'LSORPDUEHLWEHUGDV7KHPD

3HWHU6KDIIHUVSOD\

DQGLWVILOPDGDSWDWLRQE\0LOR)RUPDQ

GHP3UIXQJVDPWEHLGHU
-RKDQQHV*XWHQEHUJ8QLYHUVLWlW0DLQ]
)DFKEHUHLFK$QJHZDQGWH6SUDFKXQG.XOWXUZLVVHQVFKDIW
LQ*HUPHUVKHLP

YRUJHOHJWYRQ0DJRU]DWD.XURZVND

5HIHUHQW8QLY3URI'U.DUO+HLQ]6WROO

3UIXQJVWHUPLQ6RPPHUVHPHVWHU

&RQWHQWV
 ,QWURGXFWLRQ
 3HWHU6KDIIHU
 0LOR)RUPDQ

 7KHWKHPHVRI$PDGHXV
 $PDGHXVDVDKLVWRULFDOGUDPD
 +LVWRULFDODXWKHQWLFLW\
 &ULWLFLVP
 3V\FKRORJLFDODQGSV\FKRDQDO\WLFHOHPHQWV
 7KHFRQIOLFWRISHUVRQDOLWLHV
 7KHYLHZRIWKHDUWLVW
 7KHWKHRORJLFDOLQWHUSUHWDWLRQ
 7KH&DLQDQG$EHOPRWLYH
 7KH&KULVWPRWLYH

 7KHDGDSWDWLRQWHFKQLTXH
 7KHWUDQVIHUIURPVWDJHWRVFUHHQ
 3HWHU6KDIIHUVVWDJLQJWHFKQLTXH
 7KHRULJLQRIWKHILOP
 7KHILOPLQJRI$PDGHXV
 'HOHWLRQVDQGDGGLWLRQV
 1DUUDWLYHVHTXHQFH
 7KHFKDUDFWHUVLQWKHSOD\DQGWKHILOP
 6DOLHUL
 0R]DUW
 &RQVWDQ]H
 6XSSRUWLQJFKDUDFWHUV
 9LVXDOODQJXDJH
 &RVWXPHVDQGPDNHXS
 7KHXVHRIV\PEROV
 &DPHUDVKRWVPRQWDJH
 0XVLFDQGVRXQG

 &RQFOXVLRQ
 %LEOLRJUDSK\
 $SSHQGLFHV
$SSHQGL[ 6FHQHVHTXHQFHLQWKHSOD\DQGWKHILOP
$SSHQGL[ &DVWDQGWHFKQLFDOGDWD

:KDWXVHDIWHUDOOLV0DQ
LIQRWWRWHDFK*RG+LVOHVVRQV"
6KDIIHU$PDGHXV

,QWURGXFWLRQ

3HWHU 6KDIIHUV SV\FKRORJLFDO GUDPD $PDGHXV KDV DURXVHG FRQWURYHUV\ HYHU VLQFH LWV ILUVW
SHUIRUPDQFHRQ1RYHPEHUDWWKH1DWLRQDO7KHDWUHLQ/RQGRQ,WKDVPHWZLWK
HQWKXVLDVWLF UHFHSWLRQ ZRUOGZLGH DQG KDV EHHQ WUDQVODWHG LQWR WZHQW\WZR ODQJXDJHV
3OXQND7KHILOPYHUVLRQUHOHDVHGLQ6HSWHPEHUKDVPDGHWKHGUDPDDFFHVVL
EOHWRDPDVVDXGLHQFHDQGWKXVUHYLYHGWKHVWRUP\GHEDWHUHJDUGLQJWKHDFFXUDWHSRUWUD\DO
RI:ROIJDQJ$PDGHXV0R]DUWDQGWKHHYHQWVWKDWOHGWRKLVGHDWK6LPXOWDQHRXVO\WKH
ILOPVWDUWHGDNLQGRI0R]DUWPDQLD
%RWKWKHSOD\DQGWKHILOPKDYHHQMR\HGJUHDWSRSXODULW\DQGZHUHFRPPHUFLDOVXF
FHVVHV  7KH FULWLFDO UHVSRQVH YDULHG IURP HQWKXVLDVWLF DFFODLP WR GHYDVWDWLQJ FULWLFLVP
8QDIIHFWHGE\WKLVFULWLFLVPWKHILOPKDVUHFHLYHGHLJKW$FDGHP\$ZDUGVLQFOXGLQJ%HVW
3LFWXUH%HVW6FUHHQSOD\DQG%HVW'LUHFWRUDVZHOODVIRXU*ROGHQ*OREHV,QIDFWLWZDV
WKH UHVXOW RI FRRSHUDWLRQ EHWZHHQ WZR VWURQJ DUWLVWLF SHUVRQDOLWLHV WKH SOD\ZULJKW 3HWHU
6KDIIHUDQGWKHILOPGLUHFWRU0LOR)RUPDQ7KHRXWFRPHRIWKLVFRRSHUDWLRQZDVDQHZ
DQGUHPDUNDEOHZRUNWKDWEHDUVGLVWLQFWLYHPDUNVRI ERWK DUWLVWV  )RU WKDW UHDVRQ , ZLOO
EHJLQ ZLWK D VKRUW SRUWUDLW RI ERWK 6KDIIHU DQG )RUPDQ DQG VKRZ WKH FHQWUDO WKHPHV
RIWKHLUZRUN
,QWKHPDLQSDUWRIP\DQDO\VLV,ZLOOILUVWJLYHDEULHIVXUYH\RIWKHUHODWLRQRIWKH
GUDPDWRKLVWRULFDOUHDOLW\DQGWKHFULWLFLVPWKDWLWKDVUHFHLYHG)XUWKHUPRUH,ZLOODQD
O\VH VRPH SULPDU\ LVVXHV RI WKH ZRUN VXFK DV WKH SV\FKRORJLFDO DQG SV\FKRDQDO\WLF HOH
PHQWV LQ $PDGHXV WKH FRQIOLFW EHWZHHQ WKH 'LRQ\VLDQ DQG WKH $SROORQLDQ DQG WKH
UHOLJLRXV WKHPHV LQ WKH GUDPD  7KLV ZLOO HVWDEOLVK D EDVLV IRU WKH VXEVHTXHQW GLVFXVVLRQ
RIWKH DGDSWDWLRQ WHFKQLTXH DV ZHOO DV WKH FKDQJHV RI HPSKDVLV UHVXOWLQJ IURP WKH UH
ZRUNLQJRIWKHGUDPDWLFVXEVWDQFHIRUDQHZPHGLXP)LQDOO\DIWHUDVKRUWLQWURGXFWLRQ
FRQFHUQLQJWKHSUREOHPVRIDGDSWDWLRQ,ZLOODQDO\VHWKHVHOHFWLRQDGGLWLRQDQGVHTXHQFH
RI VFHQHV WKH GHYHORSPHQW RI WKH FKDUDFWHUV IRU WKH ILOP YHUVLRQ DV ZHOO DV WKH XVH
RIYLVXDODQGDXUDOHOHPHQWVLQWKHILOP

 3HWHU6KDIIHU
7KHGUDPDWLVW3HWHU6KDIIHUKDVEHHQSUHVHQWRQWKH%ULWLVKVWDJHVLQFHKLVILUVWSOD\)LYH
)LQJHU ([HUFLVH ZULWWHQ LQ   +LV IROORZLQJ SOD\V LQFOXGHG VDWLULFDO FRPHGLHV VXFK DV
%ODFN&RPHG\:KLWH/LDUVDQG/HWWLFHDQG/RYDJHEXWKHLVEHVWNQRZQ
IRUKLVSKLORVRSKLFDOGUDPDV7KH5R\DO+XQWRIWKH6XQ(TXXVDQG$PDGHXV
DVZHOODV7KH%DWWOHRI6KULYLQJVDQG<RQDGDE7KRXJKYHU\GLIIHUHQW
LQSODFHWLPH DQG VHWWLQJ WKHVH SOD\V RIWHQ VKRZ D SDLU RI DQWDJRQLVWLF PDOH FKDUDFWHUV
VHDUFKLQJIRUDQDQVZHUWRWKHPHWDSK\VLFDOTXHVWLRQDERXWWKHUHODWLRQVKLSEHWZHHQPDQ
DQG*RG
6KDIIHU LV NQRZQ WR FUHDWH SULQFLSDO FKDUDFWHUV RI VWDUWOLQJ FUHGLELOLW\ 6FRWW 
ZKRFRPHLQWRDVWURQJDQGGHVWUXFWLYHFRQIOLFWZLWKHDFKRWKHU$OORIKLVSOD\VGLVSOD\
WKHFODVKEHWZHHQDUDWLRQDO$SROORQLDQSHUVRQDOLW\DQGDFKLOGOLNH'LRQ\VLDQSHU
VRQDOLW\ VXFK DV 3L]DUUR DQG $WDKXDOSD LQ 7KH 5R\DO +XQW RI WKH 6XQ 0DUWLQ '\VDUW DQG
$ODQ6WUDQJLQ(TXXVDQGODVWEXWQRWOHDVW6DOLHULDQG0R]DUWLQ$PDGHXV+LV$SROOR
QLDQ FKDUDFWHUV GHVWUR\ WKH 'LRQ\VLDQ FKDUDFWHUV LQ RUGHU WR H[WLQJXLVK WKH GLYLQH
EXWWKURXJKWKLVDFWWKH\DOVRNLOODSDUWRIWKHPVHOYHVDQGVXIIHUIRULW%HFDXVHKLVSOD\V
WRXFK WKH KLGGHQ DQG SDLQIXO DVSHFWV RI WKH KXPDQ VRXO WKH\ WHQG WR HYRNH YDULHG
DQGFRQWUDGLFWRU\UHVSRQVHV*LDQDNDULV
0XVLF KDV DOZD\V EHHQ D YLWDO HOHPHQW RI 3HWHU 6KDIIHUV OLIH DQG FDUHHU  +H SOD\V
WKHSLDQRIDUEH\RQGDYHUDJHFRPSHWHQFH*LDQDNDULVDQGIRUVHYHUDO\HDUVKH
ZRUNHGDVDPXVLFFULWLFIRUWKHPDJD]LQH7LPHDQG7LGH$FFRUGLQJO\KHLVNQRZQIRUWKH
GLVWLQFWLYH DQG LPSUHVVLYH XVH RI PXVLF LQ KLV SOD\V ZKHUH LW IRUPV DQ LQWHJUDO DVSHFW
RIWKHLUVRXQGVFDSH6WHUQ+HHPSOR\VFKDQWVRXQGVDQGLQVWUXPHQWDOVHTXHQFHV
WRUHLQIRUFHWKHQRQYHUEDOFRPPXQLFDWLRQZLWKWKHDXGLHQFHDVZHOODVWRVKRZWKHLQQHU
VWDWH RI PLQG RI WKH FKDUDFWHUV DQG WKH GHYHORSPHQW RI WKHLU FRQGLWLRQ WKURXJKRXW WKH
SORW  $PRQJ DOO RI 6KDIIHUV ZRUNV PXVLF SOD\V WKH PRVW LPSRUWDQW UROH LQ $PDGHXV
DVLWGHWHUPLQHVWKHGUDPDWLFVWUXFWXUHRIWKHSOD\
6RIDUVL[RI6KDIIHUVSOD\VKDYHEHHQWXUQHGLQWRILOPV)LYH)LQJHU([HUFLVH7KH3UL
YDWH(DU7KH3XEOLF(\H7KH5R\DO+XQWRIWKH6XQ(TXXVDQG$PDGHXV+RZHYHU$PDGHXV
LV WKH PRVW VXFFHVVIXO DGDSWDWLRQ DQG WKH RQO\ RQH ZLWK ZKLFK WKH DXWKRU ZDV VDWLVILHG
7KLV LV ODUJHO\ GXH WR 0LOR )RUPDQV H[SHULHQFH DW DGDSWLQJ OLWHUDU\ PDWHULDO DQG WR KLV
RXWVWDQGLQJFLQHPDWLFSHUVRQDOLW\DVZHOODVWRWKHFORVHFRRSHUDWLRQRIWKHWZRDUWLVWV


 0LOR)RUPDQ
0LOR )RUPDQV FDUHHU VWDUWHG LQ &]HFKRVORYDNLD ZKHUH KH KDG DOUHDG\ DFKLHYHG FULWLFDO
VXFFHVVDQGORFDOSRSXODULW\LQWKHV'HVSLWHWKLVFRPPHUFLDOVXFFHVVDQGLQWHUQD
WLRQDOIDPHFDPHRQO\DIWHUKLVHPLJUDWLRQWRWKH86$LQ-DQXDU\RIZLWKVXFKILOPV
DV 7DNLQJ 2II  2QH )OHZ RYHU WKH &XFNRRV 1HVW  +DLU  5DJWLPH 
DQGILQDOO\$PDGHXV
,QFRQWUDVWWR6KDIIHUVSOD\VKLVILOPVGRQRWXVXDOO\VKRZDFODVKEHWZHHQWZRRS
SRVHG SHUVRQDOLWLHV EXW D FODVK EHWZHHQ D VROLWDU\ SHUVRQ DQG D UHVWULFWLYH VRFLHW\ 6OD
WHU+LVSURWDJRQLVWVILJKWDVRFLDOV\VWHPPRUHFRQFHUQHGZLWKPDLQWDLQLQJRUGHUWKDQ
SURYLGLQJSHUVRQDOIUHHGRP6ODWHU$OWKRXJKOHVVPHWDSK\VLFDOKLVWKHPHVDUHQROHVV
SURIRXQGWKDQWKRVHRI3HWHU6KDIIHUEXWWKH\DUHDOZD\VSUHVHQWHGDVDPL[WXUHRIFRPHG\
DQGWUDJHG\7KLVGHYLFHPDNHVKLVILOPVGHHSO\PRYLQJDQGDWWKHVDPHWLPHHDVLO\DFFHV
VLEOHWRDZLGHDXGLHQFHZKLFKDFFRXQWVIRUWKHLUJUHDWFRPPHUFLDOVXFFHVV
/LNH 6KDIIHU 0LOR )RUPDQ LV DQ DUWLVW ZLWK DQ H[WUDRUGLQDU\ HPSDWK\ IRU PXVLF
,QKLVILOPVLWVHUYHVQRWRQO\DVDQLOOXVWUDWLRQRIPRRGDWPRVSKHUHDQGHPRWLRQEXWLV
D PHDQV RI FRPPXQLFDWLQJ LQIRUPDWLRQ DERXW D SDUWLFXODU VRFLHW\ DQG VSHFLILF SHULRG
LQWLPH  ,Q7DNLQJ 2II DQG LQ WKH PXVLFDO +DLU PXVLF H[SUHVVHV WKH IHHOLQJV LGHDV
DQGOLIHVW\OH RI D ZKROH JHQHUDWLRQ  ,Q 2QH )OHZ 2YHU WKH &XFNRRV 1HVW LW XQGHUOLQHV
WKHQXPELQJ DWPRVSKHUH RI WKH PHQWDO KRVSLWDO  ,Q5DJWLPH )RUPDQ VKRZV D PXVLFLDQ
ZKR FDQ RQO\ ILQG IUHHGRP LQ KLV PXVLF DQG KDV WR ILJKW DJDLQVW D KRVWLOH VRFLHW\
QRWXQOLNH 0R]DUW LQ $PDGHXV  ,Q $PDGHXV WKRXJK PXVLF EHFRPHV WKH YHU\ VXEVWDQFH
RIWKHILOPDQGWKHGULYLQJIRUFHEHKLQGWKHDFWLRQVRIWKHFKDUDFWHUV
0LOR )RUPDQ >LV@ OLNH 6KDIIHU VXFFHVVIXO HQHUJHWLF DQG DEVROXWH LQ KLV WDVWHV
*LDQDNDULV    $OWKRXJK WKH WZR DXWKRUV SXUVXH TXLWH GLIIHUHQW WKHPHV LQ WKHLU
ZRUNWKH\KDYHIRXQGHQRXJKFRPPRQPDWWHULQ$PDGHXVWRWXUQLWLQWRDILOP)RUPDQ
KDVGHVFULEHGKLVPHWKRGRIDGDSWDWLRQDVWHDULQJWKHSOD\DSDUWDQGSXWWLQJLWWRJHWKHULQ
DQHZIRUP)RUPDQTXRWHGIURP.DPP6KDIIHURQWKHRWKHUKDQGXVHGWKHRF
FDVLRQWRVHHNRXWQHZPHDQVWRIXOILOOSUHYLRXVREMHFWLYHV*LDQDNDULV1DWX
UDOO\WKHFRPELQHGHIIRUWVRIWZRVXFKSHUVRQDOLWLHVSURGXFHGDVRPHZKDWGLIIHUHQWZRUN
WKDQLWVVWDJHRULJLQDO

7KHWKHPHVRI $PDGHXV

$PDGHXVSUREHVXQLYHUVDOSURIRXQG VRPHWLPHV GLVWXUELQJ WKHPHV WKDW WUDQVFHQG WKH SHU

VRQDOLWLHVRIERWK0R]DUWDQG6DOLHUL,WLVDSOD\RILGHDVLQZKLFK6KDIIHUWRXFKHVXSRQDV
SHFWVRISV\FKRORJ\VRFLRORJ\WKHRORJ\DQGPXVLFRORJ\DOORIZKLFKDUHLQWHJUDWHGLQWRWKH
0R]DUW6DOLHUL FRQIOLFW  7KHVH YDULRXV HOHPHQWV LQWHUDFW ZLWK HDFK RWKHU LQ HYHU\ VSHHFK
VFHQHDQGGLDORJXHRIERWKWKHSOD\DQGWKHILOPWRFUHDWHDFRPELQHGDHVWKHWLFDQGPHWD
SK\VLFDOFRQXQGUXP*LDQDNDULVDURXQGWKHHWHUQDOP\VWHU\RIJHQLXV
,Q WKH IROORZLQJ SDUW , ZLOO GHVFULEH WKH YDULRXV LVVXHV DQG FRQIOLFWV GHDOW ZLWK
LQ$PDGHXVDVZHOODVFKDQJHVLQHPSKDVLVUHVXOWLQJIURPWKHILOPDGDSWDWLRQ

 $PDGHXVDVDKLVWRULFDOGUDPD
$PDGHXV UHFRQVWUXFWV SHUVRQDJHV HYHQWV DV ZHOO DV WKH VSLULW RI WKH ODWH WK FHQWXU\
$OWKRXJKLWVXQGHUO\LQJWKHPHVDUHXQLYHUVDOLWLVQRWDSDUDOOHOWRFRQWHPSRUDU\HYHQWV
0RUHRYHUWKHDFWLRQFRYHUVDSHULRGRIPRUHWKDQWKLUW\\HDUV+LVWRULFDOGUDPDVRIWHQ
GHSLFW DQDJH ZKHQ WZR FXOWXUHV DUH LQ FRQIOLFW RQH G\LQJ DQG WKH RWKHU EHLQJ ERUQ
7KUDOODQG+LEEDUG)URPWKLVSRLQWRIYLHZWKHSOD\FDQEHFODVVLILHGDVDKLVWRUL
FDOGUDPD
<HW$PDGHXVLVQRWDQREMHFWLYHUHSUHVHQWDWLRQRIKLVWRU\6KDIIHUPHUHO\XVHVKLV
WRULFDO SHUVRQDOLWLHV SODFHV DQG HYHQWV LQ RUGHU WR GHSLFW D SV\FKRORJLFDO VLWXDWLRQ WKDW
FDQDULVHLQDQ\FHQWXU\DVLQIDFWLWGRHVLQKLVRWKHUSOD\V7KHUHIRUHKHGRHVQRWVWLFN
VODYLVKO\WRWKHDFNQRZOHGJHGIDFWVDERXW0R]DUWDOWKRXJKKHFODLPVWRKDYHVSHQWWKUHH
\HDUVUHDGLQJDOORIWKHDYDLODEOHOLWHUDWXUHRQWKHFRPSRVHUVOLIH2QWKHFRQWUDU\KHUH
VHUYHVWKHULJKWWRWKHJUDQGOLFHQFHRIWKHVWRU\WHOOHUWRHPEHOOLVKKLVWDOHZLWKILFWLRQDO
RUQDPHQW6KDIIHUDQGKHGHVFULEHV$PDGHXVDVDIDQWDVLDRQHYHQWVLQ0R
]DUWVOLIH*LDQDNDULV/LNHPDQ\SOD\ZULJKWVEHIRUHKLP6KDIIHUXVHGKLVWRUL
FDOILJXUHVIRUGUDPDWLFSXUSRVHV'HVSLWHWKLVKHUDUHO\FKRVHWRH[HUWKLVSRHWLFOLFHQVH
RQWKHPDWHULDODQGWULHGWRPDLQWDLQKLVWRULFDODFFXUDF\3OXQND

 +LVWRULFDODXWKHQWLFLW\
$VVWDWHGSUHYLRXVO\WKHSOD\VRPHWLPHVGLYHUJHVIURPKLVWRULFDOIDFWVLQRUGHUWRH[SORUH
PRUHIXQGDPHQWDODQGXQLYHUVDOKXPDQLVVXHVDQGWRDFKLHYHDGUDPDWLFHIIHFW2QO\RQ
WKHVXUIDFHGRHVLWDSSHDUWREHDFRPSRVHUVELRJUDSK\6KDIIHUKLPVHOIHPSKDVLVHVKLV
LQWHQWLRQ)URPWKHVWDUWZHDJUHHGXSRQRQHWKLQJZHZHUHQRWPDNLQJDQREMHFWLYHOLIH
RI:ROIJDQJ0R]DUW7KLVFDQQRWEHVWUHVVHGWRRVWURQJO\6KDIIHU6WLOOWKLV
GRHVQRWPHDQWKDW6KDIIHULJQRUHGDQGGLVWRUWHGKLVWRULFDOIDFWV+HEDVHGKLVSOD\RQ
WKRURXJKELRJUDSKLFDOUHVHDUFKDQGRQO\ILOOHGWKHLQHYLWDEOHJDSVZLWKKLVLQWHUSUHWDWLRQ
RI WKH HYHQWV FI6WXPSI I  ,W ZDV KLV GHFLVLRQ WKRXJK ZKLFK PDWHULDO WR LQFOXGH
DQG HPSKDVLVH ZKLFK WR OHDYH RXW DQG KRZ WR ILOO WKH UHPDLQLQJ JDSV  )ROORZLQJ WKH
ORJLFRIKLVSUHPLVHKHKDVLQGHHGFUHDWHGKLVRZQYHUVLRQRIKLVWRU\
7KH JUHDWHVW OLEHUW\ 6KDIIHU WRRN ZLWK WKH KLVWRULFDO PDWHULDO ZDV WR EXLOG KLV SOD\
DURXQG WKH XQSURYHG UXPRXU VD\LQJ WKDW 6DOLHUL SRLVRQHG 0R]DUW  7KLV UXPRXU DURVH
VKRUWO\DIWHU0R]DUWVGHDWKDQGKDVKDXQWHGPDQ\PLQGVHYHUVLQFH7KHILUVWWRPHQWLRQ
LWLQOLWHUDWXUHZDVWKH5XVVLDQSRHW$OH[DQGHU3XVKNLQ,QDOPRVWIRUW\\HDUVDIWHU
0R]DUWVGHDWKKHGHYHORSHGWKHVXEMHFWLQWRDWZRVFHQHYHUVHGUDPDUHYROYLQJDURXQG
HQY\ULYDOU\DQGWKHUROHRIWKHDUWLVWLQVRFLHW\7KLVSOD\ZDVODWHUWXUQHGLQWRDRQHDFW
RSHUDE\1LNRODL5LPVN\.RUVDNRY$OWKRXJK6KDIIHUFODLPVQRWWRKDYHUHDGWKHGUDPD
RUVHHQWKHRSHUDKLVSOD\VHHPVWREHDIXUWKHUGHYHORSPHQWRIWKHVDPHWKHPHDQGDW
WKHVDPHWLPHSRVVHVVHVDFHUWDLQRSHUDWLFTXDOLW\
,Q0R]DUWVOHWWHUVWKHUHDUHDIHZKLQWVDWDULYDOU\H[LVWLQJEHWZHHQWKHWZRFRP
SRVHUVEXWQRWQHDUO\HQRXJKWREHOLHYHWKDW6DOLHULSOD\HGVXFKDQLPSRUWDQWUROHLQ0R
]DUWV OLIH DV VKRZQ LQ $PDGHXV  7KH ILOP WDNHV HYHQ JUHDWHU OLEHUW\ ZLWK WKH KLVWRULFDO
HYHQWVWKDQWKHSOD\)RUH[DPSOH6KDIIHUIUHHO\LQYHQWHGWKHVFHQHRI 0R]DUWV GHDWK
ZKHUHKHGLFWDWHVWKHODVWQRWHVRIWKH 5HTXLHP WR WKH HDJHU 6DOLHUL DV ZHOO DV WKH VFHQHV
ZLWKWKHVHUYDQWJLUO/RUO6LPLODUO\KLVWRULFDOIDFWVDUHVRPHWLPHVGLVWRUWHG6DOLHULVPX
VLF IRU LQVWDQFH LVVKRZQ DV GXOO VLPSOHPLQGHG DQG XQZRUWK\ RI KLV WUXH DELOLWLHV
%URZQ  7KH PRWLYH RI WKH PDVNHG ILJXUH LV DOVR FKDQJHG  ,Q UHDOLW\ WKH P\VWHULRXV
VWUDQJHUZDVQRW6DOLHULEXWD&RXQW:DOVHJJDQDPDWHXUPXVLFLDQZKRZDQWHG0R]DUWWR
ZULWHDUHTXLHPIRUKLVUHFHQWO\GHFHDVHGZLIHDQGSODQQHGWRSUHVHQWLWDVKLVRZQZRUN


,Q FDVH RI ,QWHUQHW GRFXPHQWV , GLG QRW JLYH DQ\ SDJH UHIHUHQFHV DV LW LV WHFKQLFDOO\ LPSRVVLEOH WR HVWDEOLVK WKH
SDJH EUHDNV

7KH SRUWUDLW RI 0R]DUW LQ $PDGHXV LV UDWKHU DFFXUDWH EXW RYHUGUDZQ DQG H[DJJHU
DWHG+LVOHWWHUVDERYHDOOWKRVHWRKLVFRXVLQ%lVOH$QQD0DULD7KHNOD0R]DUWEH
WUD\KLVLQFOLQDWLRQWRZDUGVVFDWRORJLFDOZRUGJDPHV$V0DUWLQ(VVOLQSXWVLW>@LQKLV
OHWWHUV 0R]DUW UHYHDOV KLPVHOI DV DQ LQGLYLGXDO RI HDUWK\ VH[XDOLW\ DQG VFDQWRORJLFDO >VLF@
H[SUHVVLYHQHVV1RQHWKHOHVVLWLVKDUGO\SUREDEOHWKDWKHVKRXOGXVHWKHVDPHODQJXDJH
LQKLVUHODWLRQVDWFRXUW+LVXQIRUJHWWDEOH>@SLHUFLQJDQGLQIDQWLOHJLJJOH3OD\LV
OLNHZLVHDQLQYHQWLRQ
)LQDOO\ LI 6DOLHUL UHDOO\ GLG FRPPLW D FULPH DJDLQVW 0R]DUW ZKLFK E\ WKH ZD\
LVXQSURYHQ LW ZDV QRW WR GHVWUR\ KLV ULYDO E\ SRLVRQLQJ KLP EXW PRUH VXEWO\
E\SUHYHQWLQJ KLP IURP REWDLQLQJ D VHFXUH SODFH DW FRXUW  ,W VHHPV WKDW WKLV SRLQW ZLOO
DOZD\VUHPDLQRSHQWRVSHFXODWLRQ

 &ULWLFLVP
7KHFRQWURYHUVLDOTXHVWLRQRIKLVWRULFDODXWKHQWLFLW\KDVJLYHQFDXVHWRPDQ\GLVFXVVLRQV
LQWKHSUHVV%RWKWKHSOD\DQGWKHILOPKDYHEHHQZLGHO\FULWLFLVHGIRUYDULRXVUHDVRQV
,ZLOOJLYHDVKRUWVXUYH\RIWKHFULWLFLVPDQGUHODWHLWWRWKHYDULRXVDVSHFWVRIWKHGUDPD
,WVHHPVWKDW6KDIIHUWRXFKHGDQLUULWDEOHVSRWDQGVRWKHYHU\LQQRYDWLYHQHVV>@
RIWKHVWRU\EHFDPHDPDMRUVRXUFHRIFRPSODLQW*LDQDNDULV,QQXPHUDEOH
0R]DUW ORYHUV UHJDUGHG $PDGHXV DV D VDFULOHJLRXV ZRUN WKDW GDPDJHG WKH LPDJH RI WKHLU
LGRO  7KHLU HQUDJHPHQW ZDV SDUWO\ GXH WR WKH FRQWUDVW EHWZHHQ WKH SRUWUD\DO RI 0R]DUW
LQ$PDGHXVDQGKLVLPDJHWKDWDURVHLQWKH5RPDQWLFDJH7KHSRUWUDLWRI0R]DUWFUHDWHG
E\WKH5RPDQWLFWUDGLWLRQZDVWKDWRIDSRUFHODLQSXSSHWZLWKDUHGFRDWDZKLWHSHULZLJ
DQG KHDYHQFDVW H\HV SOD\LQJ RQ D SRUFHODLQ SLDQR  )RU PDQ\ IDQV WKH UHDOLVDWLRQ WKDW
0R]DUWZDVQRWWKHGHOLFDWHDQJHOLFILJXUHWKHWKFHQWXU\PDGHKLPRXWWREH6FKRQ
EHUJZDVSDLQIXODQGGLVWXUELQJ0LFKDHO:DOVKIRULQVWDQFHPDLQWDLQVWKDWHYHU
VLQFH 0R]DUWV GHDWK SRS FXOWXUH KDV EHHQ WU\LQJ WR WXUQ KLP LQWR WKH ILUVW URPDQWLF
PDUW\UEXWQRQHWKHOHVVKHDFFXVHV6KDIIHUDQG)RUPDQRIFRQWLQXLQJWKHKRQRXU
DEOHWUDGLWLRQRIVSUHDGLQJPLVDQGGLVLQIRUPDWLRQDERXW0R]DUW+HFORVHVKLVDU
WLFOHVWDWLQJWKDWLWVWRREDGWKDW$PDGHXV>@PLVVHVWKHUHDO0R]DUWDOPRVWFRPSOHWHO\
6KDIIHUKRZHYHUUHDOLVHVWKDW>Q@RERG\KDVVXIIHUHGPRUHWKDQ0R]DUWIURPVHQ
WLPHQWDO PLVMXGJPHQW 6KDIIHU   DQG WKDW FRQVHTXHQWO\ QR RQH FDQ NQRZ IRU
VXUHZKDWWKHUHDO0R]DUWZDVOLNH


