Professional Documents
Culture Documents
7R E *
&F 6(/)-())5(<
6XEMHFW ):%RUGHU)HQFH1HZVFOLSV6HS
'DWH 7XHVGD\6HSWHPEHU$0
)<,
E
6HFXUH%RUGHU ,QLWLDWLYH
86&XVWRPVDQG%RUGHU 3URWHFWLRQ
E
)URPE
6HQW7XHVGD\6HSWHPEHU$0
7RE
&F
E
6XEMHFW%RUGHU)HQFH1HZVFOLSV6HS
86ILOHVSURSRVHG ERUGHUIHQFHSODQV(3QRWDIIHFWHG
%\/RXLH*LORW(O3DVR7LPHV
$UWLFOH/DXQFKHG$00'7
3ODQVKDYHEHHQGUDIWHGIRUWKHFRQVWUXFWLRQRIWKHILUVWPLOHVRISURSRVHGIHQFLQJ
PDQGDWHGE\&RQJUHVVDORQJWKH860H[LFRERUGHUDQG(O3DVRLVQRWRQWKHPDS
7KHFORVHVWSURSRVHGIHQFHZRXOGEHWZRVHJPHQWVWRWDOLQJILYHPLOHVQHDU0DUID
7KH'HSDUWPHQWRI+RPHODQG6HFXULW\ILOHGVHYHUDOPDSV0RQGD\ZLWKWKH1DWLRQDO
5HJLVWHUVKRZLQJZKHUHPLOHVRIIHQFLQJFRXOGEHEXLOWLQVHJPHQWVLQWKH5LR*UDQGH
9DOOH\LQ7H[DVPLOHVLQ'HO5LR7H[DVIRXUPLOHVQHDU6DQ'LHJRDQGPLOHVLQ(O
&HQWUR&DOLILQDGGLWLRQWRWKHILYHPLOHVLQ0DUID7KHSURSRVHGIHQFHVHJPHQWVUDQJH
LQOHQJWKIURPRQHPLOHWRPRUHWKDQPLOHV
&RQVWUXFWLRQFRXOGVWDUWLQWKHVSULQJRIDQGFRQWLQXHWKURXJK'HFRIILFLDOV
ZLWKWKH'HSDUWPHQWRI+RPHODQG6HFXULW\VDLG
0RVWRIWKHVWUXFWXUHZRXOGEHDORQJWKH,QWHUQDWLRQDO%RXQGDU\DQG:DWHU&RPPLVVLRQ
OHYHHEXWVRPHRILWZRXOGEHHQFURDFKLQJRQSULYDWHO\RZQHGDJULFXOWXUDODQGXUEDQODQGDV
ZHOODVRQZLOGOLIHUHIXJHV'+6RIILFLDOVVDLGLQDZULWWHQVWDWHPHQW
7KH86$UP\&RUSVRI(QJLQHHUVLVZRUNLQJZLWKSXEOLFDQGSULYDWHODQGRZQHUVWRREWDLQ
HDVHPHQWVRUSXUFKDVHWKHFRQVWUXFWLRQFRUULGRU,QVRPHFDVHVVHFXUHJDWHVZLOOEH
FRQVWUXFWHGWRDOORZODQGRZQHUVDFFHVVWRWKHLUSURSHUW\QHDUWKH5LR*UDQGH5LYHUWKH
VWDWHPHQWVDLG
7KHSURSRVHGIHQFHZRXOGEH
$WOHDVWIHHWKLJK
&DSDEOHRIZLWKVWDQGLQJDFUDVKRIDSRXQGYHKLFOHWUDYHOLQJDWPSK
&XWUHVLVWDQW
$EOHWRPLQLPL]HLPSDFWRQVPDOODQLPDOPRYHPHQWV
1RWLPSHGLQJWKHIORZRIZDWHU
$HVWKHWLFDOO\SOHDVLQJ
