$L:HLZHLDQGWKH$UWRI3URWHVW
3XEOLVKHGRQ7KH1DWLRQKWWSZZZWKHQDWLRQFRP
$L:HLZHLDQGWKH$UWRI3URWHVW
'DQLHOOH$OOHQ_$XJXVW
,QWKH'HFODUDWLRQRI,QGHSHQGHQFHWKH$PHULFDQFRORQLVWVFRPSODLQHGRIWKHLPSRVVLELOLW\RIUHFHLYLQJ
UHGUHVVIURPWKH(QJOLVKFURZQVWDWLQJWKDW´,QHYHU\VWDJHRIWKHVH2SSUHVVLRQV:HKDYH3HWLWLRQHGIRU
5HGUHVVLQWKHPRVWKXPEOHWHUPV2XUUHSHDWHG3HWLWLRQVKDYHEHHQDQVZHUHGRQO\E\UHSHDWHGLQMXU\µ
7KDWFRXOGEHWKHWDJOLQHIRUWKHQHZGRFXPHQWDU\$L:HLZHL1HYHU6RUU\GLUHFWHGE\$OLVRQ.OD\PDQ
H[FHSWWKDWWKHIDPRXV&KLQHVHDUWLVWDQGGLVVLGHQW·VFRQVWDQWSHWLWLRQLQJFORVHO\GHWDLOHGLQWKHILOPZDV
QHYHUH[DFWO\KXPEOH%XWWKHQQHLWKHUZDVWKHFRORQLVWV·/LNHWKHP$L:HLZHLLVFRXUDJHRXVVHOI
FRQILGHQWEODFNO\LURQLF
%HWZHHQDQG$LLQYRNHG&KLQD·V)UHHGRPRI*RYHUQPHQW,QIRUPDWLRQ/DZWRVHQG
JRYHUQPHQWDJHQFLHVPRUHWKDQLQTXLULHVDERXWWKHYLFWLPVRIWKH6LFKXDQHDUWKTXDNHZKRVH
RIILFLDOGHDWKWROOZDVQHDUO\:KHQKHUHFHLYHGQRUHVSRQVHKHILOHGVXLWDJDLQVWWKH0LQLVWU\RI
&LYLO$IIDLUV
,QWKHFRXUVHRIKLVZRUNRQEHKDOIRIVXFKHDUWKTXDNHLQYHVWLJDWLRQV$LVXIIHUHGDSROLFHEHDWLQJLQ
&KHQJGXWKHFDSLWDORI6LFKXDQSURYLQFH7KLVLQVSLUHGDVHSDUDWHURXQGRISHWLWLRQVDQGVXLWV(LJKW
PRQWKVDIWHUWKHEHDWLQJKHUHWXUQHGWR&KHQJGXWRILOHDQRIILFLDOFRPSODLQWDQGUHTXHVWDQLQYHVWLJDWLRQ
6HYHUDOPRQWKVODWHUKDYLQJVHHQQRDFWLRQKHUHWXUQHGDJDLQWR&KHQJGXZLWKWKHVWUDWHJ\RIILOLQJ
UHTXHVWVIRUDKHDULQJLQDVPDQ\JRYHUQPHQWRIILFHVDVSRVVLEOH7KLVVHULHVRIHQFRXQWHUVZLWK
JRYHUQPHQWRIILFLDOV³QHUYRXVERUHGSHUIXQFWRU\YLROHQW³LVRQHRIWKHILOP·VPRVWSRZHUIXO
VHJPHQWVDQGDOVRRQHWKDW$LKDVEURDGFDVWYLD7ZLWWHU
:KHQRQHMRXUQDOLVWZKRDFFRPSDQLHGKLPRQWKHVHYLVLWVDVNHGKLPZK\KHNHSWDWLWKHZDVWROGE\$L
WKDW´\RXFDQ·WMXVWVD\WKDWWKHV\VWHPLVIODZHG\RXKDYHWRZRUNWKURXJKWKHV\VWHPDQGVKRZLWLQDOO
RILWVGHWDLOWKDW·VWKHRQO\ZD\\RXFDQXOWLPDWHO\PDNHDFULWLTXHµ
