You are on page 1of 18

Zc T]

(72&2/(0$1%$5.6
$ 75,%87(7
%<

+$--08+$00$'/(*(1+$86(1

7+(,0$0.+20(,1, ('8&$7,21$1' 5(6($5&+ ,167,787( 420

&ROHPDQ %DUNV LV WKH SRHW ZKR PRUH WKDQ DQ\ RWKHU SRHW RU VFKRODU KDV PDGH

5XPL IDPRXVLQ$PHULFD ,Q3XEOLVKHUV:HHNO\DQQRXQFHGWKDW5XPLZDVWKH

EHVWVHOOLQJSRHWLQ$PHULFD3K\OOLV7LFNOHDQHGLWRUZLWK3XEOLVKHUV:HHNO\VD\V

WKDW 5XPLV SRSXODULW\ LQ WKH 8QLWHG 6WDWHV LV D PDWWHU RI RXU HQRUPRXV VSLULWXDO
KXQJHU %DUNV KLPVHOI VD\V WKDW WKH UHOLJLRXVO\ HFVWDWLF QDWXUH RI 5XPLV SRHWU\
UHVRQDWHVLQ $PHULFDQV VHHNLQJDQVZHUV WR WKHTXHVWLRQV SRVHGE\ WKHSRHW,UDQLDQV
UHIHUWRDV 0DZODYL :KHUHGR,FRPHIURPDQGZKDWDP,VXSSRVHGWREHGRLQJ"

&DUO (UQVW WKH DXWKRU RI VHYHUDO ERRNV RQ 6XILVP DQG KHDG RI WKH UHOLJLRXV VWXGLHV
GHSDUWPHQWDWWKH8QLYHUVLW\RI1RUWK&DUROLQDDW&KDSHO+LOOFRPPHQWV,WKLQNLWV

H[WUHPHO\LQWHUHVWLQJWKDWDWWKHVDPHWLPHSROLWLFDOO\VSHDNLQJWKHUHLVWKLVLQWHQVH

LGHRORJLFDOFRQIURQWDWLRQZLWK,VODPLFIXQGDPHQWDOLVP7KLVVSLULWXDOLW\WKDW5XPL
UHSUHVHQWV KDV REYLRXVO\ WRXFKHG D YHU\ GHHS QHUYH LQ WKH $PHULFDQ SV\FKH

)UDQNOLQ /HZLV RSHQV KLV ZLGHO\ DQG MXVWO\ DFFODLPHG ERRN RQ 0DZODYL E\
FRPPHQWLQJRQ WKHSRSXODULW\RI%DUNVUHQGLWLRQV %DUNVKDVDSSHDUHGRQWHOHYLVLRQ

KDV SHUIRUPHG UHDGLQJV DOO DFURVV $PHULFD RIWHQ EDFNHG XS E\ PXVLFLDQV DQG KDV
VROG PRUH SRHWU\ ERRNV WKDQ DQ\ RWKHU OLYLQJ $PHULFDQ SRHW +LV SRHWU\ KDV HYHQ
JUDFHGWKH1HZ<RUN&LW\VXEZD\V ,QKHZDVDZDUGHGDQKRQRUDU\GRFWRUDWH
IURPWKH8QLYHUVLW\RI7HKUDQ

6HH6WHYH+ROJDWH3HUVLDQ3RHW5XPL&RQTXHUV$PHULFDSXEOLVKHGRQOLQHDW
KWWSXVHPEDVV\VWDWHJRYSRVWVLQZZZKVSPD\MXQHKWPO DQG )UDQNOLQ ' /HZLV 5XPL 3DVW
DQG3UHVHQW(DVWDQG:HVW 2[IRUG2QHZRUOG 

5HSRUWHGE\+ROJDWH  

$OH[DQGUD0DUNV 3HUVLDQ 3RHW7RS 6HOOHU ,Q $PHULFD7KH &KULVWLDQ 6FLHQFH 0RQLWRU1RY
KWWSZZZFVPRQLWRUFRPXVXVKWPO

%LOO0R\HUVGHYRWHGDRQHKRXUVSHFLDORQ3%6WR%DUNVLQKLVVHULHV)RROLQJZLWK:RUGVZKLFK
SUHPLHUHGLQKWWSZZZSEVRUJZQHWIRROLQJZLWKZRUGVLQGH[KWPODQGDOVRRQ0R\HUV12:
SURJUDPLQKWWSZZZSEVRUJPR\HUVMRXUQDODUFKLYHVUXPLBWVKWPODQGRWKHUSURJUDPV

07$ 1HZ <RUN &LW\ 7UDQVLW LQ FRRSHUDWLRQ ZLWK WKH 3RHWU\ 6RFLHW\ RI $PHULFD 3RHWU\ LQ
0RWLRQ LV D UHJLVWHUHG WUDGHPDUN RI 07$ 1HZ <RUN &LW\ 7UDQVLW DQG WKH 3RHWU\ 6RFLHW\ RI
$PHULFD KWWSZZZPWDLQIRPWDSLPWHQKWP 7KH SRHP IHDWXUHG LQ WKH 3RHWU\ LQ 0RWLRQ SURJUDP


&ROHPDQ %DUNV ZDV ERUQ   DQG UDLVHG LQ &KDWWDQRRJD 7HQQHVVHH DQG KH

VSHDNVZLWKWKHQXDQFHDQGSOHDVDQWLQWRQDWLRQFKDUDFWHULVWLFRIKLVQDWLYHUHJLRQ+H
VWXGLHG DW WKH 8QLYHUVLW\ RI &DOLIRUQLD DW %HUNHOH\ DQG DW WKH 8QLYHUVLW\ RI 1RUWK
&DUROLQD DW&KDSHO+LOOZKHUHKHZURWHDGRFWRUDOGLVVHUWDWLRQRQWKHVKRUWQRYHOVRI

-RVHSK&RQUDG +HWDXJKWSRHWU\DQGFUHDWLYHZULWLQJDWWKH8QLYHUVLW\RI*HRUJLDIRU
WKLUW\\HDUVDQGLVQRZSURIHVVRUHPHULWXVDQGOLYLQJLQ$WKHQV*HRUJLD

%DUNVKDVUHSRUWHGWKDWKHZDVILUVWLQWURGXFHGWR0DZODYLE\WKHJUHDW$PHULFDQ

SRHW 5REHUW %O\ ZKR KDQGHG %DUNV D YROXPH RI WUDQVODWLRQV E\ $UEHUU\ DQG VDLG
7KHVH SRHPV QHHG WR EH UHOHDVHG IURP WKHLU FDJHV $UEHUU\V WUDQVODWLRQ ZDV VR
VWLOWHGWKDW QRERG\ZRXOGUHDGLWIRUHQMR\PHQWDQGLWFRXOGRQO\DSSHDOWRVSHFLDOLVWV
%DUNV VWDUWHG ZRUNLQJ RQ WKH SRHWU\ LQ  DQG D \HDU ODWHU KH EHJDQ SUDFWLFLQJ

6XILVP WDNLQJ6UL/DQNDQ6XIL%DZD0XKL\DGGHHQDVKLVWHDFKHU 6LQFHKHGLGQRW

NQRZ DQ\ )DUVL KH EHJDQ ZRUNLQJ ZLWK DQ ,UDQLDQ OLQJXLVW -RKQ 0R\QH ZKR

SURYLGHG UDWKHU OLWHUDO WUDQVODWLRQV IURP )DUVL WR (QJOLVK WKDW %DUNV WXUQHG LQWR
FRQWHPSRUDU\$PHULFDQSRHWU\%RWK%DUNVDQG%O\ ZKROLNH%DUNVKDVFRQYHUWHG
WR 6XILVP DOVR FRPSRVHG YHUVLRQV EDVHG RQ HDUOLHU WUDQVODWLRQV IURP $UEHUU\ DQG
1LFKROVRQ7KH\FDOOHGWKHLUSRHPVYHUVLRQVLQVWHDGRIWUDQVODWLRQVEHFDXVHWKH\
ZHUHQRWWUDQVODWLQJIURPWKHRULJLQDOODQJXDJHDQGEHFDXVHWKHLUDLPZDVWRFRPHXS

ZLWKSRHPVWKDWVRXQGQDWXUDOLQWKH LGLRPRIFRQWHPSRUDU\$PHULFDQSRHWU\%DUNV
VHHNV WR FRQQHFW WKHVH SRHPV ZLWK D VWURQJ $PHULFDQ OLQH RI IUHHYHUVH VSLULWXDO

SRHWU\ VXFKDVWKDWRI 7KHRGRUH5RHWKNH*DU\6Q\GHU:DOW:KLWPDQDQG-DPHV


:ULJKW 7KH ILUVW UHVXOW ZDV 1LJKW  6OHHS 5XPL 9HUVLRQV E\ &ROHPDQ %DUNV DQG
5REHUW%O\ ,WFRQWDLQHGWZHOYHSRHPVE\%DUNVDQGVL[E\%O\

ZDV IURP 7KH (VVHQWLDO 5XPL 1HZ <RUN +DUSHU   RULJLQDOO\ SXEOLVKHG LQ 2SHQ 6HFUHW
9HUVLRQVRI5XPL 3XWQH\7KUHVKROG%RRNV 
2XWEH\RQGLGHDVRIZURQJGRLQJDQGULJKWGRLQJ
WKHUHLVDILHOG,
OOPHHW\RXWKHUH
:KHQWKHVRXOOLHVGRZQLQWKDWJUDVV
WKHZRUOGLVWRRIXOOWRWDONDERXW
,GHDVODQJXDJHHYHQWKHSKUDVH HDFKRWKHU
GRHVQ
WPDNHDQ\VHQVH

