Citation

Material Information

Title:
The Pagoda
Uniform Title:
The Pagoda a fortnightly magazine
Creator:
Chin, Leslie R. ( Editor )
Donor:
Tenn, Roy
Place of Publication:
Kingston, Jamaica
Publisher:
Pagoda Ltd.
Publication Date:
Language:
English

Subjects

Subjects / Keywords:
Caribbean Area ( lcsh )
Jamaica
Genre:
serial ( sobekcm )
Spatial Coverage:
Kingston (Jamaica)

Record Information

Source Institution:
Florida International University
Holding Location:
FIU: Special Collections
Rights Management:
Digitized from the private collection of Roy Tenn. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item.

Downloads

This item is only available as the following downloads:


Full Text

PAGE 1

f 9RO 1R 6DWXUGD\ $XJXVW 35,&( 1,1(3(1&( .LQJVWRQ -DPDLFD %:, <285 6.,1 1(('6 1,:$

PAGE 2

$O/1
PAGE 3

7+( 3$*2'$ nOn,,,,' 29(56($6 &+,1(6( 1(:6 7KH (GLWRU 6LU 7KH VXJJHVWLRQ PDGH E\ '(1o 1,6 LQ PV OHWWHU WR WKH (GLWRU LV D RULOOLDQW LGHD DQG RQH WKDW GHVHUYHV PXFK SUDLVH SHUVRQo DOO\ ZRXOG QRW KHVLWDWH IRU RQH PRPHQW WR VWHS IRUZDUG WR VXSo SRUW KLP ZKROHKHDUWHGO\ ,Q IDFW DP ZULWLQJ WKLV OHWWHU WR HQFRXUDJH \RX WR GR VRPHWKLQJ DERXW PDQLIHVWLQJ WKLV VXJJHVo WLRQ $Q DUWLFOH RQ 2YHUVHDV &KLQHVH DFWLYOWLHV ZRXOG FHUWDPO\ EH D VWLPXODQW WR RXU \RXQJHU IRONV DQG DV '(11,6 VR ULJKWO\ VXJo JHVWHG WKH WRSNV QHHG QRW QHFHVVDULO\ nEH VRFLDO 3HUKDSV HPSKDVLV FRXOG EH WKURZQ RQ WKH FRQWULEXWLRQ RI WKH &KLQHVH WRo ZDUG WKH VRFLDO FXOWXUDO HFRo QRPLFDO DQG LQGXVWULDO GHYHORSo PHQW RI WKH FRXQWU\ LQ ZKLFK WKH\ DUH GRPLFLOHG ,Q WKLV ZD\ RXU ER\V DQG JLUOV FRXOG SDWWHUQ WKHLU VSKHUH RI OLIH IURP WKDW RI WKHLU EURWKHUV DQG VLVWHUV ZKR OLYH DEURDG LQ ELJJHU FRXQWULHV WKHUHE\ DVVLVWLQJ WKH SURJUHVV RI RXU FRPPXQLW\ :H OLYH LQ D FRXQWU\ ZKHUH FXOWXUH LQ LWV YHU\ IRUP LV ODFNo LQJ DQG ZH QRZ WXUQ WR \RXU UHo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o HUDWLRQ / &+81* :LQGZDUG 5RDG 60$57 )2/.6 6KRS DW :21* 32?Y *(1(5$/ :+2/(6$/( 0(O:,,$176 32,n WKH %HOW ,Q 35,&(6 48$/,7< t 6(59,&( &RXQWU\ RUGHUV 3URPSWO\ $WWHQGHG 7R 7KH (GLWRU 6LU 7KH DUWLFOH LQ \RXU -XO\ nWQ LVVXH WKDW D &KLQHVH&DQDGLDQ KDV EHHQ HOHFWHG WR 3DUOLDPHQW ZDV DV LQWHUHVWLQJ DV LW ZDV HQo FRXUDJLQJ /HW XV KDYH VRPH PRUH DUWLFOHV DERXW &KLQHVH ZKR DUH PDNLQJ JRRG LQ RWKHU FRXQo WULHV 0LVV &KLQ .LQJVWRQ $XJXVW $0(5,&$1 81,9(56,7,(6 7KH (GLWRU 6LU ZDQW WR VD\ HQGRUVH WKH VXJJHVWLRQ SXW IRU ZDU G nE\ 6WXGHQW LQ \RXU -XO\ WK LVVXH WKDW \RX VKRXOG UXQ D VHULHV RI DUWLFOHV RQ $PHULFDQ 8QLYHUVLWLHV ,I SRVVLEOH ZRXOG VXJJHVW WKDW \RX H[SDQG WKH VFRSH RI WKHVH DUWLFOHV WR LQFOXGH &DQDGLDQ DQG (QJOLVK 8QLYHUo VLWLHV VLQFH D ODUJH QXPEHU RI VWXGHQWV IURP RXU FRPPXQLW\ GR VWXG\ LQ WKHVH 8QLYHUVLWLHV )UHGHULFN /\Q .LQJVWRQ $XJXVW 5(' &+,1$ 7KH (GLWRU 6LU
PAGE 4

D 6+((5 /22. 6XSHU 5HWULDHUDWLRQ E\ )5,*,'$,5( 6+(n6 WKH +$1',(67 '$1',(67 $VN 0$67(5721 +DQRYHU 6WUHHW .LQJVWRQ +DUERXU 6WUHHW 0RQWHJR %D\ 7+( 3$*2'$ 0$*$=,1( 7KH 3DJRGD 0DJD]LQH LV SXEOLVKHG IRUWQLJKWO\ E\ 3DJRGD /LPLWHG $OO FRUo UHVSRQGHQFH UHJDUGLQJ VXEo VFULSWLRQ DQG DGYHUWLVLQJ VKRXOG EH DGGUHVVHG WR 7+( (',725 3DJRGD 0DJD]LQH $ 'XNH 6WUHHW 32 %R[ .LQJVWRQ 7HOHSKRQH &RQWULEXWRUV DUH LQYLWHG WR VHQG LQ WKHLU 066 DW DQ\ WLPH $UWLFOHV VKRXOG Q2, H[FHHG ZRUGV (',725 /(6/,( 5 &+,1 0DQDJLQJ 'LUHFWRUB (
PAGE 5

7+( 3$*2'$ 0HHW :RQJ &KHZ %\ +$33< :$1'(5(5 7+( HOHJDQW EXVLQHVV VLJQ OHWWHUHG LQ FRORXUHG UHOLHI :RQJ &KHZ 2QQ t &R /WG DQG VWUHWFKLQJ DFURVV WKH ZLGH E RZ RI WKH PRGHUQ EXLOGLQJ VSDQQLQJ IURP WR 3ULQFHVV 6UHHW FRPPDQGV DWWHQWLRQ HYHQ DORQJ KH EXV\ FRQJVWHG QHZD\ WKRURXJKIDUH 7KH LPSUHVVXLH EX]OG]QJ DSSURSQDWHO\ R IOHFWV WKH VWURQJ SHUVRQDOLW\ RI LWV 0DQDJLQJ 'LUHFWR 0U RQJ &KHZ 2QQ ZKR 3DJRGD LV GHOLJKWHG WR LHDWXUH WQ WKH FRYHU VWRU\ RI WKLV LVVXH 0U :RQJ &KHZ RQQnV ULVH LQ WKH ZRUOG RI EXVLQHVV ,Q -DPD,FD LV DV XQQRWLFHDEO\ VXFFHVVIXO DV D URFNHW LQ GD\WLPH UDWKHU WKDQ WKH PHWHRU ZKLFK PDNHV D VKLQLQJ FRQWUDVW DJDLQVW D PJKW VN\ ,W VHHPV DV LI KH ZDV GHVo WLQHG WR PDNH KLV PDUN LQ "O6 QHVV IURP ELUWK LQ WKH WKUWYLQJ FLW\ RI IDU IDU DZD\ &DQWRQ QHDUO\ \HDUV DJR 7R O"H PRUH DFFXUDWH KH ZDV ERUQ ,Q 6HSo WHPEHU n $QG WKH XUJH IRU EXVLQHVV" ,W UDQ LQ WKH EORRGo VWUHDP RI KLV JUDQGIDWKHU
PAGE 6

6XUYLYRUV 2I *UHDW 'LVDVWHUV 7KLV LV WKH VHYHQWK RI HLJKW DUWLFOHV LQ ZKLFK VRPH RI WKH JUHDW GLVQVWHUV RI WKH ODVW \HDUV DUH WROG WKURXJK WKH H\HV RI WKRVH ZKR VXUYLYHG WKHP 7+(6$1 )$1&,6&2 ($7+48$.( 2/' WLPHUV VWLOO DOLYH UHFDOO WKH 6DQ )UDQFLVFR HDUWKTXDNH RI DV WKH PRVW WHUULI\LQJ H[o SHULHQFH RI WKHLU OLYHV 7KH ILUVW VKRFN RFFXUUHG DW DP $SULO 7KH W UHP U ODVWHG WZR PLQXWHV 3HRSOH ZHUH WKURZQ IURP WKHLU EHGV EXLOGLQJV ZHDYHG DQG FROo ODSVHG DQG IODPHV EURNH RXW DOO RYHU WKH FLW\ 7KH ILUH UDJHG IRU WKUHH GD\V XQWLO VWRSSHG E\ WKH G\QDPLWLQJ RI GRRPHG VWUXFo WXUHV )LYH KXQGUHG SHUVRQV ZHUH GHDG RU PLVVLQJ DQG DW OHDVW EXLOGLQJV GHVWUR\HG 7K SURSHUW\ GDPDJH ZDV HVWLPDWHG PRUH WKDQ KDOI D ELOOLRQ GROODUV 2QH RI WKH PRVW JUDSKLF H\H ,16 )URP DWRS WKH )HUU\ %XLOGLQJ WKLV ZDV WKH YLHZ RI 6DQ )UDQo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o PDQ ZDV D FDPHUDPDQ IRU D 6DQ )UDQFLVFR QHZVSDSHU ZDV DZDNHQHG LQ P\ KRPH HQ 3LQH VWUHHW E\ D QDXVHDWLQJ VZD\LQJ RI P\ EHG &ROHPDQ UHo FDOOHG 7KH QRLVH ZDV GHDIHQo LQJ &KLPQH\V Z HUH ZUHQFKHG DSDUW DQG EULFNV ERXQFHG RYHU VORSLQJ URRIV LQWR WKH VWUHHW /RQJ URZV RI KRXVHV WZLVWHG DQG VZD\HG 7KHUH ZDV WKH VKDWWHUo LQJ QRLVH RI WKRXVDQGV RI ZLQo GRZV EUHDNLQJ &ROHPDQ KDVWLO\ GRQQHG KLV FORWKHV JUDEEHG KLV FDPHUD DQG UDQ WR WKH FHQWUH RI WKH FLW\ ZKHUH KH FOLPEHG WR WKH URRI RI WKH +HDUVW %XLOGLQJ WR VKRRW KLV ILUVW SLFWXUHV FRXQWHG VL[WHHQ ULEERQV RI VPRNH VWUHWFKLQJ VN\ZDUG KH VD\V (DFK PDUNHG D VHSDUDWH ILUH LQ WKH FUXVKHG FLW\ VDZ PLOHV RI IODPHV UDJLQJ DV VPRNHo EODFNHQHG ILUHPHQ VWRRG KRSHo OHVVO\ E\ GU\ K\GUDQWV ZDWFKLQJ WKHLU KRVHV FXUO XS LQ WKH ILUH nKH VWUHHWV ZHUH FORJJHG LQ WKH PLG G O H ZLWK VWXSHILHG SHRSOH KH UHFDOOHG 7KH\ ZHUH PDVVHG LQ WHUURU DQG ZHUH WU\o LQJ WR NHHS DZD\ IURP IO\LQJ GHEULV 6RPH ZHUH FU\LQJ VR P H ODXJKHG K\VWHULFDOO\ RWKHUV DSo SOLHG HPHUJHQF\ WUHDWPHQW WY EOHHGLQJ KDQGV DQG WRUQ ERGLHV DQG VWLOO RWKHUV ZRUNHG IXWLOHO\ RYHU OLIHOHVV ERGLHV 7KRXVDQGV RI SDUWLDOO\FODG SHRSOH URDPHG WKH VWUHHWV ,Q D KDOIGD]H WKH\ KDG IOHG IURP KRPHV OLVWLQJ DW FUD]\ DQJOHV (DUVSOLWWLQJ QRLVHV FDPH IURP ZLWKLQ GHVHUWHG RIILFH EXLOGLQJV LQ WKH EXVLQHVV GLVWULFW DV VWUXFo WXUHV ZDYHUHG DQG WKHQ WRSSOHG *RQJV EHDW ZLOGO\ LQ &KLQDWRZQ DV WKH EHZLOGHUHG UHVLGHQWV RI WKDW GLVWULFW PLOOHG LQ WKH VWUHHWV 6LPLODU VFHQHV RI FRQIXVLRQ SUHYDLOHG RQ DULVWRFUDWLF 1RE +LOO &ULHV RI )LUH ZHUH KHDUG DORQJ 0DUNHW 6WUHHW RQ 7HOHo JUDSK +LOO DORQJ WKH %DUEDU\ FRDVW DQG )LVKHUPDQnV :KDUI 7KH FLW\ ZDV KHOSOHVV 5XGROSK 6FKXEHUW RQO\ VXU YLYLQJ FLW\ ILUHPDQ VWLOO RQ DFWLYH GXW\ RQH RI WKH VWUDQJHVW WKLQJV DERXW WKH ILUH WKDW IROo ORZHG WKH nTXDNH ZDV WKDW QRW D VLQJOH ILUH DODUP ZDV VRXQGHG 72%$&&2 (0325,8OYO .,1* 675((7 602.(5n6 5(48,6,7(6 &,*$5 $1' &,*$5(77(6 $/62 0,/. %277/(6 $1' 67233(56 :+2/(6$/( $1' 5(7$,/ 3KRQH

