$FSJUB
,FMBQBSBO
EJ1BQVB
"TUPSZPGNBTT
TUBSWBUJPO
JO1BQVB
B_X[9fYYp8e[\ijfe
<_hfge
Tf\
@Z_jXe;aleX\[
98>@8E@@
3
DGD$SULOGLODSRUNDQPDV\DUDNDWDVOL3DSXD PHQLQJJDO GXQLD DNLEDW NHODSDUDQ GL .HFDPDWDQ .ZRRU .DEXSDWHQ 7DPEUDXZ 3DSXD %DUDW 6HEDQ\DN RUDQJ ODLQQ\D GDODP NRQGLVL JDZDW GDQ GLUDZDW GL 5XPDK 6DNLW %DQ\DN RUDQJ WHODK PHQLQJJDO VHMDN'HVHPEHUGDQEDQ\DNNRUEDQWHUNRQVHQWUDVL GL GHVDGHVD WHUSHQFLO 7DPEUDZ VHSHUWL %DGGHL DWDX %DNGHL -RNEL -RNHU DWDX -RNMRNHU GDQ .DV\HIR3HUMDODQDQNH7DPEUDXZ
3DGD-DQXDULVD\DSHUJLGDULVRURQJ NH 6DXVDSRU LEX NRWD 7DPEUDXZ GDQ PHODQMXWNDQSHUMDODQDQNH.ZRRU-DODQPHQXMX 7DPEUDXZPXODLUXVDNEHJLWXPHPDVXNL GDHUDKSHUEXNLWDQGLDWDV.RWD6RURQJ WHPSDWGLPDQDVDPSDKNRWDGLEXDQJ GDQ GLNHOLOLQJ ROHK JXEXNJXEXN SHQGDXU XODQJ 6HODQMXWQ\D DGD MDOXU MDODQ EHVDU EDUX GDQ GLQGLQJ SHQDKDQ ORQJVRU \DQJ GLEDQJXQ G H Q JD Q G D Q D S H P ED Q J X Q D Q
$#
'HFHPEHU RI DQG PRVW RI WKH YLFWLPV ZHUH FRQFHQWUDWHG LQ 7DPEUDXZV UHPRWH YLOODJHV RI %DGGHLDOW%DNGHL-RNEL-RNHUDOW-RNMRNHUDQG .DV\HIR$URDGWULSWR7DPEUDXZ
,Q-DQXDU\,GURYHZLWKDFROOHDJXHIURP
6RURQJWR6DXVDSRUWKHFDSLWDORI7DPEUDXZDQG WKHQFRQWLQXHGWR.ZRRU7KHURDGLQWR7DPEUDXZ VWDUWV WR IDOO DSDUW MXVW LQWR WKH KLOOV DERYH .RWD 6RURQJ XS ZKHUH WKH FLW\V JDUEDJH GXPS DQG VXUURXQGLQJ UHF\FOHUV VKDFNV DUH %XW WKHQ RQH EHJLQV WR HQFRXQWHU YDVW WUDFWV RI QHZ URDGV DQG UHWDLQLQJ ZDOOV IURP D VSHFLDO DXWRQRP\IXQGHG FRQVWUXFWLRQERRP1HZEULGJHVUHSODFHROGHURQHV PDGHRIHDUWKDQGHQWLUHWUHHV,WEHFRPHVSDLQIXOO\ REYLRXVWKHPRUHRQHGULYHVLQWRUHPRWH6RURQJDQG WKHQ7DPEUDXZWKDWWKHVHURDGVKDYHRQHH[SUHVV SXUSRVHWRDLGLQWKHIHOOLQJRIWKHVHYLUJLQIRUHVWV ,QGHSHQGHQW ORJJLQJ FDPSV DQG VKDFNV QHVWOH LQ GLVWLQFWLYHFOXVWHUVDORQJVLGHVPDOOVDZPLOOV6WDFNV RI SODQNV DUH YLVLEOH RQ WKH URDGVLGHV ZKLOH RWKHU WUHHVDUHɘRDWHGGRZQULYHU
/HDYLQJWKHKLOOVIRUWKHFRDVWZHHQFRXQWHUDQ
DWURFLRXVURDGKHPPHGLQRQRQHVLGHE\MXQJOHDQG RQ WKH RWKHU E\ NXG]X )DU EHORZ WKH UHOHQWOHVVO\ SRXQGLQJVXUINHHSVXVDZDNHDWQLJKWHYHQDKDOI PLOHIURPWKHZDWHU6DXVDSRULVUHDFKHGɗYHKRXUV DIWHU OHDYLQJ 6RURQJ ,W PD\ EH RQH RI WKH GXOOHVW WRZQV LQ 3DSXD EXLOW DURXQG DQ DLUVWULS WKH $PHULFDQVFUHDWHGDWWKHHQGRI::,,ZLWKDIHZ VWUHHWV DQG VKXWWHUHG VKRSV 7ZR KRXUV EH\RQG 6DXVDSRUOLHV.ZRRU
