Issuu

/HWWHU IURP WKH 3UHVLGHQW

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

JLRQDO *RYHUQPHQWV LQGLFDWLQJ WKDW WKH\ FRXOG UHTXHVW VWDQGDUGL]DWLRQ DQG DSSURYDO RI WKHLU ODERUDWRULHV 7ZR KDYH DOUHDG\ GRQH VRÂ²VSHFLILFDOO\ 0DGULG DQG $QGD OXVLDÂ²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

(O &DEDOOR (VSDxRO

(/ &$%$//2 (63$f2/ /D 5HYLVWD GHO 3XUD 5D]D (VSDxRO GHVGH

/(77(5 )520 7+( 35(6,'(17 /(77(56 72 7+( (',725 1(:6 ,17(59,(:

summary

0 '2/25(6 $32/2 35(6,'(17 2) 7+( 1$7,21$/ (48,1( 7+(5$3< )('(5$7,21 ,QPDFXODGD 5RGUtJXH]

$1&&( 5(32576 35( +,6725<

7+( %$&. 2) 7+( 63$1,6+ +256( ,6 127 $ %5((' &+$5$&7(5,67,& ,, -XDQ &DUORV $OWDPLUDQR

'5(66$*(

7+( &203(7,7,21 ,9

-RVp $ )GH] /LQHURV

$1&&( *5$176 '5,9,1*

7+( /$1'$8 -RVp -XDQ 0RUDOHV \ -RVp 9DUR

(/ &$%$//2 (63$f2/ 23,1,21 )2580

7+( 63$1,6+ +256( 23,1,21 )2580 5(:$5'6 -8$1 3('52 '20(&4 62/Ì6 :,7+ *2/' 0('$/

7+( )2580

(48(675,$1 75$'(6

7+( ',675,%87,21 2) 7+( /,9(672&. ,1 +(5'6 (PLOLR &DUR //8Ì6 *$5&Ì$ %2),// (48,1( 36<&+2 7+(5$3,67 0DUtD 6iH] GH 3URSLRV

'$,/< 9(7(5,1$5< 35$&7,&( %5((',1* (0(5*(1&,(6 6DQGUD 4XLQWHUR )HOLFHV

$662&,$7,216 ,17(51$7,21$/ $662&,$7,216 7+( /,%5$5< &203(7,7,216 &$/(1'$5 /,67 2) $1&&( %5(('(56

(GLWHG E\ $VRFLDFLyQ 1DFLRQDO GH &ULD GRUHV GH &DEDOORV GH 3XUD 5D]D (VSDxROD $1&&(

&RUWLMR GH &XDUWR 9LHMR

6(9,//$ 7HOHSKRQH )D[ ZZZ DQFFH FRP (GLWRU LQ &KLHI -DYLHU &RQGH &HUUDWR (GLWRULDO &RPPLWWHH &RPLVLyQ GH &RPXQLFDFLyQ GH OD $1&&( (GLWRU ,QPDFXODGD 5RGUtJXH] SUHQVD#DQFFH FRP 3XEOLFLW\ $OHMDQGUR 6iQFKH] FRPHUFLDO#DQFFH FRP 3KRWRV %RE /DQJULVK 5DIDHO /HPRV &DUORV 1~xH] DQG 0DQXHO 9DVFR 'HVLJQ DQG 6HW XS (GLWRULDO 0DUDWDQLD ZZZ PDUDWDQLD HV PDUDWDQLD#PDUDWDQLD HV 7UDQVODWLRQV <UHYD $UREHG 6/ WUDGXFFLRQHV#\UHYDDUREHG FRP 3KRWR PHFKDQLFV DQG 3ULQWLQJ - GH +DUR $UWHV *UiILFDV 6 / ZZZ MGHKDUR FRP MGHKDUR#MGHKDUR FRP ,661 /HJDO 5HJLVWUDWLRQ &RGH 6( $OO ULJKWV UHVHUYHG 1R SDUW RI WKLV PDJD]LQH LQFOXGLQJ LWV FRQWHQWV WH[WV JUDSKLFV DQG SKRWR JUDSKV ZKHWKHU LQ (QJOLVK RU 6SDQLVK PD\ EH UHSURGXFHG E\ DQ\ PHDQV ZLWKRXW VSHFLILF ZULWWHQ SHUPLVVLRQ IURP WKH SXEOLVKHUV (O &DEDOOR (VSD xRO LV QRW UHVSRQVLEOH IRU WKH RSLQLRQV H[SUHVVHG E\ LWV FROODERUDWRUV LQ WKH DUWLFOHV SXEOLVKHG

&RYHU 3DJH

$1&&(

ZZZ DQFFH FRP

/HWWHUV WR WKH (GLWRU /HWWHU IURP -XGJH $UFDGLR 6HQLOORVD DERXW KLV UHMHFWLRQ E\ -RDTXtQ 9i]TXH] IURP 72851292 'HDU -DYLHU &RQGH , DP ZULWLQJ \RX DV WKH PD[LPXP DXWKRULW\ RI RXU %UHHGHU $VVRFLD WLRQ $1&&( DQG DV WKH PD[LPXP DXWKRULW\ RI WKH &RPPLWWHH RI -XGJ HV FRQVWLWXWHG IRU WKDW REMHFWLYH , ZDV VXUSULVHG DQG DVWRQLVKHG ZKHQ , UHFHLYHG DQG UHDG WKH Â³OLVW RI UHMHFWHG MXGJHV Â´ ZKHUH ZH DUH DOO QDPHG ,Q WKLV OLVW LQ WKH ER[ RI Â³SDUWLDO Â´ , KDYH D VFRUH RI WKXV SODFLQJ PH RQ WKH Â³VWDUWLQJ OLQH Â´ LQ RWKHU ZRUGV ZLWK PRUH WKDQ SRLQWV WRJHWKHU ZLWK WKUHH RWKHU MXGJHV ZKR MXGJH PRUH IUHTXHQWO\ WKDQ , HYHQ GR ,Q WKH OLJKW RI WKLV VXUSULVH , FDOOHG RXU JRRG IULHQG DQG $1&&( FROODERUDWRU -DYLHU %XHQGtD ZKR H[SODLQHG WKDW WKHVH UHMHFWLRQV DJDLQVW PH FDPH IURP D VR FDOOHG 0U -RDTXtQ 9D]TXH] ZKR LV VHHPV RUJDQL]HV PRUH WKDQ FRQIRUPD WLRQDO IXQFWLRQDO FRPSHWLWLRQV LQ $QGDOXVLD , XVH WKH ZRUGV VR FDOOHG DV , GRQÂ¶W HYHQ NQRZ KLP RU KLV ZLIH RU KLV FKLOGUHQ RU DQ\RQH LQ KLV IDP LO\ QRU KDYH , HYHU EHHQ WR DQ\ RI WKH PDQ\ FRPSHWLWLRQV KH RUJDQL] HV DQG WKHUHIRUH , IDLO WR XQGHUVWDQG ZK\ KH FDQ Â³FKDOOHQJHÂ´ PH /DVW \HDU , ZDV FDOOHG WR MXGJH D FRPSHWLWLRQ LQ 6DQO~FDU GH %DUUDP HGD ZKLFK ZDV FDQFHOOHG GXH WR WKH WRUUHQWLDO UDLQV LQ WKDW FDVH , VSRNH WR WKLV 0U -RDTXtQ 9D]TXH] RQ WKH SKRQH , UHSHDW WKDW , GRQÂ¶W NQRZ KLP QRU KDYH , HYHU VHHQ KLP +H GHOD\HG RU PRQWKV ZKHQ KH FDOOHG WR JLYH PH WKH QHZ FRPSHWLWLRQ GDWHV , LQIRUPHG -DYLHU %XHQGtD WKDW , FRXOG QRW DWWHQG WKH VDLG FRPSHWLWLRQ DQG 9LUJLOLR )HUQiQGH] GH OD 9HJD ZDV DSSRLQWHG DV VXEVWLWXWH ,Q FRQFOXVLRQ P\ GHDU -DYLHU LW ZRXOG EH JRRG WR VHQG WKH UHVXOWV RI WKH VDLG FKDOOHQJHV UHMHFWLRQV WR WKH FRPPLWWHH \RX KDYH DSSRLQWHG WR FKDQJH RU FRUUHFW WKH FKDOOHQJHV

SUHVHQWHG LQ WKH VDLG Â³UHMHFWLRQV Â´ ,Q P\ FDVH WKH UHMHFWLRQ LV WRWDOO\ LOORJ LFDO XQIRXQGHG DQG VHQVHOHVV $UFDGLR GH 6HQLOORVD

&KDOOHQJHV XQGHUWDNHQ E\ WKH 2UJDQL]LQJ &RPPLWWHH 72851292 'HDU 3UHVLGHQW RI WKH )ROORZ XS &RPPLVVLRQ 7KH SXUSRVH RI WKLV OHWWHU LV WR VSH FLILFDOO\ LQIRUP \RX RI WKH VLWXDWLRQ FDXVHG DV D UHVXOW RI WKH FKDOOHQJ HV SUHVHQWHG E\ WKH 72851292 RUJDQL]LQJ FRPPLWWHH XQGHU WKH PDQDJHPHQW RI 0U -RDTXLQ YD]TXH] 9HOD VSHFLILFDOO\ LQ FRPSHWL WLRQV LQ DJDLQVW P\VHOI DQG P\ FDSDFLW\ DV D &RQIRUPDWLRQ DQG )XQFWLRQDO &RPSHWLWLRQ -XGJH $V SUHYLRXVO\ UHSRUWHG LQ OHWWHUV GDWHG 'HFHPEHU DQG 2F WREHU ZKLFK , VXEPLWWHG WR WKH &RQIRUPDWLRQ )ROORZ XS DQG &RPSHWLWLRQ &RQWURO &RPPLWWHH DV D UHVXOW RI WKH VHUYLFHV UHQGHUHG DW WKH &LXGDG GH $OFD,D /D 5H DO &RPSHWLWLRQ KHOG IURP 2FWREHU WR DQG (TXLEHQDOXS KHOG IURP -XO\ WR RI WKDW \HDU WR GDWH WKHUH LV VWLOO DQ RXWVWDQG LQJ GHEW LQ P\ IDYRU DPRXQWLQJ WR (LJKW +XQGUHG (XURV Â¼ ZKLFK GHVSLWH WKH HODSVHG WLPH DQG ZLWK QR MXVWLILDEOH FDXVH ZKDWVRHYHU WKH GHEW KDV QRW EHHQ GXO\ VHWWOHG )XUWKHUPRUH WKH DIRUHPHQWLRQHG GHEW LV VXSSRUWHG DQG MXVWLILHG E\ WKH IROORZLQJ 2Q -XO\ , UHFHLYHG D SURPLVVRU\ QRWH RQ KLV EDQN DF FRXQW LQ WKH DPRXQW RI Â¼ ZLWK D GXH GDWH RI -XO\ ZKLFK ZRXOG FRYHU P\ IHH IRU WKH VHUYLFHV UHQGHUHG DV D MXGJH DW WKH DIRUHPHQ WLRQHG FRPSHWLWLRQV DQG DOO WUDYHO H[SHQVHV 7KH VDLG SURPLVVRU\ QRWH DIWHU EHLQJ VXEPLWWHG WR WKH EDQN RQ WKUHH RFFDVLRQV DIWHU FRPSODLQLQJ ZLWK DQG DFFRUGLQJ WR KLV LQVWUXFWLRQV

FRXOG QRW EH SDLG GXH WR D ODFN RI IXQGV DFFRUGLQJ WR WKH EDQN 2Q 1RYHPEHU KH GHSRVLWHG Â¼ LQ FDVK LQWR P\ EDQN WR OLTXLGDWH SDUW RI WKH SD\PHQW RI WKH RXWVWDQG LQJ GHEW 7KLV VLWXDWLRQ KDV FDXVHG P\ OH JLWLPDWH DQG UHSHDWHG DWWHPSWV WR UHFRYHU WKH DPRXQW RZHG DV ZHOO DV WKH WZR OHWWHUV VHQW WR WKH DERYH PHQWLRQHG &RPPLWWHH 7KHVH IDFWV VHHP WR KDYH ERWKHUHG DQG KDYH QRW VXLWHG 0U 9i]TXH] 9HOD LQ KLV SRVLWLRQ DV WKH RUJDQL]HU RI FRQIRU PDWLRQDO IXQFWLRQDO FRPSHWLWLRQV DQG ZKLFK KDV SURYRNHG D PDVVLYH FKDOOHQJH DQG DV LW WKH FDVH RI RWKHU FROOHDJXHV LQ VLPLODU FLUFXPVWDQFHV ZLWKRXW DQ\ MXVWLILDEOH UHDVRQ &HUWDLQO\ IRU WKH DYHUDJH PRU WDO WKH DERYH H[SRVp PXVW UHVXOW LQ DVWRQLVKPHQW DQG GLVEHOLHI DQG DV D FRQVHTXHQFH GHILQH WKH WUXH GLPHQ VLRQV RI WKLV FKDUDFWHU DQG ZKDW WKH\ DSSHDU WR EH ZRUWK 3D\PHQW DQG FRPSO\LQJ ZLWK FRPPLWPHQWV ZHUH QRW LQYHQWHG IRU KLP QRU GR VXFK H[SUHVVLRQV ILJ XUH LQ KLV GLFWLRQDU\ +RZHYHU WR ODXJK DW WKH MXGJHV DQG DW ZKDWHY HU LV QHFHVVDU\ DQG WR IDYRU KLP LQ HYHU\WKLQJ LV SRVVLEOH WKURXJK WKH FRPSHWLWLRQV KH RUJDQL]HV DUH XQ GRXEWHGO\ DQG REYLRXVO\ ZLWKRXW DQ\ GHWULPHQW WR WKRVH HYHQWV WKDW DUH FDQFHOOHG ZKLFK DUH XVXDOO\ D IHZÂ²LW DOO PXVW EH QRUPDO IRU WKLV *HQWOHPDQ $QG LI WKLV MXGJH JLYHV PH SUREOHPV ZLWK FODLPV DERXW ZKDW , RZH KLP , &KDOOHQJH KLP DQG JHW ULG RI KLP DQG DQRWKHU ZLOO FRPH DORQJ DQG , ZLOO SD\ KLP LI , PDQ DJH WR SD\ KLP ZKHQ , IHHO OLNH LW Â« $QG KHUH LV WKH SDLQ DQG WKH JORU\ DQG RQ WR WKH QH[W WRSLF ,Q IDFW LW LV DOO VXUSULVLQJ WKDW WKH FKDOOHQJHV PDGH E\ RQH SHUVRQ LQ DQ DWWHPSW WR FRQWLQXH UHTXHVW LQJ WKH FRUUHVSRQGLQJ VHUYLFHV RI MXGJHV GLVUHJDUGLQJ WKH UHOHYDQW HPROXPHQWV HVWDEOLVKHG IRU SXU SRVHV FOHDUO\ VSXULRXV DUH DGPLWWHG ZLWKRXW IXUWKHU DGR DQG HVSHFLDOO\ ZLWKRXW WKH FRUUHVSRQGLQJ WUDQVIHU

(O &DEDOOR (VSDxRO

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i]TXH] 9HOD E\ WHOHSKRQH DQG WKURXJK KLV VHFUHWDU\ ZKLFK LQFOXGHG VHQGLQJ D ZULWWHQ PHVVDJH LQ DQ DWWHPSW WR DYRLG FRQIOLFWV , KDYH DFWHG GXH WR QRQ FRPSOLDQFH RI WKH &RPSHWLWLRQ 5XOHV DQG 5HJXODWLRQV RQ KLV SDUW WR VXEPLW DQG ILOH D 5HDVRQHG &RP SODLQW DQG 5HTXHVW IRU ,QLWLDWLRQ RI 6DQFWLRQLQJ 3URFHGXUH EHIRUH WKH

&RPSHWLWLRQ &RPPLVVLRQ DJDLQVW 0U -RDTXtQ 9i]TXH] 9HOD RUJD QL]HU RI WKH 7RXU QRYR FRPSHWLWLRQV FLUFXLW 7KHUHIRUH , UHTXHVW WKDW WKH SUR FHHGLQJV RI WKH UHIHUUHG WR LQFLGHQWV ZKLFK DUH RI LQWHUHVW WR PH EH SXE OLVKHG LQ DOO WKH GRFXPHQWDU\ PHGLD ZLWK ZKLFK RXU $VVRFLDWLRQ FRXQWV XSRQ ZHE PDJD]LQH HWF VR WKDW LW ZLOO EH SXEOLF NQRZOHGJH IRU DOO WKH %UHHGHUV DQG UHODWHG LQGXVWULHV DV VRFLDWHG RU QRW WR $1&&( )UDQFLVFR +HUQiQGH] 0RUHQR

2QFH DJDLQ GLVFRYHU WKH SDWKZD\ 35( +RUVHV DUH VHQVLWLYH DQL PDOV YHU\ QREOH HDV\ WR WUDLQ DQG ULGH WKH\ DUH H[WUHPHO\ OXFLG LQ DOO WKHLU SDFHV VLQFH WKH\ SHUIRUP WKHVH ZLWK H[FHOOHQFH DQG KDUPRQ\ 7KLV EHKDYLRU FRQWULEXWHV WR WKHLU VSHF WDFXODU HOHYDWLRQV DQG OHQJWKHQLQJ 7R ULGH D 35( KRUVH FROOHFWLQJ DOO WKH PRYHPHQWV LV QRW DW DOO HDV\ MXVW DV LW LV QRW HDV\ WR UHLQ EDFN DQG PDNH WXUQV LQ SHUIHFW EDODQFH DV WKH Â³VFKRROÂ´ RI WKH ILHOG UHTXLUHV 7KLV LV WKH VFKRRO WKDW GHYHO RSV D KRUVHÂ¶V WDOHQW HGXFDWLQJ WKHLU QDWXUDO DELOLWLHV LQ WHUPV RI JDOODQWU\ DQG PRYHPHQWV LW VWUHQJWKHQV WKHLU OLPEV PDNLQJ WKHP IOH[LEOH DQG HODVWLF LQ WKHLU OLJDPHQWV WHQGRQV DQG MRLQWV 7KHLU DELOLW\ DQG NQRZOHGJH DUH LQFUHDVHG WKHLU LQWHOOHFW LV DZDN

