You are on page 1of 31

:DONLQJRQ:DWHU&RVPLF)ORRUVLQ$QWLTXLW\DQGWKH0LGGOH$JHV

$XWKRU V )DELR%DUU\
5HYLHZHGZRUN V 
6RXUFH7KH$UW%XOOHWLQ9RO1R 'HF SS
3XEOLVKHGE\College Art Association
6WDEOH85/http://www.jstor.org/stable/25067354 .
$FFHVVHG
Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at .
http://www.jstor.org/page/info/about/policies/terms.jsp
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of
content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms
of scholarship. For more information about JSTOR, please contact support@jstor.org.

College Art Association is collaborating with JSTOR to digitize, preserve and extend access to The Art
Bulletin.

http://www.jstor.org

RQ:DWHU &RVPLF )ORRUV LQ


:DONLQJ
$QWLTXLW\ DQG WKH
0LGGOH $JHV
)DELR %DUU\
:KHQ +DJLD 6RSKLD WKHYDVW FDWKHGUDO RI%\]DQWLXP ZDV
FRPSOHWHG DQG GHGLFDWHG ZLWK JUHDW IDQIDUH VKRUWO\ DIWHU
&KULVWPDV  WKHHPSHURU -XVWLQLDQ FRXOG ULJKWO\VD\ DV D
ODWHU VRXUFH

WKDW KH KDG

FODLPV 

RXWGRQH

6XFK ZDV

6RORPRQ

LWVVSOHQGRU WKDW*RG $OPLJKW\PLJKW EH WHPSWHG WRGHVFHQG


DPRQJ PHQ DQG GZHOOZLWKLQ LW )LJ , 
-XVWLQLDQ
V

RQ

H[SHQGLWXUH

ZDV

WKH FKXUFK

LWZDV

IDEOHG

RI VLOYHU ZHQW


LQWR WKH VDQF
IRUW\ WKRXVDQG
SRXQGV
VFUHHQ DORQH DQG KH GLG QRW VWLQW RQ LWV FRQVWUXFWLRQ
RU
WXDU\
WKDW

VDLG

GHFRUDWLRQ
VLON

ZLWK JLOW WHVVHUDH

KDQJLQJV

SRO\FKURPH

7KH

DQG

DQG

SDWWHQV

WR DOO WKLV DUW

H[FHSWLRQ

JODULQJ

WR EH WKH


WKH ZKROH
LVWU\ VHHPHG
SRLQW ZKHUH
VXUIDFH
WKH IORRU +HUH
IDLWK PHW
WKH HDUWK
V
YHUPLFXODWHG

PRVDLFV

WHVVHOODWLRQV

,QVWHDG

FRQQHVLDQ

PDUEOH

QR

UDLQERZ

WKH IORRU

DQ\
VWULSHV ZLWK
RII EHKLQG
VFUHHQHG

RI

FRQVWUXFWLRQ

QR

WKHUH ZHUH
QR

LQWULFDWH

H[SDQVH

RI 3UR

LPEULFDWLRQV

SUHVHQWHG
WUDYHUVHG

IODJVWRQHV

VLOYHU ODPSV
DFUHV RI

IXUQLWXUH

OLWXUJLFDO

FKDOLFHV

SUHFLRXV
UHYHWPHQW

DQ

RQO\ E\ IRXU


PXOWLFRORUHG

DQG
H\HFDWFKLQJ
WKH VDQFWXDU\
EDUULHU

SDYLQJ

WKH

WR WKHLU

SDUDOOHO

7KH

FRQMXUH

VODEV ZHUH

WKDW WKHPDUEOH EORFNV KDG EHHQ

ERRN PDWFKHG PHDQLQJ


VDZQ

WR

LWVHHPHG

LPDJH

VXUIDFH

DQG

WKH XQIROGHG

VHW

SDQHOV

HGJH WRHGJH OLNHWKHIDFLQJ OHDYHVRIDQ RSHQHG ERRN )LJ


  5HFHSWLYH
V\PPHWULFDO
HYRNHG

RIWHQ

ODWHQW

LQWR WKH
LPDJHV
VXFK FRQIHFWLRQV

EXW ZKLOH

RU DQLPDO

ILJXUHV

LQ WKH PDQQHU

RI

WR
WKH\ VHHPHG
ILJXUH
,Q IDFW RYHU PRUH
WKDQ D PLOOHQQLXP

LQNEORWV

D VXEVWDQFH

UHDG

WKDW UHVXOWHG

YHLQLQJ
KXPDQ

5RUVFKDFK
V

ZDWHU

DIWHU REVHUYHU

REVHUYHU

FRXOG

VSHFWDWRUV

LQ WKLV LQVWDQFH

ZRXOG

UHSRUW

XQ

WKDW WKH FRPELQHG

GXODWLRQV RI WKHFORVHO\ILWWHGVODEV VXJJHVWHG WKDWWKHHQWLUH


IORRU ZDV

D IUR]HQ

VHD

7KH SHUGXUDELOLW\ RI WKLV WRSRV EHWUD\V QHLWKHU IODJJLQJ


IDQWDV\

QRU ZDQW

RI LQYHQWLRQ

5DWKHU

LWUHYHDOV

WKH HQGXULQJ

SURSULHW\ RIWKHH[WUDWHUUHVWULDO LPDJH WKDWWKHIDLWKIXOFRXOG


PDWWHU EHORZ
WKHLU IHHW $V ZH VKDOO VHH
VKLIWLQJ
RQ ZDWHU
ZHUH
RI WKH ZRUOG
V
UHPLQGHG
WKH\
LQ D
DQG LWV DSRFDO\SWLF
ZDWHU\ JHQHVLV
GHVWLQ\
JODFLDO
SXULW\
DQG DOVR
WR HQG *RG
V
VDW
WKURQH
WKDW IURP EHJLQQLQJ
LQWR WKH

UHDG

E\ ZDONLQJ

DERYH
LQ

WKH ZDWHUV

JOLGLQJ
WKLV FRQFHSW

GLVFORVLQJ

RYHU

D FHOHVWLDO

VHD

ZDV

WKH SHUFHLYHG

,QVWUXPHQWDO
VXEVWDQFH

RI

PDUEOH HVSHFLDOO\ WKH W\SHFDOOHG 3URFRQQHVLDQ $OWKRXJK


WKH

LPDJHOHVV

SDYLQJ

GHILQHG

QR

VSHFLILF

LWV UH

QDUUDWLYH

FHLYHGPDWHULDOLW\ PHDQLQJ ERWK WKHPDWHULDO DQG WKH VXE


VWDQFH WKDW WKHPDWHULDO UHSUHVHQWHG RU HPERGLHG  DQG LWV
IXQGDPHQWDO VLWXDWLRQ YLUWXDOO\GLFWDWHG D VSHFLILF UDQJH RI
,Q IRUPDOLVW

UHIHUHQFH
PDWHULDO
RUQDPHQW
ILJXUHG

DQDO\VHV

WKDW GR

QRW

HYDOXDWH

WKH

DQG

OLNH PDUEOH

VHUYHG

RI SDWURQV

PDJQLILFHQFH

RXW

UXOH

FRQVSLFXRXV

DV D PRWLYH

FRQVXPSWLRQ

IRU

PDUEOH IORRULQJZH VKRXOG FRQFHGH WKDWVXFK GLVSOD\ FRXOG


PXQLILFHQFH

UHSUHVHQW

RI VRYHUHLJQ

DJHQW

LQ WKH VHUYLFH

RI VRFLHW\

WKDQ DQ

UDWKHU

LQVHFXULW\

7KH 2SWLRQV

7KH VLPSOLFLW\RI WKHIORRU DW+DJLD 6RSKLD LVDOO WKHPRUH


VWULNLQJLQWKDW-XVWLQLDQ FRXOG KDYH FKRVHQ IURPDQ DUUD\RI
IRU IORRUV

SDYLQJ

RSWLRQV

IDQWDV\

IRU FHQWXULHV

LOOXVLRQV

KDG

'RPHVWLF

YHQXHV

EHHQ

ZHUH

WKH PDWHULDOV

DQG

IORRUV

KDG

RI DUWLILFH

PRVDLF

VKRZFDVHG

ORQJ

DQG

DV ULFK DV

RIWHQ

SDLQWLQJV HPEOHPDWD HQWLUHO\ LOOXVLRQLVWLFIORRUVKDG EHHQ


VLQFH

WKH IDPRXV

)ORRU RI 6RVRV

8QVZHSW

RI 3HUJDPRQ

HDUO\ VHFRQG FHQWXU\%&(  ZLWK LWVVLPXODWHG UHIXVH O\LQJ


DERYH

WKH IORRU

VXUIDFH

IORRUV

&RQYHUVHO\

VFHQHV

ZLWK

RI

VZLPPLQJ ILVKKDG LPSOLHG WKDWWKHVXUIDFHZDV RQO\DILOPRI


FOHDU ZDWHU

SDUWLFXODUO\
FDUSHWZHDYH
WR

IDFH

SDWWHUQV
D

LPSO\

(YHQ

WKH FKHFNHUHG

RI DQLFRQLF

IORRUV

DE\VV EHORZ

SOXQJLQJ

DQG

JHRPHWULF

PLJKW

RQH
V

VXU

VXEYHUW

IHHW

(DUO\ LPSHULDO FKXUFK IRXQGDWLRQV LQ WKH:HVW OLNH6W


RU 6W 3HWHU
V

LQ /DWHUDQ

-RKQ

VFKHPHV
SDYLQJ
RU
EDVLOLFDV
SDODFH

VHHP

WR KDYH

ERUURZHG

DV DZKROH
W\SH

OLNH WKHLU

WKHLU

IURP FLYLF

EXLOGLQJ
ZHUH
,Q 5RPH
LQ IDFW
SDWWHUQV
JHRPHWULF
HYHQ
D
WKH DOPRVW
LQYLRODEOH
WKHQ
UXOH WKRXJK
HPSOR\LQJ
WKH FKRLFHVW PDUEOHV
Z
DV
HDVWHUQ
RI
,Q
WKH
LW
SDOHWWH
HPSLUH
DUH IRXQG
DQRWKHU
ULFK IORRU PRVDLFV
LQ WKH
VWRU\ ([WUHPHO\
FKXUFKHV

IRXUWKFHQWXU\
DERXQGLQJ
DQG VHD

RI 3DOHVWLQH

LQ

SHUVRQLILHG
D
'HVSLWH
JUDGXDO

VHDVRQV

DQG

-RUGDQ

WKH FUHDWXUHV

DQG

GULIW WRZDUG

6\ULD

RI HDUWK
DQLFRQLVP

SXULWDQLFDO

LQFKXUFKIORRUVIURPWKHPLGIRXUWK FHQWXU\WRWKHHDUO\ILIWK
FHQWXU\

WKH

PHDVXUHG

WUDGLWLRQ
RI QDWXUH
GLYHUJHQW
LQ WKH ILIWK DQG
VL[WK

LPDJHU\

UHYLYDO

WKHUH HYHQ
-XVWLQLDQ
VDQFH RI WKH PHGLXP

VHHPV
DQG

WR KDYH

EHHQ

WKH ZKROH

8QGHU

D IXOOEORZQ

GHFRUDWLYH

D

HQMR\HG

FHQWXULHV

UHQDLV

UHSHUWRLUH

WKDWKDG EHHQ LQKHULWHG IURP DQWLTXLW\ZKHWKHU WKHIORRUV


ZHUH

RU KLV RZQ

ODLG LQ FKXUFKHV

SDODFH

,Q WKLV FRQWH[W

WKH

XQDGRUQHG IORRU RI+DJLD 6RSKLD SXUSRVHIXOO\ UHQRXQFHV


ERWK
EOH

ILJXUDWLRQ
D

RIIHUHG

DQG PDWHULDO

YDULHW\

VKLPPHU

JUHDWHU

7KH

WKDQ ZRXOG

ODUJH

VODEV RI PDU

DQ\ PRVDLF

SDW

ZKHQ FRPELQHG ZLWKXQGXODWLQJ YHLQLQJ


WHUQD VKLPPHUWKDW
LPPHGLDWHO\

HYRNHG

D IUR]HQ

VHD

RU HPERGLPHQW
RU WKDW FRQVLGHU
RI D
LPDJH
EXLOGLQJ
D VXEWUDFWLYH
WR VWUXFWXUH
WKH XQ
DGGHQGXP

IORRU

UHPDLQV

D EODQN

VODWH RQ ZKLFK

WKH SODQ

LV

VLPSO\ LQVFULEHG $ GLIIHUHQW DSSURDFK WDNHQ KHUH LV WR

SXUVXH

PDWHULDOV

FRVWO\

SUHVWLJH

WKH

DYRLGLQJ

ZH GR
GHWHUPLQHG WRGLVSOD\ WKHLUZHDOWK DQG SRZHU (YHQ LI
QRW

NQRZQ

<HW YLVLWRUVWR+DJLD 6RSKLD ZHUH QR OHVV LPSUHVVHG E\ WKH


QDYH IORRU DQG

WKDW

WKH

SDUDGH

WR WKH PDWHULDO

LQWULQVLF

DVVXPSWLRQ

WR

RQO\

WKH

JUHHQ

DVVRFLDWLRQV

PRJRQLF
FRPPRQ

WKH

DUFKDHRORJ\

RI

SKLORORJLFDO

JHRORJLF

DQG

FRV

)ORRUV

:KHQ

DV 6HDV

(DVW

DQG :HVW

WKH LPSHULDOPDUVKDO 3DXO WKH 6LOHQWLDU\ UHFLWHG KLV


IDPRXV HNSKUDVLVRQ WKH VSRW LQ+DJLD 6RSKLD LQ  KH



$57 %8//(7,1

'(&(0%(5

 92/80(

/;;;,;

180%(5



+DJLD
,VWDQEXO YLHZ RI WKH
6RSKLD
QDYH IURP WKH ZHVW
JDOOHU\ SKRWR

JUDSKSURYLGHG E\&RUELV 

WKH VROHD DQG

FRPSDUHG

DPER

WKH ZDOOHGLQ

SURFHVVLRQDO

ZD\

DQG SXOSLW WKDWSXVKHG RXW LQWR WKH QDYH )LJ   WR D


ZDYHODVKHG

LVWKPXV

WUDYHUVLQJ

WKH FKXUFK

LQ D VWRUP\ VHD DQG YHQWXUHG


IRXQG D VDIH KDUERU
RQO\

WKDW WKRVH
LQ WKH OLWXU

JLFDO GHVWLQDWLRQ RI WKHVDQFWXDU\ VHH$SS  7KLV QDXWLFDO


PRWLI

UHFXUV

ORULF DFFRXQW

LQ WKH

'LHJHVLV

RU 1DUUDWLR

D

QLQWKFHQWXU\

RI WKH

ZKLFK

IRON
FRP

FRQVWUXFWLRQ
+DJLD
6RSKLD
V
DV OLNH WKH VHD RU WKH
ZDWHUV RI
PHQGV
WKH SDYHPHQW
IORZLQJ
D ULYHU DQG WKH
RI0LFKDHO
WKH
'HDFRQ
FD 
HNSKUDVLV
  PRUH

H[WUDYDJDQWO\

UHWXUQV

WR WKH WKHPH

RI D VHD GRWWHG

ZLWK LVODQGV RQH RIZKLFK LV WKH DPER VHH $SS   7KH
1DUUDWLR
RI

DOVR

SDUDGLVH

GHVFULEHV
PHDQLQJ

WKH SDYLQJ
WKH EDQGV

DV WUDYHUVHG
RI 7KHVVDOLDQ

WKH ULYHUV
E\
PDUEOH
YHUGH

WKDW

DQWLF" 

WKH QDYH

FRPSDUWPHQWDOL]H

7KLV

SDUDOOHO

WUDGL

WLRQZDV GLVVHPLQDWHG DVIDUDV(QJODQG DQG5XVVLD DOWKRXJK

LW SURYHG
(YHQ 0HKPHW
WKH
VKRUWHUOLYHG 
FRPSDUDWLYHO\
RQ WKH
IDOO 0D\ 
GD\ RI &RQVWDQWLQRSOH
V
&RQTXHURU
VR DGPLUHG
WKLV VHD LQ D VWRUP WKDW KH WRRN D VZRUG
 
WR D GLVREHGLHQW

&DIHU "HOHEL
V
DOVR

 
2WWRPDQ

SRHWV

%RQVLJQRUL
VHUYDWLRQ
EHIRUH
PDWV

VROLGHU

H[WROOHG

SULVH

LWVPDUEOH

DIWHU KLP
ZDV
KH

D VODE IURP

WKH IORRU

ZKLOH

ZDYHV

DV ZRXOG

WKH )ORUHQWLQH

WKH ODVW:HVWHUQHU

VHYHUDO

%HUQDUGR

WR

WKH RE
UHSHDW
WR ZDWHUHG
VLON

WKH VXUIDFH
FRPSDUHG
ZDV
XQGHU 0XVOLP
SUD\HU
VXEPHUJHG
VDW
WKDW +DJLD
WKH HUURQHRXV
WUDGLWLRQ
6RSKLD

WKH SDYHPHQW
3HUKDSV

WR

VOLJKWO\ODWHUHQFRPLXP RI WKHVDPH EXLOGLQJ

 
ZKHQ

WU\LQJ

&260,&

 +DJLD
DPER

 +DJLD

QDYH

6RSKLD

3URFRQQHVLDQ

SDYLQJ

RYHU

YDVW

DURVH

FLVWHUQV

WLRQ

RU

FKXUFK

ZDV IORRGHG

WKH

IURP

WKH

VDPH

FKHULVKHG

UHSRUWHG
WKH UHFRQVWUXFWLRQ
GXULQJ

VHFWLRQDO

D[RQRPHWULF

IURP 0DLQVWRQH



WKH VROHD DQG

VKRZLQJ

+DJLD

$*(6

6RSKLD 

SHUFHS

LQ WKH 1DUUDWLR

WUDGLWLRQ

6RSKLD

DGDSWHG

$1' 7+( 0,''/(

,1 $17,48,7<

GHWDLO

PDUEOH

SKRWRJUDSKE\ WKHDXWKRU 

)/2256

WKDW

WKH

RI WKH GRPH

LQ



:LWKLQ &RQVWDQWLQRSOH
FKXUFK

WKDW FRQWDLQHG

WKH HPSHURUV
SOLQJ
VHUYHG

KDG

LQIOXHQFH

WKH$SRVWROHLRQ

RI WKHVH -XVWLQLDQLF

LQ WKH
SRROV

IORRUV

FDQ

ILOO

WKDW QRVWDOJLFDOO\

WKH

FD  

UHOLFV RI WKH $SRVWOHV


DQG
DQ DOPRVW
LGHQWLFDO
IORRU

WKH WRPEV RI


DQG

WKH

ULS
RE

VWLOO EH

ODWHU %\]DQWLQH

FKXUFKHV OLNHWKH&KRUD .DUL\H&DPLL FD  )LJ  


DQG

WKH

3DUHNNOHVLRQ
FD

RI

WKH 7KHRWRNRV
7KH

3DPPDNDULVWRV

VDPH PD\

KDYH KHOG IRU


)HWKL\H
WKH
LQ &RQVWDQWL
DOVR
3DQWDQDVVH
FKXUFK
HOHYHQWKFHQWXU\
EXW QRZ
7KHUH ZHUH
RWKHUV EXW
QRSOH
SUREDEO\
GHVWUR\HG
FKXUFK
WKDW VKDUHV ZLWK
WRGD\ WKH RQO\ VXUYLYLQJ %\]DQWLQH
&DPLL

 

+DJLD 6RSKLD WKHGLVWLQFWLRQ RI D IORRU HQWLUHO\ IDVKLRQHG


IURP

LV WKH
LQ
$FKHLURSRLHWRV
D
RQH
EXW
VWUXFWXUH
 
)LJ
PLGILIWKFHQWXU\

3URFRQQHVLDQ

7KHVVDORQLNL
ZKRVH

SDYLQJ

PLJKW

QDYHV

DQG

QLTXHV

+LJKO\
RI WKH

$TXLOHLD

FURVVLQJV

IURP
KDG

GHVFULSWLYH

WKH PLGVHYHQWK

FKXUFKHV

VHD

VFHQHV

HDUO\IRXUWKFHQWXU\

WRILOO WKH

YDULHW\
IHDWXUHG

RI WHFK

LQ D
KDG

GRXEOH

 

DERXW

LQ D

SHUVLVWHG
DW 3LDFHQ]D

EDVLOLFD

LQ WKH

RI QHDUE\

]LJ]DJ

VHD

DV LQ WKH


FU\SW IORRU RI 6 6DYLQR
ZKHUH

]RGLDFDO

SRSXODWHG
E\ OHDSLQJ
ZDYHV DOVR
)LJ   0RVDLF
SRRO

&KXUFK

URXQGHOV

ERE

DQG

HOHYHQWK
DQG

HDU"D

WZHOIWKFHQWXU\
H 'RQDWR
66 0DULD

LQ WKH IORRUV

RI

9HQHWLDQ

FKXUFKHV

RQ 0XUDQR

OLNH 6 =DF



)LJ

 

DOEHLW LQWKHJXLVH RI LQWHUOLQNHG FUHVFHQWVKDSHG VKLHOGV RU


7KLV SDUWLFXODU
WKH VHDW RI WKH9HQHWLDQ

FRQYHQWLRQ

WKH

ODWH

VL[WK

UDQNV RI
IDFLQJ
PDUEOHV
HIIHFW
ULDQ

ILUVW DUULYHG

LQ*UDGR

DV ODWH DV  

SDWULDUFKDWH
LQ WKH QDYH RI 6
FHQWXU\
(XSKHPLD
VWUHDP WRZDUG WKH DOWDU
ZLQJWLSWRZLQJWLS

SHOWDH
LQ DOWHUQDWH

FRQFHDOLQJ
VR LPPHGLDWH

GLUHFWLRQV

)LJ   2YHUDOO

LQ

 
EXW

WKHVH

SDLQWHG
LQWR D
WKH VTXDOLG
HDUWK PHUJH
ULSSOH
LQ LWV HYRFDWLRQ
RI ZDYHV
WKDW RQH KLVWR

7DYDQL
6HUJLR
VXUIDFH RI D

XQEHNQRZQVW

KDG

XQWLO

HYHQ

IXUURZHG

ILVK PHUPDLGV

QDRV FD 

.DUL\H &DPLL 

SKRWRJUDSKE\ WKHDXWKRU 

SHOWDH 
ZHVW

WUDYHOHG

DOUHDG\

RI ,WDOLDQ

YHUVLRQV

FD

VLUHQV

VODEV

)LJ  DQG LQ6 3XGHQ]LD 5RPH FD 

$EVWUDFWHG

DQG

GDWH

WKH VHDIORRU

+RZHYHU

IORRUV

PDUEOH

 &KRUD

WR 7DYDQL

FRPSDUHG

WLGHVZHSW
LQ 

WKH SDWWHUQ

EHDFK
D *HUPDQ

$V

ZLWK

WKH

LWKDSSHQV
DQG
YLVLWRU WR D &UX

$57 %8//(7,1



'(&(0%(5

 92/80(

/;;;,;

180%(5



 'RXEOH

EDVLOLFD

GHWDLO

$TXLOHLD

SKRWRJUDSKSURYLGHG E\&RUELV 

VHD ZKLFK
VXGGHQO\
DFFHQWXDWH

SHWULILHG
WKH KLDWXV

WKH

FURVVLQJ
WKH RFFDVLRQ

VHD 
 $FKHLURSRLHWRV
FD 

&KXUFK

SKRWRJUDSK

7KHVVDORQLNL
E\ WKH DXWKRU 

PLGWK

FHQWXU\

RU

VLQFH

WLRQ PXVW
7KH

RQ

PRYLQJ

7KHVH
KDYH

WKH VDPH

WKRXJKW ZKHQ KH


WKDW VR ZHOO IHLJQV ZDWHU

RYHU
VWLUUHG E\ D
ZLQG WKDW ZKRHYHU
VWHSV
OLJKW
QR
VLQFH
DERYH
IRRWSULQWV
ZDGLQJ
WKH\ OHDYH
SLFWHG

LW VHHPV
WKH VDQG

WREH
GH

WKHUH

GLIIHUHG
LQPDWHULDOV
DQG
ZLWK WKHVH IORRUV ZKLFK
$ORQJ
VHDIORRU
LWVHOI KDG DOVR PL
WKH 3URFRQQHVLDQ
WHFKQLTXHV
WR RFFXS\
DPELWLRXV
WKH IORRUV RI WZR RI WKH PRVW
JUDWHG

FKXUFKHV EXLOW LQ ,WDO\GXULQJ WKH+LJK 0LGGOH $JHV WKH

DEEH\
9HQLFH

FKXUFK

RI 0RQWHFDVVLQR

6 0DUFR

DQG

$W 0RQWHFDVVLQR

WKH

SDODWLQH

 

RI
FKDSHO
WKH VHD ZDV

FRYHUHG RYHU LQ DQG HUDGLFDWHG E\$OOLHG ERPELQJ LQ


LQ DQ

 EXW HYHQ

LWVSUHVHQFH
HQJUDY
HLJKWHHQWKFHQWXU\
WZR
EHFDXVH
LQWDUVL
LQJ )LJ   KDV JRQH XQQRWLFHG
ODUJH
UXQ DFURVV
DWHG SDQHOV
LW OLNH D FDUSHW UXQQHU
LQ
SUHVXPDEO\
WR WKH
D[LV RI WKH:HVWHUQ
GHIHUHQFH
EDVLOLFDO
ORQJLWXGLQDO
OLWXUJ\ 
7KH
IORRU

RI 6 0DUFR

KRZHYHU

VXUYLYHV

/DLG

VRPHWLPH

EHWZHHQ  DQG  LWSXOOXODWHV ZLWK WHVVHOODWHGZKRUOV


DQG

TXLQFXQ[HV

WKHVH

VKLIWLQJ

ZKDW

WKRXJK
DV D QHDU

VHDV

RI D VLPLODU SDYHPHQW


REVHUYHV
GHVFULSWLRQ
RQ
LV VSUHDG
WKH ZKROH
WKH IORRU DQG ZKDW
FORWKHV
DW ILUVW EH FDOOHG D
OLNH D GUHVV ZRUNHG
LQ FRORUV PLJKW

FRQWHPSRUDU\

VSDFH

WKDW ILJXUH DVWUDO JHRPHWULHV


FRXOG EH FRQVLGHUHG

SDWWHUQV

HYHQ

ZHUH

TXDUULHG
VSHFLDOO\
NQRZQ DV LOPDUH

FROOHFWLYHO\

DW OHDVW WKH VHYHQWHHQWK

LVODQG

HUV DQG

VLGHV
LQ WKH JHQWOHVW
LV
ZDYHV
ZDYHV RI 6 0DUFR
WKH MHZHOHG
RQO\
RI PDVVLYH
3URFRQQHVLDQ
VODEV XQGHU

VODEV ZKLFK

FHQWXU\

WKRXJK

IRU
WKH

WKH WUDGL

ROGHU

TXDUULHV

UHDFK
VHDIDULQJ
QLNL RQ XQWURXEOHG
LQ%HLUXW KDG YRLFHG
VDGHU SDODFH
D ILQH PDUEOH
DGPLUHG
SDYHPHQW

DOO

<HW

EHHQ

EH PXFK

HDV\

RI IORRU HDUO\ WK FHQWXU\

)LJ ,, 
RI 3URFRQQHVLDQ

RI ERWK
VHDODQHV

PDUEOH

ZHUH

ZLWKLQ

DQG 7KHVVDOR
&RQVWDQWLQRSOH
WRPDUDXG
LPPXQH
UHODWLYHO\

RI WKH 0HG


WKHVH FLWLHV DQG PXFK
SURYLVLRQHG
ZLWK DUFKLWHFWXUDO
PDUEOHV
IRU FHQWXULHV
,WPLJKW
WKDW WKH UHODWLYHO\ XQDGRUQHG
IORRUV RI
WKHUHIRUH

KDG

LWHUUDQHDQ
EH DUJXHG

ZHUH VXUIDFHG ZLWK WKLV


DQG WKH $FKHLURSRLHWRV
6RSKLD
VWRQH ZLWK OLWWOH
RWKHU
WKDQ HOHJDQW
WKRXJKW
XWLOLW\
SOHQWLIXO
LQ
DQG PDUEOHV
KHOG IDU ROGHU
IDU
%XW WKLV PDUEOH
JHQHUDO

+DJLD

WR WKH KHDUW RI WKH


WKDW ZHQW
VWUDLJKW
WKH VWLOO OLYHO\ SHUFHSWLRQ
WKDWPDUEOHV
PLJKW
EH OLTXLG DQG VHFRQG
WKH PRUH
EHWZHHQ
SDUWLFXODU
NLQVKLS
PDUEOH
DQG WKH VHD
GHHSHU
PDWWHU

DVVRFLDWLRQV

)LUVW ZDV

0DUEOHV DV /LTXLGV


7KH WKHRULHVRIJHRORJ\ SURPXOJDWHG E\$ULVWRWOH DQG7KHR
SKUDVWXV KDG WDXJKW WKDWPDUEOHV ZHUH GHSRVLWV RISXULILHG
PDWWHU
LQ ZDWHU
WKDW SHUFRODWHG
GRZQ
VXVSHQGHG
FUXVW WR
WKH HDUWK
V
WKH ZKROH
UHVHUYRLUV ZKHUH
WKURXJK
GHHS
EUHZ ZDV IUR]HQ RU ILUHG VROLG E\ HDUWKO\ KXPRUV
,QGHHG
HDUWK\

WKH\ KHOG
IRU WKHLU

WKDW DOO VWRQHV PXVW

SDUWLFOHV
WKH FXULRXV

WR FRKHUH

UHWDLQ

VRPH PHDVXUH

DW DOO DQG

RI ZDWHU

WKLV
FRQFHSWLRQ
RI D UDEEL YLVLWLQJ 5RPH
REVHUYDWLRQ
ZHUH
WKDW PDUEOH
FROXPQV
FRYHUHG

H[

LQ WKH
SODLQV
ILUVW FHQWXU\
&(
ZLWK
VR WKDW
QRW FUDFN
WKH KHDW DQG
WKH\ PLJKW
GXULQJ
WDSHVWULHV
ZHUH
QRW
WKH FROG
,Q ODWH DQWLTXLW\ PDUEOHV
GXULQJ
FRQJHDO
DV
VR
WKH
VWLOO SHUFHLYHG
RI FODPP\ YDSRUV
DQG
FRQJHODWLRQV

&260,&

,1 $17,48,7<

)/2256

H 'RQDWR

 66 0DULD

$1' 7+( 0,''/(

PRVDLF

0XUDQR

SKRWRJUDSKE\ WKHDXWKRU 

FDOFDUHRXV

KXJH

DQG

PDVV

LWV UXLQHG

WKURXJK

IORRU SDQHO

OLPHFKDUJHG
LQ VHDUFK

VWUHHWV

$*(6



ZDWHU
RI

WRGD\



VWLOO VWUHDPV
ORQJYDQLVKHG

EDWKKRXVHV GHSRVLWLQJ OLPH DV LWJRHV )LJ   $OWKRXJK


ZDV

+LHUDSROLV

DIWHU

DEDQGRQHG

LWVPHP

WKH WHQWK FHQWXU\

RU\ZDV VXVWDLQHG LQ WKH:HVW E\ LWVEULHI GHVFULSWLRQ LQ

9LWUXYLXV

WR

$UDFRHOL
EDVHG

SRHW )ODYLXV 0HUREDXGHV


ILIWKFHQWXU\
IRQW LQ D QRZYDQLVKHG
ZLWK
EDSWLVWHU\
RQFH
FDUULHV
WKH
LWVHOI
OLTXLG
OLTXLG
WKH PHGLHYDO
WKHVH
'XULQJ
SHULRG
UHFHLYHG

FRQWLQXHG

WKH VDPH

ZKLOH

JHRORJLF
VFLHQFH

DV WKH ZRUNV

PDVTXHUDGHG

D PDUEOH

IURP REVHUYDWLRQ

RI DOOXYLDO

SHUFHSWLRQV
LQ WKH (DVW
RI$ULVWRWOH

IRUPDWLRQV

LQ

H[LVW D

ODSLGLI\LQJ
D FRQFOXVLRQ
ZRXOG

6XFK

RIWHQ

FKDSWHU

KDYH

IRUFH
EHHQ

WKDW IUHH]HV
FRQVLGHUHG

ZDWHU
HVSHFLDOO\
WUHDWLVH

D /DWLQ
RI $YLFHQQD
V
HSLWRPH
WR$ULVWRWOH
V
 DV DQ H[WUD
DSSHQGHG
0HWHRURORJ\
WR WKH
DQG
WKHUHIRUH
DWWULEXWHG
'H PLQHUDOLEXV 
EHFDXVH

DXWKRULWDWLYH
ZDV

PLQHUDO

KLPVHOI

3KLORVRSKHU
EHFDXVH
KLV /DWLQ
QXDQFHV
PLQHUDOLEXV

LQWR

$ULVWRWOH
V

WUDQVODWRUV

WKHLU

FRQWLQXHG

ZRUG

KDG

WUDQVODWLRQV

ZDV

LWVHOI VDFURVDQFW

LQILOWUDWHG
EXW

WR EH GLVVHPLQDWHG

E\ VDLQWHG

LQ 'H
ZULWHUV

$YLFHQQD$ULVWRWOH
6LJQLILFDQWO\
UHJDUGHG
WLRQ LQ
QRW DV D
RI VROLGV
LQ ZDWHU EXW
TXHVWLRQ
GHSRVLWLRQ
UDWKHU DV WKH DFWXDO
ZDWHU
RI
LWVHOI
LQWR VWRQH
PHWDPRUSKRVLV

0RUHRYHU WKHZLGHO\ KHOG DQG SHUVLVWHQW EHOLHI WKDWPRXQ

WR UHFHLYH
7XUNH\

UHVHUYRLUV

RI WKLV PDUEOH


LWRXW

E\ VZHDWLQJ
ILUP FRQILUPDWLRQ
7KH ZKROH

EUHZ

DQG

LQWR WKHLU TXDUU\

DW
+LHUDSROLV
VDW RQ DQG KDG
FLW\

UHQHZ

FRXOG
VFDUV

VHHPHG

3DPPXNDOH 
EHHQ

WUDGLWLRQ

DOVR

IHG
ZULWHU

WKDW LWZDV

EHOLHI

D ZDWHU

(XURSHDQ
PRU DQG VR RQ 
PHDQLQJ

LQ

IRUP

PRWLRQ

0DU

ZDYHV

EXW
ZDWHU
SHWULILHG
OLWHUDU\
WKH DVVRFLDWLRQ
WKDW ZDV HQVKULQHG
LQ
QRXQ

/DWLQ

IURP ZKLFK

PDUPR

HTXLYDOHQWV
LWVHOI GHVFHQGHG

IURP

PDUEUH

LQGLFDWHG

RULJLQDOO\
WKHPRUH

DJLWDWHG

DOO

YHUE PDU

LQ WXUQ ZDV

JOLVWHQ 0DUPDLUHLQ
RI D YHUE ZKRVH
6DQVNULW

KDG

GHULYH

PDUEOH 0DU

WKH *UHHN

WR

DQG PDUPDU

WKH SHUFHS

VXUHO\ HQFRXUDJHG

ZHUH

LWVHOI 7KLV

PRGHUQ

PDLUHLQ

IRVVLOV

VWRQHV

LQYLWHG

PDUPRU

WKH ZRUG

URRW PDU

WKH PRYHPHQW

WKH

LPSOLHG
RI WKH

RU PXUPXULQJ 

VWLUULQJ

RI WKH VHD


,Q SRHWU\

WKLV DVVRQDQFH

ZLWK

SUHJQDQW

SURYHG

SRVVLELOLW\

:KHQ +RPHU KDG VSRNHQ RIKDODPDUPDUD ^5LDG   KH


KDG

PHDQW

WKH /DWLQ
VHD EXW ZKHQ
VKLPPHULQJ
 %&(
DERXW
RI D
VKLS VNLPPLQJ
D ZKROH
WKH FDOP VHD
V
QHZ UHDOP RI PHWD
PDUEOH
JROGHQ
WKH
HQWHUHG
LVQR
7KHUH
FRQVFLRXVQHVV
SKRU
SRHWLF
HTXLY
LQ
DOHQW
EXW WKH QHDUHVW
LV
WKH
(QJOLVK
DQDORJXH
SHUKDSV
VLPSO\

(QQLXV

WKH

ZURWH

VHD
9DOHULXV

&DWXOOXV

DQG PDQ\

9LUJLO
WLPH DQG

DJDLQ

)ODFFXV

RWKHUV
WR

/XFDQ

DOO XVHG

LPDJLQH

/XFUHWLXV

SDUWLFXODUO\
D V\QRQ\P IRU PDU

PDUPRUDV

WKH VHD
V

KDUG

VXUIDFH

DQG KLGGHQ

ZHLJKW9LUJLO IDWKRPHG PDUPRUVGHSWKV E\GHVFULELQJ D FDOP


LQ ZKLFK

RDU

EXLOW RXW RI D

RIPDULQH

WKDW FHUWDLQ

JODVV\
WKH WUDQVIRUPD

WKHPVHOYHV

WKH FRPPRQ

GLVSURYH

SUHVHQFH

SRHW

SURWR&KULVWLDQ

WKH REVHUYDWLRQV

OLNH$OEHUWXV 0DJQXV DVZHOO V 

WDLQV ZHUH

7KH

LWHUDWLYH

FRQJOXWLQD

WLRQ DQG WKH JURZWK RI VWDODFWLWHV FRQJHODWLRQ  WKDW WKHUH

PXVW

2WWRPDQ

0DU0DUPRU0DUPRUD

WKH MHZHO

WKH
:HVW 7KXV LQKLV2Q WKH
&RQJHODWLRQDQG &RQJOXWLQDWLRQRI
6WRQHV   WKH$UDE SK\VLFLDQ $YLFHQQD  
GHGXFHG

$V

LV GUD

WKHUH

IRUPDWLRQV

FRQJORPHUDWH

WLRQ

IURP $UDE

VXSSRUW

WH[WV

HXORJL]HG
WKH ZRUGV

QDWXUDO
JHQXLQHO\
ODWH DV  DQ DQRQ\PRXV

LWQHFHVVDU\
WR UHIXWH WKH FRPPRQ
IRXQG
EHOLHI WKDW SRUSK\U\
ZDV D IUR]HQ ZDWHUEDVHG
DQG )LODUHWH
KDG HYHQ FRRNHG
G\H
D
RIPDUEOH
IURP D FROXPQ
LQ WKH 5RPDQ
FKXUFK RI WKH
SLHFH

FD 
SODQ RI WKH FU\SW IORRU
DUWZRUN LQ WKH SXEOLF GRPDLQ 

 6 6DYLQR 3LDFHQ]D


ZDWHUFRORU
E\ %R]]LQL

EXW

WUDYHUWLQH

WKDW VXFK

UXPRUV

ZLOGHU

IDEULF ZDV

DFWXDO

+LHUDSROLV
V
PDWLF
HYLGHQFH

EHFRPHV
VKRUHV

WLGHV

EXW

RI PDUEOH

WKH

VPRRWKQHVV
UHDFKHV

PHWDSKRU
VWRQH LQ WKH YHUVHV

RI WKH %ODFN

6HD

WKH

ODERULQJ
DQG ZDWHU
DJDLQ
RQ WKH
,Q
ZLQWU\ H[LOH

IUXLWLRQ

RI 2YLG

KH ZURWH

PHHW

WKDW WKH FKLOO ZDV

VR ILHUFH



$57 %8//(7,1

'(&(0%(5

 92/80(

/;;;,;

