Citation
The Pagoda

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

$5'$7+ )-,/7(5 7,33(' &,*$5(77(6 DUH ILUVWFODVV VPRNLQJ IRU 9RO f 1R 6DWXUGD\ 2FWREHU 35,&( 1,1(3(1&( .LQTVWRQ -DPDLFD %:, <285 6,,1 1(('6 1O9($

PAGE 2

, , ,, ,, ,, 7KH HURZQLQJ WRXHK ,&( &5($0
PAGE 3

7+(3$*2'$ /(77(56 72 7+( (',725 *22' :25. 7KH (GLWRU 6LU KDYH EVHQ D VXEVFULEHU WR WKH 3DJRGD URU WKH SDVW WZR \HDUV nDQG KDYH WKRURXJKO\ HQMR\HG HYHU\ LVVXH VHQW WR PH .HHS XS WKH JRRG ZRUN 2 0 /<1 0DQGHYLOOH 32 n2FWREHU f 21 %($87< &21(676 n7KH (GLWRU 6LU 6R 0U $ /RZH LV DW LW DJDLQ" ,W VHHPV WR PH KH LV ODXQFKLQJ D RQHPDQ FUXVDGH DJDLQVW EHDXW\ FRQWHVWV ZLWKRXW PXFK VXFFHVV ,Q DQ\ HYHQW ZLVK WR VXJJHVW 0U (GLWRU WKDW LQ IXWXUH SOHDVH SXEo OLLVK 0U /RZHnV OHWWHUV LQ \RXU n,Q 3DUHQWKHVLV FROXPQ 68OnHO\ LI WEH\ DUH LQWHQGHG DV D MRNH WKDWnV ZKHUH WKH\ EHORQJ %($87< &217(67 )$1 .LQJVWRQ n2FWREHU n 7KH (GLWRU 6LU $IWHU ZDGLQJ WKURDJK 0U $ /RZHnV OHWWHU PXVW VD\ LW PDNHV GLIILFXOW UHDGLQJ ,W UHPLQGV PH nRWKH WLPH OnHDG D ERRN E\ .DUO 0DU[ KDG WR JR RYHU HYHU\ SDUDJUDSK nWZLFH WR JHW WKH PHDQo PJ 1RZ OHW XV GLVSHQVH ZLWK n0U /RZHnV ILUVW IRXU SDUDJUDSKV EHFDXVH DP VXUH YHU\ IHZ RI XV NQRZ ZKDW WKH\ DUH LQWHQGHG WR OHDG yXS WR $V D PDWWHU RI IDFW nKLV UDPEOLQJV KDYH WKH VWDPS RI nD SROLWLFLDQ RU RQH RI WKH $PHUO nFDQ 6RXWKHUQ ILOLEXVWHU ZKR MXVW WDONV RQ DQG 2Q ZKHQ KH KDV QRWKLQJ WR VD\ 7KH JLVW RI KLV ,RQJ OHWWHU LV nWKDW EHDXW\ FRQWHVW RJDQLVHUV DUH OLNH VODYH WUDGHUV ZKR RSHUDWH 2Q D PRUH SROLVKHG VFDOH EXW LW WDNHV YHU\ OLWWOH FRPPRQ VHQVH WR VHH WKDW WKLV LV SXUH QRQVHQVH 1R nRQH JRHV WR D EHDXW\ FRQWHVW WR EX\ QR RQH LV RQ VDOH ,W LV DOO FOHDQ IXQ DQG RQO\ RQH ZLWK D VPXWW\ PLQG FDQ VXVSHFW WKH ZRUVW $ EHDXW\ FRQWHVW HQFRXUDJHV RXU J,UOV WR NHHS ILW LQ VKRUW LW HQo FRXDHV SK\VLFDO nILWQHVV JUDFH IHPPPH FKDUP DQG VR RQ DOO RI ZKLFK FRQWULEXWHV WR PDNLQJ D nJWUO PWR D FKDUPLQJ SHUVRQDOLW\ ,W PD\ DPD]H 0U /RZH WR NQRZ WKDW RXU EHDXW\ FRQWHVWV DUH QRW ZRQ RU WKH EDVLV RI D JLUO ILOOLQ D EDWKLQJ VXLW 7KHUH DUH LQWHOOLo nJQFH WHVWV WKH MXGJHV PHHW WKH JWUOV WR VHH LI WKH\ DUH FDSDEOH RI PHHWLQJ SHRSOH :LWK D UHOD[HG PRRG WR VHH LI WKH\ FDQ PHHW DQG PL[ ZLWK RWKHU SHRSOH $OO WKHVH DUH GH6LUDEOHn WUDLWV LQ WKH KXPDQ SHUVRQDOLW

  • PAGE 4

    )28 (n,,,-,,,,,,,,,,,,8,,,,,,,,,,,,,,,OOOLO ,, n P P , 7LOH 3DJRGD 0DJD]LQH LV SXEOLVKHG IRUWPJKWO\ E\ 3DJRGD /LPLWHG $OO FRU LLL UHVSRQGHQFH UHJDUGLQJ VXO VFULSWLRQ DQG DGYHUWLVL'J VKRXOGn EH DGGUHVVHGn 7+( (',725 P nL IIL .LQJVWRQ L 7OHSKRQH LLL P P P P P JM LLL P P P P ] P nPn 6X%6&5,37,21 5$7(6 IW /RFDOn \HDU,6 +DOO \HDU )RUHLJQ \HDU,6 +DOO n\HDU,2 LLL P P P LLL P MJ ( B WRUV ,, P + & 7DL 7HQ 4XHH \ Pn \ 'LUHFWRUV P P L / &KLQ B,, ( &KLQ /R\ L L :LOVRQ ?P LLL L 6 &KDQJ ,,, (,,, OOOOOOOOLLXLLOOWOOOOWOO-OO+OOOOOO(OQH 7+( 3$*2'$ 0$*$=,1( 3DJRGD 0DJD]LQH 'XNH 6WUHHW 32 %R[ -O P n LLL &TQWULEXWRUV DUH LQYLWHG WR VHQG LQ WKHLU 066 DW DQ\ WLPH $UWLFOHV VKRXOG QRW H[FHHG ZRUGV P f (',725 /(6/,( 5 &+,1 f 6$785'$g 2&72%(5 HGLWRULDO 7+( 0,''/( ($67 7KH 0LGGOH (DVW LV RQFH DJDLQ WKH IRFDO SRLQW RI D FULVLV ZKLFK KDV EHHQ JHWWLQJ SURJUHVVLYHO\ ZRUVH RYHU WKH SDVW IHZ GD\V ,Q DQ K\VWHULFDO QRWH 6\ULD WKLV ZHHN GHPDQGHG WKDW WKH 81 *HQHUDO $VVHPEO\ DFW WR VWRS DQ LPPLQHQW 7XUNLVK DWWDFN RQ 6\ULD DQG ERWK WKH 8QLWHG VWDWHV DQG WKH 6RYLHW 8QLRQ WKUHDWHQHG WR PRYH LQ LI D VKRRWo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o JHULQJ DPRXQW 2I DUPV LQWR 6\ULD DQG WKH FRQo FHQWUDWLRQ RI 7XUNLVK WURRSV DORQJ WKH 7XUNLVKo 6\ULDQ ERUGHU ZKLFK 6\ULD VR VWURQJO\ IHDUV FRXOG RQO\ PHDQ WKDW 7XUNH\ FRQVLGHUV WKH KHDY\ IORZ RI 5XVVLDQ DUPV LQWR D GHOLFDWH DUHD DV D WKUHDW WR KHU VHFXULW\ 7KH 6RYLHW 8QLRQ KDV VWURQJO\ GHPDQGHG WKDW D 81 &RPPLVVLRQ EH VHQW WR LQYHVWLJDWH WKH VLWo XDWLRQ RQ WKH 6\ULDQ78UNLVK IURQWLHU EXW LW LV IDLUO\ REYLRXV WKDW WKH YLOODLQ RI WKH 0LGGOH (DVW LV WKH 6RYLHW 8QLRQ LWVHOI 7+( 5866,$1 6$7(//,7( VRPHWLPH ODVW ZHHN WKH 5XVVLDQV ODXQFKHG KLVWRU\nV ILUVW PDQPDGH HDUWK VDWHOOLWH ,W ZKL]]HG DURXQG WKH JOREH DW D VSHHG RI PLOHV SHOn KRXU DQG DW DQ HOHYDWLRQ RI PLOHV ,W ZDV D QRWDEOH VFLHQWLILF DFKLHYHPHQW EXW DV WKV DSSODXVH EHJDQ WR IDGH LW VRRQ EHFDPH DSSDUHQW KRZ VDGO\ WKH :HVW DQG SDUWLFXODUO\ WKH 8QLWHG VWDWHV KDG XQGHUHVWLPDWHG WKH 6RYLHW 8QLRQ n ,W ZDV NQRZQ WKDW WKH 8QLWHG VWDWHV ZDV ZRUNLQJ RQ LWV RZQ 3URMHFW 9DQJXDUG WR VHQG D VDWHOOLWH LQWR VSDFH LQ WKH HD]O\ SDUW RI QH[W \HDU DQG VR ZHUH WKH 5XVVLDQV EXW QR RQH KDG DQWLFLo SDWHG WKDW WKH ODWWHU SRVVHVVHG WKH VNLOO DQG nOHo VRXUFHV WR ODXQFK D VDWHOOLWH DW WKLV HDUO\ VWDJH VR PDQ\ PRQWKV LQ DGYDQFH RI WKH 8QLWHG 6WDWHV 'HVSLWH EODQG DVVXUDQFHV IURP :DVKLQJWRQ WKDW WKH 6RYLHW ODXQFKLQJ GLG QRW FRPH DV D VXUo SULVH WKHUH ZHUH HYLGHQFH WR WKH FRQWUDU\ GHVSLWH DQ $PHULFDQ DQQRXQFHPHQW WKDW WKH 8QLWHG 6WDWHV FRXOG KDYH VHQW XS D VDWHOOLWH EHIRUH WKH 5XVVLDQV LI WKH\ KDG ZDQWHG WR RQH FRPHVn WR WKH LQHVFDSo DEOH FRQFOXVLRQ WKDW WKH 8QLWHG 6WDWHV VXIIHUHG D JUDYH GHIHDW 7KH UHDVRQ IRU WKH 86 GHIHDW LQ WKH UDFH WRZDUG VSDFH LV IDLUO\ REYLRXV LQVWHDG RI KDYLQJ WKH XVH RI WKH EHVW PLOLWDU\ URFNHWV DYDLODEOH WKH 86 3URMHFW 9DQJXDUG ZDV WRUFHG WR GHSHQG RQ WKH 1DY\nV 9LNLQJ UHVHDUFK URFNHW ZKLFK LV IDU OHVV SRZHUIXO $OVR $PHULFDQ VFLHQWLVWV KDYH WF WDLORU WKHLU UHVHDUFK SURJUDPPH WR ILW WKHLU EXGJHW ZKLOH 6RYLHWnVFLHQWLVWV KDYH DW WKHLU GLVSRVDO XQOLPLWHG UXQHV $W WKLV VWDJH WKHUH FDQ EH QR HVFDSH IURP WKH IDFW WKDW WKLV JUHDW VFLHQWLILF DFKLHYHPHQW HQKDQFHV KH 6RYLHW 8QLRQnV SUHVWLJH WR DQ HQRUo PRXV GHJUHH DQG WR WKDW H[WHQW LQFUHDVHV WKH SROLo WLFDO SUHVVXUH WKDW FRXOG EH H[HUWHG IURP WKH .UHPOLQ DQG PRVW FHUWDLQO\ ZLOO DILnHFW WKH FRQGXFW RI LWV IRUHLJQ SROLF\ :H FDQQRW \HW IRUJHW WKDW LQ 6HSWHPEHU RI WKH WKHQ 3UHVLGHQW RI WKH 86 0U +DUU\ 6 7UXPDQ DQQRXQFHG WKDW ZH KDYH HYLGHQFH WKDW ZLWKLQ UHFHQW ZHHNV DQ DWRPLF H[SORVLRQ RFFXUUHG LQ WKH 8665 ,W ZDV WKH ILUVW RIILFLDO KLQW WKDW WKH 5XVVLDQV KDG VXFFHVVIXOO\ GHWRQDWHG DQ $ ERPE 6HYHUDO GD\V ODWHU WKH\ WULOJJHUHG WKH LQo YDVLRQ RI WKH 5HSXEOLFn RI VRXWK .RUHD %(() 35,&(6 :H FRPPHQG WKH 0LQLVWHU RI 7UDGH DQG ,Qo GXVWU\ 0U :LOOV 2 ,VDDFV IRU LQVWLWXWLQJ D FDPo SDLJQ WR VWRS WKH GLVJUDFHIXO RYHUFKDUJLQJ ZKLFK KDG EHHQ WDNLQJ SODFH IRU \HDUV LQ WKH VDOHV RI EHHI WR WKH SXEOLF 2QO\ VHYHUDO ZHHNV DJR *RYHUQPHQW UDLVHG WKH SULFH RI FHUWDLQ FXWV 7KHVH LQFUHDVHV ZHUH QHFHVVLWDWHG E\ WKH XQKHDOWK\ VWDWH RI WKH LVODQGnV FDWWOH LQGXVWU\ EXW LW ZLOO FHUWDLQO\ EH DSSUHFLDWHG E\ WKH SXEOLF WKDW WKH *RYHUQPHQW ZLOO QRZ HQVXUH WKDW WKH FRQVXPHUV UHFHLYH D IDLU GHDO IURP WKHVH LQFUHDVHV ,W VHHPV WKHQ WKDW 3UHVLGHQW (LVHQKRZHUnV $OWKRXJK WKH 0LQLVWHUnV FDPSDLJQ WR VHH WKDW VWDWHPHQW ODVW ZHHN WKDW WKH 8QLWHG VWDWHV LV EHHI LV VROG DW WKH QHZ FRQWUROOHG SULFHV ZLOO UHo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o DQG WKXV UHVWRUH LWV SUHFLRXV OHDG :H GR QRW ILWDEOH IRU FDWWOH JURZHUV WR VHOO DW WKH FRQWURO GRXEW IRU RQH nPRPHULW WKDW VKH ZLOO EH VXFFHVVIXO SULFHV n M>,,,,,,,,,,,,,,,,,P,,,,,(,,,,,,O,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+,n P ,,, +, f ,I \RXU 3$*2'$ LV QRL P GHOLYHUHG RQ WLPH ,,, $ 6Dn9LQOV n$FFRPUWnDW D nEDnQLUHDKLnWQJ nLQWHUH6W LV P f ,I \RXU 3$*2'$ LV QRW P GHOLYHUHG DW DOO D WKRURXJKO\ UHOLDEOH LQYHVWHQW
    PAGE 5

