3XEOLVKHGRQ+LVWRU\7RGD\KWWSZZZKLVWRU\WRGD\FRP
+RPH!3KLOLSWKH,,
7KH0RVW&DWKROLF.LQJ
"
3KLOLSWKH,,
7KH0RVW&DWKROLF.LQJ
"
%\-RQDWKDQ/HZLV>@ _3XEOLVKHGLQ+LVWRU\5HYLHZ>@ >@ 7ZHHW
>@ >@
3ROLWLFDO>@ 5HOLJLRQ>@ (DUO\0RGHUQWKWK&>@ 6SDLQ>@ (XURSH>@ -RQDWKDQ/HZLVWDNHVLVVXHZLWKDFRPPRQLQWHUSUHWDWLRQ
3KLOLS,,DVEHILWVRQHRI(XURSH
VPRVWLPSRUWDQWNLQJVRIWKHHDUO\PRGHUQSHULRGKDVKDG
QXPHURXVWLWOHVEHVWRZHGRQKLPE\KLVWRULDQVDQGFRQWHPSRUDULHVDOLNH$WWHPSWVWRH[SODLQ
DQGFODULI\WKHPRVWFRPSOH[RIPRQDUFKVKDYHOHGWRWLWOHVVXFKDV
WKH3UXGHQW.LQJ
DQG
WKH
ODUJHVWEUDLQLQWKHZRUOG
6LPLODUO\3KLOLSKDVEHHQGHVFULEHGDVWKH
VSLGHUNLQJ
ZHDYLQJKLV
SORWVRILQWULJXHDQGHYHQDVDUXOHUZLWKSDUDOOHOVZLWK&KXUFKLOODQG.HQQHG\3HUKDSVWKH
ODEHOPRVWRIWHQXVHGHYHQE\KLVWRULDQVVXFKDVWKHLPSUHVVLYH*HRIIUH\:RRGZDUGLVWKDWRI
WKH
0RVW&DWKROLF.LQJ
:KLOVWLWLVQDWXUDOWRH[SUHVVGRXEWVRQDOOWLWOHVWKDWGHDOLQJURVV
JHQHUDOLVDWLRQVRIDUHLJQWKDWVSDQQHGKXJHVHFWLRQVRIWKHNQRZQZRUOGIRUQHDUO\\HDUVLW
LVWKLVQDPHWKDWSRVHVWKHPRVWSUREOHPVIRUVWXGHQWVRI3KLOLS,,,WKDVEHFRPHDP\WK
SHUSHWXDWHGRYHUWLPHWKDWZKDWHYHUHOVH3KLOLSZDVKHZDVIRUHPRVWDGHYRXWVHUYDQWRIWKH
&DWKROLF&KXUFKDOORWKHUPRWLYHVEHLQJVHFRQGDU\EXWWKLVKDVOHGWRDPLVXQGHUVWDQGLQJDW
WKHKHDUWRIDQ\DQDO\VLVRI3KLOLS
VUXOH7KLVDUWLFOHZLOOQRWGLVSXWH3KLOLS
VSHUVRQDOIDLWKEXWLW
ZLOODUJXHWKDWWKHWLWOHRI
0RVW&DWKROLF.LQJ
LJQRUHVKLVDFWXDODFWLRQVDQGKLGHVWKH
FRPSOH[LWLHVRIKLVNLQJVKLS
7KHUHLVQRGRXEWWKDW3KLOLS,,KDVFDXVHGLPPHQVHKLVWRULFDOGHEDWH*HRIIUH\3DUNHUTXRWHV
5REHUW:DWVRQDVVD\LQJ
1RFKDUDFWHUZDVHYHUGUDZQE\GLIIHUHQWKLVWRULDQVLQPRUHRSSRVLWH
FRORXUVWKDQWKDWRI3KLOLS
:RRGZDUGFRQFOXGHVKLVVWXG\ZLWKWKHZRUGV
DQ\DVVHVVPHQWRI
3KLOLS,,DVVXPHVWKHDSSHDUDQFHRIDSDUDGR[
,QGHHGDV3DUNHUVNLOIXOO\GHPRQVWUDWHVWKH
ZHDOWKRILQIRUPDWLRQRQ3KLOLSLVDOPRVWRYHUZKHOPLQJDQGPDNHVGLVDJUHHPHQWPXFKHDVLHU
WKDQDJUHHPHQWRQVRPDQ\DVSHFWVRIKLVUHLJQ7KHUHIRUHLWLVHYHQPRUHVXUSULVLQJWKDWOLWWOH
KLVWRULFDOZRUNKDVEHHQGRQHVSHFLILFDOO\RQWKHWLWOH
0RVW&DWKROLF.LQJ
%DFNJURXQG
3KLOLS,,ZDVXQGRXEWHGO\DGHYRXW&DWKROLFWKURXJKRXWKLVOLIH7KHLQIOXHQFHRIKLVIDWKHU