.DPSXQJ.ZRRUWKHVXEGLVWULFWFDSLWDOZKHUH
VHUYLFHV VKRXOG EH PRVW DYDLODEOH DQG PRVW SURIHVVLRQDOKRVWVDORFDOSULPDU\VFKRROZLWKPRVW RI WKH ZLQGRZV VPDVKHG RXW $ VHFRQGDU\ VFKRRO RSHUDWHG E\ D SULYDWH IRXQGDWLRQ VWLOO IXQFWLRQV )URP WKH ZULWLQJ RQ WKH FKDONERDUG LW VHHPV WKH \RXWKDUHOHDUQLQJDERXW,QGRQHVLDVUROHLQ$6($1 D OHVVRQ LQWHQGHG SRVVLEO\ WR WHDFK WKH FKLOGUHQ WKDWWKHUHDUHSRVLWLYHDVSHFWVWRWKHVWDWHZKLFKDUH PLVVLQJIURPWKHLUOLYHV
(YLGHQFHRISUHYLRXVIDLOHGGHYHORSPHQWSURMHFWV
ZDV LQ DEXQGDQFH ZDWHUOHVV RXWKRXVHV EURNHQ ZDWHUWDQNVDIDLOHGJHQHUDWRUDEDUHWUDGLWLRQDO PDUNHWXVHGDVDPRWRUF\FOHSDUNLQJORWDQGVRRQ .ZRRUV EXUHDXFUDWLF FHQWUH LV GLVWLQJXLVKHG E\ GHUHOLFWVHUYLFHVDEVHQWHHFLYLOVHUYDQWVDQGHPSW\ JRYHUQPHQW EXLOGLQJV WKH LQVHFXULW\ WKDW FRPHV ZLWKWRROLWWOHVWDWHUDWKHUWKDQWRRPXFK
Ab!$#*AbiX`UXe 7XfX`UXe
#B,5*AXjf
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
$$
#B,5*AXjf Ab!$#*AbiX`UXe 7XfX`UXe%#$'3XVDW ELURNUDVL .ZRRU LQL GLEHGDNDQ GHQJDQ OD\DQDQ WHUODQWDU DEVHQVL 316 GDQ JHGXQJJHGXQJ SHPHULQWDK \DQJNRVRQJUDVDWLGDNDPDQ\DQJGDWDQJGHQJDQWHUODOX VHGLNLWQHJDUDEXNDQWHUODOXEDQ\DN
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ɗ PHPEXDW SHUMDODQDQVHPDNLQVXOLWQDPXQWLGDNVHODPDQ\DGHPLNLDQ %DJLNDPLSHUMDODQDQLQLOHELKNHPDVDODKZDNWXEXNDQVRDO PHGDQ\DQJVXOLW%LODPHQFREDKLGXSGLVLQLNRQGLVLVD\D PXQJNLQ VDMD MDGL WLGDN EHJLWX EDLN NDUHQD NHNXUDQJDQ SURWHLQ QDPXQ VD\D PDVLK ELVD EHUWDKDQ KLGXS GHQJDQ PHPDNDQEXDKXPELXPELDQGDQDLU$QFDPDQWHUEHVDU ELVDGDWDQJGDULSHPLOLNNHEXQ\DQJEXDKGDQXPELQ\DVD\D
DPELO $QFDPDQ ODLQQ\D DGDODK Q\DPXN 1DPXQ EDJL
7RWKHHDVWRI.ZRRUOLHVDVHULHVRIYLOODJHV
WKDWZHUHRQFHSDUWRI.DPSXQJ.ZRRU7KH\ EHFDPH YLOODJHV WKURXJK SHPHNDUDQ WKH SUROLIHUDWLRQRIDGPLQLVWUDWLYHXQLWV8QOLNH VRPDQ\QHJDWLYHH[DPSOHVRISHPHNDUDQWKH GLVVROXWLRQRI.DPSXQJ.ZRRULQWRPXOWLSOH XQLWVPDNHVFRPSOHWHVHQVHWKHVHXQLWVDUHXS WRDGD\VZDONIURPHDFKRWKHU
