January-February 2009 San Antonio Lawyer
Transcription
.ERYEV]*IFVYEV] $Ƚ4ȐȹɄɑȨǸȹ 356767' 863267$*( 3$,' 3(50,7 6$1$1721,2 7(;$6 .ERYEV]*IFVYEV] (ITEVXQIRXW *IEXYVIW .YHKI0EVV]2SPP 0MOI*EXLIV0MOI7SR &]'EPIF6EGOPI] 4VIWMHIRX¸W4EKI -R4VEMWISJ0MZI'0) &]/EVIR01EVZIP )XLMGW*SPPMIW´ 0II'YWIRFEV]¸W&VEMRGLMPH &]%QERHE6&YGOIVX *SYVXL'SYVX9THEXI 'EWI7YQQEVMIW &].YWXMGI'EXLIVMRI7XSRI -R1IQSVMEQ %VVERKIHF]4EX%YXV] (IEV)HMXSV %VVERKIHF].YHKI&EVFEVE2IPPIVQSI )XLMGEP0MJI%[EVHW &]%QERHE6&YGOIVX *IHIVEP'SYVX9THEXI &],SR2ERG]7XIMR2S[EO ERH2MWWE1(YRR 3RXLI'SZIV -XGJH&DURO+DEHUPDQ.QLJKW6KHHQÀUVWIHPDOHGLVWULFWMXGJHLQ%H[DU&RXQW\ 3KRWRFRXUWHV\RI+XJK/HLJKWRQ0F:LOOLDPV3KRWRJUDSK\ 6DQ$QWRQLR/DZ\HULVDQRIÀFLDOSXEOLFDWLRQRIWKH6DQ$QWRQLR%DU$VVRFLDWLRQ6HQGDGGUHVVFKDQJHVWRWKH%DU$VVRFLDWLRQDGGUHVVDERYH9LHZVH[SUHVVHGLQ6DQ$QWRQLR/DZ\HUDUH WKRVHRIWKHDXWKRUVDQGGRQRWQHFHVVDULO\UHÁHFWWKHYLHZVRIWKH6DQ$QWRQLR%DU$VVRFLDWLRQ3XEOLFDWLRQRIDQDGYHUWLVHPHQWGRHVQRWLPSO\HQGRUVHPHQWRIDQ\SURGXFWRUVHUYLFH &RQWULEXWLRQVWR6DQ$QWRQLR/DZ\HUDUHZHOFRPHEXWWKHULJKWLVUHVHUYHGWRVHOHFWPDWHULDOVWREHSXEOLVKHG3OHDVHVHQGDOOFRUUHVSRQGHQFHWRNLPS#VDEDURUJ&RS\ULJKW6DQ $QWRQLR%DU$VVRFLDWLRQ$OOULJKWVUHVHUYHG 7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV] 0E[]IV 7ER%RXSRMS 7KH6DQ$QWRQLR%DU$VVRFLDWLRQ 'RORURVD6DQ$QWRQLR7H[DV )D[ 2IÀFHUV'LUHFWRUV 3UHVLGHQW 9LFWRU+1HJUyQ-U 3UHVLGHQW(OHFW &DUO5RELQ7HDJXH 9LFH3UHVLGHQW -XVWLFH3K\OLV-6SHHGOLQ 6HFUHWDU\ *DU\:+XWWRQ 7UHDVXUHU $QGUHZ/.HUU ,PPHGLDWH3DVW3UHVLGHQW $OODQ.'X%RLV 'LUHFWRUV .U\VWDO&RUGRYD 0DOLQGD$*DXO 'LDQD0*HLV 7KRPDVJ.H\VHU -XVWLFH5HEHFFD6LPPRQV %HWK:DWNLQV6TXLUHV 'DYLG6WHSKHQVRQ *HRUJH$7D\ORU 0H[LFDQ$PHULFDQ %DU$VVRFLDWLRQ %ULDQ$+DPQHU 6DQ$QWRQLR%DU )RXQGDWLRQ *LOEHUW9DUD-U 6DQ$QWRQLR<RXQJ /DZ\HUV$VVRFLDWLRQ 6DPXHO+RXVWRQ,,, 6WDWH%DU RI7H[DV'LUHFWRUV 9DQ*+LOOH\ /DPRQW$-HIIHUVRQ %H[DU&RXQW\:RPHQ·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·V)DPLO\/DZ6HFWLRQ .DUHQ0DUYHOWRDXWKRUWKLVLVVXH·V3UHVLGHQW·V3DJH % V,SUHSDUHGWRWDNHWKH/HJDO 6SHFLDOL]DWLRQ ([DP LQ )DP LO\/DZLQ2FWREHU,GXJRXW WKH 7H[DV 'LVFLSOLQDU\ 5XOHV RI 3URIHVVLRQDO &RQGXFW WR UHIUHVKP\PHPRU\DQGKRSHIXOO\VFRUH VRPHHDV\SRLQWVRQWKHRWKHUZLVHJUXHO LQJH[DP7KHUXOHVDUHQRWHDV\WRÀQG 7KH\ DUH WXFNHG LQWR WKH *RYHUQPHQW &RGHXQGHUWKHKHDGLQJ´6XSUHPH&RXUW 5XOHVµ DQG GHI\ DQ HDV\ *RRJOH VHDUFK /LNH PRVW ODZ\HUV , GRQ·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·/ &21'8&7 3UHDPEOH $ /DZ\HU·V 5HVSRQVLELOLWLHVUHSULQWHGLQ7(;*29·7 &2'($11WLWVXEWLW*DSS$9HUQRQ 6XSS7(;67$7(%$55DUW; 7KHVHGXWLHVÀWSHUIHFWO\ZLWKWKHZRUN RI WKH 6$%$ )DPLO\ /DZ 6HFWLRQ 2QH RI WKHVHFWLRQ·VPLVVLRQVIRUWKHSDVWÀYH\HDUV KDVEHHQWRSURYLGHORZFRVWOLYH&/(IRU 6DQ$QWRQLR DWWRUQH\V LQFOXGLQJ RXU VHF WLRQPHPEHUV,QDGGLWLRQWRRXUPRQWKO\ OXQFKHRQV KHOG RQ WKH WKLUG 7XHVGD\ RI HDFKPRQWKRIIHULQJIUHH&/(DQGDJUHDW OXQFK DW 7KH 3DOP IRU RQO\ IRU PHP EHUVWKHVHFWLRQKDVDGGHGDGGLWLRQDOOLYH &/(VHPLQDUVWRSURYLGHTXDOLW\DIIRUGDEOH &/(ULJKWKHUHLQWKH$ODPR&LW\ 7KH ´([WUHPH )DPLO\ /DZ 0DNH RYHUµ LV D RQHGD\ VHPLQDU SDFNHG ZLWK SUDFWLFDOLQIRUPDWLRQWKDWODZ\HUVFDQSXW WR XVH LPPHGLDWHO\ 6DQ $QWRQLR·V EHVW IDPLO\ODZDWWRUQH\VVKDUHWKHLUVWUDWHJLHV DQGVHFUHWV,QDGGLWLRQRQHRUWZRRXWRI WRZQDWWRUQH\VVSHDNWRHQKDQFHWKHSUR JUDP$VDOZD\V-LP0RQQLJJLYHVDOXQ FKHRQDGGUHVVWKDWKDVHYHU\RQHODXJKLQJ DQG OHDUQLQJ DW WKH VDPH WLPH 7KH VHPLQDUZLOOEHKHOGRQ)HEUXDU\DWWKH %ULJKW6KDZODQGDVXVXDOLVH[SHFWHGWR VHOORXW/RRNIRUWKHEURFKXUHVVRRQ 7KH ´7ULDO 6NLOOV 6HULHV IRU )DP LO\/DZ\HUVµZDVVWDUWHGODVW\HDUWRKHOS ODZ\HUV KRQH VSHFLÀF VNLOOV 6HPLQDUV ZHUHFRQGXFWHGRQWHPSRUDU\RUGHUVDQG HYLGHQFH7KHVHVHPLQDUVZHUHIUHHWRVHF WLRQ PHPEHUV DQG IRU QRQPHPEHUV ZKLFK FDQ EH DSSOLHG WR \RXU PHP EHUVKLSGXHVWRWKH)DPLO\/DZ6HFWLRQ /RRNIRUWZRPRUHVHPLQDUVLQ 2Q 2FWREHU WKH VHFWLRQ DORQJZLWKWKH7H[DV<RXQJ/DZ\HUV$V VRFLDWLRQVSRQVRUHG´'RPHVWLF9LROHQFH :KDW(YHU\)DPLO\/DZ\HU6KRXOG.QRZµ DV SDUW RI 'RPHVWLF 9LROHQFH $ZDUHQHVV PRQWK7KHEUDLQFKLOGRI%RDUGPHPEHUV -XVWLFH 6DQGHH %U\DQ 0DULRQ DQG 3HGUR +HUQDQGH] WKLV VHPLQDU JDYH DWWRUQH\V LQIRUPDWLRQRQFRPPXQLW\DQGSROLFHUH VRXUFHV WKH FULPLQDO MXVWLFH V\VWHP DQG WULDOODZ\HUV·SHUVSHFWLYHVRQIDPLO\YLR OHQFHLQGLYRUFHDQGFXVWRG\FDVHV6\OYLD &DUGRQD 3UHVLGHQW RI WKH 7H[DV <RXQJ /DZ\HUV$VVRFLDWLRQDOVRDGYLVHGWKH JURXSRIIUHHEURFKXUHVRQSURWHFWLYH RUGHUV DQG IDPLO\ ODZ DYDLODEOH IURP KHURUJDQL]DWLRQDWZZZW\ODRUJ 6DQ $QWRQLR·V IDPLO\ ODZ\HUV DOVR KDYHDQDGYDQWDJHRYHUODZ\HUVLQWKHUHVW RIWKHVWDWH7KH%LJ.DKXQDRIIDPLO\ODZ FRXUVHVLVKHOGKHUHWKUHHRXWRIHYHU\IRXU \HDUV7KH6WDWH%DU·VOLYH$GYDQFHG)DP LO\/DZ&RXUVHLVJHQHUDOO\FRQVLGHUHGWKH ODUJHVWOLYH&/(FRXUVHRIDQ\NLQGLQWKH FRXQWU\DQGUHJXODUO\DWWUDFWVXSZDUGVRI DWWRUQH\VDQGSDUDOHJDOVWRWKH0DU ULRWW5LYHU&HQWHUHDFK$XJXVW%HFDXVHLW LVKHOGLQRXUEDFN\DUG6DQ$QWRQLRDWWRU QH\VJHWWRKHDUWKHYHU\EHVWODZ\HUVLQ WKHVWDWHDQGFRXQWU\VSHDNDQGZULWHRQ WKH ELJJHVW LVVXHV LQ RXU ÀHOG +RZHYHU WKHH[SHQVHRIWKLVVHPLQDULVSXWWLQJLWRXW RIUHDFKRI\RXQJDQGPDQ\VRORODZ\HUV $VDUHVXOWWKH)DPLO\/DZ6HFWLRQZRUNV WRÀOOWKDWJDSZLWKRXU&/(SURJUDPV 7KDQNVWRWKHPLUDFOHRIWKH,QWHUQHWDQG VWUHDPLQJ YLGHR ODZ\HUV FDQ IXOÀOO RI WKHLU &/( UHTXLUHPHQWV ZLWKRXW OHDYLQJ WKHLUGHVNRUIRUWKDWPDWWHUZKLOHVLWWLQJ LQ WKHLU SDMDPDV DW WKHLU KRPH FRPSXWHU , ÀUPO\ EHOLHYH KRZHYHU WKDW RQH RI WKH JUHDWHVWEHQHÀ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·VLQDQHEHKDYLRULQD FDVH:KHQHYHUSRVVLEOH,XUJH\RXWRDW WHQGOLYH&/(WRVWD\LQWRXFKZLWK\RXUIHO ORZDWWRUQH\V)RUPRUHLQIRUPDWLRQRQWKH )DPLO\/DZ6HFWLRQ·VVHPLQDUVDQGHYHQWV FKHFNWKHFDOHQGDUDWZZZVDEDURUJ 'HSHQGLQJ RQ ZKR LV SURYLGLQJ WKH QXPEHUV IDPLO\ ODZ PDNHV XS EHWZHHQ DQG SHUFHQW RI WKH QRQMXU\ GRFNHW LQ %H[DU &RXQW\ )DPLO\ ODZ\HUV GHDO ZLWK VRPH RI WKH PRVW LPSRUWDQW LVVXHV LQSHRSOHV·OLYHVWKHHQGLQJRIPDUULDJHV FXVWRG\ DQG FDUH RI FKLOGUHQ WKH MR\ RI DGRSWLRQDQGWKHWHUPLQDWLRQRISDUHQWDO ULJKWV9HU\IHZRIXVJHWULFKGRLQJIDPLO\ ODZ 1RQHWKHOHVV PDQ\ ODZ\HUV SUDFWLFH LQWKLVÀHOGEHFDXVHZHORYHWKHSHRSOHZH ZRUNZLWKDQGHQMR\KHOSLQJQLFHSHRSOH WKURXJKGLIÀFXOWWLPHV7KURXJKOLYH&/( SURJUDPV VXFK DV WKRVH RIIHUHG WKURXJK WKH )DPLO\ /DZ 6HFWLRQ DQG RWKHU EDU RUJDQL]DWLRQVDOODWWRUQH\VFDQIXOÀOOWKH SUHDPEOH RI WKH 'LVFLSOLQDU\ 5XOHV DQG ´VHHNLPSURYHPHQWRIWKHODZWKHDGPLQ LVWUDWLRQ RI MXVWLFH DQG WKH TXDOLW\ RI VHU YLFHUHQGHUHGE\WKHOHJDOSURIHVVLRQµ 7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV] .DUHQ/0DUYHOLVDSDUW QHU RI WKH /DZ 2IÀFHV RI 6LQNLQ 0DUYHO 6KH LV ,PPHGLDWH3DVW3UHVLGHQW RIWKH)DPLO\/DZ6HFWLRQ RI WKH 6DQ $QWRQLR %DU $VVRFLDWLRQDQGVHUYHVRQ LWV&/(FRPPLWWHH 4VIWMHIRX¸W4EKI ,Q3UDLVHRI/LYH&/( -XGJH/DUU\1ROO /LNH)DWKHU /LNH6RQ %\&DOHE5DFNOH\ - W LV KDUG WR LPDJLQH WZR PRUH VHHPLQJO\ GLIIHUHQW PHQ /DZ UHQFH 9 1ROO ZDV D ´MDFN RI DOO WUDGHVµZKRGHVSLWHWKHIDFWKH KDG RQO\ D VHFRQGJUDGH HGX FDWLRQ DFKLHYHG VXFFHVV EHFDXVH KH FRXOG ZHOG DQG EXLOG DOPRVW DQ\ WKLQJ +LV HOGHVW VRQ WK 'LVWULFW &RXUW-XGJH/DUU\1ROOSUDFWLFHGIRU PDQ\ \HDUV DV D ERDUGFHUWLÀHG ODZ \HUKDVEHHQDOHDGHULQWKHFKDULWDEOH FRPPXQLW\DQGWKHEDUDQGQRZVLWV RQWKHEHQFK:KLOH-XGJH1ROO·VOLIH VHHPVDWÀUVWJODQFHDIDUFU\IURPKLV IDWKHU·VVWUXJJOHVWRPDNHHQGVPHHW DVDPDQXDOODERUHULQWKHVDQG VWKHUHLVDQXQPLVWDNDEOHFRP PRQWKUHDGEHWZHHQWKHWZR´+HZDV WKHKDUGHVWZRUNHU,HYHUPHWµ1ROO UHFDOOVRIKLVGDG´+HDOZD\VWROGXV WKDWKDUGZRUNDQGHGXFDWLRQDUHWKH JUHDWHTXDOL]HUVµ,QIDFW1ROO·VIDWKHU ´ZDV DOZD\V ZRUNLQJµ DQG DOZD\V VHHPHGWRKDYHZRUNDYDLODEOHIRU/DU U\DQGKLVWKUHH\RXQJHUEURWKHUVDV ZHOO$V1ROOUHPHPEHUV´7KHUHZDV RQO\RQHZD\WRJHWRXWRIWKHZRUN DQGWKDWZDVWRGRVRPHWKLQJUHODWHG WR VFKRROµ $V D UHVXOW WKH ER\V GLG WKHLU VFKRROZRUN DQG SDUWLFLSDWHG LQ H[WUDFXUULFXODUDFWLYLWLHVDWHYHU\RS SRUWXQLW\7RGD\DOOIRXURIWKH´1ROO ER\VµDUHVXFFHVVIXOKLJKO\HGXFDWHG SURIHVVLRQDOV³QR GRXEW D WULEXWH WR WKHGHGLFDWLRQRIWKHLUIDWKHUDQGDOVR WKHLUPRWKHU0RQD1ROO /DUU\ 1ROO JUHZ XS LQ D PRGHVW KRPH RQ WKH ZHVW VLGH RI 6DQ $QWR QLR DQG JUDGXDWHG LQ IURP +RO\ &URVV +LJK 6FKRRO DV YDOHGLFWRULDQ RI KLV FODVV +H REWDLQHG D JRYHUQPHQW GHJUHHDQGDPLQRULQPDWKIURP6W 0DU\·V 8QLYHUVLW\ LQ DQG DIWHU VHUYLQJWKUHH\HDUVLQWKH$UP\ZHQW WRODZVFKRRODW6W0DU\·VZKHUHKHUH FHLYHGKLVODZGHJUHHLQ+HSUDF WLFHG DW %LUG 1ROO IRU \HDUV ZLWK KLV ORQJWLPH IULHQG DQG IRUPHU ODZ VFKRROFODVVPDWH5RQ%LUG:KHQ5RQ UHWLUHGIURPIXOOWLPHSUDFWLFHLQ 1ROO IRXQGHG WKH ÀUP