Download as pdf or txt
Download as pdf or txt
You are on page 1of 107

 !

"
DV5
DV5HIOHFWHGLQ
HIOHFWHGLQ

"(%)*%+

   ,   -, ./ 0

7UDQVODWRU
,   % . 

&XOWXUDO$IIDLUV'HSDUWPHQW

 )* 1D23  .





  UVWXYZ[\QU]^_`abc`deRPSTOPQ

 sbt_qPXrmnopgklmbPSjZfg]h_iQ

 PXk^Yair]muvdSm

 nh^yzQZUkvdpcPwx




















 
7LWOH4
 !    "
5 )* 



(   (9C(I?
(.///( J
0(-/1./2(9  K & *;
   
* .1# "H * #*1H*
3(A   
0((//(BD
0
/*1H* " "&  
%043525
0/J#, 
5(./:555
A1>86=.874.:38.:63.8
LLLLLLLLLLLLLLLLLLLLLLLLLLL

M* .1# "H * #*1H*
4
//2/,
%%% ..  "
 N ..#  "


 .& 


67
 
 
 
68
 
 
 
  69
   
##$ !"" %+##&/69
7+(485$1$67+(21/<+($9(1/<%22.$77+(',6326$/2)0$1.,1'{6
7+(485$1,&02'(2)63((&+{=
7+($3267/( $1'(;3/$1$7,212)7+(485$1{25
0(17,21,1*7:232,176{22
7+(52/(2)7+(485$1,1/,)({23
7+(485$1$67+(81,9(56$/6285&(2)*8,'$1&({2
$1(;$03/(2)7+(*(1(5$/:$<62)7+(485$1{24
0$1,)(67$7,212)',9,1(*5$&(,17+((67$%/,6+0(172)7+(,6/$0,&
*29(510(17{2:
7+(62/87,217262&,$/352%/(06/,(6,1)2//2:,1*7+(485$1{27
25*$1,=,1*62&,$/$))$,56$&&25',1*727+(*8,'(/,1(62)7+(485$1{26
7+(52/(2)$12%-(&7,9(,162&,$//,)({26
6(/)68)),&,(1&</,(6,1)2//2:,1*7+(485$1{32
7+(485$1$6$3$1$&($)257+(02676(5,2860$/$',(6{3
7+(:,6'20%(+,1'620(&$/$0,7,(6{3:
287:$5'$1'5($/5(63(&7)257+(+2/<485$1{38
7+(485$1$67+(758(/,*+7{5
485$1,&/$036$1'5()/(&7,216{3
'(/,9(5$1&(2)7+()2//2:(562)7+(485$1217+('$<2)
5(6855(&7,21{4
$'021,7,21$1'5(0,1'(5{7
7+(6(&5(72)68&&(66$1'7+(52/(2)7+(485$1{6
A1|}/~(***(; J+K1(AA>*>; |A9K; A>9/ /JI
K|*>{=
  6:7
   
"' #"'"+"'"  "+ !"6:7
7+(0$,1352%/(0{42
7+($'9,6(2)$/ $ ,1'($/,1*:,7+7+(485$1{4
63(&8/$7,9(,17(535(7$7,21>7$)65%,55$<@{44
7+(,16758&7,212)$/ $ 72$92,'63(&8/$7,9(,17(535(7$7,21{47
7:23(563(&7,9(6217+(485$1$1'5(/,*,2867($&+,1*6{46
5(/,*,2863/85$/,6025'(1,$/2)5(/,*,21,17+(*$5%2)',))(5(17
,17(535(7$7,216{48