:HDWWHPSWHGWRJRHDVWDQGZHWKRXJKW
WKLV ZRXOG EH HDV\ DV P\ PDS LQGLFDWHG D EULGJHDFURVVWKHULYHULPPHGLDWHO\HDVWRIWKH NDPSXQJ DQG D URDG VWUHWFKLQJ DORQJ WKLV FRDVW %XW WKH PDS ZDV D ɗFWLRQ WKH URDG HQGHGZKHUHWKHUHZDVRQFHDEULGJHEXWLWZDV ORQJJRQH:HFURVVHGWKHULYHURQHDWDWLPH LQ D VNLɖ SLORWHG E\ D \HDU ROG JLUO ZKR SDGGOHG TXLFNO\ EHFDXVH RI KHU IHDU RI FURFRGLOHV2QFHRQWKHRWKHUVLGHZHZDONHG IRUPLQXWHVRQDEHDFKEHIRUHXVLQJYLQHVWR VFDOHDVWHHSKLOO:HWKHQUHDFKHGWKHNXG]X HQWDQJOHG UHPDLQV RI D SLRQHHU URDG ZKLFK KDG EHHQ ORVW WR DUUR\RV ɘDVK ɘRRGV LQ D PDWWHURIPRQWKV:HZDONHGRQLWIRUDKDOI DQKRXUEHIRUHZHUHDOLVHGLWZDVRQFHDURDG
$IWHUDQRWKHUIHZKRXUVZHUHDOLVHGWKDW
WKHPDQOHDGLQJXVKDGQRFRQFHSWRIVSDFHRU WLPH+HKDGRQO\RQHDQVZHUIRUDQ\TXHU\ UHODWHG WR GLVWDQFH DQ KRXU DQG D KDOI )XUWKHUWRWKHHDVWRIFRDVWDO7DPEUDXZOLHWKH JUHDWHVW OHDWKHUEDFN WXUWOH QHVWLQJ DUHDV RQ HDUWK)XUWKHULQODQGOLHVDKXJHORJJLQJDUHD KHOGXQGHUD\HDUFRQFHVVLRQE\D-DNDUWD EDVHGFRPSDQ\370XOWL:DKDQD:LMD\D
7KHLQFUHDVLQJIULFWLRQRIVXFKWRSRJUDSK\
PDNHVWUDYHOGLəFXOWEXWQRWXQGXO\VR)RU XVLWZDVDTXHVWLRQRIWLPHQRWWHUUDLQ:HUH, WRWU\WROLYHRɖWKLVODQG,ZRXOGIDUHEDGO\ GXH WR D VHULRXV ODFN RI SURWHLQ EXW , FRXOG VXUYLYH RQ IUXLW URRW FURSV DQG ZDWHU 7KH ELJJHVWWKUHDWZRXOGEHIURPWKHLUDWHRZQHUV RIWKHURRWFURSV,ZRXOGGLJXSIROORZHGE\ PRVTXLWRHV %XW IRU WKH ORFDOV ZKR NQRZ LW 7DPEUDXZV MXQJOH ULYHUV DQG RFHDQ DOO IXQFWLRQDVQDWXUHVVXSHUPDUNHWV
+RZWRVWDUYHWRGHDWK
,WLVQRFOLFKªWRVD\WKDW3DSXDLVDULFKDQG
IHUWLOH ODQG 7KH VDPH DOVR DSSOLHV WR 7DPEUDXZ7KHGLVWULFWLVVSDUVHO\SRSXODWHG DQG LWV EXUHDXFUDWLF VXVWDLQDELOLW\ DV D VHSDUDWHGLVWULFWLVWHQXRXVDWEHVW'HVSLWHWKH DGYHQW RI ORJJLQJ 7DPEUDXZ LV VWLOO KHDYLO\ IRUHVWHGDQGWKHVHIRUHVWVDERXQGZLWKZLOG SLJ WUHH NDQJDURR DQG D ODUJH UDW WKDW LV FRQVLGHUHGDGHOLFDF\7KLVLVWRVD\QRWKLQJRI FDVVDYD WDUR VDJR DQG VZHHW SRWDWR LQ WKH KLJKHU HOHYDWLRQV DORQJ ZLWK EDQDQDV
GTaWT gTaWTceblX^cX`UTaZhaTa
$%
Ab!$#*AbiX`UXe 7XfX`UXe#B,5*AXjf
