You are on page 1of 213

$+LVWRU\RI9LROHQFH


$+LVWRU\RI9LROHQFH
/LYLQJDQG'\LQJLQ
&HQWUDO$PHULFD

VFDU0DUWtQH]
7UDQVODWHGE\
-RKQ%:DVKLQJWRQ
DQG
'DQLHOD8JD]

)RUHZRUGE\
-RQ/HH$QGHUVRQ


)LUVWSXEOLVKHGE\9HUVR
7UDQVODWLRQ-RKQ%:DVKLQJWRQDQG'DQLHOD8JD]
)RUHZRUG-RQ/HH$QGHUVRQ

7KLVERRNLVEDVHGRQDVHULHVRIDUWLFOHVVFDU0DUWtQH]ZURWHIRUWKH/DWLQ$PHULFDQQHZV
ZHEVLWHHOIDURQHWDQGSXEOLVKHGXQGHUWKHUXEULF6DOD1HJUD

$OOULJKWVUHVHUYHG

7KHPRUDOULJKWVRIWKHDXWKRUVKDYHEHHQDVVHUWHG



9HUVR
8.0HDUG6WUHHW/RQGRQ:)(*
86-D\6WUHHW6XLWH%URRNO\Q1<
YHUVRERRNVFRP

9HUVRLVWKHLPSULQWRI1HZ/HIW%RRNV

,6%1
,6%1 (;3257
H,6%1 86
H,6%1 8.

%ULWLVK/LEUDU\&DWDORJXLQJLQ3XEOLFDWLRQ'DWD
$FDWDORJXHUHFRUGIRUWKLVERRNLVDYDLODEOHIURPWKH%ULWLVK/LEUDU\

/LEUDU\RI&RQJUHVV&DWDORJLQJLQ3XEOLFDWLRQ'DWD
$FDWDORJUHFRUGIRUWKLVERRNLVDYDLODEOHIURPWKH/LEUDU\RI&RQJUHVV

7\SHVHWLQ6DERQE\0- 1*DYDQ7UXUR&RUQZDOO
3ULQWHGLQWKH86E\0DSOH3UHVV


)RU0DUFHODDQG0DULDIRUFDULQJIRUPH
IRUORYLQJPHIRUWKHLUFDOPLQJSUHVHQFH
IRUVWD\LQJE\P\VLGHLQWKLVSDUWRIWKHZRUOG


9LROHQFH ZLOO NHHS FKDQJLQJ LQ QDPH EXW YLROHQFH ZLOO DOZD\V
UHPDLQ DV ORQJ DV WKHUHV QR FKDQJH DW WKH URRW IURP ZKHUH DOO
WKHVHKRUULEOHWKLQJVDUHVSURXWLQJ
$UFKELVKRSVFDU$UQXOIR5RPHUR

7KH\YHRIIHUHGPHQRRWKHUZD\
.LG+ROO\ZRRGDOLWWOHRYHUD\HDU
EHIRUHKLVDVVDVVLQDWLRQLQ


&RQWHQWV

)RUHZRUGE\-RQ/HH$QGHUVRQ
3UHIDFH
3$57(037,1(66
 7KH6WDWH$JDLQVW&KHSH)XULD
 7KH/RUGVRIWKH%RUGHU
 *XDWHPDOD,V6SHOOHGZLWKD=
 $1RERG\LQWKH/DQGRI1DUFRV
 1DUFR0DGHLQ&HQWUDO$PHULFD

3$570$'1(66
 2XU%RWWRPOHVV:HOO
 7KH0RVW0LVHUDEOHRI7UDLWRUV
 (O1LxR+ROO\ZRRGV'HDWK)RUHWROG
 7KH0DVVDFUHRI6DOFDMi
 0HQ:KR3XOO2XW1DLOV

3$57)/((,1*
 7KH7DPHG&R\RWHV
 0HQ:KR6HOO:RPHQ
 7KH3UD\HUVRI(O6DOYDGRUV$QWL*DQJ3ROLFH8QLW
 7KH8QIRUWXQDWH+LVWRU\RIDQ8QGRFXPHQWHG0DQ:KR:DV6ROG
([WRUWHGDQG'HSRUWHG


)RUHZRUG
E\-RQ/HH$QGHUVRQ

,Q$+LVWRU\RI9LROHQFHVFDU0DUWtQH]EHIULHQGVDFRQWUDFWNLOOHUOLYLQJ
LQDVPDOO6DOYDGRUDQWRZQ7KHNLOOHUWKH+ROO\ZRRG.LGKDVUDWWHGRXW
QXPHURXV IRUPHU DFFRPSOLFHV WR SROLFH EXW VHQVLQJ WKDW WKH JRYHUQPHQW
GRHVQWFDUHHQRXJKWRSURWHFWKLPKHIUHWIXOO\DZDLWVKLVH[HFXWLRQDWWKHLU
KDQGV 7KH +ROO\ZRRG .LG KDV D VKRWJXQ WR GHIHQG KLPVHOI EXW ZKHQ WKH
PRPHQW ILQDOO\ FRPHV KH LV GHIHQVHOHVV RQ KLV ZD\ KRPH IURP KLV EDE\
GDXJKWHUV EDSWLVP $W WKH EXULDO VFDU LV DFFRVWHG E\ KLV GHDG IULHQGV
HQHPLHVZKRDSSHDULQWKHFHPHWHU\WRJORDWDQGVZDJJHU
2QHQLJKWDVZDVKEXFNOLQJ+RQGXUDQSROLFHRIILFLDOQLFNQDPHG(O7LJUH
7KH7LJHUZLWKDIHDUVRPHQRWRULHW\DVWKHOHDGHURIDGHDWKVTXDGWKDW
H[HFXWHV FULPLQDO VXVSHFWV DQG ZKR WHOOV VFDU (YHU\RQH NQRZV QRW WR
IXFNZLWKPHFRQFHGHVGHIHDWDVWKHWZRGULYHDORQJDORQHO\UXUDOVWUHWFK
RI WKH ERUGHU ZKHUH WKH QDUFRV DUH PRUH SRZHUIXO WKDQ DQ\ ODZ KH FRXOG
KRSHWRLPSRVH
$QRWKHUHYHQLQJDVDJURXSRIWHUULILHGIDPLOLHVSDFNXSWKHLUKRPHVLQD
VOXPLQWKH6DOYDGRUDQFDSLWDOWRIOHHDWKUHDWHQHGPDVVDFUHDWWKHKDQGVRI
DGUXJJDQJVFDULVRQWKHVFHQH$SROLFHRIILFLDODUULYHVDQGSOHDGVZLWK
WKHIDPLOLHVWRVWD\%XWLQVWHDGRIRIIHULQJVHFXULW\JXDUDQWHHVKHDVNVWKHP
WRSXWWKHLUIDLWKLQ*RGDQGLQYLWHVWKHPWRMRLQKLPLQDSUD\HUFHUHPRQ\
2QH RI WKH PHQ SRZHUOHVV WR DOWHU KLV IDPLO\V FLUFXPVWDQFHV ZHHSV
TXLHWO\DQGWHOOVVFDURIWKHKXPLOLDWLRQKHIHHOV
$V KH SURZOV WKH EDFN URDGV EDUV DQG SROLFH SUHFLQFWV RI &HQWUDO
$PHULFDLQDVWXEERUQVHDUFKIRUWUXWKVFDU0DUWtQH]H[KLELWVWKHLQVWLQFWV
RI D GHWHFWLYH DQG WKH VRXO RI D SRHW +LV VRXUFHV DUH ZLQGRZ ZDVKHUV
SURVWLWXWHV ZRXOGEH PLJUDQWV NLOOHUVVLFDULRVJRRG DQG EDG FRSV
MXGJHV DQG SURVHFXWRUV VFDU LV D 0DUORZH LQ D ZRUOG WKDW LV ORQJ RQ
LQMXVWLFHDQGVKRUWRQPXFKRIDQ\WKLQJHOVH
VFDUVSUHYLRXVERRN7KH%HDVWZDVDJULWW\ILUVWKDQGFKURQLFOHRIWKH
GUDPDWLFMRXUQH\VXQGHUWDNHQE\&HQWUDO$PHULFDQPLJUDQWVRQWKHLUMRXUQH\


QRUWKZDUGVWKURXJK0H[LFRWRWKH8QLWHG6WDWHV
7KLVERRNDFROOHFWLRQRIIRXUWHHQLQYHVWLJDWLYHSLHFHVZULWWHQE\VFDU
RYHU WKH SDVW VHYHUDO \HDUV IURP &HQWUDO $PHULFD LWVHOI LV LQWHQGHG WR
H[SODLQ WR $PHULFDQV ZK\ LW LV WKDW &HQWUDO $PHULFDQV IOHHWKH\ GRQW
PLJUDWHIURP WKHLU KRPHODQGV GXH WR WKH YLROHQFH JHQHUDWHG WKHUH \HDU
DIWHU\HDUZLWKDJUHDWGHDORI$PHULFDQSDUWLFLSDWLRQ
VFDU LV KLPVHOI D 6DOYDGRUDQ DQG ZKDW KH VHHV ZKHQ KH ORRNV DW KLV
FRXQWU\DQGLWVLPPHGLDWHQHLJKERUVLVDZDU]RQH,WKDVEHHQWKDWZD\IRU
PRVW RI KLV OLIH 0DUWtQH] ZDV ERUQ LQ  WKUHH \HDUV LQWR D EUXWDO
WZHOYH\HDU FLYLO ZDU ZKLFK E\ WKH WLPH LW HQGHG LQ DQ LPSXQLW\IRUDOO
SHDFHGHDOKDGNLOOHGSHRSOHDQGZUHFNHGWKHOLYHVRIPDQ\
PRUH%XWLQDVHQVHWKHFRQIOLFWLQZKLFKWKH86SOD\HGDSUHSRQGHUDQW
UROHQHYHUUHDOO\HQGHG$ORQJZLWKIRUPHUJXHUULOODVDQGH[VROGLHUVWKH
RIIVSULQJ RI UHWXUQHG ZDU UHIXJHHV VRRQ IRUPHG D FUD]\ TXLOW RI JDQJV
0DUDVLQVSLUHG E\ WKH RQHV LQ /RV $QJHOHV ZKHUH PDQ\ RI WKHP KDG
EHHQ UDLVHG 7RGD\ FULPLQDO YLROHQFH KDV UHSODFHG WKH SROLWLFDO YLROHQFH
ZLWK OHYHOV RI EORRGVKHG WKDW FRPHV DW WLPHV FKLOOLQJO\ FORVH WR WKRVH RI
ZDUWLPH2XWVLGHRIWKHFRQWHPSRUDU\NLOOLQJJURXQGVRI6\ULDDQG,UDTLQ
IDFW IHZ UHJLRQV DUH DV FRQVLVWHQWO\ PXUGHURXV DV LV SHDFHWLPH &HQWUDO
$PHULFD
2QHRIWKHPDLQUHDVRQVIRUWKHYLROHQFHLVWKHGUXJWUDGH-XVWDV&HQWUDO
$PHULFDVJHRJUDSK\RQFHPDGHLWDVWUDWHJLFEDWWOHJURXQGRIWKH&ROG:DU
WKDW VDPH JHRJUDSK\ WRGD\ KDV GHWHUPLQHG WKDW WKH UHJLRQ LV WKH XOWLPDWH
FRUULGRUIRUQDUFRWLFVVKLSPHQWVIURP&RORPELDWRWKH86FRQVXPHUPDUNHW
7KDW IDFW WRJHWKHU ZLWK &HQWUDO $PHULFDV FKURQLF SRYHUW\ DQG LWV
ZLGHVSUHDG ODZOHVVQHVV KDV WXUQHG DQ DVWRQLVKLQJ QXPEHU RI SHRSOH LQWR
JDQJVWHUV3ROLFHPHQMXGJHVDQGSROLWLFLDQVDUHDVOLNHO\WREHFRUUXSWDV
WREHKRQHVW7KHUHDUHDVPDQ\DV6DOYDGRUDQVGLUHFWO\LQYROYHGLQ
JDQJVDQGXSWRKDOIDPLOOLRQPRUHRXWRIDSRSXODWLRQRIPLOOLRQZKR
DUHHFRQRPLFDOO\GHSHQGHQWRQWKHP
1HLJKERULQJ +RQGXUDV WRR KDV EHFRPH WKH VWRPSLQJ JURXQG IRU K\SHU
YLROHQW GUXJ JDQJV DQG FRUUXSW SROLFHDQG DFFRUGLQJO\ IRU WKH SDVW
VHYHUDO\HDUVWKHFRXQWU\KDVKDGWKHKLJKHVWPXUGHUUDWHVRIDQ\FRXQWU\LQ
WKHZRUOG:LWK(O6DOYDGRU*XDWHPDODDQG%HOL]HFORVHEHKLQG
7R JLYH DQ LGHD RI ZKDW WKLV PHDQV FRQVLGHU WKH IDFW WKDW WKH 8QLWHG
6WDWHV XVXDOO\ UHJDUGHG DV D YLROHQW FRXQWU\ KDV D FXUUHQW DYHUDJH RI 
PXUGHUVSHULQKDELWDQWV+RQGXUDVKDV,Q(O6DOYDGRUV
PXUGHUUDWHEHJDQWRVN\URFNHWDQGE\WKHHQGRIVXPPHUZLWKDQDYHUDJH
RI RQH PXUGHU WDNLQJ SODFH HYHU\ KRXU DQG D WDOO\ RI DURXQG  GHDG
DOUHDG\ IRU WKH \HDU LW ORRNHG UHDG\ WR HGJH +RQGXUDV RXW RI ILUVW SODFH


$FFRUGLQJ WR DQ $XJXVW  DUWLFOH LQ WKH *XDUGLDQ WKH ODWHVW PXUGHU
VWDWLVWLFV VXJJHVW WKDW (O 6DOYDGRU LV WZHQW\ WLPHV PRUH YLROHQW WKDQ WKH
8QLWHG6WDWHVQLQHW\WLPHVPRUHYLROHQWWKDQ*UHDW%ULWDLQ
,QGLJQDWLRQRYHUWKLVVWDWHRIDIIDLUVLVSDUWO\ZKDWPRWLYDWHVVFDUZKR
UXQV6DOD1HJUDDFULPHLQYHVWLJDWLRQVXQLWIRU(O)DURWKHJURXQGEUHDNLQJ
LQYHVWLJDWLYH &HQWUDO $PHULFDQ RQOLQH PDJD]LQH EDVHG LQ (O 6DOYDGRU $
VORZEXUQLQJRXWUDJHDERXWWKHLQFDSDFLW\RIWKH&HQWUDO$PHULFDQVWDWHVWR
SURYLGH SURWHFWLRQ DQG MXVWLFH IRU LWV FLWL]HQV SHUYDGHV VFDUV SLHFHV
DVVHPEOHGLQWKLVERRN
5HSRUWLQJRQWKHIOLJKWRIFLYLOLDQIDPLOLHVIURPWKHJDQJWKUHDWHQHG6DQ
6DOYDGRUVOXPIRULQVWDQFHVFDUZULWHV
%UHDNLQJ QHZV WKLV 7XHVGD\ -DQXDU\   7KHUH LV D OLYH DXGLHQFH
ZDWFKLQJ DV LI LW ZHUH D VRFFHU JDPH SHRSOH SHHNLQJ RXW IURP WKHLU NLWFKHQ
ZLQGRZV DV WKH\ HDW OXQFK /LYH DQG GLUHFW PRUH WKDQ D GR]HQ IDPLOLHV
IOHHLQJWKHLU6DQ9DOHQWtQFRQGRVLQWKHFLW\RI0HMLFDQRV7KHUHDUHDOVRILOP
FUHZV FRSV GLUHFWLQJ WUDIILF DQG RWKHU LGOLQJ VSHFWDWRUV 7KH SROLFH DUH
RIIHULQJ SURWHFWLRQ IRU IDPLOLHV ZKR KDYH EHHQ WKUHDWHQHG E\ WKH %DUULR 
JDQJ *DQJ PHPEHUV WKUHDWHQHG WR NLOO E\ WRQLJKW 7KH UHVLGHQWV RI 6DQ
9DOHQWtQWDNLQJWKHWKUHDWVHULRXVO\DUHQRZIOHHLQJRQOLYHQDWLRQDOWHOHYLVLRQ

VFDU VLPLODUO\ ODPHQWV WKH H[HFXWLRQ RI WKH +ROO\ZRRG .LG EXW QRW
EHFDXVH KH WKRXJKW KH ZDV D QLFH JX\ +H ZDVQW $V KH WROG VFDU KHG
SHUVRQDOO\ NLOOHG ILIW\IRXU SHRSOH LQFOXGLQJ VHYHUDO ZRPHQ VFDUV
ODPHQWDWLRQ ZDV RYHU WKH LQDGHTXDF\ RI WKH 6DOYDGRUDQ VWDWH ZKLFK KDG
IDLOHG LQ LWV SURPLVH WR SURWHFW LWV ZLWQHVV ZKR GHVSLWH KLV FULPLQDO SDVW
KDGKHOSHGEULQJQXPHURXVRWKHUNLOOHUVWRMXVWLFH:LWKRXWKLVKHOSWKLUW\
NLOOHUVZRXOGEHUXQQLQJORRVHLQ(O6DOYDGRUZULWHVVFDU
,Q DQ DUWLFOH SXEOLVKHG LQ -XO\  VFDU DQG WZR RI KLV 6DOD 1HJUD
FROOHDJXHV'DQLHO9DOHQFLD&DUDYDQWHVDQG5REHUWR9DOHQFLDUHSRUWHGWKH
H[SORVLYHUHVXOWVRIWKHLULQTXLU\LQWRDVXSSRVHG0DUFKVKRRWRXWEHWZHHQ
JDQJVWHUVDQGSROLFHLQZKLFKHLJKW0DUDVLQFOXGLQJD\RXQJZRPDQZHUH
NLOOHG7KH\UHYHDOHGWKDWZKDWWKHSROLFHKDGDOOHJHGZDVXQWUXHDQGWKDW
WKH 0DUDV DV ZHOO DV D FRXSOH RI LQQRFHQW E\VWDQGHUV ZHUH PXUGHUHG LQ
FROG EORRG ,W KDG EHHQ D PDVVDFUH DQG WKHUH KDG EHHQ D FRYHUXS (YHQ
EHIRUHWKLVVWRU\EURNHWKH6DOD1HJUDWHDPKDGUHFHLYHGGHDWKWKUHDWVDQG
RQ WKH GD\ EHIRUH SXEOLFDWLRQ VFDU DQG KLV WZR FRDXWKRUV OHIW 6DQ
6DOYDGRUWREHRQWKHVDIHVLGH
2Q WKHLU UHWXUQ WKH GHDWK WKUHDWV FRQWLQXHG VFDU FDUULHG RQ ZLWK KLV
UHSRUWLQJ EXW KLV GDLO\ URXWLQH QRZ LQYROYHG D KRVW RI QHZ VHFXULW\
SUHFDXWLRQV,QDQHPDLOPHVVDJHKHVHQWPHRQ6HSWHPEHUKHSURPLVHG


,YHWDNHQWKHGHFLVLRQWROHDYHWKHFRXQWU\IRUDSHULRGWRJLYHP\IDPLO\
DEUHDNIURPWKLVDQGVRPHSHDFHRIPLQG)RUPHLWZLOOEHDSDXVHLQWKH
FRPEDW7KHSDXVHZDVVKRUWOLYHGDQGLWZDVQRWORQJEHIRUHVFDUZDV
EDFN UHSRUWLQJ RQ ZKDW IRU KLP FOHDUO\ KDV EHFRPH D NLQG RI ZDU RI KLV
RZQ
2QHVHQVHVWKDWLQWKHHQGZKDWVFDU0DUWtQH]LVILJKWLQJIRULVDUHDOLW\
ZKHUH IDPLOLHV OLNH KLV DQG WKRVH RI WKH SHRSOH KH UHSRUWV RQ FDQ ILQDOO\
OLYHLQSHDFHZLWKRXWIHDURIEHLQJPXUGHUHGD&HQWUDO$PHULFDZKHUHLWV
FLWL]HQVGRQRWKDYHWROHDYHLQRUGHUWRVXUYLYH


3UHIDFH

6LQFH2FWREHU,YHWUDYHOHGWRPDQ\FLWLHVSUHVHQWLQJ7KH%HDVWWKH
ERRN , ZURWH DERXW WKH PLJUDQW WUDLO IURP &HQWUDO $PHULFD WR WKH 8QLWHG
6WDWHV,QWKHVHWDONVDQGSUHVHQWDWLRQV,YHFRPHWRXQGHUVWDQGRUDWOHDVW
, EHOLHYH , KDYHWKDW WKRVH RI \RX RXWVLGH RI /DWLQ $PHULFD DUH YHU\
UDWLRQDO ZKHQ LW FRPHV WR UHDFWLQJ WR WKHVH W\SHV RI VWRULHV ,Q /DWLQ
$PHULFDWKHTXHVWLRQV,PRVWKHDUGZHUHDORQJWKHOLQHVRI:DV,VFDUHGWR
EHULGLQJWKHWUDLQ"2U'LGDQ\WKLQJEDGHYHUKDSSHQWRPH"2U:KLFK
VWRU\DIIHFWHGPHPRVW"2XWVLGHRIWKHUHJLRQWKHPRVWFRPPRQTXHVWLRQ
ZDV:KDWV\RXUVROXWLRQ"
,WPDGHPHUHDOL]HKRZLQIUHTXHQWO\MRXUQDOLVWVDVNWKHPVHOYHVWKLV:KDW
FDQ , SURSRVH WR EULQJ DQ HQG WR WKHVH WHUULI\LQJ VWRULHV" ,WV D GHFHSWLYH
TXHVWLRQEHFDXVHWKHUHLVQRUHDODQVZHU7KHUHVQRWKLQJ,FDQVXJJHVWWKDW
ZLOO SUHYHQW ZRPHQ EHLQJ UDSHG RQ WKH 0H[LFDQ PLJUDQW WUDLOV WRPRUURZ
QRULVWKHUHDQ\WKLQJ,FDQGRVRWKDWWKH\RXQJ6DOYDGRUDQER\IOHHLQJKLV
FRXQWU\IRU\RXUVWXUQVDURXQG,FDQWPDNHKLPJREDFN,GHILQLWHO\FDQW
EULQJVDIHW\RUGLJQLW\WRWKHSODFHKHKDVDEDQGRQHG-RXUQDOLVPRQO\KDV
RQHPHWKRGRIERULQJLQWRUHDOLW\DQGLWLVWKHVDPHPHWKRGWKDWWKHVHDXVHV
DJDLQVWWKHFRDVWWKHFRQVWDQWODSSLQJRIWKHZDYHVZKHWKHUWKH\DUHJHQWOH
RUWXUEXOHQW
6RZKDWLVP\UHSO\WRWKLVLQVLVWHQWTXHVWLRQ"0\UHVSRQVHLVWKDW\RX
VKRXOG UHDOL]H ZKDW LV KDSSHQLQJ WKDW \RX VKRXOG NQRZ PRUH WKDW \RX
VKRXOG XQGHUVWDQG ZKDW WKHVH SHRSOH DUH OLYLQJ WKURXJK , ZDQW \RX WR EH
WUDQVSRUWHG E\ \RXU UHDGLQJ WR D EDUULR UXOHG E\ &HQWUDO $PHULFDQ JDQJV
<RXQHHGWROLVWHQWRDQLQGLJHQRXVPDQIURPWKH3HWpQMXQJOHDQGFRQIURQW
WKH PRWKHU RI D ER\ PXUGHUHG E\ /RV =HWDV 0\ VXJJHVWLRQ LV WKDW \RX
UHDOL]H ZKDW KDSSHQHG WR D ZRPDQ ZKR ZDV VROG LQWR VH[ VODYHU\ DV VKH
WULHGWRUHDFK\RXUERUGHUVRUGHSHQGLQJRQKRZ\RXZDQWWRVHHLWDVVKH
WULHGWRIOHHIURPP\FRXQWU\0\SURSRVDOLVWKDW\RXNQRZZKDWLVJRLQJ
RQ%HFDXVH,EHOLHYHWKDWNQRZLQJLVGLIIHUHQWIURPQRWNQRZLQJ,EHOLHYH
WKDW NQRZLQJ HVSHFLDOO\ ZLWK SHRSOH OLNH \RXUV ZKR NQRZ KRZ WR ZLHOG


SROLWLFVLVWKHEHJLQQLQJRIDVROXWLRQ,EHOLHYHVWLFNLQJZLWKWKHPHWDSKRU
RIWKHVHDDQGWKHURFNWKDWNQRZLQJLVZKDWPRYHVWKHZDYHV<RXFDQEH
RQHRIWKHZDYHV
+DYLQJJRWWKDWVWUDLJKW,ZDQWWRUHVSRQGWRDTXHVWLRQ,H[SHFWWRKHDU
ZKHQ,SUHVHQWWKLVQHZERRNVRPHZKHUHQHDU\RX:K\VKRXOGSHRSOHUHDG
WKLV"+HUHLVP\UHSO\
)LUVW,WKLQN\RXVKRXOGUHDGLWEHFDXVHLWLVDERXWSHRSOHZKRVXUURXQG
\RX 7KLV ERRN LVQW DERXW 0DUWLDQV ,W GRHVQW FKURQLFOH WKH WUDJLF OLIH
VWRULHV RI GLVWDQW IDUDZD\ SHRSOH OLYLQJ LQ WKH ZLOGHUQHVV ZLWKRXW WKH
,QWHUQHWHDWLQJQRWKLQJEXWPLOOHW,WGRHVQWGLVFXVVSHRSOH\RXZLOOQHYHU
VHH XS FORVH RU VHH RQO\ RQ WHOHYLVLRQ 7KLV ERRN LV DERXW WKH OLYHV RI
SHRSOH ZKR VHUYH \RX FRIIHH HYHU\ PRUQLQJ ,W WHOOV WKH VWRULHV RI SHRSOH
ZKR FXW \RXU ODZQ DQG IL[ \RXU SOXPELQJ 7KHVH OLYHV DUH YHU\ VLPLODU WR
WKHOLYHVRIDERXWPLOOLRQSHRSOHOLYLQJLQ\RXUPLGVW,WWHOOVWKHVWRU\RI
WKH PRUH WKDQ  KXPDQ EHLQJV ZKR HYHU\ GD\ OHDYH WKH WKUHH QRUWKHUQ
&HQWUDO $PHULFDQ FRXQWULHV WR WU\ WR HQWHU ZLWKRXW SHUPLVVLRQ WKH 8QLWHG
6WDWHVDQGRWKHUFRXQWULHVRIWKH1RUWK
6HFRQG\RXVKRXOGUHDGWKLVERRNEHFDXVHWKHEURNHQSXSSHWWKDWZHDUH
DVDUHJLRQZDVPRVWO\DUPHGE\$PHULFDQSROLWLFLDQV7KLVLVDERRNDERXW
WKH PRVW PXUGHURXV FRUQHU RI WKH ZRUOG ,Q *XDWHPDOD +RQGXUDV DQG (O
6DOYDGRU ZH KDYH VXIIHUHG DQ HSLGHPLF RI YLROHQFH IRU \HDUV ,W KDV EHHQ
HVWDEOLVKHG WKDW LI D FRXQWU\ VXIIHUV IURP D GLVHDVH WKDW DIIHFWV WHQ RXW RI
HYHU\LQKDELWDQWVWKLVFRXQWU\LVH[SHULHQFLQJDQHSLGHPLF%\WKDW
VWDQGDUG&HQWUDO$PHULFDLVJUDYHO\VLFN,QWKHODVWILYH\HDUVQRWRQHRI
WKHVHWKUHHFRXQWULHVKDVDYHUDJHGIHZHUWKDQWKLUW\WZRPXUGHUVIRUHYHU\
 LQKDELWDQWV ,Q (O 6DOYDGRU WKH UDWLR LV PRUH WKDQ HLJKW\ 7KLV
PRQWKWKHHSLGHPLFKDVEHHQSDUWLFXODUO\EDGUDJLQJLQDFRXQWU\RIRQO\
VTXDUHPLOHVKRPHWRPLOOLRQSHRSOHDQG\HWDYHUDJLQJWZHQW\
WKUHH PXUGHUV D GD\ %\ FRPSDULVRQ GXULQJ WKH VL[WHHQ\HDU &LYLO :DU
ZKLFK HQGHG LQ  WKH DYHUDJH PXUGHU UDWH ZDV VL[WHHQ 7RGD\V
YLROHQFHPDNHVQRQVHQVHRIWKHZRUGVZDUDQGSHDFH
2XUVRFLHW\LVDFDXOGURQRIRSSUHVVLYHPLOLWDU\JRYHUQDQFHWKHUHVXOWRI
D IDLOHG SHDFH SURFHVV :HUH OLYLQJ ZLWK JRYHUQPHQW FRUUXSWLRQ DQG
LQFRPSHWHQW SROLWLFLDQV :H DUH OLYLQJ ZLWK YLROHQFH ZLWK GHDWK DOZD\V
FORVH DW KDQG LQ D WUDIILF DFFLGHQW D VRFFHU EUDZO RU LQ GHIHQVH RI RXU
IDPLOLHV :H DUH LJQRUDQW RI SHDFH :H KDYHQW KDG WKH FKDQFH WR JHW WR
NQRZ LW :H DUH D FRUULGRU IRU WKH WUDQVLW RI GUXJV :H DUH DOVR WKHLU
FRQVXPHUV:HDUHDSRRUVRFLHW\DQGSRRUO\HGXFDWHGZLWKSXEOLFVFKRROV
WKDW IORRG DQG KRVSLWDOV WKDW LQGXFH QDXVHD :H DUH D VRFLHW\ ZLWK D
PLQLPXP PRQWKO\ ZDJH \RX FRXOG HDUQ ZRUNLQJ D VLQJOH GD\ DV D GD\


ODERUHU LQ /RV $QJHOHV :H DUH XQHTXDO 7KHUH DUH IDPLOLHV LQ &HQWUDO
$PHULFD WKRXJK YHU\ IHZ WKDW FRXOG OLYH ZLWK WKH ULFK DQG IDPRXV RI
0LDPLDQGWKHUHDUHIDPLOLHVWHQVRIWKRXVDQGVRIWKHPWKDWFDQWDOZD\V
SXWIRRGRQWKHWDEOH7KHUHDUHIDPLOLHV\RXFDQFRXQWWKHPRQRQHKDQG
ZKRKDYHWKHLURZQSULYDWHMHWVDQGWKHUHDUHIDPLOLHVWHQVRIWKRXVDQGVRI
WKHPWKDWGRQWKDYHHOHFWULFLW\RUUXQQLQJZDWHU:HDUHDOORIWKLV$QGZH
DUHDOVRVRPHWKLQJPRUH
:H DUH DOVR WKH SURGXFW RI FHUWDLQ $PHULFDQ SROLWLFLDQV ZKR WULHG WR
VHWWOHWKH&ROG:DULQWKLVVPDOOSDUWRIWKHZRUOG,GRQWQHHGWRHODERUDWH
WKHHYLGHQFHDERXQGV%XWZKRHYHUGRHVQWEHOLHYHPHVKRXOGW\SHLQWR
*RRJOH WKH ZRUGV 6FKRRO RI WKH $PHULFDV 2U ,UDQ&RQWUD $IIDLU 2U
0LDPL 6L[ 2U 5RQDOG 5HDJDQ &HQWUDO $PHULFDQ 0LOOLRQV 0LOLWDU\
$LG7KHUHVDORW\RXFDQW\SHLQWRJHWWKHVDPHUHVXOW:HGLGQWMXVWOLYH
WKURXJK RXU RZQ ZDU KHUH :H OLYHG WKURXJK \RXU ZDU 2U DW OHDVW \RXU
SROLWLFLDQVZDU
:H DUH DOVR WKH SURGXFW RI \RXU SROLWLFV RI GHSRUWDWLRQ DQG QDWLRQDO
VHFXULW\ ,Q 0D\  (O 6DOYDGRU ZDV KHPRUUKDJLQJ VWUDLJKW IURP WKH
DRUWDWKDWPRQWKZDVWKHGHDGOLHVWRIWKLVFHQWXU\DQGWKLV-XQHLVRQWUDFN
WRRXWGRWKHPXUGHUVUHFRUGHGLQ0D\7KHUHVSRQVHRIWKHDXWKRULWLHVLV
WKDWWKLVLVWKHUHVXOWRIWKHUHFUXGHVFHQFHRIWKHZDUEHWZHHQULYDOJDQJVRU
EHWZHHQWKHJDQJVDQGWKHVWDWH)RUPRVWRIXVWKHVHJDQJVDUHSDUWRIRXU
HYHU\GD\OLIH7KDWVZK\ZHGRQWDVNDQ\PRUHKRZWKLVVWDUWHGZK\WKH\
DUH JURZLQJ VR TXLFNO\ :H RQO\ DVN KRZ WR VXUYLYH $QG LWV XQGHUVWRRG
WKDWVXUYLYDOWDNHVSUHFHGHQFHRYHUDQ\WKLQJHOVH
%XWWKHVHJDQJV/D0DUD6DOYDWUXFKD%DUULR0LUDGD/RNRWHV
ZHUHQWERUQLQ*XDWHPDODRU+RQGXUDVRU(O6DOYDGRU7KH\FDPHIURPWKH
8QLWHG6WDWHV6RXWKHUQ&DOLIRUQLDWREHSUHFLVH7KH\EHJDQZLWKPLJUDQWV
IOHHLQJD86VSRQVRUHGZDU$QGLQIOHHLQJVRPHRIWKHVH\RXQJPHQIRXQG
WKHPVHOYHV OLYLQJ LQ DQ HFRV\VWHP RI JDQJV DOUHDG\ HVWDEOLVKHG LQ
&DOLIRUQLD $QG VR WKH\ FDPH WRJHWKHU WR GHIHQG WKHPVHOYHV DQG WKH\
HVWDEOLVKHG D QDPH DQG QRZ WKLV QDPH LV ZKDW ZH FDOO RXU IHDU 0DUD
6DOYDWUXFKD %DUULR  %\ WKH HQG RI WKH V DQG WKH EHJLQQLQJ RI WKH
VDIHZH[SHUWVDPHPEHURI&RQJUHVVDQGDSUHVLGHQWFDPHXSZLWKD
VWXSHQGRXVLGHDDERXWKRZWRJHWULGRIWKHVHSUREOHPDWLFJDQJV:LWKWKH
ORJLF RI DQ DSH WKH\ GHFLGHG WKH SUREOHP FRXOG VLPSO\ EH ERRWHG WR WKH
RWKHUVLGHRIWKHERUGHU7KH\DFWHGOLNHDVFDUHGFKLOGZKRFORVHVKLVH\HV
LQ WKH KRSH WKDW ZKDW IULJKWHQV KLP ZLOO VLPSO\ GLVDSSHDU ,W ZDV LQ WKHVH
\HDUV WKDW DERXW  JDQJ PHPEHUV DOO ZLWK FULPLQDO UHFRUGV ZHUH
GHSRUWHG7KH\ZHUHVHQWWRFRXQWULHVDWZDU7KRVHDUHQRZ
MXVWLQ(O6DOYDGRU7KHH[SHUWVWKHFRQJUHVVPDQWKDWSUHVLGHQWGLGQWKDYH


DFOXHZKDWFLUFXODUPLJUDWLRQZDV7KH\VSDWVWUDLJKWXSLQWRWKHVN\7RGD\
WKHVHJDQJVDUHWKULYLQJERWKLQ&HQWUDO$PHULFDDQGLQWKH8QLWHG6WDWHV
(YHU\WKLQJWKDWLVKDSSHQLQJWRXVLVWDQJOHGXSZLWKWKH8QLWHG6WDWHV:H
FDQW XQWLH RXUVHOYHV 6RPH RI WKH VWRULHV LQ WKLV ERRN VKRZ MXVW KRZ
NQRWWLO\ZHUHWLHGWRJHWKHU
7KLV ERRN LV GLYLGHG LQWR WKUHH SDUWV (PSWLQHVV RU WKH DEVHQFH RU
GLVLQWHUHVW RI WKH VWDWH  0DGQHVV ZKDW LV IHVWHULQJ LQ WKH HPSWLQHVV  DQG
)OHHLQJ WKH RQO\ RSWLRQ IRU PDQ\ GHVSHUDWH SHRSOH  :LWKLQ WKHVH WKUHH
VHFWLRQV DUH WKH IRXUWHHQ FKURQLFOHV WKDW ZRUNLQJ DV D MRXUQDOLVW IRU
HOIDURQHW,UHVHDUFKHGDQGZURWHIURPWRDOOVHWLQWKHQRUWKHUQ
WULDQJOHRI&HQWUDO$PHULFDWKLVWHUULI\LQJOLWWOHFRUQHURIWKHZRUOG
/DVW,EHOLHYH\RXVKRXOGUHDGWKLVERRNIRURQHVLPSOHUHDVRQIRUWKH
VDNH RI KXPDQLW\ , ZDQW \RX WR XQGHUVWDQG ZKDW WKRXVDQGV RI &HQWUDO
$PHULFDQV DUH IRUFHG WR OLYH WKURXJK 7KHQ \RX FDQ XQGHUVWDQG ZK\ WKH\
NHHS FRPLQJ DQG ZLOO FRQWLQXH WR FRPH GHVSLWH KDYLQJ WR OHDYH WKHLU
IDPLOLHV EHKLQG GHVSLWH KDYLQJ WR FURVV 0H[LFR GHVSLWH WKH ZDOO DQG WKH
%RUGHU3DWUROGHVSLWHWKHFUD]\KXQWHUVRIPHQZKRVWDONWKHERUGHUODQGV
DQGGHVSLWHWKHGLIILFXOWOLIHZDLWLQJIRUWKHPDVXQGRFXPHQWHGSHRSOH
7KHUHDUHSUREDEO\RWKHUKRRNV,FRXOGXVHWRJHWDUHDGHUVDWWHQWLRQ,
FRXOG IRU H[DPSOH WHOO \RX WR UHDG WKLV ERRN EHFDXVH HYHU\ RQH RI WKH
IRXUWHHQFKDSWHUVPHQWLRQVPXOWLSOHWLPHVWKH8QLWHG6WDWHV,FRXOGH[SODLQ
WKDWDIHZRIWKHVWRULHVGLVFXVV&DOLIRUQLDDQG7H[DV%XW,SUHIHUWRVLPSO\
VD\ WKDW P\ UHVSRQVH WR WKH TXHVWLRQ :KDW LV WKH VROXWLRQ" LV WKH
IROORZLQJ ,WV XS WR \RX 7KH VROXWLRQ LV XS WR \RX 7KH FULVLV ZLOO EH
VROYHG ZKHQ SHRSOH XQGHUVWDQG DQG ZRUVHQV ZKHQ WKH\ GRQW ,WV WKDW
VLPSOH$QGLWVWKDWFRPSOLFDWHG

VFDU0DUWtQH]
6HSWHPEHU





3DUW(PSWLQHVV

+HUH OLYH WKH QRERGLHV :KHQ WKH DXWKRULWLHV OHDYH RU GRQW GR WKHLU MREV WKH
QRERGLHV UHPDLQ OLYLQJ DORQH DQG DFFRUGLQJ WR ODZV VHW XS E\ WKRVH ILOOLQJ WKH
SRZHUYDFXXPWKHODZVRIWKHEODGHDQGWKHEXOOHW



7KH6WDWH$JDLQVW&KHSH)XULD

0DUFK
7KLV LV WKH VWRU\ RI D YHWHUDQ 0DUD 6DOYDWUXFKD JDQJVWHU ZKR UDLVHG KLV RZQ
SULYDWH DUP\ $ PDQ EODFNOLVWHG E\ WKH 8QLWHG 6WDWHV 7UHDVXU\ 'HSDUWPHQW
ZKRP WKH 6DOYDGRUDQ DXWKRULWLHV UHIXVHG WR FDOO D PDUHUR LQVLVWLQJ LQVWHDG RQ
FDOOLQJ KLP WKH 0DILRVR WKH %UDLQ WKH ,QWHOOHFWXDO RU VLPSO\ 'RQ -RVp 7KHVH
DUHWKHWUDFHVOHIWEHKLQGRIDFULPLQDOZKRSHQHWUDWHGGHHSLQWRDVWDWHWKDWZDV
RIWHQ KLV SULQFLSDO DFFRPSOLFH 7R ZLQ WKH ILJKW DJDLQVW &KHSH )XULD WKH VWDWH
KDGWRWDNHXSDUPVDJDLQVWLWVHOI

7KH &KLHI ,QVSHFWRU RI WKH SROLFH LQYHVWLJDWLRQ EUDQFK RI (O 5HIXJLR
UHFHLYHG D MXGLFLDO RUGHU DW WKH EHJLQQLQJ RI 0DUFK  <RX QHHG WR
FDSWXUH -RVp $QWRQLR 7HUiQ EHWWHU NQRZQ DV &KHSH )XULD 7KH ,QVSHFWRU
IXULRXVWKRXJKWWRKLPVHOI<RXJRWWREHIXFNLQJNLGGLQJPH
-XVW D \HDU SUHYLRXVO\ WKH ,QVSHFWRU ILUVW DUULYHG LQ $KXDFKDSiQ D
6DOYDGRUDQ VWDWH WKDW UXQV DORQJ WKH ERUGHU RI *XDWHPDOD +HV DQ ROG
VFKRRO FRS ZLWK QHDUO\ WZHQW\ \HDUV RI H[SHULHQFH DV DQ DJHQW IRU WKH
&HQWHUV IRU 3ROLFH DQG 3HQLWHQWLDU\ ,QWHOOLJHQFH ZKHUH KH GHYHORSHG D
VWURQJQHWZRUNRIVWUHHWLQIRUPDQWV7KH,QVSHFWRUEHFDPHDVRUWRIH[SHUWLQ
WKH0DUD6DOYDWUXFKDJDQJ 06 3HUKDSVKLVLQWHUHVWZDVVHHGHGLQWKHWZR
\HDUV KH VSHQW UHVHDUFKLQJ WKH KLHUDUFK\ RI WKH MDLOHG JDQJ PHPEHUV
VXUYHLOOLQJWKHLUFRQYHUVDWLRQVDQGIOLSSLQJLQIRUPDQWV+HGLVFRYHUHGWKDW
WKH 06 ZDV IDU PRUH RUJDQL]HG DQG KDG D IDU PRUH FRPSOH[ OHDGHUVKLS
V\VWHPWKDQLWVULYDOJDQJ%DUULR
7KH ,QVSHFWRU LV REVHVVHG ZLWK RUJDQL]LQJ KLV VXEMHFWV WDNLQJ PXOWLSOH
SKRWRJUDSKV RI HDFK JDQJ PHPEHU VFDQQLQJ WKHP DUUDQJLQJ WKHP VKLIWLQJ
WKHKHDGVKRWVDURXQGRQKLVROGGHVNWRSFRPSXWHUDFFRUGLQJWRUDQNFOLTXH
IRXQGHU DQG UDQIOHUR D JDQJVSHFLILF WHUP PHDQLQJ VRPHWKLQJ OLNH
OLHXWHQDQW  +H SLQV HYHQ PRUH SKRWRJUDSKV RQWR PDSV RQ KLV ZDOOV +H
FDQWVWDQGLWZKHQKLVLQWULFDWHSX]]OHVDUHPLVVLQJDSLHFHPLVVLQJDKHDG


VKRW
,WZDVEHFDXVHRIKLVREVHVVLRQZLWKWKHFRPSOLFDWHGVWUXFWXUHRIJDQJV
WKDWKHNQHZH[DFWO\ZKRKHGEHHQDVNHGWRFDSWXUH-RVp$QWRQLR7HUiQ
DND &KHSH )XULD D IRUW\VL[\HDUROG PDQ GHVFULEHG DV ORRNLQJ OLNH DQ
$SDFKHZDVRQHRIWKHPRVWIUHTXHQWIDFHVWRWXUQXSLQWKH,QVSHFWRUV
SX]]OHV&KHSHIURPWKH+ROO\ZRRG/RFRV6DOYDWUXFKDFOLTXHZDVSDUWRI
WKH0DUD6DOYDWUXFKDJDQJDQGWKH,QVSHFWRUKDGSODFHG&KHSH)XULDVIDFH
DWWKHWRSRIKLVPDSVQH[WWRWKHZRUGVOHDGHUDQGYHWHUDQ
7KH +ROO\ZRRG FOLTXH KDV D ILHUFH UHSXWDWLRQ ZLWKLQ WKH 0DUD
6DOYDWUXFKD )RUPHG LQ /RV $QJHOHV QHDU 0DF$UWKXU 3DUN LQ WKH HDUO\
V LWV WKH FOLTXH WKDW JDYH ELUWK WR WKH QDWLRQDO OHDGHU RI WKH 06
%RUURPHR+HQUtTXH](O'LDEOLWRGH+ROO\ZRRG
7KH ,QVSHFWRU NQRZV KH LVQW UHVHDUFKLQJ MXVW DQ\ RUGLQDU\ JDQJEDQJHU
&KHSH)XULDZDVQWDWULJJHUPDQDVROGLHURUDQ\RIWKHRWKHUUDQNVOLVWHG
XQGHU PRVW RI WKH IDFHV LQ KLV FDWDORJV EHDUGOHVV \RXQJ PHQ ZLWK MXVW D
PXUGHU RU WZR WR WKHLU QDPHV ,Q IDFW WKH HQWLUH UHDVRQ WKH ,QVSHFWRU KDG
PRYHG WR (O 5HIXJLR ZDV EHFDXVH RI &KHSH )XULD +H WKRXJKW WKDW E\
HVFDSLQJ WR D PRUH UXUDO WRZQ KHG EH RXWVLGH RI &KHSHV VSKHUH RI
LQIOXHQFH IDU IURP DQ\ RI WKH JDQJVWHUV FROODERUDWRUV LQ WKH $WLTXL]D\D
SROLFHIRUFH
+H GLGQW XQGHUVWDQG KRZ WKH VDPH MXGJH 7RPiV 6DOLQDV D VKRUW DQG
PDQQHUO\ PDQ ZKR VHHPHG WR VSHDN RQO\ LQ MXULGLFDO WHUPV FRXOG UHOHDVH
&KHSH )XULD IURP SULVRQ IRU WKH VHFRQG WLPH +RZ FRXOG WKLV MXGJH ZKR
NQHZVRPXFKDERXWRUJDQL]HGFULPHKDYHEHOLHYHGWKDW&KHSH)XULDWKH
NLQJRIVSDGHVLQWKHFDUGGHFNRI6DOYDGRUDQJDQJVWHUVZRXOGQRWUXQXSRQ
EHLQJUHOHDVHGRQDEDLO"+HKDGNLOOHGDSURWHFWHGZLWQHVVKHKDG
LQILOWUDWHGWKHSROLFHGHSDUWPHQWKHKDGVRPHKRZILQDJOHGDOHWWHURIJRRG
FRQGXFWIURPWKHPD\RURI$WLTXL]D\DDQGKHGEHHQVLQJOHGRXWE\WKHH[
PLQLVWHURIVHFXULW\DQGMXVWLFH0DQXHO0HOJDUDVKDYLQJWUDQVFHQGHGWKH
UDQNLQJRIJDQJVWHUDQGVHFXUHGWKHWLWOHRIPREVWHU
<RXJRWWREHIXFNLQJNLGGLQJWKH,QVSHFWRUWKRXJKWWRKLPVHOI

,Q HDUO\  LQ D SRRU QHLJKERUKRRG RQ WKH RXWVNLUWV RI $WLTXL]D\D D
WZHQW\VHYHQ\HDUROGOHDQVDJDLQVWWKHGRRURIKLVWLQ\VKDFNDQGVPRNHV
KLVILIWKFUDFNURFNRIWKHGD\7KHGRRUVHFXUHVZLWKDPHWDOKDVSORFNEXW
KHGRHVQWKDYHLWLQSODFH$VKHWDNHVDELJKLWLQWRKLVOXQJVKHKHDUVWKH
FUHDNLQJRIWKHGRRURSHQLQJEHKLQGKLP+HKROGVWKHVPRNHLQDQGKHDUV
WKHFRFNLQJRIDSLVWRO5HDFKLQJERWKKDQGVIRUKLVEHOWKHSXOOVRXWD
FDOLEHUZLWKKLVULJKWKDQGDQGDZLWKKLVOHIW
+H\FRROLW,NQRZ\RXUHDUPHG


(O1LxRUHFRJQL]HVWKHFDOPYRLFHRI'HWHFWLYH3R]RIURPWKHRIILFHDW
(O5HIXJLR
,YHEHHQVPRNLQJ(O1LxRVD\V
,MXVWZDQWWRWDON
,PSUHWW\EOD]HG
6RQRIDELWFK6R\RXGRQWWKLQNZHFDQWDON"
'HWHFWLYH 3R]R GHFLGHV WR WU\ KLV OXFN +H GRHVQW ILUH ZKHQ (O 1LxR
VWLOO KROGLQJ D SLVWRO LQ HDFK KDQG VWDQGV XS /RFNLQJ H\HV ZLWK WKH
GHWHFWLYH (O 1LxR ZDONV SDVW KLP DQG RXWVLGH WKH VKDFN :LWKRXW SXWWLQJ
GRZQDZHDSRQKHJHWVLQWKHEDFNRIWKHSLFNXSDQGVD\V/HWVUROO
7KH GHWHFWLYH KROVWHUV KLV SLVWRO DQG KLV KHDUW LQ KLV KDQGV GULYHV WKH
HPSW\VWUHHWVEDFNWRZDUGKLVRIILFHDQDUPHGDVVDVVLQIURPWKH+ROO\ZRRG
/RFRV6DOYDWUXFKDVHDWHGEHKLQGKLP
'HWHFWLYH 3R]R KDV ILQDOO\ IRXQG D KLJKUDQNLQJ PHPEHU RI WKH FOLTXH
IRXQGHG E\ &KHSH )XULD ZKR ZLOO DW OHDVW FRQVLGHU EHFRPLQJ D SURWHFWHG
ZLWQHVV
0HHW (O 1LxR IURP WKH +ROO\ZRRG /RFRV 6DOYDWUXFKD WKH +ROO\ZRRG
.LG
(O1LxRZDVDVXFFHVVIXODVVDVVLQIRUWKH06ULVLQJWRWKLUGLQWKHUDQNV
RI WKH ORFDO $WLTXL]D\D FOLTXH 6RPH SHRSOH PLJKW WKLQN WKDW UHYHDOLQJ KLV
QLFNQDPH LV D ULVN IRU KLP :KRHYHU WKLQNV WKDW GRHVQW XQGHUVWDQG KRZ
GHHSO\ WKH 06 HVSHFLDOO\ &KHSH )XULD KDV LQILOWUDWHG WKH VWDWH RU KRZ
SRRUO\ WKH VWDWH FDQ SURWHFW LWV ZLWQHVVHV (O 1LxR KDG DOUHDG\ UHFHLYHG
FDOOV IURP JDQJ OHDGHUV LQVLGH WKH &LXGDG %DUULRV SULVRQ ZKHUH RQO\ 06
PHPEHUVDUHGHWDLQHGWHOOLQJKLPWKDWVRRQHURUODWHUKHZRXOGEHNLOOHG
<RXOOEHOHDYLQJKHUHVPHOOLQJOLNHSLQHWKH\WROGKLP
7KH\GRQWPDNHFRIILQVRXWRISLQHDURXQGKHUHKHUHVSRQGHG7KH\
PDNHWKHPRXWRIPDQJRDQGFRQDFDVWHWUHHV
,WZDVQWWKHILUVWWLPHWKDWLQYHVWLJDWRUVIURP(O5HIXJLR ZKRYHDVNHG
WRUHPDLQDQRQ\PRXV KDGWULHGWRJHW(O1LxRWRFROODERUDWH7KH,QVSHFWRU
LVDQH[SHUWLQERWKVRZLQJIULFWLRQDQGKDUYHVWLQJSURWHFWHGZLWQHVVHV+HV
WKUHDWHQHGVHYHUDOJDQJPHPEHUVZLWKGURSSLQJWKHPRIILQHQHP\WHUULWRU\
DIWHUWKH\FODLPHGWKH\GLGQWEHORQJWRDQ\JDQJ+HVXVHGKLVFHOOSKRQH
WR ILOP WKHP GHQ\LQJ WKH\ DUH SDUW RI WKH 06 DQG WKHQ ODWHU DIWHU WKHLU
LQWHUURJDWLRQVREELQJ,QMXVWD\HDURILQWHOOLJHQFHJDWKHULQJKHZDVDEOHWR
FRPSOHWHWKHSX]]OHRIWKHFOLTXHVOHDGHUVKLS6LQFHWKHQLQODWHKHV
GHGLFDWHG KLPVHOI WR IOLSSLQJ RQH ZLWQHVV DIWHU DQRWKHU JHWWLQJ WKHP WR
UHYHDOQDPHV,WZDVQWXQWLOKHILJXUHGRXWWKDW(O1LxRZDVFRQQHFWHGWR
WKH PXUGHU RI D ILIWHHQ\HDUROG JLUO WKDW KH VWDUWHG JHWWLQJ FORVH WR &KHSH


)XULD 7KH ,QVSHFWRU WROG 'HWHFWLYH 3R]R WR GR ZKDWHYHU KH KDG WR GR WR
PDNHVXUH(O1LxRWDONHG3R]RPDGH(O1LxRDVLPSOHRIIHU<RXWDONRU
\RXSD\IRU\RXUPXUGHUV
1RZWKDWKHVEHFRPHDSOHDEDUJDLQZLWQHVV DWHVWLJRFULWHULDGRLQ(O
6DOYDGRULVDZLWQHVVZKRZDVLQYROYHGLQDFULPHDQGDJUHHVWRWHVWLI\LQ
H[FKDQJHIRUDUHGXFHGVHQWHQFH LQDFRXUWFDVHDJDLQVWIRUW\WZRPHPEHUV
RI &KHSH )XULDV JDQJ (O 1LxR OLYHV LQ D VPDOO VKDFN FORVH WR WKH SROLFH
VWDWLRQ $IWHU PRUH WKDQ WZHQW\ KRXUV RI FRQYHUVDWLRQ DQG DW OHDVW ILIWHHQ
YLVLWVZLWK(O1LxR,YHFRPHWRXQGHUVWDQGWKDWKHVVRPXFKPRUHWKDQD
ZLWQHVV+HLVDOLYLQJWHVWLPRQ\DVWRKRZDFOLTXHLVERUQDVWRKRZNLGV
DV\RXQJDVWKLUWHHQZKRRQFHVRXJKWRXWWURXEOHE\URXJKKRXVLQJZLWKHDFK
RWKHUEHFRPHPHPEHUVRIRQHRIWKHPRVWGDQJHURXVDQGSRZHUIXOJDQJVLQ
WKH FRXQWU\ +H LV OLYLQJ WHVWLPRQ\ DV WR KRZ D PDQ GHSRUWHG IURP /RV
$QJHOHV&DOLIRUQLDFKDQJHGWKHOLIHRIWKHVHVFUDSS\\RXQJER\V7KDWPDQ
ZDV&KHSH)XULD

,WV FDXVH ZH ZHUH VXFK LGLRWV PDQ 7KHQ KH VKRZHG XS WDONLQJ DOO
GLIIHUHQW DQG IODVKLQJ KLV JRRGV KLV WUXFN OLYLQJ OLNH D NLQJ $QG ZH WKH
JDQJKHUHZHZHUHKLVEXVLQHVV
(O 1LxR VSHDNV LQ EURNHQ VHQWHQFHV VXFNLQJ LQ DQG H[SHOOLQJ FORXGV RI
VPRNHWKHQTXLFNVXFNLQJWKHVPRNHEDFNLQKROGLQJKLVEUHDWKPRYLQJKLV
OLSV OLNH D ILVK +HV JHWWLQJ KLJK ZKLOH KLV JLUOIULHQG HLJKWHHQ \HDUV ROG
FRRV RYHU WKHLU QHZERUQ GDXJKWHU DQG KLV SROLFH JXDUG GR]HV LQ WKH QH[W
VKDFN RYHU 7KH RQO\ SODFH \RX FDQ FDWFK D JOLPSVH RI WKH PRYLHOLNH
JODPRXURIOLYLQJDVDSURWHFWHGZLWQHVVLQ(O6DOYDGRULVLQWKHPRYLHV
7KH VWRU\ RI (O 1LxR EHJLQV LQ  ZKHQ KH ZDV DOUHDG\ D \RXQJ
JDQJVWHU 7KH QDPHV RI WKH JDQJV KH WDONV DERXW KRZHYHU VRXQG OLNH SOD\
JURXSV +H ZDV SDUW RI D JDQJ FDOOHG 0DUD *DXFKRV /RFRV  WKH &UD]\
&RZER\  *DQJ  ZKR IRXJKW DJDLQVW RWKHU QHLJKERUKRRG JDQJV /RV
9DOHULRV/RV0HOL WKH7ZLQV /RV&KDQFOHWDV WKH6DQGDOV DQG/RV
8YDV WKH*UDSHV 0RVWRIWKHLUDGYHQWXUHFRQVLVWHGLQJRLQJWRWKHWRZQV
SDUWLHVHQPDVVHDQGURXJKLQJXSDIHZRWKHUNLGV,IE\FKDQFHVRPHERG\
KDG D EDW RU RQH RI WKHP SXOOHG D NQLIH KH ZDV KDLOHG DV WKH KHUR RI WKH
PRPHQWDQGWKHQLWZDVRYHU
7KH SOD\JURXQG RI WKH \RXQJ JDQJVWHUV LQ $WLTXL]D\D H[WHQGHG WR WKH
SDUWLHV RI (O 5HIXJLR DQG 7XUtQ EXW QHYHU WR WKH QHLJKERULQJ FLW\ RI
&KDOFKXDSD7KHNLGVNQHZWKDWRQO\WKHELJER\VSOD\HGWKHUHDJURXSRI
WHHQDJHUVZKRFDOOHGWKHPVHOYHV%DUULRDQGZHUHUXQE\DWZHQW\\HDU
ROG ZKR KDGD UDULW\ LQ WKH ILUVW \HDUV DIWHU WKH ZDUDQ DFWXDO JXQ 7KH
OHDGHUVQDPHZDV0RQFKR*DUUDSDWD


)RU PRVW SHRSOH OLYLQJ LQ WKDW UHJLRQ WKH ZRUG FULPLQDO PHDQW D
PHPEHU RI D JURXS WKDW UREEHG WUXFNV VWROH FDWWOH RU PD\EH NLGQDSSHG
SHRSOH)URPWKRVHFLUFOHVRIFULPLQDOV(O1LxRH[SODLQHGWRPHWKHQDPHV
RIDIHZWKHPRVWGDQJHURXVVWXFNRXW1DQGR9XOYDWKHEURWKHUV9tFWRU
DQG 3HGUR 0DUDFD DQG +HQU\ 0pQGH] $OVR D WZHQW\VL[\HDUROG ZKR
KDG VHUYHG ZLWK WKH 1DWLRQDO *XDUG GXULQJ WKH ZDU DQG KDG UHFHQWO\
UHWXUQHGWR$WLTXL]D\DIURP&DOLIRUQLD&KHSH)XULD
$FFRUGLQJWRSROLFHUHFRUGV&KHSH)XULDZDVGHSRUWHGIURPWKH8QLWHG
6WDWHV RQ 2FWREHU   )URP  WR  KH OLYHG DQG PRYHG
EHWZHHQWKHWZRFRXQWULHV,WZDVLQ6RXWKHUQ&DOLIRUQLDWKDWKHEHFDPHD
IRXQGHURIRQHRIWKHPRVWSRZHUIXO06FOLTXHVLQWKHFRXQWU\WKH)XOWRQ
/RFRV 6DOYDWUXFKD , FRQILUPHG WKLV ZLWK WZR RWKHU VRXUFHV RQH RI ZKRP
ZDV NLFNHG RXW RI WKH JDQJ E\ &KHSH KLPVHOI DQG ZLVKHG WR UHPDLQ
DQRQ\PRXV WKH RWKHU ZDV (UQHVWR 'HUDV EHWWHU NQRZQ E\ KLV QLFNQDPH
6DWDQ +H ZDV DOVR DQ H[6DOYDGRUDQ VROGLHU ZKR PLJUDWHG WR WKH 8QLWHG
6WDWHVDQGZDVDSDODEUHUR OHDGHU  IRU WKH )XOWRQ /RFRV LQ /RV $QJHOHV
ZKHUHKHVWLOOOLYHV6DWDQWROGPHWKDW-RVp$QWRQLR7HUiQZDVNQRZQDV
(O9HQHQR>WKH3RLVRQ@DQGKDGSHRSOHVUHVSHFWEXWWKHQGLVDSSHDUHG
IURP/$DURXQG
5HFHQWO\UHWXUQHGWR(O6DOYDGRU&KHSHDSSURDFKHGWKHVFUDSS\JDQJVRI
ER\VDQGVWDUWHGSUHDFKLQJWRWKHPDERXWDPXFKELJJHUJDQJWKHELJIDPLO\
WKH 0DUD 6DOYDWUXFKD /LWWOH E\ OLWWOH ZLQQLQJ RYHU WKH \RXQJVWHUV KLV
JURXSV EHJDQ WR PHHW UHJXODUO\ LQ WKH 6DQ $QWRQLR QHLJKERUKRRG RI
$WLTXL]D\D
(O 1LxR UHPHPEHUV &KHSH LQ WKH ROG GD\V +H FRQYHUWHG XV >OLWHUDOO\
JDQJHGXV@&UXLVLQJDURXQGLQKLVGRXEOHFDELQULGHDOODUPRUHGXSDQG
UROOLQJLQFDVK
&KHSH )XULD EURXJKW WKH NLGV WRJHWKHU OLNH D ZLVH ROG PDQ LPSDUWLQJ
ZLVGRP WR WKH \RXWK RI WKH WULEH +H H[SODLQHG WKH PHDQLQJ RI ZRUGV DQG
WROGWKHPVWRULHVRIEDWWOHVDJDLQVWWKHJUHDWHQHP\%DUULR2QHQLJKW(O
1LxRWROGPH&KHSHWROGWKHWDOHRIWKHPXUGHURI%UHQGD3D]RQHRIWKH
06VPRVWFHOHEUDWHGPXUGHUVFDUULHGRXWLQWKH8QLWHG6WDWHV%UHQGD3D]
ZDV D \RXQJ +RQGXUDQ ZRPDQ IRXU PRQWKV SUHJQDQW ZKR WHVWLILHG WR WKH
)%,DQGZDVODWHUVWDEEHGWRGHDWKRQWKHEDQNVRI9LUJLQLDV6KHQDQGRDK
5LYHU 7UDLWRUV VPHOO ZRUVH WKDQ VKLW &KHSH )XULD ZRXOG WHOO KLV
GLVFLSOHV
)RU QLJKWV RQ HQG JURXSV RI WHQ RU ILIWHHQ \RXQJ PHQ ZRXOG JDWKHU LQ
DEDQGRQHGKRXVHVLQWKH6DQ$QWRQLRQHLJKERUKRRGIRUFHGWREHDWWKHKHOO
RXW RI HDFK RWKHU $IWHU WKH ILJKWV ZHUH RYHU &KHSH ZRXOG VD\ WR WKHP
:HOFRPH WR WKH 0DUD +H SUHDFKHG OR\DOW\ DQG FRXUDJH DERYH DOO HOVH


+HZDVVFXOSWLQJKLVER\V
:KHQKHKDGDERXWWZHQW\ILYHRIWKHPXQGHUKLVFRPPDQG&KHSH)XULD
VKRZHGWKHPKLVDUVHQDOZKLFKDWWKHWLPHFRQVLVWHGRIWZRSLVWROVDQG
RQHPLOOLPHWHU$URXQGWKDWWLPHLQWKHODWHVWKHOHDGHURI%DUULR
0RQFKR *DUUDSDWD ZDV LQ SULVRQ DQG &KHSH )XULD GHFLGHG WR ZDJH DQ
RIIHQVLYH DJDLQVW WKH ULYDO JDQJ +H QDPHG WKH RIIHQVLYH 0LVVLRQ
+ROO\ZRRG 7KH RQFH\RXQJ QHLJKERUKRRG UHEHOV SUHPLHUHG DV D GHDGO\
JURXSRIDVVDVVLQV
(O1LxRWROGPHKHGWULHGWRLPSUHVV&KHSH)XULDE\NLOOLQJ3DOHWtQD
EDNHUDQGPHPEHURI%DUULRZKRKDGMXVWUHWXUQHGIURP0H[LFRDIWHUD
IDLOHG DWWHPSW WR FURVV LQWR WKH 8QLWHG 6WDWHV +H WRRN RQH RI WKH FOLTXHV
VDQGWRJHWKHUZLWK&KHSHKHZDONHGWRWKHRXWVNLUWVRIWKHYLOODJHRI(O
=DSRWHZKHUH&KHSHOHIWKLPRQKLVRZQ:KHQ3DOHWtQVKRZHGXSRQKLV
ELF\FOH (O 1LxR WULHG WR VKRRW KLP EXW WKH JXQ MDPPHG %\ WKH WLPH KH
ILQDOO\SXOOHGDVKRWRII3DOHWtQKDGVWDUWHGUXQQLQJWRZDUGKLPWRWDNHWKH
JXQ DZD\ (O 1LxR SXOOHG WKH WULJJHU DJDLQ DQG WKH EXOOHW WRUH WKURXJK
3DOHWtQVFKHVW
7KHQ , JUDEEHG KLV KHDG (O 1LxR UHPHPEHUHG DQG ILQLVKHG KLP RII
ZLWKDNQLIHVRVLQFHWKH\VDLGKHZDVDZLWFKKHZRXOGQWFRPHEDFN$QG
WKHQ,JRWRXWRIWKHUHDQGZHQWWR(O1DUDQMRZKHUH,ZDVOLYLQJWKHQ
$VDUHZDUG&KHSH)XULDVHQWKLPDQRXQFHRIPDULMXDQDZKLFK(O1LxR
DFFRPSDQLHG ZLWK VKRWV RI )RXU $FHV UXP +H ZDV ILIWHHQ \HDUV ROG
&KHSHV ER\V ZHUH VWDUWLQJ WR SLFN ILJKWV ZLWK WKHLU ULYDOV RU ZLWK SUHWW\
PXFKDQ\ERG\WKH\FDPHDFURVV
0HDQZKLOH &KHSH )XULD ZRUNHG KLV JDQJ SROLWLFV EULQJLQJ WZR PRUH
FOLTXHVLQWRKLVIROGWKH3DUYLVGH7XUtQDQG/RVQJHOHVGH$KXDFKDSiQ
QHLWKHURIZKLFKKDGDVLQJOHILUHDUPDWWKDWSRLQW 7KHZRUG3DUYLVFRPHV
IURP3DUNYLHZWKHVWUHHWLQ0DF$UWKXU3DUNLQ/RV$QJHOHVZKHUHVRPHRI
WKHHDUO\PHPEHUVRIWKH06OLYHG7KH6DOYDGRUDQDFFHQWWXUQVWKHZRUG
3DUNYLHZ LQWR 3DUYLV  %\ WKLV WLPH WKH HQWLUH 6DQ $QWRQLR QHLJKERUKRRG
EHORQJHG WR &KHSH )XULD LQFOXGLQJ WKH ILUVW KRXVH DW WKH QHLJKERUKRRGV
HQWUDQFHZKLFKDPHPEHUNQRZQDV(O&XWRXVHGDVDORRNRXWWRPDNHVXUH
WKH SROLFH ZHUHQW VQRRSLQJ DURXQG $ EORFN IURP WKH VRFFHU ILHOG ZKLFK
&KHSH KDG SDLG WR UHVRG ZDV KLV WZRVWRU\ KRXVH ZLWK D WZRFDU
GULYHZD\,WZDVZKHUHDVVDVVLQVFDPHWRSDUW\VPRNHSRWDQGGULQN6RPH
RI WKH DVVDVVLQV ZRXOG VKRZ XS DW WKH KRXVH VWLOO ZHDULQJ WKHLU VFKRRO
XQLIRUPV$VWKHER\VZHUHPROWLQJLQWRNLOOHUV&KHSHFRQWLQXHGWRUHFUXLW
WKHPLQWRKLVRZQSULYDWHDUP\
$VHYHQLQJVHWWOHGLQWRWKHVN\DERYHKLVVPDOOKXW(O1LxRH[SODLQHGWR


PHWKDWDORWRIKLVERVVVRSHUDWLRQVGLGQWKDYHDQ\WKLQJWRGRZLWKWKHZDU
DJDLQVW%DUULRQRERG\EXW&KHSHNQHZWKHUHDVRQVEHKLQGWKHYLROHQFH
+HG JHW LQ HSLF ILJKWV ZLWK LPSRUWDQW SHRSOH , GLGQW NQRZ SROLWLFDO
SHRSOH SHRSOH IURP VRPH GUXJ FDUWHO +HG JHW SDLG WR GR D KLW RQ
VRPHERG\EXWKHGJHWRQHRIXVWRGRLWIRUKLP6R\RXGGRWKHKLWDQG
KHG JHW WKH PRQH\ <RX JRW FUHG IURP WKH ER\V EXW KH NHSW WKH ELOOV :H
ZHUH LGLRWV PDQ +HG EH JRLQJ WR *XDWHPDOD WR 6DQ 0LJXHO >RQ WKH
ZHVWHUQ IULQJH RI (O 6DOYDGRU@ ZRUNLQJ WKHVH ELJ VKDNHGRZQV PDNLQJ
PRQH\+HZDVDOUHDG\WKH%RVVDURXQGKHUH

7KH FRQJUHVVPDQ VKXIIOHV KXUULHGO\ LQWR KLV RIILFH ,QVLGH KLV VHYHQ VWDII
PHPEHUV DUH DOO QHDUO\ VXIIRFDWLQJ LQ WKH KHDW $V VRRQ DV WKH\ VHH WKHLU
ERVVWKHVWDIIHUVSUHWHQGWREHKDUGDWZRUN2QHRIWKHPIURZQVDWDVKHHW
RQ WKH GHVN LQ IURQW RI KLP ,WV D EODQN SLHFH RI SDSHU 7KH FRQJUHVVPDQ
WHOOVHYHU\ERG\WROHDYHWKDWKHZDQWVWREHDORQH,QOHVVWKDQWKUHHPLQXWHV
WKHRIILFHLVHPSW\+HFORVHVWKHPHWDOGRRUWKDWOHDGVRXWWRWKHVWUHHWDQG
WKURZVWKHORFN7KHQKHRSHQVWKHPHWDOEOLQGVVRKLVERG\JXDUGFDQKHDU
KLVRUGHU6WDQGE\WKHGRRUXQWLO,FRPHRXWKH\HOOV
+HVLWVGRZQDWKLVGHVNORRNVDWPHDQGVD\V$OULJKWVRZKDWGR\RX
ZDQWWRNQRZDERXW&KHSH)XULD"
,W ZDV HDUO\  LQ $KXDFKDSiQ WKH ELJJHVW FLW\ RI WKH VWDWH ZLWK WKH
VDPH QDPH 7KH FRQJUHVVPDQ ZKR VSRNH WR PH RQ WKH FRQGLWLRQ RI
DQRQ\PLW\ WDONHG WR PH RI &KHSH )XULDV SRZHU RI KLV IULHQGVKLSV ZLWK
ODZ\HUV DQG SURVHFXWRUV SROLFH DQG FULPLQDOV FXVWRPV DJHQWV DQG WUXFN
GULYHUV +H VSRNH DERXW KLV UHSXWDWLRQ DV D EHQHIDFWRU RI FRPPXQLWLHV RI
IL[LQJSRWKROHVUHSDLULQJVRFFHUILHOGVEXLOGLQJIHQFHV$QG\HWZKDWZDV
PRVW UHYHDOLQJ WKDW DIWHUQRRQ KDG QRWKLQJ WR GR ZLWK DQ\WKLQJ WKH
FRQJUHVVPDQVDLG,WZDVWKDWHYHQLQWKHHPSWLHGURRPZLWKWKHPHWDOGRRU
ORFNHG DQG DQ DUPHG RIILFHU VWDQGLQJ JXDUG RXWVLGH D QDWLRQDO SROLWLFLDQ
ZDV FRQYLQFHG WKDW LQ RUGHU WR PHQWLRQ WKH QDPH RI &KHSH )XULD LW ZDV
QHFHVVDU\WRKLGHKLVRZQQDPH
:HUHQRWWDONLQJDERXWMXVWDQ\JDQJVWHUWKHFRQJUHVVPDQVD\VWRPH
+HV D PDILRVR ZLWK WHQWDFOHV LQ HYHU\ SDUW RI WKH VWDWH $QG RQH GD\ ,
ZRQW EH LQ &RQJUHVV DQ\PRUH +H PHDQV WKDW KH ZRQW EH SURWHFWHG ,Q
&KHSH)XULDZDVDOUHDG\WKHKHDGRIDSRZHUIXOFOLTXH7KHWLPHVRI
VORSS\PXUGHUVZHUHRYHU+HKDGOHGKLVER\VLQWRDORQJZDUZLWK%DUULR
 ILJKWLQJ JXQ EDWWOHV LQ WKH HQHP\ WHUULWRU\ RI &KDOFKXDSLWD (O 1LxR
UHPHPEHUV WKDW LQ WKH SDVW QLQH \HDUV &KHSH )XULD OHIW WKH UHJLRQ DW OHDVW
WKUHHWLPHVIRUSHULRGVODVWLQJDWOHDVWD\HDU+HGOHDYHZKHQWKHILJKWLQJ
JRW FORVH HQRXJK WR KRPH DQG ZRXOGQW UHWXUQ XQWLO WKLQJV FDOPHG GRZQ


:KHQHYHU KH FDPH EDFN KH KDG ZHDSRQV WR KDQG RXW WR KLV VROGLHUV OLNH
VRXYHQLUV  SLVWROV 6$) VXEPDFKLQH JXQV D * ULIOH DQG RQFH D 
PLOOLPHWHU%HUHWWDWKDWKHVXSSRVHGO\VWROHIURPDFRS(O1LxRWROGPH
7KURXJK YDULRXV DUUHVWV RI PHPEHUV RI WKH $WLTXL]D\D FOLTXH LQFOXGLQJ
RQHDUUHVWUHVXOWLQJIURPDQDWWDFNRQDSROLFHFDURIILFHUVGHFRPPLVVLRQHG
WKUHHSROLFHLVVXHGZHDSRQV7ZRRIWKHZHDSRQVLQFOXGLQJDPDFKLQHJXQ
ZHUHUHSRUWHGO\VWROHQIURPDQRIILFHU6XELQVSHFWRU'HOJDGR-XiUH]ZKR
ZDVZRUNLQJRQWKHRWKHUVLGHRIWKHFRXQWU\LQ6DQ0LJXHO'HOJDGRZKR
KDGDOUHDG\UHSRUWHGKLVPLOOLPHWHUSLVWRODVVWROHQVDLGWKDWKHGOHIWWKH
PDFKLQHJXQLQWKHWUXQNRIKLVFDUSDUNHGLQIURQWRIKLVKRXVHZKHQLWZDV
VWROHQ
,QWKRVH\HDUV&KHSHFRXOGFRXQWRQDKLHUDUFKLFDOO\RUJDQL]HGJDQJ+H
KDG EHFRPH WKH YHWHUDQ IRXQGHU DQG DEVROXWH OHDGHU RI WKH FOLTXH RI WKH
+ROO\ZRRG /RFRV 6DOYDWUXFKD RI $WLTXL]D\D +H GHOHJDWHG WKH VHFRQGLQ
FRPPDQG SRVLWLRQ WR D WKLUW\\HDUROG JDQJVWHU QDPHG -RVp *XLOOHUPR
6ROLWR(VFREDUNQRZQDV(O([WUDxR WKH6WUDQJHU ZKRKDGMXVWOHIWSULVRQ
DIWHU VHUYLQJ D WZR\HDU WHUP IRU DJJUDYDWHG DVVDXOW 8QGHU WKH 6WUDQJHU
VHUYLQJ DV VXEFKLHI ZDV DQRWKHU WKLUW\\HDUROG -RUJH $OEHUWR *RQ]iOH]
1DYDUUHWH ZKR KDG MXVW EHHQ GHSRUWHG IURP WKH 8QLWHG 6WDWHV DOVR DIWHU
EHLQJFRQYLFWHGIRUDJJUDYDWHGDVVDXOW*RQ]iOH]KDGQXPHURXVVNXOOWDWWRRV
DQG ZDV NQRZQ LQ 0DU\ODQG ZKHUH KH KDG OLYHG LQ WKH 8QLWHG 6WDWHV DV
%DE\ <RUNHU DQG LQ (O 6DOYDGRU DV /LUR -RNHU /LUR EHLQJ WKH SKRQHWLF
6SDQLVKVSHOOLQJRI/LWWOH $UHDOKHDY\VRQRIDELWFKDNLOOHULVKRZ(O
1LxR GHVFULEHG /LUR -RNHU WR PH 7KH WUHDVXUHU RI WKH +ROO\ZRRG /RFRV
ZDV D VNLQQ\ SDOH ILQHIHDWXUHG WKLUW\HLJKW\HDUROG PDQ ZLWK D IULHQGO\
IDFH QDPHG )UHG\ &UHVStQ 0RUiQ NQRZQ E\ IHOORZ JDQJVWHUV DV (O
0DQLiWLFR WKH 0DQLDF  (O 0DQLiWLFR ZDV D OLFHQVHG HOHFWULFLDQ DQG DQ
LQWHJUDOSDUWRI&KHSH)XULDVRUJDQL]DWLRQ8QWLOKHZDVFDSWXUHGLQ
E\DWHDPOHGE\WKH&KLHI,QVSHFWRUKHZDVDOVRDKLUHGVSRNHVPDQIRUWKH
PD\RU RI $WLTXL]D\D ZKR EHORQJHG WR WKH ULJKWZLQJ $UHQD 3DUW\ (O
0DQLiWLFR ZRXOG WRXU YDULRXV FRPPXQLWLHV WKURXJKRXW WKH UHJLRQ ZLWK D
JURXSRI\RXQJDVVDVVLQVIURPWKH+ROO\ZRRG/RFRVRIILFLDOFLW\EXVLQHVV
WKHSHUIHFWDOLELIRUFRPPLWWLQJFULPHV
&KHSH )XULD KDG HVWDEOLVKHG D V\VWHP RI WUDGLQJ DVVDVVLQV ZLWK WKH
1RUPDQGLH FOLTXH DQRWKHU UHIHUHQFH WR D /RV $QJHOHV VWUHHW QDPH
1RUPDQGLH$YHQXHZKHUHWKHJDQJZDVERUQWKRXVDQGVRIPLOHVDZD\IURP
WKHVH ZDUP &HQWUDO $PHULFDQ ERUGHU WRZQV  ZKLFK KXVWOHG RXW RI WKH
FRDVWDO VWDWH RI 6RQVRQDWH /RV 1RUPDQGLHV ZHUH KHDGHG E\ D PHPEHU RI
WKH06ZKRPWKHH[PLQLVWHURIVHFXULW\UHIHUUHGWRLQDLQWHUYLHZDV
DQDUFRWUDIILFNLQJJDQJVWHU+LVQDPHZDV0RULV%HUFLiQ0DQFKyQWKRXJK


KH ZDV NQRZQ DV %DUQH\ +H ZDV RQFH DUUHVWHG ZLWK D VWDVK RI FRFDLQH
YDOXHG DW  PLOOLRQ DQG \HW KH PDQDJHG WR DYRLG SULVRQ WLPH +H
VOLSSHG VHQWHQFLQJ LQ DQRWKHU FDVH DV ZHOO ZKHUH KH ZDV OLQNHG WR ILIW\
GLIIHUHQW KRPLFLGHV VRPH RI ZKLFK LQYROYHG GLVPHPEHUHG ERGLHV OHIW LQ
SODVWLFEDJVLQWKHVWUHHWV
7KDQNV WR FROODERUDWLRQ ZLWK 0DQFKyQ DV ZHOO DV RWKHU WUHDWLHV WKH
+ROO\ZRRG/RFRVKDGUHFUXLWHGRQHRIWKHEHVWDVVDVVLQVLQWKHFRXQWU\DQ
H[FRSIURP6RQVRQDWHNQRZQDV/RFR7UHFH &UD]\ ZKREDFNZKHQKH
ZDVVWLOOZHDULQJEOXHZDVQDPHG(GJDUGR*HRYDQQL0RUiQ$ORXGDQG
VSLULWHGPDQKHZDVVKRUWEXWLQWLPLGDWLQJ,QODWH/RFR7UHFHZDVWKH
ODVWJDQJVWHURIWKH&KHSH)XULDJHQHUDWLRQWREHFDSWXUHG(DUOLHUKHZDV
QHDUO\FDXJKWE\WZRSROLFHPHQLQ$WLTXL]D\DEXWKHVWUXJJOHGRXWRIWKHLU
JUDVSOHDYLQJWKHPZLWKQRWKLQJEXWKLV7VKLUW
7KH FOLTXH DOOLDQFH FDXVHG WKH ,QVSHFWRU QXPHURXV KHDGDFKHV +H
VWUXJJOHGZLWKILQGLQJZKHUHWKHQHZO\DUULYHGDVVDVVLQVIURP6RQVRQDWH
PHQZKRKDGQRKLVWRU\LQ$WLTXL]D\DEXWKDGORQJUHFRUGVRQWKHFRDVWILW
LQWRKLVSX]]OH:LWKDJURZLQJLQIUDVWUXFWXUHXQGHUQHDWKKLP&KHSH)XULD
VWDUWHG WXUQLQJ KLPVHOI LQWR D EXVLQHVVPDQ %\ QRZ KLV UHODWLRQ ZLWK WKH
PD\RUVRIILFHKDGEHHQIRUPDOL]HG+HERXJKWDGXPSWUXFNWKDWKHORDQHG
RXWIRUFLW\WUDVKFROOHFWLRQ+LVILUVWZKLWH,VX]XWUXFNPDGHKLPD
PRQWK
,Q WKH PLGGOH RI  ZKHQ , DVNHG $WLTXL]D\D 0D\RU $QD /XLVD
5RGUtJXH]GH*RQ]iOH]KRZLWZDVSRVVLEOHWKDWVKHKDGVXFKDKLJKSURILOH
JDQJVWHU LQ KHU DGPLQLVWUDWLRQ VKH WROG PH WKDW VKH KDG QHYHU KHDUG RI
&KHSH )XULD WKDW VKH RQO\ NQHZ 0U -RVp 7HUiQ SUHVLGHQW RI WKH 6DQ
$QWRQLR1HLJKERUKRRG$VVRFLDWLRQ6KHDOVRWROGPHVKHGDOUHDG\EHHQ
WKURXJKWKHVHTXHVWLRQVZKHQDIHZGHWHFWLYHVIURPWKH&HQWUDO'LYLVLRQRI
3ROLFH,QYHVWLJDWLRQFDPHWRWDONWRKHU$QGKHUUHVSRQVHVKDGQWFKDQJHG
6KH GLGQW NQRZ DQ\RQH QDPHG &KHSH )XULD 0U -RVp 7HUiQ KDG VLJQHG D
VWDQGDUG JDUEDJH FROOHFWLRQ FRQWUDFW KH ZDV WKH IULHQGO\ KHDG RI D
QHLJKERUKRRG DVVRFLDWLRQ KH DFWLYHO\ SDUWLFLSDWHG LQ FOHDQLQJ XS KLV
QHLJKERUKRRGVKHGQHYHUKHDUGRI(O0DQLiWLFRVKHNQHZ0U)UHG\ZKR
FDPHUHFRPPHQGHGE\WKHH[FRXQFLOPDQ'RFWRU$YLOpVVKHKRQHVWO\GLGQW
NQRZ ZKDW WKH\ ZHUH LQWR DQG VKH UHDOO\ PLVVHG WKHP ZKHQ WKH\ ZHUH
FDSWXUHGDQGDFFXVHGRIDOOWKRVHKRUULEOHWKLQJV
0RQWKVODWHUZKHQ,DVNHG0DULR0DUWtQH]-DFRERWKHFKLHISURVHFXWRU
RIDOORI$KXDFKDSiQVWDWHLIKHWKRXJKWLWZDVEHOLHYDEOHWKDWVRPHRQHLQ
$WLTXL]D\D GLGQW NQRZ ZKR &KHSH )XULD ZDV KH WROG PH 1R , GRQW
WKLQNLWVEHOLHYDEOH7KHPRQH\&KHSHZDVPDNLQJRQKLVWUDVKFROOHFWLRQ
ZDVDSLWWDQFHFRPSDUHGWRZKDWKHZDVPDNLQJIURPKLVLOOLFLWEXVLQHVVHV


(O1LxRWROGPHDERXWDWLPHLQZKHQ&KHSH)XULDRUGHUHGKLPDQG
WZRRWKHUPHPEHUVWREXUQD7R\RWD689,WGLGQWPDNHVHQVHWR(O1LxR
7KH JDQJ GLGQW XVXDOO\ EXUQ VXFK IDQF\ FDUV +H H[SODLQHG KLV FRQIXVLRQ
,IWKHRZQHURZHVVRPXFKWR&KHSHZK\GRHVQWKHMXVWVHQGPHWRNLOO
KLP" ZDV KRZ , ZDV WKLQNLQJ LQ P\ KLW PDQV PLQG +H ODWHU SLHFHG LW
WRJHWKHU7RUFKLQJWKH689KDGWRGRZLWKDQH[WRUWLRQ&KHSHZDVUXQQLQJ
ZLWKDEXVLQHVVPDQNQRZQDV(O9LHMR2VR WKH2OG%HDU ZKRKDGQWSDLG
&KHSH KLV KDOI RI WKH  WKH\ KDG PDGH WRJHWKHU EXW ZDV IRUNLQJ LW
RYHU ELW E\ ELW VHYHQ JUDQG DQG WKHQ DQRWKHU VHYHQ JUDQG &KHSH )XULD
ZDVQWSOHDVHG(O1LxRZDVWKHUHZKHQ(O9LHMR2VRFDPHWRWKHVWRUHLQ
6DQ$QWRQLRZKHUH&KHSHZDVSDVVLQJWKHGD\LQYDULRXVPHHWLQJVDQGWROG
KLP /RRN &KHSLWR VRPHRQH EXUQHG P\ ULGH &KHSH FRQVROHG (O 9LHMR
2VR WHOOLQJ KLP WKDW LI KH SDLG ZKDW KH RZHG KH KLPVHOIZRXOG OHQG KLP
PRQH\WREX\DQRWKHUFDU&KHSHLWWXUQHGRXWNQHZPRUHWULFNVWKDQMXVW
KRZWRSXOOWKHWULJJHU
'HVSLWHWKHIDFWWKDWZRUNLQJZLWKWKHPD\RUZDVQRWKLVPDLQVRXUFHRI
LQFRPHKHNQHZKHQHHGHGWREHRQJRRGWHUPVZLWKWKHFLW\JRYHUQPHQW
WKDWWKHUHODWLRQVKLSZRXOGVHUYHKLPZHOO$WWKHEHJLQQLQJRIDFRS
ZRUNLQJ XQGHU WKH ,QVSHFWRU LQWURGXFHG PH WR RQH RI WKH PD\RUV VWDII
PHPEHUV ,I , ZDV VXUSULVHG DERXW WKH FRQJUHVVPDQ WDNLQJ VR PDQ\
SUHFDXWLRQVLQPHHWLQJZLWKPH,IRXQGWKHVWDIIPHPEHUVGDQFHWRERUGHU
RQWKHULGLFXORXV7KHILUVWWLPHZHPHWZDVRQDFRUQHUILYHEORFNVIURP
$WLTXL]D\DV&HQWUDO3DUN+HVDZPHVKRRNP\KDQGVOLSSHGPHDSKRQH
QXPEHUDQGWKHQVSOLW,FDOOHGKLPDIWHUZDUGDQGKHDUUDQJHGWRKDYHRXU
LQWHUYLHZ RQ WKH RXWVNLUWV RI $WLTXL]D\D RQ DQ DOPRVW HPSW\ SORW RI ODQG
QH[WWRDQLQGXVWULDOPRWRUWKDWZDVUXQQLQJORXGO\HQRXJKWKDWQRERG\HOVH
FRXOGKDYHKHDUGDZRUGZHVDLGWRHDFKRWKHU,WVHHPHGWKDWKHKDG\HDUV
RI SUDFWLFH KDYLQJ FRQYHUVDWLRQV OLNH WKLV +H VWDUWHG WDONLQJ WR PH LQ D
GHHS JUDYHOO\ YRLFH WKDW VRXQGHG OLNH LW ZDV FRPLQJ IURP VRPHZKHUH
EH\RQGWKHJUDYH,DVNHGKLPZKDWKDGKDSSHQHGWRKLPDQGKHWROGPHWKDW
KH ZDV GLVWRUWLQJ KLV YRLFH RQ SXUSRVH $IWHU , DVVXUHG KLP WKDW QRERG\
ZRXOG KHDU WKH UHFRUGLQJ KH FRQFHGHG WR XVH KLV QRUPDO YRLFH :KDW KH
WROG PH ZDV VFDWWHUHG OLNH WHHQDJHUV JRVVLS DQG , KDG WR SLHFH LW EDFN
WRJHWKHU DIWHUZDUG +H >&KHSH )XULD@ KDV D WLJKW UHODWLRQVKLS ZLWK &LW\
&RXQFLO+HKDVVSHFLDOSULYLOHJHVKHPHHWVZLWKPDQDJHUVDQGERVVHVLQ
&LW\+DOODUUDQJHVWRZRUNZLWKWUDQVSRUWDQGWKDWNLQGRIWKLQJEHFDXVHLW
KHOSV KLP ZLWK KLV RWKHU EXVLQHVVHV 7KH PDQ ORRNHG RYHU KLV VKRXOGHU
WKHQOHDQHGLQFORVHUWRP\HDU+HVJRWWKHPDOOZRUNLQJIRUKLPEXWWKH\
RQO\ ZRUN LQ 06 ]RQHV DQG WKH\ DOO ZRUN ZLWK RIILFLDO OLFHQVHV  (O
0DQLiWLFR LV WKH SURPRWHU DQG ZRUNV RQ UHFUXLWLQJ QHZ SHRSOH LQWR WKH


JDQJ
+XGGOHGZLWKPHQH[WWRWKDWLQGXVWULDOPRWRUKHUDQWHGRQIRUDQKRXU$
ORWRIZKDWKHVDLGFODULILHGVRPHRIWKHRWKHULQIR,GEHHQJHWWLQJ7KHPDQ
H[SODLQHGIRUH[DPSOHKRZ&KHSH)XULDHVWDEOLVKHGDUHODWLRQVKLSWKURXJK
D WKLUGSDUW\ H[SURVHFXWRU ZKR DOVR UDQ D FDU GHDOHUVKLS ZLWK 3XEOLF
$GPLQLVWUDWRU -RVp 0DULR 0LUDVRO $FFRUGLQJ WR SXEOLF UHFRUGV &KHSH
)XULD KDG EHHQ GHWDLQHG PRUH WKDQ RQFH ZKLOH GULYLQJ KLV GRXEOHFDE
SLFNXSWUXFN7KHUHZHUHHYHQSKRWRJUDSKVRI&KHSHSRVLQJLQIURQWRIWKH
WLQWHG ZLQGRZV RI KLV ULGH WKH OLFHQVH SODWHV RI ZKLFK ZHUH UHJLVWHUHG WR
OH[ ,YiQ 5HWDQD 5HWDQD EHWWHU NQRZQ DV (O 'LDEOR ZDV D ODZ\HU IURP
&KDOFKXDSD ZKR VHUYHG DV SXEOLF SURVHFXWRU LQ WKH YHKLFOH WKHIW GLYLVLRQ
$FFRUGLQJ WR D SROLFH UHSRUW (O 'LDEOR ZDV DOVR WKH RZQHU RI WKH
GHDOHUVKLS$XWR5HSXHVWRV,YiQLQ6DQWD$QDRIZKLFK&KHSH)XULDZDVD
SDUWQHU ZKR ZRXOG EULQJ LQ WUXFNV RI VXVSLFLRXV RULJLQV ZLWK *XDWHPDODQ
SODWHV WR GLVPDQWOH DQG VHOO RII LQ SDUWV &KHSH VHHPHG WR KDYH YDULRXV
IULHQGVLQWKHZRUOGRIVWULSSLQJRUMXQNLQJFDUV,Q&KHSHFURVVHGLQWR
*XDWHPDOD DW $QJXLDW~ LQ D FDU ZKRVH SODWHV DFFRUGLQJ WR WKH SROLFH
UHJLVWU\ EHORQJHG WR 'LOPDUN *LRYDQQL $VFHQFLR WKH VRQ RI WKH H[
FRQJUHVVPDQ $QWRQLR $VFHQFLR RI WKH 1DWLRQDO &RQFLOLDWLRQ 3DUW\ ZKR
WRJHWKHUZLWKKLVIDWKHURZQHGDQDXWRSDUWVVWRUHLQ6DQWD$QD
7KH LQIRUPDQW VDLG WKDW &KHSH )XULD PHW ZLWK WKH PD\RU DV RIWHQ DV KH
ZDQWHG ZLWKRXW HYHQ KDYLQJ WR VHW XS DQ DSSRLQWPHQW $QRWKHU FLW\
HPSOR\HHVSHDNLQJWRPHRQVLPLODUFRQGLWLRQVRIDQRQ\PLW\KDGWROGPH
WKHVDPH,WZDV&KHSHZKRSDLGIRUWKHHQWLUHEDUWDEDWWKHPD\RUV
1HZ <HDU FHOHEUDWLRQ DW WKH (O -tFDUR UHVWDXUDQW ZKHQ KH DQG WKH PD\RU
FKDWWHGDZD\PRVWRIWKHQLJKW2QFHWKHVHFRQGLQIRUPDQWWROGPH&KHSH
FDPHWRSDFLI\DFLW\HPSOR\HHVWULNH+HVKRZHGXS>WRWKHVWULNH@ZLWK
WKLV DUURJDQW DWWLWXGH EXW VLQFH DOO KLV PHQ ZHUH DUPHG KH ZDV DEOH WR
SHUVXDGHWKHVWULNHUV+HWROGWKHP/HWVJREDFNWRZRUNVRWKHSHRSOH
DUHQWOHIWZLWKRXWVHUYLFHV$QGMXVWOLNHWKDWWKHVWULNHZDVRYHU
$FFRUGLQJ WR ERWK VRXUFHV HYHU\ 6HSWHPEHU  (OHFWLRQ 'D\ LQ (O
6DOYDGRU &KHSH ZRXOG ORDQ KLV YHKLFOHV WR WKH PD\RUV RIILFH WR KHOS
WUDQVSRUWYRWHUV$QRIILFLDOSROLFHUHSRUWZDVHYHQPRUHVSHFLILF)RUWKH
SUHVLGHQWLDOHOHFWLRQV>&KHSH)XULD@FRRUGLQDWHGWKHWUDQVSRUWDWLRQRI
SHUVRQVWRYRWLQJSROOVIRUWKH$UHQD3DUW\
'RQ&KHSLWRFDPHDQGZHQWRXWRIWKHPD\RUVRIILFHZKHQKHSOHDVHG
PDLQWDLQLQJ DQG EXLOGLQJ D SRZHUIXO DQG GLYHUVH QHWZRUN RI FRQWDFWV (O
1LxRWROGPHDERXWDMXGJH&KHSHZRXOGVRPHWLPHVWDONWR+HUHPHPEHUV
KHDULQJKLPRQFHWHOOWKHMXGJH,KHDUGWKDWDFRXSOHFUD]\NLGVJRWSLFNHG
XSIRUUDFNHWHHULQJ'R\RXWKLQN\RXFRXOGOHWWKHPRXWIRUPHE\0RQGD\


PRUQLQJ SOHDVH" :KHQ WKH ER\V ZHUH UHOHDVHG WKDW 0RQGD\ PRUQLQJ
&KHSH WROG WKHP WR VWD\ RII WKH VWUHHWV IRU D ZKLOH +LV PDFKLQHU\ ZDV
UXQQLQJ VPRRWKO\ DQG DW D ORZ FRVW +LV PDQ\ KLW PHQ NHSW KLP RXW RI
GDQJHU(O1LxRH[SODLQV+HSDLGXVWKUHHSLVWROVWRNLOOVRPHJX\ZKHQ
KHJRWSDLG
7KH FRUSRUDWHOLNH LQIUDVWUXFWXUH RI WKH +ROO\ZRRG /RFRV 6DOYDWUXFKD
ZDV PDGH XS RI D WUHPHQGRXV QHWZRUN RI OHJDO EXVLQHVVHV TXDVLOHJDO
EXVLQHVVHV DQG RXWULJKW FULPLQDO EXVLQHVVHV DQG ZDV IDU ODUJHU WKDQ WKH
QHWZRUNRIWKHJUHDWHU0DUD6DOYDWUXFKDJDQJ&KHSHNHSWWKHPRQWKO\GXHV
RISHUJDQJPHPEHUJRLQJWRWKHQDWLRQDOJDQJEXWEHVLGHVWKDWSLWWDQFH
HYHU\WKLQJ HOVH ZHQW LQWR KLV RZQ SRFNHW 7KH ,QVSHFWRU H[SODLQHG WKDW LW
ZDVFOHDUWKDWWKHQHDUWRWDOFRQWURO&KHSHKDGHVWDEOLVKHGLQ6DQ$QWRQLR
DOORZHGKLPWKHOX[XU\RIGLVPDQWOLQJFDUVDQGVWRULQJVKLSPHQWVRIGUXJV
ULJKWLQKLVRZQQHLJKERUKRRG
%\ WKH HQG RI  HYHQ EHIRUH &KHSH )XULD ZDV FDSWXUHG (O 1LxR
ILJXUHGKLVERVVKDGLWFRPLQJWRKLP+HVPDNLQJPRQH\ZLWKWKHJDQJV
QDPH DQG KHV QRW GLVKLQJ RXW DQ\ >WR WKH JUHDWHU QDWLRQDO JDQJ WKH 06@
7KDWVJRLQJWRFRPHEDFNDQGKDXQWKLP
6XEGLUHFWRU RI 3ROLFH LQ $WLTXL]D\D 0DXULFLR 5DPtUH] /DQGDYHUGH WROG
PH WKDW E\ HDUO\  WKH +ROO\ZRRG /RFRV 6DOYDWUXFKD FOLTXH ZDV DQ
H[DPSOH RI D JDQJ WKDW KDG UHDFKHG WKH VWDWXV RI RUJDQL]HG FULPH JURXS
7KH\ DUH RUJDQL]HG WR GHDO LQ FRQWUDEDQG GUXJV DVVDVVLQDWLRQV DQG WKH
WUDIILFNLQJRISHUVRQV+HH[SODLQHGWKDWWREHFRPHVRZHOORUJDQL]HGLWV
NH\ WKDW D FOLTXH KDYH DQ DPELWLRXV OHDGHU ZKR XQGHUVWDQGV KRZ WR GHDO
ZLWKEORRGWKLUVW\\RXWK7KLVJXDUDQWHHVWKDWDQ\RWKHUDPELWLRXVFULPLQDOV
LQWKHDUHDKDYHWRFRPHWRWHUPVZLWKWKHP
&KHSH ZDV PDNLQJ DOOLDQFHV LQ HYHU\ GLUHFWLRQ LQFOXGLQJ DW D QDWLRQDO
OHYHO $W WKH 6DQWD $QD IHVWLYDOV LQ -XO\  SROLFH RIILFHUV VWDUWHG
IROORZLQJ 5REHUWR (O %XUUR +HUUHUD ZKR LV FXUUHQWO\ GHWDLQHG DW D
PD[LPXPVHFXULW\SULVRQDQGKDVEHHQLGHQWLILHGDVWKHOHDGHURIWKH7H[LV
&DUWHO7KHLUFKDVHOHGWKHPWRWKH'ULYH,QQUHVWDXUDQWZKHUH+HUUHUDZDV
VHDWHGLQDSULYDWHURRPZLWK(O0DQLiWLFRDQG&KHSH)XULD
:KDW&KHSHGLGQWNQRZDWWKDWSRLQWZDVWKDWWKH,QVSHFWRUKDGILQLVKHG
SLHFLQJ WRJHWKHU KLV SX]]OH WKDW (O 1LxR KDG WROG DOO KLV VHFUHWV WKDW
&KHSHVILJKWZLWKWKHVWDWHZDVDERXWWREHJLQDQGWKDWWKHUHZHUHLQIDFW
WZRGLIIHUHQWVWDWHVKHZDVJRLQJWRKDYHWRGHDOZLWKDIULHQGO\VWDWHDQG
DQHQHP\VWDWH

0RUH WKDQ  SROLFHPHQ ZHUH GHSOR\HG WR WKH FDYDOU\ UHJLPHQW RI 6DQ
-XDQ2SLFRDERXWDQKRXUDZD\IURP$WLTXL]D\D,WZDV2FWREHU7KH


FRSV KDG UHFHLYHG RUGHUV WR FRQGXFW VHYHQW\ GLIIHUHQW UDLGV RQ KRXVHV
EHORQJLQJ WR PHPEHUV RI &KHSH )XULDV +ROO\ZRRG /RFRV FOLTXH ,Q
FDUDYDQVRIEXVHVWKH\DUULYHGLQ$WLTXL]D\DV&HQWUDO3DUNUHJURXSHGDQG
WKHQZHUHVHQWRIIRQWKHLUPLVVLRQV$WLTXL]D\DKDVDSRSXODWLRQRIDOLWWOH
PRUH WKDQ  SHRSOH ZLWK PDQ\ RI LWV VWUHHWV VWLOO VWRQH RU GLUW 7KH
,QVSHFWRU OHG D WHDP RI ILIW\ DJHQWV GLUHFWO\ WRZDUG WKH 6DQ $QWRQLR
QHLJKERUKRRG 7KHUH ZHUH VHYHQ GLIIHUHQW WDUJHWV LQ WKH DUHD EXW WKH
,QVSHFWRUZDVRQO\LQWHUHVWHGLQRQHWDNLQJGRZQKLVNLQJRIVSDGHV&KHSH
)XULDKLPVHOI
,WV ZHOO NQRZQ WKDW WKH QHWZRUN RI LQIOXHQFH &KHSH )XULD KDV VSXQ
H[WHQGVIURPSROLFHWRJDUEDJHFROOHFWRUVWRFRQWDFWVIDURXWVLGHRIWKHFLW\
2QHRIWKHGHWHFWLYHVSDUWLFLSDWLQJLQWKHUDLGZDV6HUJHDQW-RVp:LOIUHGR
7HMDGDDPDQZKRZRXOGODWHUEHDFFXVHGRIWXUQLQJRYHUDQLQIRUPDQWIRU
&KHSH )XULD WR WRUWXUH DQG NLOO :KDW ZDV RGG DERXW WKH UDLG ZDV WKDW LW
VHHPHG WKDW WKH SROLFH H[SHFWHG WR ILQG &KHSH DW KRPH DVOHHS DQG
FRPSOHWHO\XQDZDUHRIWKHKHDY\WURRSPRYHPHQWDURXQGKLP
:KHQ WKH EULJDGH ILUVW FURVVHG LQWR 6DQ $QWRQLR WKH JDQJV FXW WKH
HOHFWULFLW\ RI WKH ZKROH QHLJKERUKRRG 3HUKDSV DV D MRNH WKH RQO\ JDQJ
PHPEHUIRXQGLQWKHQHLJKERUKRRGZDV(O&XWRVRQRIWKHWRUWLOODPDQZKR
NHSWDQH\HRQWKHQHLJKERUKRRGHQWUDQFH7KHFKLHISURVHFXWRUIRUZHVWHUQ
(O 6DOYDGRU 0DULR 0DUWtQH] -DFRER ODWHU WUDYHOHG WR 6DQ $QWRQLR WR
LQWHUYLHZVRPHRIWKHUHVLGHQWVZKRWROGKLPWKDW&KHSHKDGEHHQZKLVNHG
DZD\ WR VDIHW\ LQ D FDU DERXW WHQ PLQXWHV EHIRUH WKH SROLFH DUULYHG ,Q WKH
IROORZLQJ GD\V KRZHYHU WKH SROLFH GLG URXQG XS WZHQW\ILYH RWKHU
JDQJVWHUV ZKR ZRXOG ODWHU EH WULHG IRU HOHYHQ NQRZQ PXUGHUV $QRWKHU
WKLUW\ PHPEHUV LQFOXGLQJ &KHSH )XULD ZHUH FKDUJHG LQ DEVHQWLD IRU
UDFNHWHHULQJ
&KHSHGLGQWVKRZKLVIDFHLQ$WLTXL]D\DIRUDQRWKHUWZRPRQWKV)LQDOO\
RQ'HFHPEHUVROGLHUVLGHQWLILHGDQGDUUHVWHG&KHSHLQRQHRIKLV
VWRUHV 7KH NLQJSLQ KDG EHHQ UHOD[LQJ DORQJVLGH KLV GDG JUHHWLQJ YLVLWRUV
$VVRRQDVWKH,QVSHFWRUKHDUGWKDW&KHSHZDVEDFNLQWRZQKHFRQYLQFHGD
GHSXW\ MXGJH WR VLJQ DQRWKHU DUUHVW ZDUUDQW VR KH KLPVHOI FRXOG JR WR 6DQ
$QWRQLRDQGVQDJKLVSUH\&LUFXLW-XGJH7RPiV6DOLQDVKRZHYHUZKRZDV
RQYDFDWLRQDWWKHWLPHVXSSRVHGO\GLGQWEX\WKHVWRU\DJDLQVW&KHSHDQG
UHIXVHG WR LVVXH D QHZ DUUHVW ZDUUDQW DIWHU WKH ODVW IDLOHG UDLG 7KLV ZDV
GHVSLWH WKH IDFW WKDW D PRQWK SUHYLRXVO\ WKH 6SHFLDO 3URVHFXWLQJ 2IILFH
$JDLQVW2UJDQL]HG&ULPHKDGDVVXUHG-XGJH6DOLQDVWKDWWKHUHZDVLQGHHG
VXIILFLHQWHYLGHQFHDJDLQVW&KHSHIRUOHDGLQJDQRUJDQL]HGFULPHJURXSDQG
KDGUHFRPPHQGHGKHLVVXHWKHZDUUDQW
7KH,QVSHFWRUNQHZWKDW&KHSH)XULDVRZQODZ\HUZDVSXOOLQJRXWKLV


KDLU LQ IHDU :K\ KH DVNHG KLPVHOI ZRXOG D GHSXW\ MXGJH EH ZLOOLQJ WR
VLJQ WKH DUUHVW RUGHU ZKLOH D FLUFXLW MXGJH UHIXVHG" &KHSH )XULD
PHDQZKLOHFDOPO\ZDWFKHGWKHVFHQHXQIROGLQJEHIRUHKLP
&KHSH ZKR UHIXVHG WR VHOILGHQWLI\ DV D JDQJ PHPEHU ZDV VRRQ
WUDQVIHUUHG WR WKH $SDQWHRV SULVRQ LQ 6DQWD $QD &KHSH VHHPHG WR UHDOL]H
ZKDW(O1LxRKDGVDLGDERXWKLPORQJEHIRUHWKDWKHKDGLWFRPLQJIRUQRW
SD\LQJKLVGXHVWRWKHQDWLRQDOOHDGHUVRIWKH067KHSULVRQZDUGHQVD\V
WKDWRQ&KHSHVILUVWGD\RIEHLQJLQWKHFLYLOLDQSULVRQZLQJZKHUHQRQ
JDQJDIILOLDWHGLQPDWHVDUHSODFHGWKUHHGLIIHUHQWLQPDWHVDVNHGIRUDYLVLW
ZLWKKLP$OOWKUHHRIWKHPDVNHGWKHZDUGHQ'RQW\RXNQRZZKR\RXYH
SXWLQWKHFLYLOLDQZLQJ"2QHRIWKHPUHIHUUHGWR&KHSHDV'RQ&KHSHWKH
PDILDPD\RURIWKH:HVW,QWKHHQGWKHZDUGHQGHFLGHGWRPRYH&KHSHWR
WKH,VODQGDQLVRODWHGFHOOEORFNIRUSUREOHPLQPDWHV&KHSHGLGQWVHHP
WR PDNH DQ\ IULHQGV WKHUH HLWKHU $IWHU D FRXSOH RI QLJKWV OLYLQJ ZLWK WZR
OHDGHUV RI /D 5D]D D SULVRQ JDQJ DQG DQRWKHU JDQJVWHU IURP /D 0LUDGD
/RFD WKH &UD]\ /RRN  &KHSH DGPLWWHG WKDW KH ZDV D PHPEHU RI WKH 06
VLJQLQJDSDSHUWKDWLGHQWLILHGKLVUDQNDQGFOLTXH+HZDVWKHQWUDQVIHUUHG
WRWKH06ZLQJZKHUHKHGLGKLVEHVWWRNHHSDORZSURILOH
%XWKHGLGQWVWD\LQMDLOIRUORQJ&LUFXLW&RXUW-XGJH6DOLQDVFDPHEDFN
IURP YDFDWLRQ DQG LPPHGLDWHO\ DSSURYHG &KHSHV ODZ\HUV SHWLWLRQ
JUDQWLQJ DQ DSSHDO RI WKH FDVH MXVW WKLUW\HLJKW GD\V DIWHU KLV LQLWLDO DUUHVW
7KHMXGJHZRXOGJRRQWRGHWHUPLQHWKDWMXVWEHFDXVHDSROLFHPDQDQGD
SOHDEDUJDLQZLWQHVVVD\VRLWGRHVQWPHDQDPDQLVDJDQJOHDGHU7KH
MXGJH H[SODLQHG WKDW &KHSH )XULD ZDVQW EHLQJ FKDUJHG ZLWK PXUGHU EXW
ZLWK IXOILOOLQJ WKH UROH RI >JDQJ@ OHDGHU >ZKLFK UHTXLUHV SURRI@ WKDW WKH
SHUVRQZDVWKHDXWKRURIYDULRXVPXUGHUV+HUHLWHUDWHGWKDWKHZDVQRW
JRLQJ WR SHQDOL]H VRPHRQH RQ DFFRXQW RI ZKDW WKH PHGLD RU D SURVHFXWRU
FODLPV 3OXV WKH MXGJH FRQWLQXHG WKLV SHUVRQ KDV D FRQWUDFWXDO SRVLWLRQ
ZLWK WKH PXQLFLSDO PD\RUV RIILFH RI $WLTXL]D\D VR LW ZRXOG EH XQOLNHO\
WKDWKHZRXOGDWWHPSWWRHVFDSH1RQHWKHOHVVKHVHWDEDLOZKLFK
&KHSHILQDQFHGWKURXJKWZRPRUWJDJHV+HZDVDVNHGIRUKLVSDVVSRUWDQG
ZDV WROG WR SUHVHQW KLPVHOI HYHU\ )ULGD\ DW D SROLFH RIILFH LQ $WLTXL]D\D
$QGWKHQKHZDONHGIUHH)RUWKHVHFRQGWLPHLQWZR\HDUVWKHVDPHMXGJH
RUGHUHGWKHGRRUWRKLVSULVRQFHOORSHQHG
7KHIROORZLQJ)ULGD\&KHSHGLGQWVKRZDWWKHSROLFHVWDWLRQ+HGLGQW
VKRZXSWKHQH[W)ULGD\HLWKHUQRUDVLQJOH)ULGD\IRUWKHUHVWRIWKH\HDU
7KDQNV WR WKH OHQLHQF\ RI &LUFXLW &RXUW -XGJH 6DOLQDV &KHSH KDG
GLVDSSHDUHG
3URVHFXWRUV VFUDPEOHG WR DVN WKH FRXUW WR UHFRQVLGHU WKH MXGJHV SRRU
GHFLVLRQ VLQFH LW ZDV EDVHG RQ WKH VDPH DUJXPHQWV KH KDG XVHG RQFH


EHIRUH WR XQGHUPLQH &KHSHV DUUHVW DQG ZKLFK WKH FRXUW KDG XOWLPDWHO\
RUGHUHG WKH MXGJH WR UHYHUVH 7KH FRXUW UXOHG DJDLQ WKDW WKH MXGJHV
GHFLVLRQ ZDV LQFRPSOHWH DQG LQYDOLG  DQG FRPSOHWHO\ HUURQHRXV ,W
GHWHUPLQHG WKDW HYLGHQFH LQFOXGLQJ D OHWWHU IURP WKH PD\RU H[SODLQLQJ
&KHSHV FRQWUDFW LQ FROOHFWLQJ WKH FLW\V WUDVK WKH ELUWK FHUWLILFDWH RI KLV
FKLOG D WHVWLPRQ\ RI D GRFWRU FODLPLQJ WR NQRZ &KHSH IRXU KRXVH WLWOHV
DORQJZLWKZDWHUDQGSRZHUELOOVPDGHRXWWRDQRWKHUSHUVRQVQDPHZHUH
QRW VXIILFLHQW WR FRQFOXGH WKDW WKH JDQJVWHU ZRXOGQW VNLS WRZQ 7KH RQO\
WKLQJ WKH GRFXPHQWV GLG SURYH WKH FRXUW ZHQW RQ WR H[SODLQ ZDV WKDW WKH
DFFXVHG KDG D FRQVLGHUDEOH DPRXQW RI SURSHUW\ RQH RI ZKLFK ZDV WZR
VWRULHV DQG ODUJHU WKDQ DQ\ RWKHU KRXVH LQ 6DQ $QWRQLR 7DNLQJ DZD\ KLV
SDVVSRUWWRWU\WRNHHSKLPLQWKHFRXQWU\ZDVDQRWKHUDEVXUGQRWLRQJLYHQ
WKDW KH FDQ >FURVV@ ZLWK DQRWKHU IRUP RI ,' RU DW QRQRIILFLDO SRLQWV RI
HQWU\
7KH FRXUW UXOHG WKDW -XGJH 6DOLQDV KDG FRPPLWWHG D VXPPDULO\ JUDYH
HUURU 6DOLQDV KDG QRW DSSOLHG IRU D VXVSHQGHG HIIHFW DV KH DQG RWKHU
MXGJHVW\SLFDOO\GLGZKLFKZRXOGKDYHJLYHQSURVHFXWRUVWKHRSSRUWXQLW\WR
DSSHDOEHIRUHWKHDFFXVHGZDVUHOHDVHGRQEDLO,WVDFRPPRQSURFHGXUH
WDNHQ WR DYRLG H[DFWO\ ZKDW KDSSHQHG WKDW WKH DFFXVHG VOLSV RXW RI WKH
VWDWHVJUDVS
,DVNHGWKHFKLHISURVHFXWRURIZHVWHUQ(O6DOYDGRULIKHWKRXJKWWKHMXGJH
WULHGKLVEHVWWROHW&KHSH)XULDRXW
7KDWVH[DFWO\ZKDWKHGLGKHUHVSRQGHG
)RU WZR PRQWKV , FDOOHG DQG OHIW PHVVDJHV IRU -XGJH 6DOLQDV +H QHYHU
UHVSRQGHG%XWWKHQDWWKHEHJLQQLQJRIZHPHWIDFHWRIDFH+HZDV
REYLRXVO\IUXVWUDWHGZKHQ,DVNHGKLPDERXWWKH&KHSH)XULDFDVHDQGKLV
H[WUDRUGLQDU\ GHFLVLRQ WR IUHH D PDQ ZKR KDG IDLOHG WR IXOILOO KLV SDUROH
UHTXLUHPHQWVRQFHEHIRUH7KHMXGJHDVVXUHGPHWKDWKHKDGKLVUHDVRQVDQG
LQVLVWHG ZH WDON DERXW VRPHWKLQJ HOVH , ZDV QHYHU DEOH WR JHW KLP WR
FRPPHQWRQKLV&KHSHGHFLVLRQ
1RQHWKHOHVVWKHFRXUWKDGE\WKHQRUGHUHG&KHSHUHFDSWXUHG7KHVWRU\
VWDUWHGDOORYHUDJDLQ
a
,Q0DUFKRIWKH,QVSHFWRUUHFHLYHGDMXGLFLDORUGHUIRUWKHDUUHVWRI
-RVp$QWRQLR7HUiQEHWWHUNQRZQDV&KHSH)XULD7KHILUVWWKLQJKHWKRXJKW
ZDV<RXJRWWREHIXFNLQJNLGGLQJPH
,W WRRN D \HDU RI JUXHOLQJ ZRUN MXVW WR JHW FORVH WR WKH .LQJ RI
$WLTXL]D\D DQG QRZ WKH QHZ DUUHVW RUGHUV ZHUH GHPDQGLQJ WKDW WKH
,QVSHFWRU FDSWXUH KLP RQFH DJDLQ  LQ MXVW VHYHQ GD\V $QG LW ZDVQW DV LI


