Professional Documents
Culture Documents
6SHFWDFXODU
6WLUOLQJ 0RVV
7KH JHQWOHPDQ RI WKH WUDFN
!'&'2,
$" '
-,3"
'% '& "& 0! 40,+- $'3$6
* 4$> 4 (* *&$":$*( 2$:5 $( $&&5 =$3 && $( :# *4' &*? ( 5( :*
#
$5 :# #4$:A :#: 5>5 &$>5 : 5/ # *A&
:$*(& $*: (5:$:=:$*( #4$:A 4"$5:4 $( ("&( ( &5 -<B)7B;. *:&( -B;66;7. :# ,=&$ * 4&(
- <76 ( <BBB;;<7. :# $&$?$% *
45A -+!. :# 5& * ( -+;B ( BB7;<). :# $&$?$% * =4(5A ( &4(A * 5: =A * **& *45: + +
&217(176
$ 3LFWXUH RI (QJODQG %\ /LQGD )UHQFK
6XPPHU
(GLWRU¶V /HWWHU
&RUQXFRSLD 8QXVXDO VWRULHV DQG JRLQJV RQ
+LVWRULF +RPHV RI (QJODQG
&DUROLQH :KHDWHU LV DW WKH &KXUFKLOOV¶ &KDUWZHOO
$ /LIH RI 6HUYLFH
3DXO -DPHV SD\V WULEXWH WR WKH 'XNH RI (GLQEXUJK
&RWWRQ &RPHV +RPH
0DLUL +XJKHV RQ WKH UHWXUQ RI FRWWRQ SURGXFWLRQ
,Q 3UDLVH RI 0RGHUQ %ULWDLQ
%ULDQ 9LQHU RQ WKH (QJOLVK DQG WKH EDUEHFXH
'HFHQF\ %HIRUH 9LFWRU\
6WLUOLQJ 0RVV ZDV WKH JHQWOHPDQ RI WKH WUDFN VD\V
VXSHUIDQ 5LFKDUG +ROGVZRUWK
0DNH D 6SODVK
-RKQ *UHHYHV GLSV LQWR WKH ZRUOG RI WKH OLGR
$ 6KLS 1DPHG 2KLR
7KH H[WUDRUGLQDU\ VWRU\ RI 2SHUDWLRQ 3HGHVWDO
/HJLRQ RI +RSH
7KH 5R\DO %ULWLVK /HJLRQ LV VD\V *DLO &ROOLQV
([SORUH (QJODQG
1HLO 0F$OOLVWHU RQ 6XQGHUODQG DQG LWV VXUURXQGV
6SDFH 2G\VVH\
7KH ILUVW %ULW LQ VSDFH E\ 7UDFH\ 6WHHO
)RUJHWPH1RWV
7KH KHDUWHQLQJ WDOH RI WKH 6DOWHUQ &KDOHW
&RXQWU\ %R\ DW +HDUW
/LQ %HQVOH\ RQ -XOLDQ 7HQQ\VRQ¶V SDVVLRQ IRU
WKH 6XIIRON FRXQWU\VLGH
(GLWRU $QJHOD /LQIRUWK
*URZLQJ *DLQV )HDWXUHV (GLWRU ,VREHO .LQJ
*LOO 6KDZ PHHWV DOORWPHQWHHUV LQ :HVW /RQGRQ &RQWHQW 3URGXFHU 0DLUL +XJKHV
6XPPHU LV IRU )RUDJLQJ (GLWRULDO 7KLV (QJODQG 0DJD]LQH
)URP IRUHVW WR SDQ 0DLUL +XJKHV RQ D IRRG WUHQG )OHHW 6WUHHW /RQGRQ (&$ +6
3RVW %R[ <RXU OHWWHUV 7HOHSKRQH 8.
*UHDW %ULWRQV 2YHUVHDV
*UDKDP %HEELQJWRQ RQ FRQGXFWRU ,ULV /HPDUH (PDLO HGLWRU#WKLVHQJODQGFRXN
6RXQG LQ WKH 5RXQG
$QGUHZ 6KDZ RQ WKH 5R\DO $OEHUW +DOO DW $GYHUWLVLQJ
(OXVLYH /RYH 7HOHSKRQH
1DQF\ 0LWIRUG¶V WURXEOHG OLIH E\ /DXUD 7KRPSVRQ (PDLO DGYHUWLVLQJVDOHV#GFWPHGLDFRXN
7KH 3OD\¶V WKH 7KLQJ
6DOHV6XEVFULSWLRQV
7KH WUHDW RI RXWGRRU WKHDWUH E\ )LRQD 0RXQWIRUG 7KLV (QJODQG 32 %R[
+HULWDJH &KXUFK $OO 6DLQWV¶ %URFNKDPSWRQ +D\ZDUGV +HDWK 6XVVH[ 5+ /4
3RHWV¶ &RUQHU DQG 3RHW RI WKH 3DVW 7HOHSKRQH )5((3+21(
0\ (QJODQG -RKQQ\ -RKQVRQ
*DUGHQHU¶V 1RWHV %\ -XOLHW 5REHUWV 0RQ)UL DPSP
7KH %RRNVKHOI 2YHUVHDV
6XPPHU 'LDU\ (PDLO VDOHV#WKLVHQJODQGFRXN
2FHDQ $Q 2GH %\ (GZDUG <RXQJ ,QWHUQHW ZZZWKLVHQJODQGFRXN
$QQXDO VXEVFULSWLRQ UDWHV TXDUWHUO\ HGLWLRQV LQF SRVWDJH DQG SDFNLQJ 8. DGGUHVVHV
2YHUVHDV DGGUHVVHV
E\ $LUPDLO
3HUVRQDO GROODU FKHTXHV DFFHSWHG IURP 86$ DW SHU VXEVFULSWLRQ &DQDGD $XVWUDOLD 1HZ =HDODQG (XUR á
+ $"".. .$ $0+#!," $ . ,. ,.#+, # 3 . .$+,* $ $
+. 2 ,
#$+ 3 . #&##.
+,, .#+, +#,.$# '
() 3$0 1 $"&!#. 3$0 # "! 0,
. ++,.$+.$",$#)$)0 $+ 2+. .$ . +, .$+ .
, #!#
$",$# $) .)
% !. .+. $#$# /
E\ /LQGD )UHQFK
@ -@6 D2 -+ B-?6 !67< '77?
%%%
3$
-"*
'67< '77? ;. <%+ ;"
;>>3DD ;#.3D
/6 5?6<6 <%6 <63 ;.,3D ;=839>
>2 .D2 .D2
4 )+6 4 )+6
6*7 + -+'<'-+7 '67< 5?6<6 ;. <%+ ;" /6 5?6<6 <%6 <63 ;.9 7?76'/<'-+ - 6 '7 @')) -6 )'@6B A'<%'+ <% B '6< '< -+)B3
@677 '6< '<
6< ;>>3#D !67< 5?6<6 ;.3#D <%+ ;8 <%6 <63 @')) -6 +( -?+<7 -+)B3 D2 7@'+$ 7 -+ ;. - 6 /6' -*/6 <- 7<+6 5?6<6)B /6'3 6/' 6<7
@')) B %5? + 6'< 63
+ B6 '7-?+< /6&/' 6< ;.,3D -6 ;>3D
@677 7@'+$ .D23
@677 /6'7 '+ -<%6 ?66+'7 6 @')) -+ //)'<'-+
/)7 ') 4## .=> "8"D">3 )7 ))-A ?/ <- >&B7 -6 )'@6B 6-* 6'/< - /B*+<3
6 +7 =.7< ?$?7< >D>.3
(GLWRU¶V /HWWHU
. ( -3-$
&2518&23,$
' % )%' % )$ %'%
$ '' %' $% ))%) ""%#
:LWK SLSHV WKH 5R\DO $OEHUW HDFK QRWH RQ HYHU\ VWRS IURP WKH
+DOO RUJDQ ZDV WKH ODUJHVW LQ WKH ZRUOG FRQVROH VR WKDW , FDQ JHW DQ RYHUDOO
ZKHQ LW ZDV LQVWDOOHG \HDUV DJR SLFWXUH 7KLV FDQ WDNH QHDUO\ DQ KRXU
0LFKDHO %URDGZD\ VKDUHV ZKDW LW¶V EXW LW¶V ZRUWKZKLOH DV LW FDQ VKRZ XS
OLNH WR EH LWV FXVWRGLDQ KH¶V JRLQJ GLVFUHSDQFLHV VXFK DV D VOLSSHG UHHG
VWURQJ LQ WKH MRE DIWHU \HDUV WRQJXH ZKLFK PLJKW EH OHVV DSSDUHQW
³,GHDOO\ , VKRXOG VSHQG DERXW IRXU LQ QRUPDO SOD\LQJ $ FRPSOHWH
KRXUV WXQLQJ LQ D VLQJOH VHVVLRQ RQFH WXQHWKURXJK RI DOO WKH ÀXH ZRUN
HYHU\ WZR WR WKUHH ZHHNV ,Q UHDOLW\ , ZRXOG WDNH DERXW KRXUV
KDYH WR WDNH HYHU\ FKDQFH ,¶P JLYHQ ³:KHQ +0 WKH 4XHHQ LV SUHVHQW ,
<RX GR RQH JRRG WKLQJ RU VR
± LW¶V QRW XQNQRZQ IRU PH WR VWDUW DW FRPH WKH GD\ EHIRUH WR MRLQ WKH VHDUFK
DUW GHDOHU &DUROLQH :LVHPDQ PXVW
DW QLJKW 7KH %%& 3URPV VHDVRQV WHDP WR ZDON WKURXJK WKH RUJDQ 7KLV
KDYH WKRXJKW ZKHQ VKH ODLG
DUH WKH PRVW GLI¿FXOW WLPH :H DOO XVHG WR EH FDUULHG RXW E\ D VQLIIHU GRJ
$QWRQ\ *RUPOH\¶V 4XDUWHW IRXU
ZDQW WR JHW LQWR WKH DXGLWRULXP DQG EXW VRPH \HDUV DJR ZH IRXQG PDQ\
LURQ EROODUGV RQ $OGHEXUJK¶V
GLSORPDF\ LV DOOLPSRUWDQW VPDOO SLSHV NQRFNHG RXW RI WKHLU KROHV
EHDFK )LUVW WKH UHVLGHQWV SRNHG
³7KH JKRVW RI +HQU\ :LOOLV ZKR ZKHUH WKH GRJ KDG EHHQ RYHU
IXQ ZLWK FRPPHQWV VD\LQJ WKH\
EXLOW WKH RUJDQ LQ LV VDLG WR NHHS HQWKXVLDVWLF ZLWK ERWK QRVH DQG WDLO
ORRNHG OLNH ³VRPHWKLQJ RXW RI
DQ H\H RQ LW )RUPHU WXQHU 0U &OD\ , ³, FDQ UHPHPEHU FRPLQJ KHUH ZKHQ
$QQ 6XPPHUV´ WKHQ VKH ZDV WROG
WKLQN ZDV PDNLQJ WKH ¿QDO YLVLW RI WKH , ZDV DW VFKRRO DQG KDYH QHYHU
VKH QHHGHG SODQQLQJ SHUPLVVLRQ
:LOOLV FRQWUDFW EHIRUH WKH +DUULVRQ IRUJRWWHQ WKH ILUVW VLJKW RI WKLV
)LQDOO\ $QWRQ\ KLPVHOI ZHLJKHG
+DUULVRQ UHEXLOG LQ WKH V +H VDZ DPD]LQJ LQVWUXPHQW 7KH SULGH DQG
LQ VD\LQJ WR WKH FRXQFLO WKDW KLV
:LOOLV WKHUH VD\LQJ ³7KH\ VKDQ¶W WDNH VDWLVIDFWLRQ IRU PH FRPHV VLPSO\ IURP
ZRUN ZDV ³PLVUHSUHVHQWHG´ DQG
P\ RUJDQ IURP PH´ $ ORYHO\ VWRU\ H[SHULHQFLQJ ¿UVWUDWH SHUIRUPHUV
VKRXOG RQO\ EH GLVSOD\HG
EXW , KDYHQ¶W VHHQ KLP SOD\LQJ ZRQGHUIXO PXVLF 0\ UROH
VWDQGLQJ XS 7KH VFXOSWXUHV KDYH
³7KH UHHG VWRSV DUH WKH PRVW WKRXJK QHFHVVDU\ ZRXOG EH QRWKLQJ
QRZ EHHQ VROG DQG UHSODFHG ZLWK
VHQVLWLYH EXW ZLWK RYHU UDQNV RI ZLWKRXW WKHP´
D FLUFOH RI ZDVKHGXS UHG EULFNV
WKHVH WR GHDO ZLWK , FDQ XVXDOO\ %RRN WLFNHWV WR WKH *UDQG 2UJDQ
FUHDWHG E\ WKH WRZQ¶V DUW FOXE
PDQDJH WR JHW WKURXJK EHWZHHQ KDOI &HOHEUDWLRQ RQ 0D\ DW
,W¶V SUREDEO\ IRU WKH EHVW
DQG WKUHHTXDUWHUV RI WKHP LQ D UR\DODOEHUWKDOOFRP )LQG RXU IHDWXUH
IRXUKRXU VHVVLRQ , OLNH WR OLVWHQ WR RQ WKH +DOO¶V \HDUV RQ SDJH
)$ (*(!
&RUQXFRSLD
&RUQXFRSL
6DGO\ QRW 5R\DO 0LQW¶V OHJV DQG WKH ,QYLVLEOH 0DQ¶V
FRPPHPRUDWLYH
FRLQ WR PDUN ³ZLGHEULPPHG KDW´ LQFRUUHFWO\ DV
\HDUV VLQFH WKH GHDWK RI +* D WRS KDW WRR ³,W¶V QLFH WR VHH
:HOOV KDV OHG WR LWV RZQ ZDU RI WKH :HOOV PHPRULDOLVHG EXW LW ZRXOG
ZRUOGV ZLWK IDQV TXHVWLRQLQJ ZKDW KDYH EHHQ QLFHU IRU WKHP WR JHW
SODQHW WKH GHVLJQ WHDP ZHUH RQ WKLQJV ULJKW´ $GDP 5REHUWV YLFH
5HDGHUV RI WKH ERRNV ZHUH TXLFN SUHVLGHQW RI WKH +* :HOOV
WR VSRW WKH FRLQ GHSLFWV :HOOV¶V 6RFLHW\ WROG 7KH *XDUGLDQ
³PRQVWURXV WULSRG´ DOLHQ ZLWK IRXU 4XLWH
&RUQXFRSLD
/
,
/ "",-
! ,Q 'DYLG $WWHQERURXJK EURXJKW
" 1
/ /RQGRQ¶V 1DWXUDO +LVWRU\ 0XVHXP WR
5HDGLQJ DERXW RXU FRXQWU\¶V ILUVW SURIHVVLRQDO IHPDOH FRQGXFWRU ,ULV OLIH LQ KLV GRFXPHQWDU\ ³0XVHXP
/HPDUH WKLV LVVXH¶V *UHDW %ULWRQ SDJH OHG XV WR VWXPEOH DFURVV D $OLYH´ ZKLFK VDZ &*, WHFKQRORJ\
EOXQGHU LQ DQ DUWLFOH IURP RQ %%& 1HZV EULQJ H[KLELWV DURXQG WKH PXVHXP
³'DOLD 6WDVHYVND KDV EHFRPH WKH ILUVW ZRPDQ WR EH JLYHQ D FRQGXFWLQJ LQWR PRWLRQ 1RZ IROORZLQJ RQ IURP
SRVLWLRQ ZLWK WKH %%& 6\PSKRQ\ 2UFKHVWUD´ SURFODLPV PXVLF UHSRUWHU WKH GRFXPHQWDU\ D 0XVHXP $OLYH
0DUN 6DYDJH JRLQJ RQ WR ZULWH ³6WDVHYVND LV WKH VHFRQG ZRPDQ WR PRELOH DSS LV DYDLODEOH WR GRZQORDG
FRQGXFW D %%& RUFKHVWUD ± MRLQLQJ WKH %%& 1DWLRQDO 2UFKHVWUD RI :DOHV¶V 7KH DSS XVHV DXJPHQWHG UHDOLW\ WR
;LDQ =KDQJ ZKR ZDV DSSRLQWHG LQ ´ ,W¶V D SLW\ WR EH ZULWWHQ RXW RI EULQJ D 6DEUHWRRWKHG WLJHU D À\LQJ
KLVWRU\ HVSHFLDOO\ E\ WKH YHU\ LQVWLWXWLRQ \RX¶YH VHUYHG 7KRXJK OLWWOH UHSWLOH DQG D VHD FUHDWXUH LQWR \RXU
NQRZQ WRGD\ ,ULV ZDV WKH ¿UVW ZRPDQ WR FRQGXFW WKH %%& 62 PRUH WKDQ KRPH :H¶UH LPSUHVVHG
HLJKW GHFDGHV SULRU WR 6WDVHYVND LQ
-ROO\ JRRG WKHQ WKDW WKH ³9HQHUDEOH %HHE´ KDYH EHHQ TXLFN WR SXW WKLQJV
ULJKW $V ZHOO DV FRUUHFWLQJ WKH DUWLFOH 3DXO +XJKHV %%& 62 'LUHFWRU 6"/
"
ZURWH WR VD\ WKDW RXU TXHVWLRQV ³SURPSWHG PH WR GLJ GHHSHU DQG GLVFRYHU
"
PRUH DERXW WKLV H[WUDRUGLQDU\ ZRPDQ )RU H[DPSOH , GLGQ¶W NQRZ VKH 0DQ\ WKDQNV IRU \RXU OHWWHUV LQ
ZDV UHODWHG WR -RKQ 5HLWK WKH IRXQGHU RI WKH %%& QRU WKDW VKH ZDV DV VXSSRUW RI RXU QHZ 3ULPH
H[SHULHQFHG DQ RSHUD FRQGXFWRU DV D V\PSKRQLF RQH´ 0LQLVWHU VHULHV VHW WR EHJLQ ZLWK
3DXO QRZ SODQV WR EULQJ ,ULV WR WKH DWWHQWLRQ RI KLV FROOHDJXHV DW 5DGLR 6LU 5REHUW :DOSROH LQ WKH DXWXPQ
DQG H[SORUH RSSRUWXQLWLHV WR VKDUH KHU VWRU\ DQG UHYLHZ KHU OHJDF\ +XUUDK HGLWLRQ 6LU 5REHUW EHFDPH RXU
¿UVW 30 \HDUV DJR DQG ZH¶UH
DQWLFLSDWLQJ D FRPSUHKHQVLYH
" *"//9 ",
,
KLVWRU\ RI KLV OHDGHUVKLS
5HDGHUV RI WKH :LQWHU LVVXH ZLOO DQG SRWEDQN RZQHU &ROOH\ 6KRUWHU ,QFLGHQWDOO\ :DOSROH¶V IDWKHU
UHFDOO RXU UHFHQW IHDWXUH RQ &ODULFH 7KH GXR DUH EXV\ WKURZLQJ SRWV DW KROGV WKH *XLQQHVV :RUOG 5HFRUG
&OLII 6LQFH WKHQ OHJHQGDU\ DFWRU :HGJZRRG¶V IDFWRU\ LQ 6WRNHRQ IRU WKH PRVW RYHUGXH OLEUDU\
6KHLOD +DQFRFN ZLWK *\OHV %UDQGUHWK 7UHQW DV ZH VSHDN SULRU WR ¿OPLQJ ERRN $ ERRN ERUURZHG IURP
DW WKH WLOOHU VWRSSHG RII LQVLGH 6LGQH\ 6XVVH[ &ROOHJH
&ODULFH¶V IRUPHU KRPH RQ 0RUH ¶V &DPEULGJH LQ ZDVQ¶W
*UHDW &DQDO -RXUQH\V KHU ODWH UHWXUQHG IRU \HDUV ± DQG WKH
KXVEDQG -RKQ 7KDZ ZDV D NHHQ IDPLO\ HYHQ HVFDSHG D ¿QH 0RUH
FROOHFWRU RI %L]DUUH :DUH 7KH SRWWHU RI WKH JRRG WKH EDG DQG WKH
ZDV DOVR WKH VXEMHFW RI WKLV \HDU¶V 7KH GRGJ\ WR FRPH 7KH 3ULPH
*UHDW 3RWWHU\ 7KURZ 'RZQ ¿QDOH 2I 0LQLVWHUV ZLOO UHSODFH 3DXO
FRXUVH &ODULFH KDV DOZD\V EHHQ -DPHV¶V $ 5R\DO +LVWRU\ ZKLFK
GHVWLQHG IRU D IHDWXUHOHQJWK ¿OP DQG KDV HQGHG DIWHU \HDUV
6N\ KDYH ¿QDOO\ FDXJKW RQ 7KH +DSSLO\ 3DXO UHPDLQV RXU JRWR
&RORXU 5RRP ZLOO VHH %ULGJHUWRQ¶V UR\DO ZULWHU DQG WKH VHULHV ZLOO EH
3KRHEH '\QHYRU VZDS FRUVHWV IRU DYDLODEOH DV D ERRN IURP 2FWREHU
FRYHUDOOV WR SOD\ WKH SLRQHHULQJ \HW 2XU KXJH WKDQNV 3DXO IRU \RXU
IRUPLGDEOH FHUDPLVW ZLWK 'RZQWRQ VWHUOLQJ ZRUN DQG GHGLFDWLRQ
$EEH\¶V 0DWWKHZ *RRGH DV KHU ORYHU
/
*
,] /
*
,
$UWV SDWURQ DQG FROOHFWRU +HOHQ IRU VSLOOLQJ LQN LQ KLV ³ZKLWH ZKLWH
6XWKHUODQG ZDV DQ HDUO\ EHGURRP´ DQG VQHDNLQJ EODFNFXUUDQWV
DQG SLYRWDO VXSSRUWHU RI %HQ DQG LQWR EHG
:LQLIUHG 1LFKROVRQ 'DYLG -RQHV DQG 6XWKHUODQG UHSHQWHG KHU RXWEXUVWV
HYHQ 3LHW 0RQGULDQ SURYLGLQJ ³0\ LUULWDELOLW\´ VKH ZURWH ³ZKLFK ,
&XPEULDQ DQG 1RUWKXPEULDQ UHWUHDWV GR QRW ZLVK WR H[FXVH LV ODUJHO\ RI
IRU PDQ\ DUWLVWV DQG ZULWHUV ,W VHHPV WKH H[SORVLYH NLQG DQG KDSSHQV
KHU ERKHPLDQ JXHVWV WHVWHG KHU DOPRVW LQYROXQWDULO\ ± OLNH D VQHH]H´
IDPRXVO\ VWULFW WHPSHUDPHQW WKRXJK $ SLRQHHU WUXH EXW LW ZDVQ¶W D
:ULWLQJ IRU (QJOHVEHUJ ,GHDV DUWV JRRG LGHD WR FURVV KHU
FULWLF /DXUD )UHHPDQ KDV LW WKDW DW 7UXWK DQG %HDXW\ 7KH WK &HQWXU\
&RFNOH\ 0RRU &RWWDJH QHDU %ULWLVK $UW RI 3LRQHHULQJ &ROOHFWRU
8OOVZDWHU DUWLVW DQG SRHW -RQHV +HOHQ 6XWKHUODQG 7KH *UDQDU\
PXFK DGPLUHG LQFLGHQWDOO\ E\ 76 *DOOHU\ %HUZLFNXSRQ7ZHHG
(OLRW DQG :+ $XGHQ IHOW KHU ZUDWK -XQH 2FWREHU
-
,
/ 7
*" "/",
-/"
7KH &KXUFKLOO :DU 5RRPV VXIIHUHG RQH 7KH VXPPHU RI PDUNV \HDUV
RI WKH JUHDWHVW IDOOV LQ YLVLWRU QXPEHUV VLQFH /RQGRQ¶V ILUVW HYHU PRWRU VKRZ
ODVW \HDU RI DFFRUGLQJ WR DQDO\VLV DW WKH ,PSHULDO ,QVWLWXWH 7KH
RI *RYHUQPHQW GDWD E\ GL\VFRP VKRZ VDZ WKH H[KLELWLRQ RI WKH ODWHVW
:KLOH EHLQJ XQGHUJURXQG LW PD\ QRW PRWRULQJ WHFKQRORJ\ DW WKH ,PSHULDO
EH DQ REYLRXV VXPPHU DWWUDFWLRQ LW LV D ,QVWLWXWH QRZ ,PSHULDO &ROOHJH
IDVFLQDWLQJ SODFH ± SOXV LI LW¶V D /RQGRQ E\ WKH QHZO\ FUHDWHG 0RWRU
VFRUFKHU \RX¶OO VDYH \RXUVHOI WKH &DU &OXE 7KH H[KLELWV DW WKH VKRZ
VXQEXUQ 2GGO\ HQRXJK GXULQJ WKH ZDU LQFOXGHG *RWWOLHE 'DLPOHU¶V RULJLQDO
VXQEXUQ ZDV D UHDO ULVN DW WKH VHFUHW SHWURO WULF\FOH HOHFWULFDOO\ GULYHQ
+4 7R DOOHYLDWH WKH KHDOWK SUREOHPV GRJFDUWV D FDUULDJH IUDPH IRU D
IURP ZRUNLQJ XQGHUJURXQG IRU 'DLPOHU PRWRU FKDVVLV DQG PRUH
SURORQJHG SHULRGV VWDII KDG WR VWULS WR 7RGD\ ,PSHULDO &ROOHJH /RQGRQ NHHSV XS WKH WUDGLWLRQ RI KRVWLQJ DQ
WKHLU XQGHUZHDU SXW RQ SURWHFWLYH DQQXDO VXPPHU IHVWLYDO QRZ FHOHEUDWLQJ VFLHQFH DQG WKH DUWV 7KLV \HDU WKH
JRJJOHV DQG VWDQG LQ IURQW RI SRUWDEOH IHVWLYDO LV JRLQJ RQOLQH WR KRVW HYHQWV LQFOXGLQJ ³$ GD\ LQ WKH OLIH RI D
VXQ ODPSV OLNH WKLV RQH ,QFLGHQFHV RI IRXQG REMHFW VFXOSWRU´ DQG ³5&$ DUWLVWV IRUJLQJ D JHQGHUHTXDO ZRUOG´
³VXQEXUQ´ ZHUH FRPPRQ DQG RQH +RZ WLPHV KDYH FKDQJHG
YHWHUDQ UHFDOOV D JLUO ZKR IRUJRW WR SXW
RQ WKH JRJJOHV DQG QHDUO\ ZHQW EOLQG
1HHGOHVV WR VD\ WDQQLQJ LVQ¶W LQFOXGHG
LQ WKH WLFNHW SULFH
/ "7 -/,
/
&OLYH 6WHSV .LQJ &KDUOHV 6WUHHW 6:$ 7KLV \HDU PDUNV WKH WHQWK QRW D IDQ ³:KLOH WKH HYLGHQFH
$4 LZPRUJXNYLVLWVFKXUFKLOOZDU DQQLYHUVDU\ RI /DUU\ WKH &DW¶V VXJJHVWV RWKHUZLVH ,¶YH QRW EHHQ
URRPV DUULYDO DW 'RZQLQJ 6WUHHW 7KH QRZ VOHHSLQJ RQ %RULV -RKQVRQ¶V KHDG´
\HDUROG WDEE\ ZDV GUDIWHG LQWR KH WZHHWHG UHFHQWO\
1XPEHU WR WDNH XS WKH RI¿FLDO
DQG LPSRUWDQW UROH RI ³&KLHI
0RXVHU´ $V ZHOO DV FRPEDWWLQJ
'RZQLQJ 6WUHHW¶V URGHQW SUREOHP
KLV RI¿FLDO GXWLHV LQFOXGH ³JUHHWLQJ
JXHVWV WR WKH KRXVH LQVSHFWLQJ
VHFXULW\ GHIHQFHV DQG WHVWLQJ DQWLTXH
IXUQLWXUH IRU QDSSLQJ TXDOLW\´
3UHYLRXVO\ D UHVLGHQW DW %DWWHUVHD
'RJV DQG &DWV KRPH /DUU\ KDV QRZ
KDG 'DYLG &DPHURQ 7KHUHVD 0D\
DQG %RULV -RKQVRQ DV RZQHUV DQG
HYHQ PHW %DUDFN 2EDPD LQ
+H KDV D VDUGRQLF RXWORRN RQ KLV
7ZLWWHU DFFRXQW ZKLFK KDV QHDUO\
KDOI D PLOOLRQ IROORZHUV +H WZHHWV
DERXW HYHU\WKLQJ IURP /LQH RI 'XW\
D ELJ IDQ WR %RULV -RKQVRQ¶V KDLU ! "
!
)ROORZLQJ 1$6$¶V DQQRXQFHPHQW WKDW WKH )RUPDWLRQV 6KH FRQWLQXHG KHU UHVHDUFK ZLWK
DQRWKHU H[DPSOH RI WKH (QJOLVK ODQJXDJH¶V GHVFHQW ³PRXVH KROH´ %HWK WRRN LW RQ
LQWR EODQG LQDQLW\ :RUWKZKLOH HQGHDYRXUV DUH KHUVHOI WR XSGDWH LW UHJXODUO\
DOZD\V D FKDOOHQJH EXW WKH ZRUG KDV QRZ FRPH WR FUHDWLQJ D IHVWLYH VFHQH DURXQG
PHDQ DQ\WKLQJ WKDW FDXVHV SDLQ RU LQFRQYHQLHQFH 6R &KULVWPDV WLPH D 9DOHQWLQH¶V
WKHPHG VFHQH RQ
#!
%
2
3(1 WR WKH SXEOLF VLQFH DQG ³&DW´ &OHPHQWLQH HQWHUWDLQHG
XQGHU WKH FORVH IULHQGV DQG OXPLQDULHV RI WKH
FXUDWRUVKLS RI WKH WLPH DQG WKH LQGXVWULRXV :LQVWRQ
1DWLRQDO 7UXVW WKH WDOO ZURWH PRVW RI KLV ERRNV DQG
UHG EULFN KRXVH RI SDLQWHG PDQ\ RI KLV DUWZRUNV
&KDUWZHOO KLGHV LQ D KLOO\ GLS DERYH %RUQ DW %OHQKHLP 3DODFH WKH
WKH PDUNHW WRZQ RI :HVWHUKDP JUDQGVRQ RI WKH WK 'XNH RI
VKHOWHUHG E\ DQFLHQW ZRRGODQG 7KH 0DUOERURXJK :LQVWRQ¶V GHVLUH IRU D
VHWWLQJ LV VSHFWDFXODU ZLWK SDQRUDPLF FRXQWU\ KRXVH DV ZHOO DV D /RQGRQ
YLHZV RYHU WKH UROOLQJ FRXQWU\VLGH RI KRPH EHILWWHG KLV DULVWRFUDWLF
WKH :HDOG RI .HQW OHDGLQJ GRZQ WR EDFNJURXQG $IWHU PDUU\LQJ LQ
WKH VRXWK FRDVW DQ DUHD FULVVFURVVHG WKH &KXUFKLOOV ERXJKW WKHLU ¿UVW UXUDO
ZLWK SXEOLF IRRWSDWKV SURSHUW\ /XOOHQGHQ 0DQRU LQ 6XUUH\
6LU :LQVWRQ &KXUFKLOO ILUVW VDZ LQ EXW VRRQ VROG XS LQ
WKHVH YLHZV LQ ZLWK KLV ZLIH ZKHQ LW EHFDPH XQYLDEOH IRU WKHP $
&OHPHQWLQH DQG ZDV LQVWDQWO\ FRXSOH RI \HDUV ODWHU &KDUWZHOO MXVW
FDSWLYDWHG 2YHU WKH QH[W ¿YH GHFDGHV
WKH KRXVH ZDV WR EHFRPH WKH EDFNGURS
IRU KLV SROLWLFDO OLIH EXW DOVR D KDSS\
IDPLO\ KRPH +HUH ³3LJ´ :LQVWRQ
!
/-
] -ÕiÀ] ÓäÓ£
! DQ KRXU¶V GULYH IURP :HVWPLQVWHU XQWLG\ DQG FRQWDLQHG DOO
FDPH RQ WR WKH PDUNHW DQG WKH\ ZHQW WKH P\VWHU\ RI KRXVHV WKDW
WR VHH LW KDG QRW EHHQ OLYHG LQ IRU
³,QLWLDOO\ &OHPHQWLQH OLNHG WKH PDQ\ \HDUV´
KRXVH EXW ZHQW RII WKH LGHD VD\LQJ %XLOW LQ 7XGRU WLPHV WKH
WKDW LW ZDV WRR FORVH WR WKH URDG DQG SURSHUW\ KDG EHHQ RZQHG
IDFHG WKH ZURQJ ZD\´ H[SODLQV E\ D QXPEHU RI ORFDO JHQWU\
&KDUWZHOO¶V 3URSHUW\ &XUDWRU IDPLOLHV 6FRWWLVK ZULWHU DQG
.DWKHULQH &DUWHU 7KH VHDUFK ZDV SROLWLFLDQ -RKQ &DPSEHOO
VXVSHQGHG ZKHQ WKH IDPLO\ VXIIHUHG &ROTXKRXQ ERXJKW WKH HVWDWH LQ
IRXU GHDWKV LQ WKDW VDPH \HDU DQG JUHDWO\ H[WHQGHG WKH KRXVH LW ZDV
LQFOXGLQJ WKDW RI WKHLU EHORYHG KLV JUDQGVRQ ZKR VROG &KDUWZHOO WR
WZR\HDUROG GDXJKWHU 0DULJROG &KXUFKLOO LQ ± WKUHH WLPHV ZKDW &KXUFKLOO KDG SDLG
%\ WKH SLFWXUH KDG HYROYHG ³%\ WKDW WLPH LW ZDV D FXPEHUVRPH IRU WKH KRXVH
DQG DQ XQH[SHFWHG LQKHULWDQFH IURP KRWFKSRWFK RI DUFKLWHFWXUH 7KH URRP 7KH PDLQ DGGLWLRQ FKDQJHG LWV
WKH VDOH RI WKH *DUURQ 7RZHU HVWDWH LQ OD\RXW ZDV QRW LQWXLWLYH DQG OHW LQ YHU\ FKDUDFWHU IRUHYHU ± D QHZ WULSOH DVSHFW
,UHODQG KDG VKRUHG XS WKH IDPLO\ OLWWOH OLJKW 7KH SOXPELQJ ZDV DUFKDLF ZLQJ ZLWK YLHZV RQ WR WKH URVH JDUGHQ
ILQDQFHV HQRXJK WR EX\ &KDUWZHOO ,Q DQG WKHUH ZDV QR HOHFWULFLW\ DQG WKHUH DQG RXW WR WKH :HDOG ³7LOGHQ VWULSSHG
WKH VDPH 6HSWHPEHU ZHHN WKDW ZDV ZDWHU LQJUHVV WR WKH SRLQW ZKHUH EDFN WKH FOXWWHU DQG WKHUH ZDV D ORW RI
&OHPHQWLQH JDYH ELUWK WR WKHLU ¿IWK 0UV &ROTXKRXQ LV UHFRUGHG DV VLWWLQJ WRLQJ DQG IURLQJ EHWZHHQ KLP DQG
FKLOG 0DU\ :LQVWRQ SDLG
IRU XS LQ EHG ZLWK DQ XPEUHOOD´ UHPDUNV :LQVWRQ´ VD\V .DWKHULQH
WKH KRXVH ZLWKRXW WHOOLQJ KHU DQG WKHLU .DWKHULQH 2I WKH H[SHULHQFH 7LOGHQ ZURWH
GHVWLQLHV EHFDPH RQH :LQVWRQ FRQVLGHUHG DVNLQJ DUFKLWHFW ³1R FOLHQW WKDW , KDYH HYHU KDG
³%\ WKLV SRLQW :LQVWRQ KDV EHHQ 6LU (GZLQ /XW\HQV WR XSGDWH WKH FRQVLGHULQJ KLV ZHOOILOOHG OLIH KDV
SDLQWLQJ IRU D GHFDGH DQG , OLNH WR KRXVH EXW KH ZDV QRW DYDLODEOH HYHU VSHQW PRUH WLPH WURXEOH RU
WKLQN KH ZDV ORRNLQJ DW &KDUWZHOO ,QVWHDG WKH SURMHFW ZHQW WR 3KLOLS LQWHUHVW LQ WKH PDNLQJ RI KLV KRPH
ZLWK DQ DUWLVW¶V H\H WKLQNLQJ DERXW 7LOGHQ ZKR FDPH KLJKO\ WKDQ GLG 0U &KXUFKLOO´
ZKDW KLV SDLQWEUXVK FRXOG DFKLHYH´ UHFRPPHQGHG E\ IHOORZ SROLWLFLDQ )RU &OHPHQWLQH RZQLQJ &KDUWZHOO
VD\V .DWKHULQH /OR\G *HRUJH IRU ZKRP 7LOGHQ KDG ZDV WLQJHG ZLWK ZRUU\ IRU LW ZDV VKH
%XW WKHUH ZHUH FKDOOHQJHV DV WKHLU GHVLJQHG %URQ\GH LQ &KXUW 6XUUH\ ZKR UDQ WKH KRXVHKROG DQG WKH KRXVH
WKLUG FKLOG 6DUDK ODWHU UHFRUGHG 7ZR \HDUV RI UHPRGHOOLQJ IROORZHG DQG JURXQGV ZHUH D PRQH\ SLW
³&KDUWZHOO ZDV ZLOGO\ RYHUJURZQ DQG FRVWLQJ EHWZHHQ
DQG
&RQVHTXHQWO\ WKHUH ZDV DOZD\V
"
//
,-
:LQVWRQ &KXUFKLOO¶V RXWSXW RI ERRNV VSHHFKHV DUWLFOHV WKH V KH ZURWH D VL[YROXPH KLVWRU\ RI :RUOG :DU ,,
DQG OHWWHUV ZDV SUROLILF DQG LQ KH ZDV DZDUGHG WKH ± KLV ZDV QRW D UHOD[HG ROG DJH´
1REHO 3UL]H LQ /LWHUDWXUH ,W¶V HVWLPDWHG WKDW KH ZURWH $W &KDUWZHOO WKH 6HFUHWDULHV¶ 2IILFH ZDV D KXE RI
VRPH PLOOLRQ ZRUGV GXULQJ KLV OLIHWLPH EHJLQQLQJ DFWLYLW\ IURP DP WR EH\RQG PLGQLJKW DV KLV VWDII W\SHG
ZKHQ KH ZDV D VROGLHU DQG MRXUQDOLVW LQ WKH ODWH V XS KLV ZRUGV GHDOW ZLWK FRUUHVSRQGHQFH DQG VFKHGXOHG
DQG FRQWLQXLQJ RQFH KLV HSLF SDUOLDPHQWDU\ FDUHHU ZDV KLV GLDU\ 3RVWZDU :LQVWRQ LPSRUWHG 5HPLQJWRQ
ODXQFKHG LQ DV &RQVHUYDWLYH 03 IRU 2OGKDP 1RLVHOHVV 7\SHZULWHUV IURP $PHULFD EHFDXVH KH GLGQ¶W
$ZDNLQJ DW DP HYHU\ GD\ KH ZRXOG UHPDLQ LQ KLV OLNH WKH QRLV\ FODWWHU RI WUDGLWLRQDO PRGHOV 3UHVVXUH LQ
EHGURRP XQWLO OXQFKWLPH GLFWDWLQJ OHWWHUV WR D VHFUHWDU\ WKH 6HFUHWDULHV¶ 2I¿FH ZDV FRQVWDQW DQG VWDII WXUQRYHU
HYHQ DV KH EDWKHG ZDV KLJK EXW D IHZ GHYRWHG VHFUHWDULHV ODVWHG WKH FRXUVH
³%XW WKH VWXG\ ZDV WKH SODFH RI KLV SROLWLFDO DQG ± 9LROHW 3HDUPDQ .DWKOHHQ +LOO DQG *UDFH +DPEOLQ
OLWHUDU\ RXWSXW ZKHUH KH ZRXOG GLFWDWH VWDQGLQJ XS $UULYLQJ DW &KDUWZHOO LQ +DPEOLQ EHFDPH WKH
+H¶G WDNH D QDS LQ WKH DIWHUQRRQ WKHQ ZRUN DJDLQ IURP SURSHUW\¶V ¿UVW 1DWLRQDO 7UXVW DGPLQLVWUDWRU DIWHU
SP LQWR WKH VPDOO KRXUV´ VD\V .DWKHULQH &DUWHU ³,Q :LQVWRQ¶V GHDWK LQ
SUHVVXUH RQ :LQVWRQ WR NHHS SHRSOH ± PRUH WKDQ LQGLYLGXDOV ZKHUH WKH FKLOGUHQ EURXJKW KRPH WKHLU
SXEOLVKLQJ ERRNV WR HQVXUH FDVK ÀRZ VLJQHG WKH YLVLWRUV¶ ERRN RYHU EHDX[ ZKHUH ILOP VWDUV VFLHQWLVWV DQG
'HVSLWH DQ[LHWLHV &OHPHQWLQH D \HDUV LQFOXGLQJ $OEHUW (LQVWHLQ DQG PLOLWDU\ OHDGHUV PL[HG $ SODFH RI
FDOPLQJ LQÀXHQFH RQ :LQVWRQ PDGH &KDUOLH &KDSOLQ 7\SLFDOO\ WKH\ GHEDWH GLVFXVVLRQ DQG UDXFRXV
KHU PDUN RQ WKH KRXVH LQ WKH FKRLFH RI ZRXOG EH VHUYHG FKLOOHG 3RO 5RJHU ODXJKWHU´ VD\V .DWKHULQH
LQWHULRU GHFRUDWLRQ DQG IDEULFV D &KDPSDJQH DQG VLPSOH )UHQFK FXLVLQH ,Q WKH V DQG WKH ³SROLWLFDO
FRPIRUWDEOH EOHQG RI ÀRUDO SDWWHUQV LQ WKH LQWLPDWH GLQLQJURRP :LWK ZLOGHUQHVV´ \HDUV RI WKH V ZKHQ
DQG SDVWHO FRORXUV WKDW JDYH URRPV D ÀRRUWRFHLOLQJ YLHZV LQWR WKH JDUGHQ &KXUFKLOO ZDV RXW RI KLJK SROLWLFDO
OLJKW DQG VSDFLRXV IHHO +HU IDYRXULWH DQG GHFRUDWHG LQ ERWDQLFDO VW\OH LW IHOW RIILFH WKH IDPLO\ VSHQW PXFK WLPH DW
FRORXU ZDV GXFNHJJ EOXH FKRVHQ WR LQIRUPDO DQG ZDV IXUQLVKHG ZLWK &KDUWZHOO 7R UHOD[ LQ EHWZHHQ
GHFRUDWH ERWK KHU EHGURRP DQG URXQG WDEOHV WR HQFRXUDJH ZULWLQJ :LQVWRQ OHDUQHG WR OD\ EULFNV
VLWWLQJURRP FRQYHUVDWLRQ ZKLOH PXVLF SOD\HG RQ EXLOGLQJ D ZDOO VLQJOHKDQGHGO\ DQG
7KURXJKRXW WKHLU WLPH DW &KDUWZHOO WKH JUDPRSKRQH RIWHQ WRRN RXW KLV HDVHO WR SDLQW
WKH &KXUFKLOOV HQWHUWDLQHG D VHOHFW ³)RU PH WKH GLQLQJURRP LV D VD\LQJ RI KLV WUDQTXLO KREE\ ³7KH
EDQG RI IULHQGV DQG ZHOONQRZQ PLFURFRVP RI &KDUWZHOO OLIH ± D SODFH PXVH SDLQWLQJ FDPH WR P\ UHVFXH´ !