:LOO$L:HLZHL·VHIIRUWVPDNHDQ\GLIIHUHQFH"+HLVDQDUWLVWZKRVHZRUNRISHWLWLRQLQJLV
VWUDLJKWIRUZDUGO\SROLWLFDOEXWZKRVHXVHRIWKHEORJRVSKHUHWRSXEOLFL]HWKDWSHWLWLRQLQJLVDUWLVWLFDQG
SROLWLFDODWRQFH%XWZKDWH[DFWO\LVWKHUHODWLRQEHWZHHQYRLFHDVH[SUHVVLRQ³WKHDUWLVW·VYRLFH³DQG
YRLFHDVLQIOXHQFHWKHFLWL]HQ·VYRLFH"$QGGRVRFLDOPHGLDFKDQJHWKDWUHODWLRQVKLS"7KHVHDUHWKH
TXHVWLRQVUDLVHGE\$L·VLQ\RXUIDFHSHWLWLRQLQJ
+LVWRULFDOO\SHWLWLRQLQJKDVEHHQDIXQGDPHQWDOO\SHUIRUPDWLYHDFW,QDQFLHQW*UHHFHVXSSOLFDQWV³
WKRVHIRULQVWDQFHZKRSHWLWLRQHGIRUDV\OXP³FKRVHGUDPDWLFSXEOLFYHQXHVDQGPDGHDVSHFWDFOHRI
WKHPVHOYHVDSSHDULQJVD\LQWKHLUXQGHUZHDURUEDULQJWKHLUEUHDVWV&URZGVJDWKHUHGDURXQGWRZDWFK
NQRZOHGJHRIWKHFRQWURYHUV\VSUHDG³DQGZLWKLWTXHVWLRQVDERXWWKHMXVWLFHRULQMXVWLFHRIWKHUXOHU
%\WKHLUVWUHQXRXVPRUDOGHPDQGVVXFKDFWVRIVXSSOLFDWLRQMHRSDUGL]HGWKHSROLWLFDODXWKRULW\RIWKH
ZZZWKHQDWLRQFRPSULQWDUWLFOHDLZHLZHLDQGDUWSURWHVWD[]]<DS:X8L
$L:HLZHLDQGWKH$UWRI3URWHVW
SHWLWLRQHGE\UDLVLQJTXHVWLRQVDERXWZKHWKHUWKDWSDUW\FRXOGHIIHFWLYHO\PDLQWDLQPRUDODXWKRULW\
$L:HLZHLKDVDOZD\VKDGDQH\HIRUWKHSRLQWZKHUHDUWDQGSROLWLFVPHHWLQSHUIRUPDQFH'XULQJWKH
-XQH7LDQDQPHQ6TXDUHPDVVDFUH$LZDVLQ1HZ<RUN7KHVRQRIDIDPRXV&RPPXQLVWSRHW
DQGLQWHOOHFWXDO$L4LQJKHKDGJURZQXSLQGRPHVWLFH[LOHLQIDUZHVWHUQ;LQMLDQJSURYLQFHWRZKLFK
0DR=HGRQJKDGFRQGHPQHGKLVIDWKHU8SRQWKHIDPLO\·VUHOHDVHLQ$LZHQWWR%HLMLQJDQG
VWXGLHGILOPXQWLOIUXVWUDWHGE\WKH&KLQHVHJRYHUQPHQW·VUHSUHVVLRQRIDUWLVWVDQGLQWHOOHFWXDOVKHPRYHG
WRWKH8QLWHG6WDWHVLQ,QUHVSRQVHWR7LDQDQPHQ$LVWDJHGDKXQJHUVWULNHLQIURQWRIWKH8QLWHG
1DWLRQVZHDULQJDKHDGEDQGWKDWUHDG´)XFN\RXUPRWKHUµ7KDWZRXOGEHDORWOLNHVLWWLQJLQWKHDQFLHQW
DJRUDRI$WKHQVLQ\RXUXQGHUZHDU,W·VDOVRDPRYHWKDW$LKDVWXUQHGLQWRDUW7ZHQW\\HDUVODWHUDVD
%HLMLQJEDVHGDUWLVWKHILOPHGDQDUWSURMHFWLQZKLFKDVHULHVRIHLJKWSHRSOH³KHLVWKHHLJKWK³VD\