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

'LDORJXH EULQJV XV FORVHU WR RQH DQRWKHU DQG HQULFKHV XV ([SHULHQFHV VWRULHV FRQVXOWDWLRQV DQG RSLQLRQV IURP DOO ZKR VXSSRUW WKH 3XUHEUHG 6SDQLVK +RUVH DUH JRRG IRU XV DQG DUH LQWHUHVWLQJ WR HYHU\RQH 7KH PDJD]LQH Â³(O &DEDOOR (VSDxROÂ´ WUXVWV WKDW WKLV VHFWLRQ Â³/HWWHUV WR WKH (GLWRUÂ´ ZLOO EH DQ LQWHUHVWLQJ DQG XVHIXO PHDQV RI FRPPXQLFDWLRQ ZLWK LWV UHDGHUV 7KH OHWWHUV WR WKLV VHFWLRQ PXVW EH VLJQHG ZLWK QDPH VXUQDPH V ,' DQG WHOHSKRQH QXPEHU DQG PXVW QRW H[FHHG ZRUGV 6HQG \RXU OHWWHUV IRU SXEOLFDWLRQ WR Â‡ 3RVWDO DGGUHVV 5HYLVWD Â³(O &DEDOOR (VSDxROÂ´ $1&&( &RUWLMR GH &XDUWR 9LHMR %HOODYLVWD Â± 6HYLOOD 6SDLQ (VSDxD

Â‡ 2U E\ H PDLO WR SUHQVD#DQFFH FRP

$1&&(

ZZZ DQFFH FRP

1HZV 7+( 52<$/ &$55,$*( '5,9,1* &/8% 5(&(,9(6 7+( *2/'(1 +256( 7523+<

3HWHU 0 OOHU H[KLELWHG KLJK TXDOLW\ SKRWRJUDSKLF VXSSRUWV DQG GRFXPHQWV ZKHUH WKH EHDXW\ RI WKH 6SDQ LVK +RUVH VSHFLILFDOO\ WKH &DUWKXVLDQ OLQH IURP WKH &DUWXMD +LHUUR GHO %RFDGR ZDV GLVSOD\HG LQ D QDWXUDO FRQWH[W WR WUDQVIRUP LW LQWR D FUHDWLYH REMHFW ,Q VRPH FDVHV KH LQFRUSRUDWHG LW LQWR XQLYHUVDO ZRUNV E\ DUWLVWV VXFK DV 9HOi]TXH] 5XEHQV %RWWLFHOOL DQG 9DQ '\FN ÈOYDUR 'RPHFT D JUHDW IULHQG RI 3HWHU 0 OOHU DF FRPSDQLHG WKH SKRWRJUDSKHU WR WKH LQDXJXUDWLRQ RI KLV H[KLELW ZKHUH KH GHGLFDWHG D IHZ ZRUGV RI DIIHFWLRQ WR WKH FXOSULW EHKLQG KLV SDVVLRQ DQG WKH SHUVRQ ZKR WDXJKW KLP DOO KH QHHGHG WR NQRZ WR H[HFXWH WKLV ZRUN

3LODU 6iQFKH] 0D\RU RI -HUH] -HV~V &RQWUHUDV SUHVLGHQW RI WKH 5&($ DQG ,VLGRUR 9DUJDV /LHXWHQDQW &RORQHO RI WKH 0LOLWDU\ 6WXG )DUP

7KH *ROGHQ +RUVH 7URSK\²JUDQWHG DQQXDOO\ E\ WKH -HUH] GH OD )URQWHUD &LW\ +DOO WR SHRSOH DQG LQ VWLWXWLRQV LQYROYHG ZLWK WKH KRUVH ZRUOG²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iQFKH] DQG E\ ,VLGRUR 9DUJDV /LHXWHQDQW &RORQHO RI WKH 0LOLWDU\ 6WXG )DUP DQG ZDV UHFHLYHG E\ -HVXV &RQWUHUDV SUHV LGHQW RI WKH 5&($ 1XPHURXV PHPEHUV DQG FDUULDJH GULYLQJ HQWKXVLDVWV DWWHQGHG WKH HYHQW

68&&(66)8/ 3(7(5 0±//(5 (48(675,$1 (;+,%,7 ,1 %$5$-$6 7KH SKRWRJUDSKLF H[KLELW ³3XUH %ORRG 5HIOHFWLRQV´ E\ WKH HTXHVWULDQ SKRWRJUDSKHU 3HWHU 0 OOHU LV WUXO\ D YLVXDO GHOLJKW IRU 6SDQLVK +RUVH HQWKXVLDVWV ,W LV RQ VKRZ DW 7HUPLQDO RI %DUDMDV $LUSRUW LQ 0DGULG ,W IRO ORZV LQ WKH IRRWVWHSV RI RWKHU VXFFHVVIXO H[KLELWV KHOG DW WKH ,VWDQEXO 0XVHXP RI 0RGHUQ $UW WKH 'RKD 1DWLRQ DO 7KHDWHU DQG WKH )RQVHFD 5RRP RI WKH 8QLYHUVLW\ RI 6DODPDQFD DPRQJ RWKHUV

$1&&(

3HWHU 0 OOHU DQG ÉOYDUR 'RPHFT

|(/ +(55$'25} &(/(%5$7(6 ,76 7+ $11,9(56$5< /DXQFKHG LQ -XQH LQ )UHQFK WKH LQWHUQDWLRQ DO SXEOLFDWLRQ (O +HUUDGRU 7KH )DUULHU ZDV ERUQ WR UHVSRQG WR WKH WRWDO ODFN RI LQIRUPDWLRQ LQ FRQQHF WLRQ ZLWK WKH ORFRPRWLRQ RI KRUVHV )URP WKHQ RQ LW KDV FRQWLQXHG WR UHLQ IRUFH LWV REMHFWLYHV E\ LPSURYLQJ FRQWHQWV DQG FROODERUDWLQJ ZLWK WKH EHVW ZRUOG VSHFLDOLVWV ,QWHUQD WLRQDOO\ UHFRJQL]HG LW LV FXUUHQWO\ SXEOLVKHG LQ HLJKW ODQJXDJHV DQG GLVWULEXWHG

ZZZ DQFFH FRP

WR IDUULHUV YHWHULQDULDQV WUDLQ HUV HWF 7R FHOHEUDWH WKLV HYHQW (O +HUUDGRU KDV ODXQFKHG D VSH FLDO WK DQQLYHUVDU\ LVVXH WKDW LV HYHQ PRUH FRPSOHWH ZLWK DU WLFOHV ZULWWHQ E\ 3URIHVVRU +DQV *H\HU IURP WKH 8QLYHUVLW\ RI =X ULFK 'U &KULVWRSKH 9RQ +RUVW DQG 'U /RUHQ]R G¶$USH IURP WKH 8QLYHUVLW\ RI 3DGXD HWF

7(578/,$ -867,&,$ < &$%$//2 +21256 -26® '(/ 5ß2 $1' -$,0( *8$5',2/$ 7KH 7HUWXOLD -XVWLFLD \ &DEDOOR -XVWLFH +RUVH /LWHUDU\ &LUFOH &RPPLVVLRQ PDGH XS RI MXGJ HV PDJLVWUDWHV DQG SHUVRQDOLWLHV IURP WKH HTXLQH ZRUOG GXULQJ WKHLU OXQFKHRQ KHOG WKH WK RI -XQH LQ 6HYLOOD SDLG WULEXWH WR -RVp GHO 5tR -LPpQH] ODZ\HU DQG SUHVLGHQW RI WKH &RPSHWLWLYH $V VRF -RVp 5DPyQ &LVQHURV DQG -DLPH *XDUGLROD 'RPtQJXH] 0DVWHU¶V LQ /DZ DQG 6SDQLVK +RUVH DQG ILJKWLQJ EXOO %UHHG HU ZKR KDV DOVR UHFHQWO\ EHHQ QDPHG WKH +RQRUDU\ 0HPEHU RI $1&&(

2ELWXDU\ 2Q EHKDOI RI $1&&( DQG IURP WKLV LQIRUPDWLYH VSDFH ZH ZRXOG OLNH WR VKDUH RQ RXU PRVW VLQFHUH V\PSDWK\ IRU WKRVH IDPLOLHV FORVHO\ UHODWHG ZLWK WKH ZRUOG RI WKH KRUVH ZKR KDYH ORVW D ORYHG RQH UHFHQWO\ 2Q EHKDOI RI WKH $VVRFLDWLRQ ZH ZRXOG OLNH WR H[SUHVV RXU KHDUWIHOW FRQGROHQFHV VXSSRUW DQG VWUHQJWK DW WKLV GLIILFXOW WLPH 5HVW LQ 3HDFH %UHHGHU )UDQFLVFR %HQMXPHD *DUFtD )DWKHU RI ,JQDFLR =DOYLGH ÈOYDUH] 5HPHQWHUtD ' -26e 0$5Ë$ )(51È1'(= '( /$ 9(*$ < 6('$12 $OWKRXJK H[SHFWHG WKLV GLG QRW PDNH WKH GHDWK RI -RVp 0DUtD DQ\ OHVV IHOW :H UHDOO\ KDG IHZ HQFRXQWHUV EXW RIWHQ HQRXJK ULJKW IURP WKH VWDUW IRU LW WR EH JUHDW IOXHQF\ LQ RXU UHODWLRQVKLS DV ZHOO DV PXWXDO DSSUHFLDWLRQ DQG DIIHFWLRQ $ PDQ ZLWK WKH JLIW RI VSHHFK D ZRQGHUIXO FRQYHUVDWLRQDOLVW DOZD\V LQWHUHVWLQJ LQ KLV FRQVLGHUDWLRQV DQG KLV OLIH KDV EHHQ IXOO RI KDSSHQLQJV DQG H[SHULHQFHV -RVp 0DUt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p 0DUtD DUH QRW HDV\ WR ILQG , ZLOO DOZD\V UHWDLQ D EHORYHG PHPRU\ RI KLP DQG KH KDV P\ HWHUQDO JUDWLWXGH $GROIR 6iQFKH] GH 0RYHOOiQ

(O &DEDOOR (VSDxRO

-8$1 3('52 '20(&4 62/Ã‹6 ,W LV GLIILFXOW WR GLJHVW D GHDWK OLNH \RXUV -XDQ 3HGUR , KDG MXVW JRW RII DQ DLUSODQH ZKHQ RXU FRPPRQ IULHQG 5DIDHO 'RPpQHFK JDYH PH WKH QHZV RI \RXU GHDWK ,W LV WKDW VRUW RI QHZV , VXSSRVH WKLV KDSSHQV WR XV WR DOO WKDW \RX MXVW GR QRW EHOLHYH DQG KXUW PRUH DV WLPH JRHV E\ WKLV LV KRZ LW ZDV DQG KDV EHHQ ,Â¶P VRUU\ ,Â¶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Â« , ZLOO WHOO \RX VRPHWKLQJ \RX GR QRW NQRZ <RX ZRXOG KDYH EHHQ , KDYH QR GRXEW D JUHDW SUHVLGHQW , VWLOO UHPHPEHU WKRVH WLPHV RI WHQVLRQ DQG ZKHQ LQ D ERDVW RI FKLYDOU\ HOHJDQFH DQG JHQHURVLW\ \RX VDLG VRPHWKLQJ OLNH Â³, DP DW \RXU GLVSRVLWLRQ EXW LI DW DQ\ WLPH \RX IHHO WKDW P\ SUHVHQFH FRXOG KDUP $1&&( GR QRW KHVLWDWH WR GLVSHQVH PH Â´ 7KHUH DUH IHZ SHR SOH YHU\ IHZ ZKR , KDYH KHDUG VD\LQJ VRPHWKLQJ VR LPSRUWDQW VR ODFNLQJ LQ VHOILVKQHVV DQG SXWWLQJ RWKHUV ILUVW -XDQ 3HGUR , ZLOO PLVV \RX DQG , DP QRW MXVW VD\LQJ WKDW SOHDVH UHDO O\ EHOLHYH LW DQG WR \RX WKHUH ZKHUH \RX DUH QRZ , \RXU IULHQG DP VHQGLQJ D VWURQJ DQG EHORYHG KXJ $GROIR 6iQFKH] GH 0RYHOOiQ

$1&&(

21( 2) 7+( *5($7 +$6 /()7 86

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Â³*5($76 Â´ , KRSH WKDW IURP WKH RWKHU VLGH \RX ZLOO FRQWLQXH ORRNLQJ RXW IRU WKH ILJKWLQJ EXOOV DQG WKDW \RX ZLOO DOVR LOOXPLQDWH DOO WKRVH HQ HPLHV ZKR GXH WR LJQRUDQFH RU UHEHOOLRXVQHVV DJDLQVW WKH HVWDE OLVKHG V\VWHPV ZDQW WR SXW DQ HQG WR RQH RI WKH PRVW LPSRUWDQW V\PEROV LQ 6SDLQ WKH ),*+7,1* %8// 1RZ ZLWK IRUHYHU DKHDG RI \RX DQG ZLWK DOO WKH SRZHU RI FRQYLF WLRQ LQYHVWHG E\ *RG , DP VXUH \RX ZLOO DFKLHYH LW

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Â¶V EORRG EXW KH VXUSDVVHG DOO WKRVH ZKR SUHFHGHG KLP 6RPHWLPHV LQ KXPDQV DV ZHOO DQ RXWVWDQG LQJ H[DPSOH LV SURGXFHG DQG KH 3HGUR &RQHVD

ZZZ DQFFH FRP

,QWHUYLHZ

0 '2/25(6 $32/2

3UHVLGHQW RI WKH 1DWLRQDO (TXLQH 7KHUDS\ )HGHUDWLRQ

$1&&(

ZZZ DQFFH FRP

E\ ,QPDFXODGD 5RGUtJXH]

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

7KH )(7( LV D QDWLRQDO DVVRFLDWLRQ WKH REMHFWLYH RI ZKLFK LV WR EHFRPH DQ RUJDQL]DWLRQ UHSUHVHQWLQJ DOO WKRVH RUJDQL]DWLRQV DQG DVVRFLDWLRQV ZRUNLQJ LQ WKH ILHOG RI HTXLQH WKHUDSLHV

Â´

7KH PRVW LPPHGLDWH SURMHFWV IRFXV RQ WKH VWDQGDUGL]LQJ WKH WUDLQLQJ RI WKH YDULRXV SURIHVVLRQDOV 6HYHUDO PHHWLQJV KDYH EHHQ KHOG ZLWK WKH 0LQLVWU\ RI (GXFDWLRQ LQ DQ HIIRUW WR VWUXFWXUH DQG FROODERUDWH LQ WKH GHVLJQ RI WKH WUDLQLQJ SURMHFW

Âµ

$1&&(

WR WKH LPSURYHPHQW RI WKH SHUVRQÂ¶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Â« 7KH PDQDJHPHQW RI DQ LQVXUDQFH V\VWHP IRU WKH DVVRFLDWLRQV FHQWHUV SURIHVVLRQDOV DQG XVHUV ZKR SDU WLFLSDWH LQ DFWLYLW\ SURJUDPV ZKHUH KRUVHV DUH XVHG LV DQRWKHU SULRULW\ FKDOOHQJH $QRWKHU SURMHFW ZH DUH FXUUHQWO\ VWXG\LQJ LV WKH SRVVLELOLW\ RI RUJD QL]LQJ DQ DQQXDO RU ELHQQLDO PHHWLQJ RI DOO WKRVH LQWHUHVWHG LQ HTXHVWUL DQ WKHUDSLHV WR VKDUH H[SHULHQFHV GLVFXVV SUREOHPV DQG FRQWULEXWH WR DGYDQFHG WUDLQLQJ ,V LW SRVVLEOH WR KDYH VRPH VWDWLV WLFV LQ WHUPV RI WKH WRWDO QXPEHU RI GLVDEOHG SHRSOH LQ 6SDLQ ZKR FRXOG SDUWLFLSDWH LQ HTXHVWULDQ WKHUDSLHV" 7KDW LV LPSRVVLEOH VLQFH WKHUH DUH LQ DGGLWLRQ WR WKH DVVRFLDWLRQV

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yQ (VSDx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

ZZZ DQFFH FRP

(O &DEDOOR (VSDxRO

$1&&( 5HSRUWV $JUHHPHQW EHWZHHQ WKH 5)+( DQG $1&&( WR LGHQWLI\ 35( KRUVHV DW DWKOHWLF FRPSHWLWLRQV 7KLV DJUHHPHQW VLPSOLILHV GRFXPHQWV DQG HOLPLQDWHV RI WKH Â´/,&Âµ

7KH 5R\DO (TXHVWULDQ )HGHUDWLRQ RI 6SDLQ DQG $1 &&( KDYH VLJQHG DQ DJUHHPHQW WR LGHQWLI\ 35( KRUVHV SDUWLFLSDWLQJ LQ DWKOHWLF FRPSHWLWLRQV 7KH DJUHHPHQW VLJQHG E\ WKH SUHVLGHQW RI WKH 5)+( -DYLHU 5HYXHO WD DQG WKH SUHVLGHQW RI $1&&( -DYLHU &RQGH LV WKH UHFRJQLWLRQ RI WKH GRFXPHQWV LVVXHG E\ $1&&( IRU DWKOHWLF UHDVRQV LQ DGGLWLRQ WR WKH HOLPLQDWLRQ RI WKH Â³/,& Â´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