6HHKWWSZZZSD\YDQGFRPQHZVPD\KWPO

%ULDQ & )HUJXVRQ$YHU\&ROHPDQ%DUNVLQ7KH1HZ*HRUJLD(QF\FORSHGLD  RQOLQH
DWKWWSZZZJHRUJLDHQF\FORSHGLDRUJQJH$UWLFOHMVS"SDWK /LWHUDWXUH3RHWU\ LG K

&ROHPDQ%DUNVDQG5REHUW%O\1LJKW 6OHHS5XPL &DPEULGJH<HOORZ0RRQ3UHVV 

%DUNVDQG%O\KROGLQFRPPRQWKHLUEDVLFDSSURDFKWRSRHWU\WKHLUFRQYHUVLRQWR

6XILVP WKHLU HQWKXVLDVP IRU 0DZODYL DQG WKHLU SROLWLFDO VWDQFH DJDLQVW $PHULFDQ
ZDUV,Q5REHUW%O\ ZLWK'DYLG5D\ FRIRXQGHG$PHULFDQ:ULWHUV$JDLQVWWKH

9LHWQDP :DU DQG OHG PXFK RI WKH RSSRVLWLRQ WR WKDW ZDU DPRQJ ZULWHUV +LV
RSSRVLWLRQ WR WKH ZDU LQ ,UDT LV HYLGHQFHG LQ SRHPV FROOHFWHG LQ 7KH ,QVDQLW\ RI

(PSLUH $ %RRN RI 3RHPV DJDLQVW WKH ,UDT :DU ZKLFK DOVR LQFOXGHV VRPH HDUOLHU

DQWLZDUSRHPVIURPWKH9LHWQDPHUD%DUNVSRHP-XVW7KLV 2QFHDQRSHQ OHWWHU

WR*HRUJH:%XVKZDVZLGHO\GLVWULEXWHGRQWKHLQWHUQHW LQ +HUHLVDVHOHFWLRQ


IURPLW

-XVW7KLV2QFH3UHVLGHQW%XVKEHIRUH\RXRUGHUDLUVWULNHVLPDJLQHWKH
ILUVWFUXLVHPLVVLOHDVDGLUHFWKLWRQ\RXUFORVHVWIULHQG7KDWPLJKWEH
/DXUD7KHQWZHQW\ILYHRWKHUIDPLO\DQGIULHQGV7KHUHDUHQRVXUYLYRUV

1RZLPDJLQHVRPHRWKHUZD\WRGRLW4XDGUXSOHWKHLQVSHFWRUVRUSXWD
WKRXVDQGDQGRQH81SHRSOHLQ7KHQFDOOIRUSHDFHDFWLYLVWVWRYROXQWHHU
WRJRWR,UDTIRUWZRZHHNVHDFK)ORRGWKDWFRXQWU\ZLWKZHOOPHDQLQJ
WRXULVWVSHRSOHFXULRXVDERXWWKHODQGWKDWSURGXFHGWKHJUHDWVDLQWV
*LODQL+DOODMDQG5DELD6HWXSKRVWHOVQHDUWKRVHWRPEV(QFRXUDJHSHDFH
SHRSOHWRVSHQGDEXQFKRIPRQH\LQVKRSVWREULQJUXJVKRPHDQGVDPRYDUV
E\WKHEXVKHO6HQGDQ$UDELFWUDQVODWRUZLWKHYHU\IRXUSHDFHDFWLYLVWV
7KH86JRYHUQPHQWZLOOSD\IRUWKHWUDQVODWRUVDQGIRUEXLOGLQJDQG
VWDIILQJWKHKRVWHOVRQHKRVWHOIRUHYHU\WZHQW\DFWLYLVWVDQGILYH
WUDQVODWRUV7KH KRVWHOVDUHVWDWHRIWKHDUWDQGWKH\EHORQJWRWKH,UDTLV
DWWKHHQGRIWKLVH[SHULPHQW

.HHSSDUWRIWKHLQYDVLRQIRUFH
QHDUE\DVSROLFHEXWOHWWKRVHZKRFODLPWRGHHSO\GHWHVWZDUWU\VRPHWKLQJ
HOVHMXVWWKLVRQFHIRURQH\HDU&DOORXUEOXII,IWKLVPDGPDQ6DGGDPV
:0'WKUHDWLVQRWVRPHKRZHOLPLQDWHGE\QH[W)HEUXDU\\RXFDQJRLQZLWK
VSHFLDORSVDQGGRLWWKDWZD\
,DP&ROHPDQ%DUNVDUHWLUHG(QJOLVKSURIHVVRUOLYLQJLQ$WKHQV*HRUJLD
DQG,GRQ
WUHDOO\FRQVLGHUWKLVSURSRVDOIRROLVK
&ROHPDQ%DUNV

:KHQ%DUNVZDVJLYHQKLVKRQRUDU\GRFWRUDWHLQ7HKUDQKHLQVLVWHGWKDW%O\DOVR

EH KRQRUHG DQG WKH 8QLYHUVLW\ RI 7HKUDQ JUDFLRXVO\ FRPSOLHG ZLWK KLV ZLVK DQG
%DUNVDQG%O\ VKDUHGWKHVWDJHWRJHWKHU1HLWKHU%O\ QRU %DUNVVSHDN)DUVLDQGDUH

QRWIDPLOLDUZLWK,VODPDVXQGHUVWRRGDQGSUDFWLFHGLQ,UDQ$IWHUUHWXUQLQJIURP,UDQ
5REHUW%O\7KH,QVDQLW\RI(PSLUH$%RRNRI3RHPV$JDLQVWWKH,UDT:DUQG HG 6W3DXO
$OO\3UHVV 

KWWSZZZXJDHGXLVODPEDUNVKWPO


%DUNV UHSRUWV LQ DQ LQWHUYLHZ WKDW KH GLG QRW WDON WR D ZKROH ORW RI PXOODKV RU

D\DWROODKV EXW , GLG WDON WR RQH ZKR VDLG :H VKRXOG QRW NLOO HDFK RWKHU RYHU

GLIIHUHQW ZD\V RI VD\LQJ KRZ WKH ZRUOG LV VDFUHG ,Q WKH VDPH LQWHUYLHZ KH LV
DVNHG DERXW KLV IDYRULWH OLQHV IURP 5XPL +H UHSOLHV ZLWK WKH VDPH SRHP WKDW ZDV
PDGHIDPRXVRQWKH1HZ<RUNVXEZD\V\VWHP

7KHUH
VDOLWWOHTXDWUDLQWKDWVVRUWRIIDPRXVLWEHJLQV
2XWEH\RQGLGHDVRIZURQJGRLQJDQGULJKWGRLQJ
7KHUHLVDILHOG,
OOPHHW\RXWKHUH

$VRXOZKROLHVGRZQLQWKDWJUDVVWKHZRUOGLVWRRIXOOWRWDONDERXW

,GHDVODQJXDJHHYHQWKHSKUDVHHDFKRWKHU GRHVQ
WPDNHDQ\VHQVH

7KH ,UDQLDQFRPPXQLW\LQWKH8QLWHG6WDWHVVHYHUDO\HDUVDJRWRRNRXWD
ZKROHSDJHLQWKH1HZ<RUN7LPHVDQGSXWMXVWWKRVHILUVWWZROLQHVDVD
ZD\RILQYLWLQJWKH$PHULFDQVWRPHHWWKH,UDQLDQVLQDSODFHZKHUHWKHUH
LVQRMXGJPHQWRXWEH\RQGSROLWLFDOULJKWDQGZURQJDQGPRUDOULJKWDQG
ZURQJ

%O\ DQG %DUNV FRQWLQXH WR FROODERUDWH DQG %O\ UHDGV KLV RZQ DV ZHOODV %DUNV

YHUVLRQVRI5XPLGXULQJOLYHSHUIRUPDQFHV DQGWKH\DSSHDUWRJHWKHUIRUUHDGLQJV

$IWHU1LJKW 6OHHS%DUNVZURWH2SHQ6HFUHWZKLFKZDVSXEOLVKHGE\7KUHVKROG

%RRNVZKLFKLVDVVRFLDWHGZLWKWKH0HYOHYL2UGHURI6XILVP %DUNVUHSRUWVWKDWLWV
VDOHVKDYHLQFUHDVHGHDFK\HDUVLQFHLWVSXEOLFDWLRQLQ,WFRQWDLQVYHUVLRQVEDVHG

RQ FROODERUDWLRQ ZLWK -RKQ 0R\QH DV ZHOO DV YHUVLRQV EDVHG RQ $UEHUU\ DQG
1LFKROVRQ ,W ZLOO UHSD\ RXU DWWHQWLRQ WR FRQVLGHU D IHZ FRXSOHWV LQ WKLV FROOHFWLRQ

LQFOXGLQJ WKH IDPRXV OLQHV WKDW DSSHDUHG LQ WKH 3RHWU\ LQ 0RWLRQ SURJUDP DQG WR
FRPSDUH WKHP ZLWK WKH RULJLQDOV IRU LQ GRLQJ VR ZH FDQ JHW D IHHO IRU KRZ %DUNV
GHSDUWVIURPWKHWH[WZKLOHUHPDLQLQJWUXHWRLWDQGKRZKHDGGVWRLWKLVRZQSRHWLF

JHQLXV %XWEHIRUHZHWXUQWRWKHSRHPV,ZRXOGOLNHWRGLVFXVVVRPHFULWLFLVPWKDW
KDVEHHQUDLVHGDERXW%DUNVUHQGLWLRQV

'DYLG ,DQ 0LOOHU &ROHPDQ %DUNVIRUHPRVW 5XPL WUDQVODWRU WDONVDERXW WKH3HUVLDQ P\VWLF
V
WLPHOHVV DSSHDO DQG KLV RZQ VSLULWXDO OLIH 6)*DWH 2FWREHU   KWWSZZZVIJDWHFRPFJL
ELQDUWLFOHFJL"I JDILQGUHOLJ'7/ IHHG UVVGPLOOHU

