,668( 6(3
3/86 -8'$6 35,(67 9$1&( -2< 7+( 7($ 3$57<
7<-- :;<-6PDOO WKLQJV PDWWHU ELJ WKLQJV GRQ·W DQG WKHUH·V QR SRLQW VZHDWLQJ RYHU VSLOOHG RLO 2U VRPHWKLQJ 1RZ ZH KDYH WKRVH JURXQG UXOHV HVWDEOLVKHG OHW·V KDYH D VKRZ RI KDQGV IRU WKH DZHVRPHQHVV ZKLFK LV 7KH 0DUN 2I &DLQ 'XH WR RYHUZKHOPLQJ GHPDQG 7KH 0DUN 2I &DLQ KDYH QRZ DGGHG DQ $GHODLGH VKRZ DV D SDUW RI WKHLU QDWLRQDO WRXU LQ VXSSRUW RI QHZ VLQJOH *UH\ IHDWXULQJ +HQU\ 5ROOLQV DQG WDNHQ IURP WKH DOEXP ¶6RQJV 2I 7KH 7KLUG )LIWK· <XS WKH\·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´+HOOR DOO EDQGV ZKR KDYH ERRNHG LQWR SOD\ DOO SUHYLRXV DQG SHQGLQJ DW 1(95/$1' /LJKW +RWHO ,W LV UHJUHW WKDW , QHHG WR LQIRUP \RX WKDW 1(95/$1' ZLOO RQO\ EH FRQWLQXLQJ IRU DQRWKHU ZHHNV XQOHVV VRPHWKLQJ UHPDUNDEOH KDSSHQV 7KH /LJKW +RWHO KDV VXIIHUHG ORVVHV IURP WKH OLYH EDQG VKRZV ZKLFK FDQQRW FRQWLQXH XQOHVV D VXJJHVWLRQ LV PDGH WKDW ZLOO ZRUN RU LI DXGLHQFHV LQFUHDVH
, EHOLHYH WKDW WKH /LJKW +RWHO KDV JLYHQ EDQGV WKH EHVW RSSRUWXQLW\ WR HQFRXUDJH FURZGV >EXW@ SOHDVH QRWH WKDW WKH ODVW QLJKW IRU 1(95/$1' ZLOO EH )UL WK 6HSW ,W LV QRW UHYHUVLEOH XQOHVV VRPHWKLQJ DPD]LQJ KDSSHQV 6WRQHFURZ DUH ILQDOO\ KHDGLQJ QRUWK WR KHDY\ WKH 6HWWOHUV 7DYHUQ ,W·V EHHQ D ORQJ WLPH FRPLQJ DQG WKH ER\V DUH JRLQJ WR SXW RQ D ORXG DQG KHDY\ VKRZ IRU WKH QRUWKHUQHUV DW WKH 6HWWOHUV 7DYHUQ DW ,QJOH )DUP RQ 6DW 6HSW 7KH 8. GHDWKFRUH JURXS 0DUW\U 'HILOHG XQOHDVKHG WKHLU VHFRQG DOEXP RI EUXWDO GHDWKFRUH ¶1R +RSH 1R 0RUDOLW\· LQ $SULO DQG WKH\·OO QRZ KLW XS $XVWUDOLD IRU WKH YHU\ ILUVW WLPH QH[W PRQWK ZLWK %RULV 7KH %ODGH (OHJLVW DQG , ([DOW SOD\LQJ RQ )UL 2FW DW )RZOHU V /LYH ,W PXVW EH WKDW WKH ROG VPRRWKLH 5LFN 3ULFH KDV EHHQ EXV\ LQ WKH 86$ IRU PDQ\ D \HDU EHFDXVH 3XII KDG D ELW RI D KHDG VFUDWFKLQJ PRPHQW WU\LQJ WR UHFDOO ZKHQ 5LFN KDG ODVW EHHQ KHDUG RI LQ WKHVH SDUWV 1RZ QHZV FRPH WKURXJK WKDW 5LFN 3ULFH 1RW $ 'D\ *RHV %\ KDV MXVW FRPH RII D UXQ RI GDWHV ZLWK 7RPP\ (PPDQXHO LQ WKH 86 WR VROG RXW DXGLHQFHV 3ULFH LW VHHPV ZDV URDG WHVWLQJ VRPH RI KLV QHZ PDWHULDO IURP KLV IRUWKFRPLQJ DOEXP 7HQQHVHH 6N\ $QG WKHUH \RX KDYH LW DSSDUHQWO\ WKH PXVLF LV DFFHSWDEOH HQRXJK VR WKDW $XVWUDOLDQ DXGLHQFHV FDQ KDYH D OLVWHQ VR 5LFN LV WRXULQJ KLV 6$ GDWH EHLQJ )UL 2FW DW WKH &DSUL 7KHDWUH DORQJ ZLWK ,DQ %XVK\ 0DUWLQ
7KHUH·V VRPHWKLQJ LQ D QDPH 'XQQR ZKDW EXW /XQDWLFV 2Q 3RJRVWLFNV KDYH WKDW FHUWDLQ VRPHWKLQJ ,Q IDFW /XQDWLFV 2Q 3RJRVWLFNV KDYH VR PXFK RI WKDW VRPHWKLQJ WKH\·YH DOORZHG WKHPVHOYHV WR QDPH WKHLU (3 ¶6/8* &$7 61$,/· (TXDOO\ DOOXULQJ \RX·OO DJUHH" 1RZ WKH DIRUHPHQWLRQHG /XQDWLFV 2Q 3RJRVWLFNV DUH WRXULQJ DQ HQGHDYRXU ZKLFK EULQJV WKHP WR WKH &URZQ $QFKRU RQ 6DW 6HSW ,Q WKHLU SUHVV UHOHDVH /XQDWLFV 2Q 3RJRVWLFNV WRR PDQ\ UHSHWLWLRQV" DUH DOVR GHVFULEHG DV ´7HHQ UDSVFDOOLRQV DQG WKDW LV D GHVFULSWLRQ \RX GRQ·W UHDG HYHU\ GD\
7KHDWUH 9HU\ PXFK ROG VFKRRO WKHVH GD\V EXW QR OHVV UHOHYDQW WR WKRVH ZKR ORYH WKHLU +LS +RS :H·YH DOPRVW FORFNHG IRXU \HDUV VLQFH SXQN URFNHUV 12); VWHSSHG IRRW RQ RXU VKRUHV 7KH ZDLW LV ILQDOO\ RYHU ZLWK D UXQ RI VKRZV VHW IRU $XVWUDOLDQ VWDJHV WKLV 1RYHPEHU EXW FDQ LW UHDOO\ KDYH EHHQ WKDW ORQJ" <HV LQGHHG )UL 1RY WKH\ KLW 7KHEDUWRQ 7KHDWUH DQG WKDW·V UHDOO\ ZKDW \RX QHHG WR NQRZ
3,&&, ² 12 );
3,&&, ² /81$7,&6 23 0HOERXUQH EDVHG FKDQWHXVH 0HJ 0DF KDV EHHQ SHQHWUDWLQJ DLUZDYHV DURXQG WKH FRXQWU\ ZLWK KHU VLJQDWXUH VW\OH RI GDUN VWRPSLQJ VRXO SRS LQ VLQJOHV (YHU\ /LH DQG KHU FXUUHQW EHOWHU 5ROO 8S <RXU 6OHHYHV 7KH VLQJHU V SUROLILF VRQJ ZULWLQJ DELOLWLHV ZLOO EH RQ GLVSOD\ RQFH PRUH ZLWK WKH UHOHDVH RI KHU ILUVW ERG\ RI ZRUN ¶0HJ0DF· ZKLFK LV D GRXEOH (3 0HJ 0DF KLWV WKH VWDJH DW WKH 3LULH 6W 6RFLDO &OXE RQ )UL 6HSW ZLWK 5DLQ\ 'D\ :RPHQ $QG QRW RQO\ WKDW EXW DOVR LW·V QHZV RI 0LVV\ +LJJLQV« EHORYHG $XVVLH VLQJHU VRQJZULWHU 0LVV\ +LJJLQV KDV MXVW DQQRXQFHG D RQH RII $XVWUDOLDQ WRXU FDOOHG ¶2=· 6KH PXVW WKLQN VKH·V %D] /XKUPDQQ RU VRPHWKLQJ« 7KHVH 6HSWHPEHU 2FWREHU GDWHV ZLOO EH 0LVV\·V RQO\ VKRZV IRU DW OHDVW WKH QH[W PRQWKV DQG ZLOO VHH KHU SHUIRUPLQJ DW WKH (QWHUWDLQPHQW &HQWUH 7KHDWUH RQ 6DW 2FW
0HOERXUQH URFN DFW 6ORZ &KDVH KDYH XQYHLOHG WKHLU QHZ VLQJOH ([RUFLVP EXW LW·V QRW ¶RXW· XQWLO 0RQ 2FW 6R KRZ H[DFWO\ KDV LW EHHQ XQYHLOHG ,Q ZKDW PDQQHU E\ ZKRP DQG ZKHUH FDQ ZH JHW RQH" 3HUKDSV WKH\ PHUHO\ PDGH PHQWLRQ WKDW LW ZRXOG EH DYDLODEOH LQ WKH QHDU IXWXUH 6HH ¶HP OLYH JHW \RXU ILOO DW WKH &URZQ $QFKRU RQ 6DW 2FW %DG 'UHHPV DUH RQ D UROO 7KH QHZ VLQJOH LV 0\ 2QO\ )ULHQG DQG WKH\ SOD\ DSSDUHQWO\ DQ DXWKHQWLF PHORGLF DQG XQSUHWHQWLRXV EOHQG RI URFN PXVLF >ZKLFK@ LV WDNLQJ KROG DQG WRGD\ WKH\·UH H[FLWHG WR DQQRXQFH VROG RXW VKRZV LQ $GHODLGH DQG 0HOERXUQH 7R NHHS XS ZLWK GHPDQG WKH DUNODQGV EDQG KDYH DQQRXQFHG QG VKRZV WR WDNH 1RUWK %\URQ 3 FXUUHQ 3,&&, ² 5,&. 35,&( XU J \R LQ J LQ QQ SHWLWLRQ UX SODFH DW 6KHEHHQ LQ 0HOERXUQH RQ 7KXUV 1RY 5HPHPEHU WR EU WKHU LV HD ,I LG L HD LV )U Z WK Q H UW R WK SR RY VH * WR VXS 2FW DQG WKH -LYH LQ $GHODLGH RQ 6XQ 2FW HOOD EHFDX XW ZH EU E P D\ X QGRX Z OH QG D D VS OH DW KL QJ D Z UDLQFR KHDG WR EUL µ PLF:('1(6'$< 6(37(0%(5 GV XS )UL -DQ ,W·V LQJ WR WXUQ &RV WR (QLJPD RQ EH EHVW WR JLYH \·DOO D KHD JR GHWDLOV OG -RH %RQDPDVVD DW +HU 0DMHVW\·V WWULEXWHG WR DUV LQ 0 WKRXJKW LW ZRX TXRWH FDQ EH D UPXODWHG $IWHU PDQ\ \H V JR G QH WLR HQ P IR H KD DY V K LH 7KH DIRUH HU KR V %RRWOHJ PLF 6WRUP Z Q ZRUGV WR DQQRXQFH OHJ VHHV H WKH EDQG &RV H VW\O7+856'$< 6(37(0%(5 LG R OD D\ GH SO Q H $ UH KH 7 LOG DU : L 1RY 'DU 2VF RQ ORQJVLG WKLVW DQ OLQH W 7$QG\ %XOO 1HZ 1DY\ DW -LYH $QGUHD KH *RY RQ )U QG 5RPDQQ\ 1LJKW *LUOV D W VKRZ D%RFHOOL DW $GHODLGH (QWHUWDLQPHQW &HQWUH 3DUNODQGV 7KH\·YH JR H[ URQ OD U Q %\ RO HL UWK 5 1R WK FWUR UR RXU KR ZLVK R )ULHQGV )RU J \ Q> UV Z /RJLF DQG HOH DW RY 5HPHPEHU WR EULQ LWK IDQV RI %HQ-RV UJHQVH SHWLWLRQ UXQQLQJ FXUUHQWO\ IRU SXQWH WRQ DQG 1 1 LF RW Z UL >3 Q ) : QJ ·V Y R QL XW *R YH HE H OH H LQ DW I WKRVH SHRS SRUW WK6$785'$< 6(37(0%(5 DQG .HY WKH HYHQW G FDXVH WKH ZHDWKHU L ·UH RQH R ,W·V D ZKLOH DZD\ EXW Z ZLOO EH LQ VXS H -RKQ <DFND RXW W LV G UDLQFRDW DQG XPEUHOOD EH JQ WR VXSSRUW WKLV LGHD ,I \RX XQ WR (QLJPD RQ )UL -DQ LYH \·DOO D KHDGV XS FR U UR UH RX LOO H \ WR Z HDY G OUVH VXUH -DP *UDVV DW 7KH *RY +HLJKWV DW )RZOHUV '-V R J RPH FRP,U DQ RQKR WR HG KW JRLQJ WR WXUQ &RVPLF µ DU LJ WKRXJKW LW ZRXOG EH EHVW W Q HS KHDG WR EULQJVSOHQGRXUK WKDW %H SU 3HUNV RQ VWDJH /LYH 9HORFLUDSWRU DQG %ORRGV DW 3LULH 6W H WK I VW W R DLOV WH WR DU GHW OD HG U S LV EXW UHJXOD FDQ EH DWWUL WKH -LP %HDP 6RFLDO &OXE /XQDWLFV 2Q 3RJR 6WLFNV DW VW UHOHDVHG K UQH RX MX HOE DV 0 LQ K KH DUV E\ \H 7 7KH DIRUHPHQWLRQHG TXRWH R KDYH IRUPXODWHG RU DQ\ P LD $IWHU P HHQ KL 0DW H LQVW W LPW & %ULWLVK ,QG HUWD ILU ZK RU FWKH U· ZKLFK KDV V V· %HQ DWLRQDO I$ RX H Q K RQ RO &URZQ $QFKRU V J GH & OL KD WKH EDQG &RVPLF 6WRUP R LHV RO FH 7 VHU & XQ HJ RQ QR Q RQ RWO DQ LWL UH %R QV $OO &KLOG RQ ZRUGV WR IRUG 6 3 ¶7 Q DUDQG G $ SSDUL(WLR HHV RQHV WKLV 2VFDU :LOGH VW\OH SOD\ RQ )UL 1RY 'DUUHQ 3,&&, ² %$' '5((06 ORZV ZLWK 0XPPXQLRQ ,W·V VOLJKWO\ % 5H DLG GIHOWK GHO DJLF EHPR H $ 0J V 7K PH KHH OH 7 LQ WKH SDVW FR G RY EH H * RP DP DQ 7K & 0 E DW HUV O LF U HQ> RZ RP HO EH VK HQV YH G F OD XS R DQ GLH WKHLU QH[W LGHD\ >3LF %HQ-RUJ SV\FKHG1LJKW * QJV DU ROG . LQ HLU Z 681'$< 6(37(0%(5 QQ DOR QH\ \H PD LUOV 8 WK XU 5R W·V RQ ER DQG HW H HO D ROO RY E DW 0 U 5 / ·OO WK )R DV GV H\ N LUOV 7KH .LOOJ U 3XII WR WKLQ WVUWV WKDW WK PFD H $VWD OZD :RWWRQ DQG 1R )ULHQ URKHFN LGH ZH·OO QG 7 LQJ IRRUGV *DEULHO ,JOHVLDV DW 7KHEDUWRQ 7KHDWUH DWUR LQI IRUPHG XV /RWR G H IDQYHV R HQRX XQOHF :H ILQLVK WKLV VLFN KH 6 HQLQJ ZLWK KD 7 DQ UZG D PXVLFLDQ EXW HQY\ DV HV WR 7KH H ,Q JLF F ) LG 'H L W 5 )U LV XG ZLOO EH LQ VXSSRUW WKDW HY -RKQ <DFND RQ VV Q UH YH D HYL RR ) W -L RP G . J WR ·V D DQ VRRQ LV WKDW HWV MXVW RJUDSK ZKHQ KH F IRU -DPHV WKH HYHQW GHEXW LVH 1RY WLFN O\ ZDQW KLV HQ ZLWK LV DXW ,URQKRUVH VXUH WR UHFRJQ P LQJ DE W K RQ 6DW 6\QRQ\PRXV ZLWK WKH IRUHIURQW RI SXQN P YHQ RE H DQ H H FR SU LY W WK Z G OO RX LOO H·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· Z %ULWLVK ,Q V %OXHMXLFH DW WKH 8QL%DU XV (3 ¶7UDQVLWLRQ 7R &RORX PIRUG 6RQV· %HQ WKLV 6HSWHPEHU WKH\·UH GHSOR\LQJ WZR RI WKHVH HYHQW HQ D SDUW RI WKHLU *XGLQVNL·V 0 0X QG 7KH 0DJLF %RQHV &KLOGUHQ &ROOLGH KDYH EH EHFRPH EHGIHOORZV ZLWK PPXQLRQ ,W·V VOLJKWO\ ILQHVW , .LOOHG 7KH 3URP 4XHHQ DQG 7KH 0HOERXUQH SV\FKHGHOLF ED EH RQ WKHLU ZD\ RYHU ROR F V XO VI HV FF VX &R ·OO LQ WKH SDVW /RYHWW·V 8. LQGLH ODEHO P KDYH LQIRUPHG XV WKDW WKH\ XQ DQG 7KH $PFDWV )5,'$< 6(37(0%(5 DU ROG 0DJ*KRVW ,QVLGH WR OHDG DQ DVVDXOW RQ $XVWUDOLD IURP WKH DOEX LF%RQHV@ LQN WKDW D \H>3 7KH 6 WK WR WR ,Q XII KH LGH U 3 7 IR W 5 LF LQJ VVLV NHQ R D VLF R Q W DU\ VRR LWX 0 RE ·OO KH DQ 0HJ 0DF DQG 5DLQ\ 'D\ :RPHQ DW 3LULH 1HZ =HDODQG·V VKRUHV 6TXDULQJ XS WR WKH ZH 7 LWK GH HG II Z DVL LQ Y\ 3X MR EXW HQ LVK WKLV HGLWLRQ RI ILQ :H LV WKDW JRRG D PXVLFLDQ V· DW -LYH RQ 6DW 1RY GR H 7K ED WR &R 6RFLDO &OXE 6ZHHW $SHV $W )RZOHUV EXUJHRQLQJ DQWLFLSDWLRQ , .LOOHG 7KH 3URP HQ KH FRPHV KLWV ¶%DU IRU -DPHV )UHXG VWLOO ZDQW KLV DXWRJUDSK ZK H·OO SUREDEO\ ZDQW KLV HU DW WKH /LYH , .LOOHG 7KH 3URP 4XHHQ DW +4 IURP WKHLU KXJ DUH F F 4XHHQ ILQDOO\ UHWXUQ KRPH WR WRXU WKHLU XVL F : P 'H KLV L HG )U HQF RQ DI )UHXG FRPP :KHDWVKH 2I 6LJKW· DOEX SRVW UHVXUUHFWLRQ GHEXW %HORYHG DORQJ ZLWK WKH 7HHQDJH 5DGLR ULGHU DV ZHOO DJH RI DV D PHPEHU RI ¶, LWK +LV WZR ERR $XVWUDOLDQ KLW Z 6$785'$< 6(37(0%(5 WKH EHVW RI WKHLU HDUOLHU ZRUNV VWLOO DPRQJVW 6WDUV ZKR KDG WKHLU ILUVW HO H EHVWVHOOH FKD HU 0L Z WK ZL VLJQHG · KH+H $QWLVNHSWLN ZLWK <RXQJ /LRQV $OO <HDU $XVWUDOLD·V EHVW VHOOLQJ KHDY\ PXVLF 7KH\·UH U % DDE\ RXQH 7 :DQQD %HOH < UH VXFFXPEHG WR ERXUXVKURRP 5HHLFRU HO DQG KDG D 0 ·V 0 IURP 5RXQG DW WKH (QLJPD %DU 6ZROOHQ 0HPEHUV WRXULQJ WRJHWKHU SOD\LQJ DW +4 RQ )UL WK U GV ODE J LQJ RYHU*X GLQVNL LQ DG FK KH XQ R LUO· OD OV 7KX 1RY * H $ E ZLOOO VR WK 1WKH RY KLW ¶0RGHUQ DWW& ZKR ZL H HHU @ SO FDU E\ >3LF 7KH0DJLF%RQHV@ OR DQG 0DGFKLOG DW )RZOHUV /LYH 6DQGL 7KRP 6HSW W HR RU 3 6D VIX Q QG FHV R VXF 0 -DPHV )UHXG LV VX :HHNH QR 5RRP UHDG LF KH 5KLWKH NV LOHQFH· LQ>3 DVJ 6 DW 7IUR VV DUH ¶% EDQNLQ UD XP * DW +$7V &RXUWKRXVH &XOWXUDO &HQWUH DOE KH KH 7 P ULVRQ DQG 7 Q DU , GHEXW DOEXP+DYH ZH NLFNHG WKLV RQH DURXQG HQRXJK KW + LJ XU DVKV RI 6SOHQGR O DV ZURWH WKHLU VP HODQG SP WKDW Q H 0RG WKH Z WR DV DW H HU \ Q P LQ LV RO SH HOV KR DQ FK R N UJ UV DQ DF R $XEXUQ WLPHV" ,FH &XEH )UL 'HF DW 7KHEDUWRQ QHG 'RR 7KH MRL IR RPH PHO IHVWLYDO E JKW· U V 7K 6L XW 2I SDUH I 0LQG 2 J WR EULQJ WKH V· ¶DQG ¶2XW 2KH PSWLQXW SXQWHUV WR SUH KLW QLQJ DWWHLQG DUE YHDGR V ¶% H DW WK HV 2 7 XQ LW 0 U W K WRHVVIXO ¶2XW 2I ·V VHW XFF LWO\ V VRPH KDSSLH IUR XJH · DQG ZLQLU K UHWKH UP D EP ´7KHUH·V D VWR 2I 6LJKW·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·V VHW WR KLW 7KH D FRS\ RI WKD ´7KHUH·V D VWRUP D EUHZLQ· DVV DV ZHOO DV EDQG S 7KH 7HD 3DUW\¶V -HII 0DUWLQ ZHQW RQH RQ RQH OH XE GR I R OH H SL DUH RI WK H \HDU DQG WKH ZLWK -DPHV 0F.HQ]LH DQG WKH WDON ZDV IUDQN DQG WR JLYH DZD\ F H D IHZ VFDEV LO WKH HQG RI WKSHFWV WKH\·OO EXQUHVWUDLQHG 7KH\¶UH WRXULQJ WKH EDQG LV QRW -DPHV QW X IW OH V LH Q] HG Z W LW ZRXOG EH -XVW IRXU )UH V LV KXJH )UHQ]RU VXV HFHPEHU EX DQG WKH\ KDYH D QHZ DOEXP RXW :LQ D VSHFLDO SDFN ZLWK 6WRUP DUH DUP ]H ' 7KH &RVPLF G DQ ROG VFKRRO URF XDOO\ SD\ XQFODLPHG SUL S VWRFNLQJ VWXIIHUV FRPH H ZH GRQ·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¿ QDOO\ IRU WKLV URXQG KRZ DERXW D FRS\ RI 9DQFH RQ DUW KHE H 7 WK DG OLV UL DW :H·YH K D UHDOO\ Q 6DW 1 L R 1 Q )RY RQ& )U WOH DV RY +HUH·V WKH -R\¶V GHEXW DOEXP µ'UHDP <RXU /LIH $ZD\¶ ± WKDQNV WR 1:HOO KHDY\ DQ\ZD\ &DOO DW SP RQ )UL 6HSW R G ( YH H -L QJ RZ LVW DW WK /LEHUDWLRQ 0XVLF WR SOD\ SDPFNV KH DUHVDNL DW WK KLV VKSU HS ¶0 WKZL KH & 7KHDW VHV IRU D ± WKH QXPEHU LV 7DYH XP (G UH DW H DOE VHHH K I WK WR Z RS\ R HQW SDVV DV D F LQP WR EH DW WKH W 8 HOO V GRXEOH SDV EO UWD V Z X QJ QWH RX D I QW RL VW ( DVV G H R J VH /L D SLO OH S V $ UH XE KH YH S· H· X· GR G W KD VK DQ \R H 6 :H EDQG WR 5LRW +RXVH ,I O WKH HQG RI WKH \HDU OH -XVW IRXU )UHQ]LHV OHIW XQWL HQ]RU VXVSHFWV WKH\·OO EH D IHZ VFDEV WR JLYH DZD\ FDUH RI WK KHU RI GRXE KDYH WKURZQ D FRXSOH 1RY WKDQNV XU OXFN" \R \ WU RW )U Q JH KX K\ QH LV \R EH Z ]HV DQ SUL XOG D\ RU HG \ I Z ZR U LP ZD W LW Q\ FOD XU EX RR XQ V R HU W D VVH 3 W 5RDGVK ` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{ 7KH Ó QLJK H DUPHG ZLWK VRPH JUHDW VWXIIHUV FRPH 'HFHPE VLH EDQGSD WR ODVW EXW QRW OHDVHVV 6HULHV $XV QH QG LF )U S RQOL RY RQ L $ 1 LF -XP RQ G HH RY ORRNLQJ IRU FKHDS VWRFNLQJV EHKLQG EHFDXVH ZH GRQ·W DFWXDOO\ SD\ 7KH &RVPLF 6WRUP DU VWH V UL H * HUH WR 7K ) LQW V HO DW D RQ DVVH N VOHKR SZ W ( GRXE P DX JH RSW LHV RI 6KDP U URF F QG QLJP :H GE UWKHRO XV WR LRW $ RXH D FR· DS\ IXFKR LQHFW FR ¶5OLN QLFH LI \RX OHIW D IHZ WKLQJ RFFDVLRQDOO\ HXSKHPLVPV DQG DQ RO $G V YH 5JD] P·G KDPD EXRX \E G DOH \ PD V Z RQ ON VKR HF DW IR P V WK DOO6 QRZ KL Q 6% LU RU WR HHG JR KH GR VW W VW I RX QJ H W W ILU DLUL RR F DVK RX ·V RQ WKRXUWHV\ WKHQ EH WKH HQ]RU ZH MX 1RY %HIRUH \