7+(1(&(66,7<2)$&48,5,1*&203(7(1&(,181'(567$1',1*$1'
,17(535(7,1*7+(485$1{:3
',))(5(17'(*5((62)0($1,1*$1'81'(567$1',1*2)485$1,&
&21&(376{:
&21),1,1*7+($3267/( $1',1)$//,%/(,006 $ ,17(535(7$7,212)
7+(485$1727+((;326,7,212)/$:6{:7
$&48,5,1*7+(.12:/('*(3529,'('%<7+($+/$/%$<7 $ $6$
35(5(48,6,7(,181'(567$1',1*$1',17(535(7,1*7+(485$1{:6
,17(535(7,1*7+(485$1%<0($162)7+(485$1{:=
2%6(59,1*7+(35,1&,3/(6$1'58/(62),17(//(&78$/',6&2856(,1
81'(567$1',1*7+(485$1{:8
7+(81'(567$1',1*2)(;(*(7(6&200(1685$7(6:,7+7+(,5
&203(7(1&({:8
7+(1(&(66,7<2)3$<,1*$77(17,21727+(/,1*8,67,&&217(;76{75
7+((;,67(1&(2)/,7(5$5<%($87,(6,17+(+2/<485$1{72
  6;8
   
 !""'&% %"#%+6;8
7+(&2175$',&725<1$785(2)7587+$1')$/6(+22'{7
7+($//(*(',1$&&(66,%,/,7<2)7+(7587+2)5(/,*,21{7:
,1&8/&$7,21$1'5(3(7,7,21$6$.(<:($3212)7+('(9,/6{7=
&,7,1*7+($//(*25,&$/9(56(6>087$6+%,+7@2)7+(485$1$6$127+(5
:$<2)&21)5217,1*7+(485$1{7=
7+(:,6'20%(+,1'7+((;,67(1&(2)$//(*25,&$/9(56(6>087$6+%,+7@
,17+(485$1{65
$0$/*$0$7,212)7587+$1')$/6(+22'$6$127+(5:($3212)7+(
'(9,$7256{64
',))(5(17,17(535(7$7,216$6$:($321,1&21)5217,1*7+(
485$1{6:
027,9(62)7+(23321(1762)5(/,*,286&8/785($&&25',1*727+(
485$1{6:
7+(485$1,&67$1&(9,69,66(',7,21>),71$+@,15(/,*,21{6=
$UPHGVHGLWLRQ
&XOWXUDOVHGLWLRQ
7+(:$51,1*2)7+(485$1$*$,167&8/785$/6(',7,21{=5
32/<7+(,60>6+,5.@81'(5$1(:*$5%{=5
7+(35(',&7,212)7+(485$1$%2877+((0(5*(1&(2)6(',7,21,1
5(/,*,21{=3
)LQDQFLDOILWQDK
,GHRORJLFDOILWQDK
)DOVHMXVWLILFDWLRQVDVWKHPRVWGDQJHURXVILWQDK
2%6&85,1*7+($70263+(5(:,7+7+($,02)0,6/($',1*
38%/,&23,1,21{=7
',67257(562)5(/,*,2867($&+,1*6$&&25',1*72$/ $ {=6
36(8'2086/,00$7(5,$/,67675($70(172)7+(485$1{85
,00$/6 $ :$51,1*727+(3(23/({83




 

7+(027,9(2)36(8'2/($51(',*125$086(6,1',67257,1*5(/,*,286
7($&+,1*6$&&25',1*72$/ $ {84

"'<6==






     #. 


#.       #.      

 !   
  *   
  
   5
     >

  '   

    0
 # 

    
    
 ?   

 $  -
! @   
" ,  # 
$%   & 
' /  (

%A  #
 A 

)   * 
'   + 
&
  , 
 % 

#.       #.      

E  F 

G B
 H 














      







!!"
!




9 
  $    
    "#      #  / # 

/   DKO DOED\W #
    
   #    % 
      !    ! 
 #.  
" 
PDNWDE%   $       A % " 
        A       #   

    %  $        %    % " 


9   
      (XPPDK% #  %"
 / # 
 /   D $    "     # 
  $      
     # $    
               (   #  $ 
 "   
    
      %     
   
*    
     " * .1# DH 
* #    
   "    #  ULVODK

   
            %   $  %#  

  #          .A     "    
9 * # "    %   
" 

  $KODO
%D\W D     %  $  %#     !
   
