKHUHWRLQWKHLUPXWXDOUHODWLRQVKLS
7KH-HZVPXVWEHDUWKHLUH[SHQVHVDQGWKH0XVOLPVWKHLUH[SHQVHV(DFKPXVWKHOSWKH
RWKHUDJDLQVWDQ\RQHZKRDWWDFNVWKHSHRSOHRIWKLVGRFXPHQW7KH\PXVWVHHNPXWXDO
DGYLFH DQG FRQVXOWDWLRQ DQG OR\DOW\ LV D SURWHFWLRQ DJDLQVW WUHDFKHU\ 7KH\ VKDOO
VLQFHUHO\ ZLVK RQH DQRWKHU ZHOO 7KHLU UHODWLRQV ZLOO EH JRYHUQHG E\ SLHW\ DQG
UHFRJQLWLRQRIWKHULJKWVRIRWKHUVDQGQRWE\VLQDQGZURQJGRLQJ7KHZURQJHGPXVW
EHKHOSHG7KH-HZVPXVWSD\ZLWKWKHEHOLHYHUVVRORQJDVWKHZDUODVWV<DWKULEVKDOO
EHDVDQFWXDU\IRUWKHSHRSOHRIWKLVGRFXPHQW,IDQ\GLVSXWHRUFRQWURYHUV\OLNHO\WR
FDXVHWURXEOHVKRXOGDULVHLWPXVWEHUHIHUUHGWR*RGDQGWR0XKDPPDGWKH$SRVWOHRI
*RG4XUDLVKDQGWKHLUKHOSHUVVKDOOQRWEHJLYHQSURWHFWLRQ7KHFRQWUDFWLQJSDUWLHVDUH
ERXQGWRKHOSRQHDQRWKHUDJDLQVWDQ\DWWDFNRQ<DWKULE(YHU\RQHVKDOOEHUHVSRQVLEOH
IRUWKHGHIHQVHRIWKHSRUWLRQWRZKLFKKHEHORQJV ,EQ+LVKDPYROLLSSWR 
7KLV ZDV RQ DEVROXWH DQG GHILQLWLYH FRYHQDQW WR WKH FRQGLWLRQV RI ZKLFK WKH -HZV
WKHPVHOYHVKDGDJUHHG%XWQRWYHU\ORQJDIWHUWKLVWKH\EHJDQWRVKRZKRVWLOLW\WRZDUGV
WKH+RO\3URSKHWRI$OODK XSRQZKRPEH$OODK
VSHDFH DQG,VODPDQGWKH0XVOLPV
DQGWKHLUKRVWLOLW\DQGSHUYHUVHQHVVZHQWRQLQFUHDVLQJGD\E\GD\,WVPDLQFDXVHVZHUH
WKUHH
)LUVWWKH\HQYLVDJHGWKH+RO\3URSKHW XSRQZKRPEH$OODK
VSHDFH PHUHO\DVDFKLHI
RIKLVSHRSOHZKRVKRXOGEHFRQWHQWWRKDYHFRQFOXGHGDSROLWLFDODJUHHPHQWZLWKWKHP
LVODPPHVVDJHFRP 
DQGVKRXOGRQO\FRQFHUQKLPVHOIZLWKWKHZRUOGO\LQWHUHVWVRIKLVJURXS%XWWKH\IRXQG
WKDWKHZDVH[WHQGLQJDQLQYLWDWLRQWREHOLHILQ$OODKDQGWKH$SRVWOHVKLSDQGWKH%RRN
ZKLFK DOVR LQFOXGHG EHOLHI LQ WKHLU RZQ 3URSKHWV DQG VFULSWXUHV  DQGZDVXUJLQJWKH
SHRSOHWRJLYHXSGLVREHGLHQFHRI$OODKDQGDGRSWREHGLHQFHWRWKH'LYLQH&RPPDQGV
DQG DELGH E\ WKH PRUDO ODZV RI WKHLU RZQ SURSKHWV 7KLV WKH\ FRXOG QRW SXW XS ZLWK
7KH\ IHDUHG WKDW LI WKLV XQLYHUVDO LGHRORJLFDO PRYHPHQW JDLQHG PRPHQWXP LW ZRXOG
GHVWUR\WKHLUULJLGUHOLJLRVLW\DQGZLSHRXWWKHLUUDFLDOQDWLRQKRRG
6HFRQG ZKHQ WKH\ VDZ WKDW WKH $XV DQG WKH .KD]UDM DQG WKH (PLJUDQWV ZHUH XQLWLQJ
LQWRDEURWKHUKRRGDQGWKHSHRSOHIURPWKH$UDEWULEHVRIWKHVXUURXQGLQJDUHDVZKR
HQWHUHG ,VODP ZHUH DOVR MRLQLQJ WKLV ,VODPLF %URWKHUKRRG RI 0DGLQDK DQG IRUPLQJ D
UHOLJLRXVFRPPXQLW\WKH\IHDUHGWKDWWKHVHOILVKSROLF\WKDWWKH\KDGEHHQIROORZLQJRI
VRZLQJGLVFRUGEHWZHHQWKH$UDEWULEHVIRUWKHSURPRWLRQRIWKHLURZQZHOOEHLQJDQG
LQWHUHVWVIRUFHQWXULHVZRXOGQRWZRUNLQWKHQHZV\VWHPEXWWKH\ZRXOGIDFHDXQLWHG
IURQWRIWKH$UDEVDJDLQVWZKLFKWKHLULQWULJXHVDQGPDFKLQDWLRQVZRXOGQRWVXFFHHG
7KLUGWKHZRUNWKDWWKH+RO\0HVVHQJHURI$OODK XSRQZKRPEH$OODK
V
SHDFH ZDV
FDUU\LQJ RXW RI UHIRUPLQJ WKH VRFLHW\ DQG FLYLOL]DWLRQ LQFOXGHG SXWWLQJ DQ HQG WR DOO
XQODZIXO PHWKRGV LQ EXVLQHVV DQG PXWXDO GHDOLQJV 0RUH WKDQ WKDW KH KDG GHFODUHG
WDNLQJDQGJLYLQJRILQWHUHVWDOVRDVLPSXUHDQGXQODZIXOHDUQLQJ7KLVFDXVHGWKHPWKH
IHDU WKDW LI KLV UXOH EHFDPH HVWDEOLVKHG LQ $UDELD KH ZRXOG GHFODUH LQWHUHVW OHJDOO\
IRUELGGHQDQGLQWKLVWKH\VDZWKHLURZQHFRQRPLFGLVDVWHUDQGGHDWK
)RUWKHVHUHDVRQVWKH\PDGHUHVLVWDQFHDQGRSSRVLWLRQWRWKH+RO\3URSKHWWKHLUQDWLRQDO
LGHDO7KH\ZRXOGQHYHUKHVLWDWHWRHPSOR\DQ\WULFNDQGPDFKLQDWLRQDQ\GHYLFHDQG
FXQQLQJ WR KDUP KLP 7KH\ VSUHDG HYHU\ NLQG RI IDOVHKRRG VR DV WR FDXVH GLVWUXVW
DJDLQVW KLP LQ WKH SHRSOH
V PLQGV 7KH\ FUHDWHG HYHU\ NLQG RI GRXEW VXVSLFLRQ DQG
PLVJLYLQJLQWKHKHDUWVRIWKHQHZFRQYHUWVVRDVWRWXUQWKHPEDFNIURP,VODP7KH\
ZRXOG PDNH IDOVH SURIHVVLRQ RI ,VODP DQG WKHQ ZRXOG WXUQ DSRVWDWH VR WKDW LW PD\
HQJHQGHU PRUH DQG PRUH PLVXQGHUVWDQGLQJV DPRQJ WKH SHRSOH DJDLQVW ,VODP DQG WKH
+RO\3URSKHW XSRQZKRPEH$OODK
VSHDFH 7KH\ZRXOGFRQVSLUHZLWKWKHK\SRFULWHV
WR FUHDWH PLVFKLHI DQG ZRXOG FRRSHUDWH ZLWK HYHU\ JURXS DQG WULEH KRVWLOH WR ,VODP
7KH\ZRXOGFUHDWHULIWVEHWZHHQWKH0XVOLPVDQGZRXOGGRZKDWHYHUWKH\FRXOGWRVWLU
WKHP XS WR PXWXDO IHXGV DQG ILJKWLQJ 7KH SHRSOH RI WKH $XV DQG WKH .KD]UDM WULEHV
ZHUHWKHLUVSHFLDOWDUJHWZLWKZKRPWKH\KDGEHHQDOOLHGIRUFHQWXULHV0DNLQJPHQWLRQ
RIWKHZDURI%XDWKEHIRUHWKHPWKH\ZRXOG UHPLQGWKHPRIWKHLUSUHYLRXVHQPLWLHVVR
WKDW WKH\ PLJKW DJDLQ UHVRUW WR WKH VZRUG DJDLQVW HDFK RWKHU DQG VKDWWHU WKHLU ERQG RI
IUDWHUQLW\LQWRZKLFK,VODPKDGERXQGWKHP7KH\ZRXOGUHVRUWWRHYHU\NLQGRIGHFHLW
DQG IUDXG LQ RUGHU WR KDUP WKH 0XVOLPV HFRQRPLFDOO\ :KHQHYHU RQH RI WKRVH ZLWK
ZKRP WKDW KDG EXVLQHVV GHDOLQJV ZRXOG DFFHSW ,VODP WKH\ ZRXOG GR ZKDWHYHU WKH\
FRXOG WR FDXVH KLP ILQDQFLDO ORVV ,I KH RZHG WKHP VRPHWKLQJ WKH\ ZRXOG ZRUU\ DQG
KDUDVVKLPE\PDNLQJUHSHDWHGGHPDQGVDQGLIWKH\RZHGKLPVRPHWKLQJWKH\ZRXOG
ZLWKKROGWKHSD\PHQWDQGZRXOGSXEOLFO\VD\WKDWDWWKHWLPHWKHEDUJDLQZDVPDGHKH
SURIHVVHG D GLIIHUHQW UHOLJLRQ DQG VLQFH KH KDG FKDQJHG KLV UHOLJLRQ WKH\ ZHUH QR
ORQJHU XQGHU DQ\ REOLJDWLRQ WRZDUGV KLP 6HYHUDO LQVWDQFHV RI WKLV QDWXUH KDYH EHHQ
LVODPPHVVDJHFRP 
FLWHG LQ WKH H[SODQDWLRQ RI YHUVH  RI 6XUDK $O ,PUDQ JLYHQ LQ WKH FRPPHQWDULHV E\
7DEDUL1LVDEXUL7DEULVLDQGLQ5XKDO0D
DQL
7KH\ KDG DGRSWHG WKLV KRVWLOH DWWLWXGH DJDLQVW WKH FRYHQDQW HYHQ EHIRUH WKH %DWWOH RI
%DGU%XWZKHQWKH+RO\3URSKHW XSRQZKRPEH$OODK
VSHDFH DQGWKH0XVOLPVZRQD
GHFLVLYH YLFWRU\ RYHU WKH 4XUDLVK DW %DGU WKH\ ZHUH ILOOHG ZLWK JULHI DQG DQJXLVK
PDOLFHDQGDQJHU7KH\ZHUHLQIDFWDQWLFLSDWLQJWKDWLQWKDWZDUWKHSRZHUIXO4XUDLVK
ZRXOG GHDO D GHDWK EORZ WR WKH 0XVOLPV 7KDW LV ZK\ HYHQ EHIRUH WKH QHZV RI WKH
,VODPLF YLFWRU\ UHDFKHG 0DGLQDK WKH\ KDG EHJXQ WR VSUHDG WKH UXPRU WKDW WKH +RO\
3URSKHW XSRQZKRPEH$OODK
VSHDFH KDGIDOOHQDPDUW\UDQGWKH0XVOLPVKDGEHHQ
URXWHGDQGWKH4XUDLVKDUP\XQGHU$EX-DKOZDVDGYDQFLQJRQ0DGLQDK%XWZKHQWKH
EDWWOHZDVGHFLGHGDJDLQVWWKHLUKRSHVDQGZLVKHVWKH\EXUVWZLWKDQJHUDQGJULHI.DCE
ELQ $VKUDI WKH FKLHI RI WKH %DQL DQ1DGLU FULHG RXW %\ *RG LI 0XKDPPDG KDV
DFWXDOO\NLOOHGWKHVHQREOHVRI$UDELDWKHHDUWK
VEHOO\ZRXOGEHEHWWHUIRUXVWKDQLWV
EDFN  7KHQ KH ZHQW WR 0DNNDK DQG LQFLWHG WKH SHRSOH WR YHQJHDQFH E\ ZULWLQJ DQG
UHFLWLQJSURYRFDWLYHHOHJLHVIRU WKH4XUDLVKFKLHIVNLOOHGDW%DGU7KHQKHUHWXUQHGWR
0DGLQDKDQGFRPSRVHGO\ULFDOYHUVHVRIDQLQVXOWLQJQDWXUHDERXWWKH0XVOLPZRPHQ
$WODVWHQUDJHGZLWKKLVPLVFKLHIWKH+RO\3URSKHW XSRQZKRPEH$OODK
VSHDFH VHQW
0XKDPPDGELQ0DVODPDK$QVDDULLQ5DELDO$ZZDO$+DQGKDGKLPVODLQ,EQ
6DG,EQ+LVKDP7DEDUL 
7KHILUVW-HZLVKWULEHZKLFKDIWHUWKH%DWWOHRI%DGURSHQO\DQGFROOHFWLYHO\EURNHWKHLU
FRYHQDQWZHUHWKH%DQL4DLQXTDDC7KH\OLYHGLQDORFDOLW\LQVLGHWKHFLW\RI0DGLQDK
$VWKH\SUDFWLFHGWKHFUDIWVRIWKHJROGVPLWKEODFNVPLWKDQGYHVVHOPDNHUWKHSHRSOH
RI0DGLQDKKDGWRYLVLWWKHLUVKRSVIDLUO\IUHTXHQWO\7KH\ZHUHSURXGRIWKHLUEUDYHU\
DQG YDORU %HLQJ EODFNVPLWKV E\ SURIHVVLRQ HYHQ WKHLU FKLOGUHQ ZHUH ZHOO DUPHG DQG
WKH\FRXOGLQVWDQWO\PXVWHUILJKWLQJPHQIURPDPRQJWKHPVHOYHV7KH\ZHUHDOVR
DUURJDQWO\ DZDUH WKDW WKH\ HQMR\HG UHODWLRQV RI FRQIHGHUDF\ ZLWK WKH .KD]UDM DQG
$EGXOODKELQ8EED\WKHFKLHIRIWKH.KD]UDMZDVWKHLUFKLHIVXSSRUWHU$WWKHYLFWRU\
RI %DGU WKH\ EHFDPH VR SURYRNHG WKDW WKH\ EHJDQ WR WURXEOH DQG KDUDVV WKH 0XVOLPV
DQGWKHLUZRPHQLQSDUWLFXODUZKRYLVLWHGWKHLUVKRSV%\DQGE\WKLQJVFDPHWRVXFKD
SDVVWKDWRQHGD\D0XVOLPZRPDQZDVVWULSSHGQDNHGSXEOLFO\LQWKHLUED]DDU7KLVOHG
WRDEUDZOLQZKLFKD0XVOLPDQGD-HZZHUHNLOOHG7KHUHXSRQWKH+RO\3URSKHW XSRQ
ZKRPEH$OODK
VSHDFH KLPVHOIYLVLWHGWKHLUORFDOLW\JRWWKHPWRJHWKHUDQGFRXQVHOHG
WKHPRQGHFHQWFRQGXFW%XWWKHUHSO\WKDWWKH\JDYHZDV20XKDPPDG\RXSHUKDSV
WKLQNZHDUHOLNHWKH4XUDLVKWKH\GLGQRWNQRZILJKWLQJWKHUHIRUH\RXRYHUSRZHUHG
WKHP%XWZKHQ\RXFRPHLQFRQWDFWZLWKXV\RXZLOOVHHKRZPHQILJKW7KLVZDVLQ
FOHDU ZRUGV D GHFODUDWLRQ RI ZDU &RQVHTXHQWO\ WKH +RO\ 3URSKHW XSRQ ZKRP EH
$OODQ
VSHDFH ODLGVLHJHWRWKHLUTXDUWHUVWRZDUGVWKHHQGRI6KDZZDO DQGDFFRUGLQJWR
VRPHRWKHUVRI'KL4D
GDK $+7KHVLHJHKDGKDUGO\ODVWHGIRUDIRUWQLJKWZKHQ
WKH\ VXUUHQGHUHG DQG DOO WKHLU ILJKWLQJ PHQ ZHUH WLHG DQG WDNHQ SULVRQHUV 1RZ
$EGXOODK ELQ 8ED\\ FDPH XS LQ VXSSRUW RI WKHP DQG LQVLVWHG WKDW WKH\ VKRXOG EH
SDUGRQHG7KH+RO\3URSKHWFRQFHGHGKLVUHTXHVWDQGGHFLGHGWKDWWKH%DQL4DLQXTDDC

LVODPPHVVDJHFRP 
ZRXOGEHH[LOHGIURP0DGLQDKOHDYLQJWKHLUSURSHUWLHVDUPRUDQGWRROVRIWUDGHEHKLQG
,EQ6D
G,EQ+LVKDP7DULNK7DEDUL 
FRQWLQXHG
FRQWLQXLQJ +LVWRULFDO%DFNJURXQG
)RUVRPHWLPHDIWHUWKHVHSXQLWLYHPHDVXUHV LHWKHEDQLVKPHQWRIWKH4DLQXTDDCDQG
NLOOLQJ RI.DCEELQ$VKUDIWKH-HZVUHPDLQHGVRWHUURUVWULFNHQWKDWWKH\GLGQRWGDUH
FRPPLWDQ\IXUWKHUPLVFKLHI%XWODWHUZKHQLQ6KDZZDO$+ WKH4XUDLVKLQRUGHU
WR DYHQJH WKHPVHOYHV IRU WKH GHIHDW DW %DGU PDUFKHG DJDLQVW 0DGLQDK ZLWK JUHDW
SUHSDUDWLRQVDQGWKH-HZVVDZWKDWRQO\DWKRXVDQGPHQKDGPDUFKHGRXWZLWKWKH+RO\
3URSKHW XSRQ ZKRP EH $OODK
V SHDFH  DV DJDLQVW WKUHH WKRXVDQGPHQRIWKH4XUDLVK
DQG HYHQ WKH\ ZHUH GHVHUWHG E\  K\SRFULWHV ZKR UHWXUQHG WR 0DGLQDK WKH\
FRPPLWWHGWKHILUVWDQGRSHQEUHDFKRIWKHWUHDW\E\UHIXVLQJWRMRLQWKH+RO\3URSKHWLQ
WKHGHIHQVHRIWKHFLW\DOWKRXJKWKH\ZHUHERXQGWRLW7KHQZKHQLQWKH%DWWOHRI8KXG
WKH0XVOLPVVXIIHUHGUHYHUVHVWKH\ZHUHIXUWKHUHPEROGHQHG6RPXFKVRWKDWWKH%DQL
DQ1DGLU PDGH D VHFUHW SODQ WR NLOO WKH +RO\ 3URSKHW XSRQ ZKRP EH $OODK
V SHDFH 
WKRXJK WKH SODQ IDLOHG EHIRUH LW FRXOG EH H[HFXWHG $FFRUGLQJ WR WKH GHWDLOV DIWHU WKH
LQFLGHQWRI%L
U0DXQDK 0DXWDK""  6DIDU$+ $PUELQ8PD\\DK'DPULVOHZE\
PLVWDNHWZRPHQRIWKH%DQL$PLULQUHWDOLDWLRQZKRDFWXDOO\EHORQJHGWRDWULEHZKLFK
ZDV DOOLHG WR WKH 0XVOLPV EXW $PU KDG PLVWDNHQ WKHP IRU WKH PHQ RI WKH HQHP\
%HFDXVHRIWKLVPLVWDNHWKHLUEORRGPRQH\EHFDPHREOLJDWRU\RQWKH0XVOLPV6LQFHWKH
%DQLDQ1DGLUZHUHDOVRDSDUW\LQWKHDOOLDQFHZLWKWKH%DQL$PLUWKH+RO\3URSKHW
XSRQZKRPEH$OODK
VSHDFH ZHQWWRWKHLUFODQDORQJZLWKVRPHRIKLV&RPSDQLRQVWR
DVNIRUWKHLUKHOSLQSD\LQJWKHEORRGPRQH\2XWZDUGO\WKH\DJUHHGWRFRQWULEXWHDVKH
ZLVKHGEXWVHFUHWO\WKH\SORWWHGWKDWDSHUVRQVKRXOGJRXSWRWKHWRSRIWKHKRXVHE\
ZKRVHZDOOWKH+RO\3URSKHWZDVVLWWLQJDQGGURSDURFNRQKLPWRNLOOKLP%XWEHIRUH
WKH\ FRXOG H[HFXWH WKHLU SODQ $OODK LQIRUPHG KLP LQ WLPHDQGEHLPPHGLDWHO\JRWXS
DQGUHWXUQHGWR0DGLQDK
1RZWKHUHZDVQRTXHVWLRQRIVKRZLQJWKHPDQ\IXUWKHUFRQFHVVLRQ7KH+RO\3URSKHW
DWRQFHVHQWWRWKHPWKHXOWLPDWXPWKDWWKHWUHDFKHU\WKH\KDGPHGLWDWHGDJDLQVWKLPKDG
FRPH WR KLV NQRZOHGJH WKHUHIRUH WKH\ ZHUH WR OHDYH 0DGLQDK ZLWKLQ WHQ GD\V LI
DQ\RQH RI WKHP ZDV IRXQG VWD\LQJ EHKLQG LQ WKHLU TXDUWHUV KH ZRXOG EH SXW WR WKH
VZRUG0HDQZKLOH$EGXOODKELQ8ED\\VHQWWKHPWKH PHVVDJHWKDWKHZRXOGKHOSWKHP
ZLWKWZRWKRXVDQGPHQDQGWKDWWKH%DQL4XUDL]DKDQG%DQL*KDWDIDQDOVRZRXOGFRPH
WRWKHLUDLGWKHUHIRUHWKH\VKRXOGVWDQGILUPDQGVKRXOGQRWJR2QWKLVIDOVHDVVXUDQFH
WKH\ UHVSRQGHG WR WKH +RO\ 3URSKHW
V XOWLPDWXP VD\LQJ WKDW WKH\ ZRXOG QRW OHDYH
0DGLQDKDQGKHFRXOGGRZKDWHYHUZDVLQKLVSRZHU&RQVHTXHQWO\LQ5DEL
DO$ZZDO
$+WKH+RO\3URSKHW XSRQZKRPEH$OODK
VSHDFH ODLGVLHJHWRWKHPDQGDIWHUD
IHZ GD\V RI WKH VLHJH ZKLFK DFFRUGLQJ WR VRPH WUDGLWLRQV ZHUH  DQG DFFRUGLQJ WR
RWKHUVGD\V WKH\DJUHHGWROHDYH0DGLQDKRQWKHFRQGLWLRQWKDWWKH\FRXOGUHWDLQDOO
WKHLUSURSHUW\ZKLFKWKH\FRXOGFDUU\RQWKHLUFDPHOVH[FHSWWKHDUPRU7KXV0DGLQDK
ZDVULGRIWKLVVHFRQGPLVFKLHYRXVWULEHRI-HZV2QO\WZRRIWKH%DQLDQ1DGLUEHFDPH
0XVOLPVDQGVWD\HGEHKLQG2WKHUVZHQWWR6\ULDDQG.KDLEDU
LVODPPHVVDJHFRP 
7KHPHDQG6XEMHFW0DWWHU
7KHWKHPHRIWKH6XUDKDVVWDWHGDERYHLVDQDSSUDLVDORIWKHEDWWOHDJDLQVWWKH%DQLDQ
1DGLU,QWKLVRQWKHZKROHIRXUWKLQJVKDYHEHHQGLVFXVVHG
 ,QWKHILUVWIRXUYHUVHVWKHZRUOGKDVEHHQDGPRQLVKHGWRWDNHKHHGRIWKHIDWHWKDW
KDGMXVWEHIDOOHQWKH%DQLDQ1DGLU$PDMRUWULEHZKLFKZDVDVVWURQJLQQXPEHUVDV
WKH0XVOLPVZKRVHSHRSOHERDVWHGRIIDUPRUHZHDOWKDQGSRVVHVVLRQZKRZHUHE\QR
PHDQVLOOHTXLSSHGPLOLWDULO\DQGZKRVHIRUWVZHUHZHOOIRUWLILHGFRXOGQRWVWDQGVLHJH
HYHQ IRU D IHZ 'D\V DQG H[SUHVVHG WKHLU UHDGLQHVV WR DFFHSW EDQLVKPHQW IURP WKHLU
FHQWXULHV ROG ZHOO HVWDEOLVKHG VHWWOHPHQW HYHQ WKRXJK QRW D VLQJOH PDQ IURP DPRQJ
WKHPZDVVODLQ$OODKVD\VWKDWWKLVKDSSHQHGQRWEHFDXVHRIDQ\SRZHUSRVVHVVHGE\
WKH0XVOLPVEXWEHFDXVHWKH-HZVKDGWULHGWRUHVLVWDQGILJKW$OODKDQG+LV0HVVHQJHU
DQGWKRVHZKRGDUHWRUHVLVWWKHSRZHURI$OODKDOZD\VPHHWZLWKWKHVDPHIDWH
  ,Q YHUVH  WKH UXOH RI WKH ODZ RI ZDU WKDW KDV EHHQ HQXQFLDWHG LV WKH GHVWUXFWLRQ
FDXVHG LQ WKH HQHP\ WHUULWRU\ IRU PLOLWDU\ SXUSRVHV GRHV QRW FRPH XQGHU VSUHDGLQJ
PLVFKLHILQWKHHDUWK
  ,Q YY  LW KDV EHHQ VWDWHG KRZ WKH ODQGV DQG SURSHUWLHV ZKLFK FRPH XQGHU WKH
FRQWURORIWKH,VODPLF6WDWHDVDUHVXOWRIZDURUSHDFHWHUPVDUHWREHPDQDJHG$VLW
ZDVWKHILUVWHYHURFFDVLRQWKDWWKH0XVOLPVWRRNFRQWURORIDFRQTXHUHGWHUULWRU\WKH
ODZFRQFHUQLQJLWZDVODLGGRZQIRUWKHLUJXLGDQFH
 ,QYYWKHDWWLWXGHWKDWWKHK\SRFULWHVKDGDGRSWHGRQWKHRFFDVLRQRIWKHEDWWOH
DJDLQVW WKH %DQL DQ1DGLU KDV EHHQ UHYLHZHG DQG WKH FDXVHV XQGHUO\LQJ LW KDYH EHHQ
SRLQWHGRXW
 7KHZKROHRIWKHODVWVHFWLRQ YY LVDQ DGPRQLWLRQIRUDOOWKRVHSHRSOHZKR
KDG SURIHVVHG WR KDYH DIILUPHG WKH IDLWK DQG MRLQHG WKH 0XVOLP FRPPXQLW\ EXW ZHUH
GHYRLGRIWKHWUXHVSLULWRIWKHIDLWK,QLWWKH\KDYHEHHQWROGZKDWLVWKHUHDOGHPDQGRI
WKH)DLWKZKDWLVWKHUHDOGLIIHUHQFHEHWZHHQSLHW\DQGZLFNHGQHVVZKDWLVWKHSODFH
DQG LPSRUWDQFH RI WKH 4XUDQ ZKLFK WKH\ SURIHVVHG WR EHOLHYH LQ DQG ZKDW DUH WKH
DWWULEXWHVRI*RGLQ:KRPWKH\FODLPHGWRKDYHEHOLHYHG

0XPWDKDQD
1DPH
,QYHUVHRIWKLV6XUDKLWKDVEHHQHQMRLQHGWKDWWKHZRPHQZKRHPLJUDWHWRGDUDO
,VODP WKH,VODPLF6WDWH DQGFODLPWREH0XVOLPVVKRXOGEHH[DPLQHGKHQFHWKHWLWOH
$O0XPWDKLQDK7KHZRUGLVSURQRXQFHGERWKDVPXPWDKLQDKDQGDVPXPWDKDQDKWKH
PHDQLQJ DFFRUGLQJ WR WKH ILUVW SURQXQFLDWLRQ EHLQJ WKH 6XUDK ZKLFK H[DPLQHV DQG
DFFRUGLQJWRWKHVHFRQGWKHZRPDQZKRLVH[DPLQHG
3HULRGRI5HYHODWLRQ
7KH6XUDKGHDOVZLWKWZRLQFLGHQWVWKHWLPHRIWKHRFFXUUHQFHRIZKLFKLVZHOONQRZQ
KLVWRULFDOO\ 7KH ILUVW UHODWHV WR +DGUDW +DWLE ELQ $E] %DOWD
D ZKR D OLWWOH EHIRUH WKH
FRQTXHVWRI0DNNDKKDGVHQWDVHFUHWOHWWHUWRWKH4XUDLVKFKLHIVLQIRUPLQJWKHPRIWKH
+RO\3URSKHW
VLQWHQWLRQWRDWWDFNWKHP7KHVHFRQGUHODWHVWRWKH0XVOLPZRPHQZKR
KDGVWDUWHGHPLJUDWLQJIURP0DNNDKWR0DGLQDKDIWHUWKHFRQFOXVLRQRIWKH7UXFHRI
LVODPPHVVDJHFRP 
+XGDLEL\DK DQG WKH SUREOHP DURVH ZKHWKHU WKH\ DOVR ZHUH WR EH UHWXUQHG WR WKH
GLVEHOLHYHUV OLNH WKH 0XVOLP PHQ DFFRUGLQJ WR WKH FRQGLWLRQV RI WKH 7UXFH 7KH
PHQWLRQRIWKHVHWZRWKLQJVDEVROXWHO\GHWHUPLQHVWKDWWKLV6XUDKFDPHGRZQGXULQJWKH
LQWHUYDOEHWZHHQWKH7UXFHRI+XGDLEL\DKDQGWKH&RQTXHVWRI0DNNDK%HVLGHVWKHUH
LVDWKLUGWKLQJDOVRWKDWKDVEHHQPHQWLRQHGDWWKHHQGRIWKH6XUDKWRWKHHIIHFW:KDW
VKRXOG WKH +RO\ 3URSKHW XSRQ ZKRP EH $OODK
V SHDFH  PDNH WKH ZRPHQ WR SOHGJH
ZKHQWKH\FRPHWRWDNHWKHRDWKRIDOOHJLDQFHEHIRUHKLPDVEHOLHYHUV"$ERXWWKLVSDUW
DOVRWKHJXHVVLVWKDWWKLVWRRZDVVHQWGRZQVRPHWLPHEHIRUHWKHFRQTXHVWRI0DNNDK
IRUDIWHUWKLVFRQTXHVWDODUJHQXPEHURIWKH4XUDLVKZRPHQOLNHWKHLUPHQZHUHJRLQJ
WR HQWHU ,VODP VLPXOWDQHRXVO\ DQG KDG WR EH DGPLQLVWHUHG WKH RDWK RI DOOHJLDQFH
FROOHFWLYHO\
7KHPHDQG7RSLFV
7KLV6XUDKKDVWKUHHSDUWV
7KHILUVWSDUWFRQVLVWVRIYYDQGWKHFRQFOXGLQJYHUVHDOVRUHODWHVWRLW,QWKLV
VWURQJH[FHSWLRQKDVEHHQWDNHQWRWKHDFWRI+DGUDW+DWLEELQ$EL%DOWD
DLQWKDWKHKDG
WULHG WR LQIRUP WKH HQHP\ RI D YHU\ LPSRUWDQW ZDU VHFUHW RI WKH +RO\ 3URSKHW XSRQ
ZKRPEH$OODK
VSHDFH RQO\IRUWKHVDNHRIVDIHJXDUGLQJKLVIDPLO\7KLVZRXOGKDYH
FDXVHGJUHDWEORRGVKHGDWWKHFRQTXHVWRI0DNNDKKDGLWQRWEHHQPDGHLQHIIHFWLYHLQ
WLPH,WZRXOGKDYHFRVWWKH0XVOLPVPDQ\SUHFLRXVOLYHVPDQ\RIWKH4XUDLVKZRXOG
KDYHEHHQNLOOHGZKRZHUHWRUHQGHUJUHDWVHUYLFHVWR,VODPDIWHUZDUGWKHJDLQVZKLFK
ZHUH WRDFFUXHIURPFRQTXHULQJ0DNNDKSHDFHIXOO\ZRXOGKDYHEHHQORVWDQGDOOWKHVH
VHULRXV ORVVHV ZRXOG KDYH UHVXOWHG RQO\ EHFDXVH RQH RI WKH 0XVOLPV KDG ZDQWHG WR
VDIHJXDUG KLV IDPLO\ IURP WKH GDQJHUV RI ZDU $GPLQLVWHULQJ D VHYHUH ZDUQLQJ DW WKLV
EOXQGHU $OODK KDV WDXJKW WKH EHOLHYHUV WKH OHVVRQ WKDW QR EHOLHYHU VKRXOG XQGHU DQ\
FLUFXPVWDQFHV DQG IRU DQ\ PRWLYH KDYH UHODWLRQV RI ORYH DQG IULHQGVKLS ZLWK WKH
GLVEHOLHYHUV ZKR DUH DFWLYHO\ KRVWLOH WR ,VODP DQG D EHOLHYHU VKRXOG UHIUDLQ IURP
HYHU\WKLQJZKLFKPLJKWEHKHOSIXOWRWKHPLQWKHFRQIOLFWEHWZHHQ,VODPDQGGLVEHOLHI
+RZHYHUWKHUHLVQRKDUPLQGHDOLQJNLQGO\DQGMXVWO\ZLWKWKRVHGLVEHOLHYHUVZKRPD\
QRW EH SUDFWLFDOO\ HQJDJHG LQ KRVWLOH DFWLYLWLHV DJDLQVW ,VODP DQG SHUVHFXWLRQ RI WKH
0XVOLPV
7KHVHFRQGSDUWFRQVLVWVRIYY,QWKLVDVRFLDOSUREOHPKDVEHHQVHWWOHGZKLFK
ZDV DJLWDWLQJ WKH PLQGV DW WKDW WLPH 7KHUH ZHUH PDQ\ 0XVOLP ZRPHQ LQ 0DNNDK
ZKRVH KXVEDQGV ZHUH SDJDQV EXW WKH\ ZHUH HPLJUDWLQJ DQG UHDFKLQJ 0DGLQDK
VRPHKRZ /LNHZLVH WKHUH ZHUH PDQ\ 0XVOLP PHQ LQ 0DGLQDK ZKRVH ZLYHV ZHUH
SDJDQVDQGKDGEHHQOHIWEHKLQGLQ0DNNDK7KHTXHVWLRQDURVHZKHWKHUWKHPDUULDJH
ERQG EHWZHHQ WKHP FRQWLQXHG WR EH YDOLG RU QRW $OODK VHWWOHG WKLV SUREOHP IRU HYHU
VD\LQJWKDWWKHSDJDQKXVEDQG LVQRWODZIXOIRUWKH0XVOLPZRPHQQRUWKHSDJDQZLIH
ODZIXO IRU WKH 0XVOLP KXVEDQG 7KLV GHFLVLRQ OHDGV WR YHU\ LPSRUWDQW OHJDO
FRQVHTXHQFHVZKLFKZHVKDOOH[SODLQLQRXUQRWHVEHORZ
7KH WKLUG VHFWLRQ FRQVLVWV RI YHUVH  LQ ZKLFK WKH +RO\ 3URSKHW XSRQ ZKRP EH
$OODK
V SHDFH  KDV EHHQ LQVWUXFWHG WR DVN WKH ZRPHQ ZKR DFFHSW ,VODP WR SOHGJH WKDW
WKH\ ZRXOG UHIUDLQ IURP WKH PDMRU HYLOV WKDW ZHUH SUHYDOHQW DPRQJ WKH ZRPHQIRON RI
LVODPPHVVDJHFRP 
WKHSUH,VODPLF$UDEVRFLHW\DQGWRSURPLVHWKDWWKH\ZRXOGKHQFHIRUWKIROORZWKHZD\V
RIJRRGQHVVZKLFKWKH0HVVHQJHURI$OODKPD\HQMRLQ

6DDI
1DPH
7KH6XUDKGHULYHVLWVQDPHIURPWKHVHQWHQFH\XTDWLOXQDILVDELOLKOVDIIDQRIYHUVH
WKHUHE\LPSO\LQJWKDWLWLVD6XUDKLQZKLFKWKHZRUGVDIIRFFXUUHG
3HULRGRI5HYHODWLRQ
,W FRXOG QRW EH NQRZQ IURP DQ\ UHOLDEOH WUDGLWLRQ EXW D VWXG\ RI LWV VXEMHFWPDWWHU
VKRZVWKDWWKLV6XUDKSUREDEO\ZDVVHQWGRZQLQWKHSHULRGFORVHO\IROORZLQJWKH%DWWOH
RI8KXGIRUE\UHDGLQJEHWZHHQWKHOLQHVSHUFHLYHVDFOHDUGHVFULSWLRQRIWKH FRQ
7KHPHDQG6XEMHFW0DWWHU
,WVWKHPHLVWRH[KRUWWKH0XVOLPVWRDGRSWVLQFHULW\LQ)DLWKDQGWRVWUXJJOHZLWKWKHLU
OLYHV LQ WKH FDXVH RI $OODK ,W LV DGGUHVVHG WR WKH 0XVOLPV ZLWK ZHDN IDLWK DV ZHOO DV
WKRVHZKRKDGHQWHUHG,VODPZLWKDIDOVHSURIHVVLRQRIWKH)DLWKDQGDOVRWKH
$W WKH RXWVHW WKH EHOLHYHUV KDYH EHHQ ZDUQHG WR WKH HIIHFW $OODK LQGHHG KDWHV WKRVH
SHRSOHZKRVD\RQHWKLQJDQGGRDQRWKHUDQG+HLQGHHGORYHVWKRVHZKRILJKWLQWKH
FDXVHRIWKH7UXWKVWDQGLQJOLNHDVROLGVWUXFWXUHDJDLQVWWKHHQHPLHVRI$OODK

,Q YY  WKH SHRSOH RI WKH +RO\ 3URSKHW


V FRPPXQLW\ KDYH EHHQ ZDUQHG WKDW WKHLU
DWWLWXGHWRZDUGVWKHLU0HVVHQJHUDQGWKHLU5HOLJLRQVKRXOGQRWEHOLNHWKHDWWLWXGHWKDW
WKH,VUDHOLWHVKDGDGRSWHGWRZDUGVWKH3URSKHWV0RVHVDQG-HVXV SHDFHEHXSRQWKHP
7KHQLQYYDSURFODPDWLRQKDVEHHQPDGHZLWKWKHFKDOOHQJH7KH-HZVDQGWKH
&KULVWLDQV DQG WKH K\SRFULWHV ZKR DUH FRQVSLULQJ ZLWK WKHP PD\ WU\ KRZHYHU KDUG
WKH\PD\WRH[WLQJXLVKWKLV/LJKWRI$OODKLWZLOOVKLQHIRUWKDQGVSUHDGLQWKHZRUOG
,QYYWKHEHOLHYHUVKDYHEHHQWROGWKDWWKHZD\WRVXFFHVVERWKKHUHDQGLQWKH
+HUHDIWHU LV RQO\ RQH WKDW WKH\ VKRXOG EHOLHYH LQ $OODK DQG +LV 0HVVHQJHU VLQFHUHO\
DQGVKRXOGH[HUWWKHLUXWPRVWLQ$OODK
V:D\ZLWKWKHLUVHOYHVDQGWKHLUZHDOWK
,QFRQFOXVLRQWKHEHOLHYHUVKDYHEHHQH[KRUWHGWR
WKHHIIHFWWKDWMXVWDVWKHGLVFLSOHVRI
WKH 3URSKHW -HVXV KDG KHOSHG KLP LQ WKH FDXVH RI $OODK VR VKRXOG WKH\ DOVR EHFRPH
KHOSHUVRI$OODKVRWKDWWKH\WRRDUHEOHVVHGZLWKWKHVDPHNLQGRIJRRGSOHDVXUH

-DPX
D
1DPH
,W LV GHULYHG IURP WKH VHQWHQFH LGKD QXGL\DOLVVDODWLPLQ\DXPLO-XPX
DWL RI YHUVH 
$OWKRXJK LQ WKLV 6XUDK LQMXQFWLRQV DERXW WKH )ULGD\ FRQJUHJDWLRQDO 3UD\HU DOVR KDYH
EHHQJLYHQ\HW-XPX
DKLVQRWWKHWLWOHRILWVVXEMHFWPDWWHUDVDZKROHEXW"""
3HULRGRI5HYHODWLRQ
7KHSHULRGRIWKHUHYHODWLRQRIWKHILUVWVHFWLRQ YY LV$+DQGSUREDEO\LWZDV
VHQW GRZQ RQ WKH RFFDVLRQ RI WKH FRQTXHVW RI .KDLEDU RU VRRQ DIWHU LW %XNKDUL
0XVOLP7LUPLGKL1DVD
LDQG,EQ-DULUKDYHUHODWHGRQWKHDXWKRULW\RI+DGUDW$EX+

LVODPPHVVDJHFRP 
7KHVHFRQGVHFWLRQ YY ZDVVHQWGRZQVKRUWO\DIWHUWKHHPLJUDWLRQIRUWKH+RO\
3URSKHW XSRQZKRPEH$OODK
VSHDFH KDGHVWDEOLVKHGWKH)ULGD\FRQJUHJDWLRQDO3UD\HU
RQWKHWK GD\DIWHUKLVDUULYDODW0DGLQDK7KHLQFLGHQWWKDWKDVEHHQUHIHUUHGW
7KHPHDQG6XEMHFW0DWWHU
$V ZH KDYH H[SODLQHG DERYH WKH WZR VHFWLRQV RI WKLV 6XUDK ZHUH VHQW GRZQ LQ WZR
GLIIHUHQW SHULRGV 7KDW LV ZK\ WKHLU WKHPHV DV ZHOO DV WKHLU DXGLHQFHV DUH GLIIHUHQW
$OWKRXJKWKHUHLVDNLQGRIKDUPRQ\EHWZHHQWKHPRQDFFRXQWRIZKLFKWKH\KDYHEHHQ
SXW
7KH ILUVW VHFWLRQ ZDV VHQW GRZQ DW D WLPH ZKHQ DOO -HZLVK HIIRUWV WR REVWUXFW WKH
PHVVDJHRI,VODPGXULQJWKHSDVWVL[\HDUVKDGIDLOHG)LUVWLQ0DGLQDKDVPDQ\DVWKUHH
RIWKHLUSRZHUIXOWULEHVKDGGRQHZKDWHYHUWKH\FRXOGWRIUXVWUDWHWKHPLVVLRQRIWKH
 <RXUHIXVHGWREHOLHYHLQWKLV0HVVHQJHURQO\EHFDXVHKHZDVERUQDPRQJDSHRSOH
ZKRP \RX FRQWHPSWXRXVO\FDOOWKHJHQWLOHV<RXZHUHXQGHUWKHIDOVHGHOXVLRQWKDW
WKH0HVVHQJHUPXVWQHFHVVDULO\EHORQJWR\RXURZQFRPPXQLW\<RXVHHPHGWRKDYHE
  <RX KDG EHHQ PDGH EHDUHUV RI WKH 7RUDK EXW \RX GLG QRW XQGHUVWDQG \RXU
UHVSRQVLELOLW\IRULWQRUGLVFKDUJHGLWDV\RXVKRXOGKDYH<RXDUHOLNHWKHGRQNH\ZKLFK
LVORDGHGZLWKERRNVDQGZKLFKGRHVQRWNQRZZKDWEXUGHQLWLVEHDULQJ5DWKHU\RXDU
 ,I\RXUHDOO\ZHUH$OODK
VIDYRULWHVDQG\RXZHUHVXUHRIKDYLQJDSDFHRIKRQRU
DQGKLJKUDQNUHVHUYHGZLWK+LP\RXZRXOGQRWKDYHIHDUHGGHDWKVRPXFKDV WRSUHIHU
DOLIHRIGLVJUDFHWRGHDWK,WLVRQO\EHFDXVHRIWKLVIHDURIGHDWKWKDW\RX
7KH VHFRQG VHFWLRQ WKDW ZDV VHQW GRZQ PDQ\ \HDUV ODWHU ZDV DSSHQGHG WR WKLV 6XUDK
EHFDXVHLQLW$OODKKDVEHVWRZHG)ULGD\RQWKH0XVOLPVDVDJDLQVWWKH6DEEDWKRIWKH
-HZVDQG$OODKZDQWHGWRZDUQWKH0XVOLPVQRWWRWUHDWWKHLU)ULGD\DVWKH-HZVKDG
WULHG"""

0XQDILTRRQ
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHVHQWHQFH,GKDMDDNDOPXQDILTXQDRIYHUVH7KLVLV
WKHQDPHRIWKH6XUDKDVZHOODVWKHWLWOHRILWV VXEMHFWPDWWHUIRULQLWDUHYLHZKDVEHHQ
PDGHRIWKHFRQGXFWDQGDWWLWXGHRIWKHK\SRFULWHVWKHPVHOYHV
3HULRGRI5HYHODWLRQ
$VZHVKDOOH[SODLQEHORZWKLV6XUDKZDVVHQWGRZQHLWKHUGXULQJWKH+RO\3URSKHW
V
UHWXUQ MRXUQH\ IURP KLV FDPSDLJQ DJDLQVW %DQL DO0XVWDOLT RU LPPHGLDWHO\ DIWHU KLV
DUULYDO EDFN DW 0DGLQDK DQG ZH KDYH HVWDEOLVKHG E\ DUJXPHQW DQG UHVHDUFK LQ WKH
,QWURGXFWLRQ WR 6XUDK $Q1RRU WKDW WKH FDPSDLJQ DJDLQVW %DQL DO0XVWDOLT KDG WDNHQ
SODFH LQ 6KD
EDQ $ +  7KXV WKH GDWHRIWKHUHYHODWLRQRIWKLV6XUDKLVGHWHUPLQHG
SUHFLVHO\
+LVWRULFDO%DFNJURXQG
%HIRUHZHPHQWLRQWKHSDUWLFXODULQFLGHQWDERXWZKLFKWKLV6XUDKZDVVHQWGRZQLWLV
QHFHVVDU\ WR KDYH D ORRN DW WKH KLVWRU\ RI WKH K\SRFULWHV RI 0DGLQDK IRU WKH LQFLGHQW
WKDW RFFXUUHG RQ WKLV RFFDVLRQ ZDV QRW D FKDQFH KDSSHQLQJ EXW KDG D ZKROH VHULHV RI
HYHQWVEHKLQGLWZKLFKXOWLPDWHO\OHGXSWRLW%HIRUHWKH+RO\3URSKHW
VHPLJUDWLRQWR
LVODPPHVVDJHFRP 
0DGLQDKWKHWULEHVRIWKH$XVDQGWKH.KD]UDMIHGXSZLWKWKHLU PXWXDOULYDOULHVDQG
FLYLO ZDUV KDG DOPRVW DJUHHG RQ WKH OHDGHUVKLS RI RQH PDQ DQG ZHUH PDNLQJ
SUHSDUDWLRQVWRFURZQKLPWKHLUNLQJ7KLVZDV$EGXOODKELQ8ED\\ELQ6DOXOWKHFKLHI
RIWKH.KD]UDM0XKDPPDGELQ,VKDTKDVVWDWHGWKDWDPRQJWKHSHRSOHRI.KD]UDMKLV
DXWKRULW\ZDVQHYHUFRQWHVWHGDQGQHYHUKDGWKH$XVDQGWKH.KD]UDMUDOOLHGWRRQHPDQ
EHIRUHWKLV
6XFKZHUHWKHFRQGLWLRQVZKHQWKHYRLFHRI,VODPUHDFKHG0DGLQDKDQGWKHLQIOXHQWLDO
SHRSOH RI ERWK WKH WULEHV VWDUWHG EHFRPLQJ 0XVOLPV :KHQ EHIRUH WKH (PLJUDWLRQ
LQYLWDWLRQ ZDV EHLQJ H[WHQGHG WR WKH +RO\ 3URSKHW XSRQ ZKRP EH $OODK
V SHDFH  WR
FRPHWR0DGLQDK+DGDUDW$EEDVELQ8EDGDKELQ1DGODK$QVDDULZDQWHGWRGHIHUWKLV
LQYLWDWLRQIRUWKHUHDVRQWKDW$EGXOODKELQ8ED\\DOVRPLJKWMRLQLQWKHGHFODUDWLRQRI
DOOHJLDQFHDQG LQYLWDWLRQWRWKH+RO\3URSKHWVRWKDW0DGLQDKPLJKWEHFRPHWKHFHQWHU
RI,VODPE\FRPPRQFRQVHQW%XWWKHGHOHJDWLRQWKDWDUULYHGLQ0DNNDKWRGHFODUHWKHLU
DOOHJLDQFHGLGQRWJLYHDQ\LPSRUWDQFHWRWKHSURSRVDORI$EEDVELQ8EDGDKDQGDOOLWV
PHPEHUV ZKRLQFOXGHGPHQIURPERWKWKHWULEHVEHFDPHUHDG\WRLQYLWHWKH+RO\
3URSKHW LQ WKH IDFH RI HYHU\ GDQJHU ,EQ +LVKDP YRO ,, 3   :H KDYH JLYHQ WKH
GHWDLOVRIWKLVHYHQWLQWKH,QWURGXFWLRQWR6XUDK$O$QIDO
7KHQZKHQWKH+RO\3URSKHWDUULYHGLQ0DGLQDK,VODPKDGVRGHHSO\SHQHWUDWHGHYHU\
KRXVHRIWKH$QVDDUWKDW$EGXOODKELQ8ED\\EHFDPHKHOSOHVVDQGGLGQRWVHHDQ\RWKHU
ZD\WRVDYHKLVOHDGHUVKLSWKDQWREHFRPHD0XVOLPKLPVHOI6RKHHQWHUHG,VODPDORQJ
ZLWK PDQ\ RI KLV IROORZHUV IURP DPRQJ WKH FKLHIV DQG OHDGHUV RI ERWK WKH WULEHV
DOWKRXJKWKHLUKHDUWVZHUHEXUQLQJZLWKUDJHIURPZLWKLQ,EQ8ED\\LQSDUWLFXODUZDV
ILOOHGZLWKJULHIIRUWKH+RO\3URSKHW XSRQZKRPEH$OODK
VSHDFH KDGGHSULYHGKLP
RIKLVNLQJVKLS)RUVHYHUDO\HDUVKLVK\SRFULWLFDOIDLWKDQGJULHIRIEHLQJGHSULYHGRI
KLVNLQJGRPPDQLIHVWHGLWVHOILQGLIIHUHQWZD\V2QWKHRQHKDQGZKHQRQ)ULGD\VWKH
+RO\ 3URSKHW XSRQ ZKRP EH $OODK
V SHDFH  WRRN KLV VHDW WR GHOLYHU WKH 6HUPRQ
$EGXOODK ELQ 8ED\\ ZRXOG VWDQG XS DQG VD\ 2 SHRSOH WKH 0HVVHQJHU RI $OODK LV
SUHVHQWDPRQJ\RXE\ZKRP$OODKKDVKRQRUHG\RXWKHUHIRUH\RXVKRXOGVXSSRUWKLP
DQGOLVWHQWRZKDWKHVD\VDQGREH\KLP ,EQ+LVKDPYDO,,,S 2QWKHRWKHU
KLVK\SRFULV\ZDVEHLQJH[SRVHGGD\E\GD\ DQGWKHWUXH0XVOLPVZHUHUHDOL]LQJWKDWKH
DQGKLVIROORZHUVERUHJUHDWPDOLFHDJDLQVW,VODPWKH+RO\3URSKHWDQGWKH0XVOLPV
2QFHZKHQWKH+RO\3URSKHWZDVSDVVLQJRQWKHZD\$EGXOODKELQ8ED\\VSRNHWRKLP
LQKDUVKZRUGV:KHQWKH+RO\3URSKHWFRPSODLQHGRILWWR+DGUDW6D
GELQ8EDGDKKH
VDLG20HVVHQJHURI$OODKGRQ
WEHKDUGRQKLPIRUZKHQ$OODKVHQW\RXWRXVZH
ZHUHPDNLQJDGLDGHPWRFURZQKLPDQGE\*RGKHWKLQNVWKDW\RXKDYHUREEHGKLP
RIKLVNLQJGRP ,EQ+LVKDPYRO,,SS $IWHUWKH%DWWOHRI%DGUZKHQWKH
+RO\3URSKHW XSRQZKRPEH$OODK
VSHDFH LQYDGHGWKH-HZLVKWULEHRI%DQL4DLQXTDDC
RQWKHLUEUHDNLQJWKHDJUHHPHQWDQGXQSURYRNHGUHYROWWKLVPDQVWRRGXSLQVXSSRUWRI
WKHPDQGKROGLQJWKH+RO\3URSKHWE\KLVDUPRUVDLG7KHVHILJKWHUVKDYHEHHQ
KHOSLQJ DQG SURWHFWLQJ PH DJDLQVW HYHU\ HQHP\ ZRXOG \RX FXW WKHP GRZQ LQ RQH
PRUQLQJ"%\*RG,ZLOOQRWOHDYH\RXXQWLO\RXSDUGRQP\FOLHQWV ,EQ+LVKDPYRO
,,,SS 
LVODPPHVVDJHFRP 
2QWKHRFFDVLRQRIWKH%DWWOHRI 8KXGWKLVPDQFRPPLWWHGRSHQWUHDFKHU\DQGZLWKGUHZ
IURP WKH EDWWOHILHOG ZLWK  RI KLV FRPSDQLRQV 2QH VKRXOG QRWH WKDW DW WKLV FULWLFDO
PRPHQWZKHQKHVRDFWHGWKH4XUDLVKKDGPDUFKHGXSRQ0DGLQDKZLWKWURRSV
DQGWKH+RO\3URSKHWKDGPDUFKHGRXWZLWKRQO\PHQWRUHVLVWWKHP2IWKHVH
WKLVK\SRFULWHEURNHDZD\ZLWKPHQDQGWKH+RO\3URSKHWZDVOHIWZLWKRQO\
PHQWRPHHWWURRSVRIWKHHQHP\LQWKHILHOG
$IWHUWKLVLQFLGHQWWKHFRPPRQ0XVOLPVRI0DGLQDKFDPHWRUHDOL]HIXOO\WKDWKHZDV
FHUWDLQO\ D K\SRFULWH DQG KLV WKRVH &RPSDQLRQV DOVR ZHUH IRXQG ZKR ZHUH KLV
DVVRFLDWHV LQ K\SRFULV\ 7KDW LV ZK\ ZKHQ RQ WKHYHU\ILUVW)ULGD\DIWHUWKH%DWWOHRI
8KXGWKLVPDQVWRRGXSDVXVXDOWRPDNHDVSHHFKEHIRUHWKH+RO\3URSKHW
V6HUPRQ
WKH SHRSOH SXOOHG DW KLV JDUPHQW VD\LQJ 6LW GRZQ \RX DUH QRW ZRUWK\ WR VD\ VXFK
WKLQJV7KDWZDVWKHILUVWRFFDVLRQLQ0DGLQDKZKHQWKLVPDQZDVSXEOLFO\GLVJUDFHG
7KHUHXSRQKHZDVVRILOOHGZLWKUDJHWKDWKHOHIWWKHPRVTXHMXPSLQJRYHUWKHKHDGVRI
WKHSHRSOH$WWKHGRRURIWKH0RVTXHVRPHRIWKH$QVDDUVDLGWRKLP:KDWDUH\RX
GRLQJ" *R EDFN DQG DVN WKH +RO\ 3URSKHW XSRQ ZKRP EH $OODK
V SHDFH  WR SUD\ IRU
\RXUIRUJLYHQHVV+HUHWRUWHG,GRQRWZDQWKLPWRSUD\IRUP\IRUJLYHQHVV  ,EQ
+LVKDPYRO,,,S 
7KHQ LQ $ +  WKH %DWWOH RI %DQL DQ1DGLU WRRN SODFH 2Q WKLV RFFDVLRQ KH DQG KLV
FRPSDQLRQV VXSSRUWHG WKH HQHPLHV RI ,VODP HYHQ PRUH RSHQO\ 2Q WKH RQH VLGH WKH
+RO\ 3URSKHW XSRQ ZKRP EH $OODK
V SHDFH  DQG KLV GHYRWHG &RPSDQLRQV ZHUH
SUHSDULQJIRUZDUDJDLQVWWKHLUHQHP\WKH-HZVDQGRQWKHRWKHUWKHVHK\SRFULWHVZHUH
VHFUHWO\VHQGLQJPHVVDJHVWRWKH-HZVWRWKHHIIHFW6WDQGILUPZHDUHZLWK\RXLI\RX
DUHDWWDFNHGZHZLOOKHOS\RXDQGLI\RXDUHGULYHQRXWZHWRRZLOOJRRXWZLWK\RX
7KH VHFUHW RI WKLV LQWULJXH ZDV H[SRVHG E\ $OODK +LPVHOI DV KDV EHHQ H[SODLQHG LQ
6XUDK$O+DVKUDERYH
%XW LQ VSLWH RI EHLQJ VR H[SRVHG WKH UHDVRQ ZK\ WKH +RO\ 3URSKHW XSRQ ZKRP EH
$OODK
V SHDFH  ZDV VWLOO WUHDWLQJ KLP NLQGO\ ZDV WKDW KH KDG D ODUJH EDQG RI WKH
K\SRFULWHV EHKLQG KLP 0DQ\ RI WKH FKLHIV RI ERWK WKH $XV DQG WKH .KD]UDM ZHUH KLV
VXSSRUWHUV$WOHDVWDWKLUGRIWKHSRSXODWLRQRI0DGLQDKFRQVLVWHGRIKLVFRPSDQLRQV
DVEHFDPHPDQLIHVWRQWKHRFFDVLRQRIWKH%DWWOHRI8KXG8QGHUVXFKFRQGLWLRQVLWZDV
QRW SUXGHQW WR ZDJH D ZDU ZLWK WKHVH LQWHUQDO HQHPLHV FRPELQHG ZLWK WKH H[WHUQDO
HQHPLHV2QWKLVYHU\DFFRXQWLQVSLWHRIEHLQJIXOO\DZDUHRIWKHLUK\SRFULV\WKH+RO\
3URSKHWFRQWLQXHGWRGHDOZLWKWKHPDFFRUGLQJWRWKHLUDSSDUHQWSURIHVVLRQRIIDLWKIRUD
ORQJ WLPH 2Q WKH RWKHU KDQG WKHVH SHRSOH WRR QHLWKHU SRVVHVVHG WKH SRZHU QRU WKH
FRXUDJHWRILJKWWKHEHOLHYHUVRSHQO\DVGLVEHOLHYHUVRUWRMRLQKDQGVZLWKDQLQYDGHU
DQGIDFHWKHPLQWKHEDWWOHILHOG$SSDUHQWO\WKH\ZHUHDVWURQJKDQGEXWLQZDUGO\WKH\
KDG WKH ZHDNQHVV ZKLFK $OODK KDV YLYLGO\ SRUWUD\HG LQ 6XUDK $O+DVKU 
7KHUHIRUHWKH\WKRXJKWWKHLUZHOOEHLQJOD\RQO\LQSRVLQJDV0XVOLPV7KH\FDPHWR
WKHPRVTXHRIIHUHGWKHSUD\HUVJDYHDZD\WKH]DNDWDQGZRXOGPDNHWDOORUDOFODLPVWR
WKHIDLWKZKLFKWKHWUXH0XVOLPVQHYHUIHOWWKHQHHGWRGR7KH\ZRXOGRIIHUDWKRXVDQG
MXVWLILFDWLRQVIRUHDFKRIWKHLUK\SRFULWLFDODFWVE\ZKLFKWKH\ZRXOGWU\WRGHFHLYHWKHLU
FRPSDWULRWVWKH$QVDDULQWREHOLHYLQJWKDWWKH\ZHUHZLWKWKHP%\WKHVHGHVLJQVWKH\
LVODPPHVVDJHFRP 
ZHUHQRWRQO\VDYLQJWKHPVHOYHVIURPWKHGLVDGYDQWDJHVZKLFKFRXOGQDWXUDOO\DFFUXHLI
WKH\ VHSDUDWHG WKHPVHOYHV IURP WKH $QVDDU EURWKHUKRRG EXW DOVR WDNLQJ DGYDQWDJH RI
WKH RSSRUWXQLWLHV WR PDNH PLVFKLHI ZKLFK ZHUH DYDLODEOH WR WKHP DV PHPEHUV RI WKH
0XVOLPEURWKHUKRRG
7KHVHZHUHWKHFDXVHVZKLFKHQDEOHG$EGXOODKELQ8ED\\DQGOLNHPLQGHGK\SRFULWHV
WRJHWDQRSSRUWXQLW\WRDFFRPSDQ\WKH+RO\3URSKHW XSRQZKRPEH$OODK
VSHDFH LQ
KLV FDPSDLJQ DJDLQVW WKH %DQL DO0XVWDOLT DQG WKH\ VLPXOWDQHRXVO\ HQJLQHHUHG WZR
JUHDWPLVFKLHIVZKLFKFRXOGVKDWWHUWKH0XVOLPXQLW\WRSLHFHV+RZHYHUE\YLUWXHRI
WKH ZRQGHUIXO WUDLQLQJ LQ GLVFLSOLQH WKDW WKH 0XVOLP KDG UHFHLYHG WKURXJK WKH SXUH
WHDFKLQJ RI WKH 4XUDQ DQG WKH FRPSDQLRQVKLS RI WKH +RO\ 3URSKHW XSRQ ZKRP EH
SHDFH  ERWK PLVFKLHIV ZHUH VWRSSHG LQ WLPH DQG WKH K\SRFULWHV WKHPVHOYHV ZHUH
GLVJUDFHGLQVWHDG2QHRIWKHVHZDVWKHPLVFKLHIWKDWKDVEHHQPHQWLRQHGLQ6XUDK$Q
1RRUDERYHDQGWKHRWKHUZKLFKKDVEHHQPHQWLRQHGLQWKLV6XUDK
7KLVLQFLGHQWKDVEHHQUHODWHGE\%XNKDUL0XVOLP$KPDG1DVDL7LUPLGKL%DLKDTL
7DEDUL ,EQ 0DUGX\DK $EGXU 5D]]DT ,EQ -DULU 7DEDUL ,EQ 6D
G DQG 0XKDPPDG ELQ
,VKDTWKURXJKPDQ\UHOLDEOHFKDQQHOV,QVRPHWUDGLWLRQVWKHH[SHGLWLRQLQZKLFKLWWRRN
SODFHKDVQRWEHHQQDPHGDQGLQRWKHUVLWKDVEHHQFRQQHFWHGZLWKWKH%DWWOHRI7DEXN
%XWWKHDXWKRULWLHVRQWKHEDWWOHVIRXJKWE\WKH+RO\3URSKHWDQGKLVWRU\DUHDJUHHGWKDW
WKLVLQFLGHQWWRRNSODFHRQWKHRFFDVLRQRIWKHFDPSDLJQDJDLQVWWKH%DQLDO0XVWDOLT
7KHIROORZLQJVHHPVWRKHWKHUHDOVWRU\ZKHQDOOWKHWUDGLWLRQVDUHUHDGWRJHWKHU
:KHQDIWHUFUXVKLQJGRZQWKHSRZHURI%DQLDO0XVWDOLTWKH,VODPLFDUP\KDGPDGHD
KDOWLQWKHVHWWOHPHQWDWWKHZHOORIDO0XUDLVL6XGGHQO\DGLVSXWHDURVHEHWZHHQWZR
PHQ RQ WDNLQJ ZDWHU IURP WKH ZHOO 2QH RI WKHP ZDV -HKMDK ELQ 0DVXG *KLIDUL D
VHUYDQWRI+DGUDW8PDUDSSRLQWHGWROHDGKLVKRUVH7KHRWKHUZDV6LQDQELQ:DEDUDO
-XKDQLZKRVHWULEHZDVDQDOO\RIDFODQRIWKH .KD]UDM+DUVKZRUGVEHWZHHQWKHPOHG
WR ILJKWLQJ DQG -HKMDK NLFNHG 6LQDQ ZKLFK WKH $QVDDU RQ DFFRXQW RI WKHLU DQFLHQW
<DPDQLWHWUDGLWLRQWRRNDVDJUHDWLQVXOWDQGGLVJUDFH$WWKLV6LQDQFDOOHGRXWWKHPHQ
RI $QVDDU DQG -HKMDK WKH (PLJUDQWV IRU KHOS +HDULQJ DERXW WKH TXDUUHO ,EQ 8ED\\
VWDUWHG LQFLWLQJ DQG FDOOLQJ WKH PHQ RIWKH$XVDQGWKH.KD]UDMWRFRPHRXWDQGKHOS
WKHLUDOO\)URPWKHRWKHUVLGHVRPH(PLJUDQWVDOVRFDPHRXW7KHGLVSXWHPLJKWKDYH
OHGWRDILJKWEHWZHHQWKH$QVDDUDQGWKH0XKDMLULQWKHPVHOYHVDWWKHYHU\SODFHZKHUH
WKH\ KDG MXVW IRXJKW DQ HQHP\ WULEH MRLQWO\ DQG FUXVKLQJ LW KDG KDOWHG LQ LWV RZQ
WHUULWRU\%XWKHDULQJWKHQRLVHWKH+RO\3URSKHW XSRQZKRPEHSHDFH HPHUJHGDQG
VDLGZKDWLVWKLVFDOORISDJDQLVP":KDWKDYH\RXWRGRZLWKVXFKDFDOO"/HDYHLWLW
LV D GLUW\ WKLQJ  7KHUHXSRQ WKH OHDGLQJ PHQ RI WKH WZR VLGHV PHW DQG VHWWOHG WKH
GLVSXWH6LQDQSDUGRQHG-HKMDKDQGSHDFHZDVUHVWRUHG
$IWHU WKLVHYHU\SHUVRQZKRVHKHDUWZDVGLVDIIHFWHGFDPHWR$EGXOODKELQ8ED\\DQG
WKH\ DOO VDLG WR KLP 8QWLO QRZ ZH KDG RXU KRSHV DWWDFKHG WR \RX DQG \RX ZHUH
SURWHFWLQJXVEXWQRZLWVHHPV\RXKDYHEHFRPHDKHOSHURIWKHVHSDXSHUVDJDLQVWXV
,EQ8ED\\ZDVDOUHDG\HQUDJHG7KHVHZRUGVPDGHKLPEXUVWRXWWKXV7KLVLVZKDW
\RXKDYHGRQHWR\RXUVHOYHV<RXKDYHJLYHQWKHVHSHRSOHVKHOWHULQ\RXUFRXQWU\DQG
KDYH GLYLGHG \RXU SURSHUW\ DPRQJWKHP6RPXFKVRWKDWWKH\KDYHQRZEHFRPHRXU
LVODPPHVVDJHFRP 
ULYDOV 1RWKLQJ VR ILWV XV DQG WKH SDXSHUV RI 4XUDLVK RU WKH &RPSDQLRQV RI
0XKDPPDG DVWKHDQFLHQWVD\LQJ
)HHG\RXUGRJWRIDWWHQLWDQGLWZLOOGHYRXU\RX
,I
\RX KROG EDFN \RXU SURSHUW\ IURP WKHP WKH\ ZRXOGJRHOVHZKHUH%\*RGZKHQZH
UHWXUQWR0DGLQDKWKHKRQRUDEOHRQHVZLOOGULYHRXWIURPLWWKHPHDQRQHV
FRQWLQXHG
FRQWLQXLQJ +LVWRULFDO%DFNJURXQG
=DLGELQ$UTDPD\RXQJER\DOVRKDSSHQHGWREHSUHVHQWLQWKHDVVHPEO\DWWKDWWLPH
+H KHDUG WKLV DQG PHQWLRQHG LW EHIRUH KLV XQFOH DQG KLV XQFOH ZKR ZDV RQH RI WKH
$QVDDUFKLHIVZHQWWRWKH+RO\3URSKHW XSRQZKRPEHSHDFH DQGWROGKLPWKHZKROH
VWRU\7KH+RO\3URSKHWFDOOHG=DLGDQGDVNHGKLPZKDWKDGKDSSHQHGDQGKHUHSHDWHG
HYHU\ ZRUG RI ZKDW KH KDG KHDUG 7KH +RO\ 3URSKHW VDLG =DLG \RX DUH SHUKDSV
GLVSOHDVHGZLWK,EQ8ED\\\RXPLJKWKDYHEHHQPLVWDNHQLQKHDULQJ\RXPLJKWKDYH
LPDJLQHG,EQ8ED\\VDLGWKLV%XW=DLGZDVVXUHDQGILUP+HVDLG1R,VZHDUE\
*RG,KDYHKHDUGKLPVD\WKLVDQGWKDW7KHUHXSRQWKH+RO\3URSKHWFDOOHG,EQ8ED\\
DQGKHFDPHDQGVZRUHWKDWKHKDGQRWVDLGDQ\VXFKWKLQJ7KHSHRSOHRIWKH$QVDDU
DOVR VDLG 6LU D ER\ VD\V WKLV  KH PLJKW KDYH EHHQ PLVWDNHQ LQ ZKDW KH KHDUG ,EQ
8ED\\ LV D YHQHUDEOH ROG PDQ DQG RXU FKLHI 'R QRW EHOLHYH ZKDW D ER\ VD\V DJDLQVW
KLP7KHHOGHUO\SHRSOHRIWKHWULEHUHSURYHG=DLGDOVRZKREHFDPHGHSUHVVHGDQG
KHOG KLV SHDFH %XW WKH +RO\ 3URSKHW NQHZ =DLG DV ZHOO DV $EGXOODK ELQ 8ED\\
7KHUHIRUHKHIXOO\XQGHUVWRRGZKDWKDGDFWXDOO\KDSSHQHG
:KHQ+DGUDW8PDUFDPHWRNQRZRIWKLVKHFDPHWRWKH+RO\3URSKHWDQGVDLG3OHDVH
DOORZ PHWRSXWWKLVK\SRFULWHWRWKHVZRUG2ULI\RXGRQRWWKLQNLWLVILWWRJLYHPH
WKHSHUPLVVLRQ\RXPD\WHOO0XCDDGKELQ-DEDORU$EEDGELQ%LVKURU6DGELQ0X
DGK
RU0XKDPPDGELQ0DVODPDKIURPDPRQJWKH$QVDDUWRJRDQGNLOOKLP%XWWKH+RO\
3URSKHWVDLG1RWKHSHRSOHZLOOVD\0XKDPPDGNLOOVKLVRZQ&RPSDQLRQV$IWHU
WKLV KH RUGHUHG WKH SHRSOH WR VHW RII LPPHGLDWHO\ DOWKRXJK LW ZDV DW D WLPH ZKHQ WKH
+RO\3URSKHWZDVQRWDFFXVWRPHGWRWUDYHO7KHIRUFHGPDUFKFRQWLQXHGIRUKRXUVDW
D VWUHWFK VR WKDW WKH SHRSOH EHFDPH H[KDXVWHG 7KHQ KH KDOWHG DQG DV VRRQ DV WKH\
WRXFKHGWKHJURXQGWKH\IHOODVOHHS7KLVKHGLGWRGLVWUDFWWKHLUPLQGVIURPZKDWKDG
KDSSHQHG DW WKH ZHOO RI DO0XUDLVL 2Q WKH ZD\ +DGUDW 8VDLG ELQ +XGDLU DQ $QVDDU
FKLHI PHW WKH +RO\ 3URSKHW DQG VDLG 2 0HVVHQJHU RI $OODK WRGD\\RXRUGHUHGWKH
SHRSOHWRVHWRIIDWDWLPHZKLFKZDVGLVDJUHHDEOHIRUWUDYHOLQJDWKLQJ\RXKDYHQHYHU
GRQHEHIRUH7KH+RO\3URSKHWUHSOLHG+DYH\RXQRWKHDUGRIZKDW\RXUIULHQGVDLG"
 :KHQ KH DVNHG ZKR KH PHDQW WKH +RO\ 3URSKHW UHSOLHG $EGXOODK ELQ 8ED\\ +H
DVNHG ZKDW KH KDG VDLG 7KH +RO\ 3URSKHW DQVZHUHG +H KDV DVVHUWHG WKDW ZKHQ KH
UHWXUQV WR 0DGLQDK WKH KRQRUDEOH RQHV ZLOO GULYH RXW IURP LW WKH PHDQ RQHV +H
DQVZHUHG  %\ *RG 2 0HVVHQJHU RI $OODK \RX DUH WKH KRQRUDEOH RQH DQG KH LV WKH
PHDQRQH\RXZLOOGULYHKLPRXWZKHQHYHU\RXZDQWWR
%\DQGE\WKHQHZVVSUHDGDPRQJWKH$QVDDUVROGLHUVDQGLWHQUDJHGWKHPDJDLQVW,EQ
8ED\\ 7KH SHRSOH DGYLVHG KLP WR JR WR WKH +RO\ 3URSKHW XSRQ ZKRP EH $OODK
V
SHDFH  DQG UHTXHVW IRU KLV IRUJLYHQHVV EXW KH UHWRUWHG  <RX DVNHG PH WR EHOLHYH LQ
KLPDQG,EHOLHYHGLQKLP\RXDVNHGPHWRSD\WKH]DNDWRQP\SURSHUW\DQG,SDLG
LVODPPHVVDJHFRP 
WKH]DNDWWRRQRZWKHRQO\WKLQJOHIWLVWKDW,VKRXOGERZGRZQWR0XKDPPDG7KLV
IXUWKHUHQUDJHGWKHEHOLHYLQJ$QVDDUDQGHYHU\RQH
VWDUWHGUHSURDFKLQJDQGFXUVLQJKLP
URXJKO\:KHQWKHFDUDYDQZDVDERXWWRHQWHU0DGLQDK$EGXOODKWKHVRQRI$EGXOODK
ELQ8ED\\VWRRGEHIRUHKLVIDWKHUZLWKDGUDZQRXWVZRUGDQG VDLG<RXKDGVDLGWKDW
ZKHQ\RXUHDFKHG0DGLQDKWKHKRQRUDEOHRQHVZRXOGGULYHRXWWKHPHDQRQHV1RZ
\RXZLOONQRZZKRLVKRQRUDEOH\RXRU$OODKDQG+LV0HVVHQJHU%\*RG\RXFDQQRW
HQWHU0DGLQDKXQWLOWKH0HVVHQJHURI$OODK XSRQZKRPEH$OODK
VSHDFH SHUPLWV\RX
WR HQWHU  $W WKLV ,EQ 8ED\\ FULHG RXW 2 SHRSOH RI .KD]UDM ORRN P\ RZQ VRQ LV
SUHYHQWLQJ PH IURP HQWHULQJ 0DGLQDK  7KH SHRSOH FRQYH\HG WKLV QHZV WR WKH +RO\
3URSKHWDQGKHVDLG7HOO$EGXOODKWROHWKLVIDWKHUFRPHKRPH$EGXOODKVDLG,I
WKLVLVWKH+RO\3URSKHW
VRUGHUWKHQ\RXPD\HQWHU7KHUHXSRQWKH+RO\3URSKHWVDLG
WR+DGUDW8PDU1RZZKDWGR\RXWKLQN8PDU"+DG\RXNLOOHGKLPRQWKHGD\ZKHQ
\RX DVNHG P\ SHUPLVVLRQ WR NLOO KLP PDQ\ SHRSOH ZRXOG KDYH WUHPEOHG ZLWK UDJH
7RGD\LI,RUGHUWKHPWRNLOOKLPWKH\ZLOONLOOKLPLPPHGLDWHO\+DGUDW8PDUUHSOLHG
%\*RG,UHDOL]HWKHUHZDVJUHDWHUZLVGRPEHKLQGZKDWWKH$SRVWOHRI$OODKVDLGWKDQ
ZKDW , VDLG 
 7KHVH ZHUH WKH FLUFXPVWDQFHV XQGHU ZKLFK WKLV 6XUDK ZDV VHQW GRZQ
PRVWSUREDEO\DIWHUWKH+RO\3URSKHW
VUHWXUQWR0DGLQDK

7DJDDEXQ
1DPH
7KH 6XUDK WDNHV LWV QDPH IURP WKH VHQWHQFH 'KDOLND \DXPXW WDJKDDEXQ RI YHUVH 
WKHUHE\LPSO\LQJWKDWLWLVWKH6XUDKLQZKLFKWKHZRUGDWWDJKDDKXQKDVRFFXUUHG
3HULRGRI5HYHODWLRQ
0XTDWLO DQG .DOEL VD\ WKDW LW ZDV SDUWO\ UHYHDOHG DW 0DNNDK DQG SDUWO\ DW 0DGLQDK
+DGUDW $EGXOODK ELQ $EEDV DQG $WD ELQ <DVDU VD\ WKDW YY  ZHUH UHYHDOHG DW
0DNNDKDQGYYDW0DGLQDK%XWWKHPDMRULW\RIFRPPHQWDWRUVUHJDUGWKHZKROH
RI WKH VXUDK DV D 0DGLQDQ 5HYHODWLRQ $OWKRXJK WKHUH LV QR LQWHUQDO HYLGHQFH WR KHOS
GHWHUPLQHLWVH[DFWSHULRGRIUHYHODWLRQ\HWDVWXG\RILWVVXEMHFWPDWWHUVKRZVWKDWLW
PLJKWSUREDEO\KDYHEHHQVHQWGRZQDWDQHDUO\VWDJHDW0DGLQDK7KDWLVZK\LW SDUWO\
UHVHPEOHVWKH0DNNDKVXUDKVDQGSDUWO\WKH0DGLQDQ6XUDKV
7KHPHDQG6XEMHFW0DWWHU
7KH WKHPH RI WKLV VXUDK LV LQYLWDWLRQ WR WKH )DLWK DQG REHGLHQFH WR $OODK  DQG WKH
WHDFKLQJ RI JRRG PRUDOV 7KH VHTXHQFH IROORZHG LV WKDW WKH ILUVW IRXU YHUVHV DUH
DGGUHVVHGWRDOOPHQYHUVHVWRWKRVHPHQZKRGRQRWEHOLHYHLQWKHLQYLWDWLRQRI
WKH4XU
DQDQGYHUVHVWRWKRVHZKRDFFHSWDQGEHOLHYHLQWKLVLQYLWDWLRQ,QWKH
YHUVHVDGGUHVVHGWRDOOPHQWKH\KDYHEHHQPDGHDZDUHLQDIHZEULHIVHQWHQFHVRIWKH
IRXUIXQGDPHQWDOWUXWKV
)LUVW WKDW WKH XQLYHUVH LQ ZKLFK WKH\ OLYH LV QRW *RGOHVV EXW LWV &UHDWRU 0DVWHU DQG
5XOHU LV DQ $OO 3RZHUIXO *RGDQGHYHU\WKLQJLQLWWHVWLILHVWR+LVEHLQJPRVW3HUIHFW
DQGDEVROXWHO\IDXOWOHVV

LVODPPHVVDJHFRP 
6HFRQGWKDWWKHXQLYHUVHLVQRWZLWKRXWSXUSRVHDQGZLVGRPEXWLWV&UHDWRUKDVFUHDWHG
LWZLWKWUXWKQRRQHVKRXOGEHXQGHUWKHGHOXVLRQWKDWLWLVDPRFNVKRZZKLFKEHJDQ
ZLWKRXWDSXUSRVHDQGZLOOFRPHWRDQHQGZLWKRXWDSXUSRVH
7KLUGWKDWWKHH[FHOOHQWIRUPWKDW*RG KDVFUHDWHG\RXZLWKDQGWKHFKRLFHWKDW+HKDV
JLYHQ \RX WR FKRRVH EHWZHHQ EHOLHI DQG XQEHOLHI LV QRW D XVHOHVV DQG PHDQLQJOHVV
DFWLYLW\VRWKDWLWPD\EHRIQRFRQVHTXHQFHZKHWKHU\RXFKRRVHEHOLHIRUXQEHOLHI,Q
IDFW*RGLVZDWFKLQJDVWRKRZ\RXH[HUFLVH\RXUFKRLFH
)RXUWK WKDW \RX KDYH QRW EHHQ FUHDWHG LUUHVSRQVLEOH DQG XQDQVZHUDEOH <RX KDYH WR
UHWXUQ XOWLPDWHO\ WR \RXU &UHDWRU DQG KDYH WR PHHW WKH %HLQJ ZKR LV DZDUH RI
HYHU\WKLQJLQWKHXQLYHUVHIURP:KRPQRWKLQJLVKLGGHQWR:KRPHYHQWKHLQQHUPRVW
WKRXJKWVRIWKHPLQGVDUHNQRZQ
$IWHU VWDWLQJ WKHVH IRXU IXQGDPHQWDO WUXWKV DERXW WKH 8QLYHUVH DQG 0DQ WKH DGGUHVV
WXUQVWRWKHSHRSOHZKRDGRSWHGWKHZD\RIXQEHOLHIDQGWKHLUDWWHQWLRQLVGUDZQWRD
SKHQRPHQRQ ZKLFK KDV SHUVLVWHG WKURXJKRXW KXPDQ KLVWRU\ QDPHO\ WKDW QDWLRQ DIWHU
QDWLRQKDVDULVHQDQGXOWLPDWHO\JRQHWRLWVGRRP0DQE\KLVLQWHOOHFWDQGUHDVRQKDV
EHHQH[SODLQLQJWKLVSKHQRPHQRQLQDWKRXVDQGZD\VEXW$OODKWHOOVWKHUHDOWUXWKDQG
GHFODUHVWKDWWKHIXQGDPHQWDOFDXVHVRIWKHGHVWUXFWLRQRIWKHQDWLRQVZHUHRQO\WZR
)LUVWWKDWWKH\UHIXVHGWREHOLHYHLQWKH0HVVHQJHUVZKRP+HVHQWIRUWKHLUJXLGDQFH
ZLWK WKH UHVXOW WKDW $OODK WRR OHIW WKHP WR WKHPVHOYHV DQG WKH\ LQYHQWHG WKHLU RZQ
SKLORVRSKLHVRIOLIHDQGZHQWRQJURSLQJWKHLUZD\IURPRQHHUURUWRDQRWKHU
6HFRQGWKDWWKH\DOVRUHMHFWHGWKHGRFWULQHRI+HUHDIWHUDQGWKRXJKWWKLVZRUOGO\OLIH
WR EH DQ HQG LQ LWVHOI DQG WKDW WKHUH ZDV QR OLIH KHUHDIWHU ZKHQ WKH\ ZRXOG KDYH WR
UHQGHU DQ DFFRXQW RI WKHLU GHHGV EHIRUH *RG 7KLV FRUUXSWHG WKHLU ZKROH DWWLWXGH
WRZDUGVOLIHDQGWKHLULPSXUHPRUDOVDQGFKDUDFWHUVRSROOXWHGWKHZRUOGWKDWHYHQWXDOO\
WKHVFRXUJHRI*RGLWVHOIKDGWRGHVFHQGDQGHOLPLQDWHWKHPIURPWKHVFHQH
$IWHUVWDWLQJWKHVHWZRLQVWUXFWLYHWUXWKVRIKXPDQ KLVWRU\WKHGHQLHUVRIWKHPHVVDJHRI
7UXWKKDYHEHHQDGPRQLVKHGWRZDNHXSDQGEHOLHYHLQ$OODK+LV0HVVHQJHUDQGWKH
/LJKWRI*XLGDQFHWKDW$OODKKDVVHQWLQWKHIRUPRIWKH4XU
DQLIWKH\ZDQWWRDYRLGWKH
IDWH PHW E\ WKH IRUPHU SHRSOHV %HVLGHV WKH\ KDYH EHHQ ZDUQHG WKDW WKH 'D\ VKDOO
HYHQWXDOO\FRPHZKHQDOOWKHIRUPHUDQGWKHODWWHUJHQHUDWLRQVZLOOEHFROOHFWHGDWRQH
SODFH DQG WKH IUDXG DQG HPEH]]OHPHQW FRPPLWWHG E\ HDFK ZLOO EH H[SRVHG EHIRUH DOO
PDQNLQG7KHQWKHIDWHRIHDFKPDQZLOOEHGHFLGHGILQDOO\RQWKHEDVLVDVWRZKRKDG
DGRSWHG WKH SDWK RI WKH )DLWK DQG ULJKWHRXV QHVV DQG ZKR KDG IROORZHG WKH ZD\ RI
GLVEHOLHIDQGGHQLDORIWKH7UXWK7KHILUVWJURXSVKDOOGHVHUYHHWHUQDO3DUDGLVHDQGWKH
VHFRQGVKDOOEHGRRPHGWRHYHUODVWLQJ+HOO7KHQDGGUHVVLQJWKRVHZKRDGRSWWKHZD\
RIWKH)DLWKDIHZLPSRUWDQWLQVWUXFWLRQVKDYHEHHQJLYHQ
)LUVW WKDW ZKDWHYHU DIIOLFWLRQ EHIDOOV D SHUVRQ LQ WKH ZRUOG LW EHIDOOV KLP E\ $OODK
V
OHDYH:KRHYHULQWKLVVWDWHRIDIIOLFWLRQUHPDLQVVWHDGIDVWWRWKH)DLWK$OODKEOHVVHVKLV
KHDUW ZLWK JXLGDQFH RWKHUZLVH DOWKRXJK WKHDIIOLFWLRQRIWKHRQHZKRLQFRQIXVLRQRU
EHZLOGHUPHQWWXUQVDZD\IURPWKHSDWKRIWKH)DLWKFDQQRWEHDYHUWHGH[FHSWE\$OODK
V
OHDYH\HWKHEHFRPHVLQYROYHGLQDQRWKHUWKHJUHDWHVWDIIOLFWLRQRIDOOQDPHO\WKDWKLV
KHDUWLVGHSULYHGRIWKHJXLGDQFHRI$OODK
LVODPPHVVDJHFRP 
6HFRQGO\WKDWWKHEHOLHYHULVQRWUHTXLUHGWRDIILUPWKHIDLWKZLWKWKHWRQJXHRQO\EXW
DIWHUWKHDIILUPDWLRQRIWKH)DLWKKHVKRXOGSUDFWLFDOO\REH\$OODKDQG+LV0HVVHQJHU,I
KHWXUQVDZD\IURPREHGLHQFHKHZRXOGKLPVHOIEHUHVSRQVLEOHIRUKLVORVVIRUWKH+RO\
0HVVHQJHU RI $OODK XSRQ ZKRP EH +LV SHDFH  KDV EHFRPH DEVROYHG IURP WKH
UHVSRQVLELOLW\DIWHUKDYLQJGHOLYHUHGWKHPHVVDJHRI7UXWK
7KLUGO\WKDWWKHEHOLHYHUVKRXOGSODFHKLVWUXVWLQ$OODKDORQHDQGQRWLQKLVRZQSRZHU
RUVRPHRWKHUSRZHURIWKHZRUOG
)RXUWKO\ WKDW WKH ZRUOGO\ JRRGV DQG FKLOGUHQ DUH D JUHDW WULDO DQG WHPSWDWLRQ IRU WKH
EHOLHYHU IRU LW LV WKHLU ORYH ZKLFK JHQHUDOO\ GLVWUDFWV PDQ IURP WKH SDWK RI IDLWK DQG
REHGLHQFH 7KHUHIRUH WKH EHOLHYHUV KDYH WR EHZDUH VRPH RI WKHLU FKLOGUHQ DQG ZLYHV
OHVWWKH\EHFRPHUREEHUVIRU WKHPRQWKH:D\RI*RGGLUHFWO\RULQGLUHFWO\DQGWKH\
VKRXOGVSHQGWKHLUZHDOWKIRUWKHVDNHRI*RGVRWKDWWKHLUVHOIUHPDLQVVDIHDJDLQVWWKH
WHPSWDWLRQVRI6DWDQ
)LIWKO\WKDWHYHU\PDQLVUHVSRQVLEOHRQO\WRWKHH[WHQWRIKLVSRZHUDQGDELOLW\$OODK
GRHVQRWGHPDQGWKDWPDQVKRXOGH[HUWKLPVHOIEH\RQGKLVSRZHUDQGDELOLW\+RZHYHU
WKHEHOLHYHUVKRXOGWU\KLVEHVWWROLYHLQIHDURI*RGDVIDUDVSRVVLEOHDQGVKRXOGVHH
WKDWKHGRHVQRWWUDQVJUHVVWKHERXQGVVHWE\$OODKLQKLVVSHHFKFRQGXFWDQGGHDOLQJV
WKURXJKKLVRZQQHJOLJHQFH

