ryad al salehen
TRANSCRIPT
-
8/7/2019 Ryad Al Salehen
1/551
7+(%22.2)0,6&(//$1$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $FFRUGLQJWRVRPH$KDGLWKWKHUHDVRQIRUWKLV+DGLWK LVWKDWDSHUVRQVHQWDSURSRVDO
RIPDUULDJHWRDZRPDQQDPHG8PP4DLVZKLFKVKHWXUQHGGRZQVD\LQJWKDWKHVKRXOGKDYHWR
HPLJUDWHWR$O0DGLQDKIRU LW$FFRUGLQJO\KHGLGLWIRUWKLVVSHFLILFSXUSRVHDQGWKHWZRZHUHPDUULHGWKHUH2QDFFRXQWRIWKLVHYHQWWKHPDQFDPHWREHNQRZQDPRQJWKH&RPSDQLRQVDV0XKDMLU
8PP4DLV
2QWKHEDVLVRIWKLV+DGLWK8ODPDDUHRIWKHXQDQLPRXVRSLQLRQWKDWWKHUHDOEDVLVRIRQHVDFWLRQVLV
1L\\DKLQWHQWLRQDQGHYHU\RQHZLOOEHUHTXLWHGDFFRUGLQJWRKLV1L\\DK,WLVWUXHWKDW1L\\DKLVIRXQGHGLQRQHVKHDUWWKDWLVWRVD\RQHKDVILUVWWRPDNHXSRQHVPLQGIRUZKDWKHLQWHQGVWRGRDQG
KHVKRXOGQRWH[SUHVVLWYHUEDOO\,QIDFWWKHODWWHULVD%LGCDKLQQRYDWLRQLQUHOLJLRQEHFDXVHQRSURRI
RILWLVIRXQGLQ6KDULDK
7KHSRLQWZKLFKEHFRPHVHYLGHQWIURPWKLV+DGLWKLVWKDW,NKODVVLQFHULW\LVDPXVWIRUHYHU\DFWLRQ,QRWKHUZRUGVLQHYHU\ULJKWHRXV GHHGRQHVKRXOGVHHNRQO\WKH3OHDVXUHRI$OODKRWKHUZLVHLWZLOO
QRWEHDFFHSWHGE\$OODK
1DUUDWHG$CLVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG $Q
DUP\ZLOOUDLGWKH.DCEDKDQGZKHQLWUHDFKHVDGHVHUWODQG DOORIWKHPZLOOEHVZDOORZHGXSE\WKH
HDUWK 6KHDVNHG 20HVVHQJHURI$OODK:K\DOORIWKHP"+HDQVZHUHG$OORIWKHPZLOOEH
VZDOORZHGE\WKHHDUWKEXWWKH\ZLOOEHUDLVHGIRU-XGJHPHQWDFFRUGLQJWRWKHLULQWHQWLRQV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ (YHU\RQHZLOOEHUHZDUGHGRUSXQLVKHGDFFRUGLQJWRKLVDLPDQGLQWHQWLRQ7KLV+DGLWK
DOVRSURYHVWKDWWKHFRPSDQ\RIGHSUDYHGSHUVRQVLVH[WUHPHO\GDQJHURXV:KRVHDUP\ZRXOGLWEH
ZKLFKKDVEHHQUHIHUUHGWRLQWKH+DGLWKDQGZKHQZLOOLWLQYDGH.DCEDKLVDPDWWHUNQRZQWR$OODK$ORQH6XFKSURSKHFLHVDUHDSDUWRIWKH8QVHHQZRUOG6LQFHWKH\FRPHLQWKHFDWHJRU\RIWKHPLUDFOHV
-
8/7/2019 Ryad Al Salehen
2/551
RIWKH3URSKHW3%8+LWLVQHFHVVDU\WREHOLHYHLQWKHLUYHUDFLW\DQGRFFXUUHQFH%HOLHYLQJLQVXFK
SURSKHVLHVLVDOVRHVVHQWLDOEHFDXVHWKH\ZHUHUHYHDOHGE\$OODK
$CLVKDK 0D\$OODKEHSOHDVHGZLWKKHUQDUUDWHGWKDWWKH3URSKHW3%8+VDLG 7KHUHLVQR
HPLJUDWLRQDIWHUWKHFRQTXHVWRI0DNNDKEXWRQO\-LKDG>VWULYLQJDQGILJKWLQJLQWKHFDXVHRI$OODK
ZLOOFRQWLQXH@DQGJRRGLQWHQWLRQ6RLI\RXDUHVXPPRQHGWRILJKWJRIRUWK
>$O%XNKDULDQG0XVOLP@
,QWHQWLRQDFFRUGLQJWR$Q1DZDZL,WPHDQVWKDWJRRGQHVVZKLFKFHDVHGWRFRQWLQXHE\WKH
FHVVDWLRQRIHPLJUDWLRQFDQVWLOOEHREWDLQHGE\-LKDG DQGE\LQWHQGLQJDFFRPSOLVKLQJJRRGGHHGV
&RPPHQWDU\:KHQDFRXQWU\RUDUHJLRQLVUHJDUGHGDV'DUXO,VODP ODQGRI,VODPLWLVQRWQHFHVVDU\WRPLJUDWHIURPLWWRVRPHRWKHUSODFH,WLVKRZHYHUREOLJDWRU\WRHPLJUDWHIURPVXFK
UHJLRQVZKLFKDUH'DUXO.XIUODQGRILQILGHOVDQGZKHUHLWLVGLIILFXOWWRDGKHUHWR,VODPLF
LQMXQFWLRQV,WLVDOVRHYLGHQWIURPWKLV+DGLWKWKDWZKHQLWLVQRWQHFHVVDU\WRPLJUDWHIURPRQH,VODPLF
FRXQWU\WRDQRWKHUWKHQLWLVDOVRQRWSHUPLWWHGE\WKH6KDULCDKWROHDYHDQ,VODPLFFRXQWU\WRVHWWOH
SHUPDQHQWO\LQ'DUXO.XIURQO\IRUWKHUHDVRQWKDWWKHODWWHUKDVSOHQW\RIZHDOWKDQGVRFLDOZHOIDUH
8QIRUWXQDWHO\0XVOLPVWRGD\DUHDIIOLFWHGZLWKWKLVGLVHDVH7KHWUDQVIHURIWKHLUFDSLWDODQGWDOHQWWR
'DUXO.XIULV LQGHHGYHU\GLVWXUELQJEHFDXVHRQRQHVLGHWKHVHWZRIDFWRUVDUHOHQGLQJVXSSRUWWRWKHHFRQRP\RI %LODGXO.XIUFRXQWULHVRILQILGHOVDQGRQWKHRWKHUREVFHQLW\DQGLQGHFHQF\WKDWDUH
FRPPRQLQVXFKFRXQWULHVDUHEHFRPLQJLQFUHDVLQJO\FRPPRQDPRQJWKH0XVOLPVWRR
$QRWKHUKLJKO\LPSRUWDQWUHDVRQIRUWKHSURKLELWLRQRIPLJUDWLRQRI0XVOLPVWR'DUXO.XIULVWKDWLW
JRHVDJDLQVWWKHVSLULWDVZHOODVWKHLUUHDGLQHVVIRU-LKDGILVDELOLOODK VWULYLQJDQGILJKWLQJLQWKHZD\
RI$OODK 7KLVVSLULWDQGUHDGLQHVVPXVWEHNHSWDOZD\VDOLYHVRWKDWWKH0XVOLPVPD\UHVSRQGDWRQFH
WRWKHFDOORI-LKDGZKHQHYHUWKHQHHGIRULWDULVHVDQ\ZKHUH
-DELUELQ$EGXOODK$O$QVDUL0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG:HDFFRPSDQLHGWKH
3URSKHW3%8+LQDQH[SHGLWLRQZKHQKHVDLG 7KHUHDUHVRPHPHQLQ$O0DGLQDKZKRDUHZLWK\RX
ZKHUHYHU\RXPDUFKDQGZKLFKHYHUYDOOH\\RXFURVV7KH\KDYHQRWMRLQHG\RXLQSHUVRQEHFDXVHRIWKHLULOOQHVV ,QDQRWKHUYHUVLRQKHVDLG 7KH\VKDUHWKHUHZDUG ZLWK\RX
>0XVOLP@
,WLVQDUUDWHGE\%XNKDULIURP$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP:HZHUHFRPLQJEDFN
IURPWKHEDWWOHRI7DEXNZLWKWKH3URSKHW3%8+ZKHQKHUHPDUNHG 7KHUHDUHSHRSOHZKRPZHOHIW
EHKLQGLQ$O0DGLQDKZKRDFFRPSDQLHGXVLQVSLULWLQHYHU\SDVVDQGYDOOH\ZHFURVVHG7KH\UHPDLQHGEHKLQGIRUDYDOLGH[FXVH
&RPPHQWDU\ :KDWZHOHDUQIURPWKLV+DGLWKLVWKDWLIWKHLQWHQWLRQDQGVSLULWRI-LKDGDUHSUHVHQWLQ
WKHKHDUWRID0XVOLPEXWSK\VLFDOO\KHLVXQDEOHWRWDNHSDUWLQLWIRUYDOLGUHDVRQVKHZLOOJHWWKH
UHZDUGRI-LKDGZLWKRXWHYHQKLVDFWXDOSDUWLFLSDWLRQLQLW
0DCQELQ
-
8/7/2019 Ryad Al Salehen
3/551
,WLVSHUPLVVLEOHLQ6KDULCDKWRPDNHVRPHRQHD:DNLO DWWRUQH\RUDJHQW IRU6DGDTDK
,WGRHVQRWDPRXQWWRGLVREHGLHQFHRQWKHSDUWRIDVRQWRWDNHKLV IDWKHUWRDFRPSHWHQWDXWKRULW\RU
VFKRODUWRNQRZWKHOHJDOSRVLWLRQRQDQ\LVVXHLQWKHVDPHZD\DVPXWXDOGLVFXVVLRQDQGGHEDWHRQ
PDWWHUVRI6KDULCDKGRHVQRWDPRXQWWRLQVROHQFH)DWK$O%DULFKDSWHURQ=DNDW
$EX,VKDT6DCGELQ$EX:DTTDV0D\$OODKEHSOHDVHGZLWKKLPRQHRIWKHWHQZKRKDGEHHQJLYHQWKHJODGWLGLQJVRIHQWU\LQWR-DQQDKQDUUDWHG0HVVHQJHURI$OODK3%8+YLVLWHGPHLQP\
LOOQHVVZKLFKEHFDPHVHYHUHLQWKH\HDURI+DMMDWXO:DGDC)DUHZHOO3LOJULPDJH,VDLG2
0HVVHQJHURI$OODK\RXFDQVHHWKHSDLQZKLFK,DPVXIIHULQJDQG,DPDPDQRIPHDQVDQGWKHUHLV
QRQHWRLQKHULWIURPPHH[FHSWRQHGDXJKWHU6KRXOG,JLYHWZRWKLUGVRIP\SURSHUW\LQFKDULW\"+H
3%8+VDLG 1R ,DVNHGKLP7KHQKDOI"+HVDLG 1R 7KHQ,DVNHG&DQ,JLYHDZD\RQH
WKLUG+HVDLG *LYHDZD\RQHWKLUGDQGWKDWLVVWLOOWRRPXFK,WLVEHWWHUWROHDYH\RXUKHLUVZHOORII
WKDQWROHDYHWKHPSRRUEHJJLQJSHRSOH$O%XNKDULDQG0XVOLP@
-
8/7/2019 Ryad Al Salehen
4/551
&RPPHQWDU\ 6LQFHRQHVDFWLRQZLOOEHHYDOXDWHGLQWHUPVRILQWHQWLRQVRKHDORQHZRXOGEHD
0XMDKLG ZDUULRULQWKHFDXVHRI'HHQ ZKRILJKWVWRJORULI\WKH1DPHRI$OODK
$EX%DNUDK$WK7KDTDIL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+VDLG
:KHQWZR0XVOLPVDUHHQJDJHGLQDFRPEDWDJDLQVWHDFKRWKHUZLWKWKHLUVZRUGVDQGRQHLVNLOOHG
ERWKDUHGRRPHGWR+HOO ,VDLG20HVVHQJHURI$OODK$VWRWKHRQHZKRNLOOVLWLVXQGHUVWDQGDEOH
EXWZK\WKHVODLQRQH"+H3%8+UHSOLHG +HZDVHDJHUWRNLOOKLVRSSRQHQW>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKOHDGVWRWKHFRQFOXVLRQWKDWRQHZRXOGEHSXQLVKHGIRUVXFKVLQIXO
LQWHQWLRQIRUZKLFKKHKDVPDGHDILUPGHWHUPLQDWLRQDQGIRUWKHFRPPLWPHQWRIZKLFKKHKDVDGRSWHG
QHFHVVDU\PHDVXUHVHYHQLIKHGRHVQRWVXFFHHGLQFRPPLWWLQJLWEHFDXVHRIFHUWDLQREVWUXFWLRQ7KXV
GHWHUPLQDWLRQLVGLIIHUHQWIURPDVXJJHVWLRQRIWKHGHYLO7KHODWWHULVH[FXVDEOHZKLOHRQHLV
DFFRXQWDEOHIRUKLVGHWHUPLQDWLRQ+RZHYHUZKDWLVPHQWLRQHGLQWKH+DGLWKZLOOKDSSHQZKHQ
0XVOLPV ILJKWDPRQJWKHPVHOYHVIRUZRUOGO\KRQRXUDQGSUHMXGLFHVDQGQRUHOLJLRXVLVVXHZRXOGEH
WKHFDXVHRIWKHLUFRQIOLFWEHFDXVHLQWKHODWWHUFDVHLWLVSRVVLEOHWKDWERWKPLJKWEHGHSHQGLQJRQWKHLU
RZQ,MWLKDGH[HUFLVHRIRSLQLRQIRUZKLFKWKH\PD\EHH[FXVHG
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHGWKDW7KH0HVVHQJHURI$OODK3%8+VDLG 7KHUHZDUGIRU6DODWSHUIRUPHGE\DSHUVRQLQFRQJUHJDWLRQLVPRUHWKDQWLPHVJUHDWHUWKDQ
WKDWRIWKH6DODWSHUIRUPHGLQRQHVKRXVHRUVKRS:KHQRQHSHUIRUPV:XGXSHUIHFWO\DQGWKHQ
SURFHHGVWRWKHPRVTXHZLWKWKHVROHLQWHQWLRQRISHUIRUPLQJ6DODWWKHQIRUHYHU\VWHSKHWDNHV
WRZDUGVWKHPRVTXHKHLVXSJUDGHGRQHGHJUHHLQUHZDUGDQGRQHRIKLVVLQVLVHOLPLQDWHGXQWLOKH
HQWHUVWKHPRVTXHDQGZKHQKHHQWHUVWKHPRVTXHKHLVFRQVLGHUHGDVSHUIRUPLQJ6DODWDVORQJDVLWLVWKH6DODWZKLFKSUHYHQWVKLPIURPOHDYLQJWKHPRVTXHDQGWKHDQJHOVNHHSRQVXSSOLFDWLQJ$OODKIRU
KLPDVORQJDVKHUHPDLQVLQKLVSODFHRISUD\HU7KH\VD\2$OODKKDYHPHUF\RQKLP2$OODK
IRUJLYHKLVVLQV2$OODKDFFHSWKLVUHSHQWDQFH7KLVZLOOFDUU\RQDVORQJDVKHGRHVQRWSDVVZLQG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWDOWKRXJKLWLVSHUPLVVLEOHWRSHUIRUP6DODWLQGLYLGXDOO\LQ
PDUNHWSODFHVDQGKRXVHVEXWLWVFROOHFWLYHSHUIRUPDQFHLQWKHPRVTXHLVRUWLPHVPRUH
PHULWRULRXVDVPHQWLRQHGLQRWKHU$KDGLWK
C$EGXOODKELQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG 0HVVHQJHURI$OODK3%8+
VDLGWKDW$OODKWKH*ORULRXVVDLG 9HULO\$OODK6:7KDVRUGHUHGWKDWWKHJRRGDQGWKHEDGGHHGV
EHZULWWHQGRZQ7KHQ+HH[SODLQHGLWFOHDUO\KRZWRZULWH+HZKRLQWHQGVWRGRDJRRGGHHGEXWKH
GRHVQRWGRLWWKHQ$OODKUHFRUGVLWIRUKLPDVDIXOOJRRGGHHGEXWLI KHFDUULHVRXWKLVLQWHQWLRQWKHQ
$OODKWKH([DOWHGZULWHVLWGRZQIRUKLPDVIURPWHQWRVHYHQKXQGUHGIROGVDQGHYHQPRUH%XWLIKH
LQWHQGVWRGRDQHYLODFWDQGKDVQRWGRQHLWWKHQ$OODKZULWHVLWGRZQZLWK+LPDVDIXOOJRRGGHHG
EXWLIKHLQWHQGVLWDQGKDVGRQHLW$OODKZULWHVLWGRZQDVRQHEDGGHHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :KDWWKH3URSKHW3%8+UHODWHVWR$OODKLVFDOOHG+DGLWK4XGVL 6DFUHG7UDGLWLRQ
6XFK+DGLWKLVUHYHDOHGWRWKH3URSKHW3%8+E\PHDQVRI,OKDP LQVSLUDWLRQ7KLV+DGLWKPHQWLRQVWKHPDJQLWXGHRI'LYLQHEOHVVLQJVZKLFK+HEHVWRZVXSRQ+LVIDLWKIXOVODYHVRQWKH'D\RI
5HVXUUHFWLRQ
C$EGXOODKELQC8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKWKHPQDUUDWHGWKDW+HKHDUG0HVVHQJHURI$OODK3%8+DVVD\LQJ 7KUHHPHQDPRQJVWWKRVHZKRFDPHEHIRUH\RXVHWRXWXQWLO
QLJKWFDPHDQGWKH\UHDFKHGDFDYHVRWKH\HQWHUHGLW$URFNIHOOGRZQIURPWKHPRXQWDLQDQG
EORFNHGWKHHQWUDQFHRIWKHFDYH7KH\VDLGC1RWKLQJZLOOVDYH\RXIURPWKLVXQOHVV\RXVXSSOLFDWHWR
$OODKE\YLUWXHRIDULJKWHRXVGHHG\RXKDYH GRQH7KHUHXSRQRQHRIWKHPVDLGC2$OODK,KDG
SDUHQWVZKRZHUHROGDQG,XVHGWRRIIHUWKHPPLONEHIRUHDQ\RIP\FKLOGUHQRUVODYHV2QHGD\,
ZHQWIDUDZD\LQVHDUFKRIJUD]LQJDQGFRXOGQRWFRPHEDFNXQWLOWKH\KDGVOHSW:KHQ,PLONHGDVXVXDO DQGEURXJKWWKHGULQN,IRXQGWKHPERWKDVOHHS,KDWHGWRGLVWXUEWKHPDQGDOVRGLVOLNHGWRJLYH
PLONWRP\FKLOGUHQEHIRUHWKHP0\FKLOGUHQZHUHFU\LQJRXWRIKXQJHUDWP\IHHWEXW,DZDLWHGZLWK
WKHERZOLQP\KDQGIRUWKHPWRZDNHXS:KHQWKH\DZRNH DWGDZQWKH\GUDQNPLON2$OODK,I ,GLGVRWRVHHN
-
8/7/2019 Ryad Al Salehen
5/551
WKDQDQ\RQHHOVHLQDQRWKHUYHUVLRQKHVDLGDVDPDQFDQORYHDZRPDQ,ZDQWHGWRKDYHVH[XDO
LQWHUFRXUVHZLWKKHUEXWVKHUHIXVHG+DUGSUHVVHGLQD\HDURIIDPLQHVKHDSSURDFKHGPH,JDYHKHU
RQHKXQGUHGDQGWZHQW\GLQDUVRQFRQGLWLRQWKDWVKHZRXOG\LHOGKHUVHOIWRPH6KHDJUHHGDQGZKHQZHJRWWRJHWKHUIRUVH[XDOLQWHUFRXUVHVKHVDLG)HDU$OODKDQGGRQRWEUHDNWKHVHDOXQODZIXOO\,
PRYHGDZD\IURPKHULQVSLWHRIWKHIDFWWKDW,ORYHGKHUPRVWSDVVLRQDWHO\DQG,OHWKHUNHHSWKH
PRQH\,KDGJLYHQKHU2 $OODK,I,GLGWKDWWRVHHN
-
8/7/2019 Ryad Al Salehen
6/551
2QHVKRXOGDOVRUHSHQWIURPDOOVLQV,IKHUHSHQWVIURPVRPHKLVUHSHQWDQFHZRXOGVWLOOEHVRXQG
DFFRUGLQJWRWKHSHRSOHRIVRXQGNQRZOHGJH+HVKRXOGKRZHYHUUHSHQWIURPWKHUHVW 6FULSWXUDO
SURRIVIURPWKH%RRNDQGWKH6XQQDKDQGWKHFRQVHQVXVRIWKHVFKRODUVVXSSRUWWKHLQFXPEHQF\RIUHSHQWDQFH
$OODKWKH([DOWHGVD\V
$QGDOORI\RXEHJ$OODKWRIRUJLYH\RX2EHOLHYHUVWKDW\RXPD\EHVXFFHVVIXO
6HHNWKHIRUJLYHQHVVRI\RXU5XEEDQGWXUQWR+LPLQUHSHQWDQFH
2\RXZKREHOLHYH7XUQWR$OODKZLWKVLQFHUHUHSHQWDQFH
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+
VD\LQJ %\$OODK,VHHN$OODKV IRUJLYHQHVVDQGUHSHQWWR+LPPRUHWKDQVHYHQW\WLPHVDGD\
>$O%XNKDUL@
&RPPHQWDU\
,WLVDQLQGXFHPHQWIRUVHHNLQJSDUGRQDQGIRUJLYHQHVV7KH3URSKHW3%8+ZKRVHSDVWDQGIXWXUHVLQVZHUHIRUJLYHQDVNHG$OODKVIRULJYHQHVV WKHQKRZDERXW XVZKRFRPPLWVLQVRQUHJXODUEDVLV
QRWWRVHHNSDUGRQDQGIRUJLYHQHVVIURP$OODK"
6LQFHUHDQGFHDVHOHVVSUD\HUIRUSDUGRQLVHVVHQWLDOVRWKDWVLQVFRPPLWWHGE\XVXQLQWHQWLRQDOO\DUH
DOVRIRUJLYHQ7KHDERYH+DGLWKOD\VJUHDWHPSKDVLVRQVHHNLQJSDUGRQ
$O$JKDUUELQ0XVOLP@
$QDVELQ0DOLN$O$QVDUL0D\$OODKEHSOHDVHGZLWKKLPWKHVHUYDQWRIWKH0HVVHQJHURI$OODKQDUUDWHG0HVVHQJHURI$OODK3%8+VDLG 9HULO\$OODKLVPRUHGHOLJKWHGZLWKWKHUHSHQWDQFHRI+LV