DQG WR UHFRYHU IURP ILYH \HDUV DW WKH FRXOG EH SXW LQ SODFH DQG YLUWXDOO\
KHOP RI WKH ZDU HIIRUW ± WKHUH ZDV HYHU\ VLQJOH WKLQJ \RX VHH WRGD\
JDUGHQLQJ WR EH GRQH DQG SDLQWLQJV WR EHORQJHG WR WKHP IURP D ODPSVKDGH
FUHDWH )HHOLQJ WKDW LW ZRXOG EH D WR D &XEDQ FLJDU´ .DWKHULQH VD\V & # # # #$( &# #
WUDYHVW\ LI &KXUFKLOO ORVW WKH KRXVH ³9LVLWRUV VD\ LW¶V DV LI WKH &KXUFKLOOV # ! $ &
$
GXH WR D ODFN RI IXQGV D JURXS RI KDYH MXVW SRSSHG RXW LQWR WKH JDUGHQ´ & &( # '! # $ #
IULHQGV ERXJKW LW IURP KLP GXULQJ WKH )DQF\ D YLVLW WR &KDUWZHOO" *R WR %( $ ! # # % # $
ZLQWHU RI RQ FRQGLWLRQ WKDW QDWLRQDOWUXVWRUJXN IRU LQIRUPDWLRQ # # #& & #
:LQVWRQ DQG &OHPHQWLQH FRXOG OLYH RQ RSHQLQJ WLPHV DQG IDFLOLWLHV #
),
+
*
%'
,
&
%(-
&
&
#
--- " (
)&
"-
+
*
%' #& ' !& /
!
'
&'#$ ,& 0' ! !0&
&
'!
0
$ & ' !,
0
!& 2', &' !&
, &1
$ !0&
/', #
3 !,/!/' #
3, ,!$ % /' 3!/& #
3, ,
' ,! &1 3!/& !0&
,& ". !,'$ !/% &0
&1
0,
,! !&
'! 3!/%
0 #,3 ! , ,!
!&
3!/& !0&$ & !,
0
!/,! 1,
3 !,& !& ! !&
&
!1 ',/
,!$ 3!/%& /3 ! #
' /' , 1', '# !,&1'
3!/ 1 !, &0 , !&$ &
#
'
!1 ) 1' &! 3!/& #!3 ',
&,
, !& 0&3
#&!'' #&!0 3!/
0%,
3!/& #!3$
& ' &
! '!
3!/ /',
0
0
&''$ & !'
, -"*4(*."$ &
)&! &#
,
!/,' !& , '
/, 1, .
3' 1 !, !0&$ -4 /,'
,,
'
!
0&
!
,, &
!1' #,& .4" //', .4.4$
'/, ,! ,1!& !0&
$ !&
,! !&&,
, , ! #&, #& .4."$
$ & "& %"
$ & "$" "
" $ $
,
5$6&,%/( GRZQ WR HDUWK 3ULQFH 3KLOLS PLJKW KDYH EHHQ ERUQ KLV JUDQGPRWKHU WKH 'RZDJHU
DQG QHYHU RQH WR VXIIHU IRROV RQ WKH GLQLQJURRP WDEOH RI KLV 0DUFKLRQHVV RI 0LOIRUG +DYHQ DW
JODGO\ 3ULQFH 3KLOLS VDGO\ GLHG SDUHQWV¶ KRPH RQ &RUIX RQ -XQH .HQVLQJWRQ 3DODFH DQG SDUWO\ ZLWK KLV
DW :LQGVRU &DVWOH RQ $SULO DW EXW KLV IDWKHU 3ULQFH $QGUHZ XQFOH *HRUJH WKH QG 0DUTXLV RI
WKH DJH RI WKH ROGHVW 3ULQFH ZDV RI WKH 5R\DO +RXVH RI *OFNVEXUJ 0LOIRUG +DYHQ DW /\QGHQ 0DQRU QHDU
LQ %ULWLVK KLVWRU\ D G\QDVW\ WKDW KDV UHLJQHG LQ 'HQPDUN 0DLGHQKHDG +H DOVR WUDYHOOHG EHWZHHQ
$FURVV WKH GHFDGHV KH KDG UHWDLQHG *UHHFH *HUPDQ\ ,FHODQG DQG 1RUZD\ UHODWLYHV LQ (XURSH DQG DIWHU WKH
D QRQRQVHQVH DWWLWXGH WR OLIH 1HYHU +LV PRWKHU 3ULQFHVV $OLFH /RUG 0DUTXLV¶V GHDWK LQ VWD\HG DW
RQH WR JORU\ LQ WKH WUDSSLQJV RI UR\DOW\ /RXLV 0RXQWEDWWHQ¶V VLVWHU ZDV D %URDGODQGV WKH 0RXQWEDWWHQ KRPH LQ
DV KH GLVHPEDUNHG IURP DQ DHURSODQH JUHDWJUDQGGDXJKWHU RI 4XHHQ 9LFWRULD +DPSVKLUH 7KH XQVHWWOHG XSEULQJLQJ
LQ 3ULQFH 3KLOLS JUXPEOHG ³7KH 3ULQFHVV (OL]DEHWK ZDV WKLUG LQ OLQH PDGH KLP YHU\ LQGHSHQGHQW $OZD\V D
PDQ ZKR LQYHQWHG WKH UHG FDUSHW WR WKH WKURQH DW WKH WLPH RI KHU ELUWK VSLULWHG FKLOG DW WKH DJH RI ¿YH KH
QHHGHG KLV KHDG H[DPLQHG´ 9LHZLQJ DQG 3ULQFH 3KLOLS ZDV VL[WK LQ OLQH WR OLEHUDWHG D SLJVW\ DQG WKH SLJV
D VFXOSWXUH E\ +HQU\ 0RRUH KH WKH WKURQH RI *UHHFH 7KH FRXSOH DUH VWDPSHGHG LQWR D JHQWHHO WHD SDUW\
FRPPHQWHG WKDW LW ORRNHG OLNH D LQ IDFW WKLUG FRXVLQV $W WKH DJH RI KH ZDV VHQW WR
³PRQNH\¶V JDOOVWRQHV´ DQG DIWHU D 3ULQFH 3KLOLS KDG D UDWKHU GUDPDWLF 6DOHP 6FKRRO LQ *HUPDQ\ IRU WZR
5R\DO 9DULHW\ 3HUIRUPDQFH KH DVNHG VWDUW LQ OLIH $ PLOLWDU\ FRXS LQ WHUPV EHIRUH JRLQJ RQ WR *RUGRQVWRXQ
VLQJHU 7RP -RQHV ³:KDW GR \RX OHG WR WKH DEGLFDWLRQ RI KLV XQFOH .LQJ LQ 6FRWODQG .QRZQ IRU LWV WRXJK
JDUJOH ZLWK SHEEOHV"´ )RUPHU &RQVWDQWLQH , DQG KLV IDWKHU ZDV WKHQ UHJLPH 3ULQFH 3KLOLS ¿WWHG LQ ZHOO DQG
HTXHUU\ 0LFKDHO 3DUNHU RQFH VDLG RI DFFXVHG RI WUHDVRQ DQG H[LOHG $W ZDV PDGH +HDG %R\ DQG FDSWDLQ RI
KLV ERVV ³1RRQH KDV D NLQGHU KHDUW *HRUJH 9¶V LQVWLJDWLRQ WKH IDPLO\ FULFNHW DQG KRFNH\ +LV ¿QDO VFKRRO
RU WDNHV PRUH WURXEOH WR FRQFHDO LW´ HVFDSHG IURP &RUIX RQ WKH %ULWLVK UHSRUW VDLG ³3ULQFH 3KLOLS LV D ERUQ
7KH SRSXODU VWRU\ RI WKH JDOODQW FUXLVHU +06 &DO\SVR ZLWK WKH \RXQJ OHDGHU EXW ZLOO QHHG WKH H[DFWLQJ
\HW SHQQLOHVV *UHHN ZKR ZRQ WKH 3ULQFH EHLQJ SODFHG LQ DQ LPSURYLVHG GHPDQGV RI D JUHDW VHUYLFH WR GR MXVWLFH
KHDUW RI D NLQJ¶V GDXJKWHU FDSWXUHG FRW PDGH IURP DQ RUDQJH FUDWH WR KLPVHOI +LV EHVW LV RXWVWDQGLQJ KLV
WKH SXEOLF LPDJLQDWLRQ LQ EXW LW 3ULQFH 3KLOLS JUHZ XS ZLWK QR VHFRQG EHVW LV QRW JRRG HQRXJK´
LV QRW DOWRJHWKHU IRXQGHG RQ IDFW SHUPDQHQW KRPH +H OLYHG SDUWO\ ZLWK +H GHFLGHG WR HQWHU WKH 5R\DO 1DY\
DQG DW WKH DJH RI EHJDQ DQ RIILFHUV¶
WUDLQLQJ FRXUVH DW WKH 5R\DO 1DYDO
&ROOHJH 'DUWPRXWK +LV DELOLWLHV ZHUH
VRRQ UHFRJQLVHG DQG KH ZDV DZDUGHG
WKH SUL]H RI EHVW FDGHW RI KLV WHUP +LV
DUULYDO DW 'DUWPRXWK ZDV WR KDYH D
JUHDWHU HIIHFW RQ KLV OLIH WKDQ KH FRXOG
KDYH LPDJLQHG IRU ZLWKLQ ZHHNV KH
KDG PHW WKH JLUO WKDW KH ZRXOG PDUU\
,Q -XO\ .LQJ *HRUJH 9, PDGH
D ZHHNHQG YLVLW WR 'HYRQ ZLWK KLV
ZLIH DQG GDXJKWHUV 6KRUWO\ EHIRUH
WKHLU DUULYDO WKHUH ZDV DQ RXWEUHDN RI
PXPSV DW WKH FROOHJH DQG LW ZDV
WKRXJKW LQDGYLVDEOH IRU \HDUROG
(OL]DEHWK DQG QLQH\HDUROG 0DUJDUHW
5RVH WR EH SXW DW ULVN 7KH 3ULQFHVVHV
ZHUH VHQW LQVWHDG WR SOD\ DW WKH
&27721 &20(6
% # ! ! ! $
#!
!!
! # $
# "&"
,
1 \HDUROG WH[WLOHV
FRQVXOWDQW 1HLO 6DYLOOH UHWXUQHG
KRPH IURP D WULS WR %DUEDGRV
ZLWK WKH VHHG RI DQ LGHD WR EULQJ
FRWWRQVSLQQLQJ EDFN WR %ULWDLQ
+DYLQJ ZRUNHG LQ WKH WH[WLOHV
LQGXVWU\ IRU VRPH \HDUV 1HLO ZDV
XQGHUVWDQGDEO\ FRQVLGHUHG DQ H[SHUW
DW KLV HPSOR\HU &XOLPHWD6DYHJXDUG
/WG DQG KLV WUDYHOV KDG DOHUWHG KLP WR
D UDUH VSHFLHV RI FRWWRQ SODQW JURZQ LQ
%DUEDGRV DQG LQ QHHG RI H[SHUW
VSLQQLQJ
&DULEEHDQJURZQ 6HD ,VODQG &RWWRQ
LV FRQVLGHUHG RQH RI WKH UDUHVW LQ WKH
ZRUOG DQG ZKLOH WKH JOREDO FRWWRQ
PDUNHW SURGXFHV URXJKO\ PLOOLRQ
EDOHV RI FRWWRQ D \HDU 6HD ,VODQG
&RWWRQ PDNHV XS MXVW RI WKHVH ,WV
ORQJ ¿EUHV PDNH ¿QH IDEULF FUHDWLQJ
WKH VRIWHVW FRWWRQ ZKLFK ZDV VDLG WR
EH WKH RQO\ FRWWRQ 4XHHQ 9LFWRULD
ZRXOG VHWWOH IRU LQ KHU EHG VKHHWV
$W WKH WLPH &XOLPHWD6DYHJXDUG
SURGXFHG WH[WLOHV IRU WKH DXWRPRWLYH
DQG ILUHSURWHFWLRQ LQGXVWULHV
)RUWXQDWHO\ LW VWLOO RZQHG WKH ODVW
VKRUWVWDSOH VSLQQLQJ XQLW OHIW LQ WKH
8. $OVR DURXQG WKLV WLPH WKH 8.
JRYHUQPHQW ZDV RIIHULQJ IXQGLQJ IRU
EXVLQHVVHV WR FUHDWH ORFDO WH[WLOHV MREV
³7KH VWDUV VWDUWHG WR DOLJQ´ $QG\
2JGHQ WKHQ PDQDJHU RI &XOLPHWD
6DYHJDXUG VD\V ³:H ZHUH WKH ODVW
RQHV ZLWK WKH WHFKQRORJ\ ZH ZHUH WKH
ODVW RQHV ZLWK WKH VWDII ZLWK WKHLU
NQRZOHGJH ZH ZHUH WKH ODVW RQHV ZLWK
WKH VNLOOV :H ZHUH WKH ODVW RQHV OHIW
VWDQGLQJ VWLOO XVLQJ WKDW GHJUHH RI
H[SHUWLVH´
6R D PDVVLYH UHIXUELVKPHQW RI WKH
FRPSDQ\¶V SUHPLVHV JRW XQGHUZD\
LQWURGXFLQJ WKH ODWHVW FRWWRQVSLQQLQJ
WHFKQRORJLHV DQG WRGD\ $QG\ LV
GLUHFWRU RI (QJOLVK )LQH &RWWRQV WKH
GDXJKWHU FRPSDQ\ RI &XOLPHWD
6DYHJXDUG ZKLFK KDV EURXJKW
FRWWRQVSLQQLQJ EDFN WR %ULWDLQ
2QFH XSRQ D WLPH (QJODQG ZDV WKH
KRPH RI FRWWRQVSLQQLQJ DQG GXULQJ
WKH ,QGXVWULDO 5HYROXWLRQ 0DQFKHVWHU
DQG LWV VXUURXQGLQJ PLOO WRZQV
EHFDPH NQRZQ DV ³&RWWRQRSROLV´
:KLOH FRWWRQ ZDV QHYHU JURZQ KHUH
WKH QRUWKZHVW ZDV WKH LGHDO ORFDWLRQ
IRU VSLQQLQJ GXH WR WKH GDPS FOLPDWH
WKH SRZHU VXSSO\ DYDLODEOH WKH UHDG\
ZRUNIRUFH RI WKH XUEDQ SRSXODWLRQ DQG
WKH SUR[LPLW\ WR /LYHUSRRO¶V HYHU
H[SDQGLQJ SRUW ZKHUH UDZ FRWWRQ
FRXOG HDVLO\ EH LPSRUWHG
³&LUFD SHU FHQW RI DOO WKH
FRWWRQ SURGXFWV LQ WKH ZRUOG ZHUH
!
³6LQFH WKDW WLPH ZKDW ZH¶YH IRXQG
LV WKDW WKH PDUNHW DQG WKH FRQVXPHU LV
EHFRPLQJ PRUH HGXFDWHG DQG PRUH
GLVFHUQLQJ RI WKH KHULWDJH DQG WKH
SURYHQDQFH RI WKH JDUPHQWV WKDW
WKH\¶UH SXUFKDVLQJ +RZHYHU LW¶V
WDNLQJ WKH KLJK VWUHHW WKH UHWDLOHUV
DQG WKH SHRSOH WKDW PDNH JDUPHQWV D
ORQJ WLPH WR FDWFK XS´ $QG\ DGPLWV
:LWK GHPDQG IRU HWKLFDOO\ PDGH
JDUPHQWV RQ WKH XS $QG\¶V FRPSDQ\
KDV QRZ JRQH D VWHS IXUWKHU DQG
FUHDWHG WKHLU RZQ UDQJH RI SURGXFWV
PDGH ZLWK WKHLU KRPHVSXQ \DUQ
³:H KDG D QXPEHU RI EUDQGV FRPLQJ
WR XV VD\LQJ WKDW WKH\ ZDQWHG WR VWRFN
D FRPSOHWHG SURGXFW EXW WKH\ GLGQ¶W
KDYH WKHLU RZQ VHZLQJ FDSDELOLW\ 6R
ZH WRRN WKH IDEULFV WKDW ZH ZHUH
! PDGH LQ DQG DURXQG PLOHV RI WKHUH LV DOVR D VLJQL¿FDQW SUREOHP PDNLQJ DQG ZH GHVLJQHG D UDQJH RI
0DQFKHVWHU 7KDW¶V KRZ IXQGDPHQWDO ZLWK WUDFHDELOLW\ ZLWKLQ WKH LQGXVWU\ FODVVLF 8. JDUPHQWV´ $QG\ H[SODLQV
LW ZDV´ $QG\ VD\V PDNLQJ LW DOPRVW LPSRVVLEOH IRU HWKLFDO 7KH UHVXOW LV KLJKTXDOLW\
%\ WKH PLGGOH RI WKH WK FHQWXU\ FRQVXPHUV WR NQRZ ZKHWKHU WKH LUUHVLVWLEO\ VRIW FORWKHV DFFHVVRULHV
WKH ODQGVFDSH KHUH ZDV GRPLQDWHG E\ FRWWRQ WKH\ EX\ RULJLQDWHV IURP KHUH DQG EHG OLQHQV DOO VNLOIXOO\ PDGH
DURXQG ORIW\ FRWWRQ PLOOV ³&RWWRQ VXSSO\ ZDV VWHHSHG LQ PXUN FORVH WR KRPH 1RW WR PHQWLRQ DQ
6WDQGLQJ DW WKH KHDUW RI WKLV ODQGVFDSH DQG P\VWHU\ LI QRW GHFHLW OLHV DQG LQVSLULQJ UHWXUQ WR (QJOLVK FRWWRQ
ZDV 7RZHU 0LOO LQ 'XNLQ¿HOG QRZ FRUUXSWLRQ )URP RQH HQG \RX KDYH SURGXFWLRQ DW D WLPH ZKHQ ZH DUH DOO
KRPH WR (QJOLVK )LQH &RWWRQV PRGHUQGD\ VODYHU\ LQ &KLQD \RX EHFRPLQJ PRUH FRQVFLRXV FRQVXPHUV
7KLV WKULYLQJ FRWWRQ LQGXVWU\ ZKLFK KDYH HWKLFDO FKDOOHQJHV <RX DOVR KDG IRU ZKRP WUDFHDELOLW\ DQG WUDQVSDUHQF\
FDPH WR D SHDN DW WKH HQG RI WKH FRUUXSW SUDFWLFHV RI EOHQGLQJ SRRU ZLWKLQ VXSSO\ FKDLQV DUH NH\
WK FHQWXU\ FDPH WR D VKXGGHULQJ TXDOLW\ FRWWRQV ZLWK JRRGTXDOLW\ ³7KHUH LV D WKULYLQJ WH[WLOH EXVLQHVV
KDOW GXULQJ :RUOG :DU , ZKHQ FRWWRQ FRWWRQV 6R ZH GHFLGHG WKHUH ZDV DQG LQGXVWU\ LQ WKH 8. IXOO RI
FRXOG QR ORQJHU EH H[SRUWHG DQG WKH GH¿QLWHO\ D VSDFH LQ WKLV PDUNHWSODFH KLJKTXDOLW\ SHRSOH DQG WKHVH KLJK
FRXQWULHV WKDW LW ZDV VHQW WR IRU WUXWK IRU KRQHVW\ IRU YDOXH SURGXFWV :H¶G OLNH WR VKRZ WKH
HVWDEOLVKHG WKHLU RZQ FRWWRQ PLOOV ,Q VXVWDLQDELOLW\ IRU WUDQVSDUHQF\ DQG FRQVXPHU WKDW WKH\ GRQ¶W QHHG WR EX\
'XNLQ¿HOG¶V 7RZHU 0LOO DORQJ IRU DQ RSHQ VXSSO\ FKDLQ´ $QG\ VD\V SURGXFWV WKDW DUH PDQXIDFWXUHG
ZLWK WKH IHZ UHPDLQLQJ PLOOV LQ WKH :LWK D FOHDU JDS LQ WKH %ULWLVK DEURDG´ $QG\ VD\V
PHDQW RQH WKLQJ WKH FKDUUHG VDXVDJH , DP OXFN\ HQRXJK WR VKDUH P\ OLIH
1RZ ORRN DW XV :H¶YH DOZD\V EHHQ ZLWK D ZRQGHUIXO FRRN ZKR KDV D ZD\
ZRUOG OHDGHUV DW TXHXLQJ 1RZ ZH¶UH RI ORRNLQJ DVNDQFH DW PH ZKHQ , XWWHU
DOPRVW DV JRRG DW EDUEHFXLQJ WKH ZRUGV ³6KDOO ZH MXVW KDYH D
2XWGRRU FRRNLQJ HTXLSPHQW KDV EDUEHFXH"´ %HFDXVH WKHUH LV QR ³MXVW´
EHFRPH DV XELTXLWRXV LQ RXU EDFN DERXW LW QRW DQ\ PRUH
JDUGHQV DV SULYHW KHGJHV DQG URFNHULHV %DED JDQRXVK IRU H[DPSOH WKH
XVHG WR EH *DV RU FRDO D TXHVWLRQ MR\RXV /HEDQHVH GLS KDV EHFRPH DV
WKDW RQFH UHIHUUHG RQO\ WR WKH ZD\ ZH LFRQLF DW IDPLO\ EDUEHFXHV DV D ERWWOH
KHDWHG RXU KRPHV QRZ UHIHUV WR WKH RI WRPDWR NHWFKXS ZDV ZKHQ ZH ZHUH
ZD\ ZH FRRN RXU PRQN¿VK NHEDEV RU WDNLQJ RXU ILUVW XQFHUWDLQ VWHSV RQ WKLV
ÀDPH JULOO RXU VWHDN MRXUQH\ DOO WKRVH \HDUV DJR %DFN
(
$QG LW¶V QRW MXVW EDUEHFXHV WKDW KDYH WKHQ WKH FU\ RI ³EDED JDQRXVK´ ZRXOG
$7,1* RXWGRRUV LQ WKH SUROLIHUDWHG LW¶V HYHU\WKLQJ HOVH LQ WKH KDYH HOLFLWHG RQO\ RQH UHVSRQVH
ODWH VSULQJ DQG VXPPHU RXWGRRUFRRNLQJ IDPLO\ IURP ,WDOLDQ ³%OHVV \RX´
ZKHQ , ZDV JURZLQJ XS SL]]D RYHQV WR ,QGLDQ NDGDLV WR ,W LV WUDYHO RI FRXUVH WKDW KDV VR
PHDQW RQH WKLQJ WKH /RXLVLDQD VPRNHUV DQG +XQJDULDQ EURDGHQHG WKH PLQG RSHQHG WKH H\HV
GUHDGHG IDPLO\ SLFQLF ,W JRXODVK NHWWOHV 7KDW QRWLRQDO 0LGGOH WLFNOHG WKH QRVWULOV DQG VHGXFHG WKH
VKRXOGQ¶W KDYH EHHQ VRPHWKLQJ WR (QJODQG DUFKHW\SH ZKR \HDUV DJR WDVWH EXGV 1RW MXVW RXU RZQ EXW WKDW
GUHDG \HW LW ZDV 7KH REOLJDWRU\ WDUWDQ ZRXOG KDYH VSHQW 6XQGD\ PRUQLQJV RI 79 FKHIV DQG IRRG ZULWHUV EULQJLQJ
UXJ QHYHU TXLWH ELJ HQRXJK IRU SROLVKLQJ KLV FDU LV QRZ WZLFH DV KRPH WKHLU GLVFRYHULHV 1HDWO\
HYHU\RQH WR VLW RQ WKH LQDELOLW\ WR ¿QG OLNHO\ WR EH IRXQG SUHSDULQJ KLV SDWLR HQRXJK LW ZDV HYHU WKXV 7KH ¿UVW
D ÀDW VTXDUH RI ODQG RQ ZKLFK WR OD\ LW ¿UHSLW IRU D EXWWHUÀLHG OHJ RI ODPE (QJOLVK VHWWOHUV LQ $PHULFD DQG
WKH 7KHUPRV ÀDVN ZLWK D WRS WKDW ZDV $ FRXSOH RI \HDUV DJR P\ ZLIH DQG $XVWUDOLD OHDUQHG IURP WKH LQGLJHQRXV
HLWKHU WRR WLJKW RU ZRUVH QRW WLJKW , VSHQW WKUHH ZHHNV LQ $UJHQWLQD SHRSOH KRZ WR FRRN LQ WKH RSHQ RYHU
HQRXJK OHDNLQJ ZHDN WHD RYHU WKH ZKHUH RXU \RXQJHVW VRQ ZDV VWXG\LQJ ¿UH ,W LV WKRVH WZR FRXQWULHV VWLOO
FKHHVH VDQGZLFKHV $QG RI FRXUVH WKH +H LQWURGXFHG XV WR WKH ³SDUULOOD´ WKH HVSHFLDOO\ WKH IRUPHU WKDW KDYH UHDOO\
LQHYLWDEOH ZDVS DWWDFN RXWGRRU JULOO VDFUHG WR WKH $UJHQWLQLDQ GULYHQ RXU RXWGRRUHDWLQJ UHYROXWLRQ
%\ GHILQLWLRQ WKH IDPLO\ SLFQLF DOVR ZD\ RI OLIH , ZDV VR VPLWWHQ WKDW , FRQIHVV WR ODPHQWLQJ WKH ZD\ LQ
PHDQW WUDYHOOLQJ VRPHZKHUH (DWLQJ ZKHQ , JRW KRPH , ZHQW RQOLQH WR VHH ZKLFK $PHULFDQ FXVWRPV DQG GLFWLRQ
RXWGRRUV ZDVQ¶W VRPHWKLQJ \RX GLG DW LI E\ DQ\ UHPRWH FKDQFH , FRXOG ¿QG KDYH WDNHQ KROG LQ %ULWDLQ WKH HFOLSVH
KRPH QRW UHDOO\ <HV ZH¶G KHDUG RI RQH KHUH 7KHUH ZHUH ORWV 7KH SDUULOOD RI %RQILUH 1LJKW E\ +DOORZHHQ WKH
WKH EDUEHFXH EXW IUDQNO\ ZH ZHUHQ¶W ZDV D QDWXUDOLVHG %ULWLVK DSSOLDQFH , ³FDQ , JHW´ UDWKHU WKDQ WKH ³PD\ ,
HYHQ VXUH KRZ WR VSHOO LW ZDV WKHUH D MXVW KDGQ¶W QRWLFHG KDYH´ RI EOHVVHG PHPRU\ DQG WKH
4 RU ZDVQ¶W WKHUH" :H NQHZ LW ZDV ,Q WKLV QDUUDWLYH RI %ULWDLQ SHSSHULQJ RI HYHU\ WHHQDJH VHQWHQFH
VRPHWKLQJ $XVWUDOLDQV GLG D ORW RI ± EHFRPLQJ D QDWLRQ RI RXWGRRU HDWHUV ZLWK ³OLNH´ D SHUIHFWO\ XVHIXO ZRUG
LQGHHG WKH OLQH ³WRVVLQJ D VKULPS RQ ZKDW ZH FRRN LV HYHU\ ELW DV UHQGHUHG VR PHDQLQJOHVV
WKH EDDDKELH´ EHFDPH RXU ZD\ RI LPSRUWDQW DV KRZ ZH FRRN LW 7KH %XW PD\EH ZH VKRXOG OLNH
SRNLQJ IXQ DW WKHP 1RERG\ GUHDPHG FKDUUHG VDXVDJH DQG FUHPDWHG EXUJHU DFNQRZOHGJH WKH JRRG VWXII DV ZHOO DV
RI WRVVLQJ VKULPSV KHUH OHDVW RI DOO PLJKW QRW EH HQWLUHO\ WKLQJV RI WKH WKH EDG $QG DPRQJ WKH EHVW RI WKH
LQVRXFLDQWO\ RQ WR DQ DOIUHVFR JULOO SDVW ± QRW LI \RX NQRZ P\ IULHQG JRRG VWXII LV WKH ZD\ LQ ZKLFK WKH
(YHQ ZKHQ WKH FRQFHSW RI EDUEHFXLQJ 5RJHU ± EXW WKH\ KDYH EHFRPH WKH EDUEHFXH DQG LWV H[RWLF FRXVLQV KDYH
QRW MXVW HQWHUHG RXU FXOWXUH EXW
EHFRPH VR HQWUHQFKHG WKDW KDUGO\
³:H¶YH DOZD\V EHHQ ZRUOG DQ\RQH WUHDWV WKHP LURQLFDOO\ DQ\
PRUH E\ ZHDULQJ D ORXG +DZDLLDQ
'(&(1&< %()25(
9,&725<
$! "" '! ( $ !& ! " &$ )
'
( &"$ &$ '!)$ " (" '! "" $ $!& $
6
7,5/,1* 0266 ZDV MR\ RI FRPSHWLQJ DQG FDPDUDGHULH WKHLU ZHHNHQG RII VSULQW DFURVV WKH
IURP DQ HUD ZKHQ \RXU 0RVW ) WHDPV EXLOW DQG UDFHG WUDFN LQ D /H 0DQVVW\OH VWDUW OHDS
UHSXWDWLRQ ± RQ DQG RII WKH VSRUWV FDUV DQG LI 0RVV¶V ) LQWR DQ RSHQ VSRUWV FDU DQG KHDG LQWR
WUDFN ± ZDV DV LPSRUWDQW DV PDQXIDFWXUHU GLGQ¶W KDYH D FDU WR UDFH WKH ¿UVW FRUQHU 'ULYHUV OLYHG HYHQ
WKH WURSKLHV LQ \RXU OLYLQJ KH ZRXOG JR RII DQG GULYH IRU FORVHU WR WKH HGJH LQ WKRVH GD\V WRR
URRP FDELQHW ,Q WKH \HDUV VRPHRQH HOVH ,Q RQH \HDU KH ± LQ WKH V VHYHUDO ) UDFLQJ
ZKHQ KH GRQQHG KLV KHOPHW DQG SXOOHG FRPSHWHG LQ PRUH WKDQ UDFHV DQG GULYHUV GLHG EHKLQG WKH ZKHHO
RQ KLV JORYHV GULYLQJ ZDV QRW MXVW RYHU KLV FDUHHU GURYH PRUH WKDQ 0RVV ZDV ERUQ LQ /RQGRQ LQ
OLPLWHG WR D )RUPXOD FDU DQG WKH WLWOH GLIIHUHQW PDNHV RI FDU 5HFHQW :RUOG 6HSWHPEHU WKH VRQ RI D GHQWLVW
RI :RUOG 'ULYHU¶V &KDPSLRQ EXW WKH &KDPSLRQV SUREDEO\ ZRQ¶W WXUQ XS RQ ,W LV VDLG WKDW KLV IDWKHU WKRXJK
LQYROYHG LQ PRWRU UDFLQJ KLPVHOI
KDYLQJ UDFHG LQ WKH ,QGLDQDSROLV
LQ ZDQWHG KLP WR IROORZ KLP
LQWR GHQWLVWU\ EXW \RXQJ 6WLUOLQJ ZDV
KDYLQJ QRQH RI LW
$ VNLOOHG KRUVHULGHU LQ J\PNDQDV
PD\EH WKDW LV ZKHUH KH JRW KLV JRRG
EDODQFH ± WKH ³IHHO´ RI WKH FDU EHLQJ
WUDQVPLWWHG WKURXJK WKH VHDW RI \RXU
SDQWV 0RVV XVHG KLV ZLQQLQJV WR SXW
GRZQ D GHSRVLW RQ D &RRSHU
UDFLQJ FDU LQ +LV IDWKHU KDG
DOORZHG KLP WR FRPSHWH LQ KLV %0:
EXW WKH &RRSHU ZDV D UHDO ³UDFHU´
DQ RSHQZKHHO FDU +H GLGQ¶W ORRN
EDFN 7KH UDFLQJ LQVWLQFW FOHDUO\ UDQ LQ
WKH IDPLO\ 0RVV¶V \RXQJHU VLVWHU 3DW
EHFDPH D VXFFHVVIXO UDOO\ GULYHU
+LV ILUVW PDMRU YLFWRU\ ZDV RQ WKH
HYH RI KLV VW ELUWKGD\ LQ D ERUURZHG
-DJXDU ;. VSRUWV FDU ZKHQ KH ZRQ
&! %*%
WKH 5$& 7RXULVW 7URSK\ DW WKH PDJD]LQH 0RWRU 7UHQG FDOOHG LW ³WKH IULHQG 0LNH +DZWKRUQ 7KH ZLQQHU RI
'XQGURG FLUFXLW LQ 1RUWKHUQ ,UHODQG PRVW HSLF GULYH´ RI DOO WLPH ) 'ULYHU¶V &KDPSLRQVKLS ZHQW GRZQ
+H ZHQW RQ WR ZLQ WKH 77 DQRWKHU VL[ 7KH 7DUJD )ORULR UDFH DURXQG WKH WR WKH ¿QDO UDFH RI WKH \HDU WKH
WLPHV ± LQ DQRWKHU -DJXDU D &7\SH WRUWXRXV 6LFLOLDQ FLUFXLW ZDV LQ LWV 0RURFFR *UDQG 3UL[ DQG WKH PRWRU
WKHQ ZLWK WKH 0HUFHGHV%HQ] RZQ ZD\ MXVW DV FKDOOHQJLQJ DV WKH UDFLQJ ZRUOG DV ZHOO DV DOO RI XV
³ZRUNV´ WHDP LQ GULYLQJ WKH 0LOOH 0LJOLD DQG 0RVV ZRQ DJDLQ IRU ZDWFKLQJ KHOG RXU EUHDWK 0RVV KDG
OHJHQGDU\ 6/5 IROORZHG LQ 0HUFHGHV ZLWK FRGULYHU 3HWH &ROOLQV WR ZLQ ZKLFK KH GLG EXW +DZWKRUQ
DQG ZLWK D %ULWLVK $VWRQ 0DUWLQ 6L[ \HDUV ODWHU DQG 0RVV ZDV DW WKH FDPH VHFRQG WKXV WDNLQJ WKH FURZQ
'%5 DQG DQG GULYLQJ D ZKHHO RI WKH GLPLQXWLYH 3RUVFKH E\ D VLQJOH SRLQW
)HUUDUL *7 6S\GHU DQG DOWKRXJK KH GLGQ¶W ZLQ LW 2I FRXUVH WKDW¶V IDU IURP WKH ZKROH
,Q EHWZHHQ WKLV KH VKRZHG KLV ZDV RQO\ LOO IRUWXQH WKDW UREEHG KLP VWRU\ (DUOLHU LQ WKH VHDVRQ DW WKH
YHUVDWLOLW\ E\ EHLQJ RQH RI RQO\ WKUHH RI D IDPRXV YLFWRU\ DJDLQVW WKH PXFK 3RUWXJXHVH *UDQG 3UL[ +DZWKRUQ¶V
GULYHUV WR EH DZDUGHG WKH SUHVWLJLRXV PRUH SRZHUIXO 0DVHUDWLV DQG )HUUDULV )HUUDUL KDG FRPH RII WKH WUDFN DQG WKH
&RXSH G¶2U *ROG &XS IRU WKUHH HQJLQH VWDOOHG +H EXPS VWDUWHG WKH
FRQVHFXWLYH \HDUV LQ WKH $OSLQH 5DOO\ FDU E\ UXQQLQJ LW GRZQKLOO UHWXUQHG WR
SLFNLQJ XS QR SHQDOWLHV 7R DFKLHYH QR WKH FLUFXLW DQG FDPH VHFRQG 7KH
SHQDOWLHV LQ RQH $OSLQH 5DOO\ LV PDQRHXYUH ZDV SHQDOLVHG E\ WKH UDFH
VRPHWKLQJ ± WKUHH LQ D URZ LV VLPSO\ RI¿FLDOV DQG KH ZDV GLVTXDOL¿HG EXW
H[WUDRUGLQDU\ 0RVV TXLFNO\ VWHSSHG IRUZDUGV
$OIUHG 1HXEDXHU ZKR ZDV FKDUJHG VD\LQJ KH KDG VHHQ WKH LQFLGHQW DQG
ZLWK OHDGLQJ WKH 0HUFHGHV%HQ] WHDP WKDW WKH DFWLRQ GLG QRW FRQWUDYHQH UDFH
EDFN LQWR PRWRU UDFLQJ DIWHU :RUOG UHJXODWLRQV +DZWKRUQ¶V VHYHQ SRLQWV
:DU ,, ZDV LPSUHVVHG ZLWK ZKDW ZHUH UHLQVWDWHG DQG KH EHFDPH
0RVV ZDV DFKLHYLQJ LQ FRPSDUDWLYHO\ &KDPSLRQ DW 0RVV¶V H[SHQVH
XQFRPSHWLWLYH FDUV , ZDV YHU\ IRUWXQDWH LQ PHHWLQJ
,Q WKH \RXQJ UDFHU ZRQ WKH 6WLUOLQJ 0RVV EDFN LQ ZKHQ P\
+RXUV RI 6HEULQJ VSRUWV FDU UDFH ZKHQ $XVWUDOLDQ ZLIH DQG , KDG PRYHG WR
KH VKDUHG WKH GULYLQJ ZLWK %LOO /OR\G /RQGRQ :H ZHUH LQ D JRRG (QJOLVK
LQ D WLQ\ RQHDQGDKDOI OLWUH ,WDOLDQ SXE FHOHEUDWLQJ &KULVWPDV DQG WKHUH
26&$ 07 7KDW ZDV DJDLQVW D ZDV 0RVV LQ ¿QH IHWWOH 1RW ZLVKLQJ
$! ! ! "'' & ! '
JDJJOH RI JLDQWV IURP $VWRQ 0DUWLQ WR PLVV D WULFN , DSSURDFKHG WKH JUHDW
0DVHUDWL DQG )HUUDUL SLORWHG E\ WKH PDQ DQG JRW LQYROYHG LQ OHQJWK\ WDOHV
ZRUOG¶V EHVW GULYHUV 1HXEDXHU RI WKH VSRUW
VXJJHVWHG WR 0RVV¶V PDQDJHU WKDW KH , KDG UDFHG D 3RUVFKH LQ $XVWUDOLD
EX\ D ) 0DVHUDWL ) DQG WKH DQG 0RVV WKH JUHDWHVW 3RUVFKH GULYHU
IROORZLQJ VHDVRQ 0RVV SURPSWO\ RI KLV GD\ ZDV VRRQ DVNLQJ PH KRZ ,
VKRZHG KLV PHWWOH ,Q WKH ,WDOLDQ GLG LW <HV PH , GHÀHFWHG KLV
*UDQG 3UL[ KH HYHQ KDG WKH DXGDFLW\ TXHVWLRQV WXUQLQJ WKH FRQYHUVDWLRQ WR
WR RYHUWDNH WKH 0HUFHGHV QXPEHU RQH WKH )RUPXOD 2QH VHDVRQ
-XDQ 0DQXHO )DQJLR IROORZHG E\ ³<RX VKRXOG KDYH ZRQ´ , VDLG
)HUUDUL¶V WRS PDQ $OEHUWR $VFDUL 0RVV VKUXJJHG ³<RX KDYH WR EH
,W ZDV DOO 1HXEDXHU QHHGHG +H KRQHVW ZLWK \RXUVHOI 0LNH VSXQ RII
VLJQHG 0RVV IRU WKH QH[W VHDVRQ DQG JRW EDFN RQ WKH WUDFN EXW WKH VWHZDUGV
WKH 6LOYHU $UURZV ± DV WKH\ ZHUH VDLG WKH PDQRHXYUH ZDV LOOHJDO , VDZ
FDOOHG ± LPPHGLDWHO\ GRPLQDWHG WKH ZKDW KDSSHQHG DQG VDLG LQ P\ YLHZ LW
) VFHQH $W WKH %ULWLVK *UDQG ZDVQ¶W ± WKH\ DFFHSWHG P\ ZRUG DQG
3UL[ KHOG DW WKH $LQWUHH FLUFXLW WKH 0LNH JRW WKH SRLQWV WKDW GHPRWHG PH
0HUFHGHV%HQ] 7\SH : WRRN DOO WR VHFRQG´
IRXU WRS SODFHV EXW LW ZDV 6WLUOLQJ 6LU 6WLUOLQJ 0RVV GLHG ODVW \HDU DW
0RVV ZKR FURVVHG WKH ¿QLVK OLQH ¿UVW !
% $ " WKH DJH RI 5HFRUG ERRNV DQG
DQG LQ GRLQJ VR EHDW -XDQ 0DQXHO FKDPSLRQVKLS WLWOHV FDQ EH ¿FNOH DQG
)DQJLR ¿YH WLPHV :RUOG &KDPSLRQ ,W (YHQ WKHQ KH ZDV KHDGHG IRU D GHVSLWH QHYHU ZLQQLQJ D ) :RUOG
PDGH KLP WKH ¿UVW %ULWLVK GULYHU WR ZRQGHUIXO YLFWRU\ ZKHQ DOPRVW &KDPSLRQVKLS KH ZDV SUREDEO\ WKH
ZLQ D ) UDFH RQ KRPH VRLO ZLWKLQ VLJKW RI WKH FKHTXHUHG ÀDJ WKH JUHDWHVW UDFLQJ GULYHU RI DOO WLPH
,Q WKH VDPH \HDU KH FRQTXHUHG WKH FDU VXIIHUHG D WHFKQLFDO SUREOHP DQG %HLQJ D IRUPLGDEOH FRPSHWLWRU GLGQ¶W
#!!!
&
PRVW GHPDQGLQJ URDG UDFH RI WKHP DOO ZDV IRUFHG WR UHWLUH PHDQ KH DFFHSWHG ZLQQLQJ DW DQ\ FRVW
WKH 0LOOH 0LJOLD D WKRXVDQG PLOHV RI ,W ZDV WKH ) VHDVRQ WKDW WKRXJK KH DOZD\V NHSW WR KLV ZRUG
,WDOLDQ FRXQWU\ URDGV WKURXJK YLOODJHV UHDOO\ HSLWRPLVHV 0RVV¶V FKDUDFWHU DQG KLV KRQRXU
DQG DFURVV PRXQWDLQ SDVVHV :LWK KLV WKRXJK 0HUFHGHV KDG ZLWKGUDZQ LWV , OHDYH \RX ZLWK WKH PRWWR WKLV
QDYLJDWRU 'HQLV -HQNLQVRQ 0RVV DOOFRQTXHULQJ FDUV DQG 0RVV WRRN XS (QJOLVK JHQWOHPDQ OLYHG E\ ³,W LV
FDPH KRPH ¿UVW LQ MXVW RYHU KRXUV WKH PDQWOH E\ SURPRWLQJ WKH %ULWLVK EHWWHU WR ORVH KRQRXUDEO\ LQ DQ (QJOLVK
DW DQ LQFUHGLEOH DYHUDJH VSHHG RI 9DQZDOO FDU DJDLQVW WKH DOOSRZHUIXO FDU WKDQ ZLQ LQ D IRUHLJQ RQH´
PSK ,QÀXHQWLDO $PHULFDQ PRWRULQJ )HUUDUL WHDP KHDGHG E\ 0RVV¶V JRRG 5,&+$5' +2/'6:257+
0$.(
$ 63/$6+
# # "
"" $ %
"
" !&!