)RU 35( KRUVHV ZLWK DQ $1&&( LVVXHG (,' RU SDVVSRUW 7KHVH (,'V ZLOO EH YDOLG IRU HTXLQH FRP SHWLWLRQ EXW PXVW EH FRXQWHUVLJQHG E\ WKH 5)+( ZKR ZLOO DWWDFK D Â³7DUMHWD GH 9DOLGDFLyQ 'HSRUWLYD GHO ',(Â´ $WKOHWLF &RPSHWLWLRQ (,' 9DOLGDWLRQ &DUG IRU WKH IHH RI Â¼ 7KLV ZLOO DFFUHGLW 35( KRUVHV WR FRPSHWH DQG EH YDOLG IRU IRXU \HDUV 7KH QRYHOW\ LV WKDW WKH ROG Â³/,&Â´ ZLOO QR ORQJHU EH LVVXHG EXW UDWKHU WKLV FDUG 7KXV D FRPSHWLQJ KRUVH PXVW KDYH LWV 35( (,' LVVXHG E\ $1&&( WRJHWKHU ZLWK WKH Â³7DUMHWD GH 9DOLGDFLyQ 'HSRUWLYD GHO ',(Â´ $WKOHWLF &RPSHWLWLRQ (,' 9DOLGD WLRQ &DUG )RU KRUVHV ZLWK 35( (,' LVVXHG E\ WKH &5,$ &$ %$//$5 SULRU WR +RUVH RZQHUV PXVW UHTXHVW WKH Â³7DUMHWD GH 9DOLGDFLyQ 'HSRUWLYD GHO ',(Â´ $WKOHWLF &RPSHWLWLRQ (,' 9DOLGDWLRQ &DUG IURP WKH 5)+( ZKR GHSHQGLQJ RQ WKH PRGHO SUHVHQWHG ZLOO FRPSOHWH WKH (,' ZLWK WKH LQVXIILFLHQW RU RPLW WHG VHFWLRQV DV ZRXOG EH QHFHVVDU\ 7KLV FDUG ZLOO EH LGHQWLFDO LQ WHUPV RI SULFH DQG WLPH VSDQ SHULRG DV WKH DIRUHPHQWLRQHG W\SH 7KXV WKH FRPSHWLQJ KRUVH ZLOO EH DFFRPSDQLHG E\ WKH 35( (,' LVVXHG E\ WKH &ULD &DEDOODU WRJHWKHU ZLWK WKH Â³7DUMHWD GH 9DOLGDFLyQ 'H SRUWLYD GHO ',(Â´ $WKOHWLF &RPSHWLWLRQ (,' 9DOLGDWLRQ &DUG LVVXHG E\ WKH 5)+(

$1&&( VKDOO DSSHDO WKH VHQWHQFH LPSRVHG E\ WKH 1DWLRQDO $QWL 7UXVW &RPPLVVLRQ 7KLV SURFHVV ZDV EDVHG RQ D FDVH LQ ZKLFK WKRVH SODFLQJ WKH LQLWLDO FODLP ODWHU ZLWKGUHZ LW $1&&( VKDOO DSSHDO WKH VHQWHQFH LPSRVHG E\ WKH 1DWLRQDO $QWL 7UXVW 0RQRSROLHV &RPPLVVLRQ RI 6SDLQ IRU DQ DOOHJHG FROOHFWLYH UHFRPPHQGDWLRQ Â³FRQWUDU\ WR WKH OHJLVODWLRQ LQ GHIHQVH DJDLQVW PR QRSROLHV Â´ $1&&( XQGHUVWDQGV WKDW WKH DUJXPHQWV RI WKH VDLG &RPPLVVLRQ WR GHWHUPLQH WKH VHQWHQFH IDLO WR FRUUHVSRQG WR WKH VSHFLILFV WKDW RULJLQDWHG WKH FDVH 7KHUHIRUH $1&&( VKDOO H[HUFLVH LWV ULJKW WR DSSHDO EH IRUH WKH 6XSUHPH &RXUW IRU $GPLQLVWUDWLYH /LWLJDWLRQ

(O &DEDOOR (VSDxRO

,Q DQ\ FDVH $1&&( ZRXOG OLNH WR VWDWH WKDW WKLV PDWWHU VWHPV IURP D FODLP ILOHG E\ WKH *HQHUDO &RXQFLO RI WKH FROOHJH RI 9HWHULQDUL DQV EDFN LQ ZKHQ -RVp 3DOPD ZDV WKH 3UHVLGHQW /DWHU WKLV FODLP ZDV ZLWKGUDZQ E\ WKH VDLG &RXQFLO LQ RWKHU ZRUGV WKH 9HWHULQDU LDQV 7KH $VVRFLDWLRQ KDV DW DQ\ WLPH QHLWKHU SURILWHG QRU EHQHILWHG IURP WKH HYHQWV EHKLQG WKLV FODLP 7KXV LW LV VXUSULVLQJ WKDW WKH VHQ WHQFH EH D ILQH IRU Â¼

'UDZ WR HVWDEOLVK VHFRQG VHPHVWHU &RQIRUPDWLRQ &RPSHWLWLRQ -XGJHV 7KH GUDZ WR HVWDEOLVK WKH PDLQ DQG UHVHUYH MXGJHV IRU &RQIRUPDWLRQ &RP SHWLWLRQV KHOG GXULQJ WKH VHFRQG KDOI RI Â²IURP -XO\ WR 1RYHPEHUÂ²ZDV KHOG DW WKH PDLQ $1&&( RIILFH DQG EURDGFDVW OLYH RQ WKH WK RI 0D\ 7KH GUDZ WRRN SODFH EHIRUH 1RWDU\ 0DQXHO *DUFtD GHO 2OPR 6DQWRV IURP WKH %RDUG RI 1RWDU\ 3XEOLFV RI 6HYLOOD DQG FRXOG EH IROORZHG OLYH RQ 6,&$% 79 WKH $1&&( WHOHYLVLRQ SRUWDO ZZZ VLFDE WY 7KH UHVXOWV RI WKH GUDZ DUH DYDLODEOH RQ WKH $1&&( ZHE VLWH ZZZ DQFFH FRP *R WR WKH PHQX RQ WKH OHIW LQ WKH VHFWLRQ IRU &RQIRUPDWLRQ &RPSHWLWLRQV

$1&&(

/DWHVW XSGDWHV IRU WKH SULYDWH ]RQH RQ WKH $1&&( :HE VLWH

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

ZZZ DQFFH FRP

WK $1&&( 2UGLQDU\ *HQHUDO $VVHPEO\

$1&&( VXPPRQHG EUHHGHUV DQG SXEOLF DGPLQLVWUDWLRQV WR VXSSRUW WKH 6SDQLVK +RUVH WKURXJKRXW WKH FULVLV $1&&( VXPPRQHG EUHHGHUV DQG SXEOLF DGPLQLVWUDWLRQV WR VXSSRUW WKH 6SDQLVK +RUVH WKURXJKRXW WKH FULVLV 3UHVLGHQW -DYLHU &RQGH FDOOHG XSRQ 3XEOLF $GPLQLV WUDWLRQV DQG EUHHGHUV WR SRQGHU RQ KRZ WKH VHFWRU FDQ EHFRPH VWURQJHU GHVSLWH WKH FXUUHQW FULVLV 7KLV ZDV RQH RI WKH PRVW LPSRUWDQW SRLQWV PDGH DW WKH $1&&( *HQHU DO $VVHPEO\ KHOG RQ WKH VW RI 0D\ LQ 6HYLOOD +H VWDWHG WKDW Â³LQ DOO FULVHV FRQFOXVLRQV FDQ EH PDGH DQG RSSRUWXQLWLHV DULVH 7KDW LV ZK\ EHLQJ DZDUH RI WKHVH KDUG WLPHV ZH PXVW EH RSWLPLVWLF DQG ZRUN WRJHWKHU WR ILQG URXWHV WKDW PLQLPL]H WKH QHJDWLYH HIIHFWV DQG RSHQ GRRUV LQ WKH UDWLRQDO UHVWUXFWXULQJ RI WKH VHFWRU Â´ 7KH $VVHPEO\ FRQVLGHUHG LW YHU\ SRVLWLYH WKDW WKH :%)6+ WKH RQO\ LQWHUQDWLRQDO 6SRUW +RUVH 6WXG %RRN IHGHUDWLRQ ZLOO EH FHOHEUDWLQJ WKHLU DQQXDO PHHWLQJ LQ 6SDLQ WKLV \HDU VSHFLILFDOO\ LQ WKH FLW\ RI 6HYLOOD RUJD

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

(O &DEDOOR (VSDxRO

$JUHHPHQWV UDWLILHG E\ WKH %RDUG RI 'LUHFWRUV $PRQJ WKH GHFLVLRQV YRWHG WKH PRVW QRWHZRUWK\ LQFOXGH Â“ 6H KD HVWDEOHFLGR XQD ~QLFD FXRWD SDUD WRGRV

ORV VRFLRV GH $1&&( FX\R LPSRUWH HV Â¼

Â“$ VLQJOH IHH RI Â¼ KDV EHHQ HVWDEOLVKHG IRU

DOO $1&&( PHPEHUV

Â“ $V RI -DQXDU\ WKH TXRWD IRU DOO QHZ

EUHHGHUV LV Â¼ $VVRFLDWLRQV DUH H[HPSW

Â“ 2QO\ RQH DVVRFLDWLRQ SHU FRXQWU\ LV DOORZHG

WR KDYH UHSUHVHQWDWLRQ ZLWKLQ WKH $1&&( JRYHUQLQJ ERG\ Â“ 7KH XVH RI WKH Â³$1&&(Â´ LPDJH DQG EUDQG KDV EHHQ JUDQWHG DV D VXIIL[ RU SUHIL[ IRU $1&&( DVVRFLDWHG ERGLHV Â“ 0LJXHO $QJHO GH &iUGHQDV +RQRUDU\ 0HPEHU Â“ $SSURYHG WKH ILQDO FRPSRVLWLRQ RI WKH %RDUG ZLWK D QHZ 9LFH SUHVLGHQW -XDQ 0RUDOHV ZKR VXEVWLWXWHV -HV~V &RQWUHUDV 5DPRV Â“ $UDQFKD 5RGUtJXH] DQG 3HGUR $]RU KDYH EHHQ DSSRLQWHG WKH 'LUHFWRU DQG $VVLVWDQW 'LUHFWRU UHVSHFWLYHO\ RI WKH 35( 6WXG %RRN Â“ 7KH ([HFXWLYH &RPPLWWHH KDV SHQDOL]HG -XGJH )UDQFLVFR +HUQiQGH] 0RUHQR ZLWK D RQH \HDU VXVSHQVLRQ Â“ $OEHUWR $EDMR 5RPR KDV EHHQ WHPSRUDULO\ VXVSHQGHG Â“ 6XVSHQVLRQ SURFHHGLQJV DJDLQVW /HRSROGR )HUQiQGH] 3XMDOV FXUUHQWO\ SHQGLQJ KLV UHTXHVW WR UHQRXQFH KLV $1&&( PHPEHUVKLS Â“ 7KH -XGJHV IRU WKH $1&&( 6SDQLVK 1DWLRQDO &KDPSLRQVKLSV KDYH EHHQ JUDGHG DQG DXWKRUL]HG Â“ $FFHSWHG WKH UXOHV DQG EDVLV IRU WKH QHZ VHOHFWLRQ SURFHVV IRU FRQIRUPDWLRQDO IXQFWLRQDO FRPSHWLWLRQ MXGJHV Â“ 7KH 5XOHV DQG 5HJXODWLRQV IRU &RQIRUPDWLRQDO &RPSHWLWLRQV KDYH EHHQ FKDQJHV Â“ 7KH 6WXG %RRN &RPPLVVLRQ KDV VXVSHQGHG DQ\ UHJLVWUDWLRQ IURP DQG UHODWHG WR WKH KRUVH Â³0$5&$'25Â´ DQG KLV GHVFHQGHQWV Â“ 7KH VWXG IDUPV NQRZQ DV +QDV 3DOPD 9DOGpV DQG <HJXDGD 7RUUHOXQD KDYH EHHQ SDUGRQHG Â“ 3URPRWLRQDO 3ODQ KDV EHHQ DSSURYHG Â“ $UWLFOHV QXPEHU DQG RI WKH $VVRFLDWLRQ %\ ODZV KDYH EHHQ FKDQJHG Â“7KH %DODQFH 6KHHW $QQXDO 5HSRUW 5HVXOWV DQG EXGJHW ZHUH DSSURYHG

$1&&(

&KDQJHV LQ WKH %\ ODZV $UWLFOH &RQVWLWXWLRQ QDPH DQG OHJDO QDWXUH 7KH 1DWLRQDO 3UH %UHHGHUVÂ¶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Â¶ %\ ODZV RU EXVLQHVVHV ZKRVH DFWLYLW\ LV LQFOXGHG LQ WKH WHUULWRULDO VFRSH DQG VHFWRU RI WKH $VVRFLDWLRQ PD\ EH PHPEHUV RI WKH VDLG $VVRFLDWLRQ SURYLGHG WKH\ RZQ PRUH WKDQ RQH PDUH DSSURYHG DV EUHHGLQJ VWRFN HQWHUHG DV VXFK LQ WKH %UHHG 6WXG %RRN

ZZZ DQFFH FRP

WK $1&&( 2UGLQDU\ *HQHUDO $VVHPEO\ /XQFK

(GXDUGR 3RUWLOOR 5RVD *DUFtD DQG 0DULDQR 6DQWRV

(QFDUQL 3pUH] -RVp /XLV 0XxR] DQG 0DQXHO &DOYR

(VWKHU =LOODUELGH DQG ,VDDF )HUQiQGH]

)FR -DYLHU 0XxR] H KLMR 3HGUR 3RQV DQG &DUORV 6XiUH]

(O &DEDOOR (VSDxRO

)HUQDQGR 8ULRO )UDQFLVFR $QJHOHW 3HSH 1DYDUUR DQG -DXPH 5HYHUWHU

,QPDFXODGD /HyQ -DLPH *RQ]iOH] 0DQXHO 5XL] DQG -RVp $QWRQLR %HFHUUD

,VDEHO 3HxD DQG -RVp /XLV %RFDQHJUD

-RUJH 3RUWDOHV $OHMDQGUD /H]DPD )UDQFLVFR &DxDV 0DQXHO /ySH] DQG )UDQFLVFR +HUQiQGH]

$1&&(

ZZZ DQFFH FRP

-RVp &UX] )FR $QWRQLR *RQ]iOH] $QWRQLR )FR *RQ]iOH] DQG 3HGUR 9DOOHMR

-RVp 'tD] 6ROtV 7HUHVD 9LOODU -DYLHU &RQGH &HVDO $OED DQG -RVp 5DPyQ )HUQiQGH]

-RVp /XLV GH OD (VFDOHUD )HUQDQGD 0 0DUWtQ )FR -DYLHU /ySH] 0RUD 5DIDHO /ySH] 0HQGH] DQG 9LFHQWH GH OD (VFDOHUD

-RVp 5XELR DQG -RVp /XLV 5XELR

(O &DEDOOR (VSDxRO

-XDQ -RVp $UHQDV 0DQXHO (VFREDU 'LHJR 'tH] DQG -RDTXtQ 0ROLQD

0 'RORUHV %DODJXHU -XDQ -RVp 'tD] -XDQ 6ROWHUR DQG 0DQXHO )HUQiQGH]

0DQXHO &DOYR -RVp /XLV 0DUWtQH] DQG 0DUtD *DUFtD

0LJXHO ÉQJHO &iUGHQDV 3DORPD *DUFtD -XDQ +XHUWDV DQG 0DFDUHQD /D]R

$1&&(

ZZZ DQFFH FRP

5DIDHO /HPRV 3DEOR 5DPRV -RVp &RORUDGR -XDQ 3RUUHV DQG ÉIULFD 6DQJUiQ

5DPyQ 0DUWtQ 3HGUR $]RU 9tFWRU /ySH] *RQ]DOR 9DOHQ]XHOD DQG $OHJUtD 9DOHQ]XHOD

0DFDUHQD 2FKRD $QD /XTXH 0DUtD 7DVVDUD -XDQ 0DQXHO 0DUtQ -RVp 0 5RMDV ,QPDFXODGD 5RGUtJXH] $OHMDQGUR 6iQFKH] DQG ,QPDFXODGD 6HJXUD

WK $1&&( 2UGLQDU\ *HQHUDO $VVHPEO\

(O &DEDOOR (VSDxRO

6,&$% UHFHLYHV WKH &LW\ RI 6HYLOOD *ROG 0HGDO 6,&$% WKH ,QWHUQDWLRQDO +RUVH 6KRZ KDV UHFHLYHG WKH &LW\ RI 6HYLOOD *ROG 0HGDO IURP 0D\RU $OIUHGR 6iQFKH] 0RQWHVHLUt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

$1&&(

ZZZ DQFFH FRP

35( +LVWRU\

7H[WR -XDQ &DUORV $OWDPLUDQR

7KH EDFN RI WKH 6SDQLVK +RUVH LV QRW D EUHHG FKDUDFWHULVWLF ,,

7R OLPLW WKH IXQFWLRQDO DQG FRPSHWLWLYH SRVVLELOLWLHV RI WKH 3XUHEUHG 6SDQLVK +RUVH EDVHG RQ WKH OHQJWK RI LWV EDFN LV D PLVWDNH OLNH UHMHFWLQJ WKH FKHVWQXW FRDW FRORU

