,:ULWH%HFDXVH,0XVW7KH*D\:RUG7KH*D\:RUG

7KH0LGZHVW
V/DUJHVW/*%741HZV6RXUFH6HUYLQJ,QGLDQD.HQWXFN\,RZD2KLR0LFKLJDQDQG
7HQQHVVHH

,:ULWH%HFDXVH,0XVW
%\7KH:RUG'HFHPEHU1R&RPPHQWV

2XFK,ZDVDVNHGE\DIULHQGZK\,ZULWH
+HIHOWWKDWQRRQHUHDGVWKHTXHHUSUHVVOHWDORQHUHDGVDWDOOWKHVHGD\VVRZK\ERWKHU"%RRP&DQWVD\,ZDVH[SHFWLQJ
WKDWIURPDQROGIULHQGZKRE\WKHZD\WDXJKW(QJOLVKDQGZURWHDERRNDQGYDULRXVSRHPV7KLVLVQRWDEDWWOHEHWZHHQWZR
OLRQVLQZLQWHUEXWDTXHVWLRQ6RZK\ZULWH"
,FDVWDERXWIRUDQH[SODQDWLRQWKDWPLJKWVDWLVI\P\IULHQG<RXNQRZ,DPKXPEOHWRDGHJUHHDQG,FHUWDLQO\GRQWWKLQN
VRPHRQHZLOOKDQGRUQRPLQDWHPHIRUD3XOLW]HU7KHVHH[SODQDWLRQVGLGQWHYHQVHHPVDWLVIDFWRU\WRPH
%HLQJD*UHHN$PHULFDQDQGLWVFXOWXUHRIVWRU\WHOOLQJKDVDORWWRGRZLWKP\QHHGWRFRPPXQLFDWH%RWKVHWVRIJUDQGSDUHQWV
FDPHRYHUIURPWKH*UHHNRFFXSLHGSRUWLRQRI7XUNH\DORQJWKH%ODFN6HDLQWKHHDUO\V7KH\PDGHVXUHZHJUDQGNLGV
NQHZRXUKLVWRU\DQGWKHVWUXJJOHVFRPLQJWRWKHQHZZRUOGRQDZLQJDQGDSUD\HU
1RZWRZDUGVWKHFORVLQJFKDSWHURIP\

OLIH,VHHKRZUHWHOOLQJWKHLUWDOHDQGWKDWRIWKRVHZKRFDPHDORQJZLWKPHLQWKLVOLIHKDVEHHQDFHQWUDOWKHPHIRUPH
,VWXGLHGEURDGFDVWMRXUQDOLVPZRUNHGLQFRPPHUFLDOUDGLRDQGQRQSURILWUDGLRDQGGLGVWLQWVRQFDEOHJD\DQGUDGLRVKRZVLQ
WKH*UHDWHU&LQFLQQDWLDUHDIRU\HDUV1RZ,ZULWHRQP\H[SHULHQFHVIRUWZRYHU\GLIIHUHQWNLQGVRISDSHUV
7DONDERXWOLYLQJGXULQJLQWHUHVWLQJWLPHV,VWDUWHGIROORZLQJWKHTXHHUVWXIILQZLWKWKH$QLWD%U\DQWPHVVHYHQVHQWD
WHOHJUDP ZRZ WR WKH QHWZRUNV SURWHVWLQJ KHU QDVW\ RUDQJH MXLFH , ZDWFKHG DQG SDUWLFLSDWHG LQ WKH IRUPDWLRQ RI &LQFLQQDWL
4XHHU&RPPXQLW\DUULYLQJLQDERXWILYH\HDUVDIWHUWKHILUVWJORULRXVSULGHSDUDGH
, VDZ WKH VPDOO JURXSV RI WKH &RDOLWLRQ 'LJQLW\ ,QWHJULW\ DQG 6ZLWFKERDUG FRPH WRJHWKHU ZLWK 1HZ 6SLULW 2DVLV 0&&
6XQGD\QLJKWPHHWLQJWKHQWKH&KXUFKRI2XU6DYLRXULQ0W$XEXUQ2OG%LVKRS%ODFNQRZGHFHDVHGOHWWKHFKXUFKPHHWDW
KWWSWKHJD\ZRUGFRPLZULWHEHFDXVHLPXVW





,:ULWH%HFDXVH,0XVW7KH*D\:RUG7KH*D\:RUG

&KXUFKRI2XU6DYLRXU&RXUDJHRXV,ZRXOGVD\
7KHQ WKH +,9 HSLGHPLF WKH HQGOHVV GHDWKV SURWHVWV DQG VORZ SURJUHVV FRQVXPHG WKH V RQO\ WR EH IROORZLQJ LQ &LQFLQQDWL
ZLWKDKDWHIXORUGLQDQFHIRUELGGLQJWKHSDVVDJHRIDQ\OHJLVODWLRQWKDWLQFOXGHGXVDWWKHWDEOH
&RPHWRWKLQNDERXWLW,H[SHULHQFHGDORWRIORVVDVGLGPRVWDQGDORWRIKDWHIRUZKDW,ZDVLQWKRVHGD\V
7 KHVZHUHVR

