Beruflich Dokumente
Kultur Dokumente
$QQRWDWHG
2OG(QJOLVK/LWHUDWXUH
IURPLWVEHJLQQLQJVWR
(GLWXUD8QLYHUVLWăĠLLGLQ3LWHúWL
(GLWXUD8QLYHUVLWăĠLLGLQ3LWHúWL
6WU7kUJXGLQ9DOHQU
3LWHúWLMXG$UJHú
7HO)D[
&RS\ULJKW ± (GLWXUD 8QLYHUVLWăĠLL GLQ
3LWHúWL
7RDWH GUHSWXULOH DVXSUD DFHVWHL HGLĠLL VXQW
UH]HUYDWH (GLWXULL 8QLYHUVLWăĠLL GLQ 3LWHúWL 1LFL R
SDUWH GLQ DFHDVWă FDUWH QX SRDWH IL UHSURGXVă SULQ
IRWRFRSLHUH VDX SULQ RULFH DOWH PLMORDFH IăUă
SHUPLVLXQHDVFULVăDDXWRULORU
(GLWRU/HFWRUXQLYGU'XPLWUX&KLUOHúDQ
%XQGHWLSDUWLUDM
'HVFULHUHD&,3D%LEOLRWHFLL1DĠLRQDOHD5RPkQLHL
&/21ğ($352&23,(
$QQRWDWHGROG(QJOLVKOLWHUDWXUHIURPLWVEHJLQQLQJVWR
3URFRSLH&ORQĠHD$OLQD0LX,XOLDQ9LúDQ±3LWHúWL(GLWXUD
8QLYHUVLWăĠLLGLQ3LWHúWL
SFP
,6%1
, 0LX$OLQD
,, 9LúDQ,XOLDQ
FRQIGU3&ORQĠHDSUHS0$$0LXSUHS0$,9LúDQ
8QLYGLQ3LWHúWL8QLYGLQ3LWHúWL8QLYGLQ3LWHúWL
$QQRWDWHG
2OG(QJOLVK/LWHUDWXUH
IURPLWVEHJLQQLQJVWR
(GLWXUD8QLYHUVLWăĠLLGLQ3LWHúWL
7HKQRUHGDFWDUHFRPSXWHUL]DWă$OLQD0LX
&RSHUWă,XOLDQ9LúDQ
5HYL]LHILQDOăFRQIGU3URFRSLH3&ORQĠHD
5HIHUHQĠLGHVSHFLDOLWDWH
OHFWGUG'RLQD&ORQĠHD
OHFWGUG'DQ6DYD
%XQGHWLSDURFWRPEULH
,6%1
&217(176
2OG (QJOLVK /LWHUDWXUH IURP WKH EHJLQQLQJV WR
±%DFNJURXQG,QIRUPDWLRQ
$QRQ\PRXV2OG(QJOLVK3RHWU\
D/\ULFDO3RHWU\
x 'HRU¶V/DPHQW
x 7KH:DQGHUHU
x 7KH6HDIDUHU
2WKHU/\ULFV
E+HURLF(SLF3RHWU\
x %HRZXOIIURP
x 7KH%DWWOHRI0DOGRQ
1RQ$QRQ\PRXV2OG(QJOLVK3RHWU\
x &DHGPRQ
x &DHGPRQ¶V+\PQ
x &\QHZXOI
2OG(QJOLVK3URVH
x *HQHUDO5HPDUNV
x %HGH
x )URP %HGH¶V 7KH (FFOHVLDVWLFDO +LVWRU\ RI WKH
(QJOLVK 3HRSOH 7KH $QJOHV %HLQJ ,QYLWHG LQWR
%ULWDLQDW)LUVW2EOLJHGWKH(QHP\WR5HWLUHWRD
'LVWDQFH%XW1RW/RQJ$IWHU-RLQLQJLQ/HDJXH
ZLWK 7KHP 7XUQHG 7KHLU :HDSRQV 8SRQ 7KHLU
&RQIHGHUDWHV
x )URP %HGH¶V 7KH (FFOHVLDVWLFDO +LVWRU\ RI WKH
(QJOLVK 3HRSOH 7KH %ULWRQV 2EWDLQHG 7KHLU
)LUVW 9LFWRU\ RYHU WKH $QJOHV 8QGHU WKH
&RPPDQGRI$PEURVLXV$5RPDQ
x )URP %HGH¶V 7KH (FFOHVLDVWLFDO +LVWRU\ RI WKH
(QJOLVK3HRSOH7KH&RQYHUVLRQRI.LQJ(GZLQ
x .LQJ$OIUHGDQGWKH2ULJLQVRI(QJOLVK3URVH
x 7KH$QJOR6D[RQ&KURQLFOH
x )URP 7KH $QJOR6D[RQ &KURQLFOH $'
$'$'$'$'
*HQHUDO%LEOLRJUDSK\
2OG(QJOLVK/LWHUDWXUHIURPWKHEHJLQQLQJVWR
%DFNJURXQG,QIRUPDWLRQ
$OWKRXJK%ULWDLQZDVDOUHDG\PHQWLRQHGLQWKHZULWLQJV
RIWKHDQFLHQW*UHHNVLWZDVRQO\LQWKHWLPHRI-XOLXV&DHVDU
F%&WKDWWKHFODVVLFDOZRUOGFDPHLQWRFRQWDFWZLWK
WKLVUHPRWHOHJHQGVKURXGHGLVODQG:KHQ&DHVDUFURVVHGWKH
&KDQQHO LQ %& WKH ODQG ZDV RFFXSLHG E\ WKH &HOWV D
SHRSOHUHODWHGWRWKH*DXOVRI:HVWHUQ(XURSH&DHVDU¶VVKRUW
VWD\KRZHYHUGLGQRWOHDYHDQ\5RPDQLPSULQWRQWKH&HOWLF
ZD\ RI OLIH ZKLFK FRQWLQXHG XQKHHGHG IRU DQRWKHU KXQGUHG
\HDUV ,Q $' WKH 5RPDQ HPSHURU &ODXGLXV LQYDGHG
6RXWKHUQ %ULWDLQ GHIHDWHG WKH &HOWLF %ULWRQV DQG HVWDEOLVKHG
5RPDQUXOH
)RUQHDUO\IRXUKXQGUHG\HDUV%ULWDLQZDVDSURYLQFHRI
WKH 5RPDQ (PSLUH 5RPDQV DQG %ULWRQV LQWHUPDUULHG
HFRQRPLF OLIH IORXULVKHG WRZQV JUHZ DQG SURVSHUHG QHZ
URDGVZHUHEXLOWWROLQN/RQGLQLXP/RQGRQWRRWKHUSDUWVRI
WKHFRXQWU\DQGSHDFHZDVPDLQWDLQHGXQGHU5RPDQODZ
%XW HDUO\ LQ WKH ILIWK FHQWXU\ ZKHQ XQGHU UHSHDWHG
DWWDFNV E\ EDUEDULDQV WKH 5RPDQ (PSLUH EHJDQ WR
GLVLQWHJUDWHWKH5RPDQVDERQGRQHGWKHSURYLQFHWRWKHPHUF\
RIRWKHU&HOWLFWULEHV±,ULVKPHQIURPWKHZHVW6FRWVDQG3LFWV
IURPWKHQRUWK7RWKHPLGGOHRIWKHVDPH FHQWXU\XQGHUWKH
SUHVVXUHRIWKH+XQVZKRXQGHU$WLOODJDLQHGFRQWURORIODUJH
SDUWV RI HDVWHUQ DQG FHQWUDO (XURSH WKH *HUPDQLF WULEHV RI
&HQWUDO(XURSHZHUHSXVKHGIDUWKHUZHVWH[HUWLQJSUHVVXUHVLQ
WKHLUWXUQRQWKHWKUHHPDMRUWULEHVVLWXDWHGDORQJWKHQRUWKZHVW
FRDVWRI*HUPDQ\DQGWKH'DQLVKSHQLQVXOD±WKH$QJOHVWKH
6D[RQV DQG WKH -XWHV ZKR EHFDPH IRU D WLPH VHDURYHUV
VSRUDGLFDOO\UDLGLQJDQGSOXQGHULQJWKHFRDVWVRI%ULWDLQ
7KHQLQWKH-XWHVXQGHU+HQJHVWDQG+RUVDODQGHG
RQ WKH FRDVW RI .HQW DQG WKXV EHJDQ WKH DFWXDO FRQTXHVW RI
%ULWDLQZKLFKODVWHGIRUDQRWKHUFHQWXU\DQGDKDOI
)XUWKHURQIURPDERXWWRDVXFFHVVLRQRIVPDOO
$QJOR6D[RQ NLQJGRPV IRXJKW IRU VXSUHPDF\ DQG XQLILFDWLRQ
XQGHU RQH UXOHU )LUVW .HQW EHFDPH WKH VWURQJHVW NLQJGRP
XQGHU WKH UXOH RI .LQJ (WKHOEHUW )URP WR
1RUWKXPEULDWKHNLQJGRPRIWKH$QJOHVGRPLQDWHGWKHRWKHU
WULEHVERWKSROLWLFDOO\DQGFXOWXUDOO\RQO\WREHOHIWEHKLQGE\
WKH $QJOHV RI 0HUFLD LQ &HQWUDO %ULWDLQ )LQDOO\ WKH 6D[RQV
VHWWOHG LQ :HVVH[ WKH 6RXWKHUQ SDUW RI %ULWDLQ DQG JDLQHG
VXSUHPDF\HDUO\LQWKHQLQWKFHQWXU\
%HWZHHQ WKH IHURFLRXV 9LNLQJV SOXQGHUHG DOO
WKURXJK(XURSHYHQWXULQJWKHLUPXUGHURXVDWWDFNVDVIDUDVWKH
ZDOOV RI &RQVWDQWLQRSOH WKH 9ROJD 5LYHU DQG GRZQ WR WKH
&DVSLDQ 6HD 2QH RI WKH 6ZHGLVK WULEHV WKH 5XVV FRQTXHUHG
WKH6ODYVLPSRVLQJWKHQDPHRI5XVVLDQVRQWKHP7KHQDPH
RI WKH 1RUWKHUQ SURYLQFH RI )UDQFH 1RUPDQG\ DOVR FRPHV
IURPWKHQDPHRIWKH1RUWKPHQZKRFRQTXHUHGLWDWWKHWLPH
DQG ZHUH ODWHU RQ FRPSOHWHO\ DVVLPLODWHG E\ WKH VWURQJHU
)UHQFK FLYLOL]DWLRQ 7KH ZKROH :HVWHUQ FLYLOL]DWLRQ WUHPEOHG
EHIRUH WKHVH PHUFLOHVV SDJDQV DQG WKH FKXUFK DGGHG WR LWV
UHJXODUSUD\HUVWKHSOHD³*RGVSDUHXVIURPWKH:UDWKRIWKH
1RUWKPHQ´
'XULQJ DOO WKLV WLPH (QJODQG IDUHG QR EHWWHU %HWZHHQ
DQG DOO EXW RQH RI WKH $QJOR6D[RQ NLQJGRPV ZHUH
UHGXFHGWRUXLQV7KHSURYLGHQWLDOPDQZKRVDYHGDWOHDVWSDUW
RI WKH (QJOLVK WHUULWRU\ DQG SRSXODWLRQ ZDV .LQJ $OIUHG RI
:HVVH[ ZKR ZRQ D GHFLVLYH EDWWOH DW (WKDQGXQ
(GGLQJWRQ DQG DFFRUGLQJ WR WKH 7UHDW\ RI (GPRUH
EHFDPHUXOHURI:HVVH[.HQWDQGKDOIRI0HUFLD7RWKHQRUWK
RIWKH5RPDQURDGUXQQLQJIURP/RQGRQWR&KHVWHUZDVWKH
'DQHODZFRPSRVHGRIVHYHUDO9LNLQJNLQJGRPV
$OIUHGDOVRFDOOHGWKH*UHDWZDVDUHPDUNDEOHPRQDUFK
KH VWUHQJWKHQHG WKH SRZHU RI KLV NLQJGRP E\ EXLOGLQJ D UHDO
%ULWLVKQDY\DQGHVWDEOLVKLQJWZHQW\ILYHIRUWLILHGFLWLHV
+LV VXFFHVVRUV FRXOG QRW KROG RXW DJDLQVW WKH UDYDJLQJ
9LNLQJV DQG LQ WKH EHVW VROXWLRQ WR WKH VXUYLYDO RI WKH
(QJOLVKQDWLRQZDVWKH'DQLVKNLQJ&DQXWHWKHILUVWWUXHUXOHU
RIDXQLILHG(QJODQGDQGRIDZKROHQRUWKHUQHPSLUHLQFOXGLQJ
'HQPDUN DQG 1RUZD\ $IWHU KLV GHDWK LQ (QJODQG ZDV
DJDLQ UXOHG E\ $QJOR6D[RQ PRQDUFKV XQWLO WKH ODVW $QJOR
6D[RQNLQJ+DUROGZDVNLOOHGDW+DVWLQJVLQ
)URPDFXOWXUDOSRLQWRIYLHZWKH9LNLQJFRQTXHVWZDV
D UHDO GLVDVWHU 7KH 9LNLQJV GHVWUR\HG DOPRVW DOO WKH VFKRROV
FKXUFKHV DQG PRQDVWHULHV UHGXFLQJ (QJODQG¶V QRELOLW\ DQG
FOHUJ\WRDOPRVWFRPSOHWHLOOLWHUDF\
+RZHYHU WKH\ KDG D SRVLWLYH FRQWULEXWLRQ WR WKH
YRFDEXODU\ RI WKH $QJOR6D[RQ ODQJXDJH VXFK DV WKH QRXQV
DQJHUELUWKGLUWIHOORZJDWHKXVEDQGNQLIHODZVNLOOVNLQ
URRW ZLQGRZ ZLQJ YHUEV VXFK DV FDOO FDVW FUDYH GLH KLW
VFDUHWDNHZDQWDGMHFWLYHVVXFKDVDZNZDUGKDSS\LOOORZ
RGGURWWHQXJO\ZURQJSODFHQDPHVHQGLQJLQ±E\YLOODJH
EHFN EURRN IHOO KLOO JDUWK \DUG JLOO UDYLQH
WKRUSH KDPOHW WKZDLWH FOHDULQJ VXUQDPHV ZLWK WKH
SDWURQLPLF ±VRQ -RKQVRQ 7KRPVRQ 5LFKDUGVRQ 5REHUWVRQ
LQVWHDGRIWKH(QJOLVK±-RQHV7KRPDV5LFKDUGV5REHUWV
6FDQGLQDYLDQ DOVR DIIHFWHG (QJOLVK VWURQJO\ LQ LWV
H[WHQVLYH XVH RI YHUEV ZLWK DGYHUESUHSRVLWLRQV VXFK DV WDNH
LQRXWRIIRQXSGRZQIURPWRHWF
7KHKLVWRU\RI2OG(QJOLVKOLWHUDWXUHIROORZVFORVHO\WKH
KLVWRU\RIWKHDERYHPHQWLRQHGFRQTXHULQJWULEHVDQGSHRSOHV
ZKLFK VXFFHVVLYHO\ FDPH WR WKH %ULWLVK ,VOHV WR VHWWOH WKHUH
7KH\EURXJKWDORQJZLWKWKHPQRWRQO\DQHZZD\RISROLWLFDO
DQG VRFLDO OLIH EXW DOVR D OLWHUDWXUH RI WKHLU RZQ UHFRXQWLQJ
WKHLUDQFLHQWPHQWDOLW\WUDGLWLRQVDQGJORULRXVSDVWZKLFKWKH\
KDGSUHVHUYHGLQYHUVHIRUPRULQSURVH
,Q +LVWRU\ RI (QJOLVK /LWHUDWXUH $UWKXU &RPSWRQ
5LFNHWWVD\VWKDW³«/RRNLQJDWWKHVSOHQGLGIDEULF
RI(QJOLVK/LWHUDWXUHZHUHDOL]HLQLWDµFRDWRIPDQ\IDEULFV¶
IRULWLVVKRWZLWKWKHYDU\LQJWLQWVRIUDFLDOFKDUDFWHULVWLFV7R
LWV PDNLQJ KDYH JRQH WKH SULVPDWLF IDQF\ RI WKH &HOW WKH
VRPEUH SDVVLRQ RI WKH 7HXWRQ WKH JROGHQ JDLW\ RI )UDQFH
6FDQGLQDYLDQ JUH\V ,WDOLDQ SXUSOHV <HW IRU DOO LWV FRPSRVLWH
FKDUDFWHU LW LV QRW D WKLQJ RI SDWFKZRUN TXDOLW\ EXW D
KDUPRQLRXV EOHQG LQ ZKLFK RQH HOHPHQW SUHGRPLQDWHV 7KDW
HOHPHQW LV WKH $QJOR6D[RQ :H KDYH RQO\ WR DQDO\VH VRPH
SDVVDJHRIUHSUHVHQWDWLYHPRGHUQSRHWU\WRUHDOLVHKRZGHVSLWH
RXU OLQJXLVWLF GHEWV WR )UDQFH WR ,WDO\ DQG WR *UHHFH WKH
6D[RQWRQJXHLVWKHRQHRXWVWDQGLQJIHDWXUHLQRXUVSHHFK´
7KH$QJOR6D[RQVRFLHW\LWVHOIZDVLQDZD\WKH³FDXVH´
DQG VRXUFH RI $QJOR6D[RQ SRHWU\ 0RVWO\ DQ DJULFXOWXUDO
VHPLQRPDGLF SHRSOH ZKHQ WKH\ LQYDGHG (QJODQG WKH $QJOR
6D[RQV ZHUH KLHUDUFKLFDOO\ RUJDQL]HG LQWR HDUOV WKH UXOLQJ
QREOHFODVVZKRFODLPHGNLQJVKLSWRWKHYHU\IRXQGHUVRIWKH
WULEH DQG FKXUOV ZKR ZHUH WKH HDUOV¶ IDLWKIXO VHUYDQWV ZKR
WUDFHG WKHLU DQFHVWU\ LQ IRUPHU SULVRQHUV RI ZDU 7KH FHQWUDO
ILJXUHRIWKHHDUOFODVVZDVWKHZDUULRUZKRVHSUHVWLJHZLWKWKH
WULEHZDVLPPHQVHVLQFHLWZDVRQKLPWKDWWKHYHU\VXUYLYDORI
WKH WULEH GHSHQGHG LQ WKH KRVWLOH ZRUOG WKH\ OLYHG LQ 7KHLU
UXOHUWKHNLQJZDVDWWKHVDPHWLPHWKHH[HPSODU\ZDUULRURI
WKHWULEHZKRUXOHGDEVROXWHO\ZKLOHKRZHYHUWDNLQJFRXQFLO
IURPDQDVVHPEO\RIHOGHUVWKH:LWDQ³ZLVHPHQ´ZKRZHUH
FRQYHQHGZKHQQHHGHGXQGHUWKHQDPHRI:LWHQDJHPRW
7KHFKXUOVGLGDOOWKHDJULFXOWXUDOZRUNWKHKXQWLQJWKH
ILVKLQJ WKH ZHDYLQJ DQG DOO WKH PHWDO ZRUN QHHGHGIRU WLPHV
RI SHDFH RU ZDU $ FKXUO ZDV FRPPLWWHG WR VHUYLQJ KLV HDUO
ORUG IRU OLIH XQOHVV KH ZDV DEOH WR DFTXLUH SRVVHVVLRQV RU
VSHFLDOUR\DOIDYRXUZKLFKDOORZHGKLPWRMRLQDVPDOOHUJURXS
RI IUHHPHQ RU LQGHSHQGHQW ODQGRZQHUV :RPHQ KHOG D
UHODWLYHO\KLJKHUSODFHLQVRFLHW\WKDQLQWKHFHQWXULHVWRFRPH
7KXV WKH TXHHQ RU WKH ZLIH RI D SRZHUIXO ORUG RFFXSLHG D
SRVLWLRQ RI KRQRXU DQG SRZHU DQG RFFDVLRQDOO\ HYHQ KDG D
VD\ LQ WKH PHDGKDOO EXW RWKHUZLVH PRVW ZRPHQ ZHUH RQO\
DVVLJQHGGRPHVWLFGXWLHV
*UHDWIHDVWVZHUHKHOGLQWKHPHDGKDOOWRFHOHEUDWHWKH
GHHGVRIDOLYLQJKHURRUWRFRPPHPRUDWHWKHPLJKW\GHDGRI
WKHLU*HUPDQDQFHVWU\
$ SURIHVVLRQDO EDUG FDOOHG VFRS UHFLWHG KLV KHURLF HSLF
LQ D UK\WKPLF NLQG RI FKDQW WR WKH NLQJ DQG KLV FRPSDQ\ RI
ORUGV ZKLOH WKH TXHHQ DQG KHU UHWLQXH ZRXOG SDVV URXQG WKH
FHUHPRQLDOPHDGFXSVHHDOVR5REHUW3RROH\
$FUXFLDOHYHQWLQWKHPDNLQJRI2OG(QJOLVK/LWHUDWXUH
ZDV WKH FRPLQJ RI &KULVWLDQLW\ WR (QJODQG 2Q D FRQFUHWH
SUDFWLFDO OHYHO &KULVWLDQLW\ EURXJKW ZULWLQJ LQ GRFXPHQWV DQG
RQ D KLJKHU SODQH LW UHYHDOHG WR WKH $QJOR6D[RQV WKH
&RQWLQHQWDO&KULVWLDQFXOWXUHZKLFKKDGGHYHORSHGLQWKHILUVW
VL[ FHQWXULHV DIWHU&KULVWLQWKH WKHPHV DQG DUJXPHQWV RI WKH
&KULVWLDQH[SRVLWLRQDQGGHEDWH&KULVWLDQFRQWLQHQWDOZULWLQJV
DOVRRSHQHGWKHZD\WRWKHSUH&KULVWLDQFODVVLFDOFXOWXUHZLWK
VXFKPHPRUDEOHQDPHVDV$XJXVWLQHGLHG$'ZKRDV
D5RPDQPRQNKHDGHGDJURXSRIPLVVLRQDULHVZKRODQGHGLQ
(QJODQG LQ DQG EHJDQ WKH FRQYHUVLRQ RI WKH (QJOLVK WR
&KULVWLDQLW\ DQG 3RSH *UHJRU\ WKH *UHDW F
H[SUHVVLQJ WKHP $XJXVWLQH¶V WULXPSKDQW FRQYHUVLRQ LWLQHUDU\
WKURXJK $QJOR6D[RQ %ULWDLQ ZDV SUDFWLFDOO\ HTXLYDOHQW WR D
VHFRQG 5RPDQ FRQTXHVW DQG LW KDG DV D EHQHILFLDO UHVXOW WKH
UHDVVHUWLRQ RI WKH /DWLQ LQIOXHQFH ZKLFK KDG EHHQ SUDFWLFDOO\
VZHSW DZD\ E\ WKH (QJOLVK &RQTXHVW +RZHYHU WKH VWXG\ RI
/DWLQ UHPDLQHG FRQILQHG WR &DQWHUEXU\ DQG WKH PRQDVWHULHV
DQGLWVLQIOXHQFHRQWKHOLWHUDWXUHRIWKHWLPHZDVOLPLWHG
7KH VHYHQWK DQG HLJKWK FHQWXU\ SRHWU\ IRU H[DPSOH LV
HVVHQWLDOO\ SDJDQ LQ VSLULW ZLWK WKH &KULVWLDQ WKRXJKW DQG
PRUDOVVXSHUDGGHGWRLW$QJOR6D[RQ(QJODQGEHFDPHLQWKLV
ZD\DVHFWLRQRIWKHYDVWDUHDFRQWUROOHGE\&KULVWLDQWKRXJKW
ZKLOH UHWDLQLQJ DV ZH KDYH DOUHDG\ VDLG GLVWLQFWLYHQHVV
SDUWLFXODUO\LQLWVSRHWU\
&RQVHTXHQWO\ $QJOR6D[RQ SRHWU\ ZKLFK KDV D
SURPLQHQW GLGDFWLF FKDUDFWHU HPSKDVL]HV WKH WUDQVLHQFH DQG
EUHYLW\ RI KXPDQ OLIH VSHDNLQJ RI GDQJHUV RI WKH KRUURUV RI
+HOO RI WKH IHDU DW -XGJHPHQW 'D\ IRU WKRVH ZKRVH YLFHV
RXWZHLJKWKHLUYLUWXHDQGRIWKH'HYLOIRUHYHUOHDGLQJPRUWDOV
DVWUD\RQWKHSDWKRIVLQ$OOPDQQHURIVWUXJJOHLVDUHFXUULQJ
WKHPH EHWZHHQ PHQ DQG PHQ QDWLRQ DQG QDWLRQ EHWZHHQ
KXPDQDQGLQKXPDQSRZHUVZKRDUHDWWLPHVFRQFHLYHGRILQ
WKHIRUPRIKXPDQVDVDUH*UHQGHODQGKLVPRWKHUWKHNLOOLQJ
PRQVWHUV LQ %HRZXOI ,W LV DOVR D IDFW WKDW &KULVWLDQ WKHPHV
WKHPVHOYHVZHUHDOVRDFFRPPRGDWHGWRZKDWPD\EHFDOOHGWKH
$QJOR6D[RQ VHFXODU HWKLFV ZKLFK PDNHV 2OG (QJOLVK SRHWU\
D GLVWLQFWLYH ERG\ RI OLWHUDWXUH ZLWKLQ (QJOLVK OLWHUDWXUH DV D
ZKROH
8QOLNH2OG(QJOLVK3RHWU\ZKLFKLVSDUWO\$QJOR6D[RQ
LQRULJLQDQGSDUWO\QDWLYH2OG(QJOLVK3URVHKDVQR*HUPDQLF
RULJLQV ,W GHYHORSHG ODWHU WKDQ SRHWU\ RQ (QJOLVK VRLO DORQH
PRVWO\DVDUHVXOWRIWKH&KULVWLDQL]DWLRQRI(QJODQG:LWKWKH
*HUPDQLFWULEHVHVSHFLDOO\WKHGHOD\LQGHYHORSLQJDSURVHRI
WKHLURZQZDVGXHWRWKHLUHDUO\FRQWDFWZLWKWKHROGHU*UHHN
DQG5RPDQFLYLOL]DWLRQVZKRVHODQJXDJHV/DWLQDQG*UHHNDV
ZHOO DV WKHLU HGXFDWHG FOHUNV DFWLQJ DV LQWHUSUHWHUV RU
KLVWRULDQVLPSRVHGWKHPVHOYHVRQWKHOHVVHGXFDWHGEDUEDULDQV
ZKRXVHGWKHWZRODQJXDJHVIRURIILFLDOFRPPXQLFDWLRQVRUIRU
NHHSLQJWKHLUOHJDORUKLVWRULFDOUHFRUGV
0XFKRIWKHSURVHRIROGHU&KULVWLDQ(QJODQGLVZULWWHQ
LQ /DWLQ %\ DQG ODUJH LW LV D SURVH RI XWLOLW\ FRQYH\LQJ
KLVWRULFDO LQIRUPDWLRQ WHDFKLQJ DQG SUHDFKLQJ WKH 6FULSWXUHV
DQG OLYHV RI 6DLQWV DQG PDUW\UV HQXQFLDWLQJ ODZV DQG
UHJXODWLRQVEXWDOVRJLYLQJWKH$QJOR6D[RQVDVHQVHRIWKHLU
RZQFXOWXUDOVRFLDODQGKLVWRULFDOLGHQWLW\
&KURQRORJLFDOO\ *LOGDV 6DSLHQV ³*LOGDV WKH :LVH´
ZLWK'H([FLGLR%ULWDQQLDHEHIRUH+LVWRULD%ULWRQXP
$OGKHOP %LVKRS RI 6KHUERUQH GHDG LQ ZLWK D ODUJH
ERG\ RI /DWLQ FRPSRVLWLRQV ± ULGGOHV OHWWHUV D WUHDWLVH RQ
YLUJLQLW\±ZULWWHQILUVWLQSURVHWKHQLQYHUVH9HQHUDEOH%HGH
ZLWK 'H 1DWXUD 5HUXP DQG 7KH (FFOHVLDVWLFDO
+LVWRU\RI WKH (QJOLVK 5DFH DQG .LQJ$OIUHG ZLWK
WKH PHPRUDEOH WUDQVODWLRQV RI &XUD 3DVWRUDOLV +LVWRULD
DGYHUVXV 3DJDQRV DQG 7KH $QJOR6D[RQ &KURQLFOH DUH WKH
PRVWUHSUHVHQWDWLYHSURVHZULWHUVRIWKLVSHULRG
$V IDU DV LWV SHULRGL]DWLRQ LV FRQFHUQHG 2OG (QJOLVK
OLWHUDWXUH SUHVHQWHG VR IDU DOORZV RQH WR GLYLGH LW LQWR WKUHH
GLVWLQFWERGLHV
$QRQ\PRXV2OG(QJOLVK3RHWU\
1RQ$QRQ\PRXV2OG(QJOLVK3RHWU\
2OG(QJOLVK3URVH
$QRQ\PRXV2OG(QJOLVK3RHWU\
2OG (QJOLVK SRHWU\ UHSUHVHQWV WKH FROOHFWLYH ZRUN RI
DQRQ\PRXVVXFFHVVLYHFRQWULEXWRUVZKRSDVVHGRQE\ZRUGRI
PRXWK HLWKHU O\ULFDO SURGXFWLRQV SHUYDGHG ZLWK DQ DFXWH
IHHOLQJ RI PHODQFKRO\ DQG WUDJLF GHVWLQ\ RU VDJDOLNH KHURLF
SRHPVH[WROOLQJWKHGHHGVRIOHJHQGDU\PHQ
7KH URRWV RI WKLV SRHWU\ KDYH WR EH WUDFHG EDFN WR WKH
GD\VZKHQWKH$QJOHVDQG6D[RQVKDGQRW\HWVHWIRRWRQWKH
LVODQG ZKLFK ZDV DW WKDW WLPH SRSXODWHG E\ EROG DQG ZDUOLNH
SHRSOH ZKR UHYHOOHG LQ WKH SHULOV RI WKH ODQG DQG RI WKH VHD
7KHLU VDJDV H[WROOHG WKHLU SULPLWLYH \HDUQLQJV UHFRXQWLQJ
KHURLF ILJKWV LQ ZKLFK WKH VXSHUQDWXUDO ZDV EOHQGHG ZLWK WKH
UHDO)UDJPHQWVIURPVXFKHDUOLHUVDJDVZHUHODWHURQLQFOXGHG
LQWKHHSLFSRHP%HRZXOI
7KH WRQH RI WKH $QJOR6D[RQ O\ULFV LV XVXDOO\ HOHJLDF
DQG WKH\ DUH PDUNHG E\ VHULRXVQHVV DQG PHODQFKRO\ ZKLOH
HFKRLQJWKHHDUO\VWRU\RIPDQ¶VGHVSHUDWHVWUXJJOHWRVXUYLYH
LQ WKH KRVWLOH ZRUOG RI 1DWXUH DQG RI KXPDQNLQG ,W ZDV D
ZRUOG RI WKH ³VXUYLYDO RI WKH VWURQJHVW DQG WKH ILWWHVW´ DQG
WKHVHHDUO\OLWHUDU\SURGXFWLRQVUHFRXQWRIPDQILJKWLQJDJDLQVW
PDQ DQG RI PDQ ILJKWLQJ DJDLQVW 1DWXUH IRU PHUH VXUYLYDO
5LYDOULHV MHDORXVLHV ORYH KDWUHG VWURQJ SDVVLRQV IRU JROG ±
WKHHWHUQDOFRUUXSWLRQRIWKHKXPDQVRXOODQGHGSURSHUW\DUH
DV PDQ\ WKHPHV RI WKLV HDUO\ OLWHUDWXUH +XPDQ VRFLHW\ LV
GHVFULEHG LQ LWV VWDWH RI LQIDQF\ LJQRUDQW DQG GRPLQDWHG E\ D
FKLOGLVK PHQWDOLW\ ZLWK SULPLWLYH EHOLHIV DQG IHDUV 2Q WKH
RWKHU KDQG LQ RWKHU SLHFHV RI 2OG (QJOLVK 3RHWU\ RI WKH HSLF
NLQG WKH FKDUDFWHUV DUH HQGRZHG ZLWK UDUH TXDOLWLHV VXFK DV
EUDYHU\ZLVGRPJHQHURVLW\DQGH[WUHPHFRXUDJHZKLOHWKH\
SXUVXHWKHLUQREOHLGHDOV
$QHOHYDWHGDQGDULVWRFUDWLFWRQHSHUYDGHVVLQFHSRHWU\
ZDVSULPDULO\LQWHQGHGIRUUHFLWDOZLWKKDUSDFFRPSDQLPHQWWR
JDWKHUHG QREOHV DQG ZDUULRUV LQ PHDG KDOOV +XPRXU LV UDUH
H[FHSW DV LW DSSHDUHG LQ WKH LURQ\ RI ILJKWLQJ PHQ XVXDOO\ LQ
WKH IRUP RI OLWRWHV XQGHUVWDWHPHQW IRU UKHWRULFDO HIIHFW
HVSHFLDOO\ XVLQJ QHJDWLRQ ZLWK D WHUP LQ SODFH RI XVLQJ DQ
DQWRQ\P RI WKDW WHUP 6KH ZDV QRW D OLWWOH XSVHW LH YHU\
XSVHW RU XQGHUVWDWHPHQW $QRWKHU OLWHUDU\ FRQYHQWLRQ LV WKH
IO\WLQJDPRFNLQJZRUGFRQWHVWEHWZHHQWZRZDUULRUV
7KHVW\OHRI2OG(QJOLVK3RHWU\LVFRPSRVLWHDERXQGLQJ
LQ V\QWDFWLF SDUDOOHOLVP DOO PDQQHU RI UHSHWLWLRQV DQG
PHWDSKRULFDOFRXPSRXQGVNHQQLQJVVXFKDV³2XUOLIH´LV
³DVHDWUDYHO´³WKHVHD´LV³WKHVZDQWUDFN´³WKHVZDQURDG´
³WKHLFHFROGSDWKZD\´³WKHZKDOH¶VKRPH´³WKHVKLS´LV³WKH
VHDVWHHG´ RU D ³ZDYH WUDYHOOHU´ 2OG (QJOLVK SRHWU\ PDGH
DPSOH XVH RI DOOLWHUDWLRQ DQG RI UK\WKP ³EHDWLQJV´ 7KH
OLQHV RI D SRHP ZHUH XVXDOO\ PDGH XS RI WZR KHPLVWLFKV D
KDOIOLQHRIYHUVHHDFKKDYLQJWZRIHHWZLWKHDFKIRRWKDYLQJ
RQH VWUHVVHG V\OODEOH DQG D YDULDEOH QXPEHU RI XQVWUHVVHG
V\OODEOHV,WZDVRUDOQRWZULWWHQFRPSRVLWLRQ7KHVFRSSRHW
FRPSRVHG DQG WKH JOHHPDQ PLQVWUHO FKDQWHG 2OG (QJOLVK
YHUVHVORQJEHIRUHWKH\ZHUHFRPPLWWHGWRPDQXVFULSW
&RPSWRQ5LFNHWW LELG FRQVLGHUV WKH IROORZLQJ
FKDUDFWHULVWLFVRI$QJOR6D[RQSRHWU\
³,W UHVHPEOHV +HEUHZ SRHWU\ LQGXOJLQJ LQ SDUDOOHOLVP DQG
PHWDSKRULFDOSKUDVHV
,QPHWUHLWLVPDUNHGE\DFFHQWDQGSHUVLVWHQWDOOLWHUDWLRQ
5K\PH LV DEVHQW DQG WKHUH DUH QR GHILQLWH QXPEHU RI
V\OODEOHV7KHPHWUHXQGHUJRHVDJRRGPDQ\YDULDWLRQVDQG
UHVSRQGVWRWKHQDWXUHRIWKHVXEMHFW
7KH SRHWU\ ZDV VXQJ IRU LQ HDUO\ WLPHV SRHWU\ DQG PXVLF
ZHUH RQH DQG LQGLYLVLEOH DQG WKH PLQVWUHO ZDV IUHH WR
PRGLI\ WKH PRYHPHQW RI WKH YHUVH $Q\ PRGLILFDWLRQ
LQWURGXFHG ZDV KRZHYHU VXEMHFW WR FHUWDLQ UXOHV 7KHUH
ZHUH DOZD\V IRXU DFFHQWHG V\OODEOHV DQG WKUHH DOOLWHUDWLYH
V\OODEOHV 0DQ\ FKDQJHV ZHUH ZURXJKW ODWHU LQ WKH 0LGGOH
(QJOLVK SHULRG WKURXJK )UHQFK LQIOXHQFHV EXW WKH WULFN RI
DOOLWHUDWLRQ KDV EHFRPH DQ LQWHJUDO SDUW RI DOO (QJOLVK
SRHWU\ DQG WKRXJK QR ORQJHU D VWUXFWXUDO SDUW RI (QJOLVK
SURVRG\LVUHJDUGHGWRGD\DVDQRUQDPHQWQRWDQHVVHQWLDO
,WKDVEHHQXVHGZLWKPRVWUHPDUNDEOHHIIHFWE\6ZLQEXUQH
7KHUH LV D SUHYDOHQFH RI FRPSRXQG ZRUGV E\ PHDQV RI
ZKLFK WKH SRHW VRXJKW WR FRQGHQVH WKH TXDOLWLHV RI KLV
VXEMHFW7KLVFKDUDFWHULVWLFDOVRKDVVXUYLYHG)RULQVWDQFH
ZKHQ5RVVHWWLVSHDNVRI³KRDUVHWRQJXHGILUH´RU.HDWVRI
³OHDGHQH\HG GHVSDLU´ WKH\ DUH XVLQJ D SRHWLFDO PHWKRG
GHULYHGIURPRXUHDUOLHVWYHUVH
7KH VW\OH RI WKLV SRHWU\ LV RQ WKH ZKROH GLIIXVH WKRXJK
ZKHQ WKH ZULWHU LV JUHDWO\ PRYHG LW EHFRPHV PRUH VLPSOH
DQG GLUHFW $QG ZKLOH WKHUH LV IRUFH DQG YLJRXU DQG RIWHQ
WKHDXVWHUHVSOHQGRXURIWKH,FHODQGLF6DJDDERXWWKHZRUN
WKHUH DUH QR JUDFHV RU VXEWOHWLHV DQG WKH O\ULF QRWH LV
H[WUHPHO\UDUH
7KHIRUPRISRHWU\FKLHIO\IDYRXUHGE\WKHVHHOGHUZULWHUV
LVWKHHSLFLWVXLWHGERWKWKHLUPDQQHUDQGPDWWHUDQGOHQW
LWVHOIWRWKHWUHDWPHQWRIKHURLFGHHGV«´
,QOLJKWRIWKHDERYHDQRQ\PRXVROG(QJOLVKSRHWU\PD\
EHGLYLGHGLQWRD/\ULFDOSRHWU\
E+HURLFHSLFSRHWU\
D /\ULFDO3RHWU\
'HRU¶V/DPHQW
7KLVUDWKHUVKRUWSRHPOLQHVLQDOOLVDQHOHJ\RIWKH
FRQVRODWLR JHQUH ZKLFK FDQ EH WUDFHG DV IDU EDFN DV +RPHU
DQG WKH 5RPDQ SRHW +RUDFH 7KH JHQHUDO LGHD LV WKDW SRZHU
DQGJUHDWQHVVFDQQRWVDYHHYHQWKHFKRVHQRQHVIURPGHDWKDV
SUHRUGDLQHG E\ WKH JRGV :KDW UHPDLQV IRU VLPSOH PRUWDOV WR
GR LV FRQVROH WKHPVHOYHV ZLWK ZKDW WKH\ KDYH DQG ZKDW WKH\
DUHLQWKHLGHDWKDWIRUWXQHLVFKDQJHDEOHIRUHYHU\ERG\DQGD
FRPPRQORWDZDLWVDOOSHRSOH
,QWKHSRHPLWVHOIHYHU\VWDQ]DUHIHUVWRDGLIIHUHQWVWRU\
RI JUHDWQHVV DQG IDOO 7KXV LQ VWDQ]D :HODQG D FKHULVKHG
KHUR RI IRUPHU GD\V VXIIHUV DW WKH KDQGV RI 1LWKKDG ³WKH
EHWWHU PDQ´ IRU D WLPH ZKLOH VWDQ]DV DQG GHDO ZLWK WKH
YHQJHIXO ZURQJV ZKLFK :HODQG GRHV ILUVW WR 1LWKKDG¶V WZR
VRQV ZKRP KH NLOOV DQG WR KLV GDXJKWHU ZKRP KH UDSHV DQG
OHDYHVWRWKHGHHSVRUURZRIEHDULQJKLVXQZDQWHGFKLOGLQKHU
ZRPE
1H[W OHJHQG LV UHSODFHG E\ KLVWRU\ DQG VXFK KLVWRULFDO
ILJXUHV DV 7KHRGRULF WKH *UHDW EXW DOVR WKH OHJHQGDU\
7KHRGULFRI:DOWKHUHLQVWDQ]DDQG(RUPDQULFLQVWDQ]D
ERWKSRZHUIXONLQJVRIWKH2VWURJRWKVDUHJLYHQDVH[DPSOHV
RI WUDQVLHQW JUHDWQHVV RU UXWKOHVV SRZHU DQG RI LQHYLWDEOH IDOO
IURPLW
6WDQ]D LQWURGXFHV WKH &KULVWLDQ WKHPH RI *RG¶V
P\VWHULRXV ZD\V RI ³JUDQWLQJ ZHDOWK DQG KRQRXU´ WR VRPH
SHRSOHZKLOH³DZDUGLQJ´WRRWKHUV³DEXUGHQRIZRH´%XWWKH
&KULVWLDQ WKHPH LV QRW IXOO\ GHYHORSHG LQWR D SURPLVHG EHWWHU
DIWHUOLIHIRUWKHSDWLHQWDQGWKHZRUWK\WKHLGHDEHLQJUDWKHURI
RQH¶V VWRLF UHVLJQDWLRQ WRZDUG RQH¶V VDG ORW 7KLV LV IXUWKHU
H[SRXQGHG LQ 'HRU¶V WKH VFHRS VWRLF ODPHQWDWLRQV RYHU KLV
ORUG KDYLQJ SUHIHUUHG KLV ULYDO +HRUUHQGD WKH +HRGHQLQJV¶
EDUGZKRKDVDOVRXVXUSHGKLVODQGULJKWJUDQWHGWRKLPE\KLV
³RQFHJUDFLRXVORUG´
:KDW GLVWLQJXLVKHV WKLV HOHJLDF SRHP IURP RWKHUV RI LWV
NLQG LV WKH UHIUDLQ HQGLQJ HDFK VWDQ]D ³7KDW HYLO HQGHG 6R
DOVR PD\ WKLV´ ZKLFK JLYHV FDGHQFH WR LWV FRQYHQWLRQDO
FRQVRODWRU\PRGH
'(25¶6/$0(17/DWHWKFHQWXU\
:HODQGNQHZIXOO\DIIOLFWLRQDQGZRH
+HURXQIOLQFKLQJHQGXULQJGLVWUHVV
+DGIRUFRPSDQLRQVKLSKHDUWEUHDNDQGORQJLQJ
:LQWU\H[LOHDQGDQJXLVKRIVRXO
:KHQ1LWKKDGERXQGKLPWKHEHWWHUPDQ
*ULPO\FRQVWUDLQHGKLPZLWKVLQHZ\ERQGV
7KDWHYLOHQGHG6RDOVRPD\WKLV
1RUZDVEURWKHU¶VGHDWKWR%HDGRKLOG
$VRUURZDVGHHSDVKHURZQVDGSOLJKW
:KHQVKHNQHZWKHZHLJKWRIWKHFKLOGLQKHUZRPE
%XWOLWWOHFRXOGNQRZZKDWKHUORWPLJKWEH
7KDWHYLOHQGHG6RDOVRPD\WKLV
0DQ\KDYHKHDUGRIWKHUDSHRI+LOG
2IKHUIDWKHU¶VDIIHFWLRQDQGLQILQLWHORYH
:KRVHQLJKWVZHUHVOHHSOHVVZLWKVRUURZDQGJULHI
7KDWHYLOHQGHG6RDOVRPD\WKLV
'HRU¶V7KHQDPHLVSUREDEO\DSHUVRQDDGRSWHGE\WKHSRHW:HODQG
RU:D\ODQGZDVLQ1RUWK(XURSHDQIRONORUHWKHNLQJRIWKHHOYHVD³VPLWK´
DQG³DUWLILFHU´FRUUHVSRQGLQJWR9XOFDQWKHDQFLHQW5RPDQJRGRIILUHDQG
PHWDOZRUNLQJ RU WKH *UHHN +HSKDHVWXV $FFRUGLQJ WR WKH OHJHQG KH ZDV
FKDLQHG DQG IRUFHG WR ZRUN E\ 1LWKKDG +RZHYHU KH PDQDJHG WR HVFDSH
DOVR NLOOLQJ 1LWKKDG¶V WZR VRQV DQG UDSLQJ KLV GDXJKWHU %HDGRKLOG
DIIOLFWLRQ =¥HNKM5P?ҏ Q DQ DIIOLFWHG FRQGLWLRQ SDLQ VXIIHULQJ DQ\WKLQJ
FDXVLQJ SDLQ RU GLVWUHVV FDODPLW\ XQIOLQFKLQJ =¡P¥HNKPV5+0?DGM QRW
IOLQFKLQJ\LHOGLQJRUVKULQNLQJVWHDGIDVWUHVROXWHVLQHZ\=¥UKPLWÖK?ҏ DGM
RI RU OLNH VLQHZ WRXJK VWURQJ YLJRURXV SRZHUIXO UREXVW ERQG
=DnPF?Q DQ\WKLQJ WKDW ELQGV IDVWHQV RU UHVWUDLQV >SO@ IHWWHUV VKDFNOHV
>DUFKDLF@LPSULVRQPHQWFDSWLYLW\7KDW«HQGHG:HODQGJRWDZD\E\
IO\LQJ LQ RQH IRUP RI WKH VWRU\ SOLJKW =RNCKV?ҏQ $UFKDLF D SOHGJH
7KDW«HQGHG$VDUHVXOWRIWKHUDSH%HDGRKLOGERUHWKHKHUR:LGLDWKH
SRHWFRQVLGHUVWKDWWREHWKHPRWKHURIDKHURLVVXIILFLHQWFRPSHQVDWLRQIRU
KHU UDSH=TGKR?Q>QRZUDUH@WKH DFWRIVHL]LQJ DQGFDUU\LQJ DZD\E\
IRUFH+LOG%HDGRKLOG
)RUWKLUW\ZLQWHUV7KHRGRULFKHOG
$VPDQ\KDYHNQRZQWKH0 ULQJ¶VVWURQJKROG
7KDWHYLOHQGHG6RDOVRPD\WKLV
:HKDYHKHDUGRI(RUPDQULF¶VZROIOLNHZD\V
:LGHO\UXOLQJWKHUHDOPRIWKH*RWKV
*ULPZDVKLVPHQDFHDQGPDQ\DPDQ
:HLJKWHGZLWKVRUURZDQGSUHVDJHRIZRH
:LVKHGWKDWWKHHQGRIKLVNLQJGRPZHUHFRPH
7KDWHYLOHQGHG6RDOVRPD\WKLV
+HZKRNQRZVVRUURZGHVSRLOHGRIMR\V
6LWVKHDY\RIPRRGWRKLVKHDUWLWVHHPHWK
+LVPHDVXUHRIPLVHU\PHHWHWKQRHQG
<HWZHOOPD\KHWKLQNKRZRIWLQWKLVZRUOG
7KHZLVH/RUGYDULHV+LVZD\VWRPHQ
*UDQWLQJZHDOWKDQGKRQRUWRPDQ\DQHDUO
7RRWKHUVDZDUGLQJDEXUGHQRIZRH
$QGVR,FDQVLQJRIP\RZQVDGSOLJKW
:KRORQJVWRRGKLJKDVWKH+HRGHQLQJV¶EDUG
'HRUP\QDPHGHDUWRP\ORUG
0LOGZDVP\VHUYLFHIRUPDQ\DZLQWHU
.LQGO\P\NLQJWLOO+HRUUHQGDFDPH
6NLOIXOLQVRQJDQGXVXUSLQJWKHODQGULJKW
:KLFKRQFHP\JUDFLRXVORUGJUDQWHGWRPH
7KDWHYLOHQGHG6RDOVRPD\WKLV
WUDQVODWHGE\&:.HQQHG\
7KHRGRULF SUREDEO\ 7KHRGRULF WKH *UHDW " NLQJ RI WKH
2VWURJRWKV DQG IRXQGHU RI WKH 2VWURJRWKLF PRQDUFK\ LQ ,WDO\ ZDV UXOHU RI
,WDO\ IURP WR (RUPDQULF RU (UPDQULF ZDV NLQJ RI WKH
2VWURJRWKVGHDGDERXWIURPWKH%DOWLFWRWKH%ODFN6HD$FFRUGLQJWR
OHJHQG KH ZDV D FUXHO W\UDQW *RWKV RQH RI D 7HXWRQLFSHRSOH ZKR LQ
UG WK
WKH WR FHQWXULHV LQYDGHG DQG VHWWOHG LQSDUWV RI WKH 5RPDQ (PSLUH
7KH 2VWURJRWKV ZHUH DQ HDVWHUO\ EUDQFK RI WKH *RWKV ZKR UXOHG LQ ,WDO\
IURPWRPHQDFH=¥OGPU?QDWKUHDWRUWKHDFWRIWKUHDWHQLQJ
DQ\WKLQJ WKUHDWHQLQJ KDUP RU HYLO SUHVDJH =¥RTGU+F<?ҏ Q D VLJQ RU
ZDUQLQJ RI D IXWXUH HYHQW RPHQ SRUWHQW DXJXU\ D IRUHERGLQJ
SUHVHQWLPHQWUDUHDSUHGLFWLRQHDUOQ(LWKHUDQREOHPDQRUDZDUULRU
ODQGULJKWHVWDWHJUDQWHGWR'HRUDVDUHZDUGIRUKLVSRHWU\
7R,QFUHDVH8QGHUVWDQGLQJ
'HILQH WKH WKHPH RI WKH SRHP DQG WKHQ UHQGHU LWV VXEMHFW
PDWWHULQ\RXURZQZRUGV
*LYHWKHGHILQLWLRQRIWKHHOHJ\DVDOLWHUDU\JHQUHDQGWKHQ
PHQWLRQ WZR HOHJLHV RQH E\ +RUDFH DQG RQH E\ 7KRPDV
*UD\
'ZHOO RQ WKH LGHD WKDW 'HRU¶V /DPHQW LV DQ HOHJ\ RI WKH
³FRQVRODWLRJHQUH´
&RPPHQW ZLWK VXLWDEOH H[DPSOHV IURP WKH SRHP RQ WKH
HOHJLDF LGHD RI ³GHDWKWKHOHYHOOHU´ ZKLFK ODWHU RQ LV VR
FRPPRQZLWKWKH(QJOLVKSUHURPDQWLFSRHWV
'LVWLQJXLVK EHWZHHQ WKH &KULVWLDQ WKHPH ³RI *RG¶V
P\VWHULRXV ZD\V´ RI GHFLGLQJ PDQ¶V SDVVLQJ WKURXJK OLIH
DQG WKH VWRLF SRLQW RI YLHZ FRQFHUQLQJ OLIH DV UHYHDOHG LQ
VWDQ]D
0HQWLRQ WKH RQH OLWHUDU\ GHYLFH ZKLFK GLVWLQJXLVKHV WKLV
SRHPIURPRWKHUVRILWVNLQG
:KDWSRHWLFGHYLFHVDUHXVHGLQWKLVSRHP"&LWHH[DPSOHV
WRLOOXVWUDWH\RXUDQVZHU
7KH:DQGHUHU
WK
7KLV DSSUR[LPDWHO\ FHQWXU\ SRHP JLYHVYHQWWRWKH
HOHJLDF PHGLWDWLRQV DQG ODPHQWV RI D IRUVDNHQ ZDUULRU ZKRVH
ORUGKDVGLHGDQGZKRREOLJHGQRZWRVHHNDQRWKHUSURWHFWRU
VRPHZKHUH HOVH EH\RQG WKH VHDV LV SDLQIXOO\ KDXQWHG E\ KLV
IRUPHU KDSS\ GD\V 7KH JHQHUDO WRQH LV SHVVLPLVWLF DQG
JORRP\ ZKLOH WKH SRHP H[SRXQGV RQ IULHQGVKLS DQG RQ WKH
WUDQVLWRULQHVVRIKXPDQOLIH
$FFRUGLQJWR-%7UDSS7KH:DQGHUHUF
WK
FHQWXU\LVDQDQRQ\PRXVXQWLWOHGO\ULFSUHVHUYHGLQWKH
([HWHU%RRNDORQJZLWKWKHJURXSRISRHPVXVXDOO\NQRZQDV
WKH(OHJLHV7KH5XLQ7KH6HDIDUHU7KH+XVEDQG¶V0HVVDJH
DQG 7KH :LIH¶V &RPSODLQW ,W LV DQ HOHJLDF O\ULF GHDOLQJ ZLWK
VRPH RI WKH REVHVVLYH WKHPHV RI WKH $QJOR6D[RQ SRHWU\
H[LOH VROLWDULQHVV VHSDUDWLRQ DQG ORVV HVSHFLDOO\ WKH ORVV RI
RQH¶VIHOORZZDUULRUVRUSURWHFWRUV7KHZRUOGRIWKHSRHPLVD
PDQ¶V ZRUOG ZLWK QR PHQWLRQ LQ LW RI ORYH EHWZHHQ PDQ DQG
ZRPDQLQVSLWHRIWKHUHODWLYHO\KLJKHVWHHPDQGSRVLWLRQWKH
$QJOR6D[RQ ZRPDQ HQMR\HG LQ $QJOR6D[RQ VRFLHW\ $QG
WKLV ZDV EHFDXVH WKH ZDUOLNH $QJOR6D[RQ PHQ PRVWO\
SURYLGHG IRU WKHLU IDPLOLHV DQG WULEH E\ PDNLQJ GDULQJ
SOXQGHULQJ H[SHGLWLRQV DORQJ WKH ZHVWHUQ FRDVWV RI (XURSH RU
DFURVV WKH GDQJHURXV VHD DQG WKH\ RZHG WKHLU PHUH VXUYLYDO
DQG GDLO\ VXEVLVWHQFH WR WKH FRXUDJH GHYRWLRQ DQG VDFULILFLDO
VSLULW RI WKHLU IHOORZ ZDUULRUV RU WR WKH SURWHFWLRQ DQG
JHQHURVLW\RIWKHLUORUG
7KH ZDQGHUHU ODPHQWV WKH GHDWK RI KLV ³GHDU ORUG´ DV
ZHOODVKLVRZQZHDU\VHOIH[LOHRQ³ZLQWU\VHDV´LQVHDUFKRI
DQRWKHU ORUG SURWHFWRU DQG SURYLGHU 7KH WRQH LV SHVVLPLVWLF
DQG JORRP\ ZKLOH LQ DQ H[WHQGHG DQWLWKHVLV WKH MR\V RI
IHDVWLQJ GULQNLQJ RI VRQJ DQG ERDVWIXO VWRU\WHOOLQJ LQ WKH
PHDGKDOO DUH FRPSDUHG WR D GHVRODWH SUHVHQW ZLWK ODVKLQJ
VWRUPVDQGSHUSHWXDOZLQWHU
$OWKRXJK SDJDQ LQ VSLULW WKH O\ULF DOVR GLVFORVHV WKH
SRHW¶V IDPLOLDULW\ ZLWK /DWLQ OLWHUDWXUH E\ WKH SRVVLEOH
DOOHJRULFDO LQWHUSUHWDWLRQ RI WKH ZDQGHUHU¶V H[LOH DV ³WKH
VSLULWXDO H[LOH IURP *RG RI WKH &KULVWLDQ E\ VHD DQG QRW E\
ODQG WKH VHD EHLQJ WKH FKRVHQ URDG RI WKH HDUO\ *HUPDQ
SHRSOHV´7UDSS
7KH EHVW UHDGLQJ RI WKH SRHP VHHPV WR EH DV D
PRUDOL]DWLRQ RQ WKH WKHPH RI WUDQVLWRULQHVV RI OLIH ZLWK LWV
LOOXVRU\MR\VDQGSOHDVXUHV
,QDQH[WHQGHGDQWLWKHVLVWKHDQRQ\PRXVSRHWFRPSDUHV
WKH VSOHQGRXUV RI WKH SDVW ³WKH EHDNHU EULJKW´ ³WKH
E\UQHGEULJKWZDUULRUV´DQGWKHGHVRODWLRQRIWKHSUHVHQW³WKH
VWRUPVDUHODVKLQJ´³ZRHDQGZLQWHUWHUURU´HWF
7+(:$1'(5(5DSSUR[WKFHQWXU\
2IWWRWKH:DQGHUHUZHDU\RIH[LOH
&RPHWK*RG¶VSLW\FRPSDVVLRQDWHORYH
7KRXJKZRHIXOO\WRLOLQJRQZLQWU\VHDV
:DQGHUHU³PDQDORQH´LQWKHRULJLQDOWH[WRU³HDUWKZDONHU´
:LWKFKXUQLQJRDULQWKHLF\ZDYH
+RPHOHVVDQGKHOSOHVVKHIOHGIURP)DWH
7KXVVDLWKWKH:DQGHUHUPLQGIXORIPLVHU\
*ULHYRXVGLVDVWHUVDQGGHDWKRINLQ
µ2IWZKHQWKHGD\EURNHRIWDWWKHGDZQLQJ
/RQHO\DQGZUHWFKHG,ZDLOHGP\ZRH
1RPDQLVOLYLQJQRFRPUDGHOHIW
7RZKRP,GDUHIXOO\XQORFNP\KHDUW
,KDYHOHDUQHGWUXO\WKHPDUNRIDPDQ
,VNHHSLQJKLVFRXQVHODQGORFNLQJKLVOLSV
/HWKLPWKLQNZKDWKHZLOO)RUZRHRIKHDUW
:LWKVWDQGHWKQRW)DWHDILHUFHVSLULW
(DUQHWKQRKHOS 0HQHDJHUIRUKRQRXU
%XU\WKHLUVRUURZGHHSLQWKHEUHDVW
µ6RKDYH,DOVRRIWHQLQZUHWFKHGQHVV
)HWWHUHGP\IHHOLQJVIDUIURPP\NLQ
+RPHOHVVDQGKDSOHVVVLQFHGD\VRIROG
:KHQWKHGDUNHDUWKFRYHUHGP\GHDUORUG¶VIDFH
$QG,VDLOHGDZD\ZLWKVRUURZIXOKHDUW
2YHUZLQWU\VHDVVHHNLQJDJROGORUG
,IIDURUQHDUOLYHGRQHWREHIULHQGPH
FKXUQ =V5ÖP?Y WU WR VWLU XS YLJRURXVO\ WR VKDNH YLROHQWO\ WR SURGXFH
IRDPHWFE\VWLUULQJYLJRURXVO\RDU>nÖU?QDORQJSROHZLWKDEURDG
EODGHDWRQHHQGKHOGLQSODFHE\DQRDUORFNDQGXVHGLQSDLUVWRURZDERDW
DVLQJOHRDULVVRPHWLPHVXVHGLQVWHHULQJDERDWDSHUVRQZKRXVHVDQRDU
URZHU)DWHQZ\UGLQWKHRULJLQDOWH[W³)DWH´LQ/DWLQPHDQV³WKDWZKLFK
KDVEHHQGHFUHHGE\WKHJRGV´Z\UGOLWHUDOO\PHDQV³ZKDWFRPHVWRSDVV´LQ
WKHEURDGHVWFRQWH[WRUDSSOLHGWRPHQRUWRDVLQJOHPDQ³WKHKXPDQORW´
WKH VWDWH RI FKDQJH WR ZKLFK DOO DUH VXEMHFW H[FHSW *RG DQG WKH DQJHOV
GDZQLQJ =¥FnÖPK0?Q WKH EHJLQQLQJ RI GD\OLJKW LQ WKH PRUQLQJ GD\EUHDN
ZDLO=YGKN?YLWRH[SUHVVJULHIRUSDLQE\ORQJORXGFULHVYW$UFKDLFWR
ODPHQW WR PRXUQ >WR ZDLO VRPHRQH¶V GHDWK@ WR FU\ RXW LQ PRXUQLQJ RU
ODPHQWDWLRQ ZRH =Y7?Q JUHDW VRUURZ JULHI PLVHU\ NHHSLQJ
FRXQVHO DFFRUGLQJ WR 7DFLWXV LQ KLV*HUPDQLD WKH *HUPDQLFSHRSOHV KHOG
WKDW³DZRPDQPD\GHFHQWO\H[SUHVVKHUJULHILQSXEOLFDPDQVKRXOGQXUVH
KLVLQKLVKHDUW´ZLWKVWDQGHWKWKHVXIIL[±HWKIRUPVWKHDUFKDLFGSHUV
VLQJ SUHV LQGLF RI YHUEV DVNHWK EULQJHWK KDSOHVV =¥J3RNU?DGM
XQIRUWXQDWHXQOXFN\OXFNOHVVJROG±ORUG QDJHQHURXV JLYHURI JROG
DQGJLIWVZKRZRXOGWDNHKLPLQWRKLVKRXVHKROG
:LWKJLIWLQWKHPHDGKDOODQGFRPIRUWIRUJULHI
µ:KREHDUVLWNQRZVZKDWDELWWHUFRPSDQLRQ
6KRXOGHUWRVKRXOGHUVRUURZFDQEH
:KHQIULHQGVDUHQRPRUH+LVIRUWXQHLVH[LOH
1RWJLIWVRIILQHJROGDKHDUWWKDWLVIUR]HQ
(DUWK¶VZLQVRPHQHVVGHDG
$QGKHGUHDPVRIWKHKDOOPHQ
7KHGHDOLQJRIWUHDVXUHWKHGD\VRIKLV\RXWK
:KHQKLVORUGEDGHZHOFRPHWRZDVVDLODQGIHDVW
%XWJRQHLVWKDWJODGQHVVDQGQHYHUDJDLQ
6KDOOFRPHWKHORYHGFRXQVHORIFRPUDGHDQGNLQJ
µ(YHQLQVOXPEHUKLVVRUURZDVVDLOHWK
DQGGUHDPLQJKHFODVSHWKKLVGHDUORUGDJDLQ