3XEOLFFRPPHQWVRQWKHSURMHFWFDQEHILOHGE\2FWDWZZZERUGHUIHQFHQHSDFRP
1HZPDSVVKRZ&DPHURQ6WDUUFRXQWLHV
ZLWKORQJHVWVWUHWFKRIERUGHUIHQFH
-HUHP\5RHEXFN
6HSWHPEHU307KH0RQLWRU
0F$//(1²&DPHURQDQG6WDUUFRXQWLHVDUHVHWWRKROGWKHFRXQWU\¶VORQJHVWFRQWLQXRXV
VSDQVRIDSURSRVHGERUGHUIHQFHDORQJWKH860H[LFRERUGHU86'HSDUWPHQWRI
+RPHODQG6HFXULW\RIILFLDOVVDLGRQ0RQGD\
,QDGHWDLOHGVHWRIPDSVWKHGHSDUWPHQWRXWOLQHGWKHSODQQHGPLOHEDUULHUVKRZLQJLW
VWUHWFKLQJLQVHJPHQWVWKURXJKVRXWKHUQ&DOLIRUQLDDQGPXFKRI7H[DV9LHZWKH/RZHU5LR
*UDQGH9DOOH\0LG5LR*UDQGH9DOOH\DQG8SSHU5LR*UDQGH9DOOH\
7KHSURSRVDOLQFOXGHVPLOHVRIIHQFLQJLQWKH5LR*UDQGH9DOOH\DQGLQFOXGHVDPLOH
VHFWLRQWKDWZRXOGWUDFHDORQJPRVWRIGRZQWRZQ%URZQVYLOOH
,QIDFWWKH9DOOH\LVVODWHGWRKROGSHUFHQWRIWKHQDWLRQ¶VERUGHUEDUULHU
7KHQH[WORFDWLRQWDSSHGWRKROGDKLJKFRQFHQWUDWLRQRIIHQFLQJLVDSRUWLRQRIVRXWKHUQ
&DOLIRUQLDDWMXVWPLOHV
³7KHVHPDSVUHIOHFWRSHUDWLRQDODVVHVVPHQWVE\%RUGHU3DWURODJHQWVRIZKHUHIHQFLQJLV
PRVWQHHGHG´VDLG:DVKLQJWRQ'&EDVHG86&XVWRPVDQG%RUGHU3URWHFWLRQVSRNHVPDQ
0LNH)ULHO
9DOOH\IHQFHPDSSHG
:HE3RVWHG$0&'7
$QDVWDVLD8VWLQRYDDQG+HUQiQ5R]HPEHUJ
6DQ$QWRQLR([SUHVV1HZV6WDII:ULWHUV
&RQVWUXFWLRQRIQHDUO\PLOHVRIERUGHUIHQFLQJLQWKH5LR*UDQGH9DOOH\LVVFKHGXOHGWR
EHJLQDVHDUO\DVQH[WVSULQJ86&XVWRPVDQG%RUGHU3URWHFWLRQVDLG0RQGD\VSDZQLQJ
UHQHZHGFULHVWKDWORFDORIILFLDOVDUHEHLQJVKXWRXWRIWKHFRQWURYHUVLDOSODQ
7KHDJHQF\SXEOLVKHGWKHPRVWGHWDLOHGGHVFULSWLRQVWRGDWHRIWKHGHVLJQDQGSUHOLPLQDU\
PDSVWREHJLQVWXG\LQJWKHHQYLURQPHQWDOLPSDFWRIWKHIHQFHGHVLJQHGWRGHWHULOOHJDO
LPPLJUDWLRQ
,QRUGHUWRVHFXUHRXUQDWLRQ
VERUGHUV&%3LVGHYHORSLQJDQGGHSOR\LQJWKHPRVWHIIHFWLYH
PL[RISURYHQWHFKQRORJ\LQIUDVWUXFWXUHDQGLQFUHDVHGSHUVRQQHOWKHDJHQF\VDLGLQLWV