VODYHWKDQDSHUVRQZKRORVWKLVFDPHOLQDGHVHUWODQGDQGWKHQILQGVLWXQH[SHFWHGO\
>$O%XNKDULDQG0XVOLP@
,QDQRWKHUYHUVLRQRI0XVOLPKHVDLG 9HULO\$OODKLVPRUHSOHDVHGZLWKWKHUHSHQWDQFHRI+LVVODYH
WKDQDSHUVRQZKRKDVKLVFDPHOLQDZDWHUOHVVGHVHUWFDUU\LQJKLVSURYLVLRQRIIRRGDQGGULQNDQGLWLV
ORVW+HKDYLQJORVWDOOKRSHVWRJHWWKDWEDFNOLHVGRZQLQVKDGHDQGLVGLVDSSRLQWHGDERXWKLV
FDPHOZKHQDOORIDVXGGHQKHILQGVWKDWFDPHOVWDQGLQJEHIRUHKLP+HWDNHVKROGRILWVUHLQVDQGWKHQ
RXWRIERXQGOHVVMR\EOXUWVRXW2$OODK
-
8/7/2019 Ryad Al Salehen
7/551
&RPPHQWDU\ 7KLV+DGLWKFRQILUPVDQHVVHQWLDO$WWULEXWHRI$OODKLHWKH+DQGZKLFK+HVWUHWFKHV
RXWDQ\WLPH+HZLVKHVZLWKRXWGUDZLQJVLPLODULW\WRLWQRULQWHUSUHWDWLRQ6XFKZDVWKHDWWLWXGHRIWKH
SLRXVSUHGHFHVVRUVZLWKUHJDUGVWRDOORIWKHHVVHQWLDO$WWULEXWHVRI$OODK,WLVGHGXFHGIURPWKLV+DGLWKWKDWLIRQHFRPPLWVDVLQGXULQJDQ\KRXURIGD\RUQLJKWKHVKRXOGLPPHGLDWHO\VHHNWKH
IRUJLYHQHVVRI$OODKDVDUHVXOW
$EX+XUDLUDK 0D\$OODKEHSOHDVHGZLWKKLPQDUUDWHG0HVVHQJHURI$OODK3%8+VDLG +HZKRUHSHQWVEHIRUHWKHVXQULVHVIURPWKHZHVW$OODKZLOOIRUJLYHKLP
>0XVOLP@
&RPPHQWDU\ 7DXEDKPHDQVUHWXUQLQJWR$OODKIURPVLQV:KHQDSHUVRQFRPPLWVDVLQKHJRHV
DZD\IURP$OODK:KHQKHUHSHQWVKHUHWXUQVWR$OODKDQGGHVLUHVIRUEHLQJSDUGRQHGE\+LPDQG
JHWWLQJQHDU+LP7KLVUHWXUQLQJWRZDUGV+LPLV7DXEDK:KHQLWLVVDLGWKDWC$OODKWXUQVWRZDUGVKLP
LWPHDQVWKDW$OODKDFFHSWVKLVUHSHQWDQFH
C$EGXOODKELQC8PDU ELQ$O.KDWWDE 0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHGWKDW7KH3URSKHW
3%8+VDLG $OODKDFFHSWVDVODYHVUHSHQWDQFHDVORQJDVWKHODWWHULVQRWRQKLVGHDWKEHGWKDWLV
EHIRUHWKHVRXORIWKHG\LQJSHUVRQUHDFKHVWKHWKURDW
>$W7LUPLGKLZKRFDWHJRULVHGLWDV+DGLWK+DVDQ@
&RPPHQWDU\ 7KHZRUG*KDUJKDUDKPHDQVWKHVWDJHZKHQVRXOLVDERXWWROHDYHWKHERG\DQG
UHDFKHVWKHWKURDW,QRWKHUZRUGVWKHWLPHZKHQRQHVXIIHUVWKHDJRQ\RIGHDWK
+DGLWK+DVDQPHDQVWKDW+DGLWKWKHDXWKHQWLFLW\RIZKLFKLVFRQQHFWHGZLWKRXWDQ\WHFKQLFDOGHIHFW
7KHLUQDUUDWRUVKRZHYHUDUHQH[WWRWKRVHRI+DGLWK6DKLK,QWKHRSLQLRQRI0XKDGGLWKLQ +DGLWK
VFKRODUV+DGLWK+DVDQLVDOVRUHOLDEOHDV+DGLWK6DKLK
=LUUELQ+XEDLVKUHSRUWHG,ZHQWWR6DIZDQELQC$VVDO 0D\$OODKEHSOHDVHGZLWKKLPWRLQTXLUH
DERXWZLSLQJZLWKZHWKDQGVRYHUOLJKWERRWVZKLOHSHUIRUPLQJ:XGX+HDVNHGPH:KDWEULQJV\RX
KHUH=LUU",DQVZHUHG6HDUFKIRUNQRZOHGJH+HVDLG$QJHOVVSUHDGWKHLUZLQJVIRUWKHVHHNHURI
NQRZOHGJHRXWRI MR\IRUZKDWKHVHHNV,WROGKLP,KDYHVRPHGRXEWVLQP\PLQGUHJDUGLQJZLSLQJ
RIZHWKDQGVRYHUOLJKWERRWVLQWKHFRXUVHRISHUIRUPLQJ:XGXDIWHUGHIHFDWLRQRUXULQDWLQJ1RZVLQFH\RXDUHRQHRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+,KDYHFRPHWRDVN\RXZKHWKHU\RX
KHDUGDQ\VD\LQJRIWKH3URSKHW3%8+FRQFHUQLQJLW"+HUHSOLHGLQWKHDIILUPDWLYHDQGVDLG+H
3%8+LQVWUXFWHGXVWKDWGXULQJDMRXUQH\ZHQHHGQRWWDNHRIIRXUOLJKWERRWVIRUZDVKLQJWKHIHHWXS
WRWKUHHGD\VDQGQLJKWVH[FHSWLQFDVHRIPDMRULPSXULW\DIWHUVH[XDOLQWHUFRXUVH,QRWKHUFDVHVVXFK
DVVOHHSLQJUHOLHYLQJRQHVHOIRUXULQDWLQJWKHZLSLQJRIZHWKDQGVRYHUOLJKWERRWVZLOOVXIILFH,
WKHQTXHVWLRQHGKLP'LG\RXKHDUKLPVD\DQ\WKLQJDERXWORYHDQGDIIHFWLRQ"+HUHSOLHG:HDFFRPSDQLHGWKH0HVVHQJHURI$OODK3%8+LQDMRXUQH\ZKHQDEHGRXLQFDOOHGRXWLQDORXGYRLFH
C20XKDPPDG7KH0HVVHQJHURI$OODK3%8+UHSOLHGKLPLQWKHVDPHWRQH C+HUH,DP,VDLGWR
KLPWKHEHGRXLQC:RHWR\RXORZHU\RXUYRLFHLQKLVSUHVHQFHEHFDXVH\RXDUHQRWDOORZHGWRGR
VR+HVDLGC%\$OODK,ZLOOQRWORZHUP\YRLFHDQGWKHQDGGUHVVLQJWKH3URSKHW3%8+KHVDLG
C:KDWDERXWDSHUVRQZKRORYHVSHRSOHEXWKDVQRWIRXQGKLPVHOILQWKHLUFRPSDQ\0HVVHQJHURI
$OODK3%8+UHSOLHG C2QWKH'D\RI5HVXUUHFWLRQDSHUVRQZLOOEHLQWKHFRPSDQ\RIWKRVHZKRPKHORYHV7KH0HVVHQJHURI$OODKWKHQNHSWRQWDONLQJWRXVDQGLQWKHFRXUVHRIKLVWDONKHPHQWLRQHGD
JDWHZD\LQWKHKHDYHQWKH ZLGWKRIZKLFKFRXOGEHFURVVHGE\DULGHULQIRUW\RUVHYHQW\\HDUV
6XI\DQRQHRIWKHQDUUDWRUVRIWKLVWUDGLWLRQVDLG7KLVJDWHZD\LVLQWKHGLUHFWLRQRI6\ULD$OODKFUHDWHGLWRQWKHGD\+HFUHDWHGWKHKHDYHQVDQGWKHHDUWK,WLVRSHQIRUUHSHQWDQFHDQGZLOOQRWEHVKXW
XQWLOWKHVXQULVHVIURPWKDWGLUHFWLRQLHWKH:HVWRQ'RRPVGD\
>$W7LUPLGKLZKRFDWHJRULVHGLWDV+DGLWK+DVDQ6DKLK@
&RPPHQWDU\:HOHDUQIURPWKLV+DGLWKWKDWLQDEOXWLRQLWLVSHUPLVVLEOHWRZLSHRYHUOLJKWERRWVUDWKHUWKDQ
ZDVKLQJWKHIHHW,WLVFDOOHG0DVK7KHSHULRGLQZKLFK0DVKLVLQWDFW LQFDVHRIWUDYHOOHUVLWLVWKUHH
GD\VDQGWKUHHQLJKWVZKLOHIRUWKHUHVLGHQWVLWLVRQHGD\DQGRQHQLJKWRQO\$SUHFRQGLWLRQIRULWLV
WKDWOLJKWERRWVVKRXOGEHFOHDQDQGZRUQDIWHUIXOO:XGX$QNOHVVKRXOGDOVREHFRYHUHG,QFDVHRIEUHDFKRIDEOXWLRQWKHZLSLQJRYHUWKHVRFNVLVVXIILFLHQWDQGWKHUHLVQRQHHGIRUZDVKLQJWKHIHHW
-
8/7/2019 Ryad Al Salehen
8/551
:XGXLVLQYDOLGDWHGE\VOHHSLQJFDOORIQDWXUHDQGSDVVLQJRIZLQG7KLVLVFDOOHG+DGDWK$VJKDU,Q
WKHFDVHRI+DGDWK$NEDUZKLFKRFFXUVEHFDXVHRIFRLWXVPHQVHVDQGZHWGUHDPZDVKLQJRIWKH
ZKROHERG\EHFRPHVREOLJDWRU\,WPHDQVWKDWWKHSULYLOHJHRIZLSLQJRYHUWKHOLJKWERRWVLVDOVRILQLVKHGLQWKLVFDVHLQWKHVDPHZD\DVLWGRHVDIWHUWKHH[SLU\RISHULRGVSHFLILHGIRULW
2QHVKRXOGDVVRFLDWHKLPVHOIZLWKWKHSLRXVSHRSOHVRWKDWKHLVFRXQWHGDPRQJWKHP2QHDOVR
FRPHVWRNQRZPDQ\RWKHUSRLQWVIURPWKLV+DGLWKZKLFKHYHU\LQWHOOLJHQWSHUVRQFDQXQGHUVWDQGZLWKDOLWWOHHIIRUW
$EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG3URSKHWRI$OODK3%8+VDLG
7KHUHZDVDPDQIURPDPRQJDQDWLRQEHIRUH\RXZKRNLOOHGQLQHW\QLQHSHRSOHDQGWKHQPDGHDQ
LQTXLU\DERXWWKHPRVWOHDUQHGSHUVRQRQWKHHDUWK+HZDVGLUHFWHGWRDPRQN+HFDPHWRKLPDQG
WROGKLPWKDWKHKDGNLOOHGQLQHW\QLQHSHRSOHDQGDVNHGKLPLIWKHUHZDVDQ\FKDQFHIRUKLVUHSHQWDQFH
WREHDFFHSWHG+HUHSOLHGLQWKHQHJDWLYHDQGWKHPDQNLOOHGKLPDOVRFRPSOHWLQJRQHKXQGUHG+HWKHQ
DVNHGDERXWWKHPRVWOHDUQHGPDQLQWKHHDUWK+HZDVGLUHFWHGWRDVFKRODU+HWROGKLPWKDWKHKDG
NLOOHGRQHKXQGUHGSHRSOHDQGDVNHGKLPLIWKHUHZDVDQ\FKDQFHIRUKLVUHSHQWDQFHWREHDFFHSWHG+H
UHSOLHGLQWKHDIILUPDWLYHDQGDVNHGC:KRVWDQGVEHWZHHQ\RXDQGUHSHQWDQFH"*RWRVXFKDQGVXFK
ODQGWKHUH\RXZLOOILQGSHRSOHGHYRWHGWRSUD\HUDQGZRUVKLSRI$OODKMRLQWKHPLQZRUVKLSDQGGR
QRWFRPHEDFNWR\RXUODQGEHFDXVHLWLVDQHYLOSODFH6RKHZHQWDZD\DQGKDUGO\KDGKHFRYHUHGKDOI
WKHGLVWDQFHZKHQGHDWKRYHUWRRNKLPDQGWKHUHZDVDGLVSXWHEHWZHHQWKHDQJHOVRIPHUF\DQGWKH
DQJHOVRIWRUPHQW7KHDQJHOVRIPHUF\SOHDGHG7KLVPDQKDVFRPHZLWKDUHSHQWLQJKHDUWWR$OODK
DQGWKHDQJHOVRISXQLVKPHQWDUJXHG+HQHYHUGLGDYLUWXRXVGHHGLQKLVOLIH7KHQWKHUHDSSHDUHG
DQRWKHUDQJHOLQWKHIRUPRIDKXPDQEHLQJDQGWKHFRQWHQGLQJDQJHOVDJUHHGWRPDNHKLPDUELWHU
EHWZHHQWKHP+HVDLGC0HDVXUHWKHGLVWDQFHEHWZHHQWKHWZRODQGV+HZLOOEHFRQVLGHUHGEHORQJLQJWRWKHODQGWRZKLFKKHLVQHDUHU7KH\PHDVXUHGDQGIRXQGKLPFORVHUWRWKHODQGODQGRISLHW\ZKHUH
KHLQWHQGHGWRJRDQGVRWKHDQJHOVRIPHUF\FROOHFWHGKLVVRXO
>$O%XNKDULDQG0XVOLP@
,QDQRWKHUYHUVLRQ +HZDVIRXQGWREHQHDUHUWRWKHORFDOLW\RIWKH SLRXVE\DFXELWDQGZDVWKXVLQFOXGHGDPRQJWKHP $QRWKHUYHUVLRQVD\V $OODKFRPPDQGHGWKHODQGZKLFKKHZDQWHGWROHDYH
WRPRYHDZD\DQGFRPPDQGHGWKHRWKHUODQGKLVGHVWLQDWLRQWRGUDZQHDUHUDQGWKHQ+HVDLG1RZ
PHDVXUHWKHGLVWDQFHEHWZHHQWKHP,WZDVIRXQGWKDWKHZDVQHDUHUWRKLVJRDOE\DKDQGVVSDQDQGZDVWKXVIRUJLYHQ ,WLVDOVRQDUUDWHGWKDWKHGUHZFORVHUE\DVOLJKWPRYHPHQWRQKLVFKHVW
&RPPHQWDU\
2QHFRPHVWRNQRZIURPWKLV+DGLWKWKDWWKHJDWHRI7DXEDKLVRSHQHYHQIRUWKHZRUVWRIWKH
VLQQHUVDQG$OODKIRUJLYHVHYHU\RQHSURYLGHGKHUHSHQWVVLQFHUHO\WKHFRQGLWLRQVIRUVXFKUHSHQWDQFH
KDYHDOUHDG\EHHQGLVFXVVHG
,WLVWKHGXW\RIDUHOLJLRXVVFKRODUWKDWZKLOHGLVFXVVLQJDSUREOHPKHVKRXOGNHHSLQPLQGWKH
SV\FKRORJLFDODVSHFWVRIWKHTXHVWLRQHUDQGDGRSWDSROLF\ZKLFKQHLWKHUFDXVHVDFKDQJHLQWKH
,QMXQFWLRQRI$OODKQRUPDNHWKHVLQQHUUHFNOHVVLQKLVVLQVRXWRIIUXVWUDWLRQ
:KHQDVLWXDWLRQZDUUDQWVDQJHOVDSSHDULQWKHIRUPRIPHQRQ2UGHUVRI$OODK
$EGXOODKELQ.DCEZKRVHUYHGDVWKHJXLGHRI.DCEELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP
ZKHQKHEHFDPHEOLQGQDUUDWHG,KHDUG.DCEELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLPQDUUDWLQJWKH
VWRU\RIKLVUHPDLQLQJEHKLQGLQVWHDGRI MRLQLQJ0HVVHQJHURI$OODK3%8+ZKHQKHOHIWIRUWKHEDWWOHRI7DEXN.DCEVDLG,DFFRPSDQLHG0HVVHQJHURI$OODK3%8+LQHYHU\H[SHGLWLRQZKLFKKH
XQGHUWRRNH[FHSWLQJWKHEDWWOHRI7DEXNDQGWKHEDWWOHRI%DGU$VIRUWKHEDWWOHRI%DGUQRERG\ZDV
EODPHGIRUUHPDLQLQJEHKLQGDV0HVVHQJHURI$OODK3%8+DQGWKH0XVOLPVZKHQWKH\VHWRXWKDG
LQPLQGRQO\WRLQWHUFHSWWKHFDUDYDQRIWKH4XUDLVK$OODKPDGHWKHPFRQIURQWWKHLUHQHPLHV
XQH[SHFWHGO\,KDGWKHKRQRXURIEHLQJZLWK0HVVHQJHURI$OODK3%8+RQWKHQLJKWRIC$TDEDK
ZKHQZHSOHGJHGRXUDOOHJLDQFHWR,VODPDQGLWZDVGHDUHUWRPHWKDQSDUWLFLSDWLQJLQWKHEDWWOHRI%DGUDOWKRXJK%DGUZDVPRUHZHOONQRZQDPRQJWKHSHRSOHWKDQWKDW$QGWKLVLVWKHDFFRXQWRIP\
VWD\LQJEHKLQGIURPWKHEDWWOHRI7DEXN,QHYHUKDGEHWWHUPHDQVDQGPRUHIDYRXUDEOHFLUFXPVWDQFHV
WKDQDWWKHWLPHRIWKLVH[SHGLWLRQ$QGE\$OODK,KDGQHYHUEHIRUHSRVVHVVHGWZRULGLQJFDPHOVDV,GLGGXULQJWKHWLPHRIWKLVH[SHGLWLRQ:KHQHYHU0HVVHQJHURI$OODK3%8+GHFLGHGWRJRRQD
FDPSDLJQKHZRXOGQRWGLVFORVHKLVUHDOGHVWLQDWLRQWLOOWKHODVWPRPHQWRIGHSDUWXUH%XWRQWKLV
-
8/7/2019 Ryad Al Salehen
9/551
H[SHGLWLRQKHVHWRXWLQH[WUHPHO\KRWZHDWKHUWKHMRXUQH\ZDVORQJDQGWKHWHUUDLQZDVZDWHUOHVV
GHVHUWDQGKHKDGWRIDFHDVWURQJDUP\VRKHLQIRUPHGWKH0XVOLPVDERXWWKHDFWXDOSRVLWLRQVRWKDW
WKH\VKRXOGPDNHIXOOSUHSDUDWLRQIRUWKHFDPSDLJQ$QGWKH0XVOLPVZKRDFFRPSDQLHG0HVVHQJHURI$OODK3%8+DWWKDWWLPHZHUHLQODUJHQXPEHUEXWQRSURSHUUHFRUGRIWKHPZDVPDLQWDLQHG .DCE
IXUWKHUVDLG)HZZHUHWKHSHUVRQVZKRFKRVHWRUHPDLQDEVHQWEHOLHYLQJWKDWWKH\FRXOGHDVLO\KLGH
WKHPVHOYHVDQGWKXVUHPDLQXQGHWHFWHGXQOHVV5HYHODWLRQIURP$OODKWKH([DOWHGDQG*ORULRXV
UHYHDOHGUHODWLQJWRWKHP$QG0HVVHQJHURI$OODK3%8+VHWRXWRQWKLVH[SHGLWLRQZKHQWKHIUXLWZHUHULSHDQGWKHLUVKDGHZDVVRXJKW,KDGDZHDNQHVVIRUWKHPDQGLWZDVGXULQJWKLVVHDVRQWKDW
0HVVHQJHURI$OODK3%8+DQGWKH0XVOLPVPDGHSUHSDUDWLRQV,DOVRZRXOGVHWRXWLQWKHPRUQLQJWRPDNHSUHSDUDWLRQVDORQJZLWKWKHPEXWZRXOGFRPHEDFNKDYLQJGRQHQRWKLQJDQGVDLGWRP\VHOI,
KDYHPHDQVHQRXJKWRPDNHSUHSDUDWLRQVDVVRRQDV,OLNH$QG,ZHQWRQGRLQJWKLVSRVWSRQLQJP\
SUHSDUDWLRQVWLOOWKHWLPHRIGHSDUWXUHFDPHDQGLWZDVLQWKHPRUQLQJWKDW0HVVHQJHURI$OODK3%8+
VHWRXWDORQJZLWKWKH0XVOLPVEXW,KDGPDGHQRSUHSDUDWLRQV,ZRXOGJRHDUO\LQWKHPRUQLQJDQG
FRPHEDFNEXWZLWKQRGHFLVLRQ,ZHQWRQGRLQJVRXQWLOWKH\WKH0XVOLPVKDVWHQHGDQGFRYHUHGD
JRRGGHDORIGLVWDQFH7KHQ,ZLVKHGWRPDUFKRQDQGMRLQWKHP:RXOGWKDW,KDGGRQHWKDW%XWSHUKDSVLWZDVQRWGHVWLQHGIRUPH$IWHUWKHGHSDUWXUHRI0HVVHQJHURI$OODK3%8+ZKHQHYHU,
ZHQWRXW,ZDVJULHYHGWRILQGQRJRRGH[DPSOHWRIROORZEXWFRQILUPHGK\SRFULWHVRUZHDNSHRSOH
ZKRP$OODKKDGH[HPSWHGIURPPDUFKLQJIRUWKIRU-LKDG0HVVHQJHURI$OODK3%8+PDGHQR
PHQWLRQRIPHXQWLOKHUHDFKHG7DEXN:KLOHKHZDVVLWWLQJZLWKWKHSHRSOHLQ7DEXNKHVDLG C:KDW
KDSSHQHGWR.DCEELQ0DOLN" $SHUVRQIURP%DQX6DOLPDKVDLG20HVVHQJHURI$OODKWKHEHDXW\RIKLVFORDNDQGDQDSSUHFLDWLRQRI KLVILQHU\KDYHGHWDLQHGKLP8SRQWKLV0XCDGKELQ-DEDO0DW$OODKEHSOHDVHGZLWKKLPDGPRQLVKHGKLPDQGVDLGWR0HVVHQJHURI$OODK3%8+%\$OODK
ZHNQRZQRWKLQJDERXWKLPEXWJRRG0HVVHQJHURI$OODK3%8+KRZHYHUNHSWTXLHW$WWKDWWLPH
KHWKH3URSKHW3%8+VDZDSHUVRQGUHVVHGLQZKLWHDQGVDLG C%H$EX.KDLWKDPDK$QGZDV$EX
.KDLWKDPDK$O$QVDULZDVWKHSHUVRQZKRKDGFRQWULEXWHGD6DCRIGDWHVDQGZDVULGLFXOHGE\WKH
K\SRFULWHV.DCEELQ0DOLNIXUWKHUVDLG:KHQWKHQHZVUHDFKHGPHWKDW0HVVHQJHURI$OODK3%8+
ZDVRQKLVZD\EDFNIURP7DEXN,ZDVJUHDWO\GLVWUHVVHG,WKRXJKWRIIDEULFDWLQJDQH[FXVHDQGDVNHG
P\VHOIKRZ,ZRXOGVDYHP\VHOIIURPKLVDQJHUWKHQH[WGD\,QWKLVFRQQHFWLRQ,VRXJKWWKHFRXQVHOV
RIHYHU\SUXGHQWPHPEHURIP\IDPLO\:KHQ,ZDVWROGWKDW0HVVHQJHURI$OODK3%8+ZDVDERXWWR
DUULYHDOOWKHZLFNHGLGHDVYDQLVKHGIURPP\PLQGDQG,FDPHWRWKHFRQFOXVLRQWKDWQRWKLQJEXWWKH
WUXWKFRXOGVDYHPH6R,GHFLGHGWRWHOOKLPWKHWUXWK,WZDVLQWKHPRUQLQJWKDW0HVVHQJHURI$OODK