.,; 6<; 6- ;/, /6<:,
\ ] Q H U ) H ] 3UL
\ ] Q H U 3UL]H )
/.,).% &2%.:9©
Î
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
05;,9=0,>
+
4,;96 :*/663 9,<5065
)@ ;64 :;(52:
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¶'.· .HOO\ UHPDLQV PRUH RU OHVV XQ FRQJUDWXODWHG E\ WKH PDLQVWUHDP LQGXVWU\
1RW WKDW '. LV LQ LW IRU WKH NXGRV 7KH IDWKHU RI WZR LV LQ WKH IRUWXQDWH SRVLWLRQ ZKHUH WKH VXFFHVV RI KLV EXVLQHVV VHHPV WR FRLQFLGH ZLWK D JHQXLQH ORYH RI DQ HYROYLQJ VFHQH )URP WKH HDUO\ GD\V RI $GHODLGH VODFNHUGRP 1R 7KURXJK 5RDG 6WUDLJKW WR 9LGHR %LUWK *ORZ HW DO WKURXJK WR WKH FXUUHQW FURS RI VKDUH KRXVH GZHOOHUV WKDW WKH FULWLFDO PHGLD KDYH FROOHFWLYHO\ GXEEHG ´'ROH :DYHµ 2OG 0DWH %LWFK 3UHIHFW 'XG 3LOOV :LUHKHDGV WKH 0HWUR DQG LWV SUHGHFHVVRU WKH 3ULQFH $OEHUW KDV EHHQ D SURYLQJ JURXQG IRU WKH EHVW XQGHUJURXQG JXLWDU SRS LQ $GHODLGH 0HWUR 6FKRRO 5HXQLRQ LV D NLQG RI FHOHEUDWLRQ RI SDVW DQG SUHVHQW WDOHQW $OO EXW &DQEHUUD·V 79 &RORXUV DUH FXUUHQW RU UHFHQW UHJXODUV LQFOXGLQJ D UDUH LQFDUQDWLRQ RI LFRQLF SRVW SXQNV +LW WKH -DFNSRW DERXW ZKRP '. LV SUREDEO\ PRVW H[FLWHG ´-DFNSRW FHUWDLQO\ KDYH EHHQ D EDQG WKDW KDYH KHOSHG WKH YHQXHV WKDW , KDYH UXQ JDLQ D FHUWDLQ DPRXQW RI FUHGLELOLW\ DQG KHOSHG XV HQWLFH RWKHU EDQGV WR SOD\ $QG IRU WKHP WR SOD\ WKHLU ILUVW VKRZ LQ DJHV LQ $GHODLGH ZLWK ILYH PHPEHUV ZLOO EH VXSHU H[FLWLQJ µ 7KH VHQVH RI QRVWDOJLD LVQ·W UHVWULFWHG WR D UHXQLWHG +LW WKH -DFNSRW 2OG 0DWH DQG %LWFK 3UHIHFW KDYH EHHQ UHVSRQVLEOH IRU VRPH RI WKH JUHDWHVW PRPHQWV LQ WKH WKH KRWHO·V UHODWLYHO\ VKRUW OLYH PXVLF KLVWRU\ 7KH H[DPSOH RI 2OG 0DWH LV WHOOLQJ QRZ D VZROOHQ %DG 6HHGV HVTXH
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
{
HQVHPEOH WKH FULWLFDOO\ ODXGHG VHYHQ SLHFH VWDUWHG OLIH DV 3DW 7HOIHU IRUPHUO\ RI :HHYLOV DQG 'XG 3LOOV SHUIRUPLQJ QDLYH NDUDRNH QXPEHUV LQ WKH IURQW EDU ,W WDNHV D SDUWLFXODUO\ ZKROHVRPH DQG LPDJLQDWLYH FUHDWLYH FRPPXQLW\ WR IRVWHU D VXFFHVV VWRU\ OLNH WKDW ´:H FDOOHG LW D 6FKRRO 5HXQLRQ EHFDXVH DOO WKHVH EDQGV KDYH SOD\HG ZLWK XV EHIRUH µ VD\V '. ´,W·V D WLJKW FRPPXQLW\ RQH ZLWK D VSHFLDO VHQVH RI SULGH ¶6FKRRO 5HXQLRQ· KDG D ZKROHVRPH VHQVH RI QRVWDOJLD , OLNHG ¶0HWUR &RPPXQLW\ )HWH· EXW ZH MXVW FRXOGQ·W DIIRUG WKH KLUH RI WKH IHUULV ZKHHO OHW DORQH WKH LQVXUDQFH µ
%LEVEN OF YOUR FAVOURITE BANDS PLAY -ETRO 3CHOOL 2EUNION AT THE (OTEL -ETRO ON 3UNDAY /CT 4ICKETS AVAILABLE FROM THE BAR OR FROM METROSCHOOL REUNION BIGCARTEL COM
x
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
05;,9=0,>
1<+(: 790,:; WKH PRVW GHILQLWLYH RI PHWDO EDQGV :H VWDUW E\ WDONLQJ DERXW WKH EDQG·V FUDFNLQJ QHZ DOEXP ¶5HGHHPHU 2I 6RXOV· LQ ZKLFK WKH EDQG VRXQG DV IUHVK DQG LQYLJRUDWHG DV WKH\ KDYH LQ \HDUV ´:H·YH KDG D WKUHH PDQ ZULWLQJ WHDP IRU D ORQJ WLPH VLQFH WKH ODWH ¶VHYHQWLHV ZLWK 5RE +DOIRUG YRFDOV *OHQQ 7LSWRQ JXLWDU DQG XQWLO UHFHQWO\ .HQ 'RZQLQJ DQG QRZ 5LFKLH )DXONQHU JXLWDU KDV WDNHQ RYHU IURP KLP 7KH JX\V ZHUH VR SUROLILF ZLWK WKH ZULWLQJ DQG DOO WKH VRQJV ZHUH TXDOLW\ VRQJV 5LJKW XS XQWLO WKH HQG RI UHFRUGLQJ ZH GLGQ·W NQRZ ZKLFK RQHV ZH ZHUH JRLQJ WR NHHS DQG ZKLFK ZH ZHUH JRLQJ WR OHDYH RII 7KHUH·V RQO\ VR PXFK PXVLF \RX FDQ SXW RQ D &' UHDOO\ DQG NHHS WKH TXDOLW\ JRLQJ 6R , WKLQN LW ZDV WKLUWHHQ WUDFNV ZH JRW DZD\ ZLWK RQ WKH DOEXP DQG DQRWKHU ILYH RQ WKH ERQXV GLVF WKDW FRPHV ZLWK WKH VSHFLDO HGLWLRQ %XW WKRVH RWKHUV ZHUHQ·W OHIW RII WKH VWDQGDUG DOEXP EHFDXVH WKH\ ZHUH LQIHULRU LW·V MXVW WKDW WKH\ ZRXOG KDYH XSVHW WKH EDODQFH RI WKH UHFRUG ,W ZDV DOO TXDOLW\ VWXII WKDW GLGQ·W GHVHUYH WR JHW FDQQHG µ ¶5HGHHPHU 2I 6RXOV· LV WKH ILUVW DOEXP WR IHDWXUH )DXONQHU ZKR MRLQHG LQ WR UHSODFH IRXQGLQJ PHPEHU 'RZQLQJ $ GDXQWLQJ SURVSHFW EXW +LOO FDQQRW VSHDN KLJKO\ HQRXJK RI KLV QHZ FROOHDJXH ´+H·V REYLRXVO\ D JUHDW WDOHQW ZKLFK LV WKH LQLWLDO UHDVRQ ZH DVNHG KLP WR MRLQ $QRWKHU WKLQJ DERXW KLP LV KH LV RQO\ LQ KLV HDUO\ ¶WKLUWLHV EXW KH ZDVQ·W MXVW OLVWHQLQJ WR PRGHUQ PHWDO KH ZDV OLVWHQLQJ WR WKH VWXII WKDW ZH ZHUH OLVWHQLQJ WR DV ZHOO &UHDP +HQGUL[ 7DVWH DOO RI WKRVH ROG DFWV DQG WKDW·V ZK\ , WKLQN KLV VW\OH ILWWHG LQ VR ZHOO EHFDXVH RI WKRVH VLPLODU LQIOXHQFHV %XW KH LV D JUHDW EORNH DQG ZLWKRXW WKDW , GRQ·W WKLQN WKLV DOEXP ZRXOG KDYH FRPH WR SDVV 2Q WRS RI WKDW KH LV D JRRG WZHQW\ \HDUV \RXQJHU WKDQ WKH UHVW RI XV DQG WKDW VKRZV DV ZHOO +H EURXJKW D ORW RI HQWKXVLDVP DQG ERXQGOHVV HQHUJ\ DQG WKDW·V JLYHQ XV D NLFN WR WKH EDFNVLGH µ $V LW WUDQVSLUHV WKH EDQG KDYH QHYHU KDG DQ\ LQWHQWLRQ WR VWRS WRXULQJ RU WR VORZ GRZQ IRU WKDW PDWWHU ´:H DOO GR LW EHFDXVH ZH ORYH
6
R WKHUH , ZDV WKH RWKHU GD\ UHDGLQJ WKURXJK WKH ILUVW OLVW RI EDQGV DQ QRXQFHG IRU QH[W \HDU·V 6RXQGZDYH )HVWLYDO ZKHQ VXGGHQO\ , GLG WKH FODVVLF GRXEOH WDNH« 6OLSNQRW 6ODVK 0DULO\Q 0DQVRQ -XGDV 3ULHVW 6RXQGJDUGHQ« ZDLW ZKDW" -XGDV 3ULHVW" $IWHU WKHLU (SLWDSK :RUOG 7RXU ZDV ELOOHG DV WKHLU ¶ODVW ODUJH VFDOH WRXU· , WKRXJKW WKDW ZH ZRXOG QRW JHW DQRWKHU FKDQFH WR VHH ¶3ULHVW RQFH PRUH LQ WKH IOHVK %XW DV EDVVLVW DQG IRXQGLQJ PHPEHU ,DQ +LOO FKHHUIXOO\ H[SODLQV LQ KLV WKLFN %UXPPLH EURJXH WKHUH LV SOHQW\ RI OLIH OHIW LQ WKLV
05;,9=0,>
;/09:;@ 4,9* ´,·YH EHHQ KHUH IRU DERXW WKH ODVW WKUHH \HDUV DOWKRXJK ,·YH EHHQ EDFN WR $XVWUDOLD D ORW RI WLPHV IRU PDLQO\ ZRUN VWXII DQG FUHDWLYH VWXII %XW \HDK /$ KDV EHHQ D GHILQLWH EDVH LQ WKH ODVW FRXSOH RI \HDUV DOWKRXJK ,·P FRPLQJ EDFN WR $XVWUDOLD WRPRUURZ QLJKW µ ,W·OO EH D FKDQFH WR FDWFK XS ZLWK WKH IDPLO\ EHIRUH KHDGLQJ RXW RQ D ELJ 7KLUVW\ 0HUF $FRXVWLF $QQLYHUVDU\ $OEXP 7RXU :KHQ ZH VSRNH KH·G MXVW GRQH D OLYH ¶WKLQJ· ZLWK 5LFKDUG :LONLQV IRU ´RQH RI WKH PRUQLQJ WKLQJV , WKLQN LW GHILQLWHO\ KDG WKDW NLQG RI YLEH WR LW ,W ZDV JUHDW MXVW RQH RI WKRVH DGUHQDOLQ PRPHQWV RI OLYH 79 µ &ULVV FURVVLQJ WLPH ]RQHV LV DOZD\V D ZHLUG VRUW RI IHHOLQJ KH DJUHHV ´, JXHVV LW·V DOO LQ WKH ZRUOG RI JHWWLQJ WKH ZRUG RXW WKHUH DERXW WKH WRXU EXW WKHVH JX\V DUH GRLQJ D ZHHN ORQJ URYLQJ EURDGFDVW WRXU IRU &KDQQHO LQ 6DQ )UDQFLVFR 1HZ <RUN , ZDV OLWHUDOO\ ZDONLQJ LQ DQG WKH 0DGGHQ %URWKHUV ZHUH MXVW ZDONLQJ RXW 6HW XS WKH NH\ERDUG DQG DZD\ ZH ZHQW µ ,W·V EHHQ TXLWH VRPH WLPH VLQFH 7KLUVW\ 0HUF GLG D IXOO $XVWUDOLDQ 7RXU DQG DV KH PHQWLRQV ´WKLV RQH LV TXLWH ELJ LW·V WZHQW\ ILYH GDWHV DQG LW·V EHHQ ,·G VD\ FORVH WR WZR \HDUV VR WLPH IOLHV EXW ,·P UHDOO\ ORRNLQJ IRUZDUG WR LW µ $QG VSHDNLQJ RI WKH SDVVDJH RI WLPH LW·V EHHQ DERXW WHQ \HDUV VLQFH WKDW GHEXW DQG VHOI WLWOHG DOEXP ´<HDK WHQ \HDUV VLQFH ZH UHOHDVHG WKDW DOEXP EDFN LQ DQG WKDW·V ZKHQ LW DOO VWDUWHG WR EHFRPH VRPHWKLQJ RI D SKHPRPHQRQ IRU XV 7KLV WRXU LV FHUWDLQO\ QRW VRPH NLQG RI ¶SXW D FDS RQ LW· IRU XV EHFDXVH WKDW·V QRW LW ,W·V PRUH D ¶VWRS DQG VPHOO WKH URVHV· WKLQJ IRU XV µ 6R
5
DL 7KLVWOHWKZD\WH WKH GHERQDLU DQG UDIILVK DQG LQVWDQWO\ UHFRJQLVDEOH IURQW PDQ IRU 7KLUVW\ 0HUF LV FXUUHQWO\ D UHVLGHQW RI /RV $QJHOHV DQG KH·V FDQGLG DQG IRUWKULJKW ZKHQ LW FRPHV WR WDONLQJ DERXW JURZLQJ XS LQ D PXVLFDO IDPLO\ DQG WKH FXUUHQW VWDWH RI DIIDLUV LQ WKH EDQG
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
È
)@ 1(4,: 4J2,5A0, LW 7KDW·V RXU SULPDU\ PRWLYDWLRQ WKHVH GD\V QRQH RI XV QHHG WR GR LW ,W·V MXVW VRPHWKLQJ WKDW LV LQVLGH RI XV 3HUVRQDOO\ VSHDNLQJ , ORYH DOO DVSHFWV RI LW WKH WUDYHO WKH SODFHV , YLVLW WKH SHRSOH , PHHW DQG RI FRXUVH SOD\LQJ RQ VWDJH , ORRN EDFN RQ P\ FDUHHU ZLWK D JUHDW VHQVH RI SULYLOHJH ,·P DQ H[WUHPHO\ OXFN\ EORNH WR GR ZKDW , GR IRU D OLYLQJ %XW DV WR ZKHWKHU ZH·OO HYHU VORZ GRZQ , WKLQN RQH RI XV ZLOO SUREDEO\ MXVW GURS DQG WKHQ ZH PLJKW WDNH LW D ELW HDVLHU %XW XQWLO WKDW SRLQW ZH·OO MXVW FDUU\ RQ WKH ZD\ ZH DOZD\V KDYH µ +LOO KDV EHHQ WKHUH IURP WKH VWDUW QRW MXVW RI -XGDV 3ULHVW EXW EDVLFDOO\ IURP WKH VWDUW RI KHDY\ PHWDO LWVHOI VR , FDQ·W KHOS EXW DVN ZK\ KH EHOLHYHV WKDW WKH VW\OH RI PXVLF WKDW KH KHOSHG WR HVWDEOLVK FRQWLQXHV WR HQGXUH ´7KH WKLQJ LV ZKDW DUH \RX JRLQJ WR UHSODFH LW ZLWK" 0HWDO KDV QHYHU EHHQ LQ IDVKLRQ %HFDXVH LW·V QHYHU LQ IDVKLRQ LW FDQ QHYHU JR RXW RI IDVKLRQ HLWKHU DQG WKDW·V ZK\ LW KDV HQGXUHG 1HZ EDQGV ZLOO VWLOO FRPH DORQJ DQG WKH\·OO VWLOO EH SOD\LQJ KHDY\ PHWDO ,W KDV IUDJPHQWHG REYLRXVO\ RYHU WKH ODVW WZHQW\ \HDUV RU VR \RX·YH JRW DOO \RXU GLIIHUHQW JHQUHV RI PHWDO EXW LW·V DOO KHDY\ PHWDO DW WKH HQG RI WKH GD\ ,W·V LUUHSODFHDEOH 6RPHWLPHV LW PLJKW EXEEOH XS WR WKH VXUIDFH RWKHU WLPHV LW PLJKW VHHP D OLWWOH ELW ORZHU EXW LW ZLOO DOZD\V EH WKHUH µ
*UDAS 0RIEST WILL PERFORM ON $AY OF THE 3OUNDWAVE &ESTIVAL ON 3UNDAY &EBRUARY @2EDEEMER /F 3OULS IS OUT NOW ON 3ONY -USIC
)@ (3,? >/,(;65 WKHUH·V QR TXHVWLRQ RI WKLV EHLQJ WKH EHJLQQLQJ RI WKH HQG IRU 7KLUVW\ 0HUF WKHQ JLYHQ WKHLU UHODWLYH LQDFWLYLW\" ´:HOO LW·V DERXW TXDOLW\ YHUVXV TXDQWLW\ QRW FRQVLGHULQJ WKH GHPDQGV RI RWKHU SHRSOH PDQDJHPHQW DQG VR RQ 7KHQ WKHUH·V WKH PRPHQWXP WKDW WKH EDQG LV IHHOLQJ DQG ZKDW WKH OLVWHQHUV ZDQW EXW PRVWO\ WKHUH·V WKH ZKROH FUHDWLYH WKLQJ , GRQ·W OLNH WR MXVW SXW VWXII RXW ,·P ZRQGHULQJ ¶ZKDW·V WKH WKHPH RI WKH WKLQJ"· :H·UH QR OHVV H[FLWHG WKDQ ZH DOZD\V ZHUH DQG ZH VWLOO KDYHQ·W ORVW WKDW LQQHU FKLOG µ 0RVWO\ IRU WKLV WRXU 7KLUVW\ 0HUF ZLOO EH DSSHDULQJ DV DQ DFRXVWLF HQWLW\ ´WR UHIOHFW WKH ZD\ ZH UHFRUGHG WKLV DOEXPµ DV 7KLVWOHWKZD\WH SXWV LW ´2Q WKH LGHD RI D WKHPH RU QDUUDWLYH , QHYHU UHDOO\ WKLQN DERXW LW XQWLO ODWHU EXW WKHQ VRPHWKLQJ GDZQV RQ PH RU PD\EH VRPHRQH HOVH SRLQWV RXW ZKDW WKDW QDUUDWLYH PLJKW EH ,I WKDW VHHPV RND\ DQG \RX GRQ·W IHHO WRR YXOQHUDEOH ² EHFDXVH \RX NQRZ ² \RX·UH ZHDULQJ \RXU KHDUW RQ \RXU VOHHYH ZH PLJKW UXQ ZLWK LW %XW LW·V QHYHU GRQH LQ D SUHPHGLWDWHG ZD\ µ $QG WKHUH LQ D QXWVKHOO LV WKH VRQJZULWHUV FUDIW 5HYHDOLQJ DQG LOOXVWUDWLQJ LW·V QHYHU HDV\ ZKHQ LW FRPHV WR OD\LQJ EDUH \RXU IHHOLQJV DQG HPRWLRQV $QG WKHQ SXWWLQJ VRQJV OLNH *RRG 5HDVRQV DQG ,Q 7KH 6XPPHUWLPH LQ WKH DFRXVWLF IRUPDW« WKDW·OO EH VRPHWKLQJ VSHFLDO
4HIRSTY -ERC PLAY 3UNDAY /CT AT 4HE (IGHLANDER (OTEL
05;,9=0,>
=(5*, 16@
)@ 4,. *9(>-69+ WR IROORZ P\ GUHDP KDV DOORZHG PH WR EH PRUH UHOD[HG µ 1LFH KXK" +H·V VDLG WKDW KH·V LQVSLUHG E\ D ORYH RI -HII %XFNOH\ 3DXO .HOO\ DQG 7KH 3RJXHV -HII %XFNOH\ DQG 3DXO .HOO\ \RX FDQ VHH EXW DUHQ·W 7KH 3RJXHV NLQG RI D FXULRXV LQIOXHQFH IRU KLP" ´<RX NQRZ KRZ \RX KDYH WKDW FDWDORJXH RI VRQJV WKDW \RX DOZD\V JR EDFN WR"µ .HRJK SXWV UKHWRULFDOO\ ´7KHUH DUH WKHVH VRQJV WKDW , VPDVKHG DQG ORYHG WKDW FXW PH WR WKH FRUH RU WKDW , KDG D UHDOO\ SRZHUIXO H[SHULHQFH OLVWHQLQJ WR 7KDW OLVW LQFOXGHV VRQJV OLNH 5DLQ\ 1LJKW ,Q 6RKR ZKHUH KH VD\V WKDW OLQH DERXW ¶DOO \RXU IXQQ\ OLWWOH ZD\V· , UHDOO\ ORYH WKDW LQWLPDF\ 7KHUH·V VRPHWKLQJ DERXW WKH ZD\ KH·V GHVFULELQJ KLV UHODWLRQVKLS DQG WKH SHUVRQ WKDW KH ORYHV <RX VHH D ZLQGRZ LQWR WKHLU ZRUOG ZLWK WKDW OLQH DQG WKHUH·V VRPHWKLQJ KXPEOH DQG PHODQFKRO\ DERXW LW 7KH\·UH WKH NLQG RI OLQHV WKDW WXJ DW P\ KHDUW DQG , IHHO OLNH , ZDQW WR HPXODWH WKDW NLQG RI WKLQJ µ .HRJK FDQ UHVW HDV\ EHFDXVH WKDW·V VRPHWKLQJ KH GRHV YHU\ ZHOO ² KLV VRQJV WXUQ WKH PLQXWLDH RI UHODWLRQVKLSV LQWR VRPHWKLQJ EHDXWLIXO :KLOH KH·V QRW SUHRFFXSLHG ZLWK WKHP WKH\ GHILQLWHO\ SURYLGH JULVW IRU KLV FUHDWLYH PLOO 7DNH WKH VRQJ (PP\ /RX ZKHUH KH DIIHFWLRQDWHO\ WDONV
DERXW D SDUWQHU ZHDULQJ VRFNV WR EHG +RZHYHU .HRJK·V VRQJV DUH QRW VWULFWO\ DXWRELRJUDSKLFDO HLWKHU +H GHVFULEHV LW DV D FDUHIXO EDODQFH DQG \RX DOVR JHW WKH LPSUHVVLRQ WKDW KH·V D ELW SULYDWH ,Q D ZRUOG ZKHUH VRFLDO PHGLD PDNHV LW WRR HDV\ WR RYHU VKDUH .HRJK·V JRW D TXLHW ZRUG IRU XV RQ WKH EHDXW\ RI FLUFXPVSHFWLRQ ´:RRG\ $OOHQ ZRXOG VD\ WKDW ZH FUHDWH WKHVH OLWWOH UHODWLRQVKLS SLFNOHV WR HQWHUWDLQ RXUVHOYHV µ KH ODXJKV ´%XW LI \RX·UH ZULWLQJ HQWLUHO\ IURP \RXU RZQ SHUVRQDO H[SHULHQFH \RX·UH QRW JRLQJ WR DSSHDO WR HYHU\RQH ² VRPH WKLQJV DUH QRW JRLQJ WR EH XQLYHUVDO , GR ZDQW WR KDYH WKDW SHUVRQDO WKLQJ EXW WKHUH·V D ILQH OLQH EHWZHHQ VD\LQJ VRPHWKLQJ WKDW·V FRPSOHWHO\ VSHFLILF WR \RX DQG VRPHWKLQJ WKDW FDQ EH VKDUHG ZLWK SHRSOH µ
6ANCE *OY S DEBUT ALBUM @$REAM 9OUR ,IFE !WAY IS AVAILABLE NOW THROUGH ,IBERATION -USIC
6
