´
´
&XOWXUH LQ LWV EURDGHVW VHQVH ²IURP ERRNV DQG IRRWEDOO WR PXVLF IRRG DQG WUDYHO IRU WKRVH ZKR ORYH 6SDLQ DQG DOO PDWWHUV 6SDQLVK _ 7KH $QJOR 6SDQLVK 6RFLHW\ 5HYLHZ 6XPPHU $XWXPQ _
/D 5HYLVWD
*LOHV 7UHPOHWW
$ 5R\DO FRQQHFWLRQ LQ +LVWRU\ 7RGD\
6RFLHW\ /LIH
-LPP\ %XUQV RQ WKH $PEDVVDGRU·V JDUGHQ SDUW\
'H 0RGD
1LFROH &UHVSR 2·'RQRJKXH SUHSDUHV IRU WKH 6RFLHW\·V WKLUG DQQXDO &ODVVLFDO &RQFHUW RQ $SULO WK
;M^M *ITTM[\MZW[ ! ̉ NIZM_MTT \W I [XWZ\QVO PMZW
UHYLVWDBDXWXPQ LQGG
(VWHIDQLD 5XLORSH LQWHUYLHZV WZR HQWUHSUHQHXUV LQ IDVKLRQ WRGD\
)URP WKH (GLWRU :HOFRPH WR WKH ODWHVW LVVXH RI /D 5H YLVWD ZLWK D PL[ RI FRQWHQWV WKDW , KRSH ZLOO FRQYH\ WKH YLEUDQF\ RI RXU $QJOR 6SDQLVK 6RFLHW\ LQ LWV EURDGHVW VHQVH 7KHUH DUH DUWLFOHV ZLWK RXU XVXDO PL[ RI WRSLFV LQ (QJOLVK DQG LQ 6SDQLVK VR ZH FDQ DOO EHFRPH D OLWWOH PRUH ELOLQ JXDO ZLWK HYHU\ GD\ ,W·V D EHHQ D PHP RUDEOH \HDU IRU 6SDQLVK VSRUWVPHQ )& %DUFHORQD·V FKDPSLRQVKLS YLFWRU\ DW :HPEOH\ DQG WKH SDVVLQJ DZD\ RI WKH OHJHQG RI JROI WKH PXFK ORYHG 6HYH %DOOHVWHURV :H SD\ WULEXWH WR ERWK ,W·V DOVR EHHQ D JRRG \HDU IRU 6SDQLVK WRXULVP DQG ZH SURYLGH \RX ZLWK DQ LQWHUHVWLQJ UHSRUW DERXW KRZ WKH %ULWLVK FRQQHFWLRQ UHPDLQV DV VWURQJ DV HYHU 2XU QHZ FRQWULEXWRUV LQFOXGH WKH LQVLJKWIXO WUHQGV VSRWWHU (VWHIDQtD 5XLORSH :LWK RQH IRRW LQ /RQGRQ DQG DQRWKHU LQ 0D GULG VKH KDV SURYLGHG XV ZLWK FRORXUIXO SURILOHV RI D QHZ H[FLW LQJ 6SDQLVK FORWKHV GHVLJQ FRPSDQ\ VWUDGGOLQJ WKH 8. DQG 6SDLQ DV ZHOO DV XVHIXO WLSV RQ ZKHUH WR HDW JRRG %DVTXH DQG &XEDQ IRRG LQ 0DGULG %XW LW KDV DOVR EHHQ D 5R\DO \HDU VR , DP GHOLJKWHG WR KDYH RQ ERDUG *LOHV 7UHPOHWW ²7KH *XDUGLDQ·V 0DGULG FRUUHVSRQGHQW DQG ELRJUDSKHU RI &DWKHULQH RI $UDJRQ /DVW EXW E\ QR PHDQV OHDVW LV WKH JURZLQJ FDOHQGDU RI VRFLDO DQG FXOWXUDO HYHQWV DQG VFKRODUVKLS SURJUDPPHV WKDW ZH RU JDQLVH 7KH ODVW IHZ PRQWKV KDYH LQFOXGHG D FRQFHUW E\ JLIWHG 6SDQLVK PXVLFLDQV LQ /RQGRQ DQ H[SHGLWLRQ WR 1RUIRON DQ H[FOXVLYH YLHZ RI VRPH H[WUDRUGLQDU\ 6SDQLVK SDLQWLQJV DQG VDOVD DQG UXPEDV E\ WKH 8.·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pFWRU 'tD] .XPDU 5HJH 6FKRODUVKLSV $GULDQ :ULJKW $OEHUW -RQHV $GYHUWLVLQJ &RUSRUDWH 6XSSRUW -RVH ,YDUV /RSH] 6LREKDQ 6RQJRXU 3XEOLVKHG E\ WKH $QJOR 6SDQLVK 6RFLHW\ (DWRQ 6TXDUH /RQGRQ 6: : $1 LQIR#DQJORVSDQLVKVRFLHW\ RUJ ZZZ DQJORVSDQLVKVRFLHW\ RUJ
Facebook: facebook.com/ AngloSpanish
Twitter: @AnglosSpanish
7KH QH[W LVVXH RI /D 5HYLVWD LV GXH WR DSSHDU LQ -DQXDU\ /HWWHUV DQG DUWLFOHV PD[LPXP OHQJWK RI ZRUGV DQG DFFRPSDQLHG E\ JRRG TXDOLW\ SKRWRJUDSKV IRU FRQVLGHUDWLRQ VKRXOG EH HPDLOHG WR /DUHYLVWD#DQJORVSDQLVKVRFLHW\ RUJ E\ 'HFHPEHU 7KH RSLQLRQV H[SUHVVHG WKURXJKRXW WKLV LVVXH RI /D 5HYLVWD UHSUHVHQW WKRVH RI WKH DXWKRUV DQG FRQWULEXWRUV DQG GR QRW QHFHVVDULO\ UHÁHFW WKH RSLQLRQV RI WKH $QJOR 6SDQLVK 6RFLHW\ RU WKRVH RI WKHLU VXSSRUWHUV 7KH $QJOR 6SDQLVK 6RFLHW\ LV D UHJLVWHUHG FKDULW\
_ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
->-6<; ,1):A
6HSWHPEHU WK IURP SP <RXQJ 0HPEHUV (YHQLQJ RI 7DSDV DQG 0XVLF DW %DU &R %RDW PRRUHG LQ 9LFWRULD (PEDQNPHQW 7HPSOH WXEH VWDWLRQ $ 3$57< 127 72 %( 0,66(' ´([FOXVLYH DFFHVV WR RQH RI WKH PRVW IXQ 6SDQLVK YHQXHV LQ /RQGRQ $ YHU\ VSHFLDO QHWZRUNLQJ HYHQLQJÂľ (DUO\ 2FWREHU 9LVLW WR <RUNVKLUH 6FXOSWXUH 3DUN 6SUDZOLQJ DFURVV Ă&#x20AC;YH KXQGUHG DFUHV <RUNVKLUH 6FXOSWXUH 3DUN KDV EHHQ H[KLELWLQJ EUHDWKWDNLQJ DUW IURP DURXQG WKH ZRUOG VLQFH LWV LQFHSWLRQ LQ :LWK YLVLWRUV HDFK \HDU WKH UROOLQJ KLOOV RI :DNHĂ&#x20AC;HOG KDYH SOD\HG KRVW WR ZRUOG UHQRZQHG H[KLELWLRQV PDNLQJ LW RQH RI WKH Ă&#x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Âś3LOJULP LQ 6SDLQ¡ LQ FRQYHUVDWLRQ ZLWK DXWKRU MRXUQDOLVW -LPP\ %XUQV :KDW WKH FULWLFV VD\ ´ +RZVH KDV VSHQW RYHU \HDUV WUDYHOOLQJ E\ EXV DQG WUDLQ DURXQG 6SDLQ ZKLFK KH KDV FRPH WR ORYH Âľ VHH 5HYLHZ LQ WKLV LVVXH RI /D 5HYLVWD
)4;7 .7: A7= ,1):A 1RYHPEHU WK IURP SP 6SDQLVK &KHHVH :LQH 7DVWLQJ 1HWZRUNLQJ (YHQW DW %DFFKDQDOLD :HHN EHJLQQLQJ WK 'HFHPEHU $QJOR 6SDQLVK 6RFLHW\ &KULVWPDV 3DUW\ DW &DQQLQJ +RXVH 3OHDVH YLVLW RXU ZHEVLWH IRU GDWHV DQG WLPHV DQG IRU DGGLWLRQDO HYHQWV ZKLFK PD\ FRPH XS DW VKRUW QRWLFH )RU GHWDLOV DQG ERRNLQJV FRQWDFW HYHQWV VHFUHWDU\ %HDWUL] *DJR RQ RU HPDLO LQR#DQJORVSDQLVKVRFLHW\ RUJ
Early September (Date to be confirmed) Private visit to MirĂł exhibition at Tate Modern Joan MirĂłâ&#x20AC;&#x2122;s works come to London in the first major retrospective in London for nearly 50 years. Renowned as one of the greatest Surrealist painters, filling his paintings with luxuriant colour, MirĂł worked in a rich variety of styles. This is a rare opportunity to enjoy more than 150 paintings, drawings, sculptures and prints from moments across the six decades of his extraordinary career. Extraordinary works from different moments of his career celebrate his roots in his native Catalonia.
UHYLVWDBDXWXPQ LQGG
)UDQFLVFD GH -XDQ $FFHQWXUH 0DQXHO 6HUUDQR &(2 0LER[ 0DULD $JXHWH 6FUHHQ 'LJHVW
/DG\ 1LFROHWWD /LQGVD\ 6LREKDQ 6RQJRXU %HDW UL] *DJR 0DULD $PSDUR *DUFLD $VHQFLR
2QUUa *]ZV[ 0DUFRV )HUQDQGH]
,VDEHO &ODUD /RUGD 9LGDO ,QVWLWXWR &HUYDQWHV ZLWK ,JQDFLR 0RUHQR 6SDQLVK (PEDVV\
+RQ .LGJH %XUQV DQG -XOLD %XUQV ZLWK $VKXPL 6WXDUW 6XWKHUODQG &HOWLF )LOPV
UHYLVWDBDXWXPQ LQGG
7KH $QJOR 6SDQLVK 6RFLHW\·V 6XP PHU 3DUW\ LV RQH RI WKRVH HYHQWV LQ RXU H[FLWLQJ VRFLDO FDOHQGDU WKDW IHZ SHRSOH ZDQW WR PLVV ZULWHV 7KH (GLWRU 7KLV \HDU·V DW WKH HQG RI -XQH SURYHG QR H[FHSWLRQ ZLWK WKH EHDXWLIXO 6SDQLVK HPEDVV\ UHVL GHQFH LQ %HOJUDYH 6TXDUH D ¶OOHQR KDVWD OD EDQGHUD· 2QH FDQ WKLQN RI IHZ PRUH VLP SDWLFR DQG ZHOFRPLQJ GLSORPDWLF KRVWV WKDQ WKH 6SDQLVK DPEDVVDGRU &DUOHV &DVDMXDQD L 3DOHW DQG KLV HTXDOO\ FKDUPLQJ DQG EHDXWLIXO ZLIH 0DUJDULWD VHWWLQJ WKH PRRG IRU DQ HYHQLQJ WKDW SURYLGHG D SHU IHFW FRQYLYLDO PL[ RI JRRG IRRG GULQN FRQYHUVDWLRQ PXVLF DQG GDQFH 7KDQNV WR WKH JHQHURXV VSRQVRU VKLS RI WKH HYHQW E\ WKH 6SDQLVK 7RXULVW 2IÃ&#x20AC;FH DQG DGGLWLRQDO VXS SRUW IURP :LQHV RI 6SDLQ JXHVWV ZHUH WUHDWHG WR DQ LPSUHVVLYH DUUD\ RI GHOLFLRXV WDSDV ZLWK DFFRPSDQ\ LQJ ZLQHV DQG FDYD $ EUHDN LQ D ZHHN RI VWRUP\ ZHDWK HU PHDQW WKH HPEDVV\ FRXOG EH
'U .DWH 6KRUW 0LNH 6KRUW 9LFH 3UHVLGHQW 2 7HOHIRQLFD $ULHOD 6KRUW
$PEDVVDGRU &DUOHV &DVDMXDQD L 3DOHW ZLWK 'DPH 'HQLVH +ROW
;=55-: 8):<A $OEHUWR 5XL] IURQW 'RUDQFH /RU]D EDQG LQ EDFN JURXQG
HQMR\HG LQ DOO LWV VSOHQGRXU ZLWKLQ DQG ZLWKRXW ,WV PDJQLÃ&#x20AC;FHQW WHUUDFH SURYLGHG D SHUIHFW ORFD WLRQ IRU WKH 8.·V SUHPLHU ODWLQR EDQG D KXJHO\ WDOHQWHG DQG UK\WKPLF TXDUWHW OHG E\ WKH PDHVWUR 'RUDQFH /RU]D VHH D VHSDUDWH SURÃ&#x20AC;OH LQ WKLV LVVXH RI /D 5HYLVWD RQ SDJH (DUOLHU DQG GXULQJ D ¶TXLHW· LQWHU OXGH 0DUFRV )HUQDQGH] SOD\HG VRPH LQVSLUHG SLDQR ¶FRFNWDLO PXVLF· %DUFHORQD ERUQ 0DUFRV VWXGLHG DW WKH (VFROD 6XSHULRU GH 0XVLFD GH &DWDOXQ\D DQG WKH 5R\DO