180%(5



 6 (XSKHPLD

*UDGR

QDYH IORRU 

SKRWRJUDSK SURYLGHGE\&RUELV 

WKDW

WKH

VKLSV VKXW LQ E\ WKH FROG ZLOO VWDQG IDVW LQ WKH
VXUIDFH DQG QR RDU ZLOO EH DEOH WR FOHDYH
WKH VWLIIHQHG

PDUEOH

ZDWHUVU!
PHQWDO

(YHQWXDOO\
KDELW
WKDW

WKLV LF\ DVVRFLDWLRQ


WKH HPSHURU
-XOLDQ

VR PXFK

EHFDPH

D

LQ 3DULV

ZLQWHULQJ

 &(  ZRXOG ZULWHKRPH WRGHVFULEH DIUR]HQ6HLQH LQ


,PSUHVVLRQLVW KXHV DVKXJH VOLGLQJSODWHV RI3KU\JLDQPDUEOH


RU 3DYRQD]]HWWR 

:LWK DOO WKLVLQPLQG HYHQ YHU\IDPLOLDU REMHFWV EHJLQ WR

DFFRPPRGDWH
KDV YLVLWHG

TXLWH XQH[SHFWHG
LQWHUSUHWDWLRQV
5RPH
ZLOO NQRZ
WKH VRFDOOHG
%RFHD

  RU 0RXWK

)LJ

WRXULVWV

RI DPSXWDWLRQ
FRYHU FDUYHG
SRUWUDLW

7KLV
IURP

RI 2FHDQXV
WKH ZRUOG

HQFLUFOHG
JUHDW

RI 7UXWK

LQVHUW WKHLU KDQGV

FRVPLF

SRZHU

GLVN
D

DQG

PDZ
H[SHFWDQW
WR WHOO WKH WUXWK RQ
SDLQ
D
GUDLQ
VHFRQGFHQWXU\

LQWR ZKRVH
VZHDU

LV DFWXDOO\

VLQJOH

ZKR
$Q\RQH
G"OLD 9HULW"

EORFN

RI

DV D
PDUEOH
3KU\JLDQ
WKH VWUHDP 2FHDQXV

*HRJUDSKLFDOO\
LWV OLPLWV EXW KH ZDV
DQG PDUNHG
WKH DERULJLQDO

ZDWHU\

PDVV

DOVR

D

IURP ZKLFK

WKH*UHHN ZRUOG ZDV ERUQ 7KXV KLVGLVHPERGLHG PDVN ZLWK

LWV
H\HV VHUYHV DV WKH IXOFUXP RI LQQXPHU
VWDULQJ DSRWURSDLF
RQ VRPH RI WKHVH DQG
VDU
DEOH IORRUV
PDQ\
)LJ   DQG
DV ZHOO 2FHDQ
V
RXW RI
KDLU DQG EHDUG PDWHULDOL]H
FRSKDJL
ZDYHV 7KXV
RQ WKH %RFHD
WKH GHLW\
V KHDG
G"OLD 9HULW"
SLOHG
LV FRQWDLQHG
VR WKDW
ZLWKLQ
WKH ELUWKPDUN
RI WKH PDUEOH

ZKHQ KH UHDUHG KLVKHDG LQSXEOLF LWVHHPHG DERG\ RIZDWHU


LWVHOI WKH IDFH RI WKH GHHS &RQYHUVHO\
FRXUW
PDGH
ZKDWHYHU
LWRQFH
DGRUQHG
ZKLFK

WKH ZDWHUV

VWUHDPHG

EDFN

/LNHZLVH

WKH IRXUWK

RU

D PLFURFRVP

LQWR 2FHDQ

GDLO\GUDLQLQJ RIIWKHHDUWK DW ODUJH


ILIWKFHQWXU\

PXVW

WKLV PDVN

MXVW

KDYH
DFURVV

OLNH WKRVH

RXW DQ LQWHQVHO\ UHG RQ\[ EORFN ZLWK SDUWLFXODUO\ JXVKLQJ

ZKR

SLFNHG

WKH PDWHULDO
DV WKH YHKLFOH

PDUEOH

WKH VHD KDG

FURVVLQJ

LQ %UHVFLD

VDUFRSKDJXV
ZHOO

SDUDGR[
SDU H[FHOOHQFH

LQJRI WKH5HG 6HD :KHQ

XQ
)LJ  
WR HQOLVW
WKLV

HQRXJK
IRU GHSLFWLQJ

WKH &URVV

WKH ,VUDHOLWHV KDG PDGH

VROLGLILHG

LQWR D VWUXFWXUH

FUHDWHG

WKHLU
D

E\

KDQJLQJ ZDOO RIZDWHU >ZKLFK@ KHOG EDFN WKHVHDDQG NHSW LW


VXVSHQGHG
UHPHPEHU
DVVRFLDWLRQ

LQ WKH DLU 7R

FRPSOHWH

WKDW WKH 5HG

ILJXUHV

ZLWK

DQG SXUSOH

3HUVLDQ

6HD
JHPV

RI WKH
ZDYHV

ZH PXVW

WKH DOOXVLRQ

LQ SRHWU\

UHFXUUHQWO\
UHIHUHQFHV

G\H

ZLQHGDUN
DV EOXH

VHD
0RUH

GLG

UDUHO\

RIWHQ

JROGHQ
DQFLHQW

WKDQ QRW

RQH PDUEOH

PDUEOH
H\HV
ZHUH

+RPHU

UHJDUG

VHD DQG

ZDY\
LQ EDWK FRP
HPSOR\HG
RU
WKH HPSLUH
DQG
WKH
WKURXJKRXW
SULYDWH
SXEOLF
PRUH
HIIHFWV DUH QRZKHUH
REYLRXV
WKDQ LQ WKH
IULJL

$V D UHVXOW
&DU\VWLDQ

ZDV

UHFXUUHQWO\

GDULXPRI WKH9LOOD RI WKH4XLQWLOL RQ WKH9LD $SSLD


VHFRQGHDUO\
XQGHU
ULSSOHV
VDPH PDUEOH
ZRXOG

SOXQJH

WKH

DQG
JUHHQ
ZDV
&DU\VWLDQ
,WVPDULQH
YHLQLQJ

WKH\
ZDWHU

WKDW
LPSHUVRQDWHG
UHJXODUO\
IURP (XERHD
LQ*UHHFH
RU &LSROOLQR 
WKH SRHWV HQWKXVHG
ZLWK WKH JUD\JUHHQ
FRPSHWHG
WR EHKROG
WKH ZDYHV
(YHQ
WKH TXDUU\ ZDV
MR\HG

SOH[HV
GHVLUHG

LQ

WR EORRG

DORQJVLGH

DQG 3URFRQQHVLDQ
0DUEOH
&DU\VWLDQ
(QQLXV
KDG ZULWWHQ RI WKH FDOP VHD
V

RQH
VFXOSWRU

IRU D &KULVWLDQ

YHLQLQJ
GHUVWRRG

SRRO

WKLUG

FHQWXU\

WKH JHRPHWULF
LI WKH ZDOO

DQG

&(

  +HUH

)LJ

IORRU

WKH FROXPQV

UHYHWPHQW

ODWH

&DU\VWLDQ
DUH RI WKH

ZHUH
WRR
RULJLQDOO\
HYHQ EHIRUH
WKH
HQWHULQJ
VXEPHUJHG
WKH PRVDLF
LQ WKH SHULVW\OH
SDYLQJ
$QDORJRXVO\

KDYH

IHOW

&260,&

)/2256

$1' 7+( 0,''/(

,1 $17,48,7<

$*(6



RI WKH IORRU DW0RQWH


 (QJUDYLQJ
FDVVLQR IURP (UDVPR *DWWROD +LVWRULD
$EEDWLDH &DVVLQHQVLV SHU VDHFXORUXP VHULHP
6HEDVWLDQR
GLVWULEXWD 9HQLFH
 YRO  SL YL DUWZRUN

&ROHWL
LQ WKH

SXEOLF GRPDLQ 

LPSOXYLXP LQWKH0DLVRQ GX&KDU GH9"QXV DIWHU&(  DW


7KXEXUER

0DLXV

7XQLVLD

LPLWDWHV

D ERRNPDWFKHG

IORRU

RI

&DU\VWLDQPDUEOH MXVW OLNHWKDWLQWKHIULJLGDULDRI WKHQHDUE\


SXEOLF

EDWKV

7KH

IORRU

GUDLQV

LQWR D FLVWHUQ

EHORZ

VR RQH

FDQRQO\ LPDJLQH WKHHIIHFWV


ZKHQ WKHGUDLQZDV SOXJJHG )LJ
RI &DU\VWLDQ
V
  7KH
ORQJHYLW\
WKDW LQ WKH V $QGUHD
0DQWHJQD

PDULQH

LGHQWLW\
RQ

FDSLWDOL]HG

ZDV

VXFK

WKLV VDPH

PDUEOH
V YHLQLQJ LQKLVGHVLJQ IRUDIRXQWDLQ )LJ   DQG LQ
WKH V

WKHPDUEOHOLWHUDWH

SDLQWHU

/DZUHQFH

$OPD7DGHPD

ZRXOG
%DWKV

NQRZLQJO\
RI &DUDFDOOD

LW LQ KLV UHFRQVWUXFWLRQ

IRUHJURXQG
)LJ

%\ WKH VL[WK FHQWXU\

RI WKH

 

KRZHYHU

LWZDV 3URFRQQHVLDQ

PDUEOH

WKHIORRULQJ RI+DJLD 6RSKLD WKDWKDG ODUJHO\VXSSODQWHG

WR
ZKLWH
LQ LWV SRZHU
WKH VHD *OLVWHQLQJ
&DU\VWLDQ
HSLWRPL]H
IURP WKH LVOH
KDG DOUHDG\ EHHQ
EORFNV RI WKLVPDUEOH
TXDUULHG
RXW
IRU FHQWXULHV
RI 3URFRQQHVXV
EXW WKH %\]DQWLQHV
VRXJKW
WKH IDFHV

VWUHDNHG

ZLWK GRYH

JUD\

VHDPV

DQG

HQKDQFHG

WKHLU

ULSSOHYHLQLQJE\VOLFLQJ WKHVODEVDFURVV WKHEHG DQG FXWWLQJ

$57 %8//(7,1



'(&(0%(5

 92/80(

/;;;,;

180%(5



86

0DUFR

,,0DUH
WK
" &DPHUDSKRWR

9HQLFH

FHQWXU\ SKRWRJUDSK
$UWH 9HQLFH 

RQH

RFFDVLRQ

UHDO

FDQDOV

2FHDQ

HYHQ

PD\

6\ULD

FD 

IRXQG

WKH ZRUOG

WKH XQLYHUVH

,Q HDFK

&( 

D FRVPLF

DQG DVVXPHG

FRQFOXVLRQ

ORJLFDO

&RQIHVVRU

FD  

DV KHDYHQ

EXW

DV HDUWK

D PRGHO

EHFDPH

0RUHRYHU

IRRWLQJ

WR WKHLU

RI WKH IORRU

WKH VDQFWXDU\

RI

LIRQH

WKH SRVLWLRQ

RFFXSLHG

LWVHOI )LJ   )RU DFFRUGLQJ WR0D[LPXV

RI SDUDGLVH

6R

LV WKH FKXUFK

LWKDV

)RU

WKH

OLNH D

RI WKH HDUWK

WKH RUGHULQJ

DQG

VDQFWXDU\

RI WKH QDYH

WKH ILWWLQJ DSSHDUDQFH

WKH XQLYHUVH

OLNHZLVH

KDV WKH KRO\

WKH FKXUFK

LWSRVVHVVHV

OLNH D VDQFWXDU\

KHDYHQ

WKH GHYRWHH

EHFDXVH

VXJJHVWLRQV

WKHQ

DW (GHVVD

FDWKHGUDO

FDVH

LQ WKH

VLPXODWHG

EHHQ

DW KLV IHHW WKH FKXUFK

WKH FDUWRJUDSKLF

SXUVXHG

KDYH

WKH JUHDW

WKDW VXUURXQGHG

QDYH

DQG

DFURVV

VWUHZQ

UHQGHUHG

RI 0RQWHFDVVLQR

WKH FKXUFK

WKH JOLW

H\HV

FRQWHPSRUDU\

WKDW ZHUH

PHDGRZV

WHULQJ &RVPDWL

DXWKRU 

WRPRVW

IRU WKH PDWHULDOV

$V

+LHUDSROLV 3DPPXNDOH  7XUNH\ SKRWRJUDSK E\WKH

6 0DUFR
DQ

WKH VDQFWXDU\

(GHQ RIJHPV WKDWIODVKHG XQGHUIRRW OLNHWKHJDUGHQ RI*RG


GHVFULEHG E\(]HNLHO    %XW DZDWHU\ IORRU LQ WKH
FROXPQV RQ WKHELDV )LJ   )LQDOO\ E\ WKH WLPHRI WKH
/DWLQ FRQTXHVW RI&RQVWDQWLQRSOH   WKH HTXDWLRQ RI
3URFRQQHVLDQ

ZLWK ZDWHU ZDV

WKDW WKH LVODQG

FRQVXPPDWHG
WKHVH

VHD

LQ WKH NQRZOHGJH


3UR
VHDJLUW
HQFRP
JLYHQ WKH

VODEV KDLOHG

DV 3DXO

FRQQHVXV
SDVVLQJ

IURP ZKLFK

KDG
WKH 6LOHQWLDU\
VD\V 
QDPH 0DUPDUD
LWVSRSXODU

VKRXOG

DPDULQH

LPDJH

KDYH

EHHQ

DQVZHU

GHVLUDEOH

FRPHV

IURP FRQVLGHULQJ
WR
$
SDUWLDO
EHJLQ ZLWK"
DPRUH
IORRUV ZLWK PDULQH
FRPSOHWH
LFRQRJUDSK\
%\]DQWLQH
RQH IURP
WKHP
RI WKHPDWHULDOV
WKH LPSOLFDWLRQV
FRQVLGHULQJ
3URFRQQHVLDQ
PDUEOH
LQ
VHOYHV
6RSKLD
+DJLD
LQERWK
IORRU PRVDLFV
DQG PHGLHYDO
1XPHURXV
ODWH DQWLTXH
ERUURZHG
WKHLU WHP
WKH HDVWHUQ
DQG ZHVWHUQ 0HGLWHUUDQHDQ
SODWH

IURP

WKH DQFLHQW

WR EH

SURPLVHG

LGHRJUDP

RI WKH
P\WKLFDO

2FHDQ

HQ

FLUFOLQJ WKH LQKDELWDEOH ZRUOG RLNRXPHQH ,Q WKHHDVWHUQ


H[DPSOHV WKHQDYH IORRU UHSUHVHQWLQJ WKHRLNRXPHQH LVRIWHQ
ERXQGHG E\DGHFRUDWLYH ERUGHU UHSUHVHQWLQJ2FHDQ EXW RQ

WKH DOSKD

DQG

E\ 3URFRQQHVLDQ

RI OXPLQRXV
GRPH
RYHUDUFKLQJ
D
RI *RG
V
VLPXODFUXP
EHFDPH

PDUEOH

RI VXFK

RPHJD

LWV VKLPPHULQJ

)RU ZKHQ

PDWHULDOLW\

SUHPRQLWRU\
DQ
OD\ EHQHDWK
FRQVWUXFW
WKH ZKROH

VXUIDFH

JROG

VHSDUDWLRQ

RI WKH ZDWHUV

LQ

*HQHVLV  $QG WKH6SLULW RI*RG PRYHG XSRQ WKHIDFH


WKH ZDWHUV

IRU D FKXUFK

VHD DV SUHVHQWHG

RI DQ HQWLUH

  DQG *RG

RI WKH ZDWHUV

7KH &RVPLF )ORRU


:K\
IORRU

LPDJH

ZKLFK

ZKLFK

ZHUH

ILUPDPHQW
-XGDLF
0XVOLP
XSSHU

ZHUH

DERYH

KHDYHQ


IURP

HOHYHQWKFHQWXU\

7KHVH

&KULVWLDQ

ORZHU ZDWHUV
PDQXVFULSW

RI&RVPDV ,QGLFRSOHXVWHV
HYDSRUDWLRQV

DQG

WKH ILUPDPHQW

WKH ILUPDPHQW

YLHZ RI WKH XQLYHUVH


YHUVLRQV

WKH ILUPDPHQW

PDGH

XQGHU

  $QG

YHUVHV ZHUH
DQG

IURP

WKH ZDWHUV

*RG

FDOOHG

WKH &KULVWLDQ

RI WKH GLYLVLRQ


WKH

LGHRJUDPV

RI WKH VL[WKFHQWXU\

WKH

IRU WKH

IXQGDPHQWDO

WKHUHDIWHU

GHSLFWLRQV
UDQJH

DQG GLYLGHG

IURP

DQG
RI WKH
LQ DQ

7RSRJUDSK\

)LJ   WR WKHPRUH HYLGHQW

SUHFLSLWDWLRQV

RI

D

WKLUWHHQWKFHQWXU\

)UHQFK LOOXPLQDWRU )LJ   


0RUHRYHU QRW RQO\ KDG *RG
GLYLGHG

WKH ZDWHUV

EXW KH ZRXOG

DOVR

VLW DERYH

WKH ZDWHUV

XQWLO WKHHQG RI WLPH)RU RQ-XGJPHQW 'D\ 5HYHODWLRQ WHOOV

&260,&

,1 $17,48,7<

)/2256

 +HDG
RI 2FHDQXV
&( 9LOOD RI0DWHUQXV
LQ WKH SXEOLF GRPDLQ

 %RFHD

G"OLD 9HULW"
VW TXDUWHU RI WKH QG FHQWXU\ &("
LQ&RVPHGLQ
5RPH
DUWZRUN LQ WKH SXEOLF GRPDLQ
E\ WKH DXWKRU 
SKRWRJUDSK

PRVDLF

$1' 7+( 0,''/(

SKRWRJUDSK



QG KDOI RI WKH WK FHQWXU\

IORRU

&DUUDQTXH

$*(6

QHDU 7ROHGR
6SDLQ
E\ WKH DXWKRU 

DUWZRUN

6

0DULD

WKURQH ZRXOG
XV KLV DSRFDO\SWLF
RQ D VHD RI
OLNH
UHVWLQJ
JODVV

WR DOO
YLVLEOH
ILQDOO\ EHFRPH
WR
VHD RI
D
&U\VWDO
JODVV

PLQJOHG ZLWK ILUH 5HY    ,QGHHG WKLVLVH[DFWO\


KRZ ZH

VHH KLP

D

DERYH

VHD

VKLIWLQJ

IODQNHG
QLXP

E\ KRUQEORZLQJ
DSRFDO\SWLF
LQ$IULFLVFR
RI 6 0LFK"OH
 

ZHUH

LQVWDOOHG

6RSKLD
VXEWHQGV

  $QRWKHU

)LJ

*RG
V

RI 6W3LHUUH

SRUDU\

ZLWK

$QG

VXSHUQDO
LQ0RLVVDF

LQ 6 0DUFR

ZLFNHUZRUN
WZHHQ

WKH

PRVDLFV

5DYHQQD

LQ WKH

FD

REVHUYHUV
$

DQJHOV

DQG

IODPH

WKH SURVFH

RI

W\PSDQXP

WKH

WKLV WLPH FRQWHP

 

VHD

FRXOG
RI QHVWHG

ILQG ERWK

VHDV

FKHYURQV

DV

LW LV
QRUPDOO\
H[SODLQHG 
RI WKH VRFDOOHG
WKURQH
OHJV

ZDV

WKH 'HHS

DQG

WKH IRXU

EDVLOLFD
V

VHD XQGHU

WKH

QHVV

WKH FURVVLQJ

QHDUE\

ZLWK

WKH OLQJXLQHOLNHZDYHV RYHUZKLFK WKH6SLULWRI*RG KRYHUV LQ

WKH PRVDLFV

WR DOO

$GGHG
IULVVRQ

,Q

WKHVH

WKDW 9HQLFH

WKDW EHFDPH
DFTXD

RI WKH *HQHVLV

LQ WKH DWULXP

FXSROD
ZDV

RI FRXUVH

PXVLQJV
ZDV LWVHOI D
FLW\ IRXQGHG

SDLQIXOO\

REYLRXV

ZLWK

HYHU\

PDUEOH

)LJ  

WKH

LQHVFDSDEOH
RQ ZDWHU
D IDFW

VHDVRQDO

IORRG

WKH

ZKHQ

RI FU\VWDO ZDV


VXUIDFH

WKDW VWRRG EHKLQG


WKH
SDUDGLVH
,Q
6
FRXOG
9HQHWLDQV
0DUFR
)LJ  

KLJK
DOVR FRPSDUH
WKH YHLQHG

IDEULF 7KXV

EHHQ IUR]HQ E\SULPRUGLDO FROG7KLV VXJJHVWHG WKDW OLJKW


WKH DFWLYH SULQFLSOH RI WKH/RJRV  ZDV IUR]HQ LQWR LWVYHU\

EH

ULYHUV RI

DOWDU

FHQ
XQWLO
WKH VHYHQWHHQWK
DQWLTXLW\
ZDV D IRUP RI LFH WKDW KDG
WKDW URFN
FU\VWDO

UDWKHU

0DUN

UHPRWHVW

)URP

WXU\ IHZ GRXEWHG

WHULDOV

LQVFULEHG

SUL]HG UHOLF FDUYHG ZLWK FKHUXELP SDOPV WKH /DPE RI


*RG

SKRWRJUDSK

WKDQ

RI 6DLQW

SROLVKHG
FRPPRQ
VOLFN 7KH

WKH ZHW

DFKLHYH

ORRN

WKHUHIRUH

WXP RI

SK\VLFDO

ZDV

ZKLFK

WKDW PRVDLFV

SRLQWHG
DIILQLWLHV

DPRUH

6RSKLD

WKH WZR ZDWHUV

HVVHQWLDOO\

FRPSRVH

WKH

EDVVRSURIRQGRXQGHUO\LQJ WKHGDQFLQJ UHIOHFWLRQVRI WKHPD

FRXVLQ

RSDTXH

WKLV RULJLQDO
LQ D
OLJKW
WRZHW
RI VKLPPHU
UHVHPEODQFH

LW UHFRYHUHG

DQG PDUEOHV

EH\RQG

WKH VXUIDFH
DV D ZKROH

7DNHQ

FRXOG

DOLNH

WR D VXEVWUD
WKH GRPH

RI

+DJLD 6RSKLD EHFDPH D VKRZHURI OLJKWWXPEOLQJGRZQ LQ


D

OXPLQRXV

IORRU
WXDOO\

FDVFDGH

WKH ZDOOV

ZDVKLQJ

7KH

WHQWKFHQWXU\
ZKHQ
VD\V DV PXFK

VROGLHUSRHW
KH GHVFULEHV

6WRXGLRV FKXUFK  


LQWR WKHLU ZDWHU\ FUDGOH
IORRU LQ WKH SURFHVV

DQRWKHU

VRDNLQJ
*"RP"WUHV

WKH
YLU

RI WKH

&RQVWDQWLQRSOH PHOWLQJ EDFN

LQ WKH HDUWK

DQG

GLVFKDUJLQJ

7KH SROLVKHG VSOHQGRU RI WKHVH VWRQHV


6HHPV

DQG

-RKQ
WKH FROXPQV

DOWD
+DJLD

&LYLFR

05

WKDW

RI 6 0DUFR

WKH SDYLQJ

WKH &HOHVWLDO

RQ

RI WKH
RI +DJLD
LQDXJXUDWLRQ
VXFK VHD WKLV RQH FDUYHG
DOVR

WKURQH

SRUWDO

DQG

D GHFDGH

ZLWKLQ

ODFHG ZLWK

WK RU WK FHQWXU\ 0XVHR


VDUFRSKDJXV

DUWZRUN LQ WKH SXEOLF GRPDLQ
E\ WKH DXWKRU 

 5HG 6HD


GL %UHVFLD

VHD ZLWKRXW

ZDYHV

RYHU

WKH

$57 %8//(7,1



'(&(0%(5

 92/80(

/;;;,;

180%(5



RI WKH9LOOD RI WKH


 )ULJLGDULXP
ODWH QGHDUO\
UG
5RPH

4XLQWLOL

FHQWXU\&( SKRWRJUDSKE\ WKH

DXWKRU 

$V

RU
UDLQERZV
DOWKRXJK
SHDFRFN
ODQGVFDSHV
ZRXOG
DQG PXOWLSOLFLW\
RI
LULGHVFHQFH
LPDJHV
ZDWHUV
DV
LQKDELWHG
LWV
DQG
GR MXVW
FRVPLF
ZDOOV
ZHOO 
SUHVVHG
FRQVWUXFW
LV
LWVIORRU 7KH V\PPHWU\ RI WKH ZKROH
XS DJDLQVW
D
ZKR
WKH
HDUOLHU
GHVFULEHV
SRHW &ODXGLDQ
E\
SUHILJXUHG
RU OHQV DV DPLQLDWXUH
LQKLV
RI WKH FRVPRV
UHSOLFD
FU\VWDO EDOO
2Q D &U\VWDO (QFORVLQJ
:DWHU
FD  
HSLJUDP

QRZ LWKDV IDOOHQ FDOP


WKRXJK MXVW
WKH FROXPQV
7KH
OLJKW DQG OXVWHU RI

7KHLU

VKHOO SDUDGLVLDFDO
RU RWKHU
ZLQJV

UHVHPEOHV

ORYHO\ VSDUNOH

$ ULYHUJOLVWHQLQJZLWKGLVVROYHG
6QRZ

DQRWKHU

DOPRVW

ZKLFK

7RZDUG

WKH

JORVV\

VWRQHV

VHD IORZV
RI WKH IORRU

6LOHQWO\
$OO

LQ DOO WKH

JORVV\

PDWHULDOV

RI WKH GRPHG

FKXUFK

FRXOG

DV

WKH ORFDO FRORU RI


EH
FU\VWDOOLQH
WLQJHG E\
UHJDUGHG
JOREDOO\
RU
QDYH
HWKHU
LQ WKH
ZDOOV EHORZ
KHDYHQO\
HDUWKO\ JHQHUDWLRQ

LQWKHGRPH DERYH 'LYLQH OLJKWEOHDFKHG WKHFKXUFK


V XSSHU

7KH

VQRZ ZKLWH

6KRZHG
7KH

KHDYHQ

WKH

FU\VWDO

IDVKLRQHG

WKH KDQG RI PDQ


E\
RI WKH SHUIHFW XQLYHUVH

LPDJH
YDULHJDWHG
LW WKH GHHSYRLFHG
ZLWKLQ

FODVSLQJ

VHD

&260,&

)/2256

$1' 7+( 0,''/(

,1 $17,48,7<

$*(6



DHULDO YLHZ 7KXEXUER


 0DLVRQ
GX &KDU GH 9"QXV
0DLXV
DIWHU  &( IURP $"FKD %HQ
7XQLVLD
SHULVW\OH
LPSOXYLXP
7KXEXUER 0DMXV
$EHG %HQ .KDGHU
SL [[YLL 

ZDV DOVR WUDQVODWHG LQWRWKH


6XFK OLTXLGDQG FU\VWDOOLQHOLJKW
ZDWHU

GRPLFDO
DV

RI WKRVH ,VODPLF


GLVSOD\V
$Q HOHYHQWKFHQWXU\

IRXQWDLQV

WKDW
SRVHG
LQ DQ $UDE

YHUVLRQ

PRGHOV

KHDYHQO\

 $IWHU $QGUHD

KRXVH LQ&RUGRED LVGHVFULEHG WKXV)URP LWVKHDG ZDWHU IHOO


LQ WKH IRUP RI D GRPH

XSRQ

D IORRU RI DODEDVWHU

ZHUH VHW LQVLGH


OLJKWV
$ FHOHEUDWRU\
SRHP

WKLV
GRPH


LW VXUUHSWLWLRXVO\

TXHVWLRQV

ZKHQ

PDNHV

DQG ZHUH

PRUH

DQG PDUEOH

E\ LW
WKH PLFURFRVP

REYLRXV

KH ZLOO

VWDQGLQJ
HQFUXVWHG
ZLWK

$ VN\
6WUHWFKHG

ZDWHUV

7KH

XSSHU
IDFW WKDW RQH

D

RYHU

D

NQHZ

KDG

EHHQ

EHFDXVH

DQG PLVVLOHV

IUR]HQ

DW FUHDWLRQ

D

LQWR

FU\VWDO
RQH FRXOG
VHH WKH VWDUV
QLJKW
FRQVWUXFW
DQG WKLV DUFKHW\SDO
$V

WKH %RRN

RI

-RE OD\VRXWZKHQ *RG KDG GLYLGHG WKHZDWHUV KLVEUHDWK


KDG FU\VWDOOL]HG WKH VN\DQG KH KDG VKXW LQ WKH VHD ZLWK
GRRUV ZKHQ LWEUDNH IRUWKDV LILWKDG LVVXHG RXW RI WKH
7KH VLPXODFUXP RIWKHFKXUFK WKHUHIRUH
ZRPE -RE  
LQ D PDWHULDO
RI FUHDWLRQ
LPDJH
WKDW
WKH ZDWHUV
HQDFWHG
-RE
V ZRUGV

WKH

OLWHUDOO\

WKDW
PHWDSKRU
DUH KLG DV ZLWK D

7KHUHIRUH
DQG

UHFDOOLQJ

D FKXUFK

WKH VDPH

IORRU

RI IUR]HQ

WLPH WKH &UHDWLRQ

WKH DPELHQFH

RI*RG
V

ZDWHU

DQG

WKURQH

FRXOG

URRP

EH\RQG

DW

HYRNH

WKH $SRFDO\SVH

E\

KXPDQ

WLPHDQG RXW RI WKLVZRUOG ,Q WKHEHJLQQLQJ *RG IUR]H WKH

ZDWHUV

DQG ZKHQ

KH UHQHZV

ZLOO

DV

WKH XQLYHUVH

ZKR

WKRXJKW

VHD

ZKHQ WKH\VXUYH\HG WKHIORRU RI+DJLD 6RSKLD ZRXOG UHFDOO


RU
RI 6RORPRQ
7HPSOH
SURWRW\SLFDO
LQ (]HNLHO
V
IURP WKH
YLVLRQ
WHPSOH
RI
DQG IRXQWDLQV
DQG WKH YDULRXV
ORQJ
+DJLD
6RSKLD
V
SRROV
RI WKH
WKH VLPXODWLRQV
ORVW DWULXP
FRQVFLRXVO\
SUHILJXUHG
RQ WKH +HURGLDQ
7HP
FRPPHQWDULHV
LQWHULRU 5DEELQLFDO
WKH EUD]HQ
WKH ZDWHUV

VHD

LQ WKH

WKDW IORZHG

LW FOHDU WKDW WKH YLVXDO DVVRFLDWLRQ


SOH PDNH
LQ-XGDLF
DQG ZDWHU ZDV YHU\ ZHOO HVWDEOLVKHG

EHWZHHQ

PDUEOH

ORUH ORQJ EHIRUH

LWVH[SOLFLW%\]DQWLQH DSSURSULDWLRQ $ %DE\ORQLDQ 7DOPXG

RI WKH IRXUWK

FHQWXU\

UHFRXQWV

WKDW +HURG

LQWHQGHG

WR RYHU

OD\ >WKHZDOO@ ZLWK JROG EXW WKH5DEELV WROGKLP


/HDYH LW

VWRQH DQG WKHIDFHRI WKHGHHS LVIUR]HQ -RE 


RQH

DV VOHHN

6XFFHVVRUV
3UHFXUVRUV
DQG ,VODPLF
-XGDLF
DQG
7KH SDWURQV
DUFKLWHFWV
WKHRORJLDQV

WKH KHDYHQO\
VSKHUHV
WKURXJK
ZDV
RXW
DJDLQ ERUQH
E\ WKH OHWWHU RI 6FULSWXUH

IL[HG

LWV VXUIDFH

OXPLQRVLW\

VNLQ

RI EHGHOOLXP

DW

RULJLQDO

,Q WKLV
WKH EULOOLDQW
SROLVKHG
OLJKW
JODVV
RQ
DPLUURU RI WKH GLYLQH
SODQ DQG E\ VWHSSLQJ
HYHQ
HQWHUV
IORRUV
ZKLWH
KHDYHQ
WKH
LWRQH
,QGHHG
JODFLDOO\
FKXUFKHV
LQ YDULRXV &RQVWDQWLQRSROLWDQ
SURE
WXDOO\ UHFRUGHG
WKLV
DPELWLRQ
DEO\ KDUERUHG

FU\VWDO EDVH"

OLNH D ZDOO
DQ RQ\[

JURXQG

WKH HDUWK
V

IORRU EHFRPHV

$ VWUHDP WKDWZLOO QRW NLOOILUHLQLWV


PLGVW
,WVZDWHUV

UHVWRUH

QR ORQJHU EH GDUN DQG GXOO EXWZLOO EHFRPH D GLDSKDQRXV

RQWR

FU\VWDOV

DUWZRUN

SKRWRJUDSK " &RS\ULJKW WKH7UXVWHHV RI WKH%ULWLVK0XVHXP 

PDVV

VSURXWV

FD 
IRU D IRXQWDLQ
LQ WKH SXEOLF GRPDLQ

GHVLJQ

WKXV FRYHUHG

7HOO PH ZKDW LVWKHWRUFKXSRQ WKH ODPS


7KDW

0DQWHJQD


%ULWLVK 0XVHXP

DW WKH HQG RI WLPH

DORQH
DQFH

IRU LW LVPRUH


RI WKH ZDYHV

EHDXWLIXO

DV LW LV VLQFH

RI WKH VHD




)XUWKHUPRUH

LWKDV

WKH DSSHDU

WKH LGHQWLW\ RI

WKHPDUEOHV HQYLVLRQHG E\ WKH$PRUDLP 7DOPXGLF VFKRODUV 


ZDV
DQG

XVH RI WKH *UHFR/DWLQ


E\ WKHLU
WH[WV UHIHU WR WKH VWRQHV RI 3HUDN

FRQILUPHG
RWKHU

ZRUG
2QVLQ

PDUPDU
LQZKLFK

$57 %8//(7,1



'(&(0%(5

 92/80(

/;;;,;

180%(5



ZPA

 *UHDW 0RVTXH

'DPDVFXV

)RDP

RI WKH 6HD

PLUKDE

 UHVWRUHG  LPDJHSURYLGHG E\%DUU\)ORRG 

 6LU /DZUHQFH


RQ FDQYDV

WLRQ DUWZRUN

FDQ

EH

)LQDOO\
:KHQ
ZDWHU
XSSHU

7KHUPDH $QWRQLDQDH
$OPD7DGHPD
 RLO
; 9  LQ  ;  FP  3ULYDWH FROOHF



LQ WKH SXEOLF

D

GHWHFWHG
7]LRQD

FRUUXSWLRQ
KDV

*URVVPDUN

RI

WKH QDPH

3URFRQQHVXV

WKDW D

VKRZQ

FU\SWLF ZDUQLQJ
\H DUULYH DW WKH VWRQHV RI SXUH PDUEOH
VD\ QRW :DWHU
DFFRXQW
IURP D P\VWLFDO
WR WKH
GHULYHG
RI DVFHQW
RQH RI WKH WUDYHOHUV
DW WKH
LQ
ZKLFK
VWRRG
VSKHUHV

HQWUDQFH

WR WKH VL[WK


VWRQHV

RI SXUH PDUEOH


DQG

GRPDLQ 

SDODFH
DQG

   ,Q RWKHU

ZDWHU

VDLG :DWHU

VDZ WKH
VSOHQGRU
KLV PRXWK
RSHQHG

RI WKH DLU

DQG
KH

D
YLVLRQ
SRUWHQGHG
KHDYHQO\
VLRQ RI WKH VDPH VWRU\
SODFHV

WZR WLPHV

WKH PDWHULDO

ZRUGV

YHU
PHGLHYDO
\HW DQRWKHU
RQ WKLV
HPSKDVLV
RWKHUZRUOGO\

DQG

GHPDWHULDOL]DWLRQ E\GHVFULELQJ WKHPLUDJH RI WKHKXQGUHGV


RI WKRXVDQGV
DJDLQVW

DQG PLOOLRQV

>WKH WUDYHOHU@

RI ZDYHV

RI ZDWHU

DQG \HW WKHUH ZDV

QRW D

>WKDW@

VWRUPHG

GURS

RI ZDWHU

RQO\ WKHHWKHUHDO JOLWWHURI WKHPDUEOH SODWHV ZLWKZKLFK WKH


6L[WK 

3DODFH

1RU ZHUH

ZDV
,VODPLF

WHVVHOODWHG
SRHWV

EOLQG

WR WKH
UDLQ\ DOOXUH

RI 3URFRQ

QHVLDQPDUEOH 0DUFXV 0LOZULJKW KDV DGGXFHG DHXORJ\E\WKH


QLQWKFHQWXU\

SRHW

%XKWXUL

RQ D 6DPDUUDQ

$V LIWKHJODVVZDOOV RI LWVLQWHULRU


:HUH

ZDYHV

EHDWLQJ

XSRQ

WKH VHDVKRUH

SDODFH

 )ORRU
7HJHD

SODQ RI WKH EDVLOLFD RI 7K\UVRV


ODWH WK FHQWXU\
$UFDGLD

DW

ZDOO 

&260,&

)/2256

,1 $17,48,7<

$1' 7+( 0,''/(

$*(6



%LEOH )UHQFK
RI WKH:DWHUV IURP WKH0DFLHMRZVNL
WK FHQWXU\ 1HZ <RUN 3LHUSRQW 0RUJDQ
/LEUDU\ 06 
IRO  DUWZRUN LQ WKH SXEOLF GRPDLQ 

 'LYLVLRQ
IURP &RVPDV
 &URVV VHFWLRQ RI WKH FRVPRV
,QGLFRSOHXVWHV
0RXQW
 WK FHQWXU\ 6W &DWKHULQH
V
6LQDL
7RSRJUDSKLD
&RGH[ *UDHFXV
 IRO Y DUWZRUN LQ WKH SXEOLF GRPDLQ
IURP +XEHU +HLOLJH %HUJH ILJ  
SKRWRJUDSK

$V

LI LWV

0HHWV

VWULSHG PDUEOH
WKH RSSRVLWH

ZKHUH

ZLWK
WKH ZDOOV RI PHGLHYDO
IUHTXHQW
SDODFHV
FRPSOH[
RU YLWUHRXV
D VSH
LOOXVLRQLVWLF
WKH $OKDPEUD
RUQDPHQW
EHLQJ
FDVH
LQ
RFHDQ
IORRUV
DOVR
FLDO
VHDV DQG
*ODVV\
SRLQW
LQ:HVWHUQ
H[LVWHG
WKDW
RU DW OHDVW SRHWV
SDODFHV
LPDJLQHG
DV LQ DQ
RI WKH
WKH\ GLG
HDUO\WZHOIWKFHQWXU\
GHVFULSWLRQ
KDOO RI WKH FRPWHVVH
GH %ORLV /LNHZLVH
WKH WHQWK
DXGLHQFH

