The Greater Common Good

Download as pdf or txt
Download as pdf or txt
You are on page 1of 34

 7KH*UHDWHU&RPPRQ*RRG

9ROXPH,VVXH0D\-XQH
,QGLD
V1DWLRQDO0DJD]LQH
IURPWKHSXEOLVKHUVRI7+(+,1'8

&29(5(66$<

7+(*5($7(5&20021*22'
$581'+$7,52<

,I\RXDUHWRVXIIHU\RXVKRXOGVXIIHULQWKHLQWHUHVWRIWKHFRXQWU\
7DEOHRI
&RQWHQWV -DZDKDUODO1HKUXVSHDNLQJWRYLOODJHUVZKRZHUHWREHGLVSODFHGE\WKH
+LUDNXG'DP

,VWRRGRQDKLOODQGODXJKHGRXWORXG

,KDGFURVVHGWKH1DUPDGDE\ERDWIURP-DOVLQGKLDQGFOLPEHGWKHKHDGODQG
RQWKHRSSRVLWHEDQNIURPZKHUH,FRXOGVHHUDQJHGDFURVVWKHFURZQVRIORZ
EDOGKLOOVWKHWULEDOKDPOHWVRI6LNND6XUXQJ1HHPJDYDQDQG'RPNKHGL,
FRXOGVHHWKHLUDLU\IUDJLOHKRPHV,FRXOGVHHWKHLUILHOGVDQGWKHIRUHVWV
EHKLQGWKHP,FRXOGVHHOLWWOHFKLOGUHQZLWKOLWWOHUJRDWVVFXWWOLQJDFURVVWKH
ODQGVFDSHOLNHPRWRULVHGSHDQXWV,NQHZ,ZDVORRNLQJDWDFLYLOLVDWLRQROGHU
WKDQ+LQGXLVPVODWHGVDQFWLRQHG E\WKHKLJKHVWFRXUWLQWKHODQG WREH
GURZQHGWKLVPRQVRRQZKHQWKHZDWHUVRIWKH6DUGDU6DURYDUUHVHUYRLUZLOO
ULVHWRVXEPHUJHLW

:K\GLG,ODXJK"

%HFDXVH,VXGGHQO\UHPHPEHUHGWKHWHQGHUFRQFHUQZLWKZKLFKWKH6XSUHPH
&RXUWMXGJHVLQ'HOKL EHIRUHYDFDWLQJWKHOHJDOVWD\RQIXUWKHUFRQVWUXFWLRQRI
WKH6DUGDU6DURYDU'DP KDGHQTXLUHGZKHWKHUWULEDOFKLOGUHQLQWKH
UHVHWWOHPHQWFRORQLHVZRXOGKDYHFKLOGUHQ
VSDUNVWRSOD\LQ7KHODZ\HUV
UHSUHVHQWLQJWKH*RYHUQPHQWKDGKDVWHQHGWRDVVXUHWKHPWKDWLQGHHGWKH\
ZRXOGDQGZKDW
VPRUHWKDWWKHUHZHUHVHHVDZVDQGVOLGHVDQGVZLQJVLQ
HYHU\SDUN,ORRNHGXSDWWKHHQGOHVVVN\DQGGRZQDWWKHULYHUUXVKLQJSDVW
DQGIRUDEULHIEULHIPRPHQWWKHDEVXUGLW\RILWDOOUHYHUVHGP\UDJHDQG,
ODXJKHG,PHDQWQRGLVUHVSHFW

3LFWXUH+RPHVDW0DQLEHOLVXEPHUJHGLQWKHEDFNZDWHUVRIWKH6DUGDU
6DURYDU'DPGXULQJWKHUDLQVRI

/HWPHVD\DWWKHRXWVHWWKDW,
PQRWDFLW\EDVKHU,
YHGRQHP\WLPHLQD
YLOODJH,
YHKDGILUVWKDQGH[SHULHQFHRIWKHLVRODWLRQWKHLQHTXLW\DQGWKH
SRWHQWLDOVDYDJHU\RILW,
PQRWDQDQWLGHYHORSPHQWMXQNLHQRUDSURVHO\WLVHU
IRUWKHHWHUQDOXSKROGLQJRIFXVWRPDQGWUDGLWLRQ:KDW,DPKRZHYHULV
FXULRXV&XULRVLW\WRRNPHWRWKH1DUPDGD9DOOH\,QVWLQFWWROGPHWKDWWKLV
ZDVWKHELJRQH7KHRQHLQZKLFKWKHEDWWOHOLQHVZHUHFOHDUO\GUDZQWKH
ZDUULQJDUPLHVPDVVHGDORQJWKHP7KHRQHLQZKLFKLWZRXOGEHSRVVLEOHWR
ZDGHWKURXJKWKHFRQJHDOHGPRUDVVRIKRSHDQJHULQIRUPDWLRQ
GLVLQIRUPDWLRQSROLWLFDODUWLILFHHQJLQHHULQJDPELWLRQGLVLQJHQXRXV
VRFLDOLVPUDGLFDODFWLYLVPEXUHDXFUDWLFVXEWHUIXJHPLVLQIRUPHG

KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

HPRWLRQDOLVPDQGRIFRXUVHWKHSHUYDVLYHLQYDULDEO\GXELRXVSROLWLFVRI
,QWHUQDWLRQDO$LG

3LFWXUH7KH6DUGDU6DURYDU'DP0D\

,QVWLQFWOHGPHWRVHWDVLGH-R\FHDQG1DERNRYWRSRVWSRQHUHDGLQJ'RQ
'H/LOOR
VELJERRNDQGVXEVWLWXWHLWZLWKUHSRUWVRQGUDLQDJHDQGLUULJDWLRQ
ZLWKMRXUQDOVDQGERRNVDQGGRFXPHQWDU\ILOPVDERXWGDPVDQGZK\WKH\
UH
EXLOWDQGZKDWWKH\GR

0\ILUVWWHQWDWLYHTXHVWLRQVUHYHDOHGWKDWIHZSHRSOHNQRZZKDWLVUHDOO\
JRLQJRQLQWKH1DUPDGD9DOOH\7KRVHZKRNQRZNQRZDORW0RVWNQRZ
QRWKLQJDWDOO$QG\HWDOPRVWHYHU\RQHKDVDSDVVLRQDWHRSLQLRQ1RERG\
V
QHXWUDO,UHDOLVHGYHU\TXLFNO\WKDW,ZDVVWUD\LQJLQWRPLQHGWHUULWRU\

,Q,QGLDRYHUWKHODVWWHQ\HDUVWKHILJKWDJDLQVWWKH6DUGDU6DURYDU'DPKDV
FRPHWRUHSUHVHQWIDUPRUHWKDQWKHILJKWIRURQHULYHU7KLVKDVEHHQLWV
VWUHQJWKDVZHOODVLWVZHDNQHVV6RPH\HDUVDJRLWEHFDPHDGHEDWHWKDW
FDSWXUHGWKHSRSXODULPDJLQDWLRQ7KDW
VZKDWUDLVHGWKHVWDNHVDQGFKDQJHG
WKHFRPSOH[LRQRIWKHEDWWOH)URPEHLQJDILJKWRYHUWKHIDWHRIDULYHUYDOOH\
LWEHJDQWRUDLVHGRXEWVDERXWDQHQWLUHSROLWLFDOV\VWHP:KDWLVDWLVVXHQRZ
LVWKHYHU\QDWXUHRIRXUGHPRFUDF\:KRRZQVWKLVODQG":KRRZQVLWV
ULYHUV",WVIRUHVWV",WVILVK"7KHVHDUHKXJHTXHVWLRQV7KH\DUHEHLQJWDNHQ
KXJHO\VHULRXVO\E\WKH6WDWH7KH\DUHEHLQJDQVZHUHGLQRQHYRLFHE\HYHU\
LQVWLWXWLRQDWLWVFRPPDQGWKHDUP\WKHSROLFHWKHEXUHDXFUDF\WKHFRXUWV
$QGQRWMXVWDQVZHUHGEXWDQVZHUHGXQDPELJXRXVO\LQELWWHUEUXWDOZD\V

)RUWKHSHRSOHRIWKHYDOOH\WKHIDFWWKDWWKHVWDNHVZHUHUDLVHGWRWKLVGHJUHH
KDVPHDQWWKDWWKHLUPRVWHIIHFWLYHZHDSRQVSHFLILFIDFWVDERXWVSHFLILF
LVVXHVLQWKLVVSHFLILFYDOOH\KDVEHHQEOXQWHGE\WKHGHEDWHRQWKHELJLVVXHV
7KHEDVLFSUHPLVHRIWKHDUJXPHQWKDVEHHQLQIODWHGXQWLOLWKDVEXUVWLQWRELWV
WKDWKDYHRYHUWLPHEREEHGDZD\2FFDVLRQDOO\DGLVFRQQHFWHGSLHFHRIWKH
SX]]OHIORDWVE\DQHPRWLRQDOO\FKDUJHGDFFRXQWRIWKH*RYHUQPHQW
VFDOORXV
WUHDWPHQWRIGLVSODFHGSHRSOHDQRXWEXUVWDWKRZWKH1DUPDGD%DFKDR
$QGRODQ 1%$ 
DKDQGIXORIDFWLYLVWV
LVKROGLQJWKHQDWLRQWRUDQVRPD
OHJDOFRUUHVSRQGHQWUHSRUWLQJRQWKHSURJUHVVRIWKH1%$
VZULWSHWLWLRQLQWKH
6XSUHPH&RXUW

7KRXJKWKHUHKDVEHHQDIDLUDPRXQWRIZULWLQJRQWKHVXEMHFWPRVWRILWLVIRU
D
VSHFLDOLQWHUHVW
UHDGHUVKLS1HZVUHSRUWVWHQGWREHDERXWLVRODWHGDVSHFWVRI
WKHSURMHFW*RYHUQPHQWGRFXPHQWVDUHFODVVLILHGDV
6HFUHW
,WKLQNLW
VIDLUWR
VD\WKDWSXEOLFSHUFHSWLRQRIWKHLVVXHLVSUHWW\FUXGHDQGLVGLYLGHGFUXGHO\
LQWRWZRFDWHJRULHV

2QWKHRQHKDQGLWLVVHHQDVDZDUEHWZHHQPRGHUQUDWLRQDOSURJUHVVLYH
IRUFHVRI
'HYHORSPHQW
YHUVXVDVRUWRIQHR/XGGLWHLPSXOVHDQLUUDWLRQDO
HPRWLRQDO
$QWL'HYHORSPHQW
UHVLVWDQFHIXHOOHGE\DQDUFDGLDQSUH
LQGXVWULDOGUHDP

2QWKHRWKHUDVD1HKUXYV*DQGKLFRQWHVW7KLVOLIWVWKHZKROHVRUU\EXVLQHVV
RXWRIWKHERJRIGHFHLWOLHVIDOVHSURPLVHVDQGLQFUHDVLQJO\VXFFHVVIXO
SURSDJDQGD ZKLFKLVZKDWLW
VUHDOO\DERXW DQGFRQIHUVRQLWDIDOVH
OHJLWLPDF\,WPDNHVRXWWKDWERWKVLGHVKDYHWKH*UHDWHU*RRGRIWKH1DWLRQ
LQPLQGEXWPHUHO\GLVDJUHHDERXWWKHPHDQVE\ZKLFKWRDFKLHYHLW

KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

%RWKLQWHUSUHWDWLRQVSXWDWLUHGVSLQRQWKHGLVSXWH%RWKVWLUXSHPRWLRQVWKDW
FORXGWKHSDUWLFXODUIDFWVRIWKLVSDUWLFXODUVWRU\%RWKDUHLQGLFDWLRQVRIKRZ
XUJHQWO\ZHQHHGQHZKHURHVQHZNLQGVRIKHURHVDQGKRZZH
YHRYHUXVHG
RXUROGRQHV OLNHZHRYHUERZORXUERZOHUV 

7KH1HKUXYV*DQGKLDUJXPHQWSXVKHVWKLVYHU\FRQWHPSRUDU\LVVXHEDFNLQWR
DQROGERWWOH1HKUXDQG*DQGKLZHUHJHQHURXVPHQ7KHLUSDUDGLJPVIRU
GHYHORSPHQWDUHEDVHGRQDVVXPSWLRQVRILQKHUHQWPRUDOLW\1HKUX
VRQWKH
SDWHUQDOSURWHFWLYHPRUDOLW\RIWKH6RYLHWVW\OH&HQWUDOLVHG6WDWH*DQGKL
VRQ
WKHQXUWXULQJPDWHUQDOPRUDOLW\RIURPDQWLFLVHGYLOODJH5HSXEOLFV%RWK
ZRXOGZRUNSHUIHFWO\LIRQO\ZHZHUHEHWWHUKXPDQEHLQJV,IRQO\ZHDOO
ZRUHNKDGLDQGVXSSUHVVHGRXUEDVHXUJHVVH[VKRSSLQJGRGJLQJVSLQQLQJ
OHVVRQVDQGEHLQJXQNLQGWRWKHOHVVIRUWXQDWH)LIW\\HDUVGRZQWKHOLQHLW
V
VDIHWRVD\WKDWZHKDYHQ
WPDGHWKHJUDGH:HKDYHQ
WHYHQFRPHFORVH:H
QHHGDQXSGDWHGLQVXUDQFHSODQDJDLQVWRXURZQEDVLFQDWXUHV

,W
VSRVVLEOHWKDWDVDQDWLRQZH
YHH[KDXVWHGRXUTXRWDRIKHURHVIRUWKLV
FHQWXU\EXWZKLOHZHZDLWIRUVKLQ\QHZRQHVWRFRPHDORQJZHKDYHWROLPLW
WKHGDPDJH:HKDYHWRVXSSRUWRXUVPDOOKHURHV 2IWKHVHZHKDYHPDQ\
0DQ\ :HKDYHWRILJKWVSHFLILFZDUVLQVSHFLILFZD\V:KRNQRZVSHUKDSV
WKDW
VZKDWWKHWZHQW\ILUVWFHQWXU\KDVLQVWRUHIRUXV7KHGLVPDQWOLQJRIWKH
%LJ%LJERPEVELJGDPVELJLGHRORJLHVELJFRQWUDGLFWLRQVELJFRXQWULHV
ELJZDUVELJKHURHVELJPLVWDNHV3HUKDSVLWZLOOEHWKH&HQWXU\RIWKH6PDOO
3HUKDSVULJKWQRZWKLVYHU\PLQXWHWKHUH
VDVPDOOJRGXSLQKHDYHQUHDG\LQJ
KHUVHOIIRUXV&RXOGLWEH"&RXOGLWSRVVLEO\EH",WVRXQGVILQJHUOLFNLQJJRRG
WRPH

,ZDVGUDZQWRWKHYDOOH\EHFDXVH,VHQVHGWKDWWKHILJKWIRUWKH1DUPDGDKDG
HQWHUHGDQHZHUVDGGHUSKDVH,ZHQWEHFDXVHZULWHUVDUHGUDZQWRVWRULHVWKH
ZD\YXOWXUHVDUHGUDZQWRNLOOV0\PRWLYHZDVQRWFRPSDVVLRQ,WZDVVKHHU
JUHHG,ZDVULJKW,IRXQGDVWRU\WKHUH

$QGZKDWDVWRU\LWLV

3HRSOHVD\WKDWWKH6DUGDU6DURYDU'DPLVDQH[SHQVLYHSURMHFW%XWLWLV
EULQJLQJGULQNLQJZDWHUWRPLOOLRQV7KLVLVRXUOLIHOLQH&DQ\RXSXWDSULFH
RQWKLV"'RHVWKHDLUZHEUHDWKHKDYHDSULFH":HZLOOOLYH:HZLOOGULQN:H
ZLOOEULQJJORU\WRWKHVWDWHRI*XMDUDW

8UPLODEHQ3DWHOZLIHRI*XMDUDW&KLHI0LQLVWHU&KLPDQEKDL3DWHOVSHDNLQJ
DWDSXEOLFUDOO\LQ'HOKLLQ

:HZLOOUHTXHVW\RXWRPRYHIURP\RXUKRXVHVDIWHUWKHGDPFRPHVXS,I\RX
PRYHLWZLOOEHJRRG2WKHUZLVHZHVKDOOUHOHDVHWKHZDWHUVDQGGURZQ\RX
DOO

0RUDUML'HVDLVSHDNLQJDWDSXEOLFPHHWLQJLQWKHVXEPHUJHQFH]RQHRIWKH
3RQJ'DPLQ

:K\GLGQ
WWKH\MXVWSRLVRQXV"7KHQZHZRXOGQ
WKDYHWROLYHLQWKLVVKLW
KROHDQGWKH*RYHUQPHQWFRXOGKDYHVXUYLYHGDORQHZLWKLWVSUHFLRXVGDPDOO
WRLWVHOI

3LFWXUH
7HPSOHRI0RGHUQ,QGLD
,Q'HFHPEHU3ULPH0LQLVWHU
-DZDKDUODO1HKUXZLWKDWULEDOZRUNHUIURPWKHGDPVLWHLQDXJXUDWLQJ
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

WKH3DQFKHW+LOO'DPDFURVVWKH'DPRGDU5LYHU

5DP%DLZKRVHYLOODJHZDVVXEPHUJHGZKHQWKH%DUJL'DPZDVEXLOWRQ
WKH1DUPDGD6KHQRZOLYHVLQDVOXPLQ-DEDOSXU

,QWKHILIW\\HDUVVLQFH,QGHSHQGHQFHDIWHU1HKUX
VIDPRXV'DPVDUHWKH
7HPSOHVRI0RGHUQ,QGLDVSHHFK RQHWKDWKHJUHZWRUHJUHWLQKLVRZQ
OLIHWLPH KLVIRRWVROGLHUVWKUHZWKHPVHOYHVLQWRWKHEXVLQHVVRIEXLOGLQJGDPV
ZLWKXQQDWXUDOIHUYRXU'DPEXLOGLQJJUHZWREHHTXDWHGZLWK1DWLRQ
EXLOGLQJ7KHLUHQWKXVLDVPDORQHVKRXOGKDYHEHHQUHDVRQHQRXJKWRPDNH
RQHVXVSLFLRXV1RWRQO\GLGWKH\EXLOGQHZGDPVDQGQHZLUULJDWLRQV\VWHPV
WKH\WRRNFRQWURORIVPDOOWUDGLWLRQDOV\VWHPVWKDWKDGEHHQPDQDJHGE\
YLOODJHFRPPXQLWLHVIRUWKRXVDQGVRI\HDUVDQGDOORZHGWKHPWRDWURSK\7R
FRPSHQVDWHWKHORVVWKH*RYHUQPHQWEXLOWPRUHDQGPRUHGDPV%LJRQHV
OLWWOHRQHVWDOORQHVVKRUWRQHV7KHUHVXOWRILWVH[HUWLRQVLVWKDW,QGLDQRZ
ERDVWVRIEHLQJWKHZRUOG
VWKLUGODUJHVWGDPEXLOGHU$FFRUGLQJWRWKH&HQWUDO
:DWHU&RPPLVVLRQZHKDYHWKUHHWKRXVDQGVL[KXQGUHGGDPVWKDWTXDOLI\DV
%LJ'DPVWKUHHWKRXVDQGWKUHHKXQGUHGRIWKHPEXLOWDIWHU,QGHSHQGHQFH
2QHWKRXVDQGPRUHDUHXQGHUFRQVWUXFWLRQ<HWRQHILIWKRIRXUSRSXODWLRQ
PLOOLRQSHRSOHGRHVQRWKDYHVDIHGULQNLQJZDWHUDQGWZRWKLUGV
PLOOLRQODFNEDVLFVDQLWDWLRQ

%LJ'DPVVWDUWHGZHOOEXWKDYHHQGHGEDGO\7KHUHZDVDWLPHZKHQ
HYHU\ERG\ORYHGWKHPHYHU\ERG\KDGWKHPWKH&RPPXQLVWV&DSLWDOLVWV
&KULVWLDQV0XVOLPV+LQGXV%XGGKLVWV7KHUHZDVDWLPHZKHQ%LJ'DPV
PRYHGPHQWRSRHWU\1RWDQ\ORQJHU$OORYHUWKHZRUOGWKHUHLVDPRYHPHQW
JURZLQJDJDLQVW%LJ'DPV,QWKH)LUVW:RUOGWKH\
UHEHLQJGHFRPPLVVLRQHG
EORZQXS7KHIDFWWKDWWKH\GRPRUHKDUPWKDQJRRGLVQRORQJHUMXVW
FRQMHFWXUH%LJ'DPVDUHREVROHWH7KH\
UHXQFRRO7KH\
UHXQGHPRFUDWLF
7KH\
UHD*RYHUQPHQW
VZD\RIDFFXPXODWLQJDXWKRULW\ GHFLGLQJZKRZLOOJHW
KRZPXFKZDWHUDQGZKRZLOOJURZZKDWZKHUH 7KH\
UHDJXDUDQWHHGZD\
RIWDNLQJDIDUPHU
VZLVGRPDZD\IURPKLP7KH\
UHDEUD]HQPHDQVRIWDNLQJ
ZDWHUODQGDQGLUULJDWLRQDZD\IURPWKHSRRUDQGJLIWLQJLWWRWKHULFK7KHLU
UHVHUYRLUVGLVSODFHKXJHSRSXODWLRQVRISHRSOHOHDYLQJWKHPKRPHOHVVDQG
GHVWLWXWH(FRORJLFDOO\WKH\
UHLQWKHGRJKRXVH7KH\OD\WKHHDUWKWRZDVWH
7KH\FDXVHIORRGVZDWHUORJJLQJVDOLQLW\WKH\VSUHDGGLVHDVH7KHUHLV
PRXQWLQJHYLGHQFHWKDWOLQNV%LJ'DPVWRHDUWKTXDNHV

3LFWXUH7KH6DUGDU6DURYDU'DPDWDQHDUO\VWDJHRILWVFRQVWUXFWLRQ
$SULO

%LJ'DPVKDYHQ
WUHDOO\OLYHGXSWRWKHLUUROHDVWKHPRQXPHQWVRI0RGHUQ
&LYLOLVDWLRQHPEOHPVRI0DQ
VDVFHQGDQF\RYHU1DWXUH0RQXPHQWVDUH
VXSSRVHGWREHWLPHOHVVEXWGDPVKDYHDQDOOWRRILQLWHOLIHWLPH7KH\ODVW
RQO\DVORQJDVLWWDNHV1DWXUHWRILOOWKHPZLWKVLOW,W
VFRPPRQNQRZOHGJH
QRZWKDW%LJ'DPVGRWKHRSSRVLWHRIZKDWWKHLU3XEOLFLW\3HRSOHVD\WKH\GR
WKH/RFDO3DLQIRU1DWLRQDO*DLQP\WKKDVEHHQEORZQZLGHRSHQ

)RUDOOWKHVHUHDVRQVWKHGDPEXLOGLQJLQGXVWU\LQWKH)LUVW:RUOGLVLQWURXEOH
DQGRXWRIZRUN6RLW
VH[SRUWHGWRWKH7KLUG:RUOGLQWKHQDPHRI
'HYHORSPHQW$LGDORQJZLWKWKHLURWKHUZDVWHOLNHROGZHDSRQV
VXSHUDQQXDWHGDLUFUDIWFDUULHUVDQGEDQQHGSHVWLFLGHV

2QWKHRQHKDQGWKH,QGLDQ*RYHUQPHQWHYHU\,QGLDQ*RYHUQPHQWUDLOVVHOI
ULJKWHRXVO\DJDLQVWWKH)LUVW:RUOGDQGRQWKHRWKHUDFWXDOO\SD\VWRUHFHLYH
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

WKHLUJLIWZUDSSHGJDUEDJH$LGLVMXVWDQRWKHUSUDHWRULDQEXVLQHVVHQWHUSULVH
/LNH&RORQLDOLVPZDV,WKDVGHVWUR\HGPRVWRI$IULFD%DQJODGHVKLVUHHOLQJ
IURPLWVPLQLVWUDWLRQV:HNQRZDOOWKLVLQQXPELQJGHWDLO<HWLQ,QGLDRXU
OHDGHUVZHOFRPHLWZLWKVODYLVKVPLOHV DQGPDNHQXFOHDUERPEVWRVKRUHXS
WKHLUIODJJLQJVHOIHVWHHP 

2YHUWKHODVWILIW\\HDUV,QGLDKDVVSHQW5VFURUHVRQWKHLUULJDWLRQ
VHFWRUDORQH<HWWKHUHDUHPRUHGURXJKWSURQHDUHDVDQGPRUHIORRGSURQH
DUHDVWRGD\WKDQWKHUHZHUHLQ'HVSLWHWKHGLVWXUELQJHYLGHQFHRI
LUULJDWLRQGLVDVWHUVGDPLQGXFHGIORRGVDQGUDSLGGLVHQFKDQWPHQWZLWKWKH
*UHHQ5HYROXWLRQ GHFOLQLQJ\LHOGVGHJUDGHGODQG WKHJRYHUQPHQWKDVQRW
FRPPLVVLRQHGDSRVWSURMHFWHYDOXDWLRQRIDVLQJOHRQHRILWVGDPVWR
JDXJHZKHWKHURUQRWLWKDVDFKLHYHGZKDWLWVHWRXWWRDFKLHYHZKHWKHURUQRW
WKH DOZD\VSKHQRPHQDO FRVWVZHUHMXVWLILHGRUHYHQZKDWWKHFRVWVDFWXDOO\
ZHUH