&ROOHJH RI 0XVLF 7ZR \HDUV DJR KH ZDV D UHFLSLHQW RI RQH RI WKH $66·V VFKRODUVKLS DZDUGV WR FRQWLQXH KLV VWXG LHV LQ PXVLF FRPSR VLWLRQ +H KDV DOVR SDUWLFLSDWHG DV D SLDQLVW DQG FRPSRVHU DW WKH 6RFL HW\·V $QQXDO &ODVVLFDO &RQFHUW ,W ZDV JUHDW WR KDYH KLP EDFN :RUWK FKHFNLQJ RXW KLV ZHEVLWH ZZZ 0XVLF0DUFRV FRP
6SHFLDO WKDQNV WR 6SDQLVK HPEDVV\ VWDII WKH 6RFLHW\·V H[HFXWLYH VHFUH WDU\ HYHQWV JUDQWV %HDWUL] *DJR 9D]TXH] DQG ([HFXWLYH &RXQFLO PHPEHU 6LREKDQ 6RQJRXU
7RP %XUQV -XOLD %XUQV IULHQG
0DULD 6RULDQR &HUYDQWHV ,QVWLWXWH -XDQ 3DEOR *DUFLD 6SDQLVK (PEDVV\ 3DWULFLD ,VUDHO &HU YDQWHV ,QVWLWXWH
3KRWRJUDSK\ E\ +pFWRU 'tD] _ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
);; ;+074):;018 :01)6676 5K/4),$ %ULWLVK JUDGXDWH UHSRUWV RQ KRZ VKH SXUVXHG KHU UHVHDUFK LQWR 6DWLUH LQ WK &HQWXU\ &DWDOR QLD WKDQNV WR WKH VXSSRUW RI WKH $QJOR 6SDQLVK 6RFLHW\ DQG )HUURYLDO
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
6LQFH UHFHLYLQJ P\ DZDUG IURP WKH $QJOR 6SDQLVK 6RFL HW\ , KDYH EHHQ LQYLWHG WR JLYH VHPLQDU SDSHUV EDVHG RQ P\ UHVHDUFK LQ WKH 8QLYHUVLWLHV RI 6KHIÃ&#x20AC;HOG DQG &RUN DQG DW WKH $QJOR &DWDODQ 6RFLHW\ $QQXDO &RQIHUHQFH LQ %DUFHORQD 7KH UHVHDUFK IRU P\ 3K' IROORZV WKH IDWH RI &DWDODQ VDWLUH LQ WKH SUHVV IURP WR WKH HQG RI WKH SHULRG RI WUDQVL WLRQ WR GHPRFUDF\ GXULQJ WKH V , KDYH DOVR LQFOXGHG FRPSDULVRQV ZLWK &DVWLOLDQ VDWLUH 0\ SURMHFW VWHPV IURP D ORQJ DSSUHFLDWLRQ RI FRPHG\ LQ SDU WLFXODU YLVXDO KXPRXU $V D FKLOG , KDG DOZD\V KDG D SHFXOLDU LQWHUHVW LQ VDWLUH
DQG ZRXOG RIWHQ ZDWFK 6SLWWLQJ ,PDJH RU OHDI WKURXJK 3ULYDWH (\H 7KH SOHDV XUH LQ XQGHUVWDQGLQJ WKH VXEWOHWLHV DQG KLGGHQ LQWULFDFLHV RI HYHQ RQH MRNH ZDV HQRXJK WR NHHS PH FRPLQJ EDFN IRU PRUH 7KH PRUH SROLWLFDOO\ DQG FXO WXUDOO\ DZDUH , EHFDPH WKH PRUH , ZDV DEOH WR DSSUHFLDWH WKH KXPRXU , ZDV REVHUYLQJ 7KURXJK OLYLQJ LQ *HUPDQ\ DQG 6SDLQ , GHYHORSHG D NHHQ LQWHUHVW LQ WK &HQWXU\ (XURSHDQ SROLWLFDO KLVWRU\ DQG WKH WXUEXOHQW WLPHV RI WKH V , ZDV DEOH WR GHOYH IXUWKHU LQWR WKHVH VXEMHFWV LQ P\ XQGHUJUDGX DWH GHJUHH LQ +LVSDQLF 6WXGLHV ZLWK &DWDODQ 3KLORORJ\ 8QLYHUVLW\ RI 6KHI Ã&#x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
ZHUH WKH PDJD]LQHV /D &DPSDQD GH *UjFLD /·(VTXHOOD GH OD 7RUUDW[D &X &XW DQG (O %H 1HJUH 0XFK RI ZKDW , KDYH FRPH DFURVV LQ WKH ODWH WK &HQWXU\ FDQ EH OLNHQHG WR WKH FDXVWLF DQG DFHUELF ZLW RI WKH (QJOLVK PDJD]LQH 3XQFK DQG WKHVH DUH FRPSDULVRQV ZKLFK ,
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Ã&#x20AC;HOG DQG &RUN DQG DW WKH $QJOR &DWDODQ 6RFLHW\ $QQXDO &RQIHUHQFH LQ %DUFHORQD ,Q DGGLWLRQ , KDYH EHHQ DEOH WR FRQGXFW LQWHUYLHZV ZLWK WKUHH JHQHUDWLRQV RI WKH UHODWLYHV RI )UDQF HVF 1HĶOR DQ LPSRUWDQW \HW ODUJHO\ XQ GHUUDWHG FDUWRRQLVW RI WKH V 7KLV KDV HQDEOHG PH WR DFFHVV LQIRUPDWLRQ Ã&#x20AC;UVW KDQG WKDW LV DV \HW XQSXEOLVKHG DQG ZLOO JR D ORQJ ZD\ WR JLYLQJ P\ WKHVLV DQ RULJLQDO VODQW )XUWKHUPRUH WKH YLVLWV WR WKH &DUWRRQ PXVHXPV DQG DUFKLYHV LQ /RQGRQ %DUFHORQD DQG 0DGULG DQG DOVR WKH 0HUFDW GH 6DQW $QWRQL ZKHUH , KDYH EHHQ DEOH WR DF FHVV SULPH VRXUFH PDWHULDO KDYH EHHQ LQYDOXDEOH WR P\ VWXG\ 0RVW LPSRU WDQWO\ WKH VFKRODUVKLS KDV HQDEOHG PH WKH LQYDOXDEOH FRPPRGLW\ RI WLPH WR FRQFHQWUDWH ZKROO\ RQ P\ UHVHDUFK
_ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
<:)>-4 27=:6)4 *RRG HDWV LQ 0DGULG 0DGULG RIUHFH XQD RIHUWD FXOLQDULD VDEURVD ULFD \ PX\ DPSOLD +HPRV HVFRJL GR GRV ORFDOHV TXH PHUHFHQ OD SHQD SUREDU HQ XQD YLVLWD D OD FLXGDG (O SULPHUR FRQ HVHQFLD FXEDQD FXHQWD FRQ PXFKRV DxRV GH DQWLJ HGDG HO VHJXQGR PRGHUQR \ YDQJXDUGLVWD QR SDUD GH UHFLELU SUHPLRV JDVWURQyPLFRV 8Q SHGDFLWR GH &XED (Q HO FpQWULFR EDUULR GH &KXHFD HVWi
-[\MNIVyI :]QTWXM
HO UHVWDXUDQWH FXEDQR =$5$ 8QR GH ORV PiV DQWLJXRV GH OD FDSLWDO TXH VLJXH WHQLHQGR HO PLVPR p[LWR GH DQWDxR \ VXV PHVDV FDGD QRFKH HVWiQ UHSOHWDV GH FOLHQWHV GH WRGD OD YLGD TXH VH HQWUHPH]FODQ FRQ RWURV QXHYRV
XQD HQVDODGD GH DJXDFDWH \ XQ SODWR GH \XFD 'H VHJXQGR XQ DUUR] D OD FX EDQD FRQ SOiWDQR IULWR SROOR DO DMLOOR R XQ FRPELQDGR GH URSD YLHMD FRQ DUUR] EODQFR (Q HO SRVWUH VLQ GXGD IUHVDV FRQ QDWD
(O ORFDO SXHGH OOHJDU D SDVDU GHVDSHU FLELGR QR WLHQH FDUWHOHV OXPLQRVRV HQ OD SXHUWD SRU HVR FRQYLHQH ÀMDUVH ELHQ HQ ORV Q~PHURV (O LQWHULRU HV SHTXHxR \ FRQ XQD GHFRUDFLyQ DOJR DXVWHUD DSHQDV KD\ XQDV RFKR PHVHV GH PDGHUD GH ODV GH WRGD OD YLGD SHUR HO DPELHQWH WLHQH DOJR HVSHFLDO TXH KDFH TXH VLHPSUH VH UHSLWD
8Q 3/86 1R VH SXHGH SUREDU HVWH WLSR GH FRPLGD VLQ DFRPSDxDUOD FRQ XQR GH VXV IDPRVRV GDLTXLULV R PRML WRV
(Q FXDQWR D OD FRPLGD FDEH GHFLU TXH HVWi GHOLFLRVD EiVLFD SHUR VDEURVD VLPSOH SHUR FRQ SHUVRQDOLGDG 0LV UHFRPHQGDFLRQHV VRQ 3DUD HPSH]DU
'yQGH ,QIDQWDV 7HO ZZZ UHVWDXUDQWH]DUD FRP (O 9DVFR GH 0RGD &RQ YLVWDV DO SDUTXH GHO 5HWLUR \ FRQ XQD UHFLpQ LQDXJXUDGD WHUUD]D GH OXMR VH XELFD $5=$%$/ 8QD WDEHUQD UHV WDXUDQWH TXH DFWLYD WRGRV ORV VHQWLGRV FRQWLQXHV RQ 3DJH
_ /$ 5(9,67$ _ 635,1* ,668( _
UHYLVWDBDXWXPQ LQGG
);; ;7+1-<A 41.$OEHUW -RQHV DQG (PLO\ &RRSHU 3KRWRJUDSKV E\ .XPDU 5HJH $GULDQ :ULJKW -LPP\ %XUQV $ 1LJKW WR 5HPHPEHU 7KH GDWH ZDV WK $SULO WKH YHQXH ZDV 6W 3DXO·V FKXUFK :LOWRQ 3ODFH DQG WKH RFFDVLRQ ZDV WKH $QJOR 6SDQLVK 6RFLHW\·V WKLUG DQQXDO &ODVVLFDO &RQ FHUW 7KLV RQH ZDV KHOG LQ DVVRFLDWLRQ ZLWK WKH 6SDQLVK (PEDVV\·V 2IÀFH IRU &XOWXUDO DQG 6FLHQWLÀF $IIDLUV ² ZLWK PDQ\ WKDQNV WR RXU IULHQG DQG FROOHDJXH )LGHO /ySH] ÉOYDUH] ,W DOVR EHQHÀWHG IURP WKH JHQHURXV VSRQVRU VKLS RI &XDWUHFDVDV DQG %DFFKDQDOLD 2XU JXHVW RI KRQRXU ZDV WKH 6RFLHW\·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·V =\ULDE ZKLFK WKH\ KDG DUUDQJHG WKHPVHOYHV :H ZHUH DOVR WUHDWHG WR DQ RULJLQDO FRPSRVLWLRQ E\ WDOHQWHG SLDQLVW 0DUFRV )HUQDQGH] LQVSLUHG E\ KLV KRPH FLW\ RI %DUFHORQD +H ZRQ WKH VRFLHW\·V 7HOHIRQLFD VFKRODUVKLS LQ 0RVW RI WKH SHUIRUPHUV ZHUH 6SDQ LVK EXW UHSUHVHQWDWLYHV IURP WKH 8. 6ZLW]HUODQG %XOJDULD DQG -DSDQ ZHUH LQFOXGHG 7KH ZLQH DQG WDSDV SURYLG HG E\ %DFFKDQDOLD DW WKH LQWHUYDO ZHUH PXFK DSSUHFLDWHG DV JXHVWV PLQJOHG ZLWK SHUIRUPHUV EHIRUH D VHFRQG KDOI WKDW LQFOXGHG WUDGLWLRQDO &RSODV VRQJV E\ SDVVLRQDWH \RXQJ WULR )DUVD 0RQHD DQG %RWWHVLQL·V )DQWDVLD /D 6RQQDP EXOD SOD\HG E\ GRXEOH EDVVLVW 'DPLDQ 5XELGR *RQ]DOH] ZKR UHJXODUO\ SOD\V ZLWK WKH /RQGRQ 3KLOKDUPRQLF DQG
/RQGRQ 6\PSKRQ\ RUFKHVWUDV DPRQJ RWKHUV 7KH SURFHHGLQJV FORVHG ZLWK WKH $PEDVVDGRU WKDQNLQJ WKH SHUIRUP HUV DQG RUJDQL]HUV IRU SURYLGLQJ D PHPRUDEOH HYHQLQJ·V HQWHUWDLQPHQW DQG ZLWK WKH FKDLUPDQ SUHVHQWLQJ D ERWWOH RI FDYD WR HDFK RI WKH SHUIRUP HUV ZKR KDG RWKHUZLVH IUHHO\ JLYHQ WKHLU VHUYLFHV 6W 3DXO·V SURYLGHG D VWXQQLQJ EDFNGURS WR WKLV GLVSOD\ RI PXVLFDO WDOHQW DQG ZH DUH YHU\ JUDWHIXO WR )U $ODQ *\OH IRU DOORZLQJ XV WR KRVW WKH FRQFHUW WKHUH 2XU RZQ WKDQNV DUH GXH WR (PLO\ &RRSHU ZKR KDV EHHQ WKH LQVSLUDWLRQ