3%8+DUULYHGLQ$O0DGLQDK,WZDVKLVKDELWWKDWZKHQHYHUKHFDPHEDFNIURPDMRXUQH\KHZRXOG
ILUVWJRWRWKHPRVTXHDQGSHUIRUPWZR5DNCDKRIRSWLRQDO SUD\HUDQGZRXOGWKHQVLWZLWKWKHSHRSOH:KHQKHVDWWKRVHZKRKDGUHPDLQHGEHKLQGKLPEHJDQWRSXWIRUZDUGWKHLUH[FXVHVDQGWDNHDQRDWK
EHIRUHKLP7KH\ZHUHPRUHWKDQHLJKW\LQQXPEHU0HVVHQJHURI$OODK3%8+DFFHSWHGWKHLU
H[FXVHVRQWKHYHU\IDFHRIWKHPDQGDFFHSWHGWKHLUDOOHJLDQFHDQGVRXJKWIRUJLYHQHVVIRUWKHPDQGOHIW
WKHLULQVLJKWVWR$OODKXQWLO,DSSHDUHGEHIRUHKLP,JUHHWHGKLPDQGKHVPLOHGDQGWKHUHZDVDWLQJHRI
DQJHULQWKDW+HWKHQVDLGWRPH &RPHIRUZDUG ,ZHQWIRUZDUGDQG,VDWLQIURQWRIKLP+HVDLGWR
PH C:KDWNHSW\RXEDFN"&RXOG\RXQRWDIIRUGWRJRLQIRUDULGH" ,VDLG20HVVHQJHURI$OODKE\
$OODKLI,ZHUHWRVLWEHIRUHDQ\ERG\HOVHDPDQRIWKHZRUOG,ZRXOGKDYHGHILQLWHO\VDYHGP\VHOI
IURPKLVDQJHU RQRQHSUHWH[WRUWKHRWKHUDQG,KDYHDJLIWHGVNLOOLQDUJXPHQWDWLRQEXWE\$OODK,DP
IXOO\DZDUHWKDWLI,ZHUHWRSXWIRUZDUGEHIRUH\RXDODPHH[FXVHWRSOHDVH\RX$OODKZRXOGGHILQLWHO\
SURYRNH\RXUZUDWKXSRQPH,QFDVH,VSHDNWKHWUXWK\RXPD\EHDQJU\ZLWKPHEXW,KRSHWKDW$OODKZRXOGEHSOHDVHGZLWKPHDQGDFFHSWP\UHSHQWDQFH%\$OODKWKHUHLVQRYDOLGH[FXVHIRUPH
%\$OODK,QHYHUSRVVHVVHGVRJRRGPHDQVDQG,QHYHUKDGVXFKIDYRXUDEOHFRQGLWLRQVIRUPHDV,KDG
ZKHQ,VWD\HGEHKLQG7KHUHXSRQ0HVVHQJHURI$OODK3%8+VDLG 7KLVPDQVSRNHWKHWUXWKVRJHWXSDQGZDLWXQWLO$OODKJLYHVDGHFLVLRQDERXW\RX ,OHIWDQGVRPHSHRSOHRI %DQX6DOLPDKIROORZHG
PH7KH\VDLGWRPHC%\$OODKZHGRQRWNQRZWKDW\RXFRPPLWWHGDVLQEHIRUH
-
8/7/2019 Ryad Al Salehen
10/551
VSHQWILIW\QLJKWVLQWKLVYHU\VWDWHDQGP\WZRIULHQGVFRQILQHGWKHPVHOYHVZLWKLQWKHLUKRXVHVDQG
VSHQWPRVWRIWKHLUWLPHZHHSLQJ$V,ZDVWKH\RXQJHVWDQGWKHVWURQJHVW,ZRXOGOHDYHP\KRXVH
DWWHQGWKHFRQJUHJDWLRQDO6DODWPRYHDERXWLQWKHED]DDUVEXWQRQHZRXOGVSHDNWRPH,ZRXOGFRPHWR0HVVHQJHURI$OODK3%8+DVKHVDWDPRQJVWSHRSOHDIWHUWKH6DODWJUHHWKLPDQGZRXOGDVN
P\VHOIZKHWKHURUQRWKLVOLSVPRYHGLQUHVSRQVHWRP\JUHHWLQJV7KHQ,ZRXOGSHUIRUP6DODWQHDUKLP
DQGORRNDWKLPVWHDOWKLO\:KHQ,ILQLVKP\6DODWKHZRXOGORRNDW PHDQGZKHQ,ZRXOGFDVWDJODQFH
DWKLPKHZRXOGWXUQDZD\KLVH\HVIURPPH:KHQWKHKDUVKWUHDWPHQWRIWKH0XVOLPVWRPHFRQWLQXHGIRUDFRQVLGHUDEOHOHQJWKRIWLPH,ZDONHGDQG,FOLPEHGXSRQWKHZDOORIWKHJDUGHQRI
$EX4DWDGDKZKRZDVP\FRXVLQDQG,KDGDJUHDWORYHIRUKLP,JUHHWHGKLPEXWE\$OODKKHGLGQRWDQVZHUWRP\JUHHWLQJ,VDLGWRKLPC2$EX4DWDGDK,DGMXUH\RXLQWKH1DPHRI$OODKDUH\RX
QRWDZDUHWKDW,ORYH$OODKDQG+LV0HVVHQJHU3%8+",DVNHGKLPWKHVDPHTXHVWLRQDJDLQEXWKH
UHPDLQHGVLOHQW,DJDLQDGMXUHGKLPZKHUHXSRQKHVDLGC$OODKDQG+LV0HVVHQJHU3%8+NQRZ
EHWWHU0\H\HVZHUHILOOHGZLWKWHDUVDQG,FDPHEDFNFOLPELQJGRZQWKHZDOO
$V,ZDVZDONLQJLQWKHED]DDUVRI$O0DGLQDKDPDQIURPWKH6\ULDQSHDVDQWVZKRKDGFRPHWRVHOO
IRRGJUDLQVLQ$O0DGLQDKDVNHGSHRSOHWRGLUHFWKLPWR.DCEELQ0DOLN3HRSOHSRLQWHGWRZDUGVPH
+HFDPHWRPHDQGGHOLYHUHGDOHWWHUIURPWKH.LQJRI*KDVVDQDQGDV,ZDVDVFULEH,UHDGWKDWOHWWHU
ZKRVHSXUSRUWZDV C,WKDVEHHQFRQYH\HGWRXVWKDW\RXUIULHQGWKH3URSKHW3%8+ZDVWUHDWLQJ\RX
KDUVKO\$OODKKDVQRWFUHDWHG\RXIRUDSODFHZKHUH\RXDUHWREHGHJUDGHGDQGZKHUH\RXFDQQRWILQG
\RXUULJKWSODFHVRFRPHWRXVDQGZHVKDOOUHFHLYH\RXJUDFLRXVO\$V,UHDGWKDWOHWWHU,VDLG7KLVLVWRRDWULDOVR,SXWLWWRILUHLQDQRYHQ:KHQIRUW\GD\VKDGHODSVHGDQG0HVVHQJHURI$OODK3%8+
UHFHLYHGQR5HYHODWLRQWKHUHFDPHWRPHDPHVVHQJHURIWKH0HVVHQJHURI$OODKDQGVDLGC9HULO\
0HVVHQJHURI$OODK3%8+KDVFRPPDQGHG\RXWRNHHSDZD\IURP\RXUZLIH,VDLGC6KRXOG,
GLYRUFHKHURUZKDWHOVHVKRXOG,GR"+HVDLGC1REXWRQO\NHHSDZD\IURPKHUDQGGRQWKDYHVH[XDO
FRQWDFWZLWKKHU7KHVDPHPHVVDJHZDVVHQWWRP\FRPSDQLRQV6R,VDLGWR P\ZLIH
-
8/7/2019 Ryad Al Salehen
11/551
IRU\RX ,VDLG,VKDOONHHSZLWKPHWKDWSRUWLRQZKLFKLVLQ.KDLEDU,DGGHG20HVVHQJHURI$OODK
9HULO\$OODKKDVJUDQWHGPHVDOYDWLRQEHFDXVHRIP\WUXWKIXOQHVVDQGWKHUHIRUHUHSHQWDQFHREOLJHV
PHWRVSHDNQRWKLQJEXWWKHWUXWKDVORQJDV,DPDOLYH.DCEDGGHG%\$OODK,GRQRWNQRZDQ\RQHDPRQJWKH0XVOLPVZKRKDVEHHQJUDQWHGWUXWKIXOQHVVEHWWHUWKDQPHVLQFH,VDLGWKLVWRWKH3URSKHW
3%8+%\$OODK6LQFHWKHWLPH,PDGHDSOHGJHRIWKLVWR0HVVHQJHURI$OODK3%8+,KDYHQHYHU
LQWHQGHGWRWHOODOLHDQG,KRSHWKDW$OODKZRXOGSURWHFWPHDJDLQVWWHOOLQJOLHVIRUWKHUHVWRIP\OLIH
$OODKWKH([DOWHGWKH*ORULRXVUHYHDOHGWKHVH9HUVHV
$OODKKDVIRUJLYHQWKH3URSKHW3%8+WKH0XKDMLUXQ0XVOLP(PLJUDQWVZKROHIWWKHLUKRPHVDQG
FDPHWR$O0DGLQDKDQGWKH$QVDU0XVOLPVRI$O0DGLQDK ZKRIROORZHGKLP0XKDPPDG
3%8+LQWKHWLPHRIGLVWUHVV7DEXNH[SHGLWLRQDIWHUWKHKHDUWVRIDSDUW\RIWKHPKDGQHDUO\
GHYLDWHGIURPWKH5LJKW3DWKEXW+HDFFHSWHGWKHLUUHSHQWDQFH&HUWDLQO\+HLVXQWRWKHPIXOORI
NLQGQHVV0RVW0HUFLIXO$QG +HGLGIRUJLYHDOVRWKHWKUHHZKRGLGQRWMRLQ>WKH7DEXNH[SHGLWLRQ
DQGZKRVHFDVHZDVGHIHUUHGE\WKH3URSKHW3%8+IRU$OODKV'HFLVLRQ@WLOOIRUWKHPWKHHDUWKYDVW
DVLWLVZDVVWUDLWHQHGDQGWKHLURZQVHOYHVZHUHVWUDLWHQHGWRWKHPDQGWKH\SHUFHLYHGWKDWWKHUHLVQR
IOHHLQJIURP$OODKDQGQRUHIXJHEXWZLWK+LP7KHQ+HIRUJDYHWKHPDFFHSWHGWKHLUUHSHQWDQFH
WKDWWKH\PLJKWEHJIRU+LV3DUGRQ>UHSHQWXQWR+LP@9HULO\$OODKLVWKH2QH:KRIRUJLYHVDQG
DFFHSWVUHSHQWDQFH0RVW0HUFLIXO2\RXZKREHOLHYH%HDIUDLGRI$OODKDQGEHZLWKWKRVHZKRDUH
WUXHLQZRUGDQGGHHGV
.DCEVDLG%\$OODKVLQFH$OODKJXLGHGPHWR,VODPWKHUHKDVEHHQQREOHVVLQJPRUHVLJQLILFDQWIRU
PHWKDQWKLVWUXWKRIPLQHZKLFK,VSRNHWR0HVVHQJHURI$OODK3%8+DQGLI,ZHUHWRWHOODOLH,
ZRXOGKDYHEHHQUXLQHGDVZHUHUXLQHGWKRVHZKRKDGWROGOLHVIRU$OODKGHVFULEHGWKRVHZKRWROGOLHV
ZLWKWKHZRUVWGHVFULSWLRQ+HHYHUDWWULEXWHGWRDQ\ERG\HOVHDV+HVHQWGRZQWKH5HYHODWLRQ
7KH\ZLOOVZHDUE\$OODKWR\RX0XVOLPVZKHQ\RXUHWXUQWRWKHPWKDW\RXPD\WXUQDZD\IURP
WKHP6RWXUQDZD\IURPWKHP6XUHO\WKH\DUH5LMVXQ>LH1DMDVXQLPSXUHEHFDXVHRIWKHLUHYLO
GHHGV@DQG+HOOLVWKHLUGZHOOLQJSODFH DUHFRPSHQVHIRUWKDWZKLFKWKH\XVHGWRHDUQ7KH\WKH
K\SRFULWHVVZHDUWR\RX0XVOLPVWKDW\RXPD\EHSOHDVHGZLWKWKHPEXWLI\RXDUHSOHDVHGZLWKWKHPFHUWDLQO\$OODKLVQRWSOHDVHGZLWKWKHSHRSOHZKRDUH$O)DVLTXQUHEHOOLRXVGLVREHGLHQWWR
$OODK
.DCEIXUWKHUDGGHG7KHPDWWHURIWKHWKUHHRIXVUHPDLQHGSHQGLQJIRUGHFLVLRQDSDUWIURPWKHFDVH
RIWKRVHZKRKDGPDGHH[FXVHVRQRDWKEHIRUH0HVVHQJHURI$OODK3%8+DQGKHDFFHSWHGWKRVHWRRNIUHVKRDWKVRIDOOHJLDQFHIURPWKHPDQGVXSSOLFDWHGIRUWKHLUIRUJLYHQHVV7KH3URSKHW3%8+
NHSWRXUPDWWHUSHQGLQJWLOO$OODKGHFLGHGLW 7KHWKUHHZKRVHPDWWHUZDVGHIHUUHGKDYHEHHQVKRZQ
PHUF\ 7KHUHIHUHQFHKHUHLVQRWWRRXUVWD\LQJEDFNIURPWKHH[SHGLWLRQEXWWRKLVGHOD\LQJRXUPDWWHU
DQGNHHSLQJLWSHQGLQJEH\RQGWKHPDWWHURIWKRVHZKRPDGHWKHLUH[FXVHVRQRDWKZKLFKKHDFFHSWHG
>$O%XNKDULDQG0XVOLP@
$QRWKHUYHUVLRQDGGV0HVVHQJHURI$OODK3%8+VHWRXWIRU7DEXNRQ7KXUVGD\+HXVHGWRSUHIHU
WRVHWRXWRQMRXUQH\RQ7KXUVGD\$QRWKHUYHUVLRQVD\V0HVVHQJHURI$OODK3%8+XVHGWRFRPH
EDFNIURPDMRXUQH\LQWKHHDUO\IRUHQRRQDQGZHQWVWUDLJKWWRWKHPRVTXHZKHUHKHZRXOGSHUIRUP
WZR5DNCDKSUD\HU$IWHUZDUGVKHZRXOGVHDWKLPVHOIWKHUH
&RPPHQWDU\ 7KLV+DGLWKFRQWDLQVPDQ\DVSHFWVRIZDUQLQJVDQGDGYLFHVVRPHRIZKLFKDUHJLYHQ
EHORZ
$0XVOLPVKRXOGDOZD\VVSHDNWKHWUXWKHYHQLIKHKDVWRIDFHWURXEOHVDQGWXUPRLOIRULWEHFDXVHWKH
3OHDVXUHRI$OODKOLHVLQWUXWK
2QHPXVWDYRLGDWDOOFRVWVWKHDWWLWXGHRIK\SRFULWHVEHFDXVHHYHQWXDOO\RQHLVUXLQHGE\LW
,QVSLWHRIKDUGVKLSDQGVWULQJHQF\RQHPXVWWDNHSDUWLQ-LKDG
)RUWKHDGPRQLWLRQDQGH[KRUWDWLRQRIRWKHUVLWJLYHVMXVWLILFDWLRQIRUWKHHFRQRPLFER\FRWWRIHYHQ
VLQFHUH0XVOLPVZKRDGRSWZURQJPHWKRGV
-
8/7/2019 Ryad Al Salehen
12/551
2QHPXVWIDFHZLWKIRUEHDUDQFHWKHGLIILFXOWLHVZKLFKFRPHLQWKHZD\RI'HHQ
,WLVQRWSUDLVHZRUWK\WKDWRQHJLYHVLQFKDULW\DOOWKHSURSHUW\KHKDV2QHPXVWNHHSZKDWLVQHHGHG
IRUWKHODZIXOQHHGV
,WLVODZIXOWRJLYHVRPHWKLQJE\ZD\RIJLIWDQGUHZDUGWRDSHUVRQZKRFRQJUDWXODWHVLQWKHHYHQWV
RIKDSSLQHVV
7KHDELOLW\WRVHHNSDUGRQLVDJLIWIURP$OODKIRUZKLFKRQHPXVWH[SUHVVJUDWLWXGHWR+LP
$Q\SURPLVHWKDWRQHPDNHVPXVWEHNHSWHWFHWF
,PUDQELQ$O+XVDLQ$O.KX]DCL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG$ZRPDQIURPWKH
WULEH-XKDLQDKFDPHWR0HVVHQJHURI$OODK3%8+ZKLOHVKHZDVSUHJQDQWIURP=LQDDGXOWHU\DQG
VDLGWRKLP20HVVHQJHURI$OODK,KDYHFRPPLWWHGDQRIIHQVHOLDEOHWR+DGGSUHVFULEHG
SXQLVKPHQWVRH[DFWWKHH[HFXWLRQRIWKHVHQWHQFH0HVVHQJHURI$OODK3%8+FDOOHGKHUJXDUGLDQDQGVDLGWRKLP 7UHDWKHUNLQGO\%ULQJKHUWRPHDIWHUWKHGHOLYHU\RIWKHFKLOG 7KDWPDQFRPSOLHG
ZLWKWKHRUGHUV$WODVWWKH3URSKHW3%8+FRPPDQGHGWRFDUU\RXWWKHVHQWHQFH+HUFORWKHVZHUH
VHFXUHGDURXQGKHUDQGVKHZDVVWRQHGWRGHDWK7KH3URSKHW3%8+OHGKHUIXQHUDOSUD\HUVC8PDUVXEPLWWHG20HVVHQJHURI$OODK6KHFRPPLWWHG=LQDDQG\RXKDYHSHUIRUPHGIXQHUDOSUD\HUIRU
KHU"+HUHSOLHG 9HULO\VKHPDGHUHSHQWDQFHZKLFKZRXOGVXIILFHIRUVHYHQW\RIWKHSHRSOHRI$O
0DGLQDKLILWLVGLYLGHGDPRQJWKHP&DQWKHUHEHDQ\KLJKHUGHJUHHRI UHSHQWDQFHWKDQWKDWVKHVDFULILFHGKHUOLIHYROXQWDULO\WRZLQWKH3OHDVXUHRI$OODKWKH([DOWHG"
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJILYHSRLQWV
,WFRQILUPVWKHYDOLGLW\RIWKHSXQLVKPHQWRI5DMPIRUWKHDGXOWHUHUWKDWLVWRVD\WKDWKHVKRXOGEH
VWRQHGWRGHDWK
7KHPHULWRIVLQFHUHSDUGRQ
7KHGHVFULSWLRQRI IHDURI$OODKDVZHOODVRIDFFRXQWDELOLW\RQWKH'D\RI5HVXUUHFWLRQE\WKH
3URSKHWV&RPSDQLRQVDQGWKHLUSUHIHUHQFHIRUSXQLVKPHQWRIVLQVLQWKLVZRUOGUDWKHUWKDQLQWKH
+HUHDIWHU
,WLVSHUPLVVLEOHWRSHUIRUPWKHIXQHUDOSUD\HURIRQHZKRKDVEHHQJXLOW\RIPDMRUVLQVSURYLGHGKH
KDVQRWEHHQWDNLQJWKHPDVODZIXOEHFDXVHLQWKDWFDVHWKHUHLVGDQJHURIGLVEHOLHI
$SUHJQDQWZRPDQFDQQRWEHSXQLVKHGZLWK5DMPXQWLOVKHJLYHVELUWKWRWKHFKLOGDQGWKHSHULRG
VSHFLILHGIRUVXFNOLQJWKHEDE\ LVFRPSOHWHG
,EQ$EEDVDQG$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG ,IDVRQRI$GDPZHUHWRRZQDYDOOH\IXOORIJROGKHZRXOGGHVLUHWRKDYHWZR1RWKLQJFDQILOOKLVPRXWKH[FHSWWKHHDUWKRIWKHJUDYH$OODKWXUQVZLWKPHUF\WRKLPZKRWXUQVWR
+LPLQUHSHQWDQFH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKGHDOVZLWKPDQVJUHHGDQGKLVOXVWIRUPDWHULDOZHDOWK2QO\WKHSHUVRQZKRKDVDSHUIHFW)DLWKFDQVDYHKLPVHOIIURPLW
$EX +XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG $OODK
WKH([DOWHGVPLOHVDWWZRPHQRQHRIWKHPNLOOHGWKHRWKHUDQGERWKZLOOHQWHU-DQQDK7KHILUVWLV
NLOOHGE\WKHRWKHUZKLOHKHLVILJKWLQJLQWKH&DXVHRI$OODKDQGWKHUHDIWHU$OODKZLOOWXUQLQPHUF\WR
WKHVHFRQGDQGJXLGHKLPWRDFFHSW,VODPDQGWKHQKHGLHVDVD6KDKHHGPDUW\UILJKWLQJLQWKH&DXVH
RI$OODK>$O%XNKDULDQG0XVOLP@
-
8/7/2019 Ryad Al Salehen
13/551
&RPPHQWDU\ (YHQWKHJUHDWHVWVLQVLQFOXGLQJWKRVHZKLFKRQHKDVFRPPLWWHGEHIRUHHPEUDFLQJ
,VODPDUHIRUJLYHQE\UHSHQWDQFH
6PLOLQJLVDOVRRQHRIWKH$WWULEXWHVRI$OODKDOWKRXJKZHDUHXQDZDUHRIWKHQDWXUHRILW
&+$37(5
3$7,(1&($1'3(56(9(5$1&(
$OODKWKH([DOWHGVD\V
2\RXZKREHOLHYH(QGXUHDQGEHPRUHSDWLHQW
$QGFHUWDLQO\:HVKDOOWHVW\RXZLWKVRPHWKLQJRIIHDUKXQJHUORVVRIZHDOWKOLYHVDQGIUXLWV
EXWJLYHJODGWLGLQJVWR$V6DELUXQWKHSDWLHQW
2QO\WKRVHZKRDUHSDWLHQWVKDOOUHFHLYHWKHLUUHZDUGLQIXOOZLWKRXWUHFNRQLQJ
$QGYHULO\ZKRVRHYHUVKRZVSDWLHQFHDQGIRUJLYHVWKDWZRXOGWUXO\EHIURPWKHWKLQJV
UHFRPPHQGHGE\$OODK
6HHNKHOSLQSDWLHQFHDQG$V6DODWWKHSUD\HU7UXO\$OODKLVZLWK$V6DELUXQWKHSDWLHQW
$QGVXUHO\:HVKDOOWU\\RXWLOO:HWHVWWKRVHZKRVWULYHKDUGIRUWKH&DXVHRI$OODKDQG$V
6DELUXQWKHSDWLHQW
7KHUHDUHQXPHURXV9HUVHVRIWKH1REOH4XUDQLQFXOFDWLQJSDWLHQFHDQGH[WROOLQJLW
$EX0DOLN$O+DULWKELQ$VLP$O$VKCDU0D\ $OODKEHSOHDVHGZLWKKLPUHSRUWHGWKDW7KH0HVVHQJHURI$OODK3%8+VDLG :XGXLVKDOIRI6DODKWKHXWWHUDQFHRI $OKDPGXOLOODK DOO
SUDLVHEHORQJVWR$OODKILOOVWKH6FDOHVRIJRRGDFWLRQVWKHXWWHUDQFHRI6XEKDQ$OODKZD$OKDPGX
OLOODK$OODKLVIDUUHPRYHGIURPHYHU\LPSHUIHFWLRQDQGDOOSUDLVHEHORQJVWR$OODKILOOVWKHVSDFHEHWZHHQWKHKHDYHQVDQGWKHHDUWKDQG6DODWSUD\HULVOLJKWDQGFKDULW\LVWKHSURRIRI)DLWKDQG