&KHSHZDVZRUNLQJDORQHKHKDGDQHWZRUNRIPLQLRQVWKDWZHUHGRLQJDOO
WKH\ FRXOG WR SURWHFW KLP 7KH ,QVSHFWRUV PHQ SLFNHG XS RQ KLV VFHQW D
QXPEHU RI WLPHV ZKHQ WKHLU LQIRUPDQWV WROG WKHP WKDW &KHSH ZDV PRYLQJ
EDFN DQG IRUWK DFURVV WKH *XDWHPDODQ ERUGHU SXVKLQJ GUXJV 2QH RI WKH
LQIRUPDQWV DVNHG IRU  LQ H[FKDQJH IRU D OLFHQVH SODWH QXPEHU DQG D
VLJQDOZKHQHYHU&KHSHFDPHEDFNWR6DQWD$QD7KHSROLFHGHFLGHGQRWWR
WDNHWKHRIIHU
2Q0DUFKSROLFHRIILFHUVQRWLFHGDPDQDFWLQJVXVSLFLRXVO\LQ
%HOOD6DQWD$QDDQXSSHUPLGGOHFODVVQHLJKERUKRRG:KHQWKHPDQVDZ
WKH RIILFHUV KH UDQ LQVLGH D KRXVH 7KH RIILFHUV IROORZHG GHWDLQLQJ WKH
VXVSHFW ZKR WKH\ ZHUH VXUSULVHG WR ILQG RXW ZDV QRQH RWKHU WKDQ &KHSH
)XULD $IWHU VHDUFKLQJ WKH KRXVH WKH\ GLVFRYHUHG D  FDUELQH ZLWK
VHYHQWHHQ FDUWULGJHV WZR JDXJH VKRWJXQV DQG DPPR IRU D FDOLEHU
SLVWRO
:KHQ KH KHDUG RI WKH GHWHQWLRQ WKH ZHVWHUQ UHJLRQDO SROLFH FKLHI
'RXJODV 2PDU *DUFtD )XQHV EHWWHU NQRZQ DV &DUDELQHUR &DUDELQHHU 
ZHQWWRWKHSULVRQMXVWWRVHHWKHFDWFKZLWKKLVRZQH\HV
,WVLQFUHGLEOHKRZVKDUSKHLV*DUFtD)XQHVWROGPHODWHU:KHQ\RX
KHDU KLP WDON KH DOPRVW FRQYLQFHV \RX WKDW KHV MXVW D EXVLQHVVPDQ +H LV
DOZD\VSROLWHVWHHULQJWKHFRQYHUVDWLRQZKHUHKHZDQWV+HWROGPHWKDWZH
ZHUHFROOHDJXHVWKDWKHKDGRQFHEHHQD1DWLRQDO3ROLFHPDQ
(YHU\WKLQJVHHPHGWREHJRLQJGRZQWKHVDPHWURGGHQSDWK&KHSH)XULD
ZRXOG EH PDUFKHG LQ IURQW RI WKH VDPH MXGJH DQG FKDUJHG ZLWK WKH VDPH
FULPHUDFNHWHHULQJZKLFKDVDJDQJOHDGHUFRXOGVHQGKLPWRSULVRQIRU
VL[ WR QLQH \HDUV %XW WKLV WLPH WKH ,QVSHFWRU KDG D WULFN XS KLV VOHHYH
7KDQNVWRJDLQLQJWKHFRQILGHQFHRI(O1LxRKHKDGPRUHWKDQMXVWIRUPDO
FRQIHVVLRQVKHKDGFRUURERUDWLQJHYLGHQFHOLQNLQJKLPWRPXUGHU(O1LxR
KDGWROGKLPDERXWDQDIWHUQRRQLQ1RYHPEHUZKHQ&KHSHDQGVRPH
RWKHUV OHIW $WLTXL]D\D WR JR WR WKH VWDWH RI 8VXOXWiQ IRU WKH IXQHUDO RI D
PXUGHUHG JDQJ PHPEHU &KHSH GURYH WKHUH LQ KLV SLFNXS DORQJ ZLWK (O
([WUDxRDQG/LUR-RNHU2QWKHZD\WKH\VWRSSHGWRJUDEDFRXSOHRIURSHV
RQHEOXHDQGRQHZKLWH ZKLFK&KHSHKDGRUGHUHGD\RXQJWZHQW\WKUHH
\HDUROGJDQJVWHUWREX\IRUKLP&KHSHSDLGDGROODUIRUHDFKURSHDQGWKH
\RXQJ PDQ JRW LQ WKH SLFNXS 7KDW VDPH GD\ RQ WKH ZHVWHUQ HGJH RI (O
6DOYDGRULQWKHFLW\RI%HUOtQ8VXOXWiQWKHERG\RID\RXQJPDQZDVIRXQG
RQWKHVLGHRIWKHKLJKZD\7KHYLFWLPZDVLGHQWLILHGDV6DPXHO0HQMtYDU
7UHMR D WZHQW\WKUHH\HDUROG YHJHWDEOH VHOOHU LQ WKH $KXDFKDSiQ PDUNHW
DQG DQ H[WRUWLRQ FROOHFWRU IRU &KHSH +H ZDV D NQRZQ 06 JDQJ PHPEHU
ZKR ZHQW E\ WKH QLFNQDPH 5DPELWR +H ZDV DOVR DQ LQIRUPDQW IRU WKH
$WLTXL]D\D SROLFH ZKR DWWHPSWHG WR VHOO RXW KLV ERVV 5DPELWRV ERG\


VKRZLQJ VLJQV RI KDYLQJ EHHQ WRUWXUHG ZDV IRXQG WLHG ZLWK WKH VDPH EOXH
DQG ZKLWH URSHV WKDW (O 1LxR KDG VHHQ KLP KDQG RYHU WR &KHSH +LV IDFH
ZDVGHVWUR\HGE\YDULRXVVKRWVIURPDPLOOLPHWHUSLVWRO
3ROLFH 6HUJHDQWV -RVp :LOIUHGR 7HMDGD DQG :DOWHU 0LVDHO +HUQiQGH]
ERWKIURPWKH$WLTXL]D\DIRUFHZHUHVHHQLQWKHLUYHKLFOHVHDUOLHUWKDWGD\
DORQJ ZLWK 5DPELWR MXVW EHIRUH KH VROG WKH URSHV WR &KHSH 7KDW VDPH
PRUQLQJ 7HMDGD KDG UDGLRHG KLV IHOORZ RIILFHUV WR ILQG 5DPELWR (O 1LxR
ZRXOGODWHUSRLQWRXWERWKSROLFHRIILFHUVLQSKRWRJUDSKVDQGFODLPWRKDYH
VHHQWKHPRQPRUHWKDQRQHRFFDVLRQFRQYHUVLQJZLWK&KHSH)XULD%RWK
VHUJHDQWVKRZHYHUUHPDLQIUHH
'XULQJ WKH FRQYHUVDWLRQ ZLWK (O 1LxR LQ KLV VKDFN LQ  KH WROG PH
ZLWKRXWPDNLQJDELJGHDORXWRILWWKDW7HMDGDKDGRQFHFRPHWRKLPDQG
DVNHGKLPWRDFFXVHRWKHUJDQJPHPEHUVRIKDYLQJNLOOHG5DPELWR7HMDGD
VDLG KH ZRXOG WHOO (O 1LxR ZKRP WR SRLQW KLV ILQJHU DW 1RQH RI WKH PHQ
7HMDGDZDQWHGKLPWRQDPHZHUH&KHSH)XULD
&KLHI 3URVHFXWRU 5RGROIR 'HOJDGR RI WKH 6SHFLDO 3URVHFXWLQJ 2IILFH
$JDLQVW 2UJDQL]HG &ULPH H[SODLQHG WR PH WKDW GXH WR WKH LQYROYHPHQW RI
VWDWH LQYHVWLJDWRUV DQG WKH FRPSOH[LW\ RI WKH FDVH DV ZHOO DV LQ
FRQVLGHUDWLRQRIWKHLURZQVDIHW\WKH\KDGGHFLGHGWRPRYHWKHWULDOWRWKH
QDWLRQDODSSHDOVFRXUW'HOJDGRWROGPHWKDWWKHHQWLUHVLWXDWLRQZDVEL]DUUH
7ZR VHUJHDQWV LQVWHDG RI GHWHFWLYHV  KDG GHWDLQHG WKH LQIRUPDQWWXUQHG
YLFWLP 7KH VHUJHDQWV WRRN 5DPELWR WR D VWDWLRQ IURP ZKHUH KH OHIW
DFFRPSDQLHGE\7HMDGDDQG+HUQiQGH]DQGWKHQH[WWLPHKHZDVVHHQKH
ZDVJHWWLQJLQWR&KHSHVSLFNXSWUXFN
,Q 'HFHPEHU  DIWHU &KHSH KDG EHHQ IRXQG JXLOW\ RI 5DPELWRV
PXUGHU-XGJH6DOLQDVWULHGIRUWKHWKLUGWLPHWRFOHDUKLPRIKLVFKDUJHV2Q
$XJXVW   DOPRVW IRXU PRQWKV DIWHU KLV UHFDSWXUH 6DOLQDV GHFLGHG
WKDW WKHUH ZDVQW VXIILFLHQW SURRI DJDLQVW &KHSH DQG JUDQWHG KLP D
SURYLVLRQDO GLVPLVVDO 7KLV WLPH KRZHYHU WKH H[WUD FKDUJH RI PXUGHU
NHSWKLPLQMDLO7KHFLUFXLWFRXUWUHPLQGHG-XGJH6DOLQDVWKDWDFFRUGLQJWR
DZLWQHVV&KHSHIDFLOLWDWHG>WKHWUDIILFNLQJRI@ZHDSRQVWKDWZHUHXVHGLQ
PXUGHUKHZDVWKHEUDLQVEHKLQGDJDQJKDVFRQQHFWLRQVZLWKWKHSROLFH
DQGIUHTXHQWO\OHDYHVWKHFRXQWU\IRU*XDWHPDODWRPDNHGUXJDQGZHDSRQV
VDOHV7KHFLUFXLWFRXUWDOVRUHPLQGHG-XGJH6DOLQDVWKDWKHKDVEHHQSDUW
RI WKLV JURXS >+ROO\ZRRG /RFRV 6DOYDWUXFKD@ DQG LW KDV DFWHG RQ KLV
EHKDOI
)RUWKHPXUGHURI5DPELWR&KHSHZDVVHQWHQFHGWRWZHQW\\HDUV+HLV
FXUUHQWO\ VHUYLQJ WKH WLPH LQ *RWHUD SULVRQ ZKLFK LV IDU IURP IHOORZ
PHPEHUVRIWKH0DUD6DOYDWUXFKD


(O1LxRZRXOGFRQWLQXHOLYLQJLQKLVVKDFNWHVWLI\LQJDJDLQVWRWKHUIRUPHU
JDQJPHPEHUVRIWKH+ROO\ZRRG/RFRV6DOYDWUXFKD$ERXW&KHSH)XULDKH
KDGDOUHDG\WROGDOOKHNQHZDQG\HWKHZDVFRQYLQFHGWKDWWKHVWRU\ZDVQW
RYHU7UDLWRUVDUHZRUVHWKDQVKLWKHUHPHPEHUV&KHSHWHOOLQJKLP
%HIRUH &KHSH KDG UHFHLYHG KLV VHQWHQFH D SROLFHPDQ (O 1LxR GLGQW
NQRZFDPHWRKLVVKDFNDQGRIIHUHGKLPWRJRDQGNLOOVRPHRQHRQ
WKH RXWVNLUWV RI $WLTXL]D\D ,OO JLYH \RX D ULGH WKH FRS VDLG WR KLP (O
1LxR DVNHG IRU WKH JXQ WR GR WKH GHHG ,OO JLYH LW WR \RX ZKHQ ZH JHW
WKHUHWKHFRSUHVSRQGHG
(O1LxRWROGPHODWHU,PQRIXFNLQJLGLRW



7KH/RUGVRIWKH%RUGHU

$XJXVW
$ WRXJK SROLFH FKLHI ERDVWLQJ DERXW QRW EHLQJ VFDUHG RI QDUFRV DUUHVWV D KLJK
IO\LQJERUGHUPD\RU7KHIDOORXWIROORZVIDVWUHYHDOLQJWKHLQWULFDWHZHERISRZHU
LQ +RQGXUDQ DQG *XDWHPDODQ QDUFR SROLWLFV 7KH /RUGV RI WKH %RUGHU WKH
FULPLQDOSRZHUSOD\HUVKDYHFRQWDFWVDWWKHKLJKHVWHFKHORQVRIQDWLRQDOSROLWLFV
7KLV LV D EULHI WRXU RI WKH VWDWH RI &RSiQ WKH SDVVDJHZD\ WKDW FRQQHFWV
*XDWHPDODWR+RQGXUDVWKHVRFDOOHG&RUULGRURI'HDWK

2Q WKH VLGH RI WKH KLJKZD\ WR /D (QWUDGD D ERUGHU WRZQ ZKRVH QDPH
OLWHUDOO\PHDQVWKH(QWUDQFH DFKXEE\FRZER\LVWDNLQJDOHDNEHKLQGKLV
FDU 1LJKW LV IDOOLQJ RQ WKH QRUWKHUQ ERUGHU RI +RQGXUDV DQG 3ROLFH
&RPPLVVLRQHU -XDQ &DUORV (O 7LJUH WKH 7LJHU  %RQLOOD RUGHUV KLV
VXERUGLQDWH5LYHUD7RPDVWRFKHFNRXWWKHGUXQNDUG(O7LJUHLVOHDGLQJD
FRQYR\RIWZHQW\ILYHSROLFHPHQRQDVFRXWLQJPLVVLRQ$FFRPSDQ\LQJWKH
IDWFRZER\ZKRLVVWLOOSLVVLQJLVDERG\JXDUGDQGDZRPDQERWKZDLWLQJ
LQVLGH WKH FDU 8QVXUSULVLQJO\ 7RPDV GLVFRYHUV WKDW WKHUH DUH WZR JXQV
VWDVKHGLQWKHFDU7KHERG\JXDUGKDQGVRYHUWKHSHUPLWVIRUERWKJXQV7KH
FRZER\VKRXWVVRPHWKLQJWR7RPDVDQGRQWKHRWKHUVLGHRIWKHKLJKZD\D
YDQFOLPEVWKHVORSHQRUWHxDPXVLFEODVWLQJDWIXOOYROXPH3HUKDSVVWUXFN
E\WKHVFHQHWKHGULYHURIWKHYDQVTXHDOVWRDKDOWDQGVL[DUPHGPHQMXPS
RXW:LWKRXWDVHFRQGWKRXJKWDERXWWZHQW\SROLFHRIILFHUVIURP(O7LJUHV
FRQYR\VXUURXQGWKHPDQGWDNHDLP
,P WKH PD\RU RI /D -LJXD \RX LGLRWV VKRXWV WKH IDWWHVW RI WKH QHZ
DUULYDOVDVKHSXVKHVDZD\WKHDJHQWWU\LQJWRLQVSHFWKLP
(O 7LJUH FDQW FRQWDLQ KLPVHOI ZKHQ KH VHHV KLV SROLFH RIILFHUV EHLQJ
SXVKHGDURXQG:KDWWKHIXFNLVJRLQJRQKHUH"KHLQWHUYHQHV
7KH PD\RU RI /D -LJXD *HUPiQ *XHUUD WDNHV RQH ORRN DW (O 7LJUH DQG
KDQGV RYHU QRW RQO\ RQH EXW DOO WKUHH RI WKH JXQV KH KDV RQ KLP 7ZR RI
WKHPLWWXUQVRXWODFNSHUPLWV7KLVVFHQHW\SLFDODORQJWKLVVWUHWFKRIWKH


ERUGHUWRRNSODFHMXVWDIHZPLOHVIURP(O3DUDtVR WKH3DUDGLVH 

(O3DUDtVRLVDGLVDVWHUHPSW\DQGGHSHQGLQJRQWKHVHDVRQHLWKHUGXVW\RU
PXGG\ &XUUHQWO\ LWV DOO PXG ,WV QRW DW DOO OLNH ZKDW ,YH KHDUG 3HRSOH
WROGPHLWZDVDVKRFNLQJSODFH$SODFH\RXPD\QHYHUJHWRXWRIDOLYHLI
\RXGDUHVKRZXSXQDQQRXQFHG
%XW UHDOO\ WKHUHV MXVW OLWWOH WR VHH &LW\ +DOO WKRXJK LV D SDODFH D
PRQXPHQWDOSDODFH,WVWDQGVWDOOLQWKHFHQWHURI(O3DUDtVRZLWKILYHORQJ
SLOODUVIUDPLQJLWVH[WHULRUDQGDVLIDORWRIIRONVLQ(O3DUDtVRULGHDURXQG
LQKHOLFRSWHUVLWKDVDKHOLSRUWRQLWVURRIWRS
,GEHHQWROG,FRXOGQWVLPSO\VZLQJLQOLNHDGLVRULHQWHGWRXULVW7KDW
ZLWKVRPHOXFN,GPHUHO\EHH[SHOOHGIURP(O3DUDtVR7KDWVZK\,KDGWR
FRPHLQDV,GLGLQDFRQYR\,WVREYLRXVWKDWDQ\RQHJXDUGLQJ(O3DUDtVR
VSRWWHGXVDVVRRQDVZHGHVFHQGHGIURPWKHFOLIIVDQGGRZQWKHPXGG\DQG
WXUEXOHQWSDWKWKDWOHDGVWRWKH+RQGXUDQFLW\ERUGHULQJ,]DEDO*XDWHPDOD
WKH FLW\ NQRZQ DV WKH JROGHQ JDWH IRU FRFDLQH EHLQJ IHUULHG WR WKH 8QLWHG
6WDWHV

,Q +RQGXUDV HYHU\RQH LV TXLFN WR ZDUQ \RX DJDLQVW HQWHULQJ RUJDQL]HG
FULPHWHUULWRU\
<RXFDQWMXVWJR
7KH\VHHHYHU\WKLQJ
,I*RGNQRZVKRZ\RXPDQDJHWRHQWHU\RXOOQHYHUFRPHEDFN
)RU PH WKLV VWDUWHG DW WKH EHJLQQLQJ RI P\ MRXUQH\ DW WKH FDSLWDO RI
7HJXFLJDOSDDQHLJKWKRXUFDUULGHIURP(O3DUDtVR
,WZDVD6DWXUGD\DIWHUQRRQDQG,ZDVVLWWLQJDWDWDEOHZLWKWZRH[SHUW
UHSRUWHUVIURP+RQGXUDV%RWKKDGH[SHULHQFHFRYHULQJRUJDQL]HGFULPH$
OLWWOH ODWHU RQH RI WKHLU WUXVWHG VRXUFHV MRLQHG XV D SURVHFXWRU ZKR KDG
ZRUNHG RQ VHYHUDO FDVHV DJDLQVW IDPLOLHV LQYROYHG LQ RUJDQL]HG FULPH
ZKLFK LQ +RQGXUDV XVXDOO\ GHGLFDWHV LWVHOI WR WKH WUDIILFNLQJ RI GUXJV
SHRSOHRUZRRG
7R WDON PRUH LQWLPDWHO\ ZH OHIW WKH EUHH]\ WHUUDFH DQG DV RQH RI WKHP
VXJJHVWHG ORFNHG RXUVHOYHV LQWR RQH RI WKHLU DSDUWPHQWV WR ZKLVSHU DZD\
WKHUHVWRIRXUFRQYHUVDWLRQ:HWDONRQWKHVWUHHWVDQGZHUHGHDGRQHRI
WKHUHSRUWHUVWROGPH
7KH ODZ\HU ODLG GRZQ KLV OLPLWV :H FDQ ILQG \RX VRPH FRQWDFWV LQ
&RSiQ,KDYHVRPHRQH,WUXVWLQ6DQWD5RVDEXWWKDWVDVIDUDVP\UHDFK
JRHV )URP WKDW SRLQW WR WKH ERUGHU ZLWK *XDWH LV GUXJORUG WHUULWRU\
(YHU\WKLQJVXSIRUJUDEVRYHUWKHUH


7KDWVWKHILUVWWLPH,KHDUGWDONRI(O3DUDtVR$QGWKH\PDGHLWVHHPOLNH
VRPHWKLQJIDUDZD\ZLWKRXWQDPHDSODFHWKDQNVWRLWVSDODWLDO&LW\+DOO
RIP\WKV
$V RQH RI WKH MRXUQDOLVWV SXW LW 7KHUHV D VPDOO WRZQ LQ WKH PLGGOH RI
WKDWERUGHU]RQHWKDWLVUHDOO\IXFNHG7KH\VD\WKDWWKH\KDYHDKHOLFRSWHU
ODQGLQJSDGRQWKHURRIRIWKHPD\RUVRIILFHDQGWKDWWKHPD\RUERDVWVRI
QHYHUODFNLQJDQ\WKLQJWKDWWKH\GRQWQHHGWRFRRSHUDWHEHFDXVHWKH\KDYH
PRUHWKDQHQRXJKPRQH\
$QGDVWKHSURVHFXWRUSXWLW7KHVWDWHKDVQWHYHQDVVLJQHGSURVHFXWRUV
WR WKDW UHJLRQ WKH\ KDYH IHZ SROLFHPHQ EXW QRERG\ WR LQYHVWLJDWH FULPHV
QRVSHFLDOXQLWV7KHJRYHUQPHQWKDVGHFLGHGWRKDQGWKHDUHDRYHUWRWKH
GUXJORUGV
a

(O7LJUHLVQWVDWLVILHG,WVSDVWWHQDWQLJKWZKHQZHOHDYHIRU(O3DUDtVR
7KH WZHQW\ILYH SROLFHPHQ WKDW PDNH XS WKH VKRZ\ FDUDYDQ DUH WLUHG 7KH
LPSHWXV WKH\ VKRZHG DW WKH EHJLQQLQJ RI WKHLU MRXUQH\ ZKHQ WKH\
HQHUJHWLFDOO\ VHDUFKHG HDFK YHKLFOH WKDW VWXPEOHG GRZQ WKHVH URDGV KDV
GLVVLSDWHG 7KH\ WUHPEOH ZLWK FROG 7KHLU XQLIRUPV DUH VRDNLQJ 7KH\
PLVHUDEO\ SLOH LQWR WKH EDFNV RI WKH SLFNXSV %XW (O 7LJUH %RQLOOD ZDQWV
PRUH
7KH SROLFH FRPPLVVLRQHU -XDQ &DUORV %RQLOOD (O 7LJUH LV IRUW\ILYH
\HDUVROG+HVVSHQWWZHQW\ILYH\HDUVVHUYLQJDVDQRIILFHUDQGFXUUHQWO\
RYHUVHHV WKUHH +RQGXUDQ VWDWHV RQ WKH ERUGHU ZLWK *XDWHPDOD DQG (O
6DOYDGRU +HV LQ FKDUJH RI &RSiQ RQ WKH ERUGHU ZLWK ,]DEDO DQG =DFDSD
WZR VWDWHV XQGHU WKH FRQWURO RI WKH 0HQGR]D DQG WKH /RUHQ]DQD IDPLOLHV
ZKR DFFRUGLQJ WR WKH *XDWHPDODQ SROLFH DUH WZR RI WKH PRVW SRZHUIXO
IDPLOLHV RI WKH *XDWHPDODQ QDUFR ZRUOG +H DOVR RYHUVHHV 1XHYD
2FRWHSHTXHRQWKHERUGHURI&KLTXLPXOD*XDWHPDODDQG&KDODWHQDQJR(O
6DOYDGRU 7KLV +RQGXUDQ VWDWH LV NQRZQ WR EH UXQ E\ WKH 7H[LV &DUWHO D
6DOYDGRUDQJDQJPDGHXSRIPD\RUVSROLWLFLDQVSROLFHPHQJDQJVWHUVDQG
EXVLQHVVPHQDQGKDVEHHQUHFRJQL]HGDVDJDQJE\WKH8QLWHG1DWLRQV(O
7LJUH LV DOVR FKLHI RI SROLFH LQ /HPSLUD RQ WKH ERUGHU ZLWK &KDODWHQDQJR
DQG &DEDxDV LQ (O 6DOYDGRU %HFDXVH (O 7LJUH UXOHV RYHU &RSiQ KH
HVVHQWLDOO\UXOHVRYHUWKHVWUHWFKRIERUGHUNQRZQDVWKH&RUULGRURI'HDWK
ZKHUH FRFDLQH LV VKLSSHG IURP WKH +RQGXUDQ VWDWH RI *UDFLDV D 'LRV
7KDQNV WR *RG  RQ WKH ERUGHU RI 1LFDUDJXD DQG LV URXWHG DORQJVLGH WKH
FRDVW RI IRXU RWKHU +RQGXUDQ VWDWHV EHIRUH UHDFKLQJ WKH ERUGHU RI
*XDWHPDOD$PRQJWKRVHVWDWHVLV$WOiQWLGDWKHPRVWYLROHQWVWDWHLQ&HQWUDO


$PHULFD
2YHUVL[IHHWWDOO(O7LJUHLVDPDVVLYHPDQZLWKDIDFH DVLIVFXOSWHG
RXWRIURFN UHPLQLVFHQWRIWKH0H[LFDQ2OPHFKHDGV+HVIDPRXVDPRQJ
KLV FROOHDJXHV IRU EHLQJ URXJKDQGWXPEOH D FKDUDFWHUL]DWLRQ KH OLNHV WR
FXOWLYDWH
(YHU\RQHNQRZVQRWWRIXFNZLWKPHKHRIWHQVD\V
,Q  WKH 3ROLFH 8QLW RI ,QWHUQDO $IIDLUV DFFXVHG (O 7LJUH RI
SDUWLFLSDWLQJLQDGHOLQTXHQWGHDWKVTXDGLQ6DQ3HGUR6XODRQHRIWKHPRVW
YLROHQW FLWLHV RI &HQWUDO $PHULFD ZLWK D KRPLFLGH UDWH RI  IRU HYHU\
 LQKDELWDQWV $ ZLWQHVV HYHQ FDPH IRUZDUG LQ FRXUW WHVWLI\LQJ WKDW
KH KDG VHHQ RQH VXFK H[HFXWLRQ E\ WKH SROLFHOHG GHDWK VTXDG NQRZQ WR
ERPEDVWLFDOO\FDOOWKHPVHOYHVWKH0DJQLILFHQWV(O7LJUHSDLGDERQGRI
OHPSLUDV DERXW DQGLQDVHULHVRIHYHQWVWKDWPDQ\VDZDV
ULJJHG ZLWK WKH OHDG SURVHFXWRU ILUHG PLGWULDO KH ZDV XOWLPDWHO\
H[RQHUDWHG
+DYH\RXNLOOHGRXWVLGHWKHUXOHRIODZ",DVNHGKLPDVZHOHIWEHKLQG
(O3DUDtVR
+HDQVZHUHGHYDVLYHO\7KHUHDUHFHUWDLQWKLQJV\RXWDNHWRWKHJUDYH
7KHRQO\WKLQJ,FDQVD\LVWKDW,ORYHP\FRXQWU\DQG,PUHDG\WRGHIHQGLW
E\DQ\PHDQVDQGWKDW,YHGRQHWKLQJVWRGHIHQGLW7KDWVDOO,FDQVD\
,QYHVWLJDWRU 0DUtD /XLVD %RUMD WROG WKH +RQGXUDQ PHGLD WKDW GXULQJ KLV
LQWHUURJDWLRQ (O 7LJUH KDG VDLG VRPHWKLQJ WKDW VWUXFN KHU ,I WKH\ ZDQW WR
VHQGPHWRFRXUWOLNHDVFDSHJRDWWKHQWKLVSROLFHIRUFHLVJRLQJWRLPSORGH
EHFDXVH,FDQWHOOWKH0LQLVWU\RI6HFXULW\WRLWVIDFHWKDWWKHRQO\WKLQJ,GLG
ZDVIROORZLWVRZQRUGHUV(O7LJUHKDGDOVRVDLGWR%RUMDWKDWWKHQDWLRQDO
GHSXW\PLQLVWHURIVHFXULW\VFDUOYDUH]ZRXOGJRGRZQZLWKKLPDVWKH
QXPEHURQHJRWRLQKLVRIILFH
(O 7LJUH LV WU\LQJ WR SURYH PH ZURQJ , WROG KLP WKDW RIILFLDOV PD\RUV
UHSRUWHUV KXPDQ ULJKWV GHIHQGHUV SULHVWV PHQ DQG ZRPHQ ZKR ZLVK WR
UHPDLQ DQRQ\PRXV DOO KDYH WROG PH WKDW FHUWDLQ DUHDV RI WKH ERUGHU RI
&RSiQRIKLVERUGHUDUHFRPSOHWHO\FRQWUROOHGE\QDUFRWUDIILFNHUV%\WKH
ORUGVDVWKH\VD\%\WKH/RUGVRIWKH%RUGHU
2QHDIWHUQRRQ(O7LJUHWROGPHWRFKRRVHZKHUHZHZRXOGJRWKDWGD\
VRWKDW,FRXOGVHHZLWKP\RZQH\HVWKDWKHFDQJRZKHUHYHUKHSOHDVHV
(O3DUDtVR,VDLG,ZDQWWRJRWR(O3DUDtVR
7KDWVILQH,FDQJRZKHUHYHU/RRNJLUOKHVD\VWRKLVVHFUHWDU\
/HDYHWKRVHUHSRUWVDQGURXQGXSDJRRGHQWRXUDJHFDOOXSWKHJXDUGVEXW
GRQWWHOOWKHPZKHUHZHUHJRLQJOHWLWEHDVXUSULVH
(O 7LJUH GRHVQW WUXVW KLV SROLFH +H VD\V WKHUHV RQO\ RQH SHUVRQ KH


WUXVWVKLPVHOI

7KH+RQGXUDQLQWHOOLJHQFHDJHQWZDVWKHPRVWQHUYRXVJRYHUQPHQWDJHQW,
KDG VSRNHQ ZLWK IURP DQ\ZKHUH LQ &HQWUDO $PHULFD 2QH DJHQW IURP
1LFDUDJXD HYHQ GUDQN D IHZ EHHUV ZLWK PH RQ WKH &DULEEHDQ EHDFK 7KLV
+RQGXUDQ WKRXJK ZRXOGQW HYHQ JHW RXW RI KLV FDU :H GLG ORRSV WKURXJK
7HJXFLJDOSDIRUWKHZKROHKRXUZHWDONHGORRSVZKRVHRQO\SDWWHUQZDVQRW
JRLQJGRZQWKHVDPHVWUHHWWZLFH
,ZDQWHGWRNQRZDOLWWOHELWDERXW&RSiQILQGDZD\LQEXWWKURXJKRXW
PRVW RI WKH ULGH KH ZDV WKH RQH DVNLQJ WKH TXHVWLRQV :KHQ KH ILQDOO\
DQVZHUHGVRPHRIPLQHKHWDONHGRIDUHJLRQRIUDQFKHVDQGFRZER\V
6DQWD 5RVD GH &RSiQ LV D UHWUHDW IRU WKRVH PHQ D SODFH WR JHW DZD\
7KH\JRWRPDNHGHDOVJHWWRJHWKHUEULQJWKHLUIDPLOLHVUHOD[7KH\KDYH
SROLWLFDOPHHWLQJVPDNHGHDOVZLWKWKHSROLFHPD\RUVRWKHURIILFLDOV
7KH DJHQW GHVFULEHG WKH GLIIHUHQFH EHWZHHQ &RSiQ DQG RWKHU +RQGXUDQ
VWDWHVHVSHFLDOO\2ODQFKRDQG*UDFLDVD'LRVRWKHUHQWU\ZD\VIRUFRFDLQH
FRPLQJ IURP &RORPELD RQ LWV ZD\ WR WKH 8QLWHG 6WDWHV ,Q WKRVH VWDWHV WKH
QRLVHRIJXQILJKWVLVOLNHEDFNJURXQGPXVLF<HVWHUGD\WKHUHZDVDWZRKRXU
VKRRWRXW LQ &DWDFDPDV WKH VHFRQG ELJJHVW FLW\ LQ 2ODQFKR ,W ZDV D ILJKW
EHWZHHQ WKH ORFDO QDUFRV DQG WKH IDPLO\ WKDW UXQV WKH VWDWH FDSLWDO LQ
-XWLFDOSD ,Q &RSiQ KRZHYHU WKHUH LV DOZD\V LQWHUPLWWHQW SHDFH :KHQ D
ILJKWHQGVRQHSHUVRQJHWVWRFDOOKLPVHOINLQJ)RUDZKLOHWKHRWKHUVOHW
KLPUHLJQ)RUDZKLOH
,Q&RSiQHYHU\ERG\NQRZVZKRVLQFKDUJHQRZ,WVSHRSOHFRQQHFWHG
ZLWK WKH 6LQDORD &DUWHO WKRXJK LWV QRW DOO WKHLUV 7KH\ ZRUN DV VRUW RI
IUHHODQFHUV IRU ZKRHYHU SD\V EXW ULJKW QRZ WKH\ KDYH D WLJKW UHODWLRQVKLS
ZLWKWKH6LQDORDQV:HUHRQFRQVWDQWDOHUWEHFDXVHZHNQRZWKDW(O&KDSR
*X]PiQ>RQFHWKHKHDGRIWKH6LQDORD&DUWHO@FRPHVWRWKLVDUHD$QGWKLV
\HDUZHYHGHWHFWHGWKHSUHVHQFHRI/RV=HWDV7KHLULQWHUHVWLQWKHUHJLRQ
ZLOOFKDQJHWKHZKROHODQGVFDSH
:H NHSW GULYLQJ LQ FLUFOHV WKURXJK 7HJXFLJDOSD :HG SXOO LQWR D
UHVLGHQWLDO]RQHDQGWKHQDIHZPLQXWHVODWHUWXUQRXWRQWRDPDLQVWUHHWMXVW
WRWXUQEDFNRIIDJDLQ+HZHQWRQGHVFULELQJ&RSiQDVWKHVWDWHZLWKWKH
PRVWRUJDQL]HGPRVWH[SHULHQFHGQDUFRV+HH[SODLQHGWKDWWKHERUGHUZDV
ODUJHO\FRQWUROOHGE\WKH9DOOHIDPLO\ZKRDUHEDVHGLQ(O(VStULWXDWRZQ
ZLWKMXVWDERXWLQKDELWDQWVDQKRXUDZD\IURPWKH*XDWHPDODQERUGHU
7KHERUGHUWKHUHLVSXUHPRXQWDLQQRFXVWRPVRIILFLDOVRUERUGHUJDWHV
7KHDJHQWGHIHQGHGWKHWKHRU\WKDW*XDWHPDODLVWKHFHQWHURI86ERXQG
FRFDLQH WUDIILFNLQJ IXOO RI PHQ WUXVWHG E\ ERWK WKH 0H[LFDQV DQG
&RORPELDQV$QG\HWWKH+RQGXUDQFDUWHOVLQWKHZHVWHUQSDUWRIWKHFRXQWU\


OLNH LQ &RSiQ KDYH D ORW RI H[SHULHQFH DQG ZLHOG LPSRUWDQW OHYHUDJH
0H[LFDQ FDUWHO HPLVVDULHV RIWHQ JR WR FLWLHV OLNH 6DQWD 5RVD GH &RSiQ WR
QHJRWLDWHZLWKRXWWKHLQWHUPHGLDU\*XDWHPDODQV
7KDWV HQRXJK WKH DJHQW WHOOV PH 7RGD\ ZDV IRU XV WR JHW WR NQRZ
HDFKRWKHUDQG,YHDOUHDG\VWDUWHGWDONLQJ+HKDGSXOOHGWKHFDURYHUWR
WKH VLGHZDON LQ D UHPRWH QHLJKERUKRRG , KDUGO\ NQHZ (YHU\ WLPH KH
VWRSSHGWKHFDUKHGSXWDKDQGRYHUWKHKROVWHURIKLV%HUHWWD:LWKDVOLJKW
QRGKHLQYLWHGPHWRJHWRXW,GLGDQGKHSXOOHGDZD\

+HUH D PDQ ZLWKRXW D JXQ LVQW FRQVLGHUHG D PDQ 7KDWV QRW DQ


H[DJJHUDWLRQ LWV OLIH LQ &RSiQ 6LQFH ZH EHJDQ WKH WRXU DW QRRQ XQWLO ZH
OHIW(O3DUDtVRZLWK(O7LJUHVHDUFKLQJWKHGULYHUVRIHYHU\FDUZHVWRSSHG
IRXUWHHQLQWRWDO RQO\WZRRIWKHPHQVSRUWHGQRJXQ2QO\RQHRIWKHPD
SRRUIDUPHULQDQROGEHDWXSFDUGLGQWKDYHDOLFHQVHIRUKLVUHYROYHU(O
7LJUHVPHQFXIIHGKLPDQGVWXFNKLPLQWKHEHGRIWKHSLFNXSWUXFNWKDWZDV
GULYLQJEHKLQGXVDVVHFXULW\
3LVWROVDQGULIOHVDUHFRPPRQRQWKHVHGLUWURDGVEXW\RXDOVRILQGWKHP
IXUWKHU XS WKH SDWK RQFH WKH PXG JLYHV ZD\ WR SDYHPHQW :H WXUQ GRZQ D
SDYHG URDG WKDW OHDGV EDFN WRZDUG (O 3DUDtVR DQG WKH QHDUE\ WRZQ RI /D
(QWUDGD DERXW DQ KRXU IURP WKH *XDWHPDODQ ERUGHU <RX FDQW JHW WR
3DUDGLVHZLWKRXWZDONLQJWKURXJKWKH(QWUDQFHZKLFKOHDGVWR(O(VStULWX
WKH 6SLULW  ZKLFK OHDGV WR WKH ERUGHU ZKHUH WKH ORUGV PRYH DW ZLOO
H[SDQGLQJWKHLUFRQWUROSXVKLQJFRFDLQHDQGVWROHQJRRGVDFURVVWKHERUGHU
/D (QWUDGD PDUNV WKH OLQH EHWZHHQ FLYLOL]HG &RSiQ DQG SLVWROZLHOGLQJ
&RSiQ
(O7LJUHRUGHUVKLVPHQWRVHDUFKDFKXEE\FRZER\WDNLQJDOHDNZKHQ
WKH PD\RU RI /D -LJXD UROOV XS LQ D SLFNXS IXOO RI DUPHG PHQ 6XGGHQO\
WZHQW\ SROLFHPHQ DUH DOO SRLQWLQJ WKHLU JXQV DW WKH PD\RU +H JXIIDZV
ORXGO\LQVXOWLQJWKHSROLFHPHQ
+H\ZKDWWKHIXFNLVJRLQJRQKHUH"(O7LJUHLQWHUYHQHV
*HUPiQ*XHUUDWKHPD\RURI/D-LJXDQRWLFHV(O7LJUHIRUWKHILUVWWLPH
DQGWKHQWXUQVRYHUKLVJXQVDOOWKUHHSLVWROV7ZRRIWKHPDUHQWOLFHQVHG
+L7LJHU1LFHWRVHH\RXDJDLQ<RXFDQJRDKHDGDQGWDNHWKHVHOLWWOH
JXQVIURPPHEXW,QHHGWRKXUU\XSDQGJHWWRDZDNHKHSOHDGV
7DON LW RYHU ZLWK 5LYHUD 7RPDV (O 7LJUH UHVSRQGV ZLWK GLVGDLQ +H
DSSURDFKHV5LYHUD7RPDVWDNHVKLVDUPDQGVD\V%RRNKLP+HVDOUHDG\
VWDUWLQJ WR VKDNH %RRN WKH VFDUHG\SDQWV -XVW OLNH \RX GLG ZLWK WKH OLWWOH
,QGLDQZLWKWKHUHYROYHUWDNHKLPDZD\
5LYHUD7RPDVJLYHVRUGHUVWRKDQGFXIIWKHPHQLQFOXGLQJWKHPD\RUORDG


WKHP LQWR WKH SLFNXS DQG WDNH WKHP WR WKH VWDWLRQ DW /D (QWUDGD +H VHHPV
QHUYRXV ,WV FOHDU WKDW WKH PD\RU RI /D -LJXD FKDQJHG KLV DWWLWXGH RQFH KH
VDZ (O 7LJUH $QG LWV DOVR FOHDU WKDW KH ZDV XVHG WR RUGHULQJ DURXQG KLV
SROLFHOLNHVHUYDQWV
6HH(O7LJUHERDVWV7KH\GRQWIXFNDURXQGZLWKPH
a

,I,WKRXJKWXVLQJP\QDPHZRXOGFKDQJHVRPHWKLQJ,GWHOO\RXP\QDPH
WKHH[PD\RUH[SODLQHGWRPHZK\KHZDQWHGWRUHPDLQDQRQ\PRXV%XWLW
GRHVQWPDWWHUEHFDXVHWKHVHORUGVZKRUXOHWKHERUGHUDUHQWDORQH%HKLQG
WKHPDUHWKHPHQLQVXLWVWKDWJRYHUQWKHFRXQWU\
:H PHW IRU EUHDNIDVW LQ D UHVWDXUDQW RQ WKH RXWVNLUWV RI 6DQWD 5RVD GH
&RSiQ %HIRUH DJUHHLQJ WR PHHW WKH H[PD\RU PDGH PH JR WKURXJK WKH
W\SLFDOVHFXULW\SURWRFRO2QHRIKLVFRQILGDQWVWROGKLPWKDWKHWUXVWHGPH
WKDW,ZRXOGQWSXEOLVKKLVQDPHZRXOGQWPHQWLRQWKHQDPHRUORFDWLRQRI
RXU PHHWLQJ SODFH DQG ZRXOGQW WDNH DQ\ SKRWRV $IWHU WKDW KH DJUHHG WR
PHHW
/RRN \RX PLJKW WKLQN LWV DOO OLHV LQYHQWLRQ H[DJJHUDWLRQ EXW LWV QRW
7KH\ GR ZKDW WKH\ ZDQW EHFDXVH WKH\ KDYH DOO WKH SROLWLFDO VXSSRUW WKH\
QHHG (YHQ (O &KDSR *X]PiQ KDV EHHQ DURXQG KHUH HYHU\ERG\ NQRZV LW
+HZDVRQDUDQFKLQ(O(VStULWXSURWHFWHGE\WKH9DOOHIDPLO\WKHELJJHVW
PRQH\ ODXQGHUHUV LQ WKH UHJLRQ ZLWK KRWHOV LQ 6DQWD 5RVD SOXV D WRQ RI
RWKHUEXVLQHVVHV+H>(O&KDSR@HYHQZHQWWR(O3DUDtVR
)RU WKH ILUVW WLPH , DVNHG GLUHFW TXHVWLRQV DERXW (O 3DUDtVR DERXW LWV
ZHDOWKLWVKHOLSRUWDQGWKHQHZPD\RUZKRVNQRZQWRUXQWKHSODFHOLNHD
ILHIGRP
/RRN DOO WKH PD\RUV LQ WKH UHJLRQ NQRZ KRZ WKH PD\RU RI (O 3DUDtVR
RSHUDWHV+HGRHVQWDOZD\VRIIHU\RXPRQH\GLUHFWO\EXWZKHQ\RXKDYHD
IHVWLYDO LQ \RXU WRZQ KH JLYHV \RX ZKDW \RX ZDQW EXOOILJKWV DQG IDPRXV
0H[LFDQQRUWHxREDQGVWRGUDZELJFURZGVDQGPDNH\RXDORWRIPRQH\
$QG WKHQ KH DVNV \RX D IDYRU ,WV KDSSHQHG WR PRVW RI XV $QG WKHQ \RX
ZRQGHU LI P\ FLW\ LV MXVW DV SRRU DQG UXUDO DV KLV KRZ GRHV KH SD\ IRU
IDPRXV0H[LFDQPXVLFLDQVZKRFKDUJHWKRXVDQGVRIGROODUVIRUDVKRZ"
:KDWWKHH[PD\RUWROGPHRYHUEUHDNIDVW,KDGKHDUGIURPDQRWKHUPD\RU
ZKR KDG DOVR UHFHLYHG RIIHUV DQG ERRW\ IURP WKH PD\RU RI (O 3DUDtVR
$OH[DQGHU$UGyQ$UGyQWUDYHOVLQDQDUPRUHGSLFNXSWUXFNZLWKDFRQYR\
RIWZRPRUHWUXFNVDQGWZHQW\DUPHGPHQZKRVHMRELWLVWRJXDUGKLPGD\
DQGQLJKW
7KHPHGLDVLQWHUHVWLQ(O3DUDtVRVSLNHGLQZKHQ+RQGXUDVVH[


PLQLVWHU RI VHFXULW\ -RUJH *DPHUR FDOOHG WKH FLW\ WKH EODFN VWDLQ RI
&RSiQDVWDWHDOUHDG\IDPRXVIRUEHLQJDKXERIFRFDLQHWUDIILFNLQJ
,QDQLQWHUYLHZSXEOLVKHGLQ/D3UHQVD QHZVSDSHU LQ $XJXVW  WKH
RQO\ LQWHUYLHZ WKH PD\RU RI (O 3DUDtVR $UGyQ ZRXOG JLYH  KH ERDVWHG
DERXWKDYLQJRQO\JRQHWRVFKRROWKURXJKWKHILIWKJUDGHKDYLQJEHHQUDLVHG
SRRUDQGFRPLQJWRKDYHPLOOLRQVRIOHPSLUDVLQWKHEDQN+HH[SODLQHGWKDW
KLVFLW\LVULFKDQGWKDWKHZDVQRZDPLOOLRQDLUHWKDQNVWRPLONDQGFDWWOH
$UGyQGHVFULEHGKLPVHOIDVDKXPEOHPDQDQG\HWKHDOVRFODLPHGWREH
.LQJRIWKH3XHEOR+HGHQLHGDQ\FRQQHFWLRQWRQDUFRWUDIILFNLQJDQG\HW
DFFHSWHG WKDW DORQJ WKH ERUGHU PDQ\ UDQFKHUV KLPVHOI LQFOXGHG KDYH
EHQHILWHG IURP VRPH WUDQVERUGHU FDWWOH WUDIILFNLQJ 7KDW ZDV WKH RQO\
LQWHUYLHZKHHYHUJDYH
7KHELVKRSRI&RSiQ/XLV6DQWRVKRZHYHUKDVEHHQPRUHRSHQWRWKH
SUHVV+LVLQWHUYLHZVKDYHEHHQULIHZLWKSKUDVHVWKDWFRXOGVWDQGDVEDQQHU
KHDGOLQHVLIWKH\ZHUHQWMXVWW\SLFDOGHVFULSWLRQVRIKLVVWDWH$OOZHKDYH
OHIWLQ(O3DUDtVRLVWKHFKXUFKWKHUHVWKDVEHHQERXJKWXSE\WKHQDUFRV
,Q (O 3DUDtVR \RXQJ ZRPHQ ZRQW GDWH D ER\ XQOHVV KH KDV D EUDQGQHZ
SLFNXS WUXFN OLNH WKH QDUFRV KDYH 7KLV LV KLV GHVFULSWLRQ RI DQ LVRODWHG
WRZQLQDQLVRODWHGWUDFWRIWKH+RQGXUDQ*XDWHPDODQERUGHUDWRZQRQO\
DFFHVVLEOHE\PXGURDGV
7KHUH DUH WKLQJV ZH DOO NQRZ WKH H[PD\RU WROG PH RYHU EUHDNIDVW
/LNHLQWKHHOHFWLRQVLQ(O3DUDtVRWKHEDOORWER[HVFORVHGDWHOHYHQ
LQ WKH PRUQLQJ DQG ZHUH JXDUGHG E\ DUPHG PHQ ZKRG EHHQ SDLG 
OHPSLUDVE\WKH/LEHUDO3DUW\$WHOHYHQDWQLJKWWKH\WRRNDZD\WKHEDOORW
ER[HVDQGILOOHGWKHEDOORWVXSRQWKHLURZQ
7ZRRWKHUVRXUFHVFRQILUPHGWKHVWRU\RIWKHHOHFWLRQV2QHRIWKHP
ZDVDPHPEHURIWKH1DWLRQDO3DUW\WKHVDPHSDUW\$UGyQEHORQJVWR7KH
VWDWLVWLFV WKHPVHOYHV DOVR SRLQWHG WR LUUHJXODULWLHV 2I D SRSXODWLRQ RI
WKHUHZHUHYRWHVFRXQWHGE\IDUWKHKLJKHVWYRWLQJWXUQRXWLQ
DOORI&RSiQ2IWKHYRWHVRQO\ZHUHIRUWKH/LEHUDO3DUW\$OO
WKH  RWKHU YRWHV ZHUH IRU WKH 1DWLRQDO 3DUW\ 7KH GLIIHUHQFH ZDV VR
JUHDW WKDW WKH 1DWLRQDO 3DUW\ ZDV RQO\  YRWHV VK\ RI JDLQLQJ DQRWKHU
VWDWHGHSXW\,QWKHRWKHUWZHQW\WZRPXQLFLSDOLWLHVRI&RSiQQRSDUW\ZRQ
E\PRUHWKDQYRWHVZKLOHLQ(O3DUDtVR$UGyQVSDUW\ZRQE\
YRWHV
,IDQ\RQHFRPHVWR&RSiQDVNLQJDERXWQDUFRVWKHQDPHVRI(O3DUDtVR
DQGLWVPD\RULQHYLWDEO\FRPHXS7KLVZDVWKHFDVHZLWK6WHYHQ'XGOH\D
UHVHDUFKHU IURP WKH :RRGURZ :LOVRQ &HQWHU DQG WKH 8QLYHUVLW\ RI 6DQ
'LHJR ZKR FDPH WR &RSiQ LQ  DQG IRXQG IURP VWXG\LQJ SROLFH


LQWHOOLJHQFH UHSRUWV WKDW $UGyQ ZDV ZRUNLQJ GLUHFWO\ ZLWK WKH 6LQDORD
&DUWHO 7KH UHSRUWV GHWDLOHG SDUWLHV ZLWK JXHVWV WKDW LQFOXGHG &HQWUDO
$PHULFDQDQG0H[LFDQGUXJORUGV,Q)HEUXDU\WKHDFWLQJPLQLVWHURI
VHFXULW\ VFDU OYDUH] VDLG LQ DQ LQWHUYLHZ ZLWK WKH 0H[LFDQ 5DGLR
)yUPXOD WKDW (O &KDSR ZDV NQRZQ WR YDFDWLRQ LQ (O 3DUDtVR +H DOVR
PHQWLRQHGWKDWWKHLQWHUQDWLRQDOO\SRSXODUEDQG/RV7LJUHVGHO1RUWHFDPH
WRSOD\DWSDUWLHVRUJDQL]HGE\$UGyQ$QG\HWGHVSLWHDOOWKHIRONORUHDERXW
WKH WRZQ IHZ SHRSOH SRLQW RXW ZKDW P\ LQIRUPDQW WKH H[PD\RU WROG PH
RYHUEUHDNIDVW
+HVXPPHGXSWKHVLWXDWLRQ:LWKDOORIKLVQRWRULHW\$UGyQLVDPD\RU
RI D ORVW OLWWOH WRZQ DQG \HW KHV FDSDEOH RI EULQJLQJ SHRSOH WRJHWKHU
LQFOXGLQJVRPHRIWKHPRVWLPSRUWDQWEXVLQHVVPHQLQWKHFRXQWU\OLNHKHGLG
IRUWKHLQDXJXUDWLRQRIKLV&LW\+DOOZLWKWKHKHOLSRUWRQWKHURRI7KDWVZK\
KH GLGQW OHW DQ\ERG\ WDNH SKRWRJUDSKV DW WKH HYHQW %XW KRZ GLG ZH JHW
KHUH" 7KH PRVW HIILFLHQW ZD\ WR VDIHJXDUG \RXUVHOI DV D ERUGHU ORUG LV WR
ILQDQFH SROLWLFDO FDPSDLJQV ZKHWKHU PXQLFLSDO RU QDWLRQDO 7KDW ZD\ DQ\
IXWXUH SUREOHP \RX KDYH \RX FDQ IL[ LW ZLWK D TXLFN FDOO WR D SROLWLFDO
IULHQG
$FFRUGLQJWRWKHPD\RUVDQGH[PD\RUV,VSRNHZLWKWKDWOX[XULRXVFLW\
KDOO LQDXJXUDWLRQ LQ (O 3DUDtVR ZDV D UHGFDUSHW HYHQW IXOO RI SROLWLFLDQV
EXVLQHVVPHQDQGQDWLRQDOO\NQRZQILJXUHV

(O7LJUHVHFRQGJXHVVHVWKHRUGHUVKHJDYHWR5LYHUD7RPDV+HVVWUHVVLQJ
3DSHUZRUN LVQW KLV VWURQJ VXLW ,QVWHDG RI IROORZLQJ XS ZLWK WKH
FRQVHTXHQFHVRIKLVDUUHVWRUGHUKHOHDYHVWKHRIILFHDQGGULYHVIXOOVSHHG
WRILQGDVWROHQWUXFNDQGWUDFWRU$VHPLWUDLOHUKDGEHHQVWROHQHDUOLHULQWKH
GD\DQGWKHQIRXQGSXOOHGRYHURQWKHURDGWR/D(QWUDGD:KHQZHDUULYH
KRZHYHU WKH WUDFWRU WKDW KDG EHHQ KRRNHG WR WKH WUXFNV WUDLOHU EHG KDG
GLVDSSHDUHG DJDLQ ZKLFK PHDQW WKDW LW KDG EHHQ VWROHQ VRPHWLPH EHWZHHQ
ILYH LQ WKH PRUQLQJZKHQ (O 7LJUH JRW D FDOO DOHUWLQJ KLP WKDW WKH VWROHQ
WUXFNKDGEHHQIRXQGDQGHOHYHQRFORFNDWQLJKWZKHQZHILQDOO\DUULYH
DWWKHVFHQH
7KH\UHQRWVLPSOHKLJKZD\UREEHUV(O7LJUHH[SODLQVWRPH7KLVLV
WKHERUGHU7KHVHJX\VDUHFULPLQDOORUGV
(O7LJUHRUGHUVWKHWZRSROLFHPHQVWDQGLQJRXWVLGHSRLQWLQJWKHLU0V
WRZDUGWKHGDUNKLOOVWRJHWDPRYHRQ$OULJKWLWVJRRGOHWVUROO7KDW
WUDFWRU LV SUREDEO\ DOUHDG\ FURVVLQJ LQWR (O 6DOYDGRU VRPHZKHUH DURXQG
2FRWHSHTXH
$KDOIKRXUODWHUZHUHEDFNDWWKHVWDWLRQVR(O7LJUHFDQFKHFNRQWKH
PD\RURI/D-LJXD+HUXVKHVWRVLJQWKHDUUHVWSDSHUV,QWKHRIILFHDUHWHQ


PRUH PHQ ZKR DFW DV (O 7LJUHV ERG\JXDUGV 7KH\ SDW PH GRZQ ZKHQ ,
ZDONLQILOPPHZLWKWKHLUFHOOSKRQHFDPHUDVDQGVSHDNORXGO\LQWRWKHLU
SKRQHV :HUH WDNLQJ >WKH PD\RU@ DZD\ 7KHVH LGLRWV GRQW NQRZ ZKR
WKH\UHPHVVLQJZLWK:HUHJRLQJWRFDOOWKHERVV:HUHWDNLQJKLPDZD\
QRZ
%XW WKHQ (O 7LJUH FKDQJHV KLV PLQG 5LYHUD 7RPDV VWDQGV LQ WKH FRUQHU
EOXVKLQJ EHJJLQJ KLP WR EH FDUHIXO WR OHW WKH PD\RU RI /D -LJXD JR EDFN
KRPHIRUWKHQLJKW%XWEHIRUHDGHFLVLRQLVPDGHZHUHRXWWKHGRRUDJDLQ
,IROORZ(O7LJUHLQWRKLVSLFNXS,WVMXVWWKHWZRRIXVLQWKHFDELQ,QWKH
EHGDUHWKUHHRIKLVJXDUGV:HGULYHLQVLOHQFHIRUDZKLOHDQGWKHQKHJHWV
DFDOO
:KDWWKH"(O7LJUHVKRXWVLQWRKLVSKRQH+HFDOOHG%DUUDODJD",GRQW
JLYHDIXFN.HHSKLPLQWKHUH
-RUJH%DUUDODJDLVWKHSROLFHFKLHIRIWKHVWDWHRI&RSiQ(O7LJUHLVKLV
UHJLRQDO FKLHI DQG WKH\ GRQW JHW DORQJ DW DOO (O 7LJUH ZDQWHG %DUUDODJD
LQYHVWLJDWHGIRUKDYLQJORDQHGRXWVL[W\FRSVDVVHFXULW\IRUWKHLQDXJXUDWLRQ
RIWKHOX[XULRXV&LW\+DOORI(O3DUDtVR:KHUHGR\RXJHWRIIOHDYLQJDQ
HQWLUHVWDWHXQSURWHFWHGMXVWWRWDNHFDUHRIDVLQJOHFUD]\PD\RU"(O7LJUH
DVNV$QG\HWLWZDVQWMXVWVL[W\SROLFHPHQ$FFRUGLQJWRDQLQWHUQDOSROLFH
UHSRUW,VDZLQ7HJXFLJDOSDWKHUHZHUHWZHQW\RWKHUSROLFHGLVSDWFKHGRQ
WRS RI WKH VL[W\ PHQWLRQHG E\ (O 7LJUH DQG HYHQ VRPH VROGLHUV DQ HQWLUH
DUP\ JXDUGLQJ DQ HYHQW DW D FLW\ RI VRPH  SHRSOH 0HDQZKLOH LQ
RWKHU SDUWV RI WKH VWDWH WKH RQO\ VHFXULW\ IRU VRPH FLWLHV LV D VLQJOH WUDIILF
FRS7KHHLJKW\SROLFHJXDUGVZHUHOLQHGXSDIWHUWKHHYHQWDQGHDFKJLYHQ
 OHPSLUDV DERXW   LQ WKDQNV 7KDWV QHDUO\  LQ WRWDO ,Q KLV
OHWWHU RI SURWHVW (O 7LJUH FRPSODLQHG WKDW WKH SD\PHQWV UHSUHVHQWHG D
YLRODWLRQDQGDVPHDULQJRIWKHLPDJHRIWKHPD\RUVRIILFHDVLWVKRZHG
WKDWRXUSROLFHDUHLQWKHVHUYLFHRILQGLYLGXDOVZKRGHGLFDWHWKHPVHOYHVWR
HO QDUFR (O 7LJUHV OHWWHU RQO\ GUHZ DWWHQWLRQ WR WKH EDG UHODWLRQVKLSV KH
KDVZLWKERUGHUWRZQPD\RUV
:H ULGH GRZQ WKH KLJKZD\ LQ VLOHQFH IRU DERXW ILYH PLQXWHV DQG WKHQ
DQRWKHUFDOOFRPHVLQ
<HDK ZKDW LV LW" :KDW WKH" +H FDOOHG WKH PLQLVWHU RI VHFXULW\ DVNLQJ
ZK\ D PD\RU KDG EHHQ GHWDLQHG" :HOO DV ORQJ DV KH GRHVQW WHOO XV WR OHW
KLPJRNHHSKLPORFNHGXS
+HKDQJVXS
7KHVHGDPQSHRSOHKHWHOOVPH7KH\QHYHUVWRSWU\LQJWRSXOOWKHLU
VWULQJV
:HFRQWLQXHRQLQVLOHQFHIRUDQRWKHUWKUHHPLQXWHV$QGWKHQDQRWKHUFDOO


FRPHVLQ
<HDK \HDK :KDW"  <HDK , DUUHVWHG KLP 3XEOLVK LW  <HDK VR LWV
QRWLQIRUPDWLRQ\RXZDQW"<RXZDQWPHWRUHOHDVHWKHPD\RU"
+H FRYHUV KLV SKRQH DQG ZKLVSHUV WR PH WKDW LWV D ELJWLPH ORFDO
MRXUQDOLVW7KHQKHSXWVWKHSKRQHRQVSHDNHU
$ ZRPDQV YRLFH VRXQGV RXW /RRN WKH 'HSXW\ 0DUFLR 9HJD 3LQWR >D
VWDWHOHJLVODWRU@FDOOHGPHDQGWROGPHWRGRVRPHWKLQJ+HNQRZV,NQRZ
\RX
%XW\RXNQRZWKDW,FDQWKHOS\RXKHUH(O7LJUHUHVSRQGV
$OOWKHRWKHUPD\RUVZLOOJHW\RXEDFN7KH\UHDOOIULHQGV
<HDK,DOUHDG\NQRZWKHEUXWHVZLOOQHYHUIRUJHWPH
-XVW EH FDUHIXO 7KH\UH VD\LQJ WKDW WKLV JX\ SDUWQHUV ZLWK /RV 9DOOHV
IURP(O(VStULWX
$QGZKDWEXOOHWVGRQWKLWWKH9DOOHSHRSOH"
+HWXUQVRIIWKHVSHDNHUDQGVD\VJRRGE\HWRWKHMRXUQDOLVW0\SKRQHV
QRWJRLQJWRVWRSULQJLQJ(O7LJUHWHOOVPH1RWXQWLO,OHWWKHPD\RUJR
7KHGRPDLQRIWKHVHERUGHUORUGVLVQWUHVWULFWHGE\PXGG\URDGV:KHQ
WKH\SLFNXSWKHSKRQHSHRSOHOLVWHQHYHQLIWKH\UHIDUIURPWKHERUGHU:H
ULGHLQVLOHQFH(O7LJUHLVVWDUWLQJWRORRNXQFRPIRUWDEOH
<HDKILQHKHVD\VKDOIWDONLQJWRKLPVHOI,I\RXUHDVNLQJPHZKHWKHU
WKHORUGVFRQWUROWKHERUGHUDQGNQRZHYHU\WLPH,VWHSIRRWLQWR(O3DUDtVR
RU(O(VStULWXILQH,WHOO\RXWKHDQVZHULV\HV$QG,DVNP\VHOIKRZWKH\
NQRZDQG,KDYHWRDQVZHUWKDWP\SHRSOHKDYHEHHQLQILOWUDWHG
:HULGHLQDQXQFRPIRUWDEOHVLOHQFHZLWK(O7LJUHFRQWLQXDOO\WXUQLQJWR
PHDVLIZDLWLQJIRUPHWRVSHDN
+HVZRUULHG,WHOOKLPPHDQLQJWKHPD\RU
<HDKEXWLWVILQH,I\RXDVNPHLIWKHGUXJORUGVIUHHO\WUDIILFDORQJWKLV
ERUGHU,OOWHOO\RXWKDWLWVWUXHEHFDXVH,YHQHYHUGHFRPPLVVLRQHGHYHQD
VSHFNRIFRFDLQHKHUH
$FFRUGLQJ WR WKH PLQLVWHU RI VHFXULW\ DQ DQQXDO DYHUDJH RI  WRQV RI
FRFDLQH FURVV WKH ERUGHUV RI +RQGXUDV &RSiQ LV FRQVLGHUHG WKH SULQFLSDO
GUXJWUDIILFNLQJURXWHOHDGLQJWR*XDWHPDOD
, DVN <RX KDYHQW GHFRPPLVVLRQHG DQ\ FRNH LQ DOO WKUHH ERUGHU VWDWHV
DOO\HDU"
1RW D VSHFN $QG , DVN P\VHOI ZK\ %HFDXVH QRERG\ JHWV PH E\ WKH
EDOOV$P,ULJKWRUDP,ULJKW"
,WVWUXH,DGPLW7KHPD\RUGLGQWJHWWKHEHVWRI\RX%XWZKDWGLG
WKDWJHW\RX"


:HULGHLQVLOHQFHXQWLO6DQWD5RVDGH&RSiQ



*XDWHPDOD,V6SHOOHGZLWKD=

-XQH
7KHUHZDVDWLPHZKHQ*XDWHPDODQGUXJWUDIILFNHUVOLYHGXQGHUDSDFWRIPXWXDO
UHVSHFW$WLPHZKHQ\RXFRXOGVWLOOFRXQWRQRQHKDQGWKHQXPEHURIEODFNVKHHS
ZKRZRXOGEUHDNWKDWSDFW2QHRIWKHVHEODFNVKHHSSURSRVHGWKDWDGUXJIDPLO\
FRQWUDFW D KLW PDQ IURP D 0H[LFDQ FDUWHO H[SDQGLQJ FRQWURO WKURXJKRXW WKH
FRXQWU\
,QWHOOLJHQFHRIILFHUVVROGLHUVZRUNHUVLQVLGHWKHZRUOGRIQDUFRWUDIILFNLQJDV
ZHOODVDFRQWURYHUVLDOGHFODUDWLRQRIDVWDWHRIHPHUJHQF\DOOSRLQWWRWKHVLQJOH
IDFWRUWKDWVKDWWHUHGFULPLQDOVWDELOLW\LQ*XDWHPDOD/RV=HWDV

7KH ODVW WLPH KH FRRNHG ZDV WKUHH \HDUV DJR ,W ZDV VL[ \HDUV LQWR KLV
VHQWHQFH ZKHQ D JURXS RI FRQV FDPH WR KLV FHOO ORRNLQJ IRU WKH IRUHLJQHU
ZKRNQHZDERXWFKHPLFDOV
:KDWGR\RXZDQW"KHDVNHGWKHP
2QKLVFRWWKH\XQSDFNHGDSODVWLFZUDSRIFRFDLQHSDVWHDQGDVNHGKLP
ZKDWHOVHKHZRXOGQHHGWRFRRN%LFDUERQDWHKHWROGWKHP%\WKHQH[WGD\
WKH\GJRWWHQLWIRUKLPDQGWKHPHQZHUHDEOHWRVPRNHWKHLUFUDFN7KDW
ZDVWKHODVWWLPHWKH&RORPELDQFRRNHG%HIRUHLQDQHDUOLHUOLIHKHZRXOG
FRRNHYHU\GD\,WZDVKRZKHPDGHKLVOLYLQJ
7KH&RORPELDQGLGQWVHHPWRPLQGWKHDVSK\[LDWLQJSULVRQKHDW+HZDV
XVHG WR LW :KHQ KH ILUVW FDPH WR *XDWHPDOD LQ  KH VHWWOHG LQ
0D]DWHQDQJR WKH FDSLWDO RI 6XFKLWHSpTXH] VWDWH 7ZR KXQGUHG NLORPHWHUV
IURP WKH ERUGHU ZLWK (O 6DOYDGRU DQG  NLORPHWHUV IURP WKH 0H[LFDQ
ERUGHU0D]DWHQDQJRVXIIHUVIURPDQRFHDQIURQWKHDWWKDWERLOVRYHURQWRWKH
LVRODWHGVWULSRIFRDVWOLQH'HYRLGRILPSRUWDQWSRUWVRUWRXULVW\KRWHOVWKH
VWDWHLVSHSSHUHGZLWKXQLQFRUSRUDWHGILVKLQJYLOODJHVOLNH(O&KXSDGHURRU
%LVDEDM
6RPHRIWKHLQPDWHV,VDZDV,ZDONHGWKURXJKWKHSULVRQWKHGD\,WDONHG
ZLWK WKH &RORPELDQ ZHUH SOD\LQJ VRFFHU FKDWWLQJ LQ WKH FRUQHUV HDWLQJ LQ


WKHGLQLQJKDOOVRUEHLQJWUDQVIHUUHGEHWZHHQEXLOGLQJVLQKDQGFXIIV,QWKLV
SULVRQ LQPDWHV DUH GLYLGHG EHWZHHQ FRPPRQ RU FLYLOLDQ LQPDWHVDOVR
NQRZQDVSDLVDVRUFRXQWU\IRONDQGJDQJPHPEHUVDOPRVWDOORIZKRP
EHORQJWRHLWKHUWKH0DUD6DOYDWUXFKDRU%DUULRWZRRIWKHELJJHVWJDQJV
LQWKH$PHULFDV
7KH ORXG WKLUW\ILYH\HDUROG PDQ NQRZQ DV WKH &RORPELDQ DQG , VQXFN
DZD\ WR D VROLWDU\ FRPPLVVDU\ VWDOO VR ZH FRXOG WDON ZLWKRXW KDYLQJ WR
ZKLVSHU7KH&RORPELDQZDVFOHDQO\VKDYHQDQGZDVZHDULQJDSDLURIQHZ
ZKLWH 1LNHV +H ZDV D ILUVWKDQG ZLWQHVV WR WKH GHFDGHORQJ HYROYLQJ
UHODWLRQVKLS EHWZHHQ WKH YDULRXV GUXJ WUDIILFNHUV LQ *XDWHPDOD +H NQHZ
WKDW WKH JRRG GD\V KDG SDVVHG WKDW RXWVLGH WKHUH ZDV D QHZ ODZ DQG WKDW
WKLV QHZ ODZ KDG EHHQ ODLG RXW E\ VRPH PHQ IURP 0H[LFR +H DOVR NQHZ
WKDWKHGLGQWZDQWDQ\WKLQJWRGRZLWKLW
8QWLOKHZDVLPSULVRQHGWKH&RORPELDQZDVZKDWLVNQRZQLQWKHGUXJ
ZRUOG DV D IUHH DJHQW +H GLGQW ZRUN H[FOXVLYHO\ IRU RQH FDUWHO +H ZDV
QHYHUWKHFKHPLVWIRUWKH&DOLRUWKH1RUWHGHO9DOOHFDUWHOVLQ&RORPELDKH
GLGQWFRPHWR*XDWHPDODFRQWUDFWHGE\D&KLDSDQGUXJIDPLO\QRUZDVKH
FRQWUDFWHGE\DQ\RWKHU0H[LFDQJURXS+HVLPSO\VWXPEOHGLQWR*XDWHPDOD
ZKLOHRQURXWHWRWKH8QLWHG6WDWHV+HZDVDIUHHDJHQWDPDQZKROLNHKLV
IDWKHU NQHZ KRZ WR PL[ DFHWRQH ELFDUERQDWH DPSKHWDPLQHV DQG
DPPRQLXP
+HZDVDUUHVWHGDORQJZLWKKLVIDWKHUDQGD*XDWHPDODQVROGLHUZKRZDV
KHOSLQJ WKHP LQ D KRXVH LQ 0D]DWHQDQJR +HV FRQYLQFHG LW ZDV D VHWXS
7KH GRRU ZDV NQRFNHG GRZQ DW WKH H[DFW PRPHQW WKH &RORPELDQ SXW KLV
KDQGVLQWRWZHQW\WZRNLORVRIFRNH
,WVOLNHWKLVVHHKHWROGPH7KLVZDVWKHJDPH,IWKH\KDGPRQH\,
SXWWRJHWKHUDNLORLQWZHQW\PLQXWHVVWDUWHGWKHPL[LQJDQGZDVDOOUHDG\WR
FRRN
7KH&RORPELDQPRVWO\ZRUNHGZLWKFOLHQWVZKRZHUHGHVSHUDWHEHFDXVH
DEDWFKRIWKHLUVKDGJRQHEDGDSDFNDJHKDGJRWWHQZHWGXULQJWUDQVSRUWRU
VLPSO\ EHFDXVH WKH\ KDG DOO WKH QHFHVVDU\ LQJUHGLHQWV EXW ODFNHG WKH
NQRZOHGJHWRWXUQWKHPLQWRZKLWHSRZGHU
:KHQ KH ILUVW DUULYHG LQ *XDWHPDOD WKH &RORPELDQ ZRXOG ZRUN ZLWK
DQ\ERG\ZKRPDGHDQRIIHU+HVRRQJRWLQZLWKWUDGLWLRQDOGUXJIDPLOLHV
WKH 0HQGR]DV DQG WKH /RUHQ]DQDV ZKR KDG FRQWDFWV WKURXJKRXW &HQWUDO
$PHULFD %XW KH DOVR ZRUNHG ZLWK OHVVHUNQRZQ JURXSV RQ WKH ZHVWHUQ
ERUGHULQWKHYRODWLOHFLW\RI7HF~Q8PiQMXVWDFURVVWKHULYHUIURP0H[LFR
JURXSVZKRVHEUHDGDQGEXWWHUZHUHPLJUDQWVDQGFRQWUDEDQG+HZRUNHG
ZLWKZKRHYHUSDLG7KRXJKLWPD\VHHPRGGLQDZRUOGRIQDUFRVZRUNLQJ


ZLWKFRPSHWLQJIDPLOLHVQHYHULQFLWHGVXVSLFLRQDPRQJKLVFOLHQWV
,WVOLNHWKLV+HUHWKHUHZDVQRFDUWHOWKDWUXOHGHYHU\ERG\RUPHVVHG
ZLWKDQ\RWKHUFDUWHO7KH\GLGQWNLOO\RXIRUZRUNLQJZLWKVRPHERG\HOVH
<RXGHOLYHUHG\RXUJRRGVDQGWKDWZDVHQRXJK<RXJRZKHUH\RXQHHGWR
JRDQGGRZKDW\RXQHHGWRGREHFDXVH,PSDLGXSDQG,PKDSS\
7KRVHZHUHDFFRUGLQJWRWKH&RORPELDQKDSS\WLPHV*XDWHPDODZDVD
JRRGSODFHWREHDIUHHDJHQW%XWWHQ\HDUVKDYHSDVVHGVLQFHWKHQDQGDORW
KDVFKDQJHGRQWKHRXWVLGH
:KHQ\RXJHWRXW,DVNHGKLPZRXOG\RXVWDUWZRUNLQJDJDLQ"
,GRQWWKLQNVRP\IULHQG,WVDPHVVRXWWKHUH(YHU\WKLQJFKDQJHGZLWK
/RV=HWDV7KRVHEUXWHVGRQWXQGHUVWDQGSDFWV7KH\GRQWQHJRWLDWH7KH\
JHWLQWRHYHU\NLQGRIFULPHDQGVRWKH\VTXHH]H\RXDQGWKH\KHDW\RXXS
+RZGR\RXNQRZWKDW"
/RRNIULHQG/RRNZKHUH,DP$OOVRUWVRISHRSOHFRPHLQKHUH+HUH
\RXJHWWRNQRZZKDWVJRLQJRQEHWWHUWKDQLI\RXUHRQWKHRXWVLGH

,I\RXEHOLHYHWKHWLG\IRUPXODWKDWLQWHUPVRIGUXJWUDIILFNLQJ0H[LFRLV
WKHEDFN\DUGRIWKH8QLWHG6WDWHVWKHQ\RXVKRXOGEHDEOHWRH[WUDSRODWHDQG
VD\WKDW&HQWUDO$PHULFDLVWKHEDFN\DUGRI0H[LFRDOEHLWDQHJOHFWHGDQG
RYHUJURZQEDFN\DUGFRQQHFWHGWR0H[LFRE\DVLQJOHJDWHWKH*XDWHPDODQ
ERUGHU
%XWZLWKDFRDVWOLQHRQWKH$WODQWLFDQGWKH3DFLILFDQGFORVHWRPLOHV
RIVKDUHGERUGHUZLWK0H[LFRLWVDFWXDOO\PRUHRIDJDSLQJFDYLW\WKDQD
EDFN\DUG JDWH 'UXJ WUDIILFNHUV KDYH NQRZQ DERXW WKLV IRU GHFDGHV ,Q
FRQWUDVW WR (O 6DOYDGRU ZKHUH WKH SDVW GHFDGH KDV VHHQ D UHQDLVVDQFH RI
QDUFRWUDIILFNLQJ LQ *XDWHPDOD ROG IDPLOLHV KDYH EHHQ ZRUNLQJ WKH WUDGH
VLQFHWKHVZKHQZDUGUXPVZHUHEHDWLQJDOODFURVV&HQWUDO$PHULFD
,Q RUGHU WR XQGHUVWDQG WKH HIIHFW /RV =HWDV KDYH KDG RQ *XDWHPDOD LWV
LPSRUWDQW WR MRXUQH\ EDFN WR WKH V DQG (GJDU *XWLpUUH] DQ HFRQRPLVW
DQG PDWKHPDWLFLDQ LV WKH SHUIHFW JXLGH )LIW\ \HDUV ROG *XWLpUUH] KDV
IRXQGHGYDULRXVRUJDQL]DWLRQVGHGLFDWHGWRHDVLQJWKHUHWXUQRI*XDWHPDODQ
UHIXJHHV DV ZHOO DV ILJKWLQJ LPSXQLW\ DQG SUHVHUYLQJ KLVWRULFDO PHPRU\
+HVDOVRZRUNHGIRUWKHJRYHUQPHQW)URPWRKHZDVVHFUHWDU\
RI VWUDWHJLF DQDO\VLVWKDWV WR VD\ KH ZDV WKH FKLHI RI *XDWHPDODQ
LQWHOOLJHQFHVHUYLFHVDQGIURPWRKHZDVWKHPLQLVWHURIIRUHLJQ
UHODWLRQV &XUUHQWO\ KH ZRUNV DV D VHFXULW\ DQDO\VW IRU JRYHUQPHQWV DQG
RUJDQL]DWLRQVWKURXJKRXW/DWLQ$PHULFDQDQG(XURSH
(DV\ WR WDON WR DQG RUJDQL]HG LQ KLV WKLQNLQJ *XWLpUUH] OD\V RXW WKH
HYROXWLRQRIGUXJWUDIILFNLQJLQ*XDWHPDODH[SODLQLQJKRZLWEHFDPHRQHRI


WKH SLOODUV RI WKH FRXQWU\V SRZHU VWUXFWXUH +LV FKURQRORJ\ FKHFNV RXW
YHULILHGE\JURXQGVROGLHUVXSWRPLOLWDU\LQWHOOLJHQFHRIILFHUV
'UXJ WUDIILFNLQJ ZDV QHYHU ZKDW LW LV WRGD\ LQ WHUPV RI WKH YROXPH RI
FRFDLQHSDVVLQJWKURXJKDQGWKHVL]HRIWKHRYHUDOOPDUNHW,PWDONLQJDERXW
WKHVWRWKHPLGV$URXQGWKDWWLPH&XEDQVZHUHPLJUDWLQJHQPDVVH
WR 0LDPL DQG WKHQ IURP 0LDPL WR *XDWHPDOD DWWUDFWHG E\ WD[ SROLFLHV
7KRVH &XEDQV VHUYHG DV D EULGJH WR WKH &RORPELDQV DQG KLG WKHLU GUXJ
RSHUDWLRQVZLWKLQRWKHUEXVLQHVVHVPRVWO\VKULPSH[SRUWDWLRQ7KH\ZRXOG
H[SRUW VKULPS WR 0LDPL ZLWK GUXJV KLGGHQ LQVLGH WKH FRQWDLQHUV %XW
VRPHWKLQJ KDSSHQHG LQ WKH V DQG WKRVH VDPH SHRSOH DEDQGRQHG
WUDIILFNLQJIRUOHJDOEXVLQHVVHV
)LQGLQJHYLGHQFHIURPWKLVSHULRGRIGUXJWUDIILFNLQJFDQEHFRPSOLFDWHG
*XWLpUUH] LV EDVLQJ KLV FODLPV RQ SHRSOH KH NQRZV ZKR ZHUH GLUHFWO\
LQYROYHG
7KHVHFRQGSHULRGRIWUDIILFNLQJLQ*XDWHPDODKRZHYHUDWWUDFWHGORWVRI
LQWHUQDWLRQDO DWWHQWLRQ DQG LV ULIH ZLWK GRFXPHQWV IURP 86 LQWHOOLJHQFH
DJHQFLHV
<RX UHPHPEHU WKH ,UDQ&RQWUD VFDQGDO ZKLFK HQGHG ZLWK WKH
SURKLELWLRQRI86IXQGLQJWRWKH&RQWUDV,QWKDWSHULRGWKHHDUO\VWKH
8QLWHG 6WDWHV ZDV PDNLQJ LWV ILUVW HIIRUWV WR SXW D VWRS WR WKH &RORPELDQ
QDUFRV DQG WKH &,$ GHFLGHG WKDW WKH FRFDLQH DQG KHURLQH SDVVLQJ WKURXJK
&HQWUDO $PHULFD ZRXOG EH WUDIILFNHG E\ YDULRXV PLOLWDU\ IRUFHV LQVWHDG
7KH\ LQYROYHG WKH 6DOYDGRUDQV *XDWHPDODQV DQG +RQGXUDQV ZKR XVHG
WKHLULOOLFLWHDUQLQJVWRILQDQFHWKH&RQWUDV7KHUHDUHWHVWLPRQLHVIURPWKH
86 6HQDWH DQG &RQJUHVV ZKHUH $UJHQWLQH ILQDQFLDO DGYLVRUV ZRUNLQJ
DORQJVLGHWKH&,$OD\LWRXWLQQXPEHUVDVPXFKDVPLOOLRQDZHHN
%HWZHHQDQGWKH,UDQ&RQWUDDIIDLUKLWWKHKHDGOLQHVZLWKWKH
GLVFRYHU\ WKDW WKH 8QLWHG 6WDWHV KDG LOOHJDOO\ VROG PRUH WKDQ  PLOOLRQ
ZRUWK RI DUPV WR ,UDQ GXULQJ LWV ZDU DJDLQVW ,UDT %XW WKH VWRU\ GLGQW HQG
WKHUH 3UHVLGHQW 5HDJDQ DGPLWWHG LQ D SUHVV FRQIHUHQFH WKDW DURXQG 
PLOOLRQLQDUPVVDOHVSURILWZHQWWRWKH&RQWUDV$IWHUWKHVFDQGDOEURNHWKH
PRQH\VWRSSHGIORZLQJ7KDWVZKHQWKHVHFRQGSKDVHEHJDQRQHWKDWKDV
QHYHUEHHQFRPSOHWHO\XQGHUVWRRGHYHQZLWKWKHSDVVLQJRIWLPH,Q
WKH6DQ-RVH0HUFXU\1HZVSXEOLVKHGDUHSRUWWKDWWLHGFRFDLQHDQGFUDFN
WUDIILFNLQJLQ/$LQWKHODWHVWRWKHILQDQFLQJRIWKH&RQWUDVDOOZLWKWKH
&,$V DSSURYDO 7KH VFDQGDO UHDFKHG WKH 86 6HQDWH ZKLFK RSHQHG DQ
LQYHVWLJDWLRQ $FFRUGLQJ WR WKH UHSRUW &HQWUDO $PHULFDQ PLOLWDU\ DFWHG DV
WUDIILFNHUV IRU WKH GUXJV SDVVLQJ QRUWK %XW LW ZHQW EH\RQG WKH PLOLWDU\ $
IHZKHDGVRIWKHODUJHVWWUDIILFNLQJIDPLOLHVVPHOOHGSURILWDQGZDONHGULJKW
WKURXJKWKHGRRUWKDWKDGEHHQRSHQHGE\WKH&,$


7KH 8QLWHG 6WDWHV SHUPLVVLYH DWWLWXGH OHG WR WKH DUULYDO RI WKH
&RORPELDQV LQ &HQWUDO $PHULFD LQ WKH V ODQGLQJ PRVWO\ LQ *XDWHPDOD
7KH ILUVW UHDO JRGIDWKHUV LQ WKH FRXQWU\ ZHUH WKH &RORPELDQV ZKR EURXJKW
RYHUWKHLUHQWLUHDGPLQLVWUDWLYHDQGILQDQFLDOWHDPV:KHQWKH\IRXQGDVOLFH
RI WKH PDUNHW DQG IRXQG WKH\ QHHGHG WR PDNH FRQQHFWLRQV ZLWK 0H[LFR WR
VKLS QRUWK WKH\ FRQWDFWHG WKH *XDWHPDODQ RIILFLDOV WKH $UP\ 7KH\ KLUHG
H[FXVWRPVRIILFLDOVPLOLWDU\RIILFHUVDQG$UP\VSHFLDOLVWV
:K\WKHP"
%HFDXVHWKH\UHWKHRQHVRQWKHJURXQGDQGWKH\NQRZWKHERUGHU7KH\
PLJKWKDYHDOUHDG\OHIWWKHLUDFWLYHHPSOR\PHQWZLWKWKHVWDWHEXWWKH\VWLOO
KDGWKHLUFRQWDFWV7KHERVVHVZRXOGXVHWKHLUGUXJSURILWVWREX\PRUHODQG
RSHQOLQHVRIWUDQVSRUWJDVVWDWLRQVDQGEXVLQHVVHVWRZDVKPRQH\EXWWKH\
ZHUH DOVR HVWDEOLVKLQJ WKHPVHOYHV >OHJDOO\@ 7KDWV ZKHQ WKH 0HQGR]D
IDPLO\ FDPH ZKRVH PDUNHW LV LQ ,]DEDO $QG WKHQ WKH /RUHQ]DQD IDPLO\ LQ
=DFDSD:DOGHPDU/RUHQ]DQDZDVILUVWDFXVWRPVRIILFLDODQGWKHQDFDWWOH
UXVWOHU9HU\VXFFHVVIXOLQKLVEXVLQHVV
7KHVHDUHWKHWLPHVWKDWWKH&RORPELDQZDVKDUNLQJEDFNWRZKHQWKHUH
ZDV UHODWLYH SHDFH LQ 1DUFRODQGLD ZKHQ *XDWHPDOD EHFDPH WKH JDSLQJ
FDYLW\RI&HQWUDO$PHULFD:KDWFDPHQH[WZHUHDIHZXQZDQWHGJXHVWV
a

$ VPDOO DQG DQJU\ LQGLJHQRXV 4HTFKL PDQ DVNV PH ZKDW VRXQGV OLNH D
WKUHDWHQLQJ TXHVWLRQ :RXOG \RX OHW \RXU NLGV SOD\ LQ D SDUN ZKHUH WKHUH
DUHDEXQFKRIGUXQNVVLWWLQJDURXQGZLWKULIOHV"
+HVWDUHVDWPHHDJHUO\DZDLWLQJP\UHVSRQVH
1R,VD\
+HORRNVKDSS\DOPRVWUHOLHYHGQRGGLQJKLVKHDGDQGUHSHDWLQJ7KDWV
WKHGLIIHUHQFH7KDWVWKHGLIIHUHQFH
7KHPDQLVDQLQIRUPDQWIRUWKH*XDWHPDODQ$UP\,PHWXSZLWKKLPDIWHU
DFRQWDFWLQWURGXFHGXVLQ&REiQWKHFKLOO\FDSLWDORIWKHQRUWKHUQVWDWHRI
$OWD 9HUDSD] 7KDQNV WR KLV WHVWLPRQ\ WKH VWDWH GLVFRYHUHG D VDIH KRXVH
XVHGE\/RV=HWDVWRVWRUHZHDSRQV+HZDVRQHRIWKHPDQ\SHRSOHZKR
GHVSLWH WKH IHDU RIIHUHG LQWHO WR VROGLHUV ZKR DUULYHG ZLWK WKH VWDWH RI
HPHUJHQF\ LQ &REiQ *HWWLQJ DQJU\ DW WKH QHZ FDUWHO PHPEHUV KRZHYHU
GLGQWVHHPWREHDSURGXFWLYHRXWOHWIRUKLVIHDU$VFRXUDJHRXVDVKHZDV
KH VHW XS RXU PHHWLQJ RQ D EXV\ FRUQHU RI WKH PDUNHW RXWVLGH RI D EXV
WHUPLQDO7KHFURZGKHZDVKRSLQJZRXOGDFWDVRXUVKLHOG
+H LV DERXW WR DVN DQRWKHU UKHWRULFDO TXHVWLRQ , FDQ VHH LW FRPLQJ +H
H[SODLQHG WKDW LWV QRW GUXJ WUDIILFNLQJ WKDW VR LQIXULDWHV KLP EXW KRZ


WUDIILFNLQJ DIIHFWV SHRSOHV OLYHV +H XVHG WR WDNH KLV NLGV RXW WR WKH 6DQ
0DUFRV SDUN FORVH WR WKH FHQWHU RI WRZQ EXW WRZDUG WKH HQG RI ODVW \HDU
XQWLOWKHGD\WKHPLOLWDU\DUULYHGWKRVHPHQZRXOGVLWWKHUHNHHSLQJJXDUG
WKHLUJXQVIODVKLQJLQWKHRSHQGULQNLQJEHHUDQGFDWFDOOLQJWKHZRPHQ7KH
PHQZHUH/RV=HWDV
+LVTXHVWLRQILQDOO\FRPHV:KRZRXOG\RXUDWKHUKHOSWKRVHZKRGR
WKHLUZRUNEXWGRQWERWKHU\RXRUWKRVHZKRSXW\RXUOLIHLQGDQJHU"
,WV REYLRXV KHV DOUHDG\ DVNHG KLPVHOI WKLV VDPH TXHVWLRQ %HIRUH /RV
=HWDVKDGWDNHQRYHUWKHSDUNDIHZHPSOR\HHVIRUWKH2YHUGLFNIDPLO\WKH
ORFDOQDUFRVZKRXVHGWREHLQFKDUJHZRUNHGLQWKHSDUNDVORRNRXWV7KH
PDQWHOOVPHWKDWWKH\ZRXOGVD\KHOORWR\RX$QGLIWKH\ZHUHSDFNLQJD
SLVWRO SHUKDSV WKH\ NHSW LW WXFNHG DZD\ DQG LQVWHDG RI JHWWLQJ GUXQN WKH\
MXVW SHUPDQHQWO\ PLOOHG RXWVLGH RI WKH FKXUFK HQWUDQFH 2QH WLPH WKH PDQ
WHOOVPHKHHYHQOHWWKHORRNRXWVNQRZZKHQKHVDZDPLOLWDU\FKHFNSRLQW
ZKLOH RQ D EXV UHWXUQLQJ IURP WKH FDSLWDO 7KH RQO\ FRPPXQLFDWLRQ KH KDV
ZLWKWKHGUXQNVZLWKWKHULIOHVLVZKHQKHJULPDFHVDWWKHP
2Q'HFHPEHU*XDWHPDODQ3UHVLGHQWOYDUR&RORPGHFODUHGD
VWDWHRIHPHUJHQF\LQ$OWD9HUDSD]$VWDWHRIHPHUJHQF\DVHVWDEOLVKHGLQ
WKH/DZRI3XEOLF2UGHULVRQHVWHSVK\RIGHFODULQJZDUOLPLWLQJWKHRSHQ
WUDQVLW RI FLWL]HQV DQG SHUPLWWLQJ ZDUUDQWOHVV VHDUFKHV $FFRUGLQJ WR D
QXPEHU RI P\ VRXUFHV LQFOXGLQJ DQ H[PLQLVWHU RI GHIHQVH DQ H[KHDG RI
PLOLWDU\LQWHOOLJHQFHDFRORQHODJHQHUDODQGDQH[FKDQFHOORUPRVWSHRSOH
VHHP WR WKLQN WKH VWDWH RI HPHUJHQF\ ZDV D SXEOLFLW\ SOR\ WKDW KDG OLWWOH
DFWXDOHIIHFWLQWKHVWUHHWV,Q&REiQLQVWHDGRIDVWDWHRIHPHUJHQF\DVWDWH
RI SUHYHQWLRQ ZDV GHFODUHG ZKLFK UHVXOWHG LQ PRUH SROLFH PRUH VROGLHUV
DQGPRUHSURVHFXWRUVDVZHOODVDQHWZRUNRIRSHQFKHFNSRLQWVDOOOHDGLQJ
WRPRUHFDVHVDQGGHFRPPLVVLRQVIRUWKHMXVWLFHV\VWHPWRKDQGOH$QG\HW
DVDOOP\VRXUFHVVD\WKH$UP\QHYHUKDGFRQWURORIWKHVWUHHWVRI&REiQLW
ZDV DOZD\V WKH 3XEOLF 0LQLVWU\ D PXQLFLSDO RIILFH  7ZR RI P\ VRXUFHV
UHIHUUHGWRWKHXVHRIWKHPLOLWDU\DVDVKRZ
%\ WKH HQG RI  /RV =HWDV FKRVH $OWD 9HUDSD] DV WKHLU EDVH RI
RSHUDWLRQVLQ*XDWHPDODDQGDFFRUGLQJWRVRPHIRUWKHLU&HQWUDO$PHULFDQ
KHDGTXDUWHUV ,W VHHPHG DQ REYLRXV FKRLFH $OWD 9HUDSD] LV WKH ERWWOHQHFN
RQWKHZD\WR3HWpQD*XDWHPDODQVWDWHWZLFHWKHVL]HRI(O6DOYDGRUZKLFK
LVWKHVWDWHWKDWVKDUHVWKHPRVWERUGHUZLWK0H[LFR$OWD9HUDSD]KDVDOVR
WUDGLWLRQDOO\EHHQWKHPDLQWUDIILFNLQJKXEIRUERWKZHDSRQVDQGGUXJV,WV
DOPRVW LPSRVVLEOH WR UHDFK 3HWpQ ZLWKRXW SDVVLQJ WKURXJK $OWD 9HUDSD]
ZKLFKLVDOVRRQO\DWKUHHKRXUGULYHIURP*XDWHPDOD&LW\
:KHQWKHVLWXDWLRQJRWEDGHQRXJKVROGLHUVIURPWKH$UP\DJHQWVRIWKH
3XEOLF0LQLVWU\DQGSROLFHRIILFHUVZHUHDOOHYHQWXDOO\UHSODFHGLQ&REiQ


1HZVIURPWKHIRJJ\FLW\KDGVWDUWHGVRXQGLQJOLNHLWZDVFRPLQJIURPVRPH
QDUFRFRQWUROOHG WRZQ RQ WKH 860H[LFDQ ERUGHU JDQJVWHUV UDSLQJ
LQGLJHQRXV ZRPHQ LQ RQFHSHDFHIXO VWUHHWV FDSRV SODFLQJ SHULPHWHU
VHFXULW\ DURXQG D 0F'RQDOGV VR WKH\ FRXOG HDW D FRPER PHDO DQG GUXQN
PHQLQWKHSDUNMRNLQJDURXQGDQGRSHQO\FDUU\LQJ$.V
1R'RQ2YHUGLFNGLGQWZRUNOLNHWKDWWKH4HTFKLPDQWHOOVPH,
GRQWNQRZZKDWWKH\ZHUHLQYROYHGLQEXWWKH\ZHUHUHVSHFWIXOWRZDUGWKH
SHRSOHZKROLYHGKHUH7KH\HYHQKHOSHGXV
7KDW LV WKH UHVSRQVH WKH LQGLJHQRXV PDQ JLYHV PH ZKHQ , DVN P\ RZQ
UKHWRULFDOTXHVWLRQ$UH/RV=HWDVWKHVDPHDVWKH2YHUGLFNIDPLO\"
$QG\HW,WKLQNFHUWDLQO\VRPHEODPHVKRXOGEHDWWULEXWHGWRZKRHYHUOHW
WKHIR[LQWRWKHKHQKRXVHWKH2YHUGLFNVROGLHUZKRILUVWKLUHG/RV=HWDVWR
H[HFXWHDKLW

2I FRXUVH 7KH\ ZHUH WU\LQJ WR IRRO WKHPVHOYHV EXW QRZ WKH\ KDYH QR
FKRLFHEXWWRFRQIURQWWKHVLWXDWLRQKHDGRQ
,P VSHDNLQJ ZLWK D PLOLWDU\ RIILFLDO ZKR ZDV LQ &REiQ LQ 'HFHPEHU
ZKHQWKH\LQVWLWXWHGWKHGXELRXVVWDWHRIHPHUJHQF\+HVNHWFKHVRXWDVFHQH
RI WKH IDPLO\ SDWULDUFKV ZDWFKLQJ SDVVLYHO\ DV WKHLU RZQ JXHVWV UDQVDFNHG
WKHLU KRPHV -XDQ 2UWL] &KDPDOp RQ WKH 0H[LFDQ ERUGHU ZLWK FRQWUDEDQG
DQG LPPLJUDQWV :DOGHPDU /RUHQ]DQD RQ WKH ERUGHU EHWZHHQ (O 6DOYDGRU
DQG+RQGXUDV:DOWHU2YHUGLFNLQ$OWD9HUDSD]DQGWKH0HQGR]DVLQ3HWpQ
WKHXQFXWMXQJOHERUGHURI0H[LFR$OORIWKHPZDQWHGE\WKH8QLWHG6WDWHV
$OORIWKHPOHIWVWXQQHGE\WKHLUWHUULEOHJXHVWV
:HUH VLWWLQJ LQ WKH UHVWDXUDQW RI WKH WLQ\ KRWHO ,YH EHHQ VWD\LQJ DW LQ
*XDWHPDOD &LW\ , KDYH WZR REMHFWLYHV ZLWK WKLV FKDWW\ DQG EOXQW PLOLWDU\
RIILFLDOWRILQGRXWZKHWKHUWKHPLOLWDU\LQWHOOLJHQFHDVVXPHVDVIDFWWKDW/RV
=HWDVXVHGWKHPXUGHURIQDUFR-XDQFKR/HyQDVWKHLUWLFNHWLQWRWKHFRXQWU\
DQG WR JHW D VHQVH RI MXVW KRZ PXFK DQ RSHUDWLRQ OLNH WKH RQH LQ $OWD
9HUDSD]LVIRUVKRZ
2QWKHILUVWSRLQWRXUFRQYHUVDWLRQLVEULHI7KHDQVZHULVDQXQHTXLYRFDO
\HV
,Q0DUFKDKDOIKRXUORQJYLROHQWFODVKEHWZHHQWZRJURXSVRIDW
OHDVW ILIWHHQ PHQ UHVXOWHG LQ D VKHHW RI ERGLHV ODLG RYHU WKH KRWHO DQG
ZDWHUSDUN /D /DJXQD LQ WKH VWDWH RI =DFDSD ERUGHULQJ +RQGXUDV 2QH RI
WKRVHERGLHVEHORQJHGWR-XDQ-RVp-XDQFKR/HyQDQLQIDPRXVIRUW\WZR
\HDUROG*XDWHPDODQQDUFRWUDIILFNHUZKRZDVWKHOHDGHURIWKH/HyQIDPLO\
DQGUDQWKHLURSHUDWLRQVRXWRI,]DEDODVWDWHZHGJHGEHWZHHQ3HWpQ%HOL]H
WKH &DULEEHDQ 6HD +RQGXUDV DQG =DFDSD 7KH PXUGHU RI -XDQFKR /HyQ LV
RIWHQUHIHUUHGWRDVWKHEUHDNLQJSRLQWLQWKHSDFWRIFRH[LVWHQFHDPRQJWKH


YDULRXV*XDWHPDODQIDPLOLHV
(GJDU*XWLpUUH]IRUPHUFKLHIRILQWHOOLJHQFHWROGPHWKDW-XDQFKR/HyQ
ZKR ZDV RQFH D GHSXW\ DQG VRQLQODZ RI WKH OHDGHU RI WKH /RUHQ]DQD
IDPLO\EHJDQWRDPDVVWRRPXFKSRZHUGLYHUVLI\KLVEXVLQHVVHVDQGZKDW
ZDVZRUVHEHFRPHNQRZQDVDORXGPRXWK
+HZDVDWKUHDWEHFDXVHKHZDVEUDJJHU*XWLpUUH]WROGPHGXULQJRQH
RI RXU ILUVW LQWHUYLHZV , JRW WKLV SUHVLGHQW >RI WKH FRXQWU\@ HOHFWHG , JRW
WKDWRWKHURQHHOHFWHG$QGWKHRWKHUJURXSVVWDUWHGWRVD\7KLVJX\VD
PRQRSROL]HU+HVEUHDNLQJRXUHTXLOLEULXPKHVSLFNLQJXSFRQWDFWVQRUWK
DQGVRXWK
:KHQ,VKDUHWKLVWKHRU\ZLWKWKHPLOLWDU\LQWHOOLJHQFHRIILFLDOKHQRGV
VPLOLQJDQGUDLVHVDILQJHUWRZDUGWKHVN\OLQHRIWKHSOHDVDQWFRXUW\DUGLQ
WKHFRORQLDOKRWHORIGRZQWRZQ*XDWHPDOD&LW\7KDWVWUXHKHVD\VEXW
RQHWKLQJLVPLVVLQJIURPWKDWHTXDWLRQ-XDQFKRZDVWKHJX\WKDWPDGHSHWW\
WKLHYLQJIDVKLRQDEOH$JUHDWSDUWRIKLVHFRQRPLFSRZHUFDPHIURPDOOWKH
GUXJVKHVWROH
7KH IDPRXV SXUVH VQDWFKLQJV GUXJ UREEHULHV DPRQJ QDUFRWUDIILFNHUV ,W
JRHVWRVKRZWKDWWKHSDFWEHWZHHQWKHIDPLOLHVZDVRQO\JOXHGWRJHWKHUZLWK
VSLWHYHQEHIRUH/RV=HWDVFDPHDURXQG
-XDQFKR /HyQ OLNH RWKHU QDUFRWUDIILFNHUV DQG HYHQ SROLFH FKLHIV ZDV
LQYROYHGLQFRPSOLFDWHGLQWHOOLJHQFHRSHUDWLRQVWRILQGRXWZKHUHZKHQDQG
KRZPDQ\GUXJVZHUHJRLQJWREHWUDQVSRUWHGE\VD\WKH/RUHQ]DQDIDPLO\
7KHVKLSPHQWVZRXOGFRPHWKURXJKVRPHLVRODWHGDQGZHOOKLGGHQVSRWORVW
RQ WKH +RQGXUDQ ERUGHU DQG /HyQV PHQ ZRXOG ZDLW IRU LW D OLWWOH IXUWKHU
DORQJQHDU$OWD9HUDSD]WRVWHDOWKHGUXJVDQGVHOOWKHPWRDQRWKHUIDPLO\
ZKR ZRXOG ODWHU WUDIILF WKHP WKURXJK DQRWKHU SRLQW DORQJ WKH ERUGHU ,W
ZRXOG EH QDwYH WR WKLQN WKDW WKH YLFWLPV RI UREEHU\ KDG QR LGHD ZKR KDG
VWROHQWKHLUFDUJR
$FFRUGLQJWRWKHPLOLWDU\RIILFLDOQRZVLSSLQJDFDSSXFFLQRLQWKHKRWHO
SDWLR WKH VWUDZ WKDW EURNH WKH FDPHOV EDFN ZDV RQH VXFK SXUVH VQDWFKLQJ
WKDW-XDQFKR/HyQRUFKHVWUDWHGDJDLQVWWKH/RUHQ]DQDIDPLO\LQHDUO\
7KH VKLSPHQW LQ TXHVWLRQ ZDV D FDUJR RI FRFDLQH GHVWLQHG IRU WKH 6LQDORD
&DUWHODWWKHWLPHWKHPRVWSRZHUIXOFDUWHORQWKHFRQWLQHQW7KDWDORQJVLGH
KLV ZHOONQRZQ ORXGPRXWKLQJ DQG KLV LQFUHDVHG FRQWURO RI WXUI OHG WR D
QHZ SDFW EHWZHHQ WKH 0HQGR]DV DQG WKH /RUHQ]DQDV WKH SURPLVH WR NLOO
-XDQFKR/HyQWKRXJKWKHPDQKDGDQDUP\DWKLVEHFNDQGFDOOKDGDOZD\V
EHHQKHDYLO\JXDUGHGDQGDVRIDIWHUWKHPXUGHURIKLVEURWKHU0DULR
/HyQKDGDPSHGXSKLVSHUVRQDOVHFXULW\HYHQIXUWKHU$QGVRIRUKHOSWKH
WZR IDPLOLHV WXUQHG WR WKH H[SHUWV ZKR KDG DOUHDG\ EHHQ LQYLWHG WR


*XDWHPDOD VHYHUDO WLPHV EHIRUH FDOOHG WR SURWHFW SDUWLFXODUO\ VSHFLDO
FDUJR RU WR WUDLQ KLW PHQ RU WR UHFUXLW .DLELOHV WKH *XDWHPDODQ IRRW
VROGLHUV WUDLQHG LQ WKH WKLFN RI MXQJOH ZLWK WKH PDQWUD PRYH NLOO DQG
GHVWUR\,WZDVH[DFWO\WKHQWKDWWKHWZRODUJHVWIDPLOLHVRSHQHGWKHLUGRRUV
IRUWKHODVWDQGILQDOWLPHWRWKHWHUULEOH0H[LFDQJXHVW
7KDW YHU\ PRQWK 0DUFK  /RV =HWDV FDOOHG -XDQFKR /HyQ IRU D
PHHWLQJ DW WKH +RWHO /D /DJXQD ZLWK WKH SUHWH[W RI QHJRWLDWLQJ D FRFDLQH
VKLSPHQWWKDWZDVWRFURVVLQWRKLVWHUULWRU\7KH\DWWDFNHGKLPZLWK$.V
DQG D 5XVVLDQPDGH 53* URFNHW JUHQDGH ODXQFKHU 7KUHH SHRSOH ZHUH
GHWDLQHG DIWHU WKH EDWWOH DOO RI WKHP 0H[LFDQV IURP WKH QRUWKHUQ VWDWH RI
7DPDXOLSDVWKHKHDGTXDUWHUVRI/RV=HWDV
7KH IDPLOLHV DFKLHYHG WKHLU JRDO EXW LW VHHPV WKH\ KDG IDLOHG WR
DSSUHFLDWHWKHPXUGHURXVPXVFOHRI/RV=HWDV7KH\KDGQWUHIOHFWHGRQWKH
IDFWWKDWWKHJURXSOHGE\HOLWHH[PLOLWDU\RIILFLDOVKDGUHFHQWO\VSOLWIURP
WKHLUSDUHQWWKH*XOI&DUWHODQGZHUHQHZO\RUSKDQHGDQGWRPDNHXSIRU
WKHLUODFNRIFRQWDFWVLQ6RXWK$PHULFDZHUHLQVHDUFKRIQHZWHUULWRU\7KH
IDPLOLHV GLGQW ORRN EH\RQG WKHLU JXHVWV FDSDFLW\ WR NLOO DQG LQWLPLGDWH D
PLVWDNHWKHIDPLOLHVVWLOOKDYHQWOLYHGGRZQ
*XDWHPDOD LPSRVHG D VWDWH RI HPHUJHQF\ LQ &REiQ DV DQ DWWHPSW WR
LPSRVH UXOHV RQ WKH WURXEOHVRPH JXHVW 7KH\ SXW XS D VLJQ UHPLQGLQJ WKH
JXHVW WKDW KH ZDV LQ VRPHRQH HOVHV KRXVH 7KH\ ZDJJHG WKHLU ILQJHUV
1RWKLQJPRUH/RV=HWDVJXHVVHGWKDWWKHVWDWHVVKRZRIDQJHUZRXOGVRRQ
GLVVLSDWHDQGVRWKH\GHFLGHGWRLJQRUHLW

6KHMRNHVWKDWKHUKXVEDQGPD\KDYHOLHGDERXWJRLQJWRORDGGUXJYDQVIRU
/RV=HWDVDQGLQVWHDGZHQWWRPHHWDQRWKHUZRPDQLQ&REiQ:HUHLQ(O
*DOOLWRDQHLJKERUKRRGLQ*XDWHPDOD&LW\NQRZQIRUEHLQJWKHKXERIQDUFR
RSHUDWLRQV 0RVW RI WKH VPDOOHU VWUHHWV KHUH DUH EORFNHG RII E\ PHWDO
KLJKZD\GLYLGHUVXVHGWRUHVWULFWDFFHVVHVSHFLDOO\WRFRSVDQGIXQQHODQ\
YLVLWRUVRQWRVSHFLILFVWUHHWV7KHZRPDQKDVDJUHHGWRPHHWPHDWWKHKRXVH
RI P\ FRQWDFW :H VKDUH D EHHU DV ZH ZDLW IRU KHU KXVEDQG ZKR OHIW IRU
&REiQDZHHNDJRDQGVWLOOKDVQWWXUQHGXS6KHJUXPEOHVGLVFRQWHQWHGO\
)LQDOO\ ODWH LQWR WKH QLJKW KHU KXVEDQG FRPHV KRPH +HV VKRUW GDUN
VNLQQHG ZLWK VWUDLJKW KDLU DQG D PXVWDFKHD SURWRW\SLFDOORRNLQJ
*XDWHPDODQPDQH[FHSWWKDWWRQLJKWKHORRNVOLNHDUDJGROOVRH[KDXVWHG
WKDWKLVZLIHPDVNVKHUDQJHUDQGJUHHWVKLPZLWKDKDOIKHDUWHGUHSURDFK
-XVWORRNDWKRZWKRVHVDYDJHVOHIW\RX
+H WDNHV D VLS RI EHHU DQG UHVSRQGV GU\O\ <HDK , WKRXJKW LW WLPH WR
FRPHEDFN7KRVHORDGVZHUHIXFNLQJKHOO:HILOOHGWUXFNVDQGWUXFNVIURP
VL[LQWKHPRUQLQJXQWLOPLGQLJKWDQGZHZHUHQHYHUGRQH,WROGWKHP<RX


EHWWHUSD\PHQRZEHFDXVH,PGRQH
:KDWZHUH\RXFDUU\LQJ",DVN
%DJVDQGER[HVRIVWXII
, OHW WKHP WDON NQRZLQJ WKDW PRUH LV UHYHDOHG DPRQJ QHLJKERUV DQG
IDPLO\ 7KDWV ZKHQ , SLFN XS RQ WKH GHWDLOV +H OHIW D ZHHN DJR D ZHHN
DIWHU WKH VWDWH RI HPHUJHQF\ ZDV LQVWDWHG $Q ROG PDQ NQRZQ WR EH D =HWD
RIIHUHG ILIWHHQ ODERUHUV WKH MRE WR ILOO DQG HPSW\ WUXFNV LQ WKH VXEXUEV RI
&REiQ7KH\ZHUHWKHZRUNHUEHHVRI/RV=HWDVLQFKDUJHRIJHWWLQJPRVWRI
WKHPHUFKDQGLVHRXWRIWKHGDQJHU]RQH7KLVERQHWLUHGPDQZDVRQHRI
WKHILIWHHQ

7ZR GD\V KDYH SDVVHG VLQFH P\ FRQYHUVDWLRQ ZLWK WKH VWHYHGRUH LQ (O
*DOOLWRDQGQRZ,PLQ&REiQLQWKH6L[WK,QIDQWU\%ULJDGHWKDWKRXVHVWKH
 PLOLWDU\ RIILFLDOV RUGHUHG WR GHDO ZLWK WKH VWDWH RI HPHUJHQF\ ,P
JUHHWHGE\WKHVHFRQGLQFRPPDQG&RORQHO'tD]6DQWRV2XWVLGHDSODWRRQ
RIKLVPHQILOHRXWIRUWKHILUVWSDWUROURXQGRIWKHDIWHUQRRQ7KLVKDVEHHQ
JRLQJRQIRUDPRQWKDQGDKDOIDQGQRZWKH\RQO\JHWGUXQNGULYHUVRUDW
PRVWVRPHSHWW\WKLHIDUPHGZLWKDNQLIH
6LQFHZHFDPHLQWKHFRORQHOVD\VWKH\JRWWKHPHVVDJH>/RV=HWDV@
EHFDPH PRUH UHVSHFWIXO 7KH\UH QR ORQJHU UXQQLQJ DURXQG WKH VWUHHW OLNH
PDGPHQZLWKULIOHV
7KH\JRWWKHPHVVDJHDQGGHFLGHGWRDYRLGFRQIURQWDWLRQ%HWWHUWREULQJ
LQWKHORDGFDUULHUVWKDQEULQJRXWWKHKLWPHQ,WVDVWUDQJHWKLQJWKDW/RV
=HWDVGHFLGHGWRSXWRQWKHEUDNHVWKLVWLPHVRPHWKLQJWKH\KDUGO\GRHYHQ
LQ0H[LFR
,WHOOWKHFRORQHOWKDW,YHKHDUGWKDW/RV=HWDVUHFHQWO\VKLSSHGVRPXFK
PHUFKDQGLVHRXWRI&REiQWKDWWKH\KDGWRZRUNLQWZHQW\IRXUKRXUVKLIWV
,PH[SHFWLQJKHOOFRQWUDGLFWPHEXWLQVWHDGKHDGGVWRP\VWRU\
6XUH,IWKH\ZHUHZDUQHGDERXWRXUUDLGVDQGWKH\VWLOOKDGDODUJHSDUW
RIWKHLUFDUJRLQWKHDUHD:HZHUHRQO\DEOHWRJHWZKDWZDVOHIWEHKLQG
(YHU\ GD\ D FHUWDLQ YHUVLRQ RI HYHQWV JDLQV PRUH FUHGLELOLW\ 7ZR
LQIRUPDQWVOLYLQJLQ&REiQWROGPHWKDWRQ6DWXUGD\'HFHPEHUWKHGD\
EHIRUH WKH VWDWH RI HPHUJHQF\ ZDV LQVWDWHG VRPH =HWDV PHPEHUV SOD\HG D
JDPH RI VRFFHU ZLWK D JURXS RI SROLFH SURVHFXWRUV DQG ORFDO JRYHUQPHQW
FOHUNV:KHQWKH\ILQLVKHGWKHLUJDPHWKH\EXWFKHUHGDFRZDQGURDVWHGLW
DQG WKHQ DV WKH QDUFRWUDIILFNHUV KDG ORDGV WR FDUU\ EHIRUH GD\EUHDN WKH\
FDOOHGLWDQLJKW
$ IHZ GD\V HDUOLHU LQ *XDWHPDOD &LW\ , PHW ZLWK *HQHUDO 9iVTXH]
6iQFKH]ZKRRYHUVHHV&RORQHO'tD]6DQWRV+HVSRNHWRPHRIWKH$UP\V