7KH*RYHUQPHQWRI,QGLDKDVGHWDLOHGILJXUHVIRUKRZPDQ\PLOOLRQWRQQHVRI
IRRGJUDLQRUHGLEOHRLOVWKHFRXQWU\SURGXFHVDQGKRZPXFKPRUHZHSURGXFH
QRZWKDQZHGLGLQ,WFDQWHOO\RXKRZPXFKEDX[LWHLVPLQHGLQD\HDU
RUZKDWWKHWRWDOVXUIDFHDUHDRIWKH1DWLRQDO+LJKZD\VDGGVXSWR,W
V
SRVVLEOHWRDFFHVVPLQXWHWRPLQXWHLQIRUPDWLRQDERXWWKHVWRFNH[FKDQJHRU
WKHYDOXHRIWKHUXSHHLQWKHZRUOGPDUNHW:HNQRZKRZPDQ\FULFNHW
PDWFKHVZH
YHORVWRQD)ULGD\LQ6KDUMDK,W
VQRWKDUGWRILQGRXWKRZPDQ\
JUDGXDWHV,QGLDSURGXFHGRUKRZPDQ\PHQKDGYDVHFWRPLHVLQDQ\JLYHQ
\HDU%XWWKH*RYHUQPHQWRI,QGLDGRHVQRWKDYHDILJXUHIRUWKHQXPEHURI
SHRSOHWKDWKDYHEHHQGLVSODFHGE\GDPVRUVDFULILFHGLQRWKHUZD\VDWWKH
DOWDUVRI
1DWLRQDO3URJUHVV
,VQ
WWKLVDVWRXQGLQJ"+RZFDQ\RXPHDVXUH
3URJUHVVLI\RXGRQ
WNQRZZKDWLWFRVWVDQGZKRSDLGIRULW"+RZFDQWKH

PDUNHW
SXWDSULFHRQWKLQJVIRRGFORWKHVHOHFWULFLW\UXQQLQJZDWHUZKHQ
LWGRHVQ
WWDNHLQWRDFFRXQWWKHUHDOFRVWRISURGXFWLRQ"

$FFRUGLQJWRDGHWDLOHGVWXG\RI/DUJH'DPVGRQHE\WKH,QGLDQ,QVWLWXWH
RI3XEOLF$GPLQLVWUDWLRQWKHDYHUDJHQXPEHURISHRSOHGLVSODFHGE\D/DUJH
'DPLV$GPLWWHGO\GDPVRXWRILVQRWDELJHQRXJKVDPSOH
%XWVLQFHLW
VDOOZHKDYHOHW
VWU\DQGGRVRPHURXJKDULWKPHWLF$ILUVWGUDIW
7RHUURQWKHVLGHRIFDXWLRQOHW
VKDOYHWKHQXPEHURISHRSOH2UOHW
VHUURQ
WKHVLGHRIDEXQGDQWFDXWLRQDQGWDNHDQDYHUDJHRIMXVWSHRSOHSHU
/DUJH'DP,W
VDQLPSUREDEO\ORZILJXUH,NQRZEXWQHYHUPLQG:KLS
RXW\RXUFDOFXODWRUV[

PLOOLRQ7KDW
VZKDWLWZRUNVRXWWR7KLUW\WKUHHPLOOLRQSHRSOH'LVSODFHG
E\ELJGDPVDORQHLQWKHODVWILIW\\HDUV:KDWDERXWWKRVHWKDWKDYHEHHQ
GLVSODFHGE\WKHWKRXVDQGVRIRWKHU'HYHORSPHQW3URMHFWV"$WDSULYDWH
OHFWXUH1&6D[HQD6HFUHWDU\WRWKH3ODQQLQJ&RPPLVVLRQVDLGKHWKRXJKW
WKHQXPEHUZDVLQWKHUHJLRQRIPLOOLRQ RIZKLFKPLOOLRQZHUH
GLVSODFHGE\GDPV :HGDUHQ
WVD\VREHFDXVHLWLVQ
WRIILFLDO,WLVQ
WRIILFLDO
EHFDXVHZHGDUHQ
WVD\VR<RXKDYHWRPXUPXULWIRUIHDURIEHLQJDFFXVHGRI
K\SHUEROH<RXKDYHWRZKLVSHULWWR\RXUVHOIEHFDXVHLWUHDOO\GRHVVRXQG
XQEHOLHYDEOH,WFDQ
WEH,
YHEHHQWHOOLQJP\VHOI,PXVWKDYHJRWWKH]HURHV
PXGGOHG,WFDQ
WEHWUXH,EDUHO\KDYHWKHFRXUDJHWRVD\LWDORXG7RUXQWKH
ULVNRIVRXQGLQJOLNHD
VL[WLHVKLSSLHGURSSLQJDFLG ,W
VWKH6\VWHPPDQ 
RUDSDUDQRLGVFKL]RSKUHQLFZLWKDSHUVHFXWLRQFRPSOH[%XWLWLVWKH6\VWHP
PDQ:KDWHOVHFDQLWEH"

)LIW\PLOOLRQSHRSOH
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

*RRQ*RYHUQPHQWTXLEEOH%DUJDLQ%HDWLWGRZQ6D\VRPHWKLQJ

,IHHOOLNHVRPHRQHZKR
VMXVWVWXPEOHGRQDPDVVJUDYH

)LIW\PLOOLRQLVPRUHWKDQWKHSRSXODWLRQRI*XMDUDW$OPRVWWKUHHWLPHVWKH
SRSXODWLRQRI$XVWUDOLD0RUHWKDQWKUHHWLPHVWKHQXPEHURIUHIXJHHVWKDW
3DUWLWLRQFUHDWHGLQ,QGLD7HQWLPHVWKHQXPEHURI3DOHVWLQLDQUHIXJHHV7KH
:HVWHUQZRUOGWRGD\LVFRQYXOVHGRYHUWKHIXWXUHRIRQHPLOOLRQSHRSOHZKR
KDYHIOHGIURP.RVRYR

$KXJHSHUFHQWDJHRIWKHGLVSODFHGDUHWULEDOSHRSOH SHUFHQWLQWKHFDVH
RIWKH6DUGDU6DURYDU'DP ,QFOXGH'DOLWVDQGWKHILJXUHEHFRPHVREVFHQH
$FFRUGLQJWRWKH&RPPLVVLRQHUIRU6FKHGXOHG&DVWHVDQG7ULEHVLW
VDERXW
SHUFHQW,I\RXFRQVLGHUWKDWWULEDOSHRSOHDFFRXQWIRURQO\HLJKWSHUFHQWDQG
'DOLWVILIWHHQSHUFHQWRI,QGLD
VSRSXODWLRQLWRSHQVXSDZKROHRWKHU
GLPHQVLRQWRWKHVWRU\7KHHWKQLF
RWKHUQHVV
RIWKHLUYLFWLPVWDNHVVRPHRI
WKHSUHVVXUHRIIWKH1DWLRQ%XLOGHUV,W
VOLNHKDYLQJDQH[SHQVHDFFRXQW
6RPHRQHHOVHSD\VWKHELOOV3HRSOHIURPDQRWKHUFRXQWU\$QRWKHUZRUOG
,QGLD
VSRRUHVWSHRSOHDUHVXEVLGLVLQJWKHOLIHVW\OHVRIKHUULFKHVW

'LG,KHDUVRPHRQHVD\VRPHWKLQJDERXWWKHZRUOG
VELJJHVWGHPRFUDF\"

:KDWKDVKDSSHQHGWRDOOWKHVHPLOOLRQVRISHRSOH":KHUHDUHWKH\QRZ"+RZ
GRWKH\HDUQDOLYLQJ"1RERG\UHDOO\NQRZV /DVWPRQWK
VSDSHUVKDGDQ
DFFRXQWRIKRZWULEDOSHRSOHGLVSODFHGE\WKH1DJDUMXQDVDJDU'DP3URMHFWDUH
VHOOLQJWKHLUEDELHVWRIRUHLJQDGRSWLRQDJHQFLHV7KH*RYHUQPHQWLQWHUYHQHG
DQGSXWWKHEDELHVLQWZRSXEOLFKRVSLWDOVZKHUHVL[EDELHVGLHGRIQHJOHFW
:KHQLWFRPHVWR5HKDELOLWDWLRQWKH*RYHUQPHQW
VSULRULWLHVDUHFOHDU,QGLD
GRHVQRWKDYHD1DWLRQDO5HKDELOLWDWLRQ3ROLF\$FFRUGLQJWRWKH/DQG
$FTXLVLWLRQ$FWRI DPHQGHGLQ WKH*RYHUQPHQWLVQRWOHJDOO\
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

ERXQGWRSURYLGHDGLVSODFHGSHUVRQDQ\WKLQJEXWDFDVKFRPSHQVDWLRQ
,PDJLQHWKDW$FDVKFRPSHQVDWLRQWREHSDLGE\DQ,QGLDQJRYHUQPHQW
RIILFLDOWRDQLOOLWHUDWHWULEDOPDQ WKHZRPHQJHWQRWKLQJ LQDODQGZKHUH
HYHQWKHSRVWPDQGHPDQGVDWLSIRUDGHOLYHU\0RVWWULEDOSHRSOHKDYHQR
IRUPDOWLWOHWRWKHLUODQGDQGWKHUHIRUHFDQQRWFODLPFRPSHQVDWLRQDQ\ZD\
0RVWWULEDOSHRSOHRUOHW
VVD\PRVWVPDOOIDUPHUVKDYHDVPXFKXVHIRU
PRQH\DVD6XSUHPH&RXUWMXGJHKDVIRUDEDJRIIHUWLOL]HU

7KHPLOOLRQVRIGLVSODFHGSHRSOHGRQ
WH[LVWDQ\PRUH:KHQKLVWRU\LVZULWWHQ
WKH\ZRQ
WEHLQLW1RWHYHQDVVWDWLVWLFV6RPHRIWKHPKDYHVXEVHTXHQWO\
EHHQGLVSODFHGWKUHHDQGIRXUWLPHVDGDPDQDUWLOOHU\SURRIUDQJHDQRWKHU
GDPDXUDQLXPPLQHDSRZHUSURMHFW2QFHWKH\VWDUWUROOLQJWKHUH
VQR
UHVWLQJSODFH7KHJUHDWPDMRULW\LVHYHQWXDOO\DEVRUEHGLQWRVOXPVRQWKH
SHULSKHU\RIRXUJUHDWFLWLHVZKHUHLWFRDOHVFHVLQWRDQLPPHQVHSRRORIFKHDS
FRQVWUXFWLRQODERXU WKDWEXLOGVPRUHSURMHFWVWKDWGLVSODFHPRUHSHRSOH 
7UXHWKH\
UHQRWEHLQJDQQLKLODWHGRUWDNHQWRJDVFKDPEHUVEXW,FDQZDUUDQW
WKDWWKHTXDOLW\RIWKHLUDFFRPPRGDWLRQLVZRUVHWKDQLQDQ\FRQFHQWUDWLRQ
FDPSRIWKH7KLUG5HLFK7KH\
UHQRWFDSWLYHEXWWKH\UHGHILQHWKHPHDQLQJ
RIOLEHUW\

$QGVWLOOWKHQLJKWPDUHGRHVQ
WHQG7KH\FRQWLQXHWREHXSURRWHGHYHQIURP
WKHLUKHOOLVKKRYHOVE\JRYHUQPHQWEXOOGR]HUVWKDWIDQRXWRQFOHDQXS
PLVVLRQVZKHQHYHUHOHFWLRQVDUHFRPIRUWLQJO\IDUDZD\DQGWKHXUEDQULFKJHW
WZLWFK\DERXWK\JLHQH,QFLWLHVOLNH'HOKLWKH\UXQWKHULVNRIEHLQJVKRWE\
WKHSROLFHIRUVKLWWLQJLQSXEOLFSODFHVOLNHWKUHHVOXPGZHOOHUVZHUHQRW
PRUHWKDQWZR\HDUVDJR

,QWKH)UHQFK&DQDGLDQZDUVRIWKHV/RUG$PKHUVWH[WHUPLQDWHGPRVW
RI&DQDGD
V1DWLYH,QGLDQVE\RIIHULQJWKHPEODQNHWVLQIHVWHGZLWKWKHVPDOO
SR[YLUXV7ZRFHQWXULHVRQZHRIWKH5HDO,QGLDKDYHIRXQGOHVVREYLRXV
ZD\VRIDFKLHYLQJVLPLODUHQGV

7KHPLOOLRQVRIGLVSODFHGSHRSOHLQ,QGLDDUHQRWKLQJEXWUHIXJHHVRIDQ
XQDFNQRZOHGJHGZDU$QGZHOLNHWKHFLWL]HQVRI:KLWH$PHULFDDQG)UHQFK
&DQDGDDQG+LWOHU
V*HUPDQ\DUHFRQGRQLQJLWE\ORRNLQJDZD\:K\"
%HFDXVHZH
UHWROGWKDWLW
VEHLQJGRQHIRUWKHVDNHRIWKH*UHDWHU&RPPRQ
*RRG7KDWLW
VEHLQJGRQHLQWKHQDPHRI3URJUHVVLQWKHQDPHRI1DWLRQDO
,QWHUHVW ZKLFKRIFRXUVHLVSDUDPRXQW 7KHUHIRUHJODGO\XQTXHVWLRQLQJO\
DOPRVWJUDWHIXOO\ZHEHOLHYHZKDWZH
UHWROG:HEHOLHYHWKDWLWEHQHILWVXVWR
EHOLHYH

$OORZPHWRVKDNH\RXUIDLWK3XW\RXUKDQGLQPLQHDQGOHWPHOHDG\RX
WKURXJKWKHPD]H'RWKLVEHFDXVHLW
VLPSRUWDQWWKDW\RXXQGHUVWDQG,I\RX
ILQGUHDVRQWRGLVDJUHHE\DOOPHDQVWDNHWKHRWKHUVLGH%XWSOHDVHGRQ
W
LJQRUHLWGRQ
WORRNDZD\

,WLVQ
WDQHDV\WDOHWRWHOO,W
VIXOORIQXPEHUVDQGH[SODQDWLRQV1XPEHUVXVHG
WRPDNHP\H\HVJOD]HRYHU1RWDQ\PRUH1RWVLQFH,EHJDQWRIROORZWKH
GLUHFWLRQLQZKLFKWKH\SRLQW

3LFWXUH*DOOXEHQ
VKRXVHDQGWKRVHRIKXQGUHGVRIRWKHUVLQ0DQLEHOL
ZHUHGHPROLVKHGWKHQFDUWHGDZD\LQ

7UXVWPH7KHUH
VDVWRU\KHUH

KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

,W
VWUXHWKDW,QGLDKDVSURJUHVVHG,W
VWUXHWKDWLQZKHQ&RORQLDOLVP
IRUPDOO\HQGHG,QGLDZDVIRRGGHILFLW,QZHSURGXFHGPLOOLRQ
WRQQHVRIIRRGJUDLQ7RGD\ZHSURGXFHFORVHWRPLOOLRQWRQQHV

,W
VWUXHWKDWLQWKHVWDWHJUDQDULHVZHUHRYHUIORZLQJZLWKPLOOLRQ
WRQQHVRIXQVROGJUDLQ,W
VDOVRWUXHWKDWDWWKHVDPHWLPHSHUFHQWRI
,QGLD
VSRSXODWLRQPRUHWKDQPLOOLRQSHRSOHZHUHOLYLQJEHORZWKH
SRYHUW\OLQH7KDW
VPRUHWKDQWKHFRXQWU\
VSRSXODWLRQLQ

,QGLDQVDUHWRRSRRUWREX\WKHIRRGWKHLUFRXQWU\SURGXFHV,QGLDQVDUHEHLQJ
IRUFHGWRJURZWKHNLQGVRIIRRGWKH\FDQ
WDIIRUGWRHDWWKHPVHOYHV/RRNDW
ZKDWKDSSHQHGLQ.DODKDQGL'LVWULFWLQ:HVWHUQ2ULVVDEHVWNQRZQIRULWV
VWDUYDWLRQGHDWKV,QWKHGURXJKWRI
SHRSOHGLHGRIVWDUYDWLRQ 
DFFRUGLQJWRWKH*RYHUQPHQWRYHUDDFFRUGLQJWRWKHSUHVV <HWWKDW
VDPH\HDUULFHSURGXFWLRQLQ.DODKDQGLZDVKLJKHUWKDQWKHQDWLRQDODYHUDJH
5LFHZDVH[SRUWHGIURP.DODKDQGL'LVWULFWWRWKH&HQWUH

&HUWDLQO\,QGLDKDVSURJUHVVHGEXWPRVWRILWVSHRSOHKDYHQ
W

3LFWXUH%KLOZRPHQIURPWKH.KHGXW0D]GRRU&KHWQD6DQJDWKDQ 8QLRQ
RI)DUPHUVDQG:RUNHUV$ZDNHQLQJ GLGQRWOLYHLQWKHVXEPHUJHQFH
]RQHEXWPDUFKHGLQVROLGDULW\ZLWKWKHGDPDIIHFWHG-KDEXD

2XUOHDGHUVVD\WKDWZHPXVWKDYHQXFOHDUPLVVLOHVWRSURWHFWXVIURPWKH
WKUHDWRI&KLQDDQG3DNLVWDQ%XWZKRZLOOSURWHFWXVIURPRXUVHOYHV"

:KDWNLQGRIFRXQWU\LVWKLV":KRRZQVLW":KRUXQVLW":KDW
VJRLQJRQ"

,W
VWLPHWRVSLOODIHZ6WDWH6HFUHWV7RSXQFWXUHWKHP\WKDERXWWKH
LQHIILFLHQWEXPEOLQJFRUUXSWEXWXOWLPDWHO\JHQLDOHVVHQWLDOO\GHPRFUDWLF
,QGLDQ6WDWH&DUHOHVVQHVVFDQQRWDFFRXQWIRUILIW\PLOOLRQGLVDSSHDUHGSHRSOH
1RUFDQ.DUPD/HW
VQRWGHOXGHRXUVHOYHV7KHUHLVPHWKRGKHUHSUHFLVH
UHOHQWOHVVDQGRQHKXQGUHGSHUFHQWPDQPDGH

7KH,QGLDQ6WDWHLVQRWD6WDWHWKDWKDVIDLOHG,WLVD6WDWHWKDWKDVVXFFHHGHG
LPSUHVVLYHO\LQZKDWLWVHWRXWWRGR,WKDVEHHQUXWKOHVVO\HIILFLHQWLQWKHZD\
LWKDVDSSURSULDWHG,QGLD
VUHVRXUFHVLWVODQGLWVZDWHULWVIRUHVWVLWVILVKLWV
PHDWLWVHJJVLWVDLUDQGUHGLVWULEXWHGLWWRDIDYRXUHGIHZ LQUHWXUQQR
GRXEWIRUDIHZIDYRXUV ,WLVVXSHUEO\DFFRPSOLVKHGLQWKHDUWRISURWHFWLQJ
LWVFDGUHVRISDLGXSHOLWH&RQVXPPDWHLQLWVPHWKRGVRISXOYHULVLQJWKRVH
ZKRLQFRQYHQLHQFHLWVLQWHQWLRQV%XWLWVILQHVWIHDWRIDOOLVWKHZD\LW
DFKLHYHVDOOWKLVDQGHPHUJHVVPHOOLQJQLFH7KHZD\LWPDQDJHVWRNHHSLWV
VHFUHWVWRFRQWDLQLQIRUPDWLRQWKDWYLWDOO\FRQFHUQVWKHGDLO\OLYHVRIRQH
ELOOLRQSHRSOHLQJRYHUQPHQWILOHVDFFHVVLEOHRQO\WRWKHNHHSHUVRIWKHIODPH
0LQLVWHUVEXUHDXFUDWVVWDWHHQJLQHHUVGHIHQFHVWUDWHJLVWV2IFRXUVHZH
PDNHLWHDV\IRUWKHPZHLWVEHQHILFLDULHV:HWDNHFDUHQRWWRGLJWRRGHHS
:HGRQ
WUHDOO\ZDQWWRNQRZWKHJULVO\GHWDLOV

7KDQNVWRXV,QGHSHQGHQFHFDPH DQGZHQW HOHFWLRQVFRPHDQGJREXW


WKHUHKDVEHHQQRVKXIIOLQJRIWKHGHFN2QWKHFRQWUDU\WKHROGRUGHUKDV
EHHQFRQVHFUDWHGWKHULIWIRUWLILHG:HWKH5XOHUVZRQ
WSDXVHWRORRNXS
IURPRXUKHDYLQJWDEOH:HGRQ
WVHHPWRNQRZWKDWWKHUHVRXUFHVZH
UH
IHDVWLQJRQDUHILQLWHDQGUDSLGO\GHSOHWLQJ7KHUH
VFDVKLQWKHEDQNEXWVRRQ
WKHUH
OOEHQRWKLQJOHIWWREX\ZLWKLW7KHIRRG
VUXQQLQJRXWLQWKHNLWFKHQ
$QGWKHVHUYDQWVKDYHQ
WHDWHQ\HW$FWXDOO\WKHVHUYDQWVVWRSSHGHDWLQJD
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

ORQJWLPHDJR

,QGLDOLYHVLQKHUYLOODJHVZH
UHWROGLQHYHU\RWKHUVDQFWLPRQLRXVSXEOLF
VSHHFK7KDW
VEXOOVKLW,W
VMXVWDQRWKHUILJOHDIIURPWKH*RYHUQPHQW
VEXOJLQJ
ZDUGUREH,QGLDGRHVQ
WOLYHLQKHUYLOODJHV,QGLDGLHVLQKHUYLOODJHV,QGLD
JHWVNLFNHGDURXQGLQKHUYLOODJHV,QGLDOLYHVLQKHUFLWLHV,QGLD
VYLOODJHVOLYH
RQO\WRVHUYHKHUFLWLHV+HUYLOODJHUVDUHKHUFLWL]HQV
YDVVDOVDQGIRUWKDW
UHDVRQPXVWEHFRQWUROOHGDQGNHSWDOLYHEXWRQO\MXVW

7KLVLPSUHVVLRQZHKDYHRIDQRYHUVWUHWFKHG6WDWHVWUXJJOLQJWRFRSHZLWKWKH
VKHHUZHLJKWDQGVFDOHRILWVSUREOHPVLVDGDQJHURXVRQH7KHIDFWLVWKDWLW
V
FUHDWLQJWKHSUREOHP,W
VDJLDQWSRYHUW\SURGXFLQJPDFKLQHPDVWHUIXOLQLWV
PHWKRGVRISLWWLQJWKHSRRUDJDLQVWWKHYHU\SRRURIIOLQJLQJFUXPEVWRWKH
ZUHWFKHGVRWKDWWKH\GLVVLSDWHWKHLUHQHUJLHVILJKWLQJHDFKRWKHUZKLOHSHDFH
DQGDGYHUWLVLQJ UHLJQVLQWKH0DVWHU
V/RGJLQJV

3LFWXUH7KH1DUPDGDLQ0D\7ZHQW\ILYHPLOOLRQSHRSOHOLYHLQWKH
1DUPDGD9DOOH\LQWULFDWHO\OLQNHGWRWKHHFRORJ\RILWVZDWHUV

8QWLOWKLVSURFHVVLVUHFRJQLVHGIRUZKDWLWLVXQWLOLWLVDGGUHVVHGDQG
DWWDFNHGHOHFWLRQVKRZHYHUILHUFHO\WKH\
UHFRQWHVWHGZLOOFRQWLQXHWREH
PRFNEDWWOHVWKDWVHUYHRQO\WRIXUWKHUHQWUHQFKXQVSHDNDEOHLQHTXLW\
'HPRFUDF\ RXUYHUVLRQRILW ZLOOFRQWLQXHWREHWKHEHQHYROHQWPDVNEHKLQG
ZKLFKDSHVWLOHQFHIORXULVKHVXQFKDOOHQJHG2QDVFDOHWKDWZLOOPDNHROGZDUV
DQGSDVWPLVIRUWXQHVORRNOLNHFRQWUROOHGODERUDWRU\H[SHULPHQWV$OUHDG\
ILIW\PLOOLRQSHRSOHKDYHEHHQIHGLQWRWKH'HYHORSPHQW0LOODQGKDYH
HPHUJHGDVDLUFRQGLWLRQHUVDQGSRSFRUQDQGUD\RQVXLWVVXEVLGLVHGDLU
FRQGLWLRQHUVDQGSRSFRUQDQGUD\RQVXLWV LIZHPXVWKDYHWKHVHQLFHWKLQJV
DQGWKH\DUHQLFHDWOHDVWZHVKRXOGEHPDGHWRSD\IRUWKHP 

7KHUH
VDKROHLQWKHIODJWKDWQHHGVPHQGLQJ

,W
VDVDGWKLQJWRKDYHWRVD\EXWDVORQJDVZHKDYHIDLWKZHKDYHQRKRSH
7RKRSHZHKDYHWREUHDNWKHIDLWK:HKDYHWRILJKWVSHFLILFZDUVLQVSHFLILF
ZD\VDQGZHKDYHWRILJKWWRZLQ