&DUORV ,9 *R\D 0XVHR GHO 3UDGR $1&&(

ZZZ DQFFH FRP

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

(O &DEDOOR (VSDxRO

$ OHWWHU WKDW WKH 5R\DO *URRP WKH 0DUTXLV RI )ORUHV VHQW WR .LQJ 3KLO LS ,9 RI 6SDLQ RQ WKH WK RI )HEUXDU\ LQ FRQILUPV WKDW 3XUHEUHG 6SDQLVK +RUVHV ZHUH QRW XVHG IRU SXOOLQJ FDUULDJHV ³(YHU\ \HDU WKHUH DUH WZHQW\ RU WZHQW\ IRXU 6SDQLVK +RUVHV VWDEOHG SOXV WHQ RU WZHOYH KDFNV DQG IRUHLJQ KRUVHV WKDW ZHUH IRU FDUULDJHV ´ /LNHZLVH LQ WKH OHWWHU -RVp 3DWL xR VHQW WR 3KLOLS ,9 RI 6SDLQ GDWHG KH VHQW WKH .LQJ WKH H[SHQVH DFFRXQW IRU WKH PDQXIDFWXULQJ RI D FDUULDJH LQ 0LODQ KH DOVR VSHFLILHG WKH EUHHG RI KRUVHV XVHG WR GUDZ LW ³$QG LQ WKH SXUFKDVH RI WKH HLJKW EODFN )ULHVLDQV WKDW DUH WR EH XVHG IRU WKLV &DOHFKH ´ <HDUV ODWHU PXOHV ZHUH PRUH SRSXODU FDUULDJH GULYLQJ DV VWDWHG LQ WKH ZRUGV RI SULHVW -XDQ 0XUHW ZKR LQ KH ZDV LQYLWHG WR YLVLW WKH 5R\DO 3DODFH LQ 0DGULG ³, EHOLHYH WKHUH ZHUH PRUH WKDQ VL[ KXQGUHG FDUULDJHV LQ IURQW RI WKH 3DODFH DOO GUDZQ E\ IRXU PXOHV DQG RQH IRU HDFK DPEDVVDGRU LQ D FRY HUHG SDWLR LQVLGH ´

2U WKH VWDWHPHQWV E\ 3HGUR 3DEOR 3RPDU LQ ³+DYLQJ UHGXFHG WKH EUHHGLQJ RI KRUVHV WR $QGDOXVLD ZLWK WKH RQ VHW RI OX[XU\ FDUULDJHV DQG EHLQJ WKDW ILQH KRUVHV IURP WKHVH $QGD OXVLDQ 3URYLQFHV ZHUH QRW VXLWDEOH DQG WKHUH QRZ ZHUH QR RWKHUV PXOHV ZHUH SUHIHUUHG ´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

ZLWK 1RUPDQV SUROLIHUDWHG IRU FDU ULDJH GULYLQJ %\ FDUULDJHV ZHUH IDVKLRQDEOH WR VXFK DQ H[WHQW WKDW DW WKH 5R\DO 3DODFH WKHUH ZHUH RQH KXQGUHG DQG WZHQW\ IRXU FDU ULDJHV RI DOO W\SHV JDOD GD\ WR GD\ FRXQWU\ URDG WUDLQLQJ HWF ZLWK HOHYHQ JUDQG JDOD EHLQJ WKH PRVW RXWVWDQGLQJ ZKLFK ZHUH XVHG IRU IRUPDO HYHQWV 7KHVH FDUULDJHV ZHUH EXLOW E\ UHQRZQHG PDVWHU FDUULDJH EXLOGHUV VXFK DV *DXWLHU )UDQFLVFR 5RGUtJXH] )HUQDQGR 'XUiQ DQG WKH IDPRXV FDUULDJH NQRZQ DV ³'RxD -XDQD OD /RFD ´ UHVWRUHG E\ =DFDUtDV /ySH] 7KDW VDPH \HDU ZLWK WKH

7KH 35( ZDV QRW XVHG IRU FDUULDJH GULYLQJ XQWLO WKLV SRLQW LQ WLPH EHFDXVH WKH\ KDG EHHQ FUHDWHG ZLWK WKH FKDUDFWHULVWLFV IRU ULGLQJ 7KXV WR OLPLW WKH IXQFWLRQDO DQG FRPSHWLWLYH SRVVLELOLWLHV RI WKH 35( EDVHG RQ WKH OHQJWK RI LWV EDFN LV DV HUURQHRXV DQG KDUPIXO WR WKH EUHHG DV ZDV UHMHFWLQJ WKH FKHVWQXW FRORU

$ 3 5 5R\DO 3DODFH $UFKLYHV 6HFF $GP /HJDMR Q /HWWHU IURP WKH 0DUTXLV RI )ORUHV WR .LQJ 3KLOLS ,9 GDWHG )HEUXDU\ $ 3 5 6HFF $GP /HJDMR Q /HWWHU IURP -RVHSK 3DWLxR WR .LQJ 3KLOLS ,9 GDWHG $XJXVW *DUFtD 0HUFDGDO - 2S FLW S

$1&&(

3RPDU 3 3 GH &DXVDV GH OD HVFDVH] \ GHWHULRUR GH ORV FDEDOORV GH (VSDxD \ PHGLRV GH PHMRUDUORV PHDQLQJ &DXVHV RI WKH VKRUWDJH DQG GHWHULRUDWLRQ RI WKH KRUVHV LQ 6SDLQ DQG WKH PHDQV IRU LPSURYHPHQW 0DGULG 3UHVV 9GD 'H ' -RDFKLQ ,EDUUD S

$ 3 5 6HFF $GP /HJDMR Q /LYHVWRFN )LOH

$ 3 5 6HFF $GP /HJDMR Q ,QYHQWRU\ RI WKH OLYHVWRFN DW WKH 5R\DO 6WXG )DUP SHUIRUPHG RQ WKH WK RI -XQH

$OWDPLUDQR 0DFDUUyQ - & 7KH 6SDQLVK +RUVH XQGHU WKH %RXUERQ .LQJV 0iODJD (GLFLRQHV (FXHVWUHV S

ZZZ DQFFH FRP

Â´

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

UHWLULQJ RI VRPH KRUVHV WKH 5R\DO +RXVHKROG ERXJKW WZHOYH KRUVHV IRU FDUULDJH GULYLQJ IURP )ULW] 2OGDNHU LQ (QJODQG Â³VL[ ED\V DQG VL[ EODFNV DOO ILUVW FODVVÂ´ EHWZHHQ IRXU DQG VL[ \HDUV RI DJH ZKLFK DV ZDV FXVWRP DU\ ZHUH Â³FDVWUDWHG DQG KRJJHG Â´ $ 3 5 6HFF $GP /HJ /LYHVWRFN 5HJLVWHU FDUULHG RXW E\ WKH ,QWHQGDQW RI WKH 5R\DO +HULWDJH 2IILFH LQ 0D\ RI 7KH\ ZHUH EHWZHHQ DQG P LQ KHLJKW WKH WRWDO FRVW ZDV 3RXQGV 6WHUOLQJ 7KH YHWHULQDU\ H[DPLQDWLRQ IRU WKHLU SXUFKDVH ZDV SHUIRUPHG EHWZHHQ WKH WK RI $SULO DQG WKH

7KH IROORZLQJ \HDU RQ WKH WK RI 'HFHPEHU WKH 5R\DO 3URSHUW\ 0DQ DJHPHQW 2IILFH LPSRUWHG D PDUH <ORUD DQG IRXU (QJOLVK KRUVHV 6RO (PSHUDGRU $XPDGH DQG $]D KDU WR VHUYH WKH FDUULDJHV RI WKH .LQJ DQG WKH 3ULQFHVV RI $VWXULDV %XW WKH 5R\DO +RXVHKROG QRW RQO\ WK RI 0D\ 7ZR GD\V ODWHU DIWHU WKH UHVXOWV KDG EHHQ DQDO\]HG WKH PLOLWDU\ YHWHULQDU\ SURIHVVRUV 3HGUR 6DQWDPDUtD -XDQ ,ULEDUUL DQG $ODU] DXWKRUL]HG WKH SXUFKDVH $ 3 5 6HFF $GP /HJ &HUWLILFDWH RI HQWU\ LQWR WKH 5R\DO 6WDEOHV DW WKH 5R\DO

(O &DEDOOR (VSDxRO

ERXJKW DQG EUHG KRUVHV EXW UDWKHU DOVR FDUULHG RXW H[FKDQJHV 7KDW VDPH \HDU RQ WKH WK RI 6HSWHP EHU E\ PHDQV RI WKH ,QWHQGDQW DW WKH 5R\DO 6WDEOHV DQ DJUHHPHQW ZDV UHDFKHG ZLWK -XDQ /RERXUGHWWH WR H[FKDQJH D ³WHDP RI VL[ $QJ OR 1RUPDQ KRUVHV ´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³ODUJH LQ ERG\ DQG ORQJ RI EHOO\ ´ ,W ZDV EHOLHYHG WKDW WKH ODUJHU WKH PDUH¶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

$1&&(

KH GHVFULEHG WKLV FKDUDFWHULVWLF DV JRRG IRU KRUVHV ³7KHUH DUH IRXU WKLQJV WR EH NHSW LQ PLQG LQ D JRRG KRUVH WKH DSSHDU DQFH WKH EHDXW\ WKH TXDOLWLHV DQG WKH FRORU :LWK UHJDUGV WR WKH DS SHDUDQFH LW PXVW EH VWURQJ DQG KDYH D VROLG ERG\ ZLWK D KHLJKW LQ NHHS LQJ ZLWK LWV UREXVWQHVV EURDG DQG ORQJ ´ 7R FRQFOXGH LW PXVW EH SRLQW HG RXW WKDW ZKHQ EXOOV DQG KRUVHV IDFH RQH DQRWKHU LW LV LQ WKH EXOOULQJ 7KHUHIRUH LW PDNHV QR VHQVH WR DW WULEXWH WKH PRGLILFDWLRQ RI WKH EDFN RI WKH KRUVH WR WKHVH FRQIURQWDWLRQV ,I ERWK DQLPDOV FRH[LVW LQ WKH ILHOG ZLWKRXW DWWDFNLQJ HDFK RWKHU WKLV ZDV HYHQ OHVV WUXH LQ WKH SDVW ZKHQ DV KDV EHHQ SRLQWHG RXW WKH FRPPRQ EXOO SUHGHFHVVRU RI WRGD\¶V ILJKWLQJ EXOO UDUHO\ FKDUJHG %DVHG RQ WKH IDFWV VHHQ ZH FRQ VLGHU LW DFFXUDWH WKDW WKH %UHHG 5HJXODWLRQV GR QRW VSHFLI\ ZKHWK HU WKH EDFN RI WKH 3XUHEUHG 6SDQLVK +RUVH VKRXOG EH ORQJ RU VKRUW JLYHQ WKH LQVLJQLILFDQFH RI WKDW FKDUDFWHU LVWLF IURP WKH EUHHG SRLQW RI YLHZ

:KHQ .LQJ 3KLOLS ,, GHFLGHG WR FUHDWH WKH 6SDQLVK +RUVH KH RUGHUHG EURRGPDUHV WR EH ODUJH LQ ERG\ DQG ORQJ RI EHOO\ ,W ZDV EHOLHYHG WKDW WKH ODUJHU WKH PDUH·V DEGRPHQ WKH EHWWHU GHYHORSHG WKH IRDO ZRXOG EH 7KXV E\ VHOHFWLQJ PDUHV ZLWK WKLV FKDUDFWHULVWLF WKH\ ZHUH LQGLUHFWO\ VHOHFWLQJ KRUVHV ZLWK DQ LQFUHDVHG GRUVDO OXPEDU OHQJWK 7KLV VHOHFWLRQ FULWHULRQ OHG WR WKH IDFW WKDW WKH EDFN RI WKH 6SDQLVK EUHHG ZDV LQ JHQHUDO ORQJHU

6DLQW ,VLGRUH RI 6HYLOOH (WLPRORJtDV (WK\PRORJLHV 9RO ,, 0DGULG % $ & S

7UREDGRU SURSLHGDG GH <HJXDGD /D &DxDGD HQ &RVWD 5LFD

ZZZ DQFFH FRP

'UHVVDJH

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

$Q LPSRUWDQW SRLQW LV WKDW WKH YLVXDOL]DWLRQ SURFHVV VKRXOG EH DS SOLHG WR VNLOOV DQG VWUHQJWKV ZKHUH ZRUN LV QHFHVVDU\ ,W ZRXOG EH XVH OHVV WR KDYH D VHULHV RI QHJDWLYH LPDJHV RI IDLOXUHV DQG SRRU SHU IRUPDQFHV HYHU\ WLPH \RX GR QRW DFKLHYH WKH GHVLUHG UHVXOW )RU YLVXDOL]DWLRQ WR SURGXFH WKH GHVLUHG HIIHFW LQ FRPSHWLWLRQ LW LV HVVHQWLDO WR EHDU LQ PLQG WKH IRO ORZLQJ SRLQWV Â‡ +DYH D JRRG VWDWH RI UHOD[DWLRQ Â‡ 9LVXDOL]H ZKDW \RX ZDQW WR EH WR GR RU WR KDYH Â‡ &KRRVH D VNLOO RU DELOLW\ WR ZRUN RQ LI WKH WHVW LV YHU\ ORQJ EUHDN LW GRZQ WR PDLQWDLQ D JUHDWHU FRQFHQWUDWLRQ GXULQJ WKH SURFHVV Â‡ ,PDJLQH WKH ORFDWLRQ ZKHUH WKH DFWLYLW\ ZLOO WDNH SODFH WUDLQLQJ RU FRPSHWLWLRQ

E\ -RVp $ )GH] /LQHURV

Â‡ &RQFHQWUDWH RQ WKH SUHVHQW 7R GR WKLV \RX PXVW KDYH D FOHDU IRFDO SRLQW Â‡ 8VH WKH JUHDWHVW 9$. YLVXDO DXGLWRU\ DQG NLQHVWKHWLF FDWHJRULHV SRVVLEOH WKLV LPSURYHV JOREDO SHUFHSWLRQ :DWFK ZKDW Â³\RX VHH Â´ OLVWHQ Â³WR ZKDW \RX VD\ Â´ IHHO HDFK ZRUG Â³\RX VD\ Â´ Â³YLVXDOL]HÂ´ HDFK ZRUG IHHO WKH FRQILGHQFH RI RZQLQJ WKDW LPDJH Â‡ $OO WKH VFHQHV ZLWKRXW H[FHSWLRQ VKRXOG EH RSWLPLVWLF DQG WKH\ VKRXOG ILQLVK ZLWK D SRVLWLYH IRFXV <RX FDQ LPDJLQH KRZ \RX RYHUFRPH D SHUVRQDO RU HPRWLRQDO FRQIOLFW KRZ \RX VXFFHVVIXOO\ IDFH D GLIILFXOW VLWXDWLRQ \RX FDQ LPDJLQH ZKDWHYHU \RX ZLVK Â‡ &DUU\ LW RXW LQ D VWDWH DVVRFLDWHG ZLWK SRVLWLYH HPRWLRQV WR LQFUHDVH WKHLU

(O &DEDOOR (VSDxRO

VWUHQJWK RU GLVVRFLDWHG WR EHWWHU FRQWURO QHJDWLYH HPRWLRQV Â‡ 9LVXDOL]H WKH LPDJH DV SHUIHFW DV LV SRVVLEOH DQG ZLWK KLJK OHYHOV RI SHUIRUPDQFH Â‡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Â‡ 7UDLQ WKH VWUDWHJ\ FRPSHWLWLYH VNLOOV DQG DQ\ RWKHU DFWLYLW\ EHKDYLRU RU SHUIRUPDQFH \RX FDQ YLVXDOL]H Â‡ ,PSURYH FRQFHQWUDWLRQ ,PDJLQLQJ IRU H[DPSOH ZKDW \RX ZDQW WR GR RU WKH ZD\ \RX ZDQW WR UHDFW WR FHUWDLQ VLWXDWLRQV WR DYRLG \RXU PLQG ZDQGHULQJ <RX FDQ YLVXDOL]H \RXUVHOI LQ VLWXDWLRQV LQ ZKLFK LQ JHQHUDO \RX ORVH FRQFHQWUDWLRQ IRU H[DPSOH IDLOLQJ D IO\LQJ FKDQJH PDNLQJ D EDG WURW WR FDQWHU WUDQVLWLRQ RU PDNLQJ D PLVWDNH ZKHQ ZDUPLQJ XS 1H[W LPDJLQH \RX GR QRW ORVH \RXU FDOP DQG WKDW \RX FHQWHU \RXU DWWHQWLRQ RQ WKH QH[W GLIILFXOW\ RU RQ WKH IROORZLQJ VWHS WKDW \RX KDYH WR WDNH Â‡ &UHDWH RU LQFUHDVH FRQILGHQFH DQG WKHUHIRUH GHFUHDVH DQ[LHW\ 0HQWDOO\ UHSUHVHQWLQJ D JRRG SHUIRUPDQFH KHOSV \RX WR IHHO DEOH WR DFW ZHOO Â‡ &KDQQHO HPRWLRQDO UHVSRQVHV <RX FDQ LPDJLQH VLWXDWLRQV WKDW KDYH FDXVHG LQDSSURSULDWH HPRWLRQDO UHVSRQVHV LQ WKH SDVW DQG YLVXDOL]H \RXUVHOI UHVSRQGLQJ LQ D PXFK PRUH DSSURSULDWH PDQQHU 3UDFWLFLQJ DQG OHDUQLQJ WKH ZRUN RI YLVXDO L]DWLRQ LV QRW RQO\ XVHIXO IRU LPSURYLQJ VSHFLILF WHFKQLTXHV EXW DOVR LW LV RI JUHDW KHOS ZKHQ FRQ IURQWLQJ IHDU DQ[LHW\ DQG DQ H[FHVV RI QHUYHV LQ FRQQHFWLRQ ZLWK \RXU FRPSHWLWLYH REMHFWLYHV