IORRU

LWV SDWWHUQ
>WKDW

SURVSHFW

LV ERRNPDWFK

LQJ@
:HUH

VWUHDN\

UDLQFORXGV

DQG OLJKW
$QG

%XW
SDFW

VWULSHG

FRPLQJ

EHWZHHQ

DUUD\HG

WRJHWKHU

WKHVH
SDQ0HGLWHUUDQHDQ
RQ PRVTXH
IORRUV ERWK

DQG

ZDWHU
EHFDXVH

FORXGV

RU

D
EDOODG
HOHYHQWKFHQWXU\
'LJHQLV $NULWLV
%\]DQWLQH
VWURQJO\
D
IORRU SDYHG
LQIXVHG ZLWK ,VODPLF
LQIOXHQFHV
LPDJLQHV
SDODFH

GDUN

ZLWKRQ\[ WKDWKDG EHHQ VRKLJKO\SROLVKHG WKDWRQORRNHUV

PLQJOLQJ

PHWDSKRUV
WKH\ KDG

KDG

QR

LP

WR EH FRYHUHG

WR DFFRPPRGDWH

ZLWK PDWWLQJ
ZDUG 0HFFD

WR
WKH ILYH GDLO\ SURVWUDWLRQV
DQ RUL
LV
HVVHQWLDOO\
QR
WR
WKH GLYLQH
SUHWHQVLRQV
KRXVLQJ

DQG

EHFDXVH

HQWHG

WKH PRVTXH

SUD\HU KDOO ZLWK


QRU
,Q WKH *UHDW
WKH HQG RI GD\V
SUHVHQFH
SRUWUD\LQJ
DW 'DPDVFXV
LW LV WKH UHYHWPHQW
WKH
VXUURXQGLQJ
0RVTXH
WKDW FDPH

PLKUDE

)LJ  
QRW WKH IORRU ,Q ,VODPLF
HYHQ

PRUH
*RG
V
ZKHQ

WR EH NQRZQ

DV IRDP

RI WKH VHD

DQG -XGDLF
DQG
ORUH LQ0LGUDVKLP
RI
IORRU
LV
LQ
IDFW
WKH LPDJH
WKH ZDWHU\

LQ WKH 4XU'DQ


FRPPRQ
LQ GHVFULSWLRQV
RI SDODFH
LQWHULRUV
%HFDXVH
WKURQH VWRRG RYHU D JODVV\ IORRU VR GLG 6RORPRQ
V
DQG
ZDV
WKH TXHHQ
RI 6KHED
HQWHUHG
KLV
VKH WRR
SDODFH

IRROHG LQWR WKLQNLQJ WKDW LWVPDUEOH IORRU ZDV D SRRO RI


ZDWHU

7KH

DFH ZRXOG

RI 6RORPRQ
V
FU\VWDO ZDOOV DQG ZDWHU\ IORRU
SDO
LQ WXUQ H[HUFLVH
WKHLU UXOH RYHU WKRVH
VRYHUHLJQV

ZKR DVSLUHG WR WKLVSDUDJRQ RIJRGJLYHQ NLQJVKLS$ JODVV


SDYHPHQW ZDV HYHQ EXLOW LQ6\ULD LQWKH ODWHHLJKWK RU HDUO\
QLQWK

FHQWXU\

DQG

WKH4XU"DQLF

YHUVHV

GHVFULELQJ

6RORPRQ
V

LWZDV ZDWHU IUR]HQ LQWR LFH 7KH FRQFHLW PXVW KDYH


WKRXJKW
DV D
EHHQ
PXFK
HDUOLHU
SRHW KDG
VL[WKFHQWXU\
ZLGHVSUHDG
D
LQ
WKURQH URRP WR D
DOVR H[SODLQHG
WKH IORRU
&DUWKDJLQLDQ
9DQGDO

NLQJ

DV DQ XQFORXGHG


VQRZ :KHQ

WKLFNO\ VSUHDG
WKLQN WKH\ FRXOG

VLQN

VHHPV

>WKDW@

SDYHPHQW

\RXU IHHW VWDQG XSRQ

WR EH

LW\RX ZRXOG

LQWR LW

$ &ODVVLFDO 6HD 7KH 7HPSOH RI=HXV 2O\PSLD


7KHUH

ZHUH

FODVVLFDO

RI +DJLD

DUJXDEO\
EXW
6RSKLD

IDPRXV

FKU\VHOHSKDQWLQH

SUHFHGHQWV
WKH PRVW
SRZHUIXO

IRU WKHPDULQH
ZDV

WKH FHOLD

IORRU
RI WKH

7HPSOH RI=HXV DW2O\PSLD )LJV    KRXVLQJ WKHPRVW


VWDWXH

LQ *UHHFH

HQ

3KLGLDV
V

WKURQHG=HXV FD  %&(  2Q LWVFRPSOHWLRQ 3KLGLDV


KDG WKHIORRU LQ IURQWRI WKHPDVVLYH HIILJ\GXJ RXW DQG
QRW ZLWK ZKLWH
SDYHG
URXQG
WKH EODFN VWRQH
NHHS
*UHHN
DIWHU

LQ WKH ROLYH

RLO

EXW ZLWK EODFN


>UDQ@

D UDLVHG

WKDW IORZV

WUDYHO ZULWHU ZKR ZURWH


WKH ZKROH

HQVHPEOH

WKH ILOP RI RLO RYHUOD\LQJ

ZDV

RXW

VWRQH

WKHUH

WKHVH ZRUGV
EXLOW ZHQW

WKH VODEV

>DQG@

ULP RI 3DULDQ

VHUYHG

LQ D FLUFOH

WKH

3DXVDQLDV

VL[ KXQGUHG
RQ

WR

PDUEOH

WR

H[SODLQ

\HDUV
WKDW

DV D GHKXPLGLILHU

$57 %8//(7,1



'(&(0%(5

 92/80(

/;;;,;



180%(5

 6 0LFK"OH


DSVH SURVFHQLXP
%HUOLQ
DUWZRUN

SUHYHQWLQJ
WKHUHE\

DUPDWXUH
IURP
WKH HIILJ\
V ZRRGHQ
ZDUSLQJ
WKLV
%XW
LWV LYRU\ VNLQ
SUHYHQWDWLYH
VORXJKLQJ

DQG
IXQF

WLRQRIROLYHRLOKDV QR EDVLV LQSK\VLFVDQG LWLVGRXEWIXO WKDW


WKH *UHHNV

ZKRVH

FURS ZDV

VWDSOH

HYHU KDYH

RLO ZRXOG

ROLYH

EHOLHYHG WKDWLWGLG$ WULFNOHRIGLVVHQWLQJ YRLFHV KDV LQVWHDG


WKDW WKH YLVFRXV
RLO ZDV
UHFRJQL]HG
D
LQWR
IRUP WKH EODFN
VXUIDFH
KXJH
VHHPHG
,WZDV VDLG WKDW WKH =HXV

PHDQW

DFWXDOO\
VHDPOHVV

WR WUDQV

PLUURU

VR DOLYH

WKDW KH

DOPRVW

PRYHG WKDW LIKH VWRRG XS KH ZRXOG NQRFN RIIWKH WHPSOH
URRI DQG KLV VKLPPHULQJ

7KH

KHDYHQO\

DSSHDUDQFHV
DQG
EXW XQWRXFKDEOH

D

PDWHULDOV

K\SHUUHDOLW\
SXUYH\HG
KLP YLVLEOH
UHQGHUHG

EODFN

HQFLUFOLQJ

RI

SRRO

SDUDSHWV

WR

DFFHVV

EDUUHG

WR EHDW WKH ERXQGV


RI WKH VXSUHPH
WKH SRROVLGH
SUH
JRG
V
FLQFW 7KH IORRU OLNH WKH ODWHU EODFN VWRQH WKDW JDYH LWVQDPH
WR WKH DQFLHQW

PRQXPHQW

LQ WKH 5RPDQ

WKH /DSLV

IRUXP

RQH
OLWHUDOO\ FRXOG
KLV RZQ NLQJGRP
DQG E\
RFFXSLHG
WKH
RI
UHIOHFWLRQ
UHVLGHG
LQ D SHUVRQDO
LQFRPSDUDELOLW\
DE\VV
WR
IURP
RI
FUHDWLRQ
WKH
PDWHULDOV
UDQJH
2O\PSXV
EUDFNHWLQJ
WRXQGHUFXW
WKH
VHHPHG
(YHQ
RI
WKH
WKH
FXUE
7DUWDUXV
SRRO
WKH
WKH UXJ IURP XQGHU
RI WKH FHOLD SXOOLQJ
LQWHUQDO FROXPQV
D
QRW
RYHU
RI
=HXV
ORRPHG
ZKROH
6R
HGLILFH
JUHDW GLYLGH
KDOORZHG
EHFDPH
1LJHU
QRW VWHS RQ LW7KXV =HXV

JURXQG

EHFDXVH

GHDG EODFNQHVV DWHURU [""D"  EXW WKHEULOOLDQW EODFN RI


UDYHQ EOXH

UHIOHFWLRQV

RU .Y"YHRV 
WKDW
VXJJHVWHG
QLJHU
GDUNQHVV
ERWWRPOHVV
WKH XQIRUPHG

DQG HYHQ
GHQ GHSWKV
FKDRV
ZLWK
DOO 0HGLWHUUDQHDQ
P\WK DVVRFLDWHG
SULPHYDO
LQ WKH WH[W RI \HW DQRWKHU
HIIHFW LV FKDUDFWHUL]HG
RYHUDOO

KLG
WKDW

DQG

WKH ZKROH
D

VLQJOH

ILQGV

RI WKH DUHQD

VROLG 2EVLGLDQ

VWRQH

  VHHPHG

RI H[WUHPH



,Q WKLV FOHDU

DV LQ D FDOP

DQG

RU DERYH
WKLQJ DURXQG
WKH VKLQLHVW PLUURU
ZDV

WUDGLWLRQ

7KH

SODFLG
LWPXFK

IDU PRUH

RWKHUZLVH

VHD DQG

UHIOHFWHG

EHWWHU

DQFLHQW

HYHU\
LQ

WKDQ

,Q

VWLOO WKDQ 2O\PSLD

VRPH(J\SWLDQ WHPSOHV WKDWSUHGDWH 3KLGLDV E\WZR


PLOOHQQLD
EODFN
VSDFH
WZHHQ

ZHUH

EDVDOW

SDYHPHQWV
DV D PLFURFRVP

ZLWK

DVVRFLDWHG

D

FRQWDFW

VWUXFWXULQJ
LV
SRVVLEOH

WKH

EH

ZKHUH
SRLQW
RI WKH OLYLQJ  UHSUHVHQWHG
E\ WKH
VSKHUH
]RQH
WKH
DQG WKH FHOHVWLDO
OLJKW
E\
UHSUHVHQWHG

HDUWK

WKH

EODFN PDWHULDO

FRORURIWKHXSSHUZDOOV DQG WKHFHLOLQJZKLFKZDV SDLQWHGZLWK


\HOORZ

VWDUV RQ D EOXH

JURXQG
WR WKH
VN\
DFWXDOO\ RSHQ
QR GRXEW
LQWHQGHG
3KLGLDV

$W OHDVW RQH RI WKHVH IORRUV ZDV

WKH VDPH

WR DFKLHYH

HIIHFW

DV

ZRXOG WKH%ULWLVK VFXOSWRU5LFKDUG :LOVRQ LQZKHQ KH


ILOOHG D ZKLWHZDVKHG DUW JDOOHU\ZLWK UHF\FOHG VXPS RLO WR
WKDQ LWV
LVJUHDWHU
YROXPH
ZDV
IDXOW
LOOXVLRQ
:LOVRQ
V
ERXQGDULHV
)LJ  
SK\VLFDO
D
D
KRUL]RQ
RI
KDLU
V
HQWLUH
ELVHFWHG
EUHDGWK
OHVV WKH
VSDFH
E\
VWHHO UDPS
WKH &RU7HQ
DVFHQGHG
WKH VSHFWDWRU
DQG ZKHQ
FUHDWH

D VSDFH

WKH LQWHUQDO

LQ LWVPLGVW

H[FDYDWHG
GLYLQJ

ZKHUH

WKH H[SHULHQFH

ZDV

OLNH PRXQWLQJ

D

ERDUG

:LOVRQ
V

VDZWRRWK

LQVWDOODWLRQZDV OLWRQO\ E\ WKH VRIW OLJKWIURPD

URRI DERYH

VWDWXH

3KLGLDV
V

RI =HXV PXVW

RULJLQDOO\

ZH QRZ NQRZ


WKDW WKH RLO\ PLU
H[FHSW
QRWKLQJ
DUUDQJHPHQW
URU ZRXOG
=HXV QRU KLV IDWKHU
WKHP 1HLWKHU
KDYH UHIOHFWHG

RI
DQG

LQYLQFLEOH KDUGQHVV VR VPRRWK DQG SROLVKHG WKDWDW WKH


ILUVWVWHS ,ZLWKGUHZP\ ULJKWIRRWIHDULQJ WKDW,ZDV DERXW
WR IDOO LQWR WKH
DE\VV DQG SHULVK

FRXOG VHH WKH OLPSLG SURIXQGLW\ RI WKH VN\SHUIHFWO\ UH


IOHFWHG

DJH

WR FRQVLVW
EODFNQHVV

GRPDLQ 

7KH

WKDW

SDYHPHQW

LQ WKH
SXEOLF

KDYH EHHQ OLWE\ FDQGHODEUD DQG KDQJLQJ ODPSV RIZKRVH

WKH+\SQHURWRPDFKLD   ZKHUH 3ROLILOR HQWHUV WKHDPSKL

WKHDWHU

LQ$IULFLVFR 5DYHQQD
 %RGH 0XVHXP

VWRQH RQH

SUHVLGHG RYHU&KDRV ZKLFKSUHFHGHG WKHP  DQG WKHVSOHQ


PLUURU
GLG LVRODWLRQ VRVNLOOIXOO\
HQJLQHHUHG ZDVPRUH OLNHO\WR
WKH VXSUHPH

UXOHU
V

WKURQH

LQ WKH KHDYHQV

:LOOLDP

5LFKDUG

WR RIIHU D
WKH RQO\ REVHUYHU
\HW
WUXO\ LPDJLQDWLYH
/HWKDE\
YHQWXUHG
WKDW LWPXVW
WR
3DXVDQLDV
V
DOWHUQDWLYH
H[SODQDWLRQ
ZKLFK
WKH GHHS
VWLOO VHD WKH VHD RI KHDYHQ
KDYH UHVHPEOHG
ERUH

WKH WKURQH

RI =HXV

DQG

LQZKLFK

WKH VWDUV IORDWHG

&260,&

,1 $17,48,7<

)/2256

$1' 7+( 0,''/(

 *HQHVLV

6 0DUFR
WK FHQWXU\
FXSROD
GRPDLQ
E\ WKH DXWKRU 
SKRWRJUDSK

SXEOLF

EHIRUH

WKH QLQWK

FHQWXU\

IRU DQ DQLFRQLF


RI WKH SDJDQ

FRQQRWDWLRQV

IORRU

7KH

DUWZRUN

WKLV ZDV

LQ VKRUW

FKXUFK

SHUVRQLILHG
WKH FKXUFK
RI



LQ WKH

DQ DQLFRQLF

WKHUHIRUH

RI WKH

IRU
WKH IRFXV RI
H[DPSOH
0DGDED

)LJ  

$*(6

IORRU

DYRLGHG
6HD

DQ\

WKDW ZDV

DW
$SRVWOHV
DW WKH RXWVHW

WKH

%XW DV , UHPDUNHG

DOWKRXJK WKH LPDJHOHVV SDYLQJ RI+DJLD 6RSKLD SUHRUGDLQHG

QR

LWV UHFHLYHG
DQG IXQGD
QDUUDWLYHV
VSHFLILF
PDWHULDOLW\
D
PHQWDO
VLWXDWLRQ
RI
SURSHU
UDQJH
YLUWXDOO\
SUHGHVWLQHG
UHIHUHQFH
DFURVV
)RU D VWDUW WKH
WR
ZKR KHDGHG
WKH ZDWHUV
ZRUVKLSHU
RU *UDGR
LQ
IRU
WKDW
PDWWHU
+DJLD
6RSKLD
LQ KLV PDUFK
RI IDLWK DFURVV
UHWUDFHG
WKH
WKH VWHSV RI 3HWHU
WKH VDQFWXDU\

VWRUP\
 7KURQH
DUWZRUN

RI 6DLQW 0DUN


6 0DUFR
LQ WKH SXEOLF GRPDLQ 

WK FHQWXU\"

9HQLFH

6HD

WR PHHW

RI *DOLOHH

&KULVW

WKH

URFN

0DWWKHZ

  &KULVWKDG TXHOOHG WKHFKDRWLFZDYHV RIWKLVVHDMXVWDV

KLV )DWKHU

KDG

WKH VXUIDFH

WKRVH

VWD\HG

ZRXOG

EH

DW &UHDWLRQ

WR IDOO IURP *RG


V

7R
IDYRU

VOLS EHQHDWK
WR DZDLW OLNH

IURP WKH
LQ IDFW VHYHUDO RGHV
LQ
UHFODPDWLRQ
GHSWKV
FDQRQ
FDOO RQ VDOYDWLRQ
LQ
WKH ODWHU %\]DQWLQH
RI
SDUDSKUDVHV
LQ WKH
RI WKH ZKDOH
LWZDV
0RUHRYHU
SUD\HU
-RQDK
V
EHOO\

-RQDK
+RZHYHU

PXFK
LQ PDWHULDOV
DQG
H[HFXWLRQ
WKH\ GLIIHU
WKHVH (J\SWLDQ
DQG %\]DQWLQH
*UHHN
IORRUV DV ZHOO DV
DW WKH 6DDWFKL
:LOVRQ
V
VKDUH D
HTXLYDOHQW
*DOOHU\
FRPPRQ
7KHLU
WKH IORRU DQG
SUHPLVH
OLTXLG VXUIDFHV GLVVROYH

SROLVK
5LFKDUG

RXW RI WKH ZRUOG RI WKH


VSHFWDWRU
GURS
WR WUHDG D
OLQH
SUHFDULRXV
WKURXJK
LQ WKH FDVH RI
H[WUDWHUUHVWULDO
VSDFH 0RUH
SDUWLFXODUO\
+DJLD
RIPDUEOH
WKH FRQMXQFWLRQ
DQG VHD
6RSKLD
H[SOLFLWO\
FROODSVHV
VHD DQG PRXQWDLQ
WKH
RI FUHDWLRQ
LQWR RQH KRUL]RQ
DQWLW\SHV

PDNH
ZKR

WKH URFN ERWWRP

LV WKHQ

LQGXFHG

RQ ZKLFK KXPDQ ILQLWXGH LVVHWEHWZHHQ OXFLG ILUPQHVVDQG


XPEURXV

FKDRV

$W+DJLD 6RSKLD WKHH[SORLWDWLRQ RIERRNPDWFKLQJ JDYH

ULVH WR D VWRQ\ VHD WKDW


IURP DQ LQKHUHQW
HPHUJHG
RUGHULQJ
RI DUW HUDVHG
WKH LQGLFHV RI IDFWXUH DQG
7KLV PLUDFOH
KHOSHG
WR WKH
VDFUDOL]H
WKH LQWHULRU E\ DVVLPLODWLQJ
WKH QHZ FUHDWLRQ
SURGXFW

RI DUWIXO 1DWXUH

UDWKHU

ILJXUDL LPDJHU\ KDG DSSHDUHG

WKDQ PDQPDGH

LQ+DJLD

DUWZRUN

1R

6RSKLD
V PRVDLFV

ZLWK WKLVYHU\ELEOLFDO HYHQW LQPLQG WKDW D QLQWKFHQWXU\


FKURQLFOHU

ZRXOG

XV EHOLHYH

KDYH

WKDW *DOOD

3ODFLGLD

DIWHU D

VKLSZUHFN LQ  EXLOW D QHZ FKXUFK WR 6DLQW -RKQ WKH
(YDQJHOLVW
WKH RSHQ
ZDY\

VHD

LQ5DYHQQD

%HORZ

VHD VKH KDG


>XQGRVXP

E\ WKH ZLQGV


"
X
VWRUP

WR

D

PRVDLFV

GHSLFWLQJ
ODLG WKDW ZDV

SDYHPHQW

XQGLTXH

DV

PDUHa?
WKH

SURGXFH

WKRXJK
RI

LPDJH

RQ
KHU
SHULOV
D
HYHU\ZKHUH
LWZHUH
VWLUUHG
D

WHPSHVWXRXV

DW WKH
,Q 6 0DUFR
LV OLNH
EHIRUH
SDXVLQJ
FURVVLQJ
ZDLWLQJ
WUXH
WKH JODVV\ VHD RI *RG
V
WKURQH URRP 7KH VDPH ZDV RQFH
WR VXU
IRU WKH
ZKLFK
FKXUFK
RI 0RQWHFDVVLQR
KRSHG
DEEH\

SDVV +DJLD 6RSKLD DQG ZKRVH IORRU ZDV SUREDEO\ ODLG E\
&RQVWDQWLQRSROLWDQ
QR
V FRQWHPSRUDU\
JUHHQ DQG SRUSK\UH
DW WKH VDPH
WLPH

FUDIWVPHQ

)LJ

  $V $OIDQXV

RQ

LWV VSOHQGRUV
VLQJV
WKH DODEDVWHUV
WLF VWRQHV PDNH

SRHP

WKH 3URFRQQHVLDQ

SDYLQJ

RI 6DOHU
+HUH
VKLQH

PDWFKHV

WKH
DQG
WKHVH

$57 %8//(7,1



'(&(0%(5

 92/80(

/;;;,;

180%(5



WR LQWHQVH

H[HJHVLV

E\ WKHRORJLDQV

WKH SURWR&KULV

H[KXPLQJ

WLDQDOOHJRU\ VXSSRVHGO\ EXULHG LQKLV WH[WV


'HVFULELQJ WKH
WKDW YLUWXDOO\ DVVDXOW
LQ WKHLU
WLGHV RI WKH SRSXODFH
WKH SULHVW
WR UHDFK
DW WKH
WKH :RUG
EXW
PHDQLQJ
6FULSWXUH

IHUYRU

SODFH RI WKH VSRNHQ ZRUG WKHSXOSLW  3DXO WKH 6LOHQWLDU\


GUDZV

QRW

RQO\
7UR\

EHVLHJLQJ

RQ +RPHU
V

RI $FKDLDQV
RI ZDYHV
ILJXUH
PHWD
WKH FRPPRQ
VHUPRQL]LQJ

RQ

EXW DOVR

SKRU RI WKHIHUWLOHLVODQGRI WKHFKXUFK DVD URFNRIIDLWKLQ

D
VHD RI VLQ /LNHZLVH
ZKHQ 3DXO VSHDNV
UDJLQJ
RI WKH IDLWKIXO DFURVV
WKH VHD WR WKH VDIH KDYHQ
RI =HXV 2O\PSLD
 7HPSOH
SODQ ZLWK WKH SRRO RI RLO PDUNHG
HW DO
LQEODFN UHGUDZQ IURP &XUWLXV
'LH
2O\PSLD
(UJHEQLVVH GHU
  
YRQ GHP'HXWVFKHQ 5HLFK YHUDQVWDOWHWHQ
$XVJUDEXQJ
7DIHOELOGHU

YRO  >@ SO  

WR HDFK

PDUEOHV

D

EHFRPH
)RU
-RE

JODVV\

RWKHU

RWKHUV

7KH

LWV VHFRQG

IURP WKH DPER

D ZD\

IORRU

6RSKLD
V
FKDQWHG

+DJLD
OHFWRU ZKR

RQ

WKHP 

LQ VXFK

WKLV ZRUN

WKDW

PD\

VHD

KRPLOHWLF

RQ &KULVWPDV

LQDXJXUDWLRQ

LQ WKHPLGGOH

WKH ZRUGV

UHFDOOHG

WKH .RQWDNLRQ

'D\
WROG WKHPDVVHV

RI WKH VHD

RI
DQ

WKDW

LQWKHEHJLQQLQJ WKHILUPDPHQW VROLGLILHG LQWKHPLGVW RIWKH


ZDWHUV
DERYH

  ZLWK

D

DV LW LV EHOLHYHG


WR EH
VXEVWDQFH
IORZLQJ
DUH EHWWHU DQG
LW   %XW KHUH
ZRQGHUIXO
XWWHUO\
WKLQJV

QR IOX[ IRU WKH IDYRU RI*RG


WKH WHPSOH
FRQWHPSRUDU\
WR WKH PRUH
ZHHNV

RI *RG
V

VHOHFW

7KH

:LVGRP
EXW ZKHQ

*UHHN

FURZG

ODWHU IURP VRPH

RQ ZKLFK

LV WKH IRXQGDWLRQ

3DXO

OHFWRU

JDOOHU\

YDQWDJH

LQ OXFLG

VDQJ

WKH

6LOHQWLDU\
DQG SDWULDUFK

RI HPSHURU

RYHUORRNLQJ

UHVWV

OHFWXUHG
D IHZ

WKH VHD

DU\ KH FDOOV RQ D WUDGLWLRQ


QRW

UHIHUULQJ

DV ROG

WR OLIH
V

RQO\

OLWHUDU\ FRPSRVLWLRQ
LQ WKH YRLFH
3DXO GHFODLPV

DV FODVVLFDO

,W LV DOO

OLWHUDWXUH

EXW HYHQ

WUDYDLOV

RI WKH YR\DJH


RI WKH VDQFWX

WKH

LWVHOI
RI

VWUXJJOHV

WKH PRUH

WKDW

DSSURSULDWH
RI WKH 2G\VVH\ IRU WKLV ZDV DQ HSLF
FRPPHQWDWRUV
WKH
WKDW HYHQ FODVVLFDO
VXVSHFWHG
OD\ EH\RQG
GRPDLQ
RI IDFWXDOLW\
VLQFH
ZDQGHU
H[RNHDQLVPRV 
2G\VVHXV
V
RQ WKDW LPPHQVH
ZKLFK
2FHDQ
LQJV WRRN SODFH
OD\ EH\RQG
OLPLWV DQG WRXFKHG
$QG ZKHQ
WKH OHFWRU
HDUWK
V
WKH KHDYHQV

RI WKH.RQWDNLRQ GHVFULEHV WKHZLQGRZV RI+DJLD 6RSKLD DV


OXPLQDULHV

VSLULWXDO

IL[HG

WR WKH GLYLQH

ILUPDPHQW

KH DGGV

WKDWWKH\HQOLJKWHQ LQ WKHQLJKW RI OLIHWKRVHGULIWLQJDERXW

RQ

WKH RFHDQ

FKXUFK

RI VLQ 3DXO

VXUSDVVHV

WKH 3KDURV

HYHQ FODLPV
WKH 6LOHQWLDU\
WKDW WKH
RI $OH[DQGULD
:H KDYH HYHU\

WR VXVSHFW
WKDW ERWK DXWKRUV MX[WDSRVH
ULJKW
WKH FKXUFK
LQWHULRU ZLWK
WKH SHULSKHUDO
RFHDQ
HYHQ WKH EHVW VDLORU PD\
LQZKLFK
ZRUGV

WKDW UHYHUEHUDWHG

PDQPDGH
SRUXV

DQG

PRXQWDLQ
WKH 6HD

ZLWK +DJLD
WKDW GRPLQDWHG

WKH VWLOOZDWHUV

RI

RI VLQ DV

WHUULWRU\
ORVH KLV FRXUVH

D
DFWXDO
VLWLQJ
6RSKLD
V
WKH VWUDLWV RI WKH %RV

RI0DUPDUD

KH GHFODLPHG +RPHULF KH[DPHWHUV 7KH OLQJXLVWLF VKLIW


D UHYLYHG
RI OHWWHUV DQG WKH FRXUW FXOWXUH
UHSXEOLF
WKDW VSRQVRUHG
WKHP EXW LWZDV DOVR D WLPHOHVV
HSLF YRLFH
WR WKH KHURLF
RQH
DPELWLRQV
RI
WKH
DQG
WKDW
HGLILFH
ULVLQJ
UHIOHFWHG

VLPXOWDQHRXVO\

VRXJKW

WR KDUPRQL]H

*UHHN

DQG

ELEOLFDO

DQ

WLTXLW\+RPHU KLPVHOI OLNH9LUJLO KDG DOUHDG\ EHHQ VXEMHFW

LLL\AA

&RGD

DQG
$UFKLWHFWXUH
(QJOLVK
1HR%\]DQWLQLVP
WR KDYH
%HUQDUGR
LV
WKH
ODVW :HVWHUQ
WUDYHOHU
%RQVLJQRUL
UHFRUGHG
WKH SDWWHUQV
RI +DJLD
PDULQH
EXW
6RSKLD
V
SDYLQJ
HYHQ EHIRUH
WKH :HVWHUQ

WR DFWXDO

LWUHWXUQHG
FRQVFLRXVQHVV

YLHZ

WKURXJK

LQ 
-RVHSK

LQ

LWUHVXUIDFHG
YRQ +DPPHU

A"DJ

RI =HXV FURVV VHFWLRQ


 7HPSOH
HW DO
DIWHU &XUWLXV
2O\PSLD YRO

SL  



&260,&

)/2256

,1 $17,48,7<

$1' 7+( 0,''/(

$*(6



5LFKDUG:LOVRQ  


SKRWRJUDSK SURYLGHG E\ WKH6DDWFKL
/RQGRQ 

*DOOHU\

3XUJVWDOO
V TXRWDWLRQ RI3VHXGR&RGLQXV
,VWDQEXO

DQG

LWV HQYLURQV

LQKLV JXLGH WR


WKH %ULWLVK

ZKHQ

7KXV

DUFKLWHFW

YLVLWHG9HQLFH D IHZ

*HRUJH (GPXQG 6WUHHW  


ODWHU KH UHPHPEHUHG

\HDUV

WKH ERRN
V
RI
SDVVLQJ
GHVFULSWLRQ
DV D
RI +DJLD
DQG
WKH
WRRN
VHD
6RSKLD
VWRUP\
DV HYLGHQFH
WKDW WKH ULVLQJ DQG
RI
IDOOLQJ VXUIDFH
PXFK
VHWWOHG IORRU ZDV LQWHQWLRQDO

WKH IORRU
PHWDSKRU
6 0DUFR
V
,Q 9HQLFH

WKLV

LGHD ZDV

FHQWXU\
PLGHLJKWHHQWK
7RXULVWV
WKDW VHD OHJV ZHUH
IORRU %XW 6WUHHW EHFDPH
9HQHWLDQ

PDVRQV

KDG

QHZ 6LQFH
DW OHDVW WKH
QRWKLQJ
FLFHURQL
KDG EHHQ
WHOOLQJ *UDQG
WR FURVV 60DUFR
V

QHHGHG

VR LQIDWXDWHG

FUDIWHG

ZLWK

VKLIWLQJ
WKH QRWLRQ
WKDW

WKH XQGXODWLRQV

RI WKLV

SDYLQJ

WKDWKH OHFWXUHGSXEOLFO\ RQ WKHVXEMHFW LQDQG E\ 


KLV XQZDYHULQJ IDLWK LQLWVDXWKHQWLFLW\ OHGKLP WR OREE\ WKH
,WDOLDQ

JRYHUQPHQW
WRR ODWH WR

ZDV

VPRRWKHU

DQG

WR
DJDLQVW
SURSRVDOV
UHOD\
VDYH
WKH OHIW DLVOH ZKLFK

WKH FRQWURYHUV\

UDJHG

EH\RQG

WKH IORRU

+H

LV

QRWLFHDEO\
KLV GHDWK
LQWR

WKH ODWH V ,WZDV LQ WKH H\H RI WKLVSROLWLFDO VWRUP
DFFRUGLQJ

WR5LFKDUG

DQ
SDLQWHG
6DUJHQW
RYHU KDOI WKH FDQYDV
,QVWHDG

RI

QHZ

2UPRQG
V
LQWHUQDO
WR DPRLVW

WKDW -RKQ
GDWLQJ
6LQJHU
RI 6 0DUFR
DQG GHYRWHG

YLHZ
DQG

ODLG OHYHO DQG

IORRU
UROOLQJ
)LJ  
6WUHHW VD\V WKH IORRU

 &KXUFK

RI WKH $SRVWOHV


FHQWUDO
0DGDED
-RUGDQ
DUWZRUN LQ WKH SXEOLF GRPDLQ 

$E\VVRV 

SDQHO

RI

HYHQ

EHLQJ
LWV VXUIDFH ZHUH
WKH SHWULILHG
XS DQG GRZQ DV WKRXJK
ZDYHV RI WKH VHD RQ ZKLFK
WKRVH ZKR HPEDUN
LQ WKH
RI
VKLS
WKH FKXUFK PD\ NQHHO
LQ SUD\HU ZLWK
WKH
VDIHW\
XQGXODWLQJ
WR UHPLQG
VXUIDFH
VHD RI
WKHP RI WKH
VHUYLQJ RQO\
VWRUP\
VZHOOV

OLIH ,WZDV IRU WKH VDPH

VWDWHG

V\PEROLVP

WKDW

-RKQ )UDQFLV

%HQWOH\   DUFKLWHFW RI/RQGRQ


V QHR%\]DQWLQH
:HVWPLQVWHU &DWKHGUDO EHJXQ   FDPH WR GHVLJQ LWV
IORRU

DV D 3URFRQQHVLDQ

GDUWLQJ ZLWK HYHU\ YDULHW\ RI ILVK


WKDW ZDV KH VDLG
WR 6W 3HWHU
V
QHW
SURPLVHG
)LJ  
%HVLGHV
ZHUH
WKH KHULWDJH
RI PDUPRUD
DQG
6WUHHW
%HQWOH\
ZLWK DQRWKHU
WKH QDYH DV QDYLV
UHFNRQLQJ
HW\PRORJ\
^VKLS 
SRRO

DQG

LWV FDUJR

NQHZ
EDFN

RI VRXOV

LWRU QRW

FHQWXULHV

PDQ\

FKXUFK

IDWKHUV

RQ

OLIH
V VHD RI WURXEOHV

WKH PHDQLQJ

WKH\ LPSXWHG

DSSHDULQJ

LQFOXGLQJ

LQ WKH

&KURPDWLXV

:KHWKHU
WKH\
WR WKH IORRU ZHQW

ZULWLQJV
ZDV

ZKR

RI PDQ\
ELVKRS

RI

$TXLOHLD DURXQG WKH WXUQRI WKHILIWKFHQWXU\DQG WKHUHIRUH


GHOLYHUHG
WKH

KLV HODERUDWH

FDYRUWLQJ

ILVK DQG

VHUPRQV
ILVKHUPHQ

RQ

WKH WKHPH

RYHUORRNLQJ

LQ WKDW QDYH

%HQWOH\ KLPVHOI GUHZ KLV LGHDV GLUHFWO\ IURP /HWKDE\


  ZKR KDG TXRWHG 6WUHHW
V RSLQLRQ WKRXJK FULW



$57 %8//(7,1

'(&(0%(5

 92/80(

/;;;,;

180%(5



 -RKQ 6LQJHU 6DUJHQW ,QWHULRU RI


FD 
60DUFR
RLO RQ FDQYDV
 ; A LQ 3ULYDWH FROOHFWLRQ
DUWZRUN

LQ WKH SXEOLF

GRPDLQ

SKRWRJUDSK SURYLGHGE\5LFKDUG
2UPRQG 

5 "

IRU WKH SDYLQJ


 -RKQ )UDQFLV %HQWOH\ GHVLJQV
 3ULYDWH FROOHFWLRQ
&DWKHGUDO

LFDOO\

RQ

WKH IORRU

RI 6 0DUFR

6WUDQJHO\

RI:HVWPLQVWHU

WKH ZDWHU\

IORRU

ILJXUHVRQO\ LQSDVVLQJ LQ/HWKDE\


V 6DQFWD 6RSKLD LQ&RQVWDQWL
QRSOH   EXW LWKDG EHHQ DSULPH H[DPSOH LQWKHFKDSWHU
2Q 3DYHPHQWV
RI 

DV 6HDV

%HFDXVH

LQ KLV $UFKLWHFWXUH


DQG
0\VWLFLVP
0\WK
WR
ERRN ZDV LQWHQGHG
SURVHO\

/HWKDE\
V

WL]H DUFKLWHFWV DQG JHQHUDO SXEOLF DOLNH LWZDV GHYRLG RI


IRRWQRWHV

EXW

LWDVVHPEOHG

ZKDW

ELEOLFDO

&ODVVLFDO

%\]DQWLQH

 5REHUW :HLU


6FKRRO

DW$WKHQV

/XNDV
SDYLQJ SODQ +RVLRV
DUWZRUN LQ WKH SXEOLF GRPDLQ 

6FKXOW]

%ULWLVK

&260,&

REVHUYDWLRQV
VLQFH

%XW

DUFKLWHFWV

)/2256

$1' 7+( 0,''/(

,1 $17,48,7<

$*(6



HYHU
LQ WKH GROGUXPV
WKH\ KDYH ODQJXLVKHG
D EDQG
LQ FDWDO\]LQJ
RI \RXQJHU
VXFFHHGHG
WKH\
DW WKH FORVH RI WKH FHQWXU\
WR VHHN VRPH H[LW IURP
DQG

WKH VWHULOLW\RI9LFWRULDQ KLVWRULFLVP E\SOXPELQJ WKHP\VWLF


WKHVH

LQ DUFKLWHFWXUDO

ODWHQW

SRWHQWLDO

PHQ

\RXQJHU

LQVSLUHG
PDVRQ
LQ VLWX :LOOLDP

FUDIWV RI WKH %\]DQWLQH

6RPH

UHSUHVHQWDWLRQ
WR VHHN RXW

ZHUH

RI

WKH DUWV DQG


6\NHV *HRUJH

  IRUH[DPSOH SURGXFHG XQGHU WKHSDWURQDJH RI

WKH IRXUWK 0DUTXHVV

D PHWLFXORXV

RI %XWH

VXUYH\ RI +DJLRV

ZDV FRQVXPHG E\ ILUHLQ


'HPHWULRV LQ7KHVVDORQLNL EHIRUH LW
5REHUW:HLU 6FKXOW]   SXEOLVKHG VHYHUDO
WH[WV RQ

DUW DW WKH WXUQ RI WKH FHQWXU\


)LJ   DQG
%\]DQWLQH
LQ DQ H[WHQVLYH
RI
VXUYH\
%\]DQWLQH
HQJDJHG
SKRWRJUDSKLF
FRPH
PRQXPHQWV
RI *UHHFH
ZKRVH
SODWHV KDYH RQO\ UHFHQWO\
DQ
WR
LQ
6FKXOW]
EHFDPH
DILFLR
OLJKW )LJ  
SDUWLFXODU
WKDW WKH ODWWHU
V ERRN
QDGR
RI
DQG
ODWHU ZURWH
/HWKDE\
XV
PHQ
D
WR
RI
KLWKHUWR
XQGUHDPHG
XS
\RXQJHU
RSHQHG
 ,ZDV DERXW
WR GR D
RI URPDQFH
LQ DUFKLWHFWXUH
ZRUOG
LQWR LWZHQW D SDYHPHQW
OLNH WKH VHD DQG
FKDSHO
LQ
OLNH WKH VN\ DV DQ DFFHSWHG
WUDGLWLRQ
6FKXOW]