!$ !
& ! & !
%! ! ! $ '
#(
V\QWKHWLF PDWHULDO LW ZDV KHOG WKH VXSLQH VXQEDWKHUV 6RPH
OLJKWHU PRUH ¿JXUHKXJJLQJ ZHUH XUEDQ RWKHUV FRDVWDO DQG VRPH
DQG OHVV ZDWHU DEVRUEHQW KDG IUHVK ZDWHU ZKLOH RWKHUV KDG
$FFRUGLQJ WR WKH GHVLJQHUV VHDZDWHU ¿OWHUHG RU QDWXUDOO\ IHG
LW FKDQJHG ³EDWKLQJ´ LQWR 7KH 7KLUWLHV VW\OH ZDV PRUH
/
³VZLPPLQJ´ IXQFWLRQDO WUDQVIRUPLQJ IURP WKH
,'26 DQG RSHQDLU /LGRV ZHUH FKDOOHQJLQJ PDQ\ VRFLDO &ODVVLFDO GHVLJQ RI WKH V WR
VZLPPLQJ SRROV VWLOO KDYH FRQYHQWLRQV DERXW ZKDW ZRPHQ FRXOG FDSWXUH WKH $UW 'HFR PRYHPHQW 1RZ
D VSHFLDO SODFH LQ RXU GR WDSSLQJ LQWR WKH SRVWZDU ]HLWJHLVW GHVLJQHUV VPRRWKHG RII WKH KDUG HGJHV
KHDUWV 7KH\ UHPLQG XV RI *HUWUXGH (GHUOH KDG EHFRPH WKH ¿UVW IURP WKHLU EXLOGLQJV WR FUHDWH
WKRVH ORQJ VXQGUHQFKHG ZRPDQ WR VZLP DFURVV WKH (QJOLVK FXUYLOLQHDU FRQFUHWH IRUPV ZLWK ÀDW
GD\V RI VXPPHU VDYRXULQJ WKH &KDQQHO LQ EHDWLQJ WKH PDOH URRIV ODUJH PHWDOIUDPHG ZLQGRZV
LPPHGLDWH MR\ RI D FRRO VSODVK 7KHLU UHFRUG E\ DURXQG WZR KRXUV ,Q WKLV DQG JOHDPLQJ ZKLWH VXQ GHFNV
PDJLF KDV HQWUDQFHG QXPHURXV HQOLJKWHQHG SHULRG ZRPHQ OLNH $P\ ,Q PDQ\ RI WKH V OLGRV D
JHQHUDWLRQV ZLWK DQ HQFKDQWPHQW WKDW -RKQVRQ DQG $PHOLD (DUKDUW IRXQWDLQ VHUYHG WR DHUDWH WKH ZDWHU
VWUHWFKHV EDFN WR WKHLU JROGHQ DJH FRQTXHUHG WKH VNLHV DQG KHURLQHV OLNH 6OLGHV EHFDPH D IHDWXUH DQG VRPH
ZKLFK EHJDQ LQ WKH V DQG +pOqQH 'HODQJOH WKH ³%XJDWWL 4XHHQ´ SRROV KDG YHU\ HODERUDWH GLYLQJ
FXOPLQDWHG LQ WKH PLGV UDFHG FDUV RQ HTXDO WHUPV ZLWK PHQ SODWIRUPV RU ZDWHU FKXWHV 6DGO\
'XULQJ WKLV WLPH PRUH WKDQ 7KH HDUO\ OLGRV EXLOW LQ WKH V PDQ\ RI WKHVH KLJK ERDUGV KDYH
OLGRV ZHUH EXLOW DFURVV WKH 8. DV ORFDO ZHUH FODVVLFDO LQ WKHLU RYHUDOO FRQFHSW GLVDSSHDUHG WRGD\ GXH WR KHDOWK DQG
FRXQFLOV HPEUDFHG WKH FRXQWU\¶V DQG GHWDLO ZLWK IHDWXUHV VXFK DV 'RULF VDIHW\ UHJXODWLRQV 7KH PRYHPHQW
GHPDQG IRU RXWGRRU VZLPPLQJ :LWK FROXPQV DQG GRPHV EXW E\ WKH V IRXQG LWV DUFKLWHFWXUDO ]HQLWK LQ WKH
LW FDPH WKH EHQH¿WV RI IUHVK DLU WKLV GHYHORSHG LQWR D FULVS PRGHUQLVP $UW 'HFR UH¿QHPHQW RI OLGRV VXFK DV !
H[HUFLVH DQG D QHZ HPHUJLQJ FXOW RI XVLQJ VWHHO DQG FRQFUHWH 7KH 7ZHQWLHV
VXQ ZRUVKLSSHUV VSXUUHG RQ E\ KHUDOGHG WKH -D]] $JH WKH &KDUOHVWRQ
GHVLJQHUV OLNH &RFR &KDQHO DQG WKH ÀDSSHU EXW WKHUH ZDV DOVR WKH
1RW RQO\ GLG WKH FRQVWUXFWLRQ RI FODPRXU RI PDMRU FLWLHV DQG WRZQV WR
WKHVH QHZ OLGRV UHÀHFW WKLV QDWLRQDO SRVVHVV WKHLU RZQ OLGR
REVHVVLRQ WR LPSURYH KHDOWK LW DOVR ,Q WKH V LW EHFDPH MXVW DV
DQVZHUHG D QHHG GXULQJ WKLV LQWHUZDU LPSRUWDQW WR KDYH D OLGR DV LW ZDV WR
SHULRG IRU OHVV VHJUHJDWHG UHFUHDWLRQ KDYH D SLHU DQG E\ WKH HQG RI WKH
RI WKH FODVVHV DQG VH[HV :KHQ 6LU GHFDGH OLGRV ZHUH IRXQG DW 3UHVWDW\Q
-RVLDK 6WDPS WKHQ *RYHUQRU RI WKH %ODFNSRRO 3O\PRXWK ([PRXWK
%DQN RI (QJODQG RSHQHG 7KH 6XSHU 6NHJQHVV %ULJKWRQ 0RUHFDPEH DQG
6ZLPPLQJ 6WDGLXP DW 0RUHFDPEH :HVWRQVXSHU0DUH WR QDPH EXW D IHZ
3RRO LQ KH UHPDUNHG ³%DWKLQJ %\ WKH PLG7KLUWLHV D VWDQGDUG
UHGXFHV ULFK DQG SRRU KLJK DQG ORZ IRUPXOD IRU OLGR GHVLJQ KDG HPHUJHG
WR D FRPPRQ VWDQGDUG RI HQMR\PHQW FKDUDFWHULVHG E\ UHFWDQJXODU SRROV
DQG KHDOWK´ $OWKRXJK OLNH HYHU\WKLQJ HOVH WKHUH
0DJD]LQHV VXFK DV 9RJXH DQG /LIH ZHUH H[FHSWLRQV 6RPH SRROV ZHUH
JDYH IXOO YRLFH WR WKH QDWLRQDO WUHQG RYDO DQG -XELOHH 3RRO
IRU LPSURYLQJ JHQHUDO ¿WQHVV DQG 3HQ]DQFH ZDV HYHQ WULDQJXODU &XUYHG
FKDPSLRQHG QHZ IDVKLRQV VXFK DV WKH VWHSSHG WHUUDFLQJ URVH IRU WKH
-DQW]HQ VZLPPLQJ FRVWXPH 0DGH RI VSHFWDWRUV ZKLOH FXUYHG ÀDW GHFNV ! %!! ""
RQH RI WKH ODUJHVW DQG PRVW ODZQ WKHUH¶V D VXQ WHUUDFH H[HUFLVH D IHZ WLPHV D ZHHN IRU DQ LF\ GLS
FHOHEUDWHG VHD ZDWHU SRROV LQ WKH ODQHV DQG D FKLOGUHQ¶V SDGGOLQJ SRRO
8. DORQJ ZLWK /\PLQJWRQ 6SD HTXLSSHG ZLWK ÀRDWV /\PLQJWRQ 6HD :DWHU %DWKV
7ULDQJXODU LQ VKDSH LW KDV D +DPSVKLUH
FDSDFLW\ RI XS WR VZLPPHUV %XGH 6HD 3RRO %XGH 2XU ROGHVW DQG ODUJHVW VDOWZDWHU OLGR
ZLWK WKH KLJK VHD ZDOOV SURWHFWLQJ &UHDWHG XQGHU WKH FXUYH RI WKH LQ WKH FRXQWU\ PHDVXULQJ PHWUHV
WKHP IURP VWURQJ RIIVKRUH ZLQGV EHDXWLIXO FOLIIV LQ D FRQVHUYDWLRQ DUHD E\ PHWUHV DW LWV ZLGHVW SRLQW 7KH
DQG IRUPLQJ WHUUDFHV IRU VSHFWDWRUV RQ 6XPPHUOHD]H %HDFK V %XGH EDWKV DUH *UDGH ,, OLVWHG DQG GDWH
6HD 3RRO LV DURXQG PHWUHV ORQJ DQG IURP VR SUHGDWH WKH $UW 'HFR
6DOWGHDQ /LGR %ULJKWRQ DUHD PHWUHV ZLGH $URXQG SHULRG E\ D KXQGUHG RU VR \HDUV
6XSHUE H[DPSOH RI $UW 'HFR VW\OH YLVLWRUV FRPH HYHU\ \HDU ZLWK ZDWHU 7KHUH¶V D ODUJH VZLPPLQJ DUHD DQ
FRPSOHWHG LQ 1HDU WKH WHPSHUDWXUHV YDU\LQJ IURP DURXQG REVWDFOH FRXUVH DQG SDGGOH ERDUGLQJ
FRDVWOLQH ZLWK D SRRO FDSDFLW\ IRU & LQ $SULO WKURXJK WR D EDOP\ & ZKLFK DOO JXDUDQWHH JRRG IDPLO\ IXQ
EDWKHUV WKH PDLQ EXLOGLQJ LV D LQ $XJXVW DQG 6HSWHPEHU DQG DW D YHU\ UHDVRQDEOH SULFH WRR
,
7¶6 RQH RI WKH PRVW RLO WDQNHUV VR WKH 66
PRYLQJ VWRULHV ,¶YH 2KLR WRQV ZDV
HYHU ZULWWHQ DERXW´ VSHFLDOO\ UHJLVWHUHG DQG
VD\V 0D[ +DVWLQJV FKDUWHUHG IURP WKH
DXWKRU RI ERRNV 8QLWHG 6WDWHV WR WUDQVSRUW
WR GDWH DQG IRUPHU HGLWRU WRQV RI GLHVHO IXHO
RI 7KH 'DLO\ 7HOHJUDSK DQG NHURVHQH 7KLUW\
DQG /RQGRQ (YHQLQJ QLQH\HDUROG &DSWDLQ
6WDQGDUG ³2SHUDWLRQ 'XGOH\ 0DVRQ ZDV
3HGHVWDO KDSSHQHG DW WKH DSSRLQWHG LQ FRPPDQG
WXUQLQJ SRLQW RI WKH ZLWK -DPHV :\OG DV FKLHI
ZDU LW VHHPHG TXLWH HQJLQHHU +HU FUHZ
SRVVLEOH WKH 5XVVLDQV QXPEHUHG LQFOXGLQJ
FRXOG EH GHIHDWHG LW QDYDO UDWLQJV DQG
VHHPHG MXVW SRVVLEOH HYHQ VROGLHUV WR PDQ WKH
DIWHU WKH $PHULFDQV FDPH QHZO\ ¿WWHG 2HUOLNRQ
LQ WKDW +LWOHU PLJKW DQG %RIRUV DQWLDLUFUDIW
VRPHKRZ ZLQ :KDW
JXQV 2Q $XJXVW
\RX¶YH JRW LV DQ HSLF ZLWK LQVWUXFWLRQV WR ³JHW
IRXUGD\ EDWWOH ZKLFK , WKLQN LV RQH RI JHW SDVW WKH IXOO IRUFH RI WKH *HUPDQ WKURXJK DW DOO FRVWV´ WKH FRQYR\
WKH PRVW IDVFLQDWLQJ VHD EDWWOHV RI WKH /XIWZDIIH DQG ,WDOLDQ ÀHHW VDLOHG IURP *LEUDOWDU
6HFRQG :RUOG :DU´ ,Q $XJXVW LW ZDV GHFLGHG WKHUH ³, ZDV IDVFLQDWHG E\ WKH FRXUDJH
,Q WKH ZDU DJDLQVW *HUPDQ\ VKRXOG EH RQH ILQDO DOORXW DWWHPSW WR DQG GHWHUPLQDWLRQ VKRZQ E\ WKH PHQ
ZDV JRLQJ EDGO\ 'XULQJ WKH ¿UVW VL[ VXSSO\ 0DOWD EHIRUH LW ZDV IRUFHG WR EHFDXVH HYHU\ERG\ NQHZ IURP WKH
PRQWKV RI WKDW \HDU 8ERDWV KDG VXQN FDSLWXODWH GHVSLWH WKDW IDFW WKDW ¿UVW GD\ WKDW WKH *HUPDQV DQG WKH
RYHU WKUHH PLOOLRQ WRQV RI $OOLHG SUHYLRXV GHVSHUDWH DWWHPSWV IURP ,WDOLDQV ZHUH JRLQJ WR WKURZ
VKLSSLQJ LQ WKH $WODQWLF 7KH *HUPDQ ERWK HDVWHUQ DQG ZHVWHUQ HQGV RI WKH DEVROXWHO\ HYHU\WKLQJ WKH\ KDG DW WKDW
$UP\ XQGHU *HQHUDO (UZLQ 5RPPHO 0HGLWHUUDQHDQ KDG HQGHG LQ IDLOXUH FRQYR\ DV WKH\ GLG´ +DVWLQJV
KDG UROOHG DFURVV 1RUWK $IULFD WR 7KH VXSSOLHV ZHUH WR EH FDUULHG LQ D FRQ¿UPV
ZLWKLQ PLOHV RI $OH[DQGULD FRQYR\ RI PHUFKDQW VKLSV IURP 7KH\ VRRQ FDPH XQGHU VXVWDLQHG
WKUHDWHQLQJ %ULWDLQ¶V RLO VXSSO\ *LEUDOWDU HVFRUWHG E\ WZR EDWWOHVKLSV DWWDFN 2Q $XJXVW WKH DLUFUDIW
WKURXJK WKH 6XH] &DQDO 7KH VWUXJJOH IRXU DLUFUDIW FDUULHUV VHYHQ FUXLVHUV FDUULHU +06 (DJOH RQH RI WKH ODUJHVW
IRU FRQWURO RI WKH 0HGLWHUUDQHDQ 6HD DQG GHVWUR\HUV 7KLV FRPELQHG VKLSV ZDV VXQN E\ D *HUPDQ 8ERDW
ZDV DW LWV SHDN DQG 0DOWD ZDV RI YLWDO IRUFH UHSUHVHQWHG WKH PRVW SRZHUIXO 7KDQNIXOO\ DERXW RI WKH
VWUDWHJLF LPSRUWDQFH 7KH LVODQG ÀHHW RI ZDUVKLSV HYHU JDWKHUHG IRU DQ\ PHQ RQ WKH VLQNLQJ DLUFUDIW FDUULHU
WKRXJK ZDV XQGHU SURORQJHG VLHJH VLQJOH RSHUDWLRQ RI WKH ZDU ,W ZDV ZHUH VDYHG EXW PRVW RI WKH
7KHUH KDG EHHQ PRQWKV RI ERPELQJ QDPHG 2SHUDWLRQ 3HGHVWDO HQJLQHHULQJ VWDII GLHG ³$ SLORW ZURWH
DQG EORFNDGHV E\ *HUPDQ DQG ,WDOLDQ %ULWDLQ WKHQ KDG WKH ODUJHVW DIWHUZDUGV WKDW RQH RI WKH PRVW
IRUFHV DQG HVVHQWLDO VXSSOLHV KDG WR PHUFKDQW IOHHW LQ WKH ZRUOG EXW QR IDVW PRYLQJ PRPHQWV KH H[SHULHQFHG LQ
KH¶G EHFRPH DQ (OGHU %URWKHU DW 7ULQLW\ 'RUVHW¶V FUHZ ZHUH HYHQWXDOO\ WDNHQ
+RXVH DQG ,¶G EHHQ KHOSLQJ KLP FOHDU KLV DERDUG 2KLR DQG 'DG KHOSHG WR PDQ RQH
RIILFH DIWHU KH¶G GHFLGHG WR WDNH HDUO\ RI WKH WDQNHU¶V DQWLDLUFUDIW JXQV XQWLO WKH\
UHWLUHPHQW +H H[SODLQHG RYHU D GULQN WKDW UHDFKHG 9DOHWWD 7KLV JUHDW VFHQH ZDV
RQO\ ¿YH VKLSV PDGH LW WKURXJK WR 9DOHWWD UHHQDFWHG RQ WKH WK $QQLYHUVDU\
$OO WKH RWKHUV LQFOXGLQJ WKH 'RUVHW ZHUH &RPPHPRUDWLRQ LQ ZKLFK KH OLYHG
ORVW DQG VRPH PHQ GLHG LQ WKH WR VHH +H ZDV PDGH DQ KRQRUDU\ FLWL]HQ
RSHUDWLRQ RI 9DOHWWD DQG SDVVHG DZD\ D PRQWK ODWHU
³:H SDVVHG WKURXJK WKH 6WUDLWV RI *LEUDOWDU ZLWKRXW $V LV PHQWLRQHG LQ WKH DXWKRULVHG ELRJUDSK\ RI
PLVKDS WKHQ DOO KHOO EURNH ORRVH´ , UHPHPEHU KLP )DWKHU¶V JUHDW VFKRRO IULHQG /HZLQ RI *UHHQZLFK
VD\LQJ ³7KH DLUFUDIW FDUULHU +06 (DJOH ZDV WRUSHGRHG ZULWWHQ E\ 5HDU$GPLUDO 5LFKDUG +LOO ³3HGHVWDO ZDV
DQG VDQN ZLWKLQ PLQXWHV DQG RWKHU VKLSV EHJDQ WR JR DOZD\V WR EH UHPHPEHUHG 5HXQLRQV ZHUH KHOG RQ WKH
GRZQ LQ UDSLG VXFFHVVLRQ 7KH FRQYR\ EURNH XS DQG WKH WK WK WK WK $QQLYHUVDULHV DQG ZHUH YHU\
'RUVHW SUHVVHG RQ VHHPLQJO\ DORQH LQ GDUNQHVV WRZDUGV ZLGHO\ DWWHQGHG E\ YHWHUDQV RI WKH HSLF FRQYR\´
0DOWD 7KH DWWDFNV UHVXPHG ZLWK GD\OLJKW DQG WKH 6,021 * ',&.(16
)
25 WKRVH RI XV IRUWXQDWH 5%/¶V ZRUN LV IDU IURP GRQH 8. HPEUDFHG E\ P\ IHOORZ )RUFHV
HQRXJK WR HVFDSH ZDU SHUVRQQHO VXSSRUWHG WKH UHVSRQVH WR FRPPXQLW\ , GLGQ¶W IHHO DORQH DQ\
:LOIUHG 2ZHQ¶V 'XOFH HW WKH SDQGHPLF IURP WHVWLQJ LQ VFKRROV PRUH ± RWKHUV ZHUH LQ WKH VDPH ERDW´
'HFRUXP (VW VHH H[WUDFW WR WKH YDFFLQH UROORXW GHVFULEHG E\ WKH 7KH 5%/ SURJUDPPH ZLOO PDUN
DERYH VHDUV D SLFWXUH RQ 0R' DV WKH ³ELJJHVW HYHU KRPHODQG WKLV PLOHVWRQH ELUWKGD\ HYHQ LI OLPLWHG
WKH PLQG HYHQ LI ZH ZLOO QHYHU PLOLWDU\ RSHUDWLRQ LQ SHDFHWLPH´ E\ FXUUHQW UHVWULFWLRQV 7ZR ERRNV DUH
XQGHUVWDQG VXFK D UHDOLW\ 2ZHQ ZDV ³7KH OHJLRQ DVVLVWHG PH WR ILQG D EHLQJ UHOHDVHG :H $UH 7KH /HJLRQ D
NLOOHG LQ DFWLRQ DW WKH DJH RI RQH MRE DIWHU OHDYLQJ WKH DUP\ $OVR WKH UHÀHFWLRQ RQ WKH 5%/ E\ -XOLH
ZHHN EHIRUH WKH $UPLVWLFH RQH RI 5%/ KHOSHG PH WR EH DZDUGHG P\ 6XPPHUV DQG &RRNLQJ :LWK +HURHV
PLOOLRQV ORVW LQ :RUOG :DU , DORQH 1DWLRQDO 6HUYLFH 0HGDO DQG P\ D FRRNERRN ZLWK UHFLSHV IURP
)RUPHG RQ 0D\ ZKHQ %ULWLVK 6HUYLFH IRU *HUPDQ\ ± RI FHOHEULW\ FKHIV DORQJVLGH WULEXWHV WR
IRXU QDWLRQDO RUJDQLVDWLRQV RI H[ ZKLFK , DP H[WUHPHO\ SURXG , KDYH WKRVH ZKR KDYH VHUYHG 7KHUH ZLOO EH
VHUYLFHPHQ XQLWHG WKH %ULWLVK /HJLRQ DOVR EHHQ DEOH WR DWWHQG GD\ FDUH DQG , D VHUYLFH LQ :HVWPLQVWHU $EEH\ DQG D
ZDV ERUQ RXW RI GHYDVWDWLRQ /DUJHO\ DP QRZ OLYLQJ DW *DODQRV +RXVH´ &HQWHQDU\ KXE RQ WKH 5%/¶V ZHEVLWH
LQVSLUHG E\ WZR PHQ ± )LHOG 0DUVKDOO \HDUROG %ULDQ 5REHUW )LHOGV VD\V ZLOO EULQJ WR OLIH WKH HYHQWV WKDW KDYH
(DUO +DLJ DQG 7RP /LVWHU RI 7KH %ULDQ OLYHV LQ RQH RI WKH 5%/¶V VL[ VKDSHG WKHLU HYROXWLRQ VLQFH
)HGHUDWLRQ RI 'LVFKDUJHG DQG FDUH KRPHV ,Q KLV WHHQV KH MRLQHG WKH ³7KH $UPHG )RUFHV FRPPXQLW\ LV
'HPRELOL]HG 6DLORUV DQG 6ROGLHUV ± LWV DUP\ DQG ZDV DVVLJQHG WR WKH 5R\DO FKDQJLQJ DQG WKH W\SH RI VXSSRUW WKH\
JRDO ZDV WR VXSSRUW WKRVH ZKR KDG :DUZLFNVKLUH 5HJLPHQW DQG SRVWHG WR UHTXLUH LV JURZLQJ LQFUHDVLQJO\
VXUYLYHG DV ZHOO DV WKH IDPLOLHV RI 1RUWKHUQ ,UHODQG LQ FRPSOH[ 7KH 5%/ LV HYROYLQJ WR
WKRVH ZKR QHYHU UHWXUQHG %\ WKH HQG ³2QH GD\ ZH ZHUH RQ SDWURO LQ WKH PHHW WKHVH FKDQJHV DQG HQVXUH ZH FDQ
RI 1DWLRQDO &KDLUPDQ )UHG FRXQWU\VLGH LQ ,UHODQG ZH VWRSSHG DW D VXSSRUW DOO RI WKRVH ZKR QHHG RXU
/LVWHU DQQRXQFHG WKDW EUDQFKHV SROLFH VWDWLRQ WR VHH LI HYHU\WKLQJ ZDV KHOS´ 5%/¶V +HDG RI $UPHG )RUFHV
RI WKH %ULWLVK /HJLRQ KDG EHHQ VHW XS 2. :H JRW KDOI D PLOH GRZQ WKH URDG (QJDJHPHQW YHWHUDQ $OH[DQGHU
,QFUHGLEO\ WKH VDPH QXPEHU H[LVW DIWHU OHDYLQJ ZKHQ WKH VWDWLRQ EOHZ 2ZHQ VD\V ³,Q ZH ZLOO QRW
WRGD\ LQFOXGLQJ EUDQFKHV DEURDG XS , FDQ¶W UHPHPEHU LI WKHUH ZHUH DQ\ RQO\ FHOHEUDWH RXU DFKLHYHPHQWV EXW
7KH 5%/¶V UHPLW KDV ZLGHQHG LQ WHUPV FDVXDOWLHV ± LW ZDV D ELW RI D EOXU´ DOVR GHPRQVWUDWH RXU FRPPLWPHQW WR
RI REMHFWLYHV IURP :RUOG :DU ,, ZKHQ +HOS DOVR FRPHV LQ WKH IRUP RI FRQWLQXLQJ WR VXSSRUW WKLV GHVHUYLQJ
LW YRWHG WR LQFOXGH VWULFNHQ PLOLWDU\ UHKDELOLWDWLRQ VXSSRUW DW WKH %DWWOH FRPPXQLW\ ORQJ LQWR WKH IXWXUH´
DQG IDPLOLHV RI WKLV QHZ FRQÀLFW WR %DFN &HQWUH LQ /LOOHVKDOO 6KURSVKLUH $QG VRPH WUDGLWLRQV ZLOO DOZD\V
WRGD\ DQG LWV UROH DV RXU ODUJHVW $UPHG :LWK WKH EDFNLQJ RI WKH 0R' 6SRUW UHPDLQ 7KH ([KRUWDWLRQ LV VDLG RQ
)RUFHV FKDULW\ RIIHULQJ VXSSRUW WR WKH (QJODQG ZKR SURYLGH WKH IDFLOLW\ DQG 5HPHPEUDQFH 'D\ DIWHU WKH /DVW 3RVW
)RUFHV FRPPXQLW\ /HHGV 0HWURSROLWDQ 8QLYHUVLW\ DQG OHDGV LQWR WKH 7ZR 0LQXWH 6LOHQFH
0DQ\ VWLOO DVVRFLDWH WKH 5%/ ZLWK UHVSRQVLEOH IRU WKH FRDFKLQJ VWDII LW 7KH\ VKDOO JURZ QRW ROG DV ZH WKDW
WKH WZR :DUV %XW HYHQ LQ ZH KDV OLWHUDOO\ EHHQ D OLIHVDYHU 1LFN DUH OHIW JURZ ROG
KDYH RYHU PLOLWDU\ SHUVRQQHO 5HGVKDZ D IRUPHU PDULQH ZDV $JH VKDOO QRW ZHDU\ WKHP QRU WKH
GHSOR\HG RYHUVHDV DQG 5R\DO GLVFKDUJHG DIWHU \HDUV IROORZLQJ D \HDUV FRQGHPQ
1DY\ SHUVRQQHO DERDUG PRUH WKDQ VHULHV RI EUDLQ KDHPRUUKDJHV $W WKH JRLQJ GRZQ RI WKH VXQ DQG LQ
YHVVHOV 7KH 5R\DO $LU )RUFH LV ³)URP WKH PRPHQW , ZDV GLVFKDUJHG WKH PRUQLQJ
GHSOR\HG LQ FRXQWULHV VXFK DV , IHOW DORQH DQG OHW GRZQ +RZHYHU LW :H ZLOO UHPHPEHU WKHP
$IJKDQLVWDQ DQG :HVWHUQ $VLD VR ZDV WKH RSSRVLWH DW %DWWOH %DFN , ZDV 9LVLW EULWLVKOHJLRQRUJXN
"
!) ! &
'! * # '&! &'" $ ! !&&'!
'! # !) ! ! !# &
") '& " $+& # ! )" " $ "'&'!# && !)
(!"&* '!
'" !"" & (! !
681'(5/$1'
) "$ $! !'!" $
"$! '" $
$) ($ !$$) &"$! "$
&! %*%
1
27 VR ORQJ DJR WKH
WKRXJKW RI D :HDUVLGH
EUHDN ZRXOG KDYH
VHHPHG XQOLNHO\ ,W LV D
ORQJ WLPH VLQFH
6XQGHUODQG HQMR\HG SURVSHULW\ DV D
WKULYLQJ SRUW DQG VKLSEXLOGLQJ FHQWUH
LQ WKH WK FHQWXU\ DQG WKH DUHD
QHYHU UHDOO\ UHFRYHUHG IURP WKH
GHSUHVVLRQ ZLWK WKH KLVWRULF -DUURZ
0DUFK LQ GUDPDWLFDOO\ EULQJLQJ
WKH DUHD¶V HFRQRPLF VWDWH WR QDWLRQDO
DWWHQWLRQ
<HW HYHQ WKHQ DUWLVW /6 /RZU\ ZDV
D JUHDW IDQ RI 6XQGHUODQG DQG
UHJXODUO\ YLVLWHG WKH DUHD DOZD\V
XVLQJ URRP DW WKH 6HDEXUQ +RWHO
DV KLV EDVH 7KH LQGXVWULDO QDWXUH RI
WKH WRZQ DSSHDOHG HVSHFLDOO\ WKH
GRFNV DQG WKH IDGHG JORU\ RI
0RQNZHDUPRXWK¶V ROG QHJOHFWHG WRGD\ :KLWEXUQ 6DQGV VWUHWFK LQ D
EXLOGLQJV DOVR DSSHDUHG RQ KLV FDQYDV JROGHQ DUF SDVW 5RNHU DQG 6HDEXUQ WR
³, OLNH 6XQGHUODQG EHFDXVH RI WKH WKH IRUPHU PLQLQJ YLOODJH ZKLFK
VKLSSLQJ DQG VKLSEXLOGLQJ DQG WKH JLYHV WKLV VHDVLGH VWUDQG LWV QDPH
FRXQWU\VLGH DW WKH EDFN´ KH VDLG ³, 7KH URFN\ VKRUH KHUH SURYHG IDWDO WR
JHW DZD\ IURP DUW DQG DUWLVWV´ WZR 6SDQLVK VKLSV RI WKH ÀHHLQJ
+LV DUWLVW¶V H\H DSSUHFLDWHG WKH $UPDGD ZKLFK IRXQGHUHG RQ WKH
QRUWKHDVW¶V EOHDN EHDXW\ DQG URFNV WR EH SOXQGHUHG E\ SHQQLOHVV
SLFWXUHVTXH GHFOLQH ZKLFK LQFUHDVHG ORFDOV ,W LV VDLG WKDW EHDPV IURP RQH
LQ WKH V ZKHQ WKH DUHD¶V PDQ\ RI WKH VKLSV ZHUH VWLOO YLVLEOH LQ D ORFDO
FRDO PLQHV FORVHG GHDOLQJ D VKRS XQWLO LWV GHPROLWLRQ VKRUWO\ DIWHU
VLPXOWDQHRXV GHDWK VWURNH WR PXFK RI WKH ODVW ZDU
6XQGHUODQG¶V ULYHUVLGH LQGXVWU\ ,Q 7KHUH PXVW KDYH EHHQ D WUDGLWLRQ RI
FRPPRQ ZLWK PDQ\ RWKHU UXQGRZQ VFDYHQJLQJ DQG GRLQJ ZKDWHYHU ZDV
DUHDV ZLWK D JORULRXV LQGXVWULDO SDVW QHHGHG WR JHW E\ DV WR WKH QRUWK LQ
EXW XQFHUWDLQ IXWXUH WKH V VDZ 0DUVGHQ %D\ WLQ\ FDYHV WKDW DUH VHW
LQYHVWPHQW LQQRYDWLRQ DQG PDQ\ LQWR WKH FOLII ZHUH IDYRXUHG E\ ORFDO
SRVLWLYH PRYHV WR SXOO WKH DUHD EDFN VPXJJOHUV /RFDOV FODLP WKDW LI \RX ERWK RI WKH VHDELUG FRORQLHV DQG DORQJ
IURP WKH EULQN 7KLV FXOPLQDWHG ZKHQ OLVWHQ YHU\ FDUHIXOO\ \RX PLJKW MXVW WKH FRDVW WRZDUGV 6RXWK 6KLHOGV EXW LW
WKH 4XHHQ JUDQWHG 6XQGHUODQG FLW\ KHDU -RKQ WKH -LEEHU DERYH WKH VRXQG PLJKW QRW EH WKH SODFH IRU WKRVH ZLWK
VWDWXV LQ ZKLFK VHHPHG WR RI VHD ELUGV RFFXS\LQJ WKH RIIVKRUH VHQVLWLYH KHDULQJ WR FRPH RQ D PLVW\
EHFNRQ LQ D QHZ HUD VWDFNV RI URFN 7KLV ORFDO VPXJJOHU GD\ %HORZ WKH OLJKWKRXVH D VLJQ
$V LQ VR PDQ\ ROG SRUWV EHWUD\HG KLV FULPLQDO FROOHDJXHV DQG ZDUQV WKDW WKH IRJKRUQ FDQ JR RII DW
6XQGHUODQG¶V ZDWHUVLGH KDV VHHQ ZDV VDLG WR KDYH EHHQ SXQLVKHG E\ DQ\ WLPH ZLWKRXW SULRU ZDUQLQJ
UHJHQHUDWLRQ LQ WKH ODVW \HDUV 7KH EHLQJ KXQJ KDOI ZD\ GRZQ WKH FOLII LQ 2I FRXUVH DOO DORQJ WKLV FRDVW FRDO
DUHD ZKHUH RQFH FUDQHV FODQNHG KDV D EDVNHW WR VWDUYH SOD\HG DQ LPSRUWDQW SDUW LQ WKH ORFDO
EHFRPH D GHVLUDEOH SODFH WR OLYH ZLWK 8QWLO D VHYHUH V VWRUP HFRQRP\ DQG FROOLHUV PLQHG VHDPV
KRXVHV DQG DSDUWPHQWV HQMR\LQJ D 0DUVGHQ 5RFN IHDWXUHG D QDWXUDO VWRQH VWUHWFKLQJ IRU PLOHV XQGHU WKH 1RUWK
ORYHO\ ZDWHUVLGH ORFDWLRQ 7KLV LV DUFK :KHQ LW FROODSVHG WKLV UHGXFHG 6HD 3DVW WKH JDWHV RI WKH ROG
HVSHFLDOO\ WUXH DURXQG 5RNHU PDULQD WKH VSDFH IRU QHVWLQJ VHDELUGV EXW WKH :KLWEXUQ FROOLHU\ D EHDXWLIXOO\
ZKHUH WKH EDVLQ LV ¿OOHG ZLWK D NLWWLZDNHV IXOPDUV JXOOV DQG SUHVHUYHG ZLQGPLOO RQFH PDGH WKH
WHOOWDOH FRPELQDWLRQ RI FRUPRUDQWV KHUH VWLOO PDNH XS RQH RI PRVW RI WKH EUHH]H EORZLQJ RII WKH VHD
ERUGHUOLQHVFUXII\ ZRUNLQJ ¿VKLQJ WKH QRUWKHDVW¶V PRVW LPSRUWDQW 7KH ¿HOG QH[W WR 6RXWHU OLJKWKRXVH
FUDIW PRRUHG DORQJVLGH ZHDOWK\ EUHHGLQJ FRORQLHV ZDV NQRZQ DV WKH :HOIDUH )LHOG D
:HDUVLGHUV¶ OX[XULRXV VDLOLQJ ERDWV 'RZQ E\ 6RXWHU /LJKWKRXVH ZKLFK YDOXDEOH UHFUHDWLRQDO VSDFH SDLG IRU E\
(YHQ ZKHQ SXUVHV ZHUH HPSW\ GRPLQDWHV WKH FRDVW OLNH D SLHFH RI ORFDO PLQHUV E\ ZHHNO\ VXEVFULSWLRQ
SHRSOH IURP VXUURXQGLQJ ORFDOLWLHV VWULS\ VHDVLGH URFN WKH SDWK SDVVHV 7KLV ZDV DQ DUHD ZKHUH WKH\ FRXOG
WRRN D EUHDN IURP OLIH¶V SUDFWLFDOLWLHV \DUGV IURP WKH WRS RI D VHDVWDFN ILOOHG HVFDSH WKH ULJRXUV RI ZRUN KROG
RQ WKH VWULQJ RI ORYHO\ EHDFKHV DQG ZLWK ELUGV &RUPRUDQWV SHUFK RQ WKH VSRUWV GD\V IDLUV DQG SOD\ FULFNHW
FOLIIWRS SDWKV UXQQLQJ DORQJ WKLV WRS ZKLOVW EHORZ DOO VRUWV RI JXOOV QHVW DQG IRRWEDOO
QDWXUDOO\ EHDXWLIXO VWUHWFK RI 1RUWK RQ WKH HGJHV RI WKLV VKHHU FROXPQ 7KH 2Q WKH RXWVNLUWV RI 6XQGHUODQG RQO\
6HD FRDVW ZKLFK GUDZV PDQ\ RI XV FOLII SDWK RIIHUV VSHFWDFXODU YLHZV D PLOH RU VR IURP WKH FLW\ FHQWUH !
! 6HDEXUQ DQG 5RNHU DUH WUDGLWLRQDO ROG ZDV IRU WKH WRIIV ZKLOVW XV RUGLQDU\
1
*+1
- UHVRUWV ZKHUH LQ WKHVH SRVWLQGXVWULDO IRON KDG WR PDNH RXU ZD\ LQ WKURXJK
3ODFHV SHRSOH DQG HYHQWV GD\V WKH VDQGV DUH DV FOHDQ DV FDQ EH PRUH PRGHVW VLGHVWUHHW GRRUV $ OLWWOH
VLJQLILFDQW WR 6XQGHUODQG DUH ZKLOVW IODJV VKRZ ZKHUH EDWKHUV FDQ DOOH\ZD\ RSSRVLWH OHDGV WKURXJK WR D
UHPHPEHUHG LQ EOXH SODTXHV VSODVK DERXW VDIHO\ 7KH VPDOO SDUN JUDVV\ VTXDUH DQG IRXU SUHWW\
IRXQG DOO DURXQG WKH FLW\ 7KHVH DERYH 3DUVRQ¶V 5RFNV KHDGODQG $OPVKRXVHV )RXQGHG LQ WKH V
UHFDOO HYHQWV OLNH WKH 6FRWWLVK DUP\ IHDWXUHV D ZKLWHSDLQWHG LURQ WKH\ ZHUH UHEXLOW LQ 9LFWRULDQ WLPHV
RFFXS\LQJ WKH FLW\ EHWZHHQ OLJKWKRXVH ZKLFK XVHG WR VWDQG RQ DQG VWLOO SURYLGH VKHOWHU WR WKLV GD\
GXULQJ WKH &LYLO :DU DQG 6XQGHUODQG¶V 6RXWK 3LHU EXW ZDV 7KLV GHOLJKWIXOO\ QDPHG DUHD RI
3DQQ )LHOG ZKLFK DV LWV QDPH PRYHG ZKHQ WKH KDUERXU ZDV 6XQQLVLGH KDV FREEOHG VWUHHWV OLQHG
VXJJHVWV ZDV ZKHUH VHDZDWHU ZDV LPSURYHG 7KH 1RUWK 3LHU /LJKWKRXVH ZLWK ILQH *HRUJLDQ KRXVHV ZKLFK KDYH
ERLOHG LQ KXJH SDQV WR SURGXFH VDOW YLVLEOH LQ WKH GLVWDQFH VWLOO HDUQV LWV EHHQ VHQVLWLYHO\ UHVWRUHG UHWDLQLQJ DOO
LQ WKH V NHHS KRZHYHU NHHSLQJ WKH UHPDLQLQJ WKHLU FKDUP
%RGOHZHOO +RXVH ZDV KRPH WR VHD WUDI¿F VDIH )R\OH 6WUHHW LV ERXQGHG E\ ORYHO\
WKH UHPDUNDEOH 6WDQILHOG IDPLO\ :LWKLQ WKH FLW\¶V FRPSDFW KHDUW HOHJDQW EULFNEXLOW KRXVHV ZKHUH
6HDPDQ DQG DFWRU -DPHV ZDV D NH\ VWUHHWV GLVSOD\ D PL[ RI ROG 9LFWRULDQ VWHSV OHDG XS WR YHU\ WDOO IURQW GRRUV
¿JXUH LQ WKH PRYHPHQW WR DEROLVK HOHJDQFH DPRQJVW VRPH OHVV DWWUDFWLYH VRPH RI ZKLFK VHHP WR EH DERXW HLJKW
VODYHU\ ZKLOVW KLV DUWLVW VRQ PRGHUQ EXLOGLQJV *LOEULGJH +RXVH LV RU IW KLJK &OHYHU UHJHQHUDWLRQ KHUH
&ODUNVRQ DV ZHOO DV VHUYLQJ DW VHD D FXULRVLW\ LWV GLVWLQFWLYH KRQH\VWRQH H[WHQGV WR ROG FRPPHUFLDO SUHPLVHV
URVH WR EHFRPH D 5R\DO IURQWDJH ZLWK RUQDWH VFUROOZRUN DQG OLNH WKH SRVW RI¿FH ZKLFK KDV EHHQ
$FDGHPLFLDQ )RU WKUHH FHQWXULHV FORFN ZDV RULJLQDOO\ WKH HQWUDQFH WR FRQYHUWHG LQWR DWWUDFWLYH UHVLGHQFHV
%RGOHZHOO /DQH ZDV KRPH WR WKH WKH ROG +LJK 6WUHHW %DWKV 7KURXJKRXW WKH WRZQ WKH 3DUNV
WRZQ¶V PDLQ ZHOO DQG VR LV QDPHG ,Q QHDUE\ 'XQ &RZ 6WUHHW LV D GHSDUWPHQW KDYH EHHQ EXV\ FUHDWLQJ
DIWHU WKH 6FRWV ERGOH FRLQ ZRUWK ORYHO\ ROG EXLOGLQJ ZLWK DUFKZD\V FRORXUIXO IORZHUILOOHG KDQJLQJ
KDOI D IDUWKLQJ ZKLFK ZRXOG IHDWXULQJ YLHZV RI ZHOONQRZQ ORFDO EDVNHWV WKDW GDQJOH HYHU\ZKHUH
SXUFKDVH WZR JDOORQV RI WKH VLJKWV DERYH ZKLFK EHWZHHQ WKH HQVXULQJ WKDW WKH SXEOLF RSHQ VSDFHV
GULQNLQJ ZDWHU ZLQGRZV IODPLQJ WRUFKHV GHFRUDWHG DUH ZHOO PDLQWDLQHG 6XQQLVLGH¶V
3ODTXHV LQ %XOO /DQH DOVR SRLQW DOWHUQDWHO\ ZLWK ILUH EXFNHWV DQG SXEOLF JDUGHQV RULJLQDOO\ NQRZQ DV
RXW KLVWRULF EXLOGLQJV VXFK DV WKH ILUHPHQ¶V KHOPHWV KLQW DW LWV IRUPHU 7KH 6KUXEEHU\ IHDWXUH D IRXQWDLQ
V KRXVHV OLQLQJ WKH LQFDUQDWLRQ DV D ILUH VWDWLRQ SRSXODU ZLWK FKLOGUHQ :DWHU MHWV
WKRURXJKIDUH ZKLFK FRQQHFWHG WKH $V ZHOO DV WKHVH HFKRHV RI WKH SDVW EXEEOH XS IURP WKH SDYHPHQW WKHQ
WRZQ DQG ULYHU $QRWKHU DW 5\KRSH WKH FLW\¶V KXPDQ DQG DUFKLWHFWXUDO GDQFH D ZKLOH LQ WKH VXQVKLQH
%HDFK UHFDOOV DQ DQFLHQW VHWWOHPHQW KHULWDJH LV FHOHEUDWHG ZLWK EOXH EHIRUH VXEVLGLQJ WR OHDYH D SDWFK RI
ZKLFK ZDV UHFRYHUHG IURP WKH SODTXHV PRUH WKDQ RI ZKLFK FDQ EH ZHW FREEOHV
6FRWV E\ 6D[RQ .LQJ $WKHOVWDQ DQG IRXQG DURXQG WKH WRZQ /RFDO OHJHQG KDV LW WKDW IRUPHU
ZHQW RQ WR EHFRPH D IDYRXUHG VHD $W ILUVW JODQFH WKH (PSLUH 7KHDWUH $PHULFDQ SUHVLGHQW 8O\VVHV 6 *UDQW
EDWKLQJ VSRW RI WKH %LVKRSV RI DSSHDUV WR EH OLWWOH PRUH WKDQ DQ ODLG WKH 6XQGHUODQG 0XVHXP¶V
'XUKDP 7RGD\ LW¶V SRSXODU ZLWK DWWUDFWLYH (GZDUGLDQ 7RZHU EXW IRXQGDWLRQ VWRQH WKH ¿UVW PXQLFLSDO
¿VKHUPDQ DQG ZDONHUV DQG WKHUH EHKLQG WKH IDoDGH OLHV D VHDW PXVHXP LQ WKH FRXQWU\ RXWVLGH RI
DUH QR UHVWULFWLRQV RQ GRJV WKHDWUH 2ULJLQDOO\ WKH JUDQG HQWUDQFH /RQGRQ +H PD\ KDYH EHHQ GUDZQ WR
WKH DUHD E\ :DVKLQJWRQ 2OG +DOO 7KH :KHQ WKH\ ZHUH WROG HDFK ZRXOG VWDGLXP GRQDWHG E\ WKH 0XUUD\
VPDOO PDQRU KRXVH GDWLQJ IURP WKH UHFHLYH D SUL]H JLIWV ZHUH KDQGHG RXW IDPLO\ LV GHGLFDWHG WR 6XQGHUODQG
WK FHQWXU\ DERXW ¿YH PLOHV IURP LQ WKH VWDOOV EXW WKRVH LQ WKH FLUFOH VXSSRUWHUV SDVW SUHVHQW DQG IXWXUH ,W
6XQGHUODQG LV WKH DQFHVWUDO KRPH RI DIUDLG WKH\ ZRXOG PLVV RXW UDQ IHDWXUHV WKHLU WUDGLWLRQDO FDOO RI
*HRUJH :DVKLQJWRQ 7RGD\ LW LV GRZQVWDLUV $W WKH ERWWRP RI WKH VWDLUV HQFRXUDJHPHQW ³+¶DZD\ WKH /DGV´
ORRNHG DIWHU E\ WKH 1DWLRQDO 7UXVW DQG D WHUULI\LQJ FUXVK HQVXHG DW DQ 7KHVH GD\V PRVW RI WKH :HDU
LV PRUH WKDQ ZRUWK D YLVLW WR VHH LWV LQZDUGRSHQLQJ GRRU FDXVLQJ ULYHUVLGH LV GHGLFDWHG WR OHDUQLQJ DQG
ORYHO\ SDQHOOHG URRPV JDUGHQV LQIDQWV WR SHULVK LQ WKH SDQLF $IWHU D OHLVXUH 8QLYHUVLW\ EXLOGLQJV DQG KDOOV
RUFKDUG DQG QXWWHU\ SHULRG KRXVHG LQ %LVKRSZHDUPRXWK RI UHVLGHQFH OLQH WKH ZDWHU ZKLOVW WKH !