7DODDT
1DPH
$W7DODTLVQRWRQO\WKHQDPHRIWKLV6XUDKEXWDOVRWKHWLWOHRILWVVXEMHFWPDWWHUIRULW
FRQWDLQVFRPPDQGPHQWVDERXW7DODT GLYRUFH LWVHOI
3HULRGRI5HYHODWLRQ
+DGUDW $EGXOODK ELQ 0DVXG KDV 3RLQWHG RXW DQG WKH LQWHUQDO HYLGHQFH RI WKH VXEMHFW
PDWWHU RI WKH 6XUDK FRQILUPV WKH VDPH WKDW LW PXVW KDYH EHHQ VHQW GRZQ DIWHU WKRVH
YHUVHVRIVXUDK$O%DTDUDKLQZKLFKFRPPDQGPHQWVFRQFHUQLQJGLYRUFHZHUHJLYHQIRU
WKH ILUVW WLPH $OWKRXJK LW LV GLIILFXOW WR GHWHUPLQH SUHFLVHO\ ZKDW LV LWV H[DFW GDWH RI
UHYHODWLRQ \HWWKHWUDGLWLRQVLQDQ\FDVHLQGLFDWHWKDWZKHQWKHSHRSOHVWDUWHGPDNLQJ
HUURUV LQ XQGHUVWDQGLQJ WKH FRPPDQGPHQWV RI 6XUDK $O%DTDUDK DQG SUDFWLFDOO\ DOVR
WKH\EHJDQWRFRPPLWPLVWDNHV$OODKVHQWGRZQWKHVHLQVWUXFWLRQVIRUWKHLUFRUUHFWLRQ
7KHPHDQG6XEMHFW0DWWHU
,QRUGHU WRXQGHUVWDQGWKHFRPPDQGPHQWVRIWKLV6XUDKLWZRXOGEHXVHIXOWRUHIUHVK
RQH
V PHPRU\ DERXW WKH LQVWUXFWLRQV ZKLFK KDYH EHHQ JLYHQ LQ WKH 4XU
DQ FRQFHUQLQJ
GLYRUFHDQGWKHZDLWLQJSHULRG ,GGDW DERYH
'LYRUFHPD\EHSURQRXQFHGWZLFHWKHQWKHZLIHPD\HLWKHUEHNHSWEDFNLQIDLUQHVVRU
DOORZHGWRVHSDUDWHLQIDLUQHVV $O%DTDUDK
$QGWKHGLYRUFHGZRPHQ DIWHUWKHSURQRXQFHPHQWRIWKHGLYRUFH PXVWZDLWIRUWKUHH
PRQWKO\ FRXUVHV   DQG WKHLU KXVEDQGV DUH IXOO\ HQWLWOHG WR WDNH WKHP EDFN DV WKHLU
ZLYHV GXULQJWKLVZDLWLQJSHULRG LIWKH\GHVLUHUHFRQFLOLDWLRQ $O%DTDUDK
7KHQLIWKHKXVEDQGGLYRUFHVKLVZLIH IRUWKHWKLUGWLPH VKHVKDOOQRWUHPDLQODZIXO
IRUKLPDIWHUWKLVGLYRUFHXQOHVVVKHPDUULHVDQRWKHUKXVEDQG $O%DTDUDK
LVODPPHVVDJHFRP 
:KHQ\RXPDUU\WKHEHOLHYLQJZRPHQDQGWKHQGLYRUFHWKHPEHIRUH\RXKDYHWRXFKHG
WKHP WKH\ GR QRW KDYH WR IXOILOO D ZDLWLQJ SHULRG WKH FRPSOHWLRQ RI ZKLFK \RX PD\
GHPDQGRIWKHP $O$K]DE
$QG LI WKRVH RI \RX ZKR GLH OHDYH ZLYHV EHKLQG WKH ZRPHQ VKRXOG DEVWDLQ IURP
PDUULDJH IRUIRXUPRQWKVDQGWHQGD\V $O%DTDUDK
7KHUXOHVSUHVFULEHGLQWKHVHYHUVHVZHUHDVIROORZV  $PDQFDQSURQRXQFHDWWKH
PRVWWKUHHGLYRUFHVRQKLVZLIH
 ,QFDVHWKHKXVEDQGKDVSURQRXQFHGRQHRUWZRGLYRUFHVKHLVHQWLWOHGWRNHHSWKH
ZRPDQ EDFN DV ZLIH ZLWKLQ WKH ZDLWLQJ SHULRG DQG LI DIWHU WKH H[SLU\ RI WKH ZDLWLQJ
SHULRGWKHWZRGHVLUHWRUHPDUU\WKH\FDQUHPDUU\WKHUHLVQRFRQGLWLRQRIOHJDOL]DWLRQ
WDKOLO %XWLIWKHKXVEDQGKDVSURQRXQFHGWKUHHGLYRUFHVKHIRUIHLWVKLVULJKWWRNHHS
KHUDVKLVZLIHZLWKLQWKHZDLWLQJSHULRGDQGWKH\FDQQRWUHPDUU\XQOHVVWKHZRPDQ
UHPDUULHVDQRWKHUKXVEDQGDQGKHVXEVHTXHQWO\GLYRUFHVKHURIKLVRZQIUHHZLOO
  7KH ZDLWLQJ SHULRG RI WKH ZRPDQ ZKR PHQVWUXDWHV DQG PDUULDJH ZLWK ZKRP KDV
EHHQFRQVXPPDWHGLVWKDWVKHVKRXOGSDVVWKUHHPRQWKO\FRXUVHV7KHZDLWLQJSHULRGLQ
FDVHRIRQHRUWZRGLYRUFHVLVWKDWWKHZRPDQLVVWLOOWKHOHJDOZLIHRIWKHKXVEDQGDQG
KH FDQ NHHS KHU EDFN DV KLV ZLIH ZLWKLQ WKH ZDLWLQJ SHULRG %XW LI WKH KXVEDQG KDV
SURQRXQFHG WKUHH GLYRUFHV WKLV ZDLWLQJ SHULRG FDQQRW EH WDNHQ DGYDQWDJH RI IRU WKH
SXUSRVHRIUHFRQFLOLDWLRQEXWLWLVRQO\PHDQWWRUHVWUDLQWKHZRPDQIURPUHPDUU\LQJ
DQRWKHUSHUVRQEHIRUHLWFRPHVWRDQHQG
  7KHUH LV QR ZDLWLQJ SHULRG IRU WKH ZRPDQ PDUULDJH ZLWK ZKRP KDV QRW EHHQ
FRQVXPPDWHGDQGZKRLVGLYRUFHGHYHQEHIRUHVKHLVWRXFKHG6KHFDQUHPDUU\LIVKH
OLNHVLPPHGLDWHO\DIWHUWKHGLYRUFH
 7KHZDLWLQJSHULRGRIWKHZRPDQZKRVHKXVEDQGGLHVLVIRXUPRQWKVDQGWHQGD\V
+HUHRQHVKRXOGXQGHUVWDQGZHOOWKDW6XUDK$W7DODTZDVQRWVHQWGRZQWRDQQXODQ\
RI WKHVH UXOHV RU DPHQGLWEXWLWZDVVHQWGRZQIRU WZRSXUSRVHV)LUVWWKDWWKHPDQ
ZKR KDV EHHQ JLYHQ WKH ULJKW WR SURQRXQFH GLYRUFH VKRXOG EH WDXJKW VXFK MXGLFLRXV
PHWKRGVRIXVLQJWKLVULJKWDVGRQRWOHDGWRVHSDUDWLRQDVIDUDVSRVVLEOHKRZHYHULI
VHSDUDWLRQ GRHV WDNH SODFH LW VKRXOG RQO\ EH LQ FDVH DOO SRVVLELOLWLHV RI PXWXDO
UHFRQFLOLDWLRQ KDYH EHHQ H[KDXVWHG )RU LQ WKH 'LYLQH /DZ SURYLVLRQ IRU GLYRUFH KDV
EHHQPDGHRQO\DVDQXQDYRLGDEOHQHFHVVLW\RWKHUZLVH$OODKGRHVQRWDSSURYHWKDWWKH
PDUULDJHUHODWLRQVKLSWKDWKDVEHHQHVWDEOLVKHGEHWZHHQDPDQDQGDZRPDQVKRXOGHYHU
EUHDN7KH+RO\3URSKHW XSRQZKRPEH$OODK
VSHDFH KDVVDLG$OODKKDVQRWPDGH
ODZIXODQ\WKLQJPRUHKDWHIXOLQ+LVVLJKWWKDQGLYRUFH $EX'DXG $QG2IDOOWKH
WKLQJVSHUPLWWHGE\WKH/DZWKHPRVWKDWHIXOLQWKHVLJKWRI$OODKLVWKHGLYRUFH $EX
'DXG
7KH VHFRQG REMHFW ZDV WR FRPSOHPHQW WKLV VHFWLRQ RI WKH IDPLO\ ODZ RI ,VODP E\
VXSSO\LQJ DQVZHUV WR WKH TXHVWLRQV WKDW KDG UHPDLQHG DIWHU WKH UHYHODWLRQ RI WKH
FRPPDQGPHQWVLQ6XUDK$O%DTDUDK6RDQVZHUVKDYHEHHQVXSSOLHGWRWKHIROORZLQJ
TXHVWLRQV :KDWZRXOGEHWKHZDLWLQJSHULRGRIWKHZRPHQPDUULDJHZLWKZKRPKDV
EHHQ FRQVXPPDWHG DQG ZKR QR ORQJHU PHQVWUXDWH RU WKRVH ZKR KDYH QRW \HW
PHQVWUXDWHG LQ FDVH WKH\ DUH GLYRUFHG" :KDW ZRXOG EH WKH ZDLWLQJ SHULRG RI WKH
LVODPPHVVDJHFRP 
ZRPDQ ZKR LV SUHJQDQW RU WKH ZRPDQ ZKRVH KXVEDQG GLHV LI VKH LV GLYRUFHG" $QG
ZKDW DUUDQJHPHQWV ZRXOG EH PDGH IRU WKH PDLQWHQDQFH DQG ORGJLQJ RI WKH GLIIHUHQW
FDWHJRULHV RI GLYRUFHG ZRPHQ DQG IRU WKH IRVWHUDJH RI WKH FKLOG ZKRVH SDUHQWV KDYH
VHSDUDWHGRQDFFRXQWRIDGLYRUFH"

7DKUHHP
1DPH
7KH6XUDKGHULYHGLWVQDPHIURPWKHZRUGVOLPDWXKDUULPXRIWKHYHU\ILUVWYHUVH7KLV
WRRLVQRWDWLWOHRILWVVXEMHFWPDWWHUEXWWKHQDPHLPSOLHVWKDWLWLVWKH6XUDKLQZKLFK
WKHLQFLGHQWRIWDKULP SURKLELWLRQIRUELGGDQFH KDVEHHQPHQWLRQHG
3HULRGRI5HYHODWLRQ
,QFRQQHFWLRQZLWKWKHLQFLGHQWRIWDKULPUHIHUUHGWR LQWKLV6XUDKWKHWUDGLWLRQVRIWKH
+DGLWKPHQWLRQWZRODGLHVZKRZHUHDPRQJWKHZLYHVRIWKH+RO\3URSKHW XSRQZKRP
EHSHDFH DWWKDWWLPH+DGUDW6DIL\\DKDQG+DGUDW0DUL\DK4LEWL\\DK7KHIRUPHU LH
+DXUDW6DIL\\DK ZDVWDNHQWRZLIHE\WKH+RO\3URSKHWDIWHUWKHFRQTXHVWRI.KDLEHU
DQG.KDLEHU ZDVFRQTXHUHGDVKDVEHHQXQDQLPRXVO\UHSRUWHGLQ$+7KHRWKHU
ODG\+DGUDW0DUL\DKKDGEHHQSUHVHQWHGWRWKH+RO\3URSKHWE\0XTDZTLVWKHUXOHU
RI(J\SWLQ$+DQGVKHKDGERUQHKLPKLVVRQ,EUDKLPLQ'KLO+LMMDK$+
7KHVHKLVWRULFDOHYHQWVDOPRVWSUHFLVHO\GHWHUPLQHWKDWWKLV6XUDKZDVVHQWGRZQVRPH
WLPHGXULQJ$+RU$+
7KHPHDQG7RSLFV
7KLV LV D YHU\ LPSRUWDQW 6XUDK LQ ZKLFK OLJKW KDV EHHQ WKURZQ RQ VRPH TXHVWLRQV RI
JUDYH VLJQLILFDQFH ZLWK UHIHUHQFH WR VRPH LQFLGHQWV FRQFHUQLQJ WKHZLYHVRIWKH+RO\
3URSKHW XSRQZKRPEH$OODK
VSHDFH )LUVWWKDWWKHSRZHUVWRSUHVFULEHWKHERXQGVRI
WKH ODZIXO DQG WKH XQODZIXO WKH SHUPLVVLEOH DQG WKH IRUELGGHQ DUH HQWLUHO\ DQG
DEVROXWHO\LQWKHKDQGRI$OODKDQGQRWKLQJKDVEHHQGHOHJDWHGHYHQWRWKH3URSKHWRI
$OODK KLPVHOI QRW WR VSHDN RI DQ\ RWKHU PDQ 7KH 3URSKHW DV VXFK FDQ GHFODUH
VRPHWKLQJ ODZIXO RU XQODZIXO RQO\ LI KH UHFHLYHV DQ LQVSLUDWLRQ IURP $OODK WR GR VR
ZKHWKHU WKDW LQVSLUDWLRQ LV HPERGLHG LQ WKH 4XU
DQ RU LPSDUWHG WR KLP VHFUHWO\
+RZHYHUHYHQWKH3URSKHWLVQRWDXWKRUL]HGWRGHFODUHDQ\WKLQJPDGHSHUPLVVLEOHE\
$OODKXQODZIXOE\KLPVHOIPXFKOHVVWRVD\RIDQRWKHUPDQ
6HFRQGWKDWLQDQ\VRFLHW\WKHSRVLWLRQRID3URSKHWLVYHU\GHOLFDWH$PLQRULQFLGHQW
H[SHULHQFHG E\ DQ RUGLQDU\ PDQ LQ KLV OLIH PD\ QRW EH RI DQ\ FRQVHTXHQFH EXW LW
DVVXPHVWKHVWDWXVRIODZZKHQH[SHULHQFHGE\D3URSKHW7KDWLVZK\WKHOLYHVRIWKH
3URSKHWVKDYHEHHQNHSWXQGHUFORVHVXSHUYLVLRQE\$OODKVRWKDWQRQHRIWKHLUDFWVQRW
HYHQ D PRVW WULYLDO RQH PD\ GHYLDWH IURP 'LYLQH :LOO :KHQHYHU VXFK DQ DFW KDV
HPDQDWHGIURPD3URSKHWLWZDVUHFWLILHGDQGUHFWLILHGLPPHGLDWHO\VRWKDWWKH,VODPLF
ODZDQGLWVSULQFLSOHVVKRXOGUHDFKWKHSHRSOHLQWKHLUDEVROXWHSXULW\QRWRQO\WKURXJK
WKH'LYLQH%RRNEXWDOVRWKURXJKWKHH[FHOOHQWH[DPSOHRIWKH3URSKHWDQGWKH\VKRXOG
LQFOXGHQRWKLQJZKLFKPD\EHLQGLVDJUHHPHQWZLWK'LYLQH:LOO
7KLUGO\DQGWKLVDXWRPDWLFDOO\IROORZVIURPWKHDERYHPHQWLRQHGSRLQWWKDWZKHQWKH
+RO\3URSKHW XSRQZKRPEHSHDFH ZDVFKHFNHGRQDPLQRUWKLQJZKLFKZDVQRWRQO\
LVODPPHVVDJHFRP 
FRUUHFWHGEXWDOVRUHFRUGHGLWJLYHVXVFRPSOHWHVDWLVIDFWLRQWKDWZKDWHYHUDFWLRQVDQG
FRPPDQGVDQGLQVWUXFWLRQVZHQRZILQGLQWKHSXUHOLIHRIWKH+RO\3URSKHWFRQFHUQLQJ
ZKLFKWKHUHLVQRWKLQJRQUHFRUGLQWKHQDWXUHRIFULWLFLVPRUFRUUHFWLRQIURP$OODKWKH\
DUH ZKROO\ EDVHG RQ WUXWK DUH LQ FRPSOHWH FRQIRUPLW\ ZLWK 'LYLQH :LOO DQG ZH FDQ
GUDZJXLGDQFHIURPWKHPZLWKIXOOFRQILGHQFHDQGSHDFHRI PLQG
7KH IRXUWK WKLQJ WKDW ZH OHDUQ IURP WKLV GLVFRXUVH LV WKDW DERXW WKH +RO\ 0HVVHQJHU
KLPVHOIZKRVHUHYHUHQFHDQGUHVSHFW$OODK+LPVHOIKDVHQMRLQHGDVDQHFHVVDU\SDUWRI
WKH)DLWKRI+LVVHUYDQWVLWKDVEHHQVWDWHGLQWKLV6XUDKWKDWRQFHGXULQJKLVVDFUHGOLIH
KHPDGHDWKLQJGHFODUHGODZIXOE\$OODKXQODZIXOIRUKLPVHOIRQO\WRSOHDVHKLVZLYHV
WKHQ$OODKKDVVHYHUHO\UHSURYHGIRUWKHLUHUURUVWKRVHYHU\ZLYHVRIWKH+RO\3URSKHW
ZKRP +H +LPVHOI KDV GHFODUHG DV PRWKHUV RI WKH IDLWKIXO DQG ZRUWK\ RI WKH KLJKHVW
HVWHHPDQGKRQRUE\WKHP
7KHQWKLVFULWLFLVPRIWKH3URSKHWDQGWKHDGPLQLVWUDWLRQRIWKHZDUQLQJWRWKHZLYHV
DOVRKDVQRWEHHQPDGHVHFUHWO\EXWLQFOXGHGLQWKH%RRNZKLFKWKHHQWLUHXPPDKKDV
WRUHDGDQGUHFLWHIRUHYHU2EYLRXVO\ QHLWKHUWKHLQWHQWLRQRIPDNLQJPHQWLRQRILWLQ
WKH%RRNRI$OODKZDVQRULWFRXOGEHWKDW$OODKZDQWHGWRGHJUDGH+LV0HVVHQJHUDQG
WKHPRWKHUVRIWKHIDLWKIXOLQWKHH\HVRIWKHEHOLHYHUVDQGWKLVDOVRLVREYLRXVWKDWQR
0XVOLPKDVORVWUHVSHFWIRUWKHPLQKLVKHDUWDIWHUUHDGLQJWKLV6XUDKRIWKH4XU
DQ
1RZWKHUHFDQQRWEHDQ\RWKHUUHDVRQRIPHQWLRQLQJWKLVWKLQJLQWKH4XU
DQWKDQWKDW
$OODK ZDQWV WR DFTXDLQW WKH EHOLHYHUV ZLWK WKH FRUUHFW PDQQHU RI UHYHUHQFH IRU WKHLU
JUHDW SHUVRQDOLWLHV 7KH 3URSKHW LV D 3URSKHW QRW *RG WKDW KH PD\ FRPPLW QR HUURU
5HVSHFWRIWKH3URSKHWKDVQRWEHHQHQMRLQHGEHFDXVHKHLVLQIDOOLEOHEXWEHFDXVHKHLV
DSHUIHFWUHSUHVHQWDWLYHRI'LYLQH:LOODQG$OODKKDVQRWSHUPLWWHGDQ\RIKLVHUURUVWR
SDVVE\XQQRWLFHG7KLVJLYHVXVWKHVDWLVIDFWLRQWKDWWKHQREOHSDWWHUQRIOLIHOHIWE\WKH
3URSKHWZKROO\DQGIXOO\UHSUHVHQWVWKHZLOORI$OODK/LNHZLVHWKH&RPSDQLRQVRIWKH
KRO\ ZLYHV RI WKH 3URSKHW ZHUH KXPDQ QRW DQJHOV RU VXSHUPHQ 7KH\ FRXOG FRPPLW
PLVWDNHV :KDWHYHU UDQNV WKH\ DFKLHYHG EHFDPH SRVVLEOH RQO\ EHFDXVH WKH JXLGDQFH
JLYHQE\$OODKDQGWKHWUDLQLQJLPSDUWHGE\$OODK
V0HVVHQJHUKDGPROGHGWKHPLQWR
WKHILQHVWPRGHOV:KDWHYHUHVWHHPDQGUHYHUHQFHWKH\GHVHUYHLVRQWKLVYHU\EDVLVDQG
QRWRQWKHSUHVXPSWLRQWKDWWKH\ZHUHLQIDOOLEOH
)RUWKLVUHDVRQZKHQHYHULQWKHVDFUHGOLIHWLPHRIWKH3URSKHW XSRQKLPEHSHDFH WKH
&RPSDQLRQVRUKRO\ZLYHVKDSSHQHGWRFRPPLWDQHUURUGXHWRKXPDQZHDNQHVVWKH\
ZHUH FKHFNHG 6RPH RI WKHLU HUURUV ZHUH FRUUHFWHG E\ WKH +RO\ 3URSKHW DV KDV EHHQ
PHQWLRQHG DW PDQ\ SODFHV LQ WKH +DGLWK VRPH RWKHU HUURUV ZHUH PHQWLRQHG LQ WKH
4XU
DQ DQG $OODK +LPVHOI FRUUHFWHG WKHP VR WKDW WKH 0XVOLPV PLJKW QRW IRUP DQ\
H[DJJHUDWHG QRWLRQ RI WKH UHVSHFW DQG UHYHUHQFH RI WKHLU HOGHUV DQG JUHDW PHQ ZKLFK
PLJKWUDLVHWKHPIURPKXPDQLW\WRWKHSRVLWLRQRIJRGVDQGJRGGHVVHV,IRQHVWXGLHV
WKH 4XUDQ FDUHIXOO\ RQH ZLOO VHH LQVWDQFHV RI WKLV RQH DIWHU WKH RWKHU ,Q 6XUDK $O
,PUDQLQFRQQHFWLRQZLWKWKH%DWWOHRI8KXGWKH&RPSDQLRQVKDYHEHHQDGGUHVVHGDQG
WROG
$OODKGLGIXOILOO+LVSURPLVH RIKHOS WR\RXLQWKHLQLWLDOVWDJHRIWKHEDWWOHLWZDV
\RXZKRZHUHNLOOLQJWKHPE\$OODK
VOHDYHXQWLO\RXORVWKHDUWDQGGLVSXWHGDERXW\RXU
LVODPPHVVDJHFRP 
GXW\DQGGLVREH\HG\RXUOHDGHUZKHQ$OODKVKRZHG\RXZKDW WKHVSRLOV \RXFRYHWHG
IRUWKHUHZHUHDPRQJ\RXVRUWLHZKRKDQNHUHGDIWHUWKHOLIHRIWKLVZRUOGDQGRWKHUV
ZKR FKHULVKHG WKH OLIH DIWHU GHDWK 7KHQ $OODK FDXVHG \RXU UHWUHDW EHIRUH WKH
GLVEHOLHYHUVLQRUGHUWRWHVW\RXEXWWKHIDFWLVWKDWHYHQWKHQ$OODKSDUGRQHG\RXIRU
$OODKLVYHU\JUDFLRXVWRWKHEHOLHYHUV Y 
,QVXUDK$Q1XULQFRQQHFWLRQZLWKWKH6ODQGHUDJDLQVW+DGUDW$LVKDWKH&RPSDQLRQV
ZHUH WROG :KHQ \RX KHDUG RI LW ZK\ GLG QRW WKH EHOLHYLQJ PHQ DQG WKH EHOLHYLQJ
ZRPHQKDYHDJRRGRSLQLRQRIWKHPVHOYHVDQGZK\GLGWKH\QRWVD\WKLVLVDPDQLIHVW
VODQGHU":HUHLWQRWIRU$OODK
VJUDFHDQGPHUF\WRZDUGV\RXLQWKLVZRUOGDQGLQ
WKH +HUHDIWHU D SDLQIXO VFRXUJH ZRXOG KDYH YLVLWHG \RX EHFDXVH RI WKH VODQGHU -XVW
FRQVLGHU  ZKHQ \RX SDVVHG WKLV OLH RQ IURP RQH WRQJXH WR WKH RWKHU DQG XWWHUHG ZLWK
\RXU PRXWKV WKDW RI ZKLFK \RX KDG QR NQRZOHGJH <RX WRRN LW DV D WULIOLQJ PDWWHU
ZKHUHDVLWZDVDJUDYHRIIHQVHLQWKHVLJKWRI$OODK:K\GLG\RXQRWDVVRRQDV\RX
KHDUGRILWVD\
,WLVQRWSURSHUIRUXVWRXWWHUVXFKDWKLQJ"*ORU\EHWR$OODK7KLVLVD
JUHDW VODQGHU
$OODKDGPRQLVKHV\RXWKDWLQIXWXUH\RXVKRXOGQHYHUUHSHDWDQ\WKLQJ
OLNHWKLVLI\RXDUHWUXHEHOLHYHUV YY 
,QVXUDK$O$K]DEWKHKRO\ZLYHVKDYHEHHQDGGUHVVHGWKXV23URSKHWVD\WR\RXU
ZLYHV,I\RXVHHNWKHZRUOGDQGLWVDGRUQPHQWVFRPH,VKDOOJLYH\RXRIWKHVHDQGVHQG
\RXRIILQDJRRGZD\%XWLI\RXVHHN$OODKDQG+LV0HVVHQJHUDQGWKHDERGHRIWKH
+HUHDIWHU\RXVKRXOGUHVWDVVXUHGWKDW$OODKKDVSUHSDUHGDJUHDWUHZDUGIRUWKRVHRI
\RXZKRGRJRRG YY 
,Q 6XUDK -XPXCDK DERXW WKH &RPSDQLRQV LW ZDV VDLG $QG ZKHQ WKH\ VDZ VRPH
PHUFKDQGLVHDQGDPXVHPHQWWKH\EURNHRIIWRLWDQGOHIW\RX 23URSKHW VWDQGLQJ LQ
WKH FRXUVH RI WKH 6HUPRQ  6D\ WR WKHP  WKDW ZKLFK LV ZLWK $OODK LV IDU EHWWHU WKDQ
DPXVHPHQWDQGPHUFKDQGLVHDQG$OODKLVWKHEHVWRIDOOSURYLGHUV Y 
,Q6XUDK$O0XPWDKLQDK+DGUDW+DWLEELQ$EL%DOWD
DKD&RPSDQLRQZKRKDGIRXJKW
DW %DGU ZDV VHYHUHO\ WDNHQ WR WDVN EHFDXVH KH KDG VHQW VHFUHW LQIRUPDWLRQ WR WKH
GLVEHOLHYLQJ4XUDLVKDERXWWKH+RO\3URSKHW
VLQYDVLRQEHIRUHWKHFRQTXHVWRI0DNNDK
$OO WKHVH LQVWDQFHV DUH IRXQG LQ WKH 4XU
DQ LWVHOI LQ WKH VDPH 4XU
DQ LQ ZKLFK $OODK
+LPVHOI KDV SDLG WULEXWHWRWKH&RPSDQLRQVDQGWKHKRO\ZLYHVIRU WKHLU JUHDWPHULWV
DQG JUDQWHG WKHP WKH FHUWLILFDWH RI +LV JRRG SOHDVXUH VD\LQJ $OODK EHFDPH ZHOO
SOHDVHG ZLWK WKHP DQG WKH\ ZLWK $OODK  ,W ZDV WKLV VDPH PRGHUDWH DQG EDODQFHG
WHDFKLQJRIWKHUHYHUHQFHDQGHVWHHPRIWKHJUHDWPHQZKLFKVDYHGWKH0XVOLPVIURP
IDOOLQJLQWRWKHSLWRIPDQZRUVKLSLQZKLFKWKH-HZVDQGWKH&KULVWLDQVIHOODQGLWLVD
UHVXOW RI WKH VDPH WKDW LQ WKH ERRNV WKDW WKH HPLQHQW IROORZHUV RI WKH VXQQDK KDYH
FRPSLOHGRQ WKHVXEMHFWVRIWKH+DGLWK&RPPHQWDU\RIWKH4XU
DQDQG+LVWRU\QRWRQO\
KDYH WKH H[FHOOHQFH DQG JUHDW PHULWV RI WKH &RPSDQLRQV DQG KRO\ ZLYHV DQG RWKHU
LOOXVWULRXVPHQEHHQPHQWLRQHGEXWDOVRQRKHVLWDQFHKDVEHHQVKRZQLQPHQWLRQLQJWKH
LQFLGHQWVUHODWLQJWRWKHLUZHDNQHVVHVHUURUVDQGPLVWDNHVZKHUHDVWKRVHVFKRODUVZHUH
PRUH DSSUHFLDWLYH RI WKH PHULWV DQG H[FHOOHQFH RI WKH JUHDW PHQ DQG XQGHUVWRRG WKH
ERXQGV DQG OLPLWV RI UHYHUHQFH EHWWHU WKDQ WKRVH ZKR FODLP WR EH WKH XSKROGHUV RI
UHYHUHQFHIRUWKHHOGHUVWRGD\
LVODPPHVVDJHFRP 
7KHILIWKWKLQJWKDWKDVEHHQH[SOLFLWO\PHQWLRQHGLQWKLV6XUDKLVWKDW$OODK
V5HOLJLRQ
LVDEVROXWHO\IDLUDQGMXVW,WKDVIRUHYHU\SHUVRQMXVWWKDWRIZKLFKKHEHFRPHVZRUWK\
RQWKHEDVLVRIKLVIDLWKDQGZRUNV1RUHODWLRQVKLSRUFRQQHFWLRQHYHQZLWKWKHPRVW
ULJKWHRXVSHUVRQFDQEHEHQHILFLDOIRUKLPLQDQ\ZD\DQGQRUHODWLRQVKLSRUFRQQHFWLRQ
ZLWK WKH PRVW HYLO DQG ZLFNHG SHUVRQ FDQ EH KDUPIXO IRU KLP LQ DQ\ ZD\ ,Q WKLV
FRQQHFWLRQWKUHHNLQGVRIZRPHQKDYHEHHQFLWHGDVH[DPSOHVEHIRUHWKHKRO\ZLYHVLQ
SDUWLFXODU2QHH[DPSOHLVRIWKHZLYHVRIWKH3URSKHWV1RDKDQG/RWZKRLIWKH\KDG
EHOLHYHGDQGFRRSHUDWHGZLWKWKHLULOOXVWULRXVKXVEDQGVZRXOGKDYHRFFXSLHGWKHVDPH
UDQNDQGSRVLWLRQLQWKH0XVOLPFRPPXQLW\ZKLFKLVHQMR\HGE\WKHZLYHVRIWKH+RO\
3URSKHW0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQGEOHVVLQJV %XWVLQFHWKH\ZHUH
GLVEHOLHYHUVWKHLUEHLQJWKHZLYHVRIWKH3URSKHWVGLGQRWKHOSWKHPDQGWKH\IHOOLQWR
+HOO7KHVHFRQGH[DPSOHLVRIWKHZLIHRI3KDUDRKZKRLQVSLWHRIEHLQJWKHZLIHRID
VWDXQFKHQHP\RI*RGEHOLHYHGDQGFKRVHDSDWKRIDFWLRQVHSDUDWHIURPWKDWIROORZHG
E\WKH3KDUDRK
VSHRSOHDQGKHUEHLQJWKHZLIHRIDVWDXQFKGLVEHOLHYHUGLGQRWFDXVH
KHUDQ\KDUPDQG$OODKPDGHKHUZRUWK\RI3DUDGLVH7KHWKLUGH[DPSOHLVRI+DGUDW
0DU\DP 0DU\  SHDFH EH XSRQ KHU  ZKR DWWDLQHG WR WKH KLJK UDQN EHFDXVH VKH
VXEPLWWHGWRWKHVHYHUHWHVWWRZKLFK$OODKKDGGHFLGHGWRSXWKHU$SDUWIURP0DU\QR
RWKHUFKDVWHDQGULJKWHRXVJLUOLQWKHZRUOGHYHUKDVEHHQSXWWRVXFKDKDUGWHVWWKDWLQ
VSLWHRIEHLQJXQPDUULHGVKHPLJKWKDYHEHHQPDGHSUHJQDQWPLUDFXORXVO\E\$OODK
V
FRPPDQG DQG LQIRUPHG ZKDW VHUYLFH KHU /RUG ZLOOHG WR WDNH IURP KHU :KHQ +DGUDW
0DU\DPDFFHSWHGWKLVGHFLVLRQDQGDJUHHGWREHDUOLNHDWUXHEHOLHYHUHYHU\WKLQJWKDW
VKHLQHYLWDEO\KDGWREHDULQRUGHUWRIXOILOO$OODK
VZLOOWKHQGLG$OODKH[DOWKHUWRWKH
QREOH UDQN RI 6D\\LGDWX DQQLVD
 ILO-DQQDK /HDGHU RI WKH ZRPHQ LQ 3DUDGLVH
0XVQDG$KPDG 
%HVLGHV DQRWKHU WUXWK WKDW ZH OHDUQ IURP WKLV 6XUDK LV WKDW WKH +RO\ 3URSKHW XSRQ
ZKRPEHSHDFH GLGQRWUHFHLYHIURP$OODKRQO\WKDWNQRZOHGJHZKLFKLVLQFOXGHGDQG
UHFRUGHG LQ WKH 4XU
DQ EXW KH ZDV JLYHQ LQIRUPDWLRQ DERXW RWKHU WKLQJV DOVR E\
UHYHODWLRQZKLFKKDVQRWEHHQUHFRUGHGLQWKH4XU
DQ,WVFOHDUSURRILVYHUVHRIWKLV
6XUDK,QLWZHDUHWROGWKDWWKH+RO\3URSKHW XSRQZKRPEHSHDFH FRQILGHGDVHFUHW
WRRQHRIKLVZLYHVDQGVKHWROGLWWRDQRWKHU$OODKLQIRUPHGWKH+RO\3URSKHWRIWKLV
VHFUHW 7KHQ ZKHQ WKH +RO\ 3URSKHW ZDUQHG KLV SDUWLFXODU ZLIH RQ WKH PLVWDNH RI
GLVFORVXUHDQGVKHVDLG:KRKDVLQIRUPHG\RXRIWKLVPLVWDNHRIPLQH"KHUHSOLHG,
KDYHEHHQLQIRUPHGRILWE\+LP:KRNQRZVHYHU\WKLQJDQGLV$OO$ZDUH1RZWKH
TXHVWLRQ LV ZKHUH LQ WKH 4XU
DQ LV WKH YHUVH LQ ZKLFK $OODK KDV VDLG 2 3URSKHW WKH
VHFUHWWKDW\RXKDGFRQILGHGWRRQHRI\RXUZLYHVKDVEHHQGLVFORVHGE\KHUWRDQRWKHU
SHUVRQRUWRVRDQGVR",IWKHUHLVQRVXFKYHUVHLQWKH4XU
DQDQGREYLRXVO\WKHUHLV
QRQHWKLVLVDQH[SUHVVSURRIRIWKHIDFWWKDWUHYHODWLRQGHVFHQGHGRQWKH+RO\3URSKHW
EHVLGHVWKH4XU
DQDVZHOO7KLVUHIXWHVWKHFODLPRIWKHGHQLHUVRI+DGLWKZKRDOOHJH
WKDWQRWKLQJZDVVHQWGRZQWRWKH+RO\3URSKHW XSRQZKRPEHSHDFH DSDUWIURPWKH
4XU
DQ

0XON
LVODPPHVVDJHFRP 
1DPH
7KH6XUDKWDNHVLWVQDPHDO0XONIURPWKHYHU\ILUVWVHQWHQFH
3HULRGRI5HYHODWLRQ
,WFRXOGQRWEHNQRZQIURPDQ\DXWKHQWLFWUDGLWLRQZKHQWKLV6XUDKZDVUHYHDOHGEXW
WKH VXEMHFW PDWWHU DQG WKH VW\OH LQGLFDWH WKDW LW LV RQH RI WKH HDUOLHVW 6XUDKV WR EH
UHYHDOHGDW 0DNNDK
7KHPHDQG6XEMHFW0DWWHU
,QWKLVVXUDKRQWKHRQHKDQGWKHWHDFKLQJVRI,VODPKDYHEHHQLQWURGXFHGEULHIO\DQG
RQWKHRWKHUWKHSHRSOHOLYLQJLQKHHGOHVVQHVVKDYHEHHQDURXVHGIURPWKHLUVOXPEHULQ
DPRVWHIIHFWLYHZD\$FKDUDFWHULVWLFRIWKHHDUOLHVWVXUDKVRIWKH0DNNDQSHULRGLVWKDW
WKH\SUHVHQWWKHHQWLUHWHDFKLQJVRI,VODPDQGWKHREMHFWRIWKH+RO\3URSKHW
VPLVVLRQ
QRW LQ GHWDLO EXW EULHIO\ VR WKDW WKH\ DUH DVVLPLODWHG E\ WKH SHRSOH HDVLO\ 0RUHRYHU
WKH\DUHSDUWLFXODUO\GLUHFWHG WRPDNHWKHSHRSOHVKXQKHHGOHVVQHVVWRPDNHWKHPWKLQN
DQGWRDURXVHWKHLUGRUPDQWFRQVFLHQFH
,QWKHILUVWILYHYHUVHVPDQKDVEHHQPDGHWRUHDOL]HWKDWWKHXQLYHUVHLQZKLFKKHOLYHV
LVDPRVWZHOORUJDQL]HGDQGIRUWLILHG.LQJGRPLQZKLFKKHFDQQRWGHWHFWDQ\IDXOWDQ\
ZHDNQHVVRUIODZKRZHYHUKDUGKHPD\WU\WRSUREH7KLV.LQJGRPKDVEHHQEURXJKW
IURP QRWKLQJ LQWR H[LVWHQFH E\ $OODK $OPLJKW\ +LPVHOI DQG $OO WKH SRZHUV RI
FRQWUROOLQJDGPLQLVWHULQJDQGUXOLQJLWDUHDOVRHQWLUHO\LQ$OODK
VKDQGDQG+LVSRZHU
LV LQILQLWH %HVLGHV PDQ KDV DOVR EHHQ WROG WKDW LQ WKLV ZLVH V\VWHP KH KDV QRW EHHQ
FUHDWHG ZLWKRXW D SXUSRVH EXW KH KDV EHHQVHQWKHUHIRU DWHVWDQGLQWKLVWHVWKHFDQ
VXFFHHGRQO\E\KLVULJKWHRXVGHHGVDQGFRQGXFW
,QYY,,GUHDGIXOFRQVHTXHQFHVRIGLVEHOLHIZKLFKZLOODSSHDULQWKH+HUHDIWHUKDYH
EHHQ PHQWLRQHG DQG WKH SHRSOH WROG WKDW $OODK E\VHQGLQJ+LV3URSKHWVKDVZDUQHG
WKHPRIWKHVHFRQVHTXHQFHVLQWKLVYHU\ZRUOGDVLIWRVD\1RZLI\RXGRQRWEHOLHYH
LQ ZKDW WKH 3URSKHWV VD\ DQG FRUUHFW \RXU DWWLWXGH DQG EHKDYLRU DFFRUGLQJO\ LQ WKH
+HUHDIWHU\RXZLOO\RXUVHOIKDYHWRDGPLWWKDW\RXUHDOO\GHVHUYHGWKHSXQLVKPHQWWKDW
ZDVEHLQJPHWHGRXWWR\RX
,QYYWKHWUXWKWKDWKDVEHHQLPSUHVVHGRQWKHPLQGVLVWKDWWKH&UHDWRUFDQQRW
EHXQDZDUHRI+LVFUHDWLRQDVLIWRVD\+HLVDZDUHRIHDFKRSHQDQGKLGGHQVHFUHWRI
\RXUVHYHQRIWKHLQQHUPRVWLGHDVRI\RXUKHDUWV+HQFHWKHULJKWEDVLVRIPRUDOLW\LV
WKDWPDQVKRXOGDYRLGHYLOIHDULQJWKHDFFRXQWDELOLW\RIWKHXQVHHQ*RGZKHWKHULQWKH
ZRUOGWKHUHLVDSRZHUWRWDNHKLPWRWDVNIRUWKLVRUQRWDQGZKHWKHULQWKHZRUOGWKHUH
LV D SRVVLELOLW\ RI EHLQJ KDUPHG E\ VXFK D SRZHU RU QRW 7KRVH ZKR DGRSW VXFK D
FRQGXFWLQWKHZRUOGDORQHZLOOGHVHUYHIRUJLYHQHVVDQG DULFKUHZDUGLQWKH+HUHDIWHU
,Q YY  PDNLQJ DOOXVLRQV RQH DIWHU WKH RWKHU WR WKRVH FRPPRQ WUXWKV RI GDLO\
RFFXUUHQFHZKLFKPDQGRHVQRWUHJDUGDVZRUWK\RIPXFKDWWHQWLRQKHKDVEHHQLQYLWHG
WRFRQVLGHUWKHPVHULRXVO\,WKDVEHHQVDLG/RRNWKHHDUWKRQZKLFK\RXPRYHDERXW
ZLWKIXOOVDWLVIDFWLRQDQGSHDFHRIPLQGDQGIURPZKLFK\RXREWDLQ\RXUVXVWHQDQFHKDV
EHHQ VXEGXHG IRU \RX E\ $OODK RWKHUZLVH WKLV HDUWK PLJKW DW DQ\ WLPH VWDUW VKDNLQJ
VXGGHQO\ VR DV WR FDXVH \RXU GHVWUXFWLRQ RU D W\SKRRQ PLJKW RFFXU ZKLFK PD\
DQQLKLODWH\RXFRPSOHWHO\/RRNDWWKHELUGVWKDWIO\DERYH\RXLWLVRQO\$OODK:KRLV
LVODPPHVVDJHFRP 
VXVWDLQLQJ WKHP LQ WKH DLU /RRN DW \RXU RZQ PHDQV DQG UHVRXUFHV LI $OODK ZLOOV WR
LQIOLFW \RX ZLWK D VFRXUJH QRQH FDQ VDYH \RX IURP LW DQG LI $OODK ZLOOV WR FORVH WKH
GRRUVRIVXVWHQDQFHRQ\RXQRQHFDQRSHQWKHPIRU\RX7KHVHWKLQJVDUHWKHUHWRPDNH
\RX DZDUH RI WKH WUXWK EXW \RX VHH WKHP OLNH DQLPDOV ZKLFK DUH XQDEOH WR GUDZ
FRQFOXVLRQVIURPREVHUYDWLRQVDQG\RXGRQRWXVH\RXU VLJKWKHDULQJDQGPLQGVZKLFK
$OODKKDVEHVWRZHGRQ\RXDVPHQWKDWLVZK\\RXGRQRWVHHWKHULJKWZD\
,QYYLWKDVEHHQVDLG<RXKDYHXOWLPDWHO\WRDSSHDUEHIRUH\RXU*RGLQDQ\
FDVH,WLVQRWIRUWKH3URSKHWWRWHOO\RXWKHH[DFWWLPHDQGGDWHRIWKHHYHQW+LVRQO\
GXW\LVWRZDUQ\RXEHIRUHKDQGRILWVLQHYLWDEOHRFFXUUHQFH7RGD\\RXGRQRWOLVWHQWR
KLPDQGGHPDQGWKDWKHVKRXOGFDXVHWKHHYHQWWRRFFXUDQGDSSHDUSUHPDWXUHO\EHIRUH
\RX EXW ZKHQ LW GRHV RFFXU DQG \RX VHH LW ZLWK \RXU RZQ H\HV \RX ZLOO WKHQ EH
DVWRXQGHG 7KHQ LW ZLOO EH VDLG WR \RX 7KLVLVWKHYHU\WKLQJ\RXZHUHFDOOLQJWREH
KDVWHQHG
,QYYUHSOLHVKDYHEHHQJLYHQWRZKDWWKHGLVEHOLHYHUVRI0DNNDKVDLGDJDLQVWWKH
+RO\ 3URSKHW XSRQ ZKRP EH SHDFH  DQG KLV &RPSDQLRQV 7KH\ FXUVHG WKH +RO\
3URSKHW DQG SUD\HG IRU KLV DQG WKH EHOLHYHUV GHVWUXFWLRQ 7R WKLV LW KDV EHHQ VDLG
:KHWKHUWKRVHZKRFDOO\RXWRWKHULJKWZD\DUHGHVWUR\HGRUVKRZQPHUF\E\$OODK
KRZZLOOWKHLUIDWHFKDQJH\RXUGHVWLQ\"<RXVKRXOG ORRNDIWHU\RXUVHOYHVDQGFRQVLGHU
ZKRZRXOGVDYH\RXLI\RXZHUHRYHUWDNHQE\WKHVFRXUJHRI*RG"<RXUHJDUGWKRVH
ZKREHOLHYHLQ*RGDQGSXWWKHLUWUXVWLQ+LPDVWKHPLVJXLGHG$WLPHZLOOFRPHZKHQ
LWZLOOEHFRPHHYLGHQWDVWRZKRZDVPLVJXLGHGLQDFWXDOWUXWK
,QFRQFOXVLRQWKHSHRSOHKDYHEHHQDVNHGWKLVTXHVWLRQDQGOHIWWRSRQGHURYHULW,IWKH
ZDWHUZKLFKKDVFRPHRXWIURPWKHHDUWKDWVRPHSODFHLQWKHGHVHUWRUKLOOFRXQWU\RI
$UDELD DQG XSRQ ZKLFK GHSHQGV \RXU ZKROH OLIH DFWLYLW\ VKRXOG VLQN DQG YDQLVK
XQGHUJURXQGZKREHVLGH$OODKFDQUHVWRUHWR\RXWKLVOLIHJLYLQJZDWHU"

4DODP
1DPH
7KLV6XUDKLVFDOOHG1XQDVZHOODV4DODPWKHZRUGVZLWKZKLFKLWEHJLQV
3HULRGRI5HYHODWLRQ
7KLV WRR LV RQH RI WKH HDUOLHVW VXUDKV WR EH UHYHDOHG DW 0DNNDK EXWLWVVXEMHFWPDWWHU
VKRZV WKDW LW ZDV VHQW GRZQ DW WKH WLPH ZKHQ RSSRVLWLRQ WR WKH +RO\ 3URSKHW XSRQ
ZKRPEHSHDFH KDGJURZQYHU\KDUVKDQGW\UDQQLFDO
7KHPHDQG6XEMHFW0DWWHU
,W FRQVLVWV RI WKUHH WKHPHV 5HSOLHV WR WKH RSSRQHQWV REMHFWLRQV DGPLQLVWUDWLRQ RI
ZDUQLQJDQGDGPRQLWLRQWRWKHPDQGH[KRUWDWLRQWRWKH+RO\3URSKHW XSRQZKRPEH
SHDFH WRSDWLHQFHDQGFRQVWDQF\
$WWKHRXWVHWWKH+RO\3URSKHWKDVEHHQDGGUHVVHGWRWKHHIIHFW7KHGLVEHOLHYHUVFDOO
\RXDPDGPDQZKHUHDVWKH%RRNWKDW\RXDUHSUHVHQWLQJDQGWKHVXEOLPHFRQGXFWWKDW
\RX SUDFWLFH DUH E\ WKHPVHOYHV VXIILFLHQW WR UHIXWH WKHLU IDOVH DFFXVDWLRQV 6RRQ WKH\
ZLOOVHHDVWRZKRZDVPDGDQGZKRZDVVDQHWKHUHIRUHGRQRWDWDOO\LHOGWRWKHGLQRI

LVODPPHVVDJHFRP 
RSSRVLWLRQ EHLQJ NLFNHG XS DJDLQVW \RX IRU DOO WKLV LV DFWXDOO\ PHDQW WR FRZ \RX DQG
PDNH\RXUHVRUWWRDFRPSURPLVHZLWKWKHP
7KHQLQRUGHUWRHQOLJKWHQWKHFRPPRQSHRSOHWKHFKDUDFWHURIDSURPLQHQWPDQIURP
DPRQJ WKH RSSRQHQWV ZKRP WKH SHRSOH RI 0DNNDK IXOO\ ZHOO UHFRJQL]HG KDV EHHQ
SUHVHQWHG ZLWKRXW QDPLQJ KLP $W WKDW WLPH WKH +RO\ 3URSKHW
V SXUH DQG VXEOLPH
FRQGXFWZDVEHIRUHWKHPDQGHYHU\GLVFHUQLQJH\HFRXOGDOVRVHHZKDWVRUWRIFKDUDFWHU
DQGPRUDOVZHUHSRVVHVVHGE\WKHFKLHIVRI0DNNDKZKRZHUHOHDGLQJWKHRSSRVLWLRQ
DJDLQVWKLP
7KHQLQYYWKHSDUDEOHRIWKHRZQHUVRIDJDUGHQKDVEHHQSUHVHQWHGZKRDIWHU
KDYLQJ EHHQ EOHVVHG E\ $OODK WXUQHG XQJUDWHIXO WR +LP DQG GLG QRW KHHG WKH
DGPRQLWLRQ RI WKHEHVWPDQDPRQJWKHPZKHQLWZDVJLYHQWKHP&RQVHTXHQWO\WKH\
ZHUHGHSULYHGRIWKHEOHVVLQJDQGWKH\UHDOL]HGWKLVZKHQDOOWKH\KDGOD\GHYDVWDWHG
:LWK WKLV SDUDEOH WKH SHRSOH RI 0DNNDK KDYH EHHQ ZDUQHG WR WKH HIIHFW :LWK WKH
DSSRLQWPHQWRIWKH+RO\3URSKHW XSRQZKRPEHSHDFH WR3URSKHWKRRG\RX 2SHRSOH
RI0DNNDKWRRKDYHEHHQSXWWRDWHVWVLPLODUWRWKHRQHWRZKLFKWKHRZQHUVRIWKH
JDUGHQ KDG EHHQ SXW ,I \RX GR QRW OLVWHQ WR KLP \RX WRR ZLOO EH DIIOLFWHG ZLWK D
SXQLVKPHQWLQWKHZRUOGDQGWKHSXQLVKPHQWRIWKH+HUHDIWHULVIDUJUHDWHU
7KHQLQYYFRQWLQXRXVO\WKHGLVEHOLHYHUVKDYHEHHQDGPRQLVKHGLQZKLFKWKH
DGGUHVV VRPHWLPHV WXUQV WR WKHP GLUHFWO\ DQG VRPHWLPHV WKH\ DUH ZDUQHG WKURXJK WKH
+RO\3URSKHW XSRQZKRPEHSHDFH $VXPPDU\RIZKDWKDVEHHQVDLGLQWKLVUHJDUG
LVWKLV:HOOEHLQJLQWKH+HUHDIWHULQHYLWDEO\EHORQJVWRWKRVHZKRVSHQGWKHLUOLYHVLQ
WKH ZRUOG LQ IXOO FRQVFLRXVQHVV RI *RG ,W LV XWWHUO\ DJDLQVW UHDVRQ WKDW WKH REHGLHQW
VHUYDQWVVKRXOGPHHWLQWKH+HUHDIWHUWKHVDPHIDWHDVWKHJXLOW\7KHUHLVDEVROXWHO\QR
EDVLVRIWKHGLVEHOLHYHUVPLVXQGHUVWDQGLQJWKDW*RGZLOOWUHDWWKHPLQWKHPDQQHUWKH\
FKRRVHIRU WKHPVHOYHVZKHUHDVWKH\KDYHQRJXDUDQWHHIRUWKLV7KRVHZKRDUHEHLQJ
FDOOHGXSRQWRERZEHIRUH*RGLQWKHZRUOGDQGWKH\UHIXVHWRGRVRZRXOGEH XQDEOH
WR SURVWUDWH WKHPVHOYHV RQ WKH 'D\ RI 5HVXUUHFWLRQ HYHQ LI WKH\ ZDQWHG WR GRVRDQG
WKXV ZRXOG VWDQG GLVJUDFHG DQG FRQGHPQHG +DYLQJ GHQLHG WKH 4XU
DQ WKH\ FDQQRW
HVFDSH'LYLQHSXQLVKPHQW7KHUHLQWKH\DUHEHLQJJLYHQKDVGHOXGHGWKHP7KH\WKLQN
WKDWVLQFHWKH\DUHQRWEHLQJSXQLVKHGLQVSLWHRIWKHLUGHQLDOWKH\PXVWEHRQWKHULJKW
SDWKZKHUHDVWKH\DUHIROORZLQJWKHSDWKRIUXLQ7KH\KDYHQRUHDVRQDEOHJURXQGIRU
RSSRVLQJ WKH 0HVVHQJHU IRU KH LV D SUHDFKHU ZLWKRXW DQ\ YHVWHG LQWHUHVW KH LV QRW
DVNLQJDQ\UHZDUGRIWKHPIRUKLPVHOIDQGWKH\FDQQRWHLWKHUPDNHWKHFODLPWKDWWKH\
NQRZZLWKFHUWDLQW\WKDWKHLVQRWDWUXH0HVVHQJHUQRUWKDWZKDWKHVD\VLVIDOVH
,QFRQFOXVLRQWKH+RO\3URSKHW XSRQZKRPEHSHDFH KDVEHHQH[KRUWHGWRWKHHIIHFW
%HDUZLWKSDWLHQFHWKHKDUGVKLSVWKDW\RXPD\KDYHWRIDFHLQWKHZD\RISUHDFKLQJWKH
)DLWKWLOO$OODK
VMXGJPHQWDUULYHVDQGDYRLGWKHLPSDWLHQFHZKLFKFDXVHGVXIIHULQJDQG
DIIOLFWLRQWRWKH3URSKHW-RQDK SHDFHEHRQKLP 

+DDTTDK
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGDO+DDTTDKZLWKZKLFKLWRSHQV
LVODPPHVVDJHFRP 
3HULRGRI5HYHODWLRQ
7KLVWRRLVRQHRIWKHHDUOLHVWVXUDKVWREHUHYHDOHGDW0DNNDK,WVVXEMHFWPDWWHUVKRZV
WKDWLWZDVVHQWGRZQDWWKHWLPHZKHQRSSRVLWLRQWRWKH+RO\3URSKHW XSRQZKRPEH
SHDFH  KDG VWDUWHG EXW KDG QRW \HW EHFRPH W\UDQQLFDO 0XVQDG $KPDG FRQWDLQV D
WUDGLWLRQIURP+DGUDW8PDUVD\LQJ%HIRUHHPEUDFLQJ,VODPRQHGD\,FDPHRXWRIP\
KRXVHZLWKDYLHZWRFDXVLQJWURXEOHWRWKH+RO\3URSKHWEXWKHKDGHQWHUHGWKH 0DVMLG
DO+DUDDPEHIRUHPH:KHQ,DUULYHG,IRXQGWKDWKHZDVUHFLWLQJVXUDK$O+DDTTDKLQ
WKH3UD\HU,VWRRGEHKLQGKLPDQGOLVWHQHG$VKHUHFLWHGWKH4XU
DQ,ZRQGHUHGDWLWV
OLWHUDU\FKDUPDQGEHDXW\7KHQVXGGHQO\DQLGHDFDPHWRP\PLQGWKDWKHPXVWEHD
SRHWDVWKH4XUDLVKDOOHJHG-XVWDWWKDWPRPHQWKHUHFLWHGWKHZRUGV7KLVLVWKH:RUG
RI DQ KRQRUDEOH 0HVVHQJHU LW LV QRW WKH ZRUG RI D SRHW  , VDLG WR P\VHOI 7KHQ KH
PXVWEHDVRRWKVD\HULIQRWDSRHW7KHUHXSRQEHUHFLWHGWKHZRUGV1RU LVLWWKHZRUG
RIDVRRWKVD\HUOLWWOHLWLVWKDW\RXUHIOHFW,WLVD5HYHODWLRQIURPWKH/RUGDQG6XVWDLQHU
RI WKH ZRUOGV 2Q KHDULQJ WKLV ,VODP HQWHUHG GHHS LQWR P\ KHDUW  7KLV WUDGLWLRQ RI
+DGUDW8PDUVKRZVWKDWWKLVVXUDKKDGEHHQVHQWGRZQORQJEHIRUHKLVDFFHSWDQFHRI
,VODPIRUHYHQDIWHUWKLVHYHQWKHGLGQRWEHOLHYHIRUDORQJWLPHDQGKHFRQWLQXHGWREH
LQIOXHQFHGLQIDYRURI,VODPE\GLIIHUHQWLQFLGHQWVIURPWLPHWRWLPHWLOODWODVWLQWKH
KRXVHRIKLVRZQVLVWHUKHFDPHE\WKHH[SHULHQFHWKDWPDGHKLPVXUUHQGHU"DQGVXEPLW
WRWKH)DLWKFRPSOHWHO\ )RUGHWDLOVVHHLQWURGXFWLRQWRVXUDK0DU\DPDQG,QWURGXFWLRQ
WRVXUDK$O:DTLCDK 
7KHPHDQG6XEMHFW0DWWHU
7KHILUVWVHFWLRQ YY LVDERXWWKH+HUHDIWHUDQGWKHVHFRQG YY DERXWWKH
4XU
DQ
VEHLQJDUHYHODWLRQIURP$OODKDQGWKH+RO\3URSKHW
VEHLQJDWUXH0HVVHQJHURI
$OODK7KHILUVWVHFWLRQRSHQVZLWKWKHDVVHUWLRQWKDWWKHFRPLQJRIWKH5HVXUUHFWLRQDQG
WKHRFFXUUHQFHRIWKH+HUHDIWHULVDWUXWKZKLFKKDVWRWDNHSODFHLQHYLWDEO\7KHQLQYY
 LW KDV EHHQ VWDWHG WKDW WKH FRPPXQLWLHV WKDW GHQLHG WKH +HUHDIWHU LQ WKH SDVW
EHFDPH ZRUWK\ RI $OODK
V VFRXUJH XOWLPDWHO\ ,Q YY  WKH RFFXUUHQFH RI
5HVXUUHFWLRQ KDV EHHQ GHSLFWHG ,Q YY  WKH UHDO REMHFW IRU ZKLFK $OODK KDV
GHVWLQHGDVHFRQGOLIHIRUPDQNLQGDIWHUWKHSUHVHQWZRUOGO\OLIHKDVEHHQHQXQFLDWHG,Q
LWZHDUHWROGWKDWRQWKDW'D\DOOPHQVKDOODSSHDULQWKH&RXUWRIWKHLU/RUGZKHUHQR
VHFUHWRIWKHLUVVKDOOUHPDLQKLGGHQHDFKPDQ
VUHFRUGZLOOEHSODFHGLQ KLVKDQG7KRVH
ZKRKDGVSHQWOLYHVLQWKHZRUOGZLWKWKHUHDOL]DWLRQWKDWRQHGD\WKH\ZRXOGKDYHWR
UHQGHUDQDFFRXQWRIWKHLUGHHGVEHIRUHWKHLU/RUGDQGZKRKDGZRUNHGULJKWHRXVO\LQ
WKH ZRUOG DQG SURYLGHG EHIRUHKDQG IRU WKHLU ZHOO EHLQJ LQ WKH +HUHDIWHU ZLOO UHMRLFH
ZKHQ WKH\ VHH WKDW WKH\ KDYH EHHQ DFTXLWWHG DQG EOHVVHG ZLWK WKH HWHUQDO EOLVV RI
3DUDGLVH 2Q WKH FRQWUDU\ WKRVH ZKR QHLWKHU UHFRJQL]HG WKH ULJKWV RI $OODK QRU
GLVFKDUJHG WKH ULJKWV RI PHQ ZLOO KDYH QR RQH WR VDYH WKHP IURP WKH SXQLVKPHQW RI
$OODKDQGWKH\ZLOOEHFDVWLQWR+HOO
,QWKHVHFRQGVHFWLRQ YY WKHGLVEHOLHYHUVRI0DNNDKKDYHEHHQDGGUHVVHGDQG
WROG <RX WKLQN WKLV 4XU
DQ LV WKH ZRUG RI D SRHW RU VRRWKVD\HU ZKHUHDV LW LV D
5HYHODWLRQVHQWGDZQE\$OODKZKLFKLV EHLQJSUHVHQWHGE\WKHQREOH0HVVHQJHUV7KH
0HVVHQJHUE\KLPVHOIKDGQRSRZHUWRLQFUHDVHRUGHFUHDVHDZRUGLQLW,I KHIRUJHV
LVODPPHVVDJHFRP 
VRPHWKLQJRIKLVRZQFRPSRVLWLRQLQWRLW:HZLOOFXWRIIKLVQHFNYHLQ RUKHDUWYHLQ 
)RUWKLVLVWKH7UXWKDEVROXWHDQGSXUHDQGWKRVHZKRJLYHLWDOLHZLOOKDYHXOWLPDWHO\
WRUHJUHWDQGUHSHQW

0DCDDULM
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGGKLO0DCDDULMLQYHUVH
3HULRGRI5HYHODWLRQ
7KH VXEMHFW PDWWHU EHDUV HYLGHQFH WKDW WKLV 6XUDK WRR ZDV VHQW GRZQ LQ FRQGLWLRQV
FORVHO\UHVHPEOLQJWKRVHXQGHUZKLFK6XUDK$O+DDTTDKZDVVHQWGRZQ
7KHPHDQG6XEMHFW0DWWHU
,WDGPRQLVKHVDQGJLYHVZDUQLQJWRWKHGLVEHOLHYHUVZKRPDGHIXQRIWKHQHZVDERXW
5HVXUUHFWLRQDQGWKH+HUHDIWHUDQG+HOODQG+HDYHQDQGFKDOOHQJHGWKH+RO\3URSKHW
XSRQ ZKRP EH SHDFH  WR FDXVH 5HVXUUHFWLRQ ZLWK ZKLFK KH WKUHDWHQHG WKHP WR WDNH
SODFHLIZKDWKHVDLGZDVWUXHDQGWKH\KDGEHFRPHZRUWK\RIWKHSXQLVKPHQWLQ+HOOE\
GHQ\LQJLW7KHZKROH6XUDKLVPHDQWWRDQVZHUWKLVGHQLDO
7KH6XUDKRSHQVZLWKZRUGVWRWKHHIIHFW$GHPDQGHUKDVGHPDQGHGDWRUPHQWWKH
WRUPHQW ZKLFK PXVW EHIDOO WKH GHQLHUV DQG ZKHQ LW WDNHV SODFH WKHUH ZLOO EH QRQH WR
SUHYHQWLWEXWLWZLOOWDNHSODFHDWLWVRZQDSSRLQWHGWLPH$OODKKDV+LVRZQZD\RI
GRLQJ WKLQJV EXW +H LV QRW XQMXVW 7KHUHIRUH KDYH SDWLHQFH 2 3URSKHW DW ZKDW WKH\
VD\7KH\WKLQNLWLVIDURIIEXW:HVHHLWDVQHDUDWKDQG
7KHQLWLVVDLG5HVXUUHFWLRQZKLFKWKH\GHVLUHWREHKDVWHQHGRXWRIMHVWDQGIXQLV
WHUULEOHDQGZKHQLWFRPHV LWZLOOFDXVHJUHDWGLVWUHVVWRWKHFXOSULWV$WWKDWWLPHWKH\
ZLOOHYHQEHSUHSDUHGWRJLYHDZD\WKHLUZLYHVDQGFKLOGUHQDQGWKHLUQHDUHVWNLQVIRONLQ
UDQVRPWRHVFDSHWKHSXQLVKPHQWEXWWKH\ZLOOQRWEHDEOHWRHVFDSHLW
7KHQWKHSHRSOHKDYHEHHQZDUQHGWRWKHHIIHFW2QWKDW'D\WKHGHVWLQLHVRIPHQZLOO
EHGHFLGHGVWULFWO\RQWKHEDVLVRIWKHLUEHOLHIDQGWKHLUFRQGXFW7KRVHZKRWXUQDZD\
IURPWKH7UXWKLQWKHZRUOGDQGDPDVVZHDOWKDQGZLWKKROGLWIURPWKHQHHG\ZLOOEH
GRRPHG WR +HOO DQG WKRVH ZKR IHDU WKH SXQLVKPHQW RI *RG KHUH EHOLHYH LQ WKH
+HUHDIWHU NHHS XS WKH 3UD\HU GLVFKDUJH WKH ULJKWV RI WKH QHHG\ RXW RI WKHLU ZHDOWK
VWULFWO\ DYRLG LPPRUDO DQG ZLFNHG GHHGV SUDFWLFH KRQHVW\ LQ DOO WKHLU GHDOLQJV IXOILOO
WKHLUSOHGJHVDQGWUXVWDQGEHDUWUXHZLWQHVVZLOOKDYHDSODFHRIKRQRULQ3DUDGLVH
,QFRQFOXVLRQWKHGLVEHOLHYHUVRI0DNNDKZKRUXVKHGLQXSRQWKH+RO\3URSKHW XSRQ
ZKRPEHSHDFH IURPHYHU\VLGHDVVRRQDVWKH\VDZKLPLQRUGHUWRPDNHIXQRIKLP
KDYHEHHQZDUQHGWRWKHHIIHFW,I\RXGRQRWEHOLHYH$OODKZLOOUHSODFH\RXE\RWKHU
SHRSOHZKRZLOOEHEHWWHUWKDQ\RXDQGWKH+RO\3URSKHW XSRQZKRPEHSHDFH KDV
EHHQFRQVROHGVRDVWRVD\'RQRWWDNHWRKHDUWWKHLUPRFNHU\DQGMHVWLQJOHDYHWKHP
WRLQGXOJHLQWKHLULGOHWDONDQGIRROLVKFRQGXFWLIWKH\DUHEHQWXSRQH[SHULHQFLQJWKH
GLVJUDFHDQGKXPLOLDWLRQRIWKH5HVXUUHFWLRQWKH\ZLOOWKHPVHOYHVVHHWKHLUHYLOHQG

1RRK
1DPH
LVODPPHVVDJHFRP 
1RRKLVWKHQDPHRIWKLV6XUDKDVZHOODVWKHWLWOHRILWVVXEMHFWPDWWHUIRULQLWIURP
EHJLQQLQJWRWKHHQGWKHVWRU\RIWKH3URSKHW1RDKKDVEHHQUHODWHG
3HULRGRI5HYHODWLRQ
7KLV DOVR LV RQH RI WKH HDUOLHVW 6XUDKV WR EH UHYHDOHG DW 0DNNDK EXW WKH LQWHUQDO
HYLGHQFHRILWVVXEMHFWPDWWHUVKRZVWKDWLWZDVVHQWGRZQLQWKHSHULRG ZKHQRSSRVLWLRQ
WRWKH+RO\3URSKHW
VPHVVDJHRI,VODPE\WKHGLVEHOLHYHUVRI0DNNDKKDGJURZQYHU\
VWURQJDQGDFWLYH
7KHPHDQG6XEMHFW
,Q WKLV VXUDK WKH VWRU\ RI WKH 3URSKHW 1RDK KDV QRW EHHQ UHODWHG RQO\ IRU WKH VDNH RI
VWRU\WHOOLQJEXWLWVREMHFWLVWRZDUQWKHGLVEHOLHYHUVRI0DNNDKVRDVWRVD\<RX2
SHRSOHRI0DNNDKDUHDGRSWLQJWRZDUGV0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQG
EOHVVLQJV  WKH VDPH DWWLWXGH DV WKH SHRSOH RI WKH 3URSKHW 1RDK KDG DGRSWHG WRZDUGV
KLPLI\RXGRQRWFKDQJHWKLVDWWLWXGH\RXWRRZRXOGPHHWZLWKWKHVDPHHQG7KLV
KDGQRWEHHQVDLGLQVRPDQ\ZRUGVDQ\ZKHUHLQWKH6XUDKEXWLQWKHEDFNJURXQGRIWKH
FRQGLWLRQV XQGHU ZKLFK WKLV VWRU\ ZDV QDUUDWHG WR WKH SHRSOH RI 0DNNDK WKLV VXEMHFW
LWVHOIEHFDPHREYLRXV
9Y  EULHIO\ H[SODLQ KRZ KH EHJDQ KLV PLVVLRQ DQG ZKDW KH SUHDFKHG 7KHQ DIWHU
VXIIHULQJKDUGVKLSVDQGWURXEOHVLQWKHZD\RISUHDFKLQJKLVPLVVLRQIRUDJHVWKHUHSRUW
WKDW KH PDGH WR KLV /RUG KDV EHHQ JLYHQ LQ YY ,QLWKHVWDWHVKRZKHKDGEHHQ
WU\LQJWREULQJKLVSHRSOHWRWKHULJKWSDWKDQGKRZKLVSHRSOHKDGVWXEERUQO\RSSRVHG
KLP
$IWHUWKLVWKH3URSKHW1RDK
VILQDOVXEPLVVLRQKDVEHHQUHFRUGHGLQYYLQZKLFK
KHSUD\VWRKLV/RUGVD\LQJ7KHVHSHRSOHKDYHUHMHFWHGP\LQYLWDWLRQWKH\DUH EOLQGO\
IROORZLQJWKHLUFKLHIVZKRKDYHGHYLVHGDWUHPHQGRXVSORWRIGHFHLWDQGFXQQLQJ7LPH
QRZKDVFRPHZKHQWKHVHSHRSOHVKRXOGEHGHSULYHGRIHYHU\JUDFHWRDFFHSWJXLGDQFH
7KLVZDVQRWDQH[SUHVVLRQRILPSDWLHQFHE\WKH3URSKHW1RDKEXWZKHQDIWHUKDYLQJ
SUHDFKHG KLV PHVVDJH XQGHU H[WUHPHO\ WU\LQJ FLUFXPVWDQFHV IRU FHQWXULHV EH EHFDPH
XWWHUO\ GLVDSSRLQWHG ZLWK KLV SHRSOH KH IRUPHG WKH RSLQLRQ WKDW QR FKDQFH ZKDWHYHU
ZDV OHIW RIWKHLU FRPLQJWRWKHULJKWSDWK+LVWKLVRSLQLRQIXOO\FRQIRUPHGWR $OODK
V
RZQ GHFLVLRQ 7KXV LQ WKH QH[W YHUVH   LW KDV EHHQ VDLG 7KH WRUPHQW RI $OODK
GHVFHQGHGRQWKRVHSHRSOHEHFDXVHRIWKHLUPLVGHHGV
,QWKHFRQFOXGLQJYHUVHWKH3URSKHW1RDK
VVXSSOLFDWLRQWKDWKHPDGHWRKLV/RUGULJKW
DWWKHWLPHWKHWRUPHQWGHVFHQGHGKDVEHHQUHFRUGHG,QLWKHSUD\VIRUKLVRZQDQGIRU
DOO WKH EHOLHYHUV
 IRUJLYHQHVV DQG PDNHV D VXEPLVVLRQ WR $OODK WR WKH HIIHFW 'R QRW
OHDYHDQ\RIWKHGLVEHOLHYHUVDOLYHRQWKHHDUWKIRUWKH\KDYHEHFRPHXWWHUO\GHYRLGRI
HYHU\JRRGWKH\ZLOOQRWEHJHWDQ\EXWGLVEHOLHYLQJDQGZLFNHGGHVFHQGDQWV
:KLOH VWXG\LQJ WKLV 6XUDK RQH VKRXOG NHHS LQ YLHZ WKH GHWDLOV RI WKH 3URSKHW 1RDK
V
VWRU\ZKLFKKDYHEHHQJLYHQLQWKH4XU
DQDERYH)RUWKLVVHH$O$CUDDI<XQXV
+XG$O0X
PLQXQ$VK6KXCDUDD
$O$QNDEXW
$V6DDIIDDW$O4DPDU

-LQQ
LVODPPHVVDJHFRP 
1DPH
$O-LQQLVWKHQDPHRIWKLV6XUDKDVZHOODVWKHWLWOHRILWVVXEMHFWPDWWHUIRULQLWWKH
HYHQWRIWKH-LQQ
VKHDULQJWKH4XU
DQDQGUHWXUQLQJWRWKHLUSHRSOHWRSUHDFK,VODPWR
WKHPKDVEHHQUHODWHGLQGHWDLO
3HULRGRI5HYHODWLRQ
$FFRUGLQJ WR D WUDGLWLRQ UHODWHG LQ %XNKDUL DQG 0XVOLP RQ WKH DXWKRULW\ RI +DGUDW
$EGXOODKELQ$EEDVRQFHWKH+RO\3URSKHW XSRQZKRPEHSHDFH ZDVJRLQJ WR9LVLW
WKH )DLU RI 8ND] ZLWK VRPH RI KLV &RPSDQLRQV 2Q WKH ZD\EHOHGWKH)DMU3UD\HUDW
1DNKODK $W WKDW WLPH D FRPSDQ\ RI WKH MLQQ KDSSHQHG WR SDVV WKDW ZD\ :KHQ WKH\
KHDUGWKH4XU
DQEHLQJUHFLWHGWKH\WDUULHGDQGOLVWHQHGWRLWDWWHQWLYHO\7KLVYHU\HYHQW
KDVEHHQGHVFULEHGLQWKLV6XUDK
0RVWRIWKHFRPPHQWDWRUVRQWKHEDVLVRIWKLVWUDGLWLRQEHOLHYHWKDWWKLVUHODWHVWRWKH
+RO\3URSKHW
VZHOONQRZQMRXUQH\WR7DLIZKLFKKDGWDNHQSODFHWKUHH\HDUVEHIRUHWKH
+LMUDKLQWKHWK\HDURIWKH3URSKHWKRRG%XWWKLVLVQRWFRUUHFWIRUVHYHUDOUHDVRQV
7KH MLQQ
V KHDULQJWKH4XU
DQGXULQJWKHMRXUQH\WR7DLIKDVEHHQUHODWHGLQ$O$KTDI
 $ FXUVRU\ UHDGLQJ RI WKRVH YHUVHV VKRZV WKDW WKH MLQQ ZKR KDG EHOLHYHG DIWHU
KHDULQJWKH4XU
DQRQWKDWRFFDVLRQZHUHDOUHDG\EHOLHYHUVLQWKH3URSKHW0RVHVDQGWKH
SUHYLRXVVFULSWXUHV2QWKHFRQWUDU\YYRIWKLVVXUDKFOHDUO\VKRZWKDWWKHMLQQZKR
KHDUG WKH 4XU
DQ RQ WKLV RFFDVLRQ ZHUH SRO\WKHLVWV DQG GHQLHUV RI WKH +HUHDIWHU DQG
3URSKHWKRRG 7KHQ LW LV FRQILUPHG KLVWRULFDOO\ WKDW LQ KLV MRXUQH\ WR 7DLI QRQH
DFFRPSDQLHG WKH +RO\ 3URSKHW H[FHSW +DGUDW =DLG ELQ +DULWKDK 2Q WKH FRQWUDU\
FRQFHUQLQJ WKLV MRXUQH\ ,EQ $EEDV VD\V WKDW WKH +RO\ 3URSKHW XSRQZKRPEHSHDFH 
ZDV DFFRPSDQLHG E\ VRPH RI KLV &RPSDQLRQV )XUWKHUPRUH WKH WUDGLWLRQV DOVR DJUHH
WKDW LQ WKDW MRXUQH\ WKH MLQQ KHDUG WKH 4XU
DQ ZKHQ WKH +RO\ 3URSKHW KDG VWRSSHG DW
1DNKODKRQKLVUHWXUQMRXUQH\IURP7DLIWR0DNNDKDQGLQWKLVMRXUQH\DFFRUGLQJWR
WKHWUDGLWLRQVRI,EQ$EEDVWKHHYHQWRIWKHMLQQ
VKHDULQJWKH4XU
DQRFFXUUHGZKHQWKH
+RO\ 3URSKHW ZDV JRLQJ WR 8ND] IURP 0DNNDK 7KHUHIRUH LQ YLHZ RI WKHVH UHDVRQV
ZKDWVHHPVWREHFRUUHFWLVWKDWLQ6XUDK$O$KTDIDQG6XUDK$O-LQQRQHDQGWKHVDPH
HYHQW KDV QRW EHHQ QDUUDWHG EXW WKHVH ZHUH WZR VHSDUDWH HYHQWV ZKLFK WRRN SODFH
GXULQJWZRVHSDUDWHMRXUQH\V
$V IDU DV 6XUDK $O$KTDI LV FRQFHUQHG LW LV DJUHHG WKDW WKH HYHQW PHQWLRQHG LQ LW
RFFXUUHG RQ WKH UHWXUQ MRXUQH\ IURP 7DLI LQ WKH WK \HDU RI 3URSKHWKRRG $V IRU WKH
TXHVWLRQZKHQ WKLVVHFRQGHYHQWWRRNSODFHLWVDQVZHULVQRWJLYHQE\WKHWUDGLWLRQRI
,EQ $EEDV QRU DQ\ RWKHU KLVWRULFDO WUDGLWLRQ VKRZV DV WR ZKHQ WKH +RO\ 3URSKHW KDG
JRQH WR WKH )DLU RI 8ND] DORQJ ZLWK VRPH RI KLV &RPSDQLRQV +RZHYHU D OLWWOH
FRQVLGHUDWLRQ RI YY  RI WKLV VXUDK VKRZV WKDW WKLV FRXOG RQO\ EH DQ HYHQW RI WKH
HDUOLHVW VWDJH RI 3URSKHWKRRG ,Q WKHVH YHUVHV LW KDV EHHQ VWDWHG WKDW EHIRUH WKH
DSSRLQWPHQWRIWKH+RO\3URSKHW XSRQZKRPEHSHDFH WR'LYLQH0LVVLRQWKHMLQQXVHG
WRKDYHRQHRUDQRWKHURSSRUWXQLW\WRHDYHVGURSLQWKHKHDYHQVLQRUGHUWRKHDUQHZVRI
WKH XQVHHQ EXW DIWHU LW WKH\ VXGGHQO\ IRXQG WKDW DQJHOV KDG EHHQ VHW DV JXDUGV DQG
PHWHRULWHVZHUHEHLQJVKRWRQHYHU\VLGHVRWKDWWKH\FRXOGILQGQRSODFHRIVDIHW\IURP
ZKHUHWKH\FRXOGKHDUWKHVHFUHWQHZV7KHUHXSRQWKH\KDGVHWDERXWVHDUFKLQJIRUWKH
LVODPPHVVDJHFRP 
XQXVXDOWKLQJWKDWKDGRFFXUUHGRQWKHHDUWKRUZDVJRLQJWRRFFXUEHFDXVHRIZKLFK
WKH VHFXULW\ PHDVXUHV KDG EHHQ WLJKWHQHG XS 3UREDEO\ VLQFH WKHQ PDQ\ FRPSDQLHVRI
WKHMLQQPXVWKDYHEHHQPRYLQJDERXWLQVHDUFKRIWKHXQXVXDORFFXUUHQFHDQGRQHRI
WKHPDIWHUKDYLQJKHDUGWKH4XU
DQIURPWKH+RO\3URSKHW XSRQZKRPEHSHDFH PXVW
KDYHIRUPHGWKHRSLQLRQWKDWWKDWZDVWKHYHU\WKLQJIRUWKHVDNHRIZKLFKDOOWKHJDWHV
RIWKHKHDYHQVKDGEHHQVKXWDJDLQVWWKHMLQQ
5HDOLW\RI-LQQ
%HIRUHRQHVWDUWVWKHVWXG\RIWKLV6XUDKRQHPXVWFOHDUO\NQRZZKDWLVWKHUHDOLW\RIWKH
MLQQVRDVWRDYRLGDQ\SRVVLEOHPHQWDOFRQIXVLRQ0DQ\SHRSOHRIWKHPRGHUQWLPHVDUH
LQYROYHG LQ WKH PLVXQGHUVWDQGLQJ WKDW WKH MLQQ DUH QRW UHDO EXW RQO\ D ILJPHQW RI WKH
DQFLHQWVXSHUVWLWLRQDQGP\WKV7KH\KDYHQRWIRUPHGWKLVRSLQLRQRQWKHEDVLVWKDWWKH\
KDYHNQRZQDOOWKHUHDOLWLHVDQGWUXWKVDERXWWKHXQLYHUVHDQGKDYHWKXVGLVFRYHUHGWKDW
WKHMLQQGRQRWH[LVW7KH\FDQQRWFODLPWRSRVVHVVDQ\VXFKNQRZOHGJHHLWKHU%XWWKH\
KDYHDVVXPHGZLWKRXWUHDVRQDQGSURRIWKDWQRWKLQJH[LVWVLQWKHXQLYHUVHH[FHSWZKDW
WKH\ FDQ VHH ZKHUHDV WKH VSKHUH RIKXPDQSHUFHSWLRQVDVDJDLQVWWKHYDVWQHVVRIWKLV
JUHDWXQLYHUVHLVQRWHYHQFRPSDUDEOHWRDGURSRIZDWHUDVDJDLQVWWKHRFHDQ+HUHWKH
SHUVRQZKRWKLQNVWKDWZKDWKHGRHVQRWSHUFHLYHGRHVQRWH[LVWDQGZKDWH[LVWVPXVW
QHFHVVDULO\EHSHUFHLYHGLQIDFWSURYLGHVDSURRIRIWKHQDUURZQHVVRIKLVRZQPLQG
:LWK WKLV PRGH RI WKRXJKW QRW WR VSHDN RI WKH MLQQ PDQ FDQQRW HYHQ DFFHSW DQG
DFNQRZOHGJH DQ\ UHDOLW\ ZKLFK KH FDQQRW GLUHFWO\ H[SHULHQFH DQG REVHUYH DQG KH
FDQQRWHYHQDGPLWWKHH[LVWHQFHRI*RGWRVD\QRWKLQJRIDGPLWWLQJDQ\RWKHUXQVHHQ
UHDOLW\
7KRVH RI WKH 0XVOLPV ZKR KDYH EHHQ LQIOXHQFHG E\ PRGHUQLVP EXW FDQQRW GHQ\ WKH
4XU
DQ HLWKHU KDYH JLYHQ VWUDQJH LQWHUSUHWDWLRQV RI WKH FOHDU VWDWHPHQWV RI WKH 4XU
DQ
DERXWWKHMLQQ,EOLVDQG6DWDQ7KH\VD\WKDWWKLVGRHVQRWUHIHUWRDQ\KLGGHQFUHDWLRQ
ZKLFK PD\ KDYH LWV RZQ LQGHSHQGHQW H[LVWHQFH EXW LW VRPHWLPHV LPSOLHV PDQ
V RZQ
DQLPDOIRUFHVZKLFKKDYHEHHQFDOOHG6DWDQDQGVRPHWLPHVLWLPSOLHVVDYDJHDQGZLOG
PRXQWDLQWULEHVDQGVRPHWLPHVWKHSHRSOHZKRXVHGWROLVWHQWRWKH4XU
DQVHFUHWO\%XW
WKH VWDWHPHQWV RI WKH 4XU
DQ LQ WKLV UHJDUG DUH VR FOHDU DQG H[SOLFLW WKDW WKHVH
LQWHUSUHWDWLRQVEHDUQRUHOHYDQFHWRWKHPZKDWHYHU
7KH4XU
DQIUHTXHQWO\PHQWLRQVWKHMLQQDQGWKHPHQLQDPDQQHUDVWRLQGLFDWHWKDWWKH\
DUHWZRVHSDUDWHFUHDWLRQV)RUWKLVVHH$O$CUDDI+LQG+D0LP$V6DMGDK
$KTDI$GK'KDUL\DWDQGWKHHQWLUHVXUDK$U5DKPDQZKLFKEHDUVVXFK
FOHDUHYLGHQFHDVWROHDYHQRURRPWRUHJDUGWKHMLQQDVDKXPDQVSHFLHV
,Q6XUDK$O$CUDDI$O+LMUDQG$U5DKPDQLWKDVEHHQH[SUHVVO\
VWDWHGWKDWPDQZDVFUHDWHGRXWRIFOD\DQGMLQQRXWRIILUH
,Q 6XUDK $O +LMU  LW KDV EHHQ VDLG WKDW WKH MLQQ KDG EHHQ FUHDWHG EHIRUH PDQ 7KH
VDPH WKLQJ LV WHVWLILHG E\ WKH VWRU\ RI $GDP DQG ,EOLV ZKLFK KDV EHHQ WROG DW VHYHQ
GLIIHUHQWSODFHVLQWKH4XU
DQDQGDWHYHU\SODFHLWFRQILUPVWKDW,EOLVZDVDOUHDG\WKHUH
DW WKH FUHDWLRQ RI PDQ 0RUHRYHU LQ VXUDK $O.DKI  LW KDV EHHQ VWDWHG WKDW ,EOLV
EHORQJHGWRWKHMLQQ