HQGXUDQFHLVOLJKWDQGWKH4XUDQLVDSOHDLQ\RXUIDYRXU RUDJDLQVW\RX(YHU\SHUVRQGHSDUWVKH
HLWKHUUDQVRPVLWRUSXWVLWLQWRSHUGLWLRQ
>0XVOLP@
&RPPHQWDU\
3LHW\LQDOOIRUPVLVPHULWRULRXV$QG)DLWKPHDQV)DLWKLQLWVSHUIHFWIRUP6RPHSHRSOHDUHRIWKH
RSLQLRQWKDWKHUH)DLWKPHDQV6DODW3XULILFDWLRQLVHVVHQWLDOIRU6DODWDQGWKLVLVWKHUHDVRQLWLV
UHJDUGHGDVKDOIRI6DODW
([FHOOHQFHRIWKHUHPHPEUDQFHRI$OODK
,QGXFHPHQWIRUFRQFHQWUDWLRQRQ6DODWEHFDXVHLWLVDOLJKWZKLFKSURYLGHVJXLGDQFHWRD0XVOLPDW
HYHU\VWHSDQGSUHYHQWVKLPIURPREVFHQLW\DQGXQODZIXODFWLRQV
6DGDTDKVLJQLILHVD0XVOLPVVLQFHULW\DQGGHYRWLRQ
7KHSUDLVHZRUWKLQHVVRISDWLHQFH,WLVDVWURQJZHDSRQRID0XVOLPZKLFKSURYLGHVKLPZLWKVWHDGIDVWQHVV
7KH4XUDQLVDPHDQVRIVDOYDWLRQDVZHOODVGHVWUXFWLRQIRUD0XVOLP,IRQHDFWVXSRQLWVRUGHUVLWEHFRPHVDPHDQVRIKLVVDOYDWLRQLIKHVKXQVWKHPLWUXLQVKLP
-
8/7/2019 Ryad Al Salehen
14/551
2QHVKRXOGQRWOHDYHRQHVHOILGOHEXWNHHSLWEXV\ EXV\LQVRPHQREOHZRUNRWKHUZLVHLWZRXOG
WHQGWRHYLOZKLFKZLOOHYHQWXDOO\UXLQKLP
2QHVKRXOGVSHQGWKLVWUDQVLWRU\HDUWKO\OLIHLQWKHREHGLHQFHRI$OODK
$EX6DLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHGWKDW&HUWDLQSHRSOHRIWKH$QVDU
DVNHGWKH0HVVHQJHURI$OODK3%8+DQGKHJDYHWKHPWKHQWKH\DJDLQDVNHGKLPDQGKHJDYHWKHPXQWLODOOZKDWKHSRVVHVVHGZDVH[KDXVWHG7KHQWKH3URSKHW3%8+VDLG :KDWHYHUZHDOWK,KDYH,
ZLOOQRWZLWKKROGIURP\RX:KRVRHYHUZRXOGEHFKDVWHDQGPRGHVW$OODKZLOONHHSKLPFKDVWHDQG
PRGHVWDQGZKRVRHYHUZRXOGVHHNVHOIVXIILFLHQF\$OODKZLOOPDNHKLPVHOIVXIILFLHQWDQGZKRVRHYHU
ZRXOGEHSDWLHQW$OODKZLOOJLYHKLPSDWLHQFHDQGQRRQHLVJUDQWHGDJLIWEHWWHUDQGPRUH
FRPSUHKHQVLYHWKDQSDWLHQFH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ %HVLGHVGHVFULELQJJHQHURVLW\NLQGQHVVPXQLILFHQFHDQGQRELOLW\RIWKH3URSKHW
3%8+KHKDVEHHQRUGDLQHGE\$OODKWRDGRSWSDWLHQFHFRQWHQWPHQWDQGVHOIUHVSHFWDQGWRDYRLG
DQ\RQHVIDYRXU
$EX0XVOLP@
&RPPHQWDU\ $0XVOLPLVUHTXLUHGWREHKDYHLQSRYHUW\DQGSURVSHULW\DIIOXHQFHDQGKDUGVKLSLQ
WKHPDQQHUVWDWHGLQWKLV+DGLWK,WPHDQVWKDWWRIRUJHW$OODKLQSURVSHULW\ UDWKHUWKDQEHLQJWKDQNIXO
WR+LPIRU+LV)DYRXULVGHILDQFHRI+LV2UGHUV6LPLODUO\LWLVXQEHFRPLQJRID0XVOLPWKDWLQ
WURXEOHVDQGWXUPRLOUDWKHUEHLQJSDWLHQWKHWHQGVWRZHHSLQJDQGFU\LQJJURXVLQJDQGJULHYLQJ
DJDLQVWWKH:LOORI$OODK
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:KHQWKHODVWLOOQHVVRI0HVVHQJHURI$OODK
3%8+PDGHKLPXQFRQVFLRXV)DWLPDK0D\$OODKEHSOHDVHGZLWKKHUH[FODLPHG$KWKHGLVWUHVVRIP\GHDUIDWKHU+H3%8+VDLG 7KHUHZLOOEHQRGLVWUHVVIRU\RXUIDWKHUDIWHUWRGD\:KHQKH
GLHGVKHVDLG0\IDWKHU$OODKKDVFDOOHG\RXEDFNDQG\RXKDYHUHVSRQGHGWR+LV&DOO2IDWKHU
*DUGHQRI)LUGDXVLV\RXUDERGH2IDWKHU:HDQQRXQFHWR-LEULO\RXUGHDWK:KHQKHZDVEXULHGVKH
VDLG$UH\RXVDWLVILHGQRZWKDW\RXSXWHDUWKRYHUWKHJUDYHRI0HVVHQJHURI$OODK3%8+"
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWLWLVSHUPLVVLEOHWRH[SUHVVWKHWURXEOHDQGUHVWOHVVQHVVZKLFK
RQHIHHOVDWWKHWLPHRIGHDWK6LPLODUO\H[SUHVVLRQRISDLQDQG JULHILQDQDWXUDOZD\LQWKHHYHQWRI
VRPHRQHVGHDWKLVDOVRSHUPLVVLEOH7RUHPHPEHUWKHYLUWXHVRIWKHGHFHDVHGLVDOVRSHUPLWWHGEXWLWLV
WREHIUHHIURPZDLOLQJDQGPRDQLQJODPHQWDWLRQDQGFU\LQJDQGWHDULQJRIIFORWKHVHWF7KHODVW
ZRUGVRI)DWLPDK0D\$OODKEHSOHDVHGZLWKKHUDUHDOVRDZD\RIH[SUHVVLQJJULHI DQGVDGQHVVDQG
QRWDFULWLFLVPRQWKHEXULDORIWKH3URSKHW3%8+EHFDXVHVXFKFULWLFLVPLVSURKLELWHGE\6KDULCDKDQGQRRQHLVH[HPSWHGIURPLW
8VDPDKELQ=DLG0D\$OODKEHSOHDVHGZLWKWKHPQDUUDWHG7KHGDXJKWHURIWKH3URSKHW3%8+
VHQWIRUKLPDVKHUFKLOGZDVG\LQJEXWWKH3URSKHW3%8+UHWXUQHGWKHPHVVHQJHUDQGVHQWKHUJRRGZLVKHVVD\LQJ :KDWHYHU$OODKWDNHVDZD\RUJLYHVEHORQJVWR+LPDQGHYHU\WKLQJZLWK+LPKDVD
OLPLWHGIL[HGWHUPLQWKLVZRUOGDQGVRVKHVKRXOGEHSDWLHQWDQGDQWLFLSDWH$OODKVUHZDUG 6KH
DJDLQVHQWIRUKLPDGMXULQJKLPIRUWKHVDNHRI$OODKWRFRPH7KH0HVVHQJHURI$OODKDFFRPSDQLHG
ZLWK6DCGELQC8EDGDK0XCDGKELQ-DEDO8ED\\ ELQ.DCE=DLGELQ7KDELWDQGVRPHRWKHUPHQZHQW
WRVHHKHU7KHFKLOGZDVOLIWHGXSWRWKH0HVVHQJHURI$OODKZKLOHKLVEUHDWKZDVGLVWXUEHGLQKLV
FKHVW2QVHHLQJWKDWWKHH\HVRIWKH3URSKHW3%8+VWUHDPHGZLWKWHDUV6DCGVDLG20HVVHQJHURI
$OODK:KDWLVWKLV"+HUHSOLHG ,WLVFRPSDVVLRQZKLFK$OODKKDVSODFHGLQWKHKHDUWVRI+LVVODYHV
$OODKLV&RPSDVVLRQDWHRQO\WRWKRVHDPRQJ+LVVODYHVZKRDUHFRPSDVVLRQDWH WRRWKHUV
-
8/7/2019 Ryad Al Salehen
15/551
$QRWKHUYHUVLRQVD\V0HVVHQJHURI$OODK3%8+VDLG $OODKVKRZVFRPSDVVLRQRQO\WRWKRVH
DPRQJ+LVVODYHVZKRDUHFRPSDVVLRQDWH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
*DWKHULQJRIDOOWKHUHODWLYHVLVQRWQHFHVVDU\DWWKHWLPHRIVRPHRQHVGHDWK+RZHYHUWKHLU
SDUWLFLSDWLRQLQWKHIXQHUDOSUD\HULV0XVWDKDE)DUG.LID\DKDGHVLUDEOHFROOHFWLYHGXW\XSRQDOO0XVOLPVEXWZKLFKLVVXIILFLHQWRUHTXLYDOHQWWRDOOKDYLQJSHUIRUPHGLWLILWLVSHUIRUPHGE\RQO\
VRPHRIWKHP
7KHGHVLUHRIWKHUHODWLYHVWKDWDWWKHWLPHRIVRPHRQHVGHDWKVRPHSLRXVSHRSOHVKRXOGEHSUHVHQWLV
TXLWHJHQXLQHVRWKDWWKHDJRQL]LQJSURFHVVRIGHDWKLVPDGHHDV\E\WKHLUSUD\HUV
,WLVODZIXOWKDWDWUXVWZRUWK\SHUVRQLVPDGHWRWDNHDQRDWKDQGLWLVHVVHQWLDOIRUWKHWUXVWHHWRIXOILOO
LWDVLWLQFUHDVHVWKHPXWXDOWUXVWDQGORYH
7RVKHGWHDUVRQVRPHRQHVGHDWKDQGWRDGYLFHWKHUHODWLYHVRIWKHGHFHDVHGIRUSDWLHQFHDQGDFFRXQWDELOLW\DUHSHUPLVVLEOHDFWV
([SUHVVLRQRINLQGQHVVDQGORYHLVDJLIWIURP$OODKDQGPHDQVWRJDLQ+LV&RPSDVVLRQZKLOH
GHSULYDWLRQIURPLWLVFDOORXVQHVV
6XKDLE0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHGWKDWWKH0HVVHQJHURI$OODK3%8+VDLG 7KHUH
OLYHGDNLQJEHIRUH\RXDQGKHKDGDFRXUWPDJLFLDQ$VKHWKHPDJLFLDQJUHZROGKHVDLGWRWKHNLQJ
C,KDYHJURZQROGVRVHQGPHD \RXQJER\LQRUGHUWRWHDFKKLPPDJLF7KHNLQJVHQWKLPD\RXQJ
ER\WRVHUYHWKHSXUSRVH$QGRQKLVZD\WRWKHPDJLFLDQWKH\RXQJER\PHWDPRQNWRZKRPKH
OLVWHQHGWRDQGOLNHGLW,WEHFDPHKLVKDELWWKDWRQKLVZD\WRWKHPDJLFLDQKHZRXOGPHHWWKHPRQN
DQGVLWWKHUHDQGZRXOGFRPHWRWKHPDJLFLDQODWH7KHPDJLFLDQXVHGWREHDWKLPEHFDXVHRIWKLV
GHOD\+HFRPSODLQHGDERXWWKLVWRWKHPRQNZKRVDLGWRKLP:KHQ\RXIHHODIUDLGRIWKHPDJLFLDQ
VD\0HPEHUVRIP\IDPLO\GHWDLQHGPH$QGZKHQ\RXIHDU\RXUIDPLO\VD\7KHPDJLFLDQGHWDLQHG
PH,WVRKDSSHQHGWKDWWKHUHFDPHDKXJHEHDVWDQGLWEORFNHGWKHZD\RIWKHSHRSOHDQGWKH\RXQJ
ER\VDLG,ZLOONQRZWRGD\ZKHWKHUWKHPDJLFLDQRUWKHPRQNLVEHWWHU+HSLFNHGXSDVWRQHDQGVDLGC2 $OODKLIWKHZD\RIWKHPRQNLVGHDUHUWR
-
8/7/2019 Ryad Al Salehen
16/551
+HDJDLQKDQGHGKLPWRVRPHRIKLVFRXUWLHUVDQGVDLGC7DNHKLPDQGFDUU\KLPLQDERDWDQGZKHQ
\RXUHDFKWKHPLGGOHRIWKHVHDDVNKLPWRUHQRXQFHKLVUHOLJLRQ,IKHGRHVQRWUHQRXQFHKLVUHOLJLRQ
WKURZKLPLQWRWKHZDWHU6RWKH\WRRNKLPDQGKHVDLGC2$OODKVDYHPHIURPWKHP7KHERDWWXUQHGXSVLGHGRZQDQGWKH\DOOGURZQHGH[FHSWWKH\RXQJER\ZKRFDPHZDONLQJWRWKHNLQJ7KH
NLQJVDLGWRKLPC:KDWKDSSHQHGWR\RXUFRPSDQLRQV"+HVDLGC$OODKKDVVDYHGPHIURPWKHPDQG
KHVDLGWRWKHNLQJC
-
8/7/2019 Ryad Al Salehen
17/551
&RPPHQWDU\ &KLOGZLIHDQGSDUHQWVHWFDUHWKHGHDUHVWSHRSOHWRHYHU\RQH,WLVDJUHDWVLJQRI
)DLWKWRDFFHSWWKHLUGHDWKDVWKH:LOORI$OODKWREHDUWKHLUORVVZLWKSDWLHQFH:DLOLQJDQGVD\LQJ
QRQVHQVHWKLQJVVKRZZHDNQHVVRI )DLWK7KHUHZDUGRISDWLHQFHRQVXFKWUDJHGLHVLV-DQQDKZKLOHWKHUHVXOWRILPSDWLHQFHLVGLVSOHDVXUHRI$OODK
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG,DVNHGWKH0HVVHQJHURI$OODK3%8+DERXW
SHVWLOHQFHDQGKHVDLG ,WLVDSXQLVKPHQWZKLFK$OODKVHQGVXSRQZKRPVRHYHU+HZLOOVEXW$OODKKDVPDGHLWDVDPHUF\WRWKHEHOLHYHUV$Q\RQHZKRUHPDLQVLQDWRZQZKLFKLVSODJXHGZLWKSHVWLOHQFH
PDLQWDLQLQJSDWLHQFHH[SHFWLQJWKHUHZDUGIURP$OODKDQGNQRZLQJWKDWQRWKLQJZLOOEHIDOOKLPRWKHU
WKDQZKDW$OODKKDVIRUHRUGDLQHGIRUKLPKHZRXOGUHFHLYHDUHZDUGRI6KDKHHG
>$O%XNKDUL@
&RPPHQWDU\ 7RHQGXUHSDWLHQWO\LQDFLW\ZKHUHRQH UHVLGHVZKHQLWLVDIIHFWHGE\SODJXHRUVXFK
RWKHUHSLGHPLFVDQGQRWWRIOHHIURPLWHOHYDWHVD0XVOLPWRWKHOHYHORI6KDKDGDKLQWKHZD\RI$OODK
DVLVWKHFDVHLQFHUWDLQRWKHUFLUFXPVWDQFHVOLNHGHDWKE\GURZQLQJRULQPDWHUQLW\HWF7KLVRUGHULV
EDVHGRQWKHFRQVLGHUDWLRQWKDWWKHHSLGHPLFVKRXOGQRWVSUHDGWRRWKHUFLWLHV2QWKHRWKHUKDQG
UHVLGHQWVRIRWKHUFLWLHVDUHRUGHUHGWRUHIUDLQIURPYLVLWLQJWKHDIIHFWHGFLW\7KH+DGLWKFOHDUO\VKRZV
WKDWLWGRHVQRWJRDJDLQVWIDLWKLQ$OODKWRWDNHVWHSVQHFHVVDU\IRUSUHYHQWLRQDQGFXUH6LPLODUO\
SDWLHQFHLQWKHHYHQWRIVLFNQHVVLVDSURRIRIRQHVSHUIHFWIDLWKLQWKH:LOORI$OODK
$QDV0D\$OODKEHSOHDVHGZLWKKLPVDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+VD\LQJ
$OODKWKH*ORULRXVDQG([DOWHGVDLGC:KHQ,DIIOLFWP\VODYHLQKLVWZRGHDUWKLQJVLHKLVH\HV
DQGKHHQGXUHVSDWLHQWO\,VKDOOFRPSHQVDWHKLPIRUWKHPZLWK-DQQDK
>$O%XNKDUL@
&RPPHQWDU\ %OLQGQHVVLVWKHJUHDWHVWGHSULYDWLRQLQWKHZRUOGDQG$OODKJUDQWVLWVUHZDUGDFFRUGLQJ
WR+LV3OHDVXUH)RUWKLVUHDVRQSDWLHQFHLQWKLVFDVHLVKLJKO\PHULWRULRXV,WVUHZDUGLV-DQQDK
SURYLGHGWKHEOLQGLVHQRUPRXVO\ULFKLQ)DLWK
C$WDELQ$EX5DEDKUHSRUWHG,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPDVNHGKLPZKHWKHUKH
ZRXOGOLNHWKDWKHVKRXOGVKRZKLPDZRPDQZKRLVIURPWKHSHRSOH-DQQDK:KHQKHUHSOLHGWKDWKH
FHUWDLQO\ZRXOGKHVDLG7KLVEODFNZRPDQZKRFDPHWRWKH3URSKHW3%8+DQGVDLGC,VXIIHUIURPHSLOHSV\DQGGXULQJILWVP\ERG\LVH[SRVHGVRPDNHVXSSOLFDWLRQWR$OODKIRUPH+H3%8+
UHSOLHG ,I\RXZLVK\RXHQGXUHLWSDWLHQWO\DQG\RXEHUHZDUGHGZLWK-DQQDKRULI\RXZLVK,VKDOO
PDNHVXSSOLFDWLRQWR$OODKWRFXUH\RX"6KHVDLG,VKDOOHQGXUHLW7KHQVKHDGGHGC%XWP\ERG\LV
H[SRVHGVRSUD\WR$OODKWKDWLWPD\QRWKDSSHQ+H3URSKHW3%8+WKHQVXSSOLFDWHGIRUKHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :KLOHFRQWLQXLQJPHGLFDOWUHDWPHQWRQHVKRXOGQRWLJQRUHKLVSUD\HUWR$OODKEHFDXVH
ERWKKDYHLPSRUWDQFHDQGXWLOLW\RIWKHLURZQ
C$EGXOODKELQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,FDQVWLOOUHFDOODVLI,DPVHHLQJ
WKH0HVVHQJHURI$OODK3%8+UHVHPEOLQJRQHRIWKH3URSKHWVZKRVHSHRSOHVFRXUJHGKLPDQGVKHG
KLVEORRGZKLOHKHZLSHGEORRGIURPKLVIDFHKHVDLG2$OODK)RUJLYHP\SHRSOHEHFDXVHWKH\FHUWDLQO\GRQRWNQRZ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,WPHQWLRQVWKHUHILQHGFKDUDFWHUDQGFRPSDVVLRQRIWKH3URSKHWVZKLFKKDVDQLPSRUWDQWOHVVRQIRUWKRVHZKRSUHDFKULJKWHRXVQHVV7KH\VKRXOGEHDOZD\VSUHSDUHGWRIDFHKDUGVKLSV
LQYROYHGLQLQYLWLQJSHRSOHWRWKHULJKWSDWKDQGLQVWHDGRIUHWDOLDWLRQIRUJLYHWKHLUDXGLHQFHDQGSUD\
IRUWKHLUJXLGDQFH7KHVHQREOHTXDOLWLHVDUHH[WUHPHO\LPSRUWDQWIRUWKRVHZKRDUHGHYRWHGWRSUHDFK
UHOLJLRQ
$EX6DCLGDQG$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHGWKDWWKH3URSKHW3%8+
VDLG 1HYHUDEHOLHYHULVVWULFNHQZLWKDGLVFRPIRUWDQLOOQHVVDQDQ[LHW\DJULHIRUPHQWDOZRUU\RU
HYHQWKHSULFNLQJRIDWKRUQEXW$OODKZLOOH[SLDWHKLVVLQVRQDFFRXQWRIKLVSDWLHQFH
>$O%XNKDULDQG0XVOLP@
-
8/7/2019 Ryad Al Salehen
18/551
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHVSHFLDO*UDFHDQG0HUF\RI$OODKIRUWKH0XVOLPV,WUHODWHV
KRZ$OODKWXUQVWKHKDUGVKLSVDQGWURXEOHVVXIIHUHGE\D0XVOLPLQWRDPHDQVRIH[SLDWLRQIRUKLVVLQV
%XWWKLVLVRQO\SRVVLEOHLIWKHEHOLHYHUH[HUFLVHVSDWLHQFH+RZHYHULIKHVWDUWVZDLOLQJLQVWHDGRIVKRZLQJSDWLHQFHWKHQEHVLGHVXIIHULQJKDUGVKLSVKHZRXOGEHGHSULYHGRIWKHUHZDUGZKLFKOLHVLQ
EHDULQJWKHPSDWLHQWO\7KXVKHVKDOOKDYHWRWDNHWKHEXUGHQRIDGGLWLRQDOVLQVDOVR
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,YLVLWHGWKH3URSKHW3%8+ZKHQKHZDVVXIIHULQJIHYHU,VDLG$O%XNKDUL@
$QRWKHUQDUUDWLRQLV+H3%8+ KDGSODFHGKLVFORDNXQGHUKLVKHDGDQGZHKDGEHHQWRUWXUHGE\WKH
SRO\WKHLVWV
&RPPHQWDU\
'LIILFXOWLHVLQWKHSDWKRI )DLWKGRQRWFRPHLQDQ\SDUWLFXODUSHULRG3HRSOHGHYRWHGWRWKHLU'HHQKDYHSDVVHGWKURXJKWULDOVDQGWULEXODWLRQVHYHU\ZKHUHDQGLQHYHU\DJHDQG KDYHHPHUJHGSXULILHGDV
-
8/7/2019 Ryad Al Salehen
19/551
GRHVWKHJROGDIWHUSDVVLQJWKURXJKWKHIXUQDFH6RLWLVXQEHFRPLQJIRUD0XVOLPWREHGLVWXUEHGE\