 
  "#          
   #  " 
   
9  
  % " 
  $            
$KO DO%D\W D    C          
     


3 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

  "  $   #    


 B  %   
  A 
   !
       
  
 # ILUDK
A         * .1# DH * # 
   $   % "  %    %       
% "    
#    %     %   "  $ 
"       
9  * #    ""     # 
    $ 
%  
 
        "   
       
       C            "    
 % "     #  / # 
 /   D   "   
  % 
A  
           
$   *  .1#  D H 
* #   $  $ %  ""     %      $ 
   
H    $                 


" " 
 ( )A
H    !  
  $        
  
  /$ "      /0) .( #* 
 !  !
  "  $  
H  !
       "     3URIHVVRU }# ,  ( 9C
( I?   % "    ( (  J    "  
      "  
#     9  
   
 "  /



&XOWXUDO$IIDLUV'HSDUWPHQW

 )* 1D23  .













#"!
#"!








      








!!"
!


J,?' 
 = ,I
 J
 ?S;R=$8 $
 Q L?%   742 PN O% = , C
 . LM!% !=  8 $
 8K
 %

$OOSUDLVHLVGXHWR$OODKWKH/RUGRIWKHZRUOGVDQGPD\WKHEOHVVLQJVRI
$OODKEHXSRQRXU0DVWHUDQG3URSKHW0XDPPDGDQGKLVSXUHSURJHQ\
DQGPD\WKHFXUVHRI$OODKEHXSRQDOOWKHLUHQHPLHV

* " %   $    / # "   $ "  
    
    "#   / # 
 2   ( 
( XPPDK3     %   C       " 
  
 "# > %  "  
  
   *
     
"           
     "     % 
% " # "WKLTODODNEDU        
$KODO%D\WD2 "     % % " # "WKLTODONDEU

29  $  V   *$  $ 
 VDOODOOKXDOD\KLZDOLK
ZD VDOODP #   " 
    
   
 " # %   
         / #
( E)V9
38PPDK    A  #%   %       
   9
$KODO%D\W "   KDGWK         
 $KO DO%D\W    " # ,WUDK  O       

    
  " !$ #  
*+, - /0/0#D9    
+# $ %  
( )V   %     $   


4 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

 (  "    $   # 


"  #"   
*  DEO $OOK3         "  $      
&  C  # (   # ""      "    %   
          U J
 L. V .  #L( -" -  $ W   #!3%  T <RX
VKDOO KDYH WKH XSSHU KDQG VKRXOG \RX EH WUXWKIXO > %#    
 % "  
   #         " %#   
  #       % "    $KO DO%D\W D (
  #  
   
A
   "%#    #   "  
   $ #" "   *.      %  
    "        #     " (
#
*(  "?     $ #
  $  
     *
      >"      OD\ODW DOTDGU4
> %
 "  / #   "  C #

 %  "    $ 
 "  ?"  "   
 "    %

     
       WDMZG $  


        ( H   # %   
 
            ?     / #    
    $           
 
 #
          $ ." %"   
 
/ # (         !    


    $    ""  $   %    "  $     
 VE
/ % $   A,      A,./0#D   
   +#    "A,.( D+     $ 

%%%. "C9
2 9   $   D      * $  $ 
  DOD\KLVVDOP
DOD\KLPXVVDOP  DOD\KVVDOP #
    
    %   
         

" A,  

 " #
 D9
3    C  A G OC D  !  A    +#  

$KODO%D\WD#"H   &  *   % *  
+ROGIDVWDOOWRJHWKHUWR$OODKVFRUGDQGGRQRWEHGLYLGHG>LQWRVHFWV@6UDKO,PUQ
25   *.9  7DIVU DO.DEU      #  $   25' AB.
/# $O6DZLTDO0XKULTDK& & 22   2
39
6UDKO,PUQ28A $       
" 
 
##*,7KH4XUDQZLWKD3KUDVHE\3KUDVH(QJOLVK7UDQVODWLRQJ  
A&  "  *$    35549
46UDKDO4DGU862.:9




,QWURGXFWLRQ :

/    A D   U2   $ #   A


| $   A   %   "      AU
        9%  / #   DODUDPD\Q DOVKDUID\Q
(   (   $ #  #    VKDZU   " 

    $    # (        *   

   $ 
     %  #  "%  
 "
    
     DMM
"   
%    
      
  

" "A 
         
 #  (   A
|
 A
+ "    %
   
"%#  
       "   
   %" %  ( $ 
  $  $   %* "(   $    ! 