PAGE 7

7+( 3$*2'$ 12: n DQG VHUYLQJ DV 6HFUHo WDU\ WR 6DQ )UDQFLVFR )LUH &KLHI )UDQN 3 .HOO\ 6FKXEHUW H[o SODLQHG WKDW DW WKH WLPH WKH ILUH DODUP V\VWHP ZDV RSHUDWHG ZLWK JODVV EDWWHULHV LQ D VPDOO ILUHo DODUP KRXVH 7KH ILUVW 6K2&. RI WKH nTXDNH WXPEOHG WKH EDWWHUOHV WR WKH IORRU DQG WKH\ VPDVKHG WR ELWV VDLG 6FKXEHUW %XW DFFRUGLQJ WR 6FKXEHUW WKH ILUHPHQ ZHUH LQ IRU D ZRUVH VKRFN 2QH RI WKH ILUW FDVXDWWLHV ZDV )LUH &KLHI 'HQQLV 7 6WWOOLo YDQ n6R \RX PLJKW 5D\ ZH ILUHPHQ ZHUH FULSSOHG DW WKH RXWVHW QR ILUH DODUP V\VWHP DQG RXU &KLHI D YLFWLP RI WKH n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o DJLQJ (GLWRU RI WKH 6DQ )UDQo FLVFR &DOO%XOOHWLQ DQG D ZRUNo LQJ UHSRUWHU DW WKH WLPH UHFDOOV YLYLGO\ WKH FRXUDJH VKRZQ E\ WKH HDUWKTXDNH YLFWLPV )URP WKH SHUVSHFWLYH RI \HDUV VDLG *OHHVRQ \RX ZRQo GHU DW WKH FDOPQHVV DQG WKH UHo VLOLHQF\ GLVSOD\HG E\ WKRVH ZKR ZHUH PRVW DIIHFWHG E\ WKH GLVo DVWHU $W WKH RXWVHW DV PDQ\ IOHG KHDGORQJ IURP EDGO\ GDPo DJHG RU ZUHFNHG KRPHV WKHUH ZHUH GHJUHHV RI EHZLOGHUPHQW DQG SDQLF 7KHQ DV WKRXJK WKH TXDOLWLHV RI DQDHVWKHVLD FODLPHG IRU VKRFN E\ PHGLFLQH WRRN SRVVHVVLRQ RI WKHLU IDFXOWLHV WKH ODUJHU SURo SRUWLRQ UHDFWHG LQ D UHDOLVWLF SDWWHUQ :LWK GHDWK DQG GHo VWUXFWLRQ FURZGLQJ LQ XSRQ WKHP WKH\ WXUQHG UHVRXUFHIXOO\ WR WKH ZRUN RI UHVFXH DQG DVVLVWDQFH WR RWKHUV )RXU VTXDUH PLOHV RI 6DQ )UDQo FLVFR ZHUH D FKDUUHG PDVV RW UXLQV )RXU KXQGUHG DQG ILIW\o WZR SHUVRQV ZHUH FRXQWHG GHDG DQG WKH PLVVLQJ UDQ WKH FDVXDOW\ WROO DERYH 7EH QDW LRQ UHDFWHG V\Po SDWKHWLFDOO\ XSRQ UHDGLQJ GHo WDLOV RI WKH GLVDVWHU %HIRUH WKH DVKHV KDG FRROHG YDULRXV FLWLHV SOHGJHG KXJH VXPV RI PRQH\ I2 UHKDELOLWDWLRQ 6DQ )UDQFLVFDQV DOPRVW LPo PHGLDWHO\ EHJDQ WR EXLOG D QHZ 6DQ )UDQFLVFR 1HZ KRPHV DQG EXLOGLQJV ZHUH TXLFNO\ HUHFWHG XSRQ WKH UXLQV RI WKH ROG RQHV 7KH VSLULW RI WKH FLW\ ZDV XQo FRQTXHUDEOH 7RGD\ 6DQ )UDQFLVFR LV RQH RI $PHULFDnV ILQHVW DQG PRVW EHDXo WLIXO FLWLHV 7KH QDWLYHV SURXGO\ WDON RI WKH ZD\ WKH F8\ DFKLHYHG LWV GHVWLQ\ E\ WULXPSKLQJ RYHU RQH RI WKH JUHDW GLVDVWHUV LQ PRGHUQ WLPHV VVV 6 LV )RU ILQH IORRUV DQG IXUQLWXUH 3ROLIORU n:$7(5 UHYHDOV 580n6 WUXH IODYRXU :DWHU SODLQ RU VSDUNOLQJ UHYHDOV D 580n WUXH QDWXUDO IODYRXU DQG ERXTXHW :DWHU PDNHV 580 VSHDN nIRU LWVHOI7KDWnV ZK\ ZH LQYLWH \RX WR WHVW &+$5/(
PAGE 8

(+7 VUI?$,*( &2,)(66,2W 7+( 6725< 62 )$5 3ROLFH /,HXWHQDQW (G $QGUHZV LV LQYHVWLJDWLQJ WKH DSSDUHQW VXLFLGH RI -LPP\ :DUUHQ FRRZQHU RI D FRPPHUFLDO VLJQ EXVLQHVV $EVHQFH RI D VXLFLGH QRWH DQG DQ XQILQLVKHG OD\RXW RQ WKH GHDG PDQnV GUDZLQJ ERDUG VXJJHVWHG WKH SRVVLELOLW\ RI PXUGHU %RQQLH 6DU]DEDO :DUo UHQnV VZHHWKHDUW VD\6WKHUHnV QR UHDVRQ ZK\ -LPP\ VKRXOG KDYH WDNHQ KLV OLIH %XW VKH GRHV EODPH ( :DUUHQ KLV ZLGRZHG VLVWHULQODZ DQG EXVLQHVV SDUWQHU IRU KLV UHFHQW GLVo FRQWHQW 0UV :DUUHQ DQ DWWUDFWLYH \RXQJ EORQGH DSSHDUV WDNHQ EDFN E\ QHZV RI -LPP\nVnGHDWK EXW $QGUHZVn TXHVWLRQo LQJ RI KHU SURYHV IUXLWOHVV 2QH WKLQJ NDV FRPH WR OLJKW KRZo HYHU WKDW KDV DURXVHG WKH GHWHFWLYHnV FXULRVLW\ ,W KDV WR GR ZLWK D 0DG 0DUWLQL ,, &+$37(5 ,,, 7+( 0DGGHQ GLVWLOOHU\ ( VDLG LV LQWURGXFLQJ D QHZ GUY YHUPRXWK WR FRPSOHPHQW WKHLU VWDQGDUG GU\ JLQ $ERXW WKUHH PRQWKV DJR *HRUJH 0DGGHQ KLPVHOI GHFLGHG WKDW QHRQ ZDV WR EH WKH RSHQLQJ JXQ LQ V QDWLRQDO DGYHUWLVLQJ FDPSDLJQ 7KH LGHD ZDV WKDW 0DGGHQnV *LQ DQG 0DGGHQnV 9HUPRXWK SURSHUO\ FRPELQHG ZRXOG SURGXFH D SHUIHFW PDUWLQL D PDUWLQL WKDW ZRXOG OLJKW XS WKH VN\ 7KURXJK WKH DJHQF\ RI %XFKHU 'H[WHU DQG 0HUHGLWK VHYHUDO VLJQ FRPSDQLHV ZHUH DSSURDFKHG :H ZHQH WKH OXFN\ RQHV WKDQNV WR 7LPP\ +H QRW RQO\ GLG D ZRQGHUIXO ZDWHUFRORXU RI D VLJQ LQFRUSRUDWLQJ &VRUJH 0DGo GHQnV LGHDV EXW RQ KLV RZQ KH FDPH XS ZLWK D PDUYHOORXV FDWFKSKUDVH 7KH 0DG 0DUWLWQL 0DG IRU 0DGGHQ RI FRXUVH DQG LW >XVW KDSSHQHG WR FDWFK *HRUJH 0DGo GHQnV IDQF\ 7LFNOHG KLP HQRXJK WKDW WZR PRQWKV DJR WKURXJK WKH DJHQF\ ZH VLJQHG H[FOXVLYH FRQWUDFWV DPRXQWo LQJ WR D TXDUWHU RI D PLOOLRQ GROODUV $QG WKDW /LHXWHQDQW LV WHQ WLPHV WKH DGYDQFH JURVV /XVWHU /X[ KDV KDG RQ LWV ERRNV ( VTXDUHG KHU VKRXOGHUV DQG OHYHOHG KHU JD]H 6FDUFHO\ D PRWLYH IRU -LPP\ WR FRPPLW VXLFLGH LV LW" 1R $QG U H Z V GPLWWHG LW ZRXOGQnW VHHP VR $QG WKHQ KH DVNHGn EOHDNO\ 8QGHU WKH WHUPV RI WKH SDUWQHUVKLS ZKDW KDSSHQV WR >DPHV :DUUHQnV SDUW RI WKH EXVLQHVV" :K\ ( /nV OLGV IODUHG ZLGH VWDUWOHG
PAGE 9