HDFKLQKLVRZQGLDOHFW´)XFN\RXPRWKHUODQGµZKLOHVWDQGLQJEHIRUHDEDFNGURSZLWKWKHVDPHWH[WLQ
&KLQHVHFKDUDFWHUV
7RXQGHUVWDQG$L·VH[SOHWLYHWKRXJKZHKDYHWRUHPHPEHUWKDWWKLVLVWKHFXUVHRIDPDQZKRLQWKH
HQGGHFLGHGWRJRKRPHERWKOLWHUDOO\³KHUHWXUQHGWR&KLQDLQ³DQGILJXUDWLYHO\/RQJDJR
HFRQRPLVW$OEHUW+LUVFKPDQLGHQWLILHGOR\DOW\DVWKHPRWLYHIRUFHGULYLQJWKHFRPPLWPHQWWRGLVVLGHQW
VHOIH[SUHVVLRQ,Q+LUVFKPDQ·VWHUPV$LFKRVHYRLFHRYHUH[LW%\UHWXUQLQJKRPHKHFKRVHWKHYRLFH
RIWKHDUWLVWDQGFLWL]HQLQVWHDGRIVLPSO\WKHDUWLVW2QHFRPPHQWDWRULQWKHILOPVD\V´$PRQJDOOWKH
&KLQHVHDUWLVWV,NQRZKH·VSUREDEO\WKHRQO\RQHZKRGHHSGRZQUHDOO\FDUHVDERXWWKLVFRXQWU\DQG
ZKDWKDSSHQVWRLWµ<HWWKHLPSRUWRIWKLVFKRLFHGLGQ·WXQIROGWRLWVIXOOHVWH[WHQWXQWLOWKH6LFKXDQ
HDUWKTXDNHLQ
,IZHZLVKWRXQGHUVWDQGWKHUHODWLRQVKLSEHWZHHQWKHH[SUHVVLYHYRLFHRIDQDUWLVWDQGWKHLQIOXHQFH
VHHNLQJYRLFHRIDFLWL]HQZHZRXOGGRZHOOWRWKLQNDERXWWKHVRFLDOLPSRUWDQFHRIPRXUQLQJ:KDWFDQ
EHPRUHSXUHO\H[SUHVVLYHWKDQDFU\RIJULHIWKHHIIRUWWRFRPPHPRUDWH"<HWVRFLHWLHVLQGLIIHUHQWWLPHV
DQGSODFHVKDYHORQJNQRZQWKDWVXFKSXUHO\H[SUHVVLYHFULHVDUHYHU\GHVWDELOL]LQJ*ULHIRIWHQOHDGV
VWUDLJKWWRDQJHU³DQGDQJHUFRPPRQO\WRFDOOVIRUDFWLRQ
7KLQNDJDLQRIWKH*UHHNV7KLQNRI$QWLJRQH$QFLHQW$WKHQVSXWOLPLWVRQWKHULJKWRIZRPHQWR
PRXUQLQSXEOLFDQG3HULFOHVFRQFOXGHVKLVIXQHUDORUDWLRQGXULQJWKH3HORSRQQHVLDQ:DUE\HQMRLQLQJ
WKHZRPHQWRVLOHQFH,Q0D\GXULQJWKH.RVRYRZDU6HUELDQZLYHVDQGPRWKHUVWRRNWRWKH
VWUHHWVE\WKHWKRXVDQGVEHFDXVHUHODWLYHVWKH\KDGVHQWWRWKHIURQWIRXUWHHQPRQWKVHDUOLHUKDGQRWFRPH
KRPHIURPWRXUVRIGXW\WKDWZHUHVXSSRVHGWRODVWRQO\WZHOYH%HFDXVHWKHXQUHVWWKUHDWHQHGWRHYROYH
LQWRZDUUHVLVWDQFHWKHJRYHUQPHQWGLVSDWFKHGDOHDGLQJJHQHUDOWRWKHSURYLQFHV´WRGHIXVHWKHDQJHURI
WKHZRPHQµ
:KHQRQ0D\DPDJQLWXGHHDUWKTXDNHURFNHG6LFKXDQSURYLQFHLQZHVWHUQ&KLQDURXJKO\