KDUGVKLSV
7KHJODGWLGLQJVDERXWGRPLQDWLRQRIUHOLJLRQDQGSHDFHDQGVHFXULW\ZHUHJLYHQLQWKHHDUO\SHULRG
RI,VODPZKLFKZHUHVXEVHTXHQWO\ZLWQHVVHGE\WKHSHRSOH(YHQQRZZKHUHYHU,VODPLVSUDFWLVHGLQ
WUXHVHQVHSHDFHDQGVHFXULW\DUHGLVWLQFWLYHIHDWXUHVRIWKHV\VWHPRIWKDWFRXQWU\
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG$IWHUWKHEDWWOHRI+XQDLQ0HVVHQJHURI
$OODK3%8+IDYRXUHGVRPHSHRSOHLQWKHGLVWULEXWLRQRIVSRLOV IRUFRQVRODWLRQ+HJDYH$O$TUDC
ELQ+DELVDQGC8\DLQDKELQ+LVQDKXQGUHGFDPHOVHDFKDQGVKRZHGIDYRXUDOVRWRVRPHPRUH
KRQRXUDEOHSHUVRQVDPRQJWKH$UDEV6RPHRQHVDLG7KLVGLYLVLRQLVQRWEDVHGRQMXVWLFHDQGLWZDV
QRWLQWHQGHGWRZLQWKH3OHDVXUHRI$OODK,VDLGWRP\VHOI%\$OODK,ZLOOLQIRUP0HVVHQJHURI
$OODK3%8+RIWKLV,ZHQWWRKLPDQGLQIRUPHGKLP+LVIDFHEHFDPHUHGDQGKHVDLG:KRZLOOGR
MXVWLFHLI$OODKDQG+LV0HVVHQJHUGRQRW"7KHQKHVDLG 0D\$OODKKDYHPHUF\RQ3URSKHW0XVD
0RVHVKHZDVFDXVHGPRUHGLVWUHVVWKDQWKLVEXWKHUHPDLQHGSDWLHQW +DYLQJKHDUGWKLV,VDLGWR
P\VHOI,VKDOOQHYHUFRQYH\DQ\WKLQJRIWKLVNLQGWRKLPLQIXWXUH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKOHDGVWRWKHFRQFOXVLRQWKDWWKHOHDGHURIWKHSHRSOHRUWKHFDOLSKDKDVDULJKWLIVLWXDWLRQGHPDQGVWRJLYHWRWKHQHZ0XVOLPVDQGRWKHULQIOXHQWLDODQGUHVSHFWDEOHSHRSOHRI
WKHVRFLHW\PRUHWKDQRWKHUVIRUWKHLUVDWLVIDFWLRQDQGHQFRXUDJHPHQW7KHPDQZKRUDLVHGREMHFWLRQRQ
WKHGLVWULEXWLRQRIERRW\E\WKH3URSKHW3%8+ZDVDK\SRFULWH'HYRXW0XVOLPVFRXOGQHYHUWKLQN
WKDWWKH3URSKHW3%8+FRXOGEHXQMXVWWRDQ\RQH7KLVLQFLGHQWDOVR JRHVWRSURYHWKDWWKH3URSKHW
3%8+DOVRIHOWDVPXFKDVRWKHUVGLGWKHWKLQJVZKLFKLQIXULDWHGRUSOHDVHGRWKHUVEHFDXVHKHZDVDPDQDQGQRWDVXSHUKXPDQEHLQJ
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHGWKDW7KH0HVVHQJHURI$OODK3%8+VDLG :KHQ
$OODKLQWHQGVJRRGIRU+LVVODYH+HSXQLVKHVKLPLQWKLVZRUOGEXWZKHQ+HLQWHQGVDQHYLOIRU+LV
VODYH+HGRHVQRWKDVWHQWRWDNHKLPWRWDVNEXWFDOOVKLPWRDFFRXQWRQWKH'D\RI5HVXUUHFWLRQ
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWIRUD0XVOLPWULDOVDUHDOVRDEOHVVLQJLQWKLVZRUOGEHFDXVHKLVVLQVDUHIRUJLYHQLQSURSRUWLRQWRWKHWULDOVKHKDVWRIDFHDQGKLVUHZDUGLVLQFUHDVHGZLWKWKH:LOORI
$OODK7KXVD0XVOLPVKRXOGDOZD\VEHSDWLHQWDQGFRQWHQWHGLQWKHHYHQWRIWULDOEHFDXVHZLWKRXW
WKHVHTXDOLWLHVKHZLOOQRWKDYHWKHSULYLOHJHDVVRFLDWHGZLWKWKHP,QIDFWKLVLPSDWLHQFHZRXOG
LQFUHDVHKLVVLQVHYHQIXUWKHU
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG2QHRIWKHVRQVRI$EX7DOKDK0D\$OODKEHSOHDVHGZLWKKLPZDVDLOLQJ$EX7DOKDKZHQWRXWDQGWKHER\GLHGLQKLVDEVHQFH:KHQKHFDPH
EDFNKHLQTXLUHG+RZLVWKHER\"8PP6XODLPWKHPRWKHURIWKHER\UHSOLHG%HWWHUWKDQ
EHIRUH7KHQVKHSODFHGKLVHYHQLQJPHDOEHIRUHKLPDQGKHDWHLWDQGWKHUHDIWHUVOHSWZLWKKHU$W
ODVWVKHVDLGWRKLP$UUDQJHIRUWKHEXULDORIWKHER\,QWKHPRUQLQJ$EX7DOKDKZHQWWR
0HVVHQJHURI$OODK3%8+DQGLQIRUPHGKLPRIWKHHYHQW+HHQTXLUHG 'LG\RXVOHHSWRJHWKHUODVW
QLJKW" $EX7DOKDKUHSOLHGLQWKHDIILUPDWLYHRQZKLFKWKH3URSKHW3%8+VXSSOLFDWHG 2$OODKEOHVVWKHP7KHUHDIWHUVKHJDYHELUWKWRDER\$EX7DOKDKVDLGWRPH7DNHXSWKHER\DQGFDUU\
KLPWRWKH3URSKHW3%8+ DQGKHVHQWVRPHGDWHVZLWKKLP7KH3URSKHW3%8+HQTXLUHG ,V
WKHUHDQ\WKLQJZLWKKLP" +HVDLG$O%XNKDULDQG0XVOLP@
7KHQDUUDWLRQLQ%XNKDULDGGV,EQC8\DLQDKUHODWHVWKDWDPDQIURPWKH$QVDUWROGKLPWKDWKHKDG
VHHQQLQHVRQVRIWKLVC$EGXOODKHYHU\RQHRIZKRPKDGFRPPLWWHGWKH1REOH4XUDQWRPHPRU\
7KHQDUUDWLRQRI0XVOLPVD\V7KHVRQRI$EX7DOKDK0D\$OODKEHSOHDVHGZLWKKLPZKRZDVERUQ
RI8PP6XODLPGLHG6KH8PP6XODLPVDLGWRWKHPHPEHUVRIWKHIDPLO\'RQRWWHOO$EX7DOKDK
DERXWKLVVRQXQWLO,PHQWLRQLWWRKLPP\VHOI$EX7DOKDKFDPHKRPHDQGVKHJDYHKLPVXSSHU+HDWHDQGGUDQN6KHWKHQEHDXWLILHGKHUVHOIWKHEHVWZD\VKHHYHUGLGDQGKHVOHSWZLWKKHU:KHQVKH
-
8/7/2019 Ryad Al Salehen
20/551
-
8/7/2019 Ryad Al Salehen
21/551
YLUJLQV+XURIKLVOLNLQJ
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KHZRUGC+XULVWKHSOXUDORIC+DXUDDQH[WUHPHO\EHDXWLIXOZRPDQRIIDLU
FRPSOH[LRQ7KHZRUG (LQ LVWKHSOXUDORI $LQDZRPDQZLWKODUJHH\HV%RWKWKHZRUGVVWDQGIRU
WKHPRVWEHDXWLIXOZRPHQZKRZLOOEHDZDUGHGWR0XVOLPVLQ-DQQDK7KLV+DGLWKPHQWLRQVWKH
GLVWLQFWLRQDQGUHZDUGRIVHOIFRQWURORIDPDQZKRLQVSLWHRIEHLQJSRZHUIXODQGKDYLQJWKHPHDQVWRDYHQJHVXSSUHVVHVKLVUDJHDQGGRHVQRWH[HUFLVHKLVSRZHU
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG$PDQDVNHGWKH3URSKHW3%8+IRUDQ
DGYLFHDQGKH3%8+VDLG 'RQRWJHWDQJU\7KHPDQUHSHDWHGWKDWVHYHUDOWLPHVDQGKHUHSOLHG
'RQRWJHWDQJU\
>$O%XNKDUL@
&RPPHQWDU\
5DJHZKLFKLVGHFODUHGREMHFWLRQDEOHLVWKHRQHZKLFKFRQFHUQVZRUOGO\DIIDLUVEXWWKDWZKLFKLVIRU
$OODKDQG+LVUHOLJLRQWKDWLVWRVD\ZKLFKRFFXUVRQWKHYLRODWLRQRIWKH,QMXQFWLRQVRI$OODKLV
PHULWRULRXVDQGHVVHQWLDO
$Q\RQHZKRJHWVIXULRXVTXLFNO\VKRXOGEHDGYLVHGDJDLQDQGDJDLQWRFRQWUROKLVDQJHUVRWKDWKH
EHFRPHVFRQVFLRXVRIWKLVZHDNQHVVDQGWULHVWRRYHUFRPHLW
5DJHLVDPHDQVRIIXOILOOPHQWRIVDWDQLFDLPVVRLWLVDJUHDWHYLODQGSHRSOHDUHDGYLVHGWRPDNH
HYHU\HIIRUWWRSUHYHQWWKHPVHOYHVIURPWKLVVDWDQLFGHYLFH
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG $
0XVOLPPDOHRUIHPDOHFRQWLQXHVWRUHPDLQXQGHUWULDOLQUHVSHFWRIKLVOLIHSURSHUW\DQGRIIVSULQJ
XQWLOKHIDFHV$OODKWKH([DOWHGZLWKQRVLQUHFRUG
>$W7LUPLGKL@
&RPPHQWDU\ :HFRPHWRNQRZIURPWKLV+DGLWKWKDW0XVOLPVDUHVSHFLDOWDUJHWVRIWULDOVEXWDUHGHHPLQJIHDWXUHRIWKHVHWULDOVLVWKDW0XVOLPVVLQVDUHSDUGRQHGWKURXJKWKHPSURYLGHGWKH\UHPDLQ
ILUPLQWKHLU)DLWKDQGSDWLHQFH
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG8\DLQDKELQ+LVQFDPHWR$O0DGLQDKDQG
VWD\HGZLWKKLVQHSKHZ+XUUELQ4DLVZKRZDVDPRQJWKRVHZKRP8PDU0D\$OODKEHSOHDVHGZLWKKLPVKRZHGIDYRXUWR7KHNQRZOHGJHDEOHSHRSOH4XUUDZKHWKHUWKH\ZHUHROGRU\RXQJKDGWKH
SULYLOHJHRIMRLQLQJ8PDUVFRXQFLODQGKHXVHGWRFRQVXOWWKHP8\DLQDKVDLGWR+XUU0\QHSKHZ
WKH/HDGHURIWKH%HOLHYHUVVKRZVIDYRXUWR\RX:LOO\RXREWDLQSHUPLVVLRQIRUPHWRVLWZLWKKLP"
+XUUDVNHGC8PDUDQGKHDFFRUGHGSHUPLVVLRQ:KHQC8\DLQDKFDPHLQWRWKHSUHVHQFHRIC8PDUKH
DGGUHVVHGKLPWKXV2VRQRI.KDWWDE\RXQHLWKHUEHVWRZPXFKRQXVQRUGHDOZLWKXVMXVWO\C8PDU
0D\$OODKEHSOHDVHGZLWKKLPJRWDQJU\DQGZDVDERXWWREHDWKLPXSZKHQ+XUUVDLGCC2/HDGHURIWKH%HOLHYHUV$OODKVDLGWR +LV3URSKHW3%8+ 6KRZIRUJLYHQHVVHQMRLQZKDWLVJRRGDQGWXUQ
DZD\IURPWKHIRROLVKLHGRQWSXQLVKWKHP7KLVRQHLVIURPWKHLJQRUDQWV:KHQ+XUUUHFLWHGWKLVC8PDUEHFDPHTXLWHPRWLRQOHVVLQKLVVHDW+HDOZD\VDGKHUHGVWULFWO\WRWKH%RRNRI
$OODK
>$O%XNKDUL@
&RPPHQWDU\
,QWKLV+DGLWKWKHZRUGC4XUUDGRHVQRWVWDQGIRUWKHNLQGRIWKHC4XUUD UHFLWHUV RIWKHSUHVHQWDJH
ZKRDUHRQO\SURIHVVLRQDOLQWKHDUWRIUHFLWLQJWKH4XUDQDQGKDYHDPHORGLRXVYRLFHEXWZKDWLW
UHDOO\PHDQWZDVWKHFODVVRIVFKRODUVZKRZHUHZHOOYHUVHGLQLWVPHDQLQJVDQGLPSOLFDWLRQVDQGZKR
FRXOGWKRURXJKO\GLVWLQJXLVKEHWZHHQWKHODZIXODQGWKHXQODZIXOIDLUDQGIRXO6XFKPHQXVHGWREH
WKHFRPSDQLRQVRIWKHHDUO\QREOHFDOLSKV,WOHDGVWRWKHFRQFOXVLRQWKDWUXOHUVVKRXOGFKRRVHWKHLU
DGYLVRUVIURPUHOLJLRXVVFKRODUVDQGQRWIURPWKRVHZKRDUHJLYHQWRWKHZRUOGDQGZKRVHVROHDLPLQ
OLIHLVWRDPDVVZHDOWKUDWKHUWKDQFDUHDERXWWKHZHOIDUHRIWKHSHRSOHDQGZKRVHDGYLFHLVEDVHGRQ
VHOILVKPRWLYHVDQGYHVWHGLQWHUHVWV
-
8/7/2019 Ryad Al Salehen
22/551
6LQFHVFKRODUVKLSDQGSLRXVQHVVDUHWKHIRUHPRVWTXDOLILFDWLRQVIRUFRXQVHOORUVDQGDGYLVRUVWKHUHLV
QRUHVWULFWLRQRIDJHIRUWKHP
7KHUXOHUVKRXOGDOZD\VEHYHU\FRQVLGHUDWHDQGWROHUDQW
7KHUXOHUVKRXOGQHYHUKHVLWDWHIURPDFFHSWLQJWUXWKDQGULJKWHRXVQHVV
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG $O%XNKDULDQG0XVOLP@
&RPPHQWDU\
7KHSURSKHF\RIWKH3URSKHW3%8+FDPHWUXHZKLFKLVDPLUDFOHDVZHOODVDQHYLGHQFHRIKLV
WUXWKIXOQHVV
7KH+DXGSRQGPHQWLRQHGKHUHLV+DXG$O.DXWKDUZKLFKLVJUDQWHGWRWKH3URSKHW3%8+LQ
-DQQDKRULQWKHILHOGZKHUHSHRSOHZLOOEHDVVHPEOHGRQWKH'D\RI 5HVXUUHFWLRQ7KHUHKHZLOORIIHU
KLVIROORZHUVFXSVRISXUHGULQNZLWKKLVRZQKDQGV,WZLOOEHVXFKWKDWRQHZKRZRXOGWDNHLWZLOOQHYHUIHHOWKLUVWDJDLQ
'HPDQGIRUDQRIILFHLVQRWDSOHDVDQWTXDOLW\,WLVWKHUHIRUHSURKLELWHGWRJLYHRIILFHWRDSHUVRQ
ZKRGHPDQGVLW,WLVKRZHYHUSHUPLVVLEOHRQO\LQFDVHDSHUVRQIHHOVWKDWKHLVPRUHFRPSHWHQWWKDQ
RWKHUVDQGWKHUHLVQRRQHHOVHLQYLHZZKRLVPRUHLQWHOOLJHQWFDSDEOHDQGSLRXV
C$EGXOODKELQ$EX$XID0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK
3%8+DWRQHWLPHZKHQKHFRQIURQWHGWKHHQHP\DQGZDVZDLWLQJIRUWKHVXQWRVHWVWRRGXSDQG
VDLG 2SHRSOH'RQRWORQJIRUHQFRXQWHULQJ WKHHQHP\DQGVXSSOLFDWHWR$OODKWRJUDQW\RXVHFXULW\
%XWZKHQ\RXIDFHWKHHQHP\VKRZSDWLHQFHDQGVWHDGIDVWQHVVDQGNHHSLWLQPLQGWKDW-DQQDKOLHV
XQGHUWKHVKDGHRIWKHVZRUGV 7KHQKHLQYRNHG$OODKVD\LQJ 2$OODK5HYHDOHURIWKH%RRN
'LVSHUVHURIWKHFORXGV'HIHDWHURIWKH&RQIHGHUDWHVSXWRXUHQHP\WRURXWDQGKHOSXVLQRYHU
SRZHULQJWKHP>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
$OWKRXJKJUHDWVWUHVVKDVEHHQODLGRQIXOOSUHSDUDWLRQDQGUHDGLQHVVIRU-LKDGLWLVSURKLELWHGWR
ZLVKIRUZDUZLWKHQHP\
3DWLHQFHLVDJUHDWZHDSRQRID0XVOLP,QWKHFRQWH[WRI-LKDGLWPHDQVVWHDGIDVWQHVVIRUWLWXGHDQGIHDUOHVVQHVVRIGHDWKLQWKHEDWWOHILHOG
0XVOLPVDUHRUGDLQHGQRWWRUHO\HQWLUHO\RQZHDSRQVPDWHULDOUHVRXUFHVDQGWKHLUPLOLWDU\SURZHVV
7KH\DUHDGYLVHGWRSUD\WR$OODKIRU
&+$37(5
-
8/7/2019 Ryad Al Salehen
23/551
7587+)8/1(66
$OODKWKH([DOWHGVD\V
2\RXZKREHOLHYH%HDIUDLGRI$OODKDQGEHZLWKWKRVHZKRDUHWUXHLQZRUGVDQGGHHGV
WKHPHQDQGZRPHQZKRDUHWUXWKIXOLQWKHLUVSHHFKDQGGHHGV
WKHQLIWKH\KDGEHHQWUXHWR$OODKLWZRXOGKDYHEHHQEHWWHUIRUWKHP
$EGXOODKELQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+VDLG 7UXWK
OHDGVWRSLHW\DQGSLHW\OHDGVWR-DQQDK$PDQSHUVLVWVLQVSHDNLQJWKHWUXWKWLOOKHLVHQUROOHGZLWK$OODKDVDWUXWKIXO)DOVHKRRGOHDGVWRYLFHDQGYLFHOHDGVWRWKH)LUH+HOODQGDSHUVRQSHUVLVWVRQ
WHOOLQJOLHVXQWLOKHLVHQUROOHGDVDOLDU
>$JUHHGXSRQ@
&RPPHQWDU\ 6LGGLTYHUDFLRXVDQG.DGKGKDEOLDUERWKDUHDGMHFWLYHVRILQWHQVLYHGHJUHH7KDWLVWRVD\WKHZRUGVVWDQGUHVSHFWLYHO\IRUVRPHRQHZKRVHWUXWKKDVEHFRPH KLVVHFRQGQDWXUHDQGLQWKH
RSSRVLWHFDVHRQHLVDOLDUZKRLVLQWKHKDELWRIWHOOLQJOLHV$VRQHDFTXLUHVDUHSXWDWLRQLQWKLVZRUOG
IRUKLVJRRGRUEDGGHHGVVLPLODULVKLVSRVLWLRQEHIRUH$OODK2QHZKRLVUDQNHGDPRQJWKHWUXWKIXO
ZLWK+LPLVHQWLWOHGWRUHZDUGDQGLIRQHLVDOLDUKHKDVWRVXIIHUUHWULEXWLRQIRULW7KLV+DGLWK
SURYLGHVLQFHQWLYHIRUWUXWKIXOQHVVEHFDXVHLWLVDVRXUFHRIHYHU\JRRGGHHGDQGFRQWDLQVDZDUQLQJ
DJDLQVWO\LQJDVLWJLYHVULVHWRDOONLQGVRIPLVFKLHI
+DVDQ ELQC$OL0D\$OODKEHSOHDVHGZLWKWKHPVDLG,UHPHPEHUWKHVHZRUGVIURP0HVVHQJHU
RI$OODK3%8+ *LYHXSZKDWLVGRXEWIXOWR\RXIRUWKDWZKLFKLVQRWGRXEWIXOIRUWUXWKLVSHDFHRI
PLQGDQGIDOVHKRRGLVGRXEW
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV +DGLWKOHDGVXVWRWKHFRQFOXVLRQWKDWRQHPXVWDOZD\VDYRLGGRXEWIXOWKLQJVVRWKDWKHGRHVQRWGRDQ\WKLQJXQODZIXO7KLVPHVVDJHLVUHSHDWHGLQDQRWKHU+DGLWKZKLFKVD\VWKDWKH
ZKRKDVVDYHGKLPVHOIIURPGRXEWVKDVLQIDFWVDYHGKLV)DLWKDQGKRQRXU
$EX6XI\DQ0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHGLQFRXUVHRIKLVGHWDLOHGQDUUDWLRQDERXW
+HUDFOLXVZKHQWKHODWWHUTXHVWLRQHGKLPDERXWWKHWHDFKLQJVRIWKH3URSKHW3%8++HVDLGWKDW+H
3%8+WROGXV :RUVKLS$OODK$ORQHDQGGRQRWDVVRFLDWHDWKLQJZLWK+LPDQGJLYHXSDOOWKDW
\RXUDQFHVWRUVVDLG+HDOVRFRPPDQGVXVWRSHUIRUP6DODWSUD\HUVWRVSHDNWKHWUXWKWRREVHUYH
PRGHVW\DQGWRVWUHQJWKHQWKHWLHVRINLQVKLS
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,QWKLV+DGLWKDQHQHP\RIWKH3URSKHW3%8+DFNQRZOHGJHVWKHYHUDFLW\RIWKH
3URSKHWVWHDFKLQJEHFDXVH$EX6XI\DQ0D\$OODKEHSOHDVHGZLWKKLPPDGHWKLVDGPLVVLRQZKHQKHZDVDSDJDQ7KLV+DGLWKLVPHQWLRQHGLQGHWDLOLQ6DKLK$O%XNKDUL
$EX7KDELWIURP6DKOELQ+XQDLI0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+
VDLG +HZKRDVNV$OODKIRUPDUW\UGRP$OODKZLOOUDLVHKLPWRWKHKLJKVWDWXVRIWKHPDUW\UVHYHQLI