5REHUW%O\DQG1DRPL6KLKDE1\H5HDGLQJ5XPLLQDQ8QFHUWDLQ:RUOG'9'UHFRUGLQJRID
OLIHSHUIRUPDQFH  KWWSZZZZLQJVSUHVVFRP7LWOHV%O\B1\HKWPO

KWWSZZZORFJRYWRGD\F\EHUOFIHDWXUHBZGHVFSKS"UHF 

KWWSZZZVXILVPRUJ


%DUNV UHQGLWLRQV RI 0DZODYL KDYH EHHQ DVWRQLVKLQJO\ SRSXODU 2WKHUV KDYH

GHYRWHGJUHDWHIIRUWDQGVWXG\LQRUGHUWRXQGHUVWDQG)DUVLDQGWRUHDGDQGWUDQVODWHLWV

JUHDW SRHWV EXW DOWKRXJK %DUNV LV QRW FRQYHUVDQW ZLWK WKH SULPDU\ ODQJXDJH RI WKH
SRHW KH EDVHV KLV RZQ ZRUN RQ LW LV KLV UHQGLWLRQV WKDW KDYH ZRQ UHDGHUV DQG KDYH
LQVSLUHGSHRSOH3RSXODUL]DWLRQDOVREULQJVZLWKLWDFHUWDLQPHDVXUHRIGHEDVLQJDQG

VORSSLQHVV 7KHZHEVLWHIRUWKHRSHUDE\3KLOLS*ODVVDQG5REHUW:LOVRQ  EDVHG


RQ%DUNVYHUVLRQVRI0DZODYLVSRHPVJLYHVWKHQDPHRIWKHSRHWDV<DODODO'LQ
LQVWHDG RI -DODO DO'LQ DQG OLVWV %DUNV DV D WUDQVODWRU ,QWHUHVW LQ 5XPL VHHPV
OLNH D IDG ,W LV FKLF WR KDYH D ERRN RI KLV SRHPV LQ D FRQVSLFXRXV SODFH )RU WKRVH

ZHGGHG WR WUDGLWLRQ WKH UHFLWDWLRQV E\ %DUNV WR WKH DFFRPSDQLPHQW RI 1HZ $JH
PXVLFFDQVHHPOLNHNLWVFK*LYHQWKHYDVWQXPEHUVRIKLVUHDGHUVLWLVSODXVLEOHWR

DVVXPHWKDWIHZRIWKHPKDYHPRUHWKDQDQLQNOLQJDERXWZKR0DZODYL UHDOO\ ZDV


WKH GHSWK RI KLV SLHW\ RU WKH VRFLDO DQG LQWHOOHFWXDO HQYLURQPHQW IURP ZKLFK KLV

SRHWU\ DURVH ,WLVWRWKHFUHGLWRIWKHVFKRODUVLQWKLVILHOGWKDWWKH\KDYHQRWVKRZQ


PRUHUHVHQWPHQW

6RPH KDYH GHULGHG %DUNV UHQGLWLRQV DV UH(QJOLVKLQJV DQG KDYH FRPSODLQHG

WKDW ZKLOH%DUNVRIWHQDGPLWVWKDWKHLVSURGXFLQJYHUVLRQVUDWKHUWKDQWUDQVODWLRQV

IURP WKH SULPDU\ ODQJXDJH VRPH RI KLV ERRNV PLVOHDGLQJO\ QDPH KLP DV WKH

WUDQVODWRURQWKHLUFRYHUV +RZHYHUZKHQVRPHRQHZKRGRHVQRWNQRZ)DUVLZRUNV

ZLWK D QDWLYH VSHDNHU WR SURGXFH (QJOLVK WH[W WKDW FRQYH\V WKH PHDQLQJ RI WKH
RULJLQDOWKHWHUPWUDQVODWLRQ LV MXVWLILHGLIDWWULEXWHGWRERWKSHUVRQVDVLQZRUNVIRU

ZKLFK %DUNV DQG 0R\QH DUH OLVWHG DV WUDQVODWRUV RQ WKH WLWOH SDJH &ULWLFV KDYH
REMHFWHG WKDW UHQGHULQJ SRHPV IURP (QJOLVK WR (QJOLVK ZLWKRXW DQ\ DELOLW\ WR FKHFN

ZLWK WKHSULPDU\ ODQJXDJHFDQ KDUGO\ EH FDOOHG WUDQVODWLRQ EXW WR KLV FUHGLW %DUNV
KWWSZZZJODVVSDJHVRUJPRJOLEKWPO
5XPL :H $UH 7KUHH 1HZ 5XPL 7UDQVODWLRQV E\ &ROHPDQ %DUNV $WKHQV 0D\SRS  
KRZHYHURQWKHWLWOHSDJHZHILQG7UDQVODWHGE\&ROHPDQ%DUNVIURPWKHOLWHUDOUHQGHULQJVRI-RKQ
0R\QH DQG $ODQ *RGODV DQG IURP WKH ZRUNV RI $ - $UEHUU\ DQG 5H\QROG 1LFKROVRQ)HHOLQJ WKH
6KRXOGHU RI WKH /LRQ 3RHWU\ DQG 7HDFKLQJ 6WRULHV RI 5XPL 7UDQVODWHG E\ &ROHPDQ %DUNV 3XWQH\
7KUHVKROG %RRNV   5XPL %LUGVRQJ )LIW\7KUHH 6KRUW 3RHPV WUDQVODWHG E\ &ROHPDQ %DUNV
$WKHQV0D\SRS 

5XPL 7KHVH %UDQFKLQJ 0RPHQWV 7UDQVODWHG E\ -RKQ 0R\QH  &ROHPDQ %DUNV 3URYLGHQFH
&RSSHU%HHFK3UHVV 7KLV/RQJLQJ3RHWU\7HDFKLQJ6WRULHVDQG/HWWHUVRI5XPL7UDQVODWHGE\
&ROHPDQ %DUNV DQG -RKQ 0R\QH 3XWQH\ 7KUHVKROG   &ROHPDQ %DUNV DQG -RKQ 0R\QH7KH
'URZQHG %RRN (FVWDWLF DQG (DUWK\ 5HIOHFWLRQV RI %DKDXGGLQ WKH )DWKHU RI 5XPL 1HZ <RUN
+DUSHU&ROOLQV 



PDNHVLWFOHDUZKDWKHLVGRLQJLQKLVERRNVDQGSXEOLFUHFLWDWLRQVHYHQLIRQHPD\
FDYLODERXWWKHVHPDQWLFVRIWKHXVHRIWKHZRUGWUDQVODWLRQ

)UDQNOLQ/HZLVDOVRFULWLFL]HV%DUNVZKLOHDGPLWWLQJWKDWLILWZHUHQRWIRU%DUNV

WKH GHPDQG IRU /HZLV RZQ ERRN RQ 5XPL ZRXOG EH VOLJKW /HZLV FULWLFLVPV RI

%DUNVDUHJHQHUDOO\ ZHOOWDNHQDOWKRXJKKHVRPHWLPHVVHHPVDELWVDUFDVWLF%DUNV

KDV VSUHDG WKH IDPH RI 5XPL IURP &DOLIRUQLD WR WKH 1HZ <RUN ,VODQG DQG IURP WKH
5HGZRRG )RUHVW WR WKH *XOI 6WUHDP ZDWHUV HYHQ LI 5XPL KDV KDG WR EHFRPH D
QDWXUDOL]HG$PHULFDQLQWKHSURFHVV 'HVSLWHWKHVDUFDVP/HZLVPDNHVDQHIIRUWWR

EDODQFH KLV FULWLFLVPV ZLWK SUDLVH +H FDOOV %DUNV UHDGLQJVHQJDJLQJ FUHGLWV KLP
ZLWKLQVLJKWVWKDWVFKRODUVVRPHWLPHVGRQRWQRWLFHRUQHJOHFW DQGZLWKIROORZLQJ

WKH VWUXFWXUH RI WKH RULJLQDO SRHPV ,Q DGGLWLRQ /HZLV GHYRWHV D IHZ SDJHV WR WKH

SRHWLF WKHRU\ EHKLQG WKH YHUVLRQV SURGXFHG E\ %O\ DQG %DUNV WUDFLQJ LW WR (]UD
3RXQGDQGH[SODLQLQJKRZWKHWUDGLWLRQRIYDULRXVW\SHVRIWUDQVODWLRQDQGUHZRUNLQJ

WKDWEHJLQVZLWKDQXQGHUVWDQGLQJRIWKHSRHPLQLWVSULPDU\ ODQJXDJHHYHQWXDOO\OHG
$PHULFDQSUDFWLWLRQHUVRIIUHHYHUVH WREURDGHQWKHFRQFHSWRIWUDQVODWLRQWRLQFOXGH
QHZYHUVLRQVRISRHPVWUDQVODWHGLQWR(QJOLVKZLWKRXWDQ\NQRZOHGJHRIWKHSULPDU\

ODQJXDJH6RPHWLPHVZHILQGWKHWHUPWUDQVODWLRQXVHGIRUUHQGLWLRQVRISRHPVE\

DXWKRUV ZKR ZURWH LQ (QJOLVK LQWR D PRUH FRQWHPSRUDU\ LGLRP 7KHUH KDYH EHHQ
SRHWU\ WUDQVODWLRQV RI WKLV VRUW IURP 6KDNHVSHDULDQ (QJOLVK LQWR FRQWHPSRUDU\
(QJOLVKEXWXVXDOO\WKHWUDQVODWLRQLVSXUHO\H[SRVLWRU\UDWKHUWKDQDUWLVWLF /HZLV
DVNVDQLQVLJKWIXOTXHVWLRQ RUWZRDERXWZKDWFRQVWLWXWHVDWUDQVODWLRQ