/LVWHQWKHQWRWKHVWRU\RIWKH1DUPDGD9DOOH\8QGHUVWDQGLW$QGLI\RX
ZLVKHQOLVW:KRNQRZVLWPD\OHDGWRPDJLF

7KH1DUPDGDZHOOVXSRQWKHSODWHDXRI$PDUNDQWDNLQWKH6KDKGROGLVWULFWRI
0DGK\D3UDGHVKWKHQZLQGVLWVZD\WKURXJKNLORPHWUHVRIEHDXWLIXO
EURDGOHDYHGIRUHVWDQGSHUKDSVWKHPRVWIHUWLOHDJULFXOWXUDOODQGLQ,QGLD
7ZHQW\ILYHPLOOLRQSHRSOHOLYHLQWKHULYHUYDOOH\OLQNHGWRWKHHFRV\VWHP
DQGWRHDFKRWKHUE\DQDQFLHQWLQWULFDWHZHERILQWHUGHSHQGHQFH DQGQR
GRXEWH[SORLWDWLRQ 7KRXJKWKH1DUPDGDKDVEHHQWDUJHWHGIRUZDWHU
UHVRXUFHGHYHORSPHQWIRUPRUHWKDQILIW\\HDUVQRZWKHUHDVRQLWKDVXQWLO
UHFHQWO\HYDGHGEHLQJFDSWXUHGDQGGLVPHPEHUHGLVEHFDXVHLWIORZVWKURXJK
WKUHHVWDWHV0DGK\D3UDGHVK0DKDUDVKWUDDQG*XMDUDW 1LQHW\SHUFHQWRI
WKHULYHUIORZVWKURXJK0DGK\D3UDGHVKLWPHUHO\VNLUWVWKHQRUWKHUQERUGHU
RI0DKDUDVKWUDWKHQIORZVWKURXJK*XMDUDWIRUDERXWNPEHIRUHHPSW\LQJ
LQWRWKH$UDELDQVHDDW%KDUXFK

$VHDUO\DVSODQVKDGEHHQDIRRWWRGDPWKHULYHUDW*RUDLQ*XMDUDW,Q
1HKUXODLGWKHIRXQGDWLRQVWRQHIRUDPHWUHKLJKGDPWKHPLGJHW
SURJHQLWRURIWKH6DUGDU6DURYDU$URXQGWKHVDPHWLPHWKH6XUYH\RI,QGLD
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

GUHZXSQHZPRGHUQLVHGWRSRJUDSKLFDOPDSVRIWKHULYHUEDVLQ7KHGDP
SODQQHUVLQ*XMDUDWVWXGLHGWKHQHZPDSVDQGGHFLGHGWKDWLWZRXOGEHPRUH
SURILWDEOHWREXLOGDPXFKELJJHUGDP%XWWKLVPHDQWKDPPHULQJRXWDQ
DJUHHPHQWILUVWZLWKQHLJKERXULQJVWDWHV

7KHWKUHHVWDWHVELFNHUHGDQGEDONHGEXWIDLOHGWRDJUHHRQDZDWHUVKDULQJ
IRUPXOD(YHQWXDOO\LQWKH&HQWUDO*RYHUQPHQWVHWXSWKH1DUPDGD
:DWHU'LVSXWHV7ULEXQDO,WWRRNWKH7ULEXQDOWHQ\HDUVWRDQQRXQFHLWV
$ZDUG7KHSHRSOHZKRVHOLYHVZHUHJRLQJWREHGHYDVWDWHGZHUHQHLWKHU
LQIRUPHGQRUFRQVXOWHGQRUKHDUG

7RDSSRUWLRQVKDUHVLQWKHZDWHUVWKHILUVWPRVWEDVLFWKLQJWKH7ULEXQDOKDG
WRGRZDVWRILQGRXWKRZPXFKZDWHUWKHUHZDVLQWKHULYHU8VXDOO\WKLVFDQ
RQO\EHHVWLPDWHGDFFXUDWHO\LIWKHUHLVDWOHDVWIRUW\\HDUVRIUHFRUGHGGDWDRQ
WKHYROXPHRIDFWXDOIORZLQWKHULYHU6LQFHWKLVZDVQRWDYDLODEOHWKH\
GHFLGHGWRH[WUDSRODWHIURPUDLQIDOOGDWD7KH\DUULYHGDWDILJXUHRI
0$) PLOOLRQDFUHIHHW 7KLVILJXUHLVWKHVWDWLVWLFDOEHGURFNRIWKH1DUPDGD
9DOOH\3URMHFWV:HDUHVWLOOOLYLQJZLWKLWVOHJDF\,WPRUHRUOHVVGHWHUPLQHV
WKHRYHUDOOGHVLJQRIWKH3URMHFWVWKHKHLJKWORFDWLRQDQGQXPEHURIGDPV
%\LQIHUHQFHLWGHWHUPLQHVWKHFRVWRIWKH3URMHFWVKRZPXFKDUHDZLOOEH
VXEPHUJHGKRZPDQ\SHRSOHZLOOEHGLVSODFHGDQGZKDWWKHEHQHILWVZLOOEH
,QDFWXDOREVHUYHGIORZGDWDIRUWKH1DUPDGDZKLFKZDVQRZDYDLODEOH
IRU\HDUV  VKRZHGWKDWWKH\LHOGIURPWKHULYHUZDVRQO\
0$)HLJKWHHQSHUFHQWOHVV7KH&HQWUDO:DWHU&RPPLVVLRQDGPLWVWKDW
WKHUHLVOHVVZDWHULQWKH1DUPDGDWKDQKDGSUHYLRXVO\EHHQDVVXPHG7KH
*RYHUQPHQWRI,QGLDVD\V,WPD\EHQRWHGWKDWFODXVH,, RIWKH'HFLVLRQRI
WKH7ULEXQDO UHODWLQJWRGHWHUPLQDWLRQRIGHSHQGDEOHIORZDV0$)LVQRQ
UHYLHZDEOH 

,QRWKHUZRUGVWKH1DUPDGDLVOHJDOO\ERXQGE\KXPDQGHFUHHWRSURGXFHDV
PXFKZDWHUDVWKH*RYHUQPHQWRI,QGLDFRPPDQGVLWWRSURGXFH

,WVSURSRQHQWVERDVWWKDWWKH1DUPDGD9DOOH\3URMHFWLVWKHPRVWDPELWLRXV
ULYHUYDOOH\SURMHFWHYHUFRQFHLYHGLQKXPDQKLVWRU\7KH\SODQWREXLOG
GDPVWKDWZLOOUHFRQVWLWXWHWKH1DUPDGDDQGKHUWULEXWDULHVLQWRDVHULHVRI
VWHSUHVHUYRLUVDQLPPHQVHVWDLUFDVHRIDPHQDEOHZDWHU2IWKHVHZLOOEH
PDMRUGDPVPHGLXPDQGWKHUHVWVPDOO7ZRRIWKHPDMRUGDPVZLOOEH
PXOWLSXUSRVHPHJDGDPV7KH6DUGDU6DURYDULQ*XMDUDWDQGWKH1DUPDGD
6DJDULQ0DGK\D3UDGHVKZLOOEHWZHHQWKHPKROGPRUHZDWHUWKDQDQ\RWKHU
UHVHUYRLURQWKH,QGLDQVXEFRQWLQHQW

:KLFKHYHUZD\\RXORRNDWLWWKH1DUPDGD9DOOH\'HYHORSPHQW3URMHFWLV
%LJ,WZLOODOWHUWKHHFRORJ\RIWKHHQWLUHULYHUEDVLQRIRQHRI,QGLD
VELJJHVW
ULYHUV)RUEHWWHURUIRUZRUVHLWZLOODIIHFWWKHOLYHVRIWZHQW\ILYHPLOOLRQ
SHRSOHZKROLYHLQWKHYDOOH\<HWHYHQEHIRUHWKH0LQLVWU\RI(QYLURQPHQW
FOHDUHGWKHSURMHFWWKH:RUOG%DQNRIIHUHGWRILQDQFHWKHO\QFKSLQRIWKH
SURMHFWWKH6DUGDU6DURYDU'DP ZKRVHUHVHUYRLUGLVSODFHVSHRSOHLQ
0DGK\D3UDGHVKDQG0DKDUDVKWUDEXWZKRVHEHQHILWVJRWR*XMDUDW 7KH
%DQNZDVUHDG\ZLWKLWVFKHTXHERRNEHIRUHDQ\FRVWVZHUHFRPSXWHGEHIRUH
DQ\VWXGLHVKDGEHHQGRQHEHIRUHDQ\ERG\KDGDQ\LGHDRIZKDWWKHKXPDQ
FRVWRUWKHHQYLURQPHQWDOLPSDFWRIWKHGDPZRXOGEH

KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

1RWH,QFOXGHVDVVLVWDQFHIURPERWKWKH,QWHUQDWLRQDO%DQNIRU5HFRQVWUXFWLRQDQG
'HYHORSPHQW ,%5' DQGWKH,QWHUQDWLRQDO'HYHORSPHQW$VVRFLDWLRQ ,'$ 'HWDLOVPD\
QRWDGGWRWRWDOVEHFDXVHRIURXQGLQJ
6RXUFH:RUOG%DQN$QQXDO5HSRUWVIRUYDULRXV\HDUV

7KHPLOOLRQGROODUORDQIRUWKH6DUGDU6DURYDU3URMHFWVZDVVDQFWLRQHG
DQGLQSODFHLQ0LQLVWU\RI(QYLURQPHQWFOHDUDQFHIRUWKHSURMHFWFDPH
RQO\LQ7DONDERXWHQWKXVLDVP,WIDLUO\ERUGHUVRQHYDQJHOLVP&DQ
DQ\ERG\FDUHVRPXFK"

:K\ZHUHWKH\VRNHHQ"

%HWZHHQDQGWKH%DQNUHFHLYHGDSSOLFDWLRQVIRUORDQVIURP
DURXQGWKHZRUOG7KH\GLGQ
WWXUQGRZQDVLQJOHRQH1RWDVLQJOHRQH7HUPV
OLNH
0RYLQJPRQH\
DQG
0HHWLQJORDQWDUJHWV
VXGGHQO\EHJLQWRPDNHVHQVH

7RGD\,QGLDLVLQDVLWXDWLRQZKHUHLWSD\VEDFNPRUHPRQH\WRWKH%DQNLQ
LQWHUHVWDQGUHSD\PHQWVRISULQFLSDOWKDQLWUHFHLYHVIURPLW:HDUHIRUFHGWR
LQFXUQHZGHEWVLQRUGHUWREHDEOHWRUHSD\RXUROGRQHV$FFRUGLQJWRWKH
:RUOG%DQN$QQXDO5HSRUWODVW\HDU  DIWHUWKHDULWKPHWLF,QGLDSDLG
WKH%DQNPLOOLRQGROODUVPRUHWKDQLWUHFHLYHG2YHUWKHODVWILYH\HDUV

WR
 ,QGLDSDLGWKH%DQNELOOLRQGROODUVPRUHWKDQLWUHFHLYHG
7KHUHODWLRQVKLSEHWZHHQXVLVH[DFWO\OLNHWKHUHODWLRQVKLSEHWZHHQDODQGOHVV
ODERXUHUVWHHSHGLQGHEWDQGWKHORFDO%DQLDLWLVDQDIIHFWLRQDWHUHODWLRQVKLS
WKHSRRUPDQORYHVKLV%DQLDEHFDXVHKH
VDOZD\VWKHUHZKHQKH
VQHHGHG,W
V
QRWIRUQRWKLQJWKDWZHFDOOWKHZRUOGD*OREDO9LOODJH7KHRQO\GLIIHUHQFH
EHWZHHQWKHODQGOHVVODERXUHUDQGWKH*RYHUQPHQWRI,QGLDLVWKDWRQHXVHVWKH
PRQH\WRVXUYLYH7KHRWKHUMXVWIXQQHOVLWLQWRWKHSULYDWHFRIIHUVRILWV
RIILFHUVDQGDJHQWVSXVKLQJWKHFRXQWU\LQWRDQHFRQRPLFERQGDJHWKDWLWPD\
QHYHURYHUFRPH

3LFWXUH1HHPJDYDQYLOODJHLQ0DKDUDVWUD$OOWKHVHKXWVRQUHODWLYHO\
KLJKJURXQGZLOOEHVXEPHUJHGWKLVPRQVRRQZKHQWKHKHLJKWRIWKHGDP
JRHVXSWRPHWUHV<HWQRWRQHLQKDELWDQWIURPWKLVYLOODJHLVZLOOLQJWR
EHUHVHWWOHG

7KHLQWHUQDWLRQDO'DP,QGXVWU\LVZRUWKELOOLRQGROODUVD\HDU,I\RX
IROORZWKHWUDLOVRIELJGDPVWKHZRUOGRYHUZKHUHYHU\RXJR&KLQD-DSDQ
0DOD\VLD7KDLODQG%UD]LO*XDWHPDOD\RX
OOUXEXSDJDLQVWWKHVDPHVWRU\
HQFRXQWHUWKHVDPHDFWRUVWKH,URQ7ULDQJOH GDPMDUJRQIRUWKHQH[XV
EHWZHHQSROLWLFLDQVEXUHDXFUDWVDQGGDPFRQVWUXFWLRQFRPSDQLHV WKH
UDFNHWHHUVZKRFDOOWKHPVHOYHV,QWHUQDWLRQDO(QYLURQPHQWDO&RQVXOWDQWV ZKR
DUHXVXDOO\GLUHFWO\HPSOR\HGE\RUVXEVLGLDULHVRIGDPEXLOGHUV DQGPRUH
RIWHQWKDQQRWWKHIULHQGO\QHLJKERXUKRRG:RUOG%DQN<RX
OOJURZWR
UHFRJQLVHWKHVDPHLQIODWHGUKHWRULFWKHVDPHQREOH
3HRSOHV
'DP
VORJDQV
WKHVDPHVZLIWEUXWDOUHSUHVVLRQWKDWIROORZVWKHILUVWVLJQRIFLYLO

KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

LQVXERUGLQDWLRQ 2IODWHHVSHFLDOO\DIWHULWVH[SHULHQFHLQWKH1DUPDGD
9DOOH\7KH%DQNLVPRUHFDXWLRXVDERXWFKRRVLQJWKHFRXQWULHVLQZKLFKLW
ILQDQFHVSURMHFWVWKDWLQYROYHPDVVGLVSODFHPHQW$WSUHVHQW&KLQDLVWKHLU
0RVW)DYRXUHGFOLHQW,W
VWKHJUHDWLURQ\RIRXUWLPHV$PHULFDQFLWL]HQV
SURWHVWWKHPDVVDFUHLQ7LDQDQPHQ6TXDUHEXWWKH%DQNZLOOXVHWKHLUPRQH\
WRIXQGWKH7KUHH*RUJHV'DPLQ&KLQDZKLFKLVJRLQJWRGLVSODFHPLOOLRQ
SHRSOH

,W
VDVNLOIXOFLUFXVDQGWKHDFUREDWVNQRZHDFKRWKHUZHOO2FFDVLRQDOO\WKH\
OO
VZDSSDUWVDEXUHDXFUDWZLOOMRLQ7KH%DQND%DQNHUZLOOVXUIDFHDVD
3URMHFW&RQVXOWDQW$WWKHHQGRISOD\DKXJHSHUFHQWDJHRIZKDW
VFDOOHG

'HYHORSPHQW$LG
LVUHFKDQQHOOHGEDFNWRWKHFRXQWULHVLWFDPHIURP
PDVTXHUDGLQJDVHTXLSPHQWFRVWRUFRQVXOWDQWV
IHHVRUVDODULHVWRWKH
DJHQFLHV
RZQVWDII2IWHQ
$LG
LVRSHQO\
WLHG
 $VLQWKHFDVHRIWKH-DSDQHVH
ORDQIRUWKH6DUGDU6DURYDU'DPWLHGWRDFRQWUDFWIRUSXUFKDVLQJWXUELQHV
IURP6XPLWRPR&RUSRUDWLRQ 6RPHWLPHVWKHFRQQHFWLRQVDUHPRUHVOHD]\,Q
%ULWDLQILQDQFHGWKH3HUJDX'DPLQ0DOD\VLDZLWKDVXEVLGLVHGORDQRI
PLOOLRQSRXQGVGHVSLWHDQ2YHUVHDV'HYHORSPHQW$GPLQLVWUDWLRQUHSRUW
WKDWVDLGWKDWWKHGDPZRXOGEHD
EDGEX\
IRU0DOD\VLD,WODWHUHPHUJHGWKDW
WKHORDQZDVRIIHUHGWR
HQFRXUDJH
0DOD\VLDWRVLJQDELOOLRQSRXQG
FRQWUDFWWREX\%ULWLVK$UPV

,Q8.FRQVXOWDQWVHDUQHGELOOLRQGROODUVRQRYHUVHDVFRQWUDFWV7KH
VHFRQGELJJHVWVHFWRURIWKHPDUNHWDIWHU3URMHFW0DQDJHPHQWZDVZULWLQJ
ZKDWDUHFDOOHG(,$V (QYLURQPHQWDO,PSDFW$VVHVVPHQWV ,QWKH
'HYHORSPHQWUDFNHWWKHUXOHVDUHSUHWW\VLPSOH,I\RXJHWLQYLWHGE\D
*RYHUQPHQWWRZULWHDQ(,$IRUDELJGDPSURMHFWDQG\RXSRLQWRXWD
SUREOHP VD\IRULQVWDQFH\RXTXLEEOHDERXWWKHDPRXQWRIZDWHUDYDLODEOHLQ
DULYHURU*RGIRUELG\RXVXJJHVWWKDWSHUKDSVWKHKXPDQFRVWVDUHWRRKLJK 
WKHQ\RX
UHKLVWRU\<RX
UHDQ22:&$Q2XW2I:RUN&RQVXOWDQW$QG
2RSV7KHUHJRHV\RXU5DQJH5RYHU7KHUHJRHV\RXUKROLGD\LQ7XVFDQ\
7KHUHJRHV\RXUFKLOGUHQ
VSULYDWHERDUGLQJVFKRRO7KHUH
VJRRGPRQH\LQ
SRYHUW\3OXV3HUNV

,QNHHSLQJZLWK%LJ'DPWUDGLWLRQFRQFXUUHQWZLWKWKHFRQVWUXFWLRQRIWKH
PHWUHKLJK6DUGDU6DURYDU'DPEHJDQWKHHODERUDWH*RYHUQPHQW
SDQWRPLPHRIFRQGXFWLQJVWXGLHVWRHVWLPDWHWKHDFWXDOSURMHFWFRVWVDQGWKH
LPSDFWLWZRXOGKDYHRQSHRSOHDQGWKHHQYLURQPHQW7KH:RUOG%DQN
SDUWLFLSDWHGZKROHKHDUWHGO\LQWKHFKDUDGHRFFDVLRQDOO\WKH\NQLWWHGWKHLU
EURZVDQGUDLVHGIHHEOHUHTXHVWVIRUPRUHLQIRUPDWLRQRQLVVXHVOLNHWKH
UHVHWWOHPHQWDQGUHKDELOLWDWLRQRIZKDWWKH\FDOO3$3V3URMHFW$IIHFWHG
3HUVRQV 7KH\KHOSWKHVHDFURQ\PVWKH\PDQDJHWRPXWDWHPXVFOHDQG
EORRGLQWRFROGVWDWLVWLFV3$3VVRRQFHDVHWREHSHRSOH

7KHPHUHVWFUXPEVRILQIRUPDWLRQVDWLVILHG7KH%DQNDQGWKH\SURFHHGHG
ZLWKWKHSURMHFW7KHLPSOLFLWXQZULWWHQEXWIDLUO\REYLRXVXQGHUVWDQGLQJ
EHWZHHQWKHFRQFHUQHGDJHQFLHVZDVWKDWZKDWHYHUWKHFRVWVHFRQRPLF
HQYLURQPHQWDORUKXPDQWKHSURMHFWZRXOGJRDKHDG7KH\ZRXOGMXVWLI\LWDV
WKH\ZHQWDORQJ7KH\NQHZIXOOZHOOWKDWHYHQWXDOO\LQDFRXUWURRPRUWRD
FRPPLWWHHQRDUJXPHQWZRUNVDVZHOODVD)DLW$FFRPSOL 0L
ORUGWKH
FRXQWU\LVORVLQJWZRFURUHVDGD\GXHWRWKHGHOD\ 7KH*RYHUQPHQWUHIHUVWR
WKH6DUGDU6DURYDU3URMHFWVDVWKH
0RVW6WXGLHG3URMHFWLQ,QGLD
\HWWKHJDPH
JRHVVRPHWKLQJOLNHWKLV

:KHQWKH7ULEXQDOILUVWDQQRXQFHGLWV$ZDUGDQGWKH*XMDUDW*RYHUQPHQW
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

DQQRXQFHGLWVSODQRIKRZLWZDVJRLQJWRXVHLWVVKDUHRIZDWHUWKHUHZDVQR
PHQWLRQRIGULQNLQJZDWHUIRUYLOODJHVLQ.XWFKDQG6DXUDVKWUDWKHDULGDUHDV
RI*XMDUDW:KHQWKHSURMHFWUDQLQWRSROLWLFDOWURXEOHWKH*RYHUQPHQW
VXGGHQO\GLVFRYHUHGWKHHPRWLYHSRZHURI7KLUVW6XGGHQO\TXHQFKLQJWKH
WKLUVWRISDUFKHGWKURDWVLQ.XWFKDQG6DXUDVKWUDEHFDPHWKHZKROHSRLQWRI
WKH6DUGDU6DURYDU3URMHFWV 1HYHUPLQGWKDWZDWHUIURPWZRULYHUVWKH
6DEDUPDWLDQGWKH0DKLERWKRIZKLFKDUHPLOHVFORVHUWR.XWFKDQG
6DXUDVKWUDWKDQWKH1DUPDGDKDYHEHHQGDPPHGDQGGLYHUWHGWR$KPHGDEDG
0HKVDQDDQG.KHGD1HLWKHU.XWFKQRU6DXUDVKWUDKDVVHHQDGURSRILW
2IILFLDOO\WKHQXPEHURISHRSOHZKRZLOOEHSURYLGHGGULQNLQJZDWHUE\WKH
6DUGDU6DURYDU&DQDOIOXFWXDWHVIURPPLOOLRQ  WRPLOOLRQ 
QLFHWRXFKWKHGHFLPDOSRLQWWRPLOOLRQ  DQGGRZQWRPLOOLRQ
 

3LFWXUH0HGKD3DWNDUDWDGKDUQDE\WKH1DUPDGD%DFKDR$QGRODQ
RXWVLGHWKH0LQLVWU\RI6RFLDO-XVWLFHDQG(PSRZHUPHQWLQ1HZ'HOKLLQ
$SULO

7KHQXPEHURIYLOODJHVWKDWZRXOGUHFHLYHGULQNLQJZDWHUZDV]HURLQ
LQWKHHDUO\HLJKWLHVLQDQGLQ:KHQ
FKDOOHQJHGWKH*RYHUQPHQWDGPLWWHGWKDWWKHVHILJXUHVIRULQFOXGHG
XQLQKDELWHGYLOODJHV

(YHU\DVSHFWRIWKHSURMHFWLVDSSURDFKHGLQWKLVDOPRVWFDYDOLHUPDQQHUDVLI
LW
VDIDPLO\ERDUGJDPH(YHQZKHQLWFRQFHUQVWKHOLYHVDQGIXWXUHVRIYDVW
QXPEHUVRISHRSOH

,QWKHQXPEHURIIDPLOLHVWKDWZRXOGEHGLVSODFHGE\WKH6DUGDU6DURYDU
UHVHUYRLUZDVHVWLPDWHGWREHDOLWWOHRYHU,QLWJUHZWR,Q
LWVXUJHGWR,QWKH*RYHUQPHQWGHFODUHGWKDW
IDPLOLHVZRXOGEHDIIHFWHG7RGD\LWKRYHUVEHWZHHQDQG 2I
FRXUVHHYHQWKLVLVDQDEVXUGILJXUHEHFDXVHWKHUHVHUYRLULVQ
WWKHRQO\WKLQJ
WKDWGLVSODFHVSHRSOH$FFRUGLQJWRWKH1%$WKHDFWXDOILJXUHLV
IDPLOLHVDERXWKDOIDPLOOLRQSHRSOH

7KHHVWLPDWHGFRVWRIWKHSURMHFWERXQFHGXSIURP5VFURUHVWR
5VFURUHV RIILFLDOO\ 7KH1%$VD\VWKDWLWZLOOFRVW5VFURUHV
+DOIWKHHQWLUHLUULJDWLRQEXGJHWRIWKHZKROHFRXQWU\RYHUWKHODVWILIW\
\HDUV