    7+( 3$*2'$ ),9) :KDW +DSSHQHG ,Q /LWWOH 5RFN $ SHDFHIXO $PHULFDQ FLW\ KDV EHFRPH D V\PERO RI WKH 6RXWKnV UHVLVWDQFH WR WKH XV VXSUHPH RRXUWnV UXOLQJ RQ GHVHo JUHJDWLRQ +RZ GLG WKLV KDSSHQ" /LWWOH 5RFN LQ $UNDQVDV KDV D UHFRUG LQ UDFH UHODWLRQV WKDW ZRXOG EH WKH SULGH RI DQ\ FRPPXQLW\ )RU \HDUV WKHUH KDV QHYHU EHHQ DQ\ RXWEUHDN RI YLROHQFH RQ DFo FRXQW RI UDFLDO GLIIHUHQFHV :KLOH RWKHU 6RXWKHUQ FLWLHV ZHUH EXUQo LQJ FURVVHV DQG EHDWLQJ 1HJURHV /LWWOH 5RFN WRRN WKH 6XSUHPH &RXUWnV GHVHJUHJDWLRQ RUGHU LQ LWV VWULGH SODQQHG WR FDUU\ RXW WKH RUGHU SHDFHIXOO\ :LWKRXW GRXEW /LWWOH 5RFN ZLWK LWV UHFRUG RI JRRG UDFH UHODWLRQV ZRXOG KDYH DFFRPSOLVKHG WKLV ZLWKRXW YLRo OHQFH EXW WKH FLWL]HQV RI /LWWOH 5RFN KDGQnW UHFNRQHG ZLWK *RYo HUQRU 2UYDO )DXEXV :KDW VKRXOG KDYH EHHQ D SHDFH IXO SURFHVV VXGGHQO\ H[SORGHG LQWR RQH 2I WKH 6RXWKnV XJOLHVW PRE YLROHQFH /LWWOH 5RFNnV UHSXWDWLRQ IRU JRRG UDFH UHODWLRQV ZHQW XS LQ VPRNH DQG WKH QDPH RI WKLV OLWWOH $PHULFDQ FLW\ HFKRHG DURXQG WKH ZRUOG :KDW KDSSHQHG DW /LWWOH 5RFN KDG WKH VXSSRUW RI RQO\ D KDQGIXO RI 6RXWKHUQ GHPDo JRJXHV EXW WKH LQFLGHQW WKUHZ GDUN FORXGV RYHU WKH QDPH RI $PHULFDQ GHPRFUDF\ LQ PDQ\ FRXQWUWHV $PHULFDQ GLSORPDWV DFURVV WKH JOREH JULW WKHLU WHHWK LQ DQJHU WKDW D EDFNZRRG *RYo HUQRU FRXOG VR UHFNOHVVO\ VKDPH KLV FRXQWU\ DQG UHQGHU WKH WDVN RI ZLQQLQJ QHZ IULHQGV VR PXFK PRUH GLIILFXOW 5DGLR 0RVF2: JDYH WKH LQFLGHQW PXFK SXEOLFLW\ 7KH HPRWLRQDO WXUPRLO ZKLFK VKRRN /LWWOH 5RFN VKRXOG QHYHU KDYH KDSSHQHG ,W ZRXOG QHYHU KDYH KDSSHQHG LI *RYHUQRU 2UYDO )DXEXV KDG QRW FUHDWHG LW /LWWOH 5RFNnV &HQWUDO +LJK 6FKRRO ZDV IXOO\ SUHSDUHG WR DFFHSW WKH ILUVW JURXS RI QLQH 1HJUR VWXGHQWV DV LWV QHZ WHUP EHJDQ 3ULRU WR FDUU\LQJ RXW WKH 6XSUHPH &RXUWnV LQWHJUDWLRQ RUGHU WKH SROLFH DQG WKH VFKRRO DXWKRULWLHV KDG PDGH FDUHIXO FKHFNV DQG GHFLGHG WKDW WKHUH ZHUH QR LQGLFDWLRQ RI YLR OHQW RSSRVLWLRQ WR LQWHJUDWLRQ (YHQ WKH 0D\RU RI /LWWOH 5RFN KDG IRXQG QR UHDVRQ RU FDXVH IRU DODUP %XW WKH GD\ RQ ZKLFK WKH QLQH 1HJUR VWXGHQWV ZHUH WR HQWHU &HQo WUDO +LJK 6FKRRO *RYHUQRU )DX EXV HQFRXUDJHG E\ KLV FOLTXH RI UDFLVWV FDOOHG RXW KLV 1DWLRQDO *XDUG WR SUHYHQW YLROHQFH LQn D FLW\ ZKHUH WKH SROLFH WKH VFKRRO DXWKRULWLHV DQG WKH 0D\RU FRXOG ILQG QR WUDFH RI YLROHQFH :+$7 WKH 1DWLRQDO *XDUG ZDV UHDOO\ XVHG IRU ZDV WR EDU WKH QLQH 1HJUR VWXGHQWV IURP HQWHUo LQJ &HQWUDO +LJK 6FKRRO ,W ZDV DOVR DQ LGHDO ZD\ WR WKZDUW D IHG E\ 2EVHUYHU HUDO FRXUW LQWHJUDWLRQ RUGHU DQG ZLQ VXSSRUW IURP $UNDQVDV VHJUHo JDWLRQLVWV EHFDXVH LQVWHDG RI XSo KROGLQJ WKH FRXUWnV RUGHU RI LQo WHJUDWLRQ WKH *RYHUQRU ZDV DFWXDOO\ GHI\LQJ WKH ODZ E\ KDYo LQJ 1DWLRQDO *XDUGV SUHYHQW WKH QLQH 1HJUR VWXGHQWV IURP DWWHQGo LQJ 6FKRRO RQ WKH JURXQGV WKDW YLROHQFH ZRXOG UHVXOW 7KH UHDVRQ IRU *RYHUQRU )DXo EXVn DFWLRQ ZDV HDV\ WR VHH $ EDFNZRRG SROLWLFLDQ ZKR KDG FOLPEHG KLV ZD\ WR $UNDQVDVn WRS SRVLWLRQ KH ZDV XQZLOOLQJ WR OHW JR RI WKH UHLQV RI WKH *RYHUQRWo VKLS DIWHU VHUYLQJ WZR WHUPV $PELWLRXV IRU D WKLUG KH KDG VWDNHG KLV SROLWLFDO IXWXUH RQ WKH VXSSRUW RI $UNDQVDVn VHJUHJDWLRQo LVWV DQG KLV UHSXWDWLRQ RQ DQ RXWo EUHDN RI YLROHQFH LQ /LWWOH 5RFN $IWHU FDOOLQJ RXW WKH 1DWLRQDO *XDUGV DQG DQQRXQFLQJ WKDW KH KDG GRQH VR WR SUHYHQW YLROHQFH )DXEXV KDG WR VHH WR LW WKDW WKHUH ZDV LQGHHG YLROHQFH DQG WKH W\SH WKDW KH KDG SUHGLFWHG ,Q UHVo SRQVH WR DQ LQMXQFWLRQ LVVXHG DJDLQVW KLP E\ 8 6 'LVWULFW n-XGJH 5RQDOG 'DYLV KH FDOOHG RII WKH 1DWLRQDO *XDUG EXW UHIXVHG WR RUGHU WKH *XDUGV WR XSKROG WKH ODZ E\ DVVLVWLQJ LQWHJUDWLRQ 7KH ZD\ ZDV QRZ RSHQ IRU YLRo OHQFH 2Q WKH PRUQLQJ WKDW -XGJH 'DYLV KDG RUGHUHG LQWHo JUDWLRQ WR nEHJLQ DW &HQWUDO +LJK FKRRO VHYHQW\ SROLFHPHQ WRRN XS SRVLWLRQV RXWVLGH WKH VFKRRO $V WKH PLQXWHV WLFN E\ D VPDOO FURZG EHJDQ WR JDWKHU WKH SROLFH PDGH WKH PLVWDNH RI QRW RUGHULQJ WKHP WR PRYH RQ 7KH FURZG EH FDPH WKLFNHU WKHQ RXWRIWRZQ SURIHVVLRQDO DJLWDWRUV EHJDQ WR GULIW LQ 7QH\ PRYHG nDPRQJ WKH FURZG GURSSLQJ D UHPDUN KHUH DQG WKHH VORZO\ ZRUNUKJn XS WKH FURZG WR D SLWFK RI H[FLWHPHQW $W DP ZKHQ WKH VFKRRO EHOO UDQJ WKH FURZG EHJDQ WR KRRW ZKHQ DW WKH VDPH WLPH WKH QLQH 1HJUR VWXGHQWV DUULYHG HVFRUWHG E\ SROLFH $V WKH VKRXWLQJ EHFDPH ORXGHU IRXU 1HJUR QHZVPHQ XQZLVHO\ DSo SURDFKHG WKH FURZG E\ WKHQ LQ DQ XJO\ PRRG IURP WKH UHDU ,W ZDV WKH ILUVW VSDUN RI YLROHQFH $ JURXS RI DJLWDWRUV JDYH FKDVH GRZQ WKH EORFN DQG WKH FURZG IROORZHG )URP WKHQ RQ D PRE UXOHG /LWWOH 5RFN ,Q *HRUJLD ZKHUH KH KDG JRQH WR DWWHQG D 6RXWKHUQ *RYHUQRUnV FRQIHUHQFH )DXEXV NHSW LQ WHOHo SKRQH WRXFK ZLWK HYHQWV DW /LWWOH 5RFN :KHQ UHSRUWV RI YLROHQFH UHDFKHG KLP KH DQQRXQFHG GHo OLJKWHGO\ 7KH WURXEOH LQ /LWWOH 5RFN YLQGLFDWHV P\ JRRG MXGJHo PHQW %$&. LQ 1HZ 3RUW DW KLV YDFDo WLRQ RIILFH 3UHVLGHQW (LVHQo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n DQG D SRZHUIXO PHVVDJH WR RWKHU 6RXWKHUQ GHPDJRJXHVn WKDW WKH *RYHUUXQHQW LQWHQGHG WR FDUU\ RXW WKH GHFLVLRQV RI WKH WHGHUDO FRXUW :KHQ WROG RI 3UHVLGHQW (LVHQo KRZHUnV PRYH *RYHUQRU )DXEXV IOHZ EDFN LQWR /LWWOH 5RFN ,Q D QDWLRQDO WHOHYLVLRQ VSHHFK EUDQGo HG DV D PRQXPHQW WR GHPDJRo JXHU\ E\ RQH PDJD]LQH )DXEXV VDLG nOnRGD\ ZH ILQG WKH PHPo EHUVn RI nWKH IDPHG GLYLVLRQ ZLWK ED\RQHWV LQ WKH EDFNV RI VFKRRO JLUOV DQG WKH ZDUP UHG EORRG RI SDWULRWLF $PHULFDQ FLWL]HQV VWDLQLQJ WKH FROG QDNHG XQ VKHDWKHG NQLYHV ,Q WKH QDPH RI *RG ZKRP ZH DOO UHYHUH LQ WKH QDPH RI OLEHUW\ ZH KROG VR GHDU ZKLFK nZH DOO FKHULVK ZKDW LV KDSo SHQLQJ LQ $PHULFD "n :KDW LV KDSSHQLQJ LQ $PHULFD" 7SRXVDQGV RI SHRSOH KDG DVNHG WKH VDPH TXHVWLRQ ZKHQ )DXEXV KDG XVHG KLV 1DWLRQDO *XDUGV WR EORFN LQWHJUDWLRQ QRZ KH ZDV DVNLQJ LW :KDW KDG UHDOO\ KDSo SHQHG LV WKDW WKH 3UHVLGHQW RI WKH 8QLWHG 6WDWHV KDG SUHYHQWHG D GHPDJRJXH IURP SXWWLQJ KLPo VHOI DERYH WKH ODZ RI WKH ODQG $QG V /LWWOH 5RFN UHWXUQV WR LWV QRUPDO SHDFHIXO GD\V LW EHFRPHV PRUH DQG PRUH REYLRXV KRZ VHQVHOHVV LW KDG DOO EHHQ KRZ XQo QHFHVVDU\ LW ZRXOG DOO EH LI WKH )DEXVHV RI WKH 6RXWK ZRXOG EHQG ZLWK WKH ZLQG ZRXOG DFFHSW WKH DGMXVWPHQWV ZKLFK WKH\ NQRZ PXVW FRPH 1R RQH GRXEWV WKDW ,QWHJUDWLRQ ZRXOG EH D SHDFHIXO SURFHVV LT /LWWOH 5RFN 7K 3UHVLGHQW RI WK 86 KLPVHOI EHOLHYHG WKLV WR EH WUXH ZKHQ KH VDLG $V DnPDWWHI RI IDFW KDG WKH LQWHJUDWLRQ &HQWUDO +LJK 6FKRRO EHHQ SHUPLW WHG WR WDNH SODFH ZLWKRXW WKH LQ7 WHUYHQWLRQ RI WKH 1DWLRQDO *XDUG WKHUH LV OLWWOH GRXEW WKDW WKH SURo FHVV ZRXOG KDYH JRQH DORQJ TXLWH DV VPRRWKO\ DQG TXLHWO\ DV LW KDV LQ RWKHU $UNDQVDV FRPPXQLWLHV 1R RQH FDQ \HW VD\ ZKDW WKH HIIHFWV *RYHUQRU )DXEXVn DFWLRQ ZLOO KDYH RQ WKH UHVW RI WKH 6RXWK EXW WKH FRQVHQVXV RI RSLQLRQn LV WKDW KH KDV GRQH KLV FRXQWU\ L JUHDW GLVVHUYLFH WKH FRXQWU\ ZKLFK KDV PDGH LW SRVVLEOH IRU EDFNZRRG SRLOWLFLDQ WR EHFRPH *RYHUQRU n ,y 21/< e 5(7X51 )$5( ,n $XWXPQ 7RXUV 7R 7KH )DU (DVW
    PAGE 6