1H[W WR WKH PXVHXP VWDQG WKH QHZ FHPHWHU\ DIWHU YDQGDOLVP WKH
FLUFXODU JODVV :LQWHU *DUGHQV RSHQHG PHPRULDO XQGHU LWV FRSSHU FDQRS\
LQ KRXVLQJ DQ H[FHOOHQW ZDV UHWXUQHG WR WKH SDUN LQ
ERWDQLFDO FROOHFWLRQ RI RYHU ,Q FRQWUDVW WR WKLV WUDJHG\ D MR\IXO
SODQWV DQG WUHHV LQFOXGLQJ H[RWLF PRPHQW LQ 6XQGHUODQG¶V KLVWRU\ LV
WURSLFDO SDOPV 7KH RULJLQDO JOD]HG LPPRUWDOLVHG LQ 7KH 0DQ WKH 0HVVLDK
JODVV VWUXFWXUH ZDV WKH YLFWLP RI D WKH 0RPHQW VFXOSWXUH ZKLFK GHSLFWV
ZDUWLPH SDUDFKXWH ERPE EXW WKH QHZ 6XQGHUODQG )& PDQDJHU %RE 6WRNRH
EXLOGLQJ DWWUDFWLYHO\ IUDPHV YLHZV RI KLV UDLQFRDW IUR]HQ DV LW IODSV ZLOGO\
WKH ODNH EHVLGHV ZKLFK D OLIHVL]H UXQQLQJ RQ WR WKH SLWFK KDQGV DORIW DW
ZDOUXV VWDWXH VWDQGV UDWKHU WKH ILQDO ZKLVWOH RI WKH )$ &XS
LQFRQJUXRXVO\ &UHDWHG E\ DUWLVW )LQDO ZKHQ WKH WHDP EHDW /HHGV 8QLWHG
$QGUHZ %XUWRQ LW¶V EDVHG RQ /HZLV 7KH EHDXWLIXO JDPH KDV D VSHFLDO SODFH
&DUUROO¶V SRHP 7KH :DOUXV DQG WKH LQ WKH KHDUWV RI :HDUVLGHUV DQG
&DUSHQWHU ± ZKLFK WKH ZULWHU ZDV VXUYLYHG WKH PRYH IURP 5RNHU 3DUN WR
VDLG WR KDYH EHHQ LQVSLUHG WR ZULWH WKH QHZ ULYHUVLGH JURXQG
DIWHU VHHLQJ WKH VWXIIHG ZDOUXV LQ WKH (DUOLHU LQ WKH GD\ DQ RSHQWRSSHG
PXVHXP UHG DQG ZKLWH FDU IODVKHG SDVW XV 7KH
7KH ZKLWH PDUEOH PHPRULDO QHDUE\ GULYHU ZDV ZHDULQJ D UHG DQG ZKLWH
UHPHPEHUV RQH RI 6XQGHUODQG¶V VWULSHG IRRWEDOO WRS DQG VWUDSSHG LQ WKH
GDUNHVW GD\V ,Q D FKLOGUHQ¶V SDVVHQJHU VHDW ZHDULQJ D VHDW EHOW
YDULHW\ VKRZ ZDV XQGHUZD\ LQ WKH ZDV D ODUJH GRJ DOVR ZHDULQJ D
9LFWRULD +DOO WKH VHDWV SDFNHG ZLWK 6XQGHUODQG IRRWEDOO VKLUW
RYHU D WKRXVDQG H[FLWHG \RXQJVWHUV $ ZURXJKWLURQ JDWH DW WKH QHZ
JODVVPDNLQJ LQ WKH FLW\ WKURXJK KLGH KLV FULPH 7KH VD\LQJ ³WKHUH LV
DXGLRYLVXDO GLVSOD\V DQG ORFDO RQH ODZ IRU WKH ULFK DQRWKHU IRU WKH
SHRSOH¶V VWRULHV 7KHUH DUH IUHH GDLO\ SRRU´ ZDV SURYHG ZKHQ WKH ERG\
GHPRQVWUDWLRQV DV JODVV LV VWLOO VKDSHG VXUIDFHG DQG WKH /RUG ZDV EURXJKW WR
LQ WKH &HQWUH¶V ZRUNVKRSV DQG \RX WULDO +H FODLPHG WKDW KH DFFLGHQWDOO\
FDQ KDYH D JR DW WKH WUDGLWLRQDO DUW RI FXW WKH ER\ ZKLOVW XVLQJ D VF\WKH ± WKH
JODVV EORZLQJ WKURXJK D UDQJH RI ³KRW MXU\ FRQYLFWHG KLP RI PDQVODXJKWHU
JODVV H[SHULHQFHV´ VXFK DV PDNLQJ 7KH &DXOG /DG LV VDLG WR KDYH
\RXU RZQ SDSHUZHLJKW UHWXUQHG LQ VSLULW IRUP WR WKH FDVWOH
%HLQJ D ULYHU SRUW IRU PDQ\ \HDUV +LV QDPH OLNHO\ FRPHV IURP WKH ORFDO
"
!
6XQGHUODQG HQMR\HG DQ DGYDQWDJH LQ ZRUG IRU FROG ± SHUKDSV UHIHUULQJ WR
WKH HDUO\ GD\V RI WUDGLQJ EXW WKLV WKH FKLOO ZLQG ZKLFK DFFRPSDQLHV KLV
! 6W 3HWHU¶V 5LYHUVLGH 6FXOSWXUH 7UDLO YDQLVKHG ZKHQ 6HDKDP¶V KDUERXU DSSHDUDQFHV /HJHQGV ZHQW WKDW WKH
VWUHWFKHV IURP WKH :HDUPRXWK %ULGJH RSHQHG LQ 7KHUH ZDV HYHQ ULYDOU\ FDVWOH NLWFKHQ ZDVQ¶W HYHU WLGLHG DW
WR WKH VHD 0DVVLYH ULYHWV DQG KXJH EHWZHHQ RQH VLGH RI WKH ULYHU DQG WKH QLJKW DV WKH VSLULW ZRXOG WKURZ SDQV
JUHDW ELJ QXWV DQG EROWV SXQFWXDWH WKH RWKHU 7KH GRFN KHUH FUHDWHG E\ DURXQG LI WKHUH ZDV QR ZRUN OHIW WR GR
SDWK WRR UHPHPEHULQJ DOO WKH %UXQHO ZDV QHYHU UHDOO\ VXFFHVVIXO DQG KLV PLVFKLHIPDNLQJ HYHQ
VKLSEXLOGLQJ DQG KHDY\ HQJLQHHULQJ EHFDXVH WKH EULGJH KH SODQQHG WR EULQJ H[WHQGHG GRZQ WR WKH ULYHU ZKHUH KH
RQFH WKH EDFNERQH RI :HDUVLGH¶V FRDO WR TXD\VLGH ZDV QHYHU EXLOW 7KH LPSHUVRQDWHG WKH IHUU\PDQ OHDYLQJ
LQGXVWULDO HFRQRP\ 7KH URXWH DOVR ZKLWH HOHSKDQW LV VWLOO NQRZQ DV ³6LU SDVVHQJHUV VWUDQGHG
DFWV DV D F\FOHZD\ SRSXODU ZLWK +HGZRUWK¶V %DWKWXE´ DIWHU ODQGRZQHU $V \RX GHSDUW 6XQGHUODQG SDXVH LQ
SHRSOH ]LSSLQJ WR ZRUN DQG WRXULVWV 6LU +HGZRUWK :LOOLDPVRQ ZKR IXQGHG +RXJKWRQOH6SULQJ WR WDNH WKH SDWK
LGOLQJ DORQJ DW D JHQWOHU SDFH WKH SURMHFW XS WKH KLOO ZKHUH WKH 3HQVKDZ
6KDGRZV LQ $QRWKHU /LJKW LV DQ 7KH VFXOSWXUH WUDLO HQGV DW WKH PRQXPHQW VWDQGV DV D WHVWDPHQW WR
LQWULJXLQJ FUHDWLRQ ZKHUH D NLQG RI PDULQD ZKHUH QH[W WR WKH 51/, *HRUJH ³5DGLFDO -DFN´ /DPEWRQ
GRFNVLGH FUDQHWUHH VFXOSWHG IURP VWDWLRQ ZH GLVFRYHU DQRWKHU EHDXWLIXO %DVHG RQ D *UHHN WHPSOH WKLV
PHWDO VWUHWFKHV XS LQWR WKH VN\ JDWH FUHDWHG E\ ORFDO EODFNVPLWK LPSUHVVLYH FODVVLFDO VWUXFWXUH ZDV
$ OLWWOH IXUWKHU DORQJ ZRUGV VHW LQWR D &UDLJ .QRZOHV LQ /LNH WKH RWKHU HUHFWHG LQ WR KRQRXU WKH ¿UVW (DUO
WHOHVFRSH FU\SWLFDOO\ VD\ ³6HH EHKLQG H[KLELWV DORQJ WKH IRRWSDWK WKLV RI 'XUKDP RQH RI WKH IRUFHV EHKLQG
\RX D VKDGRZ FDQ UDLVH D PHPRU\ PDUYHOORXV SLHFH RI PHWDOZRUN ZDV WKH HOHFWRUDO UHIRUPV ZKLFK
WKDW QRWKLQJ FDQ HUDVH´ FUHDWHG DV SDUW RI WKH FKXUFK¶V WUDLO HYHQWXDOO\ OHG WR RUGLQDU\ IRON KDYLQJ
7KH YHQHUDEOH %HGH FRQVLGHUHG 2XU ILQDO YLVLW LV EDFN LQODQG WR WKH WKH YRWH
6DLQW 3HWHU¶V &KXUFK LQ DWPRVSKHULF UXLQV RI V +\OWRQ 7KRXJK WKH PRQXPHQW ZDV IDOOLQJ
"
0RQNZHDUPRXWK DQG LWV VLVWHU DW &DVWOH RQFH WKH ZRUNSODFH RI ³7KH GRZQ LQ WKH V LW ZDV XQGHUSLQQHG
-DUURZ WR EH ³RQH PRQDVWHU\ LQ WZR &DXOG /DG´ VWDEOH ER\ 5RJHU 6NHOWRQ WKHQ UHDVVHPEOHG RQ PRUH VROLG
SODFHV´ 2QH RI WKH 8.¶V HDUOLHVW RQH RI 6XQGHUODQG¶V EHVWNQRZQ IRXQGDWLRQV LQ D SURFHVV HFKRLQJ WKH
VWRQH FKXUFKHV H[FDYDWLRQV UHYHDOHG FKDUDFWHUV 7KH VLWH LV QRZ LQ WKH FDUH IRUWXQHV RI 6XQGHUODQG WRGD\ ± D SODFH
IUDJPHQWV RI JODVV GDWLQJ EDFN WR WKH RI (QJOLVK +HULWDJH ZLWK VXFK D VSHFWDFXODUO\ ULFK DQG
FKXUFK¶V IRXQGDWLRQ SURYLQJ WKDW ,Q WKH /RUG GHPDQGHG KLV JULWW\ SDVW RQFH FUXPEOLQJ EXW QRZ
\HDUV DJR ORFDO FUDIWVPHQ KRUVH EH SUHSDUHG EXW ZKHQ LW KDGQ¶W VWURQJ HQRXJK WR ZHDWKHU VWRUPV
IDVKLRQHG WKH FKXUFK¶V ZLQGRZ DSSHDUHG DW WKH DSSRLQWHG WLPH KH
7RGD\ LQ WKH QHDUE\ 1DWLRQDO *ODVV IOHZ LQWR D UDJH DQG GLVFRYHUHG WKH )RU PRUH LQIRUPDWLRQ RU WR SODQ D
&HQWUH LQWHUDFWLYH H[KLELWLRQV FKDUW VWDEOH ODG DVOHHS +H FXW RII WKH ER\¶V WULS YLVLW VHHLWGRLWVXQGHUODQGFRXN
WKH RULJLQV JURZWK DQG OHJDF\ RI KHDG WKURZLQJ KLV ERG\ LQ D SRQG WR RU FDOO
63$&(
2'<66(<
"
#!
"
#
#
JURXS RI %ULWLVK FRPSDQLHV %ULWLVK 8.¶V ILUVW RIILFLDO DVWURQDXW
$HURVSDFH 0HPRUH[ DQG ,QWHUIORUD ³, DVNHG WKHP µ:KDW KDSSHQHG WR
DQG WHOHYLVLRQ ULJKWV ZHUH VROG WR ,79 PH"¶´ VKH VD\V ³0\ PLVVLRQ ZDV SDUW
,
+HOHQ WUDYHOOHG WR 5XVVLD WR EHJLQ RI WKH 6RYLHW 8QLRQ VSDFH SURJUDPPH
7 ZDV \HDUV DJR RQ 0D\ DOPRVW WZR \HDUV RI LQWHQVH WUDLQLQJ DW 7KH %ULWLVK JRYHUQPHQW GLGQ¶W IXQG LW
WKDW %ULWLVK DVWURQDXW 6WDU &LW\ DQG KHU FUHZPDWHV ZHUH WR EXW LW ZDV VWLOO RI¿FLDO
+HOHQ 6KDUPDQ ODXQFKHG LQWR EH 6RYLHW FRVPRQDXWV $QDWRO\ ³3HRSOH RIWHQ GHVFULEH PH DV WKH
VSDFH DV SDUW RI WKH 6R\X] $UWVHEDUVN\ DQG 6HUJHL .ULNDOHY +HU ILUVW %ULWLVK ZRPDQ LQ VSDFH EXW , ZDV
70 PLVVLRQ 6KH ZDV DOVR WLFNHW WR 0LU FRVW VHYHQ PLOOLRQ DFWXDOO\ WKH ILUVW %ULWLVK SHUVRQ ,W¶V
WKH ¿UVW %ULWLVK FRVPRQDXW DV VKH ZDV SRXQGV %XW ZKHQ WKH FRPSDQLHV WHOOLQJ WKDW ZH ZRXOG RWKHUZLVH
WUDYHOOLQJ WR 5XVVLD¶V 0LU 6SDFH IDLOHG WR UDLVH WKH PRQH\ WKH 6RYLHWV DVVXPH LW ZDV D PDQ´
6WDWLRQ PDNLQJ KHU WKH ¿UVW ZRPDQ WR UHFRJQLVLQJ WKLV DV DQ RSSRUWXQLW\ WR 2Q RQH VXEMHFW VKH LV TXLWH FHUWDLQ
ÀRDW WKURXJK LWV KDWFK 6KH ZDV MXVW LPSURYH LQWHUQDWLRQDO UHODWLRQV WKRXJK ³$OLHQV H[LVW WKHUH¶V QR
\HDUV ROG ,W WRRN PRQWKV RI VWHSSHG LQ 6R\X] 70 PLVVLRQ WZR ZD\V DERXW LW 7KHUH DUH VR PDQ\
LQWHQVH WUDLQLQJ DW 5XVVLD¶V 6WDU &LW\ ODXQFKHG RQ 0D\ ELOOLRQV RI VWDUV RXW WKHUH WKDW WKHUH
ZKHUH WKH OLNHV RI <XUL *DJDULQ +HU PLVVLRQ ZDV WKH WK WR 0LU DQG PXVW EH DOO VRUWV RI GLIIHUHQW IRUPV RI
WUDLQHG IRU VSDFHÀLJKW EXW WKH URDG WR WKH ZRUN EHJDQ VWUDLJKW DZD\ +HU OLIH :LOO WKH\ EH OLNH \RX DQG PH
VSDFH SUHVHQWHG D ORW RI KXUGOHV IRU WKH PDLQ IRFXV ZDV WR EH RQ OLIH VFLHQFHV PDGH XS RI FDUERQ DQG QLWURJHQ"
UHFRUGEUHDNLQJ FKHPLVW DQG DJULFXOWXUDO WHVWV 'XULQJ KHU 0D\EH QRW ,W¶V SRVVLEOH WKH\¶UH KHUH
³:KHQ , ZDV FKRRVLQJ P\ $OHYHOV HLJKWGD\ VWD\ +HOHQ DOVR FRQWDFWHG ULJKW QRZ DQG ZH VLPSO\ FDQ¶W VHH
D WHDFKHU SRLQWHG RXW WKDW LI , ZHUH WR QLQH %ULWLVK VFKRROV E\ UDGLR 7KLV WKHP´
SLFN SK\VLFV DQG FKHPLVWU\ ,¶G EH WKH ZDV D OHVV JODPRURXV WLPH IRU VSDFH +HOHQ JDYH D FRS\ RI <XUL *DJDULQ¶V
RQO\ JLUO LQ WKRVH FODVVHV 7KDW ZDV WKH WUDYHO 7KH FUHZ WUDYHOOHG LQ D 6R\X] ERRN 5RDG WR WKH 6WDUV WR 7LP 3HDNH
¿UVW WLPH , FRQVLGHUHG P\ JHQGHU LQ FUDIW GHVLJQHG LQ WKH ¶V &RQWDFW WR WDNH WR WKH ,66 VLJQHG E\ +HOHQ
UHODWLRQ WR VFLHQFH DQG , GHFLGHG ZLWK (DUWK ZDV OLPLWHG WR D IHZ KRXUV DQG KHU 0LU FUHZPDWHV ,W LV QRZ RQ
SUHWW\ TXLFNO\ WKDW LW ZDVQ¶W JRLQJ WR D GD\ DQG WKH PRUQLQJ DODUP ZDV WKH GLVSOD\ DW WKH 1DWLRQDO 6SDFH &HQWUH
VWRS PH´ VDPH DV WKH HPHUJHQF\ VLUHQ ZDLWLQJ WR JR LQWR VSDFH DJDLQ ZLWK WKH
$IWHU REWDLQLQJ D EDFKHORU¶V GHJUHH ³<RX¶G ZDNH XS XQVXUH LI LW ZDV QH[W LQWUHSLG %ULWLVK DVWURQDXW ,
LQ FKHPLVWU\ DQG WKHQ D 3K' +HOHQ WLPH WR JHW XS RU LI \RX ZHUH OHDNLQJ ZRQGHU ZKR WKDW ZLOO EH"
VWDUWHG ZRUNLQJ DV D UHVHDUFK DQG R[\JHQ´ 6KDUPDQ VD\V ³,W JRW XV RXW
GHYHORSPHQW WHFKQRORJLVW IRU ZKDW RI RXU VOHHSLQJ EDJV SUHWW\ TXLFNO\´
ZDV WKH *HQHUDO (OHFWULF &RPSDQ\ +HOHQ VSHQW WKH QH[W HLJKW \HDUV %"&
WKHQ PRYHG WR WKH FRQIHFWLRQHU\ ZULWLQJ KHU ERRN 6HL]H WKH 0RPHQW $ #
FRPSDQ\ 0DUV KRZ ¿WWLQJ 7KHQ DQG ZRUNHG DV D IUHHODQFH VFLHQFH
% % $%
%"& !
VKH KHDUG DQ DGYHUWLVHPHQW RQ WKH VSHDNHU DQG LQ ZDV DZDUGHG DQ
UDGLR ORRNLQJ IRU SHRSOH WR DSSO\ WR 2%( 6KH EHFDPH 2SHUDWLRQV
EHFRPH WKH ¿UVW %ULWRQ LQ VSDFH 0DQDJHU IRU WKH 'HSDUWPHQW RI
³, KHDUG WKH DGYHUW ZKHQ , ZDV &KHPLVWU\ DW ,PSHULDO &ROOHJH /RQGRQ
GULYLQJ KRPH IURP ZRUN DQG , WLFNHG LQ 6KH FRQWLQXHV RXWUHDFK
DOO WKH ER[HV´ DFWLYLWLHV UHODWHG WR FKHPLVWU\ DQG KHU
1HDUO\ SHRSOH DSSOLHG WR EH VSDFHÀLJKW DQG LQ ZDV DZDUGHG
%ULWDLQ¶V ILUVW VSDFHIDUHU DQG +HOHQ¶V DQ +RQRUDU\ )HOORZVKLS IURP WKH
VXFFHVV ZDV DQQRXQFHG OLYH RQ ,79 %ULWLVK 6FLHQFH $VVRFLDWLRQ DQG LQ
RQ 1RYHPEHU 6KH ZDV WR EH UHFHLYHG WKH UDUH DQG VSHFLDO
SDUW RI 3URMHFW -XQR D FROODERUDWLRQ KRQRXU &RPSDQLRQ RI WKH 2UGHU RI 6W
"
! $
)25*(70(1276
###
!
! !
%
& $
&
!
&
$&
&
&
$& #&
:
+,33,1* SDVW 6LWWLQJ EHWZHHQ WKH UDLOZD\ DERYH IROGHG XS GXULQJ WKH GD\ DQG WZR
IURP 3DLJQWRQ WR DQG WKH VHD EHORZ LW RIIHUHG WKH EXQN URRPV LQ WKH WLFNHW KDOO WKH
.LQJVZHDU LQ SHUIHFW VSRW WR HQMR\ VXPPHUV RQ WKH KROLGD\V FRXOG RIILFLDOO\ FRPPHQFH
'HYRQ RQ WKH 'HYRQ FRDVW VR PXFK VR WKDW RQ WKH DQG WKH FKDOHW ZDV UDUHO\ HPSW\
'DUWPRXWK 6WHDP RWKHU VLGH RI WKH UDLOZD\ WKH :LOOLDP¶V JUDQGVRQ 0DUWLQ KDV PDQ\
5DLOZD\ LW¶V HDV\ WR PLVV 6DOWHUQ :DWHUVLGH KROLGD\ FDPS RIIHUHG KDSS\ PHPRULHV RI KLV KROLGD\V
&RYH DV \RX SDVV E\ WKH DUHD NQRZQ KROLGD\PDNHUV D SLHFH RI WKLV WKHUH VZLPPLQJ LQ WKH VHD ¿VKLQJ
DV ³7KUHH %HDFKHV´ %XW IRU WKH EHDXWLIXO DUHD ± DQG VWLOO GRHV 2Q KLV DURXQG LQ URFN SRROV DQG HQMR\LQJ WKH
5RELQV IDPLO\ WKLV VSRW RQ WKH VLGH RI WKH UDLOZD\ WKRXJK WKH\ ZHUH JRRG IRUWXQH RI EHLQJ LQ VXFK DQ
VWXQQLQJ (QJOLVK 5LYLHUD ZDV WKH VLWH WKH RQO\ SHRSOH LQ WKLV VKHOWHUHG FRYH LG\OOLF VSRW
RI PDQ\ D JORULRXV IDPLO\ KROLGD\ 6R KDYLQJ VHFXUHG D SORW ³)RU PRUH WKDQ IRUW\ \HDUV LW JDYH
WKDQNV WR WKH LQJHQXLW\ RI WKHLU IDWKHU RYHUORRNLQJ WKH VHD EHORZ :LOOLDP LPPHQVH SOHDVXUH WR KXQGUHGV RI
DQG JUDQGIDWKHU :LOOLDP 5RELQV DVNHG KLV VRQ 6WDQ ZKR KDG D MRLQHU\ SHRSOH 6RPH HYHQ OLYHG WKHUH LQ ZDU
:LOOLDP ZDV 'HYRQ ERUQ DQG EUHG EXVLQHVV WR EXLOG D FKDOHW IRU WKH WLPH´ 0DUWLQ VD\V ³0\ JUDQGIDWKHU
DQG ORYHG WKH FRXQW\ ZLWK DQ DEVROXWH IDPLO\ ZKLFK ZDV WKHQ WUDQVSRUWHG E\ KDG ¿YH VRQV DQG ZDV KLPVHOI RQH RI
SDVVLRQ +LV FDUHHU RQ WKH *UHDW WUDLQ 8VLQJ KLV *:5 FRQQHFWLRQV WZHOYH +H DOVR KDG D YHU\ RSHQ KHDUW
:HVWHUQ 5DLOZD\ WRRN KLP HDVW WR :LOOLDP DUUDQJHG IRU WKH WUDLQ WR VWRS DQG ZDV YHU\ JHQHURXV WR IDPLOLHV
6ZLQGRQ ,Q WKH V EHFDXVH RI DW WKH &RYH ZKHUH WKH FKDOHW DQG ZKR FRXOG QRW DIIRUG D QRUPDO
KLV UDLOZD\ FRQQHFWLRQV KH PDQDJHG PDWHULDOV ZHUH DOO XQORDGHG 7KLV KROLGD\ 7KH RQO\ WLPH WKH FKDOHW ZDV
WR OHDVH D SORW RI ODQG DW 6DOWHUQ &RYH VLPSOH KROLGD\ KRPH ZDV WKHQ EXLOW LQ HPSW\ ZDV LQ WKH PLGGOH RI ZLQWHU´
ZKLFK ZDV RZQHG E\ KLV HPSOR\HU ,W D GD\ QH[W WR D UHSXUSRVHG WLFNHW KDOO 7KHUH ZDV D VLPSOH NLWFKHQ
ZDV D OHDVH WKDW ZDV SURPLVHG DV ORQJ ZKLFK WKH SUHYLRXV RFFXSDQWV RI WKH RYHUORRNLQJ WKH ED\ DQG %UL[KDP
DV D PHPEHU RI WKH IDPLO\ ZRUNHG IRU VLWH KDG XVHG EH\RQG 5DLQZDWHU ZDV JDWKHUHG IURP
WKH UDLOZD\ :LWK EHGV LQ WKH VLWWLQJ URRP WKDW D SDVVDJHZD\ EHWZHHQ WKH WZR
"
!
"
"
,
1 6XIIRON GXULQJ WKH FOHPHQW FKXUFKHV FDVWOHV IDUPV DQG FRWWDJHV DLOPHQWV LQFOXGLQJ SQHXPRQLD ZKLFK
GD\V RI DV VWRUP FORXGV +H IRXQG UHÀHFWLYH FRQWHQWPHQW LQ WKH FDXVHG PXFK DQ[LHW\ IRU D WLPH DQG
JDWKHUHG DEURDG -XOLDQ UHPDLQV RI D IRUWL¿HG UXLQ DV PXFK DV KLV UHSHDWHG LQFDSDFLWLHV UHVXOWHG LQ
7HQQ\VRQ WKHQ DJHG WZHQW\ WKH WDSURRP RI D FRXQWU\ LQQ DQG KLP PLVVLQJ DOPRVW D ZKROH \HDU¶V
WKUHH H[SORUHG WKH FRXQW\ KH FRXOG UHDG WKH SRHWU\ LQ WKH ZHDWKHUHG VFKRROLQJ ,Q WKH IDPLO\ UHQWHG D
FDOOHG KLV RZQ DQG WKH UHVXOW RI KLV IUDPHZRUN RI D SRVWPLOO DQ SHUPDQHQW KRPH DW $OGHEXUJK GXULQJ
WUDYHOV ± 6XIIRON 6FHQH ± ZDV LPSDVVDEOH FDUW WUDFN D ZHHGFKRNHG ZKLFK WLPH KH LQMXUHG D OHJ DW IRRWEDOO
SXEOLVKHG WKH IROORZLQJ VXPPHU WR PRDW RU VWUDJJOLQJ KHGJHURZV VWXGGHG ZKLFK QHFHVVLWDWHG VXUJHU\ DQG PHDQW
MXVWL¿HG DFFODLP ZLWK GRJ URVHV IXUWKHU WLPH RII VFKRRO 7KRXJK KH
,W LV LPSRVVLEOH WR LPSDUW RQH WHQWK :LWKLQ KLV SDJHV -XOLDQ YRLFHV KLV PDQDJHG WR SDVV KLV &HUWL¿FDWH
RI WKH SDVVLRQ WKDW -XOLDQ IHOW IRU SUDLVHV IRU D FRXQW\ KH JUHZ WR ORYH ([DPLQDWLRQ LW ZDV GHFLGHG WKDW KH
6XIIRON RU LWV SHRSOH QRU \HW FRQYH\ ZKROHKHDUWHGO\ IURP WKH ZLOGV RI VKRXOG OHDYH (WRQ DQG SXUVXH D
KLV NQRZOHGJH RI LWV KLVWRU\ RU ORUH RU %UHFNODQG WR WKH ZDWHU PHDGRZV RI WHDFKLQJ FDUHHU
KLV GHHS XQGHUVWDQGLQJ RI LWV VLQJVRQJ %HUJKROW WKRXJK LWV ULYHUV ZHUH 7KH IROORZLQJ \HDU KLV SDUHQWV ZHUH
GLDOHFW ,W LV WKH SURGXFW RI D VDJDFLRXV IRUHPRVW LQ KLV DIIHFWLRQV WKH 6WRXU IRUFHG WR PRYH IRU IDPLO\ UHDVRQV WR
PLQG DQG PRUH WKDQ D OLWWOH UHPDUNDEOH WKH :DYHQH\ WKH 2UZHOO WKH 'HEHQ WKH 7HQQ\VRQ KRPH LQ )DUULQJIRUG RQ
IRU RQH RI KLV DJH ZKRP KLV IDWKHU DQG WKH $OGH ZKLFK KH EHOLHYHG WKH ,VOH RI :LJKW ZKLOH -XOLDQ ZHQW
GHVFULEHG DV ³VK\ QHUYRXV DQG JDYH WKH UHJLRQ LWV EHDXW\ DV PXFK DV DZD\ WR )UDQFH WR IXUWKHU KLV VWXGLHV
VHQVLWLYH´ WKRXJK ZLWK ³PHUULPHQW LWV FKDUDFWHU EHIRUH HQWHULQJ 7ULQLW\ &ROOHJH
KRZHYHU JHQHUDOO\ SUHYDLOLQJ´ -XOLDQ 7HQQ\VRQ ZDV ERUQ RQ &DPEULGJH 2Q KLV UHWXUQ IURP )UDQFH
7KH ODQGVFDSHV FHOHEUDWHG E\ )HEUXDU\ RQH RI WKUHH VRQV RI KH VSHQW WLPH DW )DUULQJIRUG D KDYHQ
&RQVWDEOH DQG *DLQVERURXJK SOHDVHG 6LU &KDUOHV 7HQQ\VRQ JUDQGVRQ RI IRU ZLOGOLIH ZKHUH KH UHOLVKHG WKH
-XOLDQ¶V KHDUW DV PXFK DV KLV H\H +H IDPRXV 9LFWRULDQ SRHW $OIUHG /RUG RSSRUWXQLW\ WR WDNH XS WKH SRVLWLRQ RI
VRXJKW WKH LQFRPSDUDEOH SOHDVXUH RI 7HQQ\VRQ +H OLYHG PXFK RI KLV HDUO\ NHHSHU RQ D URXJK VKRRW RI DFUHV
XQVSRLOHG YLOODJHV DQG WRZQV WKHLU OLIH LQ %LQ¿HOG +HDWK 2[IRUGVKLUH ZKLFK ZRXOG SURYH WR EH JRRG
EXW DJHG WHQ WKH IDPLO\ DFTXLUHG D H[SHULHQFH IRU WKH IXWXUH
KROLGD\ KRPH LQ $OGHEXUJK )RU -XOLDQ +LV WLPH DW 7ULQLW\ &ROOHJH SURYHG
DQG KLV HOGHU EURWKHU 3HQURVH WKH WR EH VKRUWOLYHG ,W VRRQ EHFDPH
WRZQ DQG LWV HQYLURQV RI 6ODXJKGHQ DSSDUHQW WKDW KH ZDV QRW VXLWDEOH
4XD\ +DYHUJDWH ,VODQG %XWOH\ PDWHULDO WR EHFRPH D VFKRROPDVWHU
0DUVKHV 6WDQQ\¶V &UHHN ,NHQ &OLIIV DQG VR KH OHIW ZLWKRXW WDNLQJ D GHJUHH
6QDSH 0LOOV DQG WKH LVRODWHG EHDFK PXFK WR WKH GLVDSSRLQWPHQW RI DOO
RI /LWWOH -DSDQ EHFDPH WKH FHQWUH RI FRQFHUQHG 7KH RQH FRQVRODWLRQ IRU
WKHLU ZRUOG -XOLDQ OD\ LQ WKH IDFW WKDW LQ KLV
+H HQMR\HG DQ H[WUDRUGLQDULO\ FORVH SDUHQWV KDG QRZ ERXJKW 7KH $QFLHQW
UHODWLRQVKLS ZLWK 3HQURVH ZLWK ZKRP +RXVH DW 3HDVHQKDOO ZKLFK KLV IDWKHU
KH VKDUHG PDQ\ ER\KRRG DGYHQWXUHV GHVFULEHG DV ³D PHGLXPVL]HG KRXVH
LQFOXGLQJ D FRXSOH RI QHDU IDWDO SDUW RI ZKLFK GDWHG IURP DQG
HSLVRGHV +H ZDV UHVFXHG IURP EHLQJ SDUW KDG EHHQ SDQHOOHG DQG GHFRUDWHG
VZDOORZHG LQ WKH PXGÀDWV XSRQ WKH LQ DERXW 7KH JUHDWHVW FKDUP RI
ULYHU $OGH E\ 3HQ DQG DQRWKHU WLPH WKH SODFH ZDV LWV GHOLJKWIXO JDUGHQ
WKH SDLU DOPRVW GURZQHG ZKHQ WKHLU ZLWK \HZ DQG EHHFK KHGJHV WHQ IHHW
GLQJ\ 0UV 4XLFNO\ FDSVL]HG 7KH\ KLJK DQG DQ ROG RUFKDUG RI DSSOH
ZHUH VDYHG ZLWK PXFK UHOXFWDQFH E\ D SHDU PXOEHUU\ PHGODU TXLQFH DQG
FDQWDQNHURXV ¿VKHUPDQ FDOOHG 2OG ZDOQXWV WUHHV´
6DP %RDUG D VROLWDU\ W\SH GHHSO\ -XOLDQ ZHQW WR 3HDVHQKDOO ZKHQHYHU
DJJULHYHG WKDW WKH\ KDG LQWHUUXSWHG WLPH DOORZHG DQG VRRQ IRUJHG D
KLP ZKLOH SULWFKLQJ IRU HHOV IULHQGVKLS ZLWK $OHF %ORRPILHOG WKH
,Q -XOLDQ IROORZHG 3HQ WR JDPHNHHSHU DW WKH QHDUE\ 6FRWWV +DOO
(WRQ +H FRQWUDFWHG D QXPEHU RI DW 0LQVPHUH -XOLDQ UHJXODUO\ YLVLWHG
$
KLV FRWWDJH DQG WKH SDLU VSHQW PDQ\ RI WKH 0DFPLOODQ +LJKZD\V DQG VHFRQGHG WR PDNH IRU WKH $GPLUDOW\
KRXUV WRJHWKHU WUDPSLQJ DURXQG WKH %\ZD\V VHULHV WKRXJK -XOLDQ ZDV IURP ZHUH RIWHQ SURGXFHG ZRUNLQJ WR
HVWDWH DQG WKH XQWDPHG PDUVKHV RI WKH RXWVHW LQWHQW XSRQ D PXFK PRUH LQIOH[LEOH GHDGOLQHV RQ WKH WLJKWHVW RI
0LQVPHUH SHUVRQDO QDUUDWLYH EXGJHWV 2Q -XO\ KH KDG
3HRSOH JUDGXDOO\ EHFDPH DZDUH RI :LWK <YRQQH KH UHWLUHG DJDLQ WR ¿QLVKHG VKRRWLQJ DW 6FDSD )ORZ ZKHQ
-XOLDQ¶V OLWHUDU\ DELOLWLHV DQG KH VRRQ 3HDVHQKDOO DQG VSHQW WKH VXPPHU KH ERDUGHG D )OHHW $LU $UP SODQH ZLWK
EHJDQ WR KDYH KLV SRHPV SXEOLVKHG LQ PRQWKV H[SORULQJ WKH FRXQW\ DQG IRXU RWKHUV ERXQG IRU 5RV\WK :LWKLQ
7KH &RUQKLOO PDJD]LQH ZKLOH ERWK ZULWLQJ XS KLV H[SHULHQFHV LQ KLV VWXG\ DQ KRXU WKDW SODQH FUDVKHG LQWR WKH VLGH
YHUVH DQG SURVH ZDV DFFHSWHG E\ 7KH DW 7KH $QFLHQW +RXVH RIWHQ ZRUNLQJ RI D PRXQWDLQ NLOOLQJ DOO RQ ERDUG
)LHOG ,Q KH EULHÀ\ IRXQG ZRUN ODWH LQWR WKH QLJKW VRPHWLPHV FDOOLQJ -XOLDQ ZDV GHYDVWDWHG DQG UHIXVHG WR
ZLWK WKH 'DLO\ 0DLO EXW ZKHQ WKLV WR WKH RZOV ZKR RIWHQ DQVZHUHG KLP DOORZ HYHQ D SKRWRJUDSK RI KLV EURWKHU
HQGHG DEUXSWO\ DIWHU WKUHH PRQWKV KH -XOLDQ ILQDOO\ IRXQG D SHUPDQHQW MRE LQ WKH KRXVH WKRXJK WKH QHZV
ZDV IRUWXQDWH WR EH DSSURDFKHG E\ ZLWK 7KH *HRJUDSKLFDO 0DJD]LQH GHWHUPLQHG KLV UHVROYH WR IDFH WKH
$ & %ODFN WR ZULWH D ERRN RQ URXJK ZKHQ 6XIIRON 6FHQH ZDV SXEOLVKHG WKH HQHP\ ZKHQ KH FRXOG VR HDVLO\ KDYH
VKRRWLQJ +H VXEVHTXHQWO\ WRRN XS IROORZLQJ -XQH 7KH ERRN ZDV DQ VHWWOHG IRU D MRE DV D PRUWDU LQVWUXFWRU
UHVLGHQFH DW 3HDVHQKDOO DQG VSHQW DVWRQLVKLQJ WULXPSK DQG D IXOVRPH DW WKH %DWWOH 6FKRRO LQ :RRODFRPEH
PDQ\ KRXUV LQ WKH (HOV )RRW ,QQ DW UHYLHZ LQ 7KH 6XQGD\ 7LPHV VHW WKH +H ZDV SRVWHG ILUVW WR ,QGLD DQG WKHQ
(DVWEULGJH FRPSDULQJ QRWHV ZLWK VHDO IRU LWV HQWKXVLDVWLF DFFHSWDQFH RQ WR %XUPD ZKHUH DV FDSWDLQ RI D
PRUWDU SODWRRQ KH MRLQHG WKH %DWWOH RI
$UDNDQ 7KH\ ZHUH VHQW VRXWK WR
FDSWXUH 7DPDQGX WKHQ KHDYLO\
GHIHQGHG E\ WKH -DSDQHVH ZKR ZHUH
HQWUHQFKHG RQ KLJK JURXQG
$V ZDV KLV XVXDO KDELW -XOLDQ KDG
YHQWXUHG DKHDG RI WKH SODWRRQ WR GLUHFW
ILUH ZKHQ ³D SLHFH RI VKHOO WKH VL]H RI
D OLWWOH ILQJHUQDLO SLHUFHG KLV KHDUW
DQG KH IHOO GHDG LQVWDQWDQHRXVO\´ +H
GLHG H[DFWO\ D PRQWK DIWHU KLV WK
ELUWKGD\ $PRQJ KLV SRVVHVVLRQV WKH\
IRXQG D PDQXVFULSW FRS\ RI WKH
LQWURGXFWRU\ VWDQ]DV WR ,Q 0HPRULDP
ZKLFK KH DOZD\V FDUULHG ZLWK KLP
+LV ERG\ ZDV UHFRYHUHG DQG
HYHQWXDOO\ EXULHG DW 7DXNN\DQ :DU
&HPHWHU\ LQ WKH <DQJRQ GLVWULFW 0DQ\
\HDUV ODWHU KLV GDXJKWHU 3HQHORSH KDG
D VWRQH HUHFWHG LQ WKH FKXUFK\DUG DW
,NHQ ZKLFK RYHUORRNV KLV EHORYHG
5LYHU $OGH KRQRXULQJ KHU IDWKHU ZKR
KDG GHFODUHG LQ 6XIIRON 6FHQH WKDW LW
ZDV WKHUH KH ZLVKHG WR EH ODLG WR UHVW
%ORRP¿HOG DQG DSSOLHG KLV QRUPDOO\ ZKLFK ZRXOG UXQ WR VL[ HGLWLRQV E\ ³:KHQ , ZDV D FKLOG , GHFLGHG WKDW
VFDWWHUVKRW PLQG WR WKH WDVN LQ KDQG +LV IXWXUH DV DQ DXWKRU ZRXOG KHUH ZDV WKH SODFH IRU PH WR EH
ZLWK PXFK VHOIGLVFLSOLQH KDYH EHHQ DVVXUHG KDG QRW WKH ZDU EXULHG , KDYH QRW DOWHUHG P\ PLQG
,Q 6HSWHPEHU -XOLDQ PDUULHG <YRQQH LQWHUYHQHG (YHU\RQH ZDQWV WR OLH LQ KLV RZQ
OH &RUQX ZKRP KH KDG ILUVW PHW RQ %RWK -XOLDQ DQG 3HQ YROXQWHHUHG IRU FRXQWU\ WKLV LV PLQH , VKDOO IHHO
WKH ,VOH RI :LJKW WZR \HDUV HDUOLHU DFWLYH VHUYLFH -XOLDQ ZDV JLYHQ D VDIH LI , KDYH WKH VFUHDP RI WKH ELUGV
DQG VHW XS KRPH LQ D IODW DW (OP 7UHH FRPPLVVLRQ LQ WKH 2[IRUG DQG %XFNV DQG WKH PRDQ RI WKH ZLQG DQG WKH
0DQVLRQV QRUWKZHVW /RQGRQ 7KH /LJKW ,QIDQWU\ ZLWK 3HQ KDYLQJ JDLQHG ODSSLQJ RI ZDWHU DOO DURXQG PH DQG
FRXSOH KDG OLWWOH WR OLYH RQ DV -XOLDQ D FRPPLVVLRQ ZLWK WKH 1DY\ VRPH WKH ORQHO\ ZRRGV DQG PDUVKHV WKDW ,
KDG \HW WR VHFXUH IXOOWLPH ZRUN +H PRQWKV HDUOLHU NQRZ VR ZHOO +RZ FDQ DQ\RQH VD\
ZDV VWLOO FRQWULEXWLQJ WR 7KH )LHOG RQ 3HQ¶V 1DYDO WUDLQLQJ ZDV FXW VKRUW ZKDW KH ZLOO IHHO OLNH ZKHQ KH LV GHDG"
D UHJXODU EDVLV ZKLOH ZULWLQJ UHSRUWV ZKHQ KH ZDV RIIHUHG WKH FKDQFH WR :KDW , PHDQ LV WKDW , VKDOO IHHO VHFXUH
RQ RFFDVLRQ IRU 7KH 7LPHV DQG ZRUN IRU WKH $GPLUDOW\¶V LQVWUXFWLRQDO LQ G\LQJ´
UHYLHZV IRU WKH /LWHUDU\ 6XSSOHPHQW ILOP XQLW EDVHG DW 3RUWVPRXWK %HIRUH
DQG &RXQWU\ /LIH YROXQWHHULQJ KH KDG HVWDEOLVKHG D )LQG WKH
8SRQ SXEOLFDWLRQ 5RXJK 6KRRWLQJ FDUHHU LQ WKH ¿OP LQGXVWU\ ¿UVW PRVW UHFHQW
SURYHG DQ LQVWDQW VXFFHVV DQG DOPRVW ZRUNLQJ DV DVVLVWDQW WR +LWFKFRFN HGLWLRQ RI
LPPHGLDWHO\ %ODFNLH 6RQ VXJJHVWHG EHIRUH VLJQLQJ WR (DOLQJ 6WXGLRV 6XIIRON 6FHQH
KH ZULWH D ERRN RQ 6XIIRON WR ZKLFK ZKHUH KH KDG DOUHDG\ GLUHFWHG WKUHH DW SRSS\ODQG
KH UHDGLO\ DJUHHG %ODFNLH ZHUH PRGHUDWHO\ VXFFHVVIXO IHDWXUH ¿OPV FRXN
DQWLFLSDWLQJ D JXLGH ERRN LQ WKH VW\OH 7KH SURSDJDQGD ILOPV KH ZDV
*52:,1* *$,16
7KH +DVOHPHUH $OORWPHQWV ZHUH ERUQ LQ WKH HDUO\ SDUW RI WKH WK FHQWXU\ DQG
RIIHU D VOLFH RI SHDFH LQ EXV\ :HVW /RQGRQ 7KHUH DUH SORWV DQG D OLYHO\ PL[
RI WKH H[SHULHQFHG QRYLFHV WKH \RXQJ DQG WKH \RXQJ DW KHDUW 3KRWRJUDSKHU
*LOO 6KDZ WRRN KHU FDPHUD WKHUH ODVW VXPPHU WR PHHW VRPH RI WKH SORWKROGHUV
³0\ PRWKHU KDG GLHG LQ DQG , KDG EHHQ IHHOLQJ KHU
ORVV $V D EXV\ ZRUNLQJ PRWKHU , KDG ORQJ IHOW WKH QHHG WR
HVFDSH WR D TXLHW SODFH ZKHUH , FRXOG UHIOHFW EXW ZKHUH ,
FRXOG DOVR HQJDJH LQ VRPH IRUP RI SRVLWLYH DFWLYLW\
³2EWDLQLQJ D SORW LQ HDUO\ ZDV D YHU\ RSSRUWXQH
WLPH EHFDXVH ZLWKLQ WKUHH PRQWKV , ORVW P\ EURWKHU DQG
0LNH ORVW KLV PRWKHU 2XU SORW ZDV D IRUP RI WKHUDS\ ,Q
PDQ\ UHVSHFWV LW LV RXU VHFRQG KRPH DQG ZH YLHZ WKH VKHG
RQ WKH SORW DV RXU µKROLGD\ KRPH¶
³'XULQJ ORFNGRZQ LW ZDV HDV\ WR SUDFWLFH VRFLDO
GLVWDQFLQJ EXW VWLOO PDLQWDLQ FRQWDFW ,W KDV SURYLGHG ZRUN
WKDW ZH HQMR\ :LWK DQ DOORWPHQW OLIH FDQ QHYHU EH ERULQJ´
³7KLV LV RXU WKLUG VHDVRQ RI JURZLQJ KHUH :H KDG
SUHYLRXVO\ JURZQ D IHZ YHJJLHV LQ WKH JDUGHQ WRPDWRHV
FRXUJHWWHV KHUEV DQG UHDOO\ HQMR\HG LW
³, ZDQWHG WR WHDFK WKH NLGV DERXW ZKHUH IRRG FRPHV IURP
DQG JLYH XV DOO DQ DFWLYLW\ ZH FRXOG GR RXWGRRUV DZD\ IURP
WKH HOHFWURQLF PDFKLQHV +DYLQJ VXSHU IUHVK RUJDQLF ORFDO
YHJJLHV WR HDW RYHU WKH VXPPHU PRQWKV ZDV DOVR DQ
DWWUDFWLYH SURVSHFW
³7KH DOORWPHQW ZDV PRUH RI D FRPPLWPHQW WKDQ ZH
UHDOLVHG ZKHQ ZH WRRN LW RQ EXW ZH DOO UHDOO\ HQMR\ LW LQ
GLIIHUHQW ZD\V 7KH NLGV ORYH WR SLFN WKH IUHVK SHDV
VWUDZEHUULHV DQG UDVSEHUULHV , HQMR\ WKH KRUWLFXOWXUDO
DVSHFWV DQG OHDUQLQJ KRZ WR JURZ DQG ORRN DIWHU GLIIHUHQW
FURSV DQG *HRUJLQD KDV HQMR\HG PHHWLQJ QHZ SHRSOH DQG
WKH ORYHO\ FRPPXQLW\ DVSHFWV WR WKH DOORWPHQW :H DOO ORYH
FKHFNLQJ RXW WKH ZLOGOLIH SRQG IRU VLJQV RI GUDJRQÀLHV
IURJV DQG RXU IDPLO\ RI IR[HV
³7KH DOORWPHQW ZDV D OLIHOLQH GXULQJ WKH ORFNGRZQ
+DYLQJ VRPHZKHUH VDIH JR WR JHW D FKDQJH RI VFHQHU\ DQG
JHW VRPH IUHVK DLU KDV UHDOO\ KHOSHG XV WR JHW WKURXJK LW ,W¶V
DOVR EHHQ JUHDW WR KDYH VRPHWKLQJ FRQQHFWLQJ XV WR WKH
QDWXUDO ZRUOG
³$OO LQ DOO LW KDV FRQWULEXWHG ORDGV RI YDOXH DQG LQWHUHVW WR
RXU IDPLO\ OLIH DQG , ZRXOG UHFRPPHQG DQ\ IDPLOLHV ZLWK
DQ LQWHUHVW WR JLYH LW D JR 7KH PRUH \RX SXW LQ WKH PRUH
UHZDUGLQJ LW EHFRPHV´
³, KDYH KDG P\ SORW IRU DERXW \HDUV , XVHG WR KDYH D
SORW PDQ\ \HDUV DJR ZKHQ P\ FKLOGUHQ ZHUH VPDOO :KHQ ,
PRYHG WR WKLV DUHD DQG EHJDQ ZRUNLQJ SDUW WLPH WKH LGHD
RI DQ DOORWPHQW ZDV YHU\ DSSHDOLQJ $W WKH WLPH WKLV VLWH
ZDV UXQ E\ WKH FKDULW\ ZLWK DQ RQVLWH PDQDJHU 7KHUH ZDV
QR JUHDW ZDLWLQJ OLVW DQG , KDG D IULHQG ZKR XVHG WR FRPH
GRZQ ZLWK PH DQG ZH FRPELQHG ZRUNLQJ WKH SORW ZLWK
VRFLDOLVLQJ
³:KHQ , ILQDOO\ UHWLUHG WKH SORW WRRN RQ D PRUH
LPSRUWDQW UROH LQ P\ OLIH 'XULQJ ORFNGRZQ LW ZDV D
JRGVHQG DV LW SURYLGHG GDLO\ LQWHUDFWLRQ ZLWK SHRSOH
H[HUFLVH DQG WKH DELOLW\ WR JHW RXW RI WKH KRXVH :LWK RWKHU
PHPEHUV RI WKH IDPLO\ KDYLQJ SORWV RQ WKH VLWH , ZDV DEOH
WR VHH WKH \RXQJHU JHQHUDWLRQ´ !