:DOVKVDUWLFOHLVH[HPSODU\RIWKHJHQHUDOFULWLFLVPRI$PDGHXV7KHYDULRXVDXWKRUV
SRLQWRXWWKDWWKH0R]DUWVKDGWZRVXUYLYLQJFKLOGUHQWKDW6DOLHULZDVQRWDWDOODPHGLRF
ULW\WKDW0R]DUWGLGQRWGLFWDWHKLV5HTXLHPWR6DOLHULEXWWRKLVDVVLVWDQW6VVPH\UDQGVR
RQ7KLVFULWLFLVPIRFXVHVRQGHWDLOVDQGVSULQJVIURPDPLVLQWHUSUHWDWLRQRIWKHUROHDQG
PHDQVRIWKHGUDPD7KLVSRLQWLVVXPPHGXSYHU\DFFXUDWHO\E\0DWWKHZ6FRWW
7KRVH UHYLHZV RI $PDGHXV ZKLFK , KDYH UHDG VHHP WR PH WR PLVV 6KDIIHUV
SRLQWEHKLQGWKLVFKDUDFWHULVDWLRQRI0R]DUW6XUHO\WKHKLVWRULFDODXWKHQWLFLW\
RIWKHFKDUDFWHULVLUUHOHYDQW,WLVLWVXVHLQWKHWKHDWULFDOZKROHZKLFKLVXQGHU
FRQVLGHUDWLRQ>@,ZRXOGDVNWKDW$PDGHXVEHFRQVLGHUHGDVWKHDWUHDQGWKDW
DXGLHQFHVDFFHSWWKRVHFRQFHSWVRIWLPHSODFHDQGFKDUDFWHUSHFXOLDUWRWKHD
WUHDVRSSRVHGWRORQJLQJIRUWKHPRUHLQIOH[LEOHUXOHVRIKLVWRU\ 6FRWW
:DUUHQ6\OYHVWHU6PLWKDOVRDJUHHVWKDWLWLVQRWWKHEXVLQHVVRIDGUDPDWLVWWREHDKLVWR
ULDQLQDQ\OLWHUDOVHQVH7KHWKHDWHUVSXUSRVHKHSURFHHGVWRH[SODLQLVQRWWR
SUHVHQW >@ HLJKWHHQWKFHQWXU\ PXVLFRORJ\ ZLWK WH[WERRN DFFXUDF\ EXW WR H[FLWH DXGL
HQFHVZLWKIUHVKYLHZVRIKXPDQUHODWLRQVKLSV)XUWKHUPRUHWKHKRQRXUDEOHWUD
GLWLRQ RI VSUHDGLQJ PLV DQG GLVLQIRUPDWLRQ :DOVK  ZDV FDUULHG RQ QRW RQO\ ZLWK
0R]DUWV VXFFHVVRUV  IRU H[DPSOH %HHWKRYHQ &KRSLQ 6FKXEHUW DQG 6FKXPDQQ
EXWDOVRZLWKLQQXPHUDEOHKLVWRULFDOSHUVRQDOLWLHVZLWKRXWHYHUUHDOO\FDXVLQJDJUHDWVHQ
VDWLRQ
,WLVWKHUHIRUHDVWRQLVKLQJWKDW$PDGHXVVKRXOGDURXVHVRPXFKHPRWLRQEXWGXHWR
WKHVWDWXVRI0R]DUWLQWKHPXVLFDOZRUOGWKHSOD\DQGWKHILOPZHUHYLHZHGDVLFRQRFODV
WLF+RZHYHULWLVLPSRUWDQWWRVHHWKHLURQ\LQ$PDGHXVHVSHFLDOO\ LQ WKH ILOP YHUVLRQ
,URQ\LVDQRPQLSUHVHQWHOHPHQW LQ 0LOR )RUPDQV ILOPV DQG$PDGHXV LV QR H[FHSWLRQ
7KHILOPLVDFRORXUIXODQGIORULG5RFRFRVSHFWDFOHWKDWSUHVHQWV0R]DUWVDJHLQH[DFWO\
WKHZD\WKDWDPRGHUQDXGLHQFHZDQWVWRLPDJLQHLW7KLVLVH[SORUHGLQGHWDLOE\*LOEHUW
$GDLUZKRVHHV$PDGHXVDVDFDUWRRQRIWKHHLJKWHHQWKFHQWXU\&XULRXVO\HQRXJK
RWKHUFULWLFVQHJOHFWWKLVDVSHFW)XUWKHUPRUH 6KDIIHU KLPVHOI VWDWHV WKDW >Q@HLWKHU SOD\
QRU SLFWXUH UHSUHVHQWV D GRFXPHQWDU\ OLIH RI 0R]DUW EXW ERWK ERUURZ GHOLEHUDWHO\
DQGGHOLJKWHGO\IURPWKHFRQYHQWLRQVRIKLVRSHUDV6KDIIHU
2QH IXUWKHU SRLQW WKDW PXVW EH UHPHPEHUHG LV WKDW DOO SHUFHSWLRQV RI 0R]DUW DUH
FKDQQHOOHGWKURXJKWKHH\HVRI6DOLHUL,QRWKHUZRUGVWKHRQO\OLEHUW\6KDIIHUWRRNZDV
WRLQYHQWWKHLQQHUOLIHRIKLVSURWDJRQLVWRIZKLFKQRWKLQJLVNQRZQKLVWRULFDOO\$OOWKH
UHPDLQLQJHYHQWVWDNHSODFHLQWKHPHPRU\RIWKHROGDQGGHUDQJHG6DOLHULZKHUHWKHGLV
WLQFWLRQEHWZHHQIDFWDQGILFWLRQLVLPPDWHULDO


 3V\FKRORJLFDODQGSV\FKRDQDO\WLFHOHPHQWV
7KH HPSKDVLV LQ$PDGHXV OLHV RQ WKH LQWHULRU FKDUDFWHUL]DWLRQ DQG RQ WKH PRWLYHV FLU
FXPVWDQFHVDQGLQWHUQDODFWLRQ7KUDOODQG+LEEDUGRIWKHFKDUDFWHUV7KHGUDPD
VWDUWVZLWKWKHFRQIHVVLRQRIDPXUGHUDQGWKHQJRHVRQWRH[SODLQWKHZK\DQGWKHZKHUH
IRUH RI WKLV DFWLRQ 7KUDOO DQG +LEEDUG   7KLV IRFXV RQ WKH LQWHULRU DFWLYLW\ RIWKH
FKDUDFWHUVLVW\SLFDORISV\FKRORJLFDOSOD\VDQGILOPV,Q $PDGHXVWKHSV\FKRORJLFDOHOH
PHQWVDUHSUHVHQWHGLQDSV\FKRDQDO\WLFPDQQHUUHJDUGLQJWKHSRUWUD\DORI6DOLHULDQGWKH
GHYHORSPHQWRIKLVPHQWDOFRQGLWLRQ
$OWKRXJKWKHWLWOHVXJJHVWV0R]DUWWREHWKHSURWDJRQLVWLWLVUHDOO\6DOLHULDQGQRW
0R]DUWZKRRFFXSLHVWKHFHQWUHRIWKHVWDJHDQGZKRVHPLQGZHDUHLQYLWHGWRHQWHU7KH
GUDPDWLF VLWXDWLRQ LV WKDW RI D GHDWKEHG FRQIHVVLRQ  $W WKH VDPH WLPH LW UHVHPEOHV
DSV\FKRDQDO\WLFVHVVLRQLQZKLFKWKHQDUUDWRULVWKHSDWLHQWDQGWKHDXGLHQFHWDNHVRYHU
WKHUROHRIWKHDQDO\VW6KDIIHUKDVDOUHDG\DSSOLHGWKHVDPHGHYLFHLQKLVRWKHUSOD\VVXFK
DV7KH5R\DO+XQWRIWKH6XQRU(TXXVDVLWHQDEOHVKLPWRFRQWUROWKHGUDPDWLFSDFHDQG
DOORZV IRU IODVKEDFNV DQG LQWHULRU PRQRORJXHV  0RUHRYHU KLV QDUUDWRUV FRQWURO WKH
SULVPWKURXJKZKLFKWKHZRUNLVYLHZHG6WHUQWKLVDOORZVKLPWRPDQLSXODWHWKH
VSHFWDWRUVUHFHSWLRQRIWKHHYHQWVRQVWDJH
,Q WKH SOD\ 6DOLHUL LV WKH QDUUDWRU ZKR DW WKH VDPH WLPH UHFRXQWV KLV RZQ VWRU\
+HLV DW QR WLPH REMHFWLYH DQG ZH VHH WKH DFWLRQ RQ VWDJH RQO\ WKURXJK KLV H\HV RIWHQ
FORXGHGZLWKHQY\KDWHDQGSDLQ+HVWDUWVZLWKDQLQYRFDWLRQWRWKHDXGLHQFHLQZKLFK
KHEHJVWKHVSHFWDWRUVWRFRPHDQGEHKLVFRQIHVVRUV3OD\7KHQKHEHJLQVWRWHOOKLV
WDOHLQDPDQQHUUHVHPEOLQJDSDWLHQWVPRQRORJXHWRKLVDQDO\VW$WWLPHVKHJHWVH[FLWHG
DQGLVWKHQDJDLQGLVWUDFWHGE\VXFKWULYLDOLWLHVDVFDNHVRUKLVVHUYDQWV7KHDXGLHQFHLV
VXEMHFWHG WR VRPHWKLQJ WKDW DSSHDUV WR EH D IUHH IORZ RI 6DOLHULV FRQVFLRXVQHVV EXW KLV
QDUUDWLRQLVRQO\VHHPLQJO\LQFRKHUHQW,QUHDOLW\KHLVOHDGLQJKLVOLVWHQHUVGHHSLQWRKLV
PLQGVRWKDWWKH\FDQH[SHULHQFHKLVWUDJHG\DOPRVWGLUHFWO\
$PDGHXV VKRZV WZR PHQ RI ZLGHO\ GLIIHULQJ WHPSHUDPHQWV OLQNHG E\ D FRPPRQ
VSLULWXDOERQG6PLWK7KURXJKRXWWKHSORW6DOLHULLVVKRZQWRGHYHORSDORYHKDWH
UHODWLRQVKLSZLWKKLVULYDO$OWKRXJKKHSUHWHQGVRQO\WRGHVSLVHWKHFKLOGLVKDQGREVFHQH
0R]DUWWKHUHLVDSDUWRIKLPWKDWDGPLUHVKLPIRUKLVLQGHSHQGHQFH2QHH[DPSOHRIWKLV
LV 0R]DUWV OLEHUWLQH EHKDYLRXU 6DOLHUL LV HQUDJHG ZKHQ 0R]DUW VHGXFHV KLV SUL]H SXSLO
.DWKHULQD&DYDOLHULEXWRQO\EHFDXVHKHUHJUHWVQRWKDYLQJGRQHLWKLPVHOIZKHQKHZDV
JLYHQWKHRSSRUWXQLW\+HIHHOVFKHDWHGDQGWKHLQFLGHQWPHUHO\QRXULVKHVKLVKDWH


2QHZD\RILQWHUSUHWLQJWKLVUHODWLRQVKLSLVWRUHJDUG0R]DUWDVWKHDOWHUHJRRI6D
OLHULWKHSHUVRQLILFDWLRQRIDOOWKHLQVWLQFWVDQGVHFUHWZLVKHVWKDWKHKDGVWLIOHGLQKLPVHOI
DOOKLVOLIHLQVKRUWKLVLG7KLVFRQIOLFWEHWZHHQWKHLGDQGWKHVXSHUHJRLVFDUULHGRXW
RQVHYHUDOOHYHOV)RUH[DPSOHLWLVH[SUHVVHGLQWKHFODVKEHWZHHQ6DOLHULDQG0R]DUW
6DOLHULLVVKRZQDVEHLQJVWURQJO\GRPLQDWHGE\KLVVXSHUHJRZKLFKPDQLIHVWV
LWVHOI LQ KLV SHUPDQHQW DQG REVHVVLYH DWWHPSWV WR EH LQ FRQWURO RI KLPVHOI DV
ZHOODVRIWKHVLWXDWLRQDURXQGKLP>@,QFRQWUDVW0R]DUWLVSUHVHQWHGDV
EHLQJGRPLQDWHGPXFKPRUHE\KLVLG
+XEHUDQG=DSI
7KHRQO\ZHDNQHVVWKDW6DOLHULDOORZVKLPVHOILVDWDVWHIRUVZHHWVZKLFKKHSRVLWLYHO\GH
YRXUVWKURXJKRXWWKHSOD\+LVVZHHWWRRWKLVREYLRXVO\DFRPSHQVDWLRQIRUKLVSRRUVH[
OLIH:KLOHWU\LQJWRVHGXFH&RQVWDQ]H6DOLHULWHOOVKHU,OLYHRQLQNDQGVZHHWPHDWV,
QHYHUVHHZRPHQDWDOO3OD\,QWKHSOD\KHLVPDUULHGWRDZRPDQZKRVHPDLQ
TXDOLW\LVODFNRIILUH3OD\DQGIUHHO\DGPLWVWKDW>KLV@LQYHQWLRQLQORYHDVLQDUW
KDVDOZD\VEHHQOLPLWHG3OD\1HYHUWKHOHVVKHODWHUEUHDNVKLVYRZRIVH[XDOYLUWXH
DQGPDNHV.DWKHULQD&DYDOLHULKLVPLVWUHVV,QWKHILOPKHLVSUHVHQWHGDVVWULFWO\FHOLEDWH
OLNHDPDG6DWDQLVWPRQN
7KHUHLVDOVRDFRQIOLFWEHWZHHQ0R]DUWDQGKLVIDWKHU/HRSROGDVWURQJDQGGRPL
QHHULQJVXSHUHJR6LQFH0R]DUWLVVKRZQDVLPPDWXUHDQGLUUHVSRQVLEOHKHLVQHYHUDEOH
WRIUHHKLPVHOIIURP/HRSROGVRYHUSRZHULQJLQIOXHQFHDQGDOZD\VUHPDLQVWKHOLWWOHER\
ZKRIHDUVKLVVHYHUHIDWKHU,QKLVLPPDWXULW\KLVLUUHVSRQVLELOLW\DQGFKLOGLVKEHKDYLRXU
DVZHOODVKLVVH[XDOSURIOLJDF\0R]DUWUHSUHVHQWVWKHLG+LVIDWKHURQWKHRWKHUKDQG
LVWKH FRQWUROOLQJ DJHQW ZKR ORRNV DIWHU KLV VRQV LQWHUHVWV EXW GHPDQGV VXERUGLQDWLRQ
LQUHWXUQ,QWKHHQGERWKSV\FKRORJLFDOFRQIOLFWVHQGLQGLVDVWHU

 7KHFRQIOLFWRI SHUVRQDOLWLHV

,Q3HWHU6KDIIHUVSOD\VWKHUHLVDOZD\VDFRQIOLFWEHWZHHQRSSRVLQJHOHPHQWV>H@DVWDQG
ZHVWFROOLGH IDLWKIXOQHVV LV SOD\HG DJDLQVW IDLWKOHVVQHVV SDVVLRQ DQG YLROHQFH DJDLQVW LP
SRWHQFHSDVVLYLW\DQG(DVWHUQORYHDJDLQVWVNHSWLFLVPDQGYLROHQFHDQGSDVVLRQDWHFUHD
WLYLW\ DJDLQVW FODVVLFDO EDODQFH DQG GXW\ 6WHUQ   7KHVH ODVW WZR HOHPHQWV DUH WKH
WKHPH RI $PDGHXV  +HUH 6KDIIHU FUHDWHV WZR GLVWLQFW FKDUDFWHUV LQ WKH SORW WR UHIOHFW
ZKDWLVIRUKLPWKHPDMRUVFKLVPLQRXUQDWXUHV*LDQDNDULVQDPHO\WKHDU
FKHW\SDODQWDJRQLVPEHWZHHQWKH$SROORQLDQDQGWKH'LRQ\VLDQIRUFHVRIPDQVSV\FKH



7KHLGHDRI'LRQ\VLDQDQG$SROORQLDQSHUVRQDOLWLHVRULJLQDWHVIURP)ULHGULFK1LHW]
VFKHV'LH*HEXUWGHU7UDJ|GLH7KH%LUWKRI7UDJHG\$FFRUGLQJWRWKLVWKHRU\
7KHWZRHOHPHQWVRIWUDJHG\>@DUHWKH$SROORQLDQUHODWHGWRWKH*UHHNJRG
$SROORKHUHXVHGDVDV\PERORIPHDVXUHGUHVWUDLQWDQGWKH'LRQ\VLDQIURP
'LRQ\VXVWKH*UHHNJRGRIHFVWDV\>@7KHHVVHQFHRIWKLV>@WUDJLFHI
IHFWLVWKDWLWERWKUHYHDOVDQGFRQFHDOVFDXVLQJERWKSDLQDQGMR\ [[[[[[[[[
&RQYHUVL
1LHW]VFKHUHJDUGVWKHSURJUHVVRIDUWWREHFORVHO\UHODWHGZLWKWKHGLFKRWRP\EHWZHHQWKH
$SROORQLDQDQGWKH'LRQ\VLDQHOHPHQWVMXVWDVWKHGHYHORSPHQWRIPDQNLQGGHSHQGVRQ
WKH GXDOLW\ RI WKH VH[HV  1RWDEO\ KH HPSKDVLVHV PXVLF DV EHORQJLQJ WR WKH 'LRQ\VLDQ
UDWKHU WKDQ WR WKH $SROORQLDQ VSKHUH  +H GHVFULEHV WZR RSSRVLQJ NLQGV RIPXVLF
ZKLFKFDQEHDSSOLHGWR6DOLHULDQG0R]DUWDVZHOODVWRWKH&ODVVLFDODQGWKH5RPDQWLF
PXVLFDOVSLULW
'LH 0XVLN GHV $SROOR ZDU GRULVFKH $UFKLWHNWRQLN LQ 7|QHQ DEHU QXU LQ
DQJHGHXWHWHQ7|QHQ>@%HKXWVDPLVWJHUDGHGDV(OHPHQWDOVXQDSROOLQLVFK
IHUQJHKDOWHQGDVGHQ&KDUDNWHUGHUGLRQ\VLVFKHQ0XVLNXQGGDPLWGHU0XVLN
EHUKDXSW DXVPDFKW GLH HUVFKWWHUQGH *HZDOW GHV 7RQHV GHU HLQKHLWOLFKH
6WURPGHV0HORVXQGGLHGXUFKDXVXQYHUJOHLFKOLFKH:HOWGHU+DUPRQLH[[[[[
1LHW]VFKH
7KLV FRQIOLFW RI VREULHW\ YHUVXV SDVVLRQ DQG PHGLRFULW\ YHUVXV JHQLXV OLHV DW WKH FRUH RI
$PDGHXV7KHFKLOGOLNH0R]DUWLVWKHLQFDUQDWLRQRIHYHU\WKLQJWKDW6DOLHULKDVUHOHQWOHVVO\
EDQLVKHGIURPKLVPLQGLQVWLQFW FKDRV IUHHGRP KXPRXU SOD\  +RZHYHU WKH VWUXJJOH
EHWZHHQ WKH 'LRQ\VLDQ DQG WKH $SROORQLDQ LV FDUULHG RXW QRW RQO\ EHWZHHQ 0R]DUW DQG
6DOLHULRU0R]DUWDQGWKHFRXUWEXWDOVR ZLWKLQERWKSURWDJRQLVWV,Q6DOLHULWKH$SROOR
QLDQ IRUFHV GRPLQDWH KLV LQQDWH 'LRQ\VLDQ XUJH WR VLQJ WR *RG LV VXSSUHVVHG E\ KLV
$SROORQLDQLQDELOLW\WREUHDNRXWRIHVWDEOLVKHGPXVLFDOSDWWHUQV,Q0R]DUWWKH'LRQ\VLDQ
HOHPHQWWKDWDOORZVKLPWRFRPSRVHRULJLQDODQGGLYLQHPXVLFLVVRSRZHUIXOWKDWLWVWLIOHV
WKH$SROORQLDQUHDVRQWKDWZRXOGHQDEOHKLPWRILQGVRFLDODFFHSWDQFH



 7KHYLHZRI WKHDUWLVW

2QH DVSHFW RI $PDGHXV LV WKH FKDQJLQJ UROH RI WKH DUWLVW LQ VRFLHW\  6DOLHUL UHSUHVHQWV
WKHSDVVLQJHSRFKLQZKLFKWKHDUWLVWZDVUHJDUGHGDVDFUDIWVPDQZKRVHWDVNZDVWRSUR
GXFHZRUNVWKDWSOHDVHGKLVHPSOR\HU&RPSRVHUVOLNHPRVWDUWLVWVGHSHQGHGIRUWKHLU
OLYHOLKRRG DOPRVW VROHO\ XSRQ SDWURQDJH GLVSHQVHG E\ WKH &KXUFK DQG WKH DULVWRFUDF\
7KH\ZHUHORRNHGXSRQDVVHUYDQWVDQGDVVXFKZHUHRIWHQUHTXLUHGWRZHDUXQLIRUPHG
OLYHU\  0R]DUW VWDQGV IRU WKH QHZ LPDJH RI WKH DUWLVW DV D IUHH *RGOLNH FUHDWXUH ZKR
ILJKWVWKHUHVWULFWLRQVSXWXSRQKLPE\VRFLHW\7KLVRSSRVLWLRQLVDOUHDG\PHQWLRQHGLQ
$OH[DQGHU3XVKNLQVYHUVHGUDPD0R]DUWDQG6DOLHULDQGLWLVIXUWKHUGHYHORSHGLQ$PDGHXV
7KHKLVWRULFDOILJXUHVRI6DOLHULDQG0R]DUWVHUYH DV SHUVRQLILFDWLRQV RI WZR
RSSRVLQJFRQFHSWVRIWKHDUWLVWWKHFUDIWVPDQOLNHFRPSRVHUZKRLVDPDVWHULQ
KLVRZQULJKWEXWQHYHUJRHVEH\RQGWKHOLPLWRIDFFHSWHGWDVWHVDQGWKHGL
YLQHO\LQVSLUHGJHQLXVWKHRULJLQDODQGWKHUHIRUH PRUH VXFFHVVIXO LQQRYDWRU
RIWKHDUW
+XEHUDQG=DSII
6DOLHULIXOO\UHDOLVHVKLVOLPLWDWLRQVDQGDFFHSWVWKHP+HUHSUHVHQWVWKHFRQYHQWLRQDOPX
VLFDODHVWKHWLFVRIWKHWLPHDQGNQRZVWKDWKLVVXFFHVVLVEXLOWXSRQWKHP
Yes, we were servants. But we were learned servants! And we
used our learning to celebrate mens average lives! We took
unremarkable men: usual bankers, run-of-the-mill priests,
ordinary soldiers and statesmen and wives and sacramentalized their mediocrity. We smoothed their noons with
strings divisi! We pierced their nights with chitarrini!
We gave them processions for their strutting serenades for
their rutting high horns for their hunting, and drums for
their wars!
(Play, 18f.)

+H HPERGLHV WKH W\SLFDO UDWLRQDO PDQ RI WKH (QOLJKWHQPHQW  +H UHDOLVHV WKRXJK WKDW
0R]DUWVPXVLFLVEDVHGRQFRPSOHWHO\GLIIHUHQWSULQFLSOHVDQGWKDWWKRVHSULQFLSOHVRS
SRVHKLVRZQ,QVSLWHRIWKDWKHPXVWDGPLWWRKLPVHOIWKDWKLVRZQZHOOVWUXFWXUHGPX
VLFLVGXOODQGHPSW\LQFRPSDULVRQWRWKHZRUNRI0R]DUW1RQHWKHOHVVWKHFRXUWVRFLHW\
GRHVQRWUHFRJQLVH0R]DUWVJHQLXV7RWKHPLW LV 0R]DUWV PXVLF LWVHOI WKDW JLYHV WKH
PRVWUDGLFDORIIHQFHVLQFHLWLVLQKLVPXVLFWKDWKHH[SUHVVHVWKHGLPHQVLRQRIUHDOOLIH
ZKLFKLVVWLIOHGLQWKHZRUOGRIWKH&RXUW+XEHUDQG=DSI2QWKHVXUIDFH WKH
(PSHURUDQGWKHFRXUWLHUVOLNH0R]DUWVPXVLFEXWWKH\IHHOVRPHKRZDWDORVVDVWRWKH
IHHOLQJVWKDWLWHYRNHVLQWKHP



, XVHG D QRQSURSRUWLRQDO IRQW IRU WKH TXRWDWLRQV IURP WKH SOD\ DQG WKH ILOP LQ RUGHU WR HPSKDVLVH WKHLU VSRNHQ
FKDUDFWHU



MOZART:

Did you really like it, Sire?

JOSEPH: I thought it was most interesting. Yes, indeed.
A trifle how shall one say? [To ORSINI-ROSENBERG] How shall
one say, Director?
ROSENBERG [subserviently]: Too many notes, Your Majesty?
(Play, 37)
JOSEPH: Very well put. Too many notes.

,Q WKH 5RPDQWLF DJH WKDW IROORZHG 0R]DUWV PXVLF ZDV WR UHFHLYH WKHKLJKHVW DFFODLP
,QKLVRZQWLPHKRZHYHUKHZDVVWLOOUHJDUGHGDVD\RXQJIHOORZWU\LQJWRLPSUHVVEH
\RQG KLV DELOLWLHV 3OD\   ,WZDV RQO\ ODWHU WKDW WKH DUWLVW ZDV DOORZHG HFFHQWULFLW\
LQERWKKLVOLIHDQGKLVZRUN

 7KHWKHRORJLFDOLQWHUSUHWDWLRQ
6KDIIHU RIWHQ GHDOV ZLWK WKHRORJLFDO SUREOHPV LQ KLV SOD\V  7KH IXQGDPHQWDO TXHVWLRQ
LQ$PDGHXVLVWKDWDERXWWKHQDWXUHRI*RGDQGWKHP\VWHU\RIGLYLQHMXVWLFHDQGLQMXVWLFH
DVZHOODVDERXWPDQVHWHUQDOLQFRPSUHKHQVLRQRI*RGVHQLJPDWLFZD\V7KHUHLVDOVR
WKHUHFXUUHQWWKHPHRIWKHGHVWUXFWLRQRIGLYLQLW\WKDWSOD\VDQLPSRUWDQWUROHLQ7KH5R\DO
+XQWRIWKH6XQDQGLQ(TXXVDVZHOO
,Q $PDGHXV WKHUH DUH WZR FRQWUDVWLQJ YLHZV RI *RG  7KH ILUVW YLHZ LV WKDW RI WKH
/RPEDUG\ PHUFKDQWV >@ D VXSHULRU +DSVEXUJ HPSHURU LQKDELWLQJ D KHDYHQ RQO\
VOLJKWO\IXUWKHURIIWKDQ9LHQQD$OOWKH\UHTXLUHGIURPKLPZDVWRSURWHFWFRPPHUFHDQG
NHHS WKHP IRUHYHU XQQRWLFHG  SUHVHUYHG LQ PHGLRFULW\ 3OD\ I  $OWKRXJK 6DOLHUL
VWDWHV WKDW >KLV@ RZQ UHTXLUHPHQWV ZHUH YHU\ GLIIHUHQW 3OD\  KH VHHV *RG DV WKH
VDPHSULPLWLYHDQWKURSRPRUSKLFUXOHUD*RGRI%DUJDLQV3OD\
Every Sunday I saw him in church [...] I dont mean Christ.
[...] No: I mean an old candle-smoked God in a mulberry
robe, staring at the world with dealers eyes. Tradesmen had
put him up there. Those eyes made bargains, real and irreversible. You give me so Ill give you so! No more. No
less!
(Play, 16)

7KHRWKHUFRQWUDVWLQJYLHZRI*RGLVQRWVRH[SOLFLWO\VWDWHGEXWLWLVLPSOLHGWKURXJKWKH
IDLOXUHRI6DOLHULVEDUJDLQ7KH*RGRI*UDFHLJQRUHVWKHYLUWXHVRIKDUGZRUNUHYHU
HQFHDQGVHOIGHQLDO%LGQH\LJQRUHV6DOLHULVYRZVDQGEHVWRZVKLVJLIWVXSRQDQ
DSSDUHQWO\ XQZRUWK\ LQGLYLGXDO  )RU 6DOLHUL WKLV YLHZ RI *RG DV D FDSULFLRXV SOD\HU
LVXQEHDUDEOHDQGLWOHDGVWRWKHGHFD\RIKLVPRUDOEDVLV6DOLHULLVQRWDEOHWRUHFRJQLVH
DQGDFFHSWGLYLQHLURQ\DQGVRKHSRVHVDFKDOOHQJHWRWKHXQLYHUVDOIRUFHWKDWKDVGLVDS
SRLQWHGKLVH[SHFWDWLRQV


[...] my life acquired a terrible and thrilling purpose. The

blocking of God in one of his purest manifestations. I had
the power. God needed Mozart to let himself into the world.
And Mozart needed me to get him worldly advancement. So it
would be a battle to the end and Mozart was the battleground.
(Play, 58)