LVODPPHVVDJHFRP 
,Q VXUDK $O$CUDDI  LW KDV EHHQ VWDWHG LQ FOHDU ZRUGV WKDW WKH MLQQ VHH WKH KXPDQ
EHLQJVEXWWKHKXPDQEHLQJVGRQRWVHHWKHP
,QVXUDK$O+LMUVXUDK$V6DDIIDDWDQGVXUDK$O0XONLWKDVEHHQVDLG
WKDWDOWKRXJKWKHMLQQFDQDVFHQGWRWKHKHDYHQVWKH\FDQQRWH[FHHGDFHUWDLQOLPLWLI
WKH\WU\WRDVFHQGEH\RQGWKDWOLPLWDQGWU\WRKHDUZKDWJRHVRQLQWKHKHDYHQVWKH\DUH
QRWDOORZHGWRGRVRDQGLIWKH\WU\WRHDYHVGURSWKH\DUHGULYHQDZD\E\PHWHRULWHV
%\WKLVWKHEHOLHI RIWKHSRO\WKHLVWLF$UDEVWKDWWKHMLQQSRVVHVVWKHNQRZOHGJHRIWKH
XQVHHQRUKDYHDFFHVVWR'LYLQHVHFUHWVKDVEHHQUHIXWHG7KHVDPHHUURUKDVDOVREHHQ
UHIXWHGLQ6DED

$O%DTDUDK  DQG $O.DKI  VKRZ WKDW $OODK KDV HQWUXVWHG PDQ ZLWK WKH
YLFHJHUHQF\ RI WKH HDUWK DQG WKH PHQ DUH VXSHULRU WR WKH MLQQ $OWKRXJK WKH MLQQ DOVR
KDYH EHHQ JLYHQ FHUWDLQ H[WUDRUGLQDU\ SRZHUV DQG DELOLWLHV DQ H[DPSOH RI ZKLFK LV
IRXQG LQ $Q1DPO  \HW WKH DQLPDOV OLNHZLVH KDYH EHHQJLYHQVRPHSRZHUVJUHDWHU
WKDQPDQEXWWKHVHDUHQRDUJXPHQWWKDWWKHDQLPDOVDUHVXSHULRUWRPDQ
7KH4XU
DQDOVRH[SODLQVWKDWWKHMLQQOLNHPHQDUHDFUHDWLRQSRVVHVVHGRISRZHUDQG
DXWKRULW\ DQG WKH\ MXVW OLNH WKHP FDQ FKRRVH EHWZHHQ REHGLHQFH DQG GLVREHGLHQFH
IDLWK DQG GLVEHOLHI 7KLV LV FRQILUPHG E\ WKH VWRU\ RI 6DWDQ DQG WKH HYHQW RI WKH MLQQ
DIILUPLQJWKHIDLWKDVIRXQGLQ6XUDKV$O$KTDIDQG$O-LQQ
$WVFRUHVRISODFHVLQWKH4XU
DQLWKDVDOVREHHQVWDWHGWKDW,EOLVDWWKHYHU\FUHDWLRQRI
$GDP KDG UHVROYHG WR PLVJXLGH PDQNLQG DQG VLQFH WKHQ WKH 6DWDQLF MLQQ KDYH EHHQ
SHUVLVWHQWO\WU\LQJWRPLVOHDGPDQEXWWKH\GRQRWKDYHWKHSRZHUWRRYHUZKHOPKLP
DQGPDNHKLPGRVRPHWKLQJIRUFLEO\+RZHYHUWKH\LQVSLUHKLPZLWKHYLOVXJJHVWLRQV
EHJXLOH KLP DQG PDNH HYLO VHHP JRRG WR KLP )RU WKLV VHH $Q1LVDD
  $O
$CUDDI,EUDKLP$O+LMU$Q1DKO%DQL,VUDLO
7KH4XU
DQDOVRWHOOVXVWKDWLQWKHSUH,VODPLFLJQRUDQFHWKHSRO\WKHLVWLF$UDEVUHJDUGHG
WKHMLQQDVDVVRFLDWHVRI*RGZRUVKLSSHGWKHPDQGWKRXJKWWKH\ZHUHGHVFHQGHGIURP
*RG)RUWKLVVHH$O$QCDP6DED

$VVDDIIDDW
)URPWKHVHGHWDLOVLWEHFRPHVDEXQGDQWO\FOHDUWKDWWKHMLQQKDYHWKHLURZQREMHFWLYH
H[LVWHQFH DQG DUH D FRQFHDOHG FUHDWLRQ RI DQ HQWLUHO\ GLIIHUHQW VSHFLHV IURP PDQ
%HFDXVHRIWKHLUP\VWHULRXVTXDOLWLHVLJQRUDQWSHRSOHKDYHIRUPHGH[DJJHUDWHGQRWLRQV
DQG FRQFHSWV DERXW WKHP DQG WKHLU SRZHUV DQG KDYH HYHQ ZRUVKLSSHG WKHP EXW WKH
4XU
DQKDVH[SODLQHGWKHZKROHWUXWKDERXWWKHPZKLFKVKRZVZKDWWKH\DUHDQGZKDW
WKH\DUHQRW
7KHPHDQG7RSLFV
,Q WKLV 6XUDK LQ YY  LW KDV EHHQ WROG ZKDW ZDV WKH LPSDFW RI WKH 4XU
DQ RQ WKH
FRPSDQ\ RI WKH MLQQ ZKHQ WKH\ KHDUG LW DQG ZKDW WKH\ VDLG WR WKHLU IHOORZ MLQQ ZKHQ
WKH\UHWXUQHGWRWKHP$OODKLQWKLVFRQQHFWLRQKDVQRWFLWHGWKHLUZKROHFRQYHUVDWLRQ
EXWRQO\WKRVHSDUWLFXODUWKLQJVZKLFKZHUHZRUWK\RIPHQWLRQ7KDWLVZK\WKHVW\OHLV
QRWWKDWRIDFRQWLQXRXVVSHHFKEXWVHQWHQFHVKDYHEHHQFLWHGVRDVWRLQGLFDWHWKDWWKH\
VDLGWKLVDQGWKLV,IRQHVWXGLHVWKHVHVHQWHQFHVVSRNHQE\WKHMLQQ FDUHIXOO\RQHFDQ
HDVLO\XQGHUVWDQGWKHUHDOREMHFWRIWKHQDUUDWLRQRIWKLVHYHQWRIWKHLUDIILUPLQJWKHIDLWK
DQGRUPHQWLRQLQJWKLVFRQYHUVDWLRQRIWKHLUVZLWKWKHLUSHRSOHLQWKH4XU
DQ
LVODPPHVVDJHFRP 
$IWHUWKLVLQYYWKHSHRSOHKDYHEHHQDGPRQLVKHGWRWKHHIIHFW,I\RXUHIUDLQ
IURP SRO\WKHLVP DQG IROORZ WKH ZD\ RI ULJKWHRXVQHVV ILUPO\ \RX ZLOO EH EOHVVHG
RWKHUZLVHLI\RXWXUQDZD\IURPWKHDGPRQLWLRQVHQWGRZQE\$OODK\RXZLOOPHHWZLWK
D VHYHUH SXQLVKPHQW  7KHQ LQ YY  WKH GLVEHOLHYHUV RI 0DNNDK KDYH EHHQ
UHSURDFKHG DV LI WR VD\ :KHQ WKH 0HVVHQJHU RI $OODK FDOOV \RX WRZDUGV $OODK \RX
VXUURXQGDQGPREKLPIURPHYHU\VLGHZKHUHDVWKHRQO\GXW\RIWKH0HVVHQJHULVWR
FRQYH\WKHPHVVDJHVRI$OODK+HGRHVQRWFODLPWRKDYHDQ\SRZHUWREULQJDQ\JDLQRU
FDXVHDQ\KDUPWRWKHSHRSOH7KHQLQYYWKHGLVEHOLHYHUVKDYHEHHQZDUQHGWR
WKHHIIHFW7RGD\\RXDUHWU\LQJWRRYHUSRZHUDQGVXSSUHVVWKH0HVVHQJHUVHHLQJWKDW
KHLVKHOSOHVVDQGIULHQGOHVVEXWDWLPHZLOOFRPHZKHQ\RXZLOONQRZZKRLQDFWXDO
IDFW LV KHOSOHVV DQG IULHQGOHVV :KHWKHU WKDW WLPH LV \HW IDU RII RU QHDU DW KDQG WKH
0HVVHQJHU KDV QR NQRZOHGJH WKHUHRI EXW LW ZLOO FRPH WR SDVV LQ DQ\ FDVH  ,Q
FRQFOXVLRQWKHSHRSOHKDYHEHHQWROG7KH.QRZHURIWKHXQVHHQLV$OODK DORQH7KH
0HVVHQJHU UHFHLYHV RQO\ WKDW NQRZOHGJH ZKLFK $OODK LV SOHDVHG WR JLYH KLP 7KLV
NQRZOHGJH SHUWDLQV WR PDWWHUV FRQQHFWHG ZLWK WKH SHUIRUPDQFH RI WKH GXWLHV RI
3URSKHWKRRG DQG LW LV GHOLYHUHG WR KLP LQ VXFK VHFXULW\ ZKLFK GRHV QRW DGPLW RI DQ\
H[WHUQDOLQWHUIHUHQFHZKDWHYHU

0X]DPPLO
1DPH
7KH 6XUDK KDV EHHQ VR GHVLJQDWHG DIWHU WKH ZRUG DOPX]]DPPLO RFFXUULQJ LQ WKHYHU\
ILUVWYHUVH7KLVLVRQO\DQDPHDQGQRWDWLWOHRILWVVXEMHFWPDWWHU
3HULRGRI5HYHODWLRQ
7KHWZRVHFWLRQVRIWKLV6XUDKZHUHUHYHDOHGLQWZRVHSDUDWHSHULRGV7KHILUVWVHFWLRQ
YY LVXQDQLPRXVO\D0DNNL5HYHODWLRQDQGWKLVLVVXSSRUWHGERWKE\LWVVXEMHFW
PDWWHUDQGE\WKHWUDGLWLRQVRIWKH+DGLWK$VIRUWKHTXHVWLRQLQZKLFKVSHFLILFSHULRG
RIWKHOLIHDW0DNNDKLWZDVUHYHDOHGLWLVQRWDQVZHUHGE\WKHWUDGLWLRQEXWWKHLQWHUQDO
HYLGHQFH RI WKH VXEMHFW PDWWHU RI WKLV VHFWLRQ KHOSV WR GHWHUPLQH WKH SHULRG RI LWV
UHYHODWLRQ
)LUVW LQ LW WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  KDV EHHQ LQVWUXFWHG WR WKH HIIHFW
$ULVH GXULQJ WKH QLJKW DQG ZRUVKLS $OODK VR WKDW \RX PD\ GHYHORS WKH FDSDELOLW\ WR
VKRXOGHUWKHKHDY\EXUGHQRI3URSKHWKRRGDQGWRGLVFKDUJHLWVUHVSRQVLELOLWLHV7KLV
VKRZV WKDW WKLV &RPPDQG PXVW KDYH EHHQ JLYHQ LQ WKH HDUOLHVW SHULRG RI WKH
3URSKHWKRRG
 ZKHQ WUDLQLQJ ZDV EHLQJLPSDUWHGWRWKH+RO\SURSKHWE\$OODKIRU WKLV
RIILFH
6HFRQGO\D&RPPDQGKDVEHHQJLYHQLQLWWKDWWKH4XU
DQEHUHFLWHGLQWKH7DKDMMXG
3UD\HUIRUKDOIWKHQLJKWRUWKHUHDERXW7KLV&RPPDQGE\LWVHOISRLQWVRXWWKDWE\WKDW
WLPHDWOHDVWVRPXFKRIWKH4XU
DQKDGEHHQUHYHDOHGDVFRXOGEHUHFLWHGIRUWKDWORQJ
7KLUGO\LQWKLVVHFWLRQWKH+RO\3URSKHW XSRQZKRPEHSHDFH KDVEHHQH[KRUWHGWR
KDYHSDWLHQFHDWWKHH[FHVVHVEHLQJFRPPLWWHGE\KLVRSSRQHQWVDQGWKHGLVEHOLHYHUVRI
0DNNDK KDYH EHHQ WKUHDWHQHG ZLWK WKH WRUPHQW 7KLV VKRZV WKDW WKLV VHFWLRQ ZDV

LVODPPHVVDJHFRP 
UHYHDOHG DW D WLPH ZKHQ WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  KDG RSHQO\ VWDUWHG
SUHDFKLQJ,VODPDQGWKHRSSRVLWLRQWRKLPDW0DNNDKKDGJURZQDFWLYHDQGVWURQJ
$ERXW WKH VHFRQG VHFWLRQ Y   DOWKRXJK PDQ\ RI WKH FRPPHQWDWRUV KDYH H[SUHVVHG
WKHRSLQLRQWKDWWKLVWRRZDVVHQWGRZQDW0DNNDK\HWVRPHRWKHUFRPPHQWDWRUVUHJDUG
LWDVD0DGDQL5HYHODWLRQDQGWKLVVDPHRSLQLRQLVFRQILUPHGE\WKHVXEMHFWPDWWHURI
WKLVVHFWLRQ)RULWPHQWLRQVILJKWLQJLQWKHZD\RI$OODKDQGREYLRXVO\WKHUHFRXOGEH
QRTXHVWLRQRILWDW0DNNDKLWDOVRFRQWDLQVWKH&RPPDQGWRSD\WKHREOLJDWRU\]DNDW
DQG LW LV IXOO\ FRQILUPHG WKDW WKH ]DNDW DW D VSHFLILF UDWH DQG ZLWK DQ H[HPSWLRQ OLPLW
QLVDDE ZDVHQMRLQHGDW0DGLQDK
7KHPHDQG6XEMHFW0DWWHU
,QWKHILUVWVHYHQYHUVHVWKH+RO\3URSKHW XSRQZKRPEHSHDFH KDVEHHQFRPPDQGHG
WRWKHHIIHFW3UHSDUH\RXUVHOIWRVKRXOGHUWKHUHVSRQVLELOLWLHVRIWKHJUHDW0LVVLRQWKDW
KDVEHHQHQWUXVWHG WR\RXLWVSUDFWLFDOIRUPLVWKDW\RXVKRXOGULVHGXULQJWKHKRXUVRI
QLJKWDQGVWDQGXSLQ3UD\HUIRUKDOIWKHQLJKWRUIRUDOLWWOHPRUHRUOHVVRILW
,QYYKHKDVEHHQH[KRUWHGWRWKHHIIHFW'HYRWH\RXUVHOIH[FOXVLYHO\WRWKDW*RG
:KR LV WKH 2ZQHU RI WKH ZKROH XQLYHUVH HQWUXVW DOO \RXU DIIDLUV WR +LP ZLWK IXOO
VDWLVIDFWLRQRIWKHKHDUW%HDUZLWKSDWLHQFHZKDWHYHU\RXURSSRQHQWVPD\XWWHUDJDLQVW
\RX'RQRWEHLQWLPDWHZLWKWKHP/HDYHWKHLUDIIDLUWR*RG+H+LPVHOIZLOOGHDOZLWK
WKHP 
7KHQ LQ YY  WKRVH RI WKH SHRSOH RI 0DNNDK ZKR ZHUH RSSRVLQJ WKH +RO\
3URSKHW XSRQ ZKRP EH SHDFH  KDYH EHHQ ZDUQHG VR DV WR VD\ :H KDYH VHQW D
0HVVHQJHUWR\RXMXVWDV:HVHQWD0HVVHQJHUWRWKH3KDUDRK-XVWFRQVLGHUZKDWIDWH
WKH 3KDUDRK PHW ZKHQ KH GLG QRW DFFHSW WKH LQYLWDWLRQ RI WKH 0HVVHQJHU RI $OODK
6XSSRVLQJ WKDW \RX DUH QRW SXQLVKHG E\ D WRUPHQW LQ WKLV ZRUOG KRZ ZLOO \RX VDYH
\RXUVHOYHVIURPWKHSXQLVKPHQWIRUGLVEHOLHIRQWKH'D\RI5HVXUUHFWLRQ
7KLV LV WKH VXEMHFW PDWWHU RI WKH ILUVW VHFWLRQ 7KH VHFRQG VHFWLRQ DFFRUGLQJ WR D
WUDGLWLRQ IURP +DGUDW 6DCHHG ELQ -XEDLU ZDV VHQW GRZQ WHQ \HDUV ODWHU DQG LQ LW WKH
LQLWLDO&RPPDQGJLYHQLQFRQQHFWLRQZLWKWKH7DKDMMXG3UD\HULQWKHEHJLQQLQJRIWKH
ILUVW VHFWLRQ ZDV FXUWDLOHG 7KH QHZ &RPPDQG HQMRLQHG 2IIHU DV PXFK RI WKH
7DKDMMXG3UD\HUDV\RXHDVLO\FDQEXWZKDWWKH0XVOLPVVKRXOGSDUWLFXODUO\PLQGDQG
DWWHQGWRLVWKHILYHWLPHVREOLJDWRU\3UD\HUDGD\WKH\VKRXOGHVWDEOLVKLWUHJXODUO\DQG
SXQFWXDOO\ WKH\ VKRXOG GLVFKDUJH WKHLU ]DNDW GXHV DFFXUDWHO\ DQG WKH\ VKRXOG VSHQG
WKHLU ZHDOWK ZLWK VLQFHUH LQWHQWLRQV IRU WKH VDNH RI $OODK ,Q FRQFOXVLRQ WKH 0XVOLPV
KDYH EHHQ H[KRUWHG VD\LQJ :KDWHYHU JRRG ZRUNV \RX GR LQ WKH ZRUOG ZLOO QRW JR
ZDVWH EXW WKH\ DUH OLNH WKH SURYLVLRQ ZKLFK D WUDYHOHU VHQGV XS LQ DGYDQFH WR KLV
SHUPDQHQWSODFHRIUHVLGHQFH:KDWHYHUJRRG\RXVHQGXSIURPWKHZRUOG\RXZLOOILQG
LWZLWK$OODKDQGWKHSURYLVLRQWKXVVHQWXSLVPXFKEHWWHUWKDQZKDW\RXZLOOKDYHWR
OHDYH EHKLQG LQ WKH ZRUOG DQG ZLWK $OODK \RX ZLOO DOVR JHW D PXFK EHWWHU DQG ULFKHU
UHZDUGWKDQZKDW\RXKDYHDFWXDOO\VHQWXSEHIRUH

0XGGDWKWKLU
1DPH
LVODPPHVVDJHFRP 
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGDOPXGGDWKWKLULQWKHILUVWYHUVH7KLVDOVRLV
RQO\DQDPHQRWDWLWOHRILWVVXEMHFWPDWWHU
3HULRGRI5HYHODWLRQ
7KH ILUVW VHYHQ YHUVHV RI WKLV 6XUDK EHORQJ WR WKH HDUOLHVW SHULRG DW 0DNNDK (YHQ
DFFRUGLQJ WR VRPH WUDGLWLRQV ZKLFK KDYH EHHQ UHODWHG LQ %XNKDUL 0XVOLP 7LUPLGKL
0XVQDG$KPDGHWFRQWKHDXWKRULW\RI+DGUDW-DELUELQ$EGXOODKWKHVHDUHWKHYHU\
HDUOLHVWYHUVHVRIWKH4XU
DQWREHUHYHDOHGWRWKH+RO\3URSKHW XSRQZKRDEHSHDFH 
%XWWKH0XVOLP8PPDKDOPRVWXQDQLPRXVO\DJUHHGWKDWWKHHDUOLHVW5HYHODWLRQWRWKH
+RO\3URSKHW XSRQZKRPEHSHDFH FRQVLVWHGRIWKHILUVWILYHYHUVHVRI6XUDK$O$ODT
;&9,  +RZHYHU ZKDW LV HVWDEOLVKHG E\ DXWKHQWLF WUDGLWLRQV LV WKDW DIWHU WKLV ILUVW
5HYHODWLRQQR5HYHODWLRQFDPHGRZQWRWKH+RO\3URSKHW XSRQZKRPEHSHDFH IRU
TXLWHVRPHWLPH7KHQZKHQLWZDVUHVXPHGLWVWDUWHGZLWKWKHPHYHUVHVRI6XUDK$O
0XGGDWKWKLU,PDP=XKULKDVJLYHQWKHIROORZLQJGHWDLOVRILW
5HYHODWLRQ WR WKH +RO\ 3URSKHW UHPDLQHG VXVSHQGHG IRU TXLWH VRPH WLPH DQG LW ZDV
VXFKDSHULRGRIGHHSJULHIDQGGLVWUHVVIRUKLPWKDWKHVWDUWHGJRLQJHDUO\WRWKHWRSVRI
WKHPRXQWDLQVWRWKURZKLPVHOIGRZQIURPWKHP%XWZKHQHYHUKHVWRRGRQWKHHGJHRI
DSHDNWKH$QJHO*DEULHOZRXOGDSSHDUDQGWHOOKLPWKDWKHZDV$OODK
V3URSKHW7KLV
ZRXOGFRQVROHKLPDQGUHVWRUHWRKLPIXOOSHDFHRIPLQG ,EQ-DULU $IWHUWKLV,PDP
=XKULUHODWHVWKHIROORZLQJWUDGLWLRQRQWKHDXWKRULW\RI+DGUDW-DELUELQ$EGXOODK7KH
+RO\ 0HVVHQJHU RI $OODK GHVFULELQJ WKH SHULRG RI IDWUDW DOZDKL EUHDN LQ UHYHODWLRQ 
VDLG2QHGD\ZKHQ,ZDVSDVVLQJRQWKHZD\,VXGGHQO\KHDUGDFDOOIURPKHDYHQ,
UDLVHGP\KHDGDQGVDZWKDWWKHVDPH$QJHOZKRKDGYLVLWHGPHLQWKH&DYHRI+LUDD

ZDV VLWWLQJ RQ DWKURQHEHWZHHQKHDYHQDQGHDUWK7KLVVWUXFNWHUURULQP\KHDUWDQG
UHDFKLQJKRPHTXLFNO\,VDLG
&RYHUPHXSFRYHUPHXS
6RWKHSHRSOHRIWKHKRXVH
FRYHUHGPHXSZLWKDTXLOW RUEODQNHW $WWKDWWLPH$OODKVHQWGRZQWKH5HYHODWLRQ
<DDD\\XKDO0XGGDWKWKLUX)URPWKHQRQUHYHODWLRQEHFDPHLQWHQVHDQGFRQWLQXRXV
 %XNKDUL0XVOLP0XVQDG$KPDG,EQ-DULU 
7KH UHVW RI WKH 6XUDK YY   ZDV UHYHDOHG ZKHQ WKH ILUVW +DMM VHDVRQ FDPH DIWHU
SXEOLFSUHDFKLQJRI,VODPKDGEHJXQLQ0DNNDK7KLVKDVEHHQIXOO\ZHOOGHVFULEHGLQ
WKH6XUDKE\,EQ+LVKDPDQGZHVKDOOFLWHLWEHORZ
7KHPHDQG6XEMHFW0DWWHU
$VKDVEHHQH[SODLQHGDERYHWKHHDUOLHVW5HYHODWLRQWRWKH+RO\3URSKHW XSRQZKRP
EHSHDFH FRQVLVWHGRIWKHILUVWILYHYHUVHVRI6XUDK$O$ODTLQZKLFKLWKDGEHHQ6DLG
5HDG 23URSKHW LQWKHQDPHRI\RXU/RUG:KRFUHDWHGFUHDWHGPDQIURPDFORWRI
FRQJHDOHGEORRG5HDGDQG\RXU/RUGLV0RVW*HQHURXV:KRWDXJKWNQRZOHGJHE\WKH
SHQWDXJKWPDQZKDWKHGLGQRWNQRZ
7KLV ZDV WKH ILUVW H[SHULHQFH RI 5HYHODWLRQ PHW ZLWK VXGGHQO\ E\ WKH +RO\ 3URSKHW
XSRQZKRPEHSHDFH LQWKLVPHVVDJHLWZDVQRWWROGZKDWJUHDWPLVVLRQKHKDGEHHQ
HQWUXVWHGZLWKDQGZKDWGXWLHVKHKDGWRSHUNIRUPLQIXWXUH+HZDVRQO\LQLWLDWHGLQWR
LWDQGWKHQOHIWDORQHIRUDWLPHVRWKDWWKHJUHDWVWUDLQWKLVH[SHULHQFHKDGFDXVHGVKRXOG
SDVV DZD\ DQG KH VKRXOG PHQWDOO\ EHFRPH SUHSDUHG WR UHFHLYH WKH 5HYHODWLRQ DQG
SHUIRUP WKH SURSKHWLF PLVVLRQ LQ WKH IXWXUH $IWHU WKLV LQWHUPLVVLRQ ZKHQ 5HYHODWLRQ
LVODPPHVVDJHFRP 
:DVUHVXPHGWKHILUVWVHYHQYHUVHVRIWKLV6XUDK:HUHUHYHDOHG,QWKHVHKH:DVIRU
WKHILUVWWLPHFRPPDQGHGWRDULVHDQGZDUQWKHSHRSOHRIWKHFRQVHTXHQFHVRIWKHZD\
RI OLIH WKH\ ZHUH IROORZLQJ DQG WR SURFODLP WKH JUHDWQHVV RI *RG LQ WKH ZRUOG ZKHUH
RWKHUV ZHUH EHLQJ PDJQLILHG ZLWKRXW DQ\ ULJKW $ORQJ ZLWK WKDW KH ZDV JLYHQ WKLV
LQVWUXFWLRQ 7KH GHPDQG RI WKH 8QLTXH PLVVLRQ WKDW \RX KDYHWRSHUIRUPQRZLVWKDW
\RXU OLIHVKRXOGEHSXUHLQHYHU\UHVSHFWDQG\RXVKRXOGFDUU\RXWWKHGXW\RIUHIRUPLQJ
\RXU SHRSOH VLQFHUHO\ LUUHVSHFWLYH RI DQ\ ZRUOGO\ JDLQ 7KHQ LQ WKH ODVW VHQWHQFH KH
ZDV H[KRUWHG WR HQGXUH ZLWK SDWLHQFH IRU WKH VDNH RI KLV /RUG DOO WKH KDUGVKLSV DQG
WURXEOHVWKDWKHPLJKWKDYHWRIDFHZKLOHSHUIRUPLQJKLVPLVVLRQ
,Q WKH LPSOHPHQWDWLRQ RI WKLV 'LYLQH &RPPDQG ZKHQ WKH +RO\ 0HVVHQJHU RI $OODK
EHJDQWRSUHDFK,VODPDQGUHFLWHWKH4XU
DQLF6XUDKVUHYHDOHGVXFFHVVLYHO\WKHSHRSOH
RI0DNNDKIHOWDODUPHGDQGLWSURYRNHGDJUHDWVWRUPRIRSSRVLWLRQDQGKRVWLOLW\$IHZ
PRQWKVSDVVHGLQWKLVVWDWHXQWLOWKH+DMMVHDVRQDSSURDFKHG
7KHSHRSOHRI0DNNDKIHDUHGWKDWLI0XKDPPDG XSRQZKRPEH$OODK
VSHDFH VWDUWHG
YLVLWLQJWKHFDUDYDQVRIWKHSLOJULPVFRPLQJ IURPDOORYHU$UDELDDWWKHLUKDOWLQJSODFHV
DQGUHFLWLQJWKHVSHOOELQGLQJDQGXQLTXH5HYHODWLRQVRIWKH4XU
DQLQWKHLUDVVHPEOLHV
RQ WKH RFFDVLRQ RI +DMM KLV PHVVDJH ZRXOG UHDFK HYHU\ SDUW RI $UDELD DQG LQIOXHQFH
FRXQWOHVVSHRSOH
7KHUHIRUH WKH 4XUDLVK FKLHIV KHOG D FRQIHUHQFH DQG VHWWOHG WKDW WKH\ ZRXOG VWDUW D
SURSDJDQGD FDPSDLJQ DJDLQVW WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  DPRQJ WKH
SLOJULPVDVVRRQDVWKH\DUULYHG$IWHUWKH\KDGDJUHHGRQWKLV:DOLGELQDO0XJKLUDK
VDLGWRWKHDVVHPEOHGSHRSOH,I\RXVDLGFRQWUDGLFWRU\WKLQJVDERXW0XKDPPDG XSRQ
ZKRP EH $OODK
V SHDFHDQGEOHVVLQJV ZHDOOZRXOGORVHRXUWUXVWDPRQJWKHSHRSOH
7KHUHIRUHOHWXVDJUHHXSRQRQHRSLQLRQZKLFKZHVKRXOGDOOVD\ZLWKRXWGLVSXWH
6RPH SHRSOH VDLG WKDW WKH\ ZRXOG FDOO0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQG
EOHVVLQJV DVRRWKVD\HU:DOLGVDLG1RE\*RGEHLVQRWDVRRWKVD\HU:HKDYHVHHQ
WKHVRRWKVD\HUVZKDWWKH\PXUPXUDQGZKDWWKH\XWWHUKDVQRUHPRWHUHVHPEODQFHZLWK
WKH4XU
DQ
6RPHRWKHUSHRSOHVDLG 7KHQZHVD\EHLVSRVVHVVHG:DOLGVDLG+HLVQRWDSRVVHVVHG
RQHZHKDYHVHHQEDGDQGLQVDQHSHRSOHWKHZD\RQHWDONVGLVMRLQWHGO\DQGEHKDYHV
IRROLVKO\LQWKDWVWDWHLVNQRZQWRDOOZKRZRXOGEHOLHYHWKDWZKDW0XKDPPDG XSRQ
ZKRPEHSHDFH SUHVHQWHG ZDVWKHLQFRKHUHQWVSHHFKRIDPDGPDQ"
7KHSHRSOHVDLG7KHQZHVD\KHLVDSRHW:DOLGVDLG1RKHLVQRWDSRHWIRUZHNQRZ
SRHWU\LQDOOLWVIRUPVDQGZKDWKHSUHVHQWVFRQIRUPVWRQRIRUPRILW
7KH SHRSOH VDLG 7KHQ KH LV D VRUFHUHU :DOLG VDLG +H LVQRVRUFHUHUHLWKHUZHKDYH
6HHQVRUFHUHUVDQGZHDOVRNQRZZKDWPHWKRGVWKH\DGRSWIRUWKHLUVRUFHU\7KLVDOVR
GRHVQRWDSSO\WR0XKDPPDG
7KHQ KH VDLG :KLFKHYHU RI WKHVH WKLQJV \RX VDLG DERXW 0XKDPPDG LW ZRXOG EH
NQRZQWREHDIDOVHDFFXVDWLRQ %\*RGKLVVSHHFKLVVZHHWKLVURRWLVGHHSDQGKLV
EUDQFKHVDUHIUXLWIXO
$W WKLV $EX -DKO XUJLQJ RQ :DOLG VDLG <RXU SHRSOH ZLOO QHYHU EH SOHDVHG ZLWK \RX
XQOHVV \RX VD\ VRPHWKLQJ DERXW 0XKDPPDG +H VDLG /HW PH WKLQN RYHU LW DZKLOH
LVODPPHVVDJHFRP 
7KHQDIWHUSURORQJHGWKRXJKWDQGFRQVLGHUDWLRQKHVDLG7KHQHDUHVWWKLQJWRWKHWUXWK
LVWKDW\RXWHOOWKH$UDEVWKDWKHLVDVRUFHUHUZKRKDVEURXJKWDPHVVDJHE\ZKLFKKH
VHSDUDWHVDPDQIURPKLVIDWKHUDQGIURPKLVEURWKHUDQGIURPKLVZLIHDQGFKLOGUHQ
DQGIURP KLVIDPLO\
7KH\DOODJUHHGRQZKDW:DOLGKDGSURSRVHG7KHQDFFRUGLQJWRDVFKHPHWKHPHQRI
4XUDLVKVSUHDGDPRQJWKHSLOJULPVLQWKH+DMMVHDVRQDQGWKH\ZDUQHGHYHU\RQHWKH\
PHWRIWKHVHFUHF\RI0XKDPPDG XSRQZKRPEHSHDFH DQGRIKLVVWLUULQJXSGLYLVLRQV
LQ WKH IDPLOLHV E\ LW  %XW WKH UHVXOW ZDV WKDW E\ WKHLU WKLV SODQ WKH 4XUDLVK FKLHIV
WKHPVHOYHV PDGH WKH QDPH RI WKH +RO\ 0HVVHQJHU NQRZQ WKURXJKRXW $UDELD ,EQ
+LVKDPSS7KDW:DOLGKDGPDGHWKLVSURSRVDORQWKHLQVLVWHQFHRI$EX-DKO
KDVEHHQUHODWHGE\,EQ-DULULQKLV7DIVLURQWKHDXWKRULW\RI,NULPDK 
,QFRQFOXVLRQLWKDVEHHQH[SOLFLWO\VWDWHG$OODKGRHVQRWVWDQGLQQHHGRIDQ\ERG\
V
IDLWK WKDW +H PD\ IXOILOO KLV FRQGLWLRQV 7KH 4XU
DQ LV DQ DGPRQLWLRQ WKDW KDV EHHQ
SUHVHQWHGEHIRUHWKHSHRSOHRSHQO\QRZZKRHYHUZLOOVPD\DFFHSWLW$OODKKDVDULJKW
WKDWWKHSHRSOHVKRXOGIHDU+LVGLVREHGLHQFHDQG+HDORQHKDVWKHSRZHUWRIRUJLYHWKH
RQHZKRDGRSWVSLHW\DQGDQDWWLWXGHRI*RGFRQVFLRXVQHVVHYHQWKRXJKRQHPD\KDYH
FRPPLWWHGPDQ\DFWVRIGLVREHGLHQFHLQWKHSDVW

4L\DDPDK
1DPH
7KH6XUDKKDVEHHQVRQDPHGDIWHUWKHZRUGDO4L\DDPDKLQWKHILUVWYHUVH7KLVLVQRW
RQO\WKHQDPHEXWDOVRWKHWLWOHRIWKLV6XUDKIRULWLVGHYRWHGWR5HVXUUHFWLRQLWVHOI
3HULRGRI5HYHODWLRQ
$OWKRXJK WKHUH LV QR WUDGLWLRQ WR LQGLFDWH LWV SHULRG RI UHYHODWLRQ \HW WKHUH LV LQ WKH
VXEMHFW PDWWHU RI WKLV 6XUDK DQ LQWHUQDO HYLGHQFH ZKLFK VKRZV WKDW LW LV RQH RI WKH
HDUOLHVW 6XUDKV WR EH VHQW GRZQ DW 0DNNDK $IWHU YHUVH  WKH GLVFRXUVH LV VXGGHQO\
LQWHUUXSWHG DQG WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  WROG 'R QRW PRYH \RXU
WRQJXH WR UHPHPEHU WKLV 5HYHODWLRQ KDVWLO\ ,W LV 2XU UHVSRQVLELOLW\ WR KDYH LW
UHPHPEHUHGDQGUHDG7KHUHIRUHZKHQ:HDUHUHFLWLQJLWOLVWHQWRLWVUHFLWDOFDUHIXOO\
$JDLQLWLV2XUUHVSRQVLELOLW\WRH[SODLQLWVPHDQLQJ7KHQIURPYHUVHRQZDUGWKH
VDPHWKHPHZKLFKZDVLQWHUUXSWHGDWYHUVHLVUHVXPHG7KLVSDUHQWKHWLFDOSDVVDJH
DFFRUGLQJWRERWKWKHFRQWH[WDQGWKHWUDGLWLRQVKDVEHHQLQWHUSRVHGKHUHIRUWKHUHDVRQ
WKDW ZKHQ WKH $QJHO *DEULHO ZDV UHFLWLQJ WKLV 6XUDK WR WKH +RO\ 3URSKHW WKH +RO\
3URSKHWOHVWKHVKRXOGIRUJHWLWVZRUGVODWHUZDVUHSHDWLQJWKHPDWWKHVDPHPRPHQW
7KLVLQIDFWKDSSHQHGDWWKHWLPHZKHQWKHFRPLQJGRZQDQGUHFHLSWRI5HYHODWLRQZDV
\HWDQHZH[SHULHQFHIRUKLPDQGKHZDVQRW\HWIXOO\XVHGWRUHFHLYLQJLWFDOPO\7KHUH
DUHWZRRWKHULQVWDQFHVDOVRRIWKLVLQWKH4XU
DQ)LUVWLQ6XUDK7D+DWKH+RO\3URSKHW
XSRQ ZKRP EH SHDFH  KDV EHHQ WROG $QG VHH WKDW \RX GR QRW KDVWHQ WR UHFLWH WKH
4XU
DQEHIRUHLWVUHYHODWLRQLVFRPSOHWHGWR\RX Y 7KHQLQ6XUDK$O$
ODLW
KDVEHHQVDLG:HVKDOOHQDEOH\RXWRUHFLWHWKHQ\RXVKDOOQHYHUIRUJHW Y /DWHU
ZKHQ WKH +RO\ 3URSKHW EHFDPH IXOO\ XVHG WR UHFHLYLQJ WKH 5HYHODWLRQ ZHOO WKHUH

LVODPPHVVDJHFRP 
UHPDLQHGQRQHHGWRJLYHKLPDQ\VXFKLQVWUXFWLRQ7KDWLVZK\H[FHSWIRUWKHVHWKUHH
WKHUHLVQRRWKHULQVWDQFHRIWKLVLQWKH4XU
DQ
7KHPHDQG6XEMHFW0DWWHU
0RVW RI WKH 6XUDKV IURP KHUH WLOO WKH HQG RI WKH 4XU
DQ LQ YLHZ RI WKHLU FRQWHQWDQG
VW\OH VHHP WR KDYH EHHQ VHQW GRZQ LQ WKH SHULRG ZKHQ DIWHU WKH ILUVW VHYHQ YHUVHV RI
6XUDK$O0XGGDWKWKLUUHYHODWLRQRIWKH4XU
DQEHJDQOLNHDVKRZHURIUDLQ7KXVLQWKH
VXFFHVVLYHO\ UHYHDOHG 6XUDKV ,VODP DQG LWV IXQGDPHQWDO FRQFHSWV DQG PRUDO WHDFKLQJV
ZHUHSUHVHQWHGVRIRUFHIXOO\DQGHIIHFWLYHO\LQSLWK\EULHIVHQWHQFHVDQGWKHSHRSOHRI
0DNNDK ZDUQHG VR YHKHPHQWO\ RQ WKHLU HUURUV DQG GHYLDWLRQV WKDW WKH 4XUDLVK FKLHIV
ZHUH XWWHUO\ FRQIRXQGHG 7KHUHIRUH EHIRUH WKH QH[W +DMM VHDVRQ FDPH WKH\ KHOG WKH
FRQIHUHQFHIRUGHYLVLQJVFKHPHVWRGHIHDWWKH+RO\3URSKHW XSRQZKRPEHSHDFH DV
KDVEHHQPHQWLRQHGLQWKH,QWURGXFWLRQWRWKH6XUDK$O0XGGDWKWKLUDERYH
,QWKLV6XUDKDGGUHVVLQJWKHGHQLHUVRIWKH+HUHDIWHUUHSOLHVKDYHEHHQJLYHQWRHDFKRI
WKHLUGRXEWVDQGREMHFWLRQVVWURQJDUJXPHQWVKDYHEHHQJLYHQWRSURYHWKHSRVVLELOLW\
RFFXUUHQFHDQGQHFHVVLW\RIWKH5HVXUUHFWLRQDQG+HUHDIWHUDQGDOVRLWKDVEHHQSRLQWHG
RXWFOHDUO\WKDWWKHDFWXDOUHDVRQRIWKHSHRSOH
VGHQ\LQJWKH+HUHDIWHULVQRWWKDWWKH\
UHJDUGLWDVLPSRVVLEOHUDWLRQDOO\EXWEHFDXVHWKHLUVHOILVKPRWLYHVGRQRWDOORZWKHPWR
DIILUPLW$WWKHVDPHWLPHWKHSHRSOHKDYHEHHQZDUQHGDVLIWRVD\7KHHYHQWWKH
RFFXUUHQFHRIZKLFK\RXGHQ\ZLOOLQHYLWDEO\FRPHDOO\RXUGHHGVZLOOEHEURXJKWDQG
SODFHGEHIRUH\RX$VDPDWWHURIIDFWHYHQEHIRUHDQ\RI\RXVHHVKLVUHFRUGKHZLOOEH
NQRZLQJIXOO\ZHOOZKDWKHKDVGRQHLQWKHZRUOGIRUQRPDQLVXQDZDUHRIKLPVHOIQR
PDWWHU ZKDW H[FXVHV DQG SUHWHQVHV KH PD\ RIIHU WR GHFHLYH WKH ZRUOG DQG GHFHLYH
KLPVHOILQUHVSHFWRIKLVPLVGHHGV

'DKU
1DPH
7KLV6XUDKLVFDOOHG$G'DKUDVZHOODV$O,QVDDQ
DIWHUWKHZRUGVRFFXUULQJLQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
0RVWRIWKHFRPPHQWDWRUVLQFOXGLQJ$OODDPD=DPDNKVKDUL,PDP5D]L4DGL%DLGDZL
$OODDPD 1L]DDP DG'LQ 1LVDEXUL +DIL] ,EQ .DWKLU DQG PDQ\ RWKHUV UHJDUG LW DV D
0DNNL6XUDKDQGDFFRUGLQJWR$OODDPD$OXVLWKHVDPHLVWKHRSLQLRQRIWKHPDMRULW\
RIVFKRODUV+RZHYHUVRPHFRPPHQWDWRUVKROGWKHYLHZWKDWWKH6XUDKZDVUHYHDOHGDW
0DGLQDKDQGVRPHRWKHUVVD\WKDWLWZDVUHYHDOHGDW0DNNDKEXWYYRILWZHUH
VHQWGRZQDW0DGLQDK
$V IDU DV WKH VXEMHFW PDWWHU DQG WKH VW\OH RI WKH 6XUDK DUH FRQFHUQHG WKHVH DUH YHU\
GLIIHUHQWIURPWKRVHRIWKH0DGDQL6XUDKV$OLWWOHVWXG\RILWUDWKHUVKRZQWKDWLWLVQRW
RQO\ D 0DNNL 6XUDK EXW LW ZDV UHYHDOHG GXULQJ WKH HDUOLHVW SHULRG DW 0DNNDK ZKLFK
EHJDQMXVWDIWHUWKHUHYHODWLRQRIWKHILUVWVHYHQYHUVHVRI6XUDK$O0XGGDWKWKLU$VIRU
YYWKH\DUHVRQDWXUDOO\ VHWLQWKHWKHPHRIWKH6XUDKWKDWLIWKH\DUHUHDGLQWKHLU
SURSHUFRQWH[WQRRQHFDQVD\WKDWWKHWKHPHSUHFHGLQJDQGIROORZLQJWKHPKDGEHHQ

LVODPPHVVDJHFRP 
VHQWGRZQWR\HDUVHDUOLHUEXWWKHVHWKUHHYHUVHVZKLFKZHUHUHYHDOHGPDQ\\HDUV
ODWHUZHUHLQVHUWHGKHUHXQQDWXUDOO\
,Q IDFW WKH EDVLV RI WKH LGHD WKDW WKLV 6XUDK RU VRPH YHUVHV RI LW ZHUH UHYHDOHG DW
0DGLQDKLVDWUDGLWLRQZKLFK$WDKDVUHODWHGIURP,EQ$EEDV PD\$OODKEOHVVKLP +H
VD\V WKDW RQFH +DGUDW +DVDQ DQG +XVDLQ IHOO LOO 7KH +RO\ 3URSKHW DQG VRPH RI KLV
&RPSDQLRQV YLVLWHG WKHP 7KH\ ZLVKHG +DGUDW $OL WR PDNH D YRZ WR $OODK IRU WKH
UHFRYHU\RIWKHWZRFKLOGUHQ7KHUHXSRQ+DGUDW$OL+DGUDW)DWLPDKDQG)LGGDKWKHLU
PDLGVHUYDQWYRZHGDIDVWRIWKUHHGD\VLI$OODKUHVWRUHGWKHFKLOGUHQWRKHDOWK
7KH FKLOGUHQ UHFRYHUHG E\ WKH JUDFH RI $OODK DQG WKH WKUHH RI WKHP EHJDQ WR IDVW DV
DYRZHG$VWKHUHZDVQRWKLQJWRHDWLQWKHKRXVH+DGUDW$OLERUURZHGWKUHHPHDVXUHV
VDD
 RIEDUOH\IURPVRPHERG\ DFFRUGLQJWRDQRWKHUWUDGLWLRQHDUQHGWKURXJKODERU 
:KHQRQWKHILUVWGD\WKH\VDWGRZQWRHDWDIWHUEUHDNLQJWKHIDVWDSRRUPDQFDPHDQG
EHJJHGIRUIRRG7KH\JDYHDOOWKHLUIRRGWRKLPGUDQNZDWHUDQGUHWLUHGWREHG7KH
QH[WGD\ZKHQWKH\DJDLQVDWGRZQWRHDWDIWHUEUHDNLQJWKHIDVWDQRUSKDQFDPHDQG
EHJJHGIRUVRPHWKLQJ7KH\DJDLQJDYHDZD\WKHZKROHIRRGWRKLPGUDQNZDWHUDQG
ZHQWWREHG2QWKHWKLUGGD\ZKHQWKH\ZHUHMXVWJRLQJWRHDWDIWHUEUHDNLQJWKHIDVWD
FDSWLYHFDPHXSDQGEHJJHGIRUIRRGOLNHZLVH$JDLQWKHZKROHIRRGZDVJLYHQDZD\WR
KLP2QWKHIRXUWKGD\+DGUDW$OLWRRNERWKWKHFKLOGUHQZLWKKLPDQGZHQWEHIRUHWKH
+RO\3URSKHW XSRQZKRPEHSHDFH 
7KH+RO\3URSKHW RQZKRPEHSHDFH VHHLQJWKHZHDNFRQGLWLRQRIWKHWKUHHUHWXUQHG
ZLWKWKHPWRWKHKRXVHRI+DGUDW)DWLPDKDQGIRXQGKHUO\LQJLQDFRUQHUKDOIGHDGZLWK
KXQJHU7KLVPRYHGKLPYLVLEO\,QWKHPHDQWLPHWKH$QJHO*DEULHO SHDFHEHRQKLP 
FDPHDQGVDLG/RRN$OODKKDVFRQJUDWXODWHG\RXRQWKHYLUWXHVRIWKHSHRSOHRI\RXU
KRXVH
:KHQ WKH +RO\ 3URSKHW DVNHG ZKDW LW ZDV KH UHFLWHG WKLV ZKROH 6XUDK LQ UHVSRQVH
$FFRUGLQJ WR ,EQ 0DKUDQ
V WUDGLWLRQ KH UHFLWHG LW IURP YHUVH  WLOO WKH HQG %XW WKH
WUDGLWLRQZKLFK,EQ0DUGX\DKKDVUHODWHGIURP,EQ$EEDVRQO\VD\VWKDWWKHYHUVH:D
\XW
LPXQDWWD
DPZDVVHQWGRZQFRQFHUQLQJ+DGUDW$OLDQG+DGUDW)DWLPDKWKHUHLV
QRPHQWLRQRIWKLVVWRU\LQLW 7KLVZKROHVWRU\KDVEHHQQDUUDWHGE\$OLELQ$KPDGDO
:DKLGLLQKLV&RPPHQWDU\RIWKH4XU
DQHQWLWOHG$O%DVLWDQGSUREDEO\IURPWKHVDPH
LWKDVEHHQWDNHQE\=DPDNKVKDUL5D]L1LVDEXULDQGRWKHUV
,QWKHILUVWSODFHWKLVWUDGLWLRQLVYHU\ZHDNDVUHJDUGVLWVFKDLQRIWUDQVPLVVLRQ7KHQ
IURPWKHSRLQWRIYLHZRILWVVXEMHFWPDWWHUDOVRLWLVVWUDQJHWKDWZKHQDSRRUPDQRU
DQ RUSKDQ RU D FDSWLYH FRPHV WR EHJ IRU IRRG KH LV JLYHQ DOO WKH IRRG +H FRXOG EH
JLYHQ RQH PHPEHU
V IRRG DQG WKH ILYH RI WKHP FRXOG VKDUH WKH UHVW RI LW DPRQJ
WKHPVHOYHV
7KHQWKLVDOVRLVLQFUHGLEOHWKDWLOOXVWULRXVSHUVRQVOLNH+DGUDW$OLDQG+DGUDW)DWLPDK
ZKRSRVVHVVHGSHUIHFWNQRZOHGJHRI,VODPVKRXOGKDYHUHJDUGHGLWDVDQDFWRIYLUWXHWR
NHHSWKHWZRFKLOGUHQZKRKDGMXVWUHFRYHUHGWKHLUKHDOWKDQGZHUHVWLOOZHDNKXQJU\
IRUWKUHHFRQVHFXWLYHGD\V
0RUHRYHULQUHVSHFWRIWKHFDSWLYHVDOVRLWKDVQHYHUEHHQDSUDFWLFHXQGHUWKH,VODPLF
JRYHUQPHQW WKDW WKH\ VKRXOG EH OHIW WR EHJ IRU IRRG IRU WKHPVHOYHV )RU LI WKH\ ZHUH
LVODPPHVVDJHFRP 
SULVRQHUVRIWKHJRYHUQPHQWWKHJRYHUQPHQWLWVHOIZDVUHVSRQVLEOHWRDUUDQJHIRRGDQG
FORWKLQJIRUWKHPDQGLIWKH\ZHUHLQDQLQGLYLGXDO
VFXVWRG\KHZDV PDGHUHVSRQVLEOH
WRIHHGDQGFORWKHWKHP7KHUHIRUHLWZDVQRWSRVVLEOHWKDWLQ0DGLQDKDFDSWLYHVKRXOG
KDYHJRQHDERXWEHJJLQJIRRGIURPGRRUWRGRRU
+RZHYHU RYHUORRNLQJ WKH ZHDNQHVVHV RI WUDQVPLVVLRQ DQG WKH SUREDELOLW\ RI VXEMHFW
PDWWHU HYHQ LI WKH QDUUDWLYH LV DFFHSWHG DV LW JRHV DW WKH PRVW ZKDW LW VKRZV LV WKDW
ZKHQWKHSHRSOHRIWKH+RO\3URSKHW
VKRXVHDFWHGULJKWHRXVO\DVWKH\GLG*DEULHOFDPH
DQG JDYH KLP WKH JRRG QHZV WKDW $OODK KDG PXFK DSSUHFLDWHG WKHLU DFW RI YLUWXH IRU
WKH\KDGDFWHGSUHFLVHO\LQWKHULJKWHRXVZD\WKDW$OODKKDGFRPPDQGHGLQWKHVHYHUVHV
RI6XUDK$G'DKU
7KLV GRHV QRW QHFHVVLWDWH WKDW WKHVH YHUVHV WRR ZHUH VHQW GRZQRQWKDWYHU\RFFDVLRQ
7KHVDPHLVWKHFDVHZLWKPDQ\WUDGLWLRQVFRQFHUQLQJWKHRFFDVLRQRIUHYHODWLRQ:KHQ
DERXWDFHUWDLQYHUVHLWLVVDLGWKDWLWZDVVHQWGRZQRQDSDUWLFXODURFFDVLRQLWLQIDFW
GRHV QRW PHDQ WKDW WKH YHUVH ZDV VHQW GRZQ RQ WKH YHU\ RFFDVLRQ WKH LQFLGHQW WRRN
SODFH%XWLWPHDQVWKDWWKHYHUVHDSSOLHVSUHFLVHO\DQGH[DFWO\WRWKHLQFLGHQW
,PDP 6X\XWL LQ $O,WTDQ KDV TXRWHG WKLV IURP +DIL] ,EQ 7DLPL\\DK :KHQ WKH
UHSRUWHUVVD\WKDWDYHUVHZDVVHQWGRZQFRQFHUQLQJDSDUWLFXODULQFLGHQWLWVRPHWLPHV
LPSOLHVWKDWWKHVDPHLQFLGHQW RUPDWWHU RFFDVLRQHGLWVUHYHODWLRQDQGVRPHWLPHVWKDW
WKH YHUVH DSSOLHV WR WKH PDWWHU DOWKRXJK LW PD\ QRW KDYH RFFDVLRQHG LWV UHYHODWLRQ
)XUWKHURQKHTXRWHV,PDP%DGUDG'LQ=DUNDVKL
VYLHZIURPKLV$O%XUKDQIL8OXP
DO4XUDQ ,W LV ZHOO NQRZQ LQ UHVSHFW RI WKH &RPSDQLRQV DQG WKHLU LPPHGLDWH
VXFFHVVRUV WKDW ZKHQ RQH RI WKHP VD\V WKDW D YHUVH ZDV VHQW GRZQ FRQFHUQLQJ D
SDUWLFXODUPDWWHULWPHDQVWKDWWKHUXOLQJFRQWDLQHGLQLWDSSOLHGWRWKDWPDWWHUDQGQRW
WKDWWKHPDWWHULWVHOIRFFDVLRQHGWKHUHYHODWLRQRIWKHYHUVH7KXVLWRQO\XVHVWKHUXOLQJ
RIWKHYHUVHIRUWKHSXUSRVHRIUHDVRQLQJDQGQRWIRUVWDWLQJDIDFW $O,WTDQIL8OXP
DO4XUDQYRO,S(G 
7KHPHDQG6XEMHFW0DWWHU
7KHWKHPHRIWKLV6XUDKLVWRLQIRUPPDQRIKLVWUXHSRVLWLRQLQWKHZRUOGDQGWRWHOOKLP
WKDWLIKHXQGHUVWRRGKLVWUXHSRVLWLRQULJKWO\DQGDGRSWHGWKHDWWLWXGHRIJUDWHIXOQHVVKH
ZRXOG PHHW ZLWK VXFK DQG VXFK JRRG HQG DQG LI KH DGRSWHG WKH ZD\ RI GLVEHOLHI KH
ZRXOGPHHWZLWKVXFKDQGVXFKHYLOHQGV,QWKHORQJHU6XUDKVRIWKH4XU
DQWKLVVDPH
WKHPH KDV EHHQ SUHVHQWHG DW OHQJWK EXW D VSHFLDO FKDUDFWHULVWLF RI WKH VW\OH RI WKH
HDUOLHVW6XUDKVUHYHDOHGDW0DNNDKLVWKDWWKHVXEMHFWVGHDOWZLWKDWOHQJWKLQWKHODWHU
SHULRGKDYHEHHQSUHVHQWHGLQDEULHIEXWKLJKO\HIIHFWLYHZD\LQWKLVSHULRGLQVXFK
FRQFLVH HOHJDQW VHQWHQFHV DV PD\ DXWRPDWLFDOO\ EH SUHVHUYHG LQ WKH PHPRU\ RI WKH
KHDUHUV
,Q WKLV 6XUDK ILUVW RI DOO PDQ KDV EHHQ UHPLQGHG WKDW WKHUH ZDV D WLPH ZKHQ KH ZDV
QRWKLQJ WKHQ D KXPEOH EHJLQQLQJ RI KLP ZDV PDGH ZLWK D PL[HG GURS RI VSHUP DQG
RYXPRIZKLFKHYHQKLVPRWKHUZDVQRWDZDUHHYHQVKHGLGQRWNQRZWKDWKHKDGEHHQ
FRQFHLYHGQRUDQ\RQHHOVHVHHLQJWKHPLFURVFRSLFFHOOFRXOGVD\WKDWLWZDVDPDQZKR
LQ IXWXUH ZRXOG EHFRPH WKH EHVW RI FUHDWLRQ RQ WKH HDUWK $IWHU WKLV PDQ KDV EHHQ
ZDUQHG VR DV WR VD\ %HJLQQLQJ \RXU FUHDWLRQ LQ WKLV ZD\ :H KDYH GHYHORSHG DQG
LVODPPHVVDJHFRP 
VKDSHG \RX LQWR ZKDW \RX DUH WRGD\ LQ RUGHU WR WHVW DQG WU\ \RX LQ WKH ZRUOG 7KDW LV
ZK\ XQOLNH RWKHU FUHDWXUHV \RX ZHUH PDGH LQWHOOLJHQW DQG VHQVLEOH DQG ZHUH VKRZQ
ERWKWKHZD\RIJUDWLWXGHDQGWKHZD\RILQJUDWLWXGHFOHDUO\VRWKDW\RXPD\VKRZLQ
WKHLQWHUYDOWKDW\RXKDYHEHHQJUDQWHGKHUHIRUZRUNZKHWKHU\RXKDYHHPHUJHGDVD
JUDWHIXOVHUYDQWIURPWKHWHVWRUDQXQEHOLHYLQJ8QJUDWHIXOZUHWFK
7KHQMXVWLQRQHVHQWHQFHLWKDVEHHQVWDWHGGHFLVLYHO\ZKDWZLOOEHWKHIDWHWREHPHW
ZLWKLQWKH+HUHDIWHUE\WKRVHZKRHPHUJHGDVXQEHOLHYHUVIURPWKLVWHVW
$IWHUWKLVLQYYFRQWLQXRXVO\WKHEOHVVLQJVZLWKZKLFKWKRVHZKRGRIXOOMXVWLFH
WRVHUYLWXGHLQWKHZRUOGZLOOEHIDYRUHGKDYHEHHQPHQWLRQHGLQIXOOGHWDLO,QWKHVH
YHUVHV QRW RQO\ KDYH WKHLU EHVW UHZDUGV EHHQ PHQWLRQHG EXW WKH\ KDYH DOVR EHHQWROG
EULHIO\ ZKDW DUH WKH DFWV RQ WKH EDVLV RI ZKLFK WKH\ ZRXOG EHFRPH ZRUWK\ RI WKRVH
UHZDUGV$QRWKHUVSHFLDOFKDUDFWHULVWLFRIWKHHDUOLHVW6XUDKVUHYHDOHGDW0DNNDKLVWKDW
EHVLGHVLQWURGXFLQJLQWKHPEULHIO\WKHIXQGDPHQWDOEHOLHIVDQGFRQFHSWVRI,VODPKHUH
DQG WKHUH WKRVH PRUDO TXDOLWLHV DQG YLUWXRXV DFWV KDYH EHHQ PHQWLRQHG ZKLFK DUH
SUDLVHZRUWK\ DFFRUGLQJ WR ,VODP DQG DOVR WKRVH HYLOV RI GHHG DQG PRUDOLW\ RI ZKLFK
,VODPVWULYHVWRFOHDQVHKXPDQOLIH$QGWKHVHWZRWKLQJVKDYHQRWEHHQPHQWLRQHGZLWK
DYLHZWRVKRZZKDWJRRGRUHYLOUHVXOWLVHQWDLOHGE\WKHPLQWKHWUDQVLWRU\OLIHRIWKH
ZRUOGEXWWKH\KDYHEHHQPHQWLRQHGRQO\WRSRLQWRXWZKDWHQGXULQJUHVXOWVWKH\ZLOO
SURGXFHLQWKHHWHUQDODQGHYHUODVWLQJOLIHRIWKH+HUHDIWHULUUHVSHFWLYHRIZKHWKHUDQ
HYLOTXDOLW\PD\SURYHXVHIXORUDJRRGTXDOLW\PD\SURYHKDUPIXOLQWKHZRUOG
7KLV LV WKH VXEMHFW PDWWHU RI WKH ILUVW VHFWLRQ YY   ,Q WKH VHFRQG VHFWLRQ
DGGUHVVLQJWKH+RO\3URSKHW XSRQZKRPEHSHDFH WKUHHWKLQJVKDYHEHHQVWDWHGILUVW
WKDWLWLVLQIDFW:H2XUVHOI:KRDUHUHYHDOLQJWKLV4XU
DQSLHFHPHDOWR\RXDQGWKLVLV
LQWHQGHGWRLQIRUPWKHGLVEHOLHYHUVQRW\RXWKDWWKH4XU
DQLVQRWEHLQJIDEULFDWHGE\
0XKDPPDG XSRQ ZKRP EH $OODK
V SHDFH DQG EOHVVLQJV  EXW LW LV :H :KR DUH
UHYHDOLQJLWDQGLWLV2XU2ZQZLVGRPZKLFKUHTXLUHVWKDW:HVKRXOGUHYHDOLWSLHFHE\
SLHFH DQG QRW DOO DW RQFH 6HFRQG WKH +RO\ 3URSKHW KDV EHHQ WROG 1R PDWWHU KRZ
ORQJ LW PD\ WDNH IRU WKH GHFUHH RI \RXU /RUG WR EH HQIRUFHG DQG QR PDWWHU ZKDW
DIIOLFWLRQVPD\EHIDOO\RXLQWKHPHDQWLPHLQDQ\FDVH\RXVKRXOGFRQWLQXHWRSHUIRUP
\RXUPLVVLRQRI$SRVWOHVKLSSDWLHQWO\DQGQRWWR\LHOGWRWKHSUHVVXUHWDFWLFVRIDQ\RI
WKHVHZLFNHGDQGXQEHOLHYLQJSHRSOH7KHWKLUGWKLQJKHKDVEHHQWROGLV5HPHPEHU
$OODKGD\DQGQLJKWSHUIRUPWKH3UD\HUDQGVSHQG\RXUQLJKWVLQWKHZRUVKLSRI$OODK
IRULWLVWKHVH WKLQJVZKLFKVXVWDLQDQGVWUHQJWKHQWKRVHZKRFDOOWR$OODKLQWKHIDFHRI
LQLTXLW\DQGGLVEHOLHI
7KHQLQRQHVLQJOHVHQWHQFHWKHDFWXDOFDXVHRIWKHGLVEHOLHYHUVZURQJDWWLWXGHKDVEHHQ
VWDWHGWKH\KDYHIRUJRWWHQWKH+HUHDIWHUDQGDUHHQDPRUHGRIWKHZRUOG,QWKHVHFRQG
VHQWHQFH WKH\ KDYH EHHQ ZDUQHG WR WKH HIIHFW <RX KDYH QRW FRPH LQWR EHLQJ E\
\RXUVHOI :H KDYH FUHDWHG \RX <RX KDYH QRW PDGH WKHVH EURDG FKHVWV DQG VWURQJ
VWXUG\KDQGVDQGIHHWIRU\RXUVHOYHVLWLV:H:KRPDGHWKHVHIRU\RXDQGLWVROLHVLQ
2XUSRZHUWRWUHDW\RXDV:HSOHDVH:HFDQGLVWRUW\RXUILJXUHV:HFDQGHVWUR\\RX
DQGUHSODFH\RXE\VRPHRWKHUQDWLRQ:HFDQFDXVH\RXWRGLHDQGFDQUHFUHDWH\RXLQ
ZKDWHYHUIRUPZHOLNH
LVODPPHVVDJHFRP 
,QFRQFOXVLRQLWKDVEHHQVDLG7KLVLVDQ $GPRQLWLRQZKRHYHUZLOOVPD\DFFHSWLWDQG
WDNHDSDWKWRKLV/RUG%XWPDQ
VRZQZLOODQGGHVLUHLVQRWHYHU\WKLQJLQWKHZRUOG1R
RQH
VZLOODQGGHVLUHFDQEHIXOILOOHGXQOHVV$OODK DOVR VRZLOOV$QG$OODK
VZLOOLQJLV
QRW KDSKD]DUG ZKDWHYHU +H ZLOOV +H ZLOOV LW RQ WKH EDVLV RI +LV NQRZOHGJH DQG
ZLVGRP+HDGPLWVLQWR+LVPHUF\ZKRPHYHU+HUHJDUGVDVZRUWK\RI+LVPHUF\RQWKH
EDVLVRI+LVNQRZOHGJHDQGZLVGRPDQG+HKDVSUHSDUHGDSDLQIXOWRUPHQWIRUWKRVH
ZKRP+HILQGVXQMXVWDQGZLFNHG

0XUVDODDW
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGZDOPXUVDODDWLQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
,WV VXEMHFW PDWWHU EHDUV IXOO HYLGHQFH WKDW LW ZDV UHYHDOHG LQ WKH HDUOLHVW SHULRG DW
0DNNDK ,I WKLV 6XUDK LV UHDG WRJHWKHU ZLWK WKH WZR 6XUDKV SUHFHGLQJ LW QDPHO\ $O
4L\DDPDK DQG $G'DKU DQG WKH WZR 6XUDKV IROORZLQJ LW QDPHO\ $Q1DED DQG $Q
1D]LCDDW LW EHFRPHV REYLRXV WKDW DOO WKHVH 6XUDKV DUH WKH 5HYHODWLRQV RI WKH VDPH
SHULRGDQGWKH\GHDOZLWKRQHDQGWKHVDPHWKHPHZKLFKKDVEHHQLPSUHVVHGRQWKH
SHRSOHRI0DNNDKLQGLIIHUHQWZD\V
7KHPHDQG6XEMHFW0DWWHU
,WV WKHPH LV WR DIILUP WKH 5HVXUUHFWLRQ DQG +HUHDIWHU DQG WR ZDUQ WKH SHRSOH RI WKH
FRQVHTXHQFHV ZKLFK ZLOO XOWLPDWHO\ IROORZ WKH GHQLDO DQG WKH DIILUPDWLRQ RI WKHVH
WUXWKV
,QWKHILUVWVHYHQYHUVHVWKHV\VWHPRIZLQGVKDVEHHQSUHVHQWHGDVDQHYLGHQFHRIWKH
WUXWK WKDW WKH 5HVXUUHFWLRQ ZKLFK LV EHLQJ IRUHWROG E\ WKH 4XU
DQ DQG WKH 3URSKHW
0XKDPPDG XSRQ ZKRP EH $OODK
V SHDFH DQG EOHVVLQJV  PXVW FRPH WR SDVV 7KH
UHDVRQLQJLVWKDWWKHSRZHURI$OO0LJKW\$OODK:KRHVWDEOLVKHGWKLVZRQGHUIXOV\VWHP
RQ WKH HDUWK FDQQRW EH KHOSOHVV LQ EULQJLQJ DERXW WKH 5HVXUUHFWLRQ DQG WKH H[SUHVV
ZLVGRPZKLFKXQGHUOLHVWKLVV\VWHPEHDUVIXOOHYLGHQFHWKDWWKH+HUHDIWHUPXVWDSSHDU
IRU QR DFW RI DQ $OO:LVH &UHDWRU FDQ EH YDLQ DQG SXUSRVHOHVV DQG LI WKHUH ZDV QR
+HUHDIWHULWZRXOGPHDQWKDWWKHZKROHRIRQH
VOLIHZDVXVHOHVVDQGDEVXUG
7KHSHRSOHRI0DNNDKUHSHDWHGO\DVNHG%ULQJDERXWWKH5HVXUUHFWLRQZLWKZKLFK\RX
WKUHDWHQ XV RQO\ WKHQ VKDOO ZH EHOLHYH LQ LW ,Q YY  WKHLU GHPDQG KDV EHHQ
DQVZHUHGVD\LQJ5HVXUUHFWLRQLVQRVSRUWRUIXQVRWKDWZKHQHYHUDMHVWHUVKRXOGDVN
IRULWLWVKRXOGEHEURXJKWIRUWKLPPHGLDWHO\,WLVLQGHHGWKH'D\RI-XGJPHQWWRVHWWOH
WKH DFFRXQW RI DOO PDQNLQGDQGRIDOOLWVLQGLYLGXDOV)RULW$OODKKDVIL[HGDVSHFLILF
WLPHLWZLOOWDNHSODFHDWLWVRZQWLPHDQGZKHQLWWDNHVSODFHZLWKDOOLWVGUHDGVDQG
KRUURUVLWZLOOFRQIRXQGWKRVHZKRDUHGHPDQGLQJLWIRUIXQWRGD\7KHQWKHLUFDVHVZLOO
EHGHFLGHG RQO\RQWKHHYLGHQFHRIWKRVH0HVVHQJHUVZKRPWKHVHGHQLHUVRIWKHWUXWK
DUHUHSXGLDWLQJZLWKLPSXQLW\7KHQWKH\ZLOOWKHPVHOYHVUHDOL]HKRZWKH\WKHPVHOYHV
DUHUHVSRQVLEOHIRUWKHLUGRRPV
,QYYDUJXPHQWVKDYHEHHQJLYHQFRQWLQXRXVO\IRUWKHRFFXUUHQFHDQGQHFHVVLW\
RIWKH5HVXUUHFWLRQDQG+HUHDIWHU
LVODPPHVVDJHFRP 
,QWKHVHLWKDVEHHQVWDWHGWKDWPDQ
VRZQKLVWRU\KLVRZQELUWKDQGWKHVWUXFWXUHRIWKH
HDUWK RQ ZKLFK KH OLYHV EHDU WKH WHVWLPRQ\ WKDW WKH FRPLQJ RI 5HVXUUHFWLRQ DQG WKH
HVWDEOLVKPHQWRIWKH+HUHDIWHUDUHSRVVLEOHDVZHOODVWKHGHPDQGRI$OODK$OPLJKW\
V
ZLVGRP
+LVWRU\WHOOVXVWKDWWKHQDWLRQVZKLFKGHQLHGWKH+HUHDIWHUXOWLPDWHO\EHFDPHFRUUXSWHG
DQGPHWZLWKGHVWUXFWLRQ7KLVPHDQVWKDWWKH+HUHDIWHULVDWUXWKZKLFKLIGHQLHGDQG
FRQWUDGLFWHG E\ D QDWLRQ E\ LWV FRQGXFW DQG DWWLWXGH ZLOO FDXVH LW WR PHHW WKH VDPH
GRRPZKLFKLVPHWE\DEOLQGPDQZKREXVKHVKHDGORQJLQWRDQDSSURDFKLQJWUDLQ
$QGLWDOVRPHDQVWKDWLQWKHNLQJGRPRIWKHXQLYHUVHRQO\SK\VLFDOODZVDUHQRWDWZRUN
EXW D PRUDO ODZ DOVR LV ZRUNLQJ LQ LW XQGHU ZKLFK LQ WKLV YHU\ ZRUOG WKH SURFHVV RI
UHWULEXWLRQLVRSHUDWLQJ
%XWVLQFHLQWKHSUHVHQWOLIHRIWKHZRUOGUHWULEXWLRQLVQRWWDNLQJSODFHLQLWVFRPSOHWH
DQGSHUIHFWIRUPWKHPRUDOODZRIWKHXQLYHUVHQHFHVVDULO\GHPDQGVWKDWWKHUHVKRXOG
FRPHDWLPHZKHQLWVKRXOGWDNHLWVIXOOFRXUVHDQGDOOWKRVHJRRGZRUNVDQGHYLOGHHGV
ZKLFK FRXOG QRW EH UHZDUGHG KHUH RU ZKLFK HVFDSHG WKHLU GXH SXQLVKPHQW VKRXOG EH
IXOO\UHZDUGHGDQGSXQLVKHG)RUWKLVLWLVLQHYLWDEOHWKDWWKHUHVKRXOGEHDVHFRQGOLIH
DIWHU GHDWK ,I PDQ RQO\ FRQVLGHUV KRZ KH WDNHV KLV ELUWK LQ WKH ZRUOG KLV LQWHOOHFW
SURYLGHGLWLVVRXQGLQWHOOHFWFDQQRWGHQ\WKDWIRUWKH*RG:KREHJDQKLVFUHDWLRQIURP
DQLQVLJQLILFDQWVSHUPGURSDQGGHYHORSHGKLPLQWRDSHUIHFWPDQLWFHUWDLQO\SRVVLEOH
WRFUHDWHWKHVDPHPDQRQFHDJDLQ
$IWHU GHDWK WKH SDUWLFOHV RI PDQ
V ERG\ GR QRW GLVDSSHDU EXW FRQWLQXH WR H[LVW RQ WKH
VDPHHDUWKRQZKLFKKHOLYHGKLVZKROHOLIH,WLVIURPWKHUHVRXUFHVDQGWUHDVXUHVRIWKLV
YHU\HDUWKWKDWKHLVPDGHDQGQRXULVKHGDQGWKHQLQWRWKHVDPHWUHDVXUHVRIWKHHDUWKKH
LVGHSRVLWHG
7KH*RGZKRFDXVHGKLPWRHPHUJHIURPWKHWUHDVXUHVRIWKHHDUWKLQWKHILUVWLQVWDQFH
FDQDOVRFDXVHKLPWRUHHPHUJHIURPWKHVDPHWUHDVXUHVDIWHUKHKDVEHHQUHVWRUHGWR
WKHPDWGHDWK,IRQHRQO\FRQVLGHUVWKHSRZHUVRI$OODKRQHFDQQRWGHQ\WKDW+HFDQ
GR WKLV DQG LI RQH FRQVLGHUV WKH ZLVGRP RI $OODK RQH DOVR FDQQRW GHQ\ WKDW LW LV
FHUWDLQO\WKHYHU\GHPDQGRI+LVZLVGRPWRFDOOPDQWRDFFRXQWIRUWKHULJKWDQGZURQJ
XVH RI WKH SRZHUV WKDW +H KDV JUDQWHG KLP RQ WKH HDUWK LW ZRXOG UDWKHU EH DJDLQVW
ZLVGRPWROHWKLPRIIZLWKRXWUHQGHULQJDQDFFRXQW
7KHQLQYYWKHIDWHRIWKHGHQLHUVRIWKH+HUHDIWHUKDVEHHQGHSLFWHGDQGLQYY
 RI WKRVH ZKR DIILUPLQJ IDLWK LQ LW LQ WKHLU ZRUOGO\ OLIH HQGHDYRUHG WR LPSURYH
WKHLU+HUHDIWHUDQGDEVWDLQHGIURPWKHHYLOVRIGLVEHOLHIDQGWKRXJKWPRUDOLW\DQGGHHG
FRQGXFW DQG FKDUDFWHU ZKLFK PLJKW EH KHOSIXO LQ PDQ
V ZRUOGO\ OLIH EXW DUH FHUWDLQO\
UXLQRXVIRUKLVOLIHKHUHDIWHU
,Q WKH HQG WKH GHQLHUV RI WKH +HUHDIWHU DQG WKRVH ZKR WXUQ DZD\ IURP *RGZRUVKLS
KDYHEHHQZDUQHGDVLIWRVD\(QMR\\RXUVKRUWOLYHGZRUOGO\SOHDVXUHDV\RXPD\EXW
\RXUHQGZLOOXOWLPDWHO\EHGLVDVWURXV7KHGLVFRXUVH FRQFOXGHVZLWKWKHDVVHUWLRQWKDW
WKH RQH ZKR IDLOV WR REWDLQ JXLGDQFH IURP %RRN OLNH WKH 4XU
DQ FDQ KDYH QR HWKHU
VRXUFHLQWKHZRUOGWRDIIRUGKLP*XLGDQFH

LVODPPHVVDJHFRP 
1DED

1DPH
7KH6XUDKGHULYHGLWVQDPHIURPWKHZRUGDQ1DED
LQWKHVHFRQGYHUVH7KLVLV QRWRQO\
DQDPHEXWDOVRDWLWOHRILWVVXEMHFWPDWWHUIRU1DED
LPSOLHVWKHQHZVRI5HVXUUHFWLRQ
DQG+HUHDIWHUDQGWKHZKROH6XUDKLVGHYRWHGWRWKHVDPHWKHPH
3HULRGRI5HYHODWLRQ
$V ZH KDYH H[SODLQHG LQ WKH LQWURGXFWLRQ WR 6XUDK $O0XUVDODDW WKH WKHPH RIDOOWKH
6XUDKV IURP $O4L\DDPDK WR $Q1DD]LCDDW FORVHO\ UHVHPEOHV RQH DQRWKHU DQG DOO
WKHVHVHHPWRKDYHEHHQUHYHDOHGLQWKHHDUOLHVWSHULRGDW0DNNDK
7KHPHDQG6XEMHFW0DWWHU
,WVWKHPHDOVRLVWKHVDPHDVRI6XUDK$O0XUVDODDWLHWRDIILUPWKH5HVXUUHFWLRQDQG
+HUHDIWHU DQG WR ZDUQ WKH SHRSOH RI WKH FRQVHTXHQFHV RI DFNQRZOHGJLQJ RU GLV
DFNQRZOHGJLQJLW
:KHQWKH+RO\3URSKHW XSRQZKRPEHSHDFH ILUVWVWDUWHGWRSUHDFK,VODPLQ0DNNDK
KLV PHVVDJH FRQVLVWHG RI WKUHH HOHPHQWV   7KDW QRQH EH KHOG DV DQ DVVRFLDWH ZLWK
$OODK LQ *RGKHDG   WKDW $OODK KDG DSSRLQWHG KLP DV +LV 0HVVHQJHU   WKDW WKLV
ZRUOGZLOOFRPHWRDQHQGRQHGD\DQGWKHQDQRWKHUZRUOGZLOOEHHVWDEOLVKHGZKHQDOO
WKHIRUPHUDQGWKHODWWHUJHQHUDWLRQVZLOOEHUHVXUUHFWHGZLWKWKHVDPHERGLHVLQZKLFK
WKH\OLYHGDQGZRUNHGLQWKHZRUOGWKHQWKH\ZLOOEHFDOOHGWRDFFRXQWIRUWKHLUEHOLHIV
DQGGHHGVDQGWKRVHZKRHPHUJHDVEHOLHYLQJDQGULJKWHRXVLQWKLVDFFRXQWDELOLW\ZLOO
JRWR3DUDGLVHDQGWKRVHZKRDUHSURYHGWREHGLVEHOLHYLQJDQGZLFNHGZLOOOLYHLQ+HOO
IRUHYHU
2IWKHVHDOWKRXJKWKHILUVWWKLQJZDVKLJKO\XQSOHDVDQWIRUWKHSHRSOHRI0DNNDK\HWLQ
DQ\ FDVH WKH\ ZHUH QRW GLVEHOLHYHUV LQ WKH H[LVWHQFH RI $OODK 7KH\ EHOLHYHG LQ +LV
%HLQJWKH6XSUHPH6XVWDLQHU&UHDWRUDQG3URYLGHQFHDQGDOVRDGPLWWHGWKDWDOOWKRVH
EHLQJV ZKRP WKH\ UHJDUGHG DV WKHLU GHLWLHV ZHUH WKHPVHOYHV $OODK
V FUHDWXUHV
7KHUHIRUHLQWKLVUHJDUGWKHRQO\WKLQJWKH\GLVSXWHGZDVZKHWKHUWKH\KDGDQ\VKDUHLQ
WKHDWWULEXWHVDQGSRZHUVRI'LYLQLW\DQGLQWKH'LYLQH%HLQJLWVHOIRUQRW
$VIRUWKHVHFRQGWKLQJWKHSHRSOHRI0DNNDKZHUHQRWSUHSDUHGWRDFFHSWLW+RZHYHU
ZKDW WKH\ FRXOG QRW SRVVLEO\ GHQ\ ZDV WKDW GXULQJ WKH  \HDUV OLIH WKDW WKH +RO\
3URSKHW XSRQZKRPEHSHDFH KDGOLYHGDPRQJWKHPEHIRUHKLVFODLPWR3URSKHWKRRG
WKH\KDGQHYHUIRXQGKLPDO\LQJGHFHLWIXOSHUVRQRUWKHRQHZKRZRXOGDGRSWXQODZIXO
PHWKRGV IRU VHOILVK HQGV 7KH\ WKHPVHOYHV DGPLWWHG WKDW KH ZDV D PDQ SRVVHVVHG RI
ZLVGRPULJKWHRXVQHVVDQGPRUDOVXSHULRULW\7KHUHIRUHLQVSLWHRIFKDUJLQJKLPZLWKD
WKRXVDQGIDOVHDFFXVDWLRQVQRWKLQJWRVD\RIPDNLQJRWKHUVEHOLHYHWKH\ZHUHILQGLQJLW
GLIILFXOWHYHQIRUWKHPVHOYHVWREHOLHYHWKDWDOWKRXJKKHZDVDQKRQHVWDQGXSULJKWPDQ
LQHYHU\RWKHUDIIDLUDQGGHDOLQJRIOLIH\HW*RGIRUELGDOLDURQO\LQKLVFODLPWREHD
3URSKHW
7KXVWKHILUVWWZRWKLQJVZHUHQRWLQIDFWVRSHUSOH[LQJIRUWKHSHRSOHRI0DNNDKDVWKH
WKLUGWKLQJ:KHQWKLVZDVSUHVHQWHGEHIRUHWKHPWKH\PRFNHGLWPRVWRIDOOH[SUHVVHG
XQXVXDO ZRQGHU DW LW DQG UHJDUGLQJ LW DV UHPRWH IURP UHDVRQ DQG LPSRVVLEOH VWDUWHG
WDONLQJDJDLQVWLWDVLQFUHGLEOHHYHQLQFRQFHLYDEOHLQWKHLUDVVHPEOLHV%XWLQRUGHUWR
LVODPPHVVDJHFRP 
EULQJ WKHP WR WKH ZD\ RI ,VODP LW ZDV DEVROXWHO\ HVVHQWLDO WKDW WKH GRFWULQH RI WKH
+HUHDIWHU VKRXOGEHLQVWLOOHGLQWRWKHLUPLQGVIRUZLWKRXWEHOLHILQWKLVGRFWULQHLWZDV
QRWDWDOOSRVVLEOHWKDWWKH\FRXOGDGRSWDVHULRXVDWWLWXGHZLWKUHJDUGWRWKHWUXWKDQG
IDOVHKRRGFRXOGFKDQJHWKHLUVWDQGDUGRIYDOXHVLQUHVSHFWRIJRRGDQGHYLODQGJLYLQJ
XSZRUVKLSRIWKHZRUOGFRXOGEHLQFOLQHGWRIROORZWKHZD\WKDW,VODPXUJHGWKHPWR
IROORZ 7KDW LV ZK\ LQ WKH HDUOLHVW 6XUDKV UHYHDOHG DW 0DNNDK WKH GRFWULQH RI WKH
+HUHDIWHU KDV EHHQ LPSUHVVHG DQG VWUHVVHG PRUH WKDQ DQ\WKLQJ HOVH +RZHYHU WKH
DUJXPHQWVIRULWKDYHEHHQJLYHQLQVXFKDZD\WKDWWKHGRFWULQHRIWKH2QHQHVVRI*RG
7DXKLG  DOVR LV LPSUHVVHG RQ WKH PLQGV DXWRPDWLFDOO\ 7KLV DOVR FRQWDLQV EULHI
DUJXPHQWVKHUHDQGWKHUHWRFRQILUPWKHWUXWKRIWKH+RO\0HVVHQJHURI$OODKDQGWKH
4XU
DQ
$IWHU XQGHUVWDQGLQJ ZHOO ZK\ WKH WKHPH RI WKH +HUHDIWHU KDV EHHQ VR IUHTXHQWO\
UHSHDWHGLQWKH6XUDKVRIWKLVSHULRGOHWXVQRZKDYHDORRNDWWKHVXEMHFWPDWWHURIWKLV
6XUDK,QLWILUVWRIDOODOOXVLRQKDVEHHQPDGHWRWKHFRPPRQWDONDQGWKHGRXEWVWKDW
ZHUHEHLQJH[SUHVVHGLQHYHU\VWUHHWRI0DNNDKDQGLQHYHU\DVVHPEO\RIWKHSHRSOHRI
0DNNDK RQ KHDULQJ WKH QHZV DERXW 5HVXUUHFWLRQ 7KHQ WKH GHQLHUV KDYH EHHQ DVNHG
'RQ
W\RXVHHWKLVHDUWKZKLFK:HKDYHVSUHDGDVDFDUSHWIRU\RX"'RQ
W\RXVHHWKH
KLJKPRXQWDLQVZKLFKZHKDYHVRILUPO\SODFHGLQWKHHDUWK"'RQ
W\RXFRQVLGHU\RXU
RZQVHOYHVKRZ:HKDYHFUHDWHG\RXDVSDLUVRIPHQDQGZRPHQ"'RQ
W\RXFRQVLGHU
\RXUVOHHSE\ZKLFK:HPDNH\RXVHHNDIHZKRXUVUHVWDIWHUHYHU\IHZKRXUVODERUDQG
WRLO VR DV WR NHHS \RX ILW IRU ZRUN LQ WKH ZRUOG" 'RQ
W \RX VHH WKH DOWHUQDWLRQ RI WKH
QLJKWDQGGD\ZKLFK:HDUHVRUHJXODUO\SHUSHWXDWLQJSUHFLVHO\DFFRUGLQJWR\RXUQHHGV
DQG UHTXLUHPHQWV" 'RQ
W \RX VHH WKH VWURQJO\ IRUWLILHG V\VWHP RI WKH KHDYHQV DERYH
\RX"'RQ
W\RXVHHWKHVXQE\PHDQVRIZKLFK\RXDUHUHFHLYLQJ\RXUOLJKWDQGKHDW"
'RQ
W \RX VHH WKH UDLQV ZKLFK IDOO IURP WKH FORXGV DQG KHOS SURGXFH FRUQV DQG
YHJHWDEOHV DQG OX[XULDQW JDUGHQV" 'R WKHVHWKLQJVRQO\WHOO\RXWKDWWKHSRZHURIWKH
$OPLJKW\%HLQJ:KRKDVFUHDWHGWKHPZLOOEHXQDEOHWREULQJDERXW5HVXUUHFWLRQDQG
HVWDEOLVKWKH1H[W:RUOG"7KHQIURPWKHVXSUHPHZLVGRPZKLFKLVFOHDUO\ZRUNLQJLQ
WKLV ZRUOG DURXQG \RX GR \RX RQO\ XQGHUVWDQG WKLV WKDW DOWKRXJK HDFK SDUW RI LW DQG
HDFKIXQFWLRQRILWLVSXUSRVLYH\HWOLIHLVPHDQLQJOHVV"1RWKLQJFRXOGEHPRUHDEVXUG
DQG PHDQLQJOHVV WKDW DIWHU DSSRLQWLQJ PDQ WR WKH RIILFH RI IRUHPDQ DQG JUDQWLQJ KLP
YDVW SRZHUV RI DSSURSULDWLRQ LQ WKLV ZRUNKRXVH ZKHQ KH OHDYHV WKH ZRUOG DIWHU
IXOILOOLQJKLVUROHKHVKRXOGEHOHWRIIZLWKRXWDQ\DFFRXQWDELOLW\+HVKRXOGQHLWKHUEH
UHZDUGHGDQGJUDQWHGSHQVLRQRQVDWLVIDFWRU\ZRUNQRUVXEMHFWHGWRDQ\DFFRXQWDELOLW\
DQGSXQLVKPHQWRQXQVDWLVIDFWRU\SHUIRUPDQFHRIGXW\
$IWHUJLYLQJWKHVHDUJXPHQWVLWKDV EHHQHPSKDWLFDOO\VWDWHGWKDWWKH'D\RI-XGJPHQW
VKDOOFHUWDLQO\FRPHWRSDVVRQLWVDSSRLQWHGWLPH1RVRRQHULVWKH7UXPSHWVRXQGHG
WKDQZKDWHYHULVEHLQJIRUHWROGVKDOODSSHDUEHIRUHWKHH\HVDQGZKHWKHU\RXEHOLHYHLQ
LWWRGD\RUQRWDWWKDWWLPH\RXZLOOFRPHRXWLQ\RXUPXOWLWXGHVIURPZKHUHYHU\RX
ZRXOGEHO\LQJGHDGDQGEXULHGWRUHQGHU\RXUDFFRXQW<RXUGHQLDOFDQQRWLQDQ\ZD\
DYHUWWKLVLQHYLWDEOHHYHQW