VPDOO SULYDWH
D

FHLOLQJ

DQG

IDFW GHVLJQHG
ERWK

IRU WKH %XWHV 

&DWKHGUDO
0RVW

DW OHDVW

H[HFXWHG
RQH

RI ZKLFK

WZR PDULQH
VXUYLYHV

SDYHPHQWV

LQ:HVWPLQVWHU

)LJ 

RI WKLV FKDSHO


V

IORRU

LV WDNHQ

XS E\ ERRNPDWFKHG

SDQHOLQJ ZLWK UXQQ\YHLQLQJEXW WKLVSDQHOLQJ LVVNLUWHGE\DQ


WKH RFHDQ

LQODLG PHDQGHU"VLJQLI\LQJ
FLUFOHV
 5REHUW :HLU

6FKXOW]

DQG 6LGQH\

VHDWHG 

%DUQVOH\

ILVK DQG

$WKHQV

 SKRWRJUDSK LQWKHSXEOLF GRPDLQ SURYLGHG E\ WKH


,QVWLWXWH

:DUEXUJ

/RQGRQ 

QXDQFH
ILVKHU

WKH HDUWK
FUDEV
RI

DQG $UDELF
IULHQGV
VHDV

VRXUFHV

WR DUJXH
/HWKDE\
V

KH NQHZ
WKDW IORRUV

DFDGHPLF

RU ZHUH
KDG

FROOHDJXHV

WKH
E\

WUDQVODWHG

RIWHQ

EHHQ

SDLG

IRU KLP
FRQFHLYHG

QR DWWHQWLRQ

E\
DV

WRKLV

D FROG

WKH

FKDSHO
7KH

GHVLJQ

RI WUDGLWLRQ

VKRZHU

DV WKH VWUHDP

LWV

ZKLFK

PD\

VRPHZKDW

QRZ

VHHP

WKH SDYHPHQW

DQ

FDUWRRQLVK

DV WKH FULWLF RI WKH /RQGRQ

XQYHLOLQJ LQ  %XW LQODLGPDUEOH


PHQWHG

WKDW HQ
PDUEOH

OLPLWV"WKURXJK
WKH SDUWLFXODU
VZLP WR FOLQFK
DTXDWLF
DV
WR 6DLQW $QGUHZ
LWV GHGLFDWLRQ

]RGLDFDOO\

RI VRXOV

UHFODPDWLRQ

DQG PDUNV

RI WKH 3DQWRNUDWRU

RYHUO\ OLWHUDO
HYHQ D ELW RI

7LPHV SXW

LWRQ LWV

ILVKKDG RQFH RUQD


LQ ,VWDQEXO

AAAA+A+,+++++,+A+++,AAA+A+AA++,,AAAAAAAAAAAAA+

DQG

WKH



$57 %8//(7,1

'(&(0%(5

 92/80(

/;;;,;

180%(5



 %DVLOLFD
RI 'RXPHWLRV
+DJLRV
'HPHWULRV 
$FWLXP 
1LNRSROLV
PRVDLF
LQ WKH QRUWK ZLQJ RI WKH
FD 
IURP $
WUDQVHSW
3KLODGHOSKLXV

$QDVNDSKDL
$UFKDLRORJLN"

1LNRSROH"V

(SK"PHULV

ILJV DIWHUS  

LQ ZKLFK

\HDU
QHVVHG

WKH :HVWPLQVWHU

SROLV $FWLXP  LQZHVWHUQ *UHHFH


RI WKH EDVLOLFD

IORRU

ZDV

IORRU

ZLW
LQDXJXUDWHG
DW
1LNR
SURWRW\SH

RI DQ XQIRUHVHHQ

WKH XQHDUWKLQJ

)LJ  7KH WUDQVHSW

RI 'RXPHWLRV

LV DOVR

FD  

HQFLU

VWUHDPV ZLWK ILVK ZDWHUELUGV


FOHG E\ KLJKO\ UHDOLVWLF PRVDLF
DQG WKH LQVFULSWLRQ
DQG HYHQ ILVKHUPHQ
FRQYHQLHQWO\
VSHOOV
RFHDQ
DQG
WKDW
RXW +HUH
\RX VHH WKH LPPHQVH
VSOHQGLG
KROGV
LQ LWV JUDVS
WKH HDUWK

7UDQVPLVVLRQV
LW LV RQO\

$OWKRXJK

LV D FHUWDLQ

WKHUH

FRLQFLGHQFH

SRHWLF

MXVWLFH LQWKHIDFWWKDWDIWHUWKHFORVLQJ RI WKHWHPSOHV3KLGL


DV
V

VWDWXH

FDPH

RI =HXV

LQ

/DXVXV

WR EH

WUDQVIHUUHG

D IHZ VWUHHWV
RQO\

&RQVWDQWLQRSOH

WR WKH
RI
SDODFH
IURP
DZD\
+DJLD

ZDV GHVWUR\HG E\ ILUHLQ &( KDOI D


6RSKLD 7KH HIILJ\
EHIRUH

FHQWXU\
KDG

DQ\

RI LWVRULJLQDO
ORFDWLRQ
FRXOG KDYH
RI WKH +DJLD
WKH DUWLFXODWLRQ
6RSKLD

WKH PHPRU\
RQ

LQIOXHQFH

EXW WKHHIILJ\
KDG DOUHDG\ LQILOWUDWHG%\]DQWLQH FRQVFLRXVQHVV
WKH PRVW

E\ EHFRPLQJ
WKH FRORVVDO
IURP

WKH GRPHV

7KH

IRU WKH 3DQWRNUDWRU

PRGHO

SRSXODU

IDFH RU

WKDW RQFH

ILJXUH
KDOIOHQJWK
RI DOO %\]DQWLQH
FKXUFKHV
VWDWXH
DOVR
RI 3KLGLDV
V

SKDQWRP
VLQFH DW WKH HQG RI WKH 1DWLRQDO
LQJWRQ '&
LQ D *UHHN
VLWV HQWKURQHG
/LQFROQ
WHPSOH

ORRNHG

KDXQWV
0DOO

GRZQ

:DVK

$EUDKDP

DW WKH KHDG

RI D

UHIOHFWLQJSRRO EXLOW WR WKH VFDOH RI WKH FLW\7KH /LQFROQ


ZDV DQ LQWHOOHFWXDO

0HPRULDO
PRGHO

WR RQH

EXW

DQ XQFRQVFLRXV
RI PDWHULDOLW\
VXEVWDQFHV

VLGH

UHFROOHFWLRQ

H[DPSOH
WKH LGHDV

WKH\ UHSUHVHQW

RI D JUHDW KLVWRULFDO

DPRQXPHQW

VWUHWFKHV

WKDW SURYLGHV

RI WKH WUDQVPLVVLRQV

KHUH
H[SORUHG
FDUU\ ZLWK WKHP WKH

WKDW PDWHULDOV
DQG

WKH VHQVDWLRQV

WKH\ SURYRNH

7KH 9LHWQDP 0HPRULDO E\0D\D /LQ )LJ  LVGHGLFDWHG WR


DOO 9LHWQDP
 0D\D

/LQ 9LHWQDP

0HPRULDO

:DVKLQJWRQ

'&



:DWW MXVWLQVRPQLDRUJ 
SKRWRJUDSK SURYLGHG E\-XVWLQ

DVSHFW
D FRDO

PDNHV

YHWHUDQV
WKH PRVW

IDFH DV LWZHUH

OLYLQJ
GLUHFW
%XW

DQG

GHDG

FODLPV

LWVKLJK

RQ

SROLVK

DQG

LQ LWV

WKH HDUWK

VHSXOFKUDO

EHFRPLQJ
PDWH
DOVR GLVVROYHV

&260,&

ULDO ERXQGDULHV
SODFH
YLVLWRUV

D YLUWXDO ZDOO

WR FUHDWH

,W LV DQ

IRU UHIOHFWLRQ
WR WKH PHPRULDO

ZKR

D
OLWHUDOO\ SURYLGH
WR DOO
DFFHVVLEOH

DQG

H[SHULHQFH
IHHO WKDW VRPHKRZ

WKH\ JD]H

WKURXJK LWVVXUIDFH EDFN LQWR WKH SDVW RU ODWHUDOO\ LQWR D


ZRUOG

SDUDOOHO

DW
LQDUWKLVWRU\
)DELR %DUU\ 3K'&ROXPELD8QLYHUVLW\ LVOHFWXUHU

WKH
6W$QGUHZV+H KDVSXEOLVKHGVWXGLHVUDQJLQJ
IURP
8QLYHUVLW\RI
WKH%DURTXH GRPHDQG WKHPHWDSK\VLFVRIOLJKWWRWKHXUEDQLVWLF
WRWKH
DQG OLWXUJ\
DOLHQDWLRQRIWKH
5RPDQ JKHWWRV
IURPDUFKLWHFWXUH
$UW+LV
DUFKLWHFWXUH
DQGSDLQWLQJ RIGHYRWLRQDOVROLWXGH>6FKRRORI
WRU\
8QLYHUVLW\RI6W$QGUHZV)LIH6FRWODQG.<,  $5IPEO#VW

DQGUHZVDFXN@

$SSHQGL[ 
OH6LOHQWLDLUH 'HVFULSWLRQ

GH 6DLQWH6RSKLH

GH &RQVWDQWLQRSOH

HG

0DULH&KULVWLQH )D\DQW DQG 3LHUUH&KXYLQ 'LH$ 'LH  




RX72  D77HLSHF)/2LR

NRW


"Y"LD

_LH;DSRYM

ML"DDD

;"HFD 778S\FR*HO"
D\DAD"YH7DL RS*LR" D_L"" Y
"DL"D;"RV ;HL_L" YL ;L*ZY.DL .D;;H"7"[YU?6
1DO _L7_YRX"
 R\H 7U"_M7UDY
D.".SL72V "V ?L"RRYHDUQ
;ZSRY";L&ZYRLDLY "_LROORF I@HDL YW?J "Y
D;;
 DSD _L";;RY"RL.HY ";LSSR*LD  WOY, \D"U 
9 R"_LD72V LD_L"" ";D"YH"
I?YWWR;OR" 77SR";I@7D

OLHDDD7/2/" 7"H;D\HRRL _LLIM"


 ""UR 6"D/LLRY "S[7"6
"[LWD&ZY "Y".RL_H\ D;Q*"D YIMDRY RS"D*DU
7 "" *D;DDDLRLDLY

HUUQ7SR*HRL.UDSH"*SRL"

"D*ILWRY

.D*"@L_MD72

"\[LD;RLR

77H"D>LD

.R; YU "

  

 (Y*HY "PR7SR77"6UMY[SAR"UM\H0\\H;R" "YI S


"L";RY "HS7D& \6LDYLDDH7DL
I,H_L"\U " ""
*HR"

WW;WL*LMRV "[SDY72/2





.LYY?LHY "Y

WR WKHPDLQODQG

WKH SULHVW ZKR EULQJV WKH JRRG WLGLQJV SDVVHV DORQJ XSRQ
IURP WKH DPER KROGLQJ
DORIW WKH JROGHQ ERRN DQG
WKH FURZG VWULYHV LQKRQRU RI WKH LPPDFXODWH
*RG WR WRXFK

KLV UHWXUQ
ZKLOH

WKHLU OLSV DQG KDQGV


WKH FRXQWOHVV ZDYHV RI
WKH VXUJLQJ SHRSOH EUHDN DURXQG 7KXV OLNH DQ LVWKPXV EHDWHQ E\
ZDYHV RQ HLWKHU VLGH GRHV WKLV VSDFH VWUHWFK RXW DQG LW OHDGV WKH
IURP WKH ORIW\ FUDJV RI WKLV YDQWDJH SRLQW WR
SULHVW ZKR GHVFHQGV
WKH VDFUHG ERRN ZLWK

WKH VKULQH RI WKH KRO\

WDEOH

.D7D

>[XD7/"D

77HSL"\YLUUDL

DDLUH7D

0LFKDHO WKH'HDFRQ

FD  
$7ZHOIWK&HQWXU\

DQG -RKQ 3DUNHU

&\ULO 0DQJR

'HVFULSWLRQ

RI

6W6RSKLD'XPEDUWRQ2DNV3DSHUV    

UM;LRYUDL

.8_LD72" "NM7UHS
77SR;D"RY7L .DL ";;RX HUU

UDP
WRY
"P."DH"YY \"YH7DL _LI 
";;FS R" WR \"S
"" "Y7L77YRLD" WR2 "HO "S[R_L"YRX
DX\[X SRX_L"YRX
.X_LD72" SIM\YXD*DW  U?OHS" DFM HY"R\U_ H"D_LL2* U_
.DL ";;UL"D"ILOF "WW
 ";;U  LLH7HFDSL&H7D/  7D"" 
.XS7RXLL"YDWV .9-MLD7FR"F"V.DL
DS\"SRX ["RLV HQHLU;U?>L?LYF H 77R;X7D;DY7RF

DYL"U"UL" "D_L/DL

7KH IORRU LVOLNHWKHVHDERWK LQLWV


ZLGWK DQG LQLWVIRUPIRU
FHUWDLQ

EOXH

ZDYHV

DUH

UDLVHG

XS

DJDLQVW

WKH VWRQH

MXVW

DV

WKRXJK\RXKDG FDVWDSHEEOH LQWRZDWHU DQGKDG GLVWXUEHG LWV


FDOP 7KLV
KDYLQJ

VHD KDV EURNHQ


EHHQ

RXW

DV LWZHUH

LQWR D JXOI WR HDVWZDUG


DQG RQH
LWV
SLOHG XS DJDLQVW
SUHGHFHVVRU

7/_LU@\

U _L RY

ZDYH QHYHU
LWVHOI WR
GXULQJ IORRGV WKH HYHUDSSURDFKLQJ
DOORZLQJ
EH EURNHQ
WKH
WKH
VDFUHG
KDV
FRQWUDU\ ZLQG 
E\
6SKHQGRQH
EHHQ IRUPHG LQWR VWHSV DQG RQH VWHS LVUDLVHG XS DERYH DQRWKHU

DQG WKHKLJKHVW VWHSVZKLFK FXUYHLQELOORZVKDYHEHHQ IORRGHG

RYHU

E\

DQ HIIXVLRQ

RI VLOYHU ZRUWK PDQ\

WDOHQWV

DYSD .D7D*SDNM.297D "D*X.SI _LYRX 77"SL"UQIMF

DGDSWHG
WLQH(PSLUH 

IURP &\ULO $ 0DQJR


6RXUFHV DQG 'RFXPHQWV

7KH $UW RI WKH%\]DQ


3UHQWLFH
>7RURQWR

+DOO @ 
DV DQ LVODQG ULVHV DPLGVW

WKHZDYHV

RI WKH VHD DGRUQHG

ZLWK

DQG

DQG
DQG
PHDGRZV
YLQH\DUGV
EORVVRPLQJ
DUH
ZRRGHG
KHLJKWV ZKLOH WKH WUDYHOHUV ZKR VDLO E\
JODGGHQHG
E\
LWDQG DUH VRRWKHG RI WKH DQ[LHWLHV
DQG H[HUWLRQV RI WKH VHD VR LQ
FRUQILHOGV

WKH PLGVW
DPER

+HUH

EH D WUXH LVODQG

DQG DQRWKHU DJDLQVW WKHQH[W IRU WKXVDOVR GRHV LWKDSSHQ

.D" S
 " >OHY"_L /77;I_\/
7L7D"YH7P H".H;R" OD*_L S
;ZSR" "P*"YFRY 77S"J
"YD.72SD DH_LY" 7SD7U""ULV

7UDQVODWLRQ

$QG

VHD DQG EHLQJ MRLQHG IDVW DW RQH SRLQW LWFDQQRW


LQWR WKH ZDWHU\ GHHS
LW LV VWLOO MRLQHG
3URMHFWLQJ
  
DV
D FDEOH
FRDVW
E\ WKH LVWKPXV
E\

ZDYH

[AL;HD .DO 77D;"X?DV"HSU_Y7UHSO"L";RY "SH"DDL


.L_LD7D

DUW <HW LWGRHV QRW VWDQG


WKH EHDXW\ RI WKH FUDIWVPDQ
V
FXW RII LQ WKH FHQWUDO VSDFH OLNH D
VHDJLUW LVODQG EXW
DOWRJHWKHU
VRPH ZDYHODVKHG
LW UDWKHU UHVHPEOHV
ODQG H[WHQGHG
WKURXJK
WKH ZKLWHFDSSHG
RI WKH
ELOORZV E\ DQ LVWKPXV LQWR WKH PLGGOH

ZLWK

N";WWRY HL" DYD"DLYRY7D


WR
HPD7RL"D&RX_"HYRX

D;\HD "RX.R;HRY7HF ";L._LU 7RLR ILHS"_LYU_V 





""7H\H/SRY7DL "V HOUDO ;"4RY .D*I-.D" HOV " D S.DL


U`"!H?LRYY"YH./YULDD" WR"WR WR 7U";D\R" "YHSSU_"H

7IM\"H 77DSD77;ZRY7""
H77R;"L"RY[MLYR""7DL



$*(6

WR "D77H"RY "H 77";D\R" RLRY .DLWR Q;"UH" UDO W"M


.X"YHDL \"S 7LYHV ""YDL WRO" ;"*RLJ "Y7L.SXV
_LRSF- IM 

 4""H *D;DDD"RLDLY "Y R"_LDDLY YI?RRV"YLD[HL


 "DL"D;"U  RUD[AYHR*L .DL "_L7U ;"HY7L .RSXIL"D 
.DL *D;HSR ;HLDZYL.DL HYG"YGSRLRLY "SLQYDL" 



$1' 7+( 0,''/(

$SSHQGL[ 

3DXO WKH6LOHQWLDU\ RQ WKHDPERRI+DJLD 6RSKLD  


3DXO

,1 $17,48,7<

)/2256

RI WKH ERXQGOHVV

RI VWRQH

DGRUQHG

WKH WRZHUOLNH
WHPSOH ULVHV XSULJKW
ZLWK LWVPHDGRZV
RI PDUEOH
ZURXJKW

1RWHV
7KLV DUWLFOH LVEDVHG RQ FKDSWHU RIP\ 3K' GLVVHUWDWLRQ 3DLQWLQJ LQ6WRQH
7KH 6\PEROLVP RI&RORUHG 0DUEOHV LQ WKH9LVXDO $UWV DQG /LWHUDWXUH IURP
VXEPLWWHG WR WKH 'HSDUWPHQW RI$UW
$QWLTXLW\ XQWLO WKH (QOLJKWHQPHQW
+LVWRU\ DQG $UFKDHRORJ\ DW&ROXPELD 8QLYHUVLW\   DQG VXSHUYLVHG E\
3URIHVVRU -RVHSK &RQQRUV 5HVHDUFK RQ WKH FKDSWHU EHJDQ DV D IHOORZ DW WKH
6XPPHU ,QVWLWXWH LQ+XPDQLWLHV 9HQLFH ,QWHUQDWLRQDO 8QLYHUVLW\   DQG
ZDV FRPSOHWHG DV'DYLG (
)LQOH\ )HOORZ DW WKH&HQWHU IRU$GYDQFHG 6WXG\ LQ
WKH9LVXDO $UWV   DQG DV*UDGXDWH &XUDWRULDO ,QWHUQ LQWKH'HSDUWPHQW
RI 6FXOSWXUH DW WKH1DWLRQDO *DOOHU\ RI$UW:DVKLQJWRQ '&   ,W
FRXOG QRW KDYH EHHQ FRPSOHWHG ZLWKRXW WKH UHVRXUFHV RI WKH/LEUDU\ DQG
,QWHU/LEUDU\/RDQ RIILFHRI WKH1DWLRQDO *DOOHU\ ZKHUH ,EHQHILWHG IURP WKH
UHVRXUFHIXOQHVV RI7HG 'DO]LHOO DQG 7RP 0DJLOO 7KDQNV DOVR JR WR'RURWK\



$57 %8//(7,1

'(&(0%(5

 92/80(

/;;;,; 180%(5



%RVRPZRUWK )D\D &DXVH\ 5REHUW &RDWHV6WHYHQV %DUU\ )ORRG 3HWHU *DODG]D


0HJ .RVWHU 0DUFXV 0LOZULJKW 1LFKRODV 3HQQ\ DQG *DYLQ 6WDPS IRU HYHU\
VRUWRIDVVLVWDQFH ,DP HVSHFLDOO\ LQGHEWHG WR5RELQ 0LGGOHWRQ DQG 5LFKDUG
:LWWPDQ ZKR LQGHSHQGHQWO\ UHFRPPHQGHG ,UHDG: 5 /HWKDE\ 9HUVLRQV RI
WKHSDSHU ZHUH JLYHQ LQ  DW WKH1DWLRQDO *DOOHU\ RI$UW WKH%ULWLVK
6FKRRO DW5RPH WKH0HGLHYDO 6WXGLHV &RQIHUHQFH DW.DODPD]RR 0LFKLJDQ
DQG 'XPEDUWRQ 2DNV ZKHUH ,SURILWHG IURP WKH UHVSRQVH RI(XQLFH 'DXJK
WHUPDQ0DJXLUH DQG +HQU\ 0DJXLUH 5LFKDUG %ULOOLDQW DQG &DUROLQH (ODP
FRPPHQWHG RQ HDUO\GUDIWVDQG DV HYHU LWVVFRSH ZDV HQULFKHG E\ FRQWLQXDO
HPDLO H[FKDQJHV ZLWK 3HWHU &DUO
8QOHVV RWKHUZLVH LQGLFDWHG WUDQVODWLRQV DUHPLQH
7KH OLWHUDWXUH RQ +DJLD 6RSKLD LVYDVWEXW VHHPDLQO\ 5RZODQG 0DLQ
VWRQH+DJLD 6RSKLD $UFKLWHFWXUH6WUXFWXUHDQG /LWXUJ\RIIXVWLQLDQ
V *UHDW
&KXUFK 1HZ<RUN 7KDPHV DQG +XGVRQ   DQG: (XJHQH .OHLQ
0XQGR 'XEOLQ
EDXHU 6DLQW 6RSKLD DW&RQVWDQWLQRSOH 6LQJXODULWHU LQ
1+ :LOOLDP / %DXKDQ   )RU ROGHU OLWHUDWXUH VHH/LRED 7KHLV
=XU*HVFKLFKWH GHUZLVVHQVFKDIWOLFKHQ (UIRUVFKXQJ GHU +DJLD
6RSKLD LQ'LH +DJLD 6RSKLD LQ,VWDQEXO %LOGHU DXV VHFKV
-DKUKXQGHUWHQ

XQG *DVSDUH )RVVDWLV5HVWDXULHUXQJ GHU


-DKUH  ELV  HG9RONHU
+RIIPDQQ %HUQ 3HWHU /DQJ    )RU WKHEXLOGLQJ
V DIWHU
OLIHVHH*"OUX 1HFLSRJOX 7KH /LIH RI DQ ,PSHULDO 0RQXPHQW +DJLD
6RSKLD DIWHU%\]DQWLXP LQ+DJLD 6RSKLDIURP WKH
$JH RI
-XVWLQLDQ WRWKH
3UHVHQW HG$KPHW 6 "DNPDN DQG 5REHUW 0DUN &DPEULGJH &DP
EULGJH 8QLYHUVLW\ 3UHVV    DQG 5REHUW 61HOVRQ +DJLD
6RSKLD  +RO\ :LVGRP0RGHUQ 0RQXPHQW &KLFDJR 8QLYHU
VLW\RI&KLFDJR 3UHVV   7KH QLQWKFHQWXU\ 1DUUDWLR DVVHUWV WKDW
-XVWLQLDQ FODLPHG WKDWKH KDG RXWGRQH 6RORPRQ EXW WKH FRPSDUL
VRQ LVDOVR LPSOLFLW LQ WKH.RQWDNLRQ RI IRUERWK VHH EHORZ 

 -RKQ 2QLDQV $EVWUDFWLRQ DQG ,PDJLQDWLRQ LQ/DWH $QWLTXLW\ $UW


+LVWRU\     DQG -DPHV 7ULOOLQJ 7KH ,PDJH 1RW 0DGH E\
+DQGV DQG WKH%\]DQWLQH :D\ RI 6HHLQJ LQ7KH+RO\ )DFH DQG WKH
3DU
DGR[ RI
%LEOLRWKHFD
5HSUHVHQWDWLRQ3DSHUVIURP D &ROORTXLXP+HOG DW WKH
+HUW]LDQD 5RPH DQG WKH9LOOD 6SHOPDQ )ORUHQFH  HG+HUEHUW /
.HVVOHU DQG *HUKDUGW :ROI %RORJQD 1XRYD $OID   
2QLDQV   FLWHV3DXO WKH 6LOHQWLDU\ DQG WKH1DUUDWLR RQ WKHZDWHU\
IORRU

 3OLQ\+LVWRULD 1DWXUDOLV +1   )RU WKH WHFKQLTXHV VHH9LWUX


YLXV'H DUFKLWHFWXUD ^'HDUFK  
 )RU D SURYRFDWLYH RXWOLQH VHH5LFKDUG %ULOOLDQW 5RPDQ $UW)URP WKH
5HSXEOLF WR&RQVWDQWLQH /RQGRQ 3KDLGRQ    HYRFDWLYHO\
2YHUORRNHG)RXU (VVD\V RQ
GHYHORSHG LQ1RUPDQ %U\VRQ /RRNLQJ DW WKH
6WLOO/LIH3DLQWLQJ /RQGRQ 5HDNWLRQ    )RU DPDJLVWHULDO
VXUYH\ VHH.DWKHULQH 0 ' 'XQEDELQ 0RVDLFV RIWKH*UHHNDQG5RPDQ
:RUOG &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV  
 )HGHULFR *XLGREDOGL DQG $OHVVDQGUD *XLJOLD *XLGREDOGL 3DYLPHQWL
PDUPRUHLGL5RPD GDO ,9 DO ,; VHF"OR 9DWLFDQ &LW\ 3RQWLILFLR ,VWLWXWRGL
$UFKHRORJLD &ULVWLDQD   SDVVLP HVS  7KH RQO\ H[FHSWLRQ
VHHPV WREH 6 3XGHQ]LDQD
VHH EHORZ DWQ  
 +HQU\ 0DJXLUH &KULVWLDQV 3DJDQV DQG WKH5HSUHVHQWDWLRQ RI1D
WXUH LQ%HJHJXQJ YRQ+HLGHQWXP XQG &KULVWHQWXP LQVS"WDQWLNHQ"J\SWHQ
5LJJLVEHUJHU%HULFKWH HG 'LHWULFK :LOOHUV 5LJJLVEHUJ $EHJJ6WLIWXQJ
   HVS 
 (UQVW .LW]LQJHU 0RVDLF 3DYHPHQWV LQ WKH*UHHN (DVW DQG WKH4XHV
WLRQRID
5HQDLVVDQFH
 XQGHU -XVWLQLDQ LQ$FWHVGX:H &RQJU"V,QWHU
QDWLRQDO G
"WXGHV %\]DQWLQHV3DULV  MXLOOHW DR"W  3DULV &RPLW"
)UDQ"DLV GHV "WXGHV %\]DQWLQHV   YRO   2Q %\]DQWLQH
PDUEOH QRWPRVDLF  IORRUV VHH 6HPDL (\LFH 7ZR0RVDLF >VLF@3DYH
PHQWV IURP%LWK\QLD 'XPEDUWRQ 2DNV 3DSHUV     $OHV
VDQGUD *XLJOLD *XLGREDOGL 1RWH SUHOLPLQDUL SHU XQD GHILQL]LRQH
GHOO
DUWH SDYLP"QWDOH FRVWDQWLQRSROLWDQD GHL SULPL VHFROL LQ;9, ,Q
WHUQDWLRQDOHU
%\]DQWLQLVWHQNRQJUHVV:LHQ " 2NWREHU $NWHQHG
+HUEHUW +XQJHU 9LHQQD 9HUODJ GHU"VWHUUHLFKLVFKHQ $NDGHPLH GHU
:LVVHQVFKDIWHQ
   8UV 3HVFKORZ =XP E\]DQWLQLVFKHQ
RSXV VHFWLOH%RGHQ LQ%HLWU"JH ]XU$OWHUWXPVNXQGH.OHLQDVLHQV )HVWVFKULIW
I"U .XUW %LWWHWHG 5DLQHU 0 %RHKPHU DQG+DUDOG +DXSWPDQQ
0DLQ] 3KLOLSS YRQ =DEHUQ    SLV  *XLJOLD
*XLGREDOGL 7UDGL]LRQH ORFDOH H LQIOXHQ]H EL]DQWLQH QHL SDYLPHQWL
FRVPDWHVFKL %ROOHWWLQR G$UWH     LGHP 92SXV 6HFWLOH
SDYLP"QWDOH LQDUHD EL]DQWLQD LQ$WWLGHO,, FROORTXLRGHO9$VVRFLD]LRQH
,WDOLDQD SHU OR6WXGLR HOD&RQVHUYD]LRQH GHO0RVDLFR 5DYHQQD  DSULOH
 PDJJLR  HG 5DIIDHOOD )DULROL &DPSDQDWL 5DYHQQD (GL]LRQL GHO
*LUDVROH    LGHP /D GHFRUD]LRQH SDYLP"QWDOH EL]DQWLQD
LQHW" SDOHRORJD LQ/
DUWH GL%LVDQ]LR H9LWDOLD DO WHPSRGHL3DOHRORJL
 HG$QWRQLR ,DFRELQL DQG0DXUR 'HOLD 9DOOH 5RPH $U
JRV    +HQU\ 0DJXLUH 7KH0HGLHYDO )ORRUV RI WKH
*UHDW 3DODFH LQ%\]DQWLQH &RQVWDQWLQRSOH0RQXPHQWV 7RSRJUDSK\ DQG
/HLGHQ %ULOO$FDGHPLF 3XEOLVKHUV
(YHU\GD\/LIH HG1HYUD 1HFLSRJOX
   DQG<LOGL] 'HPLUL] "UJ"O" EL]DQV G
"VHPHPR]DLNOHUL >,Q
WHUODFHG %\]DQWLQH 0RVDLF 3DYHPHQWV@ ,VWDQEXO <RUXP   7KH
PRVDLF IORRU LQ WKH*UHDW 3DODFH RI&RQVWDQWLQRSOH SUREDEO\ GDWHV WR

DERXW  )RU D VXPPDU\ RI WKH FRQWURYHUV\ RYHU LWVGDWLQJ VHH
'XQEDELQ 0RVDLFV 
 &\ULO0DQJR DQG -RKQ 3DUNHU $7ZHOIWK&HQWXU\ 'HVFULSWLRQ RI
6W 6RSKLD 'XPEDUWRQ 2DNV 3DSHUV     DQG *HRUJH 3
0DMHVND 1RWHV RQ WKH$UFKDHRORJ\ RI6W 6RSKLD DW&RQVWDQWLQRSOH
7KH *UHHQ 0DUEOH %DQGV RQ WKH)ORRU 'XPEDUWRQ 2DNV 3DSHUV 
   )RU DPHWLFXORXV UHFRUG RI WKHSDYLQJ VHH5REHUW /9DQ
1LFH 6DLQW 6RSKLD LQ,VWDQEXO $Q$UFKLWHFWXUDO6XUYH\YROV :DVKLQJ
WRQ'& 'XPEDUWRQ 2DNV   YRO SL 7KH EHVW DHULDO
SKRWRJUDSK LVLQ0DLQVWRQH +DJLD 6RSKLD  ILJ 
:KHQ WKHFKXUFK ZDV UHIXUELVKHG   IRUWKHIORRU >-XVWLQLDQ@
ZDV XQDEOH WRILQG VODEV RI VXFK JUHDW VL]H DQG
YDULHW\ DQG VRKH VHQW
0DQDVVHV
>RU1DUVHV@  WR3URFRQQHVXV WRFXW VODEV WKDWZRXOG GH
QRWH WKH HDUWKZKLOH WKHJUHHQ RQHV VLJQLI\WKH ULYHUV WKDWIORZ LQWR
WKH VHD 7KH VDPH WH[WDVVHUWV HDUOLHU WKDWWKHZKROH IORRU LVD VHD
FURVVHG E\ WKH ULYHUVZKLFK LVQRW LQFRPSDWLEOH ZLWK WKH WRSRJUDSK\
RI&RVPDV ,QGLFRSOHXVWHV DQG RWKHUV ZKR WKRXJKW WKH ULYHUVRISDUD
GLVH SRXUHG DFURVV WKH2FHDQ OLNHDTXHGXFWV FI3VDOPV  )RU LW
ZDV +H ZKR IRXQGHG LWXSRQ WKH VHDV  DQG
SODQWHG LWXSRQ WKHULY
HUV EHQHDWK  7KH SDYHPHQW
VWULSVDUH DOVR FDOOHG SKLQDL ZKLFK LQ
WKLVFRQWH[W PLJKW ZHOO EH WUDQVODWHG DV \DUG OLQHV
7KH 1DUUDWLR LVLQ7KHRGRU 3UHJHU 6FULSWRUHVRULJLQXP&RQVWDQWLQRSROL
WDQDUXP  UHSULQW1HZ <RUN $UQR 3UHVV    WUDQV
*LOEHUW 'DJURQ &RQVWDQWLQRSOH LPDJLQDLUH"WXGHV VXU OHUHFXHLOGHV 3D
WULD 3DULV 3UHVVHV 8QLYHUVLWDLUHV GH )UDQFH    &RPPHQWDU\
LQ0DMHVND 1RWHV  SDUWLDO WUDQV LQ&\ULO$ 0DQJR 7KH$UW
RIWKH
%\]DQWLQH(PSLUH  6RXUFHVDQG'RFXPHQWV 7RURQWR
3UHQWLFH+DOO    )RU UHGDFWLRQV RI WKH WH[WVHH (YDQJHOLD
9LWWL HG'LH (U]"KOXQJ "EHUGHQ%DX GHU
+DJLD 6RSKLD LQ.RQVWDQWLQRSHO
.ULWLVFKH(GLWLRQ PHKUHUHU9HUVLRQHQ $PVWHUGDP $0 +DNNHU  
  D    N  
I  
Q   [  
I   \ 7KH RWKHU FRQVSLFX
RXV H[FHSWLRQ WR3URFRQQHVLDQ
LQ WKHQDYH LVWKHKXJH URWD RU
RPSKDOLRQ  ZLWK RUELWLQJ URWDH LQVHUWHG SRVVLEO\ DERXW  VHH$OIRQV
0 6FKQHLGHU %\]DQ] 9RUDUEHLWHQ]XU7RSRJUDSKLH XQG$UFK"RORJLH GHU
6WDGW %HUOLQ $UFK"RORJLVFKHV
,QVWLWXWGHV 'HXWVFKHQ 5HLFKHV  

 5DGXOIL GH'LFHWR GHFDQL/XQGRQLHQVLV RSHUDKLVW"ULFD7KH+LVWRULFDO :RUNV
0DVWHU 5DOSK GH'LFHWR'HDQ RI/RQGRQ HG:LOOLDP 6WXEEV YROV
RI
/RQGRQ /RQJPDQ   YRO  TXDWWXRU DXWHP YHQDV YLUL
GHV TXDV SRVXLW LQSDYLPHQWR WHPSOL QRPLQDYLW LLLXRU)OXPLQD TXDH
H[HXQW GH 3DUDGLVR 7KH 1DUUDWLR ZDV NQRZQ WRDQRWKHU (QJOLVK
FKURQLFOHU 5DOSK 1LJHU WKRXJK KH GRHV QRW FLWH WKH VHFWLRQ RQ WKH
ULYHUV5DGXOIL 1LJUL &KURQLFD 7KH &KURQLFOHV RI
5DOSK 1LJHU HG 5REHUW
$QVWUXWKHU /RQGRQ -5XVVHOO 6PLWK   'H 'LFHWR FRXOG QRW XQ
GHUVWDQG SKLQDL ZKLFK KH UHQGHUHG YHQDV5HQ" 0DQFKDO /D FRQ
VWUXFWLRQ GH 6DLQWH6RSKLD GH &RQVWDQWLQRSOH GDQV O
DQRQ\PH JUHF
[H VL"FOH"  HW OHVYHUVLRQV YLHX[UXVVHV %\]DQWLQRVODYLFD   
 
 7KH\ SDYHG WKHHDUWKZLWK D UDZPDUEOH RIPDQ\ FRORXUV LQVXFK D
ZD\ WKDW LIRQH ORRNV DW WKH(PS\UHXP >GRPH@ LWVHHPV WREH D VN\
IXOORI VWDUVDQG LIRQH ORRNV DW WKHSDYHPHQW IURP WKH(PS\UHXP >LW
VHHPV@ D VHD LQD VWRUP  >0HKPHW@ GHFLGHG WRDVFHQG WR WKH FRQ
 IURP WKH
YH[
DSHUWXUHV ZKLFK RSHQHG LQWR WKHJDOOHULHV RI
SODQH
WKH LQWHUPHGLDWH IORRUVKH VWRSSHG WRDGPLUH WKHSDYHPHQW ZKLFK
UHVHPEOHV D SHWULILHG VHD %HJ 7XUVXQ 7DULKL(EOIHWK ,VWDQEXO $K
PHW ,KVDQ YH 6XUHNDVL  >@   WUDQVOLWHUDWHG WH[W LQ/DWLQ
FKDUDFWHUV LQ$0HUWRO 7XOXP 7XUVXQ %H\ 7"ULKL(E"
IHWK ,VWDQEXO
%DKD 0DWEDDV    ,WDOLDQ WUDQV$JRVWLQR 3HUWXVL /D FDGXWD
GL&RVWDQWLQRSROL YROV 0LODQ $UQDOGR 0RQGDGRUL
  YRO 
 OLQHV
 $J"K 6LUUL/HYHQG HG 7XUN(GHEL\DWLQGD 6HKU(QJL]OHUYH6HKU(QJL]OHUGH
,VWDQEXO ,VWDQEXO ,VWDQEXO )HWKL 'HUQHJL    FLWHG LQ1HFL
SRJOX /LIHRIDQ ,PSHULDO 0RQXPHQW  Q 
 7KH SDYHPHQW LVFRPSOHWHO\ PDGH IURPPDUEOH VODEV MXVW OLNH6W3H
WHU
V LQ5RPH EXW WKHVH DUH VDZQ DQG WKHQEHGGHG DQG SODFHG LQ
VXFK DZD\ WKDW WKHZKROH IORRU VHHPV FRYHUHG ZLWK FLDPEHOORWWLVRZHOO
GRHV LWGLVSOD\ WKRVHZDYHV >HOSDYLPHQWR "WXWWRGL ODSLGHGLPDUPR FK"PH
6DQ 3LHUR GL5RPD PD VHJKDWHHSRL P"UDWH HWDG"SWDWH LQPRGR FKHWXWWR
SDUH FRSHUWRGL FLDPEHOORWWLWDQWREHQHGLPRVWUDTXHOOH RQGH@Q%HUQDUGR %RQ
VLJQRUL WR1LFFRO" 0LFKHOR]]L 6HSWHPEHU  %LEOLRWHFD 1D]LRQDOH
&HQWUDOH )LUHQ]H 06 0DJO [P  IRO U6HH DOVR (YH %RUVRRN
7KH 7UDYHO RI%HUQDUGR 0LFKHOR]]L DQG %RQVLJQRUH %RQVLJQRUL LQ
WKH/HYDQW   IRXUQDO RIWKH
:DUEXUJ DQG &RXUWDXOG ,QVWLWXWHV
    Q  &LDPEHOORWWR LVGHILQHG DV FORWKPDGH IURP JRDW
VNLQ >RUKLGH@ VRPH FDOO LWLQ/DWLQ FDSULSLOLXPDQG LW
VPDGH ZDYH
OLNH$Q XQGXODWLQJ FORWK LQ9RFDERODULR GHJOL$FFDGHPLFL GHOWD&UXVFD
9HQLFH *LRYDQQL *LDFRPR +HUW]   7KH WHUP LVDOVR IUH
TXHQWO\ XVHG DERXW VLONV$FKLOOH 9LWDOL /D PRGD D 9HQH]LD DWWUDYHUVRL
VHFROL/HVVLFR UDJLRQDWR 9HQLFH )LOLSSL   
:LOOLDP 5 /HWKDE\ DQG +DUROG 6ZDLQVRQ 7KH &KXUFK RI6DQFWD 6RSKLD
&RQVWDQWLQRSOH $ 6WXG\RI%\]DQWLQH%XLOGLQJ /RQGRQ 0DFPLOODQ