7KH*RYHUQPHQWFODLPVWKH6DUGDU6DURYDU3URMHFWVZLOOSURGXFH0HJD
:DWWVRISRZHU7KHWKLQJDERXWPXOWLSXUSRVHGDPVOLNHWKH6DUGDU6DURYDU
LVWKDWWKHLU
SXUSRVHV
 LUULJDWLRQSRZHUSURGXFWLRQDQGIORRGFRQWURO FRQIOLFW
ZLWKHDFKRWKHU,UULJDWLRQXVHVXSWKHZDWHU\RXQHHGWRSURGXFHSRZHU
)ORRGFRQWUROUHTXLUHV\RXWRNHHSWKHUHVHUYRLUHPSW\GXULQJWKHPRQVRRQ
PRQWKVWRGHDOZLWKDQDQWLFLSDWHGVXUIHLWRIZDWHU$QGLIWKHUH
VQRVXUIHLW
\RX
UHOHIWZLWKDQHPSW\GDP$QGWKLVGHIHDWVWKHSXUSRVHRILUULJDWLRQ
ZKLFKLVWRVWRUHWKHPRQVRRQZDWHU,W
VOLNHWKHULGGOHRIWU\LQJWRIRUGDULYHU
ZLWKDIR[DFKLFNHQDQGDEDJRIJUDLQ7KHUHVXOWRIWKHVHPXWXDOO\
FRQIOLFWLQJDLPVVWXGLHVVD\LVWKDWZKHQWKH6DUGDU6DURYDU3URMHFWVDUH
FRPSOHWHGDQGWKHVFKHPHLVIXOO\IXQFWLRQDOLWZLOOHQGXSSURGXFLQJRQO\
SHUFHQWRIWKHSRZHUWKDWLWVSODQQHUVVD\LWZLOO0HJD:DWWV

,QDQROGZDUHYHU\ERG\KDVDQD[HWRJULQG6RKRZGR\RXSLFN\RXUZD\
WKURXJKWKHVHFODLPVDQGFRXQWHUFODLPV"+RZGR\RXGHFLGHZKRVHHVWLPDWH
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

LVPRUHUHOLDEOH"2QHZD\LVWRWDNHDORRNDWWKHWUDFNUHFRUGRI,QGLDQ'DPV

7KH%DUJL'DPQHDU-DEDOSXUZDVWKHILUVWGDPRQWKH1DUPDGDWREH
FRPSOHWHG  ,WFRVWWHQWLPHVPRUHWKDQZDVEXGJHWHGDQGVXEPHUJHG
WKUHHWLPHVPRUHODQGWKDQWKHHQJLQHHUVVDLGLWZRXOG$ERXWSHRSOH
IURPYLOODJHVZHUHVXSSRVHGWREHGLVSODFHGEXWZKHQWKH\ILOOHGWKH
UHVHUYRLU ZLWKRXWZDUQLQJDQ\ERG\ YLOODJHVZHUHVXEPHUJHG6RPHRI
WKHUHVHWWOHPHQWVLWHVEXLOWE\WKH*RYHUQPHQWZHUHVXEPHUJHGDVZHOO
3HRSOHZHUHIOXVKHGRXWOLNHUDWVIURPWKHODQGWKH\KDGOLYHGRQIRUFHQWXULHV
7KH\VDOYDJHGZKDWWKH\FRXOGDQGZDWFKHGWKHLUKRXVHVEHLQJZDVKHGDZD\
SHRSOHZHUHGLVSODFHG7KHUHZDVQRUHKDELOLWDWLRQSROLF\6RPH
ZHUHJLYHQPHDJUHFDVKFRPSHQVDWLRQV0DQ\JRWDEVROXWHO\QRWKLQJ$IHZ
ZHUHPRYHGWRJRYHUQPHQWUHKDELOLWDWLRQVLWHV7KHVLWHDW*RUDNKSXULV
DFFRUGLQJWR*RYHUQPHQWSXEOLFLW\DQ
LGHDOYLOODJH
%HWZHHQDQG
ILYHSHRSOHGLHGRIVWDUYDWLRQWKHUH7KHUHVWHLWKHUUHWXUQHGWROLYHLOOHJDOO\LQ
WKHIRUHVWVQHDUWKHUHVHUYRLURUPRYHGWRVOXPVLQ-DEDOSXU7KH%DUJL'DP
LUULJDWHVRQO\DVPXFKODQGDVLWVXEPHUJHGLQWKHILUVWSODFHDQGRQO\SHU
FHQWRIWKHDUHDWKDWLWVSODQQHUVFODLPHGLWZRXOGLUULJDWH(YHQWKDWLVZDWHU
ORJJHG

7LPHDQGDJDLQLW
VWKHVDPHVWRU\WKH$QGKUD3UDGHVK,UULJDWLRQ,,VFKHPH
FODLPHGLWZRXOGGLVSODFHSHRSOH:KHQFRPSOHWHGLWGLVSODFHG
SHRSOH7KH*XMDUDW0HGLXP,UULJDWLRQ,,VFKHPHGLVSODFHG
SHRSOHLQVWHDGRI7KHUHYLVHGHVWLPDWHRIWKHQXPEHURISHRSOHWREH
GLVSODFHGE\WKH8SSHU.ULVKQDLUULJDWLRQSURMHFWLQ.DUQDWDNDLV
DJDLQVWLWVLQLWLDOFODLPVRIGLVSODFLQJRQO\

7KHVHDUH:RUOG%DQNILJXUHV1RWWKH1%$
V,PDJLQHZKDWWKLVGRHVWRRXU
FRQVHUYDWLYHHVWLPDWHRIWKLUW\WKUHHPLOOLRQ

&RQVWUXFWLRQZRUNRQWKH6DUGDU6DURYDU'DPVLWHZKLFKKDGFRQWLQXHG
VSRUDGLFDOO\VLQFHEHJDQLQHDUQHVWLQ$WWKHWLPHQRERG\QRWWKH
*RYHUQPHQWQRUWKH:RUOG%DQNZHUHDZDUHWKDWDZRPDQFDOOHG0HGKD
3DWNDUKDGEHHQZDQGHULQJWKURXJKWKHYLOODJHVVODWHGWREHVXEPHUJHG
DVNLQJSHRSOHZKHWKHUWKH\KDGDQ\LGHDRIWKHSODQVWKH*RYHUQPHQWKDGLQ
VWRUHIRUWKHP:KHQVKHDUULYHGLQWKHYDOOH\DOOWKRVH\HDUVDJRRSSRVLQJ
WKHFRQVWUXFWLRQRIWKHGDPZDVWKHIXUWKHVWWKLQJIURPKHUPLQG+HUFKLHI
FRQFHUQZDVWKDWGLVSODFHGYLOODJHUVVKRXOGEHUHVHWWOHGLQDQHTXLWDEOH
KXPDQHZD\,WJUDGXDOO\EHFDPHFOHDUWRKHUWKDWWKH*RYHUQPHQW
V
LQWHQWLRQVWRZDUGVWKHPZHUHIDUIURPKRQRXUDEOH%\ZRUGKDGVSUHDG
DQGHDFKVWDWHKDGDSHRSOHV
RUJDQLVDWLRQWKDWTXHVWLRQHGWKHSURPLVHVDERXW
UHVHWWOHPHQWDQGUHKDELOLWDWLRQWKDWZHUHEHLQJEDQGLHGDERXWE\*RYHUQPHQW
RIILFLDOV,WZDVRQO\VRPH\HDUVODWHUWKDWWKHIXOOH[WHQWRIWKHKRUURUWKH
LPSDFWWKDWWKHGDPVZRXOGKDYHERWKRQWKHSHRSOHZKRZHUHWREH
GLVSODFHGDQGWKHSHRSOHZKRZHUHVXSSRVHGWREHQHILWEHJDQWRVXUIDFH7KH
1DUPDGD9DOOH\'HYHORSPHQW3URMHFWFDPHWREHNQRZQDV,QGLD
V*UHDWHVW
3ODQQHG(QYLURQPHQWDO'LVDVWHU7KHYDULRXVSHRSOHV
RUJDQLVDWLRQVPDVVHG
LQWRDVLQJOHRUJDQLVDWLRQDQGWKH1DUPDGD%DFKDR$QGRODQWKH
H[WUDRUGLQDU\1%$ZDVERUQ

,QWKH1%$IRUPDOO\FDOOHGIRUDOOZRUNRQWKH1DUPDGD9DOOH\
'HYHORSPHQW3URMHFWVWREHVWRSSHG3HRSOHGHFODUHGWKDWWKH\ZRXOGGURZQLI
WKH\KDGWREXWZRXOGQRWPRYHIURPWKHLUKRPHV:LWKLQWZR\HDUVWKH
VWUXJJOHKDGEXUJHRQHGDQGKDGVXSSRUWIURPRWKHUUHVLVWDQFHPRYHPHQWV,Q
6HSWHPEHUVRPHSHRSOHJDWKHUHGLQWKH9DOOH\DW+DUVXGIURP
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

DOORYHU,QGLDWRSOHGJHWRILJKW'HVWUXFWLYH'HYHORSPHQW7KHGDPVLWHDQGLWV
DGMDFHQWDUHDVDOUHDG\XQGHUWKH,QGLDQ2IILFLDO6HFUHWV$FWZDVFODPSHG
XQGHU6HFWLRQZKLFKSURKLELWVWKHJDWKHULQJRIJURXSVRIPRUHWKDQILYH
SHRSOH7KHZKROHDUHDZDVWXUQHGLQWRDSROLFHFDPS'HVSLWHWKHEDUULFDGHV
RQH\HDUODWHURQWKHWKRI6HSWHPEHUWKRXVDQGVRIYLOODJHUVPDGH
WKHLUZD\RQIRRWDQGE\ERDWWRDOLWWOHWRZQFDOOHG%DGZDQLLQ0DGK\D
3UDGHVKWRUHLWHUDWHWKHLUSOHGJHWRGURZQUDWKHUWKDQDJUHHWRPRYHIURP
WKHLUKRPHV1HZVRIWKHSHRSOH
VRSSRVLWLRQWRWKH3URMHFWVVSUHDGWRRWKHU
FRXQWULHV7KH-DSDQHVHDUPRI)ULHQGVRIWKH(DUWKPRXQWHGDFDPSDLJQLQ
-DSDQWKDWVXFFHHGHGLQJHWWLQJWKH*RYHUQPHQWRI-DSDQWRZLWKGUDZLWV
ELOOLRQ\HQORDQWRILQDQFHWKH6DUGDU6DURYDU3URMHFWV 7KHFRQWUDFWIRUWKH
WXUELQHVVWLOOKROGV 2QFHWKH-DSDQHVHZLWKGUHZLQWHUQDWLRQDOSUHVVXUHIURP
YDULRXV(QYLURQPHQWDO$FWLYLVWJURXSVZKRVXSSRUWHGWKHVWUXJJOHEHJDQWR
PRXQWRQWKH:RUOG%DQN

7KLVRIFRXUVHOHGWRDQHVFDODWLRQRIUHSUHVVLRQLQWKHYDOOH\*RYHUQPHQW
SROLF\GHVFULEHGE\DSDUWLFXODUO\DUWLFXODWH0LQLVWHUZDVWR
IORRGWKHYDOOH\
ZLWKNKDNKL


2Q&KULVWPDV'D\LQVRPHPHQDQGZRPHQZDONHGRYHUD
KXQGUHGNLORPHWUHVFDUU\LQJWKHLUSURYLVLRQVDQGWKHLUEHGGLQJ
DFFRPSDQ\LQJDVHYHQPHPEHUVDFULILFLDOVTXDGZKRKDGUHVROYHGWROD\
GRZQWKHLUOLYHVIRUWKHULYHU7KH\ZHUHVWRSSHGDW)HUNXZDRQWKH*XMDUDW
ERUGHUE\EDWWDOLRQVRIDUPHGSROLFHDQGFURZGVRISHRSOHIURPWKHFLW\RI
%DURGDPDQ\RIZKRPZHUHKLUHGVRPHRIZKRPSHUKDSVJHQXLQHO\
EHOLHYHGWKDWWKH6DUGDU6DURYDUZDV
*XMDUDW
VOLIHOLQH
,WZDVDQLQWHUHVWLQJ
FRQIURQWDWLRQ0LGGOH&ODVV8UEDQ,QGLDYHUVXVD5XUDOSUHGRPLQDQWO\7ULEDO
$UP\7KHPDUFKLQJSHRSOHGHPDQGHGWKH\EHDOORZHGWRFURVVWKHERUGHU
DQGZDONWRWKHGDPVLWH7KHSROLFHUHIXVHGWKHPSDVVDJH7RVWUHVVWKHLU
FRPPLWPHQWWRQRQYLROHQFHHDFKYLOODJHUKDGKLVRUKHUKDQGVERXQG
WRJHWKHU2QHE\RQHWKH\GHILHGWKHEDWWDOLRQVRISROLFH7KH\ZHUHEHDWHQ
DUUHVWHGDQGGUDJJHGLQWRZDLWLQJWUXFNVLQZKLFKWKH\ZHUHGULYHQRIIDQG
GXPSHGVRPHPLOHVDZD\LQWKHZLOGHUQHVV7KH\MXVWZDONHGEDFNDQGEHJDQ
DOORYHUDJDLQ

7KHFRQIURQWDWLRQFRQWLQXHGIRUDOPRVWWZRZHHNV)LQDOO\RQWKHWKRI
-DQXDU\WKHVHYHQPHPEHUVRIWKHVDFULILFLDOVTXDGDQQRXQFHGWKDWWKH\
ZHUHJRLQJRQDQLQGHILQLWHKXQJHUVWULNH7HQVLRQURVHWRGDQJHURXVOHYHOV
7KH,QGLDQDQG,QWHUQDWLRQDO3UHVV79FDPHUDFUHZVDQGGRFXPHQWDU\ILOP
PDNHUVZHUHSUHVHQWLQIRUFH5HSRUWVDSSHDUHGLQWKHSDSHUVDOPRVWHYHU\
GD\(QYLURQPHQWDO$FWLYLVWVVWHSSHGXSWKHSUHVVXUHLQ:DVKLQJWRQ
(YHQWXDOO\DFXWHO\HPEDUUDVVHGE\WKHJODUHRIXQIDYRXUDEOHPHGLDFRYHUDJH
WKH:RUOG%DQNDQQRXQFHGWKDWLWZRXOGLQVWLWXWHDQ,QGHSHQGHQW5HYLHZRI
WKH6DUGDU6DURYDU3URMHFWVXQSUHFHGHQWHGLQWKHKLVWRU\RI%DQN%HKDYLRXU

3LFWXUH7KHIDPRXVUD\DQWUHHDW1DUPDGDLLQ0DQLEHOLZKHUHYLOODJHUV
SRVWHGWKHLURDWKVWKDWWKH\ZRXOGGURZQEXWQRWPRYHRXW7KLVWUHH
ZDVVXEPHUJHGLQWKHPRQVRRQRIDQGLVQRZGHDGDJDXQWUHOLFRI
WKHUHVLVWDQFHPRYHPHQW

:KHQWKHQHZVUHDFKHGWKHYDOOH\LWZDVUHFHLYHGZLWKGLVWUXVWDQG
XQFHUWDLQW\7KHSHRSOHKDGQRUHDVRQWRWUXVWWKH:RUOG%DQN%XWVWLOOLW
ZDVDYLFWRU\RIVRUWV7KHYLOODJHUVXQGHUVWDQGDEO\XSVHWE\WKHIULJKWHQLQJ
GHWHULRUDWLRQLQWKHFRQGLWLRQRIWKHLUFRPUDGHVZKRKDGQRWHDWHQIRUGD\V

KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

SOHDGHGZLWKWKHPWRFDOORIIWKHIDVW2QWKHWKRI-DQXDU\WKHIDVWDW
)HUNXZDZDVFDOOHGRIIDQGWKHEUDYHUDJJHGDUP\UHWXUQHGWRWKHLUKRPHV
VKRXWLQJ+DPDUD*DRQ0HLQ+DPDUD5DM 2XU5XOHLQ2XU9LOODJHV 

7KHUHKDVEHHQQRDUP\TXLWHOLNHWKLVRQHDQ\ZKHUHHOVHLQWKHZRUOG,Q
RWKHUFRXQWULHV&KLQD &KDLUPDQ0DRJRWD%LJ'DPIRUKLVWKELUWKGD\ 
%UD]LO0DOD\VLD*XDWHPDOD3DUDJXD\HYHU\VLJQRIUHYROWKDVEHHQVQXIIHG
RXWDOPRVWEHIRUHLWEHJDQ+HUHLQ,QGLDLWJRHVRQDQGRQ2IFRXUVHWKH
6WDWHZRXOGOLNHWRWDNHFUHGLWIRUWKLVWRR,WZRXOGOLNHXVWREHJUDWHIXOWRLW
IRUQRWFUXVKLQJWKHPRYHPHQWFRPSOHWHO\IRUDOORZLQJLWWRH[LVW$IWHUDOO
ZKDWLVDOOWKLVLIQRWDVLJQRIDKHDOWK\IXQFWLRQLQJGHPRFUDF\LQZKLFKWKH
6WDWHKDVWRLQWHUYHQHZKHQLWVSHRSOHKDYHGLIIHUHQFHVRIRSLQLRQ"

,VXSSRVHWKDW
VRQHZD\RIORRNLQJDWLW ,VWKLVP\FXHWRFULQJHDQGVD\

7KDQN\RXWKDQN\RXIRUDOORZLQJPHWRZULWHWKHWKLQJV,ZULWH"

:HGRQ
WQHHGWREHJUDWHIXOWRWKH6WDWHIRUSHUPLWWLQJXVWRSURWHVW:HFDQ
WKDQNRXUVHOYHVIRUWKDW,WLVZHZKRKDYHLQVLVWHGRQWKHVHULJKWV,WLVZH
ZKRKDYHUHIXVHGWRVXUUHQGHUWKHP,IZHKDYHDQ\WKLQJWREHWUXO\SURXGRI
DVDSHRSOHLWLVWKLV

7KHVWUXJJOHLQWKH1DUPDGD9DOOH\OLYHVGHVSLWHWKH6WDWH

7KH,QGLDQ6WDWHPDNHVZDULQGHYLRXVZD\V$SDUWIURPLWVDSSDUHQW
EHQHYROHQFHLWVRWKHUELJZHDSRQLVLWVDELOLW\WRZDLW7RUROOZLWKWKH
SXQFKHV7RZHDURXWWKHRSSRVLWLRQ7KH6WDWHQHYHUWLUHVQHYHUDJHVQHYHU
QHHGVDUHVW,WUXQVDQHQGOHVVUHOD\

%XWILJKWLQJSHRSOHWLUH7KH\IDOOLOOWKH\JURZROG(YHQWKH\RXQJDJH
SUHPDWXUHO\)RUWZHQW\\HDUVQRZVLQFHWKH7ULEXQDO
VDZDUGWKHUDJJHG
DUP\LQWKHYDOOH\KDVOLYHGZLWKWKHIHDURIHYLFWLRQ)RUWZHQW\\HDUVLQ
PRVWDUHDVWKHUHKDVEHHQQRVLJQRI
GHYHORSPHQW
QRURDGVQRVFKRROVQR
ZHOOVQRPHGLFDOKHOS)RUWZHQW\\HDUVLWKDVERUQHWKHVWLJPD
VODWHGIRU
VXEPHUJHQFH
VRLW
VLVRODWHGIURPWKHUHVWRIVRFLHW\ QRPDUULDJHSURSRVDOV
QRODQGWUDQVDFWLRQV 7KH\
UHDELWOLNHWKH+LEDNXVKDVLQ-DSDQ WKHYLFWLPV
DQGWKHLUGHVFHQGDQWVRIWKHERPELQJLQ+LURVKLPDDQG1DJDVDNL 7KH
IUXLWV
RIPRGHUQGHYHORSPHQW
ZKHQWKH\ILQDOO\FDPHEURXJKWRQO\KRUURU5RDGV
EURXJKWVXUYH\RUV6XUYH\RUVEURXJKWWUXFNV7UXFNVEURXJKWSROLFHPHQ
3ROLFHPHQEURXJKWEXOOHWVDQGEHDWLQJVDQGUDSHDQGDUUHVWDQGLQRQHFDVH
PXUGHU7KHRQO\JHQXLQH
IUXLW
RIPRGHUQGHYHORSPHQWWKDWUHDFKHGWKHP
UHDFKHGWKHPLQDGYHUWHQWO\WKHULJKWWRUDLVHWKHLUYRLFHVWKHULJKWWREH
KHDUG%XWWKH\KDYHIRXJKWIRUWZHQW\\HDUVQRZ+RZPXFKORQJHUZLOOWKH\
ODVW"

3LFWXUH1RRUMLDDQGKLVIDPLO\LQ-DOVLQGKLDVWKHYLOODJHZDVVXEPHUJHG
LQ+DOIWKHYLOODJHKDGEHHQPRYHGRXWLQEXWUHVLVWDQFH
VWLIIHQHGWKHUHDIWHUDQGWKHUHVWRIWKHYLOODJHUHIXVHGWREHHYDFXDWHG

7KHVWUXJJOHLQWKHYDOOH\LVWLULQJ,W
VQRORQJHUDVIDVKLRQDEOHDVLWXVHGWR
EH7KHLQWHUQDWLRQDOFDPHUDFUHZVDQGWKHUDGLFDOUHSRUWHUVKDYHPRYHG OLNH
WKH:RUOG%DQN WRQHZHUSDVWXUHV7KHGRFXPHQWDU\ILOPVKDYHEHHQ
VFUHHQHGDQGDSSUHFLDWHG(YHU\ERG\
VV\PSDWK\LVDOOXVHGXS%XWWKHGDP
JRHVRQ,W
VJHWWLQJKLJKHUDQGKLJKHU

1RZPRUHWKDQHYHUEHIRUHWKHUDJJHGDUP\QHHGVUHLQIRUFHPHQWV,IZHOHW
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

LWGLHLIZHDOORZWKHVWUXJJOHWREHFUXVKHGLIZHDOORZWKHSHRSOHWREH
SXQLVKHGZHZLOOORVHWKHPRVWSUHFLRXVWKLQJZHKDYH2XUVSLULWRUZKDW
V
OHIWRILW

,QGLDZLOOJRRQWKH\
OOWHOO\RXWKHVDJHSKLORVRSKHUVZKRGRQ
WZDQWWREH
WURXEOHGE\SLGGOLQJ&XUUHQW$IIDLUV$VWKRXJK
,QGLD
LVVRPHKRZPRUH
YDOXDEOHWKDQKHUSHRSOH

2OG1D]LVSUREDEO\VRRWKHWKHPVHOYHVLQVLPLODUZD\V

7KHZDUIRUWKH1DUPDGD9DOOH\LVQRWMXVWVRPHH[RWLFWULEDOZDURUDUHPRWH
UXUDOZDURUHYHQDQH[FOXVLYHO\,QGLDQZDU,W
VDZDUIRUWKHULYHUVDQGWKH
PRXQWDLQVDQGWKHIRUHVWVRIWKHZRUOG$OOVRUWVRIZDUULRUVIURPDOORYHUWKH
ZRUOGDQ\RQHZKRZLVKHVWRHQOLVWZLOOEHKRQRXUHGDQGZHOFRPHG(YHU\
NLQGRIZDUULRUZLOOEHQHHGHG'RFWRUVODZ\HUVWHDFKHUVMXGJHVMRXUQDOLVWV
VWXGHQWVVSRUWVPHQSDLQWHUVDFWRUVVLQJHUVORYHUV7KHERUGHUVDUHRSHQ
IRONV&RPHRQLQ

$Q\ZD\EDFNWRWKHVWRU\

,Q-XQHWKH:RUOG%DQNDSSRLQWHG%UDGIRUG0RUVHDIRUPHUKHDGRI
WKH8QLWHG1DWLRQV'HYHORSPHQW3URJUDPDV&KDLUPDQRIWKH,QGHSHQGHQW
5HYLHZ+LVEULHIZDVWRPDNHDWKRURXJKDVVHVVPHQWRIWKH6DUGDU6DURYDU
3URMHFWV+HZDVJXDUDQWHHGIUHHDFFHVVWRDOOVHFUHW%DQNGRFXPHQWVUHODWLQJ
WRWKH3URMHFWV

,Q6HSWHPEHU%UDGIRUG0RUVHDQGKLVWHDPDUULYHGLQ,QGLD7KH1%$
FRQYLQFHGWKDWWKLVZDV\HWDQRWKHUVHWXSDWILUVWUHIXVHGWRPHHWWKHP7KH
*XMDUDW*RYHUQPHQWZHOFRPHGWKHWHDPZLWKDUHGFDUSHW DQGDQRGDQGD
ZLQN DVFRYHUWDOOLHV

$\HDUODWHULQ-XQHWKHKLVWRULF,QGHSHQGHQW5HYLHZ NQRZQDOVRDV
WKH0RUVH5HSRUW ZDVSXEOLVKHG

,WXQSHHOVWKHSURMHFWGHOLFDWHO\OD\HUE\OD\HUOLNHDQRQLRQ1RWKLQJZDVWRR
ELJDQGQRWKLQJWRRVPDOOIRUWKHPWRHQTXLUHLQWR7KH\PHW0LQLVWHUVDQG
EXUHDXFUDWVWKH\PHW1*2VZRUNLQJLQWKHDUHDZHQWIURPYLOODJHWRYLOODJH
IURPUHVHWWOHPHQWVLWHWRUHVHWWOHPHQWVLWH7KH\YLVLWHGWKHJRRGRQHV7KH
EDGRQHV7KHWHPSRUDU\RQHVWKHSHUPDQHQWRQHV7KH\VSRNHWRKXQGUHGVRI
SHRSOH7KH\WUDYHOOHGH[WHQVLYHO\LQWKHVXEPHUJHQFHDUHDDQGWKHFRPPDQG
DUHD7KH\ZHQWWR.XWFKDQGRWKHUGURXJKWKLWDUHDVLQ*XMDUDW7KH\
FRPPLVVLRQHGWKHLURZQVWXGLHV7KH\H[DPLQHGHYHU\DVSHFWRIWKHSURMHFW
K\GURORJ\DQGZDWHUPDQDJHPHQWWKHXSVWUHDPHQYLURQPHQWVHGLPHQWDWLRQ
FDWFKPHQWDUHDWUHDWPHQWWKHGRZQVWUHDPHQYLURQPHQWWKHDQWLFLSDWLRQRI
OLNHO\SUREOHPVLQWKHFRPPDQGDUHDZDWHUORJJLQJVDOLQLW\GUDLQDJH
KHDOWKWKHLPSDFWRQZLOGOLIH