LQJHU VRQJZULWHU -DPHV .HRJK EHWWHU NQRZQ DV 9DQFH -R\ LV D ZKLS VPDUW PHDVXUHG DQG WKRU RXJKO\ SOHDVDQW GXGH .HRJK·V KDG D ZLOG IOXUU\ RI VXFFHVV ZLWK KLV EHDXWLIXO EUDQG RI IRON SRS 5LSWLGH RII KLV GHEXW (3 ¶*RG /RYHV <RX :KHQ <RX·UH 'DQFLQJ· KHDGOLQHG 7ULSOH -·V +RWWHVW &RXSOH WKDW ZLWK WKH IDFW WKDW FKLFNV DUH PDG IRU KLP DQG \RX PLJKW H[SHFW VRPH HJR EXW WKHUH·V DEVROXWHO\ QRQH +H·V DOVR TXLWH SK\VLFDOO\ LPSRVLQJ DQG KLV KDLU PDNHV KLP VHHP HYHQ ELJJHU EXW KH·V JRW WKDW DLU RI JHQWOHQHVV DERXW KLP WKDW ELJ IHOODV VRPHWLPHV HPDQDWH %DVLFDOO\ KH·V WKH VRUW RI EORNH \RX·G ZDQW DV D PDWH DQG \RX FRXOG WDNH KLP KRPH WR YLVLW \RXU 0XP 7KH PRQLNHU 9DQFH -R\ LV DQ DPDOJDP RI QDPHV IURP RQH RI KLV IDYRXULWH ERRNV ¶%OLVV· E\ 3HWHU &DUH\ .HRJK OLNHV WKH IUHHGRP WKDW FRPHV ZLWK RSHUDWLQJ EHKLQG LW DQG DOWKRXJK KH·V FRPPLWWHG WR LW IRU WKH IRUHVHHDEOH IXWXUH KH GRHVQ·W QHFHVVDULO\ LQWHQG IRU LW WR EH KLV LGHQWLW\ IRU DOO HWHUQLW\ ´9DQFH -R\·V D PXVLFDO SURMHFW µ KH H[SODLQV ´,I \RX KDYH DQ DOLDV WKHQ \RX FDQ IORDW LQWR VRPHWKLQJ HOVH RQH GD\ ,GROV RI PLQH DUH OLNH 'DPRQ $OEDUQ ZKR·V GRQH DOO RI WKLV VROR VWXII EXW KLV DOVR GRQH *RULOOD] DQG %OXU DPRQJVW RWKHU SURMHFWV ² VRPHWLPHV GRHVQ·W HYHQ UHPHPEHU ZKDW WKH FROODERUDWLRQ ZDV *RW\H DV ZHOO ,W·V DOPRVW OLNH D VHOI HIIDFLQJ DSSURDFK WKDW WKH\ KDYH , UHDOO\ DGPLUH WKDW 7KH\ OHW WKH PXVLF GR WKH WDONLQJ µ *LYHQ WKDW KH·V WDNHQ KLV QDPH IURP D ERRN LW·V VDIH WR VD\ WKDW .HRJK LV D OLWWOH ERRNLVK DQG LW VKDSHV KLV PXVLF ´, UHDOO\ GR HQMR\ UHDGLQJ LW·V OLNH D YDFDWLRQ EXW ,·P QRW D VXSHU YRUDFLRXV UHDGHU µ KH UHIOHFWV ´, GRQ·W FKRZ GRZQ ERRNV UHDOO\ HDVLO\ EXW , IHHO OLNH ZKDW , UHDG VWD\V UHDG <RX FDQ JHW D ORW RI JRRG OLQHV RU LGHDV RU D JHQHUDO IHHOLQJ RU DWPRVSKHUH IURP D ERRN DQG \RX FDQ FKDQQHO WKDW LQWR D VRQJ , IHHO OLNH LW·V JRRG PHQWDO H[HUFLVH , UHDG VRPHWKLQJ UHDOO\ EHDXWLIXO UHFHQWO\ , ZDV UHDGLQJ WKH QHZ 7LP :LQWRQ ERRN ¶(\ULH· DQG KH VD\V ¶LW·V HDVLHU WR ILOO D YRLG WKDQ FRQWHPSODWH LW· DQG , ZDV OLNH WKDW·V DZHVRPH , IHHO OLNH WKHUH DUH WKRVH OLWWOH QXJJHWV RI JROG WKDW \RX FDQ JHW IURP D ERRN :KHWKHU RU QRW , HYHU WU\ DQG EXLOG RQ WKH FRQFHSW RU XVH LW IRU D VRQJ WKH\ DOO JR RQ WKH VFUDS KHDS WKRVH NLQG RI QLFH LGHDV DQG WKRXJKWV µ ,W·V OLNH .HRJK·V DOUHDG\ KDG D FRXSOH RI GLIIHUHQW OLIHWLPHV DOUHDG\ +H XVHG WR SOD\ IRRW\ IRU &REXUJ DQG ZDV ZHOO RQ WKH SDWK WR EHLQJ D ODZ\HU /XFNLO\ IRU XV KH·V JLYHQ WKRVH FDUHHUV D VZHUYH DQG KH VD\V KH IHHOV PRUH UHOD[HG DV D FRQVHTXHQFH ´,W·V D ZRUN LQ SURJUHVV EXW ,·P GRLQJ VRPHWKLQJ , UHDOO\ ORYH DQG , IHHO OLNH ,·P H[SUHVVLQJ P\VHOI µ KH VD\V KDSSLO\ ´7KH JRDO HYHQWXDOO\ LV WR EHFRPLQJ D IXOO\ UHDOLVHG SHUVRQ , NQRZ LW FRPHV ZLWK PDWXULW\ \RX JURZ LQWR \RXU VNLQ DQG \RX DOVR DFFHSW ZKDW \RX DUH DQG \RXU OLPLWDWLRQV DQG \RX ZRUN ZLWK ZKDW \RX·YH JRW $W WKH SRLQW LQ P\ OLIH ZKHUH , ZDV SOD\LQJ IRRW\ DQG DW XQL , ZDV VWLOO WU\LQJ WR ILQG P\ SDWK EXW , KDG DQ LQVWLQFW WKDW LW ZDVQ·W IRU PH , KDG D GUHDP LQ P\ KHDUW DERXW SOD\LQJ PXVLF 6R VHWWOLQJ LQWR P\VHOI DQG EHLQJ DEOH Ç
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
05;,9=0,>
;/, ;,( 7(9;@ ZRQGHUIXO WKLQJ EHFDXVH ZH DOO KDG RWKHU WKLQJV RQ WKH JR DQG LW FRXOG KDYH MXVW EHHQ ZKDW LW ZDV EXW WKDW ZDV QRW JRLQJ WR EH QHDUO\ HQRXJK WR VDWLVI\ RXUVHOYHV DQG SUREDEO\ WKH IDQV DV ZHOO 7KH\ GHVHUYH PRUH DQG WKH WKUHH RI XV DUWLVWLFDOO\ GHVHUYH PRUH DV ZHOO VR KHUH ZH DUH µ 0DUWLQ FRQVLGHUV KLV UHVSRQVH FDUHIXOO\ EHIRUH UHVSRQGLQJ WR D TXHVWLRQ DERXW ZKHWKHU WKH\ IHOW DGGHG SUHVVXUH ZKHQ FUDIWLQJ ¶7KH 2FHDQ $W 7KH (QG· JLYHQ WKDW LW KDG EHHQ VR ORQJ EHWZHHQ DOEXPV ´,·G VD\ LW ZDV OHVV SUHVVXUH EHFDXVH LW·V DV VLPSOH DV WKLV WKDW UHFRUG ZRXOG QRW KDYH OHIW WKH VWXGLR DQG QR RQH ZRXOG KDYH KHDUG LW LI ZH GLG QRW EHOLHYH WKDW WKLV ZDV DEVROXWHO\ WKH EHVW WKDW ZH FRXOG EH 6R WKDW EHLQJ VDLG WKHUH ZDV QR SUHVVXUH EHFDXVH LW ZDVQ·W OLNH WKHUH ZDV D UHFRUG FRPSDQ\ SUHVVXULQJ XV WKHUH ZDV QR WLPHWDEOH ZKDWVRHYHU VR ZH FRXOG WDNH RXU WLPH DQG WKHUH ZDV MXVW QR RXWVLGH LQIOXHQFH :KLFK LV H[DFWO\ ZKDW WKH 7HD 3DUW\ ZDV LQ LWV ILUVW LQVWDOPHQW LQ LWV KDOF\RQ GD\V 2Q ¶7KH (GJHV 2I 7ZLOLJKW· DQG ¶7UDQVPLVVLRQ· HYHQ WKRXJK ZH ZHUH VLJQHG WR D PDMRU ODEHO WKH\ ZHUH QRW DOORZHG WR FRPPHQW DW DOO RQ ZKDW ZH GLG ,W·V OLNH D SULYDWH FOXE DQG WKHQ RQFH LW·V GRQH WKHQ \RX FDQ KDYH LW DQG \RX JR VHOO LW DQG GR \RXU MRE $QG WKDW·V WKH FDVH QRZ , FHUWDLQO\ ZRXOGQ·W ZDQW WR EH WKH $ 5 JX\ IRU D 7HD 3DUW\ UHFRUG EHFDXVH \RX·G SUREDEO\ KDYH D PHQWDO EUHDNGRZQ 6R LW·V EHVW WR MXVW OHDYH XV WR RXU RZQ GHYLFHV DQG ZH·OO FRPH XS ZLWK WKH JRRGV µ 1RW RQO\ GLG WKH DOEXP HYROYH RYHU D OHQJWK\ SHULRG LW VSDQQHG WZR FRQWLQHQWV DQG LQLWLDOO\ DW OHDVW WKH EDQG DOVR DGRSWHG D EDFN WR EDVLFV DSSURDFK DV 0DUWLQ H[SODLQV ´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·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·YH UHFRUGHG LQ D ORW RI JUHDW VWXGLRV DQG , UDWH WKLV DV RQH RI WKH ILQHVW , ZDV OLNH D NLG LQ D FDQG\ VWRUH %XW WKH UHDO GLIIHUHQFH WKLV WLPH ZDV WKH ZRUN HWKLF RI WKH EDQG , JXHVV LQ WKH SDVW LW ZDV VRUW RI P\ IDXOW WKH UHFRUGLQJ VHVVLRQV ZHUH DOVR URFN·Q·UROO FLUFXVHV DQG SDUW\ WLPH ,W ZDVQ·W WKH FDVH DW DOO WKLV WLPH DURXQG :H FHUWDLQO\ KDG IXQ EXW ZH
$
ORQJ ZDLW LV ILQDOO\ RYHU IRU WKH 7HD 3DUW\·V OHJLRQV RI $XVWUDOLDQ IDQV $IWHU UHIRUPLQJ LQ DIWHU D VHYHQ \HDU KLDWXV LQLWLDOO\ IRU D VHULHV RI OLYH SHUIRUPDQFHV WKH &DQDGLDQ WULR KDYH MXVW UHOHDVHG D QHZ VWX GLR DOEXP WKHLU ILUVW LQ WHQ \HDUV $QG LQ PRUH JUHDW QHZV WKH EDQG DUH WRXULQJ $XVWUDOLD IRU WKH IRXUWHHQWK WLPH QR OHVV EHKLQG WKH DOEXP LQ 2FWREHU $V FR IRXQGHU VLQJHU JXLWDULVW DQG QRZ $XVWUDOLDQ UHVLGHQW -HII 0DUWLQ H[SODLQV GRZQ WKH OLQH IURP 3HUWK ¶7KH 2FHDQ $W 7KH (QG· ZDV YHU\ PXFK D ODERXU RI ORYH ´7KHUH ZDV D ORW WKDW ZHQW LQWR LW DQG WKH WKUHH RI XV DUH YHU\ SURXG RI RXU DFKLHYHPHQWV EHFDXVH WR EH SHUIHFWO\ KRQHVW ZLWK WKH OHJDF\ RI 7KH 7HD 3DUW\ DQG WKH PXVLFDO VWDWHPHQWV WKDW ZH KDYH PDGH LQ WKH SDVW LI ZH ZHUH WR SXW RXW D QHZ UHFRUG XQGHU WKDW QDPH LW KDG WR VWDQG XS WR DQ\WKLQJ WKDW ZH KDG GRQH 7KDW·V ZK\ ZH VSHQW D \HDU DQG D KDOI WR ILQLVK LW µ 7KH HQG UHVXOW LV FOHDUO\ ZRUWK WKH HIIRUW 7KH DOEXP KDV DOO RI WKH XVXDO 7HD 3DUW\ KDOOPDUNV EXW LW LV PXFK PRUH WKDQ D UHKDVK RI IRUPHU JORULHV WKLV LV D UHLQYLJRUDWHG 7HD 3DUW\ FLUFD ´:KDW·V UHDOO\ LPSRUWDQW IRU SHRSOH WR XQGHUVWDQG LV 7KH 7HD 3DUW\ LV QRW D ¶QLQHWLHV EDQG 7KH 7HD 3DUW\ LV QRZ 7KH VRXQGV WKDW ZH·YH FUHDWHG DUH DOO WKLQJV OHDUQW E\ WKH WKUHH RI XV LQ RXU WLPH DSDUW IURP RQH DQRWKHU ,·P VR YHU\ SURXG RI -HII %XUURZV GUXPPHU DQG 6WXDUW &KDWZRRG EDVVLVW WKH\ ZHUH REYLRXVO\ JUHDW PXVLFLDQV EHIRUH RXU KLDWXV EXW ZKDW WKH\ EURXJKW EDFN WR WKH WDEOH MXVW EOHZ PH DZD\ $ ORW RI WKH UHVSRQVLELOLW\ LQ WKH SDVW ZRXOG EH SXW RQ P\ VKRXOGHUV DV IDU DV 7KH 7HD 3DUW\ ZDV FRQFHUQHG EXW , FDQ WUXO\ VD\ ZLWK ¶7KH 2FHDQ $W 7KH (QG· WKH WKUHH RI XV DUH QRZ HTXDOV DQG WKDW·V ZKDW ,·P YHU\ SURXG RI µ $V KDV EHHQ ZHOO GRFXPHQWHG WKH EDQG·V
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{Ê
VSOLW LQ ZDV LQ VRPHZKDW DFULPRQLRXV FLUFXPVWDQFHV 0DUWLQ LV YHU\ FOHDU WKDW KH DQG KLV FROOHDJXHV KDYH ZRUNHG KDUG WR FOHDU WKH DLU DQG EHFRPH DEVROXWHO\ DV RQH DJDLQ ´:LWKRXW JRLQJ LQWR LW WKHUH ZHUH D IHZ WKLQJV WKDW ZH QHHGHG WR SURYH WR RQH DQRWKHU EHIRUH ZH HYHQ JRW WR WKH VWDJH RI UHFRUGLQJ D QHZ UHFRUG %DVLFDOO\ WKH WUXWK EH WROG ZKDW , QHHGHG WR SURYH WR -HII DQG 6WXDUW DQG ZKDW , QHHGHG WR SURYH WR P\VHOI ZDV WKDW , FRXOG EH WKH FDSWDLQ RI WKH VKLS EHFDXVH \RX NQRZ , GLG OHW WKHP GRZQ DQG , OHW P\VHOI GRZQ WRZDUGV WKH HQG , ZDV JRLQJ WR PDNH DEVROXWHO\ VXUH WKDW ZDVQ·W JRLQJ WR KDSSHQ DJDLQ 7KHUH·V WRR PXFK ULGLQJ RQ WKLV DQG DOVR WKHUH·V WKH LQWHJULW\ RI 7KH 7HD 3DUW\ 7KHUH·V EHHQ D ELJ YRLG LQ URFN PXVLF VLQFH ZH WRRN WKDW WLPH RII :H KDG WR FRPH EDFN VWURQJHU WKDQ HYHU DQG D ORW RI WKDW FDPH GRZQ WR WKH EDQG KDYLQJ WKDW EURWKHUO\ ORYH DJDLQ ,W·V ZRQGHUIXO WR EH LQ WKLV EDQG DJDLQ µ $XVWUDOLD KDV ORQJ EHHQ D VWURQJKROG IRU WKH 7HD 3DUW\ DQG DV LW WUDQVSLUHV LW ZDV GXULQJ WKHLU ODVW WRXU KHUH LQ WKDW WKH WKRXJKWV RI 0DUWLQ DQG KLV FROOHDJXHV WXUQHG VHULRXVO\ WR FUHDWLQJ QHZ PXVLF WRJHWKHU DJDLQ ´,W ZDV FHUWDLQO\ WKDW 5HIRUPDWLRQ 7RXU KHUH LQ $XVWUDOLD ,W SUREDEO\ KLW LWV DSH[ ZKHQ ZH SOD\HG WKH +RUGHUQ 3DYLOLRQ ,W ZDV WKDW PRPHQW ZKHQ WKH WKUHH RI XV ORRNHG DW HDFK RWKHU DQG EDVLFDOO\ DOPRVW WHOHNLQHWLFDOO\ ZHQW ¶<HV RN ZH KDYH WR GR WKLV QRZ · 7KDW ZDV D
n
)@ 1(4,: 4J2,5A0, KDG IXQ PDNLQJ WKH UHFRUG µ ¶7KH 2FHDQ $W 7KH (QG· DOVR IHDWXUHV D VWULNLQJ VOLJKWO\ WULSS\ FROODJH DV LWV FRYHU DUWZRUN FRXUWHV\ RI WKH ,WDOLDQ DUWLVW $OHVVDQGUR %DYDUL ´$OHVVDQGUR VWDUWHG ZRUNLQJ ZLWK XV EDFN RQ ¶7KH ,QWHU]RQH 0DQWUDV· +H GLG WKH LQFUHGLEOH FRYHU IRU WKDW DOEXP 7KH WKUHH RI XV KDYH RXU RZQ LQGLYLGXDO VSHFLDOWLHV ZKHQ LW FRPHV WR 7KH 7HD 3DUW\ DQG 6WXDUW FRRUGLQDWHV DOO WKH DUWZRUN 2I FRXUVH -HII DQG , KDYH RXU LQSXWV HVSHFLDOO\ ZLWK P\ VSLULWXDO EHOLHIV DQG HVRWHULF VWXGLHV DQG ZKDWQRW EXW , NLQG RI OHW 6WXDUW UXQ ZLWK LW EHFDXVH LW·V KLV WKLQJ DQG KH XQGHUVWDQGV ZKDW ZH QHHG WR FRQYH\ 7KH DUWZRUN QHHGV WR EH DQ DOFKHPLFDO PDUULDJH WR WKH PXVLF $QG E\ $OHVVDQGUR DQG 6WXDUW·V FRPELQHG HIIRUWV WKH\ FUHDWHG DQRWKHU JHP µ 7XUQLQJ WR WKH IRUWKFRPLQJ WRXU WKH QHZ DOEXP LV QRW VXUSULVLQJO\ JRLQJ WR UHFHLYH D VLJQLILFDQW DLULQJ ´$EVROXWHO\ :KHQ -HII DQG 6WXDUW DUULYH ZH·UH JRLQJ WR VWDUW UHKHDUVLQJ DQG RXU PLVVLRQ LV WR OHDUQ HYHU\ VLQJOH VRQJ RQ WKH UHFRUG DQG WKHQ HYHU\ QLJKW GHOLYHU ILYH RU VL[ LQ WKH VHW DQG FKDQJH WKHP DURXQG HDFK VHW 6R ZH·UH JRLQJ WR KDYH D IHZ SHRSOH IO\LQJ DOO DURXQG WKH FRXQWU\ µ -RLQLQJ WKH 7HD 3DUW\ RQ WKH WRXU LV $GHODLGH·V 7KH 6XSHUMHVXV ZKRVH VLQJHU 6DUDK 0F/HRG MRLQHG 0DUWLQ IRU VRPH VROR VKRZV HDUOLHU WKLV \HDU DQG IRU ZKRP KH KDV XQUHVHUYHG SUDLVH ´:HOO 6DUDK·V EHFRPH OLNH IDPLO\ WR PH VKH·V OLNH P\ OLWWOH VLVWHU $QG VKH·V MXVW VXFK DQ LQFUHGLEOH WDOHQW 6KH LV ZHOO NQRZQ LQ $XVWUDOLD EXW VKH QHHGV WR EH NQRZQ PRUH DQG VKH QHHGV WR EH NQRZQ HOVHZKHUH DV ZHOO 6KH·V JRW WKH TXLQWHVVHQWLDO IHPDOH URFN·Q·UROO YRLFH EDVLFDOO\ WDNLQJ RYHU IURP &KULVVLH $PSKOHWW , NQRZ WKDW·V D ELJ FDOO EXW , FHUWDLQO\ EHOLHYH WKDW·V WKH FDVH 7KHUH DUH JUHDW WKLQJV WR FRPH IRU KHU GRZQ WKH WUDFN :H ZRQ·W JHW LQWR LW WRR PXFK QRZ EXW WKHUH LV D FROODERUDWLRQ EHWZHHQ KHU P\VHOI DQG 0LFN 6NHOWRQ RQH RI $XVWUDOLD·V SUHPLHUH GUXPPHUV DQG WKDW·V VRPHWKLQJ WKDW WKH ZRUOG LV JRLQJ WR VHH QH[W \HDU µ ,I WKHUH LV RQH FRQVWDQW WKURXJK ZKDW KDV EHHQ D IDVFLQDWLQJ GLVFXVVLRQ LW LV WKDW -HII 0DUWLQ PDLQWDLQV DEVROXWH SDVVLRQ HQHUJ\ DQG FRPPLWPHQW WR KLV DUW ERWK DV DQ LQGLYLGXDO DQG RQFH DJDLQ DV D PHPEHU RI WKH 7HD 3DUW\ ´, GR , KDYH D SDVVLRQ IRU WKH SDVVLRQV LQ OLIH ,·P D ERQ YLYDQW WKDW·V IRU VXUH DQG FHUWDLQ %XW , FHUWDLQO\ GRQ·W OHW WKDW DIIHFW P\ DUW EHFDXVH IRU PH DUW LV HYHU\WKLQJ ,I , GLGQ·W GR ZKDW , GLG , ZRXOGQ·W EH WKH SHUVRQ WKDW , DP DQG WKHUHIRUH , FRXOGQ·W ORYH WKH ZD\ WKDW , ORYH DQG FDUH WKH ZD\ WKDW , FDUH 6R LW·V DOO HQFRPSDVVLQJ WKDW·V IRU VXUH EXW WKH ILUH VWLOO EXUQV PDQ µ $QG IRU WKDW ZH FDQ FRQWLQXH WR EH JUDWHIXO
4HE 4EA 0ARTY PERFORM AT 4HEBARTON 4HEATRE ON 3AT /CT WITH SPECIAL GUESTS 4HE 3UPERJESUS @4HE /CEAN !T 4HE %ND IS OUT NOW ON 3ONY -USIC
4,;(3 5,>: .HHS DQ H\H RXW IRU D QHZ GRFXPHQWDU\ RQ $XVWUDOLDQ PHWDO HQWLWOHG ¶0HWDO 'RZQ 8QGHU· ZKLFK KDV MXVW EHHQ UHOHDVHG RQ '9' :ULWWHQ DQG GLUHFWHG E\ ILOP PDNHU DQG ´OLIHORQJ PHWDO IDQµ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·V DYDLODEOH IURP -% +L IL DQG FDQ DOVR EH VWUHDPHG RQ L7XQHV )RU PRUH LQIR JR WR ZZZ PHWDOGRZQXQGHU FRP 0HWDOFRUH RXWILW &KLPDLUD KDYH FDOOHG LW TXLWV EDQG IRXQGHU IURQW PDQ DQG VROH FRQVWDQW PHPEHU 0DUN +XQWHU UHFHQWO\ DQQRXQFLQJ WKH JURXS·V GLVVROXWLRQ ´$IWHU ILIWHHQ IXOO EORZQ DVV ULSSLQJ \HDUV LW LV ZLWK JUHDW KRQRU WR DQQRXQFH WKH HQG RI &KLPDLUD µ KH VDLG ´7KDQNV WR HYHU\RQH WKDW VXSSRUWHG WKH JURXS LQ DQ\ ZD\ VKDSH RU IRUP (YHU\RQH LQYROYHG ZLWK WKH EDQG IURP PHPEHUV WR IDQV SXW WKHLU KHDUW DQG VRXO LQWR WKLV SURMHFW :H
)@ 1(4,: )9(A,3
LUDQRQ#RSWXVQHW FRP DX
DFKLHYHG D ORW :H EOHG D ORW ,W IXFNLQJ UXOHG µ +XQWHU·V DQQRXQFHPHQW FDPH MXVW D IHZ GD\V DIWHU JXLWDULVW (PLO :HUVWOHU DQQRXQFHG KLV GHSDUWXUH IURP WKH JURXS WKH ODWWHU LQGLYLGXDO KDYLQJ VDLG LW ZDV WLPH WR PRYH RQ &KLPDLUD·V GHFLVLRQ WR GLVEDQG LV SHUKDSV QRW VXUSULVLQJ LQ OLJKW RI HYHQWV RI WKH ODVW IHZ \HDUV WKH EDQG KDYLQJ VHHQ DOO EXW RQH RI LWV PHPEHUV ² WKH DIRUHPHQWLRQHG +XQWHU ² OHDYH DQG EH UHSODFHG LQ ´)RU XV WKLV ZDV D JUHDW VWHSSLQJ VWRQH DQG DQ KRQRU WR SOD\ WKHVH VRQJV OLYH DQG IXOILOO DQ LQFUHGLEOH OHJDF\ µ VDLG WKH RWKHU PHPEHUV RI WKH EDQG LQ D VWDWHPHQW RI WKHLU RZQ ´7KLV ZDV DQ H[FHOOHQW SODWIRUP WR KHOS FRQWLQXH SOD\LQJ PXVLF ZKHQ RXU FROOHFWLYH EDQGV HLWKHU HQGHG RU ZHQW RQ D KLDWXV &KLPDLUD ZDV DQ DPD]LQJ H[SHULHQFH DQG ZH ORRN IRUZDUG WR IXWXUH PXVLF HQGHDYRUV ZLWK HDFK RWKHU µ 7KH EDQG·V ODVW LQFDUQDWLRQ SXW RXW RQH DOEXP ¶&URZQ 2I 3KDQWRPV· LQ 0HWDOOLFD KDYH HDUQHG WKHPVHOYHV D VSRW LQ QH[W \HDU·V *XLQQHVV %RRN 2I 5HFRUGV WKH JURXS KDYLQJ EHFRPH WKH ILUVW DQG VR IDU RQO\ EDQG WR SOD\ DOO VHYHQ FRQWLQHQWV DQG DOO ZLWKLQ WKH VSDFH RI D VLQJOH \HDU WRR 0HWDOOLFD SXOOHG RII WKH LPSUHVVLYH IHDW ODVW \HDU WKHLU WRXULQJ DFWLYLWLHV WKHQ FXOPLQDWLQJ LQ D XQLTXH SHUIRUPDQFH DW DQ $UJHQWLQH UHVHDUFK VWDWLRQ LQ $QWDUFWLFD LQ 'HFHPEHU ZKLFK VDZ WKH EDQG SOD\ DQ KRXU ORQJ VHW IRU D JURXS RI