+HDGRQNQHHKDQGRQNQHHOR\DOO\OD\LQJ
3OHGJLQJKLVOLHJHDVLQGD\VORQJSDVW
7KHQIURPKLVVOXPEHUKHVWDUWVORQHO\KHDUWHG
%HKROGLQJJUD\VWUHWFKHVRIWRVVLQJVHD
6HDELUGVEDWKLQJZLWKZLQJVRXWVSUHDG
:KLOHKDLOVWRUPVGDUNHQDQGGULYLQJVQRZ
%LWWHUHUWKHQLVWKHEDQHRIKLVZUHWFKHGQHVV
7KHORQJLQJIRUORYHGRQHKLVJULHILVUHQHZHG
7KHIRUPVRIKLVNLQVPHQWDNHVKDSHLQWKHVLOHQFH
,QUDSWXUHKHJUHHWVWKHPLQJODGQHVVKHVFDQV
PHDGKDOO =¥OKÖFJnÖN?Q DQ DVVHPEO\KDOO RUQDWHG ZLWK ZDUWURSKLHV
DQWOHUV VNLQV RI KXQWHG DQLPDOV ZKHUH ROG WLPH ZDUULRUV XVHG WR NHHS
FRXQFLORUFHOHEUDWHYLFWRULHVDQGRWKHULPSRUWDQWHYHQWVWKHEHJLQQLQJ RI
VSULQJ IRU H[DPSOH E\ GULQNLQJ PHDG ZKLOH ERDVWLQJ DERXW WKHLU RZQ
YDOLDQWGHHGVRUOLVWHQLQJWRVFHRSVZLQVRPH=¥YKPUO?DGMDWWUDFWLYH
LQ D VZHHW HQJDJLQJ ZD\ FKDUPLQJ Q ZLQVRPHQHVV ZDVVDLO
=¥YUGKN?QVDOXWDWLRQIRUPHUO\JLYHQLQGULQNLQJWKHKHDOWKRIDSHUVRQDV
DWDIHVWLYLW\WKHVSLFHGDOHRUDQRWKHUOLTXRUZLWKZKLFKVXFKKHDOWKVZHUH
GUXQN D FHOHEUDWLRQ ZLWK PXFK GULQNLQJ HVS DW &KULVWPDVWLPH FDURXVDO
DVVDLO=¥UGKN?YWWRDWWDFNSK\VLFDOO\DQGYLROHQWO\WRDVVDXOWWRDWWDFN
ZLWK DUJXPHQWV OLHJH =NKÖF<?Q)HXGDO /DZ IHXGDO ORUG D ORUG RU
VRYHUHLJQ ZKR GHVHUYHV OR\DOW\ DQG VHUYLFH XQGHU IHXGDO ODZ YDVVDO
=¥X3UN? D YDVVDO RU VXEMHFW ZKR RZHV OR\DOW\ DQG VHUYLFH WR D ORUG RU
VRYHUHLJQXQGHUIHXGDOODZDGMOR\DO=¥NnKN?IDLWKIXORUOR\DODUFKDLF
EDQH =DGKP?Q >ROG SRHW@ GHDGO\ KDUP UXLQ GHDWK WKH FDXVH RI GLVWUHVV
GHDWKRUUXLQGHDGO\SRLVRQQRZREVROHWH
2OGFRPUDGHVUHPHPEHUHG%XWWKH\PHOWLQWRDLU
:LWKQRZRUGRIJUHHWLQJWRJODGGHQKLVKHDUW
7KHQDJDLQVXUJHVKLVVRUURZXSRQKLP
$QGJULPO\KHVSXUVKLVZHDU\VRXO
2QFHPRUHWRWKHWRLORIWKHWRVVLQJVHD
µ1RZRQGHUWKHUHIRUHLQDOOWKHZRUOG
,IDVKDGRZGDUNHQVXSRQP\VSLULW
:KHQ,UHIOHFWRQWKHIDWHVRIPHQ
+RZRQHE\RQHSURXGZDUULRUVYDQLVK
)URPWKHKDOOVWKDWNQHZWKHPDQGGD\E\GD\
$OOWKLVHDUWKDJHVDQGGURRSVXQWRGHDWK
1RPDQPD\NQRZZLVGRPWLOOPDQ\DZLQWHU
+DVEHHQKLVSRUWLRQ$ZLVHPDQLVSDWLHQW
1RWVZLIWWRDQJHUQRUKDVW\RIVSHHFK
1HLWKHUWRRZHDN QRUWRRUHFNOHVV LQZDU
1HLWKHUIHDUIXOQRUIDLQQRUWRRZLVKIXORIZHDOWK
1RUWRRHDJHULQYRZHUHKHNQRZWKHHYHQW
$EUDYHPDQPXVWELGHZKHQKHVSHDNHWKKLVERDVW
8QWLOKHNQRZVXUHO\WKHJRDORIKLVVSLULW
µ$ZLVHPDQZLOOSRQGHU KRZGUHDG LVWKDWGRRP
:KHQDOOWKLVZRUOG¶VZHDOWKVKDOOEHVFDWWHUHGDQGZDVWH
$VQRZRYHUDOOWKURXJKWKHUHJLRQVRIHDUWK
:DOOVVWDQGULPHFRYHUHGDQGVZHSWE\WKHZLQGV
VXUJH =UÖF<?YW WR VODFNHQ RU UHOHDVH VXGGHQO\ VSXU =URÖ?YW WR
XUJHLQFLWHRUVWLPXODWHWRDFWLRQ JUHDWHUHIIRUWHWFWRVWULNHRULQMXUHDV
ZLWKDVSXUGURRS=FTWÖR?YWWRVLQNGRZQKDQJRUEHQGGRZQWRORVH
YLWDOLW\ RU VWUHQJWK EHFRPH ZHDNHQHG ODQJXLVK ZHDN =YKÖM?DGM
XQUHOLDEOH UHFNOHVV =¥TGMNU?DGM FDUHOHVV KHHGOHVV QRW UHJDUGLQJ
FRQVHTXHQFHV KHDGORQJ DQG LUUHVSRQVLEOH UDVK YRZ =XC7?Q D VROHPQ
SURPLVHRUSOHGJHHVSRQHPDGHWR*RGRUDJRGGHGLFDWLQJRQHVHOIWRDQ
DFWVHUYLFHRUZD\RIOLIHDVROHPQSURPLVHRI ORYHDQGILGHOLW\>PDUULDJH
YRZV@ ELGH =DCKF?ERGH =DWF?RU ELGHG=DCKFKF? ELGHG =DCKFKF?YW
>QRZFKLHIO\GLDO@WRZDLWJRDO=I7N?QDQREMHFWRUHQGWKDWRQHVWULYHV
WR DWWDLQ DLP SRQGHU =¥RnPF?YW WR ZHLJK PHQWDOO\ WKLQN GHHSO\
DERXW FRQVLGHU FDUHIXOO\ GUHDG =FTGF?DGM GUHDGHG RU GUHDGIXO
LQVSLULQJ DZH RU UHYHUHQFH DZHVRPH GRRP =FWÖO?Q GHVWLQ\ IDWH
WUDJLFIDWHUXLQRUGHDWKULPH=TCKO?QIURVW
7KHEDWWOHPHQWVFUXPEOHWKHZLQHKDOOVGHFD\
-R\OHVVDQGVLOHQWWKHKHURHVDUHVOHHSLQJ
:KHUHWKHSURXGKRVWIHOOE\WKHZDOOWKH\GHIHQGHG
6RPHEDWWOHODXQFKHGRQWKHLUORQJODVWMRXUQH\
2QHDELUGERUHR¶HUWKHELOORZLQJVHD
2QHWKHJUD\ZROIVOHZRQHDJULHYLQJHRUO
6DGO\JDYHWRWKHJUDYH¶VHPEUDFH
7KH:DUGHQRIPHQKDWKZDVWHGWKLVZRUOG
7LOOWKHVRXQGRIPXVLFDQGUHYHOLVVWLOOHG
$QGWKHVHJLDQWEXLOWVWUXFWXUHVVWDQGHPSW\RIOLIH
µ+HZKRVKDOOPXVHRQWKHVHPRXOGHULQJUXLQV
$QGGHHSO\SRQGHUWKLVGDUNOLQJOLIH
0XVWEURRGRQROGOHJHQGVRIEDWWOHDQGEORRGVKHG
$QGKHDY\WKHPRRGWKDWWURXEOHVKLVKHDUW
µ:KHUHQRZLVWKHZDUULRU":KHUHLVWKHZDUKRUVH"
%HVWRZDORIWUHDVXUHDQGVKDULQJRIIHDVW"
$ODVWKHEULJKWDOHFXSWKHE\UQ\FODGZDUULRU
EDWWOHPHQW =¥D3VNOPV?Q D SDUDSHW ZLWK RSHQ VSDFHV IRU VKRRWLQJ
EXLOWRQWRSRIDFDVWOHZDOOWRZHURUIRUWDQDUFKLWHFWXUDOGHFRUDWLRQOLNH
WKLVFUXPEOH=¥MT¡ODN?YWVREUHDNLQWRFUXPEVRUVPDOOSLHFHV
ELUG=DÖF?SUREDEO\WKHHDJOHRUWKHUDYHQIHHGLQJRQFRUSVHVDFRPPRQ
RFFXUUHQFH LQ WKH EDWWOH VFHQHV RI $QJOR6D[RQ OLWHUDWXUH ELOORZ
=¥DKN7?YLWRVXUJHVZHOORUULVHOLNHRULQDELOORZQDODUJHZDYHJUHDW
VZHOORIZDWHUZROIQSHUKDSVDQDQLPDORI³EDGRPHQ´IHHGLQJRQ
WKH GHDG LQ EDWWOH VOD\ =UNGK?VOHZ=UNWÖ?VODLQ=UNGKP?YWWR NLOO RU
GHVWUR\LQDYLROHQWZD\ JULHYHJLYLQJWRFDXVHWRIHHOJULHIDIIOLFW
ZLWK GHHS DFXWH VRUURZ RU GLVWUHVV HRUO =ÖN?Q KHUH ZDUULRU
:DUGHQ =¥YnÖFP?Q D SHUVRQ ZKR JXDUGV RU KDV FKDUJH RI VRPHWKLQJ
NHHSHU FXVWRGLDQ RU VSHFLDO VXSHUYLVRU\ RIILFLDO >ILUH ZDUGHQ JDPH
ZDUGHQ@ DUFKDLF D JDWHNHHSHU RU ZDWFKPDQ KHUH *RG JLDQWEXLOW
VWUXFWXUHVXVXDOO\WDNHQWREH5RPDQUXLQVEXLOGLQJVRIWKHJUHDWPHQRI
IDURII WLPHV PRXOGHULQJ =¥OC7NFTK0?DGM VORZO\ GHFD\LQJ
EURRG =DTWÖF?YW WR SRQGHU LQ D WURXEOHG RU PRUELG ZD\ >WR EURRG
UHYHQJH@YLWRNHHSWKLQNLQJDERXWVRPHWKLQJLQDGLVWUHVVHGRUWURXEOHG
ZD\ZRUU\RIWHQZLWKRQRYHURUDERXW:KHUH«ZDUULRUWKLVEULHI
XELVXQWODPHQWDIXUWKHUYDULDWLRQRQWKHWKHPHRIWUDQVLWRULQHVVRQZKLFK
WKH SRHP WXUQV LV DQ HFKR RI /DWLQ UHOLJLRXV ZULWLQJV DQG RWKHU ZRUNV
DSSOLHGWRWKHWKLQJVWKDWWKHZDUULRUSUL]HVPRVWEHVWRZ=D+¥UV7?YW
$UFKDLF WRSXW RUSODFH DV LQ VWRUDJH $UFKDLF WRSURYLGH ORGJLQJV IRU
KRXVHQEHVWRZDOFODG=MN3F?DGMFORWKHGGUHVVHGKDYLQJDOD\HU
RIVRPHRWKHUPHWDORURIDQDOOR\ERQGHGWRLW
7KHSULQFHLQKLVVSOHQGRXUWKRVHGD\VDUHORQJVSHG
,QWKHQLJKWRIWKHSDVWDVLIWKH\QHYHUKDGEHHQ¶
$QGQRZUHPDLQVRQO\IRUZDUULRUV¶PHPRULDO
$ZDOOZRQGURXVKLJKZLWKVHUSHQWVKDSHVFDUYHG
6WRUPVRIDVK VSHDUVKDYHVPLWWHQ WKHHRUOV
&DUQDJHRIZHDSRQDQGFRQTXHULQJ)DWH
µ6WRUPVQRZEDWWHUWKHVHUDPSDUWVRIVWRQH
%ORZLQJVQRZDQGWKHEODVWRIZLQWHU
(QIROGWKHHDUWKQLJKWVKDGRZVIDOO
'DUNO\ORZHULQJIURPWKHQRUWKGULYLQJ
5DJLQJKDLOLQZUDWKXSRQPHQ
:UHWFKHGQHVVILOOVWKHUHDOPRIHDUWK
$QG)DWH¶VGHFUHHVWUDQVIRUPWKHZRUOG
+HUHZHDOWKLVIOHHWLQJIULHQGVDUHIOHHWLQJ
0DQLVIOHHWLQJPDLGLVIOHHWLQJ
$OOWKHIRXQGDWLRQRIHDUWKVKDOOIDLO¶
7KXVVSRNHWKHVDJHLQVROLWXGHSRQGHULQJ
*RRGPDQLVKHZKRJXDUGHWKKLVIDLWK
+HPXVWQHYHUWRRTXLFNO\XQEXUGHQKLVEUHDVW
2ILWVVRUURZEXWHDJHUO\VWULYHIRUUHGUHVV
$QGKDSS\WKHPDQZKRVHHNHWKIRUPHUF\
)URPKLVKHDYHQO\)DWKHURXU)RUWUHVVDQG6WUHQJWK
WUDQVODWHGE\&:.HQQHG\
VSOHQGRXU=¥URNGPF?QKHUHDVWKHFHQWHURIWKHKHURLFFRPPXQLW\
DVK=35?QDQ\RIDJHQXV)UD[LQXVRIWLPEHUDQGVKDGHWUHHVRIWKH
ROLYH IDPLO\ KDYLQJ RGGSLQQDWH OHDYHV ZLQJHG IUXLW DQG WRXJK VSULQJ\
ZRRGVPLWH=UOCKV?VPRWH>UO7V@VPLWWHQ=¥UOKVP?YWWRKLWRUWR
VWULNHKDUGWREULQJLQWRDVSHFLILHGFRQGLWLRQE\RUDVE\DEORZ>WRVPLWH
VRPHRQHGHDG@WRGHIHDWSXQLVKGHVWUR\RUNLOOEDWWHU=¥D3V?YWWR
EHDWRUVWULNHZLWKEORZDIWHUEORZSRXQGWREUHDNWRELWVE\SRXQGLQJWR
LQMXUH E\ SRXQGLQJ KDUG ZHDU RU XVH UDPSDUW =¥T3OR#ÖV?Q DQ
HPEDQNPHQW RI HDUWK XVXDOO\ VXUPRXQWHG E\ D SDUDSHW HQFLUFOLQJ D
FDVWOH IRUW HWF IRU GHIHQVH DJDLQVW DWWDFN DQ\ GHIHQVH RU EXOZDUN
IOHHW =HNKÖV?Q $UFKDLF WR SDVV DZD\ VZLIWO\ GLVDSSHDU UHGUHVV
=T+¥FTGU?YLWRVHWULJKWUHFWLI\RUUHPHG\RIWHQE\PDNLQJFRPSHQVDWLRQ
IRU D ZURQJ JULHYDQFH HWFQ D FRPSHQVDWLRQ RU VDWLVIDFWLRQ DV IRU D
ZURQJGRQH
7R,QFUHDVH8QGHUVWDQGLQJ
'HILQH WKH WKHPH RI WKH SRHP DQG WKHQ UHQGHU LWV VXEMHFW
PDWWHULQ\RXURZQZRUGV
:K\ GR \RX WKLQN ³WKH ZRUOG´ RI WKLV SRHP OLNH WKDW RI
RWKHUSRHPVRILWVNLQGLVPRVWO\³DPDQ¶VZRUOG´"
:KDW UHODWLRQVKLS FDQ \RX ILQG EHWZHHQ WKH 1RUWKPHQ¶V
EHOLHI LQ RQH¶V ³:\UG´ DQG WKH &KULVWLDQ EHOLHI LQ PDQ¶V
IDWH DV GHFLGHG E\ *RG DOORZLQJ IRU D VWULFW VRFLDO DQG
SROLWLFDO KLHUDUFK\ LQ WKH $QJOR6D[RQVRFLHW\ ZKLFK WKHQ
ZDV GXO\ UHIOHFWHG LQ ³WKH DUWLVWLF ZRUOG´ RI WKH $QJOR
6D[RQDQRQ\PRXVSRHWU\"
([SODLQ E\ XVH RI VXLWDEOH H[DPSOHV IURP WKH SRHP KRZ
WKH DQRQ\PRXV SRHW VXFFHHGV LQ PDWFKLQJ WKH ZDQGHUHU¶V
LQQHU VXIIHULQJV ZLWK D VXLWDEOH GHVFULSWLRQ RI WKH RXWVLGH
ZRUOG DQG WKHQ PHQWLRQ WKH QDPH RI D OLWHUDU\ PRYHPHQW
ZKLFKODWHURQLQWLPHUHVRUWVWRDVLPLODUOLWHUDU\WHFKQLTXH
:KDW W\SLFDO HOHPHQWV RI 7KH :DQGHUHU PDUN LW DV
EHORQJLQJWRWKH$QJOR6D[RQSHULRG"
:KDWSRHWLFGHYLFHVDUHXVHGLQWKLVSRHP"&LWHH[DPSOHV
WRLOOXVWUDWH\RXUDQVZHU
7KH6HDIDUHU
7KH 6HDIDUHU DSSUR[ WK FHQWXU\ LV D KLJKO\
SHVVLPLVWLF DQG PHODQFKROLF SRHP GHVFULELQJ WKH VHDIDUHU¶V
VXIIHULQJVDWVHDLQZLQWHUWLPH
/LNH7KH:DQGHUHUWKLVO\ULFVWUHVVHVDUHFXUULQJWKHPH
RI $QJOR6D[RQ SRHWU\ ± H[LOH DQG VHOIH[LOH RQ WKH FUXHO
ZLQWU\VHDVZLWKWKHLUKDXQWLQJEHDXW\IRUHERGLQJWHUURUDQG
LUUHVLVWLEOHP\VWHU\
$Q ROG VHDPDQ VDGO\ UHIOHFWV RQ WKH SK\VLFDO KDUGVKLSV
KH KDV HQGXUHG GXULQJ KLV QXPHURXV WUDYHOV E\ VHD LQ ZLQWHU
WLPH ZKLOH KLV ³ELWWHU EUHDVWFDUH´ DQG ³WKH KXQJHU´ ZKLFK
³UHQWZLWKLQWKHVRXORIWKHVHDZHDU\´LQFUHDVHGKLVIHHOLQJRI
ORQHOLQHVV DW WKHWKRXJKW RIKLV IRUPHU SURWHFWRU DQG NLQVPDQ
KDYLQJ ³WKH MR\ RI OLIH´ DW KRPH LQ WRWDO LJQRUDQFH RI KLV
SUHGLFDPHQW
7KHVHFRQGSDUWRIWKHSRHPDGGVWKHUHOLJLRXVWKHPHRI
WKHWUDQVLWRU\QDWXUHRIHDUWKO\SOHDVXUHVLQRQH¶VHDUO\OLIHDV
FRPSDUHGWR³ZKDWKLV/RUGZLOOEHVWRZRQKLP´LQDIWHUOLIH
,QWKHYLHZRIVRPHFULWLFVWKHSRHPPD\EHLQWHUSUHWHG
DV D GLDORJXH EHWZHHQ D \RXQJ PDQ DWWUDFWHG E\ WKH LOOXVRU\
EHDXW\ RI WKH VHD DQG DQ ROG VDLORU ZHDU\ RI LWV GHYLRXV DQG
PHUFLOHVVZD\V
)URP7+(6($)$5(5DSSUR[WKFHQWXU\
,FDQPDNHDWUXHVRQJRIP\VHOI
7HOORIP\WUDYHOVKRZ,HQGXUHGRIW
'D\VRIKDUGVKLSDQGWLPHVRIWURXEOH
%LWWHUEUHDVWFDUH,KDYHH[SHULHQFHG
0DGHWULDOLQDVKLSRIPDQ\ZUHWFKHGTXDUWHUV
7KHGLUHGDVKLQJRIZDYHVZKHUHWKHKDUGQLJKWZDWFK
2IWIRXQGPHDWWKHSURZRIWKHYHVVHO
$VLWWRVVHGEHVLGHWKHFOLIIV3UHVVHGE\WKHFROG
0\IHHWZHUHIHWWHUHGE\IURVW
%\FROGFODZVWKHQ,VLJKHGP\FDUH
+RWDERXWP\KHDUWKXQJHUUHQWZLWKLQ
7KHVRXORIWKHVHDZHDU\7KDWWKHPDQNQRZVQRW
:KRPLWEHIDOOVIDLUHVWLQWKHZRUOG
+RZ,FDUHZRUQRQWKHLFHFROGVHD
+DYHVSHQWWKHZLQWHURQSDWKVRIH[LOH
%HUHIWRIMR\VFXWRIIIURPNLQVPHQ
+XQJURXQGZLWKLFLFOHVKDLOIOHZLQVKRZHUV
7KHUHKHDUG,QDXJKWVDYHWKHERRPLQJVHD
TXDUWHU=¥MYnÖV?Q>SO@ORGJLQJVSODFHRIDERGHQDXWWKHDIWHUSDUW
RI D VKLS¶V VLGH EHWZHHQ WKH EHDP DQG WKH VWHUQ GLUH =¥FCK?DGM
DURXVLQJ WHUURU RU FDXVLQJ H[WUHPH GLVWUHVV GUHDGIXO WHUULEOH SURZ
>RTC7@ Q WKH IRUZDUG SDUW RI D VKLS RU ERDW WRVV =VnU? YW WR WKURZ RU
SLWFKDERXWIOLQJKHUHDQGWKHUHEXIIHW>DERDWWRVVHGE\DVWRUP@IHWWHU
=¥HGV?YW WR ELQG ZLWK IHWWHUV VKDFNOH FKDLQ EHIDOO =DK¥HnÖN?EHIHOO
=D+¥HGN?EHIDOOHQ=D+¥HnÖNP?YL WR FRPH WRSDVV KDSSHQ RFFXU YWWR
KDSSHQ WR >ZKDW EHIHOO WKHP"@ LFLFOH =¥C+U+MN?Q D WDSHULQJ SRLQWHG
KDQJLQJSLHFHRILFHIRUPHGE\WKHIUHH]LQJRIGULSSLQJRUIDOOLQJZDWHU
KDLO =JG+N?Q URXQGHG SLHFHV RI LFH WKDW DUH ODUJHU WKDQ PP LQ DQG
VRPHWLPHV IDOO GXULQJ WKXQGHUVWRUPV IUR]HQ UDLQGURSV KDLOVWRQHV
QDXJKW=PnÖV?QQRWKLQJ
7KHLFHFROGSDWKZD\VRPHWLPHVWKHVRQJRIWKHVZDQ
,KDGP\MR\LQWKHVSRUWLQJRIWKHJDQQHW
,QWKHFU\RIWKHFXUOHZ UDWKHUWKDQWKHODXJKWHURIPHQ
,QWKHVFUHDPRIWKHVHDPHZUDWKHUWKDQWKHPHDGGULQN
7KHUHVWRUPVEHDWRQWKHVWRQHFOLIIWKHUHWKHWHUQUHSOLHG
:LWKLF\IHDWKHUVRIWWKHHDJOHFULHGRXW
'HZ\RIZLQJV«1RNLQVPDQSURWHFWRU
&DQVXVWDLQWKHGHVWLWXWHKHDUW
$QGVRKHOLWWOHEHOLHYHVZKRKDVWKHMR\RIOLIH
$ELGLQJLQWKHFLW\NQRZLQJIHZKDUGVKLSV
3URXGDQGZLQHIOXVKHGKRZ,RIWZHDU\
0XVWOLQJHUGZHOOLQJLQWKHSDWKVRIRFHDQ
7KHVKDGRZRIQLJKWJUHZGDUNLWVQRZHGIURPWKHQRUWK
)URVWERXQGWKHHDUWKKDLOIHOOWRWKHJURXQG
7KHFROGHVWRIJUDLQV
6RWKHWKRXJKWVRIP\KHDUW
6WLUZLWKLQPHWKDW,P\VHOIPDNHWULDO
2IWKHKLJKVWUHDPVWKHVSRUWLQJVDOWZDYHV
7KHGHVLUHRIP\KHDUWHYHUXUJHVPHRQ
7RIDUHIRUWKLQP\YHQWXUHIDUKHQFH
7RVHHNWKHKRPHRIDOLHQSHRSOH
)RUWKHUHLVQRPDQRQHDUWKVRSURXG
1RUVRJHQHURXVLQJLYLQJQRULQ\RXWKVREROG
1RULQGHHGVVRGDULQJQRUKLVORUGWRKLPVRJUDFLRXV
JDQQHW =¥I3P+V?Q DQ\ RI D JHQXV 0RUXV IDPLO\ 6XOLGDH RI
SHOLFDQLIRUP ELUGV HVS D ZKLWH JRRVHOLNH ZHEIRRWHG ELUG 0
%DVVDQXV WKDW EUHHGV RQ FOLIIV DORQJ WKH 1RUWKHUQ $WODQWLF FRDVWV
FXUOHZ >¥MÖNLWÖ@ Q DQ\ RI D JHQXV 1XPHQLXV IDPLO\ 6FRORSDFLGDH RI
ODUJH EURZQLVK VKRUHELUGV ZLWK ORQJ OHJV DQG D ORQJ GRZQFXUYHG ELOO
VHDPHZ =¥UKÖOLWÖ?QVHDJXOO HVSHFLDOO\ WKH FRPPRQ JXOO PHDG
=OKÖF?QGULQNPDGHIURPKRQH\DQDOFRKROLFGULQNPDGHE\IHUPHQWLQJ
KRQH\ZLWKZDWHURIWHQZLWKDGGHGVSLFHV7KHDQRQ\PRXVSRHWDOOXGHV
KHUHWRWKHGULQNLQJRIVXFKEHYHUDJHLQWKHFRV\DWPRVSKHUHRIWKHPHDG
KDOO DW KRPH WHUQ =VÖP?Q VHDELUG UHODWHG WR WKH JXOO D VHDELUG
W\SLFDOO\EODFNDQGZKLWHUHODWHGWRWKHJXOOVEXWZLWKDPRUHVOHQGHUERG\
DQGZLQJVDSRLQWHGELOODQGDIRUNHGWDLOZLQJVDWWKLVSRLQWDOLQH
RUWZRVHHPVWREHORVWLQWKHRULJLQDOPDQXVFULSWOLQJHU=¥NK0I?YL
WRFRQWLQXHWRVWD\HVSWKURXJKUHOXFWDQFHWROHDYH>OLQJHULQJDWWKHGRRU@
7KDWKHKDVQRWDOZD\VVRUURZLQVHDIDULQJ
$VWRZKDWKLV/RUGZLOOEHVWRZRQKLP
1RWIRUKLPDUHWKRXJKWVRIWKHKDUSQRURIULQJJLYLQJ
1RURIWKHMR\RIZRPDQQRURIGHOLJKWVLQWKHZRUOG
1RURIDXJKWHOVHEXWWKHGDVKLQJRIZDYHV
<HWHYHUKHKDVORQJLQJZKRVHWVIRUWKRQWKHVHD
7KHJURYHVSXWIRUWKEORVVRPVWKHFLWLHVJURZIDLU
7KHPHDGRZVDUHEHDXWLIXOWKHZRUOGUHYLYHV
$OOWKHVHXUJHDPDQ¶VHDJHUKHDUW
7RWKHMRXUQH\ZKHQKHWKXVWKLQNV
7RGHSDUWIRUWKRQWKHIORRGZD\V
/LNHZLVHWKHFXFNRRVDGRIYRLFH
8UJHVLQDVRQJWKHKDUELQJHURIVXPPHU
3URFODLPVDVRUURZELWWHULQKHUEUHDVWKRDUG
7KDWWKHPDQNQRZVQRWWKHIDYRXUHGEHLQJ
:KDWVRPHHQGXUHZKRPXVWZLGHO\SDFH
7KHWUDFNVRIH[LOH7KHUHIRUHP\KHDUWQRZ
6WLUVZLWKLQP\EUHDVWP\LQQHUVRXO
0RYHVZLWKWKHVHDIORRGRYHUWKHZKDOH¶VKRPH
0RYHVIDURYHUWKHZRUOG¶VH[SDQVHFRPHVDJDLQWRPH
(DJHUDQGJUHHG\WKHORQHIOLHUVFUHDPV
8UJHVWKHKHDUWUHVLVWOHVVO\RYHUWKHZKDOHURDG
2YHUWKHVWUHWFKRIWKHVHD
WUDQVODWHGE\*HRUJH.$QGHUVRQ
VHDIDULQJ=¥UKÖHG4+0?QWKHEXVLQHVVRUSURIHVVLRQRIDVDLORUWUDYHOE\
VHD DXJKW =nÖV?QDQ\WKLQJ ZKDWHYHU >IRU DXJKW , NQRZ@ JURYH
=ITWX? Q D VPDOO ZRRG RU JURXS RI WUHHV ZLWKRXW XQGHUJURZWK
KDUELQJHU=¥J#ÖD+PF<?QDSHUVRQRUWKLQJWKDWFRPHVEHIRUHWRDQQRXQFH
RU JLYH DQ LQGLFDWLRQ RI ZKDW IROORZV EUHDVWKRDUG =¥DTGUVJnÖF?Q
ILJKHDUW
7R,QFUHDVH8QGHUVWDQGLQJ
'HILQH WKH WKHPH RI WKH SRHP DQG WKHQ UHQGHU LWV VXEMHFW
PDWWHULQ\RXURZQZRUGV
0HQWLRQVRPHRIWKHKDUGVKLSVWKHVHDIDUHUKDVKDGGXULQJ
KLVORQJVHDFURVVLQJ
)LQG H[DPSOHV LQ WKH SRHP RI PHWDSKRULFDO FRPSRXQGV
NHQQLQJV DQG RI RWKHU ILJXUHV RI VSHHFK W\SLFDO WR 2OG
(QJOLVKSRHWU\
&LWH WKH OLQHV ZKLFK FRQWDLQ WKH &KULVWLDQ EHOLHI LQ D
SURPLVLQJDIWHUOLIH
%ULQJDVPDQ\DUJXPHQWVDV\RXFDQLQIDYRXURIWKHLGHD
WKDWWKLVSRHPEHORQJVWRWKH$QJOR6D[RQSHULRG
2WKHU/\ULFV
7KH:LIH¶V/DPHQWDSSUR[WKFHQWXU\LVSHUKDSVWKH
ILUVWORYHSRHPLQWKHKLVWRU\RI(QJOLVKOLWHUDWXUHDQGRQHRI
WKH YHU\ IHZ 2OG (QJOLVK SRHPV LQ ZKLFK ZRPDQ LV PDGH D
FKDUDFWHU 7KH KHURLQH ZKR KDV EHHQ VHSDUDWHG IURP KHU
KXVEDQGODPHQWVRYHUKHUVDGIDWHDWWKHRSSUHVVLYHKDQGVRI
KHU KXVEDQG¶V NLQVPHQ 7KH MR\ RI XQLRQ LQ WKH SDVW DQG
PLVHU\ RI VHSDUDWLRQ LQ WKH SUHVHQW DUH WKH WZR FRQWUDVWLYH
WKHPHV RI WKH SRHP SUHVHQWHG DJDLQVW WKH EDFNJURXQG RI
DQWDJRQLVWLFQDWXUH
7KH +XVEDQG¶V 0HVVDJH DSSUR[ WK FHQWXU\ ± 7KH
³PHVVDJH´ LV D UXQLF OHWWHU D ZRRGHQ WDEOHW FRQWDLQLQJ
³UXQHV´ LH OHWWHUV FDUYHG LQ ZRRG VHQW DFURVV WKH VHD E\
PHVVHQJHU LQ ZKLFK D KXVEDQG ZKRKDV EHHQ VHSDUDWHG IURP
KLV ZLIH E\ IHXG LQIRUPV KHU WKDW KH KDV RYHUFRPH KLV
GLIILFXOWLHVDQGZDQWVKHUWRMRLQKLP
E +HURLF(SLF3RHWU\
%HRZXOI
WK
%HRZXOI WKH FHQWXU\ LV D UDWKHU ORQJ HSLF RI
OLQHVVXUYLYLQJLQDVLQJOHPDQXVFULSWSUHVHUYHGDWWKH%ULWLVK
0XVHXP,WLVQRGRXEWWKHPDMRUOLWHUDU\DFKLHYHPHQWRIWKH
$QJOR6D[RQ SHULRG DQG LWV VSHFLDO SRVLWLRQ LQ (QJOLVK
OLWHUDWXUH LV GXH WR WKH IDFW WKDW LW LV UHDOO\ WKH RQO\ FRPSOHWH
HSLFRILWVNLQGLQDQDQFLHQW*HUPDQLFODQJXDJH
7KH DXWKRUVKLS RI WKH SRHP LV D GLVSXWHG PDWWHU RI
VFKRODUO\GHEDWH)RUH[DPSOH'DLFKHVFRQWHQGVWKDW
WKHUHLVJHQHUDODJUHHPHQWWKDW³WKHSRHPDVZHKDYHLWLVWKH
ZRUN RI D VLQJOH DXWKRU ZULWLQJ LQ WKH ILUVW KDOI RI WKH HLJKWK
FHQWXU\ WKRXJK D SRZHUIXO FDVH KDV EHHQ PDGH RXW IRU LWV
KDYLQJ EHHQ FRPSRVHG RUDOO\ E\ D KHDWKHQ FRQVLGHUDEO\
HDUOLHUZLWKWKH&KULVWLDQUHIHUHQFHVRIZKLFKWKHUHDUHDERXW
VHYHQW\UHSUHVHQWLQJODWHUUHYLVLRQRULQWHUSRODWLRQV´
$ VOLJKWO\ GLIIHUHQW SRLQW RI YLHZ EHORQJV WR &URVV
ZKRVXVWDLQVWKHLGHDRIDVLQJOH&KULVWLDQSRHW
ZKR ³DOWKRXJK KH ZDV QRW WHDFKLQJ WKH VWRULHV DQG EHOLHIV RI
WKH IDLWK KH RIWHQ HPSKDVL]HV WKH FRQWURO RI *RG RYHU HYHQ
WKHVHSHRSOHZKRKLVWRULFDOO\ZHUHSUH&KULVWLDQ´
$ VLPLODU RSLQLRQ LV H[SUHVVHG E\ 5 3RROH\ ZKR
LGHQWLILHV³WKHRQHZKRILUVWFDVWWKHHSLF%HRZXOIOHJHQGLQWR
FRKHUHQW DQG DUWLVWLF IRUP DQG ZURWH LW GRZQ LQ WKH ODQJXDJH
ZH QRZ FDOO 2OG (QJOLVK´ ZLWK ³D &KULVWLDQ FOHULF ZKR ZDV
HYLGHQWO\ 1RUVH LQ KLV V\PSDWKLHV DQG LQWHUHVWV LI QRW LQ KLV
QDWLRQDOLW\´
)LQDOO\ 6DPSVRQ UHPDUNV WKDW WKH YHU\
ODQJXDJHLQZKLFKWKHSRHPVXUYLYHGWKH:HVW6D[RQGLDOHFW
³LVQRWWKDWLQZKLFKLWZDVRULJLQDOO\FRPSRVHGDQGWKHOD\V
RXW RI ZKLFK LW ZDV IDVKLRQHG EHORQJ WR SUH&KULVWLDQ WLPHV
DOWKRXJK LQ LWV SUHVHQW IRUP LW FRQWDLQV PDQ\ SDVVDJHV RI
GLVWLQFWO\&KULVWLDQFKDUDFWHU´
7KHH[WUHPHSRLQWRIYLHZLQWKLVPDWWHUKROGVWKHWKHRU\
RI PXOWLSOH DXWKRUVKLS ZLWK VXFK DUJXPHQWV DV *UHQGHO DQG
KLV PRWKHU GRQRW FRPSDUH HTXDOO\ ZLWK WKH GUDJRQ%HRZXOI
KLPVHOI LV QRW WKH VDPH FKDUDFWHU IURP EHJLQQLQJ WR HQG WKH
RSWLPLVP RI WKH \RXQJ %HRZXOI JLYHV ZD\ WR WKH JORRP\
VDGQHVVRIWKHROGRQHHWF
:LWK VXFK FRQWUDGLFWRU\ SRLQWV RI YLHZ WKH VWUXFWXUDO
XQLW\RIWKHSRHPVHHPVTXHVWLRQDEOHLIRQHWDNHVLQWRDFFRXQW
WKHGDPDJHG PDQXVFULSWZULWWHQLQWZRKDQGV±ZKLFKPDNHV
WKHLGHQWLILFDWLRQRILWVRULJLQDQGDXWKRUVKLSGLIILFXOW±DQGWKH
DSSDUHQWRSSRVLWLRQEHWZHHQDILUVWSDUWRIWKHSRHPZKLFKE\
PDQ\ UHIHUHQFHV WR WKH 2OG 7HVWDPHQW GHVFULEHV LWV HYLO
PRQVWHUV LQ WHUPV RI &DLQ¶V DERPLQDEOH IUDWULFLGH DQG D
VHFRQGSDUWLQZKLFKDVLQJOHDPRUDOUDWKHUWKDQELEOLFDOO\HYLO
PRQVWHU LV GUDPDWLFDOO\ HPSOR\HG DV D PHDVXUH RI WKH KHUR¶V
JUHDWQHVVDQGIDOO
%XWLQFRQWUDVWWRVXFKDQDSSURDFKRQHFDQDOVRDUJXH
LQ IDYRXU RI DW OHDVW VRPH UXGLPHQWDU\ VWUXFWXUDO XQLW\ RI WKH
QDUUDWLYH LQ WKH VHQVH WKDW LW FHQWHUV DURXQG WKH WKUHH ILJKW
VFHQHVWKDWSDUDOOHORQHDQRWKHUDQGDFWXDOO\OLQNWRJHWKHUWKH
WZR³RSSRVLQJ´SDUWVLQZKLFKWKHKHURFRQVLVWHQWO\FRPHVWR
VDYH KLV KHOSOHVV NLQ IURP D GHYRXULQJ PRQVWHU LQ IXOO
DJUHHPHQWZLWKKLVSHRSOH¶VFRGHRIGXW\DQGKRQRXU
/XPLDQVN\ DOVR VXSSRUWV WKH LGHD RI
%HRZXOI¶VVWUXFWXUDOXQLW\E\GHPRQVWUDWLQJWKDWWKH%HRZXOI
SRHW XVHV WKH VDPH OLWHUDU\ WHFKQLTXH ZKLFK KH FDOOV ³WKH
GHYLFHRIGUDPDWLFDXGLHQFH´±WRFUHDWHVXVSHQFHLQDOOWKUHH
RIWKHILJKWVFHQHVDQGLQERWKSDUWVRI%HRZXOI,QKLVRSLQLRQ
WKRXJK WKH H[WHUQDO DXGLHQFH ³NQRZV´ WKH RXWFRPH RI NH\
HYHQWV WKURXJK ³IRUHVKDGRZLQJ´ WKH GUDPDWLF DXGLHQFH GRHV
QRWDQGLQWKLVZD\WKHSRHWFUHDWHVVXVSHQVHIRUWKHH[WHUQDO
DXGLHQFHYLFDULRXVO\
$VIDUDVLWVVXEMHFWPDWWHULVFRQFHUQHG%HRZXOIKDVD
FRPSRVLWH WH[WXUH RI IRONWDOH KLVWRU\ DQG OHJHQG VXSHUDGGHG
ZLWKODWHU&KULVWLDQEHOLHILQWKHSXQLVKPHQWRIHYLODQGUHZDUG
RIJRRGE\WKHVXSUHPH%HLQJ
7KH LGHD RI WKH KHUR DV WKH VDYLRU RI KLV SHRSOH LV
IXQGDPHQWDO WR WKH VXEMHFW PDWWHU RI WKLV KHURLF HSLF ZKLOH LW
XQIROGVLWVIRXUOD\V
D %HRZXOI¶VILJKWZLWK*UHQGHO
E %HRZXOI¶VILJKWZLWK*UHQGHO¶VPRWKHU
F %HRZXOI¶V UHWXUQ WR KLV FRXQWU\ DQG KLV UXOH DV D ZLVH
UHVSHFWHGNLQJIRU\HDUV
G %HRZXOI¶V ILJKW ZLWK WKH ILUHEHOFKLQJ GUDJRQ DQG KLV
FRQVHTXHQWGHDWK
$ W\SLFDO HSLF KHUR ³KLPVHOI D KDOIP\WKLFDO KDOI
KLVWRULFDOILJXUHVXSSRVHGO\D6ZHGLVKSULQFHZKROLYHGLQWKH
ILUVW KDOI RI WKH WK FHQWXU\´ /HYLĠFKL %HRZXOI
SRVVHVVHVUDUHTXDOLWLHVRIYDORXULQEDWWOHOR\DOW\JHQHURVLW\
DQG KRQRXU +LV DFWLRQV DUH WULJJHUHG RIIE\ WKH PRVW SUDLVHG
SRVVHVVLRQRIKLVKLHUDUFKLFDODULVWRFUDWLFVRFLHW\WKHVRFDOOHG
ZDUULRU¶VFRGHZKLFKLPSRVHGLWRQDWKDQHWRGHIHQGKLVORUG
DQGKLVODQGRIWHQZLWKQREOHDFFHSWDQFHRIGHDWKDVKLVZ\UG
+LVH[FHSWLRQDOPRUDOSRUWUDLWLVGUDZQZLWKWKHKHOSRI
D PXOWLWXGH RI HSLWKHWV DQG PHWDSKRULFDO FRPSRXQGV
NHQQLQJV ZKLFK DOVR GHVFULEH KLV HYROXWLRQ IURP WKH
LPSHWXRVLW\RI\RXWKWRWKHTXLHWZLVGRPRIROGDJH³«JUHDW
DPRQJ*HDWVWKHPLJKWLHVWPDQRIYDORXUWKHEROGRQH,,,
WKH VWDWHOLHVW D KHUR 9 EROG %ROGLQEDWWOH JRRG \RXWK
9, KHUR ,; YDOLDQW PDQ ; KDUG\ KHUR KHUR WKH KDUG\
+\JHODFWKDQH KH ZKR RI PHQ LQ PLJKW ZDV VWURQJHVW ;,
KDUG\ DQG ZLVH ;,, QR RWKHU « PRUH YDOLDQW QRQH PRUH
ZRUWK\WRUXOHNLQG;,,,KHURRIKHURHVEHVW;,9EUDYH
;9,, IDPHG ;9,,, KHUR ;;, ORUG RI ULQJV ZDUULRU
ILHUFHVW RI ILJKWLQJ PHQ ;;,, PLJKW\ IHDUOHVV LQ ILJKW RI
IDPH UHQRZHG KDUG\ KHUR ;;,,, ZDUULRU IDPRXV KHUR RI
ZDU GRXJKW\ DWKHOLQJ ;;9 VWURQJ RI PDLQ ZDU\ LQ PLQG
ZLVH LQ ZRUGV KHUR ;;9, PRVW H[HFHOOHQW RI WKH VRQV RI
PHQ ;;9,, WKH KDUG\ RQH ;;9,,, UHPDUNHG IRU PLJKW\
GHHGV DQG DFWV RI KRQRXU ;;;, DWKHOLQJ EUDYH VKDUHU RI
ULQJV ;;;,,, KHURNLQJ ;;;,9 VWXUG\ FKDPSLRQ
ZDUULRU FKLHI VXUYLYRU RI PDQ\ D YLFWRU\ILHOG VWXUG\ NLQJ
KHURNLQG (FJWKHRZ¶V KRQRXUHG KHLU IRONFRPPDQGHU
;;;9 IRONGHIHQGHU KHUR JUHDW LQ GHHGV DWKHOLQJ
VWHDGIDVW ;;;9, ZLVH LQ KLV WKRXJKW ZLQVRPH ORUG
;;;9,, IDPRXV FKLHI ZLVH ROG PDQ ;;;9,,, EROGLQ
EDWWOH;/PDQRIPLJKWDQGYDORXUNLQJEHORYHGZLVHROG
PDQ ZRUWKLHVW ZDUULRU PDQ EHORYHG ;/,, PDVWHU GHDU
PDVWHUIULHQG;/,,,´/HYLĠFKL
D ,QWKHILUVWSDUWZHDUHWROGKRZ+HRURWWKHJUHDWPHDGKDOO
RI .LQJ +URWKJDU .LQJ RI WKH 'DQHV LV WHUURUL]HG E\ D
QLJKWPDULVK FUHDWXUH ± KDOIEHDVW KDOIPDQ ³D PDUFK
ULHYHUPLJKW\´ERUQRIWKHKDWUHGRI&DLQ
1LJKW E\ QLJKW IRU WZHOYH \HDUV WKLV ILHQG FURVVHV RYHU
IURPKLVVXEWHUUDQHDQVHDODLULQWRWKHUHDOPRIPHQWRNLOO
DQG GHYRXU XS WR WKLUW\ RI +URWKJDU¶V ZDUULRUV LQ D VLQJOH
UDLG
:KLOH .LQJ +URWKJDU DQG KLV SHRSOH VWRLFDOO\ VXIIHU WKH
PRQVWHU¶V GHSUDGDWLRQV LQ D SDUDO\VLV RI IHDU DQG DZH WKH
WLGLQJV RI KLV SOLJKW UHDFK DFURVV WKH VHD WKH ODQG RI WKH
*HDWV LQ 6ZHGHQ 2Q KHDULQJ WKH WHUULEOH VWRU\ %HRZXOI
WKHQHSKHZRIWKHNLQJRIWKH*HDWV+\JHODFDQGIRXUWHHQ
RI KLV PLJKW\ ZDUULRUV VDLO DFURVV WKH VHD WR 'HQPDUN WR
+URWKJDU¶VDLG
2QFH SUHVHQWHG WR +URWKJDU DQG FRQWHVWHG E\ 8QIHUWK
MHDORXVRIKLVLQWHQWLRQV%HRZXOIPDNHVDQRUDOGLVSOD\RI
KLV IRUPHU H[SORLWV LQ WKH JRRG WUDGLWLRQ RI HSLF EDWWOH
ERDVWLQJ KRZ KH EHFDPH EORRGIOHFNHG IURP ILYH IRHV KH
KDG NLOOHG LQ EDWWOH RU KRZ KH VODXJKWHUHG QLQH QLFRUV DQG
RWKHU VHD PRQVWHUV GXULQJ D VHYHQ GD\ VZLPPLQJ PDWFK
DFURVVWKHVHDZLWKKLVFKLOGKRRGIULHQG%UHFD
1H[W%HRZXOIVKDPHV8QIHUWKUHPLQGLQJKLPWKDWKHKDV
IRXJKW DQG NLOOHG KLV RZQ NLQ D FDSLWDO VLQ LQVWHDG RI
ILJKWLQJKLVUHDOHQHPLHVRU*UHQGHO
$IWHU.LQJ+URWKJDUDQGKLVZLIH4XHHQ:HDOKWKHRZIHDVW
%HRZXOI DQG KLV IRXUWHHQ ZDUULRUV LQ +HRURW %HRZXOI
UHTXHVWV WKHP WR EH OHIW WR VOHHS ZLWK KLV FRPSDQLRQV LQ
+HRURW YRZLQJ WR ILJKW *UHQGHO DQG ³GR DQ HDUO¶V EUDYH
GHHGRUHQGWKHGD\VRIWKLVOLIHRIPLQHLQWKHPHDGKDOO
KHUH´
,QWKHGDUNHVWKRXURIWKHQLJKWWKHKHOOLVKFUHDWXUHFUDZOV
LQ WKH KDOO DQG NLOOV D *HDW ZKR OLNH WKH RWKHUV KDV
XQFDXWLRXVO\ IDOOHQ DVOHHS 7KHQ WKH PRQVWHU WXUQV RQ
%HRZXOI VHL]LQJ KLP ZLWK KLV ILHQGLVK FODZ ,Q KLV WXUQ
%HRZXOI ORFNV WKH PRQVWHU¶V FODZEHDULQJ DUP LQ WKH
SRZHUIXO JULS RI KLV KDQG ZKLOH KLV FRPSDQLRQV
XQVXFFHVVIXOO\ WU\ WR SHQHWUDWH *UHQGHO ZLWK WKHLU VZRUGV
VLQFH³KHZDVVDIHE\KLVVSHOOVIURPVZRUGRIEDWWOHIURP
HGJHRILURQ´
,Q WKH HQG WKH KHUR ZUHQFKHV *UHQGHO¶V DUP IURP WKH
VKRXOGHU DQG WKH EHDVW PRUWDOO\ ZRXQGHG VOLQNV EDFN WR
KLVODLUWRGLH
E 7KHIROORZLQJGD\LVDIHDVWGD\+URWKJDUKHDSVSUDLVHRQ
%HRZXOI DQG SOHGJHV WR KHDUWLO\ ORYH KLP DV KLV RZQ VRQ
7KHULFKJLIWV%HRZXOIUHFHLYHVRQWKHRFFDVLRQVXFKDV³D
JROGZRYH EDQQHU JXHUGRQ RI WULXPSK EURLGHUHG EDWWOH
IODJEUHDVWSODWHDQGKHOPHWDVSOHQGLGVZRUG´
DQG DOVR ³FRXUVHUV HLJKW´ RU WKH VRQJ DQG PXVLF LQ
KLV KRQRXU DUH FRPPHQVXUDWH WR KLV HJR ZKLFK LV IXOO\
VDWLVILHG
%XW WKH UHMRLFLQJ LV VKRUWOLYHG :KLOH %HRZXOI DQG KLV
FRPSDQLRQV DUH DEVHQW IURP WKH PHDG KDOO WKH QH[W QLJKW
*UHQGHO¶V PRWKHU ³PRQVWHU RI ZRPHQ´ LQYDGHV +HRURW
³JORRP\ DQG JULP´ WR DYHQJH WKH GHDWK RI KHU VRQ 6KH
NLOOV$HVFKHUH+URWKJDU¶VVDJHDGYLVHUDQGGUDJVKLPLQWR
KHU ODLU XQGHU WKH VHD 7KH QH[W GD\ %HRZXOI IROORZV KHU
GRZQ WKHUH ZKHUH QXPHURXV VHDEHDVWV FRPH WR KHU DLG
WU\LQJWRWHDUDQGULSDWKLVPDLOZKLFKLVPLUDFXORXVO\NHSW
LQWDFWE\³KRO\*RG´
)ROORZLQJ D WHUULEOH FODVK RI VZRUG DQG GDJJHU EHWZHHQ
%HRZXOI DQG *UHQGHO¶V PRWKHU KH VHL]HV D KXJH VZRUG
KDQJLQJ RQ WKH ZDOO RI KHU ODLU D ZHDSRQ ZKLFK KDG RQFH
EHORQJHG WR WKH JLDQWV LQKDELWLQJ WKH HDUWK DQG ZLWK D
VXSUHPHHIIRUWKHGHDOVDIDWDOEORZDWKHUQHFNNLOOLQJKHU
+HWKHQVHYHUVWKHKHDGRIWKHGHDG*UHQGHODQGUHWXUQVLQ
WULXPSKWR+HRURWZLWKKLVWURSK\
F $IWHU PRUH UHMRLFLQJ DOWKRXJK +URWKJDU HQWUHDWV %HRZXOI
WRUHPDLQLQKLVFRXQWU\IRUHYHUKHUHWXUQVODGHQZLWKJLIWV
WR WKH FRXUW RI KLV XQFOH +\JHODF ,Q KLV WXUQ +\JHODF
UHZDUGV %HRZXOI ZLWK D ODUJH HVWDWH $IWHU WKH GHDWK RI
+\JHODFDQGKLVVRQLQEDWWOH%HRZXOIEHFRPHVNLQJRIWKH
*HDWVLQ6ZHGHQ
G $IWHU%HRZXOIKDVUHLJQHGRYHUWKH*HDWVIRUILIW\\HDUVD
JUHDW WHUURU VSUHDGV DFURVV WKH UHDOP RI WKH *HDWV $ ILUH
EHOFKLQJ GUDJRQ OHDYHV LWV ODLU DQG OD\V ZDVWH WKH
FRXQWU\VLGH LQ YHQJHIXO DQJHU RYHU WKH WKHIW E\ D FKDQFH
LQWUXGHU RI D JHPVWXGGHG JREOHW IURP D FHQWXULHVROG
WUHDVXUHWURYHLWKDGEHHQJXDUGLQJ2OG%HRZXOIVWLOOIHHOV
REOLJHG WR ILJKW HYLO DQG VHFRQGHG E\ KLV OR\DO VKLHOG
EHDUHU:LJODIHQJDJHVWKHGUDJRQLQEDWWOHZKLOHWKHRWKHU
WHQPHQDFFRPSDQ\LQJKLPIOHHLQWHUURU
%HRZXOIDLGHGE\:LJODINLOOVWKHGUDJRQEXWGLHVIURPD
SRLVRQRXV ZRXQG DIWHU KH VHHV D SLHFH RI WKH GUDJRQ¶V
WUHDVXUHDQGQDPHV:LJODIKLVVXFFHVVRU
%HRZXOI¶V ERG\ LV EXUQW RQ D IXQHUDO S\UH DPLG WKH
ODPHQWDWLRQVRIKLVZDUULRUV7KHWUHDVXUHLWVHOILVEXULHGLQ
DPRXQGRIHDUWKDQGVWRQHV
1HZ GDQJHUV ORRP RQ WKH KRUL]RQ ± ZDUV ZLWK RWKHU
WULEHV LQFOXGLQJ WKH )UDQNV DQG WKH )ULVLDQV ZKR KDG EHHQ
UDLGHG E\ +\JHODF DQG KLV PHQ $ PHVVHQJHU IRUHFDVWV WKH
GHVWUXFWLRQ RI WKH *HDWV E\ WKHVH DYHQJLQJ QDWLRQV IROORZLQJ
WKHKHUR¶VGHDWK
$Q LQWHUHVWLQJ VXESORW RI %HRZXOI LV WKDW XQIROGLQJ WKH
WKLQ WKUHDG RI WKH IHPLQLQH FKDUDFWHU¶V DFWLRQV 7KH YHU\
SUHVHQFH RI WKH ILYH PRWKHUV 0RWKU\WKR *UHQGHO¶V PRWKHU
+LOGHEXUK+\JGDQG:HDOKWKHRZLVUHPDUNDEOHHQRXJKLIZH
DUHWRWDNHLQWRFRQVLGHUDWLRQWKHXVXDOQHJOHFWIXOHYHQKRVWLOH
SDWULDUFK\ WKDW SUDFWLFDOO\ REVFXUHV PRWKHUV DQG PRWKHUKRRG
LQWKHPDMRULW\RI$QJOR6D[RQWH[WV$OOWKHVHPRWKHUVLQWKH
SRHP FDQ EH LQWHUSUHWHG RQ WKH EDVLV RI WKHLU UHIHUHQWLDO
PDWHUQDO SHUIRUPDQFHV )URP WKLV SRLQW RI YLHZ LW LV RQO\
:HDOKWKHRZZKRVXFFHHGVPDWHUQDOO\DOWKRXJKWKHRWKHUIRXU
DOVRWU\KDUGWRSURWHFWWKHLURIIVSULQJVIURPWKHYLROHQWZRUOG
RIWKHSRHP
$OVR FDOOHG ³6HD:ROI´ DQG ³PRQVWHU RI PRWKHUV´
*UHQGHO¶V PRWKHU LV LQ D ZD\ D WUDJLF ILJXUH ZKR LV ZURQJO\
SUHVHQWHG DQG LQWHUSUHWHG DV VRPH PDQLIHVWDWLRQ RI WKH HYLO
SULQFLSOHVLQFHVKHEDVLFDOO\DFWVRQLPSXOVHDFFRUGLQJWRWKH
LQVWLQFWLYH PDWHUQDO SULQFLSOH RI ILJKWLQJ EDFN IRU WKH
SURWHFWLRQDQGWKHQGHDWKRIKHUVRQ0RWKU\WKRWKHXOWLPDWHO\
JRRGTXHHQLVSUHYHQWHGE\KHUPDVFXOLQHSHUIRUPDQFHWRKDYH
DQRIIVSULQJ+LOGHEXUK³WKHSHDFHZHDYHU´IDLOVDVD PRWKHU
E\ QRW DYHQJLQJ WKH GHDWK RI KHU FKLOG DQG KXVEDQG WKXV
YLQGLFDWLQJWKHSDWULDUFKDOIHXGWKDWNLOOHGWKHP+\JGWULHVWR
SURWHFW KHU VRQ E\ XQVXFFHVVIXOO\ RIIHULQJ KHU NLQJGRP WR
%HRZXOI SODFLQJ WKH VHFXULW\ RI KHU VRQ RYHU KLV VRFLDO DQG
SROLWLFDO HPLQHQFH :HDOKWKHRZ LV WKH RQO\ PRWKHU LQ WKH
SRHP ZKR VXFFHHGV WR NHHS KHU VRQV RII WKH WKURQH WKXV
HQVXULQJWKHPDPRUHRSWLPLVWLFIXWXUH
$W D FORVHU UHDGLQJ KRZHYHU WKH SRHP KDV D PRUH
FRPSOLFDWHG VWUXFWXUH DV LW PD\ VHHP IURP WKH DSSDUHQW
FRQFHQWUDWLRQRQWKHKHUR%HRZXOI7KHSRHPLVDOVR³DZLGH
UDQJLQJFRPPHQWRQVHFXODUPDQLQ*HUPDQLFVRFLHW\IURP«
DQ$XJXVWLQLDQSRLQWRIYLHZ´&URVV
6SHDNLQJ DERXW %HRZXOI¶V SDJDQ H[WUDFWLRQ 'DLFKHV
FRQVLGHUV LW DQ 2G\VVH\OLNH KHURLF SRHP RQ WKH
VXUIDFH ³FHOHEUDWLQJ WKH H[SORLWV RI D JUHDW ZDUULRU ZKRVH
FKDUDFWHUV DQG DFWLRQV DUH KHOG XS DV D PRGHO RI DULVWRFUDWLF
YLUWXH´ )XUWKHU RQ WKH VDPH DXWKRU ILQGV D QXPEHU RI
VLPLODULWLHVEHWZHHQWKHWZRSRHPVDVIROORZV
WKHJUDYHFRXUWHV\ZLWKZKLFKPHQRIUDQNDUHUHFHLYHGDQG
GLVPLVVHG
WKHJHQHURVLW\RIUXOHUVDQGWKHOR\DOW\RIUHWDLQHUV
WKH WKLUVW IRU IDPH WKURXJK WKH DFKLHYHPHQW RI GHHGV RI
FRXUDJHDQGHQGXUDQFH
WKH VROHPQ ERDVWLQJ RI ZDUULRUV EHIRUH DQG DIWHU WKH
SHUIRUPDQFH
WKHLQWHUHVWLQJHQHDORJLHVDQGSULGHLQDZKROHKHUHGLW\
3DJDQLVPLVHYHUSUHVHQWWKURXJKRXWWKHSRHP%HRZXOI
KLPVHOI LV D SDJDQ ZDUULRU LQ D SDJDQ VRFLHW\ LQ ZKLFK WKH
V\PELRWLF UHODWLRQVKLS EHWZHHQ D NLQJ DQG KLV WKDQHV LV
SDUDPRXQW IRU HYHU\ERG\¶V VXUYLYDO ERWK LQ WKH KRVWLOH
SK\VLFDO ZRUOG DQG LQ WKH ZRUOG RI WKHLU VRFLHW\ ULGGOHG ZLWK
IDFWLRQ IHXG MHDORVLHV JUHHG DQG WKH OLNH ,Q VXFK D VRFLHW\
WKH NLQJ SURYLGHV IRU KLV PHQ DFFRUGLQJ WR YDORXU DQG
DOOHJLDQFH DQG LQ UHWXUQ WKH WKDQHV DUH DOZD\V XQGHU D QREOH
REOLJDWLRQWRILJKWDQGGLHIRUWKHNLQJDQGKLVODQG
.LQVKLSLVWKHNH\VWRQHRIVXFKVRFLHW\:KHQRQH¶VNLQ
LV NLOOHG LW LV WKH UHPDLQLQJ UHODWLYH¶V GXW\ WR KDYH WKH NLOOHU
SD\ IRU KLV GHDWK HLWKHU ZLWK KLV RZQ OLIH RU WKH SD\PHQW RI
ZHUJLOGWKH³PDQSULFH´
)RUH[DPSOH%HRZXOIVOD\V'DHJKUHIQDQGGHVWUR\VKLV
ZDUEDQGWRDYHQJH+\JHODF¶VGHDWKE\)ULVLDQV+HDOVRKHOSV
(DGJLOVWDNHWKH6ZHGLVKWKURQHLQUHYHQJHIRU2QHOD¶VDWWDFN
RQ KLV RZQ UHFDOFLWUDQW QHSKHZV ZKR KDG UHIXVHG WR DFFHSW
2QHOD¶VNLQJVKLSDQGVRXJKWUHIXJHDPRQJWKH*HDWV
+RZHYHU WKHUH LV VRPH LQFRQVLVWHQF\ LQ WKH FROOHFWLYH
EHKDYLRXU LQ %HRZXOI DV IDU DV EORRG IHXG LV FRQFHUQHG
HVSHFLDOO\ LQ WKH +HRURW ILJKW ZLWK *UHQGHO DQG KLV PRWKHU
7KXVLQWKHSDUWRIWKHSRHPGHDOLQJZLWK*UHQGHO¶V0RWKHU¶V
DWWDFN WKH ZDUULRUV LUUHVSRQVLEO\ VHWWOH GRZQ WR VOHHS LQ
+HRURW DIWHU WKH KXJH FHOHEUDWLRQ RI %HRZXOI¶V YLFWRU\ RYHU
*UHQGHO QHYHU WKLQNLQJ RI WKH IDFW WKDW *UHQGHO¶V NLQ PD\
FRPHWRDYHQJHKLVGHDWK7KHUHLVDOVRQR³DUWLVWLF´V\PSDWK\