&KDUOHV9DQGKLVPRWKHU,VDEHOODRI3RUWXJDOPDGHWKLVIDFWLQGLVSXWDEOHIURPWKHWLPHKLV
IDWKHUH[FODLPHG
*RGPDNHDJRRG&KULVWLDQRI\RX
DW3KLOLS
VELUWKRQVW0D\,VDEHOOD
ZDVDSLRXVDQGGHYRXW&DWKROLFZKRVSHQWKRXUVLQSUD\HUHYHU\GD\DQG3KLOLSFDUULHGRQWKLV
IDPLO\WUDGLWLRQZLWKPDVVEHLQJDGDLO\RFFXUUHQFHZKHUHYHUKHZDVDWWKHWLPH$V:RRGZDUG
VWDWHV
3LRXVDQGRUWKRGR[LQKLVGHYRWLRQWRWKH&DWKROLF&KXUFK«KHVDZHYLGHQFHRIGLYLQH
LQWHUYHQWLRQLQDOODIIDLUV
3KLOLSDOVRKDGWRHPEUDFHWKHOHJDF\RIDIDWKHUZKRVDZKLPVHOIDV
WKHJUHDWHVWUXOHULQ&KULVWHQGRPZLWKDGXW\WRXSKROGWKH&DWKROLFIDLWKWKURXJKRXWKLVYDVW
HPSLUH$OORIWKHVHLVVXHVFRPELQHGWRPDNH3KLOLSKLPVHOIDVHULRXVFRPPLWWHG&DWKROLFLQKLV
SHUVRQDOIDLWKKHDYLO\LQIOXHQFHGE\KLVEDFNJURXQGEXWWKH\GLGQRWQHFHVVDULO\PDNHKLPWKH
0RVW&DWKROLF.LQJ
7KLVWLWOHKDVWREHHDUQHGE\DFWLRQVDQGGHHGVZLWKLQ6SDLQDQG
WKURXJKRXW(XURSHQRWJLYHQOD]LO\PHUHO\EHFDXVHLWILWVZLWKWKHPRVWREYLRXVDVSHFWVRI
3KLOLS
VEDFNJURXQGDQGKLVRZQSURSDJDQGD
'RPHVWLF3ROLF\
&KDUOHV9KDGDOUHDG\ODLGVLJQLILFDQWIRXQGDWLRQVIRUUHOLJLRXVSROLF\LQ6SDLQ,WZDVKHZKR
JDLQHGWKHSDWURQDWRVIURPWKH3DSDF\ZKLFKDOORZHGWKH&URZQWRQRPLQDWHDOOELVKRSULFVLQ
WKH,QGLHVDQG6SDLQDQGHYHQSURKLELWHGWKH3RSHIURPSXEOLVKLQJEXOOVLQ6SDLQZLWKRXWUR\DO
SHUPLVVLRQ)XUWKHUPRUHWKHPRQDUFK\LQ6SDLQKDGVXEVWDQWLDOILQDQFLDOLQIOXHQFHRYHUWKH
&KXUFKDVZLWK3DSDODSSURYDOLWFRXOGLQVWLJDWHWD[HVRIWKHFUX]DGDDQGWKHVXEVLGLR
:RRGZDUGVWDWHVWKDWLWZDVWKHNLQJ
VGXW\
WRGHIHQGWKHLQWHUHVWVRI*RGDQGKLVFKXUFKERWKLQ
6SDLQDQGEH\RQGDUHVSRQVLELOLW\ZKLFK&KDUOHVKDGWDNHQYHU\VHULRXVO\
+LVWRULDQVKDYH
WHQGHGWRSOD\GRZQWKHLQIOXHQFHRI&KDUOHV9RQ6SDQLVKUHODWLRQVKLSVZLWKWKH3DSDF\DQG
WKHLPSDFWKHKDGRQHVWDEOLVKLQJVXFKSRZHUIRUWKH6SDQLVKPRQDUFKRQFKXUFKDIIDLUVZLWKLQ
6SDLQ$OWKRXJK3KLOLSGLGLQVWLJDWHPDMRUFKDQJHVPRVWQRWDEO\E\WKH&RXQFLORI7UHQWLWLV
UHDVRQDEOHWRDUJXHWKDWWKHSUHFHGHQWIRUGUDVWLFUHIRUPFDQEHWUDFHGWR&KDUOHV93KLOLS
PHUHO\IROORZLQJLQKLVLOOXVWULRXVIDWKHU
VIRRWVWHSV,IDVVRPHKLVWRULDQVKDYHDUJXHG3KLOLS
FDQEHVHHQDVDFKDPSLRQRI&DWKROLFLVPGXHWRKLVDFWLRQVZLWKLQ6SDLQZHPXVWQRWLJQRUH
WKHLQIOXHQFHRI&KDUOHVLQFUHDWLQJWKHIRXQGDWLRQVIRUGHYHORSPHQW
3:LOOLDPVUHFRJQLVHVWKDW3KLOLS