VFLHQWLVWV DQG FRPSHWLWLRQ ZLQQHUV DV ZHOO DV LQ WKH ZRUGV RI IURQW PDQ -DPHV +HWILHOG ´ YHU\ FXULRXV SHQJXLQV µ 2Q WKH VXEMHFW RI WKH *XLQQHVV %RRN RI 5HFRUGV QH[W \HDU ZLOO PDUN WKH VL[WLHWK DQQLYHUVDU\ RI WKH IDPHG FRPSHQGLXP ZKLFK LV HVWLPDWHG WR KDYH VROG ZHOO RYHU PLOOLRQ FRSLHV LQ WZHQW\ WUDQVODWLRQV VLQFH LW ILUVW FDPH RXW LQ ,Q D EL]DUUH VWRU\ IURP WKH 86 DQ ([RGXV IDQ E\ WKH QDPH RI -DPHV (YDQV UHFHQWO\ VSHQW MXVW RYHU D ZHHN LQ D .HQWXFN\ SULVRQ DIWHU SRVWLQJ D IHZ OLQHV IURP RQH RI WKH DIRUHPHQWLRQHG EDQG·V VRQJV RQ KLV )DFHERRN SDJH 7KH OLQHV LQ TXHVWLRQ WDNHQ IURP WKH VRQJ &ODVV 'LVPLVVHG $ +DWH 3ULPHU IURP WKH EDQG·V DOEXP ¶([KLELW % 7KH +XPDQ &RQGLWLRQ· ZHUH ´6WXGHQW ERGLHV O\LQJ GHDG LQ WKH KDOOV D EORRG VSODWWHUHG WUHDWLVH RI KDWH &ODVV GLVPLVVHG LV P\ K\SRWKHVLV JXQ ILUH HQGV WKH GHEDWHµ DQG ZHUH GHHPHG E\ DXWKRULWLHV WR FRQVWLWXWH D ´WHUURULVWLF >VLF@ WKUHDWµ DFFRUGLQJ WR WKH ZDUUDQW LVVXHG IRU KLV DUUHVW ´>(YDQV@ WKUHDWHQHG WR NLOO VWXGHQWV DQG RU VWDII DW VFKRRO µ 5HVSRQGLQJ WR WKH LQFLGHQW ([RGXV JXLWDULVW *DU\ +ROW VDLG ´7KH LGHD WKDW DQ LQGLYLGXDO LQ WKLV JUHDW FRXQWU\ RI RXUV FRXOG EH DUUHVWHG IRU VLPSO\ SRVWLQJ O\ULFV WR D VRQJ LV VRPHWKLQJ , QHYHU EHOLHYHG FRXOG KDSSHQ LQ D IUHH VRFLHW\ -DPHV (YDQV ZDV VLPSO\ SRVWLQJ O\ULFV WR D EDQG KH OLNHV RQ )DFHERRN DQG KH ZDV ORFNHG XS IRU LW 7KH VRQJ
16, )65(4(::(
&ODVV 'LVPLVVHG $ +DWH 3ULPHU ZDV ZULWWHQ DV D YLHZ WKURXJK WKH H\HV RI D PDGPDQ DQG LQ QR ZD\ HQGRUVHV WKDW NLQG RI IXFNHG XS EHKDYLRXU µ +ROW DGGHG WKDW WKH VRQJ ZDV LQWHQGHG WR EH D GHSLFWLRQ RI WKH QRWRULRXV 9LUJLQLD 7HFK PDVVDFUH IURP WKH SHUVSHFWLYH RI LWV SHUSHWUDWRU 6HXQJ +XL &KR DQG VDLG WKDW WKH EDQG KDG VWRSSHG SOD\LQJ LW OLYH DIWHU WKH 6DQG\ +RRN VKRRWLQJ RXW RI D GHVLUH QRW WR VHHP LQVHQVLWLYH ´$V VRPH RI XV LQ ([RGXV DUH SDUHQWV RI FRXUVH WKHVH WKLQJV KLW FORVH WR KRPH LW·V HYHU\ SDUHQW·V ZRUVW IHDU µ KH FRQFOXGHG ´7KHVH PRPHQWV DUH WKH VWXII RI QLJKWPDUHV DQG OLIH DV ZHOO DV PXVLF LVQ·W DOZD\V SUHWW\ %XW ZKHQ ZH VWDUW WR RYHUUHDFW WR WKLQJV OLNH O\ULFV E\ DQ\ EDQG LQFOXGLQJ ([RGXV DQG VWDUW DUUHVWLQJ SHRSOH ZH DUH FDYLQJ LQ WR SDUDQRLD DQG DUH ZHOO RQ RXU ZD\ WR EHFRPLQJ DQ 2UZHOOLDQ VRFLHW\ µ (YDQV ZDV VRRQ UHOHDVHG RQ EDLO EXW ZLOO VWLOO IDFH WULDO DQG KDV DOVR EHHQ RUGHUHG WR XQGHUJR D SV\FKLDWULF HYDOXDWLRQ *LYLQJ KLV RZQ SHUVSHFWLYH RQ WKH LQFLGHQW KH VDLG ´,W·V QRQVHQVH , IHHO OLNH P\ FLYLO ULJKWV KDYH EHHQ YLRODWHG <RX NQRZ ILUVW DPHQGPHQW IUHHGRP RI VSHHFK >WKDW DOO ZHQW@ RXW WKH ZLQGRZ (YHQ DOO WKH JX\V , ZDV LQ WKH FHOO ZLWK WKRXJKW LW ZDV QRQVHQVH WKHPVHOYHV , KDG VHYHUDO RIILFLDOV WHOO PH LW ZDV QRQVHQVH >DQG@ WKDW WKHUH ZDV QR UHDVRQ ZK\ , VKRXOG KDYH HYHQ EHHQ >WKHUH@ µ
)@ (3,? >/,(;65
´:
H·UH RQ D PRQWK WXUQDURXQG µ H[SODLQV -RH %RQDPDVVD FDVXDOO\ DV ZH GLVFXVV KLV JUXHOLQJ VFKHGXOH D ZRUOGZLGH FRPPLWPHQW IURP WKH PDQ WR NHHS WRXULQJ WR NHHS UHFRUGLQJ DQG UHOHDVLQJ PXVLF WR NHHS EULQJLQJ KLV PXVLF WR WKH IDQV DQG WR NHHS KLPVHOI IXOO\ EXV\ RIIHULQJ KLV VHUYLFHV DV WKH DFH JXLWDULVW WR RWKHU PXVLFLDQV DURXQG WKH ZRUOG )RU %RQDPDVVD XQDVVXPLQJ JXLWDU VOLQJHU SDUW RI WKDW FRPPLWPHQW LQYROYHV WRXULQJ $XVWUDOLD DERXW RQFH HYHU\ WZR \HDUV KHQFH WKH ¶WXUQDURXQG· TXLS $ORQJ ZLWK WKH 7RXU ZKLFK VHHV KLP LQ $XVWUDOLD DW SUHVHQW WKDW PHDQV D QHZ -RH %RQDPDVVD DOEXP IRU WKH IDQV« ¶'LIIHUHQW 6KDGHV 2I %OXH· LV DV WKH WLWOH PLJKW VXJJHVW EOXHV URFN IURP WKH PDVWHU (YHQ VR ,
ZDV D OLWWOH VXUSULVHG DW KRZ WUDGLWLRQDOO\ EOXHV URFN LW UHDOO\ ZDV :H·OO JHW EDFN WR WKDW SRLQW EXW %RQDPDVVD KLPVHOI FODLPV ZLWK VXLWDEOH KXPLOLW\ ´,·P MXVW D EOXHV JXLWDULVW ,W·V ZKDW , GR , NQRZ ZKHQ ZH SOD\ OLYH WKH NLGV ZDQQD KHDU WKH VKUHGGLQJ DQG , KDSS\ WR GR WKDW EXW ,·P D EOXHV JXLWDULVW UHDOO\ µ 0RUH PRGHVW\ UHDOO\ %RQDPDVVD LV VXFK D
YHUVDWLOH JXLWDULVW WKDW KH FDQ WXUQ KLV KDQGV WR DQ\ VW\OH RU JHQUH KDYLQJ MXVW ILQLVKHG UHFRUGLQJ DQ DOEXP RI %HWWH 'DYLV WXQHV ZLWK $XVWUDOLDQ VRXOVWUHVV 0DKDOLD %DUQHV ´<HDK µ KH VD\V RIIKDQG ´, NQRZ DOO WKH %DUQHV IDPLO\ -LPP\ LV D JUHDW JX\ DQG , UHDOO\ HQMR\HG ZRUNLQJ RQ WKH DOEXP µ $QG HDUOLHU WKLV \HDU KH·G ILQLVKHG RII WKH VHFRQG RI WZR DOEXPV KH·V UHFRUGHG ZLWK %HWK +DUW ´,·P DOEXPV LQ µ KH VD\V RI KLV RZQ SURGLJLRXV RXWSXW DQG QRWHV LQ SDVVLQJ WKDW VLQFH KH·V VWLOO LQ KLV V KH UHFNRQV KH·V JRW D IHZ PRUH \HDUV WR FRQWULEXWH WR WKH PXVLFDO ODQGVFDSH ´ \HDUV µ KH PXVHV ´, GRQ·W NQRZ EXW , MXVW ORYH PDNLQJ PXVLF , GXQQR ZKHUH ,·P JRLQJ WR EH WRPRUURZ OHW DORQH LQ WZR \HDUV µ ,W·V REYLRXV WKDW KH·V IRUHYHU WKLQNLQJ DQG PRYLQJ IRUZDUG LQ KLV PXVLFDO HYROXWLRQ FRQVLGHULQJ QRW RQO\ ZKDW KH ZDQWV WR SOD\ EXW ZKDW KLV IDQV ZDQW 7KH DOEXP ¶'LIIHUHQW 6KDGHV 2I %OXH· FRYHUV D IDLU DPRXQW RI JURXQG PXVLFDOO\ VSHDNLQJ D RQH PLQXWH VHFRQG RSHQLQJ ZKLFK LV LQVWDQWO\ IDPLOLDU FRXUWHV\ RI -LPL +HQGUL[ EXW ,·OO VD\ QR PRUH DQG VZLQJV LQWR 2K %HDXWLIXO DQRWKHU LGHQWLILDEOH URFN VLJQDWXUH ZKLFK LV ERWK RULJLQDO DQG D KRPDJH WR /HG =HSSHOLQ·V %ODFN 'RJ 7KH UK\WKPLF FUXQFK DQG WKH ¶=HSSHOLQ VZDJJHU LV DOO WKHUH QR PDWWHU KRZ PXFK %RQDPDVVD PLJKW UHVLVW WKH VXJJHVWLRQ $V ZH GLVFXVV WKH DOEXP KLV PRUH DVVXUHG YRFDOV WKH GHIWQHVV RI KLV JXLWDU SOD\LQJ DQG WKH WRQH RI WKH DOEXP KH PXVHV DJDLQ ´SHRSOH DUH JRQQD VWRS OLVWHQLQJ WR JXLWDU« LW·V EHFRPH D EDFNJURXQG LQVWUXPHQW WKHVH GD\V PRUH WKDQ D OHDG LQVWUXPHQW , WKLQN WKHUH·V WRR PDQ\ RWKHU WKLQJV KDSSHQLQJ ZLWK PXVLF VR WKH JXLWDU LVQ·W
ZKDW LW ZDV µ $QG \HW RI FRXUVH ZKHQ LW FRPHV WR WKH OLYH SHUIRUPDQFH IRU -RH %RQDPDVVD LW·V DOO DERXW WKH JXLWDU QRW RQO\ WKH YDULHW\ DQG VXEWOHW\ RI ZKLFK KH LV FDSDEOH EXW WKH VFUHDPLQJ URDULQJ FXW DQG WKUXVW RI WKH JXLWDU JRG +H PHQWLRQV ¶VKUHGGLQJ· DJDLQ QRW LQ WHUPV RI GLVGDLQ EXW LQ XQGHUVWDQGLQJ ZKDW LW LV KLV IDQV ZDQW WR KHDU ´, SOD\ DOO WKLV FUDS WKDW , ZURWH D GHFDGH DJR µ KH SRLQWV RXW ´DQG , WRXU EHFDXVH LW SD\V WKH ELOOV %XW SHUIRUPLQJ OLYH \RX JHW WKH LQVWDQW JUDWLILFDWLRQ µ DQG LW·V FOHDU KH·V WDONLQJ DERXW ERWK KLV DQG WKDW RI KLV IDQV EHLQJ SHUIHFWO\ PLQGIXO RI KRZ OXFN\ KH LV WKDW WKH\ EX\ WKH WLFNHWV ´, VHOO HVFDSH IRU WZR DQG D KDOI KRXUV«µ 2IIVWDJH DJDLQ %RQDPDVVD VHWWOHV EDFN LQWR WKH VKDGRZV DQ XQOLNHO\ KHUR LQGHHG ´, FDQ ZDON GRZQ WKH VWUHHW RI /RQGRQ 1HZ <RUN DQ\ FLW\ LQ WKH ZRUOG DQG QRW EH UHFRJQL]HG , GRQ·W JHW KDVVOHG DQG , GRQ·W WKLQN , FRXOG OLYH P\ OLIH OLNH WKDW µ KH VD\V ZLWK UHOLHI $QG \HW DV KH PHQWLRQV ´, FDQ ZDON LQWR -RKQ 5H\QROGV WKHUH LQ $GHODLGH DQG HYHU\RQH NQRZV ZKR , DP 7KDW ZRUNV IRU PH , JHW WR EH KDQJLQJ RXW ZLWK P\ JXLWDU JHHN EXGGLHV 7KDW·V ZKR , DP UHDOO\ µ
*OE "ONAMASSA PLAYS AT (ER -AJESTY S 4HEATRE ON 7ED 3EPT ` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
05+<:;9@ 5,>:
)@ */90:;0, ,30,A,9 7%!4(%2),, /0%.3 -53)4%#
.%7 %2! &/2 3! -53)# /LNH KLV DSSHDUDQFH DW WKH )RZOHU·V /LYH DZDUGV ODVW \HDU 3UHPLHU DQG 0LQLVWHU IRU WKH $UWV -D\ :HDWKHULOO JRW D URFN VWDU ZHOFRPH RQ 6DWXUGD\ DIWHUQRRQ ZKHQ KH IRUPDOO\ RSHQ WKH QHZ PXVLF WHFKQRORJ\ DQG FUHDWLYH LQGXVWULHV FOXVWHU 0XVLFWHF DW 6W 3DXO·V &UHDWLYH &HQWUH 6FKHGXOHG WR VWD\ IRU PLQXWHV KH UHPDLQHG IRU î KRXUV WDONLQJ WR FUHDWLYH LIRONV $PRQJ WKH JXHVWV ZHUH /LYH 0XVLF 7KLQNHU LQ 5HVLGHQFH DQG 8. IHVWLYDO SURPRWHU 0DUWLQ (OERXUQH $YHU\ 0F7DJJDUW RI 7KH :LQGLVK $JHQF\ $GDP 5\DQ RI 7KH *UHDW (VFDSH DQG 6WX 0DF4XHHQ RI :RQGHUOLFN (QWHUWDLQPHQW :HDWKHULOO VSRNH ZLWK SDVVLRQ DERXW WKH 6$ PXVLF DQG LWV LPSRUWDQFH DV DQ LQGXVWU\ DQG ZKDW KDG KDSSHQHG VLQFH (OERXUQH·V 5HYHUE UHSRUW 0XVLWHF LV WKH ODWHVW LQLWLDWLYH E\ KLV *RYHUQPHQW EDVHG RQ WKH (XURSHDQ PDQXIDFWXULQJ PRGHO LW KDV WKUHH \HDU IXQGLQJ IURP WKH 'HSW RI 6WDWH 'HYHORSPHQW 2WKHU VXJJHVWLRQV DGRSWHG KDYH LQFOXGHG WKH 5REHUW 6WLJZRRG )HOORZVKLS WKURXJK WKH 0XVLF 'HYHORSPHQW 2IILFH DQG WKH VHWWLQJ XS RI WKH 6$ &RQWHPSRUDU\ 0XVLF $GYLVRU\ &RXQFLO 1H[W PRYH FKDQJH 6$·V GUDFRQLDQ OLTXRU OLFHQVLQJ ODZV WR H[HPSW HQWHUWDLQPHQW 0XVLWHF 0DQDJLQJ 'LUHFWRU 'DYLG *ULFH RXWOLQHG SODQV IRU WKH QH[W PRQWKV *ULFH·V VWUDWHJ\ IRU WKH FOXVWHU LV WR FUHDWH D PLQGVHW ZKHUH PXVLFLDQV WKLQN JOREDOO\ DQG DUH RSHQ WR FROODERUDWLRQV ZLWK PDQ\ ILHOGV HVSHFLDOO\ WHFKQRORJ\ ´,PDJLQH FRPLQJ WRJHWKHU WR FUHDWH WKH QH[W PXVLF SODWIRUP LPDJLQH FRPLQJ WRJHWKHU WR FUHDWH ZKDW PXVLF ZLOO VRXQG OLNH LQ WHQ \HDUV UDWKHU WKDQ IROORZLQJ µ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
"%!43 ,!5.#().' ). /: h). 7%%+3v $SSOH EHLQJ $SSOH LW·V EHLQJ WLJKW OLSSHG DERXW WKH H[DFW ODXQFK RI %HDWV PXVLF VWUHDPLQJ LQ $XVWUDOLD %HDWV 0XVLF·V &(2 ,DQ 5RJHUV KDV EHHQ LQ 6\GQH\ PHHWLQJ ZLWK UHFRUG FRPSDQLHV DQG LWV WHOFR SDUWQHU 7HOVWUD DQG LQGLFDWHG LW·V QRW WRR IDU DZD\ 6RXUFHV VXJJHVWHG ZH·UH WDONLQJ ´ZHHNVµ
&2%3( '%43 47/ ./-3 ). #/--5.)49 2!$)/ !7!2$3 )UHVK ZDV WKH RQO\ $GHODLGH VWDWLRQ ZLWK WZR PHQWLRQV LQ QRPLQDWLRQV IRU WKH QDWLRQDO &%$$ &RPPXQLW\ %URDGFDVWLQJ $VVRFLDWLRQ RI $XVWUDOLD $ZDUGV ,WV 7UDQV0,66,21 LV XS IRU %HVW 6WDWLRQ 3URPRWLRQ 6SRQVRUVKLS RU )XQGUDLVLQJ &DPSDLJQ DQG =DQH 'HDQ IRU 2XWVWDQGLQJ <RXWK &RQWULEXWLRQ 2WKHU 6$ FRQWHQGHUV DUH &RDVW )0·V &KRRVH <RXU 2ZQ IRU %HVW 6WDWLRQ 3URGXFWLRQ 5DGLR $GHODLGH·V )202 ² /LYH $GHODLGH )ULQJH LV XS IRU 0RVW ,QQRYDWLYH 2XWVLGH 6SHFLDO (YHQW %URDGFDVW 0LOOLFHQW·V 7+( )0 FRXOG ZLQ 2XWVWDQGLQJ 6PDOO 6WDWLRQ 7KUHH ' 5DGLR·V 0DUN )DUOH\ DQG ,DQ 0RRUH DUH LQ IRU ([FHOOHQFH LQ 7HFKQLFDO ,7 6HUYLFHV 3%$ )0 JRW D JRQJ IRU %HVW 1HZ 5DGLR 3URJUDP ² 7DONV IRU ,Q 6HDUFK RI D *RRG 'HDW ² .DWH·V 6WRU\ DQG 5HEHNDK /RZH RI 7+( )0 IRU 2XWVWDQGLQJ 9ROXQWHHU &RQWULEXWLRQ
4().'3 7% (%!2 ,V DQRWKHU JUHDW 0HOERXUQH YHQXH WR FORVH GRZQ DV WKH EXLOGLQJ RZQHU FRQWHPSODWHV DQ RIIHU WR VHOO" :LWK EXGJHW DFFRPPRGDWLRQ EHFDPH VFDUFH LQ %ULVEDQH GXULQJ %LJ 6RXQG RQH PDQDJHU KDG WR VKDUH KLV KRXVH ZLWK D EDQG LWV URDG FUHZ DQG WKUHH ODEHO UHSV 3UREOHP LV WKH SODFH ZDV EHLQJ UHQRYDWHG VR WKH\ KDG WR PDNH GR ZLWK D KDOI GRQH NLWFKHQ DQG QR EDWKURRP ` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
£ä
)RU KHU 'XEDL VKRZ /DG\ *DJD ZDQWHG KHU KRWHO URRP DGRUQHG ZLWK EODFN VDWLQ GUDSHV VLOYHU VDWLQ VKHHWV ZKLWH DQG \HOORZ URVHV DQG SRVWHUV RI (OWRQ -RKQ 'DYLG %RZLH DQG 4XHHQ +HU GUHVVLQJ URRP KDG WR KDYH DQ R[\JHQ WDQN DQG SHDQXW EXWWHU ZLWK IOD[ VHHGV DQG QR PRUH WKDQ J RI VXJDU %LJ FHOHEUDWLRQV DW 3UHPLHU $UWLVWV ODVW ZHHN DOEXPV E\ -LPP\ %DUQHV .DVH\ &KDPEHUV DQG +LOOWRS +RRGV RFFXSLHG WKH ILUVW WKUHH VSRWV RQ WKH $5,$ DOEXP FKDUW MXVW EHIRUH DOO WKUHH ZHQW RXW RQ WRXU 3DXO .HOO\·V ¶7KH 0HUUL 6RXO 6HVVLRQV· KDV EHHQ UHPRYHG IRU QRPLQDWLRQ IURP WKH %HVW ,QGHSHQGHQW %OXHV $QG 5RRWV $OEXP FDWHJRU\ IRU WKH ,QGHSHQGHQW $ZDUGV ² RQ WKH DFFRXQW LW HU KDVQ·W DFWXDOO\ EHHQ UHOHDVHG \HW $IWHU KRYHULQJ LQ WKH 86 7RS FKDUW VLQFH %RE 0DUOH\ WKH :DLOHUV JUHDWHVW KLWV DOEXP ¶/HJHQG· ILQDOO\ PDGH LW LQWR WKH 7RS DIWHU *RRJOH GLVFRXQWHG WKH UHFRUG DV SDUW RI D FDPSDLJQ &LUTXH GX 6ROHLO V ¶0LFKDHO -DFNVRQ 7KH ,PPRUWDO :RUOG 7RXU· LV QRZ WKH HLJKWK WRS JURVVLQJ WRXU RI DOO WLPH PDNLQJ 86 PLOOLRQ GRLQJ VKRZV LQ YHQXHV LQ FRXQWULHV LQFOXGLQJ $XVWUDOLD RYHU WKUHH \HDUV
#!,6). (!22)3 -!$% -),,)/. &2/- 342%!-).' &DOYLQ +DUULV EHFDPH ILUVW %ULW VROR DUWLVW WR FORFN XS D ELOOLRQ VWUHDPV RQ 6SRWLI\ 1RZ DV LW SD\V D UR\DOW\ RI SHU VWUHDP WKDW PHDQV KH PDGH 86 PLOOLRQ VSOLW EHWZHHQ KLP DQG &ROXPELD 5HFRUGV /DVW ZHHN KH VHW D QHZ UHFRUG ZKHQ KLV VLQJOH %ODPH EHFDPH WKH IDVWHVW WUDFN WR KLW RQ 6SRWLI\ V *OREDO &KDUW WKUHH GD\V DIWHU UDWKHU WKDQ WKH XVXDO VHYHQ ZHHNV
2!$)/ ,!5.#().' -),,)/. #!-0!)'. 7KH FRPPHUFLDO UDGLR VHFWRU·V SHDN PXVLF DVVRFLDWLRQ &RPPHUFLDO 5DGLR $XVWUDOLD &5$ ZLOO ODXQFK ZKDW LWV &(2 -RDQ :DUQHU FDOOV ´RXU ELJJHVW DQG PRVW LPSDFWIXO EUDQG FDPSDLJQ IRU VRPH \HDUV µ ,W ZLOO VWUHVV WKH VWURQJ UHODWLRQVKLS EHWZHHQ OLVWHQHUV DQG WKHLU IDYRXULWH VWDWLRQV KRZ WKH\ DUH LQIOXHQFHG E\ ZKDW WKH\ KHDU DQG KRZ EHQHILFLDO WKLV LV WR DGYHUWLVHUV 7KH PLOOLRQ FDPSDLJQ ZLOO EH XQYHLOHG DW WKH 1DWLRQDO 5DGLR &RQIHUHQFH LQ 0HOERXUQH RQ 2FWREHU ,W ZLOO LQYROYH UHVHDUFK IURP &ROPDU %UXQWRQ D VRQJ ZULWWHQ IRU WKH FDPSDLJQ WR EH DLUHG DFURVV PHWURSROLWDQ DQG UHJLRQDO FRPPHUFLDO VWDWLRQV UDGLR DGV DQG D QHZ LQGXVWU\ ZHEVLWH
.%7 3)'.).'3 "%!2$%$ '9039 "!.$ '%4 53 !'%.#9 $GHODLGH J\SV\ VZLQJ IRON RXWILW %HDUGHG *\SV\ %DQG KDYH ODQGHG D 86 DJHQF\ GHDO ZLWK )OHPLQJ $UWLVWV ² KRPH WR $QL 'L)UDQFR 7RP 3D[WRQ 6WHYH 3ROW] *UDQW /HH 3KLOOLSV -DQH 6LEHUU\ DQG $XVVLHV &ROLQ +D\ DQG 6RPHWKLQJ IRU .DWH 7KH\ DUH UHSUHVHQWHG E\ )OHPLQJ $UWLVWV· $XVWUDOLDQ RSHUDWLRQV UXQ LQ 0HOERXUQH E\ -RKQ 6LQFODLU 7KH $PHULFDQV VSRWWHG WKHP SOD\LQJ 7RURQWR·V %XVNHU )HVWLYDO EHIRUH KDOI D PLOOLRQ SHRSOH DQG ZDQWHG WKHP DORQJ ZLWK $XVVLHV VLQJHU VRQJZULWHU DQG JXLWDU YLUWXRVR 'DQLHO &KDPSDJQH DQG 0HOERXUQH ´SV\FKHGHOLF MXJ EDQGµ 3HUFK &UHHN
.%7 3)'.).'3 %-) '%43 +,0 (0, 0XVLF $XVWUDOLD VLJQHG ./3 .ULVW\ /HH 3HWHUV 6\GQH\ '- VRQJZULWHU YRFDOLVW DQG KRVW RI 7ULSOH -·V +RXVH 3DUW\ $IWHU SOD\LQJ ORFDO IHVWLYDOV VKH KHDGV WR &0- LQ 1HZ <RUN DQG &XOWXUH &ROOLGH LQ 6DQ )UDQFLVFR DQG / $ 7KLV \HDU VKH FROODERUDWHG ZLWK :KDW 6R 1RW 0LOR 2WLV =LPPHU 6DEOH 6OXPEHUMDFN -XVW D *HQW DQG 0 3KD]HV
.%7 3)'.).'3 0)%2#% "2/3 !4 -53(2//0XVKURRP 0XVLF 3XEOLVKLQJ·V ODWHVW VLJQLQJ DUH 0HOERXUQH LQGLH IRON DFW 7KH 3LHUFH %URWKHUV -XVW EDFN IURP SOD\LQJ WR SHRSOH DW 1HWKHUODQGV /RZODQGV )HVWLYDO WKH\·UH WRXULQJ $XVWUDOLD XQWLO 'HF
.%7 3)'.).'3 3!6!'% !4 -).)3429 /& 3/5.$ !5342!,)!