:KDWWKH0RUVH5HSRUWUHYHDOVLQWHPSHUDWHPHDVXUHGWRQHV ZKLFK,
DGPLUHEXWFDQQRWDFKLHYH LVVFDQGDORXV,WLVWKHPRVWEDODQFHGXQELDVHG
\HWGDPQLQJLQGLFWPHQWRIWKHUHODWLRQVKLSEHWZHHQWKH,QGLDQ6WDWHDQGWKH
:RUOG%DQN:LWKRXWDSSHDULQJWRSHUKDSVHYHQZLWKRXWLQWHQGLQJWRWKH
UHSRUWFXWVWKURXJKWRWKHFRV\FRUHWRWKHVSDFHZKHUHWKH\OLYHWRJHWKHUDQG
ORYHHDFKRWKHU VRPHZKHUHEHWZHHQZKDWWKH\VD\DQGZKDWWKH\GR 

7KHFRUHUHFRPPHQGDWLRQRIWKHSDJH,QGHSHQGHQW5HYLHZZDV
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

XQHTXLYRFDODQGZKROO\XQH[SHFWHG

:HWKLQNWKH6DUGDU6DURYDU3URMHFWVDVWKH\VWDQGDUHIODZHGWKDW
UHVHWWOHPHQWDQGUHKDELOLWDWLRQRIDOOWKRVHGLVSODFHGE\WKH3URMHFWVLVQRW
SRVVLEOHXQGHUSUHYDLOLQJFLUFXPVWDQFHVDQGWKDWHQYLURQPHQWDOLPSDFWVRI
WKH3URMHFWVKDYHQRWEHHQSURSHUO\FRQVLGHUHGRUDGHTXDWHO\DGGUHVVHG
0RUHRYHUZHEHOLHYHWKDWWKH%DQNVKDUHVUHVSRQVLELOLW\ZLWKWKHERUURZHUIRU
WKHVLWXDWLRQWKDWKDVGHYHORSHGLWVHHPVFOHDUWKDWHQJLQHHULQJDQG
HFRQRPLFLPSHUDWLYHVKDYHGULYHQWKH3URMHFWVWRWKHH[FOXVLRQRIKXPDQDQG
HQYLURQPHQWDOFRQFHUQV,QGLDDQGWKHVWDWHVLQYROYHGKDYHVSHQWDJUHDW
GHDORIPRQH\1RRQHZDQWVWRVHHWKLVPRQH\ZDVWHG%XWZHFDXWLRQWKDWLW
PD\EHPRUHZDVWHIXOWRSURFHHGZLWKRXWIXOONQRZOHGJHRIWKHKXPDQDQG
HQYLURQPHQWDOFRVWV:HKDYHGHFLGHGWKDWLWZRXOGEHLUUHVSRQVLEOHIRUXVWR
SDWFKWRJHWKHUDVHULHVRIUHFRPPHQGDWLRQVRQLPSOHPHQWDWLRQZKHQWKHIODZV
LQWKH3URMHFWVDUHDVREYLRXVDVWKH\VHHPWRXV$VDUHVXOWZHWKLQNWKDWWKH
ZLVHVWFRXUVHZRXOGEHIRUWKH%DQNWRVWHSEDFNIURPWKH3URMHFWVDQG
FRQVLGHUWKHPDIUHVK7KHIDLOXUHRIWKHEDQN
VLQFUHPHQWDOVWUDWHJ\VKRXOGEH
DFNQRZOHGJHG

)RXUFRPPLWWHGNQRZOHGJHDEOHWUXO\LQGHSHQGHQWPHQWKH\GRDORWWR
PDNHXSIRUIDLWKHURGHGE\KXQGUHGVRIRWKHUYHQDORQHVZKRDUHSDLGWRGR
VLPLODUMREV

7KH%DQNKRZHYHUZDVVWLOOQRWSUHSDUHGWRJLYHXS,WFRQWLQXHGWRIXQGWKH
SURMHFW7ZRPRQWKVDIWHUWKH,QGHSHQGHQW5HYLHZLWVHQWRXWWKH3DPHOD&R[
&RPPLWWHHZKLFKGLGH[DFWO\ZKDWWKH0RUVH5HYLHZKDGFDXWLRQHGWKH%DQN
DJDLQVW,WVXJJHVWHGDVRUWRISDWFKZRUNUHPHG\WRWU\DQGVDOYDJHWKH
RSHUDWLRQ,Q2FWREHURQWKHUHFRPPHQGDWLRQRIWKH3DPHOD&R[
&RPPLWWHHWKH%DQNDVNHGWKH,QGLDQ*RYHUQPHQWWRPHHWVRPHPLQLPXP
SULPDU\FRQGLWLRQVZLWKLQDSHULRGRIVL[PRQWKV(YHQWKDWPXFKWKH
*RYHUQPHQWFRXOGQ
WGR)LQDOO\RQWKHWKRI0DUFKWKH:RUOG%DQN
SXOOHGRXWRIWKH6DUGDU6DURYDU3URMHFWV $FWXDOO\WHFKQLFDOO\RQWKHWKRI
0DUFKRQHGD\EHIRUHWKHGHDGOLQHWKH\
GEHHQJLYHQWKH,QGLDQ*RYHUQPHQW
DVNHGWKH:RUOG%DQNWRZLWKGUDZ 'HWDLOV'HWDLOV

1RRQHKDVHYHUPDQDJHGWRPDNHWKH:RUOG%DQNVWHSEDFNIURPDSURMHFW
EHIRUH/HDVWRIDOODUDJWDJDUP\RIWKHSRRUHVWSHRSOHLQRQHRIWKHZRUOG
V
SRRUHVWFRXQWULHV$JURXSRISHRSOHZKRP/HZLV3UHVWRQWKHQ3UHVLGHQWRI
7KH%DQNQHYHUPDQDJHGWRILWLQWRKLVEXV\VFKHGXOHZKHQKHYLVLWHG,QGLD
6DFNLQJ7KH%DQNZDVDQGLVDKXJHPRUDOYLFWRU\IRUWKHSHRSOHLQWKH
YDOOH\

7KHHXSKRULDGLGQ
WODVW7KH*RYHUQPHQWRI*XMDUDWDQQRXQFHGWKDWLWZDV
JRLQJWRUDLVHWKHPLOOLRQGROODUVKRUWIDOORQLWVRZQDQGFRQWLQXHZLWKWKH
SURMHFW'XULQJWKHSHULRGRIWKH5HYLHZDQGDIWHULWZDVSXEOLVKHG
FRQIURQWDWLRQEHWZHHQSHRSOHDQGWKH$XWKRULWLHVFRQWLQXHGXQDEDWHGLQWKH
YDOOH\KXPLOLDWLRQDUUHVWVODWKLFKDUJHV,QGHILQLWHIDVWVWHUPLQDWHGE\
WHPSRUDU\SURPLVHVDQGSHUPDQHQWEHWUD\DOV3HRSOHZKRKDGDJUHHGWROHDYH
WKHYDOOH\DQGEHUHVHWWOHGKDGEHJXQUHWXUQLQJWRWKHLUYLOODJHVIURPWKHLU
UHVHWWOHPHQWVLWHV,Q0DQLEHOLDYLOODJHLQ0DKDUDVKWUDDQGRQHRIWKHQHUYH
FHQWUHVRIWKHUHVLVWDQFHKXQGUHGVRIYLOODJHUVSDUWLFLSDWHGLQD0RQVRRQ
6DW\DJUDKD,QIDPLOLHVLQ0DQLEHOLUHPDLQHGLQWKHLUKRPHVDVWKH
ZDWHUVURVH7KH\FOXQJWRZRRGHQSRVWVZLWKWKHLUFKLOGUHQLQWKHLUDUPVDQG
UHIXVHGWRPRYH(YHQWXDOO\SROLFHPHQSULVHGWKHPORRVHDQGGUDJJHGWKHP
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

DZD\7KH1%$GHFODUHGWKDWLIWKH*RYHUQPHQWGLGQRWDJUHHWRUHYLHZWKH
SURMHFWRQWKHWKRI$XJXVWDEDQGRIDFWLYLVWVZRXOGGURZQWKHPVHOYHV
LQWKHULVLQJZDWHUVRIWKHUHVHUYRLU2QWKHWKRI$XJXVWWKH8QLRQ
*RYHUQPHQWFRQVWLWXWHG\HWDQRWKHUFRPPLWWHHFDOOHGWKH)LYH0HPEHU*URXS
)0* WRUHYLHZWKH6DUGDU6DURYDU3URMHFWV

7KH*RYHUQPHQWRI*XMDUDWUHIXVHGWKHPHQWU\LQWR*XMDUDW7KH)0*UHSRUW
DGHVNUHSRUW ZDVVXEPLWWHGWKHIROORZLQJ\HDU,WWDFLWO\HQGRUVHGWKH
JUDYHFRQFHUQVRIWKH,QGHSHQGHQW5HYLHZ%XWLWPDGHQRGLIIHUHQFH
1RWKLQJFKDQJHG7KLVLVDQRWKHURIWKH6WDWH
VWHVWHGVWUDWHJLHV,WNLOOV\RX
ZLWKFRPPLWWHHV

,Q)HEUXDU\WKH*RYHUQPHQWRI*XMDUDWRUGHUHGWKHSHUPDQHQWFORVXUH
RIWKHVOXLFHJDWHVRIWKHGDP

,Q0D\WKH1%$ILOHGDZULWSHWLWLRQLQWKH6XSUHPH&RXUWTXHVWLRQLQJ
WKHZKROHEDVLVRIWKH6DUGDU6DURYDU'DPDQGVHHNLQJDVWD\RQWKH
FRQVWUXFWLRQ

3LFWXUH$VWKHULYHULVWDPHGLWVZKROHHFRORJ\LVXQGHUWKUHDW1HDUWKH
IHUU\FURVVLQJDW-DOVLQGKLDQDQFLHQWWULEDOZRUVKLSVLWHOLHVEXULHG
XQGHUPDQ\IHHWRIVLOW+HUHDZKLWHKRUVHDQGRIIHULQJVWRWKH0RWKHU
*RGGHVVJLQJHUO\SODFHGRQWKHWRSRIWKHFOD\

7KDWPRQVRRQZKHQWKHZDWHUOHYHOLQWKHUHVHUYRLUURVHDQGVPDVKHGGRZQ
RQWKHRWKHUVLGHRIWKHGDPFXELFPHWUHVRIFRQFUHWHDQG
FXELFPHWUHVRIURFNZHUHWRUQRXWRIDVWLOOLQJEDVLQOHDYLQJDPHWUH
FUDWHU7KHULYHUEHGSRZHUKRXVHZDVIORRGHG7KHGDPDJHZDVNHSWVHFUHWIRU
PRQWKV5HSRUWVVWDUWHGDSSHDULQJDERXWLWLQWKHSUHVVRQO\LQ-DQXDU\RI


,QHDUO\RQWKHJURXQGVWKDWWKHUHKDELOLWDWLRQRIGLVSODFHGSHRSOHKDG
QRWEHHQDGHTXDWHWKH6XSUHPH&RXUWRUGHUHGZRUNRQWKHGDPWREH
VXVSHQGHGXQWLOIXUWKHUQRWLFH7KHKHLJKWRIWKHGDPZDVPHWUHVDERYH
0HDQ6HD/HYHO

0HDQZKLOHZRUNKDGEHJXQRQWZRPRUHGDPVLQ0DGK\D3UDGHVKWKH
1DUPDGD6DJDU ZLWKRXWZKLFKWKH6DUGDU6DURYDUORVHVSHUFHQWRILWV
HIILFLHQF\ DQGWKH0DKHVKZDU'DP7KH0DKHVKZDU'DPLVQH[WLQOLQH
XSVWUHDPIURPWKH6DUGDU6DURYDU7KH*RYHUQPHQWRI0DGK\D3UDGHVKKDV
VLJQHGD3RZHU3XUFKDVH$JUHHPHQWZLWKDSULYDWHFRPSDQ\6.XPDUVRQH
RI,QGLD
VOHDGLQJWH[WLOHPDJQDWHV

3LFWXUH7KHV\VWHPRIGDPVZLOOGHVWUR\WUDGLWLRQDOGUDZGRZQFXOWLYDWLRQ
WKDWVXVWDLQVWKRXVDQGVRIIDPLOLHV:KRZLOOFRPSHQVDWHWKHP"

7HQVLRQLQWKH6DUGDU6DURYDUDUHDDEDWHGWHPSRUDULO\DQGWKHEDWWOHPRYHG
XSVWUHDPWR0DKHVKZDULQWKHIHUWLOHSODLQVRI1LPDG

7KHFDVHSHQGLQJLQWKH6XSUHPH&RXUWOHGWRDSDOSDEOHHDVLQJRIUHSUHVVLRQ
LQWKHYDOOH\&RQVWUXFWLRQZRUNKDGVWRSSHGRQWKHGDPEXWWKHUHKDELOLWDWLRQ
FKDUDGHFRQWLQXHG)RUHVWV VODWHGIRUVXEPHUJHQFH FRQWLQXHGWREHFXWDQG
FDUWHGDZD\LQWUXFNVIRUFLQJSHRSOHZKRGHSHQGHGRQWKHPIRUDOLYHOLKRRG
WRPRYHRXW

KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

(YHQWKRXJKWKHGDPLVQRZKHUHQHDULWVHYHQWXDOSURMHFWHGKHLJKWLWVLPSDFW
RQWKHHQYLURQPHQWDQGWKHSHRSOHOLYLQJDORQJWKHULYHULVDOUHDG\VHYHUH

$URXQGWKHGDPVLWHDQGWKHQHDUE\YLOODJHVWKHQXPEHURIFDVHVRIPDODULD
KDVLQFUHDVHGVL[IROG

6HYHUDONLORPHWUHVXSVWUHDPIURPWKH6DUGDU6DURYDU'DPKXJHGHSRVLWVRI
VLOWKLSGHHSDQGRYHUWZRKXQGUHGPHWUHVZLGHKDYHFXWRIIDFFHVVWRWKH
ULYHU:RPHQFDUU\LQJZDWHUSRWVQRZKDYHWRZDONPLOHVOLWHUDOO\PLOHVWR
ILQGDQHJRWLDEOHHQWU\SRLQW&RZVDQGJRDWVJHWVWUDQGHGLQLWDQGGLH7KH
OLWWOHVLQJOHORJERDWVWKDWWULEDOSHRSOHXVHKDYHEHFRPHXQVDIHRQWKH
LUUDWLRQDOFLUFXODUFXUUHQWVFDXVHGE\WKHEDUULFDGHGRZQVWUHDP

)XUWKHUXSVWUHDPZKHUHWKHVLOWGHSRVLWVKDYHQRW\HWEHFRPHDSUREOHP
WKHUH
VDQRWKHUSUREOHP/DQGOHVVSHRSOH SUHGRPLQDQWO\WULEDOSHRSOHDQG
'DOLWV KDYHWUDGLWLRQDOO\FXOWLYDWHGULFHIUXLWDQGYHJHWDEOHVRQWKHULFK
VKDOORZVLOWEDQNVWKHULYHUOHDYHVZKHQLWUHFHGHVLQWKHGU\PRQWKV(YHU\
QRZDQGWKHQWKHHQJLQHHUVPDQQLQJWKH%DUJL'DP ZD\XSVWUHDPQHDU
-DEDOSXU UHOHDVHZDWHUIURPWKHUHVHUYRLUZLWKRXWZDUQLQJ'RZQVWUHDPWKH
ZDWHUOHYHOLQWKHULYHUVXGGHQO\ULVHV+XQGUHGVRIIDPLOLHVKDYHKDGWKHLU
FURSVZDVKHGDZD\VHYHUDOWLPHVOHDYLQJWKHPZLWKQROLYHOLKRRG

6XGGHQO\WKH\FDQ
WWUXVWWKHLUULYHUDQ\PRUH,W
VOLNHDORYHGRQHZKRKDV
GHYHORSHGV\PSWRPVRISV\FKRVLV$Q\RQHZKRKDVORYHGDULYHUFDQWHOO\RX
WKDWWKHORVVRIDULYHULVDWHUULEOHDFKLQJWKLQJ%XW,
OOEHUDSSHGRQWKH
NQXFNOHVLI,FRQWLQXHLQWKLVYHLQ:KHQZH
UHGLVFXVVLQJWKH*UHDWHU
&RPPRQ*RRGWKHUH
VQRSODFHIRUVHQWLPHQW2QHPXVWVWLFNWRIDFWV)RUJLYH
PHIRUOHWWLQJP\KHDUWZDQGHU

3LFWXUH7KH
.HYDWV
RI0DKHVKZDUKDYHQDYLJDWHGWKHULYHUE\VDLODQG
SXQWIRUFHQWXULHV7KH\ZLOOUHFHLYHQRFRPSHQVDWLRQZKHQWKHLU
SULPRUGLDOFDOOLQJLVDEUXSWO\WHUPLQDWHGE\WKHGDPV

7KH6WDWH*RYHUQPHQWVRI0DGK\D3UDGHVKDQG0DKDUDVKWUDFRQWLQXHWREH
FRPSOHWHO\FDYDOLHULQWKHLUGHDOLQJVZLWKGLVSODFHGSHRSOH7KH*RYHUQPHQW
RI*XMDUDWKDVDUHKDELOLWDWLRQSROLF\ RQSDSHU WKDWPDNHVWKHRWKHUWZR
VWDWHVORRNPHGLHYDO,WERDVWVRIEHLQJWKHEHVWUHKDELOLWDWLRQSDFNDJHLQWKH
ZRUOG,WRIIHUVODQGIRUODQGWRGLVSODFHGSHRSOHIURP0DKDUDVKWUDDQG
0DGK\D3UDGHVKDQGUHFRJQLVHVWKHFODLPVRI
HQFURDFKHUV
 XVXDOO\WULEDO
SHRSOHZLWKQRSDSHUV 7KHGHFHSWLRQKRZHYHUOLHVLQLWVGHILQLWLRQRIZKR
TXDOLILHVDV
3URMHFW$IIHFWHG


,QSRLQWRIIDFWWKH*RYHUQPHQWRI*XMDUDWKDVQ
WHYHQPDQDJHGWR
UHKDELOLWDWHSHRSOHIURPLWVRZQYLOODJHVVODWHGIRUVXEPHUJHQFHOHWDORQH
WKHUHVWRIWKHLQWKHRWKHUWZRVWDWHV7KHLQKDELWDQWVRIWKHVHYLOODJHV
KDYHEHHQVFDWWHUHGWRVHSDUDWHUHKDELOLWDWLRQVLWHV6RFLDOOLQNVKDYHEHHQ
VPDVKHGFRPPXQLWLHVEURNHQXS

,QSUDFWLFHWKHUHVHWWOHPHQWVWRU\ ZLWKDIHZ
LGHDOYLOODJH
H[FHSWLRQV
FRQWLQXHVWREHRQHRIFDOORXVQHVVDQGEURNHQSURPLVHV6RPHSHRSOHKDYH
EHHQJLYHQODQGRWKHUVKDYHQ
W6RPHKDYHODQGWKDWLVVWRQ\DQGXQFXOWLYDEOH
6RPHKDYHODQGWKDWLVLUUHGHHPDEO\ZDWHUORJJHG6RPHKDYHEHHQGULYHQRXW
E\ODQGRZQHUVZKRVROGODQGWRWKH*RYHUQPHQWEXWKDYHQ
WEHHQSDLG\HW

6RPHZKRZHUHUHVHWWOHGRQWKHSHULSKHULHVRIRWKHUYLOODJHVKDYHEHHQ
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

UREEHGEHDWHQDQGFKDVHGDZD\E\WKHLUKRVWYLOODJHUV7KHUHKDYHEHHQ
RFFDVLRQVZKHQGLVSODFHGSHRSOHIURPWZRGLIIHUHQWGDPSURMHFWVKDYHEHHQ
DOORWWHGFRQWLJXRXVODQGV,QRQHFDVHGLVSODFHGSHRSOHIURPWKUHHGDPVWKH
8NDL'DPWKH6DUGDU6DURYDU'DPDQGWKH.DUMDQ'DPZHUHUHVHWWOHGLQ
WKHVDPHDUHD,QDGGLWLRQWRILJKWLQJDPRQJVWWKHPVHOYHVIRUUHVRXUFHV
ZDWHUJUD]LQJODQGMREVWKH\KDGWRILJKWDJURXSRIODQGOHVVODERXUHUVZKR
KDGEHHQVKDUHFURSSLQJWKHODQGIRUDEVHQWHHODQGORUGVZKRKDGVXEVHTXHQWO\
VROGLWWRWKH*RYHUQPHQW

7KHUH
VDQRWKHUFDWHJRU\RIGLVSODFHGSHRSOHSHRSOHZKRVHODQGVKDYHEHHQ
DFTXLUHGE\WKH*RYHUQPHQWIRU5HVHWWOHPHQW6LWHV7KHUH
VDSHFNLQJRUGHU
HYHQDPRQJVWWKHZUHWFKHG6DUGDU6DURYDU
RXVWHHV
DUHPRUHJODPRURXVWKDQ
RWKHU
RXVWHHV
EHFDXVHWKH\
UHRFFDVLRQDOO\LQWKHQHZVDQGKDYHDFDVHLQ
FRXUW ,QRWKHU'HYHORSPHQW3URMHFWVZKHUHWKHUH
VQRSUHVVQR1%$QR
FRXUWFDVHWKHUHDUHQRUHFRUGV7KHGLVSODFHGOHDYHQRWUDLODWDOO

,QVHYHUDOUHVHWWOHPHQWVLWHVSHRSOHKDYHEHHQGXPSHGLQURZVRIFRUUXJDWHG
WLQVKHGVZKLFKDUHIXUQDFHVLQVXPPHUDQG
IULGJHVLQZLQWHU6RPHRIWKHP
DUHORFDWHGLQGU\ULYHUEHGVZKLFKGXULQJWKHPRQVRRQWXUQLQWRIDVWIORZLQJ
GULIWV,
YHEHHQWRVRPHRIWKHVH
VLWHV
,
YHVHHQILOPIRRWDJHRIRWKHUV
VKLYHULQJFKLOGUHQSHUFKHGOLNHELUGVRQWKHHGJHVRIFKDUSDLVZKLOHVZLUOLQJ
ZDWHUVHQWHUWKHLUWLQKRPHV)ULJKWHQHGIHYHUHGH\HVZDWFKSRWVDQGSDQV
FDUULHGWKURXJKWKHGRRUZD\E\WKHFXUUHQWIORDWLQJRXWLQWRWKHIORRGHG
ILHOGVWKLQIDWKHUVVZLPPLQJDIWHUWKHPWRUHWULHYHZKDWWKH\FDQ

:KHQWKHZDWHUVUHFHGHWKH\OHDYHUXLQ0DODULDGLDUUKRHDVLFNFDWWOH
VWUDQGHGLQWKHVOXVK7KHDQFLHQWWHDNEHDPVGLVPDQWOHGIURPWKHLUSUHYLRXV
KRPHVFDUHIXOO\VWDFNHGDZD\OLNHSRVWSRQHGGUHDPVQRZVSRQJ\URWWHQDQG
XQXVDEOH

)RUW\KRXVHKROGVZHUHPRYHGIURP0DQLEHOLWRDUHVHWWOHPHQWVLWHLQ
0DKDUDVKWUD,QWKHILUVW\HDUWKLUW\HLJKWFKLOGUHQGLHG

,QWRGD\
VSDSHUV 7KH,QGLDQ([SUHVVWK$SULO
 WKHUH
VDUHSRUWDERXW
QLQHGHDWKVLQDVLQJOHUHKDELOLWDWLRQVLWHLQ*XMDUDW,QWKHFRXUVHRIDZHHN
7KDW
V3$3VDGD\LI\RX
UHFRXQWLQJ

0DQ\RIWKRVHZKRKDYHEHHQUHVHWWOHGDUHSHRSOHZKRKDYHOLYHGDOOWKHLU
OLYHVGHHSLQWKHIRUHVWZLWKYLUWXDOO\QRFRQWDFWZLWKPRQH\DQGWKHPRGHUQ
ZRUOG6XGGHQO\WKH\ILQGWKHPVHOYHVOHIWZLWKWKHRSWLRQRIVWDUYLQJWRGHDWK
RUZDONLQJVHYHUDONLORPHWUHVWRWKHQHDUHVWWRZQVLWWLQJLQWKHPDUNHWSODFH
ERWKPHQDQGZRPHQ RIIHULQJWKHPVHOYHVDVZDJHODERXUOLNHJRRGVRQ
VDOH