&260,&

   DQG *HRUJH 30DMHVND 5XVVLDQ 7UDYHOHUV WR&RQVWDQWL


)RXUWHHQWKDQG)LIWHHQWK&HQWXULHV :DVKLQJWRQ '& 'XP
QRSOH LQ WKH
EDUWRQ 2DNV    6RPH YLVLWRUV HYHQ FODLPHG WRKDYH YLVLWHG
WKHP'DJURQ &RQVWDQWLQRSOH LPDJLQDLUH
0DQJR $UW RIWKH
%\]DQWLQH(PSLUH  DQG:LOOLDP 5LFKDUG /HWKDE\
$UFKLWHFWXUH
0\VWLFLVP DQG0\WK /RQGRQ 3HUFLYDO   
 &RQVWDQ WLQH5KRGLXV   UHFRUGV WKDW3URFRQQHVXV KDV VHQW
WKH VODEV WKDW\RX VHH VHW LQ WKHIORRU K$FNNXV H8SRL.2YLTDRF WM
DV HL" LU"URY \
 HDUSFRRDY R";L2R""RL  'HVFULSWLRQ GHV
\H"UD\Y!"SHY
HQYHUV
RHXYUHVG
DUW HWGH
O
"JOLVHGHV6DLQWV$S"WUHV GH&RQVWDQWLQRSOH 3R"PH
5KRGLHQ SXEOL" G
DSU"V OHPDQXVFULW GX0RQW
LDPELTXHVSDU &RQVWDQWLQ OH
$WKRV HG (PLOH /HJUDQG DQG 7K"RGRUH 5HLQDFK 3DULV ( /HURX[
   OLQHV  1LNRODRV 0HVDULWHV   FRPPHQWV
WKDWWKHZKROH IORRU RI WKHFKXUFK LVGUDZQ XS LQIRXU VTXDUHV >WKH
IRXU DUPV RI WKH FKXUFK@ ZKLFK DUH VHSDUDWHG IURP RQH DQRWKHU E\ D
FXUYHG RXWOLQH DQG LVSDYHG ZLWKZKLWH PDUEOH *ODQYLOOH 'RZQH\
1LNRODRV 0HVDULWHV 'HVFULSWLRQ RI WKH&KXUFK RI WKH+RO\ $SRVWOHV
DW&RQVWDQWLQRSOH 7UDQVDFWLRQV RIWKH
$PHULFDQ3KLORVRSKLFDO 6RFLHW\
QR    
ZDV
+DJLD (XSKHPLD HQ WR+LSSRGURPR
SDYHG ZLWK ODUJH VODEV
SUREDEO\ GLYLGHG E\ WUDQVYHUVH VWULSV OLNH+DJLD 6RSKLD 5XGROI 1DX
PDQQ DQG +DQV %HOWLQJ 'LH (XSKHPLD.LUFKH DP+LSSRGURP ]X,VWDQEXO
XQG LKUH
)UHVNHQ %HUOLQ *HEU"GHU 0DQQ     DQG
SODQ DQG *XLJOLD *XLGREDOGL 1RWH SUHOLPLQDUL  
 3DXO $ 8QGHUZRRG 7KH.DUL\H'MDPL  YROV /RQGRQ 3DQWKHRQ
%RRNV   YRO   SL 5REHUW * 2XVWHUKRXW 7KH$UFKL
WHFWXUHRIWKH
.DUL\H &DPLL LQ,VWDQEXO :DVKLQJWRQ '& 'XPEDUWRQ
2DNV      ILJV  *XLJOLD *XLGREDOGL
'HFRUD]LRQH SDYLP"QWDOH  DQG QQ  +DQV %HOWLQJ
&\ULO$ 0DQJR DQG 'RXOD 0RXULNL 7KH0RVDLFV DQG)UHVFRHV RI6W
&DPLL  DW,VWDQEXO :DVKLQJWRQ '&
0DU\ 3DPPDNDULVWRV )HWKL\H
'XPEDUWRQ 2DNV    ILJV   

 7KH $QRQ\PRXV $UPHQLDQ 3LOJULP   QRWHG WKDW WKH


FKXUFK LVEHDXWLIXO VR LVWKHFKXUFK
V IORRU LWVQDPH LV3DQWDQDVVD $
PDUEOH IDFHW LVPDGH OLNH WKHZDYHV RI WKH VHD 6HEDVWLDQ %URFN $
0HGLHYDO $UPHQLDQ 3LOJULP
V 'HVFULSWLRQ RI&RQVWDQWLQRSOH 5HYXH
GHV"WXGHV $UP"QLHQQHV       )DFHW LVQRW$UPHQLDQ
EXW0DMHVND 5XVVLDQ 7UDYHOHUV DVVXPHV WKHIORRUPXVW EH LQ
WHQGHG +RZHYHU IDFHWPD\ EH D ORDQZRUG GHULYHG IURP IDFDGH
 &KDUOHV 'LHKO 0DUFHO /H 7RXUQHDX DQG +HQUL 6DODGLQ /HV PRQXPHQWV
FKU"WLHQVGH6DORQLTXH 3DULV ( /HURX[    SLV  6\QRS
VLVRI WKHGDWLQJ LVLQ(IW\FKLD .RXUNRXWLGRX1LNROD"GRX
$FKHLURSRLHWRV
7KH *UHDW&KXUFK RIWKH
0RWKHU RI*RG 7KHVVDORQLNL ,QVWLWXWH IRU%DONDQ
WRKDYH
EHHQ OLP
LV
7KH
6WXGLHV  
WKRXJKW
UHPRGHOLQJ FD  
LWHG WRWKH VXSHUVWUXFWXUH 7KH 3URFRQQHVLDQ VODEV  E\ 9" LQ
 E\  FP  ZHUH FRQILQHG WR WKHQDYH DV RSXV VHFWLOHSDYLQJ VXU
YLYHV LQ WKH VRXWK DLVOH: (XJHQH .OHLQEDXHU 5HPDUNV RQ WKH
%XLOGLQJ +LVWRU\ RI WKH$FKHLURSRLHWRV &KXUFK DW7KHVVDORQLNL LQ
$FWHV GX;H &RQJU"V,QWHUQDWLRQDO G
$UFK"RORJLH&KU"WLHQQH7KHVVDORQLTXH
 VHSWHPEUHRFWREUH YROV 9DWLFDQ &LW\ 3RQWLILFLR ,VWLWXWRGL
$UFKHRORJLD &ULVWLDQD   YRO  HVS 
 &I WKH2UDWRULR G"OLD 3HVFD DW$TXLOHLD )DEUL]LR %LVFRQWL &RQVLGHUD
]LRQL LFRQRORJLFKH VXOOD GHFRUD]LRQH PXVLYD GHL FRVLGHWWL
RUDWRUL
 GL
H
$TXLOHLD LQ$WWL GHO,,, FROORTXLRGHOO
$VVRFLD]LRQH ,WDOLDQD SHU OR6WXGLR
OD&RQVHUYD]LRQH GHO
0RVDLFR %RUGLJKHUD  GLFHPEUH HG )HGH
ULFR*XLGREDOGL DQG $OHVVDQGUD *XLJOLD *XLGREDOGL
%RUGLJKHUD ,VWL
WXWR ,QWHUQD]LRQDOH GL 6WXGL /LJXUL    ZLWK ELEOLRJUDSK\
 &RORU SKRWRJUDSK LQ$QWRQLR 3HWULJQDQL /D %DVLOLFD GL63XGHQ]LDQD
LQ5RPD VHFRQGRJOL VFDYL UHFHQWHPHQWH
HVHJXLWL 9DWLFDQ &LW\ 3RQWLILFLR
,VWLWXWRGL$UFKHRORJLD &ULVWLDQD    DOVR ILJV  7KH SDYH
PHQW LVDWWULEXWHG WR WKHFKXUFK IRXQGDWLRQ DQG WKH FDPSDLJQ RI
6LULFLXV   )HGHULFR *XLGREDOGL 2VVHUYD]LRQL VXJOL HGLILFL UR
PDQL LQFXL VLLQVHGL" K
(FFOHVLD 8UELV LQ(FFOHVLDH 8UELV$WWLGHO&RQ
JUHVVR,QWHUQD]LRQDOH GL6WXGL VXOOH&KLHVH GL5RPD 5RPD  VHWLHPEUH
 HG*XLGREDOGL DQG$OHVVDQGUD *XLJOLD *XLGREDOGL
9DWLFDQ
&LW\ 3RQWLILFLR ,VWLWXWRGL$UFKHRORJLD &ULVWLDQD    ILJV
 
 $UWKXU .LQJVOH\ 3RUWHU 6DQ 6DYLQR DW3LDFHQ]D ,+LVWRU\ DQG 6WUXF
WXUH DQG 6DQ 6DYLQR DW3LDFHQ]D ,,2UQDPHQW &RQFOXVLRQV $PHUL
FDQ-RXUQDO RI
$UFKDHRORJ\ QR     DQG QR   
 DQG (QULFKHWWD &HFFKL *DWWROLQ , WHVVHOODWL URPDQLFL GHOOD
EDVLOLFD GL 6DQ 6DYLQR LQ/D EDVLOLFD GL6DQ 6DYLQR HOHRULJLQLGHO5RPD
QLFRD3LDFHQ]D HG 5REHUWR 6DOYLQL 0RGHQD $UWLROL   
)RU LWVGDWLQJ VHH )UDQFHVFD / 9DOOD 3HU OD FURQRORJLD GHLPRVDLFL
GL 6DQ 6DYLQR D 3LDFHQ]D %ROOHWWLQR6WRULFR3LDFHQWLQR  QR   
 )RU LWVLQVFULSWLRQV VHH*LRUGDQD 7URYDEHQH 3RHVLD PXVLYD
P"GL"YDOH (SLJUDIL GLGDVFDOLFKH LQYHUVLQHL SDYLPHQWL DPRVDLFR LQ
$WWLGHO9,, FROORTXLR GHOO
$VVRFLD]LRQH ,WDOLDQD SHU OR6WXGLR HOD&RQVHUYD]L
RQHGHO0RVDLFR 3RPSD  PDU]R  HG$QGUHD 3DULEHQL
5DYHQQD (GL]LRQL GHO *LUDVROH   
7KH VHDPRWLI UHFXUV LQWKHFRQWHPSRUDU\ DSVH PRVDLF RI60LFK"OH

)/2256

,1 $17,48,7<

$1' 7+( 0,''/(

$*(6



LQ3DYLD IODQNLQJ D FHQWUDO SDQHO RID ODE\ULQWK$GULDQR 3HURQL ,,


PRVDLFR SDYLP"QWDOH GL 6DQ0LFK"OH 0DJJLRUH D 3DYLD 0DWHULDOL SHU
XQ
HGL]LRQH 6WXGL0HGLHYDOL QR    0HGDOOLRQV DOVR
IORDWHG DJDLQVW ZDY\EDFNJURXQGV LQWKH FRQWHPSRUDU\ FKXUFK RI6
7RPDVR DW5HJJLR 7URYDEHQH ,,PRVDLFR SDYLP"QWDOH G"OLD FKLHVD GL
6DQ 7RPDVR D5HJJLR (PLOLD LQ*XLGREDOGL DQG *XLJOLD *XLGREDOGL
$WWLGHO,,, FROORTXLR%RUGLJKHUD  7KH ZDY\ WHVVHOODWLRQV RQ WKH
WKLUWHHQWKFHQWXU\ IORRU XQGHU WKH FURVVLQJ DW2VLPR PD\ DOVR HYRNH
ZDYHV &ODXGLD %DUVDQWL ,,SDYLPHQWR P"GL"YDOH GHO GXRPR GL
2VLPR LQ LELG 
 ;DYLHU %DUUDL L$OWHW /HV PRVD"TXHV GHSDYHPHQWP"GL"YDOHV GH9HQLVH0X
UDQR7RUFHOOR 3DULV 3LFDUG    ,Q WHUPVRIPRUSKRORJLFDO JH
QHDORJ\ WKHIORRU DW6 =DFHDU"D LVPRVDLF LPLWDWLQJ RSXV VHFWLOHLPLWDW
VDPHPRWLI
LQJSHOWDH LPLWDWLQJZDYHV $PRVDLF DSVH ZLWK WKH
XQFRYHUHG LQD ODWH DQWLTXH YLOOD QHDU )RUO" SRVVLEO\ SOD\V RQ WKH VDPH
UHVHPEODQFH DV DQRWKHU DSVH PRVDLF WKHUH GHSLFWV PDULQH VFHQHV
0DULD *UD]LD 0DLROL /D YLOOD WHRGRULFLDQD GL0"OGROD 1XRYL ULQYHQLA
PHQWL PXVLYL LQ*XLGREDOGL DQG *XLJOLD *XLGREDOGL $WWLGHO,,, FROOR
TXLR%RUGLJKHUD 

 7KH SDYHPHQW LQVFULSWLRQ EHJLQV $WULDTXDH FHUQLV YDULR IRUPDWD


GHFRUH  VTXDOLGD VXE SLFWR FDHODWXU PDUPRUH WHOOXV  ORQJD YHWXVWDWLV
VHQLR IXVFDYHUDW DHWDV   7KH KDOO \RX VHH DGRUQHG ZLWK YDULHJDWHG
GHFRUDWLRQ >DQG@ EHORZ WKHSDLQWHG PDUEOH LVKLGGHQ WKH VTXDOLG
HDUWK ORQJ WLPHKDG REVFXUHG >LW@ZLWK WKHGHFUHSLWXGH RIROG DJH
&RUSXV LQVFULSWLRQXP/DWLQDUXP >&,/@ YROV >%HUOLQ 'H *UX\WHU
@ YRO SW    6HH DOVR$QGUHD &DUOLQL 1RWD
VXOO
LVFUL]LRQH PXVLYD HOLDQD QHOOD EDVLOLFD GL 6DQW
(XIHPLD LQ*UDGR
QHOOD VWRULDHQHO7DUWH 8GLQH $UWL*UDILFKH )ULXODQH   
7KLV SDVVDJH LVQRUPDOO\ LQWHUSUHWHG WRUHIHU WRD SUHH[LVWLQJ WHUUD
FRWWD IORRU EXW WHOOXVPXVW UHIHU WR WKHHDUWK LWVHOI
 6HUJLR 7DYDQL $TXLOHLD H*UDGR 6WRULD$UWH&XOWXUDUG HG 7ULHVWH
/LQW (GLWRULDOH $VVRFLDWL    7KH PRWLI LVGXEEHG RQGD VXE
DFTXHD LQ&RUUDGR 5LFFL $SSXQWL SHU OD VWRULDGHO PXVDLFR %ROOHW
WLQRG$UWH QR    0DULR 0LUDEHOOD 5REHUWL LGHQWLILHV
RWKHU H[DPSOHV LQ WKH HDUO\ILIWKFHQWXU\EDSWLVWHU\ LQ6DORQD WKH
DWULXP RI WKH SRVW$WWLOD EDVLOLFD LQ$TXLOHLD DQG WKHQDYH RI WKH
LQ7ULHVWH K\SRWKHVL]LQJ D QRZORVW DUUDQJH
EDVLOLFD RI9LD 0DGRQQD
PHQW LGHQWLFDO WR WKDWRI*UDGR LQ WKH%DVLOLFD (XSKUDVLDQD DW3RUHF
0LUDEHOOD 5REHUWL 0RWLYL DTXLOHLHVL QHLPRVDLFL G"OLD YDO 3DGDQD LQ
/D PRVD"TXH JU"FRURPDLQHYRO $FWHVGX ,OH &ROORTXH ,QWHUQDWLRQDOSRXU
O
"WXGH GH OD
0RVD"TXH $QWLTXH 9LHQQH DR"W VHSWHPEUH HG
+HQUL 6WHUQ DQG0DUFHO /H *OD\ 3DULV$ HW-3LFDUG   

 'HVFULSWLRQ RI WKHSDODFH RI-RKQ ,RI ,EHOLQ DW%HLUXW E\:LOOLDP RI
2OGHQEXUJ LQ-RKDQQ &0 /DXUHQW HG 3HUHJULQDWRUHVPHGLL DHYL TXD
WXRU%XUFKDUGXV GH0RQWH 6LRQ5LFROGXV GH0RQWH &UXFLV 2GRULFXV GH)RUR
IXOLL:LOEUDQGXV GH2OGHQERUJ /HLS]LJ -& +LQULFKV %LEOLRSROD  
 3DYLPHQWXP KDEHW VXEWLOHPDUPRUHXP VLPXODQV DTXDP OHYL
YHQWR DJLWDWDP LWDXW TXL VXSHU LOOXG LQFHVVHULW YDGDUH SXWHWXU FXP
WDUQHQDUHQH LOOLFGHSLFWH VXPPD YHVWLJLD QRQ LPSUHVVHULW )RU WKH
FRQFHLW RIXQ WURG VDQGV VHH$XVRQLXV 0RVHOOD 
 ,URQLFDOO\PRVW RI WKHIORRU H[FHSW WKLVDUHD ZDV EURXJKW WR OLJKWE\
WKHERPELQJ $QJHOR 3DQWRQL /H YLFHQGHGHOWDEDVLOLFD GL0RQWHFDVVLQR
DWWUDYHUVRODGRFXPHQWD]LRQH DUFKHRORJLFD 0RQWHFDVVLQR %DGLD GL0RQWH
FDVVLQR     6HH DOVR+HUEHUW %ORFK 0RQWH &DVVLQR
LQWKH
0LGGOH $JHV YROV &DPEULGJH 0DVV +DUYDUG 8QLYHUVLW\ 3UHVV
  YRO  $FFRUGLQJ WR. -&RQDQW
V UHFRQVWUXFWLRQ RI WKH
LQWHULRU LQ LELG YRO ILJ   WKH VHDZRXOG KDYH ODLQEHWZHHQ
WKHFKRLU VFUHHQ DQG WKHKLJK DOWDU
 1LNHSKRURV .DOOLVWRV ;DQWKRSRXORV
FD FD   RQ D IORRU LQ
WKHSDODFH RI$QGURQLNRV 3DODLORJRV WKHHOGHU   &RQVWDQWL
QRSOH -HDQ3DXO 5LFKWHU 4XHOOHQ GHUE\]DQWLQLVFKHQ
.XQVWJHVFKLFKWH$XV
JHZ"KOWH7H[WH"EHUGLH.LUFKHQ.O"VWHU3DO"VWH 6WDDWVJHE"XGH XQG DQGHUH
%DXWHQ YRQ.RQVWDQWLQRSHO 9LHQQD & *UDHVHU    QR 
1LNHSKRURV ZDV D FORVH DVVRFLDWH RI7KHRGRUH 0HWHRFKLWHV DXWKRU RI
WKH VHD LQ WKH&KRUD FKXUFK 0DU\ &XQQLQJKDP -HIIUH\)HDWKHU
7KHRGRUH 0HWHRFKLWHV
 3RHP WR
VWRQH DQG 6RSKLD *HRUJLRSRXORX
LQ2NHDQRV (VVD\V 3UHVHQWHG WR,KRU
1LNHSKRURV .DOOLVWRV ;DQWKRSRXORV
6HYFHQNR RQ+LV 6L[WLHWK%LUWKGD\E\
+LV &ROOHDJXHV DQG 6WXGHQWVHG &\ULO
0DQJR HWDO &DPEULGJH 0DVV 8NUDLQLDQ 5HVHDUFK ,QVWLWXWH+DU
YDUG8QLYHUVLW\   
 )RU ORRVHO\ FRPSDUDEOH SDYLQJ DW+RVLRV /XNDV WKHFKXUFK RI 6DJ
PDWD FD   DQG RI WKH'RUPLWLRQ DW1LFHD DIWHU   VHH5DI
IDHOOD )DULROL &DPSDQDWL ,,SDYLPHQWR GL 6DQ0DUFR D9HQH]LD H L
VXRL UDSSRUWL FRQ O
2ULHQWH LQ6WRULDGHOO
DUWHPDUFLDQD ,PRVDLFL HG
5HQDWR 3RODFFR 9HQLFH 0DUVLOLR   $ 3URFRQQHVLDQ ILHOG
XQGHU D FURVVLQJ LVMX[WDSRVHG ZLWKPRUH LQWULFDWH RSXV VHFWLOHSDWWHUQV
LQ WKH VRXWK FKXUFK DW.RXWVRYHQGLV FD   &\ULO$ 0DQJR
(UQHVW -
: +DZNLQV DQG 6XVDQ %R\G 7KH0RQDVWHU\ RI6W&KU\VRV
WRPRV DW.RXWVRYHQGLV
:DOO 3DLQWLQJV 3DUW ,'H
&\SUXV  DQG ,WV
VFULSWLRQ'XPEDUWRQ 2DNV 3DSHUV     /DUJH 3URFRQQHVLDQ
VODEV DOVR DGRUQHG WKH FURVVLQJ RI WKH FKXUFK EXLOW E\$OH[LXV $SRFDX



$57 %8//(7,1

'(&(0%(5

 92/80(

/;;;,;

180%(5



FXV DW 6HO\PEULD 6LOLYLUL  FD  6HPDL (\LFH $OH[LV$SRFDXTXH


HW
O
"JOLVH E\]DQWLQH GH 6"O\PEULD %\]DQWLRQ     2WWR
)HOG 1RFK HLQPDO $OH[LRV $SRNDXNRV XQG GLH E\]DQWLQLVFKH .LUFKH
YRQ 6HO\PEULD %\]DQWLRQ     DQG (\LFH (QFRUH XQH
IRLV O
"JOLVH G
$OH[LV $SRFDXTXH
" 6"O\PEULD %\]DQWLRQ   
 6HH DOVR 'HPLUL] "UJ"O"  IRU WKHSRRUO\ UHFRUGHG ED
VLOLFD H[FDYDWHG RQ WKH VORSHV RI<DNDFLN LQ
 9L" LQPH]R DO7HPSLR XQ JUDQ TXDGURQH GL ODVWUHGLPDUUDR ILQLV
VLPR H ELDQFKLVVLPR FKH " FKLDPDWR DQFR LO
0DUH SHU HVVHU OHYHQH
FKH YL VL VFRUJRQR DOOD VLPLOLWXGLQH " SXQWR G
XQ
RQGHJJLDQWH PDUH 
*LRYDQQL 6WULQJD /D &KLHVD GL6DQ0DUFR &DSHOOD GHO6HUHQLVVLPR3ULQFLSH
GL9HQH]LD 9HQLFH )UDQFHVFR 5DPSD]HWWR   7KH DUHD PHD
VXUHV  E\  IW  E\ P  DQG FRQVLVWV RI WZHOYH VODEV HDFK
DYHUDJLQJ 9E\  LQRU  E\  FP  7KH H[WHQW RIPDWFK
LQJ VXJJHVWV WKDW WKHVH VODEVZHUH QRW VSROLDEXW TXDUULHG H[QRYR
/RUHQ]R /D]]DULQL UHYLHZRI0DUPL DQWLFKL HG* %RUJKLQL %ROOHWWLQR
GL$UFKHRORJLD     7KH IXQGDPHQWDO KLVWRU\ RI WKHRYHUDOO
IORRU UHPDLQV *LRYDQQL 0DULD 8UEDQL GH *KHOWRI ,,SDYLPHQWR LQ
/D %DVLOLFD GL6DQ0DUFR LQ9HQH]LD ,OOXVWUDWD QHOOD VWRULDHQHO9DUWHGD
VFULWWRUL
YHQH]LDQD HG &DPLOOR %RLWR YROV 9HQLFH )HUGLQDQGR 2Q
JDQLD   YRO   )RU D UHFHQW EXW XQFRQYLQFLQJ DW
WHPSW WR OLQN WKHIORRU JHRPHWULHV ZLWK WKH VFHQHV RQ WKHZDOOV DQG
YDXOWV VHH5DIIDHOH 3DLHU ,,PLVWHUR GHOOH VDFUH
URWDH
 GHO SDYLPHQWR
GHOOD EDVLOLFD GL 6DQ0DUFR 6WXGL 9HQH]LDQL     1RQH
RI WKHVH DXWKRUV SD\V DQ\ DWWHQWLRQ WR WKHPDUH)RU VHGXFWLYH SKRWR
JUDSKV VHH$QGU" %UX\"UH 9HQH]LD 6DQ0DUFR SDYLPHQWL 5RPH ,VWL
WXWR3ROLJUDILFR H=HFFD GHOOR 6WDWR  
 3URFRQQHVLDQ ZDV XVHG LQ WKHSDODFH RI0DXVROHXV +DOLFDUQDVVXV 9L
WUXYLXV'H DUFK  3OLQ\+14$ 2Q TXDUU\LQJ DQG H[SRUW VHH
&ODXGLD %DUVDQWL /
HVSRUWD]LRQH GLPDUPL GDO 3URFRQQHVR QHOOH UH
JLRQL SRQWLFKH GXUDQWH LO,99, VHF"OR 5LYLVWD GHOOOVWLWXWR1D]LRQDOH
G
$UFKHREJLD H6WRULD GHOO$UWH     1XVLQ $VJDUL 2EVHU
YDWLRQV RQ 7ZR 7\SHV RI4XDUU\,WHPV IURP3URFRQQHVXV &ROXPQ
6KDIWV DQG &ROXPQ%DVHV LQ$QFLHQW 6WRQHV4XDUU\LQJ 7UDGH DQG3URY
HQDQFHHG0DUF :DHONHQV HWDO /RXYDLQ /HXYHQ 8QLYHUVLW\ 3UHVV
   LGHP 7KH 3URFRQQHVLDQ 3URGXFWLRQ RI$UFKLWHFWXUDO
(OHPHQWV LQ/DWH $QWLTXLW\ %DVHG RQ (YLGHQFH IURP WKH0DUEOH
4XDUULHV LQ&RQVWDQWLQRSOH DQG ,WV+LQWHUODQG HG &\ULO$ 0DQJR *LO
EHUW 'DJURQ DQG *HRIIUH\ *UHDWUH[ $OGHUVKRW 8. 9DULRUXP
   DQG -DPHV * +DUSHU 7KH 3URYLVLRQLQJ RI0DUEOH IRU
WKH 6L[WK&HQWXU\ &KXUFKHV RI5DYHQQD $ 5HFRQVWUXFWLYH $QDO\VLV LQ
3UDWXP5RPDQXP 5LFKDUG .UDXWKHLPHU ]XP  *HEXUWVWDJHG 5HQDWH
/ &ROHOOD HWDO :LHVEDGHQ 'U / 5HLFKHUW    6HH DOVR
-HDQ3LHUUH 6RGLQL /H FRPPHUFH GHVPDUEUHV " O
"SRTXH SURWRE\]DQ
WLQH LQ+RPPHV HWULFKHVVHVGDQV 9(PSLUHE\]DQWLQHG &DWKHULQH $ED
GLH5H\QDO 3DULV 3 /HWKLHOOHX[   
 $ULVWRWOH 0HWHRURO"JLFD 0HWH  EIIDII 'DYLG ( (LFKKRO]
$ULVWRWOH
V 7KHRU\ RI WKH)RUPDWLRQ RI0HWDOV DQG0LQHUDOV &ODVVLFDO
4XDUWHUO\ QRV     LGHP 5HIHUHQFHV WRD7KHRU\
RI WKH)RUPDWLRQ RI 6WRQHV LQ3OLQ\1DWXUDO +LVWRU\ /LEUL;;;9,
;;;9,, /RQGRQ :LOOLDP +HLQHPDQQ
  [[Y LGHP 7KHRSKUDV
WXV'H /DSLGLEXV 2[IRUG &ODUHQGRQ 3UHVV    DQG 5REHUW
+DOOHX[ /H SUREO"PHGHVP"WDX[ GDQV ODVFLHQFHDQWLTXH 3DULV 6RFL"W"
G
"GLWLRQ /HV %HOOHV /HWWUHV    $ULVWRWOH
V DQG 7KHR
SKUDVWXV
V ILQGLQJV ZHUH DXJPHQWHG E\ VHYHUDO*UHHN DXWKRUV DQG
5RPDQ ILJXUHV OLNH3RVLGRQLXV FD FD  %&(  DQG 3DSLULXV )D
ELDQXV ODWH ILUVWFHQWXU\ %&(  DQG PRUH RU OHVVSDUURWHG LQ3OLQ\
V
1DWXUDO +LVWRU\ FD  &( 
 (LFKKRO] 7KHRSKUDVWXV  6HQHFD VWDWHV WKDW LQ WKHHDUWK DOVR
ZKLFK FKDQJH IURP OLTXLG WR
WKHUH DUH VHYHUDO NLQGV RIPRLVWXUH 
VWRQH >LQ WHUUDTXRTXH VXQWXPRULVJHQHUD FRPSOXUD TXDH LQ ODSLGHP H[
OLTXRUHYHUWXQWXU@4XDHVWLRQHV 1DWXUDOHV   5DEEL -RVKXD EDU
+DQDQLD UDEELQLFDO 0LGUDVK RI/HYLWLFXV 5DEEDK   TXRWHG LQ
7]LRQD *URVVPDUN 
6KD\LVK
 0DUEOH  LQ5DEELQLF /LWHUDWXUH LQ
0DUEOH 7UDGH HG0RVKH / )L
0DUEOH 6WXGLHV5RPDQ 3DOHVWLQH DQG WKH
VFKHU .RQVWDQ] 89. 8QLYHUVLW"WVYHUODJ .RQVWDQ]

  

HG DQG WUDQV)UDQN0 &ORYHU 3KLODGHOSKLD


 )ODYLXV 0HUREDXGHV
$PHULFDQ 3KLORVRSKLFDO 6RFLHW\    &DUPLQD  FD 
 &(  JHPPD YHKLW ODWLFHP TXDH IXLWDQWH ODWH[0HUREDXGHV
PD\ UHIHU WR WKHEDSWLVP RI9DOHQWLQLDQ ,,, LQ WKHEDSWLVWHU\ RI6
&URFH 5DYHQQD $OHVVDQGUR 7HVWL5DVSRQL )UDPPHQWL SRHWLFL GL0H
UREDXGH )HOL[5DYHQQD    
 (ULF -+ROP\DUG DQG 'HVPRQG &0DQGHYLOOH HGV $YLFHQQDH GH
.LWDE DO6KLID
&RQJHODWLRQH HW&RQJOXWLQDWLRQH /DSLGXP %HLQJ 6HFWLRQV RIWKH
3DULV 3DXO *HXWKQHU   
 )HUQDQG 'XVDXVVD\ 'H 0"O\ DQG &KDUOHV (PLOH 5XHOOH /HV ODSLGDLUHV GH
O
DQWLTXLW" HWGX0R\HQ "JH YROV 3DULV ( /HURX[   YRO
[[[LY
 $OEHUWXV 0DJQXV 'H PLQHUDOLEXV  DQG 'RURWK\ :\FNRII HG $OEHU
WXV
0LQHUDOV 2[IRUG &ODUHQGRQ   
0DJQXV %RRN RI
 6WUDER  5REHUW +DOOHX[

)"FRQGLW" GHVPLQHV HW VH[XDOLW" GHV

SLHUUHV GDQV O
DQWLTXLW" JU"FRURPDLQH 5HYXH %HOJH GH3KLORORJLH HW
FLWHV 3DSLULXV )DELDQXV DV DX
G
+LVWRLUH   3OLQ\+1
WKRULW\WKDWPDUEOH JUHZ LQ WKHTXDUULHV DQG DOVR WKDW WKHTXDUU\PHQ
WKHPVHOYHV DVVHUWHG WKDW WKH VFDUV RQ WKHPRXQWDLQ ILOOXS RI WKHLU
RZQ DFFRUG >H[HPSWRUHV
TXRTXH DGILUPDQWFRPSOHULVSRQWH LOODPRQWLXP XO
FHUD@$FFRUGLQJ WR5HVWRUR G
$UH]]R   7KHUH DUH DOVRPRXQ
WDLQVZKLFK DUH DOOZKLWH OLNH VQRZ WKHVH DOVR RZH WKHLURULJLQ WRZD
WHUZKLFK LVPDNLQJ VWRQH$ SURRI RI WKLV LVWKDW WKHZDWHU ZHOOLQJ RXW
IURP WKH VXPPLW RI WKHVHPRXQWDLQV DQG VSUHDGLQJ LWVHOIRYHU WKH
VORSHV RI WKHPRXQWDLQV EHFRPHV GLVVLSDWHG OHDYLQJ VWRQH EHKLQG DQG
WKXV WKHVHPRXQWDLQV DUH JURZLQJ FRQWLQXDOO\ 5HVWRURG
$UH]]R/D
FRPSRVL]LRQHGHOPRQGR HG$OEHUWR 0RULQR 3DUPD )RQGD]LRQH 3LHWUR
%HPER 8JR *XDQGD   EN  FKDS 
 9LQFHQW RI%HDXYDLV 6SHFXOXP QDWXUDOH  FD  FORVHO\ IROORZV
0LWWHODOWHU'LH 5H
9LWUXYLXV 'H DUFK 6WHIDQ 6FKXOHU 9LWUXY LP
]HSWLRQYRQ 'HDUFKLWHFWXUDYRQ GHU$QWLNH ELV LQGLHIU"KH1HX]HLW &R
ORJQH +HUPDQQ %"KODXV   +LHUDSROLV ZDV LQVHULRXV GH
FOLQH E\ WKH WHQWK FHQWXU\ DQG ZDV UXLQHG DQG DEDQGRQHG E\ 
3DROR 9HU]RQH LQ5HDOOH[LNRQ ]XUE\]DQWLQLVFKHQ.XQVW HG .ODXV :HVVHO
DQG0DUFHOO 5HVWOH 6WXWWJDUW$ +LHUVHPDQQ
  YRO  
HGHSLJUDILFKH 5RPH %UHWVFKQHLGHU
DQG 7XOOLD 5LWWL)RQWL OHWWHUDULH
 

 $QG VLQFH QR SHUVRQ KDV VHHQ WKHPDUEOH TXDUU\ FHUWDLQ SHRSOH VD\
WKDW WKHRQH FDOOHG 3RUSK\U\ LVDUWLILFLDOO\PDGH 7KH\ VD\ WKDWGXULQJ
DQFLHQW WLPHVDFFRUGLQJ WR WKHTXDQWLW\ RI FROXPQV UHTXLUHG WKH\
PDGH PRXOGV DQG FKDQQHOHG ZDWHU LQWR WKHP$IWHUZDUGV WKH\DGGHG
WKHGHVLUHG FRORU WR WKHZDWHU DQG WKHQ WKH\KDG D SODQW DQG WKH\
DOVR DGGHG WKLVSODQW WR WKHZDWHU DQG WKHZDWHU VROLGLILHG DQG EH
FDPH PDUEOH LWLVVDLG1RZ LIWKLVZHUH WUXHRQH ZRXOG EH DEOH WR
ILQG VRPHRQH WRGD\ WRSUDFWLFH WKLVDUW VLQFH IRUDOO WKHDUWVHODER
UDWHG LQDQFLHQW WLPHVRQH FDQ ILQG VRPHRQH WRSUDFWLFH WKHP WRGD\
EXW WKHUH LVQRERG\ ZKR NQRZV KRZ WRIDEULFDWHPDUEOH 7KHUHIRUH LW
VHHPV WKHVH DUH HPSW\ZRUGV 0RUHRYHU LILWDSSOLHG WRD VLQJOH FRORU
RQH PLJKW ILQG JURXQGV IRUEHOLHYLQJ LW%XW VLQFH WKHUH H[LVWPDUEOHV
RI WKUHH RU IRXU FRORUV LWLV LPSRVVLEOH WRDGG RQH FRORU WRZDWHU DQG
REWDLQ WKUHHRU IRXU FRORUV DQG YHLQLQJ UHDVRQ FDQQRW DFFHSW VXFK D
+LVWRU\
WKLQJ DGGHQGXP WR WKHQLQWKFHQWXU\ " *UHHN &KURQLFOH RIWKH
(QG   'LH DOWRVPDQLV
RI&RQVWDQWLQRSOHIURP,WV%HJLQQLQJ XQWLO WKH
FKHQDQRQ\PHQ&KURQLNHQ >7DZDULKLDOL2WPDQ@ HG )ULHGULFK *LHVH
%UHVODX ,P 6HOEVWYHUODJH %UHVODX ;9,   P\ WUDQVODWLRQ
IURP WKH)UHQFK WUDQV LQ6WHIDQRV <HUDVLPRV /D IRQGDWLRQ GH&RQ
VWDQWLQRSOHHWGH6DLQWH6RSKLH GDQV OHVWUDGLWLRQVWXUTXHV/"JHQGHV G
(PSLUH
,VWDQEXO ,QVWLWXW)UDQ"DLV G
"WXGHV $QDWROLHQQHV G
,VWDQEXO  
7KH SRUSK\U\ FROXPQV LQTXHVWLRQ DUH WKRVH LQ+DJLD 6RSKLD
7KH UHIXWHG FODLP UHVHPEOHV D JDUEOHG PHPRU\ RID SXUSOHG\H IDF
LVDW'RU LQ
WRU\7KH EHVWSUHVHUYHG LQWKHHDVWHUQ0HGLWHUUDQHDQ
,VUDHO ZKHUH VKDOORZ URFNFXW WDQNV FDQ VWLOOEH VHHQ
 -RKQ 5 6SHQFHU )LODUHWH
V 7UHDWLVH RQ$UFKLWHFWXUH%HLQJ WKH7UHDWLVH E\
$QWRQLR GL3LHUR$YHUOLQR.QRZQ DV)LODUHWH YROV 1HZ+DYHQ <DOH
8QLYHUVLW\ 3UHVV   YRO  EN  IROV ,YU 6SHDNLQJ RI
WKHPDUEOHV RI WKH*UHDW 0RVTXH DW'DPDVFXV WKHZULWHU ,EQ
$VDNLU
G   UHPDUNV WKDW LWLVFODLPHG WKDWPDUEOH LVD VXEVWDQFH ZKLFK
KDV EHHQ SHWULILHG LWLVDOOHJHG WKDW WKHSURRI LVLQ WKHIDFW WKDWPDU
EOH GLVVROYHV LQILUH TXRWHG LQ)LQEDUU %DUU\ )ORRG 3DODFHV RI&U\V
WDO6DQFWXDULHV RI/LJKW:LQGRZV -HZHOV DQG *ODVV LQ0HGLHYDO ,V
ODPLF$UFKLWHFWXUH 3K' 8QLYHUVLW\ RI(GLQEXUJK   
 (UNLQJHU 6FKZDU]HQEHUJ &RORXU /LJKW DQG 7UDQVSDUHQF\ LQ WKH
*UHHN :RUOG LQ
0HGLHYDO 0RVDLFV /LJKW &RORU0DWHULDOV HG (YH %RU
VRRN )LRUHOOD *LRIIUHGL 6XSHUEL DQG *LRYDQQL 3DJOLDUXOR )ORUHQFH
6LOYDQD   
 ,Q GHVFULELQJ WKHGLYHUVLW\ RI WKH FRORXU IODYXV \RX KDYH PDGH PH
XQGHUVWDQG WKHVH EHDXWLIXO OLQHV IURP WKHIRXUWHHQWK ERRN RI(Q
QLXV
V $QQDOV ZKLFK EHIRUH ,GLG QRW LQ WKH OHDVW FRPSUHKHQG 7KH
FDOPVHD
VJROGHQPDUEOHQRZ WKH\VNLP3ORXJKHG E\WKHWKURQJLQJFUDIWWKH
JUHHQ VHDVIRDP >9HUUXQWH[WHPSOR
SODFLGH PDUHPDUPRUHIODYR &DHUXOHXP
VHHP WR
VSXPDW VDOH FRQIHU"DUDWHSXOVXP@ IRU
WKHJUHHQ VHDV
 GLG QRW
FRUUHVSRQG ZLWK
JROGHQ PDUEOH
 %XW VLQFH DV \RX KDYH VDLGIODYXV LV
D FRORXU FRQWDLQLQJ DQ DGPL[WXUH RIJUHHQ DQG ZKLWH (QQLXV ZLWK
WKHXWPRVW HOHJDQFH FDOOHG WKHIRDP RI WKHJUHHQ VHD
JROGHQ PDU
EOH
 $XOXV *HOOLXV 1RGHV $WWLFDH  >(QQLXV $QQDOHV 
@ /RHE HG WUDQV-RKQ & 5ROIH
(QQLXV FD %&(  ZDV D+HOOHQRSKRQH
&DODEULDQ $ UHFHQW
FRPPHQWDWRU KDV WKHUHIRUH DUJXHG WKDW PDUHPDUPRUH LVVLPSO\ D
*UHFLVP IROORZLQJ +RPHU
V KDOD PDUPDUH"Q DQG VLJQLILHVRQO\ WKH
JOHDPLQJ VKLPPHULQJ VHD 2WWR 6NXWVFK 7KH$QQDOV RI4 (QQLXV
2[IRUG &ODUHQGRQ 3UHVV    %XW LWLVHTXDOO\ UHDVRQDEOH WR
DVVXPH WKDW(QQLXV KDG WKHDFWXDO PDWHULDO LQPLQG DV$XOXV *HOOLXV
WKRXJKW KH GLG /LNHZLVH 3OLQ\+1  DVVXPHG WKDW+RPHU
PHDQW PDUEOH ZKHQ KH XVHG PDUPDURV ,OLDG >,,@  
DQG 2G\VVH\ >2G@  