,V LW XQGHUVWDQGLQJ DQ DHVWKHWLF DUWLIDFW LQ RQH ODQJXDJH DQG FXOWXUH DQG
WUDQVIHUULQJ LWV HVVHQFH WR DQ DHVWKHWLF DUWLIDFW LQ DQRWKHU ODQJXDJH DQG
FXOWXUH"2UFDQLWEHXQGHUVWDQGLQJDQH[SODQDWLRQRIDQDHVWKHWLFDUWLIDFW
IURP DQRWKHU ODQJXDJH DQG FXOWXUH DQG WXUQLQJ WKDW LQWR DQ DHVWKHWLF
DUWLIDFWLQ\RXURZQODQJXDJH"

7KHVHTXHVWLRQVDUHLPSRUWDQWEH\RQGWKHLVVXHRIKRZZHVKRXOGXQGHUVWDQGWKH

WHUPWUDQVODWLRQ5HJDUGOHVVRIZKDWZRUGVDUHXVHGWRGHVFULEHVXFKDFWLYLWLHVZH

/HZLV  


/HZLV  

6HH IRU H[DPSOH 0DELOODUG $PDQGD$Q $QDO\VLV RI 6KDNHVSHDUH
V 6RQQHW  6KDNHVSHDUH
2QOLQH  KWWSZZZVKDNHVSHDUHRQOLQHFRPVRQQHWVGHWDLOKWPO !DOVR6WHSKHQ
%RRWKHG6KDNHVSHDUHV6RQQHWV 1HZ+DYHQ<DOH8QLYHUVLW\3UHVV 

/HZLV  



DUHIDFHGZLWKDUDQJHUHODWLRQVKLSVWKDWFDQKROGEHWZHHQDUWLVWLFZRUNVZKHQRQHLV

EDVHGRQWKHRWKHU)LUVWWKHDXWKRURIWKHGHSHQGHQWDUWLIDFWPD\EHHLWKHUGLUHFWO\RU
LQGLUHFWO\DFTXDLQWHGZLWKWKHSULPDU\WH[W6HFRQGDSDUWIURPZKHWKHUDFTXDLQWDQFH

LV GLUHFW RU LQGLUHFW WKH DXWKRU RI WKH VHFRQG ZRUN PD\ KDYH YDU\LQJ GHJUHHV RI
XQGHUVWDQGLQJRIWKHSULPDU\WH[W DQGYDULRXVGHJUHHVRIV\PSDWK\ ZLWKWKHSULPDU\

DXWKRU DOO RI ZKLFK FDQ KDYH D SURIRXQG HIIHFW RQ WKH VKDSH WKH QHZHU ZRUN WDNHV

7KLUG WKHUH LV WKH TXHVWLRQ RI WKH DUWLVWLF VW\OH DQG VHQVLELOLW\ RI WKH DXWKRU RI WKH
GHSHQGHQW ZRUN )RXUWK WKHUH LV WKH TXHVWLRQ RI WKH DXGLHQFH DQG LWV VHQVLELOLWLHV

)LIWK D ZRUN RI OLWHUDWXUH LV RIWHQ PXOWLOD\HUHG ,W PD\ FRQWDLQ D PRUDO OHVVRQ D

FRPPHQWDU\ RQ KLVWRULFDO HYHQWV SROLWLFDO VDWLUH FKDUDFWHU VWXG\ VSLULWXDO LQVLJKWV

H[SUHVVLRQV RI HPRWLRQV IDQWDVLHV DQG RWKHU FRQWHQWV (DFK RI WKHVH DVSHFWV RI WKH
ZRUNZLOOGHSHQGRQWKHDXWKRUVFKRLFHRIZRUGVLPDJHVDQGDOOXVLRQVDQGRQWKH

ZD\V LQ ZKLFK WKH\ DUH XQGHUVWRRG RU PLVXQGHUVWRRG  E\ WKH UHDGHU $ WUDQVODWLRQ
PD\EHVXFFHVVIXOZLWKVRPHRIWKHVHOD\HUVEXWQRWRWKHUV)RUH[DPSOHWKHDXWKRURI
DGHSHQGHQWZRUNPLJKWEHV\PSDWKHWLFZLWKWKHPRUDOSRLQWRIDQSULPDU\ DXWKRUEXW

IDLO WRJUDVSWKHIHHOLQJVHJRIHPEDUUDVVPHQWFRQYH\HGLQWKDWUHJDUGDQG\HWLWLV
VWLOOSRVVLEOHWKDWWKHUHDGHUVRIWKHVHFRQGDU\DXWKRUZLOOJHWWKHHPRWLRQDOFRQWHQWRI
WKH SULPDU\ WH[W E\ UHDGLQJ WKH VHFRQGDU\ ZRUN ZKRVH DXWKRU ZDV QRW DZDUH RI WKH

IHHOLQJV RI HPEDUUDVVPHQW FRQYH\HG WKURXJK WKH UHPDUNV RU DFWLRQV RI D FKDUDFWHU
ZKLOH WKH PRUDO SRLQW XQGHUVWRRG E\ WKH VHFRQGDU\ DXWKRU PLJKW EH ORVW RQ DQ

DXGLHQFH ZLWK D YHU\ GLIIHUHQW VHW RI YDOXHV 6L[WK WKH GHSHQGHQW ZRUN PD\ EH
LPLWDWLYH RQ VRPH OHYHOV EXW RULJLQDO RQ RWKHUV 7KLV LV UDWKHU FRPPRQ LQ ILOP

DGDSWDWLRQV EXW LW VKRXOG EH H[SHFWHG LQ RWKHU IRUPV RI DGDSWDWLRQ LQFOXGLQJ

WUDQVODWLRQ 6HYHQWKHYHQRQWKHVXUIDFHOHYHOWKHUHDUHGLIIHUHQWOHYHOVDWZKLFKDQ
DGDSWDWLRQ PD\ EH LPLWDWLYHRULJLQDO RU QHXWUDO )RU H[DPSOH DQ DWWHPSW WR FKRRVH
ZRUGVZLWKWKHQHDUHVWPHDQLQJWRWKRVHLQDIRUHLJQODQJXDJHPD\UHTXLUHFKDQJHVLQ
WKHV\QWD[RIWKHVHQWHQFHV$QDWWHPSWWRLPLWDWHWKHGLFWLRQ RIDSDVVDJHFRQWDLQLQJ

OHJDOSKUDVHRORJ\PLJKW UHTXLUHFKDQJHVLQZRUGFKRLFHEHFDXVHRIWKHGLIIHUHQWZD\V
LQZKLFKOHJDOFRQFHSWVDUHH[SUHVVHGLQGLIIHUHQWODQJXDJHV:KHQDWWHQWLRQLVJLYHQ

WRRQHVDOLHQWDVSHFWRIDSRHPDQGDQDWWHPSWLVPDGHWRFRQYH\WKDWDVSHFWLQDQHZ
VHWWLQJRWKHUDVSHFWVPD\EHLJQRUHGRURQHPD\DWWHPSWRULJLQDODUWLVWU\LQWKHP

7KHVH SRLQWV VKRXOG EH NHSW LQ PLQG ZKHQ ZH FULWLFDOO\ H[DPLQH DGDSWDWLRQV RI

ZRUNV RI DUW 7KHUH DUH FRPSOH[ UHODWLRQV DPRQJ WKH SULPDU\ DXWKRU WKH VHFRQGDU\

DXWKRU WKH SULPDU\ ZRUN WKH GHSHQGHQW ZRUN DQG WKH SULPDU\ DXGLHQFH DQG WKH


DXGLHQFHRIWKHGHSHQGHQWZRUN WKDWDUHUHSHDWHGDWHYHU\OHYHORQZKLFKWKHZRUNRI

DUWRSHUDWHV$WHDFKRIWKHVHOHYHOVLIWKHVHFRQGDU\DXWKRUGHFLGHVQRWWRLJQRUHWKLV
DVSHFW RI WKH ZRUN WR FRQFHQWUDWH RQ VRPHWKLQJ HOVH  DQ DWWHPSW PD\ EH PDGH WR
FRQYH\WKHSULPDU\DVIDLWKIXOO\DVSRVVLEOHRUWRLQWURGXFHRULJLQDODUWLVWU\ IRUHLJQWR

WKHSULPDU\ZRUNWKDWLVQHZWRWKHDGDSWDWLRQ%HWZHHQWKHIDLWKIXODQGWKHRULJLQDO
WKHUHLVDOVRDUDQJHRISRVLWLRQV

7KH FULWLFV RI %DUNV KDYH DUJXHG SRLQWV WKDW JR IDU EH\RQG ZKHQ WKH ZRUG

WUDQVODWLRQ VKRXOG EH XVHG ,W PD\ EH KHOSIXO WR OLVW WKH PDLQ W\SHV RI FULWLFLVP
DOEHLWZLWKRXWJRLQJLQWRDOOWKHGHWDLOV

 ,QDFFXUDFLHV 6LQFH %DUNV GRHV QRW NQRZ )DUVLKLV WUDQVODWLRQV DUH IODZHG E\

YDULRXVPLVXQGHUVWDQGLQJV ,EUDKLP*DPDUGSURYLGHVH[DPSOHVRIWKHPLVWDNHVPDGH

E\%DUNV DQGDQXPEHURIRWKHUVZKRKDYHUHQGHUHG5XPLLQWR(QJOLVK GXHWRODFN


RIIDPLOLDULW\ZLWKWKHSULPDU\ 3HUVLDQWH[WVWKHPRVWQRWRULRXVRIZKLFKLVGXHWRD

W\SRJUDSKLFDO HUURU LQ WKH $UEHUU\ WUDQVODWLRQ IURP ZKLFK %DUNV ZRUNHG WKDW
VXEVWLWXWHGEORQGIRUEOLQG 'HVSLWHWKHHUURUV*DPDUGJLYHVFUHGLWWR%DUNVIRU
SURGXFLQJ YHUVLRQV RI 0DZODYLV SRHPV WKDW FRPPXQLFDWH IDU PRUH VXFFHVVIXOO\