    $VWR 6B8n(,WXB6B+O'B1 DIHU n 21 7+ 2876 URWJHU W 21 7+( ,16,'( J\YHV
    PAGE 7

    7+( 3$*2'? n YHUVDO EHDXW\ $OO Y H U WKH ZRUOG IURP 7RN\R WR 7LPEXFX 0 Q W UHD WR 0DOHKHVLD PHQ nZRUVKLSSHG DW WKH VDPH VKULQH DQG GUHDPHG RI WKH VDPH YLVLRQ %XW KRZ IDLWKOHVV PHQ DUH WR nWKHLU LGHDOV )RU WKH VXOWU\ H\H VKDGRZHG VLUHQ JDYH ZD\ WR WKH EULVN DOPRVW PDQQLVK FRPUDGH RI WKH 7KLUWLHV -HDQ +DUORZ QRWo ZLWKVWDQGLQJ WKH ZRPDQ RI WKH n7KLUWLHV DV LGHDOLVHG RQ D PLOOLRQ VFUHHQV KDG WKH ERQ\ DPELJXRXV IDFH WKH ORQJ ZLGHVKRXOGHUHG RZE2
    PAGE 8

    (,*+7 H;&/86n9( $ L f B n, ? 7RS5DQNLQJ 5HGnV 6$785'$< 2&72%(5 6WRU\ 7KLV LV WKH ODVW RI WKUHH DUWLFOHV DERXW 0LORYDQ 'MLODV IRUPHU WRS
    PAGE 9

    NQRZQ WR WKHP HVSHFLDOO\ LQ ,Qo GLD +LV ERRN ZLOO DOVR KDYH SURo IRXQG HIIHFW LQ (DVWHUQ (XURSH ,W ZLOO IHHG ULJKW LQWR WKH ZDYH RI XQUHVW ZKLFK KDV IODUHG LQ 3R]QDQ :DUVDZ %XGDSHVW DQG HYHQ LQ /HQLQJUDG 7KH UHYLo VLRQLVWV RI (DVW (XURSH WKRVH ZKR ZDQW WR UHYLVH 0DU[LVP DFFRUGLQJ WR WKH UHDOLWLHV 2I WRo GD\f ZLOO ILQG LQ 'MLODVn ERRN WKH IXUWKHU VWHSV LQ WKLQNLQJ IURP UHYLVLRQLVP WR GHQXQFLDWLRQ RI &RPPXQLVP 2QH JUHDW SUREOHP LQ &RPo PXQLVW FRXQWULHV WRGD\ LV WKDW LGHRORJ\ KDV EHFRPH V WDW L F 7KHUH KDV EHHQ QRWKLQJ QHZ VLQFH 6XGGHQO\ ZH QRZ KDYH D IRUPHU &RPUDGH DQG OHDGHU SUHVHQWLQJ WKH YLHZ WKDW &RPPXQLVP LV D GHDG GXFN 'MLODV ZULWHV $9(5$*( LQ HYHU\WKLQJ WKH\ 6WDOLQnV VXFFHVVRUVf SRVVHVV DQ XQFRPPRQO\ VWURQJ VHQVH RI UHDOLW\ 8QDEOH WR FUHDWH QHZ V\VWHPV RU QHZ LGHDV EHFDXVH RI WKHLU JUDVS RI EXUHDXFUDWLF UHDOLo WLHV WKH\ DUH DEOH RQO\ WR VWLIOH RU PDNH LW LPSRVVLEOH WR FUHDWH DQ\WKLQJ QHZ 7KH HIIHFW RQ VXFK WKLQNLQJ DQG ZULWLQJ PD\ FDXVH 7HDO WURXEOH IRU 7LWR .KUXVKFKHY KDV FDOOHG 7LWR WKH EDG ER\ RI &RPPXQLVP PRUH WKDQ RQFH 1RZ KH ZLOO EH DEOH WR VD\ 7KLV LV \RXUV DQG ORRN ZKDW KHnV GRQH 7KH 'MLODVn ERRN PD\ VWDUW D ZLWFK KXQW DIWHU DQ\RQH ZKRP 7LWR WKLQNV KDV nEHHQ UHPRWHO\ FRQQHFWHG ZLWK 'MLODV %XW WKH L n t &203$1< /,0,7(' n L :HVW 6W 3DRQH ?????8???,?,?,???P???,?,,?????,????,???,??????O?O??O?PO??????,????,??????????????,?????? f f f %RRNVHOOHUV 6WDWLRQHUV f f f 7R\ 'HDOHUV f f DQG f f f *HQHUDO OPSfOHUV f f f f -867,1 0F&$57+< WL' f f f f .LQT 6WUHHW .LQTVWRQ f f y ff %LJ +DOORZHnHQ 'DQFH 7KH 2KLQHVH &DWKROLF $FWLRQ $VVRFLDWLRQ ZLOO VSRQVRU WKHLU ELJ JD\ +DOORZHnHQ 'DQFH RQ 6DWXUGD\ 1RYHPEHU 6FKHGXOHG WR WDNH SODFH DW WKH &KLQHVH $WKOHWLF &OXE DW +DOI :D\ 7UHH WKH RUJDQLVHUV WHOO PH WKDW WKH &OXE ZLOO EH EHDXWLIXOO\ GHFRUo DWHG IRU WKH RFFDVLRQ (QJDJHG WR SURYLGH PXVLF IRU GDQFLQJ LV SRSXODU &OLII %H&.o IRUG DQG KLV RUFKHVWUD $OO WKH SURFHHGV IURP WKLV 'DQFH ZLOO JR WRZDUGV WKH &KLQHVH 3ULHVWV )XQG GPLVVLRQ WR WKLV ZHHNHQG DIo IDLU LV UHDVRQDEO\ VHW DW SHU FRXSOH 7KLV LQFOXGHV VXSSHU $GPLVVLRQ IRU D VLQJOH SHUVRQ LV &DWKROLFV DQG WKHLU IULHQGV DUH ,QYLWHG WR DWWHQG /\P&KDQJ :HGGLQJ 2Q 6XQGD\ 6HSWHPEHU 9LQH\DUG 7RZQnV 6W 7KHUHVD &KXUFK ZDV WKH ORFDOH RI WKH ZHGGLQJ RI 0LVV &DUPHQ $QJHOD /\UQ GDXJKWHU RI 0U DQG 0UV :LOOLDP /\P RI 'DUOLVWRQ DQG 0U %REE\ &KDQJ .LQJ VRQ RI 0UV &KDQJ .LQJ RI 3RUXV 7nQH +, DP FHUHPRQ\ ZDV SHUo IRUPHG E\ )U -RVHSK 'RQRKXH DVVLVWHG E\ )UV 0F0XOODQ %XWo OHU DQG *ODYLQ 7KH EULGH UDGLDQW LQ nD FUHDo WLRQ RI FKDQWLOO\ ODFH DQG Q\ORQ WXOOH RYHU WDIIHWD DQG VDWLQ ZDV JKUHQ LQ PDUULDJH E\ KHU IDWKHU $VVLVWLQJ KHU DV FKLHI EULGHVo PDLG ZDV KHU VLVWHU -HDQ /\P ZKLOH )D\ 2KDQJ ZDV WKH RWKHU EULGHVPDQG /LWWOH 'RQQD
    PAGE 10