LVODPPHVVDJHFRP 
7KHQ LQ YY  LW KDV EHHQ VWDWHG WKDW HYHU\ VLQJOH PLVGHHG RI WKRVH ZKR GR QRW
H[SHFW DQ\ DFFRXQWDELOLW\ WR WDNH SODFH DQG KDYH WKXV EHOLHG 2XU 5HYHODWLRQV OLHV
UHFNRQHGDQGUHFRUGHGZLWK8VDQG+HOOLVHYHUO\LQJDQDPEXVKWRSXQLVKWKHPDQG
SXQLVKWKHPIXOO\IRUDOOWKHLUGRLQJV7KHQLQYYWKHEHVWUHZDUGVRIWKRVHZKR
OLYHG DV UHVSRQVLEOH SHRSOH LQ WKH ZRUOG DQG KDYH SURYLGHG IRU WKHLU +HUHDIWHU
EHIRUHKDQGKDYHEHHQPHQWLRQHG7KH\KDYHEHHQUHDVVXUHGWKDWWKH\ZLOOQRWRQO\EH
UHZDUGHGULFKO\IRUWKHLUVHUYLFHVEXWLQDGGLWLRQWKH\ZLOODOVREHJLYHQVXIILFLHQWJLIWV
,QFRQFOXVLRQWKH'LYLQH&RXUWLQWKH+HUHDIWHUKDVEHHQGHSLFWHGPDNLQJLWSODLQWKDW
WKHUH ZLOO EH QR TXHVWLRQ RI VRPHERG\
V EHLQJ DGDPDQW LQ WKH PDWWHU RI JHWWLQJ KLV
IROORZHUV DQG DVVRFLDWHV IRUJLYHQ QRQH ZLOO VSHDN ZLWKRXW OHDYH DQG OHDYH ZLOO EH
JUDQWHGRQWKHFRQGLWLRQWKDWLQWHUFHVVLRQEHPDGHRQO\IRUWKHRQHWRZKRPOHDYHRI
LQWHUFHVVLRQ ZLOO KDYH EHHQ JLYHQ DQG WKH LQWHUFHVVRU ZLOO VD\ RQO\ ZKDW LV ULJKW
0RUHRYHU OHDYH IRU LQWHUFHVVLRQ ZLOO EH JLYHQ RQO\ IRU WKRVH ZKR KDG DFNQRZOHGJHG
WKH7UXWKLQWKHZRUOGEXWZHUHVLQQHUVUHEHOVRI*RGDQGUHMHFWRUVRIWKH7UXWKZLOO
GHVHUYHQRLQWHUFHVVLRQDWDOO
7KHGLVFRXUVHKDVEHHQFRQFOXGHGZLWKWKLVZDUQLQJ7KH'D\WKHFRPLQJRIZKLFKLV
EHLQJIRUHWROGVKDOOFHUWDLQO\FRPHWRSDVV'RQRWWKLQNLWLV\HWIDURIILWLVFORVHDW
KDQG1RZZKRHYHUZLOOVOHWKLPEHOLHYHLQLWDQGWDNHWKHZD\WRZDUGVKLV/RUG%XW
KHZKRGLVEHOLHYHVLQVSLWHRIWKHZDUQLQJZLOOKDYHDOOKLVGHHGVSODFHGEHIRUHKLP
DQGKHZLOOH[FODLPUHJUHWIXOO\2KZRXOGWKDW,ZHUHQRWERUQLQWKHZRUOG$WWKDW
WLPHKLVUHJUHWVZLOOEHDERXWWKHVDPHZRUOGRIZKLFKKHLVVRHQDPRUHGWRGD\

1DD]LCDDW
1DPH
,WLVGHULYHGIURPWKHZRUGZDQQDD]LCDDWZLWKZKLFKWKH6XUDKRSHQV
3HULRGRI5HYHODWLRQ
$FFRUGLQJ WR +DGUDW $EGXOODK ELQ $EEDV WKLV 6XUDK ZDV VHQW GRZQ DIWHU 6XUDK $Q
1DED,WVVXEMHFWPDWWHUDOVRWHVWLILHVWKDWLWEHORQJVWRWKHHDUOLHVWSHULRGDW0DNNDK
7KHPHDQG6XEMHFW0DWWHU
,WV WKHPH LV DIILUPDWLRQ RI 5HVXUUHFWLRQ DQG WKH OLIH KHUHDIWHU ,W DOVR ZDUQV RI WKH
FRQVHTXHQFHVRIEHO\LQJWKH0HVVHQJHURI*RG
7KH6XUDKRSHQVZLWKRDWKVVZRUQE\WKHDQJHOVZKRWDNHWKHVRXODWGHDWKVDQGWKRVH
ZKR KDVWHQ WR FDUU\RXW $OODK
V &RPPDQGV DQG WKRVH ZKR FRQGXFW WKH DIIDLUV RI WKH
XQLYHUVHDFFRUGLQJWR'LYLQH:LOO WRDVVXUHWKDWWKH5HVXUUHFWLRQZLOOFHUWDLQO\FRPHWR
SDVV DQG WKH VHFRQG OLIH DIWHU GHDWK ZLOO FHUWDLQO\ WDNH SODFH )RU WKH DQJHOV ZKR DUH
HPSOR\HG WR SOXFN RXW WKH VRXO WRGD\ FDQ DOVR EH HPSOR\HG WR UHVWRUH WKH VRXO
WRPRUURZ DQG WKH DQJHOV ZKR SURPSWO\ H[HFXWH $OODK
V &RPPDQGV DQG FRQGXFW WKH
DIIDLUVRIWKHXQLYHUVHWRGD\FDQDOVRXSVHWWKHRUGHURIWKHXQLYHUVHWRPRUURZE\RUGHUV
RIWKHVDPH*RGDQGFDQDOVREULQJDERXWDQHZRUGHU
$IWHU WKLV WKH SHRSOH KDYH EHHQ WROG VR DV WR VD\ 7KLV ZRUN ZKLFK \RX UHJDUG DV
DEVROXWHO\ LPSRVVLEOH LV QRW DQ\ GLIILFXOW IRU $OODK IRU ZKLFK +H PD\ KDYH WR PDNH
OHQJWK\SUHSDUDWLRQV-XVWDVLQJOHMROWZLOOXSVHWWKLVV\VWHPRIWKHZRUOGDQGDVHFRQG
LVODPPHVVDJHFRP 
MROW ZLOO EH HQRXJK WR FDXVH \RX WR DSSHDU DV OLYLQJ EHLQJV LQ WKH QHZ ZRUOG $W WKDW
WLPH WKH VDPH SHRSOH ZKR ZHUH ZRQW WR GHQ\ LW ZRXOG EH WUHPEOLQJ ZLWK IHDU DQG
VHHLQJZLWKDZHVWUXFNH\HVDOOWKDWWKH\WKRXJKWZDVLPSRVVLEOH
7KHQUHODWLQJWKHVWRU\RIWKH3URSKHW0RVHVDQG3KDUDRKEULHIO\WKHSHRSOHKDYHEHHQ
ZDUQHGWRWKHHIIHFW<RXNQRZIXOOZHOOZKDWIDWHWKH3KDUDRKPHWLQFRQVHTXHQFHRI
EHO\LQJWKH0HVVHQJHUDQGUHMHFWLQJWKHJXLGDQFHEURXJKWE\KLPDQGHQGHDYRULQJWR
GHIHDWKLVPLVVLRQE\WULFNHU\DQGGHFHLW,I\RXGRQRWOHDUQDQ\OHVVRQIURPLWDQGGR
QRWFKDQJH\RXUZD\VDQGDWWLWXGHDFFRUGLQJO\\RXDOVRZLOOKDYHWRPHHWWKHVDPHIDWH
7KHQLQYYDUJXPHQWVKDYHEHHQJLYHQIRUWKH+HUHDIWHUDQGOLIHDIWHUGHDWK,Q
WKLV UHJDUG WKH GHQLHUV KDYH EHHQ DVNHG WKH TXHVWLRQ ,V \RXU UHVXUUHFWLRQ D PRUH
GLIILFXOWWDVNRUWKHFUHDWLRQRIWKHKXJH8QLYHUVHZKLFKVSUHDGVDURXQG\RXWRLQILQLWH
GLVWDQFHVZLWKP\ULDGVRILWVVWDUVDQGSODQHWV"
<RXUUHFUHDWLRQFDQQRWEHGLIILFXOWIRUWKH*RGIRU:KRPWKLVZDVDQHDV\WDVN
7KXVDIWHUSUHVHQWLQJLQDVLQJOHVHQWHQFHDGHFLVLYHDUJXPHQWIRUWKHSRVVLELOLW\RIWKH
+HUHDIWHU DWWHQWLRQ KDV EHHQ GUDZQ WR WKH HDUWK DQG LWV SURYLVLRQV WKDW KDYH EHHQ
DUUDQJHG LQ LW IRU WKH VXVWHQDQFH RI PDQ DQG DQLPDO DQG RIZKLFKHYHU\WKLQJWHVWLILHV
WKDWLWKDVEHHQFUHDWHGZLWKJUHDWZLVGRPIRUIXOILOOLQJVRPHVSHFLDOSXUSRVH
3RLQWLQJ WR WKLV WKH TXHVWLRQ KDVEHHQOHIWIRU WKHLQWHOOHFWRIPDQWRSRQGHUIRULWVHOI
DQGIRUPWKHRSLQLRQZKHWKHU FDOOLQJPDQWRDFFRXQWDIWHUKDYLQJGHOHJDWHGDXWKRULW\
DQGUHVSRQVLELOLWLHVWR DFUHDWXUHOLNHKLPLQWKLVZLVHV\VWHPZRXOGEHPRUHLQNHHSLQJ
ZLWK WKH GHPDQGV RI ZLVGRP RU WKDW KH VKRXOG GLH DIWHU FRPPLWWLQJ DOO VRUWV RI
PLVGHHGVLQWKHZRUOGDQGVKRXOGSHULVKDQGPL[LQWKHGXVWIRUHYHUDQGVKRXOGQHYHU
EH FDOOHG WR DFFRXQW DV WR KRZ KH HPSOR\HG WKH DXWKRULW\ DQG IXOILOOHG WKH
UHVSRQVLELOLWLHVHQWUXVWHGWRKLP
,QVWHDGRIGLVFXVVLQJWKLVTXHVWLRQLQYYLWKDVEHHQVDLG:KHQWKH+HUHDIWHU
LV HVWDEOLVKHG PHQ
V HWHUQDO IXWXUH ZLOO EH GHWHUPLQHG RQ WKH FULWHULRQ DV WR ZKLFK RI
WKHPUHEHOOHGDJDLQVWKLV*RGWUDQVJUHVVLQJWKHERXQGVRIVHUYLFHDQGPDGHWKHPDWHULDO
EHQHILWVDQGSOHDVXUHVKLVREMHFWLYHRIOLIHDQGZKLFKRIWKHPIHDUHGVWDQGLQJEHIRUHKLV
/RUGDQGUHIUDLQHGIURPIXOILOOLQJWKHXQODZIXOGHVLUHVRIWKHVHOI
7KLVE\LWVHOISURYLGHVWKHULJKWDQVZHUWRWKHDERYHTXHVWLRQWRHYHU\VXFKSHUVRQZKR
FRQVLGHUV LW KRQHVWO\ IUHH IURP VWXEERUQQHVV)RUWKHRQO\UDWLRQDOORJLFDODQGPRUDO
GHPDQGRIJLYLQJDXWKRULW\DQGHQWUXVWLQJUHVSRQVLELOLWLHVWRPDQLQWKHZRUOGLVWKDWKH
VKRXOG EH FDOOHG WR DFFRXQW RQ WKLV YHU\ EDVLV XOWLPDWHO\ DQG UHZDUGHG RU SXQLVKHG
DFFRUGLQJO\
,QFRQFOXVLRQWKHTXHVWLRQRIWKHGLVEHOLHYHUVRI0DNNDKDVWRZKHQ5HVXUUHFWLRQZLOO
WDNHSODFHKDVEHHQDQVZHUHG7KH\DVNHGWKH+RO\3URSKHWWKLVTXHVWLRQRYHUDQGRYHU
DJDLQ ,Q UHSO\ LW KDV EHHQ VDLG WKDW WKH NQRZOHGJH RI WKH WLPH RI LWV RFFXUUHQFHUHVWV
ZLWK$OODKDORQH7KH0HVVHQJHULVWKHUHRQO\WRJLYHWKHZDUQLQJWKDWLWZLOOFHUWDLQO\
FRPH 1RZ ZKRHYHU ZLVKHV PD\ PHQG KLV ZD\V IHDULQJ LWV FRPLQJ DQG ZKRHYHU
ZLVKHV PD\ EHKDYH DQGFRQGXFWKLPVHOIDVKHOLNHVIHDUOHVVRILWVFRPLQJ:KHQWKH
DSSRLQWHGWLPHFRPHVWKRVHYHU\SHRSOHZKRORYHGWKHOLIHRIWKLVZRUOGDQGUHJDUGHG
LWVSOHDVXUHVDVWKHRQO\REMHFWRIOLIHZRXOGIHHOWKDWWKH\KDGVWD\HGLQWKHZRUOGRQO\
LVODPPHVVDJHFRP 
IRUDQKRXURUVR7KHQWKH\ZLOOUHDOL]HKRZXWWHUO\WKH\KDGUXLQHGWKHLUIXWXUHIRUHYHU
IRUWKHVDNHRIWKHVKRUWOLYHGSOHDVXUHVRIWKHZRUOG

$EDVD
1DPH
7KH6XUDKLVVRGHVLJQDWHGDIWHUWKHZRUGDEDVDZLWKZKLFKLWRSHQV
3HULRGRI5HYHODWLRQ
7KHFRPPHQWDWRUVDQGWUDGLWLRQLVWVDUHXQDQLPRXVDERXWWKHRFFDVLRQRIWKHUHYHODWLRQ
RIWKLV6XUDK$FFRUGLQJWRWKHPRQFHVRPHELJFKLHIVRI0DNNDKZHUHVLWWLQJLQWKH
+RO\ 3URSKHW
V DVVHPEO\ DQG KH ZDV HDUQHVWO\ HQJDJHG LQ WU\LQJ WR SHUVXDGH WKHP WR
DFFHSW ,VODP $W WKDW YHU\ SRLQW D EOLQG PDQ QDPHG ,EQ 8PP 0DNWXP DSSURDFKHG
KLPWRVHHNH[SODQDWLRQRIVRPHSRLQWFRQFHUQLQJ,VODP7KH+RO\3URSKHW XSRQZKRP
EH SHDFH  GLVOLNHG KLV LQWHUUXSWLRQ DQG LJQRUHG KLP 7KHUHXSRQ $OODK VHQW GRZQ WKLV
6XUDK )URP WKLV KLVWRULFDO LQFLGHQW WKH SHULRG RI WKH UHYHODWLRQ RI WKLV 6XUDK FDQ EH
SUHFLVHO\GHWHUPLQHG
,QWKHILUVWSODFHLWLVFRQILUPHGWKDW+DGUDW,EQ8PP0DNWXPZDVRQHRIWKHHDUOLHVW
FRQYHUWVWR,VODP+DIL],EQ+DMDUDQG+DIL],EQ.DWKLUKDYHVWDWHGWKDWKHZDVRQHRI
WKRVHZKRKDGDFFHSWHG,VODPDWDYHU\HDUO\VWDJHDW0DNNDK
6HFRQGO\VRPHRIWKHWUDGLWLRQVRIWKH+DGLWKZKLFKUHODWHWKLVLQFLGHQWVKRZWKDWKH
KDGDOUHDG\DFFHSWHG,VODPDQGVRPHRWKHUVVKRZWKDWEHZDVLQFOLQHGWRDFFHSWLWDQG
KDG DSSURDFKHG WKH +RO\ 3URSKHW LQ VHDUFK RI WKH WUXWK +DGUDW $LVKDK VWDWHV WKDW
FRPLQJ WR WKH +RO\ 3URSKHW KH KDG VDLG 2 0HVVHQJHU RI $OODK JXLGH PH WR WKH
VWUDLJKW SDWK  7LUPLGKL +DDNLP ,EQ +LEEDQ ,EQ -DULU $EX <D
OD $FFRUGLQJ WR
+DGUDW$EGXOODKELQ$EEDVKHKDGDVNHGWKHPHDQLQJRIDYHUVHRIWKH4XU
DQDQGVDLG
WR WKH +RO\ 3URSKHW 2 0HVVHQJHU RI $OODK WHDFK PH WKH NQRZOHGJH WKDW $OODK KDV
WDXJKW \RX  ,EQ -DULU ,EQ $EX +DWLP  7KHVH VWDWHPHQWV VKRZ WKDW KH KDG
DFNQRZOHGJHGWKH+RO\3URSKHW XSRQZKRPEHSHDFHDVD0HVVHQJHURI$OODKDQGWKH
4XU
DQDVD%RRNRI$OODK&RQWUDU\WRWKLV,EQ=DLGKDVLQWHUSUHWHGWKHZRUGVODCDOODKX
\D]]DNND RI YHUVH  WR PHDQ ODCDOODKX \XVOLP PD\EH WKDW KH DFFHSWV ,VODP  ,EQ
-DULU $QG$OODK
VRZQZRUGV:KDWZRXOGPDNH\RXNQRZWKDWKHPLJKWUHIRUPRU
KHHGWKHDGPRQLWLRQDQGDGPRQLVKLQJPLJKWSURILWKLP"DQG7KHRQHZKRFRPHVWR
\RXUXQQLQJRIKLVRZQZLOODQGIHDUVIURPKLP\RXWXUQDZD\SRLQWRXWWKDWE\WKDW
WLPHKHKDGGHYHORSHGLQKLPVHOIDGHHSGHVLUHWROHDUQWKHWUXWKKHKDGFRPHWRWKH
+RO\ 3URSKHW ZLWK WKH EHOLHI WKDW KH ZDV WKH RQO\ VRXUFH RI JXLGDQFH DQG KLV GHVLUH
ZRXOG EH VDWLVILHG RQO\ WKURXJK KLP KLV DSSDUHQW VWDWH DOVR UHIOHFWHG WKDW LI KH ZDV
JLYHQLQVWUXFWLRQKHZRXOGEHQHILWE\LW
7KLUGO\WKHQDPHVRIWKHSHRSOHZKRZHUHVLWWLQJLQWKH+RO\3URSKHW
VDVVHPEO\DWWKDW
WLPHKDYHEHHQJLYHQLQGLIIHUHQWWUDGLWLRQV,QWKLVOLVWZHILQGWKHQDPHVRIC8WEDK
6KDLEDK $EX -DKO 8PD\\DK ELQ .KDODI 8ED\\ ELQ .KDODI ZKR ZHUH WKH ELWWHUHVW
HQHPLHV RI ,VODP 7KLV VKRZV WKDW WKH LQFLGHQW WRRN SODFH LQ WKH SHULRG ZKHQ WKHVH
FKLHIVZHUHVWLOORQPHHWLQJWHUPVZLWKWKH+RO\3URSKHWDQGWKHLUDQWDJRQLVPWR,VODP
KDG QRW \HW JURZQ VR VWURQJ DV WR KDYHVWRSSHGWKHLU SD\LQJYLVLWVWRKLPDQGKDYLQJ
LVODPPHVVDJHFRP 
GLDORJXHVZLWKKLPRIIDQGRQ$OOWKHVHDUJXPHQWVLQGLFDWHWKDWWKLVLVRQHRIWKHYHU\
HDUOLHVW6XUDKVWREHUHYHDOHGDW0DNNDK
7KHPHDQG6XEMHFW0DWWHU
,QYLHZRIWKHDSSDUHQWVW\OHZLWKZKLFKWKHGLVFRXUVHRSHQVRQHIHHOVWKDWLQWKLV6XUDK
$OODKKDVH[SUHVVHG+LVGLVSOHDVXUHDJDLQVWWKH+RO\3URSKHW XSRQZKRPEHSHDFH IRU
KLVWUHDWLQJWKHEOLQGPDQZLWKLQGLIIHUHQFHDQGDWWHQGLQJWRWKHELJFKLHIVH[FOXVLYHO\
%XWZKHQWKHZKROH6XUDKLVFRQVLGHUHGREMHFWLYHO\RQHILQGVWKDWWKHGLVSOHDVXUHLQ
IDFWKDVEHHQH[SUHVVHGDJDLQVWWKHGLVEHOLHYLQJ4XUDLVKZKREHFDXVHRIWKHLUDUURJDQW
DWWLWXGHDQGLQGLIIHUHQFHWRWKHWUXWKZHUHUHMHFWLQJZLWKFRQWHPSWWKHPHVVDJHRIWUXWK
EHLQJFRQYH\HGE\WKH+RO\3URSKHW XSRQZKRPEHSHDFH 
7KHQ EHVLGHV WHDFKLQJ KLP WKH FRUUHFW PHWKRG RI SUHDFKLQJ WKH HUURU RI WKH PHWKRG
WKDWKHZDVDGRSWLQJDWWKHVWDUWRIKLVPLVVLRQKDVDOVREHHQSRLQWHGRXW+LVWUHDWLQJ
WKHEOLQGPDQZLWKQHJOHFWDQGGLVUHJDUGDQGGHYRWLQJDOOKLVDWWHQWLRQWRWKH4XUDLVK
FKLHIVZDVQRWIRUWKHUHDVRQWKDWKHUHJDUGHGWKHULFKDVQREOHDQGDSRRUEOLQGPDQDV
FRQWHPSWLEOHDQG*RGIRUELGWKHUHZDVVRPHUXGHQHVVLQKLVPDQQHUIRUZKLFK$OODK
UHSURYHGKLP%XWDVDPDWWHURIIDFWZKHQDFDOOHUWR7UXWKHPEDUNVRQKLVPLVVLRQRI
FRQYH\LQJKLVPHVVDJHWRWKHSHRSOHKHQDWXUDOO\ZDQWVWKHPRVWLQIOXHQWLDOSHRSOHRI
VRFLHW\ WR DFFHSW KLV PHVVDJH VRWKDWKLVWDVNEHFRPHVHDV\IRU HYHQLIKLVLQYLWDWLRQ
VSUHDGVDPRQJWKHSRRUDQGZHDNSHRSOHLWFDQQRWPDNHPXFKGLIIHUHQFH$OPRVWWKH
VDPH DWWLWXGH KDG WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  DOVR DGRSWHG LQ WKH
EHJLQQLQJKLVPRWLYHEHLQJRQO\VLQFHULW\DQGDGHVLUHWRSURPRWHKLVPLVVLRQDQGQRW
DQ\LGHDRIUHVSHFWIRUWKHELJSHRSOHDQGKDWUHGIRUWKH VPDOOSHRSOH
%XW$OODKPDGHKLPUHDOL]HWKDWWKDWZDVQRWWKHFRUUHFWPHWKRGRIH[WHQGLQJLQYLWDWLRQ
WR,VODPEXWIURPKLVPLVVLRQ
VSRLQWRIYLHZHYHU\PDQZKRZDVDVHHNHUDIWHUWUXWK
ZDVLPSRUWDQWHYHQLIKHZDVZHDNRUSRRUDQGHYHU\PDQZKR ZDVKHHGOHVVWRWKH
WUXWK ZDV XQLPSRUWDQW HYHQ LI KH RFFXSLHG D KLJK SRVLWLRQ LQ VRFLHW\ 7KHUHIRUH KH
VKRXOG RSHQO\ SURFODLP DQG FRQYH\ WKH WHDFKLQJV RI ,VODP WR DOO DQG VXQGU\ EXW WKH
SHRSOHZKRZHUHUHDOO\ZRUWK\RIKLVDWWHQWLRQZHUHWKRVHZKRZHUHLQFOLQHGWRDFFHSW
WKH7UXWKDQGKLVVXEOLPHDQGQREOHPHVVDJHZDVWRRKLJKWREHSUHVHQWHGEHIRUHWKRVH
KDXJKW\ SHRSOH ZKR LQ WKHLU DUURJDQFH DQG YDQLW\ WKRXJKW WKDW WKH\ GLG QRW VWDQG LQ
QHHGRIKLPEXWUDWKHUKHVWRRGLQQHHGRIWKHP
7KLV LV WKH WKHPH RI YY  )URP YHUVH  RQZDUG WKH UHEXNH GLUHFWO\ WXUQV WR WKH
GLVEHOLHYHUVZKRZHUHUHSXGLDWLQJWKHLQYLWDWLRQRIWKH+RO\0HVVHQJHURI$OODK XSRQ
ZKRPEHSHDFH ,QWKLVILUVWWKH\KDYHEHHQUHSURYHGIRUWKHLUDWWLWXGHZKLFKWKH\KDG
DGRSWHG DJDLQVW WKHLU &UHDWRU 3URYLGHQFH DQG 6XVWDLQHU ,Q WKH HQG WKH\ KDYH EHHQ
ZDUQHGRIWKHGUHDGIXOIDWHWKDWWKH\ZRXOGPHHWLQFRQVHTXHQFHRIWKHLUFRQGXFWRQWKH
'D\RI5HVXUUHFWLRQ

7DNZHHU
1DPH

LVODPPHVVDJHFRP 
,WLVGHULYHGIURPWKHZRUGNXZZLUDWLQWKHILUVWYHUVH.XZZLUDWLVSDVVLYHYRLFHIURP
WDNZHHULQWKHSDVWWHQVHDQGPHDQVWKDWZKLFKLVIROGHGXSWKHUHE\LPSO\LQJWKDWLW
LVD6XUDKLQZKLFKWKHIROGLQJXSKDVEHHQPHQWLRQHG
3HULRGRI5HYHODWLRQ
7KHVXEMHFWPDWWHUDQGWKHVW\OHFOHDUO\VKRZWKDWLW LVRQHRIWKHHDUOLHVW6XUDKVWREH
UHYHDOHGDW0DNNDK
7KHPHDQG6XEMHFW0DWWHU
,WKDVWZRWKHPHVWKH+HUHDIWHUDQGWKHLQVWLWXWLRQRI$SRVWOHVKLS
,QWKHILUVWVL[YHUVHVWKHILUVWVWDJHRIWKH5HVXUUHFWLRQKDVEHHQPHQWLRQHGZKHQWKH
VXQ ZLOO ORVH LWV OLJKW WKH VWDUV ZLOO VFDWWHU WKH PRXQWDLQV ZLOO EH XSURRWHG DQG ZLOO
GLVSHUVHWKHSHRSOHZLOOEHFRPHKHHGOHVVRIWKHLUGHDUHVWSRVVHVVLRQVWKHEHDVWVRIWKH
MXQJOHZLOOEHVWXSHILHGDQGZLOOJDWKHUWRJHWKHUDQGWKHVHDVZLOOERLOXS7KHQLQWKH
QH[WVHYHQYHUVHVWKHVHFRQGVWDJHKDVEHHQGHVFULEHGZKHQWKHVRXOVZLOOEHUHXQLWHG
ZLWKWKHERGLHVWKHUHFRUGVZLOOEHODLGRSHQWKHSHRSOHZLOOEHFDOOHGWRDFFRXQWIRU
WKHLUFULPHVWKHKHDYHQVZLOOEHXQYHLOHGDQG+HOODQG+HDYHQZLOOEHEURXJKWLQWRIXOO
YLHZ$IWHUGHSLFWLQJWKH+HUHDIWHUWKXVPDQKDVEHHQOHIWWRSRQGHUKLVRZQVHOIDQG
GHHGVVD\LQJ7KHQHDFKPDQVKDOOKLPVHOINQRZZKDWKHKDVEURXJKWZLWKKLP
$IWHU WKLV WKH WKHPH RI $SRVWOHVKLS KDV EHHQ WDNHQ XS ,Q WKLV WKH SHRSOH RI 0DNNDK
KDYHEHHQDGGUHVVHGDVLIWRVD\:KDWHYHU0XKDPPDG XSRQZKRPEH$OODK
VSHDFH
DQG EOHVVLQJV  LV SUHVHQWLQJ EHIRUH \RX LV QRWWKHEUDJJLQJRIDPDGPDQQRUDQHYLO
VXJJHVWLRQ LQVSLUHG E\ 6DWDQ EXW WKH ZRUG RI D QREOH H[DOWHG DQG WUXVWZRUWK\
PHVVHQJHUVHQWE\*RGZKRP0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQGEOHVVLQJV 
KDV VHHQ ZLWK KLV RZQ H\HV LQ WKH EULJKW KRUL]RQ RI WKH FOHDU VN\ LQ EURDG GD\ OLJKW
:KLWKHUWKHQDUH\RXJRLQJKDYLQJWXUQHGDZD\IURPWKLVWHDFKLQJ"

,QILWDDU
1DPH
,W LV GHULYHG IURP WKH ZRUG LQIDWDUDW LQ WKH ILUVW YHUVH ,QILWDDU LV DQ LQILQLWLYH ZKLFK
PHDQV WR EXUVW RU VSOLW DVXQGHU WKHUHE\ LPSO\LQJ WKDW LW LV WKH 6XUDK LQ ZKLFK WKH
VSOLWWLQJDVXQGHURIWKHVN\KDVEHHQPHQWLRQHG
3HULRGRI5HYHODWLRQ
7KLV6XUDKDQGWKH6XUDK$W7DNZLUFORVHO\UHVHPEOHHDFKRWKHULQWKHLUVXEMHFWPDWWHU
7KLVVKRZVWKDWERWKZHUHVHQWGRZQLQDERXWWKHVDPHSHULRG
7KHPHDQG6XEMHFW0DWWHU
,WVWKHPHLVWKH+HUHDIWHU$FFRUGLQJWRDWUDGLWLRQUHODWHGLQ0XVQDG$KPDG7LUPLGKL
,EQ DO0XQGKLU 7DEDUDQL +DDNLP DQG ,EQ 0DUGX\DK RQ WKH DXWKRULW\ RI +DGUDW
$EGXOODK ELQ 8PDU WKH +RO\ 0HVVHQJHU XSRQ ZKRP EH SHDFH  VDLG 7KH RQH ZKR
ZDQWV WKDW KH VKRXOG VHH WKH 5HVXUUHFWLRQ 'D\ DV RQH ZRXOG VHH LW ZLWK RQH
V H\HV
VKRXOGUHDG6XUDK$W7DNZLU
,QWKLV6XUDKILUVWWKH5HVXUUHFWLRQ'D\KDVEHHQGHVFULEHGDQGLWLVVDLGWKDWZKHQLW
RFFXUV HYHU\ SHUVRQ ZLOO VHH ZKDWHYHU KH KDV GRQH LQ WKH ZRUOG $IWHU WKLV PDQ KDV
EHHQDVNHGWRSRQGHUWKHTXHVWLRQ2PDQZKDWKDVGHOXGHG\RXLQWRWKLQNLQJWKDWWKH
LVODPPHVVDJHFRP 
*RG :KR EURXJKW \RX LQWR EHLQJ DQG E\ :KRVH IDYRU DQG ERXQW\ \RX SRVVHVV WKH
ILQHVWERG\OLPEVDQGIHDWXUHVDPRQJDOOFUHDWXUHVLVRQO\ERXQWLIXODQGQRWMXVW"+LV
EHLQJ ERXQWLIXO DQG JHQHURXV GRHV QRW PHDQ WKDW \RX VKRXOG EHFRPH IHDUOHVV RI +LV
MXVWLFH 7KHQ PDQ KDV EHHQ ZDUQHG VR DV WR VD\ 'R QRW UHPDLQ LQYROYHG LQ DQ\
PLVXQGHUVWDQGLQJ <RXU FRPSOHWH UHFRUG LV EHLQJ SUHSDUHG 7KHUH DUH WUXVWZRUWK\
ZULWHUVZKRDUHZULWLQJGRZQZKDWHYHU\RXGR,QFRQFOXVLRQLWKDVEHHQIRUFHIXOO\
VWDWHGWKDWWKH'D\RI5HVXUUHFWLRQZLOOVXUHO\WDNHSODFHZKHQWKHULJKWHRXVVKDOOHQMR\
HYHU\NLQGRIEOLVVLQ3DUDGLVHDQGWKHZLFNHGVKDOOEHSXQLVKHGLQ+HOO2QWKDWGD\QR
RQHVKDOODYDLODQ\RQHDQ\WKLQJ$OOSRZHUVRIMXGJPHQWVKDOOEHZLWK$OODK

7DWIHHI
1DPH
,WLVGHULYHGIURPWKHYHU\ILUVWYHUVH:D\OXOOLOPXWDIILIHHQ
3HULRGRI5HYHODWLRQ
7KH VW\OH RI WKH 6XUDK DQG LWV VXEMHFW PDWWHU FOHDUO\ VKRZ WKDW LW ZDV UHYHDOHG LQ WKH
HDUOLHVW VWDJH DW 0DNNDK ZKHQ VXUDK DIWHU VXUDK ZDV EHLQJ UHYHDOHG WR LPSUHVV WKH
GRFWULQHRIWKH+HUHDIWHURQWKHSHRSOH
VPLQGV7KLV6XUDKZDVUHYHDOHGZKHQWKH\KDG
VWDUWHG ULGLFXOLQJWKH0XVOLPVDQGGLVJUDFLQJWKHPSXEOLFO\LQWKHVWUHHWVDQGLQWKHLU
DVVHPEOLHVEXWSHUVHFXWLRQDQGPDQKDQGOLQJRIWKH0XVOLPVKDGQRW\HWVWDUWHG6RPH
FRPPHQWDWRUVUHJDUGWKLVDVD0DGDQL6XUDK7KLVPLVXQGHUVWDQGLQJKDVEHHQFDXVHGE\
DWUDGLWLRQIURP,EQ$EEDVDFFRUGLQJWRZKLFKZKHQWKH+RO\3URSKHW XSRQZKRPEH
SHDFH DUULYHGLQ0DGLQDKWKHHYLORIJLYLQJVKRUWZHLJKWDQGPHDVXUHZDVZLGHVSUHDG
DPRQJWKHSHRSOHWKHUH7KHQ$OODKVHQWGRZQ:D\OXOOLOPXWDIILIHHQDQGWKHSHRSOH
EHJDQWRJLYHIXOOZHLJKWDQGPHDVXUH%XWDVZHKDYHH[SODLQHGLQWKHLQWURGXFWLRQWR
6XUDK $G'DKU WKH FRPPRQ SUDFWLFH ZLWK WKH &RPSDQLRQV DQG WKHLU VXFFHVVRUV ZDV
WKDWZKHQWKH\IRXQGWKDWDYHUVHDSSOLHGWRDFHUWDLQPDWWHURIOLIHWKH\ZRXOGVD\WKDW
LWKDGEHHQVHQWGRZQFRQFHUQLQJWKDWSDUWLFXODUPDWWHU7KHUHIRUHZKDWLVSURYHGE\
WKH WUDGLWLRQ RI ,EQ $EEDV LV WKDW ZKHQ DIWHU KLV HPLJUDWLRQ WR 0DGLQDK WKH +RO\
3URSKHW XSRQ ZKRP EH SHDFH  VDZ WKDW WKH HYLO ZDV ZLGHVSUHDG DPRQJ WKH SHRSOH
WKHUHKHUHFLWHGWKLV6XUDKEHIRUHWKHPE\$OODK
V&RPPDQGDQGWKLVKHOSHGWKHPPHQG
WKHLUZD\V
7KHPHDQG6XEMHFW0DWWHU
7KHWKHPHRIWKLV6XUDKWRRLVWKH+HUHDIWHU ,QWKHILUVWVL[YHUVHVWKHSHRSOHKDYHEHHQ
WDNHQWRWDVNIRUWKHSUHYDOHQWHYLOSUDFWLFHLQWKHLUFRPPHUFLDOGHDOLQJV:KHQWKH\KDG
WRUHFHLYHWKHLUGXHIURPRWKHUVWKH\GHPDQGHGWKDWLWEHJLYHQLQIXOOEXWZKHQWKH\
KDGWRPHDVXUHRUZHLJKIRURWKHUVWKH\ZRXOGJLYHOHVVWKDQZKDWZDVGXH7DNLQJWKLV
RQHHYLODVDQH[DPSOHRXWRIFRXQWOHVVHYLOVSUHYDOHQWLQVRFLHW\LWKDVEHHQVDLGWKDWLW
LVDQLQHYLWDEOHUHVXOWRIWKHKHHGOHVVQHVVRIWKH+HUHDIWHU8QOHVVWKHSHRSOHUHDOL]HG
WKDWRQHGD\WKH\ZRXOGKDYHWRDSSHDUEHIRUH*RGDQGDFFRXQWIRUHDFKVLQJOHDFWWKH\
SHUIRUPHG LQ WKH ZRUOG LW ZDV QRW SRVVLEOH WKDW WKH\ ZRXOG DGRSW SLHW\ DQG
ULJKWHRXVQHVVLQWKHLUGDLO\DIIDLUV(YHQLIDSHUVRQPLJKWSUDFWLFHKRQHVW\LQVRPHRI
KLV OHVV LPSRUWDQW GHDOLQJV LQ YLHZ RI KRQHVW\ LV WKH EHVW SROLF\ KH ZRXOG QHYHU
LVODPPHVVDJHFRP 
SUDFWLFHKRQHVW\RQRFFDVLRQVZKHQGLVKRQHVW\ZRXOGVHHPWREHWKHEHVWSROLF\0DQ
FDQGHYHORSWUXHDQGHQGXULQJKRQHVW\RQO\ZKHQKHIHDUV*RGDQGVLQFHUHO\EHOLHYHVLQ
WKH+HUHDIWHUIRUWKHQKHZRXOGUHJDUGKRQHVW\QRWPHUHO\DVDSROLF\EXWDVDGXW\
DQGREOLJDWLRQDQGKLVEHLQJFRQVWDQWLQLWRURWKHUZLVHZRXOGQRWEHGHSHQGHQWRQLWV
EHLQJXVHIXORUXVHOHVVLQWKHZRUOG
7KXV DIWHU PDNLQJ H[SOLFLW WKH UHODWLRQ EHWZHHQ PRUDOLW\ DQG WKH GRFWULQH RI WKH
+HUHDIWHULQDQHIIHFWLYHDQGLPSUHVVLYHZD\LQYYLWKDVEHHQVDLG7KHGHHGVRI
WKH ZLFNHG DUH DOUHDG\ EHLQJ UHFRUGHG LQ WKH EODFN OLVW RI WKH FXOSULWV DQG LQ WKH
+HUHDIWHUWKH\ZLOOPHHWZLWKXWWHUUXLQ7KHQLQYYWKHEHVWHQGRIWKHYLUWXRXV
KDVEHHQGHVFULEHGDQGLWKDVEHHQODLGWKDWWKHLUGHHGVDUHEHLQJUHFRUGHGLQWKHOLVWRI
WKHH[DOWHGSHRSOHRQZKLFKDUHDSSRLQWHGWKHDQJHOVQHDUHVWWR$OODK
,Q FRQFOXVLRQ WKH EHOLHYHUV KDYH EHHQ FRQVROHG DQG WKH GLVEHOLHYHUV ZDUQHGDVLIWR
VD\ 7KH SHRSOH ZKR DUH GLVJUDFLQJ DQG KXPLOLDWLQJ WKH EHOLHYHUV WRGD\ DUH FXOSULWV
ZKRRQWKH5HVXUUHFWLRQ'D\ZLOOPHHWZLWKDPRVWHYLOHQGLQFRQVHTXHQFHRIWKHLU
FRQGXFWDQGWKHVHYHU\EHOLHYHUVZLOOIHHOFRPIRUWHGZKHQWKH\VHHWKHLUIDWH

,QVKLTDDT
1DPH
,W LV GHULYHG IURP WKH ZRUG LQVKDTTDW LQ WKH ILUVW YHUVH ,QVKDTTDW LV LQILQLWLYH ZKLFK
PHDQVWRVSOLWDVXQGHUWKHUHE\LPSO\LQJWKDWLWLVWKH6XUDKLQZKLFKPHQWLRQKDVEHHQ
PDGHRIWKHVSOLWWLQJDVXQGHURIWKHKHDYHQV
3HULRGRI5HYHODWLRQ
7KLVWRRLVRQHRIWKHHDUOLHVW6XUDKVWREHUHYHDOHGDW0DNNDK7KHLQWHUQDOHYLGHQFHRI
LWVVXEMHFWPDWWHULQGLFDWHVWKDWSHUVHFXWLRQRIWKH0XVOLPVKDGQRW\HWVWDUWHGKRZHYHU
WKHPHVVDJHRIWKH4XU
DQZDVEHLQJRSHQO\UHSXGLDWHGDW0DNNDKDQGWKHSHRSOHZHUH
UHIXVLQJWRDFNQRZOHGJHWKDW5HVXUUHFWLRQZRXOGHYHUWDNHSODFHZKHQWKH\ZRXOGKDYH
WRDSSHDUEHIRUHWKHLU*RGWRUHQGHUDQDFFRXQWRIWKHLUGHHGV
7KHPHDQG6XEMHFW0DWWHU
,WV WKHPH LV WKH 5HVXUUHFWLRQ DQG +HUHDIWHU ,Q WKH ILUVW ILYH YHUVHV QRW RQO\ KDYH WKH
VWDWH RI 5HVXUUHFWLRQ EHHQ GHVFULEHG YLYLGO\ EXW DQ DUJXPHQW RI LWV EHLQJ WUXH DQG
FHUWDLQDOVRKDYHEHHQJLYHQ,WKDVEHHQVWDWHGWKDWWKHKHDYHQVRQWKDW'D\ZLOOVSOLW
DVXQGHUWKHHDUWKZLOOEHVSUHDGRXW SODLQDQGVPRRWKDQGLWZLOOWKURZRXWZKDWHYHU
OLHV LQVLGH LWRIWKHGHDGERGLHVRIPHQDQGHYLGHQFHVRIWKHLU GHHGVVRDVWREHFRPH
FRPSOHWHO\ HPSW\ IURP ZLWKLQ 7KH DUJXPHQW JLYHQ IRU LW LV WKDW VXFK ZLOO EH WKH
&RPPDQGRIWKHLU/RUGIRUWKHKHDYHQVDQGWKHHDUWKVLQFHERWKDUH+LVFUHDWLRQWKH\
FDQQRW GDUH GLVREH\ +LV &RPPDQG )RU WKHP WKH RQO\ ULJKW DQG SURSHU FRXUVHLVWKDW
WKH\VKRXOGREH\WKH&RPPDQGRIWKHLU/RUG
7KHQLQYYLWKDVEHHQVDLGWKDWZKHWKHUPDQ,VFRQVFLRXVRIWKLVIDFWRUQRWKHLQ
DQ\FDVHLVPRYLQJZLOO\QLOO\WRWKHGHVWLQDWLRQZKHQKHZLOODSSHDUDQGVWDQGEHIRUH
KLV /RUG $W WKDW WLPH DOO KXPDQ EHLQJV ZLOO GLYLGH LQWR WZR SDUWV ILUVW WKRVH ZKRVH
UHFRUGV ZLOO EH JLYHQ LQ WKHLU ULJKW KDQGV WKH\ ZLOO EH IRUJLYHQ ZLWKRXW DQ\ VHYHUH
UHFNRQLQJVHFRQGWKRVHZKRVHUHFRUGVZLOOEHJLYHQWKHPEHKLQGWKHLUEDFN7KH\ZLOO
LVODPPHVVDJHFRP 
ZLVKWKDWWKH\VKRXOGGLHVRPHKRZEXWWKH\ZLOOQRWGLHLQVWHDGWKH\ZLOOEHFDVWLQWR
+HOO 7KH\ ZLOO PHHW ZLWK WKLV IDWH EHFDXVH LQ WKH ZRUOG WKH\ UHPDLQHG ORVW LQ WKH
PLVXQGHUVWDQGLQJWKDWWKH\ZRXOGQHYHUKDYHWRDSSHDUEHIRUH*RGWRUHQGHUDQDFFRXQW
RI WKHLU GHHGV ZKHUHDV WKHLU /RUG ZDV ZDWFKLQJ ZKDWHYHU WKH\ZHUHGRLQJDQGWKHUH
ZDVQRUHDVRQZK\WKH\VKRXOGHVFDSHWKHDFFRXQWDELOLW\IRUWKHLUGHHGV7KHLUPRYLQJ
JUDGXDOO\IURPWKHOLIHRIWKHZRUOGWRWKHPHWLQJRXWRIUHZDUGVDQGSXQLVKPHQWVLQWKH
+HUHDIWHU ZDV DV FHUWDLQ DV WKH DSSHDUDQFH RI WZLOLJKW DIWHU VXQVHW WKH FRPLQJ RI WKH
QLJKWDIWHUWKHGD\WKHUHWXUQLQJRIPHQDQGDQLPDOVWRWKHLUUHVSHFWLYHDERGHVDWQLJKW
DQGWKHJURZLQJRIWKHFUHVFHQWLQWRIXOOPRRQ
,Q FRQFOXVLRQ WKH GLVEHOLHYHUV ZKR UHSXGLDWH WKH 4XU
DQ LQVWHDG RI ERZLQJ GRZQ WR
*RGZKHQWKH\KHDULWKDYHEHHQIRUHZDUQHGRIDJULHYRXVSXQLVKPHQWDQGWKHJRRG
QHZVRIOLPLWOHVVUHZDUGVKDVEHHQJLYHQWRWKHEHOLHYHUVDQGWKHULJKWHRXV

%XURRM
1DPH
7KH6XUDKLVVRGHVLJQDWHGDIWHUWKHZRUGDOEXURRMDSSHDULQJLQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
7KH VXEMHFW PDWWHU LWVHOI LQGLFDWHV WKDW WKLV 6XUDK ZDV VHQW GRZQ DW 0DNNDK LQ WKH
SHULRG ZKHQ SHUVHFXWLRQ RI WKH 0XVOLPV ZDV DW LWV FOLPD[ DQG WKH GLVEHOLHYHUV RI
0DNNDKZHUHWU\LQJWKHLUXWPRVWE\W\UDQQ\DQGFRHUFLRQWRWXUQDZD\WKHQHZFRQYHUWV
IURP,VODP
7KHPHDQG6XEMHFW0DWWHU
,WV WKHPH LV WR ZDUQ WKH GLVEHOLHYHUV RI WKH HYLO FRQVHTXHQFHV RI WKH SHUVHFXWLRQ DQG
W\UDQQ\ WKDW WKH\ ZHUH SHUSHWUDWLQJ RQ WKH FRQYHUWV WR ,VODP DQG WR FRQVROH WKH
EHOLHYHUVVRDVWRVD\,I\RXUHPDLQILUPDQGVWHDGIDVWDJDLQVWW\UDQQ\DQGFRHUFLRQ
\RX ZLOO EH UHZDUGHG ULFKO\ IRU LW DQG $OODK ZLOO FHUWDLQO\ DYHQJH +LPVHOI RQ \RXU
SHUVHFXWRUVRQ\RXUEHKDOI
,QWKLVFRQQHFWLRQILUVWRIDOOWKHVWRU\RIWKHSHRSOHRIWKHGLWFK DVKDDEDOXNKGXG 
KDGEHHQUHODWHGZKRKDGEXUQWWKHEHOLHYHUVWRGHDWKE\FDVWLQJWKHPLQWRSLWVIXOORI
ILUH%\PHDQVRIWKLVVWRU\WKHEHOLHYHUVDQGWKHGLVEHOLHYHUVKDYHEHHQWDXJKWDIHZ
OHVVRQV )LUVW WKDW MXVW DV WKH SHRSOH RI WKH GLWFK EHFDPH ZRUWK\ RI $OODK
VFXUVHDQG
SXQLVKPHQWVRDUHWKHFKLHIVRI0DNNDKDOVREHFRPLQJZRUWK\RILW6HFRQGWKDWMXVW
DVWKHEHOLHYHUVDWWKDWWLPHKDGZLOOLQJO\DFFHSWHGWRVDFULILFHWKHLUOLYHVE\EHLQJEXUQW
WRGHDWKLQWKHSLWVRIILUHLQVWHDGRIWXUQLQJDZD\IURPWKHIDLWKVRDOVRWKHEHOLHYHUV
QRZ VKRXOG HQGXUH HYHU\ SHUVHFXWLRQ EXW VKRXOG QHYHU JLYH XS WKH IDLWK 7KLUG WKDW
*RGV DFNQRZOHGJLQJ :KRP GLVSOHDVHV WKH GLVEHOLHYHUV DQG LV XUJHG RQ E\ WKH
EHOLHYHUVLV'RPLQDQWDQG0DVWHURIWKH.LQJGRPRIWKHHDUWKDQGKHDYHQV+HLVVHOI
SUDLVHZRUWK\ DQG LV ZDWFKLQJ ZKDW WKH WZR JURXSV DUH VWULYLQJ IRU 7KHUHIRUH LW LV
FHUWDLQ WKDW WKH GLVEHOLHYHUV ZLOO QRW RQO\ EH SXQLVKHG LQ +HOO IRU WKHLU GLVEHOLHI EXW
PRUH WKDQ WKDW WKH\ WRR ZLOO VXIIHU SXQLVKPHQW E\ ILUH DV D ILW UHFRPSHQVH IRU WKHLU
W\UDQQ\DQGFUXHOWLHV/LNHZLVHWKLVDOVRLVFHUWDLQWKDWWKRVHZKREHOLHYHDQG IROORZ
XSWKHLU EHOLHIZLWKJRRGGHHGVVKRXOGJRWR3DUDGLVHDQGWKLVLQGHHGLVWKHVXSUHPH
LVODPPHVVDJHFRP 
VXFFHVV 7KHQ WKH GLVEHOLHYHUV KDYH EHHQ ZDUQHG VR DV WR VD\ *RG
V JULS LV YHU\
VHYHUH,I\RXDUHSURXGRIWKHVWUHQJWKRI\RXUKRVWV\RXVKRXOGNQRZWKDWWKHKRVWVRI
3KDUDRK DQG 7KDPXG ZHUH HYHQ VWURQJHU DQG PRUH QXPHURXV 7KHUHIRUH \RX VKRXOG
OHDUQ D OHVVRQ IURP WKH IDWH WKH\ PHW *RG
V SRZHU KDV VR HQFRPSDVVHG \RX WKDW \RX
FDQQRW HVFDSH +LV HQFLUFOHPHQW DQG WKH 4XU
DQ WKDW \RX DUH EHQW XSRQ EHO\LQJ LV
XQFKDQJHDEOHLWLVLQVFULEHGLQWKH3UHVHUYHG7DEOHWZKLFKFDQQRWEHFRUUXSWHGLQDQ\
ZD\

7DDULT
1DPH
7KH6XUDKWDNHQLWVQDPHIURPWKHZRUGDWWDDULTLQLWVILUVWYHUVH
3HULRGRI5HYHODWLRQ
7KHVW\OHRILWVVXEMHFWPDWWHUUHVHPEOHVWKDWRIWKHHDUOLHVW6XUDKVUHYHDOHGDW0DNNDK
EXW WKLV VXUDK ZDV VHQW GRZQ DW D VWDJH ZKHQ WKH GLVEHOLHYHUV RI 0DNNDK ZHUH
HPSOR\LQJ DOO VRUWV RI GHYLFHV DQG SODQV WR GHIHDW DQG IUXVWUDWH WKH PHVVDJH RI WKH
4XU
DQDQG0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQGEOHVVLQJV 
7KHPHDQG6XEMHFW0DWWHU
,WGLVFXVHVWZRWKHPHVILUVWWKDWPDQKDVWRDSSHDUEHIRUH*RGDIWHUGHDWKVHFRQGWKDW
WKH4XU
DQLVDGHFLVLYH:RUGZKLFKQRSODQRUGHYLFHRIWKHGLVEHOLHYHUVFDQGHIHDWRU
IUXVWUDWH
)LUVWRIDOOWKHVWDUVRIWKHKHDYHQVKDYHEHHQFLWHGDVDQHYLGHQFHWKDWWKHUHLVQRWKLQJ
LQWKHXQLYHUVHZKLFKPD\FRQWLQXHWRH[LVWDQGVXUYLYHZLWKRXWJXDUGLDQRYHULW7KHQ
PDQ KDV EHHQ DVNHG WR FRQVLGHU KLV RZQ VHOI DV WR KRZ KH KDV EHHQ EURXJKW LQWR
H[LVWHQFH IURP D PHUH VSHUP GURS DQG VKDSHG LQWR DOLYLQJKXPDQEHLQJ7KHQLWKDV
EHHQVDLGWKDWWKH*RG:KRKDVVREURXJKWKLPLQWRH[LVWHQFHKDVFHUWDLQO\WKHSRZHU
WR FUHDWH KLP RQFH DJDLQ DQG WKLV UHVXUUHFWLRQ ZLOO EH IRU WKH SXUSRVH WR VXEMHFW WR
VFUXWLQ\DOOWKHVHFUHWVRIPDQZKLFKUHPDLQHGKLGGHQLQWKHZRUOG$WWKDWWLPHPDQ
ZLOOQHLWKHUEHDEOHWRHVFDSHWKHFRQVHTXHQFHVRIKLVGHHGVE\KLVRZQSRZHUQRUZLOO
DQ\RQHHOVHFRPHWRKLVUHVFXH
,QFRQFOXVLRQLWKDVEHHQSRLQWHGRXWWKDWMXVWDVWKHIDOOLQJRIUDLQIURPWKHVN\DQGWKH
VSURXWLQJRISODQWVDQGFURSVIURPWKHHDUWKLVQRFKLOG
VSOD\EXWDVHULRXVWDVNVRDOVR
WKHWUXWKVH[SUHVVHGLQWKH4XU
DQDUHQRMHVWEXWDILUPDQGXQFKDQJHDEOHUHDOLW\7KH
GLVEHOLHYHUV DUH LQYROYHG LQ WKH PLVXQGHUVWDQGLQJ WKDW WKHLU SODQV DQG GHYLFHV ZLOO
GHIHDW WKH LQYLWDWLRQ RI WKH 4XU
DQ EXW WKH\ GR QRW NQRZ WKDW $OODK WRR LV GHYLVLQJ D
SODQZKLFKZLOOEULQJWRQDXJKWDOOWKHLUVFKHPLQJDQGSODQQLQJ7KDQLQRQHVHQWHQFH
WKH GLVFRXUVH KDV EHHQ VXPPHG XS ZLWK D ZRUG RI FRQVRODWLRQ WR WKH +RO\ 3URSKHW
XSRQZKRPEHSHDFH DQGDWDFLWZDUQLQJWRWKHGLVEHOLHYHUVVD\LQJ+DYHSDWLHQFH
IRUDZKLOHOHWWKHGLVEHOLHYHUVGRWKHLUZRUVW%HIRUHORQJWKH\ZLOOWKHPVHOYHVUHDOL]H
ZKHWKHU WKH\KDYHEHHQDEOHWRGHIHDWWKH4XU
DQE\WKHLUVFKHPLQJRUWKH4XU
DQKDV
GRPLQDWHGWKHPLQWKHYHU\SODFHZKHUHWKH\DUHH[HUWLQJWKHLUXWPRVWWRGHIHDWLW

$
OD
LVODPPHVVDJHFRP 
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGDO$
ODLQWKHYHU\ILUVWYHUVH
3HULRGRI5HYHODWLRQ
7KHVXEMHFWPDWWHUVKRZVWKDWWKLVWRRLVRQHRIWKHHDUOLHVW6XUDKVWREHUHYHDOHGDQG
WKHZRUGV:HVKDOOHQDEOH\RXWRUHFLWHWKHQ\RXVKDOOQHYHUIRUJHWRIYHUVHDOVR
LQGLFDWHWKDWLWZDVVHQWGRZQLQWKHSHULRGZKHQWKH+RO\0HVVHQJHU XSRQZKRPKH
$OODK
V SHDFH  ZDV QRW \HW IXOO\ DFFXVWRPHG WR UHFHLYH 5HYHODWLRQ DQG DW WKH WLPH
5HYHODWLRQ FDPH GRZQ KH IHDUHG OHVW KH VKRXOG IRUJHW LWV ZRUGV ,I WKLV YHUVH LV UHDG
DORQJZLWKYHUVHRI6XUDK7D+DDQGYHUVHVRI$O4L\DDPDKDQGWKHWKUHH
YHUVHV DUH DOVR FRQVLGHUHG ZLWK UHJDUG WR WKHLU VW\OHV DQG FRQWH[WV WKH VHTXHQFH RI
HYHQWVVHHPVWREHWKDWILUVWLQWKLV6XUDKWKH+RO\3URSKHW XSRQZKRPEHSHDFH ZDV
UHDVVXUHGWRWKHHIIHFW'RQRWDWDOOZRUU\:HVKDOOHQDEOH\RXWRUHFLWHWKLV:RUG
WKHQ\RXVKDOOQRWIRUJHWLW7KHQDIWHUDODSVHRIWLPHRQDQRWKHURFFDVLRQZKHQWKH
6XUDK $O4L\DDPDK ZDV EHLQJ UHYHDOHG WKH +RO\ 3URSKHW LQYROXQWDULO\ EHJDQ WR
UHKHDUVHWKHZRUGVRIWKH5HYHODWLRQ7KHUHXSRQLWZDVVDLG23URSKHWGRQRWPRYH
\RXUWRQJXHWRUHPHPEHUWKLV5HYHODWLRQKDVWLO\,WLVIRU8VWRKDYHLWUHPHPEHUHGDQG
UHDG7KHUHIRUHZKHQ:HDUHUHFLWLQJLWOLVWHQWRLWVUHFLWDOFDUHIXOO\$JDLQLWLVIRU8V
WRH[SODLQLWVPHDQLQJ/DVWRIDOORQWKHRFFDVLRQRIWKHUHYHODWLRQRI6XUDK7D+D
WKH+RO\3URSKHWRQDFFRXQWRIKXPDQZHDNQHVVDJDLQEHFDPHDIUDLGOHVWKLVPHPRU\
VKRXOG IDLO WR SUHVHUYH VRPH SRUWLRQ RI WKH  YHUVHV ZKLFK ZHUH FRQWLQXRXVO\
UHYHDOHGDWWKDWWLPHDQGWKHUHIRUHKHEHJDQWRPHPRUL]HWKHP7KHUHXSRQLWZDVVDLG
$QGVHHWKDW\RXGRQRWKDVWHQWRUHFLWHWKH4XU
DQEHIRUHLWVUHYHODWLRQLVFRPSOHWHGWR
\RX$IWHUWKLVLWQHYHUVRKDSSHQHGWKDWKHIHOWDQ\VXFKGDQJHUIRUDSDUWIRUPWKHVH
WKUHHSODFHVWKHUHLVQRRWKHUSODFHLQWKH4XU
DQZKHUHWKHUHPLJKWEHDUHIHUHQFHWR
WKLVPDWWHU
7KHPHDQG6XEMHFW0DWWHU
7KLVVKRUWVXUDKFRQWDLQVWKUHHWKHPHV7DXKLGLQVWUXFWLRQVWRWKH+RO\3URSKHW XSRQ
ZKRPEHSHDFH DQGWKH+HUHDIWHU
,Q WKH ILUVW YHUVH WKH GRFWULQH RI 7DXKLG KDV EHHQ FRPSUHVVHG LQWR D VLQJOH VHQWHQFH
VD\LQJ WKDW $OODK
V QDPH VKRXOG EH JORULILHG DQG H[DOWHG L H +H VKRXOG QRW EH
UHPHPEHUHG E\ DQ\ QDPH ZKLFK PLJKW\ UHIOHFW D GHILFLHQF\ IDXOW ZHDNQHVV RU DQ
DVSHFWRIOLNHQHVVZLWKFUHDWHGEHLQJVIRUWKHURRWRIDOOIDOVHFUHHGVLQWKHZRUOGDUH
ZURQJ FRQFHSWV DERXW $OODK ZKLFK DVVXPHG WKH IRUP RI DQ HUURQHRXV QDPH IRU +LV
JORULRXVDQGH[DOWHG%HLQJ7KHUHIRUHIRUWKHFRUUHFWLRQRIWKHFUHHGWKHSULPDU\WKLQJ
LV WKDW $OODK $OPLJKW\ VKRXOG EH UHPHPEHUHG RQO\E\WKHEHDXWLIXOQDPHVZKLFKVXLW
DQGEHILW+LP
,QWKHQH[WWKUHHYHUVHVLWKDVEHHQVDLG<RXU/RUGJORULILFDWLRQRI:KRVHQDPHLV
EHLQJHQMRLQHGLV+H:KRFUHDWHGHYHU\WKLQJLQWKH8QLYHUVHSURSRUWLRQHGLWVHWLWD
GHVWLQ\WDXJKWLWWRSHUIRUPWKHIXQFWLRQIRU ZKLFKLWLVFUHDWHGDQG\RXZLWQHVVWKLV
PDQLIHVWDWLRQRI+LVSRZHUGD\DQGQLJKWWKDW+HFUHDWHVYHJHWDWLRQRQWKHHDUWKDVZHOO
DVUHGXFHVLWWRPHUHUXEELVK1RRWKHUEHLQJKDVWKHSRZHUWREULQJDERXWVSULQJQRU
WKHSRZHUWRSUHYHQWDXWXPQ
LVODPPHVVDJHFRP 
7KHQ LQ WKH IROORZLQJ WZR YHUVHV WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  KLV EHHQ
FRQVROHGDVLIWRVD\'RQRWZRUU\DVWRKRZ\RXZLOOUHPHPEHUZRUGIRUZRUGWKH
4XU
DQWKDWLVEHLQJUHYHDOHGWR\RX,WLVIRU8VWRSUHVHUYHLWLQ\RXUPHPRU\DQGLWV
SUHVHUYDWLRQLVQRWLQDQ\ZD\WKHUHVXOWRIDQ\H[FHOOHQFHLQ \RXEXWWKHUHVXOWRI2XU
ERXQW\DQGIDYRURWKHUZLVHLI:HVRZLOO:HFDQFDXVH\RXWRIRUJHWLW
7KHQWKH+RO\3URSKHW XSRQZKRPEHSHDFH KDVEHHQWROG<RXKDYHQRWEHHQPDGH
UHVSRQVLEOHWREULQJHYHU\RQHRQWRWKHULJKWSDWK\RXURQO\GXW\LVWRFRQYH\WKHWUXWK
DQGWKHVLPSOHVWZD\RIFRQYH\LQJWKHWUXWKLVWKDWDGPRQLWLRQEHJLYHQWRKLPZKRLV
LQFOLQHGWROLVWHQWRWKHDGPRQLWLRQDQGDFFHSWLWDQGWKHRQHZKRLVQRWLQFOLQHGWRLW
VKRXOG QRW EH SXUVXHG 7KH RQH ZKR IHDUV WKH HYLO FRQVHTXHQFHV RI GHYLDWLRQ DQG
IDOVHKRRG ZLOO OLVWHQ WR WKH WUXWK DQG DFFHSW LW DQG WKH ZUHWFKHG RQH ZKR DYRLGV
OLVWHQLQJWRDQGDFFHSWLQJLWZLOOKLPVHOIVHHKLVHYLOHQG

7KHGLVFRXUVHKDVEHHQVXPPHGXSVD\LQJ6XFFHVVLVRQO\IRUWKRVHZKRDGRSWSXULW\
RI EHOLHI PRUDOV DQG GHHG DQG UHPHPEHU WKH QDPH RI WKHLU /RUG DQG SHUIRUP WKH
3UD\HU%XWRQWKHFRQWUDU\WKHSHRSOHDUHZKROO\ORVWLQVHHNLQJWKHHDVHEHQHILWVDQG
SOHDVXUHVRIWKHZRUOGZKHUHDVWKH\VKRXOGDFWXDOO\HQGHDYRUIRUWKHLUZHOOEHLQJLQ WKH
+HUHDIWHUIRUWKHZRUOGLVWUDQVLWRU\DQGWKH+HUHDIWHUHYHUODVWLQJDQGWKHEOHVVLQJVRI
WKH +HUHDIWHU DUH IDU EHWWHU WKDQ WKH EOHVVLQJV RI WKH ZRUOG 7KLV WUXWK KDV QRW EHHQ
H[SUHVVHGRQO\LQWKH4XU
DQEXWLQWKHERRNVRIWKH3URSKHWV$EUDKDPDQG0RVHVWRR
LWKDGEHHQEURXJKWWRWKHQRWLFHRIPDQ

*DDVKL\DK
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGDOJKDDVKL\DKLQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
7KHZKROHVXEMHFWPDWWHURIWKH6XUDKLQGLFDWHVWKDWWKLVWRRLVRQHRIWKHHDUOLHVW6XUDKV
WREHUHYHDOHGEXWWKLVZDVWKHSHULRGZKHQWKH+RO\3URSKHW XSRQZKRPEHSHDFH 
KDGVWDUWHGSUHDFKLQJKLVPHVVDJHSXEOLFO\DQGWKHSHRSOHRI0DNNDKZHUHKHDULQJLW
DQGLJQRULQJLWFDUHOHVVO\DQGWKRXJKWOHVVO\
7KHPHDQG6XEMHFW0DWWHU
7RXQGHUVWDQGWKHVXEMHFWPDWWHUZHOORQHVKRXOGNHHSLQYLHZWKHIDFWWKDWLQWKHLQLWLDO
VWDJHWKHSUHDFKLQJRIWKH+RO\3URSKHW XSRQZKRPEHSHDFH PRVWO\FHQWHUHGDURXQG
WZRSRLQWVZKLFKKHZDQWHGWRLQVWLOOLQWKHSHRSOH
VPLQGV7DXKLGDQGWKH+HUHDIWHU
DQG WKH SHRSOH RI 0DNNDK ZHUH UHSXGLDWLQJ ERWK /HW XV QRZ FRQVLGHU WKH VXEMHFW
PDWWHUDQGWKHVW\OHRIWKLV6XUDK
$W WKH RXWVHW LQ RUGHU WR DURXVH WKH SHRSOH IURP WKHLU KHHGOHVVQHVV WKH\ KDYH EHHQ
SODLQO\ DVNHG 'R \RX KDYH DQ\ NQRZOHGJH RI WKH WLPH ZKHQ DQ RYHUZKHOPLQJ
FDODPLW\ ZLOO GHVFHQG"  ,PPHGLDWHO\ DIWHU WKLV GHWDLOV RI WKH LPSHQGLQJ FDODPLW\ DUH
JLYHQ DV WR KRZ WKH SHRSOH ZLOO EH GLYLGHG LQWR WZR VHSDUDWH JURXSV DQG ZLOO PHHW
VHSDUDWHHQGV2QHJURXSRIWKHSHRSOHZLOOJRWR+HOODQGWKH\ZLOOVXIIHUSXQLVKPHQW
WKHVHFRQGJURXSZLOOJRWRWKHVXEOLPH3DUDGLVHDQGZLOOEHSURYLGHGZLWKEOHVVLQJV

LVODPPHVVDJHFRP 
$IWHU WKXVDURXVLQJWKHSHRSOHWKHWKHPHVXGGHQO\FKDQJHVDQGWKHTXHVWLRQLVDVNHG
'RQRWWKHVHSHRSOHZKRIURZQDQGVFRUQWKHWHDFKLQJRI7DXKLGDQGWKHQHZVRIWKH
+HUHDIWHUEHLQJJLYHQE\WKH4XU
DQREVHUYHWKHFRPPRQWKLQJVZKLFKWKH\H[SHULHQFH
GDLO\LQWKHLUOLYHV"'RWKH\QHYHUFRQVLGHUKRZWKHFDPHOVRQZKRPWKHLUZKROHOLIH
DFWLYLW\ LQ WKH $UDELDQ GHVHUW GHSHQGV FDPH LQWR EHLQJ HQGRZHG SUHFLVHO\ ZLWK WKH
VDPH FKDUDFWHULVWLFV DV ZHUH UHTXLUHG IRU WKH EHDVW QHHGHG LQ WKHLU GHVHUW OLIH" :KHQ
WKH\JRRQWKHLUMRXUQH\VWKH\VHHWKHVN\WKHPRXQWDLQVRUWKHHDUWK/HWWKHPSRQGHU
RYHUWKHVHWKUHHSKHQRPHQDDQGFRQVLGHUDVWRKRZWKHVN\ZDVVWUHWFKHGDERYHWKHP
KRZWKHPRXQWDLQVZHUHHUHFWHGDQGKRZWKHHDUWKZDVVSUHDGEHQHDWKWKHP"+DVDOO
WKLV FRPH DERXW ZLWKRXW WKH VNLOO DQG FUDIWVPDQVKLS RI DQ $OO3RZHUIXO $OO :LVH
'HVLJQHU",IWKH\DFNQRZOHGJHWKDWD&UHDWRUKDVFUHDWHGDOOWKLVZLWKJUHDWZLVGRPDQG
SRZHUDQGWKDWQRRQHHOVHLVDQDVVRFLDWHZLWK+LPLQWKHLUFUHDWLRQZK\WKHQGRWKH\
UHIXVHWRDFFHSW+LPDORQHDVWKHLU/RUGDQG6XVWDLQHU"$QGLIWKH\DFNQRZOHGJHWKDW
WKDW*RGKDGWKHSRZHUWRFUHDWHDOOWKLVWKHQRQZKDWUDWLRQDOJURXQGGRWKH\KHVLWDWH
WRDFNQRZOHGJHWKDWWKDW*RGDOVRKDVWKHSRZHUWREULQJDERXW5HVXUUHFWLRQWRUHFUHDWH
PDQDQGWRPDNH+HOODQG+HDYHQ"
$IWHU PDNLQJ WKH WUXWK SODLQ E\ WKLV FRQFLVH DQG UDWLRQDO DUJXPHQW WKH DGGUHVV WXUQV
IURP WKH GLVEHOLHYHUV WR WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  DQG KH LV WROG ,I
WKHVHSHRSOHGRQRWDFNQRZOHGJHWKHWUXWKWKH\PD\QRW\RXKDYHQRWEHHQHPSRZHUHG
WR DFW ZLWK DXWKRULW\ RYHU WKHP VR WKDW \RX VKRXOG FRHUFH WKHP LQWR EHOLHYLQJ \RXU
RQO\ WDVN LV WR H[KRUW VR H[KRUW WKHP 8OWLPDWHO\ WKH\ KDYH WR UHWXUQ WR 8V WKHQ :H
VKDOOFDOOWKHPWRIXOODFFRXQWDQGVKDOOLQIOLFWDKHDY\SXQLVKPHQWRQWKRVHZKRGRQRW
EHOLHYH

)DMU
1DPH
7KH6XUDKLVVRGHVLJQDWHGDIWHUWKHZRUGZDOIDMUZLWKZKLFKLWRSHQV
3HULRGRI5HYHODWLRQ
,WVFRQWHQWVVKRZWKDWLWZDVUHYHDOHGDWWKHVWDJHZKHQSHUVHFXWLRQRIWKHQHZFRQYHUWV
WR ,VODP KDG EHJXQ LQ 0DNNDK 2Q WKDW YHU\ EDVLV WKH SHRSOH RI 0DNNDK KDYH EHHQ
ZDUQHGRIWKHHYLOHQGRIWKHWULEHVRI$GDQG7KDPXGDQGRI3KDUDRK
7KHPHDQG6XEMHFW0DWWHU
,WVWKHPHLVWRDIILUPWKHPHWLQJRXWRIUHZDUGVDQGSXQLVKPHQWVLQWKH+HUHDIWHUZKLFK
WKHSHRSOHRI0DNNDKZHUHQRWSUHSDUHGWRDFNQRZOHGJH/HWXVFRQVLGHUWKHUHDVRQLQJ
LQWKHRUGHULQZKLFKLWKDVEHHQSUHVHQWHG
)LUVWRIDOOVZHDULQJRDWKVE\WKHGDZQWKHWHQQLJKWVWKHHYHQDQGWKHRGGDQGWKH
GHSDUWLQJQLJKWWKHOLVWHQHUVKDYHEHHQDVNHG$UHWKHVHWKLQJVQRWHQRXJKWRWHVWLI\WR
WKHWUXWKRIWKDWZKLFK\RXDUHUHIXVLQJWRDFNQRZOHGJH")URPWKHH[SODQDWLRQWKDWZH
KDYH JLYHQ RI WKHVH IRXU WKLQJV LQ WKH FRUUHVSRQGLQJ QRWHV LW ZLOO EHFRPH FOHDU WKDW
WKHVHWKLQJVDUHDV\PERORIWKHUHJXODULW\WKDWH[LVWVLQWKHQLJKWDQGGD\DQGVZHDULQJ
RDWKVE\WKHVHWKHTXHVWLRQKDVEHHQDVNHGLQWKHVHQVH(YHQDIWHUZLWQHVVLQJWKLVZLVH
V\VWHPHVWDEOLVKHGE\*RGGR\RXVWLOOQHHGDQ\RWKHUHYLGHQFHWRVKRZWKDWLWLVQRW
LVODPPHVVDJHFRP 
EH\RQG WKH SRZHU RI WKDW *RG :KR KDV EURXJKW DERXW WKLV V\VWHP WR HVWDEOLVK WKH
+HUHDIWHUDQGWKDWLWLVWKHYHU\UHTXLUHPHQWRIKLVZLVGRPWKDW+HVKRXOGFDOOPDQWR
DFFRXQWIRUKLVGHHGV"
7KHQ UHDVRQLQJ IURP PDQ
V RZQ KLVWRU\ WKH HYLO HQG RI WKH $G DQG WKH7KDPXGDQG
3KDUDRKKDVEHHQFLWHGDVDQH[DPSOHWRVKRZWKDWZKHQWKH\WUDQVJUHVVHGDOOOLPLWVDQG
PXOWLSOLHG FRUUXSWLRQ LQ WKH HDUWK $OODK ODLG XSRQ WKHP WKH VFRXUJH RI +LV
FKDVWLVHPHQW7KLVLVDSURRIRIWKHIDFWWKDWWKHV\VWHPRIWKHXQLYHUVHLVQRWEHLQJUXQ
E\GHDIDQGEOLQGIRUFHVQRULVWKHZRUOGDODZOHVVNLQJGRPRIDFRUUXSWUXOHUEXWD
:LVH5XOHULVUXOLQJRYHULWWKHGHPDQGRI:KRVHZLVGRPDQGMXVWLFHLVFRQWLQXRXVO\
YLVLEOH LQ WKH ZRUOG LWVHOI LQ PDQ
V RZQ KLVWRU\ WKDW +H VKRXOG FDOO WR DFFRXQW DQG
UHZDUGDQGSXQLVKDFFRUGLQJO\WKHEHLQJZKRP+HKDVEOHVVHGZLWKUHDVRQDQGPRUDO
VHQVHDQGJLYHQWKHULJKWRIDSSURSULDWLRQLQWKHZRUOG
$IWHU WKLV DQ DSSUDLVDO KDVEHHQPDGHRIWKHJHQHUDOPRUDOVWDWHRIKXPDQVRFLHW\RI
ZKLFK$UDESDJDQLVPZDVDFRQVSLFXRXVH[DPSOHWZRDVSHFWVRILWLQSDUWLFXODUKDYH
EHHQ FULWLFL]HG ILUVW WKH PDWHULDOLVWLF DWWLWXGH RI WKH SHRSOH RQ DFFRXQW RI ZKLFK
RYHUORRNLQJ WKH PRUDO JRRG DQG HYLO WKH\ UHJDUGHG RQO\ WKH DFKLHYHPHQW RI ZRUOGO\
ZHDOWKUDQNDQGSRVLWLRQRUWKHDEVHQFHRILWDVWKHFULWHULRQRIKRQRURUGLVJUDFHDQG
KDGIRUJRWWHQWKDWQHLWKHUULFKHVZDVDUHZDUGQRUSRYHUW\DSXQLVKPHQWEXWWKDW$OODK
LV WU\LQJPDQLQERWKFRQGLWLRQVWRVHHZKDWDWWLWXGHKHDGRSWVZKHQEOHVVHGZLWKZHDOWK
DQG KRZ KH EHKDYHV ZKHQ DIIOLFWHG E\ SRYHUW\ 6HFRQG WKH SHRSOH
V DWWLWXGH XQGHU
ZKLFK WKH RUSKDQ FKLOG LQ WKHLU VRFLHW\ ZDV OHIW GHVWLWXWH RQ WKH GHDWK RI WKH IDWKHU
1RERG\ DVNHG DIWHU WKH SRRU ZKRHYHU FRXOG XVXUSHG WKH ZKROH KHULWDJH OHIW E\ WKH
GHFHDVHG SDUHQW DQG GURYH DZD\ WKH ZHDN KHLUV IUDXGXOHQWO\ 7KH SHRSOH ZHUH VR
DIIOLFWHG ZLWK DQ LQVDWLDEOH JUHHG IRU ZHDOWK WKDW WKH\ ZHUH QHYHU VDWLVILHG KRZHYHU
PXFKWKH\PLJKWKRDUGDQGDPDVV7KLVFULWLFLVPLVPHDQWWRPDNHWKHPUHDOL]HDVWR
ZK\WKHSHRSOHZLWKVXFKDQDWWLWXGHDQGFRQGXFWLQWKHOLIHRIWKHZRUOGVKRXOGQRWEH
FDOOHGWRDFFRXQWIRUWKHLUPLVGHHGV
7KHGLVFRXUVHKDVEHHQFRQFOXGHGZLWKWKHDVVHUWLRQWKDWDFFRXQWDELOLW\VKDOOFHUWDLQO\
EHKHOGDQGLWZLOOEHKHOGRQWKH'D\ZKHQWKH'LYLQH&RXUWZLOOEHHVWDEOLVKHG$WWKDW
WLPHWKHGHQLHUVRIWKHMXGJPHQWZLOOXQGHUVWDQGWKDWZKLFKWKH\DUHQRWXQGHUVWDQGLQJ
QRZLQVSLWHRILQVWUXFWLRQDQGDGPRQLWLRQEXWXQGHUVWDQGLQJWKHQZLOOEHRIQRDYDLO
7KH GHQLHU ZLOO UHJUHW DQG VD\ :RXOG WKDW , KDG SURYLGHG IRU WKLV 'D\ EHIRUHKDQG
ZKLOH,OLYHGLQWKHZRUOG%XWKLVUHJUHWVZLOOQRWVDYHKLPIURP$OODK
VSXQLVKPHQW
+RZHYHU DV IRU WKH SHRSOH ZKR ZRXOG KDYH DFFHSWHG WKH 7UXWK ZKLFK WKH KHDYHQO\
ERRNVDQGWKH3URSKHWVRI*RGZHUHSUHVHQWLQJZLWKIXOOVDWLVIDFWLRQRIWKHKHDUWLQWKH
ZRUOG$OODKZLOOEHSOHDVHGZLWKWKHPDQGWKH\ZLOOEHZHOOSOHDVHGZLWKWKHUHZDUGV
EHVWRZHGE\$OODK7KH\ZLOOEHFDOOHGXSRQWRMRLQWKHULJKWHRXVDQGHQWHU3DUDGLVH