WKDQOLWHUDOWUDQVODWLRQV/HZLVDOVRSRLQWVRXWYDULRXVHUURUV%DUNVPDNHVGXHWRODFN
RIIDPLOLDULW\ZLWKWKH3HUVLDQWH[WVRQZKLFKKLVZRUNXOWLPDWHO\ UHVWV

2QWKHRWKHUKDQGWKHUHDUHMXVWDVPDQ\RUPRUHLQDFFXUDFLHVWKDWFDQEHIRXQG

LQ VRPH RI WKH WUDQVODWRUV ZKR KDYH ZRUNHG IURP WKH SULPDU\ ODQJXDJH 6WLOO VWHSV
FRXOG EH WDNHQ WR SUHYHQW VXFK HUURUV VD\E\ KDYLQJ DQ H[SHUW LQ 3HUVLDQ OLWHUDWXUH
FKHFNWKHZRUNEHIRUHLWLVSXEOLVKHG

4XDOLW\6RPHKDYHTXHVWLRQHGWKHTXDOLW\RI%DUNV ZRUNDVSRHWU\,WPD\EH

DSSHDOLQJEXWLWGRHVQRWDSSHDUWREHILQHO\FUDIWHGRUYHU\DWWHQWLYHWRVRXQGHIIHFWV
DQGRWKHUSRHWLFWHFKQLTXHV

0XFK $PHULFDQ SRHWU\ ODFNV WHFKQLFDO VRSKLVWLFDWLRQ KRZHYHU DQG D VHOI

FRQVFLRXVGHFLVLRQWRDWWHPSWDPRUHQDWXUDOYRLFLQJRIWKHSRHWLFOLQHLQVWHDGRIOLQHV
LQ ZKLFK HDFK ZRUG VHHPV WR KDYH EHHQ WKH UHVXOW RI ORQJ GHOLEHUDWLRQ LV TXLWH

FKDUDFWHULVWLF RI WKH WUDGLWLRQ LQ ZKLFK %O\ DQG %DUNV DUH ZULWLQJ )XUWKHUPRUH
0DZODYLVSRHWU\DOVRKDVDVSRQWDQHRXVTXDOLW\WRLWGHVSLWHLWVUHVSHFWIRUPHWHUDQG

UK\PH:KHQ$PHULFDQ(QJOLVKLVSXWLQWRPHWHUDQGUK\PHLWVRXQGVFRQWULYHGEXW



KWWSZZZGDUDOPDVQDYLRUJFRUUHFWLRQVBSRSXODUKWPO

ZKHQ WKLV LV GRQH LQ 0DZODYLV 3HUVLDQ LW VRXQGV QDWXUDO 6R WKHUH PD\ EH VRPH
MXVWLILFDWLRQIRUWKHVW\OHLQZKLFK%DUNVUHQGHUV0DZODYL

 5XPL DV D JXUX /HZLV FRPSODLQV WKDW %DUNV FRQYH\V DQ LPDJHRI 5XPL DV D

VRUWRI1HZ$JHJXUXZKRUHVROYHVSDUDGR[HVLQVHUHQLW\ZKLOHLQIDFWDWOHDVWLQWKH
'LYDQ KH LV H[FLWHG ZLWK KLV IUHQHWLF VHDUFK DQG FRQVWDQWO\ WR\V ZLWK XQUHVROYHG
SDUDGR[HV

7R D FHUWDLQ H[WHQW , WKLQN WKH IUHQHWLF H[FLWHPHQW GRHV FRPH DFURVV LQ %DUNV

ZRUNHYHQLIQRWZLWKWKHLQWHQVLW\RIWKHVRXUFH/HZLVIDXOWV%O\DQG%DUNVIRUWKH
EUHDWK\ NQRZLQJ SDXVHV DQG SODFLG GHPHDQRUV RI WKHLU UHFLWDWLRQ VW\OH , ZRXOG

GHPXU RQ WKH JURXQGV WKDW WKH UHFLWDWLRQV GR KDYH DQ H[FLWHPHQW WR WKHP %O\ DQG

%DUNVFHUWDLQO\DUHQRWVHGDWHLQWKHLUUHDGLQJV)XUWKHUPRUHVRPHRIWKHSDUDGR[DQG
FRQIOLFWFRPHVWKURXJKLQWKHUHQGLWLRQVDWOHDVWLQVRPHRIWKHSRHPVRI/LNH7KLV
)RUXQUHVROYHGSDUDGR[FRQVLGHUWKHVHOLQHV

)RUJHWWKHZRUOGDQGVR
FRPPDQGWKHZRUOG

,FDQWH[SODLQWKHJRLQJV

RUWKHFRPLQJV<RXHQWHUVXGGHQO\
DQG,DPQRZKHUHDJDLQ
,QVLGHWKH0DMHVW\

)RUIUHQ]\FRQVLGHUWKHVH

,KDYHDWKLUVW\ILVKLQPH

WKDWFDQQHYHUILQGHQRXJK
RIZKDWLWVWKLUVW\IRU

:KDWFDQ,VD\WRVRPHRQHVRFXUOHGXSZLWKZDQWLQJ
VRFRQVWULFWHGLQKLVORYH"

%UHDN\RXUSLWFKHUDJDLQVWDURFN
/HZLV  
5XPL/LNH7KLV2GHV9HUVLRQVE\&ROHPDQ%DUNV $WKHQV0D\SRS 

/LNH7KLV2GH

/LNH7KLV2GH

/LNH7KLV2GH



:HGRQWQHHGDQ\ORQJHU

WRKDXOSLHFHVRIWKH2FHDQDURXQG
0D\EH /HZLV LV ULJKW 0D\EH WKHUH LV QRW HQRXJK SDUDGR[ DQG IUHQ]\ LQ %DUNV WR
PDWFKWKDWRI0DZODYL %XW %DUNV GRHVFRQYH\VRPH RILWDQGKHGRHVVRLQDZD\
WKDWLVHQJDJLQJHQRXJKWRPDNHWKLVUHDGHUDWOHDVWZLOOLQJWRIRUJLYHWKHGLVSDULWLHV

6HFXODUL]DWLRQ$QXPEHURIFULWLFVKDYHIDXOWHG%DUNVIRUSUHVHQWLQJDQLPDJH

RI 0DZODYL WKDW PDNHV KLP DSSHDU WR EH OHVV UHOLJLRXV WKDQ KH ZDV DV EHLQJ PRUH
LQWHUHVWHGLQJRLQJEH\RQGWKHFRQILQHVRIDOO UHOLJLRQV WKDQREVHUYLQJWKHUXOHVIRUWKH
SUDFWLFHRI,VODP

%DUNVV ZKROHVRPH VRXOIXOQHVV VKRXOG EH FUHGLWHG IRU EULQJLQJ 5XPLV


ZRUNWRSRSXODULW\EXWLQWKHSURFHVVKHOHDYHV EHKLQGSHUKDSVWKHPRVW
LPSRUWDQWSDUWRIWKHSRHPV5XPLLVQRWDJUHDWSRHWLQVSLWHRI,VODP

VD\V:LOOLDP&KLWWLFND6XILOLWHUDWXUHVFKRODUDW6WRQ\%URRN8QLYHUVLW\
+HVDJUHDWSRHWEHFDXVHRI,VODP,WVEHFDXVHKHOLYHGKLVUHOLJLRQIXOO\
WKDWKHEHFDPHWKLVJUHDWH[SRVLWRURQEHDXW\DQGORYH

%DUNVKLPVHOIFRQIHVVHVWRWKHFKDUJHLQDQXPEHURILQWHUYLHZVEXWH[FXVHVLWRQ

WKHJURXQGVWKDWWKH$PHULFDQDXGLHQFHKHLVDLPLQJDWZLOOQRWJHWWKHPHVVDJHLILWLV
SDFNDJHGLQDZD\WKDWKLJKOLJKWVDQ\VSHFLILFRUJDQL]HGUHOLJLRQ

%DUNV VD\V KH UHZURWH D 5XPL OLQH WKDW RULJLQDOO\ UHDG LQ (QJOLVK RXW
EH\RQGZKDWLVKRO\ LQ,VODPDQGZKDWLVQRWSHUPLWWHGLQ,VODP WRRXW
EH\RQGLGHDVRIZURQJGRLQJDQGULJKWGRLQJ

,WRRNWKH,VODPRXWRILW%DUNVVD\VLQDSKRQHLQWHUYLHZIURPKLVKRPH

LQ$WKHQV*D<HDKWKHIXQGDPHQWDOLVWVRUSHRSOHZKRWKLQNWKHUHLVRQH
SDUWLFXODUUHYHODWLRQVFROGPHIRUWKLV

6HH 5DFKHO $YLY $ 5XPL RI 2QHV 2ZQ:KDWV ORVW LQ WUDQVODWLRQ GRHVQW KXUW WKLV SRHWV
SRSXODULW\KWWSZZZSRHWU\IRXQGDWLRQRUJDUFKLYHSULQWKWPO"LG 