DFKLHYHPHQWV LQ &REiQ 7KH\ KDG VHL]HG IRUW\ILYH YHKLFOHV PRVW RI WKHP
OX[XU\ 689V WKLUW\QLQH DVVDXOW ULIOHV WZHQW\WKUHH 0*  FDOLEHU
PDFKLQHJXQV 7KHVDPHPRGHORXUVROGLHUVXVHLQWKHDUHDWKHJHQHUDO
DGGHG  DQG WKLUW\ILYH JXQV LQFOXGLQJ D )LYHVHYHQ NQRZQ LQ 0H[LFR DV
WKHNLOODFRSIRULWVDELOLW\WRSLHUFHWKURXJKEXOOHWSURRIYHVWV
%RWKWKHJHQHUDODQGWKHFRORQHOQRWHGWKDWWKH\KDGLQIRUPDQWVWRWKDQN
IRU WKHLU VXFFHVV 7KH PLOLWDU\ IDU IURP ERDVWLQJ RI D FRPSOLFDWHG
LQWHOOLJHQFH RSHUDWLRQ DWWULEXWH WKHLU UHODWLYH VXFFHVV WR VKHHU KDWH WKH
SHRSOHV KDWH RI /RV =HWDV (YHU\GD\ FLWL]HQV SRLQWHG RXW WKHLU KLGGHQ
ZRUNVKRSV DQG VDIH KRXVHV 7KDWV ZKHUH WKH\ RXWILW WKHLU FDUV WR KLGH WKH
FDUJR (YHU\GD\ FLWL]HQV VKRZHG WKHP WKHLU UDQFKHV 7KH\ KLGH WKHLU
ZHDSRQVRYHUWKHUHLQ2WRQLHO7XUFLRVVUDQFK(YHU\GD\FLWL]HQVUHYHDOHG
WKHLU LQIUDVWUXFWXUH -XVW JR ULJKW RYHU WKHUH D OLWWOH RYHU D PLOH IURP
GRZQWRZQ&REiQDQG\RXOOVHHWKHUXQZD\\RXOOVHHWKHSLORWVZKROLNH
EODFNPDUNHWWD[LGULYHUVIO\ZLWKRXWSHUPLWVWDNLQJFDUJRIRUZKRNQRZV
ZKRWRZKRNQRZVZKHUH
$OWD 9HUDSD] KDG EHHQ VR DEDQGRQHG WKDW HYHQ WKH VWDWHRZQHG UXQZD\
ZDV OHIW WR /RV =HWDV 7KHUH ZDV QR DLU WUDIILF FRQWUROOHU QR VFKHGXOHG
IOLJKWV DQG QR UHFRUG RI ZKR ZRXOG SLORW ZKLFK SODQH DW ZKDW WLPH
6RPHWLPHV /RV =HWDV HYHQ XVHG WKH UXQZD\ IRU WKHLU PRQVWHU FDU VKRZV
WKHLU KRUVH UDFHV DQG SDUWLHV )RU DOO SUDFWLFDO SXUSRVHV WKH UXQZD\ ZDV
WKHLUVWRXVHDVWKH\SOHDVHG
,WVVWUDQJHWKHJHQHUDOVDLGWKDWQRRQHKDVFRPHWRUHFODLPWKHILYH
XQUHJLVWHUHGSODQHVZHVHL]HG:RXOG\RXIRUJHWDERXW\RXUSODQHMXVWOLNH
WKDW"
7KHJHQHUDOVHHPHGWRWKLQNWKDW/RV=HWDVKDGOHDUQHGWKHLUOHVVRQWKDW
WKH\ XQGHUVWRRG WKH UHSULPDQG DQG ZRXOGQW ILJKW WR UHJDLQ ZKDW KDG EHHQ
VHL]HG:HOOKDYHWRVHHMXVWKRZORQJWKHVODSRQWKHZULVWZLOOFXUEWKHLU
EDGEHKDYLRU
8QOLNH WKH JRRG QDUFRV WKH JHQHUDO WROG PH ZKR NHHS WKHLU WXUI LQ
SHDFH DQG PDNH JHQWOHPHQ DJUHHPHQWV ZLWK WKH RWKHU IDPLOLHV WKHVH JX\V
KDYHDKLVWRU\RIJRLQJDURXQGUDSLQJDQGVKRRWLQJ
/RV=HWDVKDYHQHYHUIRXJKWXQGHUWKHIODJRIVXEWOHW\:KDWVVXUSULVLQJ
LQWKHFDVHRI&REiQLVWKHLUGHFLVLRQQRWWRFRXQWHUDWWDFN2WKHUWKDQWKDW
WKH\ KDYH EHHQ IROORZLQJ WKH XVXDO KDQGERRN DQG EHKDYLQJ DV WKH\ GR RQ
WKHLUKRPHWXUILQ0H[LFR7RHYHU\TXHVWLRQ,DVNHGWKHJHQHUDOUHVSRQGHG
ZLWK D \HV HYHQ DGGLQJ D GHWDLO RU WZR 'LG WKH\ EX\ RXW FKLOGUHQ DQG
ZRPHQWD[LGULYHUVDQGVWUHHWYHQGRUVWREHWKHLUORRNRXWV"$QGWKHJHQHUDO
UHVSRQGHG WKDW \HV RQO\ KHUH WKH\ FDOO WKHP IODJJHUV 'R WKH\ KDYH


EXVLQHVVHV RWKHU WKDQ GUXJ WUDIILFNLQJ" $QG WKH JHQHUDO QRGGHG DQG OLVWHG
NLGQDSSLQJV PRQH\ ODXQGHULQJ FRIIHH DQG FDUGDPRP SODQWDWLRQV
H[WRUWLRQV 'R WKH\ ZRUN ZLWK SROLFH PD\RUV DQG SURVHFXWRUV" $QG WKH
JHQHUDODGPLWWHGWKHIDFWV'XHWRDVZHHSLQJODFNRIWUXVWWKHJRYHUQPHQW
KDGWRUHORFDWHVWDWHSROLFHPHQ7KHJHQHUDODGGHGDQRWKHUDIILUPDWLYH
ZKHQ,DVNKLPLIWKH\WRRNRYHUWKHORFDOJDQJVRQO\KHZHQWHYHQIXUWKHU
/RV=HWDVKDYHFRPHWRXQGHUPLQHWKHORFDOJDQJV7KH\YHVWDUWHGXVLQJD
QLFNQDPHIRUWKHORFDOQDUFRVQDUTXLWRV7KH\ZDQWWKHPWRVWRSRSHUDWLQJ
LQGHSHQGHQWO\ 7KH\ WRRN FRQWURO RI LI QRW DOO RI *XDWHPDOD WKHQ D ODUJH
SDUW RI LW $QG WKH WUDGLWLRQDO ORFDO QDUFRV KDYH GLPLQLVKHG WKHLU FRQWURO
7KH\UHRSHUDWLQJLQWKHVKDGRZRI/RV=HWDVDQGWKRVHZKRKDYHQWMRLQHG
WKHPDUHVXEMHFWWRGHDWKWKUHDWV
7KH\UHIROORZLQJWKHLUKDQGERRN,WKLQNRIVRPHWKLQJWKHSROLFHRIILFHU,
VSRNHZLWKLQ*XDWHPDOD&LW\VDLGWRPHDIHZGD\VDJRDQG,WKLQNRIZKDW
PDQ\SHRSOHWROGPHLQ0H[LFRZKHQ,ZDVUHSRUWLQJRQ/RV=HWDVRYHUWKH
FRXUVH RI D \HDU 7KH SROLFH RIILFHU IROORZHG VWULFW SURWRFRO ZKHQ WDONLQJ
DERXW /RV =HWDV %HIRUH VSHDNLQJ KH WRRN PH WR D FRUQHU RI WKH EXLOGLQJ
ORRNHG EHKLQG KLP DQG LQ HYHU\ GLUHFWLRQ DQG WKHQ VWLOO ZRUULHG WKDW
VRPHRQHPLJKWRYHUKHDUVSRNHWRPHLQDZKLVSHU+HWROGPHWKDWDVVRRQ
DV\RXUHDFKWKHRXWHUOLPLWVRI&REiQ/RV=HWDVVWRSVROGLHUVJLYHWKHP
DQGVD\WKH\OOFDOOLIWKH\HYHUQHHGDQ\WKLQJ7KHQWKH\OOWDNHRXWD
FHOOSKRQHDQGDVNWKHPWRFRPEWKHLUKDLUQLFHO\VRWKDWWKH\FDQWDNHWKHLU
SLFWXUH
7KHFRORQHOVWRSVPHEHIRUH,OHDYHKLVRIILFH+HNQRZVWKDWHYHU\WKLQJ
ZHYH VSRNHQ DERXW DQG HYHU\WKLQJ ,YH VSRNHQ DERXW ZLWK WKH JHQHUDO
ZRXOGOHDGPHWRWKLQNWKDWHYHQDIWHUWKHVWDWHRIHPHUJHQF\WKHIDFWLVWKDW
WKH PLOLWDU\ ZLOO VRRQ OHDYH DQG /RV =HWDV ZLOO UHWXUQ DOO WKHLU OHVVRQV
OHDUQHG WRWDNHRYHUWKHROG*XDWHPDODQIDPLOLHVWKHJRRGQDUFRV
, NQRZ WKH\UH ZDLWLQJ IRU XV WR OHDYH EXW ZHUH KHUH WR VWD\ WKH
FRORQHOVD\VLQSDUWLQJ

2Q0DUFK,ILQGP\VHOIDWDGLQQHUVXUURXQGHGE\SROLFHFKLHIVPLOLWDU\
PHQ DQG VHFXULW\ JXUXV :HUH PDNLQJ SUHGLFWLRQV DERXW WKH IXWXUH RI
*XDWHPDODDERXWKRZ/RV=HWDVDUHJRLQJWRUHDFW$PLGWKHFURZG,SLFN
RXWRQHRIP\LQIRUPDQWVIURP&REiQ,VD\KHOORDQGWKHQJHVWXUHWKDWZH
VNLSRXWRIWKHKRWHOUHVWDXUDQW+HWHOOVPHWRZDLWDVHFRQGDQGWRPHHWKLP
LQWKHSDWLR
$ IHZ PLQXWHV ODWHU KH JUHHWV PH ZLWK D TXHVWLRQ 6R GLG \RX SXEOLVK
WKHDUWLFOH"
1RW\HW,PDERXWWRILQLVKLW


<RXVDZWKDWWKHVWDWHRIHPHUJHQF\LVRYHU"
<HDKRQ)ULGD\)HEUXDU\:KDWVKDSSHQHGVLQFH"
:HOO/RV=HWDVDUHEDFN7KH\UHEDFNLQWKHVWUHHWVDUPHGEXWDOLWWOH
PRUHFDXWLRXV7KH\VWLFNRXWZLWKWKHLUKXJHWUXFNV
$W GD\EUHDN RQ )HEUXDU\  RQH ZHHN DIWHU 3UHVLGHQW OYDUR &RORP
WUDYHOHGWR&REiQWRSURQRXQFHDQHQGWRWKHVWDWHRIHPHUJHQF\DQDUPHG
FRQYR\ GURYH LQWR D XVHG FDU ORW OLW WKUHH FDUV RQ ILUH DQG WKHQ VKRW XS D
QXPEHURIRWKHUFDUVZLWKKLV$.0\LQIRUPDQWWROGPHWKDWLWZDV/RV
=HWDVZKROLWWOHE\OLWWOHZHUHVWDUWLQJWRFODLPWKHLUYHQJHDQFH7KLVWLPH
LWZDVFDUVEXWVRRQLWZLOOEHSHRSOH1RZWKDWWKHVWDWHRIHPHUJHQF\LV
RYHU QRZ WKDW &REiQ KDV UHWXUQHG WR QRUPDO P\ LQIRUPDQW DVNV KLV RZQ
UKHWRULFDOTXHVWLRQ
:KDWVQH[W"



$1RERG\LQWKH/DQGRI1DUFRV

1RYHPEHU
3HWpQWKH YDVW PRVWO\ MXQJOH VWDWH LQ *XDWHPDODLV D JDSLQJ DSHUWXUH ZKHUH
GUXJV SDVVLQJ WKURXJK &HQWUDO $PHULFD FURVV WKH ERUGHU LQWR 0H[LFR $OO WKH
PDMRURUJDQL]HGFULPHIDPLOLHVKDYHDSUHVHQFHLQ3HWpQ7KHVWDWHLVDOVRDVWDUN
H[DPSOH RI KRZ HYHU\WKLQJ UHODWLQJ WR RUJDQL]HG FULPH LV D WDQJOH LQ ZKLFK WKH
ZRUG QDUFR LV RIWHQ WLHG XS ZLWK WKH ZRUG SROLWLFLDQ 7KH JRYHUQPHQW KHUH
KDVGHFLGHGQRWWRJHWLQWKHULQJZLWKWKHELJJHVWSOD\HUVLQVWHDGWKH\KXQWWKH
ZHDNHVWSUH\LQWKHMXQJOH

6RWKLVLVZKHUHDOO\RXQDUFRWUDIILFNHUVOLYH"
<HS ULJKW KHUH 9HQXVWLDQR VD\V )ROORZ PH ,OO LQWURGXFH \RX WR
HYHU\RQH
+HRSHQVWKHJDWHDQGRXWSHHNWZRPHQRQHWLQ\DQGZULQNOHGWKHRWKHU
OHDWKHU\DQGJUD\7KHODWWHULVEDWKLQJKLPVHOIZLWKDEXFNHWRIZDWHULQWKH
PLGGOHRIWKHSDWLR7KHZULQNOHGPDQ\HOOVLQWKHLQGLJHQRXVODQJXDJHRI
4HTFKL $ IHZ ROGHU ZRPHQ DV ZHOO DV DERXW WZHQW\ FKLOGUHQ DSSHDU
IURPVHYHUDOVKDFNV
7KLVLV3HWpQWKHQRUWKHUQVWDWHRI*XDWHPDODRQWKHRXWVNLUWVRIDWRZQ
FDOOHG/D/LEHUWDGRU)UHHGRP,QRUGHUWRJHWKHUHZHYHOHIWEHKLQGWKH
UXFNXV RI WKH PDUNHW ZHYH UHWUHDWHG IURP DOO WKH WXNWXNV PRWRUL]HG
ELF\FOHWD[LVZLWKWDUSDXOLQURRIV DQGZHYHZRXQGRXUZD\GRZQDGXVW\
FUDFNHGSDWK7KHKDPOHWLVWKHVL]HRIKDOIRIDVRFFHUILHOGDQGFRQVLVWVRI
VHYHQ VFDWWHUHG VKDFNV DOO PDGH RI SODVWLF FDUGERDUG DQG VWLFNV ,Q WKH
PLGGOHRIWKHKDPOHWLVDQRLO\SXGGOHOLWWHUHGZLWKEREELQJIRRGVFUDSV,W
VPHOOVOLNHDGHDGDQLPDO,QRQHRIWKHVKDFNVZRPHQDUHFRRNLQJOXQFK
RYHUDQHQRUPRXVFRPDO7KHPHDOWRUWLOODVZLWKWRUWLOODV
(YHU\RQHJDWKHUVDURXQG9HQXVWLDQR7KH\UHDOOGLUW\7KHFKLOGUHQDUH
UDLO WKLQ ZLWK URXQG SURWUXGLQJ EHOOLHV 7KH\ GRQW VD\ DQ\WKLQJ WR PH
EHFDXVHYHU\IHZRIWKHPVSHDN6SDQLVK7KH\MXVWORRNDWPHDQGZDLW


,VD\<RXJX\VDUHWKHQDUFRWUDIILFNHUVIURP&HQWUR8QR"
<HS7KDWVXVVD\V9HQXVWLDQRVWHSSLQJIRUZDUGDVWKHOHDGHURIWKHVH
PRULEXQGSHRSOH:KDWGR\RXWKLQN"
,GRQWNQRZZKDWWRWHOO\RX9HQXVWLDQR

7KH0H[LFDQDXWKRULWLHVFDOOWKHQRUWKHUQVWDWHRI6RQRUDWKH*ROGHQ*DWHWR
WKH 8QLWHG 6WDWHV 7KDWV ZKHUH WKH ROG VPXJJOLQJ URXWHV DUH DQG WKDWV
ZKHUHSHRSOHZKRDUHLQWKHEXVLQHVVOLYHDQGSURVSHU8QGHUWKDWVDPH
ORJLF3HWpQFRXOGEHFDOOHGWKH&HQWUDO$PHULFDQ*ROGHQ*DWHWR0H[LFR
3HWpQLVWKHELJJHVWVWDWHLQ*XDWHPDOD,WVSDQVPRUHWKDQVTXDUH
PLOHVDQGVKDUHVFORVHWRPLOHVRIMXQJOHDQGULYHUZLWK0H[LFR7KH
*XDWHPDODQ PLOLWDU\ LV ZHOO DZDUH WKDW WKLV LV WKH FRXQWU\V PRVW
SUREOHPDWLFVWUHWFKRIERUGHU7KHIRUPXODWKH\XVHLVWKLVWKHFORVHUWRWKH
3DFLILF2FHDQWKHPRUHPLJUDQWVFULPLQDORUJDQL]DWLRQVKXPDQWUDIILFNLQJ
SURVWLWXWLRQ PDFKHWHV JXQV DQG FRQWUDEDQG RI DOO NLQGV 7KHQ KHDGLQJ
LQODQGWKHPRUHWUDQVQDWLRQDOFDUWHOVDVVDXOWZHDSRQVDQGSROLWLFDOWLHV
3HWpQ DQG 6RQRUD DUH QRW RQO\ VLPLODU LQ WKDW WKH\ VHUYH DV WKH
KHDGTXDUWHUVIRUWKHELJOHDJXHVRIRUJDQL]HGFULPHWKH\DOVRVKDUHVLPLODU
GHPRJUDSKLF FKDUDFWHULVWLFV 0XFK RI WKH ODQG LQ ERWK VWDWHV LV RQO\
DFFHVVLEOHE\DLURURIIURDGYHKLFOHVDQGLVWKXVODUJHO\XQLQKDELWHG:KLOH
*XDWHPDODKDVDQDYHUDJHRILQKDELWDQWVSHUVTXDUHPLOHWKDWQXPEHULQ
3HWpQEDUHO\UHDFKHVIRUW\
+HUHODQGLVPHDVXUHGE\DXQLWFDOOHGFDEDOOHUtDZKLFKLVHTXLYDOHQWWR
DERXWDFUHV
7KH UHJLRQ VRXWK RI 3HWpQ LV LQFUHDVLQJO\ SULYDWL]HG ZLWK PXOWLQDWLRQDO
FRUSRUDWLRQVEX\LQJFDEDOOHUtDXSRQFDEDOOHUtDWRJURZ$IULFDQSDOP7KH
VPDOOVSHFLHVRISDOPLVXVHGWRH[WUDFWYHJHWDEOHRLODFRPPRGLW\KDUGO\
WRXFKHGLQ&HQWUDO$PHULFDWKRXJKLQWKHUHVWRIWKHZRUOGLWLVRQHRIWKH
PRVW ZLGHO\ XVHG FRRNLQJ RLOV 5LJKW LQ WKH PLGGOH RI WKH VWDWH LV D ORQJ
XUEDQVWUHWFKWKDWUXQVQRUWKWRVRXWKSHWHULQJRXWDWLWVWLSVLQWRDJUHHQDQG
LQGRPLWDEOHMXQJOHIRUHVWRQO\LQKDELWHGE\WKHUDUHIDPLO\PDQ\RIZKRP
DUHDFFXVHGRIEHLQJLQYROYHGLQRUJDQL]HGFULPH(YHQOYDUR&RORPWKH
SUHVLGHQWRI*XDWHPDODKDVZDJJHGKLVILQJHUDWWKHP,QWKHQRUWKHUQULGJH
RI*XDWHPDODLVDVWULSRIODQGQDUURZHUWKDQWKHIDUPVRI$IULFDQSDOPEXW
ZLGHUWKDQWKHXUEDQEHOWWKDWLVEODQNHWHGE\IRUHVWUHVHUYHVZKHUHQRRQH
FDQ FXW GRZQ D WUHH ZLWKRXW D SHUPLW 2U VR WKH ODZ VD\V 3HWpQ UHPDLQV
XQSRSXODWHG EHFDXVH PRVW RI LW LV HLWKHU SULYDWHO\ RZQHG RU UHVHUYHG IRU
DJULFXOWXUHDQGFRQVWUXFWLRQ
7KLV ZHOOSUHVHUYHG SULYDWL]HG ORRN RI 3HWpQ KDV WR GR DFFRUGLQJ WR D
ZLGHO\ SXEOLFL]HG UHSRUW PRUH RQ WKH UHSRUW VRRQ  QRW RQO\ ZLWK WKH


SURWHFWHG IRUHVW EXW DOVR ZLWK WKH PDQ\ FDEDOOHUtDV DPDVVHG E\ WKH ELJ
$IULFDQSDOPFRPSDQLHVDQGFULPLQDORUJDQL]DWLRQV
7KHFRPSOH[G\QDPLFEHWZHHQVWDWHQDWXUHUHVHUYHDQGSULYDWHO\RZQHG
FRUSRUDWH IDUP KDV WDFNHG WKH ODEHO RI QDUFR RQ 9HQXVWLDQR DQG KLV
SHRSOH0HDQZKLOHWKH\OLYHLQDFLUFOHRIVKDFNVKXGGOHGDURXQGDSXGGOH
WKDWVPHOOVOLNHGHDGDQLPDOV

7KRVH IDPLOLDU ZLWK WKH LQQHU ZRUNLQJV RI WKLV MXQJOH NQRZ WKDW WKHUH DUH
H\HV DQG HDUV HYHU\ZKHUH %HIRUH VHWWLQJ IRRW LQ 3HWpQ , VSHQW D ZHHN
VHFXULQJWUXVWZRUWK\VRXUFHVZLOOLQJWRSXWPHXSIRUDQLJKW,Q*XDWHPDOD
&LW\ , VSRNH ZLWK ILYH SHRSOH ZKR KDG OLYHG RU ZHUH FXUUHQWO\ OLYLQJ LQ
3HWpQ,HYHQJRWDQXPEHUIRUDUHOLJLRXVJURXSZKRWROGPHWKDWXQGHUQR
FLUFXPVWDQFHV FRXOG , HYHU FRPH YLVLW WKHP LQ 3HWpQ WKRXJK RQH RI WKHLU
PHPEHUVGLGDJUHHWRVSHDNZLWKPHDQRQ\PRXVO\
:HUH VHW WR PHHW LQ 6DQWD (OHQD WKH ELJJHVW FLW\ LQ WKH XUEDQ EHOW RI
3HWpQLQDQRIILFHZKHUHDSRZHUIXOVWDQGLQJIDQVDYHVXVIURPWKHKHDY\
KHDW DQG ZKLQLQJ PRVTXLWRHV , ILQG P\VHOI WDONLQJ WR D UHVSHFWHG DFWLYLVW
ZKRZRUNVZLWKGR]HQVRIFRPPXQLW\RUJDQL]DWLRQV
7KHVH GD\V WKH QDWLRQDO PHGLD DOZD\V ILQGV RQH UHDVRQ RU DQRWKHU WR
VKRZFDVH 3HWpQ LQ WKHLU IURQWSDJH KHDGOLQHV ,Q WKH 6LHUUD GHO /DFDQGyQ
1DWLRQDO 3DUN RQ WKH ERUGHU ZLWK 0H[LFR WKH HYLFWLRQ RI DQ HQWLUH
FRPPXQLW\ RI SHDVDQWV JDLQHG QDWLRQDO PHGLD DWWHQWLRQ 7KH PLQLVWHU RI
LQWHULRU&DUORV0HQRFDODFFXVHGWKHSHDVDQWVRIGUXJWUDIILFNLQJDQG79
PHGLDVHHPHGWREHFHOHEUDWLQJWKHGLVSODFHPHQWRIIDPLOLHVZKRZHUH
VXSSRVHGO\ZRUNLQJIRULQIDPRXVQDUFRV
7KH\YHNLFNHGRXWWKHQDUFRVDJDLQVD\VWKHDFWLYLVWDQGEXUVWVLQWR
ODXJKWHU
,DVNKLPZKDWVVRIXQQ\
:LWKDOOWKDWVEUHZLQJKHUHWRKDYHWKHLQGHFHQF\WRVD\WKDWWKH\DUH
:HOOZKDWFDQ\RXGR"1RZDOOWKHMRXUQDOLVWVUHSRUWVRPHWKLQJDERXW
QDUFRV DQG WKH\ KDUGO\ PHQWLRQ WKDW WKLV ZDV D JURXS RI SHDVDQWV 3HRSOH
ZKRKDYHORVWWKHLUODQGZKRKDYHEHHQNLFNHGRIIWKHLUODQGDQGDUHQRZ
ZRQGHULQJZKHUHLQWKHIXFNLQJZRUOGWKH\UHJRLQJWRSODQWWKHLUFRUQWKHLU
EHDQV WKHLU VHHGV $QG ZKHQ WKH\ ILQG D SODFH LQ WKH PLGGOH RI QRZKHUH
WKH\OO EH DFFXVHG RI EHLQJ QDUFRV DJDLQ WKH\OO EH NLFNHG RXW DQG OHIW WR
EHJ
%XW WKH\YH LQYDGHG SURWHFWHG IRUHVW ODQG , VD\ SOD\LQJ GHYLOV
DGYRFDWH
:HG GR WKH VDPH 'LGQW , WHOO \RX WKH\ KDYH QRZKHUH WR JURZ WKHLU


IRRG"$QGWKDWVDOOWKH\NQRZKRZWRGR,I\RXGLGQWKDYHDQ\WKLQJDQG
\RXNQHZWKDWVRPHRQHZRXOGVRRQWDNH\RXUODQGDZD\DQGVRPHJX\WROG
\RXKHGSD\\RXTXHW]DOHV VRPH WRORDGDQGXQORDGDVPDOO
SODQHZRXOG\RXGRLW"
,GRQWKDYHWRDQVZHU
7KH\ KDYH D ORW RI PRXWKV WR IHHG &DPSHVLQRV KDYH D ORW RI NLGV
$JDLQWKHDFWLYLVWHUXSWVLQWRODXJKWHU
,WHOOKLP,ZDQWWRVSHDNZLWKWKHPZLWKWKHFDPSHVLQRVWKHSHDVDQWV
WKH VXSSRVHG QDUFRWUDIILFNHUV +H ODXJKV DJDLQ 7KLV WLPH LWV ZHDU\
ODXJKWHUDVLIKHVWLUHGRIKDYLQJWRH[SODLQWKLQJVWRPH+HVD\V,GKDYH
WRJRGHHSLQWRDODQGFUDZOLQJZLWKRUJDQL]HGFULPH
$QG DQ\ZD\ KH VD\V , GRQW NQRZ LI WKH\ HYHQ ZRXOG WDON WR \RX
7KH\UH VLFN RI MRXUQDOLVWV ORRNLQJ IRU WKH VDPH DQVZHU WR WKH VDPH
TXHVWLRQ<RXJX\VZRUNZLWKQDUFRV"
+HVDLGLWZRXOGEHEHWWHUWRVSHDNZLWKFRPPXQLWLHVZKRKDYHDOUHDG\
EHHQNLFNHGRIIWKHLUODQG
,Q  WKH *XDWHPDODQ JRYHUQPHQW LQ RUGHU WR H[SORLW WKH UHJLRQV
DJULFXOWXUDOSRWHQWLDOFUHDWHGDSODQWRSRSXODWH3HWpQDQGLQWHJUDWHLWZLWK
WKHUHVWRIWKHFRXQWU\7KHJRYHUQPHQWKDQGHGRYHUKXJHVZDWKVRISURSHUW\
WRELJFRUSRUDWLRQVEXWDOVRWRWKHFDPSHVLQRVZKRNQHZKRZWRZRUNWKH
ODQG
7KDWV WUXH WKH DFWLYLVW VD\V DQG IRU D ZKLOH WKH FDPSHVLQRV JUHZ
WKHLUFURSVDQGDWHWKHPDQGOLYHGRIIRIWKHP7KH\FDPHIURPDOORYHUWKH
FRXQWU\EXWZHUHWDONLQJILIW\\HDUVDJR7KHUHZHUHQRJRRGURDGVDQGQR
RQHZDVUHDOO\LQWHUHVWHGLQKRDUGLQJELJFKXQNVRIODQG7KHUHZHUHDORWRI
EXVLQHVVPHQZKRKDGODUJHSURSHUWLHVEXWWKH\ZHUHQHYHURQWKHP
:KDWFKDQJHG"
:HOO QRZ WKHUH DUH WZR KLJKZD\V OLQNLQJ 3HWpQ WR WKH UHVW RI WKH
FRXQWU\DQGHYHUVLQFHWKH$IULFDQSDOPKDVEHHQDOOWKHUDJHDVZHOO
DVWLPEHUWUHHVOLNHWHDNDQGPHOLQDDQGVXGGHQO\HYHU\RQHKDVWKHLUH\HV
VHW RQ WKH FDPSHVLQRV OLWWOH SDUFHOV RI ODQG $QG RI FRXUVH PDQ\
QDUFRWUDIILFNHUVDQGVPXJJOHUVDQGDOONLQGVRIGHDOHUVZDQWWRDFFXPXODWH
ODQG RQ WKH ERUGHU ZLWK 0H[LFR 7KH HDV\ DFFHVV WKURXJK 3HWpQ VSDUNHG
WKHLULQWHUHVW
6R\RXUHWHOOLQJPHWKDWWKHFDPSHVLQRVVROGWKHLUODQG"
7KHUHDUHPDQ\ZD\VWRVHOO/HWPHH[SODLQ,IWKHODZ\HURIDFRPSDQ\
YLVLWV \RX WLPH DQG DJDLQ DQG WDONV WR \RX DERXW ILYHILJXUH QXPEHUV DQG
\RXUH D 4HTFKL FDPSHVLQR \RXU H\HV VWDUW JORZLQJ DQG WKHQ \RX VHOO
ZLWKRXW NQRZLQJ D WKLQJ ,I \RXUH D FDPSHVLQR LQGLJHQRXV RU RWKHUZLVH


DQG WKH QDUFRV ZDQW \RXU ODQG WKHQ \RXUH HYHQ PRUH IXFNHG EHFDXVH
WKH\OO VLPSO\ WHOO \RX WKDW \RX QHHG WR VHOO \RXU ODQG IRU VXFK DQG VXFK D
SULFHDQGWKDWVLW
$QGLI\RXUHIXVH"
7KHUHXVHGWREHDIDPRXVVD\LQJDERXWDGHFDGHDJR,I\RXGRQWVHOO
QRZ\RXUZLGRZVJRQQDVHOOKHUVHOIIRUFKHDSODWHU
7KLVDFWLYLVWNQRZVZKDWKHVWDONLQJDERXW(YHU\PRQWKKHPHHWVZLWK
GR]HQV RI FDPSHVLQRV ZKR KDYH EHHQ SUHVVXUHG WR VHOO WKHLU ODQG DQG LI
WKH\ KDYHQW EHHQ SDLG RU LI WKH\ GRQW XQGHUVWDQG WKHLU FRQWUDFW EHFDXVH
WKH\GLGQWUHDGWKHILQHSULQWRULIWKH\VLPSO\GRQWNQRZKRZWRUHDGKH
DGYLVHVWKHP
7KLVLVZKDWLWEUHDNVGRZQWR7KHJRYHUQPHQWXVHVWZRGLIIHUHQWVWLFNV
IRU SXQLVKPHQW 2QH VWLFN LV VWLII DQG WKH\ XVH LW WR SXQLVK WKH ZHDN WKH
RWKHU VWLFN LV VRIW DQG WKH\ XVH LW WR PDNH LW VHHP WKDW WKH\ DUH FUDFNLQJ
GRZQRQWKHLUULYDOVWKRXJKWKH\DUHXOWLPDWHO\OHDYLQJWKHPXQSXQLVKHG
,QWHUQDWLRQDO RUJDQL]DWLRQV KDYH SXPSHG *XDWHPDOD ZLWK PRQH\
LQWHQGHG WR SURWHFW IRUHVWHG DUHDV DQG DUFKHRORJLFDO VLWHV +RZ GRHV WKH
VWDWHVKRZWKHGRQRUVWKH\UHWRXJK"%\WDUJHWLQJWKHZHDNHVWDQGDFFXVLQJ
WKHPRIEHLQJQDUFRWUDIILFNHUVZKLFKPDNHVWKHVWDWHORRNHYHQVWURQJHU
7KHDFWLYLVWWHQGVWRODXJKORXGO\DQGVDUFDVWLFDOO\
/RRNZKHQZHJRWRWKDWDUHDZKHQZHWDONWRWKHFDPSHVLQRVWKHUHV
QRTXHVWLRQWKDWWKHLQIDPRXVQDUFRIDPLOLHVOLNHWKH0HQGR]DVWKH/HyQV
DQG WKH /RUHQ]DQDV KDYH WKHLU KDQGV LQ SURWHFWHG IRUHVW ODQG OLNH WKH
QDWLRQDOSDUNV6LHUUDGHO/DFDQGyQDQG/DJXQDGHO7LJUH
+H LVQW WKH RQO\ RQH PDNLQJ WKH SRLQW WKDW WKH QDUFRV DUH WUHDGLQJ RQ
SURWHFWHG ODQG (YHQ JRYHUQPHQW LQIRUPDQWV KDYH FRQILUPHG WKDW WR TXRWH
WKHIDPRXV6DOYDGRUDQDUFKELVKRSVFDU5RPHURWKHODZVRI3HWpQDUHOLNH
VQDNHVWKH\RQO\ELWHWKRVHZKRZDONEDUHIRRW

1HVWOHGLQ=RQHRI*XDWHPDOD&LW\WKHZLQGEORZVKHDYLO\WKURXJKWKH
FDIp DQG QDSNLQV DUH IO\LQJ RII WKH QHDUE\ HPSW\ WDEOHV )URP WKH WHUUDFH
\RX FDQ VHH WKH URRIWRSV RI YDULRXV KRXVHV LQ WKLV ORZHUPLGGOHFODVV
QHLJKERUKRRG 'HVSLWH WKH FROG ZH RSW IRU WKH VHFOXVLRQ RI WKH RXWGRRU
WHUUDFH
&RORQHO'tD]6DQWRVRUGHUVDEODFNWHD:HILUVWPHWDWWKHEHJLQQLQJRI
 VRRQ DIWHU KH ZDV SLFNHG DV WKH PLOLWDU\V VHFRQG LQ FRPPDQG LQ
PDQDJLQJ3UHVLGHQWOYDUR&RORPVVWDWHRIHPHUJHQF\ZKLFKZDVPHDQWWR
ZHDNHQWKHLQIOX[RI/RV=HWDVLQ$OWD9HUDSD]WKHVWDWHMXVWVRXWKRI3HWpQ
7KHFRORQHOLVQRZLQFKDUJHRIWKH1RUWKHUQ7DVN)RUFHRI3HWpQLQFOXGLQJ


6D\D[FKpDWRZQNQRZQIRUERWKLWV$IULFDQSDOPDQGWKHGUXJVVPXJJOHG
GRZQ WKH /D 3DVLyQ 5LYHU ZKLFK LV IODQNHG RQ DOO VLGHV E\ ODQG KHOG E\
ZHDOWK\ QDUFR IDPLOLHV +H DOVR RYHUVHHV VRXWKHDVW 3HWpQ ZKLFK LQFOXGHV
SDUWRI/D/LEHUWDGZKHUHWKHVWUHWFKRIFLYLOL]DWLRQSHWHUVRXWDV\RXQHDU
0H[LFR ILQDOO\ GLVDSSHDULQJ LQWR WKLFN IRUHVW 7KDWV ZKHUH \RXOO ILQG (O
1DUDQMR D ERUGHU WRZQ NQRZQ WR OHDQ RQ DQ RXWGDWHG VWHUHRW\SH DV WKH
7LMXDQDRI*XDWHPDODDSODFHULIHZLWKGUXJVPXJJOLQJKXPDQVPXJJOLQJ
KXPDQWUDIILFNLQJDQGXQGRFXPHQWHGLPPLJUDWLRQ
7KHILUVWWLPHWKHFRORQHODQG,PHWZHZHUHDWWKHPLOLWDU\KHDGTXDUWHUV
RI&REiQWKHFDSLWDORIWKHVWDWHRI$OWD9HUDSD]6DQWRVZDVLQXQLIRUPDQG
VSRNHRSHQO\DERXW/RV=HWDVDQGWKHORFDOQDUFRIDPLOLHV1RZLQFLYLOLDQ
FORWKLQJDQGRQKLVGD\RIIKHVPRUHPHDVXUHGZKHQVSHDNLQJDERXW3HWpQ
,KDYHWRWHDVHRXWKLVGRXEOHPHDQLQJV
7KHFRORQHOLVIDPLOLDUZLWKWKHDUHDWKHFDPSHVLQRVZHUHGLVSODFHG
IURP +H ZDV DFWXDOO\ LQYROYHG LQ WKDW RSHUDWLRQ $JDLQ DQG DJDLQ KH
UHPLQGVPHWKDWWKH\ZHUHIROORZLQJWKHRUGHUVRIWKH3XEOLF0LQLVWU\WKDW
WKH\ KDG WR HYLFW SHRSOH OLYLQJ RQ SURWHFWHG ODQG DQG WKDW \HV ZKDW WKH\
IRXQGZHUHKXPEOHSHRSOHZRPHQDORWRIROGZRPHQDQGFKLOGUHQ+H
VDLGWKDWKHZDVQHYHUWROGDQ\WKLQJDERXWDQ\QDUFRWUDIILFNHUV
, UHPLQG KLP WKDW WKH 0LQLVWU\ RI WKH ,QWHULRU DV ZHOO DV WKH RIILFLDO
JRYHUQPHQWSUHVVUHOHDVHVWDWHGWKDWWKHRSHUDWLRQWDUJHWHGSHRSOHOLQNHGWR
GUXJ WUDIILFNLQJ ,W ZDV VWUDLJKWIRUZDUG $UHDV FRQWUROOHG E\
QDUFRWUDIILFNHUVLVKRZWKH\GHILQHGWKHFDPSHVLQRVHWWOHPHQW7KHFRORQHO
ELWHV KLV WRQJXH ,W GRHVQW PDNH VHQVH WR NHHS SXVKLQJ KLP 7KH
JRYHUQPHQWV SRVLWLRQ LV DEVXUG FRQWLQXDOO\ FRQWUDGLFWLQJ LWVHOI (YLFWLQJ
QDUFRWUDIILFNHUVEHFDXVHWKH\UHOLYLQJRQSURWHFWHGODQGLVOLNHDUUHVWLQJD
PXUGHUHUEHFDXVHKHDOVRVWROHKLVYLFWLPVFHOOSKRQH
7KHFRORQHOLVTXLHW+HVLSVKLVWHDWKHQUHLWHUDWHVWKDWKLVRSLQLRQLVKLV
RZQ DQG WKDW LQ QR ZD\ LV KH VSHDNLQJ IRU 6HFXULW\ $GYLVRU 0HQRFDO ,
LQWHUUXSWKLPDQGDVNLIKHHYHUKDGUHDVRQWREHOLHYHWKDWKHZDVZRUNLQJ
ZLWKGUXJGHDOHUV
1R KH VD\V 7KRXJK , GRQW WKLQN \RX FDQ GHQ\ WKDW PRUH WKDQ RQH
FDPSHVLQR LV LQ WKH EXVLQHVV <RX MXVW FDQW JHQHUDOL]H 0DQ\ DUH VLPSO\
IRUFHG WR OLYH RQ SURWHFWHG ODQG 7KH\ VHOO WKHLU ODQG WR SHRSOH JURZLQJ
$IULFDQSDOP$QGZKHUHFDQWKH\JR"7KHRQO\SODFHOHIWWRJURZIRRGLV
SURWHFWHGODQG
<RXNQRZWKHDUHD&RORQHO3HRSOHVD\WKDWWKHUHDUHKXJHVWUHWFKHVRI
ODQGEHORQJLQJWRWKH0HQGR]DIDPLO\RUE\SUR[\WKH/RUHQ]DQDV:KDWGR
\RXWKLQN"'R\RXWKLQNWKHUHDUHSRZHUIXOSHRSOHZRUNLQJRXWRISURWHFWHG


DUHDV"
,WKLQNVR
*URXSVWKDWVPXJJOHGUXJVZRRGDQGFRQWUDEDQG"
,WKLQNVR
7KH UHSRUW 3RZHU %URNHUV LQ 3HWpQ 7HUULWRU\ 3ROLWLFV DQG %XVLQHVV
SXEOLVKHG LQ -XO\ RI  DQG ILQDQFHG E\ WKH 2SHQ 6RFLHW\ )RXQGDWLRQV
UHYHDOV WKDW VRPH RI WKHVH VZDWKV RI ODQG DUH OHJDOO\ UHJLVWHUHG WR NQRZQ
GUXJ WUDIILFNHUV (YHQ KLJKXS PLOLWDU\ SHUVRQQHO OLNH *HQHUDO (GXDUGR
0RUDOHVZKRRUFKHVWUDWHGWKHVWDWHRIHPHUJHQF\LQ3HWpQEHOLHYHWKDWWKH
QRUWKHUQSDUWRIWKHVWDWHPDGHXSRISURWHFWHGODQGOLNH/DJXQDGHO7LJUH
LVWHHPLQJZLWKGUXJORUGVZKRRUJDQL]HVKLSPHQWVE\SODQHVWKDWDUHODWHU
EXUQHGLQRUGHUWRJHWULGRIDOOWUDFHV$IHZGD\VDJR0RUDOHVWROGPHWKDW
VRPH IRUHVWHG DUHDV ZHUH GHWHULRUDWLQJ GXH WKH EXLOGLQJ RI UXQZD\V DQG
SODQHJUDYH\DUGV+HWROGPHDERXWDKRWHOWKDWFDQDFFRPPRGDWHDKXQGUHG
SHRSOHLQ6LHUUDGHO/DFDQGyQDQGDUHFHQWODQGLQJVLWHLQ/DJXQDGHO7LJUH
ZKHUH DQ RIILFLDO DQG WZR VROGLHUV FRQIURQWHG IRUW\ DUPHG PHQ ZKR
XOWLPDWHO\UDQWKHPRII,WVVDGWRDGPLW0RUDOHVVDLGEXWWKDWVKRZLW
LV
, WHOO &RORQHO 'tD] 6DQWRV WKDW LW VHHPV YHU\ VWUDQJH WR PH WKDW WKH
1DWLRQDO&RXQFLORI3URWHFWHG$UHDV &21$3 GRHVQWNQRZDERXWDQ\RI
WKLV DQG \HW NQRZV DERXW WKH LOOHJDO FDPSHVLQR VHWWOHPHQWV RU WKDW WKH
SROLFHZKRKHOSZLWK&21$3VVXUYHLOODQFHRSHUDWLRQDUHVWLOOLQWKHGDUN
,DVNKLPLIKHWUXVWVWKHVHDXWKRULWLHV
2RI,GUDWKHUQRWDQVZHUWKDW
:HOO&RORQHO:KDWGR\RXWKLQNDERXWWKHUHSRUWWKDWVEHHQFLUFXODWLQJ
DOORYHU3HWpQ"'R\RXWKLQNLWVFUHGLEOH"
,OO WHOO \RX ZKDW D IULHQG RQFH WROG PH 7KH UHSRUW LV RQO\ JRRG IRU
UHPLQGLQJ\RXZKDW\RXQHHGWRWDONDERXWDQGZKR\RXQHHGWRWDONWR
:KLOH WKH UHSRUW JDUQHUHG QDWLRQDO DWWHQWLRQ LQ *XDWHPDOD HVSHFLDOO\ LQ
3HWpQ QRW RQH ORFDO PHGLD VRXUFH FRYHUHG LW $QG \HW WKHUH ZDV QRW RQH
SHUVRQIURP3HWpQEHLWDQDFWLYLVWDQRIILFLDORUHYHQDVROGLHUZLWKZKRP
,VSRNHGXULQJP\WULSZKRKDGQWUHDGWKHUHSRUW,WFLUFXODWHGIURPKDQGWR
KDQGIURPPRXWKWRPRXWKIURPHPDLOWRHPDLO
7KH DXWKRUVUHVHDUFKHUV RI YDULRXV QDWLRQDOLWLHV DQG ILHOGVZURWH WKH
UHSRUWDQRQ\PRXVO\1RQHRIWKHPKDYHVSRNHQWRWKHPHGLD7KH\IHDUIRU
WKHLUOLYHVDQGDVNIRUQRRQHWRHYHQJXHVVDWWKHLUQDWLRQDOLW\$IWHUJRLQJ
WKURXJKPDQ\LQWHUPHGLDULHV,ZDVDEOHWRJHWWZRRIWKHPWRWDONZLWKPH
WKURXJK 6N\SH 7KH UHSRUW ZDV H[SOLFLW ULFK LQ RIILFLDO VRXUFHV $OO RI LWV
GDWDRQODQGRZQHUVKLS,IRXQGWREHVXEVWDQWLDWHGZLWKSXEOLFO\UHJLVWHUHG


FDGDVWUHV WKH UHVW ZDV EDVHG RQ RWKHU RIILFLDO GDWD LQWHUQDWLRQDO UHSRUWV
DOUHDG\SXEOLVKHGWHVWLPRQLHVDQGLQWHUYLHZVZLWKNH\LQIRUPDQWVLQ3HWpQ
'XULQJ RXU 6N\SH FRQYHUVDWLRQV WKH DXWKRUV WROG PH WKDW WKH\ SXEOLVKHG
WKH UHSRUW DQRQ\PRXVO\ EHFDXVH WKH\ NQHZ ZHOO WKDW WKH SRZHUIXO SHRSOH
WKH\ UHIHUHQFHG KDG VWULQJV WR SXOO HYHQ RQ DQ LQWHUQDWLRQDO OHYHO 7KH\
DVVXUHG PH WKDW WKH\ ZHUH SUXGHQW LQ SXEOLVKLQJ WKHLU ILQGLQJV :H RQO\
SXEOLVKHG ZKDW ZH FRXOG SURYH HYHQ WKRXJK WKHUH DUH PDQ\ XQUHJLVWHUHG
SURSHUWLHVLQSURWHFWHGODQGWKDWEHORQJWRRUJDQL]HGFULPHJURXSVLQDGH
IDFWRZD\
3HWpQLVGHSLFWHGDVDODQGIHUWLOHIRUSROLWLFDOFRUUXSWLRQGUXJWUDIILFNLQJ
DQGWKHFRQFHQWUDWLRQRISRZHULQYHU\IHZKDQGV3HWpQDVGHVFULEHGLQWKH
UHSRUWLVQRWDSODFHIRUKXPEOHSHRSOH
,QWKHDQDO\VLVRI3HWpQVORFDOSROLWLFDOSDUWLHVWKHILQGLQJVDUHVKRFNLQJ
2QHFDQRQO\EHPD\RURUDFLW\FRXQFLOPHPEHUE\EHLQJGLUHFWO\DSDUWRI
RUKDYLQJFORVHWLHVZLWKRUJDQL]HGFULPH7KHUHSRUWOLVWVWKHIXOOQDPHVRI
SHRSOH LQ DOO SROLWLFDO SDUWLHV ZLWKRXW H[FHSWLRQ ZKR EHQHILW IURP VXFK
DOOLDQFHV
7KH DFFXVDWLRQV UHDFK WKH KLJKHVW OHYHO RI JRYHUQPHQW 3UHVLGHQWLDO
FDQGLGDWH RI WKH 5HQHZHG 'HPRFUDWLF /LEHUW\ 3DUW\ 0DQXHO %DOGL]yQ
RULJLQDOO\ IURP 3HWpQ  FDPH IURP D IDPLO\ ZKR DFKLHYHG LWV HFRQRPLF
SURZHVV WKDQNV WR LQ ODUJH SDUW WKH VPXJJOLQJ RI DUFKHRORJLFDO DUWLIDFWV
7KH UHSRUW FLWHV DQRQ\PRXV WHVWLPRQLHV RI WKRVH ZKR SDUWLFLSDWHG LQ WKH
JURXS UDLGV RI 0D\DQ UXLQV VWHDOLQJ SLHFHV WR VHOO WKHP WR IRUHLJQ
FROOHFWRUV
7KHUHSRUWDOVRH[SODLQVKRZWKHSRZHUIXOIDPLOLHVRIRUJDQL]HGFULPH
OLNHWKH0HQGR]DVZKRDUHRULJLQDOO\IURPWKHVWUDWHJLFDOO\ORFDWHGVWDWHRI
,]DEDO ZKLFK ERUGHUV ERWK +RQGXUDV DQG %HOL]H KDYH DSSURSULDWHG KXJH
SODQWDWLRQVLQ3HWpQ7KH0HQGR]DVRZQWZHQW\WKUHHSODQWDWLRQVVSUHDGRXW
RYHU IRXU PXQLFLSDOLWLHV 0DQ\ RI WKH SURSHUWLHV VNLUW WKH EDQNV RI WKH /D
3DVLyQ5LYHUDQGDWOHDVWRQHRIWKHPERDVWVDPDQVLRQZLWKDSRRODQGD
UXQZD\
1RW RQH DXWKRULW\ ILJXUH KDV SXEOLFO\ H[SRVHG WKHVH ODQGRZQHUV 7KH
UHSRUW H[SODLQV WKDW WKH JUHDWHU SDUW RI WKLV ODQG OLNH WKH  FDEDOOHUtDV
UHJLVWHUHGWRWKH0HQGR]DVRUWKHLUSUR[LHVDUHODUJHO\SDUWRIWKHSURWHFWHG
IRUHVW RI 6LHUUD GHO /DFDQGyQ WKH YHU\ QDWLRQDO SDUN IURP ZKLFK WKH VWDWH
GLVSODFHGFDPSHVLQRVPDQ\RIZKRPZLWKQRZKHUHHOVHWRJRVHWXS
FDPSLQWKHMXQJOHRQWKH0H[LFDQVLGHRIWKHERUGHU7KHFRORQHODQGWKH
JHQHUDOERWKH[SODLQHGWKDWWKHSUREOHPLVQWRUJDQL]HGFULPHJURXSVWDNLQJ
RYHU ODQG WKDW LVQW WKHLUV EXW WKH LOOLFLW EXVLQHVVHV WKH\ VHW XS RQ WKRVH


ODQGV(YHQ*HQHUDO0RUDOHVSRLQWVRXWWKDW/RV=HWDVKDYHWUDLQLQJFDPSV
DQGORGJHVLQ/DJXQDGHO7LJUH
7KH GUXJ WUDIILFNHUV DUHQW YHU\ GLVFUHHW *HQHUDO 0RUDOHV GHVFULEHG
ILQGLQJDQHQRUPRXVVWDVKKRXVHDERXWWKUHH\HDUVDJR+LVPHQHYHQIRXQG
D ERDW LQ PLG FRQVWUXFWLRQ $ ELJ ERDW RQH WR IHUU\ FDUV $ SURVHFXWRU
OLNHQHGLWWR1RDKV$UN
1DUFRODQGUHDFKHVDOOWKHZD\WRWKH0H[LFDQERUGHUWRWKH8VXPDFLQWD
5LYHU(DFKSURSHUW\UHDGVWKHUHSRUWLVHTXLSSHGZLWKDUPHGJXDUGV
3HWpQKDVEHFRPHDVRUWRIFRQGRPLQLXPIRUWKHELJIDPLOLHVRIRUJDQL]HG
FULPH 7KH 0HQGR]DV DUHQW WKH RQO\ RQHV LQ WKH OLPHOLJKW 7KH /HyQV
RULJLQDOO\IURP=DFDSDDVWDWHERUGHULQJ+RQGXUDVRZQFDEDOOHUtDVLQ
3HWpQWKDWDUHQHVWOHGVRWKHUHSRUWH[SODLQVLQVWUDWHJLFSODFHVDORQJWKH
GUXJURXWH7KH/RUHQ]DQDVDOVRIURP=DFDSDRZQIRXUUDQFKHVZLWKLQWKH
QDWLRQDOO\SURWHFWHGSDUNRI/DJXQDGHO7LJUH2QHRIWKHVHUDQFKHVSURRI
RIWKHEURNHQV\VWHPZDVRSHQO\UHJLVWHUHGXQGHUWKHQDPHRIWKHIDPLO\
SDWULDUFK :DOGHPDU /RUHQ]DQD ZKR LQ  ZDV H[WUDGLWHG WR WKH 8QLWHG
6WDWHVIRUGUXJWUDIILFNLQJFKDUJHV
7KHUHSRUWFRQFOXGHVWKDWWKHSURSHUW\OLQNHGWRRUJDQL]HGFULPHJURXSV
UHDFKHV D IRXUGLJLW ILJXUH  FDEDOOHUtDV 7KDWV HTXLYDOHQW WR VHYHQ
WLPHV WKH DUHD RI 6DQ 6DOYDGRU RU DERXW WZR DQG D KDOI WLPHV WKH VL]H RI
%RVWRQ 0HDQZKLOH WKH $IULFDQ SDOP SODQWDWLRQV RIILFLDOO\ RFFXS\ 
FDEDOOHUtDV
$FFRUGLQJWRWKH1DWLRQDO&RXQFLORI3URWHFWHG$UHDVE\FORVHWR
 SHRSOH KDG EHHQ GLVSODFHG IURP  FDEDOOHUtDV LQ DQG DURXQG WKH
PXQLFLSDOLW\ RI 6D\D[FKp 7ZHQW\VHYHQ FDPSHVLQR FRPPXQLWLHV FHGHG
WKHLU ODQG WR $IULFDQ SDOP FRPSDQLHV DQG RWKHU EX\HUV $QG \HW RIILFLDOV
UHIXVHWRDFNQRZOHGJHWKDWWKHFDPSHVLQRVZKRDUHRIWHQOHIWZLWKQRRWKHU
RSWLRQEXWDFFHSWLQJWKHQDUFRVRIIHUVDUHDOVRKDYLQJWRSURWHFWWKHPVHOYHV
IURPHQFURDFKLQJWUDQVQDWLRQDOFRPSDQLHVZKRNQRZKRZWRJHWZKDWWKH\
ZDQWPRUHODQG

,WVVL[RFORFNLQWKHPRUQLQJDQGWKHUHVDIDLQWFRPIRUWLQJVXQVKLQH,P
RQ D EXV KHDGHG RXW RI WKH WRZQ RI (O 6XEtQ QHDU 6D\D[FKp WR WKH 3HWpQ
WRZQ RI 6DQWD (OHQD 7KH EXV LV QHDUO\ HPSW\ 2QO\ WZR RWKHU SDVVHQJHUV
DUHULGLQJQHDUWKHEDFN2QHRIWKHPZKR,JXHVVLVDFDPSHVLQRTXLHWO\
VSHDNVWRWKHPDQQH[WWRKLPZKRORRNVOLNHDFRQVWUXFWLRQZRUNHU
7KHFDPSHVLQRDVNVLILWVHDV\WRILQGFRQVWUXFWLRQZRUNWKHVHGD\V7KH
ZRUNHU VD\V \HV WKDW WKHUHV D ORW RI FRQVWUXFWLRQ LQ 6DQWD (OHQD 7KH
FDPSHVLQR VD\V KH VKRXOG FRQVLGHU KLPVHOI OXFN\ WKDW WKHUHV QR ZRUN RQ
WKH ODQG WKHVH GD\V WKDW LI \RX KDYH JRRG ODQG WKH\OO MXVW WDNH LW IURP


\RX1RZDOOWKDWVOHIWLVDOOGU\GHDGODQG+HVD\VWKDWIXUWKHUVRXWK
E\ 6D\D[FKp WKH RQO\ ZRUN LV LQ WKH $IULFDQ SDOP LQGXVWU\ EHFDXVH WKH
VHxRUHV>0LVWHURU/RUGDFRPPRQZD\WRUHIHUWRDKLJKOHYHOQDUFR@
ZKRRZQWKHJRRGODQGGRQWQHHGDQ\RQHWRIDUPLW
,Q6DQWD(OHQD,PJUHHWHGE\$OIUHGR&KHDVKRUWDQGVWRXWFDPSHVLQR
ZLWK WKH VORZ DQG FOLSSHG VW\OH RI 6SDQLVK FRPPRQO\ VSRNHQ E\ WKH
4HTFKL +H LV D PHPEHU RI WKH $VVRFLDWLRQ RI ,QGLJHQRXV &DPSHVLQR
&RPPXQLWLHV IRU WKH ,QWHJUDO 'HYHORSPHQW RI 3HWpQ ZKLFK LV SDUW RI WKH
1DWLRQDO &RRUGLQDWLRQ RI &DPSHVLQR 2UJDQL]DWLRQV 7KH RUJDQL]DWLRQV
FHQWUDOGHPDQGLVWKHUHORFDWLRQRIGLVSODFHGFDPSHVLQRV:LWKQRSODFHOHIW
WRJRWKH\DVNWKDWFDPSHVLQRVEHDOORZHGWRUHWXUQWRWKHSURWHFWHGIRUHVW
ODQG WKH\ RQFH LQKDELWHG XQGHU WKH FRQGLWLRQ WKDW WKH\ ZRXOG OLPLW
H[SDQVLRQ RI WKHLU VHWWOHPHQWV DQG WKDW WKH\ ZRXOG IDUP XQGHU UXOHV WKDW
UHVSHFWWKHHFRV\VWHP
&KHLVDQJU\KLVIDFHFRQWRUWVZKHQKHVSHDNVWKRXJKKLVYRLFHQHYHU
ULVHV DERYH D ZKLVSHU +H FRPSODLQV WKDW LQ 3HWpQ HYHQ WKH NLOOLQJ RI
FDPSHVLQRVLVXVHGDVDQDUJXPHQWDJDLQVWFDPSHVLQRV,Q0D\RIRQ
DSODQWDWLRQFDOOHG/RV&RFRVLQDQXQSRSXODWHGVWUHWFKRIODQGDFURVV/D
/LEHUWDG WKHUH ZDV D PDVVDFUH RI WZHQW\VHYHQ SHRSOH $FFRUGLQJ WR
RIILFLDO UHSRUWV WKH SHUSHWUDWRUV ZHUH /RV =HWDV 7KHLU WDUJHW ZDV WKH
SODQWDWLRQ RZQHU EXW DSSDUHQWO\ WKH\ FRXOGQW ILQG KLP DQG WKH\ WRRN RXW
WKHLU UHYHQJH RQ WKH FDPSHVLQRV LQVWHDG 6RPH ZHUH GHFDSLWDWHG ZLWK
FKDLQVDZV$QLQYHVWLJDWRUVKRZHGPHDSLFWXUHRIWKHERGLHVVWLOOZHDULQJ
WKHLUKHDY\ZRUNERRWV
(YHQ WKH 0LQLVWU\ RI WKH ,QWHULRU LGHQWLILHG WKH YLFWLPV DV FDPSHVLQRV
KLUHG WR ZRUN WKH SODQWDWLRQ EXW &KH VD\V WKDW WKH 3HWpQ DXWKRULWLHV XVH
PDVVDFUHVOLNHWKLVRQHDVDQDUJXPHQWWKDWWKHFDPSHVLQRVDUHFROODERUDWLQJ
ZLWKQDUFRSODQWDWLRQVDQGDUHWKXVFDXJKWUHGKDQGHGLQWKHFURVVILUH
7KH\QHYHUGLVSODFHWKHSODQWDWLRQRZQHUVDUJXHV&KH,WVDOZD\VWKH
FDPSHVLQRV WKH FRPPXQLWLHV ZKR IDUP ZKDW WKH\ HDW 7KH\ PLJKW WHOO \RX
WKDWWKHODQGKHUHLVJUHHQEXWWKHWUXWKLVWKDWLI\RXZDONWKURXJK6LHUUDGHO
/DFDQGyQ WKH 0D\D %LRVSKHUH \RXOO QR ORQJHU VHH SULVWLQH PRXQWDLQV
&21$3KDVJXDUGVWRSURWHFWWKHPVHOYHVEXWWKH\FDQWUHDOO\GRDQ\WKLQJ
LI WKH\ RQO\ FDUU\ WLQ\ FDOLEHU SLVWROV $QG HYHQ ZLWK WKH 1DWXUH
3URWHFWLRQ 8QLW  WKH IDFW LV WKDW WZR SROLFHPHQ SOXV WKUHH JXDUGV FDQQRW
FRQIURQW D JURXS DUPHG ZLWK DVVDXOW ULIOHV 6R WKH\ NHHS RQ DWWDFNLQJ
GHIHQVHOHVVFRPPXQLWLHVDQGOHDYHDOOSODQWDWLRQRZQHUVDORQH
7KH FDPSHVLQRV DUHQW WKH RQO\ RQHV GHQRXQFLQJ XQHTXDO WUHDWPHQW
)UDQFLVFR 'DOO$QHVVH WKH OHDG SURVHFXWRU IRU WKH ,QWHUQDWLRQDO
&RPPLVVLRQ $JDLQVW ,PSXQLW\ LQ *XDWHPDOD &,&,* LQ LWV 6SDQLVK


DFURQ\P  WKDW ZDV IRXQGHG E\ WKH 81 LQ  KDV DOVR SRLQWHG RXW WKLV
GLVSDULW\ $W D MRXUQDOLVP FRQIHUHQFH LQ $UJHQWLQD KH VDLG WKDW WKHUH DUH
LQGLJHQRXVJURXSVEHLQJNLFNHGRIIWKHLUODQGDQGSXVKHGRQWRWKHVWUHHWV
ZKLOHQRRQHLVGRLQJDQ\WKLQJDERXWWKHUHDOQDUFRV+HWROGWKHVWRU\RID
81KLJKFRPPLVVLRQHUJRLQJWR/RV&RFRV3ODQWDWLRQWREHDUZLWQHVVWRWKH
PDVVDFUH RI FDPSHVLQRV 1DUFRV DUPHG WR WKH WHHWK VWRSSHG KLP DQG
LQWHUURJDWHGKLPDERXWKLVLQWHQWLRQVIRUFLQJKLPWRLGHQWLI\KLPVHOIEHIRUH
OHWWLQJKLPSDVV
&KH VD\V WKDW ZLWK DOO WKH QDUFR WKUHDWV DQG FRUSRUDWH SUHVVXUHV
FDPSHVLQRVDUHRQO\JHWWLQJVRPHTXHW]DOHVIRUDSLHFHRIODQGWKDW
LV ZRUWK DURXQG  TXHW]DOHV DURXQG   , DVN KLP ZK\ WKH\
GRQWVXH+HVD\VWKDWWKH\YHDOUHDG\GRQHVRPDQ\WLPHVEXWWKDWLQWKH
EHVWRIFDVHVODZVXLWVRQO\UHVXOWLQVWDFNVRIEXUHDXFUDWLFSDSHUVWKDWHQG
XSJHWWLQJVKHOYHGLQVRPHRIILFHRIWKH3XEOLF0LQLVWU\
+H VD\V WKDW $IULFDQ SDOP FRPSDQLHV RIWHQ HPSOR\ FR\RWHV W\SLFDOO\
RWKHU FDPSHVLQRV VHQW WR UHSHDWHGO\ SUHVVXUH WKHLU QHLJKERUV XQWLO WKH\
ILQDOO\FDYHLQDQGVLJQDFRQWUDFWWKH\GRQWXQGHUVWDQG+HWHOOVPHWKDWLI,
ZDQWWRNQRZPRUHDERXWWKHVHSUDFWLFHV,VKRXOGVSHDNWRDQRWKHUPHPEHU
RI KLV RUJDQL]DWLRQ 'RPLQJR &KRF ZKR ZRUNV LQ WKH PXQLFLSDOLW\ RI
6D\D[FKp NQRZQ IRU EHLQJ WKH DUHD PRVW FRYHWHG E\ $IULFDQ SDOP
WUDQVQDWLRQDOV
&KRFVKRZVXSODWHUWKDWHYHQLQJ
&RPSDQLHVDUHVPDUWKHVD\V7KH\NQRZKRZWRVXIIXVHDFRPPXQLW\
ZLWKIHDU
7KHLU VWUDWHJ\ LV WR SUHVVXUH DQG GLYLGH +H H[SODLQV WKDW LI D FR\RWH
LVQWDEOHWRGRWKHMREWKH\OOVHQGVRPHRQHEHWWHUXQWLOWKH\JHWZKDWWKH\
ZDQW 7KH\ LQVLVW DJDLQ DQG DJDLQ XQWLO WKH\UH DEOH WR GLYLGH WKH
FRPPXQLW\ DQG DUH OHIW ZLWK RQO\ D IHZ FDPSHVLQRV ZKR WKH\ WKUHDWHQ WR
VTXHH]H RXW EHWZHHQ SODQWDWLRQV RI $IULFDQ SDOP 3ULYDWH JXDUGV EDU DQ\
OHIWRYHU FDPSHVLQRV IURP JRLQJ WKURXJK ODQGV RZQHG E\ $IULFDQ SDOP
SODQWDWLRQVWKH\GRQWOHWFDUVSDVVWKDWDUHWUDQVSRUWLQJVDFNVRIFRUQDQG
EHDQVWRWKHPDUNHW7KHFRUSRUDWLRQVRQO\OHWWKHFDPSHVLQRVJURZHQRXJK
WRHDWQRWKLQJPRUH7KDWVKRZWKH\UHDEOHWRSUHVVXUHWKRVHPRVWKHVLWDQW
WRVHOODQGEHFRPHSODQWDWLRQGD\ODERUHUVZLWKQRFRQWUDFWPHDQLQJWKH\UH
SDLGOHVVWKDQWKHTXHW]DOHVDGD\ DERXW ZKLFKLVWKHPLQLPXP
VDODU\ 7KLV JRHV RQ XQWLO WKH FDPSHVLQRV JURZ WLUHG RI VZHDWLQJ DQG
ILJKWLQJRYHUDVOLYHUDODQGWKDWRQFHEHORQJHGWRWKHPDQGWKH\OHDYHMXVW
DV 9HQXVWLDQR GLG WR FDUYH RXW D QHZ SLHFH RI ODQG LQ D SURWHFWHG IRUHVW
]RQHKRSLQJQRWWREHGLVSODFHGRUDFFXVHGRIEHLQJQDUFRV


7KLV KDSSHQHG WR -RVp &DF[RM D FDPSHVLQR , PHW IURP 6D\D[FKp $W
VL[W\WKUHH\HDUVROGKHJUHZWLUHGRIWKHGDLO\YLVLWKHJRWIURPDVXSSRVHG
HQJLQHHU QDPHG *XVWDYR ZKR FRQWLQXRXVO\ WKUHDWHQHG WKDW KHG HQG XS
ODQGORFNHGEHWZHHQSODQWDWLRQVRI$IULFDQSDOPLIKHGLGQWVHOOKLVSDUFHO
RIODQGLQWKHKDPOHWRI/DV&DPHOLDV+HILQDOO\VROGKLVSDUFHOZKLFKZDV
EDUHO\KDOIDFDEDOOHUtDIRUTXHW]DOHV+HVVSHQWWKHODVWWZR\HDUV
ORRNLQJIRUODQGLQDVWDWHWKDWKROGVQRLQWHUHVWIRUHLWKHUWKHQDUFRVRUWKH
SDOPFRPSDQLHVDQG\HWHYHQZLWKWKHSULFHVDWOHDVWWZLFHZKDWKHZDV
SDLG IRU KLV RZQ ODQG KH KDVQW EHHQ DEOH WR ILQG DQ\WKLQJ 6R &DF[RM LV
ZDVWLQJ DZD\ KLV PRQH\ E\ UHQWLQJ ODQG XQGHU WKH DJUHHPHQW WKDW KH JLYH
KDOIRIKLVFURS\LHOGWRWKHODQGRZQHU,IVRPHWKLQJJRHVZURQJZLWKRQHRI
KLVWZRDQQXDOKDUYHVWVDVKDSSHQHGODVW\HDUGXHWRODFNRIUDLQ&DF[RMLV
UXLQHG+HVWKLQNLQJRIVSHQGLQJWKHUHVWRIKLV\HDUVRQSURWHFWHGODQGDQG
WXUQLQJKLPVHOILQWRDQLQYDGHUDVFDPSHVLQRVDUHFDOOHGE\WKHVWDWHRU
PD\EHWXUQLQJLQWRDQDUFRDV9HQXVWLDQRDQGKLVFRPPXQLW\ZHUHFDOOHG
, DVN &KRF KRZ PDQ\ SHRSOH KDYH EHHQ GLVSODFHG +H VD\V KH GRHVQW
NQRZWKHILJXUHLQSHRSOHEXWLQFRPPXQLWLHVDQGIDPLOLHV
,Q WKH (O 3URJUHVR FRPPXQLW\ LQ 6D\D[FKp WZHQW\WKUHH IDPLOLHV ZHUH
ILQLVKHG,QWKH(O&XELOFRPPXQLW\WKLUW\WZRIDPLOLHVZHUHILQLVKHGWKH\
QR ORQJHU H[LVW ,Q (O &DQDOHxR IRUW\VL[ IDPLOLHV /D 7RUUH VHYHQW\VL[
IDPLOLHV 6DQWD 5RVD HLJKW\VL[ IDPLOLHV $UUR\R 6DQWD 0DUtD IRUW\WKUHH
IDPLOLHV  $QG WKH FRPPXQLW\ WKDW HYHU\RQH UHPHPEHUV DV WKH ILUVW
FRPPXQLW\ WKH FRPPXQLW\ NQRZQ DV &HQWUR 8QR  IDPLOLHV ZHUH
ILQLVKHGWKH\QRORQJHUH[LVW

$GD\KDVSDVVHGVLQFH,PHWZLWK&KHDQG&KRF7KH\KHOSHGPHFRQWDFW
FDPSHVLQRVLQ&HQWUR8QR,PQRZULGLQJDEXVRQDVZHOWHULQJKXPLGGD\
KHDGLQJWRZDUG/D/LEHUWDG7KHZLQGRZVDUHRSHQDQGZDYHVRIGXVWZDIW
LQ DQG VWLFN WR P\ VZHDW\ VNLQ VHHPLQJ WR DWWUDFW WKH WLQ\ FORXGV RI
PRVTXLWRHVFLUFOLQJP\IDFH
$WWKHFHQWHURIWKHWRZQLVDQRXWGRRUPDUNHW,WVDPDUYHOWKDWWKHPDQ\
WXNWXNV ]LJ]DJJLQJ DURXQG SHGHVWULDQV DUHQW DOVR UXQQLQJ WKHP RYHU
6HHPLQJO\HYHU\VPDOOVKRSKDVDVHWRIVSHDNHUVEODULQJQRUWHxDPXVLFRU
D PHJDSKRQH VKRXWLQJ LWV VDOHV , ZDON LQWR D FKLFNHQ URWLVVHULH DQG IURP
WKH EDFN URRP ZKHUH DQ HPSOR\HH LV VFUXEELQJ GLVKHV , FDOO 9HQXVWLDQR
ZKRVD\VKHNQRZVWKHSODFHDQGDVNVPHWRZDLWWKDWKHOOEHWKHUHVRRQ
ZLWK6DQWRVDQRWKHUH[UHVLGHQWRI&HQWUR8QR
9HQXVWLDQR DW ILIW\VL[ \HDUV ROG ORRNV WKH W\SLFDO FDPSHVLQR URSH
PXVFOHG ZLWK D PXVWDFKH DQG ZHDULQJ D ZKLWH WKUHDGEDUH VKLUW MHDQV DQG
EODFN ZRUN ERRWV +LV VNLQ LV FUDFNHG OLNH GULHG PXG +H VKRZV XS ZLWK


6DQWRVDVWXUG\KDLUOHVV4HTFKLPDQ
7KH\VSHDNLQDWRQHVRPHZKHUHEHWZHHQVKDPHDQGJUDWLWXGH,WGRHVQW
VHHPOLNHWKH\UHXVHGWRWHOOLQJWKHLUVWRU\:KHQKLVFRPPXQLW\ZDVNLFNHG
RII &HQWUR 8QR LQ  WKH PHGLD RQO\ UHSRUWHG WKH RIILFLDO YHUVLRQ
9HQXVWLDQRVD\VWKDWQRRQHHYHUDVNHGKLPDQ\WKLQJ9HQXVWLDQRVSHDNVRI
DQ LQIHUWLOH ODQG D ODQG RI SODVWLFV OXPEHU DQG VKDFNV RI D PLVHUDEOH
HFRQRP\RIHLJKWKRXUZRUNGD\VVSHQWWLOOLQJVRPHRQHHOVHVGLUWIDUIURP
KLVPDNHVKLIWKRPHRIHDUQLQJRQO\WKLUW\TXHW]DOHVDGD\+HVD\VWKDWZKHQ
\RXUH IDUPLQJ VRPHRQH HOVHV ODQG VHHGV GRQW VSURXW WKH VDPH ,
LQWHUUXSWKLPDQGDVNWKDWKHVWDUWDWWKHEHJLQQLQJDQGWHOOPHZKDW&HQWUR
8QRZDVOLNHLQ6LHUUDGHO/DFDQGyQ
:KDW ZDV LW OLNH" KH DVNV +H SXWV GRZQ WKH URDVWHG FKLFNHQ KHV
HDWLQJZLSHVWKHJUHDVHRIIKLVPXVWDFKHDQGVORZO\EDWVDZD\WKHFORXGRI
PRVTXLWRHV KRYHULQJ LQ IURQW RI KLV IDFH +H SDXVHV DQG ORRNV LQWR WKH
PLGGOHGLVWDQFH
:KHUHZHOLYHGZHKDGZDWHU$VWUHDPDQGODQG7KHVWUHDPZDVFOHDU
\RXFRXOGVHH\RXUIHHWWKURXJKLW7KHUHZDVDGDLU\IDUPZKHUH\RXGJHW
SUHWW\ PXGG\ EXW LW ZDV EHDXWLIXO 7KHUH ZDV FRUQ EHDQV DQG ZH ZHUH
KDSS\ 7KHUH ZHUH FRFRQXW WUHHV DYRFDGR WUHHV DOO RI WKHP ERUH IUXLW
7KHUHZHUHRUDQJHVOLPHPDQJRDQGWKH\JUHZOLNHWKLVKHVWUHWFKHVKLV
DUPVRXWWRV\PEROL]HWKHDEXQGDQFH:HNQHZRXUODQG7KHUHZDVFDQH
\XFFDEDQDQDVFRFR\DP:HFRXOGQWEHKDSSLHU
$W WHQ LQ WKH PRUQLQJ RQ -XQH   D FDUDYDQ RI  PLOLWDU\
SHUVRQQHO SROLFHPHQ IRUHVW JXDUGV 3XEOLF 0LQLVWU\ DJHQWV DQG
2PEXGVPHQ IRU WKH 'HIHQVH RI +XPDQ 5LJKWV 3'+  EHJDQ D PDVVLYH
HYLFWLRQRIFDPSHVLQRVLQWKH&HQWUR8QRFRPPXQLW\RI3HWpQ2QHKXQGUHG
DQG VL[W\IRXU IDPLOLHV ZHUH UHPRYHG IURP WKH ODQG WKDW DOEHLW ZLWKRXW
SHUPLVVLRQWKH\KDGVWDUWHGVHWWOLQJEHIRUHWKH3HDFH$FFRUGVZKLFK
SXWDQHQGWRWKHFRXQWU\VWKLUW\VL[\HDUROG&LYLO:DU6RPHKDGPRYHG
WKHUH HYHQ HDUOLHU DURXQG  0RVW RI WKHP KRZHYHU DSDUW IURP WKRVH
ILUVW SLRQHHUV WULFNOHG LQ ZLWKLQ WKH QH[W ILYH \HDUV $OPRVW DOO ZHUH
RULJLQDOO\IURP,[FiQ,]DEDO4XLFKpDQG&REiQDQGKDGEHHQORRNLQJIRUD
SODFH WR IDUP IDU IURP ZKDW KDG EHHQ D SDUWLFXODUO\ GHDGO\ ZDU ]RQH ,Q
WKHVH LQWHULRU WUDFWV RI PRVWO\ LQGLJHQRXVKHOG ODQG RQO\ WKH ZRUGV
PDVVDFUH DQG JHQRFLGH FDQ GHVFULEH ZKDW ZHQW RQ GXULQJ D ZDU LQ
ZKLFKLWLVHVWLPDWHGWKDW*XDWHPDODQVZHUHNLOOHG
&HQWUR 8QR KDG QHYHU EHHQ D VHFUHW 7KH FDPSHVLQRV EXLOW WZR VFKRROV
ZKHUHNLGVWRRNFODVVHVIURPILYHFRPPXQLW\WHDFKHUVZKRKDGDFWXDOO\
EHHQ KLUHG E\ WKH JRYHUQPHQW 7KH\ KDYH FRSLHV RI ROG OHWWHUV GDWHG IURP
 LQ ZKLFK FRPPXQLW\ PHPEHUV SOHDGHG ZLWK QDWLRQDO DQG VWDWH


DXWKRULWLHV WR OHJDOL]H WKH VHWWOHPHQW RI &HQWUR 8QR MXVW DV RWKHU
FRPPXQLWLHV KDG EHHQ DEOH WR GR DIWHU SURYLQJ WKDW WKH\ KDG VHWWOHG WKHUH
EHIRUH WKH IRUHVW ZDV HVWDEOLVKHG DV D SURWHFWHG DUHD 7KH &HQWUR 8QR
FRPPXQLW\ JDWKHUHG RIILFLDO OHWWHUV RI VXSSRUW IURP ILYH GHSXW\ PD\RUV RI
IDUPLQJ YLOODJHV ZKR WHVWLILHG WKDW WKH IRXQGHUV RI &HQWUR 8QR KDG EHHQ
OLYLQJWKHUHORQJEHIRUHWKHFRPPXQLW\HYHQKDGDQDPHVLQFHDWOHDVW
,QWKHHQG9HQXVWLDQRFRQWLQXHVRQWKDWGD\LQWKH\RQO\JDYHXV
DKDOIKRXUWRSDFNRXUWKLQJV,ZDVRQO\DEOHWRJDWKHUP\IRXUNLGV,OHIW
EHKLQG D ILHOG RI FRUQ , DOVR OHIW EHKLQG WHQ ILHOGV RI VTXDVK UHDG\ WR EH
KDUYHVWHG(YHU\RQHORVWHYHU\WKLQJ
(VWXDUGR 3XJD KHDG RI WKH 3'+ LQ 3HWpQ FRQILUPHG WKDW WKH\ RQO\
DOORWWHGWKHPDKDOIKRXUWROHDYHWKHLUODQG+HVDLGWKH3'+OHIWDWLQ
WKHDIWHUQRRQEXWWKDWWKHPLOLWDU\DQGSHUVRQQHORI&21$3VWD\HGEHKLQG
+H DOVR VDLG WKDW WKHUH ZHUH UHSRUWV RI ORRWLQJ 9HQXVWLDQR VD\V WKH\ WRRN
HYHU\WKLQJ IURP WKHP WKDW KH VDZ YDQV DKHDG RI WKHP KDXOLQJ DZD\ WKHLU
FDWWOHWKHLUVDFNVRISURGXFHWKHLUSRZHUJHQHUDWRUV
%HFDXVHWKH\FDOOHGXVQDUFRVWKH\ZHUHDEOHWRNLFNXVRXWVRHDVLO\,
WKLQN LW ZDV MXVW DQ H[FXVH XVHG E\ WKH DXWKRULWLHV D FRYHUXS VD\V
9HQXVWLDQR
, DVN KLP LI VRPHRQH LQ WKH FRPPXQLW\ SDUWLFLSDWHG LQ GUXJUHODWHG
DFWLYLWLHV
1DUFRWUDIILFNHUV OLYH LQ PDQVLRQV 1DUFRWUDIILFNHUV GRQW OLYH LQ WLQ\
SDOPWKDWFKKRXVHVOLNHWKHRQHVZHOLYHGLQDQGHYHQOHVVVRLQWDUSVKDFNV
OLNH WKH RQHV ZH OLYH LQ QRZ  'R \RX ZDQW WR VHH KRZ ZH WKH
QDUFRWUDIILFNHUVRI&HQWUR8QROLYH"
:H WDNH D WXNWXN RXW RI WKH FODPRU RI WKH PDUNHW ,W OHDYHV XV DW WKH
EHJLQQLQJ RI D GLUW SDWK :H ZDON IRU ILIWHHQ PLQXWHV XQWLO ZH JHW WR KLV
SDUFHORIODQG
6RWKLVLVZKHUHDOO\RXQDUFRWUDIILFNHUVOLYH"
<HSULJKWKHUH9HQXVWLDQRVD\V)ROORZPH/HWPHLQWURGXFH\RXWR
HYHU\RQH
+H SXOOV RSHQ WKH VWLFNDQGZLUH HQWUDQFH JDWH DQG OHWV LW IDOO WR WKH
JURXQG



1DUFR0DGHLQ&HQWUDO$PHULFD

)HEUXDU\
2YHUDPRUQLQJFKDWZLWKDKRWVKRW1LFDUDJXDQQDUFR,OHDUQZKDWLWWDNHVWREH
D QDUFR IUHH DJHQW LQ &HQWUDO $PHULFD 7KH WZR PRVW LPSRUWDQW IDFWRUV *HW LQ
ZLWKWKHSROLFHDQGEXLOGDVROLGVRFLDOQHWZRUN

,YHEHHQVWRRGXSE\WKH1DUFR:HKDGDQDJUHHPHQW7RGD\DWILYHLQWKH
DIWHUQRRQ , ZDV WR EH LQ 6DQ -RUJH 5LYDV VWDWH 1LFDUDJXD FORVH WR WKH
ERUGHU ZLWK &RVWD 5LFD WR PHHW XS ZLWK WKH 1DUFR %XW KHUH , DP DW WKH
SODFHDQGWLPHZHGDJUHHGXSRQDQGWKHUHVQR1DUFR,VRRQOHDUQWKDW,
GLGQW JHW WKH GDWH RU KRXU ZURQJ RU PLVXQGHUVWDQG KLV FU\SWLF PHVVDJHV
1RULVLWWKDWKHKDGMXVWJRWWHQDIUHVKWLSDERXWDVKLSPHQWRIFRFDLQHZRUWK
VWHDOLQJ1RWKHUHDVRQKHLVQWVKRZLQJLVDORWPRUHPXQGDQH/DVWQLJKW
KHGUDQNDQHQWLUHERWWOHRIZKLVNH\DQGQRZKHFDQEDUHO\SLHFHWRJHWKHUD
VLQJOHVHQWHQFH
:KHQ,ILQDOO\JHWKLPRQWKHSKRQH,KHDUDQLQFRPSUHKHQVLEOHPXUPXU
7HQPLQXWHVODWHU,JHWDQRWKHUFDOOIURPWKH1DUFRVZLIH6KHVD\VVKHV
VRUU\EXWWKDWKHUKXVEDQGFDQWVSHDNWRPHULJKWQRZ/DWHURQZKHQKHV
XSWRLWKHOOFDOODQGOHWPHNQRZ
7KHVHVRUWVRIPHHWLQJVUDUHO\SDQRXW:K\ZRXOGDQDUFRZDQWWRWDONWR
D MRXUQDOLVW LQ WKH ILUVW SODFH" 7KH DQVZHU WKRXJK PD\EH QRW REYLRXV LV
DOZD\V WKH VDPH 7KHLU RZQ LQWHUHVW 7KH\ ZDQW WR DFFXVH VRPHERG\
&ULPLQDOV,YHOHDUQHGDOZD\VKDYHDORWRIILQJHUVWRSRLQW
,WVHOHYHQDWQLJKWZKHQWKH1DUFRIURP5LYDVFDOOVP\FHOOSKRQH,P
VLWWLQJ LQ D UHVWDXUDQW RQ WKH VKRUH RI /DNH 1LFDUDJXD 7KH 1DUFR H[FXVHV
KLPVHOI<RXNQRZKRZLWLVKHVD\VWRPH,WVKRWQR"$QGDOOWKLVKHDW
PDNHV\RXZDQWDGULQN
+H VD\V KH IHHOV EHWWHU H[FHSW WKDW D FRXSOH JRRG IULHQGV MXVW VWRSSHG
RYHUDQGWKH\EURXJKWDIHZPRUHERWWOHVRIZKLVNH\VRKHFDQWPHHW
PH WRGD\ HLWKHU EXW WRPRUURZ PRUQLQJ , VKRXOG VZLQJ E\ DW VHYHQ VKDUS


DQGZHOOEHHDWLQJEUHDNIDVWWRJHWKHUE\
,GHFLGHWRVKRZXSDW

6DQ-RUJHDFLW\ZLWKDSRSXODWLRQRIDERXWLVFXWWKURXJKE\DVLQJOH
VWUHHWWKDWUXQVLQWRDSLHUOLQHGZLWKERDWVIRUUHQWWKDWZLOOWDNH\RXWRWKH
WRXULVWLVODQGRI2PHWHSHLQWKHPLGGOHRI/DNH1LFDUDJXD7KLVODNHLVQRW
WKH VHD EXW 6DQ -RUJH KDV D PDULQH VSLULW 7KH UHVWDXUDQWV DUH FDOOHG WKH
1DYHJDQWH 6HDIDUHU  RU (O 7LPyQ WKH +HOP  DQG WKH KRWHOV KDYH QDPHV
OLNH (O 3HOtFDQR RU /DV +DPDFDV 7KH FLW\ LV VORZ KRW GXVW\ DQG LWV
UHVLGHQWVVSHQGPRVWRIWKHLUWLPHLQVDQGDOVDQGVKRUWV
5LYDV LV DOVR WKH RQO\ 1LFDUDJXDQ VWDWH WKDW VKDUHV D ERUGHU ZLWK &RVWD
5LFD %HVLGHV 3HxDV %ODQFDV WKH RQO\ RIILFLDO ERUGHU FURVVLQJ WKHUH DUH
PRUH WKDQ HLJKW\ RWKHU XQJXDUGHG FURVVLQJ SRLQWV 5LYDV LV NQRZQ DV WKH
JDWHZD\ WR &HQWUDO $PHULFD IRU &RORPELDQ GUXJV $FFRUGLQJ WR WKH
1DWLRQDO 3ROLFH WKH 0H[LFDQ FDUWHOV RI 6LQDORD *XOI -XiUH] DQG WKH
0LFKRDFiQ)DPLO\XVHWKH5LYDVERUGHUZLWK&RVWD5LFDWRSXVKWKHLUGUXJV
QRUWK WRZDUG WKH 8QLWHG 6WDWHV 2Q WKH $WODQWLF VLGH KRZHYHU WKH
&RORPELDQV GURS RII WKHLU VKLSPHQWV IXUWKHU QRUWK LQ +RQGXUDV RU
*XDWHPDODFKDUJLQJWKH0H[LFDQVDVWHHSHUWUDQVSRUWSULFH
7KH GLIIHUHQFH EHWZHHQ 3DFLILF DQG $WODQWLF GUXJ VKLSPHQWV LV WKDW WKH
ODWWHU XVHV KRUVHSRZHU VSHHGERDWV WKDW URFNHW QRUWK SDXVLQJ RQO\ WR
UHIXHO 2Q WKH 3DFLILF VLGH SDVVLQJ WKURXJK 5LYDV PRVW RI WKH GUXJV DUH
VKLSSHGE\ODQGILUVWWKHQWUDQVIHUUHGWRERDWVWRFURVVWKHODNHRQWKHLUZD\
WRWKHFLWLHVRI*UDQDGDRU0DQDJXD

,WVQLQHLQWKHPRUQLQJDQGDFFRUGLQJWRKLVZLIHWKH1DUFRIURP5LYDVKDV
ORFNHGKLPVHOILQKLVURRPWRVOHHSRIIKLVKDQJRYHU%XWVKHDVVXUHVPH
KHOOJHWRYHULWVRRQ
+HFDOOVPHDW
6WRSRQRYHU:HOOKDYHDOLWWOHFRIIHHWRHDVHLQWRWKHGD\:KHUHDUH
\RX",OOVHQGVRPHRQHWRSLFN\RXXS
$ ORW RI WKH QDUFRV ,YH WDONHG WR VHHP WR EH FXW IURP WKH VDPH PROG
FKXEE\ DQG GDUNVNLQQHG VZHDW\ DQG ZLWK ELJ KDQGV YHU\ SROLWH XVXDOO\
MRYLDO RIWHQ VPLOH\ WKH\ VSHDN LQ VKDUS FRXQWU\ VODQJ DQG DGGUHVV \RX LQ
HQGHDULQJ WHUPV OLNH EURWKHU P\ IULHQG WHDFKHU YLHMR ROG PDQ  RU HYHQ
YLHMLWR OLWWOHROGPDQ 
,Q 5LYDV WKHUH DUH IRXU PDLQ ERVVHV 7KH 1DUFR , VSRNH ZLWK LV RQH RI
WKHP &DUWHO ERVVHV LQ &HQWUDO $PHULFD DUH OHVV VHFUHWLYH WKDQ WKHLU
0H[LFDQ FRXQWHUSDUWV WKH\ DUH DOVR OHVV RVWHQWDWLRXV OHVV ULFK PRUH
DFFHVVLEOHDQGXVXDOO\JHWWKHLUVWDUWLQRQHRIWZRZD\VPDNLQJWKHEHVWRI


D QHWZRUN RI WKHLU RZQ FRQWDFWVPD\EH WKH\ ZHUH PRQH\ FKDQJHUV DORQJ
WKHERUGHURUSDUWRIDEDQGRIFULPLQDOVWKDWWUDIILFNHGFKHHVHRUUREEHG
WUXFN WUDLOHUV RU SHUKDSV WKH\ ZHUH HPSOR\HG E\ WKH FLW\RU WKH\ ZHUH
DOUHDG\ SDUW RI RQH RI WKH GUXJ QHWZRUNV DQG VRPHKRZ PDQDJHG WR XVXUS
SRZHUIURPWKHLUSUHYLRXVERVV7KLVQDUFRZDVDWKLHI+HJRWVWDUWHGDVD
WUDIILFNHUE\UREELQJIURPRWKHUWUDIILFNHUV
:KHQZHILQDOO\PHHWKHORRNVVXUSULVLQJO\VKDUS+HGRHVQWKDYHUHG
H\HVRUVORZVSHHFKRUVHHPKXQJRYHUDWDOO+HLVVZHDW\VXUHEXWKHLV
DOVR KDSS\ DQG ORXG +H ZHOFRPHV PH LQWR WKH IURQW URRP RI KLV VPDOO
KRXVH RXWVLGH RI ZKLFK DUH WZR \RXQJ ERG\JXDUGV +DSSLO\ DOPRVW
VKRXWLQJ KH DVNV WR VHH P\ ,' +H ORRNV LW RYHU WXUQV LW RYHU UHDGV LW
FDUHIXOO\7KHQKHKDQGVLWEDFNDQGZULWHVP\QDPHLQDQRWHERRN
&HQWUDO $PHULFDQ QDUFRV ZLWK WKH H[FHSWLRQ RI D IHZ H[SROLWLFLDQV RU
WKRVH FRPLQJ IURP HVWDEOLVKHG *XDWHPDODQ RU +RQGXUDQ SDWULDUFKLHV DUH
FRQVLGHUHGIUHHDJHQWV7KH\DUHQWSDUWRIWKH0H[LFDQ6LQDORDQ&DUWHOQRU
GRWKH\ZRUNH[FOXVLYHO\ZLWKWKH&RORPELDQ1RUWHGHO9DOOH&DUWHO7KH\
ZRUN UDWKHU ZLWK WKRVH ZKR SD\ ZLWK WKRVH ZKR FDOO 7KH 1DUFR IURP
5LYDV LV D IUHH DJHQW $QG QRW WKH VRUW RI IUHH DJHQW ZKR ZRUNV D FRUQHU
SXVKLQJJUDPVKHWUDIILFVLQWKHWRQ
+HVWDUWHGE\WHOOLQJPHWKHVDPHWKLQJWKHRWKHUQDUFRV,LQWHUYLHZHGWROG
PH WKDW WKH\YH OHIW WKH EXVLQHVV 7KHVH FODLPV DUH OLNH VFUDWFKRII ORWWR
WLFNHWV -XVW D OLWWOH VFUDSH RI \RXU ILQJHU DQG \RX VWDUW WR VHH ZKDWV
XQGHUQHDWK7KHWUXWKXVXDOO\HQGVXSWKDWWKH\DUHH[DFWO\ZKDWWKH\VD\WKH\
DUHQRW(O1DUFRIURP5LYDVVD\VWKDWKHVTXLWUREELQJGUXJVKLSPHQWV
6XSSRVHGO\KHVD\VWRPH,PDUREEHU$VKLSPHQWFRPHVLQDQGZH
UDLGLW,IDQ\ERG\ZDVDURXQGGXULQJWKHZDU>WKH1LFDUDJXDQ5HYROXWLRQ@
WKH\NQRZKRZLWJRHV
$FFRUGLQJWRKLVORJLFLIILJKWLQJLQDFLYLOZDUHGXFDWHVWKHSRSXODWLRQ
WKHQ&HQWUDO$PHULFDLVIXOORIZHOOHGXFDWHGSHRSOH7KUHHZDUVKDYHEHHQ
IRXJKWLQWKHQRUWKHUQWULDQJOHLQWKHODVWIRUW\\HDUV
1LFDUDJXD LV WKH EHVW SODFH LQ &HQWUDO $PHULFD WR VWHDO GUXJ VKLSPHQWV
2QWKH$WODQWLFVLGHVSHHGERDWVVHWRIIIURPWLQ\UHPRWHYLOODJHVFORVHWR
WKH +RQGXUDQ ERUGHU WR LQWHUFHSW VKLSPHQWV DQG UHVHOO WKHP IXUWKHU XS WKH
OLQH 2Q WKH 3DFLILF VLGH DUPHG JURXSV LQWHUFHSW WUXFNV RU VRPHWLPHV WKH
SROLFHVWHSLQWRVFUDSHDOLWWOHRIIWKHWRS
5REHUWR2UR]FRIURPWKH,QVWLWXWHIRU6WUDWHJLF6WXGLHVDQG3XEOLF3ROLF\
,((33  D UHVSHFWHG 1LFDUDJXDQ WKLQN WDQN GHVFULEHV 5LYDV DV RQH RI WKH
IRXU VWDWHV ZLWK DODUPLQJ OHYHOV RI SROLFH FRUUXSWLRQ $Q ,((33
LQYHVWLJDWLRQGHVFULEHGWKHFULPLQDOJURXSVLQ5LYDVDVHPEU\RQLFFDUWHOV


ZLWKPXFKPRUHFDSDFLW\WKDQVROLWDU\GHOLQTXHQWV
+LJKOHYHOVRIFRUUXSWLRQDQGRUJDQL]HGFULPLQDODFWLYLW\DUHQRWVHFUHWV
LQ1LFDUDJXDHYHQDPRQJWKHSROLFH1DWLRQDO3ROLFH&KLHI&RPPLVVLRQHU
$PLQWD *UDQHUD DGPLWV WKDW 5LYDV LV D FKDOOHQJH :H QHHG WR FRRSHUDWH
ZLWK RXU ORJLVWLFDO EDVH LQ 5LYDV HYHQ PRUH WKDQ LQ WKH $WODQWLF ZKHUH
GUXJVGRQWFRPHRYHUODQG:HMXVWWXUQHGILYH>5LYDV@SROLFHRIILFHUVRYHU
WR WKH FRXUWV :H KDYH D ORW RI LQWHUQDO ZRUN WR GR WKURXJKRXW WKH 3DFLILF
ZKHUHZHDUHPRUHYXOQHUDEOHWRWKHFRUUXSWLRQRIRUJDQL]HGFULPH
, JXHVV LWV WUXH WKDW ZKLVNH\ GRHVQW JLYH \RX D KDQJRYHU 7KH 1DUFR
IURP5LYDVZKRKDVQWHYHQUHDFKHGIRUKLVZDWHUJODVV\HWNHHSVWDONLQJ
DQGWDONLQJWRPH,DVNKLPZKDWVRUWRIQHWZRUN\RXQHHGWRKDYHWRUXQD
GUXJVWHDOLQJRSHUDWLRQ
:HOOLI\RXYHEHHQGRLQJLWIRU\RXUZKROHOLIHZHOOWKHQ\RXNQRZD
ORWRISHRSOH(YHQFDUWHOSHRSOH,OLYHGLQ0H[LFRIRUILYH\HDUV$QGWKHQ
WKH\ >FDUWHOV@ FDOO \RX FDXVH WKH &RORPELDQV QHYHU SD\ XS 6R QRZ WKH\
ZDQW\RXLQVWHDGRIWKH&RORPELDQVDQGWKH\NHHSFDOOLQJ\RX2UZKRHYHU
QHYHUJRWSDLGIRUWKHODVWMREFRPHVORRNLQJIRU\RX,WVPLVHUDEOHZRUN
<RXUH DOZD\V IXFNHG UXQQLQJ DURXQG IURP FRXQWU\ WR FRXQWU\ DQG VWLOO
DOZD\V WLHG WR \RXU KRPH  $QG WKH\ >WKH SROLFH@ WDNH WKHLU FXW 7KH
&RORPELDQV DUHQW JRQQD VHQG \RX  NLORV 7KH\ VHQG \RX  :KROH
QXPEHUV IRU VXUH %XW ZKHQHYHU SROLFH UHSRUW GHFRPPLVVLRQV LWV OLNH
HLJKW\VHYHQHLJKW\WKUHHNLORV
7KH GUXJ UREEHU , OHDUQ LV MXVW RQH SOD\HU LQ D ORQJ OLQH RI WKLHYHV ,Q
$SULO RI  LQ %LOZL WKH FDSLWDO RI WKH 1RUWK $WODQWLF $XWRQRPRXV
5HJLRQ,DVNHGYDULRXVVRXUFHVIURPSROLFHRIILFHUVWRFRFDLQHWUDIILFNHUV
KRZ GUXJ UREEHUV VWD\ DOLYH ZKHQ WKH FDUWHOV NQRZ ZKR LV UREELQJ WKHP
9HU\ IHZ RI WKHVH UREEHUV KDYH WKH DELOLW\ WR KLGH DQ HQWLUH ERDW RU WUXFN
WUDLOHU ORDGHG ZLWK FRNH ,Q WKH &DULEEHDQ , ZDV WROG WKHUH VLPSO\ DUHQW
IRUHLJQEDVHVVHWXSWRWUDQVSRUWWKHGUXJVMXVWORFDOWUDQVIHUSRLQWVZKHUH
LWVEHVWQRWWRVWDUWSUREOHPV7KHEHVWVROXWLRQIRUWKHFDUWHOVLVVLPSO\WR
EX\WKHLUGUXJV RUEX\WKHLUGUXJVEDFN IURPWKHUREEHUV,Q5LYDVDVWKH
GUXJVDUHPRYLQJRYHUODQGNHHSLQJDORZSURILOHLVZKDWPDWWHUV
,WVVWUDQJHWKH1DUFRIURP5LYDVWHOOVPH:HYHVHHQVRPHERGLHV
GURSSHG DURXQG KHUH IRU UREELQJ WZHQW\ WHQ NLORV ,WV D VPDOO WRZQ
HYHU\ERG\NQRZVHDFKRWKHU,I\RXVHHVRPHGXGH\RXGRQWUHFRJQL]HWKH
ORFDOV NQRZ WKH\ FDQ IXFN ZLWK KLP DQG VR WKH\ FDOO \RX ORRN ORFR D
FRXSOHRIIHOODVDUHSRNLQJDURXQGGRLQJWKLVDQGWKDW
$IWHU \RX URE >D VKLSPHQW@ \RX FDOO WKH SHRSOH LQ *XDWHPDOD RU
+RQGXUDV6D\WRWKHP/RRNVRPHSHRSOHUREEHGWKLVPXFKRIWKHJRRGV


7KHQ\RXVHOOLWWRWKHP7KHZRUOGLVPDGHIRUWKHEROG7KHUREEHUNQRZV
KHV\DQNLQJRQWKHEXOOVEDOOV6D\\RXURENLORV7KHRZQHURIWKDW
VKLSPHQWKDVFRPSHWLWLRQ7KHFRPSHWLWLRQEX\V\RXUDQGVHOOVLWIXUWKHU
XSWKHOLQH%XWRQHGD\\RXUHJRQQDORVHRXW
,Q&HQWUDO$PHULFDDVRSSRVHGWR0H[LFRZKHUHDQDUFRQHHGVWRVKRZ
WKDWKHVJRWEDOOVPDGHRXWRIJROGGLVFUHWLRQVWLOOKDVLWVUROHMXVWOLNHLW
GLG LQ 0H[LFR LQ WKH V RU V ,WV EHWWHU WR QHJRWLDWH WKDQ WR FDOO WRR
PXFKDWWHQWLRQWR\RXUVHOIDWOHDVWZKHQWKLQJVDUHJHWWLQJDOLWWOHGDQJHURXV
$VWKH1DUFRIURP5LYDVVD\VLI\RXDFWFUD]\\RXHLWKHUJRWRMDLORU\RX
HQGXSIXFNHG7KDWVZK\WKHUHDUHVRPDQ\QXWVLQMDLO
7KHILUVWUXOHRISURWHFWLRQIRUDORFDOSOD\HULVWKDWRQHZRUGORFDO
7RNLOOVRPHERG\IURP5LYDV\RXQHHGWRKLUHVRPHERG\IURP5LYDV
WKH 1DUFR IURP 5LYDV VD\V WR PH ODXJKLQJ SURXGO\ +H IHHOV VDIH LQ KLV
QLFKHZKHUHKHNQRZVKRZWRUHDGWKHVLJQV,IDWUXFNVLWVRQWKHFRUQHUE\
KLVKRXVHIRUPRUHWKDQDQKRXULWVWKHFRSV,IFHUWDLQFDUVIROORZKLPLWV
WKH FRSV ,I FHUWDLQ PHQ VLW FORVH WR KLP LQ D UHVWDXUDQW PRUH FRSV +H
NQRZVWKHLUQDPHVWKHLUKDELWVWKHLUQLFNQDPHV+HNQRZVWKHFDEELHVWKH
EDUEHU WKH PD\RU DQG WKH IHUU\PDQ +H LV OLNH PDQ\ D QDUFR LQ &HQWUDO
$PHULFD+HKDVKLV]RQHRIFRQWUROZKHUHKHVLQWLPDWHZLWKHYHU\FUDFNLQ
WKH SDYHPHQW 7KH QHLJKERUKRRG WKH KLOOVLGH WKH EHDFK WKH FLW\ WKH
KLJKZD\ WKH FRXQW\ WKH UDQFK $QG IURP WKLV VWURQJKROG KH GRHV EXVLQHVV
ZLWKZKRHYHUVZLOOLQJWRGREXVLQHVVZLWKKLP

)URP KHU RIILFH RQ RQH RI WKH WRS IORRUV RI WKH &HQWUDO 3ROLFH 6WDWLRQ
$PLQWD *UDQHUD DVVXUHV PH WKDW 0H[LFDQ FDUWHOV GR QRW KDYH D SHUPDQHQW
SUHVHQFH LQ 1LFDUDJXD 7KH SROLFH KRZHYHU VWLOO QHHG WR FRQFHUQ
WKHPVHOYHVZLWKWKHQDWLRQDOFRUSRUDWHVWUXFWXUHRIWKHFDUWHOV7RGRVR
1LFDUDJXDV SROLFLQJ VWUDWHJ\ KDV FKDQJHG RYHU WKH SDVW IRXU \HDUV
$FFRUGLQJWR&RPPLVVLRQHU-XDQ5DPyQ*UDGL]*UDQHUDVULJKWKDQGPDQ
WKH QHZ VWUDWHJ\ FRQVLVWV RI UHTXLVLWLRQLQJ PDWHULDO DQG FDSWXULQJ GUXJ
WUDIILFNHUV DOWKRXJK KH DGPLWV WKH QHWZRUN ZLOO UHPDLQ 7KH SROLFH
KDYHUHFHQWO\FRQGXFWHGDVHULHVRIUDLGVDWWHPSWLQJWRDUUHVWFULPLQDOVLQ
WKHDFWRIWUDIILFNLQJDQGGHFRPPLVVLRQLQJDQ\WKLQJWKH\FDQJHWWKHLUKDQGV
RQ KRXVHV EXVLQHVVHV ZHDSRQV YHKLFOHV 7DNLQJ DZD\ WKHLU FRYHU
*UDGL]H[SODLQV
2QHRIWKHVHRSHUDWLRQVZDVFDOOHG'RPLQR2QHDQGZDVFDUULHGRXWLQ
5LYDVRQ'HFHPEHU7KHUHVXOWVZHUHWZHQW\ILVKHUPHQGULYHUVDQG
RWKHU SRRUORRNLQJ PHQ FKDUJHG ZLWK GUXJ WUDIILFNLQJ DQRWKHU QLQHWHHQ
FKDUJHG ZLWK PRQH\ ODXQGHULQJ 7KH SROLFH MXVWLILHG WKH VXFFHVV RI WKHLU
QHZ VWUDWHJ\ ZLWK D JUDSK WLWOHG 6HL]HG &RFDLQH DQG &HOOV 1HXWUDOL]HG


 %HORZ WKH WLWOH ZHUH WZR OLQHV RQ D JUDSK RQH EOXH DQG WKH
RWKHU UHG GLSSLQJ DQG ULVLQJ DURXQG HDFK RWKHU 7KH EOXH OLQH UHSUHVHQWHG
GHFRPPLVVLRQHG FRFDLQH ZKLFK URVH LQ WRQQDJH WR  LQ  DQG WKHQ
GURSSHG WR  LQ  7KH UHG UHSUHVHQWHG QHXWUDOL]HG FHOOV ZKLFK
ZDV DW ]HUR XQWLO  DQG WKHQ MXPSHG XS WR VL[WHHQ LQ  MXVW DV WKH
EOXH OLQH WRRN LWV ELJ IDOO )RU WKH SROLFH WKH OHVVRQ ZDV REYLRXV 7KH\
ZHUH GHFRPPLVVLRQLQJ D VPDOOHU TXDQWLW\ RI GUXJV EHFDXVH WKH\ ZHUH
GLVPDQWOLQJWKHWUDIILFNLQJQHWZRUNVKHQFHDVPDOOHUTXDQWLW\RIGUXJVZHUH
EHLQJWUDIILFNHG
7R 'HWHFWLYH 2UR]FR KRZHYHU WKH H[SODQDWLRQ LV RYHUO\ VLPSOLVWLF DQG
VLPSO\ ZURQJ )LUVW EHFDXVH WKH ERUGHU LQ WKLV UHJLRQ FRQWLQXHV WR EH DQ
RSHQ GRRU ZLWK HLJKW\WZR XQJXDUGHG FURVVLQJ SRLQWV WKDW KH KLPVHOI
FRXQWHG LQ KLV LQYHVWLJDWLRQV 6HFRQG EHFDXVH LQWHUQDWLRQDO DJHQFLHV
FRQWLQXHWRUHSRUWDVWHDG\OHYHORIFRFDLQHSURGXFWLRQLQWKH$QGHVDERXW
WRQVD\HDUIURPRQ,WLVHVWLPDWHGWKDWSHUFHQWRIWKRVH
WRQVSDVVHVWKURXJK&HQWUDO$PHULFDRQLWVZD\QRUWK2UR]FRDGGVLWDOOXS
DQG FRQFOXGHV WKDW LI FRQVXPSWLRQ LQGH[HV LQ WKH 8QLWHG 6WDWHV KDYH
UHPDLQHGVWDEOH$QGHDQSURGXFWLRQKDVEHHQVWHDG\IRU\HDUVDQG0H[LFDQ
DQG&HQWUDO$PHULFDQFRQVXPSWLRQKDVJRQHXS\HDUO\WKHQWKHSROLFHDUH
VLPSO\ZURQJZKHQWKH\VD\DVPDOOHUTXDQWLW\RIGUXJVDUHSDVVLQJWKURXJK
1LFDUDJXD
%DFNLQVLGHWKH1DUFRVKRXVHKHWULHVWRWKLQNRIDOOWKHIUHHDJHQWVWKDW
RSHUDWHLQWRZQ+HQDPHVILIWHHQUHSODFLQJRQHDJHQWZKRVHQDPHKHFDQW
UHPHPEHU ZLWK WKH QDPH RI KLV IULHQG FXUUHQWO\ RXW RI WKH EXVLQHVV DQG
VHUYLQJWLPHLQDQHDUE\SULVRQ
7RWKH1DUFRIURP5LYDVHYHQLIKHDGPLWVWKDW'RPLQR2QHGLGVZHHS
XS D IHZ UHDO QDUFRV WKH SROLFH ORJLF GRHVQW VTXDUH $QG \HW DV ZH
FRQWLQXHWRWDONKHFRQWUDGLFWVKLPVHOI
(YHU\WKLQJJRHVGRZQKHUH7KH0LFKRDFiQ)DPLO\WKH6LQDORD&DUWHO
WKH=DFDSD&DUWHOWKH*XDWHPDODQV$OO\RXUFRPSDWULRWV>6DOYDGRUDQV@
SOXVWKHWLFRV>&RVWD5LFDQV@
7KH\ PD\ QRW DOO EH ORFDOV EXW WKH IRUHLJQHUV QHHG WKH ORFDOV WR VKRZ
WKHPDURXQG$FFRUGLQJWRWKH1DUFRIURP5LYDVIRUDQ\ORFDOLWVWKHEHVW
RSWLRQRQWKHWDEOH
,WVEHFRPHDPHWKRGRIVXUYLYDO7KHUHVQRWKLQJKHUHEXWWKLVRUJRLQJ
RXW WR WKH ODNH DQG ILVKLQJ KH VD\V VSUHDGLQJ KLV KDQGV DQG VKRZLQJ KLV
RSHQSDOPVDVLIWKHGHFLVLRQZHUHREYLRXV
3HUKDSV WKDWV DQRWKHU UXOH IRU WKH &HQWUDO $PHULFDQ QDUFR :RUNLQJ DW
WKLVOHYHODVDIUHHDJHQWZKRPRYHVELJVKLSPHQWVIRUKLJKELGGHUVZKRLV


OLYLQJDOLIHLQZKLFKDQ\WKLQJDWDOOLVEHWWHUWKDQZKDWKHKDV7KHUHDUHQR
RWKHURSWLRQV
7ZR6DOYDGRUDQQDUFRVZKRP,VSRNHZLWKIRUH[DPSOHH[SODLQHGWRPH
WKDWWKH\ERWKVWDUWHGRXWYHU\\RXQJZRUNLQJLQWKHPDUNHWVKDXOLQJVDFNV
VHWWLQJ XS YHJHWDEOH S\UDPLGV DQG XQORDGLQJ WUXFNV -RVp $GiQ 6DOD]DU
NQRZQ DV &KHSH 'LDEOR VSHQW \HDUV VXQQLQJ KLPVHOI DORQJ WKH (O
6DOYDGRU*XDWHPDOD ERUGHU FKDQJLQJ ERUGHU FURVVHUV PRQH\ IURP
TXHW]DOHVWRFRORQHV EHIRUH(O6DOYDGRUDGRSWHGWKH$PHULFDQGROODUDVLWV
RIILFLDO FXUUHQF\  HDUQLQJ D IHZ FHQWV IRU HDFK WUDQVDFWLRQ +H LV QRZ
DVVXPHGWREHRQHRIWKHWRSGUXJORUGVRIWKH7H[LV&DUWHODQGZDVRQHRI
WKUHH WUDIILFNHUV PHQWLRQHG LQ D  OHWWHU SDUW RI WKH )RUHLJQ 1DUFRWLFV
.LQJSLQ 'HVLJQDWLRQ $FW IURP 3UHVLGHQW 2EDPD WR WKH 86 &RQJUHVV DQG
6HQDWH 2Q WKH 1LFDUDJXDQ &DULEEHDQ FRDVW PDQ\ RI WKH FHOO OHDGHUV ZKR
ZRUNZLWKWKH&RORPELDQVDVZHOODVWKHGUXJUREEHUVZHUHOREVWHUPHQLQ
WKH0LVNLWR.H\V%HLQJDOREVWHUPDQWKHUHGRHVQWPHDQRZQLQJDERDWDQG
KDXOLQJLQWUDSV7KHPHQDUHIUHHGLYHUVKROGLQJWKHLUEUHDWKIRUXSWRWKUHH
PLQXWHV DW D WLPH WR SXOO XS D VLQJOH OREVWHU HDUQLQJ DERXW WKUHH GROODUV D
KHDGVHOOLQJWKHPWRUHVWDXUDQWV$ORWRIWKHGLYHUVVXIIHUEUDLQDWURSK\IURP
ODFNRIR[\JHQDQGODWHULQOLIHHQGXSKDOISDUDO\]HGDQGODLGRXWLQWKHLU
KXWV
$IWHU PHQWLRQLQJ WKH ERRPLQJ EXVLQHVV DQG WKH LQIOX[ RI QHZ FOLHQWV
GHPDQGLQJ WKH VHUYLFHV RI IUHH DJHQWV IURP 5LYDV WKH 1DUFR IURP 5LYDV
GHVFULEHV ZKR WKH IRUHLJQHUV DUH DQG ZKDW WKH\UH OLNH 7KH *XDWHPDODQV
DQG +RQGXUDQV DUH KHDY\KDQGHG 7KH 6DOYDGRUDQV DUH WKH PRVW EDOOV\
PDQ\RIWKHPJDQJVWHUVIURPWKH0DUD6DOYDWUXFKDFRPLQJGRZQORRNLQJWR
PRYH D YHKLFOH ORDGHG ZLWK D IHZ NLORV RI FRNH 5LYDV KH H[SODLQV KDV
RQO\ WZR W\SHV RI YLVLWRUV EDFNSDFNHUV ORRNLQJ IRU WKH 6DQ -XDQ GHO 6XU
EHDFKHV DQG QDUFRV ORRNLQJ WR PRYH WKHLU SURGXFW 3ROLFH KDYH UHFHQWO\
EHHQDUUHVWLQJ+RQGXUDQVDQG0H[LFDQVZLWKQRWRQO\GUXJVEXWZHDSRQVDV
ZHOO7KUHHRIWKH0H[LFDQVZKRZHUHDUUHVWHGLQIRUH[DPSOHZHUH
IURP WKH PXFKKDLOHG VWDWH RI 6LQDORD WKH KRWEHG RI VRPH RI WKH ELJJHVW
FDSRVLQWKHZRUOG
7R WKH 1DUFR IURP 5LYDV WKH SROLFHV JUDSK FODLPLQJ WKDW D VPDOOHU
TXDQWLW\RIGUXJVDUHSDVVLQJWKURXJKWKHFRXQWU\GRHVQWPDNHDQ\VHQVH+H
WULHVWRSXWLWLQSHUVSHFWLYHIRUPH
,WKLQNWKDWWKHUHDUHPRUHGUXJVKHUHULJKWQRZWKDQWKHUHDUHLQ3HUHLUD
&RORPELD