RI 1ROO 1ROO ZLWKKLVEURWKHU5LFN$IWHUDQXQVXF FHVVIXO ELG IRU GLVWULFW MXGJH LQ 1ROOUDQIRUDQGZRQHOHFWLRQLQ WR DQ XQH[SLUHG WHUP DV MXGJH RI WKH WK'LVWULFW&RXUW+HUDQXQRSSRVHG IRUUHHOHFWLRQWRDIXOOWHUPLQ %HIRUHEHLQJHOHFWHGWRWKHEHQFK 1ROO·V SUDFWLFH FRQVLVWHG SULPDULO\ RI IDPLO\ODZDQGUHDOHVWDWHPDWWHUV+H EHFDPHERDUGFHUWLÀHGLQ)DPLO\/DZ LQ DQG 5HVLGHQWLDO 5HDO (VWDWH /DZLQ+HKDVWZLFHEHHQQDPHG D 7H[DV 0RQWKO\ ´6XSHU /DZ\HUµ DQG ZDVQDPHGRQHRI´6DQ$QWRQLR·V%HVW /DZ\HUV LQ 5HDO (VWDWH DQG )DPLO\ /DZµ E\ 6DQ $QWRQLR 0RQWKO\ PDJD ]LQH+HKDVVHUYHGDVDQDGMXQFWSUR IHVVRULQ)DPLO\/DZDW6W0DU\·V8QL YHUVLW\6FKRRORI/DZVLQFH 7KURXJKRXW KLV FDUHHU 1ROO KDV GHYRWHG VLJQLÀFDQW DPRXQWV RI WLPH WRYROXQWHHULQJLQWKHFRPPXQLW\DV ZHOO6RRQDIWHUEHFRPLQJOLFHQVHGWR SUDFWLFHLQ1ROOEHFDPHKHDYLO\ LQYROYHGLQWKH6W0DU\·V8QLYHUVLW\ $OXPQL $VVRFLDWLRQ HYHQWXDOO\ FXO PLQDWLQJLQKLVVHUYLFHDV3UHVLGHQWLQ )RURYHUDGHFDGHKHZDVDQDF WLYHSDUWLFLSDQWLQWKH6W0DU\·V8QL YHUVLW\ $WKOHWLF $VVRFLDWLRQ ZKLFK LQFOXGHG VHUYLFH DV 9LFH3UHVLGHQW IRUVHYHQ\HDUVDQG3UHVLGHQWIRUWZR \HDUV,QDGGLWLRQ1ROOKDVVHUYHGRQ WKHERDUGVRUDVDQRIÀFHURIYDULRXV RWKHUQRQSURÀWRUJDQL]DWLRQVLQFOXG LQJ +RO\ &URVV &RPPXQLW\ 6HUYLFHV RI7H[DV+RO\&URVV+LJK6FKRROWKH $PHULFDQ &DQFHU 6RFLHW\ &DWKROLF &DEOH79RI6DQ$QWRQLRDQGWKH6DQ $QWRQLR/LEUDU\)RXQGDWLRQ -XGJH1ROOKDVDOVREHHQDQDFWLYH SDUWLFLSDQW LQ EDU DFWLYLWLHV (DUO\ LQ KLV FDUHHU KH JRW LQYROYHG LQ WKH -X QLRU%DUQRZNQRZQDVWKH6DQ$Q WRQLR <RXQJ /DZ\HUV $VVRFLDWLRQ ÀUVWVHUYLQJDVDGLUHFWRUDQGWKHQDV VHFUHWDU\IURPWR $IWHUDJLQJRXWRIWKH-XQLRU%DU 7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV] 1ROOEHFDPHDQDFWLYHSDUWLFLSDQWLQ WKH6DQ$QWRQLR%DU$VVRFLDWLRQ+H ZDV HOHFWHG GLUHFWRU LQ VHFUH WDU\LQDQGWKHQYLFHSUHVLGHQW LQ+HLVSURXGRIWKHIDFWWKDW DIWHUKHORVWWKHUDFHIRUSUHVLGHQWRI WKH6DQ$QWRQLR%DULQDJDLQVW WKHQ)HGHUDO 0DJLVWUDWH -XGJH 'DQ 1DUDQMRKHZDVDVNHGE\WKHOHDG HUVKLS WR VHUYH DJDLQ DV D GLUHFWRU 1ROO DQVZHUHG WKH FDOO DQG DIWHU SXWWLQJ LQ DQ DGGLWLRQDO ÀYH \HDUV DVDGLUHFWRUZDVHOHFWHGYLFHSUHVL GHQWIRUWKHVHFRQGWLPHLQDQG HOHFWHGSUHVLGHQWRIWKH6DQ$QWRQLR %DU$VVRFLDWLRQLQ 1ROOKDVEHHQD)HOORZRIWKH6DQ $QWRQLR%DU)RXQGDWLRQVLQFH DQGVLQFHKHKDVVHUYHGRQWKH )RXQGDWLRQ·V%RDUG RI 7UXVWHHV +H LV DOVR D PHPEHU RI WKH 7H[DV %DU $VVRFLDWLRQ WKH 7H[DV %DU )RXQGD WLRQ WKH 6DQ $QWRQLR )DPLO\ /DZ \HUV $VVRFLDWLRQ DQG WKH 0H[LFDQ $PHULFDQ%DU$VVRFLDWLRQ 1XPHURXV RUJDQL]DWLRQV KDYH SUHVHQWHG1ROOZLWKDZDUGVDQGKRQ RUVIRUKLVVHUYLFHWRWKHEDUDQGWKH FRPPXQLW\,QUHFRJQLWLRQRIKLVORQJ VHUYLFH WR WKH 6W 0DU\·V 8QLYHUVLW\ $WKOHWLF$VVRFLDWLRQ KH ZDV QDPHG WRWKH6W0DU\·V8QLYHUVLW\$WKOHWLF +DOORI)DPHLQ+HZDVHOHFWHG WR WKH +RO\ &URVV +LJK 6FKRRO +DOO RI)DPHLQDQGKHZDVQDPHGD 'LVWLQJXLVKHG$OXPQXVRI6W0DU\·V 8QLYHUVLW\LQ,QWKH$UFK GLRFHVH RI 6DQ $QWRQLR SUHVHQWHG 1ROO ZLWK LWV &DWKROLF 6FKRROV +DOO RI )DPH $ZDUG $OVR LQ 1ROO UHFHLYHG WKH 'RFWRUDO $FKLHYHPHQW $ZDUG IURP WKH :HVW 6DQ $QWRQLR &KDPEHURI&RPPHUFH 'XULQJWKHFRXUVHRIKLVSUDFWLFH DW %LUG 1ROO 1ROO VHUYHG DV D -XV WLFHRIWKH3HDFHLQ%H[DU&RXQW\IRU VHYHUDO \HDUV DQG WKHQ DV D 0XQLFL SDO&RXUW-XGJHIRUWKH&LW\RI/HRQ 9DOOH\IRURYHUWHQ\HDUV+HEHOLHYHV WKRVH SRVLWLRQV ZHUH JUHDW WUDLQLQJ EHFDXVHWKH\SXWKLP´LQDSRVLWLRQWR EH D SUREOHPVROYHU UDWKHU WKDQ MXVW DQ DGYRFDWH IRU RQH VLGHµ &RPSDU LQJ WKRVH H[SHULHQFHV WR KLV FXUUHQW SRVLWLRQ RQ WKH GLVWULFW EHQFK 1ROO VD\V ´7KH SUREOHPV DUH JHQHUDOO\ WKHVDPH³LW·VMXVWWKDWWKHVWDNHVDUH PXFKKLJKHUµ7KXVKHDGYLVHV\RXQJ ODZ\HUVZKRPD\ZDQWWRVRPHGD\EH DMXGJHWRFRQVLGHUJDLQLQJVLPLODUH[ SHULHQFHZKHWKHULWEHDVDPHGLDWRU DQDUELWUDWRUDMXVWLFHRIWKHSHDFHRU DV D PXQLFLSDO MXGJH SHUKDSV LQ WKH VPDOOHU FRPPXQLWLHV VXUURXQGLQJ 6DQ $QWRQLR 1RW RQO\ ZDV LW JUHDW WUDLQLQJKHVD\VEXWKHIRXQGWKHSR VLWLRQV´YHU\HQMR\DEOHDVZHOOµ´$VD -XVWLFHRIWKH3HDFHLWZDVMXVWLFHDWLWV PRVWEDVLFOHYHODQGLWZDVYHU\VDW LVI\LQJWRKHOSSHRSOHZRUNRXWWKHLU SUREOHPVµ1ROOUHFDOOV$VDPXQLFL SDOMXGJHKHJRWWR´NHHSDQH\HRQ WKHNLGVLQWKHFRPPXQLW\µZKLFKKH IRXQGWREHUHZDUGLQJWRR $V IRU OLIH RXWVLGH WKH ODZ 1ROO DQG KLV ZLIH 3DWV\ KDYH EHHQ PDU ULHGIRU\HDUV7KH\KDYHWZRFKLO GUHQ'DYLGDQG.DWHDVZHOODVWKUHH JUDQGFKLOGUHQ 7KH\ DUH PHPEHUV RI 6W /XNH·V &DWKROLF &KXUFK 2Q ZHHNHQGV WKH\ HQMR\ WDNLQJ /DUU\·V EHORYHG · &KHY\ RXW RQ WKH RSHQ URDG1ROOÀUVWERXJKWWKHFDULQ ZKHQ KH ZDV LQ FROOHJH +H SDLG D PHUH IRU LW 2YHU WKH \HDUV KH FRXOGQ·WOHWLWJRDQGPRUHUHFHQWO\ KHGHFLGHGWRUHIXUELVKLWWRLWVRULJL QDOFRQGLWLRQ7RGD\/DUU\DQG3DWV\ WDNHWKHFDUWRSDUDGHVDQGHYHQWVDOO RYHU 7H[DV ZLWK WKH 9HWHUDQ·V 0RWRU &DU&OXERI$PHULFDDQGWKH)UHGHU LFNVEXUJ 9LQWDJH &DU &OXE 7KH FDU KDV EHFRPH VRPHWKLQJ RI D WUDGH PDUN IRU 1ROO DV SKRWRJUDSKV RI LW GRWKLVFDPSDLJQOLWHUDWXUH %XW ZKHQ WKH ZRUNZHHN EHJLQV DJDLQ 1ROO IROORZV D UHJLPHQ PRVW ZRXOG ÀQG H[FUXFLDWLQJ +H W\SL FDOO\ DUULYHV DW ZRUN EHIRUH GDZQ DIWHUKDYLQJULVHQDWDPMRJJHG PLOHV DQG WKHQ ZRUNHG RXW IRU DQ RWKHU ¼ KRXU OLIWLQJ ZHLJKWV +H VWDUWHG KLV HDUO\PRUQLQJ VFKHGXOH EDFN ZKHQ KH VHUYHG DV D -XVWLFH RI WKH3HDFHEHFDXVHDVKHGHVFULEHVLW KH ´KDG WR EH FUDQNLQJµ E\ WKH WLPH KHIDFHGWKHOLWLJDQWVIURPWKHEHQFK +HIRXQGWKHURXWLQHVHUYHGKLPZHOO EDFNWKHQDQGLWVWLOOGRHVWRGD\ :KHQDVNHGWRGHVFULEHWKHPRVW GLIÀFXOW SDUW RI EHLQJ D MXGJH 1ROO SRLQWVZLWKRXWKHVLWDWLRQWRWKHWRXJK GHFLVLRQVKHKDVWRPDNHLQYROYLQJWKH FKLOGUHQRIEURNHQDQGG\VIXQFWLRQDO IDPLOLHV)DPLO\ODZFDVHVFRPSULVHD ODUJHSHUFHQWDJHRIWKHGRFNHWRIWKH WK'LVWULFW&RXUWDQGZKLOH1ROO·V H[SHULHQFHLQIDPLO\ODZKDVEHHQLQ YDOXDEOHLQWHUPVRIDSSO\LQJWKHODZ QRWKLQJFRXOGKDYHSUHSDUHGKLPIRU WKHGLIÀFXOW\WKDWFRPHVZLWKPDNLQJ WKH KHDUWZUHQFKLQJ GHFLVLRQV WKDW VRPHWLPHVPXVWEHPDGH´7HUPLQDW -XGJH1ROOZLWKKLVEHORYHG·&KHY\ 7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV] GSRXMRYIHSRTEKI (7+,&6)2//,(6 /HH&XVHQEDU\·V%UDLQFKLOG %\$PDQGD5%XFNHUW LWK D ÁDLU IRU WKH GUD PDWLF VWDJH VKRZ & /HH &XVHQEDU\ LV WKH PDQ DQG WKH PDVWHU PLQG EHKLQG RQH RI WKLV\HDU·VPRVWXQLTXH WKHDWHU SUHVHQWDWLRQV $Q HQWHUWDLQHU H[WUDRUGLQDLUH &XVHQEDU\ LV D UHDO WULSOH WKUHDW³KH FDQ VLQJ KH FDQ DFW DQG KH SUDFWLFHV ODZ 7KH ODWWHU PLJKW QRWW\SLFDOO\EHEHQHÀFLDOIRU\RXURU GLQDU\ %URDGZD\ EDE\ EXW LW ZDV WKH SHUIHFWFRPELQDWLRQWRSXWRQDWKUHH KRXUPXVLFDODERXWFRUSRUDWHHWKLFV 7KH (WKLFV )ROOLHV ZDV &XVHQ : EDU\·V IHDWKHUERDÀOOHG 'HFHQW·V 'HFHQW DQRULJLQDOIXOOVFDOHPXVLFDOSURGXFWLRQ 7KH ´VHULRXVO\ IXQ HWKLFV FRQIHUHQFHµ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´,&DQ+HDU<RXU&HOOµ DQG WKH 6DQ $QWRQLR%DU $VVRFLDWLRQ 7KH HYHQW LV QRW MXVW HGXFDWLRQDO EXW FKDULWDEOH DV ZHOO $OO RI WKH SURFHHGV ZLOO EHQHÀW WKH&RPPXQLW\-XVWLFH3URJUDP ´7KHPLVVLRQRI$&&LVWRKDYHDQ HWKLFVFRQIHUHQFHHYHU\\HDUZKLFKZH KDYHGRQHIRUWKHSDVWµVDLG&XVHQ EDU\ ZKR LV WKH JHQHUDO FRXQVHO IRU 0LVVLRQ3KDUPDFDO&RPSDQ\DORFDOO\ EDVHG SKDUPDFHXWLFDO FRPSDQ\ ´7KH UHDOJRDOZDVWRPDNHVXUHLQKRXVHDW WRUQH\VLQWRZQNHSWHWKLFVLQWKHIURQW RI WKHLU PLQGV ZKHQ GHDOLQJ ZLWK OH JDODQGEXVLQHVVGHFLVLRQV$IWHUDIHZ \HDUV>WKHFRQIHUHQFH@EHFDPHDUHSHWL WLYHDQGSUHGLFWDEOHVHULHVRIOHFWXUHVµ 7KDWLVZKHQ$&&·V([HFXWLYH'LUHF WRU $PEHU &ODUN VXJJHVWHG WKH\ KLUH D PXVLFDO JURXS WR FRPH LQ DQG SHUIRUP IRUWKHFRQIHUHQFH´7KDWZDVDERXWIRXU \HDUVDJR,WZDVYHU\ZHOOUHFHLYHGEXW , WKRXJKW ZH FRXOG GR EHWWHU DQG VDYH WKH FRVWµ KH VDLG ´7KH QH[W\HDUZHSXWRXUKHDGVWRJHWKHUDQG ZURWHGLIIHUHQWSDURGLHVRIVRQJVDQGSHU IRUPHGLWLQWKHFRXUWKRXVHµ(WKLFV)RO OLHVZDVERUQZLWKWKDWFRXUWKRXVHVKRZ 7KH QH[W WZR \HDUV LW ZDV KHOG DW WKH 3OD]D &OXE EXW &XVHQEDU\ VDLG KH DJDLQ WKRXJKW WKH\ FRXOG QRW RQO\ GR LW HYHQ EHWWHU³EXW ELJJHU &XVHQEDU\ DS SURDFKHG WKH 6DQ $QWRQLR %DU $VVRFLD WLRQDERXWDSDUWQHUVKLSDQGUHFHLYHGWKH RUJDQL]DWLRQ·VIXOOVXSSRUW,WZDVGHFLG HGWKDWWKHVKRZZRXOGEHPDUNHWHGRXW VLGHRI$&&DQGWRWKHHQWLUHOHJDOFRP PXQLW\QRWMXVWLQKRXVHFRXQVHO´$IWHU WKDWLWUHDOO\ZDVDJUDVVURRWVHIIRUWDQG LWEHFDPHPRUHWKDQZHHYHUH[SHFWHG, ZDV DPD]HGµ &XVHQEDU\ VDLG ´,W WRRN VL[WRHLJKWPRQWKVRIPHHWLQJVZLWKSHR SOH HDFK ZHHN WR H[SODLQ ZKDW ZH ZHUH 7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV] GRLQJ , GLGQ·W WKLQN , FRXOG DVN SHRSOH WR FRPPLW WKLV PXFK WLPH WR LW ZLWKRXW WKHPXQGHUVWDQGLQJWKHPHVVDJHµ 7KDW PHVVDJH KH VDLG LV WR SURWHFW 6DQ$QWRQLR·VHWKLFDOFXOWXUH´:HZDQW WRSUHVHUYHRXUHWKLFDOFXOWXUHDQGWUXVW LQJEXVLQHVVFXOWXUH:HGRQRWZDQW6DQ $QWRQLR WR KDYH DQ (QURQ RU D :RUOG &RP,WLVJUHDWWRKDYHDOORIWKHLQKRXVH