H[HUFLVHGSRZHUVRYHUWKH&KXUFKLQKLVWHUULWRULHVWKDWZHUH
WKHHQY\RIPDQ\RWKHU(XURSHDQPRQDUFKV&DWKROLFRU3URWHVWDQW
7KHVHSRZHUVZHUHPRVWO\
LQKHULWHGIURPWKHZRUNGRQHE\&KDUOHVLQJDLQLQJXQSUHFHGHQWHGLQIOXHQFHLQUHOLJLRXVDIIDLUV
3KLOLSFRQWLQXHGWKHZRUNRIKLVIDWKHUZLWKWKHFRQFOXVLRQRIWKH&RXQFLORI7UHQW$OWKRXJKWR
.DPHQWKH7ULGHQWLQH'HFUHVV
UHYROXWLRQLVHG6SDQLVK&DWKROLFLVP
LWLV&KDGZLFNZKRPDNHV
WKHPRUHYDOLGSRLQWWKDWLQ
LWZDVQRWHDV\WRUHIRUPWKHHSLVFRSDWHZKHQVRPDQ\
&DWKROLFNLQJVLQFOXGLQJWKRVHRI)UDQFHDQG6SDLQH[HUFLVHGDQDOPRVWDEVROXWHFRQWURORYHU
WKHFKRLFHRIPDQWREHELVKRS
DJDLQKLJKOLJKWLQJWKHZRUNWKDW&KDUOHVKDGGRQHEHIRUH
3KLOLS
VUHLJQDQGVWUHVVLQJWKDWWKHIDWKHUKDGDEHWWHUFODLPWREHWKH
0RVW&DWKROLF.LQJ
LQ
UHVSHFWWR6SDQLVKDIIDLUVDVLWZDVKHQRW3KLOLSZKRPDGHWKHPRQXPHQWDOFKDQJHVLQWKH
UHODWLRQVKLSEHWZHHQWKH3DSDF\DQGWKH0RQDUFKLQ6SDLQ7KHUHIRUHLIWKHUHLVDQDUJXPHQW
UHJDUGLQJ6SDLQEHLQJVRPHKRZDPRGHO&DWKROLFQDWLRQGXHWRWKHLPSURYHPHQWLQWKHTXDOLW\
RIWKH&DWKROLF&KXUFKZLWKLQ6SDLQDV'DYLG0FNLQQRQ%HOOVHHPVWRDUJXHLWLVWR&KDUOHV9
UDWKHUWKDQWRKLVVRQWKDWWKHFUHGLWLVGXH&KDUOHVZDVWKHDUFKLWHFW3KLOLSZDVPHUHO\WKH
DGPLQLVWUDWRU
7KLVLVQRWWRVD\WKDWWKH&RXQFLORI7UHQWZDVXQLPSRUWDQWWR&DWKROLFLVPLQ6SDLQPHUHO\WKDW
3KLOLSZDVFRQFHUQHGZLWKVWUXFWXUDOFKDQJHVZLWKLQ6SDLQUDWKHUWKDQDQ\WKLQJPRUH
IXQGDPHQWDO,WZDVKLVIDWKHUZKRKDGZRQYLWDOFRQFHVVLRQVIURPWKH3DSDF\QRW3KLOLSDQGLW
ZDVKLVIDWKHUZKRVWDUWHGWKHUHIRUPVWKDWOHGWRJUHDWHUFRQWURORIWKH6SDQLVKFKXUFKE\WKH
PRQDUFKUDWKHUWKDQ5RPH$OVRLWLVHYLGHQWWKDW3KLOLSZDVPRUHLQWHUHVWHGLQVWUXFWXUDO
FKDQJHZLWKLQ6SDLQWKDQKHZDVLQJHQHUDOUHOLJLRXVSROLF\DFURVV&DWKROLF(XURSH7R3KLOLS
FRQWURORYHUWKH&KXUFKLQ6SDLQZDVIDUPRUHDQLVVXHWKDQJHQHUDOSROLF\VXFKDVFOHULFDO
DEXVHVDFURVVWKH&DWKROLFFRXQWULHV,WLVLQWHUHVWLQJWRQRWHWKDWZKHQ3KLOLSSXEOLVKHGWKH
GHFUHHVRIWKH&RXQFLORQ-XO\LWZDVZLWKWKHFUXFLDOFDYHDWWKDWWKH\ZHUHQRWWREH
LPSOHPHQWHGLIWKH\LPSLQJHGRQWKHDXWKRULW\RIWKHNLQJ3KLOLSLWVHHPVZDVPRUHLQWHUHVWHG
LQGHYHORSLQJKLVRZQDXWKRULW\LQUHOLJLRXVDIIDLUVE\VWUXFWXUDODQGDGPLQLVWUDWLYHUHIRUPWKDQKH
ZDVLQSXUVXLQJHQOLJKWHQPHQWIRU6SDLQRUWKHUHVWRI(XURSH