H[SUHVVHG IRU D PRWKHU ZKRKDV ORVW KHU VRQ ZKLFKSRLQWV WR
WKH SRVVLEOH GHP\WKLILFDWLRQ RI WKH +HURLF $JH DOZD\V
SUHVHQWLQJ ³ZDUULRUV´ DV SDUDJRQV RI YLUWXH WR EH IROORZHG
WKURXJKDJHVDQGHYHQFKHULVKLQJO\UHLQFDUQDWHGLQ5DPERRU
7HUPLQDWRUOLNHVXSHUVWDUVRIWKH7HOHYLVLRQ$JH
)LQDOO\WKHUHLVWKHUHFXUUHQFHRIWKHSDJDQLGHDVRIIDWH
DQG FRXUDJH 7KH PHQ SRSXODWLQJ %HRZXOI VWURQJO\ EHOLHYH
WKDWIDWHFRQWUROVWKHLUOLYHV%HRZXOIFRQVWDQWO\WHVWVIDWHDQG
EHOLHYHVWKDWKHZLOOOLYHLQWKHPHPRU\RIKLVSHRSOHWKURXJK
KLVGHHGVRIYDORXU
7KH VWRU\ RI %HRZXOI LV DOVR SHUPHDWHG E\ D YHLQ RI
&KULVWLDQ SKLORVRSK\ WKDW PDQ VXUYLYHV RQO\ WKURXJK WKH
GHVHUYHG SURWHFWLRQ RI *RG WKDW DOO HDUWKO\ JLIWV FRPH IURP
*RG DQGWKDWKXPEOHQHVV XQVHOILVKQHVV DQG KXPLOLW\ DUH WKH
SURSHU DWWULEXWHV RI D JRRG &KULVWLDQ 7KHUH¶V DOVR D VHQVH RI
P\VWLFDO SURWHFWLRQ DFFRPSDQ\LQJ DOO RI %HRZXOI¶V DFWLRQV
DQG WKHUH DUH PDQ\ RFFDVLRQV ZKHQVXFK GHYLQH SURWHFWLRQ LV
PHQWLRQHG DV LV IRU H[DPSOH WKH HSLVRGH RI WKH IDLUDQFLHQW
JUHDWVZRUG KDQJLQJ RQ WKH ZDOO RI WKH FDYH ZKHQ *RG LV
JLYHQFUHGLWIRU%HRZXOI¶VSHUFHSWLRQRIWKHZHDSRQ
³«DQGKRO\*RG
ZLHOGHGWKHYLFWRU\ZLVHVW0DNHU
7KH/RUGRI+HDYHQDOORZHGKLVFDXVH
µ0LG WKH EDWWOHJHDU KH VDZ D EODGH WULXPSKDQW«´
7KHPDLQ&KULVWLDQHOHPHQWVSUHVHQWLQWKHSRHPUHIHUWR
WKH&UHDWLRQWKHVWRU\RI&DLQDQG$EHODQGWKH'HOXJH&URVV
EHVLGHV HPSKDVL]LQJ WKH FRQWURO RI *RG RYHU
WKH FKDUDFWHUV LQ %HRZXOI PHQWLRQV KRPLFLGH HVSHFLDOO\
PXUGHU RI NLQVPHQ DV VXFK D &KULVWLDQ WKHPH ³ZKLFK EHJLQV
ZLWKWKHVLQRI&DLQDVH[LVWLQJLQKLVGHVFHQGDQWVWKH'DQLVK
PRQVWHUV DQG UHFXUV DW LQWHUYDOV LQ 8QIHUWK +HUHPRG HWF WR
JLYH SRLQW WR %HRZXOI¶V FXULRXV VHOIFRQVRODWLRQ WKDW QR RQH
PD\ FKDUJH KLP ZLWK WKH PXUGHU RI KLV NLQVPHQ´ ZKLOH
'DLFKHV PHQWLRQV WKRVH ³FRQFHUQHG ZLWK ODUJH
HOHPHQWDOIDFWVVXFKDV*RG¶VFUHDWLRQDQGJRYHUQDQFHRIWKH
ZRUOGDQGVXFK2OG7HVWDPHQWVWRULHVDVWKDWRI&DLQ¶VPXUGHU
RI$EHO´
7KHFRQWUDVWEHWZHHQJRRGDQGHYLOLQWKHELEOLFDOVHQVH
LVDOVRSUHVHQWLQWKHSRHP*UHQGHODQGKLVPRWKHUUHIHUUHGWR
DVGHVFHQGDQWVRI&DLQWKHELEOLFDO³NLQNLOOHU´UHSUHVHQWHYLO
³*UHQGHOWKLVPRQVWHUJULPZDVFDOOHG
PDUFKULHYHUPLJKW\LQPRRUODQGOLYLQJ
LQIHQDQGIDVWQHVVILHIRIWKHJLDQWV
WKHKDSOHVVZLJKWDZKLOHKDGNHSW
VLQFHWKH&UHDWRUKLVH[LOHGRRPHG
2QNLQRI&DLQZDVWKHNLOOLQJDYHQJHG
E\VRYUDQ*RGIRUVODXJKWHUHG$EHO
,OOIDUHGKLVIHXGDQGIDUZDVKHGULYHQ
IRUWKHVODXJKWHU
VVDNHIURPVLJKWRIPHQ
2I&DLQDZRNHDOOWKDWZRIXOEUHHG
(WLQVDQGHOYHVDQGHYLOVSLULWV
DVZHOODVWKHJLDQWVWKDWZDUUHGZLWK*RG
ZHDU\ZKLOHEXWWKHLUZDJHZDVSDLGWKHP´
7KHUDYDJHVFDXVHGE\*UHQGHOWR+HRURWDQGWKH
VODXJKWHULQJE\KLPRI+URWKJDU¶VWKDQHVDUHVHHQDV
SXQLVKPHQWIRUWKHLUVLQIXOLGRODWU\ZKLOHWKHLUKHDUWZDV
ORRNLQJWRZDUGV+HOO
³«
WZDV+HOOWKH\WKRXJKWRI
LQPRRGRIWKHLUPLQG$OPLJKW\WKH\NQHZQRW
'RRPVPDQRI'HHGVDQGGUHDGIXO/RUG
QRU+HDYHQ
V+HOPHWKHHGHGWKH\HYHU
:LHOGHURI:RQGHU:RHIRUWKDWPDQ
ZKRLQKDUPDQGKDWUHGKDOHVKLVVRXO
WRILHU\HPEUDFHVQRUIDYRXUQRUFKDQJH
DZDLWVKHHYHU%XWZHOOIRUKLP
WKDWDIWHUGHDWKGD\PD\GUDZWRKLV/RUG
DQGIULHQGVKLSILQGLQWKH)DWKHU
VDUPV´
%HRZXOI ZKR UHSUHVHQWV JRRG UHOLHV RQ KLV JUHDW
VWUHQJWK ZKLFK *RG KDV JLYHQ KLP DQG KH DOVR UHOLHV RQ *RG
IRUIDYRXUFRPIRUWDQGKHOS
³,QWUXWKWKH*HDWV¶SULQFHJODGO\WUXVWHG
KLVPHWWOHKLVPLJKWWKHPHUF\RI*RG´
', &HQXúHU FRQVLGHUV WKDW ³:LWK %HRZXOI
ZH DUH LQ D WUDQVLWLRQ SHULRG LQ ZKLFK WKH &KULVWLDQ HOHPHQWV
FDQQRW IXOO\ FRQWULEXWH WR WKH PDNLQJ XS RI D UHDOO\
GHWHUPLQLQJ DQG GHILQLQJ KHURLF HWKRV DV LV WKH FDVH LQ ODWHU
\HDUVRIWKHKHURLFSRHPVZLWKD&KULVWLDQVXEVWUDWXPRUHYHQ
D&KULVWLDQVXEMHFWPDWWHU´RXUWU
)XUWKHURQLQWKHVDPHVWXG\&HQXúHULQVLVWVRQWKH
GXDO KHURLF DQG %LEOLFDO FKDUDFWHU RI WKH SURWDJRQLVW¶V
JUDQGHXU E\ DOVR DVVRFLDWLQJ WKH YHQJHIXO KDYRF ZRUNHG E\
WKHILUHEHOFKLQJGUDJRQXSRQROG%HRZXOI¶VSHRSOHDQGWKHLU
ODQGVZLWK-XGJPHQW'D\LQWKHVHQVHWKDWLWDQWLFLSDWHV³WKDW
ILQDO SDVVLQJ RI PDQNLQG WKURXJK EULPVWRQH VPRNH DQG ILUH
SRUWHQGHGE\WKH%LEOH,QIDFWDFHUWDLQSDUDOOHOZLWKWKH%LEOH
FDQ DOZD\V EH H[WHQGHG LQ WKLV FDVH WR WKH QXPEHU RI WKRVH
ZKR DFFRPSDQ\ %HRZXOI WR WKH GUDJRQ¶V ODLU ± QR PRUH QR
IHZHUWKDQHOHYHQIDLWKIXOFRPSDQLRQVWKHWKLUWHHQWKPHPEHU
RI WKH H[SHGLWLRQ EHLQJ WKH RQH ZKR KDG WULJJHUHG RII WKH
GUDPD E\ VWHDOLQJ WKH JHPVWXGGHG JREOHW« 7KH HSLF
PRPHQWLVLQFUHGLEO\PRYLQJZLWKDQDJHG%HRZXOIJRLQJWR
PHHW KLV IDWH ± QRW WU\LQJ WR HYDGH LW EXW RQ WKH FRQWUDU\
DVVXPLQJLWZKLOHWU\LQJLQWKLVZD\WRPDLQWDLQKLPVHOILQD
VWDWH RI KDUPRQ\ DW SHDFH ZLWK KLV LQQHU VHOI DQG LQ XQLVRQ
ZLWK WKH RXWVLGH ZRUOG DQG WKH RQVODXJKW RI LWV UHTXLUHPHQWV
DJDLQVWKLP7KHSURWDJRQLVW¶VJUDQGHXUKHUHLVUHDOO\KHURLFLI
QRW %LEOLFDO DV ZHOO E\ WKH ZD\ LQ ZKLFK %HRZXOI PHHWV KLV
GHVWLQ\RQFHWKHOHLVXUHSHULRGRIWKHILIW\\HDUVSDVVHGVLQFH
WKH GHFLVLYH FRQIURQWDWLRQ ZLWK *UHQGHO DQG KLV PRWKHU LV
RYHU´RXUWU
$ PRVW FRPSUHKHQVLYH SUHVHQWDWLRQ RI WKH SDJDQ DQG
UHOLJLRXV V\PEROLVP RI %HRZXOI ZDV JLYHQ E\ 'DQ 'XĠHVFX
LQWKHSUHIDFHWRKLVFRWUDQVODWLRQLQWR5RPDQLDQRI
WKH SRHP ³7KH SRHP KDV EHHQ JLYHQ GLIIHUHQW V\PEROLF
LQWHUSUHWDWLRQV WKH FRQIOLFW EHWZHHQ JRRG DQG HYLO WKH
RSSRVLWLRQEHWZHHQ\RXWKIXODQGROGDJHPDQ¶VVWUXJJOHZLWK
QDWXUDO HOHPHQWV ,Q D P\WKRORJLFDO LQWHUSUHWDWLRQ WKH
PRQVWHUV UHSUHVHQW WKH KRVWLOH VHSWHQWULRQDO VHD DQG %HRZXOI
LV D GLYLQH FUHDWXUH ILJKWLQJ WKH VHD IORRGLQJ WKH FRDVWDO
ORZODQGV LQ VSULQJ %HRZXOI¶V SHDFHIXO UHLJQ FRUUHVSRQGV WR
SHDFHIXO VXPPHU FRQIURQWLQJ WKH GUDJRQ KH ZLWKVWDQGV WKH
VWRUPVLQDXWXPQZLQWHUFRPH%HRZXOIGLHV´RXUWU
7KH H[WUHPHO\ FRPSOLFDWHG PHWULFDO IRUP RI%HRZXOI LV
DQRWKHU PXFK GHEDWHG VXEMHFW /HRQ /HYLĠFKL
DWWULEXWHV WKH GLIILFXOW\ RI GLVWLQJXLVKLQJ WKH PHWULFV RI
%HRZXOI DQG WKH FRQVHTXHQW GLIILFXOWLHV RI UHQGHULQJ LW LQWR
PRGHUQ(QJOLVKRURIWUDQVODWLQJLWLQWRDQRWKHUODQJXDJHWRWKH
IROORZLQJ 7KH RULJLQDO PDQXVFULSW LV ZULWWHQ LQ WKH IRUP RI
DSSDUHQW FRQWLQXRXV SURVH ZKLFK LV RQO\ LQWHUUXSWHG KHUH DQG
WKHUHE\GRWVPDUNLQJWKHHQGRIWKHOLQHV$WDFORVHUDQDO\VLV
HVSHFLDOO\ ZKHQ WKH ILUVW DWWHPSWV DW WUDQVODWLQJ LW LQ PRGHUQ
(QJOLVK ZHUH PDGH LW EHFDPH HYLGHQW WKDW HDFK RI WKH
YHUVHXQLWVLVPDGHXSRIWZRKDOIYHUVHXQLWVHDFKKDOIYHUVH
FRQWDLQLQJ WZR IHHW ZLWK HDFK IHHW FRQWDLQLQJ D VWUHVVHG
V\OODEOH DQG D YDULDEOH QXPEHU RI XQVWUHVVHG V\OODEOHV 7KH
YHUVHV DUH QRW UK\PHG DQG D UDWKHU FRPSOLFDWHG DOOLWHUDWLRQ
SDWWHUQ LV XVHG IRU VRQRURXV HIIHFWV 7KH DOOLWHUDWLRQ ZKLFK
MRLQV WKH WZR KDOIOLQHV LV E\ QHFHVVLW\ XVHG LQ WKH VWUHVVHG
V\OODEOHV ZLWK WKH DOOLWHUDWLYH XVH RI FRQVRQDQWV DQG YRZHOV
EHJLQQLQJ RWKHU ZRUGV LQ WKH VDPH OLQH ,Q VXSSRUW RI KLV
FRPPHQWDU\ /HRQ /HYLĠFKL TXRWHV IURP &/ :UHQQ¶V
%HRZXOI /RQGRQ S DQG IROO ³)LQG WKH PDLQ
SULQFLSDO VWUHVV KHDG VWDYH ORRN IRU WKH SULQFLSDO UDGLFDO
V\OODEOHLQWKHVHFRQGKDOIYHUVHLQWKHRUGHUQRXQDGMHFWLYH
QRWLRQDO YHUE HPSKDWLF SURQRXQV DQG DGYHUEV ,I VHYHUDO
QRXQVDUHSUHVHQWWKHSULQFLSDOVWUHVVLVODLGRQWKH³KHDYLHVW´
QRXQRURQWKHRQHLQ³EROGUHOLHI´7KHSULQFLSDOVWUHVVZKLFK
GHWHUPLQHV DOOLWHUDWLRQ PXVW DOZD\V EH WKH ILUVW VWUHVV LQ WKH
VHFRQGKDOIYHUVH)RUH[DPSOH
:H±UR±GHVZL±VDZRUG±KRDUGRQOHDF´
2IWKHWURRSVWKHOHDGHUZRUGKRDUGXQORYHG
'LUN +XJK SRLQWV RXW WKH EDVLV RI *HRIIUH\
5XVVRP¶VDQDO\VLVRIWKHPHWULFVRI%HRZXOIDVWHVWHGDJDLQVW
2OG1RUVH 2OG +LJK*HUPDQ DQG 2OG6D[RQ DOOLWHUDWLYH
SRHWU\LQWKHIRUPRI³ILYHIXQGDPHQWDOSULQFLSOHV´
³)RRW SDWWHUQV´ FRUUHVSRQG WR QDWLYH ZRUG SDWWHUQV 7KH
IRRWSDWWHUQVPRVWHDVLO\SHUFHLYHGFRUUHVSRQGWRWKHPRVW
FRPPRQZRUGSDWWHUQV
7KH ³YHUVH´ FRQVLVWV RI WZR UHDGLO\ LGHQWLILDEOH IHHW )RRW
SDWWHUQVFRUUHVSRQGLQJWRXQXVXDOZRUGSDWWHUQVDGGWRWKH
FRPSOH[LW\RIWKHYHUVHVLQZKLFKWKH\DSSHDU
$VVLJQPHQW RI ³DOOLWHUDWLRQ´ FRUUHVSRQGV WR DVVLJQPHQW RI
VWUHVV LQ *HUPDQLF FRPSRXQGV DQG VHUYHV WR ELQG VPDOOHU
PHWULFDO FRQVWLWXHQWV LQWR ODUJHU RQHV 7KH LQWHJULW\ RI WKH
ODUJHU FRQVWLWXHQW LV PDUNHG E\ DOOLWHUDWLRQ RQ LWV ILUVW
VXEFRQVWLWXHQW
7KH ³OLQH´ FRQVLVWV RI WZR DGMDFHQW YHUVHV ERXQG E\
DOOLWHUDWLRQ 7KH ILUVW RI WKHVH LV WKH DYHUVH WKH VHFRQG LV
WKHEYHUVH
6KHSKHUG *7 QRWLFHV WKDW %HRZXOI HPSOR\V
³PDQ\ RI WKH YHUEDO KDELWV DQG FRQYHQWLRQV RI RUDO
FRPSRVLWLRQ´ « E\ LWV VSHFLDO ³XVH RI GLFWLRQ V\QWD[ DQG
VWUXFWXUHVDGDSWHGWRQDWLYHFRPSRVLWLRQEHIRUHOLWHUDF\LQWKH
YHUQDFXODU GHYHORSHG´ 7KH YHUVH FRQWDLQV IRXU VWUHVVHV DQG
DOOLWHUDWLRQLVSUHVHQWRQDWOHDVWWZRVWURQJVWUHVVHVRIWKHOLQH
DQGQHYHURQWKHODVW7KHWKLUGPDLQDOOLWHUDWLYHVWUHVVRIWKH
ORQJOLQHLGHQWLILHVDQGSURVRGLFDOO\JHQHUDWHVWKHZKROHORQJ
OLQH$VLWFDUULHVWKHGHWHUPLQLQJVWUHVVWKHVHFRQGKDOIOLQHLV
PRUH SURPLQHQW WKDQ WKH ILUVW KDOIOLQH HPSKDVL]LQJ
PRGLI\LQJ RU TXDOLI\LQJ WKH UHVSHFWLYH XQLW RI WKRXJKW 7KH
VSHFLDOUK\WKPREWDLQHGWKURXJKVWUHVVDQGDOOLWHUDWLRQZDVQR
GRXEWUHLQIRUFHGE\KDUSDFFRPSDQLPHQW
7KHULFKGLFWLRQRI%HRZXOILVWKHUHVXOWRIWKHSUHVHQFH
RI DSSDUHQWO\ PHDQLQJOHVV ZRUGV RI 1RUVH RULJLQ HPSOR\HG
IRUWKHLUDOOLWHUDWLYHVRQRURXVHIIHFWVRQWKHRQHKDQGDQGDQG
RQWKHRWKHURIWKHGRPLQDQFHRIQRXQVRUQRXQOLNHHOHPHQWV
³ZKLFKPDNHWKHV\QWD[RIWKHSRHPDPDWWHURIMX[WDSRVLWLRQ
DQG DJJUHJDWLRQ 6XERUGLQDWLRQ RI ZKDW ZRXOG QRZ EH
RUJDQL]HG DV WHPSRUDO RU FRQFHVVLYH FODXVHV VHHPV YHU\
LQGLVWLQFW %XW WKH QDUUDWLYH GRHV QRW SURFHHG LQ JDVSV DQG
VKXGGHUV 5DWKHU LW LV GHYHORSHG DV EORFNV LQ SULQWHG WH[WV DV
SDUDJUDSKV RIWHQ FORVLQJ ZLWK D JHQHUDOLW\ DQ HVVHQWLDO
VWDWHPHQWDSURYHUERUDJQRPH:HOLNHWRVHHNDQGGLVFXVV
WKH XOWLPDWH FRQVWLWXHQWV RI SRHWU\ LQ VKLIWLQJ EXW OLQNHG
LPDJHU\ZLWKDVKDUSSDUWLFXODULW\DERXWLW,Q%HRZXOIZHDUH
QRW ORRNLQJ IRU LPDJHU\ VR PXFK DV OLVWHQLQJ IRU VRQRULWLHV
KHDY\ZLWKXQGLIIHUHQWLDWHGPHDQLQJV´6KHSKHUGLGHP
)URP%(2:8/)WKFHQWXU\
%(2:8/)
35(/8'(2)7+()281'(52)7+('$1,6++286(
/2SUDLVHRIWKHSURZHVVRISHRSOHNLQJV
RIVSHDUDUPHG'DQHVLQGD\VORQJVSHG
OR >N7@ LQWHUM $UFKDLF RU MRFXODU XVHG IRU FDOOLQJ DWWHQWLRQ WR D
VXUSULVLQJ RU DPD]LQJ WKLQJ ORRN VHH SURZHVV =¥R4C7U?Q
RXWVWDQGLQJVNLOORUDELOLW\
ZHKDYHKHDUGDQGZKDWKRQRXUWKHDWKHOLQJVZRQ
2IW6F\OGWKH6FHILQJIURPVTXDGURQHGIRHV
IURPPDQ\DWULEHWKHPHDGEHQFKWRUH
DZLQJWKHHDUOV6LQFHHUVWKHOD\
IULHQGOHVVDIRXQGOLQJIDWHUHSDLGKLP
IRUKHZD[HGXQGHUZHONLQLQZHDOWKKHWKURYH
WLOOEHIRUHKLPWKHIRONERWKIDUDQGQHDU
ZKRKRXVHE\WKHZKDOHSDWKKHDUGKLVPDQGDWH
JDYHKLPJLIWVDJRRGNLQJKH
7RKLPDQKHLUZDVDIWHUZDUGERUQ
DVRQLQKLVKDOOVZKRPKHDYHQVHQW
WRIDYRXUWKHIRONIHHOLQJWKHLUZRH
WKDWHUVWWKH\KDGODFNHGDQHDUOIRUOHDGHU
VRORQJDZKLOHWKH/RUGHQGRZHGKLP
WKH:LHOGHURI:RQGHUZLWKZRUOG
VUHQRZQ
)DPHGZDVWKLV%HRZXOIIDUIOHZWKHERDVWRIKLP
VRQRI6F\OGLQWKH6FDQGLDQODQGV
6REHFRPHVLWD\RXWKWRTXLWKLPZHOO
ZLWKKLVIDWKHU
VIULHQGVE\IHH DQGJLIW
WKDWWRDLGKLPDJHGLQDIWHUGD\V
FRPHZDUULRUVZLOOLQJVKRXOGZDUGUDZQLJK
OLHJHPHQOR\DOE\ODXGHGGHHGV
VKDOODQHDUOKDYHKRQRXULQHYHU\FODQ
)RUWKKHIDUHGDWWKHIDWHGPRPHQW
VWXUG\6F\OGWRWKHVKHOWHURI*RG
7KHQWKH\ERUHKLPRYHUWRRFHDQ
VELOORZ
ORYLQJFODQVPHQDVODWHKHFKDUJHGWKHP
ZKLOHZLHOGHGZRUGVWKHZLQVRPH6F\OG
WKHOHDGHUEHORYHGZKRORQJKDGUXOHG
,QWKHURDGVWHDGURFNHGDULQJGLJKWYHVVHO
LFHIOHFNHGRXWERXQGDWKHOLQJ
VEDUJH
WKHUHODLGWKH\GRZQWKHLUGDUOLQJORUG
RQWKHEUHDVWRIWKHERDWWKHEUHDNHURIULQJV
E\WKHPDVWWKHPLJKW\RQH0DQ\DWUHDVXUH
IHWFKHGIURPIDUZDVIUHLJKWHGZLWKKLP
1RVKLSKDYH,NQRZQVRQREO\GLJKW
ZLWKZHDSRQVRIZDUDQGZHHGVRIEDWWOH
ZLWKEUHDVWSODWHDQGEODGHRQKLVERVRPOD\
DKHDSHGKRDUGWKDWKHQFHVKRXOGJR
IDUR
HUWKHIORRGZLWKKLPIORDWLQJDZD\
1ROHVVWKHVHORDGHGWKHORUGO\JLIWV
WKDQHV
KXJHWUHDVXUHWKDQWKRVHKDGGRQH
ZKRLQIRUPHUWLPHIRUWKKDGVHQWKLP
VROHRQWKHVHDVDVXFNOLQJFKLOG
+LJKR
HUKLVKHDGWKH\KRLVWWKHVWDQGDUG
VWXUG\=¥UVÖFK?DGMVWURQJILWDQGKHDOWK\GHWHUPLQHGILUP
ZLQVRPH =¥YKPUO?DGM IPO RISHRSOH RU WKHLU PDQQHU DWWUDFWLYH DQG
SOHDVDQW GLJKW =FCKV? YW $UFKDLF WR HTXLS WR IXUQLVK LFH
IOHFNHG=¤CKU¥HNGMF?DGMFRYHUHGZLWKLFHRXWERXQG=¥C7VDC7PF?DGM
IPO WUDYHOOLQJ WR D GHVWLQDWLRQ IURP RQH¶V EDVH UDWKHU WKDQ UHWXUQLQJ
KRPH EDUJH =D#ÖF<?Q D ODUJH ERDW ZLWK D IODW ERWWRP XVHG IRU
FDUU\LQJ JRRGV DQG SHRSOH RQ ULYHUV FDQQDOV HWF EUHDNHURIULQJV
NHQQLQJIRUNLQJRUFKLHIWDLQRIDFRPLWDWXVKHEUHDNVRIIJROGIURPWKH
VSLUDO ULQJV ± RIWHQ ZRUQ RQ WKH DUP ± DQG VR UHZDUGV KLV IROORZHUV
IUHLJKW =HTGKV?YW WR WUDQVSRUW RU VHQG VPWK DV IUHLJKW LH JRRGV RU
FDUJR WUDQVSRUWHG E\ VKLSV DLUFUDIW RU WUDLQV ZHHG =YKÖF?Q
FORWKLQJ JDUPHQWV EUHDVWSODWH =¥DTGUVRNGKV?Q D SLHFH RI DUPRXU
FRYHULQJWKHEUHDVWKRDUG>JnÖF@QDVWRUHRIPRQH\IRRGRURWKHU
YDOXHG REMHFWV WKDQH =6GKP?Q LQ HDUO\ (QJOLVK KLVWRU\ D PDQ
EHORQJLQJWRDFODVVRIDUDQNEHWZHHQQREOHVDQGRUGLQDU\PHQZKRKHOG
ODQG IURP WKH NLQJ LQ UHWXUQ IRU PLOLWDU\ VHUYLFH KRLVW =JnKUV? YW WR
UDLVH VWK WR D KLJKHU SRVLWLRQ RIWHQ E\ PHDQV RI URSHV RU VSHFLDO
DSSDUDWXV
DJROGZRYHEDQQHUOHWELOORZVWDNHKLP
JDYHKLPWRRFHDQ*UDYHZHUHWKHLUVSLULWV
PRXUQIXOWKHLUPRRG1RPDQLVDEOH
WRVD\LQVRRWK QRVRQRIWKHKDOOV
QRKHUR
QHDWKKHDYHQZKRKDUERXUHGWKDWIUHLJKW
,
1RZ%HRZXOIERGHLQWKHEXUJRIWKH6F\OGLQJV
OHDGHUEHORYHGDQGORQJKHUXOHG
LQIDPHZLWKDOOIRONVLQFHKLVIDWKHUKDGJRQH
DZD\IURPWKHZRUOGWLOODZRNHDQKHLU
KDXJKW\+HDOIGHQHZKRKHOGWKURXJKOLIH
VDJHDQGVWXUG\WKH6F\OGLQJVJODG
7KHQRQHDIWHURQHWKHUHZRNHWRKLP
WRWKHFKLHIWDLQRIFODQVPHQFKLOGUHQIRXU
+HRURJDUWKHQ+URWKJDUWKHQ+DOJDEUDYH
DQG,KHDUGWKDWZDV
VTXHHQ
WKH+HDWKRVF\OILQJ
VKHOSPDWHGHDU
7R+URWKJDUZDVJLYHQVXFKJORU\RIZDU
VXFKKRQRURIFRPEDWWKDWDOOKLVNLQ
REH\HGKLPJODGO\WLOOJUHDWJUHZKLVEDQG
RI\RXWKIXOFRPUDGHV,WFDPHLQKLVPLQG
WRELGKLVKHQFKPHQDKDOOXSUHDU
LQPDVWHUPHDGKRXVHPLJKWLHUIDU
WKDQHYHUZDVVHHQE\WKHVRQVRIHDUWK
DQGZLWKLQLWWKHQWRROGDQG\RXQJ
KHZRXOGDOODOORWWKDWWKH/RUGKDGVHQWKLP
VDYHRQO\WKHODQGDQGWKHOLYHVRIKLVPHQ
:LGH,KHDUGZDVWKHZRUNFRPPDQGHG
IRUPDQ\DWULEHWKLVPLGHDUWKURXQG
WRIDVKLRQWKHIRONVWHDG,WIHOODVKHRUGHUHG
EDQQHU =¥D3P?Q D ODUJH VWULS RI FORWK VKRZLQJ DQ HPEOHP RU D
VORJDQ RU JLYLQJ LQIRUPDWLRQ DERXW VWK VRRWKVD\HU =¥U7Ö6UG+?Q
$UFKDLF DSHUVRQ ZKR FODLPV WREH DEOH WR WHOOZKDW ZLOO KDSSHQ LQ WKH
IXWXUH KDUERXU=¥J#ÖD?YW WR ORDG RQ ERDUG RI VKLSV KDXJKW\
=¥JnÖVK?DGM KDYLQJ RU VKRZLQJ JUHDW SULGH LQ RQHVHOI DQG GLVGDLQ
FRQWHPSW RU VFRUQ IRU RWKHUV SURXG DUURJDQW VXSHUFLOORXV $UFKDLF
ORIW\QREOHKHQFKPDQ>¥JGPV5OP@QRULJDPDOHDWWHQGDQWSDJHRU
VTXLUHDWUXVWHGKHOSHURUIROORZHU
LQUDSLGDFKLHYHPHQWWKDWUHDG\LWVWRRGWKHUH
RIKDOOVWKHQREOHVW+HRURWKHQDPHGLW
ZKRVHPHVVDJHKDGPLJKWLQPDQ\DODQG
1RWUHFNOHVVRISURPLVHWKHULQJVKHGHDOW
WUHDVXUHDWEDQTXHWWKHUHWRZHUHGWKHKDOO
KLJKJDEOHGZLGHWKHKRWVXUJHZDLWLQJ
RIIXULRXVIODPH1RUIDUZDVWKDWGD\
ZKHQIDWKHUDQGVRQLQODZVWRRGLQIHXG
IRUZDUIDUHDQGKDWUHGWKDWZRNHDJDLQ
:LWKHQY\DQGDQJHUDQHYLOVSLULW
HQGXUHGWKHGROHLQKLVGDUNDERGH
WKDWKHKHDUGHDFKGD\WKHGLQRIUHYHO
KLJKLQWKHKDOOWKHUHKDUSVUDQJRXW
FOHDUVRQJRIWKHVLQJHU+HVDQJZKRNQHZ
WDOHVRIWKHHDUO\WLPHRIPDQ
7KDWLV7KH+DUWRU6WDJVRFDOOHGIURPGHFRUDWLRQVLQWKHJDEOHV
WKDWUHVHPEOHGWKHDQWOHUVRIDGHHU7KLVKDOOKDVEHHQFDUHIXOO\GHVFULEHG
LQ D SDPSKOHW E\ +H\QH 7KH EXLOGLQJ ZDV UHFWDQJXODU ZLWK RSSRVLWH
GRRUVPDLQO\ZHVWDQGHDVW DQG DKHDUWKLQWKHPLGGOHRIWKHVLQJOH
URRP$URZRISLOODUVGRZQHDFKVLGH DWVRPH GLVWDQFHIURPWKHZDOOV
PDGH D VSDFH ZKLFK ZDV UDLVHG D OLWWOH DERYH WKH PDLQ IORRU DQG ZDV
IXUQLVKHG ZLWK WZR URZV RI VHDWV 2Q RQH VLGH XVXDOO\ VRXWK ZDV WKH
KLJKVHDW PLGZD\ EHWZHHQ WKH GRRUV 2SSRVLWH WKLV RQ WKH RWKHU UDLVHG
VSDFH ZDV DQRWKHU VHDW RI KRQRU $W WKH EDQTXHW VRRQ WR EH GHVFULEHG
+URWKJDUVDWLQWKHVRXWKRUFKLHIKLJKVHDWDQG%HRZXOIRSSRVLWHWRKLP
3ODQNVRQWUHVWOHVIRUPHGWKHWDEOHVMXVWLQIURQWRIWKHORQJURZVRIVHDWV
DQG ZHUH WDNHQ DZD\ DIWHU EDQTXHWV ZKHQ WKH UHWDLQHUV ZHUH UHDG\ WR
VWUHWFKWKHPVHOYHVRXWIRUVOHHSRQWKHEHQFKHVPLJKW=OCKV?QJUHDW
RU VXSHULRU VWUHQJWK SRZHU IRUFH RU YLJRXU VWUHQJWK RU SRZHU RI DQ\
GHJUHHJDEOH=¥IGKDN?QWKHWULDQJXODUZDOOHQFORVHGE\WKHVORSLQJ
HQGV RI D ULGJHG URRISRSXODUO\ WKH ZKROH VHFWLRQ LQFOXGLQJ ZDOO URRI
DQGVSDFHHQFORVHGWKHHQGZDOORIDEXLOGLQJWKHXSSHUSDUWRIZKLFKLVD
JDEOHYWWRSXWDJDEOHRUJDEOHVRQ)LUHZDVWKHXVXDOHQGRIWKHVH
KDOOVIHXG=HLWÖF?QDELWWHUORQJFRQWLQXHGDQGGHDGO\TXDUUHOHVS
EHWZHHQFODQVRUIDPLOLHV,WLVWREHVXSSRVHGWKDWDOOKHDUHUVRIWKLV
SRHPNQHZKRZ+URWKJDU
VKDOOZDVEXUQWSHUKDSVLQWKHXQVXFFHVVIXO
DWWDFNPDGHRQKLPE\KLVVRQLQODZ,QJHOGGROH=FWN?Q$UFKDLF
RQH¶V GHVWLQ\ RU ORW $UFKDLF VRUURZ GRORXU UHYHO =¥TGXN?Q
ERLVWHURXV IHVWLYLW\ PHUU\PDNLQJ UHYHOU\ RIWHQ SO DQ RFFDVLRQ RI
PHUU\PDNLQJ RUERLVWHURXV IHVWLYLW\ FHOHEUDWLRQ $ VNLOOHG PLQVWUHO
7KH'DQHVDUHKHDWKHQVDVRQHLVWROGSUHVHQWO\EXWWKLVOD\RIEHJLQQLQJV
LVWDNHQIURP*HQHVLV
KRZWKH$OPLJKW\PDGHWKHHDUWK
IDLUHVWILHOGVHQIROGHGE\ZDWHU
VHWWULXPSKDQWVXQDQGPRRQ
IRUDOLJKWWROLJKWHQWKHODQGGZHOOHUV
DQGEUDLGHGEULJKWWKHEUHDVWRIHDUWK
ZLWKOLPEVDQGOHDYHVPDGHOLIHIRUDOO
RIPRUWDOEHLQJVWKDWEUHDWKHDQGPRYH
6ROLYHGWKHFODQVPHQLQFKHHUDQGUHYHO
DZLQVRPHOLIHWLOORQHEHJDQ
WRIDVKLRQHYLOVWKDWILHOGRIKHOO
*UHQGHOWKLVPRQVWHUJULPZDVFDOOHG
PDUFKULHYHUPLJKW\LQPRRUODQGOLYLQJ
LQIHQDQGIDVWQHVVILHIRIWKHJLDQWV
WKHKDSOHVVZLJKWDZKLOHKDGNHSW
VLQFHWKH&UHDWRUKLVH[LOHGRRPHG
2QNLQRI&DLQZDVWKHNLOOLQJDYHQJHG
E\VRYUDQ*RGIRUVODXJKWHUHG$EHO
,OOIDUHGKLVIHXGDQGIDUZDVKHGULYHQ
IRUWKHVODXJKWHU
VVDNHIURPVLJKWRIPHQ
2I&DLQDZRNHDOOWKDWZRIXOEUHHG
(WLQVDQGHOYHVDQGHYLOVSLULWV
DVZHOODVWKHJLDQWVWKDWZDUUHGZLWK*RG
ZHDU\ZKLOHEXWWKHLUZDJHZDVSDLGWKHP
,,
:(17KHIRUWKWRILQGDWIDOORIQLJKW
$GLVWXUEHURIWKHERUGHURQHZKRVDOOLHVIURPKLVKDXQWLQWKHIHQ
DQGURDPVRYHUWKHFRXQWU\QHDUE\IHQ>IHQ@QDQDUHDRIORZIODW
PDUVK\ ODQG VZDPS ERJ IDVWQHVV =¥H#ÖUVPU?Q WKH TXDOLW\ RU
FRQGLWLRQRIEHLQJIDVWDVHFXUHSODFHVWURQJKROGILHI=HKÖH?QXQGHU
IHXGDOLVPKHULWDEOHODQGKHOGIURPDORUGLQUHWXUQIRUVHUYLFH &DLQ
=MGKP?Q%LEOHWKHROGHVWVRQRI$GDPDQG (YHKHNLOOHGKLVEURWKHU
$EHO *HQ VRYUDQ >2(@ VRYHUHLJQ =¥UnXTKP?DGM DERYH RU
VXSHULRUWRDOORWKHUVFKLHIJUHDWHVWVXSUHPHVXSUHPHLQSRZHUUDQN
RUDXWKRULW\$EHO=¥GKDN?QDPDVFXOLQHQDPH%LEOHWKHVHFRQG
VRQRI$GDPDQG(YHNLOOHGE\KLVEURWKHU&DLQ*HQ&DLQ
V
*LDQWVHOI=GNH?SOHOYHV=GNX\?QIRONORUHDWLQ\RIWHQSUDQNLVK
LPDJLQDU\ EHLQJ LQ KXPDQ IRUP VXSSRVHGO\ H[HUFLVLQJ PDJLF SRZHUV
DQGKDXQWLQJZRRGVDQGKLOOVVSULWH
WKDWKDXJKW\KRXVHDQGKHHGZKHUHYHU
WKH5LQJ'DQHVRXWUHYHOOHGWRUHVWKDGJRQH
)RXQGZLWKLQLWWKHDWKHOLQJEDQG
DVOHHSDIWHUIHDVWLQJDQGIHDUOHVVRIVRUURZ
RIKXPDQKDUGVKLS8QKDOORZHGZLJKW
JULP DQGJUHHG\KHJUDVSHGEHWLPHV
ZUDWKIXOUHFNOHVVIURPUHVWLQJSODFHV
WKLUW\RIWKHWKDQHVDQGWKHQFHKHUXVKHG
IDLQRIKLVIHOOVSRLOIDULQJKRPHZDUG
ODGHQZLWKVODXJKWHUKLVODLUWRVHHN
7KHQDWWKHGDZQLQJDVGD\ZDVEUHDNLQJ
WKHPLJKWRI*UHQGHOWRPHQZDVNQRZQ
WKHQDIWHUZDVVDLOZDVZDLOXSOLIWHG
ORXGPRDQLQWKHPRUQ7KHPLJKW\FKLHI
DWKHOLQJH[FHOOHQWXQEOLWKHVDW
ODERXUHGLQZRHIRUWKHORVVRIKLVWKDQHV
ZKHQRQFHKDGEHHQWUDFHGWKHWUDLORIWKHILHQG
VSLULWDFFXUVWWRRFUXHOWKDWVRUURZ
WRRORQJWRRORDWKVRPH1RWODWHWKHUHVSLWH
KHHG=JKÖF?YWWRSD\FORVHDWWHQWLRQWRWDNHFDUHIXOQRWLFHRIYLWR
SD\ DWWHQWLRQ Q FORVH DWWHQWLRQ FDUHIXO QRWLFH XQKDOORZHG
=¡P¥J3NWF?DGM QRW KDOORZHG RU FRQVHFUDWHG XQKRO\ ZLFNHG SURIDQH
LPSLRXV ZLJKW =YCKV?Q REV D OLYLQJ EHLQJ FUHDWXUH $UFKDLF D
KXPDQEHLQJSHUVRQJULP=ITKO?DGMILHUFHFUXHOVDYDJHKDUGDQG
XQ\LHOGLQJ UHOHQWQHVV VWHUQ UHVROXWH JULP FRXUDJH DSSHDULQJ VWHUQ
IRUELGGLQJKDUVKHWFDJULPIDFHEHWLPHV=DK¥VCKO\?DGY$UFKDLF
HDUO\RUHDUO\HQRXJKKHDZRNHEHWLPHVSURPSWO\TXLFNO\UHFNOHVV
=¥TGMNU?DGM RI VWK RI SHRSOH RU WKHLU DFWLRQV ZLWKRXW WKLQNLQJ RU
FDULQJDERXWWKHFRQVHTXHQFHVRUWKHGDQJHULQYROYHGWRPDNHDUHFNOHVV
GHFLVLRQIDLQ=HGKP?DGY$UFKDLFZLWKHDJHUQHVVJODGO\XVHGZLWK
ZRXOGKHZRXOGIDLQVWD\IHOO=HGN?DGMWHUULEOHFDXVLQJGUHDG
VSRLO =URnKN?Q RIWHQ VSRLOV ERRW\ ORRW RU SOXQGHU WDNHQ LQ ZDU RU
UREEHU\ODLU=NG?QDEHGRUUHVWLQJSODFHRIDZLOGDQLPDOGHQDQ\
SODFH RI UHIXJH RU IRU KLGLQJ ZDVVDLO >¥YUGKN?Q D VDOXWDWLRQ
IRUPHUO\JLYHQLQGULQNLQJWKHKHDOWKRIDSHUVRQDVDWDIHVWLYLW\ZDLO
=YGKN?QDORQJSLWLIXOFU\RIJULHIDQGSDLQDVRXQGOLNHWKLVWKHDFWRI
ZDLOLQJXQEOLWKH=¥¡PDNCK6?DGMVKRZLQJDQXQKDSS\GLVSRVLWLRQ
ORDWKVRPH =¥NW&UO?DGM FDXVLQJ ORDWKLQJ GLVJXVWLQJ DEKRUUHQW
GHWHVWDEOH
ZLWKQLJKWUHWXUQLQJDQHZEHJDQ
UXWKOHVVPXUGHUKHUHFNHG QRZKLW
ILUPLQKLVJXLOWRIWKHIHXGDQGFULPH
7KH\ZHUHHDV\WRILQGZKRHOVHZKHUHVRXJKW
LQURRPUHPRWHWKHLUUHVWDWQLJKW
EHGLQWKHERZHUVZKHQWKDWEDOHZDVVKRZQ
ZDVVHHQLQVRRWKZLWKVXUHVWWRNHQ
WKHKDOOWKDQH
VKDWH6XFKKHOGWKHPVHOYHV
IDUDQGIDVWZKRWKHILHQGRXWUDQ
7KXVUXOHGXQULJKWHRXVDQGUDJHGKLVILOO
RQHDJDLQVWDOOXQWLOHPSW\VWRRG
WKDWORUGO\EXLOGLQJDQGORQJLWERGH VR
7ZHOYH\HDUV
WLGHWKHWURXEOHKHERUH
VRYUDQRI6F\OGLQJVVRUURZVLQSOHQW\
ERXQGOHVVFDUHV7KHUHFDPHXQKLGGHQ
WLGLQJVWUXHWRWKHWULEHVRIPHQ
LQVRUURZIXOVRQJVKRZFHDVHOHVVO\*UHQGHO
KDUDVVHG+URWKJDUZKDWKDWHKHERUHKLP
ZKDWPXUGHUDQGPDVVDFUHPDQ\D\HDU
IHXGXQIDGLQJUHIXVHGFRQVHQW
WRGHDOZLWKDQ\RI'DQHODQG
VHDUOV
PDNHSDFWRISHDFHRUFRPSRXQGIRUJROG
VWLOOOHVVGLGWKHZLVHPHQZHHQWRJHW
JUHDWIHHIRUWKHIHXGIURPKLVILHQGLVKKDQGV
%XWWKHHYLORQHDPEXVKHGROGDQG\RXQJ
GHDWKVKDGRZGDUNDQGGRJJHGWKHPVWLOO
OXUHGRUOXUNHGLQWKHOLYHORQJQLJKW
RIPLVW\PRRUODQGVPHQPD\VD\QRW
ZKHUHWKHKDXQWVRIWKHVH+HOO5XQHVEH
6XFKKHDSLQJRIKRUURUVWKHKDWHURIPHQ
ORQHO\URDPHUZURXJKWXQFHDVLQJ
KDUDVVLQJVKHDY\2
HU+HRURWKHORUGHG
JROGEULJKWKDOOLQJORRP\QLJKWV
DQGQH
HUFRXOGWKHSULQFHDSSURDFKKLVWKURQH
WZDVMXGJPHQWRI*RGRUKDYHMR\LQKLVKDOO
6RUHZDVWKHVRUURZWR6F\OGLQJV
IULHQG
KHDUWUHQGLQJPLVHU\0DQ\QREOHV
VDWDVVHPEOHGDQGVHDUFKHGRXWFRXQVHO
KRZLWZHUHEHVWIRUEROGKHDUWHGPHQ
DJDLQVWKDUDVVLQJWHUURUWRWU\WKHLUKDQG
:KLOHVWKH\YRZHGLQWKHLUKHDWKHQIDQHV
DOWDURIIHULQJVDVNHGZLWKZRUGV
WKDWWKHVOD\HURIVRXOVZRXOGVXFFRXUJLYHWKHP
IRUWKHSDLQRIWKHLUSHRSOH7KHLUSUDFWLFHWKLV
WKHLUKHDWKHQKRSH
WZDV+HOOWKH\WKRXJKWRI
LQPRRGRIWKHLUPLQG$OPLJKW\WKH\NQHZQRW
'RRPVPDQRI'HHGVDQGGUHDGIXO/RUG
QRU+HDYHQ
V+HOPHWKHHGHGWKH\HYHU
:LHOGHURI:RQGHU:RHIRUWKDWPDQ
ZKRLQKDUPDQGKDWUHGKDOHVKLVVRXO
WRILHU\HPEUDFHVQRUIDYRXUQRUFKDQJH
DZDLWVKHHYHU%XWZHOOIRUKLP
WKDWDIWHUGHDWKGD\PD\GUDZWRKLV/RUG
DQGIULHQGVKLSILQGLQWKH)DWKHU
VDUPV
,,,
7+86VHHWKHGXQFHDVLQJWKHVRQRI+HDOIGHQH
ZLWKWKHZRHRIWKHVHGD\VQRWZLVHVWPHQ
URDP =TWO?Q WKH DFW RI URDPLQJ UDPEOH Q URDPHU >¥TWO@
ZURXJKW =TnÖV?DGM DWWULE PDGH RU PDQXIDFWXUHG DQG GHFRUDWHG
+URWKJDU ZKR LV WKH 6F\OGLQJV
IULHQG ZKLOHV =YCKNU?FRQM QRZ
FKLHIO\ GLDO ZKLOH YRZ =XCW?YW WR SURPLVH VROHPQO\ WR PDNH D
VROHPQ UHVROXWLRQ WR GR JHW HWF WR GHFODUH HPSKDWLFDOO\ HDUQHVWO\ RU
VROHPQO\ YL WR PDNH D YRZ IDQH =HGKP?Q $UFKDLF D WHPSOH RU
FKXUFKWKDWLVLQIRUPDORUSUHVFULEHGSKUDVHVXFFRXU=¥U¡M?YW
WR JLYH DVVLVWDQFH WR LQ WLPH RI QHHG RU GLVWUHVV KHOS DLG UHOLHYH Q DLG
KHOSUHOLHIKDOH=JGKN?YW$UFKDLFWRSXOOIRUFLEO\GUDJKDXOWRIRUFH
DSHUVRQWRJR
DVVXDJHGKLVVRUURZWRRVRUHWKHDQJXLVK
ORDWKO\DQGORQJWKDWOD\RQKLVIRON
PRVWEDQHIXORIEXUGHQVDQGEDOHVRIWKHQLJKW
7KLVKHDUGLQKLVKRPH+\JHODF
VWKDQH
JUHDWDPRQJ*HDWVRI*UHQGHO
VGRLQJV
+HZDVWKHPLJKWLHVWPDQRIYDORXU
LQWKDWVDPHGD\RIWKLVRXUOLIH
VWDOZDUWDQGVWDWHO\$VWRXWZDYHZDONHU
KHEDGHPDNHUHDG\<RQEDWWOHNLQJVDLGKH
IDUR
HUWKHVZDQURDGKHIDLQZRXOGVHHN
WKHQREOHPRQDUFKZKRQHHGHGPHQ
7KHSULQFH
VMRXUQH\E\SUXGHQWIRON
ZDVOLWWOHEODPHGWKRXJKWKH\ORYHGKLPGHDU
WKH\ZKHWWHGWKHKHURDQGKDLOHGJRRGRPHQV
$QGQRZWKHEROGRQHIURPEDQGVRI*HDWV
FRPUDGHVFKRVHWKHNHHQHVWRIZDUULRUV
H
HUKHFRXOGILQGZLWKIRXUWHHQPHQ
WKHVHDZRRGKHVRXJKWDQGVDLORUSURYHG
OHGWKHPRQWRWKHODQG
VFRQILQHV
7LPHKDGQRZIORZQDIORDWZDVWKHVKLS
ERDWXQGHUEOXII 2QERDUGWKH\FOLPEHG
ZDUULRUVUHDG\ZDYHVZHUHFKXUQLQJ
VHDZLWKVDQGWKHVDLORUVERUH
RQWKHEUHDVWRIWKHEDUNWKHLUEULJKWDUUD\
WKHLUPDLODQGZHDSRQVWKHPHQSXVKHGRII
RQLWVZLOOLQJZD\WKHZHOOEUDFHGFUDIW
7KHQPRYHGR
HUWKHZDWHUVE\PLJKWRIWKHZLQG
DVVXDJH =¥UYGKF<?YW WR OHVVHQ SDLQ GLVWUHVV HWF DOOD\ WR FDOP
SDVVLRQDQJHUHWFSDFLI\DQJXLVK=¥30IYK5?QJUHDWVXIIHULQJDV
IURP ZRUU\ JULHI RU SDLQ DJRQ\ ORDWKO\ =NW6NK?DGM UDUH YDU RI
ORDWKVRPH EDQHIXO =DGKPHN?DGM FDXVLQJ GLVWUHVV GHDWK RU UXLQ
GHDGO\ VWDOZDUW =¥UVnÖNYV?DGM VWURQJ DQG ZHOOEXLOW VWXUG\ UREXVW
EUDYHYDOLDQWUHVROXWHILUPXQ\LHOGLQJZKHW=YGV?YWWRVKDUSHQE\
UXEELQJ RU JULQGLQJ WKH HGJH RI D NQLIH RU WRRO KRQH WR PDNH NHHQ
VWLPXODWHWRZKHWWKHDSSHWLWH6KLSFRQILQH=MP¥HCKP?QXVXDOO\
SO D ERXQGDU\ RU ERXQGHG UHJLRQ ERUGHU OLPLW 7KDW LV VLQFH
%HRZXOI VHOHFWHG KLV VKLS DQG OHG KLV PHQ WR WKH KDUERXU EOXII
=DN¡H?DGMKDYLQJRUDVFHQGLQJVWHHSO\ZLWKDEURDGIODWIURQWFKXUQ
=V5ÖP?YLWRPRYHDERXWYLROHQWO\PDLO=OGKN?QERG\DUPRXUPDGH
RIPHWDOULQJVRUSODWHVOLQNHGWRJHWKHUZRUQE\VROGLHUVLQIRUPHUWLPHV
WKDWEDUNOLNHDELUGZLWKEUHDVWRIIRDP
WLOOLQVHDVRQGXHRQWKHVHFRQGGD\
WKHFXUYHGSURZVXFKFRXUVHKDGUXQ
WKDWVDLORUVQRZFRXOGVHHWKHODQG
VHDFOLIIVVKLQLQJVWHHSKLJKKLOOV
KHDGODQGVEURDG7KHLUKDYHQZDVIRXQG
WKHLUMRXUQH\HQGHG8SWKHQTXLFNO\
WKH:HGHUV
FODQVPHQFOLPEHGDVKRUH
DQFKRUHGWKHLUVHDZRRGZLWKDUPRUFODVKLQJ
DQGJHDURIEDWWOH*RGWKH\WKDQNHG
RUSDVVLQJLQSHDFHR
HUWKHSDWKVRIWKHVHD
1RZVDZIURPWKHFOLIID6F\OGLQJFODQVPDQ
DZDUGHQWKDWZDWFKHGWKHZDWHUVLGH
KRZWKH\ERUHR
HUWKHJDQJZD\JOLWWHULQJVKLHOGV
ZDUJHDULQUHDGLQHVVZRQGHUVHL]HGKLP
WRNQRZZKDWPDQQHURIPHQWKH\ZHUH
6WUDLJKWWRWKHVWUDQGKLVVWHHGKHURGH
+URWKJDU
VKHQFKPDQZLWKKDQGRIPLJKW
KHVKRRNKLVVSHDUDQGVSDNH LQSDUOH\
:KRDUH\HWKHQ\HDUPHGPHQ
PDLOHGIRONWKDW\RQPLJKW\YHVVHO
KDYHXUJHGWKXVRYHUWKHRFHDQZD\V
KHUHR
HUWKHZDWHUV"$ZDUGHQ,
VHQWLQHOVHWR
HUWKHVHDPDUFKKHUH
OHVWDQ\IRHWRWKHIRONRI'DQHV
ZLWKKDUU\LQJIOHHWVKRXOGKDUPWKHODQG
1RDOLHQVHYHUDWHDVHWKXVERUHWKHP
OLQGHQZLHOGHUV\HWZRUGRIOHDYH
FOHDUO\\H ODFNIURPFODQVPHQKHUH
P\IRON
VDJUHHPHQW$JUHDWHUQH
HUVDZ,
RIZDUULRUVLQZRUOGWKDQLVRQHRI\RX
EDUN =D#ÖM?YL WR JLYH D EDUN RU EDUNV 2QH RI WKH DX[LOLDU\
QDPHVRIWKH*HDWVVWHHG=UVKÖF?QDKRUVHHVSDKLJKVSLULWHGULGLQJ
KRUVH OLWHUDU\ WHUP VSDNH =URGKM?YW DUFKDLF SW RI VSHDN
SDUOH\=¥R#ÖNK?YLWRKDYHDFRQIHUHQFHRUGLVFXVVLRQHVSZLWKDQHQHP\
FRQIHU Q SO OH\V D WDON RU FRQIHUHQFH IRU WKH SXUSRVH RI GLVFXVVLQJ D
VSHFLILF PDWWHU RU RI VHWWOLQJ D GLVSXWH DV D PLOLWDU\ FRQIHUHQFH ZLWK DQ
HQHP\ XQGHU D WUXFH IRU GLVFXVVLQJ WHUPV 2U1RW WKXV RSHQO\ HYHU
FDPH ZDUULRUV KLWKHU \HW \H =LKÖ?SHUV SURQ $UFKDLF SO RI WKRX
\RX
\RQKHURLQKDUQHVV1RKHQFKPDQKH
ZRUWKLHGE\ZHDSRQVLIZLWQHVVKLVIHDWXUHV
KLVSHHUOHVVSUHVHQFH,SUD\\RXWKRXJKWHOO
\RXUIRONDQGKRPHOHVWKHQFH\HIDUH
VXVSHFWWRZDQGHU\RXUZD\DVVSLHV
LQ'DQLVKODQG1RZGZHOOHUVDIDU
RFHDQWUDYHOOHUVWDNHIURPPH
VLPSOHDGYLFHWKHVRRQHUWKHEHWWHU
,KHDURIWKHFRXQWU\ZKHQFH\HFDPH
,9
7RKLPWKHVWDWHOLHVWVSDNHLQDQVZHU
WKHZDUULRUV
OHDGHUKLVZRUGKRDUGXQORFNHG
:HDUHE\NLQRIWKHFODQRI*HDWV
DQG+\JHODF
VRZQKHDUWK IHOORZVZH
7RIRONDIDUZDVP\IDWKHUNQRZQ
QREOHDWKHOLQJ(FJWKHRZQDPHG
)XOORIZLQWHUVKHIDUHGDZD\
DJHGIURPHDUWKKHLVKRQRUHGVWLOO
WKURXJKZLGWK RIWKHZRUOGE\ZLVHPHQDOO
7RWK\ORUGDQGOLHJHLQOR\DOPRRG
ZHKDVWHQKLWKHUWR+HDOIGHQH
VVRQ
SHRSOHSURWHFWRUEHSOHDVHGWRDGYLVHXV
7RWKDWPLJKW\RQHFRPHZHRQPLFNOHHUUDQG
WRWKHORUGRIWKH'DQHVQRUGHHP ,ULJKW
WKDWDXJKWEHKLGGHQ:HKHDUWKRXNQRZHVW
LIVRRWKLWLVWKHVD\LQJRIPHQ
WKDWDPLGWKH6F\OGLQJVDVFDWKLQJPRQVWHU
\RQ =LnP?DGM DGY 1RZ FKLHIO\ GLDO \RQGHU SURQ QRZ FKLHIO\
GLDO WKDW RU WKRVH DW D GLVWDQFH ZRUWK\ =¥YÖ6K?YW $UFKDLF WR
SUDLVHKHDUWK=J#Ö6?QWKHVWRQHRUEULFNIORRURIDILUHSODFHRIWHQ
H[WHQGLQJRXWLQWRWKHURRPWKHILUHVLGHDVWKHFHQWHURIIDPLO\OLIHIDPLO\
OLIH KRPH ZLGWK =YKF6?Q WKH IDFW TXDOLW\ RU FRQGLWLRQ RI EHLQJ
ZLGHZLGHQHVVWKHVL]HRIVRPHWKLQJLQWHUPVRIKRZZLGHLWLVGLVWDQFH
IURP VLGH WR VLGH PLFNOH =OKMN?DGM DGY Q 1RZ FKLHIO\ 6FRW
PXFK GHHP =FKÖO?YW YL WR WKLQN EHOLHYH RU MXGJH VRRWK
=UWÖ&?DGM $UFKDLF WUXH RU UHDO VFDWKLQJ =¥UMGK&K0?DGM VHDULQJ
ZLWKHULQJKDUVKRUFDXVWLF
GDUNLOOGRHULQGXVN\QLJKWV
VKRZVWHUULILFKLVUDJHXQPDWFKHG
KDWUHGDQGPXUGHU7R+URWKJDU,
LQJUHDWQHVVRIVRXOZRXOGVXFFRXUEULQJ
VRWKH:LVHDQG%UDYHPD\ZRUVWKLVIRHV
LIHYHUWKHHQGRILOOVLVIDWHG
RIFUXHOFRQWHVWLIFXUHVKDOOIROORZ
DQGWKHERLOLQJFDUHZDYHVFRROHUJURZ
HOVHHYHUDIWHUZDUGDQJXLVKGD\V
KHVKDOOVXIIHULQVRUURZZKLOHVWDQGVLQSODFH
KLJKRQLWVKLOOWKDWKRXVHXQSHHUHG
$VWULGH KLVVWHHGWKHVWUDQGZDUGDQVZHUHG
FODQVPDQXQTXDLOLQJ7KHNHHQVRXOHGWKDQH
PXVWEHVNLOOHGWRVHYHUDQGVXQGHUGXO\
ZRUGVDQGZRUNVLIKHZHOOLQWHQGV
,JDWKHUWKLVEDQGLVJUDFLRXVO\EHQW
WRWKH6F\OGLQJV
PDVWHU0DUFKWKHQEHDULQJ
ZHDSRQVDQGZHHGVWKHZD\,VKRZ\RX
,ZLOOELGP\PHQ\RXUERDWPHDQZKLOH
WRJXDUGIRUIHDUOHVWIRHPHQFRPH
\RXUQHZWDUUHGVKLSE\VKRUHRIRFHDQ
IDLWKIXOO\ZDWFKLQJWLOORQFHDJDLQ
LWZDIWR
HUWKHZDWHUVWKRVHZHOOORYHGWKDQHV
ZLQGLQJQHFN
GZRRGWR:HGHUV
ERXQGV
KHURHVVXFKDVWKHKHVWRIIDWH
VKDOOVXFFRUDQGVDYHIURPWKHVKRFNRIZDU
+URWKJDUDVWULGH=¥UVTCKF?SUHSZLWKDOHJRQHLWKHUVLGHRID
KRUVH HWF TXDLO =MYGKN?YL WR GUDZ EDFN LQ IHDU ORVH KHDUW RU
FRXUDJHFRZHUXQTXDLOLQJVHYHU=¥UGX?YWYLWRVHSDUDWHPDNH
RUEHFRPHGLVWLQFWGLYLGHVHYHUHGIURPKLVIDPLO\E\WKHZDUWRSDUWRU
EUHDNRIIDVE\FXWWLQJRUZLWKIRUFHFXWLQWZRVXQGHU=¥U¡PF?YW
YL WR EUHDN DSDUW VHSDUDWH SDUW VSOLW GXO\ =¥FLWÖNK?DGY LQ D GXH
PDQQHU DV GXH ULJKWIXOO\ ZKHQ GXH DW WKH ULJKW WLPH DV UHTXLUHG
VXIILFLHQWO\ WDU =V#Ö?YW WR FRYHU RU VPHDU ZLWK RU DV ZLWK WDU DGM
FRYHUHG ZLWK WDU WDUUHG ZDIW =YnHV?YW WR FDUU\ RU SURSHO OLJKWO\
WKURXJK WKH DLU RU RYHU ZDWHU YL WR IORDW DV RQ WKH ZLQG KHVW
=JGUV?Q$UFKDLFEHKHVWELGGLQJRUGHU
7KH\EHQWWKHPWRPDUFKWKHERDWOD\VWLOO
IHWWHUHGE\FDEOHDQGIDVWDWDQFKRU
EURDGERVRPHGVKLS7KHQVKRQHWKHERDUV
RYHUWKHFKHHNJXDUGFKDVHGZLWKJROG
NHHQDQGJOHDPLQJJXDUGLWNHSW
R
HUWKHPDQRIZDUDVPDUFKHGDORQJ
KHURHVLQKDVWHWLOOWKHKDOOWKH\VDZ
EURDGRIJDEOHDQGEULJKWZLWKJROG
WKDWZDVWKHIDLUHVW
PLGIRONRIHDUWK
RIKRXVHV
QHDWKKHDYHQZKHUH+URWKJDUOLYHG
DQGWKHJOHDPRILWOLJKWHQHGR
HUODQGVDIDU
7KHVWXUG\VKLHOGVPDQVKRZHGWKDWEULJKW
EXUJRIWKHEROGHVWEDGHWKHPJR
VWUDLJKWZD\WKLWKHUKLVVWHHGWKHQWXUQHG
KDUG\KHURDQGKDLOHGWKHPWKXV
7LVWLPHWKDW,IDUHIURP\RX)DWKHU$OPLJKW\
LQJUDFHDQGPHUF\JXDUG\RXZHOO