FRXQVHOFRPHWRJHWKHURQFHD\HDUWREH RQ WKH VDPH SDJH DERXW ELJ HWKLFDO LV VXHVµ &XVHQEDU\ VDLG ´,W LV MXVW JUHDW WKDW DW WKH (WKLFV )ROOLHV ZH KDG WKH FRUSRUDWH H[HFXWLYHV VLWWLQJ DW WKH VDPH WDEOHDVWKHLULQKRXVHFRXQVHOµ7KRPDV -'RROH\&KLHI)LQDQFLDO2IÀFHUIRU0LV VLRQ3KDUPDFDO&RPSDQ\VDLGWKHVKRZ ´ZDVUHDOO\DSSURSULDWHDQGRQWDUJHWIRU WKHEXVLQHVVFXOWXUHZHOLYHLQWRGD\µ &XVHQEDU\GLGKLVKRPHZRUNEHIRUH WDFNOLQJVXFKDODUJHVKRZDQGXVHGDEORJ WRNHHSWUDFNRIKLVWKRXJKWVDQGLGHDV´, UHDGDQXPEHURIMRXUQDOVDQGPDJD]LQHV RQHWKLFVWKDWKDYHYHU\LQGHSWKVWRULHV DERXW WKH HWKLFDO EHKDYLRU RI FRPSDQLHV DQG LQWHUHVWLQJ LVVXHV DERXW KRZ HWKLFDO FRPSDQLHV PDNH PRUH PRQH\µ KH VDLG ZLWKDQREYLRXVH[FLWHPHQWLQKLVYRLFH ´(YHU\WLPH,ZRXOGVHHVRPHWKLQJLQWHU HVWLQJ,ZRXOGGURSLWLQWRWKDWEORJ,Q WKHHQG,KDGDZKROH\HDURIKHDGOLQHV WR SXOO IURP , WKLQN WKDW LV ZK\ SHRSOH OLNHLW³EHFDXVHLWZDVWKLQJVWKH\UHFRJ QL]HGDQGFRXOGUHODWHWRµ &XVHQEDU\ VDLG KH FRPSDUHG WKH 3KRWRVE\0LNH&XEHWD 'RUDOHH0DU\%HODQ'RJJHWWDQGWKHZRPHQRI'HFHQW)RRGDQG'UXJVDUHJRLQJWRVWRS WKHFRUSRUDWHIUDXGµ:H·OOVWDUWZLWKERDVDQGZRUNRXUZD\IURPWKHUHµ )URQWURZ7LIIDQLH.ODXVHZLW]'U7HUL+RVSHUV0DU\%HODQ'RJJHWWDQG'DQLHOOH+DUJURYH SUHVHQWDWLRQ RI WKH HWKLFDO HGXFDWLRQ FRPSRQHQWRIWKH(WKLFV)ROOLHVWREXLOG LQJDEULGJH´,WU\WRPDNHWKLQJVJRIURP RQH HQG WR WKH RWKHU ZLWK D EHJLQQLQJ PLGGOH DQG DQ HQG ,W WDNHV PRQWKV WR JHWLWWRDOOPDNHVHQVHEXWZHFDQDOOUH ODWHWRKHDGOLQHVZHKDYHVHHQGLIÀFXOW EXVLQHVV GHFLVLRQV RU D ERVV ZH GLGQ·W OLNHµ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´&RS\ULJKW ODZ DOORZV XV WRPDNHSDURGLHVRIUHDOVRQJV:HGRQ·W KDYHWRSD\IRUWKHO\ULFVEXWZHGRSD\ WKH OLFHQVH IHHV WR WKH PXVLFLDQV ZKR UH FRUGWKHPXVLF:HGRKDYHWRGRHYHU\ )XOEULJKW -DZRUVNL·V7RP &RXQWU\PDQLQ KLV6XSHU6XLW 3KRWRVE\0LNH&XEHWD $JHQW7ZL[LH7ZDLQ.DWK\<DWHVUHPLQGVWKH*HQHUDO&RXQVHO+HQU\&/HH&XVHQEDU\WKDW ´QRWNQRZLQJµLVQRORQJHUDGHIHQVHWRFRUSRUDWHIUDXG 7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV] WKLQJHWKLFDOO\RIFRXUVHµKHMRNHG 7KH FDVW VWDUWHG RXW DW DURXQG SHRSOH EXW &XVHQEDU\ VDLG DERXW DFWXDOO\ PDGH LW WR WKH VKRZ GDWH +H VDLGWKDWLIDQ\ERG\UHDOO\ZDQWVWREH D SDUW RI WKH VKRZ WKHQ KH ZLOO ÀQG D SODFHIRUWKHP´,ZDVVRDPD]HGDWKRZ GHGLFDWHGHYHU\RQHZDV:HUHKHDUVHG DOPRVW HYHU\GD\ IRU VL[ ZHHNV :H UH KHDUVHGUHDOO\KDUG,WZDVOLNHUXQQLQJ DPDUDWKRQEXWZHPDGHUHKHDUVDOVDQ HQYLURQPHQW RI VXSSRUW DQG RSHQQHVV 1R VWUHVV QR QHJDWLYLW\ DQG QR GLYDV DOORZHGµKHVDLGZLWKDURDULQJODXJK &XVHQEDU\ VDLG KH FDPH XS ZLWK WKH VKRZ·V WLWOH EDVHG RQ WKH LPDJHU\ RIDFRPSDQ\·VGRZQIDOODQGWKRXJKW WKH GHVFHQW RI GHFHQF\ ZRXOG FUHDWH D SLFWXUH LQ SHRSOH·V PLQGV ´$ERXW D PRQWKDIWHUWKHVKRZ,ZDVFKHZ LQJ RQ LGHDV DQG ORRNLQJ DW GLIIHUHQW RQHVWU\LQJWRÀQGDQRULJLQDOFRQFHSW DERXWDFRUSRUDWLRQ·VGRZQIDOOIRUWKLV \HDU·V VKRZµ &XVHQEDU\ VDLG ´, GH FLGHGWRXVH'DWDSRLQW&RUSRUDWLRQD IDOOHQFRPSXWHUFRPSDQ\EDVHGRXWRI 6DQ$QWRQLRDVWKHFDVHVWXG\IRU'H FHQW·V 'HFHQW 7KH FKDUDFWHUV DUH VLOO\ DQGIXQQ\WRPDNHWKHPHQWHUWDLQLQJ EXW WKH VXEVWDQFH LV YHU\ UHDO DQG QRW PDGHXS,WLVEDVHGRQUHDOLW\µ 7KH PHVVDJH ZDV VHULRXV EXW VHUL RXVGUHVVHGXSLQDORWRIIXQQ\DQGDIHZ IHDWKHUV 7KH SHUIRUPHUV WKDW EURXJKW &XVHQEDU\·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³ZKRVHUHQGLWLRQRI79·V ORXGPRXWKHG-XGJH-XG\ZDVDFURZGID YRULWH³ZHUHDOOSDUWRIWKHFDVW´,UHDOO\ IHOW OLNH , ZDV ZDWFKLQJ D ELJ %URDGZD\ VKRZ,WZDVDPD]LQJVRWREHDSDUWRILW ZDVHYHQEHWWHUµ6SHHGOLQVDLG $WWRUQH\ *HRUJH %ULQ VDLG KH ZDV GHOLJKWHGWREHDSDUWRIWKHSURGXFWLRQ ´,GRQ·WEHOLHYHWKDW,KDYHHYHUEHHQD SDUW RI DQ\WKLQJ PRUH EULOOLDQWO\ FRQ FHLYHG DQG SHUIRUPHG 7KH DPRXQW RI ZRUN SXW LQ RQ WKLV LQ XQLPDJLQDEOHµ KH VDLG %ULQ DGGHG WKDW KH WKRXJKW &XVHQEDU\·VZULWLQJGLUHFWLRQDQGSUR GXFWLRQZDV´WUXO\RXWVWDQGLQJµ´,MXVW WKLQN LW LV VXFK D JUHDW ZD\ WR SUHVHQW HWKLFDOFRQFHSWVWRWKH%DUEHFDXVHWKHUH LVVXFKDGDQJHUWKDWSURJUDPVGHDOLQJ 3KRWRVE\0LNH&XEHWD 0HGLDWRU5HQH 'LD]UHSULVHVKLV UROHDV(OYLVIRU WKHVHFRQG\HDU RI(WKLFV)ROOLHV 6LQFH(WKLFV)ROOLHV XVHVDQ(OYLV,PSHU VRQDWRUHYHU\\HDU 5HQHZHQWDKHDGDQG ERXJKWWKH(OYLVFRVWXPH ´7KDQN\RXYHU\PXFKµ -XGJH-XG\-XVWLFH3K\OLV6SHHGOLQKHDUVRUDODUJXPHQWIURPFULPLQDOGHIHQVHFRXQVHO %UXFH/LHVPDQDERXWZK\KLVFOLHQW6WHYHQ%XOOVKRXOGEHUHOHDVHGRQEDLO%DLOLII 0DQQ\3HODH]NQRZVLW·VQRWJRLQJWRKDSSHQ´QRZD\QRKRZµ .ERYEV]*IFVYEV] 7ER%RXSRMS0E[]IV 3KRWRVE\0LNH&XEHWD 7KH,7*HHNVDUHIUXVWUDWHGWKDWWKH\FDQ·WXVHWKH,QWHUQHWWRVKRSRQH%D\RU0DWFKFRP ZLWKRXWYLRODWLQJFRPSDQ\SROLFLHV ZLWKHWKLFVZLOOFRPHDFURVVDVGU\DQG XQLQWHUHVWLQJ 7KLV LV VXFK DQ HIIHFWLYH ZD\RIPDNLQJWKRVHSRLQWVLQDQHQWHU WDLQLQJZD\SOXVLWLVMXVWIXQµKHVDLG 7KHWDVNZDVDQHQMR\DEOHODERURI ORYHIRU&XVHQEDU\ZKRLVQRVWUDQJHU WR WKH WKHDWHU DQG VSHQW VRPH WLPH DV D SURIHVVLRQDO DFWRU ´0\ ÀUVW VKRZ ZDV ZKHQ , ZDV DQG , GLG LW ZLWK *ORULD/LXZKRLURQLFDOO\LVWKHFKRUH RJUDSKHURI'HFHQW·V'HFHQWµKHVDLG ´7KHQ,GLGVRPHWKHDWHUZKHQ,ZDVDW WKH8QLYHUVLW\RI7H[DVDW$XVWLQDQG HYHQWXDOO\JRWDQDJHQWDQGZDVDSUR IHVVLRQDODFWRUIRUWKUHH\HDUVµ &XVHQEDU\ VDLG KH IHOW D UHDO FDOO LQJWRUHWXUQWRKLVSDVVLRQDQGXVHGKLV WDOHQWVWRFUHDWHWKHIXQDQGHQWHUWDLQLQJ HWKLFVVHPLQDUZKLFKKHZURWHSURGXFHG DQGGLUHFWHG´(WKLFVLVQRWMXVWDUXOHRQ DSDJHRUMXVWDZRUG,WLVYHU\UHDODQG QHHGVWREHSXWLQWRSUDFWLFH+DYLQJSHR SOHVHHLWDVDYLVXDORQVWDJHLVDSUDFWLFDO DSSOLFDWLRQ IRU WKH HQWLUH FRPPXQLW\ WR VHHDQGXVHµKHVDLG´,KDGQHYHUEHHQD SURGXFHUEHIRUHDQGWKHUHLVMXVWVRPXFK WREHLQJLQDSURIHVVLRQDOWKHDWHU,WKLQN WKHDXGLHQFHJRWVRPXFKPRUHRXWRILWµ 'XULQJ KLV FROOHJH GD\V &XVHQEDU\ PHW KLV ZLIH 'U 7HUL +RVSHUV ZKR ZDV DOVRLQWKHVKRZLQWKH8QLYHUVLW\RI7H[DV /RQJKRUQ6LQJHUVJURXS&XVHQEDU\ZDV FDVWLQDERXWDGR]HQQDWLRQDOFRPPHUFLDOV DQGGLG´DORWµRIWKHDWHUVKRZVLQ$XVWLQ EXWVDLGKHUHDOL]HGWKDWKHZDVQ·WUHDG\ WR WDNH WKH ULVN RI GRLQJ LW IXOO WLPH +H VDLG WKDW ZKHQ KLV ZLIH HQWHUHG PHGLFDO VFKRROKHGHFLGHGWRJRWRODZVFKRROLQ VWHDGRISXUVXLQJDFWLQJ´,DPUHDOO\JODG , GLG EHFDXVH , ORYH WR SUDFWLFH ODZµ KH VDLG´+RZHYHULQODZVFKRRO,ZDVKHVL WDQWWRHYHQWDONDERXWDFWLQJDQGVLQJLQJ EHFDXVH HYHU\RQH ZDV VR VHULRXV , WRRN EHLQJ D ODZ\HU VR VHULRXVO\ WKDW , GLGQ·W WKLQN,FRXOGEHIULYRORXVDQGWKRXJKWLW PLJKWXQGHUPLQHP\FUHGLELOLW\,WZDVQ·W XQWLO , FDPH WR 0LVVLRQ WKDW , HPEUDFHG P\LQQHUDFWRUDJDLQµ &XVHQEDU\ FUHGLWV KLV FROOHDJXHV ERWKDW0LVVLRQ3KDUPDFDODQGLQWKHOH JDOFRPPXQLW\IRUKLVEHLQJDEOHWRIHHO FRPIRUWDEOHDJDLQZLWKKLVFUHDWLYLW\+H VDLGWKHSURFHVVRIEULQJLQJWKH(WK LFV )ROOLHV WR IUXLWLRQ KHOSHG KLP WKULYH QRWRQO\SHUVRQDOO\EXWDOVRSURIHVVLRQ DOO\ ´, WKLQN , DP PXFK PRUH FUHDWLYH ZLWKSUREOHPVROYLQJZKHQ,DPDEOHWR KDYHDQRXWOHWIRUWKDWFUHDWLYHSDUWRIP\ EUDLQ WR EH ZRUNLQJ WRRµ KH VDLG KDS SLO\´,DPUHDOO\JUDWHIXOWKDW,FDQHQMR\ WKLVSDUWRIPHEHFDXVHRWKHUVDW0LVVLRQ DUHVRPXVLFDODQGFUHDWLYH,WKHOSVPH VRPXFKDQG,GLGQ·WUHDOL]HKRZPXFK, ZDVQ·WGRLQJLWEHIRUHµ GSRXMRYIHSRTEKI /HIW &RUSRUDWHIUDXGKXUWVWKH HPSOR\HHVWRRDVWKH /DUVHQIDPLO\5LFKDUG &DURO\QDQGGDXJKWHU 6KDQQRQVLQJ´,Q0\/LIHµ 3KRWRVE\0LNH&XEHWD 5LJKW 6XQVKLQH&UXQFKLH &\QWKLD6PLWKZDQWV WRVDYHWKHSODQHWZKLOH PDNLQJD3ULXVIXOORI FDVKDVDQHQYLURQ PHQWDOFRQVXOWDQWVLQJLQJ ´6RPHZKHUH7KDW·V*UHHQµ .ERYEV]*IFVYEV] 7ER%RXSRMS0E[]IV $Ƚ4ȐȹɄɑȨǸȹ .DUHQ &URXFK $PRV D QDWLYH RI -DFNVRQ YLOOH 7H[DV ZKRVH ÀUVW FDUHHU DV D VRFLDO ZRUNHU OHG KHU WR ODZ VFKRRO GLHG DW KHU KRPH LQ HDVW 7H[DV LQ -XQH DW WKH DJH RI $PRV JUDGXDWHG IURP 6W 0DU\·V /DZ 6FKRRO LQ DQG ZDV ERWK D SURVHFXWRU DQGFULPLQDOGHIHQVHDWWRUQH\LQ6DQ$QWR QLR:DFRDQG+HQGHUVRQIRU\HDUV /ROD / %RQQHU ERUQ LQ 3RUWODQG 7H[DV GLHG LQ )HEUXDU\ DW \HDUV RI DJH %RQQHU UHFHLYHG KHU XQGHUJUDGXDWH GH JUHHIURP7H[DV$,8QL YHUVLW\DQGKHUODZGHJUHH IURP WKH 8QLYHUVLW\ RI 7H[DV+HUFDUHHUZDVPDUNHGE\PDQ\´ÀUVWVµ 6KHZDVWKHÀUVWGXO\HOHFWHGIHPDOH3UHVLGHQW RIWKH7H[DV$,WKHÀUVWZRPDQ3UHVLGHQWRI WKH 5RFNSRUW)XOWRQ &KDPEHU RI &RPPHUFH DQG WKH ÀUVW ZRPDQ SUHVLGHQW RI WKH$UDQVDV &RXQW\%DU$VVRFLDWLRQ6KHZDVDFWLYHLQWKH 'HPRFUDWLF 3DUW\ DQG LQ YDULRXV FRPPXQLW\ SRVLWLRQVWKURXJKRXWWKH&RDVWDO%HQG 5R\&%URFNDIRXQG LQJPHPEHURIWKHÀ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·V 8QLYHUVLW\ LQ +H WDXJKW DW WKH -DPHV / %ULVWHU UH /DZ 6FKRRO IURP WR VHUYHG DV WLUHG $LU )RUFH FDSWDLQ LWV'HDQIURPWRDQGZDV'HDQ DQG ORQJWLPH PXQLFL (PHULWXVIURPXQWLOKLVGHDWK+HZDV SDO MXGJH IRU 8QLYHUVDO DYLVLWLQJSURIHVVRUDWYDULRXVXQLYHUVLWLHV &LW\DQG/LYH2DNGLHG DQG LQVWLWXWHV ZRUOGZLGH GXULQJ KLV ORQJ LQ-XO\DWWKHDJHRI