%DODG
1DPH
7KH6XUDKKDVEHHQVRQDPHGDIWHUWKHZRUGDOEDODGLQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
LVODPPHVVDJHFRP 
,WV VXEMHFW PDWWHU DQG VW\OH UHVHPEOH WKRVH RI WKH HDUOLHVW 6XUDKV UHYHDOHG DW0DNNDK
EXWLWFRQWDLQVDSRLQWHUZKLFKLQGLFDWHVWKDWLWZDVVHQWGRZQLQWKHSHULRGZKHQWKH
GLVEHOLHYHUV RI 0DNNDK KDG UHVROYHG WR RSSRVH WKH +RO\ 3URSKHW XSRQ ZKRP EH
$OODK
VSHDFH DQGPDGHLWODZIXOIRUWKHPVHOYHVWRFRPPLWW\UDQQ\DQGH[FHVVDJDLQVW
KLP
7KHPHDQG6XEMHFW0DWWHU
,QWKLV6XUDKDYDVWVXEMHFWKDVEHHQFRPSUHVVHGLQWRDIHZEULHIVHQWHQFHVDQGLWLVD
PLUDFOHRIWKH4XU
DQWKDWDFRPSOHWHLGHRORJ\RIOLIHZKLFKFRXOGKDUGO\EHH[SODLQHG
LQ D WKLFN YROXPH KDV EHHQ DEULGJHG PRVW HIIHFWLYHO\ LQ EULHI VHQWHQFHV RI WKLV VKRUW
6XUDK,WVWKHPHLVWRH[SODLQWKHWUXHSRVLWLRQRIPDQLQWKHZRUOGDQGRIWKHZRUOGLQ
UHODWLRQWRPDQDQGWRWHOOWKDW*RGKDVVKRZQWRPDQERWKWKHKLJKZD\VRIJRRGDQG
HYLOKDVDOVRSURYLGHGIRUKLPWKHPHDQVWRMXGJHDQGVHHDQG IROORZWKHPDQGQRZLW
UHVWV XSRQ PDQV RZQ HIIRUW DQG MXGJPHQW ZKHWKHU KH FKRRVHV WKH SDWK RI YLUWXH DQG
UHDFKHVIHOLFLW\RUDGRSWVWKHSDWKRIYLFHDQGPHHWVZLWKGRRP
)LUVW WKH FLW\ RI 0DNNDK DQG WKH KDUGVKLSV EHLQJ IDFHG WKHUHLQ E\ WKH +RO\ 3URSKHW
XSRQ ZKRP EH SHDFH  DQG WKH VWDWH RI WKH FKLOGUHQ RI $GDP KDYH EHHQ FLWHG DV D
ZLWQHVV WR WKH WUXWK WKDW WKLV ZRUOG LV QRW D SODFH RI UHVW DQG HDVH IRU PDQ ZKHUH KH
PLJKWKDYHEHHQERUQWRHQMR\OLIHEXWKHUHKHKDVEHHQFUHDWHGLQWRWRLODQGVWUXJJOH ,I
WKLVWKHPHLVUHDGZLWKYHUVHRI6XUDK$Q1DMP /DLVDOLOLQVDQLLOODPDVDDWKHUHLV
QRWKLQJ IRU PDQ EXW ZKDW KH KDV VWULYHQ IRU  LW EHFRPHV SODLQ WKDW LQ WKLV ZRUOG WKH
IXWXUHRIPDQGHSHQGVRQKLVWRLODQGVWUXJJOHHIIRUWDQGVWULYLQJ
$IWHUWKLVPDQ
VPLVXQGHUVWDQGLQJWKDWKHLVDOOLQDOOLQWKLVZRUOGDQGWKDWWKHUHLVQR
VXSHULRUSRZHUWRZDWFKZKDWKHGRHVDQGWRFDOOKLPWRDFFRXQWKDVEHHQUHIXWHG
7KHQWDNLQJRQHRIWKHPDQ\PRUDOFRQFHSWVRILJQRUDQFHKHOGE\PDQDVDQH[DPSOH
LWKDVEHHQSRLQWHGRXWZKDWZURQJFULWHULDRIPHULWDQGJUHDWQHVVKHKDVSURSRVHGIRU
KLPVHOI LQ WKH ZRUOG 7KH SHUVRQ ZKR IRU RVWHQWDWLRQ DQG GLVSOD\ VTXDQGHUV KHDSV RI
ZHDOWKQRWRQO\KLPVHOISULGHVXSRQKLVH[WUDYDJDQFHVEXWWKHSHRSOHDOVRDGPLUHKLP
IRULWHQWKXVLDVWLFDOO\ZKHUHDVWKH%HLQJ:KRLVZDWFKLQJRYHUKLVGHHGVVHHVE\ZKDW
PHWKRGVKHREWDLQHGWKHZHDOWKDQGLQZKDWZD\VDQGZLWKZKDWPRWLYHVDQGLQWHQWLRQ
KHVSHQWLW
7KHQ $OODK VD\V :H KDYH JLYHQ PDQ WKH PHDQV RI NQRZOHGJH DQG WKH IDFXOWLHV RI
WKLQNLQJDQGXQGHUVWDQGLQJDQGRSHQHGXSEHIRUHKLPERWKWKHKLJKZD\VRIYLUWXHDQG
YLFHRQHZD\OHDGVGRZQWRPRUDOGHSUDYLW\DQGLWLVDQHDV\ZD\SOHDVLQJIRUWKHVHOI
WKHRWKHUZD\OHDGVXSWRPRUDOKHLJKWVZKLFKLVVWHHSOLNHDQXSKLOOURDGIRUVFDOLQJ
ZKLFK PDQ KDV WR H[HUFLVH VHOI UHVWUDLQW ,W LV PDQ
V ZHDNQHVV WKDW KHSUHIHUVVOLSSLQJ
GRZQLQWRWKHDE\VVWRVFDOLQJWKHFOLII
7KHQ$OODKKDVH[SODLQHGZKDWWKHVWHHSURDGLVE\IROORZLQJZKLFKPDQFDQDVFHQGWR
WKHKHLJKWV,WLVWKDW KHVKRXOGJLYHXSVSHQGLQJIRURVWHQWDWLRQGLVSOD\DQGSULGHDQG
VKRXOGVSHQGKLVZHDOWKWRKHOSWKHRUSKDQVDQGWKHQHHG\VKRXOGEHOLHYHLQ$OODKDQG
+LV5HOLJLRQDQGMRLQLQJWKHFRPSDQ\RIEHOLHYHUVVKRXOGSDUWLFLSDWHLQWKHFRQVWUXFWLRQ
RIDVRFLHW\ZKLFKVKRXOGIXOILOOWKHGHPDQGVRIYLUWXHDQGULJKWHRXVQHVVSDWLHQWO\DQG
VKRXOG EH FRPSDVVLRQDWH WR WKH SHRSOH 7KH HQG RI WKRVH ZKR IROORZ WKLV ZD\ LV WKDW
LVODPPHVVDJHFRP 
WKH\ ZRXOG EHFRPH ZRUWK\ RI $OODK
VPHUFLHV2QWKHFRQWUDU\WKHHQGRIWKRVHZKR
IROORZWKHZURQJZD\LVWKHILUHRI+HOOIURPZKLFKWKHUHLVQRHVFDSH

6KDPV
1DPH
7KH6XUDKKDVEHHQVRGHVLJQDWHGDIWHUWKHZRUG$VKVKDPVZLWKZKLFKLWRSHQV
3HULRGRI5HYHODWLRQ
7KH VXEMHFW PDWWHU DQG WKH VW\OH VKRZ WKDW WKLV 6XUDK WRR ZDV UHYHDOHG LQ WKH HDUOLHVW
SHULRG DW 0DNNDK DW D VWDJH ZKHQ RSSRVLWLRQ WR WKH +RO\ 3URSKHW XSRQ ZKRP EH
$OODK
VSHDFH KDGJURZQYHU\VWURQJDQGLQWHQVH
7KHPHDQG6XEMHFW0DWWHU
,WV WKHPH LV WR GLVWLQJXLVK WKH JRRG IURP WKH HYLO DQG WR ZDUQ WKH SHRSOH ZKR ZHUH
UHIXVLQJ WR XQGHUVWDQG WKLV GLVWLQFWLRQ DQG LQVLVWLQJ RQ IROORZLQJ WKH HYLO ZD\ RI WKH
HYLOHQG
,QYLHZRIWKHVXEMHFWPDWWHUWKLV6XUDKFRQVLVWVRIWZRSDUWV7KHILUVWSDUWFRQVLVWVRI
YY  DQGWKHVHFRQGRIYY7KHILUVWSDUWGHDOVZLWKWKUHHWKLQJV   7KDW
MXVWDVWKHVXQDQGWKHPRRQWKHGD\DQGWKHQLJKWWKHHDUWKDQGWKHVN\DUHGLIIHUHQW
IURPHDFKRWKHUDQGFRQWUDGLFWRU\LQWKHLUHIIHFWVDQGUHVXOWVVRDUHWKHJRRGDQGWKH
HYLO GLIIHUHQW IURQW HDFK RWKHU DQG FRQWUDGLFWRU\ LQ WKHLU HIIHFWV DQG UHVXOWV WKH\ DUH
QHLWKHUDOLNHLQWKHLURXWZDUGDSSHDUDQFHQRUFDQWKH\EHDOLNHLQWKHLUUHVXOWV  7KDW
$OODK DIWHU JLYLQJ WKH KXPDQ VHOI SRZHUV RI WKH ERG\ VHQVH DQG PLQG KDV QRW OHIW LW
XQLQIRUPHG LQ WKH ZRUOG EXW KDV LQVWLOOHG LQWR KLV XQFRQVFLRXV E\PHDQVRIDQDWXUDO
LQVSLUDWLRQWKHGLVWLQFWLRQEHWZHHQJRRGDQGHYLOULJKWDQGZURQJDQGWKHVHQVHRIWKH
JRRGWREHJRRGDQGRIWKHHYLOWREHHYLO  7KDWWKHIXWXUHRIPDQGHSHQGVRQKRZE\
XVLQJWKHSRZHUVRIGLVFULPLQDWLRQZLOODQGMXGJPHQWWKDW$OODKKDVHQGRZHGKLPZLWK
KHGHYHORSVWKHJRRGDQGVXSSUHVVHVWKHHYLOWHQGHQFLHVRIWKHVHOI,IKHGHYHORSVWKH
JRRG LQFOLQDWLRQ DQG IUHHV KLV VHOI RI WKH HYLO LQFOLQDWLRQV KH ZLOO DWWDLQ WR HWHUQDO
VXFFHVVDQGLIRQWKHFRQWUDU\KHVXSSUHVVHVWKHJRRGDQGSURPRWHVWKHHYLOKHZLOO
PHHWZLWKGLVDSSRLQWPHQWDQGIDLOXUH
,Q WKH VHFRQG SDUW FLWLQJ WKH KLVWRULFDO SUHFHGHQW RI WKH SHRSOH RI 7KDPXG WKH
VLJQLILFDQFHRI$SRVWOHVKLSKDVEHHQEURXJKWRXW$0HVVHQJHULVUDLVHGLQWKHZRUOG
EHFDXVH WKH LQVSLUDWLRQDO NQRZOHGJH RI JRRG DQG HYLOWKDW$OODKKDVSODFHGLQKXPDQ
QDWXUHLVE\LWVHOIQRWHQRXJKIRUWKHJXLGDQFHRIPDQEXWRQDFFRXQWRIKLVIDLOXUHWR
XQGHUVWDQGLWIXOO\PDQKDVEHHQSURSRVLQJZURQJFULWHULDDQGWKHRULHVRIJRRGDQGHYLO
DQGWKXVJRLQJDVWUD\7KDWLVZK\$OODKVHQWGRZQFOHDUDQGGHILQLWH5HYHODWLRQWRWKH
3URSKHWV SHDFH EH XSRQ WKHP  WR DXJPHQW PDQ
V QDWXUDO LQVSLUDWLRQ VRWKDWWKH\PD\
H[SRXQGWRWKHSHRSOHDVWRZKDWLVJRRGDQGZKDWLVHYLO/LNHZLVHWKH3URSKHW6DOLK
SHDFHEHXSRQKLP ZDVVHQWWRWKHSHRSOHRI7KDPXGEXWWKHSHRSOHRYHUZKHOPHGE\
WKH HYLO RI WKHLU VHOI KDG EHFRPH VR UHEHOOLRXV WKDW WKH\ UHMHFWHG KLP $QG ZKHQ KH
SUHVHQWHG EHIRUH WKHP WKH PLUDFOH RI WKH VKH FDPHO DV GHPDQGHG E\ WKHPVHOYHV WKH
PRVWZUHWFKHGRQHRIWKHPLQVSLWHRIKLVZDUQLQJKDPVWUXQJLWLQDFFRUGDQFHZLWKWKH
ZLOODQGGHVLUHRIWKHSHRSOH&RQVHTXHQWO\WKHHQWLUHWULEHZDVRYHUWDNHQE\DGLVDVWHU
LVODPPHVVDJHFRP 
:KLOH QDUUDWLQJ WKLV VWRU\ RI WKH 7KDPXG QRZKHUH LQ WKH 6XUDK KDV LW EHHQ VDLG 2
SHRSOH RI 4XUDLVK LI \RX UHMHFWHG \RXU 3URSKHW 0XKDPPDG XSRQ ZKRP EH $OODK
V
SHDFHDQGEOHVVLQJV DVWKH7KDPXGKDGUHMHFWHGWKHLUV\RXWRRZRXOGPHHWZLWKWKH
VDPHIDWHDVWKH\PHW7KHFRQGLWLRQVDWWKDWWLPHLQ0DNNDKZHUHVLPLODUWRWKRVHWKDW
KDGEHHQFUHDWHGE\WKHZLFNHGDPRQJWKHSHRSOHRI7KDPXGDJDLQVWWKH3URSKHW6DOLK
SHDFHEHXSRQKLP 7KHUHIRUHWKHQDUUDWLRQRIWKLVVWRU\LQWKRVHFRQGLWLRQVZDVE\
LWVHOIHQRXJKWRVXJJHVWWRWKHSHRSOHRI0DNNDKKRZSUHFLVHO\WKLVKLVWRULFDOSUHFHGHQW
DSSOLHGWRWKHP

/D\O
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGZDOOD\OZLWKZKLFKLWRSHQV
3HULRGRI5HYHODWLRQ
,WVVXEMHFWPDWWHUVRFORVHO\UHVHPEOHVWKDWRI6XUDK$VK6KDPVWKDWHDFK6XUDKVHHPV
WREHDQH[SODQDWLRQRIWKHRWKHU,WLVRQHDQGWKHVDPHWKLQJZKLFKKDVEHHQH[SODLQHG
LQ6XUDK$VK6KDPVLQRQHZD\DQGLQWKLV6XUDKLQDQRWKHU7KLVLQGLFDWHVWKDWERWK
WKHVH6XUDKVZHUHVHQWGRZQLQDERXWWKHVDPHSHULRG
7KHPHDQG6XEMHFW0DWWHU
,WV WKHPH LV WR GLVWLQJXLVK EHWZHHQ WKH WZR GLIIHUHQW ZD\V RI OLIH DQG WR H[SODLQ WKH
FRQWUDVWEHWZHHQWKHLUXOWLPDWHHQGVDQGUHVXOWV,QYLHZRIWKHVXEMHFWPDWWHUWKLV6XUDK
FRQVLVWVRIWZRSDUWVWKHILUVWSDUWFRQVLVWLQJRIYYDQGWKHVHFRQGRIYY
,QWKHILUVWSDUWDWWKHRXWVHWLWKDVEHHQSRLQWHGRXWWKDWWKHVWULYLQJVDQGGRLQJVWKDW
WKHLQGLYLGXDOVQDWLRQVDQGJURXSVRIPDQNLQGDUHHQJDJHGLQWKHZRUOGDUHLQUHVSHFW
RIWKHLUPRUDOQDWXUHDVGLYHUJHQWDVWKHGD\LVIURPWKHQLJKWDQGWKHPDOHIURPWKH
IHPDOH$IWHUWKLVDFFRUGLQJWRWKHJHQHUDOVW\OHRIWKHEULHI6XUDKVRIWKH4XU
DQWKUHH
PRUDOFKDUDFWHULVWLFVRIRQHNLQGDQGWKUHHPRUDOFKDUDFWHULVWLFVRIWKHRWKHUNLQGKDYH
EHHQ SUHVHQWHG DV DQ LOOXVWUDWLRQ IURP DPRQJ D YDVW FROOHFWLRQ RI WKH VWULYLQJV DQG
DFWLYLWLHVRIPDQIURPZKLFKHYHU\PDQFDQMXGJHZKLFKVW\OHRIOLIHLVUHSUHVHQWHGE\
RQHNLQGRIWKHFKDUDFWHULVWLFVDQGZKLFKVW\OHRIOLIHE\WKHRWKHUNLQG
%RWK WKHVH VW\OHV KDYH EHHQ GHVFULEHG LQ VXFK EULHI HOHJDQW DQG SLWK\ VHQWHQFHV WKDW
WKH\ PRYH WKH KHDUW DQG JR GRZQ LQWR PHPRU\ DV VRRQ DV RQH KHDUV WKHP
&KDUDFWHULVWLFV RI WKH ILUVW NLQG DUH WKDW RQH VKRXOG VSHQG RQH
V ZHDOWK DGRSW *RG
FRQVFLRXVQHVV DQG SLHW\ DQG DFNQRZOHGJH WKH JRRG DV JRRG 7KH VHFRQG NLQG RI WKH
FKDUDFWHULVWLFVDUHWKDWRQHVKRXOGEHPLVHUO\VKRXOGOHDVWFDUHIRU*RG
VSOHDVXUHDQG
+LV GLVSOHDVXUH DQG VKRXOG UHSXGLDWH ZKDW LV JRRG DQG ULJKW 7KHQLWKDVEHHQVWDWHG
WKDWWKHVHWZRPRGHVRIDFWLRQZKLFKDUHFOHDUO\GLYHUJHQWFDQQRWEHHTXDODQGDOLNHLQ
UHVSHFW RI WKHLU UHVXOWV %XW MXVW DV WKH\ DUH GLYHUJHQW LQ WKHLU QDWXUH VR WKH\ DUH
GLYHUJHQWLQWKHLUUHVXOWV
7KHSHUVRQ RUJURXSRISHUVRQV ZKRDGRSWVWKHILUVWPRGHRIDFWLRQ$OODKZLOOPDNH
HDV\IRUKLPWKHFRUUHFWZD\RIOLIHVRPXFKVRWKDWGRLQJJRRGZLOOEHFRPH HDV\IRU
KLPDQGGRLQJHYLOGLIILFXOW2QWKHFRQWUDU\KHZKRDGRSWVWKHVHFRQGPRGHRIOLIH
$OODKZLOOPDNHHDV\IRUKLPWKHGLIILFXOWDQGKDUGZD\RIOLIHVRPXFKVRWKDWGRLQJ
LVODPPHVVDJHFRP 
HYLO ZLOO EHFRPH HDV\ IRU KLP DQG GRLQJ JRRG GLIILFXOW 7KLV SDVVDJH KDV EHHQ
FRQFOXGHG ZLWK D PRVW HIIHFWLYH DQG WRXFKLQJ VHQWHQFH VD\LQJ 7KLV ZRUOGO\ ZHDOWK
IRUWKHVDNHRIZKLFKPDQLVHYHQSUHSDUHGWRULVNKLVOLIHZLOOQRWJRGRZQZLWKKLP
LQWRWKHJUDYHWKHUHIRUHZKDWZLOOLWDYDLOKLPDIWHUGHDWK"

,QWKHVHFRQGSDUWDOVRWKUHHWUXWKVKDYHEHHQVWDWHGHTXDOO\EULHIO\)LUVWWKDW$OODKKDV
QRW OHIW PDQ XQLQIRUPHG LQ WKH H[DPLQDWLRQ KDOO RI WKH ZRUOG EXW +H KDV WDNHQ RQ
+LPVHOIWKHUHVSRQVLELOLW\WRWHOOKLPZKLFKRQHLVWKHVWUDLJKWDQGULJKWZD\RXWRIWKH
GLIIHUHQW ZD\V RI OLIH +HUH WKHUH ZDV QR QHHG WR SRLQW RXW WKDW E\ VHQGLQJ +LV
0HVVHQJHUDQG+LV%RRN+HKDVIXOILOOHG+LVWKLVUHVSRQVLELOLW\IRUERWKWKH0HVVHQJHU
DQGWKH%RRNZHUHSUHVHQWWRDIIRUGWKHJXLGDQFH6HFRQGWKDWWKH0DVWHURIERWKWKH
ZRUOGDQGWKH+HUHDIWHULV$OODKDORQH,I\RXVHHNWKHZRUOGLWLV+H:KRZLOOJLYHLW
DQG LI \RX VHHN WKH +HUHDIWHU DJDLQ LW LV +H :KR ZLOO JLYH LW 1RZ LW LV IRU \RX WR
GHFLGHZKDW\RXVKRXOGVHHNIURP+LP7KHWKLUGWUXWKWKDWKDVEHHQVWDWHGLVWKDWWKH
ZUHWFKHG RQH ZKR UHMHFWV WKH JRRG ZKLFK LV EHLQJ SUHVHQWHG WKURXJK WKH 0HVVHQJHU
DQGWKH%RRNDQGWXUQVDZD\IURPLWZLOOKDYHDEOD]LQJILUHUHDG\IRUKLP$VIRUWKH
*RGIHDULQJSHUVRQZKRVSHQGVKLVZHDOWKLQDJRRGFDXVHZLWKRXWDQ\VHOILVKPRWLYH
RQO\IRUWKHVDNHRIZLQQLQJKLV/RUG
VJRRGSOHDVXUHKLV/RUGZLOOEHSOHDVHGZLWKKLP
DQGZLOOEOHVVKLPZLWKVRPXFKWKDWKHZLOOEHZHOOSOHDVHGZLWK+LP

'XKDD
1DPH
7KH6XUDKWDNHVLWVQDPH$G'XKDDIURPWKHYHU\ILUVWZRUG
3HULRGRI5HYHODWLRQ
,WV VXEMHFW PDWWHU FOHDUO\ LQGLFDWHV WKDW LW EHORQJV WR WKH HDUOLHVW SHULRG DW 0DNNDK
7UDGLWLRQVDOVRVKRZWKDWWKHUHYHODWLRQVZHUHVXVSHQGHGIRUDWLPHZKLFKFDXVHGWKH
+RO\ 3URSKHW XSRQ ZKRP EH $OODK
V SHDFH  WR EH GHHSO\ GLVWUHVVHG DQG JULHYHG 2Q
WKLVDFFRXQWKHIHOWYHU\DQ[LRXVWKDWSHUKDSVKHKDGFRPPLWWHGVRPHHUURUEHFDXVHRI
ZKLFKKLV/RUGKDGEHFRPHDQJU\ZLWKKLPDQGKDGIRUVDNHQKLP7KHUHXSRQKHZDV
JLYHQWKHFRQVRODWLRQWKDWUHYHODWLRQKDGQRWEHHQVWRSSHGEHFDXVHRIVRPHGLVSOHDVXUH
EXWWKLVZDVQHFHVVLWDWHGE\WKHVDPHH[SHGLHQF\DVXQGHUOLHVWKHSHDFHDQGVWLOOQHVVRI
WKHQLJKWDIWHUWKHEULJKWGD\DVLIWRVD\,I\RXKDGFRQWLQXRXVO\EHHQH[SRVHGWRWKH
LQWHQVHO\ EULJKW OLJKW RI 5HYHODWLRQ :DKL  \RXU QHUYHV FRXOG QRW KDYH HQGXUHG LW
7KHUHIRUH DQ LQWHUYDO ZDV JLYHQ LQ RUGHU WR DIIRUG \RX SHDFH DQG WUDQTXLOOLW\  7KLV
VWDWHZDVH[SHULHQFHGE\WKH+RO\3URSKHWLQWKHLQLWLDOVWDJHRIWKH3URSKHWKRRGZKHQ
KHZDVQRW\HWDFFXVWRPHGWRKHDUWKHLQWHQVLW\RI5HYHODWLRQ2QWKLVEDVLVREVHUYDQFH
RIDSDXVHLQEHWZHHQZDVQHFHVVDU\7KLVZHKDYHDOUHDG\H[SODLQHGLQWKHLQWURGXFWLRQ
WR 6XUDK $O 0XGGDWKWKLU DQG LQ ( 1  RI 6XUDK $O0X]]DPPLO DOVR ZH KDYH
H[SODLQHGZKDWJUHDWEXUGHQRIWKHFRPLQJGRZQRI5HYHODWLRQKHKDGWREHDU/DWHU
ZKHQ WKH +RO\ 3URSKHW GHYHORSHG WKH SRZHUWREHDUWKLVEXUGHQWKHUHZDVQRORQJHU
DQ\QHHGIRUORQJJDSV
7KHPHDQG6XEMHFW0DWWHU

LVODPPHVVDJHFRP 
,WVWKHPHLVWRFRQVROHWKH+RO\3URSKHW XSRQZKRPEHSHDFH DQGLWVREMHFWWRUHPRYH
KLV DQ[LHW\ DQG GLVWUHVV ZKLFK KH KDG EHHQ FDXVHG E\ WKH VXVSHQVLRQ RI 5HYHODWLRQ
)LUVW RI DOO VZHDULQJ DQ RDWK E\ WKH EULJKW PRUQLQJ DQG WKH VWLOOQHVV RI QLJKW KH KDV
EHHQUHDVVXUHGVRDVWRVD\<RXU/RUGKDVQRWDWDOOIRUVDNHQ\RXQRULVKHGLVSOHDVHG
ZLWK \RX  7KHQ KH KDV EHHQ JLYHQ WKH JRRG QHZV WKDW WKH KDUGVKLSV WKDW KH ZDV
H[SHULHQFLQJ LQ WKH LQLWLDO VWDJH RI KLV PLVVLRQ ZRXOG QRW ODVW ORQJ IRU HYHU\ ODWHU
SHULRG RI OLIH IRU KLP ZRXOG EH EHWWHU WKDQ WKH IRUPHU SHULRG DQG EHIRUH ORQJ $OODK
ZRXOGEOHVVKLPVRDEXQGDQWO\WKDWKHZRXOGEHZHOOSOHDVHG7KLVLVRQHRIWKHH[SUHVV
SURSKHFLHV RI WKH 4XU
DQ ZKLFK SURYHG OLWHUDOO\ WUXH DIWHUZDUGV ZKHUHDV ZKHQ WKLV
SURSKHF\ ZDV PDGH WKHUH VHHPHG QRW WR EH WKH UHPRWHVW FKDQFH WKDW WKH KHOSOHVV DQG
SRZHUOHVVPDQZKRKDGFRPH RXWWRZDJHDZDUDJDLQVWWKHLJQRUDQFHDQGSDJDQLVPRI
WKHHQWLUHQDWLRQZRXOGHYHUDFKLHYHVXFKZRQGHUIXOVXFFHVV
7KHQ DGGUHVVLQJ +LV +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  $OODK VD\V 2 0\ GHDU
3URSKHWZKDWKDVFDXVHG\RXWKHDQ[LHW\DQGGLVWUHVVWKDW \RXU/RUGKDVIRUVDNHQ\RX
DQG WKDW :HDUHGLVSOHDVHGZLWK\RX":KHUHDVWKHIDFWLVWKDW:HKDYHEHHQJRRGWR
\RX ZLWK NLQGQHVV DIWHU NLQGQHVV HYHU VLQFH WKH GD\ RI \RXU ELUWK <RX ZHUH ERUQ DQ
RUSKDQ:HPDGHWKHEHVWDUUDQJHPHQWIRU\RXUXSEULQJLQJDQG FDUH\RXZHUHXQDZDUH
RIWKH:D\:HVKRZHG\RXWKH:D\\RXZHUHLQGLJHQW:HPDGH\RXULFK$OOWKLV
VKRZV WKDW \RX KDYH EHHQ IDYRUHG E\ 8V IURP WKH YHU\ EHJLQQLQJ DQG 2XU JUDFH DQG
ERXQW\KDVEHHQFRQVWDQWO\IRFXVHGRQ\RX+HUHRQHVKRXOGDOVRNHHS LQYLHZYY
RI6XUDK7D+DZKHUH$OODKZKLOHVHQGLQJWKH3URSKHW0RVHVWRFRQIURQWDW\UDQW
OLNH3KDUDRKHQFRXUDJHGDQGFRQVROHGKLPVD\LQJ:HKDYHEHHQORRNLQJDIWHU\RX
ZLWKNLQGQHVVHYHUVLQFH\RXUELUWKWKHUHIRUH\RXVKRXOGEHVDWLVILHGWKDW\RXZLOOQRW
EHOHIWDORQHLQWKLVGUHDGIXOPLVVLRQ2XUERXQW\ZLOOFRQVWDQWO\EHZLWK\RX
,QFRQFOXVLRQ$OODKKDVLQVWUXFWHG+LV3URSKHW XSRQZKRPEHSHDFH WHOOLQJKLPKRZ
KHVKRXOGWUHDWWKHFUHDWXUHVRI*RGWRUHSD\IRUWKHIDYRUV+HKDVGRQHKLPDQGKRZKH
VKRXOGUHQGHUWKDQNVIRUWKHEOHVVLQJV+HKDVEHVWRZHGRQKLP

,QVKLUDDK
1DPH
7KH6XUDKLVVRGHVLJQDWHGDIWHUWKHILUVWVHQWHQFH
3HULRGRI5HYHODWLRQ
,WV VXEMHFW PDWWHU VR FORVHO\ UHVHPEOHV WKDW RI 6XUDK $G'XKDD WKDW ERWK WKHVH 6XUDK
VHHP WR KDYH EHHQ UHYHDOHG LQ DERXW WKH VDPH SHULRG XQGHU VLPLODU FRQGLWLRQV
$FFRUGLQJWR+DGUDW$EGXOODKELQ$EEDVLWZDVVHQWGRZQLQ0DNNDKMXVWDIWHUZDG
'XKDD
7KHPHDQG6XEMHFW0DWWHU
7KHDLPDQGREMHFWRIWKLV6XUDKWRRLVWRFRQVROHDQGHQFRXUDJHWKH+RO\0HVVHQJHU
XSRQZKRPEH$OODK
VSHDFH %HIRUHKLVFDOOKHQHYHUKDGWRHQFRXQWHUWKHFRQGLWLRQV
ZKLFK KH VXGGHQO\ KDG WR HQFRXQWHU DIWHU LW ZKHQ KH HPEDUNHG RQ KLV PLVVLRQ RI
LQYLWLQJ WKH SHRSOH WR ,VODP 7KLV ZDV E\ LWVHOI D JUHDW UHYROXWLRQ LQ KLV RZQ OLIH RI
ZKLFKKHKDGQRLGHDLQKLVOLIHEHIRUH3URSKHWKRRG1RVRRQHUKDGKHVWDUWHGSUHDFKLQJ
LVODPPHVVDJHFRP 
WKHPHVVDJHRI,VODPWKDQWKHVDPHVRFLHW\ZKLFKKDGHVWHHPHGKLPZLWKXQLTXHKRQRU
WXUQHGKRVWLOHWRKLP7KHVDPHUHODWLYHVDQGIULHQGVWKHVDPHFODQVPHQDQGQHLJKERUV
ZKR XVHG WR WUHDW KLP ZLWK WKH KLJKHVW UHVSHFW EHJDQ WR VKRZHU KLP ZLWK DEXVH DQG
LQYHFWLYH1RRQHLQ0DNNDKZDVSUHSDUHGWROLVWHQWRKLPKHEHJDQWREHULGLFXOHGDQG
PRFNHGLQWKHVWUHHWDQGRQWKHURDGDQGDWHYHU\VWHSKHKDGWRIDFHQHZGLIILFXOWLHV
$OWKRXJK JUDGXDOO\ KH EHFDPH DFFXVWRPHG WR WKH KDUGVKLSV HYHQ PXFK VHYHUHU RQHV
\HWWKHLQLWLDOVWDJHZDVYHU\GLVFRXUDJLQJIRUKLP7KDWLVZK\ILUVW6XUDK$G'XKDD
ZDVVHQWGRZQWRFRQVROHKLPDQGWKHQWKLV6XUDK
,Q LW DW WKH RXWVHW $OODK VD\V :H KDYH IDYRUHG \RX 2 3URSKHW ZLWK WKUHH JUHDW
EOHVVLQJV WKHUHIRUH \RX KDYH QR FDXVH WR EH GLVKHDUWHQHG7KHILUVWLVWKHEOHVVLQJRI
6KDUK 6DGU RSHQLQJ XS RI WKH EUHDVW  WKH VHFRQG RI UHPRYLQJ IURP \RX WKH KHDY\
EXUGHQWKDWZDVZHLJKLQJGRZQ\RXUEDFNEHIRUHWKHFDOODQGWKHWKLUGRIH[DOWLQJ\RXU
UHQRZQWKHOLNHRIZKLFKKDVQHYHUEHHQJUDQWHGWRDQ\PDQEHIRUH)XUWKHUEHORZLQ
WKHQRWHVZHKDYHH[SODLQHGZKDWLVLPSOLHGE\HDFKRIWKHVHEOHVVLQJVDQGKRZJUHDW
DQGXQLTXHWKHVHEOHVVLQJVLQGHHGDUH
$IWHU WKLV WKH /RUG DQG 6XVWDLQHU RI WKH XQLYHUVH KDV UHDVVXUHG +LV 6HUYDQW DQG
0HVVHQJHU XSRQ ZKRP EH SHDFH  WKDW WKH SHULRG RI KDUGVKLSV ZKLFK KH LV SDVVLQJ
WKURXJK LV QRW YHU\ORQJEXWIROORZLQJFORVHEHKLQGLWWKHUH LVDOVRDSHULRGRIHDVH
7KLVVDPHWKLQJKDVEHHQGHVFULEHGLQ6XUDK$G'XKDDVD\LQJ(YHU\ODWHUSHULRGLV
EHWWHUIRU\RXWKDQWKHIRUPHUSHULRGDQGVRRQ\RXU/RUGZLOOJLYH\RXVRPXFKWKDW
\RXZLOOEHZHOOSOHDVHG
,QFRQFOXVLRQWKH+RO\3URSKHW KDVEHHQLQVWUXFWHGVRDVWRVD\<RXFDQGHYHORSWKH
SRZHUWREHDUDQGUHVLVWWKHKDUGVKLSVRIWKHLQLWLDOVWDJHRQO\E\RQHPHDQVDQGLWLV
WKLVC:KHQ\RXDUHIUHHIURP\RXURFFXSDWLRQV\RXVKRXOGGHYRWH\RXUVHOIWRWKHODERU
DQG WRLO RI ZRUVKLS DQG WXUQ DOO \RXU DWWHQWLRQ H[FOXVLYHO\ WR \RXU /RUG
 7KLV VDPH
LQVWUXFWLRQKDVEHHQJLYHQKLPLQPXFKJUHDWHUGHWDLOLQ6XUDK$O0X]]DPPLO

7HHQ
1DPH
7KH6XUDKKDVEHHQVRQDPHGDIWHUWKHYHU\)LUVWZRUGDWWHHQ
3HULRGRI5HYHODWLRQ
$FFRUGLQJ WR 4DWDGDK WKLV 6XUDK LV 0DGDQL 7ZR GLIIHUHQW YLHZV KDYH EHHQ UHSRUWHG
IURP ,EQ $EEDV ILUVW WKDW LW LV D 0DNNL 6XUDK DQG VHFRQG WKDW LW LV 0DGDQL %XW WKH
PDMRULW\RIVFKRODUVUHJDUGLWDVD0DNNLUHYHODWLRQDPDQLIHVWV\PERORIZKLFKLVWKH
XVHRIWKHZRUGVKDGKDDOEDODGLODPLQ WKLVFLW\RISHDFH IRU0DNNDK2EYLRXVO\LILW
KDGEHHQUHYHDOHGDW0DGLQDKLWZRXOGQRWEHFRUUHFWWRXVHWKHZRUGVWKLVFLW\IRU
0DNNDK %HVLGHV D VWXG\ RI WKH FRQWHQWV RI WKH 6XUDK VKRZV WKDW LW EHORQJV WR WKH
HDUOLHVWSHULRGRI0DNNDKIRULQLWWKHUHLVQRVLJQZKDWHYHUWRLQGLFDWHWKDWGXULQJWKH
SHULRGRILWVUHYHODWLRQDQ\FRQIOLFWKDGVWDUWHGEHWZHHQ,VODPDQGXQEHOLHI0RUHRYHU
LWUHIOHFWVWKHVDPHVW\OHRIWKHHDUOLHVWUHYHODWLRQVRI0DNNDKSHULRGLQZKLFKEULHIO\
DQGVXFFLQFWO\WKHSHRSOHKDYHEHHQPDGHWRUHDOL]HWKDWWKHMXGJPHQWRIWKH+HUHDIWHU
LVQHFHVVDU\DQGDEVROXWHO\UDWLRQDO
LVODPPHVVDJHFRP 
7KHPHDQG6XEMHFW0DWWHU
,WV WKHPH LV WKH UHZDUGV DQG SXQLVKPHQWV RI WKH +HUHDIWHU )RU WKLV SXUSRVH ILUVW
VZHDULQJ DQ RDWK E\ WKH KDELWDWV RI VRPH LOOXVWULRXV 3URSKHWV LW KDV EHHQ VWDWHG WKDW
$OODKKDVFUHDWHGPDQLQWKHPRVWH[FHOOHQWRIPROGV$OWKRXJKDWRWKHUSODFHVLQWKH
4XU
DQWKLVWUXWKKDVEHHQH[SUHVVHGLQGLIIHUHQWZD\VIRUH[DPSOHDWVRPHSODFHVLW
KDV EHHQ VDLG $OODK DSSRLQWHG PDQ +LV YLFHJHUHQW RQ WKH HDUWK DQG FRPPDQGHGWKH
DQJHOVWRERZGRZQWRKLP $O%DTDUD$O$QCDDP$O$CUDDI$O+LMU
  $Q1DPO  6DDG      DW RWKHUV WKDW 0DQ KDV EHFRPH EHDUHU RI WKH
'LYLQHWUXVWZKLFKWKHHDUWKDQGWKHKHDYHQVDQGWKHPRXQWDLQVGLGQRWKDYHWKHSRZHU
WREHDU $O$K]DE DQGDWVWLOORWKHUVWKDW:HKRQRUHGWKHFKLOGUHQRI$GDPDQG
H[DOWHG WKHP DERYH PDQ\ RI 2XU RWKHU FUHDWXUHV %DQL ,VUDLO    \HW KHUH WKH
VWDWHPHQWPDGHRQ RDWKLQSDUWLFXODUE\WKHKDELWDWVRIWKH3URSKHWVWKDWPDQKDVEHHQ
FUHDWHG LQ WKH ILQHVW RI PROGV VLJQLILHV WKDW PDQNLQG KDV EHHQ EOHVVHG ZLWK VXFK DQ
H[FHOOHQWPROGDQGQDWXUHWKDWLWJDYHELUWKWRPHQFDSDEOHRIDWWDLQLQJWRWKHKLJKHVW
SRVLWLRQ RI 3URSKHWKRRG D KLJKHU SRVLWLRQ WKDQ ZKLFK KDV QRW EHHQ DWWDLQHG E\ DQ\
RWKHUFUHDWXUHRI*RG
7KHQLWKDVEHHQVWDWHGWKDWWKHUHDUHWZRNLQGVRIPHQWKRVHZKRLQVSLWHRIKDYLQJ
EHHQ FUHDWHG LQ WKH ILQHVW RI PROGV EHFRPH LQFOLQHG WR HYLO DQG WKHLU PRUDO
GHJHQHUDWLRQ FDXVHV WKHP WR EH UHGXFHG WR WKH ORZHVW RI WKH ORZ DQG WKRVH ZKR E\
DGRSWLQJ WKH ZD\ RI IDLWK DQG ULJKWHRXVQHVV UHPDLQ VHFXUH IURP WKH GHJHQHUDWLRQ DQG
FRQVLVWHQWZLWKWKHQREOHSRVLWLRQZKLFKLVWKHQHFHVVDU\GHPDQGRIWKHLUKDYLQJEHHQ
FUHDWHGLQWKHEHVWRIPROGV7KHH[LVWHQFHDPRQJPDQNLQGRIERWKWKHVHNLQGVRIPHQ
LVVXFKDIDFWXDOWKLQJZKLFKQRRQHFDQGHQ\IRULWLVEHLQJREVHUYHGDQGH[SHULHQFHG
LQVRFLHW\HYHU\ZKHUHDWDOOWLPHV
,Q FRQFOXVLRQ WKLV IDFWXDO UHDOLW\ KDV EHHQ XVHG DV DQ DUJXPHQW WR SURYH WKDW ZKHQ
DPRQJ WKH SHRSOH WKHUH DUH WKHVH WZR VHSDUDWH DQG TXLWH GLVWLQFW NLQGV KRZ FDQ RQH
GHQ\ WKHMXGJPHQWDQGUHWULEXWLRQIRU GHHGV,I WKHPRUDOO\GHJUDGHGDUHQRWSXQLVKHG
DQG WKH PRUDOO\ SXUH DQG H[DOWHG DUF QRW UHZDUGHG DQG ERWK HQG LQ WKH GXVW DOLNH LW
ZRXOGPHDQWKDWWKHUHLVQRMXVWLFHLQWKH.LQJGRPRI*RGZKHUHDVKXPDQQDWXUHDQG
FRPPRQVHQVHGHPDQGWKDWDMXGJHVKRXOGGRMXVWLFH+RZWKHQFDQRQHFRQFHLYHWKDW
$OODK:KRLVWKHPRVWMXVWRIDOOMXGJHVZRXOGQRWGRMXVWLFH"

,TUD

1DPH
7KH6XUDKLVVRHQWLWOHGDIWHUWKHZRUGCDODTLQWKHVHFRQGYHUVH
>7KH6XUDKLVFRPPRQO\HQWLWOHG$OC$ODTIRUWKHUHDVRQPHQWLRQHGDERYH,WLVDOVR
HQWLWOHG,TUD
IRULWVILUVWZRUGV,TUD
ELVPLUDEELND'DUHO+DGLWK@
3HULRGRI5HYHODWLRQ
7KLV6XUDKKDVWZRSDUWVWKHILUVWSDUWFRQVLVWVRIYYDQGWKHVHFRQGRIYY
$ERXWWKHILUVWSDUWDJUHDWPDMRULW\RIWKH,VODPLFVFKRODUVDUHDJUHHGWKDWLWIRUPVWKH
YHU\ILUVW5HYHODWLRQWREHVHQWGRZQWRWKH+RO\3URSKHW XSRQZKRPEH$OODK
VSHDFH
DQG EOHVVLQJV  ,Q WKLV UHJDUG WKH +DGLWK IURP +DGUDW $LVKDK ZKLFK ,PDP $KPDG
LVODPPHVVDJHFRP 
%XNKDUL0XVOLPDQGRWKHUWUDGLWLRQLVWVKDYHUHODWHGZLWKVHYHUDOFKDLQVRIDXWKRULWLHV
LVRQHRIWKHPRVWDXWKHQWLF$KDGLWKRQWKHVXEMHFW,QLW+DGUDW$LVKDKKDVQDUUDWHGWKH
IXOOVWRU\RIWKHEHJLQQLQJRIUHYHODWLRQDVVKHKHUVHOIKHDUGLWIURPWKH+RO\0HVVHQJHU
RI$OODK%HVLGHV,EQ$EEDV$EX0XVDDO$VKDULDQGDJURXSRIWKH&RPSDQLRQVDOVR
DUH UHSRUWHG WR KDYH VWDWHG WKDW WKHVH ZHUH WKH YHU\ ILUVW YHUVHV RI WKH 4XU
DQ WR EH
UHYHDOHGWRWKH+RO\3URSKHW7KHVHFRQGSDUWZDVVHQWGRZQDIWHUZDUGVZKHQWKH+RO\
3URSKHW XSRQZKRPEHSHDFH EHJDQWRSHUIRUPWKHSUHVFULEHG3UD\HULQWKHSUHFLQFWV
RIWKH.DEDKDQG$EX-DKOWULHGWRSUHYHQWKLPIURPWKLVZLWKWKUHDWV
%HJLQQLQJRI5HYHODWLRQ
7KHWUDGLWLRQLVWVKDYHUHODWHGRQWKHVWUHQJWKRIWKHLUUHVSHFWLYHDXWKRULWLHVWKHVWRU\RI
WKH EHJLQQLQJ RI UHYHODWLRQ IURP ,PDP $]=XKUL ZKR KDG LW IURP +DGUDW 8UZDK ELQ
=XEDLUZKRKDGLWIURP+DGUDW $LVKDKKLVDXQW6KHVWDWHVWKDWUHYHODWLRQVWRWKH+RO\
3URSKHW XSRQZKRPEHSHDFH EHJDQLQWKHIRUPRIWUXH DFFRUGLQJWRRWKHUWUDGLWLRQV
JRRG YLVLRQV:KLFKHYHUYLVLRQKHVDZLWVHHPHGDVWKRXJKKHVDZLWLQEURDGGD\OLJKW
$IWHUZDUGV VROLWXGH EHFDPH GHDU WR KLP DQG KH ZRXOG JR WR WKH &DYH RI +LUDD
 WR
HQJDJHLQZRUVKLSWKHUHIRUVHYHUDOGD\VDQGQLJKWV +DGUDW$LVKDKKDVXVHGWKHZRUG
WDKDQQXWKZKLFK,PDP=XKULKDVH[SODLQHGDVWDCDEEXGGHYRWLRQDOH[HUFLVHV
7KLV ZDV VRPH NLQG RI ZRUVKLS ZKLFK KH SHUIRUPHG IRU XQWLO WKHQ KH KDG QRW EHHQ
WDXJKWWKHPHWKRGRISHUIRUPLQJWKH3UD\HUE\$OODK +HZRXOGWDNHSURYLVLRQVZLWK
KLPDQGVWD\WKHUHIRUVHYHUDOGD\VWKHQZRXOGUHWXUQWR+DGUDW.KDGLMDKZKRZRXOG
DJDLQSURYLGHIRUKLPIRUDIHZPRUHGD\V
2QHGD\ZKHQKHZDVLQWKH&DYHRI+LUDD
5HYHODWLRQFDPHGRZQWRKLPXQH[SHFWHGO\
DQGWKH$QJHOVDLGWRKLP5HDG$IWHUWKLV+DGUDW$LVKDKUHSRUWVWKHZRUGVRIWKH
+RO\3URSKHWKLPVHOIWRWKHHIIHFW
,VDLG,FDQQRWUHDG7KHUHXSRQWKH$QJHOWRRNPHDQGSUHVVHGPHXQWLO,FRXOGEHDU
LW QR PRUH 7KHQ KH OHIW PH DQG VDLG 5HDG , VDLG , FDQQRW UHDG +H SUHVVHG PH D
VHFRQGWLPHXQWLO,FRXOGEHDULWQRPRUH7KHQKHOHIWPHDQGVDLG5HDG,DJDLQVDLG,
FDQQRWUHDG+HSUHVVHGPHIRUWKHWKLUGWLPHXQWLO,FRXOGEHDULWQRPRUH7KHQKHOHIW
PHDQGVDLG,TUD
ELVPL5DEELNDOODGKLNKDODTD 5HDGLQWKHQDPHRI\RXU/RUG:KR
FUHDWHG WLOOKHUHDFKHGPDODP\DCODP ZKDWKHGLGQRWNQRZ 
+DGUDW$LVKDKVD\V7KHQWKH+RO\0HVVHQJHU XSRQZKRPEH SHDFH UHWXUQHGKRPH
WR+DGUDW.KDGLMDKWUHPEOLQJZLWKIHDUDQGVDLGWRKHUC&RYHUPHFRYHUPH
DQGKH
ZDVFRYHUHG:KHQWHUURUOHIWKLPKHVDLGC2.KDGLMDKZKDWKDVKDSSHQHGWRPH"

7KHQKHQDUUDWHGWRKHUZKDWHYHUKDGKDSSHQHGDQGVDLGC,IHDU IRUP\OLIH

6KHVDLGC1RQHYHU%HRIJRRGFKHHU%\*RGQHYHUZLOO*RGGHEDVH\RX\RXWUHDW
WKHNLQGUHGZHOO\RXVSHDNWKHWUXWK RQHWUDGLWLRQDGGV\RXUHVWRUHZKDWLVHQWUXVWHG
WR\RX \RXEHDUWKHEXUGHQRIWKHKHOSOHVV\RXKHOSWKHSRRU\RXHQWHUWDLQWKHJXHVWV
DQG\RXFRRSHUDWHLQJRRGZRUNV
7KHQ VKH WRRN KLP WR :DUDTDK ELQ 1DXIDO ZKR ZDV KHU FRXVLQ +H KDG EHFRPH D
&KULVWLDQLQSUH,VODPLFGD\VZURWHWKH*RVSHOLQ$UDELFDQG+HEUHZDQGKDGEHFRPH
YHU\ROGDQGEOLQG+DGUDW.KDGLMDK VDLGC%URWKHUOLVWHQWRWKHVRQRI\RXUEURWKHU

:DUDTDKVDLGWRWKH+RO\3URSKHWC:KDWKDYH\RXVHHQQHSKHZ"
7KH+RO\3URSKHW
LVODPPHVVDJHFRP 
GHVFULEHG ZKDW KH KDG VHHQ :DUDTDK VDLG C7KLV LV WKH VDPH 1DPXV WKH $QJHO RI
5HYHODWLRQ  ZKLFK $OODK KDG VHQW GRZQ WR 0RVHV :RXOG WKDW , ZHUH D \RXQJ PDQ
GXULQJ\RXU3URSKHWKRRG:RXOGWKDW,ZHUHDOLYHZKHQ\RXUWULEHZRXOGH[SHO\RX

7KH +RO\ 3URSKHW VDLG C:LOO WKH\ H[SHO PH"


 :DUDTDK VDLG C<HV QHYHU KDV LW VR
KDSSHQHG WKDW D SHUVRQ EURXJKW ZKDW \RX KDYH EURXJKW DQG ZDV QRW WUHDWHG DV DQ
HQHP\,I,OLYHWLOOWKHQ,ZRXOGKHOS\RXZLWKDOOWKHSRZHUDWP\FRPPDQG
%XWQRW
YHU\ORQJDIWHUWKLV:DUDTDKGLHG
7KLV QDUUDWLYH LV H[SOLFLW WKDW HYHQ XQWLO D PRPHQW EHIRUH WKH FRPLQJ $QJHO WKH+RO\
0HVVHQJHURI$OODKLQWLPDWHO\DZDUHRIKLVOLIHKLV$IIDLUVDQGGHDOLQJV:KHQKHDOVR
KHDUGRIKLVH[SHULHQFHVKHGLGQRWUHJDUGLWDVDQHYLOVXJJHVWLRQEXWLPPHGLDWHO\VDLG
WKDWLWZDVWKH1DPXVZKRKDGGHVFHQGHGRQ0RVHV SHDFHEHXSRQKLP 7KLVPHDQW
WKDWHYHQDFFRUGLQJWRKLPWKH+RO\3URSKHWZDVVXFKDVXEOLPHSHUVRQWKDWWKHUHZDV
QRWKLQJVXUSULVLQJLQKLVEHLQJHOHYDWHGWRWKHRIILFHRI3URSKHWKRRG
2FFDVLRQRI5HYHODWLRQRIYY
7KLVVHFRQGSDUWRIWKH6XUDKZDVUHYHDOHGZKHQWKH+RO\0HVVHQJHURI$OODKEHJDQWR
SHUIRUPWKH3UD\HULQWKH,VODPLFZD\LQWKH.D
EDKDQG$EX-DKOWKUHDWHQHGDQGWULHGWR
SUHYHQW KLPIURPWKLV,WVRKDSSHQHGWKDWDIWHUKLVDSSRLQWPHQWWR3URSKHWKRRGHYHQ
EHIRUH KH FRXOG VWDUW SUHDFKLQJ ,VODP RSHQO\ KH EHJDQ WR SHUIRUP WKH 3UD\HU LQ WKH
SUHFLQFWVRIWKH.D
EDKLQWKHZD\$OODKWDXJKWKLPDQGIURPWKLVWKH4XUDLVKIHOWIRU
WKHILUVWWLPHWKDWKHKDGDGRSWHGDQHZUHOLJLRQ7KHRWKHUSHRSOHZHUHZDWFKLQJLWZLWK
FXULRVLW\ EXW $EX -DKO LQ KLV DUURJDQFH DQG SULGH WKUHDWHQHG WKH +RO\ 3URSKHW DQG
IRUEDGHKLPWRZRUVKLSLQWKDWZD\LQWKH.D
EDK,QWKLVFRQQHFWLRQTXLWHDQXPEHURI
WKH $KDGLWK KDYH EHHQ UHODWHG IURP +DGDUDW $EGXOODK LEQ $EEDV DQG +DGUDW $EX
+XUDLUDZKLFKPHQWLRQWKHIRROLVKEHKDYLRURI$EX-DKO
+DGUDW$EX+XUDLUDVD\VWKDW$EX-DKODVNHGWKHSHRSOHRI4XUDLVK'RHV0XKDPPDG
XSRQ ZKRP EH $OODK
V SHDFH DQG EOHVVLQJV  VHW KLV IDFH RQ WKH JURXQG EHIRUH \RX"
:KHQWKH\UHSOLHGLQWKHDIILUPDWLYHKHVDLG%\/DWDQG8]]DLI,HYHUFDWFKKLPLQ
WKDWDFWRIZRUVKLS,ZRXOGVHWP\IRRWRQKLVQHFNDQGUXEKLVIDFHLQWKHGXVW7KHQLW
VRKDSSHQHGWKDWKHVDZWKH+RO\0HVVHQJHULQWKDWSRVWXUHDQGFDPHIRUZDUGWRVHWKLV
IRRWRQKLVQHFNEXWVXGGHQO\WXUQHGEDFNDVLILQDIULJKWDQGEHLQJDVNHGZKDWZDVWKH
PDWWHUKH VDLGWKHUHZDVDGLWFKRIILUHDQGDWHUULEOHDSSDULWLRQEHWZHHQKLPVHOIDQG
0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQGEOHVVLQJV DQGVRPHZLQJV2QKHDULQJ
WKLVWKH+RO\3URSKHWUHPDUNHG+DGKHFRPHQHDUPHWKHDQJHOVZRXOGKDYHVPLWWHQ
DQG WRUQ KLP WR SLHFHV  $KPDG 0XVOLP 1DVDL ,EQ -DULU ,EQ $EL +DWLP ,EQ DO
0XQGKLU,EQ0DUGX\DK$EX1X
DLP,VIDKDQL%DLKDTL 
$FFRUGLQJWR,EQ$EEDV$EX-DKOVDLG,I,FDXJKW0XKDPPDG XSRQZKRPEH$OODK
V
SHDFH DQG EOHVVLQJV  SHUIRUPLQJ KLV 3UD\HU E\ WKH .D
EDK , ZRXOG WUDPSOH KLV QHFN
GRZQ:KHQWKH+RO\3URSKHWKHDUGRILWKHVDLG,IKHDFWHGVRWKHDQJHOVZRXOG
VHL]HKLPWKHUHDQGWKHQ" %XNKDUL7LUPLGKL1DVDL,EQ-DULU$EGXU5D]]DT$EGELQ
+XPDLG,EQDO0XQGKLU,EQ0DUGX\DK 
$FFRUGLQJ WR DQRWKHU WUDGLWLRQ IURP ,EQ $EEDV WKH +RO\ 3URSKHW ZDV SHUIRUPLQJ KLV
3UD\HUDWWKH0DTDP,EUDKLP$EX-DKOSDVVHGWKDWZD\DQGVDLG20XKDPPDGGLG,
LVODPPHVVDJHFRP 
QRW IRUELG \RX WKLV DQG WKHQ KH VWDUWHG WR WKUHDWHQ KLP ,Q UHSO\ WKH +RO\ 3URSKHW
XSRQZKRPEHSHDFH UHEXNHGKLPVHYHUHO\7KHUHXSRQKHVDLG20XKDPPDGRQ
ZKDWVWUHQJWKGR\RXUHEXNHPH"%\*RGP\IROORZHUVLQWKLVYDOOH\IDUH[FHHG\RXUV
LQ QXPEHU  $KPDG 7LUPLGKL 1DVDL ,EQ -DULU ,EQ $EL 6KDLEDK ,EQ DO0XQGKLU
7DEDUDQL,EQ0DUGX\DK 
%HFDXVHRIWKHVHYHU\LQFLGHQWVWKHSRUWLRQRIWKLV6XUDKEHJLQQLQJZLWK.DOODLQQDO
LQVDQDOD\DWJKDZDVVHQWGRZQ1DWXUDOO\WKHSODFHRIWKLVSDUWVKRXOGEHWKHVDPHDV
DVVLJQHG WR LW LQ WKLV 6XUDK RI WKH 4XU
DQ IRU DIWHU WKH FRPLQJ GRZQ RI WKH ILUVW
5HYHODWLRQ WKH +RO\ 3URSKHW KDG JLYHQ H[SUHVVLRQ WR ,VODP ILUVW RI DOO E\ WKH DFW RI
3UD\HUDQGKLVFRQIOLFWZLWKWKHSDJDQV

4DGU
1DPH
7KH6XUDKKDVEHHQVRGHVLJQDWHGDIWHUWKHZRUGDOTDGULQWKHYHU\ILUVWYHUVH
3HULRGRI5HYHODWLRQ
:KHWKHULWLVD0DNNLRUD0DGDQLUHYHODWLRQLVGLVSXWHG$EX+D\\DQLQ$O%DKUDO
0XKLWKDVPDGHWKHFODLPWKDWWKHPDMRULW\RIVFKRODUVUHJDUGLWDVD0DGDQL6XUDK$OO
ELQ$KPDGDO:DKLGLLQKLVFRPPHQWDU\VD\VWKDWWKLVLVWKHILUVW6XUDKWREHVHQWGRZQ
LQ0DGLQDK&RQWUDU\WRWKLV$O0DZDUGLVD\VWKDWDFFRUGLQJWRWKHPDMRULW\RIVFKRODUV
LWLVD0DNNLUHYHODWLRQDQGWKHVDPHYLHZKDV,PDP6X\XWLH[SUHVVHGLQ$O,WTDQ,EQ
0DUGD\DK KDV FLWHG ,EQ $EEDV ,EQ $] =XEDLU DQG +DGUDW $LVKDK DV VD\LQJ WKDW WKLV
6XUDKZDVUHYHDOHGDW0DNNDK$VWXG\RIWKHFRQWHQWVDOVRVKRZVWKDWLWVKRXOGKDYH
EHHQUHYHDOHGDW0DNNDKDVZHVKDOOH[SODLQEHORZ
7KHPHDQG6XEMHFW0DWWHU
,WV WKHPH LV WR DFTXDLQW PDQ ZLWK WKH YDOXH ZRUWK DQG LPSRUWDQFH RI WKH 4XU
DQ ,WV
EHLQJSODFHG MXVWDIWHU6XUDK$O$ODTLQWKHDUUDQJHPHQWRIWKH4XU
DQE\LWVHOIH[SODLQV
WKDWWKH+RO\%RRNWKHUHYHODWLRQRIZKLFKEHJDQZLWKWKHILUVWILYHYHUVHVRI6XUDK$O
$ODTZDVVHQWGRZQLQDGHVWLQ\PDNLQJQLJKW,WLVDJORULRXV%RRNDQGLWVUHYHODWLRQ
IRUPDQNLQGLVIXOORIEOHVVLQJV
$WWKHRXWVHW$OODKVD\V:HKDYHVHQWLWGRZQ7KDWLVLWLVQRWDFRPSRVLWLRQRI
0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQGEOHVVLQJ KLPVHOIEXW:H2XUVHOIKDYH
UHYHDOHGLW
7KHQLWLVVDLGWKDW:HVHQWLWGRZQLQWKH1LJKWRI'HVWLQ\1LJKWRI'HVWLQ\OLHV
WZRPHDQLQJVDQGERWKDUHLPSOLHGKHUH)LUVWWKDWLWLVWKHQLJKWGXULQJZKLFKGHVWLQLHV
DUH GHFLGHG RU LQ RWKHU ZRUGV LW LV QRWDQRUGLQDU\QLJKWOLNHWKHRWKHUQLJKWVEXWD
QLJKWLQZKLFKGHVWLQLHVDUHPDGHRUPDUUHG7KHUHYHODWLRQRIWKLV%RRNLQWKLVQLJKWLV
QRWPHUHO\WKHUHYHODWLRQRIDERRNEXWDQHYHQWZKLFKZLOOFKDQJHWKHGHVWLQ\RIQRW
RQO\WKH4XUDLVKRURI$UDELDEXWRIWKHHQWLUHZRUOG7KHVDPHWKLQJKDVEHHQVDLGLQ
6XUDK$G'XNKDQIRUZKLFKSOHDVHVHH,QWURGXFWLRQWRWKDW6XUDKDQG(1WKHUHRI
7KHRWKHUPHDQLQJLVWKDWWKLVLVDQLJKWRIXQLTXHKRQRUGLJQLW\DQGJORU\VRPXFKVR
WKDW LW LV EHWWHU WKDQ D WKRXVDQG PRQWKV 7KXV WKH GLVEHOLHYHUV RI 0DNNDK KDYH EHHQ
ZDUQHG DV LI WR VD\ <RX RQ DFFRXQW RI \RXU LJQRUDQFH UHJDUG WKLV %RRN ZKLFK
LVODPPHVVDJHFRP 
0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQGEOHVVLQJV  KDVSUHVHQWHGDVDFDODPLW\
IRU\RXUVHOYHVDQGFRPSODLQWKDWDGLVDVWHUKDVEHIDOOHQ\RXZKHUHDVWKHQLJKWLQZKLFK
LWZDVGHFUHHGWREHVHQWGRZQZDVVXFKDEOHVVHGQLJKWWKDWDWDVNZDVDFFRPSOLVKHGLQ
LW IRU WKH ZHOO EHLQJ RI PDQNLQG ZKLFK KDG QHYHU EHHQ DFFRPSOLVKHG HYHQ GXULQJ D
WKRXVDQGPRQWKVRIKLVWRU\7KLVDOVRKDVEHHQVDLGLQYHUVHRI$G'XNKDQLQDQRWKHU
ZD\ZKLFKZHKDYH H[SODLQHGLQWKHLQWURGXFWLRQWRWKDW6XUDK
,QFRQFOXVLRQLWKDVEHHQVWDWHGWKDWLQWKLVQLJKWWKHDQJHOVDQG*DEULHOGHVFHQGZLWK
HYHU\GHFUHH ZKLFKLQYHUVHRI6XUDK$G'XNKDQKDVEHHQGHVFULEHGDVDPUKDNHHP
ZLVHGHFUHH E\WKHOHDYHRIWKHLU /RUGDQGLWLVDOOSHDFHIURPHYHQLQJWLOOPRUQLQJ
WKDW LV WKHUH LV QR LQWHUIHUHQFH RI HYLO LQ LW IRU DOO GHFUHHV RI $OODK DUH LQWHQGHG WR
SURPRWH JRRG DQG QRW HYLO 6R PXFK VR WKDW HYHQ LI D GHFLVLRQ WR GHVWUR\ D QDWLRQ LV
WDNHQLWLVWDNHQIRUWKHVDNHRIXOWLPDWHJRRGQRWHYLO

%D\\LQDK
1DPH
7KH6XUDKLVVRGHVLJQDWHGDIWHUWKHZRUGDOED\\LQDKRFFXUULQJDWWKHHQGRIWKHILUVW
YHUVH
3HULRGRI5HYHODWLRQ
:KHUH LW ZDV UHYHDOHG DW 0DNNDK RU 0DGLQDK LV DOVR GLVSXWHG 6RPH FRPPHQWDWRUV
VD\ LW LV D 0DNNL UHYHODWLRQ DFFRUGLQJ WR PRVW VFKRODUV RWKHUV VD\ LW LV D 0DGDQL
UHYHODWLRQDFFRUGLQJWRPRVWVFKRODUV,EQ$]=XEDLUDQG$WDELQ<DVDUKROGWKHYLHZ
WKDWLWLV0DGDQL,EQ$EEDVDQG4DWDGDKDUHUHSRUWHGWRKDYHKHOGWZRYLHZVILUVWWKDW
LWLV0DNNLVHFRQGWKDWLWLV0DGDQL+DGUDW$LVKDKUHJDUGVLWDVD0DNNL6XUDK$EX
+D\\DQDXWKRURI%DKUDO0XKLWDQG$EGXO0XQCLPLEQDO)DUDVDXWKRURI$KNDPDO
4XU
DQDOVRKDYHSUHIHUUHGWRUHJDUGLWDV0DNNL$VIRULWVFRQWHQWVWKHUHLVQRWKLQJLQ
LWWRLQGLFDWHZKHWKHULWZDVUHYHDOHGDW0DNNDKRUDW0DGLQDK
7KHPHDQG6XEMHFW0DWWHU
,WV KDYLQJ EHHQ SODFHG DIWHU 6XUDKV $O$ODT DQG $O4DGU LQ WKH DUUDQJHPHQW RI WKH
4XU
DQLVYHU\PHDQLQJIXO6XUDK$O$ODTFRQWDLQVWKHYHU\ILUVWUHYHODWLRQZKLOH6XUDK
$O4DGUVKRZVDVWRZKHQLWZDVUHYHDOHGDQGLQWKLV6XUDKLWKDVEHHQH[SODLQHGZK\
LWZDVQHFHVVDU\WRVHQGD0HVVHQJHUDORQJZLWKWKLV+RO\%RRN
)LUVWRIDOOWKHQHHGRIVHQGLQJD0HVVHQJHUKDVEHHQH[SODLQHGVD\LQJ7KHSHRSOHRI
WKHZRUOGEHWKH\IURPDPRQJWKHIROORZHUVRIWKHHDUOLHUVFULSWXUHVRUIURPDPRQJWKH
LGRODWHUVFRXOGQRWSRVVLEO\EHIUHHGIURPWKHLUVWDWHRIXQEHOLHIXQWLOD0HVVHQJHUZDV
VHQW ZKRVH DSSHDUDQFH E\ LWVHOI VKRXOG EH D FOHDU SURRI RI KLV DSRVWOHVKLS DQG KH
VKRXOGSUHVHQWWKH%RRNRI*RGEHIRUHWKHSHRSOHLQLWVRULJLQDOSULVWLQHIRUPZKLFK
VKRXOGEHIUHHIURPHYHU\PL[WXUHRIIDOVHKRRGFRUUXSWLQJWKHHDUOLHU'LYLQH%RRNVDQG
ZKLFKVKRXOGFRPSULVHVRXQGWHDFKLQJV
7KHQ DERXW WKH HUURUV RI WKH IROORZHUV RI WKH HDUOLHU %RRNV LW KDV EHHQ VDLG WKDW WKH
FDXVH RI WKHLU VWUD\LQJ LQWR GLIIHUHQW FUHHGV ZDV QRW WKDW $OODK KDG QRW SURYLGHG DQ\
JXLGDQFHWRWKHPEXWWKH\VWUD\HGRQO\DIWHUDFOHDUVWDWHPHQWRIWKH5LJKW&UHHGKDG
FRPHWRWKHP)URPWKLVLWDXWRPDWLFDOO\IROORZVWKDWWKH\WKHPVHOYHVZHUHUHVSRQVLEOH
LVODPPHVVDJHFRP 
IRU WKHLU HUURU DQG GHYLDWLRQ 1RZ LI HYHQ DIWHU WKH FRPLQJ RI WKH FOHDU VWDWHPHQW
WKURXJK WKLV 0HVVHQJHU WKH\ FRQWLQXHG WR VWUD\ WKHLU UHVSRQVLELOLW\ ZRXOG IXUWKHU
LQFUHDVH
,QWKLVYHU\FRQQHFWLRQLWKDVEHHQVWDWHGWKDWWKH3URSKHWVZKRFDPHIURP$OODKDQG
WKH%RRNVVHQWGRZQE\+LPGLGQRWHQMRLQDQ\WKLQJEXWWKDWWKHZD\RIVLQFHUHDQG
WUXH VHUYLFH WR $OODK EH DGRSWHG DSDUW IURP DOO RWKHU ZD\V QR RQH HOVH
V ZRUVKLS
VHUYLFHRUREHGLHQFHEHPL[HGZLWK+LVWKHVDODWEHHVWDEOLVKHGDQGWKH]DNDWEHSDLG
7KLVVDPHKDVEHHQWKHWUXHUHOLJLRQVLQFHHYHU)URPWKLVDOVRLWDXWRPDWLFDOO\IROORZV
WKDWWKHIROORZHUVRIWKHHDUOLHUVFULSWXUHVVWUD\LQJIURPWKLVWUXHUHOLJLRQKDYHDGGHG
H[WUDQHRXVWKLQJVWRLW ZKLFKDUHIDOVHDQG$OODK
VWKLV0HVVHQJHUKDVFRPHWRLQYLWH
WKHPEDFNWRWKHVDPHRULJLQDOIDLWK
,QFRQFOXVLRQLWKDVEHHQSRLQWHGRXWFOHDUO\WKDWWKHIROORZHUVRIWKHHDUOLHU%RRNVDQG
WKH LGRODWHUV ZKR ZRXOG UHIXVH WR DFNQRZOHGJH WKLV 0HVVHQJHU DUH WKH ZRUVW RI
FUHDWXUHV WKHLU SXQLVKPHQW LV DQ HYHUODVWLQJ +HOO DQG WKH SHRSOH ZKR ZRXOG EHOLHYH
DQG DFW ULJKWHRXVO\ DQGZRXOGVSHQGOLIHLQWKHZRUOGLQDZHRI*RGDUHWKHEHVWRI
FUHDWXUHVWKHLUUHZDUGLVHWHUQDO3DUDGLVHZKHUHLQWKH\ZLOOOLYHIRUHYHU$OODKEHFDPH
ZHOOSOHDVHGZLWKWKHPDQGWKH\EHFDPHZHOOSOHDVHGZLWK$OODK

=LO]DDO
1DPH
,WLVGHULYHGIURPWKHZRUG]LO]DDOLQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
:KHWKHU RU QRW LW ZDV UHYHDOHG DW 0DNNDK RU 0DGLQDK LV GLVSXWHG ,EQ 0DVXG $WD
-DELU DQG 0XMDKLG VD\ WKDW LW LV D 0DNNL 6XUDK DQG D VWDWHPHQW RI ,EQ $EEDV DOVR
VXSSRUWV WKLV YLHZ 2Q WKH FRQWUDU\ 4DWDGDK DQG 0XTDWLO VD\ WKDW LW LV 0DGLQL DQG
DQRWKHUVWDWHPHQWRI,EQ$EEDVDOVRKDVEHHQFLWHGLQVXSSRUWRIWKLVYLHZ
7KDW LW LVD0DGDQL6XUDKLVUHDVRQHGIURPDWUDGLWLRQIURP+DGUDW$EX6DLG.KXGUL
ZKLFK,EQ$EL+DWLPKDVUHODWHGIURPKLP+HVD\V:KHQWKHYHUVH)DPDQ\DCPDO
PLWKTDODGKDUUDWLQNKDLUDQ\DUDKZDPDQ\DCPDOPLWKTDODGKDUUDWLQVKDUUDQ\DUDKZDV
UHYHDOHG , VDLG 2 0HVVHQJHU RI $OODK VKDOO , UHDOO\ VHH P\ GHHGV" 7KH +RO\
0HVVHQJHUUHSOLHGLQWKHDIILUPDWLYH,VXEPLWWHG$QGHYHU\PDMRUVLQ"+HUHSOLHG\HV
,VDLG$QGWKHPLQRUVLQVWRR"+HUHSOLHG\HV7KHUHXSRQ,H[FODLPHGWKDW,ZRXOGWKHQ
EH UXLQHG 7KH +RO\ 3URSKHW VDLG 5HMRLFH 2 $EX 6DCHHG IRU HDFK JRRG DFW ZLOO EH
HTXDOWRWHQJRRGDFWVOLNHLW7KHEDVLVRIWKHDUJXPHQWIRUWKLV6XUDK
VEHLQJ0DGDQL
LVWKDW+DGUDW$EX6D
HHG.KXGULZDVDQLQKDELWDQWRI0DGLQDKDQGUHDFKHGPDWXULW\
DIWHU WKH %DWWOH RI 8KXG 7KHUHIRUH LI WKLV 6XUDK ZDV UHYHDOHG LQ KLV SUHVHQFH DV LV
DSSDUHQWIURPKLVVWDWHPHQWLWPXVWEHD0DGDQL6XUDK
+RZHYHUWKHSUDFWLFHWKDWWKH&RPSDQLRQVDQGWKHLULPPHGLDWHVXFFHVVRUVIROORZHGLQ
UHVSHFW RI WKH RFFDVLRQ RI WKH UHYHODWLRQ RI WKH YHUVHV DQG 6XUDKV KDV DOUHDG\ EHHQ
H[SODLQHGLQWKH,QWURGXFWLRQWR6XUDK$G'DKUDERYH
7KHUHIRUHD&RPSDQLRQ
VVD\LQJWKDWDYHUVHZDVVHQWGRZQRQWKLVRUWKDWSDUWLFXODU
RFFDVLRQ LV QR SURRI WKDW LW ZDV VHQW GRZQ RQ WKDW YHU\ RFFDVLRQ ,W PD\ ZHOOEHWKDW
LVODPPHVVDJHFRP 
DIWHUFRPLQJRIDJHZKHQ+DGUDW$ED6DCHHGKHDUGWKLV6XUDKIRUWKHILUVWWLPHIURPWKH
+RO\ 3URSKHW WHUULILHG E\ LWV ODVW SRUWLRQ KH PLJKW KDYH DVNHG WKH +RO\ 3URSKHW WKH
TXHVWLRQV ZKLFKZHKDYHFLWHGDERYHDQGKHPLJKWKDYHQDUUDWHGWKHLQFLGHQWVD\LQJ
WKDWZKHQWKLVYHUVHZDVUHYHDOHGKHSXWWKLVDQGWKLVTXHVWLRQWRWKH+RO\3URSKHW
,QWKHDEVHQFHRIWKLVWUDGLWLRQHYHU\UHDGHUZKRUHDGVWKH4XU
DQZLWKXQGHUVWDQGLQJV
ZLOOIHHOWKDWLWLVD0DNNL6XUDK0RUHWKDQWKDWIURPLWVWKHPHDQGVW\OHKHZRXOGIHHO
WKDWLWPXVWKDYHEHHQVHQWGRZQLQWKHHDUOLHVWVWDJHDW0DNNDKZKHQWKHIXQGDPHQWDO
SULQFLSOHVDQGEHOLHIVRI,VODPZHUHEHLQJSUHVHQWHGEHIRUHWKHSHRSOHLQDFRQFLVHEXW
KLJKO\HIIHFWLYHZD\
7KHPHHQG6XEMHFW0DWWHU
,WV WKHPH LV WKH VHFRQG OLIH DIWHU GHDWK DQG SUHVHQWDWLRQ LQ LW EHIRUH PDQ RI WKH IXOO
UHFRUGRIWKHGHHGVGRQHE\KLPLQWKHZRUOG,QWKHILUVWWKUHHVHQWHQFHVLWKDVEHHQWROG
EULHIO\KRZWKHVHFRQGOLIHDIWHUGHDWKZLOOWDNHSODFHDQGKRZFRQIRXQGLQJLWZLOO EH
IRUPDQ,QWKHQH[WWZRVHQWHQFHVLWKDVEHHQVDLGWKDWWKLVYHU\HDUWKRQZKLFKPDQKDV
OLYHGDQGSHUIRUPHGDOONLQGVRIGHHGVWKRXJKWOHVVO\DQGDERXWZKLFKKHQHYHUFRXOG
IDQF\WKDWWKLVOLIHOHVVWKLQJZRXOGDWVRPHWLPHLQWKHIXWXUHEHDUZLWQHVVWRKLVGHHGV
ZLOO VSHDN RXW RQ WKDW 'D\ E\ $OODK
V FRPPDQG DQG ZLOO VWDWH LQ UHVSHFW RI HDFK
LQGLYLGXDOSHUVRQZKDWDFWKHKDGFRPPLWWHGDWDSDUWLFXODUWLPHDQGSODFH7KHQLWKDV
EHHQVDLGWKDWPHQRQWKDW'D\ULVLQJIURPWKHLUJUDYHVZLOOFRPHRXWLQWKHLUYDULHG
JURXSV IURP DOO FRUQHUV RI WKH HDUWK WR EH VKRZQ WKHLU GHHGV DQG ZRUNV DQG WKHLU
SUHVHQWDWLRQRIWKHGHHGVZLOOEHVRFRPSOHWHDQGGHWDLOHGWKDWQRWDQDWRP
VZHLJKWRI
DQ\JRRGRUHYLODFWZLOOEHOHIWXQQRWLFHGRUKLGGHQIURPKLVH\HV

$DGL\DDW
1DPH
7KH6XUDKKDVEHHQVRHQWLWOHGDIWHUWKHZRUGDODDGL\DDWZLWKZKLFKLWRSHQV
3HULRGRI5HYHODWLRQ
:KHWKHULWLVD0DNNLRUD0DGDQL6XUDKLVGLVSXWHG+DGUDW$EGXOODKELQ0DVXG-DELU
+DVDQ%DVUL,NULPDKDQG$WDVD\WKDWLWLV0DNNL+DGUDW$QDVELQ0DOLNDQG4DWDGDK
VD\WKDWLWLV0DGDQLDQGIURP+DGUDW,EQ$EEDVWZRYLHZVKDYHEHHQUHSRUWHGILUVW
WKDW LW LV D 0DNNL 6XUDK DQG VHFRQG WKDW LW LV 0DGDQL %XW WKH VXEMHFW PDWWHU RI WKH
6XUDK DQG LWV VW\OH FOHDUO\ LQGLFDWH WKDW LW LV QR RQO\ 0DNNL EXW ZDV UHYHDOHG LQ WKH
HDUOLHVWVWDJHRI0DNNDK
7KHPHDQG6XEMHFW0DWWHU
,WV REMHFW LV WR PDNH WKH SHRSOH UHDOL]H KRZ HYLO PDQ EHFRPHV ZKHQ KH GHQLHV WKH
+HUHDIWHU RU EHFRPHV KHHGOHVV RI LW DQG DOVR WR ZDUQ WKHP WKDW LQ WKH +HUHDIWHU QRW
RQO\WKHLUYLVLEOHDQGDSSDUHQWGHHGVEXWHYHQWKHVHFUHWVKLGGHQLQWKHLUKHDUWVWRRZLOO
EHVXEMHFWHGWRVFUXWLQ\
)RUWKLVSXUSRVHWKHJHQHUDOFKDRVDQGFRQIXVLRQSUHYDLOLQJLQ$UDELDZLWKZKLFKWKH
ZKROHFRXQWU\ZDVLQWXUPRLOKDVEHHQSUHVHQWHGDVDQDUJXPHQW%ORRGVKHGORRWDQG
SOXQGHU UDJHG RQ HYHU\ VLGH 7ULEHV ZHUH VXEMHFWLQJ WULEHV WR UDLGV DQG QR RQH FRXOG
KDYHSHDFHIXOVOHHSDWQLJKWIURPIHDUWKDWVRPHHQHP\WULEHPLJKWUDLGKLVVHWWOHPHQW
LVODPPHVVDJHFRP 
HDUO\LQWKHPRUQLQJ(YHU\$UDEZDVIXOO\FRQVFLRXVRIWKLVVWDWHRIDIIDLUVDQGUHDOL]HG
WKDWLWZDVZURQJ$OWKRXJKWKHSOXQGHUHGEHPRDQHGKLVPLVHUDEOHKHOSOHVVVWDWHDQG
WKH SOXQGHUHU UHMRLFHG \HWZKHQWKHSOXQGHUHUKLPVHOIZDVSOXQGHUHGKHWRRUHDOL]HG
KRZDEMHFWZDVWKHFRQGLWLRQLQZKLFKWKH ZKROHQDWLRQZDVLQYROYHG5HIHUULQJWRWKLV
YHU\ VWDWH RI DIIDLUV LW KDV EHHQ VDLG 8QDZDUH RI WKH VHFRQG OLIH DIWHU GHDWK DQG KLV
DFFRXQWDELOLW\EHIRUH*RGLQLWPDQKDVEHFRPHXQJUDWHIXOWRKLV/RUGDQG6XVWDLQHU
+HLVXVLQJWKHSRZHUVDQGDELOLWLHV JLYHQE\*RGIRUSHUSHWUDWLQJW\UDQQ\DQGSLOODJH
EOLQGHG E\ WKH ORYH RI ZRUOGO\ ZHDOWK KH WULHV WR REWDLQ LW E\ HYHU\ PHDQV KRZHYHU
LPSXUHDQGILOWK\DQGKLVRZQVWDWHLWVHOIWHVWLILHVWKDWE\DEXVLQJWKHSRZHUVEHVWRZHG
E\ KLV /RUG KH LV EHLQJ XQJUDWHIXO WR +LP +H ZRXOG QHYHU KDYH EHKDYHG VR KDG KH
NQRZQWKHWLPHZKHQWKHGHDGZLOOEHUDLVHGIURPWKHJUDYHVDQGZKHQWKHLQWHQWLRQV
DQGPRWLYHVZLWKZKLFKKHKDGGRQHDOOVRUWVRIGHHGVLQWKHZRUOGZLOOEHH[SRVHGDQG
EURXJKWRXWEHIRUHHYHU\RQHWRVHH$WWKDWWLPHWKH/RUGDQG6XVWDLQHURIPHQVKDOOEH
ZHOOLQIRUPHGRIZKDWRQHKDGGRQHDQGZKDWSXQLVKPHQWRUUHZDUGRQHGHVHUYHG

$O4DDULCDK
1DPH
7KH6XUDKWDNHVLWVQDPHIURPLWVILUVWZRUGDOTDDULCDK7KLVLVQRWRQO\DQDPHEXWDOVR
WKHWLWOHRILWVVXEMHFWPDWWHUIRUWKH6XUDKLVGHYRWHGWR5HVXUUHFWLRQ
3HULRGRI5HYHODWLRQ
7KHUHLVQRGLVSXWHDERXWLWVEHLQJD0DNNL6XUDK,WVFRQWHQWVVKRZWKDWWKLVWRRLVRQH
RIWKHHDUOLHVW6XUDKVWREHUHYHDOHGDW0DNNDK
7KHPHDQG6XEMHFW0DWWHU
,WVWKHPHLV5HVXUUHFWLRQDQGWKH+HUHDIWHU$WWKHRXWVHWWKHSHRSOHKDYHEHHQDURXVHG
DQGDODUPHGVD\LQJ7KH*UHDW'LVDVWHU:KDWLVWKH*UHDW'LVDVWHU"$QGZKDWGR\RX
NQRZZKDWWKH*UHDW'LVDVWHULV"7KXVDIWHUSUHSDULQJWKHOLVWHQHUVIRUWKHQHZVRIWKH
GUHDGIXOFDODPLW\5HVXUUHFWLRQKDVEHHQGHSLFWHGEHIRUHWKHPLQWZRVHQWHQFHVVD\LQJ
WKDWRQWKDW'D\SHRSOHZLOOEHUXQQLQJDERXWLQFRQIXVLRQDQGEHZLOGHUPHQWMXVWOLNH
VRPDQ\VFDWWHUHGPRWKVDURXQGDOLJKWDQGWKHPRXQWDLQVXSURRWHGZLOOWKHLUFRKHVLRQ
DQGZLOOIO\DERXWOLNHFDUGHGZRRO7KHQLWKDVEHHQVDLGWKDWZKHQ$OODK
V&RXUWLV
HVWDEOLVKHGLQWKH+HUHDIWHUDQGWKHSHRSOHDUHFDOOHGXSRQWRDFFRXQWIRUWKHLUGHHGV
7KH SHRSOH ZKRVH JRRG GHHGV DUH IRXQG WR EH KHDYLHU WKDQ WKHLU HYLO GHHGV ZLOO EH
EOHVVHG ZLWK EOLVV DQG KDSSLQHVV DQG WKH SHRSOH ZKRVH JRRG GHHGV DUH IRXQG WR EH
OLJKWHUWKDQWKHLUHYLOGHHGVZLOOEHFDVWLQWRWKHGHHSSLWIXOORIEXUQLQJILUH

7DNDDWKXU
1DPH
7KH6XUDKWDNHQLWVQDPHIURPWKHZRUGDWWDNDDWKXU LQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
$EX+D\\DQDQG6KDXNDQLVD\WKDWWKLV6XUDKDFFRUGLQJWRDOOFRPPHQWDWRUVLV0DNNL
DQG WKLV VDPH LV WKH ZHOO NQRZQ YLHZ DFFRUGLQJ WR ,PDP 6X\XWL +RZHYHU WKHUH DUH