    7(1 f n n 0DOQGHYUXHn 1RWHV P VSOWH LQFUHPHQW ZHDWKHU RQ n6DOWXnUGD\ nQOJOOW RFWFFHU WQH WHHQDJHUV RU WQWV WRZQ PHW WRU D JD\ SOH--28ELH 7HQ 3DUW\ DW ] ZDUG $YHQXH 'DQFPJ VWDU:G DW DEEXW 62 SP n DQG ZQXH KHDY\ VQRZHUV ZHUH SRXUo LQJ HYHU\RQH KDG D ZRQGHUIXO WLPH URFN nQy -OR/LQJ WR WKH ,DWHVV KLW WXQHV $PRQJ WKRVH SUHVHQW ZHUH 0U DQG 0UV 5R\ /\Q V\OYLD -HDQ DQG -?&\ :Q WUWV DQG ,OHQH )RQJ n'RQDOGn &KLQ 'RURWK\ (PD DQG ?7LROHW /\Q 'DQQ\ DQG %DUWO RQLQ )D\ DQG SDQQ\

    PAGE 11

    VSRUW LV WKH EHVW ZD\ RI REWDLQLQJ f WKHn GHVLUHG UHVXOW DQGn WKDW D WUH VHQVH RI V3UWVPDQVOfLS Z4X,G PDNH EHWWHU FLWL]HQVn 0U F\ULO 7RR &KXQJ 3UHVLGHQW +7KURXJK WKH NLQG LQYLWDWLRQ RI Zn7KH OR3OHWKRIK-DWDLOLWD YHU RI WKH &KLQHVH 6SRUWV &OXE 4I WKH &KLQHVH $WKOHWLF &OXE ZH ZHUH H PH XV :, 26S D \ UH %ULWLVK n*XLDQD nDQGnyQ H SXW \ FDOOD 0U 7RR &KXQJ ZKR FDS FRPPWVVWRQHU RI ,QFRPH 7D[ DU n KHUH WR WDNH SDUW LQ YDULRXV WDLQHG WKH FULFNHW WHDP DW WKDW Gn WKH G 0L JDPHV LQGRRU nOQGn RXWGRRU WLPH DQPDQ\ In H ULYH ,Q H /6 DQ RPy DPU DJDLQVW WKH &OXEnV WHDnPVn 7KHn n n nnnnn XV Z UH VRUU\ RQ 6DWXUGD\ 2WRfHU $FFRP WR ,HDYH :H ZHUH JXHVWV DW WKH SDQLHG E\ KLV ZLIHn:n7RR &KXQJ LGHD ZDV WR HQFRXUDJH DQ H[ KRPHV RI &KLQHVH IDPLOLHV LQ LV RQ KLV ZD\ KRUQH DUWHUVSHQG FKDQJH RI YLVLWV VR WKDW ZH FRXOG .LQJVWRQ HDFK nYLVLWRU UHPDLQLQJ ,QJ DQ HQMR\DEOH VW[PRQWM YDFD JHW WR NQRZ HDFK RWKHU EHWWHU DQG ZLWK WKH VDPH KRVW GXULQJ WKH WLRQ LQ (QJODQWO DQG nWKH FRQ IRVWHU FORVHU UHODWLRQVKLS &RP IRUWQLJKW RI RXU VWD\ WWQHQW n n 0U 7RR &KXQJ DQG KLV ZLIH OHIW %ULWLVK *XLDQD LQ 0D\ WRRN LQ 7ULQLGDG IRU D IHZ GD\V EHIRUH JRLQJ RYHU WR ,WDO\ IRU D WRXU RI WKH FRQWLQHQW 7KH\ DUULYHG LQ (QJODQG LQ WLPH WRn VHH WKH 7KLUG 7HVW DQG VSHQW WKH JUHDWHU SDUWy RI WKHLU KROLGD\V LQ WKDW FRXQWU\ )URP (QJODQG WKH\ WUDYHOOHG RQ WR 1HZ
    PAGE 12

    n nnnnn n7??U(WW( 1DWXUDO ORYHOLQHVV FRPHV IURP FOHDU nH\HV DQG D KHDOWK\ VNLQ ERWK GHo SHQGLQJ RQ D EORRGVWUHDP IUHH IURP LPSXULWLHV /HW $QGUHZV KHOS \RX WR EHDXW\ WKURXJK ,QQHU &OHDQOLQHVV 'R \RX ZDNH XS IHHOLQJ ILW LQ ERG\IUHVK LQ PLQG" 1RW HYHU\ GD\ SHUKDSV :HOO PRUQLQJV ZKHQ \RX IHHO RII FRORXU MXVW WDE WKHVH WKUHH VWHSV WR SXW WKLQJV ULJKW ,f *HW DXW \RXU WLQ RI $QGUHZV f 3XW WZR WHDVSRRQVIXO LQWR ZDWHU DQG VWLU EULVNO\ f 'ULQN LW DV LW HIIHUYHVFHV ,Q QR WLPH VSDUNOLQJ $QG5:6 PDNHV \RX IHHO JRRG ,W IUHVKHQV WKH PRXWK DQG WRQJXH VHWWOHV WKH VWRPDFK DQG WRQHV XS WKH OLYHU )LQDOO\ $QGUHZV JHQWO\ FOHDUV WKH V\VWHP RI ZDVWHV FRPSOHWLQJ <2XWn ,QQHU &OHDQOLQHVV OHDYLQJ \RX ILW DQG IUHVK $JHQWV &HFLO % )DFH\ XV ,VU +DUERXU 6WUHHW .,1*6721 )$0,/< 7,1 I G +$1'< 7,1 OIG 75,$/ 7,1 f IG 6$785'$< 2&72%(5 OLOOOOOO ,,, ,,QOOOOOOOOOOOOO ,,8O8,,,,, ? 7 7+( 7+($75( SDWLHQW UHIXVLQJ WR UHDOL]H WKDW KLV FXUH OLHV LQ KLV UHFRJQL]LQJ WKH KDUP RI KLV IDWKHUnV DPELWLRQ IRU KLP 7KH VLWXDWLRQ LV TXLWH SDWKHWLF DQG 7RQ\ 3HUNLQV ZLWK KLV GDUN EXUQLQJ H\HV DQG WKLQ IHDWXUH LQ D VWUDLQHG WHQVH IDFH VXUSULVPJ O\ OLNH D VPDOO ER\nV FRQYH\ SDWKRV VHQVLWLYHO\ DQG HIIHFWLYHO\ 2QH RI WKH ODWHVW RI WKH FURS WR QHZ PDOH DFWRUV WR WKH VFUHHQ 3HUNLQV SURYHV WKDW KH GHVHUYHV DOO WKH UDYH SXEOLFLW\ KH KDV EHHQ UHFHLYLQJ $OWKRXJK WKLV LV KLV WKLUG ILOP LW LV WKH ILUVW WKDW KDV EHHQ VKRZQ LQ -DPDLFD RU UDWKHU WKH ILUVW WKDW KDYH VHHQ DQG LW ZDV TXLWH HDUO\ IRU KLP WR KDYH D VWDUULQJ UROH DQG SHUIRUPLQJ VR ZHOO +LV ORRNV DUH VXJJHVWLYH RI *OHQQ )RUG KLV YRLFH DPD]LQJO\ OLNH -DPHV VWHZDUWnV DQG WKHUH LV LQ KLV FDWOLNH PRYHPHQWV VRPH WKLQJ RI WKH ODWH -DPHV 'HDQ LQ ZKRVH FODVV KH REYLRXVO\ EHORQJV EXW WKHUH LV KLV RZQ SHUVRQDOo LW\ FKDUJHG ZLWK WKH IODYRXU RI WKHVH JUHDWV DQG 3HUNLQV HPHUJHV DV D \RXQJ DFWRU ZLWK \HDUV RI LPSURYHPHQW DKHDG DQG GHYHORSPHQW LQ VW\OH EXW KH LV GHILQLWHO\ KHUH WR VWD\ +LV EUHDNo GRZQ VFHQHV ZHUH SOD\HG ZLWK JUHDW FRQWURO DQG GHSWK RI XQo GHUVWDQGLQJ EUHDWKLQJ DXWKHQWLo FLW\ GHVSLWH 3HUNLQVn H[WUHPHO\ \RXWKIXO DSSHDUDQFH .DUO 0DOGHQ DV KLV IDWKHU JDYH KLV XVXDO H[FHOOHQW SHUIRUPo DQFH ZKLOH 1RUPD :RRG DV KLV ZLIH ZDV IXOO RI V\PSDWK\ DQG D QDWXUDO FKDUP %\ 5XE\ 6LPP ,OGO???????????,?????,,?,????,,????,????,????,8OLO?????????,????,,?????,?,OO,?????????,????OOO?????,???????,?,??????,??,,???,?,?????,???????,?O,,??,???,??,??,???????,,nG????,8,,,,??????????,,?8?' 7+( 529,1* 5(3257(5 &RQWLQXHG IURP SDJH f YLVLW WR &DQDGD DQG WKH 8QLWHG VWDWHV ,QIOXHQ]D 6SUHDGLQJ 7KH LQFLGHQFH RI LQIOXHQ]D LV VSUHDGLQJ UDSLGO\ DOO RYHU WKH LVo ODQG ,Q VRPH VFKRROV DV PXFK DV VWXGHQWV KDYH EHHQ UHo SRUWHG GRZQ ZLWK LQIOXHQ]D ,Qo YHVWLJDWLRQV FDUULHG RXW E\ WKH 0LQLVWU\ RI +HDOWK FRQILUPHG WKH SUHVHQFH RI $VLDQ IOX LQ WKH LVo ODQG EXW QRW DOO WKH FDVHV UHo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nV IXQQLHVW ILOP .D\H KDV FHUWDLQO\ SURYHG WKDW WKHUH LV PHWKRG LQ PDGQHVV DQG KLV SDUWLFXODU W\SH RI PDGQHVV SD\V RII DQG JLYHV WR WKH HQWHUo WDLQPHQW ZRUOG D JHQLXV LQ KLV ILHOG 7KLV VWRU\ RI DQ $PHULFDQ YHQo WULORTXLVW XQGHUJRLQJ SV\FKLDWULF WUHDWPHQW IURP D YHU\ EHDXWLIXO ODG\ GRFWRU LQ 6ZLW]HUODQG DQG /RQGRQ WDNHV RQ WKH IRUP RI D QLJKWPDUH ZKHQ -HUU\ WKH YHQo WULORTXLVW XQFRQVFLRXVO\ EHFRPHV LQYROYHG LQ LQWHUQDWLRQDO HVSLRQo DJH DQG EHFRPHV WKH WDUJHW RI WZR VS\ ULQJV ZKRP KH KDV WKZDUWHG XQFRQVHLRXVO\ DJDLQf LQ WKHLU GDVWDUGO\ LQWHQWLRQV :KHQ WKH JRLQJ JHWV URXJK DQG FRUSVHV EHJLQ WR IDOO RXW RI FORVHWV RQ -HUU\ KLV LQVDQLW\ VHHPV SURYHG DQG LQ KLV SDQLF KLV RQH WKRXJKW LV WR IOHH DQG KH HVFDSHV IURP RQH HYLO RQO\ WR IDOO LQWR DQRWKHU PRUH GHDGO\ +LV EDOOHW VFHQH ZDV XQEHDUDEO\ IXQQ\ DQG WKH UHPDLQGHU RI WKH ILOP LV DORQJ WKDW VDPH OLQH JHWWLQJ IXQQLHU DQG IXQQLHU 6ODSVWLFN LV ERXQG WR EH LUULo WDWLQJ ZKLOH EULOOLDQW ZLW FDQ EH D KHDGDFKH EXW ZLWK .D\H VWULNo LQJ D KDSS\ PHGLXP WKH UHVXOW LV D VPRRWKO\ UXQQLQJ FRPHG\ EXLOGLQJ XS WR D FOLPD[ ZLWK D UDUHO\ IRXQG KXPRXU RQ WKH VFUHHQ 0DL =HWWHUOLQJ DV KLV FRVWDU LV TXLWH FRPSHWHQW r )LOP )HDU 6WULNHV 2XW 6WDUV $QWKRQ\ 3HUNLQV .DUO 0DOGHQ 1RUPD :G 2SLQLRQ )LQH SHUIRUPDQFH E\ $'WKRQ\ 3HUNL'V nI8OO6 LV VXSSRVHG WR EH D WUXH VWRU\ EDVHG RQ WKH OLIH RI -LPP\ 3OHUVLHO IDPRXV 5HG 6R[ EDVHEDOO SOD\HU EXW LV QRW WKH XVXDO KHPHWRZQ ER\ PDNHV JRRG VWRU\ 7KHUH LV WKH EXLOGXS RI WKH HDUO\ UHODWLRQVKLS EHWZHHQ IDWKHU DQG VRQ EULQJLQJ DERXW WKH FOLo PD[ RI WKH XQZKROHVRPH HIIHFW RI WKH PDQnV LQIOXHQFH RQ KLV VRQ :H DUH E\ QRZ TXLWH IDPLOLDU ZLWK SKV\FKRSDWKLF FDVHV RQ WKH VFUHHQ DQG WKLV UXQV DORQJ WKH XVXDO SDWWHUQ ZLWK WKH DXGLHQFH NQRZLQJ WKH FDXVH RI -LPP\n6 EUHDNGRZQ WKH GRFWRU NQRZLQJ LW ZLWKRXW VD\LQJ DQG RQO\ WKH