³:H KDYH KDG RXU SORW IRU HLJKWDQGDKDOI \HDUV , KDG MXVW IRXQG RXW
, ZDV SUHJQDQW ZLWK RXU VHFRQG FKLOG VR PD\EH QRW WKH JUHDWHVW
WLPLQJ EXW KDYLQJ ZDLWHG WKUHH \HDUV ZH ZHUH VWLOO H[FLWHG WR ¿QDOO\
KDYH D SORW , KDYH DOZD\V ORYHG JDUGHQLQJ DQG RI FRXUVH RQH RI WKH
GRZQVLGHV RI OLYLQJ LQ /RQGRQ LV WKH VPDOO JDUGHQV VR LW VHHPHG OLNH
D QDWXUDO GHFLVLRQ WR DSSO\ IRU D SORW :KLOH ZH ZDLWHG ZH WULHG
JURZLQJ YHJ LQ SRWV WR JHW XV VWDUWHG
³+DYLQJ D SORW KDV EHFRPH D KXJH SDUW RI RXU OLYHV DQG D IDPLO\
DFWLYLW\ ,W LV VWLOO D ZRUN LQ SURJUHVV DOO WKHVH \HDUV ODWHU EXW
RYHUZKHOPLQJO\ LW LV VXFK D VDWLVI\LQJ SDVWLPH <RX UHDOO\ GR JHW RXW
ZKDW \RX SXW LQ ,W LV DOVR D VSDFH WR UHWUHDW WR WR UHFKDUJH \RXU
EDWWHULHV VZLWFK RII \RXU EUDLQ DQG IRFXV RQ WKH SORW DQG QRWKLQJ
HOVH ,W¶V D JUHDW WRRO WR VXSSRUW \RXU PHQWDO KHDOWK
³'XULQJ ORFNGRZQ LW ZDV D VDIH SODFH WR JR WR DV D IDPLO\ :LWK
ORFDO SDUNV VR EXV\ ZH FRXOG JR WR WKH SORW NQRZ ZH ZHUH QDWXUDOO\
VRFLDOO\ GLVWDQFHG DQG JHW VRPH H[HUFLVH ZKLOH WKHUH 2XU SORW KDV
QHYHU ORRNHG VR JRRG VR HDUO\ LQ WKH \HDU´
³0\ KXVEDQG DQG , KDYH EHHQ RQ WKH DOORWPHQW VLQFH
DQG HQMR\ SODQWLQJ KLV YHJ ZDWFKLQJ WKHP JURZ DQG
WDONLQJ WR SORW KROGHUV
³'XULQJ ORFNGRZQ LW ZDV JUHDW WR EH DEOH WR JHW RXW DQG
VHH SHRSOH DQG HQMR\ WKH IUHVK DLU %\ JRLQJ WKHUH LW JDYH
PH PRUH HQHUJ\ DV , QHHGHG WR ZDWHU DQG ORRN DIWHU WKH
SODQWV DQG LW EURXJKW D IHHOLQJ RI IUHHGRP , FRXOG EUHDWKH
PRUH HDVLO\ RQ P\ DOORWPHQW DV DW WKH WLPH LW ZDV
FRPSXOVRU\ WR ZHDU D PDVN ± EXW , GLGQ¶W KDYH WR LQ P\
RZQ VSDFH RQ P\ DOORWPHQW
³:DWFKLQJ RXU SODQWV JURZ UHDOO\ EULQJV D VPLOH DQG
PDNHV PH IHHO KDSS\´
³, ZDV YHU\ IRUWXQDWH WR JHW DQ
DOORWPHQW \HDUV DJR , KDG WDNHQ
HDUO\ UHWLUHPHQW GXH WR LOOQHVV DQG IHOW
, KDG WKH WLPH QHHGHG WR GHYRWH WR WKH
SORW ,W SURYHG WR EH DQ HQRUPRXV KHOS
LQ GHDOLQJ ZLWK WKH HIIHFWV RI D
JUXHOOLQJ VWHPFHOO WUHDWPHQW IRU
P\HORPD ERWK IRU P\ SK\VLFDO
UHFRYHU\ DQG SURPRWLQJ D VHQVH RI
FDOP DQG WUDQTXLOOLW\ DQG KRSH
³,W HQDEOHG PH WR XVH WKH VSDFH WR
JURZ RUJDQLFDOO\ ± WKLV ZDV LPSRUWDQW
DV SHVWLFLGHV ZHUH OLQNHG WR P\ IRUP
RI FDQFHU ,W DOVR HQDEOHG PH WR ¿QG
DQ RXWOHW IRU FUHDWLYLW\ 2YHU WKH \HDUV
, KDYH HQMR\HG KDUYHVWLQJ DQG VKDULQJ
FURSV DQG ¿OOLQJ WKH KRXVH ZLWK ÀRZHUV
³,Q WKH ORFNGRZQ , PLVVHG WKH
JURZLQJ VHDVRQ DV , ZDV RQH RI WKH
VKLHOGHG JURXS 7KDQNV WR WKH
NLQGQHVV RI P\ DOORWPHQW QHLJKERXUV
, ZDV DEOH WR VHH SKRWRV RI WKH SORW
DQG ZDV VR JUDWHIXO WR WKHP IRU
SODQWLQJ RXW FURSV DQG ZDWHULQJ
GXULQJ WKLV GLI¿FXOW SHULRG´
:
+(1 SUHSDULQJ WR DUH PRUH OLNHO\ WR RSW IRU IUHVK IRRG FRPLQJ IURP WKDQ ¿QGLQJ DQG SLFNLQJ
FRRN D QHZ UHFLSH WKDW ZH NQRZ KDV EHHQ ORFDOO\ DQG LW \RXUVHOI"
PDQ\ RI XV ZLOO HWKLFDOO\ SURGXFHG -DPHV VXJJHVWV IRUDJLQJ LV SHUKDSV
KHDG WR WKH $Q HWKLFDO FRQVXPHULVP UHSRUW EHFRPLQJ PRUH PDLQVWUHDP DQG
VXSHUPDUNHW SXEOLVKHG E\ WKH &RRS DW WKH HQG RI SRLQWV RXW WKDW PRVW RI XV ZLOO KDYH
LQJUHGLHQWV OLVW LQ KDQG DQG EURZVH VWDWHG WKDW SHU FHQW RI %ULWV HDWHQ IRUDJHG IRRG LQ ORFDO
WKH VWRFN OLQLQJ WKH VKRS¶V VKHOYHV VXUYH\HG VWULYH WR VWD\ ORFDO LQ WKHLU UHVWDXUDQWV ZLWK GLVKHV VXFK DV ZLOG
)RU -DPHV :RRG KRZHYHU WKLV VKRSSLQJ KDELWV 0HDQZKLOH WKH 6RLO PXVKURRPV EHLQJ FRPPRQSODFH RQ
RFFDVLRQ FDOOV IRU SLFNLQJ XS D EDVNHW $VVRFLDWLRQ VD\V WKDW KDV VHHQ (QJOLVK PHQXV 6RPH RI WKH FRXQWU\¶V
DQG KHDGLQJ RXW WR KLV ORFDO SDUN WKH KLJKHVW \HDURQ\HDU JURZWK IRU JUHDW FXOLQDU\ PLQGV LQFOXGLQJ
FDUU\LQJ D PHQWDO PDS RI ZKLFK RUJDQLF IRRG LQ WKH 8. LQ \HDUV <RUNVKLUHEDVHG 0LFKHOLQ FKHI
³DLVOHV´ LQ WKH DUHD DUH KRPH WR ZKLFK )URP -DPHV¶V SHUVSHFWLYH KH KDV $QGUHZ 3HUQ DQG 'HYRQEDVHG 79
LQJUHGLHQWV QRWLFHG D VLJQL¿FDQWO\ LQFUHDVHG GHVLUH FKHI +XJK )HDUQOH\:KLWWLQJVWDOO
)RXQGHU RI 7RWDOO\ :LOG 8. ZKLFK IRU IRRG WUDFHDELOLW\ DQG IRU IUHVK KDYH ORQJ EHHQ RXWVSRNHQ DGYRFDWHV
GHDOV LQ IRUDJLQJ ZLOG IRRG -DPHV SURGXFH IURP WKH JHQHUDO SXEOLF LQ WKH RI IRUDJLQJ IRU DQG FRRNLQJ ZLOG IRRG
VRXUFHV KLV IRRG GLUHFWO\ IURP WKH ODVW \HDUV $QG ZKDW EHWWHU ZD\ 0RUH UHFHQWO\ -DPHV IHHOV WKH
ZLOGHUQHVV QHDU KLV KRPH LQ &KHVKLUH WR HVWDEOLVK H[DFWO\ ZKHUH \RXU IRRG LV ORFNGRZQV ZKLFK KDYH HQWLFHG SHRSOH
ZKHUHYHU KH FDQ +H UHJXODUO\ KHDGV LQWR WKH JUHDW RXWGRRUV PD\ KDYH
WR 7KH :LUUDO ZKHUH WKH GLYHUVH LQVSLUHG WKHP WR IRUDJH
KDELWDW LV ULFK LQ LQJUHGLHQWV WR SLFN ³3HRSOH KDYH KDG D ORW PRUH WLPH
XS PDUVK VDPSKLUH VHDZHHG DQG WKH\¶YH EHHQ IRUFHG WR VWD\ LQ WKHLU
YDULRXV PXVKURRPV IRU KLV PHDOV RZQ ORFDWLRQV DQG WKH\¶YH EHHQ
%HLQJ DQ H[SHUW LQ WKH DUW RI IRUDJLQJ IRUFHG WR ZDON DURXQG WKHLU RZQ
KH IHHOV WKDW ZLWK WKH ULJKW ORFDWLRQV EHFDXVH ZKDW HOVH FDQ \RX
NQRZOHGJH LW LV SRVVLEOH WR PDNH WDVW\ GR" $QG , WKLQN GXULQJ WKRVH ZDONV
SODQWEDVHG PHDOV ODUJHO\ IURP WKH\¶YH DFWXDOO\ VWDUWHG WR VD\ µ2K
IRUDJHG IRRG ZLWK WKH RFFDVLRQDO WKLV ÀRZHU FRPHV RXW LW PXVW FRPH
VXSHUPDUNHW VXSSOHPHQWV RXW HYHU\ \HDU , ZRQGHU ZKDW LW LV"
:KLOH IRUDJLQJ IRU \RXU RZQ IRRG :KDW FDQ \RX XVH LW IRU"¶´ KH VDLG
PLJKW QRW EH WKH QRUP DW WKH PRPHQW 7KLV ZDV FHUWDLQO\ WKH FDVH IRU
-DPHV¶V PRWLYDWLRQV ± D FUDYLQJ IRU 'DYLG %HFNKDP ZKR SRVWHG SLFWXUHV
IUHVK IRRG DQG WUDFHDELOLW\ LQ KLV GLHW RQ VRFLDO PHGLD RI KLV ILUVW IRUDJLQJ
± DUH QRW DQ XQFRPPRQ VHQWLPHQW ,Q WULS ZLWK KLV GDXJKWHU +DUSHU EDFN LQ
UHFHQW \HDUV SHRSOH DFURVV WKH FRXQWU\ 2FWREHU ODVW \HDU
KDYH EHFRPH LQFUHDVLQJO\ FRQVFLRXV :KLOH PDQ\ RI XV PD\ KDYH
FRQVXPHUV $V ZH DVN TXHVWLRQV DERXW GLVFRYHUHG D QHZIRXQG FRQQHFWLRQ
ZKHUH RXU IRRG LV FRPLQJ IURP ZH
ZLWK QDWXUH LQ WKH ODVW PRQWKV IRU
,W¶V MXVW NQRZLQJ ZKDW WKHUH LV DURXQG IXQGDPHQWDO EDVH NQRZOHGJH WKH ZLOGIRRGXNFRP
\RX HQWLUH QDWXUDO ZRUOG LV DW \RXU GLVSRVDO RU IRUDJLQJFRXUVHFRPSDQ\FRXN
³<RX KDYH FRPSOHWHO\ GLIIHUHQW 6R ZK\ QRW VDPSOH DOO RI WKH ÀDYRXUV IRU FRXUVHV LQ
LQJUHGLHQWV LQ GLIIHUHQW ORFDWLRQV EXW RI WKH IRUHVW" RWKHU SDUWV RI WKH FRXQWU\
1$$, 040'
1 -1
,"
- 9"1, 1
<RXU /HWWHUV
$V D UHODWLYHO\ QHZ VXEVFULEHU WR , KDG WR UHDG ³0RUH RI 0RUH +DOO¶V ZHOODLPHG NLFN XS WKH DUVH IHOOHG WKH ZLO\
\RXU EHDXWLIXOO\ SURGXFHG PDJD]LQH :DQWOH\ GUDJRQ´ ³/DQG RI 'UDJRQV´ SLHFH VSULQJ LVVXH PRUH WKDQ RQFH WR
, ZDV FXULRXV WR UHDG -RKQ 3HDUQ RI PDNH VXUH ,¶G UHDG LW FRUUHFWO\ , KDYH VXEVFULEHG WR \RXU EHDXWLIXO SXEOLFDWLRQ
2USLQJWRQ¶V OHWWHU DERXW KLV PRWKHU¶V IRU D QXPEHU RI GHFDGHV DQG WKLV LV WKH ¿UVW WLPH , FDQ UHFDOO UHDGLQJ VXFK
VHUYLFH 0\ LQWHUHVW ZDV RULJLQDOO\ FUXGH XQQHFHVVDU\ ODQJXDJH
VSDUNHG E\ WKH VDPH DUWLFOH HQWLWOHG ,W¶V QRW WKDW , DP D SUXGH QRU LQGHHG D VDLQW RU XQDZDUH WKDW H[SUHVVLRQV
³7KH 6HFUHW $UP\´ ± WKLV ZDV GXH WR VXFK DV WKHVH DUH IUHHO\ XVHG LQ RWKHU SXEOLFDWLRQV IRU WKRVH ZKR GR QRW REMHFW
P\ GHDU IULHQG ZKR DW \HDUV %XW QRW LQ RXU PDJD]LQH RXU VXSHUODWLYH 7KLV (QJODQG , DP VXUH WKDW PDQ\
\RXQJ KDG WROG PH DERXW KHU VHUYLFH UHDGHUV ZLOO DJUHH WKDW RQH RI WKH UHDVRQV ZH VXEVFULEH LV VR ZH FDQ ORVH
DV RQH RI WKLV EUDYH EDQG RI ZRPHQ RXUVHOYHV LQ WKH PDQ\ IDVFLQDWLQJ DQG LQIRUPDWLYH DUWLFOHV QRW DYDLODEOH
GXULQJ :RUOG :DU ,, HOVHZKHUH ZLWKRXW EHLQJ VXEMHFWHG WR FUXGLW\ RI WKLV QDWXUH
7KXV HQHUJLVHG , ZDV GHWHUPLQHG 3OHDVH UHDVVXUH PH DQG D QXPEHU RI P\ IULHQGV ZKR DOVR VXEVFULEH WKDW \RX
WR VHH LI , FRXOG DUUDQJH VRPH ZLOO QRW FRQWLQXH WR ³GXPE GRZQ´ RXU IDYRXULWH SXEOLFDWLRQ
UHFRJQLWLRQ IRU KHU DQG KHU IHOORZ -DPHV 'L[RQ 1HZFDVWOH XSRQ 7\QH 7\QH DQG :HDU
ZRUNHUV +DYLQJ ZULWWHQ QXPHURXV
OHWWHUV WR 03V WKH ,:0 DQG RWKHU -DPHV GXO\ QRWHG DQG VHQGLQJ DSRORJLHV WR \RX \RXU IULHQGV DQG DQ\ RWKHU
SHUVRQQHO , ZDV HYHQWXDOO\ GLUHFWHG UHDGHUV ZKR PD\ KDYH EHHQ RIIHQGHG
WR WKH %(,6 ZKR QRZ GHDO ZLWK VXFK
HQTXLULHV 7KHUH LV DSSDUHQWO\ D OHWWHU
RI UHFRJQLWLRQ IURP WKH 5R\DO 6
/" -//"
+RXVHKROG DQG DOVR D EDGJH WR EH ,W ZDV DPD]LQJ WR VHH 6ZLQGRQ¶V UDLOZD\
JUDQWHG WR WKRVH ODGLHV RU WKHLU QH[W PXVHXP LQ WKH VSULQJ LVVXH RI 7KLV (QJODQG
RI NLQ ,Q GXH FRXUVH , XQGHUVWDQG :LWK JUHDW SULGH P\ GDXJKWHU DQG , KDYH
WKDW D OLQN WR WKH 0XQLWLRQ :RUNHUV EHHQ YDFFLQDWLQJ WKH SHRSOH RI 6ZLQGRQ DQG
$VVRFLDWLRQ ZLOO EH SODFHG RQ WKH VXUURXQGLQJ DUHDV LQ WKH UDLOZD\ PXVHXP
*RYHUQPHQW ZHEVLWH :H DUH SDUW RI D ZRQGHUIXO WHDP IURP
3DWULFLD %UDLWKZDLWH E\ HPDLO PDQDJHPHQW WKURXJK WR DOO WKH YROXQWHHUV
YDFFLQDWLQJ IURP WR SHRSOH DW
HDFK VHVVLRQ WKUHH GD\V D ZHHN 0DQ\ RI WKH
,
" /" 1
SHRSOH FRPLQJ KDYH ZRUNHG RU KDG IDPLO\
ZRUNLQJ DW WKH UDLOZD\ ZRUNV
, DJUHH ZLWK -RKQ 3HDUQ LQ WU\LQJ WR 7KLV KDV EHHQ WKH ¿UVW WLPH PDQ\ KDYH
JHW VRPH UHFRJQLWLRQ IRU WKH EUDYH EHHQ RXW IRU D \HDU DQG KDYH ORYHG WKH
ZRPHQ ZKR ZRUNHG LQ WKH PXQLWLRQV KXPDQ FRQWDFW
IDFWRULHV 'XULQJ :RUOG :DU ,, , -DQH +DUWODQG DQG /LQG\ %UDVLHU/DUNLQ
ZDV D ZDU EDE\ P\ PRWKHU ZRUNHG 6ZLQGRQ :LOWVKLUH
LQ D PXQLWLRQV IDFWRU\ VLWHG RQ DQ
LVODQG QHDU +DUZLFK LQ (VVH[ ZKHUH
, ZDV ERUQ ,W ZDV FDOOHG %UDPEOH
"6
, -/,
,VODQG DQG P\ PRWKHU ZDV EORZQ XS -XVW WR VD\ WKDW , KDYH UHFHLYHG P\ VSULQJ FRS\ RI 7KLV (QJODQG WRGD\ DQG
WZLFH ZKHQ ZRUNLQJ WKHUH ZKDW D ZRQGHUIXO SKRWR \RX KDYH SULQWHG RQ WKH IURQW FRYHU , OLYHG LQ WKDW
7KH ¿UVW WLPH D KXJH H[SORVLRQ SDUW RI ³=XPPHU]HW´ IRU PDQ\ \HDUV )RU WKH UHFRUG WKH KLOO LQ WKH
YDSRXULVHG WZR ZRUNPHQ ZKR ZHUH EDFNJURXQG LV %XUURZ 0XPS ZLWK WKH UXLQV RI 6W 0LFKDHO¶V &KXUFK RQ WRS
FKDWWLQJ RXWVLGH KHU ZRUNSODFH QRW IDU IURP ZKHUH .LQJ $OIUHG VWD\HG DW $WKHOQH\ DOO WKRVH \HDUV DJR 7KH
EXLOGLQJ 6KH VXIIHUHG QRQOLIH FKXUFK OLHV VSRW RQ WKH 6W 0LFKDHO OH\ OLQH ZKLFK UXQV IURP WKH IDU ZHVW RI
WKUHDWHQLQJ LQMXULHV 1RWKLQJ &RUQZDOO SDVVLQJ WKURXJK 6W 0LFKDHO¶V 0RXQW LQ 0RXQW¶V %D\ WKURXJK
UHPDLQHG RI WKH WZR ZRUNPHQ 6W 0LFKDHO¶V &KXUFK 0LOYHUWRQ ZKHUH ,
7KH VHFRQG WLPH ZDV DQRWKHU KXJH OLYHG WKURXJK %XUURZ 0XPS WKURXJK
H[SORVLRQ IRU ZKLFK P\ PRWKHU *ODVWRQEXU\ DQG SOXQJHV LQWR WKH VHD LQ
LQVWLQFWLYHO\ GLYHG XQGHU WKH KHDY\ 1RUIRON QRUWK RI /RZHVWRIW
WDEOH RQ ZKLFK VKH ZDV ZRUNLQJ DV -XVW RXW RI VLJKW LQ \RXU SKRWR LV %XUURZ
WKH FHLOLQJ FROODSVHG 6KH VXUYLYHG %ULGJH ZKLFK KDV VSDQQHG WKH 5LYHU
UHODWLYHO\ XQVFDWKHG EXW GHHSO\ 3DUUHWW IRU FHQWXULHV FORVH WR ZKHUH WKH
VKRFNHG 7KHVH DQG RWKHU VLPLODU 5LYHU 7RQH MRLQV WKH 3DUUHWW %HDXWLIXO
H[SORVLRQV ZHUH D UHJXODU RFFXUUHQFH FRXQWU\VLGH LQ WKH FRXQW\ ZKLFK ZDV
DQG FRXOG EH KHDUG DV D ³FUXPSK´ DOZD\V ULJKWIXOO\ QDPHG 6XPPHUODQG
PLOHV DZD\ LQ &ROFKHVWHU 7KH EHIRUH VRPHRQH FKDQJHG LW
ORFDOV ZRXOG VD\ ³2K QR %UDPEOH /RYHO\ WR VHH LW RQ WKH IURQW FRYHU DQG LW
,VODQG¶V JRQH XS DJDLQ´ PDGH P\ GD\
'HUHN 7KUHDGJDOO $OLFN /DYHUV E\ HPDLO
&KHOPVIRUG (VVH[ !
1
,/
-
7KDQN \RX IRU WKH
ZLQWHU HGLWLRQ
RI 7KLV (QJODQG DQG
IRU WKH HQFRXUDJLQJ
DUWLFOH RQ WKH
&RWVZROGV 1RW RQO\ 7KH DUWLFOH DERXW WKH )HVWLYDO RI %ULWDLQ EURXJKW EDFN KDSS\
KDYH , UHWLUHG KHUH , PHPRULHV , ZDV DQ XQGHUJUDGXDWH DW WKH WLPH EXW ZDV DEOH WR YLVLW
ZDV ERUQ LQ PRVW RI WKH /RQGRQ VLWHV GXULQJ WKH VXPPHU YDFDWLRQ <RXU DUWLFOH
&LUHQFHVWHU LQ PHQWLRQV WKH SUREOHP RI VRXUFLQJ EXLOGLQJ PDWHULDOV ZKLFK ZHUH
DQG D SXSLO DW WKH YHU\ VFDUFH DW WKH WLPH :KHQ WKH\ ZHUH GHOLYHUHG WR WKH 6RXWK
JUDPPDU VFKRRO ZKRVH IDPRXV ROG ER\V %DQN WKH\ DWWUDFWHG WKLHYHV DQG LW ZDV QHFHVVDU\ WR SXW D VHFXUH
LQFOXGHG ¿UVWFODVV FULFNHWHU :DOO\ +DPPRQG IHQFH URXQG WKH VLWH ZLWK JXDUGV DW HYHU\ JDWH $ JXDUG DW RQH JDWH
DQG (GZDUG -HQQHU ZKRVH ZRUN RQ YDFFLQDWLRQ VWRSSHG D ZRUNHU SXVKLQJ D ZKHHOEDUURZ EXW KH VDLG LW ZDV RQO\
KDV UXQJ YHU\ SRLJQDQW EHOOV JLYHQ UHFHQW WLPHV UXEELVK DQG GHVSLWH VHDUFKLQJ WKURXJK WKH EDUURZ ORDG WKH JXDUG
7KDQN \RX WRR IRU WKH DUWLFOH RQ *HRUJH 9, IRXQG QRWKLQJ 7KH VDPH WKLQJ KDSSHQHG RQ RWKHU RFFDVLRQV EXW
SRVVLEO\ WKH ¿QHVW PRQDUFK WKDW WKLV FRXQWU\ KDV DOZD\V ZLWK WKH VDPH UHVXOW $W ODVW WKH ZRUN ZDV ¿QLVKHG DQG WKH
HYHU KDG , ERZHG WR KLV ZLGRZ WKHQ &KDQFHOORU EXLOGHUV OHIW DV GLG WKH JXDUGV RQ WKH JDWHV
RI WKH 8QLYHUVLW\ RI /RQGRQ RQ WKH VWDJH RI WKH 2XU FRQVFLHQWLRXV JXDUG IRXQG DQRWKHU MRE QHDUE\ DQG DIWHU
5R\DO $OEHUW +DOO ZKHQ , JUDGXDWHG LQ ZRUN RIWHQ KDG D GULQN DW KLV IDYRXULWH SXE 2QH HYHQLQJ LQ WKH
WHUUL¿HG WKDW , ZRXOG VWHS EDFNZDUGV DQG IDOO RII SXE KH WKRXJKW KH UHFRJQLVHG WKH PDQ KH KDG VR RIWHQ FKHFNHG
WKH VWDJH LQWR WKH DUHQD RYHUFRPH E\ WKH OHDYLQJ WKH EXLOGLQJ VLWH $IWHU D GULQN DQG FKDW WRJHWKHU WKH JXDUG
H[FLWHPHQW RI LW DOO 0\ PRWKHU VDLG WKH 4XHHQ VDLG WKDW LW ZDV QRZ VDIH WR WDON DERXW WKH PDQ\ UDFNHWV WKDW KDG
0RWKHU VPLOHG PRVW JUDFLRXVO\ DW PH 3HUKDSV JRQH RQ ZKLOH WKH EXLOGLQJ ZRUN ZDV LQ SURJUHVV DQG DVNHG ZKDW
VKH NQHZ ZKDW , ZDV DIUDLG RI KLV FRPSDQLRQ¶V UDFNHW KDG EHHQ
5HY 3KLOOLS - 0RUVH &LUHQFHVWHU ³:KHHOEDUURZV´ FDPH WKH UHSO\
*ORXFHVWHUVKLUH -DPHV 1XUVDZ *RGDOPLQJ 6XUUH\
,Q \RXU VSULQJ HGLWLRQ WHDUV ÀRZ , ZLOO UHIHU WR
³3RHWV¶ &RUQHU´ \RX SULQWHG WKHP RIWHQ :KHQ P\ PRWKHU WROG PH WKDW )UDQFH KDG EHHQ
,Q 0HPRULDP E\ :DUUHQ 3OHDVH WKDQN KLP VR PXFK LQYDGHG WKDW PRUQLQJ , UHDOLVHG WKH LPSRUWDQFH RI
7D\ORU , KDYH QR LGHD IRU PH LI \RX FDQ :KDW D ''D\ , ZDV DQG ZH ZHUH WUDYHOOLQJ IURP 6XWWRQ
ZKHWKHU \RX FDQ RU DUH DEOH YHU\ FOHYHU WKRXJKWIXO &ROG¿HOG WR %LUPLQJKDP KRVSLWDO IRU P\ WRQVLO
WR OHW KLP NQRZ KRZ PXFK SHUVRQ UHPRYDO $UULYLQJ DW WKH KRVSLWDO UHFHSWLRQ P\ PRWKHU
KLV SRHP PHDQW WR PH $QQ +LQGOH\ 1RUZLFK ZDV WROG WKHUH ZDV QRW D EHG DYDLODEOH IRU PH VR
+DYLQJ ORVW P\ KXVEDQG 1RUIRON EHFDPH TXLWH DJLWDWHG DV VKH KDG QRW EHHQ WROG RI WKH
VXGGHQO\ RQ &KULVWPDV (YH FDQFHOODWLRQ %HLQJ D VWXEERUQ ODG\ VKH UHIXVHG WR WDNH
DIWHU RYHU \HDUV $QQ ZH¶OO FHUWDLQO\ OHW PH KRPH VR DIWHU D ORW RI DUJXLQJ , ZDV HYHQWXDOO\
WRJHWKHU P\ JULHI LV :DUUHQ NQRZ DQG DUH VXUH WDNHQ WR D ZDUG IXOO RI HPSW\ EHGV PXFK WR P\
LPPHQVH 7KH ZRUGV ZHUH KH¶OO LQ WXUQ EH WRXFKHG E\ VXUSULVH
MXVW SHUIHFW DQG PDGH P\ \RXU NLQG ZRUGV 7KH IROORZLQJ PRUQLQJ , ZDV DZRNHQ DV ZRXQGHG
$PHULFDQ VROGLHUV ZHUH EURXJKW LQWR P\ ZDUG 7KH\
ORRNHG LQ D WHUULEOH VWDWH DV WKHLU XQLIRUPV ZHUH
#
!