7KH3DSDF\
3KLOLS
VUHODWLRQVKLSVZLWKWKH3DSDF\VXSSRUWVWKHDERYHDUJXPHQW:LOOLDPVVD\VWKDWZKHQ
3LXV,9
FRPSODLQHGWKDW3KLOLSKDGDEURJDWHGWRKLPVHOIWKHULJKWRILQWHUSUHWLQJWKHPHDQLQJRI
WKH7ULGHQWLQH'HFUHHVDQGWKDWKHPHDQWWREH3RSHDVZHOODVNLQJKHZDVQRWZLGHRIWKH
PDUN
)RUDPRQDUFKVRNHHQWRFXOWLYDWHDQLPDJHRIGHYRWLRQWRWKH&DWKROLF&KXUFK3KLOLS
VHHPHGWRKDYHWRRPDQ\GLVDJUHHPHQWVZLWKWKHYDULRXV6SLULWXDO/HDGHUVRIWKDWLQVWLWXWLRQ
$OWKRXJK3KLOLSLQKLVPXFKTXRWHGVWDWHPHQWVD\V
UDWKHUWKDQVXIIHUWKHOHDVWGDPDJHWR
UHOLJLRQDQGWKHVHUYLFHRI*RG,ZRXOGORVHDOOP\VWDWHVDQGDKXQGUHGOLYHVLI,KDGWKHPIRU,
GRQRWSURSRVHQRUGHVLUHWREHWKHUXOHURIKHUHWLFV
LWLVFOHDUWKDW3KLOLS
VLGHDRIVXIIHULQJWKH
OHDVWGDPDJHWRKLVUHOLJLRQZDVQRWDOZD\VWKHVDPHDVWKDWRIWKH+HDGRIWKH&DWKROLF&KXUFK
)RUDPDQSRUWUD\HGLQKLVWRU\DVDJUHDW&DWKROLF.LQJ3KLOLSVHHPVWRKDYHKDGIHZTXDOPV
DERXWLJQRULQJDQ\DVSHFWRI3DSDOSROLF\WKDWKHGLVDJUHHGZLWK,Q3LXV,9LVVXHGDQHGLFW
EDQQLQJEXOOILJKWLQJDQGH[FRPPXQLFDWHGDQ\RQHZKRSDUWLFLSDWHGLQLW3KLOLSLJQRUHGWKH
LQVWUXFWLRQ,Q3KLOLSGHQLHGKLVVXEMHFWVWKHULJKWWRDQDSSHDOWR5RPHWKHUHE\PDNLQJD
FOHDUVWDWHPHQWDERXW3DSDOVXSHULRULW\,I3KLOLSKDGEHHQKRQHVWDERXWKLVIHHOLQJVWRZDUGVWKH
3DSDF\DQGPHUHO\DFNQRZOHGJHGWKDWKHZDVWKHULJKWIXOKHDGRIWKH&KXUFKKLV
LQFRQVLVWHQFLHVFRXOGEHPRUHHDVLO\H[FXVHG<HWKLVODVWZRUGVWRKLVVRQLQFOXGHGWKH
VWDWHPHQW
$OZD\VEHREHGLHQWWRWKH5RPDQ&KXUFKDQG6XSUHPH3RQWLIIKDYLQJKLPIRU\RXU
VSLULWXDOIDWKHU
3KLOLSDOVRKDGGLVDJUHHPHQWVZLWKWKH3DSDF\RYHUWKH,QTXLVLWLRQQRWDEO\WKHFDVHRI
%DUWRORPHGH&DUUDQ]D$UFKELVKRSRI7ROHGR3KLOLSUHIXVHGWROHW&DUUDQ]DEHWULHGLQ5RPH
RQFKDUJHVRIKHUHV\DJDLQVWWKHZLVKHVRI3LXV,9DQGWKHQ3LXV93KLOLSHYHQWXDOO\KDGWR
DJUHHWRKDYH&DUUDQ]DWUDQVIHUUHGWR5RPHEXWRQO\DIWHU\HDUVRIVWUXJJOHDJDLQVWWKHZLOORI
WKH3RQWLII6LPLODUO\3KLOLSKDGSUREOHPVZLWKWKH-HVXLWVRYHUWKHLUDOOHJLDQFHWRWKH3DSDF\
UDWKHUWKDQWRKLP:RRGZDUGFODLPVWKDWWKH.LQJZDVFRQYLQFHGWKDWWKH-HVXLWVZHUHUHDOO\
3DSDODJHQWVDQGWKDWWKHSULQFLSDOSUREOHPZDVWKDWWKH.LQJ
VDZKLPVHOIDV*RG
V
UHSUHVHQWDWLYHRQHDUWKDQGQRWDVDQDJHQWRIWKH3RSH
7KLVLVOLNHO\WREHWUXHEXWWRMXVWLI\WKH