WHUULEOH LQ &LQFLQQDWL WKDW D IRUPDO 3ULGH SDUDGH GLGQW KDSSHQ IURP  WR  , NQRZ , KHOSHG WR EULQJ 3ULGH EDFN LQ
 ZKHQ D \RXQJ PDQ &KULV *RRG ZDQWHG WR OHDG WKDW HIIRUW DORQJ ZLWK IRONV OLNH 3DXOD ,VRQ .HOO\ *RUWK DQG .HQ
&ROHJURYH
0\IULHQGVDQG,SURWHVWHGSLFNHWHGDQGZHZHUHQHYHUDVWUDQJHUWRWKHFRPPHUFLDOPHGLDIRUQHDUO\\HDUVLQ&LQFLQQDWL
<HVZHZHUHWKHUHWRVHHLWXQIROG
 ,VDZWKH*/%7&HQWHUWKURXJKWKHFORVLQJRILWVSK\VLFDOVSDFHLQDQGWKHKDQGLQJ

RIIRI3ULGHWRWKH*D\&KDPEHULQ<HV,HYHQOLYHGORQJHQRXJKWRVHH1RUWKHUQ.HQWXFN\DQGSODFHVOLNH6SULQJILHOG
2KLR KDYH D SULGH 6DGO\ , KDYH ZLWQHVVHG WKH SDVVLQJ RI ROG IULHQGV DQG HYHQ EHOLHI LQ FHUWDLQ RUJDQL]LQJ SULQFLSOHV WKDW ,
WKLQNDUHVWLOOHIIHFWLYH
$VDVHQLRUQRZ,KDYHWKLVULFKH[SHULHQFHDJUDWHIXOH[SHULHQFHWRVKDUH7KHGHVLUHWREH4XHHQRIWKH0D\LVORQJJRQH<HW
VRPHZKROHDGWRGD\GRQRWZDQWWROLVWHQWRRUPDNHDVSDFHDWWKHWDEOHIRUWKHROGWLPHUV,KHDUHQGOHVVFRPSODLQWVDERXWWKH
VDPHROGSHRSOHUXQQLQJWKLQJVDQG,ZLOODGPLWRQFHXSRQDWLPH,ZDVRQHRIWKRVHVDPHROGSHRSOHUXQQLQJWKLQJVDOWKRXJK
DVDIDFWXDOPDWWHU,IRFXVHGRQWKHTXHHUPHGLDQRWIRURWKHUJURXSVDQGSUHWHQGHGWREHHIIHFWLYH
$OORIWKLVOHDGVPHWRZKDWFRQFOXVLRQ":ULWLQJLVDUHIOH[LYHDUWLWUHYHDOVPXFKRIP\VRXODQGP\H[SHULHQFH6RPHWLPHVLW
LVQRWHDV\WRVKDUHWKHVHH[SHULHQFHVSXEOLFO\
,NQRZ,KDYHJLYHQWKLVVSDFHWRWKHGLIILFXOWLVVXHVRIWKHGD\QRWSRSXODULVVXHVOLNHWKHXVXDOEXOO\LQJDQGLWJHWVEHWWHU
VHOISURPRWLRQFUHHG
1RGHDUUHDGHU,KDYHWDONHGRISRRUO\UXQTXHHUJURXSVWKHW\UDQQ\RIVHOISLFNHGVLORVRIFRQFHQWUDWHG

SRZHUZKHUHWKHUHLVQRRSHQHOHFWLYHSURFHVVDQGWKHFRUURVLYHHIIHFWLWKDVRQEURDGSDUWLFLSDWLRQ
7KHVH WRSLFV GRQW ZLQ \RX IULHQGV , GR QRW SUHWHQG WR UHSUHVHQW HYHU\RQH RU HYHU\ RSLQLRQ , KDYH GDUHG WR WRXFK WKH TXHHU
UDLORIVHQVLELOLW\DQGWDONDERXWWKHIXWXUHRISULGHFHOHEUDWLRQV
0HDQWLPH,KDYHWULHGWRUHPHPEHUWKRVHZKRPDGHULFKFRQWULEXWLRQVWRWKHSURJUHVVRI
HTXDOLW\ LQ WKH 0LGZHVW 7KLV \HDU ZH ORVW *DU\ :ULJKW FKDLUSHUVRQ RI &LWL]HQV WR
5HVWRUH )DLUQHVV  UHSHDO RI $UWLFOH  &LQFLQQDWL %UHQW 5RVH 3)/$* &LQFLQQDWL ERDUG
PHPEHU 'U 5RQQ 5XFNHU +,9 WHVW &LQFLQQDWL +HDOWK 'HSDUWPHQW %LOO $EQH\ IRUPHU
*/%7 &LQFLQQDWL &RPPXQLW\ &HQWHU 3UHVLGHQW DQG %RDUG 0HPEHU 5XWK 5RZHQ GHDI
LQWHUSUHWHU WHDFKHU 086( 0HPEHU 0DULH -HQNLQV 3)/$* 1DWLRQDO %RDUG PHPEHU
3)/$* /RXLVYLOOH DQG &LQFLQQDWL DQG QRZ 7HGG *RRG 6WRQHZDOO &LQFLQQDWL DFWLYLVW
FRPPHQWDWRURQ*D\&DEOH1HWZRUN7KHLUFRQWULEXWLRQVDQGVDFULILFHLQVSLUHPH
, ZULWH EHFDXVH , KDYH D YRLFH DQG D VWRU\ WR WHOO ,W LV XQLTXHO\ PLQH $V WKH ODWH 1HDO
+DPLOWRQZKRSDVVHGRI+,9DQGVHUYHGDVDQ0&&RUJDQLVWEDFNLQWKHVVDLGRIPH
:HOOKRQWKH\PD\QRWUHDG\RXEXWE\WKHHQGRIWKHZHHNWKH\DOOVHHPWRNQRZ
,ZULWHEHFDXVH,DP,ZULWHWRUHPHPEHUWKRVHZKREUXQJPH

6KDUHWKLV
KWWSWKHJD\ZRUGFRPLZULWHEHFDXVHLPXVW