*UHDW %ULWRQV
,5,6 /(0$5(
#
"
)
(: ZRPHQ KDYH DFKLHYHG 5DZVWKRUQH¶V &ODULQHW &RQFHUWR DQG
VXFK SURPLQHQFH LQ WKH
0LFKDHO 7LSSHWW¶V 6WULQJ 4XDUWHW
¿HOG RI FODVVLFDO PXVLF DV 7KH HYHQWV ZHUH VXFFHVVIXO LQ
,ULV 0DUJDUHW (OVLH /HPDUH DWWUDFWLQJ QRW RQO\ PHPEHUV RI WKH
+DYLQJ PDGH D FDUHHU DV D SXEOLF EXW DOVR WKH PHGLD DQG D
FRQGXFWRU VKH ZDV WKH ¿UVW IHPDOH WR QXPEHU RI PXVLF SXEOLVKHUV ZKR ZHUH
FRQGXFW WKH %%& 6\PSKRQ\ DQ[LRXV WR UHOHDVH WKH QHZ ZRUNV
2UFKHVWUD LQ ZKLFK FDXVHG TXLWH :KHQ DVNHG IRU KHU RSLQLRQ RI WKH
D VWLU LQ WKH SUHVV DW WKH WLPH 1RW RQO\ SURPLQHQW FRPSRVHUV VKH ZRUNHG ZLWK
GLG VKH IRUP KHU RZQ RUFKHVWUD EXW E\ 5LFKDUG %DNHU RQ KLV %%& 5DGLR
VKH DOVR FKDPSLRQHG WKH ZRUN RI &RPSDULQJ 1RWHV SURJUDPPH VKH
\RXQJ WKFHQWXU\ FRPSRVHUV DQG GHVFULEHG 7LSSHWW DV ³D GHDU VHQVLWLYH
RQ D QXPEHU RI RFFDVLRQV FRQGXFWHG ZRQGHUIXO SHUVRQ´ EXW IRXQG %ULWWHQ
WKH ¿UVW SXEOLF SHUIRUPDQFH RI WKHLU ³EULOOLDQW EXW UDWKHU UHPRWH´
ZRUNV 'HVSLWH DOO WKLV KHU OLIH UHPDLQV :KHQ DVNHG E\ %DNHU IRU KHU FDUHHU
ODUJHO\ XQVXQJ KLJKOLJKWV VKH KDG QR KHVLWDWLRQ LQ
%RUQ LQ LQ /RQGRQ WKH WKH JUHDW *HRUJH 7KDOEHQ%DOO ZLWK VHOHFWLQJ WKH WLPH VKH FRQGXFWHG
GDXJKWHU RI (GZLQ +HQU\ /HPDUH D FRQGXFWLQJ DV KHU VHFRQG VXEMHFW %HHWKRYHQ¶V (PSHURU &RQFHUWR ZLWK
FHOHEUDWHG FRPSRVHU KLPVHOI DQG WKRXJK VXEVHTXHQWO\ UHOLQTXLVKHG SLDQLVW *p]D $QGD DGGLQJ DQRWKHU
ZLGHO\ FRQVLGHUHG WKH JUHDWHVW RUJDQ VWXGLHV LQ IDYRXU RI FRQGXFWLQJ XQIRUJHWWDEOH HYHQW FRQGXFWLQJ
RUJDQLVW WKLV FRXQWU\ KDV SURGXFHG DQG WLPSDQL ZKLOH DOVR UHDGLQJ IRU D 9DXJKDQ :LOOLDPV¶V 6\PSKRQ\ 1R
VKH ZDV WKH RQO\ FKLOG IURP KLV EULHI GHJUHH LQ VSHHFK DQG GUDPD WR HQDEOH LQ <RUN 0LQVWHU
PDUULDJH WR (OVLH 5HLWK KHU WR H[DPLQH DQG DGMXGLFDWH ,Q VKH IRXQGHG 2SHUD 1RYD
+DYLQJ EHHQ UDLVHG E\ D IXOOWLPH 'U 0DOFROP 6DUJHQW NQLJKWHG LQ ZKLFK VSHFLDOLVHG LQ SHUIRUPLQJ
QDQQ\ IROORZLQJ WKH EUHDNGRZQ RI KHU EHFDPH KHU WXWRU IRU FRQGXFWLQJ PRGHUQ ZRUNV DQG VKH UHPDLQHG LWV
SDUHQWV¶ PDUULDJH ,ULV HYHQWXDOO\ DQG DFFRUGLQJ WR ,ULV PDGH QR VHFUHW FRQGXFWRU XQWLO ZKHQ VKH
ERDUGHG DW %HGDOHV WKH IDPRXV VFKRRO RI WKH IDFW WKDW KH GLG QRW DSSURYH RI VWHSSHG GRZQ DW WKH DJH RI
LQ +DPSVKLUH ZKHUH DV VKH SXW LW ODG\ FRQGXFWRUV 6RPH VD\ KH ODUJHO\ 7KURXJKRXW KHU V VKH FRQWLQXHG
³WKH GRRU RI OLIH RSHQHG´ +HUH VKH LJQRUHG KHU DV KLV RQO\ IHPDOH VWXGHQW FRQGXFWLQJ DQG DGMXGLFDWLQJ DOVR
ZDV ³EOLVVIXOO\ KDSS\ IRU WKH ¿UVW EXW QHYHUWKHOHVV ,ULV FRQVLGHUHG KLP WR EHFRPLQJ LQYROYHG ZLWK D QXPEHU RI
WLPH´ UHFHLYLQJ D ³UHDOO\ ZRQGHUIXO EH ³D ZRQGHUIXO WHDFKHU´ DQG ZKLOVW ORFDO FKRUDO HYHQWV 6KH ZDV D NHHQ
HGXFDWLRQ´ DQG LW LV WKLV SDUWLFXODU DW WKH 5&0 VKH ZDV DZDUGHG WKH ZDONHU VNLHU VZLPPHU DQG
SHULRG WKDW VKH DWWULEXWHG WR WKH ELUWK 'RYH 3UL]H IRU ³JHQHUDO H[FHOOHQFH ELUGZDWFKHU
RI KHU ORYH RI PXVLF DVVLGXLW\ DQG LQGXVWU\´ ,ULV /HPDUH GLHG RQ $SULO
$ WKUHH\HDU FRXUVH WKHQ IROORZHG DW ,Q WKH V ,ULV EHFDPH LQYROYHG DJHG DW KHU KRPH LQ $VNKDP
WKH -DTXHV 'DOFUR]H ,QVWLWXWH *HQHYD LQ WKH GHYHORSPHQW DQG SURPRWLRQ RI %U\DQ QHDU <RUN 7KRXJK VKH
ZKHUH VKH VWXGLHG HXUK\WKPLFV ± FRQWHPSRUDU\ PXVLF ZLWK WKH DFKLHYHG VR PXFK VKH KDG WR ¿JKW WR
WHDFKLQJ PXVLF WR FKLOGUHQ WKURXJK FRPSRVHU (OLVDEHWK /XW\HQV WRJHWKHU VXFFHHG DV D FRQGXFWRU SDUWLFXODUO\
PRYHPHQW +RZHYHU E\ WKH WLPH RI ZLWK YLROLQLVW $QQH 0DFQDJKWHQ DJDLQVW PDQDJHPHQW ZKR IHOW WKDW D
KHU UHWXUQ WR /RQGRQ VKH IRXQG WKDW 7KHLU MRLQWO\ RUJDQLVHG FRQFHUWV PDQ RQ WKH URVWUXP KHOG D JUHDWHU
VKH QR ORQJHU HQMR\HG WHDFKLQJ DQG SURYLGHG D SODWIRUP IRU \RXQJ %ULWLVK DSSHDO IRU DXGLHQFHV
GHFLGHG WKDW VKH ZDQWHG WR FRQGXFW FRPSRVHUV IRU ZKRP VXFK <RX FDQ¶W KHOS EXW ZRQGHU ZKDW VKH
6KH PHW WKH FRPSRVHU 5DOSK SHUIRUPDQFH RSSRUWXQLWLHV ZHUH IHZ ZRXOG KDYH PDGH RI WKH FRQWLQXLQJ
9DXJKDQ :LOOLDPV ZKR UHFRPPHQGHG DQG IDU EHWZHHQ $IWHU D WLPH ,ULV VFDUFLW\ RI IHPDOH FRQGXFWRUV ,W
WKDW VKH IROORZ KHU DPELWLRQ DQG HQURO DUUDQJHG D VHULHV RI KHU RZQ 8QGHU PDNHV KHU DFKLHYHPHQWV VHHP DOO WKH
DW WKH 5R\DO &ROOHJH RI 0XVLF 5&0 KHU EDWRQ WKH ¿UVW SXEOLF SHUIRUPDQFHV JUHDWHU ,ULV ZDV WUXO\ D WUDLOEOD]HU WKH
+DYLQJ EHHQ DFFHSWHG DV D VWXGHQW ZHUH JLYHQ RI VXFK ZRUNV DV %HQMDPLQ ¿UVW SURIHVVLRQDO %ULWLVK IHPDOH
,ULV LQLWLDOO\ VWXGLHG WKH RUJDQ XQGHU %ULWWHQ¶V $ %R\ ZDV %RUQ $ODQ FRQGXFWRU WKH ¿UVW ODG\ RI WKH EDWRQ
" !$!
6281'
#
#
% $ $
"! ! "!
,
7¶6 KRVWHG HYHU\RQH IURP 3ULQFH $OEHUW EHORYHG KXVEDQG RI %XW WKH +DOO QHHGHG D FKDPSLRQ
5LFKDUG :DJQHU WR 6KLUOH\ 4XHHQ 9LFWRULD 7KH 3ULQFH ZDV DQ DQG LW IRXQG RQH LQ 6LU +HQU\ &ROH
%DVVH\ ZHOFRPHG WKH EUDLQV RI DUGHQW VXSSRUWHU RI SXEOLF FDXVHV DQG WKH VHFUHWDU\ RI WKH 6FLHQFH DQG $UW
$OEHUW (LQVWHLQ DQG WKH EUDZQ RQH RI WKH GULYLQJ IRUFHV EHKLQG WKH 'HSDUWPHQW ZKR KDG ZRUNHG ZLWK WKH
RI 0XKDPPDG $OL DQG KDV EHHQ *UHDW ([KLELWLRQ RI ,WV ZLOG 3ULQFH RQ WKH *UHDW ([KLELWLRQ 6R
WKH KRPH RI WKH EHORYHG 3URPV VLQFH VXFFHVV OHG KLP WR SXVK IRU D FUXFLDO ZDV WKH FLYLO VHUYDQW WR WKH
WKH HDUO\ V 6XIIUDJHWWH (PPHOLQH SHUPDQHQW VOLFH RI /RQGRQ WR SURPRWH +DOO WKDW 9DQLW\ )DLU PDJD]LQH
3DQNKXUVW VDLG WKDW PHHWLQJV WKHUH KDG WKH DUWV DQG VFLHQFHV QRZ TXLSSHG WKDW LW VKRXOG KDYH EHHQ
³EHHQ WKH ODQGPDUNV WKDW KDYH VKRZQ DIIHFWLRQDWHO\ NQRZQ DV $OEHUWRSROLV FDOOHG ³7KH &HQWUDO &ROH +ROH´
WKH SXEOLF WKH VWUHQJWK RI RXU LQ /RQGRQ¶V 6RXWK .HQVLQJWRQ ZKLFK 7ZR GHVLJQHUV IURP &ROH¶V
PRYHPHQW´ DQG LW ZDV IRUWXQDWH HQFRPSDVVHV WKH 9LFWRULD $OEHUW GHSDUWPHQW )UDQFLV )RZNH DQG +HQU\
HQRXJK WR IHDWXUH D UDUH GRXEOH ELOO RI 6FLHQFH DQG 1DWXUDO +LVWRU\ 0XVHXPV 6FRWW GUHZ XS SODQV 7DNLQJ
7KH %HDWOHV DQG 7KH 5ROOLQJ 6WRQHV +H DOVR PXOOHG RYHU WKH SRVVLELOLW\ LQVSLUDWLRQ IURP 5RPDQ
1RW EDG IRU D VHOIILQDQFHG YHQXH RI DGGLQJ D ODUJH KDOO WR KLV QDPHVDNH DPSKLWKHDWUHV WKH PHQ SOXPSHG IRU
ZLWK D IDPRXVO\ GXELRXV HFKR %XW WKH DUHD 3ODQV IRU VXFK D EXLOGLQJ URVH DQ ,WDOLDQDWH GHVLJQ VHDWLQJ XS WR
5R\DO $OEHUW +DOO KDV ORQJ EHHQ RQH DQG IHOO EXW 3ULQFH $OEHUW¶V GHDWK LQ SHRSOH PRGHUQ VDIHW\
RI (QJODQG¶V IDYRXULWH PXVLF KDOOV DQG ZDV WKH FDWDO\VW 7KH +DOO ZDV UHVWULFWLRQV KDYH FXW WKLV WR
WKLV \HDU PDUNV LWV WK DQQLYHUVDU\ KDSSHQLQJ DQG LW ZDV JRLQJ WR EH D $V 4XHHQ 9LFWRULD ODLG WKH
7KH YHQXH RULJLQDWHG LQ WKH PLQG RI PHPRULDO WR WKH 3ULQFH KLPVHOI IRXQGDWLRQ VWRQH LQ 0D\ ZLWK D !
! %
! JROGHQ VKRYHO RI FRXUVH VKH GHFLGHG NHSW KLV FRRO +LV
WR FKDQJH WKH +DOO¶V QDPH WHOOLQJ WKH FRQ¿GHQFH SDLG RII DQG
FURZG ³WKLV KDOO VKRXOG EHDU KLV QDPH ZKHQ WKH VXSSRUWLQJ SURSV
WR ZKRP LW ZLOO KDYH RZHG LWV ZHUH NQRFNHG DZD\ WKH
H[LVWHQFH DQG EH FDOOHG 7KH 5R\DO GRPH GURSSHG MXVW KDOI DQ
$OEHUW +DOO RI $UWV DQG 6FLHQFHV´ 7KH LQFK :KHQ 4XHHQ 9LFWRULD
VWRQH VKH ODLG ZDV UHG $EHUGHHQ ¿QDOO\ RSHQHG WKH +DOO RQ
JUDQLWH DQG YLVLWRUV OXFN\ HQRXJK WR 0DUFK VKH ZDV
EH LQ VWDOO . URZ VHDW FDQ ORRN UHSRUWHG WR VD\ ³, FDQQRW EXW H[SUHVV
EHQHDWK WKHLU VHDW DQG VHH LW P\ JUHDW DGPLUDWLRQ IRU WKLV EHDXWLIXO
7HUUDFRWWD ZDV XVHG H[WHQVLYHO\ EXLOGLQJ DQG P\ HDUQHVW ZLVKHV IRU LWV
EULQJLQJ WR PLQG WKH HOHJDQFH RI FRPSOHWH VXFFHVV´
5HQDLVVDQFH ,WDO\ ZKLOH EHLQJ HDVLHU 7KH 'DLO\ 1HZV DQG /RQGRQ WKH HFKR EDFN ZLWK D YHQJHDQFH VR
WR FOHDQ DQG PRUH GXUDEOH WKDQ VWRQH (YHQLQJ 6WDQGDUG FRPPHQGHG WKH JUHDW HYHQ &ROH KDG WR DGPLW GHIHDW
7KH PDWHULDO ZDV XVHG DJDLQ ZKHQ LW KDQGVRPH DQG LPSRVLQJ H[WHULRU 7KH $QG VR EHJDQ D VHULHV RI
FDPH WR WKH VWXQQLQJ PRVDLF IULH]H %XLOGLQJ 1HZV PDJD]LQH HQMR\HG WKH LQWHUYHQWLRQV WKH ILUVW FRPLQJ LQ WKH
IHHW ORQJ DQG VSDQQLQJ WKH HQWLUH ³ULFK DQG SOHDVLQJ´ SRUFKHV DQG HDUO\ V ZKHQ D ODUJH VDLO FORWK
FLUFXPIHUHQFH RI WKH EXLOGLQJ 7KH EHDXWLIXO WHUUDFRWWD PRGHOOLQJ DQG FDOOHG D FDOLFR YHODULXP ZDV KXQJ
IULH]H ZDV FUHDWHG E\ VHYHQ RI WKH DXWKRU /DG\ (DVWODNH QRWHG WKDW ³VHHQ RYHU WKH FHLOLQJ 7KLV DEVRUEHG VRPH
HUD¶V OHDGLQJ DUWLVWV :KHQ PRQH\ DQG QHDU LW LV ERWK VXPSWXRXV DQG RI WKH VRXQG EXW ZDV UHSODFHG LQ WKH
WLPH VWDUWHG WR UXQ ORZ WKH RULJLQDO HOHJDQW´ 7KH SXEOLF ZHUH HDJHU WR VHH V ZLWK DQ DOXPLQLXP YHUVLRQ
SODQ RI VWRQH VFXOSWXUHV ZDV UHSODFHG LW IRU WKHPVHOYHV DQG DURXQG 6WLOO WKH HFKR UHPDLQHG
E\ IRRWKLJK VODEV RI PRVDLF RI WKHP YLVLWHG LQ :LWKLQ WZR )LQDOO\ LQ FDPH WKH
,I PRQH\ KDG EHHQ VDYHG RQ WKH GHFDGHV IXOO HOHFWULF OLJKWLQJ ZDV ³PXVKURRPV´ RU ILEUHJODVV DFRXVWLF
IULH]H LW ZDV KDSSLO\ SRXUHG LQWR WKH LQVWDOOHG SURPSWLQJ RQH YLVLWRU WR GLIIXVHUV ,Q WRWDO ZHUH KXQJ IURP
+HQU\ :LOOLV 2UJDQ DQG JUHDW JODVV FRPSODLQ LQ 7KH 7LPHV LW ZDV ³D YHU\ WKH FHLOLQJ WR UHÀHFW VRXQG EDFN GRZQ
DQG ZURXJKWLURQ URRI ERWK RI ZKLFK JKDVWO\ DQG XQSOHDVDQW LQQRYDWLRQ´ HQGLQJ PRVW RI WKH HFKR SUREOHPV DQG
ZHUH WKH ODUJHVW RI WKHLU NLQG XSRQ 2I FRXUVH QR SLHFH RQ WKH +DOO EHFRPLQJ RQH RI WKH EXLOGLQJ¶V PRVW
FRPSOHWLRQ 1HDUO\ KDOI DQ DFUH RI ZRXOG EH FRPSOHWH ZLWKRXW GLVFXVVLQJ UHFRJQLVDEOH IHDWXUHV
JODVV ZDV XVHG IRU WKH IRRWKLJK WKH LQIDPRXV HFKR :KLOH WKH GRPHG 5HFHQWO\ WKH +DOO XQGHUWRRN WKH
GRPH DQG WR HQVXUH WKH IUDPH ZRXOG URRI ZDV LQVWDQWO\ LFRQLF OHVV WKRXJKW ODUJHVW UHQRYDWLRQ LQ LWV KLVWRU\
VXSSRUW WRQQHV RI JOD]LQJ LW ZDV KDG EHHQ SXW LQWR KRZ LW ZRXOG VSHQGLQJ
PLOOLRQ WR EULQJ LQ D QHZ
¿UVW EXLOW DW WKH PDQXIDFWXUHU¶V EDVH GLVSHUVH VRXQG OHDGLQJ SHRSOH WR MRNH VRXQG V\VWHP DQG RYHU VSHDNHUV
QHDU 0DQFKHVWHU EHIRUH HDFK SLHFH WKDW LW ZDV WKH RQO\ SODFH LQ %ULWDLQ 6WHSKHQ 6WULQJHU D 3DUWQHU DW
ZDV WUDQVSRUWHG WR /RQGRQ E\ KRUVH \RX FRXOG KHDU DQ\ SLHFH WZLFH DUFKLWHFWXUDO DFRXVWLFV ¿UP 6DQG\
DQG FDUW &ROH ZDV DZDUH RI WKH SUREOHP %URZQ VDLG WKH UHIXUELVKPHQWV PDNH
2Q 0D\ FDPH WKH ILUVW WHVW GXULQJ FRQVWUXFWLRQ DQG OLQHG PXFK RI \RX ³PXFK PRUH SDUW RI WKH FRQFHUW´
RI ZKHWKHU LW ZRXOG DFWXDOO\ VXSSRUW WKH LQVLGH VSDFH ZLWK ZRRGHQ EDWWHQV 'HVSLWH WKH YDULHW\ RI VRXQG LVVXHV
LWVHOI 7HQVLRQ ZDV KLJK DPRQJVW DOO DQ LQFK IURP WKH ZDOO %XW WKH UHPRYDO WKH 5R\DO $OEHUW +DOO KDV IDFHG RYHU
WKH ZRUNHUV DQG HQJLQHHUV EXW 6FRWW RI VFDIIROGLQJ LQ HDUO\ EURXJKW WKH \HDUV LW KDV QHYHU VWUXJJOHG WR
7KHQ FDPH WKH DGYHQW RI PRGHUQ WKH JRYHUQPHQW DQQRXQFHG D
SUREOHPV WR QHZ PXVLFDO JHQUHV LW¶V
URFN DQG SRS PXVLF (ULF &ODSWRQ ELOOLRQ UHVFXH SDFNDJH IRU WKH DUWV DQG SURYHQ WLPH DQG WLPH DJDLQ WKDW LW
UDFNHG XS RYHU DSSHDUDQFHV IURP KHULWDJH LQGXVWU\ ODVW VXPPHU WKH ZRQ¶W EH KHOG EDFN
RQZDUGV VD\LQJ WKDW LW QRZ IHOW +DOO LV XQDEOH WR DSSO\ IRU DQ\ RI LW (QFRUH +HUH¶V WR \HDUV DQG
OLNH ³SOD\LQJ LQ P\ IURQW URRP´ %RE 7KH VLWXDWLRQ LV ³WKH PRVW SHULORXV PRUH
'\ODQ OLNHO\ GLGQ¶W IHHO WKH VDPH ZD\ WKH +DOO KDV HYHU IDFHG´ VD\V &(2 ,I \RX¶YH YLVLWHG WKH +DOO RU VLPSO\
DIWHU EHLQJ KHFNOHG IRU VZLWFKLQJ IURP &UDLJ +DVVDOO +H DGGHG ³ZH DUH ZLVK IRU LWV FRQWLQXHG H[LVWHQFH YLVLW
DQ DFRXVWLF WR DQ HOHFWULF JXLWDU $ IRUWXQDWH WR KDYH PHPEHUV DQG SULYDWH UR\DODOEHUWKDOOFRPDERXWWKHKDOO
URFN DQG SRS FRQFHUW EDQ ZDV EURXJKW GRQRUV ZKR KDYH JLYHQ JHQHURXVO\ QHZVMXO\KRZ\RXFDQVXSSRUW
LQ IURP EXW ZDV VRRQ UHVFLQGHG EXW WKH 5R\DO $OEHUW +DOO QRZ IDFHV D WKHUR\DODOEHUWKDOOWKURXJKWKH
DOORZLQJ WKH OLNHV RI WKH %HH *HHV EOHDN IXWXUH XQOHVV LW FDQ VHFXUH QRW FRYLGSDQGHPLF
1
$1&< 0,7)25' WKH VWRU\ RI WKH 0LWIRUG XSEULQJLQJ D JRUJHRXV 'HERUDK ZKR LQ
ZKRVH QRYHO 7KH SRVKIHUDO PL[ RI H[WUHPH ZRXOG EHFRPH WKH WK 'XFKHVV RI
3XUVXLW RI /RYH ZLOO EH FRQYHQWLRQDOLW\ ± FKDSHURQHV KXQWV 'HYRQVKLUH ZHUH VDGGHQHG EXW
WHOHYLVHG WKLV \HDU LQ D GHEXWDQWH GDQFHV ± DQG ZLOGQHVV LQ SHUVRQDOO\ XQVFDWKHG 6R WRR RI
QHZ %%& DGDSWDWLRQ ZKLFK WKH ¿HUFHO\ EULJKW EXW EDUHO\ FRXUVH ZDV 1DQF\ ZKRVH MRE LW KDG
ZDV ERUQ LQ 6KH ZDV WKH ROGHVW HGXFDWHG FKLOGUHQ IRUJH D ZRUOG XQWR EHFRPH WR UHLPDJLQH D IDPLO\ ± DQG D
RI VL[ VLVWHUV ± WKH ³0LWIRUG *LUOV´ ± WKHPVHOYHV ZLWK D SULYDWH ODQJXDJH ZRUOG ± WKDW QR ORQJHU H[LVWHG
ZKR KDYH DFKLHYHG QHDUP\WKLFDO DQG D ULSSOLQJ IHUYLG ERUHGRP WKDW 6RPH RI WKLV FRQIOLFW LV DSSDUHQW LQ
VWDWXV DQG ZKR UDWKHU OLNH +HQU\ FRPSHOV WKHLU LPDJLQDWLRQV 7KH 3XUVXLW RI /RYH ZKLFK LV LQIXVHG
9,,,¶V ZLYHV FDQ EH GHVFULEHG LQ D &HUWDLQO\ LW FRPSHOOHG 1DQF\¶V ZLWK PHODQFKRO\ HYHQ WKRXJK LWV
OLWDQ\ 1DQF\ ZULWHU 3DPHOD FKLFNHQ 7KLV H[TXLVLWH UHFUHDWLRQ RI KHU HDUO\ FKDUDFWHUV ± LQ SDUWLFXODU LWV
EUHHGHU 'LDQD IDVFLVW 8QLW\ 1D]L \HDUV DQ RXWSRXULQJ RI MHZHOOLNH SURWDJRQLVW /LQGD ± KDYH D JORULRXV
-HVVLFD FRPPXQLVW 'HERUDK PHPRULHV LV DOO WKH PRUH SRLJQDQW IRU ZLOO WR KDSSLQHVV $W WKH KHDUW RI WKH
GXFKHVV WKH IDFW WKDW PXFK RI ZKDW VKH QRYHO LV D SRHWLF WHQVLRQ EHWZHHQ WKH
7KHLU IDVFLQDWLRQ HQGXUHV PRUH GHVFULEHG KDG E\ EHFRPH GDPDJH ZURXJKW E\ FKDQJH DQG WKH
WKDQ D FHQWXU\ DIWHU WKH ELUWK RI WKH QHDUREVROHWH LPDJH RI WKH IDPLO\ DV VRPHWKLQJ
ODVW VLVWHU LQ ³, NQHZ LW ZDV D 7KH ODQGRZQLQJ FODVV WR ZKLFK VKH LQGHVWUXFWLEOH DQG IDEOHOLNH OLYLQJ
JLUO E\ WKH ORRN RQ KLV ORUGVKLS¶V EHORQJHG ZDV XQGHU WKUHDW IURP WKH HWHUQDOO\ LQ LWV LPPXWDEOH FRXQWU\
IDFH´ VDLG RQH RI WKH IDPLO\ VHUYDQWV SRVWZDU /DERXU JRYHUQPHQW IRU KRXVH KHDGHG E\ WKH KDSSLO\ PDUULHG
ZKHQ /RUG 5HGHVGDOH UHDOLVHG WKDW KH ZKLFK VKH KHUVHOI KDG YRWHG DQG EHQLJQO\ HFFHQWULF ³8QFOH
KDG DFTXLUHG \HW DQRWKHU GDXJKWHU 0RUHRYHU WKH 0LWIRUG IDPLO\ ± 0DWWKHZ´ DQG ³$XQW 6DGLH´
7KH VL[ JLUOV SOXV WKHLU RQH EURWKHU LPPRUWDOLVHG LQ WKH QRYHO DV WKH 7KLV ZDV D VRIWHU WUXWK WKDQ WKH RQH
7RP JUHZ XS LQ D VXFFHVVLRQ RI ZD\ZDUG OLIHDI¿UPLQJ 5DGOHWWV ± SUHVHQWHG E\ WKH UHDOOLIH 0LWIRUGV
&RWVZROGV FRXQWU\ KRXVHV %DWVIRUG ZDV E\ WKHQ D IUDJPHQWHG HQWLW\ 7RP ZKRP 1DQF\ SXUJHG RI GDUNQHVV
3DUN $VWKDOO 0DQRU DQG 6ZLQEURRN ZDV GHDG NLOOHG DW WKH YHU\ HQG RI VKRZLQJ RQO\ WKHLU MR\ DQG MRNHV
+RXVH 7KHUH ZDV DOVR D /RQGRQ :RUOG :DU ,, 'LDQD KDG VSHQW PXFK $OWKRXJK WKH 5DGOHWWV UHEHO DJDLQVW
KRPH QHDU +DUURGV $ SULYLOHJHG RI WKH ZDU LQ +ROORZD\ MDLOHG OLNH KHU WKHLU XSEULQJLQJ WKH\ DUH XQWDLQWHG E\
XSEULQJLQJ WKHUHIRUH DOWKRXJK WKHUH KXVEDQG 6LU 2VZDOG 0RVOH\ RQ SROLWLFDO H[WUHPLVP 7KH\ UHWDLQ D ORYH
ZDV VXUSULVLQJO\ OLWWOH PRQH\ DFFRXQW RI KHU IDVFLVW V\PSDWKLHV IRU WKHLU FKLOGKRRG OLIH DQG WKHLU
'DYLG 5HGHVGDOH KDG QR ILQDQFLDO 8QLW\ D FORVH IULHQG RI +LWOHU LQ V SDUHQWV ZKLFK LQ UHDOLW\ ZDV QRW TXLWH
VHQVH ZKDWVRHYHU DQG ZDV IRUHYHU 0XQLFK VKRW KHUVHOI RQ WKH GD\ WKDW WKH FDVH -HVVLFD IRU LQVWDQFH QHYHU
VHOOLQJ RII WKH ODQG WKDW KH KDG %ULWDLQ GHFODUHG ZDU RQ *HUPDQ\ DQG VSRNH WR KHU IDWKHU DIWHU
LQKHULWHG ZLWK KLV WLWOH LQ 1DQF\ VWDJJHUHG RQ XQWLO KHU GHDWK LQ ³7KLV IDPLO\ DJDLQ´ /DG\
EHFDPH D ZULWHU LQ RUGHU WR HDUQ D ZLWK D EXOOHW LQVLGH KHU ZUHFNHG EUDLQ 5HGHVGDOH ODPHQWHG ZKHQ WKH ERRN
OLYLQJ DOWKRXJK VKH GLG QRW UHDOO\ -HVVLFD KDG UXQ DZD\ WR 6SDLQ LQ ZDV SXEOLVKHG IHDULQJ WKH DSSURDFK
PDQDJH WKLV XQWLO 7KH 3XUVXLW RI /RYH MRLQHG WKH &RPPXQLVW SDUW\ DQG RI \HW PRUH SXEOLFLW\ EXW LQ IDFW WKH
KHU ¿IWK QRYHO ZDV SXEOLVKHG LQ LQ ZDV OLYLQJ LQ WKH 86 ZLWK KHU P\WKLFDO 0LWIRUGV RI 7KH 3XUVXLW RI
,W ZDV LQVWDQWO\ VXFFHVVIXO ± ³, VDW VHFRQG KXVEDQG EDUHO\ ³RQ VSHDNHUV´ /RYH ZHUH D PDJQLILFHQW JLIW 7KH
XQGHU D VKRZHU RI JROG´ VKH ZRXOG ZLWK D IDPLO\ WKDW VKH FRQGHPQHG DV QRYHO FUHDWHG DQ DUWLVWLF FRQVWUXFW
ODWHU VD\ ± DQG LW DOORZHG KHU WR IXO¿O YLOHO\ ULJKWZLQJ 7KH 5HGHVGDOHV KDG ± FRQMXULQJ D WLPH DQG FODVV DQG
KHU GUHDP RI OLYLQJ LQ 3DULV ZKHUH VHSDUDWHG WKHLU PDUULDJH XQDEOH WR SRZHUIXO FKDUP ± ZKLFK UHDGHUV
VKH UHPDLQHG XQWLO KHU GHDWK LQ VXVWDLQ WKH FRQVWDQW DVVDXOWV DGRUHG IURP WKH YHU\ ¿UVW ,W
6KH ORYHG )UDQFH ZLWK D SDVVLRQ \HW SHUSHWUDWHG E\ WKHLU FKLOGUHQ 2QO\ WKH DLUEUXVKHG SUREOHPDWLFDO DOOHJLDQFHV
KHU ERRN LV D K\PQ WR (QJODQG ,W WHOOV FRXQWU\ZRPDQ 3DPHOD DQG WKH DQG LQVWHDG PDGH WKH IDPLO\
&! %(%
!# '
(& &# #& ' #& ) # (& " ## ' & &&
7+( 3/$<¶6 7+( 7+,1*
# # # $& ( " (! !% &++ !)(!!% !"%
((% (& &)% &*& %( ! !) (!%
,
1 WKH VXPPHU PRQWKV LW FDQ WR WKHVH VHDVRQDO VSDFHV LQ VKRZV RI DUH NQRZQ LQ WKH LQGXVWU\ DV ³VLWH
VRPHWLPHV VHHP WKDW WR DOO VRUWV IURP 6KDNHVSHDUH WR PXVLFDO VSHFL¿F´ GHSOR\LQJ WKHLU SDUWLFXODU
PLVTXRWH 6KDNHVSHDUH VOLJKWO\ DQG DQFLHQW WUDJHG\ WR PRGHUQ FRPHG\ VHWWLQJ FXVWRPDULO\ DQ XQXVXDO SODFH
DOO WKH FRXQWU\ LV D VWDJH ,Q )RU WKLV GLYHUVH SURJUDPPH RI RU VSDFH DV DQ LQWHJUDO UHIHUHQFH SRLQW
SDUNV DQG JDUGHQV VWDWHO\ ZRUNV DXGLHQFHV DUH QRW FRQILQHG WR IRU WKH DFWLRQ
KRPHV DQG KLVWRULF KRXVHV XS DQG WKHDWUHV DV ZH FRQYHQWLRQDOO\ :KDWHYHU \RXU WDVWH WKHUH LV ERXQG
GRZQ WKH ODQG SLHFHV RI WKHDWUH VSULQJ HQYLVDJH WKHP 6RPH SURGXFWLRQV DUH WR EH VRPHWKLQJ WR VXUSULVH DQG
XS ZLOOLQJ WKH ZHDWKHU JRGV WR ORRN ³SURPHQDGH´ LQYLWLQJ VSHFWDWRUV WR GHOLJKW \RX WKLV \HDU RI DOO \HDUV VR
NLQGO\ RQ WKHP IRU WKH OHQJWK RI WKHLU IROORZ WKH DFWRUV DURXQG D YDULHW\ RI KHUH¶V P\ SLFN RI WKH PRVW WHPSWLQJ
UXQ $FWRUV IURP HDJHU DPDWHXUV WR ORFDWLRQV RIWHQ LQ D SDUN DV WKH VWRU\ YHQXHV IRU D SRVWORFNGRZQ
WKH PRVW DFFODLPHG SURIHVVLRQDOV WDNH XQIROGV 2WKHU SURGXFWLRQV DUH ZKDW H[WUDYDJDQ]D RI WKHDWUH
$
,W GRHV QRW JHW PXFK PRUH DXWKHQWLF WKDQ WKLV ZRUOG VWDUULQJ UROHV LQ WKLV XQLTXH SOD\LQJ VSDFH JDUQHUHG
UHQRZQHG UHFUHDWLRQ RI 6KDNHVSHDUH¶V RULJLQDO ³ZRRGHQ R´ ERXQWHRXV SUDLVH DQG DZDUGV ³JURXQGOLQJV´ SD\ MXVW
SOD\KRXVH SHUFKHG DWPRVSKHULFDOO\ RQ WKH VRXWK EDQN RI
WR VWDQG LQ WKH XQFRYHUHG \DUG DUHD VHDWV LQ WKH WKUHH
WKH 5LYHU 7KDPHV ,W ZDV WKH GULYH RI $PHULFDQ 6DP WLHUV RIIHU VKHOWHU IURP WKH HOHPHQWV 7KH VL[PRQWK VHDVRQ
:DQDPDNHU WKDW VDZ WKH *OREH SURMHFW WR FRPSOHWLRQ ZLWK HQFRPSDVVHV PXOWLSOH 6KDNHVSHDUH SOD\V DV ZHOO DV QHZ
WKH VHDW YHQXH ± WKH WKHDWUH IRU ZKLFK 6KDNHVSHDUH ZULWLQJ DQG D KRVW RI RWKHU HYHQWV PDQ\ RI WKHP PXVLF
ZURWH KLV SOD\V KRXVHG VSHFWDWRUV LQ D SUHKHDOWK DQG EDVHG
VDIHW\ HUD ± RSHQLQJ LQ 7KH IRXQGLQJ DUWLVWLF GLUHFWRU 1HZ *OREH :DON %DQNVLGH /RQGRQ 6( '7
ZDV WKH 2VFDUZLQQLQJ DFWRU 0DUN 5\ODQFH ZKRVH PDQ\ VKDNHVSHDUHVJOREHFRP
6WXQQLQJ &RWVZROG FRXQWU\VLGH YLHZV DUH DQ H[WUD VWULQJ LQ
WKH /RQJERURXJK )HVWLYDO¶V ERZ ZKLOH \RX WXFN LQWR KDP
KRFN WHUULQH KRW VPRNHG VDOPRQ DQG SHD DQG PLQW WDUWOHWV
IURP RQH RI WKHLU SLFQLF KDPSHUV EHWZHHQ VKRZV 7KUHH
SURGXFWLRQV WKLV \HDU ± 0R]DUW¶V &RVu IDQ WXWWH
0RQWHYHUGL¶V 7KH 5HWXUQ RI 8O\VVHV DQG -DQDFHN¶V 7KH
&XQQLQJ /LWWOH 9L[HQ ± ZLOO WDNH SODFH LQ D QHZ YHQXH WKH
%LJ 7RS RIIHULQJ QHZ WKHDWULFDO SRVVLELOLWLHV DQG DOORZLQJ
IRU D ODUJHU VRFLDOO\ GLVWDQFHG DXGLHQFH WKDQ WKH H[LVWLQJ
WKHDWUH FDQ RIIHU 7DNH VHQVLEOH IRRWZHDU DQG DQ H[WUD OD\HU
1HZ %DQNV )HH 0RUHWRQLQ0DUVK *ORXFHVWHUVKLUH
*/ 4) OIRRUJXN
/
"*
, /
/,
] " " 9 ,
]
"1 /9
,Q WKH ,QQHU &LUFOH RI /RQGRQ¶V ORYHO\ 5HJHQW¶V 3DUN VLWV 7KH 2SHQ $LU 7KHDWUH 1,
ZKLFK KDV EHHQ ZHOFRPLQJ VSHFWDWRUV VLQFH DQG EHFRPH XQGHU DUWLVWLF 'HHS LQ WKH 9DOH RI 'XUKDP D
GLUHFWRU 7LPRWK\ 6KHDGHU RQH RI WKH FDSLWDO¶V PRVW HVWLPDEOH SURGXFLQJ PXOWLDZDUGZLQQLQJ VKRZ RQ D JUDQG
WKHDWUHV ERDVWLQJ D FOXWFK RI 2OLYLHU $ZDUGV 7RR PDQ\ IDPRXV DFWLQJ QDPHV WR VFDOH SURPLVHV WR WDNH VSHFWDWRUV
PHQWLRQ KDYH ZRUNHG KHUH RYHU WKH GHFDGHV OXFN\ VSHFWDWRUV LQ WKH DQG WKURXJK \HDUV RI %ULWLVK KLVWRU\
VHDVRQV IRU H[DPSOH ZLOO KDYH VHHQ %HQHGLFW &XPEHUEDWFK LQ WKUHH IURP WKH 5RPDQV WR WKH 9LFWRULDQV
VKRZV LQFOXGLQJ WKH 2$7¶V VWDSOH 6KDNHVSHDUH $ 0LGVXPPHU 1LJKW¶V 'UHDP 7KH VFHQHV RI WKH IDPLO\IULHQGO\
6KHDGHU LV FOHDU DERXW ZKDW PDNHV WKH DQQXDO ZHHN VHDVRQ VR VSHFLDO ³$ .\QUHQ D SURGXFWLRQ ZKLFK IHDWXUHV
WKHDWUH ZLWKRXW ZDOOV RU URRIV ZKHUH WKH UXOHV DUH D OLWWOH OHVV VWULQJHQW LV UHDOO\ ZDWHU MHWV VWXQWV S\URWHFKQLFV DQG
LPSRUWDQW´ KH VD\V ³3HRSOH EX\ LQWR WKH VSRQWDQHLW\´ 5HVWULFWLRQV SHUPLWWLQJ MRXVWLQJ NQLJKWV WDNH LQ %RXGLFFD
WKLV VXPPHU ZLOO SOD\ KRVW WR WKUHH VKRZV FRPPHQFLQJ ZLWK 5RPHR DQG -XOLHW .LQJ $UWKXU DQG ([FDOLEXU DQG
,QQHU &LUFOH 5HJHQW¶V 3DUN /RQGRQ 1: 18 VROGLHUV KHDGLQJ WR WKH EDWWOH¿HOGV RI
RSHQDLUWKHDWUHFRP ERWK :RUOG :DUV WR VD\ QRWKLQJ RI
4XHHQ (OL]DEHWK , FKDWWLQJ WR
6KDNHVSHDUH RQ ERDUG KHU UR\DO EDUJH
,W LV OLWWOH ZRQGHU WKDW WKH ZRUN LV
ELOOHG DV DQ ³HSLF WDOH RI (QJODQG´ $V
LI WKLV ZHUHQ¶W HQRXJK WKH
VXUURXQGLQJ $UFKHV 3DUN RIIHUV D
KRVW RI LPPHUVLYH DWWUDFWLRQV WR ZKLOH
DZD\ WKH SUHVKRZ KRXUV LQFOXGLQJ
WKH 0D]H RI )DPH WKH 9LNLQJ 9LOODJH
DQG D *HRUJLDQ 6KRS
)ODWWV )DUP %LVKRS $XFNODQG
&RXQW\ 'XUKDP '/ 6)
N\QUHQFRP !