,QVWHDGRIDIRUHVWIURPZKLFKWKH\JDWKHUHGHYHU\WKLQJWKH\QHHGHGIRRG
IXHOIRGGHUURSHJXPWREDFFRWRRWKSRZGHUPHGLFLQDOKHUEVKRXVLQJ
PDWHULDOWKH\HDUQEHWZHHQWHQDQGWZHQW\UXSHHVDGD\ZLWKZKLFKWRIHHG
DQGNHHSWKHLUIDPLOLHV,QVWHDGRIDULYHUWKH\KDYHDKDQGSXPS,QWKHLUROG
YLOODJHVWKH\KDGQRPRQH\EXWWKH\ZHUHLQVXUHG,IWKHUDLQVIDLOHGWKH\
KDGWKHIRUHVWVWRWXUQWR7KHULYHUWRILVKLQ7KHLUOLYHVWRFNZDVWKHLUIL[HG
GHSRVLW:LWKRXWDOOWKLVWKH\
UHDKHDUWEHDWDZD\IURPGHVWLWXWLRQ

,Q9DGDMDUHVHWWOHPHQWVLWH,YLVLWHGQHDU%DURGDWKHPDQZKRZDVWDONLQJWR
PHURFNHGKLVVLFNEDE\LQKLVDUPVFOXPSVRIIOLHVJDWKHUHGRQLWVVOHHSLQJ
H\HOLGV&KLOGUHQFROOHFWHGDURXQGXVWDNLQJFDUHQRWWREXUQWKHLUEDUHVNLQ
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

RQWKHVFRUFKLQJWLQZDOOVRIWKHVKHGWKH\FDOODKRPH7KHPDQ
VPLQGZDV
IDUDZD\IURPWKHWURXEOHVRIKLVVLFNEDE\+HZDVPDNLQJPHDOLVWRIWKH
IUXLWKHXVHGWRSLFNLQWKHIRUHVW+HFRXQWHGIRUW\HLJKWNLQGV+HWROGPH
WKDWKHGLGQ
WWKLQNKHRUKLVFKLOGUHQZRXOGHYHUEHDEOHWRDIIRUGWRHDWDQ\
IUXLWDJDLQ1RWXQOHVVKHVWROHLW,DVNHGKLPZKDWZDVZURQJZLWKKLVEDE\
+HVDLGLWZRXOGEHEHWWHUIRUWKHEDE\WRGLHWKDQWRKDYHWROLYHOLNHWKLV,
DVNHGZKDWWKHEDE\
VPRWKHUWKRXJKWDERXWWKDW6KHGLGQ
WUHSO\6KHMXVW
VWDUHG

)RUWKHSHRSOHZKR
YHEHHQUHVHWWOHGHYHU\WKLQJKDVWREHUHOHDUQHG(YHU\
OLWWOHWKLQJHYHU\ELJWKLQJIURPVKLWWLQJDQGSLVVLQJ ZKHUHG
\RXGRLWZKHQ
WKHUH
VQRMXQJOHWRKLGH\RX" WREX\LQJDEXVWLFNHWWROHDUQLQJDQHZ
ODQJXDJHWRXQGHUVWDQGLQJPRQH\$QGZRUVWRIDOOOHDUQLQJWREH
VXSSOLFDQWV/HDUQLQJWRWDNHRUGHUV/HDUQLQJWRKDYH0DVWHUV/HDUQLQJWR
DQVZHURQO\ZKHQ\RX
UHDGGUHVVHG

,QDGGLWLRQWRDOOWKLVWKH\KDYHWROHDUQKRZWRPDNHZULWWHQUHSUHVHQWDWLRQV
LQWULSOLFDWH WRWKH*ULHYDQFH5HGUHVVDO&RPPLWWHHRUWKH6DUGDU6DURYDU
1DUPDGD1LJDPIRUDQ\SDUWLFXODUSUREOHPVWKH\PLJKWKDYH5HFHQWO\
SHRSOHFDPHWR'HOKLWRSURWHVWWKHLUVLWXDWLRQWUDYHOOLQJRYHUQLJKWE\WUDLQ
OLYLQJRQWKHEOD]LQJVWUHHWV7KH3UHVLGHQWZRXOGQ
WPHHWWKHPEHFDXVHKH
KDGDQH\HLQIHFWLRQ0DQHND*DQGKLWKH0LQLVWHUIRU6RFLDO-XVWLFHDQG
(PSRZHUPHQWZRXOGQ
WPHHWWKHPEXWDVNHGIRUDZULWWHQUHSUHVHQWDWLRQ
'HDU0DQHND3OHDVHGRQ
WEXLOGWKHGDP/RYH7KH3HRSOH :KHQWKH
UHSUHVHQWDWLRQZDVKDQGHGWRKHUVKHVFROGHGWKHOLWWOHGHOHJDWLRQIRUQRW
KDYLQJZULWWHQLWLQ(QJOLVK

)URPEHLQJVHOIVXIILFLHQWDQGIUHHWREHLQJLPSRYHULVKHGDQG\RNHGWRWKH
ZKLPVRIDZRUOG\RXNQRZQRWKLQJQRWKLQJDERXWZKDWG
\RXVXSSRVHLW
PXVWIHHOOLNH":RXOG\RXOLNHWRWUDGH\RXUEHDFKKRXVHLQ*RDIRUDKRYHOLQ
3DKDUJDQM"1R"1RWHYHQIRUWKHVDNHRIWKH1DWLRQ"

7UXO\LWLVMXVWQRWSRVVLEOHIRUD6WDWH$GPLQLVWUDWLRQDQ\6WDWH
$GPLQLVWUDWLRQWRFDUU\RXWWKHUHKDELOLWDWLRQRIDSHRSOHDVIUDJLOHDVWKLVRQ
VXFKDQLPPHQVHVFDOH,W
VOLNHXVLQJDSDLURIKHGJHVKHDUVWRWULPDQLQIDQW
V
ILQJHUQDLOV<RXFDQ
WGRLWZLWKRXWVKHDULQJLWVILQJHUVRII/DQGIRUODQG
VRXQGVOLNHDUHDVRQDEOHVZDSEXWKRZGR\RXLPSOHPHQWLW"+RZGR\RX
XSURRWSHRSOH WKHRIILFLDOEOLQNHUHGHVWLPDWH RIZKLFKDUH
WULEDOSHRSOHDQGUHORFDWHWKHPLQDKXPDQHIDVKLRQ"+RZGR\RXNHHSWKHLU
FRPPXQLWLHVLQWDFWLQDFRXQWU\ZKHUHHYHU\LQFKRIODQGLVIRXJKWRYHU
ZKHUHDOPRVWDOOOLWLJDWLRQSHQGLQJLQFRXUWVKDVWRGRZLWKODQGGLVSXWHV"

:KHUHLVDOOWKLVILQHXQRFFXSLHGEXWDUDEOHODQGWKDWLVZDLWLQJWRUHFHLYH
WKHVHLQWDFWFRPPXQLWLHV"

7KHVLPSOHDQVZHULVWKDWWKHUHLVQ
WDQ\1RWHYHQIRUWKH
RIILFLDOO\
GLVSODFHG
RIWKLVRQHGDP

:KDWDERXWWKHUHVWRIWKHWKUHHWKRXVDQGWZRKXQGUHGDQGQLQHW\QLQHGDPV"

:KDWDERXWWKHUHPDLQLQJWKRXVDQGVRI
3$3V
HDUPDUNHGIRUDQQLKLODWLRQ"
6KDOOZHMXVWSXWWKH6WDURI'DYLGRQWKHLUGRRUVDQGJHWLWRYHUZLWK"

3LFWXUH7LQVKHGUHKDELOLWDWLRQVLWHV7KH\DUHFDOOHGWUDQVLWKXWV
VXJJHVWLQJWKDWWKH\DUHRQO\WHPSRUDU\EXWSHRSOHKDYHEHHQOLYLQJLQ
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

WKHPIRURYHUVHYHQ\HDUV

-DOXGLQWKH1LPDGSODLQVRI0DGK\D3UDGHVKLVWKHILUVWRIVL[W\YLOODJHVWKDW
ZLOOEHVXEPHUJHGE\WKHUHVHUYRLURIWKH0DKHVKZDU'DP-DOXGLVQRWD
WULEDOYLOODJHDQGLVWKHUHIRUHULYHQZLWKWKHVKDPHIXOFDVWHGLYLVLRQVWKDWDUH
WKHVFRXUJHRIHYHU\RUGLQDU\+LQGXYLOODJH$PDMRULW\RIWKHODQGRZQLQJ
IDUPHUV WKHRQHVZKRTXDOLI\DV3$3V DUH5DMSXWV7KH\IDUPVRPHRIWKH
PRVWIHUWLOHVRLOLQ,QGLD7KHLUKRXVHVDUHSLOHGZLWKVDFNVRIZKHDWDQGGDDO
DQGULFH7KH\ERDVWVRPXFKDERXWWKHWKLQJVWKH\JURZRQWKHLUODQGWKDWLILW
ZHUHQ
WVRWUDJLFLWFRXOGJHWRQ\RXUQHUYHV7KHLUKRXVHVKDYHDOUHDG\EHJXQ
WRFUDFNZLWKWKHLPSDFWRIWKHG\QDPLWLQJRQWKHGDPVLWH

7ZHOYHIDPLOLHVPRVWO\'DOLWVZKRKDGVPDOOKROGLQJVLQWKHYLFLQLW\RIWKH
GDPVLWHKDGWKHLUODQGDFTXLUHG7KH\WROGPHKRZZKHQWKH\REMHFWHG
FHPHQWZDVSRXUHGLQWRWKHLUZDWHUSLSHVWKHLUVWDQGLQJFURSVZHUHEXOOGR]HG
DQGWKHSROLFHRFFXSLHGWKHODQGE\IRUFH$OOIDPLOLHVDUHQRZODQGOHVV
DQGZRUNDVZDJHODERXU

7KHDUHDWKDWWKHSHRSOHRI-DOXGDUHJRLQJWREHPRYHGWRLVDIHZNLORPHWUHV
LQODQGDZD\IURPWKHULYHUDGMRLQLQJDSUHGRPLQDQWO\'DOLWDQGWULEDOYLOODJH
FDOOHG6DPUDM,VDZWKHKXJHWUDFWRIODQGWKDWKDGEHHQPDUNHGRIIIRUWKHP
,WZDVDKDUGVWRQ\KLOORFNZLWKVWXEEO\JUDVVDQGVFUXERQZKLFKWUXFNORDGV
RIVLOWZHUHEHLQJXQORDGHGDQGVSUHDGRXWLQDWKLQOD\HUWRPDNHLWORRNOLNH
ULFKEODFNFRWWRQVRLO7KHVWRU\JRHVOLNHWKLVDWWKHLQVWDQFHRIWKH6
.XPDUV 7H[WLOH7\FRRQVWXUQHG1DWLRQ%XLOGHUV WKH'LVWULFW0DJLVWUDWH
DFTXLUHGWKHKLOORFNZKLFKZDVDFWXDOO\YLOODJHFRPPRQJUD]LQJODQGWKDW
EHORQJHGWRWKHSHRSOHRI6DPUDM,QDGGLWLRQWRWKLVWKHODQGRI'DOLW
YLOODJHUVZDVDFTXLUHG1RFRPSHQVDWLRQZDVSDLG

7KHYLOODJHUVZKRVHPDLQVRXUFHRILQFRPHZDVWKHLUOLYHVWRFNKDGWRVHOO
WKHLUJRDWVDQGEXIIDORHVEHFDXVHWKH\QRORQJHUKDGDQ\ZKHUHWRJUD]HWKHP
7KHLURQO\UHPDLQLQJVRXUFHRILQFRPHOLHV OD\ RQWKHEDQNVRIDVPDOOODNH
RQWKHHGJHRIWKHYLOODJH,QVXPPHUZKHQWKHZDWHUOHYHOUHFHGHVLWOHDYHVD
VKDOORZULQJRIULFKVLOWRQZKLFKWKHYLOODJHUVJURZ JUHZ ULFHPHORQVDQG
FXFXPEHU

7KH6.XPDUVKDYHH[FDYDWHGWKLVVLOWWRFRVPHWLFDOO\FRYHUWKHVWRQ\
JUD]LQJJURXQG WKDWWKHSHRSOHRI-DOXGGRQ
WZDQW 7KHEDQNVRIWKHODNHDUH
QRZVWHHSDQGXQFXOWLYDEOH

7KHDOUHDG\LPSRYHULVKHGSHRSOHRI6DPUDMKDYHEHHQOHIWWRVWDUYHZKLOHWKLV
SKRWRRSSRUWXQLW\LVEHLQJUHDGLHGIRU*HUPDQIXQGHUVDQG,QGLDQFRXUWVDQG
DQ\ERG\HOVHZKRFDUHVWRSDVVWKDWZD\

7KLVLVKRZ,QGLDZRUNV7KLVLVWKHJHQHVLVRIWKH0DKHVKZDU'DP7KHVWRU\
RIWKHILUVWYLOODJH:KDWZLOOKDSSHQWRWKHRWKHUILIW\QLQH"0D\EDGOXFN
SXUVXHWKLVGDP0D\EXOOGR]HUVWXUQXSRQWKH7H[WLOH7\FRRQV

1RWKLQJFDQMXVWLI\WKLVNLQGRIEHKDYLRXU

,QFLUFXPVWDQFHVOLNHWKHVHHYHQWRHQWHUWDLQDGHEDWHDERXW5HKDELOLWDWLRQLV
WRWDNHWKHILUVWVWHSWRZDUGVVHWWLQJDVLGHWKH3ULQFLSOHVRI-XVWLFH5HVHWWOLQJ
SHRSOHLQRUGHUWRWDNH RUSUHWHQGWRWDNH GULQNLQJZDWHUWR
PLOOLRQWKHUH
VVRPHWKLQJYHU\ZURQJZLWKWKHVFDOHRIRSHUDWLRQVKHUH7KLV
LV)DVFLVW0DWKV,WVWUDQJOHVVWRULHV%OXGJHRQVGHWDLO$QGPDQDJHVWREOLQG
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

SHUIHFWO\UHDVRQDEOHSHRSOHZLWKLWVVSXULRXVVKLQLQJYLVLRQ

:KHQ,DUULYHGRQWKHEDQNVRIWKH1DUPDGDLQODWH0DUFK  LWZDVD


PRQWKDIWHUWKH6XSUHPH&RXUWVXGGHQO\YDFDWHGWKHVWD\RQFRQVWUXFWLRQ
ZRUNRIWKH6DUGDU6DURYDU'DP,KDGUHDGSUHWW\PXFKHYHU\WKLQJ,FRXOG
OD\P\KDQGVRQ DOOWKRVH
VHFUHW
*RYHUQPHQWGRFXPHQWV ,KDGDFOHDULGHD
RIWKHOD\RIWKHODQGRIZKDWKDGKDSSHQHGZKHUHDQGZKHQDQGWRZKRP
7KHVWRU\SOD\HGLWVHOIRXWEHIRUHP\H\HVOLNHDWUDJLFILOPZKRVHDFWRUV,
G
DOUHDG\PHW+DG,QRWNQRZQLWVKLVWRU\QRWKLQJZRXOGKDYHPDGHVHQVH
%HFDXVHLQWKHYDOOH\WKHUHDUHVWRULHVZLWKLQVWRULHVDQGLW
VHDV\WRORVHWKH
FODULW\RIUDJHLQWKHVOXGJHRIRWKHUSHRSOHV
VRUURZ

,HQGHGP\MRXUQH\LQ.HYDGLD&RORQ\ZKHUHLWDOOEHJDQ7KLUW\HLJKW\HDUV
DJRWKLVLVZKHUHWKH*RYHUQPHQWRI*XMDUDWGHFLGHGWRORFDWHWKH
LQIUDVWUXFWXUHLWZRXOGQHHGIRUVWDUWLQJZRUNRQWKHGDPJXHVWKRXVHVRIILFH
EORFNVDFFRPPRGDWLRQIRUHQJLQHHUVDQGWKHLUVWDIIURDGVOHDGLQJWRWKHGDP
VLWHZDUHKRXVHVIRUFRQVWUXFWLRQPDWHULDO

,WLVORFDWHGRQWKHFXVSRIZKDWLVQRZWKH6DUGDU6DURYDUUHVHUYRLUDQGWKH
:RQGHU&DQDO*XMDUDW
V
OLIHOLQH
ZKLFKLVJRLQJWRTXHQFKWKHWKLUVWRI
PLOOLRQV

1RERG\NQRZVWKLVEXW.HYDGLD&RORQ\LVWKHNH\WRWKH:RUOG*RWKHUH
DQGVHFUHWVZLOOEHUHYHDOHGWR\RX

,QWKHZLQWHURIDJRYHUQPHQWRIILFHUDUULYHGLQDYLOODJHFDOOHG.RWKLH
DQGLQIRUPHGWKHYLOODJHUVWKDWVRPHRIWKHLUODQGZRXOGEHQHHGHGWR
FRQVWUXFWDKHOLSDG,QDIHZGD\VDEXOOGR]HUDUULYHGDQGIODWWHQHGVWDQGLQJ
FURSV7KHYLOODJHUVZHUHPDGHWRVLJQSDSHUVDQGZHUHSDLGDVXPRIPRQH\
ZKLFKWKH\DVVXPHGZDVSD\PHQWIRUWKHLUGHVWUR\HGFURSV:KHQWKHKHOLSDG
ZDVUHDG\DKHOLFRSWHUODQGHGRQLWDQGRXWFDPH3ULPH0LQLVWHU1HKUX
0RVWRIWKHYLOODJHUVFRXOGQ
WVHHKLPEHFDXVHKHZDVVXUURXQGHGE\
SROLFHPHQ1HKUXPDGHDVSHHFK7KHQKHSUHVVHGDEXWWRQDQGWKHUHZDVDQ
H[SORVLRQRQWKHRWKHUVLGHRIWKHULYHU$IWHUWKHH[SORVLRQKHIOHZDZD\
7KDWZDVWKHLQDXJXUDWLRQRIWKHHDUOLHVWDYDWDURIWKH6DUGDU6DURYDU'DP

&RXOG1HKUXKDYHNQRZQZKHQKHSUHVVHGWKDWEXWWRQWKDWKHKDGXQOHDVKHG
DQLQFXEXV"

$IWHU1HKUXOHIWWKH*RYHUQPHQWRI*XMDUDWDUULYHGLQVWUHQJWK,WDFTXLUHG
DFUHVRIODQGIURPIDPLOLHVIURPVL[YLOODJHV7KHSHRSOHZHUH
7DGYLWULEDOVEXWEHFDXVHRIWKHLUSUR[LPLW\WRWKHFLW\RI%DURGDQRWHQWLUHO\
XQYHUVHGLQWKHZD\VRIDPDUNHWHFRQRP\7KH\ZHUHVHQWQRWLFHVDQGWROG
WKDWWKH\ZRXOGEHSDLGFDVKFRPSHQVDWLRQDQGJLYHQMREVRQWKHGDPVLWH
7KHQWKHQLJKWPDUHEHJDQ7UXFNVDQGEXOOGR]HUVUROOHGLQ)RUHVWVZHUH
IHOOHGVWDQGLQJFURSVGHVWUR\HG(YHU\WKLQJWXUQHGLQWRDZKLUORIMHHSVDQG
HQJLQHHUVDQGFHPHQWDQGVWHHO0RKDQ%KDL7DGYLZDWFKHGHLJKWDFUHVRIKLV
ODQGZLWKVWDQGLQJFURSVRIMRZDUWRRYDUDQGFRWWRQEHLQJOHYHOOHG2YHUQLJKW
KHEHFDPHDODQGOHVVODERXUHU7KUHH\HDUVODWHUKHUHFHLYHGKLVFDVK
FRPSHQVDWLRQRIUXSHHVDQDFUHLQWKUHHLQVWDOPHQWV

'HUVXNK%KDL9HVD%KDL
VIDWKHUZDVJLYHQUXSHHVIRUKLVKRXVHDQG
ILYHDFUHVRIODQGZLWKLWVVWDQGLQJFURSVDQGDOOWKHWUHHVRQLW+HUHPHPEHUV
ZDONLQJDOOWKHZD\WR5DMSLSOD WKHGLVWULFWKHDGTXDUWHUV DVDOLWWOHER\
KROGLQJKLVIDWKHU
VKDQG+HUHPHPEHUVKRZWHUULILHGWKH\ZHUHZKHQWKH\
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

ZHUHFDOOHGLQWRWKH7HKVLOGDU
VRIILFH7KH\ZHUHPDGHWRVXUUHQGHUWKHLU
FRPSHQVDWLRQQRWLFHVDQGVLJQDUHFHLSW7KH\ZHUHLOOLWHUDWHVRWKH\GLGQ
W
NQRZKRZPXFKWKHUHFHLSWZDVPDGHRXWIRU

(YHU\ERG\KDGWRJRWR5DMSLSODEXWWKH\ZHUHDOZD\VVXPPRQHGRQGLIIHUHQW
GD\VRQHE\RQH6RWKH\FRXOGQ
WH[FKDQJHLQIRUPDWLRQRUFRPSDUHDPRXQWV

*UDGXDOO\RXWRIWKHGXVWDQGEXOOGR]HUVDQRIIHQVLYHGLIIXVHFRQILJXUDWLRQ
HPHUJHG.HYDGLD&RORQ\5RZXSRQURZRIXJO\FHPHQWIODWVRIILFHVJXHVW
KRXVHVURDGV$OOWKHJUDFHOHVVLQIUDVWUXFWXUHRI%LJ'DPFRQVWUXFWLRQ7KH
YLOODJHUV
KRXVHVZHUHGLVPDQWOHGDQGPRYHGWRWKHSHULSKHU\RIWKHFRORQ\
ZKHUHWKH\UHPDLQWRGD\VTXDWWHUVRQWKHLURZQODQG7KRVHWKDWFUHDWHG
WURXEOHZHUHLQWLPLGDWHGE\WKHSROLFHDQGWKHFRQVWUXFWLRQFRPSDQ\7KH
YLOODJHUVWROGPHWKDWLQWKHFRQWUDFWRU
VKHDGTXDUWHUVWKH\KDYHD
ORFNXS
OLNH
DSROLFHORFNXSZKHUHUHFDOFLWUDQWYLOODJHUVDUHLQFDUFHUDWHGDQGEHDWHQ

7KHSHRSOHZKRZHUHHYLFWHGWREXLOG.HYDGLD&RORQ\GRQRWTXDOLI\DV

3URMHFW$IIHFWHG
LQ*XMDUDW
V5HKDELOLWDWLRQSDFNDJH

6RPHRIWKHPZRUNDVVHUYDQWVLQWKHRIILFHUV
EXQJDORZVDQGZDLWHUVLQWKH
JXHVWKRXVHEXLOWRQWKHODQGZKHUHWKHLURZQKRXVHVRQFHVWRRG&DQWKHUHEH
DQ\WKLQJPRUHSRLJQDQW"

7KRVHZKRKDGVRPHODQGOHIWWULHGWRFXOWLYDWHLWEXWWKH.HYDGLD
PXQLFLSDOLW\LQWURGXFHGDVFKHPHLQZKLFKWKH\EURXJKWLQSLJVWRHDW
XQFROOHFWHGUHIXVHRQWKHVWUHHWV7KHSLJVVWUD\LQWRWKHYLOODJHUV
ILHOGVDQG
GHVWUR\WKHLUFURSV

,QDIWHUWKLUW\\HDUVHDFKIDPLO\KDVEHHQRIIHUHGDVXPRI
UXSHHVSHUKHFWDUHXSWRDPD[LPXPRIUXSHHVSURYLGHGWKH\DJUHHWR
OHDYHWKHLUKRPHVDQGJRDZD\<HWSHUFHQWRIWKHODQGWKDWZDVDFTXLUHG
LVO\LQJXQXVHG7KHJRYHUQPHQWUHIXVHVWRUHWXUQLW(OHYHQDFUHVDFTXLUHG
IURP'HYLEHQZKRLVDZLGRZQRZKDYHEHHQJLYHQRYHUWRWKH6ZDPL
1DUD\DQ7UXVW DELJUHOLJLRXVVHFW 2QDVPDOOSRUWLRQRILWWKH7UXVWUXQVD
OLWWOHVFKRRO7KHUHVWLWFXOWLYDWHVZKLOH'HYLEHQZDWFKHVWKURXJKWKHEDUEHG
ZLUHIHQFH2QWKHDFUHVDFTXLUHGLQWKHYLOODJHRI*RUDYLOODJHUVZHUH
HYLFWHGDQGEORFNVRIIODWVZHUHEXLOW7KH\OD\HPSW\IRU\HDUV(YHQWXDOO\
WKH*RYHUQPHQWKLUHGLWIRUDQRPLQDOIHHWR-DL3UDNDVK$VVRFLDWHVWKHGDP
FRQWUDFWRUVZKRWKHYLOODJHUVVD\VXEOHWLWSULYDWHO\IRUUXSHHVD
PRQWK -DL3UDNDVK$VVRFLDWHVWKHELJJHVWGDPFRQWUDFWRUVLQWKHFRXQWU\WKH
UHDOQDWLRQEXLOGHUVRZQWKH6LGGKDUWK&RQWLQHQWDODQGWKH9DVDQW
&RQWLQHQWDOLQ'HOKL

2QDQDUHDRIDERXWDFUHVWKHUHLVDQDEVXUGFHPHQW3:'
UHSOLFD
RIWKH
DQFLHQW6KRROSDQHVKZDUWHPSOHWKDWZDVVXEPHUJHGLQWKHUHVHUYRLU7KH
VDPHSROLWLFDOIRUPDWLRQWKDWSOXQJHGDZKROHQDWLRQLQWRDEORRG\PHGLHYDO
QLJKWPDUHEHFDXVHLWLQVLVWHGRQGHVWUR\LQJDQROGPRVTXHWRGLJXSDQRQ
H[LVWHQWWHPSOHWKLQNVQRWKLQJRIVXEPHUJLQJDKDOORZHGSLOJULPDJHURXWHDQG
KXQGUHGVRIWHPSOHVWKDWKDYHEHHQZRUVKLSSHGLQIRUFHQWXULHV