KHGLHVRQKLVEHG>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHPHULWDQGLPSRUWDQFHRIVLQFHUHLQWHQWLRQZKLFKLQIDFWLVVR
JUHDWWKDWE\YLUWXHRILW$OODKUDLVHVDSHUVRQVVWDWXVWRWKDWRIDPDUW\U2QWKHFRQWUDU\SHUVRQVRI
IRXOLQWHQWLRQZLOOEHFRQVLJQHGWR+HOOE\$OODKHYHQLIWKH\GLHLQ-LKDG
$EX+XUDLUDK0D\$OODKEH SOHDVHGZLWKKLPUHSRUWHGWKDWWKH0HVVHQJHURI$OODK3%8+VDLG
2QHRIWKHHDUOLHU3URSKHWVZKRZDVRXWRQDQH[SHGLWLRQSURFODLPHGDPRQJKLVSHRSOHWKDWQRPDQ
VKRXOGIROORZKLPZKRKDGPDUULHGDZRPDQZLWKZKRPKHZLVKHGWRFRKDELWEXWKDGQRW\HWGRQHVR
-
8/7/2019 Ryad Al Salehen
24/551
RUZKRKDGEXLOWKRXVHVRQZKLFKKHKDGQRW\HWSXWWKHURRIVRUZKRKDGERXJKWVKHHSRUSUHJQDQW
VKHFDPHOVDQGZDVH[SHFWLQJWKHPWRSURGXFH\RXQJ+HWKHQZHQWRQWKHH[SHGLWLRQDQG
DSSURDFKHGWKHWRZQDWWKHWLPHRIWKH$VUSUD\HURUOLWWOHEHIRUHLW+HWKHQWROGWKHVXQWKDWERWKLWDQGKHZHUHXQGHUFRPPDQGDQGSUD\HG$OODKWRKROGLWEDFNIRUWKHPVRLWZDVKHOGEDFNWLOO$OODK
JDYHKLPYLFWRU\+HFROOHFWHGWKHVSRLOVDQGLWPHDQLQJILUHFDPHWRGHYRXUWKHVHEXWGLGQRW+H
VDLGWKDWDPRQJWKHSHRSOHWKHUHZDVDPDQZKRVWROHIURPWKHERRW\+HWROGWKHPWKDWDPDQIURP
HYHU\WULEHPXVWVZHDUDOOHJLDQFHWRKLPDQGZKHQDPDQVKDQGVWXFNWRKLVKHVDLG7KHUHLVWKLHIDPRQJ\RXDQGHYHU\LQGLYLGXDORI\RXUWULEHPXVWVZHDUDOOHJLDQFHWRPH,QFRXUVHRIVZHDULQJRI
DOOHJLDQFHKDQGVRIWZRRUWKUHHSHUVRQVVWXFNWRKLVKDQG+HVDLG7KHWKLHILVDPRQJ\RX7KH\EURXJKWKLPDKHDGRIJROGOLNHDFRZVKHDGDQGZKHQKHODLGLWGRZQWKHILUHFDPHDQGGHYRXUHGWKH
VSRLOV6SRLOVZHUHQRWDOORZHGWRDQ\RQHEHIRUHXVWKHQ$OODKDOORZHGVSRLOVWRXVDV+HVDZRXU
ZHDNQHVVDQGLQFDSDFLW\DQGDOORZHGWKHPWRXV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
,QWKHRSLQLRQRI,PDP$V6X\XWLWKH3URSKHW3%8+UHIHUUHGWRLQWKLV+DGLWKZDV3URSKHW
-
8/7/2019 Ryad Al Salehen
25/551
$OODKNQRZVWKHIUDXGRIWKHH\HVDQGDOOWKDWWKHEUHDVWVFRQFHDO
8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKWKHPVDLG2QFHZHZHUHVLWWLQJLQWKHFRPSDQ\
RI0HVVHQJHURI$OODK3%8+ZKHQWKHUHDSSHDUHGDPDQGUHVVHGLQYHU\ZKLWHFORWKHVDQGKDYLQJ
H[WUDRUGLQDU\EODFNKDLU1RVLJQVRIIDWLJXHRIMRXUQH\DSSHDUHGRQKLPDQG KHZDVNQRZQWRQRQHRI
XV+HVDWGRZQIDFLQJWKH3URSKHW3%8+OHDQLQJKLVNQHHVDJDLQVWWKHNQHHVRIWKH3URSKHW3%8+
DQGSODFLQJERWKRIKLVSDOPVRYHUKLVWZRWKLJKVDQGVDLG20XKDPPDG3%8+7HOOPHDERXW,VODP+H3%8+UHSOLHG ,VODPLVWRWHVWLI\WKDWQRQHKDVWKHULJKWWREHZRUVKLSSHGEXW$OODKDQG
WKDW0XKDPPDG3%8+LVWKH0HVVHQJHURI$OODKWKDW\RXREVHUYH6DODWSUD\HUVSD\=DNDW
REVHUYH6DXPIDVWLQJRI5DPDGDQDQGSHUIRUP+DMMSLOJULPDJHRIWKH+RXVHSURYLGHG\RXKDYH
UHVRXUFHVRIPDNLQJMRXUQH\WRLW +HUHSOLHG$W7LUPLGKL@
&RPPHQWDU\ 9LUWXHREOLWHUDWHVYLFHPHDQVWKDWYLUWXHEHFRPHVDQDWRQHPHQWIRUVLQ%XWWKLVDSSOLHVWRPLQRUVLQVRQO\EHFDXVHPDMRURQHVZLOOQRWEHIRUJLYHQZLWKRXWVLQFHUHUHSHQWDQFH6LPLODULVWKH
FDVHRIHQFURDFKPHQWRQSXEOLFULJKWVZKLFKZLOOQRWEHIRUJLYHQZLWKRXWWKHLUFRPSHQVDWLRQ
,EQ$EEDV0D\$OODKEHSOHDVHGZLWKWKHPVDLG2QHGD\,ZDVULGLQJEHKLQGWKH3URSKHW
3%8+ZKHQKHVDLG 2ER\,ZLOOLQVWUXFW\RXLQVRPHPDWWHUV%HZDWFKIXORI$OODK&RPPDQGPHQWVRI$OODK+HZLOOSUHVHUYH\RX6DIHJXDUG+LV5LJKWV+HZLOOEHHYHUZLWK\RX,I
\RXEHJEHJRI+LP$ORQHDQGLI\RXQHHGDVVLVWDQFHVXSSOLFDWHWR$OODK$ORQHIRUKHOS$QG
UHPHPEHUWKDWLIDOOWKHSHRSOHJDWKHUWREHQHILW\RXWKH\ZLOOQRWEHDEOHWREHQHILW\RXH[FHSWWKDW
ZKLFK$OODKKDGIRUHRUGDLQHGIRU\RXDQGLIDOORIWKHPJDWKHUWRGRKDUPWR\RXWKH\ZLOOQRWEH
DEOHWRDIIOLFW\RXZLWKDQ\WKLQJRWKHUWKDQWKDWZKLFK$OODKKDGSUHGHVWLQHGDJDLQVW\RX7KHSHQVKDGEHHQOLIWHG DQGWKHLQNKDGGULHGXS
>$W7LUPLGKL@
$QRWKHUQDUUDWLRQLV0HVVHQJHURI$OODK3%8+VDLG 6DIHJXDUGWKH&RPPDQGPHQWVRI$OODK\RX
ZLOOILQG+LPEHIRUH\RX5HPHPEHU+LPLQSURVSHULW\DQG+HZLOOUHPHPEHU\RXLQDGYHUVLW\%HVXUHWKDWZKLFK\RXPLVVZDVQRWWRKLW\RXDQGZKDWKLWV\RXZDVQHYHUWRPLVV\RX5HPHPEHUWKDW
WKH+HOSRI$OODKLVREWDLQHGZLWKSDWLHQFHDQGUHOLHIHPHUJHVDIWHUGLVWUHVVSURVSHULW\IROORZV
DGYHUVLW\DQGKDUGVKLSLVIROORZHGE\HDVH
-
8/7/2019 Ryad Al Salehen
26/551
-
8/7/2019 Ryad Al Salehen
27/551
ZLWKERWKRI\RXUFRPSDQLRQV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWDEXQGDQFHRISURSHUW\DQGZHDOWKLVDOVRDWULDO+HDORQH
VXFFHHGVLQWKLVWULDOZKRLQWKHPLGVWRIKLVULFKHVGRHVQRWIRUJHWDERXW$OODKV6WDWXVDQGKLVRZQ
VWDWXV5DWKHUWKDQEHFRPLQJSURXGRIKLVZHDOWKKHWDNHVSOHDVXUHLQVSHQGLQJLWLQIXOILOOLQJWKHQHHGV
RISHRSOHDQGH[SUHVVHVJUDWLWXGHWR+LPLQSUDFWLFDOWHUPV7KRVHZKRWDNHDQRSSRVLWHFRXUVHDUHUHJDUGHGXQVXFFHVVIXOEHFDXVHRQDFFRXQWRIWKHLUZURQJDWWLWXGHWKH\WHQGWRIDOVHKRRGSULGHDQG
PLVHUOLQHVVZKLFKFDXVH WKHGLVSOHDVXUHRI$OODK
6KDGGDGELQ$XV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+VDLG $ZLVH
PDQLVWKHRQHZKRFDOOVKLPVHOIWRDFFRXQWDQGUHIUDLQVIURPGRLQJHYLOGHHGVDQGGRHVQREOHGHHGV
WREHQHILWKLPDIWHUGHDWKDQG WKHIRROLVKSHUVRQLVWKHRQHZKRVXEGXHVKLPVHOIWRKLVWHPSWDWLRQVDQG
GHVLUHVDQGVHHNVIURP$OODKWKHIXOILOOPHQWRIKLVYDLQGHVLUHV
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHLPSRUWDQFHRIWKHDFFRXQWDELOLW\RIRQHVVHOI0HUHGHVLUHV
ZKLFKDUHQRWFRXSOHGZLWKSUDFWLFDOHIIRUWVDUHRIQRDYDLOEHFDXVH$OODKJUDQWVUHZDUGRQJRRGGHHGV
DQGQRWRQ\HDUQLQJVDQGGHVLUHVZKLFKDUHQRWVXSSRUWHGE\QREOHDFWLRQV
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG ,WLV
IURPWKHH[FHOOHQFHRIDEHOLHYHUV,VODPWKDWKHVKRXOGVKXQWKDWZKLFKLVRIQRFRQFHUQWRKLP
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKOD\VGRZQDYHU\LPSRUWDQWSULQFLSOHWKDWRQHVKRXOGDYRLGVHQVHOHVVWDON
DQGDFWLRQV,IRQHDFWVXSRQWKLVSULQFLSOHKHFDQVDYHKLPVHOIIURPPDQ\VLQVDQGHYLOV
C8PDU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHGWKDW7KH3URSKHW3%8+VDLG 1RPDQVKDOOEH
DVNHGIRUWKHUHDVRQRI EHDWLQJKLVZLIH
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWK LVDOVRUHSRUWHGE\,EQ0DMDKDQG$KPDG6KHLNK$O$OEDQL KDV
FODVVLILHGWKLV+DGLWKDVCZHDNVLQFHLWVQDUUDWLRQLVQRWDXWKHQWLFDWHGWKHUHIRUHLWVFRQWHQWVDUHDOVRQRW
YDOLG,VODPKDVQRWJLYHQWKHKXVEDQGVDEVROXWHULJKWRYHUWKHLUZLYHVDQGWKDWWKH\ZLOOQRWEH
TXHVWLRQHGLQWKH+HUHDIWHURUWKDWWKH\VKRXOGQRWEHTXHVWLRQHGIRUWKHLUDFWLRQDQGPLVEHKDYLRXUZLWK
WKHZLYHV2QWKHFRQWUDU\,VODPKDVVWUHVVHGXSRQWKHPWREHOHQLHQWDQGWHQGHULQUHODWLRQZLWK
ZLYHVDQGWKLVPHDQVWKDWWKH\ZLOOEHWDNHQWRWDVNIRUDQ\ZURQJDQGLQMXVWLFHGRQHE\WKHPWRWKHLUZLYHV
6K$O$OEDQLLVWKHOHDGLQJDXWKRULW\LQWKHVFLHQFHRI+DGLWK
&+$37(5
3,(7DFULWHULRQWRMXGJHEHWZHHQULJKWDQG
ZURQJRU 0DNKUDMLHDZD\IRU\RXWRJHWRXWIURPHYHU\GLIILFXOW\@DQGZLOOH[SLDWHIRU
\RX\RXUVLQVDQGIRUJLYH\RXDQG$OODKLVWKH2ZQHURIWKHJUHDWERXQW\
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,WZDVDVNHG20HVVHQJHURI$OODK
:KRLVWKHPRVWKRQRXUDEOHDPRQJVWPDQNLQG"+H3%8+VDLG 7KHPRVWKRQRXUDEOHRIWKHPLV
RQHZKRLVWKHPRVWSLRXVRIWKHP7KH\VDLG:HDUHQRWDVNLQJDERXWWKLV+HVDLG 7KHQWKH
PRVWKRQRXUDEOHRIPHQZDV
-
8/7/2019 Ryad Al Salehen
29/551
&RPPHQWDU\ 7KLV+DGLWKHPSKDVL]HVWKHLPSRUWDQFHRIKDYLQJWKHIHDURI$OODK6RPXFKVRWKDWLI
VRPHERG\KDVPDGHDYRZWRFRPPLWVRPHVLQKHVKRXOGEUHDNLWDUUDQJHIRULWVH[SLDWLRQDQGNHHS
KLPVHOIDZD\IURPWKDWVLQRUDQ\RWKHUDFWWKDWFRQWUDYHQHVWKHIHDURI$OODK
$EX8PDPDK0D\$OODKEHSOHDVHGZLWKKLPVDLG,KHDUG0HVVHQJHURI$OODK3%8+GXULQJ
WKHVHUPRQRIWKH)DUHZHOO3LOJULPDJHVD\LQJ %HPLQGIXORI\RXUGXW\WR$OODKSHUIRUP\RXUILYH
GDLO\6DODWREVHUYH6DXPGXULQJWKHPRQWKRI5DPDGDQSD\WKH=DNDWRQ\RXUSURSHUWLHVDQGREH\\RXUOHDGHUVLI\RXGRVR\RXZLOOHQWHUWKH-DQQDKRI\RXU5XEE
>$W7LUPLGKL@
&RPPHQWDU\ 7KHZRUG:DGDCPHDQVWRVD\IDUHZHOO7KH)DUHZHOO3LOJULPDJHZDVWKHODVW
SLOJULPDJHWKH3URSKHW3%8+SHUIRUPHGDQGRQWKLVRFFDVLRQKHEDGHIDUHZHOOWRWKHSHRSOHDQGIRU
WKLVUHDVRQLWFDPHWREHNQRZQDV+DMMDWXO:DGDC2EHGLHQFHRI WKHUXOHUVLVVWUHVVHGEXWLWLV
FRQGLWLRQDOWKDWLVWRVD\WKH\DUHWREHREH\HGRQO\LIWKHLURUGHUVDUHQRWDJDLQVWWKHLQMXQFWLRQVRI
$OODK6LPLODUO\WKHLUREHGLHQFHLVREOLJDWRU\WLOOVXFKWLPHWKDWWKH\GRQRWGRDQ\WKLQJZKLFK
DPRXQWVWRRSHQGLVEHOLHI,IDQ\RIWKHVHWZRWKLQJVRFFXUVWKHQQRREHGLHQFHZRXOGEHGXHWRWKHP
&+$37(5
),50%(/,()$1'3(5)(&7
5(/,$1&(21$//$+
$OODKWKH([DOWHGVD\V
$QGZKHQWKHEHOLHYHUVVDZ$O$K]DEWKH&RQIHGHUDWHVWKH\VDLG7KLVLVZKDW$OODKDQG+LV
0HVVHQJHU0XKDPPDG3%8+KDGSURPLVHGXVDQG$OODKDQG+LV0HVVHQJHU0 XKDPPDG
3%8+KDGVSRNHQWKHWUXWKDQGLWRQO\DGGHGWRWKHLU)DLWKDQGWRWKHLUVXEPLVVLYHQHVVWR
$OODK
7KRVHLH EHOLHYHUVXQWRZKRPWKHSHRSOHK\SRFULWHVVDLGC9HULO\WKHSHRSOHSDJDQVKDYHJDWKHUHGDJDLQVW\RXDJUHDWDUP\WKHUHIRUHIHDUWKHP%XWLWRQO\LQFUHDVHGWKHPLQ)DLWK
DQGWKH\VDLGC$OODK$ORQHLV6XIILFLHQWIRUXVDQG+HLVWKH%HVW'LVSRVHURIDIIDLUVIRUXV
6RWKH\UHWXUQHGZLWKJUDFHDQGERXQW\IURP$OODK1RKDUPWRXFKHGWKHPDQGWKH\IROORZ HG
WKHJRRG3OHDVXUHRI$OODK$QG$OODKLVWKH2ZQHURIJUHDWERXQW\
$QGSXW\RXUWUXVW20XKDPPDG3%8+LQWKH(YHU/LYLQJ2QH:KRGLHVQRW
$QGLQ$OODK$ORQHOHWWKHEHOLHYHUVSXWWKHLUWUXVW
7KHQZKHQ\RXKDYHWDNHQDGHFLVLRQSXW\RXUWUXVWLQ$OODK
$QGZKRVRHYHUSXWVKLVWUXVWLQ$OODKWKHQ+HZLOOVXIILFHKLP
7KHEHOLHYHUVDUHRQO\WKRVHZKRZKHQ$OODKLVPHQWLRQHGIHHODIHDULQWKHLUKHDUWVDQGZKHQ
+LV9HUVHVWKLV4XUDQDUHUHFLWHGXQWRWKHPWKH\LHWKH9HUVHVLQFUHDVHWKHLU)DLWKDQG
WKH\SXWWKHLUWUXVWLQWKHLU5XEE$ORQH
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG0HVVHQJHU RI$OODK3%8+VDLG ,ZDV
VKRZQWKHSDVWQDWLRQV,VDZD3URSKHWZKRKDGDYHU\VPDOOJURXSOHVVWKDQWHQLQWRWDOZLWKKLP
DQRWKHU3URSKHWZKRZDVDFFRPSDQLHGE\RQO\RQHRUWZRPHQDQGVRPHGLGQRWKDYHHYHQRQH
6XGGHQO\,ZDVVKRZQDKXJHFURZG DQG,WKRXJKWWKDWWKH\ZHUHP\8PPDKEXW,ZDVWROG7KLVLV
0XVD0RVHVDQGKLVSHRSOHEXWORRNWRZDUGVWKHRWKHUVLGH,ORRNHGDQGEHKHOGDJUHDWDVVHPEODJH
,ZDVWROG7KHVHDUH\RXUSHRSOHDQGDPRQJVWWKHPWKHUHDUHVHYHQW\WKRXVDQGZKRVKDOO HQWHU-DQQDK
ZLWKRXWEHLQJWDNHQWRDFFRXQWRUWRUPHQW7KHQWKH3URSKHW3%8+VWRRGXSDQGZHQWLQWRKLV
DSDUWPHQWDQGWKH&RPSDQLRQVEHJDQWRJXHVVZKRPD\EHWKRVHSHRSOHZKRZRXOGHQWHU-DQQDKZLWKRXWDQ\DFFRXQWLQJRUWRUPHQW6RPHVDLG3UREDEO\WKH\DUHWKHRQHVZKRNHSWFRPSDQ\ZLWK
-
8/7/2019 Ryad Al Salehen
30/551
0HVVHQJHURI$OODK3%8+2WKHUVVDLG3UREDEO\WKH\DUHWKHRQHVZKRKDYHEHHQERUQDV
0XVOLPVDQGKDYHQHYHUDVVRFLDWHGDQ\RQHZLWK$OODKLQZRUVKLS7KHQ0HVVHQJHURI$OODK3%8+
FDPHRXWDQGDVNHG:KDWDUH\RXGLVFXVVLQJ"6RWKH\WROGKLP+HWKHQVDLG7KH\DUHWKRVHZKRGRQRWPDNH5XT\DKEORZLQJRYHUWKHPVHOYHVDIWHUUHFLWLQJWKH4XUDQRUVRPHSUD\HUVDQG
VXSSOLFDWLRQVWKH3URSKHW3%8+XVHGWRVD\QRUVHHNLWQRUSHUFHLYHRPHQVLHWKH\DUHQRW
SHVVLPLVWLFEXWNHHSWUXVWLQWKHLU5XEE$OODK2QWKLV8NDVKDKELQ0LKVDQVWRRGXSDQGDVNHG
3UD\WR$OODKWRPDNHPHRQHRIWKHP7KH3URSKHW3%8+VDLG$O%XNKDULDQG0XOVLP@
&RPPHQWDU\
7KLV+DGLWKPHQWLRQVWKHLPSRUWDQFHRIIDLWKLQ$OODKLQGXFHPHQWIRUKDYLQJWUXVWLQ+LPDQGWKH
GLVWLQFWLRQRISHRSOHZKRKDYHWKHVHTXDOLWLHV
$OWKRXJKWKHSUDFWLFHRIEORZLQJRYHUVRPHRQHDIWHUUHFLWLQJWKH4XUDQRUVXSSOLFDWLRQVRIWKH
3URSKHW3%8+DQGPHGLFDOWUHDWPHQWDUHSHUPLVVLEOHEXWWKH\ZKRDYRLGWKHPEHFDXVHRIWKHLU
H[WUHPHWUXVWLQ$OODKDQGVDYHWKHPVHOYHVIURPEDGRPHQHQMR\DGLVWLQJXLVKHG SRVLWLRQ
7KHVHFRQGLWLRQVRIYDULRXVFRPPXQLWLHVZHUHVKRZQWRWKH3URSKHW3%8+LQGUHDPVIRUWKH
GUHDPVRIWKH3URSKHWVUHIOHFWWKHWUXWKRUE\PHDQVRI5HYHODWLRQRUKHKDGZLWQHVVHGWKHPLQWKH
HYHQWRI,VUDWKH1LJKW-RXUQH\RIWKH3URSKHW3%8+
7KHIROORZHUVRIWKH3URSKHW3%8+H[FHHGWKHIROORZHUVRIRWKHU3URSKHWVLQQXPEHU
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHGWKDWWKH0HVVHQJHURI$OODK3%8+XVHG
WRVXSSOLFDWH 2$OODK7R
-
8/7/2019 Ryad Al Salehen
31/551
-DELU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,ZHQWLQDQH[SHGLWLRQDORQJZLWKWKH 3URSKHW
3%8+LQWKHGLUHFWLRQRI 1DMG:KHQ0HVVHQJHURI$OODK3%8+UHWXUQHG,DOVRUHWXUQHGZLWK