1
-]
-/
,
/
/,
]
", 7
7KH ILUVW -XO\$XJXVW ³ZDONDERXW´ HYHQW LQ QHDUE\ DFUH 7KH 0LQDFN ZKRVH QDPH PHDQV ³URFN\ SODFH´ LQ
:LOOLDPVRQ 3DUN ZDV $ 0LGVXPPHU 1LJKW¶V 'UHDP LQ &RUQLVK LV DQ DWPRVSKHULF VHDW *UHHNVW\OH
DQG VWDUUHG $QG\ 6HUNLV ZKR ZRXOG JR RQ WR PDNH KLV DPSKLWKHDWUH ,W ZDV WKH EUDLQFKLOG RI GHWHUPLQHG IRXQGHU
QDPH LQ WKH /RUG RI WKH 5LQJV ILOPV 6LQFH WKHQ PRUH WKDQ 5RZHQD &DGH ZKR LQ EXLOW PXFK RI WKH YHQXH ZLWK
KDOI D PLOOLRQ SHRSOH KDYH DWWHQGHG D 3OD\ LQ WKH 3DUN KHU RZQ KDQGV ,W ZHOFRPHV PRUH WKDQ YLVLWRUV D
IROORZLQJ WKH DFWRUV DOO DURXQG WKLV WUDQTXLO QDWXUDO VHWWLQJ \HDU DQG LWV VHDVRQ UXQV IURP (DVWHU WR WKH HQG RI
&KLHI ([HFXWLYH .DUHQ 2¶1HLOO VD\V WKDW WKHVH KLJKO\ 6HSWHPEHU ,Q QRUPDO WLPHV WKH WKHDWUH KDV PRUH WKDQ
DQWLFLSDWHG DQQXDO HYHQWV DUH ³D PRPHQW IRU WKH OLYH SHUIRUPDQFHV HDFK \HDU ([HFXWLYH 'LUHFWRU =RH
FRPPXQLW\ WR FRPH WRJHWKHU DQG HQMR\ WKHDWUH LQ D &XUQRZ VD\V ³7KHUH LV D ZRQGHUIXO HOHPHQW RI DXGLHQFH
GLIIHUHQW VSDFH´ 6KH KDV IRQG PHPRULHV RI WKH GHYHORSPHQW LQ RXU ZRUN DV SHRSOH WDNH D FKDQFH RQ WKH
SURGXFWLRQ RI 7UHDVXUH ,VODQG ³:H SXW D IDOVH ÀRRU LQ WKH VKRZ WKDW LV RQ WKDW ZHHN $IWHU DOO LI LW¶V QRW \RXU FXS RI
ODNH VR LW ORRNHG DV LI WKH DFWRUV ZHUH ZDONLQJ RQ ZDWHU´ WHD WKHUH DUH SOHQW\ RI RWKHU WKLQJV WR ORRN DW´
0RRU /DQH /DQFDVWHU /$ 4( 3RUWKFXUQR 3HQ]DQFH &RUQZDOO 75 -8
GXNHVODQFDVWHURUJ PLQDFNFRP
FRQILGHQW \RX ZLOO EH WHPSWHG EDFN \HDU DIWHU \HDU
:DOHV IRU /LDP WR UXQ 7KHDWU &OZ\G VR LW LV *,// +$55,6
2QH RI WKH PDQ\ WKLQJV WR
DGPLUH DERXW WKLV LQQRYDWLYH
SHUIRUPLQJ DUWV IHVWLYDO LV WKH
IDFW WKDW SHUIRUPDQFHV ZKLFK
UDQJH DFURVV *UHHQZLFK DQG
7RZHU +DPOHWV HDFK VXPPHU
DUH IUHH 8QGHU IRXQGHU DQG
DUWLVWLF GLUHFWRU %UDGOH\
+HPPLQJV WKH FRDUWLVWLF
GLUHFWRU RI WKH /RQGRQ
3DUDO\PSLF 2SHQLQJ
&HUHPRQ\ *',) SURGXFHV
ODUJHVFDOH VLWHVSHFL¿F
RXWGRRU WKHDWUH HYHQWV ZKLFK
DUH RIWHQ SURPHQDGH DV ZHOO
LQ DQ LQQRYDWLYH UDQJH RI
XUEDQ VSDFHV KLJKOLJKWLQJ WKH 7KH QHZHVW NLG RQ WKH RXWGRRUV EORFN LV WKLV VHDW
LQWHUSOD\ RI SHRSOH DQG WKH DPSKLWKHDWUH MXVW RXWVLGH 6RXWKZROG ZKLFK VLWV LQ D :RUOG
EXLOW HQYLURQPHQW WKDW :DU ,, ERPE FUDWHU 7KH WKHDWUH QHDULQJ FRPSOHWLRQ QRZ
VXUURXQGV WKHP )RU D EUHDN LQ QDWXUH KHDG WR WKH VKRZV KDV EHHQ EXLOW RQ D ]HUR FDUERQ IRRWSULQW PRGHO JLYHQ WKDW
WKDW DUH VWDJHG LQ *UHHQZLFK 3DUN *',) DOVR LQFRUSRUDWHV DOO WKH UHTXLUHG WLPEHU KDV EHHQ VRXUFHG IURP QHDUE\
'DQFLQJ &LW\ D FHOHEUDWLRQ RI FRQWHPSRUDU\ GDQFH ZKLFK ZRRGODQGV 7KRULQJWRQ¶V DLP LV IRU VKRZV WKDW VSDQ D ZLGH
WDNHV SODFH LQ DQG DURXQG WKH ÀDVK\ &DQDU\ :KDUI UDQJH RI JHQUHV IURP VFKRRO SOD\V WR FLUFXV
&XWW\ 6DUN *DUGHQV *UHHQZLFK 6( /: 7KRULQJWRQ 1U 6RXWKZROG 6XIIRON ,3 5%
IHVWLYDORUJJGLI WKRULQJWRQWKHDWUHFRXN
$// 6$,176¶
%52&.+$03721
% " $ " " "
1
(67/(' LQ WKH QRUWK PRUH WR LWV VWRU\ IURP %RVWRQLDQ WR WKH HDUO\ VHWWOHUV RI $PHULFD ,W ZDV
RI WKH :\H 9DOOH\ LQ KHLUHVVHV WR LPSHFXQLRXV &RUQLVK WR WKRVH VKRUHV ZLWK WKH SURPLVH RI
WKH YLOODJH RI VHDPHQ DQG FUDVV -DSDQHVH LPLWDWLRQV ERXQGOHVV RSSRUWXQLWLHV WKDW D
%URFNKDPSWRQ $OO 6DLQWV¶ VLWV KLJK DERYH WKH &RUQLVK VHDPDQ RQ KLV XSSHUV
+HUHIRUGVKLUH OLHV DQ PHDQGHULQJ 5LYHU :\H 7KH YLVWD DUULYHG 1R VRRQHU KDG KLV IHHW
H[WUDRUGLQDU\ VSLULWXDO EXLOGLQJ $OO IURP LWV VRXWKHUO\ DVSHFW LV VXEOLPH WRXFKHG WKLV QHZ ODQG WKDW WKH ZKHHOV
6DLQWV¶ &KXUFK SD\V KRPDJH WR JUHHQ PHDGRZV DQG RUFKDUGV JHQWO\ ZHUH VHW LQ PRWLRQ IRU ZKDW ZDV WR EH
WUDGLWLRQDO DUFKLWHFWXUH ZKLOVW EROGO\ VZHHSLQJ GRZQ WR WKH YDOOH\ ÀRRU D VSHFWDFXODU H[DPSOH RI WKH
HPEUDFLQJ QHZ LGHDV DQG PDWHULDOV ZLWK D SDWFKZRUN ODQGVFDSH EH\RQG $PHULFDQ 'UHDP FRPH WUXH 6HYHUDO
DQG LV ZLGHO\ UHFRJQLVHG DV RQH RI WKH 6XUHO\ WKHUH FDQ EH QR EHWWHU VLWH IRU JHQHUDWLRQV ODWHU (EHQH]HU (EHQ
PRVW LPSRUWDQW $UWV DQG &UDIWV SUD\HU DQG GHYRWLRQ" -RUGDQ WRRN XS KLV IRUHIDWKHU¶V PDQWOH
EXLOGLQJV LQ WKH 8. <HW WKHUH LV DQ HQLJPD WKDW JRHV DFFXPXODWLQJ ULFKHV WKDW HQDEOHG WKH
$UFKLWHFWXUDO KLVWRULDQ 1LNRODXV ZLWK WKLV FKXUFK :K\ WKLV RXWRIWKH IRXQGDWLRQ RI WKLV FKXUFK EDFN DFURVV
3HYVQHU ZDV PRYHG WR GHVFULEH LW DV ZD\ ORFDWLRQ IRU D EXLOGLQJ RI LWV WKH $WODQWLF LQ KLV QDPH
³RQH RI WKH PRVW FRQYLQFLQJ FKXUFKHV DUFKLWHFWXUDO FDOLEUH" (EHQ¶V UDJV WR ULFKHV VWRU\ KDV
RI LWV GDWH LQ DQ\ FRXQWU\´ %XW WKHUH LV 7R XQGHUVWDQG RQH PXVW ORRN EDFN EHFRPH SDUW RI -RUGDQ IDPLO\ ORUH !
$ #&#
KLV GDXJKWHU DV D ZHGGLQJ SUHVHQW
$OLFH EHFDPH WLUHG RI YLOODJHUV
WURRSLQJ SDVW WR DWWHQG VHUYLFHV DW WKH
HVWDWH¶V FKXUFK VR VKH KDG LW
GHFRQVHFUDWHG DQG LQ LWV SODFH
FRPPLVVLRQHG WKH EXLOGLQJ RI D QHZ
SODFH RI ZRUVKLS $OO 6DLQWV¶ ZDV WR EH
IDU IURP SU\LQJ H\HV DQG RXWVLGH WKH
HVWDWH¶V JDWHV %XW LW ZDV QRW WKH
IDPLOLDU *RWKLF VW\OH VKH RSWHG IRU
,QVWHDG VKH FRPPLVVLRQHG DUFKLWHFW
:LOOLDP /HWKDE\ D OHDGLQJ OLJKW LQ WKH
$UWV DQG &UDIWV PRYHPHQW ZKLFK ZDV
EXUJHRQLQJ E\ WKH HQG RI WKH WK
FHQWXU\ 5HMHFWLQJ WKH LQGXVWULDO
9LFWRULDQ ZRUOG WKH PRYHPHQW WRRN
LQVSLUDWLRQ IURP QDWXUH PHGLHYDO DUW
UHOLJLRQ P\WKV DQG OHJHQGV
$OO WKLV LV VWLOO HYLGHQW WKURXJKRXW
WKH FKXUFK $OWKRXJK QRW FRPPRQ LQ
+HUHIRUGVKLUH $OO 6DLQWV¶ KDV D
WKDWFKHG URRI ± D IDYRXULWH URR¿QJ
PDWHULDO RI $UWV DQG &UDIWV DUFKLWHFWV
,Q LW ZDV VHQVLWLYHO\ UHWKDWFKHG
LQ 1RUIRON DQG )UHQFK UHHG UHWDLQLQJ
/HWKDE\¶V RULJLQDO GHWDLOV 7KH
FURVVLQJ WRZHU VKRUWHU WKDQ D
WUDGLWLRQDO FKXUFK ZDV LQWHQGHG WR EH
HYHQ VKRUWHU EXW /HWKDE\¶V DVVLVWDQW
5DQGDOO :HOOV WRRN LW XSRQ KLPVHOI WR
UDLVH LW WR LWV FXUUHQW KHLJKW 6XFK
LQGHSHQGHQFH ZDV LQ DFFRUG ZLWK $UWV
DQG &UDIWV SULQFLSOHV ZKLFK
HQFRXUDJHG IUHHGRP RI H[SUHVVLRQ WR
DOO WKRVH LQYROYHG
! SDVVLQJ GRZQ QRZ WR 3HWHU &OD\ KLV WKHUH KH ZHQW RQ WR EHFRPH D 7KHUH LV PXFK PRUH RI LQWHUHVW WR
JUHDWJUHDWJUHDWJUDQGVRQ RQ ZKRVH QHZVSDSHU PDJQDWH DW 7KH %RVWRQ VHH DV \RX ZDON DURXQG WKH FKXUFK¶V
HVWDWH $OO 6DLQWV¶ LV ORFDWHG 3HWHU *OREH´ 7KLV ZDV QRW VRPH SURYLQFLDO H[WHULRU ZLWK /HWKDE\ LQFRUSRUDWLQJ
GHVFULEHV (EHQ DV D WUXO\ UHPDUNDEOH QHZVSDSHU EXW D KXJHO\ LQÀXHQWLDO GHWDLOV DQG QDWXUDO PDWHULDOV WR PDNH
PDQ ³+H ¿UVW KDG D EDUURZ LQ %RVWRQ RQH ZLQQLQJ D VWULQJ RI 3XOLW]HU WKLV EXLOGLQJ XQLTXH :KLOH
VHOOLQJ VLON WKHQ KH ZRUNHG KLV ZD\ XS 3UL]HV LQ ODWHU \HDUV +HUHIRUGVKLUH VWRQH IURP QHDUE\
DQG EXLOW D KXJH UHWDLO HPSLUH )URP ,W ZDV (EHQ¶V \RXQJHVW GDXJKWHU &DSOHU 4XDUU\ LV QR ORQJHU IDVKLRQDEOH
$OLFH ZKR ODLG WKH IRXQGDWLRQ VWRQH EHFDXVH RI LWV LQFRQVLVWHQW ZHDWKHULQJ
DW $OO 6DLQWV¶ LQ DIWHU FRPLQJ WR DW $OO 6DLQWV¶ LW SRVLWLYHO\ DGGV WR WKH
(XURSH ZLWK KHU PRWKHU -XOLD ³6KH FKXUFK¶V DSSHDUDQFH VWULNLQJ LQ LWV
ZDV VHQW WR ¿QG D 'XNH´ VD\V 3HWHU YDULDWLRQ RI FRORXU DQG WH[WXUH
³7KLV ZDV KHU HTXLYDOHQW RI WKH 7KH FKHYURQ VWRQHZRUN DW WKH KHDG
*UDQG 7RXU DQG VKH GLG LQGHHG PHHW RI WKH WRZHU DQG WKH GHOLFDWH FDUYLQJ
KHU IXWXUH KXVEDQG KHUH $UWKXU RQ WKH UDLQZDWHU FKXWH DUH VPDOO EXW
)RVWHU +H ZDV D PHPEHU RI WKH LQVSLUHG DGGLWLRQV DQG WKH VRXWK DQG
FOHUJ\ ZKRVH IDPLO\ ZHUH ZHDOWK\ QRUWK ZLQGRZV DUH ILQH H[DPSOHV RI
<RUNVKLUH PLOO RZQHUV 5XPRXU KDV LW RUQDPHQWDO WUDFHU\ 7KH RDNFODG
WKDW EHIRUH WKH\ ZHUH PDUULHG DOO EHOIU\ WRSSHG ZLWK D FHGDU ZRRG
WKUHH ZHQW RQ D URPDQWLF FUXLVH RI WKH VKLQJOHG URRI KDV VLPSOH ODWWLFHG
:\H 9DOOH\ DQG VRPHKRZ JRW RSHQLQJV EHORZ WKH HDYHV DQG
GLYHUWHG HQGLQJ XS DW WKH JDWHV RI VFDOORSHG VWRS ERDUGV DW WKH FRUQHUV
%URFNKDPSWRQ &RXUW ZKLFK ZDV WKHQ :HOOFRQQHFWHG /HWKDE\ ZDV FOHDUO\
RZQHG E\ D PDQ FDOOHG 6LU 0LFKDHO DQ DVWXWH FKRLFH ³+H ZDV 3URIHVVRU RI
/\WRQ $VNLQJ LI WKH\ FRXOG FDOO LQ IRU 'HVLJQ DW WKH 5R\DO &ROOHJH RI $UW LQ
WHD LW¶V VDLG WKDW E\ WKH HQG RI WKHLU WKH ODWH WK FHQWXU\ +LV FRXUVH PD\
YLVLW -XOLD KDG PDGH DQ RIIHU IRU WKH KDYH HYHQ LQÀXHQFHG %DXKDXV´ VD\V
HVWDWH WKDW 6LU 0LFKDHO FRXOG QRW 5&$ KLVWRULDQ -RH .HUU ³+H ZDV RI
UHIXVH´ (EHQ SXUFKDVHG WKH HVWDWH IRU FRXUVH PRVWO\ D WKHRULVW EXW KLV IHZ
$
WKH GHVN RI .HDWV¶V SXEOLVKHU -RKQ
7 D WLPH ZKHQ QDWXUH LV KDSSLO\
7D\ORU ,Q MXVW WZR PRQWKV
EHFRPLQJ HYHU PRUH SRSXODU
EHIRUH KLV PDUULDJH KLV ¿UVW ERRN RI
SURYLGLQJ D NLQG RI VSLULWXDO
SRHPV 3RHPV 'HVFULSWLYH RI 5XUDO
WKHUDS\ LW LV WLPHO\ WR FDOO DJDLQ RQ WKH
/LIH DQG 6FHQHU\ ZDV SXEOLVKHG )RXU
ZRUN RI D PDQ ZLGHO\ DFNQRZOHGJHG WR
HGLWLRQV IROORZHG DQG KH EHJDQ WR
EH WKH JUHDWHVW (QJOLVK QDWXUH SRHW
JDLQ WKH UHFRJQLWLRQ KH VR GHVSHUDWHO\
&ODUH LV QRZ UHFRJQLVHG DV PRUH
GHVLUHG 9LVLWV WR /RQGRQ EURXJKW KLP
HVVHQWLDOO\ D SRHW RI WKH QDWXUDO ZRUOG
LQWR FRQWDFW ZLWK RWKHU SRHWV DQG
WKDW :RUGVZRUWK KLWKHUWR UHJDUGHG DV
ZULWHUV DQG KH JDLQHG WKH VXSSRUW RI
WKH PRVW ZRUWK\ RI WKH WLWOH
SDWURQV ZLWK D
D \HDU LQFRPH
%RUQ RQ -XO\ DW +HOSVWRQH
6XFFHVV DV D SRHW KH QDWXUDOO\
D 1RUWKDPSWRQ YLOODJH LW ZDV D WLPH RI
WKRXJKW ZDV KLV %XW KLV QH[W WZR
UXUDO SRYHUW\ +LV IDWKHU 3DUNHU &ODUH
ERRNV VROG SRRUO\ DQG WKHVH LQFOXGHG
ZDV EDUHO\ OLWHUDWH D ODERXUHU ZKR ZDV
KLV IDYRXULWH 7KH 6KHSKHUG¶V &DOHQGDU ZRUN YHHUHG IURP RQH H[WUHPH WR WKH
DOVR D EDOODG VLQJHU +LV PRWKHU $QQ D
LQ ,URQLFDOO\ ZKDW ZHUH WKHQ RWKHU ± \HW RI FRXUVH QDWXUH¶V PRRGV
VKHSKHUG¶V GDXJKWHU ZDV LOOLWHUDWH
UHJDUGHG DV IDLOXUHV DUH QRZ VHHQ DV GR DOVR &ODUH VSHQW WKH ODVW \HDUV
&ODUH KLPVHOI RQH RI WZLQV ZHQW WR WKH
VRPH RI WKH JUHDWHVW SRHPV RI RXU RI KLV OLIH LQ WKH FDUH RI WKH &RXQW\
YLOODJH VFKRRO XQWLO KH ZDV WZHOYH
FRXQWU\VLGH 7KH\ OLYH DQG EUHDWKH WKH ,QVWLWXWLRQ ZKDW ZDV WKHQ FDOOHG D
:KLOH DW VFKRRO KH GHYHORSHG D FUXVK
YHU\ HVVHQFH RI (QJOLVK QDWXUH OXQDWLF DV\OXP 7KLV VRXQGV ZRUVH
RQ D JLUO 0DU\ -R\FH IRXU \HDUV
ZULWLQJ IURP WKH PRVW DFFXUDWH WKDQ LW ZDV 7KH WUHDWPHQW ZDV
\RXQJHU WKDQ KLP ZKLFK ZDV WR SURYH
REVHUYDWLRQV RI ZLOGOLIH WR WKH GHHS HQOLJKWHQHG
DQ LUUDWLRQDO LQÀXHQFH RQ KLV OLIH
VRODFH ZKLFK QDWXUH LQ DOO LWV IRUPV &ODUH ZDV DOORZHG WR URDP WKH
7KH WZR DGROHVFHQWV EHFDPH FORVH
FDQ SURYLGH WKH KXPDQ VSLULW FRXQWU\ DV IUHHO\ DV KH HYHU GLG DQG
RIWHQ URDPLQJ WKH FRXQWU\VLGH WRJHWKHU
,W LV IUDQN QDLYHW\ ZKLFK JLYHV ZLWK KLV WDOHQW UHFRJQLVHG ZDV
XQWLO ZKHQ &ODUH ZDV VHYHQWHHQ WKH\
&ODUH¶V SRHPV WKHLU DSSHDO WKH HQFRXUDJH WR ZULWH SRHWU\
SDUWHG 2QFH VHSDUDWHG &ODUH UDWKHU
RSSRVLWH RI WKH JUHDWHU VRSKLVWLFDWLRQ 8QVXUSULVLQJO\ WKHVH UHÀHFWHG KLV
WKDQ ZDLWLQJ WR EH FRQVFULSWHG IRU WKH
DQG FRQWURO ZKLFK RIWHQ FRPELQH LQ PHQWDO DQJXLVK DORQJ ZLWK KLV DELGLQJ
ZDU DJDLQVW 1DSROHRQ
WKH SRHPV RI :RUGVZRUWK &ODUH ORYH RI QDWXUH 7KH 1LJKWLQJDOH¶V 1HVW
YROXQWHHUHG DQG MRLQHG WKH
ZURWH DV KH VDZ ZLWK LQVWLQFWLYHQHVV 7KH %ODFNFDS DQG 7KH :UHQ DUH MXVW D
1RUWKDPSWRQ 0LOLWLD FUHDWHG WR UHSHO
DQG KRQHVW\ QR RWKHU SRHW PDWFKHG KDQGIXO RI KLV SRHPV UHFRUGLQJ GHWDLOV
1DSROHRQ VKRXOG KH LQYDGH 1HYHU
7KH UHVXOWLQJ SRHPV DUH RIWHQ DQ\ QDWXUDOLVW ZRXOG EH SOHDVHG WR
UREXVW LQ KHDOWK DQG VPDOO LQ VWDWXUH DW
SRLJQDQW IRU KH ZDV QHYHU QRWH
¿YH IHHW WZR KH HQGXUHG WKH PRFNHU\
FRQWLQXRXVO\ D KDSS\ PDQ +LV WDOHQW QHYHU GLPLQLVKHG EXW
RI KLV IHOORZ PHQ IRU WKH QH[W
7KH 6KHSKHUG¶V &DOHQGDU ZDV RQH VDGO\ QHLWKHU GLG KLV REVHVVLRQ ZLWK
PRQWKV %\ KDG PHW 0DUWKD
RI KLV PRVW DPELWLRXV SURMHFWV WDNLQJ 0DU\ ZKR IHDWXUHG PRUH DQG PRUH DV
7XUQHU ZKRP KH PDUULHG DQG WRRN WR
KLP \HDUV WR FRPSOHWH IUXVWUDWHG DV D KDOOXFLQDWLQJ SUHVHQFH LQ KLV
OLYH ZLWK KLV SDUHQWV LQ WKHLU +HOSVWRQH
KH ZDV E\ LQWHUPLWWHQW ERXWV RI SRRU WKRXJKWV DQG WKHUHIRUH SRHPV XQWLO
FRWWDJH 7KHUH WKH ¿UVW RI WKHLU HLJKW
PHQWDO KHDOWK 3HUKDSV WRGD\ KH KLV GHDWK LQ $V KLV VWDWXUH DV D
FKLOGUHQ ZHUH ERUQ
ZRXOG EH GLDJQRVHG DV ELSRODU +LV SRHW LQFUHDVHG VR WRR GLG KLV PLQG¶V
)URP KLV VFKRRO GD\V &ODUH¶V ORYH RI
UHDGLQJ SRHWU\ OHG KLP WR ZKDW EHZLOGHUPHQW :H FDQ RQO\
EHFDPH KLV OLIHORQJ GHVLUH WR DGPLUH KRZ KH ZDV DEOH WR
EHFRPH D SRHW KLPVHOI ± DQG ([WUDFW IURP 7KH 9RLFH 2I 1DWXUH FUHDWH VXFK SRLJQDQW \HW
HYHQ PRUH LPSRUWDQWO\ EH 7KHUH LV D ODQJXDJH ZURWH RQ HDUWK DQG VN\ VWUXFWXUHG YHUVH
UHFRJQLVHG DV RQH +LV %\ *RG·V RZQ SHQ LQ VLOHQW PDMHVW\ 6WLOO UHDGLQJ WKH ZRQGHUIXO
GHWHUPLQDWLRQ VXUYLYHG DOO WKH 7KHUH LV D YRLFH WKDW·V KHDUG DQG IHOW DQG VHHQ 6KHSKHUG¶V &DOHQGDU \RX IHHO
YLFLVVLWXGHV RI KLV ODWHU OLIH ,Q VSULQJ·V \RXQJ VKDGH DQG VXPPHU·V HQGOHVV JUHHQ WKH VWUHQJWK KH GUHZ IURP KLV
SRYHUW\ KDUG ODERXULQJ LQ WKH 7KHUH LV D ERRN RI SRHV\ DQG VSHOOV EHORYHG FRXQWU\VLGH DQG RQH
¿HOGV KLV LQFUHDVLQJ REVHVVLRQ ,Q ZKLFK WKDW YRLFH LQ VXQQ\ VSOHQGRXU GZHOOV KRSHV WKDW LQ KLV ODWHU \HDUV
ZLWK WKH ORVW 0DU\ DQG 7KHUH LV D SDJH LQ ZKLFK WKDW YRLFH DORXG WKDW FORVHQHVV ZLWK WKH
GLPLQLVKLQJ PHQWDO KHDOWK DQG 6SHDNV PXVLF WR WKH IHZ DQG QRW WKH FURZG QDWXUDO ZRUOG ZKLFK QHYHU
EHLQJ D IDWKHU RI D ODUJH IDPLO\ 7KRXJK QR URPDQWLF VFHQHV P\ IHHW KDYH WURG GHVHUWHG KLP ZDV UHDVVXULQJ
'UDZLQJ LQVSLUDWLRQ IURP DOO 7KH YRLFH RI QDWXUH DV WKH YRLFH RI *RG ,W LV D PHQWDO DQG VSLULWXDO
DURXQG KLP KH SHUVHYHUHG $SSHDOV WR PH LQ HYHU\ WUHH DQG IORZHU VWUHQJWK LQ QDWXUH WKDW ZH
&ODUH¶V SRHPV ZHUH SDVVHG %UHDWKLQJ KLV JORU\ PDJQLWXGH DQG SRZHU ZRXOG DOO ZLVK IRU RXUVHOYHV
DURXQG DQG HYHQWXDOO\ UHDFKHG */<1 )5(:(5
-2+11< -2+1621
0%( ')0
"
% ,% & - (- %& ( *&( ,&$( (%*# ( (%%
%&( (% ( *&(%& (( - ,* +% !
*% &( &*%++% &%& % (*(& %& ! ! !
& +' & )# & VLJQ RI D VXFFHVVIXO UDLG :H DOVR
'&$ +'# #& NQHZ WKDW WKH (LGHU KDG EHHQ EUHDFKHG
&$ ) '& # # !
0\ FRPSDQLRQV ZHUH DLU FUHZ LQ & +' & '+ $!
%RPEHU &RPPDQG DQG WKH PDMRULW\ 0\ LPSUHVVLRQ KDV WR EH UHWURVSHFWLYH
ZHUH YROXQWHHUV 7KH\ KDG FKRVHQ WR DV KH ZDV WKH 6TXDGURQ &RPPDQGHU
YROXQWHHU WR KHOS GHIHDW +LWOHU DQG KLV DQG , ZDV D ORZO\ VHUJHDQW +H ZDV D
1D]L UHJLPH 7R DFKLHYH WKLV WKH\ KDG VWULFW GLVFLSOLQDULDQ DQG FRXOG EH
WR GR WKHLU SDUWLFXODU MRE WR WKH YHU\ DJJUHVVLYH EXW KH¶G DOUHDG\ GRQH WZR
EHVW RI WKHLU DELOLWLHV UHJDUGOHVV RI WKH IXOO WRXUV RI ERPEHU RSHUDWLRQV
RSSRVLWLRQ +RZHYHU ZKHQ KH FDPH WR
6TXDGURQ KH FDOPHG GRZQ FRQVLGHUDEO\
+' )#& +'# # DQG DOZD\V JRW ZKDW KH ZDQWHG IRU WKH
& $'## & #
& && +' VTXDGURQ +H ZDV WKH OHDGHU DQG PDGH
+ $'
(& #& WKH ¿UVW DWWDFN RQ WKH 0RXQW 'DP
& #"$ $& #&& $$$! 7KLV ZDV WKH RQO\ RQH RI WKH GDPV
/RRNLQJ EDFN QR 0\ MRE ZDV WR ZKLFK ZDV GHIHQGHG 7KHQ DV KH
PDNH VXUH WKDW RXU ERPEV ZHUH FDOOHG HDFK DLUFUDIW LQWR WKH DWWDFN KH
GURSSHG DV FORVH DV SRVVLEOH WR WKH ÀHZ DORQJVLGH WKHP WR WU\ DQG GHÀHFW
WDUJHW 7KH HYHQWV RI WKDW QLJKW DUH VRPH RI WKH ÀDFN 7KLV WR PH VD\V
¿UPO\ ¿[HG LQ P\ PLQG DQG , IHHO ³<RX¶UH GRLQJ WKLV ,¶P GRLQJ WKLV ZH
SULYLOHJHG WR KDYH EHHQ DEOH WR EH SDUW
DUH GRLQJ WKLV WRJHWKHU´
RI ³2SHUDWLRQ &KDVWLVH´ 7KLV LQ P\ PLQG LV WKH HVVHQFH RI
' )# + +'# #+ &)&$ RXWVWDQGLQJ OHDGHUVKLS $ JRRG OHDGHU
' $ )#& '& $$ & & & )& +' ##! EXW D OLWWOH GLI¿FXOW WR JHW RQ ZLWK
)& &+ $ '
2Q WKH RQH KDQG WKHUH ZDV RWKHUZLVH
$ + & $ +'# GLVDSSRLQWPHQW WKDW ZH¶G QRW EH XVLQJ
&
#&+ & +' WKH >ERXQFLQJ@ ERPE LQ WKH ZD\ ZH #$ $!
# # +'# )#& KDG VSHQW VL[ ZHHNV WUDLQLQJ IRU LW +H ZDV D IULHQGO\ JHQWOHPDQ ZKR ZDV
*#
! 7KH 6RUSH >'DP@ ZDV QRW FRQVWUXFWHG DQ H[SHULHQFHG HQJLQHHU +H FDPH WR
, WKLQN WKH ILUVW WKLQJ ZDV WKDW UHDO WKH VDPH DV WKH RWKHUV VR ZH KDG WR XV ZLWK WKH SXUSRVH RI FUHDWLQJ ZKDW
IULHQGVKLSV DUH QRW HDV\ WR ILQG ZRUN LW RXW ZKHQ ZH JRW WKHUH EHFDPH NQRZQ DV WKH ERXQFLQJ ERPE
$FTXDLQWDQFHV E\ WKH VFRUH ZKR \RX -RH DQG , ZHUH WKH WZR ZKR GHFLGHG 2I¿FLDOO\ LW ZDV FDOOHG 8SNHHS 7KH
PLJKW PHHW XS ZLWK DJDLQ GXULQJ \RXU ZKHQ WKH ERPE ZRXOG EH GURSSHG ERPE UHTXLUHG D VSHFL¿F SODQH ZKLFK
VHUYLFH , WKLQN ZH HQGHG XS ZLWK ¿YH %HFDXVH ERWK RI XV NQHZ WKDW WKH GURS KDG WR EH ÀRZQ DW D VSHFL¿F KHLJKW D
FRXSOHV ZKR ZH FRXOG FDOO UHDO IULHQGV KDG WR EH DV DFFXUDWH DV SRVVLEOH LW VSHFL¿F VSHHG DQG WKH ERPE GURSSHG
SRVWZDU :H UHPDLQHG IULHQGO\ ZLWK ZDVQ¶W XQWLO WKH WHQWK UXQ À\LQJ DW DW DQ H[DFW GLVWDQFH IURP WKH WDUJHW
WKH 0F&DUWK\V XQWLO -RH GLHG LQ IHHW WKDW , UHOHDVHG WKH ERPE 0XFK WR
, DP VWLOO LQ FORVH FRQWDFW ZLWK KLV VRQ WKH UHOLHI RI WKH UHVW RI WKH FUHZ +' & & /
i >
³/LWWOH -RH´ 2Q WKH SRVLWLYH VLGH WKH VLJKW RI WKH ÕÃÌiÀÃ
&'# & # #!
:KHQ WKH ZDU ILQLVKHG , UHDOLVHG 0RXQW 'DP DUHD ZKLFK ZH NQHZ KDG , WKLQN LW ZDV D IDLU UHSUHVHQWDWLRQ DV
WKDW , QRZ KDG D ZLIH DQG WZR FKLOGUHQ EHHQ EUHDFKHG ZDV EUHDWKWDNLQJ ,W IDU DV LW ZHQW ,W ZDV EDVHG RQ 3DXO
DQG QR FLYLOLDQ TXDOLILFDWLRQV 6R , ZDV MXVW OLNH DQ LQODQG VHD DQG WKH %ULFNQHOO¶V ERRN ZKLFK DV IDU DV ,¶P
VWD\HG RQ >ZLWK WKH 5$)@ DQG KDG DQ ZDWHU ZDV VWLOO ÀRZLQJ RXW RI WKH GDP FRQFHUQHG LV DQRWKHU WRSLF DOWRJHWKHU
HQMR\DEOH FDUHHU )RU PH LW ZDV D JUHDW VLJKW DQG WKH ,W GLG QRW LQFOXGH WKH 6RUSH 'DP DV
*$5'(1(5¶6
127(6
7KLV Pํ KHDY\GXW\
ZDWHUSURRI RLOVNLQ KDV
MXWH HGJLQJ DQG KDQGOHV
DW HDFK FRUQHU ,W LV
LQYDOXDEOH IRU FDUU\LQJ
(QJODQG LV UHQRZQHG IRU KDYLQJ VRPH RI WKH
FOLSSLQJ RU SURWHFWLQJ
PRVW H[WUDRUGLQDULO\ EHDXWLIXO JDUGHQV LQ WKH WKH ERRW RI WKH FDU
ZRUOG DQG ZKDW EHWWHU WLPH WR VHH WKHP WKDQ
ZKHQ WUDQVSRUWLQJ
VXPPHU" 0RVW RI WKRVH OLVWHG ULJKW DUH VWHHSHG
SODQWV RU ZHW RU PXGG\
LQ KLVWRU\ \HW KDYH DVWXWHO\ PHW WKH FKDOOHQJHV GRJV
RI WLPH E\ FRQVWDQWO\ HYROYLQJ WKHLU SODQW SDOHWWH
FDUULHUFRPSDQ\FRXN
DQG KRUWLFXOWXUDO SUDFWLFHV VR DUH JUHDW SODFHV WR
VHHN RXW LQVSLUDWLRQ $W :LOGHJRRVH DQG *UHDW
&RPS \RX¶OO DOVR ¿QG ¿QH VHOHFWLRQV RI WULHG
DQG WHVWHG SODQWV DQG SODQW FRPELQDWLRQV WRR
. - 3&-"!% .2$$- #&3--. %&0 &%#4 #&&" %0.0! 20 - #.&
&& &- 00-0!% %!!# !%.0. !%0& 0 -%*
,Q WKLV WKRXJKWSURYRNLQJ
+ , ERRN DFFRPSDQLHG E\
(
) EHDXWLIXO SKRWRJUDSKV
$ IDVWJURZLQJ GHFLGXRXV IURP -DVRQ ,QJUDP
FOLPEHU ZLWK PLGJUHHQ DXWKRU 7LP 5LFKDUGVRQ
RYDO OHDYHV DQG KLJKO\ H[SORUHV WKH ³LQYLVLEOH
VFHQWHG FUHDP\ FRORXUHG PHDQLQJ RI WKH JDUGHQ
IORZHUV WKDW IDGH WR ZKLFK H[LVWV DORQJVLGH
EXII\HOORZ LW¶V PRUH WDQJLEOH
+HLJKW P VHQVRU\ GHOLJKWV´
)UDQFHV /LQFROQ
7KHVH DWWUDFWLYH VKHDUV
( ZLWK D QLFH FXWWLQJ DFWLRQ
* (
) ) KDYH FP ORQJ FDUERQ
(
) :LWK VHPLHYHUJUHHQ IROLDJH /RYHG E\ JDUGHQ GHVLJQHUV VWHHO EODGHV DQG KDQGOHV
7KH SDOH JUH\EOXH IORZHUV DQG PDJHQWD IORZHUV WKLV WKLV VHPLHYHUJUHHQ PDGH IURP -DSDQHVH RDN
RI WKLV KDUG\ SHUHQQLDO WDOO SLQN LV SHUIHFW IRU SHUHQQLDO SURGXFHV PDVVHV ,GHDO IRU FXWWLQJ KHGJHV
PDNH LW D VWULNLQJ VLJKW QDWXUDOLVWLF SODQW VFKHPHV RI JUHHQZKLWH XPEHOV DQG VKUXEV
+HLJKW FP +HLJKW FP +HLJKW P PDQXIDFWXPFRXN
2$$- 151'
*DUGHQLQJ
SDWKZD\V WKURXJK D ZRRGODQG JDUGHQ ZKLFK WKH QXUVHU\ LV HVSHFLDOO\ FROXPQV DQG WHUUDFHV DORQJVLGH
$ SODQW ORYHU¶V SDUDGLVH WKHUH¶V NQRZQ 7KH QXUVHU\ DUHD DQG WHD DEXQGDQW SODQWLQJ WKH JDUGHQ LV D
IRUPDO DQG LQIRUPDO SODQWLQJ VFKHPHV URRPV DUH VHW ZLWKLQ D WZRDFUH VKRZFDVH RI +DUROG¶V H[TXLVLWH WDVWH
DQG DQ DEXQGDQFH RI XQXVXDO DQG JDUGHQ ZKLFK LV GLYLGHG LQWR D VHULHV DQG WKH LQÀXHQFH RI KLV WUDYHOV
EHDXWLIXO SODQWV LQFOXGLQJ UDUH DQG RI URRPV WKDW VKRZFDVH PDQ\ RI WKH SDUWLFXODUO\ WR ,WDO\ DUH LQ HYLGHQFH
H[RWLF VKUXEV DV ZHOO DV DQ SODQWV RQ VDOH DQG KRZ WKH\ FDQ EH 1R GRXEW WKH ODWHVW DSSRLQWPHQW RI WKH
RXWVWDQGLQJ FROOHFWLRQ RI VDOYLDV 7KH XVHG LQ SOHDVLQJ FRPELQDWLRQV 1HZO\ WDOHQWHG 7UR\ 6FRWW 6PLWK
JDUGHQ LV DOVR KRPH WR '\VRQ¶V UHVWRUHG *HRUJLDQ FXUYLOLQHDU 6LVVLQJKXUVW¶V IRUPHU KHDG
1XUVHULHV UXQ E\ WKH JDUGHQ¶V JODVVKRXVHV ZKLFK VLW DW WKH WRS RI JDUGHQHU ZLOO VHH \HW IXUWKHU
DZDUGZLQQLQJ FXUDWRU :LOOLDP WKH JDUGHQ SURYLGH WKH SHUIHFW UHILQHPHQW RI WKLV H[WUDRUGLQDU\
'\VRQ EDFNGURS JDUGHQ
JUHDWFRPSJDUGHQFRXN ZLOGHJRRVHQXUVHU\FRXN LIRUGPDQRUFRXNJDUGHQ
:RUGVZRUWK
MRWWHG GRZQ
1DWXUH ZULWHU DQG KLVWRULDQ -RKQ /HZLV6WHPSHO SRHWU\ WKHUH
ZDV ERUQ LQWR D OLIH ZKLFK UHYROYHG DURXQG 5HJLQDOG +DOO
DJULFXOWXUH +LV JUDQGIDWKHU PDQDJHG WRRN
:RRGVWRQ WKH IDUP LQ +HUHIRUGVKLUH ZKLFK KDV LQVSLUDWLRQ
EHHQ WHQGHG E\ JHQHUDWLRQV RI KLV IDPLO\ IURP WKH
:LWK WKH IDPLO\ KDYLQJ EHHQ WLHG WR :RRGVWRQ VWXQQLQJ
IRU KXQGUHGV RI \HDUV /HZLV6WHPSHO NQRZV VFHQHU\ DQG
OLIH RQ WKH ODQG ,Q WKLV IDVFLQDWLQJ DFFRXQW KH 9DO 0F'HUPLG VHW QRYHOV WKHUH 7KH
GRFXPHQWV WKH HYROXWLRQ RI WKH (QJOLVK IDUP GUDPDWLF ODQGVFDSHV ZKLFK PDNH XS
:ULWWHQ UHFRUGV IDPLO\ PHPRULHV DQG WKH WKH /DNH 'LVWULFW KDYH FHUWDLQO\
HQGXULQJ ODQGVFDSH RI :RRGVWRQ )DUP SDLQW D LQVSLUHG FUHDWLYLW\ WKURXJK WKH \HDUV
YLYLG SLFWXUH RI D OLIHVW\OH ZKLFK VR PDQ\ PHQ DQG ZRPHQ DFURVV (QJODQG 7KLV QHZ LOOXVWUDWHG DQWKRORJ\ IURP
KDYH NQRZQ WKURXJK FHQWXULHV RI KLVWRU\ 0DUJDUHW :LOVRQ FRPSLOHV WKH EHVW
)URP WKH DUULYDO RI R[HQ SORXJKLQJ WR PHGLHYDO DSSOH RUFKDUGV WR OLWHUDU\ H[WUDFWV LQVSLUHG E\ WKH /DNH
(GZDUGLDQ KRS IDUPLQJ /HZLV6WHPSHO OHDYHV QR VWRQH XQWXUQHG LQ WKLV 'LVWULFW (DFK H[WUDFW LV DFFRPSDQLHG
FKDUPLQJO\ SHUVRQDO DQG LQIRUPDWLYH WLPHOLQH RI :RRGVWRQ )DUP E\ EHDXWLIXO KDQGSLFNHG SKRWRJUDSKV
7KHUH LV FHUWDLQO\ QR RQH EHWWHU VXLWHG WR UHÀHFW RQ WKH VKDUHG URRWV ZKLFK RI ORFDO ODQGVFDSHV WDNHQ E\
WLH XV WR WKH ODQG SKRWRJUDSKHU +HOHQ 6KDZ
'RXEOHGD\
,6%1 0HUOLQ 8QZLQ %RRNV
,6%1
,Q WKH VKDGRZV RI 7KH ODWHVW ERRN
WLPH DIWHU 5RPH¶V LQ 3DYLOLRQ¶V $V ZH JHDU
GHSDUWXUH WKH VHULHV RI IORUDO RXUVHOYHV XS IRU D
NLQJGRPV RI HDUO\ JDUGHQLQJ JXLGHV VXPPHU VSHQW
PHGLHYDO %ULWDLQ LV GHGLFWHG WR WKH FORVH WR KRPH
ZHUH IRUPHG OLO\ $ ÀRZHU VXUIHU DQG
$XWKRU DQG ZLWK HQYLURQPHQWDO
DUFKDHRORJLVW FRQQRWDWLRQV RI VFLHQWLVW (DVNH\
0D[ $GDPV SDVVLRQ SXULW\ %ULWWRQ VXJJHVWV
EULQJV WR OLJKW WKLV DQG PDQ\ WKLQJV HFRIULHQGO\ ZD\V
SHULRG VWULSSLQJ IDFW IURP ¿FWLRQ LQ EHWZHHQ WKH OLO\ KDV D ULFK KLVWRU\ WR VSHQG \RXU
SDUWLFXODUO\ ZKHQ LW FRPHV WR JRRG ROG 'LVFRYHU WKH ÀRZHU¶V XVHV DV D WLPH DW WKH VHDVLGH )HDWXULQJ TXLUN\
$UWKXU <HV \RX¶OO QHHG D NHHQ GLQQHUWDEOH VWDSOH LQ &KLQD RLQWPHQW KDQGUDZQ LOOXVWUDWLRQV %ULWWRQ
LQWHUHVW LQ RXU QDWLRQ¶V JHVWDWLRQ WR IRU IRRWVRUH 5RPDQ VROGLHUV DQG D HGXFDWHV XV RQ ZKDW WKH VHD FDQ GR IRU
UHDOO\ HQMR\ WKLV UHDG EXW ZKDW PHGLHYDO FXUH IRU EDOGQHVV 7KLV XV DQG ZKDW ZH RZH LW LQ UHWXUQ 5HDG
HPHUJHV LV D IDVFLQDWLQJ SLFWXUH RI EHDXWLIXOO\ LOOXVWUDWHG ERRN SURYLGHV XS RQ UHVSRQVLEOH URFNSRROLQJ VHDVLGH
%ULWDLQ¶V QHZIRXQG LQGHSHQGHQFH ± DOO WKH LQIRUPDWLRQ \RX QHHG WR FDUH VFDYHQJHU KXQWV VRXQG PDSSLQJ DQG
SUHWW\ SHUWLQHQW IRU QRZ +HDG RI IRU WKLV JRUJHRXV SODQW 3DYLOLRQ
PRUH 3ULQFHWRQ $UFKLWHFWXUDO 3UHVV
=HXV
,6%1 ,6%1
,6%1
#
%RRNVKHOI
+RPH WR WKH +HU 0DMHVW\¶V PXFK WKH 1DWLRQDO &ROOHFWLRQ RI
ORYHG DQQXDO *DUGHQ 3DUW\ WKH 0XOEHUULHV LQVSLUHG E\ -DPHV ,¶V
%XFNLQJKDP 3DODFH JDUGHQV DUH FDPSDLJQ WR LQWURGXFH VLON
KDUG WR EHDW SURGXFWLRQ WR %ULWDLQ DQG WKH UR\DO
6SHQG D \HDU LQ WKH JDUGHQV ZLWK EHHKLYHV IRXQG RQ DQ LVODQG LQ WKH
DZDUGZLQQLQJ QDWXUH JDUGHQ¶V DFUH ODNH
SKRWRJUDSKHU -RKQ &DPSEHOO ZKR ,I DQ\WKLQJ PRUH ZDV QHHGHG WR
VSHQW GD\V WDNLQJ SLFWXUHV RI SLTXH \RXU LQWHUHVW $ 5R\DO *DUGHQ
WKH JURXQGV &DPSEHOO¶V DOVR IHDWXUHV FRQWULEXWLRQV IURP
SKRWRJUDSKV FDSWXUH VWXQQLQJ %XFNLQJKDP 3DODFH¶V +HDG
VFHQHV RI VHDVRQDO FKDQJH *DUGQHQHU DQG *DUGHQHU¶V :RUOG
DFFRPSDQLHG E\ WKH EDFNGURS RI SUHVHQWHU 0DUN /DQH 0DUN WDONV XV JDUGHQ :KHWKHU LW EH D VSUDZOLQJ
%XFNLQJKDP 3DODFH LWVHOI WKURXJK KRZ WKH UR\DO JDUGHQ KDV VSDFH RU D PRUH PRGHVW SORW RI ODQG
&DPSEHOO¶V H[SHUWO\ WDNHQ EHHQ VKDSHG E\ WKH XQLTXH &ODLUH 0DVVHW DQG 0DUN /DQH
SLFWXUHV RI WKH UR\DO JDUGHQV DUH KRUWLFXOWXUDO WDVWHV RI YDULRXV SURYLGH H[SHUW WLSV DQG DGYLFH
DFFRPSDQLHG E\ FRPPHQWDU\ IURP PRQDUFKV WKURXJK WLPH (QMR\ UR\DO ZKLFK FDQ EH DSSOLHG WR DQ\ JDUGHQ
&ODLUH 0DVVHW IRUPHU *DUGHQV DQHFGRWHV DQG ORRN EDFN RQ WKH ORQJ 7KLV EHDXWLIXO ERRN LV DQ DEVROXWH
(GLWRU RI 7KH (QJOLVK *DUGHQ OLQH RI JDUGHQHUV ZKR KDYH WHQGHG WR PXVWKDYH IRU DQ\ JDUGHQLQJ
PDJD]LQH )ROORZ &ODLUH¶V H[SHUW WKHVH IDPRXV JURXQGV HQWKXVLDVW
LQVLJKWV LQWR %XFNLQJKDP 3DODFH¶V )LQDOO\ ILQG SOHQW\ RI LQVSLUDWLRQ 5R\DO &ROOHFWLRQ 7UXVW
KLVWRULF ÀRUD DQG IDXQD LQFOXGLQJ ZLWKLQ WKH SDJHV IRU \RXU RZQ ,6%1
!