FODVVURRPVFROODSVHG)RUVHYHQGD\VDIWHUWKHWHPEORUKLW$L³ZKRKDGEHHQEORJJLQJGDLO\VLQFH
RQ6LQD:HLER³GLGQ·WSRVWDQ\HQWULHVDWDOO7KHVFHQHVRIFKLOGUHQ·VEDFNSDFNVVWUHZQDPLGWKH
GXVW\UXEEOHVLOHQFHGKLP:KHQKHGLGVWDUWWREORJDJDLQKLVSURMHFWZDVPRXUQLQJ
$LILUVWYLVLWHGWKHGHYDVWDWHGUHJLRQLQ-XQHEHFDXVHKHZDQWHGWRXVHWKHQDPHVRIWKHGHDG
VFKRROFKLOGUHQLQDQDUWZRUNWRFRPPHPRUDWHWKHWUDJHG\+HVRXJKWLQIRUPDWLRQIURPWKH6LFKXDQ3RVW
4XDNH5HFRQVWUXFWLRQ2IILFHDQGUHFRUGHGDFHOOSKRQHFRQYHUVDWLRQIHDWXUHGLQKLVGRFXPHQWDU\
+XD/LDQ%D(U'LUW\)DFHVLQZKLFKKHLVWROG´7KHGHDWKWROOLVDVHFUHWµ,QGHHGWKHJRYHUQPHQW
ZDVQRWIRUWKFRPLQJZLWKVWDWLVWLFVDERXWWKHGHDGDQGEHFDXVHVRPDQ\VFKRROVKDGFROODSVHG
VXVSLFLRQVRIFRUUXSWLRQIXHOHGVKRGG\EXLOGLQJSUDFWLFHV´WRIXFRQVWUXFWLRQµEHJDQWRFLUFXODWHZLGHO\
7KHRIILFLDOGHDWKWROORIZDVUHOHDVHGLQODWH-XO\WZRDQGDKDOIPRQWKVDIWHUWKHTXDNH7KH
ZZZWKHQDWLRQFRPSULQWDUWLFOHDLZHLZHLDQGDUWSURWHVWD[]]<DS:X8L
$L:HLZHLDQGWKH$UWRI3URWHVW
JRYHUQPHQWSDLGWKHSDUHQWVRIWKHGHDGVFKRROFKLOGUHQIRUWKHLUVLOHQFH
+DYLQJSHWLWLRQHGWKHJRYHUQPHQWIRULQIRUPDWLRQDQGEHHQGHQLHGLW$LPDGHDQRWKHU´DVNµ+HSXWRXW
DFDOORQKLVEORJIRUYROXQWHHUVWRFDWDORJWKHQDPHVRIWKHGHDGVFKRROFKLOGUHQ2QHZRPDQZKR
UHVSRQGHGVD\VLQWKHILOP´2QHGD\,VDZD>EORJ@HQWU\KHZURWHDERXWLQYHVWLJDWLQJWKHVWXGHQWGHDWKV
IURPWKH0D\WKTXDNH+HVDLGKHZDVVHHNLQJYROXQWHHUVWRKHOSKLPGRWKLVZRUN«7KHYROXQWHHUV
ZHQWWRHYHU\WRZQWRDVNSDUHQWVDQGVFKRROVIRUWKHQDPHVRIWKHGHDGµ:LWKEORJSHWLWLRQV$LEXLOWD
WHDPRIILIW\UHVHDUFKHUVWRFROOHFWWKHQDPHVRIGHFHDVHGVWXGHQWVLQWRZQVDFURVV6LFKXDQSURYLQFH
$WODVWRQ0D\D\HDUDIWHUWKHTXDNH$LDQQRXQFHGRQKLVEORJWKDWKLV6LFKXDQ(DUWKTXDNH
1DPHV3URMHFWKDGDFKLHYHGDILQDOWDOO\GHDGVWXGHQWV,QUHVSRQVHRQ0D\WKHJRYHUQPHQW
ILQDOO\UHOHDVHGLWVRZQWDOO\ZLWKDVOLJKWO\KLJKHUQXPEHU2Q0D\WKHDFWXDODQQLYHUVDU\$L