    PAGE 13

    n7+( S$*2'$ $ 1HZ 0\VWHU\ 7KH 0XUGHU +H 'LGRnW 'R 7+( 6725< 62 )$5 :KHQ ZHDULQHVV RYHUWRRN WUXFN GULYHU -RH .DSRVLF KH ySXOOHG RYHU WR WKH VLGH RI WKH URDG IRU D QDS +H LV DZDNHQHG E\ SROLFH ZKR GUDJ nKLP IURP KLV WUXFN SRLQW WR D ZRPDQnV FRUSVH LQ WKH FDE EHVLGH KLP DQG DFFXVH KLP RI PXUGHU 8QDEOH WR FRQYLQFH WKHP RI KLV LQQRFHQFH -RH EROWV IURP KLV FDSLRUV DQG WDNHV UHIXTH LQ D QHDUE\ PRWHO &+$37(5 ,, +( ZDV VDIHn IRU D PRPHQW +H JUDEEHG WKH WKLQ UHHOLQJ RI VHFXULW\ WR KLP +H OD\ WKHUH LQ f[KDXVWLRQ KLV PLQG D FKDRWLF MXPEOH DQG JUDGXDOO\ RXW RI WKH FKDRV HPHUJHG FOHDU FXW PHPRQHV RI WKH GHDG JLUO 6KH ZHV EORQGH D FOHDQ JROGHQ EORQGH ZLWK SXUSOH EUXLVHV RQ KHU ZKLWH UHFN ,"KH ZRUH VODFNV DQG D EORXVH $ PHWDO WDJ DQG KHU SLFo WXUH RQ LW DQG KHU QDPH DQG D QXPEHU DQG WKH QDPH RI WKH -DPH\ $LUFUDLIW &RPSDQ\ +H OD\ WKHUH ZRQGHULQJ DERXW WKH JLUO KRZ VKH JRW LQWR KLV WUXFN ZKLOH KH VOHSW +LV WKRXJKWV IOLFNHUHG RQ WR %HWW\ DQG OLWWOH -RH DQG WKH OLJKW WKURXJK WKH VOLWWHG EOLQGV JUHZ EULJKWHU DQG WKH VWUHHW VRXQGV LQFUHDVHG 2XWo VLGH KH FRXOG KHDU WKH YRLFHV RI WKH DOO WRXULVWV DV WKH\ PDGH UHDG\ IRU WKHLU GD\nV GULYH +H ZRQGHUHG KRZ ORQJ LWnG EH EHIRUH WKH FOHDQLQJ SHUVRQ FDPH WR WKWV URRP DQG KH ZRQGHUHG ZKDW KH ZDV JRLQJ WR GR WKHQ RU EHIRUH WKHQ +H FRXOGQnW WKLQN FOHDUO\ @,H KDG RQ D SDLU RI VWULSHG RYHUDOOV +H KDG WZR GROODUV DQG WZHQW\ FHQWV LQ KLV SRFNHWV +H 9LDV VL[W\ PLOHV IURP KRPH EXW WKDW ZDV QR KDYHQ n7K# SROLFH ZRXOG EH ZDLWLQJ IRU KLP WR VKRZ XS WKHUH %HFDXVH LW ZDV WKH HDVLHVW WKLQJ WR GR DW WKH PRPHQW -RH .DSRVLF VOHSW +H DZRNH ZLWK FORJJHG QRVWULOV DQG DQ DFKLQJ ERG\ 6XQVKLQH ILOWHUHG WKURXJK WKH VOLWV LQ WKH +LQGV DQG KH FRXOG VHH GXVW PRWHV VZLUOLQJ DV KH VDW XS UXEo ELQJ KLV IDFH 2XWVLGH KH FRXOG -DLQO\ KHDU WKH YRLFHV WKDW KDG ZDNHQHG KLP +H JRW WR KLV IHHW DQG ZHQW WR WKH ZLQGRZ DQG n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o PHPEHUHG KHnG OHIW D NH\ LQ WKH ORFN 6ZHDW EURNH RXW RQ KLP DV KH SXVKHG WKf GRRU RSHQ DQG VFXWWOHG DFURVV WKH URRP +H JRW WKH NH\ RXW RI WKH ORFN ZLWK WUHPEOLQJ ILQJHUV WU\LQJ QRW WR DOORZ LW WR UDWWOH +H ZHQW EDFN DFURVV WKH URRP KLV VSLQH WLQJo OLQJ WKH FRSSHU\ WDVWH RI IHDU LQ KLV PRXWK +H SXOOHG WKH FORVHW GRRU VKXW DV WKH RXWHU GRRU RSHQHG +H KHDUG WKH FODWWHU RI FOHDQo LQJ SDLOV DQG WKH DVWKPDWLF ?9 KHH]H RI WKH FOHDQLQJ ZRPDQ +H KHDUG KHU VQRUW DQG D IHZ PXWWHUHG ZRUGV DQG WKH GRRU FORVHG +H ZDLWHG OLVWHQLQJ WR WKH VRXQGV RI WKH FOHDQLQJ ZRPDQ %\ :LOOLDP 9DQFH DV VKH PRYHG DORQJ WR WKH QH[W -2RP :KHQ KH ZDV VXUf VKH ZDV FRQH KH JRW RXW RI WKH FORVHW DQG UHOD[HG RQ WKH EHG /\LQJ WKHUH nZLWK KLV KDQGV FODVSHG EHKLQG OnFLV KHDG KH ZRQGHUHG ZKDW KH ZRXOG GR 7KH\ WKLQN WKH\nYH JRW WKH NLOOHU D KDUG UfOD8VWLF SDUW RI KLV PLQG VDLG
    PAGE 14