HQYLURQPHQWDOVWDWHPHQW
$JHQF\RIILFLDOVGHFOLQHGFRPPHQWDQGUHIHUUHGFDOOVWRKHDGTXDUWHUVLQ:DVKLQJWRQ
7KRXJKWKHILQDOGHVLJQZRQ
WEHDSSURYHGXQWLOWKHFORVHRIWKHSXEOLFFRPPHQWSHULRG
ZKLFKHQGV2FWWKHDJHQF\VDLGWKHIHQFHZLOOEHDWOHDVWIHHWKLJKDQGWRIHHW
EHORZJURXQGFDSDEOHRIZLWKVWDQGLQJYDQGDOLVPFXWWLQJDQGSHQHWUDWLQJDVZHOODVDFUDVK
RIDSRXQGYHKLFOHWUDYHOLQJPSK
%XLOGLQJWKH%DUULHU
3ODQVFDOOIRUDIHQFHWKDWZRXOG
%HIHHWKLJKDQGXSWRIHHWXQGHUJURXQG
:LWKVWDQGWKHFUDVKRIDWRQYHKLFOHWUDYHOLQJPSK
6XUYLYHH[WUHPHZHDWKHUFKDQJHV
:LWKVWDQGYDQGDOLVPDQGFXWWLQJ
1RWLPSHGHWKHQDWXUDOIORZRIZDWHU
2QWKH:HE
6HHWKHSODQIRUWKH%RUGHU)HQFH
%\WKH1XPEHUV
1XPEHURIPLOHVRIIHQFLQJLQWKH/RZHU5LR*UDQGH9DOOH\
1XPEHURIVHJPHQWVWREHLQVWDOOHG
:LGWKLQIHHWRIWKHIHQFHFRUULGRUGXULQJFRQVWUXFWLRQ
7RWDODFUHVRFFXSLHGE\WKHIHQFHFRUULGRUGXULQJFRQVWUXFWLRQ
%RUGHUFRPPXQLW\OHDGHUVZHUHVXUSULVHGGLVDSSRLQWHGDQGHYHQDQJU\RYHUWKH
JRYHUQPHQW
VDQQRXQFHPHQWRIWKHHQYLURQPHQWDOVWXG\
:HFRQWLQXHWREHFRQIXVHGDQGEHZLOGHUHGDQG,GRQ
WWKLQNLW
VE\DFFLGHQWVDLG&KDG
)RVWHUPD\RURI(DJOH3DVVDQGFKDLUPDQRIWKH7H[DV%RUGHU&RDOLWLRQDJURXSRIOHDGHUV
IURP(O3DVRWR%URZQVYLOOH7KH\
YHQHYHUEHHQRSHQ7KH\
YHQHYHUEHHQDERYHERDUG
7KHUH
VQHYHUDJRRGWLPHIRUDEDGLGHDEXWDWOHDVWWKH\
UHFRQVLVWHQWDERXWWKDW
7KHZDOOZLOOFRQVLVWRIVHJPHQWVZKLFKZLOOUDQJHIURPWRPLOHVDORQJWKHERUGHU
QHDU5LR*UDQGH&LW\0F$OOHQ0HUFHGHV+DUOLQJHQ%URZQVYLOOHDQG)RUW%URZQ
6LPLODULPSDFWVWXGLHVDUHH[SHFWHGIRURWKHUERUGHUUHJLRQV
7KH86$UP\&RUSVRI(QJLQHHUVLVZRUNLQJZLWKSXEOLFDQGSULYDWHODQGRZQHUVWRREWDLQ
HDVHPHQWVRUSXUFKDVHWKHFRQVWUXFWLRQFRUULGRU&%3VDLGLQWKHSURSRVDO
7KHIHQFHLVSDUWRIWKH6HFXULW\'HIHQVH$FWZKLFKFDOOVIRUPLOHVRIUHLQIRUFHGEDUULHUV