LVODPPHVVDJHFRP 
VRPHWUDGLWLRQVRQWKHEDVLVRIZKLFKLWLVFRQVLGHUHGD0DGDQL6XUDKDQGWKH\DUHDV
IROORZV
,EQ+DWLPKDVFLWHG$EX%XUDLGDKDVVD\LQJWKDWWKLV6XUDKZDVVHQWGRZQFRQFHUQLQJ
WKHWZRWULEHV%DQL+DULWKDKDQG%DQLDO+DULWKRIWKH$QVDDU7KHWZRWULEHVKDGILUVW
UHFRXQWHGWKHJORULHVDQGLOOXVWULRXVGHHGVRIWKHLUOLYLQJPHQWKHQWKH\KDGJRQHWRWKH
JUDYH \DUG DQG EUDJJHG RI WKH JORULRXV GHHGV RI WKHLU GHDG 7KHUHXSRQ WKH 'LYLQH
5HYHODWLRQ$OKDDNXPDWWDNDDWKXUFDPHGRZQ%XWLIWKHSUDFWLFHRIWKH&RPSDQLRQV
DQG WKHLU VXFFHVVRUV FRQFHUQLQJ WKH RFFDVLRQV RI UHYHODWLRQ LV NHSW LQ YLHZ WKLV
WUDGLWLRQLVQRDUJXPHQWWRSURYHWKDW6XUDK$W7DNDDWKXUZDVVHQWGRZQRQWKDWYHU\
RFFDVLRQEXWLWVKRZVWKDWWKLV6XUDKIXOO\DSSOLHGWRWKHDFWRIWKHWZRWULEHV
,PDP%XNKDULDQG,EQ-DULUKDYHFLWHGWKLVYLHZRI+DGUDW8ED\\ELQ.DCE:HWRRN
WKH+RO\3URSKHWVD\LQJC,IWKHVRQRI$GDPKDGWZRYDOOH\IXOORIZHDOWKKHZRXOG
ORQJIRUDWKLUGYDOOH\WKHVRQRI$GDP
VEHOO\FDQQRWEHILOOHGEXWE\HDUWKWREHIURP
WKH4XU
DQXQWLO$OKDDNXPDWWDNDDWKXUZDVVHQWGRZQ7KLV+DGLWKKDVEHHQUHJDUGHG
DVDQDUJXPHQWIRU6XUDK$W7DNDDWKXUWREHD0DGDQL6XUDKRQWKHJURXQGWKDW+DGUDW
8ED\\ KDG EHFRPH D 0XVOLP LQ 0DGLQDK %XW +DGUDW 8ED\\
V VWDWHPHQW GRHV QRW
LQGLFDWHLQZKDWVHQVHWKH&RPSDQLRQVUHJDUGHGWKLVVD\LQJRIWKH+RO\3URSKHW XSRQ
ZKRPEHSHDFH DVEHORQJLQJWRWKH4XU
DQ,ILWPHDQVWKDWWKH\UHJDUGHGLWDVDYHUVH
RIWKH4XU
DQLWFDQQRWEHDFFHSWDEOHIRUDJUHDWPDMRULW\RIWKH&RPSDQLRQVFRQVLVWHG
RIWKHPHQZKRZHUHZHOODZDUHRIHDFKDQGHYHU\ZRUGRIWKH4XU
DQWKH\FRXOGQRW
KDYH WKH PLVXQGHUVWDQGLQJ WKDW WKH +DGLWK ZDV D YHUVH RI WKH 4XU
DQ $QG LI LWV
EHORQJLQJWRWKH4XU
DQLVWDNHQWRPHDQLWVEHLQJGHULYHGIURPWKH4XU
DQWKHWUDGLWLRQ
FDQ DOVR PHDQ WKDW ZKHQ WKH &RPSDQLRQV ZKR HQWHUHG ,VODP LQ 0DGLQDK KHDUG WKLV
6XUDKIRU WKHILUVWWLPHIURPWKH+RO\3URSKHWWKH\WKRXJKWWKDWLWKDGEHHQUHYHDOHG
MXVWWKHQDQGWKHQDERXWWKH+RO\3URSKHW
VDERYHVD\LQJWKH\IRUPHGWKHLGHDWKDWLW
ZDVGHULYHGIURPWKLVYHU\6XUDK
,EQ -DULU 7LUPLGKL ,EQ DO 0XQGKLU DQG RWKHU WUDGLWLRQLVWV KDYH UHODWHG WKLV YLHZ RI
+DGUDW $OL :H ZHUH LQ GRXEW DERXW WKH WRUPHQW RI WKH JUDYH XQWLO $OKDDNXP DW
WDNDDWKXUZDVVHQWGRZQ7KLVYLHZKDVEHHQUHJDUGHGDVDQDUJXPHQWIRU6XUDK$W
7DNDDWKXUWREH0DGDQLRQWKHJURXQGWKDWWKHWRUPHQWRIWKHJUDYHZDVILUVWPHQWLRQHG
DW0DGLQDKQRPHQWLRQRILWZDVHYHUPDGHDW0DNNDK%XWWKLVLVZURQJ,QWKH0DNNL
6XUDKV RI WKH 4XU
DQ WKH WRUPHQW RI WKH JUDYH KDVEHHQPHQWLRQHGDWPDQ\SODFHVVR
FOHDUO\WKDWWKHUHFDQKHQRURRPIRUDQ\VXFKGRXEWIRUH[DPSOHVHH$O$QCDDP
$Q1DKO  $O0XPLQXQ  $O0X
PLQ  ZKLFK DUH DOO 0DNNL 6XUDKV
7KHUHIRUH LI DQ\WKLQJ LV SURYHG E\ +DGUDW $OL
V VD\LQJ LW LV WKDW 6XUDK $W7DNDDWKXU
KDGEHHQUHYHDOHG EHIRUHWKHUHYHODWLRQRIWKHDERYHPHQWLRQHG0DNNL6XUDKVDQGLWV
UHYHODWLRQKDGUHPRYHGWKH&RPSDQLRQVGRXEWDERXWWKHWRUPHQWRIWKHJUDYH
7KDWLVZK\LQVSLWHRIWKHVHWUDGLWLRQVDJUHDWPDMRULW\RIWKHFRPPHQWDWRUVDUHDJUHHG
WKDWWKLV6XUDKLV0DNNL,QRXURSLQLRQWKLVLVQRWRQO\D0DNNL6XUDKEXWLQYLHZRILWV
FRQWHQWVDQGVW\OHLWLVRQHRIWKHHDUOLHVW6XUDKVWREHUHYHDOHGDW0DNNDK
7KHPHDQG6XEMHFW0DWWHU

LVODPPHVVDJHFRP 
,QLWWKHSHRSOHKDYHEHHQZDUQHGRIWKHHYLOFRQVHTXHQFHVRIZRUOGZRUVKLSEHFDXVHRI
ZKLFK WKH\ VSHQG WKHLU OLYHV LQ DFTXLULQJ PRUH DQG PRUH RI ZRUOGO\ ZHDOWK PDWHULDO
EHQHILWVDQGSOHDVXUHVDQGSRVLWLRQDQGSRZHUWLOOGHDWKDQGLQY\LQJZLWKRQHDQRWKHU
DQG EUDJJLQJ DQG ERDVWLQJ DERXW WKHLU DFTXLVLWLRQV 7KLV RQH SXUVXLW KDV VR RFFXSLHG
WKHPWKDWWKH\DUHOHIWZLWKQRWLPHRURSSRUWXQLW\IRUSXUVXLQJWKHKLJKHUWKLQJVLQOLIH
$IWHU ZDUQLQJ WKH SHRSOH RI LWV HYLO HQG WKH\ KDYH EHHQ WROG XV LI WR VD\ 7KHVH
EOHVVLQJV ZKLFK \RX DUH DPDVVLQJ DQG HQMR\LQJ WKRXJKWOHVVO\ DUH QRW PHUH EOHVVLQJV
EXWDUHDOVRDPHDQVRI\RXUWULDO)RUHDFKRQHRIWKHVHEOHVVLQJVDQGFRPIRUWV\RXZLOO
VXUHO\EHFDOOHGWRDFFRXQWLQWKH+HUHDIWHU

$VU
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGDODVURFFXUULQJLQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
$OWKRXJK 0XMDKLG 4DWDGDK DQG 0XTDWLO UHJDUG LW DV D 0DGDQL 6XUDK \HW D JUHDW
PDMRULW\RIWKHFRPPHQWDWRUVRSLQHWKDWLWLV0DNNLLWVVXEMHFWPDWWHUDOVRWHVWLILHVWKDW
LWPXVWKDYHEHHQVHQWGRZQLQWKHHDUOLHVWVWDJHDW0DNNDKZKHQWKHPHVVDJHRI ,VODP
ZDVEHLQJSUHVHQWHGLQEULHIEXWKLJKO\LPSUHVVLYHVHQWHQFHVVRWKDWWKHOLVWHQHUVZKR
KHDUG WKHP RQFH FRXOG QRW IRUJHW WKHP HYHQ LI WKH\ ZDQWHG WR IRU WKH\ ZHUH
DXWRPDWLFDOO\FRPPLWWHGWRPHPRU\
7KHPHDQG6XEMHFW0DWWHU
7KLV6XUDKLVDPDWFKOHVV VSHFLPHQRIFRPSUHKHQVLYHQHVVDQGEUHYLW\$ZKROHZRUOG
RIPHDQLQJKDVEHHQFRPSUHVVHGLQWRLWVIHZEULHIZRUGVZKLFKLVWRRYDVWLQFRQWHQWWR
EHIXOO\H[SUHVVHGHYHQLQDERRN,QLWLQDFOHDUDQGSODLQZD\LWKDVEHHQVWDWHGZKDW
LVWKHZD\WRWUXH VXFFHVVIRUPDQDQGZKDWLVWKHZD\WRUXLQDQGGHVWUXFWLRQIRUKLP
,PDP6KDILCLKDVYHU\ULJKWO\VDLGWKDWLIWKHSHRSOHRQO\FRQVLGHUHGWKLV6XUDKZHOOLW
DORQHZRXOGVXIILFHWKHPIRUWKHLUJXLGDQFH+RZLPSRUWDQWWKLV6XUDKZDVLQWKHVLJKW
RI WKH &RPSDQLRQV FDQ EH MXGJHG IURP WKH WUDGLWLRQ FLWHG IURP +DGUDW $EGXOODK ELQ
+LVQDG'DULPL$EX0DGLQDKDFFRUGLQJWRZKLFKZKHQHYHUDQ\WZRRIWKHPPHWWKH\
ZRXOGQRWSDUWFRPSDQ\XQWLOWKH\KDGUHFLWHG6XUDK$O$VUWRHDFKRWKHU 7DEDUDQL

+XPD]DK
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGKXPD]DKRFFXUULQJLQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
$OOFRPPHQWDWRUVDUHDJUHHGWKDWLWLVD0DNNL6XUDKDVWXG\RILWVVXEMHFWPDWWHUDQG
VW\OHVKRZVWKDWWKLVWRRLVRQHRIWKHHDUOLHVW6XUDKVWREHUHYHDOHGDW0DNNDK
7KHPHDQG6XEMHFW0DWWHU
,QLWVRPHRIWKHHYLOVSUHYDOHQWDPRQJWKHPDWHULDOLVWLFKRDUGHUVRIZHDOWKLQWKHSUH
,VODPLFGD\VKDYHEHHQFRQGHPQHG(YHU\$UDENQHZWKDWWKH\DFWXDOO\H[LVWHGLQWKHLU
VRFLHW\WKH\UHJDUGHGWKHPDVHYLOVDQGQRERG\WKRXJKWWKH\ZHUHJRRG$IWHUFDOOLQJ
DWWHQWLRQWRWKLVNLQGRIXJO\FKDUDFWHUWKHXOWLPDWHHQGLQWKH+HUHDIWHURIWKHSHRSOH
LVODPPHVVDJHFRP 
KDYLQJWKLVNLQGRIFKDUDFWHUKDVEHHQVWDWHG%RWKWKHVHWKLQJV LHWKHFKDUDFWHUDQG
KLV IDWH LQ WKH +HUHDIWHU  KDYH EHHQ GHSLFWHG LQ D ZD\ ZKLFK PDNHV WKH OLVWHQHU
DXWRPDWLFDOO\UHDFKWKHFRQFOXVLRQWKDWVXFKDPDQILWO\GHVHUYHVWRPHHWVXFKDQHQG
$QGVLQFHLQWKHZRUOGSHRSOHRIVXFKFKDUDFWHUGRQRWVXIIHUDQ\SXQLVKPHQWEXWVHHP
WREHWKULYLQJLQVWHDGWKHRFFXUUHQFHRIWKH+HUHDIWHUEHFRPHVDEVROXWHO\LQHYLWDEOH
,I WKLV 6XUDK LV UHDG LQ WKH VHTXHQFH RI WKH 6XUDKV EHJLQQLQJ ZLWK $]=LO]DO RQH FDQ
IXOO\ ZHOO XQGHUVWDQG KRZ WKH IXQGDPHQWDO EHOLHIV RI ,VODP DQG LWV WHDFKLQJV ZHUH
LPSUHVVHGRQWKHSHRSOHVPLQGVLQWKHHDUOLHVWVWDJHLQ0DNNDK,Q6XUDK$]=LO]DOLW
ZDV VDLG WKDW LQ WKH +HUHDIWHU PDQ
V IXOO UHFRUG ZLOO EH SODFHG EHIRUH KLP DQG QRW DQ
DWRP
VZHLJKWRIJRRGRUHYLOGRQHE\KLPLQWKHZRUOGZLOOKDYHEHHQOHIWXQUHFRUGHG
,Q 6XUDK $O$DGL\DDW DWWHQWLRQ ZDV GUDZQ WR WKH SOXQGHU DQG ORRW EORRGVKHG DQG
YDQGDOLVPSUHYDLOLQJLQ$UDELDEHIRUH,VODPWKHQPDNLQJWKHSHRSOHUHDOL]HWKDWWKH
ZD\ WKH SRZHUV JLYHQ E\ *RG ZHUH EHLQJ DEXVHG ZDV LQGHHG DQ H[SUHVVLRQ RI VKHHU
LQJUDWLWXGHWR+LPWKH\ZHUHWROG WKDWWKHPDWWHUZRXOGQRWHQGXSLQWKHZRUOGEXWLQ
WKH VHFRQG OLIH DIWHU GHDWK QRW RQO\ WKHLU GHHGV EXW WKHLU LQWHQWLRQV DQG PRWLYHV WRR
ZRXOG EH H[DPLQHG DQG WKHLU /RUG IXOO\ ZHOO NQRZV ZKLFK RI WKHP GHVHUYHV ZKDW
UHZDUGRUSXQLVKPHQW
,Q 6XUDK $O4DDULCDK DIWHU GHSLFWLQJ 5HVXUUHFWLRQ WKH SHRSOH ZHUH ZDUQHG WKDW LQ WKH
+HUHDIWHUDPDQ
VJRRGRUHYLOHQGZLOOEHGHSHQGHQWRQZKHWKHUWKHVFDOHRIKLVJRRG
GHHGVZDVKHDYLHURUWKHVFDOHRIKLVHYLOGHHGVZDVKHDYLHU
,Q 6XUDK $W7DNDDWKXU WKH SHRSOH ZHUH WDNHQ WR WDVN IRU WKH PDWHULDOLVWLF PHQWDOLW\
EHFDXVH RI ZKLFK WKH\ UHPDLQHG RFFXSLHG LQ VHHNLQJ LQFUHDVH LQ ZRUOGO\ EHQHILWV
SOHDVXUHV FRPIRUWV DQG SRVLWLRQ DQG LQ Y\LQJ ZLWK RQH DQRWKHU IRU DEXQGDQFH RI
HYHU\WKLQJXQWLOGHDWKRYHUWRRNWKHP7KHQZDUQLQJWKHPRIWKHHYLOFRQVHTXHQFHVRI
WKHLUKHHGOHVVQHVVWKH\ZHUHWROGWKDWWKHZRUOGZDVQRWDQRSHQWDEOHRIIRRGIRUWKHQ
WRSLFNDQGFKRRVHZKDWHYHUWKH\SOHDVHGEXWIRUHYHU\VLQJOHEOHVVLQJWKDWWKH\ZHUH
HQMR\LQJLQWKHZRUOGWKH\ZRXOGKDYHWRUHQGHUDQDFFRXQWWRWKHLU/RUGDQG6XVWDLQHU
DVWRKRZWKH\REWDLQHGLWDQGKRZWKH\XVHGLW
,Q6XUDK$O$VULWZDVGHFODUHGWKDWHDFKPHPEHUHDFKJURXSDQGHDFKFRPPXQLW\RI
PDQNLQGHYHQWKHHQWLUHZRUOGRIKXPDQLW\ZDVLQPDQLIHVWORVVLILWVPHPEHUVZHUH
GHYRLGRI)DLWKDQGULJKWHRXVGHHGVDQGRIWKHSUDFWLFHRIH[KRUWLQJRWKHUVWRWUXWKDQG
SDWLHQFH,PPHGLDWHO\DIWHUWKLVFRPHV6XUDK$O+XPD]DKLQZKLFKDIWHUSUHVHQWLQJD
VSHFLPHQRIOHDGHUVKLSRIWKHSUH,VODPLFDJHRILJQRUDQFHWKHSHRSOHKDYHEHHQDVNHG
WKHTXHVWLRQ:KDWVKRXOGVXFKDFKDUDFWHUGHVHUYHLIQRWORVVDQGSHUGLWLRQ"

)HHO
1DPH
7KH6XUDKGHULYHVLWVQDPHIURPWKHZRUGDVKDDEDOIHHOLQWKHYHU\ILUVWYHUVH
3HULRGRI5HYHODWLRQ
7KLVLVXQDQLPRXVO\D0DNNL6XUDKDQGLILWLVVWXGLHGDJDLQVWLWVKLVWRULFDOEDFNJURXQG
LWDSSHDUVWKDWLWPXVWKDYHEHHQVHQWGRZQLQWKHYHU\HDUOLHVWVWDJHDW0DNNDK
+LVWRULFDO%DFNJURXQG
LVODPPHVVDJHFRP 
$V ZH KDYH H[SODLQHG LQ ( 1  RI 6XUDK $O%XUXM DERYH LQ UHWDOLDWLRQ IRU WKH
SHUVHFXWLRQRIWKHIROORZHUVRIWKH3URSKHW-HVXV&KULVW SHDFHEHRQKLP LQ1DMUDQE\
WKH -HZLVK UXOHU 'KX1XZDV RI <DPDQ WKH &KULVWLDQ NLQJGRP RI $E\VVLQLD LQYDGHG
<DPDQ DQG SXW DQ HQG WR WKH +LP\DULWH UXOH WKHUH DQG LQ  $ ' WKLV ZKROH ODQG
SDVVHGXQGHU$E\VVLQLDQFRQWURO7KLVKDSSHQHGLQIDFWWKURXJKFROODERUDWLRQEHWZHHQ
WKH %\]DQWLQH HPSLUH RI &RQVWDQWLQRSOH DQG WKH $E\VVLQLDQ NLQJGRP IRU WKH
$E\VVLQLDQVDWWKDWWLPHKDGQRQDYDOIOHHW7KHIOHHWZDVSURYLGHGE\%\]DQWLXPDQG
$E\VVLQLDVHQWRILWVWURRSVE\LWDFURVVWKH5HG6HDWR<DPDQ$WWKHRXWVHW
RQH VKRXOG XQGHUVWDQG WKDW DOO WKLV GLG QRW KDSSHQ XQGHU WKH UHOLJLRXV ]HDO EXW WKHUH
ZHUHHFRQRPLFDQGSROLWLFDOIDFWRUVDOVRZRUNLQJEHKLQGLWDQGSUREDEO\WKHVHZHUHWKH
UHDOPRWLYHDQGUHWDOLDWLRQIRUWKH&KULVWLDQEORRGZDVMXVWDQH[FXVH6LQFHWKHWLPH
WKH%\]DQWLQHHPSLUHKDGRFFXSLHG(J\SWDQG6\ULDLWKDGEHHQWU\LQJWRJDLQFRQWURO
RYHUWKHWUDGHJRLQJRQEHWZHHQ(DVW$IULFD,QGLD,QGRQHVLDHWFDQGWKH%\]DQWLQH
GRPLQLRQV IURP WKH $UDEV ZKR KDG EHHQ FRQWUROOLQJ LW IRU FHQWXULHV VR DV WR HDUQ
PD[LPXPSURILWVE\HOLPLQDWLQJWKHLQWHUPHGLDU\$UDEPHUFKDQWV)RUWKLVSXUSRVHLQ
 RU  % &  &DHVDU $XJXVWDV VHQW D ODUJH DUP\ XQGHU WKH 5RPDQ JHQHUDO $HOLXV
*DOOXVZKLFKODQGHGRQWKHZHVWHUQFRDVWRI$UDELDLQRUGHUWRLQWHUFHSWDQGRFFXS\
WKHVHDURXWHEHWZHHQVRXWKHUQ$UDELDDQG6\ULD%XWWKHFDPSDLJQIDLOHGWRDFKLHYHLWV
REMHFWLYHRQDFFRXQWRIWKHH[WUHPHJHRJUDSKLFDOFRQGLWLRQVRI$UDELD$IWHUWKLVWKH
%\]DQWLQHVEURXJKWWKHLUIOHHWLQWRWKH5HG6HDDQGSXWDQHQGWRWKH$UDEWUDGHZKLFK
WKH\FDUULHGRXWE\VHDZLWKWKHUHVXOWWKDWWKH\ZHUHOHIWRQO\ZLWKWKHODQGURXWH7R
FDSWXUH WKLV YHU\ ODQG URXWH WKH\ FRQVSLUHG ZLWK WKH $E\VVLQLDQ &KULVWLDQV DQGDLGLQJ
WKHPZLWKWKHLUIOHHWKHOSHGWKHPWRRFFXS\<DPDQ
7KH $UDE KLVWRULDQV VWDWHPHQWV DERXW WKH $E\VVLQLDQ DUP\ WKDW LQYDGHG <DPDQ DUH
GLIIHUHQW+DIL],EQ.DWKLUVD\VWKDWLWZDVOHGE\WZRFRPPDQGHUV$U\DWDQG$EUDKDK
DQG DFFRUGLQJ WR 0XKDPPDG ELQ ,VKDT LWV FRPPDQGHU ZDV $U\DW DQG $EUDKDK ZDV
LQFOXGHGLQLW7KHQERWKDUHDJUHHGWKDW$U\DWDQG$EUDKDKIHOORXW$U\DWZDVNLOOHGLQ
WKHHQFRXQWHUDQG$EUDKDKWRRNSRVVHVVLRQRIWKHFRXQWU\WKHQVRPHKRZKHSHUVXDGHG
WKH$E\VVLQLDQNLQJWRDSSRLQWKLPKLVYLFHUR\RYHU<DPDQ2QWKHFRQWUDU\WKH*UHHN
DQG 6\ULDF KLVWRULDQV VWDWH WKDW ZKHQ DIWHU WKH FRQTXHVW RI <DPDQ WKH $E\VVLQLDQV
VWDUWHG SXWWLQJ WR GHDWK WKH <DPDQLWH FKLHIV ZKR KDG SXW XS UHVLVWDQFH RQH RI WKH
FKLHIV QDPHG $V6XPD\IL $VKZD ZKRP WKH *UHHN KLVWRULDQV FDOO (V\PSKDHXV 
\LHOGHGWRWKH$E\VVLQLDQVDQGSURPLVLQJWRSD\WULEXWHREWDLQHGWKH$E\VVLQLDQNLQJ
V
ZDUUDQWWREHJRYHUQRURYHU<DPDQ%XWWKH$E\VVLQLDQDUP\UHYROWHGDJDLQVWKLPDQG
PDGH$EUDKDKJRYHUQRULQKLVSODFH7KLVPDQZDVWKHVODYHRID*UHHN PHUFKDQWRIWKH
$E\VVLQLDQ VHDSRUW RI $GROLV ZKR E\ FOHYHU GLSORPDF\ KDG FRPH WR ZLHOG JUHDW
LQIOXHQFH LQ WKH $E\VVLQLDQ DUP\ RFFXS\LQJ <DPDQ 7KH WURRSV VHQW E\WKH1HJXVWR
SXQLVKKLPHLWKHUZDUQHGKLPRUZHUHGHIHDWHGE\KLP6XEVHTXHQWO\DIWHUWKHGHDWKRI
WKHNLQJKLVVXFFHVVRUZDVUHFRQFLOHGWRDFFHSWKLPDVKLVYLFHUHJHQWRI<DPDQ 7KH
*UHHNKLVWRULDQVZULWHKLPDV$EUDPHVDQGWKH6\ULDFKLVWRULDQVDV$EUDKDP$EUDKDK
SHUKDSVLVDQ$E\VVLQLDQYDULDQWRI$EUDKDPIRULWV$UDELFYHUVLRQLV,EUDKLP 

LVODPPHVVDJHFRP 
7KLV PDQ WKURXJK SDVVDJH RI WLPH EHFDPH DQ LQGHSHQGHQW UXOHU RI <DPDQ +H
DFNQRZOHGJHGWKHVRYHUHLJQW\RIWKH1HJXVRQO\LQQDPHDQGGHVFULEHGKLPVHOIDVKLV
GHSXW\7KHLQIOXHQFHKHZLHOGHGFDQEHMXGJHGIURPWKHIDFWWKDWDIWHUWKHUHVWRUDWLRQ
RI WKH GDP RI 0D
ULE LQ  $ ' KH FHOHEUDWHG WKH HYHQW E\ KROGLQJ D JUDQG IHDVW
ZKLFKZDVDWWHQGHGE\WKHDPEDVVDGRUVRIWKH%\]DQWLQHHPSHURUNLQJRI,UDQNLQJRI
+LUDK DQG NLQJ RI *KDVVDQ ,WV IXOO GHWDLOV DUH JLYHQ LQ WKH LQVFULSWLRQ WKDW $EUDKDK
LQVWDOOHGRQWKHGDP7KLVLQVFULSWLRQLVH[WDQWDQG*ODVHUKDVSXEOLVKHGLW )RUIXUWKHU
GHWDLOVVHH(1RIWKHFRPPHQWDU\RI6XUDK6DED 
$IWHUVWDELOL]LQJKLVUXOHLQ<DPDQ$EUDKDKWXUQHGKLVDWWHQWLRQWRWKHREMHFWLYHZKLFK
IURPWKHYHU\EHJLQQLQJRIWKLVFDPSDLJQKDGEHHQEHIRUHWKH%\]DQWLQHHPSLUHDQGLWV
DOOLHVWKH$E\VVLQLDQ&KULVWLDQVLHWRVSUHDG&KULVWLDQLW\LQ$UDELDRQWKHRQHKDQG
DQG WR FDSWXUH WKH WUDGH WKDW ZDV FDUULHG RXW WKURXJK WKH $UDEV EHWZHHQ WKH HDVWHUQ
ODQGVDQGWKH%\]DQWLQHGRPLQLRQVRQWKHRWKHU7KHQHHGIRUWKLVLQFUHDVHGEHFDXVH
WKH%\]DQWLQHVWUXJJOHIRUSRZHUDJDLQVWWKH6DVDQLDQHPSLUHRI,UDQKDGEORFNHGDOOWKH
URXWHVRIWKH%\]DQWLQHWUDGHZLWKWKH(DVW
7RDFKLHYHWKLVREMHFWLYH$EUDKDKEXLOWLQ6DQCDDWKHFDSLWDORI<DPDQDPDJQLILFHQW
FDWKHGUDO FDOOHG E\WKH$UDELDQKLVWRULDQVDO4DOLVDO4XOODLVRUDO4XODLVWKLVZRUG
EHLQJDQ$UDELFYHUVLRQRIWKH*UHHNZRUG(NNOHVLDFKXUFK$FFRUGLQJWR0XKDPPDG
ELQOVKDTDIWHUKDYLQJFRPSOHWHGWKHEXLOGLQJKHZURWHWRWKH1HJXVVD\LQJ,VKDOO
QRW UHVW XQWLO , KDYH GLYHUWHG WKH $UDEV SLOJULPDJH WR LW ,EQ .DWKLU ZULWHV WKDW KH
RSHQO\ GHFODUHG KLV LQWHQWLRQ LQ <DPDQ DQG JRW LW SXEOLFO\ DQQRXQFHG +H LQ IDFW
ZDQWHGWRSURYRNHWKH$UDEVLQWRGRLQJVRPHWKLQJ ZKLFKVKRXOGSURYLGHKLPZLWKDQ
H[FXVH WR DWWDFN 0DNNDK DQG GHVWUR\ WKH .DCEDK 0XKDPPDG ELQ ,VKDT VD\V WKDW DQ
$UDEHQUDJHGDWWKLVSXEOLFSURFODPDWLRQVRPHKRZZHQWLQWRWKHFDWKHGUDODQGGHILOHG
LW,EQ.DWKLUVD\VWKLVZDVGRQHE\D4XUDLVKLWHDQGDFFRUGLQJWR0XTDWLOELQ6XOHPDQ
VRPH \RXQJ PHQ RI WKH 4XUDLVK KDG VHW ILUH WR WKH FDWKHGUDO (LWKHU PLJKW KDYH
KDSSHQHGIRU$EUDKDK
VSURFODPDWLRQZDVFHUWDLQO\SURYRFDWLYHDQGLQWKHDQFLHQWSUH
,VODPLFDJHLWFDQQRWEHLPSRVVLEOHWKDWDQ$UDERUD4XUDLVKLWH\RXWKPLJKWKDYHEHHQ
HQUDJHGDQGPLJKWKDYHGHILOHGWKHFDWKHGUDORUVHWILUHWRLW%XWLWPD\ZHOODOVREH
WKDW$EUDKDKKLPVHOIJRWWKLVGRQHVHFUHWO\E\KLVRZQDJHQWVRDVWRKDYHDQH[FXVHIRU
LQYDGLQJ0DNNDKDQGWKXVDFKLHYLQJERWKKLVREMHFWLYHVE\GHVWUR\LQJWKH4XUDLVKDQG
LQWLPLGDWLQJ WKH $UDEV ,Q DQ\ FDVH ZKDWHYHU KDSSHQHG ZKHQ WKH UHSRUW UHDFKHG
$EUDKDKWKDWWKHGHYRWHHVRIWKH.DCEDKKDGWKXVGHILOHGKLVFDWKHGUDOKHVZRUHWKDWKH
ZRXOGQRWUHVWXQWLOKHKDGGHVWUR\HGWKH.DCEDK
6RLQRU$'KHWRRNWURRSVDQGHOHSKDQWV DFFRUGLQJWRDQRWKHU
WUDGLWLRQHOHSKDQWV DQGVHWRIIIRU0DNNDK2QWKHZD\ILUVWD<DPDQLWHFKLHI'KX
1DIUE\QDPHPXVWHULQJDQDUP\RIWKH$UDEVUHVLVWHGKLPEXWZDVGHIHDWHGDQG WDNHQ
SULVRQHU 7KHQ LQ WKH FRXQWU\ RI .KDWK
DP KH ZDV RSSRVHG E\ 1XIDLO ELQ +DELE DO
.KDWK
DP ZLWK KLV WULEH EXW KH WRR ZDV GHIHDWHG DQG WDNHQ SULVRQHU DQG LQ RUGHU WR
VDYHKLVOLIHKHDFFHSWHGWRVHUYHKLPDVJXLGHLQWKH$UDEFRXQWU\:KHQKHUHDFKHG
QHDU 7D
LI %DQL 7KDTLI IHOW WKDW WKH\ ZRXOG QRW EH DEOH WR UHVLVW VXFK D ELJ IRUFH DQG
IHHOLQJWKHGDQJHUOHVWKHVKRXOGGHVWUR\WKHWHPSOHRIWKHLUGHLW\/DWWRRWKHLUFKLHI
LVODPPHVVDJHFRP 
0DV
XGFDPHRXWWR$EUDKDKZLWKKLVPHQDQGKHWROGKLPWKDWWKHLUWHPSOH ZDVQRW
WKH WHPSOH KH KDG FRPH WR GHVWUR\ 7KH WHPSOH +H VRXJKW ZDV LQ 0DNNDK DQG WKH\
ZRXOGVHQGZLWKKLPDPDQWRJXLGHKLPWKHUH$EUDKDKDFFHSWHGWKHRIIHUDQG%DQL
7KDTLIVHQW$EX5LJKDODVJXLGHZLWKKLP:KHQWKH\UHDFKHGDO0XJKDPPDV RUDO
0XJKDPPLV DSODFHDERXWPLOHVVKRUWRI0DNNDK$EX5LJKDOGLHGDQGWKH$UDEV
VWRQHGKLVJUDYHDQGWKHSUDFWLFHVXUYLYHVWRWKLVGD\7KH\FXUVHGWKH%DQL7KDTLIWRR
IRU LQ RUGHU WR VDYH WKH WHPSOH RI /DW WKH\ KDG FRRSHUDWHG ZLWK WKH LQYDGHUV RI WKH
+RXVH RI$OODK
$FFRUGLQJ WR 0XKDPPDG ELQ ,VKDT IURP DO0XJKDPPDV $EUDKDK VHQW IRUZDUG KLV
YDQJXDUG DQG WKH\ EURXJKW KLP WKH SOXQGHU RI WKH SHRSOH RI 7LKDPDK DQG 4XUDLVK
ZKLFK LQFOXGHG WZR KXQGUHG FDPHOV RI $EGXO 0XWWDOLE WKH JUDQGIDWKHU RI WKH +RO\
0HVVHQJHU RI $OODK XSRQ ZKRP EH +LV SHDFH  7KHQ KH VHQW DQ HQYR\ RI KLV WR
0DNNDKZLWKWKHPHVVDJHWKDWKHKDGQRWFRPHWRILJKWWKHSHRSOHRI0DNNDKEXWRQO\
WRGHVWUR\WKH+RXVH LHWKH.DCEDK ,IWKH\RIIHUHGQRUHVLVWDQFHWKHUHZRXOGEHQR
FDXVH IRU EORRGVKHG $EUDKDK DOVR LQVWUXFWHG KLV HQYR\ WKDW LI WKH SHRSOH RI 0DNNDK
ZDQWHGWRQHJRWLDWHKHVKRXOGUHWXUQZLWKWKHLUOHDGLQJFKLHIWRKLP7KHOHDGLQJFKLHI
RI 0DNNDK DW WKDW WLPH ZDV $EGXO 0XWWDOLE 7KH HQYR\ ZHQW WR KLP DQG GHOLYHUHG
$EUDKDK
VPHVVDJH$EGXO0XWWDOLEUHSOLHG:HKDYHQRSRZHUWRILJKW$EUDKDK7KLV
LV$OODK
V+RXVH,I+HZLOOV+HZLOOVDYH+LV+RXVH7KHHQYR\DVNHGKLPWRJRZLWK
KLPWR$EUDKDK+HDJUHHGDQGDFFRPSDQLHGKLPWRWKHNLQJ1RZ$EGXO0XWWDOLEZDV
VXFK D GLJQLILHG DQG KDQGVRPH PDQ WKDW ZKHQ $EUDKDK VDZ KLP KH ZDV PXFK
LPSUHVVHGKHJRWRII KLVWKURQHDQGVDWEHVLGHKLPRQWKHFDUSHW7KHQKHDVNHGKLP
ZKDW KH ZDQWHG $EGXO 0XWWDOLE UHSOLHG WKDW KH ZDQWHG WKH NLQJ WR UHWXUQ KLV FDPHOV
ZKLFK KH KDG WDNHQ $EUDKDK VDLG , ZDV PXFK LPSUHVVHG ZKHQ , VDZ \RX EXW \RXU
UHSO\ KDV EURXJKW \RX GRZQ LQ P\ H\HV \RX RQO\ GHPDQG \RXU FDPHOV EXW \RX VD\
QRWKLQJDERXWWKLV+RXVHZKLFKLV\RXUVDQFWXDU\DQGWKHVDQFWXDU\RI\RXUIRUHIDWKHUV
+HUHSOLHG,DPWKHRZQHURIP\FDPHOVDQGDPUHTXHVWLQJ\RXWRUHWXUQWKHP$V
IRU WKH+RXVHLWKDVLWVRZQ2ZQHU+HZLOOGHIHQGLW:KHQ$EUDKDKVDLGWKDW+H
ZRXOGQRWEHDEOHWRGHIHQGLWDJDLQVWKLP$EGXO0XWWDOLEVDLGWKDWWKDWUHVWHGEHWZHHQ
+LPDQGKLP:LWKWKLV$EGXO0XWWDOLEOHIW$EUDKDKDQGKHUHVWRUHGWRKLPKLVFDPHOV
,EQ$EEDDVWUDGLWLRQLVGLIIHUHQW,WGRHVQRWPHQWLRQWKHGHPDQGIRUWKHFDPHOVDWDOO
$FFRUGLQJWRWKHWUDGLWLRQVUHODWHGIURPKLPE\$EGELQ+XPDLG,EQDO0XQGKLU,EQ
0DUGX\DK+DDNLP$EX1XDLPDQG%DLKDTLKHVWDWHVWKDWZKHQ$EUDKDKUHDFKHG$V
6LIDK DSODFHVLWXDWHGEHWZHHQ$UDIDWDQG7DLILQWKHPRXQWDLQVQHDUWKHVDFUHGERXQGV
RI0DNNDK $EGXO0XWWDOLEZHQWWRKLPDQGVDLG7KHUHZDVQRQHHGIRU\RXWRFRPH
VR IDU <RX VKRXOG KDYH RUGHUHG XV DQG ZH ZRXOG KDYH EURXJKW EHIRUH \RX ZKDWHYHU
\RX QHHGHG  +H VDLG , KHDU WKDW WKLV +RXVH LVWKH+RXVHRISHDFH,KDYHFRPHWR
GHVWUR\LWVSHDFH7KHUHXSRQ$EGXO0XWWDOLEVDLG7KLVLV$OODK
V+RXVH+HKDVQRW
DOORZHG DQ\RQH VR IDU WR GRPLQDWH LW $EUDKDK UHSOLHG :H ZLOO QRW UHWXUQ XQWLO ZH
KDYHGHVWUR\HGLW$EGXO0XWWDOLEVDLG<RXPD\WDNHZKDWHYHU\RXOLNHIURPXVDQG
UHWXUQ $EUDKDK UHIXVHG WR EXGJH DQG RUGHUHG KLV WURRSV WR DGYDQFH OHDYLQJ $EGXO
0XWWDOLEEHKLQG
LVODPPHVVDJHFRP 
/HDYLQJ WKH WZR WUDGLWLRQV DV WKH\ DUH RQH WKLQJ ZKLFK EHFRPHV HYLGHQW LV WKDW WKH
WULEHVOLYLQJLQDQGDURXQG0DNNDKGLGQRWKDYHWKHSRZHUWRILJKWVXFKDELJIRUFHDQG
VDYHWKH.DCEDK7KHUHIRUHREYLRXVO\WKH4XUDLVKGLGQRWWU\WRSXWXSDQ\UHVLVWDQFH
7KH4XUDLVKRQWKHRFFDVLRQRIWKH%DWWOHRIWKH7UHQFK $K]DE KDGKDUGO\EHHQDEOHWR
PXVWHU VWUHQJWKQXPEHULQJWHQWRWZHOYHWKRXVDQGPHQLQVSLWHRIWKHDOOLDQFHZLWK
WKHSDJDQDQG-HZLVKWULEHVWKH\FRXOGQRWKDYHUHVLVWHGDQDUP\VWURQJ
FRQWLQXHG
FRQWLQXLQJ +LVWRULFDO%DFNJURXQG
0XKDPPDG ELQ ,VKDT VD\V WKDW DIWHU UHWXUQLQJ IURP WKH FDPS RI $EUDKDK $EGXO
0XWWDOLERUGHUHGWKH4XUDLVKWRZLWKGUDZIURPWKHFLW\DQGJRWRWKHPRXQWDLQVDORQJ
ZLWK WKHLU IDPLOLHV IRU IHDU RI D JHQHUDO PDVVDFUH 7KHQ KH ZHQW WR WKH .DCEDK DORQJ
ZLWKVRPHFKLHIVRIWKH4XUDLVKDQGWDNLQJKROGRIWKHLURQULQJRIWKHGRRUSUD\HGWR
$OODK$OPLJKW\WRSURWHFW+LV+RXVHDQGLWVNHHSHUV7KHUHZHUHDWWKDWWLPHLGROV
LQ DQG DURXQG WKH .DCEDK EXWRQWKDWFULWLFDOPRPHQWWKH\IRUJRWWKHPDQGLPSORUHG
RQO\ $OODK IRU KHOS 7KHLU VXSSOLFDWLRQV ZKLFK KDYH EHHQ UHSRUWHG LQ WKH ERRNV RI
KLVWRU\ GR QRWFRQWDLQDQ\QDPHEXWRI$OODKWKH2QH,EQ+LVKDPLQKLV/LIHRIWKH
3URSKHWKDVFLWHGVRPHYHUVHVRI$EGXO0XWWDOLEZKLFKDUHWRWKHIROORZLQJHIIHFW
2*RGDPDQSURWHFWVKLVKRXVHVRSURWHFW<RXU+RXVH/HWQRWWKHLUFURVVDQGWKHLU
FUDIW WRPRUURZ RYHUFRPH <RXU FUDIW ,I <RX ZLOO WR OHDYH WKHP DQG RXU TLEODK WR
WKHPVHOYHV<RXPD\GRDV<RXSOHDVH6XKDLOOLQ5DXGDO8QXIKDVFLWHGWKLVYHUVH
DOVRLQWKLVFRQQHFWLRQ+HOSWRGD\<RXUGHYRWHHVDJDLQVWWKHGHYRWHHVRIWKHFURVVDQG
LWVZRUVKLSSHUV,EQ-DULUKDVFLWHG$EGXO0XWWDOLE
VWKHVHYHUVHVDOVRZKLFKKHKDG
UHFLWHG LQ KLV VXSSOLFDWLRQ P\ /RUG , GR QRW FKHULVK DQ\ KRSH IURP DQ\RQH DJDLQVW
WKHPH[FHSW<RX2P\/RUGSURWHFW<RXU+RXVHIURPWKHP7KHHQHP\RIWKLV+RXVH
LV<RXUHQHP\6WRSWKHPIURPGHVWUR\LQJ<RXUVHWWOHPHQW
$IWHUPDNLQJWKHVHVXSSOLFDWLRQV$EGXO0XWWDOLEDQGKLVFRPSDQLRQVDOVRZHQWRIIWR
WKH PRXQWDLQV 1H[W PRUQLQJ $EUDKDK SUHSDUHG WR HQWHU 0DNNDK EXW KLV VSHFLDO
HOHSKDQW0DKPXGZKLFKZDVLQWKHIRUHIURQWNQHOWGRZQ,WZDVEHDWHQZLWKLURQEDUV
JRDGHGHYHQVFDULILHGEXWLWZRXOGQRWJHWXS:KHQWKH\PDGHLWIDFHVRXWKQRUWKRU
HDVWLWZRXOGLPPHGLDWHO\VWDUWRIIEXWDVVRRQDVWKH\GLUHFWHGLWWRZDUGV0DNNDKLW
NQHOW GRZQ ,Q WKH PHDQWLPH VZDUPV RI ELUGV DSSHDUHG FDUU\LQJ VWRQHV LQ WKHLU EHDNV
DQG FODZV DQG VKRZHUHG WKHVH RQ WKH WURRSV :KRHYHU ZDV KLW ZRXOG VWDUW
GLVLQWHJUDWLQJ $FFRUGLQJ WR 0XKDPPDG ELQ ,VKDT DQG ,NULPDK WKLV ZDV VPDOOSR[
ZKLFKZDVVHHQLQ$UDELDIRU WKHILUVWWLPHLQWKDW\HDU,EQ$EEDVVD\VWKDWZKRHYHU
ZDVVWUXFNE\DSHEEOHZRXOGVWDUWVFUDWFKLQJKLVERG\UHVXOWLQJLQEUHDNLQJRIWKHVNLQ
DQGIDOOLQJRIIRIWKHIOHVK,QDQRWKHUWUDGLWLRQ,EQ$EEDVVD\VWKDWWKHIOHVKDQGEORRG
IORZHGOLNHZDWHUDQGERQHVLQWKHERG\EHFDPHYLVLEOH7KHVDPHWKLQJKDSSHQHGZLWK
$EUDKDKWRR+LVIOHVKIHOOLQSLHFHVDQGWKHUHDURVHERUHVRQKLVERG\HPLWWLQJSXVDQG
EORRG ,Q FRQIXVLRQ WKH\ ZLWKGUHZ DQG IOHG WRZDUGV <DPDQ 1XIDLO ELQ+DELEZKRP
WKH\KDGEURXJKWDVJXLGHIURPWKHFRXQWU\RI.KDWKDPZDVVHDUFKHGRXWDQGDVNHGWR
JXLGH WKHP EDFN WR <DPDQ EXW KH UHIXVHG DQG VDLG 1RZ ZKHUH FDQ RQH IOHH ZKHQ
*RGSXUVXHV"
LVODPPHVVDJHFRP 
7KHVSOLWQRVH $EUDKDK LVWKHFRQTXHUHGQRWWKHFRQTXHURU
$V WKH\ ZLWKGUHZ WKH\ ZHUH FRQWLQXDOO\ IDOOLQJ E\ WKH ED\ DQG G\LQJ $WD ELQ <DVDU
VD\V WKDW DOO WKH WURRSV GLG QRW SHULVK DW WKH VSRW VRPH SHULVKHG WKHUH DQG RWKHUV
SHULVKHGE\WKHZD\VLGHDVWKH\ZLWKGUHZ$EUDKDKGLHGLQWKHFRXQWU\RI.KDWK
DP
7KLV HYHQW WRRN SODFH DW 0XKDVVLU E\ WKH 0XKDVVDE YDOOH\ EHWZHHQ 0X]GDOLIDK DQG
0LQD$FFRUGLQJWRWKH6DKLKRI0XVOLPDQG$EX'D
XGLQWKHGHVFULSWLRQRIWKH+RO\
3URSKHW
V IDUHZHOO SLOJULPDJH WKDW ,PDP -DIDU DV6DGLT KDV UHODWHG IURP KLV IDWKHU
,PDP0XKDPPDG%DTLUDQGKHIURP+DGUDW-DELUELQ$EGXOODKKHVD\VWKDWZKHQWKH
+RO\3URSKHW XSRQZKRPEHSHDFH SURFHHGHGIURP0X]GDOLIDKWR0LQDKHLQFUHDVHG
KLV VSHHG LQ WKH YDOOH\ RI 0XKDVVLU ,PDP 1DZDZL KDV H[SODLQHG LW VD\LQJ WKDW WKH
LQFLGHQWRIWKHSHRSOHRIWKHHOHSKDQWKDGRFFXUUHGWKHUHWKHUHIRUHWKHSLOJULPVKDYH
EHHQ HQMRLQHG WR SDVV E\ TXLFNO\ IRU 0XKDVVLU LV D WRUPHQWHG SODFH ,PDP 0DOLN LQ
0XDWWDKDVUHODWHGWKDWWKH+RO\3URSKHWVDLGWKDWWKHZKROHRI0X]GDOLIDKLVDILWSODFH
IRUVWD\LQJEXWRQHVKRXOGQRWVWD\LQWKHYDOOH\RI0XKDVVLU,QWKHYHUVHVRI1XIDLOELQ
+DELEZKLFK,EQ,VKDTKDVFLWHGKHGHVFULEHVWKLVHYHQWDVDQH\HZLWQHVV
:RXOG WKDW \RX KDG VHHQ 2 5XGDLQD EXW \RX ZRXOG QRW VHH :KDW ZH VDZ E\ WKH
YDOOH\ RI 0XKDVVDE , SUDLVHG *RG ZKHQ , VDZ WKH ELUGV DQG , IHDUHG OHVW WKH VWRQHV
VKRXOGIDOOXSRQXV(YHU\RQHZDVDVNLQJIRU1XIDLODVWKRXJK,RZQHGWKH$E\VVLQLDQV
DGHEW
7KLVZDVVXFKDPRPHQWRXV HYHQWWKDWLWVRRQVSUHDGWKURXJKRXW$UDELDDQGPDQ\SRHWV
PDGHLWWKHVXEMHFWRIWKHLUODXGDWRU\SRHPV,QWKHVHSRHPVRQHWKLQJLVTXLWHHYLGHQW
WKDWHYHU\RQHUHJDUGHGLWDVDPDQLIHVWDWLRQRI$OODK$OPLJKW\
VPLUDFXORXVSRZHUDQG
QRRQHHYHQE\DOOXVLRQVDLGWKDWWKHLGROVZKLFKZHUHZRUVKLSSHGLQWKH.DCEDKKDG
DQ\WKLQJWRGRZLWKLW)RUH[DPSOH$EGXOODKLEQ$]=LEDUDVD\V
7KH VL[W\ WKRXVDQG UHWXUQHG QRW KRPH 1RU GLG WKHLU VLFN PDQ $EUDKDK  VXUYLYH RQ
UHWXUQ$GDQG-XUKDPZHUHWKHUHEHIRUHWKHPDQGWKHUHLV$OODKDERYHWKHVHUYDQWV
:KRVXVWDLQVLW$EX4DLVELQ$VODWVD\V5LVHDQGZRUVKLS\RXU/RUGDQGDQQRLQW
WKH&RUQHUVRIWKH+RXVHRI$OODKEHWZHHQWKH0RXQWDLQVRI0DNNDKDQG0LQD:KHQ
WKHKHOSRIWKH2ZQHURIWKH7KURQHUHDFKHG\RX+LVDUPLHVUHSXOVHGWKHPVRWKDWWKH\
ZHUHO\LQJLQGXVWSHOWHGZLWKVWRQHV
1RWRQO\WKLVEXWDFFRUGLQJWR+DGUDW8PP+DQLDQG+DGUDW=XEDLUELQDO$ZZDPWKH
+RO\ 3URSKHW XSRQ ZKRP EH SHDFH  VDLG 7KH 4XUDLVK GLG QRW ZRUVKLS DQ\RQH EXW
$OODKWKH2QO\DQG2QHIRUWHQ\HDUV DQGDFFRUGLQJWRRWKHUVIRUVHYHQ\HDUV8PP
+DQL
V WUDGLWLRQ KDV EHHQ UHODWHG E\ ,PDP %XNKDUL LQ KLV +LVWRU\ DQG E\ 7DEDUDQL
+DDNLP ,EQ 0DUGX\DK DQG %DLKDTL LQ WKHLU FROOHFWLRQV RI $KDGLWK +DGUDW =XEDLU
V
VWDWHPHQW KDV EHHQ UHODWHG E\ 7DEDUDQL ,EQ 0DUGX\DK DQG ,EQ $VDNLU DQG WKLV LV
IXUWKHU FRQILUPHG E\ WKH PXUVDO WUDGLWLRQ RI +DGUDW 6DCHHG ELQ DO 0XVD\\DE ZKLFK
.KDWLE%DJKGDGLKDVUHFRUGHGLQKLV+LVWRU\
7KH$UDEVGHVFULEHWKH\HDULQZKLFKWKLVHYHQWWRRNSODFHDV$PDO)HHO WKH\HDURI
WKHHOHSKDQWV DQGLQWKHVDPH\HDUWKH+RO\0HVVHQJHURI$OODK XSRQZKRPEH+LV
SHDFH  ZDV ERUQ 7KH WUDGLWLRQLVWV DQG KLVWRULDQV DOPRVW XQDQLPRXVO\ VWDWH WKDW WKH
HYHQWRIWKHSHRSOHRIWKHHOHSKDQWKDGRFFXUUHGLQ0XKDUUDPDQGWKH+RO\3URSKHWZDV
LVODPPHVVDJHFRP 
ERUQLQ5DELDO$ZZDO$PDMRULW\RIWKHPVWDWHVWKDWKHWRRNELUWKGD\VDIWHUWKH
HYHQWRIWKHHOHSKDQW
7KHPHDQG6XEVWDQFH
,I6XUDKDO)HHOLVVWXGLHGLQWKHOLJKWRIWKHKLVWRULFDOGHWDLOVDVJLYHQDERYHRQHFDQ
IXOO\ ZHOO XQGHUVWDQG ZK\LQWKLV6XUDKRQO\$OODK
VLQIOLFWLQJ+LVSXQLVKPHQWRQWKH
SHRSOH RI WKH HOHSKDQW KDV EHHQ UHIHUUHG DQG GHVFULEHG VR EULHIO\ ,W ZDV DQ HYHQW RI
UHFHQWRFFXUUHQFHDQGHYHU\RQHLQ0DNNDKDQG$UDELDZDVIXOO\DZDUHRILW7KH$UDEV
EHOLHYHGWKDWWKH.DCEDKKDGEHHQSURWHFWHGLQWKLVLQYDVLRQQRWE\DQ\JRGRUJRGGHVV
EXW E\ $OODK $OPLJKW\ +LPVHOI 7KHQ $OODK DORQH KDG EHHQ LQYRNHG E\ WKH 4XUDLVK
FKLHIVIRUKHOSDQGIRUTXLWHDIHZ\HDUVWKHSHRSOHRI4XUDLVKKDYLQJEHHQLPSUHVVHG
E\WKLVHYHQW KDGZRUVKLSSHGQRQHEXW$OODK7KHUHIRUHWKHUHZDVQRQHHGWRPHQWLRQ
WKHGHWDLOVLQ6XUDKDO)HHOEXWRQO\DUHIHUHQFHWRLWZDVHQRXJKVRWKDWWKHSHRSOHRI
4XUDLVKLQSDUWLFXODUDQGWKHSHRSOHRI$UDELDLQJHQHUDOVKRXOGFRQVLGHUZHOOLQWKHLU
KHDUWVWKHPHVVDJHWKDWWKH+RO\3URSKHW0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQG
EOHVVLQJV ZDVJLYLQJ)RUWKHRQO\PHVVDJHWKDWKHJDYHZDVWKDWWKH\VKRXOGZRUVKLS
DQGVHUYHQRQHEXW$OODKWKH2QO\DQG2QH7KHQWKH\VKRXOGDOVRFRQVLGHUWKDWLIWKH\
XVHGIRUFHWRVXSSUHVVWKLVLQYLWDWLRQWRWKHWUXWKWKH\ZRXOGRQO\EHLQYLWLQJWKHZUDWK
RI*RG:KRKDGVRFRPSOHWHO\URXWHGDQGGHVWUR\HGWKHSHRSOHRIWKHHOHSKDQWV

4XUDLVK
1DPH
7KH6XUDKKDVEHHQVRHQWLWOHGDIWHUWKHZRUG4XUDLVKLQWKHYHU\ILUVWYHUVH
3HULRGRI5HYHODWLRQ
$OWKRXJK 'DKKDN DQG .DOEL UHJDUG LW DV D 0DGDQL 6XUDK \HW D JUHDW PDMRULW\ RI WKH
FRPPHQWDWRUVDUHDJUHHGWKDWLWLV0DNNLDQGDPDQLIHVWHYLGHQFHRIWKLVDUHWKHZRUGV
5DEED KDGKDO%DLW /RUG RI WKLV +RXVH  RI WKLV 6XUDK LWVHOI +DG LW EHHQ UHYHDOHG DW
0DGLQDK WKH ZRUGV WKLV +RXVH IRU WKH .DCEDK FRXOG QRW EH UHOHYDQW 0RUHRYHU LWV
VXEMHFWPDWWHUVRFORVHO\UHODWHVWRWKDWRI6XUDK$O)HHOWKDWSUREDEO\LWZDVUHYHDOHG
LPPHGLDWHO\DIWHULWZLWKRXWDQ\RWKHU6XUDKLQWHUYHQLQJEHWZHHQWKHP2QWKHEDVLVRI
WKLV YHU\ UHOHYDQFH VRPH RI WKH HDUOLHVWVFKRODUVUHJDUGWKHWZR6XUDKVDVRQHHQWLW\
7KLVYLHZLVVWUHQJWKHQHGE\WKHWUDGLWLRQVZKLFKVD\WKDWLQWKH4XU
DQFRS\EHORQJLQJ
WR +DGUDW 8ED\\ ELQ .DCE WKHVH WZR ZHUH ZULWWHQ DV RQH 6XUDK L H ZLWKRXW WKH
LQVHUWLRQ RI WKH %LVPLOODK EHWZHHQ WKHP )XUWKHUPRUH +DGUDW 8PDU KDG RQFH UHFLWHG
WKH WZR 6XUDKV DV RQH LQ WKH 3UD\HU %XW WKLV YLHZ LV QRW DFFHSWDEOH EHFDXVH LQ WKH
4XU
DQ FRS\ ZKLFK +DGUDW 8WKPDQ PD\ $OODK EOHVV KLP  KDG JRW ZULWWHQ GRZQ
RIILFLDOO\ E\ WKH FRRSHUDWLRQ RI D ODUJH QXPEHU RI WKH &RPSDQLRQV DQG VHQW WR WKH
FHQWHUVRI,VODPLFODQGVWKH%LVPLOODKZDVZULWWHQEHWZHHQWKHVHWZR6XUDKVDQGVLQFH
WKHQ WKHVH WZR KDYH EHHQ ZULWWHQ DV VHSDUDWH 6XUDKV LQ DOO WKH FRSLHV RI WKH 4XU
DQ
HYHU\ZKHUHLQWKHZRUOG0RUHRYHUWKHVW\OHRIWKHWZR6XUDKVLVVRGLIIHUHQWWKDWWKH\
PDQLIHVWO\DSSHDUDVWZRVHSDUDWH6XUDKV
+LVWRULFDO%DFNJURXQG

LVODPPHVVDJHFRP 
7R XQGHUVWDQG WKH 6XUDK ZHOO LW LV HVVHQWLDO WKDW RQH VKRXOG NHHS WKH KLVWRULFDO
EDFNJURXQGUHOHYDQWWRWKHFRQWHQWVRIWKLV6XUDKDQGRI6XUDK$O)HHOLQYLHZ
7KHWULEHRI4XUDLVKZDVVFDWWHUHGWKURXJKRXW+LMD]XQWLOWKHWLPHRI4XVD\\ELQ.LODE
WKH DQFHVWRU RI WKH +RO\ 3URSKHW XSRQ ZKRP EH $OODK
V SHDFH  )LUVW RI DOO 4XVD\\
JDWKHUHGLWLQ0DNNDKDQGWKLVWULEHZDVDEOHWRJDLQDXWKRULW\RYHUWKH.DCEDK2QWKDW
YHU\EDVLV4XVD\\ZDVFDOOHGPXMDPPL XQLWHUDVVHPEOHU E\KLVSHRSOH
7KLV PDQ E\ KLV VDJDFLW\ DQG ZLVGRP IRXQGHG D FLW\ VWDWH LQ 0DNNDK DQG PDGH
H[FHOOHQW DUUDQJHPHQWV IRU WKH ZHOIDUH RI WKH SLOJULPV FRPLQJ IURP DOO RYHU $UDELD
ZLWK WKH UHVXOW WKDW WKH 4XUDLVK ZHUH DEOH WR JDLQ JUHDW LQIOXHQFH DPRQJ WKH $UDELDQ
WULEHVDQGODQGV$IWHU4XVD\\WKHRIILFHVRIWKHVWDWHRI0DNNDKZHUHGLYLGHGEHWZHHQ
KLVVRQV$EGL0DQDIDQG$EGDG'DUEXWRIWKHWZR$EGL0DQDIJDLQHGJUHDWHUIDPH
HYHQGXULQJKLVIDWKHU
VOLIHWLPHDQGZDVKHOGLQKLJKHVWHHPWKURXJKRXW$UDELD
$EGL 0DQDI KDG IRXU VRQV +DVKLP $EGL 6KDPV $O0XWWDOLE DQG 1DXIDO 2I WKHVH
+DVKLPIDWKHURI$EGXO0XWWDOLEDQGJUDQGIDWKHURIWKH+RO\3URSKHWILUVWFRQFHLYHG
WKHLGHDWRWDNHSDUWLQWKHWUDGHWKDWSDVVHGEHWZHHQWKHHDVWHUQFRXQWULHVDQG6\ULDDQG
(J\SW WKURXJK $UDELD DQG DOVRWRSXUFKDVHWKHQHFHVVLWLHVRIOLIHIRU WKH$UDELDQVVR
WKDWWKHWULEHVOLYLQJE\WKHWUDGHURXWHERXJKWWKHVHIURPWKHPDQGWKHPHUFKDQWVOLYLQJ
LQWKHLQWHULRURIWKHFRXQWU\ZHUHDWWUDFWHGWRWKHPDUNHWRI0DNNDK
7KLV ZDV WKH WLPH ZKHQ WKH 6DVDQLDQ NLQJGRP RI ,UDQ KDG FDSWXUHG WKH LQWHUQDWLRQDO
WUDGH WKDW ZDV FDUULHG RXW EHWZHHQ WKH QRUWKHUQ ODQGV DQG WKH HDVWHUQ FRXQWULHV DQG
%\]DQWLQH HPSLUH WKURXJK WKH 3HUVLDQ *XOI 7KLV KDG ERRVWHG XSWKHWUDGHDFWLYLW\RQ
WKH WUDGH URXWH OHDGLQJ IURP VRXWKHUQ $UDELD WR 6\ULD DQG (J\SW DORQJ WKH 5HG 6HD
FRDVW
$VDJDLQVWWKHRWKHU$UDELDQFDUDYDQVWKH4XUDLVKKDGWKHDGYDQWDJHWKDWWKHWULEHVRQ
WKH URXWH KHOG WKHP LQ KLJK HVWHHP RQ DFFRXQW RII WKHLU EHLQJ NHHSHUV RI WKH .DCEDK
7KH\ VWRRG LQGHEWHG WR WKHP IRU WKH JUHDW JHQHURVLW\ ZLWK ZKLFK WKH 4XUDLVK WUHDWHG
WKHPLQWKH+DMMVHDVRQ7KDWLVZK\WKH4XUDLVKIHOWQRIHDUWKDWWKHLUFDUDYDQVZRXOG
EHUREEHGRUKDUPHGDQ\ZKHUHRQWKHZD\7KHWULEHVRQWKHZD\GLGQRWHYHQFKDUJH
WKHPWKHKHDY\WUDQVLWWD[HVWKDWWKH\GHPDQGHGIURPWKHRWKHUFDUDYDQV
+DVKLPWDNLQJDGYDQWDJHRIWKLVSUHSDUHGWKHWUDGHVFKHPHDQGPDGHKLVWKUHHEURWKHUV
SDUWQHUV LQ LW 7KXV +DVKLP REWDLQHG WUDGH SULYLOHJHV IURP WKH *KDVVDQLGH NLQJ RI
6\ULD$EGL6KDPVIURPWKH1HJXV$O0XWWDOLEIURPWKH<DPDQLWHQREOHVDQG1DXIDO
IURPWKHJRYHUQPHQWVRI,UDTDQG,UDQDQGWKHLUWUDGHEHJDQWRIORXULVK7KDWLVKRZWKH
IRXUEURWKHUVEHFDPHIDPRXVDVWUDGHUVDQGEHJDQWREHFDOOHGDVKDEDOLODI JHQHUDWRUV
RIORYHDQGDIIHFWLRQ RQDFFRXQWRIWKHLUIULHQGO\UHODWLRQVZLWKWKHWULEHVDQGVWDWHVRI
WKHVXUURXQGLQJODQGV
%HFDXVHRIWKHLUEXVLQHVVUHODWLRQVZLWK6\ULD(J\SW,UDT,UDQ<DPDQDQG$E\VVLQLD
WKH4XUDLVKFDPHDFURVVVXFKRSSRUWXQLWLHVDQGWKHLUGLUHFWFRQWDFWZLWKWKHFXOWXUHDQG
FLYLOL]DWLRQRIGLIIHUHQWFRXQWULHVVRHQKDQFHGWKHOHYHORIWKHLUNQRZOHGJHDQGZLVGRP
WKDW QR WULEH LQ $UDELD FRXOG PDWFK DQG HTXDO WKHP $V UHJDUGV ZHDOWK DQG ZRUOGO\
JRRGV WKH\ EHFDPH WKH PRVW DIIOXHQW WULEH DQG 0DNNDK EHFDPH WKH PRVW LPSRUWDQW
FRPPHUFLDOFHQWHURIWKH$UDELDQSHQLQVXOD$QRWKHUJUHDWDGYDQWDJHWKDWDFFUXHGIURP
LVODPPHVVDJHFRP 
WKHVHLQWHUQDWLRQDOUHODWLRQVZDVWKDWWKH\EURXJKWIURP,UDTWLOHVFULSWZKLFKODWHUZDV
XVHGIRUZULWLQJGRZQWKH4XU
DQ1RRWKHU$UDELDQWULEHFRXOGERDVWRIVRPDQ\OLWHUDWH
SHRSOHDV4XUDLVK)RUWKHVHYHU\UHDVRQVWKH+RO\3URSKHW XSRQZKRPEHSHDFH VDLG
4XUDLVK DUH WKH OHDGHUV RI PHQ  0XVQDG $KPDG 0DUZL\DW $PU ELQ DO $V  $QG
DFFRUGLQJ WR D WUDGLWLRQ IURP +DGUDW $OL LQ %DLKDTL WKH +RO\ 3URSKHW VDLG )LUVW WKH
OHDGHUVKLS RI WKH $UDELDQV ZDV LQ WKH KDQGV RI WKH SHRSOH RI +LP\DU WKHQ $OODK
ZLWKGUHZLWIURPWKHPDQGJDYHLWWR4XUDLVK
7KH4XUDLVKZHUHWKXVSURVSHULQJDQGIORXULVKLQJZKHQWKHHYHQWRI$EUDKDK
VLQYDVLRQ
RI0DNNDKWRRNSODFH+DG$EUDKDKDWWKDWWLPHVXFFHHGHGLQWDNLQJWKLVKRO\&LW\DQG
GHVWUR\LQJWKH.DCEDKWKHJORU\DQGUHQRZQRIQRWRQO\WKH4XUDLVKEXWRIWKH.DCEDK
LWVHOI ZRXOG KDYH IDGHG DZD\ WKH EHOLHI RI WKH SUH,VODPLF $UDELD WKDW WKH +RXVH
LQGHHG ZDV $OODK
V +RXVH ZRXOG KDYH EHHQ VKDWWHUHG DQG WKH KLJK HVWHHP LQ ZKLFK
4XUDLVKZHUHKHOGIRUEHLQJNHHSHUVRIWKH+RXVHWKURXJKRXWWKHFRXQWU\ZRXOGKDYH
EHHQ WDUQLVKHG 7KHQ DIWHU WKH $E\VVLQLDQ DGYDQFH WR 0DNNDK WKH %\]DQWLXP DOVR
ZRXOGKDYHWDNHQWKHLQLWLDWLYHWRJDLQFRQWURORYHUWKHWUDGHURXWHEHWZHHQ6\ULDDQG
0DNNDKDQGWKH4XUDLVKZRXOGKDYHEHHQUHGXFHGWRD SOLJKWZRUVHWKDQWKDWLQZKLFK
WKH\ZHUHLQYROYHGEHIRUH4XVD\\ELQ.LODE%XWZKHQ$OODKVKRZHGWKLVPDQLIHVWDWLRQ
RI+LVSRZHUWKDWWKHVZDUPVRIELUGVGHVWUR\HG$E\VVLQLDQWURRSVEURXJKWE\
$EUDKDKE\SHOWLQJWKHQZLWKVWRQHVDQGIURP0DNNDK WR<DPDQWKH\ZHQWRQIDOOLQJ
DQG G\LQJ E\ WKH ZD\VLGH WKH IDLWK RI WKH $UDEV WKDW WKH .DCEDK LQGHHG ZDV $OODK
V
+RXVH LQFUHDVHG PDQLIROG DQG WKH JORU\ DQG UHQRZQ RI 4XUDLVK WRR ZDV HQKDQFHG
FRQVLGHUDEO\ WKURXJKRXW WKH FRXQWU\ 1RZ WKH $UDEV ZHUH FRQYLQFHG WKDW WKH\ ZHUH
XQGHU $OODK
V VSHFLDO IDYRU WKHUHIRUH WKH\ YLVLWHG HYHU\ SDUW RI $UDELD IHDUOHVVO\ DQG
SDVVHGWKURXJKHYHU\ODQGZLWKWKHLUWUDGHFDUDYDQVXQKDUPHG1RRQHFRXOGGDUHWRXFK
WKHP ZLWK DQ HYLO LQWHQWLRQ 1RW WR VSHDN RI WRXFKLQJ WKHP HYHQ LI WKH\ KDG D QRQ
4XUDLVKLWHXQGHUWKHLUSURWHFWLRQKHWRRZDVDOORZHGWRSDVVXQKDUPHG
7KHPHDQG6XEVWDQFH
$V DOO WKLV ZDV ZHOO NQRZQ LQ WKH WLPH RI WKH +RO\ 3URSKHW
V DSSRLQWPHQW WR
3URSKHWKRRG WKHUH ZDV QR QHHG WR PHQWLRQ WKHP 7KDW LV ZK\ LQ WKH IRXU EULHI
VHQWHQFHVRIWKLV6XUDK4XUDLVKZHUHVLPSO\DVNHGWRFRQVLGHU:KHQ\RX\RXUVHOYHV
DFNQRZOHGJHWKLV+RXVH LHWKH.DCEDK WREH$OODK
V+RXVHDQGQRWRIWKHLGROVDQG
ZKHQ\RXIXOO\ZHOONQRZWKDWLWLV$OODKDORQH:KRKDVJUDQWHG\RXSHDFHE\YLUWXHRI
WKLV +RXVH PDGH \RXU WUDGH DQG FRPPHUFH IORXULVK DQG VDYLQJ \RX IURP GHVWLWXWLRQ
IDYRUHG\RXZLWKSURVSHULW\\RXVKRXOGWKHQZRUVKLSDQGVHUYH+LPDORQH

0DCXXQ
1DPH
7KH6XUDKKDVEHHQVRGHVLJQDWHGDIWHUWKHZRUGDOPDCXXQRFFXUULQJDWWKHHQGRIWKH
ODVWYHUVH
3HULRGRI5HYHODWLRQ
,EQ 0DUGX\DK KDV FLWHG ,EQ $EEDV PD\ $OODK EOHVV WKHP ERWK  DV VD\LQJ WKDW WKLV
6XUDKLV0DNNLDQGWKHVDPHDOVRLVWKHYLHZRI$WDDQG-DELU%XW$EX+D\\DQLQ$O
LVODPPHVVDJHFRP 
%DKUDO0XKLWKDVFLWHG,EQ$EEDV 4DWDGDKDQG'DKKDNDVVD\LQJWKDWWKLV6XUDKZDV
UHYHDOHGDW0DGLQDK,QRXURSLQLRQWKHUHLVDQLQWHUQDOSLHFHRIHYLGHQFHLQWKH6XUDK
LWVHOIZKLFKSRLQWVWRLWVEHLQJD0DGDQL5HYHODWLRQ,WKROGVRXWDWKUHDWRIGHVWUXFWLRQ
WRWKRVHSUD\LQJRQHVZKRDUHXQPLQGIXORIWKHLU3UD\HUVDQGZKRSUD\RQO\WREHVHHQ
7KLVNLQGRIK\SRFULWHVZHUHIRXQGRQO\DW0DGLQDKIRULWZDVWKHUHWKDW,VODPDQGWKH
0XVOLPV JDLQHG VXFK VWUHQJWK WKDW ,VODP DQG WKH 0XVOLPV JDLQHG VXFK VWUHQJWK WKDW
PDQ\SHRSOHZHUHFRPSHOOHG WREHOLHYHIURPH[SHGLHQFHKDGWRYLVLWWKH0RVTXHMRLQ
WKH FRQJUHJDWLRQDO 3UD\HU DQG SUD\HG RQO\ WR EH VHHQ RI RWKHUV VR DV WR EH FRXQWHG
DPRQJ0XVOLPV&RQWUDU\WRWKLVLVDW0DNNDKFRQGLWLRQVZHUHDOWRJHWKHUGLIIHUHQW1R
RQH KDG WR SUD\ WR EH VHHQ 7KHUH LW ZDV GLIILFXOW HYHQ IRU WKH EHOLHYHUV WR SUD\ LQ
FRQJUHJDWLRQWKH\SUD\HGVHFUHWO\DQGLIDSHUVRQSUD\HGRSHQO\KHGLGVRRQO\DWWKH
ULVN RIKLVOLIH7KLVNLQGRIK\SRFULWHVIRXQGLQ0DNNDKGLGQRWFRPSULVHWKRVHZKR
EHOLHYHG DQG 3UD\HG WR EH VHHQ EXW WKRVH ZKR LQ WKHLU KHDUWV KDG NQRZ DQG
DFNQRZOHGJHG WKH +RO\ 0HVVHQJHU RI $OODK XSRQ ZKRP EH SHDFH  WR EH RQ WKH WUXH
SDWKEXWZHUHDYRLGLQJWRDFFHSW,VODPLQRUGHUWRPDLQWDLQWKHLU3RVLWLRQRIOHDGHUVKLS
DQGDXWKRULW\RUZHUHQRWSUHSDUHGWRWDNHWKHULVNRIEHLQJDIIOLFWHGZLWKWKHNLQGRI
KDUGVKLSVZLWKZKLFKWKH\IRXQGWKHEHOLHYHUVDIIOLFWHGLQWKHVRFLHW\DURXQGWKHP7KLV
FRQGLWLRQ RI WKH K\SRFULWHV DW 0DNNDK KDV EHHQ GHVFULEHG LQ YY  RI 6XUDK $O
$QNDEXW
7KHPHDQG6XEMHFW0DWWHU
,WVWKHPHLVWRSRLQWRXWZKDWNLQGRIPRUDOVDPDQGHYHORSVZKHQKHUHIXVHVWREHOLHYH
LQ WKH +HUHDIWHU ,Q YY  WKH FRQGLWLRQ RI WKH GLVEHOLHYHUV ZKR RSHQO\ EHOLH WKH
+HUHDIWHU KDV EHHQ GHVFULEHG DQG LQ WKH ODVW IRXU YHUVHV WKH VWDWH RI WKRVH K\SRFULWHV
ZKR DSSDUHQWO\ DUH 0XVOLPV EXW KDYH QR LGHD RI WKH +HUHDIWHU LWV MXGJPHQW DQG WKH
PHWLQJRXWRIUHZDUGVDQGSXQLVKPHQWVDFFRUGLQJO\KDVEHHQGHVFULEHG2QWKHZKROH
WLHREMHFWRIGHSLFWLQJWKHDWWLWXGHDQGFRQGXFWRIWZRNLQGVRISHRSOHLVWRLPSUHVVWKH
SRLQWWKDWPDQFDQQRWGHYHORSDVWURQJVWDEOHDQGSXUHFKDUDFWHULQKLPVHOIXQOHVVKH
EHOLHYHVLQWKH+HUHDIWHU

.DXWKDU
1DPH
7KH6XUDKKDVEHHQVRGHVLJQDWHGDIWHUWKHZRUGDONDXWKDURFFXUULQJLQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
,EQ0DUGX\DKKDVFLWHG+DGUDW$EGXOODKELQ$EEDV+DGUDW$EGXOODKELQD]=XEDLUDQG
+DGUDW$LVKDKDVVD\LQJWKDWWKLV6XUDKLV0DNNL.DOELDQG0XTDWLODOVRUHJDUGLWDV
0DNNL DQG WKH VDPH LV WKH YLHZ KHOG E\ WKH PDMRULW\ RI FRPPHQWDWRUV %XW +DGUDW
+DVDQ%DVUL,NULPDK0XMDDKLGDQG4DWDGDKUHJDUGLWDV0DGDQL,PDP6X\XWLLQ$O
,WTDQKDVFRQILUPHGWKLVVDPHYLHZDQG,PDP1DZDZLLQKLVFRPPHQWDU\RIWKH6DKLK
RI0XVOLPKDVDOVRSUHIHUUHGWKHVDPH7KHUHDVRQIRUWKLVDVVXPSWLRQLVWKHWUDGLWLRQ
ZKLFK WUDGLWLRQLVWV RI WKH UDQN RI ,PDP $KPDG 0XVOLP $EX 'DXG 1DVDL ,EQ $EL
6KDLEDK,EQDO0XQGKLU,EQ0DUGX\DK%DLKDTLDQGRWKHUVKDYHUHODWHGIURP+DGUDW
$QDVELQ0DOLNVD\LQJ7KH+RO\3URSKHWZDVDPRQJXV,QWKHPHDQWLPHKHGR]HG
LVODPPHVVDJHFRP 
WKHQKHUDLVHGKLVKHDGVPLOLQJDFFRUGLQJWRVRPHWUDGLWLRQVWKHSHRSOHDVNHGZKDWIRU
KH ZDV VPLOLQJ DFFRUGLQJ WR RWKHUV KH KLPVHOI WROG WKHP WKDW D 6XUDK KDG MXVW EHHQ
UHYHDOHG WR KLP 7KHQ ZLWK %LVPLOODK LU5DKPDQ LU5DKLP KH UHFLWHG 6XUDK $O
.DXWKDU WKHQ KH DVNHG WKH SHRSOH ZKHWKHU WKH\ NQHZ ZKDW .DXWKDU ZDV :KHQ WKH\
VDLGWKDW$OODKDQGKLV0HVVHQJHUKDGWKHEHVWNQRZOHGJHKHVDLG,WLVDULYHUZKLFK
P\/RUGKDVJUDQWHGPHLQ3DUDGLVH 7KHGHWDLOVIROORZXQGHU.DXWKDU 7KHEDVLV
RIWKHUHDVRQLQJIURPWKLVWUDGLWLRQIRU WKLV6XUDK
VEHLQJ0DGDQLLVWKDW+DGUDW$QDV
EHORQJHGWR0DGLQDKDQGKLVVD\LQJWKDWWKLV6XUDKZDVUHYHDOHGLQKLVSUHVHQFHLVD
SURRIWKDWLWZDV0DGDQL
%XW LQ WKH ILUVW SODFH IURP WKLV VDPH +DGUDW $QDV ,PDP $KPDG %XNKDUL 0XVOLP
$EX'D
XG7LUPLGKLDQG,EQ-DULUKDYHUHODWHGWKHWUDGLWLRQVZKLFKVD\WKDWWKLVULYHURI
3DUDGLVH $O.DXWKDU KDGEHHQVKRZQWRWKH+RO\3URSKHW XSRQZKRPEHSHDFH RQ
WKHRFFDVLRQRIWKHPLCUDDM DVFHQVLRQ DQGHYHU\RQHNQRZVWKDWPLCUDDMKDGWDNHQSODFH
DW0DNNDKEHIRUHWKHKLMUDK
6HFRQGO\ZKHQGXULQJWKHPLCUDDMWKH+RO\3URSKHWKDGQRWRQO\EHHQLQIRUPHGRIWKLV
JLIW RI $OODK $OPLJKW\ EXW DOVR VKRZQ LW WKHUH ZDV QR UHDVRQ ZK\ 6XUDK $O.DXWKDU
VKRXOGKDYHEHUHYHDOHGDW0DGLQDKWRJLYHKLPWKHJRRGQHZVRILW
7KLUGO\LILQDQDVVHPEO\RIWKH&RPSDQLRQVWKH+RO\3URSKHWKLPVHOIKDGJLYHQWKH
QHZV RI WKH UHYHODWLRQ RI 6XUDK $O.DXWKDU ZKLFK +DGUDW $QDV KDV PHQWLRQHG LQ KLV
WUDGLWLRQDQGLWPHDQWWKDWWKDW6XUDKKDGEHHQUHYHDOHGIRUWKHILUVWWLPHWKHQLWZDV
QRW SRVVLEOHWKDWZHOOLQIRUPHG&RPSDQLRQVOLNH+DGUDW$LVKDK+DGUDW$EGXOODKELQ
$EEDVDQG+DGUDW$EGXOODKELQ=XEDLUVKRXOGKDYHGHFODUHGWKLV6XUDKWREHD0DNNL
UHYHODWLRQDQGPRVWRIWKHFRPPHQWDWRUVDOVRVKRXOGKDYHUHJDUGHGLWDV0DNNL
,I WKH PDWWHU LV FRQVLGHUHG FDUHIXOO\ WKHUH DSSHDUV WR EH D IODZ LQ WKH WUDGLWLRQ IURP
+DGUDW $QDV LQ WKDW LW GRHV QRW VD\ ZKDW ZDV WKH VXEMHFW XQGHU GLVFXVVLRQ LQ WKH
DVVHPEO\LQZKLFKWKH+RO\3URSKHWJDYHWKHQHZVDERXW6XUDK$O.DXWKDU
,W LV SRVVLEOH WKDW DW WKDW WLPH WKH +RO\ 3URSKHW ZDV H[SODLQLQJ VRPHWKLQJ ,Q WKH
PHDQWLPHKHZDVLQIRUPHGE\UHYHODWLRQWKDWWKDWSRLQWZDVIXUWKHUH[SODLQHGE\6XUDK
$O.DXWKDU DQG KH PHQWLRQHG WKH VDPH WKLQJ VD\LQJ WKDW WKDW 6XUDK ZDV UHYHDOHG WR
KLPMXVWWKHQ6XFKLQFLGHQWVGLGWDNHSODFHRQVHYHUDORFFDVLRQVRQWKHEDVLVRIZKLFK
WKHFRPPHQWDWRUVKDYHRSLQHGDERXWFHUWDLQYHUVHVWKDWWKH\ZHUHUHYHDOHGWZLFH
7KLV VHFRQG UHYHODWLRQ LQ IDFW PHDQW WKDWWKHYHUVHKDGEHHQUHYHDOHGHDUOLHUEXWRQ
VRPHODWHURFFDVLRQWKH+RO\3URSKHW
VDWWHQWLRQZDVLQYLWHGWRLWE\UHYHODWLRQIRUWKH
VHFRQGWLPH,QVXFKWUDGLWLRQVWKHPHQWLRQRIWKHUHYHODWLRQRIDFHUWDLQYHUVHLVQRW
HQRXJKWRGHFLGHZKHWKHULWZDVUHYHDOHGDW0DNNDKRU0DGLQDKDQGZKHQSUHFLVHO\LW
ZDVUHYHDOHG
+DGWKLVWUDGLWLRQRI+DGUDW$QDVQRWEHHQWKHUHWRFDXVHGRXEWWKHZKROHFRQWHQWRI
WKH6XUDK$O.DXWKDUE\LWVHOIEHDUVHYLGHQFHWKDWLWZDVUHYHDOHGDW0DNNDKDQGLQWKH
SHULRGZKHQWKH+RO\3URSKHWZDVSDVVLQJWKURXJKH[WUHPHO\GLVFRXUDJLQJ FRQGLWLRQV
+LVWRULFDO%DFNJURXQG
%HIRUH WKLV LQ 6XUDKV $G'XKDD DQG $ODP 1DVKUDK ZH KDYH VHHQ WKDW ZKHQ LQ WKH
HDUOLHVW SKDVH RI 3URSKHWKRRG WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  ZDV SDVVLQJ
LVODPPHVVDJHFRP 
WKURXJKWKHPRVWWU\LQJFRQGLWLRQVZKHQWKHZKROHQDWLRQKDGWXUQHGKRVWLOHWKHUHZDV
UHVLVWDQFH DQG RSSRVLWLRQ RQ HYHU\ VLGH DQG WKH +RO\ 3URSKHW DQG D KDQGIXO RI KLV
&RPSDQLRQV GLG QRW VHH DQ\ UHPRWH FKDQFH RI VXFFHVV $OODK LQ RUGHU WR FRQVROH DQG
HQFRXUDJH KLP DW WKDW WLPH KDG VHQW GRZQ VHYHUDO YHUVHV ,Q 6XUDK $G'XKDD LW ZDV
VDLG $QG VXUHO\ WKH ODWHU SHULRG L H HYHU\ ODWHU SHULRG  LV EHWWHU IRU \RX WKDQ WKH
IRUPHU SHULRG DQG VRRQ \RXU /RUG VKDOO JLYH \RX VR PXFK WKDW \RX VKDOO EH ZHOO
SOHDVHG ,Q 6XUDK $ODP 1DVKUDK $QG :H H[DOWHG \RXU UHQRZQ IRU \RX 7KDW LV
7KRXJK WKH HQHPLHV DUH WU\LQJ WR GHIDPH \RX WKURXJKRXW WKH FRXQWU\ :H RQ WKH
FRQWUDU\KDYHDUUDQJHGWRH[DOW\RXUQDPHDQGIDPH$QG7KHIDFWLVWKDWDORQJZLWK
HYHU\ KDUGVKLS WKHUH LV DOVR HDVH 7KDW LV <RX VKRXOG QRW EH GLVKHDUWHQHG E\ WKH
VHYHULW\ RI FRQGLWLRQV DW WKLV WLPH WKLV SHULRG RI KDUGVKLSV ZLOO VRRQ SDVV DQG WKH
SHULRGRIVXFFHVVDQGYLFWRU\ZLOOIROORZ
6XFKZHUHWKHFRQGLWLRQVLQZKLFK$OODKE\VHQGLQJGRZQ6XUDK$O.DXWKDUFRQVROHG
WKH+RO\3URSKHWDVZHOODVIRUHWROGWKHGHVWUXFWLRQRIKLVRSSRQHQWV7KHGLVEHOLHYLQJ
4XUDLVKVDLG0XKDPPDG XSRQZKRPEH$OODK
VSHDFH LVFXWRIIIURPKLVFRPPXQLW\
DQGUHGXFHGWRDSRZHUOHVVDQGKHOSOHVVLQGLYLGXDO
$FFRUGLQJWR,NULPDKZKHQWKH+RO\3URSKHWZDVDSSRLQWHGD3URSKHWDQGKHEHJDQWR
FDOOWKHSHRSOHWR,VODPWKH4XUDLVKVDLG0XKDPPDG XSRQZKRPEH$OODK
VSHDFH
DQGEOHVVLQJV LVFXWRIIIURPKLVSHRSOHDVDWUHHLVFXWRIIIURPLWVURRWZKLFKPLJKW
IDOOWRWKHJURXQGDQ\PRPHQW ,EQ-DULU 
0XKDPPDG ELQ ,VKDDT VD\V :KHQHYHU WKH 3URSKHW XSRQ ZKRP EH SHDFH  ZDV
PHQWLRQHGEHIRUH$VELQ:D
LODV6HKPLWKHFKLHIRI0DNNDKKHXVHGWRVD\/HWKLP
DORQHIRUKHLVRQO\DFKLOGOHVVPDQ DEWDU ZLWKQRPDOHRIIVSULQJ:KHQKHGLHVWKHUH
ZLOOEHQRRQHWRUHPHPEHUKLP
6KDPLU ELQ $WL\\DK VD\V WKDW 8TEDK ELQ $EL 0X
DLW DOVR XVHG WR VD\ VLPLODU WKLQJV
DERXWWKH+RO\3URSKHW ,EQ-DULU 
$FFRUGLQJWR,EQ$EEDVRQFH.DCEELQ$VKUDI WKH-HZLVKFKLHIRI0DGLQDK FDPHWR
0DNNDKDQGWKH4XUDLVKFKLHIVVDLGWRKLP-XVWVHHWKLVER\ZKRLVFXWRIIIURPKLV
SHRSOH KH WKLQNV KH LV VXSHULRU WR XV ZKHUHDV ZH PDQDJH WKH +DMM ORRN DIWHU WKH
.DCEDK DQG ZDWHU WKH SLOJULPV  %D]]DDU  &RQFHUQLQJ WKLV YHU\ LQFLGHQW ,NULPDK
UHSRUWVWKDWWKH4XUDLVKDGXVHGWKHZRUGVDVVXQEXUDOPXQEDWLUPLQTDXPLKL DZHDN
KHOSOHVVDQGFKLOGOHVVPDQZKRLVFXWRIIIURPKLVSHRSOH IRUWKH+RO\3URSKHW
,EQ-DULU ,EQ6D
GDQG,EQ$VDNLU KDYHUHODWHGWKDW+DGUDW$EGXOODKELQ$EEDVVDLG
7KHHOGHVWVRQRIWKH+RO\3URSKHW XSRQZKRPEHSHDFH ZDV4DVLPQH[WWRKLPZDV
=DLQDE QH[W WR KHU +DGUDW $EGXOODK DQG QH[W WR KLP WKUHH GDXJKWHUV YL] 8PP
.XOWKXP )DWLPDK DQG 5XTD\\DK 2I WKHP ILUVW +DGUDW 4DVLP GLHG DQG WKHQ +DGUDW
$EGXOODK7KHUHXSRQ$VELQ:DLOVDLG+LVOLQHKDVFRPHWRDQHQGQRZKHLVDEWDU L
HFXWRIIURPURRW 6RPHWUDGLWLRQVDGGWKDW$VVDLG0XKDPPDGLVDEWDUKHKDVQR
VRQWRVXFFHHGKLP:KHQKHGLHVKLVPHPRU\ZLOOSHULVKDQG\RXZLOOEHULGRIKLP
7KHWUDGLWLRQIURP,EQ$EEDVZKLFK$EGELQ+XPDLGKDVUHODWHGVKRZVWKDW$EX-DKO
DOVRKDGVDLGVLPLODUZRUGVRQWKHGHDWKRIWKH+RO\3URSKHW
VVRQ$EGXOODK