VDIHLQ\RXUVHHNLQJV6HDZDUG,JR
JDLQVWKRVWLOHZDUULRUVKROGP\ZDWFK
9
6721(%5,*+7WKHVWUHHWLWVKRZHGWKHZD\
WRWKHFURZGRIFODQVPHQ&RUVHOHWVJOLVWHQHG
%HRZXOI
V KHOPHW KDV VHYHUDO ERDULPDJHV RQ LW KH LV WKH PDQ RI
ZDU DQG WKH ERDUKHOPHW JXDUGV KLP DV W\SLFDO UHSUHVHQWDWLYH RI WKH
PDUFKLQJ SDUW\ DV D ZKROH 7KH ERDU ZDV VDFUHG WR )UH\U ZKR ZDV WKH
IDYRULWH JRG RI WKH *HUPDQLF WULEHV DERXW WKH 1RUWK 6HD DQG WKH %DOWLF
5XGH UHSUHVHQWDWLRQV RI ZDUULRUV VKRZ WKH ERDU RQ WKH KHOPHW TXLWH DV
ODUJH DV WKH KHOPHW LWVHOI FKHHNJXDUG =¥V5KÖMI#ÖF?Q PHWDO RU
OHDWKHU SLHFH ZKLFK DV SDUW RI WKH KHOPHW SURWHFWHG RQH¶V FKHHNV IURP
VZRUG RU VSHDU EORZV FKDVH =V5GKU?YW WR RUQDPHQW PHWDO E\
HQJUDYLQJ HPERVVLQJ HWF NHHQ =MKÖP?DGMKDYLQJ D VKDUS HGJH RU
SRLQW WKDW FDQ FXW ZHOO VKDUS RU FXWWLQJ LQ IRUFH SLHUFLQJ VKDUS DQG
TXLFN LQ VHHLQJ KHDULQJ WKLQNLQJ HWF DFXWH VKDUSZLWWHG PHQWDOO\
DFXWH VKUHZG EXUJ =DÖI?Q RULJ D IRUWLILHG RU ZDOOHG WRZQ
FROORT D FLW\ WRZQ RU YLOODJH HVS RQH UHJDUGHG DV TXLHW XQH[FLWLQJ
HWF WKLWKHU =¥&K&?DGY WR RU WRZDUG WKDW SODFH WKHUH DGM RQ RU
WRZDUG WKDW VLGH IDUWKHU (LWKHU PHUHO\ SDYHG WKH VWUDWD YLD RI WKH
5RPDQVRUHOVHWKRXJKWRIDVDVRUWRIPRVDLFDQH[WUDYDJDQWWRXFKOLNH
WKHUHFNOHVVZDVWHRIJROGRQWKHZDOOVDQGURRIVRIDKDOOFRUVHOHW
=¥MnÖUNKV?QDSLHFHRIDUPRXUIRUPHUO\ZRUQWRSURWHFWWKHWUXQN
KDQGIRUJHGKDUGRQWKHLUKDUQHVVEULJKW
WKHVWHHOULQJVDQJDVWKH\VWURGHDORQJ
LQPDLORIEDWWOHDQGPDUFKHGWRWKHKDOO
7KHUHZHDU\RIRFHDQWKHZDOODORQJ
WKH\VHWWKHLUEXFNOHUV WKHLUEURDGVKLHOGVGRZQ
DQGERZHGWKHPWREHQFKWKHEUHDVWSODWHVFODQJHG
ZDUJHDURIPHQWKHLUZHDSRQVVWDFNHG
VSHDUVRIWKHVHDIDUHUVVWRRGWRJHWKHU
JUD\WLSSHGDVKWKDWLURQEDQG
ZDVZRUWKLO\ZHDSRQHG$ZDUULRUSURXG
DVNHGRIWKHKHURHVWKHLUKRPHDQGNLQ
:KHQFHQRZEHDU\HEXUQLVKHGVKLHOGV
KDUQHVVJUD\DQGKHOPHWVJULP
VSHDUVLQPXOWLWXGH"0HVVHQJHU,
+URWKJDU
VKHUDOG+HURHVVRPDQ\
QH
HUPHW,DVVWUDQJHUVRIPRRGVRVWURQJ
7LVSODLQWKDWIRUSURZHVVQRWSOXQJHGLQWRH[LOH
IRUKLJKKHDUWHGYDORXU+URWKJDU\HVHHN
+LPWKHVWXUG\LQZDUEHVSDNHZLWKZRUGV
SURXGHDUORIWKH:HGHUVDQVZHUPDGH
KDUG\
QHDWKKHOPHW+\JHODF
VZH
IHOORZVDWERDUG,DP%HRZXOIQDPHG
,DPVHHNLQJWRVD\WRWKHVRQRI+HDOIGHQH
WKLVPLVVLRQRIPLQHWRWK\PDVWHUORUG
WKHGRXJKW\ SULQFHLIKHGHLJQ DWDOO
JUDFHWKDWZHJUHHWKLPWKHJRRGRQHQRZ
:XOIJDUVSDNHWKH:HQGOHV
FKLHIWDLQ
ZKRVHPLJKWRIPLQGWRPDQ\ZDVNQRZQ
KLVFRXUDJHDQGFRXQVHO7KHNLQJRI'DQHV
WKH6F\OGLQJV
IULHQG,IDLQ ZLOOWHOO
VWULGH =UVTCKF? VWURGH =UVTWF? VWULGGHQ =¥UVTKFP?YL WR ZDON ZLWK
ORQJVWHSVHVSLQDYLJRURXVRUVZDJJHULQJPDQQHUYWWRZDONZLWKORQJ
VWHSVDORQJRUWKURXJKEXFNOHU=¥D¡MN?QDVPDOOURXQGVKLHOGKHOG
E\DKDQGOHRUZRUQRQWKHDUPEUHDVWSODWH=¥DTGUVRNGKV?QDSLHFH
RIDUPRXUIRUWKHEUHDVWFODQJ=MN30?YLWRPDNHRUVWULNHWRJHWKHU
ZLWKDORXGVKDUSULQJLQJVRXQGDVRIPHWDOEHLQJVWUXFNWRPRYHZLWK
VXFK D VRXQG VWDFN =UV3M?YW WR SLOH RU DUUDQJH LQ D VWDFN
GRXJKW\=¥FCWVK?DGMQRZUDUHYDOLDQWEUDYHGHLJQ=FGKP?YLWR
FRQGHVFHQGWRGRVRPHWKLQJWKRXJKWWREHVOLJKWO\EHQHDWKRQH¶VGLJQLW\
YWWRFRQGHVFHQGWRJLYHIDLQ=HGKP?DGM$UFKDLFJODGUHDG\
WKH%UHDNHURI5LQJVDVWKHERRQWKRXDVNHVW
WKHIDPHGSULQFHRIWK\IDULQJKLWKHU
DQGVZLIWO\DIWHUVXFKDQVZHUEULQJ
DVWKHGRXJKW\PRQDUFKPD\GHLJQWRJLYH
+LHGWKHQLQKDVWHWRZKHUH+URWKJDUVDW
ZKLWHKDLUHGDQGROGKLVHDUOVDERXWKLP
WLOOWKHVWRXWWKDQHVWRRGDWWKHVKRXOGHUWKHUH
RIWKH'DQLVKNLQJJRRGFRXUWLHUKH
:XOIJDUVSDNHWRKLVZLQVRPHORUG
+LWKHUKDYHIDUHGWRWKHHIDUFRPHPHQ
R
HUWKHSDWKVRIRFHDQSHRSOHRI*HDWODQG
DQGWKHVWDWHOLHVWWKHUHE\KLVVWXUG\EDQG
LV%HRZXOIQDPHG7KLVERRQWKH\VHHN
WKDWWKH\P\PDVWHUPD\ZLWKWKHH
KDYHVSHHFKDWZLOOQRUVSXUQWKHLUSUD\HU
WRJLYHWKHPKHDULQJJUDFLRXV+URWKJDU
,QZHHGVRIWKHZDUULRUZRUWK\WKH\
PHWKLQNVRIRXUOLNLQJWKHLUOHDGHUPRVWVXUHO\
DKHURWKDWKLWKHUKLVKHQFKPHQKDVOHG
9,
+527+*$5DQVZHUHGKHOPHWRI6F\OGLQJV
,NQHZKLPRI\RUHLQKLV\RXWKIXOGD\V
KLVDJHGIDWKHUZDV(FJWKHRZQDPHG
WRZKRPDWKRPHJDYH+UHWKHOWKH*HDW
KLVRQO\GDXJKWHU7KHLURIIVSULQJEROG
IDUHVKLWKHUWRVHHNWKHVWHDGIDVWIULHQG
$QGVHDPHQWRRKDYHVDLGPHWKLV
ZKRFDUULHGP\JLIWVWRWKH*HDWLVKFRXUW
WKLWKHUIRUWKDQNVKHKDVWKLUW\PHQ
V
KHIWRIJUDVSLQWKHJULSHRIKLVKDQG
ERRQ =DWÖP?Q $UFKDLF D UHTXHVW RU WKH IDYRXU UHTXHVWHG KLH
=JCK?YL YW WR KXUU\ RU KDVWHQ XVXDOO\ XVHG UHIOH[LYHO\ \RUH
=LnÖ?DGY$UFKDLFRUUKHWRULFDOORQJDJRLQWLPHVORQJSDVWQWLPHORQJ
SDVWQRZRQO\LQRI\RUHIRUPHUO\KHIW=JGHV?QZHLJKWKHDYLQHVV
$UFKDLF WKH EXON RU PDLQ SDUW JUDVS =ITCÖUR?YW WR WDNH KROG RI
ILUPO\ZLWKRUDVZLWKWKHKDQGRUDUPVJULSQWKHDFWRIJUDVSLQJJULSRU
FODVS RI WKH KDQG RU DUPV D ILUP KROG FRQWURO SRVVHVVLRQ JULSH
=ITCKR?YWWRJUDVSFOXWFKQWKHDFWRIJULSSLQJRUJUDVSLQJRUFOXWFKLQJ
WKHEROGLQEDWWOH%OHVVHG*RG
RXWRIKLVPHUF\WKLVPDQKDWKVHQW
WR'DQHVRIWKH:HVWDV,ZHHQLQGHHG
DJDLQVWKRUURURI*UHQGHO,KRSHWRJLYH
WKHJRRG\RXWKJROGIRUKLVJDOODQWWKRXJKW
%HWKRXLQKDVWHDQGELGWKHPKLWKHU
FODQRINLQVPHQWRFRPHEHIRUHPH
DQGDGGWKLVZRUGWKH\DUHZHOFRPHJXHVWV
WRIRONRIWKH'DQHV
>7RWKHGRRURIWKHKDOO
:XOIJDUZHQW@DQGWKHZRUGGHFODUHG
7R\RXWKLVPHVVDJHP\PDVWHUVHQGV
(DVW'DQHV
NLQJWKDW\RXUNLQKHNQRZV
KDUG\KHURHVDQGKDLOV\RXDOO
ZHOFRPHKLWKHUR
HUZDYHVRIWKHVHD
<HPD\ZHQG\RXUZD\LQZDUDWWLUH
DQGXQGHUKHOPHWV+URWKJDUJUHHW
EXWOHWKHUHWKHEDWWOHVKLHOGVELGH\RXUSDUOH\
DQGZRRGHQZDUVKDIWVZDLWLWVHQG
8SURVHWKHPLJKW\RQHULQJHGZLWKKLVPHQ
EUDYHEDQGRIWKDQHVVRPHERGHZLWKRXW
EDWWOHJHDUJXDUGLQJDVEDGHWKHFKLHI
7KHQKLHGWKDWWURRSZKHUHWKHKHUDOGOHGWKHP
XQGHU+HRURW
VURRI>WKHKHURVWURGH@
KDUG\
QHDWKKHOPWLOOWKHKHDUWKKHQHDUHG
%HRZXOIVSDNHKLVEUHDVWSODWHJOHDPHG
ZDUQHWZRYHQE\ZLWRIWKHVPLWK
7KRX+URWKJDUKDLO+\JHODF
V,
NLQVPDQDQGIROORZHU)DPHDSOHQW\
KDYH,JDLQHGLQ\RXWK7KHVH*UHQGHOGHHGV
ZHHQ =YKÖP?YL YW $UFKDLF WR WKLQN VXSSRVH LPDJLQH
JDOODQW=¥I3NPV?DGMEUDYHDQGQREOHKLJKVSLULWHGDQGGDULQJSROLWHDQG
DWWHQWLYHWRZRPHQLQDFRXUWO\ZD\KLWKHU=¥JK&?DGYWRRUWRZDUG
WKLV SODFH KHUH DGM RQ RU WRZDUG WKLV VLGH VKDIW =5#ÖHV?QWKH ORQJ
VWHP RU ERG\ RI DQ DUURZ RU VSHDU DQ DUURZ RU VSHDU D PLVVLOH RU
VRPHWKLQJ WKDW VHHPV WR EH KXUOHG OLNH D PLVVLOH EROW ULQJHG
=TK0F?DGMHQFLUFOHGE\DULQJRUULQJVIRUPHGOLNHDULQJRUULQJV
,KHDUGLQP\KRPHODQGKHUDOGHGFOHDU
6HDIDUHUVVD\KRZVWDQGVWKLVKDOO
RIEXLOGLQJVEHVWIRU\RXUEDQGRIWKDQHV
HPSW\DQGLGOHZKHQHYHQLQJVXQ
LQWKHKDUERXURIKHDYHQLVKLGGHQDZD\
6RP\YDVVDOVDGYLVHGPHZHOO
EUDYHDQGZLVHWKHEHVWRIPHQ
2VRYUDQ+URWKJDUWRVHHNWKHHKHUH
IRUP\QHUYHDQGP\PLJKWWKH\NQHZIXOOZHOO
7KHPVHOYHVKDGVHHQPHIURPVODXJKWHUFRPH
EORRGIOHFNHGIURPIRHVZKHUHILYH,ERXQG
DQGWKDWZLOGEURRGZRUVWHG,
WKHZDYHV,VOHZ
QLFRUVE\QLJKWLQQHHGDQGSHULO
DYHQJLQJWKH:HGHUVZKRVHZRHWKH\VRXJKW
FUXVKLQJWKHJULPRQHV*UHQGHOQRZ
PRQVWHUFUXHOEHPLQHWRTXHOO
LQVLQJOHEDWWOH6RIURPWKHH
WKRXVRYUDQRIWKH6KLQLQJ'DQHV
6F\OGLQJV
EXOZDUNDERRQ,VHHN
DQG)ULHQGRIWKHIRONUHIXVHLWQRW
2:DUULRUV
VKLHOGQRZ,
YHZDQGHUHGIDU
WKDW,DORQHZLWKP\OLHJHPHQKHUH
WKLVKDUG\EDQGPD\+HRURWSXUJH
0RUH,KHDUWKDWWKHPRQVWHUGLUH
LQKLVZDQWRQPRRGRIZHDSRQVUHFNVQRW
KHQFHVKDOO,VFRUQVR+\JHODFVWD\
NLQJRIP\NLQGUHGNLQGWRPH±
EUDQGRUEXFNOHUWREHDULQWKHILJKW
JROGFRORXUHGWDUJHEXWZLWKJULSHDORQH
EURRG=DTWÖF?QWKHRIIVSULQJRUDIDPLO\RIRIIVSULQJDOOWKHFKLOGUHQ
LQ D IDPLO\ D JURXS RI D SDUWLFXODU EUHHG RU NLQG ZRUVWHG
=¥YWUVKF?YW GDWHG RU IPO XVXDOO\ SDVVLYH WR GHIHDW VE LQ D ILJKW RU
FRQWHVWZDWHUJREOLQZKRFRYHUVWKHVSDFHIURP2OG1LFNRIMHVWWR
WKH1HFNDQDQG1L[RISRHWU\DQGWDOH+LVRZQSHRSOHWKH*HDWV
TXHOO=MYGN?YWWRHQGVPWKHVSE\IRUFHEXOZDUN=¥DWNYM?QD
SHUVRQ RU WKLQJ WKDW VXSSRUWV GHIHQGV RU SURWHFWV ERRQ =DWÖP?Q D
WKLQJWKDWLVJRRGRUKHOSIXOIRUVEDEHQHILWDQDGYDQWDJHZDQWRQ
=¥YnPVP?DGMHVSDWWULERIDQDFWLRQGRQHVKRZQXVHGHWFPDOLFLRXVO\
RU XQMXVWLILDEO\ EUDQG =DT3PF?Q $UFKDLF D VZRUG WDUJH
=V#ÖF<?Q$UFKDLFDVPDOOURXQGVKLHOGDWDUJHWRUEXFNOHU
PXVW,IURQWWKHILHQGDQGILJKWIRUOLIH
IRHDJDLQVWIRH7KHQIDLWKEHKLV
LQWKHGRRPRIWKH/RUGZKRPGHDWKVKDOOWDNH
)DLQ,ZHHQLIWKHILJKWKHZLQ
LQWKLVKDOORIJROGP\*HDWLVKEDQG
ZLOOKHIHDUOHVVHDWDVRIWEHIRUH
P\QREOHVWWKDQHV1RUQHHG
VWWKRXWKHQ
WRKLGHP\KHDGIRUKLVVKDOO,EH
G\HGLQJRUHLIGHDWKPXVWWDNHPH
DQGP\EORRGFRYHUHGERG\KH
OOEHDUDVSUH\
UXWKOHVVGHYRXULWWKHURDPHUORQHO\
ZLWKP\OLIHEORRGUHGGHQKLVODLULQWKHIHQ
QRIXUWKHUIRUPHQHHG
VWIRRGSUHSDUH
7R+\JHODFVHQGLI+LOGVKRXOGWDNHPH
EHVWRIZDUZHHGVZDUGLQJP\EUHDVW
DUPRUH[FHOOHQWKHLUORRPRI+UHWKHO
DQGZRUNRI:D\ODQG )DUHV:\UG DVVKHPXVW
9,,
+527+*$5VSDNHWKH6F\OGLQJV
KHOPHW
)RUILJKWGHIHQVLYH)ULHQGP\%HRZXOI
WRVXFFRUDQGVDYHWKRXKDVWVRXJKWXVKHUH
7K\IDWKHU
VFRPEDWDIHXGHQNLQGOHG
ZKHQ+HDWKRODIZLWKKDQGKHVOHZ
DPRQJWKH:\OILQJVKLV:HGHUNLQ
IRUKRUURURIILJKWLQJIHDUHGWRKROGKLP
)OHHLQJKHVRXJKWRXU6RXWK'DQHIRON
RYHUVXUJHRIRFHDQWKH+RQRU6F\OGLQJV
ZKHQILUVW,ZDVUXOLQJWKHIRONRI'DQHV
ZLHOGHG\RXWKIXOWKLVZLGHVSUHDGUHDOP
7KDWLVFRYHULWDVZLWKDIDFHFORWK7KHUHZLOOEHQRQHHGRIIXQHUDO
ULWHVJRUH=InÖ?QHVSLQGHVFULSWLRQVRUILJKWLQJEORRGIURPDFXW
RU ZRXQG 3HUVRQLILFDWLRQ RI %DWWOH 7KH *HUPDQLF 9XOFDQ WKH
$QFLHQW JRG RI ILUH DQG PHWDO ZRUNLQJ LGHQWLILHG ZLWK WKH *UHHN
+HSKDHVWXV 7KLV PLJKW\ SRZHU ZKRP WKH &KULVWLDQ SRHW FDQ VWLOO
UHYHUH KDV KHUH WKH JHQHUDO IRUFH RI 'HVWLQ\ +URWKJDU VHHV LQ
%HRZXOI
VPLVVLRQDKHULWDJHRIGXW\DUHWXUQRIWKHJRRGRIILFHVZKLFKWKH
'DQLVK NLQJ UHQGHUHG WR %HRZXOI
V IDWKHU LQ WLPH RI GLUH QHHG
HQNLQGOH =GP¥MKPFN?YW YL WR NLQGOH LQWR IODPH DUGRXU DFWLYLW\
ZLHOG>YKÖNF@YWWRH[HUFLVHSRZHUDXWKRULW\LQIOXHQFHHWFDVLQUXOLQJ
RUGRPLQDWLQJ
WKLVKRDUGKROGRIKHURHV+HRURJDUZDVGHDG
P\HOGHUEURWKHUKDGEUHDWKHGKLVODVW
+HDOIGHQH
VEDLUQKHZDVEHWWHUWKDQ,
6WUDLJKWZD\WKHIHXGZLWKIHH,VHWWOHG
WRWKH:\OILQJVVHQWR
HUZDWHU\ULGJHV
WUHDVXUHVROGHQRDWKVKHVZRUHPH
6RUHLVP\VRXOWRVD\WRDQ\
RIWKHUDFHRIPDQZKDWUXWKIRUPH
LQ+HRURW*UHQGHOZLWKKDWHKDWKZURXJKW
ZKDWVXGGHQKDUU\LQJV+DOOIRONIDLOPH
P\ZDUULRUVZDQHIRU:\UGKDWKVZHSWWKHP
LQWR*UHQGHO
VJUDVS%XW*RGLVDEOH
WKLVGHDGO\IRHIURPKLVGHHGVWRWXUQ
%RDVWHGIXOORIWDVP\EHHUWKH\GUDQN
HDUOVR
HUWKHDOHFXSDUPHGPHQ
WKDWWKH\ZRXOGELGHLQWKHEHHUKDOOKHUH
*UHQGHO
VDWWDFNZLWKWHUURURIEODGHV
7KHQZDVWKLVPHDGKRXVHDWPRUQLQJWLGH
G\HGZLWKJRUHZKHQWKHGD\OLJKWEURNH
DOOWKHERDUGVRIWKHEHQFKHVEORRGEHVSULQNOHG
JRU\WKHKDOO,KDGKHURHVWKHOHVV
GRXJKW\GHDURQHVWKDWGHDWKKDGUHIW
%XWVLWWRWKHEDQTXHWXQELQGWK\ZRUGV
KDUG\KHURDVKHDUWVKDOOSURPSWWKHH
*DWKHUHGWRJHWKHUWKH*HDWLVKPHQ
LQWKHEDQTXHWKDOORQEHQFKDVVLJQHG
VWXUG\VSLULWHGVDWWKHPGRZQ
KDUG\KHDUWHG$KHQFKPDQDWWHQGHG
FDUULHGWKHFDUYHQFXSLQKDQG
VHUYHGWKHFOHDUPHDG2IWPLQVWUHOVVDQJ
EOLWKHLQ+HRURW+HURHVUHYHOOHG
QRGHDUWKRIZDUULRUV:HGHUDQG'DQH
EDLUQ =DGP?Q6FRW DQG1RUWK (QJO D FKLOG *ROG DQG JLIWV
(FJWKHRZ %HRZXOI
V VLUH ORUG KDUU\LQJ =¥J3TK0?Q SUHVVXUH
KDUDVVPHQW PDGH E\ UHSHDWHG DWWDFNV UHDYH =TKÖX? UHIW
=TGHV?UHIW>UHIW@YW$UFKDLFWRWDNHDZD\E\RUDVE\IRUFHSOXQGHUURE
GHDUWK=FÖ6?QDODFNRUVKRUWDJHRIWKLQJVRUSHRSOH
9,,,
81)(57+VSDNHWKHVRQRI(FJODI
ZKRVDWDWWKHIHHWRIWKH6F\OGLQJV
ORUG
XQERXQGWKHEDWWOHUXQHV%HRZXOI
VTXHVW
VWXUG\VHDIDUHU
VVRUHO\JDOOHGKLP
HYHUKHHQYLHGWKDWRWKHUPHQ
VKRXOGPRUHDFKLHYHLQPLGGOHHDUWK
RIIDPHXQGHUKHDYHQWKDQKHKLPVHOI±
$UWWKRXWKDW%HRZXOI%UHFD
VULYDO
ZKRHPXORXVVZDPRQWKHRSHQVHD
ZKHQIRUSULGHWKHSDLURI\RXSURYHGWKHIORRGV
DQGZDQWRQO\GDUHGLQZDWHUVGHHS
WRULVN\RXUOLYHV"1ROLYLQJPDQ
RUOLHIRUORDWKIURP\RXUODERUGLUH
FRXOG\RXGLVVXDGHIURPVZLPPLQJWKHPDLQ
2FHDQWLGHVZLWK\RXUDUPV\HFRYHUHG
ZLWKVWUHQXRXVKDQGVWKHVHDVWUHHWVPHDVXUHG
VZDPR
HUWKHZDWHUV:LQWHU
VVWRUP
UROOHGWKHURXJKZDYHV,QUHDOPRIVHD
DVHQQLJKWVWURYH\H,QVZLPPLQJKHWRSSHGWKHH
KDGPRUHRIPDLQ+LPDWPRUQLQJWLGH
ELOORZVERUHWRWKH%DWWOLQJ5HDPDV
ZKHQFHKHKLHGWRKLVKRPHVRGHDU
EHORYHGRIKLVOLHJHPHQWRODQGRI%URQGLQJV
IDVWQHVVIDLUZKHUHKLVIRONKHUXOHG
WRZQDQGWUHDVXUH,QWULXPSKR
HUWKHH
%HDQVWDQ
VEDLUQKLVERDVWDFKLHYHG
6RZHHQ,IRUWKHHDZRUVHDGYHQWXUH
%HJDQ WKH ILJKW TXHVW =MYGUV?Q WKH DFW RI VHHNLQJ VWK D
ORQJ VHDUFK IRU VWK VRUHO\ =UnÖNK?DGY $UFKDLF LQ DQ DJJULHYHG
GLVWUHVVLQJ SDLQIXO ZD\ JDOO =InÖN?YW WR DQQR\ VE WR YH[
HPXORXV >¥GOLWNU@ DGM GHVLURXV RI HTXDOOLQJ RU H[FHOOLQJ ILOOHG ZLWK
HPXODWLRQ OLHI =NKÖH?DGM $UFKDLF ZLOOLQJ GHVLURXV ORDWK
=NW6?DGMXQZLOOLQJUHOXFWDQWGLVVXDGH=F+¥UYG+F?YWWRSHUVXDGH
RUWRWU\WRSHUVXDGHVEQRWWRGRVWKVHQQLJKW=¥UGP+V?Q$UFKDLF
D ZHHN VWULYH >UVT#+X@ VWURYH =UVTWX?VWULYHQ=¥UVT+XP?YLҏ WR WU\
YHU\KDUGRUIRUDORQJWLPHWRREWDLQRUDFKLHYHVWKPDLQ=OG+P?Q
VWUHQJWKIRUFHYLROHQWHIIRUW%DWWOLQJ5HDPDV6FDQGLQDYLDQWULEH
%UHFD
WKRXJKLQEXIIHWRIEDWWOHWKRXEUDYHKDVWEHHQ
LQVWUXJJOHJULPLI*UHQGHO
VDSSURDFK
WKRXGDUVWDZDLWWKURXJKWKHZDWFKRIQLJKW
%HRZXOIVSDNHEDLUQRI(FJWKHRZ
:KDWDGHDOKDVWXWWHUHGGHDUP\8QIHUWK
GUXQNHQZLWKEHHURI%UHFDQRZ
WROGRIKLVWULXPSK7UXWK,FODLPLW
WKDW,KDGPRUHRIPLJKWLQWKHVHD
WKDQDQ\PDQHOVHPRUHRFHDQHQGXUDQFH
:HWZDLQ KDGWDONHGLQWLPHRI\RXWK
DQGPDGHRXUERDVWZHZHUHPHUHO\ER\V
VWULSOLQJVVWLOOWRVWDNHRXUOLYHV
IDUDWVHDDQGVRZHSHUIRUPHGLW
1DNHGVZRUGVDVZHVZDPDORQJ
ZHKHOGLQKDQGZLWKKRSHWRJXDUGXV
DJDLQVWWKHZKDOHV1RWDZKLWIURPPH
FRXOGKHIORDWDIDUR
HUWKHIORRGRIZDYHV
KDVWHR
HUWKHELOORZVQRUKLP,DEDQGRQHG
7RJHWKHUZHWZDLQRQWKHWLGHVDERGH
ILYHQLJKWVIXOOWLOOWKHIORRGGLYLGHGXV
FKXUQLQJZDYHVDQGFKLOOHVWZHDWKHU
GDUNOLQJQLJKWDQGWKHQRUWKHUQZLQG
UXWKOHVVUXVKHGRQXVURXJKZDVWKHVXUJH
1RZWKHZUDWKRIWKHVHDILVKURVHDSDFH
\HWPH
JDLQVWWKHPRQVWHUVP\PDLOHGFRDW
KDUGDQGKDQGOLQNHGKHOSDIIRUGHG
EDWWOHVDUNEUDLGHGP\EUHDVWWRZDUG
JDUQLVKHGZLWKJROG7KHUHJUDVSHGPHILUP
DQGKDOHGPHWRERWWRPWKHKDWHGIRH
ZLWKJULPPHVWJULSH
7ZDVJUDQWHGPHWKRXJK
WRSLHUFHWKHPRQVWHUZLWKSRLQWRIVZRUG
ZLWKEODGHRIEDWWOHKXJHEHDVWRIWKHVHD
ZDVZKHOPHGE\WKHKXUO\WKURXJKKDQGRIPLQH
,;
0(WKXVRIWHQWKHHYLOPRQVWHUV
WKURQJLQJ WKUHDWHQHG:LWKWKUXVWRIP\VZRUG
WKHGDUOLQJ,GHDOWWKHPGXHUHWXUQ
1RZLVHKDGWKH\EOLVVIURPWKHLUERRW\WKHQ
WRGHYRXUWKHLUYLFWLPYHQJHIXOFUHDWXUHV
VHDWHGWREDQTXHWDWERWWRPRIVHD
EXWDWEUHDNRIGD\E\P\EUDQGVRUHKXUW
RQWKHHGJHRIRFHDQXSWKH\OD\
SXWWRVOHHSE\WKHVZRUG$QGVLQFHE\WKHP
RQWKHIDWKRPOHVVVHDZD\VVDLORUIRON
DUHQHYHUPROHVWHG/LJKWIURPHDVW
FDPHEULJKW*RG
VEHDFRQ WKHELOORZVVDQN
VRWKDW,VDZWKHVHDFOLIIVKLJK
ZLQG\ZDOOV)RU:\UGRIWVDYHWK
HDUOXQGRRPHGLIKHGRXJKW\EH
$QGVRLWFDPHWKDW,NLOOHGZLWKP\VZRUG
QLQHRIWKHQLFRUV2IQLJKWIRXJKWEDWWOHV
QH
HUKHDUG,DKDUGHU
QHDWKKHDYHQ
VGRPH
QRUDGULIWRQWKHGHHSDPRUHGHVRODWHPDQ
<HW,FDPHXQKDUPHGIURPWKDWKRVWLOHFOXWFK
WKRXJKVSHQWZLWKVZLPPLQJ7KHVHDXSERUHPH
IORRGRIWKHWLGHRQ)LQQLVKODQG
WKHZHOOLQJZDWHUV1RZLVHRIWKHH
KDYH,KHDUGPHQWHOOVXFKWHUURURIIDOFKLRQV
KXUO\=JÖNK?QFRPPRWLRQXSURDUWXPXOWWKURQJ>6Tn0@YWWR
FURZGRUSUHVVXSRQMRVWOHQRZLVH=¥PWYC+\?DGYOLWROGXVHQRWDW
DOOERRW\=¥DWÖVK?QJRRGVWKDWKDYHEHHQVWROHQHVSE\DQHQHP\LQ
ZDUORRWSOXQGHUIDWKRPOHVV=¥H3&ON+U?DGMLPSRVVLEOHWRPHDVXUH
WKHGHSWKRIERWWRPOHVVEHDFRQ=¥DKÖMP?QDILUHOLWRQWKHWRSRID
KLOO HJ DV D VLJQDO *RG¶V EHDFRQ ± NHQQLQJ IRU WKH VXQ VHHQ DV *RG¶V
HYHUODVWLQJJXLGLQJOLJKWDQGVRXUFHRIOLIHDGULIW=¥FT+HV?DGMKDYLQJ
QRSXUSRVHODFNLQJGLUHFWLRQZHOOLQJ=¥YGN+0?DGMIORZLQJRUULVLQJWR
WKHVXUIDFHDQGVSLOOLQJRYHUIDOFKLRQ=¥HnÖNV5P?QDEURDGVKRUWVZRUG
KDYLQJDFRQYH[HGJHFXUYLQJVKDUSO\WRWKHSRLQW$UFKDLFDQ\VZRUG
ELWWHUEDWWOH%UHFDQH
HU\HW
QRWRQHRI\RXSDLULQWKHSOD\RIZDU
VXFKGDULQJGHHGKDVGRQHDWDOO
ZLWKEORRG\EUDQG,ERDVWQRWRILW
WKRXJKWKRXZDVWWKHEDQHRIWK\EUHWKUHQGHDU
WK\FORVHVWNLQZKHQFHFXUVHRIKHOO
DZDLWVWKHHZHOODVWK\ZLWPD\VHUYH
)RU,VD\LQVRRWKWKRXVRQRI(FJODI
QHYHUKDG*UHQGHOWKHVHJULPGHHGVZURXJKW
PRQVWHUGLUHRQWK\PDVWHUGHDU
LQ+HRURWVXFKKDYRFLIKHDUWRIWKLQH
ZHUHDVEDWWOHEROGDVWK\ERDVWLVORXG
%XWKHKDVIRXQGQRIHXGZLOOKDSSHQ
IURPVZRUGFODVKGUHDGRI\RXU'DQLVKFODQ
KHYDXQWVKLPVDIHIURPWKH9LFWRU6F\OGLQJV
+HIRUFHVSOHGJHVIDYRXUVQRQH
RIWKHODQGRI'DQHVEXWOXVWLO\PXUGHUV
ILJKWVDQGIHDVWVQRUIHXGKHGUHDGV
IURP6SHDU'DQHPHQ%XWVSHHGLO\QRZ
VKDOO,SURYHKLPWKHSURZHVVDQGSULGHRIWKH*HDWV
VKDOOELGKLPEDWWOH%OLWKHWRPHDG
JRKHWKDWOLVWHWKZKHQOLJKWRIGDZQ
WKLVPRUURZPRUQLQJR
HUPHQRIHDUWK
HWKHUUREHGVXQIURPWKHVRXWKVKDOOEHDP
-R\RXVWKHQZDVWKH-HZHOJLYHU
KRDUKDLUHGZDUEUDYHKHOSDZDLWHG
WKH%ULJKW'DQHV
SULQFHIURP%HRZXOIKHDULQJ
IRON
VJRRGVKHSKHUGVXFKILUPUHVROYH
7KHQZDVODXJKWHURIOLHJHPHQORXGUHVRXQGLQJ
ZLWKZLQVRPHZRUGV&DPH:HDOKWKHRZIRUWK
TXHHQRI+URWKJDUKHHGIXORIFRXUWHV\
JROGGHFNHGJUHHWLQJWKHJXHVWVLQKDOO
DQGWKHKLJKERUQODG\KDQGHGWKHFXS
ILUVWWRWKH(DVW'DQHV
KHLUDQGZDUGHQ
EDGHKLPEHEOLWKHDWWKHEHHUFDURXVH
WKHODQG
VEHORYHGRQH/XVWLO\WRRNKH
EDQTXHWDQGEHDNHUEDWWOHIDPHGNLQJ
7KURXJKWKHKDOOWKHQZHQWWKH+HOPLQJV
/DG\
WR\RXQJHUDQGROGHUHYHU\ZKHUH
FDUULHGWKHFXSWLOOFRPHWKHPRPHQW
ZKHQWKHULQJJUDFHGTXHHQWKHUR\DOKHDUWHG
WR%HRZXOIERUHWKHEHDNHURIPHDG
6KHJUHHWHGWKH*HDWV
ORUG*RGVKHWKDQNHG
LQZLVGRP
VZRUGVWKDWKHUZLOOZDVJUDQWHG
WKDWDWODVWRQDKHURKHUKRSHFRXOGOHDQ
IRUFRPIRUWLQWHUURUV7KHFXSKHWRRN
KDUG\LQZDUIURP:HDOKWKHRZ
VKDQG
DQGDQVZHUXWWHUHGWKHHDJHUIRUFRPEDW
%HRZXOIVSDNHEDLUQRI(FJWKHRZ
7KLVZDVP\WKRXJKWZKHQP\WKDQHVDQG,
EHQWWRWKHRFHDQDQGHQWHUHGRXUERDW
WKDW,ZRXOGZRUNWKHZLOORI\RXUSHRSOH
IXOO\RUILJKWLQJIDOOLQGHDWK
LQILHQG
VJULSHIDVW,DPILUPWRGR
DQHDUO
VEUDYHGHHGRUHQGWKHGD\V
RIWKLVOLIHRIPLQHLQWKHPHDGKDOOKHUH
:HOOWKHVHZRUGVWRWKHZRPDQVHHPHG
%HRZXOI
VEDWWOHERDVW%ULJKWZLWKJROG
WKHVWDWHO\GDPHE\KHUVSRXVHVDWGRZQ
$JDLQDVHUVWEHJDQLQKDOO
ZDUULRUV
ZDVVDLODQGZRUGVRISRZHU
WKHSURXGEDQG
VUHYHOWLOOSUHVHQWO\
WKHVRQRI+HDOIGHQHKDVWHQHGWRVHHN
KHHGIXO =JKÖFHN?DGMFDUHIXO WR SD\ DWWHQWLRQ WR VWKVE JROG
GHFNHG =¥IWNFFGMF?DGM GHFRUDWHG ZLWK JROG FDURXVH
=M¥TCW\?QDQRLV\RUGUXQNHQIHDVWRUVRFLDOJDWKHULQJMRYLDOUHYHOU\
UHVWIRUWKHQLJKWKHNQHZWKHUHZDLWHG
ILJKWIRUWKHILHQGLQWKDWIHVWDOKDOO
ZKHQWKHVKHHQRIWKHVXQWKH\VDZQRPRUH
DQGGXVNRIQLJKWVDQNGDUNOLQJQLJK
DQGVKDGRZ\VKDSHVFDPHVWULGLQJRQ
ZDQXQGHUZHONLQ7KHZDUULRUVURVH
0DQWRPDQKHPDGHKDUDQJXH
+URWKJDUWR%HRZXOIEDGHKLPKDLO
OHWKLPZLHOGWKHZLQHKDOODZRUGKHDGGHG
1HYHUWRDQ\PDQHUVW,WUXVWHG
VLQFH,FRXOGKHDYHXSKDQGDQGVKLHOG
WKLVQREOH'DQH+DOOWLOOQRZWRWKHH
+DYHQRZDQGKROGWKLVKRXVHXQSHHUHG
UHPHPEHUWK\JORU\WK\PLJKWGHFODUH
ZDWFKIRUWKHIRH1RZLVKVKDOOIDLOWKHH
LIWKRXELGHVWWKHEDWWOHZLWKEROGZRQOLIH
;
7+(1+URWKJDUZHQWZLWKKLVKHURWUDLQ
GHIHQFHRI6F\OGLQJVIRUWKIURPKDOO
IDLQZRXOGWKHZDUORUG:HDOKWKHRZVHHN
FRXFKRIKLVTXHHQ7KH.LQJRI*ORU\
DJDLQVWWKLV*UHQGHODJXDUGKDGVHW
VRKHURHVKHDUGDKDOOGHIHQGHU
ZKRZDUGHGWKHPRQDUFKDQGZDWFKHGIRUWKHPRQVWHU
,QWUXWKWKH*HDWV
SULQFHJODGO\WUXVWHG
KLVPHWWOHKLVPLJKWWKHPHUF\RI*RG
&DVWRIIWKHQKLVFRUVHOHWRILURQ
KHOPHWIURPKHDGWRKLVKHQFKPDQJDYH
IHVWDO=¥HGUVN?DGMSHUWDLQLQJWRRUEHILWWLQJDIHDVWIHVWLYDORUJDOD
RFFDVLRQVKHHQ=5KÖP?QDVPRRWKEULJKWQHVVDVKLQ\TXDOLW\
QLJK =PC+?DGY SUHS $UFKDLF RU UKHWRULFDO QHDU WR ZDQ
=YnP?DGM $UFKDLF GDUN RU JORRP\ KDUDQJXH =J¥T30?Q D ORQJ
DJJUHVVLYHVSHHFKWKDWFULWLFL]HVVEVWKRUWULHVWRSHUVXDGHVEWRGRVWK
XQSHHUHG=¡P¥R+F?DGMXQHTXDOOHGELGH=DC+F?YW$UFKDLF
WR HQGXUH EHDU WUDLQ =VTG+P?Q D VXFFHVVLRQ RI FRQQHFWHG LGHDV D
FRXUVHRIUHDVRQLQJ
FKRLFHVWRIZHDSRQVWKHZHOOFKDVHGVZRUG
ELGGLQJKLPJXDUGWKHJHDURIEDWWOH
6SDNHWKHQKLV9DXQWWKHYDOLDQWPDQ
%HRZXOI*HDWHUHWKHEHGEHVRXJKW
2IIRUFHLQILJKWQRIHHEOHU,FRXQWPH
LQJULPZDUGHHGVWKDQ*UHQGHOGHHPVKLP
1RWZLWKWKHVZRUGWKHQWRVOHHSRIGHDWK
KLVOLIHZLOO,JLYHWKRXJKLWOLHLQP\SRZHU
1RVNLOOLVKLVWRVWULNHDJDLQVWPH
P\VKLHOGWRKHZWKRXJKKHKDUG\EH
EROGLQEDWWOHZHERWKWKLVQLJKW
VKDOOVSXUQWKHVZRUGLIKHVHHNPHKHUH
XQZHDSRQHGIRUZDU/HWZLVHVW*RG
VDFUHG/RUGRQZKLFKVLGHVRHYHU
GRRPGHFUHHDVKHGHHPHWKULJKW
5HFOLQHGWKHQWKHFKLHIWDLQDQGFKHHNSLOORZVKHOG
WKHKHDGRIWKHHDUOZKLOHDOODERXWKLP
VHDPHQKDUG\RQKDOOEHGVVDQN
1RQHRIWKHPWKRXJKWWKDWWKHQFHWKHLUVWHSV
WRWKHIRONDQGIDVWQHVVWKDWIRVWHUHGWKHP
WRWKHODQGWKH\ORYHGZRXOGOHDGWKHPEDFN
)XOOZHOOWKH\ZLVWWKDWRQZDUULRUVPDQ\
EDWWOHGHDWKVHL]HGLQWKHEDQTXHWKDOO
RI'DQLVKFODQ%XWFRPIRUWDQGKHOS
ZDUZHDOZHDYLQJWR:HGHUIRON
WKH0DVWHUJDYHWKDWE\PLJKWRIRQH
RYHUWKHLUHQHP\DOOSUHYDLOHG
E\VLQJOHVWUHQJWK,QVRRWK
WLVWROG
WKDWKLJKHVW*RGR
HUKXPDQNLQG
KDWKZLHOGHGHYHU7KUR
ZDQQLJKWVWULGLQJ
FDPHWKHZDONHULQVKDGRZ:DUULRUVVOHSW
ZKRVHKHVWZDVWRJXDUGWKHJDEOHGKDOO
VSXUQ =URÖP?YW WR UHMHFW RU UHIXVH VEVWK LQ D ZD\ WKDW VKRZV
FRQWHPSWIRUWKHPLWIRVWHU=¥HnUV?YWWRKHOSWKHGHYHORSPHQWRIVWK
WRHQFRXUDJHRUSURPRWHVWKZLW>Y+V@YWYLSUHVVLQJVWSHUVZRW
QGSHUV ZRVW UGSHUVZRWSUHVSOZLW RUZLWHSDVW DQGSDVWSDUWZLVW
SUHVSDUWZLWWLQJ$UFKDLFWRNQRZZDUZHDOZHDYLQJKDYLQJWKHP
DYRLGZDUZRXQGV%HRZXOIWKHRQH
DOOVDYHRQH
7ZDVZLGHO\NQRZQ
WKDWDJDLQVW*RG
VZLOOWKHJKRVWO\UDYDJHU
KLPFRXOGQRWKXUOWRKDXQWVRIGDUNQHVV
ZDNHIXOUHDG\ZLWKZDUULRU
VZUDWK
EROGKHELGHGWKHEDWWOH
VLVVXH
;,
7+(1IURPWKHPRRUODQGE\PLVW\FUDJV
ZLWK*RG
VZUDWKODGHQ*UHQGHOFDPH
7KHPRQVWHUZDVPLQGHGRIPDQNLQGQRZ
VXQGU\WRVHL]HLQWKHVWDWHO\KRXVH
8QGHUZHONLQKHZDONHGWLOOWKHZLQHSDODFHWKHUH
JROGKDOORIPHQKHJODGO\GLVFHUQHG
IODVKLQJZLWKIUHWZRUN1RWILUVWWLPHWKLV
WKDWKHWKHKRPHRI+URWKJDUVRXJKW
\HWQH
HULQKLVOLIHGD\ODWHRUHDUO\
VXFKKDUG\KHURHVVXFKKDOOWKDQHVIRXQG
7RWKHKRXVHWKHZDUULRUZDONHGDSDFH
SDUWHGIURPSHDFHWKHSRUWDORSHQHG
WKRXJKZLWKIRUJHGEROWVIDVW
ZKHQKLVILVWVKDGVWUXFNLW
DQGEDOHIXOKHEXUVWLQKLVEODWDQWUDJH
WKHKRXVH
VPRXWK$OOKDVWLO\WKHQ
R
HUIDLUSDYHGIORRUWKHILHQGWURG RQ
LUHIXOKHVWURGHWKHUHVWUHDPHGIURPKLVH\HV
IHDUIXOIODVKHVOLNHIODPHWRVHH
+HVSLHGLQKDOOWKHKHUREDQG
NLQDQGFODQVPHQFOXVWHUHGDVOHHS
KDUG\OLHJHPHQ7KHQODXJKHGKLVKHDUW
IRUWKHPRQVWHUZDVPLQGHGHUHPRUQVKRXOGGDZQ
KDXQW =JnÖPV?PRIWHQ SO D SODFH WKDW VE YLVLWV RU VSHQGV WLPH LQ
IUHTXHQWO\ PLQG =OC+PF?YW KHUH WR LQWHQG VXQGU\
=¥U¡PFTK?DGMYDULRXVIUHWZRUN=¥HTGVYÖM?QRUQDPHQWDOSDWWHUQVFXW
LQWRZRRGDQGRWKHUPDWHULDOV7KDWLVKHZDVDORVWVRXOGRRPHGWR
KHOO IRUJHG =HnÖF<F?DGM IRUPHG E\ KHDWLQJ EROW =DWNV?Q D
PHWDO EDU WKDW VOLGHV DFURVV WR IDVWHQ D GRRU RU ZLQGRZ EODWDQW
=¥DNG+VPV?DGM RIIHQVLYHO\ QRLV\ RU ORXG FODPRURXV WUHDG
=VTGF?WURG=VTnF?
WURGGHQ=¥VTnFP?YLWRVHWRQH¶VIRRWGRZQWRZDONRU
VWHSLUHIXO=¥C+HWN?DGMIXOORILUHZUDWKIXO
VDYDJHWRVHYHUWKHVRXORIHDFK
OLIHIURPERG\VLQFHOXVW\EDQTXHW
ZDLWHGKLVZLOO%XW:\UGIRUEDGHKLP
WRVHL]HDQ\PRUHRIPHQRQHDUWK
DIWHUWKDWHYHQLQJ(DJHUO\ZDWFKHG
+\JHODF
VNLQVPDQKLVFXUVHGIRH
KRZKHZRXOGIDUHLQIHOODWWDFN
1RWWKDWWKHPRQVWHUZDVPLQGHGWRSDXVH
6WUDLJKWZD\KHVHL]HGDVOHHSLQJZDUULRU
IRUWKHILUVWDQGWRUHKLPILHUFHO\DVXQGHU
WKHERQHIUDPHELWGUDQNEORRGLQVWUHDPV
VZDOORZHGKLPSLHFHPHDOVZLIWO\WKXV
WKHOLIHOHVVFRUVHZDVFOHDUGHYRXUHG
H
HQIHHWDQGKDQGV7KHQIDUWKHUKHKLHG
IRUWKHKDUG\KHURZLWKKDQGKHJUDVSHG
IHOWIRUWKHIRHZLWKILHQGLVKFODZ
IRUWKHKHURUHFOLQLQJZKRFOXWFKHGLWEROGO\
SURPSWWRDQVZHUSURSSHGRQKLVDUP
6RRQWKHQVDZWKDWVKHSKHUGRIHYLOV
WKDWQHYHUKHPHWLQWKLVPLGGOHZRUOG
LQWKHZD\VRIHDUWKDQRWKHUZLJKW
ZLWKKHDYLHUKDQGJULSHDWKHDUWKHIHDUHG
VRUURZHGLQVRXOQRQHWKHVRRQHUHVFDSHG
)DLQZRXOGKHIOHHKLVIDVWQHVVVHHN
WKHGHQRIGHYLOVQRGRLQJVQRZ
VXFKDVRIWKHKDGGRQHLQGD\VRIROG
7KHQEHWKRXJKWKLPWKHKDUG\+\JHODFWKDQH
RIKLVERDVWDWHYHQLQJXSKHERXQGHG
JUDVSHGILUPKLVIRHZKRVHILQJHUVFUDFNHG
7KHILHQGPDGHRIIEXWWKHHDUOFORVHIROORZHG
7KHPRQVWHUPHDQWLIKHPLJKWDWDOO
WRIOLQJKLPVHOIIUHHDQGIDUDZD\
IO\WRWKHIHQVNQHZKLVILQJHUV
SRZHU
LQWKHJULSHRIWKHJULPRQH*UXHVRPHPDUFK
WR+HRURWWKLVPRQVWHURIKDUPKDGPDGH
'LQILOOHGWKHURRPWKH'DQHVZHUHEHUHIW
FDVWOHGZHOOHUVDQGFODQVPHQDOO
HDUOVRIWKHLUDOH$QJU\ZHUHERWK
WKRVHVDYDJHKDOOJXDUGVWKHKRXVHUHVRXQGHG
:RQGHULWZDVWKHZLQHKDOOILUP
LQWKHVWUDLQRIWKHLUVWUXJJOHVWRRGWRHDUWK
WKHIDLUKRXVHIHOOQRWWRRIDVWLWZDV
ZLWKLQDQGZLWKRXWE\LWVLURQEDQGV
FUDIWLO\FODPSHG WKRXJKWKHUHFUDVKHGIURPVLOO
PDQ\DPHDGEHQFKPHQKDYHWROGPH
JD\ZLWKJROGZKHUHWKHJULPIRHVZUHVWOHG
6RZHOOKDGZHHQHGWKHZLVHVW6F\OGLQJV
WKDWQRWHYHUDWDOOPLJKWDQ\PDQ
WKDWERQHGHFNHGEUDYHKRXVHEUHDNDVXQGHU
FUXVKE\FUDIWXQOHVVFODVSRIILUH
LQVPRNHHQJXOIHGLW$JDLQXSURVH
GLQUHGRXEOHG'DQHVRIWKH1RUWK
ZLWKIHDUDQGIUHQ]\ZHUHILOOHGHDFKRQH
ZKRIURPWKHZDOOWKDWZDLOLQJKHDUG
*RG
VIRHVRXQGLQJKLVJULVO\VRQJ
FU\RIWKHFRQTXHUHGFODPRURXVSDLQ
IURPFDSWLYHRIKHOO7RRFORVHO\KHOGKLP
KHZKRRIPHQLQPLJKWZDVVWURQJHVW
LQWKDWVDPHGD\RIWKLVRXUOLIH
;,,
127LQDQ\ZLVHZRXOGWKHHDUOV
GHIHQFH
VXIIHUWKDWVODXJKWHURXVVWUDQJHUWROLYH
XVHOHVVGHHPLQJKLVGD\VDQG\HDUV
WRPHQRQHDUWK1RZPDQ\DQHDUO
RI%HRZXOIEUDQGLVKHGEODGHDQFHVWUDO
IDLQWKHOLIHRIWKHLUORUGWRVKLHOG
WKHLUSUDLVHGSULQFHLISRZHUZHUHWKHLUV
QHYHUWKH\NQHZDVWKH\QHDUHGWKHIRH
KDUG\KHDUWHGKHURHVRIZDU
DLPLQJWKHLUVZRUGVRQHYHU\VLGH
WKHDFFXUVHGWRNLOOQRNHHQHVWEODGH
QRIDUHVWRIIDOFKLRQVIDVKLRQHGRQHDUWK
FRXOGKDUPRUKXUWWKDWKLGHRXVILHQG
+HZDVVDIHE\KLVVSHOOVIURPVZRUGRIEDWWOH
IURPHGJHRILURQ<HWKLVHQGDQGSDUWLQJ
RQWKDWVDPHGD\RIWKLVRXUOLIH
ZRHIXOVKRXOGEHDQGKLVZDQGHULQJVRXO
IDURIIIOLWWRWKHILHQGV
GRPDLQ
6RRQKHIRXQGZKRLQIRUPHUGD\V
KDUPIXOLQKHDUWDQGKDWHGRI*RG
RQPDQ\DPDQVXFKPXUGHUZURXJKW
WKDWWKHIUDPHRIKLVERG\IDLOHGKLPQRZ
)RUKLPWKHNHHQVRXOHGNLQVPDQRI+\JHODF
KHOGLQKDQGKDWHIXODOLYH
ZDVHDFKWRRWKHU7KHRXWODZGLUH
WRRNPRUWDOKXUWDPLJKW\ZRXQG
VKRZHGRQKLVVKRXOGHUDQGVLQHZVFUDFNHG
DQGWKHERQHIUDPHEXUVW7R%HRZXOIQRZ
WKHJORU\ZDVJLYHQDQG*UHQGHOWKHQFH
GHDWKVLFNKLVGHQLQWKHGDUNPRRUVRXJKW
QRLVRPHDERGHKHNQHZWRRZHOO
WKDWKHUHZDVWKHODVWRIOLIHDQHQG
RIKLVGD\VRQHDUWK7RDOOWKH'DQHV
E\WKDWEORRG\EDWWOHWKHERRQKDGFRPH
)URPUDYDJHKDGUHVFXHGWKHURYLQJVWUDQJHU
+URWKJDU
VKDOOWKHKDUG\DQGZLVHRQH
KDGSXUJHGLWDQHZ+LVQLJKWZRUNSOHDVHGKLP
KLVGHHGDQGLWVKRQRXU7R(DVWHUQ'DQHV
KDGWKHYDOLDQW*HDWKLVYDXQWPDGHJRRG
DOOWKHLUVRUURZDQGLOOVDVVXDJHG
WKHLUEDOHRIEDWWOHERUQHVRORQJ
DQGDOOWKHGROHWKH\HUVWHQGXUHG
SDLQDSOHQW\
7ZDVSURRIRIWKLV
ZRHIXO =¥YWHN?DGM IXOO RI VRUURZ YHU\ VDG IOLW >HN+V@ YL
$UFKDLF WR UHPRYH WUDQVIHU RXVW RU GLVSRVVHVV QRLVRPH
=¥Pn+UO?DGMH[WUHPHO\XQSOHDVDQWRIIHQVLYH
ZKHQWKHKDUG\LQILJKWDKDQGODLGGRZQ
DUPDQGVKRXOGHUDOOLQGHHG
RI*UHQGHO
VJULSH
QHDWKWKHJDEOHGURRI
;,,,
0$1<DWPRUQLQJDVPHQKDYHWROGPH
ZDUULRUVJDWKHUHGWKHJLIWKDOOURXQG
IRONOHDGHUVIDULQJIURPIDUDQGQHDU
R
HUZLGHVWUHWFKHGZD\VWKHZRQGHUWRYLHZ
WUDFHRIWKHWUDLWRU1RWWURXEORXVVHHPHG
WKHHQHP\
VHQGWRDQ\PDQ
ZKRVDZE\WKHJDLWRIWKHJUDFHOHVVIRH
KRZWKHZHDU\KHDUWHGDZD\IURPWKHQFH
EDIIOHGLQEDWWOHDQGEDQQHGKLVVWHSV
GHDWKPDUNHGGUDJJHGWRWKHGHYLOV
PHUH
%ORRG\WKHELOORZVZHUHERLOLQJWKHUH
WXUELGWKHWLGHRIWXPEOLQJZDYHV
KRUULEO\VHHWKLQJ ZLWKVZRUGEORRGKRW
E\WKDWGRRPHGRQHG\HGZKRLQGHQRIWKHPRRU
ODLGIRUORUQKLVOLIHDGRZQ
KLVKHDWKHQVRXODQGKHOOUHFHLYHGLW
+RPHWKHQURGHWKHKRDU\FODQVPHQ
IURPWKDWPHUU\MRXUQH\DQGPDQ\D\RXWK
RQKRUVHVZKLWHWKHKDUG\ZDUULRUV
EDFNIURPWKHPHUH7KHQ%HRZXOI
VJORU\
HDJHUWKH\HFKRHGDQGDOODYHUUHG
WKDWIURPVHDWRVHDRUVRXWKRUQRUWK
WKHUHZDVQRRWKHULQHDUWK
VGRPDLQ
XQGHUYDXOWRIKHDYHQPRUHYDOLDQWIRXQG
RIZDUULRUVQRQHPRUHZRUWK\WRUXOH
2QWKHLUORUGEHORYHGWKH\ODLGQRVOLJKW
JUDFLRXV+URWKJDUDJRRGNLQJKH
JDLW=IG+V?Q D ZD\ RI ZDONLQJ PHUH =O+?Q OLW ODNH REV
DQ\ ERG\ RI VHD ZDWHU WXUELG =¥VÖD+F?DGM QRW FOHDU RU WUDQVSDUHQW
EHFDXVHRIVWLUUHGXSVHGLPHQWRUWKHOLNHFORXGHGRSDTXHREVFXUHG
VHHWKH=UKÖ&?YLRIOLTXLGVWRPRYHDERXWPDNLQJEXEEOHVRUZDYHVDVLI
ERLOLQJIRUORUQ=H¥NnÖP?DGMGHVRODWHRUGUHDU\XQKDSS\RUPLVHUDEOH
DV LQ IHHOLQJ FRQGLWLRQ RU DSSHDUDQFH DGRZQ =¥FCWP?DGY SUHS
$UFKDLFGRZQDYHU=¥XÖ?YWWRDIILUPZLWKFRQILGHQFHGHFODUHLQ
DSRVLWLYHRUSHUHPSWRU\PDQQHU
)URPWLPHWRWLPHWKHWULHGLQEDWWOH
WKHLUJUD\VWHHGV VHWWRJDOORSDPDLQ
DQGUDQDUDFHZKHQWKHURDGVHHPHGIDLU
)URPWLPHWRWLPHDWKDQHRIWKHNLQJ
ZKRKDGPDGHPDQ\YDXQWVDQGZDVPLQGIXORIYHUVHV
VWRUHGZLWKVDJDVDQGVRQJVRIROG
ERXQGZRUGWRZRUGLQZHOONQLWULPH
ZHOGHGKLVOD\WKLVZDUULRUVRRQ
RI%HRZXOI
VTXHVWULJKWFOHYHUO\VDQJ
DQGDUWIXOO\DGGHGDQH[FHOOHQWWDOH
LQZHOOUDQJHGZRUGVRIWKHZDUOLNHGHHGV
KHKDGKHDUGLQVDJD RI6LJHPXQG
6WUDQJHWKHVWRU\KHVDLGLWDOO
WKH:DHOVLQJ
VZDQGHULQJVZLGHKLVVWUXJJOHV
ZKLFKQHYHUZHUHWROGWRWULEHVRIPHQ
WKHIHXGVDQGWKHIUDXGV VDYHWR)LWHODRQO\
ZKHQRIWKHVHGRLQJVKHGHLJQHGWRVSHDN
XQFOHWRQHSKHZDVHYHUWKHWZDLQ
VWRRGVLGHE\VLGHLQVWUHVVRIZDU
DQGPXOWLWXGHRIWKHPRQVWHUNLQG
WKH\KDGIHOOHGZLWKWKHLUVZRUGV2I6LJHPXQGJUHZ
ZKHQKHSDVVHGIURPOLIHQROLWWOHSUDLVH
IRUWKHGRXJKW\LQFRPEDWDGUDJRQNLOOHG
WKDWKHUGHGWKHKRDUGXQGHUKRDU\URFN
WKHDWKHOLQJGDUHGWKHGHHGDORQH
IHDUIXOTXHVWQRUZDV)LWHODWKHUH
<HWVRLWEHIHOOKLVIDOFKLRQSLHUFHG
WKDWZRQGURXVZRUPRQWKHZDOOLWVWUXFN
EHVWEODGHWKHGUDJRQGLHGLQLWVEORRG
VWHHG=UVKÖF?QDKRUVHHVSRQHIRUULGLQJDPDLQ=¥OG+P?DGY
$UFKDLFDWIXOOVSHHGZHOG=YGNF?YWWREULQJLQWRFRPSOHWHXQLRQ
KDUPRQ\ DJUHHPHQW DUWIXOO\ =¥#ÖVHNK?DGY KHUH PDVWHUO\ GRQH RU
DFWLQJ ZLWK JUHDW VNLOO VDJD =¥U#ÖI?QD ORQJ VWRU\ RI EUDYH GHHGV
HVSRI,FHODQGLFRU1RUZHJLDQRULJLQIUDXG=HTnÖF?QGHFHLWWULFNHU\
VKDUS SUDFWLFH RU EUHDFK RI FRQILGHQFH XVHG WR JDLQ VRPH XQIDLU RU
GLVKRQHVWDGYDQWDJH*XDUGHGWKHWUHDVXUHZRUP=YÖO?QD
VPDOOWKLQFUHDWXUHZLWKQRERQHVRUOLPEVOLNHDURXQGWXEHRIIOHVKHVS
DQHDUWKZRUPLQWKHWH[WZRQGURXVZRUPLVDNHQQLQJIRUVZRUG
7KXVKDGWKHGUHDGRQHE\GDULQJDFKLHYHG
RYHUWKHULQJKRDUGWRUXOHDWZLOO
KLPVHOIWRSOHDVXUHDVHDERDWKHORDGHG
DQGERUHRQLWVERVRPWKHEHDPLQJJROG
VRQRI:DHOVWKHZRUPZDVFRQVXPHG
+HKDGRIDOOKHURHVWKHKLJKHVWUHQRZQ
DPRQJUDFHVRIPHQWKLVUHIXJHRIZDUULRUV
IRUGHHGVRIGDULQJWKDWGHFNHG KLVQDPH
VLQFHWKHKDQGDQGKHDUWRI+HUHPRG
JUHZVODFNLQEDWWOH+HVZLIWO\EDQLVKHG
WRPLQJOHZLWKPRQVWHUVDWPHUF\RIIRHV
WRGHDWKZDVEHWUD\HGIRUWRUUHQWVRIVRUURZ
KDGODPHGKLPWRRORQJDORDGRIFDUH
WRHDUOVDQGDWKHOLQJVDOOKHSURYHG
2IWLQGHHGLQHDUOLHUGD\V
IRUWKHZDUULRU
VZD\IDULQJZLVHPHQPRXUQHG
ZKRKDGKRSHGRIKLPKHOSIURPKDUPDQGEDOH
DQGKDGWKRXJKWWKHLUVRYUDQ
VVRQZRXOGWKULYH
IROORZKLVIDWKHUKLVIRONSURWHFW
WKHKRDUGDQGWKHVWURQJKROGKHURHV
ODQG
KRPHRI6F\OGLQJV%XWKHUHWKDQHVVDLG
WKHNLQVPDQRI+\JHODFNLQGHUVHHPHG
WRDOOWKHRWKHU ZDVXUJHGWRFULPH
$QGDIUHVKWRWKHUDFHWKHIDOORZURDGV
E\VZLIWVWHHGVPHDVXUHG7KHPRUQLQJVXQ
ZDVFOLPELQJKLJKHU&ODQVPHQKDVWHQHG
WRWKHKLJKEXLOWKDOOWKRVHKDUG\PLQGHG
WKHZRQGHUWRZLWQHVV:DUGHQRIWUHDVXUH
FURZQHGZLWKJORU\WKHNLQJKLPVHOI
ZLWKVWDWHO\EDQGIURPWKHEULGHERZHUVWURGH
DQGZLWKKLPWKHTXHHQDQGKHUFURZGRIPDLGHQV
PHDVXUHGWKHSDWKWRWKHPHDGKRXVHIDLU
;,9
+527+*$5VSDNHWRWKHKDOOKHZHQW
GHFN =FGM?YW WR GHFRUDWH ZLWK FRORXUIXO RU SUHWW\ WKLQJV
+HUHPRG 7KH PRXQWHG KHURHV WRRN WR WKH URDG DJDLQ IDOORZ