+H\ZKDWZDVWKDWFKLHIVQDPHWKDWJX\ZKRZHQWDURXQGZLWK0DUFLDO"
WKH1DUFRIURP5LYDVDVNVLQWRKLVSKRQH+HVGHFLGHGWRPDNHDFDOOWR


KHOS DQVZHU P\ TXHVWLRQ +H SDXVHV WR OLVWHQ WKHQ VD\V $QG LV KH VWLOO
ZRUNLQJ"/RRN,PKHUHZLWKDIULHQGZKRVDVNLQJLIZHHYHUSDLGRII
WKHFRSVRXUVHOYHV
+H WXUQV RQ VSHDNHUSKRQH VR , FDQ KHDU KLV IULHQGV UHVSRQVH ,W VRXQGV
OLNHKHVDWDSDUW\
2IFRXUVH\HV'R\RXZDQWXVWRFDOOVRPHERG\QRZ"
<RX\RXUVHOISDLGWKHPRII"
+DKDWKHPDQODXJKV
6LQDORDQV JDQJEDQJHUV RU HYHQ RWKHU &HQWUDO $PHULFDQV FDQ FRPH WR
5LYDVDQGOHDUQWKHOD\RIWKHODQGEXWWKH\OOQHYHUEHORFDOV.QRZLQJD
SODFHLVQRWWKHVDPHDVEHLQJIURPDSODFH$QGLQWKHIUHHDJHQWPDUNHW
WKDWGLIIHUHQFHKDVYDOXH
5LYDV LV D YLOODJH $OO RI UXUDO &HQWUDO $PHULFD LV YLOODJH &HQWUDO
$PHULFDQFRXQWULHVDUHFDSLWDOFLWLHVVXUURXQGHGE\YLOODJHVHYHQLIVRPH
RI WKH YLOODJHV DUH FDOOHG FLWLHV ,Q YLOODJHV HYHU\ERG\ NQRZV HYHU\ERG\
)RUH[DPSOHLI,ZDQWDWD[LWRFRPHDQGJHWPHULJKWQRZDOO,KDYHWRGR
LVVD\WKHQDPHRIWKH1DUFRIURP5LYDVDQGWKH\OONQRZH[DFWO\ZKHUHWR
ILQGPH
7KH1DUFRIURP5LYDVFRQILUPHGVRPHWKLQJ,KHDUGVWUHVVHGDQXPEHURI
WLPHV$VDIUHHDJHQWLI\RXKDYHQWLQILOWUDWHGWKHSROLFH\RXUHQRWKLQJ
7KLVLVDSRLQWWKDWWKHSROLFHFRPPLVVLRQHUWKHLQYHVWLJDWRUVIURPWKH,((3
DQGWKH1DUFRIURP5LYDVFRPSOHWHO\DJUHHXSRQ
7KH 1DUFR OD\V LW RXW IRU PH ,P QRW WDONLQJ DERXW WKH KHDG
FRPPLVVLRQHURUWKHRWKHUELJVKRWV,PWDONLQJDERXWWKHGHSDUWPHQWKHDGV
WKHVHFRQGLQFRPPDQGVWKHFKLHIVRIWKHDX[LOLDU\SROLFH
2UR]FRVWLOOWKLQNVWKDWWKHSROLFHLQWKLVFRXQWU\DUHWKHEHVWLQWKHUHJLRQ
WKDW WKH\UH ZD\ EHWWHU WKDQ WKH +RQGXUDQV WKDW WKHUH DUH VWDWHV ZKHUH
HYHU\ERG\ FROODERUDWHV DJDLQVW RUJDQL]HG FULPH +H WKLQNV WKH QLFD
>1LFDUDJXDQ@SUREOHPZLWKSROLFHFRUUXSWLRQLVMXVWDIHZEDGDSSOHVLQWKH
VWDWHVEXWKHDOVRWKLQNVWKDWLIKHGRHVQWJHWULGRILWWKHQLWOOJHWZRUVH
,QIRUPDWLRQ LV SRZHU ,WV XQGHQLDEOH LQ D SODFH OLNH 5LYDV 7KHUH DUH
IDPLOLHV OLNH WKH 3RQFH IDPLO\ ZKR WXUQHG IURP KXPEOH ILVKHUPHQ LQWR
PDMRUQDUFRVIRURQHVLQJOHUHDVRQ7KH\NQHZSHRSOHDQGWKH\NQHZZKDW
ZDVJRLQJRQ7KH\VWDUWHGZRUNLQJVLGHMREVLQOLWWOHKRWHOVIRUXSSHUFODVV
YDFDWLRQHUV SDVVLQJ WKURXJK DQG WKH\ NHSW WKHLU HDUV RSHQ WKH\ DVNHG
TXHVWLRQV DQG SUHWW\ VRRQ WKH\ ZHUH HVWDEOLVKHG OLHXWHQDQWV LQ WKH &DOL
&DUWHO
7RNQRZZKDWVJRLQJRQ\RXQHHGWRKDYHDORWRIHDUVDQGDORWRIH\HV
,DVNWKH1DUFRIURP5LYDVZKDWVWKHEHVWZD\WRPDQDJHDQGKHOD\VRXW


ZKDW\RXQHHGWRGR
7KHSROLFH6XUH\RXFDQZLQRYHUDVLQJOHKLJKZD\SDWUROPDQWXUQKLP
LQWR\RXUWUXVWHGOLWWOHGRJ%XWLI\RXUHOD]\WKH\UHJRQQDGULYH\RXRXWRI
WKH VWDWH <RX JRW WR KDYH ER\V ZRUNLQJ IRU \RX SHRSOH ZKR UHDOO\ NQRZ
WKLV DUHD 3HRSOH ZKR FDQ GULYH DKHDG RI \RXU VKLSPHQW LQ D FDU RU RQ D
VFRRWHUDQGWKHQ\RXJRWWRKDYHORRNRXWVZLWKFHOOSKRQHVLQ/D&R\RWDLQ
/D9LUJHQLQ&iUGHQDV&DEELHVJDVVWDWLRQDWWHQGDQWVSHRSOHZKRNQRZ
ZKDWWRORRNRXWIRU%HFDXVHEHIRUHWKH\JRRXWRQDVWLQJWKHSROLFHKDYHWR
JRILOOXSDWWKHJDVVWDWLRQ
$QG\HWRIFRXUVHVHHLQJVRPXFKNQRZLQJVRPXFKKDVLWVFRVWV
,WVDWHUULEOHV\VWHP8SRQWKHERUGHUIRU\RXFDQFURVVDIXOO
WUXFNWUDLOHU,WVWKHSROLFHWKDWZRUNWKHFKHFNSRLQW<RXQHHGWREHELJWR
ZRUN WKH ERUGHU ,I \RX ZDQW WR SDVV WKUHH WUDLOHUV WKDWV WKLUW\ JUDQG $
ORFDO ZKR VHOOV EDJV DQG EX\V D NLOR IURP &RVWD 5LFD ZKHUH WKLQJV DUH
FKHDSHUWKH\FDQWZRUNWKDW
)RUWKHVPDOOHUILVKWKHHLJKW\WZRXQJXDUGHGFURVVLQJSRLQWVWKDW2UR]FR
DGGHG XS DUH WKH EHVW RSWLRQ %XW WKH VPDOOHU ILVK VWLOO KDYH WR SD\ IRU
SURWHFWLRQIRUWKHLUORRNRXWVIRUWKHLUDVWKH\FDOOWKHPIODJV
,I \RX ZDQW WR SXVK D ELJ ORDG  RU  NLORV WKHQ LWV DERXW ILYH
JUDQGIRUWKHIODJ7KDWVDVWLIIGULQNWRVZDOORZ
$OO RI LW IROORZV WKH ORJLF RI JDLQLQJ SRVLWLRQ PRYLQJ XS WKH ODGGHU $
QDUFRVEXVLQHVVLQ&HQWUDO$PHULFDLVWRSXVKDVODUJHDTXDQWLW\RIGUXJV
QRUWKDVKHFDQ.LORPHWHUVHTXDOGROODUV7KH1DUFRIURP5LYDVNQRZVLW
ZHOO$NLORRIFRFDLQHLQ5LYDVLVZRUWKLQ(O6DOYDGRUWKDWVDPH
NLOR LV ZRUWK  LQ *XDWHPDOD LW JRHV XS WR  DQG WKHQ LQ
&KLDSDV VRXWKHUQ 0H[LFR  LWV DW  DQG E\ WKH WLPH LW JHWV WR
0DWDPRURV RQ WKH 860H[LFR ERUGHU  LWV DOUHDG\ XS WR  2Q WKH
VWUHHWVLQ86FLWLHVLWLVKLJKHUVWLOO

7KH 1DUFR IURP 5LYDV WHOOV PH WKDW P\ WLPH LV XS WKDW KH QHHGV WR JR WR
0DQDJXDWRVHWWOHDFHUWDLQPDWWHUDQGWKDWKHOOGURSPHRIIDWDJDVVWDWLRQ
DORQJWKHKLJKZD\$VZHGULYHKHSRLQWVRXWDPRWHODFRQYHQLHQFHVWRUH
DQGWKHQDUHVWDXUDQW)RUHDFKORFDOHKHWHOOVPHZKLFKQDUFRLVWKHRZQHU
+LVFHOOSKRQHULQJV
<HDK ZKDW" <HDK 2. 6DWXUGD\ )RXU RFORFN <RXUH VXUH LWV VDIH"
&DXVH,ZDVSODQQLQJRQJHWWLQJRXWRIWKHFRXQWU\
+HKDQJVXSDQGVPLOHVSURXGO\DVLIKHKDGMXVWSURYHQVRPHWKLQJWRPH
$VKLSPHQWVFRPLQJWKURXJK6DWXUGD\6RQRPRUHGUXJVDURXQGKHUH"
6RWKHWUDGHLVRYHU"+D


3DUW0DGQHVV

$PLG WKH HPSWLQHVV IDU IURP DQ\ IRUPDO DXWKRULWLHV WKRVH ZKR UHPDLQ OLYH
DFFRUGLQJWRWKHODZVRIYLROHQFH0DGQHVVERUQLQWKHHPSWLQHVVLVWKHXOWLPDWH
XQFHUWDLQW\



2XU%RWWRPOHVV:HOO

$SULO
7KHUHDUHERGLHVGRZQWKHUH1RWSURVHFXWRUVQRWJDQJPHPEHUVQRWMRXUQDOLVWV
QRWSROLFHPHQQRWHYHQWKHJRYHUQPHQWGRXEWVWKDWLQWKLVH[DFWVSRWGHHSEHORZ
JURXQG OHYHO WKHUH DUH ERGLHV $QG QRZ WKDW HYHU\ERG\ NQRZV WKH TXHVWLRQ
UHPDLQV :KDW GR ZH GR" 7KLV LV WKH VWRU\ RI D ZHOODQG RI WKH FRXQWU\ WKDW
VXUURXQGVLW

$WWKHERWWRPRIWKHZHOOWKHUHDUHERGLHV0D\EHWHQPD\EHWZHOYHPD\EH
DVPDQ\DVWZHQW\'HILQLWHO\WKHUHDUHDWOHDVWIRXU(QWHULQJLQWRWKHVPDOO
FLW\RI7XUtQLQZHVWHUQ(O6DOYDGRULI\RXFRQWLQXHRQWKHGLUWURDGFURVV
RYHU WKH WUDLQ WUDFNV SDVV E\ WKH PXG KRXVH DQG NHHS JRLQJ WKURXJK WKH
FRUQILHOG \RXOO FRPH WR WKH ZHOO $W WKH ERWWRP RI WKH ZHOO WKHUH DUH
ERGLHV

'HFHPEHU

$PDQVWUDSVKLPVHOILQWRDKDUQHVV+HDQFKRUVDURSHWRDWUHHKDQJVDQ
R[\JHQWDQNWRKLVEDFNDQGWDNHVXSKLVIODVKOLJKW7KHQKHGURSVGRZQLQWR
WKHZHOO'DUNQHVVHQYHORSVKLP+HGHVFHQGV7HQPHWHUV7ZHQW\PHWHUV
7KLUW\ 7KH ZHOO LV GHHSHU WKDQ KH WKRXJKW +H ILJXUHG LW ZRXOG EH DERXW
WKLUW\PHWHUVGHHSDERXWWKHGHSWKRIDQRWKHUZHOOLQWKHDUHDKHGRYHLQWRD
IHZ PRQWKV EDFN )RUW\ PHWHUV )LIW\ )LIW\ILYH DQG WKHQ WKH PDQ WRXFKHV
ZDWHU DW WKH ERWWRP +H WXUQV RQ KLV OLJKW +H VHHV VRFNV FORWKHV MXQN D
FROOHFWLRQ RI ERQHV IHHW WRHV +H JLYHV WKH VLJQDO WR FRPH EDFN XS 7KH
ZHOO LV WRR ROG DQG VHHPV WRR IUDJLOH WR GR DQ\ VWUDLJKW GRZQ SLFNDQG
VKRYHOH[FDYDWLQJ%XWLWVFOHDUQRZ7KHUHDUHERGLHVLQWKHERWWRPRIWKH
ZHOO
7KH PDQV QDPH LV ,VUDHO 7LFDV DQG KHV WKH RQO\ ZRUNLQJ IRUHQVLF
LQYHVWLJDWRULQWKHHQWLUHFRXQWU\DVZHOODVWKHRQO\SHUVRQWRGHVFHQGLQWR


WKHZHOO7KHUHLVQRERG\HOVHEXWKLPLQWKHHQWLUHFRXQWU\ZRUNLQJWRGLJ
XSJUDYHVXQFRYHUERGLHVDQGVHQGWKHHYLGHQFHWRWKHFRXUWV
,Q1RYHPEHUWHVWLPRQLHVIURPWZRJDQJPHPEHUVFDPHWRJHWKHUWR
WHOO D VLQJOH VWRU\ DERXW WKH ZHOO 2QH RI WKH PHPEHUV ZDV IURP WKH
+ROO\ZRRG/RFRV6DOYDWUXFKDFOLTXH7KHRWKHUZDVIURPWKH3DUYLV/RFRV
6DOYDWUXFKD 7KH\ ZHUH ERWK SDUW RI WKH 0DUD 6DOYDWUXFKD LQ WKH VWDWH RI
$KXDFKDSiQ %RWK RI WKH PHQ WXUQHG DJDLQVW WKHLU RZQ JDQJV 1HLWKHU RI
WKHPKDYHHYHUEHHQWRWKH8QLWHG6WDWHVZKLFKPHDQVWKDWWKH\GLGQWNQRZ
ZKHUH+ROO\ZRRG%RXOHYDUGRU3DUN9LHZ6WUHHWZDV LQ0DFDUWKXU3DUN
RI /RV $QJHOHV  RU HYHQ ZKHUH +ROO\ZRRG ZDV ZKLFK JDYH WKH FOLTXHV
WKHLUQDPHV%RWKRIWKH\RXQJPHQDUHIURPRXWVLGHRI7XUtQIURPWKHKLOOV
WKHFRXQWU\VLGH%RWKRIWKHLUWHVWLPRQLHVFRLQFLGHGH[DFWO\7XUQLQJRIIWKH
KLJKZD\LQWR7XUtQIROORZLQJWKHGLUWURDGFURVVLQJRYHUWKHWUDLQWUDFNV
SDVVLQJE\WKHPXGVKDFNDQGWKHQWXUQLQJOHIWRQWKHQH[WGLUWSDWK\RXFRPH
WR ZKLFK LV MXVW ZLGH HQRXJK IRU D FDU DQG GULYLQJ RQ SDVW WKH FRUQILHOG
WKHUH\RXZLOOVHHDILHOGRSHQXSEHIRUH\RXZKHUHWKHUHLVDMRFRWHWUHHD
UXGLPHQWDU\VLQNDQGDZHOO$WWKHERWWRPRIWKLVZHOOWKHUHDUHERGLHV
,Q HDUO\ 'HFHPEHU  LQYHVWLJDWRUV FDPH WR 7XUtQ IRU WKH ILUVW WLPH
7KDWZDVZKHQ7LFDVGURSSHGGRZQLQWRWKHZHOOWRFRQILUPWKHWHVWLPRQLHV
RIWKH\RXQJPHQNQRZLQJWKDWDWWKHERWWRPKHZRXOGXQFRYHUZKDWIRUKLP
ZRXOGEHFRPHWKHELJJHVWFKDOOHQJHKHZRXOGIDFHVLQFHLQKHEHJDQ
KLVZRUNRIGLJJLQJXSPDVVJUDYHV

-DQXDU\

([FDYDWHDWDIRUW\ILYHGHJUHHDQJOH7KDWV7LFDVV3ODQ$7KH\OOKDYHWR
GLJ IRU WKH ERGLHV WKH\ FDQW MXVW SXOO WKHP XS $QG LQVWHDG RI GLJJLQJ
VWUDLJKW GRZQ WKH\OO KDYH WR RSHQ XS D WKLUW\\DUGZLGH KROH D KXQGUHG
\DUGV IURP WKH ZHOO DQG WKHQ VKRRW DW D IRUW\ILYHGHJUHH DQJOH WR WKH
ERWWRPDLPLQJVWUDLJKWIRUWKHERGLHV2QFHWKHWXQQHOKLWVWKHZDOORIWKH
ZHOO WKH\OO NQRFN D KROH WKURXJK WR DFFHVV WKH FDGDYHUV DQG GUDJ RXW
HYHU\WKLQJWKH\ILQG
7KH 0LQLVWU\ RI 3XEOLF :RUNV 023  ORDQV 7LFDV WKH QHFHVVDU\
HTXLSPHQWDEDFNKRHDQGDFRXSOHRIGXPSWUXFNV7RGD\LVWKHILUVWGD\RI
GLJJLQJ

-DQXDU\


%DGQHZV7ZRFROGIURQWVLQDURZVHWRIIDVHULHVRIGLVDVWHUVPRVWO\LQ
WKH LQWHULRU RI WKH FRXQWU\ 7KH 023 QHHGV LWV PDFKLQHV EDFN 7LFD LV OHIW
ZLWKRXWKHOS,QWKHILUVWWZHQW\IRXUGD\VRIGLJJLQJKHZDVDEOHWRGHVFHQG
WHQ RI WKH ILIW\ILYH PHWHUV +H ZDV KDSS\ $W WKDW SDFH KH ZRXOG ILQLVK
GLJJLQJEHIRUHWKHZHWVHDVRQZKLFKLVWKHZRUVWWLPHWRGLJXSERGLHVLQ
(O 6DOYDGRU ,Q WKH ZHW VHDVRQ ZKHQ \RX GLJ WKH UDLQ ILOOV EDFN LQ <RX
HPSW\WKHUDLQIORRGV(YHQUHLQIRUFLQJWKHZDOOVRI\RXUKROHVZRQWNHHS
WKHUDLQRXW:LWKRXWDEDFNKRHRUDGLJJHULWVJRLQJWREHLPSRVVLEOH7KH
023 VDLG WKH\ RQO\ QHHGHG WKHLU PDFKLQHV IRU D IHZ GD\V WR GR VRPH
GDPDJHFRQWURODQGUHFRQVWUXFWLRQDQGWKHQWKH\GVHQGWKHPEDFNWR7XUtQ

)HEUXDU\0DUFK$SULO0D\-XQH-XO\$XJXVW6HSWHPEHU
2FWREHU1RYHPEHU

7KH 023 GRHVQW JLYH WKH PDFKLQHV EDFN 7KH WHQ PHWHUV RI SURJUHVV
UHPDLQRQO\WHQPHWHUV$VLQJOHSROLFHPDQNHHSVJXDUGRYHUDKROHQRERG\
LVERWKHULQJZLWK)RUQLQHPRQWKVWKHJXDUGPRYHVKLPVHOILQDQGRXWRIWKH
VKDGH VWDQGLQJ ZDWFK 7LFDV JRHV WR WKH SURVHFXWRU RI $KXDFKDSiQ ZKR
WULHV WR FRQYLQFH WKH PLQLVWHU RI GHIHQVH WR ORDQ RXW VRPH QHZ HTXLSPHQW
EXWQRWKLQJKDSSHQV7KHZRRGHQFDSWRWKHZHOOLVUHSODFHGE\DFHPHQW
VHDO 7LFDV WULHV DGYHUWLVLQJ RQ KLV )DFHERRN DFFRXQW /RRNLQJ IRU D
EDFNKRHDGXPSWUXFNDQ\WKLQJWRKHOSKLPGLJVRPHGHDGERGLHVRXWRID
ZHOOLQ7XUtQ+HGEHJUDWHIXOIRUWKHKDQG

'HFHPEHU

(O1LxR+ROO\ZRRGRIWKH+ROO\ZRRG/RFRV6DOYDWUXFKDFOLTXHLVRQHRI
WKH ZLWQHVVHV ZKRVH WHVWLPRQ\ OHG 7LFDV WR WKH ZHOO 7KH WKLUW\\HDUROG
ORYHVWRWDON+HHYHQOLNHVWRWDONZLWKSURVHFXWRUVWKRXJKZKHQKHGRHVVR
KHFXWVGRZQRQKLVFRORUIXODGMHFWLYHVDQGVNLSVRYHUWKHJXWVDQGWKHJRUH
+HOLNHVLWZKHQSURVHFXWRUVEULQJKLPRWKHUH[JDQJPHPEHUVDQGWKH\VLW
GRZQDQGWDONDERXWFRPUDGHVZKRGLHGLQWKHZDUDJDLQVW%DUULR+H
WULHVWRLPSUHVVSHRSOHZLWKKLVPHPRU\KLVDELOLW\WRUHDGSHRSOHLQWHUSUHW
FDQGOH IODPHV KLV NQRZOHGJH RI ZLWFKFUDIW +HV EHHQ OLYLQJ LQ D VKDFN
GRZQWKHVWUHHWIURPWKHSROLFHVWDWLRQLQ(O5HIXJLRVLQFHDQGLVWKH
NH\ ZLWQHVV LQ WKH FDVH DJDLQVW &KHSH )XULD 7RGD\ LV WKH ILUVW GD\ D
MRXUQDOLVW YLVLWV KLV OLWWOH VKDFN DQG (O 1LxR VHWWOHV LQWR KLV UROH DV
VWRU\WHOOHU
:HWDONIRUWKUHHKRXUV(O1LxRWHOOVPHKRZKHMRLQHGWKH06LQ


KRZ KLV ERVV &KHSH )XULD ZDV VRPHWKLQJ EHWZHHQ D PDILD ERVV DQG D
JDQJVWHUDQGWKHQKHWHOOVPHKRZPDQ\PXUGHUVKHVFRPPLWWHGKRZPDQ\
PXUGHUV KHV ZLWQHVVHG DQG KRZ PDQ\ KHV NQRZQ DERXW +H WDONV DERXW
GUXJVH[WRUWLRQGHDWKWKUHDWVWUDLWRUVFRUUXSWFRSVDQGIULHQGO\MXGJHV+H
WHOOVPHKRZDWUDLWRUFDQGHVWUR\DQHQWLUHFOLTXH+HWHOOVPHKRZKLVRZQ
JDQJ NLOOHG KLV EURWKHU $QRWKHU FOLTXH ZLWKLQ WKH 06 WKRXJKW KLV EURWKHU
NQRZQ DV (O &KHMH ZDV D WUDLWRU 6R WKH\ NLOOHG KLP $QG WKHQ WKH
PXUGHUHUVWULHGWRNLOO(O1LxRVRWKH\ZRXOGQWOHDYHDQHQUDJHGKLWPDQRQ
WKHORRVH7KH\WULHGWRWDNHKLPIRUDZDON DQGWKLVLVWKHPRVWLPSRUWDQW
SKUDVHWDNLQJVRPHRQHIRUDZDON LQ KLV VWRU\  EXW LW HQGHG XS EHLQJ (O
1LxRZKRWRRNWKHPIRUDZDONLQVWHDG
:KHQ D JDQJ PHPEHU WDNHV \RX IRU D ZDON WKH\ WULFN \RX LQWR
DFFRPSDQ\LQJWKHPWRVRPHSODFHZKHUHWKH\NLOO\RX/HWVJRJUDEDGULQN
/HWV JR YLVLW WKDW SODFH /HWV JR NLOO ZKDWVKLVQDPH 7KDWV ZKHQ WKH\
SXOOWKHJXQRQ\RX/HWVJRVPRNHD-E\WKHZHOOLQ7XUtQ
+H VWDUWV WHOOLQJ PH DERXW FOLTXH H[FKDQJHV :KHQ D JDQJ PHPEHU LV
KXQWHGE\WKHSROLFHLQWKHFOLTXHVWHUULWRU\KHJHWVVKLSSHGRXWWRDFOLTXH
LQ DQRWKHU WHUULWRU\ WR ZRUN WKHUH IRU D ZKLOH 7KDWV ZKHUH KH FKLOOV (O
1LxRH[SODLQV
+HWHOOVPHWKDWKLVFOLTXHZRUNHGH[FKDQJHVZLWKRWKHUFOLTXHVDQGWKDW
KH KLPVHOI ZRXOG JHW PRYHG WR 6DQ 6DOYDGRU VRPHWLPHV WR FKLOO EXW WKDW
PHPEHUVZKRZRXOGJHWVHQWRYHUWR+ROO\ZRRGWHUULWRU\GLGQWQHFHVVDULO\
QHHGWRFKLOO5DWKHUWKH\FDPHEHFDXVHWKDWVZKHUHWKHZHOOVZHUH
7KH\ FDPH FDXVH WKH\ ILJXUHG WKHUH ZHUH VNHOHWRQV LQ WKHVH ZHOOV
7KH\GEULQJKRPHER\VRUELFKDV>ULYDOV@WKDWWKH\ZHUHWDNLQJIRUDZDON
RU KRPHER\V WKDW FRXOGQW KDQGOH WKHLU VKLW DQG WKH\G EULQJ WKHP WR RXU
ZHOOVFDXVHZHKDYHZHOOVKHUH7KH7XUtQZHOOLVWKHRQH,JDYHXS7KH
RQHLQ$WLTXL]D\DZDVDOUHDG\ILOOHGXS,GLGQWJLYHWKDWRQHXSEHFDXVH
WKDWZDVIURPWKHROGGD\VIURPKRPHER\VWKDWDUHDOUHDG\GHDGVRZKDWV
WKHSRLQW",QWKHRQHLQ7XUtQVKLW,P\VHOINQRZRIIRXUVNHOHWRQV

0DUFK

,P VWDQGLQJ KHUH ZLWK P\ KDQGV IROGHG , ZLVK LW ZHUHQW VR GHHS DQG ,
FRXOGMXVWGLJLWP\VHOIZLWKDVKRYHODQGDSLFNEXWQRSH
7LFDVLVIUXVWUDWHG+HGRHVQWKDYHDQ\WKLQJWRGR)RUWZHQW\PLQXWHVKH
SDFHVDURXQGWKHZHOODQGWKHQVWRSVDQGVD\V6HH"7KHVDPHWHQPHWHUV
+H SRLQWV KLV ILQJHU DW WKH H[FDYDWHG KROH GHVFHQGLQJ GLDJRQDOO\ GRZQ
WRZDUGWKHERWWRPRIWKHZHOO'LJJLQJLQWKHZLQWHULVWRRGDQJHURXV,YH


VHHQLWEHIRUH7KHGLUWRQWRSPL[HVZLWKDOOWKLVVWXIIEHORZDQGWXUQVLQWR
VOXGJH7KHQLWEXULHVHYHU\WKLQJXQGHUDOOWKDWVHGLPHQWDWLRQ
+H VLWV GRZQ QH[W WR WKH ZHOO ORRNLQJ DW KLV KROH WKH FDGDYHUV GHHS
EHORZKLP
, IHHO KRSHOHVV 'XSHG $V SXEOLF SURVHFXWRUV ZHYH WULHG HYHU\WKLQJ
ZHFRXOGWRFRPEDWWKLVLPSXQLW\7KHUHDUHPRUHWKDQILIWHHQSHRSOHGRZQ
WKHUH,PVXUHRILW7KDWVZKDWWKHGHWHFWLYHVKDYHEHHQWHOOLQJPH
)RU WKH SDVW PRQWK 7LFDV KDV KDG D EDFNKRH DW KLV GLVSRVDO 7KH &LYLO
(QJLQHHUVRIWKH$UPHG)RUFHVWKHRQO\DJHQF\WKDWKDVSDLGDQ\DWWHQWLRQ
WR WKH $KXDFKDSiQ SXEOLF SURVHFXWRUVORDQHG KLP WKH EDFNKRH %XW LW
GRHVQWGRDWKLQJIRUKLPLIKHGRHVQWKDYHDFRXSOHRIGXPSWUXFNVWRJR
ZLWKLW$VLQJOHEDFNKRHVFRRSLQJXSRQHVFRRSFOLPELQJRXWRIWKHKROH
GULYLQJ D KXQGUHG \DUGV DQG WKHQ JHWWLQJ EDFN LQ WKH KROH RYHU DQG RYHU
DJDLQLVQWZRUWKWKHWLPHRUWKHJDV
,OO VD\ LW DJDLQ 7LFDV VD\V DV LI KLV UHTXHVW ZLOO EHDU VRPH QHZ
ZHLJKWQRZWKDWKHVEHHQVD\LQJLWIRUWKHZKROH\HDUDEDFNKRHDQGWZR
WUXFNV$EDFNKRHDQGWZRWUXFNV$EDFNKRHDQGWZRWUXFNV
,WVZRUWKUHPHPEHULQJRQHRWKHUGHWDLO$\HDUDJRLQ-DQXDU\RI
7LFDVKDGHYHU\WKLQJKHQHHGHGDQGLQMXVWWZHQW\IRXUGD\VKHZDVDEOHWR
GLJ GRZQ WHQ \DUGV $V WKH ZHOO LV ILIW\ILYH PHWHUV GHHS LI KH KDG EHHQ
DEOH WR NHHS GLJJLQJ DW WKDW VDPH SDFH KH ZRXOG KDYH GXJ GRZQ WR WKH
ERGLHVWHQPRQWKVDJR

$SULO

<RXVHHQWKHVLQNWKDWVFORVHWRWKDWZHOO"(O1LxRDVNVPHIURPKLVOLWWOH
EDFN\DUGJDUGHQ+HVLQVSHFWLQJWKHUDGLVKHVKHVJURZLQJ
, KDYH VHHQ LW 6RPHRQH KDG LQVWDOOHG D EDVLF VLQN SUREDEO\ WR FDUU\
ZDWHU IURP WKH ZHOO ZKHUH WKH\ FRXOG ZDVK FORWKHV XQGHU WKH MRFRWH WUHH
7KDWVLQNLVWKHVHWWLQJIRU(O1LxRVVWRU\WKHVWRU\RIDPXUGHUWKHVWRU\RI
KRZ HYHU\ PXUGHU VWRU\ LQ WKLV FRXQWU\ KDV D EDFNVWRU\ 7KLV EDFNVWRU\
KRZHYHULVGLIILFXOWWRGHVFULEH,QWKHJDQJZDULI\RXUHQRWLQWKHPLGGOH
RILWDORWRILWGRHVQWVHHPWRPDNHVHQVH
$Q H[DPSOH 0HPEHUV RI (O 1LxRV FOLTXH RQFH NLOOHG DQ DVSLULQJ
PHPEHU EHFDXVH LQVWHDG RI VD\LQJ KH ZDV SHGR RU KLJK DIWHU VPRNLQJ
PDULMXDQD KH VDLG WKDW KH ZDV SHGD WKH IHPLQLQH YHUVLRQ RI WKH VDPH
ZRUG7KHFOLTXHWRRNWKHPLVWDNHDVDWHUULEOHRIIHQVHEHFDXVHHYHU\WKLQJ
WKH\ GR LV PDVFXOLQH DQG HYHU\WKLQJ WKH HQHP\ GRHV LV IHPLQLQH 6R WKH\
NLOOHGKLPVWDEEHGKLPWRGHDWKRQWKHVSRW,WVKDUGWRXQGHUVWDQG:HOOV


GRQWJHWILOOHGXSZLWKERGLHVNLOOHGIRUVWUDWHJLFUHDVRQVWKHUHLVQWHYHQ
FULPLQDOORJLFWRPDQ\RIWKHPXUGHUVLQWKLVFRXQWU\7KHUHDUHERQHVLQWKH
ERWWRP RI ZHOOV IRU RQH VLPSOH UHDVRQ DQLPDO YLROHQFH &DQ , NLOO" <HV
&DQ,KLGHWKHERG\"<HV:LOOLWEHKDUGIRUDXWKRULWLHVWRILQGWKHERG\"
<HV :LOO , EH ORRNHG XSRQ E\ IHOORZ JDQJ PHPEHUV DV FRXUDJHRXV" <HV
7KXV,NLOO$QGDIWHUDIHZNLOOV,JHWXVHGWRNLOOLQJ.LOOLQJEHFRPHVSDUW
RIHYHU\GD\OLIH7KXVOLWWOHE\OLWWOHZHOOVJHWILOOHG
7KH VWRU\ (O 1LxR WHOOV LV D VWRU\ RI D \RXQJ PDQ QDPHG 5RQDO
/DQGDYHUGHWKHEURWKHURI(O*ULQJRZKRZDVVR(O1LxRDQGKLVIHOORZ
FOLTXH PHPEHUV VXVSHFWHG DQ LQILOWUDWRU IURP %DUULR  5RQDO ZDQWHG WR
EH D VDOYDWUXFKR +H VWDUWHG VPRNLQJ ZLWK VRPH RI WKH PHPEHUV 7KH
VDOYDWUXFKRV OHW KLP VPRNH XQWLO RQH GD\ WKH\ FKDQJHG WKHLU PLQGV 7KH\
OHG KLP WR WKH ZHOO LQ 7XUtQ ZKHUH WKH\ UHDOL]HG QRQH RI WKHP KDG
UHPHPEHUHGWREULQJDSLVWRO7KH\SRNHGDURXQGWKHDUHDXQWLOQH[WWRWKH
VLQNWKH\IRXQGDFRUGXVHGWRKDQJFORWKHVWKH\VWUDQJOHG5RQDOZLWKWKH
FRUG1RWZLWKDNQLIH(O1LxRH[SODLQV%HFDXVHZHGLGQWZDQWEORRG
LQWKHZHOO
5HDVRQLQVLGHPDGQHVV
7KHERG\RI5RQDOLVRQHRIWKHIRXUEHLQJORRNHGIRUE\VWDWHSURVHFXWRUV
WKDQNV WR WKH WHVWLPRQ\ RI (O 1LxR )RU WKRVH IRXU ERGLHV SURVHFXWRUV
EURXJKWFKDUJHVDJDLQVWIRUW\WKUHHPHPEHUVRIWKUHHGLIIHUHQWFOLTXHVZKR
KDG EHHQ FDXJKW DIWHU D VHULHV RI LQWHUURJDWLRQV $OO IRUW\WKUHH ZHUH
DUUHVWHG LQ 2FWREHU  ZKLFK PHDQV WKDW E\ 2FWREHU  LI QRERG\
SXOOV WKH ERGLHV RXW RI WKH ZHOO DOO WKH GHWDLQHG PHQ KDYLQJ VHUYHG WKH
PD[LPXPDPRXQWRIWLPHLQMDLOZLWKRXWEHLQJVHQWHQFHGZLOOEHUHOHDVHG
%XWLWVQRWMXVWWKRVHIRXUERGLHV3URVHFXWRUVH[SHFWWRWXUQXSPDQ\PRUH
7KH\YH UHFHLYHG LQIRUPDWLRQ WKDW WKH ZHOO ZDV XVHG DV D ERG\GXPS E\
YDULRXV FOLTXHV /RV QJHOHV 3DUYLV +ROO\ZRRG $FDMXWODV 3ULGLQJ
*DQJVWHUVDQG)XOWRQ

0D\

7LFDVLVLQDJRRGPRRG+HVEHHQXSDQGGRZQEXWQRZKHIHHOVJRRG$W
WKHEHJLQQLQJRI$SULOKHFRQYLQFHGWKH023WRJLYHKLPEDFNWKHEDFNKRH
WKHWZRWUXFNVDQGWKHGXPSWUXFN$WWKHHQGRI$SULOKRZHYHUWKH\WRRN
EDFNDOOWKHWUXFNV$OOKHKDGOHIWZDVWKHEDFNKRHXVHOHVVRQLWVRZQ%XW
WKHQMXVWDZHHNDJRDVXUSULVH5XPEOLQJSDVWWKHFRUQILHOGRQHGD\DUH
WKUHHWUXFNVDGXPSWUXFNDQGDEXOOGR]HU7KH$UP\DQG023WHDPHGXSWR
ILQGKLPZKDWKHQHHGHG7KHZHWVHDVRQLVVWLOOWKUXVWLQJLWVKHDGDERXWEXW


7LFDVLVRSWLPLVWLF
:HUHJRLQJWRILQLVKEHIRUHWKH\OHWWKHP>WKHDFFXVHGJDQJPHPEHUV@
RXWWKLVWLPH:HOOEHGRQHE\2FWREHU

$XJXVW

7KHZHOOLVEHFRPLQJDPHWDSKRUIRUWKHFRXQWU\7KHGHHSHU\RXGLJWKH
ZRUVH WKLQJV JHW 7KH ORQJHU \RX ZDLW WR VROYH D SUREOHP WKH ZRUVH WKH
SUREOHPEHFRPHV
7KH ZHOO KDV IORRGHG 7KH UDLQV FDPH DQG IORRGHG HYHU\WKLQJ :KHQ LW
ZDV DOO UHDG\ WR JR RQO\ HLJKWHHQ PRUH PHWHUV OHIW WR GLJ RI WKH GDPQ
ZHOODV7LFDVQRZUHIHUVWRLWLWIORRGHG
7KHUDLQVIXFNHGXSWKHJRRGVXPPHUVWDWVWRR:LWKFRQVLVWHQWVKRZHUV
RYHUWKUHHPRQWKV7LFDVRQO\GXJWZHQW\VHYHQ\DUGV7KLUW\VHYHQLQWRWDO
7KLVLVZKDWKDSSHQVZKHQ\RXOHWDSUREOHPIHVWHU7KHVROXWLRQGRHVQW
VWD\WKHVDPH+HKDVDOOWKHWRROVWKDWKHQHHGHGEHIRUH%XWQRZKHQHHGVD
QHZWRROVRPHWKLQJWRSXPSRXWWKHZDWHU
$QG\HW7LFDVLVRSWLPLVWLF+HWKLQNVKHOOKLWWKHERWWRPLQDPRQWKDQG
D KDOI DQG WKDW E\ 2FWREHU '1$ WHVWV ZLOO SURYH WKDW WKH JDQJVWHUV DUH
JXLOW\ +HV H[FLWHG WKDW WKH\ PLJKW ILQG HYHQ PRUH ERGLHV GRZQ WKHUH +H
KHDUGWKDWDQLQIRUPDQWZKRXVHGWREHSDUWRIDJDQJRINLGQDSSHUVVDLG
WKDWZKHQWKH\JHWWRWKHERWWRPWKH\UHJRLQJWREHVXUSULVHG

$XJXVW

(O1LxRJHWVFUHDWLYHZKHQWDONLQJDERXWWKHZHOO)RUH[DPSOHDERXWWKH
GHDGDWWKHERWWRPKHWHOOVPH7KRVHZKRDUHLQWKHZHOOGLGQWGLHIURP
GU\LQJRXW/DWHULQDPRUHUHIOHFWLYHPRRGKHDVNVKLPVHOI,PDJLQHLI
VRPHRQHGHFLGHGWREXLOGDKRXVHKHUHDQGZDQWHGWRFOHDQRXWWKHZHOO,W
SRVHVRQHTXHVWLRQ+RZPDQ\XQNQRZQZHOOVDUHWKHUH"1HVWOHGLQWRRXU
FRXQWU\VFRUQILHOGVKRZPDQ\ERGLHVDUHWXUQLQJLQWRFRPSRVW"$QGKRZ
PDQ\EORRG\VWRULHVDUHKLGGHQLQWKHVKDGRZVRIWKHMRFRWHWUHHV"

6HSWHPEHU

$ZHHNDJR7LFDVJRWDSXPSWRVXFNRXWWKHZDWHU+HGUDLQVWKHKROHDQG
VWDUWV GLJJLQJ DJDLQ EXW LWV KDUG JRLQJ WKURXJK DOO WKH PXG +HV RQO\
GHVFHQGHGDVLQJOH\DUGDOOZHHN7KHUHDUHVHYHQWHHQPRUHWRJRDQGMXVWD


PRQWKDQGDKDOIXQWLOWKHWULDO
7LFDVKDVDQHZSODQ'LYHEDFNLQWRWKHZHOODQGILJXUHRXWH[DFWO\ZKDW
WKHZDOOLVOLNHWKDWWKH\UHJRLQJWRKDYHWREUHDNWKURXJK7KH\FRXOGWU\WR
RSHQDKROHLQWKHZDOODQGVFXUU\LQOLNHPROHVWRVHHZKDWVZKDW+HWKH
GHWHFWLYHZRUNLQJWKHFDVHDQGDODEWHFKQLFLDQZLOOEHWKHPROHV(DFKRI
WKHPZLOOXVHDGLIIHUHQWFRORUURSHWRGURSLQ7KDWZD\7LFDVH[SODLQVLI
WKHUHVDGLVDVWHUWKH\OOEHDEOHWRUHFRJQL]HXV,PUHGURSHWKHGHWHFWLYH
LV\HOORZDQGEOXHIRUWKHWHFKQLFLDQ

2FWREHU

7LFDVLVZRUNLQJRWKHUFDVHVQRZ2WKHUFDGDYHUV+HVGXJXSDIHZ\RXQJ
PHQIURP6R\DSDQJRLQWKHPLGGOHRIWKHFRXQWU\DIHZZRPHQIURP6DQWD
$QDLQWKHZHVW0HDQZKLOHWKHUDLQVDUHVRDNLQJHYHU\WKLQJLQ7XUtQ,WV
LPSRVVLEOHWRGLJ7KHSXPSFDPHLQWRRODWH(YHU\ERG\LVDVNLQJIRUWKHLU
PDFKLQHVEDFN7KHEDFNKRHWKHGXPSWUXFNVWKH\UHDOOUHWXUQHG
$OOZRUNDWWKHZHOOLQ7XUtQKDVFRPHWRDVWDQGVWLOO1RERG\LVGLJJLQJ
XSWKHGHDG
7KH VL[ JDQJVWHUV DIWHU EHLQJ ORFNHG XS IRU WZR \HDUV ZDLWLQJ IRU
VRPHWKLQJWKDWZRXOGQHYHUKDSSHQDUHGXHWREHUHOHDVHG
7LFDVRQFHDJDLQLVIUXVWUDWHG
,PDJLQHLIHDFKRIWKRVHZHOHWRXWNLOOVVRPHERG\HOVHRUPD\EHWZR
RWKHUSHRSOH+RZPDQ\ZRXOGWKDWEH"
7KHQKHUHSHDWVWKDWKHZRXOGKDYHOLNHGWRKDYHGXJLWDOOKLPVHOIZLWKD
SLFNDQGDVKRYHO
0D\EHKHVKLWRQVRPHWKLQJ7KDWVZKRZHDUHDVDFRXQWU\DPDQZLWK
D SLFN DQG D VKRYHO WU\LQJ WR GLJ XS RXU GHDG DQG \HW XQDEOH WR GLJ GHHS
HQRXJKWRVDYHWKHP

(DUO\)HEUXDU\

7KH UHJLRQDO FKLHI RI WKH SURVHFXWRUV RIILFH 0DULR -DFRER FRQILUPV WKDW
UHSUHVHQWDWLYHV RI WKH VWDWH DVNHG IRU SURYLVLRQDO GLVPLVVDO RI FKDUJHV IRU
WKRVHDFFXVHGRIGXPSLQJWKHERGLHVLQWRWKHZHOO+HVD\VLWVDVWUDWHJ\LQ
RUGHUWRJHWDQRWKHU\HDUWRNHHSGLJJLQJWKDWWKH\YHEHHQDEOHWRSLQWZR
RIWKHERGLHVRQWRVL[RIWKHJDQJVWHUVDQGWKDWWKH\UHSRVLWLYHWKHUHDUHDW
OHDVWILYHERGLHVLQWKHZHOOLIQRWPDQ\PRUH+HKRSHVWKDWE\WKHHQGRI
WKLVPRQWKWKH\ZLOOJHWWRWKHH[DFWSRLQWZKHUHIRUHQVLFLQYHVWLJDWRU7LFDV


ZDQWVWREH$IWHURYHUD\HDURIZRUNKHZRXOGKDYHEHHQDEOHWRDGG
7KHFKLHISURVHFXWRUVD\VWKDWSURYLVLRQDOGLVPLVVDOLVDVWUDWHJ\EXWLQ
6DOYDGRUDQFRXUWVPDQ\GHVFULEHSURYLVLRQDOGLVPLVVDODVGLVPLVVPHDQG
QHYHUVHHPHDJDLQ

)HEUXDU\

0HGLD ODWFKHV EDFN RQWR WKH VWRU\ ZLWK KHDGOLQHV OLNH 7ZHQW\ %RGLHV
)RXQG LQ 7XUtQ :HOO DQG *HWWLQJ WR WKH %RWWRP RI 7XUtQ :HOO $UWLFOHV
GHVFULEHDFKDQJHWKDWSHRSOHKDYHEHHQXQDEOHWRH[SODLQ7KHGHSWKRIWKH
ZHOOLVQRWWKHVDPHDVLWXVHGWREHLWLVQRZRQO\IRUW\WZRPHWHUVGHHS
:DWHUKDVEHHQOHDNLQJLQIURPVRPHZKHUH0D\EHWKHGLJJLQJFUDFNHGLQWR
D QHZ YHLQ RI JURXQG ZDWHU :KDWHYHU KDSSHQHG 7LFDV LV QRZ RQO\ ILYH
PHWHUVIURPUHDFKLQJWKHVXSSRVHGERWWRP
,Q RQH RI WKH DUWLFOHV WKH KHDG RI WKH 023 *HUVRQ 0DUWtQH] LV
LQWHUYLHZHG DERXW KLV DJHQF\V UROH LQ WKH H[FDYDWLRQ 7KH 023 KDV DQ
DJUHHPHQW ZLWK 3XEOLF 6HFXULW\ WR FROODERUDWH DV PXFK DV SRVVLEOH +H
ODWHUDGGV,WLVDFRQWULEXWLRQRQWKHSDUWRI023WRFRPEDWWKHLPSXQLW\
LQWKLVFRXQWU\

)HEUXDU\

(O 1LxR JDYH WHVWLPRQ\ \HVWHUGD\ DJDLQVW QLQHWHHQ PHPEHUV RI WKH
+ROO\ZRRG/RFRV6DOYDWUXFKDFOLTXHIRUFRPPLWWLQJDFWVRIPXUGHUWKRXJK
QRQHRILWUHODWHVWRWKHZHOO3URVHFXWRUVDUHFODLPLQJDOOWKDWVOHIWWRGRLV
JHWWRWKHERWWRPRIWKHZHOODQGGHWHUPLQHDFRXUWGDWHIRUWKHDFFXVHGEXW
QRERG\NQRZVLIWKH\ZLOOVWLOOEHLQFXVWRG\DWWKDWSRLQWDIWHUWZRDQGD
KDOI\HDUVLQSULVRQDQGVWLOOZLWKRXWEHLQJWDNHQWRFRXUW
(O1LxRVD\VKHVWLUHGRIJRLQJWRFRXUWDQGWDONLQJVRPXFK<HVWHUGD\
KHLGHQWLILHGWKHDFFXVHGE\QLFNQDPH'DQJHU0DOHDQWH %DG%R\ *DOOR
&DOOHMHUR 6WUHHW &RFN  DQG 3DWDV 3DZV  +H VD\V KH GRHVQW NQRZ ZKR
WKHRWKHUZLWQHVVHVPD\KDYHQDPHG

0DUFK

7LFDV LV RQO\ IRXU PHWHUV IURP WKH ERWWRP IRXU PHWHUV DZD\ IURP GLJJLQJ
GRZQIRUW\WZRPHWHUVWRWKHERWWRP$OPRVWWKHUHKHIHHOVDQHZIHDUWKDW
KHKLPVHOIZLOOGLHLQVLGHWKHZHOO7KHGLJJLQJLVQWGU\DQ\PRUH,WVPRUH


OLNHGLJJLQJWKURXJKDPXGG\VZDPS,WVQRWUDLQLQJEXWZDWHULVFRPLQJXS
IURP EHORZ $ VXEWHUUDQHDQ VHHS OHDNLQJ IURP WKH ZDOOV EXUVWLQJ ZLWK
HYHU\ VFRRS RI WKH VKRYHO 'HVSLWH WKH GDQJHU DQG WKH IHDU 7LFDV LV DOVR
WKULOOHGVHHLQJOLJKWLQWKHGDPSGDUNQHVV
:H H[SHFW WR ILQG D WDOO WKLQ PDQ IURP 6DQWD $QD ZKR ZDV WKURZQ LQ
DORQJZLWKKLVODSWRS
+LVQHZK\SRWKHVLVLVWKDWWKH\ZLOOILQGWKHILUVWERG\DWDGHSWKRIWKLUW\
QLQHPHWHUVDQGWKHODVWZKLFKWKH\KDYHORFDWHGZLWKSURGVRSHQLQJVPDOO
KROHV WKDW DUH TXLFNO\ ILOOHG EDFN LQ ZLWK ZDWHU DW D GHSWK RI IRUW\WZR
PHWHUV%HORZWKDWDV7LFDVUHSRUWV:KRNQRZV"
7KLVLV3ODQ%2UPD\EHLWVDFWXDOO\3ODQ&2UPD\EHHYHQ3ODQ=,WV
DOOWKDWVOHIWIRUKLP)URPWKHZDOORIGLUWGLUHFWO\LQIURQWRI7LFDVWRWKH
ZHOOVKDIWZKHUHWKHERGLHVDUHWKHUHDUHHLJKWPRUHPHWHUV(LJKWPHWHUV
VWUDLJKW DKHDG 7LFDV QRZ ZDQWV WR VWDUW GLJJLQJ IURP DERYH DJDLQ IURP
DERXW WKLUW\ PHWHUV GRZQ GLJJLQJ D ILYHPHWHUZLGH KROH KHDGLQJ
GLDJRQDOO\ LQWR WKH ZHOO VKDIW 7KHQ RQFH WKH SURVHFXWRUV ILQG KLP VFXED
JHDUKHFDQGURSULJKWLQWRWKHGDUNVZDPSDWWKHERWWRPRIWKHZHOOULJKW
LQWRWKDWVRXSRIHDUWKDQGERQHV

$SULO

+HVWLOOKDVQWUHDFKHGWKHERWWRP7RGD\PDUNVGD\VVLQFHDXWKRULWLHV
GLVFRYHUHGERGLHVLQWKHZHOO7ZHQW\HLJKWPRQWKV7KLVLVZKDWZHNQRZ
$WWKHERWWRPRIWKHZHOOWKHUHDUHERGLHV0D\EHWHQPD\EHWZHOYHPD\EH
DVPDQ\DVWZHQW\%XWGHILQLWHO\DWOHDVWWKHUHDUHIRXU

(QWHULQJLQWRWKHVPDOOFLW\RI7XUtQLQZHVWHUQ(O6DOYDGRULI\RXFRQWLQXH
RQ SDVW WKH GLUW VWUHHW FURVV WKH WUDLQ WUDFNV SDVV WKH PXG KRXVH DQG
FRQWLQXHRQWKURXJKWKHFRUQILHOG\RXOOFRPHWRDQRSHQILHOGZLWKDMRFRWH
WUHH DQG QH[W WR WKH WUHH LV WKH ZHOO $W WKH ERWWRP RI WKH ZHOO WKHUH DUH
ERGLHV7KLVLVDOOZHNQRZ



7KH0RVW0LVHUDEOHRI7UDLWRUV

-XO\
:LWKRXW WKHVH PXUGHUHUV KXQGUHGV PRUH PXUGHUHUV ZRXOG EH ZDONLQJ WKH VWUHHWV
:LWKRXW WKHVH UDSLVWV KXQGUHGV PRUH UDSLVWV ZRXOG EH VWDONLQJ WKH QLJKWV 7KH
SOHDEDUJDLQZLWQHVVFULPLQDOVWKHVWDWHSDUGRQVLQH[FKDQJHIRUWKHLUWHVWLPRQ\
7KHLU OLYHV LQ JUDYH SHULO PDQ\ RI WKHVH PHQ DQG ZRPHQ DUH EDWWOLQJ WKH PRVW
GDQJHURXVJDQJVRIWKHFRQWLQHQW1RERG\EXWWKHVWDWHEDFNVWKHPXSDQGRIWHQ
WKHVWDWHEHFRPHVWKHLUHQHP\

7KHWLQ\URRPLVLQWKHEDFN7KURXJKWKHPHWDOOLFGRRU\RXFDQVHHWKHVN\
LV WKUHDWHQLQJ WR VWRUP DQG WKH KHDW LV D IRUFHD SUHVHQFHDOO LWV RZQ
<RXFDQIHHOLWWKHKHDWFUDPSLQJHYHU\FRUQHURIWKHURRP7KDWVZKDWWKH
URRPLVDSODFHWKDWORFNVLQWKHKHDWDSODFHZKHUH$EHMD WKH%HH XVHG
WR EH ORFNHG XS :KR ZRXOGYH JXHVVHG WKDW KH $EHMD WKDW LUUHSODFHDEOH
VQLWFKWKHLQIRUPDQWRIRQHRIWKHPRVWZDQWHGJDQJVLQWKHFRXQWU\ZRXOG
HQGXSLQKLVDWWHPSWWRVDYHKLVRZQVNLQPHOWLQJDZD\LQWKDWWLQ\URRP"
7R JHW WR WKH WLQ\ URRP \RX KDYH WR OHDYH EHKLQG WKH FDSLWDO RI (O
6DOYDGRU GULYH GRZQ D KLJKZD\ JHW VWXFN LQ D NQRW RI H[XUEV UROO EDFN
RQWR DQRWKHU KLJKZD\ DQG WDNH LW DOPRVW WR WKH ERUGHU RI WKH VWDWH RI
&KDODWHQDQJR DQG +RQGXUDV DVN VRPHRQH IRU GLUHFWLRQV DQG WKHQ DVN
DQRWKHUVRPHRQHDQGWKHQDWKLUGXQWLOVRPHERG\ILQDOO\WHOOV\RXKRZ\RX
JHWWRWKHKLGGHQWRZQRI$JXD&DOLHQWH$WWKLVSRLQW\RXKDYHWRVWRSDQG
DVN \RXUVHOI LI \RXU OLWWOH FDU ZLOO HQGXUH WKH JULQG RI D GLUW URDG IXOO RI
URFNVDQGFKXQNVRIDVSKDOW<RXKDYHWREXUURZLQWRWKHKLOOVWKDWOLQHWKH
QDUURZ DQGILHUFH ZHGJHRIWKH6DOYDGRUDQQRUWK<RXKDYHWRDGPLUHWKH
H[WUDYDJDQFHRIWKDWSXUSOHSDODFHFURZQLQJDKLOOLQWKHPLGGOHRIWKHUXUDO
ODQGVFDSH LWV DUFKLWHFWXUH VWUDLJKW IURP WKH GUHDPV RI :DOW 'LVQH\ <RX
KDYHWRZDGHWKURXJK\RXURZQGRXEW&RXOGWKDWFOXVWHURIKRXVHVEH$JXD
&DOLHQWH"<RXDVNWKHROGFDPSHVLQRZKDWKHWKLQNVDQG\RXKHDUKLPVD\
WKDWKHLVQWVXUHWKDWKHWKLQNVLWPLJKWEHMXVWDOLWWOHIXUWKHUDKHDG<RXJR


RQ<RXJHWWRDVLJQWKDWUHDGVKXPEO\:HOFRPHWR$JXD&DOLHQWH$QG
VWLOO \RX JR RQ EHFDXVH WKHUHV QR RWKHU FKRLFH EXW WR JR RQ <RX DVN RQH
SHUVRQDQGDQRWKHUSHUVRQDQGDWKLUGXQWLOVRPHRQHNQRZVZKHUH\RXFDQ
ILQG WKH SROLFH SRVW <RX KDYH WR VPLOH SROLWHO\ DW WKH GHHULQKHDGOLJKWV
ORRNRIVXUSULVHWKDWSHRSOHJLYHDQRXWVLGHUZKRVJRLQJDURXQGDVNLQJIRU
WKH SROLFH <RX SDVV E\ WKH WRZQV WLQ\ SDUN DQG KRRN D OHIW DV SDVVHUVE\
VWDUHDQGGURSWKHLUMDZVDQGWKHQ\RXJHWWRDSRLQWZKHUHWKHWRZQUXQV
RXW RI URDG DQG VPDFNV LQWR WKH ZRRGV <RX FRQYLQFH \RXUVHOI WKDW RQH RI
WKRVHWLQ\UXUDOKRXVHVOHIWLQWKHQRWKLQJPXVWEHLW<RXEDFNSHGDO<RXDVN
DURXQG<RXVHHELJH\HVRSHQPRXWKV7KHQILQDOO\\RXILQGWKHKDOIEXLOW
SROLFHSRVW
7KHSROLFHKDYHDSHWDWXUWOHWKDWDSSHDUVDQGGLVDSSHDUVLQWRDSDWFKRI
WUHHVIUDPLQJWKHHQWUDQFH7KHSROLFHSRVWLVDWKUHHVWRU\KRXVHRIFRQFUHWH
EORFNVWKHWRSVWRU\OHIWXQILQLVKHGZLWKRXWDIUDPHRUZLQGRZVRUGRRUV
RU SDLQW 7KH IURQW GRRU LV RSHQ DQG WKHUHV D IULHQGO\ ZRPDQ RQ WKH ILUVW
IORRUZKRELGV\RXJRRGHYHQLQJDQGKDVQRUHDG\DQVZHUZKHQ\RXDVNWR
VSHDNWRZKRHYHUVLQFKDUJH/HWPHVHHZKRVDURXQGVKHVD\V
7ZHQW\ PLQXWHV ODWHU D \RXQJ PDQ FRPHV GRZQ IURP WKH VHFRQG IORRU
ORRNLQJ VXUSULVHG +H LQYLWHV \RX WR KLV RIILFH D VWXII\ URRP ZLWK QR
FRPSXWHUDQGDGLDJUDPVNHWFKHGRQWKHZDOORIWKHOLPLWHGRUJDQL]DWLRQDO
VWUXFWXUH &KLHI RI 3RVW VODVK &XVWRPHU &DUH VODVK 3DWURO 2IILFHU VODVK
6HFRQG3DWURO2IILFHUVODVK7KLUG3DWURO2IILFHU
+RZFDQ,KHOS\RX"DVNVWKHRIILFHU
, XQGHUVWDQG WKDW $EHMD ZDV KHOG LQ WKLV SRVW WKDW KH HVFDSHG IURP
KHUH
+HOHWVRXWDJURDQ,WKRXJKWVLQFHZHUHVRIDUDZD\WKDWWKHFDSLWDOV
PHGLDZRXOGQWWRXFKWKHVWRU\
:HOOZHJRWWKHQHZVDQG,FDPHWRVHHZKHUHH[DFWO\\RXKDGKLP,WV
SUREDEO\DGHOLFDWHPDWWHU"
<HDKPDQLWVDUHDOGHOLFDWHPDWWHU%HFDXVHWKLVLVQWDJRRGSODFHWR
GHWDLQ D SHUVRQ OLNH KLP 7KHUH DUH SOHQW\ RI JRRG SODFHV GHVLJQDWHG E\
ODZRYHUWKHUHLQWKHFDSLWDO
<RXNQHZZKR$EHMDZDVVQLWFKLQJRQULJKW"
:HOO  WKH NLG ZDV KHUH  :H GLGQW NQRZ HYHU\WKLQJ WKHUH ZDV WR
NQRZDERXWWKHVLWXDWLRQEXWZHNQHZLWZDVGHOLFDWH
$QGVRPHRQHOLNHKLPKHUHLQWKLVDUHDQRZWKDWKHVHVFDSHGZKDWGR
\RXWKLQNDZDLWVKLP"
,ZRXOGWKLQNWKDWIRUVRPHRQHOLNHKLPRXWWKHUHE\KLPVHOIVRPHZKHUH
LWVGHDWKWKDWDZDLWVKLP


,WV6XQGD\0D\DQGWKHSROLFHKDYHFDOOHGHYHU\SRVVLEOHPHGLD
VLWH WR (O &DVWLOOR WKH SROLFH KHDGTXDUWHUV RI 6DQ 6DOYDGRU 7KH\ KDYH
VRPHWKLQJ LPSRUWDQW WR VKRZ WKH FDPHUDV :HGJHG EHWZHHQ WKUHH ODUJH
KHDYLO\DUPHGRIILFHUVLQEDODFODYDV-RVp0LVDHO&LVQHURVVWDQGVZLWKKLV
KDQGV FXIIHG EHKLQG KLP 7KH WKLUW\VL[\HDUROG PDQ LV EHWWHU NQRZQ DV
0HGLR 0LOOyQ +DOI D 0LOOLRQ  DQG LI \RXYH FRPH DFURVV DQ\ SROLFH
LQWHOOLJHQFH UHSRUW DERXW RUJDQL]HG FULPH LQ WKH ODVW HLJKW \HDUV \RXYH
VXUHO\VHHQKLVDFQHVFDUUHGIDFH0HGLR0LOOyQZDVRQHRIWKHILUVW0DUD
6DOYDWUXFKD OHDGHUV LQ (O 6DOYDGRU WR EH QDPHG RQ WKH 86 7UHDVXU\
'HSDUWPHQWVEODFNOLVWLQFOXGHGRQ-XQH%\$SULOWKHOLVW
FRQWDLQHG WHQ 6DOYDGRUDQV RI ZKRP RQO\ 0HGLR 0LOOyQ LV QRW DQ DFWLYH
QRQLQFDUFHUDWHG06PHPEHU2WKHUPHPEHUVRIWKHOLVWLQFOXGHVRPHRIWKH
PRVW QRWRULRXV FOLTXH OHDGHUV LQFOXGLQJ (O 'LDEOLWR GH +ROO\ZRRG WKH
+ROO\ZRRG'HYLO (O7UHFH 7KLUWHHQ &UXFN&RORFKRGH:HVWHUQ &XUO\
RI:HVWHUQ$YHQXH DQG(O9LHMR3DYDV 2OG7XUNH\ 
(YHQVXUURXQGHGE\FRSVLQWKHKHDUWRI(O&DVWLOOR0HGLR0LOOyQORRNV
IHDUOHVV+HVEHHQRQWKHUXQVLQFH6HSWHPEHUZKHQKHHVFDSHG
WKHSROLFHPHQVHQWWRFDSWXUHKLP7KHSROLFHDWWULEXWHWKHLUIDLOXUHWR
OHDNHGFODVVLILHGLQIRUPDWLRQ7KH\UHFRQYLQFHGWKDW0HGLR0LOOyQLVWKH
PDVWHUPLQGEHKLQGWKHFRXQWU\VFRFDLQHH[SRUWVDQGWKDWKLVDUPHGZLQJLV
SDUWRIRQHRI(O6DOYDGRUVODUJHVWFOLTXHVWKH)XOWRQ/RFRV6DOYDWUXFKDRI
WKH 0DUD 6DOYDWUXFKD ZKLFK ZDV RULJLQDOO\ IRXQGHG LQ &DOLIRUQLDV 6DQ
)HUQDQGR9DOOH\$FFRUGLQJWRWKHSROLFHWKHFOLTXHKDVPHPEHUVDQG
FROODERUDWRUV LQ WKH WRZQ RI 1XHYD &RQFHSFLyQ DORQH ZKLFK QHLJKERUV
$JXD&DOLHQWHDQGLVZKHUHWKH\KDGLQLWLDOO\VRXJKWWRFDSWXUHWKHNLQJSLQ
0HGLR0LOOyQ
7KH SROLFH KDQGHG WKHLU ILQGLQJV RYHU WR WKH 3XEOLF 3URVHFXWRUV 2IILFH
332  ZKR SUHVVHG FKDUJHV DJDLQVW 0HGLR 0LOOyQ DJDLQVW HLJKWHHQ RWKHU
)XOWRQ JDQJ PHPEHUV DQG HYHQ DJDLQVW WKUHH SROLFH RIILFHUV IURP 1XHYD
&RQFHSFLyQ7KH332FDOOHGWKUHHZLWQHVVHVWRFRXUWZKRWHVWLILHGWKDWWKH
JDQJPHPEHUVDQGSROLFHRIILFHUVKDGEHHQFORVHWRPXUGHULQJWKHPXQGHU
0HGLR 0LOOyQV RUGHUV 7KH 332 DOVR FDOOHG IRUZDUG D SOHDEDUJDLQ
ZLWQHVVWRH[SODLQWKDW0HGLR0LOOyQZRXOGURXWLQHO\KLUHJDQJEDQJHUVDQG
SROLFH DV KLW PHQ $QG \HW RQ 6HSWHPEHU   WKH 6SHFLDOL]HG 7ULDO
&RXUWRI6DQ6DOYDGRUVDLGWKH\GLGQWEHOLHYHWKHZLWQHVVHVDFFRXQWVWREH
WUXHDQGWKXVUXOHGWKHGHIHQGDQWVLQQRFHQWRIDOOFKDUJHV
%XWWKH332ZDVQWOHIWGHIHQVHOHVVQRUZDV0HGLR0LOOyQVHWIUHH:LWK
D IHZ SXQFKHV OHIW WKH 332 SUHVVHG QHZ FKDUJHV DJDLQVW 0HGLR 0LOOyQ
QRZ DFFXVHG RI FRQVSLULQJ ZLWK WKH )XOWRQ *DQJ DORQJ ZLWK IRUW\VHYHQ
RWKHU )XOWRQ PHPEHUV ZKR ZHUH DFFXVHG RI PXOWLSOH KRPLFLGHV 7KH 332


DUJXHG WKDW DW OHDVW VRPH RI WKRVH PXUGHUV KDG EHHQ FRPPLWWHG ZLWK D
PLOLWDU\ZHDSRQWKDW0HGLR0LOOyQKDGJLIWHGWRRQHRIWKHFOLTXHOHDGHUV
DOLDV (O 6LPSVRQ 7KHLU HYLGHQFH ZDV WKH WHVWLPRQ\ RI \HW DQRWKHU SOHD
EDUJDLQZLWQHVV2Q-XQH0HGLR0LOOyQZDVFDOOHGWRFRXUWDJDLQ
DQGWKLVWLPHWKH6SHFLDOL]HG7ULDO&RXUWRI6DQ6DOYDGRUDJUHHGWKDWWKHUH
ZDVVXIILFLHQWHYLGHQFHIRUDWULDO7KLQJVZHUHPDUFKLQJDORQJWKDQNVWRD
JDQJEDQJHUNLGZKRZDVZLOOLQJWRVSLOOLWDOOH[SODLQLQJKRZWKHPXUGHUV
ZHUHH[HFXWHGDQGHYHQVNHWFKLQJWKHVFHQHRI0HGLR0LOOyQVWUXWWLQJGRZQ
WKHKLOOFLUFOHGE\KLVERG\JXDUGVKDQGLQJDQ$.RYHUWR(O6LPSVRQ
(YHU\WKLQJZDVPRYLQJIRUZDUGEHFDXVHWKH6DOYDGRUDQVWDWHKDG$EHMD

:KHUHDUHWKHFHOOV":KHUHGR\RXNHHSWKHGHOLQTXHQWV",DVNWKH\RXQJ
RIILFHUDWWKHSROLFHSRVWRI$JXD&DOLHQWH
1R WKH RIILFHU UHVSRQGV , PHDQ ZH GRQW KDYH FHOOV ZH MXVW KDYH
WKLV EDFN URRP WR ORFN XS GUXQNDUGV DQG NHHS WKHP IURP ILJKWLQJ LQ WKH
VWUHHWV 6RPHWLPHV ZH ORFN XS SHRSOH ZKR FRPPLW VHULRXV FULPHV OLNH
UREEHU\ DQG H[WRUWLRQ EXW ZH HQG XS VHQGLQJ WKRVH RYHU WR 1XHYD
&RQFHSFLyQZKHUHWKHVWDWLRQLVELJJHUDQGDFWXDOO\KDVMDLOFHOOV
7KHWLQ\EDFNURRP7KHERLOLQJEDFNURRP
$QGZKDWGLG$EHMDGRZKLOHKHZDVKHUH",DVN
1RWKLQJ+HGMXVWVSHQGKLVWLPHORFNHGDZD\WKHRIILFHUVD\V
+RZPXFKWLPHGLGKHVSHQGKHUH"
6RPHILIWHHQPRQWKV
$QG\RXGQHYHUOHWKLPOHDYHIRUDQ\WKLQJ"
1R,PHDQLIKHZDQWHGDVRGDRUVRPHWKLQJKHGWHOOXVDQGZHGGR
KLPWKHIDYRURIJHWWLQJLWIRUKLPDWWKHVWRUH%XWVLQFHKHKDUGO\HYHUKDG
WKHPRQH\ZHOOKHKDUGO\HYHUDVNHG
,Q ODWH  $EHMD D WZHQW\VRPHWKLQJ\HDUROG NLG VDW LQ IURQW RI
SURVHFXWRUVIURP&KDODWHQDQJRDQGIRUDQXQGLVFORVHGUHDVRQDGPLWWHGWR
EHLQJ D PHPEHU RI WKH )XOWRQ /RFRV 6DOYDWUXFKD +H VDLG WKDW KLV FOLTXH
GHGLFDWHGLWVHOIWRH[WRUWLRQPXUGHUDQGGUXJWUDIILFNLQJLQWKHVWDWHVRI6DQ
0LJXHO6DQWD$QD6RQVRQDWHDQG&KDODWHQDQJR+HWROGWKHPPDQ\VHFUHWV
VHFUHWV WKDW VSDQQHG VL[W\WKUHH W\SHG SDJHV 6HFUHWV WKDW WKH SURVHFXWRUV
JDYHWLWOHVWRLQFOXGLQJ&DVH&ORVHGRQ2OG6WUHHW+RPLFLGHRQ'RQ
<RQ 3OD]D &DVH RI &DUPHQ *XHUUD 7KH SURVHFXWRUV EHOLHYHG $EHMDV
VHFUHWVZRXOGKHOSWKHPMDLOIRUW\VHYHQJDQJVWHUVLQFOXGLQJ0HGLR0LOOyQ
7KHSURVHFXWRUVW\SHGLQWKHLUUHSRUW7KHVHIDFWVFRPHIURPWKHWHVWLPRQ\
RIWKHSOHDEDUJDLQZLWQHVVKHUHDIWHUFDOOHG$EHMD
,DVNWKHRIILFHU'LG\RXJHWPRUHERRWVRQWKHJURXQGZKHQ$EHMDZDV


EURXJKWRXWKHUH"
1RWKLQJ 7KH XQLW WKDW EURXJKW KLP WKH\ IRUJRW KLP 0RQWKV SDVVHG
ZLWKRXWWKHPFRPLQJEDFN
:KHQ WKH 6DOYDGRUDQ VWDWH GHHPV D FULPLQDOV WHVWLPRQ\ WR EH FUHGLEOH
DQG SRWHQWLDOO\ XVHIXO LQ EULQJLQJ FKDUJHV WR RWKHU FULPLQDOV WKH\ VWRS
ODEHOLQJ WKHP DV D FULPLQDO DQG FRUQHU WKHP LQWR EHFRPLQJ D VRFDOOHG
SOHDEDUJDLQZLWQHVVDVWDWXVWKH\VHOOWRWKHLQIRUPDQWDVWKHRQO\ZD\WR
DYRLG FKDUJHV RI KRPLFLGH 7KH VWDWH VWRSSHG FKDVLQJ $EHMD DQG EHJDQ WR
UHO\RQKLP7KH\SURPLVHGQRWWRORFNKLPXSEXWUDWKHUWRHVFRUWKLPWR
WKH'HSDUWPHQWRI9LFWLPDQG:LWQHVV3URWHFWLRQRIWKH([HFXWLYH7HFKQLFDO
8QLWRIWKH-XVWLFH6HFWRU 87( ZKHUHKHGPHHWRWKHUSHRSOHOLNHKLPVHOI
SHRSOH ZKR KDG FRPPLWWHG FULPHV DQG WKHQ EHWUD\HG WKHLU FOLTXHV UDWWLQJ
WKHP RXW 7KH\ RIIHUHG KLP SURWHFWLRQ IRRG DQG D URRI RYHU KLV KHDG DW
OHDVWZKLOHWKHWULDOODVWHG%XWEHFDXVH$EHMDGHFLGHGKHGLGQWZDQWWRJR
WRWKH87(KHZDVKDQGHGRYHUWRWKHSROLFHLQVWHDGDQGSURPLVHGDER[RI
IRRGRQFHDPRQWK
:KDWGLG$EHMDHDW",DVN
2K ZKR NQRZV" 7KH\ RQO\ VHQW KLP D ER[ RI IRRG RQFH LQ WKH ILIWHHQ
PRQWKV 6RPHWLPHV ZH JDYH KLP VRPH RI RXU IRRG 6RPHWLPHV KH VSHQW D
GD\RUWZRZLWKRXWHDWLQJ
)RUWKHORFDOSROLFHRIILFHUVWKHVWDUZLWQHVVLQWKHIDPRXVFDVHRI0HGLR
0LOOyQZDVOLWWOHPRUHWKDQDQXLVDQFH1RWRQO\GLGWKHLUJXLOWVSRUDGLFDOO\
FRPSHOWKHPWRIRUNRYHUSDUWRIWKHLUOXQFKHVEXWWKH\FRXOGQRORQJHUXVH
WKHVHFRQGIORRUDVDVSDFHWRUHOD[7KHSROLFHRIILFHRI$JXD&DOLHQWHKDV
WKLUWHHQ RIILFHUV %XW WR VD\ WKLUWHHQ LV UHDOO\ WR VD\ ILYH 8VXDOO\ IRXU RI
WKHP DUH RXWVRXUFHG WR DQRWKHU XQLW 0D\EH WKH\UH VHQW WR JXDUG D
FRQVWUXFWLRQVLWHRQDKLJKZD\RUWRVHDUFKIRUERGLHVRQDQHDUE\PRXQWDLQ
UDQJH)RXURWKHUVDUHRQYDFDWLRQ2QO\ILYHRIILFHUVDUHDFWXDOO\KHUHDQG
WKH\ GLYLGH WKHPVHOYHV LQWR WZR VKLIWV 7KH RQHV RQ VKLIW ULJKW QRZ DUH
SDWUROOLQJWDNLQJFDUHRIFRPSODLQWV2IILFHUVQRWRQVKLIWUHVWRQWKHVHFRQG
IORRUZLWKWKHLUH\HOLGVFORVHGDQGZKHQ$EHMDZDVKHUHZLWKWKHLUHDUV
SHUNHGIRUDQ\VLJQRIWKHKXQJU\NLGORFNHGXSLQWKHEDFNURRP
2Q-DQXDU\DZRPDQFDPHWRWKH2PEXGVPHQIRUWKH'HIHQVH
RI+XPDQ5LJKWV 3'+ LQ&KDODWHQDQJR:KDWWKLVLQVWLWXWLRQGRHVEHVWLV
LVVXH UHSRUWVRQ HYHU\WKLQJ VRPHWLPHV HYHQ RQ WKH DLU WKDW EORZV LQWR
WKHLU RIILFH $ERXW WKH ZRPDQV YLVLW DQ RIILFHU ZURWH $ ZRPDQ ZKR
ZLVKHG WR UHPDLQ DQRQ\PRXV FDPH LQWR WKLV GHOHJDWLRQ VD\LQJ VKH KDG D
IDPLO\PHPEHUGHWDLQHGLQWKH31&>1DWLRQDO&LYLOLDQ3ROLFH@3RVWRI$JXD
&DOLHQWH >WKH ERLOLQJ EDFN URRP@ ZKR KDG UHFHQWO\ EHHQ UHOHDVHG EXW VKH


ZDV DFWXDOO\ ZRUULHG DERXW DQRWKHU \RXQJ PDQ ZKR LV VWLOO GHWDLQHG 6KH
KDGJRWWHQLQWRWKHKDELWRIEULQJLQJIRRGWRERWKLQPDWHVEXWQRZWKDWKHU
IDPLO\PHPEHUKDVEHHQUHOHDVHGVKHIHHOVVRUU\IRUWKHRWKHULQPDWHZKR
ZLOO KDYH QR RQH WR EULQJ KLP IRRG DV KH VHHPV WR KDYH QR IDPLO\
ZKDWVRHYHUDQGKDVEHHQORFNHGLQWKDWFHOO>WKHERLOLQJEDFNURRP@IRUD
ORQJWLPH
7KHQH[WGD\WZRRIILFLDOVIURPWKH3'+GURYHRXWWRWKHSROLFHSRVWDQG
DVNHG IRU WKH NLG XVLQJ KLV IXOO QDPH EHFDXVH HYHQ WKRXJK ZHOO JR RQ
FDOOLQJKLP$EHMDWKHZRPDQDQGWKHWZRRIILFLDOVNQHZWKHSOHDEDUJDLQ
ZLWQHVVVIXOOQDPHDQGHYHQZURWHLWLQWKHLUUHSRUWV $EHMDPXWWHUHGWKDW
KHZDVJUDWHIXOIRUWKHZRPDQVNLQGQHVV
%XW\RXNQHZZKDWW\SHRIZLWQHVV\RXKDGKRZLPSRUWDQWLWZDVWKDWKH
WHVWLI\" <RX NQHZ WKDW KH FRXOGQW SRVVLEO\ ZDQW WR VWLFN DURXQG LQ WKRVH
FRQGLWLRQV",VD\WRWKHRIILFHU
:H NQHZ ZKDW KH ZDV OLNH :H NQHZ KHG JHW ERUHG EXW WKHUH ZDV
QRWKLQJZHFRXOGGR

$EHMDLVQRWXQLTXH7KHXJOLHVWWKLQJDERXWDOORIWKLVLVWKDW$EHMDGRHVQW
VWDQGRXW7KHUHDUHPDQ\OLNHKLP+HDORQJZLWKDOOWKHRWKHUSOHDEDUJDLQ
ZLWQHVVHVDUHFULPLQDOVZHGHSHQGRQ7KH\UHDJRRGSDUWRIZKDWIXHOV
WKHMXGLFLDOV\VWHPRI(O6DOYDGRURIDOORI&HQWUDO$PHULFD(DFK\HDUWKH
87(DVVLVWVPRUHWKDQSHRSOHLQ(O6DOYDGRU,QWKHVHYHQ\HDUVVLQFH
WKH6SHFLDO/DZIRUWKH3URWHFWLRQRI9LFWLPVDQG:LWQHVVHVZDVSDVVHGWKH
SURJUDPKDVKRXVHGSHRSOHZKREHWUD\HGWKHLUFULPLQDORUJDQL]DWLRQVWRJHW
RXWRISULVRQRUEHFDXVHWKH\KRSHGIRUDEHWWHUOLIHRUEHFDXVHWKH\ZHUH
YLFWLPVRIWKRVHRUJDQL]DWLRQV$VVLVWLQJDOOWKRVHSHRSOHZKRVXUYLYHGWKH
FUXVKRIYLROHQFHLQFOXGHVVXSSO\LQJWKHPZLWKWRLOHWSDSHUKRXVLQJQHHGV
DQGEDE\IRUPXOD0RVWRIWKHVHSHRSOHWKHJUHDWPDMRULW\RIWKHVHSHRSOH
DFFRUGLQJWRGDWDSXWRXWE\WKH87(KDYHZLWQHVVHGDKRPLFLGHRUZHUH
QHDUO\PXUGHUHGWKHPVHOYHV
$ VPDOOHU SHUFHQWDJH RI WKHVH ZLWQHVVHV DERXW ILIW\ D \HDU DUH SOHD
EDUJDLQ ZLWQHVVHV ZKR KDYH GHFLGHG WR EHWUD\ WKHLU JDQJV 0RVW RI WKHVH
ZLWQHVVHVDJUHHWREHLQWHUQHGLQVDIHKRXVHVRWKHUVOLNH$EHMDSUHIHUQRW
WR$QGPDQ\PRUHDUHQHYHUJUDQWHGWKHVWDWXVRISOHDEDUJDLQZLWQHVVEXW
DUHQHYHUWKHOHVVNHSWLQUXUDOSROLFHSRVWVZKHUHWKH\GROHRXWLQIRUPDWLRQ
ZKLOHORFNHGLQWLQ\URRPVRUFHOOVLQDVWDWHRIOLPEREHWZHHQEHLQJMDLOHG
DQGEHLQJVKHOWHUHG2QO\DMXGJHFDQJUDQWSOHDEDUJDLQZLWQHVVVWDWXV$V
0DXULFLR 5RGUtJXH] WKH GLUHFWRU RI 87(V 'HSDUWPHQW RI :LWQHVV DQG
9LFWLP 3URWHFWLRQ WROG PH LW FDQ WDNH PRQWKV IRU DQ LQIRUPDQW WR EH
GHFODUHGDSOHDEDUJDLQZLWQHVV:KLOHDZDLWLQJWKHMXGJHVGHFLVLRQ87(


FDQWGRDWKLQJIRUWKDWSHUVRQ
0DQ\RIXVFHOHEUDWHWKHIDFWWKDW9LHMR/LQWKHQDWLRQDONLQJSLQRI%DUULR
 LV QRZ EHKLQG EDUV EXW IHZ RI XV UHPHPEHU /XLV 0LJXHO WKH SOHD
EDUJDLQ ZLWQHVV ZKR LQFULPLQDWHG KLP )RU PDQ\ RI XV LWV D UHOLHI WKDW
&KLQR7UHV&RODV 7KUHHWDLO&KLQDPDQ DQRWKHUNLQJSLQRIWKHVDPHJDQJ
KDVMRLQHGWKHOLNHVRI9LHMR/LQEXWIHZNQRZDERXW=HXV$SROR2ULRQ
$ULHV DQG 1HSWXQH 7KH WULDO RI WKH WKLUWHHQ JDQJ PHPEHUV DFFXVHG RI
WZHQW\WZRKRPLFLGHVLQ6RQVRQDWHPDGHQDWLRQDOQHZVEXWQRRQHWKDQNHG
5D~O 7KRVH JDQJ PHPEHUV ZHUH NQRZQ DV WKH %DJJHUV EHFDXVH RI KRZ
WKH\GZUDSWKHOLPEVRIWKHLUYLFWLPVERGLHVLQEODFNEDJV1RRQHWKDQNHG
=DILURDQG7RSD]LRIRUVROYLQJWKH0DVVDFUHRI/DV3LOLWDV1RRQHWKDQNHG
'DQLHOIRUH[SODLQLQJKRZ/RV6LFDULRVDFOLTXHPDGHXSLQSDUWRISROLFH
RIILFHUV RSHUDWHG LQ HDVWHUQ (O 6DOYDGRU 2Q 0RQGD\ 0D\  D ODUJH
QXPEHU RI WKH 6DOYDGRUDQ SRSXODWLRQ VDZ 0HGLR 0LOOyQ KDQGFXIIHG RQ
QDWLRQDOQHZVEXWQRRQHVDZ$EHMDJRKXQJU\LQWKHWLQ\ERLOLQJURRPRI
$JXD&DOLHQWH
0XUGHUHUV UDSLVWV VOD\HUV :LWQHVVHV UHVSRQGHQWV FRQIHVVRUV )HZ
XQGHUVWDQGWKHRYHUODSRIWKHVHFDWHJRULHVDVZHOODV,VUDHO7LFDVWKHPDQ
ZKRH[KXPHVWKHGHDGIURPWKHJURXQGWKHRQO\IRUHQVLFLQYHVWLJDWRULQDOO
RI (O 6DOYDGRU )URP WKH \HDU  XQWLO WRGD\ 7LFDV KDV H[KXPHG 
ERGLHV
,WVKDUGWRILQGDJRRGWLPHWRWDONZLWK7LFDV+HWHOOVWKHVWRU\KHZDQWV
WRWHOODQGWKHOLWWOHGLWW\SOD\LQJDORQJZLWKWKHFDUWRRQVRQWKH79LQWKH
VPDOOUHVWDXUDQWZKHUHZHUHPHHWLQJLVJRLQJWRKDYHWREHWKHEDFNJURXQG
PXVLF
)LUVW WKH QXPEHUV &ROG DQG JULP 0RVW RI WKH  ERGLHV 7LFDV
UHFRYHUHG ZHUH WKDQNV LQ SDUW WR WKH KHOS RI SOHDEDUJDLQ ZLWQHVVHV
7ZHQW\VHYHQERGLHVIURPWKHERWWRPVRIWZHOYHZHOOV+HZDVWLSSHGRII
WRHLJKWRIWKRVHZHOOVE\QHLJKERUVZKRGQRWLFHGDIHWLGVWLQNLQWKHDLURU
VLPSO\E\FDWFKLQJVRPHRQHLQWKHDFWRIWKURZLQJRYHUDERG\7KDQNVWR
SOHDEDUJDLQZLWQHVVHV7LFDVZDVWLSSHGRIIWRDQRWKHUIRXUZHOOV7KDQNV
WR SOHDEDUJDLQ ZLWQHVVHV 7LFDV KDV UHFRYHUHG VL[WHHQ RI WKRVH WZHQW\
VHYHQERGLHV
1RZKLVZRUGV3HUKDSVWKHZRUVWSDUWRIWKLVVWRU\2QHWLPH,SXOOHG
RXWDER\DERXWILYH\HDUVROGDQGDJLUODERXWHLJKW7KHZLWQHVVVDLGWKH\
SURPLVHGWKHJLUOWKDWWKH\ZRXOGQWNLOOKHUOLWWOHEURWKHULIVKHOHWKHUVHOI
EHUDSHGE\ILIWHHQPHQ7KH\UDSHGKHUDQGWKHQNLOOHGWKHPERWK,WZDVLQ
$WHRVLQ,IRXQGWKHWZRERGLHVKXJJLQJ
'R\RXIHHOWKHZLWQHVVHVDUHVRUU\IRUWKHLUDFWLRQV"


1R7KH\UHWRWDOO\FDOP,DGPLUHWKDWDERXWWKRVHIXFNHUV7KH\UHQRW
HYHQHPEDUUDVVHG,UHPHPEHUDZKLWHJX\ZKRGLHGRI$,'6+HJRWWREH
VRQLFHDIWHUKHJRWVLFN+LVZLIHZDVWKHODVWERG\KHWKUHZLQWRWKDWZHOO
,DVNHGKLP6R\RXNLOOHG\RXUZLIH"<HSKHVDLGWRPHWKH0DUDVWROG
PHVKHNQHZWRRPXFK,WROGKHUVKHKDGWRGLH6KHJRWRQKHUNQHHVDQG
DVNHGPHLIVKHFRXOGSOHDVHVD\JRRGE\HWRRXUWKUHHNLGV:HZHQWWRWKH
KRXVH DQG VKH NLVVHG HDFK RQH RQ WKH IRUHKHDG 7KHQ , EURXJKW KHU EDFN
KHUH VKH ZDV EHJJLQJ WHOOLQJ PH , FRXOG WHOO WKH 0DUDV WKDW ,G DOUHDG\
NLOOHGKHUWKDWVKHFRXOGIOHHWKHFRXQWU\,WROGKHUWKDWDQRUGHULVDQRUGHU
, EHKHDGHG KHU DQG , WKUHZ KHU KHDG RYHU ZKLOH KHU ERG\ ZDV VWLOO
VTXLUPLQJ 7KDWV KRZ , IRXQG KHU RQ WRS RI DQRWKHU QLQH ERGLHV <RXOO
ILQG D NQLIH LQ KHU YDJLQD WKH ZLWQHVV KDG WROG PH $QG WKDWV ZKDW ,
IRXQG
+DYH\RXJRWWHQDQ\WKHUDS\"
1RWKLQJ
:KDWGR\RXWKLQNRIWKHVHSOHDEDUJDLQZLWQHVVHV"
7KH\UH LPSRUWDQW WR P\ ZRUN EHFDXVH WKH\ WHOO PH ZKDW ,P JRLQJ WR
ILQGXQGHUWKHJURXQGWKH\WHOOPHZKDWKDSSHQHG7KH\UHLQYDOXDEOH,YH
ZRUNHG ZLWK VRPH WKLUW\ ZLWQHVVHV ZKR KDYH JLYHQ PH GHWDLOV DQG WKHQ ,
YHULI\LILWVWUXHDQGWKDWVHYLGHQFHWKDWVRQWKHUHFRUG
)HZ FRXOG VWDUW ZLWK WKH VWRU\ RI WKH HLJKW\HDUROG JLUO DQG HQG ZLWK
ZKDWKHVHHVDVWKHLPSRUWDQFHRIWKHVHPLVHUDEOHWUDLWRUVZKRSDUWLFLSDWHG
LQ WKH PXUGHU RI WKDW VDPH HLJKW\HDUROG JLUO EXW 7LFDV XQGHUVWDQGV WKLV
FRXQWU\ 2QH RI WKH JLUOV UDSLVWV LV QRZ IUHH IRXUWHHQ RWKHUV DUH EHKLQG
EDUV
,QWKHUHVWDXUDQWWKHFDUWRRQVGURQHRQ

7KLV LV DQRWKHU UHVWDXUDQW DQRWKHU FRQYHUVDWLRQ 2Q WKH RWKHU VLGH RI WKH
WDEOH VLWV D ORQJWLPH SROLFH LQYHVWLJDWRU ZKRV EHHQ VKXWWOHG IURP RQH
GLYLVLRQ WR DQRWKHU 7KLV RIILFHU KDV SDUWLFLSDWHG LQ SROLFH UDLGV EDVHG RQ
LQIRUPDWLRQ JOHDQHG IURP SOHDEDUJDLQ ZLWQHVVHV 7KH\ EHWUD\ KH UDLGV
:LWKRXWWKHPKHZRXOGYHKDGWRHQGXUHORQJVWUHWFKHVZLWKYHU\OLWWOHWR
GRRYHUWKHFRXUVHRIKLVSROLFLQJFDUHHU
)RU PH MXVW KHDULQJ WKHP WDON JLYHV PH WKH UXQV KH VD\V DERXW WKH
ZLWQHVVHV IRU ZKRP KH IHHOV QRW DQ RXQFH RI JUDWLWXGH 7KH\UH VRQV RI
ELWFKHV WKH\UH SROLFHVOD\HUV $Q\ FKDQFH WKH\ JHW WKH\ HVFDSH IURP WKH
VDIHKRXVHV7KH\OOJRRQH[WRUWLQJSHRSOHIURPLQVLGHWKHVDIHKRXVHV-XVW
ILIWHHQGD\VDJRRQHRIWKHPHVFDSHG+HFDOOHGDQGVDLGKHGFRPHEDFN
EXWRQO\LIZHEURXJKWKLPKLVZLIH7KHIXFNHU,PQRWJRLQJWRVSHQGP\
WLPHORRNLQJDIWHUWKDWOD]\IXFNHUVZLIH


3ROLFHGRQWOLNHWRWDONDERXWDVWKHFRSWHUPHGWKHPJDQJEDQJHUVZKR
ZDQW WR VDYH WKHLU RZQ VNLQ ,Q IDFW HYHQ RQ DQ LQVWLWXWLRQDO OHYHO WKH\
GRQW OLNH WR WDON DERXW WKHP , VSHQW ZHHNV DVNLQJ WKH SROLFH
FRPPXQLFDWLRQVGHSDUWPHQWWRWDONWRPHDERXWSOHDEDUJDLQZLWQHVVHVEXW
DIWHUVHYHUDOWULHVWKHGHSDUWPHQWWROGPHLWZDVLPSRVVLEOHWRILQGDQ\RQH
ZLOOLQJWRWDONHVSHFLDOO\LI,ZDVSODQQLQJRQEULQJLQJXS$EHMD
3OHDEDUJDLQ ZLWQHVVHV HVSHFLDOO\ IRUPHU JDQJ PHPEHUV KDYH WR GHDO
ZLWK WKH IDFW WKDW WKHLU FOLTXHV KDYH FRPPLWWHG PDQ\ FULPHV DJDLQVW WKH
SROLFH,QRWKHUZRUGVWKHLUJXDUGLDQVZLOORIWHQKDYHDSURIRXQGKDWHIRU
WKHP 6RPHWLPHV WKH\UH HYHQ IRUFHG WR WHVWLI\ DERXW WKH FRPSOLFLW\ RI WKH
SROLFH$EHMDGLGH[DFWO\WKDWLQ0HGLR0LOOyQVWULDO
7KHLUVXSSRVHGDQRQ\PLW\ PDQ\SROLFHRIILFHUVNQRZWKHPLQWLPDWHO\ LV
OLNHDEDGDQGGDQJHURXVMRNH*LYLQJWKHPDFRGHQDPHLVRIWHQMXVWDFRXUW
IRUPDOLW\QRWKLQJPRUH,WGRHVQWSURWHFWWKHP
,VSHQWKRXUVWDONLQJZLWKDNH\ZLWQHVV/LHEUHDOVRNQRZQDV(O1LxR
+ROO\ZRRG D KLW PDQ RI WKH 0DUD 6DOYDWUXFKD ZKR XQDEDVKHGO\ WROG PH
ZKDWKLVJDQJQDPHZDVDQGZKDWKLVSUHYLRXVJDQJQDPHKDGEHHQEHIRUH
WKDW HYHQ JLYLQJ PH WKH JRDKHDG WR SXEOLVK QDPHV (O 1LxR IURP WKH
+ROO\ZRRG/RFRV6DOYDWUXFKDFOLTXHZDVWKHSULQFLSDOKLWPDQIRU&KHSH
)XULD GLVFXVVHG LQ &KDSWHU   DQG KDG VXUYLYHG D PXUGHU DWWHPSW DW WKH
KDQGVRIDJDQJRIH[PLOLWDU\DJHQWVZKRFDPHORRNLQJIRUKLPDWWKHSROLFH
SRVWZKHUHKHZDVEHLQJKHOG/XFNLO\WKHORFDOSROLFHPDQDJHGWRVWRSWKH
KLW PHQ :KHQ , ILUVW PHW ZLWK (O 1LxR RQH RI KLV DWWDFNHUV KDG MXVW EHHQ
JUDQWHGVWDWXVDVDSOHDEDUJDLQZLWQHVVLQH[FKDQJHIRUKLVWHVWLPRQ\KHG
EHHQIRUJLYHQDQ\FKDUJHVUHODWHGWRKLVDWWHPSWHGPXUGHURI(O1LxR
(O 1LxRV DOVR UHFHLYHG GHDWK WKUHDWV FRPLQJ IURP LQVLGH WKH SULVRQ RI
&LXGDG%DUULRV/RFDOSROLFHRIILFHUVVR(O1LxRWHOOVPHKDYHLQYLWHGKLP
RXWRIKLVFHOORQWKHFRQGLWLRQWKDWKHPXUGHUVRPHRQHIRUWKHPLQDSOR\WR
JHW KLP RXW VR WKH\ FRXOG NLOO KLP 7KDQNV LQ ODUJH SDUW WR KLV WHVWLPRQ\
&KHSH )XULD OHDGHU RI WKH +ROO\ZRRG /RFRV 6DOYDWUXFKD RI $WLTXL]D\D
ZDVFRQGHPQHGWRWZHQW\WZR\HDUVLQSULVRQ
(O1LxROLYHVDPRQJDKDQGIXORIRIILFHUVZKRKDWHKLPLQWKHPLGGOHRI
D ]RQH ODUJHO\ FRQWUROOHG E\ WKH FOLTXH KH FDPH FORVH WR REOLWHUDWLQJ (O
1LxRV VLWXDWLRQ DV ZHOO VHH LVQW YHU\ GLIIHUHQW IURP ZKDW $EHMD OLYHG
WKURXJK
2QDGDUNDQGFORXG\HYHQLQJ(O1LxRFXUOVXSRQKLVSRUFKLQIURQWRID
FDUWLUHWXUQHGFRIIHHWDEOHZKHUHKHVHWVWKHGROODUVZHHWEUHDGKLVZLIH
EULQJVRXWWRXV
, DVN KLP ZKDW KH PRVW PLVVHV RI KLV IRUPHU OLIH DQG KH WHOOV PH KH


PLVVHV KXQWLQJ OL]DUGV DQG FUDEV QHDU WKH ULYHU ,I KH ZHUH D IUHH PDQ KH
VD\V ZKDW KH ZRXOG PRVW OLNH WR GR LV VLPSO\ JR WR WKH SDUN ZLWK KLV
GDXJKWHU +LV WZR\HDUROG GDXJKWHU REVHUYHV XV IURP DIDU ZDLWLQJ WR EH
IHGWKHERLOHGJLVTXLOHVVHUYHGZLWKVDOWDQGOLPHWKDWKHUPRWKHUKDVVHW
RXW RQ WKH WLUH 7KDWV ZKDW (O 1LxR ZRXOG OLNH WR GRLI KH ZHUH IUHH
%HFDXVHHYHQWKRXJKKHVQRWORFNHGXSKHIHHOVORFNHGXS+HNQRZVWKHUH
DUHSHRSOHZKRZDQWWRNLOOKLPDQGWKHWLQ\VKDFNZKHUHKHOLYHVLVRQO\
DVKHVD\VDJROGHQFDJH
(O1LxRLVVLFNRIWKHVWDWHWHOOLQJKLPKHVEHHQH[RQHUDWHG+HVEHHQ
OLYLQJDVDSOHDEDUJDLQZLWQHVVIRUWKUHH\HDUVDQGKHVSXWFOLTXHOHDGHUV
DVZHOODVGR]HQVRIKLWPHQEHKLQGEDUV+HNQRZVWKDWZLWKRXWKLVKHOS
&KHSH )XULD /LUR <RFNHU /LWWOH -RNHU  (O ([WUDxR WKH 6WUDQJHU  (O
0DQLiWLFR WKH0DQLDF ZRXOGQRWEHORFNHGXSEHFDXVHWKHRQO\WKLQJWKH
VWDWHKDVDJDLQVWWKHPLVKLVWHVWLPRQ\
(O 1LxR SDXVHV EHIRUH DQVZHULQJ 7KRXJK KH VSHDNV LQ JDQJ VODQJ WKH
FRQWHQWRIKLVZRUGVLVWKHSURGXFWRISXUHUHIOHFWLRQ+HVHHPVWRWXUQWR
VWRQHEHIRUHUHVSRQGLQJ
+RZKDVWKHVWDWHWUHDWHG\RX"
,WVIXFNHGXS6RPHWLPHVWKH\JLYHPHHJJVEXWWKHSUREOHPLVWKDW,P
FRQVWDQWO\ DVNLQJ WKH SROLFH IRU PRQH\ IRU WRUWLOODV )RU P\ OLWWOH JLUO WKH
87( RQO\ VHQW RQH SDFNDJH ZKHQ VKH ZDV ERUQ VRPH FORWKHV VKRHV
WRZHOV GLDSHUV OLWWOH WKLQJV OLNH WKDW EDVLF WKLQJV %XW WKDW ZDV WKH RQO\
WLPH6KHFDQWXVHDQ\RIWKDWDQ\PRUHEHFDXVHVKHVJURZQQRZ,KDYHQW
EHHQDEOHWREX\KHUDOLWWOHGUHVV,I,ZHUHRXWRIKHUH,FRXOGPDNHD
GD\QRSUREOHP
:KDWKDSSHQVLI\RXUOLWWOHJLUOJHWVVLFN"
7KH\YHQHYHURIIHUHGPHGLFDOKHOS,YHKDGWRJRRXWWRJHWLW:KHQ
P\ JLUO JRW VLFN , VSHQW  DW D FOLQLF LQ $KXDFKDSiQ 2QH IULHQGO\ FRS
JDYHPH$QRWKHUWLPHZKHQ,KDGWRWDNHKHUWRDKRVSLWDODQRWKHUFRS
JDYHPH7KDWVDOOWKHKHOS,KDG
$QGZKDWHOVHDUH\RXODFNLQJ"
1RVKRHV1RFORWKHV(YHU\WKLQJ,KDYHKDVEHHQJLYHQWRPH2QHWLPH
VRPHDJHQWVERXJKWPHVRPHXVHGFORWKHV%XWWKH\VKRXOGKDYHMXVWOHIWPH
WR IHQG IRU P\VHOI ,G EH EHWWHU RII 0LON VRPHWLPHV WKHUHV VRPH LQ WKH
87(IRRGER[7KH\WROGPHWKH\ZHUHJRLQJWRJLYHPHDGD\2QHWLPH
WKH\HYHQVHQWPHDER[ZLWKQREHDQV
7KHPRQWKO\87(ER[LVQRWKLQJOX[XULRXV,WVVXSSRVHGWRLQFOXGHIRXU
SRXQGVRIEHDQVVRPHULFHSDVWDVDOVDVVDOWVXJDURLOWRLOHWSDSHUVRDS
WRRWKEUXVKHV


5RGUtJXH]RIWKH87(WROGPHWKDWWKLVZDVW\SLFDO(YHU\\HDUKHKDVWR
GHDO ZLWK WKH JRYHUQPHQWV SHQQ\SLQFKLQJ 7KH 87( EXGJHW LV DERXW 
PLOOLRQ D \HDU EXW DIWHU DFFRXQWLQJ IRU WKH SD\FKHFNV RI WKH PDQ\ SROLFH
RIILFHUV KLUHG WR JXDUG WKH VDIH KRXVHV DIWHU DFFRXQWLQJ IRU WKH PRUH WKDQ
 ZLWQHVVHV WKH IRRG ER[HV DQG DOO WKH ZKLWHFROODU SURWHFWHG
ZLWQHVVHVZKRGHPDQGEHWWHUKRXVLQJWKHEXGJHWVLPSO\GRHVQWFXWLW
7KHUH DUH SHRSOH ZH KRXVH LQ DPRQWK DSDUWPHQWV EHFDXVH WKH\
GHPDQG WKRVH FRQGLWLRQV 5RGUtJXH] H[SODLQV 6RPHWLPHV , KDYH WR EHJ
GRFWRUVWRJLYHPHEDE\IRUPXODIRUIUHH$QGWKHQWKHUHVPRQWKVZKHQWKH
JRYHUQPHQWUHIXVHVWRSDVVDEXGJHW7KDWVDEVROXWHKHOOEHFDXVHZHKDYH
WRGHDOZLWKWKHIDFWWKDWZHVLPSO\FDQWSD\UHQWDQGZHKDYHWRVHHKRZ
ZHOO ILQG WKH PRQH\ WR VHQG HYHU\RQH WKHLU IRRG ER[HV 5RGUtJXH]
UHPHPEHUV ZKHQ WKH\ ZHUH WUDLQHG E\ WKH 86 0DUVKDOV 6HUYLFH WR
LPSOHPHQWWKHGLUHFWLYHVRI86FRXUWVLQFOXGLQJWKHRYHUKDXORIWKHZLWQHVV
SURWHFWLRQ SURJUDP $ PDUVKDO H[SODLQHG WR 5RGUtJXH] WKDW LQ WKH 8QLWHG
6WDWHVZLWQHVVSURWHFWLRQLQYROYHGPRYLQJWKHZLWQHVVDQGWKHLUIDPLOLHVWR
DQRWKHU VWDWH JLYLQJ WKHP DW OHDVW D \HDU RI MRE WUDLQLQJ KRXVLQJ IRRG D
PRQWKO\ LQFRPH DQG FKDQJLQJ WKHLU LGHQWLW\ 5RGUtJXH] VPLOHV LPDJLQLQJ
ZKDW KH FRXOG GR ZLWK VXFK UHVRXUFHV %\ ODZ WKH 87( FDQQRW KDQG RXW
FDVK LW FDQQRW FKDQJH D ZLWQHVVV LGHQWLW\ DQG RQO\ LQ YHU\ VSHFLDO FDVHV
FDQLWFRQWLQXHWRRIIHUSURWHFWLRQRQFHWKHZLWQHVVKDVILQLVKHGKLVRUKHU
FRXUWSURFHVV,QPRVWFDVHVDIWHUJLYLQJWHVWLPRQ\WKHSURWHFWLRQLVRYHU
WKHIRRGER[LVGRQH7KRXJKWKHIRRGER[HVVHOGRPFRPHDQ\ZD\
,I\RXFRXOGRQO\VHHWKHVDIHKRXVHV5RGUtJXH]VD\VLI\RXFRXOGVHH
KRZZHPDQDJHWRFXWFRUQHUV:HSODQWYHJHWDEOHVLQPDNHVKLIWJDUGHQVRQ
URRIWRSVZHEX\WKHPSODVWLFSRROVWRUDLVHWLODSLD:HGRLWDOO
%DFNWRP\FRQYHUVDWLRQZLWK(O1LxR
<RXGRQWWKLQN\RXOOVLQNEDFNLQWKHJDPH"
,FDQWVD\(YHQKHUH,YHEHHQRIIHUHGWRGRVRPHMREV
:KDWGR\RXWKLQNZH6DOYDGRUDQVRZH\RX"
,YHULVNHGP\OLIH,JRWRIIWKHVWUHHWVDQGJRWDIXFNWRQRIKLWPHQRII
WKHVWUHHWVZLWKPH7KDWVZK\WKHUHVDKHOORIDORWRISHRSOHZKRZDQWWR
NLOOPHQRZ3ROLFHJDQJPHPEHUV,GRQWNQRZZKRZRUNVIRUZKRKHUH,
GRQW ZDQW WR EH LQ GDQJHU QR PRUH , KDYH P\ OLWWOH JLUO WR WKLQN DERXW
6RFLHW\GRHVQWFDUHDERXWP\VDIHW\WKH\RQO\FDUHWKDW,YHWHVWLILHG7KH\
VKRXOGVWRSDQGWKLQN7KH\VKRXOGVD\WRWKHPVHOYHV$\WKLQJVFRXOGJR
UHDOO\EDGIRUWKLVURDFK+HKDVKLVOLWWOHJLUO+HKDVKLVZRPDQ/HWVDW
OHDVWJLYHKLPDOLWWOHMRE

,WV-XQH:HUHDWWKH&LW\+DOORI,ORSDQJRDVXEXUEDQFLW\RI6DQ


6DOYDGRU DORQJ ZLWK IRXU OHDGHUV IURP YDULRXV %DUULR  FOLTXHV 7KH
JRYHUQPHQW DQG WKH JDQJV KDYH MXVW PDGH D WUXFH DQG %DUULR  FOLTXHV
KDYH FRPH WRJHWKHU WR \HOO DW FLW\ RIILFLDOV ZKR KDYH EHHQ FUHDWLQJ PRUH
FRPPXQLW\SURMHFWVLQ]RQHVGRPLQDWHGE\WKH0DUD6DOYDWUXFKD%DUULR
LVVWDUWLQJWRJHWGHVSHUDWH
7KHFOLTXHOHDGHUVDJUHHWRVLWGRZQDWDWDEOHLQ&LW\+DOODQGDQVZHU
VRPH TXHVWLRQV 7KH ILUVW LV VLPSOH DQG GLUHFW :KDW LV D SOHDEDUJDLQ
ZLWQHVV"7KHOHDGVSRNHVPDQZKRZLHOGVKLVSROLWLFDOSRZHUIURPEHKLQG
SULVRQEDUVVD\V7KH\UHOLDUVZKRLQFULPLQDWHSHRSOHZKRKDYHQWHYHU
EHHQLQYROYHG,WVQRZKHUHQHDUMXVWLFH%HFDXVHRIDZLWQHVVWHQWZHQW\
SHRSOH DUH DFFXVHG DQG PDQ\ ZHUHQW HYHQ LQYROYHG $QRWKHU RI WKH
JDQJVWHUV VSHDNV XS >$ SOHDEDUJDLQ ZLWQHVV@ LV D WUDLWRU D VQLWFK ZKR
HQGDQJHUVRXUIDPLO\
6XUHO\ LI ZH ZHUHQW DW &LW\ +DOO LI ZH ZHUH RQ WKHLU WXUI DQG VLWWLQJ
DURXQGVKRRWLQJWKHVKLWWKHLUZRUGVZRXOGEHIDUOHVVPHDVXUHG1RZLQ
WKHLUUROHVDVQHJRWLDWRUVRIWKHWUXFHWKH\UHULGLQJWKHEUDNHVWKURXJKRXW
WKHFRQYHUVDWLRQ
$QG DGGV WKH FKLHI VSRNHVPDQ WKH SROLFH DUH DOZD\V IXFNLQJ ZLWK
\RXWRVD\PRUH7KH\WLHGPHXSKLWPHDQGOHIWPHLQ$ODVND>06WXUI@IRU
WKHP WR NLOO PH $OO WKLV EHFDXVH , VDLG WR WKHP .LOO PH ,P QRW D OLWWOH
ELWFK,ZRQWWHOO\RXDWKLQJ7KHSROLFHWKUHDWHQ\RXZLWKGHDWKEXWWKDW
GRHVQWPHDQ\RXWDON
,DVNDTXHVWLRQHYHQWKRXJK,IHHO,PDOUHDG\KHDULQJLWVDQVZHULQWKHLU
YRLFHV ,WV RQH RI WKRVH TXHVWLRQV WKDW IRU REYLRXV UHDVRQV VRXQGV SUHWW\
GXPE :RXOG \RX IRUJLYH D SOHDEDUJDLQ ZLWQHVV" 7KH JUXIIHVW RI WKH
EXQFKDQVZHUV,OOSXWLWWKLVZD\,IVRPHRQHGLGLWWKHILUVWWLPHWKH\OO
GRLWDJDLQDQGLIKHGLGQWDOUHDG\VSLOODIXFNWRQRIEORRGKHOOVSLOOLW
WKHQH[WWLPH
:H KDYH WLPH IRU RQH ODVW TXHVWLRQ ,V WKH VWDWH DEOH WR NHHS WKH
ZLWQHVVHVDQRQ\PRXVRUGR\RXJX\VXVXDOO\ILQGRXWZKREHWUD\HG\RX"
7KH IRXU H[FKDQJH ORRNV DQG VPLOHV 7KH OHDGHU UHVSRQGV ,WV DV LI
VRPHRQHLQ\RXUIDPLO\VWDUWHGDUXPRU<RXNQRZZKRVWDUWHGLWZKHQWKH\
VWDUWHGLWDQGKRZWKH\VWDUWHGLW7KHJUXIIRQHKDVVRPHWKLQJHOVHWRVD\
WKH ZRUGV DOUHDG\ LQ KLV PRXWK <RX DOZD\V NQRZ EHFDXVH \RX FDQ VHH
WKHLU IDPLO\ VWDUW WR GLVDSSHDU DQG WKH RQH ZKR JRW WKH VWDWXV VRRQHU RU
ODWHUKHVJRLQJWRGLVDSSHDUWRR

1RZHGRQWKDYHDFHOO7KDWVZK\KHFRXOGQWKDYHEURNHQWKURXJKDQ\
EDUV7KLVLVQWDFHOOLWVMXVWWKHOLWWOHURRPDWWKHHQGRIWKHILUVWIORRU-XVW
DERYHWKHVHSWLFWDQN