WHDFKLQJFDUHHU+HOHIWDQLQGHOLEOHPDUNDW %ULVWHU HQWHUHG WKH $LU 6W0DU\·V8QLYHUVLW\DQGZDVGLUHFWO\UH )RUFH IROORZLQJ KLV VSRQVLEOHIRUGHYHORSPHQWHIIRUWVWKDWOHG JUDGXDWLRQIURPKLJKVFKRRO:KLOHVHUYLQJ WRLWVHPHUJHQFHDVSURPLQHQWODZVFKRRO LQWKHPLOLWDU\KHHDUQHGKLVXQGHUJUDGX DWH GHJUHH IURP WKH 8QLYHUVLW\ RI 7HQQHV -RKQ &KULVWRSKHU ´-DFNµ &RQQRUV GLHG VHH +H UHWLUHG IURP WKH$LU )RUFH LQ LQ-DQXDU\DWWKHDJHRI&RQQRUVZDV ZLWKWKHUDQNRI0DMRUHQWHUHGODZVFKRRO DQDWLYHRI0LDPLDQGUHFHLYHGKLVXQGHU DW6W0DU\·V8QLYHUVLW\DQGJUDGXDWHGLQ JUDGXDWHGHJUHHLQDFFRXQWLQJIURP6XI +HSUDFWLFHGODZWDXJKWDQGVHUYHG IRON8QLYHUVLW\LQ%RVWRQ+HZDVDJUDG DVPXQLFLSDOMXGJHIRUWKHQH[W\HDUV XDWHRI6W0DU\·V8QLYHUVLW\/DZ6FKRRO .ERYEV]*IFVYEV] 7ER%RXSRMS0E[]IV +HUEHUW *RUGRQ 'DYLVZKRVHFRP PXQLW\ VHUYLFH LQ 6DQ$QWRQLRKHOSHG SDYH WKH ZD\ IRU WKH *RRG *RYHUQ PHQW /HDJXH GLHG LQ 1RYHPEHU DW WKH DJHRI'DYLVZDVERUQLQ+DUWIRUG &RQQHFWLFXW EXW KLV IDPLO\ PRYHG WR 7H[DV ZKHQ KH ZDV \RXQJ 'DYLV ZDV LQ WKH À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À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·VWDOHQWVDQG VNLOOV IRXQG PDQ\ &DURO +DEHUPDQ RXWOHWV³DV D ZULWHU .QLJKW6KHHQ WKH VSHDNHUWHDFKHUODZ ÀUVW IHPDOH GLV \HU DQG DGPLQLVWUD WULFW MXGJH LQ %H[DU WRU+HZDVYHU\DFWLYHLQORFDODQGVWDWH &RXQW\GLHGLQ2F 5HSXEOLFDQSROLWLFVFUHDWLQJDFDPSDLJQ WREHU DW WKH DJH RI VFKRRO ZKRVH DOXPQL LQFOXGH 6HQDWRU +DEHUPDQ UH .D\%DLOH\+XWFKLVRQDQG6WDWH6HQDWRU FHLYHG KHU ODZ GH -HII :HQWZRUWK +DUODQ KHOG GHJUHHV JUHHIURP6W0DU\·V8QLYHUVLW\LQ IURP 5LFH 8QLYHUVLW\ DQG 'XNH 8QL DQGODWHUHDUQHGDPDVWHU·VGHJUHHLQ YHUVLW\ DQG KDG ERWK D GRFWRUDWH LQ VRFLDOZRUNIURP2XU/DG\RIWKH/DNH 3ROLWLFDO 6FLHQFH DQG ODZ GHJUHH IURP 8QLYHUVLW\ +DEHUPDQ 5RVH 6SHFWRU WKH 8QLYHUVLW\ RI 7H[DV +H DXWKRUHG DQG&DURO\Q6SHDUVDOOUDQDQGZRQ DSROLWLFDOFRPPHQWDU\FROXPQIRUWKH VHDWV DV FRXQW\ MXGJHV LQ ³DQ 6DQ$QWRQLR/LJKWIURPWR HYHQW WKDW HVWDEOLVKHG WKDW WKH ORFDO FRPPXQLW\ZDVUHDG\WRHOHFWZRPHQ (DUO+LOODQDWLYHRI0RQWJRPHU\$O DVMXGJHV*RYHUQRU'ROSK%ULVFRHDS DEDPDDQGDSURPLQHQWORFDODWWRUQH\ SRLQWHG+DEHUPDQWRDGLVWULFWEHQFK DQGSXEOLFVHUYDQWGLHGLQ1RYHPEHU LQ DQG VKH FRQWLQXHG WR EH UH DWWKHDJHRI+LOOHDUQHGKLVODZGH HOHFWHGIRUWKHQH[W\HDUV <Ș(ǸȹȐɕ8ѱǸɕɜȵȐǾȐɑɑɴѮ(ɑѱ -LP&DVWOHEHUU\GLHGLQ6WRZH9HUPRQWZKLOHGRLQJRQHRIWKHWKLQJVKH HQMR\HGPRVW³ÀVKLQJ)RUPDQ\\HDUVKHKDGEHORQJHGWRDSULYDWHFOXELQ WKDWSDUWRIWKHFRXQWU\DQGDOZD\VORRNHGIRUZDUGWRKLV\HDUO\ÀVKLQJH[FXU VLRQDQGHVFDSLQJIRUDIHZGD\VIURPWKHVXPPHUKHDWRI6DQ$QWRQLR 5HÁHFWLQJXSRQDQLQGLYLGXDOXVXDOO\EULQJVIRUWKPHPRULHVRIKRZWKDW SHUVRQDIIHFWHGQRWRQO\\RXEXW\RXULPPHGLDWHVXUURXQGLQJV-LP&DVWOHEHU U\ZDVDSRZHUIXOIRUFHLQP\OLIH1RWRQO\ZDVKHRQHRIP\SURIHVVRUVLQODZ VFKRROEXWKHVXEVHTXHQWO\VHUYHGDV'HDQRI6W0DU\·V/DZ6FKRROIURP XQWLOKHUHWLUHGIURPWKHRIÀFHLQ0RVWRIDOOKHZDVYHU\LQVWUXPHQWDOLQ KHOSLQJPHREWDLQDVFKRODUVKLSWR608/DZ6FKRRODQGD)XOEULJKW6FKRODU VKLSWKHIROORZLQJ\HDU,KDYHQRLGHDKRZLQÁXHQWLDOKHZDVZLWK'HDQ5DED·V GHFLVLRQ WR EULQJ PH RQWR WKH IDFXOW\ EXW , GRXEW LI 'HDQ 5DED ZRXOG KDYH PDGHVXFKDQRIIHULI-LP&DVWOHEHUU\KDGEHHQRSSRVHGWRWKHLGHD 0RVWNQRZWKDWKHLVWKHRQHUHVSRQVLEOHIRUWKHEXLOGLQJRIWKH6DULWD .HQHG\(DVW/DZ/LEUDU\7KLVRQHVWUXFWXUHQHDUO\GRXEOHGWKHVL]HRIRXU ÁRRUVSDFHDQGSURMHFWHGXVLQWRWKHVW&HQWXU\ZKHQLWZDVEXLOWLQWKHHDUO\ V,WZDVDOVRXQGHUKLVWHQXUHDVGHDQWKDWRXU,QQVEUXFNSURJUDPZDV LQDXJXUDWHGDQGWKLVVWXG\DEURDGSURJUDPKDVHYROYHGLQWRRQHRIWKHPRVW VXFFHVVIXOLQWKH8QLWHG6WDWHVWRGD\:KDWPD\KRZHYHUKDYHEHHQIRUJRW WHQLVWKDWLWZDV-LP&DVWOHEHUU\ZKREURXJKWWHFKQRORJ\WRRXUFDPSXV -LPZDVDQDYLGKXQWHUDQHQWKXVLDVWLFWUDYHOHUDJUHDWVWRU\WHOOHUDQGD FRQQRLVVHXURIÀQHERXUERQ(DFK&KULVWPDVKLVIULHQGVUHFHLYHGDFDUGZLWK DSLFWXUHIURPRQHRIKLVPRVWUHFHQWWUDYHOV/DVW\HDULWZDV-LPKLNLQJLQ WKH$OSV%HIRUHLWZDVDOZD\VVRPHLQWHUHVWLQJDQGH[RWLFIDUÁXQJSDUWRI WKHJOREH7KLVSDVW&KULVWPDVKLVFDUGZDVGHDUO\PLVVHG &KDUOHV(&DQWX'HDQDQG6W0DU\·V8QLYHUVLW\'LVWLQJXLVKHG 6RXWK7H[DV3URIHVVRURI/DZ .ERYEV]*IFVYEV] 7ER%RXSRMS0E[]IV <ȘǸɑɄȵHѱ ǸǾȐɑȹǸȽ ,ȽȨȝȣɜ҇LȣȐȐȽ $OO RI WKH ZRPHQ ZKR KDYH EHHQ SULYLOHJHG WR VLW RQ D %H[DU &RXQW\ EHQFK LQ WKH ODVW \HDUV NQRZ ZKDW D GHEW RI JUDWLWXGH ZH RZH WR &DURO +DEHUPDQ .QLJKW6KHHQ 6KH ZDV RXU WUDLOEOD]HURXUIRUHPRWKHURXUPHQWRU RXU UROH PRGHO DQG RXU IULHQG :LWK ZDUPWK DQG JHQHURVLW\ VKH FKHHUIXOO\ ZHOFRPHGWKRVHRIXVZKRIROORZHGKHU LQ WKH MXGLFLDU\ 6KH WDXJKW XV KRZ WR ´ZRUNDURRPµGXULQJDQHOHFWLRQF\FOH DQG QR RQH FRXOG ZRUN D URRP PRUH WKRURXJKO\DQGHIIHFWLYHO\WKDQVKH 1RU ZDV DQ\RQH PRUH FRORUIXO RQ WKH EHQFK³OLWHUDOO\ VSHDNLQJ RI FRXUVH³ZLWKKHUUDLQERZFROOHFWLRQRI UREHV,WVSRNHWRKHURSHQQHVVKHUMR\ LQVHUYLQJWKHFLWL]HQVRI%H[DU&RXQW\ DQG KHU FDOOLQJ 6KH WROG PH WKDW KHU FKRLFHRIFRORUHGUREHVZDVDUHVSRQVH WR KHU H[SHULHQFHV DV D SUREDWH MXGJH IURP WR ZKHUH VKH VDZ VR PXFKJULHIRQWKHIDFHVRIWKHOLWLJDQWV 6KH WKRXJKW EODFN UREHV V\PEROL]HG WKDWJULHI7KLVGHFLVLRQWRZHDUDUHG RU EOXH UREH LV EXW D VPDOO H[DPSOH RI KHU VHQVLWLYLW\ WR WKH LPSUHVVLRQ D MXGJH PDNHV RQ WKH SHRSOH ZKR VHHN MXVWLFH LQ WKH FRXUWV ,W LV ÀWWLQJ WKDW VKHZDVODLGWRUHVWLQKHUUHGRQH 6KHZDVRQHRIWKUHHZRPHQZKR EURNH WKH JHQGHU EDUULHU LQ 1RYHP EHURIWREHHOHFWHGFRXQW\ZLGH WRDMXGLFLDOEHQFK,Q*RYHUQRU 'ROSK %ULVFRH FKRVH -XGJH +DEHU PDQ WR EHFRPH WKH ÀUVW IHPDOH GLV WULFW MXGJH LQ %H[DU &RXQW\ $W KHU SRUWUDLWKDQJLQJRQ2FWREHU *RYHUQRU%ULVFRHUHFDOOHG´,WZDVWKH XQDQLPRXV UHFRPPHQGDWLRQ RI HY HU\RQHWKDW&DUROEHDSSRLQWHGLQWKH WK$QGLQP\RSLQLRQQRJRYHU QRUDQ\ZKHUHDWDQ\WLPHHYHUPDGHD JUHDWHURUEHWWHUDSSRLQWPHQWµ ,WLVDKLJKSULYLOHJHWRKDYHIRO ORZHG WKLV JUDFLRXV IDLU DQG ZLVH MXULVW , NHHS RQ WKH EHQFK WKHVH GD\V D TXRWH DWWULEXWHG WR &RUQHO :HVWWKDWVD\V´-XVWLFHLVZKDWORYH ORRNV OLNH LQ SXEOLFµ , WKLQN WKDW VXPV XS -XGJH +DEHUPDQ .QLJKW 6KHHQ·VOHJDF\EHDXWLIXOO\ %DUEDUD+DQVRQ1HOOHUPRH -XGJHRIWKHWK'LVWULFW&RXUW 6LGQH\ * 2UGZD\ DWWDLQHG JUHDW SHU VRQDO DQG SURIHVVLRQDO VXFFHVV GHVSLWH VLJQLÀFDQWGLVDELOLW\DQGDGYHUVLW\2UG ZD\ZDVERUQLQ'HV0RLQHV,RZD+H VHUYHGWRXUVLQ9LHWQDPDQGZDVJULHY RXVO\ LQMXUHG LQ D ÀUHÀJKW WKDW OHIW KLV H\HVEOLQGHGDQGKLVEUDLQLQMXUHG1RW ZLWKVWDQGLQJ KLV GLVDELOLWLHV 2UGZD\ ZHQWRQWRREWDLQKLVXQGHUJUDGXDWHDQG ODZ GHJUHHV IURP 6W 0DU\·V 8QLYHUVLW\ DQGDGRFWRUDWHLQ3ROLWLFDO6FLHQFHIURP 8&/$ +H GHGLFDWHG KLV OLIH WR VHUYLQJ WKHYLVLRQLPSDLUHGSDUWLFXODUO\PLOLWDU\ YHWHUDQVDQGZDVDWWKHWLPHRIKLVGHDWK VHUYLQJDVQDWLRQDO9LFH3UHVLGHQWRIWKH %OLQGHG9HWHUDQV$VVRFLDWLRQ (GJDU $OODQ 3IHLO DJH GLHG DW KLV UDQFK QHDU &RPIRUW LQ )HEUXDU\ )RO ORZLQJKLJKVFKRROLQ6DQ$QWRQLR3IHLO UHFHLYHG KLV ODZ GHJUHH IURP WKH 8QL YHUVLW\RI7H[DVLQ+HZDVHOHFWHG &RXQW\$WWRUQH\IRU*XDGDOXSH&RXQW\ LQDQGZRUNHGZLWKWKH6WDWH$WWRU QH\*HQHUDO·V2IÀFHIURPWR )ROORZLQJ VHYHUDO \HDUV RI PLOLWDU\ VHU YLFH KH UHWXUQHG WR WKH SUDFWLFH RI ODZ LQDQGEHFDPHDWULDODWWRUQH\IRU +RXVWRQDQGODWHU6DQ$QWRQLR )UDQN & 5RGJHUV D VXFFHVVIXO SHUVRQDO LQMXU\DWWRUQH\GLHGLQ$SULODWWKHDJHRI 5RGJHUV ZDV DQ KRQRUHG JUDGXDWH RI 6W0DU\·V8QLYHUVLW\/DZ6FKRRODQGSUDF WLFHGIRUPDQ\\HDUVLQ6DQ$QWRQLR+HHQ MR\HGJROIFODVVLFDOOLWHUDWXUHDQGÀQHDUW +HQU\*6FKXEOHGLHG LQ'HFHPEHUDWWKHDJH RI *RYHUQRU %ULV FRH DSSRLQWHG 6FKXEOH WR WKH QHZO\ FUHDWHG WK -XGLFLDO 'LVWULFW &RXUW EHQFK LQ +DU ULV&RXQW\LQ+H VHUYHG DV GLVWULFW MXGJH XQWLO QHYHU ORVLQJ DQ HOHFWLRQ LQ +DUULV &RXQW\ 7KH 'HWURLWQDWLYHZDVWKHVRQRIPDMRUOHDJXH EDVHEDOOSOD\HU´+HLQHµ6FKXEOHDQGSUR IHVVLRQDO PRGHO $JQHV $UFKLEDOG 6KDZ -XGJH6FKXEOHUHFHLYHGKLVXQGHUJUDGXDWH GHJUHHIURP%D\ORUDQGIROORZLQJPLOLWDU\ VHUYLFHUHWXUQHGWR%D\ORUIRUODZVFKRRO DQG JUDGXDWHG LQ $IWHU ODZ VFKRRO -XGJH 6FKXEOH KHOG VHYHUDO SXEOLF DQG SULYDWHSRVLWLRQVSULRUWREHLQJDSSRLQWHG GLVWULFW MXGJH )ROORZLQJ ´UHWLUHPHQWµ LQ WRKLVUDQFKLQ.DUQHV&RXQW\-XGJH 6FKXEOHFRQWLQXHGWRVHUYHDVDVHQLRUYLV LWLQJMXGJHDQGPHGLDWRUXQWLOKLVGHDWK 'DQLHO77KRUQEHUU\ GLHGLQ-DQXDU\DWWKH DJHRI7KRUQEHUU\ ZDV ERUQ LQ 'DOODV DQG ZDV GHVFHQGHG IURPRQHRIWKHRULJL QDO 7H[DV SLRQHHU IDPLOLHV +H UHFHLYHG KLV XQGHUJUDGXDWH GHJUHH IURP WKH 8QL YHUVLW\RI7H[DVDQGDPDVWHU·VGHJUHHLQ KLVWRU\ IURP WKH 8QLYHUVLW\ RI 0LFKLJDQ LQ$QQ$UERU+HDWWHQGHG6W0DU\·V8QL YHUVLW\/DZ6FKRRODQGKHOGYDULRXVSRVL WLRQVZLWKLQWKH%H[DU&RXQW\'LVWULFW$W WRUQH\·VRIÀFHIRU\HDUVXQWLOKLVGHDWK -RKQ+RZDUG9DQ9RR UKLV GLHG LQ -XQH DW WKH DJH RI 9DQ 9RRUKLV ZDV ERUQ LQ -DFNVRQ 0LFKLJDQLQ+HDW WHQGHGWKH8QLYHUVLW\RI 8WDK DQG ODWHU HQWHUHG /R\ROD /DZ 6FKRRO 0LOLWDU\VHUYLFHLQ:RUOG:DU,,LQWHUUXSWHG KLVOHJDOVWXGLHVDQGKHODWHUUHFHLYHGKLVODZ GHJUHHIURP6RXWKHUQ0HWKRGLVW8QLYHUVLW\ <Ș Ǹɑȇɴ ,VWDUWHGZRUNLQJIRU+DUYH\LQZKLOH LQ ODZ VFKRRO DQG RXU DVVRFLDWLRQ FRQWLQXHG XQWLOWKHGD\RIKLVGHDWK+DUYH\VWXGLHGODZ ZLWKKLVSDUHQWVERWKRIZKRPZHUHODZ\HUV GXULQJ DQG DIWHU DWWHQGLQJ 6DQ $QWRQLR &RO OHJHRQDQDFDGHPLFVFKRODUVKLS+LVDVVRFLDWH GHJUHHIURP6$&FRPSOHWHGKLVFROOHJHHGXFD WLRQDQGZLWKRXWDWWHQGLQJODZVFKRROKHZDV DGPLWWHGWRWKHEDULQDWDJH7KHODZ ZDV+DUYH\·VSURIHVVLRQDQGLWZDVKLVSDVVLRQ 2QEHLQJDGPLWWHGWRWKH%DULQKHVDLG´, ZDVOLWHUDOO\ERUQDJDLQµ$GHFRUDWHGYHWHUDQ RIWKH%DWWOHRIWKH%XOJH+DUYH\DJJUHVVLYHO\ KRQHVWO\DQGVXFFHVVIXOO\UHSUHVHQWHGDPXOWL WXGH RI FOLHQWV ZLWK ORFDO JRYHUQPHQWDO SURE OHPVGXULQJKLVH[WUDRUGLQDULO\ORQJFDUHHU 3UDFWLFLQJ ODZ ZLWK +DUYH\ KDV EHHQ D ZRQGHUIXODGYHQWXUHRFFXS\LQJPRVWRIP\ OLIH+HVHWDQH[DPSOHIRUPHKLVFOLHQWVDQG RWKHUODZ\HUVZLWKZKRPKHSUDFWLFHG³QRW RQO\DERXWSUDFWLFLQJODZEXWDERXWSURIHV VLRQDO UHVSRQVLELOLW\ HWKLFV LQWHJULW\ DQG PRUDOLW\+DUYH\·VOLIHHSLWRPL]HGDOOWKDWLV JRRGDERXWRXUSURIHVVLRQ³DOLIHWKDWDOORI XVZRXOGGRZHOOWRHPXODWH 5DOSK%URZQ /DZ2IÀFHVRI5DOSK%URZQ3& .ERYEV]*IFVYEV] 7ER%RXSRMS0E[]IV ǸɑɨȐɴ0ѱ %\-XVWLFH&DWKHULQH6WRQH 7 DQFWLRQV 8QLIXQG &&5 3DUWQHUV Y9LOOD1R&9 :/7H[$SS³6DQ$Q WRQLR6HSWSHWÀOHG$ GLVPLVVDOKDVQRHIIHFWRQDSHQG LQJ PRWLRQ IRU VDQFWLRQV 7KH WULDO FRXUW GLGQRWDEXVHLWVGLVFUHWLRQLQÀQGLQJWKDW WKHSODLQWLIIFUHGLWRUKDGDFWXDONQRZOHGJH RIWKHGHIHQGDQWGHEWRU·VEDQNUXSWF\GLV FKDUJHEHIRUHÀOLQJDFROOHFWLRQODZVXLWRU LQÀQGLQJWKDWWKHSODLQWLIIFUHGLWRU·VSXU SRUWHGGLVSXWHDERXWWKHGLVFKDUJHRIWKH GHEWLQTXHVWLRQZDVQRWIRUPHGDIWHUUHD VRQDEOH LQTXLU\ RU ZDUUDQWHG E\ H[LVWLQJ ODZ 7KH WULDO FRXUW GLG QRW DEXVH LWV GLV FUHWLRQ LQ DZDUGLQJ DGGLWLRQDO VDQFWLRQV IRULQFRQYHQLHQFHDQGKDUDVVPHQW :RUNHUV· &RPSHQVDWLRQ ² )XQHV Y (O GULGJH(OHF&R1R&9 :/ 7H[ $SS³6DQ $QWRQLR 2FW QR SHW K $ VXEFRQWUDF WRU ZDV HQWLWOHG WR LPPXQLW\ IURP VXLW XQGHUWKHH[FOXVLYHUHPHGLHVSURYLVLRQ RIWKH7H[DV:RUNHUV·&RPSHQVDWLRQ$FW EHFDXVHDJHQHUDOFRQWUDFWRU·VTXDOLÀFD WLRQ DV D VWDWXWRU\ HPSOR\HU H[WHQGHG WKH VWDWXWRU\ HPSOR\HUHPSOR\HH UHOD WLRQVKLSWRDOOWLHUVRIVXEFRQWUDFWRUV 7LPHO\ $SSHDO ² 5REHUWV Y 6WDWH 1R &5 :/ 7H[ $SS³6DQ$QWRQLR2FWQRSHW $GRFXPHQWHQWLWOHG6WDWHPHQWRI,QDELO LW\ WR $IIRUG &RXQVHO WKDW GRHV QRW LQ FOXGHWKHZRUG´DSSHDOµRULQDQ\PDQ 3RVW&RQYLFWLRQ '1$ 7HVWLQJ ² /\RQ QHU DOOXGH WR WKH GHVLUH WR DSSHDO FRXOG Y 6WDWH 1R &5 :/ QRWEHFRQVWUXHGDVDQRWLFHRIDSSHDO 7H[ $SS³6DQ $QWRQLR 2FW SHWÀOHG3RVWFRQYLFWLRQ'1$ 0LWLJDWLRQRI'DPDJHV²$ODPR&RPPXQLW\ WHVWLQJ LV QRW UHTXLUHG ZKHUH WKH GHIHQ &ROOHJH'LVWY0LOOHU1R&9 GDQWDGPLWWHGWREHLQJWKHSHUSHWUDWRUEXW :/7H[$SS³6DQ$QWRQLR VHHNVWRHVWDEOLVKDQDIÀUPDWLYHGHIHQVH 2FW$SURIHVVRUIDLOHGWRPLWLJDWH KLVGDPDJHVIROORZLQJKLVZURQJIXOWHUPL 6WDWH·V$SSHDO²,QUH6HDUFK:DUUDQW6HL QDWLRQEHFDXVHKHIDLOHGWRH[HUFLVHUHDVRQ ]XUH1RV&5 DEOH GLOLJHQFH LQ VHHNLQJ DQG DFFHSWLQJ &5 :/ 7H[ $SS³6DQ DQ\ZRUNIRUZKLFKKHZDVTXDOLÀHGRQFH $QWRQLR 6HSW SHW ÀOHG 7KH LWZDVGHWHUPLQHGWKDWKHFRXOGQRWVHFXUH VWDWHLVQRWDXWKRUL]HGWRDSSHDODQRUGHU HPSOR\PHQW LQ D SRVLWLRQ VXEVWDQWLDOO\ UHTXLULQJWKHUHWXUQRIVHL]HGSURSHUW\ VLPLODUWRKLVIRUPHUWHDFKLQJSRVLWLRQ 9DQ9RRUKLVVHUYHGLQWKHPLOLWDU\IRU \HDUV DQG UHWLUHG DV D &RORQHO IURP WKH 2IÀFHRIWKH6WDII-XGJH$GYRFDWHRIWKH $LU)RUFH+HHQWHUHGSULYDWHSUDFWLFHLQ DQGVHUYHGWKH&LW\RI&RQYHUVHDV 0D\RU&LW\$WWRUQH\ DQG0XQLFLSDO-XGJH &DURO:HLUDFKDP SLRQRIWKHULJKWVRI RWKHUZLVH GHIHQVH OHVV EDELHV DQG \RXQJFKLOGUHQZLWK VHYHUHPHGLFDOFKDO OHQJHV GLHG LQ 0D\ DWWKHDJHRI:HLU KHOG D PDVWHU·V GHJUHH LQ 3V\FKRORJ\ IURP7ULQLW\8QLYHUVLW\DQGUHFHLYHGKHU ODZGHJUHHIURP6W0DU\·V8QLYHUVLW\LQ 6KHGHGLFDWHGKHUFDUHHUWRGHIHQG LQJFKLOGUHQDQGDVVLVWLQJ\RXQJSDUHQWV ZKR ODFNHG WKH VNLOOV RU UHVRXUFHV WR UDLVH FKLOGUHQ ,Q WKH 6DQ$QWRQLR &DWKROLF/DZ\HUV*XLOGQDPHG:HLULWV /DZ\HURIWKH<HDU,Q$SULORIWKLV\HDU WKH 6DQ $QWRQLR %DU $VVRFLDWLRQ PDGH KHU WKH ÀUVW UHFLSLHQW RI WKH &DURO\Q 7KXUPRQG&RPPXQLW\6HUYLFH$ZDUG *XV(:LOFR[-UDQDWLYHRI(O3DVR DQGDORQJWLPHUHVLGHQWRI6DQ$QWRQLR GLHGLQ0DUFKDWWKHDJHRI:LOFR[ JUDGXDWHGIURP6W0DU\·V8QLYHUVLW\ /DZ 6FKRRO LQ DQG VHUYHG DV DQ DVVLVWDQW FULPLQDO 'LVWULFW $WWRUQH\ LQ %H[DU &RXQW\ IURP WR +HSUDFWLFHGLQWKHDUHDVRIFULPLQDO PXQLFLSDODQGEXVLQHVVODZ &RQIURQWDWLRQ&ODXVH²5RGULJXH]Y6WDWH 1R &5 :/ 7H[$SS³6DQ$QWRQLR2FWQR SHWK$ZRPDQ·VUHVSRQVHVWRTXHVWLRQ LQJE\DQRIÀFHULQYHVWLJDWLQJDQDOOHJHG DVVDXOW WKDW ZHUH LQWHQGHG WR GHWHUPLQH ZKDWZDVSUHVHQWO\KDSSHQLQJDQGWRDV VHVVWKHVLWXDWLRQZHUHQRQWHVWLPRQLDOIRU SXUSRVHV RI &UDZIRUG $IWHU WKH DOOHJHG SHUSHWUDWRURIWKHDVVDXOWKDGEHHQORFDW HG DQG GHWDLQHG WKH ZRPDQ·V UHVSRQVHV WRIXUWKHUTXHVWLRQLQJZHUHWHVWLPRQLDO &RXUW5HFRUGV²,QUH&RDVWDO%HQG&ROOHJH 1R&9:/7H[ $SS³6DQ$QWRQLR 2FW QR SHW K'9'VWHQGHUHGIRULQFDPHUDLQVSHFWLRQ DUHQRW´FRXUWUHFRUGVµRSHQWRWKHSXEOLF 6WDWXWRU\'DPDJHV²=XQLJDY9HODVTXH] 1R &9 :/ 7H[ $SS³6DQ $QWRQLR 2FW QR SHW K 6HFWLRQ RI WKH 7H[DV 3URSHUW\&RGHDOORZVDSXUFKDVHUWRUH FRYHU GDLO\ VWDWXWRU\ GDPDJHV RI IRUDVHOOHU·VIDLOXUHWRWLPHO\FRQYH\OH JDOWLWOHLQDFRQWUDFWIRUGHHGVLWXDWLRQ %HFDXVH VHFWLRQ LPSRVHV D KDUVK SHQDOW\ WKH SXUFKDVHU LV UHTXLUHG WR GHPRQVWUDWHWKDWDOOSD\PHQWVZHUHSUH FLVHO\PDGHXQGHUWKHFRQWUDFWIRUGHHG &OHULFDO(UURU²7H['HS·WRI3XE6DIHW\Y *RQ]DOHV 1R &9 :/ 7H[ $SS³6DQ $QWRQLR 2FW QRSHWK$FOHULFDOHUURULQDQDGPLQ LVWUDWLYHRUGHUGRHVQRWUHTXLUHUHYHUVDO %LIXUFDWLRQ ² ,Q UH 7UDYHOHUV /OR\GV RI 7H[,QV&R1R&9 :/ 7H[ $SS³6DQ $QWRQLR 6HSW RULJ SURFHHGLQJ 7KH WULDO FRXUW GLG QRW DEXVH LWV GLVFUHWLRQ LQRUGHULQJDELIXUFDWHGWULDORIFRQWUDF WXDODQGH[WUDFRQWUDFWXDOFODLPVUDWKHU WKDQDVHYHUDQFHDQGDEDWHPHQW .ERYEV]*IFVYEV] 7ER%RXSRMS0E[]IV -XVWLFH&DWKHULQH6WRQH KDVVHUYHGRQWKH)RXUWK &RXUWRI$SSHDOVVLQFH 0DUFK RI DQG LV ERDUG FHUWLÀHG LQ FLYLO DSSHOODWHODZ *SYVXL'SYVX9THEXI &DVH6XPPDULHV 6 7fZ[US^ >[XW 3iSdVe %\$PDQGD5%XFNHUW XULQJ WKH VHFRQG DFW RI DWWRUQH\µKHVDLG´+HSUDFWLFHGGXULQJD WKH (WKLFV )ROOLHV WLPHZKHQODZ\HUVWULHGKXQGUHGVRIFDVHV WKH$VVRFLDWLRQ RI &RUSR GXULQJWKHLUFDUHHUVDQGDVIDUDV,NQRZ UDWH &RXQVHO 6RXWK&HQ WKHUHLVQRWDVLQJOHODZ\HUZKRDSSHDUHG WUDO 7H[DV &KDSWHU WRRN D DJDLQVWKLPZKRKDVDQ\WKLQJEDGWRVD\ EUHDN IURP IXQ HWKLFV HGXFDWLRQ WR IRFXV $FWXDOO\LWZDVMXVWWKHRSSRVLWHµ RQ VRPHWKLQJ VHULRXV 0D\RU 3KLO +DUG *HRUJH 6SHQFHU -U ZHQW RQ WR VD\ EHUJHU SUHVHQWHG WKH $&&·V ÀUVW (WKLFDO WKDWZKHQRWKHUODZ\HUVJRWLQWRWURXEOH /LIH $ZDUGV WR DQ LQKRXVH ODZ GHSDUW RU ZHUH VXHG LW ZDV KLV IDWKHU ZKRP PHQW DQG D ODZ ÀUP RU VROR SUDFWLWLRQHU ´ZKR H[HPSOLI\LGHDORUH[FHS WLRQDO HWKLFDO FRQGXFWµ 7KH DZDUGV ZHUH PHDQW WRHPSKDVL]HWKHSRLQWRI WKHDPXVLQJDWPRVSKHUH RI ´'HFHQW·V 'HFHQWµ WKH (WKLFV )ROOLHV PXVLFDOSURGXFWLRQ $FFRUGLQJ WR WKH $&& ´$OO LQKRXVH OH JDOGHSDUWPHQWVDQGODZ ÀUPVLQWKH&HQWUDODQG 6RXWK 7H[DV ZHUH HOL JLEOH 7KH QRPLQDWLRQV ZHUH PDGH E\ FXVWRP HUV FOLHQWV HPSOR\HHV DQG YHQGRUV ZLWK SHU VRQDO NQRZOHGJH RI WKH (WKLFDO/LIH$ZDUGIRUDVROHSUDFWLWLRQHURUODZÀUPUHFLSLHQW*HRUJH DWWRUQH\V· FRPPLWPHQW 6SHQFHU6UZLWK)RXUWK&RXUWRI$SSHDOV-XVWLFH3K\OLV6SHHGOLQ WR HWKLFDO EHKDYLRU LQ WKHSUDFWLFHRIODZ7KHDZDUGVUHFRJQL]H WKH\WXUQHGWRIRUUHSUHVHQWDWLRQ´,ZDV ERWKDODZ\HURUODZÀUPDQGDQLQKRXVH SULYLOHJHGWRVLWVHFRQGFKDLULQDQXPEHU DWWRUQH\ RU FRUSRUDWH OHJDO GHSDUWPHQW RIFDVHVZLWKP\GDGDQGWRREVHUYHQRW ZKLFK KDYH H[KLELWHG HWKLFDO FRQGXFW LQ RQO\ KLV FRXUWURRP VNLOOV EXW KLV YHU\ WKHLUOHJDOUHSUHVHQWDWLRQVLQµ KLJKHWKLFVµKHVDLG´,QIDFW,WKLQNWKH 7KLV\HDU·VDZDUGUHFLSLHQWVZHUHDW SHRSOHZKRZRXOGEHLQWKHYHU\EHVWSR WRUQH\*HRUJH6SHQFHU6UDSDUWQHULQ VLWLRQWRFRPPHQWRQKLVSURIHVVLRQDOLVP WKH ÀUP RI &OHPHQV 6SHQFHU DQG WKH DQGHWKLFVDUHWKHRQHVZKRZHUHUHSUH OHJDO GHSDUWPHQW RI 1X6WDU (QHUJ\ /3 VHQWLQJRSSRVLQJSDUWLHVDJDLQVWKLPµ $QQDO\Q6PLWKDPHPEHURIWKHVHOHFWLRQ 0D\RU+DUGEHUJHUVDLGKHWKLQNVRI FRPPLWWHHVDLGWKDWZKHQWKHFRPPLWWHH 6SHQFHUDVWKHRULJLQDOJHQWOHPDQODZ\HU PHW DQG ZHQW WKURXJK WKH QRPLQDWLRQV ´7KHUHLVQRGRXEWWKDWKHKDVOHGDQH[ *HRUJH 6SHQFHU 6U ZDV ´MXVW DQ HDV\ WUHPHO\HWKLFDOOLIH,IHYHU\ODZ\HUZHUH FKRLFH7KHUHZDVMXVWQREHWWHURSWLRQRU OLNH*HRUJH6UWKHUHZRXOGEHDVFDUFLW\ DQ\RQH PRUH GHVHUYLQJµ :KHQ 6SHQFHU RIODZ\HUMRNHVµKHVDLG´,WULHGDQXP ZDONHG RQ VWDJH WR UHFHLYH KLV DZDUG LW EHURIFDVHVRQWKHRWKHUVLGHRIWKHGRFNHW ZDVDSSDUHQWWKRVHIURPWKHOHJDOFRPPX IURP KLP DQG VRPHWLPHV RQ WKH VDPH QLW\LQDWWHQGDQFHDJUHHGZLWKKLVVHOHF