1,1( 7+( 3$*2'$ 0RUDOV DQG WKH $72 0 E\ 5RQDOG $ &KHQ % 6F +RQVf ,1 UHFHQW \HDUV WKH DWWHQWLRQ RI WKH ZKROH ZRUOG KDV EHHQ IRFXVHG RQ WKH DWRP 7KLV LV QRW XQUHDVRQDEOH EHFDXVH RXU ZD\ RI OLIH RXU RXWORRN RQ OLIH RXU IXWXUH LQ IDFW RXU ZKROH OLYHV DUH WKDW LQWLPDWHO\ DVVRFLDWHG ZLWK WKH DWRP WKH IXQGDPHQWDO XQLW RI DOO PDVV $Q DWRP LV D YHU\ FRPSOLFDWHG WKLQJ %DVLFDOO\ LW PD\ EH UHo JDUGHG DV D PLQLDWXUH VRODU V\VWHP ZLWK HOHFWURQV UHYROYLQJ DERXW D FHQWUDO QXFOHXV DV WKH SODQHWV UHYRO9Of DERXW WKH VXQ 7KH QXFOHXV ZKLFK FRQWDLQV QHDUO\ DOO LWV ZHLJKW PD\ EH SOFo WXUHG DV FRPSULVLQJ QHXWURQV SURWRQV DQG RWKHU VXEDWRPLF SDUWLFOHV 7KHUH DUH MXVW RYHU RQH KXQGUHG DUUDQJHPHQWV RI WKH DWRPV WKH FKHPLFDO HOHPHQWV 7KH QXFOHL RI FHUWDLQ HOHPHQWV XQGHUJR VSRQWDQHRXV GLVLQWHJUDo WLRQ ZLWK WKH HPLVVLRQ RI DWRPLF SDUWLFOHV DQG UHOHDVH RI HQHUJ\ 2QH RI WKHVH HOHPHQWV LV XUDQLXP WKH HVVHQWLDO PDWHULDO XVHG LQ WKH SURGXFWLRQ RI WKH $WRP %RPE 8UDQLXP RFFXUULQJ LQ QDWXUDO XUDQLXP RUH FRQVLVWV RI WZR NLQGV RI DWRPV RU LVRWRSHV NQRZQ WR VFLHQWLVWV DV 8 DQG 8 %RWK DWRPV JLYH VLPOODU FKHPLFDO UHDFWLRQV EXW ZKLOH WKH QXFOHXV RI 8 XQGHUJRHV VSRQo WDQHRXV GWVLQWHJUDWWRQ ZLWK WKH HPLVVLRQ RI WZR RU WKUHH QHXo WURQV DQG WKH UHOHDVH RI HQHUJ\ WKH QXFOHXV RI 8 GRHV QRW 7KH UHOHDVHG QHXWURQV FDQ WKHPo VHOYHV KLW D QXFOHXV RI 8 FDXVLQJ LW WR EUHDN XS ZLWK WKH HPLVVLRQ RI PRUH QHXWURQV DQG HQHUJ\ $ FKDLQ UHDFWLRQ LV WKXV LQLWLDWHG PLOOLRQV RI QXFOHL DUH EURNHQ XS LQ D IUDFWLRQ RI WLPH DQG WKH WRWDO HQHUJ\ UHOHDVHG nUHo VXOWV LQ D SRZHUIXO H[SORVLRQ 7KLV LV WKH $WRP %RPE $WRPLF FKDLQUHDFWLRQV GR QRW WDNH SODFH LQ QDWXUH EHFDXVH IRU HYHU\ RQH DWRP RI 8 WKHUH DUH RYHU RQH KXQGUHG DWRPV RI 8 DQG DOWKRXJK WKH ODWWHU DEVRUEV QHXWURQV LW GRHV QRW EUHDNn XS ZLWK WKH UHOHDVH RI HQHUJ\ RI SURSHUW\ DQG SRVVHVVLRQV DUJXH VWURQJO\ DJDLQVW DQ\ MXVWLo ILDEOH UHDVRQ IRU WKH XVH RI DWRPLF ZHDSRQV ,W DSSHDUV WKHUHIRUH WKDW WKH RQO\ OHJLWLPDWH XVH RI WKHVH ZHDSRQV LV IRU WDFWLFDO UHDVRQV IRU H[DPSOH DJDLQVW WURRS FRQo FHQWUDWLRQV IDU IURP WKH YLFLQLW\ RI SRSXODWHG DUHDV +LURVKLPD DQG 1DJDVDNL VHHP D ORQJ WLPH DJR EXW WRGD\ ZLWK WKH DOPRVW GDLO\ WHVWLQJ RI ELJJHU DQG EHWWHU QXFOHDU ZHDSRQV WKH FRQWURYHUV\ DERXW WKH GDQJHUV RI GDGLRDFWLYH IDOORXW VWLOO UDJHV :KLOH ZH DUH DVVXUHG E\ RSWLo PLVWV DQG VFLHQWLILF GDWD WKDW WKH GDQJHU IURP UDGLDWLRQ ,DOOo RXW LV IDU EHORZ WKH PD[LPXP SHUPLVVDEOH WKHUH LV IHDU DQG FRQFHUQ IRU WKH KXPDQ UDFH E\ PRUH UDWLRQDO PHQ 7KLV XQFHUo WDLQW\ DERXW WKH HIIHFWV RI UDGLDo WLRQ EHFDXVH RI LWV GLUHFW HIIHFW RQ PDQ DV PDQ UHQGHUV WKH WHVWo LQJn RI QXFOHDU ZHDSRQV ZLWK DSSUHFLDEOH UDGLRDFWLYH IDOORXW YHU\ TXHVWLRQDEOH LQGHHG :LWK WKH ZRUOG 64 XQVWDEOH DQG SROLWLFDOO\ LQVHFXUH LW PD\ EH VDLG WKDW PXFK RI WKLV FDQ EH DWWULEXWHG WR UHVHDUFK RQ WKH DWRP DQG WKH FRQVHTXHQW LPSOLo FDWLRQV RI WKH VFLHQWLILF ILQGLQJV %XW WKLV PRGHUQ DJH LV QRW RQH RI SROLWLFDO FULVLV DORQH ,W LV DOVR D WLPH RI PRUDO FULVLV 7KH VFLHQWLVW FDQQRW UHPDLQ D QHXWUDO VSHFWDWRU DQG UHIXVH DOO PRUDO UHVSRQVOELOLW\ 7KH $WRP %RPE LV D UHDOLW\ ,W KDV EHHQ XVHG IRU GHVWUXFWLRQ 52EHUW 2SSHQKHLPHU WKH OHDGHU RI WKH 8QLWHG 6WDWHV $WRPLF HQHUJ\ WHDP GXULQJ WKH ODVW ZDU KDV VXPPHG LW XS LQ D IHZ ZRUGV ,Q VRPH FUXGH VHQVH ZKLFK QR YXOJDULW\ QR KXPRXU QR RYHUVWDWHPHQW FDQ TXLWH H[o WLQJXLVK WKH SK\VLFLVWV KDYH NQRZQ VLQ DQG WKLV LV WKH NQRZo OHGJH ZKLFK WKH\ FDQQRW ORVH ,W LV QRW WKH VFLHQWLVWV WKDW KDYH NQRZQ VLQ LW LV LQ IDFW 8ULV PRGHUQ JHQHUDWLRQ 7KH +\GURJHQ %RPE UHVXOWV IURP WKH IXVLRQ RI DWRPV RI K\GURJHQ DQG KHDY\ K\GURJHQ 5 YHU\ ODUJH DPRXQW RI HQHUJ\ EHLQJ UHOHDVHG LQ WKLV SURFHVV RI IXVLRQ $WRPLF UHVHDUFK KDV JLYHQ XV IRUFHV RI FRQVWUXFWLRQ DQG GHVo WUXFWLRQ :H PXVW UHDOL]H KRZo HYHU WKDW VFLHQWLILF UHVHDUFK LV JRRG DWRPLF HQHUJ\ LV JRRG 7KHUH DUH QR EDG WKLQJV RQL\ EDG XVHV RI WKLQJV $QG QRZ WKDW WKH DWRPLF DQR WKHUPRQXFOHDU ERPEV DUH UHDOLo WLHV DQG WKH SRVVLELOLW\ RI DQ DWRPLF ZDU LV QRW EH\RQG WKH UHDOP 2I ,PDJWQDWORQ ZKDW DUH WKH HWKLFDO DVSHFWV RI WKHLU XVH LQ VXFK D ZDU" :H PXVW ILUVW FRQVLGHU WKH SULQFLSOHV XQGHUo O\LQJ D MXVW ZDU QRW EH D FRQVHTXHQW RI WKH HYLO HIIHFW WKH HYLO LV SHUPLWWHG EXW QRW LQWHQGHG ,Q ZDU D GLVWLQFWLRQ PXVW EH PDGH EHWZHHQ WKH FRPEDWDQWV DQG QRQFRPEDWDQWV 7R NLOO DQ LQQRFHQW SHUVRQ LV LQKHUHQWO\ HYLO WKHUHIRUH ZKLOH ILJKWLQJo PHQ PD\ EH DWWDFNHG GLUHFWO\ EH FDXVH RI WKHLU DVVRFLDWLRQ HLWKHU VXEMHFWLYHO\ 2U REMHFWLYHO\ ZLWK DQ HYLO DFW WKH GLUHFW DWWDFN RI QRQFRPEDWDQWV LV LPPRUDO : D H S Q V XVHG LQ ZDUIDUH VKRXOG EH VR GHVLJQHG WR FDUU\ RXW WKHLU REMHFW ZLWK WKH PLQLo PXP RI GDPDJH DQG VXIIHULQJ 1RW WKDW ZHDSRQV RI PDVV GHVo WUXFWLRQ DUH UHQGHUHG LPPRUDO DXWRPDWLFDOO\ EXW WKHLU XVH PXVW EH YHU\ OLPLWHG DQG PXVW EH JRYo HUQHG E\ WKH SULQFLSOH RI WKH GRXEOHHIIHFW 5(&2856( WR ZDU FDQ RQO\ W D N H S O D F H ZKHQ HYHU\ DWWHPSW DW VROYLQJ SUREOHPV E\ SHDFHIXO PHDQV KDYH EHHQ WULHG DQG KDYH IDLOHG 7KH XVH RI SK\VLFDO IRUFH LV QRW LQKHUHQWO\ HYLO 6RFLHW\ LV URU WKH FRPPRQ JRRG DQG LW PD\ EH DW WLPHV QHFHVVDU\ IRU WKH FRPPRQ JRRG WKDW VRFLHW\ EH SURWHFWHG DJDLQVW WKH YLROHQFH RI PHQ :EHQ D FRXQWU\ LV DWWDFNHG WKH FLWL]HQV KDYH D ULJKW DQG GXW\ WR GHIHQG LW :LWK WKHVH HRQVLGHUDWWRQV LQ PLQG OHW XV SRQGHU RQ WKH XVH RI QXFOHDU ZHDSRQV LQ ZDU 7KH XVH RI VXFK ZHDSRQV RI PDVV GHVWUXFWLRQ LV VHYHUHO\ OLPLWHG )2U QDWLRQV WR ZDJH D PDMRU QXFOHDU FDPSDLJQ FDQ QHYHU EH MXVWLILHG EHFDXVH WKH HYLO FRQVHo TXHQFHV RI VXFK D ZDU ZRXOG IDU RXWZHLJK WKH JRRG WKDW FRXOG FRPH RXW RI LW 'U + $ %HWKH RI WKH 8QLWHG 6WDWHV $WRPLFn HQHUJ\ FRPPLVVLRQ KDV VDLG $IWHU VXFK D ZDU HYHQ LI ZH ZHUH WRn ZLQ LW WKH ZRUOG ZRXOG QRW EH OLNH WKH ZRUOG ZH ZDQW WR SUHVHUYH :H ZRXOG ORVH WKH WKLQJV ZH ZHUH ILJKWLQJ IRU +RZHYHU LW LV QHYHU MXVWLILHG IRU DQ\ UHDVRQ WR FRPPLW DQ DFW ZKLFK LV LQ LWVHOI ,QKHUHQWO\ HYLO 7KH HQG QHYHU MXVWLILHV WKH PHDQV 8QIRUWXQDWHO\ LQ VRPH FDVHV HYHQ LI DQ DFW LV JRRG WKHUH LV DVVRFLDWHG ZLWK LW 62OOf HYLO HIIHFW :KDW VKRXOG ZH GR LQ VXFK FDVHV" :H DUH JXLGHG KHUH E\ WKH SULQFLSOH RI WKH nGRXEOH HIIHFWn 7KLV VWDWHG LV WKDW LI D FHUWDLQ DFW ZKLFK LQ WKH DEVWUDFW LV P U D O O \ LQLGIIHUHQW KDV ERWK D JRRG DQG HYLO HIIHFW LW PD\ EH GRQH WRU WKH VDNH RI WKH JRRG HIIHFW SURYLGHG WKDW WKH JRRG HIIHFW LV JUHDWHU WKDQ WKH HYLO HIIHFW +RZHYHU WKH JRRG HIIHFW PXVW 7+( ZHDSRQV GR QRW GLVFULPo LQDWH EHWZHHQ FRPEDWDQWV DQG QRQFRPEDWDQWV :H KDYH UHJUHWWDEO\ FRPH WR UHDOL]H WKLV IDFW HYHU VLQFH WKDW UDWHWXO $XJXVW ZKHQ WKH ILUVW $WRPLF %RPE H[SORGHG RYHU -DSDQ 7KH ORQJ WHUP HIIHFW RI UDGLDWLRQ RQ WKH KXPDQ ERG\ WKH UDGLRDFWLYH FRQWDPLQDWLRQ RI ODUJH DUHDV ZKLFK ZLOO EHFRPH XQVXLWDEOH IRU KDEOWDWLRQ DQG WKH XQQHFHVVDU\ ZDQWRQ GHVWUXFWLRQ (TXDOO\ GHOLFLRXV KRW RU FROG WKHUHnV QRWKLQJ OLNH 0LOR WR UHVWRUH HQHUJ\ 0,/2 &XS RI +HDOWK