 9LUJLO $HQHLG $HQ   ,Q OHQWR OXFWDQWXUPDUPRUH WRQVDH 9LUJLO
DOVR XVHV WKHSKUDVH PDUPRUHXP DHTXRU $HQ  DQG LQILGXP

&260,&

UHPLV LQSHOOHUH PDUPRU WRPHDQ URZLQJ WKURXJK WKHIDLWKOHVV


ZDYHV *HRUJLFV "D SDUDSKUDVH RI(QQLXV VHH Q  DERYH 
6HH DOVR $HQ  TXDP PXOWL /LE\FR YROYXQWXUPDUPRUH IOXFWXV
DVPDQ\ DV WKHZDYHV WKDWFKXUQ WKH/LE\DQ VHD  DQG  VSX
PDQW YDGD PDUPRUH YHUVR WKHZDYHV IRDP DV WKH VHD LVXSWXUQHG 
6HUYLXV JORVVHV WKH ODWWHUWZRTXRWDWLRQV PDUPRUH PDUL
 PDUEOH 
VHD  6HUYLL*UDPPDWLFL TXLIHUXQWXU LQ9HUJLOLL&DUPLQD &RPPHQWDULLHG
*HRUJ 7KLOR DQG +HUPDQQ +DJHQ YROV /HLS]LJ % * 7HXEQHU
  YRO    6HH DOVR /XFUHWLXV  XWPDUH FXP
PDU
PDJQL FRPPRUXQW DHTXRUD YHQWL  YHUWLWXU LQFDQRV FDQGHQWL
PRUH IOXFWXV OLNH WKH VHDZKHQ JUHDW ZLQGV KDYH VWLUUHGXS WKH VXU
IDFH WXUQV LQWRKRDU\ ZDYHV ZLWK DZKLWH VKHHQ  /XFUHWLXV FRP
VHDZRUG DHTXRU WKDW
SRXQGV WKHPHWDSKRU E\ H[SORLWLQJ DQRWKHU
UHIHUVHTXDOO\ WRWKHSROLVKHG VXUIDFH RIPDUEOH DQG D SODFLG VHD
 2YLG 7ULVWLD H[3RQWR 7U   LQFOXVDHTXH JHOX VWDEXQW LQ
PDUPRUH SXSSHV  QHH SRWHULW U"JLGDV ILQGHUH UHPXV DTXDV 7KH )OD
YLDQ SRHW 9DOHULXV )ODFFXV SUREDEO\ KDG WKLVSDVVDJH LQPLQG ZKHQ KH
DOOXGHG WR WKHIUR]HQ VXUIDFH RI WKH VHD E\ VSHDNLQJ RI VOD\LQJKLQGV
RQ WKHPDUEOH VXUIDFH RIPLGRFHDQ
>LQPHGLR WUXQFDQWHPPDUPRUH
FHUYRV@$UJRQDXWLFD  6HH DOVR /XFDQ  &DWXOOXV  7KH
XVDJH SHUVLVWV LQPHGLHYDO SRHWU\ VY PDUPRU 1RYXP *ORVVDULXP
0HGLDH /DWLQLWDWLV $E$QQR'&&& XVTXH DG$QQXP0&& +DIQLD
0XQNVJDDUG   2I WKHVH JORVVDU\ H[DPSOHV UXJRVL LQYHVWLJD
ELOHVPDUPRULV YHQLV LDP OHW VXOFDQWHV LQ WKHQLQWKWHQWKFHQWXU\
9LWD 6:LOOLEDOGL HSLVFRSL(LFKVWHWHQVLVGHVHUYHV VSHFLDO PHQWLRQ
 -XOLDQ0LVRSRJRQ % /DWH DQWLTXH SRHWV FRQWLQXHG WRPDWFK PDU
DQG PDUPRU$YLHQXV 3HULHJHVLV VHX'HVFULSWLR 2UELV7HUUDUXP  
             

 )RU WKH LGHQWLILFDWLRQ RI WKH%RFHD G"OLD 9HULW" DQG WKH VLJQLILFDQFH RI
2FHDQXV VHH )DELR %DUU\ 7KH
0RXWK RI7UXWK
 DQG WKH)RUXP
%RDULXP IRUWKFRPLQJ

 $YLWXV 'H WUDQVLWX


0DULV 5XEUL  0DFKLQD SHQGHQWLV VWUX[LW
TXDP VFDHQD OLTXRULV  )UHQDWDV FHOVR VXVSHQGHUDW DHUH O\PSKDV
6HH DOVR 3UXGHQWLXV &DWKHPHULQD &DWK   $YLWXV FD FD
  EHFDPH ELVKRS RI9LHQQH LQ 7KH HDUO\ILIWKFHQWXU\
+HSWDWHXFK RI&\SULDQXV *DOOXV DFWXDOO\ XVHV 0DUPRU 5XEUXP
([RG   7KH 5HG 6HD VDUFRSKDJXV 0XVHR &LYLFR GL %UHVFLD
05   SRVVLEO\ RI0LODQHVH PDQXIDFWXUH EHFDPH WKHIURQWDO RI
WKHKLJK DOWDU RI6$IUD QRZ 6$QJHOD 0HULFL  %UHVFLD 7KH VFHQH LQ
WKHRWKHU UHJLVWHU LVSUREDEO\ 0RVHV VWULNLQJ WKH URFN
 7LEXOOXV   +RUDFH &DUPLQD  3URSHUWLXV 
DV WKHEUHHGLQJ JURXQG RI FRUDO  6HQHFD 2HGLSXV +HUFXOHV 2H
WDHXV 7K\HVWHV 3HWURQLXV 6DW\ULFRQIUDJPHQW  6HH DOVR
GH FRXOHXUVGDQV OD ODQJXH ODWLQH
-DFTXHV $QGU" "WXGH VXUOHVWHUPHV
3DULV & .OLQFNVLHFN   
 6WDWLXV 6LOYDH  JODXFDH FHUWDQWLD 'RULGL VD[D   JDX
GHQV IOXFWXV VSHFWDUH &DU\VWRV  6WDWLXV DOVR LQGLFDWHV &DU\VWLDQ ZLWK
WKHYHLQHG VWRQH WKH VDPH FRORU DV WKH VHD >FRQFRORUDOWRYHQDPDUL@
RQ WKHEHVW HPHUDOGV
6LOY  6HH DOVR 3OLQ\+1
WKHLUPHULW OLHV LQ WKHLUFRORUZKLFK LVFOHDUZLWKRXW EHLQJ ZHDN EXW
OLPSLG DQG ULFK UHVHPEOLQJ ZKHUHYHU LWLV WUDQVSDUHQW WKH WUDQVSDU
HQF\ RI WKH VHD >GRV HRUXPHVWLQFRORUHOLTXLGRQHH GLOXWR YHUXPH[XPLGR
SLQJXL TXDTXHSHUVSLFLWXU LPLWDQWHWUDOXFLGXPPDULV@ 7KH SUHYDOHQW SHU
FHSWLRQ WKDW WKH VHDZDV JUHHQ DOVR H[SODLQV D JDUEOHG QRWLRQ RI ,VL
GRUH WKH*UHHN ZRUG
PDUEOH
 LVFDOOHG DIWHU LWVJUHHQQHVV >PDUPRU
VHUPRJUDHFXV HVWD YLULGLWDWHYRFDWXV@ ,VLGRUXV (W\PRORJLDH 
 6WDWLXV 6LOY  XQGRVD &DU\VWRV 7KH TXDUU\ DFWXDOO\ WRRN LWV
QDPH IURP WKH ULYHU &DU\VWRV  WKDWUDQE\ WKHTXDUU\
 5LWD 3DULV HG 9LD $SSLD /D 9LOOD GHL4XLQWLOL 0LODQ (OHFWD  
 )RU WKHTXDUULHV VHH$QQD /DPEUDNL /H &LSROLQ GH OD
.DU\VWLH &RQWULEXWLRQ " O
"WXGH GHVPDUEUHV GH OD*U"FH H[SORLW"V DX[
"SRTXHV URPDLQH HWSDO"RFKU"WLHQQH 5HYXH $UFK"RORJLTXH   
 DQG 'RULV 9DQKRYH HW DO5RPDQ0DUEOH 4XDUULHV LQ6RXWKHUQ
(XERHD DQG WKH
$VVRFLDWHG5RDG 6\VWHPV /HLGHQ ( -%ULOO  
 $"FKD %HQ $EHG %HQ .KDGHU 7KXEXUER0DMXV /HV PRVD"TXHV GDQV OH
TXDUWLHURXHVW 7XQLV ,QVWLWXW1DWLRQDO G
$UFK"RORJLH HWG
$UW  
:LQWHU %DWKV  &(  VHH LGHP HW
 HVS  SL [[YLL )RU WKH

DO 7KXEXUER0DLXV /HV PRVD"TXHV GH ODU"JLRQGHVJUDQGV WKHUPHV 7XQLV


,QVWLWXW1DWLRQDO G
$UFK"RORJLH HWG
$UW    SLV [[YLL [[[
[[[LL 6HH DOVR WKHIULJLGDULXP RI WKHSXEOLF EDWKV DW0DNWDU

 $ ( 3RSKDP DQG 3KLOLS 3RXQFH\ ,WDOLDQ 'UDZLQJV LQ WKH
'HSDUWPHQW RI
3ULQWV DQG'UDZLQJV LQ WKH
%ULWLVK0XVHXP 7KH)RXUWHHQWKDQG)LIWHHQWK
&HQWXULHVYROV /RQGRQ 7UXVWHHV RI WKH%ULWLVK0XVHXP   YRO
  YRO SL FOL DQG -DQH0DUWLQHDX $QGUHD0DQWHJQD /RQ
GRQ 5R\DO $FDGHP\ RI$UWV    FDW QR   $QRWKHU
FRS\ LVLQ WKH*DOOHULD GHJOL 8IIL]L )ORUHQFH *LRYDQQL $JRVWL DQG$Q
QDPDULD 3HWULROL 7RIDQL 'LVHJQL GHOULQDVFLPHQWRLQ9DOSDGDQD )ORU
HQFH / 62OVFKNL    Q 0DQWHJQD
V GHVLJQ IRU WKH
ILJXUHZDV FRSLHG IURPD JXWWHU VSRXW RQ WKHIDFDGH RI60DUFR

)/2256

,1 $17,48,7<

$1' 7+( 0,''/(

$*(6

""?

9HQLFH 0LFKDHO +LUVW 5HYLHZ RI WKH0DQWHJQD ([KLELWLRQ 5R\DO


$FDGHP\ /RQGRQ %XUOLQJWRQ0DJD]LQH  QR  -XQH  
 ILJV  7KH WURXJK LVEDVHG RQ DQWLTXH 2FHDQXV VDUFRSKDJL
$QGUHDV 5XPSI 'LH0HHUZHVHQ DXI GHQDQWLNHQ6DUNRSKDJUHOLHIV %HUOLQ
* *URWH    SLV      ,WUHPDLQV WRDGG WKDW LQ
WKHEDSWLVWHU\ RI60DUFR 0DQWHJQD FRXOG DOVR KDYH REVHUYHG D WRPE
LQ&DU\VWLDQ PDUEOH WKDWRI WKH'RJH *LRYDQQL 6RUDQ]R  
IRUZKLFK VHH'HEUD 3LQFXV 7KH 7RPEV RIWKH
'RJHV RI9HQLFH &DP
EULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV    6HH DOVR WKH WRPE
RI0HOFKLRU 7UHYLVDQ FD  LQ WKH)UDUL9HQLFH ZLWK SURPLQHQW
SDQHOV RIZDY\ YHLQHG PDUEOH $FFRUGLQJ WR WKH HSLJUDSK 7UHYLVDQ
WKH FDSLWDQRJHQHUDWHGHOPDU GLHG DV FRPPDQGHU RYHU WKH WKUHH VHDV
DQG WULWRQV VXSSRUW WKHGLVNZLWK WKH OLRQ RI6DLQW0DUN DW WKH WRS RI
WKH WRPE8UVXOD 0HKOHU $XIHUVWDQGHQ LQ6WHLQ9HQH]LDQLVFKH *UDEP"OHU
GHV VS"WHQ4XDWWURFHQWR &RORJQH %RKODX    
5RVHPDU\ %DUURZ /DZUHQFH$OPD7DGHPD /RQGRQ 3KDLGRQ  
IDX[PDUEOHV VHH 3DWULFLD $ %XW]
ILJ  )RU$OPD7DGHPD
V
0DUEOH IRU ,QVFULSWLRQV )DFVLPLOH 5HSUHVHQWDWLRQ LQ WKH3DLQWLQJV RI
6LU/DZUHQFH $OPD7DGHPD
LQ,QWHUGLVFLSOLQDU\6WXGLHV RQ$QFLHQW
6WRQH3URFHHGLQJV RIWKH6L[WK,QWHUQDWLRQDO &RQIHUHQFHRI
$6026$ 9HQLFH
IXQH   HG /RUHQ]R /D]]DULQL 3DGXD %RWWHJD G
(UDVPR
   $OPD7DGHPD FODG RQH RIKLV VWXGLRVZLWK &DU\VWLDQ
VODEV &DU\VWLDQ LVDOVR XVHG WR UHSUHVHQW WKH0HGLWHUUDQHDQ 6HD LQ WKH
ODUJHPDUEOH PDSV WKDW$QWRQLR 0X"R] HUHFWHG RQ WKH UHWDLQLQJ ZDOO
RI WKHEDVLOLFD RI0D[HQWLXV IDFLQJ RQWR WKH9LD GHOO
,PSHUR
9LD GHL
)RUL ,PSHULDOL  LQ WKH V
 7KH HDUOLHVW UHIHUHQFH NQRZQ WRPH LV3URFRSLXV 'H DHGLILFLLV 
PRVWRI WKHP >WKHSDYLQJ VODEV LQWKHSDODFH RI-XVWLQLDQ@ DUHZKLWH
LQFRORU \HW WKHZKLWH LVQRW SODLQ EXW LVVHWRIIZLWKZDY\ OLQHVRI
EOXH ZKLFK PLQJOH ZLWK WKHZKLWH NHY."Y HUR6Y7U;HL"YR"YUE HL"R"
RY ;LURY "[HY72/
D: ZUR.YL[DLYHL .YDYDY\AUYUUR\H\SDMMLL[HYRY
O/7DY[SZMZFP  3DXO WKH6LOHQWLDU\ 'HVFULSWLR6 6RSKLDH HWDPERQLV
  DOVR FRPPHQGV WKH %RVSRUXV VWRQH FXUE RI WKHDPER LQ+D
JLD 6RSKLD WKDW JOHDPV ZKLWH EXW RQ ZKRVH ZKLWH VNLQDEOXH YHLQ
ZLQGV D VFDWWHUHG SDWK NHY." "
 DLUDR7S"L77RYGL .DL HW QURS"EHFUDL
3DXO DOVR
.HNHY2RX"  7N""YROWLDS\LYEHYQ LUHSO;3"A .YDY""T !""W 
VD\V 'HVFULSWLR6 6RSKLDH   FRYHULQJ WKHHQWLUH IORRU WKHKLOO
RI3URFRQQHVXV JODGO\ RIIHUV LWVEDFN WR WKH OLIHJLYLQJ4XHHQ
>+DJLD
6RSKLD@ $QG WKHJORZ RI WKH%RVSRUXV VKLPPHUV JHQWO\EODFN ZLWK
DQ DGPL[WXUH RIZKLWH ,,69 "H7UH"RY 27RSHWUDFUD <?SR.RYYU?FURLR
NR;&"YM@ DR7UDD"D[ ZUH4U .H "LDS.HL Y%WRY DY"FUD[L
  \ S"M/D""
!S" 7 7RY 7D"LHLUSHLUH %RFQURS"" D
L\"7M  F".SR. "DLYL"" 972 "LU

DS\HYY"/" "[HUD:RY 
 7KH 6HD RI0DUPRUD LVDQ LQODQG FLUFXODU VHD RIDERXW HLJKW OHDJXHV
0DUPRUD EHFDXVH IURP LWFDPH DOO WKHPDUEOH
DFURVV DQG WKH\FDOO LW
IRU&RQVWDQWLQRSOH ERWK IRU WKHZDOOV DVZHOO DV IRU WKH FLW\3HUR 7D
IXU 7UDYHOV DQG$GYHQWXUHV  WUDQV0DOFROP /HWWV /RQGRQ
5RXWOHGJH    0DUP2UD FODVVLFDO QDPH 3URSRQWLV  LVDOVR
VSHOOHG 0DUP$UD DQG 0D/PDUD $QGUHDV .XHO]HU KDV NLQGO\SUR
YLGHG PH WKHHDUOLHVW VXUYLYLQJ UHIHUHQFHV WRWKLV WRSRQ\P 3DWULFN
*DXWLHU 'DOFK" &DUWHPDULQH HWSRUWXODQ DX;OOH VL"FOH/H /LEHUGHH[LV
WHQFLDULYHULDUXP HW
0HGLWHUUDQHL 3LVH FLUFD  
IRUPDPDULV QRVWUL
5RPH "FROH )UDQ"DLVH GH 5RPH   (GPRQG )DUDO HG 9LOOHKDU
GRXLQ /D FRQTX"WHGH&RQVWDQWLQRSOH YROV 3DULV /HV %HOOHV /HWWUHV
  YRO   FD  &( 
 7KLV FRVPRJUDSK\ ZDV VWLOOFKDPSLRQHG E\&RVPDV ,QGLFRSOHXVWHV LQ
WKH VL[WK FHQWXU\ (UQVW .LW]LQJHU 6WXGLHV RQ /DWH $QWLTXH DQG (DUO\
%\]DQWLQH )ORRU 0RVDLFV ,0RVDLFV DW1LNRSROLV 'XPEDUWRQ 2DNV 3D
SHUV    +HQU\ 0DJXLUH 7KH0DQWOH RI WKH(DUWK ,OOL
QRLV&ODVVLFDO 6WXGLHV     DQG LGHP(DUWK DQG 2FHDQ 7KH
7HUUHVWULDO:RUOG LQ(DUO\%\]DQWLQH$UW 8QLYHUVLW\ 3DUN 3HQQV\OYDQLD
6WDWH 8QLYHUVLW\ 3UHVV   
 7KH VL[WKFHQWXU\K\PQLVW RQ WKHFDWKHGUDO RI(GHVVD UHPDUNV WKDW LW
ZDV DQ DGPLUDEOH WKLQJ WKDW LQ LWVVPDOOQHVV LWVKRXOG UHVHPEOH WKH
JUHDW ZRUOG QRW LQVL]HEXW LQ W\SHZDWHUV VXUURXQG LWDV WKH VHD >VXU
URXQGV WKH HDUWK@ )RU0DQJR DQG 0F9H\ WKLV VLPSO\PHDQV WKDW WKH
FDWKHGUDO VWRRG EHWZHHQ WZR ODNHV DQG WKDWWKH ULYHU6NLUWRV UDQ
DURXQG LW
0DQJR $UW RIWKH
%\]DQWLQH(PSLUH  DQG .DWKOHHQ (
0F9H\ 7KH 'RPHG &KXUFK DV0LFURFRVP /LWHUDU\ 5RRWV RIDQ$U
FKLWHFWXUDO 6\PERO 'XPEDUWRQ 2DNV 3DSHUV     %XW$Q
GUHZ 3DOPHU VXJJHVWV WKDWZDWHU FKDQQHOV ZHUH FXW DURXQG WKHFKXUFK
DVSDUW RID FRQVFLRXV PLPHVLVRI WKHFUHDWHG ZRUOG DQG WKLVVHHPV
FRQILUPHG E\ WKHIDFW WKDWZKHQ D EDSWLVWHU\ ZDV EXLOW HOVHZKHUH LQ
(GHVVD WRZDUG WKHHQG RI WKH VHYHQWK FHQWXU\ LWKDG ZDWHUFKDQQHOV
OLNH WKRVH 
PDGH LQ WKH2OG &KXUFK 3DOPHU DQG /\QQ 5RGOH\
7KH ,QDXJXUDWLRQ $QWKHP RI+DJLD 6RSKLD LQ(GHVVD $ 1HZ (GLWLRQ
DQG 7UDQVODWLRQ ZLWK+LVWRULFDO DQG$UFKLWHFWXUDO 1RWHV DQG D&RP
SDULVRQ ZLWK D &RQWHPSRUDU\ &RQVWDQWLQRSROLWDQ .RQWDNLRQ %\]DQ
WLQHDQG *UHHN6WXGLHV     7DOPXGLF VFKRODUV KDG DOVR
UHPDUNHG WKDWWKH FRXUW RI WKH7HPSOH LQ-HUXVDOHP VXUURXQGHG WKH
7HPSOH MXVWDV WKH VHD VXUURXQGV WKHZRUOG 5DSKDHO 3DWDL0DQ DQG
7HPSOH LQ$QFLHQW-HZLVK0\WK DQG5LWXDO /RQGRQ 7KRPDV 1HOVRQ DQG
6RQV   



$57 %8//(7,1

'(&(0%(5

 92/80(

/;;;,;

180%(5



 )RU H[DPSOH WKHEDVLOLFD RI7K\UVRV DW7HJHD $UFDGLD ODWHILIWKFHQ


WXU\  FKXUFK DW.KDOG" /HEDQRQ FD   66 &RVPDV DQG
'DPL"Q DW*HUDVD -DUDVK-RUGDQ   WKHEDVLOLFD DW+HUDFOHD
ODWHILIWK
/\QNHVWLV %LWROD IRUPHU<XJRVODY 5HSXEOLF RI0DFHGRQLD
HDUO\ VL[WK FHQWXU\  0DJXLUH (DUWK DQG 2FHDQ   2WKHU
H[DPSOHV LQFOXGH WKHEDVLOLFD DW+DGMHEHO$"RXQ QHDU .DLURXDQ -RU
GDQ VL[WK FHQWXU\  DQG 6W 6WHSKHQ DW8PP DO5DVDV 0D\ID
DK LQ
DQWLTXLW\ .DVWURQ 0HIDD -RUGDQ FD   ZKHUH WKH VWUHDP UHSUH
VHQWV WKH1LOH 0LFK"OH 3LFFLULOOR DQG (XJHQLR $OOLDWD 8PP DO5DVDV
0D\ID
DK , *OL VFDYLGHO FRPSOHVVRGL6DQWR 6WHIDQR -HUXVDOHP 6WXGLXP
%LEOLFXP )UDQFLVFXP   II,Q WKHQDUWKH[ RI WKH/DUJH %DVLO
LFD DW+HUDFOHD /\QNHVWLV WKHERUGHU LVLQWKHSURFHVV RI WUDQVLWLRQ
IURP D QDWXUDOO\ GHVFULSWLYH EDQG WRD JHRPHWULF LQWHUODFHPRWLI 7KH
ORQJ FHQWUDO SDQHO LVILOOHGZLWK WUHHVDQG FDYRUWLQJ DQLPDOV ERUGHUHG
E\KH[DJRQDO SDQHOV ZLWK YDULRXV ILVKDQG ZDWHUIRZO LQWHUOLQNHG E\ D

FRQFHQWULF VZDVWLNDPHDQGHU * & 7RPDVHYLF 0RVD"TXHV SDO"RFKU"


WLHQQHV U"FHPPHQW G"FRXYHUWHV "+"UDFO"D /\QNHVWLV LQ6WHUQ DQG
/H *OD\ /D PRVD"TXHJU"FRURPDLQH,,  )RU WH[WLOHV WKDWUHSHDW
WKH LPDJH VHH0DJXLUH 0DQWOH RI WKH(DUWK 
&I WKH WUDQVHSW IORRU LQ WKHEDVLOLFD RI'RXPHWLRV FD   DW
1LNRSROLV VHH EHORZ  )RU D:HVWHUQ H[DPSOH VHH WKHPRVDLF IORRU
ODWH WZHOIWKHDUO\ WKLUWHHQWK FHQWXU\  RI WKHFKDQFHO RI6 6DOYDWRUH
7XULQ ZKHUH YDULRXV URXQGHOV DUH HQFORVHG E\ DQ RUELWDO 2FHDQ 3L
HWUR7RHVFD 9LFHQGH GL XQ
DQWLFD FKLHVD GL7RULQR %ROOHWWLQRG
$UWH
 QR     DQG $UWKXU .LQJVOH\ 3RUWHU /RPEDUG $UFKLWHFWXUH
YROV 1HZ+DYHQ <DOH 8QLYHUVLW\ 3UHVV /RQGRQ 2[IRUG 8QLYHUVLW\
3UHVV   YRO 

 0D[LPXV &RQIHVVRU 3DWULORJLD *UHFD 3*  YRO  FRO  $QGU" *UD
EDU /H W"PRLQDJH G
XQH K\PQH V\ULDTXH VXU O
DUFKLWHFWXUH GH ODFD
WK"GUDOH G
"GHVVH DX 9LH VL"FOH HW VXU OD V\PEROLTXH GH O
"GLILFH FKU"
WLHQ &DKLHUV$UFK"RORJLTXHV     DQG 0DJXLUH (DUWK DQG
2FHDQ  6HH DOVR0DXUR 'HOLD 9DOOH /D FDUWRJUDI"D EL]DQWLQD OHVXH
IRQWL FODVVLFKH H LOVXR UDSSRUWR FRQ OHDUWLILJXUDWLYH LQ$UWHSURIDQD H
DUWHVDFUD D%LVDQ]LR HG$QWRQLR ,DFRELQL DQG (QULFR =DQLQL 5RPH
$UJRV   
 $OO ELEOLFDO TXRWDWLRQV DUH IURP WKH.LQJ -DPHV 9HUVLRQ 7KH -XGDLF
WUDGLWLRQ KHOG WKDW WKH(DUWK URVH RQ IRXU SLOODUV DERYH WKHRFHDQV LWV
RYHUDUFKLQJ YDXOW VXSSRUWLQJ DQRWKHU VHD RI UDLQ DQG VQRZ DERYH
ZKLFK *RG VDWHQWKURQHG DQG WUDQVFHQGHQW 0XVOLP FRPPHQWDWRUV
HYHQ VDZ WKH WKURQH DV WKHILUVWERG\ WKDW*RG SURGXFHG DQG ZDWHU
WKH VHFRQG EXW DQWLFLSDWLQJ WKHFUHDWLRQ SURSHU ,W LV+H :KR FUH
DWHG WKHKHDYHQV DQG WKHHDUWK LQVL[GD\V DQG +LV WKURQHZDV XSRQ
WKHZDWHU 4XU"DQ  GHULYHG IURP3VDOPV   WUDQV7KRPDV
-2
6KDXJQHVV\ 6- *RG
V 7KURQH DQG WKH%LEOLFDO 6\PEROLVP RI WKH
4XU
DQ 1XPHQ    
 ,QPLGVL[WKFHQWXU\ $OH[DQGULD WKH1HVWRULDQ &RVPDV ,QGLFRSOHXVWHV
GHIHQGHG WKHELEOLFDO FRVPRORJ\ DQG $QWLRFKHQH WKHRORJ\ DJDLQVW WKH
0RQRSK\VLWH -RKQ 3KLORSRQRV ZKR DGYRFDWHG WKH3WROHPDLF FRVPRO
RJ\ DQG E\ H[WHQVLRQ WKH$OH[DQGULDQ WUDGLWLRQ:DQGD :ROVND&R
QXV /D WRSRJUDSKLHFKU"WLHQQHGH&RVPDV ,QGLFRSOHXVWHV7K"RORJLH HWVFLHQFHV
DX 9LH VL"FOH 3DULV 3UHVVHV 8QLYHUVLWDLUHV GH )UDQFH   
&RVPDV XVHG 5HYHODWLRQ DQG WKH3VDOPV WRDQDWKHPDWL]H WKH3WROH
PDLF V\VWHPTXRWLQJ :KR OD\HWK WKHEHDPV RIKLV XSSHU FKDPEHUV
LQ WKHZDWHUV 3V   DQG WKHZDWHUV WKDWDUH DERYH WKHILUPD
PHQW 3V     -: 0F&ULQGOH HG 7KH &KULVWLDQ
7RSRJUDSK\ RI&RVPDV DQ(J\SWLDQ0RQN /RQGRQ +DNOX\W 6RFLHW\
    SL 
 &RQVHQVXV KROGV WKDW WKHPDQXVFULSW LV3DULVLDQ FD  )RU IXUWKHU
H[DPSOHV VHH 3DPHOD = %OXP 7KH &U\SWLF &UHDWLRQ &\FOH LQ0V
-XQLXV [L *HVWD QRV    
 "?DDDD
PDUH YLWUHXP VLPLOH FU\VWDOOR 
YD;"YM@ EILR"D .SZUD""" 
G"NDDDDY
YD?"YU Y "[HI[L\"-L"YULY
LUXS" PDUH YLWUHXPPLVWXP LJQH 
(YHQ ZKHQ 0RVHV KDG VHHQ*RG RQ 6LQDL WKHUHZDV XQGHU +LV IHHW DV
ZHUH D SDYHG ZRUN RI VDSSKLUH VWRQH ([RG  
LW
60LFK"OH LQ$IULFLVFR ]X5DYHQQD %DXJHVFKLFKWOLFKH
8QWHUVXFKXQJHQ 0DLQ] 3KLOLSS YRQ =DEHUQ   )ULHGULFK:
'HLFKPDQQ 5DYHQQD +DXSWVWDGW GHV VS"WDQWLNHQ$EHQGODQGHV  YRMV
:LHVEDGHQ )UDQ] 6WHLQHU   YRO  ILJ  YLO 
SW  HVS  DQG $UQH (IIHQEHUJHU 'DV 0RVDLN DXV GHU
.LUFKH 6DQ0LFK"OH LQ$IULFLVFR]X5DYHQQD QG HG %HUOLQ (YDQJH
OLVFKH9HUODJVDQVWDOW   HVS  DQG Q 7KH PRVDLF
  ZDV WUDQVIHUUHG WR%HUOLQ LQ  EXW QRW LQVWDOOHG LQ WKH.DL
ZDV
VHUIULHGULFKVPXVHXP QRZ WKH%RGH  XQWLO  $OWKRXJK LW
EXWFKHUHG E\ WKH UHVWRUDWLRQV RI*LRYDQQL 0RUR WKH VHD LVDOUHDG\
FOHDUO\ UHFRUGHG LQDZDWHUFRORU RI  ,UHQH $QGUHHVFX7UHDGJROG
7KH:DOO 0RVDLFV RI6DQ0LFK"OH LQ$IULFLVFR 5DYHQQD 5HGLVFRY
HUHG LQ &RUVR GL FXOWXUD VXOO
DUWHUDYHQQDWH HEL]DQWLQD 6HPLQDULR LQ

WHUQD]LRQDOHGL VWXGLVXO WHPD/
,WDOLD P"ULGLRQDOHIUD *RWL H/RQJREDUGL

 3HWHU *URVVPDQQ

5DYHQQD  PDU]R DSULOH  5DYHQQD (GL]LRQL GHO *LUDVROH


  

0RLVVDF 1HZ<RUN
 0H\HU 6FKDSLUR 7KH5RPDQHVTXH 6FXOSWXUH RI
*HRUJH %UD]LOOHU    DQG 7KRUVWHQ 'URVWH $OEHUW +LUPHU

DQG ,UPJDUG (UQVWPHLHU+LUPHU 'LH 6NXOSWXUHQ YRQ0RLVVDF *HVWDOW


XQG)XQNWLRQ URPDQLVFKHU%DXSODVWLN 0XQLFK +LUPHU   
,Q D VXPPDU\ RIDQ XQSXEOLVKHG SDSHU $QGU" *UDEDU UHPDUNHG RQ
WKHGLIIXVLRQ RI ODPHU GH JODFH LQ
:HVWHUQ PHGLHYDO IUHVFRHV *UD
EDU /DPHU F"OHVWH GDQV O
LFRQRJUDSKLH FDUROLQJLHQQH HW URPDQH
%XOOHWLQ GH OD6RFL"W"1DWLRQDOH GHV$QWLTXDLUHV GH)UDQFH   ,Q
VRPH HDVWHUQ FDVHV OLNH WKHIUHVFRHV   LQ WKHFKXUFK RI6W
*HRUJH DW.XUELQRYR IRUPHU<XJRVODY 5HSXEOLF RI0DFHGRQLD 
*RG
V PDQGRUOD LVVKRZQ DV ILVKLQIHVWHG IRU WKH VDPH UHDVRQV /\GLH
/HV HDX[ YLYHVGH O
$VFHQVLRQ GDQV OHFRQWH[WH
+DGHUPDQQ0LVJXLFK
YLVLRQQDLUH GHV WK"RSKDQLHV GH .XUELQRYR %\]DQWLRQ    


 $QGU" *UDEDU /D


VHGLD GL 60DUFR
 "9HQLVH &DKLHUV$UFK"RORJLTXHV
    DQG 3DWULFLD )RUWLQL %URZQ 9HQLFH"I$QWLTXLW\ 7KH
9HQHWLDQ 6HQVH RIWKH
3DVW 1HZ+DYHQ <DOH 8QLYHUVLW\ 3UHVV   
/HJHQG KHOG WKDW(PSHURU +HUDFOLXV U  KDG GRQDWHG WKLV
DUWLIDFWRI 6\ULDQ RU (J\SWLDQ RULJLQ WR WKHFDWKHGUDO RI*UDGR LQUHF
RJQLWLRQ RI 6DLQW0DUN
V UROH LQIRXQGLQJ WKHSDWULDUFKDWH WKHUH ,W LV
ZRUWK DGGLQJ WKDW WKHSHQGHQWLYHV RI60DUFR
V GRPH DERYH WKH
PDUHFRQWDLQ SHUVRQLILFDWLRQV RI WKH IRXU ULYHUVRISDUDGLVH"*\RQ
VWDQG EHORZ WKH(YDQJHOLVWV DQG
(XSKUDWHV 3KLVRQ DQG 7LJULV"WKDW
DUH VKRZQ HPSW\LQJ WKHLU DPSKRUDH WRZDUG WKHLUIHHW DQG VR WKH
IORRU  2WWR 'HPXV 7KH0RVDLFV RI6DQ0DUFR LQ9HQLFHYRO 7KH(OHY
HQWKDQG 7ZHOIWK&HQWXULHVYROV &KLFDJR 8QLYHUVLW\ RI&KLFDJR
3UHVV   YRO  WH[W   YRO  SODWHV  ILJV  
 2WWR 'HPXV 7KH0RVDLFV RI6DQ0DUFR LQ9HQLFHYRO  7KH 7KLUWHHQWK
&HQWXU\YROV &KLFDJR 8QLYHUVLW\ RI&KLFDJR 3UHVV   YRO 
SODWHV  ILJV  7KH VHD DV GHSLFWHG LQVRPH %\]DQWLQH PDQX
VFULSWVRIWHQ UHVHPEOHV 3URFRQQHVLDQ PDUEOH DV LQIRUH[DPSOH WKH
&RORVVXV RI
5KRGHV DQG0DXVROHXP RI
+DOLFDUQDVVXV LQ WKHHOHYHQWKFHQ
+RPLOLHV RI6DLQW *UHJRU\ -HUXVDOHP &RG 7"SKRX  IRO OY
WXU\
IRUZKLFK VHH 3DXO +XEHU +HLOLJH %HUJH 6LQDL $WKRV *ROJRWD ,NRQHQ
)UHVNHQ0LQLDWXUHQ =XULFK %HQ]LJHU    ILJ 
 (UNLQJHU 6FKZDU]HQEHUJ &ULVWDOOR LQ9LWUXP9HWURIUD DUWHHVFLHQ]D
QHWPRQGR URPDQRHG0DUFR %HUHWWD DQG *LRYDQQL 'L 3DVTXDOH )ORU
HQFH *LXQWL    7KH %\]DQWLQHV HYHQ LQVFULEHG YHUVHV WR
WKLVHIIHFWRQ URFNFU\VWDORUQDPHQWV VXFK DV WKHSRHP E\0DQXHO
3KLOHV FD FD   RQ D URFNFU\VWDO UHOLHIRI&KULVW 7KLV
VWRQH LVZDWHU QRW UHDOO\ VWRQH +H ZKR IUHH]HV IORZLQJ ZDWHU LQWR
LFH $OVR IUHH]HV WKLV LQWR WKHQDWXUH RI VWRQH /HVW WKH URFNPHOW
DQG IORZ DZD\ WUDQV$OLFH0DU\ 7DOERW (SLJUDPV LQ&RQWH[W 0HWUL
FDO ,QVFULSWLRQV RQ$UW DQG $UFKLWHFWXUH RI WKH3DODLRORJDQ (UD
'XPEDUWRQ 2DNV 3DSHUV     DQG &DUPLQD  LQ( 0LOOHU
0DQXHOLV 3KLODH &DUPLQD H[FRGLFLEXV(VFXULDOHQVLV )EUHQWLQLV 3DULVLQLV HW
9DWLFDQLV YROV 3DULV7\SRJUDSKHXP
,PSHULDOH   YRO 