VLGH,DOZD\VIHOWWKHUHZDVQRWDEHWWHU WLRQ ZKROHKHDUWHGO\³WKH\ URVH WR WKHLU ODZ\HU WKDQ *HRUJH 6U³ZKLFK ZDVQ·W IHHWDQGJDYHDURXVLQJVWDQGLQJRYDWLRQ JRRG QHZV LI \RX ZHUH DJDLQVW KLPµ WRDPDQZKRPPDQ\DWWRUQH\VFDOOHGDQ 0D\RU+DUGEHUJHUDGGHGWKDW6SHQFHU·V H[DPSOHWRODZ\HUVHYHU\ZKHUH FKDUDFWHUZDVHYLGHQWWRDOO´7KHSXULW\ 6SHQFHU·V VRQ *HRUJH 6SHQFHU -U RIKLVEHLQJLVVKRZQDQGMXULHVUHDOL]HG VDLGKLVIDWKHUZKRLVPRVWO\UHWLUHGZDV LW+HDOZD\VKDQGOHGKLPVHOIZLWKFRXU H[WUHPHO\ KRQRUHG E\ WKH DZDUG ´, FDQ·W WHV\DQGDORWRIGHFRUXP+HLVWKHEHVW HYHQ WKLQN RI KRZ PDQ\ RWKHU ODZ\HUV WKH %DU KDV WR RIIHUµ WKH 0D\RU FRQWLQ KDYH WROG PH KRZ PXFK WKH\ UHVSHFW P\ XHG ´+H WDXJKW PH OHVVRQV RI FRXUWHV\ IDWKHURUKRZPDQ\SHRSOHKDYHVDLGWKDW WKDWKDYHLQÁXHQFHGP\HQWLUHFDUHHUµ KHZDVWKHFRQVXPPDWHSURIHVVLRQDODVDQ )RXUWK&RXUWRI$SSHDOV-XVWLFH3K\ .ERYEV]*IFVYEV] 7ER%RXSRMS0E[]IV OLV 6SHHGOLQ ZDV D SDUWQHU DW &OHPHQV 6SHQFHU EHIRUH PRYLQJ WR WKH EHQFK ´, KDYH DOZD\V FRQVLGHUHG P\VHOI YHU\ IRU WXQDWH LQGHHG WR KDYH KDG *HRUJH 6U DV ERWKP\VHQLRUSDUWQHUDQGP\PHQWRU, FUHGLWKLPZLWKZKHUH,DPWRGD\ERWKDV D ODZ\HU DQG DV D MXGJHµ VKH VDLG ´+LV OLIHLVWKHHSLWRPHRIEHLQJERWKDJHQWOH PDQODZ\HUDQGDVFKRODUIRUPRUHWKDQ \HDUVRISUDFWLFH,ZDVRQHRIPDQ\IRUWX QDWHDWWRUQH\VZKREHQHÀWHGIURPKLVH[ DPSOHDQGKLVPHQWRULQJ,NQRZQRRQH ZKREHWWHUUHSUHVHQWVDQHWKLFDOOLIHDQGDQ HWKLFDOODZSUDFWLFHWKDQWKLVJHQWOHPDQµ 6SHQFHU·V VRQ DQG DWWRUQH\ 3KLO :DW NLQV ERWK VDLG WKDW DQ LQFLGHQW WKDW RF FXUUHGZKHQ:DWNLQVZDVRSSRVLQJFRXQ VHO LQ D FDVH LV D KXPRURXV DQG DFFXUDWH UHÁHFWLRQ RQ 6SHQFHU·V FKDUDFWHU :DWNLQV VDLG WKDW LQ DERXW KH UHSUHVHQWHG D PDQLQMXUHGZKLOHRSHUDWLQJDODUJHIURQW HQGORDGHUPDQXIDFWXUHGE\-RKQ'HHUH DQG 6SHQFHU UHSUHVHQWHG 'HHUH ´7KH 'HHUHLQKRXVHSURGXFWOLDELOLW\DVVRFLDWH FRXQVHOZDVD\RXQJODZ\HUZKRVWUHQX RXVO\ EHOLHYHG WKHLU SURGXFW WR EH FRP SOHWHO\VDIHDQGZDQWHGWKHFDVHGHIHQGHG ]HDORXVO\'LVFRYHU\UHTXLUHGZHWDNHGH SRVLWLRQV DOO RYHU WKH 0LGZHVWµ KH VDLG ´*HRUJH DQG , ZRXOG WUDYHO WRJHWKHU RQ FRPPHUFLDO DLUOLQHV WR WDNH GHSRVLWLRQV 2QRQHWULSZHÁHZLQWRDVPDOODLUSRUW QHDU 'DYHQSRUW ,RZD DQG WKH \RXQJ 'HHUH ODZ\HU ZDV ZDLWLQJ DW WKH DLUSRUW IRU*HRUJHµ:DWNLQVVDLGWKDWWKH\RXQJ ODZ\HUWRRN6SHQFHU·VOXJJDJHSXWLWLQWR WKH FDU DQG ´VSHG RXW RI WKH SDUNLQJ ORW OHDYLQJ >KLP@ VWDQGLQJ RQ WKH FXUE ZLWK QRWD[LLQVLJKWµWKHQVXGGHQO\WKHEUDNH OLJKWVFDPHRQDQGWKHFDUEHJDQWREDFN XSXQWLOLWVWRSSHGDWWKHFXUEZKHUH:DW NLQV ZDV VWDQGLQJ ´7KH \RXQJ ODZ\HU VKHHSLVKO\JRWRXWRIWKHFDUDQGRSHQHG WKH WUXQN IRU PH WR GHSRVLW P\ OXJJDJH :H WKHQ ZHQW WR WKH KRWHO 1RWKLQJ ZDV VDLGDERXWWKHLQFLGHQW:KHQZHUHWXUQHG WR6DQ$QWRQLR*HRUJHJDYHPHDOLIWIURP WKHDLUSRUWDQGGURSSHGPHDWP\KRPHµ :DWNLQVH[SODLQHG´,WKDQNHGKLPIRUWKH ULGHDQGWKHFRXUWHV\LQ'DYHQSRUWDQGKH WROG PH ¶3KLO WKDW \RXQJ ODZ\HU GLGQ·W XQGHUVWDQG WKDW \RX FDQ UHSUHVHQW \RXU FOLHQW ZLWKRXW EHLQJ GLVDJUHHDEOH ZLWK RSSRVLQJ FRXQVHO· $V D \RXQJ ODZ\HU P\VHOIDWWKHWLPH,WRRNWKLVDGPRQLWLRQ WRKHDUWDQGKRSHWKDW,KDYHDOZD\VIRO ORZHG KLV H[DPSOHµ :DWNLQV DGGHG ´, KDYHNQRZQKLPVLQFHDQGEHOLHYH KLPWREHRQHRIWKHÀQHVWODZ\HUV,KDYH HYHUPHWDQGWULHGODZVXLWVDJDLQVWµ $V 6SHQFHU·V VRQVDLGWKHVWRULHV DERXWKLVIDWKHUDUH ZKDW H[SODLQ ZK\ KLV SHHUV VHOHFWHG KLP DV DQ (WKLFDO /LIH $ZDUG UHFLSL HQWDQGKRQRUHH )RU WKH LQ KRXVH FRXQVHO DZDUG6PLWKVDLG WKH FULWHULD ZHUH FOHDU´:HORRNHG DWZKHWKHURUQRW WKHFRPSDQ\KDG D IRUPDO HWKLFV SURJUDP YRFDO L]HG D FRPPLW *HQHUDOFRXQVHO%UDGOH\%DUURQRI1X6WDU(QHUJ\/3WKH(WKLFDO/LIHUH PHQW WR HWKLFDO FLSLHQWZLWK6DQ$QWRQLR0D\RU3KLO+DUGEHUJHUDQG)RXUWK&RXUWRI$SSHDOV VWDQGDUGV ZLWKLQ -XVWLFH6DQGHH%U\DQ0DULRQ WKH RUJDQL]DWLRQ WR FOLHQWV DQG WR WKH FRPPXQLW\ ZHUH WKH\ FRPPLWWHG WR FKDLUPDQ KDQGHG RXW D ODPLQDWHG FDUG H[FHSWLRQDO HWKLFDO VWDQGDUGV GLG WKH\ ZLWKQLQHYHUVLRQVRI´7KH*ROGHQ5XOHµ RYHUFRPH HWKLFDO FKDOOHQJHV ZLWK LQWHJ DWDPDQDJHPHQWPHHWLQJ+HDOVRVDLG ULW\DQGZDVWKHUHDQDGRSWLRQRIHWKLFDO WKDWDOOHPSOR\HHVDUHDZDUHRIWKHKRW VWDQGDUGV LQ WKH RUJDQL]DWLRQ DQG H[DP OLQHWKH\FDQDQRQ\PRXVO\FDOOZLWKDQ\ SOHVRIDFWLRQVWKDWH[HPSOLÀHGWKDWFRQ FRQFHUQ7KHFDOOVJRVWUDLJKWWR%DUURQ GXFWµVKHVDLG6KHVDLGWKDWWKHVHOHFWLRQ DQG KH VHWV XS D FRPPLWWHH WR LQYHVWL FRPPLWWHHUHDFKHGDFRQVHQVXVWRFKRRVH JDWH7KHUHVXOWVDUHUHSRUWHGWRDQRSHU 1X6WDUDVWKHDZDUGUHFLSLHQW´,WZDVQRW DWRUDQGWKHHPSOR\HHFDOOVEDFNLQWZR DGLIÀFXOWGHFLVLRQµVKHVDLG´7KH\ZHUH ZHHNVWRJHWKLVRUKHUDQVZHU´)RUWX DUHODWLYHO\QHZFRPSDQ\EXWWKH\GLGHY QDWHO\ ZH GRQ·W JHW PDQ\ UHSRUWV EXW HU\WKLQJULJKW7KH\HYHQKDYHDUHPLQGHU ZHWDNHWKHPYHU\VHULRXVO\µKHVDLG SDSHUZHLJKWIRUWKHLUHPSOR\HHV·GHVNVµ (OL]DEHWK&OLIWRQLVFRUSRUDWHFRXQ %UDGOH\ %DUURQ LV WKH VHQLRU YLFH VHOZLWKWKHFRPSDQ\´2QWKHÀUVWGD\ SUHVLGHQW JHQHUDO FRXQVHO DQG FRUSR RI ZRUN HDFK QHZ HPSOR\HH JHWV ZKDW UDWHVHFUHWDU\RI1X6WDU(QHUJ\/3´:H , OLNH WR FDOO D GHVN RUQDPHQW RU DFFHV DUHQRWVXUHZKRQRPLQDWHGXVEXWZH VRU\ EXW , JXHVV LW LV D SDSHUZHLJKWµ DUH SOHDVHG WKDW VRPHRQH UHFRJQL]HG VKHVDLGZLWKDODXJK´%XWLWLVDFWXDOO\ WKDW1X6WDUUHSUHVHQWHGWKHWKHPHRIWKH D VHULRXV JHVWXUH EHFDXVH LW KDV DOO RI (WKLFV)ROOLHV³WKDWWKHWRQHVWDUWVDWWKH 1X6WDU·V JXLGLQJ SULQFLSOHV RQ LW WR UH WRSµ%DUURQVDLG´$VPXFKDVZHGRLQ PLQGHYHU\RQHDOOGD\DERXWRXUHWKLFDO WKHOHJDOGHSDUWPHQWWRSURPRWHHWKLFDO FXOWXUHKHUHµ6PLWKVDLGWKHFRPSDQ\·V EXVLQHVVSUDFWLFHVLWLVUHDOO\DERXWWKH IRUPDOHWKLFVSURJUDPFRGHRIEXVLQHVV FRPSDQ\DVDZKROH7KHVXSSRUWIURP FRQGXFWDQGFRGHRIHWKLFVIRUWKHVHQLRU WRS PDQDJHPHQW LV NH\ 2XU &(2 DQG ÀQDQFLDORIÀFHVVHWDQH[DPSOHWRRWKHU FKDLUPDQ UHDOO\ VWUHVVHV WKH LPSDFW RI FRPSDQLHV ´,W ZDV UHIUHVKLQJ WR VHH DOO HWKLFVDWDOOOHYHOVRIWKHRUJDQL]DWLRQµ WKDW1X6WDUKDVLQSODFHDQGWKDWWKHUHLV %DUURQ VDLG KH LV SHUVRQDOO\ YHU\ DFOHDUXQGHUVWDQGLQJZLWKDOOHPSOR\HHV SURXGDERXWWKHDZDUGDQGWKDWWKHWUR IURPWKHWRSWRWKHERWWRPµVKHVDLG SK\LVGLVSOD\HGLQWKHOREE\RQWKHIURQW GHVN´7REHWKHÀUVWUHFLSLHQWLVUHDOO\DQ KRQRUµKHVDLG´)RUPHLWLVPHDQLQJ $PDQGD 5HLPKHUU %XFN IXO DQG D JUHDW KRQRU WR EH UHFRJQL]HG HUW D IRUPHU MRXUQDOLVW ZLWKWKH6DQ$QWRQLR([ IRU VRPHWKLQJ RWKHU WKDQ RXU DELOLW\ WR SUHVV1HZVLVWKH&RRUGL GUDIWDQLQGHPQLW\FODXVHRUDUJXHDPR QDWRURI6$%$·V&RPPX WLRQ ,W UHDOO\ LV VRPHWKLQJ WKDW JRHV WR QLW\-XVWLFH3URJUDP WKH KHDUW RI ZKDW ZH VWDQG IRU DV ODZ \HUV ZLWK HWKLFVµ %DUURQ VDLG 1X6WDU·V .ERYEV]*IFVYEV] 7ER%RXSRMS0E[]IV &C?P'BGRMP 'DYLG*DOODQW·VUHFHQWDUWLFOH´([SHUWVRQ&RPSXWHU)RUHQVLFV³$'HIHQVH&RXQVHO·V$OO\µ6DQ$QWRQLR /DZ\HU1RYHPEHU'HFHPEHUSSVSDUNHGDQLQWHUHVWLQJHPDLOGLDORJXHEHWZHHQWKHDXWKRUDQG DWWRUQH\-LP'HHJHDU([FHUSWVRIWKDWH[FKDQJHDUHSXEOLVKHGKHUHIRU\RXUFRQVLGHUDWLRQ(GLWRU 'DYLG*DOODQW -LP'HHJHDU -' $V ODZ\HUV ZH PD\ GLVDJUHH RQ WKH ODZ EXW ZKHQ ZH SXEOLVKZHGRVRZLWKFLWDWLRQVRIDXWKRULW\WKDWFDQDWOHDVW EHYHULÀHG0U*DOODQWZKR,UHDOL]HLVQRWDODZ\HUDVKDYH VRPHSUHYLRXVDXWKRUVPDNHVVWDWHPHQWVZLWKRXWDWWULEXWLRQ RU DXWKRULW\ )RU H[DPSOH KH VWDWHV WKDW 7H[DV UHTXLUHV FRP SXWHUIRUHQVLFH[SHUWVWREHOLFHQVHG7KDWLVQRWH[DFWO\WUXH :KDWLVWUXHLVWKDWDQ\RQHSHUIRUPLQJFHUWDLQLQYHVWLJDWLRQVRI FRPSXWHUHTXLSPHQWPXVWEHOLFHQVHGDVDSULYDWHLQYHVWLJDWRU ZKLFKLVQRWWKHVDPH/LNHZLVHKHLQIRUPVXVXQHTXLYR FDOO\WKDW´>L@Q7H[DV\RX>SUHVXPDEO\WKHDWWRUQH\HQJDJLQJ WKHH[SHUW@PXVWLQIRUPWKHH[SHUWLQZULWLQJWKDW\RXZDQWD ZULWWHQUHSRUWµ$IWHU\HDUVRISUDFWLFLQJODZ,DPXQIDPLO LDUZLWKWKLV´UHTXLUHPHQWµDQGFDQÀQGQRDXWKRULW\IRULWLQ HLWKHUIHGHUDORUVWDWHODZ8QIRUWXQDWHO\0U*DOODQWDOVRSUR YLGHVQRFLWDWLRQIRUWKLVVWDWHPHQWVR,DPOHIWVFUDWFKLQJP\ KHDGZRQGHULQJDERXWWKHRULJLQRIWKLVQHZSUHFRQGLWLRQ '*6HFWLRQRIWKH7(;$62&&83$7,21&2'(SURYLGHV IRUWKHUHJXODWLRQRILQYHVWLJDWRUVLQFOXGLQJWKRVHHQJDJHG LQFRPSXWHUIRUHQVLFV&KDQJHVLQWKLVDUHDWRRNHIIHFWRQ 6HSWHPEHUDQGHQIRUFHPHQWEHJDQRQ'HFHPEHU 6HH7(;2&&&2'( 7KHUH LV DOVR DQ RSLQLRQ LVVXHG E\ WKH 3ULYDWH 6HFX ULW\%RDUG36%RQ$XJXVWWKDWVSHFLÀFDOO\DG GUHVVHGOLFHQVXUHUHTXLUHPHQWV )LUVW WKH GLVWLQFWLRQ EHWZHHQ ´FRPSXWHU IRUHQVLFVµ DQG ´GDWD DFTXLVLWLRQµ LV VLJQLÀFDQW :H XQGHUVWDQG WKH WHUP ´FRPSXWHUIRUHQVLFVµWRUHIHUWRWKHDQDO\VLVRIFRPSXWHU EDVHG GDWD SDUWLFXODUO\ KLGGHQ WHPSRUDU\ GHOHWHG SUR WHFWHG RU HQFU\SWHG ÀOHV IRU WKH SXUSRVH RI GLVFRYHULQJ LQIRUPDWLRQ UHODWHG JHQHUDOO\ WR WKH FDXVHV RI HYHQWV RU WKHFRQGXFWRISHUVRQV:HZRXOGGLVWLQJXLVKVXFKDFRQ WHQWEDVHG DQDO\VLV IURP WKH PHUH VFDQQLQJ UHWULHYDO DQG UHSURGXFWLRQRIGDWDDVVRFLDWHGZLWKHOHFWURQLFGLVFRYHU\RU OLWLJDWLRQVXSSRUWVHUYLFHV)RUH[DPSOHZKHQWKHVHUYLFH