-RQDWKDQ &XULHO 3RHW IROORZV KLV RZQ PXVH LQ WUDQVODWLQJ 6XIL P\VWLF +LV 5XPL ERRNV DUH
VXUSULVLQJEHVWVHOOHUV6DQ)UDQFLVFR&KURQLFOH7KXUVGD\$SULOKWWSZZZVIJDWHFRPFJL
ELQDUWLFOHFJL"ILOH FKURQLFOHDUFKLYH'''7/




$W LVVXH LV WKH PRVW SRSXODU RI %DUNV YHUVLRQV WKH RQH WKDW DSSHDUHG LQ WKH

VXEZD\VDQGZKLFKKDVEHHQSXWWRPXVLFDVWKHWLWOHWUDFNIRUDQDOEXPFDOOHG2XW
%H\RQG,GHDV 7KH)DUVLWH[WRIWKHSRHPLVWKLV

bYzp z] Y{ z{Y


bYuZMZ]YyZ
v]YyzvyYv]#yZ
bZkZlMY z

$OLWHUDOYHUVLRQRIWKLVSRHPZRXOGEH

2XWVLGHRIGLVEHOLHIDQG,VODPWKHUHLVDGHVHUW SODLQ
)RUXVLQWKDWH[SDQVHWKHUHLVFRPPHUFH

6LQFHWKH6XIL KDVDUULYHGWKHUHKHSXWVKLVKHDGGRZQ

1RWGLVEHOLHIDQGQRW,VODPLQQRSODFHWKHUHLVDSODFH
$V,EUDKLP*DPDUGSRLQWVRXW
7KLVSRHPLV QRWDERXWJRLQJ EH\RQGJRRGDQGHYLO5DWKHULWLVDERXW
WKH P\VWLF
V JRLQJ EH\RQG WKH OLPLWDWLRQV RI WKH PLQG DQG LWV EHOLHIV LQ

IDYRURIWKLVDJDLQVWWKDW DQGJRLQJGLUHFWO\WR'LYLQH5HDOLWLHV,W LVQRWD


UHMHFWLRQ RI ,VODP 5DWKHU LW PHDQV *R EH\RQG \RXU EHOLHIV DERXW
ZKHWKHUWKH
VXQ
H[LVWVRUQRWMXVWORRNDWLWGLUHFWO\

,I ZH FRPSDUH WKH RULJLQDO ZLWK WKH YHUVLRQ E\ %DUNV ZH ILQG WKDW %DUNV KDV

ZULWWHQ D SRHP WKDW EHDUV YHU\ OLWWOH UHVHPEODQFH WR 5XPLV 7DNH D ORRN DJDLQ DW
%DUNVSRHP

2XWEH\RQGLGHDVRIZURQJGRLQJDQGULJKWGRLQJ
WKHUHLVDILHOG,
OOPHHW\RXWKHUH

'DYLG:LOFR[DQG1DQFH3HWWLWKWWSZZZRXWEH\RQGLGHDVRUJ
%DGLDO=DPDQ)DUX]DQIDU.XOL\\DWH6KDPV9RO 7HKUDQ$PLU.DELU '5
7KLV LV P\ WUDQVODWLRQ ,W LV HVVHQWLDOO\ OLNH *DPDUGV H[FHSW WKDW KH XVHV SDVVLRQ ZKHUH , SXW
FRPPHUFH

KWWSZZZGDUDOPDVQDYLRUJFRUUHFWLRQVBSRSXODUKWPO%\&ROHPDQ%DUNV





:KHQWKHVRXOOLHVGRZQLQWKDWJUDVV
WKHZRUOGLVWRRIXOOWRWDONDERXW

,GHDVODQJXDJHHYHQWKHSKUDVHHDFKRWKHU
GRHVQ
WPDNHDQ\VHQVH

,Q 0DZODYLV SRHP WKHUH LV NXIU GLVEHOLHI  DQG ,VODP LQVWHDG RI ZURQJGRLQJ DQG
ULJKWGRLQJDQGDOVRLQVWHDGRI ZKDW%DUNVWKRXJKWZDVWKHUH ZKDWLVKRO\LQ,VODP

DQG ZKDW LV QRW SHUPLWWHG LQ ,VODP 7KHQ LQ 0DZODYLV SRHP WKH PHHWLQJ RU
FRPPHUFHWDNHVSODFHLQDGHVHUWQRWZLWKWKHVRXOO\LQJGRZQLQWKHJUDVV7KHODVW

FRXSOH OLQHV RI %DUNV SRHPLV YHU\ PXFK OLNH WKHVRUW RI WKLQJ 5XPL VD\VLQ RWKHU
SRHPVEXWQRWLQWKLVRQHDQG%DUNVOHDYHVRXWWKHSURVWUDWLRQWKDWLVLQWKHRULJLQDO

DVZHOODVWKHSDUDGR[LFDOSODFHZKHUHWKHUHLVQRSODFH6RWKHUHLVUHDOO\QRWPXFK
WKDW%DUNVSRHPDQG0DZODYLVTXDUWUDLQKDYHLQFRPPRQ

5DFKHO$YLYLVUDWKHUKDUGRQ%DUNVDQGIDXOWVKLVSRHPIRUDSSHDOLQJWRPRUDO

UHODWLYLVPDPRQJKLVUHDGHUVZKRDUHQRWZLOOLQJWRIDFHWKHIDFWVWKDWWKHUHLVPRUDO
IDLOXUHLQWKHZRUOG+RZHYHU%DUNVGRHVQWVD\WKDWLQWKHSRHPDQGWKHUHDUHPRUH

FKDULWDEOH ZD\V LW FRXOG EH XQGHUVWRRG 2QH FRXOG WDNH %DUNV SRHP WR PHDQ
VRPHWKLQJ DORQJ WKH OLQHV WKDW *DPDUG VD\V WKH RULJLQDO ZDV DERXW EXW WKHUH LV

REVFXULW\ LQ %DUNV WKDW LV QRW SUHVHQW LQ WKH SULPDU\ WH[W 7KH LVVXH LV QRW D

IXQGDPHQWDOLVWLQVLVWHQFHRQWKHH[FOXVLYLW\RIUHYHODWLRQEXWRQFRQYH\LQJWKHVSLULW
RI 5XPLVSRHPV2XWEH\RQGLGHDVLV MXVWDQH[DPSOH7KH UHDGHU VKRXOG UHIUDLQ

IURPDWWULEXWLQJWR5XPLZKDWLVIRXQGLQWKHUHQGLWLRQV%DUNVKDVFODLPHGWKDWWKH
GLIIHUHQFHEHWZHHQKLVZRUNRQ5XPLDQGKLVRZQSRHWU\LVWKDWLQKLVZRUNRQ5XPL
KHWULHVWR JHWRXWRIWKHZD\ZKLOHLQKLVRZQ SRHWU\ KHSXWVKLVRZQIHHOLQJVDQG

WKRXJKWV LQWR WKH SRHPV :KDW FULWLFV OLNH $YLY *DPDUG DQG /HZLV TXHVWLRQ LV
ZKHWKHU %DUNV LV UHDOO\ VXFFHVVIXO DW JHWWLQJ RXW RI WKH ZD\ :KHQ RQH PDNHV D

FRQVFLRXVHIIRUWWROHDYHRXWWKH*RGZRUGVDQGH[SOLFLWUHIHUHQFHVWR,VODPRQHLV
FRPSURPLVLQJWKHVHQVLELOLW\RXWRIZKLFKWKHSULPDU\ SRHWU\DURVH

$WLWVPRVWH[WUHPHWKLVFDQDSSURDFKFHQVRUVKLSLQZKLFKPRUHSDODWDEOHZRUGV

DUH SXW LQWR 5XPLV PRXWK WKDQ WKRVH KH DFWXDOO\ XWWHUHG &RQVLGHU WKH PHVVDJH RI
UHOLJLRXVSOXUDOLVPDWWULEXWHGWR5XPLLQWKLVTXDWUDLQE\%DUNV
7ZRKDQGVWZRIHHWWZRH\HVJRRG
DVLWVKRXOGEHEXWQRVHSDUDWLRQ



RIWKH)ULHQGDQG\RXUORYLQJ
$Q\GLYLGLQJWKHUH

PDNHVRWKHUXQWUXHGLVWLQFWLRQVOLNH-HZ
DQG&KULVWLDQDQG0XVOLP

7KHWH[WIURPZKLFKWKLVDGDSWDWLRQZDVPDGHLV
bYyub# ubZ ubdu
bZsvZ]u uZY

bYvsu^ bYZ]

bZzc ukbYvu~z
$QLQDUWLVWLFUDWKHUOLWHUDOUHQGHULQJRIWKLVLVDVIROORZV
<RXUKDQGVWZR\RXUIHHWWZR\RXUH\HVWZRWKDWVULJKW
+RZHYHULIKHDUWDQGEHORYHGDUHWZRWKDWVDQHUURU
7KHEHORYHGLVDQH[FXVHWKHZRUVKLSSHGLV*RG
:KRHYHULPDJLQHVWZRLVD-HZDQGD&KULVWLDQ

+HUH 0DZODYL LV VD\LQJ WKDW GXDOLW\ LV SURSHU LQ VRPH FDVHV EXW QRW ZLWK UHJDUG WR
RQHVEHORYHG7KHQKHDGPLWVWKDWWDONRIWKHEHORYHGLVDQH[FXVHEHFDXVHKLVUHDO
LQWHQWLRQLVWRWDONRIORYHIRU*RG7KHODVWOLQHLVQRWDWKHRORJLFDOFRQGHPQDWLRQRI
-XGDLVPRU&KULVWLDQLW\VRPXFKDVSUHVXPSWLRQWKDWSXUHPRQRWKHLVPLVH[FOXVLYHO\