ODEHORIDJRRG&DWKROLFWKHUHKDVWREHDGHJUHHRIDFFHSWDQFHWKDWWKH3RSHLVWKHVSLULWXDO
+HDGRIWKH&KXUFKHYHQWDNLQJLQWRFRQVLGHUDWLRQWKHSDUWLFXODUSROLWLFDOQDWXUHRIVRPHDUHDV
RI3DSDOSROLF\GXULQJWKHVL[WHHQWKFHQWXU\)XUWKHUPRUHLI3KLOLSKDGQRWPDGHLWYHU\FOHDUWKDW
KHVDZWKH3RSHDVKLV6SLULWXDO)DWKHUDVKHRXWOLQHGRQKLVGHDWKEHGWRKLVVRQLWZRXOGEH
HDVLHUWRSXWVXFKGLVUHJDUGIRUWKH3DSDF\GRZQWRWKHSROLWLFVDQGLQWULJXHRIWKHWLPH
)RUHLJQ3ROLF\
3KLOLS
VELJJHVWGLVDJUHHPHQWVZLWKWKH3DSDF\FDPHRYHUIRUHLJQSROLF\DQGLWLVWKHIRUHLJQ
SROLF\RI3KLOLS,,WKDWEHVWLQYDOLGDWHVWKHFODLPWKDWKHZDVWKH
0RVW&DWKROLF.LQJ
+RZHYHU
DVZLWKKLVGRPHVWLFSROLF\WKHUHDUHDUHDVZKHUH3KLOLS
VDFWLRQVFDQEHVHHQDVLQOLQHZLWK
&DWKROLFLQWHUHVWVRQDJOREDOUDWKHUWKDQD6SDQLVKVFDOH$V3DUNHUVWDWHV
3HUKDSVWKH
SULQFLSDODUHDLQZKLFK3KLOLSIHOWKLPVHOIWREH*RG
VFKRVHQLQVWUXPHQWZDVLQWKHWDPLQJRIWKH
1HZ:RUOG
3DUNHUJRHVRQWRGHVFULEH3KLOLSFRQWUROOLQJPRVWRI$PHULFDIURPWKH5LR*UDQGH
LQ0H[LFRWRWKH%LR%LRLQ&KLOHZLWKWKHYHUGLFWWKDWLWZDV
XQTXHVWLRQDEO\3KLOLS,,
VJUHDWHVW
DFKLHYHPHQW
$OWKRXJKWKHUHLVDQDUJXPHQWWKDW3KLOLSZDVDVOHDVWDVFRQFHUQHGZLWKWKH
EXOOLRQLQWKH1HZ:RUOGRQUHIOHFWLRQLWLVGLIILFXOWWRGLVDJUHHZLWK3DUNHU
VYLHZ,WLVSHUKDSV
WKHEHVWH[DPSOHJHQRFLGHDQGYLROHQFHDSDUWRI3KLOLS,,DFWLQJSULPDULO\DVD&DWKROLF
0RQDUFKUDWKHUWKDQORRNLQJDIWHUKLVSROLWLFDOLQWHUHVWVDV.LQJRI6SDLQ
,WZDVDIIDLUVQHDUHUWRKRPHWKDWFDXVHG3KLOLS,,PRVWSUREOHPVDQGPRVWVXFFHVVIXOO\KLJKOLJKW
WKHLQDGHTXDFLHVRIWKH
0RVW&DWKROLF.LQJ
WLWOH3HUKDSVWKHDUHDWKDWGHPRQVWUDWHV3KLOLS
V
UHOLDQFHRQSROLWLFVUDWKHUWKDQUHOLJLRQEHWWHUWKDQDQ\WKLQJHOVHLVLQKLVGHDOLQJVZLWK(QJODQG
DQGWKH3URWHVWDQW4XHHQ(OL]DEHWK,WLVZHOOGRFXPHQWHGWKDW3KLOLSIHOWQRJUHDWDIIHFWLRQIRU
KLVZLIH0DU\7XGRUDQGZDVQRWRYHUO\XSVHWZKHQVKHGLHGLQ1RYHPEHUDIWHUIRXU\HDUV
RIPDUULDJH7KHUHOLJLRXVYDFXXPWKDW0DU\
VGHDWKFDXVHGKRZHYHUZDVWRKDYHHQRUPRXV
LPSOLFDWLRQVIRU(XURSHDQGIRU3KLOLS
VUHODWLRQVKLSVZLWKWKHRWKHUJUHDWSRZHUVRIVL[WHHQWK
FHQWXU\(XURSH(QJODQGDQG)UDQFH:LWK0DU\FKLOGOHVVWKHFURZQSDVVHGWR(OL]DEHWK
FRQVLGHUHGLOOHJLWLPDWHE\WKH3DSDF\DQGDKHUHWLFWR&DWKROLFVDFURVVWKHFRQWLQHQW7KHILUVW