SURYLGHULVFKDUJHGZLWKUHYLHZLQJWKHFOLHQW·VFRPSXWHU EDVHG GDWD IRU HYLGHQFH RI HPSOR\HH PDOIHDVDQFH DQG D UHSRUWLVSURGXFHGWKDWGHVFULEHVWKHFRPSXWHUUHODWHGDF WLYLWLHV RI DQ HPSOR\HH LW KDV FRQGXFWHG DQ LQYHVWLJDWLRQ DQG KDV WKHUHIRUH SURYLGHG D UHJXODWHG VHUYLFH 2Q WKH RWKHU KDQG LI WKH FRPSDQ\ VLPSO\ FROOHFWV DQG SURFHVVHV HOHFWURQLFGDWDZKHWKHULQWKHIRUPRIKLGGHQGHOHWHGHQ FU\SWHGÀOHVRURWKHUZLVHDQGSURYLGHVLWWRWKHFOLHQWLQD IRUPWKDWFDQWKHQEHUHYLHZHGDQGDQDO\]HGIRUFRQWHQWE\ RWKHUVVXFKDVE\DQDWWRUQH\RUDQLQYHVWLJDWRUWKHQQR UHJXODWHGVHUYLFHKDVEHHQSURYLGHG7KH3ULYDWH6HFXULW\ $FWFRQVWUXHVDQLQYHVWLJDWRUDVRQHZKRREWDLQVLQIRUPD WLRQ UHODWHG WR WKH ´LGHQWLW\ KDELWV EXVLQHVV RFFXSDWLRQ NQRZOHGJH HIÀFLHQF\ OR\DOW\ PRYHPHQW ORFDWLRQ DIÀOLD WLRQVDVVRFLDWLRQVWUDQVDFWLRQVDFWVUHSXWDWLRQRUFKDUDF WHURIDSHUVRQWKHORFDWLRQGLVSRVLWLRQRUUHFRYHU\RIORVW RUVWROHQSURSHUW\WKHFDXVHRUUHVSRQVLELOLW\IRUDÀUHOLEHO ORVVDFFLGHQWGDPDJHRULQMXU\WRDSHUVRQRUWRSURSHUW\ RUIRUWKHSXUSRVHRIVHFXULQJHYLGHQFHIRUXVHLQFRXUW7(; 2&& &2'( &RQVHTXHQWO\ ZH ZRXOG FRQFOXGH WKDWWKHSURYLGHURIFRPSXWHUIRUHQVLFVHUYLFHVPXVWEHOL .ERYEV]*IFVYEV] 7ER%RXSRMS0E[]IV FHQVHGDVDQLQYHVWLJDWRULQVRIDUDVWKHVHUYLFHLQYROYHVWKH DQDO\VLV RI WKH GDWD IRU WKH SXUSRVHV GHVFULEHG DERYH :LWK UHVSHFWWRWKHVWDWXWRU\UHIHUHQFHWR´VHFXULQJHYLGHQFHIRUXVH LQ FRXUWµ ZH ZRXOG VXJJHVW WKDW WKH PHUH DFFXPXODWLRQ RI GDWDRUHYHQWKHRUJDQL]DWLRQDQGFDWDORJLQJRIGDWDIRUGLV FRYHU\SXUSRVHVLVQRWDUHJXODWHGVHUYLFH5DWKHULQWKLVFRQ WH[WWKH%XUHDXZRXOGLQWHUSUHWWKHUHIHUHQFHWR´HYLGHQFHµ DVUHIHUULQJWRWKHUHSRUWRIWKHFRPSXWHUIRUHQVLFH[DPLQHU QRWWKHGDWDLWVHOI7KHDFTXLVLWLRQRIWKHGDWDIRUHYLGHQWLDU\ SXUSRVHVSUHFHGHVWKHDQDO\VLVE\WKHFRPSXWHUIRUHQVLFH[ DPLQHULQVRIDUDVLWLVUDZDQGXQDQDO\]HG7KHPHUHFROOHF WLRQDQGRUJDQL]DWLRQRIWKHHYLGHQFHLQWRDIRUPWKDWFDQEH UHYLHZHGDQGDQDO\]HGE\RWKHUVLVQRWWKH´VHFXULQJRIHYL GHQFHµFRQWHPSODWHGE\WKHVWDWXWH7KLVDQDO\VLVLVFRQVLVWHQW ZLWKWKHODQJXDJHRI+%7H[/HJWK6HVVLRQZKLFK DPHQGV6HFWLRQ7KHDPHQGPHQWFRQÀUPVWKDWWKH ´LQIRUPDWLRQµUHIHUUHGWRLQWKHVWDWXWH´LQFOXGHVLQIRUPDWLRQ REWDLQHGRUIXUQLVKHGWKURXJKWKHUHYLHZDQGDQDO\VLVRIDQG WKHLQYHVWLJDWLRQLQWRWKHFRQWHQWRIFRPSXWHUEDVHGGDWDQRW DYDLODEOHWRWKHSXEOLFµ,WPD\ZHOOEHWKDWWKHKDUGZDUHRQ ZKLFKWKHGDWDH[LVWVLVLWVHOIWKHSURGXFWRIDQLQYHVWLJDWLRQ EXWWKDWLVDVHSDUDWHTXHVWLRQ5HY 7KHÀ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·VRSLQLRQLV EDVHG XSRQ DVVXPSWLRQV ZLWKRXW D GLUHFW H[DPLQDWLRQ RI WKHHYLGHQFHLWVHOIZKLFKLVZK\LWLVLPSRUWDQWWRFLWHWKH DXWKRULW\IRURQH·VSURSRVLWLRQ,QWKHFRQWH[WZLWKLQZKLFK KH ZULWHV WKH H[SHUW ZLOO DOPRVW LQHYLWDEO\ IDOO XQGHU WKH VWDWXWHUHTXLULQJKLPRUKHUWREHOLFHQVHGDVDSULYDWHLQYHV WLJDWRU³EXWQRWQHFHVVDULO\DOZD\V '*0\FRPPHQWVLQWKHDUWLFOHDUHQRWVROHO\EDVHGRQP\ LQWHUSUHWDWLRQRIWKHVWDWXWH2XUFRPSDQ\LQFOXGLQJRXUFRU SRUDWHFRXQVHOKDVEHHQLQGLVFXVVLRQZLWKWKH36%IRU\HDUV RYHUDPELJXLW\LQWKHROGODZ7KH36%EHOLHYHGFRPSXWHUIR UHQVLFV UHTXLUHG OLFHQVXUH XQGHU WKH ROG ODZ ZKLFK GLG QRW FRQWDLQ WKH ODQJXDJH UHJDUGLQJ ´FRPSXWHU EDVHG GDWD QRW DYDLODEOH WR WKH SXEOLFµ³ZH DQG VHYHUDO RWKHU FRPSDQLHV DUJXHGLWGLGQRW7KDWDPELJXLW\LVZKDWSURPSWHGWKH36% WRKDYHWKH/HJLVODWXUHDGGUHVVWKHQHHGWRFODULI\WKHVWDWXWH , KDYH SHUVRQDOO\ KDG FRQYHUVDWLRQV ZLWK 36% SHUVRQQHO LQ FOXGLQJWKHLUOHDGFRXQVHO0U6WHYH0RQLQJHUUHJDUGLQJWKLV LVVXH7KHLUERWWRPOLQHDQGWKHEDVLVIRUP\FRPPHQWLQWKH DUWLFOHLVWKDWDQ\RQHZKRDQDO\]HV´FRPSXWHUEDVHGGDWDQRW DYDLODEOHWRWKHSXEOLFµPXVWEHOLFHQVHGDVDSULYDWHLQYHVWLJD WLRQVFRPSDQ\,GRDJUHHZLWK0U'HHJHDUWKDWVLPSO\UHQ GHULQJDQRSLQLRQRIVRPHRQHHOVH·VZRUNZLWKRXWDQ\DFWXDO H[DPLQDWLRQRIWKHGDWDZRXOGOLNHO\QRWUHTXLUHOLFHQVXUH -':LWKUHVSHFWWRWKH5XOHFLWHGLQVXSSRUWRI0U*DOODQW·V VWDWHPHQWWKDWDZULWWHQUHTXHVWLVUHTXLUHGRIDQH[SHUWIRUDUH SRUWWRLVVXH6HFWLRQZRUNVWKHRWKHUZD\DURXQGSURYLG LQJWKDWZKHQDZULWWHQUHSRUWLVUHTXHVWHGLQZULWLQJDOLFHQVHG SULYDWH LQYHVWLJDWLQJ FRPSDQ\ PXVW SURYLGH D ZULWWHQ UHSRUW ZLWKLQVHYHQGD\VRIUHFHLYLQJWKDWUHTXHVW,WGRHVQRWUHTXLUH WKDWDZULWWHQUHTXHVWEHPDGHRIDQH[SHUWIRUDUHSRUWZULWWHQ RURWKHUZLVHWRLVVXH$VDPDWWHURIIDFWWKHUHDUHPDQ\WLPHV DUHTXHVWLQJODZ\HUGRHVQRWZLVKWRPDNHDZULWWHQUHTXHVWIRU YHU\VRXQGUHDVRQVDQGRIWHQZDQWVQRZULWWHQUHSRUWHLWKHU '*:KLOHWKH5XOHGRHVQRWVSHFLÀFDOO\VWDWHWKHUHLVDUHTXLUH PHQWIRUDZULWWHQUHTXHVWIRUDUHSRUW,LQWHUSUHWERWKSDUDJUDSKV WRLPSO\LW7KHÀUVWSDUDJUDSKVWDWHVWKHFOLHQWLVHQWLWOHGWRDZULW WHQUHSRUWDQGWKHVHFRQGUHTXLUHVWKHH[SHUWWRSURYLGHRQHZLWK LQVHYHQGD\VRIDZULWWHQUHTXHVW$VVWDWHGLQP\DUWLFOHZKHWKHU RUQRW\RXZDQW\RXUH[SHUWWRLVVXHDZULWWHQUHSRUW´LVDGHFLVLRQ WKDWGHSHQGVRQWKHIDFWVRIWKHFDVHDQGWKHH[SHUW·VÀQGLQJVµ -',VWDQGE\P\HDUOLHUFRPPHQWVDQGVXJJHVWLRQVDV,FRQWLQXH WREHOLHYHWKDWVXSSRUWLQJDXWKRULW\LVLPSRUWDQWZKHQZULWLQJIRUD OHJDODXGLHQFH7KHIDFWWKDWDOD\SHUVRQLVWKHDXWKRUGRHVQRWGL PLQLVKWKLVQHHG,QGHHGEHFDXVHOD\SHUVRQVIUHTXHQWO\UHDGDQG LQWHUSUHWVWDWXWHVUXOHVDQGGHFLVLRQVZLWKRXWDODZ\HU·VWUDLQLQJ³ ZKLFKLVQRWLQWHQGHGDVDFULWLFLVPRIWKDWH[SHUW·VRZQÀHOGVRI H[SHUWLVH³WKHFLWDWLRQVDUHMXVWDVLPSRUWDQWLIQRWPRUHVR ,I WKH UHDGHU ZLVKHV WR FRQWLQXH WKLV FRQYHUVD WLRQZLWKHLWKHURUERWKRIWKHVHJHQWOHPHQ\RX PD\HPDLO-LP'HHJHDUDWMLP#GHHJHDUODZFRP DQG'DYLG*DOODQWDWGJDOODQW#HIHQVHFRP 3RVWVFULSW 7KH IRUHJRLQJ SUHVHQWDWLRQ RI WKH H[FKDQJH EHWZHHQ 0U'HHJHDUDQG0U*DOODQWZDVHGLWHGIRUSXEOLFDWLRQE\-XGJH %DUEDUD +DQVRQ 1HOOHUPRH (GLWRU LQ &KLHI RI 6DQ $QWRQLR /DZ\HU$IWHUEHLQJJLYHQDQRSSRUWXQLW\WRUHYLHZWKHHGLWHGYHU VLRQ-LP'HHJHDUVHQWWKHIROORZLQJHPDLOWR-XGJH1HOOHUPRH <RXU+RQRU <RXKDYHGRQHPHPRUHMXVWLFHWKDQ,GHVHUYH<RXUSUHVHQWD WLRQ LV ERWK IDLU DQG DFFXUDWH 7KDQN \RX DJDLQ IRU WDNLQJ \RXU WLPHZLWKWKLVIUHTXHQWO\WKDQNOHVV,DPVXUHEXWLPSRUWDQWWDVN , DOVR DSSUHFLDWH 0U *DOODQW·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·V VXPPDULHV RI VLJQLÀ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·V PRWLRQ IRU VXPPDU\ MXGJPHQWRQ$'$DQG)0/$FODLPV JUDQWHGDQGÀQDOMXGJPHQWHQWHUHGLQ GHIHQGDQW·V IDYRU 3ODLQWLII QHYHU LQ YRNHGWKHSURWHFWLRQVDIIRUGHGXQGHU WKH)0/$3ODLQWLIIZDVQRW´UHJDUG HGDVµGLVDEOHGDQGSODLQWLII·VWUHDW DEOHFDQFHUZDVDWHPSRUDU\PHGLFDO FRQGLWLRQUDWKHUWKDQDSHUPDQHQWRU ORQJ WHUP LPSDLUPHQW WKDW VXEVWDQ WLDOO\OLPLWHGPDMRUOLIHDFWLYLWLHV 6WXGHQW/RDQ 86Y+ROOLV6$&$111RZDN 6HSW 2UGHU JUDQWLQJ PRWLRQ WR GLVPLVV FRXQWHUFODLPVLQVXLWEURXJKWE\86 RQ VWXGHQW ORDQ ZKHUH FRXUW KHOG WKDW JRYHUQPHQW KDG QRW ZDLYHG VRYHUHLJQLPPXQLW\ZLWKUHVSHFWWR WKHFODLPVSUHVHQWHGLQWKHFRXQWHU FODLP'HIHQGDQWIDLOHGWRSUHVHQWDQ DGPLQLVWUDWLYHFODLPXQGHUWKH)HG HUDO7RUW&ODLPV$FWDQGGHIHQGDQW·V '73$FODLPGLVPLVVHGIRUIDLOXUHWR VWDWHDFODLPZLWKFRXUWKROGLQJWKDW WKH GHIHQGDQW ZDV QRW D FRQVXPHU ZLWKLQWKHPHDQLQJRIWKHVWDWXWH 6FKHGXOH 5LFKDUGVRQY6W3KLOOLSV&ROOHJH6$ &$111RZDN2FW 2UGHUGHQ\LQJIRUIDLOXUHWRVKRZ JRRG FDXVH RU H[FXVDEOH QHJOHFW UHTXHVWIRUH[WHQVLRQRIGHDGOLQHV ÀOHGDIWHUH[SLUDWLRQRIGHDGOLQHV )5&LY3E%DQGE 9HQXH PDWWHU MXULVGLFWLRQ EHFDXVH WKHUH %UR7HFK&RUSY3XULW\:DWHU&R6$ ZDV QR LPSURSHU MRLQGHU RI WKH &$;55RGULJXH]6HSW QRQGLYHUVH7H[DVGHIHQGDQW &RXUW GHQLHG PRWLRQ WR GLVPLVV IRU LPSURSHU YHQXH DQG WR VWD\ &LYLO5LJKWV SHQGLQJ UHVROXWLRQ RI VWDWH FRXUW :HEEY&LW\RI6DQ$QWRQLR6$&$ DFWLRQSHQGLQJLQ$ODEDPDZKHUH 2/**DUFLD6HSW FRXUW IRXQG WKDW GHIHQGDQW UH &RXUWJUDQWHGGHIHQGDQW·VPRWLRQIRU VLGHVLQWKLVGLVWULFWDQGWKDW&ROR VXPPDU\MXGJPHQWRQFDXVHRIDFWLRQ UDGR5LYHUY86DQDO\VLVFRQWUROV IRU H[FHVVLYH XVH RI IRUFH XQGHU GHWHUPLQDWLRQRIVWD\TXHVWLRQ 86&7KHUHZDVQRHYLGHQFH RI D FXVWRP RU SROLF\ RI IDLOLQJ WR 6XPPDU\-XGJPHQW WUDLQRIÀFHUVRUIDLOLQJWRLQYHVWLJDWH :LOOLDPVY+LQNOH6$&$11 UHSRUWV RI H[FHVVLYH IRUFH LQ WKH 6DQ 1RZDN6HSW $QWRQLR3DUN3ROLFH'HSDUWPHQW 2UGHU GHQ\LQJ LQ SDUW VXPPDU\ MXGJPHQW LQ SULVRQHU FLYLO ULJKWV 7H[DV7RUW&ODLPV$FW FDVHZKHUHSODLQWLIIFODLPHGYLGHR 5RJHUV Y %RQQHWW 6$&$ ;5 WDSHVRIXVHRIIRUFHLQFLGHQWH[LVWHG 5RGULJXH]2FW DQGQHLWKHUWKHWDSHVQRUWKHPHGL 2Q PRWLRQ IRU UHFRQVLGHUDWLRQ FDOUHFRUGVZHUHVXEPLWWHGZLWKWKH FRXUW FRQFOXGHG WKDW SODLQWLII·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ÀUPHGUXOLQJRIWKH6HFUHWDU\ JUDQWHG ZKHUH GHIHQGDQW HVWDE RIWKH86'HSDUWPHQWRI+HDOWKDQG OLVKHGOHJLWLPDWHQRQGLVFULPLQDWR +XPDQ 6HUYLFHV DQG GLVPLVVHG WKH U\UHDVRQIRUSODLQWLII·VWHUPLQDWLRQ PHGLFDO SURYLGHU·V DGPLQLVWUDWLYH ZKHUH WKH FRQGXFW SODLQWLII FRP DSSHDO IRU 0HGLFDUH UHLPEXUVHPHQW SODLQHGRIZDVQRWVHYHUHRUSK\VL DIWHUWKHSURYLGHUIDLOHGWRWLPHO\ÀOH