PAGE 10

%y:$ $8 RY5 n+( 2$5,%%($1 IO\n %y2y$yO $8 49 )+D :2OI8, fffffffffffffffffffffffff 6$785'$< $8*867 &HOHEUDWH 7HQWK $QQLYHUVDU\ 0U DQG 0UV /HVWHU &KLQ FHOHo EUDWHG WKHLU n7HQWK :HGGLQJ $Qo QLYHUVDU\ DWn WKHLU UHVLGHQFH LQ &KDSHOWRQ RQ 6XQGD\ $XJXVW 7KH FHOHEUDWLRQ WRRN WKH IRUP RI D GLQQHU SDUW\ DW ZKLFK D ODUJH QXPEHU RI UHODWLYHV DQG IULHQGV ZHUH SUHVHQW B (PFHHLQJ RQ WKLV KDSS\ RFFDo VLRQ ZDV 0U (GG\
PAGE 11

On+( 3$ *2'$ $XJXVW 0RRQ ZLOO EH RQH RI WKH PDLQ DWWUDFWLRQV DW WKH )LIo WHHQWK $QQLYHUVDU\ D UG H Q 3DUW\ RI WKH &KLQHVH 5HWDLOHUVn $VVRFLDWLRQ 6FKHGXOHG IRU 6XQo GD\ 6HSWHPEHU YHQXH RI WKLV DQQXDO JHWWRJHWKHU RI UHWDLOHUV ZLOO EH WKH &KXQ 6DQ 5HFUHDWLRQ &HQWUH DW 5RFNIRUW 7KH 7HD *DUGHQ ZLOO EH GHo VLJQHG E\ 0U 'DOWFQ
PAGE 12

7:/9 ? 7+( ,OQOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO8O-,O,O+O,,O-,O,,O,,O,,,,,,,,,,O, %\ 5XE\ 6LPP 6WDUV -DPHV 'HDQ 1DWDOLH :RRG 6DO 0LQHR 2SLQLRQ 5HYHDOLQJ DQG D ELW VWDUWOLQJ %(&$86( ZH KDYH EHHQ VR DFo FXVWRPHG WR WKH MXNHER[ W\SH RI WHHQDJH ILOP ZH DUH D ELW DVWRQLVKHG DQG VWDUWOHG DWy WKLV SUHVHQWDWLRQ RI FUD]\ PL[HGXS WHHQDJHUV 7KLV VWRU\ GHDOV ZLWK WKH HIIHFW WKDW WKH FKDUDFWHU RI SDUHQWV KDYH RQ WKH OLYHV RI WKHLU FKLOGUHQ ,W DSSHDUV WKDW ZKHQ SHRSOH EHFRPH SDUHQWV WKH\ KD YH WR FRQIRUP WR WKH QHHGV RI WKHLU FKLOGUHQ DQG OLYH WKHLU OLYHV DFFRUGLQJO\ 4XLWH ULJKWO\ FKLOGUHQ VKRXOG FRPH ILUVW ZLWK WKHLU SDUHQWV EXW VKRXOG WKHVH DGROHVFHQWV DOo ORZ WKHLU SDUHQWV WR HPELWWHU WKHP DQG ZDUS WKHLU RZQ PHQo WDO JURZWK DQG GHYHORSPHQW RI FKDUDFWHU" 7KH ILUVW FKDUDFo WHULVWLF RI WKH DGROHVFHQW LV WKH LQDELOLW\ WR DFFHSW UHDOLW\ WR UHo FRJQLVH SHRSOH LQ WKHLU LQGLYLGo XDOLW\ DQG WR IRUJLYH IDXOWV 7KLV LV FDOOHG DGMXVWPHQW DQG WKLV LV ZKHUH WKH SDUHQWV IDLO PRVW LQ JLYLQJ XQGHUVWDQGLQJ DQG V\PSDWKHWLF DLG ,Q WKLV ILOP ZH KDYH GHOLQTXHQW MXYHo QLOHV DV ZHOO DV GHOLQTXHQW SDUHQWV -LP 6WDUN LV DQ H[WUHPHO\ DGXOW DGROHVFHQW UHFRJQLVLQJ KLV RZQ SUREOHP DQG \HW EHLQJ XQ 2EWDLQDEOH DW *URFHULHV WKURXJKRXW WKH ,VODQG 6RPHWLPHV ,PLWDWHG 1HYHU 'XSOLFDWHG GD WEDW LV VR SRSXODU DIWHU KLV GHDWK ZDV GHULYHG IURP KLV iFUHHQ SHUIRUPDQFHV (YHQ WKH YHU\ DFW RI JHWWLQJ XS IURP D FKDLU ZDV FKDUJHG ZLWK WKH SHUVRQDOLW\ RI WKH OHJo HQG WKDW KDV FRPH DERXW E\ KLV GHDWK DQG HQFRXUDJHG E\ WKH LQo IOXHQFH RI WKH QHZ VFKRRO RI GUDPD WKDW KH KDG DWWHQGHG 7KLV SHUIRUPDQFH UHYHDOHG LQ KLP D VHQVLWLYH GHSWK WKDW ZRXOG KDYH FDUULHG KLP WR XQWROG KHLJKWV 1DWDOLH :RRG LQ KHU ILUVW JURZQ XS UROH KDV ORVW VRPH RI WKH DSSHDO ZKLFK PDGH KHU VR SRSXODU LQ KHU FKLOGKRRG UROHV %XW VKH ZDV TXLWH JRRG LQ KHU VXSSRUW RI 'HDQ $JDLQ LW LV WKH ILJXUH RI 3ODWR SOD\HG E\ 6DO 0LQHR WKDW WXJV WKH KHDUWVWULQJV 6DO 0LQHR VXUSULVHG DQG GHOLJKWHG PH LQ WKH ILUVWy VHULRXV UROH LQ ZKLFK KD YH VHHQ KLP 7KH VFHQH LQ ZKLFK KH PDNHV EHOLHYH WKDW 1DWDOLH DQG -LPP\ DUH KLV SDUo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o KHU KH ILQGV RXW RU QRW ZH QHYHU NQRZ EXW KH LV FDSWXUHG LQ GHo VHUWHG 0RVFRZ E\ 1DSROHRQnV $UP\ DQG IRUFHG WR WDNH SDUW LQ WKH FROG DQG GHVRODWH UHWUHDW IURP 5XVVLD $XGUH\ +HSEXUQ DV 1DWDFKD OHQGV KHU VXQQ\ JUDFHIXOQHVV DQG ODUJH GDUN H\HV DV D SHUIHFW IRLO WR )RQGDnV VKDPEOLQHVV DQG GHIHFWV 0LVV +HSEXUQ KDV JUHDW FKDUP DQG KHUH VKH PDNHV WKH PRVW RI LW GUHVVHG LQ WKH PRVW EHDXWLIXO SDVWHO VKDGHV DQG HOo ILQ EDQJV LQ VKRUW VKH LV D GHOLJKW WR WKH H\H DQG HDU 0HO )HUUHnU DV 3ULQFH $XGUH\ LV DV DSSHDOLQJ DV KHU ZLWK KLV VDG PRXUQIXO H\HV DQG FXUOLQJn OLSV DQG LI KH VHHPV LF\ DQG DORRI KH LV RGGO\ IRUJLYHDyEOH %XW WKH VXSSRUWLQJ UROHV DUH H[FHOOHQW -RKQ 0LOOV DV D W\SLFDO &RFNQH\ ZLWK KLV EUHH]\ SKLORVRSK\ LV PRYLQJ LQ KLV GHDWK VFHQH +HUEHUW /RP DV 1DSROHRQ HQUDJHG DW WKH FDSo WXUH RI D FLW\ LQ ZKLFK WKHUH DUH QR FDSWLYHV DQG SDFLQJ ZLWK FKDUDFWHULVWLF VWDQFH 2VFDU +RPROND DV WKH 5XVVLDQ *HQo HUDO ZKR ZLWK JUHDW IRUHVLJKW SUHGLFWHG Q G VWUDWHJLFDOO\ SODQQHG WKH VXUUHQGHU RI WKH )UHQFK OO,,O8OO8OO,O,??,O,O,O,OOOOOOOOOOOOOO8OO,OO,OOOOO,OOOO,8???O,8OO,OLOOOOO8OO,O8OO,O,OO,O,,8O8OO,O,,O,,O,O,O,,O,O8,,O8,,O88,,O,,,,OO8,,?,,???,,,O,O,O???,???,,,,?????O8O8,,,,,,,,???,,,, )LOP 5HEHO :LWKRXW D &DXVH DEOH WR VROYH LW EHFDXVH WKH IDXOW OLHV ZLWK KLV SDUHQWV ZKR KDYH QR LGHD RI ZKDW LV WURXEOLQJ WKHLU \RXQJVWHU 7KHQ Zf KDYH 1DQF\ ZKR FDQo QRW TXLWH XQGHUVWDQG ZK\ VKH LV H[SHFWHG WR JURZ XS RYHUQLJKW DQG FHDVH WR GHPRQVWUDWH KHU ORYH IRU KHU IDWKHU %XW WKH PRVW SDWKHWLF RI WKHVH \RXQJVWHUV LV 3ODWR WKH XQVWDEOH SURGXFW RI GLYRUFHG SDUHQWV +LV PRWKHU LV D VRFLHW\ JLUO DQG KLV IDWKHUnV PHWKRG RI H[SUHVVLQJ KLV LQWHUHVW LV D UHo JXODU FKHTXH ZLWK WKH DWWDFKHG QRWH )RU 6XSSRUW RI 6RQ 7KHVH WKUHH \RXQJVWHUV DUH LQo WURGXFHG WR XV XQGHU SLWLDEOH FLUo FXPVWDQFHV DQG WRJHWKHU WKH\ VROYH WKHLU SUREOHPV LQ D WUDJLF DQG ZKDW VHHPV LQHYLWDEOH ZD\ -DPHV 'HDQ DV -LP 6WDUN LV VXJJHVWLYH RI ZKDW WKH VFUHHQ KDV PLVVHG E\ KLV GHDWK +H FRXOG KDYH PDWXUHG WR nEH RQH RI WKH ILQHVW DFWRUV LQ WKH &ODVV RI 0DUORQ %UDQGH DQG 5LFKDUG %XUWRQ +H KDG PDUYHOo ,*86 VWDJH SUHVHQFH EXW DW RGG PRPHQWV ZH KDG WKH IHHOLQJ WKDW LW ZDV 'HDQ DQG QRW 6WDUN ZH ZHUH ZDWFKLQJ +LV UHVWOHVVo QHVV KLV ZLQVRPH VK\QHVV DQG KLV PRPHQWV RI GHHS WHQGHUQHVV VHHP WR EH DOO WKDW ZH KDYH UHDG DERXW KLV RZQ SHUVRQDO OLIH DQG OHDYHV RQH WR ZRQGHU WKDW SHUKDSV QRW PXFK ZDV NQRZQ DERXW KLP DIWHU DOO DQG DOO WKLV FRPPHUFLDOLVHG LQIRUPDWLRQ ) /$.(6