DQG PDLQ RUJDQLVHU RI WKHVH FRQFHUWV VLQFH WKHLU LQFHSWLRQ 6KH ZDV DEO\ VXSSRUWHG E\ WKH UHVW RI WKH KDUG ZRUNLQJ HYHQWV WHDP 1LFN\ /LQGVD\ /XFLD /LQGVD\ DQG %HDWUL] *DJR 0D\ WKH\ FRQWLQXH WR JR IURP VWUHQJWK WR VWUHQJWK )LQDOO\ PDQ\ WKDQNV WR SKRWRJUDSKHU .XPDU 5HJH ZKR OLNH HYHU\RQH HOVH LQYROYHG JDYH KLV H[SHUW VHUYLFHV IUHH RI FKDUJH
WJ[MZ^MZ WHQGHG LQFOXGLQJ GLUHFWRUV RI WKH IRXU 3ULQFLSDO 6XSSRUWHUV %%9$ )HUUR YLDO 6DQWDQGHU DQG 7HOHIyQLFD 5HSUH VHQWDWLYHV RI HDFK FRPSDQ\ KDQGHG WKHLU UHVSHFWLYH DZDUGV WR WKH IRXU EHFDULRV 2WKHU FRUSRUDWH VXSSRUWHUV RI WKH 6RFLHW\ DOVR SUHVHQW LQFOXGHG $LU (XURSD &XDWUHFDVDV *XDUULJXHV ,EHULD 0HOLD :KLWH KRXVH DQG 8ULD +DYLQJ LQWURGXFHG HDFK RI WKH PDLQ 6FKRODUVKLS ZLQQHUV 'DPH 'HQLVH +ROW RXU FKDLUPDQ VSRNH DERXW WKH VXFFHVV RI WKH VFKHPH VR IDU $ZDUGV KDG EHHQ PDGH WR WZHQW\ SRVWJUDGX DWHV FRQGXFWLQJ UHVHDUFK LQ ÀHOGV DV GLYHUVH DV PHGLFLQH HQJLQHHULQJ OLWHUDWXUH OLQJXLVWLFV SK\VLFV SROL WLFV KLVWRU\ PXVLF XUEDQ SODQQLQJ DUFKLWHFWXUH DQG PDULQH DUFKDHRORJ\ 7KLV GLYHUVLW\ UHÁ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
6FKRODUVKLS $ZDUGV &HUHPRQ\ ,W PD\ QRW EH WKH EHVW RI WLPHV IRU VWXGHQWV EXW ZH DUH WU\LQJ RXU EHVW WR KHOS ZKHUH ZH FDQ 7KXUVGD\ WK 0D\ VDZ WKH IRXUWK DQQXDO SUHVHQWDWLRQ RI WKH $QJOR 6SDQLVK 6RFLHW\·V VFKRODU VKLSV 7KDQNV WR +LV ([FHOOHQF\ WKH 6SDQLVK $PEDVVDGRU &DUOHV &DVDMXDQD , 3DOHW WKH (PEDVV\ ZDV DJDLQ WKH VFHQH RI WKH FHUHPRQ\ 7KH DPEDV VDGRU IRUPDOO\ RSHQHG WKH HYHQW DQG H[SUHVVHG KLV SOHDVXUH DW WKLV DVSHFW RI WKH 6RFLHW\·V FKDULWDEOH ZRUN 6RPH PHPEHUV VXSSRUWHUV DQG JXHVWV DW
_ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
3ROLFLQJ PDWWHUV
(XURSHDQ WK &HQWXU\ 3DLQWLQJV DQG D VSHFLDOLVW LQ 6SDQLVK DUW 6SHFLDO WKDQNV WR 0DUWD DQG KHU WHDP DW 6RWKHE\·V DQG WR (PLO\ &RRSHU IRU KHU RUJDQL]DWLRQ 1RUIRON RXWLQJ
,Q D UDUH GLVSOD\ RI FRQVHQVXV VWX GHQWV DFDGHPLFV DQG SROLFH RIÀFHUV VDW WRJHWKHU DQG HQJDJHG LQ FRQVWUXF WLYH GLVFXVVLRQ DW D FRQIHUHQFH LQ /RQGRQ RQ 0D\ WK XQGHU WKH WLWOH ¶3ROLFLQJ LQ WKH ,EHUR $PHULFDQ :RUOG · 7RSLFV UDQJHG IURP WKH UROH RI SROLFH GXULQJ WKH 6HFRQG 6SDQLVK 5HSXEOLF WR WKH FRPSOH[ UHODWLRQV EHWZHHQ WKH IRUFHV RI ODZ DQG RUGHU DQG WKH VWDWH WKDW KDYH GHYHORSHG LQ PRGHUQ 6SDLQ 2WKHU VXEMHFWV H[DP LQHG LQFOXGHG D FRPSDULVRQ EHWZHHQ PHGLD FRYHUDJH RI WKH SROLFH LQ /DWLQ $PHULFD DQG WKH 86 7KH FRQIHUHQFH KHOG DW 6WHZDUW +RXVH LQ /RQGRQ·V 5XVVHOO 6TXDUH ZDV RUJDQLVHG E\ 'U *HUDOG %ODQH\ -U &DxDGD %ODQFK )HOORZ LQ 6SDQLVK +LVWRU\ ZLWK WKH VXSSRUW DPRQJ RWKHU RUJDQLVDWLRQV RI WKH $QJOR 6SDQLVK 6RFLHW\ 3DUWLFLSDQWV LQFOXGHG 2VFDU -DLPH -LPHQH] RI WKH &DELQHWH GH (V WXGLRV GH 6HJXULGDG )UDQFLVFR $UHQR VD RI WKH &XHUSR 1DFLRQDO GH 3ROLFLD &KULV %LUNEHFN IURP WKH 8QLYHUVLW\ RI 6DOIRUG DQG WKH $66·V YLFH FKDLUPDQ -LPP\ %XUQV ZKR GUHZ IURP KLV MRXUQDOLVWLF H[SHULHQFH RI FRYHULQJ SROLFLQJ DQG VHFXULW\ LVVXHV %UHDNIDVW DW 6RWKHE\·V 2Q 0D\ WK 6RWKHE\·V LQ /RQGRQ NLQGO\ LQYLWHG $66 PHPEHUV WR DQ H[ FOXVLYH SUHYLHZ RI 6SDQLVK 3DLQWLQJV SULRU WR D PDMRU DXFWLRQ 2Q GLVSOD\ ZHUH D ZRQGHUIXO VHOHFWLRQ IURP WKH DXFWLRQ KRXVH·V (XURSHDQ WK DQG HDUO\ WK FHQWXU\ SDLQWLQJV VDOH LQFOXGLQJ EHDXWLIXO ZRUNV E\ 0DULDQR )RUWXQ\ -RDTXtQ 0LU -XOLR 5RPHUR GH 7RUUHV 6DQWLDJR 5XVLxRO -RDTXLQ 6RUROOD DQG ,JQDFLR =XORDJD 7KH PD MRULW\ RI WKH ZRUNV ZHUH IURP SULYDWH FROOHFWLRQV DQG KDG QRW EHHQ VHHQ RQ WKH RSHQ PDUNHW IRU PDQ\ GHFDGHV
7HPSOHZRRG WKH DQFHVWUDO 1RUIRON KRPH RI &KXUFKLOO·V ZDUWLPH DPEDV VDGRU WR 0DGULG WKH ODWH 6LU 6DPXHO +RDUH ZDV WKH VHWWLQJ IRU D IDVFLQDW LQJ GD\ RXW LQ WKH FRXQWU\ IRU $66 PHPEHUV RQ -XQH WK 7KH VPDOO 3DOODGLDQ YLOOD LQ WKH UHPRWH SDULVK RI 1RUWKUHSSV SURYLGHG D SHUIHFW VHWWLQJ IRU D GHOLFLRXV EXIIHW OXQFK ZDVKHG GRZQ ZLWK VRPH H[FHOOHQW ÀQR DQG 5LRMD DQG PXFK FRQYLYLDO FRQYHUVD WLRQ DURXQG WKH ÀJXUH RI 6LU 6DP DUJXDEO\ RQH RI WKH PRVW IDVFLQDWLQJ (QJOLVK SXEOLF VHUYDQWV RI WKH WK FHQWXU\ 1R VLHVWD ZDV RIIHUHG RU QHHGHG ,QVWHDG PHPEHUV ZHUH WUHDWHG WR WDONV RQ 7HPSOHZRRG DQG GLIIHUHQW DVSHFWV RI 6LU 6DP·V OLIH DQG WLPHV E\ RXU KRVW (GGLH $QGHUVRQ D JUDQG VWHS QHSKHZ RI 6LU 6DP·V &DPEULGJH KLVWRULDQ 3HWHU 0DUWODQG DQG RXU YLFH FKDLUPDQ -LPP\ %XUQV $FFRUGLQJ WR (GGLH 7HPSOHZRRG ZDV EXLOW LQ DV D ¶VKRRWLQJ ER[· WR SURYLGH EDVLF FRPIRUWV GXULQJ ZHHNHQGV RI SKHDVDQW VKRRWLQJ EXW
JUHZ LQ VFDOH DV +RDUH WULHG WR LPLWDWH 0DULH $QWRLQHWWH·V SOD\ SDODFH DW 9HUVDLOOHV 7KH DSSURDFK RI DYHQXHV RI 6ZHHW &KHVWQXW UHÁHFW 6LU 6DP·V ZLIH·V )UHQFK DQFHVWU\ ZKLOH WKH VFDOH DQG FRORXU ZDV LQWHQGHG WR EH OLNH WKH 5XVVLDQ FRXQWU\ GDFKDV KH KDG YLVLWHG ZKHQ SRVWHG DV DQ 0, LQWHOOLJHQFH RIÀFH LQ SUH UHYROXWLRQDU\ 3HWURJUDG 'U 0DUWODQG ZKR LV UHVHDUFKLQJ D EL RJUDSK\ RI 6LU 6DP GHVFULEHG KLV OLIH DV D VS\ &RQVHUYDWLYH 03 PLQLVWHU VHFUHWDU\ RI VWDWH DQG DPEDVVDGRU LQ 6SDLQ $ FRQWURYHUVLDO ÀJXUH 6LU 6DP FURVVHG VZRUGV ZLWK &KXUFKLOO RYHU ,QGLD EXW HYHQWXDOO\ VHUYHG XQGHU KLP LQ 6SDLQ LQ :: PDNLQJ VXUH WKDW )UDQFR UHPDLQHG QHXWUDO -LPP\ %XUQV SLFNHG XS WKH VWRU\ UHFRXQWHG LQ KLV ERRN 3DSD 6S\ DERXW KRZ KLV IDWKHU WKH ODWH 7RP %XUQV KDG VHUYHG LQ 6LU 6DP·V HPEDVV\ LQ SURSDJDQGD DQG VHFUHW LQWHOOLJHQFH /DWHU LQ WKH DIWHUQRRQ JXHVWV ZHUH WDNHQ RQ DQ LQIRUPDO WRXU RI WKH JURXQGV E\ (GGLH +H SRLQWHG WR WKH IRUPDO SRWV RQ WKH URRÁLQH LPLWDWLYH RI WKH 6SDQLVK FDVLWDV RI WKH %RXUERQ NLQJV EHIRUH OHDGLQJ WKH SDUW\ WR WKH ¶UHÁHFWLQJ SRRO· VXUURXQGHG E\ H[RWLF WUHHV ÀUVW SODQWHG E\ 6LU 6DP PDQ\ \HDUV DJR :LWK VSHFLDO WKDQNV WR (G GLH $QGHUVRQ DQG KLV ZLIH 7LQD DQG WR /XFLD 1LFN\ /LQGVD\ IRU KHOSLQJ RUJDQL]H DQRWKHU KXJHO\ VXFFHVVIXO $66 HYHQW
1RWH IURP WKH HGLWRU &ROOHFWLRQV RI SKRWRJUDSKV RI $66 6RFLHW\ HYHQWV LQFOXGLQJ WKH 6XPPHU 3DUW\ DUH DYDLODEOH RQOLQH RQ )DFHERRN RXU :HEVLWH )RU HQTXLULHV DERXW LQGL YLGXDO SULQWV SOHDVH FRQWDFW LQIR# DQJORVSDQLVKVRFLHW\ FRP
7KH VSHFLDO YLHZLQJ DQG WRXU ZKLFK IROORZHG D ZRQGHUIXO EUHDNIDVW DW 6RWKHE\·V ZDV OHG H[SHUWO\ E\ 0DUWD (QULOH ZKR LV 'HSXW\ 'LUHFWRU RI _ /$ 5(9,67$ _ 635,1* ,668( _
UHYLVWDBDXWXPQ LQGG
5=;1+ ;+-6086,& 6&(1( '25$1&( /25=$ $PDUDQWD :ULJKW SURILOHV DQ H[FLWLQJ /RQGRQ EDVHG /DWLQ $PHULFDQ PXVLFLDQ RZQ JURXS 5HQDFHU $QWLOODQR EHWZHHQ DQG SHUIRUPLQJ FODVVLF &XEDQ VRQJV