     %     
     
#
   
    "     %       $  #

9 $    
  !       #"
  (           

 " #
LWUDK D   
" %#   / # 
  A   
 $  
                   
$ %
  1DKM DO%DOJKDK3   / # 1      C 
    %       "      

 $   
&     +  D A      %        
"$" !
   #       A   "
   
"$"           "       * D 

"QLT   $   !
 " 
9  B          #  
          
"$ #/   #  (I?|2428.35*/
;    32 288=.G# 2= 2888  ;    25 2888.G# =

2 9   $   U      * $  $ 
  UDKPDWXOOK DOD\KL
UDKPDWXOOKDOD\K UDKPDWXOOKDOD\KLP#
  
   %  
     
 

 9
31DKMDO%DOJKDK9     C       
 #" 
 &    + A,**9F,D 
 # .|)
( )  ./0#  457 */2527 9               
  
   $          #
  
  H   !
   %     
  / #
V %   C   C      
252 ! "   $    %   1DKM DO%DOJKDK  "  
    
                   $  "   +        
$ 
%%%. " B9




7 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

3555   9  B     #     I?     " 


"   $   ""          
%  %  %        
     # 
 
"  "  
A    %           BB  .A
*(  " 
" 
   
 BB  .A ( (  >     "   H 
             



C@
 D       
  









$
$


#  
 !      # 

    !"


A %  %       %  $ # "           
1DKMDO%DOJKDK %   $ # " A*D 
                 35        
1DKM DO%DOJKDK      D           
    "           (
  # %  $ # /  %   # !
  
1DKMDO%DOJKDK 
   / #
9 AD#  2
N !+? 7XYZ!/( 4 ; [ 3 0'#( % 
7KH%RRNRI$OODKLVDPRQJ\RX,WVSHDNVDQGLWVWRQJXHGRHVQRW
IDOWHU
7KDWLVWRVD\7KH4XUDQLVDFFHVVLEOHWR\RX&RQWUDU\WRRWKHUKHDYHQO\
VFULSWXUHV OLNH WKH RQHV UHYHDOHG WR DUDW 0V 0RVHV DQGDUDWV
-HVXV  D  WKH 4XUDQ LV DW \RXU GLVSRVDO ,W LV VDLG WKDW LQ WKH SDVW
HVSHFLDOO\ DPRQJ WKH -HZV WKH UHYHDOHG VFULSWXUH KDG QRW EHHQ DW WKH