8QGHU$EHMDVURRPZDVDWDQNRIVKLW
7KHJX\VSHDNLQJLVWKHFKLHIRIWKHSROLFHSRVWRI$JXD&DOLHQWH,ILQDOO\
JRW KLP RQ WKH SKRQH , JDYH KLP P\ FHOO QXPEHU EXW EHFDXVH WKH SROLFH
SRVWVWHOHSKRQHFDQWFDOOFHOOSKRQHVKHZDVQWDEOHWRFDOOPHEDFN7KH
FKLHI RI LQYHVWLJDWLRQV RI &KDODWHQDQJR KDG OLHG WR PH +HG WROG PH WKDW
$EHMD KDG EURNHQ WKURXJK WKH EDUV RI KLV FHOO DQG HVFDSHG ,W ZDV D OLH
7KHUHZDVQRFHOODQGQREDUV$QGEHFDXVHWKHSRVWLVQWILWIRUDQLQPDWH
WKHSROLFHVLPSO\RXWILWWHGWKHURRPDSODFHWRWHPSRUDULO\ORFNXSDGUXQN
DERYHDWDQNRIVKLW
:HOO VRPHWLPHV ORFN XS D ELQJH GULQNHU EXW RQO\ VR WKH\OO VWRS
ERWKHULQJSHRSOH:HKROGWKHPWZRWKUHHGD\VDQGWKHQOHWWKHPJR%XWZH
QHYHU NHHS PXUGHUHUV KHUH ,WV GDQJHURXV IRU XV DQG GDQJHURXV IRU WKHP
7KDWNLG $EHMD ZKHQWKH\EURXJKWKLPKHUHWKH\WROGXVWKH\GRQO\NHHS
KLPKHUHRQHQLJKWEXWWKH\OHIWKLPKHUHILIWHHQPRQWKV
$EHMD GLGQW HVFDSH IURP SULVRQ $EHMD HVFDSHG IURP D WLQ\ ERLOLQJ
URRPDERYHDVHSWLFWDQNLQDSROLFHSRVWWKDWZLWKOXFNLVVWDIIHGE\WZR
RIILFHUVDWDWLPH
7KHFLUFXPVWDQFHVRI$EHMDVWUDQVIHUWR$JXD&DOLHQWHVHHPDFFLGHQWDO
$JXD &DOLHQWH LV WKH FLW\ LQ ZKLFK 0HGLR 0LOOyQ WKH PDQ DJDLQVW ZKRP
$EHMD WHVWLILHG ZDV ERUQ $JXD &DOLHQWH LV UXOHG E\ WKH )XOWRQ /RFRV
6DOYDWUXFKD FOLTXHIRUW\VHYHQ RI ZKRVH PHPEHUV $EHMD ZDV WHVWLI\LQJ
DJDLQVW 7KDWV WR VD\ RI WKH  PXQLFLSDOLWLHV LQ (O 6DOYDGRU WKH VWDWH
FKRVH WR ORFN $EHMD XS LQ WKH WRZQ ZKHUH 0HGLR 0LOOyQ ZDV ERUQ 7KH
31& KDV GR]HQV RI GHOHJDWLRQV VWDIIHG ZLWK SROLFH 7KH 31& KDV DW LWV
GLVSRVDO DQG RQO\ D KDOI KRXU DZD\ IURP WKLV SROLFH SRVW ZLWK LWV VHSWLF
WDQNVWLQNDUHDOSROLFHRIILFHZLWKDUHDOMDLOFHOOVHYHUDOSDWUROFDUVDQG
PRUH RIILFHUV %XW WKH 31& GHFLGHG WKDW LW ZDV EHVW WR WUDYHO WKH XQSDYHG
URDGJHWORVWLQWKH6DOYDGRUDQQRUWKGULYHRYHUGLUWDQGURFNVDQGGLUWDQG
URFNVIRUKDOIDQKRXUDQGNHHS$EHMDLQWKHWRZQLQZKLFK0HGLR0LOOyQ
ZDVERUQ7KHVWDWHWKRXJKWLWZDVEHVWWRNHHSWKHLUNH\ZLWQHVVORFNHGXS
DERYHDVHSWLFWDQNZLWKRXWDQ\IRRG
$QGWKHUHDUHVXUHO\WKHUHDUHSHRSOHZKRHQMR\WKHWKRXJKWRI$EHMD
DQ H[JDQJ PHPEHU D PXUGHUHU D UDSLVW DQG DQ H[WRUWLRQLVWZULWKLQJ
ZLWKKXQJHULQDERLOLQJVKLWVWLQNLQJURRP%XWEHFDXVH$EHMDOHIWEHFDXVH
$EHMDLVQRORQJHUZLWKXVQRRQHZLOOEHDEOHWRWHOOWKHMXU\WKDWWKHERG\
IRXQGRQ-XO\LQWKHYLOODJHRI([,UDZDV)UDQFLVFR'RPtQJXH]
QRRQHZLOOEHDEOHWRVD\WKDW-HVVLFDWRRNKLPKRPHZLWKWKHSURPLVHRI
VH[DQGWKHQZKHQ)UDQFLVFRKDGVWULSSHGGRZQWRKLVUHGER[HUVLQFDPH
(O 7LJUH (O 6LPSVRQ DQG $EHMD ZKR VWUXQJ ZLUH DURXQG KLV QHFN DQG
VKRYHGDJXQVRGHHSGRZQKLVWKURDWWKDWEORRGVKRWRXWRIKLVQRVH1RRQH


LVJRLQJWRWHOOXVWKDW(O6LPSVRQRUGHUHG&KLQRNLOOHGEHFDXVHKHZDQWHG
WRTXLWWKH)XOWRQFOLTXHEHFDXVHKHQRORQJHUZDQWHGWREHDKLWPDQ1R
RQHLVJRLQJWREHDEOHWRVD\WKDWWKDWVZK\KHZDVVKRWWRGHDWKLQDGLWFK
QHDU1XHYD&RQFHSFLyQ1RRQHZLOOWDONDERXWKRZ'RxD&DUPHQ*XHUUD
ZDV PXUGHUHG EHFDXVH VKH KDG D FORVH UHODWLRQVKLS ZLWK WKH SROLFH 1R
RQH ZLOO UHPHPEHU WKDW WKH JDQJ PHPEHU NQRZQ DV 0RQJHQR RQH HOVH
ZLOO HYHQ NQRZ KLV IXOO QDPHDVNHG 'RxD &DUPHQ *XHUUD IRU D FXS RI
ZDWHU ZKLFK VKH JDYH WR KLP DQG IRU ZKLFK KH WKDQNHG KHU ZLWK VHYHUDO
FDOLEHUVKRWV1RRQHLVJRLQJWRVD\KRZDJLUOWKUHZKHUVHOIRQWRSRI
0RQJHEHJJLQJKLPWRVWRSVKRRWLQJDW'RxD&DUPHQ*XHUUD1RRQHZLOO
WDONDERXWWKHPXUGHURI,VDtDV$OFLGHV&DUULOORWKHYHJHWDEOHYHQGRUZKR
ZDVVKRWLQWKHKHDG1RRQHZLOOWDONDERXWWKH0VWLOORQWKHVWUHHWVRU
WKHPLOOLPHWHUWKHFDOLEHUWKH
1R RQH RI FRXUVH ZLOO EH DEOH WR VD\ WKDW DW DERXW QRRQ LQ FRPHV
0LVDHODOLDV0HGLR0LOOyQ,QUROOVDJUD\5XQQHUWUXFNDORQJZLWKD
ERG\JXDUG  , ZDV WKHUH DQG (O 6LPSVRQ DQG (O 5D\GHU ZKR WHOOV (O
6LPSVRQ WKDW 0HGLR 0LOOyQ ZRXOG EH FRPLQJ E\ ZLWK DQ DXWRPDWLF IURP
1XHYD &RQFHSFLyQ $QG 0HGLR 0LOOyQ LV WKH ILUVW WR JHW RXW WKHQ WKH
ERG\JXDUGDQG0HGLR0LOOyQKDVWZRPLOOLPHWHUVDQGWKHERG\JXDUGKDV
DQ$.WKDWKHJLYHVWR(O6LPSVRQ$QG0HGLR0LOOyQVD\V+HUHLWLV
ZHYHDOUHDG\FRPHWRDQXQGHUVWDQGLQJ1RRQHZLOOWHOOXVDQ\RIWKHVH
WKLQJV
1RRQHZLOOWHOOXVWKHVHWKLQJVEHFDXVHWKHSHUVRQZKRZDVJRLQJWRWHOO
XV JRW VLFN RI JRLQJ KXQJU\ RI IHHOLQJ RYHUKHDWHG RI JHWWLQJ QR PRUH WKDQ
VKLWVWLQNLQUHWXUQIRUKLVWHVWLPRQ\1RRQHZLOOWHOOXVEHFDXVH$EHMDJRW
VLFN RI DOO WKLV RQH GD\ LQ -XQH DQG XQKRRNHG D FRXSOH WKUHHLQFK URGV
RSHQHGWKHKDOIEURNHQGRRUVWRWKHEDOFRQ\FUDZOHGXSDVSDFHDERXWWKH
VL]HRIDQHOHYDWRUFKXWHDQGFOLPEHGWRWKHWKLUGIORRU+HOHIWEHKLQGWKH
VHSWLFWDQNKRSSHGRYHUWKHQH[WGRRUQHLJKERUVIHQFHDQGUDQ
, WKLQN WKH RIILFHU VD\V WKDW LI KH KDV DQ\ HQHPLHV RXW WKHUH WKH\OO
SUREDEO\ERRWKLPLQWRWKHQH[WOLIH



(O1LxR+ROO\ZRRGV'HDWK)RUHWROG

1RYHPEHU
0LJXHOQJHO7REDUNQRZQDV(O1LxR+ROO\ZRRGH[PHPEHURIWKH+ROO\ZRRG
FOLTXH RI WKH 0DUD 6DOYDWUXFKD ZDV PXUGHUHG RQ 1RYHPEHU   $ NH\
ZLWQHVV IRU WKH VWDWH KDYLQJ KHOSHG VHQG PRUH WKDQ WKLUW\ JDQJ PHPEHUV WR
SULVRQ KH ZDV DOVR D PXUGHUHU (YHQ DV WKH\ SURPLVHG WR SURWHFW KLP VWDWH
RIILFLDOVDOZD\VNQHZWKDWLWZDVRQO\DPDWWHURIWLPHEHIRUHKHGEHPXUGHUHG
7KLVLVWKHEULHIVWRU\RIDPDQ,NQHZZDVJRLQJWREHNLOOHG

6LQFH  0LJXHO QJHO 7REDU NQHZ WKDW KH ZDV JRLQJ WR EH PXUGHUHG
6RPHWLPHVKHWKRXJKWLWGEHWKH6DOYDGRUDQSROLFH2WKHUWLPHVKHWKRXJKW
LWG EH PHPEHUV RI %DUULR  8VXDOO\ WKRXJK ZKHQ KH WKRXJKW RI KLV
LPSHQGLQJ GHDWK KH ZDV FRQYLQFHG PHPEHUV RI KLV ROG JDQJ WKH 0DUD
6DOYDWUXFKDZRXOGEHWKHRQHVWRNLOOKLP
$WWKLUW\\HDUVROG0LJXHOQJHO7REDUZDVFRQYLQFHGKHZDVQWJRLQJ
WRGLHRIDKHDUWDWWDFNIURPDIDOORUIURPROGDJHGHILQLWHO\QRWIURPROG
DJH 6RPHWLPHV KH WKRXJKW KHG EH JXQQHG GRZQ RQ D GXVW\ WUDLO LQ WKH
ZHVWHUQ6DOYDGRUDQVWDWHRI6DQWD$QDRUPD\EH$KXDFKDSiQ)URP
RQDVIDUDV,NQRZKHZDVDOZD\VFRQVFLRXVRIWKH%HDVWWKDWIROORZHG
KLP+HUHIHUUHGWRWKH%HDVWDVYLROHQWGHDWKWKDWGLGQWWDNH\RXIURPWKLV
OLIHEXWWRUH\RXIURPLW+HWDONHGDERXWLWEHFDXVHKHNQHZLWEHFDXVHKH
KDGEHHQWKHRQHWRH[HFXWHLWVRPDQ\WLPHV+HWDONHGDERXWLWDOOWKHWLPH
:KLFK LV ZK\ D \HDU DJR KH ZHQW WR UHFRYHU D JDXJH VKRWJXQ IURP
ZKHUHKHGEXULHGLWRQDQHPSW\SORWRIODQG+HGVWROHQWKHJXQIURPD
JDV VWDWLRQ VHFXULW\ JXDUG GXULQJ D UREEHU\ ZKLFK WKH SROLFH KDG RUGHUHG
KLPWRFDUU\RXWLQDWRZQFDOOHG(O&RQJR
7REDUIHOWKHQHHGHGPRUHEDFNXSDQGVRKHJRWKLVKDQGVRQDQRWKHUJXQ
DSLVWROWKRXJKWKHSROLFHFRQILVFDWHGLWZKHQKHZDVZDONLQJRXWVLGH
RIKLVVKDFNLQWKH/DV3R]DVQHLJKERUKRRGRI6DQ/RUHQ]RLQ$KXDFKDSiQ
VWDWH 7KH %HDVW DOZD\V FORVH DW KLV KHHOV KH FURVVHG XQGHWHFWHG LQWR


*XDWHPDOD DW WKH EHJLQQLQJ RI  DQG SDLG  IRU D WUDEXFR D KDQG
FDQQRQWZR WXEHV RI PHWDO WKDW ZKHQ VODPPHG WRJHWKHU VKRW RXW D 
JDXJHVKHOO7KRXJK7REDUNQHZKHGVRPHGD\EHPXUGHUHGKHZDQWHGWR
DYRLGEHLQJFXWXSWRUWXUHGRUKDQJHG+HZDVKRSLQJIRUDVLQJOHJXQVKRW
+HZDVVRFRQILGHQWKHGEHNLOOHGWKDWKHGLGQWPLQGRSHQO\WDONLQJWR
PH DERXW LW (YHU VLQFH , PHW KLP RQH -DQXDU\ WZR \HDUV SUHYLRXVO\ ,G
EHHQWU\LQJWRVWRSE\DQGVHHKLPDWOHDVWRQFHDPRQWK,SDLGKLPDURXWLQH
YLVLW RQ 7XHVGD\ 0DUFK   7KDW GD\ LQ 0DUFK KH IHOW OLNH KH ZDV
FORVHU WR GHDWK WKDQ XVXDO 7KH QLJKW EHIRUH VRPHRQH KDG WROG KLP WKDW D
FRXSOH RI \RXQJ PHQ KDG VWUROOHG LQWR WKH QHLJKERUKRRG ORRNLQJ IRU WKH
JDQJVWHUOLYLQJDURXQGKHUH7REDUDQG,WDONHGLQVLGHDSLFNXSWUXFNZLWK
WLQWHGZLQGRZV,NHSWWKHPRWRUUXQQLQJWKHZKROHWLPH
+H\ PDQ WKHUHV D SUREOHP , WROG KLP <RXUH DOZD\V FKDQJLQJ
QXPEHUVVRLWVKDUGWRILQG\RX<RXQHHGWRJLYHPHWKHQXPEHUVRIVRPH
RI\RXUIDPLO\PHPEHUVVR,FDQFDOOWKHPWRJHWDKROGRI\RX
<HDK 2. ,Q FDVH VRPHWKLQJ FRPHV XS  , PHDQ VR WKH\ FDQ OHW \RX
NQRZZKHQWKH\JHWPH+H\WKH\NLOOHG(O1LxR
+HDOZD\VUHIHUUHGWRKLPVHOIE\WKHQLFNQDPHKHXVHGZKHQKHZDVVWLOO
LQ WKH JDQJ (O 1LxR RI WKH +ROO\ZRRG /RFRV 6DOYDWUXFKD FOLTXH RI
$WLTXL]D\DRUVLPSO\(O1LxR+ROO\ZRRG
2Q)ULGD\1RYHPEHULWZDVQWRQHRIKLVIDPLO\PHPEHUVZKR
FDOOHGPH,WZDVDQHLJKERU,JRWDFDOODWLQWKHDIWHUQRRQWHOOLQJPH
WKDW ZKDW ZHG DOO EHHQ H[SHFWLQJ WR KDSSHQ KDG ILQDOO\ KDSSHQHG +H\
EDG QHZV WKH QHLJKERU VDLG WR PH 7KH\ GLG LW WR (O 1LxR LQ 6DQ
/RUHQ]R

0LJXHOQJHO7REDUZDVDNLOOHU
,I \RX DVNHG KLP KRZ PDQ\ SHRSOH KHG NLOOHG KHG WHOO \RX ,YH
ZDVWHG  ZDVWHG DERXW ILIW\VL[ $ERXW VL[ ZRPHQ DQG WKH UHVW PHQ ,P
LQFOXGLQJIDJJRWVDVPHQFDXVH,YHNLOOHGWZRIDJJRWV
$NLOOHU
,Q SROLFH ILOHV WKHUH LV HYLGHQFH RI WKLUW\ KRPLFLGHV LQ ZKLFK (O 1LxR
SDUWLFLSDWHGDVDPHPEHURI06ZKLFKLVDFFRUGLQJWRWKH)%,WKHPRVW
GDQJHURXV JDQJ LQ WKH ZRUOG 7KH JDQJ ZDV IRXQGHG LQ WKH ODWH V LQ
6RXWKHUQ&DOLIRUQLDEXWZDVWKHQXSURRWHGDORQJZLWKRILWVPHPEHUV
DQGVHQWWR*XDWHPDOD+RQGXUDVDQG(O6DOYDGRUDVWKHUHJLRQGHVFHQGHG
LQWR FLYLO ZDU LQ WKH ODWH V 7RGD\ LQ (O 6DOYDGRU DORQH WKHUH DUH DQ
HVWLPDWHGPHPEHUV:KDWWKH8QLWHG6WDWHVWULHGWRIOXVKDZD\KDV
UDWKHUPXOWLSOLHG


0LJXHOQJHO7REDUZDVDNLOOHU
+HZDVUXWKOHVV,QZRUNLQJZLWKRWKHUJDQJPHPEHUVKHNLOOHGD
WZHQW\WKUHH\HDUROG PDQ NQRZQ DV &DEDOOR +RUVH  &DEDOOR KDG GRQH
VRPHWKLQJLGLRWLF+HGWDWWRRHGDRQRQHWKLJKDQGDQRQWKHRWKHU
HYHQWKRXJKKHKDGWZROHWWHUV 0DQG6 DOUHDG\WDWWRRHGRQKLVFKHVW
6RPHKRZ&DEDOORSXOOHGRIIEHLQJDPHPEHURIULYDOJDQJ%DUULRZKHQ
LW PDGH VHQVH IRU KLP DQG WKHQ SDVVHG KLPVHOI RII DV D PHPEHU RI 06
ZKHQHYHUWKDWPDGHVHQVHIRUKLP7REDUIRXQGRXWKLVVHFUHWOXUHGKLPLQWR
DUXUDODUHDRI$WLTXL]D\DDORQJZLWKVRPHRWKHU06PHPEHUV$QGWKHQKH
NLOOHG KLP %HIRUH KH GLHG KRZHYHU ZKHQ KH ZDV OLPEOHVV EXW VWLOO
EUHDWKLQJ WKH\ PDQDJHG WR WRUWXUH KLP IRU D IHZ PRUH PLQXWHV :KHQ WKH
ERG\RI&DEDOORZDVIRXQGKHKDGQRDUPVRUOHJVOHIWQRWDWWRRV7KDWZDV
WKHGD\ZKHQ7REDUZKRZDVWKHQNQRZQLQKLVFOLTXHDV3D\DVR &ORZQ
WKDQNVWRKLVORQJODUJHPRXWKHGDQGLPSLVKIDFHFKDQJHGKLVQDPHWR(O
1LxREHFDXVHDVWKH\ZHUHULSSLQJRXW&DEDOORVKHDUWKHKDGDQHSLSKDQ\
WKHDFWVHHPHGOLNHWKHELUWKRIDEDE\2IDQLxR
0LJXHOQJHO7REDUZDVDNLOOHU
(YHU\ERG\VDOZD\VNQRZQLW7KHSROLFHNQHZWKH\ZHUHGHDOLQJZLWKD
NLOOHU ZKHQ WKH\ ILUVW DSSURDFKHG KLP LQ  IRU KHOS LQ VROYLQJ FULPHV
FRPPLWWHG E\ PHPEHUV RI WKH +ROO\ZRRG /RFRV 6DOYDWUXFKD 7KH\ QHYHU
WKRXJKWRWKHUZLVH,QIDFWWKHFKLHIRISROLFHZKRFDPHWRKLVVKDFNLQ/DV
3R]DV RQ WKH GD\ KH GHFLGHG WR WXUQ DJDLQVW KLV JDQJ QHHGHG WR WDNH WKH
QHFHVVDU\SUHFDXWLRQV(O1LxRZDVDUPHGWKDWGD\ZLWKDFDOLEHUSLVWRO
DQGDDQGKDGEHHQVPRNLQJFUDFN$QG\HW(O1LxRVWLOODJUHHGWRJR
ZLWKWKHFKLHIRISROLFHWRWKHSROLFHVWDWLRQLQ(O5HIXJLR
(O 1LxR IHOW IHQFHG LQ 0HPEHUV RI KLV FOLTXH ZHUH EHJLQQLQJ WR JHW
VXVSLFLRXVWKDWKHZDVWKHRQHZKRGPXUGHUHGWKHWKUHHJDQJVWHUVIURPWKH
3DUYLV /RFRV 6DOYDWUXFKD FOLTXH IURP D QHLJKERULQJ FLW\ RI $WLTXL]D\D
ZKRKDGNLOOHGKLVEURWKHU,QWKHKHDUWRIHYHU\JDQJLVDPDQJURYHWDQJOH
RI LQWULJXH DQG FRQVSLUDF\ (O 1LxRV EURWKHU NQRZQ LQ WKH FOLTXH DV (O
&KHMH :RRGSHFNHU ZDVPXUGHUHGLQ6LQFHWKHQOLWWOHE\OLWWOHDQG
ZLWKRXW WHOOLQJ RWKHU PHPEHUV LQ KLV FOLTXH (O 1LxR ZDV JHWWLQJ KLV
UHYHQJH +H NLOOHG &KDWR =DUFR DQG 0RVFR 6KRUW\ %OXH DQG )O\  HDFK
ZLWK RQH VKRW WR WKH KHDG 7KH IRXUWK &RFR IOHG WR ZHVWHUQ (O 6DOYDGRU
DIWHUVHHLQJKLVIULHQGVGURSRQHE\RQHVKRWLQWKHKHDGE\WKHEURWKHURI
KLV YLFWLP $QG \HW 7REDU ZDV PXFK PRUH WKDQ D PXUGHUHU +H ZDV D NH\
ZLWQHVVIRUWKHSROLFHDQGWKHDWWRUQH\JHQHUDOVRIILFHWRDUUHVWPRUHWKDQ
WKLUW\PHPEHUVRIWKH+ROO\ZRRG3DUYLVDQGQJHOHVFOLTXHVRI6DQWD$QD
DQG $KXDFKDSiQ ,W ZDV KLV WHVWLPRQ\ WKDW OHG D MXGJH WR VHQWHQFH WKH WZR
OHDGHUVRIWKH+ROO\ZRRGFOLTXHWRWZHQW\WZR\HDUVLQSULVRQ2QHRIWKH


OHDGHUV (O ([WUDxR WKH 6WUDQJHU  ZDV D WKLUW\\HDUROG PDQ IURP
$WLTXL]D\D 7KH RWKHU PRUH ZHOONQRZQ JDQJVWHU &KHSH )XULD ZDV
GHVFULEHG E\ WKH H[PLQLVWHU RI VHFXULW\ DQG MXVWLFH 0DQXHO 0HOJDU DV
KDYLQJ UDLVHG WKH JDQJ WR WKH UDQNV RI DQ RUJDQL]HG FULPH JURXS 7RGD\
WKDQNVWR(O1LxRVWHVWLPRQ\EHIRUHDMXGJHLQ6DQ0LJXHO&KHSHDQG(O
([WUDxRDUHERWKVHUYLQJWZHQW\WZR\HDUVHQWHQFHVIRUKDYLQJPXUGHUHGD
SROLFHLQIRUPDQWLQ8VXOXWiQ6WDWHRQ1RYHPEHU
0LJXHOQJHO7REDUZDVDNLOOHU
$QG\HWZLWKRXWKLVKHOSWKLUW\RWKHUNLOOHUVZRXOGEHUXQQLQJORRVHLQ(O
6DOYDGRU$QGSUREDEO\PRVWSUREDEO\KHZDVNLOOHGIRUOHQGLQJDKDQG
WRMXVWLFHLQ(O6DOYDGRU+HSUREDEO\ZRXOGKDYHSXWDQRWKHUHOHYHQPHQ
EHKLQGEDUVPHQDOOHJHGO\UHVSRQVLEOHIRUGXPSLQJWKHLUYLFWLPVERGLHV
LQ D ZHOO LQ 7XUtQEXW KH ZDVQW DEOH WR WHVWLI\ EHIRUH KH KLPVHOI ZDV
NLOOHG
2Q1RYHPEHULWZDVQWMXVWDNLOOHUZKRZDVNLOOHG$VWDWHSURWHFWHG
SOHDEDUJDLQ ZLWQHVV ZDV NLOOHG 7KH VWDWH KDG JLYHQ KLP D QHZ QDPH
/LHEUH -DFNUDEELW RUVRPHWLPHV<RJXL7KDWZDVZKDWWKH\FDOOHGKLPLQ
WKHFDVHILOHVDQGLQFRXUWZKHQKHDSSHDUHGZLWKDEDODFODYDRQKLVKHDG
DQG LQ D SROLFH XQLIRUP WRR ELJ IRU KLV VPDOO VWRXW IUDPH 6WLOO 0LJXHO
QJHO7REDUZDVPXUGHUHGZKLOHXQGHUWKHVWDWHVSURWHFWLRQ

7KHWXUQHGRYHUELF\FOHWKHSXGGOHRIEORRGWKDWSRXUHGRXWRIKLVKHDG
MXVWWKLUW\VWHSVIURPWKH6DQ/RUHQ]RSROLFHVWDWLRQRIIRI3RUWLOOR6WUHHW
,WVSP
,WV)ULGD\1RYHPEHU
6DQ /RUHQ]R LV QRUWK RI 6DQWD $QD SDVVLQJ WKH SDUN LQ WKH WRZQ FHQWHU
DQGKHDGLQJWZHOYHPLOHVXSDWZRODQHURDGWKDWUXQVWKURXJKWKHYDOOH\RI
$WLTXL]D\D , DUULYH ZLWK P\ EURWKHU -XDQ ZKRG EHHQ YLVLWLQJ (O 1LxR
ZLWKPHVLQFH-DQXDU\
7KHSROLFHVWDWLRQRQWKHHGJHRIWKHFLW\LVDVPDOOEXLOGLQJLOOXPLQDWHG
E\MXVWDIHZVWUHHWOLJKWV$WWKLVKRXUPRVWRIWKHVWUHHWVDUHDOUHDG\GDUN
5HVLGHQWV LQ 6DQ /RUHQ]R JR WR VOHHS QRW ORQJ DIWHU WKH FKLFNHQV 7KHUHV
QRERG\RXWEXWDIHZ\RXQJSHRSOHWDONLQJLQWKHSOD]DZKRWXUQWRQRWLFH
ZKHQRXUWUXFNSDVVHV
7ZR SROLFHPHQ QHLWKHU RI ZKRP VHHP IULJKWHQHG VWDQG RXWVLGH WKH
VWDWLRQ DV ZH SXOO XS ,I D SLFNXS ZLWK WLQWHG ZLQGRZV VWRSSHG QH[W WR D
UXUDO SROLFH VWDWLRQ DW QLJKW DOPRVW DQ\ZKHUH LQ (O 6DOYDGRU PRVW FRSV
ZRXOG KDYH WKHLU JXQV LQ KDQG ,I WKH\ GRQW DV WKH\ GRQW KHUH LQ 6DQ
/RUHQ]RLWVEHFDXVHWKH\GRQWWKLQNWKDWWKHFRXQWU\KDVUHDFKHGDFULWLFDO
SRLQW RI YLROHQFH $QG WR WKHP LW KDVQW ,Q 6DQ /RUHQ]R ZKLFK KDV D


SRSXODWLRQRIDERXWWKHUHZHUHDFFRUGLQJWRSROLFHVWDWLVWLFV]HUR
KRPLFLGHVLQ,QWKHUHZHUHWZR,Q]HUR6RIDULQ
WKHUHV EHHQ RQH KRPLFLGH ZKLFK RFFXUUHG WZR KRXUV SUHYLRXVO\ WKH
PXUGHU RI 0LJXHO QJHO 7REDU RWKHUZLVH NQRZQ DV (O 1LxR +ROO\ZRRG
6LQFH-XQHRIWKLVLVWKHILUVWUHFRUGHGPXUGHULQWKHFLW\ZKLFKPDNHV
6DQ/RUHQ]RVWDQGRXWLQWKHFRXQWU\
$IWHU D EULHI FKDW ZLWK WKH SROLFHPHQ LWV FOHDU WKDW (O 1LxR ZDV
UHFRJQL]HGLQWKHWRZQDVVRPHRQHGHVWLQHGWRGLH+HZDVSUREOHPDWLF
RQHRIWKHFRSVVD\VWRPH$GHOLQTXHQW-XVWWKLV\HDUKHKDGDSUREOHP
ZLWK D FROOHDJXH IURP WKH 6DQWD $QD 'LYLVLRQ RI &ULPLQDO ,QYHVWLJDWLRQ
',& ZKRZDVKDYLQJVRPHGULQNVLQWKLVER\VQHLJKERUKRRG
(YHU\RQH LQ WKH QHLJKERUKRRG NQHZ (O 1LxR $V KRPLFLGH VWDWLVWLFV
SURYH 6DQ /RUHQ]R LV QRW D FLW\ ZLWK D JDQJ SUREOHP (O 1LxR KLPVHOI
GHVFULEHGLWDVDSODFHRIUREEHULHVQRWSHUSHWUDWHGE\JDQJVEXWE\JURXSV
RI WUXFN WKLHYHV ,W ZDV D WKUXZD\ DQG QRW D KRPH IRU JDQJVWHUV PRYLQJ
EHWZHHQ $WLTXL]D\D DQG *XDWHPDOD :KHQ (O 1LxR ILUVW DUULYHG LQ WKH
PLGGOHRIZRUGVRRQVSUHDGWKDWWKHUHZDVDJDQJVWHURUDPDQZKR
WXUQHG DJDLQVW KLV JDQJ RU PD\EH HYHQ D OHDGHU RI D JDQJ ZKR ZDV QRZ
OLYLQJLQ/DV3R]DV5XPRUVIOHZ7KHILUVWWLPH,YLVLWHGKLPDVZHFKDWWHG
LQWKHWUXFNZLWKWKHPRWRUVWLOOUXQQLQJVRPHFXULRXVORFDOVVWRSSHGE\WR
JHW D ORRN DW ZKR KDG FRPH WR YLVLW WKH LQIDPRXV 1LxR +ROO\ZRRG 6WUHHW
VDOHVPHQQHLJKERUVHYHQDIHZVWXGHQWVIURPWKHVPDOOVFKRROLQWKHGXVW\
/DV3R]DVQHLJKERUKRRGFDPHE\WRVQRRSDQGVLJKWVHH
7KH SROLFH KDWHG KLP IRU WKH VLPSOH IDFW WKDW KHG EHHQ D JDQJVWHU +H
VSRNH OLNH D JDQJVWHU DQG FDXVHG WURXEOH OLNH D JDQJVWHU +H ZDV DOVR
LUUHYHUHQWDQGVPRNHGDORWRISRW
$ QXPEHU RI FRSV DOVR KDWHG KLP EHFDXVH KH ZDV WKH SOHDEDUJDLQ
ZLWQHVVLQDFDVHDJDLQVWWZR$WLTXL]D\DSROLFHPHQ-RVp:LOIUHGR7HMDGD
RQ WKH $WLTXL]D\D KRPLFLGH XQLW DQG :DOWHU 0LVDHO +HUQiQGH] RQ WKH
H[WRUWLRQXQLW7KHVHWZRSROLFHPHQKDGRUGHUHGWKHDUUHVWRIWKH\RXQJPDQ
ZKRZDVPXUGHUHGE\&KHSH)XULDODWHUWKDWVDPHGD\(O1LxRKDGVHHQWKH
YLFWLPZLWK&KHSHRQO\DIHZKRXUVHDUOLHUDQGKLVWHVWLPRQ\QRWRQO\WLHG
XS WKH FDVH DJDLQVW &KHSH EXW RXWOLQHG WKH SROLFHV LQYROYHPHQW LQ WKH
PXUGHU
(O 1LxR OLYHG ZLWK KLV HLJKWHHQ\HDUROG JLUOIULHQG DQG WKHLU WZR\HDU
ROGGDXJKWHU0DUEHO\7KHIDPLO\JRWE\RQZKDWZRUN(O1LxRFRXOGILQG
ZKLFKPRVWO\HQWDLOHGJURZLQJPDULMXDQDRUWUDIILFNLQJVPDOODPRXQWVIURP
*XDWHPDODWRVHOOWRWKHIHZXVHUVKHNQHZZKROLYHGLQWKHDUHD+HDOVR
UHFHLYHGDODUJHO\LQVXIILFLHQWIRRGER[IURPWKH([HFXWLYH7HFKQLFDO8QLW
87( RIWKH-XVWLFH6HFWRU


7KH87(VXSSRUWVSHRSOHD\HDUPRVWRIWKHPYLFWLPVRUZLWQHVVHV
RIFULPHV2QO\DERXWILIW\D\HDUDUHOLNH(O1LxRSURWHFWHGSOHDEDUJDLQ
ZLWQHVVHVPXUGHUHUVWKLHYHVRUFR\RWHVLQYROYHGLQFULPHVDQGSURWHFWHG
E\WKHDWWRUQH\JHQHUDOVRIILFH7KHVHWXSLVVLPSOHSURWHFWLRQDQGVXSSRUW
LQ H[FKDQJH IRU WHVWLI\LQJ DJDLQVW \RXU IRUPHU FULPLQDO DFFRPSOLFHV
W\SLFDOO\ IHOORZ JDQJ PHPEHUV ,W ZDV WKURXJK 87( WKDW (O 1LxR ZDV
SURYLGHGZLWKKLVVKDFNDQGKLVPRQWKO\EDVNHWRIVXSSOLHVIRXUSRXQGVRI
EHDQV IRXU SRXQGV RI ULFH SDVWD VDOVD VDOW VXJDU RLO WRLOHW SDSHU VRDS
DQGDUD]RU7KDWZDVLW,QRUGHUWREX\PRUHIRRGFORWKHVSOXVPLONIRUKLV
GDXJKWHU(O1LxRVWDUWHGVHOOLQJPDULMXDQD
$IWHU -DQXDU\ RI  WKH DLG EDVNHW VWRSSHG FRPLQJ 7KHUH ZDV QR
H[SODQDWLRQRUZDUQLQJLWMXVWGLGQWFRPHDQ\PRUH(O1LxRVWLOOQHHGHGWR
WHVWLI\ DJDLQVW WKH SROLFH DQG WKH VXVSHFWV FRQFHUQLQJ WKH ZHOO LQ 7XUtQ
ZKLFK KH KLPVHOI KDG XVHG DV D PDVV JUDYH IRU KLV YLFWLPV ERGLHV %XW LW
ZDVQWWKHRQO\WKLQJWKDWVWRSSHG+LVVWLSHQGVWRSSHGFRPLQJDVZHOO
,Q 0DUFK (O 1LxR GHFLGHG WR OHDYH EHKLQG KLV SUHJQDQW JLUOIULHQG DQG
GDXJKWHUDQGILQGDVDIHUSODFHWROLYH
$W ILUVW KH VWD\HG LQ D VPDOO DEDQGRQHG KXW EXLOW \HDUV DJR E\ D ORFDO
IDUPHU  RQ D QHDUE\ KLOOVLGH +H NHSW KLV JDXJH VKRWJXQWKH RQH KH
SURFXUHGGXULQJDUREEHU\KHFRPPLWWHGRQEHKDOIRIWKHSROLFHQHDUE\IRU
SURWHFWLRQ (O 1LxR KDG LQILOWUDWHG D JURXS RI KLV JDQJ PHPEHUV DQG ZDV
SODQQLQJRQLQIRUPLQJWKHFRSVPLQXWHE\PLQXWHDVKHDQGKLVIHOORZJDQJ
PHPEHUVSURFHHGHGZLWKWKHFULPH+HKHOGXSKLVHQGRIWKHEDUJDLQ+H
VHQW WH[W PHVVDJHV DV KH DQG KLV DFFRPSOLFHV ZHUH RQ WKH ZD\ WR WKH JDV
VWDWLRQ EXW WKH SROLFH QHYHU DUULYHG DQG VR KH ZHQW WKURXJK ZLWK WKH
UREEHU\DQGVWROHWKHVHFXULW\JXDUGVVKRWJXQDORQJZLWKVRPHPRQH\+H
ODWHU EXULHG WKH VKRWJXQ IRU KLV RZQ IXWXUH VHFXULW\ DQG WKHQ UHFRYHUHG LW
VKRUWO\DIWHUOHDYLQJKLVVKDFN7KDWZDVDURXQGWKHVDPHWLPHKHGLQYLWHG
WKUHH PHQ WKUHH JDQ\HURV SRWKHDGVD ZRUG GHULYHG IURP JDQMD  WR
OHDYH /DV 3R]DV ZLWK KLP 7KH JDQ\HURV KDG SUREOHPV ZLWK D IHZ 06
PHPEHUV ZKR ZRXOG RFFDVLRQDOO\ FRPH WR /DV 3R]DV WR PDNH VXUH WKHLU
ULYDOV IURP %DUULR  KDGQW WDNHQ FRQWURO RI WKLV QR PDQV ODQG ,Q /DV
3R]DVGLVSXWHGWHUULWRU\\RXFDQVHHWDJVRIERWKWKHVDQGWKH06
(O1LxRDQGKLVWKUHHUHIXJHHVWRRNWXUQVVOHHSLQJLQWKHKLOOVLGHKXW7ZR
UHVWHGZKLOHWKHRWKHUWZRNHSWZDWFKWKH\RQO\ZHQWGRZQWKHKLOOLIWKH\
QHHGHGVRPHWKLQJ
7KHILUVWWLPH,YLVLWHGKLPRXWVLGHRI(O5HIXJLR(O1LxRWROGPHWRZDLW
IRU KLP LQ WKH VKDGH RI D KXJH ILFXV WUHH DORQJ WKH VLGH RI WKH URDG WR 6DQ
/RUHQ]R ,W ZDV %DUULR  WHUULWRU\ $V , ZDLWHG IRU (O 1LxR D IHZ ER\V
H\HGP\SLFNXSRQWKHVLGHRIWKHURDGVHHPLQJO\LQWKHPLGGOHRIQRZKHUH


7KHQVXGGHQO\(O1LxREXUVWRQWRWKHVWUHHW+HKDGDVKRUWPDFKHWHLQKLV
KDQGDQGKLVKDQGFDQQRQDQGILYHJDXJHFDUWULGJHVRQKLVEHOW+HZDV
ZHDULQJWKHVDPHEDODFODYDWKDWKHZRUHRQWRSRIKLVKHDGOLNHDKDWGXULQJ
WKHILUVWWULDO+HMXPSHGLQWKHEDFNVHDWRIWKHSLFNXS P\EURWKHU-XDQZDV
LQ WKH SDVVHQJHU VHDW  DQG VWDUWHG IUDQWLFDOO\ ORRNLQJ DURXQG REYLRXVO\
IULJKWHQHG+LWLW+LWLWKHVDLG6WHSRQLW

(GX3RQFHV5XLGR3KRWRHOIDURQHW
.HYLQ ,JQDFLR 9DVTXH] 0DOGRQDGR LQ WKH DUPV RI KLV PRWKHU 6DQ 3HGUR 6XOD
+RQGXUDV

(GX3RQFHV5XLGR3KRWRHOIDURQHW
6FKRROFKLOGUHQH[DPLQHWKHEORRGOHIWE\WKHNLOOLQJRIDVHYHQWHHQ\HDUROGER\LQ
&LXGDG&UHGLVD(O6DOYDGRU


(GX3RQFHV5XLGR3KRWRHOIDURQHW
$QRWLFHERDUGRIPLVVLQJSHUVRQVDWWKH,QVWLWXWHRI/HJDO0HGLFLQH6DQ6DOYDGRU
7KHERGLHVRIWKRVHZKRGLHYLROHQWGHDWKVLQWKHFLW\DUHWDNHQKHUHDQGIDPLOLHV
ORRNLQJIRUPLVVLQJUHODWLYHVIUHTXHQWWKHLQVWLWXWH

3DX&ROO58,'23KRWRHOIDURQHW
,VUDHO7LFDVIRUHQVLFDUFKDHRORJLVWH[KXPHVWKHERGLHVRIVHYHUDOJDQJYLFWLPV


(GX3RQFHV5XLGR3KRWRHOIDURQHW
9XOWXUHVLQDJUDYH\DUG*XDWHPDOD&LW\

3DX&ROO5XLGR3KRWRHOIDURQHW
(O0H]TXLWDOD*XDWHPDODQJDQJQHLJKERUKRRG


3DX&ROO58,'23KRWRHOIDURQHW
)XQHUDOIRU&DUORV6RUWR$OIUHGR5DPLUH]-XO\(O6DOYDGRU5DPLUH]ZDV
D%DUULRJDQJPHPEHUVKRWGHDGE\SROLFH

3DX&ROO58,'23KRWRHOIDURQHW
5DPLUH]V HLJKWHHQ\HDUROG JLUOIULHQG HLJKW PRQWKV SUHJQDQW ZHHSV RYHU WKH
FRIILQ


3DX&ROO5XLGR3KRWRHOIDURQHW
3LFWXUHVKHUHUHFRUGWKHORFDWLRQRISULVRQHUVLQWKH,]DOFRSULVRQ(O6DOYDGRU7KLV
PHGLXPVHFXULW\LQVWLWXWLRQKRXVHV%DUULRPHPEHUVH[FOXVLYHO\

3DX&ROO5XLGR3KRWRHOIDURQHW
7KH&RMXWHSHTXHSULVRQDIRUPHUEDUUDFNVKRXVLQJDSSUR[LPDWHO\LQPDWHVLQ
DVSDFHGHVLJQHGIRU


3DX&ROO5XLGR3KRWRHOIDURQHW
/D(VSHUDQ]DDSULVRQNQRZQDV0LDPLKDVEHFRPHDV\PERORIWKHGHILFLHQFLHV
RI WKH 6DOYDGRUDQ SHQLWHQWLDU\ V\VWHP 2YHUFURZGLQJ QRW RQO\ IRUFHV SULVRQHUV WR
HQGXUH PHGLHYDO OLYLQJ FRQGLWLRQV EXW VW\PLHV DQ\ DWWHPSW E\ WKH DXWKRULWLHV WR
FRQWUROWKHP

3DX&ROO5XLGR3KRWRHOIDURQHW
7KHIRUPHUOLEUDU\RI/D(VSHUDQ]DLVQRZDFHOORIVWLIOLQJKXPLGLW\,QPDWHVDUH
DOORZHGRXWIRUWZHQW\PLQXWHVHDFKGD\WRH[HUFLVH


3DX&ROO58,'23KRWRHOIDURQHW
,Q 6DQ 6DOYDGRU JDQJ PHPEHUV RI WKH 0DUD 6DOYDWUXFKD 06  DQG %DUULR 
FRQGXFWHGDV\PEROLFGLVDUPDPHQWWRVKRZWKHLUZLOOLQJQHVVWRPDNHSHDFH

(GX3RQFHV5XLGR3KRWRHOIDURQHW
0LJUDQWV WUDYHOLQJ LQ WKH VSDFH EHWZHHQ ZDJRQV ,Q WKH VRXWK RI 0H[LFR LW LV
FRPPRQIRUKXQGUHGVRIXQGRFXPHQWHGSHRSOHWRULGHDVLQJOHWUDLQ


7RQL$UQDX58,'23KRWRHOIDURQHW
*XDWHPDODQV0HOLVDDQG%HYHUO\WZHQW\IRXUDQGVHYHQ\HDUVROGUHVSHFWLYHO\LQ
$UULDJD 2D[DFD RQ WKHLU ZD\ WR ,[WHSHF ,QWHUFHSWHG LQ 7DSDFKXOD &KLDSDV WKH\
KDG WR EULEH DJHQWV IURP WKH 1DWLRQDO 0LJUDWLRQ ,QVWLWXWH WKH HTXLYDOHQW RI DERXW
WRFRQWLQXHWKHLUMRXUQH\

(GX3RQFHV5XLGR3KRWRHOIDURQHW
(URWLF GDQFLQJ DW WKH &DO\SVR &OXE &DFDKXDWiQ &KLDSDV 0DQ\ RI WKH &HQWUDO
$PHULFDQSURVWLWXWHVZRUNLQJWKLVDUHDDUHYLFWLPVRIWUDIILFNLQJ

,KLWLW
$VZHZHUHSDVVLQJWKURXJK$WLTXL]D\D(O1LxRVFUXQFKHGGRZQLQWKH
VHDWDVIDUDVKHFRXOGFRYHULQJKLVIDFH:HFKHFNHGLQWRDVHHG\PRWHORQ
WKH 6DQWD $QD KLJKZD\ FORVHG DQG GRXEOHORFNHG WKH GRRU DQG RQO\ WKHQ
GLGKHUHOD[HQRXJKWRWDON
/LWWOH E\ OLWWOH PHDVXULQJ WKH ULVNV LQ /DV 3R]DV KH KDG GHFLGHG WR JR
EDFNWRKLVPRWKHUVKRXVHZKHUHKHKDGEHHQERUQDQGUDLVHG/LYLQJRQ


KLJKDOHUWKHKDGVHWXSDV\VWHPZLWKKLVJDQ\HURVWRPDLQWDLQDFRQVWDQW
ORRNRXWIRUDQ\WKLQJXQXVXDO
,WEHFDPHDORWKDUGHUWRILQGKLPDIWHUKHPRYHGRXWRI(O5HIXJLR+HG
GLWFK KLV FHOO SKRQH HYHU\ ZHHN 7R VHOO PDULMXDQD LQ WRZQ KHG WUDYHO
WKURXJK WKH EDFNFRXQWU\ WR *XDWHPDOD 6ROGLHUV DQG SROLFH VWRSSHG KLP D
QXPEHU RI WLPHV 7KH\ FRQILVFDWHG KLV ZHDSRQV 2QFH WKH\ DUUHVWHG KLP
ZKLOH KH ZDV ILVKLQJ ILQGLQJ WZR MRLQWV RQ KLP 7KH SROLFH WRRN KLP WR
$WLTXL]D\D ZKHUH GHVSLWH KDYLQJ WROG WKHP WKDW KHG UHWLUHG IURP WKH
&HQWUDO /RFRV 6DOYDWUXFKD FOLTXH WKH\ ORFNHG KLP XS LQ WKH GXQJHRQ DV
WKH\VRPHWLPHVFDOOWKHMDLOV ZLWK06PHPEHUV7KDWZDV2FWREHU
+H WROG PH WKDW D FRS SDVVHG E\ KLV FHOO DQG VDLG 7KLV LV (O 1LxR GH
+ROO\ZRRGWKHPDQZKRSXW&KHSH)XULDLQWRSULVRQ/XFNLO\KHGKLGGHQ
DSRFNHWNQLIHEODGHLQKLVVRFN+HKROHGKLPVHOIXSLQWKHFRUQHURIWKHFHOO
DQGWKHRWKHUJDQJVWHUVZKRPKHGHVFULEHGDVYHU\\RXQJFRXOGQWZRUN
XS WKH FRXUDJH WR DWWDFN WKH QRWRULRXV H[+ROO\ZRRG /RFR $OO WKH ZKLOH
EUDQGLVKLQJ KLV EODGH WR NHHS WKH \RXQJ JDQJVWHUV DW ED\ KH ZDV XQGHU
SURWHFWLRQRIWKHVWDWH2UDWOHDVWRQSDSHUKHZDV)LQDOO\WKHORFDOSROLFH
ZHUHJLYHQWKHRUGHUWRUHOHDVHKLP
(O1LxRZDVZKDWKHZDVDFULPLQDOZKRGOLYHGDKDUGOLIH6HWIUHHKH
IRXJKWLQFDQWLQDVDQGRQFHZKHQDGUXQNSROLFHPDQFDPHE\KLVKRXVHDQG
VWDUWHGLQVXOWLQJKLPFDOOLQJKLPDQDVVKROHD0DUDWUDLWRUDIDJJRW(O
1LxR ZKDOHG RQ KLP NQRFNLQJ WKH FRS XQFRQVFLRXV +RXUV ODWHU WKH
SROLFHPDQ ZDV VKRW WZLFH E\ D JDXJH VKRWJXQ +H OLYHG DQG ODWHU
DFFXVHG(O1LxR7KUHHZLWQHVVHV,VSRNHZLWKKRZHYHUWROGPHWKDWWZR
RWKHUPHQZHUHUHVSRQVLEOH(O1LxRGLGQWKDYHKLVVKRWJXQDWWKHWLPHDQG
LQVLVWHG WKDW WKH VKRRWHUV ZHUH WZR %DUULR  LGLRWV ZKR DFFRUGLQJ WR
KLPZHUHSDVVLQJE\WKH6DQWD$QDSROLFHVWDWLRQZKHQWKH\VDZDGUXQN
FRSDQGGHFLGHGWRWDNHDGYDQWDJHRIWKHRSSRUWXQLW\DQGNLOOKLP
$WWKHHQGRIRXUYLVLWVKHZRXOGXVXDOO\VD\JRRGE\HLQWKHVDPHZD\
$OULJKWZHOOOHWVVHHLI,PVWLOODOLYHWKHQH[WWLPH\RXFRPHDURXQG

7KHSROLFHGHVFULEHGWKHPXUGHUVFHQHLQWKHIROORZLQJZD\
(O 1LxR ZDV ULGLQJ D ELNH RQ 3RUWLOOR 6WUHHW ZKLFK FRQQHFWV ZLWK D
QXPEHURIGLUWSDWKVWKDWOHDGWR/DV3R]DV7ZRPHQDERXWIRUW\\HDUVROG
ERWKIDWDQGZLWKFUHZFXWVVZHUYHGDWKLPLQDWXNWXN+HGLWFKHGKLVELNH
DQG VWDUWHG UXQQLQJ 7KH ILUVW RI VL[ EXOOHWV KLW KLP IURP EHKLQG 7KH ILUVW
GURSVRIEORRGVSHFNHGWKHSDYHPHQWRQO\D\DUGDZD\IURPZKHUHKLVELNH
FDPHWRUHVW(O1LxRNHSWPRYLQJIRUZDUGDVWKH\VKRWKLPWZRPRUHWLPHV
RQFHLQWKHEDFNRIKLVKHDGULJKWEHKLQGKLVHDUDQGWKHRWKHULQWKHULEV
0RUH EORRG GULSSHG RQWR WKH SDYHPHQW DERXW ILIWHHQ SDFHV DZD\ $QRWKHU


ILIWHHQ SDFHV DQG KH IHOO IDFH GRZQ +H ZDV DEOH WR WXUQ DURXQG WR ILJKW
EDFNEXWWKHVKRRWHUVTXLFNO\SXPSHGWKUHHPRUHEXOOHWVLQWRKLP+HDGDQG
FKHVW 7KH VKHOOV DUH WKHUH QH[W WR WKH SRRO RI EORRG RQ WKH UHGVSDWWHUHG
SDYHPHQW $IWHU WKH ERG\ ZDV WDNHQ DZD\ WKH VFHQH ORRNHG DV LI D G\LQJ
DQLPDOKDGGUDJJHGLWVHOIDFURVVWKHJURXQG7KHVKRRWHUVIOHGQRWLQWRWKH
KLOOVEXWGLUHFWO\LQWR6DQ/RUHQ]RLQWKHVDPHFRXJKLQJWXNWXNWKH\GFRPH
LQRQ7KRXJKWKHFULPHVFHQHZDVDERXWILIW\PHWHUVIURPWKHSROLFHVWDWLRQ
DQRIILFHUGLGQWDUULYHXQWLODERXWWZHQW\PLQXWHVDIWHUWKHVKRRWLQJ7KHUH
ZDVQHYHUDQ\VHDUFKIRURULQYHVWLJDWLRQRIWKHNLOOHUV
, LPDJLQH (O 1LxR VKDNLQJ RQ WKH SDYHPHQW EORRG FRPLQJ RXW RI KLV
PRXWK,NQHZKLP,NQRZWKDWKHIRXJKWOLNHPDG7KH\GDOUHDG\WULHGWR
NLOOKLPRQFHEHIRUH+HIRXJKWOLNHDFRUQHUHGDQLPDOZLWKHYHU\WKLQJKH
KDG +H DOZD\V VDLG WKDW KLV WLPH ZDV FRPLQJ DQG WKDW WKHUH ZDV D VOLP
FKDQFHWKH%HDVWZRXOGNLOOKLPSHDFHIXOO\1RZD\WKDWZRXOGEHZHDN
KHZRXOGVD\$QGKHVDLGLWEHFDXVHKHNQHZLWEHFDXVHKHKDGEHHQWKDW
EHDVWKLPVHOI
(DUOLHUWKDW)ULGD\1RYHPEHUWKHGD\RIKLVGHDWK(O1LxRKDGJRQH
WR6DQ/RUHQ]RWRUHJLVWHUWKHELUWKRIKLVVHFRQGGDXJKWHU$WWKUHHPRQWKV
ROG WKH\ QDPHG KHU -HQQLIHU -HQQLIHU ORVW KHU IDWKHU WKH VDPH GD\ WKDW KH
OHJDOO\UHFRJQL]HGKHUDVKLVRZQ

1RERG\QRWDFRSDSURVHFXWRUDMXGJHRUD87(RIILFLDOOLIWHGDILQJHUWR
NHHS(O1LxRVDIH1RERG\HQVXUHGWKDWKLVIRRGER[ZDVGHOLYHUHG$OORI
WKHSROLFHPHQ,VSRNHWRDERXWKLVFDVHRYHUWKHFRXUVHRIWZR\HDUVNQHZ
WKDW(O1LxRZDVJRLQJWREHPXUGHUHG7KH\WDONHGDERXWLWOLNHLWZDVQWD
FRQFHUQRUDIDLOXUHRQWKHLUSDUW
,Q 0DUFK RI  , SXEOLVKHG WKH FKURQLFOH 7KH 6SLQH RI WKH 0DUD
6DOYDWUXFKDRQ(O)DURZKHUH,DPDUHSRUWHUDSURILOHRI(O1LxRWKDWP\
EURWKHU-XDQDQG,FRZURWH$ERXWDPRQWKODWHUP\EURWKHU&DUORVDOVRD
UHSRUWHUIRU(O)DURWROGPHWKDW5D~O0LMDQJRKDGVHQWKLPDPHVVDJH$Q
H[JXHULOODFRPPDQGHU0LMDQJRZDVRQHRIWKHSULQFLSOHPHGLDWRUVLQWKH
0DUFK  WUXFH VLJQHG EHWZHHQ WKH 6DOYDGRUDQ JDQJV WKDW GUDVWLFDOO\
UHGXFHG PXUGHUV WKURXJKRXW WKH FRXQWU\ 7KRXJK WKH WUXFH LV QRZ IDOOLQJ
DSDUW DW WKH VDPH VSHHG WKDW KRPLFLGHV DUH RQ WKH ULVH 0LMDQJR LV VWLOO
UHFRJQL]HG DV WKH SULQFLSDO FRQWDFW IRU WKH JDQJV 7KH QDWLRQDO NLQJSLQV RI
WKH JDQJV DOO LPSULVRQHG LQ &LXGDG %DUULRV DUH LQ FKDUJH RI VHWWLQJ WKHLU
RUJDQL]DWLRQDO SROLFLHV 0LMDQJR WROG P\ EURWKHU WKDW RXU FKURQLFOH RQ (O
1LxRERWKHUHGPDQ\RIWKHJDQJOHDGHUVDVLWH[SRVHGLQVLGHLQIRUPDWLRQRQ
KRZ WKH\ UDQ WKHLU JDQJV 0\ EURWKHU DVNHG 0LMDQJR FRQVLGHULQJ WKDW WKH
SXEOLFDWLRQ KDG SXW (O 1LxR DW LQFUHDVHG ULVN LI WKHUH ZDV DQ\WKLQJ WKDW


FRXOG EH GRQH DERXW KLV VLWXDWLRQ 0LMDQJRV UHVSRQVH ZDV VLPSOH 1R
WKHUHLVQRVROXWLRQ
(YHU\ERG\NQHZKHZDVJRLQJWREHPXUGHUHG,HYHQNQHZLW

,QHDUO\,ZDVWDONLQJWR(O1LxRLQKLVVKDFNRYHUDSODWHRIERLOHG
SLSLDQ 6DOYDGRUDQVTXDVK 
'R\RXIHHOXVHG",DVNHGKLP
(YHU\ERG\VJRWWHQVRPHWKLQJJRRGRXWRIP\FDVHEXWPH$OOWKHELJ
VKRWV LQ KLJK VRFLHW\ KDYH JRWWHQ JDLQV +RZ PXFK ZDV 5DPELWRV PXUGHU
ZRUWK" &KHSH )XULD SDLG  WR VHW XS 5DPELWR , KDYHQW JRWWHQ
DQ\WKLQJ
%XW ZKDW DUH \RX JLYLQJ XV" +RZ GR ZH NQRZ \RX ZRQW JR EDFN WR
NLOOLQJZKHQWKHVWDWHVHWV\RXIUHH"
7KH\ KDYHQW JLYHQ PH DQ\ RWKHU FKRLFH 7KHUH VKRXOG EH D ZRUN
SURJUDP :HOO JLYH \RX D VKRW DW WHVWLI\LQJ LQ FRXUW WKH\ VD\ WR PH ,
KDYHQWJRWWHQULGRIP\WDWWRRVEHFDXVHWKH\KDYHQWRIIHUHGPHSURWHFWLRQ
DQGDWOHDVWZLWKWKHP,FDQJDLQVRPHUHVSHFW7KHLQIRUPDWLRQ,YHJLYHQLV
YDOXDEOH,VDLGLWZDVPH,SXOOHGWKHWULJJHU7KHRWKHUSHRSOHGLGWKLVDQG
WKDW7KDWVKRXOGEHZRUWKVRPHWKLQJ
<RXWKLQN\RXOOJREDFNWR\RXUSDVWZD\V"
,FDQWUXOHLWRXW,IWKH\RIIHUHGPHVRPHWKLQJHOVH

7KHJDQJVWHUVWKDWWKUHDWHQHGKLPLQWKH&LXGDG%DUULRVSULVRQLQZHUH
ZURQJ 7KH\ WROG KLP WKH\G OHDYH KLP VPHOOLQJ RI SLQH UHIHUULQJ WR WKH
FRIILQWKH\DVVXPHGKHGVRRQEHILOOLQJ(O1LxRZDVZURQJWRR+HWROG
WKHPWKH\GLGQWNQRZZKDWWKH\ZHUHWDONLQJDERXWWKDWFRIILQVDUHPDGH
RXWRIPDQJRDQGFRQDFDVWHZRRG
7KHFRIILQ(O1LxRZDVEXULHGLQZDVPDGHRXWRIWHDN,WVWKHFKHDSHVW
PDWHULDO DYDLODEOH LQ WKHVH SDUWV 7KH PD\RU RI 6DQ /RUHQ]R GRQDWHG WKH
FRIILQDIWHUUHFHLYLQJDUHTXHVWIURP(O1LxRVIDWKHULQODZ
7KHZDNHRQ6DWXUGD\1RYHPEHUZDVPRGHVW$ERXWWKLUW\SHRSOH
IULHQGVRI(O1LxRVPRWKHUVDQJHYDQJHOLFDOK\PQV2QHRIWKHK\PQVZDV
DERXW WKH WZR VLGHV WR OLIH WKH KHDYHQO\ UHIXJH DQG WKH LQIHUQDO ZDWHUV
7KHUHZDVDWRO DVZHHWFRUQEDVHGKRWGULQN FRIIHHDQGVZHHWEUHDG(O
1LxRVPRWKHUVDWVOXPSHGDQGGHIHDWHGLQDSODVWLFFKDLUQH[WWRWKHFRIILQ
6KHGLGQWFU\7KLVZDVQWDILUVWIRUKHU,QWKH0DUDVKDGNLOOHGKHU
RWKHUVRQ&KHMHDJDQJVWHULQWKH3DUYLV/RFRV6DOYDWUXFKDRI$WLTXL]D\D
6KHMXVWVDWVOXPSHGDQGVLOHQWVWDULQJRXWIURPKHUSODVWLFFKDLU(O1LxRV
ZLGRZZDVEUHDVWIHHGLQJLQWKHFRUQHU


2XWVLGHRIWKHFHPHWHU\WKHUHZDVDSDUW\JRLQJRQ/DV3R]DVZDVLQIXOO
FHOHEUDWLRQ 7KHUH ZDV D VWDJH D GLVFR EDOO VKRRWLQJ RXW FRORUV DQG
VSHDNHUVSOD\LQJUHJJDHWRQDWIXOOYROXPHLQIURQWRIWKHVFKRRO2QO\DERXW
DKXQGUHG\DUGVDZD\IURPWKHZDNHWKHSDUW\PXVLFZDVFRPSHWLQJZLWK
WKH IXQHUDO K\PQV 7KH DQQXDO QHLJKERUKRRG IHVWLYDO KDG ORQJ EHHQ
VFKHGXOHGDQGRUJDQL]HGE\WKHPD\RURI6DQ/RUHQ]R7KH\ZHUHQWJRLQJ
WRVWRSLWIRURQHGHDWK

6XQGD\1RYHPEHUQRRQ7KH$WLTXL]D\D&HPHWHU\(O1LxRVEXULDO
7KHJUDYHLVDKROHLQWKHJURXQGULJKWQH[WWRDVWHHSVORSHPDUNLQJWKH
HGJHRIWKHFHPHWHU\(O1LxRVIDWKHULQODZGXJWKHJUDYHKLPVHOI7KHUH
DUH DERXW WKLUW\ SHRSOH PRVW RI WKHP LQYLWHG E\ WKH SDVWRU RI /DV 3R]DV
FKXUFK$ERXWILYHJUDYHVLWHVRYHUDJURXSRI\RXQJJDQJVWHUVDUHWKURZLQJ
GLFH7KHJUDYHGLJJHUVLWWLQJQH[WWRWKHVHFXULW\JXDUGWHOOVPHUHIHUULQJWR
WKHJDQJVWHUV7KH\DUHWKHRQHVLQFKDUJHKHUH7KHDUHDLVFRQWUROOHGE\
%DUULR  0\ EURWKHU -XDQ DQG , VHHP WR EH XQVHWWOLQJ WKH JDQJVWHUV ZKR
DUH NHHSLQJ ZDWFK $ JDQJ PHPEHU ZDONV XS IURP WKH VWHHS KLOOVLGH 7ZR
PRUH EUHDN RII IURP WKH GLFH JDPH DQG KHDG RYHU 7KHQ DQRWKHU RQH
DSSHDUV ODXJKLQJ FRFN\ MXVW DV WKH PRXUQHUV VWDUW WKURZLQJ GLUW RQWR WKH
FRIILQ7KHQHZFRPHUORRNVOLNHDFDULFDWXUHRIDJDQJVWHUDZLGHEULPPHG
IHGRUD DQ RYHUVL]HG ZKLWH VKLUW WXFNHG LQWR EDJJ\ EODFN SDQWV DQG ZKLWH
WHQQLVVKRHV+HZDONVEHKLQGXVVSLWVDQGWDNHVRII$QRWKHURQHFRPHVXS
WKHKLOO7ZRZRPHQVWDUWVLQJLQJDQHZK\PQ(O1LxRVPRWKHUQRZVWDUWV
WRFU\6RRQVKHVZDLOLQJ,WJRHVRQIRUILYHPLQXWHV:HGHFLGHWROHDYHDV
WKH PHQ VKRYHO WKH ODVW RI WKH GLUW RQWR WKH JUDYH VLWH ,W VHHPV OLNH WKH
JDQJVWHUV DUH DERXW WR GR VRPHWKLQJ :HUH DOPRVW VXUURXQGHG (O 1LxRV
JLUOIULHQGDQGKHUIDWKHUFDQIHHOWKHWHQVLRQ7KH\WU\WRKXUU\WKLQJVDORQJ
:HWHOOWKHZLGRZWKDWZHOOVHHKHUDWWKHFHPHWHU\VJDWHWKDWLWVEHVWLI
ZH OHDYH $ PDQ FXWV D WZLJ IURP DQ L]RWH WUHH WKH 6DOYDGRUDQ QDWLRQDO
WUHH DQGVWLFNVLWLQWKHJURXQGZKHUHVRPHGD\PD\EHVRPHRQHZLOOSODQW
DFURVV
0\EURWKHUDQG,DUHOHDYLQJWKURXJKDQDOOH\ZD\ZKHQZHQRWLFHWKDWD
WDOOGDUN\RXQJPDQDERXWWZHQW\ILYH\HDUVROGLVIROORZLQJXV+HDVNV
XVWRVWRS:HLJQRUHKLP%HKLQGXVWKHEXULDOSDUW\VWDUWVWRVWUHDPRXWRI
WKHFHPHWHU\7KHWDOO\RXQJPDQVWDWLRQVKLPVHOIDWWKHFHPHWHU\JDWHVDORQJ
ZLWKDQRWKHUPDQZDWFKLQJWKHOLQHRISRRUJULHYHUVVWUHDPRXW:HTXLFNO\
VKDNHKDQGVZLWKWKHZLGRZDQGKHUIDWKHU
,QVLGH WKH FHPHWHU\ ZLWKRXW D FURVV ZLWKRXW D PDXVROHXP ZLWKRXW D
JUDYHVWRQH WKHUH LV D VPDOO SLOH RI GLUW ZLWK DQ L]RWH EUDQFK VWXFN LQWR LW
8QGHUQHDWK OLHV 0LJXHO QJHO 7REDU (O 1LxR RI +ROO\ZRRG D PDQ ZKR


HYHU\ERG\NQHZZDVJRLQJWREHPXUGHUHG



7KH0DVVDFUHRI6DOFDMi

6HSWHPEHU
*XDWHPDODWKHJROGHQGRRUIRUGUXJVSDVVLQJWKURXJK&HQWUDO$PHULFD-XQH
(LJKWSROLFHPHQLQWKHFLW\RI6DOFDMiDUHPXUGHUHG7KHPXWLODWHGERG\RI
DQRWKHU SROLFHPDQ LV GLVFRYHUHG VRRQ DIWHU $ KXQW EHJLQV :KLOH IROORZLQJ WKLV
VHDUFKIRUUHHVWDEOLVKLQJVRPHVRUWRIGLJQLW\LQWKHVPDOOFLW\RI6DOFDMi,ILQG,
DP ZLWQHVVLQJ WKH FRPSOLFDWHG FKHVV PDWFK WKDW LV &HQWUDO $PHULFDQ
QDUFRWUDIILFNLQJ 7KLV LV QRW D ZDU +LJK RIILFLDOV VXFK DV WKH PLQLVWHU RI
JRYHUQPHQW DUHQW HYHQ VXUH LI DUUHVWLQJ WKH GUXJ EDURQV KHOSV 7KH EDURQV
WKHPVHOYHV SOD\ WKH JDPH DQG LI WKH\ DUH DUUHVWHG RU H[WUDGLWHG WKH JDPH JHWV
HYHQEORRGLHU

7KDW 7KXUVGD\ -XQH   LQ 6DOFDMi QRERG\ WKRXJKW LW RGG WR KHDU
H[SORVLRQV/RFDOVKDGEHHQVHWWLQJRIIILUHZRUNVDOOGD\LQFHOHEUDWLRQRI
6DQ$QWRQLRGH3DGXDZKRHYHQWKRXJKKHLVQWWKHFLW\VSDWURQVDLQWLV
W\SLFDOO\ERPEDUGHGZLWKILUHZRUNVDQGSUD\HUVHYHU\-XQHLQWKLVVPDOO
DJULFXOWXUDOFLW\LQZHVWHUQ*XDWHPDOD7KDW-XQHZDVHVSHFLDOO\IHVWLYH
DV WKHUH ZDV DOVR D ZHGGLQJ LQ WKH FHQWUDO FKXUFK ULJKW LQ IURQW RI WKH
PD\RUV RIILFH DQG SROLFH VWDWLRQ LQ WKH FHQWUDO SOD]D 7KH ZHGGLQJ SDUW\
ZDV VHWWLQJ RII WKHLU RZQ ILUHZRUNV :KLFK LV ZK\ QRERG\ HYHQ IOLQFKHG
ZKHQPRUHH[SORVLRQVUDQJRXWDWLQWKHHYHQLQJ7KHILUVWEDQJFDPH
IURPDJXQVKRWWKDWNLOOHGZLWKRQHVKRWWRWKHKHDGDSROLFHRIILFHUZKR
ZDVZDONLQJGRZQWKHVWUHHWRQKLVEUHDN7KHUHZHUHVHYHQPRUHWRJR
1RWHYHQWR0LJXHO2YDOOHWKHPD\RURI6DOFDMiGLGLWVHHPVWUDQJHWR
KHDUH[SORVLRQVMXVWRXWVLGHKLVRIILFHWKDWHYHQLQJ+HUHPHPEHUVSDXVLQJ
LQ WKH PLGGOH RI EUXVKLQJ KLV WHHWK GXULQJ D EUHDN IURP D FRXQFLO PHHWLQJ
)LUHZRUNV KH WKRXJKW FRQWLQXLQJ WR EUXVK %XW WKHQPRUH H[SORVLRQV
VRXQGLQJKHSDXVHGDJDLQ7KHQRLVHVVHHPHGPRUHSRZHUIXOWKDQEHIRUH
)LUHZRUNVKHUHDVVXUHGKLPVHOI:KHQKHZDVGRQHEUXVKLQJKHOHIWKLV
RIILFHZDONHGWKURXJKWKHVHFRQGIORRUORXQJHDQGWKHQIUR]HXSRQHQWHULQJ
WKH URRP IXOO RI WHUULILHG FRXQFLO PHPEHUV 7KUHH RI WKHP KDG ZDONHG


RXWVLGHIRUDVPRNHEUHDNDQGKDGZLWQHVVHGWZRGRXEOHFDESLFNXSWUXFNV
DQGDQRIIURDG689SXOOXSQH[WWRWKHSROLFHVWDWLRQ
0U0D\RUWKH\FDPHDQGNLOOHGDOOWKHSROLFHRQHRIWKHFRXQFLOPHQ
VDLG
0D\RU2YDOOHWKRXJKWWKDWLWZDVDMRNH,VWKDWVR"KHUHSOLHG
7KHFRXQFLOPDQWROGKLPWRORRNRXWWKHZLQGRZIURPZKLFKWKHUHLVD
YLHZVWUDLJKWGRZQWRWKHVWUHHWLQIURQWRIWKHSROLFHVWDWLRQ0D\RU2YDOOH
DSSURDFKHG+HVDZWKHERGLHVRIWZRSROLFHPHQVSUDZOHGRQWKHJURXQGLQ
DSXGGOHRIWKHLURZQEORRG7KHWKUHHWUXFNVZHUHVWLOORXWVLGH
+LV QH[W WKRXJKW ZDV 1RZ WKH\UH JRLQJ WR FRPH IRU XV 7KH\ ZRQW
ZDQWWROHDYHZLWQHVVHV
7KHUH ZHUH IRRWVWHSV FRPLQJ XS WKH VWDLUFDVH RXWVLGH WKH RIILFH 7KH
FRXQFLO PHPEHUV DQG WKH PD\RU GRYH IRU FRYHU FURXFKLQJ LQ WKH FRUQHUV
FRQYLQFHG WKDW LQ D IHZ VHFRQGV WKH\ ZHUH JRLQJ WR EH O\LQJ LQ WKHLU RZQ
SXGGOHVRIEORRG
,QVWHDGRQHRIWKHPHQZKRKDGJRQHGRZQWRVPRNHDQGZKRKDGEHHQ
IULJKWHQHGDQGWHPSRUDULO\SDUDO\]HGE\WKHJXQVKRWVZDONHGEDFNLQWRWKH
RIILFH0D\RU2YDOOHUHPHPEHUVWKDWKHORRNHGJUHHQLQWKHIDFH7KDWZDV
ZKHQWKH\KHDUGWKHWKUHHWUXFNVVWDUWXSDQGVSHHGDZD\
7KHPHHWLQJLVRYHUWKHPD\RUVDLG*RKRPHWR\RXUIDPLOLHV
+HNQHZKRZHYHUWKDWKHFRXOGQWMXVWJRKRPH+HZDVKHGKLVIDFHDQG
VDWWLJKWIRUDERXWILIWHHQPLQXWHV:KHQKHVWDUWHGFRPLQJRXWRIKLVVWXSRU
KHPDGHDSKRQHFDOOWRWKHJRYHUQRURIWKHVWDWHRI4XHW]DOWHQDQJRDQGWROG
KHU7KH\VKRZHGXSDQGNLOOHGDOORIWKHSROLFH<RXQHHGWRFRPH<RX
QHHGWRVHHWKLV7DONWRZKRPHYHU\RXQHHGWREXWFRPH
:KHQ KH KXQJ XS KH IRXQG KLPVHOI DJDLQ LQ KLV HPSW\ PD\RUV RIILFH
DFURVVDQDUURZVWUHHWIURPDSROLFHVWDWLRQZKHUHDJURXSRIKLWPHQULGLQJ
LQOX[XU\WUXFNVKDGMXVWPXUGHUHGHLJKWRIILFHUVDQGKHZRXOGODWHUOHDUQ
NLGQDSSHGWKHSROLFHVXELQVSHFWRU+HZRQGHUHGIRUDPRPHQWLILWZHUHDOO
D EDG GUHDP D VWUDQJH KDOOXFLQDWLRQ SURYRNHG E\ D KHDGDFKH DQG DOO WKH
ILUHZRUNVVHWRIIIRU6DQ$QWRQLRGH3DGXD'D\%XWQR,WZDVQRGUHDP
+HGHFLGHGWRJRKRPH
,QWKHGD\VIROORZLQJWKHPDVVDFUHWKHFLW\RI6DOFDMiEHFDPHWKHFHQWHU
RI*XDWHPDOD$OOPDMRUQDWLRQDOQHZVSDSHUVUDQKHDGOLQHVWRULHVDERXWWKH
SROLFHNLOOLQJV7KHUHZDVVSHFXODWLRQWKDW6XELQVSHFWRU&pVDU*DUFtDZKR
ZDVNLGQDSSHGLQVWHDGRINLOOHGSURYRNHGWKHPDVVDFUHE\SXOOLQJRYHUWKH
VRQ RI RQH RI WKH PDMRU GUXJ WUDIILFNHUV IRU UHFNOHVV GULYLQJ D IHZ GD\V
SUHYLRXVO\7KH\RXQJPDQFRPSODLQHGWKDWKHZDVVWRSSHGDQGHYHQZHQW
DVIDUDVVHOILGHQWLI\LQJDVWKHVRQRIWKHWUDIILFNHU7KDWGLGQWVWRS*DUFtD


IURPDUUHVWLQJKLPZKLFKDFFRUGLQJWRWKHWKHRU\EURXJKWRQWKHZUDWKRI
KLV IDWKHU 9DULRXV QDWLRQDO PHGLD RXWOHWV UDQ ZLWK WKH K\SRWKHVLV $QG
WKRXJK LW WXUQHG RXW WR EH ZURQJ WKH PLVWDNH VD\V D ORW DERXW WKH VWDWH RI
*XDWHPDOD
1LQHW\ SHUFHQW RI WKH FRFDLQH WKDW DUULYHV LQ WKH 8QLWHG 6WDWHV SDVVHV
WKURXJK *XDWHPDOD 7KH FRXQWU\ LV D KXJH SRUW RI GUXJ H[SRUWDWLRQ 7KH
&HQWUDO$PHULFDQ2IILFHLVKRZQDUFRVRIWHQUHIHUWRWKHFRXQWU\$ZHHN
DIWHUWKHPDVVDFUHWKHRIILFLDOYHUVLRQRIWKHQDUFRVVRQVDUUHVWVSDUNLQJ
WKH LQFLGHQW ZDV DFFHSWHG DFURVV WKH FRXQWU\ (GXDUGR 9LOODWRUR &DQR
EHWWHUNQRZQDV*XD\R&DQRZDVQDPHGDVWKHIDWKHURIWKH\RXQJUHFNOHVV
GULYHU )RUW\WZR \HDUV ROG *XD\R &DQR ZDV RULJLQDOO\ IURP WKH VWDWH RI
+XHKXHWHQDQJRZKLFKERUGHUV0H[LFR+HEHJDQKLVFULPLQDOFDUHHULQWKH
PLGV ZRUNLQJ DV D FR\RWH IRU PLJUDQWV +LV ]RQH RI RSHUDWLRQ ZDV
DURXQGWKHFLW\RI/D'HPRFUDFLDDFRPPRQZD\SRLQWIRUPLJUDQWVFURVVLQJ
LQWR0H[LFRDWWKH*XDWHPDODQFLW\RI/D0HVLOOD*XD\R&DQREHJDQDWWKH
ERWWRP EXW KLV FUXHOW\ DQG EROGQHVV OHW KLP ULVH TXLFNO\ LQ WKH UDQNV
ILJKWLQJ ORQJ EDWWOHV ZLWK DGYHUVDULHV DQG PDNLQJ FRQWDFWV ZLWK ERWK
0H[LFDQ FDUWHOV DQG RWKHU QDUFRWUDIILFNLQJ JURXSV WKURXJKRXW &HQWUDO
$PHULFD 7KH VWDWHV KXQW IRU *XD\R &DQR DIWHU WKH PDVVDFUH RI 6DOFDMi
FRYHUHG WKH HQWLUH 0H[LFR*XDWHPDOD ERUGHU UHJLRQ 7KH PLQLVWHU RI
JRYHUQPHQW HYHQ JDYH WKH VHDUFK IRU KLP D VSHFLILF QDPH VXSSRVHGO\
ZLWKRXWLURQ\ 2SHUDWLRQ'LJQLW\
$YXOQHUDEOHVWDWHDWWDFNHGLQWKHVHDWRISRZHU DFURVVWKHVWUHHWIURP
WKH PD\RUV RIILFH DQG LQVLGH WKH SROLFH VWDWLRQ  VHHNV WR UHVWRUH LWV
PDVVDFUHGGLJQLW\
$ PRQWK DQG WKUHH GD\V DIWHU WKH PDVVDFUH 2SHUDWLRQ 'LJQLW\ KDG
FDSWXUHG WHQ DOOHJHG PHPEHUV RI *XD\R &DQRV JURXS 2Q -XO\  WKH\
FDSWXUHG D PDQ WKH\ FODLPHG ZDV D FRPPDQGHU LQ WKH JURXS )UDQFLVFR
7ULQLGDG&DVWLOOR9LOODWRURNQRZQDV(O&HERRU(O&DUQLFHUR>WKH%DLWRU
WKH%XWFKHU@DVKHZDVRQKLVZD\WRDKRUVHUDFH(O&DUQLFHURWKHSROLFH
FODLPHG ZDV RQH RI WKH DVVDVVLQV ZKR DWWDFNHG 6DOFDMi RQ WKDW EORRG\
7KXUVGD\RI6DQ$QWRQLRGH3DGXD
2Q -XO\  VXUURXQGHG E\ WZHQW\WZR MRXUQDOLVWV SXVKLQJ PLFURSKRQHV
FDPHUDV DQG UHFRUGHUV LQWR KLV IDFH 0LQLVWHU RI *RYHUQPHQW 0DXULFLR
/ySH] %RQLOOD RSHQHG XS WR UHSRUWHUV ZLWK OLJKWO\ PDVNHG UDJH +H ZDV
XSVHWDQGPD\EHHYHQIHOWKXPLOLDWHG+HLVDNLOOHUDPXUGHUHUMXVWOLNH
WKHRWKHUV$EXWFKHU+LVMRELVWREXWFKHUSHRSOH6HULRXVO\WKHVHSHRSOH
EDUHO\ UHVHPEOH KXPDQ EHLQJV 7KH\UH DQLPDOV DQG , GRQW PHDQ WR
GLVUHVSHFWDQLPDOVEXWWKHVHQDUFRVDUHWKHPRVWEUXWDOSHRSOHZHYHHYHU
FRPHDFURVVWKH\UHUHVSRQVLEOHIRUPDQ\PXUGHUV:HDUHJRLQJWRFODPS


GRZQRQDOORIWKHLUSRVVHVVLRQV:HZRQWHYHQOHDYHWKHPWHOHYLVLRQVWR
ZDWFKWKHQHZVRQ7KLVLVDPHVVDJHWRDOOWKHQDUFRVZKRDUHJRLQJDURXQG
PXUGHULQJSHRSOH<RXEHWWHUVRDN\RXUEHDUGV>SUHSDUHIRUZKDWVFRPLQJ@
EHFDXVHZHZLOOQRWOHWWKLVVRUWRIWKLQJVWDQGDQ\ORQJHU
7ZR ZHHNV ODWHU WZR PRUH PHQ 5D[ 3RS DQG 3RS &KRORP ERWK
LQGLJHQRXVZHUHDUUHVWHGDQGDFFXVHGRIZRUNLQJDVERG\JXDUGVIRU*XD\R
&DQR 3ROLFH DUUHVWHG WKHP LQ D UDLG LQ (O 1DUDQMR DQRWKHU FRPPRQ
ZD\SRLQW DORQJ WKH 0H[LFDQ ERUGHU IRU PLJUDQWV GUXJV ZHDSRQV DQG DOO
VRUWVRIFRQWUDEDQG1H[WWRIDOOZDVWKLUW\IRXU\HDUROG3RS/XFDFFXVHG
RI EHLQJ WKH DXWKRU RI PXOWLSOH DVVDVVLQDWLRQV 0LQLVWHU %RQLOOD H[SODLQHG
WKDWDIWHUWZRPRQWKVVHUYLQJLQWKHPLOLWDU\3RS/XFGHVHUWHGDQGEHJDQKLV
FULPLQDOFDUHHULQDJDQJUXQE\-XDQFKR/HyQ,QLQWKH*XDWHPDODQ
VWDWH RI =DFDSD DORQJ WKH ERUGHU ZLWK +RQGXUDV /HyQ ZDV NLOOHG LQ D
VKRRWRXWDWWKHODNHUHVRUW/D/DJXQD$FFRUGLQJWRPLOLWDU\DQGLQWHOOLJHQFH
DXWKRULWLHV WKH 0H[LFDQ FDUWHO /RV =HWDV ZDV FRQWUDFWHG E\ *XDWHPDODQ
FDUWHO OHDGHUV WR NLOO /HyQ ZKR KDG EHFRPH D SURPLQHQW WUDIILFNLQJ
FRPSHWLWRU DQG EDQGLW $IWHU /RV =HWDV FRPSOHWHG WKHLU PLVVLRQ WKH\
GHFLGHGWRVWD\
(LJKW\WKUHH GD\V DIWHU KLW PHQ WXUQHG WKH 6DOFDMi SROLFH VWDWLRQ LQWR D
PRUJXH2SHUDWLRQ'LJQLW\KDGDEUHDNWKURXJK2Q2FWREHUDVKH
ZDV ZDONLQJ RXW RI D KRVSLWDO LQ WKH 0H[LFDQ FLW\ RI 7X[WOD *XWLpUUH]
0H[LFDQSROLFHDFWLQJRQEHKDOIRIDIRUPDOUHTXHVWIURPWKH*XDWHPDODQ
JRYHUQPHQW FDSWXUHG *XD\R &DQR 0LQLVWHU %RQLOOD H[SODLQHG WKDW WKH
VXVSHFWZKRORRNHGVLJQLILFDQWO\OHVVIDWWKDQLQWKHSKRWRVGLVWULEXWHGE\
SROLFHKDG EHHQ OHDYLQJ WKH KRVSLWDO DIWHU JHWWLQJ OLSRVXFWLRQ SDUW RI KLV
VWUDWHJ\ ZKLFK LQFOXGHG IDFH VXUJHU\ WR FKDQJH KLV DSSHDUDQFH :KHQ
*XD\R&DQRVHULRXVDQGHYHQKDXJKW\ORRNLQJDFFRPSDQLHGE\KLVFRXVLQ
ZKR ZDV DOVR DFFXVHG RI WDNLQJ SDUW LQ WKH PDVVDFUH H[LWHG WKH RIILFLDO
0H[LFDQDLUSODQHWREHKDQGHGRYHUWRWKH*XDWHPDODQVKHFODLPHGWKDWKH
KDG EHHQ LQ WKH KRVSLWDO IRU DSSHQGLFLWLV +H DOVR H[SODLQHG (YHU\ERG\
NQRZVWKDWLQWKLVEXVLQHVVWKHUHLVQRIRUJLYHQHVV,GRQWNQRZDQ\WKLQJ
,P QR VQLWFK  7DON RU QRW WKH\UH JRQQD ZUHFN XV HLWKHU ZD\  $QG
HYHU\ERG\DOUHDG\NQRZVZKRVZRUNLQJEHKLQGPH
(LJKW\WKUHHGD\VLQWKHVWDWLVWLFVRI2SHUDWLRQ'LJQLW\ZHUHDVIROORZV
VL[WHHQDUUHVWVIRUW\WKUHHUDLGV86VHL]HGWKHGHFRPPLVVLRQRI
WKLUW\SLVWROVWZHOYHULIOHVQLQHPDFKLQHJXQVWKUHHVKRWJXQVURXQGV
RIYDULRXVFDOLEHUVVL[W\ILYHYHKLFOHVILIW\VL[FHOOSKRQHVHLJKWPLOLWDU\
XQLIRUPV WHQ EDODFODYDV VL[ EDJV RI FDXVWLF VRGD RQH RXQFH RI FRFDLQH
VL[W\VHYHQILJKWLQJFRFNVVL[WHHQGHHUIRUW\WKUHHSXUHEUHGKRUVHVDQGIRXU
ZLOGELUGV


*XD\R &DQR WKRXJKW WKDW KH FRXOG SRNH WKH VWDWH LQ WKH H\H DQG WKDW
QRWKLQJZRXOGKDSSHQ7KHQ2SHUDWLRQ'LJQLW\GLVPDQWOHGKLVRUJDQL]DWLRQ
7KH VWDWH ZRQ WKH JDPH  EXW WKH JDPH KDG RQO\ EHJXQ EHFDXVH *XD\R
&DQRPDGHDEDGPRYHKHVKRRNXSWKHFKHVVERDUGDQGHYHU\ERG\VDZLW
7KLV LV ZKHQ WKH QH[W PDMRU ZDYH LQ WKH ILJKW DJDLQVW GUXJ WUDIILFNLQJ
EHJDQLQ*XDWHPDOD$FFRUGLQJWRWKH866WDWH'HSDUWPHQWDVRI
WRQVRIFRFDLQHZHUHSDVVLQJWKURXJKWKHFRXQWU\HDFK\HDU7KHPDVVDFUHRI
6DOFDMi DQG WKH VXEVHTXHQW IDOORXW DUH JRRG JXLGHV WR XQGHUVWDQGLQJ WKH
FKHVV JDPH RI FULPLQDO SROLWLFV LQ D FRXQWU\ LQ ZKLFK WKHUH DUH VRPH
ZLQQHUV VRPH ORVHUV DQG VRPH ZKR QHYHU HYHQ JHW WR SOD\WKH\ ORVH
EHIRUHWKH\HYHQVWDUW

:H DUH LQ D VPDOO VSDUWDQ URRP LQVLGH SROLFH KHDGTXDUWHUV LQ *XDWHPDOD
&LW\2QHWDEOHWZRUROOLQJFKDLUVWZRJODVVHVRIZDWHUDQGDUHFRUGHU,Q
IURQWRIPHLQDEURZQVKLUWDQGWHQQLVVKRHVDQGZLWKDIULHQGO\VPLOHRQ
KLVIDFHLVRQHRI*XDWHPDODVFKLHILQYHVWLJDWRUVDPDQLQWHJUDOWRPDQ\RI
WKHDUUHVWVRIWKH*XD\R&DQRJURXS7KLVPDQZDVRQHRIWKHIHZFKDUJHG
ZLWK UHVWRULQJ WKH GLJQLW\ RI WKH FRXQWU\ ,Q RUGHU WR FRPSOHWH WKH PLVVLRQ
KRZHYHUKHNQHZKHGKDYHWRSHUIRUPVRPHSUHWW\XQGLJQLILHGWDVNV+H
DVVXUHVPHWKDWLWVW\SLFDOLQWKLVNLQGRIFDVH7KHLQYHVWLJDWRUILUVWDUULYHG
ZLWK D VPDOO WHDP IRXU RWKHU PHQ DOO ULGLQJ LQ WKH VDPH GRXEOHFDELQ
SLFNXS 7KH\ OHIW WKH FDSLWDO FLW\ RQH PRUQLQJ YHU\ HDUO\ DURXQG WKUHH RU
IRXUKHDGLQJIRU/D'HPRFUDFLDWKHFLW\ZKHUH*XD\R&DQRVFRQYR\RIKLW
PHQVXSSRVHGO\ZHUHEDVHG7KH\GLGQWWHOODQ\ERG\HOVHQRWHYHQRWKHU
SROLFHPHQDQGWKH\KDGH[FXVHVSUHSSHGLIDQ\ERG\DVNHGWKHPZKDWWKH\
ZHUHGRLQJLQ+XHKXHWHQDQJR(YHQWKRXJKWKH\ZRXOGEHZRUNLQJRXWRID
QHZSROLFHVWDWLRQWKH\GLGQWZDQWWRVOHHSWKHUHRUKDQJDURXQGWRRORQJ
DQ\ZKHUHLQWKHVWDWH7KH\GURYHEDFNWRWKHFDSLWDODQDOPRVWIRXUKRXU
GULYHHYHU\ QLJKW QRW ZDQWLQJ WR PL[ ZLWK RWKHU FRSV ZRUNLQJ LQ WKH
UHJLRQ FRQWUROOHG E\ *XD\R &DQR ,I RQ VRPH QLJKWV WKH\ KDG WR VWD\ LQ
+XHKXHWHQDQJRWKH\VOHSWLQFRWVDWWKHSROLFHVWDWLRQDQGWROGQRRQH7KH\
DOO NQHZ DV HYHU\ SROLFHPDQ LQ WKH UHJLRQ NQRZV WKDW WDONLQJ ZLWK
FROOHDJXHV DERXW D QDUFR LQYHVWLJDWLRQ FRXOG EH WKH VDPH DV VLJQLQJ \RXU
RZQGHDWKVHQWHQFH
7KHLQYHVWLJDWRUZDVPHHWLQJPHWRJLYHPHDGYLFHDERXWP\XSFRPLQJ
WULSWR/D'HPRFUDFLD
*HWWLQJWR/D'HPRFUDFLDIURP+XHKXHWHQDQJRKHWROGPHLVDOLWWOH
FRPSOLFDWHG7KHZKROHURXWHLVXQGHUFRQWURORIWKHQDUFRV
$QG,DVNHGLI,MXVWVKRZXSDQGVWDUWDVNLQJDURXQGDERXW&DQRV
FRQWLQXHGFRQWURORIWKHUHJLRQ"


7KDWVGDQJHURXV
7KH\GNQRZ,PLQWRZQ"
/HWPHWHOO\RXVRPHWKLQJ:HYHRQO\EHHQZRUNLQJLQ/D'HPRFUDFLD
IRUDOLWWOHELW%HVLGHVRXUILUVWUDLGZHYHRQO\EHHQWKHUHRQHRWKHUWLPH
WKLV\HDU:HJRLQDQGZHJHWRXW:HGRQWOLQJHU,GRQWUHFRPPHQGWKDW
\RXJR
$FFRUGLQJ WR \RX ZKDW KDSSHQHG WKDW QLJKW LQ WKH 6DOFDMi SROLFH
VWDWLRQ"
:KDW &DQR ZDQWHG WR GR ZDV VWDUW D ILJKW DJDLQVW WKH VWDWH +H ZDV
PRWLYDWHGE\UDJH>+HZDQWHG@WRNLGQDSDFRSDQGNLOOKLPOLNHWKH\KDG
NLOOHG VRPH RI KLV RZQ $FFRUGLQJ WR ZKDW ZH NQRZ WKHUH ZHUH EHWZHHQ
WZHOYHDQGILIWHHQSHRSOHLQWKUHHYHKLFOHV7KHYHKLFOHVZHUHYHU\VLPLODU
WR JRYHUQPHQW YHKLFOHV ZKLFK ZDV SUREDEO\ ZK\ WKH SROLFHPHQ ZHUHQW
DOHUWHG VRRQHU DQG WKH KLW PHQ ZRUH $UP\ XQLIRUPV 7KH\ FDPH LQ OLNH
VROGLHUV SRLQWLQJ WKHLU ULIOHV 7KH\ \HOOHG WKDW WKH\ ZHUH SHUIRUPLQJ D
PLOLWDU\RSHUDWLRQDQGWROGHYHU\RQHWRJHWRXW7KHFRSVVWDUWHGUXQQLQJEXW
WKH KLW PHQ NQHZ WKH OD\RXW RI WKH VWDWLRQ LW ZDV YHU\ ZHOO SODQQHG WKH\
NQHZ ZKHUH WKH H[LWV ZHUH ZKHUH WKH GRRUV ZHUH 7KH\ ZHQW VWUDLJKW IRU
WKHRIILFHZKHUHWKHVXELQVSHFWRUZDVDQGSXOOHGKLPRXW
:KDWKDSSHQHGWRKLP"
7KH\ WRRN KLP DOLYH DQG GURYH KLP WR +XHKXHWHQDQJR 7ZR GD\V ODWHU
ZHIRXQGVRPHRIKLVERG\SDUWV7KH\GLVPHPEHUHGKLP7KH\WXUQHGKLP
WRVRXSDQGGXPSHGZKDWZDVOHIWLQWRWKHULYHULQ/D'HPRFUDFLD

6XELQVSHFWRU &pVDU $XJXVWR *DUFtD ZDV WKH FRPPDQGLQJ RIILFHU RI WKH
VWDWLRQ LQ 6DOFDMi 7KH KLW PHQ GLGQW PXUGHU KLP OLNH WKH\ PXUGHUHG KLV
FROOHDJXHV ,QVWHDG WKDW 6DQ $QWRQLR GH 3DGXD 'D\ WKH\ WRRN KLP DZD\
DOLYH
)RUZHHNVWKHPHGLDZDVKLJKOLJKWLQJD<RX7XEHYLGHRFODLPLQJLWKDG
EHHQSRVWHGE\*XD\R&DQRVSHRSOHDQGVKRZHGWKHPPXUGHULQJ*DUFtD
9DULRXV SROLWLFLDQV UHIHUUHG WR WKH YLGHR DV DFFXUDWH ,Q WKH YLGHR \RX FDQ
VHH D WKLUW\VRPHWKLQJ PDQ WLHG WR D FKDLU +H LV EURZQVNLQQHG KDV
$VLDQOLNHIHDWXUHVDQGVKRUWPLOLWDU\FURSSHGKDLU+HLVDOUHDG\EORRGLHG
DQGVHHPVWRQRORQJHUKDYHDWRQJXH7KHPDQJUXQWVVRPHWKLQJOLNHDGHDWK
UDWWOH0HQRIIFDPHUDJLJJOH<RXUWLPHKDVIXFNLQJFRPHVRPHRQHVD\V
7KHFDPHUDPRYHVWRIRFXVRQWKHPDQVOHIWKDQG2WKHUKDQGVDSSHDURQ
WKH VFUHHQ RQH RI WKHP ZLWK D NQLIH WKH\ VWDUW FXWWLQJ RII WKH YLFWLPV
ILQJHUV/DWHUDPDQZLWKKLVIDFHFRYHUHGZDONVEHKLQGWKHYLFWLPOLIWVKLV
KHDG XS DQG GHFDSLWDWHV KLP ZLWK D NQLIH 0DQ\ SHRSOH DVVXPHG WKH PDQ
ZDVWKHVXELQVSHFWRUIURP6DOFDMi,WVD\VDORWWKDWHYHQSROLWLFLDQVERXJKW


WKH VWRU\ ZLWKRXW SURRI ,W WXUQV RXW WKDW WKH\ ZHUH ZURQJ WKRXJK *DUFtD
SUREDEO\GLGVXIIHUDVLPLODUIDWH
7ZR GD\V DIWHU *XD\R &DQRV PHQ VWUXFN DW WKH GLJQLW\ RI *XDWHPDOD
OLIHJXDUGV DQG SROLFHPHQ IRXQG VFDWWHUHG KXPDQ UHPDLQV RQ WKH EDQN RI
9DOSDUDtVR5LYHULQWKHFLW\RI/D'HPRFUDFLD7KH\IRXQGDILYHE\ILYH
LQFKSLHFHRIFUDQLXPWZRILQJHUVDVWULSRIVNLQDQGKXPDQLQWHVWLQHV
$FFRUGLQJ WR WKH LQYHVWLJDWRU WKH IRUHQVLF HYDOXDWLRQ UHYHDOHG WKDW D
QXPEHURIWKHVHERG\SDUWVZHUHUHPRYHGIURPWKHYLFWLPZKLOHKHZDVVWLOO
DOLYH/DWHUWKH\IRXQGWKHYLFWLPVVKLUW
+H KDGQW MXVW PRYHG D IHZ SLHFHV *XD\R &DQR KDG WKURZQ WKH HQWLUH
FKHVVERDUGLQWRWKHDLUDQGWKHQVSLWLQWKHIDFHRIKLVRSSRQHQW%XWZKDW
ZDVLWWKDWVRLQIXULDWHGKLP"

,DVNHGWKHOHDGLQYHVWLJDWRULQWKHFDVHWRH[SODLQZKR*XD\R&DQRZDVLQ
WKHFULPLQDOZRUOG
,QKHEHJDQKHZDVDKXPEOHZRUNHU+HVWDUWHGDVDFR\RWH
MXVW OLNH KLV EURWKHU $ WKLUG EURWKHU ZRUNHG IRU D QDUFRWUDIILFNLQJ EDQG
XQGHU VRPHRQH QDPHG 5RPHUR 7KLV EURWKHU EURXJKW KLP DORQJ VWDUWLQJ
*XD\R RII DV D FKDXIIHXU 7KHQ WKLV 5RPHUR ILJXUH ZDV NLOOHG DQG *XD\R
ZDVOHIWZLWKRXWDMRE7KURXJKDFRQWDFWKHJRWDQRWKHUMREZRUNLQJIRUD
0H[LFDQQDPHG*DEL*XD\RJDLQHG*DELVFRQILGHQFHDQGSHRSOHVWDUWHG
JHWWLQJWRNQRZKLP7KHQ*DELZDVNLOOHG%\WKLVWLPHKRZHYHU*XD\R
KDGJRRGUHODWLRQVKLSVZLWKWZRRWKHUJURXSVIURP=DFDSDDQG,]DEDO>ERWK
RQ WKH ERUGHU RI +RQGXUDV@ ZKR ZHUH VXSSOLHUV DQG KDG FRQQHFWLRQV LQ
0H[LFR 2QH RI WKRVH NQRZQ DV WKH 'RFWRU ZDV IURP 7X[WOD *XWLpUUH]
&KLDSDV *XD\R VWDUWHG ZRUNLQJ ZLWK WKH 'RFWRU LQ  7KHQ &KLFKDUUD
FDPHLQDQGWULHGWRLPSRVHDDPRQWKWD[RQ*XD\RIRUZRUNLQJLQ
KLV]RQH*XD\RGLGQWZDQWWRSD\$V&KLFKDUUDLVWKHOHDGHURIRQHRIWKH
PRVWUXWKOHVVFULPLQDOJURXSVDURXQG*XD\R&DQROHIWIRU0H[LFR+HZDV
VFKRROHGE\WKH'RFWRUDQGWKH*XOI&DUWHO+HHYHQJRWDORWRIKHOSIURP
/RV=HWDVZKHQKHZDVEHJLQQLQJWRRXWILWKLVRZQJURXS+HZDVLQ0H[LFR
DERXWWKUHHPRQWKV7KHQKHUHWXUQHGWR*XDWHPDODDQGKRRNHGXSZLWKKLV
EURWKHUWKHFR\RWH:LWKDVVLVWDQFHIURP/RV=HWDVKHGHFLGHGKHZDQWHGWR
DYHQJHWKHGHDWKRI*DELZKRZDVNLOOHGE\&KLFKDUUDLQ$JXD=DUFD7KH
KLWZDVVHWXSE\*XD\RZLWKKHOSIURP/RV=HWDVRUPD\EHLWZDVWKHRWKHU
ZD\DURXQG,WZDVUHYHQJH*XD\RZDVJRLQJWRMRLQ>/RV=HWDV@EXWLQWKH
HQGKHGLGQW
7KLVLVDW\SLFDOVWRU\RIDKRWVKRW&HQWUDO$PHULFDQGUXJFDSRVRPHRQH
ZKRFRXQWVLQNLORVLQVWHDGRIJUDPV7KH\DUHHSLFWDOHVRIVWRULHGEDGJX\V
ZLWKFXWHQLFNQDPHVZKRSDUDGHDURXQGKDOILPDJLQHGNLQJGRPVZKHUHWKH\


DUHWKHFHQWHURIHYHU\WKLQJDQGJHWWRPDNHDOOWKHUXOHV7KHVHDUHVWUDQJH
DQG LPSHQHWUDEOH ZRUOGV ILOOHG ZLWK FRGH ZRUGV DQG FDUQDJH LQ ZKLFK
SOD\HUVIXQFWLRQDVLILWZHUHMXVWDQRWKHUGD\DWZRUN2QHFR\RWHLQLWLDWHV
DQRWKHUZKRPRQWKVODWHUNLOOVDERVVDQGWKHQMRLQVXSZLWK/RV=HWDVWR
VWDJHDPDVVDFUH
7KH ILJKW LQ $JXD =DUFD D QHLJKERULQJ FLW\ RI /D 'HPRFUDFLD ZDV D
ILYHKRXU JXQ EDWWOH WKDW UDJHG WHQ PLOHV XS DQG GRZQ WKH KLJKZD\
VXUURXQGLQJ WKH WRZQ 6HYHQWHHQ SHRSOH ZHUH NLOOHG 7KH ILJKWLQJ ZDV
VSDUNHG GXULQJ D KRUVH UDFH ZKHQ WZR FRPSHWLQJ WUDIILFNLQJ JURXSV RQH
0H[LFDQDQGWKHRWKHU*XDWHPDODQWKUHZWKHPVHOYHVLQWRDEDWWOHDVLIWKH\
ZHUHLQWKHVWUHHWVRI%DJKGDG7KHJURXSVXVHGKLJKSRZHUULIOHVDQGHYHQ
JUHQDGHODXQFKHUV,QWKHHQGWKH0H[LFDQVZHUHIRUFHGWRIOHHEDFNDFURVV
WKHERUGHU$FFRUGLQJWRWKH*XDWHPDODQSROLFHLQYHVWLJDWRUVWKH0H[LFDQV
ZHUH /RV =HWDV PHPEHUV ZLWK WKH EDFNLQJ RI *XD\R &DQR DQG WKH
*XDWHPDODQVZHUHSDUWRI&KLFKDUUDVEDQG1RDXWKRULWLHVKDGWKHFRXUDJH
WRHQWHULQWRWKHILJKWDVLWZDVVWLOOUDJLQJ,QVWHDGWKH\ZDLWHGDQHQWLUHGD\
IRU UHLQIRUFHPHQWV WR DUULYH DQG RQO\ WKHQ EHJDQ WKHLU LQYHVWLJDWLRQ /D
'HPRFUDFLD $JXD =DUFD WKH FLWLHV ZHUH WKH GRPLQLRQ RI WKH PDILD 7KH
VWDWHZKHQLWGLGVKRZIDFHZDVWKHLQWUXGHU
$FFRUGLQJ WR WKH LQYHVWLJDWRU , VSRNH ZLWK *XD\R &DQRV GHFLVLRQ WR
FROODERUDWH ZLWK /RV =HWDV ZDV LQ UHVSRQVH WR WKH  WD[ &KLFKDUUD
KDG WULHG WR LPSRVH RQ KLP $IWHU WKH EDWWOH LQ $JXD =DUFD ZKLFK ODVWHG
QHDUO\ILYHKRXUVWKHUHZDVDVRUWRIVHFUHWPHHWLQJEHWZHHQWKHRSSRVLQJ
VLGHV7KHLQYHVWLJDWRUZKRWROGPHKHOHDUQHGWKHGHWDLOVIURPRQHRIKLV
LQIRUPDQWV H[SODLQHG LW WR PH WKXV 7KHUH ZDV D PHHWLQJ EHWZHHQ
&KLFKDUUD DQG D IHZ RI &DQRV ORZHUUDQNLQJ RIILFHUV LQ /D 'HPRFUDFLD
&DQRZDVWKHUHDVZHOO&KLFKDUUDLVWKHHOGHU$EXQFKRIWKHQDUFRVPHW
7KH\ VDLG WKH\ PDGH D FRQWUDFW IRUPHG DQ DOOLDQFH QR PRUH YLROHQFH
EHWZHHQ WKHP &KLFKDUUD ZRXOG EX\ KLV GUXJV IURP RQH RI WKH VPDOOHU
SOD\HUV +H JHWV WR GHFLGH ZKR WUDIILFV KRZ PXFK DQG ZKR JHWV FRQWURO
&DQR LV WKH DUPHG ZLQJ DFWV DV SURWHFWLRQ EXW ZRQW DWWDFN >&KLFKDUUD@
DQ\PRUH
7KRVH ZHUH WKH WHUPV RI WKH FHDVHILUH LQ +XHKXHWHQDQJR WKH FRQWUDFW
EHWZHHQWKHVLGHVZKRJRYHUQHGWKHUHJLRQ7KHUHZDVQRJRRGUHDVRQWR
LQYLWHWKH*XDWHPDODQJRYHUQPHQWWRSDUWLFLSDWH
,QWKLVDXVWHUHURRPWKHLQYHVWLJDWRUDQG,FRQWLQXHRXUFRQYHUVDWLRQ
:KDWDUHDGLG&KLFKDUUDFRQWURO",DVNHG
$JXD=DUFD
$QGKRZPDQ\PHQGLG*XD\R&DQRKDYH"


/HW PH WKLQN %HWZHHQ GULYHUV KLW PHQ DQG FROODERUDWRUV WKDW ZHUH
DZDUHRI,GVD\DERXWWZHQW\ILYH
$QG&KLFKDUUD"
+HZDVDWDQRWKHUOHYHO+HKDGDURXQGILIW\PHQ+LVEURWKHU(O=RSH
>WKH %X]]DUG@ LV LQ SULVRQ &KLFKDUUD QRW VXUH 6RPH SHRSOH ZDQWHG WR
EULQJDFDVHRIWD[IUDXGDJDLQVWKLP%XWWKHFKDUJHVGLGQWVWLFNDQGWKH\
HYHQWXDOO\SLQQHGWKHPRQ*XD\R&DQRLQVWHDG
&KLFKDUUDLVPRUHSRZHUIXOWKDQ&DQR"
,WVDEORRG\EXVLQHVVDQGKH>&KLFKDUUD@FRQWUROVWKHGUXJV+HSXOOV
WKH VWULQJV HYHQ &DQRV VWULQJV +H KDV FRQWURO E\ GHFLGLQJ KRZ PXFK
SURGXFWSDVVHV
7KHZHDNHU&HQWUDO$PHULFDQSOD\HUVLQWKHGUXJEXVLQHVVDFWEDVLFDOO\
OLNHDWDJWHDP2QHRIWKHPLVNLOOHGRUH[WUDGLWHGWRWKH8QLWHG6WDWHVDQG
WKHQDQRWKHUWDJVLQXQWLOKHLVNLOOHGRUH[WUDGLWHG7KHZDUDJDLQVWGUXJV
VHHQIURPWKLVSHUVSHFWLYHLVLQILQLWH7KLVZDULI\RXZDQWWRFDOOLWE\WKH
QDPH H[3UHVLGHQW RI 0H[LFR )HOLSH &DOGHUyQ XVHG KDV D ORQJ OLVW RI
HQHPLHVZDLWLQJWREHWDJJHGLQ,WVDVHOIJHQHUDWLQJOLVW
-XVWLQWKHVWDWHRI+XHKXHWHQDQJR\RXFDQVHHDFOHDUH[DPSOHRIWKLVWDJ
WHDPLQJ(O=RSHRU:DOWHU$UHOLR0RQWHMR0pULGDZDVH[WUDGLWHGWRWKH
8QLWHG6WDWHVLQ0DUFKWREHWULHGLQWKH'LVWULFWRI&ROXPELDIRUGUXJ
WUDIILFNLQJ(O=RSHKDGEHHQWDJJHGLQE\2WWR+HUUHUDWKHWRS*XDWHPDODQ
GUXJ ORUG RI WKH SDVW GHFDGH ZKR ZDV FDXJKW DQG DUUHVWHG LQ 0H[LFR LQ
+HODWHUHVFDSHGIURPSULVRQEXWZDVWKHQUHFDSWXUHGLQ&RORPELDLQ
DQGH[WUDGLWHGWKDWVDPH\HDU,QDIWHUKDYLQJVHUYHGKLVWLPHKH
ZDV IUHHG IURP SULVRQ LQ WKH 8QLWHG 6WDWHV +HUUHUD KDG XVHG 6DOYDGRUDQ
SRUWVZRUNLQJZLWK(OLX0DUWtQH] D6DOYDGRUDQWUDIILFNHUZKRZRXOGDOVR
HQG XS H[WUDGLWHG DQG VHQWHQFHG WR WZHQW\QLQH \HDUV LQ 86 SULVRQV  WR
WUDIILF XS WR ILYH WRQV RI FRFDLQH ZKLFK KH ODWHU VHQW QRUWK WR WKH 8QLWHG
6WDWHV
,QVXP+HUUHUDWDJJHGLQ(O=RSHDQG(O=RSHWDJJHGLQ&KLFKDUUDZKR
QRZKDVWKHVSDFHWRUXQIUHHDIWHUKLVELJJHVWFRPSHWLWRUFRPPLWWHGDJUDYH
HUURU PXUGHULQJHLJKWFRSVLQWKH6DOFDMiSROLFHVWDWLRQRQ6DQ$QWRQLRGH
3DGXD'D\ DQGZDVWDNHQRXWRIWKHPDWFK
*XD\R &DQR GLGQW XQGHUVWDQG WKH UXOHV RI WKH JDPH +H ZDVQW HYHQ
WDSSHGRXWE\DQRWKHUSOD\HU+HGLGQWIDFHH[WUDGLWLRQZKLFKLVWKHJUDQG
WULEXQDORIWKHPDWFK,QVWHDGKHZDVGLVTXDOLILHGE\WKHUHIHUHHIRUWKLQNLQJ
WKDW QRERG\ ZRXOG QRWLFH LI KH GLG ZKDWHYHU KH ZDQWHG LQ WKH ULQJ (YHQ
WKRXJKWKHUHILVKDOIEOLQGDQGKDUGO\KDVDQ\VWDQGLQJRUDXWKRULW\*XD\R
&DQRPDGHVXFKDVSHFWDFOHWKDWKHJRWWKURZQRXW


&DQRZDVLQIXULDWHGWKDWWKHVXELQVSHFWRURI6DOFDMiKDGUREEHGKLP
, DVNHG WKH LQYHVWLJDWRU LI WKH HLJKW PXUGHUHG SROLFHPHQ ZRUNHG IRU
*XD\R&DQR
0RUHOLNHWKH\GLGVRPHWKLQJWKDWZHQWDJDLQVW*XD\R&DQRVLQWHUHVWV
)RUQDUFRVGUXJVDQGPRQH\DUHDFRPPLWPHQW,IDVKLSPHQWVWDUWVPRYLQJ
LW EHWWHU DUULYH 7KRVH DUH WKH UXOHV <RX JHW D SDFNDJH IURP =DFDSD RU
,]DEDO DQG WKHQ \RX WUDQVIHU LW DQG WDNH WKH PRQH\ WR /D 0HVLOOD RU VRPH
RWKHUSDUWRI+XHKXH
$QGZKDWDERXWWKHWKHRU\WKDWWKHFRSVZHUHUREELQJPRQH\RUGUXJV"
+H H[SODLQHG WR PH ZKDW SROLFH KDG GLVFRYHUHG RI WKH VXELQVSHFWRUV
LQYROYHPHQW LQ WKH GUXJ ZRUOG +H KDG UHFHLYHG SD\PHQW WR VHOHFWLYHO\
LQWHUGLFWDVKLSPHQW
7KHVKLSPHQWZDVSUREDEO\PRQH\7KDWPRQH\ZDVGHILQLWHO\UREEHGLQ
6DOFDMi,WFDPHXSIURP=DFDSD7KHVXELQVSHFWRUGLGQWNQRZZKDWZDVLQ
WKHFDULILWKDGWKRXVDQGVRIGROODUVRUNLORVRIFRFDLQH+HMXVWJRWSDLGWR
VWRS LW :H GRQW NQRZ ZKR ZDV GULYLQJ 7KH PRQH\ EHORQJHG WR *XD\R
&DQR:KRFRQWUDFWHGWKHVXELQVSHFWRU":HGRQWNQRZ:HGRQWNQRZLI
KH ZDV SDLG LQ GROODUV RU TXHW]DOHV EXW KH UHFHLYHG  , WKLQN WKH\
ZHUHTXHW]DOHV
$QGZKDWZDVLQWKHFDU"

$QGVWRSSLQJ*XD\R&DQRZRXOGRSHQPRUHVSDFHIRU&KLFKDUUD"
,I*XD\R&DQRORVWJURXQGZKRHOVHFRXOGILOOWKDWVSDFHHVSHFLDOO\LI
HYHU\ERG\HOVHLVVPDOOWLPHFRPSDUHGWR&KLFKDUUD"
,GOLNHWRVD\VRPHWKLQJ,YHQRWLFHG,WROGKLP,Q*XDWHPDODRULQ
&HQWUDO$PHULFDWKHUHDUHRQO\WZRZD\VWRVWRSDGUXJORUG7KHJULQJRV
FRPHLQ>IRUH[WUDGLWLRQ@RUWKHGUXJORUGGRHVVRPHWKLQJVWXSLGOLNH*XD\R
&DQR2WKHUZLVHLWVVPRRWKVDLOLQJ:KDWGR\RXWKLQN"
7KDWVZKDWLWVHHPVOLNH
'LG\RXIHHO\RXUOLIHZDVLQGDQJHUZKLOHLQYHVWLJDWLQJWKLVFDVH"
<HV,IHOWPRPHQWVRISV\FKRVLV:HWKLQNDERXWWZHQW\SROLFHPHQKDYH
EHHQNLOOHGZKLOHZRUNLQJFDVHVUHODWHGWR*XD\R&DQR
,QHHGWRJHWWR/D'HPRFUDFLD,VDLGDQG,QHHGVRPHDGYLFHDERXW
KRZWRGRVR
0\DGYLFHLVWKDW\RXGRQWJR
,I,UHQWDFDUKHUHLQWKHFLW\DQGGULYHWR/D'HPRFUDFLDZRXOGWKH\
NQRZDERXWLW"
<HV