    fff &RROLQJ fff 5HYLYLQJ fff 5HIUHVKLQJ B DQ 6 ',$021' 0,1(5$/ :$7(5 &2 /7' nn 2UDOUH 6W 3KRQH 60$57 )2/.6 6LORS DW :21*32: *(1(5$/ :+2/(6$/( 0(5&O8176 )RU WKH %HVW LQ 35,&(6 48$/,7< t 6(59,&( B /$11$0$1n6 &21)(&U,21(5< $UQROG 5RDG 3KRQH %$5,2<$ BB 7KH GHOLFLRXV FKRFRODWH IODYRXUHG GULQN LVn UDHRPPHDGHG E\ WKH 6$785'$< 2&72%(5 L UW++1HVHV++0++WL+++F 5(' 9,&725< ,1 7+( 6.< E\ n2EVHUYHUn /$67 ZHHN DV WKH 86 EHJDQ WR UHJDLQ LWV FRPSRVXUH LQ WKH GLVJUDFHIXO /LWWOH 5RFN LQFLGHQW WKH FRXQWU\ UHFHLYHG RQH RI LWV PDMRU GHIHDW LQ WKH VFLHQWLILF ILHOG +XUWOLQJ XQVHHQ n PLOHV DERYH WUDYHOOLQJ DW PSK ZDV WKH ILUVW PDQPDGH HDUWK VDWHOOLWH ,W RSHQHG D QHZ HUD LQ WKH KLVWRU\ RI PDQnV DPELWLRQ WR FRQTXHU RXWHU VSDFH nEXW ZKDW PDGH WKH ODXQFKLQJ RU WKH OILUVW VXFFHVVIXO VDWHOOLWH VR PXFK PRUH LPSRUWDQW ZDV WKH IDFW WKDW LW ZDV WKH 5XVVLDQV ZKR KDG GRQH LW OLWH WR D IHZ GD\V 7KH 6SXWQLN UHYROYHV DW DQ DOWLWXGH RI PLOHV XS DQ DOWLWXGH DW ZKLFK LW FRXOG NHHS FLUFOLQJ WKH HDUWKn IRU PDQ\ \HDUV WR FRPH 7KXV WKH 6SXWQLN LV EHWWHU WKDQ WKH 86 VDWHOOLWH ZKLFK LV VWLOO RQ WKH JURXQG LQ DW OHDVW WKUHH LPSRUWDQW ZD\V ZHLJKW RUELW DQG DOWLWXGH 'XULQJ WKH ILUVW QLJKW RI LWV ODXQFKLQJ WKH 6SXWQLNnV IDPLOLDU EHHSEHHS VRXQG ZDV KHDUG DURXQG WKH ZRUOG E\ UDGLS 1R RQH EXW WKH 5XVVLDQV NQRZ ZKHo WKHU WKHVH VRXQGV DUH PHUHO\ D VHULHV RI nEHHSV RU ZKHWKHU LW FDUULHV FRGHG LQIRUPDWLRQ IURP ,QVWUXPHQWV EXLOW ZLWKLQ WKH VDWHOOLWH 6R IDU WKH\ KDYH JLYHQ RXW OLWWOH LQIRUPDWLRQ EXW WKH\ KDYH UHYHDOHG WKH 6SXWQLNnV VSHHG DERXW PLOHV SHU KRXUf ZHLJKW DQG DOWLWXGH DQG GLVo FORVHG WKDW LW FLUFOHV WKH HDUWK HYHU\ PLQXWHV 7KH 5XVVLDQV KDYH PDLQWDLQHG WKDW WKHUH LV QRWKLQJ FRQFHDOHG ZLWKLQ WKH VDWHOOLWH H[FHSWLQJ EDWWHULHV DQG WUDQVPLWWHUV 7KHVH EDWWHULHV ZLOO NHHS WKH WUDQVPLWo WHUV EHHSLQJ IRU DERXW WKUHH ZHHNV *HQHUDO $QDWRO\ $UNDGLHo YLFK %ODJRQUDYRY KHDG RI WKH WKUHHPDQ 5XVVLDQ GHOHJDWLRQ WR ODVW ZHHNnV VDWHOOLWH FRQYHQWLRQ LQ :DVKLQJWRQ DOVR GLVFORVHG WKDW WKH VDWHOOLWH KDV IRXU UDGLR DQo WHQQDH DQG WKDW WKH SRZHW RI WKH UDGLR VLJQDO LV RQH ZDWW :KDW 7KLV 0HDQV 7KH VXFFHVV RI 6SXWQLN PPW WKDW 5XVVLDQ VFLHQFH KDYLQJ EHHQ EDGO\ XQo GHUHVWLPDWHG E\ WKH :HVW KDV QRZ ZRQ QHZ UHVSHFW )DU IURP EHLQJ D QDWLRQ ZKLFK ZDV SLFo WXUHG DV DFTXLULQJ VFLHQWLILF LQo IRUPDWLRQ WKURXJK LWV QHWZRUN RI VSLHV D QHZ JHQHUDWLRQ RI VFLHQo WLVWV KDYH FRPH RI DJH WR EOD]H D QHZ HUD LQ PDQnV GHVLUH WR FRQo TXHU VSDFH +RZ WKH 5XVVLDQV ZLOO HPSOR\ WKH IUXLWV RI WKHLU VXFFHVV LV VWLOO GLIILFXOW WR IRUHVHH EXW LW GRHV LQGLFDWH D SUHVVLQJ QHHG IRU (DVW DQG :HVW WR UHDFK VRPH XQGHUo VWDQGLQJ H %:,$ 3,/276 675,.( +$/76 6(59,&(6 $OO %:,$ VHUYLFHV ZHUH VXVo QHQGHG WKLV ZHHN DV D UHVXOW RI %:,$ 3LORWVn VWULNH 6XVSHQVLRQ RI VHUYLFHV IROORZHG WKH EUHDNGRZQ RI QHJRWLDWLRQV ZLWK WKH 3LORWV $Vo VRFLDWLRQ %HOSDf ZKR KDYH LVVXHG D VWULNH QRWLFH WR EULQJ WR D VWDQGVWLOO WKH ZKROH RI WKH &RPo SDQ\nV RSHUDWLRQV IURP :HGQHVo GD\ PRUQLQJ RI WKLV ZHHN :LWK WKDW UHFRJQLWLRQ FDPH WKH FKLOOLQJ UHDOL]DWLRQ WKDW WKH 5XVo VLDQV PXVW KDYH D ZRUNDEOH ,Q WHUFRQWLQHQWDO %DOOLVWLF 0LVVLOH IURP ZKLFK D VDWHOOLWH KDV WR EH ODXQFKHG 7KH 5XVVLDQ DFKLHYHo PHQW KDV VHULRXV LPSOLFDWLRQV IRU WKH :HVW DQG SDUWLFXODUO\ WKH 8QLWHG VWDWHV WKH ODWWHU ZKLFK KDV EHHQ SXVKLQJ IHYHULVKO\ LWV RZQ 0OLVVLOH DQG 6DWHOOLWH SURMHFWV
    PAGE 15

    7+( 3$*2'$n -DPHV &KRQJ 3DUDPRXQWf 0U DQG 0UV 0DXULFH &KHRQJ DIWHU WKHLU ZHGGLQJ DW WKH 6W 7KHUHVD &KXUFK LQ 9LQH\DUG 7RZQ RQ 6XQGD\ 6HSWHPEHU 7KH EULGH LV WKH IRUPHU /LO\
    PAGE 16

    6,;7((1 6$785'$< 2&72%(5 'HDU W5HDGHUV ZDQW WR VD\ D ZRUG WR WKRVH JLUOV ZKR KDYH QR SDUWLFXODU GHo VLUH WR EH PRWKHUV DQG PD\ KDYH VRPH TXDOPV DERXW WKHLU ODFN RI WKLV IHHOLQJ ZDV WKLQNLQJ RI VXFK D RQH WKDW NQHZ D IHZ GD\V DJR 7KLV JLUO ZDV WKH \RXQJHVW RI WZR DQG KDG QHYHU EHHQ DFFXVWRPHG WR EDELHV LQ WKH KRXVH 6KH XVHG WR ZRQGHU LI VKH ZDV XQQDWXUDO DV RWKHU JLUOV VKH NQHZ ZRXOG SHHS LQWR SUDPV WR ORRN DW EDELHV ZKLOH VKH KDG QR VXFK XUJHV +RZHYHU VKH WROG PH WKDW DV WKH \HDUV ZHQW RQ VKH JUDGXDOO\ EHJDQ WR FKDQJH DQG DIWHU VKH KDG PHW WKH PDQ VKH ZDQWHG WR PDQ\ KHU GHVLUH WR KDYH FKLOo GUHQ RI KHU RZQ LQFUHDVHG PDUN HGO\ 6KH KDV EHHQ PDUULHG VRPH \HDUV QRZ DQG KDV WKUHH \RXQJ FKLOGUHQ RI KHU RZQ ZKLFK VKH ORYHV DV GHYRWHGO\ DV DQ\ PRWKHU FRXOG 6KH WHOOV PH LW VHHPV LPSRVVLEOH WR KHU WKDW VKH ZDV RQFH LQGLIIHUHQW WR WKH FKDUPV RI D EDE\ 6R LW JRHV 7KH PRUH ZH KDYH WR GR ZLWK EDELHV RU \RXQJ FKLOGUHQ WKH PRUH ZH ORYH WKHP WKLQN LW LV D SLW\ WKH GD\V RI ODUJH IDPLOLHV KDYH JRQH RU VR LW VHHPVf ,Q WKH ROG GD\V PDQ\ PRWKHUV IRXQG DIWHU VRPH \HDUV WKDW WKH\ ZHUHQnW KDSS\ XQOHVV WKHUH ZDV D EDE LQ WKH KRXVH :HQ HYHQ LI WKDW LV QRW \RXU GUHDP DQ\ RI \RX \RXQJ JLUOV ZKR PD\ KDYH TXDOPV DERXW \RXU VXLWDELOLW\ WR EH PRWKHUV VWRS ZRUU\LQJ DOO \RXU LQVWLQFWV ZLOO EH FDOOHG XS ZKHQ WKH WLPH FRPHV /HWnV RSHQ WKH OHWWHUVo 'UHDU 0LVV 0XL /HH ,V LW SRVVLEOH IRU D EULGH WR ZHDU D ZHGGLQJGUHVV RI D FRORXU GD[ 62$3 )/$.(6 RWKHU WKDQ ZKLWH" ,I ZKLWH LV QRW WKH 4QO\ FRORXU SHUPLVVLEOH ZEDW FRORXU GR <48 WKLQN LV VXLWo DEOH" ,V WKHUH DQ\ UXOH DJDLQVW 4WKHU HRORXUV" /RRNLQJ IRU \RXU UHSO\ LQ WKH QH[W LVVXH 7: 'HDU 7 : 7KHUH LV QR RELLJXWLRQ IRU D EULGH WR ZHDU ZKLWH EXW LW LV DQ ROG WUDGLWLRQ ZKLFK PRVW EULGHV IROORZ HDJHUO\ 6LPLODUO\ WKHUH LV QR UXOH DJDLQVW DQ\ RWKHU FROo RXU WKDW NQRZ RI EXW QDWXUDOO\ SHRSOH JHQHUDOO\ FKRRVH D SDOH VKDGH WR JLYH DQ DSSHDUDQFH RI GDLQWLQHVV DQG HYHQ LI D KHDYLHU W\SH RI GUHVV LV EHLQJ ZRUQ DV IRU LQVWDQFH LQ WKH FDVH RI DQ ROGHU ZRPDQ 2U D VHFRQG PDUo ULDJHf VWURQJ FRORXUV DQG EODFN DUH JHQHUDOO\ D YRLGHG DV EHLQJ RXW RI SODFH DW DQ RFFDVLRQ ZKLFK LV ERWK KDSS\ DQG VROHPQ 3DOH EOXH RU SLQN ZRXOG EH SUHWW\ WKRXJK XQOHVV \28 KDYH VRPH SDUWLFXODU UHDVRQ IRU QRW ZLVKLQJ WR ZHDU LW GR IDYRXU ZKLWH P\VHOI DQG WKLQN LW LV IODWo WHULQJ WR PRVW SHRSOH 'HDU 0LVV 0XL /HH DP WZH'W\ \HDUV RI DJH $ERXW WZR \HDUV DJR PHW D E4< D \HDU ROGHU WKDQ P\VHOI ZLWK ZKRP EHFDPH YHU\ IULHQGO\ DQG ODWHU UHDOO\ ORYHG WKRXJKW KH ORYHG PH WRR IRU KH XVHG WR UXQ DIWHU PH D/O WKH WLPH :H ZHUH VWHDGLHV XQWLO ZHQW DZD\ WR &DQDGD IRU WKUHH PRQWKV VWD\LQJ ZLWK VRPH UHODWLYHV IRU D QROLGLD\ 1RZ WKDW KDYH UHo WXUQHG DP QRW VXUH RI KLV ORYH DW DOO $OWKRXJK KH PHW PH DW WKH DLUSRUW DQG KDYH VHHQ KLP VHYHUD/ WLPHV VLQFH KLV DWWLWXGH VHHPV WR KDYH FKDQJHG KDYH EHHQ WROG WKDW KH KDV EHHQ G D WLQ J DQRWKHU JLUO LQ P\ DEVHQFH 'R \RX WKLQN VKRXOG WU\ WR JHW KLP EDFN RU IRUJHW KLP" IHHO VR ORQHO\ ZLWKRXW KLP '(6(57(' 'HDU 'HVHUWHG GRQnW IHHOn WRR RSWLPLVWLF DERXW WKLV \RXQJ PDQ GRQnW FRQGHPQ KLP HQWLUHO\ IRU GDWLQJ DQRWKHU JLUO LQ \RXU DEVHQFH WKDW FRXOG EH MXVW D IULHQGO\ RXWo LQJ ZLWK QR LQWHQWLRQ RI KXUWLQJ \RX WKHUHE\ EXW WKH IDFW WKDW KLV DWWLWXGH VHHPV WR KDYH FKDQJHG WRZDUGV \RX LQ VXFK D VKRUW WLPH GRHV VXJJHVW HLWKHU WKDW KH ZDV QRW UHDOO\ LQ ORYH ZLWK \RX RU WKDW KH LV QRW YHU\ VWDEOH LQ KLV DIIHFWLRQV
    PAGE 17