2A $       C    1DKMDO%DOJKDK
 # 
*|?1DKMDO%DOJKDK7KH3HDNRI(ORTXHQFH+    A& 

"   H 288:9
3+DGUDW9 *% +DGUDW  
    9


= 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

GLVSRVDORIWKHPDVVHV2QO\VRPHSDUWVRIWKH7RUDKZHUHDWWKHGLVSRVDORI
-HZLVKGLYLQHVDQGLWZDVQRWSRVVLEOHIRUWKHPDVVHVWRKDYHDFFHVVWRLW
5HJDUGLQJWKHKHDYHQO\VFULSWXUHUHYHDOHGWRDUDWV D LWVVWDWXVKDV
EHHQ PRUH ZRUULVRPH EHFDXVH ZKDW LV NQRZQ WRGD\ DV WKH *RVSHO >LQMO@
DPRQJWKH&KULVWLDQVLVQRWWKHERRNUHYHDOHGWRDUDWVDO0DV -HVXV
WKH 0HVVLDK  D  ,W UDWKHU FRQVLVWV RI VXEMHFWV FRPSLOHG E\ FHUWDLQ
LQGLYLGXDOV DQG NQRZQ DV WKH )RXU &DQRQLFDO *RVSHOV 7KXV IRUPHU
FRPPXQLWLHV ZHUH GHSULYHG RI DFFHVV WR WKH KHDYHQO\ VFULSWXUHV %XW WKH
4XUDQKDVDGLIIHUHQWVWRU\7KHPDQQHURIUHYHODWLRQRIWKH4XUDQDQGLWV
UHFLWLQJ DQG WHDFKLQJ E\ WKH +RO\ 3URSKHW  ZDV VXFK WKDW WKH SHRSOH
PHPRUL]HG LWV YHUVHV DQG WKH 4XUDQ LQ LWV FRPSOHWH IRUP ZDV DW WKHLU
GLVSRVDO $PRQJ WKH RWKHU LPSRUWDQW GLVWLQFWLRQV RI WKLV KHDYHQO\ ERRN LV
WKDW *RG WKH ([DOWHG +LPVHOI DVVXPHV WKH UHVSRQVLELOLW\ RI JXDUGLQJ DQG
SUHVHUYLQJ WKH +RO\ 4XUDQ IURP DQ\ IRUP RI WKUHDW ,Q DGGLWLRQ WKH
0HVVHQJHURI$OODK PDGHVXUHWKH0XVOLPVPHPRUL]HGLWVGLYLQHYHUVHV
VRWKDWDJRRGQXPEHURI0XVOLPVKDGPHPRUL]HGWKHZKROH4XUDQZLWKLQ
KLV OLIHWLPH 7KH\ XVHG WR SUHSDUH PDQXVFULSWV RI YHUVHV DV VRRQ DV WKH\
ZHUH UHYHDOHG DQG JUDGXDOO\ PHPRUL]H WKHP 7KH GXSOLFDWLRQ RI WKHVH
PDQXVFULSWV DQG OHDUQLQJ RI WKH 4XUDQ E\ KHDUW PDGH LW DFFHVVLEOH WR
HYHU\ERG\
DUDW$O D VD\V7KH%RRNRI$OODKLVDPRQJ\RX,WVSHDNVDQGLWV
WRQJXHGRHVQRWIDOWHU,WLVZRUWK\WRUHIOHFWRQWKHVHFRQGVWDWHPHQW7KDW
LVWRVD\WKLVERRNKDVWKHSRZHURIVSHHFKDQGLWVWRQJXHQHLWKHUIDOWHUVQRU
IHHOVWLUHG+H D FRQWLQXHV
N !$ 3\] ; X]$ % /N!( 3\= ; X^0% 
,W LV D KRXVH ZKRVH SLOODUV GR QRW IDOO GRZQ DQG D SRZHU ZKRVH
VXSSRUWHUVDUHQHYHUURXWHG

#" ! #    


    " 1DKMDO%DOJKDKA*D
#     "     
"A  #
!
        AD#   

 A         
  A     %  !
 
 # A     D     


2 9             > % 9     $?  
  ( J 
( %G 9




&KDSWHU 8


  PLWXQQLT29 
      H  
    
A       !
  
   %     

 $   
$ #  

 $         
 
       A        #       
   %    9    

 $         "  
%      "     % " 
"$ " "   $      % 
$ #   %   #  
         
%     $  %  

9 ( %
 
     
        
          #
   " "%  
#"      "A% $ % 
               %      
   

 *#  %   $ %  % $  
%    / #% $  $ #  
  
9    %   #.    %   

 $ 9  % 
$    "          1#  $ "  
  
     !  %  $    

      
 "   / #%          A 
   %#     
     "  
 """ 
   
A       
            
  %  
%       
 "  %  %   *D
   %  #A   %  !
  # 
A      / # H     !    
  $  %          $       #  
 
     

  "   H 
 
    %     $     
    #    " I            #   
      $      "
   
   #  $ " 
    "   $      %     "  
 
     !
     *
       A D
  % "   % " 
+     !
    