0\ LGHD RI JHWWLQJ WR /D 'HPRFUDFLD UHPDLQHG MXVW WKDWDQ LGHD , QHYHU
ZRXOGPDNHLW,Q6DOFDMi,FRXOGQWILQGDQ\ERG\QRWDQLQYHVWLJDWRUDQ
DFWLYLVWDSURVHFXWRURUDQRIILFLDOZKRZRXOGDVVXUHPH,GEHVDIHLQ/D
'HPRFUDFLD 1RERG\ NQHZ D FRQWDFW RU FRXOG WKLQN RI D VDIH ZD\ WR DVN
TXHVWLRQV7KHRQO\KHOS,ZDVRIIHUHGFDPHIURPDGHWHFWLYH,FDQFROOHFW
\RXUERG\DIWHUZDUGV
/D'HPRFUDFLD,ZDVVWDUWLQJWRUHDOL]HLVFRPSOHWHO\UXQE\WKHPDILD
2SHUDWLRQ'LJQLW\ZDVDQLOOXVLRQ,WZDVJD]LQJLQWRDIXQKRXVHPLUURU
7KH *XDWHPDODQ VWDWH ORRNHG WRXJK LQ WDNLQJ GRZQ *XD\R &DQR %XW WKH
UHJLRQ&DQREUXWDOO\UXOHGRYHUUHPDLQVGRPLQDWHGE\WKHVDPHIRUFHVRU
PD\EHE\DIRUFHHYHQPRUHEUXWDOWKDQKLP&KLFKDUUD7KHFDVHRI*XD\R
&DQR IROORZHG WKH PRVW EDVLF RI UXOHV DFWLRQ IRUFHIXO  WKHQ UHDFWLRQ
QHFHVVDU\ 7KHVWDWHUHDFWHGEXW/D'HPRFUDFLDUHPDLQVLQWKHKDQGVRI
WKHPDILD
2SHQO\ UHFRJQL]LQJ LWV RZQ OLPLWHG FDSDFLW\ WKH VWDWH WROHUDWHG WKH
PDILDVFRQWURO,QWKHFDVHDJDLQVW*XD\R&DQRWKH3XEOLF0LQLVWU\KHDSHG
RQ WZR RWKHU PXUGHUV RI VWDWH RIILFLDOV ,Q 'HFHPEHU  <RODQGD
2OLYDUHVDQRWKHUMXGLFLDORIILFLDODQGWZRHPSOR\HHVZHUHGULYLQJEHWZHHQ
/D0HVLOODDQG+XHKXHWHQDQJR&LW\ZKHQDWUXFNIXOORIKHDYLO\DUPHGPHQ
VWRSSHG WKHP 7KH DUPHG PHQ VKRW XS WKHLU YHKLFOH DQG WKHQ ZLWK WKH
SDVVHQJHUV VWLOO LQVLGH EXUQHG LW 3URVHFXWRUV ODWHU K\SRWKHVL]HG WKDW WKH
PHQZRUNHGIRU*XD\R&DQR
$Q RSWLPLVW PLJKW VD\ WKDW HYHQ LI KH KDGQW PXUGHUHG QLQH SROLFHPHQ
*XD\R&DQRZRXOGKDYHHYHQWXDOO\EHHQFDSWXUHGIRUWKHHDUOLHUPXUGHU$
SHVVLPLVWZRXOGSUREDEO\VD\WKDWLIKHKDGQWEHHQWKDWVWXSLG&DQRZRXOG
VWLOOEHWUDIILFNLQJGUXJVLQWR0H[LFRZLWKRXWDSUREOHP$UHDOLVWZRXOGVD\
WKDW WHQ PRQWKV KDG DOUHDG\ SDVVHG VLQFH WKH NLOOLQJ RI 2OLYDUHV DQG WKUHH
RWKHUVDQGQRERG\KDGGRQHDWKLQJWRKXQWGRZQWKHPXUGHUHUVXQWLODIWHU
WKHPDVVDFUHRQ6DQ$QWRQLRGH3DGXD'D\
,QWKHHQG*XD\R&DQRQHYHUDFKLHYHGDQ\WKLQJFORVHWRWKHVWDWXVRIDQ\
RIWKHPDMRU*XDWHPDODQGUXJEDURQV+HQHYHUJDLQHGWKHSUHVWLJHRIQDPHV
VXFKDV/RUHQ]DQD2YHUGLFNRU2UWL]/ySH]$OORIWKHEDURQVZRXOGHQGXS
FDSWXUHG EXW QRQH ZRXOG IDFH FKDUJHV LQ *XDWHPDOD 7KH\ ZRXOG DOO EH
H[WUDGLWHG 7KH GLIIHUHQFH ZDV WKDW QRQH RI WKHP FRPPLWWHG D PDVVDFUH
LQVLGHDSROLFHVWDWLRQDFURVVWKHVWUHHWIURPWKHPD\RUVRIILFH

,Q$SULOZKHQVKHZDVVWLOOJHQHUDOSURVHFXWRURI*XDWHPDOD&ODXGLD
3D]\3D]DQG,VSRNHRIGUXJEDURQVDUUHVWVDQGWKHIXWXUHRIWKHFRXQWU\
3D]\3D]GLGQWWU\WRVHOOPHWKHVWRU\RIDVWURQJVWDWH,QIDFWVKHWROGPH
WKDW LW ZDV LPSRVVLEOH WR NQRZ ZKDW ZRXOG KDYH EHFRPH RI WKH MXGLFLDO


EUDQFKLQ*XDWHPDODLIWKHGUXJEDURQVKDGQWVHWXSVKRSLQWKHFRXQWU\6KH
VHHPHGWRKDYHWKHVDPHNLQGRIKRSHDFDVWDZD\KDVZKHQKHVHHVDELUGLQ
WKHVN\6KHJDYHPHDQH[DPSOH
,QWKH:DOWHU2YHUGLFNFDVHWKH\UDLGHGKLVKRXVHLQ$OWD9HUDSD]DQG
GHWDLQHGKLVVRQZKRLVQRZLQMDLODVZHOODVKLVZLIH2YHUGLFNZHQWRQ
D ORFDO UDGLR VWDWLRQ WKLV ZDV DERXW ILYH \HDUV DJR DQG VDLG WKDW LI WKH\
GLGQWOHWKLVZLIHDQGVRQJRKHZDVJRLQJWRNLOOWKHMXGJH7KH\OHWWKHP
JR 7KLV ZRXOGQW KDSSHQ DQ\PRUH 1RZ ZHYH HYHQ FDXJKW 2YHUGLFN
KLPVHOI$WULEXQDODVNHGIRUKLPWREHH[WUDGLWHGDQGZHVKLSSHGKLPRXW
:KDWFKDQJHG"7KDWWKRVHMXGJHV>ZKRZHUHWKUHDWHQHGE\2YHUGLFN@OLYHG
LQ $OWD 9HUDSD] WKH\ OLYHG LQ WKH SODFH ZKHUH KH UXOHG HYHU\WKLQJ 1RZ
WKRVH FDVHV DUH WULHG LQ *XDWHPDOD &LW\ DQG LQ FRXUWV IRU KLJKULVN FDVHV
7KHSURVHFXWRUVLQ$OWD9HUDSD]GLGQWKDYHWKHULJKWFRQGLWLRQVRIVHFXULW\
VDPHZLWKWKHFLW\RI=DFDSDZKHUH/RUHQ]DQDUXOHGRULQ+XHKXHWHQDQJR
ZLWK0RQWHMRRULQ6DQ0DUFRVZKHUH&KDPDOpZDV
7KH FDVWDZD\V ELUG LV WLUHG DQG WUHPEOLQJ EXW LWV VWLOO D ELUG ,W VWLOO
VLJQDOVODQG2YHUGLFNDOVRNQRZQDV(O7LJUHZKRZDVILUVWDQHQHP\DQG
WKHQDQDOO\RI/RV=HWDVLQ$OWD9HUDSD]ZDVH[WUDGLWHGWRWKH8QLWHG6WDWHV
RQ 'HFHPEHU   :DOGHPDU /RUHQ]DQD DOVR NQRZQ DV (O 3DWULDUFD
WKH3DWULDUFK WKHVXSSRVHGULJKWKDQGPDQRI0H[LFDQGUXJORUG(O&KDSR
*X]PiQ VHYHQW\VL[ \HDUV ROG DQG D PHORQ IDUPHU ZDV ORDGHG RQWR D
IHGHUDOSODQHDQGH[WUDGLWHGWRWKH8QLWHG6WDWHVRQ0DUFKWREH
WULHGLQ1HZ<RUN&LW\-XDQ$OEHUWR2UWL]/ySH]DOVRNQRZQDV&KDPDOp
RU+HUPDQR-XDQ %URWKHU-RKQ WKHVWURQJPDQRIWKH3DFLILFDIWHUUXOLQJD
ZKROHVWULSRIFRDVWIRUWHQ\HDUVZDVH[WUDGLWHGRQ0D\WREH
WULHGLQ)ORULGD
7KH EDURQV ZKR GRQW DFW OLNH KXPDQ EXWFKHUV DUH DVVLPLODWHG LQWR WKH
V\VWHP 7KH\ DUH SDUW RI WKH *XDWHPDODQ VWDWH ZKLFK LV ZK\ WKH VWDWH
GRHVQW FKDVH WKHPLWG EH OLNH D GRJ FKDVLQJ LWV RZQ WDLO ([FHSW WKDW
ZKHQWKH8QLWHG6WDWHVJLYHVWKHFRPPDQGWKHWDLOJHWVFKRPSHG7KHWKUHH
PDMRU EDURQV UHSUHVHQWHG RYHU IRUW\ \HDUV RI ODUJHVFDOH GUXJ WUDIILFNLQJ
DQG VWLOO QRW RQH RI WKHP DW WKH PRPHQW WKH\ ERDUGHG WKHLU SODQHV
VXUURXQGHGE\'($DJHQWVWREHWULHGDVFULPLQDOPDVWHUPLQGVZHUHIDFLQJ
DVLQJOHFKDUJHLQ*XDWHPDOD7KH\OHIWWKHLUFRXQWU\ZLWKFOHDQUHFRUGV
'XULQJ DQRWKHU FRQYHUVDWLRQ LQ KHU RIILFH LQ -XQH  3D] \ 3D]
UHIRUPXODWHG WKH VDPH TXHVWLRQ , KDG DVNHG KHU EHIRUHZK\ *XDWHPDOD
GLGQW DWWHPSW WR SURVHFXWH WKH GUXJ ORUGV ZK\ WKH\ OHW (O 3DWULDUFD
/RUHQ]DQD EH WULHG HOVHZKHUH DQG RQO\ ZHQW DIWHU EDUEDULDQV OLNH *XD\R
&DQR
6KHWROGPH<RXVKRXOGEHDVNLQJPHLI,ZRXOGKDYHDUUHVWHGKLPLIZH


KDGZDQWHGWRWU\KLPLQWKLVFRXQWU\
%XW,GLGQWDVNKHU,WZDVREYLRXVWRPHZKDWKHUDQVZHUZRXOGKDYH
EHHQ1R

,P VLWWLQJ GRZQ LQ D IDVWIRRG UHVWDXUDQW LQ =RQH  RI *XDWHPDOD &LW\
$FFRPSDQ\LQJPHLVDSROLFHPDQZKRZDVSDUWRIWKHWHDPZRUNLQJZLWK
WKH '($ WR FDSWXUH DPRQJ RWKHUV :DOWHU (O 7LJUH 2YHUGLFN (OLX
/RUHQ]DQD DQG KLV IDWKHU :DOGHPDU 7ZR WHOHYLVLRQV DUH EODULQJ DQG D
JDJJOHRIOLWWOHNLGVDUHVFDPSHULQJDURXQGWKHSODFH1RERG\LVFORVHWRXV
0D\EHRWKHUFXVWRPHUVILQGLWRGGWRVHHWKHWKUHHRIXV WKHWKLUGLVDQH[
SURVHFXWRU  ZKLVSHULQJ RYHU D YRLFH UHFRUGHU SODFHG LQ WKH PLGGOH RI WKH
WDEOH 7KH RIILFLDO ZKR ZLVKHV WR UHPDLQ DQRQ\PRXV ZDV SUREDEO\ WKH
PRVW LPSRUWDQW SOD\HU LQ *XDWHPDOD LQ WKH UHFHQW ILJKW DJDLQVW GUXJ
WUDIILFNLQJ
:HUHWDONLQJDERXWWKHXQWRXFKDEOHVWKRVHDERYH*XD\R&DQR7KHH[
SURVHFXWRUWHOOVPHWKDWHYDQJHOLFDOFKXUFKHVDQGODZRIILFHVDUHWKHPRVW
FRPPRQPRQH\ODXQGHUHUVIRU*XDWHPDODQGUXJWUDIILFNHUV7KHFDSRVNHHS
WKHLU GLVWDQFH IURP *XDWHPDOD &LW\ EHFDXVH WKH\ GRQW ZDQW WR FODVK ZLWK
WKHKLVWRULFDOIDPLOLHVZKRKDYHWKHFDSLWDOGLYLGHGXSE\]RQHWKLV]RQH
LVIRUWKLVIDPLO\WKLV]RQHIRUWKHRWKHUHDFKZLWKWKHLURZQEXVLQHVV+H
VSHDNV WR PH DERXW EURNHUV ODZ\HUV RU EXVLQHVVPHQ ZKR DFW DV WKH
LQWHUPHGLDULHV EHWZHHQ WKH WZR ZRUOGV EHFDXVH QRQH RI WKRVH IDPLOLHV
ZDQW D \RNHO LQ D FRZER\ KDW ZDONLQJ LQWR WKHLU RIILFH ZLWK KLV ERRWV
VPHOOLQJRIFRZVKLW%XWWKHIDPLO\GRHVZDQWWRGREXVLQHVVZLWKWKH\RNHO
LQWKHFRZER\KDW$QGVRWKHEURNHUV
,VWRSKLPWRDVNDTXHVWLRQ
,GRQWXQGHUVWDQGZK\LIWKHFULPLQDOQHWZRUNUHPDLQV\RXHYHQZDQW
WRWU\WRFDSWXUHFDSRVOLNH2YHUGLFNRU/RUHQ]DQD
/RRNWKHSROLFHPDQUHVSRQGVLWVQRWDERXWZDQWLQJWRFDSWXUHWKHVH
SHRSOH RU QRW 7KH VWDWH LV PRUH VFDUHG RI WKHVH SHRSOH WKDQ WKH\ DUH
LQWHUHVWHG LQ WKHP 7KH RQHV ZKR DUH LQWHUHVWHG DUH WKH JULQJRV DQG WKH
JULQJRVMXVWZDQWWKHPDVWURSKLHVHYHQWKRXJKWKH\NQRZDQRWKHU>FDSR@LV
MXVW JRLQJ WR ILOO LQ WKH JDS 7KH\ MXVW ZDQW WR VHQG D PHVVDJH :HUH
ZRUNLQJRQLW
$FFRUGLQJWRWKHSROLFHPDQWKHFDSWXUHRI:DOGHPDU/RUHQ]DQDRQ$SULO
SHUIHFWO\H[HPSOLILHVKRZLWLVQWDTXHVWLRQRIFDSDELOLW\EXWRI
ZLOO 1R ORQJHU ZKLVSHULQJ DV DOO WKH RWKHU WDEOHV DUH XQRFFXSLHG KH
H[SODLQV:LWKRXWWKHJULQJRVWKHPDQZRXOGEHIUHH:LWKRXWWKHPDVVDFUH
*XD\R &DQR ZRXOG VWLOO EH WUDIILFNLQJ 7KH RQHV ZKR JR GRZQ DUH HLWKHU
LGLRWVRUKDYHFDXJKWWKHH\HRIWKHJULQJRV


7KH FDSWXUH RI (O 3DWULDUFD GLGQW HYHQ HQWDLO D UDLG 7KHUH ZHUH QR
VROGLHUV LQYROYHG $OO WKDW LW WRRN ZDV D OLWWOH ZLOOIRU H[WUDGLWLRQ )RXU
SROLFHPHQ LQFOXGLQJ WZR ZRPHQ ZHQW WR WKH VPDOO PHORQ IDUP RQ WKH
RXWVNLUWVRIWKHYLOODJHRI0DULEHOLQWKH7HFXOXWiQUHJLRQRI=DFDSDVWDWH
7KHRIILFHUVZRUHROGFRZER\KDWVZRUNVKLUWVDQGKHDY\ERRWV7KH\KLG
WKHLUSLVWROVLQWKHLUERRWVDQGOHIWWKHLUZDWFKHVULQJVDQGJROGQHFNODFHVDW
KRPH7KUHHGD\VLQDURZWKH\DWHEHDQVHJJVDQGWRUWLOODEUHDNIDVWVDWD
UXUDOIRRGVWDOOFORVHWRWKHPHORQIDUP)URPWKHLUSRVLWLRQDWWKHVWDOOWKH\
ZHUHDEOHWRNHHSDQH\HRQZKRFDPHDQGZKRZHQWIURPWKHYLOODJHDOO
WKHZKLOHSDVVLQJWKHPVHOYHVRIIWRWKHZRPDQZKRUDQWKHVWDOODVPHORQ
ZRUNHUV $QG WKH\ DWH RQ FUHGLW SD\LQJ RII WKHLU PHDOV HYHU\ WKLUG GD\
EHFDXVH D PHORQ ZRUNHU ZKR GRHVQW HDW RQ FUHGLW LV OLNH D 'RQ 4XL[RWH
ZKRGRHVQWKDYHDPXVWDFKH7KH\WROGWKHZRPDQWKH\ZRXOGSD\RIIWKHLU
GHEW DV VRRQ DV WKH\ ZHUH SDLG 6KH VDLG WKDW HO VHxRU FDPH WR SD\ KLV
ZRUNHUV RQ 6DWXUGD\V DURXQG WZR LQ WKH DIWHUQRRQ +H FRPHV VKH WROG
WKHPLQKLVJUD\SLFNXSDOZD\VDWWKHVDPHWLPH7KDWVDPH6DWXUGD\WKH\
VWDUWHGWDLOLQJWKHJUD\SLFNXSIROORZLQJLWZLWKWZRFDUV%\WKHIROORZLQJ
7XHVGD\ZKHQ/RUHQ]DQDVWRSSHGWRWDONWRVRPHRQHWKHRIILFHUVVDZWKDW
KHZDVULGLQJVKRWJXQ7KH\DUUHVWHGKLP KHZDVXQDUPHG DORQJZLWKKLV
JUDQGVRQ7KH\WRRNKLVSKRQHVDQGWKHWUXFN,IZHKDGOHIWWKHIRROZLWK
KLVSKRQHKHZRXOGKDYHPDGHRQHFDOODQGZHZRXOGKDYHEHHQPXUGHUHG
RQ WKH VSRW ,QVWHDG WKH SROLFHPHQ WZR RIILFLDOV IURP WKH SURVHFXWRUV
RIILFH D GUXJ EDURQ DQG KLV JUDQGVRQ WRRN RII LQ D FDUDYDQ EDFN WR WKH
FDSLWDOKHDGLQJVWUDLJKWWRWKH7ULEXQDO7RZHU2QWKHGULYHWKHSROLFHPDQ
WHOOV PH /RUHQ]DQD WULHG WR SD\ KLP RII 6WRS KH VDLG ,OO KDYH WKHP
EULQJ\RXDPLOOLRQGROODUVFDVK\RXFRXOGGRZKDWHYHU\RXZDQWZLWK\RXU
OLIHDQG,OOWDNHLWHDV\7KH\GLGQWDFFHSWWKHPRQH\EXWWKHIDFWWKDWKH
HYHQRIIHUHGVD\VDORWDERXW*XDWHPDOD/DWHURQWKHVDPHULGH/RUHQ]DQD
WULHG D QHZ WDFWLF 6DYH \RXU OLIH 'RQW WKURZ LW DZD\ +H ZDV
WKUHDWHQLQJWKHP6WLOORQWKHVDPHULGHWKHSROLFHPDQUHFHLYHGDFDOOIURP
DSROLFHFRORQHOZKRWROGKLPWKDWWKH\QHHGHGWROHW/RUHQ]DQDJRWKDWWKH
DUUHVW ZDUUDQW ZDV LQYDOLG +H GLGQW OLVWHQ EXW WKH FDOO VD\V D ORW DERXW
*XDWHPDOD
)URP WKH 7ULEXQDO 7RZHU WHQ RIILFHUV WUDQVIHUUHG /RUHQ]DQD WR WKH
PD[LPXPVHFXULW\SULVRQLQ)UDLMDQHV<RXUHQRWJRLQJWREHOLHYHPHWKH
SROLFHPDQ VD\V 'R \RX NQRZ KRZ PDQ\ FDUV ZHUH IROORZLQJ XV" $ERXW
IRUW\ ILOOHG ZLWK DUPHG PHQ ZLWK DFFRUGLQJ WR WKH RIILFLDO VWRU\ OHJDO
ZHDSRQV7KH\ZHUHKRSLQJWRIUHHKLPEXWVLQFHZHSXWKLPLQDSDWUROFDU
LQVWHDGRIDWUXFNWKH\GLGQWNQRZZKDWYHKLFOHKHZDVLQ7KHUHZHUHD
IXFNORDG RI FDUV IROORZLQJ XV EXW RUGHUV ZHUH QRW WR VWDUW D VKLW VKRZ


7KH H[SURVHFXWRU DGGV ,I WKH\ VWDUWHG WKH ILJKW DQG KH WULHG WR HVFDSH
\RXG KDYH WR KDOW WKH H[WUDGLWLRQ SURFHVV DQG FKDUJH KLP IRU FULPHV
FRPPLWWHGKHUH1RERG\ZDQWHGWKDW
, DVN ,I WKDW KDG KDSSHQHG DQG WKH\ WRRN KLP WR D FRXUW IRU KLJKULVN
FDVHVLQ*XDWHPDODZKDWGR\RXWKLQNZRXOGKDYHKDSSHQHG"
+H ZRXOG KDYH EHHQ DFTXLWWHG WKH\ ERWK DQVZHU QHDUO\ DW WKH VDPH
WLPH
$IWHUPDNLQJDIHZFDOOV",DVN
+DWKHH[SURVHFXWRUDQVZHUV:LWKMXVWRQH>FDOO@
%XW WKHQ ZK\ ZDV WKHUH VR PXFK HQHUJ\ WR WU\ *XD\R &DQR IRU WKH
6DOFDMiPDVVDFUHKHUHLQ*XDWHPDOD",DVNH[SHFWLQJDQRWKHULURQLFUHSO\
%HFDXVH *XD\R &DQR LVQW DQ\ERG\ +HV DQ DQQR\LQJ IOHD QRWKLQJ
PRUHDIOHDRQWKHVNLQRI&KLFKDUUDZKRKLPVHOILVDIOHDRQWKHVNLQRI
/RUHQ]DQD
*XDWHPDODQ ORJLF RU PD\EH ORJLF LQ WKH HQWLUH QRUWKHUQ WULDQJOH RI
&HQWUDO $PHULFD LV WKDW WKHUH LV QR WROHUDQFH IRU HLWKHU IOHDV RU IRU
HOHSKDQWV LI WKH 8QLWHG 6WDWHV VD\V VR %XW WKHUH LV WROHUDQFH IRU D ZKROH
UDQJHRIIDXQDWKDWLVLQQRULVNRIH[WLQFWLRQ:KDWVHHPVWRKDSSHQLVWKDW
ZKHQWKHHOHSKDQWVDUHH[WUDGLWHGOLWWOHIOHDVVHHPWRSUROLIHUDWH

-RXUQDOLVWV DGDSW :KHQ D MRXUQDOLVW LV WDONLQJ WR D JRYHUQPHQW RIILFLDO


HVSHFLDOO\ VRPHRQH LQ KLJK RIILFH WKH MRXUQDOLVW H[SHFWV OLHV FRYHUXSV
KHGJLQJDQGHYDVLRQ$QG\HWH[SHFWDWLRQVDUHDOZD\VEURNHQ)RUWKHSDVW
IHZ PRQWKV ,YH EHHQ FRPLQJ UHSHDWHGO\ WR WKH RIILFH RI WKH PLQLVWHU RI
JRYHUQPHQW WR LQWHUYLHZ 0DXULFLR /ySH] %RQLOOD D PDQ ZKR PD\ GRGJH
TXHVWLRQVD SROLWLFLDQ LV D SROLWLFLDQEXW ZKHQ KH DQVZHUV KH DQVZHUV
VWUDLJKW 2QO\ ZLWK WKHVH NLQGV RI SROLWLFLDQV LV LW ZRUWK WU\LQJ WR KDYH D
FRQYHUVDWLRQ:LWKWKHUHVWRIWKHPLWVEHWWHUWRJRIRULQWHUURJDWLRQ
,WV0DUFK,PVLWWLQJGRZQZLWK%RQLOODLQKLVRIILFH+HRQO\KDV
ILIWHHQ PLQXWHV VR WKHUHV RQO\ WLPH IRU RQH JRRG TXHVWLRQ , GHFLGH WR
H[SODLQWRKLPP\DQDORJ\RIWKHHOHSKDQWDQGWKHIOHD+HUHVSRQGVTXLFNO\
SURPLVLQJPHDQRWKHULQWHUYLHZODWHU7KLVLVZKDWKHUDSLGO\VXPVXSIRU
PHDERXW*XDWHPDODVGUXJZDU
,WVDVKDPH:HNQRZWKDWZHKDYHFRUUXSWSROLFHZKLFKLVZKRZHYH
EHHQIRFXVLQJRQQRWRQ*XD\R&DQR%RQLOODEHJLQV/DVW\HDUWKURXJK
WKHILUVWIHZPRQWKVRIWKLV\HDUPRUHWKDQ*XDWHPDODQSROLFHPHQKDYH
EHHQFKDUJHGZLWKFULPHV,OOLFLWDVVRFLDWLRQLVZKDWZHYHEURXJKWDJDLQVW
PRVWRIWKHP
+HFRQWLQXHV,WVLPSRVVLEOHWRILJKWDJDLQVWHYHU\RQHDOOWKHWLPH,WV


EDGVWUDWHJ\:HKDYHDQH\HRQDORWRISHRSOHEXWZHKDYHRXUSULRULWLHV
*XD\R&DQRVSROLFHILOHJRHVEDFNWR
%RQLOOD FRQWLQXHV <HV , ZDQWHG WR OHDYH D PHVVDJH DERXW 6DOFDMi ,I
\RXUHJRLQJWRGURSDERPEOLNHWKDW\RXEHFRPHDSULRULW\1HLWKHU\RXU
VRQVQRU\RXUJUDQGVRQVDUHJRLQJWREHDEOHWRWUDIILFGUXJV%XWHYHQWKHQ
DVDOZD\VVRPHRWKHUJURXSZLOOEHQHILW
0D\EHWKHVRQVRUJUDQGVRQVRI*XD\R&DQRZRQWEHDEOHWRFRPHQHDU
D JUDP RI FRNH , WKLQN EXW WKH VRQV DQG JUDQGVRQV RI &KLFKDUUD DUH
SUREDEO\MXPSLQJIRUMR\
:KDWKHVD\VQH[WLVZRUWKKHDULQJ%HIRUHWKHJRYHUQPHQWHQWHUHGWKLV
ILJKW WKHUH ZHUH WHQ RU WZHOYH FULPLQDO RUJDQL]DWLRQV ZLWK RSHUDWLQJ
FDSDFLW\ LQ WKH FRXQWU\ 7RGD\ WKHUH DUH ILIW\IRXU DOO RI WKHP ZHOO DUPHG
7KHDUULYDORI/RV=HWDVZDVDPDMRUIDFWRULQWKLVDWRPL]DWLRQ%HIRUHWKH
OHDGHUV ZHUH LOOLWHUDWH EXW VWUDWHJLF 7KH OHDGHUV QRZ DUH NLOOHUV DQG
EXWFKHUV7KH$PHULFDQVVZHSWXSWKHJHQHUDOVDQGOHIWXVZLWKWKHVROGLHUV
3DUDOOHOWRWKLVSKHQRPHQRQDIWHUWKHSHDFHDFFRUGV>HQGLQJWKH*XDWHPDODQ
&LYLO:DULQ@ZHVWDUWHGGLVDUPDPHQWEXWGLGQWILQGDVXEVWLWXWHWRILOO
LQWKHUROHRIVWDWHSRZHU'XULQJ3UHVLGHQW%HUJHUVWLPHLQRIILFH>
@ ZH GRZQVL]HG WR  VROGLHUV $W WKH WLPH RI WKH DFFRUGV ZH KDG
(YHU\ERG\KHUHNQRZVZKRWKHQDUFRVWDQGLQJRQWKHFRUQHULVRU
ZKR LV UXQQLQJ SDFNDJHV WKURXJK WKH YLOODJHV 7KH TXHVWLRQ LV ZKR KHV
ZRUNLQJ ZLWK $VVDVVLQDWLQJ QLQH SROLFHPHQ LV LGLRWLF :H KDYH D FOHDU
DJHQGDWRSHUVHFXWHWKHJURXSVWKDWULVHWRSRZHUDQGUHSUHVHQWDWKUHDWWR
WKHVWDWHEXWZLWKWKHDQLPDOVZHJRKHDGRQDQGZLWKDOOZHKDYH

7KHUHLVOLWWOHGRXEWWKDWDWWKLVSRLQWLQWKHZDURQGUXJV0LQLVWHU%RQLOOD
ZRXOG EH LQ DJUHHPHQW ZLWK KLV SUHGHFHVVRU &DUORV 0HQRFDO %RWK ULJKW
OHDQLQJ%RQLOODDQGPRGHUDWHOHIWOHDQLQJ0HQRFDOVHHWKHRYHUVWHSSLQJRI
WKH86DVD'DPRFOHDQVZRUGKDQJLQJRYHUWKHZKROHFRXQWU\%RQLOODLVDQ
H[.DLELO FRPEDW YHWHUDQ ZKR WKLQNV LQ WHUPV RI VWUDWHJLF RIIHQVLYHV IRU
LQILOWUDWLQJJXHULOODFDPSV0HQRFDOLVDQH[MRXUQDOLVWZKRFXUUHQWO\ZRUNV
DVDOHJDOFRQVXOWDQW
, PHHW 0HQRFDO LQ DQRWKHU UHVWDXUDQW LQ =RQH  +HV DOVR LQ D KXUU\
QHHGLQJWRJHWEDFNWRDKHDULQJDQGZHRQO\KDYHDKDOIKRXUWRWDON
+H WHOOV PH KH DJUHHV WKDW HYHQ ZKHQ WKH GUXJ EDURQV OHDYH WKHLU
EXVLQHVV UHPDLQV +H DOVR WKLQNV WKHUHV QR ZD\ DURXQG LW *XDWHPDOD KH
WHOOVPHLVDSODFHZKHUHWKHEDURQVVWDUWHGZRUNLQJZLWK&RORPELDQGUXJ
ORUG 3DEOR (VFREDU DQG WXUQHG WKH FRXQWU\ LQWR WKH &HQWUDO $PHULFDQ
6DWHOOLWH 2IILFH ,W LV D FRXQWU\ ZKHUH JRYHUQPHQW RIILFLDOV DJUHHG ILYH
\HDUV DJR WR FDSWXUH WKH ELJ ILVK LQ RUGHU WR PDLQWDLQ KDUPRQ\ ZLWK WKH


8QLWHG 6WDWHV 7KLV LV ZKDW %RQLOOD PHDQV 0HQRFDO H[SODLQV ZKHQ KH
UHIHUVWRWKHVZRUGRI'DPRFOHV7KH\HLWKHUVHL]HHQRXJKJRRGVRUWKH\
DUHGLVTXDOLILHGDQGDFFXVHGRIDZKROHUDQJHRIWKLQJV7KHJRYHUQPHQW
FRPSURPLVHV RQ HGXFDWLRQ KHDOWK VHFXULW\ HYHQ JRLQJ WR JUHDW OHQJWKV
VHQGLQJ XQGHUFRYHU SROLFHPHQ WR ZRUN RQ PHORQ IDUPV HDWLQJ HJJV DQG
EHDQVIRUIRXUGD\V LQRUGHUWRFDSWXUHDELJILVKOLNH/RUHQ]DQDDQGVHQG
KLPQRUWK
,WVDTXLGSURTXRDJUHHPHQWZLWKWKH8QLWHG6WDWHV,ZDQWWKLVDQG,OO
JLYH\RXWKLVLQUHWXUQ$VVLPSOHDVWKDW
0HQRFDO WHOOV PH WKDW GXULQJ KLV WHUP LQ RIILFH KH KDG D OLVW RI VL[WHHQ
H[WUDGLWDEOHV RI ZKRP KH FDXJKW WZHOYH ,W ZDV RQH RI KLV SULRULWLHV WR
FUDFNGRZQRQVWDWHVWKDWZHUHQWFRPSO\LQJZLWKKLVUHTXHVWV'HVSLWHKLV
VXFFHVV0HQRFDOZDVQWKDSS\ZLWKZKDWKHJRWLQUHWXUQIRUKLVZRUN
,VHHWKHFRRSHUDWLRQZLWKWKHJULQJRVDVDQDFWXDOJLIWFRPSDUHGWRWKH
PRQH\WKH\VSHQGRQILJKWLQJZLWKWKHQDUFRV(YHQVWLOO\RXFDQWGHQ\WKDW
WKH JULQJRV KDYH DQ REYLRXV DJHQGD 1RW HYHQ 6iQFKH] &HUpQ >WKH FXUUHQW
SUHVLGHQW RI (O 6DOYDGRU@ ZRXOG GHQ\ LW :HUH OLNH WKH KDP LQ WKH
VDQGZLFK 7R WKH VRXWK \RX KDYH D VHULHV RI FRXQWULHV SURGXFLQJ WKH
QDUFRWLFVWRWKHQRUWK\RXKDYHWKHKLJKHVWFRQVXPLQJFRXQWU\7KHUHDUH
PLOOLRQGUXJFRQVXPHUVLQWKH8QLWHG6WDWHV,Q*XDWHPDODIRUHYHU\
VXSSRVHGO\VSHQWRQVHFXULW\JRHVWRILJKWLQJWKHGUXJZDU
)RU %RQLOOD LWV D SHUYHUVH FLUFOH WKH H[WUDGLWLRQV OHDGLQJ WR WKH
DWRPL]DWLRQRIYLROHQWJURXSVOLNHWKDWRI*XD\R&DQRLQWKHLQWHULRURIWKH
FRXQWU\ 'XULQJ DQRWKHU LQWHUYLHZ ZLWK KLP LQ D *XDWHPDOD &LW\ KRWHO LQ
-XQH  0LQLVWHU %RQLOOD WROG PH 7KHUH ZDV D UHJLRQDO VXPPLW KHUH
DQG6HFUHWDU\RI6WDWH&OLQWRQFDPHGRZQ6KHVDLGWKDWIRUHYHU\ZHSXW
LQ>LQWKHILJKWDJDLQVWGUXJWUDIILFNLQJ@WKH\ZRXOGSXW,WVDEDGMRNH
EHFDXVH LQ WKH HQG ZHUH SXWWLQJ PRQH\ WKDW ZH FRXOG KDYH XVHG IRU
HGXFDWLRQKHDOWKPDQ\RWKHUWKLQJV
7KHDUUHVWRIWKH*XDWHPDODQEDURQVLVQWDQ\WKLQJPRUHWKDQIHDURIWKH
VZRUG KDQJLQJ RYHU WKH VWDWHV KHDG ,WV PRUH VXUYLYDO WKDQ LW LV VWUDWHJ\
7KHEDWWOHDJDLQVWGUXJWUDIILFNLQJLQ*XDWHPDODLVQRWDGHFLVLRQJURXQGHG
LQVRYHUHLJQDJHQF\,WLVDEDWWOHWKH\DUHWKUXVWLQWR
&HQWUDO $PHULFD HVSHFLDOO\ QRUWKHUQ &HQWUDO $PHULFD HVSHFLDOO\
*XDWHPDOD LV QRW D SODFH ZKHUH PRQH\ GHGLFDWHG WR VHFXULW\ LVQW QHHGHG
HOVHZKHUH %HIRUH OHDYLQJ RXU LQWHUYLHZ 0HQRFDO SXWV D IHZ ODVW
EUXVKVWURNHVRQKLVSRUWUDLWRIWKHFRXQWU\
)URPRQDERXWLOOHJDODUPVKDYHFRPHLQWRWKHFRXQWU\
DFFRUGLQJWRZKDWZHUHVHHLQJRQWKHEODFNPDUNHW7KHFR\RWHVKHUHKDYH


D YHU\ SRZHUIXO VWUXFWXUH LQ SODFH WKDW OHDGV WR IXUWKHU FULPHV LQFOXGLQJ
KXPDQ WUDIILFNLQJ :HYH HYHQ VHHQ D FDVH RI -RUGDQLDQV FRPLQJ KHUH DQG
WULFNLQJ \RXQJ JLUOV WR JR EDFN ZLWK WKHP WR -RUGDQ $QG WKH JDQJV DUH
PRYLQJ EH\RQG H[WRUWLRQ  7KH\ MXVW VKXW GRZQ D FOLTXH WKDW KDG 
PLOOLRQTXHW]DOHV DERXW LQLWVDFFRXQWV
:KDWLWDOOSRLQWVWRLVWKDWWKH/RUHQ]DQDVRI*XDWHPDODZLOONHHSEHLQJ
H[WUDGLWHGZKLOHWKH*XD\R&DQRVZLOOUHPDLQ

,WV-XQHDFORXG\GD\LQ6DOFDMi7KLVLVDWRZQRIVPDOOWLOHURRI
KRXVHV DVSKDOW VWUHHWV FRUQHU VWRUHV DQG D FHQWUDO FKXUFK ,P LQ D WLQ\
VKRSFXPUHVWDXUDQW QH[W WR WKH SROLFH VWDWLRQ ZKHUH WKH HLJKW FRSV ZHUH
PDVVDFUHG 2Q WKH WDEOH LQ IURQW RI PH LV D SODWH RI HQFKLODGDV RQ WKH
WHOHYLVLRQ WKH &RVWD 5LFDQ VRFFHU WHDP KDV MXVW WLHG  ZLWK (QJODQG WR
TXDOLI\IRUWKH:RUOG&XSLQ%UD]LO
,VSHQWODVWQLJKWLQ;HODWKHVWDWHFDSLWDORI4XHW]DOWHQDQJR7RH[HFXWH
KLV PDVVDFUH *XD\R &DQR VZXQJ LQWR WRZQ IURP WKH QHLJKERULQJ VWDWH RI
+XHKXHWHQDQJR,Q;HOD,PHWDORFDOSROLWLFLDQLQDEDU:HVDWDWWKHPRVW
UHPRWHWDEOHLQRUGHUWRWDONPRUHFRPIRUWDEO\1HUYRXVKHKDGDJUHHGWR
PHHW PH RQO\ DIWHU D IDPLO\ PHPEHU FRQYLQFHG KLP %XW DIWHU , WROG KLP
ZKDW,ZDQWHGWRWDONDERXWHYHQWKHGDUNEDUGLGQWVHHPWRJLYHKLPDQ\
FRPIRUW$IWHUVRPHSUHVVLQJ,FRQYLQFHGKLPWRRUGHUDWHDDQGFKDW:KHQ
KLVFXSZDVHPSW\KHWROGPH7KHUHVDORWWRVD\DERXWWKDW>WKH*XD\R
&DQRFDVH@EXWLWVQRWVPDUWWRWDON,PVRUU\
(DUOLHUWRGD\,YLVLWHGZLWKWKHVXEVWLWXWHIRUWKHSROLFHVXELQVSHFWRUZKR
KDG EHHQ EXWFKHUHG DQG NLGQDSSHG E\ *XD\R &DQR +LV QDPH LV 0LOWRQ
*DUFtD3DQLDJXD:HPHWLQWKHSROLFHEXQNURRPLQWKHVHFRQGVWRU\RID
EXLOGLQJDEORFNDZD\IURPWKHVWDWLRQZKHUHWKHPDVVDFUHRFFXUUHG&LW\
RIILFLDOVUHORFDWHGWKHVWDWLRQDIWHUWKHLQFLGHQW1RZWKHROGVWDWLRQSULPH
UHDO HVWDWH QH[W WR WKH PD\RUV RIILFH WKH FKXUFK DQG WKH FHQWUDO SOD]DLV
YDFDQWDQGVHHPLQJO\FXUVHG1REXVLQHVVHVKDYHWULHGWRUHQWWKHEXLOGLQJ
3DQLDJXD ODLG RQ WKH WDEOH D SLHFH RI SDSHU ZLWK QLQH EXOOHW SRLQWV +H
KDGSUHSDUHGZKDWKHZDQWHGWRWHOOPH:KHQKHQRWLFHGWKDW,ZDVWU\LQJ
WRUHDGZKDWKHGZULWWHQKHFRYHUHGWKHSDSHUDQGRQO\JODQFHGDWLWDVZH
VSRNH:HDUHKHUHWRVHUYHRXUFLWL]HQVZKDWKDSSHQHGZDVDQLVRODWHG
LQFLGHQWDODPHQWDEOHDFW+HEDVLFDOO\VDLGQRWKLQJ
/DWHU,FRQYLQFHGDQRWKHUSROLFHPDQIURP;HODWRVLWGRZQZLWKPHDOVR
RQFRQGLWLRQRIDQRQ\PLW\
+H ILQDOO\ VKRZV XS LQ WKH VPDOO VWRUHUHVWDXUDQW GUHVVHG LQ FLYLOLDQ
FORWKHVDQGZLWKRXWDZRUGWDNHVDVHDWQH[WWRPH
,WVKDUGWREHDFRSKHUHKHVD\V<RXUHFRUUXSWDVVRRQDVWKH\VHH


\RX
:H WDON DW OHQJWK ZDWFKLQJ WKH JDPH DQG HDWLQJ JDUQDFKDV D IULHG
*XDWHPDODQWRUWLOODFRYHUHGLQEHDQVDQGFKHHVH -XVWDPRPHQWRIRXUORQJ
FRQYHUVDWLRQVKRXOGVHUYHWRUHODWHZKDWWKHPDQWROGPH
)RXURIWKHPDVVDFUHGPHQZHUHFRUUXSWKHWHOOVPH7KHRWKHUVGLHG
IRU QRWKLQJ 7KHUH DUH SOHQW\ PRUH RI WKHP >FRUUXSW RIILFHUV@ WKHUH
5HPHPEHUWKDWWKHILUVWFKHFNSRLQWWRWU\WRFDWFK*XD\R&DQRZDVQWHYHQ
SXW LQ SODFH XQWLO DOPRVW WKUHH KRXUV DIWHU WKH PDVVDFUH )XQQ\ ULJKW" -XVW
HQRXJKWLPHIRUWKHPWRJHWEDFNWR/D'HPRFUDFLD
,DVNKLPLIKHLVFXUUHQWO\ZRUNLQJZLWKFRUUXSWSROLFHRIILFHUV
<HV
$QG\RXNQRZWKHLUQDPHV":KRWKH\ZRUNIRU"
<HV
:LOO\RXWHOOPH"
1R
:K\QRW"
/HDG7KHOHDGRIEXOOHWV
)LQH , VD\ , VWLOO ZDQW WR JR WR /D 'HPRFUDFLD 'R \RX ZRUN ZLWK
DQ\RQHZKRVQRWFRUUXSWDQGZKRFRXOGJHWPHWKHUHVDIHO\"
'RQWJR
$QGWKHQILQDOO\,OHIWLWDWWKDW



0HQ:KR3XOO2XW1DLOV

0D\
$PLG FKDRV NLOOLQJ LV WKH UXOH 7KUHH DUPLHV DUH ILJKWLQJ IRU FRQWURO RI WKH
6DOYDGRUDQ SULVRQV 7KH JRYHUQPHQW DQ LPSRWHQW VSHFWDWRU ZDWFKHV DV ERG\
SLOHVXSRQERG\PDVVDFUHIROORZV PDVVDFUH:KRHYHUUXQVWKLVXQGHUZRUOGUXQV
WKHZKROHPDUNHW$QG\HWLI\RXDUHLQVLGH\RXUKLVWRU\ZLOOKXQW\RXKXQW\RX
OLNHDGRJWRWKHYHU\HQGRIWKHZRUOG

$Q\ PLQXWH ZHUH JRLQJ WR KDYH D PDVVDFUH LQ $SDQWHRV :HUH MXVW
ZDLWLQJ WR VHH KRZ LW VWDUWV $QG \RX NQRZ ZKDWV WKH ZRUVW" :LWK WKH
UHVRXUFHVZHKDYHZHFDQWGRDQ\WKLQJWRVWRSLW+HZDVWDONLQJWRWKH
IRXUMRXUQDOLVWVVXUURXQGLQJKLP+HGLQVLQXDWHGDVPXFKDERXWWKHSHQGLQJ
PDVVDFUH EHIRUH EXW WKLV WLPH KH FDPH ULJKW RXW ZLWK LW :KHQ ZH ZHUH
VD\LQJJRRGE\HDWWKHGRRURIKLVRIILFH,DVNHGDJDLQ$QGWKLVLVRQWKH
UHFRUG"
2IFRXUVHKHVDLG:HFDQWEHUHVSRQVLEOHIRUZKDWZHFDQWDYRLG
7\SLFDOO\SROLWLFLDQVLQWKHVHFXULW\VHFWRURIWKHPRVWYLROHQWFRXQWU\RQ
WKHFRQWLQHQWOLNHWRNHHSWKHLUFRPPHQWVYDJXHVNLUWWKHLVVXHVHXSKHPL]H
VRIWHQ WKDWV WKH YHUE IRU LW  WKHLU FRPPHQWV 1RUPDOO\ WKH\ FODLP
LJQRUDQFHWKH\KLGHH[FXVHRUHYHQVK\DZD\ WKDWVWKHRWKHUYHUE IURP
WKHUHDOLVVXH
%XWWKDWDIWHUQRRQLQKLVRIILFH'RXJODV0RUHQRZDUGHQRIWKH$SDQWHRV
SULVRQLQ6DQWD$QDDFLW\LQZHVWHUQ(O6DOYDGRUGLGQWOHDQRQWKHW\SLFDO
GLSORPDWLFYRFDEXODU\:KHQWKLVKDSSHQVZKHQ\RXUHQRWH[SHFWLQJLWWKH
ZRUGVFDQVRXQGHYHQVWURQJHUWKH\FDQUHVRQDWHHYHQPRUHHPSKDWLFDOO\
PDVVDFUH
$PDVVDFUHLQ$SDQWHRV,WVZKDW0RUHQRSUHGLFWHGLQ6HSWHPEHU
$ PDVVDFUH DPRQJ WKH  LQPDWHV MDPPHG LQWR D VSDFH EXLOW IRU D
PD[LPXPRI$EORRGEDWKLQDFRPSRXQGLQPDWHVRYHUFDSDFLW\
0\ TXHVWLRQ ZDV ZKHWKHU WKH SUHGLFWLRQ ZDV EDVHG RQ LQWHOOLJHQFH


JOHDQHGIURPKLVLQVLJKWLQWRZKDWZDVEXEEOLQJXSIURPEHKLQGWKHEDUVRU
LILWZDVDWKUHDWIRUDQ\ERG\JHWWLQJFORVHWRWKHSULVRQDIDPLO\PHPEHUD
ODZ\HUDQLQPDWHUHSUHVHQWDWLYHRUHYHQRQHRIWKHSULVRQHUVWKHPVHOYHV
7KH QH[W GD\ , ZHQW WR GRZQWRZQ 6DQ 6DOYDGRU WR PHHW ZLWK VRPHRQH
YHU\FORVHZLWKFRPPRQSULVRQHUVRWKHUZLVHNQRZQDVFLYLOLDQVLQPDWHV
ZKRDUHQRWJDQJPHPEHUVH[FRSVRUH[VROGLHUV0\FRQWDFWRUUHSZDV
DQ H[FRQ DV DUH PRVW SULVRQ UHSVJXLGHV ZKR KHOS ODZ\HUV DQG IDPLO\
PHPEHUVDQGVRPHWLPHVMRXUQDOLVWVWRQDYLJDWHWKHZRUOGRI(O6DOYDGRUV
SULVRQV
:HPHWLQD&KLQHVHUHVWDXUDQWWKDWKDGQRWKLQJ&KLQHVHDERXWLWH[FHSW
IRU WKH OHWWHUV RQ WKH VLJQ DQG WKH SRUFHODLQ FDW RQ WKH FRXQWHU , RUGHUHG
IULHGFKLFNHQWKHUHSRUGHUHGIULHGEHHI:HERWKGUDQNKRUFKDWD7KLVZDV
RXU WKLUG PHHWLQJ EXW WKH ILUVW VLQFH , KDG KHDUG 0RUHQRV SUHGLFWLRQ :H
JRWVWUDLJKWWRLW
6R,VDLG(YHU\ERG\VH[SHFWLQJDPDVVDFUHLQ$SDQWHRV"
3UHWW\PXFK,DOUHDG\WROG\RXWKDWLWVDWLPHERPEDERXWWREORZWKH
IXFNXS
,VWKHUHDQ\WKLQJWKDWFDQEHGRQH"
6HSDUDWH DOO RI WKHP 7KDWV LW 7KH ILQDO QDLO ZDV ZKHQ WKH\ VWDUWHG
PRYLQJLQWKHJDQJVWHUV
,Q -XQH  PRUH WKDQ  IHPDOH PHPEHUV RI WKH 0DUD 6DOYDWUXFKD
ZHUH WUDQVIHUUHG LQWR :DUG  RI $SDQWHRV D SULVRQ WKDW ZDV VXSSRVHGO\
UHVHUYHG H[FOXVLYHO\ IRU FLYLOLDQ SULVRQHUV 7KDW ZDV ZKHQ WKH DODUPV
VWDUWHG JRLQJ RII LQ :DUGV    DQG  2QH DIWHU DQRWKHU WKH SULVRQHUV
ZHUH UHYHDOLQJ WKHPVHOYHV WR EH DFWLYH PHPEHUV RI WKH 0DUDV RU DW OHDVW
V\PSDWKL]HUV7KH\FODLPHGWKDWWKH\KDGIDPLO\ZKRZHUHJDQJPHPEHUV
WKDW WKH\ FDPH IURP JDQJ QHLJKERUKRRGV WKDW WKH\ ZHUH SDVW PHPEHUV
$OOLHVWKHFDWHJRU\RIZKLFKDOHJLWLPDWHJDQJPHPEHUZRXOGVD\:HOHW
WKHPZDONDPRQJXV
7KH DUULYDO RI WKH 06 MDLQDV -DQHV D GHURJDWRU\ DQG FRPPRQO\ XVHG
WHUP IRU IHPDOH JDQJ PHPEHUV  VHW RII D GRPLQR HIIHFW WKDW QRERG\ LQ WKH
SULVRQH[SHFWHG7KHIROORZLQJGD\LWZDVUHYHDOHGWKDWILYHRIWKHHOHYHQ
ZDUGV RI $SDQWHRV SULVRQ ZHUH UXQ E\ WKH 06 JDQJ ,QPDWHV ZKR KDG
SUHYLRXVO\GHFODUHGWKHPVHOYHVWREHFLYLOLDQVVRWKH\ZRXOGQWHQGXSLQD
JDQJSULVRQZHUHFRPLQJIRUZDUGWRDGPLWWKHLUDIILOLDWLRQ
$QG WKDW P\ LQIRUPDQW WROG PH ZKLOH VLWWLQJ LQ WKH &KLQHVH
UHVWDXUDQWGLGQWPDNHWKHPYHU\KDSS\,ZDQWHGWRNQRZZKLFKWKHP
KHZDVUHIHUULQJWREXWZHKDGILQLVKHGRXUSODWHVWKHUHZDVQRWKLQJOHIWLQ
RXU JODVVHV EXW WKH WKLFN GUHJV RI KRUFKDWD DQG WKH FRQYHUVDWLRQ , NQHZ


ZDV RYHU ,G JRWWHQ XVHG WR WKH ZD\ LW ZRUNV ZLWK TXHVWLRQV DERXW WKH
SULVRQV\VWHP%HKLQGHYHU\DQVZHUOLHVDQRWKHUTXHVWLRQ%HKLQGHYHU\DFW
WKHUH LV D KLGGHQ PRWLYH $ VWRU\ WR H[SODLQ HYHU\ VWRU\ 7KHUH ZHUH
PDVVDFUHVEHIRUHWKLVPDVVDFUH,QRWKHUZRUGV<RXUHDOZD\VVWDQGLQJRQ
RQO\WKHWLSRIWKHLFHEHUJ

,I\RXZHUHDILOPGLUHFWRUORRNLQJWRFDVWVRPHERG\WRSOD\WKHZDUGHQRID
6DOYDGRUDQSULVRQ2UODQGR0ROLQDWKHGLUHFWRURI$SDQWHRVSULVRQZRXOG
SUREDEO\ EH KLJK RQ \RXU OLVW $ FRPPDQGLQJ SUHVHQFH VKRUW DQG VWURQJ
ORRNLQJDQGZLWKDWKLFNPXVWDFKHKHVSHDNVLQWHOOLJHQWO\DQGUDSLGO\DERXW
KLV SULVRQ $FWXDOO\ KH GRHVQW MXVW WHOO \RX VRPHWKLQJ KH UHSRUWV LW
$FFRUGLQJ WR 'LUHFWRU 0ROLQD VRPHWKLQJ GRHVQW KDSSHQ UDWKHU DQ
RFFXUUHQFH WDNHV SODFH +H GRHVQW WDON ZLWK -XDQ RU 3HGUR EXW ZLWK
*XDUG 6RDQG6R RU 6HxRU -RXUQDOLVW ,Q P\ ILUVW YLVLW ZLWK KLP LQ
6HSWHPEHU  KH DIIRUGHG PH WKH SOHDVXUH RI LQWURGXFLQJ PH WR WKH
SHQLWHQWLDU\FHQWHU6SHDNLQJORXGO\KHOLVWHGRIIWKHEDVLFVWDWV:DUG
IHPDOHVIURP06:DUGWKHVLFNPLQRUFULPHVDQGVHQLRUV:DUG
LQPDWHV ZLWK PHGLXPWHUP VHQWHQFHV :DUG  ORQJ VHQWHQFHV DQG VHULRXV
FULPHV:DUGLQWDNHDQGDGDSWDWLRQWRWKHSULVRQ:DUGVHQWHQFHVIURP
WKUHH WR WKLUWHHQ \HDUV :DUG  IURP WKUHH WR WZHQW\ \HDUV LQFOXGLQJ 
06 PDOHV :DUG  PLQRU FULPHV DQG SURFHVVLQJ RI LQPDWHV ZLWKRXW
FRQYLFWLRQV:DUGLQPDWHVZLWKRXWFRQYLFWLRQVIRUVHULRXVFULPHV:DUG
 VSHFLDO VHFWRU XQDGDSWHG LQPDWHV FKDOOHQJH LQPDWHV KLJKWKUHDW
LQPDWHV /LVWHQ ,P QRW FDOOLQJ WKHP EDG HYHU\RQH KHUH LV EDG , PHDQ
FKDOOHQJLQJLQPDWHV
)URP :DUG  WR  ZH KDYH WKH JDOOHU\ WKH FHQWUDO ZLQJ PDGH RXW RI
FHPHQW DQG LURQ GLYLGHG E\ ZDOOV DQG EDUV ZKHUH WKH LQPDWHV FDQ VKRXW
LQVXOWVRUJUHHWLQJVIURPRQHFHOOEORFNWRDQRWKHU:DUGVDQGDUHVHW
RII D ELW IURP WKH FHQWUDO ZLQJ DQG :DUGV  DQG  DUH FRPSOHWHO\
LVRODWHG
'LUHFWRU 0ROLQD , IRUPDOO\ DGGUHVVHG KLP , ZRXOG EH SOHDVHG WR
VSHDNZLWKWKHUHSUHVHQWDWLYHRIWKHFKDOOHQJLQJLQPDWHVRI:DUG
+HWRRNRIIKLVKDWVFUDWFKHGKLVKHDGVZLYHOHGDURXQGLQKLVFKDLUDQG
FDOOHGKLVERVVWKHZDUGHQRQKLVSKRQH<HV\HVWKDWVZKDWKHZDQWV
2.,OOGRLWERVV<HV\HVDW\RXURUGHUV
:HOOSXOOKLPRXWEXWUHPHPEHUWKDWWKHVHSHRSOHDUHVKDUSDQGWKH\
KDYHSOHQW\RIWLPHWRWKLQNDERXWZKDWWKH\OOVD\WR\RXWRSXWRQWKHLUEHVW
DQGQLFHVWIDFHDQGWKDWZKR\RXWDONWRPLJKWQRWEHWKHDFWXDOOHDGHUEXW
WKHLUVSRNHVPDQ
,IWKHLQPDWHVLQ:DUGZDQWHGWRVKRZWKHLUIULHQGOLHVWIDFH,GQHHG


WRUHFRQVLGHUZKDWIULHQGO\PHDQW$ZLU\PDQWDWWRRHGIURPVKRXOGHUVWR
ZULVWV DQG ZLWK ULQJV DURXQG KLV H\HV WKDW QHDUO\ PDGH KLP ORRN OLNH D
UDFFRRQ ZDV OHG RXW WR VSHDN ZLWK PH +H ZDV WKH UHSUHVHQWDWLYH RI WKH
5HEHOV5HSUHVHQWDWLYHLVDQLQIRUPDOSRVLWLRQWKDWIRUPDOO\UHSUHVHQWVWKH
ZDUG$VDQRWKHUSULVRQRIILFLDOWROGPH,IWKHUHSUHVHQWDWLYHGRHVQWJLYH
\RXSHUPLVVLRQWRHQWHUWKHZDUGRQO\WKH3ROLFH8QLWRIWKH0DLQWHQDQFHRI
2UGHU>ULRWSROLFH@FDQJHW\RXLQ
7KHUHSIURP:DUGZKRGLGQWZDQWPHWRSXEOLVKKLVQDPHOLVWHQHG
WR P\ LQWURGXFWLRQ DQG WKHQ ODXQFKHG LQWR D VSHHFK DERXW WKH LQKXPDQH
FRQGLWLRQVLQVLGHWKHSULVRQ$IWHUDERXWILYHPLQXWHVRIOLVWHQLQJSROLWHO\,
KDGWRVWRSKLPDQGH[SODLQWKDW,GLGQWZDQWWRWDONDERXWFRQGLWLRQV,WV
QRWWKDWWKHUHLVQWQHHGIRUDVHULRXVLQYHVWLJDWLRQLQWRDSULVRQV\VWHPEXLOW
WRKRXVHLQPDWHVWKDWDFWXDOO\KDVORFNHGXS7KHFRQGLWLRQV
DUHLQGHHGDE\VPDO%XWLWGRHVQWWDNHWDONLQJWRDSULVRQHUWRKHDUDERXW
WKHFRQGLWLRQVEHFDXVHWKHGLUHFWRURISULVRQVKLPVHOIZLOOWHOO\RXVWRULHVRI
SULVRQHUVVOHHSLQJRQWKHLUIHHWRIDVWHQFKVREDGLWZLOOPDNH\RXYRPLW
RISULVRQHUVZKRKXQWFDWVWRPDNHVRXSRIVLFNQHVVIRUZKLFKWKHUHDUHQR
GRFWRUV RU PHGLFLQH RI H[WRUWLRQ RI UDSH FRPPLWWHG ZLWK SHQLVHV ZLWK
ERWWOHVZLWKEDWVDQGZLWKNQLYHVRILQPDWHVZKRKDYHJRQHFUD]\EHKLQG
EDUV  7KHUH DUH PDQ\ VWRULHV ,QVLGH >WKH SULVRQV@ WKH\ YLRODWH KXPDQ
ULJKWV WKDW KDYHQW HYHQ EHHQ LQYHQWHG D FROOHDJXH RI PLQH WROG PH DIWHU
VSHQGLQJPRQWKVLPPHUVHGLQWKHZRUOGRI6DOYDGRUDQSULVRQV
7KHUHSEULVWOHGZKHQ,FXWKLPRII
:KDWGR\RXZDQWWRWDONDERXWWKHQ"KHDVNHG
3HRSOHDUHVD\LQJWKDWDPDVVDFUHLVDERXWWRH[SORGHLQKHUH
<HDKDQGWKH\UHVD\LQJLWVRXUIDXOW"
1RWKH\UHVD\LQJWKDWWKHUHDUHLVVXHVEHWZHHQWKHQHZLQPDWHV
7KHUHV DQ HDV\ VROXWLRQ KH WHOOV PH 3XOO RXW WKH QHZ LQPDWHV WDNH
WKHPWRRQHRIWKHJDQJSULVRQV3XOOWKHPRXWRI:DUGWRPRUURZDQGWKDWV
WKDW:HFDQWOLYHZLWKWKHP7KH\PDNHXVSD\WKHPWKH\WKUHDWHQXV:H
FDQWSOD\VSRUWVDQ\PRUHEHFDXVHZHUXQLQWRWKHPZHFDQWJRWRWKHVLFN
URRP EHFDXVH ZH VHH WKHP WKHUH :H FDQW JR WR SURJUDPV VHH D PRYLH
QRWKLQJEHFDXVHZKHQZHWU\ZHJHWMXPSHG
$UHWKH\ILJKWLQJ\RXIRUFRQWURORIWKHSULVRQ"
1R\RXGRQWJHWLW,WVQRWDERXWFRQWUROLWVDERXWSHDFHWKDWVZK\
ZHZDQWWKHPRXW7KH\ZDQWFRQWURO<HVWHUGD\WKH\WRRNWZHQW\ILYHRIRXU
IULHQGV RXW RI :DUG  DQG WKH\ DOO JRW MXPSHG 5HPHPEHU WKDW WKHUH DUH
SHRSOH LQ KHUH VHQWHQFHG IRU NLOOLQJ VRPH RWKHU VKLWKHDGV RXW WKHUH DQG
UHPHPEHUWKDWWKH\GRQWKHVLWDWHWRJHWUHYHQJHDQGUHPHPEHUWKDWLQKHUH


\RXSXOORXWDOO\RXUQDLOVDQGHYHU\WKLQJJHWVDFFRXQWHGIRU 6RZK\GRQW
WKH\MXVWWDNHWKHPDZD\",IWKH\NQRZWKDWWKLVLVDWLPHERPE2UGR\RX
WKLQNWKH\IRUJRWDERXWWKHPDVVDFUHRI"
7KH UHS IURP :DUG  UHIHUUHG WR WKH JDQJVWHUV DV VKLWKHDGV 7KH UHS
IURP :DUG  KDV EHHQ ORFNHG XS IRU PRUH WKDQ WHQ \HDUV 7KH UHS IURP
:DUGNQRZVWKDWLQSULVRQWKHUHLVWLPHWRFROOHFWRQ\RXUGHEWVWRSXOO
RXW\RXUQDLOV+HUHPHPEHUVWKHODVWPDVVDFUH

,QSULVRQV\RXSXOORXWQDLOV,QSULVRQV\RXEHDU\RXUVFDUV,WVLQHYLWDEOH
WKDWVRPHERG\RUVRPHWLPHVPDQ\SHRSOHSD\IRUWKHLUQDLOVDQGWKHLUVFDUV
ZLWKWKHLUOLYHV7KHODVWPDVVDFUHLQD6DOYDGRUDQSULVRQLQ-DQXDU\
ZDVLQ$SDQWHRV
$WILYHLQWKHDIWHUQRRQWKHFLYLOLDQVRI$SDQWHRVKHDUGJXQVKRWVIURP
WKH JXDUG WRZHUV *XQVKRWV DQG WKHQ PRUH JXQVKRWV HYHU\ ILYH PLQXWHV
LQWHUVSHUVHGZLWKQRLVHVRIVWUXJJOLQJFRPLQJIURPWKHZDOOEHKLQGZKLFK
ZHUHPHPEHUVRI%DUULR1RQHRIWKHFLYLOLDQVKDGDQ\LGHDZKDW
ZDVKDSSHQLQJ%RWKWKHUHSIURP:DUGDQRWKHUDQRQ\PRXVLQPDWHDV
ZHOO DV RQH RI WKH JXDUGV VKRRWLQJ IURP WKH WRZHU DOO RI ZKRP ZHUH LQ
$SDQWHRVGXULQJWKHPDVVDFUHGHVFULEHGWKHVDPHWKLQJ
7KHQRLVHVLQFUHDVHGWRDWKXQGHULQJLQ:DUG3XPSXPSXP:LWKRXW
HQG WKH DQRQ\PRXV LQPDWH GHVFULEHG WR PH 7KH ZDOOV ZHUH VKDNLQJ
*DQJ PHPEHUV RQ WKH RWKHU VLGH ZHUH UDPPLQJ LW ZLWK WKHLU FRWV DQG ZH
NQHZWKDWVRRQHURUODWHULWZRXOGIDOO
7KHUH ZHUH IHZHU FLYLOLDQV LQ :DUG  WKDQ JDQJ PHPEHUV RQ WKH RWKHU
VLGHRIWKHZDOO7KHLQPDWHVLQZHUHQWDOOIULHQGVHLWKHUZKLFKPDGHLW
KDUG WR JHW WKH VWRU\ VWUDLJKW 6RPH RI WKHP VXSSRVHGO\ FURXFKHG LQ WKH
FRUQHUVZLWKWKHLUKHDGVEHWZHHQWKHLUNQHHV2WKHUVVDWRQWKHLUEHGVDVLI
WKH\ZHUHJRLQJWRWU\WRVOHHS2WKHUVWKRVHZKRNQHZDERXWWKHLUQDLOV
RQFH WKH\ KHDUG WKH VKRWV WKH SXP SXP SXP SDFHG QHUYRXVO\ RXWVLGH
WKHLUFHOOV7KHQRLVHVFRQWLQXHGIRUWZRKRXUV$QGWKHQWKHZDOOIHOO
$QRWKHU SULVRQHU , VSRNH ZLWK WROG PH WKDW LQ WKDW SUHFLVH PRPHQW
HYHU\WKLQJVORZHGGRZQ7KHEDQJLQJVWRSSHGDQGDQRYHUZKHOPLQJVLOHQFH
UHLJQHG DV KXQGUHGV RI JDQJVWHUV VWDUWHG SRXULQJ WKURXJK WKH KROH LQ WKH
ZDOO .QLYHV VKDQNV FOXEV DW OHDVW WZR SLVWROV *DQJVWHUV ZRXOG VRRQ
EUHDNWKURXJKWKHRWKHUZDOOVDQGKDYHWKHZKROHFRPSRXQGWRWKHPVHOYHV
2QO\DIHZFLYLOLDQVWULHGLQYDLQWRUXQ5XQZKHUH"7KRXJKWKHLQWHULRU
ZDOOVKDGFRPHGRZQWKH\ZHUHVWLOOORFNHGLQVLGHWKHSULVRQ/LNHFUD]HG
DQWVRQHLQPDWHGHVFULEHGLWWRPH
7KHJDQJVWHUVSDWUROOHGWKHZDUGVLQJURXSVRIDWOHDVWWKLUW\HDFKJURXS
OHDGHUZDONLQJDKHDGZLWKFDPHUDSKRQHV7KHPREVZRXOGVWRSLQIURQWRI


HDFK FLYLOLDQ WKH\ FDPH DFURVV PRVW RI ZKRP ZDLWHG OLNH D FKLOG EHLQJ
VFROGHGE\DWHDFKHUVWDULQJDWWKHIORRU7KH\SXOOHGKHDGVXSSRLQWHGWKHLU
SKRQHV DW IDFHV DQG WKHQ VHQW WKH ILOHV 7KHQ WKH\ DVNHG RYHU WKH SKRQH
7KLVRQH",IWKHYRLFHUHVSRQGHGLQWKHQHJDWLYHWKH\PDUFKHGRQ,IWKH
YRLFH VDLG \HV WKH JURXS IHOO RQ WKHP OLNH KXQJU\ K\HQDV DIWHU D G\LQJ
KRUVH$OO\RXFRXOGVHHZHUHFKXQNVRIIOHVKIO\LQJWKURXJKWKHDLU
)URP VHYHQ WKDW QLJKW XQWLO QLQH WKH IROORZLQJ PRUQLQJ WKH V VZHSW
WKURXJKHYHU\ZDUGOLIWLQJHDFKKHDGWRWKHLUFDPHUDSKRQHDQGDFFRUGLQJ
WR WKH RIILFLDO UHFRUG GHYRXULQJ WZHQW\VHYHQ PHQ 7KHUH ZHUH PRUH
DQRWKHUPDQORFNHGXSLQDGLIIHUHQWSULVRQWROGPH$FFRUGLQJWRKLP KH
DOVRZDQWHGWRUHPDLQDQRQ\PRXV WKHUHZHUHLQPDWHVZKRZHUHUHGXFHGWR
QRWKLQJEXWEORRG$PDQWXUQHGLQWRDSXGGOH/LNHIRXURIWKHPZKHQWKH\
>WKH V@ IRXQG RXW ZKDW QDLOV WKH\ FDUULHG WKH\ WXUQHG WKHP LQWR JURXQG
PHDWLQWKHVKRZHUURRP/LWWOHSLHFHVWKDWWKH\IOXVKHGGRZQWKHWRLOHWV
:KDWVSDUNHGWKHPDVVDFUH"$FFRUGLQJWRP\VRXUFHZKRVKUXJJHGKLV
VKRXOGHUV DQG UHVSRQGHG DV LI LW ZHUH DQ HYHU\GD\ DOPRVW QDWXUDO
RFFXUUHQFH%HFDXVHWKH\ZHUHSXOOLQJRXWDQDLO$ELJQDLO
7KDW RWKHU QDLO ZDV DQRWKHU PDVVDFUH 7KH 0DULRQD SULVRQ PDVVDFUH RI

,Q$XJXVW0DULRQDSULVRQZDVILOOHGZLWKERWK%DUULRPHPEHUV
DQGFLYLOLDQV0DQ\RIWKHFLYLOLDQVKDGMRLQHGUDQNVZLWKWKHSULVRQJDQJ
/D5D]D,WDOOVWDUWHGDFFRUGLQJWRWKUHHLQPDWHV,VSRNHZLWKZKRVXUYLYHG
WKH PDVVDFUH ZKHQ WKH V ERXJKW IURP JXDUGV VRPH ERDUGV WKDW
FRQVWUXFWLRQ ZRUNHUV KDG OHIW LQVLGH WKH SULVRQ JURXQGV $ ERDUG LQ WKH
KDQGVRIDQLQPDWHFDQTXLFNO\EHFRPHDZHDSRQ$PDQNQRZQDV(O9LHMR
3RVDGD D ZHOOUHVSHFWHG FLYLOLDQ LQPDWH LQ WKH JDQJVWHU IDPLO\ OLQH RI
P\WKLFDOEDUULRQDPHVOLNH7UHMR*XDQGLTXHDQG%UXQRRUGHUHGKLVVHFRQG
LQFRPPDQG5DFXPtQWRWDNHDPHVVDJHWRWKHV*LYHXSWKRVHERDUGV
RUZHUHJRLQJWRSOD\VRFFHUZLWK\RXUKHDGV
7KH\ QHYHU JDYH XS WKH ERDUGV (O 9LHMR 3RVDGD RUGHUHG WKHLU RZQ
FLYLOLDQZHDSRQVWREHGLVWULEXWHGPRVWO\VKDQNVDQGVKDUSHQHGSLHFHVRI
FRWV 6LOHQWO\ ZLWK WKH KHOS RI JXDUGV ZKR RSHQHG FHOOEORFN GRRUV WKH\
HQWHUHGLQWR:DUGVDQGZKHUHWKHVZHUHZDLWLQJIRUWKHPZLWKWKHLU
ERDUGV ,W ZDV KDQGWRKDQG FRPEDW 7KHUH ZHUH GHDG RQ ERWK VLGHV ,W
ZDVQWFHUWDLQZKRZRQEXWPRVWWKLQNLWZDVWKHV2QHRIWKHZLWQHVVHV
,VSRNHZLWKZKRZDVLQYROYHGLQWKHILJKWLQJWROGPHWKDW(O9LHMR3RVDGR
WXUQHG KLPVHOI LQ WR WKH JXDUGV VR WKH V ZRXOGQW NLOO KLP +H VKLW DQG
SLVVHGKLPVHOIKDQGHGRYHUWKHKHZDVSDFNLQJDQGWXUQHGKLPVHOILQ
$IWHUWKHJL]]DUGZDVRYHUZKLFKLVZKDWSULVRQEUDZOVDUHFDOOHGLQ(O
6DOYDGRUDXWKRULWLHVFRXQWHGWKLUW\WZRGHDG%XWDFFRUGLQJWRP\VRXUFH


LWZDVPRUHPXFKPRUH7KLUW\VHYHQLI\RXFRXQWWKRVHFKRSSHGXSLQWKH
VKRZHUV 0XFK RI ZKDW JRHV XQWROG LQ SULVRQ PDVVDFUHV LV IOXVKHG GRZQ
WKHGUDLQV
$IWHU WKH  PDVVDFUH PDQ\ RI WKH LQPDWHV ZHUH WUDQVIHUUHG RXW RI
0DULRQD PRVW RI WKHP JRLQJ WR $SDQWHRV :KLFK LV ZKHUH WKH UHPDWFK RI
WRRNSODFH
$QH\HIRUDQH\H$PDVVDFUHIRUDPDVVDFUH,QSULVRQOLIHPHPRULHV
DUHQWIRUJRWWHQ1DLOVDUHFDUULHGDQGWKHQSXOOHGRXW6FDUVDUHUHYHDOHG
,QWKHVLQ$SDQWHRVVWLOOUHPHPEHUHGWKDWRQWKHRWKHUVLGHRIWKH
ZDOOWKHUHZHUHWKRVHZKRSXOOHGRXWWKHLUQDLOVDQGWKH\ZHUHUHDG\WRGHDO
RXW WKHLU UHYHQJH 7KH\ DUH WKH PHQ ZKR KDYH WKH EORRG RI KRPHER\ RQ
WKHLUKDQGV7KH\NQRZZHUHFRPLQJ+\HQDVDIWHUDG\LQJKRUVH,WZDV
OLNHDZLWFKKXQWRQHRIP\VRXUFHVGHVFULEHGLWWRPH
$QG WKH PD[LP UHSHDWV LWVHOI %HKLQG WKH VWRU\ LV D VWRU\ %HKLQG WKH
PDVVDFUHLVDPDVVDFUH7KHLFHEHUJKDVDEDVHDQGWRJHWWRWKHERWWRP\RX
QHHGWRJRVZLPPLQJ

,W ZDV WKH VDPH HYHU\ WLPH 'LUHFWRU 0ROLQD UHVSRQGLQJ WR D UHTXHVW RI
PLQH SXOOLQJ XS KLV KDW UXEELQJ KLV IRUHKHDG PXUPXULQJ 2. 2. WKDW
DJDLQ6HxRU-RXUQDOLVW
7KLV WLPH , ZDV DVNLQJ WKDW KH SXOO WKH UHS HYHU\RQH ZDQWHG WR WDON WR
IURP:DUGWKH06:DUG'LUHFWRU0ROLQRPDGHDFDOOWRDJXDUGRQKLV
UDGLR DQG DVNHG LI KH FRXOG SXOO KLP RXW ZLWKRXW FDXVLQJ D EUDZO 7KH
JXDUGVDLGKHFRXOGGRLWDQGILIWHHQPLQXWHVODWHUDVKRUWGDUNVNLQQHGPDQ
VDW GRZQ DFURVV IURP PH 7KH PDQ ORRNHG OLNH KH KDG OLYHG D KDUG IRUW\
\HDUV UHVHPEOLQJ D EULFNOD\HU RU D FRQVWUXFWLRQ ZRUNHU PRUH WKDQ D
JDQJVWHU %HVLGHV DVNLQJ WKDW , QRW XVH KLV QDPH KH VSRNH IUHHO\ DQG JRW
ULJKWWRWKHSRLQW
7KHSUREOHPKHUHLVWKDWLQPDWHVLQ:DUGVDQGDUHIURPWKH
$QG\RXUHIURPWKH06",DVNHG
:KDW KDSSHQV LV WKDW LI \RX OLYH ZKHUH WKH 06 OLYHV HYHU\ERG\ VD\V
\RXUH06DQGWKHQ\RXFDUU\\RXUQDLOVDQGWKH\ZDQWWRIXFN\RXXS%XW
DOO \RX ZDQW WR GR LV OLYH D OLIH ZLWK \RXU ODG\ QRWKLQJ HOVH , GRQW HYHQ
ZDQWWREHIURPKHUH
$UH\RX06",DVNHGDJDLQ
,WV OLNH WKLV <RX OLYH ZKHUH WKH\ OLYH <RX VHH WKHP DURXQG <RX JRW
IDPLO\DQGPD\EH\RXZRUNXSDOLWWOHV\PSDWK\EXWWKDWVQRWWKHSUREOHP
7KHSUREOHPLVQRWZLWKWKH06LWVZLWKWKHVZKRDUHKDQJLQJDURXQG
ZLWKWKH7UDQVIHUVWKHJURXSLQFRQWUROLQ:DUG


, ZRXOG ODWHU OHDUQ WKDW WKH UHS IURP :DUG V VRQ DQG EURWKHU DUH ERWK
PHPEHUV RI WKH 06 DQG WKDW KH KLPVHOI LV VHUYLQJ WLPH IRU D FULPH
FRPPLWWHG ZLWK WZR DFWLYH PHPEHUV RI WKH 06 ZKR DUH ORFNHG XS LQ D
SULVRQ GHGLFDWHG WR 06 PHPEHUV $QG \HW WKH UHS IURP :DUG  ZRXOGQW
DGPLWDIILOLDWLRQ7KHJURXSKHUHIHUHQFHGLVDUHODWLYHO\QHZQDPHRQWKH
PDSRISRZHUZLWKLQWKHSULVRQV\VWHPWKH7UDQVIHUV%DQG
7KH 7UDQVIHUV SURWRJDQJ ZDV IRUPHG LQ WKH PLGV ZKHQ FLYLOLDQV
UHDOL]HG WKDW WKH SURJUDP RI VHSDUDWLQJ JDQJ PHPEHUV IURP QRQJDQJ
PHPEHUV ZDV PRUH KDOIOLH WKDQ KDOIWUXWK 7KH PDVVDFUH RI  ZKLFK
JUHDWO\ ZHDNHQHG /D 5D]D DQG UHGXFHG WKHP WR FRQWURO MXVW D VOLYHU RI
0DULRQDDVZHOODVWKHPDVVDFUHRILQ$SDQWHRVZHUHNH\PRPHQWV
LQ WKH IRUPDWLRQ RI WKH 7UDQVIHU %DQG 7KH LQPDWHV PXUGHUHG LQ  KDG
PRVWO\ EHHQ UHORFDWHG IURP 0DULRQD DIWHU WKH  PDVVDFUH  WR *RWHUD
DQGWKHQIURP*RWHUDWR$SDQWHRVZKHUHWKH\ZHUHORFNHGXSQH[WWRWKHLU
HQHPLHV IURP %DUULR QRWKLQJ EXW D VLQJOH ZDOO VHSDUDWLQJ WKHP $V
RSSRVHGWRWKHZHOORUJDQL]HGVWKHQHZWUDQVIHUVEDUHO\NQHZDQ\RIWKH
LQPDWHVLQWKHSULVRQ7KXVWKH\EHFDPHWKHG\LQJKRUVHVWU\LQJWRRXWUXQWKH
SDFNRIK\HQDV
:LWKWKHPHPRU\RIWKHPXUGHUVVWLOOIUHVKFLYLOLDQVLQ$SDQWHRVPHWZLWK
WKH7UDQVIHUV%DQGDIWHUWKHPDVVDFUH7KHORJLFZDVVLPSOH7KH\ZDQWHG
WR WDON ZLWK LQPDWHV ZKR KDG SRZHU LQ WKH SULVRQ V\VWHP LQPDWHV ZKR
GHVSLWHFODLPVWKDW$SDQWHRVKDGRQO\RQHQRQFLYLOLDQZDUGZHUHDOUHDG\
RUJDQL]LQJWKHUH7KH\VWDUWHGJHWWLQJWKHZRUGRXWIRUPLQJJURXSVVHWWLQJ
UXOHVVRWKDWZKHQWKH\SXOOHGRXWWKHLUQDLOVZLWKWKHJDQJVWHUVZKHQWKH\
GUHZWKHLUVFDUVZLWKWKHVWKH\ZRXOGQWEHDORQHWKH\ZRXOGEHSDUWRI
WKH 7UDQVIHUV 7KH\ DFKLHYHG XQLW\ H[SDQGHG DQG VRRQ VWDUWHG GRPLQDWLQJ
GUXJ WUDIILFNLQJ LQVLGH WKH SULVRQ $ OHDGHU HPHUJHG D PDQ ZLWK YDULRXV
QDPHV0LJXHOQJHO1DYDUUR([31&>1DWLRQDO3ROLFH@7KH$QLPDO
EXWPRUHRQKLPODWHU
%HIRUH,ILQLVKHGP\LQWHUYLHZZLWKWKHVNLQQ\FRQVWUXFWLRQZRUNHUOLNH
UHSIURP:DUG,DVNHGKLPWKHVDPHTXHVWLRQ,KDGDVNHGKLVHQHP\DIHZ
GD\VEHIRUHWKHUHSIURP:DUG
:K\GR\RXZDQWWRUXQWKHSULVRQ":KDWVWKHEXVLQHVVDGYDQWDJH"
+HVPLOHGDWPH
7KHUHVQRQHKHVDLG1RQH:HMXVWZDQWWRJURZROGLQSHDFH

7KH LQQHU ZRUNLQJV RI WKH SULVRQ UHYHDO D VLPSOH SUREOHP :KHQ LQPDWHV
WHOORXWVLGHUVWKDWDOOWKH\ZDQWLVWRJURZROGLQSHDFHWKHILQJHUDOZD\V
SRLQWV WR VRPHERG\ HOVH LWV WKH IDXOW RI WKH 06 RU %DUULR  RU WKH
7UDQVIHUVDQGQHYHUWKHLURZQIDXOWWKHIDXOWRI06PHPEHUVWKHPVHOYHV


RU%DUULRVRUWKH7UDQVIHUV
7KH ZDUG UHSV RQO\ ZDQW WR WDON DERXW KHOOLVK FRQGLWLRQV QHYHU DERXW
WKHLU ILJKW IRU SRZHU $QG LWV WUXH 7KH FRQGLWLRQV DUH KHOOLVK &RQGLWLRQV
LQVLGHWKHVHSULVRQVDUHRXWRIWKLVZRUOGFULPLQDOO\DZIXODQG\HWLQWKDW
KHOOWKHILJKWLVDOZD\VDERXWSRZHU
, VSRNH ZLWK ZDUGHQ DIWHU ZDUGHQ SULVRQ UHVHDUFKHU DIWHU SULVRQ
UHVHDUFKHUHYHQJXDUGDIWHUJXDUGXQWLOILQDOO\,IRXQGZKDW,ZDVORRNLQJ
IRU7KH:RUPDUDUHELUGRIDQLQPDWHKDGVSHQWWKHODVWHLJKW\HDUVORFNHG
XS LQ ILYH GLIIHUHQW SULVRQV JHWWLQJ D WDVWH RI ZDUGV VSHFLILF WR 06
PHPEHUVVDQGFLYLOLDQV7KH:RUPGLGQWEHORQJWRDQ\JURXS,IKHKDG
WRILJKWIRURQHVLGHKHGSLFNWKH7UDQVIHUVILUVWWKHQWKHVDQGLIWKHUH
ZHUHQRRWKHURSWLRQVKHGUHVRUWWRVLGLQJZLWKWKH06+HVDVXUYLYRU
DQGKHNQRZVKRZDQGZKHQWRDIILOLDWHKLPVHOI7KH:RUPWRRZDQWVWR
JURZROGLQSHDFHDQGKHNQRZVKRZWRGRVR.HHSDORZSURILOHDVORZ
DVWKHGLUWEHFRPHDZRUPLQFKLQJWKURXJKWKHVRLOVLOHQWO\XQGHUQHDWKWKH
ZRUOGRIWKHEHDVWV:DWFKLQJWKHPIURPEHORZ
7KH ILUVW WKLQJ , DVNHG KLP WR GR ZDV WR GUDZ PH D PDS WR OD\ RXW WKH
SRZHU G\QDPLFWKH LQPDWHV YHUVLRQ RI ZKDW 'LUHFWRU 0ROLQD KDG JLYHQ
PH5DLOWKLQWRRWKOHVVDQGVTXDWWLQJRQKLVKDXQFKHVWKH:RUPGHVFULEHG
WRPHWKHOD\RIWKHODQG
:KDWVLPSRUWDQWWRNQRZLVWKDWLQ$SDQWHRVWKH7UDQVIHUVDUHLQ:DUG
 ZKHUH WKH\UH MRLQHG XS ZLWK WKH 0DFKLQH DQG 0DR 0DR >RWKHU SULVRQ
JDQJV RULJLQDOO\ IURP (O 6DOYDGRU DQG ZLWKRXW VWURQJ QDWLRQDO SUHVHQFH@
7KH7UDQVIHUVFRQWURODQGWZRRWKHUZDUGVDQG7KHVKDYHDQG
 DORQJ ZLWK /D 0LUDGD >DQ DIILOLDWHG JDQJ FHQWHUHG LQ HDVWHUQ (O
6DOYDGRURULJLQDOO\IURPWKH/RV$QJHOHVVXEXUE/D0LUDGD@7KH06KDYH
SOXVWKH\YHLQILOWUDWHGVRPHRWKHUZDUGV$OORIWKHPORVHWKHLUVKLWZKHQ
WKH\UXQLQWRHDFKRWKHU7KHRQHVLQ>WKHV@DUHDJDLQVWHYHU\ERG\HOVH
DQGDUHWU\LQJWRILJXUHRXWZKDWWRGR
+RZFRPH",DVN:KDWGRWKH\ZDQW"
7KH\ZDQWWREHDEOHWRGRWKHLUEXVLQHVVLQSHDFHDQGWKH\ZDQWRWKHU
SHRSOH QRW WR GR EXVLQHVV <RX KDYH WR UHDOL]H WKDW HYHU\WKLQJ KHUH LV
FRQQHFWHG D SULVRQ LV MXVW RQH SLHFH RI WKH SX]]OH ,WV SDUW RI WKH SODQ WR
VSDUN D EUDZO SDUW RI WKH SODQ WR FKDUJH UHQW >IRU DFFHVV WR EHGV RU RWKHU
SDUWVRIWKHSULVRQ@HYHQLILWVMXVWDOLWWOHWRLQPDWHVRXWVLGHWKHLUJDQJRU
WRXQDIILOLDWHGSHRSOHOLNHPH3DUWRIWKHSODQWRWDNHDOOWKLVXSWKHFKDLQRI
FRPPDQG,I\RXGRQWKDYHSRZHUQRERG\LVJRLQJWRKHDU\RX7KHPRUH
SULVRQV\RXFRQWUROWKHPRUHWKH\UHJRQQDOLVWHQ
:KRVWKHOHDGHU"


,I\RXUHORRNLQJIRUWKHOHDGHUKHVULJKWKHUH,WVWKH&REUDIURP
EXWLI\RXZDQWWRNQRZZKRWKHOHDGHUOHDGHULVDVNIRUWKH$QLPDOZKRV
LQ =DFDWHFROXFD +HV WKH RQH ZKR VD\V VQHH]H DQG HYHU\ERG\ VQHH]HV
7KDWVWKHSULVRQZKHUHDOOKLVGRJVDUHEDUNLQJDQGZKHUHHYHU\ERG\HOVH
JHWVGRJELW
$OO WKH SHRSOH , VSRNH ZLWK WKH GLUHFWRU RI SULVRQV WKH UHS IURP WKH
7UDQVIHUVWKHUHSIURPWKH06'LUHFWRU0ROLQDWKH:RUPDOOSRLQWHGWR
WKH LPPLQHQFH RI D EUDZO LQ $SDQWHRV 7KH\ DOO NQHZ LW (YHQ WKH PRVW
KXPEOHLQPDWHVFRRSHGXSEHKLQGEDUVNQHZLW$QG\HWWKH:RUPKHOSHG
PHXQGHUVWDQGKRZGHHSWKHEDVHRIWKHLFHEHUJZHQWDQGKRZOLWWOHRILW
ZH FRXOG VHH 7KH FRPLQJ PDVVDFUH KDG QRWKLQJ WR GR ZLWK ILJKWV RU
SHUVRQDOYHQGHWWDVLWKDGWRGRZLWKSRZHUVWUXFWXUHVZLWKGRPLQRHVVHWXS
WRNQRFNGRZQHQWLUHSULVRQVVRVRPHRQHFRXOGZLQFHQWUDOFRQWURORIWKH
FULPLQDO ZRUOG LQ WKH HQWLUH FRXQWU\ )URP EHKLQG EDUV LQ D VXSHUPD[
SULVRQLVZKHUHWKH$QLPDODQGWKH/LWWOH'HYLO WKHQDWLRQDOOHDGHURIWKH
06 LVVXHGWKHLURUGHUVDQGLWZDVLQ$SDQWHRVZKHUHWKHGRJVREH\HGDQG
JRW UHDG\ 6RPH VWDUWHG LQILOWUDWLQJ HQHP\ ZDUGV 2WKHUV ZHUH KRQLQJ
VWUDWHJ\ ZRUNLQJ XS VWHDP WR SUHSDUH IRU WKH RQVODXJKW $QG WKH V\VWHP
LQFDSDEOHRIGRLQJDWKLQJVDWEDFNDQGZDWFKHG

$WQRRQRQ1RYHPEHU,PDGHDFDOOWRWKHZDUGHQRI$SDQWHRV'RXJODV
0RUHQR+HDQVZHUHGIURPZKDWVRXQGHGOLNHWKHPLGGOHRIDFRQVWUXFWLRQ
]RQH0HWDOOLFWKXQGHULQJGURZQHGRXWPRVWRIZKDWKHVDLG
:DUGHQ,VDLGWKH\UHVD\LQJWKDWWKHEDWWOHKDVEHJXQ
,WVJLYHLRW
$QRWKHUWKXQGHURXVEDQJ
:DUGHQZKDWVJRLQJRQ"
+ROGRQKH\HOOHG7KH\UH:DLWZDLW7KH\UHDOUHDG\ILJKWLQJ
7KHOLQHFXW
$WHOHYHQLQWKHPRUQLQJWKH06DQGWKHLUDOOLHVIURP:DUGGHFLGHGWKDW
HQRXJKZDVHQRXJK)RUWKHSDVWWKUHHGD\VWKHFLYLOLDQVLQWKHSULVRQKDG
EHHQ WU\LQJ WR FOHDQ WKLQJV XS 7KH\ VZHSW XS DQ\RQH WKH\ WKRXJKW ZDV DQ
06 PHPEHU GHOLYHULQJ WKHP WR WKH JXDUGV DQG DVNLQJ <RX JRLQJ WR WDNH
WKHPZKHUHWKH\EHORQJRUVKRXOGZHNLOOWKHP"6RRQWKH\UHWRRNFRQWURO
RIDOPRVWDOOWKHZDUGVLQWKHSULVRQ$OPRVWLQPDWHVZHUHURXQGHGXS
DQGVWXIIHGLQWR:DUG7KDWPRUQLQJ:DUGGLGWKHVDPHWKLQJSUHVHQWLQJ
WZHQW\ILYH VXVSHFWHG JDQJ PHPEHUV WR WKH JXDUGV DQG WKUHDWHQLQJ WR NLOO
WKHPLIWKH\ZHUHQWWDNHQDZD\7KHSUREOHPZDVWKDW:DUGZDVDOUHDG\
EXUVWLQJDWWKHVHDPV7KHUHZDVQWURRPIRUDVLQJOHQHZLQPDWHOHWDORQH


DQRWKHURXQFHRIDQJHU
0RUHQR KLPVHOI ZHQW WR :DUG  DIWHU JXDUGV LQIRUPHG KLP WKDW LQPDWHV
WKHUH ZHUH SODQQLQJ DQ RIIHQVLYH DJDLQVW :DUG  7KH\UH WKURZLQJ
HYHU\ERG\IURPDOOWKHRWKHUZDUGVLQKHUHZLWKXVDQGLWVQRWULJKWWKH
FRQVWUXFWLRQZRUNHU PDQ , KDG VSRNHQ ZLWK D IHZ ZHHNV DJR \HOOHG DW
0RUHQR $V KH LVVXHG KLV FRPSODLQW RWKHU LQPDWHV IURP KLV ZDUG KDG
DOUHDG\ JRWWHQ RQWR WKH URRI LQ SUHSDUDWLRQ IRU EUHDFKLQJ RWKHU ZDUGV
0RUHQR DV KH ZRXOG ODWHU H[SODLQ WR PH WKHQ ZHQW WR :DUG  7KHUH WKH
DUJXPHQWZDVSUHWW\VLPSOH$QLQPDWHQDPHG0ROLQD5Xt]WROGKLP:H
FDQWOLYHZLWKWKH067KDWVLW1H[W0RUHQRZHQWEDFNWRKLVRIILFHWR
WU\WRWKLQNLWRXW$QGWKDWZDVWKHPRPHQW,FDOOHGKLP7KHWKXQGHUZDV
DOUHDG\VRXQGLQJLQWKHSULVRQ7KH06KDGEHJXQWKHLULQYDVLRQRI:DUG
7KH ILUVW WR GLH ZDV WKH ODVW PDQ WR VSHDN ZLWK 0RUHQR /XLV $QWRQLR
0ROLQD5Xt]IRUW\RQH\HDUVROG+HZDVVHUYLQJWLPHIRUHPEH]]OHPHQWD
QRQYLROHQW FULPH 1H[W WKH ORQJDZDLWHG ULRW VSLOOHG RYHU LQWR :DUG 
,QPDWHVZHUHILQDOO\SXOOLQJRXWVRPHRIWKHLUQDLOV
1H[W WR IDOO ZDV DQ LQPDWH IURP :DUG  WZHQW\ILYH\HDUROG 9LFWRU
.HQQHG\0HQpQGH]VWDEEHGLQWKHKHDUW,QP\FRQYHUVDWLRQZLWKWKH:RUP
ILYH GD\V ODWHU KH WROG PH DERXW WKH ILUVW PXUGHUV 7KH ILUVW WZR ZHUH
FLYLOLDQV EXW FRQQHFWHG WR WKH 7UDQVIHUV 7KH JX\ IURP :DUG  >0ROLQD
5Xt]@ WKH\ NLOOHG EHFDXVH KH WDONHG WR WKH GLUHFWRU 7KH JX\ IURP  WKH\
NLOOHGEHFDXVHKHGLQILOWUDWHGWKHJDQJPHPEHUVDQGLWZDVWLPHWRSXOOKLV
QDLO
*XDUGVKDGVXFFHHGHGLQHYDFXDWLQJPRVWRI:DUGEHIRUH06PHPEHUV
KDG JRWWHQ DOO WKH ZD\ LQ $V 0RUHQR NQHZ WKDW WKLQJV ZHUH DERXW WR
H[SORGHDIWHUWDONLQJWR0ROLQD5Xt]KHRUGHUHGWKHLPPHGLDWHWUDQVIHURI
DOOFLYLOLDQVWRRWKHUVHFWRUV0ROLQD5Xt]KRZHYHUGLGQWJHWRXWLQWLPH
,GMXVWJRWWHQRXW0RUHQRWROGPHZKHQWKH\NLOOHGKLP%HVLGHVWKH
WZRGHDWKVWZHQW\WZRRWKHULQPDWHVWKRVHZKRZHUHQWHYDFXDWHGLQWLPH
ZHUHLQMXUHG7KH\ZHUHVWDEEHGEHDWHQDQGFOXEEHGE\06PHPEHUVRU
E\ WKHLU DOOLHV WKRXJK LQ WKH PRPHQW WKHUH ZDV QR GLIIHUHQFH EHWZHHQ WKH
WZR,ILWZHUHQWIRUWKHUDSLGH[RGXVRILQPDWHVWKHGD\ZRXOGSUREDEO\
EH UHPHPEHUHG IRU WZHQW\IRXU GHDWKV LQVWHDG RI MXVW WZR GHDWKV DQG
WZHQW\WZRLQMXULHV
/XFN\WLPLQJVORZPRYLQJ06PHPEHUVDQGDQLQHIIHFWLYHDWWDFNVDYHG
WKHSULVRQIURPDGLIIHUHQWNLQGRIPDVVDFUH7KH:RUPVXPPHGXSWKHGD\
IRUPH7KHQDLOLVVWLOOLQWKHUH,WVGHILQLWHO\JRQQDKDSSHQDJDLQ6RRQ
0D\EH LW ZRQW EH XQWLO *RWHUD SULVRQ ZKHUH RYHU  JDQJ PHPEHUV
ZHUHVHQWIURP$SDQWHRVDIWHUWKHULRW RYHUILOOVHQRXJKWKDWWKHJDQJZDUGV
VWDUW OHDNLQJ LQWR WKH FLYLOLDQ ZDUGV 2U PD\EH LW ZRQW KDSSHQ XQWLO WKH


UHPDLQLQJ JDQJVWHUV LQ $SDQWHRV FRPH LQWR FRQWDFW RQFH DJDLQ ZLWK WKH
FLYLOLDQVLQ:DUG2UPD\EHLWZLOOKDSSHQWRPRUURZ1RERG\NQRZV)RU
QRZWKHQDLOUHPDLQVLQSODFH

2Q 1RYHPEHU  D WKLUW\VL[\HDUROG PDQ ZDV VWDEEHG WR GHDWK LQ


=DFDWHFROXFD PD[LPXPVHFXULW\ SULVRQ +LV QDPH ZDV 0LJXHO QJHO
1DYDUURRWKHUZLVHNQRZQDVWKH$QLPDO
7KH 79 QHZV ELWV DERXW WKH VWDEELQJ ZHUH WKLUW\ VHFRQGV RU VKRUWHU
QHZVSDSHU DUWLFOHV ZHUH KDOI D SDJH RU OHVV $UWLFOHV VDLG WKDW KH ZDV
VWDEEHGWKDWKHZDVVHUYLQJWLPHIRUDUPHGUREEHU\DQGLOOLFLWDVVRFLDWLRQ
DQG WKH OLNHO\ PRWLYDWLRQ ZDV D ILJKW EHWZHHQ ULYDO JDQJV 1RQH RI WKH
VWRULHVPHQWLRQHGWKDWKHZDVIRXQGGHDGLQWKHFHOORIKLVVSRNHVPDQDQG
VHFRQGLQFRPPDQG,YiQ%XHQDYHQWXUD$OHJUtDDOVRNQRZQDVWKH5DSLVW
RI 0HUOLRW ZKR KDG EHHQ VHQWHQFHG WR  \HDUV RI SULVRQ LQ  IRU
UDSLQJHLJKWZRPHQ1RERG\VHHPHGWRTXHVWLRQWKHLGHDWKDWLWZDVDILJKW
EHWZHHQ ULYDO JDQJV HYHQ WKRXJK WKH FHOO LQ ZKLFK WKH $QLPDO ZDV IRXQG
ZDVLQWKHORZHUIORRURI:DUGZKLFKLVZKHUHWKHFLYLOLDQVZHUHORFDWHG
VRWKDWWKH06IURP:DUGVDQGDQGWKHVIURP:DUGZHUHQWQH[WWR
HDFK RWKHU 1RERG\ SXW WZR DQG WZR WRJHWKHU RU WKRXJKW WKDW WKH PXUGHU
PLJKWKDYHVRPHWKLQJWRGRZLWKZKDWKDGKDSSHQHGLQ$SDQWHRV1RERG\
PHQWLRQHGWKDWSXOOLQJRXWDQDLOSXOOVRXWRWKHUQDLOVWKDWWKH$QLPDOZDV
WKHKHDGRIWKH7UDQVIHUVWKHPDQZKRLIKHRUGHUHGWKDWWKH\VQHH]HHYHU\
VLQJOHFLYLOLDQLQWKH=DFDWHFROXFDVQHH]HG7KH$QLPDODFFRUGLQJWRWZR
VHSDUDWH VRXUFHV , VSRNH ZLWK ZDV WKH PDQ ZKR JDYH WKH RUGHU IRU WKH
FLYLOLDQVLQ$SDQWHRVZKHUHKHKLPVHOIKDGSUHYLRXVO\VHUYHGWLPHWRVWDUW
NLFNLQJWKH06RXWRIWKHLUZDUGV
,Q$SULOQLQHGLIIHUHQWFLYLOLDQSULVRQVHUXSWHGY\LQJIRUFRQWURORI
WKH FRXQWU\V JDQJ RSHUDWLRQV $IWHU WKH GXVW VHWWOHG VL[ JDQJ SULVRQV KDG
DIILOLDWHG WKHPVHOYHV ZLWK $SDQWHRV 7KH ILJKWLQJ ZDV SRSXODUO\ DWWULEXWHG
WRWKHLQKXPDQHOLYLQJFRQGLWLRQVLQWKHSULVRQV$QG\HWDOORIP\VRXUFHV
IURP WKH PDQ , PHW LQ WKH &KLQHVH UHVWDXUDQW WR WKH :RUP WR D ILUHG H[
JXDUGIURP=DFDWHFROXFDSULVRQWROGPHWKDWVRPHWKLQJHOVHZDVJRLQJRQ
,Q $SULO RI WKH VDPH \HDU SULVRQ DXWKRULWLHV WUDQVIHUUHG WKH $QLPDO IURP
$SDQWHRVWR=DFDWHFROXFD
7KHLFHEHUJLVDOZD\VGHHSHUWKDQLWVHHPV
7KH GLUHFWRU RI $SDQWHRV SULVRQ 0ROLQD DJUHHG WR PHHW PH DJDLQ RQ
:HGQHVGD\'HFHPEHURQHGD\DIWHUWKH$QLPDOZDVIRXQGLQDFHOOZLWK
VHYHQW\WZRVWDEZRXQGVLQKLVIDFHQHFNFKHVWDQGEDFN0ROLQDGRHVQW
VHHP WR VPLOH PXFK EXW ZKHQ \RX JHW FORVH WR DVNLQJ WKH ULJKW TXHVWLRQ
KHOOJLYH\RXDELWRIDVPLOH


7KH\NLOOHGWKH$QLPDO'LUHFWRU,VDLG,WVHHPVDVLIZKDWVWDUWHGLQ
$SDQWHRVEHWZHHQWKH06DQGWKHFLYLOLDQVZDVVHWWOHGLQ=DFDWHFROXFD
,JRWKLPWRVPLOH
<RXWKLQNVR"7KHZRUOGRISULVRQVDQGLQPDWHVLVFRPSOLFDWHGLQWKLV
FRXQWU\LVQWLW"
+H GLGQW ZDQW WR HODERUDWH %XW WKH :RUP DVVXUHG PH WKDW EHKLQG WKH
EDUV WKHUH ZHUH RQO\ WZR RSWLRQV IRU LQPDWHV 2QH WKDW WKH\ NLOO 06
PHPEHUVLQUHYHQJHIRUWKHHDUOLHU$SDQWHRVPDVVDFUHRUWZRWKDWWKH\NLOO
WKHFLYLOLDQVWU\LQJWRFOLPEXSWKHODGGHURIWKH7UDQVIHUVZKRZHUHDJDLQVW
DWWDFNLQJ WKH 06 7KH H[JXDUG IURP =DFDWHFROXFD , VSRNH ZLWK ZKR ZDV
WKH ILUVW SHUVRQ WR ILQG WKH $QLPDOV EORRGLHG ERG\ WROG PH $Q LQPDWH
VFDUHGIRUKLVOLIHMXVWEHFDXVHKHZDVORFNHGXSQH[WWRWKH$QLPDODVVXUHG
PHWKDWLWZDV$EUDKDP%HUQDEp0HQGR]D(O3DWUyQZKRZDQWHGWRWDNH
RYHU6XSSRVHGO\VRPHRQHLQWKH06ZDUGVHQWWKHRUGHUWR(O3DWUyQLQ
:DUG
0D\EHERWKRIWKH:RUPVRSWLRQVSOD\HGRXW
%HIRUHWKH$QLPDOZDVNLOOHGERWKFDPHUDVZHUHFRYHUHGLQWKHRXWGRRU
SDWLRZKHUHLQPDWHVLQJURXSVRIWZHOYHZHUHOHWRXWIRUWKHLUIRUW\PLQXWHV
RIIUHVKDLUDGD\7KH$QLPDOZDVNLOOHGEHWZHHQDQGDQGWKH
PXUGHUHUKDGWREHRQHRIWKHRWKHUHOHYHQLQPDWHVZKRZHUHJLYHQDFFHVV
WRWKHSDWLRDQGWKHGRRUWRWKH$QLPDOVZDUG
, DVNHG 'LUHFWRU 0ROLQD LI KH KDG NQRZQ WKDW WKHUH ZDV JRLQJ WR EH D
PDVVDFUHLQ$SDQWHRV
<HV ZH NQHZ VRPHWKLQJ ZDV JRLQJ WR KDSSHQ EXW ZH GLGQW NQRZ
ZKHQ
3ULVRQRIILFLDOVUHFRJQL]HXSULVLQJVDVSDUWRIOLIH<RXFDQSUHGLFWSULVRQ
PDVVDFUHVOLNH\RXFDQSUHGLFWVWRUPV7KHKRUL]RQGDUNHQVWKHEDURPHWHU
GURSV6WRSSLQJWKHPLVDGLIIHUHQWVWRU\$OOWKDWPDWWHUVLVZKHQWKHFORXGV
EUHDN
7KHGLUHFWRUSDXVHGFRQVLGHULQJWKHVLWXDWLRQRXWVLGHRIKLVSULVRQ7KH
SUREOHPLVQWLILWVJRLQJWRKDSSHQRUQRW7KHSUREOHPLVZLWKWKHV\VWHP
LWVHOIWKDWLWVEURNHQ7KLVLVZK\WKHUHDUHJRLQJWREHPRUH
0RUHPDVVDFUHV"
0D\EH %XW WKDWV QRW WKH SRLQW :HYH EHHQ VXIIHULQJ WKH DIWHUHIIHFWV
IURP\HDUVDQG\HDUVRIDEDQGRQPHQW3UREOHPVZLWKDGPLQLVWUDWLRQODFNRI
FDSDFLW\ VHFXULW\ LQIUDVWUXFWXUH ILQDQFHV DQG FRUUXSWLRQ :KHUH GR \RX
ZDQWPHWRVWDUW"$OOWKLVKDVUHDOFRQVHTXHQFH7KHV\VWHPGHFLGHGWRSDFN
DOO WKH JDQJ PHPEHUV WRJHWKHU VR WKH\ ZRXOGQW EH NLOOLQJ HDFK RWKHU %XW
QRZ WKH\ GRQW DOO ILW LQ JDQJRQO\ SULVRQV ,Q WKH ZHVW WKH JDQJ PHPEHUV


ZRQWHYHQOHWDQ\PRUHRIWKHLURZQPHPEHUVLQWRWKHSULVRQV6RWKH\UH
VHQGLQJ WKHP WR FLYLOLDQ SULVRQV ZKHUH WKH FLYLOLDQV KDYH VWDUWHG
RUJDQL]LQJ $QG QRZ WKHUH DUH HYHQ PRUH JURXSV ZKR DOO ZDQW WKH VDPH
WKLQJ SRZHU SRZHU SRZHU 7KH TXHVWLRQV DUH +RZ PDQ\ JURXSV KDYH
IRUPHG":KDWFDQZHGRZLWKWKHP",IWKHUHVQRWHQRXJKURRPWRNHHSWKHP
VHSDUDWHGGRZHSXWWKHPDOOWRJHWKHU"
,LPDJLQHVR,VDLG,IWKH\GRQWILWWKH\GRQWILW
:HOO\HV,VXSSRVHVR
,Q$SDQWHRVWKHUHDUH06JDQJPHPEHUVRUDOOLHVLQ:DUG$QRWKHU
 WKRVH PRVW GLUHFWO\ LQYROYHG LQ WKH ULRW ZHUH WUDQVIHUUHG WR *RWHUD
SULVRQ %XW HYHQ DIWHU WKH WUDQVIHU DOPRVW DOO WKH RWKHU ZDUGV LQ $SDQWHRV
UHPDLQ LQ FRQIOLFW ZLWK :DUG  6ROGLHUV ZHUH EURXJKW LQ WR JXDUG WKH
SHULPHWHUZDOOVEXWWKHVHDUHWKHOHDVWLPSRUWDQWZDOOVLQWKHSULVRQ,QVLGH
DV 'LUHFWRU 0ROLQD WROG PH 7KLQJV DUH VWLOO EDODQFLQJ RXW EHLQJ
QHJRWLDWHGEHFDXVHWKHUHVDOZD\VJRLQJWREHWHQVLRQ
7KH VHHPLQJO\ LQIDOOLEOH PHPRU\ RI SDVW RIIHQVHV FRPELQHG ZLWK
RYHUSRSXODWLRQ PDNHV XS ZKDW LV HVVHQWLDOO\ D SHUPDQHQWO\ WLFNLQJ WLPH
ERPE
$FFRUGLQJWRWKH:RUP<RXUQDLOVGRQWGLVDSSHDULQKHUH(YHQWXDOO\
\RXKDYHWRSXOOWKHPRXW
7KH\DUHDOUHDG\VWDUWLQJWRSXOORXWDQRWKHUQDLO

BBBBBBBBBBBBBBBB
 7UDQVODWRUV QRWH ,Q &HQWUDO $PHULFDQ JDQJ VODQJ WR SXOO RXW QDLOV RU
DUUDVWUDU FODYRV PHDQV WR EH LQGHEWHG WR VRPHRQH EHFDXVH RI VRPHWKLQJ \RXYH
GRQHWRWKHP,WLVDNLQWRUHWULEXWLRQRUUHYHQJHFRPLQJWR\RX,WLVDWKUHDWWKH
IXWXUHFRVWRI\RXUDFWLRQWKHLQHUWLDRIYLROHQFHDQRWKHUVSLQLQWKHF\FOHRIGHDWK
7RSXOORXWDQDLOLVWREHDUMXGJPHQWRUFRQGHPQDWLRQ


3DUW)OHHLQJ

7KHUHDUHWKRVHZKREHOLHYHWKDWLQWKLVFRUQHURIWKHZRUOGWKHUHVQRWKLQJOHIWIRU
WKHP7KHUHDUHWKRVHZKRDUHZLOOLQJWRODXQFKWKHPVHOYHVLQWRDQHZLQIHUQRE\
FURVVLQJWKHERUGHUE\IOHHLQJ



7KH7DPHG&R\RWHV

0DUFK
:K\GLG/RV=HWDVPDVVDFUHSHRSOHPRVWRIWKHPPLJUDQWV"
6WRULHVRI6DOYDGRUDQVNLOOHGLQWKHEORRGEDWKRI1RUWKHUQ0H[LFRDQDFFRXQW
IURPDYHWHUDQFR\RWHDQGVRPHXQFRYHUHGGRFXPHQWVDOOSRLQWWRWKHIDFWWKDWWKH
PDVVDFUHVZHUHPHDQWDVDOHVVRQWRFR\RWHV3D\RUVWD\RXW
7KHOD\RIWKHODQGKDVFKDQJHG&R\RWHVQRORQJHUUXOHWKHURDG

7KH FR\RWH UHWXUQHG PXFK VRRQHU WKDQ H[SHFWHG 1RUPDOO\ KHG EH JRQH
PRUHWKDQWZHQW\GD\VEXWWKLVWLPHKHFDPHEDFNRQO\ILYHRUVL[GD\VDIWHU
KDYLQJ FURVVHG 0H[LFRV VRXWKHUQ ERUGHU 7KDWV ZK\ )HUQDQGR WKH
FR\RWHVGULYHULQ(O6DOYDGRUZDVVXUSULVHGWRUHFHLYHKLVERVVVFDOO,W
ZDV $XJXVW  ZKHQ WKH FR\RWH DVNHG KLV GULYHU WR SLFN KLP XS DW WKH
6DOYDGRUDQ ERUGHU WRZQ RI 6DQ &ULVWyEDO +H ZDV DORQH ZLWKRXW KLV VL[
PLJUDQWV 7KH FR\RWHVR )HUQDQGR ODWHU H[SODLQHG WR LQYHVWLJDWRUVZDV
QHUYRXV UHIXVLQJ WR H[SODLQ ZKDW KDG KDSSHQHG DQG RIIHULQJ QRWKLQJ EXW
H[FXVHV$GRJELWPH$IHZGD\VDIWHU)HUQDQGRZRXOGNQRZIRUDIDFW
WKDWQRGRJKDGELWWHQWKHFR\RWH,WKDGEHHQDIDUELJJHUEHDVW

2Q :HGQHVGD\ $XJXVW   6DOYDGRUDQ QHZVSDSHUV EODUHG WKH


KHDGOLQH 6HYHQW\7ZR %RGLHV )RXQG DW 7DPDXOLSDV 5DQFK ,Q WKH HDUO\
PRUQLQJ RI $XJXVW  D GLVRULHQWHG HLJKWHHQ\HDUROG (FXDGRUDQ ZLWK D
EXOOHW ZRXQG WKURXJK KLV QHFN VWXPEOHG XS WR D PDULQH FKHFNSRLQW LQ
1RUWKHUQ0H[LFR+HVDLGWKDWKHKDGVXUYLYHGDPDVVDFUHSHUSHWUDWHGE\
1RUWKHUQ0H[LFRVFULPHORUGV/RV=HWDV7KHPDULQHVWUDYHOHGWRDFOXVWHU
RI WRZQV FDOOHG 6DQ )HUQDQGR DQG IURP WKHUH WKH\ MRXUQH\HG WR D YLOODJH
FDOOHG/D-R\D,QWKHPLGGOHRIQRZKHUHRQDQDUURZGLUWURDGWKH\ZHUH
PHW E\ D VWRUP RI EXOOHWV 7KUHH JXQPHQ DQG RQH PDULQH GLHG LQ WKH
FURVVILUH 7KH VXUYLYLQJ KLW PDQ IOHG 7KH PDULQHV WUHNNHG RQ WR D
ZDUHKRXVHZKHUHWKH\VDZDVQDNHRIERGLHVFRLOHGDJDLQVWDFHPHQWZDOO


EXQFKHGRQWRSRIHDFKRWKHUVZROOHQGHIRUPHGWLHGXS0DVVDFUHG
7KDQNV WR WKH WHVWLPRQ\ RI WKH VXUYLYLQJ (FXDGRUDQ D ER\ QDPHG /XLV
)UHGG\/DOD3RPDGLOODHYHU\6DOYDGRUDQQHZVSDSHUSLFNHGXSWKHVWRU\RI
WKH PDVVDFUHG PLJUDQWV /LWWOH E\ OLWWOH GD\ E\ GD\ WKH IDFWV ZHUH
FRQILUPHG )LIW\HLJKW PHQ DQG IRXUWHHQ ZRPHQ PLJUDQWV IURP &HQWUDO
$PHULFD (FXDGRU %UD]LO DQG ,QGLD DOO RQ WKHLU ZD\ WR WKH 8QLWHG 6WDWHV
ZHUHPDVVDFUHGE\/RV=HWDV

)HUQDQGR WKH GULYHU WHOOV PH WKDW RQ WKH GD\ WKH KHDGOLQH ZDV SULQWHG
DURXQGWKHZRUOGKHJRWDFDOOIURPWKHFR\RWH
,PRXWRIKHUHWKHFR\RWHVDLG,IWKHSROLFHFRPHWHOOWKHP\RXGRQW
NQRZPH
%XWZK\"
5HPHPEHU<RXGRQWNQRZQRWKLQJDERXWPH