LVODPPHVVDJHFRP 
,EQ$EL+DWLPKDVUHODWHGRQWKHDXWKRULW\RI6KPLUELQ$WL\\DKWKDWWKHVDPHNLQGRI
PHDQQHVVZDVVKRZQE\8TEDKELQ$EL0X
DLWE\UHMRLFLQJDWWKLVEHUHDYHPHQWRIWKH
+RO\ 3URSKHW $WD VD\V WKDW ZKHQ WKH VHFRQG VRQ RI WKH +RO\ 3URSKHW GLHG KLV RZQ
XQFOH$EX/DKDE ZKRVHKRXVHZDVQH[WWRKLV KDVWHQHGWRWKHSDJDQVDQGJDYHWKHP
WKHJRRGQHZV%DWLUD0XKDPPDGXQDOODLOD0XKDPPDGKDVEHFRPHFKLOGOHVVWKLV
QLJKWRUKHLVFXWRIIIURPURRW
6XFKZHUHWKHGLVWXUELQJFRQGLWLRQVXQGHUZKLFK6XUDK$O.DXWKDUZDVVHQWGRZQ7KH
4XUDLVK ZHUH DQJU\ ZLWK KLP EHFDXVH KH ZRUVKLSSHG DQG VHUYHG RQO\ $OODK DQG
UHSXGLDWHG WKHLU LGRODWU\ SXEOLFO\ )RU WKLV YHU\ UHDVRQ KH ZDV GHSULYHG RI WKH UDQN
HVWHHPDQGKRQRUWKDWKHHQMR\HGDPRQJKLVSHRSOHEHIRUH3URSKHWKRRGDQGZDVQRZ
DVFXWRIIIURPKLVFRPPXQLW\7KHKDQGIXORIKLV&RPSDQLRQVDOVRZHUHKHOSOHVVSRRU
SHRSOHZKRZHUHEHLQJSHUVHFXWHGDQGW\UDQQL]HG)XUWKHUPRUHKHZDVEHUHDYHGE\WKH
GHDWKRIWZRVRQVRQHDIWHUWKHRWKHUZKHUHDWWKHQHDUUHODWLYHVDQGWKHSHRSOHRIKLV
FODQ EURWKHUKRRG DQG QHLJKERUKRRG ZHUH UHMRLFLQJ DQG XWWHULQJ VXFK ZRUGV DV ZHUH
GLVKHDUWHQLQJDQGGLVWXUELQJIRUDQREOHSHUVRQZKRKDGWUHDWHGHYHQKLVHQHPLHVPRVW
NLQGO\$WWKLV$OODKMXVWLQRQHVHQWHQFHRIWKLVEULHI6XUDKJDYHKLPWKHJRRGQHZV
EHWWHU QHZV WKDQ ZKLFK KDV QHYHU EHHQ JLYHQ WR DQ\ PDQ LQ WKH ZRUOG EHVLGHV WKH
GHFLVLRQWKDWLWZLOOEHKLVRSSRQHQWVZKRZLOOEHFXWRIIIURPWKHLUURRWDQGQRWKH

.DDILURRQ
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGDONDDILURRQRFFXUULQJLQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
+DGUDW $EGXOODK ELQ 0DV
XG +DGUDW +DVDQ %DVUL DQG ,NULPDK VD\ WKDW WKLV 6XUDK LV
0DNNLZKLOH+DGUDW$EGXOODKELQ=XEDLUVD\VWKDWLWLV0DGDQL7ZRGLIIHUHQWYLHZV
KDYHEHHQUHSRUWHGIURP+DGUDW$EGXOODKELQ$EEDVDQG4DWDGDKILUVWWKDWLWLV0DNNL
DQGVHFRQGWKDWLWLV0DGDQL+RZHYHUDFFRUGLQJWRWKHPDMRULW\RIFRPPHQWDWRUVLWLV
D0DNNL6XUDKDQGLWVVXEMHFWPDWWHULWVHOISRLQWVWRLWVEHLQJD0DNNLUHYHODWLRQ
+LVWRULFDO%DFNJURXQG
7KHUH ZDV D WLPH LQ 0DNNDK ZKHQ DOWKRXJK D VWRUP RI RSSRVLWLRQ KDG DULVHQ LQ WKH
SDJDQ VRFLHW\ RI 4XUDLVK DJDLQVW WKH PHVVDJH RI ,VODP SUHDFKHG E\ WKH +RO\ 3URSKHW
XSRQ ZKRP EH SHDFH  \HW WKH 4XUDLVK FKLHIV KDOO QRW \HW ORVW KRSH WKDW WKH\ ZRXOG
UHDFK VRPH VRUW RI D FRPSURPLVH ZLWK KLP 7KHUHIRUH IURP WLPH WR WLPH WKH\ ZRXOG
YLVLWKLPZLWKGLIIHUHQWSURSRVDOVRIFRPSURPLVHVRWKDWKHDFFHSWHGRQHRIWKHPDQG
WKHGLVSXWHEHWZHHQWKHPZDVEURXJKWWRDQHQG,QWKLVFRQQHFWLRQGLIIHUHQWWUDGLWLRQV
KDYHEHHQUHODWHGLQWKH+DGLWK
$FFRUGLQJ WR +DGUDW $EGXOODK ELQ $EEDV WKH 4XUDLVK SURSRVHG WR WKH +RO\ 3URSKHW
:HVKDOOJLYH\RXVRPXFKRIZHDOWKWKDW\RXZLOOEHFRPH WKHULFKHVWPDQRI0DNNDK
ZHVKDOOJLYH\RXZKLFKHYHUZRPDQ\RXOLNHLQPDUULDJHZHDUHSUHSDUHGWRIROORZDQG
REH\\RXDVRXUOHDGHURQO\RQWKHFRQGLWLRQWKDW\RXZLOOQRWVSHDNLOORIRXUJRGV,I
\RXGRQRWDJUHHWRWKLVZHSUHVHQWDQRWKHUSURSRVDOZKLFKLVWR\RXUDVZHOODVWRRXU
DGYDQWDJH :KHQ WKH +RO\ 3URSKHW DVNHG ZKDW LW ZDV WKH\ VDLG WKDW LI KH ZRXOG
LVODPPHVVDJHFRP 
ZRUVKLSWKHLUJRGV/DWDQG8]]DIRUD\HDUWKH\ZRXOGZRUVKLSKLV*RGIRUWKHVDPH
VSDFH RI WLPH 7KH +RO\ 3URSKHW VDLG :DLW DZKLOH OHW PH VHH ZKDW P\ /RUG
FRPPDQGV LQ WKLV UHJDUG 7KHUHXSRQ WKH UHYHODWLRQ FDPH GRZQ 4XO \DD\\XKDO
NDILUXQDQG4XODIDJKDLU$OODKL $]=XPDU 6D\WRWKHPLJQRUDQWSHRSOH
GR \RX ELG PH WR ZRUVKLS RWKHUV WKDQ $OODK"  ,EQ -DULU ,EQ $EL +DWLP 7DEDUDQL 
$FFRUGLQJWRDQRWKHU WUDGLWLRQIURP,EQ$EEDVWKH4XUDLVKVDLGWRWKH+RO\3URSKHW
20XKDPPDGLI\RXNLVVRXUJRGVWKHLGROVZHVKDOOZRUVKLS\RXU*RG7KHUHXSRQ
WKLV6XUDKZDVVHQWGRZQ $EGELQ+XPDLG 
6DLGELQ0LQD WKHIUHHGVODYHRI$EXO%DNKWDUL KDVUHODWHGWKDW:DOLGELQ0XJKLUDK
$V ELQ :DLO $VZDG ELQ DO0XWWDOLE DQG 8PD\\DK ELQ .KDODI PHW WKH +RO\ 3URSKHW
XSRQZKRPEHSHDFH DQGVDLGWRKLP20XKDPPDG XSRQZKRPEH$OODK
VSHDFH
DQG EOHVVLQJV  OHW XV DJUHH WKDW ZH ZRXOG ZRUVKLS \RXU *RG DQG \RX ZRXOGZRUVKLS
RXUJRGVDQGZHZRXOGPDNH\RXDSDUWQHULQDOORXUZRUNV,IZKDW\RXKDYHEURXJKW
ZDV EHWWHU WKDQ ZKDW ZH SRVVHVV ZH ZRXOG EH SDUWQHUV LQ LW ZLWK <RX DQG KDYH RXU
VKDUHLQLWDQGLIZKDWZHSRVVHVVLVEHWWHUWKDQZKDW\RXKDYHEURXJKW\RXZRXOGEH
SDUWQHU LQ LW ZLWK XV DQG KDYH \RXU VKDUH RI LW $W WKLV $OODK VHQW GRZQ 4XO \D
D\\XKDONDILUXQ ,EQ-DULU,EQ$EL+DWLP,EQ+LVKDPDOVRKDVUHODWHGWKLVLQFLGHQWLQ
WKH6LUDK 
:DKEELQ0XQDEELKKDVUHODWHGWKDWWKHSHRSOHRI4XUDLVKVDLGWR$OODK
V
0HVVHQJHU
,I \RX OLNH ZH ZRXOG HQWHU \RXU IDLWK IRU D \HDU DQG \RX ZRXOG HQWHU RXU IDLWK IRU D
\HDU $EGELQ+XPDLG,EQ$EL+DWLP 
7KHVH WUDGLWLRQV VKRZ WKDW WKH 4XUDLVK KDG SURSRVHG VXFK WKLQJV WR WKH +RO\ 3URSKHW
QRWRQFHLQRQHVLWWLQJEXWDWGLIIHUHQWWLPHVDQGRQGLIIHUHQWRFFDVLRQVDQGWKHUHZDV
QHHGWKDWWKH\VKRXOGEHJLYHQDGHILQLWHGHFLVLYHUHSO\VRWKDWWKHLUKRSHWKDWKHZRXOG
FRPHWRWHUPVZLWKWKHPRQWKHSULQFLSOHRIJLYHDQGWDNHZDVIUXVWUDWHGIRUHYHU
7KHPHDQG6XEMHFW0DWWHU
,IWKH6XUDKLVUHDGZLWKWKLVEDFNJURXQGLQPLQGRQHILQGVWKDWLWZDVQRWUHYHDOHGWR
SUHDFKUHOLJLRXVWROHUDQFHDVVRPHSHRSOHRIWRGD\VHHPWRWKLQNEXWLWZDVUHYHDOHGLQ
RUGHUWRH[RQHUDWHWKH0XVOLPVIURPWKHGLVEHOLHYHUVUHOLJLRQWKHLUULWHVRIZRUVKLSDQG
WKHLUJRGVDQGWRH[SUHVVWKHLUWRWDOGLVJXVWDQGXQFRQFHUQZLWKWKHPDQGWRWHOOWKHP
WKDW,VODPDQGNXIU XQEHOLHI  KDGQRWKLQJLQFRPPRQDQGWKHUHZDVQRSRVVLELOLW\RI
WKHLU EHLQJ FRPELQHG DQG PL[HG LQWR RQH HQWLW\ $OWKRXJK LW ZDV DGGUHVVHG LQ WKH
EHJLQQLQJWRWKHGLVEHOLHYLQJ4XUDLVKLQUHVSRQVHWRWKHLUSURSRVDOVRIFRPSURPLVH\HW
LWLVQRWFRQILQHGWRWKHPRQO\EXWKDYLQJPDGHLWDSDUWRIWKH4XU
DQ$OODKJDYHWKH
0XVOLPVWKHHWHUQDOWHDFKLQJWKDWWKH\VKRXOGH[RQHUDWHWKHPVHOYHVE\ZRUGDQGGHHG
IURPWKHFUHHGRINXIUZKHUHYHUDQGLQZKDWHYHUIRUPLWEHDQGVKRXOGGHFODUHZLWKRXW
DQ\ UHVHUYDWLRQ WKDW WKH\ FDQQRW PDNH DQ\ FRPSURPLVH ZLWK WKH GLVEHOLHYHUV LQ WKH
PDWWHURI)DLWK7KDWLVZK\WKLV6XUDKFRQWLQXHGWREHUHFLWHGZKHQWKHSHRSOHWRZKRP
LW ZDV DGGUHVVHG DV D UHMRLQGHU KDG GLHG DQG EHHQ IRUJRWWHQ DQG WKRVH 0XVOLPV DOVR
FRQWLQXHGWRUHFLWHLWZKRZHUHGLVEHOLHYHUVDWWKHWLPHLWZDVUHYHDOHGDQGWKH0XVOLPV
VWLOOUHFLWHLWFHQWXULHVDIWHUWKH\KDYHSDVVHGDZD\IRUH[SUHVVLRQRIGLVJXVWZLWKDQG
GLVVRFLDWLRQIURPNXIUDQGLWVULWHVLVDSHUSHWXDOGHPDQGRI)DLWK
LVODPPHVVDJHFRP 
$VIRUWKHHVWHHPLQZKLFKWKH+RO\3URSKHW XSRQZKRPEHSHDFH KHOGWKLV6XUDKLW
FDQEHMXGJHGIURPWKHIROORZLQJIHZDKDGLWK
+DGUDW$EGXOODKELQ8PDU PD\$OODKEHSOHDVHGZLWKKLP KDVUHODWHGWKDWRQPDQ\DQ
RFFDVLRQ KH KHDUG WKH +RO\ 3URSKHW UHFLWH 6XUDKV 4XO <DDD\\XKDONDILUXQ DQG 4XO
+XZX$OODKXDKDGLQWKHWZRUDNCDKVEHIRUHWKH)DMUREOLJDWRU\3UD\HUDQGLQWKHWZR
UDNCDKV DIWHU WKH 0DJKULE REOLJDWRU\ 3UD\HU 6HYHUDO WUDGLWLRQV RQ WKLV VXEMHFW ZLWK D
OLWWOH YDULDWLRQ LQ ZRUGLQJ KDYH EHHQ UHODWHG E\ ,PDP $KPDG 7LUPLGKL 1DVDL ,EQ
0DMDK,EQ+LEEDQ,EQ0DUGX\DKIURP,EQ8PDU
+DGUDW.KDEEDEVD\V7KH+RO\3URSKHW XSRQZKRPEHSHDFH VDLGWRPHZKHQ\RX
OLHGRZQLQEHGWRVOHHSUHFLWH4XO\DD\\XKDONDILUXQDQGWKLVZDVWKH+RO\3URSKHW
V
RZQ SUDFWLFH DOVR ZKHQ KH OD\ GRZQ WR VOHHS KH UHFLWHG WKLV 6XUDK  %D]]DDU
7DEDUDQL,EQ0DUGX\DK 
$FFRUGLQJ WR ,EQ $EEDV WKH +RO\ 3URSKHW XSRQ ZKRPEHSHDFH  VDLGWRWKHSHRSOH
6KRXOG , WHOO \RX WKH ZRUG ZKLFK ZLOO SURWHFW \RX IURP SRO\WKHLVP" ,W LV WKDW \RX
VKRXOGUHFLWH4XO\DD\\XKDONDILUXQZKHQ\RXJRWREHG $EX<DCOD7DEDUDQL 
+DGUDW$QDVVD\VWKDWWKH+RO\3URSKHWVDLGWR+DGUDW0X
DGKELQ-DEDO5HFLWH4XO
\DD\\XKDONDILUXQ DW WKH WLPH\RXJRWREHGIRU WKLVLVLPPXQLW\IURPSRO\WKHLVP
%DLKDTLLQ$VK6KX
DE 
%RWK )DUGDK ELQ 1DXIDO DQG $EGXU 5DKPDQ ELQ 1DXIDO KDYH VWDWHG WKDW WKHLU IDWKHU
1DXIDO ELQ 0XCDZL\DK DO$VKMDL VDLG WR WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  
7HDFK PH VRPHWKLQJ ZKLFK , PD\ UHFLWH DW WKH WLPH , JR WR EHG 7KH +RO\ 3URSKHW
UHSOLHG5HFLWH4XO\DD\\XKDONDILUXQWRWKHHQGDQGWKHQVOHHSIRUWKLVLVLPPXQLW\
IURP SRO\WKHLVP  0XVQDG $KPDG $ED 'D
XG 7LUPLGKL 1DVDL ,EQ $EL 6KDLEDK
+DDNLP,EQ0DUGX\DK%DLKDTLLQ$VK6KXCDE $VLPLODUUHTXHVWZDVPDGHE\+DGUDW
-DEDODKELQ+DULWKDKEURWKHURI+DGUDW6DLGELQ+DULWKDKWRWKH+RO\3URSKHWDQGWR
KLPDOVRKHJDYHWKHVDPHUHSO\ 0XVQDG$KPDG7DEDUDQL 

1DVU
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUGQDVURFFXUULQJLQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
+DGUDW$EGXOODKELQ$EEDVVWDWHVWKDWWKLVLVWKHODVW6XUDKRIWKH4XU
DQWREHUHYHDOHG
L H QR FRPSOHWH 6XUDK ZDV VHQW GRZQ WR WKH +RO\ 3URSKHW DIWHU LW 0XVOLP 1DVDL
7DEDUDQL ,EQ $EL 6KDLEDK ,EQ 0DUGX\DK  $FFRUGLQJ WR +DGUDW $EGXOODK ELQ 8PDU
WKLV6XUDKZDVVHQWGRZQRQWKHRFFDVLRQRIWKH)DUHZHOO3LOJULPDJHLQWKHPLGGOHRI
WKH7DVKULT'D\VDW0LQDDQGDIWHULWWKH+RO\3URSKHWURGHKLVVKHFDPHODQGJDYHKLV
ZHOO NQRZQ 6HUPRQ 7LUPLGKL %D]]DDU %DLKDTL ,EQ$EL6KDLEDK$EGELQ+XPDLG
,EQ <DCOD ,EQ 0DUGX\DK  %DLKDTL LQ .LODE DO+DMM KDV UHODWHG IURP WKH WUDGLWLRQ RI
+DGUDW 6DUUD ELQW1DEKDQ WKH 6HUPRQ ZKLFK WKH +RO\ 3URSKHW JDYH RQ WKLV RFFDVLRQ
6KHVD\V$WWKH)DUHZHOO3LOJULPDJH,KHDUGWKH+RO\3URSKHWVD\2SHRSOHGR\RX
NQRZZKDWGD\LWLV"7KH\VDLG$OODKDQG+LV0HVVHQJHUKDYHWKHEHVWNQRZOHGJH+H
VDLG7KLVLVWKHPLGGOHGD\RIWKH7DVKULT'D\V7KHQKHVDLG'R\RXNQRZZKDWSODFH
LVODPPHVVDJHFRP 
LW LV" 7KH\ VDLG $OODK DQG +LV 0HVVHQJHU KDYH WKH EHVW NQRZOHGJH +H VDLG 7KLV LV
0DVKCDULO+DUDDP 7KHQ KH VDLG , GR QRW NQRZ , PLJKW QRW PHHW \RX KHUH DJDLQ
%HZDUH\RXUEORRGVDQG\RXUKRQRUVDUHIRUELGGHQXQWLO\RXDSSHDUEHIRUH\RXU/RUG
DQG+HTXHVWLRQV\RXDERXW\RXUGHHGV/LVWHQOHWWKHRQHZKRLVQHDUFRQYH\LWWRKLP
ZKRLVIDUDZD\/LVWHQKDYH,FRQYH\HGWKHPHVVDJHWR\RX"7KHQZKHQZHUHWXUQHG
WR0DGLQDK WKH+RO\3URSKHWSDVVHGDZD\QRWPDQ\GD\VDIWHUWKDW
,IERWKWKHVHWUDGLWLRQVDUHUHDGWRJHWKHULWDSSHDUVWKDWWKHUHZDVDQLQWHUYDORIWKUHH
PRQWKVDQGVRPHGD\VEHWZHHQWKHUHYHODWLRQRI6XUDK$Q1DVUDQGWKH+RO\3URSKHW
V
GHDWK IRU KLVWRULFDOO\ WKH VDPH ZDV WKH LQWHUYDO EHWZHHQ WKH )DUHZHOO 3LOJULPDJH DQG
WKHSDVVLQJDZD\RIWKH+RO\3URSKHW
,EQ $EEDV VD\V WKDW ZKHQ WKLV 6XUDKZDVUHYHDOHGWKH+RO\3URSKHWVDLGWKDWKHKDG
EHHQLQIRUPHGRIKLVGHDWKDQGKLVWLPHKDGDSSURDFKHG 0XVQDG$KPDG ,EQ-DULU,EQ
DO0XQGKLU ,EQ 0DUGX\DK  ,Q WKH RWKHU WUDGLWLRQV UHODWHG IURP +DGUDW $EGXOODK ELQ
$EEDV LW KDV EHHQ VWDWHG WKDW DW WKH UHYHODWLRQ RI WKLV 6XUDK WKH +RO\ 3URSKHW
XQGHUVWRRGWKDWKHKDGEHHQLQIRUPHGRIKLVGHSDUWXUHIURPWKHZRUOG 0XVQDG$KPDG
,EQ-DULU7DEDUDQL1DVDL,EQ$EL+DWLP,EQ0DUGX\DK 
0RWKHURIWKH%HOLHYHUV+DGUDW8PP+DELEDKVD\VWKDWZKHQWKLV6XUDKZDVUHYHDOHG
WKH +RO\ 3URSKHW VDLG WKDW KH ZRXOG OHDYH WKH ZRUOG WKDW \HDU +HDULQJ WKLV +DGUDW
)DWLPDKZHSW7KHUHDW KHVDLG)URPDPRQJP\IDPLO\\RXZLOOEHWKHILUVWWRMRLQPH
+HDULQJ WKLV VKH ODXJKHG ,EQ $EL +DWLP ,EQ 0DUGX\DK  $ WUDGLWLRQ FRQWDLQLQJ
DOPRVWWKHVDPHWKHPHKDVEHHQUHODWHGE\%DLKDTLIURP,EQ$EEDV
,EQ$EEDVVD\V+DGUDW8PDUXVHGWRLQYLWHPHWRVLWLQKLVDVVHPEO\DORQJZLWKVRPH
RI WKH LPSRUWDQW HOGHUO\ &RPSDQLRQV ZKR KDG IRXJKW DW %DGU 7KLV ZDV QRW OLNHG E\
VRPH RI WKHP 7KH\ FRPSODLQHG WKDW WKH\ DOVR KDG VRQV ZKR ZHUH OLNH WKH ER\ :K\
WKHQ ZDV KH LQ SDUWLFXODU LQYLWHG WR VLW LQ WKH DVVHPEO\" ,PDP %XNKDUL DQG ,EQ -DULU
KDYHSRLQWHGRXWWKDWVXFKDWKLQJZDVVDLGE\+DGUDW$EGXU5DKPDQELQC$XI +DGUDW
8PDUVDLGWKDWWKHER\HQMR\HGWKHSRVLWLRQDQGGLVWLQFWLRQEHFDXVHRIKLVNQRZOHGJH
7KHQRQHGD\KHLQYLWHGWKH&RPSDQLRQVRI%DGUDQGFDOOHGPHDOVRWRVLWZLWKWKHP,
XQGHUVWRRGWKDWKHKDGLQYLWHGPHWRWKHDVVHPEO\WRSURYHKLVFRQWHQWLRQ'XULQJWKH
FRQYHUVDWLRQ+DGUDW8PDUDVNHGWKH&RPSDQLRQVRI%DGU:KDWGR\RXVD\DERXW,GKD
MDDQDVUXOODKLZDOIDWK"6RPHVDLG,QLWZHKDYHEHHQHQMRLQHGWRSUDLVH$OODKDQG
DVN IRU +LV IRUJLYHQHVV ZKHQ +LV VXFFRXU FRPHV DQG ZH DWWDLQ YLFWRU\6RPHRWKHUV
VDLGWKDWLWLPSOLHGWKHFRQTXHVWRIFLWLHVDQGIRUWV6RPHNHSWTXLHW7KHQ+DGUDW8PDU
VDLG,EQ$EEDVGR\RXDOVRVD\WKHVDPH",VDLGQR+HDVNHG:KDWWKHQLV\RXU
YLHZ" , VXEPLWWHG WKDW LW LPSOLHG WKH ODVW KRXU RI $OODK
V 0HVVHQJHU XSRQ ZKRPEH
SHDFH LQLWKHZDVLQIRUPHGCWKDWZKHQ$OODK
VVXFFRXUFDPHDQGYLFWRU\ZDVDWWDLQHG
LWZRXOGEHDVLJQWKDWKLVKRXUKDGFRPHWKHUHIRUHKHVKRXOGSUDLVH$OODKDQGDVNIRU
+LVIRUJLYHQHVV7KHUHDW+DGUDW8PDUVDLG,NQRZQRXJKWEXWZKDW\RXKDYHVDLG,Q
DQRWKHUWUDGLWLRQWKHUHLVWKHDGGLWLRQWKDW+DGUDW8PDUVDLGWRWKH&RPSDQLRQV+RZ
FDQ \RX EODPH PH ZKHQ \RX \RXUVHOYHV KDYH VHHQ ZK\ , LQYLWH WKLV ER\ WR MRLQ WKH
DVVHPEO\"  %XNKDUL 0XVQDG $KPDG 7LUPLGKL ,EQ -DULU ,EQ 0DUGX\DK %DJKDZL
%DLKDTL,EQDO0XQGKLU 
LVODPPHVVDJHFRP 
7KHPHDQG6XEMHFW0DWWHU
$VLVVKRZQE\WKHDERYHWUDGLWLRQV$OODKLQWKLV6XUDKKDGLQIRUPHG+LV0HVVHQJHU
XSRQ ZKRP EH SHDFH  WKDW ZKHQ ,VODP DWWDLQHG FRPSOHWH YLFWRU\ LQ $UDELD DQG WKH
SHRSOHVWDUWHGHQWHULQJ$OODK
VUHOLJLRQLQJUHDWQXPEHUVLWZRXOGPHDQWKDWWKHPLVVLRQ
IRUZKLFKKHKDGEHHQVHQWWRWKHZRUOGKDGEHHQIXOILOOHG7KHQKHZDVHQMRLQHGWR
EXV\ KLPVHOI LQ SUDLVLQJ DQG JORULI\LQJ $OODK E\ :KRVH ERXQW\ KH KDG EHHQ DEOH WR
DFFRPSOLVKVXFKDJUHDWWDVNDQGVKRXOGLPSORUH+LPWRIRUJLYHZKDWHYHUIDLOLQJVDQG
IUDLOWLHV KH PLJKW KDYH VKRZQ LQ WKH SHUIRUPDQFH RI WKH VHUYLFH +HUH E\ D OLWWOH
FRQVLGHUDWLRQRQHFDQHDVLO\VHHWKHJUHDWGLIIHUHQFHWKDWWKHUHLVEHWZHHQD3URSKHWDQG
DFRPPRQZRUOGO\OHDGHU,IDZRUOGO\OHDGHULQKLVRZQOLIHWLPHLVDEOHWREULQJDERXWD
UHYROXWLRQZKLFKKDVWKHDLPDQGREMHFWLYHRIKLVVWUXJJOHWKLVZRXOGEHDQRFFDVLRQ
IRUH[XOWDWLRQIRUKLP%XWKHUHZHZLWQHVVTXLWHDQRWKHUSKHQRPHQRQ7KH0HVVHQJHU
RI $OODK LQ D EULHI VSDFH RI  \HDUV UHYROXWLRQL]HG DQ HQWLUH QDWLRQ DV UHJDUGV LWV
EHOLHIV WKRXJKWV FXVWRPV PRUDOV FLYLOL]DWLRQ ZD\V RI OLYLQJ HFRQRP\ SROLWLFV DQG
ILJKWLQJDELOLW\DQGUDLVLQJLWIURPLJQRUDQFHDQGEDUEDULVPHQDEOHGLWWRFRQTXHUWKH
ZRUOGDQGEHFRPHOHDGHURIQDWLRQV\HWZKHQKHKDGDFFRPSOLVKHGWKLVXQLTXHWDVNKH
ZDV QRW HQMRLQHG WR FHOHEUDWH LW EXW WR JORULI\ DQG SUDLVH $OODK DQG WR SUD\ IRU +LV
IRUJLYHQHVVDQGKHEXVLHGKLPVHOIKXPEO\WKHLPSOHPHQWDWLRQRIWKDWFRPPDQG
+DGUDW$LVKDKVD\V7KH+RO\0HVVHQJHU XSRQZKRPEHSHDFH RIWHQXVHGWRUHFLWH
6XEKDQDN$OODKXPPDZDELKDPGLNDDVWDJKILUXNDZDDWXEXLODLND DFFRUGLQJWRVRPH
RWKHUWUDGLWLRQV6XEKDQ$OODKLZDELKDPGLKLDVWDJKILUXOODKDZDDWXEXLODLKL EHIRUH
OLLV GHDWK ,DVNHG20HVVHQJHURI$OODKZKDWDUHWKHVHZRUGVWKDW\RXKDYHVWDUWHG
UHFLWLQJ QRZ" +H UHSOLHG $ VLJQ KDV EHHQ DSSRLQWHG IRU PH VR WKDW ZKHQ , VHH LW ,
VKRXOG UHFLWH WKHVH ZRUGV DQG LW LV ,GKD MDD QDVUXOODKL ZDOIDWKX  0XVQDG $KPDG
0XVOLP,EQ-DULU,EQDO0XQGKLU,EQ0DUGX\DK ,QVRPHRWKHUWUDGLWLRQVRQWKHVDPH
VXEMHFW +DGUDW $LVKDK KDV UHSRUWHG WKDW WKH +RO\ 3URSKHW RIWHQ UHFLWHG WKH IROORZLQJ
ZRUGV LQ KLV UXNX DQG VDMGDK 6XEKDQDN$OODKXPPD ZDEL KDPGLND $OODKXPPD
DJKILUOL7KLVZDVWKHLQWHUSUHWDWLRQRIWKH4XU
DQ LHRI6XUDK$Q1DVU WKDWKHKDG
PDGH %XNKDUL0XVOLP$EX'DXG1DVDL,EQ0DMDK,EQ-DULU 
+DGUDW8UQP6DODPDKVD\VWKDWWKH+RO\3URSKHW XSRQZKRPEHSHDFH GXULQJKLVODVW
GD\VYHU\RIWHQUHFLWHGWKHIROORZLQJZRUGVVLWWLQJDQGVWDQGLQJJRLQJRXWRIWKHKRXVH
DQGFRPLQJEDFNWRLW6XEKDQ$OODKLZDELKDPGLKL,RQHGD\DVNHG:K\GR\RX
UHFLWHWKHVHZRUGVVRRIWHQ" 20HVVHQJHURI$OODK+HUHSOLHG,KDYHEHHQHQMRLQHGWR
GRVR7KHQKHUHFLWHGWKLV6XUDK ,EQ-DULU 
$FFRUGLQJWR+DGUDW$EGXOODKELQ0DVXGZKHQWKLV6XUDKZDVUHYHDOHGWKH0HVVHQJHU
RI $OODK XSRQ ZKRP EH SHDFH  IUHTXHQWO\ EHJDQ WR UHFLWH WKH ZRUGV 6XEKDQDN
$OODKXPPD ZD ELKDPGLND $OODKXPPDJKILUOL VXEKDQDND 5DEEDQD ZD ELKDPGLND
$OODKXPPDJKILUOL LQQDND DQWD DW7DZZDE DO*KDIXU ,EQ -DULU 0XVQDG $KPDG ,EQ
$EL+DWLP 
,EQ$EEDVKDVVWDWHGWKDWDIWHUWKHUHYHODWLRQRIWKLV6XUDKWKH+RO\ 0HVVHQJHU XSRQ
ZKRPEHSHDFH EHJDQWRODERUVRLQWHQVLYHO\DQGGHYRWHGO\KDUGIRUWKH+HUHDIWHUDVKH
KDGQHYHUGRQHEHIRUH
LVODPPHVVDJHFRP 
/DKDE
1DPH
7KH6XUDKWDNHVLWVQDPHIURPWKHZRUG/DKDELQWKHILUVWYHUVH
3HULRGRI5HYHODWLRQ
$OWKRXJKWKHFRPPHQWDWRUVKDYHQRWGLVSXWHGLWVEHLQJD0DNNL6XUDK\HWLWLVGLIILFXOW
WRGHWHUPLQHLQZKLFKSKDVHRIWKHOLIHDW0DNNDKSUHFLVHO\LWZDVUHYHDOHG+RZHYHU
LQYLHZRI$EX/DKDE
VUROHDQGFRQGXFWDJDLQVWWKH+RO\3URSKHW
VPHVVDJHRI7UXWKLW
FDQEHDVVXPHGWKDWLWPXVWKDYHEHHQUHYHDOHGLQWKHSHULRGZKHQKHKDGWUDQVJUHVVHG
DOO OLPLWV LQ KLV PDG KRVWLOLW\ WR KLP DQG KLV DWWLWXGH ZDV EHFRPLQJ D VHULRXV
REVWUXFWLRQLQWKHSURJUHVVRI,VODP,WPD\ZHOOKDYHEHHQUHYHDOHGLQWKHSHULRGZKHQ
WKH 4XUDLVK KDG ER\FRWWHG WKH +RO\ 3URSKHW XSRQ ZKRPEHSHDFH  WRJHWKHUZLWKWKH
SHRSOHRIKLVFODQDQGEHVLHJHGWKHPLQ6KL
E$EL7DOLEDQG$EX/DKDEZDVWKHRQO\
SHUVRQWRMRLQZLWKWKHHQHPLHVDJDLQVWKLVRZQUHODWLYHV7KHEDVLVRIWKLVDVVXPSWLRQ
LVWKDW$EX/DKDEZDVWKH+RO\3URSKHW
VXQFOHDQGSXEOLFFRQGHPQDWLRQRIWKHXQFOH
E\WKHWRQJXHRIWKHQHSKHZFRXOGQRWEHSURSHUXQWLOWKHH[WUHPHH[FHVVHVFRPPLWWHG
E\WKHXQFOHKDGEHFRPHYLVLEOHWRHYHU\RQH,IWKH6XUDKKDGEHHQUHYHDOHGEHIRUHWKLV
LQWKHYHU\EHJLQQLQJWKHSHRSOHZRXOGKDYHUHJDUGHGLWDVPRUDOO\GLVFRXUWHRXVWKDW
WKHQHSKHZVKRXOGVRFRQGHPQWKHXQFOH
%DFNJURXQG
7KLVLVWKHRQO\SODFHLQWKH4XU
DQZKHUHDSHUVRQIURPDPRQJWKHHQHPLHVRI,VODP
KDV EHHQ FRQGHPQHG E\ QDPH ZKHUHDV LQ 0DNNDK DV ZHOO DV LQ 0DGLQDK DIWHU WKH
PLJUDWLRQWKHUHZHUHPDQ\SHRSOHZKRZHUHLQQRZD\OHVVLQLPLFDOWR,VODPDQGWKH
3URSKHW0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQGEOHVVLQJV WKDQ$EX/DKDE7KH
TXHVWLRQLVZKDWZDVWKHVSHFLDOWUDLWRIWKHFKDUDFWHURIWKLV SHUVRQZKLFKEHFDPHWKH
EDVLVRIWKLVFRQGHPQDWLRQE\QDPH"7RXQGHUVWDQGWKDWLWLVQHFHVVDU\WKDWRQHVKRXOG
XQGHUVWDQGWKH$UDELDQVRFLHW\RIWKDWWLPHDQGWKHUROHWKDW$EX/DKDESOD\HGLQLW
,Q DQFLHQW GD\V VLQFH WKHUH SUHYDLOHG FKDRV DQG FRQIXVLRQ EORRGVKHG DQG SOXQGHU
WKURXJKRXW $UDELD DQGWKHFRQGLWLRQVLQFHFHQWXULHVZDVWKDWDSHUVRQFRXOGKDYHQR
JXDUDQWHHRIWKHSURWHFWLRQRIOLIHKRQRUDQGSURSHUW\H[FHSWZLWKWKHKHOSDQGVXSSRUW
RI KLV FODQVPHQ DQG EORRG UHODWLRQV WKHUHIRUH VLODK UHKPL JRRG WUHDWPHQW RI WKH
NLQGUHG ZDVHVWHHPHGPRVWKLJKO\DPRQJWKHPRUDOYDOXHVRIWKH$UDELDQVRFLHW\DQG
EUHDNLQJ RII RI FRQQHFWLRQV ZLWK WKH NLQGUHG ZDV UHJDUGHG DV D JUHDW VLQ 8QGHU WKH
LQIOXHQFHRIWKHVDPH$UDELDQWUDGLWLRQZKHQWKH+RO\3URSKHW XSRQZKRPEHSHDFH 
EHJDQ WR SUHDFK WKH PHVVDJH RI ,VODP WKH RWKHU FODQV RI 4XUDLVK DQG WKHLU FKLHIV
UHVLVWHGDQGRSSRVHGKLPWRRWKDQGQDLOEXWWKH%DQL+DVKLPDQGWKH%DQLDO0XWWDOLE
FKLOGUHQRIDO0XWWDOLEEURWKHURI+DVKLP QRWRQO\GLGQRWRSSRVHKLPEXWFRQWLQXHG
WRVXSSRUWKLPRSHQO\DOWKRXJKPRVWRIWKHPKDGQRW\HWEHOLHYHGLQKLV3URSKHWKRRG
7KHRWKHUFODQVRI4XUDLVKWKHPVHOYHVUHJDUGHGWKLVVXSSRUWE\WKHEORRGUHODWLRQVRI
WKH+RO\3URSKHWDVSHUIHFWO\LQDFFRUGDQFHZLWKWKHPRUDOWUDGLWLRQVRI$UDELD7KDWLV
ZK\ WKH\ QHYHU WDXQWHG WKH %DQL +DVKLP DQG WKH %DQL DO0XWWDOLE LQ WKDW WKH\ KDG
DEDQGRQHGWKHLUDQFHVWUDOIDLWKE\VXSSRUWLQJDSHUVRQZKRZDVSUHDFKLQJDQHZIDLWK
7KH\NQHZDQGEHOLHYHGWKDWWKH\FRXOGLQQRFDVHKDQGRYHUDQLQGLYLGXDORIWKHLUFODQ
LVODPPHVVDJHFRP 
WRKLVHQHPLHVDQGWKHLUVXSSRUWDQGDLGRIDFODQVPDQZDVSHUIHFWO\QDWXUDOLQWKHVLJKW
RIWKH4XUDLVKDQGWKHSHRSOHRI$UDELD
7KLV PRUDO SULQFLSOH ZKLFK WKH $UDEV HYHQ LQ WKH SUH,VODPLF GD\V RI LJQRUDQFH
UHJDUGHGDVZRUWK\RIUHVSHFWDQGLQYLRODEOHZDVEURNHQRQO\E\RQHPDQLQKLVHQPLW\
RI,VODPDQGWKDWZDV$EX/DKDEVRQRI$EGXO0XWWDOLE+HZDVDQXQFOHRIWKH+RO\
3URSKHW ZKRVH IDWKHU DQG KH ZHUH VRQV RI WKH VDPH IDWKHU ,Q $UDELD DQ XQFOH
UHSUHVHQWHG WKH IDWKHU HVSHFLDOO\ ZKHQ WKH QHSKHZ ZDV IDWKHUOHVV 7KH XQFOH ZDV
H[SHFWHG WR ORRN DIWHU WKH QHSKHZ DV RQH RI KLV RZQ FKLOGUHQ %XW WKLV PDQ LQ KLV
KRVWLOLW\WR,VODPDQGORYHRINXIUWUDPSOHGDOOWKH$UDEWUDGLWLRQVXQGHUIRRW
7KH WUDGLWLRQLVWV KDYH UHODWHG IURP ,EQ $EEDV ZLWK VHYHUDO FKDLQV RI WUDQVPLWWHUV WKH
WUDGLWLRQWKDWZKHQWKH+RO\3URSKHWZDVFRPPDQGHGWRSUHVHQWWKHPHVVDJHRI,VODP
RSHQO\DQGKHZDVLQVWUXFWHGLQWKH4XU
DQWRZDUQILUVWRIDOOKLVQHDUHVWNLQVIRONRIWKH
SXQLVKPHQW RI *RG KH DVFHQGHG WKH 0RXQW 6DID RQH PRUQLQJ DQG FDOOHG RXW DORXG
<DDVDEDKDK 2WKHFDODPLW\RIWKHPRUQLQJ 7KLVDODUPLQ$UDELDZDVUDLVHGE\WKH
SHUVRQZKRQRWLFHGHDUO\DWGDZQDQHQHP\WULEHDGYDQFLQJDJDLQVWKLVWULEH:KHQWKH
+RO\0HVVHQJHUPDGHWKLVFDOOWKHSHRSOHHQTXLUHGDVWRZKRKDGPDGHWKHFDLO7KH\
ZHUHWROGWKDWLWZDV0XKDPPDG XSRQZKRPEH$OODK
VSHDFH 7KHUHDWWKHSHRSOHRI
DOOWKHFODQVRI4XUDLVKUXVKHGRXW(YHU\RQHZKRFRXOGFDPHKHZKRFRXOGQRWVHQW
DQRWKHURQHIRUKLPVHOI:KHQWKH 3HRSOHKDGDVVHPEOHGWKH+RO\0HVVHQJHUFDOOLQJ
RXW HDFK FODQ E\ QDPH YL] 2 %DQL +DVKLP 2 %DQL $EGXO 0XWWDOLE 2 %DQL )LKU 2
%DQLVRDQGVRVDLG,I,ZHUHWRWHOO\RXWKDWEHKLQGWKHKLOOWKHUHZDVDQHQHP\KRVW
UHDG\WRIDOOXSRQ\RXZRXOG\RXEHOLHYHPH"7KHSHRSOHUHVSRQGHGZLWKRQHYRLFH
VD\LQJ WKDW WKH\ QHYHU KDG VR IDU H[SHULHQFHG D OLH IURP KLP 7KH+RO\3URSKHWVDLG
7KHQ,ZDUQ\RXWKDW\RXDUHKHDGLQJIRUDWRUPHQW7KHUHXSRQEHIRUHDQ\RQHHOVH
FRXOG VSHDN $EX /DKDE WKH +RO\ 3URSKHW
V XQFOH VDLG 0D\ \RX SHULVK 'LG \RX
VXPPRQXVIRUWKLV"$QRWKHUWUDGLWLRQDGGVWKDWKHSLFNHGXSDVWRQHWRWKURZDWWKH
+RO\3URSKHW 0XVQDG$KPDG%XNKDUL0XVOLP7LUPLGKL,EQ-DULUDQGRWKHUV 
$FFRUGLQJWR,EQ=DLGRQHGD\$EX/DKDEDVNHGWKH+RO\3URSKHWOI,ZHUHWRDFFHSW
\RXUUHOLJLRQZKDWZRXOG,JHW"7KH+RO\3URSKHWUHSOLHG<RXZRXOGJHWZKDWWKH
RWKHUEHOLHYHUVZRXOGJHW+HVDLG,VWKHUHQRSUHIHUHQFHRUGLVWLQFWLRQIRUPH"7KH
+RO\3URSKHWUHSOLHG:KDWHOVHGR\RX ZDQW"7KHUHXSRQKHVDLG0D\WKLVUHOLJLRQ
SHULVKLQZKLFK,DQGDOORWKHUSHRSOHVKRXOGEHHTXDODQGDOLNH ,EQ-DULU 
,Q0DNNDK$EX/DKDEZDVWKHQH[WGRRUQHLJKERURIWKH+RO\3URSKHW7KHLUKRXVHV
ZHUHVHSDUDWHGE\DZDOO%HVLGHVKLP+DNDPELQ$V )DWKHURI0DUZDQ 8TEDKELQ
$EL0XDLW$GLELQ+DPUDDQG,EQDO$VGDLO+XGKDOLDOVRZHUHKLVQHLJKERUV7KHVH
SHRSOHGLGQRWDOORZKLPWRKDYHSHDFHHYHQLQKLVRZQKRXVH6RPHWLPHVZKHQKHZDV
SHUIRUPLQJ WKH 3UD\HU WKH\ ZRXOG SODFH WKH JRDW
V VWRPDFK RQ KLP VRPHWLPHV ZKHQ
IRRGZDVEHLQJFRRNHGLQWKHFRXUW\DUGWKH\ZRXOGWKURZILOWKDWWKHFRRNLQJSRW7KH
+RO\ 3URSKHW ZRXOG FRPH RXW DQG VD\ 2 %DQL $EGL 0DQDI ZKDW NLQG RI
QHLJKERUOLQHVVLVLW"$EX/DKDE
VZLIH8PP-DPLO $EX6XI\DQ
VVLVWHU KDGPDGHLWD
SUDFWLFHWRFDVWWKRUQVDWKLVGRRULQWKHQLJKWVRWKDWZKHQKHRUKLVFKLOGUHQFDPHRXW

LVODPPHVVDJHFRP 
RIWKHKRXVHDWGDZQWKH\VKRXOGUXQWKRUQVLQWKHIRRW %DLKDTL,EQ$EL+DWLP,EQ
-DULU,EQ$VDNLU,EQ+LVKDP 
%HIRUH WKH SURFODPDWLRQ RI 3URSKHWKRRG WZR RI WKH +RO\ 3URSKHW
V GDXJKWHUV ZHUH
PDUULHGWRWZRRI$EX/DKDE
VVRQV8WEDKDQG8WDLEDK$IWHUKLVFDOOZKHQWKH+RO\
3URSKHWEHJDQWRLQYLWHWKHSHRSOHWR,VODP$EX/DKDEVDLGWRERWKKLVVRQV,ZRXOG
IRUELGP\VHOIVHHLQJDQGPHHWLQJ \RXXQWLO\RXGLYRUFHGWKHGDXJKWHUVRI0XKDPPDG
XSRQZKRPEH$OODK
VSHDFHDQGEOHVVLQJV 6RERWKRIWKHPGLYRUFHGWKHLUZLYHV
8WDLEDKLQSDUWLFXODU EHFDPHVRQDVW\LQKLVVSLWHIXOQHVVWKDWRQHGD\KHFDPHEHIRUH
WKH+RO\3URSKHWDQGVDLG,UHSXGLDWH$QQDMPLLGKDKDZDDQG$OODGKLGDQDIDWDGDOOD
DQGWKHQKHVSDWDWKLPEXWKLVVSLWWDOGLGQRWIDOORQKLP7KH+RO\3URSKHWSUD\HG2
*RGVXEMHFWKLPWRWKHSRZHURIDGRJIURPDPRQJ<RXUGRJV$IWHUZDUGV8WDLEDK
DFFRPSDQLHGKLVIDWKHULQKLVMRXUQH\WR6\ULD'XULQJWKHMRXUQH\WKHFDUDYDQKDOWHGDW
DSODFHZKLFKDFFRUGLQJWRORFDOSHRSOHZDVYLVLWHGE\ZLOGEHDVWVDWQLJKW$EX/DKDE
WROGKLVFRPSDQLRQVWKH4XUDLVK0DNHIXOODUUDQJHPHQWVIRUWKHSURWHFWLRQRIP\VRQ
IRU , IHDU WKH FXUVH LQYRNHG E\ 0XKDPPDG XSRQ ZKRP EH $OODK
V SHDFH  RQ KLP 
$FFRUGLQJO\WKHSHRSOHPDGHWKHLUFDPHOVVLWDOODURXQG8WDLEDKDQGZHQWWRVOHHS$W
QLJKWDWLJHUFDPHZKLFKFURVVHGWKHFLUFOHRIWKHFDPHOVDQGGHYRXUHG8WDLEDKWHDULQJ
KLPWRSLHFHV ,EQ$EGXO%DUU$O,VWLDE,EQ+DMDU$O,VDEDK$EX1XDLPDO,VIDKDQL
'DODLODQ1XEXZZDW$V6XKDLOL5DXGDO8QXI+HUHWKHUHLVDGLIIHUHQFHRIRSLQLRQ
6RPHUHSRUWHUVVD\WKDWWKHGLYRUFHWRRNSODFHDIWHUWKH+RO\3URSKHW
VSURFODPDWLRQRI
3URSKHWKRRG DQG VRPH VD\ WKDW LW WRRN SODFH DIWHU WKH UHYHODWLRQ RI 7DEEDW \DGD $EL
/DKDE 7KHUH LV DOVR D GLIIHUHQFH RI RSLQLRQ DERXW ZKHWKHU $EX /DKDE
VWKLVVRQZDV
8WEDKRU8WDLEDK%XWWKLVPXFKLVFRQILUPHGWKDWDIWHUWKHFRQTXHVWRI0DNNDK8WEDK
HPEUDFHG,VODPDQGWRRNWKHRDWKRIDOOHJLDQFHDWWKH+RO\3URSKHW
VKDQG7KHUHIRUH
WKHFRUUHFWYLHZLVWKDWLWZDV8WDLEDK 
$EX /DKDE
V ZLFNHGQHVV FDQ EH MXGJHG IURP WKH IDFW WKDWZKHQDIWHUWKHGHDWKRIWKH
+RO\3URSKHW
VVRQ+DGUDW4DVLPKLVVHFRQGVRQ+DGUDW$EGXOODKDOVRGLHGWKLVPDQ
LQVWHDG RI FRQGRQLQJ ZLWK KLV QHSKHZ LQ KLV EHUHDYHPHQW KDVWHQHG WR WKH 4XUDLVK
FKLHIVMR\IXOO\WRJLYHWKHPWKHQHZVWKDW0XKDPPDG XSRQZKRPEH$OODK
VSHDFHDQG
EOHVVLQJV  KDG EHFRPH FKLOGOHVV WKDW QLJKW 7KLV ZH KDYH DOUHDG\ UHODWHG LQ WKH
FRPPHQWDU\RI6XUDK$O.DXWKDU
:KHUHYHUWKH+RO\3URSKHWZHQWWRSUHDFKKLVPHVVDJHRI,VODPWKLVPDQIROORZHGKLP
DQGIRUEDGHWKHSHRSOHWROLVWHQWRKLP5DELDKELQ$EEDGDG'LOOKDVUHODWHG,ZDVD
\RXQJER\ZKHQ,DFFRPSDQLHGP\IDWKHUWRWKHIDFHRI'KXO0DMD]7KHUH,VDZWKH
+RO\ 0HVVHQJHU PD\ SHDFH EH XSRQ KLP  ZKR ZDV H[KRUWLQJ WKH SHRSOH VD\LQJ
2
SHRSOHVD\WKHUHLVQRGHLW\EXW$OODK\RXZLOODWWDLQVXFFHVV
)ROORZLQJEHKLQGKLP,
VDZDPDQZKRZDVWHOOLQJWKHSHRSOHC7KLVIHOORZLVDOLDUKHKDVJRQHDVWUD\IURP
KLVDQFHVWUDOIDLWK
,DVNHGZKRLVKH"7KHSHRSOHUHSOLHG+HLVKLVXQFOH$EX/DKDE
 0XVQDG$KPDG%DLKDTL $QRWKHUWUDGLWLRQIURP+DGUDW5DELDKLVWRWKHHIIHFW,
VDZWKDWWKH+RO\3URSKHWZHQWWRWKHKDOWLQJSODFHRIHDFKWULEHDQGVDLGC2FKLOGUHQ
RIVRDQGVR,KDYHEHHQDSSRLQWHG$OODK
V0HVVHQJHUWR\RX,H[KRUW\RXWRZRUVKLS
RQO\$OODKDQGWRDVVRFLDWHQRQHZLWK+LP6RDIILUPIDLWKLQPHDQGMRLQPHVRWKDW,
LVODPPHVVDJHFRP 
PD\IXOILOOWKHPLVVLRQIRU ZKLFK,KDYHEHHQVHQW
)ROORZLQJFORVHEHKLQGKLPWKHUH
ZDVDPDQZKRZDVVD\LQJC2FKLOGUHQRIVRDQGVRKHLVOHDGLQJ\RXDVWUD\IURP/DW
DQG8]]DDQGLQYLWLQJ\RXWRWKHUHOLJLRQRIHUURUDQGLQQRYDWLRQZKLFKKHKDVEURXJKW
'RQRWDWDOOOLVWHQWRZKDWKHVD\VDQGGRQRWIROORZKLP
,DVNHGP\IDWKHUZKRLV
KH" +H UHSOLHG KH LV KLV XQFOH $EX /DKDE  0XVQDG $KPDG 7DEDUDQL  7DULT ELQ
$EGXOODK DO0XKDULEL
VWUDGLWLRQLVVLPLODU+HVD\V,VDZLQWKHIDUHRI'KXO0DMD]
WKDWWKH+RO\0HVVHQJHU XSRQZKRPEHSHDFH ZDVH[KRUWLQJWKHSHRSOHVD\LQJC2
SHRSOHVD\/DLODKDLOO$OODK\RXZLOODWWDLQVXFFHVV
DQGEHKLQGKLPWKHUHZDVDPDQ
ZKRZDVFDVWLQJVWRQHVDWKLPXQWLOKLVKHHOVEOHGDQGKHZDVWHOOLQJWKHSHRSOH
'R
QRW OLVWHQ WR KLP KH LV D OLDU
 , DVNHG WKH SHRSOH ZKR KH ZDV 7KH\ VDLG KH ZDV KLV
XQFOH$EX/DKDE 7LUPLGKL 
,Q WKH WK \HDU RI 3URSKHWKRRG ZKHQ DOO WKH FODQV RI 4XUDLVK ER\FRWWHG WKH %DQL
+DVKLP DQG WKH %DQL DO0XWWDOLE VRFLDOO\ DQG HFRQRPLFDOO\ DQG ERWK WKHVH FODQV
UHPDLQLQJVWHDGIDVWWRWKH+RO\3URSKHW
VVXSSRUWZHUHEHVLHJHGLQ6KLE$EL7DOLE$EX
/DKDE ZDV WKH RQO\ SHUVRQ ZKR VLGHG ZLWK WKH GLVEHOLHYLQJ 4XUDLVK DJDLQVW KLV RZQ
FODQ7KLVER\FRWWFRQWLQXHGIRUWKUHH\HDUVVRPXFKVRWKDWWKH%DQL+DVKLPDQG WKH
%DQL DO0XWWDOLE EHJDQ WR VWDUYH 7KLV KRZHYHU GLG QRW PRYH $EX /DKDE :KHQ D
WUDGHFDUDYDQFDPHWR0DNNDKDQGDEHVLHJHGSHUVRQIURP6KLE$EL7DOLEDSSURDFKHGLW
WREX\VRPHDUWLFOHRIIRRG$EX/DKDEZRXOGVKRXWRXWWRWKHPHUFKDQWVWRGHPDQGD
IRUELGGLQJ SULFH WHOOLQJ WKHP WKDW KH ZRXOG PDNH XS IRU DQ\ ORVV WKDW WKH\ LQFXUUHG
7KXV WKH\ZRXOGGHPDQGH[RUELWDQWUDWHVDQGWKHSRRUFXVWRPHUKDGWRUHWXUQHPSW\
KDQGHGWRKLVVWDUYLQJFKLOGUHQ7KHQ$EX/DKDEZRXOGSXUFKDVHWKHVDPHDUWLFOHVIURP
WKHPDWWKHPDUNHWUDWHV ,EQ6D
G,EQ+LVKDP 
FRQWLQXHG
FRQWLQXLQJ %DFNJURXQG
2QDFFRXQWRIWKHVHYHU\PLVGHHGVWKLVPDQZDVFRQGHPQHGLQWKLV6XUDKE\QDPHDQG
WKHUH ZDV D VSHFLDO QHHG IRU LW :KHQ WKH +RO\ 3URSKHW
V RZQ XQFOH IROORZHG DQG
RSSRVHG KLP EHIRUH WKH $UDEV ZKR FDPH IRU KDMM IURP RXWVLGH 0DNNDK RU JDWKHUHG
WRJHWKHULQWKHIDUHVKHOGDWGLIIHUHQWSODFHVWKH\UHJDUGHGLWDVDJDLQVWWKHHVWDEOLVKHG
WUDGLWLRQVRI$UDELDWKDWDQXQFOHVKRXOGUXQGRZQKLVQHSKHZZLWKRXWDUHDVRQVKRXOG
SHOW VWRQHV DW KLP DQG EULQJ IDOVH DFFXVDWLRQV DJDLQVW KLP SXEOLFO\ 7KH\ ZHUH
WKHUHIRUH LQIOXHQFHG E\ ZKDW $ED /DKDE VDLG DQG ZHUH LQYROYHG LQ GRXEW DERXW WKH
+RO\ 3URSKHW XSRQ ZKRP EH SHDFH  %XW ZKHQ WKLV 6XUDK ZDV UHYHDOHG DQG $EX
/DKDEILOOHGZLWKUDJHVWDUWHGXWWHULQJQRQVHQVHWKHSHRSOHUHDOL]HGWKDWZKDWKHVDLG
LQRSSRVLWLRQWRWKH+RO\3URSKHWZDVQRWDWDOOUHOLDEOHIRUKHVDLGDOOWKDWLQKLVPDG
KRVWLOLW\WRKLVQHSKHZ
%HVLGHV ZKHQ KLV XQFOH ZDV FRQGHPQHG E\ QDPH WKH SHRSOH
V H[SHFWDWLRQ WKDW WKH
+RO\0HVVHQJHU XSRQZKRPEHSHDFH FRXOGWUHDWVRPHUHODWLYHOHQLHQWO\LQWKHPDWWHU
RIUHOLJLRQZDVIUXVWUDWHGIRUHYHU:KHQWKH+RO\0HVVHQJHU
VRZQXQFOHZDVWDNHQWR
WDVNSXEOLFO\WKHSHRSOHXQGHUVWRRGWKDWWKHUHZDVQRURRPIRUSUHIHUHQFHRUSDUWLDOLW\
LQWKHLUIDLWK$QRQUHODWLYHFRXOGEHFRPHDQHDUDQGGHDURQHLIKHEHOLHYHGDQGDQHDU

LVODPPHVVDJHFRP 
UHODWLRQDQRQUHODWLYHLIKHGLVEHOLHYHG7KXVWKHUHLVQRSODFHIRUWKHWLHVRIEORRGLQ
UHOLJLRQ

,NKODDV
1DPH
$O,NKODV LV QRW PHUHO\ WKH QDPH RI WKLV 6XUDK EXW DOVR WKH WLWOH RI LWV FRQWHQWV IRU LW
GHDOV H[FOXVLYHO\ ZLWK 7DXKLG 7KH RWKHU 6XUDKV RI WKH 4XU
DQ JHQHUDOO\ KDYH EHHQ
GHVLJQDWHGDIWHUDZRUGRFFXUULQJLQWKHPEXWLQWKLV6XUDKWKHZRUG,NKODVKDVFFXUUHG
QRZKHUH ,W KDV EHHQ JLYHQ WKLV QDPH LQ YLHZ RI LWV PHDQLQJ DQG VXEMHFW PDWWHU
:KRHYHUXQGHUVWDQGVLWDQGEHOLHYHVLQLWVWHDFKLQJZLOOJHWULGRIVKLUN SRO\WKHLVP 
FRPSOHWHO\
3HULRGRI5HYHODWLRQ
:KHWKHULWLVD0DNNLRUD0DGDQL6XUDKLVGLVSXWHGDQGWKHGLIIHUHQFHRIRSLQLRQKDV
EHHQ FDXVHG E\ WKH WUDGLWLRQV ZKLFK KDYH EHHQ UHODWHG FRQFHUQLQJ WKH RFFDVLRQ RI LWV
UHYHODWLRQ:HJLYHWKHPEHORZDGVHULDWXP
 +DGUDW$EGXOODKELQ0DVXGKDVUHSRUWHGWKDWWKH4XUDLVKVDLGWRWKH+RO\3URSKHG
XSRQZKRPEHEHSHDFH 7HOOXVRIWKHDQFHVWU\RI\RXU/RUG7KHUHXSRQWKLV6XUDK
ZDVVHQWGRZQ 7DEDUDQL 
  $EXO $OL\DK KDV UHODWHG RQ WKH DXWKRULW\ RI +DGUDW 8ED\\ ELQ .DE WKDW WKH
SRO\WKHLVWV VDLG WR WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH   7HOO XV RI \RXU /RUG
V
DQFHVWU\7KHUHXSRQ$OODKVHQWGRZQWKLV6XUDK 0XVQDG$KPDG,EQ$EL+DULP,EQ
-DULU7LUPLGKL%XNKDULLQ$W7DULNK,EQDO0XQGKLU+DDNLP%DLKDTL 7LUPLGKLKDV
UHODWHG D WUDGLWLRQ RQ WKH VDPH WKHPH IURP $EXO $OL\DK ZKLFK GRHV QRW FRQWDLQ DQ\
UHIHUHQFHWR+DGUDW8ED\\ELQ.DEDQGKDVGHFODUHGLWWREHPRUHDXWKHQWLF
  +DGUDW-DELU ELQ$EGXOODKKDVVWDWHGWKDWDEHGRXLQ DFFRUGLQJWRRWKHUWUDGLWLRQV
VRPHSHRSOH VDLGWRWKH+RO\3URSKHW XSRQZKRPEHSHDFH 7HOOXVRI\RXU/RUG
V
DQFHVWU\7KHUHXSRQ$OODKVHQWGRZQWKLV6XUDK $EX<DOD,EQ-DULU,EQDO0XQGKLU
7DEDUDQLLQ$O$XVDW%DLKDTL$EX1XDLPLQ$O+LO\DK 
  ,NULPDK KDV UHODWHG D WUDGLWLRQ IRUP ,EQ $EEDV VD\LQJ WKDW D JURXS RI WKH -HZV
LQFOXGLQJ.DEELQ$VKUDI+X\D\\ELQ$NKWDEDQGRWKHUFDPHEHIRUHWKH+RO\3URSKHW
XSRQ ZKRP EH SHDFH  DQG VDLG 2 0XKDPPDG XSRQ ZKRP EH $OODK
V SHDFH DQG
EOHVVLQJV  WHOO XV RI WKH DWWULEXWHV RI \RXU /RUG :KR KDV VHQW \RX DV D 3URSKHW
7KHUHXSRQ$OODKVHQWGRZQWKLV6XUDK ,EQ$EL+DWLP,EQ$GL%DLKDTLLQ$O$VPD
ZDV6LIDW 
,QDGGLWLRQWRWKHVHVRPHRWKHUWUDGLWLRQVDOVRKDYHEHHQFLWHGE\,EQ7DLPL\\DOLLQKLV
FRPPHQWDU\RI6XUDK$O,NKODVZKLFKDUHDVIROORZV
  +DGUDW $QDV KDV VWDWHG WKDW VRPH -HZV RI .KDLEHU FDPH EHIRUH WKH +RO\ 3URSKHW
XSRQ ZKRP EH SHDFH  DQG WKH\ VDLG 2 $EXO 4DVLP $OODK FUHDWHG WKH DQJHOV IURP
OLJKW$GDPIURPURWWHQFOD\,EOLVIURPWKHIODPHRIILUHWKHVN\IURPVPRNHDQGWKH
HDUWKIURPWKHIRDPRIZDWHU1RZWHOOXVDERXW\RXU/RUG RIZKDW+HLVPDGH 7KH
+RO\ 3URSKHW XSRQ ZKRP EH SHDFH  GLG QRW JLYH DQ\ UHSO\ WR WKLV TXHVWLRQ 7KHQ
*DEULHOFDPHDQGKHVDLG20XKDPPDGVD\WRWKHP+XZD$OODKXDKDG
LVODPPHVVDJHFRP 
 $PLUELQDW7XIDLOVDLGWRWKH+RO\3URSKHW20XKDPPDGZKDWGR\RXFDOOXVWR"
7KH+RO\3URSKHWUHSOLHG7R$OODK$PLUVDLG7KHQWHOOXVRIZKDW+HLVPDGH
ZKHWKHURIJROGVLOYHURULURQ"7KHUHXSRQWKLVVXUDKZDVVHQWGRZQ
 'DKKDN4DWDGDKDQG0XTDWLOKDYHVWDWHGWKDWVRPH-HZLVKUDEELVFDPHEHIRUHWKH
+RO\3URSKHWDQGWKH\VDLG20XKDPPDGWHOOXVZKDWLV\RXU/RUGOLNHVRWKDWZH
PD\EHOLHYHLQ\RX$OODKLQWKH7RUDKKDVVHQWGRZQ+LVGHVFULSWLRQ.LQGO\WHOOXVRI
ZKDW+HLVPDGHZKDWLV+LVVH[ZKHWKHU+HLVPDGHRIJROGFRSSHUEUDVVLURQRU
VLOYHU DQG ZKHWKHU +H HDWV DQG GULQNV $OVR WHOOXVIURPZKRP+HKDVLQKHULWHGWKH
ZRUOGDQGZKRZLOOLQKHULWLWDIWHU+LP7KHUHXSRQ$OODKVHQWGRZQWKLV6XUDK
  ,EQ $EEDV KDV UHSRUWHG WKDW D GHSXWDWLRQ RI WKH &KULVWLDQV RI 1DMUDQ DORQJ ZLWK
VHYHQ SULHVWV YLVLWHG WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  DQG WKH\ VDLG 2
0XKDPPDGWHOOXVZKDWLV\RXU/RUGOLNHDQGRIZKDWVXEVWDQFH+HLVPDGH7KH+RO\
3URSKHW UHSOLHG 0\ /RUG LV QRWPDGHIURPDQ\VXEVWDQFH+HLVXQLTXHDQGH[DOWHG
DERYHHYHU\WKLQJ7KHUHXSRQ$OODKVHQWGRZQWKLV6XUDK
7KHVH WUDGLWLRQD VKRZ WKDW GLIIHUHQW SHRSOH RQ GLIIHUHQW RFFDVLRQV KDG TXHVWLRQHG WKH
+RO\3URSKHW XSRQZKRPEHSHDFH DERXWWKHHVVHQFHDQGQDWXUHRIWKH*RGWR:KRVH
VHUYLFHDQGZRUVKLSKHLQYLWHGWKHSHRSOHDQGRQHYHU\RFFDVLRQKHUHFLWHGE\$OODK
V
FRPPDQGWKLVYHU\6XUDKLQUHVSRQVH)LUVWRIDOOWKHSDJDQVRI4XUDLVKDVNHGKLPWKLV
TXHVWLRQ LQ 0DNNDK DQG LQ UHSO\ WKLV 6XUDK ZDV VHQW GRZQ 7KHQ DW 0DGLQDK
VRPHWLPHV WKH &KULVWLDQV DQG VRPHWLPHV WKH RWKHU SHRSOH RI $UDELD DVNHG KLP
TXHVWLRQVRIWKLVQDWXUHDQGHYHU\WLPH$OODKLQVSLUHGKLPWRUHFLWHWKLVYHU\6XUDKLQ
DQVZHUWRWKHP,QHDFKRIWKHVHWUDGLWLRQVLWKDVEHHQVDLGWKDWWKLV6XUDKZDVUHYHDOHG
RQ WKLV RU WKDW RFFDVLRQ )URP WKLV RQH VKRXOG QRW IRUP WKH LPSUHVVLRQ WKDW DOO WKHVH
WUDGLWLRQV DUH PXWXDOO\ FRQWUDGLFWRU\ 7KH IDFW LV WKDW ZKHQHYHU WKHUH H[LVWHG ZLWK WKH
+RO\3URSKHWDYHUVHRUD6XUDKSUHYLRXVO\UHYHDOHGLQUHVSHFWRIDSDUWLFXODUTXHVWLRQ
RUPDWWHUDQGODWHUWKHVDPHTXHVWLRQ ZDVSUHVHQWHGEHIRUHKLPIOOODKLQVSLUHGKLLQWR
UHFLWHLOLHVDLQHYHUVHRU6XUDKWRWKHSHRSOHDVLWFRQWDLQHGWKHDQVZHUWRWKHLUTXHVWLRQ
7KHUHSRUWHUVRI+DGLWKGHVFULEHWKHVDPHWKLQJVD\LQJ:KHQVXFKDQGVXFKDTXHVWLRQ
RUPDWWHUZDVSUHVHQWHGEHIRUHWKH+RO\3URSKHWVXFKDQGVXFKDYHUVHRU6XUDKZDV
UHYHDOHG7KLVKDVDOVREHHQGHVFULEHGDVUHSHWLWLRQRIUHYHODWLRQLHWKHUHYHODWLRQRID
YHUVHRU6XUDKVHYHUDOWLPHV
7KXVWKHIDFWLVWKDWWKLV6XUDKLV0DNNLUDWKHULQYLHZRILWVVXEMHFWPDWWHUD6XUDK
UHYHDOHGLQWKHHDUOLHVWSHULRGDW0DNNDKZKHQGHWDLOHGYHUVHVR)WKH4XU
DQGHDOLQJ
ZLWK WKH HVVHQFH DQG DWWULEXWHV RI $OODK $OPLJKW\ KDG QRW \HW EHHQ UHYHDOHG DQG WKH
SHRSOH KHDULQJ WKH +RO\ 3URSKHW
V LQYLWDWLRQ WR $OODK ZDQWHG WR NQRZ ZKDW ZDV KLV
/RUG OLNH WR ZKRVH ZRUVKLS DQG VHUYLFH KH ZDV FDOOLQJ WKHP $QRWKHU SURRI RI WKLV
6XUDK
VEHLQJRQHRIWKHHDUOLHVW6XUDKVWREHUHYHDOHGLVWKDWZKHQLQ0DNNDK8PD\\DK
ELQ.KDODIWKHPDVWHURI+DGUDW%LODOPDGHKLPOLHGRZQRQEXUQLQJVDQGDQGSODFHGD
KHDY\VWRQHRQKLVFKHVW%LODOXVHGWRFU\$KDG$KDG7KLVZRUGZDVGHULYHGIURP
WKLVYHU\6XUDK
7KHPHDQG6XEMHFW0DWWHU

LVODPPHVVDJHFRP 
$ OLWWOH FRQVLGHUDWLRQ RI WKH WUDGLWLRQV UHJDUGLQJ WKH RFFDVLRQ RIWKHUHYHODWLRQRIWKLV
6XUDKVKRZVZKDWZHUH WKHUHOLJLRXVFRQFHSWVRIWKHZRUOGDWWKHWLPHWKH+RO\3URSKHW
EHJDQ WR SUHDFK WKH PHVVDJH RI 7DXKLG 7KH LGRODWURXV SRO\WKHLVWV ZHUH ZRUVKLSSLQJ
JRGV PDGH RI ZRRG VWRQH JROG VLOYHU DQG RWKHU VXEVWDQFHV 7KHVH JRGV KDG D IRUP
VKDSHDQGERG\7KHJRGVDQGJRGGHVVHVZHUHGHVFHQGHGIURPHDFKRWKHU1RJRGGHVV
ZDVZLWKRXWDKXVEDQGDQGQRJRGZLWKRXWDZLIH7KH\VWRRGLQQHHGRIIRRGDQGGULQN
DQGWKHLUGHYRWHHVDUUDQJHGWKHVHIRUWKHP$ODUJHQXPEHURIWKHSRO\WKHLVWVEHOLHYHG
WKDW*RGDVVXPHGKXPDQIRUPDQGWKHUHZHUHVRPHSHRSOHZKRGHVFHQGHGIURP+LP
$OWKRXJKWKH&KULVWLDQVFODLPHGWREHOLHYHLQ2QH*RG\HWWKHLU*RGDOVRKDGDWOHDVWD
VRQ DQG EHVLGHV WKH )DWKHU DQG 6RQ WKH +RO\ *KRVW DOVR KDG WKH KRQRU RI EHLQJ DQ
DVVRFLDWHLQ*RGKHDGVRPXFK VRWKDW*RGKDGDPRWKHUDQGDPRWKHULQODZWRR7KH
-HZVDOVRFODLPHGWREHOLHYHLQ2QH*RGEXWWKHLU*RGWRRZDVQRWZLWKRXWSK\VLFDO
PDWHULDODQGRWKHUKXPDQTXDOLWLHVDQGFKDUDFWHULVWLFV+HZHQWIRUDVWUROODSSHDUHGLQ
KXPDQIRUPZUHVWOHGZLWKDVHUYDQWRI+LVDQGZDVIDWKHURIDVRQ(]UD%HVLGHVWKHVH
UHOLJLRXV FRPPXQLWLHV WKH ]RURDVWULDQV ZHUH ILUH ZRUVKLSSHUV DQG WKH 6DEHDQV VWDU
ZRUVKLSSHUV8QGHUVXFKFRQGLWLRQVZKHQWKHSHRSOHZHUHLQYLWHGWREHOLHYHLQ$OODK
WKH2QH:KRKDVQRDVVRFLDWHLWZDVLQHYLWDEOHWKDWTXHVWLRQVDURVHLQWKHPLQGVDVWR
ZKDW NLQG RI D *RG LW ZDV :KR ZDV RQH DQG 2QO\ /RUG DQG LQYLWDWLRQ WR EHOLHYH LQ
:KRPZDVEHLQJJLYHQDWWKHH[SHQVHRIDOORWKHUJRGVDQGGHLWLHV,WLVDPLUDFOHRIWKH
4XU
DQ WKDW LQ D IHZ ZRUGV EULHIO\ LW DQVZHUHG DOO WKH TXHVWLRQV DQG SUHVHQWHG VXFK D
FOHDU FRQFHSW RI WKH %HLQJ RI $OODK DV GHVWUR\HG DOO SRO\WKHLVWLF FRQFHSWV ZLWKRXW
OHDYLQJDQ\URRPIRUWKHDVFULSWLRQRIDQ\RIWKHKXPDQTXDOLWLHVWR+LV%HLQJ
0HULWDQG,PSRUWDQFH
7KDW LV ZK\ WKH +RO\ 0HVVHQJHU RI $OODK XSRQ ZKRP EH SHDFH  KHOG WKLV 6XUDK LQ
JUHDWHVWHHPDQGKHPDGHWKH0XVOLPVUHDOL]HLWVLPSRUWDQFHLQGLIIHUHQWZD\VVRWKDW
WKH\ UHFLWHG LW IUHTXHQWO\ DQG GLVVHPLQDWHG LW DPRQJ WKH SHRSOH )RU LW VWDWHV WKH
IRUHPRVWDQGIXQGDPHQWDOGRFWULQHRI,VODP YL]7DXKLG LQIRXUVXFKEULHIVHQWHQFHVDV
DUHLPPHGLDWHO\LPSUHVVHGRQKXPDQPHPRU\DQGFDQEHUHDGDQGUHFLWHGHDVLO\7KHUH
DUH D JUHDW QXPEHU RI WKH WUDGLWLRQV RI +DGLWK ZKLFK VKRZ WKDW WKH +RO\ 3URSKHW RQ
GLIIHUHQWRFFDVLRQVDQGLQGLIIHUHQWZD\VWROGWKHSHRSOHWKDWWKLV6XUDKLVHTXLYDOHQWWR
RQH WKLUG WKH 4XU
DQ 6HYHUDO DKDGLWK RQ WKLV VXEMHFW KDYH EHHQ UHODWHG LQ %XNKDUL
0XVOLP $EX 'DXG 1DVDL 7LUPLGKL ,EQ 0DMDK 0XVQDG $KPDG 7DEDUDQL DQG RWKHU
ERRNVRQWKHDXWKRULW\RI$EX6DLG.KXGUL$EX+XUDLUDK$EX$\\XE$QVDDUL$EX
DG'DUGD 0XDGK ELQ -DEDO -DELU ELQ $EGXOODK 8ED\\ ELQ .DE 8PP .XOWKXP ELQW
8TEDKELQ$EL0XDLW,EQ8PDU,EQ0DVXG4DWDGDKELQDQ1XPDQ$QDVELQ0DOLN
DQG$EX0DVXG PD\$OODKEHSOHDVHGZLWKDOORIWKHP 7KHFRPPHQWDWRUVKDYHJLYHQ
PDQ\ H[SODQDWLRQV RI WKH +RO\ 3URSKHW
V WKLV VD\LQJ %XW LQ RXU RSLQLRQ LW VLPSO\
PHDQV WKDW WKH UHOLJLRQ SUHVHQWHG E\ WKH 4XU
DQ LV EDVHG RQ WKUHH GRFWULQHV 7DXKLG
$SRVWOHVKLS DQG WKH +HUHDIWHU 7KLV 6XUDK WHDFKHV 7DXKLG SXUH DQG XQGHILOHG
7KHUHIRUHWKH+RO\3URSKHW XSRQZKRPKH3HDFH UHJDUGHGLWDVHTXDOWRRQHWKLUGRI
WKH4XU
DQ

LVODPPHVVDJHFRP 
$WUDGLWLRQRQWKHDXWKRULW\RI+DGUDW$LVKDKKDVEHHQUHODWHGLQ%XNKDUL0XVOLPDQG
RWKHUFROOHFWLRQVRIWKH$KDGLWKVD\LQJWKDWWKH+RO\3URSKHWVHQWDPDQDVOHDGHURIDQ
H[SHGLWLRQ'XULQJWKHMRXUQH\KHFRQFOXGHGKLVUHFLWDWLRQRIWKH4XU
DQLQHYHU\3UD\HU
ZLWK4XO+XZD$OODKXDKDG2QWKHLUUHWXUQKLPFRPSDQLRQVPHQWLRQHGWKLVEHIRUHWKH
+RO\3URSKHW+H VDLG$VNKLPZK\KHGLGVR:KHQWKHPDQZDVDVNHGKHUHSOLHG
,QWKLV6XUDKWKHDWWULEXWHVRIWKH0HUFLIXO*RGKDYHEHHQVWDWHGWKHUHIRUH,ORYHWR
UHFLWH LW DJDLQ DQG DJDLQ  :KHQ WKH +RO\ 3URSKHW KHDUG WKLV UHSO\ KH VDLG WR WKH
SHRSOH,QIRUP KLPWKDW$OODKKROGVKLPLQJUHDWORYHDQGHVWHHP
$ VLPLODU LQFLGHQW KDV EHHQ UHODWHG LQ %XNKDUL RQ WKH DXWKRULW\ RI +DGUDW $QDV +H
VD\V$PDQIURPDPRQJWKH$QVDDUOHGWKH3UD\HUVLQWKH4XED0RVTXH+LVSUDFWLFH
ZDVWKDWLQHYHU\UDNDKKHILUVWUHFLWHGWKLV6XUDKDQGWKHQZRXOGMRLQDQRWKHU6XUDKWR
LW7KHSHRSOHREMHFWHGWRLWDQGVDLGWRKLP'RQ
W\RXWKLQNWKDW6XUDK,NKODVLVE\
LWVHOWHQRXJK":K\GR\RXMRLQDQRWKHU6XUDKWRLW"<RXVKRXOGHLWKHUUHFLWHRQO\WKLV
VXUDK RU VKRXOG OHDYH LW DQG UHFLWH VRPH RWKHU 6XUDK +H VDLG , FDQQRW OHDYH LW ,
ZRXOG UDWKHU JLYH XS OHDGHUVKLS LQ WKH 3UD\HU LI \RX VR GHVLUHG 7KH SHRSOH GLG QRW
DSSURYH WKDW DQRWKHU PDQ EH DSSRLQWHG OHDGHU LQVWHDG RI KLP $W ODVW WKH PDWWHU ZDV
EURXJKW EHIRUH WKH +RO\ 3URSKHW +H DVNHG WKH PDQ :KDW SUHYHQWV \RX IURP
FRQFHGLQJZKDW\RXUFRPSDQLRQVGHVLUH":KDWPDNHV\RXUHFLWHWKLVSDUWLFXODU6XUDKLQ
HYHU\UDNDK"7KHPDQUHSOLHG,KDYHJUHDWORYHIRULW7KH+RO\3URSKHWUHPDUNHG
<RXUWKLVORYHIRUWKLV6XUDKKDV HDUQHG\RXHQWU\LQWR3DUDGLVH

)DODT
1DPH
$OWKRXJK WKHVH WZR 6XUDKV RI WKH 4XU
DQ DUH VHSDUDWH HQWLWLHV DQG DUH ZULWWHQ LQ WKH
0XVKDI DOVR XQGHU VHSDUDWH QDPHV \HW WKH\ DUH VR GHHSO\ UHODWHG PXWXDOO\ DQG WKHLU
FRQWHQWVVRFORVHO\UHVHPEOHHDFKRWKHU
VWKDWWKH\KDYHEHHQGHVLJQDWHGE\DFRPPRQ
QDPH 0X
DZZLGKDWD\Q WKH WZR 6XUDKV LQ ZKLFK UHIXJH ZLWK $OODK KDV EHHQ VRXJKW 
,PDP %DLKDTL LQ 'DOD
LO DQ1XEXZZDW KDV ZULWWHQ WKDW WKHVH 6XUDKV ZHUH UHYHDOHG
WRJHWKHUWKDWLVZK\WKHFRPELQHGQDPHRIERWKLV0X
DZZLGKDWD\Q:HDUHZULWLQJWKH
VDPHRQH,QWURGXFWLRQWRERWKIRUWKH\GLVFXVVDQGGHDOZLWKMXVWWKHVDPHPDWWHUVDQG
WRSLFV+RZHYHUWKH\ZLOOEHH[SODLQHGDQGFRPPHQWHGRQVHSDUDWHO\EHORZ
3HULRGRI5HYHODWLRQ
+DGUDW+DVDQ%DVUL
,NULPDK
$WD
DQG-DELUELQ=DLGVD\WKDWWKHVH6XUDKVDUH0DNNL
$ WUDGLWLRQ IURP +DGUDW
$EGXOODK ELQ
$EEDV DOVR VXSSRUWV WKH VDPH YLHZ +RZHYHU
DFFRUGLQJWRDQRWKHUWUDGLWLRQIURPKLPLWLV0DGDQLDQGWKHVDPHYLHZLVKHOGDOVRE\
+DGUDW
$EGXOODKELQ=XEDLU DQG4DWDGDK2QHRIWKHWUDGLWLRQVZKLFKVWUHQJWKHQVWKLV
VHFRQG YLHZ LV WKH +DGLWK ZKLFK 0XVOLP 7LUPLGKL 1DVD
L DQG ,PDP $KPDG ELQ
+DQEDOKDYHUHODWHGRQWKHDXWKRULW\RI+DGUDW
8TEDKELQ
$PLU+HVD\VWKDWWKH+RO\
3URSKHW XSRQZKRPEHSHDFK RQHGD\VDLGWRKLP'R\RXNQRZZKDWNLQGRIYHUVHV
KDYHEHHQUHYHDOHGWRPHWRQLJKW" WKHVHPDWFKOHVVYHUVHVDUH$
XGKXEL5DEELOIDODT
DQG$
XGKXEL5DEELQQDV7KLV+DGLWKLVXVHGDVDQDUJXPHQWIRU WKHVH6XUDKVWREH
0DGDQL EHFDXVH +DGUDW
8TEDKELQ
$PLUKDGEHFRPHD0XVOLPLQ0DGLQDKDIWHUWKH
LVODPPHVVDJHFRP 
KLMUDK DV UHODWHG E\ $EX 'D
XG DQG 1DVD
L RQ WKH EDVLV RI KLV RZQ VWDWHPHQW 2WKHU
WUDGLWLRQVZKLFKKDYHOHQWVWUHQJWKWRWKLVYLHZDUHWKRVHUHODWHGE\,EQ6D
G0XKL\\
XV6XQQDK %DJKDZL ,PDP 1DVDIL ,PDP %DLKDTL +DIL] ,EQ +DMDU +DIL] %DGUXGGLQ