LQDOOIRXUVWDWHVDORQJWKH0H[LFDQERUGHU
&RQJUHVVDOORFDWHGELOOLRQIRUWKHFRQVWUXFWLRQRIPLOHVRIIHQFHZLWKDERXW
PLOHVRILWLQ7H[DVE\WKHHQGRI&%3VDLGLIDSSURYHGWKHFRQVWUXFWLRQRIWKH
WDFWLFDOLQIUDVWUXFWXUHZRXOGEHJLQQH[WVSULQJ
7KHDJHQF\VDLGLWZRXOGFOHDUYHJHWDWLRQWREXLOGWHPSRUDU\DFFHVVURDGVDQGFRQVWUXFWLRQ
VWDJLQJDUHDVZKLFKZLOODIIHFWDVZDWKRIDERXWIHHWVWUHWFKLQJDORQJWKHPLOHV
7KH\
UHVXSSRVHGWREHZRUNLQJZLWKXVEXWLQVWHDGWKH\DUHUXQQLQJLWGRZQWKHWKURDWVRI
WKHUHVLGHQWVRI%URZQVYLOOHVDLG3DW$KXPDGDPD\RURI%URZQVYLOOH
7KHFRQVWUXFWLRQDOVRZLOODIIHFWSRUWLRQVRIWKH/RZHU5LR*UDQGH9DOOH\1DWLRQDO:LOGOLIH
5HIXJHZKLFKKDVUDLVHGFRQFHUQVDPRQJHQYLURQPHQWDOLVWVZKRIHDUWKHIHQFHZLOOGHVWUR\
ULYHUIURQWZLOGOLIHKDELWDWWKDWDWWUDFWVWKRXVDQGVRIHFRWRXULVWVIURPDOORYHUWKHZRUOG
7KHHQYLURQPHQWDOLVWVDOVRVD\WKHIHQFHFRXOGFXWDFFHVVWRWKH5LR*UDQGHIRUHQGDQJHUHG
VSHFLHVVXFKDVRFHORWVDQGMDJXDURQGLGHVWUR\LQJRQHRIWKHPRVWELRORJLFDOO\GLYHUVH
UHJLRQVLQWKHFRXQWU\
,W
VDKXJHFKDQFHWRWKLQNDERXWWKHWRWDOLPSDFWRIWKHZDOOVDLG0DUWLQ+DJQHH[HFXWLYH
GLUHFWRURIWKH9DOOH\1DWXUH&HQWHULQ:HVODFRZKRKDVVHHQWKHPDSV,WLVREYLRXVO\
H[WHQVLYHDQGLVJRLQJWRDIIHFWIHGHUDODQGVWDWHSDUNV
1DQF\%URZQDQRXWUHDFKPDQDJHUDWWKH6DQWD$QD1DWLRQDO:LOGOLIH5HIXJHQHDU
0F$OOHQVDLGVKHKDVKDGVHYHUDOPHHWLQJVZLWKWKH&%3RIILFLDOVDQGWKDWWKHORFDWLRQRI
WKHIHQFHGLGQ
WFRPHDVDVXUSULVH
:HXQGHUVWDQGWKDWWKH\KDYHWKLVPDQGDWHWRSXWWKLVIHQFHXS%URZQVDLG%XWZHKDYH
DPDQGDWHWRSURWHFWWKHZLOGOLIHDQGZHDUHGRLQJWKHEHVWWKDWZHFDQ
%RUGHUUHVLGHQWVKDYHOHDUQHGWREHFRPHVNHSWLFDORIZKDWWKH\
UHWROGE\WKHJRYHUQPHQW
VDLG)RVWHURIWKH7H[DV%RUGHU&RDOLWLRQ
7KHODVWWLPHKHPHWZLWK'DYLG$JXLODUWKH1DWLRQDO%RUGHU3DWUROFKLHI)RVWHUZDVDVVXUHG