PAGE 13

7+( 3$*2'$n 62&,$/ :25/' &RQWGf &ROOHJH 1HZV 0LVV %DUEDUD /RZH GDXJKWHU RI 0U DQG 0UV -DPHV /RZH RI (PPD 9LOOH $YHQXH .LQJVWRQ JUDGXDWHG UHFHQWO\ IURP 1HZWRQ &ROOHJH RI WKH 6DFUHG +HDUW :W D %DFKHORU RW $UWV 'HJUHH FXP ODXGH LQ 6RF,2ORJ\ 0,66 /RZH ZDV QDPHG D PHPEHU RI .DSSD *DPPD 3L WKH ZRPHQnV KRQRXU VRFLHW\ RI WKH &DWKROLF FROOHJHV RI 8QLWHG 6WDWHV 6KH ZDV SUHVLGHQW RI WKH ,QWHUUDFLDO -XVWLFH &OXE DQG D PHPEHU RI 6WXGHQW *RYo HUQPHQW WKH 0LVVLRQV &OXE DQG WKH /LWXUJLFDO &KRLU 0U 9LQFHQW +XJK 6DP VRQ RI 0U DQG 0UV )UHG +XJK 6DP RI .LQJVWRQ UHFHQWO\ UHFHLYHG KLV %6F GHJUHH LQ %XVLQHVV $GPLQo LVWUDWLRQ IURP %RVWRQ &ROOHJH 0DVVDFKXVHWWV +H ZDV RQ WKH 'HDQnV OLVW IRU KRQRXU VWXGHQWV DQG ZDV HOHFWHG WR $OSKD .DSSD 3L 0U DQG 0UV +XJK 6DP DWo WHQGHG KLV JUDGXDWLRQ R f n 0U 'HQQLV &KLQ VRQ RI 0U DQG 0UV &HFLO &KLQ RI &KULVo WLDQD UHFHQWO\ JUDGXDWHG IURP %UDGIRUG %DFKUDFK 0LVV %DUEDUD /RZH )RUGKDP 8QLYHUVLW\ 6FKRRO RI %XVLQHVV ZLWK D %6F GHJUHH LQ %XVLQHVV $GPLQLVWUDWLRQ $ VWXo GHQW DW )RUGKDP IRU WKH SDVW IRXU \HDUV KH WRRN SDUW LQ PDQ\ f[WUDFXUULFXODU DFWLYLWLHV DQG :DV D PHPEHU RI WKH %RDUG y-I (GLWRUV IRU WKH PRQWKO\ SXEOLFD WLRQ RI WKH )RUGKDP &KLQHVH 6WXGHQW %XOOHWLQ %LUWKV &+,1 /2< 7R *HRUJH DQG 3HDUO QHH /HHf *RGnV SUHFLRXV JLIW RI D VRQ DW WKH 1XWWDOO +RV SLWDO RQ 7KXUVGD\ $XJXVW :21* .(1 7R )LW]\ DQG 9DOGD D GDXJKWHU DW WKH VW -RVHSKnV +RVSLWDO RQ )ULGD\ $XJXVW (DUO $OH[DQGHU /HDYHV )RU 1HZ
PAGE 14

6$785'$< $8*867 LW &RDOLQJ 5HYLYLQJ 5HIUHVKLQJ 0$// 7$/. %\ *LP 6DQJ f %RRNVHOOHUV 6WDWLRQHUV 7R\ 'HDOHUV DQG *HQHUDO ,PSRUWHUV ',$021' 0,1(5$/ :$7(5 n&2/7' n 2UDQJH 6W 3KRQH O8, '2&725 2) ',9,1,nOng f 68,7&$6(6 f %(17:22' &+$,56 f (1$0(/ :$5(6 f 1(&./$&(6 ,1685( :,7+ <285 2:1 ,6/$1'y 62&,(7< %$55< 67 3KRQH +DUERXU 6WUHHW .LQJVWRQ -D 7KH 'HDO :LWK 7+( 5$3,' "+( 52$' 72 68&&(66 -$0$,&$ 0878$/ /,)( $6685$1&( 62&,(7< 7+( 5$3,' 98/&$1nO=,1* /7' /$11$0$1n6 21)(&nO,21(5LO $UQROG 5RDG 3KRQH FI -DPDLFD SRLQWHG RXW WKDW WKH :HVW ,QGLHV ZRXOG QRW KDYH WR VSHQG DQ\ PRQH\ RQ GHIHQFH :H ZHUH VLWXDWHG LQ VXFK D SRVLo WLRQ WKDW RXU GHIHQFH ZRXOG QHFHVVDULO\ EH SDU RI WKH JHQo HUDO SODQ RUJDQLVHG RI FRXUVH E\ WKH 86f RI GHIHQFH IRU WKH HQo WLUH :HVWHUQ +HPLVSKHUH $SDUW IURP WKH LURQ\ RI WKLV VLWXDWLRQ WKH :, DUH QRZ UDFHG ZLWK WKH IUXLW RI D SROLo WLFDO DV RSSRVHG WR D WHFKQLFDOf FKRLFH 7KH PDVVLYH OREE\LQJ DW WKH 0RQD FRQIHUHQFH WKLV \HDU nZRQ WKH FDSLWDO IRU (ULF :LOo OLDPVn LVODQG $QG WKLV LQFOLQDo WLRQ WR D SR+WLFDO UDWKHU WKDQ D WHFKQLFDO GHFLVLRQ HYLQFHG DJDLQ LQ WKH IDFW WKDW QR H[SHUWV ZHUH LQFOXGHG RQ WKH UHFHQW GHOHJDo WLRQ WR /2QGRQf KDV SXW XV LQ WKLV VSRW HYHQ LI WKH &2Po PLVVLRQ JLYHV XV &KDJXDUDPX ZH :LOO KDYH WR IRRW D ELOO RI e PLORQ LQ FRPSHQVDWLRQ IRU WKH $PHULFDQ ZLWKGUDZDO