=¥H3NW?DGM RI ODQG SORZHG DQG OHIW XQVHHGHG IRU D VHDVRQ RU PRUH
XQFXOWLYDWHG
VWRRGE\WKHVWHSVWKHVWHHSURRIVDZ
JDUQLVKHGZLWKJROGDQG*UHQGHO
VKDQG
)RUWKHVLJKW,VHHWRWKH6RYUDQ5XOHU
EHVSHHG\WKDQNV$WKURQJRIVRUURZV
,KDYHERUQHIURP*UHQGHOEXW*RGVWLOOZRUNV
ZRQGHURQZRQGHUWKH:DUGHQRI*ORU\
,WZDVEXWQRZWKDW,QHYHUPRUH
IRUZRHVWKDWZHLJKHGRQPHZDLWHGKHOS
ORQJDV,OLYHGZKHQODYHG LQEORRG
VWRRGVZRUGJRUHVWDLQHGWKLVVWDWHOLHVWKRXVH
ZLGHVSUHDGZRHIRUZLVHPHQDOO
ZKRKDGQRKRSHWRKLQGHUHYHU
IRHVLQIHUQDODQGILHQGLVKVSULWHV
IURPKDYRFLQKDOO7KLVKHURQRZ
E\WKH:LHOGHU
VPLJKWDZRUNKDVGRQH
WKDWQRWDOORIXVHUVWFRXOGHYHUGR
E\ZLOHDQGZLVGRP/RZHOOFDQVKHVD\
ZKRVRRIZRPHQWKLVZDUULRUERUH
DPRQJVRQVRIPHQLIVWLOOVKHOLYHWK
WKDWWKH*RGRIWKHDJHVZDVJRRGWRKHU
LQWKHELUWKRIKHUEDLUQ1RZ%HRZXOIWKHH
RIKHURHVEHVW,VKDOOKHDUWLO\ORYH
DVPLQHRZQP\VRQSUHVHUYHWKRXHYHU
WKLVNLQVKLSQHZWKRXVKDOWQHYHUODFN
ZHDOWKRIWKHZRUOGWKDW,ZLHOGDVPLQH
)XOORIWIRUOHVVKDYH,ODUJHVVVKRZHUHG
P\SUHFLRXVKRDUGRQDSXQLHUPDQ
OHVVVWRXWLQVWUXJJOH7K\VHOIKDVWQRZ
IXOILOOHGVXFKGHHGVWKDWWK\IDPHVKDOOHQGXUH
WKURXJKDOOWKHDJHV$VHYHUKHGLG
ZHOOPD\WKH:LHOGHUUHZDUGWKHHVWLOO
%HRZXOIVSDNHEDLUQRI(FJWKHRZ
7KLVZRUNRIZDUPRVWZLOOLQJO\
ZHKDYHIRXJKWWKLVILJKWDQGIHDUOHVVO\GDUHG
IRUFHRIWKHIRH)DLQWRRZHUH,
KDGVWWKRXEXWVHHQKLPVHOIZKDWWLPH
WKHILHQGLQKLVWUDSSLQJVWRWWHUHGWRIDOO
6ZLIWO\,WKRXJKWLQVWURQJHVWJULSH
RQKLVEHGRIGHDWKWRELQGKLPGRZQ
WKDWKHLQWKHKHQW RIWKLVKDQGRIPLQH
VKRXOGEUHDWKHKLVODVWEXWKHEURNHDZD\
+LP,PLJKWQRWWKH0DNHUZLOOHGQRW
KLQGHUIURPIOLJKWDQGILUPHQRXJKKROG
WKHOLIHGHVWUR\HUWRRVWXUG\ZDVKH
WKHUXWKOHVVLQUXQQLQJ)RUUHVFXHKRZHYHU
KHOHIWEHKLQGKLPKLVKDQGLQSOHGJH
DUPDQGVKRXOGHUQRUDXJKWRIKHOS
FRXOGWKHFXUVHGRQHWKXVSURFXUHDWDOO
1RQHWKHORQJHUOLYHWKKHORDWKVRPHILHQG
VXQNLQKLVVLQVEXWVRUURZKROGVKLP
WLJKWO\JUDVSHGLQJULSHRIDQJXLVK
LQEDOHIXOERQGVZKHUHELGHKHPXVW
HYLORXWODZVXFKDZIXOGRRP
DVWKH0LJKW\0DNHUVKDOOPHWH KLPRXW
0RUHVLOHQWVHHPHGWKHVRQRI(FJODI
LQERDVWIXOVSHHFKRIKLVEDWWOHGHHGV
VLQFHDWKHOLQJVDOOWKURXJKWKHHDUO
VJUHDWSURZHVV
EHKHOGWKDWKDQGRQWKHKLJKURRIJD]LQJ
IRHPDQ
VILQJHUVWKHIRUHSDUWRIHDFK
RIWKHVWXUG\QDLOVWRVWHHOZDVOLNHVW
KHDWKHQ
VKDQGVSHDUKRVWLOHZDUULRU
V
FODZXQFDQQ\
7ZDVFOHDUWKH\VDLG
WKDWKLPQREODGHRIWKHEUDYHFRXOGWRXFK
KRZNHHQVRHYHURUFXWDZD\
WKDWEDWWOHKDQGEORRG\IURPEDQHIXO IRH
;9
7+(5(ZDVKXUU\DQGKHVWLQ+HRURWQRZ
IRUKDQGVWREHGHFNLWDQGGHQVHZDVWKHWKURQJ
RIPHQDQGZRPHQWKHZLQHKDOOWRFOHDQVH
WKHJXHVWURRPWRJDUQLVK*ROGJD\VKRQHWKHKDQJLQJV
WKDWZHUHZRYHRQWKHZDOODQGZRQGHUVPDQ\
WRGHOLJKWHDFKPRUWDOWKDWORRNVXSRQWKHP
7KRXJKEUDFHGZLWKLQE\LURQEDQGV
WKDWEXLOGLQJEULJKWZDVEURNHQVRUHO\
UHQWZHUHLWVKLQJHV WKHURRIDORQH
KHOGVDIHDQGVRXQGZKHQVHDUHGZLWKFULPH
WKHILHQGLVKIRHKLVIOLJKWHVVD\HG
RIOLIHGHVSDLULQJ1ROLJKWWKLQJWKDW
WKHIOLJKWIRUVDIHW\HVVD\LWZKRZLOO
)RUFHGRIIDWHKHVKDOOILQGKLVZD\
WRWKHUHIXJHUHDG\IRUUDFHRIPDQ
IRUVRXOSRVVHVVRUVDQGVRQVRIHDUWK
DQGWKHUHKLVERG\RQEHGRIGHDWK
VKDOOUHVWDIWHUUHYHO
$UULYHGZDVWKHKRXU
ZKHQWRKDOOSURFHHGHG+HDOIGHQH
VVRQ
WKHNLQJKLPVHOIZRXOGVLWWREDQTXHW
1H
HUKHDUG,RIKRVWLQKDXJKWLHUWKURQJ
PRUHJUDFLRXVO\JDWKHUHGURXQGJLYHURIULQJV
%RZHGWKHQWREHQFKWKRVHEHDUHUVRIJORU\
IDLQRIWKHIHDVWLQJ)HDWO\UHFHLYHG
PDQ\DPHDGFXSWKHPLJKW\LQVSLULW
NLQVPHQZKRVDWLQWKHVXPSWXRXVKDOO
KHVW =JGUV?Q $UFKDLF EHKHVW LH D FRPPDQG RU GLUHFWLYH
EHGHFN=D+¥FGM?YWWRGHFNRXWDGRUQHVSLQDVKRZ\RUJDXG\PDQQHU
FOHDQVH =MNGP\?YW WR PDNH FOHDQ KDQJLQJV =¥J30+0\? Q
SLHFHVRIIDEULFSODFHGRQZDOOVIRUGHFRUDWLRQEUDFHG=DTG+UV?DGM
VXSSRUWHG ,Q VSLWH RI WKH UXLQ WKDW *UHQGHO DQG %HRZXOI KDG PDGH
ZLWKLQWKHKDOOWKHIUDPHZRUNDQGURRIKHOGILUPDQGVZLIWUHSDLUVPDGH
WKH LQWHULRU KDELWDEOH 7DSHVWULHV ZHUH KXQJ RQ WKH ZDOOV DQG ZLOOLQJ
KDQGVSUHSDUHGWKHEDQTXHWKLQJH=J+PF<?QDVPDOOSLHFHRIPHWDO
HWF RQ ZKLFK D OLG GRRU RU JDWH WXUQV RU VZLQJVDV LW RSHQV DQG FORVHV
EORRGVSODWWHUHGHVVD\=¥GUGK?YWWRWU\DWWHPSWKDXJKW\
=¥JnÖVK?DGM RI SHRSOH RU WKHLU PDQQHU EHOLHYLQJ RU VKRZLQJ WKH EHOLHI
WKDWRQHLVVXSHULRUWRRWKHUVGLVGDLQIXOKHUHDSSUHF
+URWKJDUDQG+URWKXOI+HRURWQRZ
ZDVILOOHGZLWKIULHQGVWKHIRONRI6F\OGLQJV
QH
HU\HWKDGWULHGWKHWUDLWRU
VGHHG
7R%HRZXOIJDYHWKHEDLUQRI+HDOIGHQH
DJROGZRYHEDQQHUJXHUGRQRIWULXPSK
EURLGHUHGEDWWOHIODJEUHDVWSODWHDQGKHOPHW
DQGDVSOHQGLGVZRUGZDVVHHQRIPDQ\
ERUQHWRWKHEUDYHRQH%HRZXOIWRRN
FXSLQKDOOIRUVXFKFRVWO\JLIWV
KHVXIIHUHGQRVKDPHLQWKDWVROGLHUWKURQJ
)RU,KHDUGRIIHZKHURHVLQKHDUWLHUPRRG
ZLWKIRXUVXFKJLIWVVRIDVKLRQHGZLWKJROG
RQWKHDOHEHQFKKRQRULQJRWKHUVWKXV
2
HUWKHURRIRIWKHKHOPHWKLJKDULGJH
ZRXQGZLWKZLUHVNHSWZDUGR
HUWKHKHDG
OHVWWKHUHOLFWRIILOHVVKRXOGILHUFHLQYDGH
VKDUSLQWKHVWULIHZKHQWKDWVKLHOGHGKHUR
VKRXOGJRWRJUDSSOH DJDLQVWKLVIRHV
7KHQWKHHDUOV
GHIHQFHRQWKHIORRUEDGHOHDG
FRXUVHUVHLJKWZLWKFDUYHQKHDGJHDU
DGRZQWKHKDOORQHKRUVHZDVGHFNHG
ZLWKDVDGGOHDOOVKLQLQJDQGVHWLQMHZHOV
WZDVWKHEDWWOHVHDWRIWKHEHVWRINLQJV
ZKHQWRSOD\RIVZRUGVWKHVRQRI+HDOIGHQH
ZDVIDLQWRIDUH1H
HUIDLOHGKLVYDORXU
LQWKHFUXVKRIFRPEDWZKHQFRUSVHVIHOO
7R%HRZXOIRYHUWKHPERWKWKHQJDYH
WKHUHIXJHRI,QJZLQHVULJKWDQGSRZHU
R
HUZDUVWHHGVDQGZHDSRQVZLVKHGKLPMR\RIWKHP
0DQIXOO\WKXVWKHPLJKW\SULQFH
KRDUGJXDUGIRUKHURHVWKDWKDUGILJKWUHSDLG
ZLWKVWHHGVDQGWUHDVXUHVFRQWHPQHG E\QRQH
ZKRLVZLOOLQJWRVD\WKHVRRWKDULJKW
;9,
$1'WKHORUGRIHDUOVWRHDFKWKDWFDPH
ZLWK%HRZXOIRYHUWKHEULQ\ZD\V
DQKHLUORRPWKHUHDWWKHDOHEHQFKJDYH
SUHFLRXVJLIWDQGWKHSULFH EDGHSD\
LQJROGIRUKLPZKRP*UHQGHOHUVW
PXUGHUHGDQGIDLQRIWKHPPRUHKDGNLOOHG
KDGQRWZLVHVW*RGWKHLU:\UGDYHUWHG
DQGWKHPDQ
VEUDYHPRRG7KH0DNHUWKHQ
UXOHGKXPDQNLQGDVKHUHDQGQRZ
7KHUHIRUHLVLQVLJKWDOZD\VEHVW
DQGIRUHWKRXJKWRIPLQG+RZPXFKDZDLWVKLP
RIOLHIDQGRIORDWKZKRORQJWLPHKHUH
WKURXJKGD\VRIZDUIDUHWKLVZRUOGHQGXUHV
7KHQVRQJDQGPXVLFPLQJOHGVRXQGV
LQWKHSUHVHQFHRI+HDOIGHQH
VKHDGRIDUPLHV
DQGKDUSLQJZDVKHDUGZLWKWKHKHUROD\
DV+URWKJDU
VVLQJHUWKHKDOOMR\ZRNH
DORQJWKHPHDGVHDWVPDNLQJKLVVRQJ
RIWKDWVXGGHQUDLGRQWKHVRQVRI)LQQ
+HDOIGHQH
VKHUR+QDHIWKH6F\OGLQJ
FRQWHPQ =MP¥VGO?YW WR WUHDW RU UHJDUG ZLWK GLVGDLQ VFRUQ RU
FRQWHPSW EULQ\ ZD\V NHQQLQJ IRU WKH VHD 0DQSULFH
%HRZXOI
V+URWKJDUOD\=NGK?QDVKRUWQDUUDWLYHRURWKHUSRHP
HVSRQHWREHVXQJ7KHUHLVQRQHHGWRDVVXPHDJDSLQWKH0V$V
EHIRUH DERXW 6LJHPXQG DQG +HUHPRG VR QRZ WKRXJK DW JUHDWHU OHQJWK
DERXW )LQQ DQG KLV IHXG D OD\ LV FKDQWHG RU UHFLWHG DQG WKH HSLF SRHW
FRXQWLQJ RQ KLV UHDGHUV
IDPLOLDULW\ ZLWK WKH VWRU\ D IUDJPHQW RI LW VWLOO
H[LVWVVLPSO\JLYHVWKHKHDGLQJV
ZDVIDWHGWRIDOOLQWKH)ULVLDQVODXJKWHU
1RQHGRXEWHGZK\WKHGDXJKWHURI+RF
EHZDLOHGKHUGRRPZKHQGDZQLQJFDPH
DQGXQGHUWKHVN\VKHVDZWKHPO\LQJ
NLQVPHQPXUGHUHGZKHUHPRVWVKHKDGNHQQHG
RIWKHVZHHWVRIWKHZRUOG%\ZDUZHUHVZHSWWRR
)LQQ
VRZQOLHJHPHQDQGIHZZHUHOHIW
LQWKHSDUOH\LQJSODFHKHFRXOGSO\QRORQJHU
ZHDSRQQRUZDUFRXOGKHZDJHRQ+HQJHVW
DQGUHVFXHKLVUHPQDQWE\ULJKWRIDUPV
IURPWKHSULQFH
VWKDQH$SDFWKHRIIHUHG
DQRWKHUGZHOOLQJWKH'DQHVVKRXOGKDYH
KDOODQGKLJKVHDWDQGKDOIWKHSRZHU
VKRXOGIDOOWRWKHPLQ)ULVLDQODQG
DQGDWWKHIHHJLIWV)ROFZDOG
VVRQ
GD\E\GD\WKH'DQHVVKRXOGKRQRXU
WKHIRONRI+HQJHVWIDYRXUZLWKULQJV
HYHQDVWUXO\ZLWKWUHDVXUHDQGMHZHOV
ZLWKIUHWWHGJROGDVKLV)ULVLDQNLQ
KHPHDQWWRKRQRULQDOHKDOOWKHUH
3DFWRISHDFHWKH\SOLJKWHGIXUWKHU
7KH H[DFW VWRU\ WR ZKLFK WKLV HSLVRGH UHIHUV LQ VXPPDU\ LV QRW WR EH
GHWHUPLQHG EXW WKH IROORZLQJ DFFRXQW RI LW LV UHDVRQDEOH DQG KDV JRRG
VXSSRUW DPRQJ VFKRODUV )LQQ D )ULVLDQ FKLHIWDLQ ZKR QHYHUWKHOHVV KDV D
FDVWOHRXWVLGHWKH)ULVLDQERUGHUPDUULHV+LOGHEXUKD'DQLVKSULQFHVVDQG
KHU EURWKHU +QDHI ZLWK PDQ\ RWKHU 'DQHV SD\V )LQQ D YLVLW 5HODWLRQV
EHWZHHQWKHWZRSHRSOHVKDYHEHHQVWUDLQHGEHIRUH6RPHWKLQJVWDUWVWKHROG
IHXGDQHZDQGWKHYLVLWRUVDUHDWWDFNHGLQWKHLUTXDUWHUV+QDHILVNLOOHGVRLV
D VRQ RI +LOGHEXUK 0DQ\ IDOO RQ ERWK VLGHV 3HDFH LV SDWFKHG XS D VWDWHO\
IXQHUDO LV KHOG DQG WKH VXUYLYLQJ YLVLWRUV EHFRPH LQ D ZD\ YDVVDOV RU
OLHJHPHQ RI )LQQ JRLQJ EDFN ZLWK KLP WR )ULVLD 6R PDWWHUV UHVW D ZKLOH
+HQJHVWLVQRZOHDGHURIWKH'DQHVEXWKHLVVHWXSRQUHYHQJHIRUKLVIRUPHU
ORUG +QDHI 3UREDEO\ KH LV NLOOHG LQ IHXG EXW KLV FODQVPHQ *XWKODI DQG
2VODI JDWKHU DW WKHLU KRPH D IRUFH RI VWXUG\ 'DQHV FRPH EDFN WR )ULVLD
VWRUP)LQQ
VVWURQJKROGNLOOKLPDQGFDUU\EDFNWKHLUNLQVZRPDQ+LOGHEXUK
7KH HQHPLHV PXVW EH WKH )ULVLDQV OLQGHQ ± SOD\ NHQQLQJ IRU
VSHDUV PDGH RI OLQGHQ ZRRG EHZDLO =D+¥YG+N?YL IPO RU MRF WR
H[SUHVVVRUURZDERXWVWKWRFRPSODLQDERXWVWKNHQ=MGP?YWWRVHH
UHFRJQL]H%DWWOHILHOG+HQJHVWLVWKHSULQFH
VWKDQHFRPSDQLRQRI
+QDHI)ROFZDOG
VVRQLV)LQQ
RQERWKVLGHVILUPO\)LQQWR+HQJHVW
ZLWKRDWKXSRQKRQRURSHQO\SURPLVHG
WKDWZRHIXOUHPQDQWZLWKZLVHPHQ
VDLG
QREO\WRJRYHUQVRQRQHRIWKHJXHVWV
E\ZRUGRUZRUNVKRXOGZDUSWKHWUHDW\
RUZLWKPDOLFHRIPLQGEHPRDQWKHPVHOYHV
DVIRUFHGWRIROORZWKHLUIHHJLYHU
VVOD\HU
ORUGOHVVPHQDVWKHLUORWRUGDLQHG
6KRXOG)ULVLDQPRUHRYHUZLWKIRHPDQ
VWDXQW
WKDWPXUGHURXVKDWUHGWRPLQGUHFDOO
WKHQHGJHRIWKHVZRUGPXVWVHDOKLVGRRP
2DWKVZHUHJLYHQDQGDQFLHQWJROG
KHDSHGIURPKRDUG7KHKDUG\6F\OGLQJ
EDWWOHWKDQHEHVW RQKLVEDOHILUHOD\
$OORQWKHS\UHZHUHSODLQWRVHH
WKHJRU\VDUNWKHJLOGHGVZLQHFUHVW
ERDURIKDUGLURQDQGDWKHOLQJVPDQ\
VODLQE\WKHVZRUGDWWKHVODXJKWHUWKH\IHOO
,WZDV+LOGHEXUK
VKHVWDW+QDHI
VRZQS\UH
WKHEDLUQRIKHUERG\RQEUDQGVWROD\
KLVERQHVWREXUQRQWKHEDOHILUHSODFHG
DWKLVXQFOH
VVLGH,QVRUURZIXOGLUJHV
EHZHSWWKHPWKHZRPDQJUHDWZDLOLQJDVFHQGHG
7KHQZRXQGXSWRZHONLQWKHZLOGHVWRIGHDWKILUHV
URDUHGR
HUWKHKLOORFNKHDGVDOOZHUHPHOWHG
JDVKHVEXUVWDQGEORRGJXVKHGRXW
IURPELWHVRIWKHERG\%DOHILUHGHYRXUHG
JUHHGLHVWVSLULWWKRVHVSDUHGQRWE\ZDU
RXWRIHLWKHUIRONWKHLUIORZHUZDVJRQH
7KDWLV)LQQZRXOGJRYHUQLQDOOKRQRXUWKHIHZ'DQLVKZDUULRUVZKR
ZHUHOHIWSURYLGHGRIFRXUVHWKDWQRQHRIWKHPWULHGWRUHQHZWKHTXDUUHO
RUDYHQJH+QDHIWKHLUIDOOHQORUG ,I DJDLQRQH RI)LQQ
V )ULVLDQVEHJDQ D
TXDUUHOKHVKRXOGGLHE\WKHVZRUGEHPRDQ=D+¥OWP?YLWRH[SUHVV
RQH¶VVRUURZRUGLVDSSRLQWPHQWDERXWVWK+QDHIS\UH=¥RC+?Q
D SLOH RU KHDS RI ZRRG RU RWKHU FRPEXVWLEOH PDWHULDO XVHG IRU EXUQLQJ D
GHDGERG\GLUJH=FÖF<?QDIXQHUDOVRQJRUWXQHRURQHH[SUHVVLQJ
PRXUQLQJ LQ FRPPHPRUDWLRQ RI WKH GHDG 7KH KLJK SODFH FKRVHQ IRU
WKHIXQHUDOVHHGHVFULSWLRQRI%HRZXOI
VIXQHUDOSLOHDWWKHHQGRIWKHSRHP
:RXQGV ZUHDN =TKÖM?YW WR LQIOLFW RU H[HFXWH SXQLVKPHQW
YHQJHDQFHHWF
;9,,
7+(1KDVWHQHGWKRVHKHURHVWKHLUKRPHWRVHH
IULHQGOHVVWRILQGWKH)ULVLDQODQG
KRXVHVDQGKLJKEXUJ+HQJHVWVWLOO
WKURXJKWKHGHDWKG\HGZLQWHUGZHOWZLWK)LQQ
KROGLQJSDFW\HWRIKRPHKHPLQGHG
WKRXJKSRZHUOHVVKLVULQJGHFNHGSURZWRGULYH
RYHUWKHZDWHUVQRZZDYHVUROOHGILHUFH
ODVKHGE\WKHZLQGVRUZLQWHUORFNHGWKHP
LQLF\IHWWHUV7KHQIDUHGDQRWKHU
\HDUWRPHQ
VGZHOOLQJVDV\HWWKH\GR
WKHVXQEULJKWVNLHVWKDWWKHLUVHDVRQHYHU
GXO\DZDLW)DURIIZLQWHUZDVGULYHQ
IDLUOD\HDUWK
VEUHDVWDQGIDLQZDVWKHURYHU
WKHJXHVWWRGHSDUWWKRXJKPRUHJODGO\KHSRQGHUHG
RQZUHDNLQJKLVYHQJHDQFHWKDQURDPLQJWKHGHHS
DQGKRZWRKDVWHQWKHKRWHQFRXQWHU
ZKHUHVRQVRIWKH)ULVLDQVZHUHVXUHWREH
6RKHHVFDSHGQRWWKHFRPPRQGRRP
ZKHQ+XQZLWK/DILQJWKHOLJKWRIEDWWOH
EHVWRIEODGHVKLVERVRPSLHUFHG
LWVHGJHZDVIDPHGZLWKWKH)ULVLDQHDUOV
2QILHUFHKHDUW)LQQWKHUHIHOOOLNHZLVH
RQKLPVHOIDWKRPHWKHKRUULGVZRUGGHDWK
IRU*XWKODIDQG2VODIRIJULPDWWDFN
KDGVRUURZLQJWROGIURPVHDZD\VODQGHG
PRXUQLQJWKHLUZRHV)LQQ
VZDYHULQJVSLULW
ERGHQRWLQEUHDVW7KHEXUJZDVUHGGHQHG
ZLWKEORRGRIIRHPHQDQG)LQQZDVVODLQ
NLQJDPLGFODQVPHQWKHTXHHQZDVWDNHQ
7RWKHLUVKLSWKH6F\OGLQJZDUULRUVERUH
DOOWKHFKDWWHOVWKHFKLHIWDLQRZQHG
ZKDWHYHUWKH\IRXQGLQ)LQQ
VGRPDLQ
RIJHPVDQGMHZHOV7KHJHQWOHZLIH
7KDW LV WKHVH WZR 'DQHV HVFDSLQJ KRPH KDG WROG WKH VWRU\ RI WKH
DWWDFNRQ+QDHIWKHVOD\LQJRI+HQJHVWDQGDOOWKH'DQLVKZRHV&ROOHFWLQJ
D IRUFH WKH\ UHWXUQ WR )ULVLD DQG NLOO )LQQ LQ KLV KRPH FKDWWHO
=¥V53VN?QDPRYDEOHDUWLFOHRISURSHUW\
R
HUSDWKVRIWKHGHHSWRWKH'DQHVWKH\ERUH
OHGWRKHUODQG
7KHOD\ZDVILQLVKHG
WKHJOHHPDQ
VVRQJ7KHQJODGURVHWKHUHYHO
EHQFKMR\EULJKWHQHG%HDUHUVGUDZ
IURPWKHLUZRQGHUYDWVZLQH&RPHV:HDOKWKHRZIRUWK
XQGHUJROGFURZQJRHVZKHUHWKHJRRGSDLUVLW
XQFOHDQGQHSKHZWUXHHDFKWRWKHRWKHURQH
NLQGUHGLQDPLW\8QIHUWKWKHVSRNHVPDQ
DWWKH6F\OGLQJORUG
VIHHWVDWPHQKDGIDLWKLQKLVVSLULW
KLVNHHQQHVVRIFRXUDJHWKRXJKNLQVPHQKDGIRXQGKLP
XQVXUHDWWKHVZRUGSOD\7KH6F\OGLQJTXHHQVSRNH
4XDIIRIWKLVFXSP\NLQJDQGORUG
EUHDNHURIULQJVDQGEOLWKHEHWKRX
JROGIULHQGRIPHQWRWKH*HDWVKHUHVSHDN
VXFKZRUGVRIPLOGQHVVDVPDQVKRXOGXVH
%HJODGZLWKWK\*HDWVRIWKRVHJLIWVEHPLQGIXO
RUQHDURUIDUZKLFKQRZWKRXKDVW
0HQVD\WRPHDVVRQWKRXZLVKHVW
\RQKHURWRKROG7K\+HRURWSXUJHG
MHZHOKDOOEULJKWHVWHQMR\ZKLOHWKRXFDQVW
ZLWKPDQ\DODUJHVVDQGOHDYHWRWK\NLQ
IRONDQGUHDOPZKHQIRUWKWKRXJRHVW
WRJUHHWWK\GRRP)RUJUDFLRXV,GHHP
P\+URWKXOIZLOOLQJWRKROGDQGUXOH
QREO\RXU\RXWKVLIWKRX\LHOGXSILUVW
SULQFHRI6F\OGLQJVWK\SDUWLQWKHZRUOG
,ZHHQZLWKJRRGKHZLOOZHOOUHTXLWH
RIIVSULQJRIRXUVZKHQDOOKHPLQGV
WKDWIRUKLPZHGLGLQKLVKHOSOHVVGD\V
RIJLIWDQGJUDFHWRJDLQKLPKRQRXU
7KHQVKHWXUQHGWRWKHVHDWZKHUHKHUVRQVZHUHSODFHG
+UHWKULFDQG+URWKPXQGZLWKKHURHV
EDLUQV
\RXQJPHQWRJHWKHUWKH*HDWWRRVDWWKHUH
%HRZXOIEUDYHWKHEURWKHUVEHWZHHQ
;9,,,
$&83VKHJDYHKLPZLWKNLQGO\JUHHWLQJ
DQGZLQVRPHZRUGV2IZRXQGHQJROG
VKHRIIHUHGWRKRQRXUKLPDUPMHZHOVWZDLQ
FRUVHOHWDQGULQJVDQGRIFROODUVWKHQREOHVW
WKDWHYHU,NQHZWKHHDUWKDURXQG
1H
HUKHDUG,VRPLJKW\
QHDWKKHDYHQ
VGRPH
DKRDUGJHPRIKHURHVVLQFH+DPDERUH
WRKLVEULJKWEXLOWEXUJWKH%ULVLQJV
QHFNODFH
MHZHODQGJHPFDVNHW-HDORXV\IOHGKH
(RUPHQULF
VKDWHFKRVHKHOSHWHUQDO
+\JHODF*HDWJUDQGVRQRI6ZHUWLQJ
RQWKHODVWRIKLVUDLGVWKLVULQJERUHZLWKKLP
XQGHUKLVEDQQHUWKHERRW\GHIHQGLQJ
WKHZDUVSRLOZDUGLQJEXW:\UGR
HUZKHOPHGKLP
ZKDWWLPHLQKLVGDULQJGDQJHUVKHVRXJKW
IHXGZLWK)ULVLDQV)DLUHVWRIJHPV
KHERUHZLWKKLPRYHUWKHEHDNHURIZDYHV
VRYUDQVWURQJXQGHUVKLHOGKHGLHG
)HOOWKHFRUSVHRIWKHNLQJLQWRNHHSLQJRI)UDQNV
JHDURIWKHEUHDVWDQGWKDWJRUJHRXVULQJ
ZHDNHUZDUULRUVZRQWKHVSRLO
DIWHUJULSHRIEDWWOHIURP*HDWODQG
VORUG
DQGKHOGWKHGHDWKILHOG
'LQURVHLQKDOO
:HDOKWKHRZVSDNHDPLGZDUULRUVDQGVDLG
7KLVMHZHOHQMR\LQWK\MRFXQG\RXWK
FDVNHW =¥M#ÖUM+V?Q D VPDOO FKHVW RU ER[ DV IRU MHZHOV 86 D
FRIILQ ZDUG =YnÖF?YW WR NHHS JXDUG RU SURWHFWLYH ZDWFK
.HQQLQJ IRU WKH VHD JHDU =I+?Q SRUWDEOH LWHPV RI SHUVRQDO
SURSHUW\LQFOXGLQJFORWKLQJSRVVHVVLRQVJULSH=ITC+R?QDJUDVS
KROG FRQWURO MRFXQG =¥F<nMPF?DGM OLW DQG SRHW FKHHUIXO
PHUU\JD\EOLWKHJODG
%HRZXOIORY
GWKHVHEDWWOHZHHGVZHDU
DUR\DOWUHDVXUHDQGULFKO\WKULYH
3UHVHUYHWK\VWUHQJWKDQGWKHVHVWULSOLQJVKHUH
FRXQVHOLQNLQGQHVVUHTXLWDOEHPLQH
+DVWGRQHVXFKGHHGVWKDWIRUGD\VWRFRPH
WKRXDUWIDPHGDPRQJIRONERWKIDUDQGQHDU
VRZLGHDVZDVKHWKWKHZDYHRI2FHDQ
KLVZLQG\ZDOOV7KURXJKWKHZD\VRIOLIH
SURVSHU2SULQFH,SUD\IRUWKHH
ULFKSRVVHVVLRQV7RVRQRIPLQH
EHKHOSIXOLQGHHGDQGXSKROGKLVMR\V
+HUHHYHU\HDUOWRWKHRWKHULVWUXH
PLOGRIPRRGWRWKHPDVWHUOR\DO
7KDQHVDUHIULHQGO\WKHWKURQJREHGLHQW
OLHJHPHQDUHUHYHOOLQJOLVWDQGREH\
:HQWWKHQWRKHUSODFH7KDWZDVSURXGHVWRIIHDVWV
IORZHGZLQHIRUWKHZDUULRUV:\UGWKH\NQHZQRW
GHVWLQ\GLUHDQGWKHGRRPWREHVHHQ
E\PDQ\DQHDUOZKHQHYHVKRXOGFRPH
DQG+URWKJDUKRPHZDUGKDVWHQDZD\
UR\DOWRUHVW7KHURRPZDVJXDUGHG
E\DQDUP\RIHDUOVDVHUVWZDVGRQH
7KH\EDUHGWKHEHQFKERDUGVDEURDGWKH\VSUHDG
EHGVDQGEROVWHUV2QHEHHUFDURXVHU
LQGDQJHURIGRRPOD\GRZQLQWKHKDOO
$WWKHLUKHDGVWKH\VHWWKHLUVKLHOGVRIZDU
EXFNOHUVEULJKWRQWKHEHQFKZHUHWKHUH
RYHUHDFKDWKHOLQJHDV\WRVHH
WKHKLJKEDWWOHKHOPHWWKHKDXJKW\VSHDU
WKHFRUVHOHWRIULQJV
7ZDVWKHLUFXVWRPVR
HYHUWREHIRUEDWWOHSUHSDUHG
DWKRPHRUKDUU\LQJZKLFKLWZHUH
HYHQDVRIWDVHYLOWKUHDWHQHG
WKHLUVRYUDQNLQJ7KH\ZHUHFODQVPHQJRRG
EROVWHU=¥DWNUV?QDORQJRIWHQF\OLQGULFDOFXVKLRQRUSLOORZIRUD
EHG VRID HWF FDURXVHU =M¥TCW\?QD SHUVRQ ZKR GULQNV DOFRKRO
KHUH EHHU DQG HQMR\V RQHVHOI LQ D QRLV\ OLYHO\ ZD\ KDUU\LQJ
=¥J3TKK0?QSUHVVXUHKDUDVVPHQWPDGHE\UHSHDWHGDWWDFNV
;,;
7+(1VDQNWKH\WRVOHHS:LWKVRUURZRQHERXJKW
KLVUHVWRIWKHHYHQLQJDVRIWWLPHKDGKDSSHQHG
ZKHQ*UHQGHOJXDUGHGWKDWJROGHQKDOO
HYLOZURXJKWWLOOKLVHQGGUHZQLJK
VODXJKWHUIRUVLQV
7ZDVVHHQDQGWROG
KRZDQDYHQJHUVXUYLYHGWKHILHQG
DVZDVOHDUQHGDIDU7KHOLYHORQJWLPH
DIWHUWKDWJULPILJKW*UHQGHO
VPRWKHU
PRQVWHURIZRPHQPRXUQHGKHUZRH
6KHZDVGRRPHGWRGZHOOLQWKHGUHDU\ZDWHUV
FROGVHDFRXUVHVVLQFH&DLQFXWGRZQ
ZLWKHGJHRIWKHVZRUGKLVRQO\EURWKHU
KLVIDWKHU
VRIIVSULQJRXWODZHGKHIOHG
PDUNHGZLWKPXUGHUIURPPHQ
VGHOLJKWV
ZDUGHGWKHZLOGV7KHUHZRNHIURPKLP
VXFKIDWHVHQWJKRVWVDV*UHQGHOZKR
ZDUZROIKRUULGDW+HRURWIRXQG
DZDUULRUZDWFKLQJDQGZDLWLQJWKHIUD\
ZLWKZKRPWKHJULVO\RQHJUDSSOHGDPDLQ
%XWWKHPDQUHPHPEHUHGKLVPLJKW\SRZHU
WKHJORULRXVJLIWWKDW*RGKDGVHQWKLP
LQKLV0DNHU
VPHUF\SXWKLVWUXVW
IRUFRPIRUWDQGKHOSVRKHFRQTXHUHGWKHIRH
IHOOHGWKHILHQGZKRIOHGDEMHFW
UHIWRIMR\WRWKHUHDOPVRIGHDWK
PDQNLQG
VIRH$QGKLVPRWKHUQRZ
JORRP\DQGJULPZRXOGJRWKDWTXHVW
RIVRUURZWKHGHDWKRIKHUVRQWRDYHQJH
7R+HRURWFDPHVKHZKHUHKHOPHWHG'DQHV
VOHSWLQWKHKDOO7RRVRRQFDPHEDFN
ROGLOOVRIWKHHDUOVZKHQLQVKHEXUVW
WKHPRWKHURI*UHQGHO/HVVJULPWKRXJKWKDWWHUURU
H
HQDVWHUURURIZRPDQLQZDULVOHVV
PLJKWRIPDLGWKDQRIPHQLQDUPV
ZKHQKDPPHUIRUJHGWKHIDOFKLRQKDUG
JULVO\ =¥IT+\NK?DGM FDXVLQJ KRUURU HVS EHFDXVH UHODWHG WR SK\VLFDOO\
XQSOHDVDQWWKLQJVH¶HQHYHQ
VZRUGJRUHVWDLQHGWKURXJKVZLQHRIWKHKHOP
FUHVWHGZLWKNHHQEODGHFDUYHVDPDLQ
7KHQZDVLQKDOOWKHKDUGHGJHGUDZQ
WKHVZRUGVRQWKHVHWWOHVDQGVKLHOGVDPDQ\
ILUPKHOGLQKDQGQRUKHOPHWPLQGHG
QRUKDUQHVVRIPDLOZKRPWKDWKRUURUVHL]HG
+DVWHZDVKHUVVKHZRXOGKLHDIDU
DQGVDYHKHUOLIHZKHQWKHOLHJHPHQVDZKHU
<HWDVLQJOHDWKHOLQJXSVKHVHL]HG
IDVWDQGILUPDVVKHIOHGWRWKHPRRU
+HZDVIRU+URWKJDURIKHURHVWKHGHDUHVW
RIWUXVW\YDVVDOVEHWZL[WWKHVHDV
ZKRPVKHNLOOHGRQKLVFRXFKDFODQVPDQIDPRXV
LQEDWWOHEUDYH1RUZDV%HRZXOIWKHUH
DQRWKHUKRXVHKDGEHHQKHOGDSDUW
DIWHUJLYLQJRIJROGIRUWKH*HDWUHQRZQHG
8SURDUILOOHG+HRURWWKHKDQGDOOKDGYLHZHG
EORRGIOHFNHGVKHERUHZLWKKHUEDOHZDVUHWXUQHG
GROHLQWKHGZHOOLQJV
WZDVGLUHH[FKDQJH
ZKHUH'DQHDQG*HDWZHUHGRRPHGWRJLYH
WKHOLYHVRIORYHGRQHV/RQJWULHGNLQJ
WKHKRDU\KHURDWKHDUWZDVVDG
ZKHQKHNQHZKLVQREOHQRPRUHOLYHG
DQGGHDGLQGHHGZDVKLVGHDUHVWWKDQH
7RKLVERZHUZDV%HRZXOIEURXJKWLQKDVWH
GDXQWOHVVYLFWRU$VGD\OLJKWEURNH
DORQJZLWKKLVHDUOVWKHDWKHOLQJORUG
ZLWKKLVFODQVPHQFDPHZKHUHWKHNLQJDERGH
ZDLWLQJWRVHHLIWKH:LHOGHURI$OO
ZRXOGWXUQWKLVWDOHRIWURXEOHDQGZRH
6WURGHR
HUIORRUWKHIDPHGLQVWULIH
ZLWKKLVKDQGFRPSDQLRQVWKHKDOOUHVRXQGHG
ZLVKLQJWRJUHHWWKHZLVHROGNLQJ
,QJZLQHV
ORUGKHDVNHGLIWKHQLJKW
VZLQH RI WKH KHOP WKH RUQDPHQWDO ZLOGERDU SLJ LPSULQWHG RQ WKH
KHOP KHOPHW 7KH\ KDG ODLG WKHLU DUPV RQ WKHEHQFKHV QHDU ZKHUH
WKH\VOHSWKLH=JCK?YWYLWRKDVWHQVSHHGJRLQKDVWHGROH
=FWN?Q$UFKDLFJULHIRUVRUURZODPHQWDWLRQERZHU=¥DCW?QD
UXVWLFGZHOOLQJFRWWDJH.HQQLQJIRU*RG
KDGSDVVHGLQSHDFHWRWKHSULQFH
VPLQG
;;
+527+*$5VSDNHKHOPHWRI6F\OGLQJV
$VNQRWRISOHDVXUH3DLQLVUHQHZHG
WR'DQLVKIRON'HDGLV$HVFKHUH
RI<UPHQODIWKHHOGHUEURWKHU
P\VDJHDGYLVHUDQGVWD\LQFRXQFLO
VKRXOGHUFRPUDGHLQVWUHVVRIILJKW
ZKHQZDUULRUVFODVKHGDQGZHZDUGHGRXUKHDGV
KHZHGWKHKHOPERDUVKHURIDPHG
VKRXOGEHHYHU\HDUODV$HVFKHUHZDV
%XWKHUHLQ+HRURWDKDQGKDWKVODLQKLP
RIZDQGHULQJGHDWKVSULWH,ZRWQRWZKLWKHU
SURXGRIWKHSUH\KHUSDWKVKHWRRN
IDLQRIKHUILOO7KHIHXGVKHDYHQJHG
WKDW\HVWHUQLJKWXQ\LHOGLQJO\
*UHQGHOLQJULPPHVWJUDVSWKRXNLOOHGVW
VHHLQJKRZORQJWKHVHOLHJHPHQPLQH
KHUXLQHGDQGUDYDJHG5HIWRIOLIH
LQDUPVKHIHOO1RZDQRWKHUFRPHV
NHHQDQGFUXHOKHUNLQWRDYHQJH
IDULQJIDULQIHXGRIEORRG
VRWKDWPDQ\DWKDQHVKDOOWKLQNZKRH
HU
VRUURZVLQVRXOIRUWKDWVKDUHURIULQJV
WKLVLVKDUGHVWRIKHDUWEDOHV7KHKDQGOLHVORZ
WKDWRQFHZDVZLOOLQJHDFKZLVKWRSOHDVH
/DQGGZHOOHUVKHUH DQGOLHJHPHQPLQH
ZKRKRXVHE\WKRVHSDUWV,KDYHKHDUGUHODWH
WKDWVXFKDSDLUWKH\KDYHVRPHWLPHVVHHQ
VWD\=UVGK?QVWKXVHGWRVXSSRUWRUVWHDG\ DWKLQJSURSEUDFH
ERDU =DnÖ?Q WKH XQFDVWUDWHG PDOH RI VZLQH KHUH ZRRGHQ VFXOSWXUHV RI
VXFK DQLPDOV PRXQWHG RQ WKH KHOP RU RQ WKH ERZ RI D ZDUERDW RI WKRVH
WLPHVWRIULJKWHQWKHHQHP\+HVXUPLVHVSUHVHQWO\ZKHUHVKHLV
UHDYH>ULÖY@ UHIW =TGHV? UHIW =TGHV? YW $UFKDLF WR WDNH DZD\ E\ RU DV E\
IRUFH SOXQGHU URE 7KH FRQQHFWLRQ LV QRW GLIILFXOW 7KH ZRUGV RI
PRXUQLQJRIDFXWHJULHIDUHVDLGDQGDFFRUGLQJWR*HUPDQLFVHTXHQFHRI
WKRXJKWLQH[RUDEOHKHUHWKHQH[WDQGRQO\WRSLFLVUHYHQJH
PDUFKVWDONHUVPLJKW\WKHPRRUODQGKDXQWLQJ
ZDQGHULQJVSLULWVRQHRIWKHPVHHPHG
VRIDUDVP\IRONFRXOGIDLUO\MXGJH
RIZRPDQNLQGDQGRQHDFFXUVHG
LQPDQ
VJXLVHWURGWKHPLVHU\WUDFN
RIH[LOHWKRXJKKXJHUWKDQKXPDQEXON
*UHQGHOLQGD\VORQJJRQHWKH\QDPHGKLP
IRONRIWKHODQGKLVIDWKHUWKH\NQHZQRW
QRUDQ\EURRGWKDWZDVERUQWRKLP
RIWUHDFKHURXVVSLULWV8QWURGLVWKHLUKRPH
E\ZROIFOLIIVKDXQWWKH\DQGZLQG\KHDGODQGV
IHQZD\VIHDUIXOZKHUHIORZVWKHVWUHDP
IURPPRXQWDLQVJOLGLQJWRJORRPRIWKHURFNV
XQGHUJURXQGIORRG1RWIDULVLWKHQFH
LQPHDVXUHRIPLOHVWKDWWKHPHUHH[SDQGV
DQGR
HULWWKHIURVWERXQGIRUHVWKDQJLQJ
VWXUGLO\URRWHGVKDGRZVWKHZDYH
%\QLJKWLVDZRQGHUZHLUGWRVHH
ILUHRQWKHZDWHUV6RZLVHOLYHGQRQH
RIWKHVRQVRIPHQWRVHDUFKWKRVHGHSWKV
1D\WKRXJKWKHKHDWKURYHUKDUULHGE\GRJV
WKHKRUQSURXGKDUWWKLVKROWVKRXOGVHHN
ORQJGLVWDQFHGULYHQKLVGHDUOLIHILUVW
RQWKHEULQNKH\LHOGVHUHKHEUDYHWKHSOXQJH
WRKLGHKLVKHDG
WLVQRKDSS\SODFH
7KHQFHWKHZHOWHURIZDWHUVZDVKHVXS
ZDQWRZHONLQZKHQZLQGVEHVWLU
HYLOVWRUPVDQGDLUJURZVGXVN
DQGWKHKHDYHQVZHHS1RZLVKHOSRQFHPRUH
ZLWKWKHHDORQH7KHODQGWKRXNQRZVWQRW
KHDGODQG =¥JGFNPF?Q D VWULS RI XQSORZHG ODQG DW WKH HQGV RI
IXUURZV RU QHDU D IHQFH RU ERUGHU IHQZD\ =¥HGPYGK?Q ORZ ODQG
FRYHUHG ZKROO\ RU SDUWLDOO\ ZLWK ZDWHU ERJJ\ ODQG D PDUVK KHDWK
=JKÖ6?QDWUDFWRIRSHQDQGXQFXOWLYDWHGODQGZDVWHODQGRYHUJURZQZLWK
VKUXEVURYHU=¥TWX?QDSHUVRQZKROLNHVWRWUDYHORUPRYHDURXQG
UDWKHUWKDQEHVHWWOHGLQRQHSODFHKROW=JWNV?Q$UFKDLFDZRRGRU
JURYHZHOWHU=B¥YGNV?QDUROOLQJWRVVLQJRUWXPEOLQJDERXWDVRUDV
LIE\WKHVHDZDYHVZLQGHWFEHVWLU=D+¥UV?YLWRVWLUXSURXVHWR
DFWLRQ
SODFHRIIHDUZKHUHWKRXILQGHVWRXW
WKDWVLQIOHFNHGEHLQJ6HHNLIWKRXGDUH
,ZLOOUHZDUGWKHHIRUZDJLQJWKLVILJKW
ZLWKDQFLHQWWUHDVXUHDVHUVW,GLG
ZLWKZLQGLQJJROGLIWKRXZLQQHVWEDFN
;;,
%(2:8/)VSDNHEDLUQRI(FJWKHRZ
6RUURZQRWVDJH,WEHVHHPVXVEHWWHU
IULHQGVWRDYHQJHWKDQIUXLWOHVVO\PRXUQWKHP
(DFKRIXVDOOPXVWKLVHQGDELGH
LQWKHZD\VRIWKHZRUOGVRZLQZKRPD\
JORU\HUHGHDWK:KHQKLVGD\VDUHWROG
WKDWLVWKHZDUULRU
VZRUWKLHVWGRRP
5LVH2UHDOPZDUGHU5LGHZHDQRQ
DQGPDUNWKHWUDLORIWKHPRWKHURI*UHQGHO
1RKDUERXUVKDOOKLGHKHUKHHGP\SURPLVH
HQIROGLQJRIILHOGRUIRUHVWHGPRXQWDLQ
RUIORRURIWKHIORRGOHWKHUIOHHZKHUHVKHZLOO
%XWWKRXWKLVGD\HQGXUHLQSDWLHQFH
DV,ZHHQWKRXZLOW WK\ZRHVHDFKRQH
/HDSHGXSWKHJUD\EHDUG*RGKHWKDQNHG
PLJKW\/RUGIRUWKHPDQ
VEUDYHZRUGV
)RU+URWKJDUVRRQDKRUVHZDVVDGGOHG
ZDYHPDQHGVWHHG7KHVRYUDQZLVH
VWDWHO\URGHRQKLVVKLHOGDUPHGPHQ
IROORZHGLQIRUFH7KHIRRWSULQWVOHG
DORQJWKHZRRGODQGZLGHO\VHHQ
DSDWKR
HUWKHSODLQZKHUHVKHSDVVHGDQGWURG
WKHPXUN\PRRURIPHQDWDUPV
VKHERUHWKHEUDYHVWDQGEHVWRQHGHDG
KLPZKRZLWK+URWKJDUWKHKRPHVWHDGUXOHG
2QWKHQZHQWWKHDWKHOLQJERUQ
R
HUVWRQHFOLIIVVWHHSDQGVWUDLWGHILOHV
QDUURZSDVVHVDQGXQNQRZQZD\V
KHDGODQGVVKHHUDQGWKHKDXQWVRIWKH1LFRUV
)RUHPRVWKHIDUHGDIHZDWKLVVLGH
RIWKHZLVHUPHQWKHZD\VWRVFDQ
WLOOKHIRXQGLQDIODVKWKHIRUHVWHGKLOO
KDQJLQJRYHUWKHKRDU\URFN
DZRIXOZRRGWKHZDYHVEHORZ
ZHUHG\HGLQEORRG7KH'DQLVKPHQ
KDGVRUURZRIVRXODQGIRU6F\OGLQJVDOO
IRUPDQ\DKHUR
WZDVKDUGWREHDU
LOOIRUHDUOVZKHQ$HVFKHUH
VKHDG
WKH\IRXQGE\WKHIORRGRQWKHIRUHODQGWKHUH
:DYHVZHUHZHOOLQJWKHZDUULRUVVDZ
KRWZLWKEORRGEXWWKHKRUQVDQJRIW
EDWWOHVRQJEROG7KHEDQGVDWGRZQ
DQGZDWFKHGRQWKHZDWHUZRUPOLNHWKLQJV
VHDGUDJRQVVWUDQJHWKDWVRXQGHGWKHGHHS
DQGQLFRUVWKDWOD\RQWKHOHGJHRIWKHQHVV
VXFKDVRIWHVVD\DWKRXURIPRUQ
RQWKHURDGRIVDLOVWKHLUUXWKOHVVTXHVW
DQGVHDVQDNHVDQGPRQVWHUV7KHVHVWDUWHGDZD\
VZROOHQDQGVDYDJHWKDWVRQJWRKHDU
WKDWZDUKRUQ
VEODVW7KHZDUGHQRI*HDWV
ZLWKEROWIURPERZWKHQEDONHGRIOLIH
RIZDYHZRUNRQHPRQVWHUDPLGLWVKHDUW
ZHQWWKHNHHQZDUVKDIWLQZDWHULWVHHPHG
OHVVGRXJKW\LQVZLPPLQJZKRPGHDWKKDGVHL]HG
6ZLIWRQWKHELOORZVZLWKERDUVSHDUVZHOO
KRRNHGDQGEDUEHGLWZDVKDUGEHVHW
GRQHWRGHDWKDQGGUDJJHGRQWKHKHDGODQG
ZDYHURDPHUZRQGURXV:DUULRUVYLHZHG
WKHJULVO\JXHVW
7KHQJLUWKLP%HRZXOI
VKHHU=5+?DGMH[WHQGLQJGRZQRUXSYHU\VWHHSO\DOPRVWFRPSOHWHO\
YHUWLFDO +URWKJDU LV SUREDEO\ PHDQW QHVV =PGU?Q $UFKDLF D
KHDGODQG SURPRQWRU\ FDSH .HQQLQJ IRU VHD EDONHG RI OLIH
NLOOHG VZLPPLQJ WKURXJK WKH ZDYHV KRRNHG =JWÖMV?DGM EHQW
OLNH D KRRN KRRNVKDSHG EDUEHG >D#ÖDF@ DGM FXUYHGEDFNZDUGV WR
PDNHLWGLIILFXOWWRSXOORXW
LQPDUWLDOPDLOQRUPRXUQHGIRUKLVOLIH
+LVEUHDVWSODWHEURDGDQGEULJKWRIKXHV
ZRYHQE\KDQGVKRXOGWKHZDWHUVWU\
ZHOOFRXOGLWZDUGWKHZDUULRU
VERG\
WKDWEDWWOHVKRXOGEUHDNRQKLVEUHDVWLQYDLQ
QRUKDUPKLVKHDUWE\WKHKDQGRIDIRH
$QGWKHKHOPHWZKLWHWKDWKLVKHDGSURWHFWHG
ZDVGHVWLQHGWRGDUHWKHGHHSVRIWKHIORRG
WKURXJKZDYHZKLUOZLQ
WZDVZRXQGZLWKFKDLQV
GHFNHGZLWKJROGDVLQGD\VRI\RUH
WKHZHDSRQVPLWKZRUNHGLWZRQGURXVO\
ZLWKVZLQHIRUPVVHWLWWKDWVZRUGVQRZLVH
EUDQGLVKHGLQEDWWOHFRXOGELWHWKDWKHOP
1RUZDVWKDWWKHPHDQHVWRIPLJKW\KHOSV
ZKLFK+URWKJDU
VRUDWRURIIHUHGDWQHHG
+UXQWLQJWKH\QDPHGWKHKLOWHGVZRUG
RIROGWLPHKHLUORRPVHDVLO\ILUVW
LURQZDVLWVHGJHDOOHWFKHGZLWKSRLVRQ
ZLWKEDWWOHEORRGKDUGHQHGQRUEOHQFKHGLWDWILJKW
LQKHUR
VKDQGZKRKHOGLWHYHU
RQSDWKVRISHULOSUHSDUHGWRJR
WRIRONVWHDGRIIRHV1RWILUVWWLPHWKLV
LWZDVGHVWLQHGWRGRDGDULQJWDVN
)RUKHERUHQRWLQPLQGWKHEDLUQRI(FJODI
VWXUG\DQGVWURQJWKDWVSHHFKKHKDGPDGH
GUXQNZLWKZLQHQRZWKLVZHDSRQKHOHQW
WRDVWRXWHUVZRUGVPDQ+LPVHOIWKRXJKGXUVWQRW
XQGHUZHOWHURIZDWHUVZDJHUKLVOLIH
DVOR\DOOLHJHPDQ6RORVWKHKLVJORU\
KRQRXURIHDUOV:LWKWKHRWKHUQRWVR
ZKRJLUGHGKLPQRZIRUWKHJULPHQFRXQWHU
;;,,
%(2:8/)VSDNHEDLUQRI(FJWKHRZ
+DYHPLQGWKRXKRQRUHGRIIVSULQJRI+HDOIGHQH
QRZLVH =¥PWYC+\?DGY QRW DW DOO KHLUORRP =¥GNWÖO?Q DQ\
IDPLO\ SRVVHVVLRQ WUDQVPLWWHG IURP JHQHUDWLRQ WR JHQHUDWLRQ
0HHWLQJSODFH
JROGIULHQGRIPHQQRZ,JRRQWKLVTXHVW
VRYUDQZLVHZKDWRQFHZDVVDLG
LILQWK\FDXVHLWFDPHWKDW,
VKRXOGORVHP\OLIHWKRXZRXOGVWOR\DOELGH
WRPHWKRXJKIDOOHQLQIDWKHU
VSODFH
%HJXDUGLDQWKRXWRWKLVJURXSRIP\WKDQHV
P\ZDUULRUIULHQGVLI:DUVKRXOGVHL]HPH
DQGWKHJRRGO\JLIWVWKRXJDYHVWPH
+URWKJDUEHORYHGWR+\JHODFVHQG
*HDWODQG
VNLQJPD\NHQE\WKHJROG
+UHWKHO
VVRQVHHZKHQKHVWDUHVDWWKHWUHDVXUH
WKDW,JRWPHDIULHQGIRUJRRGQHVVIDPHG
DQGMR\HGZKLOH,FRXOGLQP\MHZHOEHVWRZHU
$QGOHW8QIHUWKZLHOGWKLVZRQGURXVVZRUG
HDUOIDUKRQRXUHGWKLVKHLUORRPSUHFLRXV
KDUGRIHGJHZLWK+UXQWLQJ,
VHHNGRRPRIJORU\RU'HDWKVKDOOWDNHPH
$IWHUWKHVHZRUGVWKH:HGHU*HDWORUG
EROGO\KDVWHQHGELGLQJQHYHU
DQVZHUDWDOOWKHRFHDQIORRGV
FORVHGR
HUWKHKHUR/RQJZKLOHRIWKHGD\
IOHGHUHKHIHOWWKHIORRURIWKHVHD
6RRQIRXQGWKHILHQGZKRWKHIORRGGRPDLQ
VZRUGKXQJU\KHOGWKHVHKXQGUHGZLQWHUV
JUHHG\DQGJULPWKDWVRPHJXHVWIURPDERYH
VRPHPDQZDVUDLGLQJKHUPRQVWHUUHDOP
6KHJUDVSHGRXWIRUKLPZLWKJULVO\FODZV
DQGWKHZDUULRUVHL]HG\HWVFDWKHGVKHQRW
KLVERG\KDOHWKHEUHDVWSODWHKLQGHUHG
DVVKHVWURYHWRVKDWWHUWKHVDUNRIZDU
WKHOLQNHGKDUQHVVZLWKORDWKVRPHKDQG
7KHQERUHWKLVEULQHZROIZKHQERWWRPVKHWRXFKHG
WKHORUGRIULQJVWRWKHODLUVKHKDXQWHG
ZKLOHVYDLQO\KHVWURYHWKRXJKKLVYDORXUKHOG
ZHDSRQWRZLHOGDJDLQVWZRQGURXVPRQVWHUV
WKDWVRUHEHVHWKLPVHDEHDVWVPDQ\
VDUN =U#ÖM?Q 6FRW DQG 1RUWK (QJO DQ\ ORQJ VKLUWOLNH JDUPHQW
ZRUQ QH[W WR WKH VNLQ DV D FKHPLVH QLJKWVKLUW RU WKH OLNH EULQH
=DTC+P?QZDWHUVDWXUDWHGRUVWURQJO\LPSUHJQDWHGZLWKVDOW
WULHGZLWKILHUFHWXVNVWRWHDUKLVPDLO
DQGVZDUPHGRQWKHVWUDQJHU%XWVRRQKHPDUNHG
KHZDVQRZLQVRPHKDOOKHNQHZQRWZKLFK
ZKHUHZDWHUQHYHUFRXOGZRUNKLPKDUP
QRUWKURXJKWKHURRIFRXOGUHDFKKLPHYHU
IDQJVRIWKHIORRG)LUHOLJKWKHVDZ
EHDPVRIDEOD]HWKDWEULJKWO\VKRQH
7KHQWKHZDUULRUZDVZDUHRIWKDWZROIRIWKHGHHS
PHUHZLIHPRQVWURXV)RUPLJKW\VWURNH
KHVZXQJKLVEODGHDQGWKHEORZZLWKKHOGQRW
7KHQVDQJRQKHUKHDGWKDWVHHPO\EODGH
LWVZDUVRQJZLOG%XWWKHZDUULRUIRXQG
WKHOLJKWRIEDWWOHZDVORDWKWRELWH
WRKDUPWKHKHDUWLWVKDUGHGJHIDLOHG
WKHQREOHDWQHHG\HWKDGNQRZQRIROG
VWULIHKDQGWRKDQGDQGKDGKHOPHWVFORYHQ
GRRPHGPHQ
VILJKWLQJJHDU)LUVWWLPHWKLV
IRUWKHJOHDPLQJEODGHWKDWLWVJORU\IHOO
)LUPVWLOOVWRRGQRUIDLOHGLQYDORXU
KHHGIXORIKLJKGHHGV+\JHODF
VNLQVPDQ
IOXQJDZD\IUHWWHGVZRUGIHDWO\MHZHOOHG
WKHDQJU\HDUORQHDUWKLWOD\
VWHHOHGJHGDQGVWLII+LVVWUHQJWKKHWUXVWHG
KDQGJULSHRIPLJKW6RPDQVKDOOGR
ZKHQHYHULQZDUKHZHHQVWRHDUQKLP
ODVWLQJIDPHQRUIHDUVIRUKLVOLIH
6HL]HGWKHQE\VKRXOGHUVKUDQNQRWIURPFRPEDW
WKH*HDWLVKZDUSULQFH*UHQGHO
VPRWKHU
)OXQJWKHQWKHILHUFHRQHILOOHGZLWKZUDWK
KLVGHDGO\IRHWKDWVKHIHOOWRJURXQG
6ZLIWRQKHUSDUWVKHSDLGKLPEDFN
ZLWKJULVO\JUDVSDQGJUDSSOHGZLWKKLP
6SHQWZLWKVWUXJJOHVWXPEOHGWKHZDUULRU
ILHUFHVWRIILJKWLQJPHQIHOODGRZQ
2QWKHKDOOJXHVWVKHKXUOHGKHUVHOIKHQWKHUVKRUWVZRUG
EURDGDQGEURZQHGJHGWKHEDLUQWRDYHQJH
WKHVROHERUQVRQ2QKLVVKRXOGHUOD\
EUDLGHGEUHDVWPDLOEDUULQJGHDWK
ZLWKVWDQGLQJHQWUDQFHRIHGJHRUEODGH
/LIHZRXOGKDYHHQGHGIRU(FJWKHRZ
VVRQ
XQGHUZLGHHDUWKIRUWKDWHDUORI*HDWV
KDGKLVDUPRURIZDUQRWDLGHGKLP
EDWWOHQHWKDUGDQGKRO\*RG
ZLHOGHGWKHYLFWRU\ZLVHVW0DNHU
7KH/RUGRI+HDYHQDOORZHGKLVFDXVH
DQGHDVLO\URVHWKHHDUOHUHFW
;;,,,
0,'WKHEDWWOHJHDUVDZKHDEODGHWULXPSKDQW
ROGVZRUGRI(RWHQVZLWKHGJHRISURRI
ZDUULRUV
KHLUORRPZHDSRQXQPDWFKHG
VDYHRQO\
WZDVPRUHWKDQRWKHUPHQ
WREDQG\RIEDWWOHFRXOGEHDUDWDOO
DVWKHJLDQWVKDGZURXJKWLWUHDG\DQGNHHQ
6HL]HGWKHQLWVFKDLQKLOWWKH6F\OGLQJV
FKLHIWDLQ
EROGDQGEDWWOHJULPEUDQGLVKHGWKHVZRUG
UHFNOHVVRIOLIHDQGVRZUDWKIXOO\VPRWH
WKDWLWJULSSHGKHUQHFNDQGJUDVSHGKHUKDUG
KHUERQHULQJVEUHDNLQJWKHEODGHSLHUFHGWKURXJK
WKDWIDWHGRQH
VIOHVKWRIORRUVKHVDQN
%ORRG\WKHEODGHKHZDVEOLWKHRIKLVGHHG
7KHQEOD]HGIRUWKOLJKW
7ZDVEULJKWZLWKLQ
DVZKHQIURPWKHVN\WKHUHVKLQHVXQFORXGHG
KHDYHQ
VFDQGOH7KHKDOOKHVFDQQHG
%\WKHZDOOWKHQZHQWKHKLVZHDSRQUDLVHG
KLJKE\LWVKLOWVWKH+\JHODFWKDQH
DQJU\DQGHDJHU7KDWHGJHZDVQRWXVHOHVV
WRWKHZDUULRUQRZ+HZLVKHGZLWKVSHHG
*UHQGHOWRJXHUGRQIRUJULPUDLGVPDQ\
IRUWKHZDUKHZDJHGRQ:HVWHUQ'DQHV
RIWHQHUIDUWKDQDQRQO\WLPH
ZKHQRI+URWKJDU
VKHDUWKFRPSDQLRQV
KHVOHZLQVOXPEHULQVOHHSGHYRXUHG
ILIWHHQPHQRIWKHIRONRI'DQHV
DQGDVPDQ\RWKHUVRXWZDUGERUH
KLVKRUULEOHSUH\:HOOSDLGIRUWKDW
WKHZUDWKIXOSULQFH)RUQRZSURQHKHVDZ
*UHQGHOVWUHWFKHGWKHUHVSHQWZLWKZDU
VSRLOHGRIOLIHVRVFDWKHGKDGOHIWKLP
+HRURW
VEDWWOH7KHERG\VSUDQJIDU
ZKHQDIWHUGHDWKLWHQGXUHGWKHEORZ
VZRUGVWURNHVDYDJHWKDWVHYHUHGLWVKHDG