$QG VR LW JRHV 'HVFULEHG DV VLPSOH DQG LG\OOLF OLYLQJ ³&RWWDJHFRUH´ LV
WKDW GHDU &DSWDLQ WKH ODWHVW IDG WDNLQJ WKH LQWHUQHW E\ VWRUP :KHQ WKH
6LU 7RP KDG RQH SDQGHPLF IRUFHG D VORZHU SDFH RI OLIH RQ WKH SRSXODWLRQ
PRUH SDUWLQJ JLIW PDQ\ HPEUDFHG WKLV QHZ VLPSOHU OLIHVW\OH VZDSSLQJ
IRU XV ± WKLV VFUHHQ WLPH DQG EXV\ VRFLDO OLYHV IRU EDNLQJ FUDIWLQJ DQG
YROXPH ZKLFK WLPH VSHQW LQ WKH JUHDW RXWGRRUV 7KLV QHZ ERRN HPEUDFHV
JDWKHUV WRJHWKHU D SHDFHIXO OLIHVW\OH LQ WKH PLGVW RI RXU IDVWSDFHG ZRUOG
ZLVGRP IURP D FRPELQLQJ WUDGLWLRQDO FRPIRUWV ZLWK PRGHUQ OLYLQJ
ORQJ DQG 3KRWRJUDSKHU DQG LQÀXHQFHU 5DPRQD -RQHV WHDFKHV XV WR SDXVH WR DSSUHFLDWH
HYHQWIXO OLIH 7KH WKH EHDXW\ RI QDWXUH DQG GLVFRYHU VLPSOH MR\V HYHU\ GD\ ZKHUHYHU ZH DUH
\RXQJHU JHQHUDWLRQ ZLOO EHQH¿W IURP +DUSHU&ROOLQV
,6%1
LW ZLWK DGYLFH UDQJLQJ IURP WKH VRXQG
NHHS D JRRG PRUQLQJ URXWLQH RU LQ
VKRUW ³HDW \RXU SRUULGJH´ WR WKH
VRDULQJ DOZD\V UHPHPEHU ³WKH ZRUOG ,Q (QJODQG 7DNH
LV \RXU R\VWHU´ (TXDOO\ WKRVH RI XV FKXUFKHV DQG LQVSLUDWLRQ
QRW VR JUHHQ ZLOO ¿QG DPXVLQJ FDWKHGUDOV DUH IURP 5RV
VROLGDULW\ LQ 0RRUH¶V KRQHVW\ +H VXFK DQ RUGLQDU\ %\DP 6KDZ¶V
PXVHV RQH MR\ RI JHWWLQJ ROGHU LV SDUW RI RXU ³UHFLSHV´ IRU
OHWWLQJ WKH PDWHULDO WKLQJV JR ³1RZ ODQGVFDSHV WKDW WLPHOHVV
ZKHQHYHU ,¶P DVNHG µ:KDW ZRXOG ZH VFDUFHO\ JLYH LQWHULRUV LQ KHU
\RX OLNH IRU \RXU ELUWKGD\ 7RP"¶ , DP WKHP D VHFRQG ODWHVW ERRN
DOZD\V DW D ORVV ,W¶V WKH VDPH DW ORRN +RZHYHU 5RV IRFXVHV RQ
&KULVWPDV µ$ QHZ OHJ"¶ , PLJKW DPRQJVW WKH WKH FUHDWLRQ RI D FRPIRUWDEOH KRPH
VXJJHVW ZLWK D ZU\ VPLOH´ IDPLOLDU SHZV DOWDUV DQG SXOSLWV DUH ZLWK D FODVVLF ORRN 7KH DHVWKHWLF
+HUH DW 7KLV (QJODQG ZH¶UH D WDG PRUH FXULRXV DVSHFWV RI FKXUFKHV GHSLFWHG LQ 3HUIHFW (QJOLVK 6W\OH
ZDU\ RI VHOIKHOS ERRNV EXW WKLV ZKLFK RIWHQ JR XQQRWLFHG )URP GUDZV RQ (QJOLVK FRXQWU\ KRPHV DQG
GRHVQ¶W IDOO LQ WKDW FDWHJRU\ $IWHU WKH HPEDOPHG KXPDQ KHDUWV WR FRZV¶ FUHDWHV DQ HTXDOO\ SHUHQQLDO IHHO
GLI¿FXOW DQG ORQHO\ WLPH ZH¶YH DOO ULEV LQ &KXUFK &XULRVLWLHV 'DYLG (QMR\ EHDXWLIXO LPDJHV RI JRUJHRXV
VKDUHG LW¶V DERYH DOO D UHPLQGHU WR &DVWOHWRQ VKDUHV WKH IDVFLQDWLQJ WDOHV LQWHULRUV DQG JHW WLSV IRU \RXU RZQ
NHHS ORRNLQJ IRU WKH MR\ HYHU\ VLQJOH EHKLQG WKH PRUH SHFXOLDU HOHPHQWV RI KRPH
GD\ 0LFKDHO -RVHSK
,6%1 RXU FKXUFKHV 6KLUH 3XEOLFDWLRQV 5\ODQG 3HWHUV 6PDOO
,6%1
,6%1 !
!
,Q %ULWDLQ ULYHUV DQG FDQDOV PDNH OLYHG DQG ZRUNHG RQ WKH ZDWHU RXW RI
XS D VLJQLILFDQW SDUW RI WKH IDEULF RI QHFHVVLW\ SUH,URQ $JH DQG WKH WRXJK
RXU ODQGVFDSH DQG RXU FRXQWU\¶V OLYHV WKH\ OHG
KLVWRU\ 7KLV ERRN ILOOV D JDS LQ KLVWRU\ LQ
7RGD\ LW LV HVWLPDWHG DURXQG WKH VKDSH RI WKH H[SHULHQFHV RI WKH
SHRSOH OLYH RQ ULYHUV DQG KXQGUHGV RI WKRXVDQGV RI %ULWRQV ZKR
FDQDOV LQ %ULWDLQ :ULWHU DQG KDYH OLYHG WKHLU HQWLUH OLYHV DIORDW
SHUIRUPHU -XOLDQ 'XWWRQ ZDV RQFH 'XWWRQ UHÀHFWV RQ WKH FKDQJLQJ QDWXUH
DPRQJ WKHVH ZDWHU GZHOOHUV KDYLQJ RI OLIH RQ WKH ZDWHU IURP WKRVH ZKR
EHHQ UDLVHG RQ D KRXVHERDW /LIH RQ GLG VR IRU ZRUN WR KRXVHERDWV
WKH ZDWHU PD\ FRQMXUH XS LPDJHV RI EHFRPLQJ D PDLQVWUHDP ZD\ RI IDPLO\
D FDUHIUHH H[LVWHQFH GULIWLQJ DORQJ OLIH WR D WLPH ZKHQ ERDW OLYLQJ WXUQHG
SLFWXUHVTXH ZDWHUZD\V 7KLV ERKHPLDQ
FHUWDLQO\ ULQJV WUXH IRU WKH IUHH -XOLDQ UHIOHFWV RQ KLV RZQ WLPH
VSLULWHG FUHDWLYHV ZKR GLWFKHG OLIH JURZLQJ XS RQ D KRXVHERDW DQG HYHQ KDV FKDQJHG RYHU WKH \HDUV
RQ ODQG LQ IDYRXU RI KRXVHERDWV LQ UHYLVLWV WKH KRXVHERDW FRPPXQLW\ 'LVFRYHU ZKDW KDV GULYHQ SHRSOH WR
SRVWZDU (QJODQG ZKHUH KH RQFH OLYHG 'UDZLQJ RQ KLV OLIH DÀRDW WKURXJK WLPH DQG WKH
+RZHYHU WKLV OX[XULRXV OLIHVW\OH RZQ H[SHULHQFHV DQG FRQWUDVWLQJ WKHVH KLJKV DQG ORZV RI WKLV
ZDV QRW DOZD\V WKH FDVH IRU WKRVH ZLWK WKH ZD\ RI OLIH LQ KRXVHERDW XQFRYHQWLRQDO OLIHVW\OH
OLYLQJ DIORDW ,Q -XOLDQ 'XWWRQ¶V QHZ FRPPXQLWLHV WRGD\ -XOLDQ SDLQWV D 7KH +LVWRU\ 3UHVV
,6%1
ERRN KH UHPHPEHUV WKRVH ZKR FOHDU SLFWXUH RI KRZ OLIH RQ WKH ZDWHU
,Q KHU WHQ \HDUV DV WKH 'XFKHVV RI &DPEULGJH .DWH
7KH ODVW 0LGGOHWRQ KDV EHFRPH VRPHWKLQJ RI D PRGHUQ UR\DO
PRQWKV KDYH VW\OH LFRQ ,Q RXU DJH RI QHZV FRYHUDJH KHU
FKDQJHG OLIH DV IDVKLRQV KDYH EHHQ GRFXPHQWHG SHUKDSV PRUH WKDQ DQ\
ZH NQHZ LW RWKHU UR\DO LQ KLVWRU\ ,Q WKLV ERRN 7KH 7HOHJUDSK¶V
$ORQJ ZLWK WKH )DVKLRQ 1HZV DQG )HDWXUHV 'LUHFWRU %HWKDQ +ROW WDNHV
SDQGHPLF FDPH UHDGHUV RQ DQ LOOXVWUDWHG MRXUQH\ WKURXJK .DWH¶V UR\DO
UHVWULFWLRQV VW\OH MRXUQH\ 'HVFULELQJ UR\DO VW\OH DV KHU
UHVWULFWLRQV DQG ³SURIHVVLRQDO REVHVVLRQ´ +ROW DQDO\VHV HYHU\WKLQJ IURP ³&DVXDO .DWH´ WR
PRUH UHVWULFWLRQV ³5HJDO *ODPRXU´ 5\ODQG 3HWHUV 6PDOO
,6%1
$ERYH DOO ZDLWLQJ IRU LQVWUXFWLRQ RI
ZKDW ZH PD\ RU PD\ QRW GR LQ HYHU\
DVSHFW RI RXU OLYHV EHFDPH WKH QRUP 6WDUV RI
$XWKRULW\ ¿JXUHV KDYH JRQH IURP 3LFNLQJ XS &KDQQHO ¶V
EHLQJ EDFNJURXQG QRLVH WR EHLQJ WKH SHEEOHV ZKLOVW PXFKORYHG
SHRSOH ZKR GLFWDWH RXU HYHU\ GD\ VWUROOLQJ DORQJ 7KLV :HHN RQ
)URP DOFRKRO EHLQJ EDQQHG LQ WKH EHDFK FDQ WKH )DUP WKH
UHVWDXUDQWV DQG SXEV WR FXUIHZV WR EH DQ 1LFKROVRQ
VLQJLQJ LQ SXEOLF EHLQJ RIILFLDOO\ LQFUHGLEO\ IDPLO\ KDYH
EDQQHG LW¶V VXUHO\ WLPH ZH VWRSSHG PLQGIXO UXQ
EHLQJ ³EORRG\´ ERVVHG DERXW DFWLYLW\ 0DQ\ <RUNVKLUH¶V
3DUOLDPHQWDU\ VNHWFK ZULWHU DQG RI XV ZLOO &DQQRQ +DOO
EHVWVHOOLQJ DXWKRU RI )LIW\ 3HRSOH HQMR\ SRFNHWLQJ WKH UDLQERZ RI URFNV )DUP IRU PDQ\
:KR %XJJHUHG 8S %ULWDLQ 4XHQWLQ ZKLFK FDQ EH IRXQG VFDWWHUHG DFURVV \HDUV 5HDG XS
/HWWV LV NLFNLQJ EDFN DJDLQVW WKH WKH VDQG %XW GR \RX NQRZ KRZ WKHVH RQ WKH 1LFKROVRQ IDPLO\¶V IDUPLQJ
³ERVVRFUDF\´ 5HIXVLQJ WR VK\ DZD\ URFNV KDYH IRUPHG" 2U ZK\ WKH\ OHJDF\ GDWLQJ EDFN WR LWV KXPEOH
IURP QDPLQJ DQG VKDPLQJ /HWWV ORRN WKH ZD\ WKH\ GR" ,Q WKLV JXLGH EHJLQQLQJV DV D VPDOO HVWDWH LQ WKH
KLJKOLJKWV H[DFWO\ ZKR KH IHHOV LV WR RXW RQ -XQH JHRORJLVW &OLYH - V DQG WKH KDUG JUDIW ZKLFK KDV
EODPH IRU WKLV ERVVRFUDF\ DQG ZK\ 0LWFKHOO ZDONV XV WKURXJK OHG WR WKH IDPLO\¶V PRGHUQ
WKH\ QHHG WR EH VWRSSHG ,W¶V WLPH WR GLIIHUHQW W\SHV RI SHEEOHV DQG ZKHUH DJULFXOWXUDO DFKLHYHPHQWV 7KLV
VD\ QR WR WKH ¿QJHU ZDJJHUV WR ¿QG WKHP KHDUWZDUPLQJ UHDG LV QRW WR EH
&RQVWDEOH
,6%1 1DWLRQDO 7UXVW
,6%1 PLVVHG 0LUURU %RRNV
,6%1
%RRNV OLVWHG KHUH DUH QRW \HW DYDLODEOH WR EX\ IURP WKH 7KLV (QJODQG VKRS WKRXJK ZH DUH KRSLQJ WR RIIHU WKHP LQ WKH IXWXUH
/-
] -ÕiÀ] ÓäÓ£
'HOLFLRXV :LQH )RU $Q\ 2FFDVLRQ
69-( ?-;5 =&+ 5( =&9$ -;5 ;)-;6 6)9&-+ - + =&+6 5-* -;9&2; =&+5&6
5-;+ 9$ =-5)1 $9$5 5 -5 =$&9 &6 ?-;5 <-;5&9 9&//) 9$6 66 - .: =&)) /5-<&
3=)) 9- =))4 /)6;5 &+ <5? #)661
0DOEHF
) &6 9$ 5 =&+ -+ <5?-+46 )&/6 9$6 ?6 6/&))? & ?-;
5 *9%951 9 6& ) *(6 #59 -*/+&*+9 9-
;))%!<-;5 <#95&+ &6$6 9--1 5 5 6-* 95;)? )&&-;6
>*/)6 66*) &+ 9$&6 .:%-99) 6 5-* 6*)) -;9&2;
/5-;56 + )&+# =&+*(561
&RGH 0/%
9- -+)?
%LJ 5HG
=)< - 9$ 5&$69 *-69 !<-;56-* 56 )) 9-#9$5 &+ -+
)-(;69&+# 61 &#$)&#$96 &+); 9$ )( 5;&9 &+9+6&9? -
/+&6$ ."0 )&#$9 )-+# =&9$ 5&/%5-5&+# ;66& $&5@
<-;5&9 69?) $5 6&+ 9$ .,A61 -;4)) )6- +'-? 9$ #+5-;6
!<-;56 - 6;+%5+$ 5+$ )66& + + -/;)+9 5#+9&++
6951 946 2;&9 6&*/)? 9$ 6 9$9 +- + - 56 =&9$ 5) /56-+)&9?
6$-;) =&9$-;9
&RGH 5:6
9- -+)?
= )+ ;<&#+-+ )+ $6 )) ;9 -5+5 9$ *5(9 -5
9$&6 #5/1 + 9 =&9$ &96 @&+#? &95;6 9+# + !<-;56%9;5+%
;/%%+-9$ 69?) &9 $6 -* <-;5&9 =&+ $5 &+ 9$ 1 &6
*&> 6 /5-<&6 )&66;))? 56$ >*/)6 5-* -;9&2; 2;)&9?%
-;66 =&+5&61 9;++&+# =&+6 5-* 3;<&#+-+ +95)4 % 9$
5)-5-;#$ 5#&-+ % ) 9$ )&+%;/ -*/)*+9 ? )95+9&<
69?)61 )&#$9;))? 395-/&)4 &+ 69?)1
&RGH 1=6
9- -+)?
3+21( 0RQGD\ WR )ULGD\ DP WR SP 2YHUVHDV
21/,1( ZZZWKLVHQJODQGFRXN
32677KLV (QJODQG 3XEOLVKLQJ /WG 32 %R[ +D\ZDUGV +HDWK 6XVVH[ 5+ /4
6800(5 ',$5<
9 H[KLELWLRQ H[SORUHV RXU UHODWLRQVKLS DQG 'LDPRQGV $UH )RUHYHU -XQ
5XEHQV 5HXQLWHG ZLWK WKH EUDQGLQJ DQG KLVWRU\ RI WKH 7KH 5R\DO $OEHUW +DOO .HQVLQJWRQ
)ROORZLQJ WKH UHVWRUDWLRQ RI 3HWHU REMHFWV DURXQG XV 0D\ 6HS *RUH /RQGRQ 6: $3
3DXO 5XEHQV¶ ³$ 9LHZ RI +HW 6WHHQ LQ +XPEHU 6WUHHW *DOOHU\ +XPEHU UR\DODOEHUWKDOOFRP
WKH (DUO\ 0RUQLQJ´ WKH SDLQWLQJ KDV 6WUHHW +XOO +8 78
EHHQ UHXQLWHG ZLWK LWV SHQGDQW KXPEHUVWUHHWJDOOHU\FRXN &UHDWLQJ D 1DWLRQDO &ROOHFWLRQ
SDLQWLQJ ³7KH 5DLQERZ /DQGVFDSH´ 6HH ZRUNV E\ 0RQHW *DLQVERURXJK
DIWHU \HDUV 6HH WKH SDLU DW 7KH &HOHEUDWH 1DWXUH DW &RPSWRQ 0DJJL +DPEOLQJ DQG 3DXOD 5HJR DW
:DOODFH &ROOHFWLRQ $SU $XJ 9HUQH\ WKLV H[KLELWLRQ ³&UHDWLQJ D 1DWLRQDO
+HUWIRUG +RXVH 0DQFKHVWHU %H LQVSLUHG E\ WZR QHZ H[KLELWLRQV DW &ROOHFWLRQ´ H[DPLQHV WKH UROH RI WKH
6TXDUH /RQGRQ :8 %1 &RPSWRQ 9HUQH\ $UW *DOOHU\ 0DU\ 1DWLRQDO *DOOHU\ LQ WKH HYROXWLRQ RI
ZDOODFHFROOHFWLRQRUJ 1HZFRPE¶V ³1DWXUH¶V &DQYDV´ LV WKH 6RXWKDPSWRQ &LW\ $UW *DOOHU\
PRVW H[WHQVLYH FROOHFWLRQ ZRUN E\ WKH 0D\ 6HS 6RXWKDPSWRQ &LW\ $UW
7KH %R[ VFLHQWLVW IDUPHU DQG DUWLVW 5HEHFFD *DOOHU\ &LYLF &HQWUH &RPPHUFLDO
7KLV VXPPHU VHHV WKH UHRSHQLQJ RI /RXLVH /DZ¶V ³6HDVRQV´ FHOHEUDWHV 5G 2 /<
3O\PRXWK¶V ³7KH %R[´ WKH ODUJHVW WKH MR\ RI WKH FKDQJLQJ \HDU VRXWKDPSWRQFLW\DUWJDOOHU\FRP
8. PXVHXP WR RSHQ GXULQJ 0D\6HS &RPSWRQ 9HUQH\
([KLELWV LQFOXGH ³6WRULHV IURP WKH :DUZLFNVKLUH &9 += $UWV DQG &UDIWV DW +DUORZ &DUU
6KHOOV RI 1DWLYH $PHULFD´ SDLQWLQJV FRPSWRQYHUQH\RUJXN 5+6 *DUGHQ +DUORZ &DUU¶V %DWK
IURP 6LU -RVKXD 5H\QROGV DQG PRUH +RXVH ZLOO ZHOFRPH D VHOHFWLRQ RI
)URP 0D\ 7KH %R[ 7DYLVWRFN 1
FRQWHPSRUDU\ DUWV DQG FUDIWV E\
3O 3O\PRXWK 3/ $; 0HDW WKH )XWXUH 'HVLJQHU 0DNHUV 0DUNHW LQFOXGLQJ
WKHER[SO\PRXWKFRP :LWK FRQFHUQ IRU WKH SODQHW JURZLQJ WH[WLOHV FHUDPLFV JODVV FROODJH DQG
ZH DUH DOO DZDUH RI D QHHG IRU FKDQJH ZRRG DUW IURP RYHU ORFDO DUWLVWV
3RUWUDLWV RI D 0DUULDJH 2[IRUG 8QLYHUVLW\ 0XVHXP RI 1DWXUDO 0D\ -XQ 5+6 *DUGHQ +DUORZ
,Q WKLV H[KLELWLRQ DW 7KH +ROEXUQH +LVWRU\ KRVWV ³0HDW WKH )XWXUH´ DQ &DUU &UDJ /Q %HFNZLWKVKDZ
0XVHXP %ULWLVK VFXOSWRU 1LFKRODV H[KLELWLRQ GHPRQVWUDWLQJ WKH LPSDFW +DUURJDWH +* 4%
3RSH GHSLFWV ILYH GHFDGHV RI PDUULDJH FRQVXPSWLRQ RI DQLPDO SURGXFWV LV UKVRUJXNJDUGHQVKDUORZFDUU
ZLWK KLV ZLIH -DQHW WKURXJK WHQ KDYLQJ RQ RXU ZRUOG 0D\-DQ
QHYHUEHIRUHVHHQ VFXOSWXUHV 2[IRUG 8QLYHUVLW\ 0XVHXP RI 'XUKDP 8QLYHUVLW\ 2UFKHVWUD
0D\ $XJ 7KH +ROEXUQH 1DWXUDO +LVWRU\ 3DUNV 5G 2[IRUG )URP %HUQVWHLQ¶V :HVW 6LGH 6WRU\ WR
0XVHXP *UHDW 3XOWHQH\ 6W 2; 3: RXPQK FODVVLFV IURP *HRUJH *HUVKZLQ
%DWKZLFN %DWK %$ '% R[DFXN 'XUKDP 8QLYHUVLW\ 2UFKHVWUD ZLOO QRW
KROEXUQHRUJ GLVDSSRLQW 7KH RUFKHVWUD ZLOO EH
&KDONH 9DOOH\ +LVWRU\ )HVWLYDO MRLQHG E\ FKDQFHOORU 6LU 7KRPDV
0HGLHYDO 0DVWHUSLHFHV 7DNH D WULS EDFN LQ WLPH ZLWK D YLVLW WR $OOHQ -XQ 6DJH 6W 0DU\¶V
:LWK WKH RXWGRRU JURXQGV JUDGXDOO\ WKH 8.¶V ODUJHVW FHOHEUDWLRQ RI KLVWRU\ 6TXDUH *DWHVKHDG 1( -5
UHRSHQLQJ VLQFH $SULO &KDWVZRUWK 7KH RXWGRRU IHVWLYDO ZLOO FRQVLVW RI VDJHJDWHVKHDGFRP
+RXVH ZLOO RSHQ WKLV PRQWK (QMR\ D WDONV OLYLQJ KLVWRU\ DQG DFWLYLWLHV IRU
QHZ H[KLELWLRQ ³/LIH 6WRULHV´ DQG FKLOGUHQ KRVWHG E\ HPLQHQW KLVWRULDQV 6WULFWO\ 7KH 3URIHVVLRQDOV
WKH DGGLWLRQ RI WZR PHGLHYDO -XQ &KXUFK %RWWRP %URDG ([SHFW EDOOURRP PDJLF DV GDQFHUV
DUWZRUNV 0XVW EH ERRNHG LQ DGYDQFH &KDONH 6DOLVEXU\ :LOWVKLUH 63 IURP 6WULFWO\ &RPH 'DQFLQJ WDNH WKH
)URP 0D\ &KDWVZRUWK +RXVH '6 FYKIRUJXN VWDJH 7KH OLQHXS IHDWXUHV $XVWUDOLDQ
%DNHZHOO 'HUE\VKLUH '( 33 2SHQ &KDPSLRQ DQG 6WULFWO\ ¿QDOLVW
FKDWVZRUWKRUJ 7KH 0XVLF RI %RQG 'LDQQH %XVZHOO %DOOURRP DQG /DWLQ
7KH 5R\DO 3KLOKDUPRQLF 2UFKHVWUD :RUOG &KDPSLRQ 1DGL\D %\FKNRYD
(QMR\ &LYLF /LIH ZLOO EH MRLQHG E\ $QWKRQ\ +RURZLW] 3URIHVVLRQDO :RUOG 0DPER &KDPSLRQ
+XOO¶V +XPEHU 6WUHHW *DOOHU\ LV IRU D VSHFWDFXODU SHUIRUPDQFH RI WKH DQG 6WULFWO\ ¿QDOLVW .DUHQ +DXHU
KRVWLQJ D QHZ H[KLELWLRQ E\ %ULWLVK -DPHV %RQG DQWKHPV +LJKOLJKWV -XQ -XO 9HQXHV QDWLRQZLGH
DUWLVW /HR )LW]PDXULFH 7KH IUHH LQFOXGH *ROG¿QJHU /LFHQFH WR .LOO VWULFWO\WKHSURIHVVLRQDOVFRP
;OL )YHKMVYK ,_JOHUNL :
: :OPWWPUN
:LY]PJL 6ɈLY HWWSPLZ [V <2 VUS` 6\Y N\HYHU[LL PZ PU HKKP[PVU [V
4VIPSL [OL YPNO[Z WYV]PKLK [V `V\ I` JVUZ\TLY WYV[LJ[PVU YLN\SH[PVUZ 7;7
$
RTHUR /DZ KDG $V ZHOO DV FKDSWHUV RQ KLV KRUVH
EHHQ FRQVLGHULQJ UDFLQJ FDUHHU ZKLFK VDZ KLP PHHW
ZULWLQJ D PHPRLU IRU D 3ULQFHVV $QQH WKH ERRN LV GHGLFDWHG
ZKLOH EXW LW ZDVQ¶W XQWLO WR KLV ODWH ZLIH 0DXUHHQ ³$
KLV JUHDW QHSKHZ DVNHG VLJQL¿FDQW SRUWLRQ RI WKH ERRN UHODWHV
KLP D TXHVWLRQ DERXW KLV 1DWLRQDO WR WKH YHU\ KDSS\ \HDUV , VSHQW
6HUYLFH WKDW WKH LGHD UHDOO\ WRRN KROG ZLWK P\ ZLIH ,W ZDV UHPDUNDEOH ZKDW
'XULQJ ORFNGRZQ ODVW \HDU KH VDZ DQ PHPRULHV ZHUH EURXJKW EDFN WR P\
DGYHUW IRU /LIH%RRN DQG DIWHU SKRQLQJ PLQG RQFH , VWDUWHG´ VD\V $UWKXU
WR ¿QG RXW PRUH KH WRRN WKH ¿UVW VWHSV 7KH ERRN LV D FKDQFH IRU \RXQJHU
LQ KLV PHPRLU ZULWLQJ MRXUQH\ +H PHW PHPEHUV RI $UWKXU¶V ODUJH IDPLO\ WR
KLV SURMHFW PDQDJHU ,VDEHOOD YLD YLGHR JHW WR NQRZ 0DXUHHQ ZKR DPRQJ
LQ -XQH DQG YHU\ TXLFNO\ WKH\ PDQ\ ZRQGHUIXO TXDOLWLHV ZDV D
HVWDEOLVKHG D ¿UP WLPHOLQH $UWKXU WDOHQWHG VHDPVWUHVV DQG VXSHUE FRRN
ZDQWHG WR KDYH WKH ERRN UHDG\ DV D ZKR $UWKXU SURXGO\ VD\V ³PDGH WKH
VXUSULVH &KULVWPDV JLIW IRU KLV IDPLO\ ILQHVW VFRQHV LQ WKH QRUWK HDVW RI
0RVW RI WKH PLQXWH LQWHUYLHZV (QJODQG´
LQ WRWDO WRRN SODFH RYHU =RRP 2QFH FRPSOHWHG ,VDEHOOD DUUDQJHG
EHIRUH ORFNGRZQ HDVHG $UWKXU WKHQ IRU QLQH FRSLHV RI $UWKXU¶V ³H[WUHPHO\ GHOLJKWHG ZLWK WKH HQG
SDLG IRU DGGLWLRQDO LQWHUYLHZV DV KH DXWRELRJUDSK\ WLWOHG ³$ /DZ 8QWR UHVXOW´
KDG VR PDQ\ VWRULHV WR WHOO VRPH RI 0\VHOI´ WR EH VHQW WR KLV IDPLO\ ZLWK $UWKXU H[SODLQV ³7KHUH¶V QR
ZKLFK ZHUH GRQH IDFHWRIDFH RYHU WKH VWULFW LQVWUXFWLRQV QRW WR EH RSHQHG TXHVWLRQ DERXW LW LQ P\ PLQG ZH
VXPPHU ZKHQ LW ZDV SRVVLEOH EHIRUH &KULVWPDV 'D\ ZRXOG QHYHU KDYH JRW DQ\ZKHUH QHDU
,W ZDV D WHDP HIIRUW ZKLFK LQFOXGHG 7KH IDPLO\ ZHUH ERWK VKRFNHG DQG WKLV ZLWKRXW WKH SURIHVVLRQDO
$UWKXU ,VDEHOOD LQWHUYLHZHU .DWKHULQH GHOLJKWHG DW WKHLU JLIW $UWKXU VDLG DVVLVWDQFH RI ,VDEHOOD ZKR KDV EHHQ
DQG JKRVWZULWHU /LQGD ± ZKR DOO ³0\ EURWKHULQODZ VDLG WR KLV ZRQGHUIXO 7R KDYH VRPHERG\ VR
ZRUNHG WRJHWKHU WR FDSWXUH KLV VWRU\ GDXJKWHU WKDW KH¶G EHHQ YHU\ WDOHQWHG WR KROG \RXU KDQG ZKLOH
DQG YRLFH LPSUHVVHG ZLWK WKH VWDQGDUGV RI P\ \RX¶UH JRLQJ WKURXJK LW PDGH DOO WKH
$UWKXU VD\V ³, ZDV YHU\ LPSUHVVHG MRXUQDOLVWLF DELOLWLHV´ GL൵HUHQFH WR P\ H൵RUWV´
ZLWK WKH ZD\ /LQGD KDG LQWHUSUHWHG $V ZHOO DV HQMR\LQJ WKH H[SHULHQFH +H DGGV ³)RU DQ\ERG\ ZKR LV
P\ UDPEOLQJV 6KH ZDV WKH IRXUWK RI ZULWLQJ KLV /LIH%RRN GXULQJ LQWHUHVWHG LQ WKH LGHD RI FDSWXULQJ WKHLU
PHPEHU RI RXU TXDUWHW DQG VKH GLG XV ORFNGRZQ ZKLFK $UWKXU GHVFULEHV DV PHPRLUV , ZRXOG WKRURXJKO\
SURXG´ ³D UHDO OLIHVDYHU´ KH¶V DOVR EHHQ UHFRPPHQG ZRUNLQJ ZLWK /LIH%RRN´
+DYH \RX DOZD\V OLNHG WKH EHDXWLIXO ERRN ZKLFK \RXU ORYHG
WKRXJKW RI SXWWLQJ \RXU OLIH VWRU\ RQHV FDQ HQMR\ IRU \HDUV WR FRPH
GRZQ LQ ZRUGV EXW VWUXJJOHG $QG WKHUH¶V QR UHDVRQ WR GHOD\
ZKHQ LW FDPH WR ZULWLQJ LW" DV WKH /LIH%RRN WHDP LV ZRUNLQJ
7KDW¶V ZKHUH /LIH%RRN WKH YLUWXDOO\ YLD YLGHR FDOOV XQWLO
ZRUOG¶V OHDGLQJ SULYDWH PHPRLU LQSHUVRQ PHHWLQJV DUH VDIH WR
DQG DXWRELRJUDSK\ VHUYLFH UHVXPH $ IUHH WDEOHW LV VHQW WR
FDQ KHOS HDFK µDXWKRU¶ WKH SHUVRQ ZKR¶V
7KHLU H[SHUW SURMHFW PDQDJHUV SXUFKDVHG RU EHHQ JLIWHG D
LQWHUYLHZHUV DQG JKRVWZULWHUV /LIH%RRN ZLWK IXOO WHFKQLFDO
ZLOO ZRUN ZLWK \RX WR FDSWXUH VXSSRUW DYDLODEOH VR WKDW
WKH VWRU\ RI \RXU OLIH LQ D HYHU\RQH FDQ HDVLO\ VWD\ LQ WRXFK
7R EHJLQ SXWWLQJ \RXU VWRU\ GRZQ RQ SDSHU FRQWDFW /LIH%RRN RQ
0808 274 6409 or visit www.lifebookuk.com/thisengland
A
@2 =0 <>E
07
#
#
$#
A @2 =0 <>E 0. =( 8 $ #
%
## @C ? <:E
! % <>E ##
07'*
# ( #
$ #! # !!$ !! &# # $ #( # J6-<K ="F<-CK 4!" C+" 0=C D !-*-C= 42 C+" =-*2CF<" =C<-6 42
$# ! #$ # '
#
!C" <"H"<="9 ) !-*-C= 42 C+" %42C 4# C+" <! #4<
9
#$ ! !# ( 08= =0 0@.=7C 0,, =*0. &%1 2=5 1& 7B(,,
@-7* ! 1
#%
%
"' . ). 2'('4 " 4 " 4 3 %" %#
+1 " %
+ 1" #
, #
' 1
"
#
1,
##4+,
+6
+
E/A A1 A, D/A' 1# A(*; 1331:AC/*AG A1 1E/ A( ;A:*A-G -*.*A )G9
1...1:A*D ;A:*, (1"%* $2.) #1: +C;A @<60% */;A 1# @%%6%I 43-C; @2600 G 3G./A 1# 4@<60% 3-C; @2600 335 *; . G
3356
+ 5!! #% 3+1+ ,'"#1,
# #% 3+1+ %!
1%#,*
(7C>31;A- 1:: . 3G- A1 */;1: */A ;A:: *;
. 1/ :
+,, -- 1::; : ;C+A A1 1C: :.; 1/*A*1/; D*-- 1/ :7C;A 1: A EEE6E*/;1:.*/A616C,
1C: A: 3:A/:
C:/;A:;; = ) B I
:CH-*/'/
16 %,1%
& ' ( *& )% & & * '(%
' & ' !% ) ' &% *%, ' & ' * %
& ' *,$ '' ' &)' ")% % '# &
%&(' & !%' &% %' (& !' , $
& & ' ! )' ! && % '%& ) ' &
* * ' !'& &%) '%('
* ' %' (& +! &(&$
&(& * %'(% ' ' %' ' ' ' !! ' , ' '
% &)' ' &'& ' )%&' (!
'& %'$ * %( ' * * % & '
$
&& %' ' ' ' & * +&' %' ' &
'(% & %$
% % # #
%%%%
& '"' !! "'
&# % % #
&
)5((
*,) 76
,1 :,//
*8,'( 6
"0 74"7%%; +/0'4 /)8/ ''7% "0 4 +/4 " )/ %% '%)+ "% /"'0 9"4 "40 8/" &": )
47/0 8'40 ' -7"<<0, $ 9"4 047''"' + )4)/+ ; +)&0 ' /4"%0 )' 9" /' ) 07#40
"4 +/)&"00 4) &)/ +)+7%/ 4 ' 8/ )/
35(25'(5
12: )25
'(/,9(5< ,1
$8*867
704 4) )8/00 3*1,(( 9) )+"0 ) "0 '%'.0 ''7% 4) )' /00
&RGH7($7 704 4) )8/00 35,==
&RGH7($7
"0 '%' ''7% 6=6* 6=66 $ 4) )8/00 35,==
&RGH7($1
333 3( 3" !2 +! &2 +! )#$ /&'' % ",- (3- 000$+'$!$.
'
.' +
!1 " 20&' +
.''1 ") $
( 4# &04 +5 '*(4#0 /04/$4$*(0 *( *6/ '*7'(40 :*6/ ("&$0# 4/7&0 (* '44/ 8#$# 04/4# * 4# *6(4/:
#7 ' *6/ &$70 & 7/: *(!(- *87/ 04:$(" :*6 #**0 4* 7$0$4-
&*0 4* #*' #0 &0* ' 60 ,,/$4 '*/ 4#(
#4#/ :*6./ &**%$(" */ /*''(4$*(0 */ 4/$, 4* 4#
7/ 4# 64: * *6/ "/( ( ,&0(4 &( *( *6/
/(*8( 4#4/0 $&&604/$*60 '606'0 ( &7$0# #*4&0 $(
**/04,0- 0 8 "$( 4* 0,: #*, *( 4# #*/$;*( */
4# ,$4& 4# #*4&0 ( 44/4$*(0 * 4# *64# 04 8$4#
4$' 8#( 8 '$"#4 7(46/ 0&$"#4&: 6/4#/ !&
$40 0,/%&$(" &6 00 */ #/$4" !&& 4/$, 4* 4# */4#
(*8 $0 4# ,/ 4 '*'(4 4* 0% $(0,$/4$*( */ 646/
04 8 &7 (* 04*( 6(46/( $( *6/ *',/#(0$7
*'04$ 4/7&0-
/"$*(& 4/7& "6$0- : 46/ 4# 04 044&: #*'0
6/ 5<5+ 9,&*/ ("&( $0 4# $& *',($*( */ '606'0 7$(4" /$&8:0 64$ 6& "/(0 ( '$&:
44/4$*(0 $( 7/: *6(4:-
$"#&$"#40 $(&6
$0*7/ */(8&&.0 #$( *70 ( #0 *( 4# *6(4/:.0
'*04 0($ 60 /*64-
6/ 8/$4/ *#( 60( "*0 &*(" */
4# /$-
#/$0 /(%0 ,:0 7$0$4 4* 4# 4'*0,#/ &'0&:
04& $( */%0#$/ 8#/ 4#/ / 4&0 * "#*04&: "*$("0 *(-
&60 4#/.0 ,&(4: '*/ 0$0 $(&6$(" 4# */04 *
*8&( 4# $(0$ 04*/: * 4# *&$( $//: $(
9 */
4# (404$ #6/#0 * *(*( ( 8%( $( $(0*/-
4*
*7/00 3+<-))
&RGH7;3
63(&,$/ 2))(5
EX\ WZR FRSLHV WR RQH DGGUHVV
DQG 6$9(
4*
*7/00 3+-<<
&RGH73;
31-))- /$ $(&60 3+ */ -
.
(
+#$ $ ')!/ - $ ( #$$
&RGH76'7
(
+#$ $ '!//
# $ ( #$$ &RGH76'7
% $ ' (& $ % ' "
!
35(25'(5
12: )25
'(/,9(5< ,1
$8*867
+.& !& + 2 '.#&
#!+!&#' &#&'+ /&1 ' +&+! !.+1 + '
++ 1!. !! !&0& +! &+ /0 !& /&1 0 ! + 1&$ '!1 #&'+ 0+
0+!/0 +&%' #+1 ! '# +! +!' #!&++ +' ##!++' 0+
!!.&. &
! && + !& ! !& !$
63(&,$/ 2))(5
' . !.+&1 & ' &1 -2-- +! !/&'' *2$22
&RGH7('$&
% $ ' (& $ % ' "
!
/-
;;; ;1! ;+ , /*'
&(&$(0-
&%. $1($
9.// + '67 0=7
-*
-
&$(#5 5 &.. &.$ #&: % (&/5
: 5 (<$%5 5&
#$0 ("&( 7&$0#$(" 6.
.. *9 +! :8/0 6#
7009 +2 ).
888.6#$0("&(.*.7%
#/ %5. <&8. %$ % .// 9% &.. % &. . %/
&/5&
#(&%
$ # .//
53
*6&
&/5&
53
*6&
#$' %' $ &# :'(6
# # # & # # # < ,82&/5# .. &. 4 *****************************
'$
#
& #
),8/ (<# 5&
:&8# # " 5& &%55 <&8 .&$ 5 $ 5& 5 $ &85 %: (.&85/ /.9 / %
&./ : 5 %" $< & %5./5 5& <&8* <&8- # " 5& . .&$ 8/ < (&/5 (#/
5 " . 5#(&% (#/ 5 " . &. $ # (#/ 5 " .
. @% ,$9 ,)) C'*',$ .'@G
9::
.:@.
( ( "#+ $'+ # + "(+',+#" +# 0#,' " #' , " (#++ <??3EE <#.3E
<.,3E <>93:?
6
A -A7 E2 -+ C-@7 !78= '88@
,Q SURVSHFW ZLGH
7KH ERXQGOHVV WLGH
:DYHV FHDVH WR IRDP DQG ZLQGV WR URDU
:LWKRXW D EUHH]H
7KH FXUOLQJ VHDV
'DQFH RQ LQ PHDVXUH WR WKH VKRUH
ot
WnnFoZnZEE