KLP7KHQWKHPLGGD\VOHHSRYHUWRRNXVLQDYDOOH\IXOORISULFNO\VKUXEV0HVVHQJHURI$OODK3%8+JRWGRZQDQGWKHSHRSOHVFDWWHUHGDURXQGVHHNLQJVKDGHXQGHUWKHWUHHV0HVVHQJHURI$OODK3%8+
KDQJXSKLVVZRUGRQWKHEUDQFKRIDWUHH:HZHUHHQMR\LQJDVOHHSZKHQ0HVVHQJHURI$OODK3%8+
FDOOHGXVDQGOR7KHUHZDVDGHVHUW$UDEEHGRXLQQHDUKLP+H3%8+VDLG 7KLVPDQEUDQGLVKHG
P\VZRUGRYHUPHZKLOH,ZDVDVOHHS,ZRNHXSDQGVDZLWLQKLVKDQGXQVKHDWKHG+HDVNHGC:KRZLOOSURWHFW\RXIURPPH",UHSOLHG$OODK WKULFH+HGLGQRWSXQLVKKLPDQGVDWGRZQ
>$O%XNKDULDQG0XVOLP@
,QDQRWKHUQDUUDWLRQ-DELU0D\$OODKEHSOHDVHGZLWKKLPVDLG:HDFFRPSDQLHG0HVVHQJHURI
$OODK3%8+LQWKHFDPSDLJQRI'KDWXU5LTDC:HOHIW0HVVHQJHURI$OODK3%8+WRWDNHUHVW
XQGHUDVKDG\WUHH2QHRIWKHSRO\WKHLVWVFDPHWRKLP7KHVZRUGRI0HVVHQJHURI$OODK3%8+ZDV
KDQJLQJRQDWUHH+HGUHZLWDQGVDLG$UH\RXDIUDLGRIPH"0HVVHQJHURI$OODK3%8+VDLG
1R 7KHQKHVDLG:KRZLOOWKHQSURWHFW\RXIURPPH"0HVVHQJHURI$OODK3%8+UHSOLHG
$OODK
$QGLQDQDUUDWLRQRI$EX%DNU$O,VPDCLOL WKHSRO\WKHLVWDVNHG:KRZLOOSURWHFW\RXIURPPH"
0HVVHQJHURI$OODK3%8+UHSOLHG $OODK $VVRRQDVKHVDLGWKLVWKHVZRUGIHOOGRZQIURPKLV
KDQGDQG0HVVHQJHURI$OODK3%8+FDWFKLQJWKHVZRUGDVNHGKLP :KRZLOOSURWHFW\RXIURPPH
+HVDLG3OHDVHIRUJLYHPH0HVVHQJHURI$OODK3%8+VDLG 2QFRQGLWLRQ\RXWHVWLI\WKDWWKHUHLV
QRQHZRUWK\RIZRUVKLSEXW$OODKDQGWKDW,DP+LV0HVVHQJHU+HVDLG1REXW,SURPLVH\RXWKDW,
VKDOOQRWILJKWDJDLQVW\RXQRUVKDOO,EHZLWKWKRVHZKRILJKWZLWK\RX7KH3URSKHW3%8+OHWKLP
JR+HWKHQZHQWEDFNWRKLVFRPSDQLRQVDQGVDLG,KDYHFRPHWR\RXIURPRQHRIWKHEHVWRIPDQNLQG
&RPPHQWDU\ %HVLGHVWKH3URSKHWVKDELWRISDUGRQLQJDQGJUDFLRXVDWWLWXGHWKLV+DGLWKPHQWLRQV
KLVXWPRVWWUXVWLQ$OODK,WWHOOVWKDWRQHZKRKDVWUXVWLQ$OODKLVKHOSHGE\+LP/DWHURQWKHEHGRXLQ
PHQWLRQHGLQWKH+DGLWKHPEUDFHG,VODP,QWKHEDWWOHRI'KDWXU5LTDCZKLFKWRRNSODFHLQWKHVL[WK\HDURIWKH+LMUDGXHWRLQWHQVHKHDWDQGODFNRIIRRWZHDUWKH&RPSDQLRQVRIWKH3URSKHW3%8+
ZUDSSHGWKHLUIHHWZLWKSLHFHVRIFORWKDQGIRUWKLVUHDVRQLWZDVFDOOHG :DURISDWFKHVRIFORWK'KDW
XU5LTDC6RPHVFKRODUVKDYHDOVRJLYHQDGLIIHUHQWUHDVRQIRUWKLVQDPH
C8PDU0D\$OODKEHSOHDVHGZLWKKLPVDLG,KHDUG0HVVHQJHURI$OODK3%8+VD\LQJ ,I\RXDOOGHSHQGRQ$OODKZLWKGXHUHOLDQFH+HZRXOGFHUWDLQO\JLYH\RXSURYLVLRQDV+HJLYHVLWWRELUGV
ZKRJRIRUWKKXQJU\LQWKHPRUQLQJDQGUHWXUQZLWKIXOOEHOO\DWGXVN
>$W7LUPLGKL@
&RPPHQWDU\ 7UXVWLQ $OODKGRHVQRWPHDQWKDWRQHVKRXOGQRWJLYHDQ\LPSRUWDQFHWRPDWHULDO
UHVRXUFHV:KDWLWUHDOO\PHDQVLVWKDWDORQJZLWKWKHLUGXHLPSRUWDQFHRQHVKRXOGKDYHIXOOWUXVWLQ
$OODK:LWKRXW+LV:LOOPDWHULDOUHVRXUFHVDUHRIQRDYDLO%XWQHYHUWKHOHVVLW LVQHFHVVDU\WRKDYH
PDWHULDOUHVRXUFHVEHFDXVHWKHLUSURFXUHPHQWLVDOVRRUGDLQHGE\+LP%LUGVGRQRWNHHSVLWWLQJLQWKHLU
QHVWVIRUIRRGEXWIO\RXWLQVHDUFKRILW
$O%DUDELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPVDLG0HVVHQJHURI$OODK3%8+ DVNHGPH
WRUHFLWHZKHQHYHU,JRWREHG$OODKXPPDDVODPWXQDIVLLODLNDZDZDMMDKWXZDMKLLODLNDZD
IDZZDGWXDPULLODLNDZDOMDWX]DKULLODLNDUDJKEDWDQZDUDKEDWDQLODLNDODPDOMDZDODPDQMDPLQND
LOODLODLND$PDQWXELNLWDELNDOODGKLDQ]DOWD ZDQDEL\\LNDOODGKLDUVDOWD2$OODK,KDYHVXEPLWWHG
P\VHOIWR
-
8/7/2019 Ryad Al Salehen
32/551
&RPPHQWDU\ ,WLVEHWWHUWRPDNH:XGXEHIRUHJRLQJWRVOHHS6LPLODUO\LWLVDOVRPHULWRULRXVWR
UHFLWHWKHLQYRFDWLRQPHQWLRQHGLQWKH+DGLWKEHIRUHRQHJRHVWREHGEHFDXVHLWLVDSUD\HUIRUWKH
UHQHZDORI,VODPDQG)DLWKDQGUHTXHVWIRUJUDQWRISHDFHDQGVHFXULW\
$EX%DNU$V6LGGLT0D\$OODKEHSOHDVHGZLWKKLPVDLG:KHQ0HVVHQJHURI$OODK3%8+DQG
,ZHUHLQWKHFDYHRI7KDXUDQG,VDZWKHIHHWRIWKHSRO\WKHLVWVZKRZHUHDERYHXVDWWKHPRXWKRIWKH
FDYHRQWKHHYHRIWKH(PLJUDWLRQ,VXEPLWWHG20HVVHQJHURI$OODK,IRQHRIWKHPZHUHWRORRNGRZQEHORZKLVIHHWKHZRXOGVHHXV+H3%8+VDLG 2$EX%DNU:KDWGR\RXWKLQNRIWZR
ZKRVHWKLUGLV$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLVLQFLGHQWRFFXUUHGZKHQWKH3URSKHW3%8+ZDVHPLJUDWLQJIURP0DNNDKWR$O
0DGLQDKZLWK$EX%DNU$V6LGGLT0D\$OODKEHSOHDVHGZLWKKLP7KHGLVEHOLHYHUVKDGDQQRXQFHGD
KXJHUHZDUGIRUWKHLUDUUHVWIRUZKLFKSHRSOHZHUHVHDUFKLQJWKHPZLOGO\,QWKHFRXUVHRIWKHLUVHDUFK
VRPHRIWKHPUHDFKHGWKHPRXWKRIWKHFDYHRI7KDXUZKHUHWKH3URSKHW3%8+DQG$EX%DNU0D\
$OODKEHSOHDVHGZLWKKLPZHUHVWD\LQJIRUUHIXJHDQGUHVW7KLV+DGLWKGHVFULEHVWKHYDORXU
IHDUOHVVQHVVDQGXQOLPLWHGFRQILGHQFHDQGWUXVWRIWKH3URSKHW3%8+LQ$OODKLWDOVRLQGLFDWHVKRZ
$OODKKHOSV+LVIDYRXULWHV6HH9HUVHRIWKH4XUDQLQWKLVUHJDUG
8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG:KHQHYHUWKH3URSKHW3%8+ VWHSSHG
RXWRIKLV KRXVHKHZRXOGVD\ %LVPLOODKWDZDNNDOWXCDODOODK$OODKXPPDLQQLDCXGKXELNDDQDGLOOD
DZXGDOODDZD]LOODDZX]DOODDZD]OLPDDZX]ODPDDZDMKDODDZ\XMKDODCDOD\\D>,JRIRUWK,
EHJLQZLWKWKH1DPHRI$OODK,WUXVWLQ$OODK2$OODK,VHHN UHIXJHLQ$EX'DZXGDQG$W7LUPLGKLUHSRUWHGLW$FFRUGLQJWR$W7LUPLGKL WKLV+DGLWKLVFODVVLILHGDV+DVDQ
6DKLK,WVZRUGLQJLVIURP$EX'DZXG@
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG :KRHYHUVD\V
XSRQOHDYLQJKLVKRXVHC%LVPLOODKWDZDNNDOWXCDODOODKZDODKDZODZDODTXZZDWDLOODELOODK>,
EHJLQZLWKWKH1DPHRI$OODK,WUXVWLQ$OODKWKHUHLVQRDOWHULQJRIFRQGLWLRQVEXWE\WKH3RZHURI
$OODK@LWZLOOEHVDLGWRKLP$EX'DZXG$W7LUPLGKLDQG$Q1DVDL@
$EX'DZXGUHSRUWHGLWZLWKWKLVDGGLWLRQ2QHGHYLOZLOOVD\WRDQRWKHU+RZFDQ\RXGHDOZLWKD
PDQZKRKDVEHHQJXLGHGGHIHQGHGDQGSURWHFWHG"
&RPPHQWDU\ 7KHSUD\HUTXRWHGLQWKLV+DGLWKVKRZVWKHLPSRUWDQFHRIFRQILGHQFHDQGWUXVWLQ$OODK
DQGUHTXHVWIRUVHFXULW\DJDLQVWWKHPLVFKLHIRI6DWDQ
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KHUHZHUHWZREURWKHUVLQWKHGD\VRIWKH3URSKHW
3%8+2QHRIWKHPXVHGWRDWWHQGWKH3URSKHWVFLUFOHWRDFTXLUHNQRZOHGJHDQGWKHRWKHUXVHGWR
HDUQWKHLUOLYLQJ2QFHWKHODWWHUFRPSODLQHGWRWKH3URSKHW3%8+DJDLQVWWKHIRUPHUIRUQRWHDUQLQJKLVOLYLQJ+H3%8+UHSOLHG 3HUKDSV\RXDUHEHLQJSURYLGHGEHFDXVHRIKLP
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKHYLGHQWO\VKRZVWKDWLWLVSHUPLVVLEOHDQGGHVLUDEOHWRGHYRWHRQHVHOIRUPDNHVRPHRQHHOVHWRGHYRWHKLPVHOIIRUUHOLJLRXVNQRZOHGJH6XFKVWXGHQWVRIUHOLJLRXVNQRZOHGJH
VKRXOGQRWEHFRQVLGHUHGDEXUGHQ6LPLODUO\RQHVKRXOGDOVRQRWLJQRUHWKRVHVWXGHQWVDQGVFKRODUV
ZKRDUHGHYRWHGWRVXFKNQRZOHGJHEHFDXVH$OODKPDNHVWKHLUKHOSDPHDQVRILQFUHDVLQJWKHGRQRUV
VRXUFHVRIVXEVLVWHQFH
&+$37(5
835,*+71(6667($')$671(66
-
8/7/2019 Ryad Al Salehen
33/551
$OODKWKH([DOWHGVD\V
6RVWDQGDVN$OODKWRPDNH\RX0XKDPPDG3%8+ILUPDQGVWUDLJKWRQWKHUHOLJLRQRI
,VODPLF0RQRWKHLVPDV\RXDUHFRPPDQGHG
9HULO\WKRVHZKRVD\C2XU5XEELV$OODK$ORQHDQGWKHQWKH\VWDQGILUPRQWKHPWKH
DQJHOVZLOOGHVFHQGDWWKHWLPHRIWKHLUGHDWKVD\LQJ)HDUQRWQRUJULHYH%XWUHFHLYHWKH
JODGWLGLQJVRI-DQQDKZKLFK\RXKDYHEHHQSURPLVHG:HKDYHEHHQ\RXUIULHQGVLQWKHOLIHRI
WKLVZRUOGDQGDUHVRLQWKH+HUHDIWHU7KHUHLQ\RXVKDOOKDYHDOOWKDW\RXULQQHUVHOYHVGHVLUH
DQGWKHUHLQ\RXVKDOOKDYHDOOIRUZKLFK\RXDVN$QHQWHUWDLQPHQWIURP$OODKWKH2IW
)RUJLYLQJ0RVW0HUFLIXO
9HULO\WKRVHZKRVD\C2XU5XEELVRQO\$OODKDQGWKHUHDIWHUVWDQGILUPDQGVWUDLJKWRQWKH
,VODPLF)DLWKRI0RQRWKHLVPRQWKHPVKDOOEHQRIHDUQRUVKDOOWKH\JULHYH6XFKVKDOOEHWKH
GZHOOHUVRI-DQQDKDELGLQJWKHUHLQIRUHYHU DUHZDUGIRUZKDWWKH\XVHGWRGR
6XI\DQELQC$EGXOODK 0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,VDLG20HVVHQJHURI$OODKWHOOPHVRPHWKLQJRI,VODPZKLFK, ZLOOQRWDVNDQ\RQHHOVHDERXWLW+H3%8+VDLG 6D\C,EHOLHYH
LQ$OODKDQGWKHQEHVWHDGIDVW>0XVOLP@
&RPPHQWDU\ 6WHDGIDVWQHVVPHDQVDGKHULQJILUPO\WRWKHLQMXQFWLRQVRI,VODPWRDFWXSRQZKDWLVRUGDLQHGDQGDYRLGZKDWLVSURKLELWHGWRSHUIRUPGXWLIXOO\RUGHUVLQUHVSHFWRIREOLJDWLRQVDQGZKDWLV
UHJDUGHGGHVLUDEOHDQGDYRLGZKDWLVXQODZIXO)DLWKLVQRWDPHUHH[SUHVVLRQRI6KDKDGDK7KHUHDO
)DLWKLVRQHZKLFKLVFRXSOHGZLWKLWVDFWXDOSUDFWLFHEHFDXVHSUDFWLFHRIUHOLJLRQLVLQIDFWWKHIUXLWRI
)DLWK$WUHHZKLFKGRHVQRWEHDUDQ\IUXLWKDVQRYDOXHVLPLODUO\IDLWKEHFRPHVPHDQLQJOHVVZLWKRXW
SUDFWLFH6WHDGIDVWQHVVLVWKHPDUNRISHUIHFW)DLWK
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG
)ROORZWKH5LJKW3DWKRI)DLWKVWULFWO\DQGEHVWHDGIDVWDQGNHHSLQPLQGWKDWQRQHRI\RXFDQ
DFKLHYHVDOYDWLRQWKURXJKKLVJRRGDFWLRQV 6RPHRQHDVNHG1RWHYHQ\RX20HVVHQJHURI$OODK"
+H3%8+VDLG 1RWHYHQPHXQOHVV$OODKJUDQWVPH+LV0HUF\DQG*UDFH>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWDOWKRXJKWKHLPSRUWDQFHRI)DLWKDQGLWVSUDFWLFHLVEH\RQGDQ\
VKDGRZRIGRXEWEHFDXVHWKLVLVWKHRQO\ZD\WRDWWDLQ+LV)DYRXUVDQG%OHVVLQJVEXWRQHVKRXOGQRW
HQWLUHO\GHSHQGXSRQSUDFWLFHRQO\EHFDXVHDQ\VKRUWFRPLQJ ZKLFKRQHGRHVQRWHYHQNQRZFDQUXLQDJRRGGHHG,WLVWKHUHIRUHHVVHQWLDOWKDWZHDOVRSUD\WKDWRXUJRRGGHHGVDUHDFFHSWHGE\$OODKDQG
WKDW+HJUDQWVXV+LV,QILQLWH0HUF\DQGVLQFHULW\EHFDXVHHYHQWKHJUHDWHVWQREOHGHHGLVLQYDOLG
ZLWKRXWLW
&+$37(5
321'(5,1*29(57+(*5($7&5($7,212)$//$+
7+(3$66,1*$:$
-
8/7/2019 Ryad Al Salehen
34/551
WKHKHDYHQVDQGWKHHDUWKVD\LQJ2XU5XEE$O%XNKDUL@
,QDQRWKHUQDUUDWLRQ0HVVHQJHURI$OODKVDLG ,KDGOHIWVRPHJROGIRU6DGDTDKLQWKHKRXVHDQG
GLGQRWZLVKWRNHHSLWRYHUQLJKW
&RPPHQWDU\$SHUVRQVKRXOGQRWNHHSVXFKDWKLQJEHFDXVHRIZKLFKKLVDWWHQWLRQLVGLYHUWHGIURP$OODK6:7
WRZDUGVWKDWWKLQJ
-
8/7/2019 Ryad Al Salehen
35/551
$OWKRXJKLWLVXQGHVLUDEOHWRMXPSRYHUWKHQHFNRISHRSOHLQRUGLQDU\FLUFXPVWDQFHVEXWLWLV
SHUPLVVLEOHZKHQVSHFLDOFRQGLWLRQVZDUUDQWLW
-DELU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG $PDQVDLGWRWKH3URSKHW3%8+GXULQJWKH
EDWWOHRI8KXG7HOOPHZKHUH,VKDOOEHLI,DPNLOOHG:KHQKH3%8+UHSOLHGWKDWKHZRXOGEHLQ
-DQQDKWKHPDQWKUHZDZD\VRPHGDWHVZKLFKKHKDGLQKLVKDQGDQGIRXJKWXQWLOKHZDVNLOOHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHSDVVLRQRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+IRU-LKDG
DQGLWVUHZDUGZKLFKLV-DQQDK,WDOVRVD\VWKDWLIDSHUVRQKHDUWLO\GHVLUHVPDUW\UGRP$OODKFHUWDLQO\
JUDQWVKLPWKLVGLVWLQFWLRQ DQGKRQRXU
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KHUHFDPHDPDQWRWKH3URSKHW3%8+DQG
VDLG20HVVHQJHURI$OODKZKLFKFKDULW\LVWKHPRVWUHZDUGDEOH"+H3%8+VDLG 7KDW\RX
VKRXOGJLYHFKDULW\LQDVWDWHZKHQ\RXDUHKHDOWK\DQGVWLQJ\DQGIHDUSRYHUW\KRSLQJWREHFRPH
ULFKFKDULW\LQVXFKDVWDWHRIKHDOWKDQGPLQGLVWKHEHVW$QG\RXPXVWQRWGHIHUFKDULW\WRVXFKD
OHQJWKWKDW\RXDUHDERXWWRGLHDQGZRXOGEHVD\LQJ7KLVLVIRUVRDQGVRDQGWKLVIRUVRDQGVR
/R,WKDVDOUHDG\FRPHLQWRWKHSRVVHVVLRQRIVRDQGVR
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ &KDULW\LQWKHUHDOVHQVHLVWKDWZKLFKDSHUVRQJLYHVZKHQKHLVKHDOWK\,IDSHUVRQ
JLYHVFKDULW\ZKHQKHLVIDFLQJGHDWKLWGRHVQRWKDYHPXFKYDOXHEHIRUH$OODK0RUHRYHULQWKDW
FRQGLWLRQKHFDQQRWJLYHPRUHWKDQRQHWKLUGRIKLVSURSHUW\LQFKDULW\EHFDXVHWKHQLWEHFRPHVWKHSURSHUW\RIKLVVXFFHVVRUVZKLFKFDQQRWEHVSHQWHYHQLQWKHZD\RI$OODK)RUWKLVUHDVRQ$OODKKDV
SUHVFULEHGDOLPLWLQWKLVUHVSHFWDFFRUGLQJWRZKLFKLIDSHUVRQJRLQJWKURXJKDPRUWDOGLVHDVHZDQWV
WRJLYHKLVSURSHUW\LQFKDULW\RUGRQDWHLWIRUVRPHFKDULWDEOHSXUSRVHKHFDQQRWVSHQGPRUHWKDQRQH
WKLUGRILWRQWKLVDFFRXQW7KLVLQMXQFWLRQLVDQLQGXFHPHQWIRUSHRSOHWRKXUU\LQGRLQJJRRGGHHGV
HVSHFLDOO\LQWKHPDWWHURIDOPVDQGFKDULW\,QIDFWKHVKRXOGGRLWZLWKRXWGHOD\
$QDV0D\$OODKEHSOHDVHGZLWKKLPVDLG0HVVHQJHURI$OODK3%8+WRRNXSDVZRUGRQWKH
GD\RIWKHEDWWOHRI8KXGDQGVDLG :KRZLOOWDNHWKLVVZRUGIURPPH" (YHU\RQHVWUHWFKHGIRUWKKLV
KDQGVD\LQJ,ZLOOWDNHLW,ZLOOWDNHLW+HWKH3URSKHW3%8+VDLG :KRZLOOWDNHLWZLWKLWVIXOOUHVSRQVLELOLW\LHWRXVHLWWRILJKW$OODKVHQHPLHVZLWKLW"7KH&RPSDQLRQV KHVLWDWHG$EX'XMDQDK
0D\$OODKEHSOHDVHGZLWKKLPVDLG,VKDOOWDNHLWDQGZLWKLWKHFUDFNHGWKHVNXOOVRIWKHSDJDQV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHFKLYDOU\DQGGLVWLQFWLRQRI$EX'XMDQDK0D\$OODKEH