IRXQGLQ,VODPDQGLIDQ\RQHLPDJLQHVDQ\GXDOLW\ZLWKUHJDUGWR*RGKHLVWDNLQJD

UHOLJLRXVSRVLWLRQLQIHULRUWR,VODP DQGWKXVLVPDLQWDLQLQJDSRVLWLRQOLNHWKDWRIWKH

-HZV DQG &KULVWLDQV 2I FRXUVH -HZV DQG &KULVWLDQV FRXOG EH H[SHFWHG WR ILQG WKLV
LQVXOWLQJIRUWKH\FRQVLGHUWKHPVHOYHVQROHVVPRQRWKHLVWLFWKDQ0XVOLPV:KDWLVDQ

DGDSWRUWRGR"%DUNVFRXOG KDYHMXVWOHIWWKLVSRHPRXWRIWKHFROOHFWLRQ ,QVWHDGKH

SXW LW LQ FHQVRUHG WKH H[FOXVLYLVW VHQWLPHQWV DQG UHSODFHG WKHP ZLWK WKH FODLP WKDW

GLVWLQFWLRQVDPRQJUHOLJLRQVGRQRWUHDOO\PDWWHU+HDOVRUHLQWHUSUHWHGWKHGXDOLW\DV
VHSDUDWLRQ EHWZHHQWKHORYHU DQG EHORYHG LQVWHDG RI KDYLQJPRUHWKDQ RQH EHORYHG

-RKQ0R\QHDQG &ROHPDQ %DUNV8QVHHQ5DLQ4XDWUDLQVRI5XPL 3XWQH\7KUHVKROG %RRNV


 




6R%DUNV WXUQV D SRHP WKDWFRQGHPQV GXDOLW\ LQ WKHREMHFWRI ZRUVKLS LQWRD SRHP
FRQGHPQLQJGLVWLQFWLRQVDPRQJZRUVKLSSHUV

,QKLVGHIHQVHRQHPLJKWSRLQWRXWWKDW0DZODYLGRHVVD\WKLQJVLQRWKHUSODFHV

WKDWLQGLFDWHWKDWH[WHUQDOGLIIHUHQFHVLQWKHPDQQHURIWUXHZRUVKLSDUHXQLPSRUWDQWLQ

FRPSDULVRQ ZLWK WKH VLQFHUH ORYH RI WKH ZRUVKLSSHU %XW WKH LGHD WKDW GLVWLQFWLRQV
DPRQJ WKH UHOLJLRXV GHQRPLQDWLRQV SHU VH DUH XQWUXH LV IRUHLJQ WR 5XPLV WKRXJKW

:KDWLVDIILUPHGE\0DZODYLLVDORYHWKDWFURVVHVGHQRPLQDWLRQVHYHQWRWKHSRLQW
WKDWRQHFDQLGHQWLI\ZLWKWKHIROORZHUVRIGLIIHUHQWIDLWKV7KLVKRZHYHULVQRWWRVD\
WKDW WKHUHLV QR GLIIHUHQFH DPRQJ WKH UHOLJLRXV YLHZV RU WKDWEHLQJ D 0XVOLP LV QRW
LPSRUWDQW&RQVLGHUWKHIROORZLQJTXDWUDLQ

WYv- Z-WZ

WZzc- u - R uuz-uz\ZZvYZc
WZz]cy]{yz

$OLWHUDOUHQGHULQJZRXOGEH
:HDUHVXFKWKDWVRPHWLPHVZHDUHKLGGHQDQGVRPHWLPHVIRXQG

6RPHWLPHVZHDUHEHOLHYHUVVRPHWLPHV-HZVDQGVRPHWLPHV&KULVWLDQV
8QWLOWKLVKHDUWRIRXUVEHFRPHVWKHFDVWIRUHYHU\KHDUW
(YHU\GD\ZHFRPHRXWLQDQRWKHUIRUP

%DUNV YHUVLRQLV
6RPHWLPHVYLVLEOHVRPHWLPHVQRWVRPHWLPHV

GHYRXW&KULVWLDQVVRPHWLPHVVWDXQFKO\-HZLVK
8QWLORXULQQHUORYHILWVLQWRHYHU\RQH

DOOZHFDQGRLVWDNHGDLO\WKHVHGLIIHUHQWVKDSHV
$OWKRXJK WKHVDQFWLRQV%DUNVLPSRVHVRQWDONRI*RGDQG,VODP DUHQRWDEVROXWH

E\DQ\PHDQVZKHQRQHFRPSDUHVKLVYHUVLRQVZLWKWKHRULJLQDOVLWLVFOHDUWKDWWKH



8QVHHQ5DLQ



FULWLFVDUHULJKWWKHDWWHQWLRQWR*RGDQGREVHUYDQFHRI,VODPDUHPXFKWKLQQHULQWKH
YHUVLRQVWKDQLQWKHSULPDU\WH[WV

7KHSURFHVVRIVHFXODUL]DWLRQLVQRWRQO\RQHRISOD\LQJGRZQWKHRYHUWO\UHOLJLRXV

LQWKHUHQGLWLRQV6RPHKDYHFRPSODLQHGWKDW%DUNVLQWURGXFHVVH[XDOWKHPHVWKDWDUH

QRW IRXQG LQ WKH SULPDU\ WH[WV 7KLV KDSSHQV UDUHO\ 7KHUH DUH VXIILFLHQW H[SOLFLW

UHIHUHQFHV WR VH[ LQ 0DZODYLV SRHWU\ WR HPEDUUDVV HYHQ WKRVH ZKR HQMR\ DQ
RFFDVLRQDO EDZG\ MRNH OHW DORQH D 9LFWRULDQ OLNH 1LFKROVRQ ZKR SXW VXFK OLQHV LQ

/DWLQ WR VSDUH WKH XQHGXFDWHG DQ\ YXOJDU WLWLOODWLRQ %DUNV KDV DQ HQWLUH FROOHFWLRQ
GHYRWHGWRWKLVSRHWU\ DQGZKLOH WKLVPDWHULDOLVGLVSHUVHGWKURXJKWKHFRXUVHRIWKH
0DWKQDYLSXWWLQJLWDOOLQRQHSODFHPLJKWJLYHDVNHZHGLPSUHVVLRQ

7KH5XPL SUHVHQWHGE\%DUNVPLJKWQRWEHDQDWXUDOL]HG$PHULFDQFLWL]HQEXWWKH

VHQVLELOLW\ RQH ILQGV LQ WKH RULJLQDO ODQJXDJH LV QRW DV LQ WXQH ZLWK FRQWHPSRUDU\

$PHULFDQ VHQVLELOLWLHVDV RQH ZRXOG LPDJLQHE\ UHDGLQJ %DUNV %DUNV KLJKOLJKWV WKH
SOXUDOLVWLF DQG WKHVHQVXDODQGRIIHUVDVSLULWXDOLW\WKDWLVOLWHLQUHOLJLRXVFRQWHQW7KH
SLFWXUHRQHJHWVRI5XPLLVQRWXQUHFRJQL]DEOHEXWVRPHDVSHFWVDUHHPSKDVL]HGDQG
RWKHUVPLQLPL]HG7KHUHVXOWLQJGLVWRUWLRQLVQRWVRJUHDWWKDWDQ\PRUHRIDFDULFDWXUH

ZRXOG UHQGHU WKH VXEMHFW XQUHFRJQL]DEOH 6WLOO WKH GLVVDWLVIDFWLRQ IHOW E\ WKRVH ZKR
ZRXOGOLNHWRSUHVHQWDVDFFXUDWHDSLFWXUHRI0DZODYLDVSRVVLEOHLVXQGHUVWDQGDEOH

%DUNV LQWURGXFHV SRLQWV LQ KLV UHQGLWLRQV WKDW DUH DEVHQW LQ WKH SULPDU\ WH[W EXW

WKDW PDNH KLV SRHWU\ PRUH LQWHUHVWLQJ WKDQ WKH\ ZRXOG RWKHUZLVH EH DV H[DPSOHV RI

$PHULFDQ IUHH YHUVH &RPSDULVRQV ZLWK WKH 3HUVLDQ RULJLQDOV DUH D GLVWUDFWLRQ ,W
PDNHV RQH IRFXV RQ WKH GLIIHUHQFHV EHWZHHQ WKH SULPDU\ WH[W DQG WUDQVODWLRQ

+RZHYHU LI ZH ORRNDW VRPH H[DPSOHVRI UHQGLWLRQV E\ GLIIHUHQW SHRSOH ZKR PDNH

$PHULFDQ SRHWU\ EDVHG RQ 5XPL WKH TXDOLW\ RI %DUNV YHUVLRQV LV QRW GLIILFXOW WR

DSSUHFLDWH %DUNVLVDEOHWRSXWLQWHUHVWLQJLPDJHVDQGLGHDVLQWRKLVSRHWU\EHFDXVHKH
LVQRWWLHGWRWKHSULPDU\WH[WV&RQVLGHUWKHIROORZLQJ
vZyZ]buaZp]M {Y

vZyZtbu^-yu
&ROHPDQ%DUNV5XPL'HOLFLRXV/DXJKWHU5DPEXQFWLRXV7HDFKLQJ6WRULHVIURPWKH0DWKQDZL
$WKHQV0D\SRS 




uu{YbY$yuvvZyYuY$yuZk#

$Q DOPRVW OLWHUDO UHQGHULQJ RI WKLV ZRXOG EH DV IROORZV H[FHSW WKDW , KDYH XVHG
ZLQGRZIRUGDULFKHK OLWWOHGRRU 

%HFDXVHRIWKHZDWHURIOLIHRIWKHIULHQGQRRQH VLFN UHPDLQV


,QWKHURVHEXVKRIXQLRQZLWKWKHIULHQGQRWDWKRUQ UHPDLQV
7KH\VD\WKHUHLVDZLQGRZ IURPKHDUWWRZDUGVKHDUW

:KDWSODFHLVWKHUHIRU DZLQGRZZKHUHQRZDOOUHPDLQV"
%DUNV YHUVLRQLV
7KHFOHDUEHDGDWWKHFHQWHUFKDQJHVHYHU\WKLQJ
7KHUHDUHQRHGJHVWRP\ORYLQJQRZ