WKHUHZHUHQRGHILQLWLYHSODQVRQWKHERUGHUIHQFH1RZKHOHDUQHGE\VXUSULVHWKDWWKHIHQFH
VHJPHQWVKDYHEHHQFOHDUO\GHILQHGDQGWKDWWKH\GRQ
WDOZD\VVWLFNWRWKHULYHUEXWFXW
LQODQGDFURVVSULYDWHSURSHUW\
)RVWHUSUHGLFWHGWKDWODQGRZQHUVZRXOGEHXSLQDUPVDVVRRQDVWKH\KHDUGDERXWWKH
JRYHUQPHQW
VSURSRVDO
%XWWKDW
VQRWWKHPHVVDJHERUGHUDJHQWVDUHKHDULQJIURPWKHLUVXSHULRUV
$JHQWVZHUHEULHIHGODVWZHHNRQGHWDLOVRIWKHSURSRVHGIHQFHVHJPHQWVVDLGRQHDJHQWLQ
WKH+DUOLQJHQVWDWLRQZKRVSRNHRQFRQGLWLRQRIDQRQ\PLW\
$JHQWVZHUHWROGSODQVZHUHSURJUHVVLQJVPRRWKO\DQGWKDWSURSHUW\RZQHUVZHUHRQERDUG
²WKDWRZQHUVZHUHQRWFRQFHUQHGZLWKWKHIHQFHDVORQJDVWKH\VWLOOKDGDFFHVVWRWKHLU
ODQG
7KHDJHQWIRXQGWKDWGHWHUPLQDWLRQKDUGWREHOLHYHILJXULQJWKHUHPXVWEHVRPHODQGRZQHUV
ZKRZDQWQRSDUWRIWKHGHDO
0RVWDJHQWVDUHEDVLFDOO\LQGLIIHUHQWWRWKHLVVXH)HQFHRUQRWWKHDJHQWVDLGWKHLUOLYHVJR
RQ
0RVWRIWKHJX\VGRQ
WUHDOO\FDUHRQHZD\RUWKHRWKHUWKHDJHQWVDLG,W
VQRELJGHDOWR
XV7KHIHQFHZLOOSUREDEO\GHWHUVRPH%XWZH
OOVWLOOKDYHSOHQW\RIZRUN
7KHODWHVWGRFXPHQWVZHUHILOHGLQWKH)HGHUDO5HJLVWHU²ZKHUHJRYHUQPHQWDJHQFLHVILOH
SXEOLFQRWLFHVRIRQJRLQJSURMHFWV²RQ0RQGD\DORQJZLWKQRWLFHRIDQXSFRPLQJ
HQYLURQPHQWDOLPSDFWVWXG\DLPHGDWDVVHVVLQJSRWHQWLDOSUREOHPVWKHIHQFHPLJKWFDXVHLQ
ERUGHUFRPPXQLWLHV
$OWKRXJK0RQGD\¶VPDSVGLIIHUOLWWOHIURPDSUHYLRXVYHUVLRQOHDNHGWRWKHPHGLDLQ0D\
WKH\SURYLGHWKHPRVWGHWDLOHGHVWLPDWHVLVVXHGWRGDWHRIZKHQDQGZKHUHWKHIHQFHZLOOEH
EXLOW
)RUVRPHRUJDQL]DWLRQVVXFKDV8QLYHUVLW\RI7H[DVDW%URZQVYLOOH²ZKLFKRQFHVWRRGWR
ORVHDSRUWLRQRILWVFDPSXVWRWKH0H[LFDQVLGHRIWKHIHQFH²WKHQHZSODQZDVDSOHDVDQW
VXUSULVH
%XWIRUWKHGR]HQVRIODQGRZQHUVZKRRZQSURSHUW\DORQJWKHSURSRVHGEDUULHUOLQHWKHQHZ
PDSVVHHPHGWRFRQILUPWKHLUZRUVWIHDUV
³,NQHZLWDOODORQJ´5RPD&LW\$OGHUPDQ1RHO%HQDYLGHVVDLG³7KH\ZHQWWKURXJKWKH