6RRQWKHQVDZWKHVDJHFRPSDQLRQV
ZKRZDLWHGZLWK+URWKJDUZDWFKLQJWKHIORRG
WKDWWKHWRVVLQJZDWHUVWXUELGJUHZ
EORRGVWDLQHGWKHPHUH2OGPHQWRJHWKHU
KRDU\KDLUHGRIWKHKHURVSDNH
WKHZDUULRUZRXOGQRWWKH\ZHHQHGDJDLQ
SURXGRIFRQTXHVWFRPHWRVHHN
WKHLUPLJKW\PDVWHU7RPDQ\LWVHHPHG
WKHZROIRIWKHZDYHVKDGZRQKLVOLIH
7KHQLQWKKRXUFDPH7KHQREOH6F\OGLQJV
OHIWWKHKHDGODQGKRPHZDUGZHQW
WKHJROGIULHQGRIPHQ%XWWKHJXHVWVVDWRQ
VWDUHGDWWKHVXUJHVVLFNLQKHDUW
DQGZLVKHG\HWZHHQHGQRWWKHLUZLQVRPHORUG
DJDLQWRVHH
1RZWKDWVZRUGEHJDQ
IURPEORRGRIWKHILJKWLQEDWWOHGURSSLQJV
ZDUEODGHWRZDQH
WZDVDZRQGURXVWKLQJ
WKDWDOORILWPHOWHGDVLFHLVZRQW
ZKHQIURVW\IHWWHUVWKH)DWKHUORRVHQV
XQZLQGVWKHZDYHERQGVZLHOGLQJDOO
VHDVRQVDQGWLPHVWKHWUXH*RGKH
$IWHUWKHNLOOLQJRIWKHPRQVWHUDQG*UHQGHO
VGHFDSLWDWLRQPHUH
=O+?QREVDQ\ERG\RIVHDZDWHU+URWKJDU7KHEODGHVORZO\
GLVVROYHVLQEORRGVWDLQHGGURSVOLNHLFLFOHV
1RUWRRNIURPWKDWGZHOOLQJWKHGXNHRIWKH*HDWV
VDYHRQO\WKHKHDGDQGWKDWKLOWZLWKDO
EOD]RQHG ZLWKMHZHOVWKHEODGHKDGPHOWHG
EXUQHGZDVWKHEULJKWVZRUGKHUEORRGZDVVRKRW
VRSRLVRQHGWKHKHOOVSULWHZKRSHULVKHGZLWKLQWKHUH
6RRQKHZDVVZLPPLQJZKRVDIHVDZLQFRPEDW
GRZQIDOORIGHPRQVXSGRYHWKURXJKWKHIORRG
7KHFODVKLQJZDWHUVZHUHFOHDQVHGQRZ
ZDVWHRIZDYHVZKHUHWKHZDQGHULQJILHQG
KHUOLIHGD\VOHIWDQGWKLVODSVLQJZRUOG
6ZDPWKHQWRVWUDQGWKHVDLORUV
UHIXJH
VWXUG\LQVSLULWRIVHDERRW\JODG
RIEXUGHQEUDYHKHERUHZLWKKLP
:HQWWKHQWRJUHHWKLPDQG*RGWKH\WKDQNHG
WKHWKDQHEDQGFKRLFHRIWKHLUFKLHIWDLQEOLWKH
WKDWVDIHDQGVRXQGWKH\FRXOGVHHKLPDJDLQ
6RRQIURPWKHKDUG\RQHKHOPHWDQGDUPRXU
GHIWO\WKH\GRIIHGQRZGURZVHGWKHPHUH
ZDWHU
QHDWKZHONLQZLWKZDUEORRGVWDLQHG
)RUWKWKH\IDUHGE\WKHIRRWSDWKVWKHQFH
PHUU\DWKHDUWWKHKLJKZD\VPHDVXUHG
ZHOONQRZQURDGV&RXUDJHRXVPHQ
FDUULHGWKHKHDGIURPWKHFOLIIE\WKHVHD
DQDUGXRXVWDVNIRUDOOWKHEDQG
WKHILUPLQILJKWVLQFHIRXUZHUHQHHGHG
RQWKHVKDIWRIVODXJKWHUVWUHQXRXVO\
WREHDUWRWKHJROGKDOO*UHQGHO
VKHDG
6RSUHVHQWO\WRWKHSDODFHWKHUH
IRHPHQIHDUOHVVIRXUWHHQ*HDWV
PDUFKLQJFDPH7KHLUPDVWHURIFODQ
PLJKW\DPLGWKHPWKHPHDGRZZD\VWURG
6WURGHWKHQZLWKLQWKHVRYUDQWKDQH
IHDUOHVVLQILJKWRIIDPHUHQRZQHG
KDUG\KHUR+URWKJDUWRJUHHW
ZLWKDO >YK¥&nÖN@ DGY $UFKDLF ZLWK LW DOO DV ZHOO EHVLGHV SUHS
ZLWK EOD]RQHG =¥DNG+\PF?DGM RUQDPHQWHG ODSVLQJ
=¥N3RUK0?DGMGHFOLQLQJ.HQQLQJIRUVSHDU
$QGQH[WE\WKHKDLULQWRKDOOZDVERUQH
*UHQGHO
VKHDGZKHUHWKHKHQFKPHQZHUHGULQNLQJ
DQDZHWRFODQDQGTXHHQDOLNH
DPRQVWHURIPDUYHOWKHPHQORRNHGRQ
7UDQVODWHGE\)UDQFLV%*XPPHUH
7R,QFUHDVH8QGHUVWDQGLQJ
0HQWLRQ VRPH RSLQLRQV FRQFHUQLQJ WKH DXWKRUVKLS RI
%HRZXOI
3RLQW RXW WKH HOHPHQWV ZKLFK PDNH %HRZXOI D KHURLF
6FDQGLQDYLDQ HSLF OHJHQG ZLWK SRVVLEOH DQFLHQW LQIOXHQFHV
DVZHOO
+RZ FDQ RQH H[SODLQ WKH SUHVHQFH RI WKLV SRHP LQ $QJOR
6D[RQ(QJODQG"
5HODWHLQ\RXURZQZRUGVWKHVXEMHFWPDWWHURI%HRZXOI
(QXPHUDWH VRPH RI WKH HOHPHQWV ZKLFK SRLQW RXW WRZDUGV
%HRZXOI¶V SDJDQ H[WUDFWLRQ DQG WKHQ VRPH RI WKH HOHPHQWV
ZKLFK VKRZ WKH LQIOXHQFH RI WKH &KULVWLDQ WKRXJKW RQ LWV
DXWKRUV
&RPSDUHWKHLGHDODUWLVWLFZRUOGRIWKHSRHPZLWKWKHNLQG
RI VRFLHW\ WKH $QJOR6D[RQV UHDOO\ KDG E\ FLWLQJ DV PDQ\
GHWDLOVDV\RXFDQIURPWKHDERYHFDQWRV
&RPPHQWRQ%HRZXOI¶VH[FHSWLRQDOFKDUDFWHULVWLFVLQWHUPV
RI WKH $QJOR6D[RQ LGHDO RI D KHUR DQG WKHQ SRLQW RXW WKH
HOHPHQWV RI &KULVWLDQ EHOLHI DQG PHQWDOLW\ LQ WKH KHUR¶V
WKRXJKWVDQGDFWLRQV
&LWH LQ GHWDLO ZD\V LQ ZKLFK WKH KHUR¶V HJR LV VDWLVILHG E\
+URWKJDUDQGKLVFRXUWDIWHUWKHWZRPRQVWHUVDUHNLOOHG
&LWHH[DPSOHVRI³ERDVWLQJ´IURPWKHILUVWSDUWRIWKHSRHP
([SODLQWKHHYROXWLRQRI%HRZXOIDVDKHURSRLQWLQJRXW
ERWKKLVH[FHSWLRQDOWUDLWVDQGKLVPLVWDNHVRUIODZVZKLFK
DUHWKHFDXVHRIVHYHUDOWUDJLFHYHQWV
:KDW LV WKH V\PEROLVP RI WKH WUHDVXUHWURYH DQG RI LWV
JXDUGLDQWKHILUHEHOFKLQJGUDJRQDVDILQDODQGWUDJLFWULDO
IRUWKHHSLFKHUR"
&RPPHQW RQ *UHQGHO¶V DQG KLV PRWKHU¶V ³WKH GDP´
KXPDQDQGQRQKXPDQFKDUDFWHULVWLFV
&RPPHQWRQWKHZRPDQ¶VSUHVHQFHLQWKHSRHP
3RLQWRXWH[DPSOHVRIDOOLWHUDWLRQDQGNHQQLQJVH[SODLQ
DWWKHVDPHWLPHWKHPHDQLQJRIWKHUHVSHFWLYHNHQQLQJV
7KH%DWWOHRI0DOGRQDIWHU
$OVR FDOOHG %\UKWQRWK¶V 'HDWK WKLV VHFRQG JUHDW 2OG
(QJOLVK SRHP ZKLFK RQO\ SDUWLDOO\ VXUYLYHG H[WROOV VRPH RI
WKH QREOH YDOXHV RI WKH $QJOR6D[RQ DJH DV UHIOHFWHG LQ WKH
WUDJLF ILJKW RI WKH JUHDW HDOGRUPDQ %\UKWQRWK DJDLQVW WKH
PDUDXGLQJYLNLQJ'DQHVDW0DHOGXQHQRZ0DOGRQ(VVH[LQ
7KHDFWLRQVDQGDWWLWXGHVRIVRPHRI%\UKWQRWK¶VPHQRQ
WKHEDWWOHILHOGDOVRVWDQGSURRIRIWKHVORZGHWHULRUDWLRQRIWKH
$QJOR6D[RQ VRFLHW\ DIWHU LWV PRPHQWV RI JORU\ GXULQJ WKH
UHLJQRI.LQJ$OIUHGWKH*UHDW
7KH GUDPDWLF FRQIURQWDWLRQ LQ WKH SRHP EHWZHHQ D
&KULVWLDQ HROGRUPDQ GHIHQGLQJ KLV DQG KLV NLQJ¶V .LQJ
(WKHOUHG ,, WKH 8QUHDG\ ODQG DW WKH SULFH RI KLV
RZQOLIHLQWHUPVRIWKH$QJOR6D[RQZDUULRU¶VFRGHRIKRQRXU
VSHOOLQJSULGHVFRUQRIH[SHGLHQF\UHOLDQFHRQERWK)DWHDQG
*RG¶VZLOOVKDPHLQGHIHDWDVZHOODVDEKRUUHQFHRIFRZDUGLFH
DQG WKH SDJDQ LQYDGHUV ZDV LQVSLUHG E\ KLVWRULFDO WUXWK 7KH
$QJOR6D[RQ &KURQLFOH IRU PHQWLRQV WKH ODQGLQJ RI WKH
LQYDGLQJ'DQHVRQWKH6RXWKHDVWFRDVWRI(QJODQGDVIROORZV
7KH\ FDPH ³ZLWK QLQHW\WKUHH VKLSV WR )RONHVWRQH SOXQGHUHG
WKH QHLJKERXUKRRG DQG VDLOHG RQ WR 6DQGZLFK ZKHQFH WKH\
ZHQW WR ,SVZLFK RYHUUDQ WKH ZKROH FRXQWU\VLGH DQG WKHQ
SURFHHGHG WR 0DOGRQ (DOGRUPDQ %\UKWQRWK FDPH DJDLQVW
WKHPZLWKWKHI\UGWKHKRPHOHYLHVDQGIRXJKWWKHPEXWWKH\
NLOOHG WKH (DOGRUPDQ WKHUH DQG KDG SRVVHVVLRQ RI WKH
EDWWOHILHOG«´.HUPRGHHWDO
7KHKLVWRULFDO%\UKWQRWKZDVPDGHLQDQHDOGRUPDQ
RI WKH (DVW 6D[RQV LQ (VVH[ ZKLFK GLJQLW\ PDGH KLP WKH
NLQJ¶VGHSXW\LQDOOWKHIXQFWLRQVRIJRYHUQPHQW7KHILJKWKH
ORVWZDV\HWDQRWKHUWUDJLFFRQVHTXHQFHRIWKHZHDNHQLQJDQG
GHFDGHQFH RI WKH $QJOR6D[RQ VWDWH DQG VRFLHW\ XQGHU WKH
LJQRPLQRXVUXOHRI.LQJ(WKHOUHG,,WKH8QUHDG\ULGGOHGZLWK
WUHDFKHU\ DQG EHWUD\DO ZLWK WKH GLYLGHG ORFDO QRELOLW\ RIWHQ
EX\LQJRIIWKHLUVHFXULW\IURPWKHHQHP\
:KLOHWKHPDWLFDOO\WKHSRHPJLYHVKHURLFGLPHQVLRQVWR
WKH H[HPSODU\ YHUEDO DQG SK\VLFDO EHKDYLRXU RI HDOGRUPDQ
%\UKWQRWK DQG SDUW RI KLV UHWLQXH GXULQJ WKH EDWWOH LQ WKHLU
G\LQJ PRPHQWV RULQ WKH PRPHQWV IROORZLQJ WKH HDOGRUPDQ¶V
WUDJLFGHDWKLQFRQWUDVWZLWK2GGD¶V*RGULQF¶VDQG*RGZLJ¶V
FRZDUGO\ UXQQLQJ DZD\ IURP EDWWOH VWUXFWXUDOO\ LW LV PDUNHG
E\ WKH QLQH HQFRXUDJLQJ DQG H[KRUWLQJ VSHHFKHV ERDVWV
GHOLYHUHG E\ VHYHQ GLIIHUHQW VSHDNHUV %\UKWQRWK KLPVHOI
(OIZLQH 2IID /HRIVXQX 'XQQHUH (DGZHDUG WKH /RQJ DQG
%\UKWZROG
7KHSRHPRSHQVZLWK2IID¶VXUJHIRUD\RXQJZDUULRUWR
GLVPRXQW DQG MRLQ WKH RWKHU ILJKWHUV LQ WKLV ZD\ PDNLQJ KLV
NLQVPDQ UHDOL]H WKDW WKH EDWWOH LV JRLQJ WR EH D OLIHDQGGHDWK
RQHDQGQRUHWUHDWIURPLWLVPRUDOO\DFFHSWDEOH
1H[W (DGULF PDNHV WKH ILUVW ³ERDVW´ LQ ZKLFK KH
UHDIILUPV KLV GHYRWLRQ WR ³KLV ORUG´ E\ SURPLVLQJ WR
SURWHFWLYHO\EDWWOHEHVLGHKLP
7R DOO WKLV %\UKWQRWK DQVZHUV E\ D ZKROH GLVSOD\ RI
YHUEDO DQG SK\VLFDO PLOLWDU\ SURZHVV KH ULGHV KLV KRUVH WR
UHYLHZ KLV DUUD\HG ZDUULRUV JLYHV WKHP SUHFLVH WHFKQLFDO DQG
WDFWLFDO LQVWUXFWLRQV DQG KHDUWHQV WKHP ZLWK HQFRXUDJLQJ
ZRUGV+HWKHQJLYHVWKHPDSHUVRQDOH[DPSOHRIFRXUDJHDQG
GLVGDLQ IRU GDQJHU RI GHDWK E\ OLJKWLQJ GRZQ DQG MRLQLQJ KLV
³WUXHVWDQGEHVW´UHWDLQHUV
,Q WKH QH[W PRPHQW D 9LNLQJ KHUDOG VKRZV XS RQ WKH
RWKHUVLGHRIWKHEUDQFKRIWKHULYHUVHSDUDWLQJWKHWZRDUPLHV
DQG³ERDVWIXOO\´WKUHDWHQLQJO\DVNVLQWKHQDPHRIKLVOHDGHU
IRUDUDQVRPRIJROGLQH[FKDQJHIRU³JRRGZLOO´DQG³SHDFH´
%\UKWQRWK¶V DQVZHU LV FRPPHQVXUDWH ZLWK WKH HQHP\¶V
YDLQJORULRXVDWWLWXGH
µ+HDU\RXVHDURYHUZKDWP\SHRSOHVD\"
7KHWULEXWHWKH\¶OOVHQG\RXLVWULEXWHRIVSHDUV
$QFLHQWVZRUGHGJHDQGSRLVRQHGSRLQW
:HDSRQVDYDLOLQJ\RXOLWWOHLQZDU
3LUDWHPHVVHQJHUSXEOLVKWKLVDQVZHU
3URFODLPWR\RXUSHRSOHWLGLQJVPRUHJULP
+HUHVWDQGVQRLJQREOHHRUOZLWKKLVDUP\
*XDUGLQJP\ORUG(WKHOUHG¶VFRXQWU\DQGFRDVW
+LVODQGDQGKLVIRON7KHKHDWKHQVKDOOIDOO
,QWKHFODVKRIEDWWOH7RRVKDPHIXOLWVHHPV
7KDW\RXZLWKRXUWULEXWHVKRXOGWDNHWR\RXUVKLSV
8QIRXJKWZKHQWKXVIDU\RX¶YHLQYDGHGRXUODQG
<RXVKDOOQRWVRHDVLO\WDNHRXUWUHDVXUH
%XWVZRUGHGJHDQGVSHDUSRLQWILUVWVKDOOGHFLGH
7KHJULPSOD\RIEDWWOHHUHWULEXWHLVJUDQWHG¶
)RUTXLWHVRPHWLPHDIWHU%\UKWQRWK¶VSURXGEHOOLJHUDQW
DQVZHUWRWKH9LNLQJV¶UHTXHVWIRUUDQVRPWKHWZRVLGHVILJKW
IURP D GLVWDQFH ZLWK RFFDVLRQDO GHDGO\ ZRXQGV LQIOLFWHG RQ
RQH DQRWKHU E\ DUURZV RU E\ RQHRQH FORVH HQFRXQWHUV DW WKLV
HQGRIWKHFDXVHZD\DFURVVWKHIRUG
7KH QH[W PRPHQW RI WKH EDWWOH LV D PRVW FRQWURYHUVLDO
RQH+LVWRULFDOO\VSHDNLQJVLQFHLWZDVHVVHQWLDOWRWKH(QJOLVK
WKDW WKH GHFLVLYH EDWWOH EH IRXJKW ULJKW WKHQ DQG WKHUH
%\UKWQRWKKDGKLVPHQZLWKGUDZDQGWDNHZKDWKHFRQVLGHUHG
DQDGYDQWDJHRXVSRVLWLRQDWWKHKHDGRIDVORSHWKXVDOORZLQJ
WKH HQHP\ KRUGH WR FURVV WKH VHSDUDWLQJ IRUG E\ ZD\ RI WKH
QDUURZ FDXVHZD\ DW ZDWHU OHYHO 7KLV PRYH SURYHG WR EH DQ
XQLQVSLUHGRQHDQGKHORVWWKHEDWWOHQRWVRPXFKEHFDXVHRI
WDFWLFDO HUURU DV RI LQGHFLVLRQ FRZDUGLFH DQG UXQQLQJDZD\
IURPEDWWOHDPRQJKLVRZQGLYLGHGDUP\
%XW ZKDW WKH DQRQ\PRXV SRHW ZDQWHG WR SRLQW RXW LV
%\UKWQRWK¶VH[HPSODU\EHKDYLRXURIQREO\DFFHSWLQJWKHILJKW
DJDLQVW XQIDYRXUDEOH RGGV UDWKHU WKDQ FRZDUGO\ DYRLG LW
³7KHUHLVDVWURQJHOHPHQWRIKHURLFSULGHLQKLVDFWLRQDQGWKH
0DOGRQ SRHW HPSKDVL]HV WKLV GLPHQVLRQ 7KH ZRUG WKDW KH
XVHV WR FKDUDFWHUL]H LW ± RIHUPRG ± LV JHQHUDOO\ WUDQVODWHG
³UDVKQHVV´ EXW LW PRUH OLNHO\ PHDQV ³PDJQDQLPLW\´ QREOH
ZDUULRU¶VSULGHVFRUQLQJH[SHGLHQF\UHO\LQJRQIDWHDQGIRUFH
RIDUPVWRVHWWOHWKHPDWWHU7KHSRHPLVLQGHHGIURPILUVWWR
ODVW D SUHVHQWDWLRQ WKH PRVW ULFKO\ FRPSDFW DQG VWULNLQJ LQ
$QJOR6D[RQ OLWHUDWXUH RI WKH KHURLF LGHDO RI WKH *HUPDQLF
SHRSOHV DQG LWV LPSOLFDWLRQV WKH DFFHSWDQFH E\ WKH OHVVHU
QRELOLW\ RI WKH REOLJDWLRQ RI VHUYLFH WR WKH ORUG ZKRVH
UHVSRQVLELOLW\ LW ZDV WR SURYLGH WKH PDWHULDOV RI FRPEDW
JHQHURXV JLIWV RI FORWKLQJ RUQDPHQW DQG SURSHUW\
HQWHUWDLQPHQWDQGSURWHFWLRQLQUHWXUQIRUXQIOLQFKLQJVHUYLFH
LQSHDFHDQGZDU,QWKLVFRGHGHIHDWZDVVKDPHHYHQWKRXJK
LW KDG LQYROYHG QR GUDZLQJ EDFN FRZDUGLFH FRQVHTXHQWO\
ZDVDQDERPLQDWLRQ,WLVSHUIHFWO\VXPPHGXSLQWKHZRUGVRI
%\UKWZROGDWWKHHQGRIWKHSRHP
+HDUWPXVWEHEUDYHUFRXUDJHWKHEROGHU
0RRGWKHVWRXWHUDVRXUVWUHQJWKJURZVOHVV´
7UDSS
7KH DFWXDO EDWWOH LV JLYHQ P\WKLFDO GLPHQVLRQV EHLQJ
GHVFULEHG LQ WHUPV RI WKH DQFLHQW WUDJHG\ DQG HSLF 'RRPHG
PHQ PXVW IDOO $ GLQ DURVH5DYHQ DQG HDJOH ZHUH HDJHU IRU
FDUQDJH7KHUHZDVXSURDURQHDUWK«7KHUHZDV
VODXJKWHURQHDUWK
:DUULRUV IDOO RQ ERWK VLGHV ZLWK WKH \RXQJ RQHV
WUDJLFDOO\ ³FKRRVLQJ WKH VODXJKWHU EHG´ LQVWHDG RI DQ
DOOXGHG QXSWLDO EHG ZKLFK ZRXOG KDYH DZDLWHG WKHP LQ WLPHV
RISHDFH
7KH FUXFLDO PRPHQW RI WKH EDWWOH LV UHSUHVHQWHG E\ WKH
ZRXQGLQJRI%\UKWQRWKFDXVHGE\D³VRXWKHUQVSHDU´FDVWE\D
³VKLSPDQ´ 7KH DQRQ\PRXV SRHW LV YHU\ H[SOLFLW DW WKLV
PRPHQW DERXW WKH KHURLF VWDQG RI (DOGRUPDQ %\UKWQRWK
ILJKWLQJRQIRRWDQGHQJDJLQJWKHHQHP\LQFORVHFRPEDWDQG
WKHFRZDUGO\ZD\KHLVKLWIURPDGLVWDQFHE\WKH9LNLQJIRH
ZLWK D ³VRXWKHUQ VSHDU´ ZKLFK VXEWO\ DOOXGHV ERWK WR WKH
DOOHJHG VXSHULRU FUDIWVPDQVKLS RI WKH VRXWKHUQ SHRSOH WKH
$QJOR6D[RQV HVSHFLDOO\ EXW DOVR WR WKH LGHD RI EHWUD\DO E\
RQH¶VRZQNLWKDQGNLQ
%\UKWQRWKUHWDOLDWHVYDOLDQWO\DQGGULYHVKLVGDUWWKURXJK
³WKHSLUDWH¶VWKURDW´NLOOLQJKLP,QVSLWHRIKLVZRXQGKHWKHQ
DVVXPHV D FKHHUIXO PRRG LQ RUGHU WR PRUDOO\ VXVWDLQ KLV
ZDUULRUV ZKLOH WKDQNLQJ *RG IRU KLV KHOS LQ EDWWOH $QRWKHU
IO\LQJ VSHDU SLHUFHV WKURXJK %\UKWQRWK¶V VLGH DQG DIWHU VRPH
PRUH ILHUFH VZRUG ILJKWLQJ ZLWK VHYHUDO HQHPLHV KH LV QR
ORQJHUDEOHWRKROGDQGZLHOGKLVJROGKLOWHGVZRUG
+LV ODVW ZRUGV WR KLV PHQ EHIRUH G\LQJ DUH ZRUGV RI
HQFRXUDJHPHQW IRU EUDYH FRQGXFW LQ EDWWOH ZKLOH WKRVH
DGGUHVVHG WR *RG DUH SURRI RI KLV &KULVWLDQ LQQHU EHLQJ KH
GXWLIXOO\WKDQNVWKHGLYLQLW\IRUWKHHDUWKO\MR\VKHKDVKDGDQG
DVNVIRUHWHUQDOSHDFHLQWKHKHDYHQO\NLQJGRPDZD\IURPWKH
ILHQGVRIKHOO
2QFHPRUHKHVSRNH
7KHDJHGUXOHUUDOOLHGKLVPHQ
%DGHWKHPJRIRUZDUGDQGEHDUWKHPZHOO
1RPRUHFRXOGKHVWDQGILUPRQKLVIHHW
%XWKHORRNHGWRKHDYHQ«
µ,JLYH7KHHWKDQNV2*RGRIPHQ
)RUDOOWKHMR\V,KDYHKDGRQHDUWK
2/RUGRIPHUF\,KDYHPRVWQHHG
7KDWQRZ7KRXZLOWJUDQWPHJRRGWRP\VRXO
7KDWP\VSLULWPD\FRPHLQWR7K\NLQJGRP
23ULQFHRIDQJHOVGHSDUWLQJLQSHDFH
,QWR7K\SRZHU7R7KHH,SUD\
1RILHQGRIKHOOPD\KDYHKROGXSRQPH¶
$IWHU%\UKWQRWK¶VGHDWKWKLQJVJRIURPEDGWRZRUVHIRU
KLV VXUYLYLQJ ZDUULRUV )LUVW ³WKH VRQV RI 2GGD´ UXQ DZD\
IURP EDWWOH IRUJHWWLQJ WKHLU ³EUDYH ERDVWV´ RI DOOHJLDQFH DQG
OR\DOW\ WR WKHLU ORUG *RGULF RQH RI WKHP ULGHV DZD\ RQ
%\UKWQRWK¶V RZQ KRUVH DFFRPSDQLHG E\ KLV WZR EURWKHUV
*RGULQFDQG*RGZLJFDXVLQJSDQLFDQGFRQIXVLRQDPRQJWKH
$QJOR6D[RQ ZDUULRUV ZKR IRU D PRPHQW KDYH WKH ZURQJ
LPSUHVVLRQWKDWWKHLUOHDGHULVFRZDUGO\OHDYLQJWKHPEHKLQG
,QWKHIROORZLQJPRPHQWVLQVSLWHRI(OIULF¶V(OIZLQH¶V
2IID¶V/HRIVXQH¶VHWF³ERDVWV´DQGSHUVRQDODFWVRIFRXUDJH
XUJLQJ WKH UHPDLQLQJ $QJOR6D[RQV ZDUULRUV ³WR FRPEDW
ZKLOH KDQG PD\ EHDU*RRG VZRUG DQG VSHDU «´
WKH\IDOORQHDIWHUWKHRWKHUQRWEHIRUHWKH\KDYHDYHQJHGWKH
GHDWKRIWKHLU³JUDFLRXVORUG´E\GRLQJDORWRINLOOLQJDPRQJ
WKH'DQHV
7KH HQG RI WKH SRHP VKRZV D PRUDOO\ UHERUQ *RGULF
ZKRUHWXUQHGWRWKHEDWWOHILHOGDWRQHVIRUKLVPRPHQWVRIIHDU
DQG ZHDNQHVV E\ G\LQJ D KHURLF GHDWK DIWHU D ILHUFH XQHTXDO
ILJKWZLWKWKH9LNLQJKRUGH
/LNH%HRZXOI¶V(DOGRUPDQ%\UKWQRWK¶VPRUDOSRUWUDLWLV
GUDZQ E\ WKH XVH RI QXPHURXV PHWDSKRULFDO FRPSRXQGV
NHQQLQJV ³7KH ORUG´ ³%\UKWKHOP¶V VRQ´ ³WKH
EDWWOH KDUG´ ³WKH ORUG RI ZDUULRUV´ ³WKH SURXG
PDQ´ ³(WKHOUHG¶V SULQFHO\ WKDQH´ DQG ILQDOO\
³WKHDJHGUXOHU´
)URPDQDUWLVWLFSRLQWRIYLHZWKHSRHPGLVSOD\VPDQ\
RIWKHFKDUDFWHULVWLFVRIDOOKHURLFSRHWU\FRQFHQWUDWLRQRQWKH
WKHPH LQ TXHVWLRQ LH KRQRXU DQG OR\DOW\ DV RSSRVHG WR
GLVKRQRXUDQGWUHDFKHU\LQDKHURLFDJHWKHSUHVHQWDWLRQRIWKH
KHURE\H[HPSODU\IHDWVRIGDULQJDQGJHQHURVLW\LQOLIHDQGLQ
GHDWK WKH QRVWDOJLF FRPSDULVRQ RI D GHFD\LQJ SUHVHQW ZLWK D
PRUHJORULRXVSDVW
7KH VW\OH LV FKDUDFWHUL]HG E\ ³D ULJRURXV UHVWUDLQW LQ
ODQJXDJH DQG LQ LQFLGHQW &RQFHQWUDWLRQ DQG VHYHULW\ DUH WKH
NH\QRWHVRIWKHVW\OHDQGDGHOLEHUDWHDYRLGDQFHRIULFKQHVVLQ
YRFDEXODU\DQGUKHWRULF7KHEDWWOHUHVROYHVLWVHOILQWRDVHULHV
RI IRUPDO H[FKDQJHV RI LQVXOWV IROORZHG E\ GHVFULSWLRQV RI
VLQJOHFRPEDW1RZKHUHLQWKHZKROHFRUSXVRI$QJOR6D[RQ
SRHWU\LVWKHUHVXFKDFRPSOHWHDQGVDWLVI\LQJDUWLVWLFVXFFHVV´
7UDSSLGHP
-RKQ+LOORI861DYDO$FDGHP\KDVDGLIIHUHQW
YLHZ IURP WKH WUDGLWLRQDO DSSURDFK WR $QJOR6D[RQ KHURLF
VWRU\ DV WKH HPERGLPHQW RI FRQYHQWLRQDO YLUWXHV JHQHURVLW\
EUDYHU\ ERDVWLQJ REOLJDWLRQV WR NLQ DQG ORUG DQG FRQIOLFWV
RI OR\DOW\ +H GHFODUHV KLV D FRQWUDU\ YLHZ VWUHVVLQJ ³WKH
SROLWLFDOQDWXUHRIWKRVHVWRULHV±ZKHWKHULQSURVHRUSRHWU\±
DQGDUJXHVHVVHQWLDOO\IRUWKHUHIRUPDWLRQRIWUDGLWLRQDOFRGHV
DQG REOLJDWLRQV´ 7KDW UHIRUPDWLRQ KDV ³WKH VWUHQJWKHQLQJ RI
ORUGVKLS DQG XOWLPDWHO\ RI NLQJVKLS LQ PLQG´ DQG KH DOVR
FRQVLGHUVWKDW³WKHUHVKDSLQJRIWUDGLWLRQDOFRGHVEHJLQVLQWKH
OLWHUDU\ UHFRUG GXULQJ WKH SHULRG RI $OIUHG¶V IDWKHU DQG
JUDQGIDWKHU HDUO\ WR PLGHLJKWK FHQWXU\ DQG FRQWLQXHV GRZQ
WRWKHHQGRIWKHHOHYHQWKFHQWXU\´
)XUWKHURQLQKLVVWXG\-RKQ+LOOTXRWHVKLPVHOIZLWKKLV
QHZ VWXG\ 7KH $QJOR6D[RQ :DUULRU (WKLF
5HFRQVWUXFWLQJ/RUGVKLSLQ(DUO\(QJOLVK/LWHUDWXUHLQZKLFK
KH HQXPHUDWHV ZKDW KH FDOOV ³WKH PDMRU DUHDV IRU SROLWLFDO
UHIRUP´DVIROORZV
D NLQVKLSWLHVDQGREOLJDWLRQVHVSHFLDOO\UHJDUGLQJWKHIHXG
E WKH WUDQVIHUDEOH QDWXUH RI UHWDLQHU OR\DOW\ WKDW RQH PLJKW
OHDYHWKHVHUYLFHRIDSDUWLFXODUORUGDQGVHHNVHUYLFHZLWK
DQRWKHU
F WKHSRWHQWLDOO\DXWRQRPRXVQDWXUHRIZDUULRUKRRG
G WKHQDWXUHDQGZHLJKWILUVWRIORUGVKLSWKHQRINLQJVKLS
&RQVHTXHQWO\ LQ +LOO¶V RZQ RSLQLRQ VXFK SROLWLFDO
UHIRUPDWLRQLPSOLHVGLPLQLVKLQJWKHGHPDQGLQJUROHRINLQVKLS
DV ZHOO DV WKH HOLPLQDWLRQ RI WKH SRVVLELOLW\ RI D IUHH ZDUULRU
OLIH³DVUHIOHFWHGLQ%HRZXOIERWKLQWKHDOOXVLRQWRDURYLQJ
OHJHQGDU\ 6LJHPXQG DORQJ ZLWK )LWHOD KLV QHSKHZ DQG LQ
%HRZXOI¶VIUHHGRPWRDFWLQGHSHQGHQWO\RI+\JHODF¶VZLVKHV
$QG LW UHTXLUHV D UHGLILQLQJ RI ORUGVKLS WR ERWK OR\DOW\ DQG
NLQJVKLS$FFRUGLQJO\WKHSODFHVRIKRQRUDQGJORU\DV ZHOO
DVWKHIRFXVRIUHYHQJHVKLIW+RQRUDQGJORU\EHFRPHOHVVWKH
FRQFHUQV RI WKH LQGHSHQGHQW NLQVKLSREOLJDWHG SURYLVLRQDOO\
DIILOLDWHG LQGLYLGXDO ± WKLV UHJDUGLQJ WKH ZDUEDQG± DQG PRUH
WKRVHRIDJUHDWORUG¶VDEVROXWHO\OR\DOUHWDLQHU´
$V DJDLQ FRPSDUHG WR %HRZXOI ODWHU RQ 7KH %DWWOH RI
0DOGRQ LV VHHQ E\ +LOO DV PXFK PRUH SROHPLFDO LQ WKDW LW
SROLWLFDOO\ DSSURSULDWHV KHURLF IRUPXODH DQG WKHPHV E\
RIIHULQJ DUJXPHQWV UHJDUGLQJ HQWLUHO\ MXVWLILHG YLROHQFH
VHUYLQJWKHIROORZLQJSURFHVVHV
WKH GHILQLQJ DQG DVVHUWLQJ RI VDFURVDQFW ORUGVKLS DQG
NLQJVKLS
WKH HUHFWLQJ RI D P\WKRORJLFDOO\ OHJLVODWLYHO\
JHQHDORJLFDOO\DQGHFFOHVLDVWLFDOO\LQFOXVLYHNLQJVKLS
RUHOVHWKHGUDPDWLFVSHHFKHQQREOHGVKDSLQJRIWKDWMHZHO
LQ WKH FURZQ RI WULXPSKDQW ORUGVKLS ± WKH LGHDO RI
WUDQVFHQGHQWVDFULILFLDOUHWDLQHUOR\DOW\
7KLV QHZ LGHRORJ\ RI WULXPSKDQW ORUGVKLS LPSRVLQJ D
QHZ LGHRORJ\ RI UHWDLQHUVKLS LV QRWLFHDEOH LQ %\UKWQRWK¶V
EDWWOHILHOGDFWLRQVDQGPRUHRUOHVVJURXQGHGPRWLYHVIRUWKHP
LQ WKH PRPHQWV IROORZLQJ KLV GHDWK ZLWK KLV OR\DO UHWDLQHUV
VXFFHVVIXOO\ UHRUGHULQJ DQG UHGHILQLQJ WKHPVHOYHV LQ D JURXS
HIIRUW DORQJVLGH WULXPSKDQW ORUGVKLS 6HHLQJ WKHLU ORUG
%\UKWQRWKGHDGVXUURXQGHGE\WKHOR\DOGHDGWKHUHPDLQLQJ
UHWDLQHUVZLOOUHJURXSXQGHUDQHZGHILQLWLRQRIOR\DOW\
2IIDVSRNHDQGEUDQGLVKHGKLVDVKVSHDU
µ1RZKDVWWKRXOIZLQHKHDUWHQHGXVDOO
,QWKHKRXURIQHHG1RZRXUORUGOLHVGHDG
2XUHRUORQHDUWKWKHUHLVQHHGWKDWZHDOO
(DFKRIXVKHUHHPEROGHQWKHRWKHUV
:DUULRUVWRFRPEDWZKLOHKDQGPD\EHDU
*RRGVZRUGDQGVSHDUDQGKROGKDUGEODGH
7KLVVQHDNLQJ*RGULF2GGD¶VVRQ
+DVEHWUD\HGXVDOOIRUZKHQKHURGHRII
6LWWLQJRQKRUVHRQRXUORUG¶VSURXGVWHHG
0DQ\PHQZHHQHGWKDWLWZDVRXUORUG
2QWKHILHOGRIIDWHQRZWKHIRONLVGLYLGHG
7KHVKLHOGKHGJHLVVKDWWHUHGFXUVHGEHKLVGHHG
7KDW KH FDXVHG VR PDQ\ WR IOHH IURP WKH ILJKW¶
««««««««««««««««««
$QG*RGULFWREDWWOHKHDUWHQHGWKHPDOO
WKHOJDU¶VVRQKXUOHGPDQ\DVSHDU
$WWKH9LNLQJKRUGH)LUVWLQWKHIURQW
+HKDFNHGDQGKHZHGWLOOKHIHOOLQWKHVODXJKWHU
+H ZDV QRW WKH *RGULF ZKR IOHG IURP WKH ILJKW
7+(%$77/(2)0$/'21"(QGRIWKFHQWXU\
«ZDVEURNHQ
+HEDGHDZDUULRUDEDQGRQKLVKRUVH
$QGKXUU\IRUZDUGWRMRLQWKHILJKWHUV
7DNHWKRXJKWWRKLVKDQGVDQGDVWRXWKHDUW
7KHQ2IID¶VNLQVPDQNQHZWKDWWKHHRUO
:RXOGQHYHUVXIIHUZHDNQHVVRUIHDU
$QGKHOHWIURPKDQGKLVEHORYHGKDZN
)O\WRWKHIRUHVWDQGPDGHKDVWHWRWKHIURQW
%\ZKLFKRQHFRXOGNQRZWKHODGZRXOGQHYHU
(DGULF DQRWKHU RI %\UKWQRWK¶V IROORZHUV UHVROYH >T+¥\nNX@ Q IL[HG
SXUSRVHRULQWHQWLRQILUPGHWHUPLQDWLRQWKHVSRWWKH\KDGEHHQGUDZQ
XSDWWKHKHDGRIDVORSHLQDSRVLWLRQRIDGYDQWDJHDULJKW=¥TC+V?DGY
LQDULJKWZD\FRUUHFWO\ULJKWO\ PXVWHU=¥O¡UV?YWWRDVVHPEOHRU
VXPPRQWURRSVDVIRULQVSHFWLRQUROOFDOORUVHUYLFHOLJKW=NC+V?YL
1RZ 'LDO WR JHW GRZQ IURP D KRUVH GLVPRXQW OLNHG KLP ZHOO
VHHPHGJRRGWRKLPUHWDLQHUVKHRUWKZHURGRUFRPLWDWXVWKHSLFNHG
PHQ RI %\UKWQRWK¶V RZQ KRXVHKROG ZKR QHHG QR LQVWUXFWLRQV IURP
%\UKWQRWK XQOLNH WKH I\UG WKH WURRSV DVVHPEOHG ORFDOO\ VWUDQG
=UVT3PF?QODQGDWWKHHGJHRIDERG\RIZDWHU VKRUHHVSRFHDQVKRUH
ERDVWIXOO\DGYUDWKHU³WKUHDWHQLQJO\´KXUO=JÖN?YWWRWKURZRU
IOLQJZLWKIRUFHRUYLROHQFHWRXWWHUYHKHPHQWO\UDQVRP=¥T3PUO?Q
WKH UHGHHPLQJ RU UHOHDVH RI D FDSWLYH RU RI VHL]HG SURSHUW\ E\ SD\LQJ
PRQH\RUFRPSO\LQJZLWKRWKHUGHPDQGV
,I\RXZLOODJUHHZKRDUHJUHDWHVWKHUH
7RUDQVRP\RXUSHRSOHDQGSURPLVHWRSD\
2QWKHLURZQWHUPVXQWRWKHVKLSPHQ
*ROGIRUJRRGZLOODQGKDYHSHDFHDWRXUKDQGV
:HZLWKWKHWUHDVXUHZLOOWDNHWRRXUVKLSV
3XWWRVHDDQGREVHUYHWKHSHDFH¶
%\UKWQRWKDGGUHVVHGKLPEUDQGLVKHG KLVVKLHOG
6KRRNSOLDQWDVKVSHDUVSHDNLQJZLWKZRUGV
(QUDJHGDQGUHVROXWHJDYHKLPDQVZHU
µ+HDU\RXVHDURYHUZKDWP\SHRSOHVD\"
7KHWULEXWHWKH\¶OOVHQG\RXLVWULEXWHRIVSHDUV
$QFLHQWVZRUGHGJHDQGSRLVRQHGSRLQW
:HDSRQVDYDLOLQJ\RXOLWWOHLQZDU
3LUDWHPHVVHQJHUSXEOLVKWKLVDQVZHU
3URFODLPWR\RXUSHRSOHWLGLQJVPRUHJULP
+HUHVWDQGVQRLJQREOHHRUOZLWKKLVDUP\
*XDUGLQJP\ORUG(WKHOUHG¶V FRXQWU\DQGFRDVW
+LVODQGDQGKLVIRON7KHKHDWKHQVKDOOIDOO
,QWKHFODVKRIEDWWOH7RRVKDPHIXOLWVHHPV
7KDW\RXZLWKRXUWULEXWHVKRXOGWDNHWR\RXUVKLSV
8QIRXJKWZKHQWKXVIDU\RX¶YHLQYDGHGRXUODQG
<RXVKDOOQRWVRHDVLO\WDNHRXUWUHDVXUH
%XWVZRUGHGJHDQGVSHDUSRLQWILUVWVKDOOGHFLGH
7KHJULPSOD\RIEDWWOHHUHWULEXWHLVJUDQWHG¶
7KHQKHEDGHEHDUEXFNOHUZDUULRUVDGYDQFH
$QGIRUPWKHLUUDQNVRQWKHULYHU¶VHGJH
1RW\HWIRUWKHWLGHFRXOGHLWKHUDWWDFN
7KHIORRGWLGHZDVIORZLQJDIWHUWKHHEE
EUDQGLVKHG³UDLVHG´WRFDOOIRUVLOHQFHZKLOHIRUPDOUHSO\LVPDGH
SOLDQW =¥RNC+PV?ҏ DGM HDVLO\ EHQW SOLDEOH URYHU
=¥TWX?Q$UFKDLFDSLUDWHDYDLO=¥XGKN?YLYWWREHRIXVHKHOS
ZRUWK RU DGYDQWDJH WR DV LQ DFFRPSOLVKLQJ DQ HQG WLGLQJV
=¥VCKFK0\?QSOQHZVLQIRUPDWLRQLJQREOH=KI¥PWDN?DGMQRWQREOH
LQ ELUWK RU SRVLWLRQ RI WKH FRPPRQ SHRSOH QRW QREOH LQ FKDUDFWHU RU
TXDOLW\GLVKRQRXUDEOHEDVHPHDQWKHOUHG¶VNLQJ(WKHOUHG,,WKH
8QUHDG\IORRG=HN¡F?QDQRYHUIORZLQJRIZDWHURQDQDUHDQRUPDOO\
GU\ LQXQGDWLRQ GHOXJH $UFKDLF ZDWHU DV RSSRVHG WR ODQG D ODUJH
ERG\RIZDWHUDVDVHDRUEURDGULYHUHEE=GD?QWKHIORZRIZDWHU
EDFNWRZDUGWKHVHDDVWKHWLGHIDOOV
$QGWKHFXUUHQWVORFNHG7RRORQJLWVHHPHG
7LOOPHQWREDWWOHPLJKWEHDUWKHLUVSHDUV
1HDU3DQWD5LYHULQSURXGDUUD\
6WRRGWKH(DVW6D[RQKRVWDQGWKH9LNLQJKRUGH
1RUFRXOGHLWKHUDUP\GRKDUPWRWKHRWKHU
([FHSWZKRWKURXJKDUURZIOLJKWIRXQGKLVGHDWK
7KHQWKHIORRGWLGHHEEHGWKHUDLGHUVVWRRGUHDG\
7KHSLUDWHDUP\HDJHUIRUZDU
7KHORUGFRPPDQGHGDZDUKDUGHQHGPDQ
7RGHIHQGWKHIRUG:XOIVWDQKLVQDPH
%UDYHDPRQJNLQVPHQ&HROD¶VVRQ
+HZRXQGHGZLWKZHDSRQWKHIRUHPRVWPDQ
:KRILUVWWKHUHILHUFHO\VHWIRRWRQWKHIRUG
$W:XOIVWDQ¶VVKRXOGHUVWRRGIHDUOHVVILJKWHUV
(OIHUHDQG0DFFXVDPLJKW\SDLU
1HYHUZRXOGVXFKWDNHIOLJKWDWWKHIRUG
%XWWKH\EUDYHO\GHIHQGHGDJDLQVWWKHIRH
:KDWWLPHWKH\ZHUHDEOHWRZLHOGWKHLUZHDSRQV
:KHQWKHSLUDWHVSHUFHLYHGDQGFOHDUO\VDZ
7KDWWKH\KDGEHHQPHWE\ELWWHUEULGJHZDUGHQV
7KH9LNLQJVKLSPHQEHJDQWRGLVVHPEOH
$VNHGIRUSHUPLVVLRQWRPDNHDSSURDFK
7RIDUHRYHUIRUGDQGWDNHWKHLUWURRSV
,WZDVWKHQWKHHRUOGLVGDLQIXOO\JUDQWHG
7RRPXFKJURXQGWRWKHKRVWLOHKRVW
$FURVVFROGZDWHU%\UKWKHOP¶VVRQ
6KRXWHGUHSO\DQGWKHVKLSPHQKHDUNHQHG
ORFNHGLHWKHWLGHFDPHXSWKHHVWXDU\WRPHHWWKHFXUUHQWRIWKHULYHU
3DQWD 5LYHU WKH %ODFNZDWHU 5LYHU DUUD\ =¥TGK? Q DQ RUGHUO\
JURXSLQJRUDUUDQJHPHQWHVSRIWURRSV(DVW6D[RQKRVWWKHPHQRI
(VVH[ KRUGH =JnÖF?Q DQ\ ZDQGHULQJ WULEH RU JURXS UDLG
=TGKF?QDVXGGHQKRVWLOHDWWDFNHVSE\WURRSVPLOLWDU\DLUFUDIWHWFRU
E\DUPHGXVXDOO\PRXQWHGEDQGLWVLQWHQWRQORRWLQJQUDLGHUIRUG
=HnÖF?Q D VKDOORZSODFH LQ D VWUHDP ULYHU HWF ZKHUH RQH FDQ FURVVE\
ZDGLQJRUE\ULGLQJRQKRUVHEDFNLQDQDXWRPRELOHHWF:XOIVWDQD
UHODWLYH RI %\UKWQRWK¶V D ORFDO PDQ ZHDSRQ OLW VSHDU
HW\PRORJLFDOO\ )UDQNLVK VSHDU EDUEHG DQG ORQJ KHDGHG ZDUGHQ
=¥YnÖFP?QDSHUVRQZKRJXDUGVRUKDVFKDUJHRIVRPHWKLQJ$UFKDLFD
JDWHNHHSHU RU ZDWFKPDQ FROG GLUH EDOHIXO %\UKWKHOP¶V
%\UKWQRWK¶V IDWKHU KHDUNHQ =J#ÖMP? YL WR JLYH FDUHIXO DWWHQWLRQ
OLVWHQFDUHIXOO\YW$UFKDLFWRKHHGKHDU
µ1RZZD\LVPDGHRSHQFRPHTXLFNO\WRXV
:DUULRUVWRWKHRQVHW *RGRQO\NQRZV
:KRVKDOOKROGVZD\RQWKHILHOGRIVODXJKWHU¶
7KHZDUZROYHVDGYDQFHGKHHGHGQRWZDWHU
:HVWDFURVV3DQWDWKH9LNLQJKRVW
2YHUVKLQLQJZDWHUFDUULHGWKHLUVKLHOGV
$PRQJKLVZDUULRUV%\UKWQRWKVWRRGEROG
$JDLQVWWKHJULPIRHEDGHIRUPZLWKVKLHOGV
7KHZDUKHGJHIRUEDWWOHKROGILUPWKHIRON
$JDLQVWWKHIRHPHQ7KHQILJKWLQJZDVQHDU
+RQRXULQEDWWOH7KHKRXUZDVFRPH
'RRPHGPHQPXVWIDOO$GLQ DURVH
5DYHQDQGHDJOHZHUHHDJHUIRUFDUQDJH
7KHUHZDVXSURDURQHDUWK0HQOHWIURPWKHLUKDQGV
)LOHKDUGGDUWVDQGVKDUSVSHDUVIO\
%RZVZHUHEXV\VKLHOGVWRSSHGSRLQW
%LWWHUZDVWKHEDWWOHUXVK:DUULRUVIHOO
,QERWKWKHDUPLHV<RXQJPHQOD\GHDG
:XOIP UZDVZRXQGHG%\UKWQRWK¶VNLQ
+LVVLVWHU¶VVRQZDVVDYDJHO\EXWFKHUHG
&KRRVLQJWKHVODXJKWHUEHGVODLQZLWKWKHVZRUG
7KHQWRWKHVHDPHQUHTXLWDOZDVPDGH
,KDYHKHDUGWKDW(DGZHDUGVOHZRQHZLWKVZRUG
RQVHW=¥nPUGV?QDQDWWDFNDVVDXOWDEHJLQQLQJVWDUWKROGVZD\
$UFKDLF ZLWKVWDQG WR NHHS FRQWURO RI WKH EDWWOH VODXJKWHU
=¥UNnÖV?Q WKH NLOOLQJ RI D KXPDQ EHLQJ HVS LQ D EUXWDO PDQQHU WKH
NLOOLQJ RI SHRSOH LQ ODUJH QXPEHUV DV LQ EDWWOH KHHG =JKÖF?YW WR
SD\FORVHDWWHQWLRQWRWDNHFDUHIXOQRWLFHRIZDUKHGJH>¥YnÖJGF<?
DFORVHGHIHQVLYHIRUPDWLRQDZDOORIVKLHOGVWKHIURQWUDQNZLWKVKLHOGV
RYHUODSSLQJ LQ IURQW RI WKHLU ERGLHV WKH UDQN EHKLQG KROGLQJ VKLHOGV
DERYHWKHLUKHDGVWRSURWHFWERWKWKHPVHOYHVDQGWKHILUVWUDQNGLQ
=FKP? Q D ORXG FRQWLQXRXV QRLVH FRQIXVHG FODPRXU RU XSURDU
FDUQDJH =¥M#ÖPKF<? Q EORRG\ DQG H[WHQVLYH VODXJKWHU HVS LQ EDWWOH
PDVVDFUH EORRGVKHG XSURDU =¥¡RTnÖ? Q YLROHQW GLVWXUEDQFH RU
FRPPRWLRQ HVS RQH DFFRPSDQLHG E\ ORXG FRQIXVHG QRLVH DV RI
VKRXWLQJWXPXOWILOHKDUGWKHILOHZDVXVHGWRWHVWWKHWHPSHURIWKH
EODGH GDUW =F#ÖV? Q D VPDOO VKDUSSRLQWHG VOHQGHU PLVVLOH WKDW LV
SURSHOOHGE\KDQG:XOIP U«VLVWHU¶VVRQWKHERQGEHWZHHQDPDQ
DQG KLV VLVWHU¶V VRQ ZDV HVSHFLDOO\ FORVH LQ *HUPDQLF VRFLHW\
UHTXLWDO=TK¥MYCKVN?QDUHTXLWLQJRUEHLQJUHTXLWHGVRPHWKLQJJLYHQRU
GRQH LQ UHWXUQ UHSD\PHQW UHZDUG UHWDOLDWLRQ RU FRPSHQVDWLRQ
(DGZHDUGSUREDEO\WKHVDPHDV(DGZHDUGWKH/RQJ
:LWKKHOGQRWWKHEORZWKHIDWHGILJKWHU
)HOODWKLVIHHW$QGIRUWKDWWKHSULQFH
7KDQNHGKLVUHWDLQHUZKHQODWHUZDVWLPH
6RUHVLVWHGWKHVWRXWRIKHDUW
<RXQJPHQLQEDWWOHEROGO\VWURYH
:KRILUVWZLWKVSHDUZDUULRUZLWKZHDSRQ
&RXOGYLVLWGHDWKRQOLIHWKDWZDVGRRPHG
7KHUHZDVVODXJKWHURQHDUWKVWHDGIDVWWKH\VWRRG
$QG%\UKWQRWKKHDUWHQHGWKHPELGGLQJHDFKPDQ
7DNHWKRXJKWWRWKHZDUZKRZRXOGZLQIURPWKH'DQHV
7KHEDWWOHKDUGEUDQGLVKHGKLVZHDSRQIRUZDU
+LVVKLHOGIRUGHIHQVHDQGVWRUPHGDWWKHIRH
(YHQVREROGZHQWHRUODJDLQVWFKXUO
%RWKSURSRVHGHYLOHDFKIRUWKHRWKHU
7KHQWKHVKLSPDQFDVWDVRXWKHUQVSHDU
$QGWKHORUGRIZDUULRUVVXIIHUHGDZRXQG
+HWKUXVWZLWKKLVVKLHOGVRWKHVKDIWZDVVKDWWHUHG
7KHODQFHZDVEURNHQWKHSDUWVIHOOEDFN
7KHSULQFHZDVDQJHUHGKHVWXQJZLWKKLVVSHDU
7KHDUURJDQW9LNLQJZKRJDYHKLPWKHZRXQG
+HIRXJKWZLWKVNLOOGULYLQJKLVGDUW
7KURXJKWKHSLUDWH¶VWKURDWKHWKUXVWZLWKKDQG
6RKHWRXFKHGWKHOLIHRIWKHVDYDJHIRH
7KHQPRVWTXLFNO\KHFDVWDQRWKHU
$QGWKHE\UQ\EXUVW+HZDVZRXQGHGLQEUHDVW
7KURXJKKLVZRYHQPDLODQGWKHSRLVRQHGSRLQW
%LWDWKLVKHDUW7KHHRUOZDVWKHEOLWKHU
IDWHG =¥HGKVKF? DGM RUGDLQHG RU GHWHUPLQHG E\ IDWH GHVWLQHG
GHVWLQHGWRGHVWUXFWLRQGRRPHGUHWDLQHU=TK¥VGKP?QDSHUVRQRU
WKLQJ WKDW UHWDLQV D SHUVRQ VHUYLQJ DQRWKHU HVS VRPHRQH RI UDQN
VHUYDQWDWWHQGDQWVWULYH=UVTCKX?VWURYH>UVTWX@VWULYHQ>¥UVT+XP@
YL WR PDNH JUHDW HIIRUWV WU\ YHU\ KDUG VWHDGIDVW =¥UVGFHUV? DGM
ILUP IL[HG VHWWOHG RU HVWDEOLVKHG QRW FKDQJLQJ ILFNOH RU ZDYHULQJ
FRQVWDQWZLQZLQJORU\FKXUO=V5ÖN?QFHRUODIDUPODERXUHU
SHDVDQW D VXUO\ LOOEUHG SHUVRQ ERRU HRUO«FKXUO D SRHWLF IRUPXOD
QREOHDJDLQVWEDVHVRXWKHUQVSHDUDVSHDUPDGHLQDFRXQWU\VRXWK
RIWKH9LNLQJODQGVLQ(QJODQGRU)UDQFHVXFKZHDSRQVVHHPWRKDYH
EHHQKLJKO\SUL]HGWKUXVW%\UKWQRWKVZHSWWKHVSHDUDVLGHZLWKKLV
VKLHOGIURPWKHSRLQWZKHUHLWKDGVWUXFNKLPDQGEURNHLWLQWRSLHFHV
E\UQ\>¥DÖPK?QVKLUWRIULQJPDLOEOLWKH=DNCK&?DGMVKRZLQJD
JD\FKHHUIXOGLVSRVLWLRQFDUHIUHH
7KHSURXGPDQODXJKHGJDYHWKDQNVWR*RG
)RUWKDWGD\¶VZRUNZKLFKWKHORUGKDGJUDQWHG
%XWRQHRIWKHVKLSPHQKXUOHGIURPKLVKDQG
$IO\LQJVSHDUDQGWKHVSHHGLQJGDUW
3LHUFHGWKURXJK(WKHOUHG¶VSULQFHO\WKDQH
$VWULSOLQJODGVWRRGDWKLVVKRXOGHU
$ER\LQWKHEDWWOHZKREUDYHO\GUHZ
7KHEORRG\VSHDUIURPWKHZDUULRU¶VVLGH
:XOP UWKH\RXWKIXO:XOIVWDQ¶VVRQ
%DFNKHKXUOHGWKHEDWWOHKDUGGDUW
7KHSRLQWSLHUFHGLQDQGKHVDQNWRHDUWK
:KRVHKDQGKDGJLYHQWKHJULHYRXVKXUW
7KHQDSLUDWHZDUULRUZHQWWRWKHHRUO
6RRQZRXOGKHVHL]HKLVMHZHOVDQGJHPV
+LVDUPRURIULQJVDQGKLVZHOOZURXJKWVZRUG
%XW%\UKWQRWKVQDWFKHGKLVVZRUGIURPWKHVKHDWK
%URDGDQGEURZQHGJHGDQGVWUXFNDWKLVE\UQ\
7RRVSHHGLO\RQHRIWKHVKLSPHQKLQGHUHG
6WULNLQJDVLGHWKHDUPRIWKHHRUO
$QGWKHJROGKLOWHGVZRUGIHOOWRWKHJURXQG
1RUPLJKWKHKROGORQJHUWKHKDUGEODGH
2UZLHOG KLVZHDSRQ2QFHPRUHKHVSRNH
7KHDJHGUXOHUUDOOLHGKLVPHQ
%DGHWKHPJRIRUZDUGDQGEHDUWKHPZHOO
1RPRUHFRXOGKHVWDQGILUPRQKLVIHHW
%XWKHORRNHGWRKHDYHQ«
µ,JLYH7KHHWKDQNV2*RGRIPHQ
)RUDOOWKHMR\V,KDYHKDGRQHDUWK
2/RUGRIPHUF\,KDYHPRVWQHHG
7KDWQRZ7KRXZLOWJUDQWPHJRRGWRP\VRXO
7KDWP\VSLULWPD\FRPHLQWR7K\NLQJGRP
23ULQFHRIDQJHOVGHSDUWLQJLQSHDFH
WKDQH>6GKP@Q$UFKDLFWKHZRUGRULJLQDOO\PHDQW³VHUYDQW´EXWDV
WKHGLJQLW\RIWKHNLQJDGYDQFHGZLWKWKHSDVVLQJRIWLPHVRWKHGLJQLW\
RI KLV VHUYDQWV ZHQW XS $ NLQJ¶V WKDQH ZDV D FRQVLGHUDEOH SHUVRQ D
JUHDW QREOHPDQ VWULSOLQJ=¥UVTKRNK0? Q D JURZQER\ \RXWKSDVVLQJ
LQWRPDQKRRGZURXJKW=TnÖV?DGMVKDSHGE\KDPPHULQJRUEHDWLQJ
VDLGRIPHWDOVGHFRUDWHGRUQDPHQWHGVKHDWK=5KÖ6?QDFDVHIRUWKH
EODGHRIDNQLIHVZRUGHWFEURZQHGJHGVKLQLQJEULJKWHGJHG
ZLHOG =YKÖNF?YW WR KDQGOH DQG XVH D WRRO RU ZHDSRQ HVS ZLWK VNLOO
DQGFRQWURO
,QWR7K\SRZHU7R7KHH,SUD\
1RILHQGRIKHOOPD\KDYHKROGXSRQPH¶
7KHQWKHKHDWKHQVFRXQGUHOVKDFNHGKLPGRZQ
$QGERWKWKHILJKWHUVZKRVWRRGDWKLVVLGH
OIQRWKDQG:XOP UERWKZHUHIDOOHQ
7KH\ODLGGRZQWKHLUOLYHVEHVLGHWKHLUORUG
7KHQIOHGIURPWKHEDWWOHZKRIHDUHGWREHWKHUH
7KHVRQVRI2GGDZHUHILUVWLQIOLJKW
*RGULFIURPEDWWOHOHDYLQJKLVORUG
:KRKDGJLYHQKLPPDQ\DJRRGO\VWHHG
+HOHDSHGRQWKHKRUVHWKDWEHORQJHGWRKLVOHDGHU
5RGHLQWKHWUDSSLQJVWKDWZHUHQRWKLVULJKW
$QGKLVEURWKHUVZLWKKLPERWKJDOORSHGRII
*RGULQFDQG*RGZLJUHFNHGQRWRIZDU
%XWWXUQHGIURPWKHILJKWLQJWRRNWRWKHZRRG
)OHGWRWKHIDVWQHVVDQGVDYHGWKHLUOLYHV
$QGPRUHRIPHQWKDQZDVDQ\ZD\ULJKW
,IWKH\KDGUHPHPEHUHGWKHPDQ\JLIWV
7KHLUORUGKDGJLYHQWKHPWRWKHLUJRRG
$V2IIDRQFHVDLGDWDQHDUOLHUWLPH
,QWKHPHHWLQJSODFHZKHQKHKHOGDVVHPEO\
7KDWPDQ\ZHUHWKHUHPDNLQJEUDYHERDVWV
:KRZRXOGQHYHUKROGRXWLQWKHKRXURIQHHG
7KHQZDVIDOOHQWKHORUGRIWKHIRON
WKHOUHG¶VHRUODQGKLVKHDUWKFRPSDQLRQV
$OOEHKHOGWKDWWKHLUORUGOD\GHDG
)RUZDUGWKH\SUHVVHGWKHSURXGUHWDLQHUV
)LHUFHO\FKDUJHGWKRVHIHDUOHVVWKDQHV
(DFKRIWKHPZLVKHGRQHWKLQJRIWZR
7RDYHQJHKLVOHDGHURUORVHKLVOLIH
OIULF¶VVRQVSXUUHGWKHPWREDWWOH
$ZDUULRU\RXQJLQZRUGVWKDWZHUHEROG
ILHQG =HKÖPF? Q DQ HYLO VSLULW GHYLO DQ LQKXPDQO\ ZLFNHG RU FUXHO
SHUVRQ VFRXQGUHO =¥UMCWPFTN? QHVSHFLDOO\ IDPLOLDU RU ROG
IDVKLRQHG D PHDQ LPPRUDO RU ZLFNHG SHUVRQ UDVFDO KDFN =J3M?