'RUDQFH /RU]D ZKRVH EDQG SOD\HG DW WKH $QJOR 6SDQLVK 6RFLHW\·V 6XPPHU 3DUW\ LV RQH RI WKH EHVW DQG PRVW DF FRPSOLVKHG /DWLQ $PHULFDQ PXVLFLDQV OLYLQJ LQ (XURSH %RUQ LQ &DOL RQH RI &RORPELD·V PRVW PXVLFDO FLWLHV DQG KRPH WR WKH JUHDWHVW &RORPELDQ VDOH EDQG *UXSR 1LFKH /RU]D KDV EHFRPH QRW RQO\ PDVWHU RI PXOWLSOH LQVWUX PHQWV WKH WUHV JXLWDU EDQGROD DQG YLEUDSKRQH EXW DOVR D ÀQH DUUDQJHU DQG PXVLFDO GLUHFWRU +LV GHEXW DOEXP 6DOVD 3D· 7L ZDV FRQVLGHUHG E\ PXVLF FULWLFV WR EH RQH RI WKH ZRUOG·V EHVW VDOVD UHOHDVHV RI FULWLFDOO\ DF FODLPHG E\ 6WUDLJKW 1R &KDVHU /DWLQ %HDW DQG QRPLQDWHG RQH RI WKH DOEXPV RI WKDW \HDU E\ WKH SUHVWLJLRXV 'HVFDUJD FRP 5HFHQWO\ WKDW VDPH DOEXP KDV EHHQ OLVWHG LQ WKH 7RS 7HQ /DWLQ $OEXPV 5HFRUGHG LQ WKH 8. E\ ZZZ ODWLQROLIH FR XN
/RU]D ZDV WKHQ KLUHG E\ 9HQH]XHODQ WURPERQLVW DUUDQJHU DQG FRPSRVHU &HVDU 0RQJH WR SOD\ WKH WUHV DQG V\QWKHVLVHU ZLWK KLV SRSXODU EDQG /D 3DQGLOOD :KHQ 0RQJH EHFDPH /HJHQ GDU\ &RORPELDQ DUWLVW .LNH +DUYH\·V PXVLFDO GLUHFWRU 0RQJH WRRN /RU]D ZLWK KLP DQG WKHQ JDYH /RU]D DQRWKHU EUHDN ZKHQ KH FRPPLVVLRQHG KLP WR DUUDQJH /OHJR OD =DIUD IRU 7XWR -LPHQH]·V DOEXP 5HJDODPH XQD 1RFKH 7KH VRQJ WXUQHG RXW WR EH WKH DOEXP·V ELJJHVW KLW DQG DQ DQWKHP IRU WKH VRFFHU FOXE 'HSRUWLYR &DOL %\ /RU]D ZDV SLR QHHULQJ WKH YLEHV OHG ODWLQ FRPER VRXQG LQ &RORPELD ZLWK KLV SURGXFWLRQ RI WKH VLQJOH 4XH 6XHUWH 7LHQH (O 'XGDV GH 0L E\ VDOVD JURXS 6LJOR :KHQ 0RQJH UHORFDWHG IURP &DOL WR
%RJRWD /RU]D WRRN RYHU DV .LNH·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·7L LQ VHW D QHZ EHQFKPDUN RI FUHDWLYLW\ IRU UHLQWHU SUHWLQJ FODVVLF WXQHV $ IDQWDVWLF YLEUD SKRQLVW DV ZHOO JXLWDULVW /RU]D WRRN VRPH JUHDW VDOVD FODVVLFV (O 7LWHUH (O 1HJUR %HPERQ DQG PDGH WKHP KLV RZQ JLYLQJ WKH DOEXP D JUHDW &R ORPELDQ ÁDYRXU DQG D KLJK GHJUHH RI VRSKLVWLFDWLRQ DORQJ WKH ZD\ 7KLV LV WKH VRXQG /RU]D KDV EHFRPH UHQRZQHG IRU LQ /RQGRQ ZKHUH KH QRZ OLYHV ZLWK KLV IDPLO\ DQG LV RQH RI /RQGRQ·V PRVW SRSXODU DUWLVWV WR KLUH ZZZ GRUDQFHORU]D FRP
$PDUDQWD :ULJKW LV HGLWRU RI ZZZ FDQGHODOLYH FR XN DQG DXWKRU RI ¶5LSSHG 7RUQ /HYL·V /DWLQ $PHULFD DQG WKH %OXH -HDQ 'UHDP
/RU]D ZDV LQWURGXFHG WR KLV ÀUVW LQVWUXPHQW WKH WUHV E\ WKH 3XHUWR 5LFDQ PDHVWUR RI WKH LQVWUXPHQW 1HOVRQ *RQ]DOHV +H VWXGLHG WR EH DQ HOHFWURQLF HQJLQHHU EXW DW HLJKWHHQ RSWHG IRU D PXVLFDO FDUHHU OHDYLQJ KLV WHFKQLFDO FROOHJH WR VWXG\ DW &DOL·V 3RSXODU &XOWXUDO ,QVWLWXWH +H SOD\HG WKH WUHV ZLWK YHWHUDQ EROHUR VLQJHU 7LWR &RUWHV IRU WZR \HDUV DQG OHG KLV _ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
):< 5):3-< 5IZ\I -VZQTM
FRQWLQXHG IURP 3DJH
0DULDQR )RUWXQ\ SDLQWHG $UDEH GH ODQWH GH XQ WDSL] LQ D \HDU EHIRUH KLV XQWLPHO\ GHDWK DW WKH DJH RI $O WKRXJK SDLQWHG LQ KLV VWXGLR LQ 5RPH WKH ZRUN VKRZV WKH LQÁXHQFH RI ERWK WKH H[RWLFLVP RI 1RUWK $IULFD DQG KLV QDWLYH 6SDLQ ,Q KLV HDUO\ WZHQWLHV )RUWXQ\ KDG YLVLWHG 7HWXDQ 0RURFFR DV D ZDU DUWLVW GXULQJ WKH 6SDQLVK 0R URFFDQ ZDU DQG DWWUDFWHG HVSHFLDOO\ WR 7DQJLHUV KH ZRXOG ODWHU UHWXUQ RQ WZR VXEVHTXHQW RFFDVLRQV ,W ZDV QRW XQWLO KRZHYHU WKDW )RUWXQ\ ÀUVW YLV LWHG *UDQDGD DQG WKH 0RRULVK 3DODFH RI WKH $OKDPEUD ,QWHQGLQJ WR VWD\ IRU \ FX\R SHFXOLDU WRTXH GH FRFLQD YDVFD WZR PRQWKV KH HQGHG XS VWD\LQJ WKHUH HQJDQFKD WDQWR D PDGULOHxRV FRPR D IRU WZR \HDUV FROOHFWLQJ ZLGHO\ DQG YLVLWDQWHV FDSWXULQJ WKH OLJKW ZKLFK FKDQJHG KLV VW\OH :LWK LWV DPELWLRXV VL]H HPSKD ,YiQ \ ÉOYDUR VXV GXHxRV FRPHQ VLV RQ WKH SOD\ RI OLJKW RQ WKH $UDE ]DURQ FRQ XQ SULPHU ORFDO HQ OD FDOOH 'RFWRU &DVWHOR (Q XQ EUHYH SHULRGR ÀJXUH DQG ULFK SDOHWWH LQ WKLV ZRUN GH WLHPSR HO QHJRFLR LED WDQ ELHQ \ OD )RUWXQ\ VWHSSHG DZD\ IURP KLV GHDOHU *RXSLO·V FRPPLVVLRQV SURYLGLQJ DQ FOLHQWHOD FUHFtD FDGD GtD TXH GHFLGLHU RQ ODQ]DUVH D PRQWDU RWUR HQ OD HVTXLQD H[FHOOHQW H[DPSOH RI KLV PDWXUH VW\OH GH OD PLVPD FDOOH FRQ PiV FDQWLGDG GH $V KLV EURWKHU LQ ODZ 5LFDUGR 0DGUD ]R ZURWH RI WKH ZRUN LQ D OHWWHU IURP PHWURV \ YLVWDV DO SDUTXH (O p[LWR KD 5RPH WR KLV IDWKHU )HGHULFR 0DGUD]R VLGR WDO TXH KDFH XQRV PHVHV UHFLEL HURQ HO SUHPLR ´ UHVWDXUDQWH UHYHODFLyQ ¶LW LV KHUH WKDW RQH FDQ VHH WKH FKDUDF WHU RI KLV SDLQWLQJV· 0D\
GHO DxRµ (QWUH VXV VHxDV GH LGHQWLGDG GHVWDFD XQD GHFRUDFLyQ PLQLPDOLVWD PX\ H[TXLVLWD XQ VHUYLFLR LPSHFDEOH \ XQD FRPLGD GH SULPHUD 'RV RSFLRQHV XQ SRFR GH SLFRWHR HQ HO EDU R XQRV HODER UDGRV SODWRV HQ HO FRPHGRU &RPR OD FDOLGDG SULPD SRU HQFLPD GH WRGR OD H[WHQVD FDUWD HVWi HODERUDGD FRQ LQJUHGLHQWHV GH SULPHUD FDOLGDG (QWUH PLV UHFRPHQGDFLRQHV SDUD SLFDU HQVDODGD GH WRPDWH FRQ YHQWUHVFD FUR TXHWDV GH EROHWXV R VDUWpQ GH KXHYRV FRQ WUXID 3DUD XQD FRPLGD &KLSLURQHV HQ FXDOTXLHU GH VXV GRV PRGDOLGDGHV IUL WRV R HQ VX WLQWD VWHDN WDUWDU PHUOX]D R ORPR GH FDUQH URMD FRQ SDWDWDV 3DUD HO SRVWUH (VFRJHU HQWUH FXDMDGD DUUR] FRQ OHFKH R PLOKRMDV GH IUXWRV URMRV 81 3/86 6X DPSOLD \ YDULDGD ERG HJD PXOWLWXG GH PDUFDV GLIHUHQWHV GH FKDPSDJQH FDYD R YLQR 'yQGH 0HQpQGH] 3HOD\R 7HO ZZZ DU]DEDO FRP
7KH FRPSRVLWLRQ UHYHDOV )RUWXQ\·V SDVVLRQ IRU FROOHFWLQJ DQG KLV SDU WLFXODU LQWHUHVW LQ DUPV WH[WLOHV DQG +LVSDQR 0RUHVTXH FHUDPLFV ZKLFK KH KRXVHG LQ KLV 5RPDQ VWXGLR )RUWXQ\·V VWDJH PDQDJHPHQW RI WKH PDUULDJH RI 0RRULVK DQG :HVWHUQ FXOWXUHV LQ $UDE EHIRUH D 7DSHVWU\ LV FDUHIXOO\ DUUDQJHG IRU RSWLPXP WKHDWULFDO HIIHFW 7KH ULFKO\ SDWWHUQHG YHUWLFDO GURS RI WKH 3HUVLDQ 6DIDYLG FDUSHW IRUPV D PDJ QLÀFHQW EDFNJURXQG WR WKH VWDQGLQJ $UDE VZDWKHG LQ D ZKLWH UREH KROGLQJ D 0RURFFDQ PXVNHW KRUL]RQWDOO\ DERYH KLV FKHVW $ERYH WKH PDQ KDQJV D 0RVTXH JODVV ODPS ZKLOH WR RQH VLGH RI KLP )RUWXQ\ KDV SODFHG D 6SDQLVK WK FHQWXU\ LYRU\ LQODLG FDVNHW WR WKH RWKHU D PDJQLÀFHQW H[DPSOH RI WK FHQWXU\ URXQG +LVSDQR 0RUHVTXH OXVWHUZDUH GLVK ,W ZDV RQ KLV ÀQDO WULS WR 3DULV LQ WKDW )RUWXQ\ VROG WKH ZRUN WR WKH /RQGRQ GHDOHU 0DF/HDQ IURP ZKRP LW ZDV DFTXLUHG E\ 0DULDQR GH 0XU ULHWD 0DUTXHVV RI 6DQWXUFH D 6SDQLVK
EDQNHU OLYLQJ LQ /RQGRQ 7KH SDLQWLQJ ZDV ODWWHUO\ LQ D 6RXWK $PHULFDQ 3UL YDWH &ROOHFWLRQ DQG KDG QRW EHHQ VHHQ RQ WKH PDUNHW LQ RYHU D FHQWXU\ 7KH ZRUN VHW D UHFRUG SULFH RI ² IURP DQ HVWLPDWH RI ² ZKHQ LW ZDV RI IHUHG DW 6RWKHE\·V /RQGRQ RQ 0D\ :RUNV E\ )RUWXQ\ DUH UDUH DQG KLV ODVW LPSRUWDQW ZRUN WR DSSHDU DW DXFWLRQ KDG DOVR VHW D UHFRUG SULFH ZKHQ LW ZDV VROG DW 6RWKHE\·V /RQGRQ HOHYHQ \HDUV DJR
0DUWD (QULOH LV D VHQLRU VSHFLDOLVW LQ WK FHQWXU\ (XURSHDQ SDLQWLQJV DW 6RWKHE\·V LQ /RQGRQ _ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
16 .);0176 ,- 57,) ";=6 )6, :)16 /RQGRQ EDVHG MRXUQDOLVW (VWHIDQLD 5XLORSH PHHWV WZR \RXQJ ZRPHQ HQWUHSUHQHXUV WU\LQJ WR PDNH LW ZRUN LQ D FKDOOHQJLQJ PDUNHW