SRVWHGDOOQDPHV2Q0D\KLVSHUVRQDOEORJZDVVKXWGRZQ2Q0D\$LVLJQHGXSIRUD
7ZLWWHUDFFRXQW2Q-XQH&KLQDEORFNHGDFFHVVWR7ZLWWHUDFURVVWKHPDLQODQGLQDQWLFLSDWLRQRIWKH
WZHQWLHWKDQQLYHUVDU\RIWKH-XQH7LDQDQPHQ6TXDUHPDVVDFUH$LWKHQXVHGD:HESUR[\931RU
RWKHUFLUFXPYHQWLRQWRROWROHDSRYHU&KLQD·V*UHDW)LUHZDOODQGNHHSRQWZHHWLQJ
2Q7ZLWWHUKHEHJDQDGDLO\SRVWLQJRIWKHQDPHVRIWKHGHDGFKLOGUHQRQWKHLUELUWKGD\V+HXVHGD
PDMRU6HSWHPEHUH[KLELWWRFRPPHPRUDWHWKHVWXGHQWVFRYHULQJWKHIDoDGHRI0XQLFK·V+DXVGHU
.XQVWZLWKEDFNSDFNVLQDSLHFHFDOOHG5HPHPEHULQJ$QGLQIRUWKHVHFRQGDQQLYHUVDU\RI
WKH6LFKXDQHDUWKTXDNHKHGHFLGHGWRSRVWUHFRUGLQJVRILQGLYLGXDOSHRSOHUHDGLQJWKHQDPHVRIHDFKORVW
FKLOG9LD7ZLWWHUKHVHQWRXWDQRWKHUFDOODQGLQDFRXQWU\ZKHUH7ZLWWHULVLOOHJDOZDVDEOHWRSRVW
VSRNHQQDPHV
,QGHVFULELQJWKLVSURMHFW$LVD\V´:HDUHDOZD\VWU\LQJWRWKLQNRIDZD\WRJHWHYHU\RQHLQYROYHG7KH
HDUWKTXDNHDQQLYHUVDU\>ZDV@FRPLQJXSVR,WKLQNWKLVPHWKRGLVYHU\JRRG,WKHOSVHYHU\RQHWROHDUQ
DERXWXVLQJUHVRXUFHVPDNLQJUHFRUGLQJVDQGVHQGLQJPHVVDJHVRQOLQH«7KHFRQWHQW>RIWKHSURMHFW@LV
UHVSHFWOLIHDQGJLYH>SHRSOH@DZD\WRILQGDQHZFRPPXQLFDWLRQDQGWRUHDFKRXWµ
,Q$SULOWKH&KLQHVHJRYHUQPHQWGHWDLQHG$LIRUHLJKW\RQHGD\VDQGWKHQLPSRVHGDPDMRUILQHRQ
KLPIRUWD[HYDVLRQDVZHOODVUHVWULFWLQJKLVULJKWWRWUDYHORXWVLGH&KLQD,Q-XO\ZKHQDGHDGO\
KLJKVSHHGUDLOFUDVKLQ:HQ]KRXZDVILUVWUHSRUWHGRQ&KLQD·VPLFUREORJVWKHYROXPHRIEORJRVSKHUH
FRPPHQWDU\ZDVVLPSO\WRRJUHDWWRFHQVRU)RUDOORIFHQVRUVKLS·VSRZHUJULHIIRUWKHGHDGILQGVRXWLWV
OLPLWV$L:HLZHLFRXOGEHGHWDLQHGEXWKLVH[DPSOHFRXOGQRW
,Q'HFHPEHU$LVLJQHG&KDUWHUDGLVVLGHQWV·UHIRUPPDQLIHVWRZKLFKGHFODUHV
7KHSROLWLFDOUHDOLW\ZKLFKLVSODLQIRUDQ\RQHWRVHHLVWKDW&KLQDKDVPDQ\ODZVEXWQR
UXOHRIODZ«>DQG@HVSHFLDOO\LQUHFHQWWLPHVDVKDUSHQLQJDQLPRVLW\EHWZHHQRIILFLDOVDQG
RUGLQDU\SHRSOH«ZHVHHWKHSRZHUOHVVLQRXUVRFLHW\³WKHYXOQHUDEOHJURXSVWKHSHRSOH