3LFWXUH7KH5DPHVKZDUSXUDUHVHWWOHPHQWVLWHLQ*XMDUDW'HDWK5RZ
%DLWLEHQZKRVHILYH\HDUROGVRQGLHGHDUO\LQ$SULO

,WWKLQNVQRWKLQJRIGHVWUR\LQJWKHVDFUHGKLOOVDQGJURYHVWKHSODFHVRI
ZRUVKLSWKHDQFLHQWKRPHVRIWKHJRGVDQGGHPRQVRIWULEDOSHRSOH
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

,WWKLQNVQRWKLQJRIVXEPHUJLQJDYDOOH\WKDWKDV\LHOGHGIRVVLOVPLFUROLWKV
DQGURFNSDLQWLQJVWKHRQO\YDOOH\LQ,QGLDDFFRUGLQJWRDUFKDHRORJLVWVWKDW
FRQWDLQVDQXQLQWHUUXSWHGUHFRUGRIKXPDQRFFXSDWLRQIURPWKH2OG6WRQH
$JH

:KDWFDQRQHVD\"

,Q.HYDGLD&RORQ\WKHPRVWEDUEDULFMRNHRIDOOLVWKHZLOGOLIHPXVHXP7KH
6KRROSDQHVKZDU6DQFWXDU\,QWHUSUHWDWLRQ&HQWUHJLYHV\RXDTXLFN
FRPSUHKHQVLYHSLFWXUHRIWKH*RYHUQPHQW
VFRPPLWPHQWWR&RQVHUYDWLRQ

7KH6DUGDU6DURYDUUHVHUYRLUZKHQWKHGDPLVDWLWVIXOOKHLJKWLVJRLQJWR
VXEPHUJHDERXWKHFWDUHVRISULPHIRUHVWODQG ,QDQWLFLSDWLRQRI
VXEPHUJHQFHWKHIRUHVWEHJDQWREHIHOOHGPDQ\JUHHG\\HDUVDJR
(QYLURQPHQWDOLVWVDQGFRQVHUYDWLRQLVWVZHUHTXLWHULJKWO\DODUPHGDWWKH
H[WHQWRIORVVRIELRGLYHUVLW\DQGZLOGOLIHKDELWDWWKDWWKHVXEPHUJHQFHZRXOG
FDXVH7RPLWLJDWHWKLVORVVWKH*RYHUQPHQWGHFLGHGWRH[SDQGWKH
6KRROSDQHVKZDU:LOGOLIH6DQFWXDU\WKDWVWUDGGOHVWKHGDPRQWKHVRXWKVLGH
RIWKHULYHU7KHUHLVDKDUHEUDLQHGVFKHPHWKDWHQYLVDJHVGURZQLQJDQLPDOV
IURPWKHVXEPHUJHGIRUHVWVVZLPPLQJWKHLUZD\WR
ZLOGOLIHFRUULGRUV
WKDW
ZLOOEHFUHDWHGIRUWKHPDQGVHWWLQJXSKRPHLQWKH1HZ,PSURYHG
6KRROSDQHVKZDU6DQFWXDU\3UHVXPDEO\ZLOGOLIHDQGELRGLYHUVLW\FDQEH
SURWHFWHGDQGPDLQWDLQHGRQO\LIKXPDQDFWLYLW\LVUHVWULFWHGDQGWUDGLWLRQDO
ULJKWVWRXVHIRUHVWUHVRXUFHVFXUWDLOHG)RUW\WKRXVDQGWULEDOSHRSOHIURP
YLOODJHVZLWKLQWKHERXQGDULHVRIWKH6KRROSDQHVKZDU6DQFWXDU\GHSHQGRQ
WKHIRUHVWIRUDOLYHOLKRRG7KH\ZLOOEH
SHUVXDGHG
WROHDYH7KH\DUHQRW
LQFOXGHGLQWKHGHILQLWLRQRI3URMHFW$IIHFWHG

:KHUHZLOOWKH\JR",LPDJLQH\RXNQRZE\QRZ

:KDWHYHUWKHLUWURXEOHVLQWKHUHDOZRUOGLQWKH6KRROSDQHVKZDU6DQFWXDU\
,QWHUSUHWDWLRQ&HQWUH ZKHUHDQROGVWXIIHGOHRSDUGDQGDPRXOG\VORWKEHDU
KDYHWRPDNHGRZLWKDVKDUHGFRUQHU WKHWULEDOSHRSOHKDYHDZKROHURRPWR
WKHPVHOYHV2QWKHZDOOVWKHUHDUHFOXPV\ZRRGHQFDUYLQJV*RYHUQPHQW
DSSURYHGWULEDODUWZLWKVLJQVWKDWVD\
7ULEDO$UW
,QWKHFHQWUHWKHUHLVDOLIH
VL]HGWKDWFKHGKXWZLWKWKHGRRURSHQ7KHSRW
VRQWKHILUHWKHGRJLVDVOHHS
RQWKHIORRUDQGDOO
VZHOOZLWKWKHZRUOG2XWVLGHWRZHOFRPH\RXDUH0U
DQG0UV7ULEDO$OXPS\SDSLHUPDFKHFRXSOHVPLOLQJ

6PLOLQJ7KH\
UHQRWHYHQSHUPLWWHGWKHJUDFHRIUDJH7KDW
VZKDW,FDQ
WJHW
RYHU

2KEXWKDYH,JRWLWZURQJ":KDWLIWKH\
UHVPLOLQJYROXQWDULO\EXUVWLQJZLWK
1DWLRQDO3ULGH"%ULPPLQJZLWKWKHMR\RIKDYLQJVDFULILFHGWKHLUOLYHVWREULQJ
GULQNLQJZDWHUWRWKLUVW\PLOOLRQVLQ*XMDUDW"

)RUWZHQW\\HDUVQRZWKHSHRSOHRI*XMDUDWKDYHZDLWHGIRUWKHZDWHUWKH\
EHOLHYHWKH:RQGHU&DQDOZLOOEULQJWKHP)RU\HDUVWKH*RYHUQPHQWRI
*XMDUDWKDVLQYHVWHGSHUFHQWRIWKH6WDWH
VLUULJDWLRQEXGJHWLQWRWKH6DUGDU
6DURYDU3URMHFWV(YHU\VPDOOHUTXLFNHUORFDOPRUHIHDVLEOHVFKHPHKDVEHHQ
VHWDVLGHIRUWKHVDNHRIWKLV(OHFWLRQDIWHUHOHFWLRQKDVEHHQFRQWHVWHGDQG
ZRQRQWKH
ZDWHUWLFNHW
(YHU\RQH
VKRSHVDUHSLQQHGWRWKH:RQGHU&DQDO
:LOOVKHIXOILO*XMDUDW
VGUHDPV"

)URPWKH6DUGDU6DURYDU'DPWKH1DUPDGDIORZVWKURXJKNPRIULFK
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

ORZODQGLQWRWKH$UDELDQ6HDLQ%KDUXFK:KDWWKH:RQGHU&DQDOGRHVPRUH
RUOHVVLVWRUHURXWHPRVWRIWKHULYHUWXUQLQJLWDOPRVWGHJUHHVQRUWKZDUG
,W
VDSUHWW\GUDVWLFWKLQJWRGRWRDULYHU7KH1DUPDGDHVWXDU\LQ%KDUXFKLV
RQHRIWKHODVWNQRZQEUHHGLQJSODFHVRIWKH+LOVDSUREDEO\WKHKRWWHVW
FRQWHQGHUIRU,QGLD
VIDYRXULWHILVK7KH6WDQOH\'DPZLSHGRXW+LOVDIURP
WKH&DXYHU\5LYHULQ6RXWK,QGLDDQG3DNLVWDQ
V*KXODP0RKDPPHG'DP
GHVWUR\HGLWVVSDZQLQJDUHDRQWKH,QGXV+LOVDOLNHWKHVDOPRQLVDQ
DQDGURPRXVILVKERUQLQIUHVKZDWHUPLJUDWLQJWRWKHRFHDQDVDVPROWDQG
UHWXUQLQJWRWKHULYHUWRVSDZQ7KHGUDVWLFUHGXFWLRQLQZDWHUIORZWKH
FKDQJHLQWKHFKHPLVWU\RIWKHZDWHUEHFDXVHRIDOOWKHVHGLPHQWWUDSSHG
EHKLQGWKHGDPZLOOUDGLFDOO\DOWHUWKHHFRORJ\RIWKHHVWXDU\DQGPRGLI\WKH
GHOLFDWHEDODQFHRIIUHVKZDWHUDQGVHDZDWHUZKLFKLVERXQGWRDIIHFWWKH
VSDZQLQJ$WSUHVHQWWKH1DUPDGDHVWXDU\SURGXFHVWRQQHVRI+LOVD
DQGIUHVKZDWHUSUDZQ ZKLFKDOVREUHHGLQEUDFNLVKZDWHU 7HQWKRXVDQG
ILVKHUIDPLOLHVGHSHQGRQLWIRUDOLYLQJ

7KH0RUVH&RPPLWWHHZDVDSSDOOHGWRGLVFRYHUWKDWQRVWXGLHVKDGEHHQGRQH
RIWKHGRZQVWUHDPHQYLURQPHQWQRGRFXPHQWDWLRQRIWKHULYHULQHHFRV\VWHP
LWVVHDVRQDOFKDQJHVELRORJLFDOVSHFLHVRUWKHSDWWHUQRIKRZLWVUHVRXUFHVDUH
XVHG7KHGDPEXLOGHUVKDGQRLGHDZKDWWKHLPSDFWRIWKHGDPZRXOGEHRQ
WKHSHRSOHDQGWKHHQYLURQPHQWGRZQVWUHDPOHWDORQHDQ\LGHDVRQZKDWVWHSV
WRWDNHWRPLWLJDWHLW

3LFWXUH'RRU6LQJKDQG0XULEHQ7KHLUGDXJKWHUDQG'RRU6LQJK
V
PRWKHUGLHGRQ$SULO

7KHJRYHUQPHQWVLPSO\VD\VWKDWLWZLOODOOHYLDWHWKHORVVRI+LOVDILVKHULHVE\
VWRFNLQJWKHUHVHUYRLUZLWKKDWFKHU\EUHGILVK :KR
OOFRQWUROWKHUHVHUYRLU"
:KR
OOJUDQWWKHFRPPHUFLDOILVKLQJWRLWVIDYRXULWHSD\LQJFXVWRPHUV" 7KH
RQO\KLWFKLVWKDWVRIDUVFLHQWLVWVKDYHQRWPDQDJHGWREUHHG+LOVDDUWLILFLDOO\
7KHUHDULQJRI+LOVDGHSHQGVRQJHWWLQJVSDZQIURPZLOGDGXOWVZKLFKZLOO
LQDOOOLNHOLKRRGEHHOLPLQDWHGE\WKHGDP'DPVKDYHHLWKHUHOLPLQDWHGRU
HQGDQJHUHGRQHILIWKRIWKHZRUOG
VIUHVKZDWHUILVK

6R4XL]TXHVWLRQZKHUHZLOOWKHILVKHUIRONJR"

(PDLO\RXUDQVZHUVWRWKHJRYHUQPHQWBWKDWBFDUHVFRP

$WWKHULVNRIORVLQJUHDGHUV ,
YHEHHQZDUQHGVHYHUDOWLPHV
+RZFDQ\RX
ZULWHDERXWLUULJDWLRQ":KRWKHKHOOLVLQWHUHVWHG"
OHWPHWHOO\RXZKDWWKH
:RQGHU&DQDOLVDQGZKDWVKH
VPHDQWWRDFKLHYH%HLQWHUHVWHGLI\RXZDQW
WRVQDWFK\RXUIXWXUHEDFNIURPWKHVZHDW\SDOPVRIWKH,URQ7ULDQJOH

0RVWULYHUVLQ,QGLDDUHPRQVRRQIHG$ERXWSHUFHQWRIWKHIORZWDNHV
SODFHGXULQJWKHUDLQ\PRQWKVXVXDOO\EHWZHHQ-XQHDQG6HSWHPEHU7KH
SXUSRVHRIDGDPDQLUULJDWLRQGDPLVWRVWRUHPRQVRRQZDWHULQLWVUHVHUYRLU
DQGWKHQXVHLWMXGLFLRXVO\IRUWKHUHVWRIWKH\HDUGLVWULEXWLQJLWDFURVVGU\
ODQGWKURXJKDV\VWHPRIFDQDOV7KHDUHDRIODQGLUULJDWHGE\WKHFDQDO
QHWZRUNLVFDOOHGWKHFRPPDQGDUHD+RZZLOOWKHFRPPDQGDUHDDFFXVWRPHG
RQO\WRVHDVRQDOLUULJDWLRQLWVHQWLUHHFRORJ\GHVLJQHGIRUWKDWVLQJOHSXOVHRI
PRQVRRQUDLQUHDFWWREHLQJLUULJDWHGWKHZKROH\HDUURXQG"3HUHQQLDOFDQDO
LUULJDWLRQGRHVWRVRLOURXJKO\ZKDWDQDEROLFVWHURLGVGRWRWKHKXPDQERG\
6WHURLGVFDQWXUQDQRUGLQDU\DWKOHWHLQWRDQ2O\PSLFPHGDOZLQQHUSHUHQQLDO
LUULJDWLRQFDQFRQYHUWVRLOZKLFKSURGXFHGRQO\DVLQJOHFURSD\HDULQWRVRLO
WKDW\LHOGVVHYHUDOFURSVD\HDU/DQGVRQZKLFKIDUPHUVWUDGLWLRQDOO\JUHZ
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

FURSVWKDWGRQ
WQHHGDJUHDWGHDORIZDWHU PDL]HPLOOHWEDUOH\DQGDZKROH
UDQJHRISXOVHV VXGGHQO\\LHOGZDWHUJX]]OLQJFDVKFURSVFRWWRQULFHVR\D
EHDQDQGWKHELJJHVWJX]]OHURIDOO OLNHWKRVHILQQHG
ILIWLHVFDUV VXJDUFDQH
7KLVFRPSOHWHO\DOWHUVWUDGLWLRQDOFURSSDWWHUQVLQWKHFRPPDQGDUHD3HRSOH
VWRSJURZLQJWKLQJVWKDWWKH\FDQDIIRUGWRHDWDQGVWDUWJURZLQJWKLQJVWKDW
WKH\FDQRQO\DIIRUGWRVHOO%\OLQNLQJWKHPVHOYHVWRWKH
PDUNHW
WKH\ORVH
FRQWURORYHUWKHLUOLYHV

3LFWXUH/DDGNLEHQ
VKXVEDQGGLHGRQ$SULO

8QIRUWXQDWHO\HFRORJLFDOO\WKLVLVDSRLVRQRXVSD\RII(YHQLIWKHPDUNHWV
KROGRXWWKHVRLOGRHVQ
W2YHUWLPHLWEHFRPHVWRRSRRUWRVXSSRUWWKHH[WUD
GHPDQGVPDGHRQLW*UDGXDOO\LQWKHZD\WKHVWHURLGXVLQJDWKOHWHEHFRPHV
DQLQYDOLGWKHVRLOEHFRPHVGHSOHWHGDQGGHJUDGHGWKHDJULFXOWXUDO\LHOGV
EHJLQWRZLQGGRZQ,Q,QGLDODQGLUULJDWHGE\ZHOOZDWHULVQRZDOPRVWWZLFH
DVSURGXFWLYHDVODQGLUULJDWHGE\FDQDOV&HUWDLQNLQGVRIVRLODUHOHVVVXLWDEOH
IRUSHUHQQLDOLUULJDWLRQWKDQRWKHUV3HUHQQLDOFDQDOLUULJDWLRQUDLVHVWKHOHYHO
RIWKHZDWHUWDEOH$VWKHZDWHUPRYHVXSWKURXJKWKHVRLOLWDEVRUEVVDOWV
6DOLQHZDWHULVGUDZQWRWKHVXUIDFHE\FDSLOODU\DFWLRQDQGWKHODQGEHFRPHV
ZDWHUORJJHG7KH
ORJJHG
ZDWHU WRFRLQDSKUDVH LVWKHQEUHDWKHGLQWRWKH
DWPRVSKHUHE\SODQWVFDXVLQJDQHYHQJUHDWHUFRQFHQWUDWLRQRIVDOWVLQWKH
VRLO:KHQWKHFRQFHQWUDWLRQRIVDOWVLQWKHVRLOUHDFKHVRQHSHUFHQWWKDWVRLO
EHFRPHVWR[LFWRSODQWOLIH7KLVLVZKDW
VFDOOHGVDOLQL]DWLRQ

$VWXG\E\WKH&HQWUHIRU5HVRXUFHDQG(QYLURQPHQWDO6WXGLHVDWWKH
$XVWUDOLDQ1DWLRQDO8QLYHUVLW\VD\VWKDWRQHILIWKRIWKHZRUOG
VLUULJDWHGODQG
LVVDOWDIIHFWHG

%\WKHPLGVPLOOLRQRIWKHPLOOLRQKHFWDUHVXQGHULUULJDWLRQLQ
3DNLVWDQZHUHHVWLPDWHGWREHHLWKHUVDOLQL]HGRUZDWHUORJJHGRUERWK,Q
,QGLDWKHHVWLPDWHVYDU\EHWZHHQDQGPLOOLRQKHFWDUHV$FFRUGLQJWR

VHFUHW
JRYHUQPHQWVWXGLHVPRUHWKDQSHUFHQWRIWKH6DUGDU6DURYDU
FRPPDQGDUHDLVSURQHWRZDWHUORJJLQJDQGVDOLQL]DWLRQ

$QGWKDW
VQRWWKHHQGRIWKHEDGQHZV

7KHNLORPHWUHORQJFRQFUHWHOLQHG6DUGDU6DURYDU:RQGHU&DQDODQGLWV
NLORPHWUHQHWZRUNRIEUDQFKFDQDOVDQGVXEEUDQFKFDQDOVLVGHVLJQHG
WRLUULJDWHDWRWDORIWZRPLOOLRQKHFWDUHVRIODQGVSUHDGRYHUGLVWULFWV7KH
GLVWULFWVRI.XWFKDQG6DXUDVKWUD WKHELOOERDUGVRI*XMDUDW
V7KLUVWFDPSDLJQ
DUHDWWKHYHU\WDLOHQGRIWKLVQHWZRUN

7KHV\VWHPRIFDQDOVVXSHULPSRVHVDQDUELWUDU\FRQFUHWHJULGRQWKHH[LVWLQJ
SDWWHUQRIQDWXUDOGUDLQDJHLQWKHFRPPDQGDUHD,W
VDOLWWOHOLNHUHRUJDQLVLQJ
WKHSDWWHUQRIUHWLFXODWHYHLQVRQWKHVXUIDFHRIDOHDI:KHQDFDQDOFXWV
DFURVVWKHSDWKRIDQDWXUDOGUDLQLWEORFNVWKHQDWXUDOIORZRIWKHVHDVRQDO
ZDWHUDQGOHDGVWRZDWHUORJJLQJ7KHHQJLQHHULQJVROXWLRQWRWKLVLVWRPDS
WKHSDWWHUQRIQDWXUDOGUDLQDJHLQWKHDUHDDQGUHSODFHLWZLWKDQDOWHUQDWH
DUWLILFLDOGUDLQDJHV\VWHPWKDWLVEXLOWLQFRQMXQFWLRQZLWKWKHFDQDOV7KH
SUREOHPDV\RXFDQLPDJLQHLVWKDWGRLQJWKLVLVHQRUPRXVO\H[SHQVLYH7KH
FRVWRIGUDLQDJHLVQRWLQFOXGHGDVSDUWRIWKH6DUGDU6DURYDU3URMHFWV,W
XVXDOO\LVQ
WLQPRVWLUULJDWLRQSURMHFWV

3LFWXUH5HIXJHHVRQWKHLURZQODQGLQ.HYDGLD&RORQ\7KHRULJLQDO
RZQHUVRIWKHODQGVOHHSLQWKHRSHQ,QWKHEDFNJURXQGLVWKHJUDFHOHVV
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

LQIUDVWUXFWXUHRIELJGDPVDKRVWHOIRUGDPHPSOR\HHVZKLFKLV
GHUHOLFW

'DYLG+RSSHUWKH:RUOG%DQN
VYLFHSUHVLGHQWIRU6RXWK$VLDKDVDGPLWWHG
WKDWWKH%DQNGRHVQRWXVXDOO\LQFOXGHWKHFRVWRIGUDLQDJHLQLWVLUULJDWLRQ
SURMHFWVLQ6RXWK$VLDEHFDXVHLUULJDWLRQSURMHFWVZLWKDGHTXDWHGUDLQDJHDUH
QRWHFRQRPLFDOO\YLDEOH,WFRVWVILYHWLPHVDVPXFKWRSURYLGHDGHTXDWH
GUDLQDJHDVLWGRHVWRLUULJDWHWKHVDPHDPRXQWRIODQG7KH%DQN
VVROXWLRQ
WRWKHSUREOHPLVWRSXWLQWKHLUULJDWLRQV\VWHPDQGZDLWIRUVDOLQLW\DQG
ZDWHUORJJLQJWRVHWLQ:KHQDOOWKHPRQH\
VVSHQWDQGWKHODQGLV
GHYDVWDWHGDQGWKHSHRSOHDUHLQGHVSDLUZKRVKRXOGSRSE\":K\WKH
IULHQGO\QHLJKERXUKRRG%DQNHU$QGZKDW
VWKDWEXOJHLQKLVSRFNHW"&RXOGLW
EHDORDQIRUD'UDLQDJH3URMHFW"

,Q3DNLVWDQWKH:RUOG%DQNILQDQFHGWKH7DUEHOD  DQG0DQJOD'DP


 3URMHFWVRQWKH,QGXV7KHFRPPDQGDUHDVDUHZDWHUORJJHG1RZ7KH
%DQNKDVJLYHQ3DNLVWDQDPLOOLRQGROODUORDQIRUDGUDLQDJHSURMHFW,Q
,QGLDLQ3XQMDEDQG+DU\DQDLW
VGRLQJWKHVDPH

,UULJDWLRQZLWKRXWGUDLQDJHLVOLNHKDYLQJDV\VWHPRIDUWHULHVDQGQRYHLQV
3UHWW\GDPQSRLQWOHVV

6LQFHWKH:RUOG%DQNVWHSSHGEDFNIURPWKH6DUGDU6DURYDU3URMHFWVLW
VD
OLWWOHXQFOHDUZKHUHWKHPRQH\IRUWKHGUDLQDJHLVJRLQJWRFRPHIURP7KLV
KDVQ
WGHWHUUHGWKH*RYHUQPHQWIURPJRLQJDKHDGZLWKWKH&DQDOZRUN7KH
UHVXOWLVWKDWHYHQEHIRUHWKHGDPLVUHDG\EHIRUHWKH:RQGHU&DQDOKDVEHHQ
FRPPLVVLRQHGEHIRUHDVLQJOHGURSRILUULJDWLRQZDWHUKDVEHHQGHOLYHUHG
ZDWHUORJJLQJKDVVHWLQ$PRQJWKHZRUVWDIIHFWHGDUHDVDUHWKHUHVHWWOHPHQW
FRORQLHV

7KHUHLVDGLIIHUHQFHEHWZHHQWKHSODQQHUVRIWKH6DUGDU6DURYDULUULJDWLRQ
VFKHPHDQGWKHSODQQHUVRISUHYLRXVSURMHFWV$WOHDVWWKH\DFNQRZOHGJHWKDW
ZDWHUORJJLQJDQGVDOLQL]DWLRQDUHUHDOSUREOHPVDQGQHHGWREHDGGUHVVHG

7KHLUVROXWLRQVKRZHYHUDUHFRUQ\HQRXJKWRVHQGD+RRORFN*LEERQWRD
KRRWLQJKRVSLWDO

7KH\SODQWRKDYHDVHULHVRIHOHFWURQLFJURXQGZDWHUVHQVRUVSODFHGLQHYHU\
VTXDUHNLORPHWUHVRIWKHFRPPDQGDUHD 7KDWZRUNVRXWWRDERXW
JURXQGVHQVRUV 7KHVHZLOOEHOLQNHGWRDFHQWUDOFRPSXWHUZKLFKZLOODQDO\VH
WKHGDWDDQGVHQGRXWFRPPDQGVWRWKHFDQDOKHDGVWRVWRSZDWHUIORZLQJLQWR
DUHDVWKDWVKRZVLJQVRIZDWHUORJJLQJ$QHWZRUNRI
2QO\LUULJDWLRQ