$1&&(

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

ZZZ DQFFH FRP

Â‡ 2WKHUV 5HLQIRUFH SDWLHQFH DQFKRU \RXU SRVLWLYH WKLQNLQJ EXLOG HIIHFWLYHQHVV HWF $ ULGHU ZKR KDV ORVW KLV KHU FRQILGHQFH IROORZLQJ DQ DZNZDUG SHUIRUPDQFH RU LQFLGHQWV GXU LQJ WUDLQLQJ FDQ XVH YLVXDOL]DWLRQ EDVHG RQ SDQRUDPDV ZLWK VSHFLILF LPDJHV DQG VFHQHV OLQNHG WR VXF FHVV DQG VHFXULW\ WR FRQWLQXH KLV KHU FRPSHWLWLYH FDUHHU ZLWK PRUH SUREDELOLWLHV RI VXFFHVV 7R EH DEOH WR SHUIRUP ZLWK JRRG UHVXOWV DV KDV DOUHDG\ EHHQ FRP PHQWHG \RX PXVW UHVSRQG WR WKH IROORZLQJ TXHVWLRQV Â‡ +RZ GR , H[SHULHQFH WKH LPDJHV" Â‡ +RZ GR , SHUFHLYH WKH LPDJHV 9$. " Â‡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Â‡ +RZ ZHOO GLG \RX VHH \RXUVHOI FDUU\LQJ RXW WKH DFWLYLW\" Â‡ +RZ ZHOO GLG \RX KHDU WKH VRXQGV RI WKH DFWLYLW\" Â‡ +RZ ZHUH \RXU IHHOLQJV RI WRXFK DQG DSSURSULDWHQHVV ZKLOH FDUU\LQJ RXW WKHVH PRYHPHQWV" Â‡ 7R ZKDW H[WHQW ZHUH \RX FRQVFLRXV RI \RXU HPRWLRQDO VWDWH"

:LWK RWKHU SHRSOH <RX DUH ULGLQJ EXW RQ WKLV RFFD VLRQ \RXU WUDLQHU DQG \RXU IULHQGV DUH SUHVHQW <RX PDNH D PLVWDNH ZKLFK HYHU\ERG\ QRWLFHV <RX FORVH \RXU H\HV IRU D IHZ PLQXWHV WR LPDJLQH WKH PLVWDNH DQG ZKDW KDSSHQV QH[W Â‡ +RZ ZHOO GLG \RX VHH \RXUVHOI LQ WKLV VLWXDWLRQ" Â‡ +RZ ZHOO GLG \RX KHDU WKH VRXQGV RI WKH VFHQH" Â‡ +RZ ZHOO GLG \RX SHUFHLYH \RXU IHHOLQJV ZKHQ FDUU\LQJ RXW WKH PRYHPHQWV" Â‡ :LWK ZKDW GHWDLO GLG \RX QRWLFH WKH HPRWLRQV RI WKH VLWXDWLRQ" Â‡ +RZ ZHOO GLG \RX VHH \RXUVHOI LQ WKLV VLWXDWLRQ"

Â‡ +RZ ZHOO GLG \RX SHUFHLYH \RXU RZQ SK\VLFDO SUHVHQFH" Â‡ +RZ GLG \RX SHUFHLYH WKH HPRWLRQV RI WKH VLWXDWLRQ"

&RPSHWLWLRQ ,PDJLQH \RXUVHOI LQ D FRPSHWL WLRQ EXW LQ WKLV FDVH \RX PXVW VHH \RXUVHOI SHUIRUPLQJ ZLWK JUHDW VNLOO ZKLOH WKH DXGLHQFH DQG \RXU IULHQGV ZDWFK \RXU SHUIRUPDQFH ZLWK FULWLTXH &ORVH \RXU H\HV IRU D PLQXWH DQG LPDJLQH WKLV VLWXDWLRQ DV FOHDUO\ DV SRVVLEOH Â‡ +RZ ZHOO GLG \RX VHH \RXUVHOI LQ WKLV VLWXDWLRQ" Â‡ +RZ ZHOO GLG \RX KHDU WKH VRXQGV RI WKH VFHQHV" Â‡ +RZ ZHOO GLG \RX SHUFHLYH \RXU PRYHPHQWV DQG IHHOLQJV" Â‡ +RZ GLG \RX SHUFHLYH WKH HPRWLRQV RI WKH VLWXDWLRQ" $W WKH :LQWHU 2O\PSLFV 7KH REMHFWLYHV KHOG LQ /LOOHKDPPHU 1RUZD\ JROG PHGDO VNLHU 7RPP\ 0RH XVHG D VRXJKW ZLWK VHULHV RI PHQWDO LPDJHV Â³LQ VORZ YLVXDOL]DWLRQ PRWLRQÂ´ WR SUHSDUH KLPVHOI IRU WKH WXUQV RQ WKH LFH RI WKH *LDQW 6OD VHHN WR 7UDLQ ORP 7KH FKDPSLRQ VNLHU %RGH WKH VWUDWHJ\ 0LOOHU PHQWLRQHG WKDW LQ 6DOW /DNH &LW\ KH XVHG D VHULHV RI Â³IUR]HQ LPSURYH LPDJHVÂ´ WR UHGXFH WKH VSHHG RI WKH FRQFHQWUDWLRQ UDFH DQG WKXV EH DEOH WR ZRUN RQ KLV SUHFLVLRQ WHFKQLTXH LQFUHDVH $OO WKHVH UHVRXUFHV DUH SDUW RI FRQILGHQFH D SURFHGXUH NQRZQ DV Â³9LVXDO 0RWRU %HKDYLRU 5HKHDUVDOÂ´ 90 DQG WKHUHIRUH %5 GHYHORSHG E\ 'U 5LFKDUG GHFUHDVH DQ[LHW\ 6XLQQ SV\FKRORJ\ SURIHVVRU DW WKH 8QLYHUVLW\ RI &RORUDGR 7KLV DQG FKDQQHO WHFKQLTXH FRQVLVWV RI FUHDWLQJ D HPRWLRQDO Â³PHQWDO PRYLHÂ´ SULRU WR WKH FRP SHWLWLRQ DQG WR ODWHU XVH WKLV WR UHVSRQVHV DQDO\]H DQG FRUUHFW PLVWDNHV WKDW PLJKW KDYH DULVHQ ERWK LQ WKH UH DO HYHQW DV ZHOO DV WKH LPDJLQDU\ RQH 7KLV WHFKQLTXH FRPELQHV UH OD[DWLRQ DQG ZRUN ZLWK LPDJHV LQ :DWFK D IULHQG D IRUPDW WKDW DOORZV LQGLYLGXDOV WR 7KLQNV RI D IULHQG ZKR LV PDN GLVFRQQHFW LQ WKH OLJKW RI D VWUHVV LQJ D PLVWDNH DW D FULWLFDO PRPHQW IXO VLWXDWLRQ GXULQJ WUDLQLQJ RU DW WKH FRPSHWL 90%5 WR D JUHDW H[WHQW LV WLRQ XVHG WR HOLPLQDWH DOO W\SHV RI SDU Â‡ +RZ ZHOO FDQ \RX VHH \RXU DVLWLF DQG XQGHVLUHG PRYHPHQWV IULHQG" WKDW DIIHFW D FRPSHWLWLYH SHUIRU Â‡ +RZ ZHOO GLG \RX KHDU WKH PDQFH WR UHGXFH WKH SRVVLELOLW\ RI VRXQGV RI WKH VFHQH" SRRU RU IDXOW\ H[HFXWLRQV 6RPH

Â´

(O &DEDOOR (VSDxRO

RI WKH DSSOLFDWLRQV IRU 90%5 LQFOXGH FRQWUROOLQJ WHQVLRQ SUDFWLFLQJ IRU DQ LPPLQHQW FRPSHWLWLRQ HOLPLQDWLQJ VWUHVV IURP FHUWDLQ SDUWV RI WKH ERG\ ZKLOH LQFUHDVLQJ WKH IHHOLQJ RI FRQIL GHQFH LQ D YLFWRU\ 90%5 UHVSRQGV WR IRXU REMHFWLYHV $Q LPSURYHPHQW LQ WHFKQLTXH 7KH DQDO\VLV DQG FRUUHFWLRQ RI HUURUV 3UHSDUDWLRQ IRU WKH FRPSHWLWLRQ ,PSURYHPHQW RI WKH YDULRXV VNLOOV

%HDWUL] 5REHUW 6DPSHU ULGLQJ *XDMLUR ;;9, RZQHG E\ -XDQ %DXWLVWD DQG EUHG E\ 0DULR 7RULR

Â´

7KH 90%5 WHFKQLTXH 9LVXDO 0RWRU %HKDYLRXU 5HKHDUVD FRQVLVWV RI FUHDWLQJ D Â´PHQWDO PRYLHÂµ SULRU WR WKH FRPSHWLWLRQ DQG WR ODWHU XVH WKLV WR DQDO\]H DQG FRUUHFW PLVWDNHV WKDW PLJKW KDYH DULVHQ ERWK LQ WKH UHDO HYHQW DV ZHOO DV WKH LPDJLQDU\ RQH

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

$1&&(

ZZZ DQFFH FRP

&RPSHWLWLRQ

)XHJR GH &DUGHQDV YLFWRULRXV DW :LHVEDGHQ &',

35( 26 62/ 3(5)2506 :,7+ %5,//,$1&( ,1 (9(17,1*

+RUVH DQG ULGHU FRQWLQXH QRQVWRS DW LQWHUQDWLRQDO DSSHDUDQFHV

%URQ]H DW WKH 0RQWHQPHGLR FRPSHWLWLRQ

3KRWR %RE /DQJULVK

$ &', WRRN SODFH IURP WKH WK WR WK RI -XQH LQ :LHVEDGHQ *HUPDQ\ 0HPEHUV RI WKH 6SDQLVK 7HDP SDUWLFLSDWHG XQGHU WKH ZDWFKIXO H\H RI WUDLQHU -HDQ %HPHOPDQV -XDQ 0DQXHO 0Xx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xR] DQG \HDU ROG 35( VWDOOLRQ )XHJR GH &DUGHQDV DUH XQVWRSSDEOH 7KH\ KDYH QRZ UDFNHG XS WZR YLFWRULHV IRU 6SDLQ DW WKH LQWHUQDWLRQDO FRPSHWLWLRQV RI 6DXPXU DQG :LHVEDGHQ 7KHVH HYHQWV DUH UXQV XS WR WKH (XURSHDQ &KDPSLRQVKLS WR EH KHOG LQ 5RWWHUGDP +ROODQG IURP WKH WK WR VW RI $XJXVW 7+( GUHVVDJH FRPSHWLWLRQ RI WKH VXPPHU $OVR ZRUWK\ RI KLJKOLJKWLQJ ZHUH WKH SHUIRUPDQFHV E\ 6SDQLVK ULGHUV -RUGL 'RPLQJR DQG -RVp $QWRQLR 'tD] 3RUUDV

$1&&(

Â³6SDQLVK KRUVHV DUH JRRG DW HYHU\WKLQJ LW LV OLNH D PXOWLSXUSRVH KRUVH Â´ 7KLV ZDV WKH VWDWHPHQW PDGH E\ EUHHGHU -RVHS %XUJXHV IURP <HJXDGD %XUJXHV ZKHQ , DVNHG KLP DERXW KLV QLQH \HDU ROG 35( KRUVH 2V 6RO 7KLV VRQ RI 7LQR DQG 8PEHOD V LV DFKLHYLQJ WKH EHVW SODFHV DW QDWLRQDO OHYHO LQ WKH GLVFLSOLQH RI (YHQWLQJ $V ZH DOO NQRZ WKLV GLVFLSOLQH LQFOXGHV 'UHVVDJH 6KRZ MXPSLQJ DQG &URVV FRXQWU\ (YHUPRUH 6SDQLVK +RUVHV ZLWK DSWLWXGHV IRU MXPSLQJ DUH SDUWLFLSDWLQJ 7LQR IDWKHU RI 2V 6RO DQG 2V 1HUYLÂ²WKLV ODWWHU D *UDQG 3UL[ KRUVH ULGGHQ E\ /XLV /XFLRÂ²ZDV WKH ILUVW 35( +RUVH WR WDNH SDUW LQ 'UHVVDJH 6KRZ MXPSLQJ DQG &URVV FRXQWU\ 7KXV WKH JRRG JHQHWLFV WKDW 7LQR KDV SDVVHG RQ WR 2V 6RO FDQ EH XQGHUVWRRG 7KLV KRUVH KDV DOVR EHHQ OXFN\ HQRXJK WR KDYH KDG RQH RI WKH EHVW &&( ULGHUV LQ 6SDLQ $OEHU +HUPRVR ZKR KDV EDFNHG WKH 6SDQLVK +RUVH LQ WKLV GLVFLSOLQH 2V 6RO WKH RQO\ 35( FXUUHQWO\ SDUWLFLSDWLQJ LQ WKH GLVFLSOLQH RI (YHQW LQJ FDPH WKLUG LQ WKH ]HUR VWDU DW 0RQWHQPHGLR ZLWK D VFRUH RI +H ZRQ WKH GUHVVDJH DQG ZDV WKLUG RYHUDOO Â³+H LV PRVW FRPIRUWDEOH LQ WKH GLVFLSOLQH RI 'UHVVDJH DOWKRXJK KH LV DOVR JRRG LQ WKH 6KRZ MXPS LQJ DQG KH JDOORSV LQ WKH &URVV FRXQWU\ ZLWK LPSUHVVLYH VWUHQJWK DQG ZLOO Â´ FRPPHQWHG %XUJXHV %XW WKH UHDOO\

ZZZ DQFFH FRP

FDSWLYDWLQJ WKLQJ DERXW 2V 6RO LV KLV QRELOLW\ KLV JRRG FKDUDFWHU DQG KLV REHGLHQFH LQ IURQW RI WKH MXPS DOO RI ZKLFK DUH NH\ FKDUDFWHULVWLFV WR FRP SHQVDWH WKH SRVVLEOH GLVDGYDQWDJHV RI D 6SDQLVK +RUVH ZKHQ FRPSDUHG ZLWK RWKHU EUHHGV PRUH FKDUDFWHULVWLF WR WKLV GLVFLSOLQH Â³+H LV D KRUVH ZLWK YHU\ FRUUHFW SDFHV EXW SHUKDSV KLV ZDON DQG FDQWHU DUH VWDQG RXW PRVW DV WKH\ DUH YHU\ JRRG Â´ KH H[SODLQHG 2V 6RO KDV JDUQHUHG PDMRU VXFFHVVHV DW FRP SHWLWLRQ DQG OLWWOH E\ OLWWOH KH LV UHDFKLQJ WRS OHYHOV WKDQNV WR SHUVHYHUDQFH DQG KDUG ZRUN DQG DV DOZD\V DW WKH KDQG RI D JRRG SURIHVVLRQDO ULG HU +H LV FXUUHQWO\ SUHSDULQJ WR SDUWLFLSDWH LQ WKH &DWDORQLD RQH VWDU &&( DQG WKH 0RQWHQPHGLR LQ WHUQDWLRQDO

Â´

+H LV D KRUVH ZLWK YHU\ FRUUHFW SDFHV EXW KH SHUKDSV KLV ZDON DQG FDQWHU VWDQG RXW DV WKH\ DUH YHU\ JRRG

Â´

7KH UHDOO\ FDSWLYDWLQJ WKLQJ DERXW 2V 6RO LV KLV QRELOLW\ KLV JRRG FKDUDFWHU DQG KLV REHGLHQFH LQ IURQW RI WKH MXPS NH\ FKDUDFWHULVWLFV WR FRPSHQVDWH WKH SRVVLEOH GLVDGYDQWDJHV RI D 6SDQLVK +RUVH ZKHQ FRPSDUHG ZLWK RWKHU EUHHGV PRUH FKDUDFWHULVWLF WR WKLV GLVFLSOLQH

-RVHS %XUJXHV FRQFOXGHG WKH LQWHUYLHZ ZLWK D FRPPHQW Â³ZH KDYH WKH QREOHVW KRUVH LQ WKH ZRUOG DQG RQH ZLWK WKH JUHDWHVW KHDUW WR WDNH SDUW LQ DQ\ HTXHVWULDQ GLVFLSOLQH /HWÂ¶V WDNH DGYDQWDJH RI WKLV )URP RI KHUH , ZDQW WR HQFRXUDJH 35( EUHHGHUV WR WUDLQ WKHLU KRUVHV IRU 6KRZ MXPSLQJ DQG (YHQWLQJ EXW DERYH DOO ZLWK ULGHUV ZKR DUH VSHFLDOL]HG LQ WKHVH GLVFLSOLQHV $W EDVLF OHYHOV WKH 6SDQLVK +RUVH ZLWK D VXLWDEOH WUDLQLQJ LV LGH DO IRU $// WKH GLVFLSOLQHV E\ ,QPDFXODGD 5RGUtJXH]

(O &DEDOOR (VSDxRO

$1&&(

ZZZ DQFFH FRP

$1&&( *UDQWV (;&(//(17 5(68/76 )520 7+( $1&&( 7($0 ,1 7+( ),567 6(0(67(5 2) 7+( 6($621 $1&&( 0DQFKHJR $5% TXDOLILHG WR UHSUHVHQW 6SDLQ DW WKH <RXQJ +RUVH :RUOG &KDPSLRQVKLSV E\ ,QPDFXODGD 5RGUtJXH]

-XQH PDUNHG WKH KDOIZD\ SRLQW RI WKH $1&&( 'UHVVDJH &XS VHDVRQ ZLWK H[FHOOHQW UHVXOWV IRU WKH KRUVHV RQ WKH $1&&( 7HDP 0RQWHQPHGLR =DUDJR]D 0DGULG 7ROHGRÂ« DW HDFK HYHQW WKH QDPHV RI $1&&( 0DQFKHJR $5% $1&&( /HYLWyQ $5% ERWK RZQHG E\ <HJXDGD 6DQ $QWR QLR DQG $1&&( 'HERGDGR RZQHG E\ &RUWLMR (O 5REOHGDO UHVRXQGHG VWURQJO\ WKDQNV WR WKH DYHUDJHV WKH\ DFKLHYHG 7KHVH UHVXOWV KDYH SODFHG WKHVH KRUVHV DW WKH IRUHIURQW RI WKH FODVVLILFDWLRQV LQ WKHLU UH VSHFWLYH WHVWV :LWKLQ WKHVH ILUVW VXFFHVV HV WKH ZRUN FDUULHG RXW E\ WKH FRPELQDWLRQ RI ÃˆQJHO 'RUD GR DQG $1&&( 0DQFKHJR $5% KDV WR EH KLJKOLJKW HG 7KH\ DUH DPRQJ WKH IHZ 6SDQLVK FRPELQDWLRQV ZKR KDYH DFKLHYHG WKH QHFHVVDU\ VFRUHV WR UHSUHVHQW 6SDLQ DW WKH <RXQJ +RUVH :RUOG &KDP SLRQVKLSV 7KLV HYHQW ZLOO EH KHOG LQ 9HUGHQ *HUPDQ\ LQ $XJXVW DW WKH IDFLOLWLHV RI WKH +DQRYHULDQ %UHHGHUVÂ¶ $VVR FLDWLRQ 7KH FRPELQDWLRQ KDV TXDOLILHG ZLWK VHYHUDO DYHU DJHV DERYH Â²VRPHWKLQJ ZH DUH QRZ DFFXVWRPHG WRÂ² ZKLFK ZLOO HQDEOH WKHP WR FRPSHWH DPRQJ WKH EHVW &HQ WUDO (XURSHDQ \RXQJ KRUVHV