,UHQH 6DOLGR \ 3DWULFLD (JXL]DGX VRQ GRV MyYHQHV HVSDxRODV HP SUHQGHGRUDV TXH KDQ PRQWDGR ´6XQ DQG 5DLQµ 6H WUDWD GH VX SURSLR QHJR FLR GH PRGD HQWUH 0DGULG \ /RQGUHV SDUD SURPRFLRQDU OD PRGD 0DGH LQ 6SDLQ GHQWUR GHO GLItFLO PHUFDGR LQWHU QDFLRQDO 7RGR FRPHQ]y HQ HO 0DVWHU GH &RPX QLFDFLyQ GH 7HOYD (Q HVH PRPHQWR DPEDV DGRUDEDQ HO PXQGR GH OD PRGD SHUR QR KDEtDQ WHQLGR H[SHULHQFLD GL UHFWD FRQ HO VHFWRU ,UHQH YHQtD GH RWUR WRWDOPHQWH RSXHVWR FRPR HV OD EDQFD GH LQYHUVLyQ \ 3DWULFLD KDEtD WUDED MDGR HQ FRPXQLFDFLyQ GH XQD PDUFD GH EHOOH]D $O WHUPLQDU HO FXUVR GHFLGLHU RQ PRQWDU XQ VKRZURRP GH PRGD FRQ VHGH HQ /RQGUHV \D TXH DPEDV KDEtDQ YLYLGR DQWHULRUPHQWH HQ HVWD FLXGDG \ FRQRFtDQ VX SRWHQFLDO &DGD XQD GH HOODV WRPy XQ URO 3DWULFLD VH TXHGy HQ OD RÀFLQD GH 0DGULG PLHQWUDV TXH ,UHQH SXVR UXPER D /RQGUHV SDUD DEULU RWUD HQ SOHQR EDUULR GH &KHOVHD (O ~OWLPR SDVR IXH HO QRP EUH HUD LPSUHVFLQGLEOH TXH FXPSOLHUD XQ UHTXLVLWR EiVLFR IiFLO GH HQWHQGHU \ UHFRUGDU HQ GRV LGLRPDV \ DVt HV FRPR VXUJLy ´6XQ DQG 5DLQµ ¢&XiO HV HO VHFUHWR GH YXHVWUR p[LWR"
/D FRQVWDQFLD \ ODV JDQDV GH VDFDU DGHODQWH QXHVWUR SUR\HFWR 1R VRPRV XQ VKRZURRP FRQYHQFLRQDO QRVRWUDV GDPRV PXFKD LPSRUWDQFLD DO WUDWR SHUVRQDO FRQ FDGD XQR GH QXHVWURV FOL HQWHV \ DGHPiV RIUHFHPRV RWUR WLSR GH VHUYLFLRV FRQ HO ÀQ GH FXEULU WRGDV ODV QHFHVLGDGHV TXH SXHGDQ WHQHU 1XHVWUR REMHWLYR QR HV VyOR YHQGHU TXHUHPRV LQYROXFUDUQRV HQ WRGR HO SURFHVR \ VREUH WRGR SURPRFLRQDU OD PRGD HVSDxROD SRU ORV FLQFR FRQWLQHQWHV 6L 3DWULFLD HVWi HQ 0DGULG \ WX DTXt ¢FyPR RV FRPXQLFiLV" $ WRGDV KRUDV VH UtH UHFRQR]FR TXH WHQHPRV WRGRV ORV VHUYLFLRV GH FRPX QLFDFLyQ TXH H[LVWHQ HQ HO PXQGR )DFHERRN 6NLSH FKDWV PDLO 3DUD XQ EXHQ WUDEDMR HV HVHQFLDO TXH HVWHPRV LQWHUFRPXQLFDGDV HQ FDGD PRPHQWR
/D FRQVWDQFLD \ ODV JDQDV GH VDFDU DGHODQWH QXHVWUR SUR\HFWR 1R VRPRV XQ VKRZURRP FRQYHQ FLRQDO QRVRWUDV GDPRV PXFKD LPSRUWDQFLD DO WUDWR SHUVRQDO VLHPSUH VXUJHQ FRQVXOWDV R KD\ TXH WRPDU GHFLVLRQHV UiSLGDV (Q HVWH WLSR GH QHJRFLRV QR KD\ FDELGD SDUD OD UXWLQD VH OOHYD PiV OD LPSURYLVDFLyQ FDGD GtD HV GLIHUHQWH \ HV LPSRVLEOH VHJXLU D UDMDWDEOD XQD SURJUDPDFLyQ 7RGDV ODV QRFKHV FXDQGR WHUPLQD OD MRUQDGD ODERUDO SRGHPRV HVWDU KRUD \ PHGLD HQ HO VNLSH KDEODQGR RUJDQL ]DQGR R SUHSDUDQGR QXHYRV WHPDV /D RSLQLyQ GH FDGD XQD HV LPSRUWDQWH ODV GRV PRQWDPRV HVWH QHJRFLR MXQWDV \ DPEDV OXFKDPRV SRU VDFDUOR DGHODQWH SRU HVR XQD H[FHOHQWH FRPXQLFDFLyQ HV HVHQFLDO SDUD TXH HO QHJRFLR SURV SHUH 'H WRGDV PDQHUDV LQWHQWDPRV UHXQLUQRV YDULDV YHFHV DO PHV ELHQ VHD HQ 0DGULG R HQ /RQGUHV $KRUD ORV FOLHQWHV RV YLHQHQ D EXVFDU SHUR VHJXUR TXH FRPR VXHOH SDVDU HQ WRGDV ODV QXHYDV HPSUHVDV ORV FRPLHQ]RV QR VHUtDQ IiFLOHV ¢FyPR FRQVHJXLVWHLV YXHVWUR SULPHU FOLHQWH"
£)XH PX\ FRPSOLFDGR VH OR SURSX VLPRV D PiV GHO GH ODV PDUFDV HVSDxRODV \ FDVL WRGDV QRV GLMHURQ TXH QR LQFOXVR DOJXQDV QRV REOLJDEDQ D FRPSUDU OD FROHFFLyQ HQWHUD 1R YR\ D QHJDU TXH KXER PRPHQWRV GXURV TXH GDEDQ JDQDV GH WLUDU OD WRDOOD SHUR DO ÀQDO FRQ XQ SRFR GH SDFLHQFLD \ FRQ VWDQFLD VH YDQ FRQVLJXLHQGR ODV PHWDV 5HFXHUGR TXH OD SULPHUD RSRUWXQLGDG QRV OD GLR %HED V &ORVHW TXH KR\ VLJXH VLHQGR XQD GH QXHVWUDV ÀUPDV HVWUHOOD &XDQGR VH PRQWD XQD HPSUHVD KD\ TXH HVWDU SUHSDUDGD SDUD RtU PXFKDV YHFHV DO SDODEUD QR &UHR TXH QR VH GHEH WHQHU PLHGR DO UHFKD]R \D TXH DO SULQFLSLR HV DOJR PX\ FRP~Q VH UtH GH QXHYR &RQ HVWD ÀORVRItD KHPRV OOHJDGR D WHQHU VLHWH FOLHQWHV FRPR /D &RQGHVD ODV FDPLVHWDV GH 7KH +LS 7HH R ORV FROODUHV GH 6DQGUD )HOWHUV HQWUH RWURV \ SXHGH TXH HO PHV TXH YLHQH DPSOLHPRV GRV PiV ¢&XiOHV VRQ YXHVWUDV PHWDV D FRUWR SOD]R" 6HJXLU FUHFLHQGR FRPR KDVWD DKRUD +HPRV DPSOLDGR HO PHUFDGR GH QHJR FLR PiV DOOi GH (VSDxD H ,QJODWHUUD
DFDEDPRV GH KDFHUQRV XQ KXHFR HQ HO GH $VLD \ HQ HO GH ((88 FRQFUHWD PHQWH PL VRFLD HVWi HQ HVWRV PRPHQ WRV UHXQLGD HQ 1XHYD <RUN (Q EUHYH WHQHPRV LQWHQFLyQ GH ODQ]DUQRV D OD DYHQWXUD GHO VXGDPHULFDQR HQWUDQGR SRU $UJHQWLQD 'H OD PLVPD PDQHUD WDPELpQ KHPRV DPSOLDGR QXHVWUD RIHUWD GH VHUYLFLRV
_ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
$KRUD FRQWDPRV FRQ HVWLOLVPR RUJDQ L]DFLyQ GH IHULDV FRPXQLFDFLyQ«
(Q SRFDV SDODEUDV ¢FyPR YHQ OD PRGD HVSDxROD IUHQWH D RWUDV"
3HQVDPRV TXH /RQGUHV HV XQD FLXGDG PX\ FRVPRSROLWD TXH OR WLHQH WRGR $GHPiV DTXt KD\ HVSDFLR SDUD WRGDV ODV PDUFDV HV PX\ PXOWLUUDFLDO 2WUR SXQWR D VX IDYRU HV TXH WLHQH XQD HO HYDGD FDQWLGDG GH JUDQGHV DOPDFHQHV \ WLHQGDV GLIHUHQWHV SDUD SRGHU DEULU PHUFDGR (VR Vt FRQ HVWR QR GLJR TXH VHD IiFLO \D TXH DO PLVPR WLHPSR KD\ PXFKD FRPSHWHQFLD 6KRZURRP 6XQ 5DLQ 7HO ( PDLO LQIR#VKRZURRPVXQDQGUDLQ FRP :HEVLWH ZZZ VKRZURRPVXQDQGUDLQ FRP
3HQVDPRV TXH YD PHMRUDQGR SRFR D SRFR \ TXH OD PDOD pSRFD \D KD SDVD GR &DGD GtD WLHQH PD\RU SUR\HFFLyQ LQWHUQDFLRQDO VREUH WRGR HO WHPD GH ORV ]DSDWRV (Q (VSDxD WHQHPRV PX\ EXHQRV GLVHxDGRUHV \ SDtVHV FRPR &KLQD R -DSyQ ORV VROLFLWDQ FDGD WHP SRUDGD 6X p[LWR UDGLFD HQ TXH VDEHQ DXQDU SHUIHFWDPHQWH GLVHxR \ FDOLGDG GRV SULQFLSLRV EiVLFRV SDUD WULXQIDU HQ HVWH FRPSOLFDGR VHFWRU
/$6 5(&20(1'$&,21(6 '( 681 $1' 5$,1 3DUD FHQDU +DNNDVDQ 0D\IDLU %UXWRQ 6WUHHW 8Q SDUTXH %DWWHUVHD 3DUN ´&RUUHU SRU pO HV XQ YHUGDGHUR SODFHU µ 3DUD HO EUXQFK $XEDLQH %URPSWRQ 5RDG ´7LHQH ORV PHMRUHV KXHYRV EHQHGLFW GH OD FLXGDGµ (O PHMRU SXE 7KH $QJOHVHD $UPV 6HOZRRG 7HUUDFH 6RXWK .HQVLQJWRQ ´(O DPELHQWH HV ~QLFRµ 7LHQGD GHFRUDFLyQ ,QGLD -DQH .LQJ·V 5RDG
<PM )VOTWÌ&#x2030;;XIVQ[P ;WKQM\a _W]TL TQSM \W \PIVS W]Z VM_ KWZXWZI\M []XXWZ\MZ[
¢([LVWH DOJXQD UD]yQ SDUD HVFRJHU /RQGUHV FRPR EDVH LQWHUQDFLRQDO GHO QHJRFLR"
_ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
*773 :->1-? $ 3LOJULP LQ 6SDLQ IHDWXUHV RI WKLV ERRN LV WKH ZD\ LQ ZKLFK KH PDNHV VRPH RI KLV QDUUD WLYHV IRU H[DPSOH WKH OLYHV RI 6DQWD 7HUHVD RU 6W -RKQ RI WKH &URVV VRXQG MXVW OLNH VWRULHV WROG LQ D VWUDLJKWIRU ZDUG PDQQHU DV RQH PLJKW LQ FRQYHU VDWLRQ 2Q WKH RWKHU KDQG VRPH RI WKH KLVWRUL FDO IDFWV DUH VR GHWDLOHG RU UHFRQGLWH WKDW WKH\ DUH RQO\ OLNH WR EH RI LQWHUHVW WR WKH GHGLFDWHG VSHFLDOLVW 7KH DXWKRU GRHV RQ RQH RFFDVLRQ ZDUQ UHDGHUV ´ZKR ÀQG IDPLO\ WUHHV DQ DQQR\LQJ WDQJOH WR VNLS WKH QH[W SDUDJUDSKµ EXW WKLV FRXOG DSSO\ PRUH RIWHQ /LNH PDQ\ ZULWHUV ZKR KDYH D UR PDQWLF YLVLRQ RI 6SDLQ &KULVWRSKHU +RZVH HQGV E\ ODPHQWLQJ PDQ\ RI WKH FKDQJHV WDNLQJ SODFH ´7KHUH LV DOZD\V D ZLQG LQ 6SDLQ $QG LQ WKH ZLQG WKHUH·V D VDGQHVV µ &KULVWRSKHU +RZVH ZLOO EH GLVFXVV LQJ KLV H[SHULHQFHV RI 6SDLQ ZLWK -LPP\ %XUQV ¶,Q &RQYHUVDWLRQ· DW WKH &HUYDQWHV ,QVWLWXWH RQ 2FWREHU WK 6HH HYHQWV
)LZQIV ?ZQOP\ :H XVXDOO\ DVVRFLDWH WKH ZRUG ¶3LOJULP·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ÀUVW WLPH , IRXQG KLV GHVFULS WLRQV RI ¶ZRUWK\· EXLOGLQJV FKXUFKHV PXVHXPV HWF OHVV FRQYLQFLQJ KRZHYHU