0XOWL SODWLQXP 1= XUEDQ DFW 6DYDJH ZKRVH VLQJOH )UHDNV LV 7RS LQ 2] DQG SODWLQXP VLJQHG D GHDO ZLWK 0LQLVWU\ RI 6RXQG $XVWUDOLD ,W HQFRPSDVVHV UHFRUGLQJ SXEOLVKLQJ ZLWK $JHQF\ DQG WRXULQJ 6RDSER[ $UWLVWV IRU '- JLJV DQG LQWHUQDWLRQDO WRXULQJ LQ FRQMXQFWLRQ ZLWK *HW %XV\ 3URGXFWLRQV
7(!4 7% ,%!2.%$ !4 ")' 3/5.$ 40XVLF·V ([HFXWLYH 2IILFHU 'HQLVH )ROH\ LV VWHSSLQJ GRZQ WKLV \HDU 1HLO )LQQ VXJJHVWV WKH ZD\ WR NHHS WKH ´VWUXJJOHµ LQ PDNLQJ QHZ PXVLF LV WR EDODQFH RXW KRZ ´FRVPLFDOO\ LQVLJQLILFDQWµ \RX DUH ZLWK WKH IHHOLQJ WKDW \RX·UH PDNLQJ DQ LPSRUWDQW PXVLF WKDW HYHU\RQH VKRXOG KHDU 6SRWLI\·V 'LUHFWRU RI (FRQRPLFV :LOO 3DJH XQYHLOHG GDWD WKDW VKRZHG PXVLF VWUHDPLQJ KDV FXW GRZQ PXVLF SLUDF\ E\ HVSHFLDOO\ FDVXDO LOOHJDO GRZQORDGLQJ ´EXW D KDUGFRUH PLQRULW\ UHPDLQVµ ZLWK 79 DQG PRYLH SLUDF\ IRXU WLPHV PRUH WKDQ PXVLF +H VDLG PXVLF VWUHDPLQJ DOVR KHOSHG VSUHDG $XVWUDOLDQ PXVLF DFURVV WKH ZRUOG 3DJH 3DJH DOVR UHYHDOHG WKDW VLQFH 6SRWLI\ ODXQFKHG LQ $XVWUDOLD LQ RQH LQ VL[ $XVVLHV KDYH WULHG LW PLOOLRQ DQG WKUHH TXDUWHUV RI LWV $XVWUDOLDQ XVHUV DUH XQGHU $XVVLH KLS KRS LV WRR ZKLWH PDOH DQG VWUDLJKW ² EXW 8UWKER\ VD\V LW·V DW OHDVW RQH VHFWRU WKDW DGPLWV WR LW DQG LV WU\LQJ WR ZRUN RXW WKH GLOHPPD 7KH $VVRFLDWLRQ RI $UWLVW 0DQDJHUV XQYHLOHG LWV QHZ &RGH RI &RQGXFW WR EH LQWURGXFHG QH[W ZLQWHU DIWHU FRQVXOWDWLRQ ZLWK WKH LQGXVWU\ $ SDQHO RI DUWLVW PDQDJHUV GLVFXVVHG DPRQJ RWKHU WKLQJV WKH FKDQJLQJ UROH RI PDQDJHUV ZKR QRZ DOVR UXQ WKH ODEHOV DQG ZHEVLWHV RQ EHKDOI RI LQGLH FOLHQWV 7KH &KXUFK·V 6WHYH .LOEH\ UHSUHVHQWLQJ DUWLVWV RQ WKH SDQHO DVNHG KDUG KLWWLQJ TXHVWLRQV DERXW WUDGLWLRQDO FRQWUDFW VWUXFWXUHV DQG DJHQW PDQDJHU FRPPLVVLRQV ,W FRVWV PLOOLRQ WR UXQ 7ULSOH - IRU D ZKROH \HDU FRPSDUHG WR WKH PLOOLRQ IRU MXVW RQH VHDVRQ RI 7KH ; )DFWRU *URRYLQ· 7KH 0RR SURPRWHU &DWWOH\DUG 3URPRWLRQV KDV EUDQFKHG RXW LQWR HYHQW PDQDJHPHQW DQG PDUNHWLQJ ZLWK QHZ GLYLVLRQ &DWWOH\DUG &ROOHFWLYH 1DWLYH 7RQJXH VLJQHG 0HOERXUQH·V $SHV MXVW EHIRUH WKH SXEOLVKHU·V VKRZFDVH RI VRPH RI LWV DFWV 7KH DUULYDO RI ,DQ +DXJ LQWR WKH &KXUFK·V UDQNV QRW RQO\ FDOPHG IULFWLRQ LQ WKH OLQHXS EXW ´ZH·YH KDG D ELJ EORRG WUDQVIXVLRQ µ 6WHYH .LOEH\ FRQIHVVHG
#/5.4).' 4(% "%!4: %HDW] LV D QHZ IRUWQLJKWO\ SURJUDP E\ &RYH <RXWK 6HUYLFHV WR SURYLGH EDVLF NQRZOHGJH WR WR \HDU ROGV LQ WKH &LW\ RI 0DULRQ WR PDNH KLS KRS DQG ('0 ZLWK FRPSXWHU VRIWZDUH 6HH ZZZ PDULRQ VD JRY DX \RXWK HYHQWV
4(% 02/-%4(%!. ,!5.#(%3 02/-3/.' #/-0 7KH 3URPHWKHDQ LV ODXQFKLQJ D OLYH VRQJ FRPSHWLWLRQ FDOOHG 3URP6RQJ NLFNLQJ RII RQ :HG 2FW 6KRZFDVLQJ \RXU VRQJV RQ VWDJH FRXOG ZLQ \RX RI UHFRUGLQJ WLPH DW )DW 7UD[ 6WXGLRV ,W·V IUHH WR DWWHQG VRUU\ QR GUXP NLWV EXW \RX PXVW UHJLVWHU ZLWK )DW 7UD[ WR SHUIRUP 3KRQH RU HPDLO GDYLG#IDWWUD[ FRP DX
3%-!0(/2% 0/24 !$%,!)$% 23, %80!.$3 ,)6% -53)# 7KH 6HPDSKRUH 3RUW $GHODLGH 56/ LV H[SDQGLQJ LWV VXSSRUW IRU OLYH PXVLF ,W LV H[SDQGLQJ VKRZFDVLQJ EDQGV IURP 6DWXUGD\ QLJKWV WR WKUHH QLJKWV D ZHHN 7KH\ KDYH WKHLU RZQ 3$ VR \RX MXVW WXUQ XS ZLWK D FURZG DQG SOD\ &RQWDFW &DPHURQ DW &DPHURQ KRZOHWW#VH PDSKRUHSRUWDGHODLGHUVO FRP DX
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
WKH JUDQG ILQDO LQ 0HOERXUQH RQ :HG 'HF :LQQHU JHWV D PXVLF GHYHORSPHQW IXQG DQG D WULS WR WKH 8QLWHG 6WDWHV WR SHUIRUP DW WKH $PHULFDQD 0XVLF )HVWLYDO
3! (!,, /& &!-% ).$5#4%% $)%3 $XVVLH FRXQWU\ PXVLF VLQJHU DQG VRQJZULWHU DQG GLVDELOLW\ DGYRFDWH &ROLQ -DPHV ZKR ZDV LQGXFWHG LQ 6RXWK $XVWUDOLD·V FRXQWU\ PXVLF KDOO RI IDPH KDV GLHG DW WKH DJH RI :KHHOFKDLU ERXQG DW WKH DJH RI DIWHU FRQWUDFWLQJ 6WLOOV GLVHDVH D GHELOLWDWLQJ IRUP RI UKHXPDWRLG DUWKULWLV KH SHUIRUPHG KRVWHG UDGLR VKRZV DQG ZURWH ERRNV ZKLFK HDUQHG KLP DQ 2UGHU RI $XVWUDOLD PHGDO
.%7 /0%. -)# .)'(4 7KH 5RVHZDWHU 6RFLDO 6SRUWV &OXE 0F*UHJRU 7HUUDFH ODXQFKHG D QHZ 2SHQ 0LF VHULHV RQ 7KXUVGD\V IURP SP 3HUIRUPHUV RI DOO OHYHOV JHW PLQXWHV WR SOD\ RZQ VRQJV RU FRYHUV $ VPDOO 3$ VXLWDEOH IRU ORZ YROXPH VHWV (PDLO UVVFRSHQPLF#JPDLO FRP WR ERRN WLPHVORW RU MXVW VKRZ XS RQ WKH QLJKW
,)&%,).%3 ,OO ´/LQJHULQJ KHDOWK LVVXHV UHODWHG WR VXUJHULHV WKDW UHPRYHG KLV JDOO EODGGHU DQG DSSHQGL[ HDUOLHU WKLV \HDUµ FDXVHG $YLFFL WR FDQFHO DOO VKRZV WKLV \HDU ,Q &RXUW $QWRQ\ 7URSHDQR PDQDJHU RI $GHODLGH·V 5HG 6TXDUH LV WU\LQJ WR NHHS KLV OLTXRU OLFHQVH E\ DSSHDOLQJ D VHQWHQFH WKDW KH DQG WZR RWKHU VWDII VHYHUHO\ EDVKHG $)/ VWDU -DUHG 3ROHF·V WZLQ EURWKHU 'DYLG LQ ,Q &RXUW 86 UDSSHU *XFFL 0DQH JRW D \HDU RII KLV PRQWK SULVRQ VHQWHQFH LQ $WODQWD IRU ILUHDUP SRVVHVVLRQ ,Q &RXUW /HG =HSSHOLQ KDYH KLUHG 86 SURPLQHQW HQWHUWDLQPHQW ODZ\HU +HOHQH )UHHPDQ WR UHSUHVHQW WKHP LQ D ODZVXLW ZKLFK DOOHJHG WKDW 6WDLUZD\ 7R +HDYHQ ZDV QLFNHG IURP WKH EDQG 6SLULW·V LQVWUXPHQWDO 7DXUXV 'LHG IRUPHU 3ULPDO 6FUHDP JXLWDULVW 5REHUW ´7KUREµ <RXQJ 'LHG 86 VRQJZULWHU %RE &UHZH ZKR GLVFRYHUHG WKH )RXU 6HDVRQV DQG SHQQHG KLWV IRU WKHP OLNH %LJ *LUOV 'RQ·W &U\ DQG :DON /LNH $ 0DQ DV ZHOO DV /DG\ 0DUPDODGH IRU /D%HOOH 7KH 6XQ $LQ·W *RQQD 6KLQH $Q\PRUH IRU 7KH :DONHU %URWKHUV DQG -HQQ\ 7DNH $ 5LGH IRU 'HWURLW :KHHOV 'LHG 1HZ 2UOHDQV 5 % PXVR &RVLPR 0DWDVVD IURP D VWURNH LQ +LV - 0 VWXGLR LV ZKHUH VLQJOHV ZHUH FXW LQFOXGLQJ /OR\G 3ULFH V /DZG\ 0LVV &ODZG\ (UQLH . 'RH V 0RWKHU LQ /DZ DQG DOO RI )DWV 'RPLQR·V KLWV 'LHG 86 MD]] HOHFWUR IXQN SLRQHHU -RH 6DPSOH FRPSOLFDWLRQV IURP OXQJ FDQFHU +LV ¶ V EDQG 7KH &UXVDGHUV KDG FURVVRYHU KLWV DV 6WUHHW /LIH DQG KLV PXVLF ZDV KHDYLO\ VDPSOHG E\ WKH KLS KRS FRPPXQLW\
2/"). 4()#+% '!9% %34!4% "!44,% .!34)%3 50 ,Q WKH EDWWOH WR GHWHUPLQH LI 5RELQ 7KLFNH·V %OXUUHG /LQHV QLFNHG IURP 0DUYLQ *D\H·V *RW 7R *LYH LW 8S WKH VRXO PDQ·V FKLOGUHQ GHOLYHUHG WR WKH MXGJH DQ DXGLR PDVKXS WR SURYH ´VXEVWDQWLDO VLPLODULWLHV EHWZHHQ WKH WZR 7KH\ DOVR JDYH WKH MXGJH FRSLHV RI LQWHUYLHZV ZKHUH 3KDUUHOO :LOOLDPV VDLG KH LPDJLQHG KLPVHOI DV *D\H ZKHQ PDNLQJ WKH VRQJ ,Q DQRWKHU 7KLFNH FDOOHG *RW 7R *LYH LW 8S RQH RI KLV ´IDYRXULWH VRQJV RI DOO WLPH DQG KH ZHQW LQWR WKH VWXGLR DQG VDLG <RX NQRZ 3KDUUHOO , G ORYH WR PDNH VRPHWKLQJ OLNH WKLV
-)43(5")3() +)#+4/.%
#!,, &/2 72)4%23 :KDW GR SHRSOH IHHO ZKHQ WKH\ GULYH WKHLU FDUV" 7KDW·V ZKDW 0LWVXELVKL 0RWRUV DQG .LFNWRQH ZDQW EXGGLQJ $XVWUDOLDQ VRQJZULWHUV WR FDSWXUH LQ WKH QHZ LQLWLDWLYH $FFHOHUDWH WR ILQG WKHLU QH[W MLQJOH :LQQHU DOVR JHWV FDVK DQG RI VWXGLR WLPH *R WR DFFHOHUDWHPXVLF FRP DX GHDGOLQH 6XQ 2FW
-/3(4)8 ()43 )43 -),,)/.4( 35"3#2)"%2 $XVWUDOLDQ WLFNHW DJHQF\ 0RVKWL[ FHOHEUDWLQJ LWV ILUVW \HDU DV DQ LQGHSHQGHQW KDG PRUH WR FHOHEUDWH ZKHQ LW VLJQHG LWV PLOOLRQWK VXEVFULEHU /DVW -XO\ &(2 +DUOH\ (YDQV DQG EXVLQHVV SDUWQHU 9DQHVVD %RQG ERXJKW WKH FRPSDQ\ EDFN IURP 1HZV &RUS DQG UHYDPSHG LWV EXVLQHVV WR IRFXV RQ PXVLF HYHQWV ££
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
(3)<4 9,=0,>:
(ELL #ITY 'LAMOURS (ELL #ITY 'LAMOURS )NDEPENDENT %RRJLH ZRRJLH URFN DQG UROO DQG PDVVHG JXLWDUV VRXQGV UDWKHU GDWHG DQFKRUHG VRPHZKHUH LQ WKH V ZKHQ DSSURDFKHG LQ DIWHU TXLWH VRPH \HDUV QRW IROORZLQJ WUHQGV VXFK DV WKRVH ZKLFK LQVSLUH 6\GQH\·V +HOO &LW\ *ODPRXUV $QG WKDW·V D SLW\ LQ D ZD\ IRU WKLV LV DQ DOEXP RI KRQHVW SXE URFN ² PXFK PDOLJQHG DQG PXFK PLVVHG .LFNLQJ RII ZLWK 6LQJDSRUH 6OLQJ SHUKDSV WKH PRVW EDU LQIOXHQFHG VRQJ RI WKH HOHYHQ ZKLFK FRPSULVH WKH DOEXP LW·V HDV\ WR WKLQN WKHUH·OO EH QR VXUSULVHV KHUH $QG WKDW·V SUHWW\ PXFK KRZ LW JRHV MXVW $XVVLH SXE URFN 7KH WKLUG WUDFN )LQG $ :D\ LV DSSHDOLQJ EHFDXVH LW·V D VLPSOH QXPEHU ZLWKRXW REYLRXV IULSSHULHV QR JODP SUHWHQFHV QR EOXHV LQYRFDWLRQV QR PHWDO KLVWULRQLFV ,Q D ZD\ LW SUREDEO\ VKRZV +&* DW WKHLU EHVW H[FHOOHQW VRQJZULWHUV DQG SHUIRUPHUV :LWK 7UDLQZUHFN WKH\·UH EDFN WR WKH VZDJJHU ZKLFK WDNHV PH EDFN WR 7HG 1XJHQW RU WKH RULJLQV RI JODP URFN 7KLV PLJKW EH D KLJKOLJKW IRU WKRVH ZKR UHVSHFW WKH JHQUH EXW QRW UHDOO\ IRU PH 7KURXJKRXW LW DOO 2VFDU 0F%ODFN·V YRFDOV DUH LQ ILQH IRUP WDXW DQG VXLWDEO\ UDVSLQJ WKH HQJLQHHULQJ DQG PL[ LV IXOO DQG JULWW\ WKDQNV WR ¶-RQ %R\ 5RFN· DQG 'DYH +DPPHU RQ WKH DIRUHPHQWLRQHG 7UDLQZUHFN <HS LW FDQ EH D ELW IXOO RQ D ELW RYHU WKH WRS EXW WKDW·V ZKDW WKH EDQG VLJQHG XS IRU 1RZ DQRWKHU EDQG ZKR ¶FRXOG KDYH EHHQ· EXW IRU VRPH VXSSRUW
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
>, 302,+ 0; (5+ @6< >033 ;66
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
/XNH &DUOLQR
$OH[ :KHDWRQ
/XNH &DUOLQR
'OATWHORE #ONSTRICTING 2AGE OF THE -ERCILESS -ETAL "LADE -ARIC -EDIA
$AMON !LBARN %VERYDAY 2OBOTS 0ARLOPHONE %\ QRZ PRVW SHRSOH DUH LQ VRPH ZD\ DZDUH RI 'DPRQ $OEDUQ EHVW NQRZQ DV WKH IURQWPDQ RI %OXU DQG *RULOOD] DQG KLV PXVLFDO WHQGHQFLHV 7KH\ DUH EURDG WR VD\ WKH OHDVW ZKLFK LV ZK\ KLV GHEXW VROR DOEXP (YHU\GD\ 5RERWV VKRXOG EH H[SHFWHG WR DOVR EH TXLWH GLYHUVH LQ QDWXUH 7KDW EHLQJ VDLG SODFLQJ WKH
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
FKDUDFWHULVWLF VOXGJ\ DQG RUJDQLF VRXQG 8QUHOHQWLQJO\ YLFLRXV GHHSO\ EODVSKHPRXV XQGHUSLQQHG E\ D GHHS 12/$ JURRYH DQG ZLWK QR VKRUWDJH RI KRRNV WKLV LV LQ VKRUW D JUHDW PHWDO DOEXP DQG WKH DSH[ RI *RDWZKRUH·V FDUHHU WR GDWH
6LQFH HPHUJLQJ IURP 1HZ 2UOHDQV LQ *RDWZKRUH KDYH VWHDGLO\ EXLOW DQ LPSUHVVLYH ERG\ RI ZRUN :KLOH HDUO\ DOEXPV GHPRQVWUDWHG D YHU\ VWURQJ &HOWLF )URVW LQIOXHQFH WKH\ KDYH FRQWLQXHG WR IRUJH WKHLU RZQ XQLTXH DQG XWWHUO\ LQWHQVH PXVLFDO LGHQWLW\ 6L[WK DOEXP ¶&RQVWULFWLQJ 5DJH RI WKH 0HUFLOHVV· FRQWLQXHV WKDW HYROXWLRQ DQG LV WKHLU PRVW GLYHUVH DQG SUREDEO\ PRVW FRQVLVWHQW UHFRUGLQJ WR GDWH ,I WKH DOEXP WLWOH GLGQ·W JLYH LW DZD\ D TXLFN JODQFH WKURXJK WKH VRQJ WLWOHV JLYHV D UHDVRQDEOH LQGLFDWLRQ RI ZKDW WR H[SHFW IURP WKH H[SORVLYH EODFN WKUDVK RSHQHU 3RLVRQRXV ([LVWHQFH LQ 5HDZDNHQLQJ ULJKW WKURXJK WR QHFN VQDSSLQJ FORVHU ([WHUQDOL]H 7KLV +LGGHQ 6DYDJHU\ WKLV LV D PDVWHUFODVV LQ IHURFLW\ DQG PDOHYROHQFH :KLOH QHYHU D EDQG WR EH SLJHRQ KROHG LQGHHG WKH EDQG DSSDUHQWO\ FRQVLGHU WKHPVHOYHV WR EH MXVW ¶VWUDLJKW KHDY\ PHWDO· ¶&RQVWULFWLQJ 5DJH RI WKH 0HUFLOHVV· GRHV VHHP WR EH PRUH WKUDVK RULHQWHG ZLWK WKH JULP\ HFKRHV RI 6RGRP 'HVWUXFWLRQ HDUO\ 6OD\HU DQG HYHQ 9HQRP DERXQGLQJ 7KLV LV SDUWLFXODUO\ HYLGHQW RQ 1RFWXUQDO &RQMXUDWLRQ 2I 7KH $FFXUVHG )%6 DQG +HDYHQ·V &UXPEOLQJ :DOOV 2I 3LW\ ZKLOH HOVHZKHUH %DULQJ 7HHWK )RU 5HYROW KDV D VWURQJ 0RW|UKHDG YLEH DQG 6FKDGHQIUHXQGH YHHUV IXUWKHU VRXWKZDUG WRZDUGV EODFN PHWDO WHUULWRU\ &ROG (DUWK &RQVXPHG ,Q '\LQJ )OHVK SURYLGHV WKH RQO\ ¶UHVSLWH· IURP WKH RWKHUZLVH IXULRXV EODFNHQHG RQVODXJKW DOWKRXJK WKDW UHVSLWH FRPHV LQ WKH IRUP RI DURXQG WKUHH PLQXWHV RI PRQROLWKLF GHDWK GRRP EHIRUH D VXGGHQ DQG YHU\ )URVW\ WHPSR VKLIW VHHV D UHWXUQ WR QRUPDO IUHQHWLF WUDQVPLVVLRQV 9RFDOLVW %HQ )DOJRXVW LPEXHV HYHU\ VRQJ ZLWK YLWULRO DQG PHQDFH ZKLOH KLV FRKRUWV DUH LQ UD]RU VKDUS IRUP WKH SOD\LQJ KDV DEVROXWH SUHFLVLRQ ZLWKRXW FRPSURPLVLQJ WKH
-DPHV 0F.HQ]LH
&RNKIERO AND THE #ELLABRATION 3TOMACHACHES #OOKING 6INYL )XOO\ LPPHUVHG LQ KLV VROR ZRUNV SRVW 0\ &KHPLFDO 5RPDQFH )UDQN ,HUR RIIHUV XS KLV ILUVW IXOO OHQJWK 6WRPDFKDFKHV IXOO RI IX]]\ SXQN URFN DQG WRXFKHV RI HOHFWURQLFD ,HUR SOD\V LW IDVW DQG ORRVH ZLWK URXJK GLVWRUWLRQV DQG WKUDVK VW\OH PRPHQWV WKDW DUH LQ \RXU IDFH DQG QRLVH\ LW V SXQN EXW ZLWK PRGHUQ PRPHQWV RI PHORG\ 2SHQHU $OO , :DQW ,V 1RWKLQJ DQG £Ó
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
/XNH &DUOLQR
;/, -90+.,
>,+ :,7 ;<, :,7
7ED 3EP $YRFD +RWHO ± /LYH 6HVVLRQV '- '0+ %DU 2Q *RXJHU ± /RXQJH 1LJKW &RRSHUV $OHKRXVH # 7KH (DUO ± 'DUUHQ &DUPHQ &XPEHUODQG $UPV ± G¶Q¶E ZLWK '-V 6ZLIW DQG 6WU\NH 'DQLHO 2¶&RQQHOO +RWHO ± 2SHQ 0LF (DUWK ± )ODVKEDFN 3HUIHFW 0DWFK (PSLUH 3RRO /RXQJH ± '- 2UEH *RYHUQRU +LQGPDUVK +RWHO ± (PHUJHQ]D %DQG FRPS *UDFH (PLO\ ± %XIIDOR %R\¿HQG $OLVRQ &RSSH +HU 0DMHVW\¶V -RH %RQDPDVVD +4 ± µ)ODVKGDQFH¶ .HQVLQJWRQ +RWHO ± 8NH µ1 3OD\ 0DUV %DU ± '-. ([SHULHQFH 0LFN 2¶6KHD¶V ,ULVK 3XE ± &HOWLF &RQQHFWLRQ 6HDIRUG +RWHO ± .DUDRNH ZLWK 6X]DQQH )RUG 6 %DU ± &RPSOHWH 7ULYLD ZLWK 'HV 6XSHUPLOG ± &RUH\ '- ()7326 JXHVWV 7KH *RRG\ +RWHO ± '- 0LNH 0& 3DXO &XUUDQ