 
  %  
     (  $ $    / #   
  #       !
       9      

2 1DKM DO%DOJKDK    246 A           "          
 1DKMDO%DOJKDK  
+#.A*"   




25 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

#          PLW 9          


!
     
       %   $   % "  
%           

$ %% &    


    
    *
    XPPDK  !
 
$ $  * " *
   / #  
U; "] !.aL M#4( _ `"L] !3% T
:HKDYHVHQWGRZQWKHUHPLQGHUWR\RXVRWKDW\RXPD\FODULI\IRU
WKHSHRSOHWKDWZKLFKKDVEHHQVHQWGRZQWRWKHP2
9     H    "            
    %   $      
   (  
  
"       
   #  # A           
           
   
!
    *
   AD   $  
   $  
  
    %      % #  
*
       A D %  
       
  ( $ #   "   

 A   
  % $        " %  
  
 
                   %  %   
            #         9   $
 "   $    "   
  %  
     
  
   "  
 $ # 
  
H H          
* "   %      "     "    

    * D FRQYH\V LWV PHVVDJH WR WKH SHRSOH DQG SURYLGHV
WKHSURRI>XMMDK@WRWKH0XVOLPV
,Q GHVFULELQJ WKH +RO\ 4XUDQ LQ 6HUPRQ  WKH &RPPDQGHU RI WKH
)DLWKIXO D WKXVVD\V
e
 7=C
 %/fg7.$ N-"X3
N L$ ( 4 Mb 3  % /YP L7 % /cP L# -O4 `d
  L0.h !% / R6i%6 % /j, $ 
A  A#   
 %    ' A% 
#       D %         % "   %       
       
      #     "    
%  $  # 

26UDKDO1DKO2744




&KDSWHU 22

9    $  % "  "#  % 


$     %   % $     

C  .
  "
   !   "  


  C    # % "      "  
"   % "            *
     
A " D        %  $KO
DO%D\WD*  %      +    
 *
       A       " 
TXUQQLT
A    %    $         * D # A  
  A #      
   %       9    9   
    #    * #     %    !
    
  A D #           9    
A D   

    
   !
    #  
 #   % "     
*   
 #    &     +  D


     "  " "  



    
      
   9     #    A 


   
    % "          
(    #       %   

   

     # "
"  $   "  9  A D 
#1 A% #    9   #A% #   
    #    % "     
 "       
#   %   $ # " #       / #  D %    
    % "   %               
     
#     "     %  $    #  9    A   #  % 
   # #  "  / #  % " 
 $KODO%D\WD

' ()
+     
         (
   %    $ #            
$  #  "    "    
   
   %  %#           
    A 
     
 $  
      $   #   
  %    
    
   $     #    !      
9    

D
         
      




23 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

1#   "      #"       


 
     %        $   

    
  #  / #    "$            
$ #     #   #           
   ##   !   %        #
/  A   %  
 
         "
%  "$         A  % 
 # % %# / $     %  $   
  A  / #  "$       
 
       

  %    /   A * D
#D %      % "  %         
 
 

     


  * D
       
   
   A 
        #     "     %  $    #  9 
 !      
  "   9   
 
 
      #    %  %#
"$ 
   
$  #     !
 "    #" 
 
     
          $  
 #        C %  #  " #
 #"   $    9 # "
  

 
          9 #     #
  
$       #  $ # # %   "   
 > %  "   " $           
 $    #
      $       
     #"  $    %#  
A    2=8  D # %   "  $   A       
%       
9 
  %             # "       
      *D9  %  $    #  $    
    $ 
   H 
 % "    

  $     "   PQ
    # \DTQ A           $ %    #
  $     #          
    % "  
    %
 $       
 
    
I  

  $ # %
 
        
  
   # %      
     




&KDSWHU 2

% # #
      $     $ #
#
C   A
         
% 
   %   % #   
      $   

     
 "    
      $ 
" 
 $  
  J 
#  
C   

  "  (" 


9        %      #        
  $    $     %       9  / #
 %  " %# #  "%  % 
$  9  "  %#         
 $    A        % $      " $   
  # %      $"
     "

 " $          A   "    #  
!    %   %  %    $?  "  GQ 
   DTO
9 
     " %#  
 " 
   
A   #   #.  
$   "      ?    
  # "     # "          
!
   9    "  % "    $     " 
( C   %  $ % $  # 
 $  
%   (  .(9 *
  " ( 
" % " $    #
Jl0 %  ? kMZ 3
  % "  $   & 2
9   #  % "        !
  