H[DPSOHRI3KLOLSLJQRULQJWKHWHDFKLQJVRI&DWKROLFLVPLQUHODWLRQWR(QJODQGGXHWRSROLWLFDO
PDFKLQDWLRQVZDVKLVIULHQGOLQHVVWRZDUGV(OL]DEHWKEHFDXVHRIWKHQHHGWRFRXQWHU*XLVH
LQIOXHQFHLQ6FRWODQG3KLOLSZDVSUHSDUHGWRLJQRUHWKHIDFWWKDW(OL]DEHWKKDGDEROLVKHGDOO
3DSDOMXULVGLFWLRQLQKHUUHDOPDVHDUO\DVVRORQJDVLWZDVSROLWLFDOO\DGYDQWDJHRXVIRU
(QJODQGWREHDSDZQLQ3KLOLS
VJDPHRIFKHVVZLWK)UDQFH7KHIDFWWKDWKHZDVSUHSDUHGWR
RIIHUDPDUULDJHDOWKRXJKXQHQWKXVLDVWLFDOO\LQ-DQXDU\GXULQJ(OL]DEHWK
VILUVWSDUOLDPHQW
ZKHUHVKHUHHVWDEOLVKHGWKH&KXUFKRI(QJODQGFOHDUO\VKRZVWKDW3KLOLS
VSROLWLFDOPLQGUXOHG
KLV&DWKROLFKHDUW
7KH3URWHVWDQWUHOLJLRXVVHWWOHPHQWRIZDVGLVFXVVHGE\3KLOLS,,LQDOHWWHUWR)HULD
WKHHYLO
WKDWLVWDNLQJSODFHLQWKDWNLQJGRPKDVFDXVHGPH«DQJHUDQGFRQIXVLRQ
3KLOLSNQHZWKDW
(OL]DEHWK
VDFWLRQVZHUHWKRVHRIDKHUHWLF\HWKHVWLOOSHUVRQDOO\SHUVXDGHGWKH3RSHQRWWR
H[FRPPXQLFDWHKHU,WLV3KLOLS
VDFWLRQVLQFRQQHFWLRQZLWK(OL]DEHWKDQG0DU\4XHHQRI6FRWV
WKDWWUXO\KLJKOLJKWWKH0DFKLDYHOOLDQQDWXUHRIKLVEHOLHIV\VWHP'HVSLWHEHLQJDSLRXV&DWKROLF
DQGNQRZLQJWKDWWKHDFWLRQVRI(OL]DEHWKWKUHDWHQHGWKH5RPDQ&KXUFKLWVHOI3KLOLSGLGQRWWDNH
XSWKHFDXVHRIWKH&DWKROLF4XHHQRI6FRWV0DU\KDGEHHQLQH[LOHLQ(QJODQGVLQFHDQG
ZDVSXWXQGHUKRXVHDUUHVWE\(OL]DEHWKDVVKHKDGVXFKDVWURQJFODLPWRWKH(QJOLVKWKURQH
ZLWK(OL]DEHWK\HDUVROGDQGVWLOOXQPDUULHG7KH3RSHZDVKRUULILHGE\WKLVWXUQRIHYHQWVDQG
DVNHG3KLOLSWRUHVFXH0DU\3KLOLSKDGQRGHVLUHWRDQWDJRQLVH(OL]DEHWKDQGUHIXVHGRQO\
JLYLQJPRUDOHQFRXUDJHPHQWWRWKH1RUWKHUQUHEHOOLRQRI+HHYHQUHSULPDQGHGWKH3RSH
IRUH[FRPPXQLFDWLQJ(OL]DEHWKLQ3KLOLSZDVVRFRQFHUQHGWKDW0DU\4XHHQRI6FRWV
ZRXOGWXUQ(QJODQGSUR)UDQFHWKDWKHZDVZLOOLQJWRLJQRUHKLVUHOLJLRXVSULQFLSOHVLQKLVTXHVW
WRUHPDLQSROLWLFDOO\VWURQJ:LOOLDPVVD\VSHUFHSWLYHO\
1RWKLQJEHWWHUH[SUHVVHGWKHVHFXODULVP
RI3KLOLS
VIRUHLJQSROLF\WKURXJKRXWWKHVWKDQKLVGHWHUPLQDWLRQWRRSSRVH0DU\6WXDUW
V
VXFFHVVLRQWRWKH(QJOLVKWKURQH
&OHDUO\UHOLJLRQZDVYHU\PXFKDVHFRQGDU\LQIOXHQFHRQ
3KLOLS,,WKURXJKRXWWKHFUXFLDO\HDUVRIWKHVLQUHODWLRQWR(QJODQG)DFHGZLWKDSROLWLFDO
SUREOHPVXFKDVDQDOOLDQFHEHWZHHQ(QJODQGDQG)UDQFH3KLOLSZDVSUHSDUHGWRWROHUDWHD
4XHHQQRWUHFRJQLVHGE\WKH+HDGRIWKH&KXUFKKHSURIHVVHGWRORYHDQGVHUYH