    7+( 3$*2'$ %$'0,1721 7KH $OO -DPDLFD %DGPLQWRQ WRXUQH\ HQGHG RQ 2FW UG DQG WKLV ZLOO EH WKH HQG RI WKH VHDVRQ XQWLO QH[W \HDU 7KH WRXUQH\ ZDV YHU\ VXFFHVVIXO DQG QR GRXEW ZDV KLJKOLJKWHG E\ -XG\ DQG 6XVDQ 'HYOLQ WDNLQJ SDUW 7KLV ZDV PDGH SRVVLEOH WKURXJK WKH KDUG ZRUN RI WKH -%$nV 6HFUHWDU\ /XFLHQ 7DL 7HQ 4XHH DQG FRQo JUDWXODWLRQV PXVW JR WR KLP IRU EHLQJ DEOH WR KDYH PDGH WKH DUo UDQJHPHQWV :HOO RQ WKH ILQDO QLJKW WKH 0HQnV VLQJOHV FURZQ ZHQW WR %UHQGDQ &ODLU ZKR ZDV IDQFLHG IRU WKH WLWOH IURP KH PDGH KLV GHEXW RQ WKH FRXUW LQ WKH WRXUo QH\ +H TXLWH HDVLO\ GHIHDWHG RXQJ DQG YDVWO\ LPSURYHG (GGLH ,DGLH ZKR ZDV LQH[SHULHQFHG WR KLV RSSRQHQW (GGLH =LDGLH GLG KLV EHVW EXW ZDV MXVW QRW JRRG HQRXJK IRU KLV FUDIW\ RSSRQHQW 1R GRXEW D ORW ZLOO EH KHDUG IURP WKLV \RXQJVWHU QH[W \HDU 7KH /DGOHVn VLQJOHV ILQDO ZDV EHWZHHQ 6XVDQ DQG -XG\ 'HYOLQ (YHU\RQH H[SHFWHG D JRRG WFK EXW -XG\ 'HYOLQ ZDV WRR JRRG IRU KHU HOGHU VLVWHU DQG HDVLO\ ZRQ LQ VWUDLJKW JDPHV -XG\ 'HOYLQ VKRZHG HYHU\RQH KRZ VKH EHFDPH FKDPSLRQ QRW RQO\ KHUH EXW DOVR DEURDG ZLWK VRPH KDUG KLWWLQJ SUHFLVH VKRWV 7KH 0HQnV GRXEOHV ZHUH EHWZHHQ 'D&RVWD SDUWo QHUHG !E\ *LOOLH $OH[DQGHU DJDLQVW ,DQ 9HOUD DQG 5RQ :LOOLDPV 7KLV PDWFK ZDV YHU\ JRRG DQG RQH ZRXOG KDYH WKRXJKW 9HLUD DQG :LOOLDPV KDG LW LQ WKH EDJ DIWHU WKH ILUVW JDPH EXW 'DQQ\ 'Do &RVWD ZKR LV QR GRXEW RQH RI WKH EHVW GRXEOHV SOD\HUV LI QRW WKH ILQHVW LQ WKH LVODQG SOD\HG H[o FHHGLQJO\ ZHOO DQG VXSSRUWHG E\ KLV SDUWQHU WRRN WKH QH[W WZR JDPHV DQG VR WKRURXJKO\ GHVHUYo HG YLFWRU\ %UHQGRQ &ODLU DQG ,DQ +XQW :2Q WKH 0HQnV GRXEOHV FRQVRODWLRQ HYHQW DQG (GGLH =LDo GLH DQG +RSH 9DOHQWLQH ZRQ WKH PL[HG GRXEOHV FRQVRODWLRQ HYHQW 7KHUH ZHUH WZR H[KLELWLRQ PDWFKHV EHWZHHQ -XG\ 'HOYLQ DQG % &ODLU DJDLQVW 6XVDQ 'HYOLQ DQG WKH IRUPHU $FKDPS -LPP\ /HVOLH 7KH IRUPHU SDLU SURYHG WRR JRRG IRU WKHLU RSSRQHQWV DQG ZRQ TXLWH HDVLO\ EXW RQH FRXOG VHH WKDW DOO SRLQWV ZRQ ZHUH ZHOO SODFHG VKRWV ,Q WKH QH[W PDWFK WKH 'HYOLQ VLVWHUV SOD\HG DJDLQVW WKH QHZ $OO -DPDLFD GRXEOHV FKDPSV 'DQQ\ 'D&RVWD DQG *LOOLH $OH[o DQGHU 7KLV PDWFK ZDV UHDOO\ ZRUWK JRLQJ PLOHV WR VHH 1R GRXEW WKH YLFWRU\ RI WKH VLVWHUV ZDV D IRUHJRQH FRQFOXVLRQ 7KH $FKDPSV WULHG WKHLU EHVW EXW WKH VLVWHUV VKRZHG WKHP WKDW WHDPZRUN DQG FRXUW FUDIW ZLWK SUHFLVH KLWWLQJ ZDV WKHLU NH\ WR 9LFWRU\ 7KH VLVWHUV :2Q LQ VWUDLJKW JDPHV EXW WKLV PDWFK ZLOO DOZD\V EH UHPHPEHUHG E\ HYHU\RQH DV LWnV WKH ILUVW WLPH WKDW PHQ KDYH EHHQ EHDWHQ E\ ZRPHQ $W WKH FRQFOXVLRQ 0U 0XUUD\ :KLWH 9LFH3UHVLGHQW RI -%$ DVNo HG WKH +RQ 5 / 0 .LUNZRRG WR GLVWULEXWH WKH SUL]HV WR WKH UH VSFFWLYH ZLQQHUVn RI HYHQWV 7KHUH ZHUH DOVR VSHFLDO SUL]HV ZKLFK 6(9(17((1 3DUN -DPDLFD ZDV RXWSOD\HG ZLWK D JRDOOE\ (LOHHQ 'DYL6 ZKLFK IURP WKH EHJLQQLQJ E\ 7ULQLGDG JDYH WKHP YLFWRU\ ZKRVH GHIHQFH ZDV VRXQG DQG 2FW WK 7KH ORQJ DZDLWHG IRUZDUGV YHU\ TXLFN 7ULQLGDGnV UHWXUQ %*7ULQLGDG PDWFK ZDV FDSWDLQ 5LWD 'RSVRQ ZDV RXW SOD\HG 3OD\ ZDV VFUDSS\ IRU WKH VWDQGLQJ DQG VKRZHG WKDW VKH LV ILUVW KDOI LQ ZKLFK ERWK JRDOV HDVLO\ RQH RI WKH EHVW LQ WKH ZHUH VFRUHG 7KH PRVW RXWVWDQGo :HVW ,QGLHV 7ULQLGDG ZRQ E\ LQJ SOD\HU RQ WKH ILHOG ZDV %*nV JRDOV WR EXW LI ,W ZHUH QRW IRU PDQDJHU %HUU\ &KHH DWRZ ZKRVH WKH 7URMDQ ZRUN RI -DPDLFDnV SRVLWLRQ DW ULJKW EDFN IRLOHG PDQ\ FDSWDLQ 'DLV\ +HUQDQGH] ZKR DWWHPSWV E\ WKH 7ULQLGDG IRUo ZDV D WRZHU RI VWUHQJWK ZKR ZDV ZDUGV $W WLPHV LW ZDV DQ\ERG\nV DEO\ VXSSRUWHG E\ 3K\OOLV 0F'RQ JDPH DQG LQ WKH ODVW ILYH PLQo DOG RWKHUZLVH WKH VFRUH ZRXOG XWHV L%* DWWDFNHG WKH 7ULQLGDG KDYH EHHQ PXFK JUHDWHU -D JRDO DUHD DQG ZDV YHU\ XQOXFN\ PDLFDnV GHIHQFH ZDV QRW XS WR QRW WR KDYH ZRQ 7KH PDWFK HQGo VWDQGDUG DQG WKHLU ZLQJHUV YHU\ HG DOO 7KLV OHDYHV WKH FRPo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n -DPDLFDnV FDSWDLQ ZDV ZLQ WKH WURSK\ $V D PDWWHU RI WKH KLJKOLJKW RI WKH PDWFK RQ IDFW LI WKH\ PDQDJHG WR KROG RQ ZKRVH VKRXOGHUV OD\ WKH -DPDLFD WR WKLUG SRVLWLRQ WKH\ ZLOO EH GHIHQFH DQG ZDV VXSSRUWHG E\ FRQVLGHUHG OXFN\ 7KLV ZHHN 78HVo %HUQDGHWWH VWHYHQV LQ JRDO %*nV GD\ WKH &DWKHQLDQV PHW /RV 3DQ FDSWDLQ 3DPHOD *ODVIRUH %HUU\ $PHULFDQRV LQ ZKDW ZDV VXSSRVHG &KHH DWRZ DQG WKH OHIW EDFN WR EH RQH RI WKH NH\ PDWFKHV LQ ZHUH RXWVWDQGLQJ IRU WKH YLVLWRUV WBKH OHDJXH EXW WKH\ ZHUH WURXQFHG 2FW WK $ 5HVW WHDP SOD\HG VR VRXULGO\ WKDW RQH ZRQGHUV ZKDW D FRPELQHG 7ULQLGDG%* VLGH KDV KDSSHQHG WR WKH VZLIW D&&8Io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nV HQWHUHG WKH PDWFK ZLWK RQO\ ILYH GHIHQFH ORRN LPSUHJQDEOH $O SOD\HUV DQG QR UHVHUYHV DQG WKRXJK 7ULQLGDG ZRQ LW ZDV D WKRVH ILYH PHQ KDG WR FDULy\ WKH JRRG JDPH EXW %* VKRXOG KDYH EXUGHQ DOO WKH ZD\ EXW LW LV DOVR VFRUHG LI WKHLU IRUZDUGV KDG ILQ REYLRXV WKDW WKH\ DUH RXW RI IRUP LVK %XVWD +R PLVVHG TXLWH D IHZ 2FW WK 8 & : / SOD\HG ZKLFK VKRXOG QHYHU KDYH KDSo D FRPELQHG %* DQG 7ULQLGDG DW SHQHG VR GLG WKH RWKHUV WKH 9DUVLW\ 7KH RXWFRPH RI WKH /RV 3DQ $PHULFDQRV WKXV PDQ PDWFK ZDV D IRUHJRQH FRQFOXVLRQ DJHG WR DPDVV D YLFWRU\ DQG YLVLWRUV HDVLO\ ZRQ ,Q WKH SUHYLRXV ZHHN 8QLWHG 2FW nWK 7KH UHWXUQ PDWFK RI $FHV ZKLSSHG 'HQQLV WKXV -DPDLFD YV %* EHJDQ ZLWK -D SODFLQJ WKHPVHOYHV LQ VHFRQG SRVWo PDLFD GUDZLQJ ILUVW EORRG ZKHQ WLRQ LQ WKH OHDJXH 0DUMRULH 5LFKDUGV VFRUHG IURP D ,Q WKH -XQLRU /HDJXH 8QLWHG SDVV E\ 'DLV\ +HUQDQGH] ZKRVH $FHV -XQLRU KXPEOHG 8QLWHG &KLQo SRVLWLRQ ZDV VKLIWHG WR FHQWUH IRU HV ODVW ZHHN 7KXUVGD\ DQG ZDUG 7KLV OHIW D ELJ JDS LQ WKLV ^:HHN 7XHVGD\ )OHXUGHOV -DPDLFDnV GHIHQFH VR WKH WLUHOHVV FRQWLQXHG WKHLU FOLPE WR WKH WRS fIIRUWV RI ULJKW KDOI 'RURWK\ &KLQ E\ ZKLSSLQJ &UXVDGHUV )RRN FRXOG QRW ZLWKVWDQG WKH SUH WKH PDWFKHV SOD\HG VR IDU LQ WKH YDOHQW DWWDFNV RI WKH %* IRUZDUGV -XQLRU /HDJXH )OXHUGHOLV LV LQ ,W ZDV DW KDOI WLPH DQG LQ WKH WKH WRS SRVLWLRQ ZLWK 8QLWHG $FHV VHFRQG KDOI %* ZDV UHZDUGHG UXQQLQJ D FORVH VHFRQG GH+++++++0#P+ + ++++ i+++++UO+ )OHWFKHU t &RPSDQ\ n/WG 0RQWHTR -FQRy +DUERXU 6W (LQTWRQ +DUERXU 6W *(1(5$/ $*(176 t $77251(<6 )25 7KH /RQGRQ $VVXUDQFH /RQGRQ 7KH +HPH ,QVXUDQFH &RPSDQ\ 1HZ
    PAGE 18