4HURS 3EP $OPD 7DYHUQ ± '- $EH $XVWUDO +RWHO ± 6&$/$ %DU 2Q *RXJHU ± /RXQJH 1LJKW %RPED\ %LF\FOH &OXE ± '- &RQWDFW &RORQLVW 7DYHUQ ± =N\H 'DPR &XPEHUODQG $UPV +RWHO ± 5Q% ZLWK '- :HOO (DUWK ± 7KLUVW\ 7KXUVGD\V (G &DVWOH ± '- 0LNH\ (GLQEXUJK +RWHO ± '-V %HQ -DPHV 0DUW\ 5DVKL (O\VLXP /RXQJH ± *XHVW '-V (PSLUH 3RRO /RXQJH ± '- 2UEH (QWHUWDLQPHQW &HQWUH ± $QGUHD %RFHOOL )LQQ 0DF&RRO¶V ± 2SHQ 0LF 1LJKW *DVOLJKW 7DYHUQ ± -DP ZLWK 7KH *DVOLJKW +RXVH %DQG *RYHUQRU +LQGPDUVK ± (PHUJHQ]D %DQG FRPS )URQW %DU *XPER 5RRP %OXHV -DP *UDFH (PLO\ ± 2Q 7KH )O\ WKH $GHODLGH $UPDQGR ([SHULHQFH *UDQG %DU ± '- 3HWHU 1REOH +HDYHQ ± 6KDJ 7KXUVGD\V +HQOH\ 6DQGEDU ± '- 0DWW 0F/DXJKOLQ +LJKODQGHU +RWHO ± +LOLIH '-V +4 ± 7KH 8VHG DQG 7DNLQJ %DFN 6XQGD\ -LYH ± $QG\ %XOO 1HZ 1DY\ 0DUV %DU ± 1DXJKW\ 1LFH ZLWK '- $VWUR 3DODLV 6HPDSKRUH ± 6RXQG 0HFKDQLFV 6D[ '- 'XR 3RUWODQG +RWHO 3W $GHODLGH ± '-V %UHQGDQ '\QDPLF +RXVH U¶Q¶E 3URGXFHUV ± 7XFNHG ZLWK $PHOLD 9RQ :KHHOV 5HG 6TXDUH ± 5RDGKRXVH '- 0DUN & 6 %DU ± /DGLHV 1LJKW ZLWK 0& &RVL 6KRW] ± )UHVK 7KXUVGD\V ZLWK 2EVLGLDQ 5DGLR JXHVWV 6WLUOLQJ +RWHO ± 5HVLGHQW 15* 7UDQFH '-V 6XSHUPLOG ± +HOWHU 6NHOWHU '- -HVVH DQG JXHVWV 7KH (G &DVWOH ± OLYH EDQGV IURP SP 7KH *RRG\ +RWHO ± 6KLQH 9LOODJH 7DYHUQHU ± &OXE 9LOODJH '-V :RUOGVHQG ± IUHH OLYH PXVLF
&RI 3EP $UNDED +RWHO ± 'LPLWUD $OPD 7DYHUQ ± $OPD 7DYHUQ
5RFN 2XW :LWK <RXU & FN 2XW 1DW 3LNH 0U %X]]\ ZLWK 0U %X]]\ '- +ROO\ZRRG '- 7R %H $GYLVHG 1DW 3LNH
$UFKHU +RWHO ± 'RZQVWDLUV '- +XGG\ 8SVWDLUV '- 5HHOD[ $UNDED +RWHO ± 7DYHUQ -D\D '- 7UR\ %DU 2Q *RXJHU ± 5DQGRP +HUR %RKR %DU ± '- 3DWW\ 5RYLQJ 0DJLFLDQ %XVKPDQ +RWHO *DZOHU 'RXEOH %ODFN 3DUW\ '- 6WHYH 5HHFH &KLFKL ± '-V 6PRRWK 7UD[ *%+ &RRSHU¶V $OHKRXVH # 7KH (DUO ± '- 6HPWH[ &XPEHUODQG $UPV +RWHO ± )XQN\ /RXQJH ZLWK '- %RVV (OHFWULF /LJKW +RWHO ± 6\NH 1LJKW (O\VLXP /RXQJH ± 6RXO )XQN .XEULN '-V +HPLORYH GH1RUWKZRGH *RYHUQRU +LQGPDUVK ± /HW ,W %H %HDWOHV *UDFH (PLO\ +RWHO ± 'XVW\ /HH¶V :DVWG :DQGHUHUV %DQMR -DFNVRQ *UDQG %DU ± µ*UDQG %DU )ULGD\V¶ '- 6WUDZEV 0& 'DYH (DVRQ 8QGHUFRYHU 'XR +DKQGRUI ,QQ ± '- '\QDPLF +HQOH\ 6DQGEDU ± '- 0DWW +LJKODQGHU +RWHO ± +LMLQNV +LOWRQ +RWHO +LOWRQ ± µ%RRJLH 1LJKWV LQ 0\%DU¶ '- &DSLWDO ' 0& '9 +ROGIDVW +RWHO ± :DVDEL +\DWW 5HJHQF\ $GHODLGH ± :DYHV 1LJKWFOXE 0LDPL 1LJKWV ,ULVK &OXE ± 6XQVHW %OXVK ,VR %DU ± 6RXQG 0HFKDQLFV U¶Q¶E XUEDQ ZLWK '- .ULVS '- 6RN -R &DVWHOO -LYH ± $OPRVW +XPDQ .LQJV +HDG ± ,Q +RXVH '-V /DFKODQ 3HQGHU ' /X[ 9,3 /DUJV 3LHU ± 6RXQG 0HFKDQLFV )XQN\ 0RWRZQ 2OG 6FKRRO /RFNOH\V +RWHO ± '- 7RRSLH 0DULRQ +RWHO ± -DNH 1LFNRODL 0DUV %DU ± 0DLQ 5RRP '-V %HH-D\ JXHVWV )ORRUVKRZ VWDUULQJ 5RFKHOOH )L¿ FDVW .LWFKHQ %DU '- )XVLRQ JXHVWV 0LFN 2¶6KHD¶V ,ULVK 3XE ± 3RLQW 0LOH (QG +RWHO ± 7KH 6KL]]OH 3LHU 2QH %DU ± '- 6NRW +ROGHU 5DPVJDWH +RWHO ± /LYH %DQGV 5HG 6TXDUH ± µ*ORVV )ULGD\V¶ 'HFNHU 'HI 6WDUU '- %UHQGRQ -XQLRU 0& -D]] 6WRRS .LG 5RELQ +RRG +RWHO ± µ)ULGD\ 1LJKW¶V 7KH 3LDQRPDQ¶ ZLWK 'HQLV )HUUDUR DW WKH SLDQR 5RE 5R\ +RWHO ± +DXN &HDUQV '- -RVK 5RFNHW %DU ± &DWV ± &ROODUERQHV 5R\DO 2DN +RWHO ± *URRY\ /RXQJH ZLWK '- 'HUHN /DQJ IULHQGV 6DYY\ ± *URRY\ '-V 6HDIRUG +RWHO ± µ3DUW\ +DUG¶ '- '0+ 6HPDSKRUH +RWHO ± /LQGD 0F&DUWK\ 6HPDSKRUH :RUNHUV &OXE ± OLYH EOXHV 6KRUHV &RPSOH[ ± %RRJDORR /DWLQR /RXQJH '- HO 3DSL &KLFR 6RXWKHUQ +RWHO *DZOHU ± &OXE 6 '- 'HHOLWH 6DQGUD 6WDPIRUG 3OD]D ± 6ZLVK 0& 3HWHU 1REOH '- 9 6WRFNDGH +RWHO ± )XHO '- 1DWKDQ 6XSHUPLOG ± '- *XPVKRH JXHVWV 7KH (G &DVWOH ± OLYH EDQGV DQG '-V LQ WKH IURQW EDU IURP SP 7KH *RRG\ +RWHO ± '- 6WUDZEV 7KH 6WRFNDGH ± )R[[\ * 7RQVOH\ ± )LUHELUG :DUUDGDOH +RWHO ± 6WRQH V 7KURZ :DWHUPDUN +RWHO ± ( QXI 6DLG 7RSD] %DU )LQGRQ +RWHO ± '- 'HPL]H 9LFWRULD +RWHO ± '- .RQWURO '- 1LFN )RUG 0F .ULV
3AT 3EP $OPD 7DYHUQ ± µ0HWUR5HWUR¶ '- &DSLWDO ' 0& 7LPP\ 3LQH
$SRWKHFDU\ ± 'HHS +RXVH ZLWK %HQVXQ %XQGL $UFKHU +RWHO ± '-V 'DYLG -DPHV -DNL $UNDED +RWHO ± 7DYHUQ 3RS 6XH\ 7RS URRP 0U %X]]\ %DU 2Q *RXJHU ± 5DQGRP +HUR %HQWOH\¶V &ODUH ± '- %HQ %RKR %DU ± '- 3DXO\ )ODYHOOD WKH 6QDNH 'DQFHU %XVKPDQ +RWHO ± µ, /RYH 5HWUR ¶ Z '- 9 &DYDQ +RWHO ± .DUQLYDO ZLWK OLYH EDQGV &KLFKL ± '-V 6PRRWK 7UD[ *%+ &OXE ± +RXVH 5HWUR 'DQFH &URZQ $QFKRU /XQDWLFV 2Q 3RJR 6WLFNV &XPEHUODQG $UPV +RWHO ± 'DQFH ZLWK '- +DUO] (DUWK ± .DUPD (OHFWULF &LUFXV ± '-V 3DXO *OHQQ ' /X[ (PSLUH 3RRO /RXQJH ± 0DWW 'HFNHU 2UE 7RQH] )RZOHUV /LYH ± +HLJKWV *DUDJH ± '- /XNH /RPEH 7KH *DVOLJKW 7DYHUQ 3HUGLWLRQ 7KH 3URWRROV 3UR¿WHHUV *HUPDQ $UPV ± '- 6HPWH[ *RYHUQRU +LQGPDUVK ± -DPJUDVV µ2Q 7KH 5RDG¶ *UDFH (PLO\ ± *UDQGPD¶V )DYRXULWH %HF 6WHDYHQV 7KH :HOFKRLGV *UDQG %DU ± µ*UDQG %DU 6DWXUGD\V¶ '- '0+ '- 5XSKHR *UD\V ,QQ 0W %DUNHU ± '- '\QDPLF '- %L] *ULI¿Q V +HDG ± '-V +HQOH\ 6DQGEDU ± '- 0DWW 0F/DXJKOLQ +LJKODQGHU +RWHO ± +LJKODQGHU 6DWXUGD\V +LOWRQ +RWHO +LOWRQ ± µ5(9,9( # 0\%DU¶ '- )HPPH '- 1DWKDQ +DUULVRQ 0& 'DYH (DVRQ -LYH ± *RVK ZLWK '- &UDLJ .LQJV +HDG ± 6PLN 6DWXUGD\V :DGH & 9,3 0DGQHVV /DNHV 5HVRUW ± &KHUU\ 6RGD 'XR 5HÀHFWLRQV %DU &RROPLQWV 'XR /RQGRQ 7DYHUQ ± '- '\QDPLF 0DQVLRQV ± 0DQVLRQV 6DWXUGD\V '- 0LFKDHO &RQVWDQW '- 6WHYH 5HHFH 0& (JJR 0DULRQ +RWHO ± )UDQN\ ) %RULV /RYHV 7R %RRJLH 0DUV %DU ± 0DLQ 5RRP '-V %HH-D\ JXHVWV )ORRUVKRZ VWDUULQJ 5RFKHOOH )L¿ FDVW .LWFKHQ %DU '- )UDVHU JXHVWV 0LFN 2¶6KHD¶V ± )HYHU 1RUZRRG +RWHO ± '-V 6DP *OHQ 3LHU 2QH %DU ± '- 6NRW +ROGHU 3LULH 6W 6RFLDO &OXE ± 9HORFLUDSWRU %ORRGV 4XLHW :DWHUV ± %HOO\ 'DQFLQJ ZLWK 6KDPLUD 5DPVJDWH +RWHO ± $FRXVWLF 6HVVLRQV 5HG 6TXDUH ± 5HG 6TXDUH 6DWXUGD\V 6DOW ± )XQN\ -D]] +RXVH E\ 6RXQG 0HFKDQLFV 6DYY\ ± 3URIHVVRU ; :DGH & 9,3 +HQU\ +DLQV 6HDIRUG +RWHO ± 6HDIRUG /LYH 6HWWOHUV 7DYHUQ ± 6WRQHFURZ 6KRW] ± '- &KULV 3LNH JXHVWV 6WDPIRUG 3OD]D ± 6ZLVK '- '0+ '- 0DWW\ 0& 'DYH (DVRQ µ6WDPIRUG 3OD]D &DVFDGHV¶ ZLWK 'RXEOH 9LVLRQ 6WRFNDGH 7DYHUQ ± )XHO %DU '- '\QDPLF 7KH (G &DVWOH ± OLYH EDQGV DQG '-V IURP SP 7KH *RRG\ +RWHO ± '- $KPHHG 7KH 6WDJ ± '- +XGG\ 7RQVOH\ ± 7RR +DUG %DVNHW 9LFWRULD +RWHO 2¶+DOORUDQ +LOO ± '- 6SRRQ\ORYH 9LOODJH 7DYHUQ ± &OXE ;6 '-V :DUUDGDOH +RWHO ± .7& 'XR
$OPD 7DYHUQ ± 6XQGD\ 6FKRRO %DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± *HQHUDO *LVW 'XFN ,QQ ± *LDQ &ORXG\ )RZOHUV /LYH ± $GULDQ 3UDGKDQ *RYHUQRU +LQGPDUVK ± $XPR 3UHVFULEHV -D]] *UDFH (PLO\ +RWHO ± 'DUWV :LWK 'DJJOHV *UDQG %DU ± µ*UDQG %DU 6XQGD\V¶ $XGLR =RR '- '\ODQ 0DQRY '- 6WHYH 5HHFH 0& 3DXO &XUUDQ +HQOH\ 6DQGEDU ± '- 0DUN 0F/DXJKODQ +LOWRQ +RWHO ± #µ0\%DU¶ 5HLG -RQHV 6D[ 3HUFXVVLRQ /DNHV 5HVRUW ± .7& 'XR 0DULRQ +RWHO ± 6XQGD\ -D]] ± *HRUJH *ULIVDV 4XDUWHW SP
0LFN 2¶6KHD¶V ,ULVK 3XE
± 7KHR 3DQDJRULV 1RRN 1RVK ± 'DYLG 5RELQVRQ 3LHU 2QH %DU ± '-V -D\VH 6FRWW 3URGXFHUV ± %HHU *DUGHQ .DUDRNH ZLWK %LJ $O 5DPDGD 3LHU +RWHO ± '-V -XVWLFH &DSLWDO ' PRUH 6DOW ± )XQN\ -D]] +RXVH E\ 6RXQG 0HFKDQLFV SP 6DYY\ ± 6XQVHW +HQU\ +DLQV 6DQMLL 7HD 7UHH *XOO\ 56/ ± /LQGD 0F&DUWK\ SP
7KHEDUWRQ 7KHDWUH *DEULHO ,JOHVLDV 7KH (G &DVWOH ± DFRXVWLF 6XQGD\V LQ WKH EHHU JDUGHQ IURP SP IUHH HQWU\ 7KH *RRG\ +RWHO ± µ6XQGD\ 6HVVLRQV¶
7KH 2[IRUG +RWHO ± 0LOHV DQG 3DXO 7RQVOH\ ± 'LQR -DJ :HVW 7KHEDUWRQ +RWHO ± .DUDRNH
-ON 3EP $UFKHU +RWHO ± '- 2FN\ $UNDED ± 7DYHUQ 7HUUL¿F 7ULYLD %DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± )RUWXQH 7HOOHU *RY %DOFRQ\ %DU /RUG 6WRPS\¶V +DUPRQLFD 7ULEH *UDFH (PLO\ +RWHO ± %LOO\ %RE V %%4 -DP *UDQG %DU ± ,QGXVWULH 1LJKW ZLWK '- 5XSKHR 2DNV (PEDVV\ 1RUWK 7FH ± .DUDRNH ZLWK $QQLH 6KDJJ\ 5HG 6TXDUH ± &KLOO '- 6HPOHU
3UN 3EP $UNDED +RWHO ± 9RJXH 'XR £Î
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
;/, -90+., 7KH 'HOL ± '- 0DWW 5HLQHU :RUOGVHQG ± 6 )RROV , 3XGGOH
4UES 3EP
6DW 6HSW +HLJKWV 6XQ 6HSW $GULDQ 3UDGKDQ 7KXUV 6HSW 0LDPL +RUURU )UL 6HSW 6ZHHW $SHV 6DW 6HSW 6ZROOHQ 0HPEHUV 0DGFKLOG 7XHV 6HSW 'HDG .HQQHG\V )UL 2FW %RULV 7KH %ODGH 6SULQJ 5DJH WRXU )UL 2FW )RUWD\ 7KXUV 2FW 6D\ $Q\WKLQJ 6DW 1RY 7R[LF +RORFDXVW ,URQ 5HDJDQ
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
$UNDED ± 7RS 5RRP *DYLQ %DVNHUYLOOH %DU 2Q *RXJHU ± /RXQJH 1LJKW &RRSHUV $OH +RXVH ± &ULNH\ $Q $XVVLH 1LJKW 2XW 'DQLHO 2 &RQQHOO +RWHO ± ,ULVK 6HVVLRQV 'XNH 2I <RUN +RWHO ± 3XE )OLFNV (GLQEXUJK +RWHO ± '-V %HQ -DPHV 0DUW\ 5DVKL (OHSKDQW %ULWLVK 3XE ± 7KH -DP 1LJKW ZLWK &RUH *DVOLJKW 7DYHUQ ± %OXHV /RXQJH %OXHV -DP *RYHUQRU +LQGPDUVK ± )URQW %DU $GHODLGH 8NXOHOH $SSUHFLDWLRQ 6RFLHW\ *UDFH (PLO\ ± 3XE $UW µWKH )HPDOH *D]H¶ 2[IRUG +RWHO ± (¶1XI 6DLG 6 %DU ± %LQJR )XQN\ +RXVH ZLWK %HQ -DPHV 7KH 7RQVOH\ ± 'ULYH '-V '0+ $GDP 'D]H
7ED 3EP $UNDED +RWHO ± 7DYHUQ '- +XJR 6DOFHGR 7RS 5RRP 6DOVD 'DQFH &ODVVHV $YRFD +RWHO ± /LYH 6HVVLRQV '- '0+ %DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± /XFLIHU¶V /RXQJH %RPED\ %LF\FOH &OXE ± 6HDQ 5REHUWVRQ &RORQHO /LJKW +RWHO ± '- &KRPER &RRSHUV $OHKRXVH # 7KH (DUO ± 'DUUHQ &DUPHQ &XPEHUODQG $UPV ± G¶Q¶E ZLWK '-V 6ZLIW DQG 6WU\NH (DUWK ± )ODVKEDFN 3HUIHFW 0DWFK (G &DVWOH ± '- $QWRQ\ 2I 7KH )XWXUH (O\VLXP /RXQJH ± &KLOOHG %HDWV (PSLUH 3RRO /RXQJH ± '- 2UEH *RYHUQRU +LQGPDUVK +RWHO ± )URQW %DU 2SHQ 0LF 1LJKW *UDFH (PLO\ ± 0DWW
>,+ :,7 ;<, :,7
*UHVKDP +HDYHQ ± 'LUW\ +DUU\ +4 ± µ)ODVKGDQFH¶ .HQVLQJWRQ ± 8NH µ1 3OD\ .LQJV +HDG ± '- 'ULOOHU 0DUV %DU ± '-. ([SHULHQFH 0LFN 2µ6KHD¶V ,ULVK 3XE ± &HOWLF &RQQHFWLRQ 6HDIRUG +RWHO ± .DUDRNH ZLWK 6X]DQQH )RUG 6 %DU ± &RPSOHWH 7ULYLD ZLWK 'HV 6XSHUPLOG ± &RUH\ '- ()7326 JXHVWV 7KH *RRG\ +RWHO ± '- 0LNH 0& 3DXO &XUUDQ :RUOGVHQG ± )UHH $FRXVWLF 0XVLF
4HURS 3EP $OPD 7DYHUQ ± '- $EH $UNDED +RWHO ± 7DYHUQ )ODPLQJ 6DPEXFDV $XVWUDO +RWHO ± 6&$/$ %DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± '- 3DXOLH %RPED\ %LF\FOH &OXE ± '- &RQWDFW &RORQLVW 7DYHUQ ± &KULV 3DQRXVDNLV &XPEHUODQG $UPV +RWHO ± 5Q% ZLWK '- :HOO 'DQLHO 2¶&RQQHOO +RWHO ± 7ULYLD QLJKW (DUWK ± 7KLUVW\ 7KXUVGD\V 8S $QG &RPLQJ '-V $GULDQ 9 2G\HVV\ %DQVKHH 0LVV (P JXHVWV (G &DVWOH ± '- 0LNH\ (GLQEXUJK +RWHO ± '-V %HQ -DPHV 0DUW\ 5DVKL (O\VLXP /RXQJH ± *XHVW '-V (PSLUH 3RRO /RXQJH ± '- 2UEH )LQQ 0DF&RRO¶V ± 2SHQ 0LF 1LJKW )RZOHUV /LYH ± 0LDPL +RUURU *RYHUQRU +LQGPDUVK ± 9HUXFD 6DOW *DVOLJKW 7DYHUQ ± -DP ZLWK 7KH *DVOLJKW +RXVH %DQG *UDFH (PLO\ ± 7RP :HVW µ7KH &DOO¶ VLQJOH ODXQFK Z 0DWW +D\ZDUG *UDQG %DU ± µ20* ¶ '- 5XSKHR +HDYHQ ± 6KDJ 7KXUVGD\V +HQOH\ 6DQGEDU ± '- 0DWW 0F/DXJKOLQ +LJKODQGHU +RWHO
£{
± +LOLIH '-V -LYH .LQJ *L]]DUG 7KH /L]DUG :L]DUG 0DUV %DU ± 1DXJKW\ 1LFH '- $VWUR 3DODLV 6HPDSKRUH ± 6RXQG 0HFKDQLFV 6D[ '- 'XR 3- 2¶%ULHQV ± 7KH 2¶%ULHQ V 3RUWODQG +RWHO 3W $GHODLGH ± '-V %UHQGDQ '\QDPLF +RXVH U¶Q¶E 3URGXFHUV ± 7XFNHG ZLWK $PHOLD 9RQ :KHHOV 5HG 6TXDUH ± 5RDGKRXVH '- 0DUN & 5R\DO 2DN +RWHO ± )XQN 6RXO ZLWK '- $QW :LOOLDPV 6 %DU ± /DGLHV 1LJKW ZLWK 0& &RVL 6KRW] ± )UHVK 7KXUVGD\V ZLWK 2EVLGLDQ 5DGLR JXHVWV 6WLUOLQJ +RWHO ± 5HVLGHQW 15* 7UDQFH '-V 6XSHUPLOG ± +HOWHU 6NHOWHU '- -HVVH JXHVWV 7KH (G &DVWOH ± OLYH EDQGV IURP SP 7KH *RRG\ +RWHO ± 6KLQH 8QL%DU ± %OXHMXLFH :RUOGVHQG ± )UHH /LYH 0XVLF
&RI 3EP $GHODLGH 8QL%DU ± .LWH 6WULQJ 7DQJOH 6NLH $OPD 7DYHUQ ± µ5RFN 2XW :LWK <RXU & FN 2XW¶ '- $EH $QLPDO +RXVH $UFKHU +RWHO ± 'RZQVWDLUV '- +XGG\ 8SVWDLUV '- 5HHOD[ $UNDED +RWHO ± 8QLWRSLD %DU 2Q *RXJHU ± 5DQGRP +HUR %RKR %DU ± '- 3DXOLH *XHVWV &KLFKL ± '-V 6PRRWK 7UD[ *%+ &RRSHU¶V $OHKRXVH # 7KH (DUO ± '- 6HPWH[ &XPEHUODQG $UPV +RWHO ± )XQN\ /RXQJH ZLWK '- %RVV 'XNH 2I <RUN +RWHO ± '-V 7RP 5RDVW\ IULHQGV (DUWK &OXE ± $OWLWXGH (O\VLXP /RXQJH ± 6RXO DQG )XQN )RZOHUV /LYH ± 6ZHHW $SHV *DUDJH ± '-V )LOWK\ 5LFK 0DWW 3HDUFH *UDFH (PLO\ ± 'XVW\ /HH¶V :DVWHG :DQGHUHUV %ULDQ 5XL] 7KH 1DWLYHV *UDQG %DU ± µ)ODVKEDFN )ULGD\V¶ '- +ROO\ZRRG 0& 'DYH (DVRQ 8QGHUFRYHU 'XR +DKQGRUI ,QQ ± '- '\QDPLF +HQOH\ 6DQGEDU ± '- 0DWW +LJKODQGHU +RWHO ± +LMLQNV +LOWRQ +RWHO +LOWRQ ± µ%RRJLH 1LJKWV LQ 0\%DU¶ '- &DSLWDO ' 0& '9 '- 6SLQEDG +4 ± , .LOOHG 7KH 3URP 4XHHQ +\DWW 5HJHQF\ $GHODLGH ± :DYHV 1LJKWFOXE 0LDPL 1LJKWV ,VR %DU ± 6RXQG 0HFKDQLFV U¶Q¶E XUEDQ ZLWK '- .ULVS '- 6RN -R &DVWHOO .LQJV +HDG ± ,Q +RXVH '-V /DFKODQ