$1&&( /HYLWyQ $5% ULGGHQ E\ Ã‰QJHO 'RUDGR RZQHG E\ <HJXDGD 6DQ $QWRQLR

$1&&( 'HQRGDGR ULGGHQ E\ 9HUyQLFD :LQWVHQW RZQHG E\ &RUWLMR (O 5REOHGDO

(O &DEDOOR (VSDxRO

'ULYLQJ

7+( /$1'$8

/DQGy GH HVWDGR

Â´

7KH /DQGDX LV D FRQYHUWLEOH %HUOLQ WKDW FDQ EH XVH LQ HYHU\ VHDVRQ RI WKH \HDU

Âµ

$1&&(

KH /DQGDX LV D IRXU ZKHHOHG FDUULDJH ZLWK LQGHSHQGHQW VXVSHQVLRQ WKDW FRXOG EH HOOLSWLF VSULQJV FRPELQHG ZLWK &HH VSULQJV DQG HYHQ ZKLS VSULQJV 7KH ERG\ KDV WZR EDVHV DQG VHDWV IDFLQJ RQH DQRWKHU LW PD\ EH HLWKHU VTXDUH RU URXQG 7KH LGHQWLI\ LQJ FKDUDFWHULVWLF RI WKLV YHKLFOH LV LWV DELOLW\ WR EH XQFRYHUHG RU HQWLUHO\ FORVHG E\ PHDQV RI LWV GRXEOH OHDWKHU KHDG ZKLFK MRLQV DERYH LWV WZR ODWHUDO GRRUV ZLWK GHVFHQGLQJ ZLQGRZV ,Q IDFW LW LV D FRQYHUWLEOH %HUOLQ WKDW FDQ

E\ -RVp -XDQ 0RUDOHV \ -RVp 9DUR

EH XVH LQ HYHU\ VHDVRQ RI WKH \HDU ,W ZRXOG VHHP WKDW WKH ILUVW RI WKHVH FDUULDJHV DSSHDUHG DW WKH HQG RI WKH WK FHQWXU\ +RZHYHU WKLV FDUULDJH ZDV QRW QDPHG DIWHU WKH %DYDULDQ FLW\ RI /DQGDXÂ²ZKHUH WKH ILUVW PRGHOV ZHUH FRQFHLYHGÂ²XQWLO WKH HQG RI WKH WK FHQWXU\ 7KH SURE OHPV RI REWDLQLQJ D VHDO ZKHUH WKH KHDGV MRLQHG KLQGHUHG WKH GHYHORSPHQW RI WKH ODQGDX XQWLO WKH PLG WK FHQWXU\ ,W ZDV QRW XQWLO WKDQNV WR WKH WHFKQL FDO SURJUHVV RI WKH FKDVVLV WKDW

ZZZ DQFFH FRP

(

/DQGy ELQGHU SURSLHGDG GH *UHJRULR $UDQGD &DOGHUyQ

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

VHDW 7KHVH PRELOH ZLQGRZV UHSODFH WKH IURQW KRRG RI WKH XVXDO ODQGDXV 6HIWRQ /DQGDX 7KLV LV D /DQGDX ZLWK D FDQRH VKDSHG VKDOORZ DQG YHU\ OLJKW ERG\ VLPLODU WR WKDW RI D &DOHFKH ,WV QDPH FRPHV IURP WKH (DUO RI 6HIWRQ ZKR RUGHUHG D /DQGDX ZLWK WKHVH FKDU DFWHULVWLFV IURP +RRSHU LQ WKH WK FHQWXU\ 6KHOEXUQH ODQGDX 7KLV LV D /DQGDX ZLWK D VTXDUH ER[ ,WV QDPH FRPHV IURP WKH (QJ OLVK (DUO RI 6KHOEXUQH 7KRVH RI WKH %ULWLVK FDUULDJH EXLOGHUV 3HWHUV DUH IDPRXV

Â´

7KH ILUVW RI WKHVH FDUULDJHV DSSHDUHG LQ WKH WK FHQWXU\ EXW LW ZDV QRW XQWLO WKH WK FHQWXU\ WKDW WKH\ ZHUH QDPHG DIWHU WKH %DYDULDQ FLW\ RI /DQGDX

Âµ

(O &DEDOOR (VSDxRO

'ULYLQJ &RPSHWLWLRQ

7+( 63$1,6+ 1$7,21$/ $17+(0 6281'6 ,1 )5$1&( ,QWHUQDWLRQDO 7UDGLWLRQDO &DUULDJH 'ULYLQJ LQ )UDQFH 7KLV ZDV WKH WK DQQLYHUVDU\ RI WKH &,$7 KHOG RQ WKH VW DQG QG RI 0D\ LQ WKH &KDWWHDX GH /DQJODGH &XWV )UDQFH $ WRWDO RI WXUQRXWV IURP HLJKW FRXQWULHV SDUWLFLSDWHG 0HPEHUV RI WKH 5R\DO &DUULDJH 'ULYLQJ &OXE RI $QGDOX VLD DFKLHYHG WKH IROORZLQJ DZDUGV Å¾ -DFLQWR 3ODQDV ILUVW SODFH LQ WKH 3DLUV DQG ILUVW SODFH RYHUDOO 7KH 6SDQLVK QDWLRQDO DQWKHP SOD\HG LQ KLV KRQRU Å¾ $QWRQLR *XWLpUUH] DZDUG IURP WKH 3XEOLF LQ 6LQJOHV Å¾ -RVp 9DUR IRXUWK SODFH LQ WKH 3DLUV 7KH FRPSHWLWLRQ FRQVLVWHG RI WKUHH WHVWV MXGJHG E\ WKUHH MXGJHV IURP )UDQFH (QJODQG DQG 6SDLQ 7KH URXWH VHOHFWHG IRU WKH ILYH &RPSXOVRU\ 3KDVHV ZHQW WKURXJK WKH VXUURXQGLQJ IRUHVWV DQG WKH FRQHV WRRN SODFH RQ WKH HVSODQDGH RI WKH FDVWOH 7KH WXUQRXWV KDG WR FRPSHWH XVLQJ RQO\ DQ DQWLTXH FODVVLF FDUULDJH RU D UHSOLFD

3DLU RI 35( KRUVHV GULYHQ E\ -RVp 9DUR *DUULGR

$1&&(

ZZZ DQFFH FRP

(O &DEDOOR (VSDËRO 2SLQLRQ )RUXP 7+( 63$1,6+ +256( 23,1,21 )2580 5(:$5'6 -8$1 3('52 '20(&4 62/Ì6 :,7+ *2/' 0('$/ 7KH )RUR GH 2SLQLyQ (/ &$ %$//2 (63$f2/ 7KH 6SDQLVK +RUVH 2SLQLRQ )RUXP KDV JUDQW HG WKH $VVRFLDWLRQ¶V *ROG 0HGDO SRVWKXPRXVO\ WR 0U -XDQ 3HGUR 'RPHFT 6ROtV +H ZDV FKRVHQ IRU KLV SUDLVHZRUWK\ ZRUN LQ WKH GLVVHPLQDWLRQ DQG GHIHQVH RI WKH IXQGDPHQWDO SULQFLSOHV RI WKH VH OHFWLRQ EUHHGLQJ KDQGOLQJ DQG WUDLQLQJ RI 3XUHEUHG 6SDQLVK +RUV HV DV ZHOO DV IRU KLV RXWVWDQGLQJ

$1&&(

SUHVHQFH ZLWKLQ 35( UHODWHG DVVR FLDWLRQV +LV VRQ -XDQ 3HGUR 'RPHFT 0RUHQpV ZKR FRQWLQXHV KLV ID WKHU¶V ZRUN DFFHSWHG WKH PHGDO )ROORZLQJ WKH WUDJHG\ WKH PH GLD UHYLHZHG WKH H[WHQVLYH OLIHWLPH FDUHHU WKDW OLQNHG -XDQ 3HGUR ZLWK WKH ZRUOG RI ILJKWLQJ EXOO 1HY HUWKHOHVV WKHUH ZDV QR PHQWLRQ RI DQRWKHU DVSHFW RI KLV OLIH²XQ NQRZQ WR PDQ\²ZKLFK ZDV WKH

WLPH KH GHGLFDWHG ZLWK LQWHOOLJHQFH DQG SURIHVVLRQDOLVP WR HYHU\WKLQJ UHODWHG WR WKH 3XUHEUHG 6SDQLVK +RUVH )URP KHUH ZH ZRXOG OLNH WR SRLQW RXW MXVW KRZ PXFK EUHHGHUV DV D ZKROH RZH KLP IRU KLV HQWKXVLDVP DQG KLV DOWUXLVWLF ZRUN IRU WKH EHQ HILW RI KRUVHV +LV HQWKXVLDVP IRU WKH VHOHFWLRQ LPSURYHPHQW DQG RUJDQL]DWLRQ RI EUHHGLQJ LQ JHQHUDO PRWLYDWHG KLP WR VWRS WKLQNLQJ DERXW KRUVHV DV D

ZZZ DQFFH FRP

FRPSOHPHQW LQ ILJKWLQJ EXOO UHODWHG WDVNV 7KLV OHG KLP WR XQGHUVWDQG WKH LPSRUWDQFH RI WDNLQJ KRUVH EUHHGLQJ VHULRXVO\ 2QFH WKH 1DWLRQDO 35( %UHHGHUVÂ¶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~xH] GH 9LOODYLFHQFLR ZKR VWDUWHG ZLWK D IHZ +LHUUR GH %RFDGR PDUHV ZKLFK ZHUH WKH EDVH RI WKH FXUUHQW &DUWKXVLDQ EORRGOLQH DQG WKH +LVSD QR $UDE KRUVHV RI 'RPHFT )DPLO\ ZKLFK KDYH JUDQWHG KLV IDPLO\ GD\V

RI JORU\ LQ WKH ILHOGV DQG WKH EXOO ULQJ -XDQ 3HGUR KDG QRW EHHQ EUHHGLQJ 6SDQLVK +RUVHV IRU ORQJ +RZHYHU ZKHQ KH GHFLGHG WR VWDUW KH WRRN LW DV VHULRXVO\ DV KH GLG WKH EUHHGLQJ RI ILJKWLQJ EXOOV VFLHQWLILF ULJRU JH QHWLF VWXGLHV LPSURYHPHQW LQ WKHLU IHHGÂ« $OO YDTXHURV ULGHUV RI Â³/R ÃˆOYD URÂ´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

(O &DEDOOR (VSDxRO

7KH )RUXP 7+( ',675,%87,21 2) 7+( /,9(672&. ,1 +(5'6

E\ (PLOLR &DUR

)

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

Â´

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

7KH EUHHG VH[ DJH DQG SK\VLRORJLFDO FRQGLWLRQ RI WKH KRUVHV DUH GHFLVLYH ZKHQ LW FRPHV WR LQFOXGLQJ KRUVHV LQ KHUGV

$1&&(

Âµ

+HUG RI PDUHV DW D GULQNLQJ WURXJK RZQHG E\-RVp /XLV (VFDOHUD GH OD (VFDOHUD

ZZZ DQFFH FRP

J J PLQLPL]HG EHDULQJ LQ PLQG VRPH NH\ DVSHFWV ZKHQ GLYLGLQJ WKH KRUVHV LQWR JURXSV

(O &DEDOOR (VSDxRO

+HUG RI PDUHV LQ WKH FRXQWU\VLGH RZQHG E\ <HJXDGD $UUR\R 35(

Â´

*URXSLQJ WKH OLYHVWRFN LQ KHUGV LV DQ HQRUPRXV DLG IRU WKRVH ZKR DUH UHVSRQVLEOH IRU WKH VXSHUYLVLRQ FRQWURO KDQGOLQJ DQG FDUH RI WKH KRUVHV

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

$1&&(

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

ZZZ DQFFH FRP

(TXHVWULDQ 7UDGHV

/OXtV *DUFtD %RILOO (TXLQH SV\FKR WKHUDSLVW

,QWHUSUHWV WKH ODQJXDJH RI WKH KRUVH IRU WKH WUHDWPHQW RI WKH KXPDQ PLQG

7KHLU QRELOLW\ VHQVLWLYLW\ DQG KXJH KHDUW DOORZ WKHP WR FKDQQHO WKH IHHOLQJV RI D SHUVRQ DQG WR GLUHFW WKHP WRZDUG WKH WUHDWPHQW RI SV\FKLF G\VIXQFWLRQV WKH\ DUH WKH UHDO SURWDJRQLVWV RI WKLV HTXHVWULDQ SURIHVVLRQ DQG WKRVH WKDW LQ WXUQ IXOÃ€ OO DQ LPSRUWDQW VRFLDO DQG KXPDQ ZRUN KRUVHV %XW WKHLU ZRUN ZRXOG EH ZRUWKOHVV ZLWKRXW WKH KHOS RI D SURIHVVLRQDO ZKR FKDQQHOV WKHLU IHHOLQJV WRZDUG WKH WUHDWPHQW DQG FXUH RI WKHLU SDWLHQWV WKH HTXLQH SV\FKRWKHUDSLVW E\ 0DUtD 6iH] GH 3URSLRV

KLV LV ZKDW /OXtV *DUFt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

Â´

7KH SDWLHQWV HQG XS UHOLQTXLVKLQJ WKHLU SUREOHPV DQG Â´JHWWLQJ KRRNHG RQ KRUVHVÂµ DQG JDLQLQJ ORYH IRU WKLV DQLPDO DQG HYHU\WKLQJ WR GR ZLWK LW

Âµ

(O &DEDOOR (VSDxRO

+RUVHV HQWHU GLUHFWO\ LQWR RXU VXEFRQVFLRXV DQG WHDFK XV WR YDOXH RXUVHOYHV WR UHOD[ DQG WR GLVFRYHU ZKR ZH DUH DQG ZKHUH ZH DUH JRLQJ 7KDQNV WR WKLV WKH SV\FKRWKHUDSLVW V XQGHUVWDQGLQJ PXVW EH YHU\ GHHS DV LV WKH FDVH RI /XtV *DUFtD ZKR KDV GHGLFDWHG KLV HQWLUH OLIHWLPH WR WKLV ILHOG +H VWDUWHG ULGLQJ DW WKH DJH RI VHYHQ ,W ZDV D SDVVLRQ KH OHDUQHG IURP KLV IDWKHU +H EHJDQ DV D JXLGH IRU KDFNV ZLWK KLUHG KRUVHV LQ YDULRXV

Â´

WKDW DW &,7$ D ORW RI LPSRUWDQFH ZDV DOZD\V JLYHQ WR WKH UHODWLRQ VKLS ZLWK KRUVHV VLQFH WKLV Â³LV D SRZHUIXO ZHDSRQ WR FXUH SDWLHQWV WKH WKHUDSHXWLF SRZHU RI DQLPDOV LV ZHOO NQRZQ HVSHFLDOO\ ZLWK GROSKLQV DQG KRUVHV ,Q IDFW KLV ULGLQJ LV FDUULHG RXW PRUH ZLWK D WKHUDSHXWLF IRFXV WKDQ WKH FRQYHQ WLRQDO WHFKQLFDO ULGLQJ 7KURXJK WKLV ZH LPSOHPHQW WKH $VVLVW HG 3V\FKRWKHUDS\ ZLWK (TXLQHV 3 $ ( XVLQJ WKH ( $ * $ / $

:KDW EHWWHU DQLPDO WKDQ WKH KRUVH WR KHOS XV ZLWK RXU SV\FKRORJLFDO ZHOO EHLQJ" :H KDYH D ORW WR WKDQN LW IRU

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tV *DUFtD PDLQWDLQV

$1&&(

Âµ

PHWKRGRORJ\ Â´ 7KLV WKHUDS\ ZDV GHVLJQHG LQ WKH 8QLWHG 6WDWHV ZKHUH LW KDV EHHQ ZLGHO\ DF FHSWHG GXH WR WKH SV\FKRORJLFDO VXFFHVVHV DWWDLQHG 7RGD\ LW LV XVHG WKURXJKRXW D ODUJH SDUW RI WKH ZRUOG E\ SV\FKRORJLVWV DQG SV\FKLDWULVWV 7KLV WKHUDS\ LV XVH IXO IRU PDQ\ W\SHV RI SUREOHPV Â³ZH XVH LW VSHFLILFDOO\ DW WKH FHQ WHU IRU WKH WUHDWPHQW RI DOO W\SHV RI DGGLFWLRQV DQG GXDO SDWKROR J\ Â´ 7KH ZRUN RI /OXtV *DUFtD LV D OLYLQJ VHOI NQRZOHGJH WKHUD S\ ZKHUH \RX GLVFRYHU RU ILQG \RXUVHOI Â³7KURXJK D VHULHV RI RE VHUYDWLRQV DQG VRPH H[HUFLVHV RQ