    (,*+7((1 /LYUH %HWWHU ZLWK D 6DYLQJV $FFRXQW :KHQ \RX KDYH VDYHG FDVK \RX FDQ SD\ FDVK IRU WKH WKLQJV YRX ZDQW $OVR VDYHG PRQH\ ($516 PRQH\ )HHL LQ&LOHSHQGHQW VHFXUH DQG KDSSLHU RSHQ D VDYLQJV DFFRXQW DW 7+( %$1. 2) 129$ 627,$ %5$1&+(6 6(59,1* -$0$,9? WK OLOH JRXU H'JL'# !(662 (;75$ 02725 n 3UHPLXP 4XDOLW\ LQ WKyH JROG FDQ ,OUVW LQ 5URU n n? n? 6$785'$< 2&72%(5 ,1 3 $5(17'(6,6 L f f f f f f f f f f f f f f f f f f f f f f f f f 7KH OHDGHU WKH &LW\ 6RYLHW LQ :HOLNLH /XNL *HUPDQ\ PDGH WKLV VSHHFK VHYHUDO \HDUV DJR &RPUDGHV ZH KDYH H[WHQGHG RXU SRZHU RYHU RQHVL[WK RI WKH HDUWK %XW ZH ZLOO QRW EH VDWLV ILHG 8QGHU WKH OHDGHUVKLS RI RXU EHORYHG 6WDOLQ ZH ZLOO H[WHQG RXU GRPLQDWLRQ RYHU RQHWHQWK RQHKXQGUHGWK RQHWKRXVDQGWK \HV HYHQ RQHPLOOLRQWK RI WKH JOREH /RQJ OLYH 4 P U D G H VWDQQ $ 3ROLVK SHDVDQW ZKR KDG UHo FHLYHG D TXHVWLRQQDLUH IURP 6RYLHW 6HFXULW\ RIILFLDOV ODERXUo HG ORQJ DQG KDUG RYHU LW 7R WKH TXHVWLRQ :KDW LV \RXU UHODWWRQ WR WKH 6RYLHW V\VWHP" KH UHo SKHG 7KH VDPH DV P\ ZLIH +H ZDV WDNHQ LQWR FXVWRG\ DQG DVNHG WR H[SODLQ ZKDW KH PHDQW :HOO KH VDLG ,WnV QLFH DW ILUVW EXW \RX FDQ VRRQ WDNH LW RU OHDYH LW DORQH r %ULWLVK )LHLG 0DUVKDO 0RQWo JRPHU\ DOZD\V H[DPLQHV WKH ILOPV ZKLFK KDYH EHHQ OLVWHG IRU SUHVHQWDWLRQ WR KLV WURRSV 2QH GD\ KH QRWLFHG RQ WKH OLVW D ILOP HQWLWOHG 7+( 5(' $50< 0RQW\ FDOOHG LQ KLV RIILFHUV KDG D ORQJ WDON DERXW WKH VWUHQJWK RI WKH 5XVVLDQ $UP\ LWV LQWHUQDO RUo JDQLVDWLRQ HWF 7KHQ WKH\ DGo MRXUQHG WR WKH DXGLWRULXP WR ZDWFK WKH PRYLH 7KH OLJKWV ZHQW RXW DQG RQ WKH VFUHHQ DSo SVDUHG WKH IXOO WL8H RI WKH ILOP 7+( 5(' $50< 7+( /,9( +$I876 2) $176 $Q DJHG EHDUGHG PDQ VWRRG LQ D FURZGHG EXV WKDW ZDV PDNo LQJ LWV ZD\ WKURXJK WUDIILF $ O2\HDUHOG XUFKLQ XQDEOH WR UHDFK WKH VWUDSV WR EDODQFH KLPo VHOI ZDV KDQJLQJ RQ WR WKfO PDQnV EHDUG IRU VXSSRUW 7KH ROG PDQ ERUH WKH EXUGHQ SDWLHQWO\ IRU D ZKLOH WKHQ ILQDOO\ VDLGn %R\ GR \RX PLQG OHWWLQJ JR RI P\ EHDUG" :KDWnV WEH PDWWHU!n DQ VZHUHG WKH ER\ $UH \RX JHWWLQJ FII QHUH" 1RZ WKDW 6FKOR] KDV EHHQ PDGH 0LQLVWHU RI :DU VDLG RQH (DVW *HUPDQ IHHO EHWWHU PD\EH ZH ZRQnW KDYH D ZDU :K\nV WKDW" DVNHG D IULHQG :H+ ZKHQ KH ZDV 0LQLVWHU RI &RDO ZH GLGQnW KDYH DQ\ FRDO :KHQ WKH SODLQWLIInV QDPH ZDV FDOOHG KH VWRRG XS LQ WKH M8O< ER[ :KDW RQ HDUWK DUH \RX GRLQJ WKHUfO" H[FODLPHG WKH MXGJH ZDV FKRVHQ WR VHUYH RQ WKH MXU\ VLU UHSOLHG WKH SODLQWLII %XW VDLG WKH VXUSULVHG MXGJH WKDW ZDV D PLVWDNH RU FRXUVH
    PAGE 19

    7+( 3$*2'$ YPH 7DNH \RXU IURP WKH SLFN RI WKH <5y n2,17 O81' ZOQBHV *ODVVHV 2I )LQH :LQH ,Q (YHU\ %RWWOH r 63$1,6+ 72:1 52$' 3KRQH 3HUIRUPDQFH 6W\OLQJ 5RRPLQHVV DOO \RXUV LQ WKH %,**(67 B,O (9(5 7RXFK WKH DFFHOHUDWRU DQG \RX DUH DZD\ LQ WKLV HOHJDQW QHZ 0RUULV ,VLV WR D QHZ H[SHULHQFH LQ KLJKSHUIRUPDQFH PRWRULQJ 3RZHU JUDFH LQWHULRU OX[XU\ DOO WKHVH DUH \RXUV WR D GHJUHH IDU EH\RQG WKH LPSOLFDWLRQ RI LWV PRGHVW SULFH 6HULHV &\OLQGHU n4XDOLW\ )LUVWn 02'O6,,,, 12: 21 ',63/BUB 02725 6$/(6 t 6(59,&( &2 7+( :25/'n6 ),1(67/ %877(5 6RPHWLPHV ,PLWDWHG %XW 1HYHU 'XSOLFDWHG $FFHSW QR OHVV WKDQ WKH EHVW UHPHPEHU WKHUH I LV QR VXEVWLWXWH IRU TOODOLW\ WDNH &2%5$nV TXL&N HDV\ NL'-DRFH IRU JUDQWHG :KDW UHDOO\ WKULOO6 PH LV WKH ZD\ OLL\ IQ F2LL6LL'WO\ SUDLVH WKH IUHVE EULJKW DSSHDUDQFH RI P\ RPH VLDHH VWDUWHG XVLQJ &2%5$
    PAGE 20

    6WRSV SH-nVOfLUDWLRnOO fGRXU EHIR-nH LW VWDUWVO *O$1nn 6,=( f y!nyy!-,0( 72 67$57 7+,1.,1* %XW LWnV QR SUREOHP LI \RX SODQ WR *,9( (/(&75,&$/ *,)76 7+( /2: 35,&( 7$* PDNHV WKH SLFWXUH SHUIHFW *OLGLQJ D F On DVV .UQJVWROO RU n7ILLV JHDWEH!DUW#G HDn ZLWK LWV IO2OD WLPJ FURVVFRXQWU\ WR L1 HJUUO WKU##V S #, H G $P#7LHDQW \ S H %HDFK n WKH WULQPSQDQW? )G JHDUERO; n*8GH 5LGnH VXVo $QJOLD ODYVKHV \R8 ZLWL-LO &`f8nO SHQVLRQ DQG ELJJHU EUDNHV IRUW LIXLWKHO?R XQNQRZQ LQ D FDU LV EHWWHU OR5WQJ DPG D EHWWHn RI LWV VL]H 5:H ZLWK JUHDLOLnHnOn ,WOX\ LQ HYHU\ ZD\