3HQGHU ' /X[ 9,3 /DUJV 3LHU ± 6RXQG 0HFKDQLFV )XQN\ 0RWRZQ 2OG 6FKRRO /RFNOH\V +RWHO ± '- 7RRSLH 0DQVLRQV ± µ0DQVLRQV )ULGD\¶ '- . 0DUV %DU ± 0DLQ 5RRP '-V %HH-D\ JXHVWV )ORRUVKRZ VWDUULQJ 5RFKHOOH )L¿ FDVW .LWFKHQ %DU '- )XVLRQ JXHVWV 0LFN 2¶6KHD¶V ± (QXI 6DLG 0LOH (QG +RWHO ± 'RFWRU GH 6RWR 3LHU 2QH %DU ± '- 6NRW +ROGHU 3LULH 6W 6RFLDO &OXE 0HJ 0DF DQG 5DLQ\ 'D\ :RPHQ 3RUW 1RDUOXQJD )RRWEDOO &OXE ± 6WRQHFURZ 7KDODVVD 7KXUVGD\V )ULHQG 5DPVJDWH +RWHO ± /LYH %DQGV 5HG 6TXDUH ± *ORVV )ULGD\V 5HG 6TXDUH 5HYHUVH 'HFNHU '- %UHQGRQ -XQLRU 0& -D]] 6WRRS .LG 5RE 5R\ +RWHO 0\OHV 3DXO '- 6PLOH\ 5R\DO 2DN +RWHO ± *URRY\ /RXQJH ZLWK '- 'HUHN /DQJ IULHQGV 6DYY\ ± *URRY\ '-V 6HDIRUG +RWHO ± µ3DUW\ +DUG¶ '- '0+ 6KRUHV &RPSOH[ ± %RRJDORR /DWLQR /RXQJH '- HO 3DSL &KLFR 6RXWKHUQ +RWHO *DZOHU ± &OXE 6 '- 'HHOLWH 6DQGUD 6WDPIRUG 3OD]D ± 6ZLVK 0& 7LPP\ 3LQH '- 9 6WRFNDGH +RWHO ± )XHO '- 1DWKDQ 6XSHUPLOG ± '- *XPVKRH JXHVWV 7HD 7UHH *XOO\ +RWHO ± '- 0LFKDHO &RQVWDQW 0& .ULV 7KH (G &DVWOH ± OLYH EDQGV IURP SP 7KH *RRG\ +RWHO ± '- *H[ 7KH 6WRFNDGH ± )R[[\ * 7RSD] %DU )LQGRQ +RWHO ± '- 'HPL]H 9LFWRULD +RWHO ± '- .RQWURO '- 1LFN )RUG 0& 0LVFKLHI
3AT 3EP $OPD 7DYHUQ ± 0HWUR5HWUR 3DUW\ '- &DSLWDO ' 0& 7LPP\ 3LQH $SRWKHFDU\ ± 'HHS +RXVH ZLWK %HQVXQ %XQGL $UFKHU +RWHO ± '-V 'DYLG -DPHV -DNL %DU 2Q *RXJHU ± 5DQGRP +HUR %HQWOH\¶V &ODUH ± '- %HQ %RKR %DU ± '- 3DXOLH *XHVWV %XVKPDQ +RWHO ± µ, /RYH 5HWUR ¶ '- 6LOYHU &DYDQ +RWHO ± .DUQLYDO ZLWK OLYH EDQGV &DYHUQ &OXE ± *ODP 5RFN 1LJKW &KLFKL ± '-V 6PRRWK 7UD[ *%+ &OXE ± +RXVH 5HWUR 'DQFH &XPEHUODQG $UPV +RWHO ± 'DQFH ZLWK '- +DUO] 'DQLHO 2¶&RQQHOO +RWHO ± 3DQLF (DUWK ± .DUPD (OHFWULF &LUFXV ± '-V 3DXO *OHQQ ' /X[ (O\VLXP /RXQJH ± +RXVH ZLWK '-V
.DHOHH 6HDPOHVV 6YHQ -XGGR (PSLUH 3RRO /RXQJH ± 0DWW 'HFNHU 2UE 7RQH] (QLJPD %DU ± $QWLVNHSWLN <RXQJ /LRQV $OO <HDU 5RXQG (QWHUWDLQPHQW &HQWUH ± %RE '\ODQ )RZOHUV /LYH ± 6ZROOHQ 0HPEHUV 0DGFKLOG *DUDJH ± '- /XNH /RPEH *HUPDQ $UPV ± '- 6HPWH[ *RYHUQRU +LQGPDUVK ± $VK *UXQZDOG *UDFH (PLO\ ± -XSLWHU $LGDQ µ-D]]\¶ -RQHV *UDQG %DU ± *UDQG %DU 6DWXUGD\V '- '0+ '- 5XSKHR 0DWW % *UD\V ,QQ 0W %DUNHU ± '- '\QDPLF '- %L] *ULI¿Q V +HDG ± '-V +DKQGRUI ,QQ ± '- $EH 0& &UDLJ (JDQ +$7V &RXUWKRXVH &XOWXUDO &HQWUH $XEXUQ ± 6DQGL 7KRP +HQOH\ 6DQGEDU ± '- 0DWW 0F/DXJKOLQ +LJKODQGHU +RWHO ± +LJKODQGHU 6DWXUGD\V +LOWRQ +RWHO +LOWRQ ± µ5(9,9( # 0\%DU¶ '- 1LFN )RUG 0& 3DXO &XUUDQ ,VR %DU ± 6RXQG 0HFKDQLFV U¶Q¶E XUEDQ ZLWK '- .ULVS '- 6RN -R &DVWHOO -LYH ± &RXUWQH\ %DUQHWW '' 'XPER *RVK ZLWK '- &UDLJ .LQJV +HDG ± 6PLN 6DWXUGD\V :DGH & 9,3 0DGQHVV /RQGRQ 7DYHUQ ± '- '\QDPLF 0DQVLRQV ± µ0DQVLRQV 6DWXUGD\V¶ '- 0LFKDHO &RQVWDQW '- 6WHYH 5HHFH 0& (JJR 0DUV %DU ± 0DLQ 5RRP '-V %HH-D\ JXHVWV )ORRUVKRZ VWDUULQJ 5RFKHOOH )L¿ FDVW .LWFKHQ %DU '- )UDVHU JXHVWV 0LFN 2¶6KHD¶V ± =HQIDWLRQDOV 3LHU 2QH %DU ± '- 6NRW +ROGHU 4XLHW :DWHUV ± %HOO\ 'DQFLQJ ZLWK 6KDPLUD 5DPVJDWH +RWHO ± $FRXVWLF 6HVVLRQV 5HG 6TXDUH ± µ5HG 6TXDUH 6DWXUGD\V¶ 'HFNHU '- )HPPH '- /D]\ % '- 5\OH\ .ULVS\ 0& -D]] 0& '9 6DOW ± )XQN\ -D]] +RXVH E\ 6RXQG 0HFKDQLFV 6DYY\ ± 3URIHVVRU ; :DGH & 9,3 +HQU\ +DLQV 6HDIRUG +RWHO ± 6HDIRUG /LYH 6 %DU ± 6FKRROLHV 0& &RVL 6 %DU 6ODYHV 6KRW] ± '- &KULV 3LNH JXHVWV 6WDPIRUG 3OD]D ± µ6ZLVK 6DWXUGD\V¶ '- '0+ '- 0DWW\ % 0& 'DYH (DVRQ µ6WDPIRUG 3OD]D &DVFDGHV¶ ZLWK $FRXVWLFDOO\ 5DZ 6WRFNDGH 7DYHUQ ± )XHO %DU '- '\QDPLF 7HD 7UHH *XOO\ +RWHO ± '- 9 7KH (G &DVWOH ± OLYH EDQGV DQG SDUW\ '-V IURP SP 7KH *RRG\ +RWHO ± '- $KPHHG 7KH 6WDJ ± '- +XGG\ 9LFWRULD +RWHO 2¶+DOORUDQ +LOO ± '- 6SRRQ\ORYH
9LOODJH 7DYHUQ ± &OXE ;6 '-V
3UN 3EP $OPD 7DYHUQ ± 6XQGD\ 6FKRRO %DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± *URRYH (ODWLRQ 'XFN ,QQ ± +DUYHVW *DVOLJKW 7DYHUQ ± 7KH ,JXDQD /RXQJH *RYHUQRU +LQGPDUVK ± *LJ ,W )RU +DUGVKLS *UDQG %DU ± µ*UDQG %DU 6XQGD\V¶ 7ZR 6WURNH -RKQQ\ '- '\ODQ 0DQRY '- 1LFN )RUG 0& 3DXO &XUUDQ *UDFH (PLO\ ± /LWWONH 0LVV Z 6WHIDQ +DXON *UHDW (DVWHUQ +RWHO /LWWOHKDPSWRQ ± 0LFN .LGG &' ODXQFK SP
+LOWRQ +RWHO 0\%DU ± 7LP %RV '- 6D[ +HQOH\ 6DQGEDU ± '- 0DUN 0F/DXJKODQ +4 ± *DUGHQ *URRYHV 0LFN 2¶6KHD¶V ± 7RQJXH *URRYH 3LHU 2QH %DU ± '-V -D\VH 6FRWW 3URGXFHUV ± %HHU *DUGHQ .DUDRNH ZLWK %LJ $O 5DPDGD 3LHU +RWHO ± '-V -XVWLFH &DSLWDO ' PRUH 6DOW ± )XQN\ -D]] +RXVH E\ 6RXQG 0HFKDQLFV SP 6DYY\ ± 6XQVHW +HQU\ +DLQV 6DQMLL 7KH (G &DVWOH ± DFRXVWLF 6XQGD\V LQ WKH EHHU JDUGHQ IURP SP IUHH HQWU\ 7KH *RRG\ +RWHO ± µ6XQGD\ 6HVVLRQV¶ /XNH %URFN :HVW 7KHEDUWRQ +RWHO ± .DUDRNH
-ON 3EP $UFKHU +RWHO ± '- 2FN\ %DU 2Q *RXJHU ± /RXQJH 1LJKW *UDFH (PLO\ +RWHO ± %LOO\ %RE V %%4 -DP *UDQG %DU ± ,QGXVWULH 1LJKW '- 5XSKHR 2DNV (PEDVV\ 1RUWK 7FH ± .DUDRNH ZLWK $QQLH 6KDJJ\ 5HG 6TXDUH ± &KLOO '- 6HPOHU 7KH 'HOL ± '- 0DWW 5HLQHU
4UES 3EP %DU 2Q *RXJHU ± /RXQJH 1LJKW &RRSHUV $OH +RXVH ± &ULNH\ $Q $XVVLH 1LJKW 2XW 'DQLHO 2 &RQQHOO +RWHO ± ,ULVK 6HVVLRQV 'XNH 2I <RUN +RWHO ± 3XE )OLFNV (GLQEXUJK +RWHO ± '-V %HQ -DPHV 0DUW\ 5DVKL )RZOHUV /LYH ± 'HDG .HQQHG\V *RYHUQRU +LQGPDUVK ± $GHODLGH 8NXOHOH $SSUHFLDWLRQ 6RFLHW\ *UDFH (PLO\ ± .LQR $GHODLGH 6 %DU ± %LQJR )XQN\ +RXVH ZLWK %HQ -DPHV
£x
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
;/, -90+., 7KH 'HOL ± '- 0DWW 5HLQHU :RUOGVHQG ± 6 )RROV , 3XGGOH
4UES 3EP
6DW 6HSW +HLJKWV 6XQ 6HSW $GULDQ 3UDGKDQ 7KXUV 6HSW 0LDPL +RUURU )UL 6HSW 6ZHHW $SHV 6DW 6HSW 6ZROOHQ 0HPEHUV 0DGFKLOG 7XHV 6HSW 'HDG .HQQHG\V )UL 2FW %RULV 7KH %ODGH 6SULQJ 5DJH WRXU )UL 2FW )RUWD\ 7KXUV 2FW 6D\ $Q\WKLQJ 6DW 1RY 7R[LF +RORFDXVW ,URQ 5HDJDQ
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
$UNDED ± 7RS 5RRP *DYLQ %DVNHUYLOOH %DU 2Q *RXJHU ± /RXQJH 1LJKW &RRSHUV $OH +RXVH ± &ULNH\ $Q $XVVLH 1LJKW 2XW 'DQLHO 2 &RQQHOO +RWHO ± ,ULVK 6HVVLRQV 'XNH 2I <RUN +RWHO ± 3XE )OLFNV (GLQEXUJK +RWHO ± '-V %HQ -DPHV 0DUW\ 5DVKL (OHSKDQW %ULWLVK 3XE ± 7KH -DP 1LJKW ZLWK &RUH *DVOLJKW 7DYHUQ ± %OXHV /RXQJH %OXHV -DP *RYHUQRU +LQGPDUVK ± )URQW %DU $GHODLGH 8NXOHOH $SSUHFLDWLRQ 6RFLHW\ *UDFH (PLO\ ± 3XE $UW µWKH )HPDOH *D]H¶ 2[IRUG +RWHO ± (¶1XI 6DLG 6 %DU ± %LQJR )XQN\ +RXVH ZLWK %HQ -DPHV 7KH 7RQVOH\ ± 'ULYH '-V '0+ $GDP 'D]H
7ED 3EP $UNDED +RWHO ± 7DYHUQ '- +XJR 6DOFHGR 7RS 5RRP 6DOVD 'DQFH &ODVVHV $YRFD +RWHO ± /LYH 6HVVLRQV '- '0+ %DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± /XFLIHU¶V /RXQJH %RPED\ %LF\FOH &OXE ± 6HDQ 5REHUWVRQ &RORQHO /LJKW +RWHO ± '- &KRPER &RRSHUV $OHKRXVH # 7KH (DUO ± 'DUUHQ &DUPHQ &XPEHUODQG $UPV ± G¶Q¶E ZLWK '-V 6ZLIW DQG 6WU\NH (DUWK ± )ODVKEDFN 3HUIHFW 0DWFK (G &DVWOH ± '- $QWRQ\ 2I 7KH )XWXUH (O\VLXP /RXQJH ± &KLOOHG %HDWV (PSLUH 3RRO /RXQJH ± '- 2UEH *RYHUQRU +LQGPDUVK +RWHO ± )URQW %DU 2SHQ 0LF 1LJKW *UDFH (PLO\ ± 0DWW
>,+ :,7 ;<, :,7
*UHVKDP +HDYHQ ± 'LUW\ +DUU\ +4 ± µ)ODVKGDQFH¶ .HQVLQJWRQ ± 8NH µ1 3OD\ .LQJV +HDG ± '- 'ULOOHU 0DUV %DU ± '-. ([SHULHQFH 0LFN 2µ6KHD¶V ,ULVK 3XE ± &HOWLF &RQQHFWLRQ 6HDIRUG +RWHO ± .DUDRNH ZLWK 6X]DQQH )RUG 6 %DU ± &RPSOHWH 7ULYLD ZLWK 'HV 6XSHUPLOG ± &RUH\ '- ()7326 JXHVWV 7KH *RRG\ +RWHO ± '- 0LNH 0& 3DXO &XUUDQ :RUOGVHQG ± )UHH $FRXVWLF 0XVLF
4HURS 3EP $OPD 7DYHUQ ± '- $EH $UNDED +RWHO ± 7DYHUQ )ODPLQJ 6DPEXFDV $XVWUDO +RWHO ± 6&$/$ %DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± '- 3DXOLH %RPED\ %LF\FOH &OXE ± '- &RQWDFW &RORQLVW 7DYHUQ ± &KULV 3DQRXVDNLV &XPEHUODQG $UPV +RWHO ± 5Q% ZLWK '- :HOO 'DQLHO 2¶&RQQHOO +RWHO ± 7ULYLD QLJKW (DUWK ± 7KLUVW\ 7KXUVGD\V 8S $QG &RPLQJ '-V $GULDQ 9 2G\HVV\ %DQVKHH 0LVV (P JXHVWV (G &DVWOH ± '- 0LNH\ (GLQEXUJK +RWHO ± '-V %HQ -DPHV 0DUW\ 5DVKL (O\VLXP /RXQJH ± *XHVW '-V (PSLUH 3RRO /RXQJH ± '- 2UEH )LQQ 0DF&RRO¶V ± 2SHQ 0LF 1LJKW )RZOHUV /LYH ± 0LDPL +RUURU *RYHUQRU +LQGPDUVK ± 9HUXFD 6DOW *DVOLJKW 7DYHUQ ± -DP ZLWK 7KH *DVOLJKW +RXVH %DQG *UDFH (PLO\ ± 7RP :HVW µ7KH &DOO¶ VLQJOH ODXQFK Z 0DWW +D\ZDUG *UDQG %DU ± µ20* ¶ '- 5XSKHR +HDYHQ ± 6KDJ 7KXUVGD\V +HQOH\ 6DQGEDU ± '- 0DWW 0F/DXJKOLQ +LJKODQGHU +RWHO
£{
± +LOLIH '-V -LYH .LQJ *L]]DUG 7KH /L]DUG :L]DUG 0DUV %DU ± 1DXJKW\ 1LFH '- $VWUR 3DODLV 6HPDSKRUH ± 6RXQG 0HFKDQLFV 6D[ '- 'XR 3- 2¶%ULHQV ± 7KH 2¶%ULHQ V 3RUWODQG +RWHO 3W $GHODLGH ± '-V %UHQGDQ '\QDPLF +RXVH U¶Q¶E 3URGXFHUV ± 7XFNHG ZLWK $PHOLD 9RQ :KHHOV 5HG 6TXDUH ± 5RDGKRXVH '- 0DUN & 5R\DO 2DN +RWHO ± )XQN 6RXO ZLWK '- $QW :LOOLDPV 6 %DU ± /DGLHV 1LJKW ZLWK 0& &RVL 6KRW] ± )UHVK 7KXUVGD\V ZLWK 2EVLGLDQ 5DGLR JXHVWV 6WLUOLQJ +RWHO ± 5HVLGHQW 15* 7UDQFH '-V 6XSHUPLOG ± +HOWHU 6NHOWHU '- -HVVH JXHVWV 7KH (G &DVWOH ± OLYH EDQGV IURP SP 7KH *RRG\ +RWHO ± 6KLQH 8QL%DU ± %OXHMXLFH :RUOGVHQG ± )UHH /LYH 0XVLF
&RI 3EP $GHODLGH 8QL%DU ± .LWH 6WULQJ 7DQJOH 6NLH $OPD 7DYHUQ ± µ5RFN 2XW :LWK <RXU & FN 2XW¶ '- $EH $QLPDO +RXVH $UFKHU +RWHO ± 'RZQVWDLUV '- +XGG\ 8SVWDLUV '- 5HHOD[ $UNDED +RWHO ± 8QLWRSLD %DU 2Q *RXJHU ± 5DQGRP +HUR %RKR %DU ± '- 3DXOLH *XHVWV &KLFKL ± '-V 6PRRWK 7UD[ *%+ &RRSHU¶V $OHKRXVH # 7KH (DUO ± '- 6HPWH[ &XPEHUODQG $UPV +RWHO ± )XQN\ /RXQJH ZLWK '- %RVV 'XNH 2I <RUN +RWHO ± '-V 7RP 5RDVW\ IULHQGV (DUWK &OXE ± $OWLWXGH (O\VLXP /RXQJH ± 6RXO DQG )XQN )RZOHUV /LYH ± 6ZHHW $SHV *DUDJH ± '-V )LOWK\ 5LFK 0DWW 3HDUFH *UDFH (PLO\ ± 'XVW\ /HH¶V :DVWHG :DQGHUHUV %ULDQ 5XL] 7KH 1DWLYHV *UDQG %DU ± µ)ODVKEDFN )ULGD\V¶ '- +ROO\ZRRG 0& 'DYH (DVRQ 8QGHUFRYHU 'XR +DKQGRUI ,QQ ± '- '\QDPLF +HQOH\ 6DQGEDU ± '- 0DWW +LJKODQGHU +RWHO ± +LMLQNV +LOWRQ +RWHO +LOWRQ ± µ%RRJLH 1LJKWV LQ 0\%DU¶ '- &DSLWDO ' 0& '9 '- 6SLQEDG +4 ± , .LOOHG 7KH 3URP 4XHHQ +\DWW 5HJHQF\ $GHODLGH ± :DYHV 1LJKWFOXE 0LDPL 1LJKWV ,VR %DU ± 6RXQG 0HFKDQLFV U¶Q¶E XUEDQ ZLWK '- .ULVS '- 6RN -R &DVWHOO .LQJV +HDG ± ,Q +RXVH '-V /DFKODQ
3HQGHU ' /X[ 9,3 /DUJV 3LHU ± 6RXQG 0HFKDQLFV )XQN\ 0RWRZQ 2OG 6FKRRO /RFNOH\V +RWHO ± '- 7RRSLH 0DQVLRQV ± µ0DQVLRQV )ULGD\¶ '- . 0DUV %DU ± 0DLQ 5RRP '-V %HH-D\ JXHVWV )ORRUVKRZ VWDUULQJ 5RFKHOOH )L¿ FDVW .LWFKHQ %DU '- )XVLRQ JXHVWV 0LFN 2¶6KHD¶V ± (QXI 6DLG 0LOH (QG +RWHO ± 'RFWRU GH 6RWR 3LHU 2QH %DU ± '- 6NRW +ROGHU 3LULH 6W 6RFLDO &OXE 0HJ 0DF DQG 5DLQ\ 'D\ :RPHQ 3RUW 1RDUOXQJD )RRWEDOO &OXE ± 6WRQHFURZ 7KDODVVD 7KXUVGD\V )ULHQG 5DPVJDWH +RWHO ± /LYH %DQGV 5HG 6TXDUH ± *ORVV )ULGD\V 5HG 6TXDUH 5HYHUVH 'HFNHU '- %UHQGRQ -XQLRU 0& -D]] 6WRRS .LG 5RE 5R\ +RWHO 0\OHV 3DXO '- 6PLOH\ 5R\DO 2DN +RWHO ± *URRY\ /RXQJH ZLWK '- 'HUHN /DQJ IULHQGV 6DYY\ ± *URRY\ '-V 6HDIRUG +RWHO ± µ3DUW\ +DUG¶ '- '0+ 6KRUHV &RPSOH[ ± %RRJDORR /DWLQR /RXQJH '- HO 3DSL &KLFR 6RXWKHUQ +RWHO *DZOHU ± &OXE 6 '- 'HHOLWH 6DQGUD 6WDPIRUG 3OD]D ± 6ZLVK 0& 7LPP\ 3LQH '- 9 6WRFNDGH +RWHO ± )XHO '- 1DWKDQ 6XSHUPLOG ± '- *XPVKRH JXHVWV 7HD 7UHH *XOO\ +RWHO ± '- 0LFKDHO &RQVWDQW 0& .ULV 7KH (G &DVWOH ± OLYH EDQGV IURP SP 7KH *RRG\ +RWHO ± '- *H[ 7KH 6WRFNDGH ± )R[[\ * 7RSD] %DU )LQGRQ +RWHO ± '- 'HPL]H 9LFWRULD +RWHO ± '- .RQWURO '- 1LFN )RUG 0& 0LVFKLHI
3AT 3EP $OPD 7DYHUQ ± 0HWUR5HWUR 3DUW\ '- &DSLWDO ' 0& 7LPP\ 3LQH $SRWKHFDU\ ± 'HHS +RXVH ZLWK %HQVXQ %XQGL $UFKHU +RWHO ± '-V 'DYLG -DPHV -DNL %DU 2Q *RXJHU ± 5DQGRP +HUR %HQWOH\¶V &ODUH ± '- %HQ %RKR %DU ± '- 3DXOLH *XHVWV %XVKPDQ +RWHO ± µ, /RYH 5HWUR ¶ '- 6LOYHU &DYDQ +RWHO ± .DUQLYDO ZLWK OLYH EDQGV &DYHUQ &OXE ± *ODP 5RFN 1LJKW &KLFKL ± '-V 6PRRWK 7UD[ *%+ &OXE ± +RXVH 5HWUR 'DQFH &XPEHUODQG $UPV +RWHO ± 'DQFH ZLWK '- +DUO] 'DQLHO 2¶&RQQHOO +RWHO ± 3DQLF (DUWK ± .DUPD (OHFWULF &LUFXV ± '-V 3DXO *OHQQ ' /X[ (O\VLXP /RXQJH ± +RXVH ZLWK '-V