 1LFKRODRV 0HVDULWHV (NSKUDVLV   GHVFULEHV WKH VKLPPHU RI WKHJOLV
WHQLQJPDUEOHV LQ WKH$SRVWROHLRQ E\XVLQJ WKHZRUG KXJURW"V ZHW
QHVV  'RZQH\ 1LNRODRV 0HVDULWHV   1LNHWDV 0DJLVWHU VD\V
WKDWWKH JOLWWHU RI WKHPDUEOH UHYHWPHQW LQ WKHFKXUFK RI WKH9LUJLQ
5DWDSLORLDQ" RQ 3DURV H[KLELWHG VXFK OLTXLG UHIXOJHQFH DV WR VXUSDVV
WKHEULOOLDQFH RISHDUOV 9LWD 6 7KHRFWLVWDH/HVELDH FKDS $66 1RY
,9  WUDQV0DQJR $UW RIWKH
%\]DQWLQH(PSLUH $OUHDG\ 3RVHL
ZHWWHQHG >ORRNV
GLSSRV FD  %&(  FHOHEUDWHV D VWRQH WKDW LI
DV
LWVHQWLUHPDVV LVVXUURXQGHG E\ OLJKWDPDUYHO RI LOOXVLRQ
WKRXJK@
RNRY" R\.FUYV
""2" 9M6H "QUF">/9R"M/HY @T\H I["YDYUIIT >IU"\\"?
%DY>"M/ RWLU"UU @ LUHSL4H7
 3RVLGLSSR GL3HOOD (SLJUDPPL 30LO9RJO
9,,,  HG*XLGR %DVWLDQLQL HWDO 0LODQ /HG    
2Q +DJLD 6RSKLD 0LFKDHO WKH'HDFRQ VD\V +RZ LWVFRXQWHQDQFH
IODVKHV IRUWK OLNH OLTXLG WKURXJK JROG ZKLFK LVHYHU\ZKHUH WKH
EULJKWQHVV RI WKHJROG DOPRVW PDNHV WKHJROG DSSHDU WRGULS GRZQ
IRUE\ LWVUHIXOJHQFH PDNLQJ ZDYHV WRDULVH DV LW
ZHUH LQH\HV WKDWDUH
PRLVW LWFDXVHV WKHLUPRLVWXUH WRDSSHDU LQ WKHJROG ZKLFK LVVHHQ
DQG LWVHHPV WREH IORZLQJ LQDPROWHQ VWUHDP WUDQV0DQJR DQG
3DUNHU 7ZHOIWK&HQWXU\'HVFULSWLRQ   -RKQ *DJH KDV SHU
FHLYHG WKLVFRPPRQDOLW\ DV EDVHG LQDQ DHVWKHWLF RI JHQWOH EXW FHDVH
OHVVPRYHPHQW WKDWXQLWHV VKLIWLQJIORRU DQG UHVWOHVVPRVDLFV -RKQ
$EVWUDF
*DJH &REXU DQG &XOWXUH3UDFWLFH DQG0HDQLQJ IURP$QWLTXLW\ WR
WLRQ /RQGRQ 7KDPHV DQG +XGVRQ   
 -RKQ *"RP"WUHV LQ3*  FRO  -RKQ $ &UDPHU HG $Q"FGRWD
JUFHFD HFRGGPDQXVFULSWLV%LEOLRWKHFDH5HJLDH 3DULVLHQVLV  YROV 2[IRUG 7\
  YRO   NLGFRY " WRYW"RY "M
SRJUDSKHXP $FDGHPLFXP
.9MMLD7 YDYHY  FX"HY
"LD\IM" "HLRUU""  DNNLT "RN7 2DNDDDD
"" WRYWFMY NORYFMY NR,
\DNAYM@ YYY .D7HDURSHRSEHYU   FQU\IM
N 9."77@" .DL RY[Y"Y DDUS"LUURYRUD ASRL6" UHS77277M"
 FR"R OD
S"IIOSRYH.72L." Q [A"YRT  NDSXUSRY "LHL""" DLSR M 7@7" W"!"SHRY 
"!"US""G"NDFURDY DNNU"Y HSX"DNNHL NF"WFR W""F HADLURF77LN"RYFULY
HY LUD2\ "L2RW" 7KH 6WRXGLRV FROXPQV DUH DFWXDOO\ 7KHVVDOLDQ PDUEOH
YHUGHDQWLF"  EXW 3DXO WKH 6LOHQWLDU\ FDOOV HYHQ WKLVPDUEOH IUHVK
JUHHQ DV WKH VHD -RKQ *"RP"WUHV PXVW GHVFULEH DQ HDUOLHU 3URFRQ
QHVLDQ"  IORRU DV WKHSUHVHQW RSXV VHFWLOHYHUVLRQ VHHPV WRGDWH IURP
WKH WZHOIWKFHQWXU\

&260,&

 3DXO WKH6LOHQWLDU\'HVFU 6 6RSKLDH II II UHDG IORZHU


EDQNHG VWUHDPV DQG ZKHDWILHOGV DQG VKHOWHULQJ ZRRGV SOD\IXO IORFNV
RI VKHHS DQG JQDUOHG ROLYH WUHHV VSUHDGLQJ YLQHV LQ WKHQDYH UHYHW
PHQW DQG WKHQDYH FROXPQV DV D JURYH 3URFRSLXV $HG II VDZ
DPHDGRZ LQIXOOEORRP 6XFK SHUFHSWLRQV DUH FRPPRQ WRRWKHU
HNSKUDVHLV/DWLQ DQG *UHHN 7KLV WKHPH LVWUHDWHG DW OHQJWK LQ)DELR
%DUU\ +DJLD 6RSKLD DQG %\]DQWLXP FKDS  RI 3DLQWLQJ LQ6WRQH
7KH 6\PEROLVP RI&RORUHG 0DUEOHV
 &ODXGLDQ $QWKRORJLD 3DODWLQD  (L" NS"[WWRO:RY HY"RY Y"FRS
H[RYDDY ;LRY"U  .SZUD""R" YLW
 DYHSR" DR.AG""UD  ""&"HY
7UDYD"R;RY HL."YD N"RMMORY RYSDYEY D\."" H[RYUD
R".LTSDF7"2/2
"DSY.7LQ7RY HY"RGX 77"9729
5DEEL 6KHPX
HO
 6DPXHO KDQ1DJKLGK LQ60 +DEHUPDQQ .RO VKLUH\
KDQ1DJKLGK 7HO$YLY   YRO  VHF  TXRWHG LQ)UHGHULFN 3
%DUJHEXKU 7KH$OKDPEUD 3DODFH LQ WKH(OHYHQWK &HQWXU\ -RXUQDO RI
Q 7KHVH
WKH
:DUEXUJ DQG &RXUWDXOG ,QVWLWXWHV    DQG
ZHUH DOVRPDWHULDOV RISDUDGLVH D ULYHUIORZHG IURP(GHQ WRZDWHU
WKHJDUGHQ EHGHOOLXP >FU\VWDO@ DQG RQ\[ VWRQH DUH IRXQG WKHUH
*HQ   6RPH DODEDVWHUV ZHUH DOVR FRPSDUHG WRZDWHU OLNH
WKDWIURP+LHUDSROLV RQ WKH DPERRI+DJLD 6RSKLD ZKLFK 3DXO WKH
%\]DQWLQH(PSLUH  )RU WKH ODWWHU
0DQJR $UW RIWKH
6LOHQWLDU\ H[WROV  
DODEDVWHU VHH0DWWKLDV %UXQR $ODEDVWHU 4XDUULHV QHDU +LHUDSROLV
7XUNH\  LQ/D]]DULQL ,QWHUGLVFLSOLQDU\6WXGLHV RQ$QFLHQW 6WRQH 
H G";DDFUDY 7U2"FD"RUH NL[DLL[DFUDHY .NRL""FN"
 -RE  (ASD"D
YU  TXLV FRQFOXVLW RVWLLVPDUH TXDQGR
;7M7SR"
DYWIIV .7URSHYR"-/
HUXPSHEDW TXDVL GH YXOYD SURFHGHQV  &I-RE    *RG
DORQH VSUHDGHWK RXW WKHKHDYHQV DQG WUHDGHWK XSRQ WKHZDYHV RI WKH
VHD E\ WKHEUHDWK RI*RG IURVW LVJLYHQ DQG WKHEUHDGWK RI WKHZD
WHUV LVVWUDLJKWHQHG EXW DOVR WKH VN\ZKLFK LVVWURQJ DQG DV DPRO
WHQ ORRNLQJ JODVV -RE LVJHQHUDOO\ FRQVLGHUHG D WH[WRI+HOOHQLVWLF
GDWH
 -RE 
9+.DUD"DLYHL
RDLUHS Y RS SHRY LUSRRMLURYDDH""YF W""
WWWW@A Y ,Q VLPLOLWXGLQHP ODSLGLV DTXDH GXUDQ WXUHW VXSHUILFLHV
DE\VVL FRQVWULQJLWXU 
 &RVPDV ,QGLFRSOHXVWHV  H[SODLQV WKDW WKHKHDYHQV EHLQJ RQ
ILUH VKDOOEH GLVVROYHG DQG WKHHOHPHQWV VKDOOPHOW ZLWK IHUYHQWKHDW
EXW >ZH ORRN IRU@ QHZ KHDYHQV DQG WKHQHZ HDUWK +HE  3HW
  PHDQLQJ WKDWZLWK D JUHDW QRLVH DV LQ WKH WZLQNOLQJ RIDQ H\H
DOO WKHHOHPHQWV EHLQJ RQ ILUHDV LQD IXUQDFH DQG EHLQJ WKXVSXULILHG
XQGHUJR WKH FKDQJH IRU WKHEHWWHU WUDQV0F&ULQGOH &KULVWLDQ 7RSRJ
UDSK\RI&RVPDV  7KH FU\VWDOOLQH WUDQVIRUPDWLRQ DSSHDUV DOVR LQ
7KRPDV $TXLQDV 6XPPD WKHRORJLFD EDVHG RQ ,VDLDK 
 7KH ZKLWH IORRU LQ6$NDNLRV EXLOW E\&RQVWDQWLQH DQG UHVWRUHG E\
-XVWLQLDQ JDYH WKH LPSUHVVLRQ WKDW WKHZKROH FKXUFK LVFRDWHG ZLWK
VQRZ 3URFRSLXV $HG  /HR WKH:LVH   VD\V WKDW WKH
FKXUFK RI WKH.DXOHDV PRQDVWHU\ ZDV SDYHG ZLWKZKLWH VODEV >IRUP
LQJ@ D FRQWLQXRXV WUDQVOXFHQW >VXUIDFH@ XQLQWHUUXSWHG E\DQ\ RWKHU
FRORXU /HR 9, 6HUPRQ WUDQV0DQJR $UW RIWKH
%\]DQWLQH(PSLUH
 ,KDYH EHHQ XQDEOH WRUHDG WKHRULJLQDO WH[W LQ+LHURPRQDFKRV
$NDNLRV HG /HRQWRV WRX6RSKRXSDQ"JXULNRL ORJRL $WKHQV 1LFKRODRV
  II5REHUW GH &ODUL VD\VRI WKH3KDURV &KDSHO
5RXVRSRXORV
  LQ WKH%RXNROHRQ 3DODFH WKDWWKH FKDSHO
V SDYHPHQW ZDV RID
ZKLWH PDUEOH VR VPRRWK DQG FOHDU WKDW LWVHHPHG WREH RI FU\VWDO >(W OL
SDYHPHQWV GH OD FKDSHOOHHVWRLWG
XQ EODQFPDUEUHVL OLVVHHWVLFOHUTX
LO VHP
EORLWTX
LOIXVW GH FULVWDO@5REHUWGH&ODUL 7KH &RQTXHVW RI&RQVWDQWLQRSOH
HG DQG WUDQV(GJDU + 0F1HDO 7RURQWR 8QLYHUVLW\ RI7RURQWR
3UHVV   $ IORRU LQ UHFWDQJXODU VODEV RIZKLWH PDUEOH ZLWK
EODFN IUDPLQJZDV GLVFRYHUHG LQ WKHH[FDYDWLRQ RI %DVLOLFD $ DW
%D\D]LW ,VWDQEXO LQ  DQG LPPHGLDWHO\ GHVWUR\HG DORQJ ZLWK WKH
HQWLUH FRPSOH[ 1H]LK )LUDWOL '"FRXYHUWH GH WURLV"JOLVHV E\]DQWLQHV "
,VWDQEXO &DKLHUV$UFK"RORJLTXHV     ILJ DQG (UQHVW 0DP
ERXU\ /HV IRXLOOHV E\]DQWLQHV " ,VWDQEXO %\]DQWLRQ    

 .LQJV  (]HNLHO  7KH DSSHDO WR6RORPRQ
V EUD]HQ VHD
LVQRWHG LQ*HRUJ 6FKHMD +DJLD 6RSKLD XQG 7HPSOXP 6DODPRQLV
,VWDQEXOHU0LWWHLOXQJHQ    7KH 1DUUDWLR   FODLPV WKDW-XV
WLQLDQ RULJLQDOO\ ZDQWHG WRVKHDWKH WKHQDYH IORRU LQVLOYHUDQG FDOOV
WKHIORRU EHORZ WKHDOWDUZKLFK GLG UHFHLYH WKLVVKHDWKLQJ D VHD
G"?DMFUF"  'DJURQ &RQVWDQWLQRSOH LPDJLQDLUH  Q &RQ
VWDQWLQH 3RUSK\URJHQLWRV FDOOV WKHDOWDU D OLWWOHVHD 4D;DDUFULELRY 
7KH 1DUUDWLR DOVR FODLPV WKDW-XVWLQLDQ PDGH D IRXQWDLQ LQ LPLWDWLRQ RI
6RORPRQ
V LQ WKHDWULXP
 0RUH GLIILFXOW WR ORFDWH DQG LQWHUSUHW LVWKH VHD KHPDGH RQ WKH
 LQZKLFK ZDWHU FROOHFWHG WR WKH
ULJKW VLGH RI WKH*XQDLNLWLV
GHSWK
RIRQH VSDQ DQG D JDQJZD\ IRU WKHSULHVWV WRZDON RYHU WKHSRRO 'L
HJHVLVQDUUDWLR LQ0DQJR $UW RIWKH
%\]DQWLQH(PSLUH  VHH UHGDFWLRQV
RI WKLVSDVVDJH LQ9LWWL(U]"KOXQJ 6XFK LPPHUVLRQ SRROV DQG WKHLU
-XGDLF DQG &ODVVLFDO SUHFHGHQWV DUH DQDO\]HG LQ'HPHWULRV ,3DOODV
+H 7KDODVVD W"Q
(NNO"VLRQ 6XPERO" HLV WHQLVWRULDQWRX&KULVWLDQLNRX E"PRX
NDL W"Q
PRUSKRORJLDQ W"VOHLWRXUJLDV $WKHQV ,QVWLWXW)UDQ"DLV G
$WK"QHV
  HVS   &I 3DXO /HPHUOH UHYLHZRI3DOODV LQ%\

)/2256

,1 $17,48,7<

$1' 7+( 0,''/(

$*(6



]DQWLQLVFKH=HLWVFKULIL    /HWKDE\ LQ/HWKDE\ DQG 6ZDLQ


VRQ 6DQFWD 6RSKLD  DUJXHV WKDW WKHDWULXPZDV D SDUDGLVH
ZLWK IORZLQJ VWUHDPV
 *URVVPDUN
6KD\LVK
 0DUEOH   HVS  0RVW RI WKH
IROORZLQJ 7DOPXGLF UHIHUHQFHV ZHUH FLWHG WKHUH
 7KH%DE\ORQLDQ 7DOPXG WUDQVDQG HG ,VLGRUH (SVWHLQ DQG0DXULFH
6LPRQ /RQGRQ 6RQFLQR 3UHVV   6XNNDK E %DED %DWKUD D
 (SVWHLQ DQG 6LPRQ %DE\ORQLDQ 7DOPXG +DJLJDK E-DFRE 1HXVQHU
7KH 7RVHIWD 7UDQVODWHGIURP WKH
+HEUHZ $WODQWD 6FKRODUV 3UHVV  
+DJLJDK   5DKHO (OLRU HG+HNKDEW =XWDUWL -HUXVDOHP 8QLYHUVL
WDKKD7YULW    ,Q DQRWKHU YHUVLRQ D UDEELZDUQV KLV OLVWHQHUV
QRW WRFRQIXVH WKHDODEDVWHU SDYHPHQW EHIRUH *RG
V WKURQHZLWK ZD
WHU+HUPDQQ 6WUDFN DQG 3DXO %LOOHUEHFN .RPPHQWDU ]XP1HXHQ 7HVWD
PHQWDXV 7DOPXG XQG0LGUDVFK YROV 0XQLFK 2VNDU %HFN  
YRO   RQ 5HYHODWLRQ 
 *HUVKRP * 6FKROHP 0DMRU 7UHQGV LQ
-HZLVK0\VWLFLVP -HUXVDOHP
6FKRFNHQ    7KLV SDVVDJH LVIURP WKH+HNKDEWK JHQUH VR
FDOOHG EHFDXVH WKHVH WH[WVFRQWDLQ GHVFULSWLRQV RI WKH VHYHQ KHDYHQO\
SDODFHV +HNKDEWK  WKURXJK ZKLFK WKHYLVLRQDU\ SDVVHV WRUHDFK WKH
YLVLRQ RI WKH WKURQH RIJORU\0\ULDP 5RVHQ$\DORQ FLWHV WKLVSDVVDJH
WRDUJXH WKDW WKH3URFRQQHVLDQ FODGGLQJ ZLWKLQ WKH'RPH RI WKH5RFN
ZDV PHDQW WRSURYLGH D VXLWDEOH DPELHQFH IRU WKH7KURQH RI*RG
ZKLFK DW WKHHQG RI WLPHZLOO FRPH WRUHVWRQ WKH URFN5RVHQ$\DORQ
7KH(DUO\ ,VODPLF0RQXPHQWV RIDO+DUDP DO6KDULI$Q ,FRQRJUDSKLH 6WXG\
-HUXVDOHP +HEUHZ 8QLYHUVLW\   
 .DPLO 6D\UDIL+DVDQ HG $O:DOLG LEQ8ED\G%XKWXUL'LZDQ DO%XKWXUL
&DLUR 'DU DO0D'DULI EL0LVU   QR  FRXSOHWV  WUDQV
DV(PEOHP 6RPH 6DPDU
-XOLH 6FRWW0HLVDPL 7KH 3DODFH&RPSOH[
UDQ4DVLGDV LQ$0HGLHYDO ,VODPLF &LW\5HFRQVLGHUHG$Q ,QWHUGLVFLSOLQDU\
$SSURDFK WR6DPDUUD HG &KDVH )5RELQVRQ 2[IRUG 2[IRUG 8QLYHU
VLW\3UHVV    TXRWHG LQ0DUFXV 0LOZULJKW 
:DYHV RI WKH6HD

:ULWWHQ 6RXUFHV WKWK &HQWXU\  LQ7KH
5HVSRQVHV WR0DUEOH LQ
+RQRXU RI
5REHUW
,FRQRJUDSK\RI,VODPLF$UWDQG$UFKLWHFWXUH6WXGLHV LQ
+LOOHQEUDQG HG %HUQDUG 2
.DQH
(GLQEXUJK (GLQEXUJK 8QLYHUVLW\
3UHVV   
6HH DOVR WKH:LQWHU :LQGV RQ WKHDOWDU RI3ULDSXV LQ WKH+\SQHURWR
PDFKLD IRUZKLFK WKLVFRQVXPPDWH DUWLVWKDG FDUHIXOO\ FKRVHQ DPDU
EOH WKDWEHVLGH LWVZKLWHQHVV ZDV YHLQHG ZLWK EODFN LQ WKHDSSURSUL
DWH SODFHV  VXFK DV WRGHSLFW WKHGDUN OLJKWOHVV DQG FORXG\ VN\
ZLWK LWV
HOPDUPRURKDYHD FKH
IDOOLQJ KDLO >HOSUDHVWDQWH DUWLILFHHOHFWRVROHUWHPHQWH
ROWUDOD FDQGLGHFLD VXD HUDYHQDWR DO UHTXLVLWR ORFR GHQLJURDG H[SULPHUHHO
DHUH LOOXPLQR"" QHEXORVR FXPFDGHQWHJUDQGLQH@ *LRYDQQL
WHQHEURVR
3R]]L DQG /XFLD $ &LDSSRQL HGV+\SQHURWRPDFKLD 3ROLSKLOL YROV
3DGXD $QWHQRUH   YRO  
 ,EQ 6DVUD0XKDPPDG LEQ
0XKDPPDG $ &KURQLFOH RI
'DPDVFXV 
 7KH 8QLTXH %RGOHLDQ /LEUDU\0DQXVFULSW RIDO'XUUDK DOPXGL
DKIL
DOGDZODK DO=DKLUL\DK /DXG 2U06   HG:LOOLDP 0 %ULQQHU 
YROV %HUNHOH\ 8QLYHUVLW\ RI&DOLIRUQLD 3UHVV   YRO  
'DPDVFXV 6WXGLHV RQ
TXRWHG LQ)LQEDUU % )ORRG 7KH*UHDW0RVTXH RI
WKH
0DNLQJV RIDQ 8PD\\DG 9LVXDO &XOWXUH /HLGHQ %ULOO    Q

 *URVVPDUN 
6KD\LVK
 0DUEOH   (OL <DVVLI 6LSXUH%HQ 6LUD EL<HPH
PHKND >7KH 7DOHV RI%HQ 6LUD LQ
0DKDGXUDK ELNRUWLW
KDEHQD\LP
XILUNH
WKH0LGGOH $JHV@ -HUXVDOHP +RWVDDW VHIDULP DO VKHP< / 0DJQHV
KD8QLYHUVLWDK KD,YULW    DQG WKH0D
DVH 0DONDK 6KHED E\
6DDG\D EHQ <RVHI   TXRWHG LQ/RX + 6LOEHUPDQ 7KH 4XHHQ
RI6KHED LQ-XGDLF 7UDGLWLRQ LQ6RORPRQ  6KHED HG -DPHV % 3ULW
FKDUG 1HZ<RUN 3KDLGRQ    7KH VWRU\ LVHFKRHG LQWKH
VKH WKRXJKW LWD SRRO DQG XQFRYHUHG KHU
4XU'DQ 6XUD 
OHJV >6RORPRQ@ VDLG
,WLVD SDODFH SDYHG ZLWK JODVV
  7KH VHYHQWK
FHQWXU\$UDELF WUDYHORJXH 7KH &LW\RI%UDVV GHVFULEHV D SDODFH KDOO
PDGH RIJOHDPLQJ PDUEOH LQODLGZLWK SUHFLRXV VWRQHV VR WKDW WKH
VSHFWDWRU JRW WKH LPSUHVVLRQ WKHIORRUZDV VWUHDPLQJ ZDWHU DQG ZKR
HYHUZDONHG XSRQ LW
VOLSSHG %XW WKHHPLU WROG WKH VKHLN WR VWUHZ
0LD ,UHQH *HUKDUGW
VRPHWKLQJ RQ WKHIORRU VR WKH\FRXOG FURVV LW
7KH$UW RI6WRU\7HOOLQJ$ /LWHUDU\6WXG\RI7KH7KRXVDQG DQG 2QH
1LJKWV /HLGHQ ( -%ULOO    ,DP LQGHEWHG WR7]LRQD
*URVVPDUN IRU VXSSO\LQJ WKHVH DGGLWLRQDO UHIHUHQFHV
 6HH 9DO"ULH *RQ]DOH] /H SL"JH GH6DORPRQ /D SHQV"H GH O
DUWGDQV OH&R
UDQ 3DULV$OELQ 0LFKHO   HVS   )RU WKHDIWHUOLIHRI
6RORPRQ
V FU\VWDOSDODFH VHH5RVHPDULH +DDJ %OHWWHU 7KH ,QWHU
$UFKLWHFWXUH DQG WKH+LV
SUHWDWLRQ RI WKH*ODVV 'UHDP"([SUHVVLRQLVW
$UFKLWHFWXUDO
+LVWR
WRU\RI WKH&U\VWDO0HWDSKRU MRXUQDO RIWKH6RFLHW\RI
ULDQV  QR    
 *UHHQ JODVV SDYLQJ WLOHVZHUH UHFRYHUHG LQRQH RI WKHSXEOLF URRPV RI
WKH ,VODPLF 3DODFH % DW5DTTXD5DILTXD
LQ6\ULD+DUYH\ :HLVV HG
(EOD WR
'DPDVFXV $UWDQG $UFKDHREJ\ RI
$QFLHQW 6\ULD$Q([KLELWLRQIURP
WKH
'LUHFWRUDWH*HQHUDO RI
$QWLTXLWLHV DQG0XVHXPV 6\ULDQ$UDE5HSXEOLF
:DVKLQJWRQ '& 6PLWKVRQLDQ ,QVWLWXWLRQ    FDW QR 
$ SODQ LVLQ1DVVLE 6DOLE\ 5DSSRUW SU"OLPLQDLUH VXU ODGHX[L"PH
FDPSDJQH GH IRXLOOHV "5DTTXD $XWRPQH   /HV$QQDOHV $U



$57 %8//(7,1

'(&(0%(5

 92/80(

/;;;,; 180%(5



FK"RORJLTXHVGH6\ULH5HYXH G
$UFK"RORJLHHWG
+LVWRLUH 6\ULHQQHV  
 )RU WKH LQIOXHQFH RI 6RORPRQ
V FU\VWDOSDODFH RQ ,VODPLF SDO
DFHV VHH )ORRG 3DODFHV RI&U\VWDO 
 3RHP ZULWWHQ E\%DXGUL GH %RXUJXHLO  
DUFKELVKRS RI
'RO WR$G"OH FRPWHVVH GH %ORLV LWZDV FRPSOHWHO\ FRYHUHG E\ D
PD
JODVV\ VXUIDFH WKH VXUIDFH LWVHOIZDV FDOOHG
WKHJODVV\ VHD
 DQG LWV
WHULDOZDV DV FOHDU DV LIQRW FOHDUHU WKDQ JODVV OHVW WKHKRVWLOH IHHWRI
YLVLWRUV FUXVK LWLWZDV VXSSRUWHG E\PDUEOH VHWEHORZ 7KH ZRUN ZDV
JLUGOHG E\ DIOXLG DQG JUHHQ FRORU WKDW\RXZRXOG WKLQN LWWKHZRUN
RI WKH VHD LQPRYHPHQW 7KLV ZRUN WRRN WKHQDPH DQG WKHIRUPRI
WKHRFHDQ >
7RWDIXLW YLWUHD WHFWDVXSHUILFLH LSVDVXSHUILFLHVYLWUHXPPDUH
QRPHQ KDEHEDW OXFLGDPDWHULHV OXFLGLRUTXHYLWUR KDQF QHSURWHWHUHW
SHV
LQYLGXV LQJUHGLHQWXP VXVWHQWDEDWXUPDUPRUH VXSSRVLWR&LQJHEDWXU RSXV
IOXLGR YLQGLTXH FRORUHXWPDULV HVVHWRSXV TXRGIOXLWDUH SXWHV +RF RSXV
2FHDQL QRPHQIRUPDPTXHJHUHEDW@ &DUP   %DXGUL GH%RXU
JXHLO3R"PHV HG -HDQ<YHV 7LOOLHWWH YROV 3DULV /HV %HOOHV /HWWUHV
  YRO  DQG ;DYLHU %DUUDL L$OWHW 3R"VLH HW LFRQRJUDSKLH
8Q SDYHPHQW GX;OOH VL"FOH G"FULW SDU %DXGUL GH %RXUJXHLO 'XPEDU
WRQ2DNV 3DSHUV     7KH WKURQH URRP WKDW
:LOOLDP RI2OG
HQEXUJ ZLWQHVVHG LQ WKHDIRUHPHQWLRQHG &UXVDGHU SDODFH LQ%HLUXW
VHH Q  DERYH  ZDV SUREDEO\ DQRWKHU PDWHULDOL]DWLRQ RI WKLVLGHD
 'LJHQLV $NULWLV7KH *URWWDIHUUDWDDQG(VFRULDO 9HUVLRQVHG (OL]DEHWK 0
-HIIUH\V &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV   
 /X[RULXV FD
  &DUPLQD  +LF VLQHQXEH VROXP
QL[ LXQFWD HW VSDUVD SXWDWXU 'XP VWHWHULQW FUHGDV PHUJHUH SRVVH
SHGHV 1XELV PHDQV HLWKHU FORXG RU EOHPLVK 3OLQ\+1 
GHVFULEHV IODZHG FU\VWDODV PDFXORVD QXEH  7KH SRHP LVDGGUHVVHG
WR.LQJ +LOGHULF U  6HH0RUULV 5RVHQEOXP /X[RULXV $ /DWLQ
3RHW DPRQJ WKH9DQGDOV 1HZ<RUN &ROXPELD 8QLYHUVLW\ 3UHVV  
 
 3DXVDQLDV

  &(  7KH FXUE LVDFWXDOO\ 3HQWHOLF PDUEOH


 2OLYH RLO FDQ DFW DV DQ DLUEXW QRW D KXPLGLW\ EDUULHU 7KH VWRQH
V
EODFN FRORU LVLUUHOHYDQW7HVWV DW6DQ -RVH 6WDWH 8QLYHUVLW\   GLV
FODLPHG WKHSDVVLYHFRQGXFWRU LVVXH:LOOLDP 0 *DXJOHU DQG 3DWULFN
+DPLOO 3RVVLEOH (IIHFWV RI2SHQ 3RROV RI2LO DQG:DWHU RQ &KU\VHOH
SKDQWLQH 6WDWXHV $PHULFDQ-RXUQDO RI$UFKDHRORJ\ QR   
 ,W LVDOVR XQFOHDU ZK\ WKHRLOZRXOG KDYH WRGUDLQ RQWR WKH FHOLD
IORRU UDWKHU WKDQ LQWR WKH VWDWXH
V SHGHVWDO 5HFHQW FRPPHQWDWRUV
KDYH UHFRJQL]HG WKDW WKHRLO\IORRUZRXOG KDYH DFWHG DV DPLUURU

&KDUOHV + 0RUJDQ 3KHLGLDV DQG 2O\PSLD +HVSHULD    
: *UDKDP $FURSROLV DQG 3DUWKHQRV 1HZ 0RGHOV LQ WKH5R\DO
-
2QWDULR 0XVHXP LQ3DUWKHQRV DQG3DUWKHQRQ HG * 7: +RRNHU
2[IRUG &ODUHQGRQ 3UHVV    -RKQ %RDUGPDQ :DWHU LQ
WKH3DUWKHQRQ" *\PQDVLXP     DQG .HQQHWK ' 6 /DSD
$QFLHQW0HGLWHUUDQHDQ :RUOG 2[IRUG
WLQ&KU\VHOHSKDQWLQH6WDWXDU\ LQ WKH
2[IRUG 8QLYHUVLW\ 3UHVV     DQG Q  3DXVDQLDV VLPL
ODUO\H[SODLQV WKDW WKHZDWHU SRRO IURQWLQJ WKH FKU\VHOHSKDQWLQH VWDWXH
RI$WKHQD LQ WKH3DUWKHQRQ IXQFWLRQHG DV D KXPLGLILHU EHFDXVH WKH
$FURSROLV RZLQJ WR LWVJUHDW KHLJKW LVRYHUGU\$JDLQ WKLVUHIOHFWLQJ
SRRO SUHVXPDEO\ LQFUHDVHG WKH LPSDFW RU LOOXPLQDWLRQ RI WKH VWDWXH
7KH SRROV RI2O\PSLD DQG$WKHQV VHHP DOPRVW JHQGHUHG ZLWK GLIIHU
HQW SURSHUWLHV IRU GDUNEURZHG =HXV DQG JUD\H\HG$WKHQD

 6WUDER  7KH VWDWXH DW DERXW  IHHW P  ZDV VHYHQ WLPHV
OLIHVL]H
 7KH IORRU RI WKH/DSLV 1LJHU LVSDORPELQR OLPHVWRQH IURP7ROID
0DULR )RUQDVHUL HW DO 
/DSLV 1LJHU
 DQG 2WKHU %ODFN /LPHVWRQHV
8VHG LQ$QWLTXLW\ LQ7KH 6WXG\RI
0DUEOH DQG 2WKHU6WRQHV8VHG LQ$Q
HG<DQQLV 0DQLDWLV 1RUPDQ +HU] DQG<DQQLV %DVLDNRV /RQ
WLTXLW\
GRQ $UFKHW\SH %RRNV    ,W LVWKRXJKW WRGDWH IURP HL
WKHU&DHVDU
V RU 6XOOD
V WLPHDQG ZDV VXUURXQGHG E\ DPDUEOH EDUULHU
,WLVQRW FOHDUZKHWKHU WKHEODFN VWRQH LQGLFDWHG WKDWWKH VLWHZDV QHIDV
QRW ODZIXO  RU VHSXOFKUDO IRUH[DPSOH WKH WRPE RI5RPXOXV  )L
H
OLSSR &RDUHOOL ,,)RUR5RPDQR 3HULRGR UHSXEEOLFDQR DXJXVWHR 5RPH
4XDVDU   
 0QHVLFOHV KDG XVHG WKH VDPH VWRQH DV WKDWXVHG IRU WKH7HPSOH RI
=HXV (OHXVLQLDQ PDUEOH  LQWKH3URS\ODHRQ RQ WKH$FURSROLV IRUDQ
LQWHUQDO GDGR WKDWPDNHV XS WKHGLIIHUHQFH EHWZHHQ WKH OHYHORI WKH
VR WKDWFURVVLQJ WKLVVSDFH LV
$FURSROLV SURSHU DQG WKHH[WHUQDO UDPS
YLVXDOO\ OLNHZDGLQJ WKURXJK D SRRO /XF\ 7 6KRH
V K\SRWKHVLV WKDW
WKHGDUN VWRQH VWHSZLWKLQ WKH3URS\ODHRQ ZDV D ZDUQLQJ VLJQ WR
SUHYHQW YLVLWRUVGD]]OHG E\ VXQOLJKW IURP WULSSLQJXS LVDV LPSUREDEOH
DV LWLVPXFK UHSHDWHG 6KRH 'DUN 6WRQH LQ*UHHN $UFKLWHFWXUH +HV
+RQRU RI7KHRGRUH/HVOLH
SHULD 6XSSOHPHQW  &RPPHPRUDWLYH6WXGLHV LQ
6KHDU     
 7KH WHPSOH ZDV EHJXQ DERXW  %&( WKH VKHOO FRPSOHWH E\ 
7KH RULJLQDO IORRU KDG WREH UHPRYHG WRPDNH ZD\ IRU WKH VKDOORZ
SRRO 7KH RLO VXUIDFHZDV SUREDEO\ QHDUO\ IOXVKZLWK WKH VXUURXQGLQJ
ZKLWH FXUEZKLFK ZDV FXW WRJLYH WKH LOOXVLRQ RIXQGHUO\LQJ WKHFRO
XPQV 7KH EDUULHU UDQ DFURVV WKH FHOLDEHWZHHQ WKH VHFRQG SDLU RI FRO
XPQV $Q H[DFWLQJ VXUYH\ LVLQ)UHG )RUEDW 'HU )XVVERGHQ LP,QQH
UHQ GHV =HXV 7HPSHOV XQG VHLQH9HU"QGHUXQJHQ EHL $XIVWHOOXQJ GHV

LQ$OW2O\PSLD 8QWHUVXFKXQJHQ XQG$XVJUDEXQJHQ


JROGHOIHQEHLQ%LOGHV
]XU*HVFKLFKWHGHV"OWHVWHQ
+HLOLJWXPV YRQ2O\PSLD XQG GHU"OWHUHQJULHFKL
VFKHQ.XQVW HG:LOKHOP '"USIHOG YROV %HUOLQ ( 60LWWOHU XQG
6RKQ   YRO  YRO SLV  SODQV  7KH VHF
WLRQDQG SODQ DUH WDNHQ IURP(UQVW &XUWLXV HW DO 2O\PSLD'LH (UJHE
QLVVHGHUYRQGHP'HXWVFKHQ 5HLFK YHUDQVWDOWHWHQ$XVJUDEXQJ LP$XIWUDJH
GHV."QLJOLFK SUHXVVLVFKHQ0LQLVWHUV GHUJHLVWOLFKHQ8QWHUULFKWV
XQGPHGLFL
QDO$QJHOHJHQKHLWHQYROV %HUOLQ $ $VKHU   7DIHOELOGHUYRO 
  SLV  
 7XWWR LOSDYLPHQWR GLO VSDWLR GLOODPHGLDQD DUHD GLO FRQVHSWR GLOOD
FDYHD GLO WKHDWUR VLOLFDWR LOYLGL GL XQD VROLGD HW LQWHJUD SHWUD REVLGL
DQD GL H[WUHPD QLJULWLD HWGL GXULWXGLQH LQGRPDELOH WHUVD HW WDQWR
LOOXVWUHFKH LRDEVWUDFWR VRSUD GL TXHOOD QHO SULPR SRQHU" GLOPL" GH[
YHUDPHQWH
WURSHGH LQTXHOOR LQVWDQWH LQDE\VVR LQFRQVLGHUDPHQWH
PRULERQGR GXELWDL SUHFLSLWDUH 
1HOOD TXDOH SHWUD FKLDUR YHGHYDVH
HWSHUIHFWDPHQWH FHUQLYDVL TXDOH LQSODFLGR HW$XVWURPDUH OD O\PSL
WXGLQH GLO SURIXQGR F"HOR HW VLPLOPHQWH WXWHH OHFRVH TXLYL LQJ\UR
H[LVWHQWH UHIOHFWDYDQR PROWR SLX GLPXQGLVVLPR VSHFXOR HW FXV" OD
VRSUDVWDQWH 3R]]L DQG &LDSSRQL +\SQHURWRPDFKLD 3ROLSKLOL YRO 