PRWLRQVRIDVNLQJRXURSLQLRQEXWWKH\ZHUHQ¶WHYHUJRLQJWRFKDQJHWKHLUSODQ´
%XLOGLQJWKH)HQFH
8QGHUWKHSURSRVDOUHOHDVHG0RQGD\VHJPHQWVRIIHQFHZRXOGEHEXLOWEHWZHHQ5LR
*UDQGH&LW\DQGWKH*XOIRI0H[LFRPRVWO\FRQFHQWUDWHGDURXQGFXUUHQWDQGSURSRVHG
SRUWVRIHQWU\
,QGLYLGXDOVHJPHQWVPLJKWUDQJHIURPDSSUR[LPDWHO\RQHPLOHWRPRUHWKDQPLOHVEXW
ZRXOGODUJHO\IROORZWKHQDWXUDOEDUULHURIWKH,QWHUQDWLRQDO%RXQGDU\DQG:DWHU
&RPPLVVLRQ¶VOHYHHV\VWHPWKHGRFXPHQWVWDWHV
7KHIHQFHDOVRFURVVHVSULYDWHO\RZQHGUXUDODQGXUEDQODQGDQGLVH[SHFWHGWRHQFURDFKRQ
SRUWLRQVRIWKH/RZHU5LR*UDQGH9DOOH\1DWLRQDO:LOGOLIH5HIXJHDQGVHYHUDO7H[DVVWDWH
SDUNV
³7KH86$UP\&RUSVRI(QJLQHHUVLVZRUNLQJZLWKSXEOLFDQGSULYDWHODQGRZQHUVWRREWDLQ
HDVHPHQWVRUSXUFKDVHWKHFRQVWUXFWLRQFRUULGRU´WKHSURSRVDOVWDWHV³,QVRPHFDVHVVHFXUH
JDWHVZLOOEHFRQVWUXFWHGWRDOORZODQGRZQHUVDFFHVVWRWKHLUSURSHUW\QHDUWKH5LR*UDQGH
5LYHU´
%XWWKHODUJHVWFRQWLQXRXVVWUHWFKHV²DPLOHVHJPHQWQHDUWKH5LR*UDQGH&LW\SRUWRI
HQWU\DQGDPLOHVSDQDQGPLOHVSDQIURP/RV7RPDWHV%ULGJHWRWKHFRDVW²FRXOG
EORFNRIIODUJHSRUWLRQVRIWKH9DOOH\IURPWKHULYHU
'HVLJQFULWHULDFDOOIRUDIRRWWDOOEDUULHUWKDWH[WHQGVWRIHHWEHORZJURXQGDQGLV
FDSDEOHRIZLWKVWDQGLQJYDQGDOLVPYHKLFOHFUDVKHVDQGFOLPDWHFKDQJH
7KHSURSRVDODOVRUHTXLUHVWKDWWKHIHQFLQJKDYHPLQLPDOLPSDFWRQDQLPDOPRYHPHQWQRW
LPSHGHZDWHUIORZDQGEHDHVWKHWLFDOO\SOHDVLQJ
,QDOOWKHDFFHVVURDGVFOHDUHGYHJHWDWLRQDQGJUDGLQJLVH[SHFWHGWRLPSDFWPRUHWKDQ
DFUHVRIODQGVXUURXQGLQJHDFKVHJPHQWRIWKHIHQFH
1RWRQP\ODQG
$OWKRXJKKHLVVWLOOQRIDQRIDQ\ERUGHUIHQFH7RQ\=DYDOHWD87%¶VYLFHSUHVLGHQWIRU
H[WHUQDODIIDLUVZDVUHOLHYHGWROHDUQ0RQGD\WKDWWKHQHZHVWSURSRVDODSSHDUHGWRNHHSKLV
%URZQVYLOOHFDPSXVLQWDFW