%HFDXVHKLVSDFWZLWK*RGWXUQVRXWWREHDPRFNHU\KHLVGHWHUPLQHGWRUHEXNH*RGV
LQMXVWLFHDQGGHVWUR\KLVFUHDWLRQWKH$PDGHXVWKHRQHORYHGE\*RG6DOLHULEUHDNV
GRZQZKHQKHKDVWR IDFH WKH ROG WKHRORJLFDO SUREOHP RI *RGV SUHIHUHQFH IRU WKH LP
PRUDO DQG WDERREUHDNLQJ \HW UHSHQWDQW VLQQHU RYHU WKH PRUDOO\ VHOIULJKWHRXV SKDULVHH
FI+XEHUDQG=DSI
7KURXJK 6DOLHULV QDUUDWLRQ ZKLFK LV EXLOW OLNH D FRQIHVVLRQ WKH DXGLHQFH DVVXPHV
DGLYLQHUROHEHFDXVHLWLVDVNHGWRMXGJHLQ*RGVSODFH6KDIIHUXVHVWKLVDVDPHDQVWR
HOHYDWHWKHDXGLHQFHWRDJRGOLNHUROHRIRPQLSRWHQFH3OXQND%\IHHOLQJWKHUH
VSRQVLELOLW\EHLQJSXWXSRQWKHPWKHVSHFWDWRUVFDQPRUHGLUHFWO\H[SHULHQFHWKHIXOOH[
WHQW RI 6DOLHULV WUDJHG\  ,Q WKH ILOP WKH GUDPDWLF TXHVWLRQ DERXW WKH QDWXUH RI *RG
EHFRPHVOHVVDEVWUDFWDQGPRUHSHUVRQDO6DOLHULVUHYHQJHRQ*RGE\DWWDFNLQJKLVPH
GLXP0R]DUWJHWWLQJIRFXVZLWKRXWWKHSOD\VSKLORVRSKLFDOZUDSSLQJ'HHPHU

 7KH&DLQDQG$EHOPRWLYH
6RPHFULWLFVUHJDUG$PDGHXVDVDQRWKHUYDULDWLRQRIWKHELEOLFDOWKHPHRI&DLQDQG$EHO
*UHJRU\$OOHQ5REELQVHYHQFDOOVWKHILOPYHUVLRQ$&LQHPDWLF7UDQVIRUPDWLRQRI*H
QHVLV,QIDFWWKHUHDUHPDQ\WUDFHVRIWKH&DLQDQG$EHOP\WKDVZHOODVWKHXQGHU
O\LQJLVVXHVRIWKDWP\WKWREHIRXQGLQ$PDGHXV7KRVHLVVXHVDUHWKHLQQDWHLQHTXDOLW\
RIKXPDQEHLQJVDPELWLRQDQGPHGLRFULW\ULYDOU\DQGHQY\EHWZHHQEURWKHUVDVZHOODV
WKHP\VWHU\RI*RGVSUHIHUHQFHIRURQHPDQRYHUWKHRWKHU
7KH&DLQDQG$EHOWKHPHLQ$PDGHXVLVFORVHO\FRQQHFWHGZLWKWKHYLHZRI*RGGH
VFULEHGLQWKHSUHFHGLQJVHFWLRQ6DOLHULEHOLHYHVWKDWWKURXJKKLVKDUGZRUNKLVZRUVKLS
DQG FKDVWLW\ KH KDV GHVHUYHG *RGV JUDFH  $FFRUGLQJO\ KH WDNHV LW IRU JUDQWHG WKDW KLV
ZLVK WR EH WKH ZRUOGV JUHDWHVW FRPSRVHU ZLOO EH IXOILOOHG  :KHQ 0R]DUW DUULYHV RQ WKH
VFHQH6DOLHULUHDOLVHVWKDWKLVRIIHULQJKDVEHHQUHMHFWHGDQG*RGVPLUDFXORXVJLIWRIFRP
SRVLQJHWHUQDOPXVLFEHVWRZHGXSRQKLVULYDO+HEHFRPHVDZDUHWKDW*RGVSUHIHUHQFHLV
DUELWUDU\DQGGRHVQRWGHSHQGRQDQ\EXVLQHVVDJUHHPHQW7KLVVXGGHQDQGELWWHUUHDOLVD
WLRQ KDV YLROHQW FRQVHTXHQFHV MXVW OLNH &DLQ GHFLGHG WR NLOO $EHO DIWHU KLV JLIW KDG EHHQ
UHMHFWHG 6DOLHUL QRZ GHFLGHV WR GHVWUR\ 0R]DUW WKH XQGHVHUYLQJ EHQHILFLDU\ RI GLYLQH
JUDFH


,Q RUGHU WR DFKLHYH KLV JRDO 6DOLHUL SUHWHQGV WR EH 0R]DUWV VXSSRUWHU DQG IULHQG
+H ZLQV KLV WUXVW DQG IRU D VKRUW ZKLOH EHFRPHV KLV EURWKHUV NHHSHU RQO\ WR UXLQ KLV
SODQV DQG FKDQFHV RQH E\ RQH  +HGRHV QRW NLOO 0R]DUW ZLWK KLV EDUH KDQGV OLNH &DLQ
EXWKHSUDFWLFDOO\VWDUYHVKLPE\GHVWUR\LQJDQ\RSSRUWXQLW\WKDWKHKDVWRHDUQDQLQFRPH
IRUKLPDQGKLVIDPLO\$VRSSRVHGWRKLVELEOLFDOSUHFHGHQWKHGRHVQRWKRSHIRUJUDFH
DQ\PRUHKHWULHVWRILJKW*RGDVZHOODVKLVFKRVHQRQH,QVSLWHRIKLVGLDEROLFDOFKDU
DFWHUKHHYHQWXDOO\EHFRPHVWKHORVHUDQGWKHYLFWLPRIKLVRZQSXUVXLW
$QRWKHUELEOLFDOUHIHUHQFHLVWR0R]DUWDVWKH3URGLJDO6RQDQGWKHUHPRUVHKHIHHOV
WRZDUGV/HRSROG7KURXJKRXWDOOKLVFKLOGKRRGWKHKLVWRULFDO0R]DUWZDVHPRWLRQDOO\DV
ZHOODVPDWHULDOO\GHSHQGHQWRQKLVIDWKHUDQGYLFHYHUVD:KHQKHJUHZXSKHWULHGWR
OLEHUDWHKLPVHOIIURPWKLVLPSHGLQJERQG$IWHUDYLROHQWDUJXPHQW0R]DUWDEDQGRQHG
/HRSROG LQ 6DO]EXUJ DQG PDUULHG &RQVWDQ]H ZLWKRXW KLV IDWKHUV FRQVHQW  7KLV UXSWXUH
KDVOHIWKLPZLWKDFRQVWDQWIHHOLQJRIJXLOWWRZDUGV/HRSROG,Q$PDGHXV6DOLHULOHDUQVE\
FKDQFHDERXW0R]DUWVIDPLOLDOVLWXDWLRQDWDPDVTXHUDGH:KHQKHVHHVDSHUIRUPDQFHRI
0R]DUWV QHZ RSHUD 'RQ *LRYDQQL DIWHU /HRSROG 0R]DUWV GHDWK KH UHDOLVHV WKDW LQWKH
GUHDGIXO DFFXVLQJ ILJXUH RI WKH &RPPHQGDWRUH WKH JXLOWULGGHQ 0R]DUW KDV VXPPRQHG
KLVIDWKHUIURPWKHJUDYH+HLPPHGLDWHO\UHFRJQLVHVWKHSRZHUWKDWWKLVNQRZOHGJHJLYHV
KLPRYHU0R]DUWDQGKHXVHVLWWRWRUPHQWKLVYLFWLPSV\FKRORJLFDOO\0DVNHGH[DFWO\OLNH
/HRSROGDWWKHPDVTXHUDGHKHKDXQWV0R]DUWWRKLVGHDWK

 7KH&KULVWPRWLYH
$QRWKHUWKHRU\RQ$PDGHXVUHJDUGVWKHSOD\DQGWKHILOPDVDQDOOHJRU\RIWKH,QFDUQDWLRQ
DQG0R]DUWDVD&KULVWILJXUHZKRVXIIHUVIRUKXPDQLW\7KLV&KULVWRORJLFDOLQWHUSUHWDWLRQ
LVDGYRFDWHGE\-RKQ)XOEULJKWXQSXEOPVVHH5REELQV)URPKLVSRLQWRIYLHZWKH
WLWOH$PDGHXVZKLFKFDQPHDQORYHRI*RGRUEHORYHGE\*RGZRXOG VXJJHVW WKDW
0R]DUWLVDPHWDSKRULFDOVRQRI*RG+HZRXOGWKXVEHDVHFRQG&KULVWDQLQFDUQDWLRQRI
*RGVHQWWREULQJKXPDQLW\VDOYDWLRQWKURXJKGLYLQHPXVLFZKLFKV\PEROLVHVWKHORYHRI
*RG IRU KLV FUHDWLRQ  6DOLHUL LQ WKLV FRQWH[W V\PEROL]HV -HVXV KXPDQ DQWDJRQLVWV DV
ZHOODVWKHGLVFLSOHVZKRGHVHUW&KULVWEXWDUHILQDOO\UHGHHPHGE\WKHLURZQVXIIHULQJV
)XOEULJKWTXRWHGIURP5REELQV
+RZHYHURQHVKRXOGQRWWU\WRUHDGWRRPXFKLQWR6KDIIHUVZRUN$OOKLVGUDPDV
GHDOZLWKSURIRXQGKXPDQLVVXHVDQGWRXFKXSRQYDULRXVDVSHFWVRIVSLULWXDOOLIHEXWLQ
WKHHQGKHLVQRPRUHDWKHRORJLDQWKDQDKLVWRULDQ7KHUHDOLVVXHLVDOZD\VDSHUVRQDO
WUDJHG\UHVXOWLQJIURPDFRQIOLFWEHWZHHQWKHSURWDJRQLVWDQGRWKHUFKDUDFWHUVDVZHOODV
EHWZHHQWKHSURWDJRQLVWDQGWKHUHVWRIWKHZRUOG


7KHDGDSWDWLRQWHFKQLTXH

 7KHWUDQVIHUIURPVWDJHWRVFUHHQ
'XHWRWKHGLIIHUHQWFKDUDFWHULVWLFVRIWKHZULWWHQDQGYLVXDOPHGLDDGDSWLQJOLWHUDU\ZRUNV
IRUWKHFLQHPDSRVHVPDQ\WKHRUHWLFDODVZHOODVWHFKQLFDOSUREOHPV7KHPRVWREYLRXV
HYLGHQFH RI WKLV IDFW LV WKH IUHTXHQF\ RI FRPSODLQWV DERXW XQVXFFHVVIXO DGDSWDWLRQV  ,Q
WKLVVKRUWLQWURGXFWLRQ,ZLOORXWOLQHVRPHRIWKHSUREOHPVFRQFHUQLQJWKHDGDSWDWLRQRI
SURVHZRUNVDQGVWDJHSOD\VIRUWKHVFUHHQ
2QH RI WKH PRVW EDVLF SUREOHPV RI DGDSWDWLRQ LV WKH QHFHVVLW\ WR OHDYH RXW SDUWV
RIWKHOLWHUDU\PDWHULDODQGRQWKHRWKHUKDQGWRILOOWKHJDSVWKDWWKHDXWKRUKDVOHIWWR
WKHUHDGHUVLPDJLQDWLRQ6LQFHFRPPHUFLDOILOPVUDUHO\H[FHHGWKHOLPLWRIWZRDQGDKDOI
KRXUVLWEHFRPHVQHFHVVDU\WROHDYHRXWVFHQHVRUZKROHVXESORWVZKHQWKHOLWHUDU\ZRUN
LVYHU\ORQJ+HUHWKHILOPV(DVWRI(GHQDQG*RQHZLWKWKH:LQGEDVHGRQQRYHOVE\-RKQ
6WHLQEHFNDQG0DUJDUHW0LWFKHOOUHVSHFWLYHO\PD\VHUYHDVH[DPSOHV9HU\RIWHQVFUHHQ
ZULWHUVOHDYHRXWVHFRQGDU\SDUWVEHFDXVHLQWURGXFLQJWRRPDQ\FKDUDFWHUVLQDILOPPD\
OHDGWRFRQIXVLRQ,QDQRYHOWKHDXWKRUDOZD\VKDVWLPHDQGVSDFHWRH[SODLQDQ\SRLQWV
WKDWPLJKWEHXQFOHDURUYDJXHEHFDXVHKHLVQRWUHVWULFWHGE\WHPSRUDODQGILQDQFLDOOLP
LWVOLNHDILOPGLUHFWRU,QWKHFLQHPDLWLVRIWHQEHWWHUWROHDYHRXWVRPHHOHPHQWVFRP
SOHWHO\WKDQWRLQWURGXFHWKHPZLWKRXWDQ\VXEVHTXHQWGHYHORSPHQW
2QO\RQWKHVXUIDFHGRHVLWVHHPWKDWWKHDGDSWDWLRQRIVWDJHSOD\VLVHDVLHUWKDQWKDW
RI QRYHOV  ,W LV WUXH WKDW WKH WLPH H[WHQVLRQV RI D VWDJH SOD\ DQG D ILOP DUH URXJKO\ WKH
VDPHWRGD\DVRSSRVHGWRWKHILUVWVLOHQWILOPVZKLFKODVWHGQRPRUHWKDQWHQWRWZHQW\
PLQXWHVEXWWKHUHDUHRWKHUIDFWRUVWKDWPDNHWKHWDVNRIDGDSWLQJSOD\VDGLIILFXOWRQH
2QHRIWKRVHIDFWRUVLVWKHVWDWLFSRLQWRIYLHZRIWKHWKHDWUHVSHFWDWRU7KHDFWLRQXVXDOO\
WDNHV SODFH LQ D YHU\ UHVWULFWHG DUHD LQWKH WKHDWUH LW LV GLIILFXOW WR VKRZ D MRXUQH\ RU
DODQGVFDSH RU WKH RSSRVLWH  D GHWDLO HVSHFLDOO\ WKH KDQGV DQG IDFHV RI WKH DFWRUV
7KHWKHDWUHGLUHFWRUKDVQRPHDQVRIIRFXVVLQJWKHDXGLHQFHVDWWHQWLRQRQDFKRVHQHOH
PHQW RQ VWDJH DOWKRXJK WR D FHUWDLQ GHJUHH WKLV FDQ EH DFKLHYHG ZLWK OLJKWLQJ HIIHFWV
)LOPRQWKHRWKHUKDQGKDVWKHFDSDFLW\WRRYHUFRPHWKHFRQILQHVRIWKHSURVFHQLXPDQG
HOLPLQDWHWKHFRQVWDQF\RIGLVWDQFHEHWZHHQSHUIRUPHUDQGVSHFWDWRU7KXVWKHILOPGL
UHFWRULVYLUWXDOO\FRPSHOOHGWRPRYHWKHFDPHUDDQGXVHGLIIHUHQWDQJOHVDQGGLVWDQFHV
RWKHUZLVHWKHILOPZRXOGPDNHDGXOODQGDUWLILFLDOWKHDWULFDOLPSUHVVLRQ9HU\RIWHQ


HVSHFLDOO\LQWKHFDVH RI FODVVLF RU FHOHEUDWHG SOD\V WRR JUHDW D UHYHUHQFH IRU WKH OLWHUDU\
PDWHULDOKDVOHGWRWKHSURGXFWLRQRIGXOODQGKHDYLO\WKHDWULFDOILOPV
0RUHRYHURQVFUHHQWKHUHLVDQHHGWRFRQFUHWLVHHYHU\GHWDLORIWKHVHWWLQJ,QDSOD\
WKHVWDJHGLUHFWLRQVPD\VSHDNRIFKDLUVDQGEHQFKHV3OD\WKDWDUHWRUHSUHVHQWDQ
RSHUD KRXVH DQG WKH DXGLHQFH ZLOO EH DEOH DQG ZLOOLQJ WR LPDJLQH DQ HLJKWHHQWKFHQWXU\
WKHDWUH,QDILOPWKHGLUHFWRUZRXOGHLWKHUQHHGDUHDOWKHDWUHRUDQH[SHQVLYHVWXGLRVHW
EHFDXVH WKH FLQHPDWLF FRQYHQWLRQV ZRXOG QRW DOORZ KLP DEDUH V\PEROLF UHSUHVHQWDWLRQ
RI LW  ,Q WKLV FDVH WKH VFUHHQZULWHU DQGRU SURGXFWLRQ GHVLJQHU KDV WR GHFLGH XSRQ
DQXPEHURILVVXHVIRUH[DPSOHKRZELJLVWKHWKHDWUH"KRZLVLWEXLOW"KRZPDQ\SHRSOH
DUHVLWWLQJLQWKHDXGLWRULXP"ZKDWNLQGRISHRSOHDUHWKH\"ZKDWDUHWKH\ZHDULQJ"KRZLV
WKH WKHDWUH OLW" DQG VR RQ  &RQVHTXHQWO\ WKH VXFFHVV RI DQ DGDSWDWLRQ GHSHQGV VLJQLIL
FDQWO\ RQ WKHGHJUHHRIUHDOLVPLQWKHVRXUFHGUDPDDQGWKHUHVXOWLQJSLFWXUH *LDQDNDULV

)XUWKHUPRUHWKHILOPPHGLXPUHTXLUHVDIXQGDPHQWDOWUDQVLWLRQIURPYHUEDOWRYLVX
DOHIIHFWVDQGDPXFKJUHDWHUHFRQRP\RQWKHWH[WXDOOHYHO7KXVWKHWH[WRIWKHGUDPD
RIWHQKDVWREHUHGXFHGLQDPRXQWDVZHOODVLQH[SUHVVLYHQHVV7KHUHVXOWLVDJDSWKDW
PXVWEHILOOHGZLWKYLVXDOPHDQVRIH[SUHVVLRQLWLVQRWDWDOOVXIILFLHQWWRFRQFUHWLVHWKH
VHWWLQJ,WLVKHUHWKDWPDQ\DGDSWDWLRQVIDLOWRFRQYH\WKHSOD\VHVVHQFHGXHWRDVODYLVK
ILGHOLW\ WR WKH GUDPDWLF WH[W  $ JRRG VFUHHQZULWHU VKRXOG QRW KHVLWDWH WR UHGXFH D ORQJ
PRQRORJXHWRRQHILHUFHORRNRUDGLDORJXHWRDQHPRWLRQDOJHVWXUHLIWKHFRQYH\HGPHV
VDJHUHPDLQVXQFKDQJHG$YHU\JRRGH[DPSOHRIWKLVWHFKQLTXHLVWKHILQDOVFHQHRI$FW,
RI$PDGHXV2QVWDJH6DOLHULUHFLWHVDORQJPRQRORJXHLQZKLFKKHFXUVHV*RGDQGPDNHV
DQ RDWK WR GHVWUR\ 0R]DUW  ,Q WKH ILOP KLV VSHHFK LV PXFK VKRUWHQHG EXW ZKLOH KH LV
VZHDULQJ UHYHQJH KH ORRNV XS DW WKH ZRRGHQ FURVV RQ WKH ZDOO WKHQ WDNHV LW RII
DQGWKURZVLWLQWRWKHILUHSODFHZKHUHLWOLHVEXUQLQJEULJKWO\7KLVLVDSRZHUIXOLPDJH
DQGLWPDQDJHVWRUHSODFHWKHRULJLQDOPRQRORJXHPRUHWKDQDGHTXDWHO\,QRWKHUFDVHV
LWLVRIWHQGLIILFXOWWRFRQYH\WKHWKRXJKWVRUIHHOLQJVRIWKHFKDUDFWHUVZLWKRXWZRUGVXV
LQJRQO\YLVXDOPHDQVRIH[SUHVVLRQ%XWDIWHUDOOWKLVGLIILFXOW\LVDFKDOOHQJHIRUWKHDPEL
WLRXVVFUHHQZULWHURUGLUHFWRUDQGWKHUHLQOLHVWKHSDUWLFXODUDWWUDFWLRQRIILOPDGDSWDWLRQV



$QLPSRUWDQWFRQVLGHUDWLRQWRPDNHFRQFHUQLQJWKHDGDSWDWLRQRIVWDJHSOD\VIRUWKH
VFUHHQLVWKHLUFRPPHUFLDODVSHFW6LQFHWKHFRVWRISURGXFLQJDILOPLVHQRUPRXVWKH
FRVWRIILOPLQJ$PDGHXVDPRXQWHGWRPLOOLRQ86GROODUVFI3OXQNDWKHSURGXFHU
ZRUNVXQGHUVWURQJILQDQFLDOSUHVVXUH+HKDVWRHQVXUHWKDWWKHILOPLVVXFFHVVIXOZLWK
WKHDXGLHQFHDQGPDNHVDSURILWRUWKDWLWDWOHDVWFRYHUVLWVFRVWV7KHUHIRUHWKHGLUHFWRU
PXVW FRQVLGHU WKDW WKH FLQHPD DXGLHQFH LV PXFK ODUJHU DQG DV D UXOH OHVV VRSKLVWLFDWHG
WKDQ WKHDWUHJRHUV  &RQVHTXHQWO\ FRPPHUFLDO ILOPV DUH RIWHQ DGDSWHG DFFRUGLQJ WRWKH
FXUUHQWWDVWHRIWKHPDVVDXGLHQFH)RUH[DPSOH PDQ\ HDUO\ ILOPV KDG WR KDYH DKDSS\
HQGLQJRUFRXOGQRWVKRZQXGLW\7RGD\VSHFLDOHIIHFWVDQGDFWLRQVFHQHVDUHRIWHQH[
SHFWHG2IFRXUVHWKLVGRHVQRWDSSO\WRDOODGDSWDWLRQVEXWLWLVWKHJHQHUDOWHQGHQF\RI
FRPPHUFLDOFLQHPD
,QVXPPDU\RQHFDQVD\WKDWWKHDGDSWDWLRQRIWKHDWUHZRUNVIRUWKHVFUHHQLVDGLI
ILFXOWWDVNEHFDXVHPRWLRQSLFWXUHVDUHSULPDULO\>@DYLVXDOPHGLXPWKHDWUHLVSULPDU
LO\ >@ YHUEDO KHQFH ODUJHO\ PHWDSKRULF *LDQDNDULV  I  6WLOO ZLWK D PL[WXUH
RIWDOHQWH[SHULHQFHDQGWKHFRXUDJHWRGHSDUWIURPWKHRULJLQDOWH[WLWLVSRVVLEOHWRFUH
DWH RXWVWDQGLQJ ZRUNV WKDW FRQYH\ WKH VDPH PHVVDJH DV WKH RULJLQDO SOD\  ,Q WKLV ZD\
FLQHPDEHFRPHVWKHPRGHUQH[WHQVLRQRIWKHDWUH

 3HWHU6KDIIHUVVWDJLQJWHFKQLTXH
3HWHU6KDIIHUKDVRIWHQEHHQDFFXVHGRIPDNLQJKLVSOD\VWRRWKHDWULFDO7KLVFRPSODLQW
VHHPVVRPHKRZRXWRISODFH2QHPLJKWDVNZKDWHOVHVKRXOGDWKHDWUHSOD\EHEXWWKH
DWULFDO"+RZHYHUWKLVRSLQLRQLQGLFDWHVWKDW6KDIIHUVSURGXFWLRQWHFKQLTXHLVH[FHSWLRQDO
LQ PDQ\ DVSHFWV  +H KDV WKH XQLTXH FDSDELOLW\ RI HIIHFWLYHO\ FRPELQLQJ IRUP FRQWHQW
DQGPLVHHQVFqQH3OXQNDLQKLVSOD\VZKHUHKHRIWHQH[SHULPHQWVZLWKOLJKWLQJ
VFHQLFGHVLJQVPXVLFPDVNVFKRUXVHVVRXQGVDQGVRQRULW\LQFDQWDWLRQVDQGUK\WKPVDV
ZHOODVULWHVDQGULWXDOV3OXQND
7KHFRPELQDWLRQRIWKRVHGUDPDWLFGHYLFHVSURGXFHVDQHIIHFWLYHDQGLPDJLQDWLYH
WKHDWULFDOLW\ZKHUHPHWDSKRUDQGQRQUHDOLVPGRPLQDWH*LDQDNDULV7KLVVWDJLQJ
WHFKQLTXHFUHDWHVDQHFHVVLW\IRUDUDGLFDOPHWKRGRIDGDSWDWLRQ6KDIIHUVV\PEROLFODQ
JXDJH LV QRW VXLWDEOH IRU WKH FLQHPD DQG WKHUHIRUH KDV WR EH FKDQJHG DQG UHSODFHG ZLWK
DGLIIHUHQW YLVXDO LPDJHU\  2Q VWDJH KRZHYHU KLV VWXQQLQJ VSHFWDFOHV ODYLVK VRXQG
VFDSHV GUDPDWLF DFWLRQ DQG D SRZHUIXO DUWLOOHU\ RI UKHWRULF 6WHUQ  WXUQ KLV SOD\V
LQWRDQXQIRUJHWWDEOHWKHDWUHH[SHULHQFH


$PDGHXV RQ VWDJH ZDV HTXDOO\ LPDJLQDWLYH DQG LPSUHVVLYH DV 3HWHU 6KDIIHUV RWKHU
SOD\V  )RU 0LOR )RUPDQ WKLV PHDQW WKDW KH ZRXOG KDYH WR WDNH WKH EDVLF VWRU\ DQG
FKDUDFWHUVDQGWKHVSLULWRIWKHSOD\DQGWKHQVWDUWIURPVFUDWFK)RUPDQTXRWHGIURP
.DNXWDQL
7KHIDFWWKDW$PDGHXVZDVVRVW\OL]HGVRWKHDWULFDOZHOOVRXQFLQHPDWLF
KH DUJXHG ZDV DFWXDOO\ D EOHVVLQJ  LW PHDQW WKH\ ZRXOGQW EH WHPSWHG WR
PHUHO\ WUDQVODWH WKH SOD\ WR WKH VFUHHQ EXW ZRXOG EH IRUFHG WR GHPROLVK WKH
RULJLQDOWKHQWRWDOO\UHLPDJLQHLWDVDILOP )RUPDQTXRWHGIURP.DNXWDQL
,Q WKLV ZD\ 3HWHU 6KDIIHU VXFFHHGHG LQ JLYLQJ ELUWK WR WKH VDPH FKLOG WZLFH )RUPDQ
TXRWHG IURP .DNXWDQL  DQG WKH UHVXOW RI WKLV UHFUHDWLRQ RI KLV ZRUN ZDV WKH 2VFDU
ZLQQLQJ VFUHHQSOD\  2Q WKH RWKHU KDQG RQH PXVW UHPHPEHU WKDW DOWKRXJK 0LOR )RU
PDQVQDPHGRHVQRWDSSHDULQWKHFUHGLWVIRUWKHVFULSWKHUHDOO\ZDVLWVFRDXWKRUDQG
WKDWZLWKRXWKLVKHOS3HWHU6KDIIHUZRXOGQRWKDYHEHHQDEOHWRDFKLHYHVXFKDFLQHPDWLFUH
VXOW

 7KHRULJLQRI WKHILOP

%HIRUH $PDGHXV PRVW RI 3HWHU 6KDIIHUV SOD\V KDG DOUHDG\ EHHQ WXUQHG LQWR ILOPV
8QIRUWXQDWHO\WKH\ZHUHQHLWKHUVXFFHVVIXOQRUZDVWKHDXWKRUVDWLVILHGZLWKWKHUHVXOWV
7KHUHDVRQIRUWKHVHIDLOXUHVPD\OLHLQWKHGLIILFXOWLHVUHVXOWLQJIURP3HWHU6KDIIHUVSUH
YLRXVO\GHVFULEHGVWDJLQJWHFKQLTXH+HZDVWKHUHIRUHYHU\VFHSWLFDOZKHQ0LOR)RUPDQ
DSSURDFKHGKLPGXULQJWKHILUVWSXEOLFSUHYLHZRI $PDGHXVLQ1RYHPEHUDQGSUR
SRVHGWRPDNHDILOPRILW$WILUVW6KDIIHUUHIXVHGWRZRUNZLWK)RUPDQ1RQHWKHOHVV
WKHGLUHFWRUFRQYLQFHGKLPWKDWWKH\ZRXOGFRRSHUDWHYHU\FORVHO\DQGWKDWWKHILOPZRXOG
EHWUXH WR 6KDIIHUV LQWHQWLRQV  $V 6KDIIHU KLPVHOI SXWV LW >@ EXW IRU WKH HQWKXVLDVP
RI0U0LORV)RUPDQ,GRXEWLIWKHUHZRXOGEHDILOPRI$PDGHXVDWDOO6KDIIHU
,W WRRN 6KDIIHU WZR \HDUV WR DFFHSW )RUPDQV RIIHU FI 3OXQND  DQG .DPP 
2Q  )HEUXDU\  6KDIIHU DQG )RUPDQ EHJDQ WR ZRUN RQ WKH VFUHHQSOD\  )RU IRXU
PRQWKV WKH\ ZRUNHG VKXW DZD\ IURP WKH ZRUOG LQ 0LOR )RUPDQV &RQQHFWLFXW IDUP
KRXVHDQGHYHQWXDOO\SURGXFHGDZRUNDEOHVFULSW
,VRODWHG IURP WKH UHVW RI WKH ZRUOG >@ WKH FROODERUDWRUV VXIIHUHG IURP
ZULWHUV EORFN WRJHWKHU OLVWHQHG WR 0R]DUW UHFRUGV WRJHWKHU DQG LPSURYLVHG
VFHQHVIURPWKHSOD\WRJHWKHU>@7KH\DUJXHGDERXWVFHQHVDQGZRUGVDQG
WKHRUGHURIVFHQHVDQGZRUGV7KH\DUJXHGDERXWZKRZRXOGVD\ZKDWLQWKH
ILOP >@ ,Q WKH HQG QRWKLQJ ZHQW LQWR WKH PRYLH WKDW ERWK GLG QRW DJUHH
XSRQ
.DNXWDQL


,QWKHFRXUVHRIWKHLUFROODERUDWLRQ0LOR)RUPDQFRQYLQFHG3HWHU6KDIIHUWKDWWKHILOP
RI D SOD\ LV UHDOO\ D QHZ ZRUN DQG WKDW >W@KH DGDSWHUV WDVN >LV@ WR H[SORUH PDQ\ QHZ
SDWKV LQ RUGHU WR HPHUJH LQ WKH HQG DW WKH VDPH HPRWLRQDO SODFH 6KDIIHU  
+RZHYHU WKHWZR DXWKRUV UHYLVHG WKH VFULSW QRW RQO\ IRU D QHZ PHGLXP EXW DOVR IRU D
ODUJHUDQGOHVVVRSKLVWLFDWHGDXGLHQFH'HVSLWHKLVLQFOLQDWLRQWRZDUGVWKHDWULFDOODQJXDJH
6KDIIHU UHDOLVHV WKDW PRWLRQ SLFWXUHV UHTXLUH OHVV HODERUDWH OHVV GHOLEHUDWHO\ UKHWRULFDO
ODQJXDJHDQGKHGLGKLVEHVWWRPDNHWKHODQJXDJHDFFHVVLEOHWRDODUJHDXGLHQFHZLWKRXW
FRQGHVFHQGLQJ WR WKHP 6KDIIHU TXRWHG IURP .DNXWDQL  7KLV PDGH D IDLU DPRXQW
RIGHPROLWLRQ ZRUN 6KDIIHU   QHFHVVDU\ DQGDOWKRXJK LW ZDV DW WLPHV SDLQIXO
WRWKHDXWKRULWVHUYHGWRFUHDWHDPDVWHUSLHFHLQLWVRZQULJKW