FDOO\WKUHDWHQLQJDQGWKHUHZDVQR D ÀQDO SRVLWLRQ SDSHU ZLWK WKH 3UR SURRI WKDW WKH FRQGXFW XQUHDVRQ YLGHU5HLPEXUVHPHQW5HYLHZ%RDUG DEO\LQWHUIHUHGZLWKSODLQWLII·VZRUN SHUIRUPDQFH RU WKDW WKH KDUDVVLQJ 5HPRYDO HYHQWVZHUHEDVHGRQUDFHRUDJH &DUUY&96'UXJ6WRUHV6$&$ )%%LHU\2FW 'HDWK3HQDOW\ :KHUHLWZDVQRWIDFLDOO\DSSDUHQW 6HOOVY4XDUWHUPDQ6$&$*DU RQWKHSHWLWLRQDWWKHWLPHRIUHPRY FLD2FW DO WKDW WKH DPRXQW LQ FRQWURYHUV\ &RXQVHO DQG FRXUWDSSRLQWHG LQ H[FHHGHGSODLQWLII·VPRWLRQ YHVWLJDWRU IRU IHGHUDO KDEHDV SH WRUHPDQGWRVWDWHFRXUWJUDQWHG WLWLRQHU DVVHUWLQJ D FODLP WKDW KH LVPHQWDOO\UHWDUGHGDQGWKHUHE\ 5HPRYDO,PSURSHU-RLQGHU LPPXQHIURPH[HFXWLRQXQGHU$W 6WRQH Y 1LUYDQD $SDUWPHQWV //& 6$ NLQVY9LUJLQLDKDYHDGXW\WRFRQ &$)%%LHU\2FW VXOW ZLWK D PHQWDO KHDOWK H[SHUW 3ODLQWLII·V PRWLRQ WR UHPDQG %()25( HPEDUNLQJ RQ D ZLGH JUDQWHG RQ SURFHGXUDO JURXQGV UDQJLQJ H[SHQVLYH LQYHVWLJDWLRQ EHFDXVHGHIHQGDQWVIDLOHGWRWLPH LQWR SHWLWLRQHU·V EDFNJURXQG DQG O\ UHPRYH DQG IRU ODFN RI VXEMHFW PHQWDOKHDOWKKLVWRU\ .ERYEV]*IFVYEV] 7ER%RXSRMS0E[]IV %DQNUXSWF\3URFHGXUH ,Q5H7H[DV3LJ6WDQGV,QF6$&$ 2/**DUFLD$XJ %DQNUXSWF\ DSSHDO IURP DQ RUGHU RQ PRWLRQ IRU UHFRQVLGHUDWLRQ RI GLVWULEXWLRQRISURFHHGVRIVDOH'LV WULFWFRXUWUHYHUVHGDQGUHPDQGHG KROGLQJWKDWWKHEDQNUXSWF\FRXUW·V UXOLQJUHJDUGLQJWKHYDOLGLW\SULRU LW\DQGH[WHQWRIOLHQVVKRXOGKDYH EHHQGHWHUPLQHGE\DGYHUVDU\SUR FHHGLQJUDWKHUWKDQE\PRWLRQ 1DQF\ 6WHLQ 1RZDN LV D 8QLWHG6WDWHV0DJLVWUDWH -XGJHIRUWKH:HVWHUQ'LV WULFWRI7H[DV6LQFH -XGJH1RZDNKDVVXPPD UL]HGVLJQLÀFDQWGHFLVLRQV RI WKH ORFDO MXGLFLDU\ IRU WKH6XESRHQDDQGWKH6DQ $QWRQLR/DZ\HU 1LVVD 'XQQ RI WKH /DZ 2IÀFHVRI1LVVD0'XQQ 3& VSHFLDOL]HV DQG LV ERDUGFHUWLÀHGLQWKHDUHD RIFLYLODSSHOODWHODZ (WKLFV)ROOLHV GSRXMRYIHJVSQTEKI :LWKD1HZ<RUNFRPSRVHU&XVHQ EDU\ KDV DOVR ZULWWHQ D SOD\ D VFUHHQ SOD\ DQG PXVLFDO³FDOOHG /DPHQW WKH 0XVLFDO³ZKLFK LV DYDLODEOH RQ ZZZDPD]RQFRP´,ZURWHWKHPHO RGLHVDQGO\ULFVDQGKHDUUDQJHGLW, ZURWHLWDVNLQGRIDUHDOL]DWLRQRIHY HU\WKLQJ DQG WKDW , QHHGHG WR KDYH PXVLFEDFNLQP\OLIHµKHVDLG &XVHQEDU\ VDLG KH ZDV DPD]HG DQGLQVSLUHGE\WKHFUHDWLYLW\EURXJKW RXWLQRWKHUVZKRZHUHSDUWRI'HFHQW·V 'HFHQW´,WLVUHDOO\JUHDWIRUPHWREH DZKROHSHUVRQZLWKDOORIWKHWKLQJV, HQMR\EXWDORWRIWKHSHRSOHLQWKHFDVW IHOWWKHVDPHZD\µKHVDLG´6RPHRI WKHMXGJHVVDLGWKH\ZDQWHGWRÀQLVK DERRNRUJHWEDFNWRSDLQWLQJ:HDUH XVHGWRVHHLQJMXGJHVVRIRUPDOVRLW FDQEHVXUSULVLQJWRVHHWKHPVLQJLQJ DQGGDQFLQJ%XWWKH\ZHUHZRQGHUIXO DQGORYHGWKHLGHDRIDQHWKLFDOPHV VDJHWRGRWKHULJKWWKLQJµ 'HFHQW·V 'HFHQW ZLOO EH SHU IRUPHG LQ D PRGLÀHG YHUVLRQ WZR PRUH WLPHV³IRU WKH 7H[DV %DU )RXQ GDWLRQDQGDJDLQIRUWKH86/DZ1HW ZRUN LQ 6RXWK &DUROLQD &XVHQEDU\ DGGHGWKDWWKHUHKDVEHHQLQWHUHVWIURP RWKHUSDUWVRIWKHFRXQWU\DVZHOO ,QWKHHQG&XVHQEDU\UHPDLQVKXP EOHDERXWKLVUROHLQWKHQRZDFFODLPHG SURGXFWLRQ DQG VDLG KH GRHV LW IRU WKH FUHDWLYH SURFHVV QRW WKH DFFRODGHV +H VDLGZKDWKHUHDOO\ZDQWVWRWDONDERXW DUH KLV SODQV IRU QH[W \HDU ´, QHHG WR VWDUWÀOOLQJWKDWSDUWRIP\EUDLQDJDLQ 6R LQ ZH ZLOO GR D FDEDUHWW\SH WKLQJLQWKUHHDFWVDQGLWZLOOEHJUHDWµ KHVDLGZLWKJOHH:LWKWKDW&XVHQEDU\ GHWDLOHG DQG RXWOLQHG KLV SODQV IRU KLV QH[WJUHDWHWKLFVSURGXFWLRQ $PDQGD 5HLPKHUU %XFN HUW D IRUPHU MRXUQDOLVW ZLWKWKH6DQ$QWRQLR([ SUHVV1HZV LV WKH &RRU GLQDWRU RI 6$%$·V &RP PXQLW\-XVWLFH3URJUDP 999T'g('05'T%1/ g+5%18'4;X 14'05+%5X'%74+6;X4#+0+0) 1016'06'46*'%1746411/9+6*1766*'+0&7564;.'#&'4 /2.1;''+5%10&7%6 ':7#.#4#55/'06f+5%4+/+0#6+10 '%74+6+'5+6+)#6+10 ..;2'51(+8+.+6+)#6+10 4+/+0#.n*+6'1..#4'('05' +814%'5 *'(61(06'..'%67#.412'46; 1064#%6+5276'5 ':#5((+%' 19'4+('7+.&+0) GENT6T#4;s56T 7+6'EFHN #00610+1XKLFNI FENTFKETFMMM 14214#6'((+%' KJKNT*'56'46T 7+6'EGN '06'00+#.XLNEEF KFNTIIHTNLMN +4)+0+#((+%' EFNT6T5#2*6T .':#0&4+#XFFGEH KNGTFMMTNFHH 0+6'&+0)&1/((+%' xHHjNkLHIGLLHJMK 'g('05'X6*''g('05'.1)1X#0&tg+5%18'4;X 14'05+%5X'%74+6;X4#+0+0)t #4'4')+56'4'&64#&'/#4-51('g('05'X0%Tj%kFNNLX'g('05'X0%14214#6'&T..4+)*654'5'48'&T .ERYEV]*IFVYEV] 7ER%RXSRMS0E[]IV 1ROOMXGLFLDOSURÀOH 4YFPMWLIHF] GSRXMRYIHJVSQTEKI 2EXMSR;MHI4YFPMWLMRK7% +VIEX6MHKI7ER%RXSRMS8< 4YFPMWLIV6SR0,SKYI VPLSKYI$WEX\VVGSQ *E\ *SVMRJSVQEXMSRSREHZIVXMWMRKMR XLI7ER%RXSRMS0E[]IVQEKE^MRI 'EPP 8LI 7ER %RXSRMS 0E[]IV MW TYF PMWLIH FMQSRXLP] F] 2EXMSR[MHI 4YFPMWLMRK 7% SR FILEPJ SJ XLI 7ER%RXSRMS&EV%WWSGMEXMSR6I TVSHYGXMSRMRER]QERRIVSJER] QEXIVMEP MR [LSPI SV MR TEVX MW TVSLMFMXIH [MXLSYX XLI I\TVIWW [VMXXIR GSRWIRX SJ XLI )HMXSV MR 'LMIJ 1EXIVMEP GSRXEMRIH LIVIMR HSIW RSX RIGIWWEVMP] VIÂIGX XLI STMRMSR SJ XLI 4YFPMWLIV SV MXW WXEJJ7ER%RXSRMS0E[]IVXLI7ER %RXSRMS &EV %WWSGEXMSR ERH XLI 4YFPMWLIV VIWIVZI XLI VMKLX XS IHMX EPP QEXIVMEPW ERH EWWYQI RS VIWTSRWMFMPMX]JSVEGGYVEG]IVVSVW SVSQMWWMSRW7ER%RXSRMS0E[]IV ERH XLI 4YFPMWLIV HS RSX ORS[ MRKP] EGGITX JEPWI SV QMWPIEHMRK EHZIVXMWIQIRXW JEPWI SV QMWPIEH MRKIHMXSVMEPWERHHSRSXEWWYQI ER] VIWTSRWMFMPMX] WLSYPH WYGL IHMXSVMEPWSVEHZIVXMWMRKETTIEV LQJ SDUHQWDO ULJKWVµ 1ROO ODPHQWV ´LV OLNHWKHGHDWKSHQDOW\LQIDPLO\ODZµ +RZHYHU1ROOVWUHVVHVWKDWWKHGLI ÀFXOWLHV RI KLV MRE SDOH LQ FRPSDULVRQ WR WKH UHZDUGV WKDW FRPH ZLWK KHOS LQJ SHRSOH ZLWK WKHLU OHJDO SUREOHPV DQG HQVXULQJ WKDW MXVWLFH LV VHUYHG ,Q IDFWKHVD\VKHZRXOGEHKDUGSUHVVHG WR WKLQN RI VRPHWKLQJ WKDW PLJKW SXOO KLP DZD\ IURP KLV FXUUHQW SRVLWLRQ ´0D\EHDIXOOWLPHWHDFKLQJSRVLWLRQµ KHVXUPLVHV´EXWWKDW·VDERXWLW,·PUH DOO\HQMR\LQJZKDW,·PGRLQJµ 3HRSOHZKRNQRZ-XGJH1ROODWWUL EXWH KLV VXFFHVV EH\RQG KLV H[SHUWLVH LQWKHDUHDVRIIDPLO\ODZDQGUHDOHV WDWHODZWRDIHZVLPSOHWKLQJVQDPHO\ KDUGZRUNSHUVLVWHQFHDQGVHUYLFHWR WKH FRPPXQLW\$V IRU 1ROO KH VHHPV WR DJUHH ,Q DQ\RQH·V FDUHHU WKHUH DUH D ORW RI XSV DQG GRZQV KH VD\V ´EXW LI\RXUHDOO\ZDQWWREHVXFFHVVIXODQG KHOS RWKHUV DORQJ WKH ZD\ WKHUH DUH WLPHVZKHQ\RX·YHMXVWJRWWREHZLOO LQJWRJLYHLWDQRWKHUVKRWµ 6XFK ZDV WKH FDVH ZLWK KLV IDWKHU 1ROOOLNHVWRWHOOWKHVWRU\RIZKHQKLV 'DG UHFHLYHG D FDOO IURP D IULHQG ODWH RQH HYHQLQJ DIWHU D ORQJ GD\·V ZRUN 7KHIULHQGKDGEHHQKDUYHVWLQJPDL]H &DOHE5DFNOH\LVDQDWWRU QH\LQWKHEXVLQHVVOLWLJD WLRQVHFWLRQRI&R[6PLWK 0DWWKHZV ,QFRUSRUDWHG +H LV D JUDGXDWH RI 6W 0DU\·V 8QLYHUVLW\ 6FKRRORI/DZ /HJDO0HGLD3URGXFWLRQDQG3KRWRJUDSK\ Ƚ#$#'(#"'#&"'#&$+ Ƚ$+"&#",(#" Ƚ(#"(( !"(&#)&' Ƚ ("-"&#""& Ƚ#&$+#(#&$+ Ƚ #"*&'#" Ƚ#)$ (#" Ƚ) (!&###(' Ƚ#)&( + Ƚ '(*'&"(' Ƚ %)$!"("( Ƚ* #&&* %HZIVXMWIVW¸-RHI\ %WWRSJ%XX]1IHMEXSVW )*IRWI-RG 0E7GEPE6IWXEYVERX 0MRHIQERR4VSHYGXMSRW ,YKL1G;MPPMEQW 0E[3JÁGISJ.IJJ7QEPP 8S[IV0MJI&YMPHMRK ;IWXSR'IRXVI WKDWGD\ZKHQKLVFRPELQHWUDFWRUKLW WKHVWXPSRIDQROGWHOHSKRQHSROHWKDW ZDVKLGGHQLQWKHPDL]H´7KHJX\ZDV GHVSHUDWHEHFDXVHLWMXVWJXWWHGWKHLQ VLGHVRIKLVFRPELQHµ1ROOUHFDOOV´6R 'DGµZKRFRXOGRQO\VHHRXWRIRQHH\H GXH WR D ZRXQG KH VXIIHUHG LQ :RUOG :DU ,, ´JRW XV ER\V WRJHWKHU DQG ZH VSHQWDOOQLJKWZHOGLQJWKDWWKLQJEDFN WRJHWKHUµ 6RPHKRZ 1ROO UHFDOOV KLV 'DGZDVDEOHWRJHWWKHFRPELQHZRUN LQJ DJDLQ E\ PRUQLQJ DQG WKH IULHQG JRW KLV FURS LQ 7KHQ LW ZDV RII DJDLQ WR DQRWKHU GD\·V ZRUN ´, GRQ·W NQRZ KRZ KH GLG LW DOOµ 1ROO VD\V ´EXW LW VXUHPDGHDQLPSUHVVLRQRQPHµ $QG WKH LPSUHVVLRQ DSSDUHQWO\ VWXFN DV WKH YDOXHV KLV IDWKHU OLYHG E\³KDUG ZRUN D UHIXVDO WR TXLW DQG VHUYLFH WR RWKHUV³KDYH FRQVLVWHQWO\ PDUNHG1ROO·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
Similar documents
F eb ru ary 2015 New sletter Issue 22
WREHIHDWXUHGLQERRNV7KH\ZLOORQO\EHRQHRIPDQ\LQHDFKERRNEXW,WHOOHYHU\RQHZKRP,PHHW,ZDQWWKHP WRNQRZKRZLPSRUWDQWUHVFXHGRJVDUHKRZWKHLUVXIIHULQJDQGDELOLW\WRUHQHZW...
More informationpv direct-driven inverter gmv technical sales guide
it is best photovoltaic GMV product also us company strongly detrude newly resource product.use
More informationSummer 2010 - Parkinson Society Canada
QLQJGRZQWKHLU YHUJHQFHLQVXIILFLHQF\WKH 1RUPDQ*HVFKZLQGDZDUGIRU FKHHNVDUHWROGWKH\ UHVHDUFKLQEHKDYLRXUDOQHXURO H\HVGRQRWFURVVHQRXJK KDYHGU\H\HV9L EHFDXVHWKHWZRH\HVDU...
More informationFall/Winter 2015 About Babies and Children newslette
SURIHVVLRQDOVLQRXUORFDO(,V\VWHP 7KHPHHWLQJVKHOGDWWKH:\RPLQJ 9DOOH\&KLOGUHQ·V$VVRFLDWLRQ)RUW\)RUW DQGWKH:\RPLQJ&RXQW\)DPLO\5H VRXUFH&HQWHU7XQNKDQQRFNSURYLGHG LQGLYLGXDOV...
More informationBison Times
SDUHQWVFRPLQJµ DGYLVHV JDUGLQJWKHLU FKLOG VDFDGHP 'LDQH /HYLQ LFQHHGV 3K'SURIHVVRURIHGXFD *HDU\0LGGOHVFKRRO WLRQDW:KHHORFN&ROOHJH +LJK6FKRROKDGDERXW RIWKH...
More information