SHQGXGXN VHWHPSDW \DQJ VXGDK PHQJHQDO VHOXN EHOXN GDHUDK LQL KXWDQ VXQJDL GDQ ODXW NHVHPXDQ\D EHUIXQJVL VHEDJDLVXSHUPDUNHWDODP
%DJDLPDQDELVDPDWLNHODSDUDQ"
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
0DWLNHODSDUDQEXNDQODKFDUD\DQJPXGDKXQWXNPDWL 3HUOXSURVHV\DQJSDQMDQJGLPDQDVHOPDNURUXVDNWHUMDGL DWURɗ RWRW SHQJOLKDWDQ EHUNXUDQJ KLQJJD JDJDO IXQJVL RUJDQ 0HUHND \DQJ PHQLQJJDO GHQJDQ FHSDW NDUHQD NHODSDUDQELDVDQ\DWHUMDGLNDUHQDMXJDPHQJDODPLGHKLGUDVL 8QWXNNHMDGLDQNHODSDUDQGLWHPSDWGLPDQDDLUPHOLPSDK VHSHUWL GL 7DPEUDXZ \DQJ PHQJDODPL PXVLP KXMDQ OHEDW
SDSD\DV EXDK PHUDK D ORFDO UHG IUXLW VKDSHGOLNHDODUJHFDUURWDQGRWKHUIUXLWV
6WDUYLQJWRGHDWKLVQRWDQHDV\ZD\WRGLH
,W LV D ORQJ GUDZQ RXW SURFHVV RI PDFUR FHOOXODU EUHDNGRZQ PXVFXODU DWURSK\ GLPLQLVKLQJ H\HVLJKW DQG RUJDQ IDLOXUH 7KRVHZKRGLHTXLFNO\LQWKHULJKWFRQGLWLRQV GLH IURP D FRPELQDWLRQ RI VWDUYDWLRQ DQG GHK\GUDWLRQ ZLWK WKH ODWWHU EHLQJ WKH SULPDU\FDXVHRIGHDWK)RUVWDUYDWLRQZLWK DQ XQOLPLWHG DFFHVV WR ZDWHUZKLFK 7DPEUDXZ HVVHQWLDOO\ KDV LQ DEXQGDQFH GXULQJ WKH UDLQ\ 1RYHPEHU0DUFK SHULRG ZKHQWKHVWDUYDWLRQZDVDOOHJHGWR RFFXULWZRXOGWDNHRYHUDPRQWKWRGLH
'XULQJIDPLQHVWKHHOGHUO\DQGWKH\RXQJ
DUHWKHɗUVWWRVXFFXPEIROORZHGE\DGXOWV ZKRZLOOGLHDFFRUGLQJWRWKHLUSUHVWDUYDWLRQ SK\VLFDOFRQGLWLRQDQGUHVHUYHVRIPXVFOHDQG IDW,QWKHRU\WKHDOOHJHGWRKDYHGLHGLQ .ZRRUZRXOGKDYHEHHQDOUHDG\WKHZHDNHVW 7KH\ZRXOGKDYHEHHQDEDQGRQHGHQPDVVH DVWKHVWURQJHURQHVUHORFDWHGZLWKWKRVHWKH\
9bgb
9fYY
$&
#B,5*AXjf Ab!$#*AbiX`UXe 7XfX`UXe%#$'SDGD SHULRGH 1RYHPEHU0DUHW VDDW EHQFDQD NHODSDUDQ GLGXJDWHUMDGLSDGDWDKXQGDQGLSHUOXNDQZDNWX OHELKVHEXODQEDJLVHVHRUDQJ\DQJNHODSDUDQXQWXNVDPSDL SDGDNHPDWLDQ
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ɗVLNVHSHUWLNDPSDWDX ODSDQJDQWDQGXV\DQJGLNHOLOLQJLNDZDWEHUGXUL'L3DSXD JDPEDUDQVHSHUWLLQLWHQWXVDMDWLGDNPDVXNDNDO