 7KHILOPLQJRI $PDGHXV

$PDGHXVZDVILOPHGRQORFDWLRQVLQ3UDJXHDQGLQ9LHQQDWKHFDVWOHVFHQHVZHUHVKRWLQ
.URPQt&]HFKRVORYDNLD$PDGHXVLFRQ/RFDWLRQV6LQFHUHFRQVWUXFWLQJ
WKH +DEVEXUJ >VLF@ 5RFRFR GHFRU ZLWKLQ ZKLFK 0R]DUW VSHQW KLV OLIH .DPP 
LQDVWXGLRZRXOGKDYHEHHQIDUWRRH[SHQVLYH0LOR)RUPDQGHFLGHGWKDWWKHILOPFRXOG
RQO\EHPDGHLQ%XGDSHVW3UDJXHRU9LHQQDDVWKRVHZHUHWKHRQO\FLWLHVWKDWSURYLGHG
WKH UHTXLUHG H[WHULRUV DQG LQWHULRUV  +HGLVFDUGHG 9LHQQD EHFDXVH LW ZDV WRR H[SHQVLYH
DQGLWVKLVWRULFDOH[WHULRUVWRRGLVWRUWHGE\PRGHUQLW\%XGDSHVWZDVFKHDSHUEXWVWLOOWKH
KLVWRULFDO EXLOGLQJV ZHUH SRRUO\ PDLQWDLQHG  3UDJXH UHPDLQHG WKH RQO\ SRVVLEOH FKRLFH
DVLWZDVERWKFKHDSDQGEHDXWLIXOO\SUHVHUYHG,WRIIHUHGFKXUFKHVSDODFHVVWUHHWVDQG
VTXDUHV FREEOHVWRQHV LQFOXGHG VXFK DV WKH\ ZHUH LQ WKH GD\V RI WKH (PSUHVV 0DULD
7KHUHVD DQG WKH FRVW RI ODERXU DQG RWKHU VHUYLFHV >ZDV@ PXFK ORZHU LQ D &RPPXQLVW
FRXQWU\.DPP
$IXUWKHUDGYDQWDJHRI3UDJXHZDVWKDWLWRIIHUHG)RUPDQWKHSRVVLELOLW\RIVKRRWLQJ
LQWKH7\O7KHDWUHWKHYHU\WKHDWUHLQZKLFK0R]DUWFRQGXFWHGWKHSUHPLHUHRI'RQ*LR
YDQQL  \HDUV HDUOLHU  ,WSURYLGHG WKH ILOPPDNHUV ZLWK XQOLPLWHG IUHHGRP WR VWDJH DQG
VKRRWVFHQHVEDVHGRQ0R]DUWVRSHUDVDQGLWJDYHWKHPWKHPLUDFXORXVIHHOLQJRIWLPH
EHLQJUHFODLPHGIURPREOLYLRQ6KDIIHU3HWHU6KDIIHUDOVRDGPLUHVWKHHDVH
DQGQDWXUDOSRLVHWKDWWKH&]HFKH[WUDVVKRZHGLQZHDULQJWKH5RFRFRFRVWXPHV2QWKH
ZKROH3UDJXHWXUQHGRXWWREHDYHU\JRRGSODFHIRUILOPLQJ $PDGHXVDVLWSURYLGHGQRW
RQO\WKHVHWWLQJVEXWDOVRWKHULJKWDWPRVSKHUHWKDWKHOSHGWKHFUHZWRJHWWKHIHHORI
WKHHLJKWHHQWKFHQWXU\7KHKLVWRULFDOVHWWLQJSURYHGLQVSLULQJ)RUH[DPSOHDEHDXWLIXO


VHULHVRIUHFHGLQJURRPVDQGGRRUZD\VLQWKHWKFHQWXU\*U\VSHN3DODFHLQVSLUHGWKHP
>)RUPDQDQG6KDIIHU@WRUHZULWHDVFHQHLQYROYLQJ0R]DUWDQGWKH(PSHURULQRUGHUWR
WDNHDGYDQWDJHRIWKHVHWWLQJ.DNXWDQL
2QWKHRWKHUKDQGWKHUHZHUHDOVRVRPHGLIILFXOWLHVFRQQHFWHGZLWKPDNLQJDWZR
DQGDKDOIKRXU FRVWXPH SLFWXUH HQWLUHO\ EHKLQG WKH ,URQ FXUWDLQ 6KDIIHU  
)RUWKHODUJHO\$PHULFDQILOPFUHZWKHHQWHUSULVHLQYROYHGDORQJVWD\LQDKLJKO\UHVWULF
WLYHFRXQWU\DQGWKHSURGXFHU6DXO=DHQW]KDGWRJRWKURXJKHQGOHVVILJKWVZLWK&]HFK
EXUHDXFUDF\  /XFNLO\ WKH UHVXOWLQJ ILOP VKRZV QR WUDFHV RI WKHVH LPSHGLPHQWV
DVWKHPHULWVRI3UDJXHRXWZHLJKHGWKHQHJDWLYHDVSHFWVE\IDU

 'HOHWLRQVDQGDGGLWLRQV
,QRUGHUWRDUULYHDWDFLQHPDWLFYHUVLRQRI$PDGHXV6KDIIHUDQG)RUPDQZHUHFRPSHOOHG
WRUHZULWHWKHSOD\FRPSOHWHO\3HWHU6KDIIHUHYHQFRQVLGHUVKLVVFULSWQRWDQDGDSWDWLRQ
EXW D SDUDOOHO ZRUN FI.DPP   ,Q WKH SURFHVV RI UHZRUNLQJ LW EHFDPH QHFHVVDU\
WRUHPRYHVRPHHOHPHQWVIURPWKHSOD\DQGWKHQWRILOOWKHJDSVUHVXOWLQJIURPWKHFXWV
7KHUHVXOWLVWKDWWKHIRFXVRIWKHILOPLVVKLIWHGVOLJKWO\IURP6DOLHULRQWR0R]DUWDQGWKH
ZKROHGUDPDEHFRPHVOHVVRIDSV\FKRORJLFDODQDO\VLVDQGPRUHRIDIDVFLQDWLQJVWRU\
7KH GHOHWLRQV FRQFHUQHG DPRQJ RWKHUV 6KDIIHUV RSHUDWLF GHYLFHV VXFK DV WKH WZR
9HQWLFHOOL,QWKHSOD\WKH\IXQFWLRQDVDFKRUXVLQIRUPLQJWKHDXGLHQFHDVZHOODV6DOLHULRI
ZKDWFDQQRWEHVKRZQRQVWDJHGLUHFWO\,QWKHILOPVXFKDGHYLFHLVQRWQHFHVVDU\DVWKHFDPHUD
FDQVLPSO\VKRZWKHGHVFULEHGVFHQHV$QH[DPSOHRIWKLVUHSODFHPHQWLVWKHVFHQHRI0R]DUWV
PDUULDJH,QWKHSOD\WKH9HQWLFHOOLWHOO6DOLHULWKDW0R]DUWKDVPDUULHGDQGWKDWKLVIDWKHUZLOOEH
IXULRXVDWWKHQHZV3OD\,QVWHDGRIWKLV)RUPDQVKRZV0R]DUWDQG&RQVWDQ]HVWDQGLQJ
WRJHWKHUEHIRUHWKHDOWDU,QWKHIROORZLQJVKRWZHVHH/HRSROG0R]DUWUHDGLQJKLVVRQVOHWWHU
ZLWKWKHQHZVRIWKHPDUULDJHDQGFUXVKLQJLWYLROHQWO\7KHFRQYH\HGPHVVDJHLVWKHVDPHEXW
WKHPHWKRGVDUHFKDUDFWHULVWLFRIWKHDWUHDQGFLQHPDUHVSHFWLYHO\$FKDUDFWHUDGGHGDVDUHDOLVWLF
UHSODFHPHQWIRUWKH9HQWLFHOOLLVWKHVHUYDQWJLUO/RUOZKRP6DOLHULKLUHVWRZRUNDWWKH0R]DUWV
KRXVHKROGDQGWRVS\RQWKHP6KHLVQRZWKHRQHZKRSURYLGHVLQIRUPDWLRQDERXW0R]DUWV
ILQDQFLDODIIDLUVKLVGRPHVWLFOLIHDQGKLVZRUN



$QLPSRUWDQWGHOHWLRQLV6DOLHULVVHGXFWLRQRI&RQVWDQ]H,QWKHSOD\6DOLHULZDQWV
WRVHGXFHKHULQRUGHUWRKXPLOLDWHKLVULYDOEXWZKHQ&RQVWDQ]HRIIHUVKHUVHOIWRKLPKH
LVDSSDOOHGDWKHUYXOJDULW\DQGUHMHFWVKHU,QWKHILQDOGUDIWRIWKHVFUHHQSOD\WKHVHGXF
WLRQ VFHQH LV H[WHQGHG DQG 6DOLHUL QRW RQO\ VHGXFHV &RQVWDQ]H EXW DOVR KXPLOLDWHV KHU
GHHSO\,QWKHILOPKRZHYHUWKHVHGXFWLRQLVDJDLQRQO\YHUEDOEHFDXVHDIWHUVHHLQJ0R
]DUWVPDQXVFULSWV6DOLHULLVVRRYHUZKHOPHGWKDWKHGRHVQRWWKLQNRIKLVZLIHDQ\PRUH
6DOLHULVRZQZLIH7HUHVDLVDOVRGHOHWHGLQWKHILOPZKHUHKHLVVKRZQDVVWULFWO\FHOLEDWH
0R]DUWV PHPEHUVKLS LQ WKH 0DVRQLF /RGJH ZKLFK SOD\V D YHU\ LPSRUWDQW UROH
LQWKHSOD\LVDQRWKHUHOHPHQWWKDWKDVEHHQFRPSOHWHO\UHPRYHG,QWKHSOD\WKH0DVRQV
DFFHSW0R]DUWDVDIHOORZEURWKHUDQGVXSSRUWKLPILQDQFLDOO\ZKHQKHLVEDQNUXSW6D
OLHULVLQWULJXHFRQFHUQLQJ7KH0DJLF)OXWHLVERWKYLOHDQGLQJHQLRXV.QRZLQJWKDW0R]DUW
LVDPHPEHURIWKH0DVRQV6DOLHULXVHVWKLVIDFWWRKLVRZQEHQHILWDQGWRWKHGHWULPHQW
RI0R]DUWVRSHUD$GYLVHGE\6DOLHUL0R]DUWSXWV0DVRQLFHOHPHQWVLQWR7KH0DJLF)OXWH
DQGWKHUHE\DURXVHVWKHZUDWKRIKLVIHOORZ0DVRQV&RQVHTXHQWO\KHLVH[SHOOHGIURP
WKH/RGJHDQGLVFRPSOHWHO\UXLQHGILQDQFLDOO\7KHILOPLJQRUHVWKH0DVRQLFHOHPHQWVRI
WKHSOD\DOWRJHWKHU7KHUHDVRQIRUWKLVPD\KDYHEHHQWKHZLVKWRNHHSWKHILOPHDVLO\DF
FHVVLEOHWRDQDXGLHQFHQRWIDPLOLDUZLWKWKLVDVSHFWRI(XURSHDQFXOWXUHRUQRWWRPDNHLW
WRR FRPSOLFDWHG E\ LQWURGXFLQJ WRR PDQ\ VXESORWV  %H WKDW DV LW PD\ ZLWKRXW WKH 0D
VRQLFFRQWH[WVRPHHOHPHQWVRIWKHILOPEHFRPHDPELJXRXVIRULQVWDQFH0R]DUWVEXULDO
FHUHPRQ\RUWKHV\PEROLVPRI7KH0DJLF)OXWH
$QRWKHU FKDUDFWHU ZKR LV UHPRYHG LQ WKH ILOP YHUVLRQ DVLGH IURP 7HUHVD 6DOLHUL LV
%DURQHVVYRQ:DOGVWlGWHQZKRGRHVQRWHYHQDSSHDURQVWDJHDQGZKRVHRQO\IXQFWLRQ
LVWRSURYLGHVZHHWVIRU6DOLHULDQGDOLEUDU\IRUYDULRXVHQFRXQWHUV,QWKHILOPWKHILUVW
HQFRXQWHU EHWZHHQ 0R]DUW DQG 6DOLHUL LV VLPSO\ WUDQVIHUUHG WR WKH OLEUDU\ LQ WKH 3DODFH
RIWKH$UFKELVKRS7KLVLVDQRWKHUH[DPSOHRIUHPRYLQJXQQHFHVVDU\SDUWVIURPWKHILOP
7KHDOWHUQDWLYHZRXOGEHWRH[SDQGWKHFKDUDFWHURIWKH%DURQHVVDQGOHWKHUSOD\DPRUH
LPSRUWDQWSDUWLQWKHFRXUVHRIHYHQWV
2QWKHRWKHUKDQGPDQ\VFHQHVZHUHDGGHGLQRUGHUWRPDNHWKHILOPPRUHUHDOLV
WLFWRIOHVKRXWVRPHVFHQHV6KDIIHUTXRWHGIURP.DPP7KHPRVWLPSRUWDQWDGGL
WLRQV FRQFHUQ 0R]DUWV IDWKHU /HRSROG DQG WKH UHODWLRQVKLS EHWZHHQ WKHP DV ZHOO DV
EHWZHHQ /HRSROG DQG &RQVWDQ]H  ,Q WKH SOD\ 0R]DUWV IDWKHU GRHV QRW DSSHDU DW DOO
H[FHSW LQ WKH FRPPHQWDULHV RI WKH WZR 9HQWLFHOOL  7KH ILOP GHYHORSV 0R]DUWV IDPLO\


UHODWLRQVKLSV VKRZLQJ /HRSROG LQ 6DO]EXUJ DQG KLV SRVLWLRQ DW WKH $UFKELVKRSV FRXUW
DVZHOO DV KLV YLVLW WR 9LHQQD KLV TXDUUHO ZLWK &RQVWDQ]H DQG WKH ILQDO EUHDN EHWZHHQ
IDWKHUDQGVRQ7KLVDOORZVDPXFKFOHDUHUSLFWXUHRIWKHLQIOXHQFHWKDWWKHPDVNHGILJXUH
KDV RYHU 0R]DUW WKDQ LV JLYHQ LQ WKH VWDJH YHUVLRQ RI$PDGHXV  ,Q WKH SOD\ LW LV RQO\
WKURXJK6DOLHULVUHDOLVDWLRQWKDWWKHDXGLHQFHXQGHUVWDQGV0R]DUWVHPRWLRQDOGHSHQGHQFH
RQKLVIDWKHUDQGKLVIHHOLQJRIJXLOWWRZDUGVKLP,QWKHILOPZHFDQVHHWKHUHODWLRQVKLS
GHYHORS EHIRUH RXU H\HV ZKLFK SHUPLWV XV D EHWWHU XQGHUVWDQGLQJ RI 0R]DUW DV D PDQ
0RUHRYHU VRPH VFHQHV DW WKH $UFKELVKRSV FRXUW DUH DGGHG WR VKRZ WKH VHUYDQW VWDWXV
RIDQHLJKWHHQWKFHQWXU\PXVLFLDQDQG0R]DUWVODFNRIFRQIRUPLW\
)XUWKHUVFHQHVWKDWH[LVWLQWKHSOD\RQO\DVGUDIWVRUKLQWVDUHH[SDQGHGDQGUHILQHG
7KHPRVWLPSRUWDQWRIWKHVHVFHQHVDUHIUDJPHQWVRI0R]DUWVRSHUDVSHUIRUPHGRQVWDJH
,QWKHWKHDWUHLWZDVRQO\SRVVLEOHWRVKRZWKHDXGLHQFHDQGSOD\IUDJPHQWVRIDULDVLQWKH
EDFNJURXQGZKHUHDVLQWKHILOPZHFDQVHHDOLYHSHUIRUPDQFHDVZHOODVWKHDXGLHQFHDQG
KHDUWKHPXVLFLQDFFRUGDQFHZLWKWKHDFWLRQRQVWDJH6LPLODUO\WKHYDXGHYLOOHVFHQHVDW
(PDQXHO 6FKLNDQHGHUV WKHDWUH XQGHUOLQH 0R]DUWV SRSXODULW\ DQG KLV DELOLW\ WRZULWH
SRSXODUWXQHV,QWKLVZD\LWZDVSRVVLEOHWRJLYHWKHDXGLHQFHDEHWWHULGHDRI0R]DUWV
PXVLFDOJHQLXV7KHXVHRIRSHUDIUDJPHQWVLVRQHWKHPRVWYDOXDEOHIHDWXUHVRIWKHILOP
FRQWULEXWLQJWRLWVVXFFHVVZLWKDXGLHQFHVZRUOGZLGH
7KHILQDOGUDIWRIWKHVFUHHQSOD\WKDWUHVXOWHGIURPWKHVHFOXGHGFRRSHUDWLRQRIWKH
WZR DXWKRUV VWLOO WXUQHG RXW WR EH PXFK WRR ORQJ  &RQVHTXHQWO\ VRPH RI WKH VFHQHV
DGGHG LQ WKH VFUHHQSOD\ KDG WR EH GHOHWHG DJDLQ IURP WKH ILOP  7KRVH HSLVRGHV LQFOXGH
DORQJVXESORWZLWK+HUU6FKOXPEHUJDPHUFKDQWZKRVHGDXJKWHU0R]DUWZDVWRWHDFK
&RQVWDQ]HVUHODWLRQVKLSZLWKKHUPRWKHUZLWKZKRPVKHWDONVDERXWKHUKXVEDQGDVZHOO
DVPDQ\PLQRUGLDORJXHV



 1DUUDWLYHVHTXHQFH
7KHSORWRI$PDGHXVLVHQFORVHGLQDQRXWHUQDUUDWLYHIUDPHLQZKLFK6DOLHULLVWKHPHGLDWRU
EHWZHHQSDVWDQGSUHVHQWUHIOHFWLRQDQGDFWLRQ7KHVWRU\RI0R]DUWVOLIHLQ9LHQQDDQG
KLV HDUO\ GHDWK LV WROG LQ UHWURVSHFWLYH E\ WKH DJHG EXW VWLOO VXIIHULQJ 6DOLHUL  7KHUH DUH
KRZHYHUGLIIHUHQFHVLQWKHPHWKRGWKDW6DOLHULVQDUUDWLRQLVXVHGLQWKHSOD\DQGLQWKHILOP
)LUVW WKH VWDJH 6DOLHUL UHFRXQWV KLV VWRU\ GLUHFWO\ WR WKHDXGLHQFH LQ WKH ILOP D UHDOLVWLF
GHYLFH LV XVHG DQG 6DOLHUL FRQIHVVHV KLV FULPH WR D KRVSLWDO SULHVW  ,Q WKH SOD\ KH LV
PRYLQJ XV WRZDUG WKH FOLPDWLF DFWLRQ RI FXWWLQJ KLV WKURDW LQ WKH ILOP WKLV DFW FRPHV
HDUO\ RQ DQG VHUYHV DV WKH KRRN 'HHPHU WKDW DURXVHV WKH FXULRVLW\ RI WKH DXGLHQFH
1RZWKHYLHZHUZDQWVWRNQRZZK\6DOLHULFXWKLVWKURDWDQGZKDWHYHQWVOHGKLPWRGRWKLV
%RWKWKHSOD\DQGWKHILOPFRQVLVWRIDEOHQGRIHQDFWHGHSLVRGHVIURPWKHSDVWDQG
GLUHFWFRPPHQWVIURPWKHROG6DOLHUL,QWKLVZD\WKHVSHFWDWRUVZLWFKHVTXLFNO\EHWZHHQ
WKHSHULRGVDQGLVDOZD\VUHPLQGHGWKDWWKHHYHQWVVKRZQRQWKHVFUHHQWDNHSODFHLQ6D
OLHULV PHPRU\  7KLV FUHDWHV D JUHDWHU GLVWDQFH EHWZHHQ WKH YLHZHU DQG WKH UHFRXQWHG
HYHQWVDQGOHDYHV6KDIIHUDIUHHKDQGIRULQWHUSUHWLQJKLVWRU\7KHGUDPDWLFGHYLFHRIWKH
FRQIHVVLRQ DOVR DOORZV 6DOLHUL WR DGGUHVV WKH DXGLHQFH GLUHFWO\ DQG WR JHW WKH VSHFWDWRU
LQYROYHGLQWRWKHVWRU\7KXVWKHLQWURGXFWLRQRIWKHSULHVWLQWKHILOPUHGXFHVWKHDXGL
HQFHV UHVSRQVLELOLW\ DV LW LV QRW DVNHG WR MXGJH DQ\ PRUH PHUHO\ WR OLVWHQ WR D WUDJLF
DFFRXQW6WLOOWKHIDFWWKDW6DOLHULLVOHVVWKUHDWHQLQJWRWKHDXGLHQFHLQWKHILOPGRHVQRW
GDPDJHKLVFUHGLELOLW\RUPDNHKLVSV\FKRORJLFDOSRUWUDLWOHVVSURIRXQG7KHVWRU\RIKLV
GRZQIDOOLVVWLOOVWLUULQJDQGGLVWUHVVLQJ
'HOHWLRQVDQGDGGLWLRQVDVLGHWKHVFHQHVHTXHQFHLQWKHSOD\DQGLQWKHILOPLVPRUH
RUOHVVWKHVDPHEXWWKHLUEDODQFHLVVRPHWLPHVFKDQJHG6DOLHULVUHYHQJHLVWKHWXUQLQJ
SRLQW LQ ERWK WKH SOD\ DQG ILOP VSLQQLQJ WKH VWRU\ LQWR LWV PRUH WHQVH VHFRQG KDOI
'HHPHU+RZHYHUWKLVSRLQWFRPHVDOLWWOHHDUOLHULQWKHILOPRUUDWKHUWKHSDUWIROORZ
LQJLWLVPXFKORQJHUWKDQWKHVHFRQGDFWRIWKHSOD\FUHDWLQJDPRUHEDODQFHGQDUUDWLRQ
7KHHYHQWV WKDW OHDG WR 6DOLHULV GHFLVLRQ WRGHVWUR\ 0R]DUW DUH QRZ FRQGHQVHG DQG WKH
SHULRGLQZKLFKKLVPDGQHVVGHYHORSVLVH[SDQGHG7KLVFUHDWHVDIXOOHUSLFWXUHRI6DOLHULV
WRUPHQW DQG OHDYHV PRUH URRP IRU KLV YLFLRXVQHVV WR EH SRUWUD\HG  :H DUH FRQIURQWHG
ZLWK D ILOP YLOODLQ IDU PRUH HYLO DQG GDUN WKDQ WKH6DOLHUL ZH VHH RQ VWDJH 'HHPHU
EXWZLWKDYLOODLQZKRFDQVWLOOZLQRXUV\PSDWK\



2QHRIWKHPRVWVWULNLQJFKDQJHVFRQFHUQVWKHVFHQHRI0R]DUWVGHDWKZKLFKUHDOO\
LVWKHWUDJLFILQDOHRI6KDIIHUVEODFNRSHUD6KDIIHUTXRWHGIURP3OXQND2QVWDJH
6DOLHULFRPHVWRYLVLW0R]DUWDWQLJKWDQGUHYHDOVKLPVHOIDVWKHPDVNHGVWUDQJHU0R]DUW
YHU\LOODOUHDG\DQGVKRFNHGDWWKHUHDOLVDWLRQWKDWDPDQKHEHOLHYHGWREHKLVEHVWIULHQGLV
LQ UHDOLW\ KLV ZRUVW HQ
HP\ GLHV VKRUWO\ DIWHU
ZDUGVLQKLVZLIHVDUPV
,QWKHILOPWKHGHDWKEHG
VFHQH GHSLFWV D QLJKW
ORQJ HQFRXQWHU EHWZHHQ
D SK\VLFDOO\ G\LQJ 0R
]DUWDQGDVSLULWXDOO\UDY
HQRXV 6DOLHUL 6KDIIHU
0R]DUWVODVW
QLJKW UHYROYHV DURXQG
WKHUHTXLHPFRPPLVVLRQHGE\WKHP\VWHULRXVVWUDQJHUDPDVVWKDW0R]DUWEHOLHYHVWREH
IRUKLVGHDGIDWKHUEXWWKDWKHLVUHDOO\ZULWLQJIRUKLPVHOI>@>:@KHQ0R]DUWJHWVWRR
LOO WR FRPSRVH 6DOLHUL KLPVHOI ZULWHV GRZQ WKH VFRUH DV 0R]DUW VWUXJJOHV WR GLFWDWH
WKHQRWHVDFOLPD[WKDWLVPRYLQJDQGLURQLFHQJDJLQJDQGKRUULI\LQJ7KHFOLPD[RIWKH
VWDJHSOD\SDOOVEHVLGHLW'HHPHU
)LQDOO\WKHYHU\ODVWVFHQHRIWKHSOD\DQGWKHILOPLQZKLFK6DOLHULDEVROYHVDOOPH
GLRFULWLHVRIWKHZRUOGKDVFKDQJHGLWVHPSKDVLV2QVWDJH6DOLHULVZRUGV0HGLRFULWLHV
HYHU\ZKHUHQRZDQGWRFRPH,DEVROYH\RXDOO$PHQ3OD\DUHGLUHFWHGWRWKH
DXGLHQFH DQG VR ZH RXUVHOYHV ZKR ZHUH JRGV EHIRUH EHFRPH WKH PHGLRFULWLHV
WRZKLFKKHUHIHUV,QWKHILOPKHVD\VWKHVDPHZRUGVWRWKHSDWLHQWVLQWKHPHQWDOKRV
SLWDODVKHLVZKHHOHGDORQJWKHFRUULGRU7KHGLIIHUHQFHLQWRQHLVVWULNLQJHYHQWKRXJK
WKH FOLPD[ RI WKH PRYLH LV PXFK PRUH SRZHUIXO WKDQ WKH HQG RI WKH SOD\ QRQHWKHOHVV
WKHUHLVVRPHWKLQJSHUVRQDOO\WKUHDWHQLQJLQ6DOLHULVGLUHFWFRQIURQWDWLRQRIWKHDXGLHQFH
DWWKHSOD\VHQGWHOOLQJXVRIRXUKXPDQPHGLRFULW\'HHPHU7KHPHVVDJHLQWKHILOP
LVPRUHPRGHUDWHDQGLVQRW LQVXOWLQJ WR WKH VSHFWDWRU EXW DW WKH VDPH WLPH ORVHV VRPH
RILWVDFFXVDWRU\SRZHU



 7KHFKDUDFWHUVLQWKHSOD\DQGWKHILOP
7KH FKDUDFWHU GHYHORSPHQW LQ WKH SOD\ DQG WKH ILOP GLIIHUV JUHDWO\  7KLV LV SDUWO\ GXH
WRWKHDGDSWDWLRQWHFKQLTXHDQGSDUWO\DUHVXOWRI6KDIIHUVIXUWKHUUHYLVLRQVRIKLVWH[W,Q
WKH IROORZLQJ SDUW , ZLOO GHVFULEH WKH FKDQJHV WKDW WKH SDUWLFXODU FKDUDFWHUV XQGHUJR
RQWKHLUZD\IURPVWDJHWRVFUHHQDVZHOODVWKHPHDQVRIWKHLUFKDUDFWHULVDWLRQ

 6DOLHUL
7KH VFUHHQ 6DOLHUL LV 6KDIIHUV ILQDO DQG PRVW LQJHQLRXV YHUVLRQ RI WKLV GDUN DQG WUDJLF
FKDUDFWHUVXSHUEO\SHUIRUPHGE\WKH2VFDUZLQQLQJ)0XUUD\$EUDKDP$OWKRXJK0R
]DUWVSHUVRQDOLW\KDVEHHQFRQVLGHUDEO\H[SDQGHGLQWKHILOP6DOLHULUHPDLQVWKHGULYLQJ
IRUFH DW WKH FRUH RI WKH DFWLRQ  7KLV GHYHORSPHQW LV WKH ORJLFDO FRQWLQXDWLRQ RI WKH
FKDQJHVWKDW6KDIIHUKDGDOUHDG\PDGHEHWZHHQWKH/RQGRQDQG1HZ<RUNSURGXFWLRQV
RI WKH SOD\  7KH PRVW LPSRUWDQW RI WKRVH FKDQJHV ZDV WKH UHPRYDO RI 6DOLHULV VHUYDQW
*UH\ELJZKRSOD\HGWKHSDUWRIWKHPDVNHGILJXUHLQ
SODFH RI 6DOLHUL  8SRQ UHIOHFWLRQ 6KDIIHU PXVW KDYH
UHDOLVHG WKDW WKH SUHVHQFH RI *UH\ELJ  ZKR SHU
IRUPHG DQDORJRXV UROHV RI :DJQHU WR 6DOLHULV )DXVW
DQG/HSRUHOORWR6DOLHULV'RQ*LRYDQQL*LDQDNDULV
   EURXJKW PRUH GLVDGYDQWDJHV WKDQ EHQH
ILWV:LWK*UH\ELJIRUDQDFFRPSOLFH6DOLHULKDGVLP
SO\ WRR OLWWOH WR GR ZLWK 0R]DUWV UXLQ  ,Q WKH ILOP
*UH\ELJ LV UHSODFHG LQIXOO KRUURU E\ 6DOLHUL KLPVHOI
DVWKHDJHQWRIGHVWUXFWLRQ'HHPHU
6WLOOWKHUHDVRQZK\6DOLHULPDQDJHVWRIDVFLQDWHDXGLHQFHVLQERWK WKH WKHDWUH DQG
WKHFLQHPDLVWKDWKHLVPRUHWKDQDYLOODLQDNQDYHRIWKHGHYLOVHQWRXWWRGHVWUR\*RGV
EHORYHG0R]DUWRXWVLGHWKHGDUNHUUHJLRQVRIKLVPLQGKHLVTXLWHDOLNHDEOHSHUVRQ+H
LV DPELWLRXV SROLVKHG YLUWXRXV LURQLF  RQO\ KH LV QRW D PXVLFDO JHQLXV  2Q WKH RWKHU
KDQGKHLVREVHVVHGZLWKILQGLQJDQDEVROXWHLQPXVLF6KDIIHU,QKLVFKDU
DFWHU 6KDIIHU SUHVHQWV DQ DQDWRP\ RI IDLOHG PHGLRFULW\ *LDQDNDULV  
>6DOLHULV@VHOIGRXEWZKLFKLVERWKWKHFDXVHDQGWKHUHVXOWRIKLVIUXVWUDWLRQHYHQWXDOO\
WXUQVLQWRVHOIKDWHUHDG\WREHSURMHFWHGXSRQDFRQYHQLHQWHQHP\%LGQH\%H
IRUH0R]DUWVDUULYDO6DOLHULLVDKDSS\PDQ+HLVSRSXODUDQGUHVSHFWHGDVDPXVLFLDQ
DQGWKLQNVWKDWWKHJUHDWGUHDPRIKLVOLIHKDVFRPHWUXH


OLD SALIERI

[...] One moment I was a frustrated little boy in an obscure

little town - the next I was here, in Vienna, City of Musicians! [...] I was introduced personally to the Emperor!
Within a few years I was his Court Composer. [...] Everybody
liked me. I liked myself.
(Screenplay, 11f.)