3KLOLS
VDFWLRQVRQO\EHFDPHPRUHLQOLQHZLWKKLVUHOLJLRQZKHQSROLWLFDOHYHQWVPDGHLWIHDVLEOH
WRDGRSWDPRUHDJJUHVVLYHSROLF\WRZDUGVWKHKHUHWLF(OL]DEHWK$VWLPHZHQWE\DQGZLWK
(OL]DEHWKEHFRPLQJPRUHDQGPRUHXQUHDVRQDEOH3KLOLSEHJDQWRKRSHWKDW0DU\ZRXOG
EHFRPHPRUHIULHQGO\WRZDUGV6SDQLVKLQWHUHVWVLQWKH1HWKHUODQGVDQGEH\RQG(OL]DEHWK
V
SROLFLHVWRZDUGV(QJOLVK&DWKROLFVGLGDOLHQDWH3KLOLSEXWLWZDVRQO\ZLWKKHULQYROYHPHQWLQWKH
1HWKHUODQGVWKDW3KLOLSZDVIRUFHGWRDFW%\VHQGLQJWURRSVDQGDLGWRWKH'XWFKUHEHOV
(OL]DEHWKZDVJHWWLQJLQYROYHGLQ3KLOLS
VSROLWLFDODIIDLUVDQGLWZDVWKLVWKDWRXWZHLJKHGWKH
SROLWLFDOFRQVLGHUDWLRQVRIDSUR)UDQFH(QJODQGDQGPDGH3KLOLSSODQDSROLWLFDOLQYDVLRQZLWK
IORXULVKHVRIUHOLJLRXVSURSDJDQGDQRWDQ\UHOLJLRXVFUXVDGH7KHUHLVPXFKHYLGHQFHWKDW
3KLOLS
VIDPRXVDWWHPSWDWLQYDVLRQLQZDVIXHOOHGE\DGHIHQVLYHSROLWLFDODLPWRVWRS
(QJODQGKHOSLQJWKH'XWFKUHEHOVUDWKHUWKDQE\DQ\VHULRXVGHVLUHWRFRQYHUW(QJODQG$V
:LOOLDPVDUJXHVWKHUHZDVDJUHHPHQWLQWKH&RXQFLORI6WDWHWKDWWKHLQYDVLRQZDVDGHIHQVLYH
RQHEDVHGRQSROLWLFVLQWKH1HWKHUODQGVDQGWKHUHZDV
QRVHULRXVGLVFXVVLRQRIFRQTXHULQJRU
FRQYHUWLQJ(QJODQG
7KHUHIRUHHYHQZKHQ3KLOLSZDVXVLQJUHOLJLRQDVDMXVWLILFDWLRQIRUZDULW
ZDVWKHOHVVPDJQDQLPRXVSROLWLFDOFRQVLGHUDWLRQVWKDWUHDOO\XQGHUSLQQHGWKH$UPDGD
+LVSROLF\WRZDUGV(QJODQGLVWKHPRVWJODULQJLQVWDQFHRI3KLOLS
VZLOOLQJQHVVWROHWSROLWLFV
QHXWUDOLVHKLVUHOLJLRXVIHHOLQJV<HWLWLVFHUWDLQO\QRWWKHRQO\H[DPSOH3KLOLS
VDFWLRQVDW
/HSDQWRLQZKHUHSHUKDSV7XUNVZHUHNLOOHGFRXOGEHLGHQWLILHGDVEHLQJVHOILVKO\
6SDQLVKUDWKHUWKDQLQWHUQDWLRQDOO\&DWKROLF,QVWHDGRIIROORZLQJXSWKH&KULVWLDQYLFWRU\ZLWKD
VXVWDLQHGDWWDFNRQWKHWKUHDWRI,VODPDVWKH9HQHWLDQVDQGWKH3RSHGHVLUHG3KLOLSPDGHD
WUXFHZLWKWKH3RUWHLQVLJQLQJDWUHDW\LQ7KH3RSHZDVGLVWUDXJKWDQGHYHQWKH
6SDQLVKFOHUJ\ZDQWHGDQDQQXOPHQWRIWKHFUXVDGHWD[$V:RRGZDUGVWDWHV
3KLOLSZDV
XQPRYHG8QOLNHKLVIDWKHUKHZDVQRWDFUXVDGHU
3KLOLSZDVOHVVLQWHUHVWHGLQD+RO\ZDUWR
GHIHDWWKHWKUHDWRI,VODPWKDQKHZDVLQSROLWLFDODIIDLUVLQ1RUWKHUQ(XURSH%HFDXVHRISROLWLFDO
DQGILQDQFLDOFRQVLGHUDWLRQV3KLOLSLJQRUHGWKHUHOLJLRXVFDOOLQJVIRUDFUXVDGH
&RQFOXVLRQ