PXFK WKH DXWKRU·V LQWHQWLRQ PLJKW EH WR HQWLFH WKH FDVXDO SDVVHU E\ WR HQWHU DQG HQMR\ WKHLU FRQWHQWV +RZHYHU LW LV ZKHQ KH FRPHV WR GHVFULEH WKH SUHVHQW DSSHDUDQFH DQG FRQGLWLRQV RI WKH PRUH RXW RI WKH ZD\ SODFHV VXFK DV 2URSHVD QHJOHFWHG E\ WRXULVWV WKDW KLV PDWHULDO EHFRPHV PRUH LQWHUHVWLQJ +RZHYHU KH LV SDUWLFXODUO\ JRRG RQ VPHOOV $QG KH KDV D KDSS\ NQDFN RI OLQNLQJ WRJHWKHU LGHDV SODFHV KLVWRULFDO ÀJXUHV UDWKHU OLNH WKH JDPH RI :RUG $VVRFLDWLRQ DQG RI DSSURDFKLQJ VXEMHFWV WDQJHQ WLDOO\ VR 6DODPDQFD OHDGV LQWR WKH QG 5HSXEOLF 6LJ HQ]D LQWR WKH &LYLO :DU PXVHXPV LQWR LPPLJUDWLRQ PD\RU HVVHV LQWR HDWLQJ KDELWV +RZVH DOVR KDV DQ H\H IRU GHWDLO WKHUH LV D IDVFLQDWLQJ H[DPLQDWLRQ RI UHMDV DQG D SKRWRJUDSK RQ D ZDOO LQ D EDU ZLOO VXGGHQO\ FDSWXUH KLV ² DQG RXU ² DWWHQWLRQ 2QH RI WKH PRUH DWWUDFWLYH
$ 3LOJULP LQ 6SDLQ %< &+5,6723+(5 +2:6( &RQWLQXXP SDJHV
$GULDQ :ULJKW LV D IRUPHU HGLWRU RI WKH $QJOR 6SDQLVK 5HYLHZ QRZ UHQDPHG /D 5HYLVWD
_ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
_ /$ 5(9,67$ _ 635,1* ,668( _
UHYLVWDBDXWXPQ LQGG
<7=:1;5 +IZUMV 0MZVIVLMb NH\ WR WKH VXFFHVV $ VWURQJ QHWZRUN RI ÁLJKW FRQQHFWLRQV WRJHWKHU ZLWK FRPIRUWDEOH IHUU\ URXWHV PDNHV LW YHU\ HDV\ IRU WRXULVWV WR SODQ WKHLU KROLGD\ 7KLV VXPPHU ERWK WUDGLWLRQDO SDFN DJHV DQG G\QDPLFDOO\ SDFNDJHG KROL GD\V DUH RQ WKH LQFUHDVH $ERXW RI WKRVH ZKR WUDYHO WR 6SDLQ RUJDQLVH
,Q D FKDOOHQJLQJ \HDU WRXULVP KDV EH FRPH RQH RI 6SDLQ·V JRRG QHZV VWRULHV DJDLQ &DUPHQ +HUQDQGH] UHSRUWV 6SDLQ LV WKH IDYRXULWH GHVWLQDWLRQ IRU %ULWLVK WRXULVWV DQG WKLV 6XPPHU LV QRW JRLQJ WR EH DQ H[FHSWLRQ 7KH ÀJXUHV VKRZ DQ H[SHFWHG LQFUHDVH LQ DUULYDOV WR 6SDLQ IURP WKH 8. $OO VRUWV RI GHVWLQDWLRQV DUH JRLQJ WR HQMR\ WKLV SRVLWLYH SHUIRUPDQFH 7KH PRVW WUDGLWLRQDO RQHV DUH JRLQJ WR VHH WKH QXPEHU RI YLVLWRUV JHW EDFN QHDU OHYHOV
7KH HPHUJLQJ GHVWLQDWLRQV DUH JRLQJ WR VHH PRUH DQG PRUH %ULWLVK WRXULVWV HYHU\ \HDU IURP QRZ RQ 7KH &DQDU\ ,VODQGV DUH D YHU\ SRSXODU GHVWLQDWLRQ IRU %ULWLVK WRXULVWV ZKR DUH GLVFRYHU LQJ WKHUH LV PRUH WR WKH LVODQGV WKDQ VXQ DQG VHD 9LVLWRUV DUH SURYLQJ PRUH DGYHQWXURXV H[SORULQJ PRUH DQG HQMR\LQJ WKH YROFDQRHV WKH WURSLFDO IRUHVWV DQG VDPSOLQJ WKH ORFDO IRRG 7KH %DOHDULF ,VODQGV DUH DOVR EHLQJ UH GLVFRYHUHG :KLOH WKH %ULWV HQMR\
ZKDW WKH\ NQRZ ZHOO WKH\ DUH DOVR ÀQGLQJ QHZ LQWHUHVWLQJ DGGLWLRQV WR WKH LVODQGV HVSHFLDOO\ WKH (V %DOXDUG DUW JDOOHU\ 0DLQODQG 6SDLQ LV VR GLYHUVH WKDW LW FDWHUV IRU DOO WDVWHV ,W RIIHUV VXQ DQG UHOD[DWLRQ PRXQWDLQV DQG DQ\WKLQJ IURP JUHHQ WR GHVHUW 'HVWLQDWLRQV WKDW ZHUH RQFH XSRQ D WLPH EDUHO\ NQRZQ LQ WKH 8. KDYH QRZ GLUHFW FRQQHF WLRQV 7KH HDVH RI DFFHVV RI 6SDLQ LV
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ÀFH LQ /RQGRQ
_ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
01;<7:A <7,)A $ 52<$/ &211(&7,21
/QTM[ <ZMUTM\\ ¶7KH 6SDQLVK $UPDGD·
&KXUFK RI (QJODQG IURP 5RPH
:KHQ &DWKHULQH 0LGGOHWRQ QRZ WKH 'XFKHVV RI &DPEULGJH ZDONHG XS WKH DLVOH RI :HVWPLQVWHU $EEH\ RQ $SULO VKH ZDV HPXODWLQJ D 6SDQ LVK &DWKHULQH IURP \HDUV DJR 7KDW ZDV ZKHQ &DWKHULQH RI $UDJRQ D \HDU ROG 6SDQLVK LQIDQWD ZDONHG DORQJ D YDVW UDLVHG VWDJH WKDW UDQ WKH IXOO OHQJWK RI WKH DLVOH RI ROG 6W 3DXO·V WR PDUU\ DQRWKHU \RXQJ %ULWLVK UR\DO ² $UWKXU 3ULQFH RI :DOHV 7KH UDLVHG VWDJH DW 6W 3DXO·V DQG WKH IRXQWDLQ RI ZLQH LQVWDOOHG RXWVLGH IRU WKH SXEOLF ZHUH SURRI WKDW MXVW DV LQ FRQWHPSRUDU\ UR\DO ZHGGLQJV WKLV ZDV D VKRZ GHVLJQHG WR ZLQ SRSXODU VXSSRUW $UWKXU·V IDWKHU +HQU\ 9,, ZDV SOHDVHG WKDW KH KDG IRXQG VRPHRQH QRW MXVW WR FRQWLQXH KLV QHZ 7XGRU OLQH EXW DOVR WR WLH KLP WR WKH LQFUHDVLQJO\ SRZHUIXO 6SDQLVK PRQDUFKV &DWK HULQH·V SDUHQWV ,VDEHO RI &DVWLOH DQG )HUGLQDQG RI $UDJRQ +HU PDUULDJH WR $UWKXU ODVWHG MXVW D KDQGIXO RI PRQWKV DV ORQJ DV LW WRRN KHU \RXQJ KXVEDQG WR GLH LQ WKHLU QHZ KRPH DW /XGORZ 6HYHQ \HDUV ODWHU VKH PDUULHG DJDLQ WKLV WLPH WR KLV \RXQJHU EURWKHU WKH QHZ .LQJ RI (QJODQG +HQU\ 9,,, ZKR DW ZDV VL[ \HDUV KHU MXQLRU 7KDW ZHGGLQJ ZDV IDU PRUH GLVFUHHW DQG IDPRXVO\ HQGHG XS LQ GLYRUFH EXW LW LV ZRUWK UHPHPEHULQJ WKDW WKH PDUULDJH ODVWHG WZLFH DV ORQJ DV DOO +HQU\·V RWKHU ÀYH PDUULDJHV SXW WRJHWKHU 7KH WXVVOH RYHU WKH GLYRUFH ZDV RI FRXUVH D NH\ PRPHQW LQ (QJODQG·V KLVWRU\ )RU &DWKHULQH·V UHIXVDO WR VWHS DVLGH DQG WKH EDFNLQJ VKH UHFHLYHG IURP WKH 9DWLFDQ VDZ +HQU\ GHFLGH WR WDNH FRQWURO RI WKH FKXUFK KLPVHOI ² HIIHFWLYHO\ DZDUGLQJ KLPVHOI KLV RZQ GLYRUFH EXW DOVR VHSDUDWLQJ WKH
&DWKHULQH·V PDUULDJHV ZHUH E\ QR PHDQV WKH ÀUVW WLPH WKDW 6SDQLVK UR\DO EORRG DQG (QJOLVK UR\DO EORRG KDG EHHQ EURXJKW WRJHWKHU 6KH KHUVHOI LV WKRXJKW WR KDYH EHHQ QDPHG DIWHU KHU (QJOLVK JUHDW JUDQGPRWKHU &DWKHU LQH RI /DQFDVWHU ZKR ZDV -RKQ RI *DXQW·V GDXJKWHU &DWKHULQH·V DXEXUQ KDLU DQG SDOH VNLQ LQGHHG DUH VDLG WR EH D JHQHWLF LQKHULWDQFH IURP KHU (QJOLVK EORRGOLQH &DWKHULQH RI /DQFDVWHU KDG EHFRPH TXHHQ RI &DVWLOH DIWHU PDUU\LQJ +HQU\ ,,, +HU PRWKHU &RQVWDQFH ZDV DOVR 6SDQLVK ² WKH GDXJKWHU DQG KHLU RI .LQJ 3HWHU RI &DVWLOH -RKQ RI *DXQW HYHQ KHOSHG LQYDGH &DVWLOH LQ LQ DQ DWWHPSW WR SXW &RQVWDQFH RQ WKH WKURQH HYHQWXDOO\ DFFHSWLQJ KLV GDXJKWHU·V PDUULDJH LQVWHDG &DWKHULQH RI $UDJRQ·V VHFRQG PDU ULDJH VSOLW SUHFLVHO\ EHFDXVH +HQU\ 9,,, VR EDGO\ ZDQWHG D PDOH KHLU WR FRQWLQXH WKH (QJOLVK WUDGLWLRQ RI SXWWLQJ PHQ RQ WKH WKURQH <HW LW ZDV KLV GDXJKWHU 0DU\ ZKRVH ULJKWV &DWK HULQH KDG WULHG WR SURWHFW ZKLOH DOVR VWDQGLQJ E\ KHU YLVLRQ RI WKH FKXUFK RI (QJODQG ZKR EHFDPH (QJODQG·V ÀUVW SURSHU TXHHQ UHJQDQW DQG +HQU\·V RWKHU GDXJKWHU (OL]DEHWK ZKR EHFDPH WKH VHFRQG 7R WKDW H[WHQW DQG XQZLW WLQJO\ &DWKHULQH RI $UDJRQ LQWURGXFHG D 6SDQLVK FXVWRP LQWR %ULWDLQ )RU ERWK KHU PRWKHU DQG KHU VLVWHU ZHUH TXHHQV UHJQDQW RI &DVWLOH ² HYHQ WKRXJK KHU VLVWHU -XDQD ´/D /RFDµ ZDV SUHYHQWHG IURP H[HUFLVLQJ H[HFXWLYH FRQWURO E\ KHU KXVEDQG DQG KHU IDWKHU 7KH 6SDQLVK FRQQHFWLRQ FRQWLQXHG XQGHU (QJODQG·V KDOI 6SDQLVK 4XHHQ 0DU\ )RU ¶%ORRG\· 0DU\ ZHQW RQ WR PDUU\ 3KLOLS WKH VRQ RI KHU FRXVLQ WKH +RO\ 5RPDQ (PSHURU &KDUOHV 9 ² ZKR ZDV NLQJ RI 6SDLQ :KLOH 0DU\ UHLJQHG 3KLOLS ZDV IRUPDOO\ FR PRQDUFK MXUH X[RULV ´E\ ULJKW RI KLV ZLIHµ 7KDW PDUULDJH LQ WXUQ SURYRNHG 3KLOLS·V DWWHPSW WR RYHUWKURZ 0DU\·V KDOI VLVWHU (OL]DEHWK ZLWK D ÁHHW WKDW ZHQW GRZQ LQ KLVWRU\ DQG WR WKH ERWWRP RI WKH VHD ZLWK WKH QDPH RI
7KH PRVW UHFHQW WLH LQ EHWZHHQ WKH WZR UR\DO IDPLOLHV ODVWHG XQWLO WKH ODWH WK FHQWXU\ .LQJ -XDQ &DUORV WKH FXUUHQW PRQDUFK KDG D %ULWLVK JUDQGPRWKHU ² SULQFHVV 9LFWRULD (XJHQLH RQH RI WKH PDQ\ JUDQGFKLOGUHQ RI 4XHHQ 9LFWRULD (QD DV VKH ZDV NQRZQ KDG D IDPRXVO\ XQKDSS\ PDUULDJH WR -XDQ &DUORV·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² ZKHUH WKH 3DODFLR GH OD 0DJGDOHQD ZDV EXLOW ZLWK VRPH +LJKODQG WRXFKHV WR UHPLQG KHU RI KHU 6FRWWLVK FKLOGKRRG LQ DV D VXPPHU UHVLGHQFH IRU KHU IDPLO\ ÀOO LQJ WKH FLW\ ZLWK UR\DOW\ DQG FRXUWLHUV HYHU\ VXPPHU XQWLO +HU VRQ -XDQ KHLU WR WKH FURZQ DQG GXNH RI %DUFHORQD VHUYHG LQ WKH 5R\DO 1DY\ LQ WKH V +H QHYHU EHFDPH NLQJ KRZHYHU ZLWK *HQHUDO )UDQFR SUHIHUULQJ KLV VRQ -XDQ &DUORV 'RQ -XDQ HYHQWXDOO\ UHQRXQFHG KLV ULJKWV WZR \HDUV DIWHU )UDQFR KDG GLHG DQG -XDQ &DUORV KDG EHFRPH NLQJ LQ