PAGE 15

7+( 3$*2'$ ),)W((1 2Q 7KHn /RFDO 6FHQH ,1 SHUKDSV WKH VRXQGHVW VSHHFK HYHU JLYHQ RQ WKH QHJRWLDo WLRQV OHDGLQJ XS WR )HGHUDWLRQ WKH +RQ 'RXJODV -XGDK DW WKH FDQDGD:HVW ,QGLHV LQVWLWXWH RXWOLQHG WKH IRXU PDMRU EDWWOHV RI )HGHUDWLRQ DV IRXJKW RYHU GXDO UHSUHVHQWDWLRQ LQ 3DUOLDPHQW IUHH PRYHPHQW RI JRRGV XQUHo VWULFWHG WUDGH DQG WKH FKRLFH RI D )HGHUDO FDSLWDO VLWH 7KH PLQXWH VSHHFK RI RQH 2I -DPDLFDnV PRUH UHVSRQVLEOH DQG RXWVSRNHQ VWDWHVPHQ DQG KLPVHOI D GHOHJDWH WR WKH )HGo HUDWLRQ WDONV VRXQGHG PRVW FRQo VWUXFWLYH DJDLQVW WKH JXVK WDONV RI WKH .6$ 75$ OHFWXUHUV DQG QRWLFHDEO\ WKDW RI VRPHRQH ZKR KDV EHHQ PRRWHG LQ VRPH FLUFOHV DV WKH ILUVW QDWLYH :HVW ,QGLDQ *RYHUQRU*HQHUDO 1RZKHUH GLG 0U -XGDK PHQWLRQ KLVWRULF YLVLRQ 2U GHVWLQ\ RU FXOWXUDO KHULWDJH ZKLFK KDYH EHFRPH WKH VWRFN WHUPLQRORJ\ RQ )HGHUo DWLRQ RI VRPH RI RXU HOGHU SROLWLo FLDQV VWDUWLQJ ZLWK WKH FRQIHUo HQFH DW 0RQWHJR %D\ 0U -XGDK GHVFULEHG WKLV FRQIHUHQFH DV UHo PDUNDEOH IRU LWV F DXW L X 6 DSSURDFK DQG WKH HDJHUQHVV ZLWK ZKLFK HDFK UHSUHVHQWDWLYH VWRRG XS IRU WKH LQWHUHVWV RI KLV SDUo WLFXODU LVODQG )ROORZLQJ WKH IDLOXUH RI WKH SUHYLRXV FRQIHUo HQFHV WR IROORZ XS DQ\ GHFLVLRQ WDNHQ WKH 0R%D\ FRQIHUHQFH HVWDEOLVKHG D 6WDQGLQJ &ORVHU $VVRFLDWLRQ &RPPLWWHH VH$&f ZKLFK ZDV FKDUJHG ZLWK UHSRUWo LQJ RQ f XQLI\LQJ WKH ILVFDO V\VWHP f XQLI\LQJ WKH &LYLO 6HUYLFH f VWDQGDUGLVLQJ WKH FXUUHQF\ f IRUPXODWLQJ D )HGo HUDO &RQVWLWXWLRQ f WKH ILQDQo FLQJ RI )HGHUDWLRQ 7KH RXWFRPH RI %&$& DIWHU WZR \HDUV RI VWXG\ ZDV WKH 5DQFH %\ ($67 :,1' 5HSRUW ,W UHFRPPHQGHG D ELo FDPHUDO OHJLVODWXUHD +RXVH RI 5HSUHVHQWDWLYHV P HP E H U V RI ZKLFK ZRXOG EH HOHFWHG E\ WKH SHRSOH DQG D 6HQDWH LQ ZKLFK WKH LQGLYLGXDO WHUULWRULHV WKHPo VHOYHV ZRXOG EH UHSUHVHQWHG DV 6RYHUHLJQ XQLWV 7KH GLIILFXOW\ ZDV QRW VR PXFK ZKHWKHU WKHUH VKRXOG EH D 6HQDWH EXW KRZ LW VKRXOG EH FRQVWLWXWHG $IWHU VRPH VWXG\ RI RWKHU FRQVWLWXWLRQV LW ZDV GHFLGHG WKDW PHPEHUV VKRXOG EH DSSRLQWHG E\ WKH *RYHUQRUo *HQHUDO UDWKHU WKDQ E\ SRSXODU YRWH WKH UHDVRQ EHLQJ WKDW WKHUH ZRXOG EH FRQVWLWXWLRQDO FRQIXo VLRQ ZLWK WZR +RXVHV ERWK SURo IHVVLQJ WR VSHDN ZLWK WKH YRLFH RI WKH SHRSOH 7KHUH ZDV DOVR WR EH D &RXQHLO RI VWDWH FRQVLVWLQJ RI PHPo EHUV $IWHU FRQVLGHUDEOH GHEDWH LW ZDV GHFLGHG WKDW LW VKRXOG EH FRPSRVHG RI WKH *RYHUQRU*HQo HUDO SUHVLGLQJ ZLWK WKH 3ULPH 0LQLVWHU DQG VHYHQ RI KLV HOHFWHG PHPEHUV DQG VL[ RWKHU PHPEHUV RI HLWKHU +RXVH DSSRLQWHG E\ WKH *RYHUQRU*HQHUDO $W WKH &RQIHUHQFH 0U -XGDK FRQWLQXHG HPHUJHG WKH ILUVW ELJ EDWWOH RYHU WKH HRQVWLo WXWLRQWKDW RYHU WKH IUHH PRYHo PHQW RI SHRSOH 7ULQLGDG ZLWK WKH KLJKHVW SHU FDSLWD LQFRPH 27 DOO WKH WHUUWWRULHV ZDV XQHDV\ ZLWK OLWWOH %DUEDGRV ULJKW QH[W GRRU :LWK SHRSOH WR WKH VTXDUH PLOH /LWWOH (QJODQG LV WKH PRVW WKLFNO\ SRSXODWHG SODFH RQ HDUWK QRW H[FOXGLQJ &KLQD DQG ,QGLD $ VSHFLDO &RQIHUHQFH ZDV FDOOHG LQ LQ 7ULQLGDG DQG VRPH RI WKH UHVWULFWLRQV ZHUH UHo PRYHG %\ WKH WLPH WKH n &RQIHUo HQFH ZDV FRQYHQHG LQ WKUHH H[SHUW FRPPLWWHHV DSSRLQWo HG DW WKH &RQIHUHQFH KDG JRQH LQWR WKH ILVFDO MXGLFLDO DQG &LYLO 6HUYLFH SUREOHPV RI )HGHUDo WLRQ 6R WKDW ZKHQ WKH &RQIHUo HQFH ZDV FRQYHQHG DW /DQFDVWHU +RXVH WKH\ KDG WKH DGYDQWDJH RI WKUHH YHU\ IXOO UHSRUWV %XW WKH VLJQLILFDQW WKLQJ DW WKH /RQGRQ &RQIHUHQFH ZDV WKDW IRU WKH ILUVW WLPH WKH :HVW ,Qo GLDQ GHOHJDWHV ZHUH SOHQLSRWHQo WLDU\ LH WKH\ KDG WKH SRZHU WR FRPPLW WKHLU *RYHUQPHQWV WR ILQDO GHFLVLRQV $OPRVW LPPHGLDWHO\ WKH WKLUG EDWWOH WKDW RYHU WKH IUHH PRYHo PHQW RI JRRGV HPHUJHG LW ZDV D GLIILFXOW SUREOHP DQG LW VWLOO UHo PDLQV WR EH VROYHG 6PDOO DV ZH DUH RXU WDULIIV DUH DOO GLIIHUHQW -DPDLFD JHWV WKH PDMRULW\ 2I KHU UHYHQXH IURP FXVWRPV 7ULQLGDG JHWV KHUV IURP UR\DOWLHV 7KH SUREOHP ZDV KRZ FRXOG WKH\ EH LQWHJUDWHG" 7R FRPSOLFDWH PDWo WHUV HYHQ IXUWKHU HDFK XQLW KDG SDVVHG LQFHQWLYH ODZV WR HQFRXUo DJH LQGXVWULDOLVWV LQWR WKHLU DUHD DQG KDG JLYHQ FRQFHVVLRQV WKDW FRQIOLFW ZLWK WKH LGHD RI IUHH PRYHPHQW $W WKLV &RQIHUHQFH WKH -Do PDLFD UHSUHVHQWDWLYHV OHG WKH ZD\ LQ DQ DSSHDO WR +HU 0DMHVW\nV *RYHUQPHQW WR IXUQLVK D WHDP RI KHU EHVW PHQ WR WDNH XS WKH WDVN RI LQWHJUDWLQJ WKH WDULIIV RI WKH YDULRXV XQLWV WR VHH KRZ EHVW WKH IUHH PRYHPHQW RI JRRGV FRXOG RH DFKLHYHG $IWHU PHQWLRQLQJ WKH WUHPHQo GRXV SRYHUW\ RI WKHVH DUHDV DV D SUREOHP ZKLFK WKH )HGHUDO )DWKHUV RI &DQDGD RU WKH 86$ NQHZ QRWKLQJ DERXW 0U -XGDK WXUQHG WR WKH WUHPHQGRXV SUREo OHP RI GXDO UHSUHVHQWDWLRQ 7KH 5DQFH 5HSRUW KDG UHFRPPHQGHG nWKDW QR RQH VKRXOG EH DOORZHG WR VLW LQ KLV ORFDO 3DUOLDPHQW DQG LQ WKH )HGHUDO 3DUOLDPHQW %XW WKH &RQIHUHQFH GHFLGHG WKDW KH VKRXOG EH DOORZHG WR VLW LQ EDWK SODFHV VLQFH WKHUH ZDV QRW D VXIILFLHQW QXPEHU RI FDSDEOH PHQ WR JR DURXQG 7KH GHDGORFN nZDV UHVROYHG LQ D EROG ZD\ 7KH FRQIHUHQFH ZHQW EDFN WR WKH 5DQFH 5HSRUW ,W IHOW WKDW GXDO PHPEHUVKLS ZRXOG EH XQVDWLVIDFWRU\ 6LQFH D PHPEHU RI WKH )HGHUDO 3DUOLDPHQW UHo WXUQPJ WR KLV ORFDO 3DUOLDPHQW ZRXOG EH KHOG WR DFFRXQW IRU ZKDW KH KDG GRQH LQ WKH )HGo HUDO 3DUOLDPHQW 7KH IRXUWK PDMRU EDWWOH WKDW RYHU WKH VLWH RI WKH )HGHUDO &DSLo WDO VWLOO UHPDLQV XQVROYHG 7KH 5DQFH 5HSRUW GHFLGHG RQ 7ULQ GDG ZLWKRXW VWDWLQJ WKH H[DFW VLWH ,Q WKH /RQGRQ &RQo IHUHQFH GHFLGHG LW VKRXOG RH *UHQDGD (YHQWXDOO\ WKH\ ZHQW EDFN WR 7ULQLGDG 0U -XGDK GLG QRW WKLQN WKDW RXU OHDGHUV KDYH DSSURDFKHG WKLV SUREOHP ZLWK WKH GLJQLW\ LW GHVHUYHV 6DLG 0U -XGDK GRQnW WKLQN LW DXJXUV ZHOO WRU D JURZLQJ QDWLRQ WKDW LWV OHDGHUV VKRXOG JR DURXQG DQG ZULQJ WKHLU KDQGV DQG VD\ n*GPPH JLPPHn OLNH VSRLOW FKLOGUHQ 6RPH 2I XV UHo PHPEHU WKRVH GDUN DQG GDQJHUo RXV GD\V ZKHQ FLYLOL]DWLRQ ZDV RQ WKH EULQN RI GLVDVWHU DQG WKH VLWH QRZ KHOG LQ GLVSXWH ZDV KHOG DV WKH JUHDWHVW DLG DQG FRo RSHUDWLRQ WKHQ NQRZQ /HW XV QRW EH WRR DQ[LRXV WR VD\ LW ZDV GRQH ZLWKRXW RXU FRQVXOWDWLRQ +H ZRXQG XS KLV WDON VD\LQJ 7KHUH LV D JUHDW WHQGHQF\ WR GHURJDWH (QJODQG EXW VKH KDV JLYHQ XV WKH WRROV ,W LV QRZ IRU XV WR ILQLVK WKH MRE )RU 7KH ORYHOLHVW *LIW JR 8367$,56 ,,$11$6 DO-' nLI- RGXWIV ,,, &5$3()58,7 6(&7,216&,7586 -8n&O6 3$&.(' ,< 7+( &,7586 &2 2) -$0$,&$ 8' 5,,:O,,:,,8