WKH JURXQG QRW XVXDOO\ PRXQW HG WKH SDWLHQW GLVFRYHUV WKLQJV WKURXJK LQWHUDFWLRQ ZLWK WKH KRUVH DQG WKH LQWHUDFWLRQ RI KRUVH DQG SDWLHQW :LWK WKHVH H[HUFLV HV OHW XV FDOO WKHP JDPHV QR RQH LV MXGJHG WKHUH LV QR FRUUHFW RU LQFRUUHFW ZD\ ZKDW KDSSHQV KDSSHQV LW LV D OLYLQJ H[SHULHQFH :LOO D KRUVH MXGJH \RX" 1R WKLV LV ZK\ LW LV VR HIIHFWLYH 7KH SD WLHQW SOD\V ZLWK WKH KRUVH DQG XQFRQVFLRXVO\ GRHV QRW SXW XS SURWHFWLYH EDUULHUV 7KLV LV ZK\ LW EHFRPHV VXFK DQ HIIHFWLYH LFH EUHDNHU Â´ 7KH 3 $ ( WHDP LV PDGH XS RI WKUHH HVVHQWLDO LQGLYLGX DOV WKH HTXLQH VSHFLDOLVW ZKLFK LV SHUIRUPHG E\ /OXtV 7KDQNV WR KLV NQRZOHGJH RI SV\FKROR J\ DQG KRUVH EHKDYLRU KH LV DEOH WR WUDQVIHU WKH YLVLRQ RI LQWHUDF WLRQ EHWZHHQ KRUVH DQG SDWLHQW WR WKH LQGLYLGXDO &OHDUO\ ZLWK RXW WKH KRUVHÂ¶V SDUWLFLSDWLRQ WKLV WKHUDS\ LW FRXOG QRW EH FDUULHG RXW Â³0HWDSKRULFDOO\ VSHDNLQJ D Â³VDODG ZKHUH WKH WRPDWRHV KDYH EHHQ WDNHQ RXW LV VRPHWLPHV VZHHW DQG VRPHWLPHV ELWWHU Â´ IURP WKLV WUDQVIHU RI LQIRUPD WLRQ RI ZKDW KDSSHQV LQ WKH DUHQD WKH SDWLHQWV WDNH RXW ZKDW WKH\ ZDQW IRU WKHPVHOYHV 7KH LQIRU PDWLRQ WUDQVIHUUHG PXVW EH DV QHXWUDO DV SRVVLEOH ,W LV VRPH WKLQJ WKH SDWLHQW PXVW GLVFRYHU WKH WKHUDSHXWLF WHDP PXVW QHYHU SURMHFW RU LQIOXHQFH 7KLV LV ZK\ WKH FRPSDUDWLYH PHWDSKRU LV XVHG WR FRPSDUH ZKDW KDSSHQV LQ WKH DUHQD ZLWK WKH UHDO OLIH RI WKH SD WLHQW Â´ :K\ KRUVHV" +RUVHV DUH JUHJDULRXV DQLPDO WKH\ OLYH LQ KHUGV WKH\ DUH VRFLDO MXVW DV KXPDQV DUH 7KH\ DUH SUH\ WKHUHIRUH WKH\ DUH DOZD\V LQ DOHUW +XPDQV DUH WKH WRS SUHGDWRU FRQ VHTXHQWO\ VRPH YHU\ LQWHUHVWLQJ ERQGV DUH FUHDWHG EHWZHHQ WKH WZR IURP WKLV LQWHUDFWLRQ $ QXP EHU RI DVSHFWV FDQ EH GLVFRYHUHG WKH SV\FKRWKHUDSLVW FODULILHV Â³+RUVHV DUH D QREOH ODUJH VHQ

ZZZ DQFFH FRP

VLWLYH DQLPDO DQG LW KDV D JUHDW KHDUW +XPDQV DUH ZKHUH WKH\ DUH WKDQNV WR KRUVHV :H KDYH XVHG WKHP DV IRRG DV FORWKLQJ DV WUDQVSRUW DQG HYHQ DV ZHDSRQV RI ZDU (YHQ VR LW KDV WKH SRZHU WR IRUJLYH :KDW EHWWHU DQLPDO WKDQ WKH KRUVH WR KHOS XV ZLWK RXU SV\ FKRORJLFDO ZHOO EHLQJ" :H KDYH D ORW WR WKDQN LW IRU Â´ +RUVHV DUH ODUJH DQG SRZHUIXO DQG WKLV FUHDWHV D QDWXUDO RSSRU WXQLW\ IRU XV WR RYHUFRPH RXU IHDU DQG GHYHORS WUXVW Â³7KH VL]H DQG VWUHQJWK RI KRUVHV DUH QDWXUDOO\ LQWLPLGDWLQJ WR PDQ\ 7R FRP SOHWH D WDVN LQYROYLQJ D KRUVH GHVSLWH WKRVH IHDUV FUHDWHV WUXVW DQG SURYLGHV ZRQGHUIXO PHWD SKRUV IRU RWKHU VLWXDWLRQV RI OLIH WKDW DUH LQWLPLGDWLQJ DQG FKDO OHQJLQJ Â´ +RUVHV DUH VLPLODU WR KXPDQV VLQFH WKH\ DUH VRFLDO DQ LPDOV 7KH\ KDYH ZHOO GHILQHG UROHV ZLWKLQ WKH KHUG 7KH\ SUH IHU WR EH ZLWK WKHLU IULHQGV 7KH\ KDYH GLIIHUHQW SHUVRQDOLWLHV DWWL WXGHV DQG PRRGV $Q DWWLWXGH WKDW VHHPLQJO\ ZRUNV ZLWK RQH KRUVH

Â´

GRHV QRW QHFHVVDULO\ ZRUN ZLWK DQRWKHU 6RPHWLPHV WKH\ VHHP REVWLQDWH DQG GHILDQW 7KH\ OLNH WR KDYH IXQ ,Q RWKHU ZRUGV KRUV HV SURYLGH PDMRU RSSRUWXQLWLHV IRU PHWDSKRULF OHDUQLQJ 7KH XVH RI PHWDSKRUV ERWK LQ GLVFXVVLRQ JURXSV DQG LQ DFWLYLW\ LV DQ HIIHF WLYH WHFKQLTXH ZKHQ ZRUNLQJ ZLWK GHILDQW LQGLYLGXDOV RU JURXSV WKH

SV\FKRWKHUDSLVW H[SODLQV +RUVHV UHTXLUH ZRUN HLWKHU WDNLQJ FDUH RI WKHP RU ZRUNLQJ ZLWK WKHP ,Q DQ HUD WKDW ZKHUH LPPHGLDWH JUDW LILFDWLRQ DQG WKH HDV\ URXWH LV WKH QRUP KRUVHV UHTXLUH FRPPLWPHQW ERWK SK\VLFDOO\ DQG PHQWDOO\ LI \RX ZDQW WR EH VXFFHVVIXO WKLV LV D YDOXDEOH FKDUDFWHULVWLF LQ DOO DVSHFWV RI OLIH (YHQ PRUH LPSRU

+RUVHV KDYH IRU PH EHFRPH H[FHSWLRQDO EHLQJV WKDW KHOS \RX DQG LPSURYH \RX ZLWKRXW H[SHFWLQJ DQ\WKLQJ LQ H[FKDQJH 7KH\ DUH HVSHFLDOO\ SRZHUIXO PHVVHQJHUV RI \RXU PRVW LQWLPDWH LQQHU VHOI

Âµ

Â´

7KH EUHHGV WKDW FDQ PRVW EH XVHG IRU WKLV W\SH RI WKHUDS\ DUH Â´WKH EUHHGV ZLWK WKH PRVW EDODQFHG FKDUDFWHUV VXFK DV WKH 3XUHEUHG 6SDQLVK +RUVH GXH WR LWV QRELOLW\

WDQW Â³+RUVHV KDYH WKH FDSDFLW\ WR GHSLFW H[DFWO\ ZKDW \RX DUH VD\ LQJ ZLWK \RXU ERG\ ODQJXDJH $ ORW RI SHRSOH ZLOO FRPSODLQ WKDW Âµ7KH KRUVH LV REVWLQDWH 7KH KRUVH GRHVQ W OLNH PH HWF %XW WKH OHV VRQ WR OHDUQ LV WKDW LI \RX FKDQJH WKH KRUVHV ZLOO UHVSRQG GLIIHU HQWO\ +RUVHV DUH KRQHVW DQG WKLV PDNHV WKHP HVSHFLDOO\ SRZHUIXO PHVVHQJHUV Â´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

Âµ

VDIHW\ IRU DOO WKH SDUWLFLSDQWV LQ WKH 3 $ ( VHVVLRQ PXVW SUHYDLO )RU H[DPSOH Â³LW LV QRW ZLVH WR GR D VHVVLRQ ZLWK D K\SHUDFWLYH FKLOG DQG SXW KLP LQ WKH DUHQD ZLWK D SRQ\ WKLV ZRXOG OHDG XV LQ WR DQ XQQHFHVVDU\ ULVN VLWXDWLRQ ERWK IRU WKH FKLOG DQG IRU WKH SR Q\ VLQFH WKH FKLOG ZRXOG QRW EH FRQVFLRXV RI WKH VL]H RI WKH DQL PDO DQG FRXOG DSSURDFK WKH SRQ\ ZLWKRXW XQGHUVWDQGLQJ WKH GDQJHU RI WKH PRPHQW Â´ 7KH QRELOLW\ RI WKH 35( 7KH EUHHGV WKDW FDQ PRVW EH XVHG IRU WKLV W\SH RI WKHUDS\ DUH Â³WKH EUHHGV ZLWK WKH PRVW EDO DQFHG FKDUDFWHUV VXFK DV WKH 3XUHEUHG 6SDQLVK +RUVH GXH WR LWV QRELOLW\ DQG WKH $UDE DOVR IRU WKH VDPH FKDUDFWHULVWLF DOWKRXJK WKH DJLOLW\ RI LWV PRYHPHQWV PXVW EH ERUQH LQ PLQG ZLWK WKLV ODWWHU Â´ 7KH OHDVW VXLWDEOH E\ WKLV FULWHUL RQ LV WKH (QJOLVK 7KRURXJKEUHG DV Â³LW LV D KLJKO\ VSLULWHG DQLPDO Â´ (YHQ VR LW DOO GHSHQGV RQ WKH LQ GLYLGXDO DQG DOO EUHHGV FDQ EH XVHG DOZD\V SURYLGHG WKDW WKH\ DUH PHQWDOO\ EDODQFHG Â´

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tV DGPLWV WKH SDWLHQWV HQG XS UHOLQTXLVKLQJ WKHLU SUREOHPV DQG Â³JHWWLQJ KRRNHG RQ WKH KRUVH Â´ DQG KDYH JUHDW DIIHFWLRQ IRU WKLV DQLPDO DQG HYHU\WKLQJ WR GR ZLWK LW ,Q 3 $ ( WKH VLPSOHU WKH H[ HUFLVH RU JDPH WKH FOHDUHU DQG PRUH VXUSULVLQJ WKH FRQFOXVLRQV UHDFKHG )RU H[DPSOH ZKHQ \RX ORRN LQWR WKH H\H RI D KRUVH DQG VHH \RXU UHIOHFWLRQ DQG ZKDW LW WUDQVPLWV WR \RX 7KH UHVXOW ZLOO VXUSULVH \RX Â³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Â´

'DLO\ 9HWHULQDU\ 3UDFWLFH %5((',1*

(0(5*(1&,(6

$1&&(

ZZZ DQFFH FRP

%\ 6DQGUD 4XLQWHUR )HOLFHV

$FFLGHQWV RU LQMXULHV RIWHQ WDNH SODFH GXULQJ WKH OLYHV RI VWDOOLRQV DQG EURRGPDUHV FRQVWLWXWLQJ DQ HPHUJHQF\ 7KHUHIRUH ZH PXVW NQRZ KRZ WR UHFRJQL]H WKHVH HYHQWV WR EH DEOH WR VDYH WKH OLIH RI WKH KRUVH DQG JXDUDQWHH LWV IXWXUH KHDOWK IRU EUHHGLQJ 'HVFULEHG EHORZ DUH WKH PRVW FRPPRQ VLWXDWLRQV DQG WKH VLJQV RI GLVHDVHV RU LOOQHVV WKDW PXVW EH DZDUH RI DQG LQ WKH HYHQW RI DQ HPHUJHQF\ FRXQW RQ WKH KHOS RI D YHWHULQDULDQ

%522'0$5(6 'XULQJ WKH ILQDO VWDJHV RI JHVWDWLRQ $ QXPEHU RI SUREOHPV VXFK DV SODFHQWL WLVÂ²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

Â´

:KHQ WKH IHWXV LV SUHVHQWHG LQ DQ XQVXLWDEOH SRVLWLRQ RU IRU H[DPSOH WKH PDUH LV SUHJQDQW ZLWK WZLQV VKH FDQ ILQG LW GLIILFXOW RU LPSRVVLEOH WR H[SHO WKH IHWXV 7KLV LV WHUPHG DV G\VWRFLD 7KLV LV D UHDO HPHUJHQF\ VSHHG LV HVVHQWLDO WR VDYH ERWK WKH OLIH RI WKH IRDO DQG WKH PDUH

(O &DEDOOR (VSDxRO

$IWHU WKH ELUWK 'XULQJ WKH KRXUV IROORZLQJ ELUWK WKH PDUH PXVW EH REVHUYHG ZLWKRXW LQWHUYHQLQJ WRR PXFK LQ DQ HIIRUW QRW WR DOWHU WKH UHODWLRQ VKLS EHWZHHQ PDUH DQG IRDO ,W LV LPSRUWDQW WR WDNH QRWH RI ZKHWK HU KHU EHKDYLRU LV QRUPDO WKDW KHU XGGHUV KDYH HQRXJK PLON DQG WKDW VKH KDV QR WHDUV RU EUXLVHV DURXQG KHU YDJLQD ,W LV DOVR DGYLVDEOH WR FKHFN WKDW WKH SODFHQWD KDV EHHQ H[SHOOHG DQG LI VR ZKHWKHU LW LV FRPSOHWH 2FFDVLRQDOO\ D PDUH FDQ KDYH FROLF IROORZLQJ WKH ELUWK 7KLV FDQ EH GXH WR WKH QRUPDO XWHULQH FRQWUDFWLRQV WR H[SHO WKH SODFHQ WD DQG LV QRW QRUPDOO\ VHULRXV :DONLQJ WKH PDUH IRU WHQ PLQ XWHV RU VLPSO\ ZDLWLQJ D VHQVLEOH DPRXQW RI WLPH XVXDOO\ VROYHV WKH SUREOHP +RZHYHU LI WKH SDLQ SHUVLVWV WKHUH FRXOG EH RWK HU FDXVHV ERWK UHSURGXFWLYH RU RI DQRWKHU W\SH DQG KHOS IURP WKH YHWHULQDULDQ VKRXOG EH VRXJKW 2QH RI WKH PRVW VHULRXV VLWX DWLRQV ZKLFK LV DOVR RQH RI WKH

$1&&(

PRVW GLIILFXOW WR GHWHFW LV D UXSWXUH UKDJH WKDW LV QRW XVXDOO\ GHWHFWHG RI WKH XWHULQH DUWHU\ ,Q WKLV FDVH H[WHUQDOO\ DQG WKH FOLQLFDO VLJQV WKH PDUH VXIIHUV D VHULRXV KHPRU DUH H[WUHPHO\ YDJXH LQFOXGLQJ GHSUHVVLRQ DQ LQFUHDVH LQ WKH KHDUW UDWH DQHPLD HWF

Â´

2QH RI WKH PRVW VHULRXV VLWXDWLRQV ZKLFK LV DOVR RQH RI WKH PRVW GLIILFXOW WR GHWHFW LV D UXSWXUH RI WKH XWHULQH DUWHU\ ,Q WKLV FDVH WKH PDUH VXIIHUV D VHULRXV KHPRUUKDJH WKDW LV QRW XVXDOO\ GHWHFWHG H[WHUQDOO\

67$//,216 $FFLGHQWV FDQ KDSSHQ GXULQJ FRYHULQJ EUHHGLQJ ([DPSOHV LQFOXGH WUDXPD WR WKH SHQLV WKDW FDQ OHDG WR ZRXQGV LQIODPPDWLRQ KHPDWRPD DQG SDUDSKLPRVLVÂ² LQDELOLW\ WR UHWUDFW WKH SHQLV 6FURWDO DQG WHVWLFXODU WUDXPD DQG ODFHUDWLRQV DQG WRUVLRQ RI WKH VSHUPDWLF FRUGÂ²D FKDQJH RI WKH SRVLWLRQ RI WKH WHVWLFOH LQVLGH WKH VFURWXPÂ²FDQ DOVR RFFXU DPRQJ RWKHU SUREOHPV ,I DQ\ RI WKHVH RU RWKHU HPHU JHQFLHV RFFXU WKH YHWHULQDULDQ PXVW EH FDOOHG LPPHGLDWHO\ HYHQ WKRXJK RQH PD\ WKLQN WKDW WKHVH SUREOHPV DUH HDVLO\ WUHDWDEOH E\ WKH RZQHU ,W PXVW EH WKH SUR IHVVLRQDO ZKR GHFLGHV ZKDW PHDVXUHV DUH QHFHVVDU\ DQG WKH WUHDWPHQW WKDW VKRXOG EH SURYLG HG

ZZZ DQFFH FRP -LPHQD )6 SURSLHGDG GH <HJXDGD $UUR\RPRQWH

$VVRFLDWLRQV MURCIA

CÓRDOBA

35( %5(('(56· $662&,$7,21 2) 085&,$ +$6 $ 1(: %2$5' 2) ',5(&7256

&25'29$1 +256(6 ,1 9,(11$

$V HVWDEOLVKHG DW WKH 2UGLQDU\ *HQHUDO 0HHWLQJ KHOG RQ WKH WK RI 0DUFK DQG LQ DFFRUGDQFH ZLWK DUWLFOH RI WKH $&&530 6WDW XWHV -XDQ -RVp 9HLOLQJ $EHOOiQ ZDV XQDQLPRXVO\ FKRVHQ SUHVL GHQW RI WKH DVVRFLDWLRQ IRU WKH QH[W IRXU \HDU SHULRG +H GHVLJQDWHG WKH IROORZLQJ SHRSOH DV PHPEHUV RI KLV %RDUG RI 'LUHFWRUV &DUORV &RQHVD VW 9LFH SUHVLGHQW $OIRQVR )HUQiQGH] QG 9LFH SUHVLGHQW $QWRQLR 5XL] 6HFUHWDU\ -XOLR 1LFROiV 7UHDVXUHU ÈQJHO 0DUWtQH] 0HPEHU 3 5 (