$\QL
$EGELQ+XPDLGDQGRWKHUVWRWKHHIIHFWWKDWWKHVH6XUDKVZHUHUHYHDOHGZKHQ
WKH-HZVKDGZRUNHGPDJLFRQWKH+RO\3URSKHW XSRQZKRPEHSHDFH LQ0DGLQDKDQG
KHKDGIDOOHQLOOXQGHULWVHIIHFW,EQ6D
GKDVUHODWHGRQWKHDXWKRULW\RI:DTLGLWKDWWKLV
KDSSHQHG LQ $+  2Q WKLV YHU\ EDVLV 6XI\DQ ELQ 8\DLQDK DOVR KDV GHVFULEHG WKHVH
6XUDKDV0DGDQL
%XWDVZHKDYHH[SODLQHGLQWKH,QWURGXFWLRQWR6XUDK$O,NKODVZKHQLWLVVDLGDERXWD
FHUWDLQ6XUDKRUYHUVHWKDWLWZDVUHYHDOHGRQWKLVRUWKDWSDUWLFXODURFFDVLRQLWGRHVQRW
QHFHVVDULO\PHDQWKDWLWZDVUHYHDOHGIRUWKHILUVWWLPHRQWKDWYHU\RFFDVLRQ5DWKHULW
VRPHWLPHVVRKDSSHQHGWKDWD6XUDKRUDYHUVHKDGSUHYLRXVO\EHHQUHYHDOHGWKHQRQ
WKH RFFXUUHQFH RU DSSHDUDQFH RI D SDUWLFXODU LQFLGHQW RU VLWXDWLRQ WKH +RO\ 3URSKHW
V
DWWHQWLRQZDVGUDZQWRLWE\$OODKIRUWKHVHFRQGWLPHRUHYHQDJDLQDQGDJDLQ,QRXU
RSLQLRQ WKH VDPH DOVR ZDV WKH FDVH ZLWK WKH 0X
DZZLGKDWD\Q 7KH VXEMHFW PDWWHU RI
WKHVH6XUDKVLVH[SOLFLWWKDWWKHVHZHUHVHQWGRZQDW0DNNDKLQWKHILUVWLQVWDQFHZKHQ
RSSRVLWLRQWRWKH+RO\3URSKHWWKHUHKDGJURZQYHU\LQWHQVH/DWHUZKHQDW0DGLQDK
VWRUPV RI RSSSRVLWLRQ ZHUH UDLVHG E\ WKH K\SURFULWHV -HZV DQG SRO\WKHLVWV WKH +RO\
3URSKHWZDVLQVWUXFWHGWRUHFLWHWKHVHYHU\6XUDKVDVKDVEHHQPHQWLRQHGLQWKHDERYH
FLWHG WUDGLWLRQ IURP +DGUDW 8TEDK ELQ $PLU $IWHU WKLV ZKHQ PDJLF ZDV ZRUNHG RQ
KLPDQGKLVLOOQHVVJUHZLQWHQVH*DEULHOFDPHDQGLQVWUXFWHGKLPE\$OODK
VFRPPDQG
WR UHFLWH WKHVH YHU\ 6XUDKV 7KHUHIRUH LQ RXU RSLQLRQ WKH YLHZ KHOG E\ WKH
FRPPHQWDWRUV ZKR GHVFULEH ERWK WKHVH 6XUDKV DV 0DNNL LV PRUH UHOLDEOH 5HJDUGLQJ
WKHPDVFRQQHFWHGH[FOXVLYHO\ZLWKWKHLQFLGHQWRIPDJLFLVGLIILFXOWIRUWRWKLVLQFLGHQW
UHODWHGRQO\RQHYHUVH Y WKHUHPDLQLQJYHUVHVRI6XUDKDO)DODTDQGWKHZKROHRI
6XUDK$Q1DVKDYHQRWKLQJWRGRZLWKLWGLUHFWO\
7KHPHDQG6XEMHFW0DWWHU
7KH FRQGLWLRQV XQGHU ZKLFK WKHVH WZR 6XUDKV ZHUH VHQW GRZQ LQ 0DNNDK ZHUH DV
IROORZV $V VRRQ DV WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  EHJDQ WR SUHDFK WKH
PHVVDJHRI,VODPLWVHHPHGDVWKRXJKKHKDGSURYRNHGDOOFODVVHVRIWKHSHRSOHDURXQG
KLP $V KLV PHVVDJH VSUHDG WKH RSSRVLWLRQ RI WKH GLVEHOLHYLQJ 4XUDLVK DOVR EHFDPH
PRUHDQGPRUHLQWHQVH$VORQJDVWKH\KDGDQ\KRSHWKDWWKH\ZRXOGEHDEOHWRSUHYHQW
KLP IURP SUHDFKLQJ KLV PHVVDJH E\ WKURZLQJ VRPH WHPSWDWLRQ LQ KLV ZD\ RU VWULNLQJ
VRPHEDUJDLQZLWKKLPWKHLUKRVWLOLW\GLGQRWEHFRPHYHU\DFWLYH%XWZKHQWKH+RO\
3URSKHWGLVDSSRLQWHGWKHPFRPSOHWHO\WKDWKHZRXOGQRWHIIHFWDQ\NLQGRIFRPSURPLVH
ZLWKWKHPLQWKHPDWWHURIIDLWKDQGLQ6XUDK$O.DILUXQWKH\ZHUHSODLQO\WROG,GR
QRWZRUVKLSWKRVHZKR\RXZRUVKLSQRUDUH\RXZRUVKLSSHUVRI+,P:KRP,ZRUVKLS
)RU\RXLV\RXUUHOLJLRQDQGIRUPHLVPLQHWKHKRVWLOLW\WRXFKHGLWVH[WUHPHOLPLWV
0RUH SDUWLFXODUO\ WKH IDPLOLHV ZKRVH PHPEHUV PHQ RU ZRPHQ ER\V RU JLUOV  KDG
DFFHSWHG ,VODP ZHUH EXUQLQJ ZLWK UDJH IURP ZLWKLQ DJDLQVW WKH +RO\ 3URSKHW 7KH\
ZHUH FXUVLQJ KLP KROGLQJ VHFUHW FRQVXOWDWLRQV WR NLOO KLP TXLHWO\ LQ WKH GDUN RI WKH
QLJKWVRWKDWWKH%DQL+DVKLPFRXOGQRWGLVFRYHUWKHPXUGHUHUDQGWDNHUHYHQJHPDJLF
LVODPPHVVDJHFRP 
DQGFKDUPVZHUHEHLQJZRUNHGRQKLPVRDVWRFDXVHKLVGHDWKRUPDNHKLPIDOOLOORU
EHFRPH PDG VDWDQV IURP DPRQJ WKH PHQ DQG WKH MLQQ VSUHDG RQ HYHU\ VLGH VR DV WR
ZKLVSHU RQH RU DQRWKHU HYLO LQWR WKH KHDUWV RI WKH SHRSOH DJDLQVW KLP DQG WKH 4XU
DQ
EURXJKWE\KLPVRWKDWWKH\EHFDPHVXVSLFLRXVRIKLPDQGIOHGKLP
7KHUH ZHUH PDQ\ SHRSOH ZKR ZHUH EXUQLQJ ZLWK MHDORXV\ DJDLQVW KLP IRU WKH\FRXOG
QRWWROHUDWHWKDWDPDQIURPDQRWKHUIDPLO\RUFODQWKDQWKHLURZQVKRXOGIORXULVKDQG
EHFRPHSURPLQHQW)RULQVWDQFHWKHUHDVRQZK\$EX-DKOZDVFURVVLQJHYHU\OLPLWLQ
KLVKRVWLOLW\WRKLPKDVEHHQH[SODLQHGE\KLPVHOI:HDQGWKH%DQL$EGL0DQDI WR
ZKLFKWKH+RO\3URSKHWEHORQJHG ZHUHULYDOVRIHDFKRWKHUWKH\IHGRWKHUVZHWRRIHG
RWKHUV WKH\ SURYLGHG FRQYH\DQFHV WR WKH SHRSOH ZH WRR GLG WKH VDPH WKH\ JDYH
GRQDWLRQV ZH WRR JDYH GRQDWLRQV VR PXFK VR WKDW ZKHQ WKH\ DQG ZH KDYH EHFRPH
HTXDOLQKRQRUDQGQRELOLW\WKH\QRZSURFODLPWKDWWKH\KDYHD3URSKHWZKRLVLQVSLUHG
IURPWKHKHDYHQKRZFDQZHFRPSHWHZLWKWKHPLQWKLVILHOG"%\*RGZHZLOOQHYHU
DFNQRZOHGJHKLPQRUDIILUPIDLWKLQKLP ,EQ+LVKDPYRO,SS 
6XFK ZHUH WKH FRQGLWLRQV ZKHQ WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  ZDV
FRPPDQGHGWRWHOOWKHSHRSOH,VHHNUHIXJHZLWKWKH/RUGRIWKHGDZQIURPWKHHYLORI
HYHU\WKLQJWKDW+HKDVFUHDWHGDQGIURPWKHHYLORIWKHGDUNQHVVRIQLJKWDQGIURPWKH
HYLORIPDJLFLDQVPHQDQGZRPHQDQGIURPWKHHYLORIWKHHQYLRXVDQGWRWHOOWKHP
, VHHN UHIXJH ZLWK WKH /RUG RI PDQNLQG WKH .LQJ RI PDQNLQG DQG WKH 'HLW\ RI
PDQNLQGIURPWKHHYLORIWKHZKLVSHUHUZKRUHWXUQVRYHUDQGRYHUDJDLQZKRZKLVSHUV
HYLO  LQWR WKH KHDUWV RI PHQ ZKHWKHU KH EH IURP DPRQJ WKH MLQQ RU PHQ  7KLV LV
VLPLODUWRZKDWWKH3URSKHW0RVHVKDGEHHQWROGWRVD\ZKHQ3KDUDRKKDGH[SUHVVHGKLV
GHVLJQ EHIRUH KLV IXOO FRXUW WR NLOO KLP , KDYH WDNHQ UHIXJH ZLWK P\ /RUG DQG \RXU
/RUG DJDLQVW HYHU\ DUURJDQW SHUVRQ ZKR GRHV QRW EHOLHYH LQ WKH 'D\ RI 5HFNRQLQJ 
$O0X
PLQ   $QG , KDYH WDNHQ UHIXJH ZLWK P\ /RUG DQG \RXU /RUG OHVW \RX
VKRXOGDVVDLOPH $G'XNKDQ 
2Q ERWK RFFDVLRQV WKHVH LOOXVWULRXV 3URSKHWV RI $OODK ZHUH FRQIURQWHG ZLWK ZHOO
HTXLSSHGUHVRXUFHIXODQGSRZHUIXOHQHPLHV2QERWKRFFDVLRQVWKH\VWRRGILUPRQWKHLU
PHVVDJHRI7UXWKDJDLQVWWKHLUVWURQJRSSRQHQHWVZKHUHDVWKH\KDGQRPDWHULDOSRZHU
RQ WKH VWUHQJWK RI ZKLFK WKH\ FRXOG ILJKW WKHP DQG RQ ERWK RFFDVLRQV WKH\ XWWHUO\
GLVUHJDUGHGWKHWKUHDWVDQGGDQJHURXVSODQVDQGKRVWLOHGHYLFHVRIWKHHQHP\VD\LQJ
:H KDYH WDNHQ UHIXJH ZLWK WKH /RUG RI WKH XQLYHUVH DJDLQVW \RX  2EYLRXVO\ VXFK
ILUPQHVVDQGVWHDGIDVWQHVVFDQEHVKRZQRQO\E\WKHSHUVRQZKRKDVWKHFRQYLFWLRQWKDW
WKH SRZHU RI +LV /RUG LV WKH VXSUHPH SRZHU WKDW DOO SRZHUV RI WKH ZRUOG DUH
LQVLJQLILFDQWDJDLQVW+LPDQGWKDWQRRQHFDQKDUPWKHRQHZKRKDVWDNHQ+LVUHIXJH
2QO\ VXFK D RQH FDQ VD\ , ZLOO QRW JLYH XS SUHDFKLQJ WKH :RUGRI7UXWK,FDUHWKH
OHDVWIRUZKDW\RXPD\VD\RUGRIRU,KDYHWDNHQUHIXJHZLWKP\/RUGDQG\RXU/RUG
DQG/RUGRIDOOXQLYHUVH
4XHVWLRQZKHWKHU0X
DZZLGKDWD\QDUHRUDUHQRW4XUDQLF
7KHDERYHGLVFXVVLRQLVHQRXJKWRKHOSRQHXQGHUVWDQGIXOO\WKHWKHPHDQGFRQWHQWRI
WKH WZR 6XUDKV EXW VLQFH WKUHH SRLQWV LQ WKH ERRNV RI +DGLWK DQG FRPPHQWDU\

LVODPPHVVDJHFRP 
FRQFHUQLQJWKHVH6XUDKVKDYHEHHQGLVFXVVHGZKLFKDUHOLNHO\WRFUHDWHGRXEWVLQWKH
PLQGVLWLVQHFHVVDU\WRFOHDUWKHPDOVRKHUH
)LUVWZKHWKHULWLVDEVROXWHO\HVWDEOLVKHGWKDW WKHVHWZR6XUDKVDUHWKH4XU
DQLF6XUDKV
RU ZKHWKHU WKHUH LV VRPH GRXEW LQ WKLV UHJDUG 7KLV TXHVWLRQ DURVH EHFDXVH LQ WKH
WUDGLWLRQVUHODWHGIURPDQLOOXVWULRXV&RPSDQLRQOLNH+DGUDW$EGXOODKELQ0DV
XGLWKDV
EHHQVDLGWKDWKHGLGQRWUHJDUGWKHVHWZR 6XUDKVDVWKH6XUDKVRIWKH4XU
DQDQGKDG
HOLPLQDWHG WKHVH IURP KLV FRS\ RI WKH 0XVKDI ,PDP $KPDG %D]]DDU 7DEDUDQL ,EQ
0DUGX\DK $EX <DCOD $EGXOODK ELQ $KPDG ELQ +DQEDO +XPD\GL $EX 1X
DLP ,EQ
+LEEDQDQGRWKHUWUDGLWLRQLVWVKDYHUHODWHGWKLVIURP+DGUDW$EGXOODKELQ0DV
XGZLWK
GLIIHUHQW FKDLQV RI WUDQVPLWWHUV DQG PRVWO\ RQ VRXQG DXWKRULW\ $FFRUGLQJ WR WKHVH
WUDGLWLRQV KH QRW RQO\ HOLPLQDWHG WKHVH 6XUDKV IURP WKH 0XVKDI EXW LW KDV DOVR EHHQ
UHSRUWHGWKDWKHXVHGWRVD\'RQRWPL[XSZLWKWKH4XU
DQWKDWZKLFKLVQRWRIWKH
4XU
DQ 7KHVH WZR 6XUDKV DUH QRW LQFOXGHG LQ WKH 4XU
DQ 7KLV ZDV RQO\ D FRPPDQG
HQMRLQHG RQ WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  IRU VHHNLQJ *RG
V UHIXJH  ,Q
VRPH WUDGLWLRQV WKHUH LV DOVR WKH DGGLWLRQ WKDW KH GLG QRW UHFLWH WKHVH 6XUDKV LQ WKH
3UD\HU
2Q WKH EDVLV RI WKHVH WUDGLWLRQV WKH RSSRQHQWV RI ,VODP KDG DQ RSSRUWXQLW\ WR UDLVH
GRXEWVDERXWWKH4XU
DQVD\LQJWKDWWKLV%RRN*RGIRUELGLVQRWIUHHIURPFRUUXSWLRQ
)RUZKHQDFFRUGLQJWRD&RPSDQLRQRIWKHUDQNRI+DGUDW$EGXOODKELQ0DV
XGWKHVH
WZR6XUDKVDUHDQDQQH[DWLRQWRWKH4XU
DQPDQ\RWKHUDGGLWLRQVDQGVXEWUDFWLRQVDOVR
PLJKW KDYH EHHQ PDGH LQ LW 7R ULG WKH 4XU
DQ RI WKLV EODPH 4DGL $EX %DNU $O
%DTLOODQL4DGL,\DGDQGRWKHUVWRRNWKHVWDQGWKDW,EQ0DV
XGZDVQRWLQIDFWDGHQLHU
RI WKH 0X
DZZLGKDWD\Q EHLQJ 4XU
DQLF EXW RQO\ UHIXVHG WR ZULWH WKHP LQ WKH 0XVKDI
)RU DFFRUGLQJ WR KLP RQO\ WKDW ZKLFK WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  KDG
DOORZHG VKRXOG EH ZULWWHQ LQ WKH 0XVKDI DQG ,EQ 0DV
XG GLG QRW UHFHLYH WKH
LQIRUPDWLRQ WKDW WKH +RO\ 3URSKHW KDG DOORZHG WKLV %XW WKLV VWDQG LV QRW FRUUHFW IRU
DFFRUGLQJ WR VRXQG HYLGHQFH LW LV FRQILUPHG WKDW ,EQ 0DV
XG PD\ $OODK EH SOHDVHG
ZLWK KLP  KDG GHQLHG WKDW WKHVH ZHUH 6XUDKV RI WKH 4XU
DQ 6RPH RWKHU VFKRODUV IRU
LQVWDQFH,PDP1DZDZL,PDP,EQ+D]PDQG,PDP)DNKUXGGLQJ5D]LUHJDUGWKLVDVD
SXUH OLH DQG IDOVHKRRG WKDW ,EQ 0DV
XG KDG DVVHUWHG DQ\ VXFK WKLQJ %XW WR UHMHFW
JHQXLQHKLVWRULFDOIDFWVZLWKRXWVRXQGHYLGHQFHLVXQVFLHQWLILF
1RZWKHTXHVWLRQLV+RZFDQWKHEODPHWKDWDWWDFKHVWRWKH4XU
DQEHFDXVHRIWKHVH
WUDGLWLRQVRI,EQ0DV
XGFRUUHFWO\UHIXWHG"7KLVTXHVWLRQKDVVHYHUDODQVZHUVZKLFKZH
VKDOOJLYHEHORZLQVHTXHQFH
  +DIL] %D]]DDU DIWHU UHODWLQJ WKHVH WUDGLWLRQV RI ,EQ 0DV
XG LQ KLV 0XVQDG KDV
ZULWWHQ WKDW KH LV VROLWDU\ DQG LVRODWHG LQ KLV WKLV RSLQLRQ QR RQH IURP DPRQJ WKH
&RPSDQLRQVKDVVXSSRUWHGWKLVYLHZ
  7KH FRSLHV RI WKH 4XU
DQ ZKLFK WKH WKLUG &DOLSK +DGUDW 8WKPDQ PD\ $OODK EH
SOHDVHGZLWKKLP KDGJRWFRPSLOHGE\WKHFRQVHQVXVRIWKH&RPSDQLRQVDQGZKLFKKH
KDG VHQW IURP WKH ,VODPLF &ODLSKDWH RIILFLDOO\ WR WKH FHQWUHV RI WKH ZRUOG RI ,VODP
FRQWDLQHGERWKWKHVH6XUDKV

LVODPPHVVDJHFRP 
 7KH0XVKDIZKLFKVLQFHWKHVDFUHGWLPHRIWKH+RO\3URSKHW XSRQZKRPEHSHDFH 
WLOO WRGD\ KDV WKH VHDO RI FRQVHQVXV RI WKH HQWLUH ZRUOG RI ,VODP FRQWDLQV ERWK WKHVH
6XUDKV7KHVROLWDU\RSLQLRQRIRQO\$EGXOODKELQ0DV
XGLQVSLWHRIKLVKLJKUDQNKDV
QRZHLJKWDJDLQVWWKLVJUHDWFRQVHQVXV
 ,WLVFRQILUPHGE\VRXQGDQGUHOLDEOHDKDGLWKIURPWKH+RO\3URSKHW XSRQZKRPEH
SHDFH WKDWKHQRWRQO\UHFLWHGWKHVH6XUDKVLQWKH3UD\HUKLPVHOIEXWLQVWUXFWHGRWKHUV
DOVRWRUHFLWHWKHPDQGWDXJKWWKHPWRWKHSHRSOHDVWKH6XUDKVRIWKH4XU
DQ&RQVLGHU
IRULQVWDQFHWKHIROORZLQJDKDGLWK
:HKDYHFLWHGRQWKHDXWKRULW\RI0XVOLP$KPDG7LUPLGKLDQG1DVDLWKHWUDGLWLRQRI
+DGUDW8TEDKELQ$PLUWKDWWKH+RO\3URSKHWWROGKLPDERXW6XUDK$O)DODTDQG6XUDK
$Q1DV VD\LQJ WKDW WKRVH YHUVHV KDG EHHQ UHYHDOHG WR KLP WKDW QLJKW $ WUDGLWLRQ LQ
1DVDLIURP8TEDKELQ$PLULVWRWKHHIIHFWWKDWWKH+RO\3URSKHW XSRQZKRPEHSHDFH 
UHFLWHGERWKWKHVH6XUDKVLQWKH0RUQLQJ3UD\HU,PDP$KPDGRQVRXQGDXWKRULW\KDV
UHODWHGLQKLV0XVQDGWKHWUDGLWLRQIURPD&RPSDQLRQWKDWWKH+RO\3URSKHWVDLGWRKLP
:KHQ\RXSHUIRUPWKH3UD\HUUHFLWHERWKWKHVH6XUDKVLQLW
,Q 0XVQDG $KPDG $EX 'DXG DQG 1DVDL WKLV WUDGLWLRQ RI 8TEDK ELQ $PLU KDV EHHQ
UHODWHG7KH+RO\3URSKHWVDLGWRKLP6KRXOG,QRWWHDFK\RXWZRVXFK6XUDKVDVDUH
DPRQJ WKH EHVW 6XUDKV WKDW WKH SHRSOH UHFLWH" +HVDLG'RWHDFKPH20HVVHQJHURI
$OODK 7KHUHXSRQ WKH +RO\ 3URSKHW WDXJKW KLP WKH 0X
DZZLGKDWD\Q 7KHQ WKH 3UD\HU
EHJDQDQGWKH+RO\3URSKHWUHFLWHGWKHVDPHWZR6XUDKVLQLWDOVRDQGZKHQDIWHUWKH
3UD\HUWKH+RO\3URSKHWSDVVHGE\KLPKH VDLGWRKLP
28TEDKKRZGLG\RXOLNHLW"

7KHQKHLQVWUXFWHGKLPWRWKHHIIHFW:KHQ\RXJRWREHGDQGZKHQ\RXJHWXSIURP
EHGUHFLWHWKHVH6XUDKV
,Q0XVQDG$KPDG$EX'D
XG7LUPLGKLDQG1DVD
LWKHUHLVDWUDGLWLRQIURP8TEDKELQ
$PLUVD\LQJWKDWWKH+RO\3URSKHWH[KRUWHGKLPWRUHFLWHWKH0X
DZZLGKDW LH4XO
+XZD$OODKXDKDGDQGWKH0X
DZZLGKDWD\Q DIWHUHYHU\3UD\HU1DVDL,EQ0DUGX\DK
DQG +DDNLP KDYH UHODWHG WKLV WUDGLWLRQ DOVR IURP 8TEDK ELQ $PLU 2QFH WKH +RO\
3URSKHWZDVULGLQJRQDFRQYH\DQFHDQG,ZDVZDONLQJDORQJZLWKKLPZLWKP\KDQG
SODFHG RQ KLV VDFUHG IRRW , VDLG .LQGO\ WHDFK PH 6XUDK +XG RU 6XUDK <XVXI +H
UHSOLHG,QWKHVLJKWRI$OODKWKHUHLVQRWKLQJPRUHEHQHILFLDOIRUWKHVHUYDQWWKDQ4XO
D
XGKXEL5DEELOIDODT$WUDGLWLRQIURP$EGXOODKELQ$ELGDO-XKDQLKDVEHHQUHODWHG
E\ 1DVDL %DLKDTL DQG ,EQ 6DG VD\LQJ WKDW WKH +RO\ 3URSKHW VDLG WR KLP ,EQ $ELG
VKRXOG,QRWWHOO\RXZKDWDUHWKHEHVWWKLQJVRXWRIWKHPHDQVE\ZKLFKWKHVHHNHUVRI
UHIXJHKDYHVRXJKWUHIXJHZLWK$OODK",VXEPLWWHG'RWHDFKPH20HVVHQJHURI$OODK
+H UHSOLHG 4XO D
XGKX EL5DEELOIDODT DQG 4XO DXGKX EL 5DEELQQDV  ERWK WKHVH
6XUDKV,EQ0DUGX\DKKDGUHODWHGIURP+DGUDW8PP6DODPDK7KH6XUDKVEHVWOLNHG
E\$OODKDUH4XOD
XGKXEL5DEELOIDODTDQG4XOD
XGKXEL5DEELQQDV
+HUH WKH TXHVWLRQ DULVHV ZKDW FDXVHG +DGUDW $EGXOODK ELQ 0DV
XG WKH
PLVXQGHUVWDQGLQJWKDWWKHVHWZRDUHQRW6XUDKVRIWKH4XU
DQ":HJHWWKHDQVZHUWRLW
ZKHQ ZH FRPELQH WZR WUDGLWLRQV ILUVW WKDW +DGUDW $EGXOODK ELQ 0DV
XG DVVHUWHG WKDW
WKLVZDVRQO\DFRPPDQGZKLFKWKH+RO\3URSKHW XSRQZKRPEHSHDFH ZDVJLYHQWR
WHDFKKLPWKHPHWKRGRIVHHNLQJUHIXJHZLWK$OODKVHFRQGWKHWUDGLWLRQZKLFK,PDP
LVODPPHVVDJHFRP 
%XNKDUL KDV UHODWHG LQ KLV 6DKLK ,PDP $KPDG LQ KLV 0XVQDG +DIL] $EX %DNU DO
+XPDLGLLQKLV0XVQDG$EX1X
DLPLQKLV$O0XVWDNKUDMDQG1DVDLLQKLV6XQDQZLWK
GLIIHUHQW FKDLQV RI WUDQVPLWWHUV RQ WKH DXWKRULW\ RI =LUU ELQ +XEDLVK ZLWK D VOLJKW
YDULDWLRQ LQ ZRUGLQJ IURP +DGUDW 8ED\\ ELQ .DE ZKR KHOG D GLVWLQJXLVKHG SODFH
DPRQJWKH&RPSDQLRQVRQWKHEDVLVRIKLVNQRZOHGJHRIWKH4XU
DQ
=LUU ELQ +XEDLVK VWDWHV,VDLGWR+DGUDW8ED\\<RXUEURWKHU$EGXOODKELQ0DV
XG
VD\V WKHVH WKLQJV :KDW GR\RXVD\DERXWWKLVYLHZ"+HUHSOLHG,KDGTXHVWLRQHGWKH
+RO\3URSKHW XSRQZKRPEHSHDFH DERXWWKLV+HVDLGWRPH,ZDVWROGWRVD\
TXO
VR
,VDLG
TXO
7KHUHIRUHZHWRRVD\WKHVDPHDVWKH+RO\3URSKHWVDLG,QWKHWUDGLWLRQ
UHODWHGE\,PDP$KPDG+DGUDW8ED\\
VZRUGVDUHWRWKHHIIHFW,EHDUZLWQHVVWKDWWKH
+RO\3URSKHW XSRQZKRPEHSHDFH  WROGPHWKDW*DEULHO SHDFHEHRQKLP KDGWROG
KLPWRVD\4XOD
XGKXEL5DEELOIDODTWKHUHIRUHKHUHFLWHGOLNHZLVHDQG*DEULHODVNHG
KLPWRVD\4XOD
XGKXEL5DEELQQDVWKHUHIRUHKHWRRVDLGOLNHZLVH+HQFHZHWRRVD\
DVWKH+RO\3URSKHWVDLG
$OLWWOHFRQVLGHUDWLRQRIWKHVHWZRWUDGLWLRQVZLOOVKRZWKDWWKHZRUGTXO VD\ LQWKHWZR
6XUDKVFDXVHG+DGUDW$EGXOODKELQ0DV
XGWKHPLVXQGHUVWDQGLQJWKDWWKH+RO\3URSKHW
XSRQZKRPEHSHDFH KDGEHHQFRPPDQGHGWRVD\$
XGKXEL5DEELOIDODTDQG$
XGKX
EL5DEELQQDV%XWKHGLGQRWIHHODQ\QHHGWRTXHVWLRQWKH+RO\3URSKHWDERXWLW,QWKH
PLQGRI+DGUDW8EED\ELQ.DEDOVRDTXHVWLRQDURVHDERXWKLVDQGKHSXWLWEHIRUHWKH
+RO\3URSKHW7KH+RO\3URSKHWUHSOLHG6LQFH*DEULHO SHDFHEHRQKLP KDGVDLGTXO
VR,WRRVD\TXO
/HWXVSXWLWOLNHWKLV,IVRPHERG\LVFRPPDQGHGDQGDVNHG6D\,VHHNUHIXJHKH
ZLOOQRWFDUU\RXWWKHFRPPDQGVD\LQJ6D\,VHHNUHIXJHEXWKHZLOOGURSWKHZRUN
VD\DQGVD\,VHHNUHIXJH2QWKHFRQWUDU\LIWKHPHVVHQJHURIDVXSHULRURIILFHU
FRQYH\V WR VRPHERG\ WKH PHVVDJH LQ WKHVH ZRUGV 6D\ , VHHN UHIXJH DQG WKLV
FRPPDQGLVJLYHQWRKLPQRWRQO\IRUKLVRZQSHUVRQEXWWREHFRQYH\HGWRRWKHUVKH
ZLOO FRQYH\ WKH ZRUGV RI WKH PHVVDJH YHUEDWXP WR WKH SHRSOH DQG ZLOO QRW KDYH WKH
SHUPLVVLRQWRGURSDQ\WKLQJIURPWKHWH[WRIWKHPHVVDJH
7KXVWKHIDFWWKDWWKHVHWZR6XUDKVEHJLQZLWKWKHZRUGTXOLVDFOHDUSURRIWKDWLWLV
'LYLQH :RUG ZKLFK WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  ZDV ERXQG WR FRQYH\
YHUEDWXP,WZDVQRWPHUHO\DFRPPDQGJLYHQWRKLPIRUKLVSHUVRQ
%HVLGHVWKHVHWZR6XUDKVWKHUHDUHRWKHUYHUVHVLQWKH4XU
DQZKLFKEHJLQZLWKWKH
ZRUGTXO VD\ 7KHSUHVHQFHRITXOLQDOOWKHVHLVDSURRIWKDWLWLV'LYLQH :RUGZKLFK
ZDVREOLJDWRU\IRUWKH+RO\3URSKHWWRFRQYH\YHUEDWXPRWKHUZLVHLITXOHYHU\ZKHUH
KDG PHDQW D FRPPDQG WKH +RO\ 3URSKHW ZRXOG KDYH GURSSHG LW DQG VDLG RQO\ WKDW
ZKLFKKHZDVFRPPDQGHGWRVD\DQGLWZRXOGQRWKDYHEHHQUHFRUGHGLQWKH4XU
DQ
EXW RQ WKH FRQWUDU\ KH ZRXOG KDYH UHPDLQHG FRQWHQW ZLWK VD\LQJ RQO\ ZKDW KH ZDV
FRPPDQGHGWRVD\
+HUH LI RQH FRQVLGHUV WKLV RQH FDQ XQGHUVWDQG IXOO\ ZHOO KRZ XQUHDVRQDEOH LW LV WR
UHJDUG WKH &RPSDQLRQV DV LQIDOOLEOH DQG WR PDNH WKH FODPRXU WKDW D &RPSDQLRQ KDV
EHHQGHIDPHGDVVRRQDVRQHKHDUVDVD\LQJRUGRLQJRIKLVEHLQJGHVFULEHGDVZURQJ
+HUH RQH FDQ FOHDUO\ VHH ZKDW D EOXQGHU KDSSHQHG WR EH FRPPLWWHG E\ DQ LOOXVWULRXV
LVODPPHVVDJHFRP 
&RPSDQLRQOLNH+DGUDW$EGXOODKELQ0DV
XGDERXWWZR6XUDKVRIWKH4XU
DQ,IVXFKDQ
HUURU FRXOG EH FRPPLWWHG E\ DQ HPLQHQHW &RPSDQLRQ OLNH KLP RWKHUV DOVR PLJKW
FRPPLWDQHUURU:HFDQH[DPLQHLWLQWKHVFLHQWLILFZD\DQGGHVFULEHLWDVZURQJLID
WKLQJVDLGRUGRQHE\D&RPSDQLRQLVSURYHGWREHZURQJ%XWZLFNHGLQGHHGZRXOGEH
WKHSHUVRQZKRZHQWEH\RQGGHVFULELQJDZURQJDFWDVZURQJDQGVWDUWHGUHSURYLQJDQG
ILQGLQJ IDXOW ZLWK WKH &RPSDQLRQV RI WKH +RO\ 3URSKHW RI $OODK &RQFHUQLQJ WKH
0X
DZZLGKDWD\QWKHFRPPHQWDWRUVDQGWUDGLWLRQLVWVKDYHGHVFULEHGWKHRSLQLRQRI,EQ
0DV
XGDVZURQJEXWQRRQHKDVGDUHGWRVD\WKDWE\GHQ\LQJWKHVHWZR6XUDKVRIWKH
4XU
DQKHKDG*RGIRUELGEHFRPHDGLVEHOLHYHU
4XHVWLRQRI+RO\3URSKHW
VEHLQJDIIHFWHGE\0DJLF
7KH VHFRQG WKLQJ WKDW KDV DULVHQ LQ UHVSHFW RI WKHVH WZR 6XUDKV LV WKDW DFFRUGLQJ WR
WUDGLWLRQVPDJLFKDGEHHQZRUNHGRQWKH+RO\3URSKHWDQGKHKDGIDOOHQLOOXQGHULWV
HIIHFW DQG *DEULHO SHDFH EH RQ KLP  KDG LQVWUXFWHG KLP WR UHSHDW WKHVH 6XUDKV WR
UHPRYHWKHFKDUP7KLVKDVEHHQREMHFWHGWRE\PDQ\UDWLRQDOLVWVRIERWK DQFLHQWDQG
PRGHUQWLPHV7KH\VD\WKDWLIWKHVHWUDGLWLRQVDUHDFFHSWHGWKHZKROH6KDUL
DKEHFRPHV
GRXEWIXO)RULIWKH3URSKHWFRXOGEHFKDUPHGDQGDFFRUGLQJWRWKHVHWUDGLWLRQVKHZDV
FKDUPHGRQHFDQQRWVD\ZKDWWKH3URSKHWPLJKWKDYHEHHQPDGHWRVD\DQGGRXQGHU
WKHLQIOXHQFHRIPDJLFE\KLVRSSRQHQWVDQGZKDWLQKLVWHDFKLQJPD\EH'LYLQHDQG
ZKDWWKHUHVXOWRIPDJLF1RWRQO\WKLVWKH\DOVRDOOHJHWKDWLIWKLVLVDFFHSWHGDVWUXHLW
PLJKW ZHOO EH WKDW WKH 3URSKHW PLJKW KDYH EHHQ SURPSWHG WR PDNH WKH FODLP WR
3URSKHWKRRG WKURXJK PDJLF DQGWKH3URSKHWE\PLVXQGHUVWDQGLQJPLJKWKDYHWKRXJKW
WKDW DQ DQJHO KDG FRPH WR KLP 7KH\ DOVR DUJXH WKDW WKHVH WUDGLWLRQV FODVK ZLWK WKH
4XU
DQ 7KH 4XU
DQ PHQWLRQV WKH DFFXVDWLRQ RI WKH GLVEHOLHYHUV ZKR VDLG WKDW WKH
3URSKHWZDVEHZLWFKHG %DQL,VUD
LO EXWWKHVHWUDGLWLRQVFRQILUPWKHDFFXVDWLRQRI
WKHGLVEHOLHYHUVWKDWWKH3URSKHWKDGDFWXDOO\EHHQFKDUPHGDQGEHZLWFKHG
)RU D SURSHU LQYHVWLJDWLRQ RI WKLV TXHVWLRQ LW LV QHFHVVDU\ WKDW RQH VKRXOG ILUVW VHH
ZKHWKHU LW LV HVWDEOLVKHG E\ DXWKHQWLF KLVWRULFDO HYLGHQFH WKDW WKH +RO\ 3URSKHW XSRQ
ZKRPEHSHDFH KDGDFWXDOO\EHHQDIIHFWHGE\PDJLFDQGLIVRZKDWLWZDVDQGWRZKDW
H[WHQW7KHQLWVKRXOGEHVHHQZKHWKHUWKHREMHFWLRQVUDLVHGDJDLQVWZKDWLVHVWDEOLVKHG
KLVWRULFDOO\GRDFWXDOO\DSSO\WRLWRUQRW
7KH0XVOLPVFKRODUVRIWKHHDUOLHVWSHULRGZHUHWUXO\KRQHVWDQGXSULJKWLQWKDWWKH\GLG
QRW WU\ WR FRUUXSW KLVWRU\ RU FRQFHDO IDFWV DFFRUGLQJ WR WKHLU RZQ LGHDV FRQFHSWV DQG
DVVXPSWLRQV 7KH\ FRQYH\HG LQWDFW WR WKH ODWHU JHQHUDWLRQV ZKDWHYHU ZDV FRQILUPHG
KLVWRULFDOO\DQGGLGQRWDWDOOFDUHKRZWKHPDWHULDOVXSSOLHGE\WKHPFRXOGEHXVHGE\
WKH RQH ZKR ZDV EHQW XSRQ GUDZLQJ SHUYHUVH FRQFOXVLRQV IURP WKH IDFWV 1RZ LI
VRPHWKLQJVWDQGVFRQILUPHGE\DXWKHQWLFDQGKLVWRULFDOPHDQVLWLVQHLWKHUULJKWIRUDQ
KRQHVWDQGULJKWPLQGHGSHUVRQWKDWKHVKRXOGGHQ\KLVWRU\RQWKHJURXQGWKDWLQFDVHKH
DFFHSWHGLWLWZRXOGOHDGWRWKHVHHYLOUHVXOWVDFFRUGLQJWRKLVWKLQNLQJQRULWLVULJKW
WKDW KH VKRXOG DGG WR DQG VWUHWFK EH\RQG LWV JHQXLQH OLPLWV E\ FRQMHFWXUH DQG
VSHFXODWLRQ ZKDWHYHU LV HVWDEOLVKHG KLVWRULFDOO\ ,QVWHDG KH VKRXOG DFFHSW KLVWUR\ DV
KLVWRU\DQGWKHQVHHZKDWLVDFWXDOO\SURYHGE\LWDQGZKDWLVQRW

LVODPPHVVDJHFRP 
$V IDU DV WKH KLVWRULFDO DVSHFW LV FRQFHUQHG WKH LQFLGHQW RI WKH +RO\ 3URSKHW
V EHLQJ
DIIHFWHG E\ PDJLF LV DEVROXWHO\ FRQILUPHG DQG LI LW FDQ EH UHIXWHG E\ VFLHQWLILF
FULWLFLVPWKHQQRKLVWRULFDOHYHQWRIWKHZRUOGFDQEHSURYHGULJKWDQGJHQXLQH,WKDV
EHHQ UHODWHG E\ %XNKDUL 0XVOLP 1DVDL ,EQ 0DMDK ,PDP $KPDG $EGXU 5D]]DT
+XPDLGL%DLKDTL7DEDUDQL,EQ6DG,EQ0DUGD\DK,EQ$EL6KDLEDK+DDNLP$EGELQ
+XPDLG DQG RWKHU WUDGLWLRQLVWV RQ WKH DXWKRULW\ RI +DGUDW $LVKDK +DGUDW =DLG ELQ
$UTDP DQG +DGUDW $EGXOODK ELQ $EEDV WKURXJK VR PDQ\ GLIIHUHQW DQG QXPHURXV
FKDQQHOV WKDW IRUJHU\ LV RXW RI WKH TXHVWLRQ $OWKRXJK HDFK WUDGLWLRQ E\ LWVHOI LV DQ
LVRODWHGUHSRUW NKDEDUZDKLG ZHJLYHLWEHORZDVDFRQQHFWHGHYHQWIURPWKHGHWDLOV
SURYLGHGE\WKHWUDGLWLRQV
$IWHU WKH SHDFH WUHDW\ RI +XGDLEL\DK ZKHQ WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH 
UHWXUQHGWR0DGLQDKDGHSXWDWLRQRIWKH-HZVRI.KDLEDUYLVLWHG0DGLQDKLQ0XKDUUDP
$+DQGPHWDIDPRXVPDJLFLDQ/DELGELQ$VDPZKREHORQJHGWRWKH$QVDDUWULEHRI
%DQL =XUD\T 7KH\ VDLG WR KLP <RX NQRZ KRZ 0XKDPPDG XSRQ ZKRP EH $OODK
V
SHDFHDQGEOHVVLQJV KDVWUHDWHGXV:HKDYHWULHGRXUEHVWWREHZLWFKKLPEXWKDYHQRW
VXFFHHGHG1RZZHKDYHFRPHWR\RXEHFDXVH\RXDUHDPRUHVNLOOHGPDJLFLDQ+HUH
DUHWKUHHJROGFRLQJVDFFHSWWKHVHDQGFDVWD SRZHUIXOPDJLFVSHOORQ0XKDPPDG,Q
WKRVH GD\V WKH +RO\ 3USKHW KDG D -HZLVK ER\ DV KLV DWWHQGDQW 7KURXJK KLP WKH\
REWDLQHG D SLHFH RI WKH +RO\ 3URSKHW
V FRPE ZLWK VRPH KDLU VWXFN WR LW 0DJLF ZDV
ZRUNHGRQWKHVDPHKDLUDQGWKHWHHWKRIWKHFRPE$FFRUGLQJWRVRPHWUDGLWLRQVPDJLF
ZDV ZRUNHG E\ /DELG ELQ $VDP KLPVHOI DFFRUGLQJ WR RWKHUV KLV VLVWHUV ZHUH PRUH
VNLOOHGWKDQKLPDQGKHJRWWKHVSHOOFDVWWKURXJKWKHP
:KDWHYHUEHWKHFDVH/DELGSODFHGWKLVVSHOOLQWKHVSDWKHRIDPDOHGDWHWUHHDQGKLVLW
XQGHU D VWRQH DW WKH ERWWRP RI 'KDUZDQRU'KL$UZDQWKHZHOORI%DQL=XUD\T7KH
VSHOOWRRNRQHZKROH\HDUWRKDYHHIIHFWXSRQWKH+RO\3URSKHW XSRQZKRPEHSHDFH 
,QWKHODWWHUKDOIRIWKH\HDUWKH+RO\3URSKHWVWDUWHGIHHOLQJDVLIZDVXQZHOO7KHODVW
IRUW\GD\VEHFDPHKDUGRQKLPRIZKLFKWKHODVWWKUHHGD\VZHUHHYHQKDUGHU%XWLWV
PD[LPXPHIIHFWRQKLPZDVWKDWKHZD\PHOWLQJDZD\IURPZLWKLQ+HWKRXJKWKHKDG
GRQHDWKLQJZKHUHDVLQIDFWKHKDGQRWGRQHLWKHWKRXJKWKHKDGYLVLWHGKLV ZLYHV
ZKHUHDVKHKDGQRWYLVLWHGWKHPDQGVRPHWLPHVKHZRXOGGRXEWKDYLQJVHHQVRPHWKLQJ
ZKHUHDVLQIDFWKHKDGQRWVHHQLW
$OO WKHVH HIIHFWV ZHUH FRQILQHG WR KLV RZQ SHUVRQ VR PXFK VR WKDW WKH RWKHU SHRSOH
FRXOG QRW QRWLFH ZKDW VWDWH KH ZDV SDVVLQJ WKURXJK $V IRU KLV EHLQJ D 3URSKHW QR
FKDQJH RFFXUUHG LQ WKH SHUIRUPDQFH RI KLV GXWLHV 7KHUH LV QR WUDGLWLRQ WR VD\ WKDW KH
PLJKWKDYHIRUJRWWHQVRPHYHUVHVRIWKH4XU
DQLQWKRVHGD\VRUPLJKWKDYHUHFLWHGD
YHUVHZURQJO\RUDFKDQJHPLJKWKDYHRFFXUUHGLQWKHDVVHPEOLHVDQGLQKLVFRXQVHOV
DQGVHUPRQVRUKHPLJKWKDYHSUHVHQWHGDGLVFRXUVHDV5HYHODWLRQZKLFKPD\QRWKDYH
EHHQ UHYHDOHG WR KLP RU KH PLJKW KDYH PLVVHG D 3UD\HU DQG WKRXJKW WKDW KH KDG
SHUIRUPHGLW
*RG IRUELG LI DQ\ VXFK WKLQJ KDG KDSSHQHG LW ZRXOG KDYH FDXVHG D FODPRXU DQG WKH
ZKROHRI$UDELDZRXOGKDYHNQRZQWKDWDPDJLFLDQKDGRYHUSRZHUHGWKHRQHZKRPQR
SRZHU KDG EHHQ DEOH WR RYHUSRZHU %XW WKH +RO\ 3URSKHW
V SRVLWLRQ DV D 3URSKHW
LVODPPHVVDJHFRP 
UHPDLQHG ZKROO\ XQDIIHFWHG E\ LW 2QO\ LQ KLV SHUVRQDO OLIH KH UHPDLQHG ZRUULHG RQ
DFFRXQWRILW
$WODVWRQHGD\ZKHQKHZDVLQWKHKRXVHRI+DGUDW$LVKDKKHSUD\HGWR$OODKWREH
UHVWRUHGWRIXOOKHDOWK,QWKHPHDQWLPHKHIHOODVOHHSRUGURZVHGDQGRQZDNLQJKHVDLG
WR +DGUDW $LVKDK 0\ /RUG KDV WROG PH ZKDW , KDG DVNHG RI +LP  +DGUDW $LVKDK
DVNHGZKDWLWZDV+HUHSOLHG7ZRPHQ LHWZRDQJHOVLQKXPDQJXLVH FDPHWRPH
2QHVDWQHDUP\KHDGDQGWKHRWKHUQHDUP\IHHW7KHILUVWDVNHGZKDWKDVKDSSHQHGWR
KLP" 7KH RWKHU UHSOLHG 0DJLF KDV EHHQ ZRUNHG RQ KLP 7KH ILUVW DVNHG ZKR KDV
ZRUNHGLW"+HUHSOLHG/DELGELQ$VDP+HDVNHG,QZKDWLVLWFRQWDLQHG"+HUHSOLHG
,QWKHFRPEDQGKDLUFRYHUHGLQWKHVSDWKHRIDPDOHGDWHWUHH+HDVNHGZKHUHLVLW"
+HUHSOLHGXQGHUDVWRQHDWWKHERWWRPRI'KL$UZDQ RU'KDUZDQ WKHZHOORI%DQL
=XUD\T+HDVNHGZKDWVKRXOGEHGRQHDERXWLW"+HUHSOLHGWKHZHOOVKRXOGEHHPSWLHG
DQGLWVKRXOGEHWDNHQRXWIURPXQGHUWKHVWRQH
7KH +RO\ 3URSKHW WKHQ VHQW +DGUDW $OL +DGUDW $PPDU ELQ <DVLU DQG +DGUDW =XEDLU
7KH\ZHUHDOVRMRLQHGE\-XEDLUELQ,\DVD]=XUTL WZRPHQIURP%DQL=XUD\T /DWHU
WKH+RO\3URSKHWDOVRDUULYHGDWWKHZHOODORQJZLWKVRPH&RPSDQLRQV7KHZDWHUZDV
WDNHQ RXW DQG WKH VSDWKH UHFRYHUHG 7KHUH WKH\ IRXQG WKDW EHVLGH WKH FRPE DQG KDLU
WKHUHZDVDFRUGZLWKHOHYHQNQRWVRQLWDQGDZD[LPDJHZLWKQHHGOHVSULFNHGLQWRLW
*DEULHO SHDFH EH RQ KLP  FDPH DQG WROG KLP WR UHSHDW WKH 0X
DZZLGKDWD\Q $V KH
UHSHDWHGYHUVHDIWHUYHUVHDNQRZZDVORRVHQHGDQGDQHHGOHWDNHQRXWHYHU\WLPHWLOO
RQILQLVKLQJWKHODVWZRUGVDOOWKHNQRWVZHUHORRVHQHGDQGDOOWKHQHHGOHVUHPRYHGDQG
KHZDVHQWLUHO\IUHHGIURPWKHFKDUP
$IWHU WKLV KH FDOOHG /DELG DQG TXHVWLRQHG KLP +H FRQIHVVHG KLV JXLOW DQG WKH +RO\
3URSKHWOHWKLPJRIRUKHQHYHUDYHQJHGKLPVHOIRQDQ\RQHIRUDQ\KDUPGRQHWRKLV
SHUVRQ+HHYHQGHFOLQHGWRWDONDERXWLWWRRWKHUVVD\LQJWKDW$OODKKDGUHVWRUHGKLPWR
KHDOWKWKHUHIRUHKHGLGQRWOLNHWKDWKHVKRXOGLQFLWHWKHSHRSOHDJDLQVWDQ\RQH
7KLVLVWKHVWRU\RIWKHPDJLFZRUNHGRQWKH+RO\3URSKHW7KHUHLIQRWKLQJLQLWZKLFK
PLJKW UXQ FRXQWHU WR KLV RIILFH RI 3URSKHWKRRG ,Q KLV SHUVRQDO FDSDFWL\ LI DQ\ LQMXU\
FRXOGEHLQIOLFWHGRQKLPDVLWKDSSHQHGLQWKH%DWWOHRI8KXGLIKHFRXOGIDOOIURPKLV
KRUVHDQGEHKXUWDVLVFRQILUPHGE\WKH+DGLWKLIKHFRXOGEHVWXQJE\DVFRUSLRQDV
KDV EHHQ PHQWLRQHG LQ VRPH 7UDGLWLRQV DQG QRQH RI WKHVH QHJDWHV WKH SURWHFWLRQ
SURPLVHG KLP E\ $OODK LQ KLV FDSDFLW\ DV D 3URSKHW KH FRXOG DOVR IDOO LOO XQGHU WKH
LQIOXHQFHRIPDJLFLQKLVSHUVRQDO FDSDFLW\7KDWD3URSKHWFDQEHDIIHFWHGE\PDJLFLV
DOVRFRQILUPHGE\WKH4XU
DQ,Q6XUDK$O$
UDILWKDVEHHQVDLGDERXWWKHPDJLFLDQVRI
3KDUDRK WKDW ZKHQ WKH\ FRQIURQWHG WKH 3URSKHW 0RVHV WKH\ EHZLWFKHG WKH H\HV RI
WKRXVDQGVRISHRSOHZKRKDGDVVHPEOHGWRZLWQHVVWKHHQFRXQWHU Y ,Q6XUDK7D
+DLWKDVEHHQVDLGWKDWQRWRQO\WKHFRPPRQSHRSOHEXWWKH3URSKHW0RVHVWRRIHOWWKDW
WKHFRUGVDQGVWDIIVWKDWWKH\FDVWZHUHUXQQLQJWRZDUGVWKHPOLNHVRPDQ\VQDNHVDQG
WKLVILOOHG0RVHV
KHDUWZLWKIHDU7KHUHXSRQ$OODKUHYHDOHGWRKLP'RQ
WIHDUIRU\RX
ZLOOFRPHRXWYLFWRULRXV&DVWGRZQ\RXVWDII YY $VIRUWKHREMHFWLRQWKDW
WKLVWKHQFRQILUPVWKHDFFXVDWLRQRIWKHGLVEHOLHYHUVRI0DNNDKWKDWWKH+RO\3URSKHW
XSRQZKRPEHSHDFH ZDVDEHZLWFKHGPDQLWVDQVZHULVWKDWWKHGLVEHOLHYHUVGLGQRW
LVODPPHVVDJHFRP 
FDOOKLPDEHZLWFKHGPDQLQWKHVHQVHWKDWKHKDGIDOOHQLOOXQGHUWKDWHIIHFWRIPDJLF
FDVWE\VRPHERG\EXWLQWKHVHQVHWKDWVRPHPDJLFLDQKDV*RGIRUELGPDGHKLPPDG
DQG KH KDG PDGH FODLP WR 3URSKHWKRRG DQG ZDV WHOOLQJ WKH SHRSOH WDOHV RI +HOO DQG
+HDYHQLQKLVVDPHPDGQHVV1RZREYLRXVO\WKLVREMHFWLRQGRHVQRWDWDOODSSO\WRD
PDWWHUDERXWZKLFKKLVWRU\FRQILUPVWKDWWKHPDJLFVSHOOKDGDIIHFWHGRQO\WKHSHUVRQRI
0XKDPPDG XSRQ ZKRP EH SHDFH  DQG QRW WKH 3URSKHWKRRG RI 0XKDPPDG XSRQ
ZKRPEHSHDFH ZKLFKUHPDLQHGZKROO\XQDIIHFWHGE\LW
,QWKLVFRQQHFWLRQDQRWKHUWKLQJZRUWK\RIPHQWLRQLVWKDWWKHSHRSOHZKRUHJDUGPDJLF
DV D NLQG RI VXSHUVWLWLRQ KROG WKLV YLHZ RQO\ EHFDXVH WKH HIIHFW RI PDJLF FDQQRW EH
H[SODLQHGVFLHQWLILFDOO\%XWWKHUHDUHPDQ\WKLQJVLQWKHZRUOGZKLFKRQHH[SHULHQFHV
DQGREVHUYHVEXWRQHFDQQRWH[SODLQVFLHQWLILFDOO\KRZWKH\KDSSHQ,IZHFDQQRWJLYH
DQ\VXFKH[SODQDWLRQLWGRHVQRWEHFRPHQHFHVVDU\WKDWZHVKRXOGGHQ\WKHWKLQJLWVHOI
ZKLFK ZH FDQQRW H[SODLQ 0DJLF LQ IDFW LV D SV\FKRORJLFDO SKHQRPHQRQ ZKLFK FDQ
DIIHFW WKH ERG\ WKURXJK WKH PLQG MXVW DV SK\VLFDO WKLQJV DIIHFW WKH PLQG WKURXJK WKH
ERG\)HDUIRULQVWDQFHLVDSV\FKRORJLFDOSKHQRPHQRQEXWLWDIIHFWVWKHERG\WKHKDLU
VWDQG RQ HQG DQG WKH ERG\ VKXGGHUV 0DJLF GRHV QRW LQ IDFW FKDQJH WKH UHDOLW\ EXW
XQGHU LWV LQIOXHQFH PDQ
V PLQG DQG VHQVHV VWDUW IHHOLQJ DV LI UHDOLW\ KDG FKDQJHG7KH
VWDIIVDQGWKHFRUGVWKDWWKHPDJLFLDQVKDGWKURZQWRZDUGVWKH3URSKHW0RVHVKDGQRW
DFWXDOO\EHFRPHVQDNHVEXWWKHH\HVRIWKHPXOWLWXGHRISHRSOHZHUHVREHZLWFKHGWKDW
HYHU\ERG\IHOWWKH\ZHUHVQDNHVHYHQWKHVHQVHVRIWKH3URSKHW0RVHVFRXOGQRWUHPDLQ
XQDIIHFWHG E\ WKH PDJLF VSHOO /LNHZLVH LQ $O%DTDUDK  LW KDV EHHQ VDLG WKDW LQ
%DE\ORQ SHRSOH OHDUQW VXFK PDWLF IURP +DUXW DQG 0DUXW DV FRXOG FDXVH GLYLVLRQ
EHWZHHQKXVEDQGDQGZLIH7KLVWRRZDVDSV\FKRORJLFDOSKHQRPHQRQ2EYLRXVO\LIWKH
SHRSOH GLG QRW ILQG LW RIILFDFLRXV E\ H[SHULHQFH WKH\ FRXOGQRWEHFRPHLWVFXVWRPHUV
1RGRXEWLWLVFRUUHFWWKDWMXVWOLNHWKHEXOOHWRIWKHULIOHDQGWKHERPEIURPWKHDLUFUDIW
PDJLF WRR FDQQRW KDYH HIIHFW ZLWKRXW $OODK
V SHUPLVVLRQ EXW LW ZRXOG EH PHUH
VWXEERUQQHVV WR GHQ\ D WKLQJ ZKLFK KDV EHHQ H[SHULHQFHG DQG REVHUYHG E\ PDQ IRU
WKRXVDQGVIRU\HDUV
4XHVWLRQRI5HFLWLQJ&KDUPVDQG$PXOHWVLQ,VODP
7KH WKLUG WKLQJ WKDW DULVHV LQ FRQQHFWLRQ ZLWK WKHVH 6XUDKV LV ZKHWKHU UHFLWDWLRQ RI
FKDUPV DQG DPXOHWV KDV DQ\ SODFH LQ ,VODP DQG ZKHWKHU VXFK UHFLWDWLRQ LV E\ LWVHOI
HIILFDFLRXVRUQRW7KLVTXHVWLRQDULVHVIRULQPDQ\DKDGLWKLWKDVEHHQUHSRUWHGWKDWWKH
+RO\3URSKHW XSRQZKRPEHSHDFH DWWKHWLPHRIJRLQJWREHGHYHU\QLJKWHVSHFLDOO\
GXULQJ LOOQHVV XVHG WR UHFLWH WKH 0X
DZZLGKDWD\Q RU DFFRUGLQJ WR RWKHU UHSRUWV WKH
0X
DZZLGKDWLH4XO+XZD$OODKX$KDGDQGWKH0X
DZZLGKDWD\Q WKULFHEORZLQKLV
KDQGVDQGWKHQUXEWKHKDQGVRQKLVERG\IURPKHDGWRIRRWDVIDUDVKLVKDQGVFRXOG
UHDFK'XULQJKLVODVWLOOQHVVZKHQLWZDVQRWORQJHUSRVVLEOHIRUKLP WRVRGR+DGUDW
$LVKDKUHFLWHGWKHVH6XUDKVKHUVHOIRUE\KLVFRPPDQGEOHZRQKLVKDQGVKLQYLHZRI
WKHLUEHLQJEOHVVHGDQGUXEEHGWKHPRQKLVERG\7UDGLWLRQVRQWKLVVXEMHFWKDYHEHHQ
UHODWHGLQ%XNKDUL0XVOLP1DVDL,EQ0DMDK$EX'D
XGDQG0X
DWWDRI,PDP0DOLN
WKURXJKDXWKHQWLFFKDQQHOVRQWKHDXWKRULW\RI+DGUDW$LVKDKKHUVHOIEHVLGHZKRPQR
RQHFRXOGEHEHWWHUDFTXDLQWHGZLWKWKHGRPHVWLFOLIHRIWKH+RO\3URSKHW
LVODPPHVVDJHFRP 
,QWKLVUHJDUGRQHVKRXOGILUVWXQGHUVWDQGLWVUHOLJLRXVDVSHFW,QWKH+DGLWKDOHQJWK\
WUDGLWLRQKDVEHHQUHODWHGRQWKHDXWKRULW\RI+DGUDW$EGXOODKELQ$EEDVDWWKHHQGRI
ZKLFK WKH +RO\ 3URSKHW LV UHSRUWHG WR KDYH VDLG 7KH SHRSOH RI P\ 8PPDK WRHQWHU
3DUDGLVHZLWKRXWUHFNRQLQJZLOOEHWKRVHZKRQHLWKHUWXUQWRWUHDWPHQWE\EUDQGLQJQRU
WRHQFKDQWLQJQRUWDNHRPHQVEXWKDYHWUXVWLQWKHLU/RUG 0XVOLP $FFRUGLQJWRD
WUDGLWLRQ UHSRUWHG RQ WKH DXWKRULW\ RI +DGUDW 0XJKLUDK ELQ 6KXEDK WKH +RO\ 3URSKHW
VDLG+HZKRJRWKLPVHOIWUHDWHGE\EUDQGLQJRUHQFKDQWLQJEHFDPHLQGHSHQGHQWRI
WUXVW LQ $OODK  7LUPLGKL  +DGUDW $EGXOODK ELQ 0DV
XG KDV UHSRUWHG WKDW WKH +RO\
3URSKHWGLVDSSURYHGRIWHQWKLQJVRQHRIZKLFKZDVUHFLWDWLRQRIFKDUVPDQGDPXOHWV
H[FHSWE\PHDQVRIWKH0X
DZZLGKDWD\QRU0X
DZZLGKDW $EX'DXG$KPDG1DVDL
,EQ+LEEDQ+DDNLP 6RPHDKDGLWKDOVRVKRZWKDWLQWKHEHJLQQLQJWKH+RO\3URSKHW
KDGDOWRJHWKHUIRUELGGHQUHFLWDWLRQRIFKDUPVDQGDPXOHWVEXWODWHUKHDOORZHGLWRQWKH
FRQGLWLRQ WKDW LV VKRXOG QRW VPDFN RI SRO\WKHLVP EXW RQH VKRXOG UHFLWH DQG EORZ E\
PHDQVRIWKHKRO\QDPHVRI$OODKRUWKHZRUGVRIWKH4XU
DQ7KHZRUGVXVHGVKRXOGEH
XQGHUVWDQGDEOHDQGRQHVKRXOGNQRZWKDWWKHUHLVQRWKLQJVLQIXOLQLWDQGRQHVKRXOG
QRWZKROO\UHO\RQWKHUHFLWDWLRQRIFKDUPVEXWRQ$OODK
VZLOOWRPDNHLWEHQHILFLDO
$IWHUWKHH[SODQDWLRQRIWKHUHOLJLRXVDVSHFWOHWXVQRZVHHZKDWWKH+DGLWKVD\VLQWKLV
UHJDUG
7DEDUDQL LQ $V6DJKLU KDV UHODWHG D WUDGLWLRQ RQ WKH DXWKRULW\ RI +DGUDW $OL VD\LQJ
2QHWKH+RO\3URSKHWZDVVWXQJE\DVFRUSLRQGXULQJWKH3UD\HU:KHQWKH3UD\HUZDV
RYHUKHUHPDUNHG*RG
VFXUVHEHRQWKHVFRUSLRQLWQHLWKHUVSDUHVDSUD\LQJRQHQRU
DQ\ RWKHU 7KHQ KH FDOOHG IRU ZDWHU DQG VDOW DQG VWDUWHG UXEELQJ WKH SODFH ZKHUH WKH
VFRUSLRQ KDG VWXQJ ZLWK VDOW ZDWHU DQG UHFLWLQJ 4XO \D D\\XKDONDILUXQ 4XO +XZD
$OODKXDKDG4XOD
XGKXEL5DEELOIDODTDQG4XOD
XGKXEL5DEELQQDVDORQJZLWKLW
,EQ$EEDVDOVRKDVUHODWHGDWUDGLWLRQWRWKHHIIHFW7KH+RO\3URSKHW XSRQZKRPEH
SHDFH  XVHG WR UHFLWH WKLV LQYRFDWLRQ RYHU +DGUDW +DVDQ DQG +XVDLQ 8
LGKX NXPD EL
NDOLPDW$OODKLWWDPDWLPLQNXOOLVKDLWDQLQZDKDPPDWLZDPLQNXOOLD\WLQODPQDWL,
JLYH \RX LQ WKH UHIXJH RI $OODK
V EODPHOHVV ZRUGV IURP HYHU\ GHYLO DQG WURXEOHVRPH
WKLQJDQGIURPHYHU\HYLOORRN %XNKDUL0XVQDG$KPDG7LUPLGKL,EQ0DMDK 
$WUDGLWLRQKDVEHHQUHODWHGLQ0XVOLP0XZDWWD7DEDUDQLDQG+DDNLPDERXW8WKPDQ
ELQDO$VDWK7KDTDILZLWKDOLWWOHYDULDWLRQLQZRUGLQJWRWKHHIIHFWWKDWKHFRPSODLQHG
WRWKH+RO\3URSKHW XSRQZKRPEHSHDFH VD\LQJ6LQFH,KDYHEHFRPHD0XVOLP,
IHHODSDLQLQP\ERG\ZKLFKLVNLOOLQJPH7KH+RO\3URSKHWVDLG3ODFH\RXUULJKW
KDQG RQ WKH SODFH ZKHUH \RX IHHO WKH SDLQ WKHQ UHFLWH %LVPLOODK WKULFH DQG $
XGKX
ELOODKL ZD TXGUDWLKL PLQ VKDUUL PD DMLGX ZD XKDGKLUX , VHHN UHIXJH ZLWK $OODK DQG
ZLWK+LVSRZHUIURPWKHHYLOWKDW,ILQGDQGWKDW,IHDU VHYHQWLPHVDQGUXE\RXUKDQG
 ,Q 0XZDWWD WKHUH LV WKH DGGLWLRQ 8WKPDQ ELQ $EL DO$V VDLG $IWHU WKDW P\ SDLQ
GLVDSSHDUHGDQGQRZ,WHDFKWKHVDPHIRUPXODWRWKHSHRSOHRI P\KRXVH
0XVQDG$KPDGDQG7DKDYLFRQWDLQWKLVWUDGLWLRQIURP7DOTELQ$OL,ZDVVWXQJE\D
VFRUSLRQLQWKHSUHVHQFHRIWKH+RO\3URSKHW XSRQZKRPEHSHDFH 7KH+RO\3URSKHW
UHFLWHGVRPHWKLQJDQGEOHZRYHUPHDQGUXEEHGKLVKDQGRQWKHDIIHFWHGSODFH

LVODPPHVVDJHFRP 
0XVOLPFRQWDLQVDWUDGLWLRQIURP$EX6DLG.KXGULZKLFKVD\V2QFHZKHQWKH+RO\
3URSKHW XSRQZKRPEHSHDFH IHOOLOO*DEULHOFDPHDQGDVNHG20XKDPPDGDUH\RX
LOO" 7KH+RO\3URSKHWDQVZHUHGLQWKHDIILUPDWLYH*DEULHOVDLG,EORZRQ\RXLQWKH
QDPHRI$OODKIURPHYHU\WKLQJZKLFKWURXEOHV\RXDQGIURPWKHHYLORIHYHU\VRXODQG
WKH HYLO ORRN RI HYHU\ HQYLHU 0D\ $OODK UHVWRUH \RX WR KHDOWK , EORZ RQ \RX LQ +LV
QDPH  $ VLPLODU WUDGLWLRQ KDV EHHQ UHODWHG LQ 0XVQDG $KPDG RQ WKH DXWKRULW\ RI
+DGUDW8EDGDKELQDV6DPLWZKLFKVD\V7KH+RO\3URSKHWZDVXQZHOO,ZHQWWRYLVLW
KLPDQGIRXQGKLPLQJUHDWWURXEOH:KHQ,UHYLVLWHGKLPLQWKHHYHQLQJ,IRXQGKLP
TXLWHZHOO:KHQ,DVNHGKRZKHKDGEHFRPHZHOOVRVRRQKHVDLG*DEULHOFDPHDQG
EOHZRYHUPHZLWKVRPHZRUGV7KHQKHUHFLWHGZRUGVVLPLODUWRWKRVHUHSRUWHGLQWKH
DERYH +DGLWK $ WUDGLWLRQ VLPLODU WR WKLV KDV EHHQ UHODWHG RQ WKH DXWKRULW\ RI +DGUDW
$LVKDKDOVRLQ0XVOLPDQG0XVQDG$KPDG
,PDP $KPDG LQ KLV 0XVQDG KDV UHODWHG WKLV WUDGLWLRQ IURP +DIVDK PRWKHU RI WKH
)DLWKIXO2QHGD\WKH+RO\3URSKHW XSRQZKRPEHSHDFH YLVLWHGPHLQWKHKRXVHDQG
D ZRPDQ QDPHG 6KLID ZDV VLWWLQJ ZLWK PH 6KH XVHG WR EORZ RQ WKH SHRSOH WR FXUH
WKHPRIEOLVWHUV7KH+RO\3URSKHWVDLGWRKHU7HDFK+DIVDKDOVRWKHIRUPXOD,PDP
$KPDG $EX 'DXG DQG 1DVDL KDYH UHODWHG WKLV WUDGLWLRQ IURP 6KLID ELQW $EGXOODK
KHUVHOIVD\LQJ7KH+RO\3URSKHWVDLGWRPH-XVWDV\RXKDYHWDXJKW+DIVDKUHDGLQJ
DQGZULWLQJVRWHDFKKHUEORZLQJWRFXUHEOVLWHUVDVZHOO
,Q0XVOLPWKHUHLVDWUDGLWLRQIURPC$XIELQ0DOLNDO$VKMDCLWRWKHHIIHFW:HXVHGWR
SUDFWLFHEORZLQJWRFXUHGLVHDVHV:HDVNHGWKH+RO\3URSKHW XSRQZKRPEHSHDFH 
IRU KLV RSLQLRQ LQ WKLV UHJDUG +H VDLG /HW PH NQRZ WKH ZRUGV ZLWK ZKLFK \RX EORZ
RYHUWKHSHRSOH7KHUHLVQRKDUPLQEORZLQJXQOHVVLWVPDFNVRISRO\WKHLVP
0XVOLP 0XVQDG $KPDG DQG ,EQ 0DMDK FRQWDLQ D WUDGLWLRQ IURP +DGUDW -DELU ELQ
$EGXOODKVD\LQJ7KH+RO\3URSKHW XSRQZKRPEHSHDFH KDGIRUELGGHQXVEORZLQJ
WR FXUH GLVHDVH 7KHQ WKH SHRSOH RI WKH FODQ RI +DGUDW $PU ELQ +D]P FDPH DQG WKH\
VDLG :H KDG D IRUPXOD ZLWK ZKLFK ZH XVHG WR EORZ RQ WKH SHRSOH WR FXUH WKHP RI
VFRUSLRQ
V VWLQJ RU VQDNHELWH  %XW \RX KDYH IRUELGGHQ XV WKH SUDFWLFH 7KHQ WKH\
UHFLWHGEHIRUHKLPWKHZRUGVZKLFK WKH\PDGHXVHRI7KHUHXSRQWKH+RO\3URSKHWVDLG
,GRQRWVHHDQ\KDUPLQLWVROHWWKHRQHZKRFDQGRJRRGWRKLVEURWKHUGRKLPJRRG
$QRWKHUWUDGLWLRQIURP-DELUELQ$EGXOODKLQ0XVOLPLV7KHIDPLO\RI+D]PKDGD
IRUPXODWRFXUHVQDNHELWHDQGWKH+RO\3URSKHWSHUPLWWHGWKHPWRSUDFWLFHLW7KLVLV
DOVR VXSSRUWHG E\ WKH WUDGLWLRQ IURP +DGUDW $LVKDK ZKLFK LV FRQWDLQHG LQ 0XVOLP
0XVQDG$KPDGDQG,EQ0DMDK7KH+RO\3URSKHWJUDQWHGSHUPLVVLRQWRDIDPLO\RI
WKH$QVDDUIRUEORZLQJWRFXUHWKHHYLOVHIIHFWVRIELWLQJE\HYHU\SRLVRQRXVFUHDWXUH
7UDGLWLRQV UHVHPEOLQJ WKHVH KDYH EHHQ UHODWHG IURP +DGUDW $QDV DOVR LQ 0XVQDG
$KPDG7LUPLGKL0XVOLPDQG,EQ0DMDKVD\LQJWKDWWKH+RO\3URSKHWJDYHSHUPLVVLRQ
IRU EORZLQJ WR FXUH WKH ELWH E\ SRLVRQRXV FUHDWXUHV WKH GLVHDVH RI EOLVWHUV DQG WKH
HIIHFWVRIWKHHYLOORRN
0XVQDG $KPDG 7LUPLGKL ,EQ 0DMDK DQG +DDNLP KDYH UHODWHG WKLV WUDGLWLRQ RQ WKH
DXWKRULW\RI+DGUDW8PDLUIUHHGVODYHRI$ELDO/DKDP,QWKHSUH,VODPLFGD\V,KDGD
IRUPXODZLWKZKLFK,XVHGWREORZRYHUWKHSHRSOH,UHFLWHGLWEHIRUHWKH+RO\3URSKHW
LVODPPHVVDJHFRP 
ZKHUHXSRQ KH WROG PH WR GURS RXW VXFK DQG VXFK ZRUGV IURP LW DQG SHUPLWWHG PH WR
EORZZLWKWKHUHVWRILW
$FFRUGLQJ WR 0XZDWWD +DGUDW $EX %DNU ZHQW WR WKH KRXVH RI KLV GDXJKWHU +DGUDW
$LVKDK DQG IRXQG WKDW VKH ZDV XQZHOO DQG D -HZLVK ZRPDQ ZDV EORZLQJ RYHU KHU
7KHUHXSRQKHVDLGWRKHU%ORZRYHUKHUE\PHDQVRIWKH%RRNRI$OODK7KLVVKRZV
WKDWLIWKHSHRSOHRIWKH%RRNSUDFWLFHEORZLQJE\PHDQVRIWKHYHUVHVRIWKH7RUDKDQG
WKH*RVSHOLWLVDOVRSHUPLWWHG
$V IRU WKH TXHVWLRQ ZKHWKHU EORZLQJ IRU FXULQJ GLVHDVH LV HIILFDFLRXV DOVR RU QRW LWV
DQVZHULVWKDWWKH+RO\3URSKHW XSRQZKRPEHSHDFH QRWRQO\GLGQRWIRUELGDQ\ERG\
WRKDYHUHFRXUVHWRFXUHDQGPHGLFDOWUHDWPHQWEXWKLPVHOIVWDWHGWKDW$OODKKDVFUHDWHG
D FXUH IRU HYHU\ GLVHDVH DQG H[KRUWHG KLV IROORZHUV WR XVH FXUHV +H KLPVHOI WROG WKH
SHRSOH UHPHGLHV IRU FHUWDLQ GLVHDVHV DV FDQ EH VHHQ LQ WKH +DGLWKLQWKH.LWDEDW7LE
%RRN RI &XUHV  %XW WKH FXUH FDQ EH EHQHILFLDO DQG XVHIXO RQO\ E\ $OODK
V FRPPDQG
DQG SHUPLVVLRQ RWKHUZLVH LI WKH FXUH DQG PHGLFDO WUHDWPHQW ZHUH EHQHILFLDO LQ HYHU\
FDVH QR RQH ZRXOG KDYH GLHG LQ KRVSLWDOV 1RZ LI EHVLGH WKH FXUH DQG PHGLFDO
WUHDWPHQW$OODK
V:RUGDQG+LVEHDXWLIXOQDPHVDOVRDUHPDGHXVHRIRU:RUGDQG+LV
EHDXWLIXO QDPHV DOVR DUH PDGH XVH RI RU $OODK LV WXUQHG WR DQG LQYRNHG IRU KHOS E\
PHDQVRI+LV:RUG1DPHVDQG$WWULEXWHVLQDSODFHZKHUHQRPHGLFDODLGLVDYDLODEOH
LW ZRXOG QRW EH DJDLQVW UHDVRQ H[FHSW IRU WKH PDWHULDOLVWV +RZHYHU LW LV QRW ULJKW WR
GLVUHJDUGLQWHQWLRQDOO\DFXUHRUWUHDWPHQWZKHUHLWLVDYDLODEOHDQGUHFRXUVHKDGRQO\
WRHQFKDQWLQJDQGUHFLWLQJRIFKDUPVDQGWKHSHRSOHVKRXOGVWDUWDUHJXODUSUDFWLFHRI
JUDQWLQJDPXOHWVDVDPHDQVRIHDUQLQJWKHLUOLYHOLKRRG
FRQWLQXHG
FRQWLQXLQJ 4XHVWLRQRI5HFLWLQJ&KDUPVDQG$PXOHWVLQ,VODP
0DQ\ SHRSOH LQ WKLV UHJDUG DUJXH IURP +DGUDW $EX 6DLG .KXGUL
V WUDGLWLRQ ZKLFKKDV
EHHQUHODWHGLQ%XNKDUL0XVOLP7LUPLGKL0XVQDG $KPDG$EX'DXGDQG,EQ0DMDK
DQGLWLVVXSSRUWHGDOVRE\DWUDGLWLRQUHODWHGLQ%XNKDULRQWKHDXWKRULW\RI,EQ$EEDV
$FFRUGLQJWRLWWKH+RO\3URSKHWVHQWVRPHRIKLV&RPSDQLRQVLQFOXGLQJ+DGUDW$EX
6DLG.KXGULRQDQH[SHGLWLRQ7KH\KDOWHGRQWKHZD\ DWWKHVHWWOHPHQWRIDQ$UDELDQ
WULEH DQG GHPDQGHG KRVSLWDOLW\ IURP WKH SHRSOH EXW WKH\ UHIXVHG WR H[WHQG DQ\
KRVSLWDOLW\ ,Q WKH PHDQWLPH WKH FKLHI RI WKH WULEH ZDV VWXQJ E\ D VFRUSLRQ DQG WKH
SHRSOHFDPHWRWKHWUDYHOHUVWRDVNLIWKH\KDGDQ\PHGLFLQH RUIRUPXODE\ZKLFKWKHLU
FKLHI FRXOG EH FXUHG +DGUDW $EX 6DLG VDLG <HV ZH GR KDYH EXW VLQFH \RX KDYH
UHIXVHG XV KRVSLWDOLW\ ZH ZRXOG QRW WUHDW KLP XQOHVV \RX SURPLVHG XV WR JLYH XV
VRPHWKLQJ7KH\SURPLVHGWRJLYHWKHPDIORFNRIJRDWV DFFRUGLQJ WRVRPHWUDGLWLRQV
JRDWV DQG+DGUDW$EX6DLGZHQWDQGVWDUWHGUHFLWLQJ6XUDK$O)DWLKDKDQGUXEELQJ
KLVVDOLYDRQWKHDIIHFWHGSODFH&RQVHTXHQWO\WKHFKLHIIHOWUHOLHYHGRIWKHHIIHFWRIWKH
SRLVRQDQGWKHSHRSOHRIWKHWULEHJDYHWKHPWKHJRDWVDVSURPLVHG%XWWKH&RPSDQLRQV
VDLGWRRQHDQRWKHU/HWXVQRWPDNHDQ\XVHRIWKHJRDWVXQWLOZHKDYHDVNHGWKH+RO\
3URSKHW DERXW LW IRU WKH\ ZHUH QRW VXUH ZKHWKHU LW ZDV SHUPLVVLEOH WR DFFHSW DQ\
UHZDUGIRUZKDWWKH\KDGGRQH6RWKH\FDPHEHIRUHWKH +RO\3URSKHWDQGUHODWHGZKDW
KDGKDSSHQHG7KH+RO\3URSKHWVPLOHGDQGVDLG+RZGLG\RXNQRZWKDW6XUDK$O
LVODPPHVVDJHFRP 
)DWLKDK FRXOG DOVR EH XVHG IRU FXULQJ VXFK WURXEOHV" 7DNH WKH JRDWV DQG DOORFDWH P\
VKDUHDOVRLQLW
%XWEHIRUHRQHXVHGWKLV+DGLWKIRUSHUPLVVLRQWRDGRSWDUHJXODUSURIHVVLRQRIJUDQWLQJ
DPXOHWV DQG UHFLWLQJ FKDUPV RQH VKRXOG NHHS LQ YLHZ WKH FRQGLWLRQV XQGHU ZKLFK
+DGUDW $EX 6DLG .KXGUL KDG UHFRXUVH WR LW DQG WKH +RO\ 3URSKHW QRW RQO\ KHOG LW DV
SHUPLVVLEOH EXW DOVR VDLG WKDW D VKDUH IRU KLP DOVR VKRXOG EH DOORFDWHG VR WKDW WKHUH
UHPDLQHGQRGRXEWLQWKHPLQGVRIWKH&RPSDQLRQVWKDWVXFKDWKLQJZDVSHUPLVVLEOH
7KH FRQGLWLRQV LQ $UDELD LQ WKRVH GD\V ZHUH DV WKH\ VWLOO DUH WKDW VHWWOHPHQWV ZHUH
VLWXDWHGKXQGUHGVRIPLOHVDSDUWWKHUHZHUHQRWKRWHOVDQGUHVWDXUDQWVZKHUHDWUDYHOHU
FRXOG EX\ IRRG ZKHQ KH UHDFKHG RQH RI WKHVH DIWHU VHYHUDOGD\V
MRXUQH\8QGHUVXFK
FRQGLWLRQVLWZDVFRQVLGHUHGDPRUDOGXW\WKDWZKHQDWUDYHOHUUHDFKHGDVHWWOHPHQWWKH
SHRSOHRIWKHSODFHVKRXOGH[WHQGKRVSLWDOLW\WRKLP
5HIXVDORQWKHLUSDUWLQPDQ\FDVHVPHDQWGHDWKIRUWKHWUDYHOHUVDQGWKLVZDVORRNHG
XSRQ DV KLJKO\ EODPHZRUWK\ DPRQJ WKH $UDEV 7KDW LV ZK\ WKH +RO\ 3URSKHW XSRQ
ZKRPEHSHDFH DOORZHGDVSHUPLVVLEOHWKHDFWRIKLV&RPSDQLRQV6LQFHWKHSHRSOHRI
WKHWULEHKDGUHIXVHGWKHPKRVSLWDOLW\WKH\WRRUHIXVHGWRWUHDWWKHLUFKLHIDQGEHFDPH
UHDG\ WR WUHDW KLP RQO\ RQ WKH FRQGLWLRQ WKDW WKH\ VKRXOG SURPLVH WR JLYH WKHP
VRPHWKLQJLQUHWXUQ7KHQZKHQRQHRIWKHPZLWKWUXVWLQ*RGUHFLWHG6XUDK $O)DWLKDK
RYHUWKHFKLHIDQGKHEHFDPHZHOOWKHSHRSOHJDYHWKHSURPLVHGZDJHVDQGWKH+RO\
3URSKHWDOORZHGWKDWWKHZDJHVEHDFFHSWHGDVODZIXODQGSXUH
,Q %XNKDUL WKH WUDGLWLRQ UHODWHG RQ WKH DXWKRULW\ RI +DGUDW $EGXOODK ELQ $EEDV DERXW
WKLVLQFLGHQWFRQWDLQVWKH+RO\3URSKHW
VZRUGVWRWKHHIIHFW,QVWHDGWKDW\RXVKRXOG
KDYHDFWHGRWKHUZLVHLWZDVEHWWHUWKDW\RXUHFLWHGWKH%RRNRI$OODKDQGDFFHSWHGWKH
ZDJHVIRULW+HVDLGWKLVLQRUGHUWRLPSUHVVWKHWUXWKWKDW$OODK
V:RUGLVVXSHULRUWR
HYHU\RWKHUNLQGRIHQFKDQWLQJDQGSUDFWLFHRIVHFUHWDUWV
)XUWKHUPRUH WKH 0HVVDJH DOVR ZDV LQFLGHQWDOO\ FRQYH\HGWRWKH$UDELDQWULEHDQGLWV
SHRSOHPDGHDZDUHRIWKHEOHVVLQJVRIWKH:RUGWKDWWKH+RO\3URSKHW XSRQZKRPEH
SHDFH  KDG EURXJKW IURP $OODK 7KLV LQFLGHQW FDQQRW EH FLWHG DV D SUHFHGHQW IRU WKH
SHRSOH ZKR UXQ FOLQLF LQ WKH FLWLHV DQG WRZQV IRU WKH SUDFWLFH RI VHFUHW DUWV DQG KDYH
DGRSWHGLWDVDUHJXODUSURIHVVLRQIRUHDUQLQJOLYHOLKRRG1RSUHFHGHQWRILWLVIRXQGLQ
WKH OLIH DQG SUDFWLFH RI WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  RU KLV &RPSDQLRQV
WKHLUIROORZHUVDQGWKHHDUOLHVW,PDPV
5HODWLRQEHWZHHQ6XUDK$O)DWLKDKDQGWKH0X
DZZLGKDWD\Q
7KHODVWWKLQJZKLFKLVQRWHZRUWK\ZLWKUHJDUGWRWKH0X
DZZLGKDWD\QLVWKHUHODWLRQ
EHWZHHQ WKH EHJLQQLQJ DQG WKH HQG RI WKH 4XU
DQ $OWKRXJK WKH 4XU
DQ KDV QRW EHHQ
DUUDQJHG FKURQRORJLFDOO\ WKH +RO\ 3URSKHW XSRQ ZKRP EH SHDFH  DUUDQJHG LQ WKH
SUHVHQWRUGHUWKHYHUVHVDQG6XUDKVUHYHDOHGGXULQJ\HDUVRQGLIIHUHQWRFFDVLRQVWR
PHHWGLIIHUHQWQHHGV DQGVLWXDWLRQVQRWE\KLPVHOIEXWE\WKHFRPPDQGRI$OODK:KR
UHYHDOHGWKHP$FFRUGLQJWRWKLVRUGHUWKH4XU
DQRSHQVZLWKWKH6XUDK$O)DWLKDKDQG
HQGVZLWKWKH0X
DZZLGKDWD\Q1RZOHWXVKDYHDORRNDWWKHWZR,QWKHEHJLQQLQJ
DIWHU SUDLVLQJ DQG JORULI\LQJ $OODK :KR LV /RUG RI WKH ZRUOGV .LQG 0HUFLIXO DQG
0DVWHURIWKH-XGJPHQW'D\WKHVHUYDQWVVXEPLWV/RUG<RXDORQH,ZRUVKLSDQGWR
LVODPPHVVDJHFRP 
<RXDORQJ,WXUQIRUKHOSDQGWKHPRVWXUJHQWKHOSWKDW,QHHGIURP<RXLVWREHJXLGHG
WRWKH6WUDLJKW:D\ ,QDQVZHUKHLVJLYHQE\$OODKWKHZKROH4XU
DQWRVKRZKLPWKH
6WUDLJKW:D\ZKLFKLVFRQFOXGHGWKXV0DQSUD\VWR$OODK:KRLV/RUGRIGDZQ/RUG
RIPHQ.LQJRIPHQ'HLW\RIPHQVD\LQJ,VHHNUHIXJHRQO\ZLWK<RXIRUSURWHFWLRQ
IURP HYHU\ HYLO DQG PLVFKLHI RI HYHU\ FUHDWXUH DQG LQ SDUWLFXODU IURP WKH HYLO
ZKLVSHULQJV RI GHYLOV EH WKH\ IURP DPRQJ PHQ RU MLQQ IRU WKH\ DUH WKH JUHDWHVW
REVWDFOHLQIROORZLQJWKH6WUDLJKW:D\7KHUHODWLRQWKDWWKHEHJLQQLQJEHDUVZLWKWKH
HQGFDQQRWUHPDLQKLGGHQIURPDQ\RQHZKRKDVXQGHUVWDQGLQJDQGLQVLJKW

1DDV
6HH0DZGXGL
V6XUD,QIRUPDWLRQRQ)DODT

LVODPPHVVDJHFRP 

You might also like