$OWKRXJK LQ UHDOLW\ KH ZDV ULFK IDPRXV SRZHUIXO SRSXODU DQG DJRRG PXVLFLDQ
6FKRQEHUJLQ$PDGHXVKHLVSUHVHQWHGDVDPDQRIOLWWOHDELOLW\DQGDPXVLFDO
LGLRW3OD\,WLVWUXHWKDWKLVPXVLFIROORZHGGLIIHUHQWFRQYHQWLRQVWKDQWKDWRI0R
]DUWEXWLQWKHSOD\0R]DUWGHULGHVKLVZRUNDV>W@RQLFDQGGRPLQDQWWRQLFDQGGRPL
QDQW IURP KHUH WR UHVXUUHFWLRQ 3OD\   +HDULQJ 0R]DUW MHHU DW 6DOLHUL ZH EHJLQ WR
XQGHUVWDQG WKH WUDJHG\ RI WKH PDQ RI PRGHVW WDOHQW PXVLFDO HQRXJK WR UHFRJQLVH >@
WKH WUXH JUHDWQHVV RI JHQLXV EXW QRW WDOHQWHG HQRXJK KLPVHOI WR PDWFK LW (VVOLQ
7KHVKRWVRI6DOLHULOLVWHQLQJWR0R]DUWVPXVLFRUUHDGLQJKLVVFRUHVDUHDPRQJWKHPRVW
PRYLQJDQGWUDJLFVFHQHVRIWKHILOP$IWHUKHDULQJWKHILUVWFRQFHUWRI0R]DUWKHUHDGV
WKHVFRUHRIWKH$GDJLRLQKHOSOHVVIDVFLQDWLRQ6FUHHQSOD\
(VO)
[...] This was a music Id never heard - filled with such
longing - such unfulfillable longing... It seemed to me
that I was hearing a voice of God!
(Screenplay, 21)
OLD SALIERI

)DFHGZLWK0R]DUWVJHQLXV6DOLHULUHDOLVHVKLVRZQPHGLRFULW\DQGVXIIHUVVRPXFKWKDW
KH QDWXUDOO\ DURXVHV FRPSDVVLRQ  7KH HPRWLRQDO HIIHFW RI 0R]DUWV PXVLF RQ 6DOLHUL LV
DVWRXQGLQJDQGIDUJUHDWHUWKDQRQDQ\RQHHOVHSUHVHQWHGLQWKHILOP
The music swells. What we now hear is an amazing collage
of great passages from MOZARTs music, ravishing to SALIERI
and to us. [...] We see his agonized and wondering face: he
shudders as if in a rough and tumbling sea; he experiences
the point where beauty and great pain coalesce. [...]
It seems to break over him like a wave and unable to bear
any more of it, he slams the portfolio shut. [...] He stands
shaking, staring wildly.
(Screenplay, 56)

6DOLHULLVLQWKHKRSHOHVVVLWXDWLRQRIDPDQLQFXUDEO\LQIDWXDWHGZLWKKLVJUHDWHVWHQHP\RU
UDWKHU KLV PXVLF DQG WKLV PDGQHVV RI D PDQ VSOLWWLQJ LQ KDOI 6FUHHQSOD\  VRPH
WLPHV GULYHV KLP WR SDUDGR[LFDO DFWLRQV  +H GRHV HYHU\WKLQJ LQ KLV SRZHU WR VWRS 7KH
:HGGLQJRI)LJDURIURPEHLQJSURGXFHGDWWKH1DWLRQDO7KHDWUH:KHQWKHOLEUHWWRLVDF
FHSWHGE\WKH(PSHURULQVSLWHRILWVSROLWLFDOLQDSSURSULDWHQHVV6DOLHULFXQQLQJO\DWWDFNV
WKHSUHVHQFHRIDEDOOHWLQWKHWKLUGDFWRIWKHRSHUD$WWKHWLPHEDOOHWVFHQHVLQRSHUD
ZHUH IRUELGGHQ E\ WKH (PSHURU  8QGHU WKLV SUHWH[W 6DOLHUL JHWV 2UVLQL5RVHQEHUJ


'LUHFWRURIWKH,PSHULDO2SHUDWRUHPRYHWKHEDOOHW:KHQ0R]DUWPDQDJHVWRSHUVXDGH
-RVHSKWRUHVWRUHLWDQGWKHRSHUDLVILQDOO\SURGXFHG6DOLHULXVHVDOOKLVFRQQHFWLRQVDQG
)LJDURLVFDQFHOOHGDIWHUQLQHSHUIRUPDQFHV1RQHWKHOHVV6DOLHULVHFUHWO\JRHVWRVHHHYHU\
RQHRIWKHPDQGHYHU\WLPHKHLVPRYHGWRWHDUV7KLVFRQWUDGLFWLRQUHVXOWVIURPKLVVHOI
LPSRVHGPLVVLRQWRGHVWUR\KLVLGRODQGLWLVWKHFRUHRIKLVSHUVRQDOWUDJHG\$WWLPHV
6DOLHULHYHQIHHOVSLW\IRUKLVYLFWLPZKRLVVRIUDLOVRSDOSDEO\PRUWDO3OD\EXWDV
HDFKPDQNLOOVWKHWKLQJKHORYHV6DOLHULIROORZVKLVGHVWLQ\DQGGHVWUR\V0R]DUW*RGV
SUHIHUUHGFUHDWXUH$IWHUWKLVKLVOLIHEHFRPHVPHDQLQJOHVVDQGKLVIDPHDIDUFH
I was to be bricked up in fame! Embalmed in fame! Buried in
fame - But for work I knew to be absolutely worthless! ...
This was my sentence: - I must endure thirty years of being
called distinguished by people incapable of distinguishing! ...and finally - his Masterstroke! When my nose had
been rubbed in fame to vomiting - it would all be taken
away from me. Every scrap.
.........................................................
I must survive to see myself become extinct!
(Play, 101)

6DOLHULVODVWDWWHPSWWRJDLQLPPRUWDOLW\LVDIDOVHFRQIHVVLRQLQZKLFKKHFODLPVWRKDYH
NLOOHG0R]DUW+HKDVDGHVSHUDWHORQJLQJWREHUHPHPEHUHGE\SRVWHULW\LIQRWLQIDPH
WKHQLQIDP\3OD\
I did not live on Earth to be His joke for Eternity. I will
be remembered! I will be remembered!
.........................................................
For the rest of time whenever men say Mozart with love, they
will say Salieri with loathing! ... I am going to be immor(Play, 102f.)
tal after all!

<HWHYHQWKLVILQDODQGGHVSHUDWHDWWHPSWIDLOVDQG6DOLHULKDVWRGUDLQKLVELWWHUFXSWRWKH
GUHJV+HVXUYLYHVWKHVXLFLGDODWWHPSWWRFXWKLVWKURDWQRRQHEHOLHYHVKLVFRQIHVVLRQ
DQGKHKDVWRVSHQGWKHUHVWRIKLVGD\VLQWKHWRUPHQWRIREOLYLRQ+HKDVORVWKLVEDWWOH
DJDLQVW*RG%\WKHWLPHKHGLHVWKHZRUOGKDVFRPSOHWHO\IRUJRWWHQERWKKLPDQGKLV
PXVLF




2VFDU :LOGH 7KH %DOODG RI 5HDGLQJ *DRO



 0R]DUW
7KHFKDUDFWHURI0R]DUWXQGHUJRHVWKHPRVW VLJQLIL
FDQW FKDQJH RQ KLV ZD\ IURP VWDJH WR VFUHHQ  ,W LV
SDUWO\ GXH WR WKH LQIOXHQFH RI 0LOR )RUPDQ ZKR
HQYLVLRQHGD 0R]DUW ILJXUH SRUWUD\HG DV PRUH V\P
SDWKHWLF LQ WKH ILOP WKDQ KH ZDV VKRZQ LQ WKH WKHD
WUH*LDQDNDULV3HWHU6KDIIHUDOVRDJUHHG
WKDWLWZDVQHFHVVDU\WRKXPDQL]HKLPDQGPDNHKLP
D PRUH URXQGHG FKDUDFWHU *LDQDNDULV  
,QWKHSOD\0R]DUWLVQRWQHDUO\VRFRPSOH[DILJXUH
DV KLV FRXQWHUSDUW DQG IXQFWLRQV DV DQ DQWDJRQLVW
UDWKHU WKDQ D SURWDJRQLVW  +LV FKDUDFWHULVDWLRQ LV
DVRPHZKDW RQHVLGHG DQG VXSHUILFLDO FDULFDWXUH  6KDIIHU SUHVHQWV KLP DV FKLOGLVK DUUR
JDQWDQGIRXOPRXWKHGDGPLWWHGO\KHLVJLIWHGEXWWRRERRULVKDQGLPSXOVLYHWREHVXF
FHVVIXODWWKHLPSHULDOFRXUW+HLVDJHQLXVDQGDQREVFHQH6WUXZZHOSHWHU$GDLU
DWWKHVDPHWLPH<HWWKHSOD\GRHVQRWVKRZ0R]DUWLQDEDGOLJKWDOWRJHWKHU:HDUH
SUHVHQWHGZLWKDTXLWHDPELYDOHQWSLFWXUHRI
0R]DUWDVDFKLOGPDQ$0R]DUWZLWKDQDQDOIL[DWLRQ$ 0R]DUWDVDSHUPD
QHQWDGROHVFHQW$0R]DUWZKRXVHGIRXOODQJXDJHZKRKDGDVKDUSWRQJXH
ZKRZDVQRWDEO\XQJHQHURXVDERXWKLVFROOHDJXHVZKRZDVDZRPDQL]HUDQG
DWWKHHQGDSRYHUW\VWULFNHQDOFRKROLF%XWDOVRD0R]DUWWUXHWRKLPVHOIDQG
KLVPXVLFDOYLVLRQ:KDWHYHU 0R]DUW ZDV DV D PDQ  LQ KLV UHDO OLIH DV LQ WKH
SOD\LQPXVLFKHZDVSXUH
6FKRQEHUJ
1HYHUWKHOHVV 0R]DUWV SRVLWLYH IHDWXUHV DUH QRW YHU\ FRQYLQFLQJ LQ WKH SOD\ EHFDXVH
LQFRPSDULVRQ WR WKH FLQHPD WKH WKHDWUH KDV RQO\ OLPLWHG PHDQV RI SUHVHQWLQJ PXVLFDO
JHQLXV7KLVLVGRQHPXFKEHWWHULQWKHILOPDQGWKHUHVXOWLVDGHFLGHGO\PRUHOLNHDEOH
0R]DUW WKDQ ZH VHH LQ WKH SOD\  2Q VWDJH 0R]DUW LV PHDQVSLULWHG DQG GLVOR\DO WR KLV
IULHQGV+HLVYDLQFRQFHLWHGDQGWDONVDERXWKLVFROOHDJXHVEHKLQGWKHLUEDFNVRULQVXOWV
WKHPGLUHFWO\
MOZART:

I know what goes on - and so do you.

Germany is completely in the hands of foreigners. Worthless
wops like Kapellmeister Bonno!
VON STRACK: Please! Youre in the mans house!
MOZART: Court Composer Salieri!
VON STRACK: Hush!



MOZART:

Did you see his last opera? The Chimney Sweep? ... Did you?
VON STRACK: Of course I did.
MOZART: Dogshit. Dried dogshit.

(Play, 40)

+HLVDUURJDQWDQGVHOIDVVXUHGEH\RQGDOOPHDVXUH<HWKLVJHQLXVLVXQGHQLDEOHDQGSHU
KDSVJLYHVKLPWKHULJKWWRFRQVLGHUKLPVHOIWKHEHVWFRPSRVHULQWKHZRUOG2QVWDJH
0R]DUWLVDOVROLEHUWLQHLQEHKDYLRXUDQGXQIDLWKIXOWRKLVZLIHDQGVKRFNVDXGLHQFHVZLWK
KLV VFDWRORJLFDO ODQJXDJH DQG REVFHQH ZRUG JDPHV  +H LV DOWRJHWKHU DFDULFDWXUH UDWKHU
WKDQDUHDOPDQDQGKHVHHPVDFUHDWLRQRIWKH'HYLOUDWKHUWKDQRI*RG%XWZHDOVRVHH
0R]DUWDVDQLQVSLUHGFRPSRVHUZKRLVQRWDPHUHLQVWUXPHQWRI*RGEXWDPDQZLWKKLV
RZQYLHZVDERXWPXVLFLQJHQHUDODQGRSHUDLQSDUWLFXODU
[...] all sound multiplying and rising together - and the
together making a sound entirely new! ... I bet you thats
how God hears the world. Millions of sounds ascending at
once and mixing in His ear to become an unending music, unimaginable to us! [To SALIERI] [...] Thats our job, we composers: to combine the inner minds of him and him and him, and
her and her - the thoughts of chambermaids and Court Composers - and turn the audience into God.
(Play, 66)

7KHILOPSUHVHQWVKLPLQDVLPLODUPDQQHUEXWDGGVVRPHVFHQHVWKDWVKRZKLVFKDUDFWHU
LQDQHZOLJKW2QVWDJHZHVHH0R]DUWRQO\WKURXJKWKHH\HVRI6DOLHULWKHH\HRIWKH
FDPHUDRQWKHRWKHUKDQGJLYHVWKHLPSUHVVLRQRIREMHFWLYLW\DQGUHTXLUHVDPRUHQDWX
UDOLVWLFDSSURDFK7KXVIRUWKHVFUHHQ6KDIIHUKDGWRWXQHGRZQ0R]DUWVODQJXDJHDQG
EHKDYLRXUDQGGHHSHQKLVFKDUDFWHU7KURXJKWKLVUHDOLVWLFWHFKQLTXHKHSUHVHQWVXVQRZ
ZLWKDPDQRIIOHVKDQGEORRGZKRHPHUJHVDVDFRQIOLFWHGLQGLYLGXDODWRQFHREQR[LRXV
DQGFKDUPLQJ.DNXWDQL:HVHH0R]DUWDVDUHEHOOLRXVEXWGHYRWHGVRQWKHQDJDLQ
DV D ORYLQJ KXVEDQG DQG IDWKHU  7KH LQVHUWHG VFHQHV VKRZ 0R]DUW SOD\LQJ DQRXWGRRU
FRQFHUWWU\LQJWRFRPSRVHDQRSHUDDWKRPHZKLOHKLVZLIHDQGIDWKHUDUJXHLQWKHEDF N
JURXQGNLVVLQJKLVLQIDQWVRQDQGFORZQLQJDERXWDWDPDVTXHUDGHEDOO.DNXWDQL
7KHLQWURGXFWLRQRI/HRSROGKHOSVWRVKRZWKHFLUFXPVWDQFHVWKDWOHGWR0R]DUWVSHUSHW
XDO LPPDWXULW\ VR WKDW KLV EHKDYLRXU VXGGHQO\ EHFRPHV FRPSUHKHQVLEOH  :H DUH QRZ
DEOHWRVHH0R]DUWDVWKHHYHULQQRFHQWDQGYXOQHUDEOHYLFWLPRIKLVIDPHILJKWLQJWRVX U
YLYHLQDZRUOGRILQWULJXHVDQGGHSHQGHQFLHVDWWKHLPSHULDOFRXUW+HLVWRRKRQHVWDQG
VWUDLJKWIRUZDUGWRFRQIRUPWRWKHIDOVLW\RIWKLVZRUOGDQGIDLOVWR JDLQDQ\VLJQLILFDQWSR
VLWLRQDWFRXUWRUHYHQWRVHFXUHDVWHDG\LQFRPHIRUKLVIDPLO\



(VSHFLDOO\WRZDUGVWKHHQGRIWKHILOPWKHFKDUDFWHURI0R]DUWJDLQVGHSWKDVKHLV
VLPXOWDQHRXVO\FRPSRVLQJWKH 5HTXLHPDQG7KH0DJLF)OXWH,QWKRVHVFHQHV6KDIIHUDQG
)RUPDQWULHGWRHPSKDVL]HDQGGUDPDWL]HDGHVSHUDWHWHQVLRQFUHDWHGLQWKHFRPSRVHUE\
WKHVH WZR HPHUJLQJ SLHFHV DQG WKH RSSRVLQJ ZRUOGV WKH\ UHSUHVHQW WKH VKDGRZ\
DQGVKLQLQJNLQJGRPVLQFROOLVLRQZLWKLQRQHPDQ6KDIIHU
7RP+XOFHVEULOOLDQWDQGYLYLGSHUIRUPDQFHOHDGVWKHDXGLHQFHWKURXJKDOOWKHXSV
DQGGRZQVRI0R]DUWVVKRUWOLIH$W ILUVW KH VHHPV MXVW D EXIIRRQ IRU H[DPSOH LQ WKH
VFHQHDWWKHZLJPDNHUVVKRSDQGKLVKLFFXSLQJYHUVLRQRIWKH0R]DUWJLJJOHLVDOPRVW
XQEHDUDEOH7KHQKRZHYHUKHGHYHORSVDQXQH[SHFWHGGHSWKRIHPRWLRQZKHUHQHFHV
VDU\+HLVFRQYLQFLQJDVDFRPSRVHUDQGWKURXJKKLVQDLYHWpDQGVXIIHULQJLQWKHGHDWK
EHGVFHQHKHPDQDJHVWRPRYHDXGLHQFHVWRWHDUV+XOFHVSHUIRUPDQFHLVDFRPSHOOLQJ
IHDWWKDWHWFKHVLWVHOILQGHOLEO\LQWRWKHPHPRU\RIWKHYLHZHU7KLVSDUWO\H[SODLQVWKHLQ
GLJQDWLRQRI0R]DUWORYHUVWKH\UHDOLVHWKDWZKRHYHUZDWFKHVWKHILOP $PDGHXVRQFHFDQ
QRWKHOSIRUHYHULPDJLQLQJ0R]DUWDVWKHKDSS\JROXFN\JLJJOLQJJHQLXVRIWKHILOP

 &RQVWDQ]H
&RQVWDQ]HFRQVLGHUHGWREHWKHILUVWSURIRXQGIHPDOHUROHLQ6KDIIHUVZRUNFI 7KRPVHQ
DQG %UDQGVWHWWHU  WXUQV RXW UDWKHU IODW RQ WKH VFUHHQ  ,Q WKH VWDJH YHUVLRQ RI
$PDGHXV ZKLFK LV HVVHQWLDOO\ D WZRFKDUDFWHU SOD\ VKH KDV D PLQRU XQGHUZULWWHQ SDUW
.DNXWDQLEXWVKHDSSHDUVERWKZRPDQO\DQGPDWXUHHVSHFLDOO\WRZDUGVWKHHQGRI
WKH SOD\  $OWKRXJK D OLWWOH FDUHOHVV DQG IOLUWDWLRXV DV SUHVHQWHG LQWKH JDPH RI IRUIHLWV
3OD\ II VKH LV QHYHUWKHOHVV SUDFWLFDO FKDUPLQJ VHQVXRXV DQG IXOO RI MRLH GH YLYUH
:KDW LV PRUH LPSRUWDQW VKH ORYHV KHU KXVEDQG
GHDUO\DQGVWDQGVE\KLVVLGHWKURXJKHYHU\KDUGVKLS
DQG KXPLOLDWLRQ  %RWK 0R]DUW DQG &RQVWDQ]H DUH
FDUHOHVVERQYLYDQWVEXWVKHLVWKHPRUHUHVSRQVLEOH
RIWKHWZRDQGRIWHQDFWVDVDVXEVWLWXWHPRWKHUIRU
KHU ER\LVK KXVEDQG  ,Q WKH ZRUG JDPHV ZLWK WKH
FKLOGLVK 0R]DUW VKH DSSHDUV HTXDOO\ LQIDQWLOH EXW
ZKHQLWFRPHVWR IDFLQJ XQSOHDVDQW IDFWV VXFK DV IL
QDQFLDO PDWWHUV RU WKH UHODWLRQVKLS EHWZHHQ 0R]DUW
DQG KLV IDWKHU VKH VKRZV IHPDOH PDWXULW\ DQG
VWUHQJWKRIFKDUDFWHU


,QWKHSOD\WKHNH\WRWKHFKDUDFWHURI&RQVWDQ]HOLHVLQWKHVFHQHVZLWK6DOLHULDWWKH
HQGRIWKHILUVWDQGWKHEHJLQQLQJRIWKHVHFRQGDFW$WILUVWVKHLVWUXO\VKRFNHGDQGDS
SDOOHGDWWKHWKRXJKWRIVHOOLQJKHUERG\WR6DOLHULIRUWKHSULFHRIDVHFXUHSRVWDWFRXUW
IRUKHUKXVEDQG+HJLYHVKHUWLPHWRJRDZD\DQGWKLQNRYHUKHUGHFLVLRQ:KHQVKH
UHWXUQVVKHLVUHDG\WRVDFULILFHKHUVHOIIRUKHUKXVEDQGEXWVKHGRHVQRWSUHWHQGZLOOLQJ
QHVV+HUGLUHFWQHVVLVVKRFNLQJWR6DOLHUL
[flatly]: Where do we go, then?
SALIERI: What?
CONSTANZE: Do we do it in here? ... Why not?
[She sits, still wearing her hat ... Deliberately she loosens the strings of her bodice, so that one can just see the
tops of her breasts, hitches up her silk skirts above the
knees, so that one can also just see the flesh above the
tops of her stockings, spreads her legs and regards him
with an open stare.]
[Speaking softly] Well? ... Lets get on with it.
[For a second SALIERI returns the stare, then suddenly looks
(Play, 59)
away.]
CONSTANZE

6DOLHUL LV VR DSSDOOHG DW KHU DQG KLV RZQ EHKDYLRXU WKDW KH UHMHFWV KHU VH[XDO RIIHU DQG
VHQGVKHUDZD\+HDULQJWKLV&RQVWDQ]HLVVRKXPLOLDWHGDQGKXUWLQKHUIHPDOHSULGHWKDW
VKHJHWVIXULRXVDQGLQVXOWV6DOLHULFDOOLQJKLPDURWWHQVKLW3OD\WKXVUXLQLQJHYHU\
FKDQFHIRU0R]DUWWRREWDLQWKHGHVLUHGSRVW7KLVLVDYHU\IHPLQLQHDQGHPRWLRQDOUHD F
WLRQEXWLWDOVRVKRZVWKDW&RQVWDQ]HUHDOLVHVVKHKDVJRQHWRRIDULQRIIHULQJKHUVHOIWR
6DOLHULLQWKHILUVWSODFH)URPWKLVFRQIOLFWEHWZHHQVDFULILFHDQGGLJQLW\VKHHPHUJHVDV
WKHPRUDOYLFWRUDOWKRXJKVKHORVHVWKHFKDQFHIRUDVWDEOHIDPLO\LQFRPH
,QWKHILOPWKHVHGXFWLRQLVSUDFWLFDOO\ RPLWWHG  :KHQ &RQVWDQ]H EULQJV 0R]DUWV
PDQXVFULSWVWR6DOLHULKHPHUHO\WULHVWRIOLUWZLWKKHUDOLWWOHEXWKHIRUJHWVKHULPPHGL
DWHO\DQGFRPSOHWHO\DIWHUWXUQLQJKLVDWWHQWLRQWRWKHPDQXVFULSWV:KLOHKHLVVWXG\LQJ
WKHPKHH[SHULHQFHVDNLQGRIPXVLFDORUJDVPVHHTXRWDWLRQRQS ZKLFKLVSHUKDSV
DVXEVWLWXWHIRUWKHGHOHWHGVHGXFWLRQVFHQH7KLVK\SRWKHVLVLVFRQILUPHGE\$EUDKDPV
DFWLQJLQWKLVVFHQHLQZKLFKKLVH[FLWHPHQWEHDUVDVWURQJUHVHPEODQFHWRVH[XDOVWLPXOD
WLRQ$OWKRXJKWKHVFHQHRI6DOLHULVWXG\LQJWKHPDQXVFULSWVFDQDOVREHIRXQGLQWKHSOD\
LWKDVDQH[WHQGHGIXQFWLRQLQWKHILOP8QIRUWXQDWHO\WKHGHOHWLRQRIWKHVHGXFWLRQGL
PLQLVKHVWKHUROHRI&RQVWDQ]HZKRLVQRZDFWLQJFKLOGLVKO\DQGLQQRFHQWO\WKXVORVLQJ
PXFKRIKHUIHPDOHVWUHQJWK



*HQHUDOO\ WKH VWDJH &RQVWDQ]H LV D PRUH DGXOW FKDUDFWHU WKDQ KHU VFUHHQ YHUVLRQ
SOD\HGE\(OL]DEHWK%HUULGJH6KHLVPRUHFRPSOH[LQKHUUHODWLRQVKLSZLWK0R]DUWEHLQJ
DWRQFHKLVORYHUKLVPRWKHUDQGKLVFRPSDQLRQ6KHVXEPLWVWR0R]DUWVVH[XDOZLVKHV
IRUH[DPSOHVFDWRORJLFDOULGGOHVRUERWW\VPDFNLQJFI3OD\DQGVKHLVMHDORXVRIKLV
SXSLOVZLWKZKRPKHGHFHLYHVKHU,QWKHILOP&RQVWDQ]HVHURWLFLVPLVUDWKHULQIDQWLOH
UHVWULFWHGWRWKH5RFRFRFRVWXPHDFFHQWLQJWKHOLQHVRIKHUERG\DQGWRKHUVXON\PRXWK
9HU\RIWHQVKHJLYHVWKHLPSUHVVLRQRIDGUHVVHGXSFKLOGDVIRULQVWDQFHLQWKHVFHQH
ZLWKWKHPDQXVFULSWVZKHUHVKHLVPRUHVHQVLWLYHWRWKHVZHHWVLQIURQWRIKHUWKDQWR6D
OLHULVVH[XDODOOXVLRQV:KLOHLQWKHODVWSDUWRIWKHSOD\&RQVWDQ]HLVGHVFULEHGDVZHDULQJ
SRRUFORWKHVDQGORRNLQJZRUQRXWLQWKHILOPVKHUHPDLQVDQLPPDFXODWHDQGFRORXUIXO
5RFRFRELUGWLOOWKHYHU\HQG7KLVDJDLQSUHVHQWVKHUDVDQH[SHQVLYHWR\UDWKHUWKDQD
FRPSDQLRQ WR KHU KXVEDQG GXULQJ KDUG WLPHV  6KH GRHV QRW SDUWLFLSDWH LQ WKH 0R]DUW
6DOLHULUHODWLRQVKLSDQ\PRUHEXWLVSXVKHGLQWRWKHEDFNJURXQGDQGDOPRVWEHFRPHVRQH
RIWKHPLQRUFKDUDFWHUV

 6XSSRUWLQJFKDUDFWHUV
'XHWRWKHQDWXUDOLVWLFUHTXLUHPHQWVRIWKHILOPPHGLXPWKHVXSSRUWLQJFKDUDFWHUVZKLFK
KDYH EHHQ MXVW VFKHPDWLF ILJXUHV RQ VWDJH JDLQ SODVWLFLW\ LQ WKH ILOP  6RPH DGGLWLRQDO
FKDUDFWHUV DUH LQWURGXFHG IRU H[DPSOH /HRSROG 0R]DUW 0DGDPH :HEHU (PDQXHO
6FKLNDQHGHURUWKHPDLG/RUO7KHLQWURGXFWLRQDQGGHYHORSPHQWRIWKRVHPLQRUSDUWV
VHUYHVWRPDNHWKHILOPDSSHDUPRUHUHDOLVWLFWKDQWKHSOD\DQGVRPHVFHQHVPRUHHQWHU
WDLQLQJ  7KHUH DUH IRU LQVWDQFH VSOHQGLG FRPLF SHUIRUPDQFHV E\ -HIIUH\ -RQHV DV
WKHPXVLFDO NLQJ (PSHURU -RVHSK ,, DQG E\ 3DWULFN +LQHV DV .DSHOOPHLVWHU %RQQR
7KHKXPRURXVHOHPHQWVDUHPRVWO\DFRQWULEXWLRQRI0LOR)RUPDQZKRLVNQRZQIRUKLV
LURQLFDSSURDFKWRZDUGVKLVVFUHHQFKDUDFWHUV
$Q LPSRUWDQW FKDUDFWHU DGGHG LQ WKH ILOP LV /HRSROG 0R]DUW  0R]DUWV IDWKHU
ZKRZDVQRWKLQJEXWDV\PEROLQWKHSOD\KDVEHFRPHDUHDOSHUVRQZKRDUULYHVLQWKH
IOHVK WR FKDVWLVH KLV VHOILQGXOJHQW VRQ .DNXWDQL   7KH IDWKHUVRQ UHODWLRQVKLS LV
PRUH IXOO\ GHYHORSHG LQ WKH ILOP WKDQ RQ VWDJH  /HRSROG LV VKRZQ DV DQ RYHUSRZHULQJ
SHUVRQDOLW\ZKRZDQWVWRNHHSWRWDOFRQWURORYHUKLVVRQVOLIH+HLVDJDLQVW0R]DUWVOL Y
LQJLQ9LHQQDDQGPDUU\LQJ&RQVWDQ]HZKRPKHFRQVLGHUVFRPPRQ:KHQKHFRPHVWR
YLVLW KLV VRQ LQ KLV QHZ KRPH KH GLVDSSURYHV RI HYHU\WKLQJ KH VHHV DQG KH QDJV DW WKH
\RXQJFRXSOHFRQVWDQWO\)LQDOO\ZKHQ0R]DUWUHIXVHVWRUHWXUQWR6DO]EXUJZLWKKLVI D