2QO\
GUDLQDJH
DQG
,UULJDWLRQFXPGUDLQDJH
WXEHZHOOVZLOOEHVXQNDQG
HOHFWURQLFDOO\V\QFKURQLVHGE\WKHFHQWUDOFRPSXWHU7KHVDOLQHZDWHUZLOOEH
SXPSHGRXWPL[HGZLWKPDWKHPDWLFDOO\FRPSXWHGTXDQWLWLHVRIIUHVKZDWHU
DQGUHFLUFXODWHGLQWRDQHWZRUNRIVXUIDFHDQGVXEVXUIDFHGUDLQV IRUZKLFK
PRUHODQGZLOOEHDFTXLUHG 7RDFKLHYHWKHLUULJDWLRQHIILFLHQF\WKDWWKH\
FODLPWKH\
OODFKLHYHDFFRUGLQJWRDVWXG\GRQHE\'U5DKXO5DPIRU
.DOSDYULNVKSHUFHQWRIWKHZDWHUWKDWJRHVLQWRWKH:RQGHU&DQDO
QHWZRUNZLOOKDYHWREHSXPSHGRXWDJDLQ

7KH\
YHQHYHULPSOHPHQWHGDQHOHFWURQLFLUULJDWLRQVFKHPHEHIRUHQRWHYHQ
DVDSLORWSURMHFW,WKDVQ
WRFFXUUHGWRWKHPWRH[SHULPHQWZLWKVRPHDOUHDG\
GHJUDGHGODQGMXVWWRVHHLILWZRUNV1RWKH\
OOXVHRXUPRQH\WRLQVWDOOLW
RYHUWKHZKROHRIWKHWZRPLOOLRQKHFWDUHVDQGWKHQVHHLILWZRUNV:KDWLILW
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

GRHVQ
W",ILWGRHVQ
WLWZRQ
WPDWWHUWRWKHSODQQHUV7KH\
OOVWLOOGUDZWKHVDPH
VDODULHV7KH\
OOVWLOOJHWWKHLUSHQVLRQDQGWKHLUJUDWXLW\DQGZKDWHYHUHOVH\RX
JHWZKHQ\RXUHWLUHIURPDFDUHHURILQIOLFWLQJPD\KHPRQDSHRSOH

3LFWXUH7KH6KRROSDQHVKZDUWHPSOHLQ,WLVQRZFRPSOHWHO\
VXEPHUJHGDQGKDVEHHQUHSODFHGZLWKDWHPSOHEXLOWLQFHPHQWE\WKH
3:'

+RZFDQLWSRVVLEO\ZRUN",W
VOLNHVHQGLQJLQDURFNHWVFLHQWLVWWRPLOND
WURXEOHVRPHFRZ+RZFDQWKH\PDQDJHDJLJDQWLFHOHFWURQLFLUULJDWLRQ
V\VWHPZKHQWKH\FDQ
WHYHQOLQHWKHZDOOVRIWKHFDQDOVZLWKRXWKDYLQJWKHP
FROODSVHDQGFDXVHXQWROGGDPDJHWRFURSVDQGSHRSOH"

:KHQWKH\FDQ
WHYHQSUHYHQWWKH%LJ'DPLWVHOIIURPEUHDNLQJRIILQELWV
ZKHQLWUDLQV"

7RTXRWHIURPRQHRIWKHLURZQVWXGLHV7KHGHVLJQWKHLPSOHPHQWDWLRQDQG
PDQDJHPHQWRIWKHLQWHJUDWLRQRIJURXQGZDWHUDQGVXUIDFHZDWHULQWKHDERYH
FLUFXPVWDQFHLVFRPSOH[

3LFWXUH7KHVWLOOLQJEDVLQRIWKH6DUGDU6DURYDU'DPVKRZLQJDFUDWHU
JRXJHGRXWE\WKHUDPSDJLQJZDWHUV7KH*RYHUQPHQWNHSWQHZVRIWKH
GDPDJHVHFUHWIRUPRQWKV

$JUHHG7RVD\WKHOHDVW7KHLUUHFRPPHQGDWLRQRIKRZWRGHDOZLWKWKH
FRPSOH[LW\

,WZLOORQO\EHSRVVLEOHWRLPSOHPHQWVXFKDV\VWHPLIDOOJURXQGZDWHUDQG
VXUIDFHZDWHUVXSSOLHVDUHPDQDJHGE\DVLQJOHDXWKRULW\

$KD

3LFWXUH&UDFNVLQWKH0DLQ&DQDO:LOOWKHZDWHUHYHUUHDFK.XWFKDQG
6DXUDVKWUD"

,W
VEHJLQQLQJWRPDNHVHQVHQRZ:KRZLOORZQWKHZDWHU"7KH6LQJOH
$XWKRULW\:KRZLOOVHOOWKHZDWHU"7KH6LQJOH$XWKRULW\:KRZLOOSURILW
IURPWKHVDOHV"7KH6LQJOH$XWKRULW\7KH6LQJOH$XWKRULW\KDVDVFKHPH
ZKHUHE\LWZLOOVHOOZDWHUE\WKHOLWUHQRWWRLQGLYLGXDOVEXWWRIDUPHUV
FR
RSHUDWLYHV ZKLFKGRQ
WH[LVWMXVW\HWEXWQRGRXEWWKH6LQJOH$XWKRULW\FDQ
FUHDWHFRRSHUDWLYHVDQGIRUFHIDUPHUVWRFRRSHUDWH" &RPSXWHUZDWHUXQOLNH
RUGLQDU\ULYHUZDWHULVH[SHQVLYH2QO\WKRVHZKRFDQDIIRUGLWZLOOJHWLW

*UDGXDOO\VPDOOIDUPHUVZLOOJHWHGJHGRXWE\ELJIDUPHUVDQGWKHZKROH
F\FOHRIXSURRWPHQWZLOOEHJLQDOORYHUDJDLQ

7KH6LQJOH$XWKRULW\EHFDXVHLWRZQVWKHFRPSXWHUZDWHUZLOODOVRGHFLGH
ZKRZLOOJURZZKDW,WVD\VWKDWIDUPHUVJHWWLQJFRPSXWHUZDWHUZLOOQRWEH
DOORZHGWRJURZVXJDUFDQHEHFDXVHWKH\
OOXVHXSWKHVKDUHRIWKHWKLUVW\
PLOOLRQVDWWKHWDLOHQGRIWKHFDQDO%XWWKH6LQJOH$XWKRULW\KDVDOUHDG\JLYHQ
OLFHQFHVWRWHQODUJHVXJDUPLOOVULJKWQHDUWKHKHDGRIWKHFDQDO2QDQHDUOLHU
RFFDVLRQWKH6LQJOH$XWKRULW\VDLGWKDWRQO\SHUFHQWRIWKHFRPPDQGDUHD
RIWKH8NDL'DPZRXOGEHXVHGIRUVXJDUFDQH%XWVXJDUFDQHJURZVRQSHU
FHQWRILW DQGSHUFHQWLVZDWHUORJJHG ,Q0DKDUDVKWUDWKDQNVWRD
GLIIHUHQWEUDQFKRIWKH6LQJOH$XWKRULW\WKHSROLWLFDOO\SRZHUIXOVXJDUOREE\

KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

WKDWRFFXSLHVRQHWHQWKRIWKHVWDWH
VLUULJDWHGODQGXVHVKDOIWKHVWDWH
V
LUULJDWLRQZDWHU

,QDGGLWLRQWRWKHVXJDUJURZHUVWKH6LQJOH$XWKRULW\KDVUHFHQWO\DQQRXQFHG
DVFKHPHWKDWHQYLVDJHVDVHULHVRIILYHVWDUKRWHOVJROIFRXUVHVDQGZDWHU
SDUNVWKDWZLOOFRPHXSDORQJWKH:RQGHU&DQDO:KDWHDUWKO\UHDVRQFRXOG
SRVVLEO\MXVWLI\WKLV"

7KH6LQJOH$XWKRULW\VD\VLW
VWKHRQO\ZD\WRUDLVHPRQH\WRFRPSOHWHWKH
SURMHFW

,UHDOO\ZRUU\DERXWWKRVHPLOOLRQVRIJRRGSHRSOHLQ.XWFKDQG6DXUDVKWUD

:LOOWKHZDWHUHYHUUHDFKWKHP"

)LUVWRIDOOZHNQRZWKDWWKHUH
VDORWOHVVZDWHULQWKHULYHUWKDQWKH6LQJOH
$XWKRULW\FODLPVWKHUHLV

3LFWXUH&DQDO9LFWLP%KDLML%KDLRI8QGDYDRQFHRZQHGDGRXEOH
VWRUH\HGKRXVH

6HFRQGRIDOOLQWKHDEVHQFHRIWKH1DUPDGD6DJDU'DPWKHLUULJDWLRQ
EHQHILWVRIWKH6DUGDU6DURYDUGURSE\DIXUWKHUSHUFHQW

7KLUGRIDOOWKHLUULJDWLRQHIILFLHQF\RIWKH:RQGHU&DQDO WKHDFWXDODPRXQW
RIZDWHUGHOLYHUHGE\WKHV\VWHP KDVEHHQDUELWUDULO\IL[HGDWSHUFHQW7KH
KLJKHVWLUULJDWLRQHIILFLHQF\LQ,QGLDWDNLQJLQWRDFFRXQWV\VWHPOHDNVDQG
VXUIDFHHYDSRUDWLRQLVSHUFHQW7KLVPHDQVLW
VOLNHO\WKDWRQO\KDOIRIWKH
&RPPDQG$UHDZLOOEHLUULJDWHG:KLFKKDOI"7KHILUVWKDOI

)RXUWKWRJHWWR.XWFKDQG6DXUDVKWUDWKH:RQGHU&DQDOKDVWRQHJRWLDWHLWV
ZD\SDVWWKHWHQVXJDUPLOOVWKHJROIFRXUVHVWKHILYHVWDUKRWHOVWKHZDWHU
SDUNVDQGWKHFDVKFURSJURZLQJSROLWLFDOO\SRZHUIXO3DWHOULFKGLVWULFWVRI
%DURGD.KHGD$KPHGDEDG*DQGKLQDJDUDQG0HKVDQD $OUHDG\LQ
FRPSOHWHFRQWUDYHQWLRQRILWVRZQGLUHFWLYHVWKH6LQJOH$XWKRULW\KDVDOORWWHG
WKHFLW\RI%DURGDDVL]HDEOHTXDQWLW\RIZDWHU:KHQ%DURGDJHWVFDQ
$KPHGDEDGEHOHIWEHKLQG"7KHSROLWLFDOFORXWRISRZHUIXOXUEDQFHQWUHVLQ
*XMDUDWZLOOHQVXUHWKDWWKH\JHWWKHLUVKDUH

)LIWKHYHQLQWKH RQHKXQGUHGSHUFHQW XQOLNHO\HYHQWWKDWZDWHUJHWVWKHUHLW


KDVWREHSLSHGDQGGLVWULEXWHGWRWKRVHHLJKWWKRXVDQGZDLWLQJYLOODJHV

,W
VZRUWKNQRZLQJWKDWRIWKHRQHELOOLRQSHRSOHLQWKHZRUOGZKRKDYHQR
DFFHVVWRVDIHGULQNLQJZDWHUPLOOLRQOLYHLQUXUDODUHDV7KLVLVEHFDXVH
WKHFRVWRILQVWDOOLQJDQHQHUJ\LQWHQVLYHQHWZRUNRIWKRXVDQGVRINLORPHWUHV
RISLSHOLQHVDTXHGXFWVSXPSVDQGWUHDWPHQWSODQWVWKDWZRXOGEHQHHGHGWR
SURYLGHGULQNLQJZDWHUWRVFDWWHUHGUXUDOSRSXODWLRQVLVSURKLELWLYH1RERG\
EXLOGV%LJ'DPVWRSURYLGHGULQNLQJZDWHUWRUXUDOSHRSOH1RERG\FDQDIIRUG
WR

:KHQWKH0RUVH&RPPLWWHHILUVWDUULYHGLQ*XMDUDWWKH\ZHUHLPSUHVVHGE\
WKH*XMDUDW*RYHUQPHQW
VFRPPLWPHQWWRWDNLQJGULQNLQJZDWHUWRVXFK
GLVWDQWUXUDORXWSRVWV7KH\DVNHGWRVHHWKHGHWDLOHGGULQNLQJZDWHUSODQV

7KHUHZHUHQ
WDQ\ 7KHUHVWLOODUHQ
WDQ\

KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

7KH\DVNHGLIDQ\FRVWVKDGEHHQZRUNHGRXW$IHZWKRXVDQGFURUHVZDV
WKHEUHH]\DQVZHU$ELOOLRQGROODUVLVDQH[SHUW
VFDOFXODWHGJXHVV,W
VQRW
LQFOXGHGDVSDUWRIWKHSURMHFWFRVW6RZKHUHLVWKHPRQH\JRLQJWRFRPH
IURP"

1HYHUPLQG-XV
DVNLQ


,W
VLQWHUHVWLQJWKDWWKH)DUDNND%DUUDJHWKDWGLYHUWVZDWHUIURPWKH*DQJDWR
&DOFXWWD3RUWKDVUHGXFHGWKHGULQNLQJZDWHUDYDLODELOLW\IRUPLOOLRQSHRSOH
ZKROLYHGRZQVWUHDPLQ%DQJODGHVK

$WWLPHVWKHUH
VVRPHWKLQJVRSUHFLVHDQGPDWKHPDWLFDOO\FKLOOLQJDERXW
QDWLRQDOLVP

3LFWXUH%KDLML%KDLVWDQGLQJDWWKHH[DFWVSRWZKHUHKLVKRXVHRQFHVWRRG
RQODQGDFTXLUHGIRUWKHFDQDO

%XLOGDGDPWRWDNHZDWHUDZD\IURPPLOOLRQSHRSOH%XLOGDGDPWR
SUHWHQGWREULQJZDWHUWRPLOOLRQSHRSOH

:KRDUHWKHVHJRGVWKDWJRYHUQXV",VWKHUHQROLPLWWRWKHLUSRZHUV"

7KHODVWSHUVRQ,PHWLQWKHYDOOH\ZDV%KDLML%KDL+HLVD7DGYLWULEDOIURP
8QGDYDRQHRIWKHILUVWYLOODJHVZKHUHWKHJRYHUQPHQWEHJDQWRDFTXLUHODQG
IRUWKH:RQGHU&DQDODQGLWVNLORPHWUHQHWZRUN%KDLML%KDLORVW
VHYHQWHHQRIKLVQLQHWHHQDFUHVWRWKH:RQGHU&DQDO,WFUDVKHVWKURXJKKLV
ODQGIHHWZLGHLQFOXGLQJLWVZDONZD\VDQGVWHHSVORSLQJHPEDQNPHQWV
OLNHDYHORGURPHIRUJLDQWELF\FOLVWV

7KH&DQDOQHWZRUNDIIHFWVPRUHWKDQWZRKXQGUHGWKRXVDQGIDPLOLHV3HRSOH
KDYHORVWZHOOVDQGWUHHVSHRSOHKDYHKDGWKHLUKRXVHVVHSDUDWHGIURPWKHLU
IDUPVE\WKHFDQDOIRUFLQJWKHPWRZDONWZRRUWKUHHNLORPHWUHVWRWKHQHDUHVW
EULGJHDQGWKHQWZRRUWKUHHNLORPHWUHVEDFNDORQJWKHRWKHUVLGH7ZHQW\
WKUHHWKRXVDQGIDPLOLHVOHW
VVD\DKXQGUHGWKRXVDQGSHRSOHZLOOEHOLNH
%KDLML%KDLVHULRXVO\DIIHFWHG7KH\GRQ
WFRXQWDV
3URMHFWDIIHFWHG
DQGDUH
QRWHQWLWOHGWRUHKDELOLWDWLRQ

/LNHKLVQHLJKERXUVLQ.HYDGLD&RORQ\%KDLML%KDLEHFDPHDSDXSHU
RYHUQLJKW

%KDLML%KDLDQGKLVSHRSOHIRUFHGWRVPLOHIRUSKRWRJUDSKVRQJRYHUQPHQW
FDOHQGDUV%KDLML%KDLDQGKLVSHRSOHGHQLHGWKHJUDFHRIUDJH%KDLML%KDL
DQGKLVSHRSOHVTXDVKHGOLNHEXJVE\WKLVFRXQWU\WKH\
UHVXSSRVHGWRFDOO
WKHLURZQ

,WZDVODWHHYHQLQJZKHQ,DUULYHGDWKLVKRXVH:HVDWGRZQRQWKHIORRUDQG
GUDQNRYHUVZHHWWHDLQWKHG\LQJOLJKW$VKHVSRNHDPHPRU\VWLUUHGLQPH
DVHQVHRIGHMDYX,FRXOGQ
WLPDJLQHZK\,NQHZ,KDGQ
WPHWKLPEHIRUH
7KHQ,UHDOLVHGZKDWLWZDV,GLGQ
WUHFRJQLVHKLPEXW,UHPHPEHUHGKLV
VWRU\,
GVHHQKLPLQDQROGGRFXPHQWDU\ILOPVKRWPRUHWKDQWHQ\HDUVDJR
LQWKHYDOOH\+HZDVIUDLOHUQRZKLVEHDUGVRIWHQHGZLWKDJH%XWKLVVWRU\
KDGQ
WDJHG,WZDVVWLOO\RXQJDQGIXOORISDVVLRQ,WEURNHP\KHDUWWKH
SDWLHQFHZLWKZKLFKKHWROGLW,FRXOGWHOOKHKDGWROGLWRYHUDQGRYHUDQG
RYHUDJDLQKRSLQJSUD\LQJWKDWRQHGD\RQHRIWKHVWUDQJHUVSDVVLQJWKURXJK
8QGDYDZRXOGWXUQRXWWREH*RRG/XFN2U*RG
KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

%KDLML%KDL%KDLML%KDLZKHQZLOO\RXJHWDQJU\":KHQZLOO\RXVWRS
ZDLWLQJ":KHQZLOO\RXVD\C7KDW
VHQRXJK
DQGUHDFKIRU\RXUZHDSRQV
ZKDWHYHUWKH\PD\EH":KHQZLOO\RXVKRZXVWKHZKROHRI\RXUUHVRQDQW
WHUULI\LQJLQYLQFLEOHVWUHQJWK"

:KHQZLOO\RXEUHDNWKHIDLWK":LOO\RXEUHDNWKHIDLWK"2UZLOO\RXOHWLW
EUHDN\RX"

 
7RVORZDEHDVW\RXEUHDNLWVOLPEV7RVORZDQDWLRQ\RXEUHDNLWVSHRSOH
<RXUREWKHPRIYROLWLRQ<RXGHPRQVWUDWH\RXUDEVROXWHFRPPDQGRYHUWKHLU
GHVWLQ\<RXPDNHLWFOHDUWKDWXOWLPDWHO\LWIDOOVWR\RXWRGHFLGHZKROLYHV
ZKRGLHVZKRSURVSHUVZKRGRHVQ
W7RH[KLELW\RXUFDSDELOLW\\RXVKRZRII
DOOWKDW\RXFDQGRDQGKRZHDVLO\\RXFDQGRLW+RZHDVLO\\RXFRXOGSUHVV
DEXWWRQDQGDQQLKLODWHWKHHDUWK+RZ\RXFDQVWDUWDZDURUVXHIRUSHDFH
+RZ\RXFDQVQDWFKDULYHUDZD\IURPRQHDQGJLIWLWWRDQRWKHU+RZ\RXFDQ
JUHHQDGHVHUWRUIHOODIRUHVWDQGSODQWRQHVRPHZKHUHHOVH<RXXVHFDSULFH
WRIUDFWXUHDSHRSOH
VIDLWKLQDQFLHQWWKLQJVHDUWKIRUHVWZDWHUDLU2QFH
WKDW
VGRQHZKDWGRWKH\KDYHOHIW"2QO\\RX7KH\ZLOOWXUQWR\RXEHFDXVH
\RX
UHDOOWKH\KDYH7KH\ZLOOORYH\RXHYHQZKLOHWKH\GHVSLVH\RX7KH\
ZLOOWUXVW\RXHYHQWKRXJKWKH\NQRZ\RXZHOO7KH\ZLOOYRWHIRU\RXHYHQDV
\RXVTXHH]HWKHYHU\EUHDWKHIURPWKHLUERGLHV7KH\ZLOOGULQNZKDW\RXJLYH
WKHPWRGULQN7KH\ZLOOEUHDWKHZKDW\RXJLYHWKHPWREUHDWKH7KH\ZLOOOLYH
ZKHUH\RXGXPSWKHLUEHORQJLQJV7KH\KDYHWR:KDWHOVHFDQWKH\GR"
7KHUH
VQRKLJKHUFRXUWRIUHGUHVV<RXDUHWKHLUPRWKHUDQGWKHLUIDWKHU<RX
DUHWKHMXGJHDQGWKHMXU\<RXDUHWKH:RUOG<RXDUH*RG

3RZHULVIRUWLILHGQRWMXVWE\ZKDWLWGHVWUR\VEXWDOVRE\ZKDWLWFUHDWHV1RW
MXVWE\ZKDWLWWDNHVEXWDOVRE\ZKDWLWJLYHV$QG3RZHUOHVVQHVVUHDIILUPHG
QRWMXVWE\WKHKHOSOHVVQHVVRIWKRVHZKRKDYHORVWEXWDOVRE\WKHJUDWLWXGHRI
WKRVHZKRKDYH RUWKLQNWKH\KDYH JDLQHG

7KLVFROGFRQWHPSRUDU\FDVWRISRZHULVFRXFKHGEHWZHHQWKHOLQHVRIQREOH
VRXQGLQJFODXVHVLQGHPRFUDWLFVRXQGLQJFRQVWLWXWLRQV,W
VZLHOGHGE\WKH
HOHFWHGUHSUHVHQWDWLYHVRIDQRVWHQVLEO\IUHHSHRSOH<HWQRPRQDUFKQR
GHVSRWQRGLFWDWRULQDQ\RWKHUFHQWXU\LQWKHKLVWRU\RIKXPDQFLYLOLVDWLRQ
KDVKDGDFFHVVWRZHDSRQVOLNHWKHVH

'D\E\GD\ULYHUE\ULYHUIRUHVWE\IRUHVWPRXQWDLQE\PRXQWDLQPLVVLOHE\
PLVVLOHERPEE\ERPEDOPRVWZLWKRXWRXUNQRZLQJLWZHDUHEHLQJEURNHQ

%LJ'DPVDUHWRD1DWLRQ
V
'HYHORSPHQW
ZKDW1XFOHDU%RPEVDUHWRLWV
0LOLWDU\$UVHQDO7KH\
UHERWKZHDSRQVRIPDVVGHVWUXFWLRQ7KH\
UHERWK
ZHDSRQV*RYHUQPHQWVXVHWRFRQWUROWKHLURZQSHRSOH%RWK7ZHQWLHWK
&HQWXU\HPEOHPVWKDWPDUNDSRLQWLQWLPHZKHQKXPDQLQWHOOLJHQFHKDV
RXWVWULSSHGLWVRZQLQVWLQFWIRUVXUYLYDO7KH\
UHERWKPDOLJQDQWLQGLFDWLRQVRI
FLYLOLVDWLRQWXUQLQJXSRQLWVHOI7KH\UHSUHVHQWWKHVHYHULQJRIWKHOLQNQRWMXVW
WKHOLQNWKHXQGHUVWDQGLQJEHWZHHQKXPDQEHLQJVDQGWKHSODQHWWKH\OLYH
RQ7KH\VFUDPEOHWKHLQWHOOLJHQFHWKDWFRQQHFWVHJJVWRKHQVPLONWRFRZV
IRRGWRIRUHVWVZDWHUWRULYHUVDLUWROLIHDQGWKHHDUWKWRKXPDQH[LVWHQFH

&DQZHXQVFUDPEOHLW"

KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 
 7KH*UHDWHU&RPPRQ*RRG

0D\EH,QFKE\LQFK%RPEE\ERPE'DPE\GDP0D\EHE\ILJKWLQJ
VSHFLILFZDUVLQVSHFLILFZD\V:HFRXOGEHJLQLQWKH1DUPDGD9DOOH\

7KLV-XO\ZLOOEULQJWKHODVWPRQVRRQRIWKH7ZHQWLHWK
&HQWXU\7KHUDJJHGDUP\LQWKH1DUPDGD9DOOH\KDV
GHFODUHGWKDWLWZLOOQRWPRYHZKHQWKHZDWHUVRIWKH
6DUGDU6DURYDUUHVHUYRLUULVHWRFODLPLWVODQGVDQG
KRPHV:KHWKHU\RXORYHWKHGDPRUKDWHLWZKHWKHU
\RXZDQWLWRU\RXGRQ
WLWLVLQWKHILWQHVVRIWKLQJVWKDW
\RXXQGHUVWDQGWKHSULFHWKDW
VEHLQJSDLGIRULW7KDW
\RXKDYHWKHFRXUDJHWRZDWFKZKLOHWKHGXHVDUH
FOHDUHGDQGWKHERRNVDUHVTXDUHG

2XUGXHV2XUERRNV1RWWKHLUV

%HWKHUH

$581'+$7,52<
$SULO

>6XEVFULEH_&RQWDFW8V_$UFKLYHV_7DEOHRI&RQWHQWV@

>+RPH_7KH+LQGX_%XVLQHVV/LQH_6SRUWVWDU@

&RS\ULJKWV‹)URQWOLQH

5HSXEOLFDWLRQRUUHGLVVHPLQDWLRQRIWKHFRQWHQWVRIWKLVVFUHHQDUHH[SUHVVO\SURKLELWHG
ZLWKRXWWKHZULWWHQFRQVHQWRI)URQWOLQH

KWWSZZZIURQWOLQHLQVWDWLFKWPOIOKWP 

You might also like