  $      C  $ "  "    > %#
        
 !#" 
     
!
     "         
%  %  
  "   "     I %    " #%  
"      
    
    A  
B  $  %  $              $      
$     
 $            $   #

   

 
9           "
  
      A         %#    $"   # 

2%LUDO$QZU$ 2
266




24 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

      ( %  A   %        


 *D    "
%   %  
   
   "  %#
 #  !
 
 

# &!   (  )  


9 / #  
)
0_ (  
 5
5% 
 B Wp %i
i,+
* 
 .& 
no(4 0
 ;  $ 
LC
 #:  
*%
L. Om
Om4 )
12  3-3
 % T
 U
U-
M+
' ) 7
!(
,0 
2!_) b g
,I WKH SHRSOH RI WKH WRZQV KDG EHHQ IDLWKIXO DQG *RGZDU\ :H
ZRXOG KDYH RSHQHG WR WKHP EOHVVLQJV IURP WKH KHDYHQV DQG WKH
HDUWK %XW WKH\ GHQLHG VR :H VHL]HG WKHP EHFDXVH RI ZKDW WKH\
XVHGWRHDUQ2
9     
  $  PXNDPW  %    
 "  "  A   "     "  9     
         "    #    
      
  #  %  %*
9 $        "    ""     
     $"   
     
9     $   !
 %       #       $ 
  

 "            $      

 " % $ " "  
"  "  
$           PQ  .%  WDTZ A
         "        $  $  
"  % "   "    "  %    
    #
 
  A  ""   

     
$      $     $ "% 
9 #
U=7=q
 0_$ -"4 : (  r%  != 7sW 4  t  rT
,I\RXDUHJUDWHIXO,ZLOOVXUHO\HQKDQFH\RX>LQEOHVVLQJ@EXWLI
\RXDUHXQJUDWHIXO0\SXQLVKPHQWLVLQGHHGVHYHUH3
/  A 
      "  $  "  %   "  
   A      %" / #H 
#   
"  

   # "$    %   "  


26UDKDO$UI687
36UDK,EUKP246




&KDSWHU 2:

        % %   "   "


   "   

'      ("      !      *!"


( ! 
H  % "      #  A*D "   
%  (         B " $    

$  $     + # "#     
    
#"         " $   
H   $"    #        #      
$"   "       "     
       A " $             
 ? 
 
*             (   "  / #
    
  ZDODOIDTKB ."
 #
    A D   !  "     / "   
 "  A" $     

  A  
 
 # $ # %                   
   " B # 
 | %  % %   
?   
          #  %     
   " 
$       $ " 
> % %  # # 2    $ #   A | $    %   
          ! #   

    | $   
"   "  $      .
%     #   "  "    "  
 $   # $  *          A  A " 
   !  " 
    "   $  
"     (

   A #   " 

 

# #     "  $   #$ 
*  B   C   #
#  H       
     "   "  $     #   
  $  
   !  " 
%  $    
  
 *D 
#     
   2:6 1DKMDO
%DOJKDK 
       "      " 
  
  %#  $"$ 
  


2> %     ## 




27 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

" !  )( 


9          * D    "  

   
#
        / #
 A% 
- O4 0  ?  h , 1 u P  (   #:   $ ^
 M+
 #d"
H  $ "   %  
        
   %
#   #  " #  
 
 "    $"
   #  "        
  $  ."$""    #   2
9 
."$"B     $$  
  
$ #
"    $  
 
 #       $  
 " 
   

$ # $ #$ #
  %      "
9      %  %   
  
       A
" $     #   
#  
     
 !    
       $  ."$"
       