WKHU /HRSROG KDV D YLROHQW TXDUUHO ZLWK &RQVWDQ]H DQG OHDYHV 9LHQQD  6HYHUDO PRQWKV
ODWHUKHGLHVLQ6DO]EXUJZLWKRXWKDYLQJUHFRQFLOHGZLWKKLVVRQ/HRSROGVJULPSRUWUDLW
RQ WKH VDORQ ZDOO IRUHYHU UHPLQGV 0R]DUW RI WKHLU FRQIOLFW DQG KDXQWV KLV FRQVFLHQFH
(YHQDIWHUKLVGHDWK/HRSROGKDVQRWORVWKLVSRZHURYHU0R]DUWDQGKHUHDSSHDUVLQKLV
RSHUDVILUVWDVWKHYHQJHIXO&RPPHQGDWRUHLQ'RQ*LRYDQQLWKHQDVWKHIRUJLYLQJ6DUDVWUR
LQ7KH0DJLF)OXWH7KURXJK7KH0DJLF)OXWH0R]DUWDFKLHYHVDVSLULWXDODQGDUWLVWLFUHFRQ
FLOLDWLRQZLWKKLVIDWKHU'HVSLWHWKLV/HRSROGVILQDOLQFDUQDWLRQLVWKHPDVNHGPHVVHQJHU
RIGHDWKHPERGLHGE\6DOLHUL
7KH RWKHU VHFRQGDU\ UROHV  (PSHURU -RVHSK ,, KLV FRXUWLHUV DQG RWKHU ILJXUHV LQ
WKHPXVLFZRUOGKDYHEHHQVWULSSHGRIWKHLUVW\OL]HGPDQQHULVPVDQGJLYHQQDWXUDOLVWLF
OLQHV.DNXWDQL7KH\QRZDSSHDUIDUPRUHKXPDQ$QH[DPSOHRIWKLVLVWKHFRPL
FDO VFHQH RI 0R]DUWV LQWURGXFWLRQ WR WKH (PSHURU LQ ZKLFK -RVHSK SOD\V D 0DUFK RI
:HOFRPHIRU0R]DUW6WUXJJOLQJWKURXJKWKHPDQXVFULSWKHQRORQJHUUHVHPEOHVDGLJQ L
ILHGUXOHUVRWKDW0R]DUWLVPLVWDNHQDQGERZVWRRQHRIWKHFRXUWLHUV 7KHIDWSXIILQJ
.DSHOOPHLVWHU%RQQRZLWKKLVKHDY\,WDOLDQDFFHQWDOVRFRQWULEXWHVWRWKLVQDWXUDOLVWLFHIIHFW
2WKHUFKDUDFWHUVLQFOXGLQJ0R]DUWVVKULOOPRWKHULQODZDPDLGKLUHGE\6DOLHULWR
VS\RQKLVULYDOWKH$UFKELVKRSDQGYDULRXVVLQJHUVDQGSHUIRUPHUVZHUHWRWDOO\LQYHQWHG
IRUWKHPRYLH.DNXWDQLDQGKDYHLPSRUWDQWIXQFWLRQVLQWKHSORW7KH$UFKELVKRS
&ROORUHGRZKRLVWKHHPSOR\HURI0R]DUWDQGKLVIDWKHULQ6DO]EXUJ LVLQWURGXFHGLQRU
GHUWRVKRZWKHVHUYDQWVWDWXVRIDQHLJKWHHQWKFHQWXU\PXVLFLDQDQG0R]DUWVLQVXERUG L
QDWLRQ7KHPDLG /RUOVHUYHVDVDUHSODFHPHQWIRUWKH 9HQWLFHOOLSURYLGLQJLQIRUPDWLRQ
RQ0R]DUWVSULYDWHDIIDLUVZKLFKZRXOGQRWEHDYDLODEOHWR6DOLHULRWKHUZLVH6KHLVDOVR
WKHRQO\RQHZKRFULHVRSHQO\DW0R]DUWVIXQHUDOZKLFKLVSHUKDSVDV\PERORI0R]DUWV
SRSXODULW\ ZLWK WKH FRPPRQ SHRSOH ZKR DUH KDSSLO\ VLQJLQJ WKH PHORGLRXV WXQHV IURP
0R]DUWV RSHUDV LQ 6FKLNDQHGHUV YDXGHYLOOH WKHDWUH  (PDQXHO 6FKLNDQHGHU SURYLGHV WKH
LQVSLUDWLRQIRU7KH0DJLF)OXWHLQSODFHRIWKHPDVRQVZKRDUHQRWPHQWLRQHGLQWKHILOP
)DWKHU9RJOHUWKH\RXQJSULHVWWRZKRP6DOLHULLVFRQIHVVLQJWDNHVRYHUWKHUROHRIWKH
WKHDWUHDXGLHQFHEHFDXVHWKHDXGLHQFHLQDFLQHPDLVPXFKWRRLPSHUVRQDOWRSDUWLFLSDWH
LQWKHGUDPD+HLVPXFK\RXQJHUWKDQ6DOLHULDQGVRLQH[SHULHQFHGWKDWKHFDQHDVLO\EH
FODVVLILHGDVDPHGLRFULW\LQKLVSURIHVVLRQ7KLVHQVXUHVWKHQHFHVVDU\SUHPLVHIRU6DOLHULV
FRQIHVVLRQ  7KRVH FKDUDFWHUV DUH QHFHVVDU\ WR UHSODFH WKHDWULFDO GHYLFHV ZLWK FLQHPDWLF
RQHVDQGWRJLYHWKHILOPDVROLGERG\


 9LVXDOODQJXDJH
 &RVWXPHVDQGPDNHXS
$PDGHXVRQVFUHHQLVDYHU\FRORXUIXOFRVWXPHGUDPDGLVSOD\LQJHODERUDWHULFKFRVWXPHV
DQGZLJV7KH\DUHLQIDFWVRHODERUDWHDQGH[DJJHUDWHGWKDW*LOEHUW $GDLUFDOOVWKHILOP
D FDUWRRQ RI WKH HLJKWHHQWK FHQWXU\ $GDLU   7KH 5RFRFR VHWWLQJ UHTXLUHV ZLGH
KRRSHGVNLUWVWLJKWFRUVHWVH[SRVLQJPXFKRIWKHYROXSWXRXVEUHDVWVKLJKDQGSRZGHUHG
ZLJV DQG IDQFLIXO KDWV ZLWK IHDWKHUV DQG YHLOV  ,Q DGGLWLRQ LQ $PDGHXV WKHUH DUH ZKROH
FURZGVRIH[WUDVIRUH[DPSOHWKHDXGLHQFHLQWKHRSHUDKRXVHSHRSOHLQWKHVWUHHWVDQG
GDQFHUVDWEDOOV,QVRPHVFHQHVWKHUHVXOWLVDQLPSUHVVLYHVHDRIZLJVVLONDQGODFHIULOOV
DQGIHDWKHUV1HYHUWKHOHVVWKHLQGLYLGXDOFRVWXPLQJDQGPDNHXSRIWKHDFWRUVDUHDOVR
YHU\FDUHIXOO\GHVLJQHGDQGFRQVHTXHQWO\ $PDGHXVZRQWKH$FDGHP\$ZDUGLQWKH%HVW
0DNHXSDQG%HVW&RVWXPH'HVLJQFDWHJRULHV
7KH PRVW UHPDUNDEOH DFKLHYHPHQW LQ WKLV ILHOG LV WKH PDNHXS DQG FORWKLQJ WKDW
WUDQVIRUPHG WKH IRUW\\HDU ROG 6DOLHUL LQWR D GRGGHU\ ZULQNOHG WRRWKOHVV ROG PDQ
)0XUUD\$EUDKDPVH[FHOOHQWDFWLQJFRPSOHWHVWKHLOOXVLRQKLVJDSLQJPRXWKDQGZULQ
NOHGEURZDORQJZLWKWKH\HOORZVNLQDQGZKLWHVWUDQGVRIJUHDV\KDLUPDNHKLPDSSHDU
OLNH D OLYLQJ PXPP\  6LPLODUO\ 0R]DUWV PDNHXS WKURXJKRXW WKH ILOP WUDQVILJXUHV KLP
IURPDUDGLDQWURV\FKHHNHG\RXWKLQWRDSDOHDQGLOOGUXQNDUG7KLVFKDQJHDSSOLHVDOVR
WR KLV RYHUDOO DSSHDUDQFH  ,Q WKH EHJLQQLQJ RI WKH ILOP 0R]DUW LV D GHGLFDWHG GDQG\
ZKLFKLVPRVWDSSDUHQWLQWKHVFHQHDWWKHZLJPDNHUVVKRSZKHUHKHFDQQRWGHFLGHZKLFK
RIWKHWKUHHZLJVWREX\
MOZART

Theyre all so beautiful! Why dont I have three heads? (Film)

)LQDOO\KHEX\VDOOWKUHHZLJV+HLVDOZD\VQHDWO\DQGVW\OLVKO\GUHVVHG7RZDUGVWKHHQG
RIWKHILOPWKRXJKKLVDSSHDUDQFHEHFRPHVLQFUHDVLQJO\GLVKHYHOOHGDQGZHVHHKLPPRUH
RIWHQDWKRPHZLWKRXWDZLJDQGFDUHOHVVO\GUHVVHG6KRUWO\EHIRUH&RQVWDQ]HOHDYHVKLP
KHHYHQVQHDNVRXWWRDGULQNLQJSDUW\LQDQLJKWGUHVV2QWKHQLJKWRIKLVGHDWKKLVVNLQ
ORRNVDVKHQDQGKLVOLSVDUHFKDSSHG7KHVHPDNHXSHIIHFWVKHOSWKHVSHFWDWRUWRIROORZ
WKHGHYHORSPHQWRI0R]DUWVLOOQHVVDQGWRZLWQHVVKLVSK\VLFDOH[KDXVWLRQ&RQVWDQ]HRQ
WKHRWKHUKDQGUHPDLQVIUHVKDQGJORZLQJHYHQLQWLPHVRISRYHUW\DQGWKXVVKHGRHVQRW
VHHPWRSDUWLFLSDWHLQKHUKXVEDQGVKDUGVKLSV


2QH RI WKH PRVW SURPLQHQW HOHPHQWV RI WKH $PDGHXV FRVWXPHV LV WKH ZLJ ZKLFK
$GDLUFDOOVWKHEXEEOHEDWKSHULZLJ>@SLQNSXQNDQGKLJKDVDQHOHSKDQWVH\H$GDLU
7KHZLJVDUHLQGHHGH[WUDYDJDQWYDU\LQJIURPZKLWHRYHUSDVWHOWRQHVRIEOXH\HO
ORZ DQG SLQN WR VLQLVWHU EODFN  7KH\ DUH
RIWHQ FKDQJHG DFFRUGLQJ WR PRRG DQG
VLWXDWLRQ DQG HTXDOO\ RIWHQ WUHDFKHURXVO\
GLVDUUDQJHG DV IRU H[DPSOH 0R]DUWV ZLJ
DIWHUKLVREVFHQHSOD\ZLWK&RQVWDQ]HRQWKH
SDODFH IORRU  2Q WKH ZKROH WKH ULFK DQG
ODYLVK FRVWXPHV VHUYH WR LOOXVWUDWH WKH KHGR
QLVWLFZD\RIOLIHRIWKH9LHQQHVHXSSHUFODVV7KH\DUHDOVRXVHGH[WHQVLYHO\LQ0R]DUWV
RSHUDV IRU H[DPSOH LQ WKH H[RWLF $EGXFWLRQ IURP WKH 6HUDJOLR RU WKH IDQWDVWLF 0DJLF )OXWH
$OORI WKH RSHUDV VKRZQ LQ $PDGHXV GLVSOD\ WKH FKDUDFWHULVWLF PRGHUQ FKRUHRJUDSK\
RI7Z\OD7KDUSZKRKDGDOUHDG\ZRUNHGZLWK0LOR)RUPDQLQ +DLU

 7KHXVHRI V\PEROV

7KHUH DUH PDQ\ V\PEROLF HOHPHQWV LQ ERWK WKH SOD\ DQG WKH ILOP VWDUWLQJ ZLWK WKH YHU\
QDPH $PDGHXV ZKLFK 6KDIIHU FKRVH ERWK IRU LWV URPDQWLF VRXQG DQG IRU LWV DOOHJRULFDO
YDOXH$VLGHIURPWKDWWKHUHDUHDOVRPDQ\YLVXDOLPDJHVZKLFKFDUU\YDULRXVPHDQLQJV
$QRWKHULQWHUHVWLQJHOHPHQWLVWKHXVHDQGUROHRIPDVNVWKURXJKRXWWKHSORW6KDIIHUZDV
LQVSLUHGWRXVHWKLVGHYLFHE\0R]DUWVRSHUDV
>@LWLVUHPDUNDEOHKRZGHSHQGHQWDOOWKHVHRSHUDVDUHXSRQPDVNVDQGGLV
JXLVHV%RWK0R]DUWDQG/RUHQ]RGD3RQWHKLVOLEUHWWLVWDSSHDUWRKDYHKDGDQ
DOPRVWREVHVVLYHLQWHUHVWLQWKHLUXVH
6KDIIHU
0DVNVSOD\DQLPSRUWDQWUROHLQ6KDIIHUVSOD\VDQGDOVRLQWKHILOPYHUVLRQRI $PDGHXV
6DOLHULVSODQWRPXUGHU0R]DUWLVEDVHGRQWKHXVHRIDGLVJXLVHZKLFKOHDGV0R]DUWWR
EHOLHYHWKDWKLVIDWKHUKDVULVHQIURPWKHGHDG:KHQ/HRSROG0R]DUWDUULYHVLQ9LHQQD
KHLVZHDULQJDORQJEODFNFORDN/DWHUDWDPDVTXHUDGHKHDGGVWRWKLVDEODFNGRXEOH
IDFHGPDVNZLWKDWULFRUQKDWRQHVLGHRILWVPLOLQJWKHRWKHUVLGHIURZQLQJ,QDVFHQHDW
WKH PDVTXHUDGH ZH VHH WKDW 0R]DUW FDQQRW GLVWLQJXLVK WKH PDVN IURP UHDOLW\  +H LV
ODXJKLQJ GHOLJKWHGO\ RYHU &RQVWDQ]HV SHQDOW\ LQ D JDPH RI IRUIHLWV ZKLFK FRQVLVWV RI
VKRZLQJKHUOHJVWRWKHJXHVWV6XGGHQO\KHVHHVWKHEDFN RI KLV IDWKHUV KHDG ZLWK WKH
PDVN IURZQLQJ DW KLP DQG KLV ODXJKWHU LV LPPHGLDWHO\ VWLIOHG  :KHQ KLV IDWKHU WXUQV


DURXQGDQGIDFHVKLPZLWKWKHVPLOLQJSDUWRIWKHPDVN0R]DUWVWDUWVWRODXJKLQUHOLHI
7KHUHXSRQ/HRSROGWDNHVRIIWKHPDVNDQGZHFDQVHHWKDWKHLVUHDOO\IURZQLQJXQGHU
QHDWK$JDLQ0R]DUWVODXJKWHUGLHVDZD\)URPWKHQRQWKLVVRPEUHFRVWXPHUHPDLQV
DVVRFLDWHGZLWK/HRSROGDQGODWHUVHUYHV6DOLHULZKRKDVREVHUYHGWKHLQFLGHQWDVDZD\
WR PDQLSXODWH KLV YLFWLP  $QRWKHU V\PERO RI /HRSROG LV KLV SRUWUDLW VWDULQJ FROGO\
DW0R]DUW IURP WKH VDORQ ZDOO  7KH SRUWUDLW VHHPV WR REVHUYH HYHU\ PRYH RI 0R]DUW
DQGWRGLVDSSURYHRIKLPMXVWDV/HRSROGGLGZKHQKHZDVVWLOODOLYH
$W WKH PDVTXHUDGH 0R]DUW LV ZHDULQJ D PDVN LQ WKH VKDSH RI DXQLFRUQV KHDG
ZKLFK LV D V\PERO RI KLV PDOH SRWHQF\ DQG D VXEWOH DOOXVLRQ WR WKH VW\OLVHG KRUVH PDVNV
ZRUQLQ(TXXV7RJHWKHUZLWKWKHPDVN0R]DUWVJLJJOHVRXQGVOLNHDKRUVHVQHLJKLQJ
&RQVWDQ]H LV GLVJXLVHG DV D EHDXWLIXO VZDQ ZKLFK XQGHUOLQHV KHU OLJKWKHDUWHGQHVV DQG
YDQLW\6DOLHULLVQRWZHDULQJDGLVJXLVHEXWRQO\FRYHULQJKLVIDFHZLWKDEODFNH\HPDVN
LQDFFRUGDQFHZLWKKLVVLPSOHDOPRVWDVFHWLFOLIHVW\OH
7KURXJKRXWWKHILOP6DOLHULLVV\PEROLVHGE\WKHFRORXUEODFN+HKDV EODFN KDLU
ZKLOH0R]DUWVKDLULVEORQG7KHNH\ERDUGRIKLVIRUWHSLDQRKDVWKHEODFNDQGZKLWHNH\V
UHYHUVHG+HDOZD\VZHDUVDVPDOOGDUNZLJDVRSSRVHGWRPRVWRWKHUSHRSOHLQWKHILOP
+H GUHVVHV LQ SODLQ EODFN RU GDUN FORWKHV DQG KH HYHQ ZHDUV EODFN VWRFNLQJV DOWKRXJK
ZKLWHVWRFNLQJVDUHIDVKLRQDEOH7KLVFRORXUV\PEROLVPVHUYHVWRDVVRFLDWHKLPZLWKHYLO
IRUFHVQRWQHFHVVDULO\ZLWKWKHGHYLOEXWZLWKWKHGDUNEDWWOHDJDLQVW*RGWKDWKHLVILJKW
LQJZLWKLQKLVPLQG+HVWDQGVIRUGDUNQHVVDQG0R]DUWVWDQGVIRUGLYLQHOLJKW:KLOH
FRQIHVVLQJ KLV FULPH WR WKH KRVSLWDO SULHVW 6DOLHUL H[SHUWO\ VSLWV RQ D FDQGOH DQG H[WLQ
JXLVKHVLWMXVWDVKHZLOOODWHUVQXIIRXW0R]DUWVIODPH7KHZRRGHQ&KULVWRQWKHFURVV
LV DQRWKHU V\PERO WKDW FRQVWDQWO\ DSSHDUV DV 6DOLHULV LQVFUXWDEOH SDUWQHU LQ KLV GLDORJXH
ZLWK*RG
0R]DUW RQ WKH RWKHU KDQG GUHVVHV LQ FRORXUIXO FRDWV DQG ORYHV ELJ IDQFLIXO ZLJV
<HWKHLVZHDULQJDGDUNZLJZKLOHFRQGXFWLQJ'RQ*LRYDQQLZKLFKV\PEROLVHVKLVVWDWHRI
PLQG  8VXDOO\ WKRXJK KH LV VKRZQ DV WKH HWHUQDO SURGLJ\ WKH VRQ UHPDLQLQJ IRUHYHU
XQGHUKLVIDWKHUVLQIOXHQFH7KLVLVXQGHUOLQHGE\7RP+XOFHVVKRUWQHVVLQFRPSDULVRQ
WRWKHRWKHUDFWRUVEXWDOVRE\KLVPRYHPHQWVDQGWKHZD\WKDWKHLVILOPHG+HDOZD\V
KDVWRORRNXSDOLWWOHZKLOHWDONLQJWRKLVUHVSHFWLYHFRXQWHUSDUWZKRLVPRVWO\VWDQGLQJ
VWLIIO\DQGXSULJKW+HLVRQO\WDOOHULQUHODWLRQWRWKHLPPDWXUHDQGJLUOLVK&RQVWDQ]H



7KHYLFLVVLWXGHVRI0R]DUWVOLIHLQ9LHQQDDUHV\PEROLVHGE\WKHVHDVRQVRIWKH\HDU
:KHQ0R]DUWLVLQKLVSULPHDQGVWLOOLQWKH(PSHURUVIDYRXULWLVVXPPHUDQGWKHVXQLV
VKLQLQJ FRQVWDQWO\  +RZHYHU ZKHQ KH LV LPSRYHULVKHG DQG KDV QR PRQH\ IRU KHDWLQJ
LWLV ZLQWHU DQG WKH VWUHHWV DUH FRYHUHG E\ VQRZ  5HWXUQLQJ IURP D GULQNLQJ VSUHH
KHNHHSV VOLSSLQJ RQ WKH IUR]HQ VWUHHWV DQG ZKHQ KH FRPHV KRPH KH ILQGV LW FROG
DQGHPSW\&RQVWDQ]HKDYLQJOHIWIRUWKHVSDLQ%DGHQ7KHFROGDQGWKHVQRZV\PEROLVH
DEOHDNDQGGHSUHVVLQJSHULRGLQ0R]DUWVOLIH
)LQDOO\ WKH PHQWDO KRVSLWDO WR ZKLFK 6DOLHUL LV EURXJKW DIWHU KLV VXLFLGH DWWHPSW LV
DUHYHUEHUDWLRQRI)RUPDQVIDPRXV2QH)OHZ2YHUWKH&XFNRRV1HVW$QRWKHUHFKRRIWKDW
ILOPLV6DOLHULVYDOHWDELWSDUWSHUIRUPHGE\9LQFHQW 6FKLDYHOOLZKRSOD\VRQHRIWKHSD
WLHQWVLQ&XFNRRV1HVW

 &DPHUDVKRWVPRQWDJH
,QRUGHUWRPDNH$PDGHXVDFLQHPDWLFUDWKHUWKDQWKHDWULFDOH[SHULHQFH0LOR)RUPDQDS
SOLHVYDULRXVWHFKQLFDOPHDQVWRFRQYH\HPRWLRQDVZHOODVLQIRUPDWLRQ2QHGHYLFHWKDW
KHXVHVRIWHQLVDVHULHVRIIDVWFXWVIURPRQHVFHQHWRDQRWKHUDOPRVWLQWKHPDQQHURID
FRPLF VWULS  2Q LWV RZQ WKLV WHFKQLTXH PLJKW KDYH D FRPLFDO HIIHFW EXW LQ $PDGHXV LW
VHUYHV DV DQ LOOXVWUDWLRQ RI 6DOLHULV VLPXOWDQHRXV DFFRXQW  7KH VHULHV RI FXWV EHFRPHV
DFRXQWHUSDUW RI WKH QDWXUDO VHTXHQFH RI VFHQHV IODVKLQJ XS LQ WKH ROG PDQV PHPRU\
2QHH[DPSOHRI)RUPDQVFRPELQHGQDUUDWLYHWHFKQLTXHLVDVFHQHLQWKHEHJLQQLQJRIWKH
ILOPLQZKLFK6DOLHULWHOOVWKHSULHVWDERXW KLV \RXWK DQG WKH GHDWK RI KLV IDWKHU  ,Q KLV
PRQRORJXH6DOLHULWDONVDERXWKLVZLVKWREHFRPHDIDPRXVPXVLFLDQDERXWKLVUHVWULFWLYH
IDWKHUZKRWKLQNVOLWWOHRIKLVVRQVZLVKDQGDERXWKLVIDWKHUVGHDWKWKDWHQDEOHVKLPWR
FRPHWR9LHQQDDQGVWXG\PXVLF2QVFUHHQZHVHHWKHIRXUWHHQ\HDUROG6DOLHULVLQJLQJ
LQ FKXUFK DQG SUD\LQJ IRU IDPH WKHQ WKH 6DOLHUL IDPLO\ HDWLQJ RXWVLGH 6DOLHULV IDWKHU
FKRNLQJRQDILVKERQHDQGWKHQDJDLQWKH\RXQJ6DOLHULVLQJLQJLQFKXUFKRYHUKLVIDWKHUV
FRIILQ%RWKLPDJHDQGVRXQGDUHYHU\FRQGHQVHGDQGFDUU\DJUHDWDPRXQWRILQIRUP D
WLRQ,QWKLVVKRUWVFHQHWKHYLHZHUQRWRQO\OHDUQVDERXWWKHFRXUVHRIHYHQWVEXWDOVR
VHHVWKHHFVWDWLFIDFHRI\RXQJ6DOLHULOLVWHQLQJWRPXVLFDVZHOODVWKHZRRGHQ&KULVWRQ
WKHZDOOZKRVHLPDJHUHWXUQVWKURXJKRXWWKHILOP



$QRWKHU H[DPSOH RI WKH VDPH WHFKQLTXH LV WKH VHULHV RI FXWV IROORZLQJ WKH QHZV
RI/HRSROG0R]DUWVGHDWK:KHQ&RQVWDQ]HWHOOV0R]DUWWKDWKLVIDWKHULVGHDGWKHUHLVD
VKDUSFXWWR/HRSROGVSRUWUDLWKDQJLQJRQWKHZDOOZKLFKVHHPVWRVWDUHEDFNDWKLVVRQ
7KHQH[WVKRWVKRZVWKHYHQJHIXOILJXUHRIWKH &RPPHQGDWRUHLQ'RQ*LRYDQQLEUHDNLQJ
WKURXJK D EULFN ZDOO  7KH FRVWXPH RI WKH &RPPHQGDWRUH FOHDUO\ UHVHPEOHV /HRSROGV
FORDNDQGPDVNZKLFKKHZHDUVDWWKHPDVTXHUDGHGXULQJKLVYLVLWWR9LHQQD7KLVVHUYHV
WRDVVRFLDWH/HRSROGZLWKWKH&RPPHQGDWRUHDQGODWHUZLWKWKHPDVNHGPHVVHQJHUZKR
FRPPLVVLRQVWKHUHTXLHPIURP0R]DUW
7KHPRVWVWULNLQJFKDUDFWHULVWLFRIWKHQDUUDWLRQLQ$PDGHXVLVWKHFRQVWDQWVZLWFKLQJ
EHWZHHQVFHQHVIURPWKHSDVWDQGWKHIDFHRIWKHROG6DOLHULFRPPHQWLQJRQWKHP)RU
H[DPSOH WKH ILUVW VWHS EDFN LQWR WKH SDVW RFFXUV ZKHQ 6DOLHUL VWDUWV FRQGXFWLQJ
DQLPDJLQDU\RUFKHVWUDLQKLVKRVSLWDOURRP7KHPRPHQWWKDWKHUDLVHVKLVKDQGVIURP
WKHSLDQRLQDJUDFHIXOFRQGXFWRUVPRYHPHQWWKHPXVLFEHJLQVDQGWKHUHLVDFXWWR6D
OLHUL QRZ WKLUW\ \HDUV \RXQJHU FRQGXFWLQJ D UHDO RUFKHVWUD LQ D UHDO RSHUD KRXVH  7KHQ
ZKHQ WKH PXVLF HQGV DQG 6DOLHUL ERZV WR WKH DSSODXGLQJ DXGLHQFH WKH FDPHUD UHWXUQV
WRROG6DOLHULZKRLVERZLQJWRDSSODXVHWKDWKHDORQHFDQKHDU7KHWUDQVLWLRQVEHWZHHQ
SDVW DQG SUHVHQW DUH XVXDOO\ VPRRWK DQG WKH VKRWV RI WKH ROG 6DOLHUL IRUP D IUDPH IRU
FRPSOHWH HSLVRGHV IURP WKH SDVW ZKLFK DUH DFFRPSDQLHG E\ 6DOLHULV FRPPHQWDU\
LQYRLFHRII6RPHWLPHVWKRXJK)RUPDQLQVHUWVXQH[SHFWHGVKRWVRIROG6DOLHULLQRUGHU
WRHPSKDVLVHDSDUWLFXODUFRPPHQW7KLVWHFKQLTXHKHOSV KLP WR NHHS WKH YLHZHUV DOHUW
WKURXJKRXWWKHORQJILOP
,QRWKHUFDVHV)RUPDQRIWHQXVHVVXUSULVLQJEXWHIIHFWLYHFXWV)RUH[DPSOHZKHQ
6DOLHULWHOOVWKHSULHVWDERXWKLV\RXWKLQDVPDOOWRZQDQGKLVDGPLUDWLRQIRUWKHSURGLJ\
0R]DUWKHVD\V
(VO)
I was still playing childish games when he was playing music
for Kings! Even the Pope in Rome!
(Screenplay, 9)
OLD SALIERI

6LPXOWDQHRXVO\ KH VKRZV WKH VL[\HDUROG 0R]DUW SOD\LQJ WKH SLDQR EOLQGIROGHG EHIRUH
DQDXGLHQFHRIFDUGLQDOVDQGWKHQPDNHVDVKDUSFXWWRWKHIRXUWHHQ\HDUROG6DOLHULSOD\
LQJ EOLQG PDQV EXII LQ WKH VWUHHWV RI KLV /RPEDUG\ KRPH WRZQ  ,Q WKLV H[DPSOH
WKHYLVXDO HOHPHQWV DUH D YLYLG FRPSOHPHQW WR WKH LQIRUPDWLRQ FRQWDLQHG LQ 6DOLHULV
VSHHFKDQGH[SUHVVWKHFRQWUDVWEHWZHHQWKHPXVLFDOVNLOORIWKHWZRER\V