3UHYLRXVYHUVLRQVRIWKHPDSVHHPHGWREDQLVKWKHXQLYHUVLW\¶V,QWHUQDWLRQDO7HFKQRORJ\
(GXFDWLRQDQG&RPPHUFH&DPSXVRQWKH0H[LFDQVLGHRIWKHIHQFH
³:HFRQWLQXHQRWWREHKDSS\DERXWDQ\IHQFHDQ\ZKHUH´=DYDOHWDVDLG³%XWZH¶UHJODG
WKDWWKH,7(&FDPSXVDSSHDUVWRKDYHEHHQVSDUHG´
+LGDOJR&RXQW\-XGJH-'6DOLQDVPHDQZKLOHTXHVWLRQHGZKDWDSSHDUHGWREHDVHFHVVLRQ
RIVRPHERUGHUODQGVWR0H[LFR
³+RZPXFKSURSHUW\GR\RXORVHZKHQ\RXPRYHWKHERUGHUIURPWKHULYHUWRDQHZIHQFH
DORQJWKHLQWHUQDWLRQDOOHYHHV"´KHVDLG
86%RUGHU3DWURODJHQWVFRQWLQXHWRPHHWZLWKODQGRZQHUVDQGORFDORIILFLDOVWRJDLQ
VXSSRUWIRUWKHSODQDFFRUGLQJWR&%3RIILFLDOV%XWVRPHODQGRZQHUVDUHDOUHDG\PRXQWLQJ
DYRFDOUHVLVWDQFH
$OGHUPDQ%HQDYLGHVZKRRZQVDSDUFHORIODQGLQIURQWRIWKH:KDWDEXUJHUUHVWDXUDQWLQ
5RPDUHSRUWHGWKDW%RUGHU3DWURODJHQWVPHWZLWKFLW\OHDGHUVODVWZHHNWRVKDUHWKHQHZO\
UHOHDVHGPDSV
7KH\VDLGWKDWODQGRZQHUVZRXOGQHHGWRVLJQDFRQVHQWIRUPIRUHQJLQHHUVWRVXUYH\WKHLU
SURSHUW\$VLQFHQWLYH%HQDYLGHVVDLGWKH86$UP\&RUSVRI(QJLQHHUVZRXOGRIIHU
SHUODQGSDUFHO
&%3DQGFRUSVRIILFLDOVZRXOGQRWFRQILUPWKHDOGHUPDQ¶VUHSRUWRIWKHPHHWLQJ0RQGD\
³,GRQ¶WNQRZWKDWWKH\¶UHJRLQJWRJHWDJRRGUHVSRQVHDURXQGKHUH´%HQDYLGHVVDLG³,
NQRZ,ZRQ¶WOHWWKHPRQP\ODQG´
7KHSURSHUW\RZQHU¶VSHUPLVVLRQZRXOGRQO\EHIRUWKHODQGVXUYH\DQGZRXOGQRWVWRSDQ\
DFWXDOIHQFHFRQVWUXFWLRQWKRXJK7KHIHGHUDOJRYHUQPHQWFRXOGXVHLWVDXWKRULW\RIHPLQHQW
GRPDLQDWDQ\WLPH
2QFHSODQVDUHILQDOL]HGIHQFHFRQVWUXFWLRQFRXOGEHJLQDVVRRQDVVSULQJDQGFRQWLQXH
WKURXJK'HFRIWKDW\HDUWKHSURSRVDOVWDWHV
8QWLOWKDWWLPH&%3RIILFLDOVZLOOFRQWLQXHWRVHHNLQSXWIURPFRPPXQLW\PHPEHUVWKDW
FRXOGFKDQJHWKHSURSRVDOVDLG)ULHOWKHEXUHDXVSRNHVPDQ
³,WKDVEHHQRXUFRPPLWPHQWWRUHDFKRXWWRERUGHUFRPPXQLWLHVDQGHQJDJHLQDGLDORJXH´
KHVDLG³7KHZLQGRZIRUSXEOLFLQSXWLVVWLOORSHQ´