ZKRKDYHEHHQVXSSUHVVHGDQGPRQLWRUHGZKRKDYHVXIIHUHGFUXHOW\DQGHYHQWRUWXUHDQG
ZKRKDYHKDGQRDGHTXDWHDYHQXHVIRUWKHLUSURWHVWVQRFRXUWVWRKHDUWKHLUSOHDV³
EHFRPLQJPRUHPLOLWDQW
2QHRI$L·VVXSSRUWHUVSXWVWKHVDPHSRLQWVLQPRUHSHUVRQDOWHUPV´:KDWZHZDQWLVQRUPDOF\MXVWD
QRUPDOVRFLHW\LQZKLFKZHFDQH[SUHVVVRUURZDQGPRXUQGHDWKZKHUHWKRVHZKRGRZURQJDUH
SXQLVKHGDQGWKRVHZKRGRJRRGIRUVRFLHW\DUHHQFRXUDJHGQRWMDLOHGµ
,Q&KLQDWKHUHLVDUHDOSUREOHPZLWKDYHQXHVRIUHGUHVV7KHGLVPD\WKURXJKRXWWKHFRXQWU\LQ2FWREHU
DWWKHKLWDQGUXQGHDWKRIDWRGGOHUJUHZRXWRIIUXVWUDWLRQZLWKDOHJDOV\VWHPWKDWDSSHDUVQRWWR
ZZZWKHQDWLRQFRPSULQWDUWLFOHDLZHLZHLDQGDUWSURWHVWD[]]<DS:X8L
$L:HLZHLDQGWKH$UWRI3URWHVW
ZHLJKJUDGDWLRQVLQFXOSDELOLW\DQGLQZKLFKDFFRUGLQJWRDUHFHQWDUWLFOHSXEOLVKHGE\WKH$VVRFLDWLRQRI
&RUSRUDWH&RXQVHOSROLWLFVWUXPSVWKHODZ7RSUDFWLFHLQ&KLQDODZ\HUVKDYHWRVZHDUDOOHJLDQFHWR
WKH&RPPXQLVW3DUW\
2QHRI$L·VYLVLWVWRFRXUWLQFOXGHGWKHIROORZLQJVFHQHDVGHVFULEHGE\1HZ<RUNHUVWDIIZULWHU(YDQ
2VQRV
7KHUHZDVDOLQHRIEDQNWHOOHUVW\OHZLQGRZVDQGDWWKHRQHFORVHVWWRXVDWLQ\ROG
ZRPDQLQDSLQNSDGGHGMDFNHWZDVEHOORZLQJLQWRDUHFWDQJXODURSHQLQJLQWKHJODVV´+RZ
FRXOGWKHRWKHUVLGHZLQZLWKRXWDQ\HYLGHQFH"µVKHVKRXWHG´'LGWKH\EULEHWKHKHDGRI
WKHFRXUW"µ2QWKHRSSRVLWHVLGHRIWKHJODVVWZRZRPHQLQXQLIRUPZHUHOLVWHQLQJZLWK
UHVLJQHGH[SUHVVLRQVVXJJHVWLQJWKDWVKHKDGEHHQDWLWIRUDZKLOH
+LVWRU\VXJJHVWVWKDWWKHQHHGIRUUHGUHVVIRUMXVWLFH³DVGLVWLQFWIURPSUREOHPVRIPDWHULDOGLVWULEXWLRQ³
RIWHQKROGVWKHVHHGVRIWUDQVIRUPDWLRQ:LOOWKHSHWLWLRQVRIPRXUQHUVKROGVXFKSRZHULQWKLVFDVH"7KLV
LVSUHFLVHO\WKHTXHVWLRQWKDW$LKDVUDLVHGZLWKKLV6LFKXDQ(DUWKTXDNH1DPHV3URMHFWKLVFHDVHOHVV
SHUIRUPDWLYHSHWLWLRQLQJDQGKLVYHU\SXEOLFHIIRUWWRXVHWKH,QWHUQHWWRUHVLVWWKHJRYHUQPHQWDO
VXSSUHVVLRQRIPRXUQLQJ
7KHRSSRQHQWLVIRUPLGDEOH$ORQJZLWK,UDQDQG9LHWQDP&KLQDLVRQHRIWKHPRVWDJJUHVVLYH,QWHUQHW