,QDQRWKHUFDVHDIDVWFXWLVQRWXVHGWRDFKLHYHFRQWUDVWEXWWRLQWURGXFHDQHZVX E
SORW$IWHU0R]DUWKDVPDUULHG&RQVWDQ]HKHZULWHVKLVIDWKHUDOHWWHULQIRUPLQJKLPRIWKH
PDUULDJH  /HRSROG LVVKDNHQ E\ WKH QHZV DQG KH FUXPSOHV XS WKH OHWWHU LQ GLVWUHVV
7KHUXVWOHRISDSHULVIROORZHGLPPHGLDWHO\E\DVKRWRIVWDUWOHGGHHULQDSDUN7KLVJLYHV
WKHLPSUHVVLRQWKDWLWLVWKHUXVWOHRISDSHUWKDWVWDUWOHVWKHGHHUZKHUHDVLQUHDOLW\LWLVWKH
(PSHURUDSSURDFKLQJRQKRUVHEDFN7KHQHZVFHQHLVWKHEHJLQQLQJRIDVXESORWGHDOLQJ
ZLWK0R]DUWVXQVXFFHVVIXODWWHPSWWREHDSSRLQWHGDVWKHLQVWUXFWRURI3ULQFHVV(OL]DEHWK
7ZRRWKHUVFHQHVZKLFKDUHDOZD\VYHU\SRSXODUZLWKWKHDXGLHQFHFRQFHUQWKHLQ
WURGXFWLRQRI0R]DUWVRSHUDV7KHILUVWRSHUDVKRZQLQ $PDGHXVLV7KH$EGXFWLRQIURPWKH
6HUDJOLR$IWHULWKDVEHHQUHYHDOHGWKDWWKHDFWLRQRIWKHRSHUDLVVHWLQD3DVKDVKDUHP
6DOLHULVSXSLO.DWKHULQD&DYDOLHULDUULYHVIRUKHUOHVVRQGUHVVHG iODWXUTXH6KHKRSHVWR
JHWDSDUWLQWKHQHZRSHUDEXW6DOLHULDVVXUHVKHUWKDWLWZRXOGQRWEHSURSHUIRUKHUWR
SOD\WKHSDUWRIDQRGDOLVTXH.DWKHULQDDJUHHVDQGVWDUWVWRVLQJKHUVFDOHVEXWZKHQVKH
UHDFKHVWKHKLJKHVWWRQHZHVXGGHQO\VHHKHURQVWDJHGUHVVHGLQDIDQWDVWLF7XUNLVKFRV
WXPH DQG VLQJLQJ WKH H[FHHGLQJO\ IORULG DULD 0DUWHUQ DOOHU $UWHQ IURP 7KH $EGXFWLRQ
7KLVFXWLQGLFDWHVDODSVHRIWLPHDQGDFKDQJHRIFLUFXPVWDQFHV7KHRWKHUIDPRXVFXWLV
XVHGWRVKRZKRZ0R]DUWJHWVWKHLQVSLUDWLRQWRDQDULDIRUKLVODVWRSHUD 7KH0DJLF)OXWH
$IWHU&RQVWDQ]HKDVOHIWKHUKXVEDQGDQGJRQHWRWKHVSD0R]DUWYLVLWVKLVPRWKHULQODZ
WR ILQG RXW ZKDW KDV KDSSHQHG  0DGDPH :HEHU ILHUFHO\ EHUDWHV 0R]DUW IRU QRW WDNLQJ
FDUHRIKHUGDXJKWHUDQGJUDQGVRQZHOOHQRXJK6KHZRUNVKHUVHOILQWRDUDJHDQGZLWKD
VFUHDP0DGDPH:HEHUVYRLFHWXUQVLQWRWKHVKULOOSDFNLQJFRORUDWXUDRIWKHVHFRQG$FW
$ULDRIWKH4XHHQRIWKH1LJKW6FUHHQSOD\LQ 7KH0DJLF)OXWH
$VLGH IURP WKHVH VSHFWDFXODU HIIHFWV )RUPDQ XVHV FRQYHQWLRQDO FLQHPDWLF WHFK
QLTXHV2QHH[DPSOHRIWKLVLVWKHOLJKWLQJ:KHQWKHVLWXDWLRQLQWKHILOPUHTXLUHVVXV
SHQVH WKH VFUHHQ LV GDUN RU OLW E\ FDQGOHV DV IRU H[DPSOH LQ WKH EHJLQQLQJ RI WKH ILOP
ZKHQ6DOLHULFXWVKLVWKURDW/LJKWLQJHIIHFWVDUHDOVRXVHGWRVKRZWKHFRQWUDVWEHWZHHQ
WKHOXPLQRXV1DWLRQDO7KHDWUHDQGWKHGLPO\OLWSRSXODUWKHDWUHRI(PDQXHO6FKLNDQHGHU
ZKLFKV\PEROLVHVWKHGHFOLQHRI0R]DUWVFDUHHU$QRWKHUFRQYHQWLRQDOGHYLFHLVXVHGLQ
WKHVFHQHRI0R]DUWVDJRQ\WRVKRZWKHDSSURDFKRI&RQVWDQ]H6KHVXGGHQO\GHFLGHV
WRUHWXUQKRPHDQGIURPWKHQRQWKHVKRWVRI0R]DUWGLFWDWLQJWKH 5HTXLHPWR6DOLHULDUH
LQWHUODFHG ZLWK VKRWV RI &RQVWDQ]H WUDYHOOLQJ LQ DVWDJHFRDFK LQ D GHVSHUDWH UDFH DJDLQVW
WLPH7KHFDPHUDPRYHPHQWVDUHUHPDUNDEO\VWHDG\DQGQDWXUDODQGVHOGRPVXUSULVLQJ
1RQHWKHOHVVWKHFDPHUDZRUNLVQRWERULQJLWLVPHUHO\VRVPRRWKWKDWRQHKDUGO\QRWLFHV
LWDWDOOWKURXJKRXWWKHILOP7KHHIIHFWVWKDWDUHXVXDOO\DFKLHYHGWKURXJKFDPHUDZRUN
DUHEURXJKWDERXWE\PHDQVRIDXUDOHOHPHQWV


 0XVLFDQGVRXQG
7KHGUDPDRI $PDGHXVUHYROYHVDURXQGPXVLFDVWKHULYDOU\EHWZHHQWKHWZRSURWDJR
QLVWVLVDPXVLFDORQHDQGIRUWKLVUHDVRQ0R]DUWVPXVLFLVHVVHQWLDOWRWKHXQGHUO\LQJ
VWUXFWXUH RI ERWK WKH SOD\ DQG WKH ILOP  ,Q WKH VFUHHQ YHUVLRQ KRZHYHU PXVLF FUHDWHV
WKHWUXHWH[WXUHDQGDPELHQFHRIWKHILOP,QVKHHUTXDQWLW\>@WKHDPRXQWRIPXVLF
SHUIRUPHGRQVFUHHQDQGKHDUGRIIVFUHHQLVHQRUPRXV*LDQDNDULV6LQFHWKH
FDPHUDFDQVXVWDLQYLVXDOLQWHUHVWZKLOHXQGHUOLQLQJWKHUDYLVKLQJDXUDOH[SHULHQFH5RE
ELQV )RUPDQ DQG 6KDIIHU PDNH H[WHQVLYH DQG HIIHFWLYH XVH RI WKH 0R]DUW UHSHUWRLUH
3HWHU6KDIIHUDGPLWVWKDWWKLVHIIHFWZRXOGQRWEHSRVVLEOHLQDWKHDWUH
,QWKHSLFWXUHWKHPXVLFQDWXUDOO\EHFRPHVPRUHSURPLQHQWWKDQLQWKHSOD\
7KLVLVQRWMXVWEHFDXVHRQWKHVFUHHQRQHFDQVKRZRSHUDV WKDW FDQ RQO\ EH
GHVFULEHGRQVWDJH7KHSDUDGR[LVWKDWLQDOLYHWKHDWHURQHFDQQRWVXFFHVVIXOO\
SOD\ ORQJ VWUHWFKHV RI PXVLF ZLWKRXW VXEYHUWLQJ WKH GUDPD DQG WXUQLQJ WKH
HYHQW LQWR D FRQFHUW ZKHUHDV WKH FLQHPD SRVLWLYHO\ ZHOFRPHV PXVLF LQ IORRGV
>@
6KDIIHU
,Q$PDGHXVWKHPXVLFLVQRWXVHGDVDEDFNJURXQGLQZKLFKFDVHLWZRXOGVHUYHWRXQGHU
OLQHWKHDWPRVSKHUHDFFHQWXDWHJULHIMR\RUDQ\RWKHUHPRWLRQ(YHQLQWKHWKHDWUHYH U
VLRQ LW SOD\V D PRUH LPSRUWDQW UROH  ,Q WKH ILOP WKRXJK PXVLF DOPRVW EHFRPHV
DFKDUDFWHUWKHPRVWLPSRUWDQWFKDUDFWHU6KDIIHUTXRWHGIURP.DNXWDQL
7KHLPSRUWDQFHRIPXVLFLQ$PDGHXVUHVXOWVIURP6KDIIHUVHVWHHPIRU0R]DUWVPX
VLFDO JHQLXV  ,Q KLV H\HV 0R]DUWV LQFRPSDUDELOLW\ OLHV LQ WKH DEVROXWH QDWXUH RI KLV
DFKLHYHPHQWV7KHEHVWRIWKHPFDQQRWEHHYHQVOLJKWO\UHZULWWHQZLWKRXWGLPLQLVKPHQW
6KDIIHU+HHYHQVWDWHVWKDW>@WKHH[LVWHQFHRI0R]DUWDVRI6KDNHVSHDUHLV
FHQWUDOWR>KLV@EHOLHILQWKHVRYHUHLJQYDOXHRIPDQNLQG6KDIIHU6KDIIHUVDG
PLUDWLRQRI0R]DUWVRSHUDVLVH[SUHVVHGLQKLVGHVFULSWLRQRI7KH0DJLF)OXWHLQZKLFKKH
VHHVGHVWUXFWLYHGDUNQHVVGLVVROYHGLQWKHVXQRIMR\IXOKXPDQLVP6KDIIHU
7KH0DJLF)OXWHLVDVDFUHGSDQWRPLPHZLWKDVSHFLDODQGLQHIIDEO\ZRQGHU
IXO VRXQG VLPXOWDQHRXVO\ HDUQHVW DQG LQIDQWOLNH VZHHW DQG VXEOLPH DQG VRO
HPQDVFKLOGKRRG,WLVDOPRVWWRRJRRGIRUKXPDQEHLQJV 6KDIIHU



7KURXJK WKLV ZRUVKLS RI 0R]DUW 6KDIIHU KDV IRXQG LQ 0R]DUWV PXVLF DQ HYRFDWLYH
DXUDO V\PERO RI GLYLQLW\ HTXLYDOHQW WR WKH VXQ DQG KRUVH LPDJHV RI WKH HDUOLHU SOD\V
/RXQVEHUU\$OWKRXJKWKHFRXUWVRFLHW\LQ $PDGHXVUHJDUGV0R]DUWVRSHUDVDVYXO
JDUDQGVKRZ\6KDIIHUVHHVDQGSUHVHQWVWKHPDVWKHFRPSRVHUVWUXHPDVWHUSLHFHVZKLFK
UHSUHVHQWWKHYRLFHRI*RG,QRUGHUWRFRPPXQLFDWHWKLVWRDQDXGLHQFHZLWKRXWPXVLFDO
HGXFDWLRQKHXVHV6DOLHULDVDWUDQVODWRURIPXVLF:KHQ0R]DUWVPXVLFLVKHDUGIRUWKH
ILUVWWLPH6DOLHULLPPHGLDWHO\SXWVLWLQWRZRUGV
(VO)
[...] The beginning simple, almost comic - just a pulse bassoons and basset horns - like a rusty squeezebox ...
Then suddenly - high above it - an oboe - a single note
- hanging there unwavering - till a clarinet took over and
sweetened it into a phrase of such delight ...
(Screenplay, 20f.)
OLD SALIERI

6DOLHULH[SODLQVHYHU\LPSRUWDQWIUDJPHQWRI0R]DUWVPXVLFLQDVLPLODUO\H[SUHVVLYHPD Q
QHU+HLVWDONLQJWRWKHKRVSLWDOSULHVWEXWWKHSULHVWZLWKKLVDYHUDJHPXVLFDONQRZOHGJH
UHSUHVHQWVWKHDXGLHQFH7KURXJKWKLVGHYLFHHYHQWKHPRVWWRQHGHDIRIYLHZHUVFDQXQ
GHUVWDQGWKHFRUHRI0R]DUWVJHQLXVDQGRI6DOLHULVWUDJHG\
7KHPXVLFLQ$PDGHXVLVQRWRQO\SURPLQHQWLQDPRXQWEXWDOVRUHFRUGHGZLWKJUHDW
DWWHQWLRQWRGHWDLO7KHPXVLFDOGLUHFWRULVWKHUHQRZQHGFRQGXFWRU6LU1HYLOOH 0DUULQHU
)RU$PDGHXVKHUHFRUGHG0R]DUWVPXVLFLQ/RQGRQZLWKWKH$FDGHP\RI6W0DUWLQLQ
WKH)LHOGV+HKDGDJUHDWDGYDQWDJHLQWKDWWKHILOPZDVVKRWDURXQGWKHPXVLFQRWYLFH
YHUVDZKLFKLVXVXDOO\WKHFDVH$FFRUGLQJO\WKHPXVLFEHFRPHVDSHUIHFWFRPSOHPHQWWR
WKHVFHQHVVKRZQRQVFUHHQ$QRWKHUHOHPHQWWKDWFRQWULEXWHVWRWKHPXVLFDODQGYLVXDO
TXDOLW\RI$PDGHXVLVWKHVWDJLQJRIIUDJPHQWVRI0R]DUWVRSHUDVDQGLQFOXGLQJWKHPLQ
WKHILOP7KHVHVHTXHQFHVIURP7KH$EGXFWLRQIURPWKH6HUDJOLR7KH:HGGLQJRI)LJDUR'RQ
*LRYDQQL DQG 7KH 0DJLF )OXWH IRUP WKH ZRQGHUIXO LFLQJ RQWKHFDNH )RUPDQ TXRWHG
IURP.DNXWDQL
0R]DUWVRSHUDVVKRZQLQ $PDGHXVDUHQRWPHUHRUQDPHQWVUDWKHUWKH\DUHFORVHO\
FRQQHFWHG ZLWK WKH SORW  7KH\ IXQFWLRQ DV LQVWUXPHQWV RI WKH 0R]DUW6DOLHUL ULYDOU\
0R]DUW XVHV WKHP WR DVVHUW KLV SRVLWLRQ DV WKH EHVW FRPSRVHU LQ WKH ZRUOG DQG 6DOLHUL
WRKDUPKLVULYDODQGWRWXUQKLVZRUNDJDLQVWKLP0RUHRYHUHOHPHQWVDQGWXQHVIURP


WKH RSHUDV KDYH D V\PEROLF IXQFWLRQ WKURXJKRXW WKH ILOP  )URP WKH YHU\ EHJLQQLQJ
WKHGUDPDWLF RSHQLQJ FKRUGV RI 'RQ *LRYDQQL EHFRPH DVVRFLDWHG ZLWK IHDU DQG GHVSDLU
7KH\DUHILUVWKHDUGLQWKHRSHQLQJVHTXHQFH ZKHQ WKH VFUHHQ LV LQ GLVWUHVVLQJ GDUNQHVV
DQG6DOLHULVKRXWV0R]DUWVQDPHEHJJLQJKLVIRUJLYHQHVV/DWHULQWKHILOPWKH\DFFRP
SDQ\/HRSROG0R]DUWKLVSRUWUDLWDQGWKHPDVNHGPHVVHQJHU
$QH[WUDRUGLQDU\IHDWXUHRIWKHPXVLFLQ$PDGHXVLVWKDWLWLOOXVWUDWHVZKDWJRHVRQLQ
0R]DUWVKHDG+HLVGHSLFWHGDVWKHPDJLFIOXWHZKRWDNHVGLFWDWLRQGLUHFWO\IURP*RG
+HFRQVWDQWO\KHDUVPXVLFLQKLVKHDGDQGDOOKH KDV WR GR LV WR SXW LW GRZQ RQ SDSHU
7KLVDELOLW\WRFUHDWHPXVLFVRHDVLO\LVXVHGLQDQXPEHURIVFHQHV)RUH[DPSOHVKRUWO\
EHIRUHWKHLQWURGXFWLRQRI/RUO0R]DUWLVFRPSRVLQJDQGZHKHDUWKHPXVLFWRJHWKHUZLWK
KLP6XGGHQO\&RQVWDQ]HFRPHVLQDQGVKHKDVWRVKRXWDW0R]DUWWRPDNHKHUVHOIKHDUG
RYHUWKHVRXQGRIPXVLFSOD\LQJLQKLVKHDG7KHPXVLFVWRSVDEUXSWO\7KHQ/RUODUULYHV
DQG &RQVWDQ]H VWDUWV WR TXDUUHO ZLWK /HRSROG  0R]DUW GRHV QRW SDUWLFLSDWH LQ WKH DUJ X
PHQW KH UHWXUQV WR KLV ZRUN DQG JUDGXDOO\ WKH VRXQG RI PXVLF ULVHV DJDLQ ZKLOH WKH
YRLFHV RI &RQVWDQ]H DQG /HRSROG IDGH DZD\ OHDYLQJ WKHP LQ D SDQWRPLPH RIDTXDUUHO
,QDQRWKHUVFHQH0R]DUWOHDYHVWKHVOHHSLQJ&RQVWDQ]HDQGKLVZRUNRQ WKH5HTXLHPDQG
JRHVWRDSDUW\DW6FKLNDQHGHUVFRWWDJH+HDPXVHVWKHGUXQNHQFRPSDQ\E\SOD\LQJDQG
VLQJLQJIUDJPHQWVIURP 7KH0DJLF)OXWHEXWKHFDQQRWGURZQRXWKLVIHHOLQJRIJXLOWIRU
KDYLQJOHIWKLVZLIHDQGKLVZRUNWRJRRXWDQGFDURXVH$OWKRXJKKHVWDUWVWRVLQJORXGHU
DQGORXGHUWKHVRPEUHFKRLURI5H[7UHPHQGDHJUDGXDOO\RYHUVKDGRZVWKHMR\IXO0DJLF
)OXWH RYHUWXUH  7KLV XVH RI PXVLF LV DQRWKHU H[DPSOH RI D FLQHPDWLF WHFKQLTXH WKURXJK
ZKLFKFRPSOH[LGHDVFDQ EH H[SUHVVHG HQWLUHO\ ZLWKRXW ZRUGV  8VXDOO\ WKHFLQHPD HP
SOR\VLPDJHUDWKHUWKDQVRXQGWRDFKLHYHWKLVDLPDQGWKHUHIRUHWKHDSSOLFDWLRQRIPXVLF
LQ$PDGHXVPDNHVLWDXQLTXHFLQHPDWLFIHDW
$SDUWIURPWKHPXVLFSOD\LQJLQ0R]DUWVKHDGERWK6DOLHULDQG0R]DUWDUHVKRZQ
WR SRVVHVV WKH XQXVXDO WDOHQW RI KHDULQJ FRPSOHWH PXVLF DV VRRQ DV WKH\ VHH WKH VFRUH
([DJJHUDWHGDVLWPD\EHWKLVIHDWXUHDOORZVIRUVXFKXQIRUJHWWDEOHVFHQHVDVWKDWRI6 D
OLHULUHDGLQJ0R]DUWVPDQXVFULSWVZKLOH6DOLHULTXLFNO\WXUQVRYHUWKHSDJHVWKHDXGLHQFH
KHDUV DQ DPD]LQJ FROODJH RI JUHDW SDVVDJHV IURP 02=$57V PXVLF 6FUHHQSOD\ 
$VLPLODUVFHQHWDNHVSODFHRQWKHQLJKWRI0R]DUWVGHDWKDVWKHG\LQJFRPSRVHUGLFWDWHV


WKHXQILQLVKHG5HTXLHPWR6DOLHUL0R]DUWVRYHUKXUULHGGLFWDWLRQLVSUDFWLFDOO\LQFRPSUH
KHQVLEOHWRDQ\RQHEXW6DOLHULEXWDVVRRQDVDSDVVDJHLVZULWWHQGRZQZHFDQKHDULW
LQLWV ILQDO IRUP ILUVW WKH VLQJOH YRLFHV DQG LQVWUXPHQWV DQG WKHQ WKH ZKROH HQVHPEOH
7KHLQGLYLGXDOSDUWVRIWKH5HTXLHPDUHFRPELQHGZLWKWKHSORW&RQVWDQ]HVUHWXUQMRXU
QH\ DW QLJKW LV DFFRPSDQLHG E\ WKH ILHUFH &RQIXWDWLV DQG WKH SHDFHIXO /DFULPRVD
UHVRXQGVRYHU0R]DUWVJUDYH6KDIIHUVWUHVVHVWKHLPSRUWDQFHRIPXVLFLQWKLVVFHQH
>@ ZH ZHUH DEOH WR FRQVWUXFW D VFHQH ZKLFK LV KLJKO\ HIIHFWLYH LQ FLQHPDWLF
WHUPV\HWZKROO\FRQFHUQHGZLWKWKHOHDVWYLVXDORIDOOSRVVLEOHVXEMHFWVPXVLF
LWVHOI,GRQRWEHOLHYHWKDWDVWDJHYHUVLRQRIWKLVVFHQHZRXOGKDYHEHHQKDOI
DVHIIHFWLYH
6KDIIHU
)LQDOO\ RQH RI WKH PRUH UHPDUNDEOH VRXQG HOHPHQWV LQ $PDGHXV LV WKH IDPRXV 0R]DUW
JLJJOHDQXQIRUJHWWDEOHQRLVHDWRQFHXQQHUYLQJDQGGLVDUPLQJZKLFKPDQLIHVWVWKHGX
DOLW\RIWKHVFUHHQ0R]DUW$VDODVWVDOXWDWLRQLWHFKRHVWKURXJK0R]DUWVPXVLFGXULQJ
WKHILQDOFUHGLWV'HVSLWHKLVKDUGOLIHDQGHDUO\GHDWKLWLV0R]DUWZKRKDVWKHODVWODXJK
DV$PDGHXVFRPHVWRDQHQG



&RQFOXVLRQ

7KH SOD\ DQG WKH ILOP YHUVLRQV RI $PDGHXV KDYH EHHQ FRQFHLYHG RQ VHYHUDO OHYHOV
7KHWLWOH LV 0R]DUWV PLGGOH QDPH DQG PHDQV OLWHUDOO\ EHORYHG RI *RG EXW LW FRYHUV
PDQ\ V\PEROLF PHDQLQJV  7KH VLPSOHVW LQWHUSUHWDWLRQ RI WKH QDPH $PDGHXV LV WKDW LW
VWDQGVIRU0R]DUW*RGVFKRVHQLQVWUXPHQWDQGWKXVKLVEHORYHGRQH$QRWKHULQWHU
SUHWDWLRQ LV WR UHDG WKH QDPH DV ORYHU RI *RG ZKLFK ZRXOG PHDQ 6DOLHUL UDWKHU WKDQ
0R]DUW7KXVWKHWLWOHLURQLFDOO\GRXEOHVEDFNWRUHIOHFW6DOLHULVVLWXDWLRQ*LDQDNDULV
WKHVLWXDWLRQRIDPDQZKRORYHVKLVJRGEXWGHFLGHVWRGHVWUR\KLP6DOLHULV
UHDO JRG KRZHYHU LV PXVLF DQG WKHUHIRUH WKH WLWOH FRPHV WR PHDQ ORYHU RI PXVLF
DVZHOO
7KHWUDQVIHURIWKHGUDPDIURPVWDJHWRVFUHHQZDVDGLIILFXOWHQWHUSULVHEHFDXVHLW
ZDV QHFHVVDU\ WR WUDQVODWH 6KDIIHUV HODERUDWH WKHDWULFDO ODQJXDJH LQWR FLQHPDWLF PHDQV
RI H[SUHVVLRQ  7KHUHIRUH WKH RYHUDOO VWUXFWXUH RI WKH GUDPD KDG WR EH FKDQJHG ZKLFK
UHTXLUHG QRW RQO\ WKH UHZULWLQJ RI H[LVWLQJ VFHQHV EXW DOVR WKH LQYHQWLRQ RI QHZ VFHQHV
DQG FKDUDFWHUV  +RZHYHU 0LOR )RUPDQV H[SHULHQFH LQ DGDSWLQJ OLWHUDU\ ZRUNV IRU WKH
FLQHPDDQGKLVZLOOLQJQHVVWRFRRSHUDWHFORVHO\ZLWK3HWHU6KDIIHUUHVXOWHGLQDVXFFHVVIXO
DGDSWDWLRQ
:KDWVXUYLYHVDOOFULWLFLVPDQGZKDWLVFHQWUDOWR$PDGHXVLVQRW0R]DUWVPLVFKLHI
RU 6DOLHULV VFKHPLQJ EXW WKH PXVLF WKDW GRPLQDWHV WKH ILOP LQ D ZD\ QRW SRVVLEOH
LQWKHVWDJH YHUVLRQ  8QIHWWHUHG E\ WKH WKUHH ZDOOV RI D VWDJH 0LOR )RUPDQ DQG 3HWHU
6KDIIHUH[SDQGHG$PDGHXVLQVSDFHDQGVFRSHWRUHFUHDWHLPSUHVVLYHO\WKHPXVLFDOZRUOG
RI0R]DUW
:KDWZHDUHOHIWZLWKDUHWZR$PDGHXVHVHDFKSRZHUIXOLQLWVRZQZD\WKH
SOD\PRUHFRQIURQWDWLRQDOWRWKHDXGLHQFHWKHILOPPRUHSRZHUIXOLQLWVRYHU
DOOVWRU\WHOOLQJHDFKDVROLGDFFRPSOLVKPHQW
'HHPHU



%LEOLRJUDSK\

3ULPDU\VRXUFHV
3OD\6KDIIHU3HWHU$PDGHXV/RQGRQ3HQJXLQ
6FUHHQSOD\$PDGHXV6FUHHQSOD\)LQDO'UDIW'HFHPEHU
)LOP$PDGHXV9LGHRFDVVHWWH'LU0LOR)RUPDQ3URG6DXO=DHQW]2ULRQ3LFWXUHV
PLQ

6HFRQGDU\VRXUFHV
$GDLU*LOEHUW:KDWV2SHUD'RF"6LJKWDQG6RXQG
$PDGHXV>:::GRFXPHQW@7KH,QWHUQHW0RYLH'DWDEDVH
85/KWWSXNLPGEFRP0WLWOHH[DFW"$PDGHXV
%LGQH\0DUWLQ7KLQNLQJDERXW*RGDQG0R]DUW7KH6DOLHULVRI3XNLQDQG3HWHU
6KDIIHU6ODYLFDQG(DVW(XURSHDQ-RXUQDO
%URZQ$3HWHU$PDGHXVDQG0R]DUW6HWWLQJWKH5HFRUG6WUDLJKW>:::GRFXPHQW@
7KH$PHULFDQ6FKRODU9RO1R:LQWHU
85/KWWSZZZIURQWLHUQHWQHWaVERHUQHUPR]DUWHVVD\VEURZQKWPO
%XFKORK3DXO*/LWHUDWXULQILOPLVFKHU'DUVWHOOXQJ0HWKRGLVFKH0|JOLFKNHLWHQ]XU
SKLORORJLVFKHQ(UVFKOLHXQJYHUILOPWHU/LWHUDWXU/LWHUDWXULQ:LVVHQVFKDIWXQG
8QWHULFKW
&RQYHUVL/HRQDUG:7KH$UWRI/LWHUDWXUH7KHRU\RI7UDJHG\7KH1HZ(QF\FORSGLD
%ULWDQQLFD0DFURSGLD9RO&KLFDJR(QF\FORSGLD%ULWDQQLFD
'DJOH-RDQ1DUUDWLYH'LVFRXUVHLQ)LOPDQG)LFWLRQ7KH4XHVWLRQRIWKH3UHVHQW
7HQVH1DUUDWLYHVWUDWHJLHV2ULJLQDO(VVD\VLQ)LOPDQG3URVH)LFWLRQ(G6\QG\0
&RQJHUDQG-DQLFH5:HOVFK,OOLQRLV:HVWHUQ,OOLQRLV8QLYHUVLW\
'HHPHU&KDUOHV)LQH7XQLQJ9LOODLQ\6DOLHULV-RXUQH\IURP6WDJHWR6FUHHQ
>:::GRFXPHQW@&UHDWLYH6FUHHQZULWLQJ:LQWHU
85/KWWSZZZWHOHSRUWFRPaFGHHPHUDPDGHXVKWPO
'HQE\'DYLG6WUDQJHULQD6WUDQJH/DQG$0RYLHJRHUDWWKH7KHDWHU7KH$WODQWLF
0RQWKO\-DQXDU\
(VVOLQ0DUWLQ5HYLHZRI$PDGHXV3OD\VDQG3OD\HUV1RYHPEHU


)DXOVWLFK:HUQHU(LQIKUXQJLQGLH)LOPDQDO\VH/LWHUDWXULP*UXQGVWXGLXPUGUHYHG
7ELQJHQ1DUU
)DXOVWLFK:HUQHU'LH)LOPLQWHUSUHWDWLRQ*|WWLQJHQ9DQGHQKRHFN 5XSUHFKW
*HGXOG+DUU\0DQG5RQDOG*RWWHVPDQ$Q,OOXVWUDWHG*ORVVDU\RI)LOP7HUPV1HZ<RUN
+ROW5LQHKDUWDQG:LQVWRQ,QF
*HODWW5RODQG3HWHU6KDIIHUV$PDGHXV$&RQWURYHUVLDO+LW6DWXUGD\5HYLHZ
1RYHPEHU
*LDQDNDULV&-$3OD\ZULJKW/RRNVDW0R]DUW3HWHU6KDIIHUV$PDGHXV&RPSDUDWLYH
'UDPD1R
*LDQDNDULV&-6KDIIHUV5HYLVLRQVLQ$PDGHXV7KHDWUH-RXUQDO1R