 .DWH 6SHQFH 5HG:KLWH DQG %ODFN &RORXU LQ%XLOGLQJ 6WRQH LQ$Q
FLHQW (J\SW &DPEULGJH$UFKDHRORJLFDOIRXUQDO  QR     DQG
-DPHV . +RIIPHLHU 7KH 8VH RI%DVDOW LQ)ORRUV RI2OG .LQJGRP
$PHULFDQ5HVHDUFK &HQWHU LQ(J\SW 
3\UDPLG 7HPSOHV IRXUQDO RIWKH
  
 5LFKDUG :LOVRQ LQWHUYLHZ*XDUGLDQ $SULO   7KH ZRUN 
ZDV ILUVWLQVWDOOHG DW0DWW
V *DOOHU\ /RQGRQ  UHLQVWDOOHG LQ WKH
6DDWFKL *DOOHU\ 6W-RKQ
V:RRG   DQG DJDLQ LQ WKH6DDWFKL *DO
OHU\6RXWK %DQN   0LFKDHO $UFKHU 6LPRQ 0RUULVVH\ DQG +DUU\
6WRFNV 5LFKDUG:LOVRQ /RQGRQ 0HUUHOO   
 /HWKDE\ $UFKLWHFWXUH
 $OO WKHILJXUDL LPDJHU\ WKDWZH QRZ VHH RU NQRZ IURPROG GHVFULS
WLRQV  ZDV QRW DGGHG XQWLO WKHQLQWK FHQWXU\$OHVVDQGUD *XLJOLD
*XLGREDOGL ,PRVDLFL DQLFRQLFL GL 6 6RILD GL &RVWDQWLQRSROL QHOO
HW"
GL *LXVWLQLDQR LQ/D PRVD"TXHJU"FRURPDLQH9,, 7XQLV  RFWREUH
 9LOH &ROORTXH ,QWHUQDWLRQDO SRXU O
"WXGH GHE 0RVD"TXH $QWLTXH HG
0RQJL (QQDLIHU DQG $ODLQ 5HERXUJ 7XQLV ,QVWLWXW1DWLRQDO GX 3DWUL
PRLQH    ,IWKHJLDQW FKHUXELP LQ WKHGRPH SHQGHQ
WLYHVDUH -XVWLQLDQLF WKH\PXVW VWUHVV WKHFKXUFK
V 6RORPRQLF LGHQWLW\
VHH .LQJV  
 7KH IORRU LVHYHQ ODEHOHG $$$;6$
6HD  8 /X[ 'LH $SRVWHO
.LUFKH LQ0DGDED =HLWVFKULIWGHV'HXWVFKHQ 3DO"VWLQD9HUHLQV   
 SLV  0LFK"OH 3LFFLULOOR DQG (XJHQLR $OOLDWD 0DGDED /H
FKLHVHHLPRVDLFL &LQLVHOOR %DOVDPR (GL]LRQL 3DROLQH   
DQG0LFK"OH 3LFFLULOOR 3DWULFLD 0D\QRU %LNDL DQG 7KRPDV $ 'DLOH\
7KH0RVDLFV RIIRUGDQ $PPDQ $PHULFDQ &HQWHU RI2ULHQWDO 5HVHDUFK
   ILJV  ,Q WKHPLGGOH RI WKHIORRU RI WKH FKXUFK
RI%LVKRS 6HUJLXV ODWH VL[WK FHQWXU\  DW8PP DO5DVDV -RUGDQ WKHUH
LVLQVWHDG DPDULQH DQLPDO ODEHOHG $%<;62;
$E\VV  %DVHPD
+DPDUQHK ,PRVDLFL GHO FRPSOHVVR GL 6 6WHIDQR 3URSRVWD GL OHW
WXUD LQ3LFFLULOOR DQG $OOLDWD 8PP DO5DVDV  DQG (GRDUGR
*DXWLHU GL &RQILHQJR /D FDWHFKHVL ILJXUDWD GHLPRVDLFL GHOOD FKLHVD
GHO YHVFRYR 6HUJLR DG8PP DO5DVDV GL*LRUGDQLD 6WXGLXP%LEOLFXP
)UDQFLVFDQXP    
 ,Q IXOILOOPHQW RI-RE  :KR WUHDGHWK XSRQ WKHZDYHV RI WKH VHD
&I WKH LQVFULSWLRQ LQ WKHRUDWRU\ RI7UDVDULF LQ*DXO 9HQDQWLXV )RU
WXQDWXV &DUPLQD   7KLV LVWKHKDOO RI3HWHU ZKR ORFNV WKH
KHDYHQV ZLWK D NH\ DQG XQGHU ZKRVH VWHSV WKH VHD VWRRG ILUPDV D
VWRQH >+DHF HVWDXOD 3HWUL F"HORV TXL FODYH FDWHQDW VXEVWLWLWHWSHODJXV TXR
JUDGLHQWH ODSLV@ 9HQDQFH)RUWXQDW 3R"PHV 7RPH,/LYUHV ,79  HG0DUF
5H\GHOOHW YROV 3DULV /HV %HOOHV /HWWUHV   $W OLQH 9H
QDQWLXV ZULWHV WKDWWKH FKXUFK PHOWV WKH VKDGRZV RI WKHZRUOG DQG
JUDVSV WKH VWDUV >WHQHEUDVPXQGL OLTXLWHWDVWUD WHQHW@
 2GH 7RQH  RLNRV RUWKURV RQ 6XQGD\ PRUQLQJ (QYHORSHG E\
WKHERWWRPOHVV GHSWKV RIP\ VLQV , VHQVHP\ OLIHHEELQJ DZD\2 0DV
WHU OLIWXS <RXU KDQG DQG VWUHWFK LWRYHU WRPH VDYHPH DV<RX RQFH
VDYHG 3HWHU 2 <RX ZKR ZDON XSRQ WKHZDYHV 2GH 7RQH  RLNRL 
DQG  RUWKURV RQ 7XHVGD\ PRUQLQJ ,DP GURZQLQJ LQ WKHGHSWK RI
VLQ7KH VHD RI OLIHLVSDVVLQJ RYHUPH %XW DV-RQDK FDPH IRUWKIURP
WKHZKDOH VREULQJPH XS IURP WKH DE\VV RI WKHSDVVLRQV DQG VDYHPH
2 /RUG  ,DP WRVVHG RQ D VWRUPRISDVVLRQV EXW DV<RX RQFH RU
GHUHG WKHZDYHV WREH FDOP RIROG DQG VDYHG<RXU KRO\'LVFLSOHV 2
&KULVW -HVXV VRH[WHQG <RXU KDQG WRPH DQG VDYHPH 6HH DOVR2GH 
7RQH  RUWKURV RQ 6XQGD\ PRUQLQJ DOO LQ7KH*UHDW 2FWRHFKRVYROV
%RVWRQ 6RSKLD 3UHVV   YRO   YRO  
7KHVH SUD\HUV GDWH EHWZHHQ WKHQLQWK DQG WZHOIWKFHQWXULHV
(FFOHVLDH VDQFWLIRKDQQLV (YDQJHOLV
 7UDFWDWXV DHGLILFDWLRQLV HWFRQVWUXFWLRQLV
WDHGH5DYHQQDH LQ$QRQ\PL0HGLRODQHQVLV /LEHOOXV GH VLWXFLYLWDWLV
0HGLR
0HGLRODQHQ
ODQL'H DGYHQWX%DUQDEH $SRVWROL HWGHYLWLVSULRUXPSRQWLILFXP
VLXPHG$OHVVDQGUR &RORPER DQG *LXVHSSH &RORPER %RORJQD 1
=DQLFKHOOL    LXEHW$XJXVWD XELTXH QDXIUDJLL VXLSUDH

&260,&

WRWDRSHULV IDFL"V UHJLQDH SHULFXOD


VHQWDUL IRUPDP XW TXRGDPPRGR
ORTXHUHWXU 3DYLPHQWXP XQGRVXP XQGLTXH PDUH TXRG TXDVL YHQWLV
DJLWDWXP SURFHOORVDH WHPSHVWDWLV JHULW LPDJLQHP 2Q 6*LRYDQQL
(YDQJHOLVWD VHH'HLFKPDQQ 5DYHQQD YRO SW  ZLWK FRP
SDUDWLYH WH[WVDW  0RVDLFV RQ WKHSURVFHQLXP DUFK VKRZHG
*DOOD 3ODFLGLD LQKHU VWRUPWRVVHG JDOOH\ RQ WKH PDUH YLWUHXP SUH
VXPDEO\ DPRVDLF VHD EXW VWLOODQ RGG FKRLFH RIZRUGV  DQG LQVFULS
WLRQV UHFRUGHG WKHH[YRWR GHGLFDWLRQ 7KH IORRUPD\ KDYH UHVHPEOHG
WKDWDW*UDGR DOWKRXJK WKLVQLQWKFHQWXU\ FKURQLFOHU PLJKW DOVR EH
GHVFULELQJ D ODWHU3URFRQQHVLDQ UHSODFHPHQW 1R WUDFHV DUH QRZ YLVL
EOH
6HH DOVR 3VDOPV   2*RG RIRXU VDOYDWLRQ ZKR DUW WKH FRQIL
GHQFH RIDOO WKHHQGV RI WKHHDUWK DQG RI WKHP WKDWDUH DIDURIIXSRQ
WKH VHD 
ZKLFK VWLOOHWK WKHQRLVH RI WKH VHDV WKHQRLVH RI WKHLU
ZDYHV
 $OIDQXV RI 6DOHUQR 'H VLWX FRQVWUXFWLRQHDF UHQRYDWLRQHFRHQRELL&DVLQHQVLV
&DUP  OLQHV  LQ3DWURORJ"D /DWLQD 3/  YRO  FRO
& +LH DODEDVWUD QLWHUH ODSLV  SRUSK\UHXV YLULGLVTXH IDFLW KLV
3URFRQLVVD SDYLWD VLPXO  VLF VLELPDUPRUD FRQYHQLXQW  XW ODERU KLH
PDUH VLWYLWUHXP$QVHOPR /HQWLQL DQG )DXVWLQR $YDJOLDQR HGV 
FDUPLGL$OIDQR , DUFLYHVFRYRGL6DOHUQR 0RQWHFDVVLQR %DGLD GL0RQWH
FDVVLQR    /LQHV  FODLP -XVWLQLDQ
V FKXUFK >+DJLD
6RSKLD@ ZRXOG SUHIHU WR WUDGH SODFHV ZLWK \RX >$WULD,XVWLQLDQD VLWXP
KXQF VLELGLOLJHUHQWVDWLXV@
 2LNRV 
$U
DS[U` \H\RYE" WRDUHSHD\MLD W%Y YE"U%Y HY "[HRT 
 N "HLU"YR  DYU""Y\SD
" !H7YDL PR7HYHUDL
IUL[Q"
NLUD\U@
D""
 HY7W"Y4D7D ""HL"RYD .DL 7USR"U?;" 
YUUHS4DY\LDF77 HYDSSHL[U7L"
\"S HY"2."D 4HR97HRHMQH"LFR7FD R YD"" UII"HRLU! ;R WD"
*UHHN WH[W LQ&RQVWDQWLQH $ 7U\SDQLV )RXUWHHQ(DUO\%\]DQWLQH &DQ
WLFD 9LHQQD %"KODX    QR   DPHQGHG DFFRUGLQJ WR
3DOPHU DQG 5RGOH\ ,QDXJXUDWLRQ $QWKHP  DWQ   VHH
DOVR $QGUHZ 3DOPHU 7KH ,QDXJXUDWLRQ $QWKHP RI+DJLD 6RSKLD
$JDLQ %\]DQWLQH DQG0RGHUQ *UHHN6WXGLHV     7KLV DQ
WKHP LVIUHTXHQWO\ DWWULEXWHG WR5RPDQRV 0HORGL"V WKHPDVWHU RI WKH
JHQUH VWLOO OLYLQJ LQ &RQWHPSRUDU\ 6\ULDQ H[HJHVLV SURSRVHG WKH
VDPHPRGHO TXLWH IRUFHIXOO\ IRUH[DPSOH 1DUVDL ODWH ILIWKHDUO\ VL[WK
FHQWXU\  7KH &UHDWRU FRQVWUXFWHG D JUHDW EXLOGLQJ IRUKXPDQNLQG 
$QG +H SODFHG LWVIRXQGDWLRQV RQ OLTXLG ZDWHU ZKLFK +H PDGH VROLG 
+H VWUHWFKHG RYHU LWD URRIRI OLTXLG ZDWHU  DQG DERYH LW
+H SLOHG XS
WKHZDWHU DV LQD UHVHUYRLU WUDQV0F9H\ 'RPHG &KXUFK DV0LFUR
FRVP 

 3DXO
V HNSKUDVLVRI+DJLD 6RSKLD ZDV OLNHO\JLYHQ DW(SLSKDQ\ -DQXDU\
   WKDWRI WKHDPER VRPH GD\V ODWHU&KULVW
V EDSWLVP LQ WKH-RU
GDQ ZDV FRPPHPRUDWHG RQ WKH VDPH GD\0DU\:KLWE\ 7KH 2FFD
VLRQ RI3DXO WKH6LOHQWLDU\
V (NSKUDVLV RI6 6RSKLD &ODVVLFDO 4XDUWHUO\
 QR     DQG Q 'HFHPEHU   KDV DOVR EHHQ VXJ
JHVWHG 5XWK 0DFULGHV DQG 3DXO 0DJGDOLQR 7KH $UFKLWHFWXUH RI(N
SKUDVLV &RQVWUXFWLRQ DQG &RQWH[W RI3DXO WKH6LOHQWLDU\
V 3RHP RQ
+DJKLD 6RSKLD %\]DQWLQH DQG0RGHUQ *UHHN6WXGLHV    
$OWKRXJK WKH OHPPD VSHFLILHV WKDW WKHGHVFULSWLYH VHFWLRQ RI WKHRUD
WLRQ DQG WKH ODWHU HNSKUDVLVRQ WKH DPER ZHUH JLYHQ LQWKHSDWULDUFK
DWH WKLV LQFOXGHG FKDPEHUV LQWKHXSSHU VWRULHV RI+DJLD 6RSKLD
5RELQ &RUPDFN DQG (UQHVW -: +DZNLQV 7KH0RVDLFV RI6W 6RSKLD
DW ,VWDQEXO 7KH 5RRPV DERYH WKH6RXWKZHVW 9HVWLEXOH DQG 5DPS
'XPEDUWRQ 2DNV 3DSHUV     3DXO )ULHGO"QGHU DOVR DU
JXHG WKDW WKHDXGLHQFH PXVW KDYH EHHQ ORFDWHG ZLWKLQ WKHFKXUFK
)ULHGO"QGHU -RKDQQHV YRQ*D]D XQG3DXOXV 6"OHQWDULXV.XQVWEHVFKUHLEXQJ
-XVWLQLDQLVFKHU =HLW /HLS]LJ *HRUJH 7HXEQHU   
 5REHUW /DPEHUWRQ +RPHU WKH7KHRORJLDQ1HRSODWRQLVW $OOHJRULFDO5HDGLQJ
DQG WKH*URZWKRIWKH
(SLF 7UDGLWLRQ %HUNHOH\ 8QLYHUVLW\ RI&DOLIRUQLD
3UHVV    
 &DPSEHOO %RQQHU 'HVLUHG +DYHQ +DUYDUG 7KHRORJLFDO 5HYLHZ  QR
    DQG 6HEDVWLDQ %URFN 7KH 6FULEH 5HDFKHV +DU
+RQRXU RI&\ULO
ERXU LQ%RVSKRUXV(VVD\V LQ
0DQJR HG 6WHSKDQRV (I
WK\PLDGLV&ODXGLD 5DSS DQG 'LPLWULV 7VRXJDUDNLV $PVWHUGDP $GROI
0 +DNNHUW   
 3DXO WKH 6LOHQWLDU\'HVFU 6 6RSKLDH 
 2LNRV 1RWMWR"" "[RDUIISDF HWFW" 2H7EYD7HS" [ "MED 77SRR7UD\"Y7D"
.4/7DY\D"RY7FW" 
 HY WY"WRY"LRY ZNW" WRY" HWFW" LU"ND\R"
7U;DYRQ[HYR[[7II"D[DS7LD" 7KH H[SUHVVLRQ VHD RI WURXEOHV
7KDODVVD >RUSHODJRV@ NDN"Q  H[LVWV DOVR LQFODVVLFDO *UHHN $HVFK\OXV

7KHEDLV  DQG 3HUVDL 
 -RVHSK YRQ+DPPHU3XUJVWDOO &RQVWDQWLQRSROLV XQG GHU%RVSRURV "UWOLFK
XQG JHVFKLFKWOLFK%HVFKULHEHQYROV 9LHQQD $QWRQ 6WUDXVV   ,
WDNH LWRQ /HWKDE\
V ZRUG WKDW+DPPHU3XUJVWDOO TXRWHG 3VHXGR&RGL
QXV /HWKDE\ FODLPV WKDW6WUHHWZDV
LQVSLUHG E\9RQ +DPPHU DO
WKRXJK ,KDYH EHHQ XQDEOH WRILQG WKHH[DFW SDVVDJH ,Q +DJLD
6RSKLD EHFDPH D QDWLRQDO PXVHXP DWZKLFK SRLQW WKH FDUSHWLQJ
FDPH XS 6HH WKH
QLQHWHHQWKFHQWXU\ SKRWRJUDSKV RI WKH LQWHULRU LQ
+RIIPDQQ 'LH +DJLD 6RSKLD LQ,VWDQEXO   7KH LQYLVLELOLW\RI
+DJLD 6RSKLD
V IORRU H[SODLQV -HURPH 0DXUDQG
V FODLP WKDW WKHIORRU

)/2256

,1 $17,48,7<

$1' 7+( 0,''/(

$*(6



LV
PDGH IURP JUHDW FLUFOHV DQG IORZHUV RI VHUSHQWLQH DQG SRUSK\U\
DQG IURPD FHUWDLQ EODFN VWRQH WKDWVKLQHV OLNHDPLUURU >LOVDOHJDWR "
IDWWR D WRQGLJUDQGL H
ILRUL GL VHUSHQWLQLSRUILGL HWGHXQD FHUWDSUHGD QHJUD
W"FHQWHFRPRHVSHFKLR@I"URPH
0DXUDQG ,WLQ"UDLUHG
$QWLEHV"&RQVWDQWL
QRSOH  HG /"RQ 'RUH] 3DULV ( /HURX[   
 *LRYDQQL 0HVFKLQHOOR /D &KLHVD'XFDOH GL60DUFR FROOHQRWL]LHGHO VXR
LQQDO]DPHQWRYROV 9HQLFH   YRO   DEHOOD SRVWD FRV"
IDEEULFDWR SHU LPLWDUH 7RQGD GHO PDUH H VLJQLILFDUH LO'RPLQLR FKH
OD6HUHQLVVLPD 5HSXEEOLFD FRQVHUYDYD VRSUD GL HVVR 2QH WURG WKH
IORRU ZLWKRXW UHPRUVH EXW QRWZLWKRXW D YHU\RGG VHQVDWLRQ ZKHQ
\RX ILQG WKHJURXQG XQGXODWHG EHQHDWK WKHP WRUHSUHVHQW WKHZDYHV
RI WKH VHD DQG SHUSHWXDWH PDULQH LGHDVZKLFK SUHYDLO LQHYHU\WKLQJ
DW9HQLFH +HVWHU /\QFK 3LR]]L 2EVHUYDWLRQV DQG5HIOHFWLRQV
0DGH LQ WKH
&RXUVH RID-RXUQH\ WKURXJK
)UDQFH ,WDO\DQG *HUPDQ\YROV /RQGRQ
$ 6WUDKDQ DQG 7 &DGHOO   YRO  -RKQ 5XVNLQ DSSURYHG
WKLVSDVVDJH LQKLV MRXUQDO RQ1RYHPEHU   7KH:RUNV RIIRKQ
5XVNLQ HG (GZDUG 7 &RRN DQG$OH[DQGHU ' 2 :HGGHUEXUQ 
YROV /RQGRQ *HRUJH $OOHQ   YRO  7KH LGHD LVUH
SHDWHG LQ7K"RSKLOH *DXWLHU ,WDOLD 3DULV9 /HFRX   
 6WUHHW OHFWXUHG WR WKH$UFKLWHFWXUDO 3KRWRJUDSKLF $VVRFLDWLRQ )HEUX
DU\    DQG 5XVNLQ :RUNV YRO  DSSODXGHG KLV LGHD WKDW
WKHIORRU KDG EHHQ SXUSRVHO\ ODLG LQXQGXODWLRQV )RU 5XVNLQ
V SDUW LQ
WKH UHVWRUDWLRQ GHEDWH WKRXJK QRPHQWLRQ RI WKHIORRU  VHH-RKQ
8QUDX 5XVNLQ DQG 6W0DUN
V /RQGRQ 7KDPHV DQG +XGVRQ  
 DQG -RKQ 3HPEOH 9HQLFH5HGLVFRYHUHG 2[IRUG &ODUHQGRQ
3UHVV    $UWKXU ( 6WUHHW0HPRLU RI*HRUJH(GPXQG 6WUHHW
5$  /RQGRQ -RKQ0XUUD\    * ( 6WUHHW
SXEOLVKHG D FROXPQ LQ WKH7LPHV UHDIILUPLQJ KLV XQGXODWLQJIORRU WKH
RU\7KLV ZDV FRQWHVWHG E\ D FHUWDLQ0U )RZOHU ZKR REVHUYHG WKDW WKH
IORRU KDG VLPSO\ VXEVLGHG ,Q  WKHTXHVWLRQ RI WKHSDYLQJ UHVXU
IDFHG ZKHQ WKH VHFUHWDU\ RI WKH6RFLHW\ IRU WKH3URWHFWLRQ RI$QFLHQW
%XLOGLQJV RQFH PRUH SURWHVWHG LWVUHVWRUDWLRQ
 3DYHPHQW RI6W0DUN
V 9HQLFH LQ3DWULFLD +LOOV HGIRKQ 6LQJHU6DUJHQW
1HZ<RUN +DUU\ 1 $EUDPV    ILJ  7KH SDLQWLQJ LVQRU
PDOO\ GDWHG WR  EXW 5LFKDUG 2UPRQG &RPSOHWH3DLQWLQJV YRO 
)LJXUHV DQG /DQGVFDSHV  >1HZ+DYHQ <DOH 8QLYHUVLW\ 3UHVV
IRU WKH3DXO 0HOORQ &HQWUH IRU6WXGLHV LQ%ULWLVK$UW @  QR
  UHGDWHV WKHSDLQWLQJ WRDERXW  0\ WKDQNV WR7HG 'DO
]LHOO IRUEULQJLQJ WKLVSDLQWLQJ DQG WKH IROORZLQJ SDVVDJH WRP\ DWWHQ
WLRQ :KDW ,UHPHPEHU FKLHIO\ LVWKH VWUDLJKWHQLQJ RXW RI WKDWGDUN
DQG UXJJHG ROG SDYHPHQW"WKRVH
GHHS XQGXODWLRQV RISULPLWLYHPR
VDLF LQZKLFK WKHIRQG VSHFWDWRU ZDV WKRXJKW WRSHUFHLYH DQ LQWHQGHG
UHVHPEODQFH WR WKHZDYHV RI WKHRFHDQ :KHWKHU LQWHQGHG RU QRW WKH
LPDJH ZDV DQ LPDJH WKHPRUH LQD WUHDVXUHKRXVH RI LPDJHV EXW IURP
D FRQVLGHUDEOH SRUWLRQ RI WKHFKXUFK LWKDV QRZ
GLVDSSHDUHG +HQU\
  
-DPHV ,WDOLDQ+RXUV /RQGRQ : +HLQHPDQQ
 *HRUJH (GPXQG 6WUHHW %ULFN DQG0DUEOH LQWKH
0LGGOH $JHV1RWHV RI
7RXUV LQWKH
1RUWK RI,WDO\ /RQGRQ -RKQ0XUUD\   
:LQHIULGH GH /
+"SLWDO :HVWPLQVWHU&DWKHGUDO DQG ,WV$UFKLWHFWYROV
/RQGRQ +XWFKLQVRQ   YRO   ,Q WKHHYHQW %HQWOH\
V
 GHVLJQ ZDV FRQVLGHUHG WRR IULJLGIRUQRUWKHUQ FOLPHV DQG D SDU
TXHW IORRUZHQW GRZQ LQVWHDG %HQWOH\
V GHVLJQ ZRXOG DOVR KDYH FRVW
" 7KH PDUEOHV PD\ KDYH DOUHDG\ EHHQ RUGHUHG DQG LIVRPD\
KDYH HQGHG XS LQ6XUUH\+RXVH 1RUZLFK   3DWULFN 5RJHUV
:HVWPLQVWHU&DWKHGUDO)URP'DUNQHVV WR
/LJKW /RQGRQ %XUQV DQG 2DWHV
   %HQWOH\ DQG KLVPDVRQ :LOOLDP %ULQGOH\ DSSOLHG WKH WHUP
&LSROOLQR WR3URFRQQHVLDQ DQG &DU\VWLDQ DOLNH 2Q WKHFDWKHGUDO
V
PDUEOHV VHH5RJHUV 
 -RVHSK /HPDLU" 6\PEROLVPH GH ODPHU GX QDYLUH GX S"FKHXU HWGH
ODS"FKH FKH] &KURPDFH G
$TXLO"H LQ$TXLOHLD HO
$OWR$GUL"WLFR
8GLQH $UWL*UDILFKH )ULXODQH    HVS  &KURPDWLXV
EHFDPH D SULHVW DW$TXLOHLD LQ &( DQG GLHG LQ 6HH
DOVR /RLV 'UHZHU )LVKHUPDQ DQG )LVK 3RQG )URP WKH6HD RI6LQ WR
WKH/LYLQJ:DWHUV $UW%XOOHWLQ  QR     6WUHHW NQHZ
RI*DOOD 3ODFLGLD
V VWRUP\IORRU DV KH TXRWHV WKHSDVVDJH LQKLV OHWWHU
WR WKH7LPHV
 /HWKDE\ $UFKLWHFWXUH DQG /HWKDE\ DQG 6ZDLQVRQ 6DQFWD
6RSKLD  /HWKDE\ FRXOG QRW VHH WKHIORRU RI+DJLD 6RSKLD EXW
EDVHG KLV REVHUYDWLRQV RQ WKHIORRU LQ WKHJDOOHU\ RYHU WKHQDUWKH[
%HQWOH\ VSHQW ILYHPRQWKV LQ ,WDO\   HYROYLQJ KLV GHVLJQ
EDVHG RQ WKH ,WDOR%\]DQWLQH VW\OHRI WKH VL[WK FHQWXU\+H GLG QRW
UHDFK &RQVWDQWLQRSOH EHFDXVH RI DQ RXWEUHDN RI FKROHUD EXW UH
PDUNHG WKDW6DQ9LWDOH 5DYHQQD DQG /HWKDE\
V %RRN WROGPH DOO ,
ZDQWHG
 -+ROGHU $UFKLWHFWXUH
0\VWLFLVP DQG0\WK DQG ,WV ,QIOXHQFH LQ: 5
/HWKDE\  $UFKLWHFWXUH
'HVLJQ DQG(GXFDWLRQ HG 6\OYLD%DFNH
PH\HU DQG 7KHUHVD *URQEHUJ /RQGRQ /XQG +XPSKULHV   
 DQG *RGIUH\ 5XEHQV :LOOLDP 5LFKDUG /HWKDE\+LV /LIH DQG:RUN
 /RQGRQ $UFKLWHFWXUDO 3UHVV    $ OHVV V\PSD
WKHWLFDFFRXQW LVLQ'DYLG :DWNLQ 7KH5LVH RI
$UFKLWHFWXUDO
+LVWRU\ /RQ
GRQ $UFKLWHFWXUDO 3UHVV    ,Q WKH  UHSULQW RI$UFKLWHF



$57 %8//(7,1

'(&(0%(5

 92/80(

/;;;,; 180%(5



WXUH
0\VWLFLVP DQG0\WK 1HZ<RUN *HRUJH %UD]LOOHU   
5XEHQV FRPSLOHG DQ LQWURGXFWRU\ ELEOLRJUDSK\ RI/HWKDE\
V SULQFLSDO
VRXUFHV LQFOXGLQJ DKDQGIXO XVHG IRU WKH FKDSWHU )ORRUV DV 6HDV 2Q
/HWKDE\ DQG +DJLD 6RSKLD VHH DOVR 1HOVRQ +DJLD 6RSKLD 
: 6*HRUJH
V GUDZLQJV RI+DJLRV 'HPHWULRV ZHUH GLVFRYHUHG DQG
GLVFXVVHG LQ5RELQ &RUPDFN 7KH0RVDLF 'HFRUDWLRQ RI6'HPH
LQ WKH/LJKW RI WKH'UDZLQJV RI
WULRV7KHVVDORQLNL $ 5HH[DPLQDWLRQ
: 6*HRUJH $QQXDO RIWKH
%ULWLVK6FKRRO DW$WKHQV   
DQG LGHP 7KH &KXUFK RI6DLQW'HPHWULRV 7KH:DWHUFREXUV DQG'UDZLQJV
RI: 6 *HRUJH 7KHVVDORQLNL 'HPRV 7KHVVDORQLNHV  
6FKRRO LQ$WKHQV
 6FKXOW] ZDV DPHPEHU RI WKH%ULWLVK$UFKDHRORJLFDO
IURP  WR +H FROODERUDWHG ZLWK (UQHVW $ *DUGQHU RQ([FD
YDWLRQV DW0HJDORSROLV  /RQGRQ 0DFPLOODQ   ZLWK
6LGQH\ + %DUQVOH\ RQ 7KH0RQDVWHU\ RI6DLQW/XNH RI6WLULV LQ3KRFLV
DQG WKH
)LHOGV QHDU 6NULSRX LQ
'HSHQGHQW0RQDVWHU\ RI6DLQW1LFRODV LQ WKH
%RHRWLD /RQGRQ 0DFPLOODQ   ZURWH %\]DQWLQH $UW LQ WKH$UFKL
WHFWXUDO
5HYLHZ   DQG HGLWHG 7KH &KXUFK RIWKH
1DWLYLW\ DW%HWKOHKHP
/RQGRQ % 7 %DWVIRUG   6FKXOW] DQG %DUQVOH\
V SKRWRJUDSKLF
SODWHV ZHQW PLVVLQJ DIWHU:RUOG :DU ,,EXWZHUH IRUWXLWRXVO\ UHGLVFRY
HUHG WKURXJK HPDLO FRUUHVSRQGHQFH EHWZHHQ P\VHOI DQG 'U 3DXO
7D\ORU RI WKH
:DUEXUJ ,QVWLWXWH   LQZKRVH SKRWRJUDSKLF DU
FKLYH WKHSODWHV KDG UHPDLQHG XQQRWLFHG IRUILIW\\HDUV

$UW:RUNHUV
*XLOG
 5REHUW 6:HLU : 5 /HWKDE\$ 3DSHU 5HDG EHIRUHWKH
$SULO  /RQGRQ 3ULQWHG DW WKH&HQWUDO 6FKRRO RI$UW  
TXRWHG LQ*RGIUH\ 5XEHQV LQWURGXFWLRQ WR$UFKLWHFWXUH [LY
0\VWL
/HWKDE\ WKDQNHG 6FKXOW] LQ WKHDFNQRZOHGJPHQWV RI$UFKLWHFWXUH
FLVPDQG0\WK IRU VXSSO\LQJ KLPZLWK D VNHWFK RI WKHIORRU RI WKH)ORU
HQFH %DSWLVWHU\
 7KH ILUVWFKDSHO ZDV EXLOW LQ  IRU WKH WKLUG0DUTXHVV RI%XWH LQ
WKHJURXQGV RIKLV WRZQKRXVH 6W-RKQ
V /RGJH 5HJHQWV 3DUN /RQ
GRQ EXW GHVWUR\HG LQ  7KH &KDSHO RI6W$QGUHZ :HVWPLQVWHU
&DWKHGUDO ZDV EXLOW LQ  DW WKH H[SHQVH RI WKHIRXUWKPDU
TXHVV /
+"SLWDO :HVWPLQVWHU&DWKHGUDO YRO   'DYLG 2WWHZLOO
5REHUW:HLU 6FKXOW]   $Q $UWV DQG &UDIWV$UFKLWHFW $U
FKLWHFWXUDO
+LVWRU\      DQG *DYLQ 6WDPS 5REHUW:HLU
6FKXOW]$UFKLWHFWDQG+LV :RUNIRU WKH
0DUTXHVVHV RI%XWH$Q (VVD\
5RWKHVVD\ ,VOH RI%XWH 0RXQW 6WXDUW     6HH WKH
FRPPHPRUDWLYH LVVXH RI$UFKLWHFWXUDO$VVRFLDWLRQIRXUQDO 
 -XQH
  7KH IORRU V\PEROLVP ZDV UHSRUWHG LQ%XLOGHU'HFHPEHU 
  DQG:LOOLDP &XUWLV *UHHQ 5HFHQW 'HFRUDWLRQV DW WKH
5RPDQ &DWKROLF &DWKHGUDO :HVWPLQVWHU $UFKLWHFWXUDO5HYLHZ  QR
    %XLOGHU LQFOXGHG DZDWHUFRORU SODQ RI WKH:HVWPLQ
VWHUSDYHPHQW UHSXEOLVKHG LQ%DFNHPH\HU DQG *URQEHUJ :5
/HWKDE\  FDW QR $ IORRU SODQ LVLQ%XLOGLQJ 1HZV 'HFHPEHU 
 0RVW UHYLHZV RI WKHZRUN ZHUH KLJKO\ IDYRUDEOH EXW WKH
UHYLHZHU IRU WKH7LPHV FRPSDUHG HQWHULQJ WKH FKDSHO WREHLQJ LQD
EDWKURRP DQG XS WR WKHQHFN LQFROG ZDWHU

 $UWKXU + 60HJDZ 1RWHV RQ 5HFHQW :RUN RI WKH%\]DQWLQH ,QVWL
WXWH LQ ,VWDQEXO 'XPEDUWRQ 2DNV 3DSHUV     7KH 3DQWRNUD
WRUIORRUZDV QRW XQFRYHUHG XQWLO  3DXO $ 8QGHUZRRG 1RWHV
RQ WKH:RUN RI WKH%\]DQWLQH ,QVWLWXWH LQ,VWDQEXO  'XPEDUWRQ
2DNV 3DSHUV     2Q 1LNRSROLV VHH.LW]LQJHU 0R
VDLFV DW1LNRSROLV  ZLWK HDUOLHU ELEOLRJUDSK\ 6FKXOW] KDG
SUREDEO\ DOVR QRWLFHG WKHSXEOLFDWLRQ RI WKHPRQRFKURPH PRVDLF
IORRU ODWH WZHOIWKRU HDUO\ WKLUWHHQWK FHQWXU\  RI WKH FKDQFHO RI6
6DOYDWRUH 7XULQ H[FDYDWHG LQ  RQ ZKLFK YDULRXV URXQGHOV DUH
HQFORVHG E\ DQ RUELWDO 2FHDQ 7RHVFD 9LFHQGH  DQG 3RUWHU

/RPEDUG $UFKLWHFWXUHYRO   1RWH DOVR WKDW.LQJVOH\ 3RUWHU


V 
DUWLFOH RQ WKHIORRU DW 6 6DYLQR 3LDFHQ]D 6DQ 6DYLQR SW  
FLWHV 6DLQW$PEURVH
V +H[DPHURQ WRVHH LQ WKHIORRU
V RFHDQ DQG LWV
 D
ILQQ\ LQKDELWDQWV
FRPSOHWH LPDJH RI WKH&KXUFK RI*RG DQG RI
KXPDQ OLIH

"".HDYEY UHS"!DY7RY"LULSX7RY HY%D """RS.D"  \R&LL[Y"["RDRY
"[RY72/DR I 29 .LW]LQJHU 0RVDLFV DW1LNRSROLV   6HH 0D
JXLUH (DUWK DQG 2FHDQ  DQG LGHP 0DQWOH RI WKH(DUWK 
 &\ULO0DQJR 0LFKDHO 9LFNHUV DQG ( ' )UDQFLV 7KH 3DODFH RI/DX
VXVDW&RQVWDQWLQRSOH DQG ,WV&ROOHFWLRQ RI$QFLHQW 6WDWXHV -RXUQDO RI
WKH
+LVWRU\ RI&ROOHFWLRQV QR     7KHLU LGHQWLILFDWLRQ RI
WKHSDODFH RI/DXVRV LVRYHUWXUQHG E\ 6DUDK *XEHUWL %DVVHWW 
([FHO
OHQW2IIHULQJV
 7KH /DXVRV &ROOHFWLRQ LQ&RQVWDQWLQRSOH $UW%XOOHWLQ
 QR     ,W LVXQNQRZQ ZKHWKHU /DXVRV PDGH DQ\ DW
WHPSW WRUHSURGXFH

WKHEODFN SRRO

 -DPHV ' %UHFNHQULGJH 7KH1XPLVPDWLF ,FRQRJUDSK\RI


-XVWLQLDQ ,, 
  $'  1HZ<RUN $PHULFDQ 1XPLVPDWLF 6RFLHW\  
 0DQJR HW DO 3DODFH RI/DXVXV  /DSDWLQ &KU\VHOHSKDQWLQH
6WDWXDU\ 0LFKDHO 9LFNHUV 3KLGLDV
 2O\PSLD =HXV DQG ,WV)RU
(DVWHUQ0HGLWHUUDQHDQ IURP WKH
%URQ]H$JH
WXQD LQ,YRU\ LQ*UHHFHDQG WKH
WRWKH
+HOOHQLVWLF 3HULRG HG -/HVOH\ )LWWRQ /RQGRQ %ULWLVK0XVHXP
   DQG 7KRPDV )0DWKHZV 7KH &ODVK RI*RGV $ 5HLQWHUSUH
WDWLRQRI
(DUO\ &KULVWLDQ$UW 3ULQFHWRQ 3ULQFHWRQ 8QLYHUVLW\ 3UHVV
  
 7KH YDULRXV PHDQLQJV LPSXWHG WR WKHPRQXPHQW DUH VXPPDUL]HG LQ
1LFKRODV &DSDVVR 9LHWQDP 9HWHUDQV
 0HPRULDO :DVKLQJWRQ '&
'HVLJQHU 0D\D /LQ $UFKLWHFWV RI5HFRUG 7KH &RRSHU/HFN\ 3DUWQHU
VKLS LQ7KH &ULWLFDO(GJH &RQWURYHUV\LQ5HFHQW$PHULFDQ $UFKLWHFWXUHHG
7RG 0DUGHU &DPEULGJH 0DVV 0,7 3UHVV    DQG
&KDUOHV / *ULVZROG 7KH9LHWQDP 9HWHUDQV 0HPRULDO DQG WKH:DVK
LQJWRQ0DOO 3KLORVRSKLFDO 7KRXJKWV RQ 3ROLWLFDO ,FRQRJUDSK\ LQ$UW
DQG WKH
3XEOLF 6SKHUHHG:LOOLDP -7 0LWFKHOO &KLFDJR 8QLYHUVLW\ RI
&KLFDJR 3UHVV    2Q WKH/LQFROQ 0HPRULDO VHH&KULVWR
+HQU\ %DFRQ
SKHU $ 7KRPDV 7KH/LQFROQ0HPRULDO DQG ,WV$UFKLWHFW
 

YROV $QQ$UERU 80,

 

You might also like