*LOHV 7UHPOHWW LV WKH 0DGULG FRU UHVSRQGHQW RI 7KH *XDUGLDQ DQG DXWKRU RI D ELRJUDSK\ RQ &DWKHULQH RI $UDJRQ _ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
16 5-57:1)5 (YD 3HQQ 6PLWK D OR\DO DQG SRSXODU PHP EHU RI WKH $QJOR 6SDQLVK 6RFLHW\ ZKR VHUYHG IRU PDQ\ \HDUV DV LWV ORFDO DUHD FRQWDFW LQ /HLFHVWHUVKLUH GLHG VXGGHQO\ RQ WKH WK -XQH ZULWHV 6KHLOD 6WHZDUW (YD ZDV ZHOO NQRZQ WR VHYHUDO ORQJ WHUP PHPEHUV HVSHFLDOO\ WKRVH ZKR XVHG WR JR RQ WKH 6RFLHW\·V RUJDQLVHG YLVLWV WR 6SDLQ :H ZLOO QRW IRUJHW KHU ZRQGHUIXO JHQHURVLW\ LQ VKDULQJ KHU LPPHQVH NQRZOHGJH RI ZLOG ÁRZHUV EXWWHUÁLHV DQG ELUGV +HU HQWKXVL DVP ZDV H[WUHPHO\ LQIHFWLRXV DQG JDYH XV DOO DQ DGGHG LQWHUHVW LQ WKH YLVLWV
_ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
):< 16 <0- 5-,1) )LZQIV ;MIZTM
:KHQHYHU , KDYH EHHQ WR WKH -RDQ 0LUy )RXQGDWLRQ LQ %DUFHORQD ² DQG , KDYH YLVLWHG -RVHS /OXtV 6HUW·V ORYHO\ EXLOGLQJ RQ 0RQWMXwF PDQ\ WLPHV RYHU WKH ODVW TXDUWHU FHQWXU\ ² , WU\ WR VHH 0LUy·V JUHDW WULSW\FK 3DLQWLQJ RQ :KLWH %DFNJURXQG IRU WKH &HOO RI D 5HFOXVH ,W LVQ·W DOZD\V RQ GLVSOD\ 7KHUH·V QRWKLQJ PXFK WR WKH WKUHH ZKLWH FDQYDVHV 1R FRORXU QR IRUPV (DFK HQRUPRXV FDQYDV LV SDLQWHG ZLWK D VLQJOH EODFN OLQH RYHU DQ XQHYHQO\ SULPHG ZKLWH JURXQG <RX FDQ WHOO ZKHUH WKH VOHQGHU EUXVK KDV UXQ RXW RI SDLQW LV UHFKDUJHG WKHQ FRQWLQXHV RQ LWV ZD\ ZLWK WKH VDPH XQNQRZDEOH SXUSRVH OLNH WKH SDVVDJH RI DQ DQW RU D ELUG LQ Á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y 7KH /DGGHU RI (VFDSH EULQJV XV KLV DUW QRW MXVW LQ LWV PRVW FKDUDFWHULVWLF
JXLVHV ² SOD\IXO FKLOGOLNH GLUHFW ² EXW DWWHPSWV WR EULQJ RXW 0LUy WKH ´LQWHU QDWLRQDO &DWDODQµ DQG LQWHUQDO H[LOH LQ
)UDQFR·V 6SDLQ 0LUy WKH SROLWLFDO DUW LVW DQG WKH DYDQW JDUGH VXUUHDOLVW DQG PRGHUQLVW ZKR ZDQWHG ² VR KH RQFH VDLG ² WR DVVDVVLQDWH SDLQWLQJ 0LUy QHYHU GLG VXFFHHG LQ NLOOLQJ SDLQWLQJ WKDW ZDONLQJ FRUSVH WKDW VWLOO UHIXVHV WR OLH GRZQ DQG WDNH LW TXLHWO\ +H KDG D EUXVK LQ KLV KDQG QRW D VWDNH +H DOVR ZDQWHG KLV DUW WR EH XVHIXO ,Q IRXU \HDUV DIWHU )UDQFR·V GHDWK KH VDLG LQ D VSHHFK DW %DUFHORQD 8QLYHUVLW\ WKDW ´EHLQJ DEOH WR VD\ VRPHWKLQJ ZKHQ WKH PDMRULW\ RI SHRSOH GR QRW KDYH WKH RSWLRQ RI H[ SUHVVLQJ WKHPVHOYHV REOLJHV WKLV YRLFH WR EH LQ VRPH ZD\ SURSKHWLF « :KHQ DQ DUWLVW VSHDNV LQ DQ HQYLURQPHQW LQ ZKLFK IUHHGRP LV GLIÀFXOW KH PXVW WXUQ HDFK RI KLV ZRUNV LQWR D QHJDWLRQ RI WKH QHJDWLRQV LQ DQ XQW\LQJ RI DOO RSSUHVVLRQV DOO SUHMXGLFHV DQG DOO WKH IDOVH HVWDEOLVKHG YDOXHV µ 1RZDGD\V WKLV VRUW RI WDON VRXQGV D ELW TXDLQW :H KDYH DOPRVW ORVW RXU IDLWK LQ WKH UHGHPSWLYH SRZHUV RI DUW ,Q 6SDLQ·V QHZO\ HPHUJLQJ GHPRF UDF\ 0LUy·V DUW IHOW V\PEROLF ERWK RI UHVLVWDQFH WR )UDQFR·V VWDWH DQG RI WKH QHZ IUHHGRPV WKDW ZHUH FRPLQJ LQWR EHLQJ :LWK WKH EHVW RI KLV ZRUN , WRR IHHO JHQXLQHO\ OLIWHG WUDQVSRUWHG HQHUJLVHG WKRXJK , MXVW IHHO GHDGHQHG ORRNLQJ DW KLV PXUDOV DQG SXEOLF VFXOS WXUHV WKH HQGOHVV SULQWV WKDW RYHUO\ MROO\ ORJR KH GHYLVHG IRU WKH /D &DL[D VDYLQJV EDQN
$ VHULHV RI FRSSHU SDQHOV IURP VHHV H[TXLVLWHO\ QDVW\ OXULG ÀJXUHV VTXLUP DQG JHVWLFXODWH VKRZ RII WKHLU
VH[ RUJDQV DQG SRQWLÀFDWH LQ DULG ODQG VFDSHV /DWHU LQ WKH WULSW\FK 7KH +RSH RI D &RQGHPQHG 0DQ 0LUy DOOXGHG WR WKH H[HFXWLRQ RI WKH \RXQJ &DWDODQ DQDUFKLVW 6DOYDGRU 3XLJ $Q WLFK JDUURWWHG LQ SULVRQ WKDW VDPH \HDU 7KH WKUHH SDUW SDLQWLQJ LV GRPLQDWHG E\ D OLQH WKDW VLJKV DQG IDOOV ZLWK IDO WHULQJ UHVLJQDWLRQ SHUFXVVLYH VFULEEOHV RI FRORXU OLNH PHPRULHV DERXW WR SDVV DQG D WKLQ UDLQ RI ÁLFNHG SDLQW 2QH FDQQRW EXW WKLQN RI WKH DUWLVW FRQWHP SODWLQJ KLV RZQ SDVVLQJ WKRXJK KH ZDV WR OLYH RQ XQWLO &KULVWPDV 'D\ G\LQJ DW KDYLQJ VHHQ WKH ÀUVW VRFLDOLVW JRYHUQPHQW FRPH LQWR SRZHU VLQFH WKH FLYLO ZDU 0LUy·V DUW ZDV FRORXUIXO DQG GLUW\ OLIH DIÀUPLQJ DQG QDVW\ PXVLFDO DQG MDUULQJ O\ULFDO DQG HMDFXODWRU\ DQG H[FUHPHQWDO +RZ DW RQFH ORYHO\ DQG XQVHWWOLQJ WKHVH SDLQWLQJV DUH WKH\ URFN WKH PLQG DV ZHOO DV WKH H\H 0LUy NHSW WKH SDUDGR[HV JRLQJ +H LQ VLVWHG RQ KLV &DWDODQ QDPH ² -RDQ QRW -XDQ ² EXW WLWOHG KLV ZRUNV LQ )UHQFK +LV DUW ² DQG KH ZRXOG LQVLVW KLV VRXO ² ZDV URRWHG LQ &DWDORQLD EXW DOVR LQ VXUUHDOLVP DQG LQ SRVWZDU $PHUL FDQ SDLQWLQJ +H FRQWLQXHG WR OLYH LQ 0DOORUFD DQG VKRZ LQWHUQDWLRQDOO\ ZKLOH UHIXVLQJ WKH KRQRXUV RI )UDQFR·V JRYHUQPHQW RU WR SDUWLFLSDWH DV DQ RIÀFLDO 6SDQLVK DUWLVW LQ ELHQQDOHV VDERWDJLQJ DOPRVW DOO DWWHPSWV WR JHW KLP WR GR VR 8QOLNH 'DOt KH PDGH IHZ DFFRPPRGDWLRQV WR WKH VWDWH MXVW DV KH KDG HDUOLHU UHIXVHG WR EHFRPH D VRFLDO UHDOLVW RU D FRPPXQLVW RU WR WRH WKH VXUUHDOLVW OLQH 7KLV LV ZK\ 0LUy EHFDPH VR LPSRUWDQW D ÀJXUH IRU D \RXQJHU JHQHUDWLRQ RI &DWDODQ DUWLVWV OLNH $QWRQL 7jSLHV DQG WKH YLVXDO SRHW DQG SOD\ZULJKW -RDQ %URVVD 7KH ODVW ELJ 0LUy UHWURVSHFWLYH , VDZ LQ 1HZ <RUN LQ PLVVHG VR PXFK RI WKH 0LUy SUHVHQW KHUH D GHHSO\ FRPSOH[ DUWLVW SROLWLFDO DQG SOD\IXO IXOO RI VH[ DQG VSLULW HDUWK DQG VN\ 7KLV DQ DEULGJHG YHUVLRQ RI DQ DUWLFOH WKDW DSSHDUHG LQ 7KH *XDUGLDQ RQ $SULO WK VHH HYHQWV GLDU\ IRU YLVLW WKH 0LUR H[KLELWLRQ
_ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
;87:<; 8)/62&&(5 :KR LV WKH JUHDWHVW RI WKHP DOO"
)& %DUFHORQD·V YLFWRU\ RYHU (QJOLVK FKDPSLRQV 0DQFKHVWHU 8QLWHG LQ WKH &KDPSLRQV /HDJXH ÀQDO DW :HPEOH\ ODVW 0D\ LQYROYHG QR GLY LQJ DQG PLQLPXP LQWHUIHUHQFH E\ WKH UHIHUHH DJDLQVW HLWKHU VLGH ,QVWHDG D PDVVLYH JOREDO DXGLHQFH ZDV WUHDWHG WR D VXEOLPH OHVVRQ LQ VSRUWVPDQVKLS UHF RJQLVHG E\ FRPPHQWDWRUV ZRUOGZLGH 8QLWHG·V ZLGHO\ UHVSHFWHG PDQDJHU 6LU $OH[ )HUJXVRQ DW \HDUV WKH GR\HQ
RI VRFFHU PDQDJHUV VDLG WKDW LQ KLV WZHQW\ ÀYH \HDUV LQ WKH 8QLWHG KRW VHDW WKLV %DUFD ZDV WKH EHVW WHDP KH KDG HYHU IDFHG 6R MXVW KRZ JUHDW LV %DUFD" )RU ORYHUV RI WKH VR FDOOHG ¶EHDXWLIXO JDPH· WKLV ZDV VRFFHU SOD\HG ZLWK KXJH VNLOO DQG PLQLPXP WKXJJHU\ 7KH IRFXV RI %DUFD·V SOD\ ZDV RQ SRVVHVVLRQ RI WKH EDOO RU ZLQQLQJ LW EDFN RQ WKH UDUH PRPHQWV LW ZDV ORVW DQG WKHQ DWWDFN LQJ ZLWK DQ LQWULFDWH FKRUHRJUDSK\ RI SUHFLVH VKRUW SDVVLQJ DQG SOD\ HUV PRYLQJ RQ DQG RII WKH EDOO LQ D FRQVWDQW ÁXLG PRYHPHQW ,Q WKH ZRUGV RI 6LPRQ %DUQHV FKLHI VSRUWV ZULWHU RI WKH /RQGRQ 7LPHV ´$OO VRFFHU SHRSOH WXUQHG LQVWDQWO\ LQWR EDOOHW FULWLFV WR DSSODXG D VW\OH RI SOD\ WKDW KDG DQ DHVWKHWLF GLPHQVLRQ DV ZHOO DV EHLQJ DGPLUDEO\ LI QRW OHWKDOO\ VXLWHG IRU WKH SXUSRVH RI DWWDLQLQJ YLFWRU\ µ 8QLWHG IRXQG WKHPVHOYHV FRPSUHKHQ VLYHO\ RXWFODVVHG ZLWK QR DQWLGRWH WR WKH SUHFLVLRQ DQG SDFH RI %DUFD·V OLWWOH JHQLXVHV ;DYL +HUQDQGH] DQG $QGUHV ,QLHVWD DV WKH\ SDVVHG WKH EDOO WKURXJK