3KLOLS,,RI6SDLQZDVQRWDFUXVDGHUDQGGLGQRWOHWUHOLJLRQGULYHKLVSROLFLHVDVLWGLGKLVSULYDWH
OLIH7KHIDFWWKDWKLVIDLOXUHWRIROORZXSYLFWRU\DW/HSDQWRWRRNSODFHDWDWLPHRILPPHQVH
UHOLJLRXVFKDQJHZKHQ&DWKROLFLVPZDVWKUHDWHQHGE\WKHGXDOVZRUGVRI3URWHVWDQWLVPDQG
,VODPPDNHVLWDOOWKHPRUHLPSRUWDQWWKDW3KLOLSVKRXOGQRWEHVHHQDVVRPHVDYLRXURI
&DWKROLFLVP'RPHVWLFUHIRUPRIWKH&KXUFKLQ6SDLQZDVDYDOXDEOHDQGLPSRUWDQWH[HUFLVHEXW
LWZDVRQHWKDWRZHGPRUHWR&KDUOHV9WKDQWRKLVOHVVLPDJLQDWLYHVRQ3KLOLS
VUHODWLRQVKLSV
ZLWKWKH3DSDF\WKURXJKRXWKLVUHLJQFOHDUO\VKRZWKDWKHGLGQRWEHOLHYHWKH3RSHWREHKLV
6SLULWXDO)DWKHU
DVKHFODLPHGWRKLVVRQRQKLVGHDWKEHGEXWUDWKHUWKDWKHZDVHVVHQWLDOO\D
SROLWLFLDQGHDOLQJZLWKWKHLQWULJXHVRI(XURSHDQDIIDLUV)LQDOO\LWLVLQ3KLOLS
VIRUHLJQSROLF\WKDW
WKHVWURQJHVWHYLGHQFHIRUQRWVHHLQJKLPDVWKH
0RVW&DWKROLF.LQJ
PDWHULDOLVHV6XFKDWLWOHLV
IDUWRRVLPSOLVWLFWRHQFRPSDVVWKHFRPSOH[LWLHVRIWKHOLIHRI3KLOLS,,DQGRQHWKDWLJQRUHVWKH
IDFWWKDWDOWKRXJKDGHYRXW&DWKROLFKLPVHOIKHZDVQRWSUHSDUHGWRSXWEOLQGIDLWKLQDUHOLJLRXV
SROLF\LILWZHQWDJDLQVWKLVSROLWLFDOLQWHUHVWV7KLVZDVQHYHUPRUHHYLGHQWWKDQLQKLV
UHODWLRQVKLSZLWK(OL]DEHWKKLV3URWHVWDQWQHPHVLV
,VVXHVWR'HEDWH
:KDWUHOLJLRXVOHJDF\GLG&KDUOHV9OHDYHKLVVRQ"
:K\ZDV3KLOLS,,VRRIWHQDWORJJHUKHDGVZLWKWKHSDSDF\"
6KRXOG3KLOLSEHDFFXVHGRIUHOLJLRXVK\SRFULV\LQKLVGHDOLQJVZLWK(OL]DEHWK,"
)XUWKHU5HDGLQJ
+.DPHQ6SDLQ/RQJPDQ
'0F.LQQRQ%HOO3KLOLS,,+RGGHU6WRXJKWRQ
*3DUNHU3KLOLS,,+XWFKLQVRQ
*3DUNHU7KH*UDQG6WUDWHJ\RI3KLOLS,,<DOH8QLYHUVLW\3UHVV
*:RRGZDUG3KLOLS,,/RQJPDQ
3:LOOLDPV3KLOLS,,3DOJUDYH
-RQDWKDQ/HZLVLV+HDGRI+LVWRU\6RFLRORJ\DQG3ROLWLFVDW2DNZRRG3DUN*UDPPDU6FKRROLQ
0DLGVWRQH.HQW
7ZHHW
6RXUFH85/KWWSZZZKLVWRU\WRGD\FRPMRQDWKDQOHZLVSKLOLSLLPRVWFDWKROLFNLQJ
/LQNV
>@KWWSZZZKLVWRU\WRGD\FRPWD[RQRP\WHUP
>@KWWSZZZKLVWRU\WRGD\FRPWD[RQRP\WHUP
>@KWWSZZZKLVWRU\WRGD\FRPWD[RQRP\WHUP
>@KWWSZZZKLVWRU\WRGD\FRPSULQW
>@KWWSZZZKLVWRU\WRGD\FRPSULQWPDLO
>@KWWSZZZKLVWRU\WRGD\FRPWD[RQRP\WHUP
>@KWWSZZZKLVWRU\WRGD\FRPWD[RQRP\WHUP
>@KWWSZZZKLVWRU\WRGD\FRPWD[RQRP\WHUP
>@KWWSZZZKLVWRU\WRGD\FRPWD[RQRP\WHUP
>@KWWSZZZKLVWRU\WRGD\FRPWD[RQRP\WHUP