YWWRFKRSRUFXWFUXGHO\URXJKO\RULUUHJXODUO\DVZLWKDKDWFKHW
*RGULF WKH QDPH PD\ EH UDWKHU *RGULQH RU *RGZLQH ERDVWV VHH
IO\WLQJ IRUPDO ERDVWLQJ RI GHHGV WR EH GRQH UDWKHU WKDQ RI SDVW
DFKLHYHPHQWV ZDV FKDUDFWHULVWLF RI *HUPDQLF VRFLDO FXVWRP HVSHFLDOO\
DW IHDVWV OIULF¶V SUREDEO\ WKH OIULF ZKR EHFDPH HDOGRUPDQ RI
0HUFLDLQDQGZDVEDQLVKHGLQ
OIZLQHVSRNHXQGDXQWHGRIVSLULW
µ7DNHWKRXJKWRIWKHWLPHVZKHQZHWDONHGDWPHDG
6HDWHGRQEHQFKHVPDNLQJRXUERDVWV
:DUULRUVLQKDOOFRQFHUQLQJKDUGEDWWOH
1RZFRPHVWKHWHVWZKRWUXO\LVEROG
,SXUSRVHWRSURYHP\OLQHDJHWRDOOPHQ
7KDWLQ0HUFLD,FRPHRIDPLJKW\FODQ
(DOKHOP WKHQDPHRIP\DJHGIDWKHU
$SRZHUIXOHDOGRUPDQZHDOWK\DQGZLVH
1RQHVKDOOUHSURDFKPHDPRQJWKDWSHRSOH
7KDW,ZDVZLOOLQJWRVOLQNIURPWKHVWULIH
+DVWHQLQJKRPHZKHQP\ORUGOLHVGHDG
6ODLQLQWKHEDWWOH2IDOOGLVDVWHUV
7KDWWRPHLVWKHJUHDWHVWRIJULHIV
)RUKHZDVP\NLQVPDQKHZDVP\ORUG¶
7KHQKHGDVKHGIRUZDUGWRRNWKRXJKWRIWKHIHXG
2QHRIWKHVKLSPHQKHVWDEEHGZLWKVSHDU
$PRQJWKHIRONDQGKHIHOOWRHDUWK
6ODLQZLWKZHDSRQ+HHQFRXUDJHGKLVFRPUDGHV
)ULHQGVDQGFRPSDQLRQVWRSUHVVWRWKHIURQW
2IIDVSRNHDQGEUDQGLVKHGKLVDVKVSHDU
µ1RZKDVWWKRXOIZLQHKHDUWHQHGXVDOO
,QWKHKRXURIQHHG1RZRXUORUGOLHVGHDG
2XUHRUORQHDUWKWKHUHLVQHHGWKDWZHDOO
(DFKRIXVKHUHHPEROGHQWKHRWKHUV
:DUULRUVWRFRPEDWZKLOHKDQGPD\EHDU
*RRGVZRUGDQGVSHDUDQGKROGKDUGEODGH
7KLVVQHDNLQJ*RGULF2GGD¶VVRQ
+DVEHWUD\HGXVDOOIRUZKHQKHURGHRII
6LWWLQJRQKRUVHRQRXUORUG¶VSURXGVWHHG
0DQ\PHQZHHQHGWKDWLWZDVRXUORUG
2QWKHILHOGRIIDWHQRZWKHIRONLVGLYLGHG
7KHVKLHOGKHGJHLVVKDWWHUHGFXUVHGEHKLVGHHG
7KDWKHFDXVHGVRPDQ\WRIOHHIURPWKHILJKW¶
/HRIVXQXVSRNHOLIWHGKLVEXFNOHU
0HUFLD WKH 0LGODQG WHULWRU\ RULJLQDOO\ RFFXSLHG E\ WKH 0LHUFH
³ERXQGDU\SHRSOH´(DOKHOPHDOGRUPDQRI0HUFLDDJHG
IDWKHU ³JUDQGIDWKHU´ HPEROGHQ =KO¥DWNFP? YW WR JLYH FRXUDJH WR
FDXVH WR EH EROG RU EROGHU EODGH =DNGKF?Q WKH FXWWLQJ SDUW RI D WRRO
LQVWUXPHQW RU ZHDSRQ ZHHQ =YKÖP? YL YW $UFKDLF WR WKLQN
VXSSRVHLPDJLQH
+LVERDUGIRUSURWHFWLRQPDNLQJKLVERDVW
µ,SURPLVH\RXKHUH,ZLOOQHYHUWXUQKHQFH
2UIOHHRQHIRRWEXW,¶OOILJKWLQWKHIURQW
,QWKHELWWHUVWULIHDQGDYHQJHP\ORUG
6WHDGIDVWZDUULRUVE\WKH5LYHU6WRXU
6KDOOQHYHUKDYHQHHGRIZRUGVWRUHSURDFKPH
1RZP\ORUGLVIDOOHQWKDWORUGOHVV,IOHG
7XUQHGEDFNIURPWKHEDWWOHDQGZHQWWRP\KRPH
%XWZHDSRQVVKDOOWDNHPHVZRUGHGJHDQGVSHDU¶
7KHQLQUDJHKHUXVKHGWRWKHILJKWLQJ
'HVSLVLQJWRIOHH
'XQQHUHVKRRNVSHDU
7KHDJHGFKXUO FDOOHGRXWWRWKHPDOO
%LGGLQJWDNHYHQJHDQFHIRU%\UKWQRWK¶VIDOO
¶+HPD\QRWZHDNHQZKRWKLQNVWRDYHQJH
+LVORUGRQWKLVIRONQRUIHDUIRUKLVOLIH¶
7KHQWKH\UXVKHGIRUZDUGUHFNHGQRWRIOLIH
+RXVHKROGUHWDLQHUVILHUFHLQWKHILJKW
%LWWHUVSHDUEHDUHUVEHVHHFKLQJ*RG
7KH\PLJKWZRUNUHYHQJHIRUWKHLUIULHQGO\ORUG
,QGHDWKDQGGHVWUXFWLRQXSRQWKHIRH
7KHQDKRVWDJHEHJDQWRJLYHWKHPKHOS
2I1RUWKXPEULDQUDFHDQGKDUG\NLQ
$VRQRI(FJODIVFIHUWKKLVQDPH
+HZDYHUHGQRWLQWKHPLGVWRIWKHZDUSOD\
%XWIRUZDUGSUHVVHGWRWKHDUURZIOLJKW
1RZVKRRWLQJRQVKLHOGQRZSLHUFLQJDVKLSPDQ
%XWRIWDQGRIWHQGHDOLQJDZRXQG
:KLOHKHFRXOGZLHOGKLVZHDSRQLQZDU
,QIURQWOLQHVWLOOVWRRG(DGZHDUGWKH/RQJ
6NLOIXODQGHDJHUKHVSRNHKLVERDVW
7KDWKHZRXOGQRWIOHHIRRWPHDVXUHRIJURXQG
ERDUGVKLHOG6WRXUDULYHUQHDUE\LQ(VVH[QHDUZKLFK/HRIVXQX
OLYHGFKXUO\HRPDQIUHHFRPPRQHU7KHZRUGKHUHGRHVQRWLPSO\
EDVHQHVVEXWPHUHO\QRQQREOHELUWKKRVWDJH$QREOHKRVWDJHOLYLQJ
LQ WKH KRXVHKROG RI D QREOHPDQ ZRXOG UHFHLYH WKH SULYLOHJHV RI RWKHU
PHPEHUV RI WKH KRXVHKROG DQG DFFHSW WKHLU REOLJDWLRQV VXFK DV WKDW RI
VHUYLQJ WKH ORUG LQ EDWWOH 1RUWKXPEULDQ WKH NLQJGRP RI
1RUWKXPEULDH[WHQGHGWRWKH/RZODQGVRI6FRWODQGQRUWKIURPWKH5LYHU
+XPEHULWVWLPHRIJUHDWHVWJORU\ZDVWKHVHYHQWKDQGHLJKWKFHQWXULHV
WRGHDODZRXQGWRLQIOLFWLQMXU\RQVRPHERG\
1RUWXUQIURPWKHEDWWOHZKHUHKLVEHWWHUOD\GHDG
+HVKDWWHUHGWKHVKLHOGZDOODQGIRXJKWZLWKWKH'DQHV
8SRQWKHVKLSPHQKHVWRXWO\DYHQJHG
+LVJUDFLRXVORUGHUHKHVDQNLQWKHVODXJKWHU
6RGLGWKHULFH[FHOOHQWFRPUDGH
6LE\UKW¶VEURWKHUKHEROGO\VWURYH
(DJHUDQGUHDG\DQGPDQ\DQRWKHU
6WRRGWKHLUJURXQGDQGVKDWWHUHGWKHVKLHOGV
%XFNOHUVEURNHDQGE\UQLHVVDQJ
$VRQJRIWHUURU7KHQ2IIDVPRWH
2QHRIWKHVKLSPHQDQGODLGKLPORZ
%XW*DGG¶VNLQVPDQDOVRIHOOLQWKHILJKW
4XLFNO\LQEDWWOHZDV2IIDFXWGRZQ
%XWKHKDGSHUIRUPHGZKDWKHSURPLVHGKLVORUG
:KHQKHPDGHKLVERDVWWRKLVEUDFHOHWEHVWRZHU
7KDWERWKXQKDUPHGWKH\ZRXOGULGHWRWKHERURXJK
%DFNWRWKHLUKRPHVRUIDOOLQWKHILJKW
$QGSHULVKRIZRXQGVLQWKHSODFHRIVODXJKWHU
7KDQHOLNHKHOD\EHVLGHKLVORUG
7KHQZDVEUHDNLQJRIEXFNOHUVVKLSPHQDGYDQFHG
%ROGWRWKHEDWWOHVKDUSVSHDUVSLHUFHG
/LIHKRXVHRIGRRPHGPHQ:LVWDQKDVWHQHG
7KXUVWDQ¶VVRQDQGVWURYHZLWKWKH'DQHV
7KUHHKHVOHZLQWKHVWUHVVRIEDWWOH
(UH:LJHOP¶VVRQZDVVODLQLQWKHZDU
7KHVWULIHZDVVWHUQZDUULRUVZHUHVWHDGIDVW
%ROGLQEDWWOHILJKWHUVIHOO
:HDU\ZLWKZRXQGV'HDWKFRYHUHGHDUWK
2VZROGDQG(DOGZDOGDOOWKHZKLOH
%RWKWKHEURWKHUVPDUVKDOOHGWKHLUPHQ
%DGHIULHQGDQGNLQVPDQHQGXUHLQFRPEDW
$QGQHYHUZHDNHQEXWZLHOGWKHVZRUG
%\UKWZROGHQFRXUDJHGWKHPEUDQGLVKLQJEXFNOHU
$JHGFRPSDQLRQVKDNLQJDVKVSHDU
6WRXWZHUHWKHZRUGVKHVSRNHWRKLVPHQ
EUDFHOHWEHVWRZHUNHQQLQJIRUORUGERURXJK=¥D¡T?Q2EV
IRUWLILHGWRZQODUJHUWKDQDYLOODJHZKHUHWKHORUGOLYHGDQGGLVSHQVHG
MXVWLFH7KDQHOLNHOLNHDWKDQHZLWKQREOHSRVWXUH
µ+HDUWPXVWEHEUDYHUFRXUDJHWKHEROGHU
0RRGWKHVWRXWHUDVRXUVWUHQJWKJURZVOHVV
+HUHRQWKHJURXQGP\JRRGORUGOLHV
*RU\ZLWKZRXQGV$OZD\VZLOOKHUHJUHWLW
:KRQRZIURPWKLVEDWWOHWKLQNVWRWXUQEDFN
,DPROGLQ\HDUV,ZLOOQHYHU\LHOG
%XWKHUHDWWKHODVWEHVLGHP\ORUG
%\WKHOHDGHU,ORYH,WKLQNWROLH¶
$QG*RGULFWREDWWOHKHDUWHQHGWKHPDOO
WKHOJDU¶VVRQKXUOHGPDQ\DVSHDU
$WWKH9LNLQJKRUGH)LUVWLQWKHIURQW
+HKDFNHGDQGKHZHGWLOOKHIHOOLQWKHVODXJKWHU
+HZDVQRWWKH*RGULFZKRIOHGIURPWKHILJKW
7UDQVODWHGE\&:.HQQHG\
+HDUW«EUDYHUWKHSHUIHFWVWDWHPHQWRIWKHKHURLFFRGHRIEDWWOHWKH
³KHDUW´EHLQJDZDUULRU¶VSULGHJRU\=¥InÖTK?DGMIXOORIFRYHUHGZLWK
RUOLNHJRUHEORRG\KHZ=JLWÖ?KHZHG>JLWÖF@KHZHG>JLWÖF@KHZQ
>JLWÖP@ YW WR FKRS RU FXW ZLWK DQ D[H NQLIH HWF KDFN JDVK
+H«ILJKWLURQLFUKHWRULFDOXQGHUVWDWHPHQW*UHDWVKDPHZDVDWWDFKHGWR
OHDYLQJWKHEDWWOHILHOGDOLYHLIRQH¶VORUGKDGEHHQNLOOHG
7R,QFUHDVH8QGHUVWDQGLQJ
'HILQH WKH WKHPH RI WKH SRHP DQG WKHQ UHQGHU LWV VXEMHFW
PDWWHULQ\RXURZQZRUGV
&RPPHQW RQ WKH KHURLF LGHDO RI WKH *HUPDQLF SHRSOHV
LQFOXGLQJWKH$QJOR6D[RQV¶FLWLQJDGHTXDWHGHWDLOVIURP
WKHWH[WRIWKHSRHP
([SODLQ KRZ %\UKWQRWK¶V H[HPSODU\ KHURLF DWWLWXGH GXULQJ
WKH ILJKW DV UHSUHVHQWDWLYH RI WKH ROG FRQYHQWLRQDO V\VWHP
RI ORUGVKLS YHUVXV NLQVKLS DQG UHWDLQHUVKLS FRPHV LQWR
FRQIOLFWZLWKDQHZLGHRORJ\FRQFHUQLQJWKHVHPDWWHUV
&RPPHQWRQWKHQLQHH[KRUWLQJVSHHFKHVERDVWVDQGSRLQW
RXWWKHHOHPHQWVZKLFKFRQQHFWWKHPWRWKHKHURLFFRGH
+RZLVWKHHQHP\GHVFULEHGLQFRPSDULVRQZLWKHDOGRUPDQ
%\UKWQRWKDQGKLVOR\DOUHWDLQHUV"
&RPPHQW RQ WKH ³PLOLWDU\ WDFWLFV´ HPSOR\HG E\ WKH
EHOOLJHUHQWSDUWLHVLQWKHSRHPWKHQH[WHQG\RXUFRPPHQWV
RQWKHLUPRUDORULPPRUDOFKDUDFWHU
3RLQW RXW WKH GHWDLOV FRQFHUQLQJ WKH SDJDQ RU &KULVWLDQ
DWWLWXGH WRZDUGV OLIH DQG GHDWK DV UHYHDOHG LQ WKLV KHURLF
SRHP
&RPPHQW RQ WKH LGHD WKDW ³WKLV SRHP GLVSOD\V PDQ\
FKDUDFWHULVWLFVRIDOOKHURLFSRHWU\´
6WDWH ZKDW ZHUH WKH FRQVHTXHQFHV RI WKH SROLWLFDO
UHIRUPDWLRQEHJXQHDUO\LQWKHHLJKWKFHQWXU\RQWKHUROHRI
ORUGVKLS YHUVXV NLQVKLS DQG WKHQ H[SODLQ KRZ WKLV
³UHVKDSLQJ´RIWUDGLWLRQDOFRGHVLVHFKRHGLQWKHEHKDYLRXU
RIVRPHRI%\UKWQRWK¶VUHWDLQHUV
&RPPHQW H[WHQVLYHO\ RQ WKH VW\OH RI WKH SRHP VWDUWLQJ
IURP WKH DVVHUWLRQ ³7KH VW\OH RI WKLV SRHP LV
FKDUDFWHUL]HG E\ D ULJRURXV UHVWUDLQW LQ ODQJXDJH DQG LQ
LQFLGHQW´
1RQ$QRQ\PRXV2OG(QJOLVK3RHWU\
&DHGPRQ)O
&DHGPRQ LV WKH ILUVW DFNQRZOHGJHG SRHW RI (QJOLVK
OLWHUDWXUH 9HQHUDEOH %HGH F WHOOV KLV VWRU\ LQ
+LVWRULD (FFOHVLDVWLFD *HQWLV $QJORUXP $FFRUGLQJ WR
WKLV D OD\PDQ ZDV HPSOR\HG DV D FRZKHUG RQ WKH HVWDWHV RI
:KLWE\ $EEH\ VRPHWLPH EHWZHHQ DQG ± WKH \HDUV
GXULQJ ZKLFK 6W +LOGD WKH DEEH\¶V IRXQGHU UXOHG LW DV LWV
$EEHVV 2QH GD\ WKLV OD\PDQ ZDV EURXJKW EHIRUH 6W +LOGD
ZLWK WKH VWUDQJH VWRU\ RI D GUHDP KH KDG KDG IROORZLQJ KLV
GHVHUWLRQIURPDIHDVWWKHPRPHQWKHZDVH[SHFWHGWRVLQJWR
WKHKDUSDQGHQWHUWDLQWKHRWKHUSDUWLFLSDQWV
$VKHOD\DVOHHSLQWKHEDUQDPRQJWKHDQLPDOVKHZDV
WHQGLQJDP\VWHULRXVEHLQJDSSHDUHGWRKLPFRPPDQGLQJ
&DHGPRQ>¥M3FOP@
³&DHGPRQVLQJPHVRPHWKLQJ´&DHGPRQDQVZHUHG³,FDQQRW
VLQJDQGLWZDVIRUMXVWWKLVUHDVRQWKDW,OHIWWKHIHDVWZKHQ,
VDZ WKDW P\ WXUQ ZDV FRPLQJ´ 7KH GUHDP YLVLWRU ZRXOG QRW
WDNH QR IRU DQ DQVZHU DQG LQVLVWHG WKDW &DHGPRQ VKRXOG VLQJ
³WKH EHJLQQLQJ RI FUHDWHG WKLQJV´ ZKHUHXSRQ KH SUHVHQWO\
EHJDQWRVLQJYHUVHV$OOHJHGO\&DHGPRQZDVDEOHWRUHFLWHWR
WKH$EEHVVKLVGUHDPFUHDWLRQDQGIURPWKHQRQLOOLWHUDWHDVKH
ZDVKHFRQWLQXHGWRSDUDSKUDVHRUDOO\LQYHUVHIRUPGLIIHUHQW
VDFUHGZULWLQJVWKDWZHUHUHDGWRKLP+RZHYHUIURPWKHORQJ
OLVWRIVXFKYHUVHFUHDWLRQDWWULEXWHGWRKLPE\%HGHLWLVRQO\
WKH VRFDOOHG &DHGPRQ¶V +\PQ WKDW LV JHQHUDOO\ DFFHSWHG DV
XQTXHVWLRQDEO\ KLV 7KH FRPSRVLWLRQ GDWH RI WKH SRHP LV FD
DQG LW LV FRQWDLQHG DV ZH KDYH DOUHDG\ VXJJHVWHG LQ
%HGH¶V+LVWRULD
7KHPDWLFDOO\³WKHK\PQIDOOVLQWRWKUHHPDLQGLYLVLRQV
7KHILUVWWZRDQGRQHKDOIOLQHVVWDWHWKHWKHPHRISUDLVH
:HVKRXOGSUDLVHWKH:DUGRI+HDYHQ
7KH0LJKWRI*RG+LV:LVGRP
7KH*ORU\)DWKHU¶V:RUN
7KHUHIROORZVDJHQHUDOVWDWHPHQWDERXW*RG¶V&UHDWLRQ
6R+HRIHDFKZRQGHU
7KH(WHUQDO/RUGHVWDEOLVKHGWKHEHJLQQLQJ
)LQDOO\ FRPHV WKH SDUDSKUDVH RI WKH ILUVW YHUVH RI
*HQHVLV
+HILUVWFUHDWHGIRUWKHVRQVRIPHQ
KHDYHQDVDURRIWKH+RO\&UHDWRU
WKHQWKHPLGGOHHDUWKWKH:DUGRI0DQNLQG
WKH(WHUQDO/RUGWKHUHDIWHUDGRUQHG
IRU PHQ RQ HDUWK WKH $OPLJKW\ -R\´ 1HWVFDSH
1DYLJDWRU*ROG
)RUPDOO\ DV LW LV WUDQVODWHG LQ PRGHUQ (QJOLVK LQ OLQHV
FRPSRVHGRIWZRKDOIOLQHVWKHFDHVXUDEHLQJLQGLFDWHGE\DQ
H[WUDVSDFH EHWZHHQ WKH KDOYHV WKH SRHP LV PDGH XS RI
DOOLWHUDWLYH IRXUVWUHVV OLQHV ZKHUH DW OHDVW WZR RI WKH IRXU
VWUHVVHGZRUGVDOOLWHUDWHHJ)RUPHQHDUWK WKH /RUG
$OPLJKW\OLQHRUDVVRQDWHHJ+HILUVWFUHDWHG RI HDUWK
IRUWKHVRQVOLQH
&$('021¶6+<01FD
1RZPXVWZHSUDLVH RIKHDYHQ¶VNLQJGRPWKH.HHSHU
2IWKH/RUGWKHSRZHU DQGKLV:LVGRP
7KHZRUGRIWKH*ORU\)DWKHUDVKHRIPDUYHOVHDFK
7KHHWHUQDO/RUG WKHEHJLQQLQJHVWDEOLVKHG
+HILUVWFUHDWHG RIHDUWKIRUWKHVRQV
+HDYHQDVDURRI WKH+RO\&UHDWRU
7KHQWKHPLGGOHHQFORVXUH RIPDQNLQGWKH3URWHFWRU
7KHHWHUQDO/RUG WKHUHDIWHUPDGH
)RUPHQHDUWK WKH/RUGDOPLJKW\
LQ.HUPRGH)+ROODQGHU-
&\QHZXOI)O
&\QHZXOI¶VLGHQWLW\KDVFDXVHGPXFKVFKRODUO\GHEDWHLQ
WKH(QJOLVKOHWWHUV7KXVDFFRUGLQJWR:DUGDQG:DOOHU
KHZDVLGHQWLILHGLQWXUQZLWKDFHUWDLQDEERWRI3HWHUERURXJK
ZKR OLYHG DERXW WKH \HDU DQG VSHOW KLV QDPH &LQZXOI
ZLWK WKH ELVKRS RI /LQGLVIDUQH ZKR GLHG LQ RU RU
DFFRUGLQJWR$6&RRNZLWKDFHUWDLQ&\QXOI³DQHFFOHVLDVWLF
ZKR ZDV SUHVHQW DV KLV VLJQDWXUH WR D GHFUHH SURYHV DW D
V\QRG KHOG DW &ORYHVKR LQ ´ ZKHUH ³WKH DUFKELVKRS RI
&DQWHUEXU\ZDVUHFRJQLVHGDVSULPDWHRIWKH(QJOLVKFKXUFK´
$V WR KLV 0HUFLDQ RU 1RUWKXPEULDQ RULJLQ LV FRQFHUQHG KLV
H[FHOOHQWGHVFULSWLRQVRIWKHVHDDQGWKHVHDFRDVWSRLQWWRWKH
IDFW WKDW KH ³ZDV QRW D :HVW 6D[RQ EXW SUREDEO\ D
1RUWKXPEULDQ WKRXJK 0HUFLDQ RULJLQ LV QRW LPSRVVLEOH DQG
WKDW KH ZURWH WRZDUGV WKH HQG RI WKH HLJKWK FHQWXU\´ :DUG
DQG:DOOHULELG
,I&\QHZXOI¶VSHUVRQLVVWLOODPDWWHURIGHEDWHWKHUHLV
QR GRXEW DERXW &\QHZXOI¶V WKH SRHW JUHDW OHDUQLQJ +H ZDV
FHUWDLQO\DJRRG/DWLQVFKRODUDVVKRZQE\VRPHRIKLVZRUN
ZKLFKLVEDVHGRQ/DWLQRULJLQDOV/LNH&DHGPRQEHIRUHKLP
&\QHZXOI RFFXSLHG KLPVHOI PRVWO\ ZLWK WKH FRPSRVLWLRQ RI
UHOLJLRXV SRHWU\ DIWHU KH KDG DOOHJHGO\ DWWDLQHG VRPH
GLVWLQFWLRQDVDQDXWKRURIVHFXODUSRHWU\
&\QHZXOI>¥MKPYWNH@
)RXUDUHWKHSRHPVZKLFKDUHXQGRXEWHGO\DWWULEXWHGWR
KLP HVSHFLDOO\ RQ DFFRXQW RI WKH IDFW WKDW KH VSHOW RXW KLV
QDPH LQ UXQLF OHWWHUV LQ HDFK SRHP LQ VXFK D ZD\ DV WR PDNH
VHQVH LQ WKH UHVSHFWLYH FRQWH[W 7KH $VFHQVLRQ 3RHP &KULVW
,,(OHQH-XOLDQDDQG7KH)DWHVRIWKH$SRVWOHV
&URVVVXPPDUL]HVWKHVXEMHFWPDWWHURIWKHVH
SRHPV DV IROORZV ³$OO KLV IRXU SRHPV DUH DVVRFLDWHG ZLWK
RFFDVLRQVLQWKH&KXUFKFDOHQGDUDQGWKH/DWLQWH[WVFRQQHFWHG
ZLWK WKHVH 7KH $VFHQVLRQ 3RHP &KULVW ,, GHULYHV ODUJHO\
IURP WKH VHFRQG SDUW RI *UHJRU\¶V +RPLO\ ;;,; RQ WKH
*RVSHOVZKLFKZDVUHDGRQ$VFHQVLRQ'D\(OHQHLVDVWRU\RI
WKH,QYHQWLRQRIWKH&URVVDIHVWLYDOFHOHEUDWHGRQ0D\UGLQ
(QJODQGEHIRUHWKHHQGRIWKHHLJKWKFHQWXU\-XOLDQDQDUUDWHV
WKHVDLQW¶VGHIHQFHRIKHUµYLUJLQLW\IRUORYHRI&KULVW¶DQGKHU
OHJHQG ZDV D UHDGLQJ IRU KHU GD\ )HEUXDU\ WK 7KH IRXUWK
SLHFH7KH)DWHVRIWKH$SRVWOHVUHFRXQWVWKHZRUNDQGNLQGRI
GHDWKRIWKHDSRVWOHVLQDEDUHDQGSHGHVWULDQPDQQHUODFNLQJ
LQ LPDJLQDWLRQ SURVDLF GXOO ± RXU QRWH DV D PDUW\URORJ\
GLG´
,QPRUHGHWDLO&KULVW,,LWLVRQO\WKHVHFRQGERRNRID
WULORJ\ E\ WKH VDPH QDPH WKDW KDV EHHQ XQGHQLDEO\ DWWULEXWHG
WR &\QHZXOI JORULILHV WKH WKUHH PDMRU &KULVW HYHQWV WKH
$GYHQW RI &KULVW WKH $VFHQVLRQ DQG +LV VHFRQG FRPLQJ RQ
'RRPVGD\0HPRUDEOHLQWKHSRHPDUHWKHSDVVDJHVH[XGLQJ
H[WUHPHGHYRWLRQWR³2XU%OHVVHG/DG\´
-XOLDQD LV ³D SRHWLFDO YHUVLRQ RI WKH $FWV RI WKH
PDUW\UGRPRI6W-XOLDQD´:DUGDQG:DOOHULGHP&\QHZXOI
IDLWKIXOO\ IROORZV WKH VDLQW¶V /DWLQOHJHQG DFFRUGLQJ WR ZKLFK
-XOLDQDSUHVHUYHVKHUYLUJLQLW\E\UHVLVWLQJWRKHUIDWKHU¶VDQG
KHUVXLWRU¶V+HOLVHXVSOHDVDVZHOODVWRWKHSHUVXDVLRQVRID
GHYLO DQG WR ILQDO SK\VLFDO WRUWXUH EHIRUH UHFHLYLQJ ³ODVWLQJ
MR\´DVDQXQEOHPLVKHGEULGHRI&KULVW+HUYLFWRU\LVVHHQDV
WKHPRUDOYLFWRU\RID&KULVWLDQRYHUWKHIRUFHVRIHYLO
(OHQHLVDSRHWLFYHUVLRQRIWKHOHJHQGRIWKHILQGLQJRI
WKH&URVVE\6W+HOHQDPRWKHURI&RQVWDQWLQH
7KHPDLQHYHQWVLQWKHSRHPUHIHUWR
D WKHDSSHDUDQFHRIWKH&URVVLQWKHVN\ZKLFKEULQJVYLFWRU\
WR&RQVWDQWLQHDW0LOYLDQ%ULGJHDQGKLVFRQVHTXHQW
FRQYHUVLRQWR&KULVWLDQLW\
E (OHQD¶VVHDMRXUQH\DQGDUULYDOLQ-HUXVDOHPDWWKHKHDGRI
DQ DUP\ ZLWK WKH SXUSRVH RI ILQGLQJ DQG UHFXSHUDWLQJ WKH
&URVVIURPWKH³XQEHOLHYLQJ´,VUDHOLWHVHLWKHUSHDFHIXOO\RU
E\IRUFHRIDUPV
F 7KH FRHUFLRQ E\ (OHQH RI -XGDV LQWR FRQYHUWLQJ WR
&KULVWLDQLW\DQGWKHUHYHDOLQJE\D-XGDVEDSWL]HG&\ULDFXV
ZKLFK RQH RI WKUHH FURVVHV ZDV &KULVW¶V 7KH VSLULWXDOO\
UHERUQ-XGDVSHUIRUPVWKHPLUDFOHRIFRPPDQGLQJWKHWUXH
&URVVWRULVHLQWRWKHDLURYHUWKHERG\RIDGHDGER\ZKR
WKHQDULVHVIURPWKHGHDG
$SDUW IURP LWV LPSRUWDQFH DV D OLWHUDU\ GRFXPHQW
GZHOOLQJ RQ WKH H[HPSODU\ EHKDYLRXU RI VRPH UHPDUNDEOH
ILJXUHVRIWKH&KULVWLDQ&KXUFK(OHQHLVDOVRLPSRUWDQWIRULWV
SOXULFXOWXUDOLVP DQG DVVHVVPHQW RI WKH IHPLQLQH UROH LQ SUH
&KULVWLDQ DQG &KULVWLDQ VRFLHWLHV DV ILOWHUHG WKURXJK $QJOR
6D[RQPHQWDOLW\
-R\FH 7 /LRQDURQV IRU H[DPSOH FRQVLGHUV
(OHQH D SRHP LQ ZKLFK &\QHZXOI¶V 2OG (QJOLVK SRHWLF
KHULWDJH LQWHUDFWV ZLWK KLV /DWLQ VRXUFH ³WR SURGXFH D SRHP
ZKRVHµSOXULYRFLW\¶LVJURXQGHGLQLWVFXOWXUDOV\QFUHWLVPDQG
ZKLFK DOORZV ERWK LWV *HUPDQLF DQG LWV /DWLQDWH YRLFHV WR
VSHDN VLPXOWDQHRXVO\ *HQGHU DQG UHOLJLRQ WKHRUL]HG DV
FXOWXUDOO\ FRQVWUXFWHG UHODWLRQDO FDWHJRULHV UHFRJQL]DEOH LQ
SHUIRUPDQFHUDWKHUWKDQLQHVVHQFHFDQSURYLGHDZD\LQWRDQ
LQWHUSUHWDWLRQRI(OHQHWKDWDIILUPVERWKLWV*HUPDQLFDQGLWV
/DWLQDWHKHULWDJHLWVOLWHUDODQGLWVDOOHJRULFDOVLJQLILFDQFH´
&RQVWDQWLQH WKH *UHDW >MnPUVPVCKP&¥ITGKV@ &RQVWDQWLQH , "
$' Q WKH ILUVW &KULVWLDQ UXOHU RI WKH 5RPDQ (PSLUH ,Q $' KH
PDGH %\]DQWLXP >DK¥\3PVKO@ WKH FDSLWDO FLW\ RI WKH HPSLUH LQVWHDG RI
5RPH DQG FKDQJHG WKH QDPH RI WKH QHZ FDSLWDO WR &RQVWDQWLQRSOH
>MnPUV3PVK¥PWRN@ V\QFUHWLVP >¥UKPMTKVK\O@ Q WKH DWWHPSWHG
UHFRQFLOLDWLRQ RU XQLRQ RI GLIIHUHQW RU RSSRVLQJ SULQFLSOHV SUDFWLFHV RU
SDUWLHVDVLQSKLORVRSK\RUUHOLJLRQ
/LRQDURQV¶ UHSUHVHQWDWLYH H[DPSOH RI FXOWXUDO DQG
JHQGHU V\QFUHWLVP ZLWKLQ (OHQH LV WKH GRXEOH IHPLQLQH
PDVFXOLQH QDWXUH RI WKH GHYLQH PHVVHQJHU ZKR DSSHDUV WR
&RQVWDQWLQH WKH QLJKW EHIRUH KLV EDWWOH ZLWK WKH EDUEDULDQ
DWWDFNHUVRI5RPH7KHPHVVHQJHULV³ZOLWHVF\QH´³EHDXWLIXO´
D ³KZLW RQG KLZEHRUKW´ ³ZKLWH DQG UDGLDQW´ D EXW
DOVRH[SOLFLWO\PDVFXOLQHLQDSSHDUDQFH±³RQZHUHVKDGH´³LQ
WKH VKDSH RI D PDQ´ E 7KLV PHVVHQJHU LV DOVR DWWULEXWHG
WKH WUDGLWLRQDO JUDPPDWLFDO IHPLQLQH HSLWKHW ³IUL&RZHEED´
³SHDFHZHDYHU´ D TXLWH FRQWUDU\ WR WKH WHQHWV RI /DWLQ
HFFOHVLDVWLFDOFXOWXUHZKLFK³ZRXOGPRVWOLNHO\KDYHUHJDUGHG
WKH PHVVHQJHU DV DQ DQJHO ZKR DOWKRXJK LQFRUSRUHDO LQ
HVVHQFH LV PDVFXOLQH LQ ERWK JUDPPDU DQJHOXV DQG
DSSHDUDQFH RQ ZHUHV KDGH QHLWKHU WKH 5RPDQ FKXUFK QRU
FODVVLFDO5RPDQFXOWXUHKDGDSODFHIRUDIHPDOHPHVVHQJHURQ
DILHOGRIEDWWOH*HUPDQLFFXOWXUHRQWKHRWKHUKDQGSURYLGHV
WZRVHSDUDWHSURWRW\SHVIRUIHPDOHLQWHUYHQWLRQDWWKLVSRLQWRI
WKH QDUUDWLYH 2QH LV WKH SHDFHZHDYHU DV VKH DSSHDUV LQ
%HRZXOI D DQG :LGVLWK D D ZRPDQ ZKRVH
PDUULDJH KDV EHHQ SROLWLFDOO\ DUUDQJHG WR HQG KRVWLOLWLHV
EHWZHHQ ZDUULQJ FODQV E\ HVWDEOLVKLQJ D IDPLOLDO DQG WKXV
SHDFHIXOUHODWLRQVKLSEHWZHHQWKHWZRJURXSV´LELG
+RZHYHU WKH IUL&RZHEED LQ (OHQH TXLWH XQOLNH WKH
DERYH PHQWLRQHG SHDFHZHDYHUV ZKR IDLO LQ WKHLU PLVVLRQ
VXFFHHGV WR HVWDEOLVK D QHZ ERQG EHWZHHQ &RQVWDQWLQH DQG
&KULVWE\WKHIRUPHU¶VFRQYHUVLRQ/LRQDURQVWKHQDVVRFLDWHV
WKHPHVVHQJHU¶VZDUOLNHUDWKHUWKDQSHDFHSURPRWLQJUROHZLWK
³DVHFRQGILJXUHIURP*HUPDQLFOLWHUDU\WUDGLWLRQWKHVRFDOOHG
µZKHWWLQJZRPDQ¶ZKRXUJHVDUHOXFWDQWRUIULJKWHQHGPDQWR
JDWKHU KLV FRXUDJH DQG ILJKW´ LELG ZKLFK LV ZKDW WKH
µPHVVHQJHU¶ GRHV LQ RUGHU WR H[KRUW &RQVWDQWLQH WR EH
FRXUDJHRXV )LQDOO\ WKH FRPELQDWLRQ LQ WKH PHVVHQJHU RI D
/DWLQDWH DQJHOLF UROH RI WKH &KULVWLDQ *RG¶V PDVFXOLQH
HPLVVDU\ZLWKWKH*HUPDQLFIHPLQLQHIXQFWLRQVRIDµZKHWWLQJ
ZRPDQ¶ LV VHHQ WR IRUHVKDGRZ E\ JHQGHU V\QFUHWLVP DQG
WH[WXDO UHSUHVHQWDWLRQ ³(OHQH¶V HTXDOO\ SDUDGR[LFDO UROHV DV
ZRPDQ DQG ZDUULRU VDLQW DQG W\UDQW OLIHJLYLQJ PRWKHU DQG
GHDWK WKUHDWHQLQJ WRUWXUHU´ LELG WKXV SODFLQJ KHU DW WKH
FRQYHUJLQJUDWKHUWKDQGLYHUJLQJFURVVURDGVRIWZRFXOWXUHV
7KH )DWHV RI WKH $SRVWOHV LV ³D VWRU\ RI WKH PLVVLRQDU\
ODERXUVRI6W$QGUHZGLYLQHO\VHQWWRVDYH6W0DWWKHZIURP
(WKLRSLDQFDQQLEDOVEXWLQHVVHQFHLWLVDWDOHRIVHDDGYHQWXUH
7KH SRHP VKRZV WKH DXWKRU¶V FORVH DFTXDLQWDQFH ZLWK WKH
PRRGV RI WKH VHD ZKLFK KH UHQGHUV ZLWK JUHDW SRZHU´
6DPSVRQ
2OG(QJOLVK3URVH
D *HQHUDO5HPDUNV
:KLOH 2OG (QJOLVK &KULVWLDQ SRHWU\ WRRN RYHU DQG
GHYHORSHGPDQ\RIWKHWKHPHVDQGPRWLIVRIWKHSDJDQSRHWU\
EURXJKW DORQJ E\ WKH $QJOR6D[RQ LQYDGHUV RI %ULWDLQ WKH
SURVH RI WKLV SHULRG ZLWKQR SUHYLRXV OLWHUDU\ SURVH WUDGLWLRQ
ZDV D ODWHU FXOWXUDO GHYHORSPHQW WKDQ SRHWU\ UHVXOWLQJ ILUVW
IURP WKH LQWURGXFWLRQ LQWR WKH FRXQWU\¶V DGPLQLVWUDWLRQ RI
/DWLQDVWKHVSRNHQDQGZULWWHQODQJXDJHRIODZDQGRUGHUDQG
ODWHU RQ RI /DWLQ UHOLJLRXV ZULWLQJV IROORZLQJ WKH
&KULVWLDQL]DWLRQRI(QJODQG
'DYLG 'DLFKHV FRQVLGHUV LW QR VXUSULVH WKDW
(QJOLVK SURVH GHYHORSHG ODWHU WKDQ SRHWU\ VLQFH WKH SULPDO
XUJH WR DUWLVWLF H[SUHVVLRQ LQ WKH KLVWRU\ RI DQ\ OLWHUDWXUH ³LV
ERXQG WR EH SRHWLF ZKLOH WKH SURSHU PDWXULQJ RI WKH PRUH
XWLOLWDULDQ SURVH PHGLXP RI FRPPXQLFDWLRQ IROORZV WKH
HPHUJHQFH RI ODWHU SROLWLFDO DQG FXOWXUDO QHHGV :LWK WKH
*HUPDQLFSHRSOHVWKHGHOD\LQWKHGHYHORSPHQWRISURVHZDV
HPSKDVL]HG E\ WKHLU FRQWDFW ZLWK WKH ROG DQG PDWXUH *UHFR
5RPDQ FLYLOL]DWLRQ ZKLFK VXSSOLHG FOHUNV UHDG\ WR DFW DV
VHFUHWDULHV WR WKHLUOHDGHUV DQG D VRSKLVWLFDWHG *UHHN RU /DWLQ
SURVH PRUH WKDQ FDSDEOH RI PDNLQJ DQ\ IRUPDO
FRPPXQLFDWLRQV RU NHHSLQJ DQ\ OHJDO RU KLVWRULFDO UHFRUGV
ZKLFKPLJKWEHUHTXLUHG´
$W LWV EHJLQQLQJV WKHUHIRUH 2OG (QJOLVK SURVH ZDV
PDLQO\ ³D SURVH RI XWLOLW\´ OD\LQJ VWUHVV RQ WKH SUDFWLFDO VLGH
RI OLIH VXFK DV FRQYH\LQJ XVHIXO LQIRUPDWLRQ DQG WHDFKLQJ
GHVFULELQJ ODZV DQG DGPLQLVWUDWLYH UHJXODWLRQV DV ZHOO DV
LPSRVLQJ WKH &KULVWLDQ WKRXJKW DQG SUDFWLFH RQ WKH QHZO\
FRQYHUWHG SRSXODWLRQ ,WV JUHDW LPSRUWDQFH WKRXJK UHIHUV WR
WKHIDFWWKDWPRVW/DWLQWH[WVZHUHFRQVHTXHQWO\WUDQVODWHGLQWR
(QJOLVK WKXV FRQWULEXWLQJ WR WKH GHYHORSPHQW RI (QJOLVK
ODQJXDJHDQGOLWHUDWXUH
$V ZH KDYH DOUHDG\ PHQWLRQHG LQ WKH LQWURGXFWRU\
FKDSWHU%HGHDQG.LQJ$OIUHGFDQEHFRQVLGHUHGWKHIRXQGHUV
RI2OG(QJOLVKSURVH
%HGH%DHGD"
7KH ILUVW RXWVWDQGLQJ SURVH ZULWHU DPRQJ WKH $QJOR
6D[RQV ZDV %HGH RU 9HQHUDEOH %HGH D %HQHGLFWLQH PRQN
ZKR VSHQW DOPRVW DOO KLV OLIH LQ WZR PRQDVWHULHV :HDUPRXWK
DQG -DUURZ LQ 1RUWKXPEULD .HQW DQG 1RUWKXPEULD EHLQJ DW
WKH WLPH WKH WZR FHQWUHV RI WKH QHZ OHDUQLQJ LQ WKH &KULVWLDQ
VSLULW RI ZKLFK WKH ³9HQHUDEOH %HGH´ LV WKH PRVW LOOXVWULRXV
UHSUHVHQWDWLYH
6RPHWLPH LQ LQ WKH ODVW FKDSWHU RI KLV +LVWRULD
(FFOHVLDVWLFD *HQWLV $QJORUXP 7KH (FFOHVLDVWLFDO +LVWRU\ RI
WKH (QJOLVK 3HRSOH ± WUDQVODWHG E\ .LQJ $OIUHG¶V VFKRODUV
%HGH KLPVHOI JLYHV D PRGHVW DFFRXQW RI KLV ZKROH OLIH DV D
KXPEOH VHUYDQW RI *RG D WHDFKHU DQG ZULWHU ³7KXV PXFK
FRQFHUQLQJWKHHFFOHVLDVWLFDOKLVWRU\RI%ULWDLQDQGHVSHFLDOO\
RIWKHUDFHRIWKH(QJOLVK,%DHGDDVHUYDQWRI&KULVWDQGD
SULHVWRIWKHPRQDVWHU\RIWKHEOHVVHGDSRVWOHV6W3HWHUDQG6W
3DXO ZKLFK LV DW :HDUPRXWK DQG DW -DUURZ LQ
1RUWKXPEHUODQGKDYHZLWKWKH/RUG¶VKHOSFRPSRVHGVRIDU
DV,FRXOGJDWKHULWHLWKHUIURPDQFLHQWGRFXPHQWVRUIURPWKH
WUDGLWLRQV RI WKH HOGHUV RU IURP P\ RZQ NQRZOHGJH , ZDV
ERUQ LQ WKH WHUULWRU\ RI WKH VDLG PRQDVWHU\ DQG DW WKH DJH RI
VHYHQ , ZDV E\ WKH FDUH RI P\ UHODWLRQV JLYHQ WR WKH PRVW
UHYHUHQG $EERW %HQHGLFW >6W %HQHGLFW %LVFRS@ DQG
%HGH >DKF@ 7KH WLWOH 9HQHUDELOLV ZDV FRQVHFUDWHG DW WKH &RXQFLO RI
$DFKHQ LQ ZKHQ %HGH ZDV UHIHUUHG WR DV YHQHUDELOLV HW PRGHUQLV
WHPSRULEXV GRFWRU DGPLUDELOLV %HGD /DWHU RQ RQ 1RYHPEHU WK
3RSH/HR;,,,SRSHGHFUHHGWKDWWKHIHDVWRI9HQHUDEOH%HGH
ZLWK WKH WLWOH RI 'RFWRU (FFOHVLDH VKRXOG EH FHOHEUDWHG WKURXJKRXW WKH
&KXUFK HDFK \HDU RQ 0D\ WK $WSUHVHQW LW LV FHOHEUDWHGE\ WKH 5RPDQ
&KXUFKRQ0D\WK%HQHGLFWLQH>BD B GPK¥F+MV+P@PRQN5RP&DWK&K
DPHPEHURIDQRUGHURIPRQNVIRXQGHGDW0RQWH&DVVLQRE\6W%HQHGLFW
DERXW$'
DIWHUZDUGV WR &HROIULG WR EH HGXFDWHG )URP WKDW WLPH , KDYH
VSHQWWKHZKROHRIP\OLIHZLWKLQWKDWPRQDVWHU\GHYRWLQJDOO
P\ SDLQV WR WKH VWXG\ RI WKH 6FULSWXUHV DQG DPLG WKH
REVHUYDQFH RI PRQDVWLF GLVFLSOLQH DQG WKH GDLO\ FKDUJH RI
VLQJLQJLQWKH&KXUFKLWKDVEHHQHYHUP\GHOLJKWWROHDUQRU
WHDFK RU ZULWH ,Q P\ QLQHWHHQWK \HDU , ZDV DGPLWWHG WR WKH
GLDFRQDWHLQP\WKLUWLHWKWRWKHSULHVWKRRGERWKE\WKHKDQGV
RIWKHPRVWUHYHUHQG%LVKRS-RKQ>6W-RKQRI%HYHUOH\@DQG
DW WKH ELGGLQJ RI $EERW &HROIULG )URP WKH WLPH RI P\
DGPLVVLRQ WR WKH SULHVWKRRG WR P\ SUHVHQW ILIW\QLQWK \HDU ,
KDYHHQGHDYRXUHGIRUP\RZQXVHDQGWKDWRIP\EUHWKUHQWR
PDNH EULHI QRWHV XSRQ WKH KRO\ 6FULSWXUH HLWKHU RXW RI WKH
ZRUNV RI WKH YHQHUDEOH )DWKHUV RU LQ FRQIRUPLW\ ZLWK WKHLU
PHDQLQJDQGLQWHUSUHWDWLRQ«$QG,SUD\WKHHORYLQJ-HVXV
WKDWDV7KRXKDVWJUDFLRXVO\JLYHQPHWRGULQNLQZLWKGHOLJKW
WKH ZRUGV RI 7K\ NQRZOHGJH VR 7KRX ZRXOGVW PHUFLIXOO\
JUDQWPHWRDWWDLQRQHGD\WR7KHHWKHIRXQWDLQRIDOOZLVGRP
DQGWRDSSHDUIRUHYHUEHIRUH7K\IDFH´.QLJKW
$ GHGLFDWHG FKXUFKPDQ WKHUHIRUH KH ZDV RUGDLQHG D
GHDFRQDWQLQHWHHQDQGDSULHVWDWWKLUW\DQGDQHQF\FORSHGLF
VFKRODUWKH³)DWKHURI(QJOLVK/HDUQLQJ´ZURWHLQ/DWLQXQWLO
WKHHQGRIKLVOLIHIRUW\ILYHZRUNVUHSUHVHQWLQJDOPRVWDOOWKH
GRPDLQVRIVFLHQFHRIKLVWLPHHSLVWOHVDQGKRPLOLHVUKHWRULF
SURVH SRHWLFV FKURQRORJ\ DQG DVWURQRP\ JUDPPDU KLVWRU\
WKHRORJ\HWF
%HGH LV DOVR FUHGLWHG ZLWK WKH ZULWLQJ RI WKH ILUVW
VFKRODUO\ ZRUNV LQ (QJOLVK EXW XQIRUWXQDWHO\ RQO\ IUDJPHQWV
RI WKHP KDYH VXUYLYHG $PRQJ RWKHU WKLQJV IRU H[DPSOH KH
WUDQVODWHGWKH*RVSHORI-RKQLQWR2OG(QJOLVK+HDOVRZURWH
UHOLJLRXVK\PQVDQGRWKHUYHUVHLQERWK2OG(QJOLVKDQG/DWLQ
DQGWKHILUVWPDUW\URORJ\,QDOOKHZURWHDERXWVL[W\ERRNV
%HVLGHV'HQDWXUDUHUXP'HWHPSRULEXV'HWHPSRULXP
UDWLRQH GHDOLQJ ZLWK VFLHQFH DV LW ZDV WKHQ XQGHUVWRRG DQG
HVSHFLDOO\ZLWKFKURQRORJ\WKHJUDPPDWLFDOWUHDWLVHV'HDUWH
KRPLO\ >¥JnOKNK@ Q D UHOLJLRXV GLVFRXUVH RU VHUPRQ XVXDOO\ LQ DQ
DGPRQLWRU\PRUDOL]LQJWRQH7KHDSRVWOH-RKQEHOLHYHGWREHWKHDXWKRU
RI WKH IRXUWK *RVSHO ILUVW VHFRQG DQG WKLUG EHLQJ DWWULEXWHG LQ WXUQ WR
0DWWKHZ0DUNDQG/XNHWKUHHHSLVWOHVDQGWKHERRNRI5HYHODWLRQ
PHWULFDDQG'HRUWKRJUDSKLDDVZHOODVD%RRNRIWKH$UWRI
3RHWU\DQG%RRNRI7URSHVDQG)LJXUHV%HGHSURGXFHGWZR
PDMRU KLVWRULHV RI KLV DJH 7KH +LVWRU\ RI WKH $EERWV RI
:HDUPRXWKDQG-DUURZDQLPSRUWDQWVRXUFHIRUHFFOHVLDVWLFDO
KLVWRU\ DQG 7KH (FFOHVLDVWLFDO +LVWRU\ RI WKH (QJOLVK 3HRSOH
WRWKLVGD\WKHFKLHIVRXUFHIRUWKHKLVWRU\RIWKH%ULWLVK
,VOHVIURPWKH&HOWVXSWR
,QWKH3UHIDFHWRKLV+LVWRULDGHGLFDWHGWR³«7KH0RVW
*ORULRXVNLQJ&HROZXOI´%HGHDV³7KH6HUYDQWRI&KULVW$QG
3ULHVW´ LQIRUPV WKH NLQJ DQG KLV SRWHQWLDO UHDGHUV DERXW WKH
ZD\LQZKLFKKHFRQFHLYHGKLV³KLVWRU\´WREHERWKDQDFFRXQW
RIWKHPRVWLPSRUWDQWUHOLJLRXVDQGKLVWRULFDOHYHQWVDQGRIWKH
SHRSOH LQYROYHG LQ WKHP DQG D PHQGHU RI SHRSOH¶V PRUDOV
³$QG , FDQQRW EXW UHFRPPHQG WKH VLQFHULW\ DQG ]HDO ZLWK
ZKLFK\RXQRWRQO\GLOLJHQWO\JLYHHDUWRKHDUWKHZRUGVRIWKH
+RO\ 6FULSWXUH EXW DOVR LQGXVWULRXVO\ WDNH FDUH WR EHFRPH
DFTXDLQWHG ZLWK WKH DFWLRQV DQG VD\LQJV RI IRUPHU PHQ RI
UHQRZQ HVSHFLDOO\ RI RXU RZQ QDWLRQ )RU LI KLVWRU\ UHODWHV
JRRG WKLQJV RI JRRG PHQ WKH DWWHQWLYH KHDUHU LV H[FLWHG WR
LPLWDWH WKDW ZKLFK LV JRRG RU LI LW PHQWLRQV HYLO WKLQJV RI
ZLFNHGSHUVRQVQHYHUWKHOHVVWKHUHOLJLRXVDQGSLRXVKHDUHURU
UHDGHUVKXQQLQJWKDWZKLFKLVKXUWIXODQGSHUYHUVHLVWKHPRUH
HDUQHVWO\H[FLWHGWRSHUIRUPWKRVHWKLQJVZKLFKKHNQRZVWREH
JRRGDQGZRUWK\RI*RG´
)XUWKHU RQ %HGH LQ WKH PDQQHU RI WKH KRQHVW KLVWRULDQ
ZKRVHHNVDIWHUWKHWUXWKUHO\LQJRQDWWHVWHGGRFXPHQWVRURQ
RWKHUUHOLDEOHVRXUFHVRILQIRUPDWLRQPHQWLRQVWKHSHRSOHZKR
KDGKHOSHGKLPLQWKHFROOHFWLRQRIZULWWHQRURUDOLQIRUPDWLRQ
)LUVWRQKLVOLVWLV³WKHOHDUQHGDQGUHYHUHQG$EERW$OELQXV´RI
WKH &KXUFK RI &DQWHUEXU\ ZKR LV GHFODUHG DV KLV ³SULQFLSDO
DXWKRULW\ DQG DLG LQ WKLV ZRUN´ IROORZHG E\ 1RWKHOP ³WKH
SLRXV SULHVW RI WKH &KXUFK RI /RQGRQ´ ZKR KDG FRSLHG
GRFXPHQWV SUHVHUYHG LQWR WKH DUFKLYHV RI ³WKH KRO\ 5RPDQ
&KXUFK´ DQG 'DQLHO ³WKH PRVW UHYHUHQG %LVKRS RI WKH :HVW
6D[RQV´DQGKLVFRQWHPSRUDU\ZKRKDGJLYHQKLP³VRPH
$OOKLVZRUNVDUHPHQWLRQHGLQ7KH(FFOHVLDVWLFDO+LVWRU\%RRN9
WKLQJV UHODWLQJ WR WKH (FFOHVLDVWLFDO +LVWRU\ RI WKDW SURYLQFH´
,QDGGLWLRQ%HGHDGPLWVKHKDGXVHGPXFKLQIRUPDWLRQJLYHQ
WRKLPE\PDQ\RIWKHFOHUJ\DQGPRQNVRIWKHQRUWKDVZHOO
DVWKH³IDLWKIXOWHVWLPRQ\RILQQXPHUDEOHZLWQHVVHVZKRPLJKW
NQRZ RU UHPHPEHU WKH VDPH EHVLGHV ZKDW , KDG RI P\ RZQ
NQRZOHGJH´
:KDW LV DOVR UHPDUNDEOH LV %HGH¶V ILQDO DGGUHVV WR WKH
UHDGHULQZKLFKKHUHDVVXUHVKLPWKDWKHKDVGRQHKLVEHVWWR
ZULWHDWUXHKLVWRU\³$QG,KXPEO\HQWUHDWWKHUHDGHUWKDWLI
KH VKDOO LQ WKLV WKDW ZH KDYH ZULWWHQ ILQG DQ\WKLQJ QRW
GHOLYHUHGDFFRUGLQJWRWKHWUXWKKHZLOOQRWLPSXWHWKHVDPHWR
PH ZKR DV WKH WUXH UROH RI KLVWRU\ UHTXLUHV KDYH ODERXUHG
VLQFHUHO\ WR FRPPLW WR ZULWLQJ VXFK WKLQJV DV , FRXOG JDWKHU
IURPFRPPRQUHSRUWIRUWKHLQVWUXFWLRQRISRVWHULW\´
7KH+LVWRU\LWVHOIFRQWDLQVILYHERRNV7KHILUVWERRNLQ
LWV WXUQ FRQWDLQLQJ WZHQW\ IRXU FKDSWHUV EHJLQV ZLWK ³%ULWDLQ
DQG,UHODQGDQGWKHLUDQFLHQWLQKDELWDQWV´DQGWKHQFDUULHVWKH
KLVWRU\IURPWKHLQYDVLRQRI&DLXV-XOLXV&DHVDULQ%&WR
WKH \HDU ZKHQ ³(WKHOIULG NLQJ RI WKH 1RUWKXPEULDQV
YDQTXLVKHVWKH6FRWVDQGGULYHVWKHPDZD\IURPWKHWHUULWRULHV
RIWKH(QJOLVK´%RRN,
7KH RWKHU PHPRUDEOH HYHQWV GZHOW XSRQ DUH PHQWLRQHG
LQ WKH YHU\ WLWOHV RI WKH RWKHU FKDSWHUV KRZ /XFLXV NLQJ RI
%ULWDLQZURWHWR3RSH(OHXWKHULXVWREHPDGHD&KULVWLDQWKH
SHUVHFXWLRQ RI WKH &KULVWLDQV GXULQJ WKH UHLJQ RI 'LRFOHWLDQ
WKHFRPLQJRIWKH$QJOHVWR%ULWDLQLQIROORZLQJDQ
LQYLWDWLRQ E\ WKH %ULWRQV WR EH KHOSHG DJDLQVW WKH EHVLHJLQJ
(OHXWKHULXV>BKNLWÖ¥6GTKU@Q6DLQWSRSH$''LRFOHWLDQ
>FK¥MNKÖ5P@ Q *DLXV $XUHOLXV 9DOHULXV 'LRFOHWLDQXV HPSHURU RI 5RPH
$'$QJOHV>30IN\@QSOD:HVW*HUPDQLFWULEHWKDWPLJUDWHG
IURP6OHVZLFNWR%ULWDLQLQWKHWKFHQWXU\$'DQGIRXQGHGWKHNLQJGRPV
RI (DVW $QJOLD 0HUFLD DQG 1RUWKXPEULD %HJLQQLQJ ZLWK WKH WK FHQWXU\
WKHLU QDPH ZDV H[WHQGHG WR DOO WKH *HUPDQLF LQKDELWDQWV RI %ULWDLQ WKH
-XWHV >F<WÖVU@ IURP -XWODQG WKH 'DQLVK SHQLQVXOD RI 'HQPDUN LQYDGHG
%ULWDLQLQWKHWKFHQWXU\$'DQGVHWWOHGLQ.HQWDQGWKH6D[RQVIURPWKH
(OEH LQYDGHG DQG RFFXSLHGSDUWV RI %ULWDLQ LQ WKH WK DQG WK FHQWXULHV
%ULWRQV >¥DTKVP\@ QSO RQH RI WKH &HOWLF SHRSOH IRUPHUO\ RFFXS\LQJ WKH
6RXWKHUQSDUWRIWKHLVODQGRI%ULWDLQ
6FRWV WKH VLGLQJ RI WKH $QJOHV ZLWK WKH 6FRWV DQG WKHLU
FRQVHTXHQW GHIHDW E\ WKH %ULWRQV WKH VHQGLQJ E\ 3RSH
*UHJRU\RI$XJXVWLQHWRSUHDFKLQ(QJODQGLQHWF
7KH VHFRQG ERRN EHJLQV ZLWK WKH GHDWK RI *UHJRU\ WKH
*UHDW LQ DQG HQGV LQ ZKHQ (GZLQ RI 1RUWKXPEULD
ZDVNLOOHGDQG3DXOLQXVUHWLUHGWR5RFKHVWHU
,QWKHILUVWFKDSWHUHQWLWOHG2QWKH'HDWKRIWKH%OHVVHG
3RSH*UHJRU\%HGHGZHOOVH[WHQVLYHO\XSRQ3RSH*UHJRU\¶V
³YLUWXH RI GHYRWLRQ´ ZKLFK KH VKRZHG DOO WKURXJK KLV OLIH
EHJLQQLQJZLWKKLVHDUO\OLIHVSHQWLQDPRQDVWHU\ZKHUHZLWK
WKHKHOSRIWKH³'HYLQH*UDFH´KHXVHGKLVZRUGO\QRELOLW\³WR
JDLQWKHKRQRXURIHWHUQDOGLJQLW\´EHKDYLQJKLPVHOI³ZLWKVR
PXFKJUDFHRISHUIHFWLRQWKDWDVKHZDVDIWHUZDUGVZRQWZLWK
WHDUV WR WHVWLI\ KLV PLQG ZDV DERYH DOO WUDQVLWRU\ WKLQJV WKDW
KHGHVSLVHGDOOWKDWLVVXEMHFWWRFKDQJHWKDWKHXVHGWRWKLQN
RIQRWKLQJEXWZKDWZDVKHDYHQO\WKDWZKLOVWGHWDLQHGE\WKH
ERG\ KH E\ FRQWHPSODWLRQ EURNH WKURXJK WKH ERQGV RI WKH
IOHVK DQG WKDW KH ORYHG GHDWK ZKLFK LV WHUURU WR DOPRVW DOO
PHQDVWKHHQWUDQFHLQWROLIHDQGWKHUHZDUGRIKLVODERXUV´
%HGH DOVR FDOOV 3RSH *UHJRU\ ³RXU DSRVWOH´ LQ VSHFLDO
UHFRJQLWLRQ RI KLV FRQYHUWLQJ WKH (QJOLVK QDWLRQ ³IURP WKH
SRZHURI6DWDQWRWKHIDLWKRI&KULVW´
7KH UHVW RI WKH ERRN PRVWO\ GHDOV ZLWK WKH FRQWLQXRXV
VWUHQXRXV HIIRUWV PDGH E\ GLIIHUHQW ELVKRSV DQG PLVVLRQDULHV
WRFRQYHUWRUUHFRQYHUWWKH%ULWRQVWKH6FRWVDQGWKHLUNLQJVWR
&KULVWLDQLW\ RU WR KDYH WKHP REVHUYH WKH XQLW\ RI ³WKH KRO\
&KXUFK´E\VWULFWO\IROORZLQJLWVSUHFHSWVDQGULWHV
6W $XJXVWLQH IRU H[DPSOH LQ WKH SUHVHQFH RI .LQJ
(WKHOEHUW DQG D ZKROH FRQJUHJDWLRQ RI ELVKRSV IURP WKH
SURYLQFHRIWKH%ULWRQVLVFUHGLWHGZLWKWKHPLUDFOHRIPDNLQJ
DEOLQGPDQVHHE\NQHHOLQJDQGSUD\LQJWR³WKH)DWKHURIRXU
/RUG-HVXV´LQRUGHUWRFRQYLQFHWKHDIRUHVDLGELVKRSVWRNHHS
(DVWHU6XQGD\DWWKHSURSHUWLPHDQGLQWKLVZD\SUHVHUYHWKH
&DWKROLFXQLW\
7KH UHLJQ RI .LQJ (GZLQ KLV DQG KLV SHRSOH¶V
FRQYHUVLRQWR&KULVWLDQLW\E\3DXOLQXVDVZHOODVKLVILQDO
3DXOLQXV >RnÖ¥NKPU@ Q 6DLQW 5RPDQ PLVVLRQDU\ LQ (QJODQG ZLWK
$XJXVWLQHVWDUFKELVKRSRI<RUN
GHDWK RQ WKH WK RI 2FWREHU LQ WKH EDWWOH RQ WKH
+HDWKILHOG SODLQ DJDLQVW UHEHOOLRXV .LQJ &DGZDOOD DQG KLV
DUP\DUHWKHPDLQVXEMHFWVRIFKDSWHUVQLQHWRWZHQW\
7KHWKLUGERRNFRYHUVWKHVKRUWSHULRGRIWLPHEHWZHHQ
7KHSHULRGLVPDUNHGOLNHLQWKHRWKHUERRNVE\WKH
VDPH UHOLJLRXV DFWLYLVP RI D ORQJ VHULHV RI ELVKRSV
DUFKELVKRSV SULHVWV PLVVLRQDULHV DQG ORFDO NLQJV WR SUHVHUYH
DQGVSUHDGWKH&KULVWLDQIDLWKE\SHUVRQDOH[DPSOHE\DOOHJHG
PLUDFOHV E\ WKH EXLOGLQJ RI KRO\ SODFHV RU HYHQ E\ DUPHG
LQWHUYHQWLRQVDJDLQVWWKHSDJDQEDUEDULDQV
7KH UHOLJLRXV DQG ³PLUDFXORXV´ KLVWRU\ RI WKH SHULRG LV
PL[HGZLWKLWVVHFXODUKLVWRU\.LQJ2VZDOG¶VSUHSDUDWLRQVWR
HQJDJH WKH EDUEDULDQV DQG WKH KHDOLQJ RI WKH ODPH DUP RI D
\RXWK ZKHQ KH WRXFKHG WKH FURVV HUHFWHG E\ .LQJ 2VZDOG LQ
KRO\VXSSRUWRIKLVIXWXUHZDUWKHGHVWUXFWLRQRIWKHLGROVE\
(DUFRQEHUW.LQJRI.HQWDQGWKHFRQVHFUDWLRQWR*RGRIKLV
GDXJKWHU (DUFRQJRWD DQG KLV NLQVZRPDQ (WKHOEHUJD YLUJLQV
WKH UHFHLYLQJ RI WKH ZRUG RI *RG E\ WKH 6D[RQV WKURXJK WKH
SUHDFKLQJRI%LULQXVWKHPLUDFXORXVFXUHVIUHTXHQWO\GRQHLQ
WKHSODFHZKHUH.LQJ2VZDOGZDVNLOOHGVXFKDVWKHFXULQJRI
D \RXQJ JLUO RI WKH SDOV\ ³WKH ZRQGHUIXO KXPLOLW\ RI .LQJ
2VZLQZKRZDVFUXHOO\VODLQE\2VZ\´³WKHOLIHDQGGHDWKRI
WKHUHOLJLRXV.LQJ6LJHEHUWWKHFKULVWLDQL]DWLRQRIWKH0LGODQG
SURYLQFHXQGHU.LQJ3HDGDWKHVOD\LQJRI.LQJ3HQGDDQGWKH
UHFHLYLQJRIWKHIDLWKE\WKH0HUFLDQVWKHUHFRQYHUVLRQE\WKH
%LVKRS-DUXPDQRIWKH(DVW6D[RQVDIWHUWKH\KDGUHWXUQHGWR
LGRODWU\GXULQJDSHVWLOHQFHHWF´
7KH IRXUWK ERRN GHVFULEHV WKH KLVWRULFDO HYHQWV IURP
WKHGHDWKRI'HXVGHGLWDUFKELVKRSRI&DQWHUEXU\WRWKH
\HDU
$W OHDVW VRPH RI WKH PDQ\ UHOLJLRXV DQG VHFXODU HYHQWV
SUHVHQWHG LQ WKH WKLUW\WZR FKDSWHUV RI WKLV ERRN DUH ZRUWK
PHQWLRQLQJWKHEHJLQQLQJRIWKHLQVWUXFWLRQLQKRO\OLWHUDWXUH
LQWKHFKXUFKHVRIWKH(QJOLVKWKHVOD\LQJRI(WKHOZDOFKNLQJ
RI WKH :HVW 6D[RQV E\ .LQJ &¶GZDOOD DQG WKH FRQVHTXHQW
ZDVWLQJ RI WKDW SURYLQFH ³ZLWK UDSLQH DQG VODXJKWHU´ KRZ
UDSLQH >¥U3SDLQ@ Q WKH YLROHQW VHL]XUH DQG FDUU\LQJ RII RI DQRWKHU¶V
SURSHUW\SOXQGHU
%LVKRS 7KHRGRUH PDGH SHDFH EHWZHHQ WKH NLQJV (JIULG DQG
(WKHOUHG³RIWKHOLIHDQGGHDWKRIWKH$EEHVV+LOGD´³RIWKH
GHDWKRIWKH.LQJV(JIULGDQG/RWKHUH´KRZ%LVKRS&XWKEHUW
ZKLOHKHZDVDQ³DQFKRULWH´³E\KLVSUD\HUVREWDLQHGDVSULQJ
LQDGU\VRLODQGKDGDFURSIURPVHHGVRZQE\KLPVHOIRXWRI
VHDVRQ RU KRZ RQH ³ZDV FXUHG RI D SDOV\ DW WKH WRPE RI 6W
&XWKEHUW´DQGDQRWKHU³ZDVFXUHGRIDGLVWHPSHURIKLVH\HDW
WKHUHOLFVRIWKHVDPHVDLQW´HWF
)LQDOO\ WKH ILIWK ERRN JRHV DV IDU DV FRQWDLQLQJ
VXFKVWRULHVDV%LVKRS-RKQ¶VPLUDFOHVKRZKHFXUHGDGXPE
PDQ E\ EOHVVLQJ KLP KRZ KH KHDOHG D VLFN PDLGHQ E\ KLV
SUD\HUV KRZ KH KHDOHG DQ HDUO¶V VLFN ZLIH ZLWK KRO\ ZDWHU
KRZWKHVDPHELVKRSUHFRYHUHGRQHRIWKHHDUO¶VVHUYDQWVIURP
GHDWK DQG ILQDOO\ KRZ KH E\ KLV SUD\HUV DQG EOHVVLQJ
GHOLYHUHG IURP GHDWK RQH RI KLV FOHUNV ZKR KDG EUXLVHG
KLPVHOI E\ D IDOO &DHGZDOOD¶V NLQJ RI WKH :HVW 6D[RQV
MRXUQH\ WR 5RPH WR EH EDSWL]HG WKH PDUW\UGRP RI WKH
+HZDOGV WKH WZR FRPSDQLRQV RI :LOEURG ZKR ³FRQYHUWHG
PDQ\WR&KULVW´LQ)ULVODQGWKHUDLVLQJIURPWKHGHDG³RIRQH
DPRQJWKH1RUWKXPEULDQV´WRUHODWH³WKHWKLQJVZKLFKKHKDG
VHHQVRPHH[FLWLQJWHUURUDQGRWKHUVGHOLJKWWKHYLVLRQ³RI
DQRWKHU ZKR EHLQJ DW WKH SRLQW RI GHDWK VDZ WKH SODFH RI
SXQLVKPHQWDSSRLQWHGIRUKLPLQKHOOWKHVHQGLQJRIDUFKLWHFWV
E\$EERW&HROIULGWRWKH.LQJRIWKH3LFWVWREXLOGDFKXUFK´
DQG ZLWK WKHP DQ HSLVWOH FRQFHUQLQJ WKH &DWKROLF (DVWHU DQG
WRQVXUH ZLWK D ILQDO DFFRXQW RI ³WKH SUHVHQW VWDWH RI WKH
(QJOLVKQDWLRQRURIDOO%ULWDLQ´>$'@´
³)URP D OLWHUDU\ SRLQW RI YLHZ WKH ERRN LV DGPLUDEOH
7KHUH LV QR DIIHFWDWLRQ RI OHDUQLQJ QR HFFHQWULFLW\ RI
YRFDEXODU\ ,W VHHPV WR XV WR EH RQH RI WKH JUHDW VHUYLFHV
ZKLFK%HGHUHQGHUHGWR(QJOLVKZULWHUVWKDWKHJDYHFXUUHQF\
WR D GLUHFW DQG VLPSOH VW\OH 7KLV PHULW LV LQ SDUW GXH WR WKH
WUDGLWLRQ RI WKH QRUWKHUQ VFKRRO LQ ZKLFK KH ZDV EURXJKW XS
EXW LW LV WR KLV RZQ FUHGLW WKDW KH ZDV QRW OHG DZD\ E\ WKH
IDVFLQDWLRQV RI WKH /DWLQLW\ RI $OGKHOP´ 7KH &DPEULGJH
+LVWRU\RI(QJOLVKDQG$PHULFDQ/LWHUDWXUH9ROXPH,
)URP%HGH¶V7+((&&/(6,$67,&$/+,6725<2)7+(
(1*/,6+3(23/(1$7,21
7+( $1*/(6 %(,1* ,19,7(' ,172 %5,7$,1 $7
),567 2%/,*(' 7+( (1(0< 72 5(7,5( 72 $
',67$1&( %87 127 /21* $)7(5 -2,1,1* ,1
/($*8( :,7+ 7+(0 7851(' 7+(,5 :($3216
8321 7+(,5 &21)('(5$7(6 >$' @ )URP
%22.,
,1WKH\HDURIRXU/RUG0DUWLDQEHLQJPDGHHPSHURU
ZLWK 9DOHQWLQLDQ DQG WKH IRUW\ VL[WK IURP $XJXVWXV UXOHG WKH
HPSLUH VHYHQ \HDUV 7KHQ WKH QDWLRQ RI WKH $QJOHV RU 6D[RQV
EHLQJLQYLWHGE\WKHDIRUHVDLGNLQJDUULYHGLQ%ULWDLQZLWKWKUHH
ORQJ VKLSV DQG KDG D SODFH DVVLJQHG WKHP WR UHVLGH LQ E\ WKH
VDPHNLQJLQWKHHDVWHUQSDUWRIWKHLVODQGWKDWWKH\PLJKWWKXV
DSSHDUWREHILJKWLQJIRUWKHLUFRXQWU\ZKLOVWWKHLUUHDOLQWHQWLRQV
ZHUH WR HQVODYH LW $FFRUGLQJO\ WKH\ HQJDJHG ZLWK WKH HQHP\