FHQVRUVLQWKHZRUOG$WDPD[LPXPSHUFHQWRI&KLQD·V,QWHUQHWXVHUVDUHDEOHWRJHWDURXQGWKH
FRXQWU\·V*UHDW)LUHZDOOWRXVH7ZLWWHURURWKHUEORFNHGVLWHV
<HWDVPDQ\DVPLOOLRQSHRSOHPD\XVH&KLQD·VWZRPDLQPLFUREORJJLQJSODWIRUPVDQGPLOOLRQV
KDYHGHYHORSHGDFXOWXUHRIKXPRUZRUGSOD\DQGVSHHGWRJHWDURXQGWKHFHQVRUV·WRROV7KHVHDUHWKH
SUDFWLFHVWKDWPDGHLWLPSRVVLEOHWRFHQVRUFRPPHQWDU\DERXWWKHKLJKVSHHGUDLOFUDVKDFFRUGLQJWR
(WKDQ=XFNHUPDQWKHGLUHFWRURI0,7·V&HQWHUIRU&LYLF0HGLD
6LJQLILFDQWO\WKH&KLQHVHJRYHUQPHQWKDVQHYHUUHOHDVHGDQRIILFLDOGHDWKWROOIURPWKHJUHDW
XQPHQWLRQDEOHWKH7LDQDQPHQ6TXDUHPDVVDFUH$FFRUGLQJWR5HXWHUVLQWKHPRQWKVOHDGLQJXSWRWKH
WZHQWLHWKDQQLYHUVDU\FDOOVIRUDUHHYDOXDWLRQRIWKHSURWHVWPRYHPHQWFLUFXODWHGRQWKH,QWHUQHW,W
ZDVLQWKLVFRQWH[WWKDW&KLQDVKXWGRZQ7ZLWWHULQ-XQH
%XWWHQPRQWKVODWHUHYHQZLWKWKH7ZLWWHUIUHH]HRQJRLQJZKHQ$L:HLZHLZHQWEDFNWR&KHQJGXWR
ILOHKLVFRPSODLQWDJDLQVWWKHSROLFHLQ$SULOKHWZHHWHGDOOGD\DERXWKLVGLQQHUSODQVLQYLWLQJWKH
SHRSOHRI&KHQJGXWRMRLQKLP6RPDQ\VKRZHGXSWKDWWKHUHVWDXUDQWKDGWRSXWWDEOHVRQWKHVWUHHW
2QHPDQSDVVHGE\MXVWWRVD\KHOORWR´7HDFKHU$LµEXWFKRVHQRWWRVWD\3ROLFHDUULYHGWRYLGHRWDSH
WKRVHZKRGLGDQGHYHQWXDOO\WRVKXWWKHSDUW\GRZQ(YHQLQ&KLQDWKHQ³DFRXQWU\RQHVKRXOGQRWH
ZLWKRXWIUHHGRPRIDVVRFLDWLRQ³7ZLWWHULVSRZHUIXOHQRXJKWRJHWVWUDQJHUVDQGSROLFHRIILFHUVWRDIODVK
SDUW\
2IFRXUVHWKLVZDVQRRUGLQDU\RFFDVLRQ7KHJXHVWVDWHSLJV·IHHWWRJHWKHUWRFHOHEUDWHRQHPDQ·V
UHOHQWOHVVSHWLWLRQLQJDQGDIILUPKLVVWHHO\SXUVXLWRIKRQRUIRUWKHGHDG
5HSHDWHGSHWLWLRQLQJ3ROHPLFDOSDUWLHV,QWKH$PHULFDQFRORQLHVWKLVZDVWKHVWXIIRIUHYROXWLRQ
3HUKDSVLQDUWIXOLURQLFSHUIRUPDQFHVOLIWHGDORIWE\QHZPHGLDVXFKVHHGVDUHEHLQJFDVWDEURDGRQFH
PRUH"
6RXUFH85/KWWSZZZWKHQDWLRQFRPDUWLFOHDLZHLZHLDQGDUWSURWHVW
ZZZWKHQDWLRQFRPSULQWDUWLFOHDLZHLZHLDQGDUWSURWHVWD[]]<DS:X8L