PAGE 16

6O;nI((1 ffffffffffffffffffffffffffffffffffffffffffffffffff U f f f f f ,, 8 ,, ,, ,, $ ffffffffffffffffffffffff fffffffffffffffffffff ffffff 'R KD D SUREOHP ZKLFK FD''RW HI 7KB ZK7 5RW ZULWH WR 0LVV 0DO /HH7 ,I DUH WL,OKDS3n ,R ,I KDYH D KRDVHKHOG SUREOHP ,I RD HDDnW HP WR GBGH ZKDW FRORXU GUHVV WR ZHDU WR VRPH VRFLDO ID'RWLRQ WKHD :,n+H WR KHU D' OHW KHU StWKH8H KHOS WEtW SUREOHP $GF,LnH0 I28On OHWWHQ WR P OOL 3DSD -OODSDOQH 3 R %2[ .,'SWRD 'HDU 5HDGHUV 0U *HRUJH /HH ODVW LVVXH WKUHZ RXW D FKDOOHQJH WR PH RQ WKH VXEMHFW RI PRQH\VSHQGLQJ E\ ZLYHV DQG DV ZH RQO\ KDYH WZR OHWWHUV WKLV ZHHN ,nP JRLQJ WR WDNH D IHZ OLQHV WR JLYH P\ YLHZV RQ WKLV LPSRUWDQW TXHVo WLRQ ,W LV XQIRUWXQDWHO\ WUXH WKDW PDQ\ KDSS\ FRXSOHV FRPH WR JULHI RYHU WKLV YH[HG VXEM?W DQG VR LW LV ZLVH WR ZRUN RXW D SODQ EHIRUH PDUULDJH WR DYRLG IHHOLQJV RI UHVHQWPHQW SLOLQJ XS LQ WKH PLQGV RI HLWKHU SDUW\ DIWHU PDUULDJH 7KHUH DUH KXVEDQGV ZKR JLYHo RYHU WKHLU HQWLUH SD\ELOOV WR ,WnV GHOLFLRXV f 5($'< 0,;(' f -867 23(1 DQG '5,1. f ,'($/ )25 &+,/25(1 ZKR GR QRW OLNH SODLQ PLON f 75< $ 7,1 72'$< \RXnOO ZDQW PRUH WRPRUURZ /DUJH 6PDOO 6ROH $JHQWV / :LOOLDPV 0WNHWLQJ &R /WG G WKHLU ZLYHV DQG VKH SD\V WKH ELOOV GHFLGHV KRZ WKH PRQH\ VKDOO EH VSHQW DQG GROHV RXW SRFNHWPRQH\ WR KHU KXVEDQG RQ WKH RWKHU KDQG WKHUH DUH KXVo EDQGV ZKR GULYH DURXQG LQ ODUJH H[SHQVLYH FDUV VSHQGLQJ WKHLU HYHQLQJV GULQNLQJ DQG JDPEOLQJ DW WKHLU &OXEV ZKRVH ZLYHV FDQo QRW HYH Q EX\ FXU W D LQV WR EULJKWHQ WKHLU KRPHV RU D QHZ GUHVV WR NHHS WKHPVHOYHV ORRNLQJ DWWUDFWLYH %RWK WKHVH H[WUHPHV DUH ZURQJ +RZHYHU LI FRXSOHV ZRXOG SXW WKHLU KHDGV WRJHWKHU DQG EXGJHW IRU WKHLU HVVHQWLDO QHHGV UHPHPEHULQJ WKDW HDFK RQH QHHGV VRPH PRQH\ IRU KLV RU KHU SHUVRQDO ZDQWV HYHQ LI WKH\ DUH QRW DOO HVVHQWLDO WKLQJV FRXOG JR PXFK VPRRWKHU 1RZ LQ P\ RSLQLRQ DERXW QLQHW\ILYH SHU FHQW RI ZLYHV DUH KRPHPDNHUV ZKRVH PDLQ LQo WHUHVW LV WKHLU KXVEDQG DQG IDPLO\ VR WKH\ DUH JHQXLQHO\ DQ[LRXV WKDW WKH EHVW SRVVLEOH GLVWULEXWLRQ RI WKH IDPLO\ LQFRPH EH PDGH 7KH\ NQRZ WKDW KXVo EDQGV PXVW VDYH VRPHWKLQJ DV ZHOO DV VXSSRUW IURP GD\ WR GD\ DQG ZLOO DP VXUH EH ZLOOLQJ WR SXW DVLGH PRQH\ IRU WKHLU FKLOo GUHQnV HGXFDWLRQ DQG IRU WKRVH XQIRUHVHHQ FLUFXPVWDQFHV WKDW FDQ KDSSHQ WR IDPLOLHV ZLWKRXW ZDUQLQJ 1HYHUWKHOHVV 0U /HH IURP REVHUYDWLRQ RYHU WKH \HDUV P VRUU\ WR WHOO \RX WKDW QRW D IHZ RI WKH ZLYHV ZKR VDFULILFH WKHLU RZQ DSSHDUDQFH DQG SHUo VRQDO ZDQWV WR HQDEOH WKHLU K8 EDQGV WR DPDVV PRQH\ IRU IXWXUH SURMHFWV DUH OHIW LQ WKH OXUFK EHFDXVH WKHLU KXVEDQGV IDOO IRU EULJQW VPDUW ZRPHQ WKH\ PHHW GXULQJ WKHLU EXVLQHVV RU OHLVXUH KRXUVf $ KXVEDQG VKRXOG JLYH KLV ZLIH DQ LGHD RI KRZ PXFK KH IHHOV KH FDQ DOORZ KHU IRU FORWKHV VR WKDW VKH ZLOO QRW UXQ XS DFFRXQWV VR ELJ WKDW WKH\ ZLOO HLWKHU DQQR\ RU HPEDUUDVV KLP ,I D ZLIH E\ KHU ZLVK RU KHU KXVEDQGnV LV UHo PDLQLQJ DW KRPH DIWHU PDUULDJH WKDW LV VKH LV QRW HDUQLQJ DQ\ PRQH\ KHUVHOI WKHQ GR IHHO D KXVEDQG VKRXOG SURYLGH KHU ZLWK D SHUVRQDO DOORZDQFH RYHU DQG DERYH KHU KRXVHNHHSLQJ DOORZo DQFH 7KH DPRXQW RI WKLV ZLOO GHo SHQG RI FRXUVH RQ WKH HDUQLQJ SRZHU RI WKH KXVEDQG DQG DOVR RQ KLV FRPPLWPHQWV EXW LW LV YHU\ WU\LQJ IRU D ZRPDQ ZKR KDV EHHQ DFFXVWRPHG WR KDYH KHU RZQ PRQH\ WR KDQGOH WR VXG GHQO\ ILQG VKH KDV WR DVN IRU HYHU\ OLWWOH WKLQJ VKH QHHGV n ZDQWV $QG WKHUH LV QRW OLNHO\ WR EH DQ\WKLQJ OHIW RYHU IURP WKH KRXVHNHHSLQJ EX\LQJ IRRG LV D YHU\ H[SHQVLYH EXVLQHVV WKHVH GD\V DQG FDQ DEVRUE HYHU\WKLQJ RQH FDQ SXW LQWR LW %XW SOHDVH KXVEDQGV GLVFXVV \RXU DIIDLUV ZLWK \RXU ZLIH VKH ZLOO DSSUHFLDWH LW DQG ,nP VXUH \RXnOO ILQG KHU FRRSHUDWLYH DV D UHVXOW $QG D ILQDO ZRUG WR ZLYHV QHYHU IRUJHW WR VKRZ DSSUHFLDo WLRQ IRU WKH WKLQJV \RXU KXVo EDQG SURYLGHV IRU \RX (YHQ LI \RX EX\ VRPHWKLQJ ZLWKRXW KLV NQRZLQJ DERXW LW OHW KLP KDYH WKH SOHDVXUH RI EHLQJ WKDQNHG IRU LW :KDW KXVEDQGV FRPSODLQ RI LV WKDW WDNHQ IRU JUDQWHG DWWLWXGH $QG LI \RXU KXVEDQG GRVHQnW TXDUUHO ZLWK \RX EHFDXVH \RX EX\ D QHZ GUHVV DQG D KDW WR PDWFK WHOO KLP \RX ORYH KLP IRU LW RYHU DQG RYHU \RX VKRXOG \RX GRQnW NQRZ KRZ OXFN\ \RX DUH f f f :HOO RXU ILUVW OHWWHU WKLV ZHHN LV IURP D SX]]OHG \RXQJVWHU ZKR ZULWHV 'HDU 0LVV 0'L /HH DP VHYHQWHHQ \HDUV RI DJH DQG KDYH EHHQ RXW ZRUNLQJ IRU WKUHH PRQWKV QRZ 0\ ERVV LV D PLGGOHDJHG PDQ PDUULHG TXLWH EDQGVRPH DQG D YHU\ QLFH SHUo VRQ 6HYHUDO WLPHV UHFHQWO\ KH KDV DVNHG PH WR KDYH OXQFK ZLWK KLP LQ WRZQ DQG KDYH DFo FHSWHG %H KDV EHHQ YHU\ QLFH WR PH RQ WKHVH RFFDVLRQV EXW VRPHo KRZ FDQnW IHHO HQWLUO\ FRPo IRUWDEOH DER X W WKH VHWXS /XFNLO\ KH KDV DOZD\V WDNHQ PH WR VRPH RXW RI WKH ZD\ SODFH VKRXOGQnWn OLNH WR EH VHHQ RXW ZLWK WKLV PDQ E\ DQ\ RI P\ IDPLO\nV IULHQGV 'R \RX WKLQN LW LV VDIH IRU PH WR FRQWLQXH WR DFo FHSW WKHVH LQYLWDWLRQV" 6HYHQWHHQ 'HDU 6HYHQWHHQ IHHO VWURQJO\ WKDW LW ZRXOG EH EHWWHU IRU \RX WR GHFOLQH WKHVH OXQFKGDWH LQYLWDWLRQV IURP \RXU HPSOR\HU
PAGE 17