WKH PLGGOH RI WKH SLWFK DQG WKH PHV PHULVLQJ GULEEOLQJ RI WKH VLPLODUO\ WLQ\ /LRQHO 0HVVL ZKR D JURZLQJ EDQG RI VRFFHU SXQGLWV KDYH DOUHDG\ FURZQHG WKH EHVW SOD\HU RI DOO WLPH %XW LW ZDV QRW MXVW %DUFD·V VR FDOOHG ¶WULQLW\· WKDW VKRQH EXW WKH LQWHUDFWLRQ DQG PXWXDO VXSSRUW RI WKH WHDP DV D ZKROH WKDW DVVXUHG D NLQG RI SRHWU\ LQ PRWLRQ WKDW ZDV DV SOHDVLQJ WR WKH H\H DV LW ZDV HIIHFWLYH 7KLV ZDV D WHDP LQ ZKLFK IRXU KXJHO\ WDOHQWHG LQWHUQDWLRQDOV LQ WKHLU RZQ ULJKW HDFK ZLWK YDU\LQJ VNLOOV D %UD]LOLDQ 'DQQ\ $OYHV DQ $UJHQWLQH -DYLHU 0DVFKHUDQR D )UHQFK PDQ (ULF $ELGDO DQG D 6SDQLDUG IRUPHUO\ RI 9DOHQFLD FOXE 'DYLG 9LOOD ZKR ZDV RQH RI ODVW VXPPHU :RUOG &XS·V OHDGLQJ JRDO VFRUHUV ÀWWHG VHDPOHVVO\ LQWR D VLGH ODUJHO\ PDGH XS RI SOD\HUV ZKR KDYH EHHQ WRJHWKHU VLQFH WKH\ ZHUH WHHQDJHUV %RWK WKHLU VW\OH RI SOD\ DQG ZRUN HWKRV EHDUV WKH SHUVRQDO VWDPS RI FOXE FRDFK 3HS *XDUGLROD KLPVHOI D IRUPHU SOD\HU ZLWK D E\JRQH %DUFD WHDP WKDW XQWLO 6DWXUGD\ ZDV VWLOO FRQVLGHUHG E\ D PDMRULW\ RI IDQV DV WKH JUHDWHVW LQ KLVWRU\ *XDUGLROD LV WKH ÀUVW WR DGPLW WKDW KH RZHV PXFK RI ZKDW KH KDV OHDUQW DV D SOD\HU DQG D FRDFK WR WKH H[DPSOH RI -RKDQ &UX\II WKH 'XWFKPDQ ZKR FRDFKHG %DUFD WR LWV ÀUVW HYHU (XURSHDQ &XS WURSK\ LQ ZLWK ZKDW ZDV GXEEHG D ¶GUHDP WHDP· FRPELQDWLRQ RI IRUHLJQ VWDUV DQG KRPH JURZQ WDOHQW ,W ZDV &UX\II ZKR ZDV FUHGLWHG ZLWK LQWURGXFLQJ LQWR %DUFD WKH FRQFHSW RI ¶WRWDO IRRWEDOO· ZKLFK KH KDG OHDUQW DV D SOD\HU ZLWK WKH 'XWFK FKDPSLRQV $MD[ ² ZLQQHUV RI WKUHH FRQVHFXWLYH (XURSHDQ &XSV EHWZHHQ DQG ZLWK ZKLFK KH KDOWHG D VXEVHTXHQW WUHQG WRZDUGV GHIHQVLYH VRFFHU SOD\HG E\ ,WDOLDQ FOXEV 5HPDLQLQJ VWDWLF ZDV
2QUUa *]ZV[ QR RSWLRQ 7KH V\VWHP ZDV GHVLJQHG WR SURGXFH D VHDPOHVV UK\WKP RI DWWDFN LQJ SOD\ DOO HOHYHQ SOD\HUV LQFOXGLQJ WKH JRDONHHSHU UHVSRQVLEOH IRU NHHS LQJ WKH EDOO PRYLQJ IRUZDUG %DUFD KDV DOUHDG\ VXFFHHG WR WKH WLWOH RI ¶GUHDP WHDP· DFFRUGLQJ WR &UX\II·V RZQ DGPLVVLRQ EXW WKHUH DUH RWKHU FRQWHQGHUV WR WKH WLWOH RI WKH EHVW VRF FHU WHDP HYHU ZKLFK DUH DW OHDVW ZRUWK FRQVLGHULQJ 5HDO 0DGULG GXULQJ LWV JROGHQ \HDUV ZRQ ÀYH FRQ VHFXWLYH (XURSHDQ &XS WURSKLHV 7KH TXDOLW\ RI WKH WHDP ZDV HSLWRPLVHG E\ WKH ÁDLU DQG DJJUHVVLRQ RI WKH $UJHQ WLQH $OIUHGR GL 6WHIDQR DQG KLV SDUWQHU LQ DWWDFN WKH +XQJDULDQ )HUHQF 3XVNDV %HWZHHQ WKHP WKH WZR SOD\HUV VFRUHG VHYHQ JRDOV LQ 5HDO 0DGULG·V FUXVK LQJ YLFWRU\ RYHU *HUPDQ FKDPSLRQV (LQWUDFKW )UDQNIXUW LQ UHJDUGHG DW WKH WLPH DQG IRU PDQ\ \HDUV DIWHU ZDUGV DV WKH EHVW (XURSHDQ &XS ÀQDO RI DOO WLPH
7KHUH KDYH EHHQ RWKHU JUHDW VLGHV 3HOH·V %UD]LO LQ %D\HUQ 0XQLFK LQ /LYHUSRRO LQ $UJHQWLQD LQ ZKHUH 0DUDGRQD VFRUHG WKH EHVW JRDO HYHU VHHQ $& 0LODQ LQ WKH ODWH ·V 6SDLQ LQ ODVW VXPPHU·V :RUOG &XS LQ ZKLFK HLJKW %DUFD SOD\HUV ZRQ ZLQQHU·V PHGDO $VNHG WKH TXHVWLRQ LV WKLV %DUFD WKH JUHDWHVW RI DOO WLPH *XDUGLROD DQVZHUHG ´, GLGQ·W VHH WKH $MD[ RI -RKDQ &UX\II , GLGQ·W VHH WKH 5HDO 0DGULG RI 'L 6WHIDQR DQG WKH 6DQWRV RI 3HOH %XW LI LQ RU \HDUV· WLPH SHRSOH UHPHPEHU XV IRU WKH VRFFHU WKDW ZH DUH SOD\LQJ QRZ WKDW ZLOO PDNH PH YHU\ KDSS\ µ /D 5HYLVWD·V HGLWRU -LPP\ %XUQV LV D MRXUQDOLVW DQG DXWKRU +H LV UHVHDUFKLQJ D QHZ ERRN RQ 6SDQLVK IRRWEDOO 7KLV LV DQ DEULGJHG YHU VLRQ RI DQ DUWLFOH WKDW ZDV SXEOLVKHG LQ 1HZVZHHN WKH 86 PDJD]LQH
_ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
<W KWUXTM\M IXXTQKI\QWV XTMI[M OW WVTQVM P\\X" ___ IVOTW[XIVQ[P[WKQM\a WZO UMUJMZ[PQX
_ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
7*1<=):A 6(9( %$//(67(526 2QH RI XV
1}QOW /]ZZ]KPIOI
6HYHULDQR %DOOHVWHURV ZDV WKH PRVW SRSXODU DQG EHVW ORYHG 6SDQLDUG LQ %ULWDLQ 7KH JROI ZULWHU DQG SHUVRQDO IULHQG %LOO (OOLRWW ZURWH WKDW ´PHQ ZDQWHG WR EH OLNH KLP DQG ZRPHQ ZDQWHG WR EH ZLWK KLPµ $W WKH YLFWRU\ FHUHPRQ\ LQ WKH ODVW 2SHQ ZRQ E\ DQRWKHU PXFK ORYHG VSRUWVPDQ 'DUUHQ &ODUNH WKH VSHDNHU SDLG KRPDJH WR ¶6HYH· DV D PDQ ZKR DZD\ IURP WKH JROI FRXUVH ZDV ´RQH RI XVµ ,W LV QRW XQXVXDO IRU IROORZHUV RI VSRUWV WR LGHQWLI\ ZLWK D IRUHLJQ SOD\HU $Q HPLQHQW KLVWRULDQ RQFH FRQIHVVHG WR PH RYHU FRIIHH LQ %HOIDVW WKDW KLV FKHULVKHG GUHDP ZDV WR ZDWFK WKH H[XEHUDQW %UD]LOLDQ 5RQDOGLQKR SOD\ KLV EUDQG RI IRRWEDOO ZKHQ KH ZDV DW %DUFHORQD %XW LQ WHDP JDPHV RQH FDQ RIWHQ DGPLUH WKH JUHDW VSRUWVPDQ LQ SOD\HUV IRU RWKHU FOXEV PRUH WKDQ WKHLU SHUVRQDOLW\ &KULV &RUULQJH ZKR ZDV XQWLO UHFHQWO\ FKLHI H[HFXWLYH DW WKH $OO (QJ ODQG ZULWHV LQ ¶+ROGLQJ &RXUW· $UURZ %RRNV DERXW WKH SHUVRQDO VW\OH RI 5RJHU )HGHUHU LQ WHUPV ZKLFK JR EH\RQG WKH HDV\ HOHJDQFH RI KLV SDVVLQJ VKRWV DQG SRLQW WR WKH _ /$ 5(9,67$ _ 6800(5 ,668( _
UHYLVWDBDXWXPQ LQGG
SHUIHFW ÀW RI WKH 6ZLVV WHQQLV SOD\HU·V PDQQHUV DW WKH VRFLDO JDWKHULQJV RI WKH 6: VHW %DOOHVWHURV WUDQVFHQGHG WKRVH DIÀQL WLHV +LV ÀUVW YLFWRU\ DW 7KH 2SHQ LQ ZKHQ KH ZDV RQO\ SODFHG KLP DPRQJ WKH JUHDW SHUIRUPHUV LQ SXEOLF OLIH ZKR KDYH D SDUWLFXODU DSSHDO WR WKRVH ZKR ZDWFK WKHP IURP WKH RUGLQDULQHVV RI WKHLU RZQ OLYHV 0DYHULFNV OLNH WKH IRRWEDOOHU *HRUJHV %HVW WKH VQRRNHU SOD\HU $OH[ +LJJLQV RU WKH FULFNHWHU ,DQ %RWKDP UDLVH WKH H[SHFWDWLRQ WKDW VRPHWKLQJ RXW RI WKH RUGLQDU\ PD\ KDSSHQ DW DQ\ PRPHQW ¶6HYH· ZDV RQH RI WKHP 7KH IDPRXV ¶SDUNLQJ ORW VKRW· DW WKH WK DW 5R\DO /\WKDP 6W $QQHV LQ WKH \HDU RI KLV ÀUVW 2SHQ ZDV RIIHUHG DV D VHPLQDO HYHQW LQ RELWXDULHV ZULWWHQ DW WKH WLPH
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¶6HYH· H[SUHVVHG DV SXUH MR\ 6RQ RI D IDUPLQJ IDPLO\ IURP 3HGUHxD %DOOHVWHURV FDUULHG D FKLS RQ KLV VKRXO GHU RI D FRQVLGHUDEOH VL]H +H WRRN RQ RIÀFLDOGRP UHIHUHHV DQG ULYDOV ZKHQ KH ZDV WKH YLFWLP RI D SHUFHLYHG LQMXVWLFH +H FRXOG EH REVWLQDWH DQG EURRGLQJ DQG WKH YLVLEOH VLJQV RI D VWRUP\ VRXO PD\ KDYH DGGHG DSSHDO WR KLV SHUVRQDOLW\ IRU D %ULWLVK SXEOLF ZKR WRRN LW DV DQRWKHU FRQGLPHQW RI KLV H[RWLF PL[ RI OLJKW DQG GDUNQHVV
7KH SURÀOHV RI %DOOHVWHURV LQ WKH %ULW LVK PHGLD H[SORUHG IUHTXHQWO\ WZR VWHU HRW\SHV FRPPRQ DERXW 6SDQLDUGV +H ZDV LQHYLWDEO\ WKH EXOOÀJKWHU RI JROI +H ZDV QRW WKH PDWDGRU KH ZDV WKH EXOO ZURWH RQH FRPPHQWDWRU %XW FRP LQJ IURP D UHJLRQ LQ WKH QRUWK RI 6SDLQ ZLWK D VLJQLÀFDQW SRSXODWLRQ RI FRZV WKH JUHDW JROIHU ZRXOG KDYH VKRFNHG KLV RZQ QHLJKERXUV LQ &DQWDEULD HYHQ PRUH WKDQ WKH 6FRWWLVK VSHFWDWRUV LQ 6W $QGUHZV LI KH KDG FHOHEUDWHG KLV WULXPSKV WKHUH E\ GRQQLQJ D ¶FDSD· DW WKH WK KROH (TXDOO\ %ULWLVK ZULWHUV KDYH XQGHU OLQHG KLV SDVVLRQ DV VRPHWKLQJ WUXO\ VSHFLDO %XW ZKDW ZDV EXUQLQJ LQVLGH WKH YHU\ (QJOLVK 1LFN )DOGR IRU KLP WR DSSO\ VXFK PHWLFXORXV WHQDFLW\ WR WKH DLP RI EHFRPLQJ WKH EHVW JROIHU RI WKH ZRUOG DW KLV WLPH" ,W PD\ EH WKDW 6HYHULDQR %DOOHVWHURV E\ VLPSO\ VKRZ LQJ KLV ÁDPH XQEULGOHG IRU DOO WR VHH EHFDPH WKH VWDU WKDW LOOXPLQDWHG WKH OLIH RI VR PDQ\ %ULWRQV
,xLJR *XU UXFKDJD LV DQ DXWKRU DQG MRXUQDOLVW +H LV WKH /RQGRQ FRU UHVSRQGHQW RI (O &RUUHR _ /$ 5(9,67$ _ 635,1* ,668( _
UHYLVWDBDXWXPQ LQGG
UHYLVWDBDXWXPQ LQGG