)HUQDQGR LV WKH QDPH JLYHQ WR WKH FR\RWHV GULYHU DV D NH\ ZLWQHVV LQ WKH
WULDODJDLQVWVL[6DOYDGRUDQVDFFXVHGRIKXPDQVPXJJOLQJ)HUQDQGRDQGWKH
FR\RWH KDG NQRZQ HDFK RWKHU VLQFH WKH\ ZHUH NLGV 7KH\ ZHUH QHLJKERUV
ZKHQ)HUQDQGRORVWKLVMREDQGDFFHSWHGWKHFR\RWHVRIIHUWRZRUNDVKLV
GULYHU)HUQDQGRWROGWKHMXGJHSURVHFXWRUVRIWKHDQWLWUDIILFNLQJXQLWDQG
YDULRXVDJHQWVRIWKH(OLWH'LYLVLRQ$JDLQVW2UJDQL]HG&ULPH '(&2 WKDW
KLVMREXVXDOO\HQWDLOHGSLFNLQJWKHFR\RWHXSGULYLQJKLPWRPHHWLQJVZLWK
SRWHQWLDO FOLHQWV GULYLQJ KLP WR PHHWLQJV ZLWK RWKHU PHPEHUV RI WKHLU
RUJDQL]DWLRQDQGGULYLQJKLPWRWKH*XDWHPDODQERUGHU8QWLO$XJXVW
KLVMREGLGQRWHQWDLONHHSLQJKLVPRXWKVKXWLQIURQWRIWKHSROLFH
,Q 'HFHPEHU  WKH SROLFH VKRZHG XS 7KH\ DUUHVWHG )HUQDQGR DV
ZHOO DV D \HDUROG PDQ QDPHG eULFN )UDQFLVFR (VFREDU $FFRUGLQJ WR
WKH 3XEOLF 3URVHFXWRUV 2IILFH 332  WKH SROLFH )HUQDQGR DQG RWKHU
ZLWQHVVHVeULFNLVWKHFR\RWHLQTXHVWLRQ
3ROLFHLQYHVWLJDWRUVKDGORFDWHGWKHYLFWLPVIDPLOLHVDQGREWDLQHGVHYHQ
FRUURERUDWLQJWHVWLPRQLHV2QHRIWKHZLWQHVVHVDPDQZKRVHVRQZDVVKRW
WRGHDWKE\/RV=HWDVLQ7DPDXOLSDVZDVWKHRQO\ZLWQHVVZKRVDLGKHZDV
DEOH WR UHFRJQL]H eULFN $QG KH GLG +H SRLQWHG RXW WKH FR\RWH ZKR KDG
JXLGHGKLVVRQWRKLVGHDWK
)HUQDQGRZDVDOVRDFFXVHGRIEHORQJLQJWRWKHKXPDQVPXJJOLQJULQJEXW
DIWHUDIHZZHHNVLQWKH6DQ9LFHQWHSHQLWHQWLDU\ZKHUHKHZDVIRUFHGWR
VOHHSVLWWLQJXSULJKWQH[WWRDWRLOHWKHGHFLGHGWRWHOOLQYHVWLJDWRUVZKDWKH
NQHZ
7KUHH PRQWKV DIWHU WKH ILUVW URXQG RI DUUHVWV WKH SROLFH GHWDLQHG D PDQ
ZKRKDGPDQDJHGWRVWD\XQGHUWKHUDGDU&DUORV(UQHVWR7HRV3DUDGDLVD


ODUJHPDQIURPWKHWRZQRI7HFDSiQOHDGHURIWKHILUVWGLYLVLRQVRFFHUWHDP
$WOpWLFR0DUWHDQGRZQHURIVHYHUDOFLW\EXVHV$FFRUGLQJWRLQYHVWLJDWLRQV
DVZHOODV)HUQDQGRVGHFODUDWLRQKHZDVWKHOHDGHURIWKHSDFNRIFR\RWHV
RIZKLFKeULFNZDVDPHPEHU
6DEDV /ySH] 6iQFKH] D WZHQW\\HDUROG NLG DQG .DUHQ (VFREDU /XQD
WZHQW\HLJKW\HDUVROGZHUHDOVRIURP7HFDSiQ7KH\ERWKHQGHGXSLQWKH
VQDNHRIFRUSVHVIRXQGLQWKHDEDQGRQHGZDUHKRXVHLQ7DPDXOLSDV

)HUQDQGRV GHFODUDWLRQ DOORZV XV WR LPDJLQH WKDW WKH PLJUDQWV DW OHDVW WKH
VL[ WUDYHOLQJ ZLWK eULFN VSHQW WKHLU ODVW GD\V KDQJLQJ IURP WKH EDFN RI D
WUDLQ
)HUQDQGRSDLQWHGDSLFWXUHRIWZRPLJUDQWURXWHVWKURXJK0H[LFR2QHRI
WKHPVWDUWVLQ&KLDSDVZKHUHKXQGUHGVRIWKRXVDQGVRIPLJUDQWVSRXULQWR
0H[LFRHYHU\\HDUDIWHUGLSSLQJWKHLUWRHVLQWKH6XFKLDWH5LYHUWKDWGLYLGHV
*XDWHPDOD DQG 0H[LFR 7KURXJK D VWUHWFK RI  PLOHV ZKHUH WKH WUDLQ
GRHVQWUXQPLJUDQWVZLOOZDONWKURXJKVKUXEODQGDQGWKHQWDNHFKLDSDQHFR
EXVHV RU VKDUHG WD[LV XQWLO WKH\ JHW WR WKH FLW\ RI $UULDJD ZKHUH WKH\OO
FUDZO RQWR WKH EDFN RI WKH VWHHO EHDVW IRU DQ HOHYHQKRXU ULGH XQGHU WKH
XQIRUJLYLQJ$XJXVWVXQWRWKHFLW\RI,[WHSHF2D[DFDZKHUHWKH\OOVZLWFK
WUDLQVFDWFKLQJRQHWKDWUXQVPXFKIDVWHUIRUW\ILYHPLOHVDQKRXUIRUVL[WR
HLJKWKRXUVWRWKHFLW\RI0HGLDV$JXDV9HUDFUX]ZKHUHWKHWUDLQVFRPLQJ
IURP 2D[DFD DQG 7DEDVFR PHHW DQG FRQWLQXH QRUWK RQ WKH VDPH WUDFN WR
0H[LFR&LW\)URPWKHUHWKHPLJUDQWVJRRQWRWKHFLWLHVRI&LXGDG9LFWRULD
5H\QRVD1XHYR/DUHGRZKHUHWKH\FURVVWKH5LR*UDQGHRXWVPDUWWKH86
%RUGHU 3DWURO DQG ILQDOO\ ZLWK WUHPHQGRXV OXFN UHDFK WKH YDVW VWDWH RI
7H[DV
)HUQDQGRNQHZeULFNWREHDPDQRIYLFHV$GULQNHUDQGFRNHXVHU+H
OLNHGDVWKHZLWQHVVSXWLWWRIO\
,Q WKH ZRUOG RI FR\RWHV VQRUWLQJ FRNH LV DV GULQNLQJ ZKLVNH\ LV WR WKH
ZRUOGRIJDPEOHUV1RWKLQJVSHFLDO$QGLWZRXOGQWEHDQLGHQWLI\LQJWUDLW
ZHZRXOGQWKDYHHYHQQRWLFHGLIZKDWKDSSHQHGKDGQWKDSSHQHG
)HUQDQGR WROG SURVHFXWRUV KRZ RQH GD\ &DUORV 7HRV DQG eULFN JRW
WRJHWKHU LQ WKH WRZQ RI 8VXOXWiQ ZLWK VRPH RWKHU PHPEHUV RI WKHLU FR\RWH
JURXS 7KLV ZDV DERXW D PRQWK EHIRUH WKH PDVVDFUH 7HRV GROHG RXW
LQVWUXFWLRQV+HVSRNHRIWKHPLJUDQWURXWHRIPDNLQJQHZFRQWDFWVRUGHUHG
VRPHRIWKHPHPEHUVWRSD\WKHLUGXHV)HUQDQGRQRWLFHGWKHGXOOJOLQWRID
ILUHDUP DQG IROORZHG DOO RUGHUV 7HRV FDPH EDFN ZLWK D ZDG RI ELOOV DQG
JDYHeULFNHQRXJKPRQH\WRFRYHUVHYHUDOWULSVQRUWK
7KHIDPLOLHVRIWKHVL[PDVVDFUHG6DOYDGRUDQVVD\WKH\KDGDUUDQJHGWR
SD\eULFNEHWZHHQDQG7KH\SDLGKDOIXSIURQWDQGZHUHWR


SD\ WKH RWKHU KDOI RQFH WKH\ UHDFKHG WKH RWKHU VLGH WKH 8QLWHG 6WDWHV VRLO
WKH\QHYHUVHWIRRWRQ
$IWHUWKHPHHWLQJ)HUQDQGRGURYHeULFNWR&RQVWLWXWLRQ%RXOHYDUGLQ6DQ
6DOYDGRU WR D EDUULR FDOOHG /D *UDQMLWD WKH /LWWOH 5DQFK  UXQ E\ DQ ROG
6DOYDGRUDQJDQJE\WKHQDPHRI0DR0DR7KHEDUULRLVRIWHQUHIHUUHGWRDV
/D3UDGHUD WKH3UDLULH EHFDXVHRIDQHSRQ\PRXVPRWHOLQWKHDUHDeULFN
ZDVORRNLQJWREX\VRPHFRNHDQGGRVRPHOLQHVLQWKHFDU
7KHOLQHVRIFRNHZRXOGEHDW\SLFDOSDUWRIWKHVWRU\IRUDQ\FR\RWHD
VLPSOHFXULRVLW\KDG)HUQDQGRVVWRU\QRWHQGHGDVLWHQGHG

2Q WKH URDG RQH RI WKH ZRPHQ WUDYHOLQJ QRUWK ZLWK WKH FR\RWH FDOOHG D
IDPLO\ PHPEHU ZKR ODWHU WHVWLILHG DJDLQVW WKH FR\RWH 7KH SURVHFXWRUV
UHSRUWSDLQWVWKHZRPDQDVKDYLQJVRXQGHGXSEHDW
,P LQ 0H[LFR DQG ,P ZLWK WKH JX\ ZKRV JRLQJ WR WDNH PH ,P ILQH
7HOOHYHU\RQH,VD\KL,OOOHW\RXNQRZZKHQ,PLQWKH8QLWHG6WDWHV
$QRWKHUPLJUDQWFDOOHGKLVIDWKHUIURPWKHURDG
:KRDUH\RXJRLQJZLWK"KLVGDGKDGDVNHG$UH\RXZLWKeULFN"
<HSKHVVWLOOZLWKXV+HVZDLWLQJIRUXV
:KDW KDSSHQHG KDGQW \HW KDSSHQHG 7KHVH VPDOO HYHQWV KDGQW \HW
UHVXOWHGLQWKHFRLOHGVQDNHRIERGLHV

2Q $XJXVW  DFFRUGLQJ WR YDULRXV UHSRUWV VL[ PLJUDQWV OHIW (O 6DOYDGRU
DQG ZHUH PDVVDFUHG WKLUWHHQ GD\V ODWHU RQ DQ DEDQGRQHG UDQFK LQ
7DPDXOLSDV
)HUQDQGRVD\VWKHJURXSVWD\HGLQWZRKRWHOVDIHZEORFNVDZD\IURP6DQ
6DOYDGRUV LQWHUQDWLRQDO EXV VWDWLRQ 6RPH RI WKH PLJUDQWV VWD\HG DW +RWHO
,SDQHPD RWKHUV LQ +RWHO 3DVDGHQD %RWK DUH VKRUWVWD\ KRWHOV WKDW FKDUJH
IRUDGRXEOHEHG7KH\UHXVHGE\WUXFNHUVPLJUDQWVDQGFR\RWHV
7KHLQYHVWLJDWRUVZHUHDEOHWRJHWDVHDUFKZDUUDQWIRU+RWHO3DVDGHQD
$PRQJ WKH JXHVWV ZHUH D WHQ\HDUROG DQG DQ HLJKWHHQ\HDUROG DERXW WR
VWDUWWKHLUMRXUQH\QRUWKZLWKWZRFR\RWHVDUHFHQWGHSRUWHHIURPWKH8QLWHG
6WDWHVDQGDFRS7KHLQYHVWLJDWRUVGHWDLQHGERWKFR\RWHV7KH\DOVRIRXQGD
*XDWHPDODQ PDQ E\ WKH QDPH RI -RVp 0DUtD 1HJUHUR 6HUPHxR 7KH
LQYHVWLJDWRUVUDGLRHGWKHPDQVUHFRUGVWREHFKHFNHGDQGWKH\VRRQIRXQG
WKDW KH KDG DQ DUUHVW ZDUUDQW LVVXHG E\ D 6DOYDGRUDQ MXGJH  IRU KXPDQ
VPXJJOLQJ:KHQWKH\VHL]HGKLVPXOWLSOHSKRQHVWKH\IRXQGWKHQXPEHUVRI
SROLFHRIILFHUVPLJUDWLRQRIILFLDOV&HQWUDO$PHULFDQERUGHUSDWURODJHQWV
DQGYDULRXVJRYHUQPHQWDORIILFLDOV:KHQWKH\UHYLHZHGWKHPDQVSUHYLRXV
FDOOV WKH\ IRXQG WKDW KHG EHHQ LQ FRPPXQLFDWLRQ ZLWK eULFN DQG &DUORV


7HRV
7KHLOOIDWHGPLJUDQWVJRWRQWRDQLQWHUQDWLRQDOEXVWUDYHOLQJWRZDUGWKH
FDSLWDO RI *XDWHPDOD eULFN JDYH WKH EXV GULYHU  $FFRUGLQJ WR
)HUQDQGR WKDW ZDV  SHU PLJUDQW WR EH XVHG E\ WKH EXV GULYHU DV
FROODWHUDOLQFDVHDQ\SROLFHRIILFHUQRWLFHGWKDWWKHPLJUDQWVKDGDJXLGHRXW
WKHUH VRPHZKHUH eULFN )HUQDQGR DQG DQRWKHU PDQ&DUORV $UQROGR
9HQWXUDZKRZRXOGODWHUEHVHQWHQFHGWRIRXU\HDUVLQSULVRQIRUVPXJJOLQJ
GURYHWRWKHERUGHU)HUQDQGRUHPHPEHUVeULFNFDOOLQJ&DUORV7HRV7KH
WZRPHQFKDWWHGDERXWSRVVLEOHURXWHVDQGGDWHV
&DVH ILOHV VWDWH WKDW &DUORV 7HRVZKR KDG D 86 WRXULVW YLVDOHIW (O
6DOYDGRUDOPRVWDZHHNDIWHUWKHPLJUDQWV)HUQDQGRVD\V7HRVVMREZDVWR
ZHOFRPHWKHPLJUDQWVLQWKH8QLWHG6WDWHVJXLGHWKHPWRWKHLUIDPLOLHVDQG
FKDUJH IRU WKH VHFRQG KDOI RI WKH WULS 7HRV ZRXOG VRPHWLPHV H[LW (O
6DOYDGRU WKURXJK D FKHFNSRLQW DQG VRPHWLPHV QRW WKRXJK KH ZRXOG QHYHU
HQWHUWKURXJKDFKHFNSRLQW7HRVVEDQNUHFRUGVVKRZWKDWKHVWKHNLQGRI
PDQZKRJRHVIURPKDYLQJQRFDVKWRFORVHWRLQOHVVWKDQDPRQWK
WKH NLQG RI PDQ ZKR JRHV IURP KDYLQJ  RQH GD\ WR  WKUHH
GD\VODWHU
7KHODVWWKLQJ)HUQDQGRNQHZRIeULFNLVWKDWKHKDGFURVVHGWKHERUGHU
ZLWKRXWSDVVLQJWKURXJKDFKHFNSRLQWDQGERDUGHGDEXVZLWKKLVPLJUDQWVLQ
*XDWHPDOD
a

$QGWKHQ)HUQDQGRUHFHLYHGeULFNVFDOO$FDOOWKDWFDPHPXFKWRRVRRQ
,PRXWRIKHUHWKHFR\RWHVDLG,IWKHSROLFHFRPHWHOOWKHP\RXGRQW
NQRZPH
)RU D IHZ ZHHNV WKH FR\RWH GLVDSSHDUHG :KHQ KH UHVXUIDFHG VR
)HUQDQGRVD\VLQKLVGHFODUDWLRQeULFNVKDUHGZLWKKLPDVPDOOGHWDLOWKDW
ZRXOGFRPSOHWHO\FKDQJHKLVVWRU\
eULFN WROG )HUQDQGR WKDW KH KDG RYHUVSHQW KLV PRQH\ 7R SD\ IRU KLV
YLFHV eULFN EOHZ WKH PRQH\ KHG UHVHUYHG IRU /RV =HWDV eULFNVR
)HUQDQGR VDLGNQHZ WKH PDJQLWXGH RI KLV DFWLRQV KH NQHZ KH KDG VSHQW
PRQH\KHQHHGHGWRKDYHPRQH\WKDWZDVQRWQHJRWLDEOHDQGWKDWVZK\KH
DEDQGRQHGKLVVL[6DOYDGRUDQV

:KHQWKHLQYHVWLJDWRUWHOOVPHWKDW&DUORV7HRVDQGeULFNZHUHDFTXLWWHGE\
D GHSXW\ MXGJH RI WKH 6SHFLDOL]HG 6HQWHQFLQJ &RXUW RI 6DQ 6DOYDGRU KLV
YRLFHEUHDNV,FDQDOPRVWKHDUDVRELQWKHEDFNRIKLVWKURDW
'HVSLWH)HUQDQGRVWHVWLPRQ\WKHFDOOUHFRUGVWKHH\HZLWQHVVDFFRXQWRI


WKH IDWKHU RI RQH RI WKH PDVVDFUHG ER\V GHVSLWH WKH IDFW WKDW WKH VDPH
HYLGHQFH DQG WKH VDPH WHVWLPRQ\ SURPSWHG DQRWKHU MXGJH WR FRQYLFW WZR
RWKHU PHPEHUV RI WKH JURXS WKH GHSXW\ MXGJH LQ WKLV FDVH DFTXLWWHG eULFN
DQG&DUORV7HRV
,WZDVDWRWDOVXUSULVHZHGDOUHDG\EHHQFHOHEUDWLQJ,WVVRVDG:H
DOOORRNHGDWHDFKRWKHULQGLVEHOLHI
7KH3XEOLF3URVHFXWRUV2IILFHKDVDSSHDOHGDQGLVDZDLWLQJWKHFULPLQDO
FRXUWVGHFLVLRQZKHWKHURUQRWWRUHRSHQWKHFDVHDQGDVVLJQDQRWKHUMXGJH
0HDQZKLOHWKHRQO\WKLQJOHIWRIWKHYLFWLPVIDPLOLHVZDVWKHWHVWLPRQ\
WKH\WKHPVHOYHVJDYH(YHU\RQHRIWKHIDPLO\PHPEHUVZKRVSRNHLQFRXUW
UHFHLYHGDGHDWKWKUHDW6RPHRQHFDOOHGHDFKRIWKHPDQGWROGWKHPWKDWWKH\
ZRXOGEHGLVDSSHDUHGPXUGHUHG7KH\UHODWHGWKHWKUHDWVWRWKHSURVHFXWRUV
DQGWKHQIOHGIRUWKHLUOLYHV
a
7KDQNVWRDQ(FXDGRUDQNLGPXFKRIWKHZRUOGOHDUQHGZKDWKDSSHQHGRQ
WKDWDEDQGRQHG7DPDXOLSDVUDQFK
2Q 6HSWHPEHU   HLJKWHHQ\HDUROG /XLV )UHGG\ /DOD 3RPDGLOOD
RI5LREDPED(FXDGRUVSRNHYLDYLGHRFDOOZLWKDSURVHFXWRUIURP0H[LFR
&LW\3RPDGLOODLVRQHRIWZRVXUYLYRUVWKRXJKWKHER\VWUHVVHVWKDWWKHUH
PD\ EH DQRWKHU VXUYLYRU ZKR KH VDZ HVFDSH WKH UDQFK RQH QLJKW DOEHLW
IROORZHGE\DWKXQGHUFODSRIJXQILUH
7KH0H[LFDQSURVHFXWRUZDVPRUHLQWHUHVWHGLQJHWWLQJQDPHVDQGDOLDVHV
RXW RI 3RPDGLOOD +H DVNHG IRU (O &R\RWH (O 'HJROODGR WKH %HKHDGHG 
&KDEHOR (O .LOR &DEH]yQ %LJ +HDG  DQG (O *UXxRQ WKH *URXFK  D
NQRZQ PHPEHU RI WKH *XDWHPDODQ VSHFLDORS PLOLWDU\ XQLW ZLWK KLVWRULFDO
WLHVWR/RV=HWDVWKH.DLELOHV+HDOVRDVNHGIRUWKHQDPHVDQGDOLDVHVRI
ILYH PRUH 6DOYDGRUDQV +H DVNHG LI DQ\ RI WKHVH PHQ ZHUH NQRZQ WR EH
=HWDV 3RPDGLOOD VDLG WKH\G DOO NHSW WKHLU GLVWDQFH KH FRXOG EDUHO\
UHPHPEHU(O.LOR0DUWtQ2PDU(VWUDGDODWHUFDSWXUHGDQGFRQGHPQHGDV
UXOHURID=HWDV]RQHRIRSHUDWLRQLQ6DQ)HUQDQGR3RPDGLOODMXVWOLNHWKH
VL[6DOYDGRUDQVKHZDVDEDQGRQHGE\KLVFR\RWHUHPHPEHUVWKDWLWZDV
VRPH HLJKW =HWDV DOO DUPHG GULYLQJ D ZKLWH GRXEOHFDELQ SLFNXS DQG D
IRXUZKHHOGULYH 7URRSHU ZKR VWRSSHG WKH WKUHH EXVHV IXOO RI
XQGRFXPHQWHG PLJUDQWV DSSURDFKLQJ WKH 86 ERUGHU +H UHPHPEHUV WKDW KH
ZDV WDNHQ WR 6DQ )HUQDQGR DQG RUGHUHG WR VLW DJDLQVW D FHPHQW ZDOO +H
UHPHPEHUVWKDWRQHRIWKH=HWDVDVNHGLIDQ\RIWKHPHQDQGZRPHQLQWKH
JURXSZDQWHGWREHD=HWD+HUHPHPEHUVWKDWRQO\RQHPLJUDQWNLGUDLVHG
KLVKDQGDQGVDLG\HV%XWWKH\NLOOHGKLPDOOWKHVDPH7KH\NLOOHGKLP
DQGVHYHQW\RQHPRUH3RPDGLOODZKRKDGEHHQWDNHQIRUGHDGUHPHPEHUV


JXQILUHULQJLQJIRUWKUHHVROLGPLQXWHV7KHFDFRSKRQ\FDPHIURPDVLQJOH
JXQ6HYHQW\WZRPLJUDQWVKDGEHHQVKRWGHDG
/RV=HWDVDUHDVDPLOLWDU\FRORQHORQFHGHVFULEHGWKHPWRPHDJDQJRI
FDYHPHQ7KHFRORQHOZDVFKDUJHGZLWKRYHUVHHLQJDVWDWHRIHPHUJHQF\LQ
QRUWKHUQ*XDWHPDODLQ$VWKHFRORQHOSXWLWWKH=HWDVVKRRWILUVWWKHQ
WRUWXUHWKHQPXUGHUDQGWKHQLIDQ\ERG\LVVWLOODOLYHWKH\DVNWKHLUYLFWLPV
WRSOHDVHIROORZRUGHUV
7KHFDYHPHQLQWKHPKRZHYHUGRQWRYHUVKDGRZWKHPREVWHUVLQWKHP
2QH LQWHUHVW LV SUHVHQW LQ DEVROXWHO\ HYHU\ RSHUDWLRQ WKLV JDQJ KDV
PDVWHUPLQGHG VLQFH ,YH EHHQ IROORZLQJ WKHP VLQFH  SURILW :K\
ZRXOG WKH\ NLGQDS VHYHQW\WZR PLJUDQWV WDNH WKHP WR D IRUJRWWHQ UXUDO
UDQFKDQGPDVVDFUHWKHP":KDWFRXOGWKH\KDYHJDLQHG"
7KH PDLQ WKHRU\ RI WKH 0H[LFDQ DXWKRULWLHV LV WKDW /RV =HWDV NLOOHG WKH
PLJUDQWVEHFDXVHWKH\GUHIXVHGWRMRLQWKHP2QHRIWKHZRPHQJXLGHGE\
eULFN DQG PXUGHUHG DW WKH UDQFK E\ /RV =HWDV ZDV PHUHO\ HLJKWHHQ \HDUV
ROG DQG IURP WKH 6DOYDGRUDQ VWDWH RI /LEHUWDG 'RHV WKDW ILW WKH SURILOH RI
VRPHERG\XVXDOO\UHFUXLWHGE\/RV=HWDV"
7KHVWRU\RIWKHVL[6DOYDGRUDQPLJUDQWVZKRZHUHPXUGHUHGZKRSDLG
ZLWKWKHLUOLYHVIRUWKHVPDOOLQIUDFWLRQFRPPLWWHGE\WKHLUFR\RWHVSHDNVWR
DQRWKHUVWUDLQRIORJLF7KRVHZKRGRQWSD\FDQWFURVV0LJUDWLQJWKURXJK
0H[LFRKDVDFRVWDQGWKRVHFRVWVDUHVHWDQGFROOHFWHGE\/RV=HWDV
7KHFR\RWHVDQGPLJUDQWVZKRZDQWWRDYRLGSD\LQJWKHLUWD[HVZLOOKDYH
WR FRQIURQW WKH FDYHPHQ :KDW PHVVDJH FRXOG EH PRUH SRZHUIXO WKDQ
VHYHQW\WZRFRUSVHVFRLOHGDJDLQVWDFHPHQWZDOO"
3HUKDSV/RV=HWDVKRSHGWRVHQGWKHLUPHVVDJHWRFR\RWHVDQGPLJUDQWVLQ
RQHEODVW%XWLQRUGHUWREHVXUHLQRUGHUWRXQGHUVWDQGMXVWKRZWKHPDILD
ZDVDEOHWRFKDQJHWKHFR\RWHUXOHERRNZHKDYHWRVLWGRZQZLWKRQHRI
WKRVHVWHDOWK\JXLGHV
7KHUH DUH IHZ EHWWHU SODFHV WR ILQG D JRRG FR\RWH WKDQ WKH 6DOYDGRUDQ
VWDWHRI&KDODWHQDQJR

7KHUHDUHVL[HPSW\SLQWJODVVHVDQGDSODWHRIDSSHWL]HUVWKDWWKHFKHHVH
DQGFLJDUHWWH WUDIILFNHU LV SLFNLQJ DQG SRNLQJ DW :HUH VHDWHG LQ WKH
UHVWDXUDQW RI D VPDOO KRWHO RQ WKH RXWVNLUWV RI WKH FDSLWDO RI &KDODWHQDQJR
ZKLFKLVUHDOO\MXVWDVPDOOWRZQZLWKDEDQNDQGDVPDWWHULQJRIIDVWIRRG
UHVWDXUDQWV 7KH FKHHVH WUDIILFNHU ZKRP , PHW WKDQNV WR DQ LQWHUPHGLDU\
VD\V WKLV UHVWDXUDQW DQG KRWHO DUH RZQHG E\ D IDPRXV FR\RWH IURP
&KDODWHQDQJR7KHFR\RWHORRNVQHUYRXVDVKHDSSURDFKHVRXUWDEOHWKRXJK
\RXFDQWHOOKHVLQWHUHVWHGLQZKR,DPDQGZKDW,PGRLQJDWKLVUHVWDXUDQW
7KHFKHHVHWUDIILFNHUWKLQNLQJEHWWHURILQWURGXFLQJXVIDOOVVLOHQW


7KHURXQGEHOOLHGWUDIILFNHUVHDWHGEHVLGHPHEX\VFKHHVHIRUSHQQLHVLQ
1LFDUDJXD DQG EULQJV EDFN KXQGUHGV RI SRXQGV RI LW KLGGHQ EHKLQG IDOVH
GRRUV LQ FDUJR WUXFNV +H DOVR FRRUGLQDWHV WUXFNORDGV RI &KLQHVH DQG
5XVVLDQ FLJDUHWWHV SDFNDJHG LQ PLVODEHOHG FRQWDLQHUV KHDGHG WR
2FRWHSHTXH +RQGXUDV 2QFH WKH WUXFNV FURVV WKH ERUGHU WKH\ WDNH WKH
ODEHOVRIIDQGVHOOWKHFLJDUHWWHVDWKDOIWKHSULFHRIRWKHUEUDQGV,QPDQ\
VWRUHVLQ&KDODWHQDQJR\RXOOEHPRUHOLNHO\WRILQG0RGHUQWKDQ0DUOERUR
$V WKH WUDIILFNHUV SODQ KDV EDFNILUHG DQG IRU VRPH VWUDQJH UHDVRQ KH
VHHPVLQWHQWRQKHOSLQJPHLQP\VHDUFKIRUDFR\RWHKHVODSVRIIKLVKDW
WDNHVDGHHSEUHDWKQDUURZVKLVH\HVDQGVD\V<RXFDQWXUQRYHUDVWRQH
KHUHDQGILQGDFR\RWH7KHSUREOHPLVWKDWWKH\RXQJRQHVWKHQHZRQHV
DUHPRUHVNLWWLVKDQGWKH\GRQWOLNHWDONLQJWRMRXUQDOLVWV7KLVJX\PLJKW
EORZXVRIIEXWZK\GRQWZHWU\ZLWKVRPHRQHKLJKHUXS",PJUDWHIXOWR
KLP EHFDXVH KHV WKH RQH WKDW VKRZHG PH WKH URSHV RI FKHHVH WUDIILFNLQJ
+HV WKH FR\RWH ZKR WHDFKHV HYHU\RQH HOVH KRZ WR ZRUN +HV WKH ILUVW
FR\RWHRI&KDODWHQDQJR
,WV)ULGD\DQGWKHFKHHVHWUDIILFNHUVD\VWRJLYHKLPWKHZHHNHQGWRWDON
WRWKLVORUGRIFR\RWHV

7KHORUGRIFR\RWHVLVELJDQGWRXJKDVQDLOV+HDPLFDEO\ZHOFRPHVXVLQWR
KLVKRPHLQ&KDODWHQDQJRVHQGLQJIRUWLODSLDULFHWRUWLOODVDQGEHHU
7KH FKHHVH WUDIILFNHU KDV VXFFHHGHG LQ FRQYLQFLQJ KLV ERVV WKDW LQ
H[FKDQJHIRUKLVVWRULHVDQGH[SODQDWLRQVLQH[FKDQJHIRUKLVWHVWLPRQ\,OO
NHHS KLV LGHQWLW\ VHFUHW 7KH FR\RWH WUXVWV PH $QG WKDWV ZK\ RQ WKLV
2FWREHUHYHQLQJRIWKHFRQYHUVDWLRQPRYHVDORQJZLWKRXWKHVLWDWLRQ
7KHFR\RWHLVVL[W\\HDUVROG+HJRWLQWKHEXVLQHVVRIWDNLQJSHRSOHWR
WKH8QLWHG6WDWHVLQ,QKLVILUVWDWWHPSWWRFURVVLQWRWKH8QLWHG6WDWHV
KH SDLG  FRORQHVZKLFK DW WKH WLPH ZDV DERXW 86WR D
*XDWHPDODQ FR\RWH 7KH WULS HQGHG ZLWK KLP EHLQJ ORFNHG XS LQ 7LMXDQD
:KLOH VHUYLQJ WLPH LQ YDULRXV GHWHQWLRQ FHQWHUV KH JRW WR NQRZ DQRWKHU
*XDWHPDODQ FR\RWH 7KLV ORUG RI FR\RWHV ZKR ZDV D WZHQW\VRPHWKLQJ
\HDUROGNLGDWWKHWLPHRIIHUHGWRILQGKLPQHZFOLHQWVLQ(O6DOYDGRU,Q
WKRVHGD\VVRWKHFR\RWHUHPHPEHUVKLVMREZDVQRWGHPRQL]HG&R\RWHV
ZHUHQWGHWDLQHGVLPSO\IRUEHLQJFR\RWHVDQGWKH\FHUWDLQO\ZHUHQWSXWRQ
WULDODVKDSSHQHGWReULFNLQWKH6SHFLDOL]HG&RXUWIRU2UJDQL]HG&ULPH
7KLV FR\RWH IHOW VR FRPIRUWDEOH ZLWK ZKDW KH ZDV GRLQJ WKDW LQ RUGHU WR
SURPRWHKLVEXVLQHVVKHRSHQHGDQRIILFHLQWKHFHQWUDO6DOYDGRUDQFLW\RI
&XVFDWDQFLQJR DQG SXEOLVKHG DGV LQ WKH FODVVLILHGV VHFWLRQ RI YDULRXV
QHZVSDSHUV DQQRXQFLQJ VDIH WULSV WR WKH 8QLWHG 6WDWHV DORQJ ZLWK D
EXVLQHVV WHOHSKRQH QXPEHU $ IHZ PRQWKV ODWHU ZKHQ KH KDG DOUHDG\


OHDUQHG IURP WKH *XDWHPDODQ HYHU\WKLQJ KH QHHGHG WR OHDUQ WKH FR\RWH
EUDQFKHGRIIDQGVWDUWHGKLVRZQEXVLQHVV3HRSOHZRXOGFDOOKLVRIILFHDQG
DVN KRZ ORQJ WKH\G KDYH WR ZDON 7KH FR\RWH ZRXOG H[SODLQ WKDW WKH\
ZRXOG WUDYHO WKURXJK 0H[LFR E\ EXV DQG WKDW WKH\G FURVV WKH ERUGHU
WKURXJK 0H[LFDOL 6DQ /XLV 5tR &RORUDGR RU $OJRGRQHV DQG WKDW WKH\
ZRXOGQWZDONPRUHWKDQDQKRXU$QGWKDWVKRZLWZDV:KHQWKHFR\RWH
KDGDERXWILIWHHQWRWZHQW\SHRSOHKHGVWDUWWKHMRXUQH\QRUWK7KHODUJHVW
JURXS KH FURVVHG ZDV WKLUW\ILYH SHRSOH &URVVLQJ 0H[LFR WKH FR\RWH
UHPHPEHUVFRXOGEHDSOHDVDQWWULS3HRSOHRQO\KDGWRJHWRIIWKHEXVWR
WDNH D SLVV KH UHPHPEHUV (YHU\WKLQJ ZRXOG DOUHDG\ EH WDNHQ FDUH RI DW
WKHPLJUDWLRQFKHFNSRLQWVDQGWKH\GRQO\KDYHWRSD\DIHZGROODUVDWHDFK
FKHFNSRLQW
,Q WKH PLGV DIWHU WKH 1DWLRQDO *XDUG VHDUFKHG KLV RIILFH PLVWDNLQJ
KLVEXVLQHVVIRUDJXHUULOODXQLWWKHFR\RWHGHFLGHGWRWDNHDIHZ\HDUVRII
DOWHUQDWLQJORQJVWD\VLQWKH8QLWHG6WDWHVZLWKVSRUDGLFMREVFURVVLQJVPDOO
JURXSVRIPLJUDQWV
7KHQ LQ  WKH FR\RWH VWDUWHG ZRUNLQJ DJDLQ %XVLQHVV KRZHYHU KDG
JRWWHQPRUHGLIILFXOWDQGLWZDVDERXWWRJHWZRUVH
(YHU\WKLQJ ZDV FKDQJLQJ 7KHUH ZDV PRUH VHFXULW\ LQ 0H[LFR DQG
VXGGHQO\ LW ZDV D FULPH WR EH D FR\RWH LQ *XDWHPDOD 6R WKH SULFH IRU D
FR\RWHZHQWXSWRSHUSHUVRQ)HZWKLQJVZHUHWKHVDPH
7UDYHOLQJ FR\RWHV WKRVH ZKR JXLGHG WKHLU PLJUDQWV WKURXJKRXW DOO RI
0H[LFRKDGEHFRPHQHDUO\REVROHWH
%\WKLVSRLQWWKHMREKDGPRUHWRGRZLWKFRRUGLQDWLRQDQGWKDWVKRZLW
VWLOOLV$FR\RWHLQ*XDWHPDODLVLQFKDUJHRIRUJDQL]LQJDJURXSRISHRSOH
RQ WKH VRXWKHUQ ERUGHU RI 0H[LFR WKHQ WKHUHV WKH JX\ ZKR WDNHV WKHP WR
0H[LFR&LW\+HVXVXDOO\D0H[LFDQ+HVSDLGDQ\ZKHUHIURPWR
SHUSHUVRQ,Q0H[LFR&LW\DQRWKHUJX\WDNHVWKHPWRWKH86ERUGHU
7KDWJX\FKDUJHVDQG\RXKDYHWRSD\KLPDQRWKHUIRUVHFXULQJ
WKH KRXVLQJ DQG IRRG IRU WKH OLWWOH FKLFNHQV 6R WR JHW IURP KHUH WR WKH 86
ERUGHUDPLJUDQWQHHGVWRSXWLQVRPH7KHQWRJHWLQWRWKH8QLWHG
6WDWHV WR JR WR +RXVWRQ IRU H[DPSOH FR\RWHV FKDUJH  6RPH DVN
MXVWWRJHWDFURVVWKHERUGHU7KHQWKH\NHHSWKHPWKHUHGHWDLQHGLQ
VDIHKRXVHV,ZLUHWKHPPRQH\IURPKHUHDQGWKH\VWDUWOHWWLQJSHRSOHRXW
RIWKHVDIHKRXVHRQHE\RQH7KH\GFKDUJHMXVWIRUWKHYDQVWKDWGULYH
SHRSOHWRWKHVDIHKRXVHV1RZWKH\FKDUJH6RIRUHDFKSHUVRQWKH
FR\RWHLQ*XDWHPDODLVPDNLQJWRLQSURILW
2QHFDQFXWH[SHQVHVLQ0H[LFREXWWKDWUHTXLUHVPHWKRGVWKDWIRUWKLV
FR\RWHDUHLQKXPDQH)RUH[DPSOHVTXHH]LQJPLJUDQWVLQWRDFDUJR


WUXFNURXWHGWRWKH86ERUGHUZLWKRXWVWRSV,I\RXKDYHWKHULJKWFRQWDFWVDW
WKH 0H[LFDQ FXVWRPV RIILFH WKH\ FDQ IODJ WKH WUXFN DV EHLQJ IXOO RI IUXLW
ZKHQ LQ UHDOLW\ WKH WUXFN LV IXOO RI GR]HQV RI SHRSOH VXIIRFDWLQJ IURP KHDW
DQGODFNRIR[\JHQZLWKRXWGHRGRUDQWRUSHUIXPHZLWKRXWZDWFKHVRUFHOO
SKRQHV ZLWKRXW DQ\WKLQJ WKDW FRXOG EHHS DQG JLYH WKHP DZD\ 7KHUH DUH
FR\RWHV ZKR FDQ VDYH D IHZ KXQGUHG GROODUV E\ VWXIILQJ SHRSOH XQGHU WKH
IDOVHERWWRPRIDEDQDQDWUXFNDQGPDNLQJWKHLUPLJUDQWVULGHO\LQJGRZQIRU
PRUHWKDQWZHQW\KRXUVXQWLOWKH\UHDFK0H[LFR&LW\
7KHFR\RWHVD\VWKHSULFHRIJXLGHGPLJUDWLRQKDVJRQHXSLQWKHSDVWILYH
\HDUVDQGWKDWQRRQHSULGLQJKLPVHOIRQEHLQJDJRRGFR\RWHVKRXOGWDNHD
PLJUDQWWRWKH8QLWHG6WDWHVIRUOHVVWKDQGROODUV
7KHUHDUHPRUHULVNVQRZWKHFR\RWHVD\VDQGZLWKDILQJHULQWKHDLU
KHWUDFHVWKHOHWWHU=
:KHQGLG\RXVWDUWWRSD\RII/RV=HWDV",DVN
:H VWDUWHG ZRUNLQJ ZLWK WKHP LQ  EXW LW ZDVQW REOLJDWRU\ \HW
+DYLQJ D FRQWDFW ZLWK /RV =HWDV ZDV OLNH D JXDUDQWHH IRU VDIHW\ VR ZHG
VHHN WKHP RXW 7KH 0H[LFDQ FR\RWH ZRXOG RUJDQL]H DOO WKDW DQG PDNH
FRQWDFWV ZLWK WKH SROLFH /DWHU DURXQG  /RV =HWDV VWDUWHG WR VTXHH]H
WKH XQGRFXPHQWHG PLJUDQW GLUHFWO\ 7KH\ GLGQW FDUH ZKRVH PLJUDQWV WKH\
ZHUH7KH\VWDUWHGFKDUJLQJSHUSHUVRQ,WVRQO\JRWWHQZRUVH
/RV =HWDV ZKR ZHUH LQLWLDOO\ WKH DUPHG ZLQJ RI WKH *XOI &DUWHO
EUDQFKHGRIIDURXQG0D\EHWKHPLJUDQWWD[ZDVLQLWLDOO\OLNHDERQXV
WR WKHLU VDODULHV EXW LW ODWHU EHFDPH JXDUDQWHHG LQFRPH WKHLU ORZKDQJLQJ
IUXLW
$ KXQGUHG D KHDG WKDWV ZKDW /RV =HWDV FKDUJH WR OHW \RX FURVV
0H[LFR",DVN
1RZLWV$FR\RWHVKRXOGLQFOXGHWKDWVXPLQWKHLQLWLDOTXRWHWKH\
JLYH WR PLJUDQWV 7KH ULVN LV KLJKHU WKDWV ZK\ WKH SULFH KDV JRQH XS WKH
FR\RWHGRHVQWZDQWWRULVNKLVOLIHIRULQSURILWV
'R\RXKDYHDQXQGHUVWDQGLQJZLWK/RV=HWDV"
:HJLYHWKHPRQH\WRWKH0H[LFDQVLWVWKH0H[LFDQFR\RWHVZKRWDNH
FDUHRIWKHVHWKLQJV,GRQWNQRZDQ\=HWDV,IVRPHRQHKHUHVD\VKHNQRZV
RQH RI WKHP KHV D OLDU 7KDW 0H[LFDQ FRQWDFW PLJKW EH SD\LQJ  DQG
FKDUJLQJPH7KDWPLJKWEHJRLQJRQ%XWZHKDYHWRSD\XS
2U"
:HOOORRNZKDWKDSSHQHGZLWKWKHPDVVDFUHLQ7DPDXOLSDVWKH\RZHG
WKHPDQGWKHVHJX\VGLGQWJLYHDGDPQZKRVHPLJUDQWVWKH\ZHUH7RWKHP
LWZDVMXVWDPHVVDJH6RPHRQHIRUJRWWRSD\VRWKLVLVZKDWKDVWRKDSSHQ
$QGQRZWKDWFR\RWHKDVWRSD\WKHFRQVHTXHQFHV1RRQHURXQGVDJURXSRI


SHRSOH XS MXVW WR VHQG WKHP WR WKHLU GHDWKV D FR\RWH MXVW ZDQWV WR PDNH
PRQH\DQGJDLQFUHGLELOLW\
%XW WKHUH DUH FR\RWHV ZKR VWLOO WUDYHO WKURXJK 0H[LFR ZLWK WKHLU
PLJUDQWV"
$ JRRG FR\RWH ZRQW WUDYHO ZLWK KLV PLJUDQWV 7KDW GRHVQW H[LVW
DQ\PRUH 1R RQH ZLOO SXW KLPVHOI WKURXJK WKDW ULVN 0D\EH WKH\OO OHDYH
WKHPLQ&LXGDG+LGDOJR>RQWKHVRXWKHUQERUGHURI0H[LFR@(YHU\WKLQJLV
GRQH SLHFH E\ SLHFH RQH KDV WR FRRUGLQDWH 2. WKHUH DUH WKH PDGPHQ RQ
WKH WUDLQ 7KH WUDLQ JX\V FKDUJH VRPH  WR  %XW WKRVH DUH WKH
SROOHULWRV >D FKLFNHQ PDQ UHIHUULQJ WR D JXLGH OHDGLQJ DQG WUDYHOLQJ ZLWK
SROORV RU PLJUDQWV DV RSSRVHG WR D FR\RWH@ ZKR WDNH WZR WKUHH SHRSOH
6RPH RI WKHP DFWXDOO\ ZDQW WR JR QRUWK WKHPVHOYHV DQG WKH\YH DOUHDG\
PDGHWKHWULSEHIRUHWKH\NQRZDOLWWOHDERXWZKDWLWVOLNHWRULGHWKHWUDLQ
VR WKH\ SLFN XS D FRXSOH PRUH SHRSOH DQG WKH\ DOO JR WRJHWKHU %XW WKDWV
KRZSHRSOHJHWNLGQDSSHG,I\RXDOZD\VSD\SHUSHUVRQWKH\ZRQW
ERWKHU\RXEXWLI\RXJRDOOE\\RXUVHOIZHOOWKHQ7KDWVZKHQWKH
=HWDVJHWDQJU\7KLVJX\LVJRLQJWRFURVVDQGQRWSD\DQ\WKLQJDQGWKHQ
WKH\GRXEOHGRZQDQGFKDUJHXSWRDKHDG,I\RXZRUNZLWKWKRVH
0H[LFDQ FRQWDFWV ZKR NQRZ WKH =HWDV WKHQ \RXUH JXDUDQWHHG WKDW \RXU
PLJUDQWV ZLOO FURVV 0H[LFR QR SUREOHP , PHDQ WKLV JURXS LV LQ ZLWK WKH
PLOLWDU\DQGSROLFH$QRIILFHUZLOOHYHQGHWDLQ\RXFKHFNWRVHHLI\RXYH
DOUHDG\SDLG/RV=HWDVDQGLI\RXYHSDLGWKH\OOOHW\RXJRULJKWDZD\,I
WKH\ UHDOL]H \RX KDYHQW KDG FRQWDFW ZLWK /RV =HWDV WKHQ WKH\OO VTXHH]H
\RXDQG\RXUHQRWJRLQJWRJRWRMDLOWKH\OOWDNH\RXVWUDLJKWWRWKHPWR
/RV =HWDV 7KDWV ZK\ SHRSOH JHW GLVDSSHDUHG 0H[LFR LVQW D SUREOHP LI
\RXYHGHDOWZLWK/RV=HWDV%XWLIQRW
%\ QLJKWIDOO , VD\ JRRGE\H WR WKH FR\RWH OHDYLQJ WKDW LI QRW KDQJLQJ
RYHURXUKHDGV)RUWKHVL[PLJUDQWVZKROHIWZLWKeULFNWKDWLIQRWOHGWR
DVWRUPRIEXOOHWVLQDQDEDQGRQHGZDUHKRXVH)RURWKHUVWKHLIQRWFDQ
OHDGWRZRUVH,I\RXYHSDLG\RXUGXHWR/RV=HWDV\RXUHILQH%XWLIQRW

6RPHWLPHV%HUWLODIRUJHWVZKDWVKHVWDONLQJDERXW6KHDOVRHDWVYHU\OLWWOH
2YHU VL[W\ \HDUV ROG %HUWLOD ZHLJKV OHVV WKDQ  SRXQGV 2Q 0DUFK 
KHUVRQ&KDUOLGLVDSSHDUHGDVKHZDVWUDYHOLQJIURP6DQ/XLV3RWRVt
0H[LFR WR WKH QRUWKHUQ ERUGHU FLW\ RI 5H\QRVD 6LQFH WKHQ %HUWLOD HDWV
KDUGO\ DQ\WKLQJ DQG VOHHSV SRRUO\ 6KH GUHDPV WKRXJK 6KH GUHDPV WKDW
&KDUOL LV QRW GHDG WKDW KHV FRPH EDFN KRPH DQG VKH VD\V WR KLP LQ KHU
GUHDP , WKRXJKW VRPHWKLQJ EDG KDG KDSSHQHG WR \RX $QG KH UHVSRQGV
7RPH"1RWKLQJVKDSSHQHGWRPH


6LFN RI HDUQLQJ  D GD\ LQ KLV PDTXLODGRUD MRE PRWLYDWHG E\ WKH
LPSHQGLQJ ELUWK RI KLV ILUVW GDXJKWHU DQG SHUVXDGHG E\ DQ RIIHU RI D ORDQ
IURPDFR\RWHZKLFKKHSODQQHGWRSD\RIIDIWHUDIHZPRQWKVRIZRUNLQJ
LQWKH8QLWHG6WDWHV&KDUOLGHFLGHGWROHDYHEHKLQGKLVKRXVHLQ,]DOFR LQ
ZHVWHUQ(O6DOYDGRU DQGPLJUDWHQRUWK+HOHIWZLWKDFR\RWHDQGIRXURWKHU
PLJUDQWV
,PVHDWHGLQDSDWLRLQWKHYLOODJHRI,]DOFRZLWK%HUWLOD&KDUOLVPRWKHU
DQGWKLVLVZKDWIURPXQGHUWKHZHLJKWRIKHUSDLQVKHWHOOVPH
&KDUOLKLVFR\RWHDQGWKHRWKHUPLJUDQWVOHIWRQD0RQGD\UHDG\WRULGHD
FRPELQDWLRQ RI EXVHV DQG WUDLQV WR WKH 86 ERUGHU %\ WKDW VDPH )ULGD\
KRZHYHU WKH FR\RWH ZDV EDFN LQ ,]DOFR ZLWK DOO KLV PLJUDQWV H[FHSW IRU
&KDUOL ,Q 2D[DFD VWDWH PLJUDWLRQ RIILFLDOV KDG GHWDLQHG WKH HQWLUH JURXS
H[FHSWIRU&KDUOLDQGGHSRUWHGWKHP&KDUOLFRQWLQXHGQRUWKE\KLPVHOI
+HUHDFKHGWKHQRUWKHUQ0H[LFDQVWDWHRI6DQ/XLV3RWRVtDQGVWD\HGIRXU
GD\V DW WKH KRXVH RI VRPH GLVWDQW UHODWLYHV ZKR KDG VHWWOHG WKHUH \HDUV
SUHYLRXVO\ 7KDW ZDV ZKHUH KH FRQWDFWHG KLV IDPLO\ IRU WKH ODVW WLPH
VSHDNLQJQRWZLWK%HUWLODEXWZLWK-RUJHKLVEURWKHUZKRZRUNHGDVDGD\
ODERUHULQ2NODKRPD-RUJHWROGPHRYHUWKHSKRQHWKDW&KDUOLKDGKDGKLV
GRXEWV%\WKLVSRLQWWKHFR\RWHIURPKLVYLOODJHKDGVHWRIIDJDLQIURP(O
6DOYDGRUZLWKKLVIRXUPLJUDQWV7KLVZRXOGEHWKHLUVHFRQGDWWHPSW&KDUOL
VR-RUJHUHPHPEHUVWROGWKHFR\RWHWKDWKHZDVWKLQNLQJRIJRLQJQRUWKWR
5H\QRVD RQ KLV RZQ ZKHUH KH FRXOG ORRN IRU DQRWKHU FR\RWH WR KHOS KLP
FURVVWKHERUGHU-RUJHWULHGWRILQGWKHIHPDOHFR\RWHZKRKDGJXLGHGKLPD
IHZ \HDUV EDFN 6KH ZRUNHG E\ XVLQJ RWKHU SHRSOHV GRFXPHQWV DQG
FURVVLQJ SHRSOH WKURXJK ERUGHU FKHFNSRLQWV RU E\ OHDGLQJ KHU FOLHQWV
VWUDLJKWDFURVVWKH5LR*UDQGH7KHGLIIHUHQFHEHWZHHQWKHWZRRSWLRQVZDV
KDOIDJUDQG6KHFKDUJHGIRUIDOVHGRFXPHQWVDQGIRUWKHWULS
DFURVV WKH ULYHU %XW -RUJH FRXOGQW ILQG KHU DQG &KDUOL ZDV JHWWLQJ
LPSDWLHQW (YHQ VR KH WROG KLV EURWKHU WKH FR\RWH IURP WKHLU YLOODJH KDG
ZDUQHGKLP+HGWROGKLPQRWWRPRYHWRZDLWIRUKLP+HWROGKLPWKDWWKH
URDGQRUWKZDVIXOORI=HWDVWKDWWKH\GVQLIIKLPRXW7KH\ZHUHRQWKHKXQW
IRUPLJUDQWVZKRZDONHGDORQH
-RUJH KDG VRPH LGHD RI WKH GDQJHUV DKHDG -XVW D IHZ PRQWKV EHIRUH D
FRXVLQRIKLVKDGJRQHWRWKH8QLWHG6WDWHVDQGWROGKLPKHGPLUDFXORXVO\
PDGHLWDOLYH+HWROGPH/RV=HWDVZRXOGNLGQDSDFR\RWHVPLJUDQWVLIKH
GLGQWFRPHWRWKHPILUVWWKDWWKH\ZHUHDOZD\VORRNLQJIRUDQ\FR\RWHZKR
UHIXVHGWRSD\0\FRXVLQKDGWRWUDYHOZLWKRQHRIWKRVHFR\RWHVDQGZKHQ
KHUHDOL]HG/RV=HWDVZHUHORRNLQJIRUKLPKHKDGQRFKRLFHEXWWRUXQIURP
KLVJURXS/XFNLO\KHZDVDEOHWRKLGH
$QG \HW WR ZDLW LQ 0H[LFR DV D PLJUDQW LV WR ZDLW LQ OLPER  LQ DQ


LQWHUPLQDEOHKHOO
&KDUOLGHFLGHGWRFDWFKDEXVKHDGHGWR5H\QRVD

2Q$SULOWKHDXWKRULWLHVRI7DPDXOLSDVVWDWHDQQRXQFHGWKDWWKH\G
IRXQG HLJKW PDVV JUDYHV LQ D YLOODJH FDOOHG /D -R\D RXWVLGH RI 6DQ
)HUQDQGR WKH VDPH WRZQ LQ ZKLFK MXVW WKH \HDU EHIRUH /RV =HWDV KDG
PDVVDFUHG VHYHQW\WZR PLJUDQWV LQ DQ DEDQGRQHG ZDUHKRXVH 7KH JUDYHV
ZHUHIXOORIILIW\QLQHURWWLQJERGLHV6RPHRIWKHLUVNXOOVKDGEHHQEDVKHG
LQ
$W ILUVW WKH VWDWH DXWKRULWLHV WULHG WR PLQLPL]H WKH VLWXDWLRQ ODEHOLQJ WKH
GHDG DV PHPEHUV RI WUDQVQDWLRQDO FULPLQDO RUJDQL]DWLRQV NLGQDSSHUV DQG
YLFWLPVRIKLJKZD\YLROHQFH
%XWWKHERGLHVZRXOGQWVWRSVSURXWLQJIURPWKHJURXQG
%\$SULOHLJKWERGLHVZHUHUHSRUWHGWRKDYHEHHQIRXQGE\$SULO
WKH WROO ZDV  ERGLHV LQ WKLUW\VL[ VHSDUDWH JUDYHV E\ $SULO  WKH
JRYHUQRU RI 7DPDXOLSDV DQQRXQFHG WKDW  SHRSOH KDG EHHQ IRXQG
PXUGHUHG
:HUHDOL]HGRQO\WRRODWHWKDWZHFRXOGKDYHGRQHVRPHWKLQJWRVWRSWKH
FDUQDJH WKDW WKH OHDVW ZH FRXOGYH GRQH ZDV WDNH SUHYHQWDWLYH PHDVXUHV
DIWHU ILQGLQJ WKH VHYHQW\WZR ERGLHV LQ  7KH 86 1DWLRQDO 6HFXULW\
$UFKLYH GHFODVVLILHG D VHULHV RI FDEOHV VHQW IURP YDULRXV $PHULFDQ
RIILFLDOVZRUNLQJWKURXJKRXW0H[LFRWR:DVKLQJWRQ'&7KHFRPPXQLTXpV
SULPDULO\ VHQW IURP 0DWDPRURV D ERUGHU WRZQ FORVH WR 6DQ )HUQDQGR
VWDWHG WKDW EHWZHHQ 0DUFK  DQG 0DUFK  RI WKDW \HDU DOPRVW D PRQWK
EHIRUH DQ\ RI WKH PDVV JUDYHV KDG EHHQ IRXQG GURYHV RI KLW PHQ ZHUH
SXOOLQJRYHUEXVHVHQURXWHWR5H\QRVDDQGNLGQDSSLQJWKHLUSDVVHQJHUV7KH
VWDWHNQHZDERXWLW
7KLV VDPH URXWH GHVSLWH KLV FR\RWHV ZDUQLQJV LV KRZ &KDUOL WUDYHOHG
,WV WKH URXWH WKDW WKRXVDQGV RI PLJUDQWV IURP DOO RYHU WKH ZRUOG WDNH WR
DUULYH DW WKH ODVW VWDJH RI WKHLU MRXUQH\ WKH 86 ERUGHU 7KRVH NLGQDSSLQJV
ZHUHQRWUDQGRPRULVRODWHGWKH\KDGEHFRPHWKHQRUP
7KRXJKDQLQWHUGLVFLSOLQDU\FRPPLVVLRQZDVFKDUJHGZLWKLGHQWLI\LQJWKH
GLVFRYHUHG ERGLHV PDQ\ RI WKH ERGLHV ZHUH DFWXDOO\ LGHQWLILHG WKDQNV WR
PRWKHUVRIWKHGLVDSSHDUHG7KH\WUDYHOHGDOOWKHZD\IURP&HQWUDO$PHULFD
WRRIIHUEORRGVDPSOHVIRUWKH'1$WHVWV
2QH RI WKRVH PRWKHUV ZDV %HUWLOD 2QH RI WKH ERGLHV LGHQWLILHG ZDV
&KDUOL

%HUWLOD QRZ VHDWHG DW D SXSXVHUtD WDEOH RQ WKH SDWLR RI KHU KRXVH LQ WKH
YLOODJHRI,]DOFRKDVRQHIRRWLQWKLVUHDOLW\DQGDQRWKHUGHHSLQWKHVHDRI


KHU WKRXJKWV +HU JD]H VHHPV WR ORVH LWVHOI LQZDUG DQG VKH RIWHQ IRUJHWV
ZKDWZHUHWDONLQJDERXW,WVDVWKRXJKDPRYLHZHUHFRQWLQXRXVO\SOD\LQJ
LQKHUPLQGVH\H,QYDULDEO\WKDWPRYLHLVDWUDJHG\6KHGUHDPVRISROLFH
RIILFHUVKDQGLQJKHUDER[RUDFRIILQRUZKDWHYHULWPD\EHWKHSDFNDJLQJ
FKDQJHVZLWK&KDUOLVERQHVLQVLGH
,Q 'HFHPEHU  DOPRVW WZR \HDUV DIWHU KHU VRQ ZDV NLGQDSSHG DQG
PXUGHUHG E\ /RV =HWDV %HUWLOD UHFHLYHG QRWLFH IURP 0H[LFRV DWWRUQH\
JHQHUDO WKDW WKH ERG\ LQ URZ  ORW  VHFWLRQ  RI WKH 0XQLFLSDO
&HPHWHU\RIWKH&URVVLQ&LXGDG9LFWRULDEHORQJHGWRKHUVRQ&KDUOL
7RGHVFULEHWKHVXIIHULQJRIDPRWKHUZKRVHVRQKDVEHHQPXUGHUHGDQG
GLVDSSHDUHGZKRVHERQHVVKHOOQHYHUEHDEOHWREXU\DOPRVWWKUHH\HDUV
DIWHUWKDWEDUEDULFWUDJHG\%HUWLODVWLOOKDVQWUHFHLYHG&KDUOLVUHPDLQVLV
D GDQJHURXV FKDOOHQJH :KDW DGMHFWLYH FRXOG GHVFULEH %HUWLODV IHHOLQJV"
:KDW DGMHFWLYH FRXOG DSSUR[LPDWH KHU SDLQ" 7KH RQO\ WKLQJ , FDQ WKLQN WR
ZULWH LV WKDW %HUWLOD GRHVQW ZKROO\ OLYH LQ WKLV ZRUOG WKDW LQ KHU PLQG D
WHUULI\LQJGUHDPSOD\VDQGUHSOD\VGLVFRQQHFWLQJKHUIURPWKLVZRUOG
$OO,FDQZULWHDUHKHURZQZRUGV
6RPHWLPHV,IRUJHWWKDW,PWDONLQJVRPHWLPHVZKHQWKH\ZRXOGDVN
PHLI,NQHZVRPHWKLQJDERXW&KDUOL,IHOWWKDW,ZDVEHLQJSXQFKHGIURP
WKHLQVLGH,ZDVIDOOLQJIRUDORQJWLPH,ZDVIDOOLQJ,WKUHZP\VHOIRQ
KLV EHG DQG , VWD\HG WKHUH 7ZR \HDUV VHYHQ PRQWKV DQG WHQ GD\V KDYH
SDVVHG7KHERQHVZHOO,GILQGDOLWWOHSHDFHZLWKWKHP7KRXJKPD\EH
,OO QHYHU ILQG FRPSOHWH SHDFH %XW WKDW ZRXOG ILOO P\ OLIH D ELW EHFDXVH
VRPHWLPHVWKLVWKRXJKWWHUULILHVPH:KHQHYHULWUDLQVKDUG,LPDJLQHWKDW
WKHERQHVPLJKWZDVKDZD\DQG,OOQHYHUEHDEOHWRILQGWKHP7KDWKDVPH
HYHU\WLPH,KHDURIDKXUULFDQHLQ0H[LFRWKDWWKHUHVDVWRUPDWURSLFDO
VWRUP,WKLQNDERXWWKDW,WVDGHHSDQ[LHW\ZKHQ,VHHWKDWHYHU\RQHLVDEOH
WREULQJIORZHUVWRWKHLUGHDGRUEULQJWKHLUORYHGRQHVRYHUWRPHHWWKHP
,FDQWHYHQUHFHLYHPLQH

$JDLQWKHTXHVWLRQ:K\NLGQDS&KDUOLDQGRWKHUVOLNHKLP":K\ZDVWHWKH
JDVDQGWKHPHQZK\ULVNJHWWLQJFDXJKWWRGHWDLQDEXVRIPLJUDQWV":K\
ERWKHUWRWDNHWKHPWRGLIIHUHQWWRZQVRXWVLGHRI6DQ)HUQDQGR":K\PXUGHU
ZLWKVXFKEUXWDOLW\"0RVWRIWKHERGLHVKDYHQREXOOHWZRXQGV7KH\GLHGE\
EUXWHIRUFHZLWKKDUGVKDUSREMHFWVZLWKVWLFNVDQGPDFKHWHV:K\DOOWKH
FDUQDJH"
:K\GLGWKLVKDSSHQWR&KDUOL":K\GLGWKLVKDSSHQWRWKHVL[PLJUDQWV
WUDYHOLQJZLWKeULFN":K\GLGWKLVKDSSHQWRVHYHQW\WZRSHRSOHLQ"
:K\GLGWKLVKDSSHQWRSHRSOHLQ"
7KHFR\RWHRI&KDODWHQDQJRWULHVWRDQVZHUWKHVHTXHVWLRQV


:HDJUHHGWRPHHWDVHFRQGWLPHDWKLVKRXVHLQ&KDODWHQDQJREXWDWWKHODVW
PLQXWH WKH FR\RWH FKDQJHV SODQV +H VD\V KHV ZRUNLQJ RQ RQH RI KLV
UDQFKHVWKDWZHVKRXOGPHHWRQWKHKLJKZD\LQIURQWRIWKH)RXUWK,QIDQWU\
%ULJDGH+HWHOOVPHWRWXUQRQP\HPHUJHQF\OLJKWVSXOORYHUWRWKHVLGHRI
WKHURDGDQGWKDWZKHQKHSDVVHVPHKHOOKRQNKLVKRUQ
+HDUULYHV2QHRIKLVODERUHUVLVGULYLQJ7KHFR\RWHLVGUXQN
,QWKHRU\ZHGJRWRRQHRIKLVUDQFKHVEXW,HQGXSIROORZLQJKLPWRKLV
KRXVH :H VLW GRZQ LQ WKH VDPH VSRW DV ODVW WLPH ,WV KDUG WR JHW WKH
FRQYHUVDWLRQJRLQJEHFDXVHKHZDQWVWRWDONDERXWRWKHUWKLQJV,FRQFHGH
)RU D ZKLOH ZH WDON KRUVHV ZKHWKHU WKH $SSDORRVD LV EHWWHU WKDQ WKH
0RUJDQZKHWKHUWKH6SDQLVKLVEHWWHUWKDQWKH3HUXYLDQ
2QHRIKLVPHQEULQJVRXWDWUD\RIEHHU
,WVEHHQDQKRXUDQGZHVWLOOGRQWWDONRIPLJUDQWV:HUHLQDQDOOH\ZD\
ZLWK QR H[LW , DVN TXHVWLRQV DQG KH DQVZHUV ZLWK GLVFRQQHFWHG UDPEOLQJ
WKRXJKWV
)LQDOO\ZKHQ,YHXQGHUVWRRGWKDWWKHFRQYHUVDWLRQVKRXOGHQGWKDWKHV
WLUHGWKDWKLVH\HVDUHFORVLQJIRUZDQWRIVOHHS,UDLVHP\YRLFHDQGVD\
,GRQWXQGHUVWDQGWKHPDVVDFUHVWKHGHDWKVWKHFUD]LQHVVRI/RV=HWDV
+H ILQDOO\ VHHPV OLNH KHV DERXW GRQH WDONLQJ DQG UDLVHV KLV YRLFH WR D
SLWFKWRDQVZHUP\TXHVWLRQ
,WVREYLRXV7KH\YHPDGHWKHLUWKUHDWFOHDUWRWKRVHZKRGRQWZDQWWR
SD\7KH\>WKHPDVVDFUHV@DUHMXVWPHVVDJHV,UHFRPPHQGSHRSOHVWXG\WKH
VLWXDWLRQEHIRUHWKH\JRQRUWK,V\RXUFR\RWHJRLQJWRSD\RUQRW",IKHVQRW
JRLQJWRSD\PD\*RGEHZLWK\RX



0HQ:KR6HOO:RPHQ

2FWREHU
$ZRPDQZKRWULHGWRPLJUDWHWHOOVWKHVWRU\RIKRZVKHHQGHGXSDWWKHPHUF\RI
/RV =HWDV LQ D EURWKHO LQ 1RUWKHUQ 0H[LFR $ JURXS RI *XDWHPDODQ WUDIILFNHUV
XVHVEORRG\ULWXDOVWRVKRZWKHLUYLFWLPVVRPHRIZKRPDUHPLQRUVWKDWWU\LQJWR
HVFDSHOHDGV\RXGRZQDSDLQIXOSDWKWRGHDWK$6DOYDGRUDQFKDUJHGZLWKVHOOLQJ
D ZRPDQ LQ 6RXWKHUQ 0H[LFR PD\ EH IUHHG DIWHU VHUYLQJ RQO\ WZR \HDUV LQ MDLO
:HDN JRYHUQPHQWV FRQIURQW JURXSV RI RUJDQL]HG FULPH WKDW DUH UXWKOHVV EORRG\
DQGSHUVLVWHQW
7KH EDUEDULF DFW RI WUDIILFNLQJ ZRPHQ DQG JLUOV IRU VH[XDO H[SORLWDWLRQ LV D
EDUHO\ XQGHUVWRRG SKHQRPHQRQ LQ &HQWUDO $PHULFD SXVKHG LQWR WKH VKDGRZV RI
RWKHUFULPHVJLYHQPRUHDWWHQWLRQ

7KHSURVHFXWRUDVNV*UHFLDDQVZHUV
:KDWSDUWRIWKHERG\"
2QP\FDOI7KH\WRRNXVWRDSODFHZKHUHWKH\WDWWRRHGXV7KH\IHGXV
DQGKDGXVVPHOOVRPHFKHPLFDOWKDWSXWPHWRVOHHS:KHQ,ZRNHXS,KDG
WKH WDWWRR 0\ OHJ ZDV KXUWLQJ DQG ZDV EOHHGLQJ QRW D ORW EXW GULSSLQJ D
OLWWOH ,WV D EXWWHUIO\ RQ D EUDQFK WRJHWKHU WKH\ IRUP = 7KDW ZDV WKH
GLIIHUHQFHLWPHDQW,ZDVWKHLUV,ZDVPHUFKDQGLVH

*UHFLDVJRQH7ZLFHVKHWHVWLILHGKRZDQRUJDQL]HGFULPHJURXSXVHGKHU
ERG\ DV D UHFHSWDFOH IRU ZKDWHYHU WKH\ SOHDVHG 6KH WROG KHU VWRU\ WR WKH
6DOYDGRUDQJRYHUQPHQWDQGWKH0H[LFDQJRYHUQPHQW7KHQVKHOHIW6KHQR
ORQJHUOLYHVLQ(O6DOYDGRU6KHVDUHIXJHHQRZ)RUKHUVDIHW\IHZNQRZ
ZKHUHVKHVPDGHKHUQHZKRPH
,NQRZVKHVWZHQW\QLQH\HDUVROGLVPDUULHGDQGZDVXQHPSOR\HGZKHQ
VKHGHFLGHGWRPLJUDWH6KHKDVWKUHHNLGV7KHHOGHVWLVVL[\HDUVROGWKH
QH[WLQOLQHLVWKUHHDQGWKH\RXQJHVWLVWHQPRQWKV7KRXJK,YHQHYHUKHDUG
KHU VSHDN ,P OLVWHQLQJ WR *UHFLDV ZRUGV 7KH\ FRPH IURP D YRLFH
UHFRUGLQJ,P\VHOIPDGH,WWRRNPHILIW\WZRPLQXWHVWRUHDGDORXGLQWRP\


UHFRUGHUWKHZULWWHQGHFODUDWLRQVKHVXEPLWWHGWRD6DOYDGRUDQMXGJH
,QDKHDULQJEHIRUHKHUDVVDLODQWDWWKH1LQWK&LUFXLW3HDFH&RXUWRI6DQ
6DOYDGRUDWDPRQ-XO\WKHZLWQHVVNQRZQDV*UHFLDDQVZHUHG
WKH TXHVWLRQV RI SURVHFXWRUV DQG GHIHQVH ODZ\HUV :KDW KDSSHQHG WR KHU"
+RZGLGVKHVXUYLYH"

7KHSURVHFXWRUDVNV*UHFLDDQVZHUV
:K\ ZHUH \RX FDOOHG EHIRUH WKLV FRXUW" <RX ZHUH FDOOHG EHIRUH WKLV
FRXUWVRWKDWMXVWLFHFRXOGEHVHUYHGLQUHJDUGWRWKHFULPHVRINLGQDSSLQJ
UDSHDQGKXPDQWUDIILFNLQJWKDWZHUHFRPPLWWHGDJDLQVW\RX:KHQGLG\RX
VHWRIIIRUWKH8QLWHG6WDWHV"
$SULO
:K\GLG\RXGHFLGHWRPDNHWKLVWULS"
%HFDXVHRIWKHHFRQRPLFVLWXDWLRQLQP\FRXQWU\
:KRZHUH\RXWUDYHOLQJZLWK"
:LWK0U2YLGLR*XDUGDGR
'HVFULEH0U2YLGLRVSK\VLFDODSSHDUDQFH
+HV D PDOH RI DERXW VL[W\QLQH \HDUV RI DJH ZLWK ZKLWH VNLQ VKRUW
JUD\LQJZDY\KDLUILYHIHHWHLJKWLQFKHVWDOOQRWHHWK+HKDVDVFDURQKLV
KHDG
:KDWGLGWKLVPDQGR"
+HOLHGWRPH+HQHYHUWROGPHKHZDVDFR\RWH+HWROGPHZHGJRWR
WKH 8QLWHG 6WDWHV DQG WKHQ RQFH ZH ZHUH LQ 0H[LFR KH UHYHDOHG KLV WUXH
SODQ
$QGZKDWZDVKLVSODQ"
+LV ILUVW SODQ ZDV WR UDSH PH EXW JLYHQ WKH FLUFXPVWDQFHV KH ZDVQW
DEOHWR
+RZPDQ\SHRSOHZHUHZLWK\RXZKHQ\RXILUVWVHWRIIRQWKLVWULS"
2QO\0U2YLGLR
2YLGLRLVDEURZQKDLUHGZULQNOHGVLQHZ\OLPEHGFDPSHVLQRKHVOLNH
DGULHGXSOHDIOHVVWUHHWKDWOOVWD\VWDQGLQJIRU\HDUVWRFRPH2YLGLRLVD
UHODWLYH RI *UHFLDV KXVEDQG +HV WKH QHLJKERU RI *UHFLDV PRWKHU DQG
PRWKHULQODZ*UHFLDWUXVWHGKLP

$VZLWK*UHFLDWKHLQLWLDOKRRNIRUPRVWVH[WUDIILFNLQJYLFWLPVLVWKHKRSH
WR EH IUHH RI SRYHUW\ 0DGH XS RI WZHOYH PHQ DQG RQH ZRPDQ WKH
%DUEHUHQD WUDIILFNLQJ ULQJ XVHV WKLV KRSH WR LWV DGYDQWDJH 8QWLO  WKH
%DUEHUHQD ULQJ RSHUDWHG IURP WKH HSRQ\PRXV PXQLFLSDOLW\ LQ WKH VWDWH RI
6DQWD5RVDRQWKH3DFLILFFRDVWRI*XDWHPDOD.QRZQIRUWKHEORRG\ULWXDOV


XVHG WR WHUURUL]H WKHLU YLFWLPV WKH\ ZHUH QRQHWKHOHVV DEOH WR EX\ WKH
V\PSDWK\RID6DOYDGRUDQMXGJHZKRKDVDEVROYHGPDQ\RIWKHLUPHPEHUV
RIDOOFKDUJHV%XWWKHUHVDPSOHWLPHWRGHOYHLQWRWKHVHZRQGHULQGXFLQJ
DVSHFWVRIWKH%DUEHUHQDULQJZKDWZHQHHGWRIRFXVRQULJKWQRZLVKRZ
WKH\ZRXOGOXUHWKHLUYLFWLPV
7KH %DUEDUHQD ULQJ RSHUDWHG RXW RI D EDU FDOOHG (O 3DQWDQDO WKH
0DUVKODQG  7KHLU PHWKRG RI GHFHLW ZDV VLPSOH 7KH\ ZRXOG VHQG DQ
H[SHGLWLRQ RI 6DOYDGRUDQ PHQ RU ZRPHQ ZKR DIWHU \HDUV RI EHLQJ IRUFHG
LQWR VH[ ODERU RQH VXUYLYRU ZDV HQVODYHG IRU VHYHQ \HDUV  ZHUH DOO
VWUXJJOLQJZLWKYDULRXVIRUPVRIPHQWDOLOOQHVV
7KH\ ZRXOG VHQG WKHVH PHQ DQG ZRPHQ WR YLOODJHV DQG KDPOHWV LQ WKH
ERUGHU VWDWHV RI 6DQWD $QD DQG $KXDFKDSiQ 7KH\ ZRXOG JR GRRUWRGRRU
FODLPLQJ WR EH HPSOR\HHV RI VXSHUPDUNHWV RU UHVWDXUDQWV WKDW ZHUH QHZO\
RSHQHG LQ %DUEDUHQD DQG LQ VHDUFK RI SHUVRQQHO 7KH\ ZRXOG RIIHU  D
ZHHNSOXVFRPSHQVDWLRQIRUPRYLQJFRVWVDQGWKHQXSIURQWWRVHGXFH
WKRVHZKRUHPDLQHGGRXEWIXO
1RUWKHUQ&HQWUDO$PHULFDLVDSRLQWRIRULJLQWUDQVLWDQGGHVWLQDWLRQIRU
YLFWLPV RI WUDIILFNLQJ :KLOH *XDWHPDOD KDV WKH JUHDWHVW SHUFHQWDJH RI
WUDIILFNLQJYLFWLPVLQ&HQWUDO$PHULFDPDQ\RIWKHYLFWLPVDOVRFRPHIURP
1LFDUDJXD(O6DOYDGRUDQG+RQGXUDV%HFDXVHRIWKHWKRXVDQGVRIPLJUDQWV
WKH\ FRQWLQXRXVO\ SURGXFH DOO IRXU FRXQWULHV SXVK D VWHDG\ VWUHDP RI WKHLU
SHRSOH LQWR WKH KDQGV RI 0H[LFDQ WUDIILFNHUV 7KH H[SHUWV1*2V
SURVHFXWRUV SROLFH LQWHUQDWLRQDO RUJDQL]DWLRQVH[SODLQ WKDW SUR[LPLW\ WR
0H[LFR DQG WKH HQRUPRXV IORZ RI PLJUDQWV ZDONLQJ WKURXJK *XDWHPDOD
PDNHLWDQLGHDOSODFHIRUWUDIILFNHUVWRVHWXSFDPS
7KHVFDPPHUVZKRFRPEWKURXJKWRZQVDQGYLOODJHVDQGKDPOHWVDUHQRW
DUPHGZLWKVKHHUOXFNJRLQJGRRUWRGRRUXQWLOVRPHRQHRSHQVDQGGULQNV
LQ WKHLU GULYHO 5DWKHU PDQ\ RI WKHVH VFDPPHUV VHWWOH GRZQ LQ DQ DUHD
EHFRPHSDUWRIWKHFRPPXQLW\JHWWRNQRZWKHLUQHLJKERUVDQGDSSHDUWREH
JRRG6DPDULWDQV8VLQJIDOVHQDPHVWKH\WKURZGRZQURRWV6LOYLD6DUDYLD
ZKR RIIHUV HPRWLRQDO KHOS WR YLFWLPV RI WUDIILFNLQJ IRU WKH 6DOYDGRUDQ
3XEOLF3URVHFXWRUV2IILFHVD\VWKDWWKHVFDPPHUVNQRZVRPXFKDERXWWKH
ZRPHQ WKH\ WUDIILF WKDW WKH\ HYHQ NQRZ ZKHWKHU RU QRW WKH ZRPHQ KDYH
EHHQ UDSHG EHIRUH 7UDIILFNHUV VPHOO DEDQGRQPHQW DQG YXOQHUDELOLW\ OLNH
VKDUNVVPHOOEORRG
7KH GHVSHUDWH ZRPHQ ZKR DFFHSW WKH VFDPPHUV RIIHUV ZRXOG KDYH WR
WUDYHO FORVH WR DQ KRXU EHIRUH UHDFKLQJ (O 3DQWDQDO $UPHG PHQ DQG D
*XDWHPDODQ ZRPDQ E\ WKH QDPH RI 6RQLD *DUFtD JUHHW WKHP DW WKH GRRU
6RQLDDVNVWKHPWRFKDQJHRXWRIWKHLUFRQVHUYDWLYHFORWKHV LQPDQ\FDVHV
WKHZRPHQDUHLQHYDQJHOLVWJDUE DQGWKURZRQDPLQLVNLUWDQGJDXG\ORZ


FXWVKLUW6KHWKHQWHOOVWKHPWRUHSRUWWRWKHPDLQKDOORIWKHROGVSUDZOLQJ
KRXVH DQG FRQYLQFH WKH GUXQN SDWURQV WR SD\ ILIW\ TXHW]DOHV DERXW   IRU
WKLUW\ PLQXWHV RI DFWLRQ 7KH\ WKH YLFWLPV XVXDOO\ UHIXVH VD\LQJ WKDW WKLV
ZDVQWWKHMREWKH\GVLJQHGXSIRU7KHQWKHPHQVXUURXQGLQJ6RQLDPRVW
RIWKHP6DOYDGRUDQVXVHWKHLUILVWVDQGPD\EHDEDVHEDOOEDWWRH[SODLQWKDW
WKLVLVQWDQRIIHUDQ\PRUHLWLVDQRUGHU
,QPLG$XJXVW,ZHQWWRWKH$SDQWHRVSULVRQLQ6DQWD$QDDQGVSRNHZLWK
5LJREHUWR0RUiQ0DUWtQH]RQHRIWKHVL[PHQFKDUJHGZLWKPHPEHUVKLSLQ
WKH%DUEHUHQDWUDIILFNLQJULQJ+HWROGPHWKDWLQWKHWZR\HDUVKHSLPSHGDW
(O3DQWDQDOYLUWXDOO\QRQHRIKLVYLFWLPVZRXOGZRUNWKHLUILUVWZHHN0RVW
VSHQW HDUO\ GD\V ZLWK D GLVILJXUHG SXUSOH IDFH $QG WKH FOLHQWV DW (O
3DQWDQDO GLGQW OLNH ZRPHQ ZLWK SXUSOH IDFHV 5LJREHUWR D PDQ ZKR KDV
VSHQWKLVOLIHXVLQJDULIOHDVDWRROKDVSOHQW\RIOHVVRQVIRUXV
%\ODWHVL[WHHQVXUYLYRUVRI(O3DQWDQDOWHVWLILHGLQD6DOYDGRUDQ
FRXUW 7ZHQW\VL[ ZRPHQ ZHUH UHVFXHG LQ DQ RSHUDWLRQ OHG E\ WKH
*XDWHPDODQ ,QWHUSRO DQG 6DOYDGRUDQ SROLFH LQYHVWLJDWRUV 7ZHQW\ RI WKH
ZRPHQ ZHUH 6DOYDGRUDQ 7KH RWKHU VL[ ZHUH 1LFDUDJXDQ RU *XDWHPDODQ
7KLV GHPRJUDSKLF EUHDNGRZQ ZDV SUREDEO\ GXH WR WKH IDFW WKDW PRVW
%DUEDUHQD VFDPPHUV WKHPVHOYHV ZHUH 6DOYDGRUDQ 'HVSLWH FRPLQJ IURP
YDVWO\ GLIIHUHQW SODFHV PRVW H[SHUWV DQG VWXGLHV DJUHH WKDW WUDIILFNLQJ
YLFWLPVKDYHRQHWKLQJLQFRPPRQSRYHUW\
2QH6DOYDGRUDQZRPDQUHVFXHGIURP(O3DQWDQDOZDVDPLQRU6KHZDV
JLYHQ WKH DOLDV &DUPHQFLWD LQ RUGHU WR UHVSHFW KHU DQRQ\PLW\ ZKLOH
WHVWLI\LQJLQFRXUW,QUHVSRQVHWRWKHTXHVWLRQRIZK\DWILIWHHQ\HDUVRIDJH
VKHDFFHSWHGDQRIIHUWROHDYHEHKLQGKHUIDPLO\DQGJRZRUNLQ%DUEHUHQD
VKH VDLG 7KHUH ZHUH GD\V P\ PDPL GLGQW KDYH HQRXJK PRQH\ WR EX\
EHDQV
,QUHVSRQVHWRWKHTXHVWLRQRIZKDWVKHHQGXUHGLQRUGHUWRSXWEHDQVRQ
KHUIDPLO\VWDEOH&DUPHQFLWDVDLG7KHUHZHUHGD\V,GVHUYHVHYHQPHQ
EXW EHFDXVH , GLGQW OLNH DQ\ RI WKDW , ZRXOG WKURZ WDQWUXPV 2QH GD\ WKH
RZQHUJRWGUXQNDQGKHVWDUWHGWRKLWXVZLWKDPDFKHWHDQGKHKXUWP\OHJ,
ZDVFU\LQJDQG,WROGKLP,KDGWRJRWRWKHKRVSLWDO0\ZRXQGJRWLQIHFWHG
EXWKHRQO\WROGPHWRFOHDQP\OHJEHFDXVHLWZDVJURVVLQJRXWWKHFOLHQWV
:KDWWKHFOLHQWVIHOWIRUWKHILIWHHQ\HDUROGJLUOZLWKDGHHSJDVKRQKHU
OHJZDVQRWV\PSDWK\EXWGLVJXVW

7KHSURVHFXWRUDVNV*UHFLDDQVZHUV
7KHQZKDWKDSSHQHG"
7KDWQLJKW0U2YLGLRWRRNPHWRDVWDEOHDERXWIRXUKRXUVDZD\IURPD
ULYHUFDOOHG/DV3DOPDV,WZDVDERXWHOHYHQDWQLJKW,FRXOGRQO\VHHWKUHH


KRUVHV+HWROGPHWKDWKLV*RGKDGVSRNHQDQGWKDW,KDGWREHKLV
'LGKHGRVRPHWKLQJWR\RX"
, JRW UHDOO\ DJJUHVVLYH , GLGQW OHW KLP WRXFK PH +H JRW YLROHQW KH
WKUHDWHQHGPHZLWKDORQJQDLOKHKDGKHVDLGLWZRXOGQWEHWKHILUVWWLPHKH
KDG NLOOHG VRPHRQH ZLWK D QDLO , WROG 0U 2YLGLR WKDW , KDG WR JR WR WKH
EDWKURRP 7KHQ , WULHG WR UXQ DZD\ , UDQ , JRW WR D SODFH WKH\ FDOO WKH
%DWWDOLRQ , UDQ IRU IRUW\ILYH PLQXWHV , WROG WKHP , ZDV UXQQLQJ DZD\
EHFDXVH0U2YLGLRZDQWHGWRKXUWPH2QHRIWKHVROGLHUVWROGPHQRWWR
ZRUU\WKDW,FRXOGVWD\WKHQLJKWWKHUH
$FFRUGLQJWR*UHFLDVVWRU\RQWKHILIWKGD\DIWHUKDYLQJOHIW(O6DOYDGRU
QRZ LQ 7DEDVFR 0H[LFR VKH VXFFHVVIXOO\ IOHG IURP 2YLGLR *UHFLD
UHPHPEHUHG 2YLGLRV ZRUGV WKDW KH ZRXOG VKRZ KHU KHOO RQ HDUWK $IWHU
VSHQGLQJ D QLJKW DW WKH 0H[LFDQ PLOLWDU\ JDUULVRQ *UHFLD PDGH KHU ZD\
DORQJ WKH WUDLQ WUDFNV WR 7HQRVLTXH WKH 0H[LFDQ FLW\ WKDW OHDGV WR WKH
$WODQWLFURXWHRIWKHVRFDOOHG7UDLQRI'HDWKRUWKH%HDVWWKHFDUJRWUDLQV
WKDW&HQWUDO$PHULFDQVFOLQJWRLQVHDUFKRIDEHWWHUOLIHLQWKH8QLWHG6WDWHV
*UHFLD IRXQG D JURXS RI PLJUDQWV IURP YDULRXV QHLJKERULQJ FRXQWULHV DQG
DVNHG WKHP LI VKH FRXOG MRLQ WKHLU JURXS 6KH WROG WKHP ZKDW 2YLGLR KDG
WULHGWRGRWRKHU7KH\WROGKHUVKHFRXOGMRLQWKHP:LWKWKHPVKHUHDFKHG
WKHWUDLQWUDFNVZKLFK*UHFLDGHVFULEHGLQWKHIROORZLQJPDQQHU7KH\UH
VXUURXQGHGE\VKDFNVDQGVWRUHVWKHUHVDQDEDQGRQHGKRWHODQGDPDUVK
WKHUHZHUHDOVRPRUHPLJUDQWVDQGSHRSOHZKRZHUHDUPHG
7HQRVLTXHD0H[LFDQFLW\FORVHWRWKHERUGHURI3HWpQ*XDWHPDODLVRQH
RI WKRVH JRGIRUVDNHQ FLWLHV RI PLJUDQWV ,Q IDFW WKH KRWHO *UHFLD UHIHUV WR
ZDVRSHUDWLQJXQWLOHDUO\RIWHQXVHGE\FULPLQDOJURXSVWRZDUHKRXVH
NLGQDSSHG PLJUDQWV EHIRUH UHURXWLQJ WKHP WR YDULRXV QRUWKHUQ FLWLHV
,URQLFDOO\WKHQDPHRIWKHKRWHOZDV&DOLIRUQLD

7KHSURVHFXWRUDVNV*UHFLDDQVZHUV
:KDWGR\RXPHDQDUPHGSHRSOH"
7KH\ZHUHLQFKDUJHRIEULQJLQJSHRSOHQRUWK7KH\ZHUHZHDULQJMHDQV
DQG 7VKLUWV 7KH\ UDQ WKH SODFH WKH\ ZHUH LQ FKDUJH WKH\ FRQWUROOHG WKH
DUHD VXUURXQGLQJ WKH WUDLQ WUDFNV 7KH\ PHQWLRQHG WKH\ ZHUH SDUW RI DQ
RUJDQL]DWLRQFDOOHG/RV=HWDVDQGWKDWWKH\UXOHGWKHDUHD
+RZPDQ\SHRSOHZHUHWKHUH"
$ERXWWZHQW\
:KDWNLQGRIDUPVGLGWKH\KDYH"
5LIOHVELJDUPVJXQVRQH+RQGXUDQVDLGKHKDGDQ8]L


:KRJXDUGHGWKHZRPHQLQ(O3DQWDQDO",DVN5LJREHUWR:HUHVHDWHGLQ
D SDWLR NQRZQ DV WKH JUHHQ ]RQH LQ WKH $SDQWHRV SULVRQ RI (O 6DOYDGRU
5LJREHUWRLVIRUW\HLJKW\HDUVROGDQGKDVRQO\KDGRQH\HDURIVFKRROLQJ
+HVDVKRUWPDQWKLFNDQGVWURQJORRNLQJZLWKDQDQJXODUIDFHSXQFWXDWHG
E\DZLVS\PXVWDFKH+HEHJDQZRUNLQJRQFRUQSODQWDWLRQVVLQFHKHZDV
YHU\\RXQJ,QDWHLJKWHHQ\HDUVROGZLWKWKH6DOYDGRUDQ&LYLO:DU
HUXSWLQJ LQ WKH FRXQWU\VLGH KH ZDV UHFUXLWHG E\ WKH $UP\ :KHQ WKH ZDU
HQGHG KH IRXQG D MRE WKDW ZRXOG DOORZ KLP WR FRQWLQXH VSRUWLQJ D ULIOH D
VHFXULW\ JXDUG IRU D FRPSDQ\ WKDW RXWVRXUFHV PHQ OLNH 5LJREHUWR WR ZDWFK
RYHUSKDUPDFLHVVKRSVVXSHUPDUNHWVDQGKDUGZDUHVWRUHV
3HRSOHKHWUXVWHG+LVIDPLO\$UPHGPHQVD\V5LJREHUWRUHIHUULQJWR
WKHPHQZRUNLQJIRU$GiQ&HUULWRVWKHOHDGHURIWKH%DUEHUHQDULQJ
'LGWKH\FDUU\ULIOHV"
,VQWWKDWZKDWZHUHWDONLQJDERXW"
:HUHWKHZRPHQDOZD\VJXDUGHG"
$OZD\V
7KH %DUEHUHQD ULQJ LV W\SLFDO RI &HQWUDO $PHULFDQ WUDIILFNLQJ ULQJV
7KHVHRUJDQL]DWLRQVDUHPDGHXSRIFORVHO\UHODWHGSHRSOHRIWHQUHODWLYHV
ZKR PDQDJH DQG ORRN DIWHU WKH EURWKHOV /RZHU RQ WKH WRWHP SROH DUH WKH
HPSOR\HHVZLWKQRSRZHUWKHVFDPPHUVWKHKLWPHQLQFKDUJHRIDWWDFNLQJ
WKH ZRPHQ DQG NHHSLQJ WKHP WHUULILHG %DUEHUHQD ZDV DQ LQWHUQDWLRQDO
QHWZRUNZRUNLQJRXWRIWKUHHGLIIHUHQWFRXQWULHVDQG\HWLWZDVVWLOODVPDOO
JURXS$IDUFU\IURPWKHFRORVVDOGUXJFDUWHOVWKH%DUEHUHQDULQJRSWHGIRU
WKH FRPIRUW RI WKH UXUDO FRXQWU\VLGH %HLQJ D VPDOO RUJDQL]DWLRQ KRZHYHU
GRHVQRWLPSO\EHLQJDQRUJDQL]DWLRQZLWKRXWDOOLHV
:K\GLGQW\RXHYHUUHSRUWZKDWZDVJRLQJRQWKHUH",DVN5LJREHUWR
WDNLQJ KLP IRU D PRPHQW IRU KLV ZRUG ZKHQ KH VD\V KH ZDV D VLPSOH
EDUPDQDQGDVZHHSHUIRU(O3DQWDQDO5LJREHUWRDIWHUWZR\HDUVRQWKH
UXQZDVFDXJKWLQ)HEUXDU\DQGVHQWHQFHGWRVL[\HDUVEHKLQGEDUVIRU
KXPDQ WUDIILFNLQJ 7KH PD[LPXP VHQWHQFH IRU VHOOLQJ VRPHRQH LQ (O
6DOYDGRULVWHQ\HDUVWKUHHPRQWKVDQGWKUHHGD\VDVHQWHQFHRQO\DSSOLHG
LQH[WUHPHFDVHVVXFKDVZKHQWKHYLFWLPLVDPLQRU$V5LJREHUWRWHOOVLW
KH FDPH WR (O 3DQWDQDO DIWHU EHLQJ GHFHLYHG E\ D 6DOYDGRUDQ ZRPDQ D
SURIHVVLRQDOVFDPPHUDQGFRRNIRUWKH%DUEHUHQDULQJ ZLWKZKRPKHKDG
IDOOHQGHVSHUDWHO\LQORYH
%HFDXVH LW ZDVQW SRVVLEOH , DOUHDG\ WROG \RX 7KH SROLFH ZHUH DOO
ERXJKW RXW ,W ZDVQW SRVVLEOH ,G SXW P\ OLIH LQ GDQJHU , FRXOGYH EHHQ
NLOOHG , GRQW NQRZ KRZ PXFK WKH\ ZHUH XVHG WR SD\LQJ >WKH SROLFH@ KH
DQVZHUVDVWKHVXQVWDUWVWRGLSEHORZWKHKRUL]RQ


<RXQHYHUVDZDZRPDQHVFDSHRUVFUHDPIRUKHOS"
,WZDVQWSRVVLEOH0D\EH,FRXOGYHEHHQWKDWSHUVRQWRKHOSWKHPEXW
LW ZDVQW SRVVLEOH EHFDXVH WKDW PDQ >&HUULWRV@ KDG ERXJKW RXW WKH HQWLUH
&XLODSDSROLFHIRUFH:KHQIRONVIURPWKHFDSLWDOZRXOGFRPHWRVHDUFKIRU
PLVVLQJZRPHQWKHSROLFHKDGDOUHDG\ZDUQHGHYHU\RQHDW(O3DQWDQDOWR
KLGH WKH ZRPHQ 0D\EH ZHG OHDYH D IHZ ZRPHQ DURXQG WKH RQHV ZKR
ZHUH WKHUH OHJDOO\ 7KH UHVW ZHUH KLGGHQ VRPHZKHUH LQ WKH VDPH EDU RU
WKH\G EH WDNHQ WR WKDW VRFDOOHG UDQFK WKH GD\ EHIRUH 7KHUH ZHUH FRIIHH
WUHHVDQG>&HUULWRV@KDGDFUHVRIFRUQILHOGV
7KH %DUEHUHQD ULQJ VPDOO DQG GLVFUHHW ZLWK RQO\ RQH EURWKHO XQGHU LWV
QDPH RSHUDWHG DW WKH VFDOH RI D FULPLQDO QHWZRUN RI JUHDW SURSRUWLRQV
5LJREHUWR VWDWHV WKDW WKH SROLFH IRUFHV RI %DUEHUHQD DQG WKH QHLJKERULQJ
WRZQRI&XLODSDZRXOGFRPHE\RQDZHHNO\EDVLVWRFROOHFWWKHLUSD\PHQWV
IURP&HUULWRVDQGZKDWVPRUHWKHRIILFHUVWKHPVHOYHVZHUH9,3FOLHQWVDW
(O3DQWDQDO7KHVDPHJRHVIRUDKDQGIXORIFLW\JRYHUQPHQWRIILFLDOV
7KH VWUDWHJLF DOOLDQFHV RI WKH %DUEHUHQD ULQJ JR HYHQ IXUWKHU 5LJREHUWR
H[SODLQV WKDW HYHQ PHPEHUV RI WKH 0DUD 6DOYDWUXFKD JDQJ LQ $KXDFKDSiQ
*XDWHPDOD ZRUNHG DV VFDPPHUV ,Q IDFW RQH 6DOYDGRUDQ JDQJ PHPEHU
0DUFR$QWRQLR*RGR\LVQRZEHKLQGEDUVIRUWUDIILFNLQJ
7KH%DUEHUHQDULQJDVVPDOODQGGLVFUHHWDVLWZDVRSHUDWHGOLNHDPXFK
ELJJHUFULPLQDORUJDQL]DWLRQFRPPLWWLQJDQ\FULPHWKDWZRXOGEULQJLQWKH
PRQH\'XULQJWKHWULDOWZRZRPHQUHVFXHGIURP(O3DQWDQDOVWDWHGWKDWWKH
RZQHUVZRXOGRIWHQVHOOWKHYLFWLPVQHZERUQFKLOGUHQIRU86

,Q(O6DOYDGRUZDVDEOHWRZLQHOHYHQWUDIILFNLQJFDVHVDJDLQVWVPDOO
FULPLQDO RUJDQL]DWLRQV $QG WKRXJK WKH FDVHV ZRQ PD\ RQO\ DPRXQW WR
QRWKLQJ EXW DQ DQNOHGHHS SXGGOH (O 6DOYDGRU ZDV DFWXDOO\ WKH &HQWUDO
$PHULFDQ FRXQWU\ WKDW VXFFHVVIXOO\ SURVHFXWHG WKH PRVW WUDIILFNLQJ FDVHV
WKURXJK WKDW \HDU ZKLFK VKRZV SURJUHVV WKRXJK FHUWDLQO\ QRW DQ\
EUHDNWKURXJKV
7KRXJKKXPDQWUDIILFNLQJLVDOODURXQGXVWKHYLFWLPVDUHRIWHQLQYLVLEOH
DQG WKH YLFWLPL]HUV PD\ QRW HYHQ EH RQ RXU UDGDU 2IWHQ WKH\UH ILUVWWLPH
HQWUHSUHQHXUV LQ WKH ZRUOG RI FULPH VHHLQJ GROODU ELOOV LQ D FRFNWDLO RI
HQWLFLQJ HOHPHQWV LQFOXGLQJ ZHDN VWDWHV DQG GHVSHUDWH YLFWLPV $FFRUGLQJ
WR WKH 8QLWHG 1DWLRQV 2IILFH RQ 'UXJV DQG &ULPH 81'2&  RQO\ RQH RI
HYHU\WKLUW\FDVHVRIWUDIILFNLQJLQWKLVUHJLRQHYHUJRHVUHSRUWHG
7KH%DUEDUHQDULQJLQFRQWUDVWWRRWKHUWUDIILFNLQJULQJVKDVPDGHVXUHWR
GLYHUVLI\ LWV EXVLQHVV HQGHDYRUV ,Q (O 6DOYDGRU LQ  IRU H[DPSOH
QJHO 0DXULFLR $\DOD .HYLQ 2VZDOGR &KLFDV /REDWR DQG -RHO -RVXp
0HQGR]DZHUHVHQWHQFHGWRVL[\HDUVDQGHLJKWPRQWKVLQSULVRQIRUKDYLQJ


IRUFHGWZR1LFDUDJXDQVZKRZHUHORRNLQJIRUZRUNLQWKHZHVWHUQVWDWHRI
6DQ0LJXHOWRHLWKHUSURVWLWXWHWKHPVHOYHVLQDSXERUIRUWKHRQHGHHPHG
WRR ROG WR ZRUN ZLWKRXW SD\ DV D GRPHVWLF VHUYDQW 7KH ROG RQH ZDV
WZHQW\IRXU
1HOVRQ 2UODQGR &DPSRV DQG -XDQ +XPEHUWR 5DPtUH] &DUUDQ]D WULFNHG
WZR WHHQDJH *XDWHPDODQV ZKR LQVWHDG RI PRGHOLQJ FORWKHV HQGHG XS
ZRUNLQJLQDEDUWRJHWJURSHGE\VZHDW\PHQ7KH\ZHUHVHQWHQFHGWRQLQH
DQG HLJKW PRQWKV LQ MDLO UHVSHFWLYHO\ 7KHQ WKHUHV -XDQ $OIRQVR &XpOODU
ZKR VLPLODU WR WKH FDVH RI *UHFLD VROG D 6DOYDGRUDQ PLJUDQW WUDYHOLQJ
WKURXJK 0H[LFR WR EH VH[XDOO\ H[SORLWHG 2Q $XJXVW   KH ZDV
VHQWHQFHGWRIRXU\HDUVLQSULVRQ7KDWPHDQVWKDWLIKHZHUHDQH[HPSODU\
LQPDWH RQ $XJXVW   DIWHU VHUYLQJ KDOI KLV VHQWHQFH KH FRXOG KDYH
EHHQUHOHDVHGRQSDUROH
+HVROGDKXPDQEHLQJFRPSODLQHG9LROHWD2OLYDUHVWKHFRRUGLQDWRU
RIWKH6SHFLDOL]HG7UDIILFNLQJ8QLWRIWKH3XEOLF3URVHFXWRUV2IILFH
7KH SRVLWLRQ RI WKH 6SHFLDOL]HG 7UDIILFNLQJ 8QLW LV WKDW WKH WUDIILFNLQJ
VHQWHQFHV DUH DEVXUG 7KH\UH D SLHFH RI VKLW RQH SURVHFXWRU FDQGLGO\
VDLG WR PH ,Q (O 6DOYDGRU D PDQ ZKR KDV FRPPLWWHG UREEHU\ E\ IRU
H[DPSOH KROGLQJ GRZQ D EXV E\ JXQSRLQW DQG VWHDOLQJ HYHU\RQHV FHOO
SKRQHVZDOOHWVDQGULQJVZRXOGEHVHQWHQFHGWRPRUH\HDUVLQSULVRQWKDQ
&XpOODUZKRVROGDKXPDQEHLQJ7KHWKLHIZRXOGJHWEHWZHHQVL[DQGWHQ
\HDUV7KHWUDIILFNHULVVHQWHQFHGWRIRXU
$V RI  (O 6DOYDGRU EHJDQ UHFRJQL]LQJ FULPHV RI WUDIILFNLQJ LQ LWV
SHQDOFRGH7KHILUVWFRQYLFWLRQZDVZRQLQ7KLUW\QLQHFRQYLFWLRQV
ODWHUDQGWKHLVVXHLVQRZEHJLQQLQJWRWXUQPRUHKHDGVZLWKWKHFUHDWLRQLQ
RIWKH1DWLRQDO&RXQFLO$JDLQVW+XPDQ7UDIILFNLQJ/LWWOHE\OLWWOHWKH
1DWLRQDO&RXQFLOLVUHSDLULQJVRPHRIWKHJDSLQJKROHVLQWKHZDOO
5LJREHUWR0RUiQ0DUWtQH]WKHWUDIILFNHURI%DUEHUHQDZKRWHOOVPHKH
ZDV WULFNHG E\ KLV ORYHU LQWR JRLQJ WR (O 3DQWDQDO VOLSV XS LQ KLV VWRU\
JLYLQJDZD\KLVJXLOW+LVPLVVWHSZDVWRWHOOPHWKDWKHGLGQWUHSRUWZKDW
ZDV JRLQJ RQ EHFDXVH KH ZDV VFDUHG EHFDXVH WKH SROLFH KDG EHHQ ERXJKW
RIIDQGDIWHUDOOKHZDVMXVWDVLPSOHVHUYDQWDOZD\VXQGHUFORVHZDWFK%XW
WKHQ KH DFFLGHQWDOO\ DGPLWV WKDW KH ZRUNHG LQ (O 3DQWDQDO GXULQJ WZR
GLIIHUHQWSHULRGVZLWKDYDFDWLRQLQEHWZHHQZKHQKHOHIWWRYLVLWKLVKRPH
LQ(O6DOYDGRU
:KHQ\RXOHIW(O3DQWDQDOWKHILUVWWLPHNQRZLQJZKDWNLQGRIZRUNWKH\
GLGWKHUHZK\GLG\RXJREDFN",DVN5LJREHUWR
:K\GLG,FRPHEDFN"KHVD\VWU\LQJWREX\KLPVHOIDOLWWOHWLPH
,I\RXNQHZWKHVHZRPHQZHUHORFNHGXSDQGDEXVHGZK\GLG\RXJR


EDFN",SUHVV
0D\EH\RXGRQWXQGHUVWDQG7KHUHDUHWKLQJV7KHUHDUHWKLQJV\RX
PLJKWQRWXQGHUVWDQG:HNQRZWKDWVSHOOVDQGZLWFKFUDIWH[LVW7KDWZRPDQ
>RI&HUULWRV@WKDWVKRZVKHZRXOGZRUN7KH\ZRUVKLSSHGWKLVWKLQJFDOOHG
6DLQW6LPyQ7KDWVKRZVKHRSHUDWHG:KHQSHRSOHOHIWDQGGLGQWZDQWWR
FRPHEDFNVKHZRXOGXVHWKHVHWKLQJVWRPDNHWKHPFRPHEDFN

7KHSURVHFXWRUDVNV*UHFLDDQVZHUV
7KHSHRSOHWKDW\RXVD\UDQWKHSODFHKRZZRXOGWKH\JHWWKHUH"
7KH\FDPHLQFDUVDUPHG7KH\GFRPHDQGJR
+RZORQJZRXOGWKH\VWD\WKHUH"
7KUHHGD\VXQWLO0U2YLGLRZRXOGFRPHEDFN
:KDWZRXOGWKHVHDUPHGSHRSOHGR"
7KH\ZRXOGWHOOXVWRMRLQWKHRUJDQL]DWLRQWHOOXVWKDWWKH\ZRXOGJLYH
XVZRUNDQGIRRG7KH\ZHUHSDUWRI/RV=HWDV7KH\WROGPHWKH\GSD\IRU
P\WULSWKDWWKH\GJLYHPHIRRG
:KDWNLQGRIZRUNGLGWKH\DGYHUWLVH"
&RRNLQJIRUSHRSOHZKRZHUHNLGQDSSHGWKLVZDVDURXQG$SULORU
RI
,QVXP$WWKLVSRLQWRIKHUVWRU\*UHFLDZDVLQ7HQRVLTXH0H[LFRWKH
ILUVW VWRS LQ D PLJUDQWV MRXUQH\ WR WKH 8QLWHG 6WDWHV 6KH ZDV LQ D WRZQ
UXOHGE\/RV=HWDV*UHFLDKDGUXQDZD\IURP2YLGLRDIWHUKHKDGWULHGWR
UDSH KHU LQ D EDUUHQ PDUVKODQG DQG VKH KDG UHFHQWO\ MRLQHG D JURXS RI
XQGRFXPHQWHG6DOYDGRUDQVDQG*XDWHPDODQV
:KDWKDSSHQHGZKHQ2YLGLRJRWWKHUH"
+H ORRNHG DW PH ZLWK WKLV PRFNLQJ VPLOH DQG KH ZHQW WR WKH >=HWDV@
KRXVH 7KH\ ZHUH OLNH ILYH \DUGV DZD\ IURP PH KH VWDUWHG WDONLQJ WR
&KLFKR D JX\ VRPHZKHUH EHWZHHQ WZHQW\IRXU DQG WZHQW\QLQH \HDUV ROG
ZLWK D VFDU RQ KLV OHIW FKHHN +H ZDV IURP WKDW VDPH RUJDQL]DWLRQ 7KH\
WDONHGIRUDERXWIRUW\ILYHPLQXWHV7KH\ORRNHGDWPHDQGSRLQWHGDWPH,
ZDVZLWKWKHJURXSRISHRSOH,KDGMXVWMRLQHG
*UHFLD UHFRXQWV KHU WUDLQ WULS ZLWK WKH RWKHU NLGQDSSHG PLJUDQWV 7KH\
ZHUHJXDUGHGE\DUPHGPHQZKRWKUHDWHQHGWRNLOOWKHPLIDQ\RQHGDUHGWU\
WRHVFDSH/RV=HWDVXVHGWKHWUDLQWRWUDQVSRUWWKHLUYLFWLPV7KHWUDLQUXQV
IURP 7HQRVLTXH WR &RDW]DFRDOFRV 9HUDFUX] ,W PDNHV D VHULHV RI VWRSV LQ
YDULRXV VPDOO WRZQV DQG LVRODWHG UDQFKHV ,Q RQH RI WKRVH UHPRWH WRZQV
FDOOHG&KRQWDOSDD6DOYDGRUDQ=HWDNQRZQDV(O3HOyQWULHGWRVHOO*UHFLD
WRDQRWKHUPDQ$FFRUGLQJWR*UHFLD(O3HOyQZDVDFWXDOO\WU\LQJWRGRKHU
D IDYRU +HG WROG KHU WKDW XS QRUWK ZKHUH WKH\ ZHUH JRLQJ VKH ZRXOG


VXIIHUDORW%XWWKHVDOHIHOOWKURXJKDQG*UHFLDVDZILUVWKDQGWKDW(O3HOyQ
KDGQRWEHHQO\LQJWRKHU$WWKLVSRLQWLQKHUVWRU\WKHSURVHFXWRULQWHUMHFWV
DQGDVNV*UHFLDWRFODULI\
:KHQ\RXPHQWLRQVHOOLQJKDGWKH\DOUHDG\GRQHWKLVWR\RX"
<HDK0U2YLGLR7KH\JDYHKLPPRQH\IRUPHLQIURQWRIP\IDFH
:DV0U2YLGLRRQWKHWUDLQZLWK\RX"
1RKHZHQWWR(O6DOYDGRUZLWKWKHPRQH\WKH\JDYHKLP
+RZPXFKGLGWKH\JLYHKLP"
7KH\VD\LWZDV7KDWVZKDW&KLFKRWROGPH
7KHQZKDWKDSSHQHG"
7KH\ ERDUGHG XV RQ EXVHV KHDGLQJ WR 5H\QRVD  ,W WDNHV DERXW D GD\
DQGDKDOIWRJHWIURP9HUDFUX]WR5H\QRVD,WZDV$SULOLWZDVD
6XQGD\
$W WKLV SRLQW *UHFLD GHVFULEHV D FODVVLF =HWD NLGQDSSLQJ RI
XQGRFXPHQWHGPLJUDQWV
5H\QRVD LV D FLW\ LQ WKH QRUWKHUQ 0H[LFDQ VWDWH RI 7DPDXOLSDV D VWDWH
UXOHGE\/RV=HWDV,WVZKHUHVHYHQW\WZRPLJUDQWVZHUHH[KXPHGIURPD
PDVV JUDYH LQ $XJXVW  ZKHUH WKH\ FDXJKW (O &RVV WKH OHDGHU RI WKH
*XOI&DUWHOWKHRUJDQL]DWLRQWKDWJDYHELUWKWR/RV=HWDVDQGZKHUHIRUW\
QLQHPRUHERGLHVZHUHIRXQGLQ0D\EHKHDGHGZLWKRXWOLPEVXQGHU
DQHQRUPRXV=SDLQWHGRQDSHGHVWULDQEULGJHRYHUDKLJKZD\
7KHNLGQDSSHUVGLYLGHG*UHFLDVJURXSRIDERXWPLJUDQWVLQWRWKUHH
VDIH KRXVHV /RFNHG LQ URRPV WKDW ZHUH KXPLG DQG GDUN ZLWK QR DLU
FRQGLWLRQLQJ PHQ DUPHG ZLWK ULIOHV DQG EDVHEDOO EDWV WRUWXUHG ZKRHYHU
UHIXVHGWRKDQGRYHUDIDPLO\PHPEHUVSKRQHQXPEHU$QGWKHQDVDOZD\V
VRPH&HQWUDO$PHULFDQPLJUDQWUHVLVWHGGLGQWZDQWWRSD\WKH
RU/RV=HWDVDOZD\VDVNIRUUHVLVWHGEHLQJWRUWXUHGDQG*UHFLDDQG
WKHRWKHUPLJUDQWVKDGWRZLWQHVVWKHDUPHGPHQEHDWWKHVFUHDPVRXWRID
IHZRIWKHPEHIRUHOHDYLQJDQGSURPLVLQJWRFRPHEDFN7KDWVKRZ*UHFLD
VSHQWKHUILUVWWKUHHGD\V2QWKHWKLUGGD\2PHJDDSSHDUHG
2QHRIWKHSURVHFXWRUVDVNVDQG*UHFLDDQVZHUV
&DQ\RXGHVFULEHKLP"
7DOOIDWZLWKDELJGRXEOHFKLQZKLWH7KH\FDOOHGKLP2PHJD.LNHRU
$Si 7KH\ WROG KLP WKHUH ZHUH VRPH 6DOYDGRUDQ ZRPHQ KH ZRXOG OLNH
7KH\ SRLQWHG DW XV +H WRRN XV RXW RI WKH URRP WR VHH LI ZH ZHUH SUHWW\
7KHUHZDVQWPXFKOLJKWLQWKHURRP+HZDVLQFKDUJHRIWKHVDIHKRXVH
:KDWPDNHV\RXVD\WKDW"
%HFDXVH KH ZDV RQH RI WKH SHRSOH ZKR ZRXOG FDOO WKH IDPLOLHV DQG
FKDUJHWKHUDQVRP