.DHOHH 6HDPOHVV 6YHQ -XGGR (PSLUH 3RRO /RXQJH ± 0DWW 'HFNHU 2UE 7RQH] (QLJPD %DU ± $QWLVNHSWLN <RXQJ /LRQV $OO <HDU 5RXQG (QWHUWDLQPHQW &HQWUH ± %RE '\ODQ )RZOHUV /LYH ± 6ZROOHQ 0HPEHUV 0DGFKLOG *DUDJH ± '- /XNH /RPEH *HUPDQ $UPV ± '- 6HPWH[ *RYHUQRU +LQGPDUVK ± $VK *UXQZDOG *UDFH (PLO\ ± -XSLWHU $LGDQ µ-D]]\¶ -RQHV *UDQG %DU ± *UDQG %DU 6DWXUGD\V '- '0+ '- 5XSKHR 0DWW % *UD\V ,QQ 0W %DUNHU ± '- '\QDPLF '- %L] *ULI¿Q V +HDG ± '-V +DKQGRUI ,QQ ± '- $EH 0& &UDLJ (JDQ +$7V &RXUWKRXVH &XOWXUDO &HQWUH $XEXUQ ± 6DQGL 7KRP +HQOH\ 6DQGEDU ± '- 0DWW 0F/DXJKOLQ +LJKODQGHU +RWHO ± +LJKODQGHU 6DWXUGD\V +LOWRQ +RWHO +LOWRQ ± µ5(9,9( # 0\%DU¶ '- 1LFN )RUG 0& 3DXO &XUUDQ ,VR %DU ± 6RXQG 0HFKDQLFV U¶Q¶E XUEDQ ZLWK '- .ULVS '- 6RN -R &DVWHOO -LYH ± &RXUWQH\ %DUQHWW '' 'XPER *RVK ZLWK '- &UDLJ .LQJV +HDG ± 6PLN 6DWXUGD\V :DGH & 9,3 0DGQHVV /RQGRQ 7DYHUQ ± '- '\QDPLF 0DQVLRQV ± µ0DQVLRQV 6DWXUGD\V¶ '- 0LFKDHO &RQVWDQW '- 6WHYH 5HHFH 0& (JJR 0DUV %DU ± 0DLQ 5RRP '-V %HH-D\ JXHVWV )ORRUVKRZ VWDUULQJ 5RFKHOOH )L¿ FDVW .LWFKHQ %DU '- )UDVHU JXHVWV 0LFN 2¶6KHD¶V ± =HQIDWLRQDOV 3LHU 2QH %DU ± '- 6NRW +ROGHU 4XLHW :DWHUV ± %HOO\ 'DQFLQJ ZLWK 6KDPLUD 5DPVJDWH +RWHO ± $FRXVWLF 6HVVLRQV 5HG 6TXDUH ± µ5HG 6TXDUH 6DWXUGD\V¶ 'HFNHU '- )HPPH '- /D]\ % '- 5\OH\ .ULVS\ 0& -D]] 0& '9 6DOW ± )XQN\ -D]] +RXVH E\ 6RXQG 0HFKDQLFV 6DYY\ ± 3URIHVVRU ; :DGH & 9,3 +HQU\ +DLQV 6HDIRUG +RWHO ± 6HDIRUG /LYH 6 %DU ± 6FKRROLHV 0& &RVL 6 %DU 6ODYHV 6KRW] ± '- &KULV 3LNH JXHVWV 6WDPIRUG 3OD]D ± µ6ZLVK 6DWXUGD\V¶ '- '0+ '- 0DWW\ % 0& 'DYH (DVRQ µ6WDPIRUG 3OD]D &DVFDGHV¶ ZLWK $FRXVWLFDOO\ 5DZ 6WRFNDGH 7DYHUQ ± )XHO %DU '- '\QDPLF 7HD 7UHH *XOO\ +RWHO ± '- 9 7KH (G &DVWOH ± OLYH EDQGV DQG SDUW\ '-V IURP SP 7KH *RRG\ +RWHO ± '- $KPHHG 7KH 6WDJ ± '- +XGG\ 9LFWRULD +RWHO 2¶+DOORUDQ +LOO ± '- 6SRRQ\ORYH
9LOODJH 7DYHUQ ± &OXE ;6 '-V
3UN 3EP $OPD 7DYHUQ ± 6XQGD\ 6FKRRO %DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± *URRYH (ODWLRQ 'XFN ,QQ ± +DUYHVW *DVOLJKW 7DYHUQ ± 7KH ,JXDQD /RXQJH *RYHUQRU +LQGPDUVK ± *LJ ,W )RU +DUGVKLS *UDQG %DU ± µ*UDQG %DU 6XQGD\V¶ 7ZR 6WURNH -RKQQ\ '- '\ODQ 0DQRY '- 1LFN )RUG 0& 3DXO &XUUDQ *UDFH (PLO\ ± /LWWONH 0LVV Z 6WHIDQ +DXON *UHDW (DVWHUQ +RWHO /LWWOHKDPSWRQ ± 0LFN .LGG &' ODXQFK SP
+LOWRQ +RWHO 0\%DU ± 7LP %RV '- 6D[ +HQOH\ 6DQGEDU ± '- 0DUN 0F/DXJKODQ +4 ± *DUGHQ *URRYHV 0LFN 2¶6KHD¶V ± 7RQJXH *URRYH 3LHU 2QH %DU ± '-V -D\VH 6FRWW 3URGXFHUV ± %HHU *DUGHQ .DUDRNH ZLWK %LJ $O 5DPDGD 3LHU +RWHO ± '-V -XVWLFH &DSLWDO ' PRUH 6DOW ± )XQN\ -D]] +RXVH E\ 6RXQG 0HFKDQLFV SP 6DYY\ ± 6XQVHW +HQU\ +DLQV 6DQMLL 7KH (G &DVWOH ± DFRXVWLF 6XQGD\V LQ WKH EHHU JDUGHQ IURP SP IUHH HQWU\ 7KH *RRG\ +RWHO ± µ6XQGD\ 6HVVLRQV¶ /XNH %URFN :HVW 7KHEDUWRQ +RWHO ± .DUDRNH
-ON 3EP $UFKHU +RWHO ± '- 2FN\ %DU 2Q *RXJHU ± /RXQJH 1LJKW *UDFH (PLO\ +RWHO ± %LOO\ %RE V %%4 -DP *UDQG %DU ± ,QGXVWULH 1LJKW '- 5XSKHR 2DNV (PEDVV\ 1RUWK 7FH ± .DUDRNH ZLWK $QQLH 6KDJJ\ 5HG 6TXDUH ± &KLOO '- 6HPOHU 7KH 'HOL ± '- 0DWW 5HLQHU
4UES 3EP %DU 2Q *RXJHU ± /RXQJH 1LJKW &RRSHUV $OH +RXVH ± &ULNH\ $Q $XVVLH 1LJKW 2XW 'DQLHO 2 &RQQHOO +RWHO ± ,ULVK 6HVVLRQV 'XNH 2I <RUN +RWHO ± 3XE )OLFNV (GLQEXUJK +RWHO ± '-V %HQ -DPHV 0DUW\ 5DVKL )RZOHUV /LYH ± 'HDG .HQQHG\V *RYHUQRU +LQGPDUVK ± $GHODLGH 8NXOHOH $SSUHFLDWLRQ 6RFLHW\ *UDFH (PLO\ ± .LQR $GHODLGH 6 %DU ± %LQJR )XQN\ +RXVH ZLWK %HQ -DPHV
K) *(:; *9,>
*05,4( IRU PHORGUDPD RU RYHU XVH RI PXVLFDO FXHV ² KH OHWV WKH YLVXDOV DQG SHUIRUPDQFHV H[SUHVV WKH VWRU\·V SRZHU 3KLOOLSV DQG 5LFH PDNH D JRRG GXR ZLWK WKHLU FKDUDFWHUV UXQQLQJ D EHOLHYDEOH HPRWLRQDO JDPXW <RX IHHO WKHLU DQJHU DQG GHVSDLU DQG \HW VHH D VHQVH RI KRSH 7KH VWULNLQJ FLQHPDWRJUDSK\ HIIHFWLYHO\ FUHDWHV WKH URXJK GHVRODWH DQG KD]\ ZRUOG LQ ZKLFK WKH\ DPEOH DORQJ XQWLO WKH ILQDO IDGHRXW 6XFFHHGLQJ LQ LWV· TXHVW WR HQJDJH ZKLOVW WHOOLQJ D VWLUULQJ WDOH ¶7KHVH )LQDO +RXUV· LV D ILQH PRYLH +DYLQJ D IRFXV PLVVLQJ IURP RWKHU UHFHQW $XVWUDOLDQ SURGXFWLRQV LW PDNHV RQH ORRN IRUZDUG WR VHHLQJ ZKDW LWV GLUHFWRU GRHV QH[W
3XEOLVKLQJ (GLWRU $UQD (\HUV :KLWH DUQD#GEPDJD]LQH FRP DX 0DQDJLQJ (GLWRU $OH[ :KHDWRQ DOH[#GEPDJD]LQH FRP DX /D\RXW 7RP 6WDQNV :HEPDVWHU .HLUURQ 6WDFK
3DWULFN 0RRUH
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·%ULHQ -DPHV 2·&RQQRU *HPPD 2SLH $QWKRQ\ 3D[WRQ $VKOH\ 3ULJHQW /RXLV 5DQNLQ &D] 5LFH %HQ 5HYL &DUO 5RELQVRQ 3HWHU 6WUHODQ /HR 9DURQD 0DWW 9HVOH\ 6DP 9LQDOO $QGUHZ :HDYHU %LDQFD :HLOHU 0HUFHGHV :KLEOH\ -DVRQ :K\WH 5\DQ :LQWHU 3KRWRJUDSKHUV 7DUD &DQQHOO 0DWW &DUW\ $ODVWDLU &ROOLQV 5RGQH\ 0DJD]LQRYLF 6DUDK 0DXQGHU .DWH 0XUSK\ -XOLH 5LFKDUGV $ODQ 5LOH\ 'DQ 6FPLGW %HQ 6HDUF\ $QGUHZ 6WDFH 3HWHU 7KXUPHU
'HDGOLQHV $G &RS\ )ULGD\ 6HS SP
DUW#GEPDJD]LQH FRP DX 7KH )ULGJH 6XQGD\ 6HS 1RRQ
IULGJH#GEPDJD]LQH FRP DX 3XEOLVKLQJ 'DWH ,VVXH :HGQHVGD\ 2FW &RQWDFW $OH[ :KHDWRQ $57:25. DUW#GEPDJD]LQH FRP DX 3267 32 %R[ 6WDWLRQ $UFDGH 6$
4HE (UNDRED &OOT *OURNEY $IRECTOR ,ASSE (ALLSTROM 2ATED 0' .OW SCREENING 4HE %XPENDABLES $IRECTOR 0ATRICK (UGHES 2ATED 0' .OW SCREENING
FLWL]HQV 8QIRUWXQDWHO\ 0RWKHU 1DWXUH KDV RWKHU SODQV DQG ZKHQ D FRORVVDO VWRUP KLWV KHOO EUHDNV ORRVH 7KH VFKRRO·V YLFH SULQFLSDO *DU\ 5LFKDUG $UPLWDJH DWWHPSWV WR PDLQWDLQ FDOP LQ WKH IDFH RI FDWDVWURSKH +LV HIIRUWV DUHQ·W KHOSHG E\ WKH SUHVHQFH RI 3HWH 0DWW :DOVK D VWRUP FKDVHU ZDQWLQJ WR ILOP WKH HYHQW IRU D GRFXPHQWDU\ $V HYHU\RQH IDFHV WKH LQFUHDVLQJO\ IHURFLRXV FDWDFO\VP WKH ILJKW IRU VXUYLYDO EHFRPHV KDUGHU ZLWK HDFK SDVVLQJ VHFRQG ,I \RX WKLQN ¶,QWR WKH 6WRUP· ZLOO SURYLGH VRPHWKLQJ DNLQ WR 6KDNHVSHDUH WKHQ \RX·OO EH GLVDSSRLQWHG ,I \RX·UH DIWHU GHFHQW &*, WKLQO\ GUDZQ FKDUDFWHUV DQG GRGJ\ DFWLQJ WKHQ WKLV LV IRU \RX %DVLFDOO\ DQ XSGDWHG YHUVLRQ RI WKH KLW PRYLH ¶7ZLVWHU· LW GRHV WKH MRE LQ FRQMXULQJ PLQGOHVV HVFDSLVP 7KH GLOHPPDV FKDUDFWHUV IDFH LV IDPLOLDU DV LV WKH ULVLEOH GLDORJXH 1RQH RI LW UHDOO\ PDWWHUV DV LW·V WKH H[SORVLYH VWRUPV HYHU\RQH H[SHFWV 7KH FORXG\ YLVLRQV DUH FHUWDLQO\ PDJQLILFHQW ZLWK WKH &*, ERIILQV KDYLQJ D ILHOG GD\ GUHDPLQJ XS QHZ ZD\V WR SODFH FKDUDFWHUV LQ GHDGO\ SHULO 6WHYHQ 4XDOH GRHVQ·W QHHG WR GR PXFK GLUHFWLRQ DV WKLV VRUW RI ILOP PRYHV LWVHOI EXW KH GRHV KDYH D JRRG VHQVH RI UK\WKP ZLWK WKH SDFLQJ DQG WHQVLRQ KDQGOHG ZHOO $UPLWDJH·V KHURLF UROH PDNHV IRU D VROLG FKDUDFWHU ZLWK ZKLFK LW LV HDV\ WR HQJDJH +LV FR VWDUV GR OLWWOH H[FHSW UHDFW WR HYHQWV ZLWK PLQLPDO DFWLQJ UHTXLUHG 7KH ILHUFH VHHPV WR KDYH PRUH SHUVRQDOLW\ WKDQ WKH SHRSOH LW IULJKWHQV DOWKRXJK VXFK TXLEEOHV DUH PLQRU IRU VXFK D GLVSRVDEOH PRYLH ¶,QWR 7KH 6WRUP· LV WUDVK\ QRQVHQVH VXUH WR SOHDVH XQGHPDQGLQJ YLHZHUV )URP LWV RSHQLQJ PRPHQWV LW·V RQ DXWR SLORW ZLWK WKH ZLQG VZHSW IUHQ]\ XQOHDVKLQJ D IXU\ RI FDPS\ IXQ
/LNH D FLQHPDWLF (QHUJLVHU %XQQ\ 6\OYHVWHU 6WDOORQH NHHSV RQ JRLQJ %HFRPLQJ DQ XQVWRSSDEOH DFWLRQ IRUFH ZLWK WKH ¶5RFN\· DQG ¶5DPER· IUDQFKLVHV KLV ORQJHYLW\ LV WR EH DGPLUHG :KLOVW KH KDV PDGH KLV IDLU RI FOXQNHUV DQG LVQ·W WKH ZRUOG·V JUHDWHVW DFWRU KLV OD]\ FKDUP KDV PDGH HYHQ WKH ELJJHVW GLVDVWHUV YDJXHO\ ZDWFKDEOH ¶7KH ([SHQGDEOHV · LV WKH ODWHVW WR XWLOLVH KLV EUDZQ\ WDOHQWV DQG LW·V DV VLOO\ DV PDQ\ RI KLV PRYLHV LW·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¶7KH ([SHQGDEOHV · LV ¶GRHV LW HQWHUWDLQ"· DQG ¶LV WKH DFWLRQ VSHFWDFXODU"· 7KDW·V DOO DQ\RQH QHHGV DVN DV LW LVQ·W DQ DFWLQJ RU GLUHFWLQJ SLHFH ,W DQVZHUV WKRVH TXHVWLRQV ZLWK D JHQHUDOO\ UHVRXQGLQJ \HV GHVSLWH LW IHHOLQJ OHVV HQHUJHWLF WKDQ SUHYLRXV LQVWDOPHQWV %ODPH FRXOG EH ODLG RQ D SUHGLFWDEOH VFULSW DQG 3DWULFN +XJKHV· SRQGHURXV GLUHFWLRQ ,W·V D EORDWHG RXWLQJ ZLWK WKH WZR KRXU SOXV UXQ WLPH VDSSLQJ DQ\ PXFK QHHGHG IRFXV 7R LWV FUHGLW ¶7KH ([SHQGDEOHV · GRHVQ·W VNLPS RQ LWV DFWLRQ VFHQHV 7KHUH DUH SOHQW\ RI H[SORVLRQV DQG JXQ ILJKWV WR VDWLVI\ WKH PRVW EORRG\ WKLUVW\ RI YLHZHUV ,W·V DOO GRQH ZLWK WRQJXH ILUPO\ LQ FKHHN DQG LV DLGHG E\ WKH FDVW·V JHQXLQH FKHPLVWU\ :KLOVW WKH RYHU ORDG RI FKDUDFWHUV PHDQV ZH RQO\ UHFHLYH VNHWFK\ SRUWUDLWV LW LV IXQ VHHLQJ WKH OLNHV RI +DUULVRQ )RUG DQG $UQROG 6FKZDU]HQHJJHU WDNH DQRWKHU WULS DURXQG WKH DFWLRQ URDG ¶7KH ([SHQGDEOHV · LV UHDVRQDEO\ HQWHUWDLQLQJ DOWKRXJK WKH VHULHV LV VKRZLQJ VLJQV RI FUHDWLYH OHWKDUJ\ 7KH SURSRVHG IRXUWK RXWLQJ QHHGV WR EH EHWWHU LI LW LV WR HQGXUH 'HVSLWH DQ\ VKRUW FRPLQJV 6WDOORQH·V OXPEHULQJ KHURLVP ZLOO DOZD\V EH HPEUDFHG E\ KLV OR\DO IDQ EDVH
3DWULFN 0RRUH
4HESE &INAL (OURS $IRECTOR :AK (ILDITCH 2ATED -! .OW SCREENING 0RYLHV PDNLQJ \RX WKLQN DUHQ·W DOZD\V GXOO 8VLQJ EUDLQ PDWWHU ZKLOVW YLHZLQJ DQ LQIRUPDWLYH RU HQWHUWDLQLQJ VOLFH RI FLQHPD XQHDUWKV WKH PHVVDJHV LW FRQYH\V $XVWUDOLDQ ILOP ¶7KHVH )LQDO +RXUV· HQVXUHV LWV DSRFDO\SWLF WKULOOHU OHDQLQJV HQJDJH GXH WR VRPH WLJKW GLUHFWLRQ DQG EHOLHYDEOH SHUIRUPDQFHV +RSHIXOO\ LW HQDEOHV YLHZHUV WR GHFLSKHU WKH TXHVWLRQV UDLVHG ZKLFK DUH D VNLOO IRU ZKLFK DQ\ JRRG PRYLH DLPV -DPHV 1DWKDQ 3KLOOLSV LV RQ KLV ZD\ WR D SDUW\ ,W LVQ·W DQ\ RUGLQDU\ SDUW\ DV WKH LQFUHDVLQJO\ ODZOHVV ZRUOG ORRNV GRZQ WKH EDUUHO RI D VKDWWHULQJ FDWDFO\VP :LWK RQO\ KRXUV WR JR XQWLO HDUWK·V ODVW JDVS -DPHV GHWHUPLQHV WR VHH RXW KLV ILQDO KRXUV SDUW\LQJ 2Q KLV ZD\ KH PHHWV 5RVH $QJRXULH 5LFH D VPDOO JLUO ORRNLQJ IRU KHU IDWKHU 'HFLGLQJ ZKHWKHU WR DWWHQG WKH SDUW\ RU KHOS KHU KLV GHFLVLRQ FKDQJHV WKH UHPDLQGHU RI WKHLU OLYHV DV WKH ILQDO FRXQWGRZQ ORRPV ¶7KHVH )LQDO +RXUV· LV DQ LQWHUHVWLQJ HVVD\ RQ VHOILVK QHHGV YHUVXV VHOI VDFULILFH 7KH PRPHQW RI WUXWK DUULYHV ZKHQ D WUXH SHUVRQ·V QDWXUH LV H[SRVHG 7KLV PDQWUD RYHU VKDGRZV WKH PRYLH OLNH D VSHFWUH HYHU\ZKHUH KH JRHV -DPHV VHHV WKH EHVW DQG ZRUVW RI KXPDQLW\ +LV LQWHUDFWLRQ ZLWK 5RVH IRUFHV KLP WR TXHVWLRQ KLV SDVW EHKDYLRXU DQG PDNH SHDFH ZLWK LW ,Q -DPHV 5RVH ILQGV D IDWKHU ILJXUH DQG VWDELOLVLQJ LQIOXHQFH DPRQJVW DQ LQFUHDVLQJO\ IUD\HG ZRUOG =DF +LOGLWFK·V GLUHFWLRQ HQVXUHV WKH GUDPD DQG WHQVLRQ DUH ZHOO EOHQGHG 7KHUH·V QR URRP
3DWULFN 0RRUH
G% 0$*$=,1( 3W\ /WG LV DQ LQGHSHQGHQW SXEOLFDWLRQ DQG ZKLOVW WKH SXEOLVKHUV DUH WHUULEO\ EURDG PLQGHG ZH GRQ·W KDSSHQ WR DJUHH ZLWK HYHU\WKLQJ WKDW·V SXEOLVKHG KHUHLQ :H GR SRLQW RXW KRZHYHU WKDW DOO ZRUN LV VXEMHFW WR FRS\ULJKW DQG PD\ QRW EH UHSULQWHG LQ DQ\ ZD\ VKDSH RU IRUPDW ZLWKRXW WKH SXEOLVKHU·V SHUPLVVLRQ 7KDW·V XV 8QVROLFLWHG FRQWULEXWLRQV DUH ZHOFRPH EXW WKHUH LV QR JXDUDQWHH RI SXEOLFDWLRQ VR GRQ·W EH UXGH DERXW LW ,W·V QRW SHUVRQDO 3XEOLVKHG E\ G% 0DJD]LQH 3W\ /WG 32 %R[ 6WDWLRQ $UFDGH ZZZ GEPDJD]LQH FRP DX
)NTO 4HE 3TORM $IRECTOR 3TEVEN 1UALE 2ATED 0' .OW SCREENING +ROO\ZRRG NQRZV KRZ WR H[SORLW JHQUHV ,I RQH LV D KLW WKH DLP LV WR UHSHDW XQWLO WKH PRQH\ SLW LV HPSWLHG &RPELQLQJ PXOWLSOH JHQUHV KDV VHHQ HYHQ JUHDWHU ILQDQFLDO UHZDUGV DV WKH\ HQFRPSDVV PDQ\ IDQ EDVHV ¶,QWR 7KH 6WRUP· GDEEOHV LQ WKH PHJD IDFVLPLOH EXVLQHVV ZLWK HDVH EOHQGLQJ WKH ¶IRXQG IRRWDJH· DQG ¶GLVDVWHU PRYLH· VWDSOHV LW ZHDUV LWV % JUDGH RULJLQV ZLWK SULGH $V LPSODXVLEOH DQG YDSLG LW·V IXQ VHHLQJ KRZ LW ¶ERUURZV· IURP WKH JHQUHV WR ZKLFK LW SD\V KRPDJH 7KH WRZQVKLS RI 6LOYHUWRQ JDWKHUV IRU D VSHFLDO RFFDVLRQ (QMR\LQJ WKH VSHFWDFOH RI *UDGXDWLRQ 'D\ DOO KRSH WKH VXQ VKLQHV RQ LWV £x
,Q D FDVH RI ¶WKH WDLO ZDJJLQJ WKH GRJ· UHDOLW\ 79 VKRZV KDYH VHHSHG WKHPVHOYHV LQWR PRYLHV 6HYHUDO UHFHQW ILOPV KDYH GHDOW ZLWK FKHIV DQG FRRNLQJ PLUURULQJ WKH SOHWKRUD RI SRSXODU NLWFKHQ EDVHG VPDOO VFUHHQ IDUH 7KDQNIXOO\ ELJ VFUHHQ IRRGLHV KDYH EHHQ IDU PRUH SDODWDEOH ([SORULQJ KRZ IRRG ELQGV FXOWXUHV ¶7KH +XQGUHG )RRW -RXUQH\·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¶7KH +XQGUHG )RRW -RXUQH\· LV D FLQHPDWLF YHUVLRQ RI FRPIRUW IRRG 6DIH VOLJKWO\ SUHGLFWDEOH EXW IXOO RI ZDUPWK LW GRHVQ·W SDUWLFXODUO\ EUHDN QHZ JURXQG :KDW LW GRHV LV HQWHUWDLQ LQ D FRQVLVWHQWO\ DPXVLQJ PDQQHU ZLWK WRS TXDOLW\ SHUIRUPDQFHV ([SORULQJ LVVXHV RI FXOWXUH IDPLO\ DQG PDLQWDLQLQJ FUHDWLYH SDVVLRQ LV H[SHUWO\ KDQGOHG E\ 'LUHFWRU /DVVH +DOOVWURP $Q ROG KDQG DW WKLV W\SH RI OLJKW FKDUDFWHU GULYHQ GUDPD +DOOVWURP PDNHV WKH PRVW RXW RI D VWRU\ IXOO RI FKDUP DQG JHQXLQH ZKLPV\ 1RQH RI WKLV ZRXOG PDWWHU XQOHVV LI WKH SHUIRUPDQFHV ZHUHQ·W XS WR VFUDWFK $ORQJ ZLWK KHU FR VWDUV 0LUUHQ FRQYH\V PDQ\ LQWULJXLQJ OD\HUV WR KHU SRWHQWLDOO\ RQH GLPHQVLRQDO UROH 7KH\ DUH ZHOO VHUYHG E\ WKH EHDXWLIXO VFHQHU\ DQG GLVSOD\V RI YHU\ PRXWK ZDWHULQJ IRRG %XGGLQJ FKHIV PD\ OHDUQ D WKLQJ RU WZR DV WKH YLVXDO GHOLJKWV PDWFK WKH HQMR\DEOH VFUHHQSOD\ $ YHU\ SOHDVXUDEOH H[SHULHQFH ¶7KH +XQGUHG )RRW -RXUQH\· VKRXOG PDNH WKH ERRN·V IDQV KDSS\ (QJDJLQJ WR LWV ILQDO IUDPH LW SURYHV WKH ODQJXDJH RI JRRG IRRG LV VRPHWKLQJ ZH FDQ DOO VKDUH QR PDWWHU RXU EDFNJURXQG
3DWULFN 0RRUH
` Ê >}>â iÊ£ÇÊ-i«Ìi LiÀÊÓä£{
)((/ 35(6(176
,
,,
7+( 0$5. 2) &$,1 7285
)5,'$< 7+ '(& 7+( *29 .,1* 2) 7+( 1257+
7,&.(76 21 6$/( 12: )520 2=7,; &20 $8 $7 7+( 9(18( 9,$ $// 2=7,; 026+7,; 287/(76
¶621*6 2) 7+( 7+,5' $1' ),)7+· 287 12: 21 &' 9,1</ '2:1/2$' )((/35(6(176 &20 Â&#x2021; 702& &20 $8