7+( 3$*2'$ %$'0,1721 :KHQ &$& SOD\HG WKHLU UHWXUQ PDWFK YV 5DLQERZ ,, RQ -XO\ y WKH RGGV ZHUH YHU\ PXFK LQ &$&nV IDYRXU DV LQ WKHLU ILUVW HQFRXQWHU 5DLQERZ ,, ZDV KDQGLo FDSSHG DW DQG &$& DW &$& ZHUH EHDWHQ n EXW DOO PDWFKHV ZHUH FORVH 1RZ 5DLQERZ ,, ZDV KDQGLFDSSHG DW ZKLOVW &$& UHPDLQHG DW &$& MXVW HGJHG 5DLQERZ ,, E\ PDWFKHV WR WKXV EHLQJ UXQQHU XS LQ WKH FRPSHWLWLRQ $OO WKH PDWFKHV ZHUH NHHQO\ FRQWHVWHG DOWKRXJK WKH UHVXOWV FRXOG KDYH EHHQ PXFK LQ &$&nV IDYRXU DV 5RQQLH 7DL SOD\HG KLV ZRUVW PDWFKHV IRU WKH VHDVRQ -XVWLQ :LOVRQ DQG .DUO /\Q VXUo SULVLQJO\ 3 D\H G H[FHSWLRQDOO\ ZHOO DQG ZRQ ERWK WKHLU PDWFKHV 'DU &KLQ )RRN DQG .D\ :RQJ .HQ DOVR ZRQ WKHLU ODGLHVn GRXEOHV PDWFK HDVLO\ ZKLFK VXUSULVHG WKHP 7KH WRXUQH\ LV QRZ DW LWV FORVH DQG WKHUH LV D EUHDN WKLV PRQWK LQ WKH FRPSHWLWLRQ DV WKH PDMRULW\ RI SOD\HUV LQ DOO WKH FOXEV DUH DOO NHHQ ELUG VKRRWHUV VR LW ZLOO UHVXPH LQ 6HSWHPEHU 2Q D ZKROH WKH &$& WHDP GLG YHU\ ZHOO WKLV \HDU DQG SXW XS D JRRG VKRZ ,I WKH WHDP ZRXOG (NH WR EH RQ WRS IRU QH[W \HDU WKH VNLSSHU VKRXOG VHH WKDW HYHU\o RQH VWDUWV SUDFWLVLQJ IURP QRZ &5,&.(7 &$& SOD\HG DJDLQVW .HQVLQJo WRQ RQ 6DWXUGD\ $XJ &$& ZDV VHQW LQ WR EDW ILUVW DQG ZHUH VNLWWOHG RXW IRU D PHUH UXQV RI ZKLFK UHOLDEOH .DUO n6WRQHZDOOn /\Q WRSVFRUHG ZLW K DQG 5LFKDUG 7LH ZLWK UXQV DQG ZHUH WKH RQO\ EDWVPHQ FDSDEOH RI PDNLQJ GRXEOH ILJXUHV .HQVLQJo WRQ ZHQW WR EDW DQG VFRUHG UXQV IRU QR ZLFNHWV DQG VHQW LQ &$& WR EDW IRU D VHFRQG WLPH LQ RUGHU WR WU\ DQG JDLQ IXOO SRLQWV IURP D WZR LQQLQJV YLFWRU\ $W FORVH RI SOD\ &$& KDG VFRUHG UXQV IRU WKH ORVV RI ZLFNHWV -XQLRU &KLQ VFRULQJ W QRW RXW &RQJUDWV WR (QJODQG IRU ZLQo QLQJ WKH 7HVW VHULHV DQG WKH\ WKRURXJKO\ GHVHUYHG LW 6NLSSHU 3HWHU 0D\ ZDV DEO\ VXSSRUWHG E\ OLV WHDP DQG QR GRXEW WKH\ ZLOO DOVR EH YLFWRULRXV LQ WKH )LIWK 7HVW ,I LW ZHUH QRW IRU )UDQN :RUUHOO &ROOLH 6PLWK DQG 6RQQ\ 5DPDo GKLQ WKH :, WHDP ZRXOG KDYH EHHQ GLVJUDFHG 7KH IDLOXUH RI :HHNHV DQG :DOFRWW FDPH DV D VXUSULVH WR DOO DQG LW ZLOO EH D ORQJ WLPH EHIRUH WKH :, FDQ ILQG EDWVPHQ RI WKHLU FDOLEUH WR ILOO WKHLU SODFHV (QJODQG KDV VKRZQ WKDW VKH LV WKH ZRUOG FKDPSLRQ RI WKLV JDPH DQG KHU SOD\HUV DUH LPSURYLQJ HYHU\ \HDU 5$&,1* 7KHUH ZHUH WZR YHU\ JRRG GD\V RI UDFLQJ DW /LWWOH $VFRW 5DFLQJ IRU UHPDLQGHU RI WKH \HDU ZLOO EH DW .QXWVIRUG 3DUN DV 7XUI &OXE KDV HQGHG LWV VHDVRQnV UDFLQJ IRU WLOH \HDU $Q\RQH ZKR IROORZHG P\ VHOHFWLRQV ODVW WLPH ZLOO KDYH QRWHG WKDW WKHUH ZHUH IRXU ZLQ %\ %DOOLQ QHUV DPRQJ WKHP (SLJUDP ZRQ WKH %R\OH )ODJRQ DV H[SHFWHG DQG SURYHG KLPVHOI WR EH LQ WRS IRUP DV KH DOVR ZRQ WKH ODVW UDFH RQ $XJXVW 7KH IHDWXUH UDFH RQ WKDW GD\ ZDV WKH -DPDLFD 7XUI &OXE 6WDNHV IRU \HDU ROGV ZKLFK ZDV ZRQ LQ FRQYLQFLQJ VW\OH E\ &KULVWRSKHU 5RELQ ZKR EHDW 5D 7KH FKDPo SLRQ \HDU ROG &KULVWRSKHU 5RELQ VKRXOG JR YHU\ IDU DQG QR GRXEW KH ZLOO EH DQRWKHU 6HH 6DZ 7KH QH[W PHHWLQJ LV DW .QXWVo IRUG 3DUN RQ 6HSW ZKHQ WKH -DPDLFD 'HUE\ ZLOO EH WKH IHDWXUH UDFH %,5' 6+227,1* 2Q $XJXVW WKH ELUG VKRRWo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o SLRQVKLSV ZLOO EH WDNLQJ SODFH WKLV PRQWK DQG WKH 2YDOWLQH VFKRODUV ZLOO EH EDFN LQ WLPH WR SDUWLFLSDWH LQ WKHP 5HPHPEHU WKHUH ZLOO EH WKH $OO ,VODQG +DUG &RXUW &KDPSLRQVKLSV LQ 0DQGHYLOOH IURP $XJXVW DQG DOO WKRVH GHVLURXV RI HQWHUo LQJ VKRXOG SXW LQ DV PXFK SUDFo WLFH DV SRVVLEOH RQ WKH &$& FRXUWV ,W LV KRSHG WKDW
PAGE 18

(,*+7((1 y y y y y y y y y y y y y y y y y y y y y y y y y y W W ,1 3 $%(17+(6,6 W 0UV :LOOLDPV GHPDQGHG WKH UHPRYDO RI WKH WHOHSKRQH IURP KHU KRXVH 6DLG WKH ODQJXDJH RI WKH OLQHVPHQ DW ZRUN RQ WKH ZLUHV LQ IURQW RI KHU UHVLGHQFH ZDV VR ORXG DQG EODVSKHPRXV VKH ZDQWHG QR IXUWKHU GHDOLQJV ZLWK D FRUSRUDWLRQ WKDW HPSOR\HG UXIo ILDQV 7KH FRPSDQ\ DFNQRZOHGJHG UHo FHLSW RI KHU FRPSODLQW EXW EHJo JHG WKH VXVSHQVLRQ RI FRQFHOOD WLRQ XQWLO LW FRXOG PDNH WKH XVXDO WKRURXJK LQYHVWLJDWLRQ 0UV :LOOLDPV DJUHHG WR ZDLW $W WKH HQG RI D ZHHN WKH DJo JULHYHG SDWURQ UHFHLYHG WKH IROo ORZLQJ UHSRUW 'HDU 0DGDP :H KDYH JRQH LQWR WKH DOOHJHG URZG\LVP RI RXU HPSOR\HHV ZLWK JUHDW FDUH DQG KDYH IRXQG WKH IDFWV WR EH DV IROORZV 5LFKDUG 6 PLW KDQG -HUHPLDK -RQHV ZHUH UHSDLUPJ EURNHQ ZLUHV LQ IURQW RI \RXU KRPH ,Q UHFHLYLQJ D EXFNHW RI KRW PHWDO ZKLFK 6PLWK ZDV KDXOLQJ XS WR WKH FURVVWUHHV -RQHV RQ GXW\ DORIWf DFFLGHQWo DOO\ WLSSHG WKH UHFHSWDFOH DQG OHW D TXDQWLW\ RI WKH PROWHQ OHDG IDOO RQ WKH VKRXOGHUV DQG GRZQ WKH EDFN RI 6PLWK :KHUHXSRQ 6PLWK ORRNHG XS DW -RQHV DQG VDLG n%H D OLWWOH PRUH FDUHIXO ZLWK WKDW VWXII KHUHDIWHU -HU(no PLDKn 5HVSHFWIXOO\ VXEPLWWHG 6LOHQFH LQ WKH FRXUW WKXQo GHUHG D .HQWXFN\ MXGJH +DOI D GR]HQ PHQ KDYH EHHQ FRQYLFWHG ZLWKRXW WKH FRXUWnV KDYLQJ EHHQ )O\ ./0 WR WKH 1($5 DQG )$5 ($67 '$,/< )/,*+76 %< 683(5 &2167(//$7,21 f '(/8;( f ),567 $1' 7285,67 &/$66 f 81(;&(//(' $&&2002'$7,21 f 683(5% )22' f %$5 6(59,&( f )RU )XOO 3DUWLFXODUV &RQWDFW
PAGE 19

7+( 3$*2'$ +RZ GR \RX IHHO ILUVW WKLQJ LQ WKH PRUQLQJ" ,I \RX ZDNH IHHOLQJ EHORZ SDU WDNH WKHVH WKUHH VLPSOH VWHSV WR KHOS \RX EULJKWHQ XS ,f *HW RXW \RXU WLQ RI $QGUHZV f 3XWWZDWHDVSRHQVIXOMQHR ZDWHU DQG VWLU EULVNO\ f 'ULQN LW DV LW HIIHUYHVFHV 6SDUNOLQJ $QGUHZV VWDUWV ULJKW DZD\ WR PDNH \RX IHHO EHWWHUWDNHV WKDW XQSOHDVDQW WDVWH RXW RI \RXU PRXWK VHWWOHV WKH VWRPDFK DQG WRQHV XS WKH OLYHU )LQDO\ $QGUHZV FOHDUV WKH V\VWHP RI LPo SXULWLHV UHVWRUHV \RXU ,QQHU &OHDQOLQHVV DQG D VHQVH RI ZHOOEHLQJ n :KHQ GLJHVWLYH XSVHWV RFFXU ODNH D JODVV RI VSDUNOLQJ $QGUHZV ,WV JHQWOH DFWLRQ FRUUHFWV D&LGLW\ EULQJV UHOLHI IURP GL V FRP IR U W SURPRWHV KHDOWK\ ,QQHU &OHDQOLQHVV WKURXJKRXW WKH V\VWHP )$0,/< 7,1 G +$1'< 7,1 FO 75,$/ 7,1 G $JHQWV &HFLO % 3DFH\ /HG +DUERXU 6WUHHW .,1*6721 0OOn6 68,76 n1:y I yW f U <2 8 7RU )I WKH YHU\ ILQHVW LQ /RXQJH 6XLWV 6SRUWV &RDWV 'LQQHU -DFNHWV DQG 7X[HGRV FRPH VWUDLJK W WR (O &RUWH ,QJOHV +$5%285 675((7 7(/ %( 685( 72 25'(5 <25. &$11(' 0($76 3URGXFWV RI &$1$'$ 3$&.(56 /7' r 'LVWULEXWRUV + 0$33 6XFFVf /7' %DUU\ 6WUHHW .LQJVWRQ

PAGE 20

IRU ),1(5 )5 <,1* r )RRGV IULHG LQ 612:)/$.( DUH DOZD\V GH8FLRXVO\ FVLVS OLJKW DQG HDVLO\ GLJHVWLEOH )RU 6WUHQJWK $QG 9LJRXU $JHQWV 7 *(''(6 *5$17 +DYH \RXU HOHFWULFDO 2RQWUDHWRU FKHFN \RXU LQVWDOODWLRQ DQG PDNH VXUH \RXU IXVHV DUH LQ RUGHU .HHS VSDUH IXVHV KDQG\ -DPDLFD 3XEOLF 6HUYLFH &RPSDQ\ /WG .HHS &22/ ZLWK 5(' 675,3( 7+( %((5 2) -$0$,&$ $OZD\V )5(6+ &/($5 63$5./,1* r