SOHDVHGZLWKKLPEXWLWVKRXOGQRWEHWDNHQWRPHDQWKDWRWKHU&RPSDQLRQVRIWKH3URSKHW3%8+VKRZHGFRZDUGLFHRQWKDWRFFDVLRQ7KHODWWHUKDGLQIDFWKHVLWDWHGWRJHWWKHKRQRXUDQGUHZDUG
DWWDFKHGZLWKWKH3URSKHWVVZRUG,WLVHYLGHQWIURPWKHIDFWWKDWZKHQWKH3URSKHW 3%8+RIIHUHGLW
ZLWKRXWDQ\FRQGLWLRQHYHU\RQHVWUHWFKHGKLVKDQGWRWDNHLW
$]=XEDLUELQC$GLVDLG :HZHQWWR$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLPDQG
FRPSODLQHGWRKLPRIVXIIHULQJDWWKHKDQGVRI$O+DMMDM+HUHSOLHG6KRZHQGXUDQFHIRUQRWLPHZLOOFRPHEXWZLOOEHIROORZHGE\RQHZRUVHWKDQWKHSUHVHQWRQHWLOO\RXPHHW\RXU5XEE,KHDUG
WKLVIURP\RXU3URSKHW3%8+
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKFRQWDLQVWKHSUHGLFWLRQWKDWZLWKWKHSDVVDJHRIWLPHFRQGLWLRQVZLOO
EHFRPHIURPEDGWRZRUVHZLWKWKHUHVXOWWKDWUXOHUVZRXOGEHFRPHPRUHDQGPRUHFUXHO,QVXFK
FLUFXPVWDQFHVWKHUHPHG\VXJJHVWHGKHUHLVWKDWUDWKHUWKDQPDNLQJDQ\HIIRUWWRUHIRUPWKHUXOHUVRQH
VKRXOGWU\WRUHIRUPRQHVHOIDQGZRUU\WRPDNHRQHVRZQOLIHLQWKH+HUHDIWHUDQGHQGXUHSDWLHQWO\WKH
W\UDQQLHVSHUSHWUDWHGE\WKHUXOHUV
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG
+DVWHQWRGRJRRGGHHGVEHIRUH\RXDUHRYHUWDNHQE\RQHRIWKHVHYHQDIIOLFWLRQV7KHQJLYLQJD
ZDUQLQJKHVDLG$UH\RXZDLWLQJIRUVXFKSRYHUW\ZKLFKZLOOPDNH\RXXQPLQGIXORIGHYRWLRQRUSURVSHULW\ZKLFKZLOOPDNH\RXFRUUXSWRUGLVHDVHDVZLOOGLVDEOH\RXRUVXFKVHQLOLW\DVZLOOPDNH
-
8/7/2019 Ryad Al Salehen
36/551
\RXPHQWDOO\XQVWDEOHRUVXGGHQGHDWKRU$G'DMMDOZKRLVWKHZRUVWH[SHFWHGDEVHQWRUWKH+RXU
DQGWKH+RXUZLOOEHPRVWJULHYRXVDQGPRVWELWWHU
>$W7LUPLGKL@
&RPPHQWDU\ 7KHSXUSRVHRIWKLV+DGLWKLVWKDWEHIRUHRYHUFRPLQJRIWKHREVWUXFWLRQVRQHVKRXOGGR
RQHVEHVWWRLPSURYHKLV+HUHDIWHUE\PHDQVRIJRRGGHHGVOHVWRQHLVGHSULYHGRIJRRGGHHGVE\VRPH
REVWUXFWLRQ
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG2QWKHGD\RIWKHEDWWOHRI.KDLEDU
0HVVHQJHURI$OODK3%8+VDLG ,VKDOOKDQGRYHUWKLVEDQQHUWRRQHZKRORYHV$OODKDQG+LV
0HVVHQJHUDQG$OODKZLOOJLYHXVYLFWRU\WKURXJKKLP C8PDU0D\$OODKEHSOHDVHGZLWKKLPVDLG
,KDGQHYHUORQJHGIRUOHDGHUVKLSEXWWKDWGD\,H[SHFWHGWKDW,PLJKWEHFDOOHGIRU+RZHYHU
0HVVHQJHURI$OODK3%8+FDOOHGC$OLELQ$EX7DOLE0D\$OODKEHSOHDVHGZLWKKLPDQGKDQGHG
WKHEDQQHUWRKLPDQGVDLG *RIRUWKDQGGRQRWWXUQDURXQGWLOO$OODKEHVWRZVYLFWRU\XSRQ\RX 2Q
KHDULQJWKLVC$OLSURFHHGHGDOLWWOHDQGWKHQKDOWHGDQGZLWKRXWWXUQLQJDURXQGLQTXLUHGLQDORXG
YRLFH20HVVHQJHURI$OODKIRUZKDWVKDOO,ILJKWWKHP"+H3%8+UHSOLHG *RRQILJKWLQJWLOO
WKH\DIILUPWKDWQRQHKDVWKHULJKWWREHZRUVKLSHGEXW$OODKDQGWKDW0XKDPPDGLVWKH0HVVHQJHURI
$OODK,IWKH\DGPLWWKDWWKHLUOLYHVDQGWKHLUSURSHUWLHVZLOOEHVHFXUHGVXEMHFWWRWKHLUREOLJDWLRQV
DFFRUGLQJWR,VODPDQGWKH\ZLOOEHDQVZHUDEOHWR$OODK
>0XVOLP@
&RPPHQWDU\
7KLV+DGLWKUHIHUVWRSURPLQHQFHVSHFLDOGLVWLQFWLRQDQGJUHDWQHVVRIC$OL0D\$OODKEHSOHDVHG
ZLWKKLP
,WPHQWLRQVWKHPLUDFOHRIWKH3URSKHW3%8+LQWKHIRUPRIKLVSURSKHF\DERXWWKHFRQTXHVWRI
.KDLEDUZKLFKFDPHWUXH
,VODPLFVDQFWLRQVZRXOGEHDSSOLHGRQWKHDSSDUHQWFRQGXFWRIWKHSHRSOH7KXVDSHUVRQZKRZRXOG
DQQRXQFHKLVDFFHSWDQFH RI,VODPZLOOEHFRQVLGHUHGD0XVOLP:KDWLVKLGGHQLQKLVKHDUWZLOOEHOHIW
WR$OODK+HZLOOKRZHYHUEHSXQLVKHGZLWKUHWDOLDWLRQ4LVDVLQFDVHRIXQMXVWPXUGHUDQGH[HFXWLRQ
IRUDSRVWDV\
&+$37(5
7+(6758**/(,17+(
&$86(2)$//$+
$OODK WKH([DOWHGVD\V
$VIRUWKRVHZKRVWULYHKDUGLQ8V2XU&DXVH:HZLOOVXUHO\JXLGHWKHPWR2XUSDWKVLH
$OODKVUHOLJLRQ ,VODPLF0RQRWKHLVP$QGYHULO\$OODKLVZLWKWKH0XKVLQXQJRRGGRHUV
$QGZRUVKLS\RXU5XEEXQWLOWKHUHFRPHVXQWR\RXWKHFHUWDLQW\LHGHDWK
$QGUHPHPEHUWKH1DPHRI\RXU5XEEDQGGHYRWH\RXUVHOIWR+LPZLWKDFRPSOHWHGHYRWLRQ
6RZKRVRHYHUGRHVJRRGHTXDOWRWKHZHLJKWRIDQDWRPRUDVPDOODQWVKDOOVHHLW
$QGZKDWHYHUJRRG\RXVHQGEHIRUH\RXIRU\RXUVHOYHVLH1DZDILO QRQREOLJDWRU\DFWVRI
ZRUVKLSSUD\HUVFKDULW\IDVWLQJ+DMMDQG8PUDKHWF\RXZLOOFHUWDLQO\ILQGLWZLWK$OODK
EHWWHUDQGJUHDWHULQUHZDUG
$QGZKDWHYHU\RXVSHQGLQJRRGVXUHO\$OODKNQRZVLWZHOO
-
8/7/2019 Ryad Al Salehen
37/551
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG $OODK
WKH([DOWHGKDVVDLG,ZLOOGHFODUHZDUDJDLQVWKLPZKRVKRZVKRVWLOLW\WRDSLRXVZRUVKLSSHURI0LQH
$QGWKHPRVW EHORYHGWKLQJZLWKZKLFK0\VODYHFRPHVQHDUHUWR0HLVZKDW,KDYHHQMRLQHGXSRQKLPDQG0\VODYHNHHSVRQFRPLQJFORVHUWR0HWKURXJKSHUIRUPLQJ1DZDILOSUD\HURUGRLQJH[WUD
GHHGVEHVLGHVZKDWLVREOLJDWRU\WLOO,ORYHKLP:KHQ,ORYHKLP,EHFRPHKLVKHDULQJZLWKZKLFKKH
KHDUVKLVVHHLQJZLWKZKLFKKHVHHVKLVKDQGZLWKZKLFKKHVWULNHVDQGKLVOHJZLWKZKLFKKHZDONV
DQGLIKHDVNVVRPHWKLQJIURP0H,JLYHKLPDQGLIKHDVNV0\3URWHFWLRQUHIXJH,SURWHFWKLP>$O%XNKDUL@
&RPPHQWDU\
7KRVHZKRPDNHLQQRYDWLRQVLQUHOLJLRQDQGDVVRFLDWHSDUWQHUVZLWK$OODKVXFKDV+XOXOL ZKR
EHOLHYHLQWKHLQGZHOOLQJOLJKWLQWKHVRXORIPDQ:XMXGL ZKREHOLHYHLQWKHSK\VLFDOIRUPRI$OODK
DQGSDJDQVZKRZRUVKLSRWKHUWKDQ$OODKLQWHUSUHWWKLV+DGLWKLQVXSSRUWRIWKHLUEHOLHIVDQGWKXVVHHN
VXSSRUWRIRQHZURQJIURPDQRWKHUDOWKRXJKWKHPHDQLQJDQGLQWHUSUHWDWLRQRIWKH+DGLWKLVQRWDWDOO
ZKDWWKH\GHVFULEH7KH+DGLWKPHDQVWKDWZKHQDSHUVRQDGGVYROXQWDU\SUD\HUVWRWKHREOLJDWRU\
RQHVKHEHFRPHVDIDYRXULWHVODYHRI$OODKDQGRQDFFRXQWRILWKHUHFHLYHVVSHFLDOKHOSIURP$OODK
7KHQKHLVSURWHFWHGE\$OODKWRWKHH[WHQWWKDW+HVXSHUYLVHVHYHU\RUJDQRIKLVERG\7KXVKHLV
VDYHGIURPGLVREHGLHQFHRI$OODK+HEHDUVZKDWLVOLNHG E\$OODKVHHVZKDWLVOLNHGE\+LPKDQGOHV
ZKDWSOHDVHV+LP:KHQKHDWWDLQVWKDWORIW\SRVLWLRQRIORYHDQGREHGLHQFHRI$OODKWKHQ$OODKLQ
UHWXUQDOVRJUDQWVSUD\HUVRI+LVREHGLHQWDQGOR\DOVODYHV
$VDLQWLVQRWRQHZKRKDVDSHFXOLDUDWWLUH DQGDSSHDUDQFHRUZKRRFFXSLHVWKHVHDWRIDULJKWHRXV
DVKLVVXFFHVVRURUDSHUVRQZKRLVORVWLQPHGLWDWLRQRUDKDOIPDGRURQHZKRKDVLQYHQWHGKLVRZQ
VW\OHRIUHPHPEUDQFHDQGZRUVKLSRI$OODKEXWLWLVRQHZKRVWULFWO\IXOILOOVWKHREOLJDWLRQVLPSRVHGE\,VODPLVIRQGRIYROXQWDU\SUD\HUVDQGDGKHUHVWR'LYLQHLQMXQFWLRQVLQHYHU\ZDONRIOLIH
7KHORYHRIVXFKULJKWHRXVLVDPHDQVWRDWWDLQWKH3OHDVXUHRI$OODKDQGHQPLW\KDWUHGDQG
UHSXOVLRQZLWKWKHPLVDFDXVHRI+LVVHULRXVGLVSOHDVXUHDQGZUDWK
9ROXQWDU\SUD\HULVFHUWDLQO\DPHDQVRIDWWDLQLQJWKH3OHDVXUHRI$OODKEXWLWPXVWEHSUHFHGHGE\
WKHIXOILOOPHQWRIREOLJDWRU\SUD\HUV7KHIRUPHULVRIQRYDOXHLIWKHODWWHULVQHJOHFWHG7KHGHVLUHWR
DWWDLQQHDUQHVVRI$OODKZLWKRXWVWULFWREVHUYDQFHRIWKHREOLJDWRU\SUD\HUVLVIDOODFLRXVDQGPHDQLQJOHVV
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+VDLG$OODKVD\V :KHQD
VODYHRI0LQHGUDZVQHDUWR0HDVSDQ,GUDZQHDUWRKLPDFXELWDQGLI KHGUDZVQHDUWR0HDFXELW,
GUDZQHDUWRKLPDIDWKRP$QGLIKHFRPHVWR0HZDONLQJ,JRWRKLPUXQQLQJ
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVLQILQLWHEHQHYROHQFHJHQHURVLW\NLQGQHVVDQGUHJDUGRI$OODK
IRU+LVVODYHVZKLFKLVHYLGHQWIURPWKHUHZDUGWKDW+HJLYHVWR+LVVODYHVHYHQRQWKHLUPLQRUJRRG
GHHGV
,EQ$EEDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG 7KHUHDUHWZREOHVVLQJVLQZKLFKPDQ\SHRSOHLQFXUORVV7KH\DUHKHDOWKDQGIUHHWLPHIRUGRLQJJRRG
>$O%XNKDUL@
&RPPHQWDU\ $O*KDEQLQ$UDELFPHDQVORVV:KDWLWUHDOO\VLJQLILHVLVWRVHOOVRPHWKLQJRIRQHVRZQRQOHVV
WKDQLWVGXHSULFHRUWREX\VRPHWKLQJRQLWVGRXEOHRUWULSOHSULFH,QERWKFDVHVRQHLVDORVHU:KHQ D
SHUVRQFRPHVWRNQRZDERXWVXFKDORVVKHUHSHQWVDQGIHHOVVRUU\IRULW7KLVORVVFRXSOHGZLWKUHJUHW
LVFDOOHG$O*KDEQ,Q$KDGLWKPDQKDVEHHQFRPSDUHGZLWKWUDGHUDQGKHDOWKDQGOHLVXUHHQMR\HGE\
KLPZLWKPHUFKDQGLVH2QHZKRXVHVKLVPHUFKDQGLVHZLWKFDUHJDLQVSURILWZKLOHKHZKRZDVWHVLW
WKDWLVWRVD\XVHVLWFDUHOHVVO\ZLOOEHDORVHURQWKH'D\RI5HVXUUHFWLRQ
7KHPDMRULW\RISHRSOHGRQRWWDNHSURSHUFDUHRIERWKWKHVHWKLQJVZLWKWKHUHVXOWWKDWRQHZDVWHV
WKHWLPHLQXVHOHVVDFWLYLWLHVDQGVSHQGVWKHSK\VLFDOVWUHQJWKDQGHQHUJ\LQWKHGLVREHGLHQFHRI$OODK
-
8/7/2019 Ryad Al Salehen
38/551
2QHZLOOKDYHWRIDFHVHYHUHFRQVHTXHQFHVRILWRQWKH'D\RI5HVXUUHFWLRQZKHQKHZLOOEHEURXJKW
LQWRDFFRXQWIRUHYHU\WKLQJ
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUVDLG7KH3URSKHW3%8+ZRXOGVWDQGLQSUD\HUVR
ORQJWKDWWKHVNLQRIKLVIHHWZRXOGFUDFN,DVNHGKLP:K\GR\RXGRWKLVZKLOH\RXUSDVWDQGIXWXUH
VLQVKDYHEHHQIRUJLYHQ"+HVDLG 6KRXOG,QRWEHDJUDWHIXOVODYHRI$OODK"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
$OOWKH3URSKHWVZHUHIUHHIURPPDMRUVLQV+RZHYHUVRPHUHOLJLRXVVFKRODUVMXVWLI\VRPHRIWKHLU
PLQRUVLQVZLWKSODXVLEOHUHDVRQVEXWWKHPDMRULW\RIWKHPPDLQWDLQWKDWWKH\DUHIUHHIURPDOOVLQV
EHFDXVHRIWKHLULQQRFHQFH,QWKLVVLWXDWLRQLWGRHVQRWPDNHDQ\VHQVHWRVSHDNRIWKHLUVLQV%XWWKH
IDFWRIWKHPDWWHULVTXLWHGLIIHUHQW$Q\WKLQJVKRUWRIH[FHOOHQWGRQHE\WKHPLVFRXQWHGDVDVLQ
7KHPRUHRQHLVUHZDUGHGE\$OODKWKHJUHDWHUWKHSURSRUWLRQRIRQHVJUDWLWXGHRI$OODKIRU+LV
%HQHYROHQFHVKRXOGEH7KHEHVWIRUPRIGRLQJVRLVWKDWRQHVKRXOGQRWRQO\EHKLJKO\REHGLHQWDQG
GXWLIXOLQWKHSHUIRUPDQFHRIWKHREOLJDWLRQVEXWDOVRDGGPD[LPXPYROXQWDU\SUD\HUVWRWKHP
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUVDLG :LWKWKHVWDUWRIWKHODVWWHQGD\VRI5DPDGDQ0HVVHQJHURI$OODK3%8+ZRXOGSUD\DOOWKHQLJKWDQGZRXOGNHHSKLVIDPLO\DZDNHIRUWKHSUD\HUV
+HWLHGKLVORZHUJDUPHQWLHDYRLGHGVOHHSLQJZLWKKLVZLYHVDQGGHYRWHGKLPVHOIHQWLUHO\WRSUD\HU
DQGVXSSOLFDWLRQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2QHVKRXOGWU\WRGRPRUHJRRGGHHGVLQWKHEOHVVHGKRXUVDQGWLPHVDVZDVWKH
SUDFWLFHRIWKH3URSKHW3%8+GXULQJWKHODVWWHQGD\VRIWKHPRQWKRI5DPDGDQHYHU\\HDU
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG $
VWURQJEHOLHYHULVEHWWHUDQGGHDUHUWR$OODKWKDQDZHDNRQHDQGERWKDUHJRRG$GKHUHWRWKDWZKLFK
LVEHQHILFLDOIRU\RX.HHSDVNLQJ$OODKIRUKHOSDQGGRQRWUHIUDLQIURPLW,I\RXDUHDIIOLFWHGLQDQ\
ZD\GRQRWVD\C,I,KDGWDNHQWKLVRUWKDWVWHSLWZRXOGKDYHUHVXOWHGLQWRVXFKDQGVXFKEXWVD\
RQO\C$OODKVRGHWHUPLQHGDQGGLGDV+HZLOOHG7KHZRUGCLIRSHQVWKHJDWHVRIVDWDQLFWKRXJKWV>0XVOLP@
&RPPHQWDU\
,QWKLV+DGLWKJRRGQHVVLVDFNQRZOHGJHGLQZHDNDVZHOODVVWURQJEHFDXVHWKHUHDO)DLWKLVD
FRPPRQIHDWXUHRIERWK7KHRQHZKRLVVWURQJHULVKRZHYHUEHWWHUZLWK$OODKIRUWKHUHDVRQWKDWKHLVPRUHDFWLYHDQGHQHUJHWLFLQWKHPDWWHURIQREOHGHHGVDQGSHUIRUPDQFHRIULWXDOSUD\HUVREOLJDWRU\
DVZHOODVYROXQWDU\
7KLV+DGLWKRUGDLQVWKDWLQFDVHRIWURXEOHRQHVKRXOGH[HUFLVHSDWLHQFHDQGVKRZVXEPLVVLRQDQG
REHGLHQFHUDWKHUWKDQVD\LQJCLIVDQGCEXWVDERXWLWEHFDXVHLWSURYLGHV6DWDQZLWKDFKDQFHWRPLVOHDGWKHVXIIHUHU
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG 7KH
+HOO)LUHLVVXUURXQGHGZLWKDOONLQGVRIGHVLUHVDQGSDVVLRQVZKLOH-DQQDKLVVXUURXQGHGZLWK
DGYHUVLWLHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHZD\WR+HOOLVOLWWHUHGZLWKWKHVHHYLOV:KHQDSHUVRQFURVVHVWKHPLWLVDQ
LQGLFDWLRQWKDWKHKDVHQWHUHGLQWR+HOO2QWKHRWKHUVLGHH[LVWVDVHULHVRIJULHIVDQGFDODPLWLHV,VODPLFLQMXQFWLRQVDQGREOLJDWLRQVWKHFRPSOLDQFHZLWKZKLFKLVRIWHQLUNVRPHIRUPDQLPSHGHKLV
ZD\WR-DQQDK:KHQDSHUVRQHQGXUHVWKHPZLWKSDWLHQFHKHLQIDFWRYHUFRPHVWKRVHREVWDFOHVDQG
EHFRPHVHOLJLEOHIRU-DQQDK
+XGKDLIDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,RIIHUHG6DODW7DKDMMXG RSWLRQDOQLJKWSUD\HUZLWKWKH3URSKHW3%8+RQHQLJKWDQGKHVWDUWHGUHFLWLQJ6XUDW$O%DTDUDK,WKRXJKWWKDW
KHZRXOGERZDWWKHHQGRIRQHKXQGUHG9HUVHVEXWKHFRQWLQXHGUHFLWLQJ,WKHQWKRXJKWWKDWKH
-
8/7/2019 Ryad Al Salehen
39/551
ZRXOGSHUKDSVUHFLWHWKHZKROH6XUDKLQD5DNCDKEXWKHSURFHHGHGRQDQG,WKRXJKWKHZRXOG
SHUKDSVERZRQFRPSOHWLQJWKLV6XUDKKHWKHQVWDUWHGUHFLWLQJ6XUDW$Q1LVDKHWKHQVWDUWHG
6XUDW$OC,PUDQDQGKLVUHFLWDWLRQZDVXQKXUULHG$QGZKHQKHUHFLWHG WKH9HUVHVZKLFKUHIHUUHGWRWKH*ORU\RI$OODKKHJORULILHG+LPE\VD\LQJ6XEKDQ$OODK 0\5XEEWKH6XSUHPHLVIDUUHPRYHG
IURPHYHU\LPSHUIHFWLRQWKH*UHDWDQGZKHQKHUHFLWHGWKH9HUVHVWKDWPHQWLRQVXSSOLFDWLRQKH
VXSSOLFDWHGDQGZKHQKHUHFLWHGWKH9HUVHVWKDWPHQWLRQVHHNLQJ5HIXJHRIWKH5XEEKHVRXJKW+LV
5HIXJH7