6HZDNWXEHUDGDGL7DPEUDXZVD\DWLGDNPHOLKDWVDWX SXQ SHWXJDV 71, PDXSXQ 3ROLVL 6DWXVDWXQ\D WDQGD NHKDGLUDQ SHOLQGXQJ UDN\DW GL .ZRRU DGDODK PRQXPHQ EHWRQ WXD EHUOXPXW SHQLQJJDODQ HUD 6RHKDUWR \DQJ GLEDQJXQSURJUDP$%5,0DVXN'HVDVHNLWDUWDKXQ GLPDQD VDDW LWX WHQWDUD GDUL .RPDQGR 0LOLWHU &HQGHUDZDVLKPHODNXNDQODWLKDQŞPHPHQDQJNDQKDWLGDQ SLNLUDQş GHQJDQ PHQGLULNDQ VHEXDK EDQJXQDQ GDQ PHPEXND SHOD\DQDQ NHVHKDWDQ $OLKDOLK PLOLWHU GL 7DPEUDZ VD\D PHOLKDW DSD \DQJ ELDVDQ\D VD\D MXPSDL GL GDHUDKSHPHNDUDQNHJDJDODQGDQNHWLGDNKDGLUDQ2UDQJ RUDQJ 3DSXD GL .ZRRU PHQMDODQL KLGXS VHSHUWL ELDVD EHUMDODQNDNLPHQJJXQDNDQSHUDKXGDQVDPSDQGHQJDQ KDQ\D VHGLNLW SROHVDQ QHJDUD \DQJ WDPSD GDODP ZXMXG EDQJXQDQ\DQJWHUWXWXSMDODQDQ\DQJUXVDNLQIUDVWUXNWXU \DQJWDNGLJXQDNDQGDQWXPSXNDQND\X\DQJGLWDNGLUNDQ XQWXNGXQLDOXDU
FDUHGHQRXJKWRDVVLVW(YHQDIHZZHHNVLQWR VXFK D IDPLQH WKH VWURQJHVW ZRXOG KDYH UHDFKHGWKHFRDVWGUDJJLQJDORQJRUFDUU\LQJ WKHLU ZHDNHU PHPEHUV DQG FKLOGUHQ 2QFH RQ WKH FRDVW WKH QHZV RI WKH H[RGXV ZRXOG KDYH VSUHDG WKURXJK PRELOH SKRQH FDPHUDV VPV DQGWKHIUDQWLFPRYHPHQWRIDLOLQJKXPDQLW\WR 6DXVDSRU DQG 6RURQJ $ VWRU\ VXFK DV 6XDUD 3DSXDV ZRXOG KDYH EHHQ WKH EHJLQQLQJ RI D GHOXJH
6XFKDFRQGLWLRQRIPDVVVWDUYDWLRQLQVXFK
D ODQG RI SOHQW\ ZRXOG EH LPSRVVLEOH XQOHVV SHRSOHZHUHSXUSRVHO\GHQLHGIRRGWKURXJKWKH VHL]XUHRIOLYHVWRFNDQGIRUHVWFURSV+RZHYHU VXFK FURSV DUH QRWRULRXVO\ KDUG WR FRQɗVFDWH EHFDXVHXQOLNHULFHWKH\DUHQRWVWRUHGEHWZHHQ KDUYHVW DQG FRQVXPSWLRQ 7KH RQO\ ZD\ WKLV FRXOGKDSSHQLVWKURXJKGHWHQWLRQLQDQDUHD ZKHUH WKH DELOLW\ WR IRUDJH ZDV GHQLHG $ SUHFHGHQWFUHDWHGE\WKH,QGRQHVLDQPLOLWDU\ RFFXUUHGLQ/DOHUHN0XWLQ(DVW7LPRULQ VRWKHVWDUYDWLRQDOOHJDWLRQLVPRUHSODXVLEOHWR WKRVH YLHZLQJ 3DSXD WKURXJK WKH SULVP RI JHQRFLGH IDYRXUHG E\ PDQ\ DGYRFDWHV RI LQGHSHQGHQFH:HRIWHQDVVRFLDWHJHQRFLGHZLWK LPDJHV RI SK\VLFDO VWUXFWXUHV OLNH FDPSV RU EDUUHQɗHOGVVXUURXQGHGE\FRQFHUWLQDZLUH,Q 3DSXDRIFRXUVHVXFKLPDJHVDUHDEVXUG
,Q P\ WLPH LQ 7DPEUDXZ , GLG QRW VHH D
VLQJOHVROGLHURUSROLFHRə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
_kkg1&&`e[\g\e[\ek%XZX[\d`X%\[l&9fYYp8e[\ijfe&% 9fYYp8e[\ijfeilYXj_fm7pX_ff%Zfd nfibjfe_\Xck_#\[lZXk`fe# Xe[^fm\ieXeZ\gifa\Zkj`e<Xjk\ie@e[fe\j`X#Xe[kiXm\cj]i\hl\ekcp `eGXglXXe[N\jkGXglX%K_`jXe[fk_\iXik`Zc\jfe@e[fe\j`XZXe Y\]fle[Xk