ZKR ZHUH FRPH IURP WKH QRUWK WR JLYH EDWWOH DQG REWDLQHG WKH
YLFWRU\ ZKLFK EHLQJ NQRZQ DW KRPH LQ WKHLU RZQ FRXQWU\ DV
DOVRWKHIHUWLOLW\RIWKHFRXQWU\DQGWKHFRZDUGLFHRIWKH%ULWRQV
DPRUHFRQVLGHUDEOHIOHHWZDVTXLFNO\VHQWRYHUEULQJLQJDVWLOO
JUHDWHUQXPEHURIPHQZKLFKEHLQJDGGHGWRWKHIRUPHUPDGH
XSDQLQYLQFLEOHDUP\7KHQHZFRPHUVUHFHLYHGRIWKH%ULWRQVD
SODFH WR LQKDELW XSRQ FRQGLWLRQ WKDW WKH\ VKRXOG ZDJH ZDU
DJDLQVW WKHLU HQHPLHV IRU WKH SHDFH DQGVHFXULW\RI WKH FRXQWU\
ZKLOVWWKH%ULWRQVDJUHHGWRIXUQLVKWKHPZLWKSD\7KRVHZKR
FDPHRYHUZHUHRIWKHWKUHHPRVWSRZHUIXOQDWLRQVRI*HUPDQ\
6D[RQV $QJOHV DQG -XWHV )URP WKH -XWHV DUH GHVFHQGHG WKH
SHRSOH RI .HQW DQG RI WKH ,VOH RI :LJKW DQG WKRVH DOVR LQ WKH
SURYLQFH RI WKH :HVW 6D[RQV ZKR DUH WR WKLV GD\ FDOOHG -XWHV
FRQIHGHUDWH >MP¥HGFT+V@ Q D SHUVRQ JURXS QDWLRQ HWF XQLWHG ZLWK
RWKHUV LQ D FRQIHGHUDF\ DQ DOO\ DIRUHVDLG >¥HnÖUGF@ DGM DWWULE
PHQWLRQHGRUUHIHUUHGWRHDUOLHUHQVODYH>+P¥UNG+X@YWWRPDNHDVODYH
RIWRUHGXFHWRVODYHU\ZDJHZDU>YG+F<YnÖ@YWVPWKDJDLQVWRQ
VWKWREHJLQDQGFRQWLQXHDZDUIXUQLVK>¥HÖP+5@YWVEVWKZLWK
VWKWRVXSSO\RUSURYLGHVEVWKZLWKVWK-XWH>LWÖV@QDPHPEHURID
FRQWLQHQWDO*HUPDQLFWULEHSUREDEO\IURP-XWODQGWKDWLQYDGHG%ULWDLQLQ
WKHWKFHQWXU\$'DQGVHWWOHGLQ.HQW
VHDWHGRSSRVLWHWRWKH,VOHRI:LJKW)URPWKH6D[RQVWKDWLVWKH
FRXQWU\ZKLFKLVQRZFDOOHG2OG6D[RQ\FDPHWKH(DVW6D[RQV
WKH 6RXWK 6D[RQV DQG WKH :HVW 6D[RQV )URP WKH $QJOHV WKDW
LV WKH FRXQWU\ ZKLFK LV FDOOHG $QJOLD DQG ZKLFK LV VDLG IURP
WKDWWLPHWRUHPDLQGHVHUWWRWKLVGD\EHWZHHQWKHSURYLQFHVRI
WKH -XWHV DQG WKH 6D[RQV DUH GHVFHQGHG WKH (DVW $QJOHV WKH
0LGODQG $QJOHV 0HUFLDQVDOO WKH UDFH RI WKH 1RUWKXPEULDQV
WKDWLVRIWKRVHQDWLRQVWKDWGZHOORQWKHQRUWKVLGHRIWKHULYHU
+XPEHU DQG WKH RWKHU QDWLRQV RI WKH (QJOLVK 7KH WZR ILUVW
FRPPDQGHUVDUHVDLGWRKDYHEHHQ+HQJLVWDQG+RUVD2IZKRP
+RUVD EHLQJ DIWHUZDUGV VODLQ LQ EDWWOH E\ WKH %ULWRQV ZDV
EXULHGLQWKHHDVWHUQSDUWVRI.HQWZKHUHDPRQXPHQWEHDULQJ
KLVQDPHLVVWLOOLQH[LVWHQFH7KH\ZHUHWKHVRQVRI9LFWJLOVXV
ZKRVHIDWKHUZDV9HFWDVRQRI:RGHQIURPZKRVHVWRFNWKH
UR\DO UDFH RI PDQ\SURYLQFHVGHGXFH WKHLURULJLQDO ,Q D VKRUW
WLPHVZDUPVRIWKHDIRUHVDLGQDWLRQVFDPHRYHULQWRWKHLVODQG
DQGWKH\EHJDQWRLQFUHDVHVRPXFKWKDWWKH\EHFDPHWHUULEOHWR
WKHQDWLYHVWKHPVHOYHVZKRKDGLQYLWHGWKHP7KHQKDYLQJRQD
VXGGHQHQWHUHGLQWROHDJXHZLWKWKH3LFWVZKRPWKH\KDGE\WKLV
WLPHUHSHOOHGE\WKHIRUFHRIWKHLUDUPVWKH\EHJDQWRWXUQWKHLU
ZHDSRQVDJDLQVWWKHLUFRQIHGHUDWHV$WILUVWWKH\REOLJHGWKHPWR
IXUQLVKDJUHDWHUTXDQWLW\RISURYLVLRQVDQGVHHNLQJDQRFFDVLRQ
WR TXDUUHO SURWHVWHG WKDW XQOHVV PRUH SOHQWLIXO VXSSOLHV ZHUH
EURXJKW WKHP WKH\ ZRXOG EUHDN WKH FRQIHGHUDF\ DQG UDYDJH
DOOWKHLVODQGQRUZHUHWKH\EDFNZDUGLQSXWWLQJWKHLUWKUHDWVLQ
H[HFXWLRQ,QVKRUWWKHILUHNLQGOHGE\WKHKDQGVRIWKHVHSDJDQV
SURYHG *RG
V MXVW UHYHQJH IRU WKH FULPHV RI WKH SHRSOH QRW
GHVHUW>BB¥FG\V@DGMGHVRODWHEDUUHQ0HUFLDQ>¥OÖ5P@QDQDWLYHRU
LQKDELWDQW RI 0HUFLD DQ HDUO\ (QJOLVK NLQJGRP LQ FHQWUDO %ULWDLQ
1RUWKXPEULDQ>PnÖ¥6¡ODT+P@QDQDWLYHRULQKDELWDQWRI1RUWKXPEULDRU
1RUWKXPEHUODQGDQHDUO\(QJOLVKNLQJGRPH[WHQGLQJ1IURPWKH+XPEHU
WRWKH)LUWKRU)RUWKVOD\>UNGK@VOHZ>UNWÖ?VODLQ>UNGKP@YWWRNLOOE\
YLROHQFHVWRFN>UVnM@QDOLQHRIGHVFHQWDWULEHUDFHRUHWKQLFJURXS
GHGXFH>F+¥FLWÖU@YWWRWUDFHWKHGHULYDWLRQRIWUDFHWKHFRXUVHRI
VZDUP >UYnÖO@ Q RIWHQ SO XVXDOO\ GHURJ D ODUJH QXPEHU RI SHRSOH D
FURZG UHSHO >T+¥RGN@ YW WR GULYH RU SXVK VEVWK EDFN RU DZD\
UDYDJH >¥438KF<@ YW WR GDPDJH VWK EDGO\ WR GHVWUR\ VWK MXVW >F<¡UV@
DGMGHVHUYHGDSSURSULDWHWRWKHFLUFXPVWDQFHV
XQOLNH WKDW ZKLFK EHLQJ RQFH OLJKWHG E\ WKH &KDOGHDQV
FRQVXPHG WKH ZDOOV DQG FLW\ RI -HUXVDOHP )RU WKH EDUEDURXV
FRQTXHURUV DFWLQJ KHUH LQ WKH VDPH PDQQHU RU UDWKHU WKH MXVW
-XGJHRUGDLQLQJWKDWWKH\VKRXOGVRDFWWKH\SOXQGHUHGDOOWKH
QHLJKERXULQJFLWLHVDQGFRXQWU\VSUHDGWKHFRQIODJUDWLRQIURP
WKH HDVWHUQ WR WKH ZHVWHUQ VHD ZLWKRXW DQ\ RSSRVLWLRQ DQG
FRYHUHGDOPRVWHYHU\SDUWRIWKHGHYRWHGLVODQG3XEOLFDVZHOODV
SULYDWH VWUXFWXUHV ZHUH RYHUWXUQHG WKHSULHVWV ZHUH HYHU\ZKHUH
VODLQEHIRUHWKHDOWDUVWKHSUHODWHVDQGWKHSHRSOHZLWKRXWDQ\
UHVSHFWRISHUVRQVZHUHGHVWUR\HGZLWKILUHDQGVZRUGQRUZDV
WKHUHDQ\WREXU\WKRVHZKRKDGEHHQWKXVFUXHOO\VODXJKWHUHG
6RPHRIWKHPLVHUDEOHUHPDLQGHUEHLQJWDNHQLQWKHPRXQWDLQV
ZHUH EXWFKHUHG LQ KHDSV RWKHUV VSHQW ZLWK KXQJHU FDPH
IRUWK DQG VXEPLWWHG WKHPVHOYHV WR WKH HQHP\ IRU IRRG EHLQJ
GHVWLQHGWRXQGHUJRSHUSHWXDOVHUYLWXGHLIWKH\ZHUHQRWNLOOHG
HYHQXSRQWKHVSRWVRPHZLWKVRUURZIXOKHDUWVIOHGEH\RQGWKH
VHDV2WKHUVFRQWLQXLQJLQWKHLURZQFRXQWU\OHGDPLVHUDEOHOLIH
DPRQJ WKH ZRRGV URFNV DQG PRXQWDLQV ZLWK VFDUFHO\ HQRXJK
IRRGWRVXSSRUWOLIHDQGH[SHFWLQJHYHU\PRPHQWWREHWKHLUODVW
RUGDLQ >nÖ¥FG+P@ YLRI *RG WKH ODZ IDWH HWF WR RUGHU RU FRPPDQG
VWKWRGHFLGHVWKLQDGYDQFHSOXQGHU>¥RN¡PF@YWWRURERIJRRGVRU
YDOXDEOHV E\ RSHQ IRUFH DV LQ ZDU KRVWLOH UDLGV EULJDQGDJH HWF
FRQIODJUDWLRQ > BMnPHN¥ITG+5P?Q D YLROHQW VLWXDWLRQ RU ZDU SUHODWH
>¥RTGN+V@ Q DQ HFFOHVLDVWLF RI D KLJK RUGHU DV DQ DUFKELVKRSELVKRS HWF D
FKXUFK GLJQLWDU\ VODXJKWHU >¥VOnÖW@ Q WKH NLOOLQJ RI JUHDW QXPEHUV RI
SHRSOHV RU DQLPDOV LQGLVFULPLQDWHO\ FDUQDJH EXWFKHU >¥DWV5@ YW WR
NLOO LQGLVFULPLQDWHO\ RUEUXWDOO\ VSHQW >URGPV@ ZLWK KXQJHUDGM XVHG
XS FRQVXPHG RU H[KDXVWHG ZLWK KXQJHU VHUYLWXGH >¥UÖX+VLWÖF@ Q
VODYHU\RUERQGDJHRIDQ\NLQG
7+(%5,72162%7$,1('7+(,5),5679,&725<29(5
7+($1*/(681'(57+(&200$1'2)$0%526,86
$520$1)URP%22.,
:+(1 WKH YLFWRULRXV DUP\ KDYLQJGHVWUR\HGDQG GLVSHUVHG
WKH QDWLYHV KDG UHWXUQHG KRPH WR WKHLU RZQ VHWWOHPHQWV WKH
GLVSHUVH >F+¥URÖU@ YW WR GULYH RU VHQG RII LQ YDULRXV GLUHFWLRQV
VHWWOHPHQW>¥UGVNOPV@QDVPDOOFRPPXQLW\YLOODJHRUJURXSRIKRXVHVLQ
DWKLQO\SRSXODWHGDUHD
%ULWRQV EHJDQ E\ GHJUHHV WR WDNH KHDUW DQG JDWKHU VWUHQJWK
VDOO\LQJ RXW RI WKH OXUNLQJ SODFHV ZKHUH WKH\ KDG FRQFHDOHG
WKHPVHOYHV DQG XQDQLPRXVO\ LPSORULQJ WKH 'LYLQH DVVLVWDQFH
WKDW WKH\ PLJKW QRW XWWHUO\ EH GHVWUR\HG 7KH\ KDG DW WKDW WLPH
IRUWKHLUOHDGHU$PEURVLXV$XUHOLXVDPRGHVWPDQZKRDORQH
E\FKDQFHRIWKH5RPDQQDWLRQKDGVXUYLYHGWKHVWRUPLQZKLFK
KLVSDUHQWVZKRZHUHRIWKHUR\DOUDFHKDGSHULVKHG8QGHUKLP
WKH %ULWRQV UHYLYHG DQG RIIHULQJ EDWWOH WR WKH YLFWRUV E\ WKH
KHOSRI*RGFDPHRIIYLFWRULRXV)URPWKDWGD\VRPHWLPHVWKH
QDWLYHVDQGVRPHWLPHVWKHLUHQHPLHVSUHYDLOHGWLOOWKH\HDURI
WKH VLHJH RI %DGGHVGRZQKLOO ZKHQ WKH\ PDGH QR VPDOO
VODXJKWHU RI WKRVH LQYDGHUV DERXW IRUW\ IRXU \HDUV DIWHU WKHLU
DUULYDOLQ(QJODQG%XWRIWKLVKHUHDIWHU
VDOO\>¥U3NKÖ@YLWRVHWRXWEULVNO\RUHQHUJHWLFDOO\OXUNLQJ>¥NÖM+0@
DGM KLGGHQ SODFH YLFWRU >¥X+MV@ Q D SHUVRQ ZKR KDV RYHUFRPH RU
GHIHDWHG DQ DGYHUVDU\ FRQTXHURU SUHYDLO >RT+¥8GKN@ YL WR EH RU SURYH
VXSHULRU LQ VWUHQJWK SRZHU RU LQIOXHQFH WR VXFFHHG EHFRPH GRPLQDQW
ZLQRXWVLHJH>UKÖF<@QWKHDFWRUSURFHVVRIVXUURXQGLQJDQGDWWDFNLQJD
IRUWLILHGSODFHLQVXFKDZD\DVWRLVRODWHLWIURPKHOSDQGVXSSOLHVIRUWKH
SXUSRVH RI OHVVHQLQJ WKH UHVLVWDQFH RI WKH GHIHQGHUV DQG WKHUHE\ PDNLQJ
FDSWXUHSRVVLEOH
7+(&219(56,21RI.,1*(':,1)URP%22.,,
$W WKLV WLPH WKH QDWLRQ RI WKH 1RUWKXPEULDQV WKDW LV WKH
QDWLRQ RI WKH $QJOHV WKDW OLYH RQ WKH QRUWK VLGH RI WKH ULYHU
+XPEHU ZLWK WKHLU NLQJ (GZLQ UHFHLYHG WKH IDLWK WKURXJK WKH
SUHDFKLQJRI3DXOLQXV«
)RUVRPHWLPHKH>(GZLQ@GHOD\HGWRUHFHLYHWKHZRUGRI
*RG DW WKH SUHDFKLQJ RI 3DXOLQXV DQG XVHG WR VLW VHYHUDO KRXUV
DORQHDQG VHULRXVO\ WRSRQGHU ZLWKKLPVHOI ZKDWKH ZDVWRGR
DQGZKDWUHOLJLRQKHZDVWRIROORZ7KHQWKHPDQRI*RGFDPH
WR KLP ODLG KLV ULJKW KDQG RQ KLV KHDG DQG DVNHG ZKHWKHU KH
NQHZWKDWVLJQ7KHNLQJLQDWUHPEOLQJFRQGLWLRQZDVUHDG\WR
IDOO GRZQ DW KLV IHHW EXW KH UDLVHG KLP XS DQG LQ D IDPLOLDU
PDQQHU VDLG WR KLP ³%HKROG E\ WKH KHOS RI *RG \RX KDYH
HVFDSHGWKHKDQGVRIWKHHQHPLHVZKRP\RXIHDUHG%HKROG\RX
KDYHRI+LVJLIWREWDLQHGWKHNLQJGRPZKLFK\RXGHVLUHG7DNH
KHHGQRWWRGHOD\WKDWZKLFK\RXSURPLVHGWRSHUIRUPHPEUDFH
WKHIDLWKDQGNHHSWKHSUHFHSWVRI+LPZKRGHOLYHULQJ\RXIURP
WKH WHPSRUDO DGYHUVLW\ KDV UDLVHG \RX WR WKH KRQRXU RI D
WHPSRUDO NLQJGRP DQG LI IURP WKLV WLPH IRUZDUG \RX VKDOO EH
REHGLHQWWR+LVZLOOZKLFKWKURXJKPH+HVLJQLILHVWR\RX+H
ZLOO QRW RQO\ GHOLYHU \RX IURP WKH HYHUODVWLQJ WRUPHQWV RI WKH
ZLFNHG EXW DOVR PDNH \RX SDUWDNHU ZLWK +LP RI +LV HWHUQDO
NLQJGRPLQ+HDYHQ´
7KHNLQJKHDULQJWKHVHZRUGVDQVZHUHGWKDWKHZDVERWK
ZLOOLQJDQGERXQGWRUHFHLYHWKHIDLWKZKLFKKHWDXJKWEXWWKDW
KH ZRXOG FRQIHU DERXW LW ZLWK KLV SULQFLSDO IULHQGV DQG
FRXQVHOORUVWRWKHHQGWKDWLIWKH\DOVRZHUHRIKLVRSLQLRQWKH\
PLJKW DOO WRJHWKHU EH FOHDQVHG LQ &KULVW WKH )RXQWDLQ RI /LIH
3DXOLQXV FRQVHQWLQJ WKH NLQJ GLG DV KH VDLG IRU KROGLQJ D
FRXQFLO ZLWK WKH ZLVH PHQ KH DVNHG RI HYHU\ RQH LQ SDUWLFXODU
ZKDWKH WKRXJKW RIWKHQHZ GRFWULQH DQG WKH QHZ ZRUVKLS WKDW
ZDV SUHDFKHG 7R ZKLFK WKH FKLHI RI KLV RZQ SULHVWV &RLIL
LPPHGLDWHO\ DQVZHUHG ³2 NLQJ FRQVLGHU ZKDW WKLV LV ZKLFK LV
QRZSUHDFKHGWRXVIRU,YHULO\GHFODUHWR\RXWKDWWKHUHOLJLRQ
ZKLFK ZH KDYH KLWKHUWR SURIHVVHG KDV DV IDU DV , FDQ OHDUQ QR
YLUWXH LQ LW )RU QRQH RI \RXU SHRSOH KDV DSSOLHG KLPVHOI PRUH
GLOLJHQWO\ WR WKH ZRUVKLS RI RXU JRGV WKDQ , DQG DOO DUH PRUH
SURVSHURXVLQDOOWKHLUXQGHUWDNLQJV1RZLIWKHJRGVZHUHJRRG
IRU DQ\ WKLQJ WKH\ ZRXOG UDWKHU IRUZDUG PH ZKR KDYH EHHQ
PRUH FDUHIXO WR VHUYH WKHP ,W UHPDLQV WKHUHIRUH WKDW LI XSRQ
H[DPLQDWLRQ \RX ILQG WKRVH QHZ GRFWULQHV ZKLFK DUH QRZ
SUHDFKHG WR XV EHWWHU DQG PRUH HIILFDFLRXV ZH LPPHGLDWHO\
UHFHLYHWKHPZLWKRXWGHOD\´
$QRWKHU RI WKH NLQJ¶V FKLHI PHQ DSSURYLQJ RI KLV ZRUGV
DQGH[KRUWDWLRQVSUHVHQWO\DGGHG³7KHSUHVHQWOLIHRIPDQ2
KHHG>JKÖF@YWWRSD\FORVHDWWHQWLRQWRWDNHFDUHIXOQRWLFHRIYLWRSD\
DWWHQWLRQQ FORVH DWWHQWLRQ FDUHIXO QRWLFH FOHDQVH>MNGP\@ YWWR PDNH
FOHDQSXUH HWF FOHDQSXUJH XQGHUWDNLQJ >¥¡PF¤VGKMK0@ Q VRPHWKLQJ
XQGHUWDNHQ WDVN FKDUJH HQWHUSULVH HIILFDFLRXV >GHK¥MGK5U@ DGM
SURGXFLQJ RU FDSDEOH RI SURGXFLQJ WKH GHVLUHG HIIHFW KDYLQJ WKH LQWHQGHG
UHVXOWHIIHFWLYHH[KRUWDWLRQ>GI\nÖ¥VGK5P@QWKHDFWRIH[KRUWLQJDSOHD
VHUPRQHWFWKDWH[KRUWV
NLQJVHHPVWRPHLQFRPSDULVRQWRWKDWWLPHZKLFKLVXQNQRZQ
WR XV OLNH WR WKH VZLIW IOLJKW RI D VSDUURZ WKURXJK WKH URRP
ZKHUHLQ \RX VLW DW VXSSHU LQ WKH ZLQWHU ZLWK \RXU FRPPDQGHUV
DQGPLQLVWHUVDQGDJRRGILUHLQWKHPLGVWZKLOVWWKHVWRUPVRI
UDLQDQGVQRZSUHYDLODEURDGWKHVSDUURZIO\LQJLQDWRQHGRRU
DQGLPPHGLDWHO\RXWDWDQRWKHUZKLOHKHLVZLWKLQLVVDIHIURP
WKH ZLQWU\ VWRUP EXW DIWHU D VKRUW VSDFH RI IDLU ZHDWKHU KH
LPPHGLDWHO\YDQLVKHVRXWRI\RXUVLJKWLQWRWKHGDUNZLQWHUIURP
ZKLFK KH KDG HPHUJHG 6R WKLV OLIH RI PDQ DSSHDUV IRU D VKRUW
VSDFH EXW RI ZKDW ZHQW EHIRUH RU ZKDW LV WR IROORZ ZH DUH
XWWHUO\ LJQRUDQW ,I WKHUHIRUH WKLV QHZ GRFWULQH FRQWDLQV
VRPHWKLQJ PRUH FHUWDLQ LW VHHPV MXVWO\ WR GHVHUYH WR EH
IROORZHG´ 7KH RWKHU HOGHUV DQG NLQJ¶V FRXQVHOORUV E\ 'LYLQH
LQVSLUDWLRQVSRNHWRWKHVDPHHIIHFW
%XW &RLIL DGGHG WKDW KH ZLVKHG PRUH DWWHQWLYHO\ WR KHDU
3DXOLQXV¶ GLVFRXUVH FRQFHUQLQJ WKH *RG ZKRP KH SUHDFKHG
ZKLFK KH KDYLQJ E\ WKH NLQJ¶V FRPPDQG SHUIRUPHG &RLIL
KHDULQJ KLV ZRUGV FULHG RXW ³, KDYH ORQJ VLQFH EHHQ VHQVLEOH
WKDWWKHUHZDVQRWKLQJLQWKDWZKLFKZHZRUVKLSHGEHFDXVHWKH
PRUH GLOLJHQWO\ , VRXJKW DIWHU WUXWK LQ WKH ZRUVKLS WKH OHVV ,
IRXQG LW %XW QRZ , IUHHO\ FRQIHVV WKDW VXFK WUXWK HYLGHQWO\
DSSHDUVLQWKLVSUHDFKLQJDVFDQFRQIHURQXVWKHJLIWVRIOLIHRI
VDOYDWLRQ DQGRI HWHUQDOKDSSLQHVV )RU ZKLFK UHDVRQ , DGYLVH
2 NLQJ WKDW ZH LQVWDQWO\ DEMXUH DQG VHW ILUH WR WKRVH WHPSOHV
DQG DOWDUV ZKLFK ZH KDYH FRQVHFUDWHG ZLWKRXW UHDSLQJ DQ\
EHQHILWIURPWKHP´,QVKRUWWKHNLQJSXEOLFO\JDYHKLVOLFHQVHWR
3DXOLQXV WR SUHDFK WKH *RVSHO DQG UHQRXQFLQJ LGRODWU\
GHFODUHG WKDW KH UHFHLYHG WKH IDLWK RI &KULVW DQG ZKHQ KH
LQTXLUHGRIWKHKLJKSULHVWZKRVKRXOGILUVWSURIDQHWKHDOWDUVDQG
WHPSOHVRIWKHLULGROVZLWKWKHHQFORVXUHVWKDWZHUHDERXWWKHP
KHDQVZHUHG³,)RUZKRFDQPRUHSURSHUO\WKDQP\VHOIGHVWUR\
WKRVH WKLQJV ZKLFK , ZRUVKLSHG WKURXJK LJQRUDQFH IRU DQ
H[DPSOHWRDOORWKHUVWKURXJKWKHZLVGRPZKLFKKDVEHHQJLYHQ
PH E\ WKH WUXH *RG"´ 7KHQ LPPHGLDWHO\ LQ FRQWHPSW RI KLV
IRUPHU VXSHUVWLWLRQV KH GHVLUHG WKH NLQJ WR IXUQLVK KLP ZLWK
DUPV DQG D VWDOOLRQ DQG PRXQWLQJ WKH VDPH KH VHW RXW WR
GHVWUR\WKHLGROVIRULWZDVQRWODZIXOEHIRUHIRUWKHKLJKSULHVW
HLWKHU WR FDUU\ DUPV RU WR ULGH RQ DQ\ EXW D PDUH +DYLQJ
WKHUHIRUHJLUWDVZRUGDERXWKLPZLWKDVSHDULQKLVKDQGKH
PRXQWHG WKH NLQJ¶V VWDOOLRQ DQG SURFHHGHG WR WKH LGROV 7KH
PXOWLWXGH EHKROGLQJ LW FRQFOXGHG KH ZDV PDG EXW KH ORVW QR
WLPH IRU DV VRRQ DV KH GUHZ QHDU WKH WHPSOH KH SURIDQHG WKH
VDPHFDVWLQJLQWRLWWKHVSHDUZKLFKKHKHOGDQGUHMRLFLQJLQWKH
NQRZOHGJH RI WKH ZRUVKLS RI WKH WUXH *RG KH FRPPDQGHG KLV
FRPSDQLRQVWRGHVWUR\WKHWHPSOHZLWKDOOLWVHQFORVXUHVE\ILUH
7KHSODFHZKHUHWKHLGROVZHUHLVVWLOOVKRZQQRWIDUIURP<RUN
WR WKH HDVWZDUG EH\RQG WKH ULYHU 'HUZHQW DQG LV QRZ FDOOHG
*RGPXQGLQJKDP ZKHUH WKH KLJK SULHVW E\ WKH LQVSLUDWLRQ RI
WKH WUXH *RG SURIDQHG DQG GHVWUR\HG WKH DOWDUV ZKLFK KH KDG
KLPVHOIFRQVHFUDWHG
.LQJ(GZLQWKHUHIRUHZLWKDOOWKHQRELOLW\RIWKHQDWLRQ
DQGDODUJHQXPEHURIWKHFRPPRQVRUWUHFHLYHGWKHIDLWKDQG
WKH ZDVKLQJ RI UHJHQHUDWLRQ LQ WKH HOHYHQWK \HDU RI KLV UHLJQ
ZKLFKLVWKH\HDURIWKHLQFDUQDWLRQRIRXU/RUGDQGDERXW
RQH KXQGUHG DQG HLJKW\ DIWHU WKH FRPLQJ RI WKH (QJOLVK LQWR
%ULWDLQ«
VWDOOLRQ>¥UV3NLP@QDQXQFDVWUDWHGPDOHKRUVHHVSRQHXVHGDVDVWXG
JLUG >IÖF@ JLUW JLUW YW WR HQFLUFOH RU IDVWHQ ZLWK D EHOW RU EDQG
SURIDQH >RT¥HGKP@ YWWR WUHDW VDFUHG WKLQJV ZLWK LUUHYHUHQFH RU FRQWHPSW
GHVHFUDWH WR SXW WR D EDVH RU LPSURSHU XVH GHEDVH GHILOH
*RGPXQGLQJKDP WRGD\ *RGPDQKDP LQ <RUNVKLUH LQFDUQDWLRQ
>+PM#Ö¥PG+5P@ Q &KU 7KHRO WKH HPERGLPHQW RI *RG LQ KXPDQ IRUP DV
-HVXV
.LQJ$OIUHGDQGWKH2ULJLQVRI(QJOLVK3URVH
$ ³UHPDUNDEOH FRPELQDWLRQ RI WKH VWDWHVPDQ WKH
PLOLWDU\ VWUDWHJLVW DQG WKH SDWULRW´ 'DLFKHV ZKR
ODLG WKH IRXQGDWLRQV RI D XQLWDU\ (QJOLVK VWDWH LQ 6RXWK:HVW
(QJODQG E\ OLPLWLQJ WKH SRZHU RI WKH PDUDXGLQJ 'DQHV DQG
DULVLQJ WKH RWKHU 6D[RQ SHRSOHV LQ WKH QHLJKERXUKRRG WR DQ
DZDUHQHVV RI WKHLU EHORQJLQJ WR RQH QDWLRQ .LQJ $OIUHG WKH
*UHDW " .LQJ RI :HVVH[ " LV DOVR
FRQVLGHUHG RQH RI WKH IDWKHUVRI (QJOLVK SURVH RQ DFFRXQW RI
KLV SHUVRQDO FRQWULEXWLRQ WR DQ DPELWLRXV SODQ RI KDYLQJ
WUDQVODWHGLQWRWKHYHUQDFXODUZKDWDWWKHWLPHZHUHFRQVLGHUHG
WR EH WKH PRVW UHSUHVHQWDWLYH DQG FXOWXUDOO\ XVHIXO ZRUNV
ZULWWHQLQ/DWLQDERXW(QJODQG¶VDQG(XURSH¶VSDVWKLVWRU\DQG
FLYLOL]DWLRQ )RU WKLV KH FRQYHQHG DW KLV FRXUW D FLUFOH RI
HUXGLWHFKXUFKPHQVXFKDV:HUHIULWK%LVKRSRIWKHFKXUFKRI
:RUFHVWHU 3OHJPXQG $UFKELVKRS RI WKH FKXUFK RI
&DQWHUEXU\ (WKHOVWDQ DQG :HUHZXOI ZKR ZHUH KLV RZQ
FKDSODLQV6RRQWKH\ZHUHMRLQHGE\*ULPEDOGWKHSURYRVWRI
6W 2PHU¶V LQ *DXO DV ZHOO DV E\ %LVKRS $VVHU IURP ([HWHU
ZKRLVDOVRFRQVLGHUHG$OIUHG¶VPRVWFUHGLEOHDXWRELRJUDSKHU
7KH ILUVW WUDQVODWLRQ ZDV WKDW RI 3RSH *UHJRU\¶V &XUD
3DVWRUDOLVDV+LHUGHERF+HUG¶VERRNLHVKHSKHUG¶VERRN
RU 3DVWRUDO &DUH LQ PRGHUQ (QJOLVK 7KH ERRN GHVFULEHV WKH
GXWLHV DQG UHVSRQVLELOLWLHV RI FOHUJ\PHQ LQFOXGLQJ D SULHVW¶V
GXW\ WR WHDFK OD\PHQ $OIUHG¶V RZQ SUHIDFH WR WKLV ZRUN LV
FRQVLGHUHGWKHILUVWUHSUHVHQWDWLYHSLHFHRI(QJOLVKSURVH,QLW
$OIUHGDQQRXQFHVKLVGHWHUPLQDWLRQWRLPSURYHWKHWUDLQLQJRI
FOHULFVDVWHDFKHUVLQWKHLGHDWKDWDOOIUHHERUQ(QJOLVK\RXWK
VKRXOG EH DEOH WR UHDG LQ WKHLU QDWLYH WRQJXH &OHULFV LQ WKHLU
WXUQZHUHVXSSRVHGWRPDVWHU(QJOLVKDQG/DWLQHTXDOO\ZHOO
1H[W $OIUHG DQG KLV VFKRODUV WUDQVODWHG +LVWRULD
DGYHUVXV 3DJDQRV +LVWRU\ DJDLQVW WKH 3DJDQV E\ 3DXOXV
2URVLXVDILIWKFHQWXU\6SDQLVKWKHRORJLDQDQGKLVWRULDQZKR
KDG EHHQ DVNHG E\ 6W $XJXVWLQH $' WR ZULWH D
KLVWRU\LQZKLFKWRSURYHWKDWWKHEDUEDULDQLQYDVLRQVRI5RPH
DQGLWVIDOOKDGQRWEHHQFDXVHGE\&KULVWLDQLW\EHFDXVHWKHUH
KDGEHHQIDUJUHDWHUPLVIRUWXQHVLQSDJDQWLPHV$WILUVWVLJKW
WKH HIIRUW RI WUDQVODWLQJ 7KH &KURQLFOH ZKLFK UHFRUGV HYHQWV
IURP ³WKH )DOO RI PDQ WR WKH IDOO RI 5RPH ZLWK DQ HTXDO
GLVUHJDUGIRUKLVWRULFDODFFXUDF\DQGOLWHUDU\JUDFH´'DLFKHV
ZRXOG QRW MXVWLI\ LQ DQ\ ZD\ $OIUHG¶V JHQHURXV DPELWLRQ
³WRHQOLJKWHQ´KLVSHRSOHLIKHKDGQRWWUHDWHGLWUDWKHUIUHHO\
DGGLQJ WR LW KLV RZQ LOOXVWUDWLRQV DQG LQWURGXFLQJ QHZ
LQIRUPDWLRQVXFKDVDGHWDLOHGJHRJUDSKLFDOVWXG\RIZHVWHUQ
*HUPDQ\DQGWKHGHVFULSWLRQRIWZRYR\DJHVWRWKH$UFWLFDQG
WKH%DOWLFVHDV
$IWHU VRPH PRUH ILHUFH FODVKHV ZLWK WKH 'DQHV ZKR
UDYDJHG WKH FRXQWU\ DJDLQ EHWZHHQ DQG ZKHQZLWK D
UHEXLOW IOHHW $OIUHG GURYH WKHP DZD\ UHHVWDEOLVKLQJ SHDFH
$OIUHG DQG KLV FLUFOH RI VFKRODUV UHVXPHG WKHLU OLWHUDU\ ZRUN
DQG WUDQVODWHG 'H &RQVRODWLRQH 3KLORVRSKLDH 7KH
&RQVRODWLRQ RI 3KLORVRSK\ RI %HRWKLXV WKH 5RPDQ
SKLORVRSKHU DQG VWDWHVPDQ RI WKH ODWH ILIWK DQG HDUO\ VL[WK
FHQWXULHV ,QKLV ERRN %RHWKLXVGLG QRW FRQFHUQ KLPVHOIZLWK
&KULVWLDQ UHOLJLRQ SURSHU EXW KH RQO\ JDYH D UHOLJLRXV
SUHVHQWDWLRQ WR VRPH QHRSODWRQLF DQG VWRLF LGHDV KH KDG EHHQ
H[SRVHG WR LQ 5RPH 7KH ERRN LV ZULWWHQ DV D GLDORJXH
EHWZHHQ WKH DXWKRU DQG 3KLORVRSK\ LQ WKH IRUP RI D ZRPDQ
ZKR H[SRXQGV WR %HRWKLXV RQ WKH IXQGDPHQWDO SUREOHPV RI
*RG¶V JRYHUQPHQW RI WKH ZRUOG WKH NQRZOHGJH RI VHOI WKH
ILFNOHQHVV RI )RUWXQH WKH GLYLQH QDWXUH RI WUXH KDSSLQHVV RQ
JRRG DQG HYLO ZKLFK QHYHU JRHV XQSXQLVKHG RU JRRG
XQUHZDUGHG DQG ILQDOO\ RQ WKH TXHVWLRQ RI *RG¶V
IRUHNQRZOHGJHRIPDQ¶VIUHHZLOO7KHIXQGDPHQWDOLGHDRIWKH
ERRNLVWKDWRIWKHUHFRQFLOLDWLRQRI*RG¶VSHUIHFWLRQZLWKWKH
PDQLIHVWO\LPSHUIHFWVWDWHRI+LVZRUOG
7KH$QJOR6D[RQ&KURQLFOH
7KH &KURQLFOH SUREDEO\ LQLWLDWHG LQ WKH ¶V DW
$OIUHG¶V GLUHFWLRQ GHVFULEHV KLVWRULFDO HYHQWV EHJLQQLQJ ZLWK
WKH HQWU\ IRU %& ³%HIRUH WKH LQFDUQDWLRQ RI &KULVW VL[W\
\HDUV *DLXV -XOLXV WKH HPSHURU ILUVW RI WKH 5RPDQV VRXJKW
WKHODQGRI%ULWDLQDQGKHFUXVKHGWKH%ULWRQVLQ%DWWOHDQG
RYHUFDPH WKHP DQG QHYHUWKHOHVV KH ZDV XQDEOH WR JDLQ DQ\
HPSLUH WKHUH´ WR $' ³,Q WKLV \HDU GLHG WKH .LQJ
6WHSKHQ DQG KH ZDV EXULHG ZKHUH KLV ZLIH DQG KLV VRQ ZHUH
EXULHGDW)DYHUVKDPZKLFKPRQDVWHU\WKH\IRXQGHG´
%HVLGHV LWV DOPRVW \HDUO\ UHJLVWUDWLRQ RI WKH PDLQ
SROLWLFDO UHOLJLRXV DQG VRFLDO HYHQWV UHODWHG LQ D PRUH RU OHVV
REMHFWLYH PDQQHU WKH &KURQLFOH DOVR FRQWDLQV VRPH ILQH
H[DPSOHV RI SURVH QDUUDWLYHV DV LV WKH VWRU\ RI &\QHZXOI
ZKLFK SURYHV WKH VXUSULVLQJ TXDOLW\ RI WKH (QJOLVK SURVH DV
HDUO\DV
$VZHKDYHDOUHDG\VDLGWKHPDMRUHYHQWVDUHUHFRUGHG
HLWKHU \HDUO\ DV LV WKH FDVH RI WKH HQWULHV IRU $' ³7KLV
\HDU ZDV &KULVW FUXFLILHG DERXW ILYH WKRXVDQG WZR KXQGUHG
DQG WZHQW\ VL[ ZLQWHUV IURP WKH EHJLQQLQJ RI WKH ZRUOG´ WKH
HQWU\ IRU $' ³7KLV \HDU WKH 0LGGOH$QJOHV XQGHU
DOGHUPDQ 3HDGD UHFHLYHG WKH ULJKW EHOLHI´ DQG WKH HQWU\ IRU
$'E³$QGLQWKLVVDPH\HDUWKHDUP\RIWKH'DQHVLQ
(QJODQGVZRUHRDWKVWR.LQJ$OIUHGXSRQWKHKRO\ULQJZKLFK
EHIRUHWKH\ZRXOGQRWGRWRDQ\QDWLRQDQGWKH\GHOLYHUHGWR
WKH NLQJ KRVWDJHV IURP DPRQJ WKH PRVW GLVWLQJXLVKHG PHQ RI
WKH DUP\ WKDW WKH\ ZRXOG VSHHGLO\ GHSDUW IURP KLV NLQJGRP
DQG WKDW E\ QLJKW WKH\ EURNH´ RU WKH QDUUDWLYH FRYHUV ODUJHU
SHULRGVDVLVWKHFDVHZLWKWKHZDU\HDUVEHWZHHQDQG
7KH HQWU\ IRU $' VWDQGV FHQWUDO LQ WKH &KURQLFOH
UHFRUGLQJ WKH KLVWRULFDO GDWH ZKHQ .LQJ $OIUHG EHFDPH WKH
DFFHSWHG UXOHU RI D QXPEHU RI WKH $QJOR6D[RQ NLQJGRPV
³«7KH VDPH \HDU DOVR .LQJ $OIUHG IRUWLILHG WKH FLW\ RI
/RQGRQ DQG WKH ZKROH (QJOLVK QDWLRQ WXUQHG WR KLP H[FHSW
WKDWZKLFKZDVKHOGFDSWLYHE\WKH'DQHV+HWKHQFRPPLWWHG
WKHFLW\WRWKHFDUHRI$OGHUPDQ(WKHUHGWRKROGLWXQGHUKLP
´
7KH &KURQLFOH DV D ZKROH LV XQHTXDO DV UHJDUGV WKH
DFFXUDF\ DQG WKH LPSRUWDQFH RI WKH HYHQWV UHFRUGHG RU DV
UHJDUGV VW\OH ZKLFK ZDV LQIOXHQFHG E\ HDFK RI WKH PDQ\
FRQWULEXWRUV
)URP.LQJ$OIUHG¶V7+($1*/26$;21
&+521,&/(
$' 7KLV \HDU &\QHZXOI ZLWK WKH FRQVHQW RI WKH :HVW
6D[RQ FRXQFLO GHSULYHG 6HEULJKW KLV UHODWLYH IRU XQULJKWHRXV
GHHGV RI KLV NLQJGRP H[FHSW +DPSVKLUH ZKLFK KH UHWDLQHG
XQWLOKHVOHZWKHDOGHUPDQZKRUHPDLQHGWKHORQJHVWZLWKKLP
7KHQ &\QHZXOI GURYH KLP WR WKH IRUHVW RI $QGUHG ZKHUH KH
UHPDLQHGXQWLODVZDLQVWDEEHGKLPDW3ULYHWWDQGUHYHQJHGWKH
DOGHUPDQ &XPEUD 7KH VDPH &\QHZXOI IRXJKW PDQ\ KDUG
EDWWOHVZLWKWKH:HOVKDQGDERXWRQHDQGWKLUW\ZLQWHUVDIWHUKH
KDG WKH NLQJGRP KH ZDV GHVLURXV RI H[SHOOLQJ D SULQFH FDOOHG
&\QHDUG ZKR ZDV WKH EURWKHU RI 6HEULJKW %XW KH KDYLQJ
XQGHUVWRRGWKDWWKHNLQJZDVJRQHWKLQO\DWWHQGHGRQDYLVLWWRD
ODG\ DW 0HUWRQ URGH DIWHU KLP DQG EHVHW KLP WKHUHLQ
VXUURXQGLQJWKHWRZQZLWKRXWHUHWKHDWWHQGDQWVRIWKHNLQJZHUH
DZDUHRIKLP:KHQWKHNLQJIRXQGWKLVKHZHQWRXWRIGRRUV
DQG GHIHQGHG KLPVHOI ZLWK FRXUDJH WLOO KDYLQJ ORRNHG RQ WKH
HWKHOLQJ KH UXVKHG RXW XSRQ KLP DQG ZRXQGHG KLP VHYHUHO\
7KHQZHUHWKH\DOOILJKWLQJDJDLQVWWKHNLQJXQWLOWKH\KDGVODLQ
KLP$VVRRQDVWKHNLQJ
VWKDQHVLQWKHODG\
VERZHUKHDUGWKH
WXPXOW WKH\ UDQ WR WKH VSRW ZKRHYHU ZDV WKHQ UHDG\ 7KH
HWKHOLQJLPPHGLDWHO\RIIHUHGWKHPOLIHDQGUHZDUGVZKLFKQRQH
RI WKHP ZRXOG DFFHSW EXW FRQWLQXHG ILJKWLQJ WRJHWKHU DJDLQVW
KLPWLOOWKH\DOOOD\GHDGH[FHSWRQH%ULWLVKKRVWDJHDQGKHZDV
VHYHUHO\ ZRXQGHG :KHQ WKH NLQJ
V WKDQHV WKDW ZHUH EHKLQG
KHDUG LQ WKH PRUQLQJ WKDW WKH NLQJ ZDV VODLQ WKH\ URGH WR WKH
VSRW2VULFKLVDOGHUPDQDQG:LYHUWKKLVWKDQHDQGWKHPHQWKDW
KHKDGOHIWEHKLQGDQGWKH\PHWWKHHWKHOLQJDWWKHWRZQZKHUH
WKH NLQJ OD\ VODLQ 7KH JDWHV KRZHYHU ZHUH ORFNHG DJDLQVW
WKHPZKLFKWKH\DWWHPSWHGWRIRUFHEXWKHSURPLVHGWKHPWKHLU
RZQ FKRLFH RI PRQH\ DQG ODQG LI WKH\ ZRXOG JUDQW KLP WKH
NLQJGRPUHPLQGLQJWKHPWKDWWKHLUUHODWLYHVZHUHDOUHDG\ZLWK
KLP ZKR ZRXOG QHYHU GHVHUW KLP 7R ZKLFK WKH\ DQVZHUHG
XQULJKWHRXV >¥¡PTC+V5U@ DGM WKDW FDQQRW EH PRUDOO\ MXVWLILHG VZDLQ
>UYGKP@QKHUHVHUYDQWDOGHUPDQ>¥nÖNFOP@QORUGPDVWHUH[SHO
>+M¥URGN@ YW WR GULYH RU IRUFH RXW RU DZD\ GLVFKDUJH RU HMHFW ERZHU
>¥DCW@QRUROGXVHRUOLWDERXGRLUGHVHUW>F+¥\ÖV@YWWROHDYHDWD
GLIILFXOW WLPH RU LQ D FUXHO ZD\ HVSHFLDOO\ ZLWK WKH LQWHQWLRQ RI QRW
UHWXUQLQJ
WKDWQRUHODWLYHFRXOGEHGHDUHUWRWKHPWKDQWKHLUORUGDQGWKDW
WKH\ZRXOGQHYHUIROORZKLVPXUGHUHU7KHQWKH\EHVRXJKWWKHLU
UHODWLYHVWRGHSDUWIURPKLPVDIHDQGVRXQG7KH\UHSOLHGWKDW
WKHVDPHUHTXHVWZDVPDGHWRWKHLUFRPUDGHVWKDWZHUHIRUPHUO\
ZLWK WKH NLQJ $QG ZH DUH DV UHJDUGOHVV RI WKH UHVXOW WKH\
UHMRLQHGDVRXUFRPUDGHVZKRZLWKWKHNLQJZHUHVODLQ7KHQ
WKH\FRQWLQXHGILJKWLQJDWWKHJDWHVWLOOWKH\UXVKHGLQDQGVOHZ
WKHHWKHOLQJDQGDOOWKHPHQWKDWZHUHZLWKKLPH[FHSWRQHZKR
ZDV WKH JRGVRQ RI WKH DOGHUPDQ DQG ZKRVH OLIH KH VSDUHG
WKRXJKKHZDVRIWHQZRXQGHG7KLVVDPH&\QHZXOIUHLJQHGRQH
DQGWKLUW\ZLQWHUV+LVERG\OLHVDW:LQFKHVWHUDQGWKDWRIWKH
HWKHOLQJDW$[PLQVWHU7KHLUSDWHUQDOSHGLJUHHJRHWKLQDGLUHFW
OLQHWR&HUGLF7KHVDPH\HDU(WKHOEDOGNLQJRIWKH0HUFLDQV
ZDVVODLQDW6HFNLQJWRQDQGKLVERG\OLHVDW5HSWRQ+HUHLJQHG
RQHDQGIRUW\\HDUVDQG%HUQUHGWKHQVXFFHHGHGWRWKHNLQJGRP
ZKLFK KH KHOG EXW D OLWWOH ZKLOH DQG XQSURVSHURXVO\ IRU .LQJ
2IID WKH VDPH \HDU SXW KLP WR IOLJKW DQG DVVXPHG WKH
JRYHUQPHQW ZKLFK KH KHOG QLQH DQG WKLUW\ ZLQWHUV +LV VRQ
(YHUWK KHOG LW D KXQGUHG DQG IRUW\ GD\V 2IID ZDV WKH VRQ RI
7KLQJIHUWK7KLQJIHUWKRI(QZXOI(QZXOIRI2VPRG2VPRGRI
(DZD (DZD RI :HEED :HEED RI &UHRGD &UHRGD RI &HQZDOG
&HQZDOG RI &QHEED &QHEED RI ,FHO ,FHO RI (RPHU (RPHU RI
$QJHOWKHZ$QJHOWKHZRI2IID2IIDRI:HUPXQG:HUPXQGRI
:LWOH\:LWOH\RI:RGHQ
$' 7KLV\HDU &\QHZXOIGHSULYHG .LQJ 6LJHEHUWRI KLV
NLQJGRP DQG 6LJHEHUW
V EURWKHU &\QHKDUG E\ QDPH VOHZ
&\QHZXOIDW0HUWRQDQGKHUHLJQHGWKLUW\RQH\HDUV$QGLQWKH
VDPH\HDU(WKHOEDOGNLQJRIWKH0HUFLDQVZDVVODLQDW5HSWRQ
$QG 2IID VXFFHHGHG WR WKH NLQJGRP RI WKH 0HUFLDQV %HUQUHG
EHLQJGULYHQRXW
$' 6RRQ DIWHU WKDW LQ WKLV \HDU ZHQW WKH DUP\ IURP
:LUKHDO LQWR 1RUWK:DOHV IRU WKH\ FRXOG QRW UHPDLQ WKHUH
EHFDXVH WKH\ ZHUH VWULSSHG ERWK RI WKH FDWWOH DQG WKH FRUQ WKDW
WKH\ KDG DFTXLUHG E\ SOXQGHU :KHQ WKH\ ZHQW DJDLQ RXW RI
1RUWK :DOHV ZLWK WKH ERRW\ WKH\ KDG DFTXLUHG WKHUH WKH\
JRGVRQ >¥InFU¡P@ Q D PDOH JRGFKLOG D FKLOG IRU ZKRVH &KULVWLDQ
HGXFDWLRQDQGYDOXHVRQHKDVSURPLVHGWREHUHVSRQVLEOHDWWKHWLPHRIKLV
RU KHU EDSWLVP SHGLJUHH >¥RGF+ITKÖ@ Q D OLQH RI DQFHVWRUV HVS ZKHQ
WKHVHEHORQJHGWRWKHXSSHUFODVVHVRIVRFLHW\
PDUFKHG RYHU 1RUWKXPEHUODQG DQG (DVW$QJOLD VR WKDW WKH
NLQJ
V DUP\ FRXOG QRW UHDFK WKHP WLOO WKH\ FDPH LQWR (VVH[
HDVWZDUGRQDQLVODQGWKDWLVRXWDWVHDFDOOHG0HUVH\$QGDV
WKHDUP\UHWXUQHGKRPHZDUGWKDWKDGEHVHW([HWHUWKH\ZHQW
XSSOXQGHULQJLQ6XVVH[QLJK&KLFKHVWHUEXWWKHWRZQVPHQSXW
WKHP WR IOLJKW DQG VOHZ PDQ\ KXQGUHGV RI WKHP DQG WRRN
VRPHRIWKHLUVKLSV7KHQLQWKHVDPH\HDUEHIRUHZLQWHUWKH
'DQHV ZKR DERGH LQ 0HUVH\ WRZHG WKHLU VKLSV XS RQ WKH
7KDPHVDQGWKHQFHXSWKH/HD7KDWZDVDERXWWZR\HDUVDIWHU
WKDWWKH\FDPHKLWKHURYHUVHD
$'7KLVVDPH\HDUZURXJKWWKHDIRUHVDLGDUP\DZRUN
E\WKH/HDWZHQW\PLOHVDERYHWKHFLW\RI/RQGRQ7KHQLQWKH
VXPPHURIWKLV\HDUZHQWDODUJHSDUW\RIWKHFLWL]HQVDQGDOVR
RIRWKHUIRONDQGPDGHDQDWWDFNRQWKHZRUNRIWKH'DQHVEXW
WKH\ZHUHWKHUHURXWHGDQGVRPHIRXURIWKHNLQJ
VWKDQHVZHUH
VODLQ ,Q WKH KDUYHVW DIWHUZDUG WKH NLQJ HQFDPSHG FORVH WR WKH
FLW\ ZKLOVW WKH\ UHDSHG WKHLU FRUQ WKDW WKH 'DQHV PLJKW QRW
GHSULYHWKHPRIWKHFURS7KHQVRPHGD\URGHWKHNLQJXSE\
WKH ULYHU DQG REVHUYHG D SODFH ZKHUH WKH ULYHU PLJKW EH
REVWUXFWHGVRWKDWWKH\FRXOGQRWEULQJRXWWKHLUVKLSV$QGWKH\
GLGVR7KH\ZURXJKWWZRZRUNVRQWKHWZRVLGHVRIWKHULYHU
$QG ZKHQ WKH\ KDG EHJXQ WKH ZRUN DQG HQFDPSHG EHIRUH LW
WKHQ XQGHUVWRRG WKH DUP\ WKDW WKH\ FRXOG QRW EULQJ RXW WKHLU
VKLSV :KHUHXSRQWKH\ OHIWWKHP DQGZHQWRYHUODQG WLOOWKH\
FDPHWR4XDWEULGJHE\6HYHUQDQGWKHUHZURXJKWDZRUN7KHQ
URGHWKHNLQJ
VDUP\ZHVWZDUGDIWHUWKHHQHP\$QGWKHPHQRI
ERRW\ >¥DWÖVK@ Q JRRGV WKDW KDYHEHHQ VWROHQ HVSHFLDOO\E\ DQ HQHP\ LQ
ZDU EHVHW >D+¥UGV@ EHVHW >D+¥UGV@ EHVHW >D+¥UGV@ YW HVS SDVVLYH WR
WURXEOHRUWKUHDWHQVEVWKFRQVWDQWO\DQGIURPDOOVLGHV
QLJK>PCK@SUHS$UFKDLFRUUKHWQHDUWRVOD\>UNGK@VOHZ>UNWÖ@
VODLQ>UNG+P@YWWRNLOOVEVWKLQDYLROHQWZD\DELGH>¥DC+F@DERGH
>¥DWF@DERGH>¥DWF@YL$UFKDLFRUIPOWRUHPDLQRUVWD\LQDSODFH
WRZ>VW@YWWRGUDJRUSXOODFDUERDWHWFE\PHDQVRIDURSHFKDLQ
RURWKHUGHYLFHKDXOWKHQFH>&GPU@DGY$UFKDLFRUIPOIURPWKHUH
KLWKHU>¥J+&@DGY$UFKDLFWRRUWRZDUGVWKLVSODFHZURXJKW>UnÖW@
YW IPO RU UKHW XVHG LQ WKH SDVW WHQVH RQO\ FDXVHG VWK WR KDSSHQ
URXW>TCWV@YWWRGHIHDWVEFRPSOHWHO\
/RQGRQIHWFKHGWKHVKLSVDQGDOOWKDWWKH\FRXOGQRWOHDGDZD\
WKH\EURNHXSEXWDOOWKDWZHUHZRUWK\RIFDSWXUHWKH\EURXJKW
LQWRWKHSRUWRI/RQGRQ$QGWKH'DQHVSURFXUHGDQDV\OXPIRU
WKHLU ZLYHV DPRQJ WKH (DVW$QJOHV HUH WKH\ ZHQW RXW RI WKH
IRUW 'XULQJ WKH ZLQWHU WKH\ DERGH DW 4XDWEULGJH 7KDW ZDV
DERXWWKUHH\HDUVVLQFHWKH\FDPHKLWKHURYHUVHDLQWRWKHPRXWK
RIWKH/LPQH
$',QWKHVXPPHURIWKLV\HDUZHQWWKHDUP\VRPHLQWR
(DVW$QJOLD DQG VRPH LQWR 1RUWKXPEULD DQG WKRVH WKDW ZHUH
SHQQLOHVV JRW WKHPVHOYHV VKLSV DQG ZHQW VRXWK RYHU VHD WR WKH
6HLQH7KHHQHP\KDGQRWWKDQN*RGHQWLUHO\GHVWUR\HGWKH
(QJOLVK QDWLRQ EXW WKH\ ZHUH PXFK PRUH ZHDNHQHG LQ WKHVH
WKUHH \HDUV E\ WKH GLVHDVH RI FDWWOH DQG PRVW RI DOO RI PHQ VR
WKDWPDQ\RIWKHPLJKWLHVWRIWKHNLQJ
VWKDQHVWKDWZHUHLQWKH
ODQG GLHG ZLWKLQ WKH WKUHH \HDUV 2I WKHVH RQH ZDV 6ZLWKXOI
%LVKRS RI 5RFKHVWHU &HROPXQG DOGHUPDQ LQ .HQW %HUWXOI
DOGHUPDQ LQ (VVH[ :XOIUHG DOGHUPDQ LQ +DPSVKLUH (OKDUG
%LVKRS RI 'RUFKHVWHU (DGXOI D NLQJ
V WKDQH LQ 6XVVH[ %HUQXII
JRYHUQRU RI :LQFKHVWHU DQG (JXOI WKH NLQJ
V KRUVHWKDQH DQG
PDQ\DOVRZLWKWKHPWKRXJK,KDYHQDPHGRQO\WKHPHQRIWKH
KLJKHVWUDQN7KLVVDPH\HDUWKHSOXQGHUHUVLQ(DVW$QJOLDDQG
1RUWKXPEULD JUHDWO\ KDUDVVHG WKH ODQG RI WKH :HVW6D[RQV E\
SLUDFLHV RQ WKH VRXWKHUQ FRDVW EXW PRVW RI DOO E\ WKH HVNV
ZKLFK WKH\ EXLOW PDQ\ \HDUV EHIRUH 7KHQ .LQJ $OIUHG JDYH
RUGHUVIRUEXLOGLQJORQJVKLSVDJDLQVWWKHHVNVZKLFKZHUHIXOO
QLJK WZLFH DV ORQJ DV WKH RWKHUV 6RPH KDG VL[W\ RDUV VRPH
PRUH DQG WKH\ ZHUH ERWK VZLIWHU DQG VWHDGLHU DQG DOVR KLJKHU
WKDQWKHRWKHUV7KH\ZHUHQRWVKDSHGHLWKHUDIWHUWKH)ULVLDQRU
WKH'DQLVKPRGHOEXWVRDVKHKLPVHOIWKRXJKWWKDWWKH\PLJKW
EH PRVW VHUYLFHDEOH 7KHQ DW D FHUWDLQ WXUQ RI WKLV VDPH \HDU
FDPH VL[ RI WKHLU VKLSV WR WKH ,VOH RI :LJKW DQG JRLQJ LQWR
'HYRQVKLUHWKH\GLGPXFKPLVFKLHIERWKWKHUHDQGHYHU\ZKHUH
RQ WKH VHDFRDVW 7KHQ FRPPDQGHG WKH NLQJ KLV PHQ WR JR RXW
DJDLQVWWKHPZLWKQLQHRIWKHQHZVKLSVDQGSUHYHQWWKHLUHVFDSH
E\WKHPRXWKRIWKHULYHUWRWKHRXWHUVHD7KHQFDPHWKH\RXW
HUH>G@FRQMSUHS$UFKDLFRUUKHWEHIRUH WKH6HLQH>&UG+P@Q
D ULYHU LQ 1 )UDQFH ZKLFK IORZV WKURXJK 3DULV DQG 5RXHQ DQG IORZV LQWR
WKH(QJOLVK&KDQQHOQHDU/H+DYUHHVN>GUM@QVKRUWZDUERDWVZKLFK
DFFRPPRGDWHGQRPRUHWKDQWKLUW\ZDUULRUVRUVR
DJDLQVW WKHP ZLWK WKUHH VKLSV DQG WKUHH RWKHUV ZHUH VWDQGLQJ
XSZDUGVDERYHWKHPRXWKRQGU\ODQGIRUWKHPHQZHUHJRQHRII
XSRQVKRUH2IWKHILUVWWKUHHVKLSVWKH\WRRNWZRDWWKHPRXWK
RXWZDUGVDQGVOHZWKHPHQWKHWKLUGYHHUHGRIIEXWDOOWKHPHQ
ZHUH VODLQ H[FHSW ILYH DQG WKH\ WRR ZHUH VHYHUHO\ ZRXQGHG
7KHQ FDPH RQZDUG WKRVH ZKR PDQQHG WKH RWKHU VKLSV ZKLFK
ZHUH DOVR YHU\ XQHDVLO\ VLWXDWHG 7KUHH ZHUH VWDWLRQHG RQ WKDW
VLGHRIWKHGHHSZKHUHWKH'DQLVKVKLSVZHUHDJURXQGZKLOVW
WKH RWKHUV ZHUH DOO RQ WKH RSSRVLWH VLGH VR WKDW QRQH RI WKHP
FRXOGMRLQWKHUHVWIRUWKHZDWHUKDGHEEHGPDQ\IXUORQJVIURP
WKHP7KHQZHQWWKH'DQHVIURPWKHLUWKUHHVKLSVWRWKRVHRWKHU
WKUHH WKDW ZHUH RQ WKHLU VLGH EHHEEHG DQG WKHUH WKH\ WKHQ
IRXJKW 7KHUH ZHUH VODLQ /XFRPRQ WKH NLQJ
V UHHYH DQG
:XOIKHDUG D )ULHVODQGHU (EE D )ULHVODQGHU DQG (WKHOHUH D
)ULHVODQGHUDQG(WKHOIHUWKWKHNLQJ
VQHDWKHUGDQGRIDOOWKH
PHQ )ULHVODQGHUV DQG (QJOLVK VL[W\WZR RI WKH 'DQHV D
KXQGUHG DQG WZHQW\ 7KH WLGH KRZHYHU UHDFKHG WKH 'DQLVK
VKLSVHUHWKH&KULVWLDQVFRXOGVKRYHWKHLUVRXWZKHUHXSRQWKH\
URZHGWKHPRXWEXWWKH\ZHUHVRFULSSOHGWKDWWKH\FRXOGQRW
URZWKHPEH\RQGWKHFRDVWRI6XVVH[WKHUHWZRRIWKHPWKHVHD
GURYHDVKRUH DQG WKH FUHZ ZHUHOHG WR:LQFKHVWHUWR WKH NLQJ
ZKR RUGHUHG WKHP WR EH KDQJHG 7KH PHQ ZKR HVFDSHG LQ WKH
VLQJOHVKLSFDPHWR(DVW$QJOLDVHYHUHO\ZRXQGHG7KLVVDPH
\HDUZHUHORVWQROHVVWKDQWZHQW\VKLSVDQGWKHPHQZLWKDORQ
WKH VRXWKHUQ FRDVW :XOIULF WKH NLQJ
V KRUVHWKDQH ZKR ZDV
DOVRYLFHUR\RI:DOHVGLHGWKHVDPH\HDU
$' 7KLV \HDU GLHG (WKHOP DOGHUPDQ RI :LOWVKLUH QLQH
QLJKWV EHIRUH PLGVXPPHU DQG +HDKVWDQ ZKR ZDV %LVKRS RI
/RQGRQ
DJURXQG >¥ITCWPF@ DGM RI VKLSV WRXFKLQJ WKH ERWWRP LQ VKDOORZ
ZDWHUUHHYH>TKÖX@QIRUPHUO\DSHUVRQRIKLJKUDQNUHSUHVHQWLQJWKH
FURZQ QHDWKHUG >¥PKÖVJÖF@ Q REV FRZKHUGLH D SHUVRQ ZKRVH
RFFXSDWLRQ LV WHQGLQJ DQG KHUGLQJ FRZV VKRYH >5¡X@ YW WR PRYH
DORQJ HVS LQ RUGHU WR PDNH PRUH URRP FULSSOHG >¥MT+RNF@ DGM
GDPDJHG RU KDUPHG VHULRXVO\ ZLWKDO >Y+&¥nÖN@ DGY$UFKDLFEHVLGHV
WRJHWKHUZLWKWKLV
$' 7KLV \HDU GLHG $/)5(' WKH VRQ RI (WKHOZXOI VL[
QLJKWV EHIRUH WKH PDVV RI $OO 6DLQWV +H ZDV NLQJ RYHU DOO WKH
XQGHUKLPDQGKDGDOOWKHJDWHVVKXWXSRQKLPVD\LQJWKDWKH
(QJOLVKQDWLRQH[FHSWWKDWSDUWWKDWZDVXQGHUWKHSRZHURIWKH
'DQHV +H KHOG WKH JRYHUQPHQW RQH \HDU DQG D KDOI OHVV WKDQ
WKLUW\ZLQWHUVDQGWKHQ(GZDUGKLVVRQWRRNWRWKHJRYHUQPHQW
7KHQ 3ULQFH (WKHOZDOG WKH VRQ RI KLV SDWHUQDO XQFOH URGH
DJDLQVWWKHWRZQVRI:LQEXUQDQGRI7ZLQHKDPZLWKRXWOHDYHRI
WKHNLQJDQGKLVFRXQFLO7KHQURGHWKHNLQJZLWKKLVDUP\VR
WKDWKHHQFDPSHGWKHVDPHQLJKWDW%DGEXU\QHDU:LQEXUQDQG
(WKHOZDOG UHPDLQHG ZLWKLQ WKH WRZQ ZLWK WKH PHQ WKDW ZHUH
ZRXOGHLWKHUWKHUHOLYHRUWKHUHGLH%XWLQWKHPHDQWLPHKHVWROH
DZD\LQWKHQLJKWDQGVRXJKWWKHDUP\LQ1RUWKXPEHUODQG7KH
NLQJ JDYH RUGHUV WR ULGH DIWHU KLP EXW WKH\ ZHUH QRW DEOH WR
RYHUWDNHKLP7KH'DQHVKRZHYHUUHFHLYHGKLPDVWKHLUNLQJ
7KH\ WKHQ URGH DIWHU WKH ZLIHWKDW (WKHOZDOGKDG WDNHQ ZLWKRXW
WKHNLQJ
VOHDYHDQGDJDLQVWWKHFRPPDQGRIWKHELVKRSVIRUVKH
ZDVIRUPHUO\FRQVHFUDWHGDQXQ,QWKLV\HDUDOVRGLHG(WKHUHG
ZKR ZDV DOGHUPDQ RI 'HYRQVKLUH IRXU ZHHNV EHIRUH .LQJ
$OIUHG
*(1(5$/%,%/,2*5$3+<
%HRZXOI 7ăOPăFLUH úL SUHIDĠă GH 'DQ 'XĠHVFX úL
/HRQ/HYLĠFKL1RWHGH9LUJLOLXùWHIăQHVFX'UăJăQHúWL
(GLWXUDSHQWUX/LWHUDWXUă8QLYHUVDOă%XFXUHúWL
%RZUD&0+HURLF3RHWU\/RQGRQ
&DUWLDQX$HWDO$Q$QWKRORJ\RI(QJOLVK/LWHUDWXUH
± 3DVVDJHV IURP 0HGLDHYDO $QG 5HQDLVVDQFH 3RHWU\
'UDPD DQG 3URVH &HQWUXO GH 0XOWLSOLFDUH DO
8QLYHUVLWăĠLLGLQ%XFXUHúWL
&HQXúHU ', %HRZXOI LQ 'HVSUH 3RHPXO (SLFR(URLF
0HGLHYDO6DHFXOXP6LELX
&KDPEHUV 5: 2Q WKH &RQWLQXLW\ RI (QJOLVK 3URVH
IURP$OIUHGWR0RUHDQGKLV6FKRRO/RQGRQ
&RPSWRQ5LFNHWW $UWKXU $ +LVWRU\ RI (QJOLVK
/LWHUDWXUH )URP (DUOLHVW 7LPHV WR 7KRPDV
1HOVRQDQG6RQV/WG7RURQWRDQG1HZ<RUN
&URVV-(6SKHUH+LVWRU\RI/LWHUDWXUHLQWKH(QJOLVK
/DQJXDJH 7KH 0LGGOH $JHV HGLWHG E\ :) %ROWRQ
6SKHUH%RRNV/WG/RQGRQ
'DLFKHV 'DYLG $ &ULWLFDO +LVWRU\ RI (QJOLVK
/LWHUDWXUH 6HFRQG (GLWLRQ /RQGRQ ± 6HFNHU
:DUEXUJ
'D\ 0DUWLQ +LVWRU\ RI (QJOLVK /LWHUDWXUH ±
'RXEOHGD\DQG&R,QF*DUGHQ&LW\1HZ<RUN
'LUN +XJK 5HYLHZ RI 5XVVRP *HRIIUH\ %HRZXOI
DQG2OG*HUPDQLF0HWUH&DPEULGJH6WXGLHVLQ$QJOR
6D[RQ (QJODQG 1R &DPEULGJH 8. &DPEULGJH
8QLYHUVLW\3UHVVSLQ7KH0HGLHYDO5HYLHZ
7KH 0HGLHYDO ,QVWLWXWH :HVWHUQ 0LFKLJDQ 8QLYHUVLW\
*LUYDQ 5LWFKLH %HRZXOI DQG WKH 6HYHQWK &HQWXU\
/RQGRQ
*XLELOORQ*/D/LWWHUDWXUH$QJODLVHSDUOHV7H[WHV
+DWLHU3DULV
+LOO -RKQ 6KDSLQJ $QJOR6D[RQ /RUGVKLS LQ WKH
+HURLF/LWHUDWXUHRIWKH7HQWKDQG(OHYHQWK&HQWXULHV
LQ7KH+HURLF$JH,VVXH6XPPHU
-DFNVRQ:70HGLHYDO/LWHUDWXUH$+LVWRU\DQGD
*XLGH/RQGRQ
.HUPRGH ) +ROODQGHU - *HQHUDO (GLWRUV 7KH
2[IRUG $QWKRORJ\ RI (QJOLVK /LWHUDWXUH YRO , 1HZ
<RUN2[IRUG8QLYHUVLW\3UHVV/RQGRQ7RURQWR
.QLJKW .HYLQ ,PSULPDWXU )DUOH\ 0 -RKQ
$UFKELVKRS RI 1HZ <RUN 7KH &DWKROLF (QF\FORSHGLD
9ROXPH,,2QOLQH(GLWLRQ
/HYLĠFKL /HRQ ,VWRULD /LWHUDWXULL (QJOH]H úL
$PHULFDQH(GLWXUD'DFLD&OXM1DSRFD
LELG /LWHUDWXUD (QJOH]ă GH OD ÌQFHSXWXUL SkQă OD
9RO,&HQWUXOGH0XOWLSOLFDUHDO8QLYHUVLWăĠLLGLQ
%XFXUHúWL
/LRQDURQV -R\FH 7 &XOWXUDO 6\QFUHWLVP DQG WKH
&RQVWUXFWLRQ RI *HQGHU LQ &\QHZXOI¶V (OHQH 3HJDVXV
3UHVV
/XPLDQVN\ 50 7KH 'UDPDWLF $XGLHQFH LQ
%HRZXOI 7KH %HRZXOI 3RHW (G 'RQDOG )U\H
(QJOHZRRG&OLIIV1HZ<RUN3UHQWLFH+DOO
1HWVFDSH1DYLJDWRU*ROG±11*ROG0RGHUQ
7UDQVODWLRQRI&DHGPRQ¶V+\PQ+LVWRU\RIWKH(QJOLVK
/DQJXDJH3URMHFWIRU6SULQJ
1RUWKURS )U\H $QDWRPLD FULWLFLL (GLWXUD 8QLYHUV
%XFXUHúWL
3RROH\ 5REHUW & HW DO (QJODQG LQ /LWHUDWXUH
6FRWW )RUHVPDQ DQG &RPSDQ\ 8QLWHG 6WDWHV RI
$PHULFD
6DPSVRQ *HRUJH 7KH &RQFLVH &DPEULGJH +LVWRU\
RI (QJOLVK /LWHUDWXUH 7KLUG (GLWLRQ 5HYLVHG E\ 5&
&KXUFKLOO &DPEULGJH 8QLYHUVLW\ 3UHVV &DPEULGJH
6KHSKHUG *7 %HRZXOI $Q (SLF )DLU\WDOH LQ 7KH
1HZ 3HOLFDQ *XLGH WR (QJOLVK /LWHUDWXUH 0HGLHYDO
/LWHUDWXUH
6WDQOH\ % *UHHQILHOG $ &ULWLFDO +LVWRU\ RI 2OG
(QJOLVK /LWHUDWXUH 1HZ <RUN 8QLYHUVLW\ 3UHVV 1HZ
<RUN
:DUG $: :DOOHU 5$ HGLWRUV 7KH &DPEULGJH
+LVWRU\ RI (QJOLVK DQG $PHULFDQ /LWHUDWXUH LQ
9ROXPHV 9ROXPH , )URP WKH %HJLQQLQJV WR
WKH &\FOHV RI 5RPDQFH ,9 2OG (QJOLVK &KULVWLDQ
3RHWU\
&\QHZXOI +LV 3HUVRQDOLW\ 1HZ <RUN
3XWQDP%DUWOHE\&RP
:LOVRQ 50 (DUO\ 0LGGOH (QJOLVK /LWHUDWXUH
/RQGRQ
LELG7KH/RVW/LWHUDWXUHRI0HGLHYDO(QJODQG/RQGRQ
=XPWKRU3DXOÌQFHUFDUHGHSRHWLFăPHGLHYDOă(GLWXUD
8QLYHUV%XFXUHúWL