*LDQDNDULV&-'UDPDLQWR)LOP7KH6KDIIHU6LWXDWLRQ0RGHUQ'UDPD1R

*LDQDNDULV&-3HWHU6KDIIHU/RQGRQ0DFPLOODQ
*RHWVFK3DXO7KHVHQ]XP9HUJOHLFKYRQOLWHUDULVFKHQ:HUNHQXQGLKUHQ9HUILO
PXQJHQ)LOPXQG/LWHUDWXULQ$PHULND(G$OIUHG:HEHUDQG%HWWLQD)ULHG
'DUPVWDGW:LVVHQVFKDIWOLFKH%XFKJHVHOOVFKDIW
*RVQH\&\QWKLD&KHZLQJ$&UHDP3XIIDQG2WKHU6RXQGV:DVKLQJWRQ3RVW-XO\
'
+DXVHU$UQROG6SDFHDQG7LPHLQWKH)LOP)LOP$0RQWDJHRI7KHRULHV(G5LFKDUG
'U\HU0DF&DQQ1HZ<RUN
+XEHU:HUQHUDQG+XEHUW=DSI2QWKH6WUXFWXUHRI3HWHU6KDIIHUV$PDGHXV0RGHUQ
'UDPD1R
-LQNV:LOOLDP7KH&HOOXORLG/LWHUDWXUH)LOPLQWKH+XPDQLWLHVHGLWLRQ%HYHUO\+LOOV
*OHQFRH3UHVV
.DNXWDQL0LFKLNR+RZ$PDGHXV:DV7UDQVODWHG)URP3OD\WR)LOP7KH1HZ<RUN
7LPHV6HSWHPEHUVHF
.DPP+HQU\0LORV)RUPDQ7DNHV+LV&DPHUDVDQG$PDGHXVWR3UDJXH
7KH1HZ<RUN7LPHV0D\VHF
.DXIIPDQQ6WDQOH\1RWHVRQ7KHDWHUDQG)LOP+XUW-DPHVHG)RFXVRQ)LOPDQG
7KHDWUH(QJOHZRRG&OLIIV1-
.OHLQ'HQQLV$$PDGHXV7KH7KLUG3DUWRI3HWHU6KDIIHUV'UDPDWLF7ULORJ\0RGHUQ
/DQJXDJH6WXGLHV1R


/DUVRQ-DQHW.DUVWHQ$PDGHXV6KDIIHUV+ROORZ0HQ7KH&KULVWLDQ&HQWXU\0D\

/HHFK&OLIIRUG'LDORJXHIRU6WDJHDQG6FUHHQ7KH3HQJXLQ)LOP5HYLHZ

/RXQVEHUU\%DUEDUD3HWHU6KDIIHUV$PDGHXVDQG6KULYLQJV*RG+XQWLQJ&RQWLQXHG
7KHDWUH$QQXDO
0DXHUKRIHU+XJR3V\FKRORJ\RI)LOP([SHULHQFH)LOP$0RQWDJHRI7KHRULHV
(G5LFKDUG'U\HU0DF&DQQ1HZ<RUN
0F)DUODQH%ULDQ1RYHOWR)LOP$Q,QWURGXFWLRQWRWKH7KHRU\RI$GDSWDWLRQ2[IRUG
&ODUHQGRQ3UHVV
1LHW]VFKH)ULHGULFK'LH*HEXUWGHU7UDJ|GLHDXVGHP*HLVWHGHU0XVLN'LH*HEXUW
GHU7UDJ|GLH'HUJULHFKLVFKH6WDDW6WXWWJDUW$OIUHG.U|QHU9HUODJ
3HWHUV-DQ0DULH6SUHFKDNWWKHRUHWKLVFKH$QVlW]H]XP9HUJOHLFK5RPDQ)LOP
-RDFKLP3DHFK+J0HWKRGHQSUREOHPHGHU$QDO\VHYHUILOPWHU/LWHUDWXUQGUHYHG
0QVWHU1RGXV3XEOLNDWLRQHQ
3OXQND*HQH$3HWHU6KDIIHU5ROHV5LWHVDQG5LWXDOVLQWKH7KHDWUH5XWKHUIRUG1-
)DUOHLJK'LFNLQVRQ8QLYHUVLW\3UHVV
3XVFKNLQ$OH[DQGHU0R]DUWXQG6DOLHUL5XVVLVFK'HXWVFK7U.D\%RURYVN\6WXWWJDUW
5HFODP
5LFK)UDQN7KH7KHDWHU$PDGHXVE\3HWHU6KDIIHU7KH1HZ<RUN7LPHV'HFHPEHU
&
5REELQV*UHJRU\$OOHQ0R]DUW 6DOLHUL&DLQ $EOH$&LQHPDWLF7UDQVIRUPDWLRQ
RI*HQHVLV>:::GRFXPHQW@7KH-RXUQDORI5HOLJLRQDQG)LOP>RQOLQHHGLWLRQ@9RO
1R6SULQJ
85/KWWSZZZXQRPDKDHGXaZZZMUIUREELQVKWP
6FKPLGW-RKDQQ1%LOGHUVSUDFKHhEHUGLH3UREOHPDWLNYRQ/LWHUDWXUYHUILOPXQJHQ
)LOPXQG/LWHUDWXULQ$PHULND(G$OIUHG:HEHUDQG%HWWLQD)ULHG'DUPVWDGW
:LVVHQVFKDIWOLFKH%XFKJHVHOOVFKDIW
6FKRQEHUJ+DUROG&0R]DUWV:RUOG)URP/RQGRQWR%URDGZD\7KH1HZ<RUN7LPHV
'HFHPEHUVHF
6FKRQEHUJ+DUROG&7KH9LOODLQRI$PDGHXVLQ5HDO/LIH7KH1HZ<RUN7LPHV
)HEUXDU\VHF
6FRWW0DWWKHZ$PDGHXV$*OLPSVHRIWKH$EVROXWH7KHDWUH3OD\VDQG3OD\HUV
)HEUXDU\


6HDWRQ*HRUJH$&RPSDULVRQRIWKH3OD\ZULJKWDQGWKH6FUHHQ:ULWHU
4XDUWHUO\RI)LOP5DGLRDQG7HOHYLVLRQ6SULQJ
6KDIIHU3HWHU3D\LQJ+RPDJHWR0R]DUW7KH1HZ<RUN7LPHV0DJD]LQH6HSWHPEHU

6KDIIHU3HWHU3RVWVFULSW7KH3OD\DQGWKH)LOP,QKLV$PDGHXV/RQGRQ3HQJXLQ

6ODWHU7KRPDV-0LOR)RUPDQ$%LR%LEOLRJUDSK\1HZ<RUN*UHHQZRRG3UHVV
6PLWK:DUUHQ6\OYHVWHU3HWHU6KDIIHU&RQFLVH'LFWLRQDU\RI%ULWLVK%LRJUDSK\9RO
&RQWHPSRUDU\:ULWHUVWRWKH3UHVHQW'HWURLW*DOH5HVHDUFK
6WHUQ&DURO6LPSVRQ6KDIIHU3HWHU/HYLQ&RQWHPSRUDU\%ULWLVK'UDPDWLVWV
(G.$%HUQH\/RQGRQ6W-DPHV3UHVV
6WRUPJUHQ5LFKDUG/DQG0DUWLQ)1RUGHQ)LOPDQG7KHDWHU,QWKHLU0RYLHV
$/DQJXDJHLQ/LJKW(QJOHZRRG&OLIIV3UHQWLFH+DOO
6WXPSI&DUPHQ3HWHU6KDIIHUV$PDGHXV(LQH$QDO\VHGHU'UDPHQWHFKQLN'LSORPD
WKHVLV*HUPHUVKHLP>W\SHVFULSW@
7HUULHQ6DPXHO$PDGHXV5HYLVLWHG7KHRORJ\7RGD\
7KRPVHQ&KULVWLDQ:DQG*DEULHOH%UDQGVWHWWHU0R]DUWXQG6DOLHUL'DV6FKDXVSLHODOV
2SHUhEHUOHJXQJHQ]X3HWHU6KDIIHUV$PDGHXV$QJOLVWLNXQG(QJOLVFKXQWHUULFKW
0DUFK
7KUDOO:LOOLDP)OLQWDQG$GGLVRQ+LEEDUG$+DQGERRNWR/LWHUDWXUH5HYDQGHQO
E\&+XJK+ROPDQ1HZ<RUN7KH2GG\VVH\3UHVV
:DOVK0LFKDHO$PDGHXV6KDPDGHXV)LOP&RPPHQW9RO1R
6HSWHPEHU2FWREHU
:HEHU$OIUHG)RUPHQXQG)XQNWLRQHQGHV)LOPWUDQVNULSWV)LOPXQG/LWHUDWXULQ
$PHULND(G$OIUHG:HEHUDQG%HWWLQD)ULHG'DUPVWDGW:LVVHQVFKDIWOLFKH
%XFKJHVHOOVFKDIW



$SSHQGLFHV

$SSHQGL[ 6FHQHVHTXHQFHLQWKHSOD\DQGWKHILOP
6FHQHVH[LVWLQJRQO\LQWKHSOD\RUWKHILOPUHVSHFWLYHO\DUHVHWLQLWDOLFV
3/$<
$FW ,

),/0

2YHUWXUH 6DOLHULV FODLP WR EH WKH PXUGHUHU RI 0R]DUW

6DOLHUL DFFXVHV KLPVHOI RI WKH PXUGHU RI 0R]DUW DQG FXWV KLV

WKURDW +H LV EURXJKW LQWR D PHQWDO KRVSLWDO

)DWKHU 9RJOHU FRPHV WR KHDU 6DOLHULV FRQIHVVLRQ 6DOLHUL SOD\V KLP VRPH
WXQHV

6DOLHULV LQYRFDWLRQ WR WKH DXGLHQFH <RXQJ 6DOLHUL LQ FKXUFK

6DOLHULV DGPLUDWLRQ IRU 0R]DUW 0R]DUW DV D FKLOG SURGLJ\ 6D

0R]DUW WRXULQJ (XURSH 6DOLHULV ULGGOH

OLHULV SUD\HU DQG KLV SDFW ZLWK *RG

'HDWK RI 6D

7KH 'HDWK RI 0R]DUW RU 'LG , 'R ,W"

OLHULV IDWKHU

 6DOLHUL LQ KLV SULPH 7KH DUULYDO RI 0R]DUW LQ 9LHQQD

7KH (PSHURU FRPPLVVLRQV DQ RSHUD WR 0R]DUW GLVFXVVLRQ

DERXW ODQJXDJH

6DOLHUL FRPHV WR KHDU D FRQFHUW RI 0R]DUW ZRQGHUV ZKDW

D JHQLXV ORRNV OLNH +H VWHDOV LQWR D URRP IXOO RI VZHHWV
DQG REVHUYHV D FRXSOH SOD\LQJ REVFHQH ZRUG JDPHV RQ WKH
IORRU 6XGGHQO\ WKH PXVLF VWDUWV DQG 0R]DUW GDVKHV RII WR
FRQGXFW LW 6DOLHUL LV VKRFNHG E\ WKH UHDOLVDWLRQ EXW KH LV
GHHSO\ PRYHG E\ WKH PXVLF

6DOLHUL VHHV 0R]DUW IRU WKH ILUVW WLPH 0R]DUWV REVFHQH SOD\ ZLWK

0R]DUW LV FKLGHG E\ WKH $UFKELVKRS 0R]DUW LQVXOWV KLP E\

&RQVWDQ]H 0R]DUWV FRQFHUW DQG LWV HIIHFW XSRQ 6DOLHUL

ERZLQJ WR KLV DGPLUHUV ZLWK KLV EDFN WR WKH $UFKELVKRS

6DOLHUL ORRNV DW WKH VFRUH DQG UHDOLVHV WKH WRXFK RI JHQLXV

7KH (PSHURU SODQV WR HPSOR\ 0R]DUW DQG FRPPLVVLRQ

D *HUPDQ RSHUD WR KLP

6DOLHUL SUD\V IRU LQVSLUDWLRQ

6DOLHUL FRPSRVHV D 0DUFK RI :HOFRPH IRU 0R]DUW +H LV

SURXG RI WKH UHVXOW

0R]DUW LQ D ZLJPDNHUV VKRS

0R]DUW PHHWV (PSHURU -RVHSK ,, +H JHWV SHUPLVVLRQ WR ZULWH

7KH DXGLHQFH DW WKH (PSHURUV -RVHSK SOD\V WKH 0DUFK RI

7KH $EGXFWLRQ IURP WKH 6HUDJOLR +H KXPLOLDWHV 6DOLHUL E\ LP

:HOFRPH 0R]DUW DVNV SHUPLVVLRQ WR ZULWH LQ *HUPDQ +H

SURYLVLQJ RQ KLV GXOO PDUFK RI ZHOFRPH EHIRUH WKH H\HV RI WKH

VQHHUV DW ,WDOLDQ RSHUD WKHQ LPSURYLVHV RQ 6DOLHULV GXOO PDUFK

FRXUW

RI ZHOFRPH

.DWKHULQD &DYDOLHULV VLQJLQJ OHVVRQ 6DOLHUL LV MHDORXV

7KH $EGXFWLRQ IURP WKH 6HUDJOLR 7KH (PSHURUV FULWLFLVP 7KH

.DWKHULQD &DYDOLHUL VLQJV LQ 7KH $EGXFWLRQ IURP WKH 6HUDJOLR

QHZV RI 0R]DUWV PDUULDJH

7KH (PSHURU FRQJUDWXODWHV 0R]DUW &RQVWDQ]H LV LQWURGXFHG

DV 0R]DUWV ILDQFpH

/HRSROG 0R]DUW EHJV WKH $UFKELVKRS WR WDNH 0R]DUW EDFN LQ KLV VHUYLFH
7KH $UFKELVKRS DJUHHV EXW 0R]DUW PDUULHV &RQVWDQ]H LQ 9LHQQD

0R]DUW FULWLFLVHV 6DOLHULV PXVLF ZKLOH GUXQN +H ZDQWV WR WHDFK

(PSHURU -RVHSK ZDQWV 0R]DUW WR WHDFK 3ULQFHVV (OL]DEHWK

3ULQFHVV (OL]DEHWK

6DOLHUL DUUDQJHV D FRPSHWLWLRQ

*DPH RI IRUIHLWV 7KH 9HQWLFHOOL PHDVXUH &RQVWDQ]HV FDOYHV 0R]DUW DQG

&RQVWDQ]H TXDUUHO 6DOLHUL RYHUKHDUV WKHP DQG LQWHUUXSWV &RQVWDQ]H EHJV
6DOLHUL WR VXSSRUW 0R]DUW DW FRXUW DQG SURPLVHV WR YLVLW KLP DORQH

6DOLHUL WULHV WR VHGXFH &RQVWDQ]H 6KH PRFNV KLP EXW KH OHDYHV KHU ZLWK WKH
FKRLFH ZKHWKHU WR \LHOG RU WR VWDUYH



3/$<

),/0

&RQVWDQ]H EULQJV 6DOLHUL 0R]DUWV PDQXVFULSWV 6DOLHUL LV RYHU

0R]DUW LV IXULRXV DQG UHIXVHV WR VXEPLW VDPSOHV RI KLV ZRUN

FRPH E\ WKH PXVLF DQG UHDOLVHV WKDW *RG KDV EHWUD\HG KLP +H

WR WKH FRPPLWWHH &RQVWDQ]H EULQJV WKHP WR 6DOLHUL +H VWXG

PDNHV DQ RDWK WR GHVWUR\ 0R]DUW

LHV WKHP DQG LV RYHUZKHOPHG

6DOLHUL IHHOV FKHDWHG E\ *RG +H EXUQV WKH FURVV DQG PDNHV DQ
RDWK WR GHVWUR\ 0R]DUW

$FW ,,
&RQVWDQ]H UHWXUQV DQG RIIHUV KHUVHOI WR 6DOLHUL +H UHMHFWV KHU EXW ILQGV FRQ
VRODWLRQ LQ .DWKHULQD &DYDOLHUL

/HRSROG 0R]DUW DUULYHV LQ 9LHQQD +H LV DSSDOOHG E\ WKH ZD\ KLV VRQ

OLYHV

0R]DUW &RQVWDQ]H DQG /HRSROG JR WR D PDVTXHUDGH *DPH RI IRUIHLWV

0R]DUW LPLWDWHV 6DOLHUL RQ WKH SLDQRIRUWH

6DOLHUL UHFRPPHQGV D EDG PXVLFLDQ WR WHDFK 3ULQFHVV (OL]DEHWK

7KH 0R]DUWV DUH SRRU 6DOLHUL LV VXFFHVVIXO ZLWK 6HPLUDPLGH

6HUYDQW JLUO /RUO KLUHG E\ 6DOLHUL FRPHV WR 0R]DUWV DSDUWPHQW &RQ

VWDQ]H DQG /HRSROG KDYH D YLROHQW URZ DQG /HRSROG OHDYHV IRU 6DO]EXUJ

6DOLHUL VSLHV RQ 0R]DUW ZLWK WKH KHOS RI /RUO DQG VHHV WKH PDQXVFULSW RI
7KH :HGGLQJ RI )LJDUR

)JDUR

0R]DUW ZDQWV WR ZULWH 7KH :HGGLQJ RI )LJDUR DQG GHIHQGV KLV

(PSHURU -RVHSK ZDQWV WR VWRS 0R]DUW IURP ZULWLQJ

FKRLFH EHIRUH WKH FRXUW +H LV DGPLWWHG WR WKH 0DVRQLF /RGJH

0R]DUW SOHDGV IRU UHDO SHRSOH DQG HYHQWV LQ WKH RSHUD DQG
PDQDJHV WR FRQYLQFH WKH (PSHURU

2UVLQL5RVHQEHUJ UHPRYHV WKH EDOOHW IURP )LJDUR 0R]DUW LQ

5RVHQEHUJ UHPRYHV WKH ZHGGLQJ GDQFH IURP

VXOWV KLP DQG WXUQV WR 6DOLHUL IRU KHOS

-RVHSK DWWHQGV D UHKHDUVDO DQG UHVWRUHV LW

)LJDUR

 (PSHURU

7KH (PSHURU XQH[SHFWHGO\ DSSHDUV DW WKH UHKHDUVDO DQG UH

VWRUHV WKH EDOOHW

7KH :HGGLQJ RI )LJDUR 6DOLHUL LV RYHUZKHOPHG EXW KH GRHV

7KH :HGGLQJ RI )LJDUR 6DOLHUL LV RYHUZKHOPHG 7KH (PSHURU

HYHU\WKLQJ LQ KLV SRZHU WR FDQFHO WKH RSHUD

\DZQV 7KH RSHUD LV FDQFHOOHG DIWHU QLQH SHUIRUPDQFHV

6DOLHUL KDV JUHDW VXFFHVV ZLWK KLV QHZ RSHUD $[XU (PSHURU -RVHSK FDOOV
LW WKH EHVW RSHUD \HW ZULWWHQ 0R]DUW PRFNLQJO\ FRQJUDWXODWHV 6DOLHUL

0R]DUW LV EDGO\ RII DQG VSHDNV WR 6DOLHUL DERXW KLV IDWKHU

7KH QHZV RI /HRSROG 0R]DUWV GHDWK

'RQ *LRYDQQL 6DOLHUL PHGLWDWHV ELWWHUO\ KRZ WR GHVWUR\ 0R]DUW

'RQ *LRYDQQL 6DOLHUL UHDOLVHV 0R]DUWV IHDU RI KLV IDWKHU +H

EHJLQV WR VHH D ZD\ WR GHVWUR\ 0R]DUW

0R]DUW LV RIIHUHG WKH SRVW RI &KDPEHU &RPSRVHU DW D ORZ VDODU\ +H LV RI

IHQGHG EXW JUDWHIXO WR 6DOLHUL 6DOLHUL LV DSSRLQWHG .DSHOOPHLVWHU

7KH 0R]DUWV DUH GHVWLWXWH 0R]DUW KDV VWRPDFK FUDPSV DQG

6DOLHUL EX\V D EODFN FORDN DQG PDVN OLNH WKRVH WKDW /HRSROG

QLJKWPDUHV RI WKH FORDNHG ILJXUH +LV

ZDV ZHDULQJ DW WKH PDVTXHUDGH DQG WKHQ DQRQ\PRXVO\ FRP

0DVRQ EURWKHUV VXSSRUW KLP

PLVVLRQV 0R]DUW WR ZULWH D UHTXLHP PDVV 0R]DUW LV WHUULILHG

DQG DFFHSWV

7KH SDURG\ RI 0R]DUWV RSHUDV DW (PDQXHO 6FKLNDQHGHUV YDXGHYLOOH

WKHDWUH 6FKLNDQHGHU DVNV 0R]DUW WR ZULWH DQ RSHUD IRU KLV WKHDWUH

6FKLNDQHGHU ZDQWV WR NQRZ LI WKH RSHUD LV ILQLVKHG +H TXDUUHOV ZLWK

&RQVWDQ]H ZKR ZDQWV 0R]DUW WR ZULWH WKH UHTXLHP PDVV EHFDXVH LW SD\V
EHWWHU

/RUO LV WHUULILHG DQG ZDQWV WR TXLW WKH VHUYLFH DW WKH 0R]DUWV

0DVRQLF /RGJH 0R]DUW SODQV WR ZULWH 7KH 0DJLF )OXWH 6DOLHUL VXJJHVWV
WKDW KH VKRXOG SXW WKH 0DVRQV LQWR LW

6KH WHOOV 6DOLHUL DERXW WKH QHZ RSHUD

7KH 0R]DUWV DUH VWDUYLQJ 7KH\ KDYH D URZ 0R]DUW LV LOO &RQ

7KH PDVNHG VWUDQJHU XUJHV 0R]DUW WR ILQLVK WKH UHTXLHP

VWDQ]H EHDUV KLP D VRQ DQG OHDYHV KLP 0R]DUW WDONV WR 6DOLHUL

PDVV &RQVWDQ]H DOVR ZDQWV KLP WR FRQWLQXH EHFDXVH RI WKH

DERXW WKH PDVNHG ILJXUH ZKR KDV FRPPLVVLRQHG D UHTXLHP

PRQH\ 7KH\ TXDUUHO

PDVV IURP KLP



3/$<

),/0
0R]DUW OHDYHV &RQVWDQ]H DVOHHS DQG JRHV WR D GULQNLQJ SDUW\ DW
6FKLNDQHGHUV FRWWDJH :KHQ KH UHWXUQV KRPH KH ILQGV WKDW &RQVWDQ]H
KDV OHIW KLP

0DGDPH :HEHU EHUDWHV 0R]DUW IRU DEDQGRQLQJ &RQVWDQ]H DQG EHFRPHV

WKH LQVSLUDWLRQ IRU WKH 4XHHQ RI WKH 1LJKW LQ 7KH 0DJLF )OXWH

7KH 0DJLF )OXWH

 6DOLHUL IHHOV SLW\

9DQ 6ZLHWHQ LV RXWUDJHG DQG 0R

]DUW LV H[SHOOHG IURP WKH /RGJH

7KH 0DJLF )OXWH DW 6FKLNDQHGHUV YDXGHYLOOH WKHDWUH

0R]DUW LV

FRQGXFWLQJ WKHQ IHHOV GL]]\ VR KH VLWV DW WKH JORFNHQVSLHO +H FROODSVHV

GXULQJ 3DSDJHQRV DULD 6DOLHUL WDNHV KLP KRPH LQ KLV FDUULDJH

6DOLHUL KDXQWV 0R]DUW PDVNHG LQ JUH\ +H FRPHV WR KLV DSDUWPHQW DQG UH

6FKLNDQHGHU FRPHV E\ DIWHU WKH SHUIRUPDQFH DQG EULQJV 0R]DUWV VKDUH RI

YHDOV KLV LGHQWLW\ 0R]DUW LV VKRFNHG ODWHU PLVWDNHV 6DOLHUL IRU KLV IDWKHU

WKH UHFHLSWV 6DOLHUL WHOOV 0R]DUW WKDW WKH PRQH\ FRPHV IURP WKH 0DVNHG

&RQVWDQ]H UHWXUQV DQG 0R]DUW GLHV LQ KHU DUPV

6WUDQJHU 0R]DUW ZDQWV WR ZRUN RQ WKH 5HTXLHP EXW LV WRR ZHDN GR

ZULWH +H DVNV 6DOLHUL WR WDNH GLFWDWLRQ

&RQVWDQ]H DW WKH 6SD LQ %DGHQ VXGGHQO\ KDV D IRUHERGLQJ DQG GHFLGHV WR

UHWXUQ KRPH 6KH WUDYHOV ZLWK OLWWOH .DUO LQ D VWDJHFRDFK

0R]DUW GLFWDWHV WKH ILQLVKHG 5HTXLHP 0DVV WR 6DOLHUL XQWLO FRPSOHWH

H[KDXVWLRQ

&RQVWDQ]H UHWXUQV WR ILQG KHU KXVEDQG G\LQJ DQG 6DOLHUL DVOHHS 5H
XQLWHG ZLWK 0R]DUW VKH ORFNV DZD\ WKH 5HTXLHP DQG VKRZV WKH GRRU WR
6DOLHUL 0R]DUW GLHV

0R]DUWV IXQHUDO &RQVWDQ]H JORULILHV KLP DIWHU KLV GHDWK

0R]DUW LV EXULHG LQ DQ XQQDPHG PDVV JUDYH /RUO ZHHSV ELWWHUO\

6DOLHUL UHPDLQV LQ 9LHQQD WR EH EXULHG LQ IDPH ZKLFK ODWHU SDVVHV 0R

]DUWV PXVLF EHFRPHV LQFUHDVLQJO\ SRSXODU 6DOLHUL LV IRUJRWWHQ

)DWKHU 9RJOHU

6DOLHUL FRQIHVVHV WR KDYH SRLVRQHG 0R]DUW LQ RUGHU WR EHFRPH

6DOLHUL LV GRQH ZLWK KLV FRQIHVVLRQ

LPPRUWDO WKHQ FXWV KLV WKURDW +H VXUYLYHV 1R RQH EHOLHYHV KLV

WHDUV 6DOLHUL LV FDUWHG RXW DORQJ WKH KRVSLWDO FRUULGRU DQG DEVROYHV DOO

VWRU\ 6DOLHUL LV GHIHDWHG DQG DEVROYHV DOO PHGLRFULWLHV RI WKH

PHGLRFULWLHV RI WKH ZRUOG

ZRUOG



LV VKDNHQ WR

$SSHQGL[ &DVWDQGWHFKQLFDOGDWD

$PDGHXV
86$&RORU
YRWHVWRS

5XQWLPH
6RXQG0L[
'LVWULEXWHGE\

86$3*8.3*6ZHGHQ
(QJOLVK
GUDPDP\VWHU\PXVLFWDOHQWPHGLRFULW\
MHDORXV\FRPSRVHUIODVKEDFNELRJUDSKLFDO
KLVWRULFDOPXUGHU
86$6ZHGHQ
'ROE\'LJLWDO/DVHUGLVF'ROE\
2ULRQ3LFWXUHV&RUSRUDWLRQ

'LUHFWHGE\

0LOR)RUPDQ

&HUWLILFDWLRQ
/DQJXDJH
*HQUHNH\ZRUG

&DVWLQFUHGLWVRUGHUFRPSOHWHDZDLWLQJYHULILFDWLRQ

)0XUUD\$EUDKDP
$QWRQLR6DOLHUL
7RP+XOFH
:ROIJDQJ$PDGHXV0R]DUW
(OL]DEHWK%HUULGJH
&RQVWDQ]H0R]DUW
6LPRQ&DOORZ
(PDQXHO6FKLNDQHGHU
5R\'RWULFH
/HRSROG0R]DUW
&KULVWLQH(EHUVROH
.DWKHULQD&DYDOLHUL
-HIIUH\-RQHV
(PSHURU-RVHSK,,
&KDUOHV.D\
&RXQW2UVLQL5RVHQEHUJ
.HQQ\%DNHU,
3DURG\&RPPHQGDWRUH
/LVDEHWK%DUWOHWW
3DSDJHQD
%DUEDUD%U\QH
)UDX:HEHU
0DUWLQ&DYDQL
<RXQJ6DOLHUL
5RGHULFN&RRN
&RXQW9RQ6WUDFN
0LODQ'HPMDQHQNR
.DUO0R]DUW
3HWHU'L*HVX
)UDQFHVFR6DOLHUL
5LFKDUG)UDQN
)DWKHU9RJOHU
3DWULFN+LQHV
.DSHOOPHLVWHU%RQQR
1LFKRODV.HSURV
$UFKELVKRS&ROORUHGR
3KLOLS/HQNRZVN\
6DOLHULV6HUYDQW
+HUPDQ0HFNOHU
3ULHVW
-RQDWKDQ0RRUH
%DURQ9DQ6ZLHWHQ
&\QWKLD1L[RQ
/RUO
%ULDQ3HWWLIHU
+RVSLWDO$WWHQGDQW
9LQFHQW6FKLDYHOOL
6DOLHULV9DOHW
'RXJODV6HDOH
&RXQW$UFR
0LURVODY6HNHUD
<RXQJ0R]DUW
-RKQ6WUDXVV,
&RQGXFWRU
.DUO+HLQ]7HXEHU
:LJ6DOHVPDQ


:ULWWHQE\
&LQHPDWRJUDSK\E\
0XVLFE\
3URGXFWLRQ'HVLJQE\
&RVWXPH'HVLJQE\
)LOP(GLWLQJE\
3URGXFHGE\
2WKHUFUHZ
0DUN$GOHU
0DUN%HUJHU
3KLO%UD\
*DUWK,QQV
3DXO/H%ODQF
1HYLOOH0DUULQHU
&KULVWRSKHU1HZPDQ,
-DQ6FKPLGW
7RP6FRWW,9
'LFN6PLWK,,
-RQDV7KDOHU
7Z\OD7KDUS

3HWHU6KDIIHU
DOVRSOD\
0LURVODY2QGULHN
1HYLOOH0DUULQHU
:ROIJDQJ$PDGHXV0R]DUW
-RKQ6WUDXVV,
3DWUL]LDYRQ%UDQGHQVWHLQ
7KHRGRU3LVWHN,,
0LFKDHO&KDQGOHU
1HQD'DQHYL
%HUWLO2KOVVRQH[HFXWLYH
6DXO=DHQW]
PXVLFHGLWRU
UHUHFRUGLQJPL[HU
VWLOOSKRWRJUDSKHU
VSHFLDOHIIHFWVVXSHUYLVRU
ZLJGHVLJQHU
PXVLFDOFRQGXFWRU
PXVLFDOGLUHFWRU
SURGXFWLRQVRXQGPL[HU
GLUHFWRUVHFRQGXQLW
VRXQG
ROG6DOLHULPDNHXS
DVVLVWDQWPXVLFHGLWRU
FKRUHRJUDSKHU

&RS\ULJKW7KH,QWHUQHW0RYLH'DWDEDVH/WG

4XRWHGIURP
$PDGHXV>:::GRFXPHQW@7KH,QWHUQHW0RYLH'DWDEDVH
85/KWWSXNLPGEFRP0WLWOHH[DFW"$PDGHXV