0DUtD -RVp 6iQFKH] 0HPEHU $UDE +LVSDQR $UDE DQG RWKHU EUHHGV 0DQXHO /DPDUFD 0HPEHU &RPSHWLWLRQV

-XDQ 0DUWtQH] 0HPEHU 3XEOLF 5HODWLRQV

-XDQ $QWRQLR (VStQ 0HPEHU &RPSHWLWLRQV

2WKHU SRVWV 3HGUR &RQHVD UHSUHVHQWDWLYH RI WKH DVVRFLDWLRQ EHIRUH $1&&( 1DWLYLGDG *RQ]iOH] $VVRFLDWLRQ 'LUHFWRU IRU WKH 'HIHQVH RI 6DQLWDU\ &RQGLWLRQV -XOLiQ 0RUHQR /ySH] ([HFXWLYH 6HFUHWDU\

&RUGRED (FXHVWUH ZLOO WUDYHO WR WKH $XVWULDQ FDSLWDO LQ 2FWREHU 7KH &yUGRED (FXHVWUH VKRZ WLWOHG 3DVLyQ \ GXHQGH GHO FD EDOOR DQGDOX] 3DVVLRQ DQG FKDUP RI WKH $QGDOXVLDQ KRUVH KDV PDWXUHG WR QRZ VKDUH WKH VWDJH ZLWK VRPH RI WKH PRVW SUHVWLJLRXV ZRUOG ULGLQJ VFKRROV 7KH ZRUN FDUULHG RXW RYHU WKH SDVW \HDUV KDV OHG WKLV VKRZ² RQH RI WZR SHUPDQHQW VKRZV LQ 6SDLQ²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yQ &yUGRED &LXGDG &XOWXUDO &RUGRED &XOWXUDO &LW\ )RXQGD WLRQ DQG &RUGRED (FXHVWUH KDYH UHDFKHG DQ DJUHHPHQW ZLWK WKH 6SDQLVK 5LGLQJ 6FKRRO LQ 9LHQ QD WR YLVLW &RUGRED²VKRXOG LW EHFRPH WKH &XOWXUDO &DSLWDO RI (XURSH²WR SHUIRUP DW WKH 5R\DO 6WDEOHV 7KH\ ZRXOG EH DFFRP SDQLHG E\ WKH &DGUH 1RLU 5LGLQJ 6FKRRO LQ 6DXPXU WKH 3RUWX JXHVH 6FKRRO RI (TXHVWULDQ $UW ORFDWHG LQ 4XHOX] DQG D VKRZ IURP 2PDQ KRPH RI WKH 5R\DO (TXHVWULDQ DQG &DPHO )HVWLYDO 7KLV HYHQW FKULVWHQHG ³&DEDOORV HQ HO &LHOR´ +RUVHV LQ +HDY HQ LV RQH RI WKH PRVW LPSRUWDQW SURSRVDOV WR WDNH SODFH LQ &RUGRED &XOWXUDO &DSLWDO DW WKH 5R\DO 6WDEOHV 9LHQQHVH SROLW LFDO OHDGHUV KDYH VKRZQ JUHDW LQWHUHVW DQG HQWKXVLDVP LQ OHDUQ LQJ PRUH DERXW WKLV HPEOHPDWLF DQG FHQWXU\ ROG &RUGRYDQ EXLOG LQJ WKDW VWLOO KRXVHV KRUVHV

(O &DEDOOR (VSDxRO

,QWHUQDWLRQDO $VVRFLDWLRQV GERMANY

7+( 63$1,6+ +256( Â´$ +256( 2) *2/'Âµ ,1 *(50$1<

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Â³D KRUVH RI JROGÂ´ $Q\RQH ZKR OLNHV KRUVHV LPPHGLDWHO\ IDOOV LQ ORYH ZLWK WKLV EUHHG $W ILUVW VLJKW WKH PDJLF WUDQVPLWWHG E\ WKHVH KRUVHV LV QRWLFHGÂ²OLNH DQ DUURZ SLHUFLQJ \RXU KHDUW 7KH VR YHU\ QREOH FKDUDFWHU RI WKHVH KRUVHV LV DW RQFH QRWLFHDEOH IURP WKH PRPHQW \RX KDYH D VRPHZKDW PRUH LQWHQVH FRQWDFW ZLWK WKHP $OVR WKHLU LQWHOOLJHQFH VXEPLVVLRQ DQG WKHLU QDWXUDO DELOLW\ IRU WKH OHVVRQV RI FROOHFWLRQ ZKLFK SHUPLW D KLJK OHYHO HTXHVWULDQ SHU

$1&&(

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

ZZZ DQFFH FRP

COLOMBIA

USA

1(: %2$5' 2) ',5(&7256 )25 $1&&( &2/20%,$

8635( (;3$1'6 ,76 35( 352*5$06

5DFKHO &KRZDQHF $EVROXWH )(, &KDPSLRQ

$W WKHLU *HQHUDO $VVHPEO\ WKH 35( %UHHGHUVÂ¶ $V VRFLDWLRQ RI &RORPELD HOHFWHG WKHLU QHZ %RDUG RI 'LUHFWRUV LQ DFFRUGDQFH ZLWK DVVRFLDWLRQ VWDWXWHV ,W LV DV IROORZV 35,1&,3$/6 -RKQ -RVp /RQGRxR 3UHVLGHQW -XDQ &DUORV 3iH] &DOGHUyQ )LUVW 9LFH SUHVLGHQW ÃˆOYDUR 0RUD 6RWR 6HFRQG 9LFH SUHVLGHQW 0(0%(56 -DLPH -DUDPLOOR (VWUDGD 3ULQFLSDO 0DXULFLR 3RVDGD 'XTXH 5HVHUYH :LOOLDP )UH\GHOO 0DQ]L 3ULQFLSDO )HUQDQGR 3LHGUDKLWD *RQ]iOH] 5HVHUYH :LOOLDP -RQHV &DPDUJR 3ULQFLSDO -DLUR 0iUTXH] 0DUWtQH] 5HVHUYH

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

(O &DEDOOR (VSDxRO

ITALY

63$1,6+ $/7$ (6&8(/$ &203(7,7,21 ,1 520(

%HWWLQD *UXEHU DQG 0ROO\ 5H\QROGV

6RSKLH +RIIPDQ

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

ZZZ DQFFH FRP

7+( 35( $7 ,Q WKLV LVVXH WKH ,WDOLDQV LQWURGXFH XV WR $QGUHD *LRYDQQLQL D SDVVLRQDWH 6SDQLVK +RUVH ULGHU ZKR SHUIRUPV LQ $FUREDWLF 9DXOWLQJ DQG 'UHVVDJH (TXHV WULDQ 6KRZV +H RZQV DQ (TXHVWULDQ $UW FHQWHU LQ 1HWWXQR LQ WKH SURYLQFH RI 5RPH ZKHUH KH NHHSV KLV KRUVHV +H LV FXUUHQWO\ SDUWLFLSDWLQJ LQ 'UHVVDJH FRPSHWL WLRQV ,Q KH ZDV WKH ZLQQHU RI WKH ,EHULDQ +RUVH 0DVWHUV LQ WKH FDWHJRU\ IRU \RXQJ KRUVHV

9HURQD +RZHYHU KLV REMHFWLYHV ULJKW QRZ IR FXV RQ 'UHVVDJH DQG FRPSHWLWLRQV +LV H[SHULHQFH ZLWK YDXOWLQJ JLYHV KLP EDODQFH VHQVLWLYLW\ DQG QDWXUDOQHVV LQ WKH VDGGOH DQG KDYLQJ ZRUNHG ZLWK VR PDQ\ KRUVHV KHOSV KLP WR XQGHUVWDQG WKHP DG YDQWDJHV WKDW DUH DSSOLFDEOH WR WKH FRPSHWLWLRQ ZRUOG $QGUHD ZH ZLVK \RX DOO WKH EHVW LQ WKH ,WDOLDQ DUHQDV DQG PD\ \RX FRQWLQXH SURPRWLQJ WKH 6SDQ LVK +RUVH DOO RYHU WKH ZRUOG ZLWK \RXU IDQWDVWLF 6KRZV

SWITZERLAND

35( +256(6 $7 %($ 3)(5'

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¶ $VVRFLDWLRQ 8$,35( SUHVLGHG E\ $OHVVDQGUD *LRYLQHWWL WKH WUXH SLRQHHU RI WKH ,EHULDQ +RUVH 0DVWHUV DQG FUHDWHG LQ LQ ,WDO\ 7KDQNV WR WKH HTXHVWULDQ 6KRZV KH DGPLWV KH KDV DFKLHYHG KLV GUHDP +H KDV WUDYHOHG WR WKH PRVW LP SRUWDQW HTXHVWULDQ IDLUV LQ WKH ZRUOG WKH &ULQLHUHV G 2U DQG (TXHVWULD LQ )UDQFH 6,&$% LQ 6SDLQ (T XLWDQD LQ *HUPDQ\ DQG RI FRXUVH )LHUDFDYDOOL LQ

7KH PRVW LPSRUWDQW HTXHVWULDQ IDLU LQ 6ZLW]HUODQG %($ 3IHUG WRRN SODFH ODVW PRQWK LQ WKH &RQYHQ WLRQ &HQWHU LQ %HUQH $(&( WKH 6ZLVV 35( %UHHGHUV¶ $VVRFLDWLRQ ZDV WKHUH WRJHWKHU ZLWK WZR ORFDO 35( VWXG IDUPV 2Q KDQG WR H[KLELW WKHLU KRUVHV ZHUH <HJXDGD +RI 6FKH\HQKRO] ZKLFK DWWHQGHG ZLWK D VLUH VWDOOLRQ D PDUH DQG D QHZO\ ERUQ IRDO DQG <HJXDGD %DURFNSIHU GHJHVW W ZLWK WZR \HDU ROG FROWV $(&( LQ LWV FRQWLQXRXV SURPRWLRQ DQG FROODERUD WLRQ ZRUN ZLWK WKHVH WZR VWXG IDUPV RIIHUHG VHYHUDO H[KLELWLRQV ZLWK ULGGHQ KRUVHV GXULQJ WKH WHQ GD\V RI WKH IDLU ZKLFK ZHUH D WRWDO VXFFHVV

(O &DEDOOR (VSDxRO

7KH /LEUDU\ $1&&(1&<&/23(',$

',' <28 .12: "

3RSXODU LFRQRJUDSK\ LQ HTXHVWULDQ VWDWXHV

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

E\ ,VDEHO %HUPHMR

WKH KRUVH DSSHDUV ZLWK ERWK IURQW IHHW LQ WKH DLU WKH SHUVRQ GLHG LQ FRPEDW ,I WKH KRUVH KDV RQO\ RQH RI WKH IURQW IHHW LQ WKH DLU WKH ULGHU SHULVKHG IURP WKH ZRXQGV UH FHLYHG LQ FRPEDW +RZHYHU DOO IRXU IHHW DUH VXSSRUWHG RQ WKH JURXQG WKH SHUVRQ GLHG IURP QDWXUDO FDXVHV 1HYHUWKHOHVV ZLWK WKH SDVVLQJ RI WKH \HDUV LW KDV EHHQ GHPRQVWUDWHG WKDW WKLV LFRQRJUDSK\ GRHV QRW FRUUHVSRQG WR UHDO LW\ LQ DOO FDVHV EHFDXVH WKHUH DUH PDQ\ VFXOSWXUHV RI FKDUDFWHUV ZKR GLHG IURP QDWXUDO FDXVHV DQG WKH KHURÂ¶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

$1&&(

ZZZ DQFFH FRP

6+257 6725<

g`^e 2heZkbl

ORQJ ORQJ WLPH DJR ZKHQ DQJHOV ZDONHG WKH HDUWK DQG HYHU\ WKLQJ ZDV DW SHDFH DQG LQ KDUPRQ\ *RG ORYHG RQH RI DQJOHV DERYH DOO RWK HUV +H ZDV D EHDXWLIXO DQJHO ZLWK D ZKLWH IDFH DQG ZDV FDOOHG 6RODULV +H DOZD\V JD]HG DW *RG HYHU\ WLPH WKDW KH ORRNHG GRZQ WR HDUWK 8Q WLO RQH GD\ VXGGHQO\ KH GLG QRW VHH KLP DQ\ PRUH 6RODULV FRXOG QRW VWRS ZRQGHULQJ ZK\ KH FRXOG QR ORQJHU VHH KLP XQWLO *RG ILQDOO\ DQVZHUHG KLV TXHVWLRQ Â³7KH UHDVRQ LV WKDW QRZ \RX DUH JRLQJ WR GR LW LQ P\ SODFH Â´ +RZHYHU XSRQ VHHLQJ D EHDXWL IXO SHDVDQW ZDVKLQJ RQ WKH EDQNV RI D ODNH ZLWK EHDXWLIXO ORQJ KDLU IRUPLQJ JROGHQ FXUOV KLV H\HV ZHUH VXGGHQO\ SDUDO\]HG 7KH JLUO KDG D IDFH VR ZKLWH VR SXUH DQG VR IXOO RI WHQGHUQHVV WKDW 6RODULV FRXOG QRW DYRLG IDOOLQJ GHHSO\ LQ ORYH ZLWK KHU

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Â³6RODULV KDYH QR IHDU EHFDXVH \RXU VRQ LV KHDOWK\ ZKDW LV KDSSHQ LQJ WR KLV VNLQ LV D JLIW Â´ 2QH QLJKW D KXJH VWDU IHOO IURP WKH VN\ ,QVLGH LW WKHUH ZDV D EHDXWL

IXO ZKLWH KRUVH ZLWK D JROGHQ PDQH ZKLFK *RG KDG VHQW WR \RXQJ 6RODULV DV D JLIW 7KH ER\ DQG WKH KRUVH LP PHGLDWHO\ EHFDPH JUHDW IULHQGV MXVW E\ ORRNLQJ LQWR HDFK RWKHUÂ¶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Â«

(O &DEDOOR (VSDxRO

&RPSHWLWLRQV &DOHQGDU -XO\

&21)250$7,21 &203(7,7,216 '$7( -XO\ -XO\

/2&$7,21 7255(/$9(*$ 26/2

-XO\ -XO\

&203(7,7,21 )(&$% 35( &+$03,216+,36 ,1 125:$< WK &$1$5< ,6/$1'6 35( &21)250$7,21 )81&7,21$/ &203(7,7,21 (&8 &$5021$ &+$03,216+,36 2) )5$1&(

-XO\

&28175< 63$,1 125:$<

$521$

63$,1

&$5021$ %($8&$,5(

63$,1 )5$1&(

0$-$/2%$

&$5$=2

1,&$5$*8$

-XO\

(4886 7$55$*21$

63$,1

-XO\

(48, %(1$/83

9,/$6(&$ %(1$/83 &$6$6 9,(-$6

-XO\

-XO\ $XJXVW $XJXVW $XJXVW $XJXVW $XJXVW $XJXVW $XJXVW $XJXVW

WK 35( '( 6(*29,$ 35( &21)250$7,21 $1' )81&7,21$/ 6(*29,$ &203(7,7,21 7+( %5,7,6+ $662&,$7,21 )25 7+( 385(%5(' 63$1,6+ +256( */28&(67(56+,5( 1$7,21$/ &+$03,216&+,36 08/7,6(&725,$/ +256( )$,5 3,('5$+,7$ &21)250$7,21 &203(7,7,21 (/ 38(572 '( (4886 38(572 6$17$ 0$5,$ WK &21)250$7,21 $1' )81&7,21$/ &203(7,7,21 '2/25(6 '2/25(6 +21'85$6 7(*8&,*$/3$ '& WK Ã‰9,/$ +256( )$,5 $9,/$ ,1'8675< +,//6 (;32 &(17(5 /26 Ã‰1*(/(6 WK &,7< 2) %$=$ ($67(51 %$=$ $1'$/86,$ 35( &+$03,216+,36 WK %(/*,$1 &21)250$7,21 1((52(7(5(1 )81&7,21$/ &203(7,7,21

(1*/$1' 63$,1

$XJXVW 0

)

&$7(*25< 74%

$1&&(

&203(7,7,21 7$/$9(5$ '( /$ 5(,1$

63$,1 63$,1 +21'85$6 63$,1 86$ 63$,1 %(/*,80

-XO\

74% 7ULEXQDO IRU 4XDOILHG %UHHGLQJ 6WRFN

'$7( -XO\

63$,1 63$,1

)

&28175< 63$,1

)

ZZZ DQFFH FRP

-XO\

'5(66$*( '$7( -XO\ -XO\ -XO\ $XJXVW

&$7(*25< &'1 $1&&( &XS &'1 $1&&( &XS &'1 $1&&( &XS &'1 $1&&( &XS

&203(7,7,216 $/,&$17( (67(321$ 085&,$ +8(/9$

&28175< 63$,1 63$,1 63$,1 63$,1

)

$XJXVW 0

)

&$7(*25< 36&36&-

&203(7,7,21 (67(321$ +8(/9$

&28175< 63$,1 63$,1

-XO\

<RXQJ +RUVH 6HOHFWLRQ 7HVWV 36&-

'$7( -XO\ $XJXVW

)

$XJXVW 0

)

&DOHQGDU IRU IXUWKHU LQIRUPDWLRQ DERXW WKH &RQIRUPDWLRQ FDOHQGDU WKH $1&&( &XS <RXQJ +RUVH &LUWXLW DQG WKH 74%V FHOHEUDWHG LQ FRQ VXOW WKH $1&&( ZHE VLWH ZZZ DQFFH FRP

(O &DEDOOR (VSDxRO