,YHKHDUGLWVDLGWKHUHVDZLQGRZWKDWRSHQV
IURPRQHPLQGWRDQRWKHU

EXWLIWKHUHVQRZDOOWKHUHVQRQHHG
IRUILWWLQJWKHZLQGRZRUWKHODWFK

%DUNVOHDYHVRXWWKHURVHEXVKDQGWKHZDWHURIOLIHDQGUHSODFHVDOOWKDWE\WKHFOHDU
EHDG RI ZDWHU DW WKH FHQWHU WKDW FKDQJHV HYHU\WKLQJ DQG ORYLQJ ZLWKRXW HGJHV 7KH

FOHDU GURS DQG DEVHQFH RI HGJHVDUH LQWHUHVWLQJ LPDJHV ZKLOH WKHZDWHURI OLIH WR

WKH FRQWUDU\ FRQMXUHVLPDJHVRIVRPHRQHVHDUFKLQJIRUWKHIRXQWDLQRI\RXWKRUVRPH


VRUWRIPDJLFDQGWKHURVHEXVKDQGLWVWKRUQVVHHPVRYHUGRQH7KHFOHDUEHDGDQGQR

HGJHV VRXQG FRQWHPSRUDU\ )XUWKHUPRUH %DUNV LQWURGXFHV D UHODWLRQ WKHUH ,W LV
EHFDXVH RI WKH EHDG RI ZDWHU WKDW WKH HGJHV WR WKH ORYH GLVDSSHDU 7KLV DGGV

FRKHUHQFH7DONRIILWWLQJWKHZLQGRZDQGDGGLQJWKHODWFKSXWVPRUHDFWLRQLPDJHVLQ
WKHSRHPVRWKDWLWVD\VWKDWWKHUHLVQRQHHGIRUDOOWKDWZRUNEHFDXVHRIWKHUHEHLQJ
QRZDOO

,WLVQRWKDUGWRILQGZRUVHWUDQVODWLRQVRIWKLVTXDWUDLQ&RQVLGHUWKHVDFFKDULQH

YHUVLRQE\-RQDWKDQ6WDU



+LVVZHHWZDWHUFOHDQVHGP\VRXO
DQGUHPRYHGLWVHYHU\VRUURZ

1RZZHDUHMRLQHGLQSHUIHFWXQLRQ
7KH\VD\ORYHRSHQVDGRRU
IURPRQHKHDUWWRDQRWKHU
%XWLIWKHUHLVQRZDOO

KRZFDQWKHUHEHDGRRU"
,QVRPHUHVSHFWV6WDUVYHUVLRQLVFORVHUWRWKHVRXUFHWKDQ%DUNVEXW6WDUVYHUVLRQ
IDLOVE\OHDYLQJQRWKLQJWRWKHLPDJLQDWLRQ7KHVHFRQGDQGWKLUGOLQHVRI6WDUVSRHP
DUHWRRLGHDOLQWKHLULPDJHVRIWKHSHUIHFWKRQH\PRRQ:DWHUFOHDQVLQJWKHVRXODOVR

VHHPVUDWKHUWULWH,Q%DUNVSRHPWKHPLQGLVLQYLWHGWRTXHVWLRQ:KDWLVWKHFOHDU

EHDG" +RZ GRHV LW FKDQJH HYHU\WKLQJ" +RZ GLG ORYLQJ KDYH HGJHV DQG ORVH WKHP"
7KHUH DUH QR VXFK TXHVWLRQV WR EH DVNHG XSRQ UHDGLQJ 6WDUV SRHP %DUNV SRHP LV

VXSHULRUEHFDXVHLWGUDZVXVLQZLWKLWVTXHVWLRQVMXVWDV0DZODYLVDWWUDFWLRQOLHVLQ
WKH ZD\ LW SURPSWV XV WR DVN ZKDW VRUW RI XQLRQ FRXOG WKHUH EH LQ D URVHEXVK ,W LV
VXJJHVWLYH$SRHPIDLOVZKHQLWGRHVQRWPDNHWKHUHDGHUSUREHRUVHHNEH\RQGZKDW
LWVWDWHV

7KHIROORZLQJTXDWUDLQEULQJVWRJHWKHUWKHPHVRISRODULW\DQGXQLRQ
yZ],yc yYuY|s,y
yZs -vZvvYZc

yYvuZtv#yY- yZsY
yY|.Yvt]]s#z]

$UDWKHUOLWHUDOUHQGHULQJPD\EHJLYHQDV
,KDYHWKHFRORURIDXWXPQDQG\RXWKHFRORURIVSULQJ

$VORQJDVWKHVHWZRKDYHQRWEHFRPHRQHWKHIORZHUDQGWKLVWOHGRQRWFRPH
7KLVWKLVWOHDQGIORZHULIWKH\KDSSHQWRFRQWUDVWWRWKHVLJKW
7RWKHH\HLQFRQWUDVWVPLOHDWWKLV2PHDGRZ

-RQDWKDQ 6WDU $ *DUGHQ%H\RQG3DUDGLVH 7KH 0\VWLFDO 3RHWU\RI 5XPL 1HZ <RUN %DQWDP
%RRNV 




+HUHLV%DUNVUHQGLWLRQ
3ROHVDSDUW,PWKHFRORURIG\LQJ\RXUHWKHFRORU
RIEHLQJERUQ 8QOHVVZHEUHDWKHLQHDFKRWKHU
WKHUHFDQEHQRJDUGHQ

6RWKDWVZK\SODQWVJURZDQGODXJKDWRXUH\HV
ZKLFKIRFXVRQGLVWDQFH

,OLNH0DZODYLVSRHPPRUHEXW%DUNVKDVDJRRGSRHPWRR0D\EHWKH\VKRXOGQW
EHFRPSDUHG%DUNV SRHPKDVDWWUDFWLYHLPDJHVRISODQWVEUHDWKLQJDQGODXJKLQJDQG
WKHUHLVVWLPXODWLRQWRVHHNIXUWKHUDERXWZKDWLVEHLQJZDWFKHGLQWKHGLVWDQFH

6RP\DGYLFHWRWKRVHZKRZRXOGUHDG%DUNVLVWKDWKLVSRHWU\VKRXOGEHHQMR\HG

DVKLVRZQQRWDV5XPLV+LVDWWULEXWLRQVWR5XPLDUHWKHDFNQRZOHGJHPHQWRIKLV

GHEW +LV SRHPV DUH LQVSLUHG E\ DQG WR D JUHDW H[WHQW IROORZ WKRVH RI 0DZODYL EXW
WKH\ UHPDLQ KLV RZQ 7KH\ DUH IXOO RI KLV RZQ LGHDV KLV RZQ LQVLJKWV DQG KLV RZQ
DWWHPSWVWRXQGHUVWDQG0DZODYL7KH\KDYHWKHLURZQEHDXW\ZKLFKLVQRWWKHVDPH

DVWKHEHDXW\RI0DZODYLVSRHWU\DOWKRXJKLWLVEHDXW\ IRUDOOWKDW+LVSRHPVKDYH
LQVSLUHGPDQ\WRVHHNWRXQGHUVWDQG0DZODYLIRUWKHPVHOYHVWRR%DUNV SRHPVDOVR

FRQYH\DVSLULWWKDWLVVHDUFKLQJ+HVSHDNVLQDQ$PHULFDQYRLFHLQSODLQVSHHFKDQG
KDVGHGLFDWHGKLVOLIHWRRIIHULQJXSKLVYRLFHWRH[SUHVVZKDWKHILQGVZKHQUHDGLQJ
WUDQVODWLRQVRI0DZODYL7KHUHLVJUHDWKXPLOLW\LQWKDW

, RIIHUWKHVH UHPDUNV UHYLHZ RI FULWLFLVPV DQG UHIOHFWLRQV LQ WULEXWH WR &ROHPDQ

%DUNV DV D JUHDW $PHULFDQ SRHW ZKR KDV GHGLFDWHG KLV OLIH WR WKH FRQWLQXRXV

LQWURGXFWLRQRI RQHRIWKHJUHDWHVW0XVOLPSRHWVWRSHRSOHZKRZRXOGRWKHUZLVHQHYHU

KDYHKHDUGRIKLP+HVSHDNVZLWKDVSRQWDQHRXVDQGMR\IXOYRLFHDVGLG0DZODYL
8OWLPDWHO\%DUNVSRHWU\OLNH0DZODYLVLVSUDLVHWR*RG 7KHMR\ZHWDNHLQ%DUNV
SRHWU\LVGXHWRWKHMR\JLYHQE\*RGVJUDFHWRWKRVHZKRVWDQGLQ+LVSUHVHQFH
7KHRQHZKRIORRGVWKHSULYDWHVDQFWXDU\
,YHEXLOWZKRWDNHVDZD\VOHHS
ZKRGUDJVDQGWKURZVPHXQGHU

WKDWSUHVHQFHLVWKHMR\,VSHDN


8QVHHQ5DLQ



You might also like