'LG\RXVWD\LQWKDWVDPHKRXVH"
1R WKH\ WRRN PH WR DQRWKHU KRXVH WKH\ WRRN PH WR D UHVLGHQWLDO
QHLJKERUKRRG DERXW WHQ PLQXWHV DZD\ 2Q D EXV $ IHZ SHRSOH FDPH ZLWK
PH$JDLQWKH\ODLGXVRQWKHIORRU7KDWVZKHUH,ZDVUDSHGE\2PHJD+H
KLWPHLQWKHIDFHEHFDXVH,WROGKLPWRZHDUDFRQGRP+HWROGPH,ZDVQW
LQ D SRVLWLRQ WR DVN IRU DQ\WKLQJ 7KH\ ZHUH DEXVLQJ XV QRQVWRS LW ZDVQW
MXVWKLP
&RXOG\RXUHFRJQL]HWKHVHSHRSOHLQSHUVRQRULQSKRWRJUDSK"
<HV
:KDWHOVHKDSSHQHG"
7KHDEXVHZDVFRQVWDQWDQGLWZDVQWRQO\KLP+HUDSHGPHDERXWHLJKW
RU QLQH WLPHV +H VDLG KH ZDV HQMR\LQJ KLPVHOI VR , KDG WR HQMR\ P\VHOI
WRR+HZRXOGKLWPH7KHVDPHWKLQJKDSSHQHGZLWKWKHRWKHUSHRSOHEXW
KHZDVDOZD\VWKHILUVWWRUDSHWKRVHKHOLNHG
*UHFLDHQGXUHG6KHUHPHPEHUVWKUHHPRQWKVJRLQJE\XQWLOHYHQWKRXJK
KHUIDPLO\KDGDOUHDG\ZLUHGUDQVRPPRQH\IURPWKH8QLWHG6WDWHVVKHZDV
VROGRII\HWDJDLQ
+RZORQJGLGWKLVJRRQ"
$OOWKUHHPRQWKVWKH\GDOUHDG\SDLGWKHIXOODPRXQWEXWWKH\WROGPH
WKH\ZHUHJRLQJWRJHWPRUHPRQH\RXWRIPH7KH\VROGPHDJDLQWRDEDU
FDOOHG/D4XHEUDGLWD WKH%URNHQ2QH 7KH\VROGPHDVDSURVWLWXWH,WZDV
OLNHDGDQFHFOXE,ZDVUHMHFWHGWKDWILUVWGD\7KHZRPDQZKRUDQWKHEDU
WROGXVZHQHHGHGWKHPDUN%HFDXVHZHZHUHVRPDQ\ZHQHHGHGWRKDYH
DPDUN$WILUVW,GLGQWNQRZZKDWLWZDVEXWLWVDWDWWRR
:KHUHGLG\RXJHWWDWWRRHG"
2QP\ULJKWFDOI7KH\WRRNXVWRDSODFHZKHUHWKH\WDWWRRHGXV7KH\
IHGXVDQGKDGXVVPHOOVRPHFKHPLFDOWKDWSXWPHWRVOHHS:KHQ,ZRNH
XS , KDG WKH WDWWRR 0\ OHJ ZDV KXUWLQJ DQG ZDV EOHHGLQJ QRW D ORW EXW
GULSSLQJDOLWWOH,WVDEXWWHUIO\RQDEUDQFKWRJHWKHUWKH\IRUPD=7KDW
ZDV WKH GLIIHUHQFH LW PHDQW , ZDV WKHLUV , ZDV PHUFKDQGLVH 7KHUH ZHUH
ILYHRWKHUZRPHQ,VDZLWRQGLIIHUHQWERG\SDUWVRIIRXUPRUHZRPHQRQ
WKHDUPWKHEDFNWKHFKHVWLQDEXQFKRIGLIIHUHQWFRORUV7KHRQH,KDYHLV
EODFNDQGJUHHQ$IWHUPDUNLQJXVZHZHQWEDFNWRWKHVDPHSODFHDQGWKH\
VWDUWHG WR SURVWLWXWH XV ZLWK FOLHQWV ZKR ZHUH SDUW RI WKH VDPH PDILD 7KH
FOLHQWV SDLG IRU XV EXW ZH QHYHU JRW DQ\ RI WKH PRQH\ , GRQW NQRZ KRZ
PXFKWKH\ZRXOGSD\
*UHFLD VD\V WKDW WKH FOLHQWV ZRXOG IRUFH KHU WR VPRNH FUDFN DQG GR
FRFDLQH*UHFLDVD\VKHUFOLHQWVZRXOGQHYHUXVHDFRQGRP*UHFLDVD\VVKH
VSHQWPRUHWKDQDPRQWKOLNHWKLV*UHFLDVD\VVKHQHYHUOHIWWKDWKHUHQWLUH


OLIH ZDV LQ WKH VDIH KRXVH /D 4XHEUDGLWD RU DW YDULRXV PRWHOV ZKHUH WKH
FOLHQWVZRXOGWDNHKHU*UHFLDVD\VWKDWLIDFOLHQWWRRNKHUWRDPRWHOWKH\
ZHUHDOZD\VIROORZHGFORVHO\E\DJXDUG*UHFLDVD\VWKH\ZRXOGRIWHQKLW
KHU HVSHFLDOO\ LI VKH UHIXVHG WR GULQN RU LI VKH GLGQW ORRN HQWKXVLDVWLF
EHIRUHJRLQJLQZLWKDFOLHQW*UHFLDVD\VWKDWRQFHWKH\KLWKHUVRKDUGWKH\
EURNHKHUQRVH
7KHEURNHQQRVHDQGWKHWDWWRRZHUHYHULILHGE\WKH,QVWLWXWHRI)RUHQVLF
0HGLFLQHRI(O6DOYDGRUDQGDUHGRFXPHQWHGDVHYLGHQFHLQ*UHFLDVFDVH
ILOHV
*UHFLDQHYHUWULHGWRHVFDSH)HZZRXOGKDYHWULHGLIWKH\KDGVHHQZKDW
*UHFLDKDGVHHQ
'LGVRPHWKLQJHOVHKDSSHQ"
<HV WR 6RQLD 7KH\ OHW KHU JR ZKHQ KHU IDPLO\ SDLG WKH UDQVRP 6KH
UHSRUWHGWKHPWRLPPLJUDWLRQRIILFLDOV%XWWKHLPPLJUDWLRQRIILFLDOVKDQGHG
KHU EDFN RYHU WR WKH WUDIILFNHUV 7KH\ EXUQHG KHU DOLYH WKH\ KLW KHU PDQ\
WLPHVZLWKDEDVHEDOOEDW7KH\WROGKHUVKHZDVQWVXSSRVHGWRGRWKDWWKDW
QRRQHZDVDOORZHGWRSOD\JDPHVZLWKWKHPWKDWVKHKDGORVWKHUFKDQFHWR
EH IUHH 7KH\ WROG XV WKH VDPH WKLQJ ZRXOG KDSSHQ WR XV LI ZH HYHU VDLG
VRPHWKLQJ
:KDWKDSSHQHGWR6RQLD"
'HDWK
:KDWGLGWKH\KLWKHUZLWK"
:LWK D EDW EXW EHFDXVH VKH ZRXOGQW GLH WKH\ OLW KHU RQ ILUH ZLWK
JDVROLQH6KHVFUHDPHGZLWKSDLQDQGWKH\KLWKHUPRUH$KDOIKRXUIRUW\
ILYH PLQXWHV +HU ERG\ ZDV XQUHFRJQL]DEOH FDUERQL]HG \RX FRXOGQW VHH
KHUIHHW%XUQHGKDLUOHVVPHDW7KH\OHIWKHULQWKHEDUDWDQDOWDUWKH\KDG
IRU6DQWD0XHUWH

7KH FDVH ILOHV DWWULEXWH WKH GLVFRYHU\ RI WKH %DUEHUHQD ULQJ WR D
FRPSODLQDQW.QRZLQJZKDWVKHOLYHGWKURXJKFDOOLQJKHUDFRPSODLQDQWLV
DV UHGXFWLYH DV FDOOLQJ *DQGKL DQ DFWLYLVW 7KLV ZRPDQ WKLV VXUYLYRU
*UHFLDLVRQHRIWKHVL[WHHQZRPHQZKRWHVWLILHGLQWKH6DOYDGRUDQFRXUWDV
DSURWHFWHGZLWQHVV
7KHRZQHURI(O3DQWDQDOWUDIILFNHU$GiQ&HUULWRVRZQHGDFUHVRI
FRUQILHOGV VXUURXQGHG E\ FRIIHH SODQWDWLRQV +LV UDQFK ZDV LQ RQH RI WKH
PRVW UXUDO DUHDV RI %DUEHUHQD IXUWKHU RXW WKDQ WKH %RTXHUyQ SHQLWHQWLDU\
RQHRIWKHIHZUHDVRQVZK\DQ\RQHWDONVDERXW%DUEHUHQDLQWKHILUVWSODFH
7KH WUDIILFNHUV ZHUH EHJLQQLQJ WR GLYHUVLI\ WKHLU UHSHUWRLUH DQG GLS LQWR
ODERUWUDIILFNLQJ7KHVDPHZRPHQZKRZRUNHGWKHILHOGVIURP0RQGD\WR


7KXUVGD\ ZHUH DEXVHG E\ GR]HQV RI PHQ LQ (O 3DQWDQDO IURP )ULGD\ WR
6XQGD\
&HUULWRVV UDQFK DFFRUGLQJ WR WHVWLPRQ\ JDWKHUHG E\ WKH 3XEOLF
3URVHFXWRUV 2IILFH DV ZHOO DV WKH WUDIILFNHU , VSRNH ZLWK DW $SDQWHRV
SULVRQZDVDOVRWKHVLWHZKHUHWKHZRPHQZHUHSXQLVKHGDQGKLGGHQDZD\
7KDWV ZKHUH WKH\ ZRXOG ORFN XS WKH ZRPHQ ZKHQ FRUUXSW SROLFH RIILFHUV
IURP &XLODSD DQG %DUEHUHQD ZDUQHG WKHP RI PLVVLQJSHUVRQ VHDUFKHV
7KDWVZKHUHWKH\ZRXOGZDUHKRXVHZRPHQZKRDIWHUEHLQJEHDWHQZHUH
XQILWIRUFOLHQWVWDVWHV7KDWVDOVRZKHUHWKH\ZRXOGWRUWXUHWKHLUYLFWLPV
,QFRXUWPDQ\RIWKHVXUYLYRUVUHFRXQWHGDQLJKWWKDWWKH\ZHUHWDNHQWR
WKHUDQFKDQGPDGHWRVWDQGLQDFLUFOH,QWKHPLGGOHRIWKHFLUFOHZHUHWZR
PHQ DQG D ZRPDQ 2XWVLGH RI WKH FLUFOH ZHUH DUPHG JXDUGV SUHYHQWLQJ
DQ\RQH IURP UXQQLQJ ,Q WKH PLGGOH RI WKDW FLUFOH IRU PDQ\ LQWHUPLQDEOH
PLQXWHV WKH WZR PHQ EHDW WKH ZRPDQ WR GHDWK 7KH ZRPDQ KDG WULHG WR
HVFDSH(O3DQWDQDO
6KH ZDVQW WKH RQO\ RQH $QRWKHU VXUYLYRU OLYHG WKURXJK VRPHWKLQJ
VLPLODU+HUFRQVWDQWUHIXVDOVWRVHGXFHWKHFOLHQWVDW(O3DQWDQDOFRVWKHUD
EHDWLQJVRURXJKWKDWWKHWUDIILFNHUVWKRXJKWWKH\KDGNLOOHGKHU7KH\OHIWKHU
LQDEORRG\KHDSDWWKHUDQFKSODQQLQJWRJHWULGRIKHUERG\WKHQH[WGD\
7KH ZRPDQ WKH VXUYLYRU DZRNH GXULQJ WKH QLJKW DQG OLWWOH E\ OLWWOH
PDQDJHGWRGUDJKHUVHOIWRWKHKLJKZD\)URPWKHUHE\XQNQRZQPHDQVWKH
VXUYLYRU UHDFKHG WKH ERUGHU DQG RQFH RQ WKH 6DOYDGRUDQ VLGH VKH
FROODSVHGEHIRUHWKHSROLFHDQGWROGWKHPKHUVWRU\,QOHVVWKDQDZHHNWKH
6DOYDGRUDQ3XEOLF3URVHFXWRUV2IILFHRUFKHVWUDWHGDUHVFXHPLVVLRQDORQJ
ZLWK *XDWHPDODQ ,QWHUSRO 9LROHWD 2OLYDUHV WKH FRRUGLQDWRU RI WKH
6SHFLDOL]HG 7UDIILFNLQJ 8QLW LV YHU\ FOHDU ZKHQ VKH VD\V ZK\ WKH\ GLGQW
FDOOWKH*XDWHPDODQSROLFHIRUKHOS:HGLGQWWUXVWWKHP
,Q  D MXGJH VSHFLDOL]HG LQ RUJDQL]HG FULPH IURP 6DQWD $QD (O
6DOYDGRU7RPiV6DOLQDVGLGQWVHHZK\WKHHLJKW6DOYDGRUDQVDFFXVHGRI
IRUPLQJ SDUW RI WKH %DUEHUHQD ULQJ VKRXOG UHPDLQ EHKLQG EDUV GXULQJ WKHLU
KHDULQJ +H JUDQWHG WKHP DOWHUQDWLYH SUREDWLRQDU\ PHDVXUHV DQG DOORZHG
WKHPWROHDYHRQWKHFRQGLWLRQWKDWWKH\FRPHWRFRXUWZKHQHYHUWKH\ZHUH
VXPPRQHG 6RPH RI WKHVH HLJKW PHQ KDYLQJ KHDUG RI WKH RSHUDWLRQ LQ (O
3DQWDQDO KDG SUHYLRXVO\ WULHG WR KLGH WKHPVHOYHV $QG VWLOO WKH MXGJH
WKRXJKWWKHHLJKWPHQZRXOGQWUXQWKLVWLPHDURXQG$OORIWKHPHQGHGXS
PLVVLQJ 7KH 3XEOLF 3URVHFXWRUV 2IILFH DSSHDOHG DQG WKH 6SHFLDO
3URVHFXWLQJ 2IILFH $JDLQVW 2UJDQL]HG &ULPH VXFFHVVIXOO\ UHYRNHG -XGJH
6DOLQDVVGHFLVLRQRUGHULQJDOO%DUEHUHQDPHPEHUVUHFDSWXUHG2IWKHHLJKW
PHQWKDW-XGJH6DOLQDVOHWRXWVL[KDYHEHHQUHFDSWXUHGWKHODVWRIZKRPLV
0RUiQ0DUWtQH]7ZRDUHVWLOORQWKHUXQ


7KDW ZDVQW WKH ILUVW WLPH WKDW 6DOLQDV KDG IUHHG D GHIHQGDQW 7KH PRVW
UHFHQW H[DPSOH LV WKDW RI -RVp $QWRQLR 7HUiQ EHWWHU NQRZQ DV &KHSH
)XULD ,Q  -XGJH 6DOLQDV UHOHDVHG &KHSH VR WKDW KH FRXOG DZDLW KLV
WULDO DV D IUHH PDQ &RQVLGHULQJ WKDW KH ZRXOGQW IOHH EHFDXVH KH ZDV D
IDPLO\ PDQ DQG ZRUNHG ZLWK WKH FLW\ WKH MXGJH DOORZHG KLP SDUROH +LV
GHFLVLRQ ZDV TXLFNO\ UHYRNHG E\ D VXSHULRU FRXUW EXW 7HUiQ KDG DOUHDG\
EHHQUHOHDVHGDQGKDGIOHG+HZDVUHFDSWXUHGWKDWVDPH\HDUDQGQRZKHV
VHUYLQJDWZHQW\\HDUVHQWHQFH

0XUGHUHUV PXUGHU &DU WKLHYHV WKLHYH $QG WUDIILFNHUVWKH\ HQWDQJOH


WKUHDWHQ DQG NLOO 7UDIILFNHUV DUH OLNH WKH ZDWHU FXWWLQJ WKURXJK VWRQH
PHUFLOHVV DQG SHUVLVWHQW 7KH\ QHHG WKHLU YLFWLPV WR EH DOLYH DQG DIUDLG
$OLYHDQGWHUURUL]HG$OLYHDQGVXEPLVVLYH7KHPXUGHUVRIWKH%DUEHUHQD
UDQFKZHUHQRWDSXQLWLYHPHDVXUHLQWHQGHGIRUWKRVHZKRZHUHNLOOHG7KH
VRRQWREH VODXJKWHUHG YLFWLPV ZHUH IRU WKH WUDIILFNHUV OLNH OLYLQJ GHDG
7KHVHNLOOLQJVZHUHDZDUQLQJPHVVDJHIRUWKHUHVWRIWKHZRPHQ/RRNDW
ZKDWFRXOGKDSSHQWR\RX
)RU&HQWUDO$PHULFDQWUDIILFNLQJULQJVWKHEDWWKHILVWDQGUDSHDUHWKH
SULPDU\PHWKRGVRIVXEMXJDWLRQ%RWKWKHFKLHIRIWKHDQWLWUDIILFNLQJXQLWRI
*XDWHPDOD $OH[DQGHU &RORS DQG KLV 6DOYDGRUDQ FROOHDJXH 6PLUQD GH
&DOOHV DJUHH WKDW D SDWWHUQ DPRQJ WUDIILFNLQJ ULQJV LV WKDW WKH NLQJSLQV DUH
WKH ILUVW WR UDSH WKH YLFWLPV 7KH\UH WKH ILUVW WR EULQJ WKHP GRZQ WR XVH
WKHPWRWKURZWKHPVHOYHVRQWRSRIWKHP&RORSVDLG7KLVLVH[DFWO\ZKDW
KDSSHQHGWR*UHFLD
-XOLR 3UDGR WKH DVVLVWDQW SURVHFXWRU RI *XDWHPDODV 6SHFLDOL]HG 8QLW
$JDLQVW ,PSXQLW\ VD\V WKDW HYHQ WKRXJK PRVW WUDIILFNLQJ JDQJV RI QRUWKHUQ
*XDWHPDODOLNHWKDWRI(O3DQWDQDOFRPHIURPEURNHQZRUOGVDQGSULPDULO\
XVHKDQGJXQVDQGVLPSOHWHFKQLTXHVWKDWGRHVQWPHDQWKDWWKHUHDUHQWPRUH
VRSKLVWLFDWHGJDQJVRXWWKHUH
3UDGRVD\VWKDWLQWKHZRUVWSODFHVZKHUHKHVSDUWLFLSDWHGLQVHDUFKDQG
UHVFXHRSHUDWLRQVYLFWLPVZHUHIRUFHGWRVHOOWKHPVHOYHVIRUTXHW]DOHV
  IRU ILIWHHQ PLQXWHV RI VHUYLFH EXW WKDW KHV DOVR VHHQ FDVHV LQ ZKLFK
&RORPELDQVRU5XVVLDQVZHUHVROGIRUDQKRXU7KHTXHVWLRQ3UDGR
VD\VLVZKDWW\SHRIFOLHQWFDQSD\WKDWDPRXQWRIPRQH\WRKDYHDJRRG
WLPHIRUDQKRXU"
,QWKH*XDWHPDODQJRYHUQPHQWLQYHVWLJDWHGDWUDIILFNLQJULQJZLWKD
VODQWWRZDUGWKHZHDOWK\FOLHQW3UDGRKHOSHGXQFRYHUDGDQFHFOXEFDOOHG
&DSULFKRVRZQHGE\EXVLQHVVPDQ+HUPDQ6PLWKKHIRUFHGKLVYLFWLPVWR
FDOOKLP3DSLWRDPDQNQRZQWRUXEHOERZVZLWK*XDWHPDODQSROLWLFLDQV
DQGKLJKVRFLHW\PHPEHUV,QWKHEDUJRYHUQPHQWDJHQWVIRXQGPLQRUVIURP


(O6DOYDGRU+RQGXUDVDQG5XVVLD7KH\DOVRIRXQGDV\VWHPRIWULFNGRRUV
DQGWXQQHOVFRQQHFWHGWRQHLJKERULQJKRXVHVZKHUHWKHUHZHUHERRNVRIVHOI
KHOS DQG HFRQRPLF WKHRU\ WKDW DFFRUGLQJ WR RQH VXUYLYRU 6PLWK XVHG WR
H[SODLQWRWKHYLFWLPVKRZWKH\FRXOGXVHWKHLUFDSWLYLW\DVDQRSSRUWXQLW\WR
EHFRPH EXVLQHVVZRPHQ PDVWHULQJ WKH DUW RI WXUQLQJ WKHLU ERGLHV LQWR
PHUFKDQGLVH6PLWKDSHUVXDVLYHWUDIILFNHUZRXOGFRQYLQFHKLVYLFWLPVWKDW
KH ZDV QRW WKHLU YLFWLPL]HU EXW WKHLU EHQHIDFWRU +H ZDV QHYHU EURXJKW WR
WULDORQ0D\6PLWKZDVVKRWLQWKHKHDGLQVLGHRIKLVRZQGDQFH
FOXE7KHKLWPDQIOHG
*XDWHPDOD KDV VHQWHQFHG D KDQGIXO RI &RORPELDQ WUDIILFNHUV ZKR ZRUN
IRU ZKDWV NQRZQ DV WKH ULQJ RI 3HUHLUD D JDQJ WKDW ZDV GHGLFDWHG WR
EULQJLQJ &RORPELDQ ZRPHQ RYHUVHDV E\ WHOOLQJ WKHP WKDW WKH\ ZRXOG EH
KLUHGDVPRGHOV7KHVHULQJV&RORSVD\VZRXOGHYHQPROGWKHLUYLFWLPV
JLYLQJWKHPEUHDVWDQGEXWWLPSODQWVWHOOLQJWKHPVXUJHU\ZDVQHFHVVDU\WR
HQWHULQWRWKHZRUOGRIUXQZD\IDVKLRQ7KH\GEULQJWKHPWR+RQGXUDVDQG
ZKHQ WKH\ ZHUH QR ORQJHU D KRW FRPPRGLW\ RYHU WKHUH WKH\G EULQJ WKHP
KHUH&RORSH[SODLQV7KHZRPHQZRXOGEHWROGWKDWWKH\KDGWRXVHVH[WR
SD\IRUWKHLULPSODQWVWKHLUWULSWKHLUIRRGDQGWKHLUFORWKHV2QHVXUYLYRU
VD\V LW ZDV LPSRVVLEOH WR SD\ RII KHU GHEWV 3UDGR H[SODLQV WKDW WKH ORJLF
EHKLQGEULQJLQJ&RORPELDQVWR*XDWHPDODVSHDNVWRWKHWUDIILFNHUVEXVLQHVV
VDYY\DV&RORPELDQQDUFRVOLYLQJLQ*XDWHPDODZRXOGSD\DORWRIPRQH\
WRVOHHSZLWKEHDXWLIXOFRPSDWULRWV
,Q (O 6DOYDGRU WKH YLFH PLQLVWHU RI MXVWLFH DQG VDIHW\ 'RXJODV 0RUHQR
H[ZDUGHQ RI $SDQWHRV SULVRQ  LV FKDUJHG ZLWK GHYHORSLQJ VWUDWHJLHV WR
FRPEDW WUDIILFNLQJ 7KHUHV D QHWZRUN 0RUHQR WROG PH RI ZHOO
RUJDQL]HGSHRSOHZLWKDORWRIHFRQRPLFSRZHUZKRDUHJUHDWO\EHQHILWLQJ
IURP WKLV VLWXDWLRQ DQG RI ZKRP XQWLO QRZ ZH ZHUH XQDZDUH 7KHVH DUH
SHRSOHZHZRXOGQHYHUKDYHLPDJLQHGWREHDVVRFLDWHGZLWKWKLVEXVLQHVV
DQG\HWXQIRUWXQDWHO\ZHODFNVXIILFLHQWHYLGHQFHWRLQFULPLQDWHWKHP
7KH +HUPDQ 6PLWK ULQJ RU WKH ULQJ RI 3HUHLUD UHSUHVHQW DQRWKHU IDFH RI
WUDIILFNLQJ WKDW OLNH PRGHUQGD\ VODYHU\ XVHV FDSLWDOLVW UHDVRQLQJ WR NHHS
SHRSOHLQERQGDJH<RXQHHGWRSD\EDFN\RXUGHEWEHFDXVH,PKHOSLQJ\RX
JHWDKHDGEHFDXVH\RXKDYHQRSDSHUVDQG\RXQHHGWRJLYHPHVRPHWKLQJ
LQ H[FKDQJH IRU P\ SURWHFWLRQ 7KH PRUH FRPPRQ IRUPV RI WUDIILFNLQJ LQ
&HQWUDO $PHULFD IXQFWLRQ OLNH WKH %DUEHUHQD ULQJ DQG UHO\ RQ ORFDO
FRUUXSWLRQ KDYLQJ RQO\ D VPDOO DUVHQDO DW LWV GLVSRVDO DQG SUHIHUULQJ
FKHDSHUPHWKRGVRIVXEMXJDWLQJWKHLUYLFWLPVILVWVVWLFNVILUHDQGIHDU
6LOYLD 6DUDYLD KDV VHHQ GR]HQV RI FDVHV RI ZRPHQ IDOOLQJ SUH\ WR WKHVH
W\SHVRIUXQRIWKHPLOOWUDIILFNLQJRUJDQL]DWLRQV
7KRVHZKRKDYHEHHQORFNHGXSVXIIHUIURPH[WUHPHIHDUDWUHPHQGRXV


IHDUIRUWKHVDIHW\RIWKHRWKHUZRPHQDQGIRUWKHLURZQIDPLOLHVIHDUWKDW
WKH\ZLOOVXIIHUWKHFRQVHTXHQFHVRIWKHLUHVFDSH(PRWLRQDOO\EORFNHGWKH\
DUHFRPSOHWHO\ORFNHGLQZDUG0DQ\UHTXLUHSV\FKLDWULFDWWHQWLRQ6XLFLGDO
LGHDWLRQIHDURIGLVDSSHDULQJIHDURISHUVHFXWLRQ7KH\GRQWEHOLHYHWKH\
FDQ WUXVW DQ\RQH 7KH\ NQRZ WKDW WKHUH DUH SHRSOH RXW WKHUH ZKR DUH QRW
SOD\LQJ DURXQG WKDW WKH YLFWLPL]HU ZLOO GR ZKDW KH VD\V  $Q[LHW\
LQVRPQLD ORVV RI DSSHWLWH  *UHFLD IRU H[DPSOH VKHOO KDYH WR UHFHLYH
6DUDYLDWKLQNVDIHZVHFRQGVDZKROHSURFHVVRIKROLVWLFDWWHQWLRQ

$IWHUDOPRVWWKUHHPRQWKVRIEHLQJIRUFHGWRVHHFOLHQWVLQ/D4XHEUDGLWDD
ZHHN DIWHU ZLWQHVVLQJ 6RQLD LQ IODPHV DIWHU KHU DXQW ZLUHG  LQ
UDQVRP*UHFLDZDVIUHHGE\2PHJD7KH\JDYHKHUSHVRV VRPH 
OHIWKHUDWDEXVVWDWLRQLQ5H\QRVDDQGWROGKHUWRJRVRPHZKHUHIDUDZD\
2QHRIWKHSURVHFXWRUVZKRLQWHUYLHZHG*UHFLDGXULQJWKHWULDOVD\V*UHFLD
WKRXJKWVRPHWKLQJVWUDQJHZDVJRLQJRQDWWKHWLPHWKDW/RV=HWDVVHHPHGWR
EH VKXWWLQJ GRZQ WKHLU VDIH KRXVHV DQG IOHHLQJ :LWK  SHVRV *UHFLD
FRXOGRQO\JRDVIDUDV0RQWHUUH\VRPHPLOHVVRXWK7KHUH*UHFLDPHW
DWD[LGULYHUZKRDVNHGKHULIVKHZDVXQGRFXPHQWHGDQGWRRNKHUWRDVWDWH
UXQ LPPLJUDQW DVVLVWDQFH FHQWHU ZKHUH VRPHRQH HDVLO\ LGHQWLILHG *UHFLDV
V\PSWRPV$FFRUGLQJWRPHGLFDOWHVWV*UHFLDDUULYHGDWWKHFHQWHUZLWKD
YDJLQDOLQIHFWLRQDQGSHOYLFLQIODPPDWRU\GLVHDVH

7KHSURVHFXWRUVDVNV*UHFLDDQVZHUV
:KDWKDSSHQHGLQWKHFHQWHUIRUPLJUDQWV"
:KHQ WKH\ VDZ P\ EHKDYLRU ZKHQ WKH VKLIW VXSHUYLVRU VDZ PH FU\LQJ
DQG VFUHDPLQJ WKH\ VDZ , ZDVQW DFWLQJ QRUPDO WKH\ VWDUWHG DVNLQJ PH
TXHVWLRQV/LWWOHE\OLWWOH,VWDUWHGWRH[SODLQ7KH\IRXQGPHDUHOLJLRXV
VKHOWHU IRU SHRSOH ZKR KDYH VXIIHUHG FULPHV RI WUDIILFNLQJ  7KH\
VFKHGXOHG PH DQ DSSRLQWPHQW ZLWK D SV\FKRORJLVW  7KH\ WRRN PH WR
0H[LFR&LW\)RUILYHPRQWKV,ZDVJLYHQSV\FKRORJLFDODQGOHJDOKHOS
'LG\RXSDUWLFLSDWHLQDQLQYHVWLJDWLRQ"
<HV7KHZKROHWLPH,ZDVWKHUH
:HUHSHRSOHGHWDLQHG"
<HV IRU NLGQDSSLQJ DQG KXPDQ WUDIILFNLQJ 7KH\ VKRZHG PH VRPH
SLFWXUHVDSSUR[LPDWHO\WHQWRWZHOYH+RQGXUDQDQG0H[LFDQSHRSOH>ZHUH
GHWDLQHG@
2Q 1RYHPEHU   *UHFLD ZDV LQ 0H[LFR &LW\ ZLWK WKH 6SHFLDO
3URVHFXWRUV 2IILFH IRU 9LROHQFH $JDLQVW :RPHQ DQG +XPDQ 7UDIILFNLQJ
)(9,075$  $FFRUGLQJ WR WKH FDVH ILOHV LQ KHU ILUVW SV\FKRORJLFDO
DVVHVVPHQW *UHFLD ZDV IRXQG WR EH GHSUHVVHG PLVWUXVWIXO DQG XQDEOH WR


FU\2IILFLDOVKDGWRPHHWZLWKKHUDWRWDORIHOHYHQWLPHVEHIRUHWKH\ZHUH
DEOH WR UHFRUG KHU HQWLUH GHFODUDWLRQ 7KDQNV WR *UHFLDV UHSRUW WR WKH
0H[LFDQJRYHUQPHQWDVHULHVRIUDLGVZHUHFRQGXFWHGLQWKDWOHGWR
WKHDUUHVWRIWZHOYHDOOHJHG=HWDVZKRUDQNLGQDSSLQJJDQJV7KHLUWULDOLV
SHQGLQJ
:KHQ*UHFLDZHQWEDFNWR(O6DOYDGRULQ'HFHPEHUKHUVLWXDWLRQ
JRWZRUVH*UHFLDH[SODLQHGWKDW2YLGLRMXVWDVVKHIHDUHGKDGWKUHDWHQHG
ERWKKHUPRWKHULQODZDQGKHUPRWKHU7KHSV\FKRORJLFDODVVHVVPHQWGRQH
E\ WKH ,QVWLWXWH RI )RUHQVLF 0HGLFLQH LQ (O 6DOYDGRU VWDWHV WKDW *UHFLD
FDQQRWVOHHSDWQLJKWVKHUHJLVWHUVDQ\VRXQGDVJXQVKRWVVKHJRHVWZRRU
WKUHHGD\VZLWKRXWHDWLQJZKHQHYHUVKHOLJKWVDILUHVKHUHPHPEHUV6RQLD
KHU OLELGR LV QRQH[LVWHQW VKH SXVKHV KHU SDUWQHU DZD\ ZKHQ WKH\ KDYH
UHODWLRQV7KHDVVHVVPHQWHQGVZLWKYDULRXVFRQFOXVLRQV
(PRWLRQDOVWDWHGHSUHVVLYHDQ[LRXV
*HQHUDO RULHQWDWLRQ 6KH VWDWHV WKDW WKHUH DUH JDSV LQ KHU GHFODUDWLRQ
EHFDXVHWKHUHDUHHYHQWVVKHFDQWUHPHPEHU0HQWDOFUDWHUV
3V\FKRORJLFDOVWDWHQHXURWLF

2Q :HGQHVGD\ 0D\   D WZHQW\QLQH\HDUROG 6DOYDGRUDQ ZRPDQ


FDXJKWVLJKWRIDQHZVSDSHUVQDSVKRWRIVRPHRQHZKRORRNHGIDPLOLDU7KH
PDQLQWKHSKRWRJUDSKZDVJHWWLQJRXWRIDSLFNXSWUXFNDQGZDVKDQGFXIIHG
WRWZRRWKHUPHQ7KHSROLFHKDGGHWDLQHGD0H[LFDQPDQIRXU6DOYDGRUDQ
PHQRQH6DOYDGRUDQZRPDQDQGRQHRWKHUIDWPDQLQDEODFNIRXUZKHHO
GULYHWUXFNZLWK*XDWHPDODQSODWHVLQWKHSDUNLQJORWRIDGDQFHFOXEFDOOHG
.DLURV 7KH FOXE LV RQ %RXOHYDUG /RV +HURHV RQH RI 6DQ 6DOYDGRUV
ELJJHVWVWUHHWV,QVLGHWKHWUXFNLQDVHFUHWFRPSDUWPHQWWKDWZDVRSHQHGE\
DQ HOHFWULF VZLWFK WKH SROLFH IRXQG D *DOLO ULIOH WZR 0V D 
FDUELQH WZR VKRWJXQV D UHYROYHU D PLOLWDU\ /(' OLJKW DQG HOHYHQ FHOO
SKRQHV7KHWZHQW\QLQH\HDUROGZRPDQWKRXJKWVKHUHFRJQL]HGWKHIDWPDQ
LQWKHSLFWXUHEXWVKHWULHGQRWWRWKLQNDERXWLW7KDWQLJKWWKHIDWPDQVIDFH
ZDV DJDLQ EODVWHG RQ HYHU\ QHZV VLWH :KHQ KH VSRNH VKH KDG WR HQGXUH
KHDULQJKLVVKULOOIDPLOLDUYRLFH7KHZRPDQILQDOO\KDGWRDGPLWWRKHUVHOI
WKDWVKHNQHZKLP6KHNQHZKLPZHOO7KHZRPDQZDV*UHFLD7KHPDQ
ZDV2PHJD
2PHJDV UHDO QDPH LV (QULTXH -DUDPLOOR $JXLODU +HV WKLUW\ILYH \HDUV
ROGZDVERUQLQ$SDW]LQJiQ0LFKRDFiQ0H[LFRDQGLQ'HFHPEHUKH
ZDV VHQWHQFHG WR VHUYH QLQH \HDUV LQ D 6DOYDGRUDQ SULVRQ IRU LOOHJDO
SRVVHVVLRQRIILUHDUPVDQGIDOVHGRFXPHQWDWLRQ+HVFXUUHQWO\VHUYLQJWLPH
DW$SDQWHRVSULVRQ-DUDPLOORLGHQWLILHGKLPVHOIWR6DOYDGRUDQDXWKRULWLHVDV
D*XDWHPDODQDQGIODVKHGWKHPIDOVHGRFXPHQWVWRSURYHLW+LVDUUHVWWKDW


:HGQHVGD\ 0D\  ZDV WKH UHVXOW RI D SROLFH RSHUDWLRQ WKDW WLHG KLP WR
/RV =HWDV +H ZDV RQ WKH SROLFH UDGDU WKDQNV WR DQ LQIRUPDQW ZKR
GLVFRYHUHGWKDWWKHIDOVH*XDWHPDODQZDVLQYROYHGLQWKHPDVVDFUHRI
$JXD =DUFD LQ +XHKXHWHQDQJR 7KH PDVVDFUH ZDV DQ KRXUVORQJ VKRRWRXW
EHWZHHQ *XDWHPDODQ PHPEHUV RI WKH 6LQDORD &DUWHO DQG /RV =HWDV ZKLFK
UHVXOWHGLQQLQHWHHQERGLHVKLWWLQJWKHVWUHHWV7KHPDVVDFUHVKHGOLJKWRQWKH
LQILOWUDWLRQ RI 0H[LFDQ FDUWHOV LQ *XDWHPDOD -DUDPLOOR ZDV DUUHVWHG RQ
VXVSLFLRQRIEHLQJRQHRIWKHSDUWLFLSDWLQJ=HWDVEXWWKH*XDWHPDODQ3XEOLF
0LQLVWU\ZDVXQDEOHWRSURYHLWLQFRXUW
:KHQ*UHFLDUHFRJQL]HGWKHPDQZKRUDSHGKHULQ5H\QRVDVROGKHUWR
/D4XHEUDGLWDDQGUREEHGKHUDXQWRIVKHGHFLGHGWRWHVWLI\EHIRUH
WKH 6DOYDGRUDQ 3XEOLF 3URVHFXWRUV 2IILFH 7KDWV ZKHQ *UHFLD EHJDQ KHU
MRELQFRXUWWHVWLI\LQJEHIRUHDMXGJHWZRSURVHFXWRUVWZRGHIHQVHODZ\HUV
FRQWUDFWHGE\-DUDPLOORDQG-DUDPLOORKLPVHOI*UHFLDUHTXHVWHGWKDWVKHEH
DOORZHGWRVHQGLQKHUGHFODUDWLRQEHIRUHKDQGQRWZDQWLQJWRJRWKURXJKWKH
HQWLUHMXGLFLDOSURFHVVLQSHUVRQ6KHZDVGHDWKO\DIUDLGWKDW2PHJDZRXOG
VHQG SHRSOH WR KXUW KHU /DWHU ZLWK WKH VXSSRUW RI WKH ,QWHUQDWLRQDO
2UJDQL]DWLRQIRU0LJUDWLRQDQGWKH8QLWHG1DWLRQV5HIXJHH$JHQF\*UHFLD
OHIW WKH FRXQWU\ IRU DQ XQGLVFORVHG ORFDWLRQ FUHDWHG D QHZ LGHQWLW\ IRU
KHUVHOIDQGEHJDQWRUHPDNHKHUOLIH

:HGQHVGD\ -XO\    DP 6SHFLDOL]HG 6HQWHQFLQJ &RXUW RI 6DQ
6DOYDGRU)LQDODOOHJDWLRQVDJDLQVWWKHDFFXVHG(QULTXH-DUDPLOOR$JXLODU
DQG-HV~V2YLGLR*XDUGDGR
-DUDPLOOR ZDLWV ZLWK 2YLGLR RXWVLGH WKH FRXUWURRP -DUDPLOORV ORRVH
VNLQKDQJVRIIKLVFKLQ+HVORVWDORWRIZHLJKWVLQFHKLVDUUHVWDW.DLURV
GDQFHFOXE+HVORVWKDLUDVZHOO+HZHDUVLWFORVHO\FURSSHGRQWKHVLGHV
DQGORQJHURQWRSZKHUHLWORRNVDVLIVRPHRQHULSSHGLWRXWLQVWHDGRIFXW
LW2YLGLRORRNVHYHQPRUHPLVHUDEOHPRUHZDVWHGDZD\,WVEHHQD\HDU
VLQFHKLVDUUHVW+LVZKLWHEXWWRQGRZQVKLUWDQGKLVNKDNLSDQWVKDUGO\VXLW
KLP
,QVLGH-DUDPLOORVWZRSULYDWHDWWRUQH\VWU\WREULQJDOLWWOHFKHHULQWRWKH
URRP 7KH\ MRNH DERXW D VXLFLGH DWWHPSW WKDW *UHFLD VXSSRVHGO\ VXUYLYHG
GXULQJKHUWHHQDJH\HDUV
7KH\VD\VKHWRRNSLOOVVKHZDVDQDUFRWLFRQHRIWKHPVD\V
1R,FDQWKHOSEXWDVNP\VHOIKRZVKHFRXOGYHSDFNHGVRPDQ\LQ
WKHRWKHUVD\V7KH\FUDFNXS
7KHQWKHILUVWRQHSOD\VUHJJDHWRQRQKLVFHOOSKRQHDQGWXUQVWKHYROXPH
XS DV KLJK DV LW ZLOO JR 7KH FRXUW UHJLVWUDU DVNV WKHP WR SOHDVH OHDYH WKH
URRP


7KHWZRSURVHFXWRUVPDNHWKHLUILQDODOOHJDWLRQV2YLGLRVROGKHURQWKH
WUDLQ  /D 4XHEUDGLWD  6KHV WUHDWHG OLNH PHUFKDQGLVH  -DUDPLOOR
UDSHG KHU FRQWLQXRXVO\  7DWWRR RQ KHU OHIW OHJ  7KH H[SHUW VD\V WKH
YLFWLPVFXUUHQWVXIIHULQJLVGXHWRZKDWKDSSHQHGLQ0H[LFR)RU2YLGLR
DWWHPSWHG UDSH DQG DJJUDYDWHG IRUPV RI WUDIILFNLQJ  )RU -DUDPLOOR
FRQWLQXDO UDSH DQG DJJUDYDWHG WUDIILFNLQJ  0D[LPXP VHQWHQFHV LQ ERWK
FDVHV
-DUDPLOORV ODZ\HUV RIIHU WKHLU UHEXWWDO :KDW DERXW /RV =HWDV" :KHUH
GRHV LW VD\ WKDW" /LHV  7KH DVVHVVPHQW VSHDNV RI PHQWDO FUDWHUV  7KH
YLFWLPVD\VRQHWKLQJDQGWKHQDQRWKHU6KHVDQXQVWDEOHSHUVRQ+HU
VHYHQ\HDUROG VRQ GUHVVHV OLNH D JLUO  +HU VRQ GRHVQW KDYH WKHVH
DEQRUPDOLWLHV EHFDXVH RI ZKDW VKH VD\V KDSSHQHG  $ YLFWLP ZLWKRXW
FUHGLELOLW\
2YLGLRV FRXUWDSSRLQWHG ODZ\HUV IROORZ 7HQWDWLYH FULPHV GRQW H[LVW
:DVWKHUHSHQHWUDWLRQRUZDVQWWKHUH"7KHUHVQRPLGGOHJURXQG
7KHQVXUSULVLQJO\-DUDPLOORDVNVWRVSHDN:LWKKLVVKULOOYRLFHKHFDOOV
WKHMXGJH\RXUKRQRUDQGOD\VGRZQKLVDUJXPHQWV7KHILUVWLVWKDW2YLGLR
LV WRR ROG WR EH ZRUNLQJ LQ WKH ZRUOG RI PLJUDWLRQ 7KH VHFRQG LV D OLWWOH
FRQIXVLQJ+HVD\VWKDW*UHFLDKDGVDLGWKDW2YLGLRRQO\KDGILYHWHHWKEXW
WKDW ZKHQ WKH\ DVNHG KHU KRZ PDQ\ WHHWK D KXPDQ EHLQJ VKRXOG KDYH VKH
DQVZHUHG WKLUW\VL[ %XW DV IDU DV , NQRZ SHRSOH RQO\ KDYH WKLUW\WZR
WHHWK +LV WKLUG DUJXPHQW LV WKDW KH GRHVQW OLYH LQ 5H\QRVD QRU GRHV KH
NQRZDQ\RQHIURPWKHUH+HVD\VKHVIURPDQRWKHUVWDWHIURP0LFKRDFiQ
KLVFULPLQDOUHFRUGVWDWHVWKDWKHVEHHQDIXJLWLYHVLQFHLQ5H\QRVD
7DPDXOLSDVUXQQLQJIURPFKDUJHVRISURSHUW\GDPDJH +LVIRXUWKDUJXPHQW
LV WKDW KH KDV QHYHU EHHQ D PHPEHU RI WKH PLOLWDU\ DQG WKDW /RV =HWDV DUH
PDGHXSRIVROGLHUV+HVD\VKHVKHDUGVRQJVWKDWVWDWHWKDW/RV=HWDVDUH
WKLUW\PHPEHUVODUJHDQGWKDWKHFHUWDLQO\LVQWRQHRIWKRVHWKLUW\PHPEHUV

)ULGD\-XO\7KHYHUGLFW
$EVROYHG
-XGJH 5RJHU 5XILQR 3D] 'tD] VWDWHV WKDW *UHFLD FRQWUDGLFWHG KHUVHOI
*UHFLD JDYH D GLIIHUHQW YHUVLRQ RI WKH IDFWV WR WKH 6DOYDGRUDQ 3XEOLF
3URVHFXWRUV2IILFHDQGWKH0H[LFDQ3XEOLF3URVHFXWRUV2IILFH,Q0H[LFR
VKH RPLWWHG 2YLGLRV QDPH DQG VDLG VKH KDG EHHQ VROG WR /RV =HWDV E\
SHRSOHOLQNHGWRDVKHOWHULQ9HUDFUX]7KHSURVHFXWRUVDUJXHWKDW*UHFLDGLG
WKLVEHFDXVHVKHNQHZ2YLGLRWREHLQWKHFRXQWU\WKDWKHNQHZKHUIDPLO\
ZHOODQGOLYHGFORVHWRKHUPRWKHU7KHSURVHFXWRUVDUJXHWKDW*UHFLDZDV
DIUDLG WR UHSRUW 2YLGLR LQ 0H[LFR WKDW KH ZRXOG ILQG RXW DQG XOWLPDWHO\
KDUP KHU IDPLO\ 7KDWV ZK\ VKH HUDVHG KLP IURP KHU VWRU\ DQG RQO\


LQFOXGHG KLP ZKHQ VKH ZDV LQ (O 6DOYDGRU DQG FRXOG ZDUQ KHU IDPLO\ RI
SRWHQWLDO GDQJHU 7KH SURVHFXWRUV DUJXH WKDW *UHFLDV SV\FKRORJLFDO
HYDOXDWLRQ OHQGV FUHGLELOLW\ WR WKLV WKHRU\ *UHFLD DV WKH SV\FKRORJLVWV
ZURWHZDVDIUDLG6KHZDVYHU\DIUDLG
(O 6DOYDGRUV 3XEOLF 3URVHFXWRUV 2IILFH XQGHU WKH FKLHI RI WKH DQWL
WUDIILFNLQJ XQLW 6PLUQD GH &DOOHV KHOG D SUHVV FRQIHUHQFH WKDW VDPH GD\
6KHH[SODLQHGWKDWWKH\ZHUHGLVDSSRLQWHGLQWKHYHUGLFWWKDWWKHYLFWLPVRI
WKHVH FULPHV KDYH WR UHFRQIURQW WKHLU WUDXPDV DV WKH\ DUH WHVWLI\LQJ 6KH
SURPLVHGWRDSSHDODQGWDNHLWWRWKH6XSUHPH&RXUW-XVWLFHKDGQRWEHHQ
LVVXHG
*UHFLD ZLOO QRW WHVWLI\ DJDLQ 1RW HYHQ WKH 3XEOLF 3URVHFXWRUV 2IILFH
NQRZVZKHUHVKHLV6KHVVXUYLYLQJVRPHZKHUHHOVH



7KH3UD\HUVRI(O6DOYDGRUV
$QWL*DQJ3ROLFH8QLW

-DQXDU\
0RUH WKDQ D GR]HQ IDPLOLHV DEDQGRQ WKHLU KRPHV DIWHU %DUULR  WKUHDWHQV D
PDVVDFUH$PDQFULHVDQJULO\EHFDXVHWRQLJKWKHDQGKLVZLIHDQGWKUHHFKLOGUHQ
ZLOO VOHHS RQ D IDPLO\ PHPEHUV IORRU 7KH VXEGLUHFWRU RI WKH $QWL*DQJ 8QLW
DUULYHVDQGWHOOVWKHIDPLOLHVWRVWDUWSUD\LQJ
7KLV LV WKH VWRU\ RI WKH IDPLOLHV IOHHLQJ WKH 6DQ 9DOHQWtQ FRQGRV LQ WKH
0HMLFDQRVVXEXUERI6DQ6DOYDGRU

%UHDNLQJ QHZV WKLV 7XHVGD\ -DQXDU\   7KHUH LV D OLYH DXGLHQFH
ZDWFKLQJDVLILWZHUHDVRFFHUJDPHSHRSOHSHHNLQJRXWIURPWKHLUNLWFKHQ
ZLQGRZV DV WKH\ HDW OXQFK /LYH DQG GLUHFW PRUH WKDQ D GR]HQ IDPLOLHV
IOHHLQJ WKHLU 6DQ 9DOHQWtQ FRQGRV LQ WKH FLW\ RI 0HMLFDQRV 7KHUH DUH DOVR
ILOP FUHZV FRSV GLUHFWLQJ WUDIILF DQG RWKHU LGOLQJ VSHFWDWRUV 7KH SROLFH
DUHRIIHULQJSURWHFWLRQIRUIDPLOLHVZKRKDYHEHHQWKUHDWHQHGE\WKH%DUULR
JDQJ*DQJPHPEHUVWKUHDWHQHGWRNLOOE\WRQLJKW7KHUHVLGHQWVRI6DQ
9DOHQWtQ WDNLQJ WKH WKUHDW VHULRXVO\ DUH QRZ IOHHLQJ RQ OLYH QDWLRQDO
WHOHYLVLRQ
7KH PLGGD\ KHDW LV VXIIRFDWLQJ 7KH IDPLOLHV VWDUWHG HPSW\LQJ RXW WKHLU
KRPHV DURXQG WHQ LQ WKH PRUQLQJ  WKH JDQJ KDG ZDUQHG WKHP WKH QLJKW
EHIRUH DW VHYHQ RFORFN WKDW WKH\ KDG WZHQW\IRXU KRXUV $QG WKHQ 7KH\
ZRXOG JHW PDVVDFUHG 7KH IDPLOLHV ORRN H[KDXVWHG DV WKH\ GUDJ RXW
PDWWUHVVHV UHIULJHUDWRUV WHOHYLVLRQV FKDLUV  $QG \HW VZHDWLQJ LQ WKH
UDJLQJKHDWWKH\NHHSRQ7KH\EHOLHYHWKHWKUHDWWKDWLIWKH\GRQWOHDYHE\
VHYHQWRQLJKWWKH\OODOOEHNLOOHG
7KH 6DQ 9DOHQWtQ FRQGRV DUH LQ WKH 'HOLFLDV GHO 1RUWH QHLJKERUKRRG RI
0HMLFDQRVRQWKHRXWVNLUWVRI6DQ6DOYDGRU2QWKHZD\WR$UJHQWLQD3DUN
DORQJWKH&EXVURXWH7KHFRQGRVDUHIRXUEORFNVIURPZKHUHRQ0DUFK
  DVVDVVLQV PXUGHUHG *LRYDQQL 0RUDOHV RWKHUZLVH NQRZQ DV (O


'HVWLQR 'HVWLQ\  D YHWHUDQ PHPEHU RI WKH *XDQDFRV &ULPLQDO
6DOYDWUXFKRV FOLTXH RI WKH 0DUD 6DOYDWUXFKD ZKLFK FRQWUROV WKH QHDUE\
QHLJKERUKRRGRI0RQWUHDO7KHPXUGHURI0RUDOHVPDGHELJQHZVEHFDXVH
KHZDVWKHDVVLVWDQWWR)DWKHU$QWRQLR5RGULJXH]WKHIDPRXV3DVVLRQLVW D
&DWKROLF VHFW  DFFXVHG RI EHLQJ DQ DFFRPSOLFH WR WKH JDQJV DQG ZDV WKXV
IRUFHGRXWRIWKHFRXQWU\WRKLVQDWLYH6SDLQD\HDUSUHYLRXVO\,I\RXGRQW
UHPHPEHU )DWKHU 7RxR DV $QWRQLR 5RGULJXH] ZDV NQRZQ  RU (O 'HVWLQR
\RX PLJKW DW OHDVW UHPHPEHU WKLV UHIHUHQFH 7KH 6DQ 9DOHQWtQ FRQGRV DUH
VHYHQ EORFNV IURP ZKHUH RQ 6XQGD\ -XQH   PHPEHUV RI WKH
&RORPELD /RFRV 6XUHxRV FOLTXH RI %DUULR  IURP WKH -DUGtQ
QHLJKERUKRRG VHW ILUH WR D 5RXWH  EXV ZKLOH WKH SDVVHQJHUV ZHUH VWLOO
LQVLGH6HYHQWHHQSHRSOHGLHG7KH\ZHUHHLWKHUEXUQHGRUVKRWZKLOHWKH\
ZHUHWU\LQJWRHVFDSHWKURXJKWKHZLQGRZV7KHEXVZDVKHDGHGWRZDUGWKH
%XHQRV $LUHV QHLJKERUKRRG RI 0HMLFDQRV ZKLFK ZDV FRQWUROOHG E\ WKH
0DUDV WKRXJK WR DUULYH LW ZRXOG KDYH WR WDNH D QXPEHU RI WXUQV WKURXJK D
]RQHFRQWUROOHGE\%DUULR7KHWHUULWRULDOGLVSXWHOHDGLQJWRWKHVDYDJH
DFWRIYLROHQFHWXUQHGKHDGVDURXQGWKHZRUOGHYHQDSSHDULQJRQWKHIURQW
SDJHVRIGR]HQVRILQWHUQDWLRQDOQHZVSDSHUVWKDWUDUHO\UHPHPEHUWKLVILHUFH
FRUQHURIWKHZRUOG
,Q WKH PLGGOH RI DOO WKLV GHDWK OLH WKH 6DQ 9DOHQWtQ FRQGRV 7KHUH DUH
IRUW\VL[IDPLOLHVOLYLQJLQWKHVHDUFKLWHFWXUDOO\GUDEER[HV)URPDFHPHQW
OLQHG D[LV RSHQLQJ XS WR VWUHHWV RQ HLWKHU VLGH URZV RI VPDOO ER[ KRXVHV
EUDQFKRIILQERWKGLUHFWLRQV7KUHHURZVRQHDFKVLGHSOXVDYHUWHEUDOVWULS
GRZQ WKH PLGGOH 7LQ\ OLWWOH KRXVHV ZLWK D RQHURRP GLQLQJNLWFKHQOLYLQJ
URRP ,Q WRWDO MXVW D VLQJOH URRP DQG D EDWKURRP 7KH LQKDELWDQWV KDYH
EHFRPHH[SHUWVLQFRQYHUWLQJWKHVHVSDFHVWRVHUYHWKHLUQHHGV$WQLJKWWKH
PDWWUHVVHVKLWWKHIORRUDQGWKHFKDLUVJRRQWKHWDEOHV%\GD\WKHPDWWUHVVHV
DUH VWXIIHG LQWR WKH VPDOO SDWLRV LQ WKH EDFN DQG WKH FKDLUV ULQJ WKH WDEOH
DJDLQRUDUHSURSSHGLQIURQWRIWKHWHOHYLVLRQV
7KLV LV OLIH LQ WKH 6DQ 9DOHQWtQ FRQGRV ZKHUH UHSRUWHUV FOXVWHU DURXQG
ORRNLQJIRUTXRWHVDQGFRSVVWDQGJXDUG
2QH RI WKH IDPLOLHV LV OLQJHULQJ RXWVLGH WKHLU VPDOO KRPH VZHDWLQJ DQG
FU\LQJ6LQFHWHQWKLVPRUQLQJWKH\KDYHEHHQKDXOLQJRXWFKDLUVDSSOLDQFHV
DQGPDWWUHVVHV7KH\UHSLOLQJHYHU\WKLQJWKH\FDQLQWRDSLFNXSWUXFN7KH
SLFNXS WDNHV RII EXW VRRQ UHWXUQV QRZ HPSWLHG WR KDXO RII D OLWWOH PRUH
7KHUHDUHRQO\DGXOWVSDFNLQJXSLQWKLVIDPLO\WZRWZHQW\VRPHWKLQJPHQ
DQGWKUHHZRPHQRQHLQKHUILIWLHVRQHLQKHUIRUWLHVDQGSUHJQDQWDQGD
WZHQW\\HDUROG 7ZR RI WKH RWKHU ZRPHQ LQ WKH IDPLO\ ZLYHV RI WKH WZR
PHQDVZHOODVWKHLUIRXUFKLOGUHQKDYHDOUHDG\OHIWIRUDFRXVLQVKRXVH
7KH\SXWWKHNLGV WKHHOGHVWLVVL[WKHRWKHUVDUHVWLOOLQIDQWV RXWRIWKHZD\


IRU WKH PRYH 7KLV H[WHQGHG IDPLO\ UHQWHG WKUHH RI WKH RQHURRP 6DQ
9DOHQWtQ FRQGRV (DFK OLWWOH KRPH FRVWV WKHP D KXQGUHG GROODUV D PRQWK
7KH\SD\WKHLUUHQWE\ZDVKLQJZLQGVKLHOGVDWLQWHUVHFWLRQVLQ6DQ6DOYDGRU
)XOO\ORDGHGWKHSLFNXSKHDGVRXWDJDLQIRUWKHFRXVLQVKRXVHLQDQRWKHU
VLPLODUO\ VPDOO FRQGR XQLW 6RPH RI WKH IDPLO\ ZLOO FUDVK WKHUH XQWLO WKH\
ILQGDQHZKRPH2WKHUVZLOOILQGVSDFHDWRQHRIWKH\RXQJPHQVSDUHQWV
DSDUWPHQWVKRSLQJWKDWWKHLUODQGORUGGRHVQWUHDOL]HKRZPDQ\SHRSOHDUH
VOHHSLQJLQWKHDSDUWPHQWDQGNLFNWKHPRXW
'HVSLWHWKHIDFWWKDWWKHFRQGRVEHLQJSDFNHGXSDUHVXUURXQGHGE\GDLO\
YLROHQFH UHVLGHQWV SRLQW RXW WKDW 6DQ 9DOHQWtQ ZDVQW DOZD\V UXQ E\ WKH
JDQJV <RX QHHG VRPH FRQWH[W )RU WKH ZRUNLQJ FODVV LQ (O 6DOYDGRU WKH
JDQJV DUH DOZD\V MXVW DURXQG WKH FRUQHU 6RPHWLPHV LI \RXUH OXFN\ WKH\
QHYHU NQRFN GLUHFWO\ RQ \RXU GRRU $ IHZ PRQWKV DJR KRZHYHU LQ WKH
VHFRQGKRXVHIURPWKHPDLQJDWHIRXU\RXQJIHPDOHJDQJPHPEHUVPRYHG
LQ 7KH KRXVH KDG EHHQ IRU VDOH EXW WKH JDQJ PHPEHUV PRYHG LQ ZLWKRXW
PDNLQJDSXUFKDVH7KH\MXVWWRRNRYHU6RRQDWQLJKWWDWWRRHG\RXQJVWHUV
IURP WKH -DUGtQ QHLJKERUKRRG PHPEHUV RI %DUULR  VWDUWHG FRPLQJ E\
7KH\PDGHDUDFNHWEXWQRQHRIWKHRWKHUUHVLGHQWVVDLGDQ\WKLQJ
7KH WZR PHQ IURP WKH IDPLO\ SDFNLQJ XS WHOO PH KRZ LW DOO VWDUWHG
0HDQZKLOHWKHZRPHQDUHFU\LQJDVWKHLUKRPHVDUHHPSWLHG
/DVW 6DWXUGD\ -DQXDU\  WKH SROLFH FDPH DQG UDLGHG WKH KRXVH RI WKH
\RXQJIHPDOHJDQJPHPEHUV1RQHRIWKHJDQJVWHUVKRZHYHUZHUHKRPH
VRWKHSROLFHWRRNHYHU\WKLQJWKDWZDVLQVLGH
7KH SROLFH ZHUH GRLQJ WKHLU MRE 7KH\ ZHUH UHVSRQGLQJ WR D FDOO 7KH\
EURNHLQWRWKHKRXVHWRRNHYHU\WKLQJWKH\FRXOGDQGWKHQOHIW%XWWKLVLVWKH
SUREOHP *DQJV GRQW OHDYH 7KH\ DUH SDUW RI WKH VRFLDO IDEULF 7KH\ OLYH
KHUH 7KH\ DUH WKH VRQV DQG GDXJKWHUV RI ZRPHQ ZKR OLYH LQ WKH
QHLJKERUKRRG7KH\DUHEURWKHUVDQGVLVWHUVRI\RXQJPHQDQGZRPHQZKR
OLYHKHUH7KH\DUHIDWKHUVXQFOHVDQGIULHQGVRIWKHORFDOV*DQJVDUHSDUW
RI(O6DOYDGRU7KH\DUHDVURRWHGWRWKHEORFNDQGWRWKHQHLJKERUKRRGDV
WKHFRUQHUVWRUH
7KH IHPDOH JDQJVWHUV FDPH EDFN 2Q 6XQGD\ WKH GD\ DIWHU WKH UDLG
VHYHQGLIIHUHQWQHLJKERUVDOOLQWKHSURFHVVRIPRYLQJRXWFRQILUPHGLWIRU
PHWKH IRXU ZRPHQ FDPH EDFN DW QLJKW DFFRPSDQLHG E\ WZR PHQ ERWK
DUPHGZLWKSLVWROV7KHJURXSZHQWWRDQHLJKERUVKRXVHDQGWROGWKHPWR
OHW WKH RWKHU UHVLGHQWV NQRZ WKDW WKH\ ZRXOG DOO KDYH WR KHOS UHIXUQLVK WKH
HPSWLHG KRXVH WKDW WKH UDW DV WKH\ SXW LW ZKR VQLWFKHG WR WKH FRSV ZDV
OLYLQJ LQ WKRVH FRQGRV DQG VR WKRVH VDPH UHVLGHQWV ZHUH UHVSRQVLEOH IRU
SXWWLQJ D QHZ GRRU RQ WKH KRXVH LQVWDOOLQJ D QHZ UHIULJHUDWRU WHOHYLVLRQ


NLWFKHQDSSOLDQFHVGLQLQJWDEOHFKDLUVDQGFRXFK2QWRSRIWKHGHPDQGWR
UHIXUQLVKWKH\WROGWKHQHLJKERUWKDWWKHUHVLGHQWVZRXOGKDYHWRVLJQDOHWWHU
VD\LQJWKDWWKHZRPHQZHUHKRQRUDEOHUHVLGHQWVRI6DQ9DOHQWtQ2U3ODQ%
7KH\ZRXOGPRYHLQWRDGLIIHUHQWFRQGRXQLWZKLFKZRXOGEHSDLGIRUE\
WKHUHVLGHQWV$QGLIQRQHRIWKLVKDSSHQHGWKHJDQJZRXOGVWDUWNLOOLQJRII
WKH IDPLOLHV ZKR OLYH LQ 6DQ 9DOHQWtQ 7KH QHLJKERU ZKR ILUVW KHDUG WKLV
PHVVDJHZDVWKHILUVWWRVWDUWSDFNLQJ+HEHOLHYHGWKHWKUHDW7KHQH[WGD\
DIWHUKHKDGDOUHDG\WROGVRPHRIKLVQHLJKERUVDERXWWKHZRPHQVGHPDQG
KH UHFHLYHG D WH[W PHVVDJH ,W ZDV WKH VDPH VWRU\ EXW ZLWK DQRWKHU
LQJUHGLHQWWDFNHGRQ<RXDOOKDYHKRXUVWRPHHWRXUGHPDQGVRUWKHUH
ZLOO EH D PDVVDFUH 7KH PDQ VKRZHG VRPH RI KLV QHLJKERUV WKH WH[W
LQFOXGLQJ RQH RI WKH PHQ RI WKH ILUVW IDPLO\ , VWDUWHG WDONLQJ WR 7KDW VDPH
QLJKWLVZKHQWKHSDQLFVWDUWHGVSUHDGLQJWKURXJKRXW6DQ9DOHQWtQ
6RPHERG\WROGWKHSROLFHDERXWWKHWKUHDWDQGWKDWQLJKWDIHZRIILFHUV
FDPHWRWU\WRFDOPWKHSHRSOHZKRZHUHDOUHDG\WDONLQJDERXWOHDYLQJ%\
WKH QH[W PRUQLQJ 7XHVGD\ DW OHDVW ILYH IDPLOLHV KDG DOUHDG\ PDGH D
GHFLVLRQ7KH\ZHUHOHDYLQJ7KHVHILUVWILYHIDPLOLHVVSDUNHGDQRWKHUILYH
DQG E\ QRRQ WKHUH ZHUH VHYHQWHHQ KRXVHKROGV SDFNLQJ WKHLU IXUQLWXUH LQWR
WUXFNVSLFNXSVDQGROGFDUVRUKDXOLQJWKHLUVWXIIDZD\KRZHYHUWKH\FRXOG
RQWKHLUZD\WRDQRWKHUJDQJVWXUI
7KLV LV ZKDW LW FRPHV GRZQ WR RQH RI WKH \RXQJ GDUNVNLQQHG
ZLQGVKLHOGZDVKHUV WHOOV PH :KHUH GR ZH JR LI WKHUH DUH JDQJV HYHU\
SODFHZHFDQDIIRUGWROLYH",IWKHUHDUHJDQJVHYHU\SODFHZLWKUHQWEHORZ
ZKHUHGRZHJR":KDWGRZHVD\LIWKHQHZJDQJVWHUVDVNXVZKHUH
ZHUH FRPLQJ IURP" ,I WKH\UH IURP WKH V WKH\UH QRW JRLQJ WR OLNH ZKDW
ZHQWGRZQKHUH,IWKH\UHIURPWKHRWKHUJDQJWKH\UHQRWJRLQJWRZDQWXV
HLWKHU5LJKWQRZZHUHMXVWOHDYLQJODWHURQZHOOVHHKRZWROLYH7KH
\RXQJPDQORRNVWRXJKKDUGHQHGE\DOLIHZDVKLQJZLQGVKLHOGV+HILQLVKHV
KLVSKUDVHSDXVHVIRUDPRPHQWDQGWKHQKHEHJLQVWRFU\+HGRHVQWZHHS
RSHQO\OLNHKLVDXQWZKRZDVFU\LQJHDUOLHURUEUHDNLQWRVREVRUQHHGWR
ZLSHKLVH\HVZLWKDKDQGNHUFKLHI6NLQFULVSHGE\DOLIHZRUNLQJXQGHUWKH
VXQWKHPDQGRHVQWZDQWWRFU\2UDWOHDVWGRHVQWZDQWWREHVHHQFU\LQJ
+HWULHVWRVWRSEXWKHFDQWDQGVFUHZLQJXSKLVIDFH,FDQVHHWKDWKHLV
FU\LQJIURPVRPHZKHUHGHHS+LVVWRPDFKVSDVPV+HLVKXPLOLDWHGDQGKH
VD\VLW,PKXPLOLDWHG
7KLVPDQZKRVTXHHJHHVZLQGVKLHOGVDOOGDPQGD\ORQJRQWKHFRUQHURI
D VWUHHW LQ WKLV EDNLQJ KRW FRXQWU\ KDV KDG WR HPSW\ KLV KRXVH WKDW KH
IXUQLVKHGDQGUHQWHGZLWKKLVRZQVZHDWEHFDXVHDIHZOLSVWLFNHGZRPHQ
WKUHDWHQHG D ZKROH FRQGR FRPSOH[ 7KLV PDQ DIWHU VWDQGLQJ RXW RQ WKDW
FRUQHU GD\ LQ DQG GD\ RXW XQGHU WKH VFUXWLQL]LQJ JODUH RI WKRXVDQGV RI


GULYHUV DIWHU OLYLQJ XQGHU WKH PRWWR WKDW WKHUHV QR UHDVRQ WR PL[ ZLWK
WKHP WKLV PDQ ZKR DOZD\V ZHQW VWUDLJKW IURP ZRUN WR WKH VDIHW\ RI KLV
KRPH QRZ KDV WR OHDYH EHFDXVH WKHVH ZRPHQ KDYH WKH JDQJV VWDQGLQJ
EHKLQGWKHP
6HHLQJKLPFU\LQJWKHPDQVEURWKHULQODZVWDUWVXSKLPVHOI+HKDQJV
KLVKHDGGRZQKXPLOLDWHGDQGEHJLQVVKDNLQJDQGFU\LQJ
7RQLJKWWKHVHPHQDQGWKHLUIDPLOLHVZLOOVOHHSVTXHH]HGLQWRVRPHERG\
HOVHVDSDUWPHQW7KH\OOSDFNWKHPVHOYHVLQDVZHOODVWKH\FDQWU\WRJHW
VRPHVOHHS$QGWKHQWRPRUURZWKH\OOJHWEDFNWRZDVKLQJZLQGVKLHOGV
WU\LQJWRVWDUWRYHU2UPD\EHWKH\OOWKURZLQWKHWRZHODQGWU\WRKHDGWR
WKH8QLWHG6WDWHV
,WV RQH LQ WKH DIWHUQRRQ DQG VHYHQ SROLFHPHQ DUH ZDWFKLQJ RYHU WKH
IOHHLQJ IDPLOLHV 6XGGHQO\ ILIWHHQ PRUH FRSV DOO ZHDULQJ EDODFODYDV
DUULYH 7KH VXEGLUHFWRU RI WKH $QWL*DQJ 8QLW 3HGUR *RQ]iOH] LV ULGLQJ
ZLWKWKHP(YHU\WKLQJVRIDUKDVEHHQRQOLYHWHOHYLVLRQDQGQRZWKHSROLFH
ZDQWYLHZHUVWRVHHWKDWVRPHWKLQJLVEHLQJGRQH
7KHQHZO\DUULYHGDQWLJDQJDJHQWVHVFRUWDOOWKHPHGLDRIIWKHJURXQGVRI
6DQ9DOHQWtQ$V,PVWDQGLQJDWWKHIDUFRUQHURIRQHRIWKHDOOH\ZD\VWKH\
RYHUORRN PH DQG ,P DEOH WR VWD\ 6XEGLUHFWRU *RQ]iOH] FDOOV RXW WR WKH
UHVLGHQWV*DWKHUWRJHWKHUSOHDVH$OORI\RXFRPHKHUHWKHUHDUHQRPRUH
FDPHUDV:HJRWULGRIWKHPHGLDEHFDXVHZHZDQWWRJLYH\RXDPHVVDJH
$ERXWWZHOYHUHVLGHQWVJDWKHULQIURQWRIWKHVXEGLUHFWRU7KHUHVWHLWKHU
FRQWLQXHWKHLUKXUULHGSDFNLQJRUVWD\ORFNHGLQWKHLUKRPHV
$ ZRPDQ ZDONV RXW RI KHU DSDUWPHQW DQG FDOOV RXW ,P FRPLQJ E\
P\VHOIEHFDXVHP\KXVEDQGKDVKHDUWWURXEOH
6XEGLUHFWRU *RQ]iOH] WHOOV SHRSOH WR JR KRPH ZDVK WKHLU FORWKHV
SUHSDUH WKHLU OXQFKHV DQG ZDWFK 79 *R DERXW \RXU GDLO\ OLYHV +H WHOOV
WKHPWKDWKLVDJHQWVZLOOFDSWXUHDOOWKHJDQJVWHUV+HVD\V:HUHJRLQJ
WRORFNXSDOOWKHJDQJVWHUVLQWKHQHLJKERUKRRG+HWKHQWXUQVDQGVKRXWVDW
KLVDJHQWV&RPEWKHDUHD+HOLIWVKLVSRLQWHUILQJHUDQGVRUWRIVZHHSVLW
DURXQGLQWKHDLU
1RQHRIWKHDJHQWVPRYH+HWXUQVEDFNWRWKHFOXVWHURIUHVLGHQWVEHIRUH
KLP DQG WHOOV WKHP WR SUD\ ,W GRHVQW PDWWHU LI \RXUH &DWKROLF RU
HYDQJHOLFDO OHWV SUD\ 7KLV LV ZKDWV PRVW LPSRUWDQW /HWV SUD\ WR WKH
/RUG +H DVNV IRU D YROXQWHHU WR OHDG WKH SUD\HU 1RERG\ PRYHV 7KH
VXEGLUHFWRU LQVLVWV DVNLQJ DJDLQ IRU VRPHRQH WR SUD\ 1RERG\ PRYHV +H
WKHQ WHOOV WKH ZRPDQ VWDQGLQJ LQ IURQW RI KLP ZKR VHHPV WR EH LQ KHU
VHYHQWLHVWKDWVKHORRNVGHYRXW+HDVNVKHULIVKHZLOOSUD\6KHGRHVQW
SUD\)LQDOO\DQRWKHUZRPDQVWDUWVWKHRUDWLRQ,KDYHDKDUGWLPHKHDULQJ


EXWPDNHRXWWKHZRUGVZKLFK,VFULEEOHLQWRP\QRWHERRN/RUGSXWDQ
DQJHOLQIURQWRIHYHU\GRRU
7KHIDPLO\RIZLQGVKLHOGZDVKHUVFRQWLQXHVWKHLUKXUULHGH[RGXV
$QRWKHU WHQ IDPLOLHV ZLWKLQ YLHZ RI WKH KHDG RI WKH QDWLRQV $QWL*DQJ
8QLWZKRLVDVNLQJIDPLOLHVQRWWROHDYHZKRLVSURPLVLQJWRSURWHFWWKHP
FRQWLQXHSDFNLQJXSWKHLUKRPHV
$WOHDVWILIW\SHRSOHGRQWEHOLHYHWKDWWKHSROLFHFDQNHHSWKHPVDIH
$IHZPLQXWHVODWHU6XEGLUHFWRU*RQ]iOH]ZLOOWHOOPHVRPHWKLQJWKDWKLV
ERVVWKHQDWLRQDOFKLHIRISROLFHDQGHYHQKLVERVVWKHPLQLVWHURIVHFXULW\
DQGMXVWLFHKDYHERWKVDLGWRPHEHIRUH+HZLOOVD\,WVDOVRDTXHVWLRQRI
KRZ\RXSHUFHLYHWKLVUHDOLW\
<HV LWV SRVVLEOH WR WKLQN WKH WKUHDW LV QRWKLQJ EXW WKRVH \RXQJ ZRPHQ
PDNLQJDSRLQWLQIURQWRIWKHLUJDQJ,QIDFWVRPHIDPLOLHVDUHQWOHDYLQJ
7KH\WKLQNWKDWWKHWKUHDWZDVPRUHFKHVWWKXPSLQJWKDQDUHDOGDQJHU%XW
HYHQLIVRPHIDPLOLHVDUHVWD\LQJZKRLVWRVD\WKDWWKRVHZKRDUHOHDYLQJ
GRQWKDYHOHJLWLPDWHIHDUV"7KHVDPHJDQJZKRWKUHDWHQHGWKHPODVWQLJKW
ZDVUHVSRQVLEOHIRUDPXOWLSOHKRPLFLGHMXVWDIHZEORFNVDZD\7KHVDPH
JDQJEXUQHGVKRWDQGPDVVDFUHGDEXVORDGRISHRSOHMXVWVHYHQEORFNVLQ
WKHRWKHUGLUHFWLRQ7KHVDPHJDQJMXVWWHQGD\VHDUOLHUNLOOHGWKHVRQRIWKH
SXSXVD PDNHU IURP RQH RI WKHVH YHU\ FRQGRV 7KH\ NLGQDSSHG KLP MXVW
RXWVLGHWKHIURQWJDWHVDVKHZDVKDXOLQJKRPHDWDQNRIJDVWKH\GXPSHG
KLVERG\DGD\ODWHURQWKHRXWVNLUWVRIWKHQHDUE\3DQDPiQHLJKERUKRRG
,WLVDERXWKRZ\RXSHUFHLYHUHDOLW\EXWWKHUHDOLW\LVRIDYHU\UHDOGHDWK
WKUHDW ,WV QRW WKH UHDOLW\ RI WKH ZHDWKHUPDQ ZKRP \RX GHFLGH WR EHOLHYH
DQGWDNHDUDLQFRDWZLWK\RXDV\RXZDONRXWWKHGRRURUQRWEHOLHYHDQGMXVW
KHDGRXWLQ\RXU7VKLUW,WVQRWWKHUHDOLW\WKDWVRPHRQHPLJKWVWHDO\RXUFDU
DQG VR \RX EHWWHU ORFN WKH GRRUV ,WV DERXW SHUFHLYLQJ WKH UHDOLW\ WKDW
WRQLJKWLQMXVWDIHZKRXUV\RXUIDPLO\PD\RUPD\QRWEHPDVVDFUHG
:RXOG\RXSDFNXS"2UZRXOG\RXFKDQFHLWDQGVWD\LQ\RXUKRPH"
7KHSUD\HU6XEGLUHFWRU*RQ]iOH]DVNHGIRULVRYHU,QWKHQH[WIHZKRXUV
KLV XQLW ZLOO FDSWXUH VL[ SHRSOH DFFXVHG RI LOOLFLW DVVRFLDWLRQJDQJ
PHPEHUVKLS
,Q 6DQ 9DOHQWtQ D ZRPDQ DVNV 6R DUH WKH SROLFH JRLQJ WR VWD\"
*RQ]iOH]UHVSRQGV:HZLOOVWD\XQWLO\RXIHHOVDIH
$QG WKHQ" WKH ZRPDQ DVNV $QG ZKHQ \RX OHDYH" :KHQ ZH KDYH WR
JHWRQWKHEXVWRGURSRXUNLGVRIIDWVFKRRO"$QGZKHQZHQHHGWRJRWR
ZRUN"7KHZRPDQZDLWVDPRPHQWIRUDQDQVZHUDQGWKHQWXUQVWRUHVXPH
KHUSDFNLQJ
$QRWKHUZRPDQDVNV&RXOG\RXOHDYHDSROLFHPDQWRJXDUGHYHU\RQH


RIRXUGRRUVIRUHYHU"
7KHSUD\HUFLUFOHKDVGLVEDQGHG1RERG\UHVSRQGVWRWKHTXHVWLRQ



7KH8QIRUWXQDWH+LVWRU\RIDQ
8QGRFXPHQWHG0DQ:KR:DV6ROG
([WRUWHGDQG'HSRUWHG

$SULO
$FFRUGLQJWRRQHRIWKHROGHVWFR\RWHVLQ&KDODWHQDQJRLQQRUWKHUQ(O6DOYDGRU
WKHUHDUHUXOHVWKDWHYHU\JRRGFR\RWHVKRXOGIROORZDQGWKHUHDUHTXHVWLRQVWKDW
HYHU\ JRRG PLJUDQW ZLOO DVN 7KLV LV WKH VWRU\ RI D FR\RWH ZKR GLGQW IROORZ DQ\
UXOHVDQGDPDQZKRGLGQWDVNDQ\TXHVWLRQV

6HxRU&R\RWHVSUDZOHGRXWRQKLVUXEEHUVWULQJHGFKDLULQWKHPLGGD\KHDW
ORRNV MXVW OLNH ZKDW KH LV WKH SDWULDUFK RI D ORQJ OLQHDJH RI PHQ LQ WKH
6DOYDGRUDQVWDWHRI&KDODWHQDQJR0HQZKRZRUNDVPLJUDQWJXLGHVWRWKH
8QLWHG 6WDWHV 0HQ ZKR ZRUN WR VPXJJOH SHRSOH LQWR FRXQWULHV WKDW WU\ WR
VWRSWKHPIURPFRPLQJ
6HxRU &R\RWH LVDFFRUGLQJ WR WKH FLJDUHWWH DQG FKHHVH WUDIILFNHU ZKR
LQWURGXFHGPHWRKLPWKHPRVWH[SHULHQFHGFR\RWHLQWKHVWDWH+HEHJDQ
ZRUNLQJLQZKHQPRVW6DOYDGRUDQVZKRZDQWHGWRJRQRUWKKDGWRKLUH
D*XDWHPDODQ:KLFKLVZKDW6HxRU&R\RWHGLGWKHILUVWWLPHKHZHQWQRUWK
7KHQDIWHUKLVILUVWWULSKHVWDUWHGZRUNLQJIRUWKH*XDWHPDODQKHOSLQJKLP
ILQG6DOYDGRUDQFOLHQWV6RRQKHZDVDFFRPSDQ\LQJKLPRQWKHWULSV$QG
WKHQDIWHUGHFLSKHULQJWKHUXOHVRIWKHURDGKHVWUXFNRXWRQKLVRZQ
1RZDVDYHWHUDQ6HxRU&R\RWHIRFXVHVRQDVKHVD\VFRRUGLQDWLRQ
7KH WLPH RI WUDYHOLQJ FR\RWHV KH WHOOV PH LV RYHU 1RZ WKH ODERU LV
VHSDUDWHG7KHILUVWFR\RWHILQGVKLV6DOYDGRUDQFOLHQWVVHQGVWKHPZLWKDQ
HPSOR\HH WR *XDWHPDOD &LW\ RU PD\EH WR WKH 0H[LFDQ ERUGHU ZKHUH WKH
FOLHQWVDUHWXUQHGRYHUWRDQRWKHUFR\RWHXVXDOO\D0H[LFDQZKRWDNHVWKHP
WR0H[LFR&LW\DQGGHOLYHUVWKHPWRDFROOHDJXHZKRIHUULHVWKHPXSWRWKH
86ERUGHUZKHUHKHKDQGVWKHPRIIWRDQRWKHUFR\RWHXVXDOO\NQRZQDVD
SDVVHURUVKRRWHUZKRLVLQFKDUJHRIFURVVLQJWKHPDQGGURSSLQJWKHP


RIIDWDVDIHKRXVHLQWKH8QLWHG6WDWHVZKHUHWKHPLJUDQWVZLOOEHORFNHGXS
XQWLOWKHIDPLOLHVKDQGRYHUWKHVHFRQGKDOIRIWKHSD\PHQW7KHILUVWKDOILV
SDLGDWWKHEHJLQQLQJRIWKHWULS
1RERG\QRERG\ QRERG\ 6HxRU &R\RWH UHSHDWVZLOO FKDUJH OHVV
WKDQ  IRU D WULS VWDUWLQJ LQ (O 6DOYDGRU $W OHDVW QRW D VHULRXV
FR\RWH
$ VHULRXV FR\RWH DFFRUGLQJ WR WKLV ODUJH PDQ WKLV 6HxRU &R\RWH ZKR
VWLOOZHDUVZRUNERRWVIURPKLVKDUYHVWLQJGD\VLVDFR\RWHZKRGRHVQWJHW
RQ WKH WUDLQ 0DQ\ &HQWUDO $PHULFDQVDSSUR[LPDWHO\  D \HDU DUH
GHWDLQHG E\ 0H[LFDQ LPPLJUDWLRQ DXWKRULWLHVWDNH WKH FDUJR WUDLQV WKH
%HDVWWRWUDYHOQRUWK7KH\KRRNWKHPVHOYHVRQWRWKHURRIDVEHVWWKH\FDQ
DQG PXQFK DZD\ WKH NLORPHWHUV DORQJ GHVRODWH XQSURWHFWHG VWULSV RI
0H[LFR $ VHULRXV FR\RWH DFFRUGLQJ WR WKLV FRZER\KDWWHG PDQ XVHV WKH
PRQH\KLVPLJUDQWVGHOLYHUWRVHQGSD\PHQWVDKHDGWRWKHFKDLQRIFR\RWHV
ZRUNLQJ WR JXLGH WKH PLJUDQW WR WKH 8QLWHG 6WDWHV )RU WKLV VHUYLFH RI
FRRUGLQDWLRQ D FR\RWH OLNH 6HxRU &R\RWH FRPHV DZD\ ZLWK  SHU
PLJUDQW7KHUHDUHZD\VRIFRXUVHRIFXWWLQJFRVWV7KHFODVVLFLVSXWWLQJ
\RXUPLJUDQWVRQWKHWUDLQRUQHDUO\VXIIRFDWLQJWKHPXQGHUDIDOVHERWWRPLQ
DWUXFNRULI\RXUHVFDUHGRUVWXSLGQRWJLYLQJWKHPLQFDVKWRSD\
/RV =HWDV WKH TXRWD WKH\ FKDUJH PLJUDQWV WR FURVV LQWR WKHLU WHUULWRU\ /RV
=HWDVFRQWUROVFDWWHUHGVZDWKVRIWKHFRXQWU\SLHFHVRIWKHSX]]OHWKDWPDNH
XSWKHFDUWHOPDSRI0H[LFR
7R SDLQW D FOHDUHU SLFWXUH ,I WKH SX]]OH SLHFHV FRQWUROOHG E\ /RV =HWDV
ZHUHUHGWKHPDSZRXOGEHEORRG\LQWKHVWDWHVRI7DEDVFR9HUDFUX]DQG
7DPDXOLSDV 7KRVH DUH WKUHH VWDWHV ZKHUH WKH WUDLQV UXQ DQG ZKHUH WKH
EDQDQDWUXFNVUXPEOH
,IDQ\ERG\LVVWLOOXQIDPLOLDUZLWKWKHP/RV=HWDVDUHD0H[LFDQEDVHG
FULPLQDORUJDQL]DWLRQWKDWJRWLWVVWDUWWRZDUGWKHHQGRIWKHODVWFHQWXU\7KH
FDUWHO ZDV EDVLFDOO\ D SULYDWH DUP\ UXQ E\ RQH RI WKH FDSRV RI WKH *XOI
&DUWHO2VLHO&iUGHQDV*XLOOpQLPSULVRQHGLQWKH8QLWHG6WDWHVVLQFH
ZKLFK WKHQ EURNH RII IURP WKH *XOI &DUWHO DQG IRUPHG LWV RZQ
LQGHSHQGHQWZLQJXVLQJDPRQJPDQ\FULPLQDOWDFWLFVPLJUDQWVDVDVRXUFH
RI PRQH\ DQG SRZHU UREELQJ WKHP VHOOLQJ WKHP UDSLQJ WKHP WUDIILFNLQJ
WKHPDQGNLGQDSSLQJWKHPIRUUDQVRP$VHULRXVFR\RWH6HxRU&R\RWHVD\V
LQDYHU\VHULRXVWRQHGRHVQWFXWFRVWVQRPDWWHUKRZEUXWDOWKHEXVLQHVV
SDUWQHU$VHULRXVFR\RWHSD\V/RV=HWDVWKHLUTXRWD
,I \RX ZHUH WR WDNH WKH LQIRUPDWLRQ DERYH DQG FRQYHUW LW LQWR TXHVWLRQV
WKDW \RX DVN \RXU FR\RWH WKHQ \RX ZRXOG EH DFFRUGLQJ WR WKH UXEULF RI
6HxRU&R\RWHDJRRGPLJUDQW,IKHZHUHDPLJUDQWKHZRXOGDVNKLVFR\RWH
KRZPDQ\FR\RWHVKHZRXOGEHWUDQVIHUUHGWRWKURXJKRXWWKHWULS+HZRXOG


DVNKRZKHZDVJRLQJWRFURVV0H[LFR+HZRXOGDVNKRZKLVPRQH\ZDV
JRLQJ WR EH XVHG +H ZRXOG DVNMXVW WR EH VXUHLI KH ZDV JRLQJ WR JHW
VWXIIHGLQWRDEDQDQDWUXFNDQGLIKHZDVQWJRLQJWRJHWRQWKHWUDLQDQGZDV
JRLQJWRWDNHEXVHVDQGFROOHFWLYHWD[LVLQVWHDGKHZRXOGDVNLIKLVFR\RWH
NQHZ WKH ULJKW 0H[LFDQ DXWKRULWLHV WR EH DEOH WR SDVV WKURXJK WKH
FKHFNSRLQWVZLWKRXWSUREOHPV+HZRXOGDVNRYHUDQGRYHULIWKHSD\PHQW
LQFOXGHGWKHTXRWDWR/RV=HWDV$QGWKHQKHZRXOGDVNLWDOODJDLQ
,I\RXGRQWDVN\RXORVH6RVD\V6HxRU&R\RWH
7KHVH GD\V  LV WKH PLQLPXP 7KH ELJJHVW WKUHDW LV JHWWLQJ
VZLQGOHG7KHODZVKRXOGSXQLVKWKHFR\RWHVZKRVZLQGOH%XWWKRVHZKR
GRDJRRGMREVKRXOGJHWVXEVLGL]HG
7KHUH DUH DFFRUGLQJ WR 6HxRU &R\RWH VRPH ORZ IRUPV RI VZLQGOLQJ
)RUPWKHFR\RWHDVNVWKHPLJUDQWIRUWKHPRQH\XSIURQWWHOOLQJKLPWKDW
KHOOEHOHDYLQJRQ'D\$EXWKHVWLOOQHHGVWKHPRQH\ULJKWDZD\DQGWKHQ
WKH\GRQWHQGXSOHDYLQJXQWLO'D\=)RUPWKHFR\RWHDVNVIRUWKHPRQH\
XS IURQW WHOOLQJ WKH PLJUDQW KHOO EH OHDYLQJ RQ 'D\ $ DQG WKHQ QHYHU
OHDYHV )RUP  WKH FR\RWH NQRZV WKDW WKH PLJUDQW FDQW SD\ DQ\WKLQJ XS
IURQWVRDVNVIRUVRPHFROODWHUDODQREMHFWRIYDOXHDIDYRUDODQGWLWOH
7KH FR\RWH VD\V WKDW LWV RQO\ WHPSRUDU\ WKDW KHOO JLYH WKH REMHFW RU WLWOH
EDFNDIWHUKHJHWVSDLGEXWKHQHYHUJLYHVLWEDFN)RUPWKHFR\RWHVD\V
KHVRQO\JRLQJWRFKDUJHIRUWKHWULSRUPD\EHRUDQ\WKLQJ
DWDOOXQGHU
,WPD\VHHPKDUGKHDUWHGWKDWDFR\RWHZRQWGURSEHORZWKDWSULFHEXW
6HxRU&R\RWHVD\VWKDWDQ\FR\RWHZKRFKDUJHVOHVVWKDQWKDWVKRXOGPDNH
\RXWKLQNWZLFH
,IDFR\RWHTXRWHV\RXDORZSULFHKHUH6HxRU&R\RWHGRHVQWPLQFHKLV
ZRUGVKHZRQWEHDEOHWRDQVZHUDPLJUDQWVTXHVWLRQV+HZLOOOLH
6LIWLQJWKURXJKVRPHMXGLFLDOUHFRUGV,FRPHDFURVVWKHFDVHRID\RXQJ
PDQ QDPHG $GiQ ZKRVH VWRU\ VHHPV WR EDFN XS HYHU\WKLQJ 6HxRU &R\RWH
WHOOVPH

$GiQ LV DFFRUGLQJ WR WKH UXEULF RI 6HxRU &R\RWH D EDG PLJUDQW -RVp
5LFDUGR 8UtDV LVDJDLQ DFFRUGLQJ WR WKH UXEULF RI 6HxRU &R\RWHD
VZLQGOLQJ FR\RWH D FR\RWH ZKR SHUIHFWO\ ILWV LQWR 6HxRU &R\RWHV )RXUWK
)RUPRIEDGFR\RWHV
$GiQ D WZHQW\ILYH\HDUROG PDQ IURP &KDODWHQDQJR EHJDQ KLV WULS WR
WKH8QLWHG6WDWHVRQ6HSWHPEHU-RVpDWKLUW\IRXU\HDUROGFR\RWH
DQG FXUUHQWO\ VHUYLQJ D IRXU\HDU SULVRQ VHQWHQFH IRU KXPDQ VPXJJOLQJ
WRRNFKDUJHRI$GiQDQGDIULHQGWKDWVDPHGD\


6HSWHPEHU  DW HLJKW LQ WKH PRUQLQJ $IWHU VOHHSLQJ LQ KDPPRFNV LQ
-RVpVDOXPLQXPURRIKRPH$GiQDQGKLVIULHQGEHJDQWKHLUWULSWRZDUGWKH
8QLWHG6WDWHV
$GiQ KDG SUHYLRXVO\ OLYHG LQ WKH 8QLWHG 6WDWHV IRU HLJKW \HDUV +H
HQWHUHGZLWKRXWSDSHUVIRUWKHILUVWWLPHLQ+HZDVODWHUGHSRUWHGRQD
IOLJKWEDFNWR(O6DOYDGRURQ-XO\DWLQWKHDIWHUQRRQ
$GiQ DQG KLV IULHQG WKRXJKW WKDW WKH\ ZHUH JXDUDQWHHG SDVVDJH WR WKH
8QLWHG6WDWHV7KH\ZHUHVRFRQYLQFHGWKH\ZHUHJRLQJWRPDNHLWWKDWWKH\
JDYH-RVpWKHQLJKWEHIRUHWKHWULS7KHWRWDOSULFHDFFRUGLQJWRWKH
SURVHFXWRUVILOHRQ-RVpZDVJRLQJWREH

/HWV UHFDOO RQH RI 6HxRU &R\RWHV VD\LQJV 7KHVH GD\V  LV WKH
PLQLPXP

$GiQ WROG WKH SURVHFXWRU WKDW KLV FR\RWH -RVp SURPLVHG KLP KH ZDVQW
JRLQJ WR VXIIHU WKDW KH ZDV JRLQJ WR EH HDWLQJ EHHI DQG FKLFNHQ RQ WKH
MRXUQH\
&R\RWH -RVp LV QRW D ULFK PDQ KHV QRW D ZKLWHFROODU FULPLQDO +H LV
SRRU+LVKRXVHLVPDGHRIVFUDSSHGWRJHWKHUPDWHULDOLWKDVDQDOXPLQXP
URRIDQGLVVHWRQDQXPEHUOHVVSORWLQWKH(O=DPRUDQRQHLJKERUKRRGRIWKH
FLW\RI-LTXLOLVFRLQ8VXOXWiQVWDWH
&R\RWH -RVp ZRXOGQW ILJXUH LQWR WKH FDWHJRU\ RI VHULRXV FR\RWH
DFFRUGLQJWR6HxRU&R\RWHEHFDXVHILUVWRIDOOKHGRHVQWFKDUJHZKDWKH
VKRXOG EH FKDUJLQJ DQG VHFRQG EHFDXVH KH KLPVHOI WUDYHOV ZLWK KLV
PLJUDQWV $FFRUGLQJ WR 6HxRU &R\RWH WKH WLPH RI WUDYHOLQJ FR\RWHV KDV
SDVVHG 7KH ZRUN RI D VHULRXV FR\RWH DFFRUGLQJ WR WKDW ODUJH PDQ
ORXQJLQJRQWKHUXEEHUVWULQJHGFKDLULVWRFRRUGLQDWHWKHPLJUDQWVMRXUQH\
:LWKRXW DVNLQJ LI &R\RWH -RVp ZDV JRLQJ WR SD\ RII /RV =HWDV ZLWKRXW
DVNLQJ LI WKH\ ZHUH JRLQJ WR WUDYHO E\ WUDLQ RU ZKDW KLV PRQH\ ZDV JRLQJ
WRZDUG$GiQDQGKLVIULHQGOHIWWKH(O=DPRUDQRQHLJKERUKRRGIRUWKHEXV
VWDWLRQ 3XHUWR %XV LQ 6DQ 6DOYDGRU WKHQ URGH WR *XDWHPDOD &LW\ ZKHUH
WKH\ WUDQVIHUUHG WR DQRWKHU EXV KHDGLQJ WRZDUG /D 0HVLOOD D ERUGHU WRZQ
DFURVVWKHULYHUIURP&LXGDG&XDXKWpPRF&KLDSDV0H[LFR
)URPWKHUHWKH\KRRIHGLWRQGLUWWUDLOVLQWR0H[LFRULGLQJVKDUHGWD[LVWR
(VWDFLyQ&KRQWDOSDDVPDOOFLW\LQ7DEDVFRRQWKHERUGHUZLWKWKHVWDWHRI
&KLDSDV7KHUHWKH\ZHQWLQWRWKHZRRGVDQGZDLWHGIRUWKHWUDLQWKDWZDV
FRPLQJ QRUWK IURP WKH FLW\ RI 7HQRVLTXH )RU D ZHHN $GiQ UHFDOOHG WKH\
QHYHUJRWRIIWKHWUDLQULGLQJQRUWKLQWR9HUDFUX]VWUDLJKWLQWRWKHFKDPEHU
RIWKHKHDUWRI=HWDVWHUULWRU\
%\WUDLQWKH\UHDFKHGWKHVWDWHRI0H[LFRRQWKHRXWVNLUWVRI0H[LFR&LW\


DQG WKHQ SXVKHG QRUWK WR &HOD\D LQ *XDQDMXDWR VWDWH 7KH\G PDGH 
NLORPHWHUVVRIDUFOLQJLQJWRWKHVWHHOEDFNVLGHRIWKH%HDVW

$VHULRXVFR\RWH6HxRU&R\RWHVD\VGRHVQWWDNHWKHWUDLQ

$GiQWHVWLILHGWKDW&R\RWH-RVpPDGHDFDOOLQ&HOD\D7KH\UHKHUHKH
VDLGWRVRPHRQH&RPHDQGJHWWKHP
$GiQ DQG KLV IULHQG WKRXJKW KH ZDV WDONLQJ WR DQRWKHU FR\RWH VRPHRQH
ZKRZRXOGFRPHDQGJXLGHWKHPQRUWK
7KH PHQ ZKR FDPH KRZHYHU GLGQW VHHP OLNH FR\RWHV $ &KHY\
6LOYHUDGR SXOOHG XS DQG D PDQ NQRZQ DV (O 7UHQ]DV WKH %UDLGV  KRSSHG
RXW 7KHQ DQRWKHU WUXFN SXOOHG XS D 'RGJH 5DP DQG WKUHH PHQ (O
7UHQ]DVVERG\JXDUGV MXPSHGRXW
(O7UHQ]DVKDQGHGWR&R\RWH-RVpZKRVDLGWR$GiQ,OOEHULJKW
EDFN 7KDW ZDV ZKHQ $GiQ UHDOL]HG WKDW KH DQG KLV IULHQG KDG MXVW EHHQ
VROG
(O7UHQ]DVZKRFODLPHGWREHDPHPEHURI/RV=HWDVWROGWKHP,I\RX
GRQWSD\XS,PJRQQDIXFN\RXXS
7KH\WRRNWKHPWRDUDQFKZKHUHWKHUHZDVDOVRD+RQGXUDQPDQORFNHG
XS ZKHUH WKH\ ZRXOG VSHQG WKH QH[W IHZ GD\V 7KH\ ZHUH IRUFHG WR FDOO
IDPLO\ PHPEHUV DQG DVN WKHP WR ZLUH  $GiQV H[ZLIH ZLUHG WKH
PRQH\IURPWKH8QLWHG6WDWHV+LVIULHQGVPRWKHUGLGWKHVDPH
$W WKLV SRLQW HYHU\WKLQJ ZDV QRUPDO ,W ZDV D QRUPDO /RV =HWDV
NLGQDSSLQJ

1RUPDO DV LQ LW KDSSHQV WR DOPRVW  SHRSOH D \HDU 1RUPDO DV LQ
VRPHWKLQJVRFRPPRQLWFDQSURILWNLGQDSSHUVDERXWPLOOLRQD\HDU
,QWKH1DWLRQDO&RPPLVVLRQRI+XPDQ5LJKWVLQ0H[LFR &1'+
LQWHUYLHZHG  PLJUDQWV FURVVLQJ WKURXJK 0H[LFR ZKR KDG EHHQ
NLGQDSSHGE\FULPLQDOJURXSVPRVWO\E\/RV=HWDV7KH&1'+FRQFOXGHG
IURPWKLVUHSRUWWKDWWKHJURXSVSURILWHGDERXWPLOOLRQLQMXVWVL[PRQWKV
7KDWW\SHRIQRUPDO

(O 7UHQ]DV UHSHDWHGO\ WKUHDWHQHG $GiQ DQG WKH RWKHU WZR NLGQDSSHG PHQ
ORFNHGXSRQWKHUDQFKWHOOLQJWKHPWKDWKHKDGH\HVHYHU\ZKHUHRQWKDWSDUW
RI WKH PLJUDQW WUDLO )LQDOO\ KH SXW WKHP RQ D EXV WKDW WRRN WKHP 
NLORPHWHUVQRUWKWRWKHHDVWHUQ0H[LFDQVWDWHRI&RDKXLODERUGHULQJ7H[DV
7KH\JRWRIIWKHEXVDWWKHVWDWLRQLQ3LHGUDV1HJUDV
3LHGUDV 1HJUDV LV D 0H[LFDQ ERUGHU WRZQ $FURVV WKH ZDOO RQ WKH 86
VLGHLVWKHVPDOOKLJKZD\WRZQRI(DJOH3DVV%HWZHHQWKHWZRFLWLHVIORZV


ZKDWLVNQRZQLQ0H[LFRDVWKH5tR%UDYRRULQWKH8QLWHG6WDWHVWKH5LR
*UDQGH $W WKLV SRLQW WKH ULYHU KDV DOUHDG\ EHHQ IHG E\ LWV WZR ELJJHVW
VRXUFHV WKH 3HFRV 5LYHU RQ WKH 86 VLGH DQG WKH &RQFKRV 5LYHU RQ WKH
0H[LFDQVLGH
(O 7UHQ]DV WROG $GiQ DQG WKH RWKHU WZR PLJUDQWV WR JHW RII WKH EXV LQ
3LHGUDV1HJUDVWKDWVRPHERG\ZRXOGEHZDLWLQJIRUWKHP
2XWVLGHWKHEXVVWDWLRQD0H[LFDQPDQZDVVLWWLQJLQDUHGWUXFN

)URP\RXUDUPFKDLUIURPWKHGHVNLQ\RXUIXUQLVKHGKRPHIURPWKHEHGLQ
ZKLFK\RXDUHUHDGLQJWKHVWRU\RI$GiQLWVHDV\WRVD\KHZDVDQLGLRWIRU
IROORZLQJOLNHDQDXWRPDWRQ(O7UHQ]DVVRUGHUV
:K\ GLGQW KH JHW RII WKH EXV DQG ORRN IRU KHOS RU JR EDFN WR (O
6DOYDGRU",WVHDV\WRZRQGHUIURP\RXUDUPFKDLU
)RU RYHU WKUHH \HDUV , WUDYHOHG RQ WKH PLJUDQW WUDLOV RI 0H[LFR ,
GLVFRYHUHG WKDW ZKDW \RX ZRXOG WKLQN RI DV VWXSLG ZKLOH VLWWLQJ LQ \RXU
DUPFKDLU LV D GLIIHUHQW VWRU\ RQ WKH DFWXDO WUDLOV :KDW \RX WKLQN LV VWXSLG
VLWWLQJDWKRPHFDQEHWKHPRVWORJLFDOWKLQJLQWKHZRUOGRQWKHWUDLOV
2QFH , LQWHUYLHZHG D 6DOYDGRUDQ PDQ ZKR ZDQWHG WR JHW RXW RI WKH
0H[LFDQ ERUGHU WRZQ RI $OWDU +LV EURWKHU KDG EHHQ NLGQDSSHG DERXW D
KXQGUHGNLORPHWHUVDZD\DQGKHMXVWZDQWHGWRJHWRXW+HNQHZWKHUHZDV
QRWKLQJKHFRXOGGRQRDXWKRULWLHVWRKHOSKLP$QGKHZDVULJKW
$QRWKHU WLPH , KHDUG DERXW D FRXSOH RI SROLFHPHQ LQ 9HUDFUX] ZKR
UHWXUQHGDQHVFDSHGPLJUDQWEDFNWRD/RV=HWDVVDIHKRXVH7KHPLJUDQWKDG
IOHG KLV NLGQDSSHUV EXW RQFH KH ZDV IUHH LQVWHDG RI FRQWLQXLQJ WR UXQ KH
UHSRUWHG WKH FULPH 7KH PXQLFLSDO SROLFH RI &RDW]DFRDOFRV WRRN KLP ULJKW
EDFNWRKLVNLGQDSSHUV7KHPDQZDVWXUQHGLQWRDEORRG\PDVVRIIOHVKWKDW
FRXOGEDUHO\EUHDWKH7ZR\RXQJ*XDWHPDODQPLJUDQWVZKRVKDUHGDURRP
ZLWK WKH PDQ LQ WKH VDIH KRXVH WROG PH KLV VWRU\ 7KH *XDWHPDODQV GLGQW
HVFDSH7KH\ZHUHVHWIUHHDIWHUHDFKRIWKHLUIDPLOLHVZLUHGWKH=HWDV
$QRWKHUWLPH,VSHQWDIHZGD\VLQ,[WHSHF2D[DFDWDONLQJWRD0H[LFDQ
FR\RWH(O&KLODQJRZKRZDVRQWKHUXQ+HZDVJXLGLQJWKUHH+RQGXUDQ
PLJUDQWVEXWKHKDGQWUHSRUWHGKLVZRUNWRKLVFR\RWHERVVDPDQNQRZQ
DV'RQ)LWR%DVHGLQWKHQRUWKHUQ0H[LFDQFLW\RI5H\QRVD'RQ)LWRSDLG
/RV =HWDV  D PRQWK WR OHW KLP ZRUN LQ WKHLU WHUULWRU\ +LV FR\RWHV
ZHUH RQO\ VXSSRVHG WR JXLGH PLJUDQWV ZKR ZHUH KLV FOLHQWV (O &KLODQJR
KRZHYHUWKRXJKWWKDWKHFRXOGVQHDNDIHZPLJUDQWVXQGHUKLVERVVVUDGDU
SRFNHWLQJDOORIWKHLUPRQH\IRUKLPVHOI'RQ)LWRIRXQGRXWDQGWKHQVWDUWHG
KXQWLQJ (O &KLODQJR XS DQG GRZQ WKH ZKROH  NLORPHWHUV RI PLJUDQW
WUDLOVUXQQLQJIURP*XDWHPDODWRWKH8QLWHG6WDWHV


/RV =HWDV KDYH H\HV HYHU\ZKHUH 7KH\ WKLQN WKH\ DUH RPQLSRWHQW DOO
VHHLQJWKDWWKH\NQRZHYHU\WKLQJDQGWKRXJKLWPD\EHDQH[DJJHUDWLRQ
RQH WKLQJ LV WUXH 2Q WKH PLJUDQW WUDLOV /RV =HWDV KDYH H\HV DOPRVW
HYHU\ZKHUH
$IHZGD\VDIWHU,GEHHQWDONLQJWR(O&KLODQJR,UHFHLYHGDFDOOIURP
KLP,FRXOGEDUHO\PDNHRXWYRLFHVDQGVFUDWFKLQJRQWKHRWKHUHQGRIWKH
OLQH
+HHHH\+HOS6VVVVV7KH\JRWPH7KH\UH+HOS7KHOLQHFXW
+HQHYHUDQVZHUHGKLVSKRQHDJDLQ)RUD\HDUDIWHUZDUG,DVNHGDURXQG
RQWKHPLJUDQWWUDLOVIRU(O&KLODQJR1RERG\HYHUVDZKLPDJDLQ

7KH0H[LFDQPDQOHG$GiQDQGWKHRWKHUWZRPLJUDQWVWRDKRXVHLQ3LHGUDV
1HJUDV7KHUH$GiQUHPHPEHUVDIDWZRPDQWROGWKHPWKDWWKH\GKDYH
WRSD\DKHDGRU\RXGLH7KHIDWZRPDQZDVDOVRWHQGLQJWRDQRWKHU
NLGQDSSHGPLJUDQWD0H[LFDQZKRZDVORFNHGXSLQWKHKRXVH
7KH\FDOOHGWKHLUIDPLOLHVDJDLQ7KHFDPHWKURXJKLQPRQH\ZLUHV
EXWWKH\ZHUHVWLOOORFNHGXSWKLUWHHQGD\VODWHU7KH\ZHUHIHGRQFHDGD\
$GiQ DQG KLV IULHQG WKH RWKHU 6DOYDGRUDQ GHFLGHG WR HVFDSH 7KH
+RQGXUDQ DQG WKH 0H[LFDQ ZKR ZHUH DOVR ORFNHG XS GHFLGHG WR VWD\
7KH\ ZHUH VFDUHG $GiQ VDLG DFFRUGLQJ WR WKH MXGLFLDO UHSRUW 7KH\
HVFDSHG EXW RQO\ PDGH LW D IHZ EORFNV DZD\ $ FRXSOH JDQJVWHUV ZKR
ZRUNHG IRU WKH IDW ZRPDQ VDZ WKHP DQG GUDJJHG WKHP EDFN WR WKH VDIH
KRXVH
2Q2FWREHUDFRXSOHRIWKHIDWZRPDQVWKXJVWRRN$GiQKLV
IULHQGWKH+RQGXUDQDQGWKH0H[LFDQRXWRIWKHKRXVHDORQJDVHULHVRIGLUW
URDGV WR DQ LVRODWHG EDQN RI WKH 5LR *UDQGH 7KH VWUHWFK RI ULYHU EHIRUH
WKHP ZDV VKDOORZ 2Q WKH EDQN $GiQ UHFDOOV WKHUH ZHUH HLJKW VDFNV RI
PDULMXDQD(DFKVDFNKHILJXUHGZHLJKHGDERXWWKLUW\ILYHSRXQGV
7DNHWKHPDFURVVRQHRIWKHWKXJVRUGHUHGSRLQWLQJWRWKHRWKHUVLGHRI
WKHULYHU
,PQRWWDNLQJWKHP$GiQUHVSRQGHG7KH\GJLYHPHWZHQW\\HDUVIRU
WKDWLQWKH8QLWHG6WDWHV
2QHRIWKHRWKHUWKXJVWRRNRXWDPDFKHWHDQGKHOGLWXSWR$GiQVQHFN
FRQYLQFLQJKLPWRKHIWXSRQHRIWKHVDFNVRIPDULMXDQD
7KHIRXUPHQSOXVRQHJXLGHZDGHGDFURVVWKHULYHU,QWKH8QLWHG6WDWHV
WKH\ZDONHGIRUWKUHHKRXUVXQWLOWKH\ZHUHPHWE\DFDUGULYHQE\WZRPHQ
ZKR WRRN WKH VDFNV DQG OHIW 7KH JXLGH VHHLQJ WKDW WKH PDULMXDQD KDG
FURVVHG VDIHO\ WXUQHG DQG VWDUWHG KHDGLQJ EDFN WR 0H[LFR 7KH PLJUDQWV
ZHUHOHIWDORQHLQWKHGHVHUW7KH\ZDLWHGQRWVXUHZKDWWRGR7ZRKRXUV


ODWHU WKH WZR PHQ LQ WKH FDU UHWXUQHG DQG GURYH WKHP WR D KRWHO LQ (DJOH
3DVV
2QHRIWKHWKXJVWROG$GiQWKDWWKH\ZRXOGJLYHKLPDULGHWKHQH[WGD\WR
6DQ$QWRQLRZKHUHKHZRXOGEHDEOHWRFDOOKLVIDPLO\+LVWHUULEOHMRXUQH\
ILQDOO\ORRNHGOLNHLWZDVJRLQJWRWXUQRXW2.
7KH QH[W GD\ KRZHYHU WKLQJV WRRN DQRWKHU EDG WXUQ 86 RIILFHUV IURP
PRUH WKDQ RQH IHGHUDO DJHQF\ VXUURXQGHG WKH KRWHO DQG GHWDLQHG WKH WZR
WKXJV WZR ZRPHQ WKH\ ZHUH WUDYHOLQJ ZLWK DQG IRXU PLJUDQWV ZKR ZHUH
ZDLWLQJWREHWDNHQWR6DQ$QWRQLR
$GiQWROG6DOYDGRUDQDXWKRULWLHVWKDWKHGHFODUHGWRWKH86DJHQWVZKDW
KDG KDSSHQHG WR KLP WKDW WKH WZR WKXJV DV IDU DV KH XQGHUVWRRG ZHUH
PHPEHUVRI/RV=HWDVDQGKDGEHHQRQWKHUXQLQWKH8QLWHG6WDWHVIRUDIHZ
PRQWKV$GiQVSHQWWZRPRQWKVLQDQLPPLJUDQWGHWHQWLRQFHQWHULQ7H[DV
7KH 86 JRYHUQPHQW DIWHU PDNLQJ XVH RI $GiQV WHVWLPRQ\ LQ WKHLU FDVH
DJDLQVWWKHWZR=HWDVPHPEHUVGHSRUWHGKLP
2Q-DQXDU\DWLQWKHDIWHUQRRQRQIHGHUDOIOLJKW1$1
$GiQZDVIORZQEDFNWRKLVFRXQWU\
+HFRQWDFWHG&R\RWH-RVpWKHVDPHPDQIURP8VXOXWiQZKRKDGVROGKLP
WR (O 7UHQ]DV IRU  $OO KH ZDQWHG ZDV KLV  EDFN &R\RWH -RVp
WROGKLPDVLILWZHUHDORDQKHZDVEHLQJDVNHGIRUWKDWKHGLGQWKDYHLW
/LNHLWZDVQRELJWKLQJ
$GiQILOHGDSROLFHUHSRUW,Q&R\RWH-RVpZDVVHQWHQFHGWRIRXU
\HDUV LQ SULVRQ IRU KXPDQ WUDIILFNLQJ 7KDWV WR VD\ IRU VHOOLQJ D KXPDQ
EHLQJ-RVpUHFHLYHGDIRXU\HDUWHUP$SLFNSRFNHWZKRVWHDOVDFHOOSKRQH
FDQEHVHQWHQFHGWREHWZHHQVL[DQGWHQ\HDUV$PDQZKRVHOOVDQRWKHUPDQ
WR/RV=HWDVRQO\IRXU7KDWVWKHODZ

6HxRU &R\RWH IURP &KDODWHQDQJR VD\V WKDW WKH JRYHUQPHQW VKRXOG JLYH D
VXEVLG\ WR WKH JRRG FR\RWHV +H VD\V WKDW D JRRG FR\RWH GRHVQW SD\
DWWHQWLRQWRWKHVZLQGOHUVVZLUOLQJDURXQGWU\LQJWRVFDUHPLJUDQWV+HVD\V
WKDW D JRRG FR\RWH OLYHV E\ KLV ZRUG ZKLFK LV SDVVHG SHUVRQ WR SHUVRQ
6HxRU&R\RWHVD\VWKDWKHKLPVHOILVDJRRGFR\RWH+HVD\VWKDWWRDJRRG
FR\RWHWKHUHLVQRWKLQJEHWWHUWKDQDKDSS\PLJUDQW6HxRU&R\RWHVD\VLWOLNH
DPRUDO$JRRGPLJUDQWLVDPLJUDQWZKRDVNVTXHVWLRQV+HUHSHDWVLIKH
ZHUHDPLJUDQWKHZRXOGDVNKLVFR\RWHKRZPDQ\FR\RWHVKHZDVJRLQJWR
PHHWRQWKHWUDLOV+HZRXOGDVNKRZKHZDVJRLQJWRFURVVWKURXJK0H[LFR
DQGZKDWKLVPRQH\ZDVJRLQJWRZDUG+HZRXOGGHILQLWHO\DVNLIKHZDV
JRLQJ WR JHW VPXVKHG LQWR D EDQDQD WUXFN RU LI KH ZDV JRLQJ WR ULGH WKH
%HDVW RU LI WKH FR\RWH NQHZ 0H[LFDQ RIILFLDOV VR WKH\ FRXOG SDVV WKH
FKHFNSRLQWV ZLWK HDVH $QG KH ZRXOG DVN PRUH WKDQ RQFH LI WKH SD\PHQW


LQFOXGHGWKHTXRWDIRU/RV=HWDV$QGWKHQKHZRXOGDVNLWDOODJDLQ


7DEOHRI&RQWHQWV
+DOIWLWOH3DJH 
7LWOH3DJH 
&RS\ULJKW3DJH 
'HGLFDWLRQ 
&RQWHQWV 
)RUHZRUG 
3UHIDFH 
3DUW(PSWLQHVV 
7KH6WDWH$JDLQVW&KHSH)XULD 
7KH/RUGVRIWKH%RUGHU 
*XDWHPDOD,V6SHOOHGZLWKD= 
$1RERG\LQWKH/DQGRI1DUFRV 
1DUFR0DGHLQ&HQWUDO$PHULFD 
3DUW0DGQHVV 
2XU%RWWRPOHVV:HOO 
7KH0RVW0LVHUDEOHRI7UDLWRUV 
(O1LxR+ROO\ZRRGV'HDWK)RUHWROG 
7KH0DVVDFUHRI6DOFDMi 
0HQ:KR3XOO2XW1DLOV 
3DUW)OHHLQJ 
7KH7DPHG&R\RWHV 
0HQ:KR6HOO:RPHQ 
7KH3UD\HUVRI(O6DOYDGRUV$QWL*DQJ3ROLFH8QLW 
7KH8QIRUWXQDWH+LVWRU\RIDQ8QGRFXPHQWHG0DQ:KR:DV

6ROG([WRUWHGDQG'HSRUWHG



You might also like