        "    

    !  3JKDUE]DGHKK  " $ 


A $        * " %    
  A |
  A             (
   A    %   "     A  
!       "             $  "
  PXML]DK   *
     "     # 
$      
       $  
    
ZLO\DKDOIDTK" 
  B %    !  
  ZLO\DK   *
       A D  
 
" 
 "  #           " 
    # %   (     A %    $ 
%     "      "    "  
    
  #
$  %#   % %" 


2%LUDO$QZU$ 83
26
3      %   " 
#H       9 
       JKDUE]DGHJQ JKDUE]DGHKK

? #G,}
* )  2878 %  %  %   "          *KDUE]DGHJ
           "     | &
    
/ *"      2FFLGHQWRVLV $ 3ODJXH IURP WKH :HVW 1   # *.(?
 28=49




&KDSWHU 26

A#    #          


#  % 
    "           #  "  
  
   " . $    #
9  %    $    % "   "    
    $           "" 
        * D         #   
  
 
    

 A 
  % $    % "
    B          $   

      1#   "  !


"        
A D  "          
     "  

   #  %    

+(,(" ""( (    


 *D#
  L0.h !% / R6i%6 % /j, $ e7=C
 %/fg7.$ N-"X3
D %      % "  %         
 
      #     "     %  $   
# 2
*   "      % "   
    
  
     AD    
 
 "   %  $  # 9   #9 #  %#
 "" #  9  $ #   
#     A !
"       %  $  
 
     
 # 
9 "    B  $   $ # 
 #     
     #9   
    "  % 
  B    B  $ A         #
 " 

    $ #" $   A     
       
    "  B  $  
 
   B    
  #       %        
    "

"     B  $ 

  - " " 


*  
      B  $          
  %                 A    B  $   
 "#          1#  "           
$ %     $    B  $  A      B  $   

21DKMDO%DOJKDK  2:6




2= 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

"      #   $ #   #   


    
 "  
    %     " 9 
  %   "  
   

%   $   

   %  
             
"                  # 
" 

   
9         %          
"     #  $ #   "       " 
     % $ %    %  
    ?    

           
   #  $     %      '  %   
  #      A      $   

    
A                     %   
(    $    % "    
 
 

 A  # $  #  "       %    

 H  $  #       #       


 $  H    # H       
  "     
 % "   "   
        "?       #  #
    #  #
   "   
   
  
 " 9   
    
 "  "
     " 
% %  # 
#"   
 .        9  H      $      
      "  "    
   

   
A#  A       $ # "" 
     $   "  

       $ #
 B  $       "      #
"  %  % #   |  
    
                    A    
                 
     $ 
% #
> %# "        %   $ %  #
!           * D           
 "   
       #            
%  $ %
  ZLO\DK ""        
  
1#" " !
   *D        
 "?"     #      




&KDSWHU 28

  %  "  * #"      #  


A D # 9       "     %  $   
#  9     # 9  #   #          
A % A#   "      
#    %   
         #  B # 
 "   "  #  $    "  #    "  
     
A       %       
  "  
  %  $    #               
$ A       $ # $   #.   "?  

 
$  "        

  "   %  $  #     


  $*     %  %*
             DUDW $O D  ZDQWV WR VWDWH WKH
VRFLDOGLPHQVLRQVRIWKH+RO\4XUDQ
%\VD\LQJ<RXUVRFLDORUGHULVLQWKH+RO\4XUDQ,PP$O D ZDQWV
WRWHOOWKH0XVOLPVDQGKLVIROORZHUVWKDWWKH\PXVWRUJDQL]HWKHLUSROLWLFDO
DIIDLUVDQGVRFLDOUHODWLRQVDFFRUGLQJWRWKH4XUDQ
2IFRXUVHLWLVFOHDUWKDWDVORQJDVWKHVHVWDWHGDGPRQLWLRQVDUHFRQVLGHUHG
QRQELQGLQJ PRUDO DGPRQLWLRQV E\ WKH RIILFLDOV RI WKH ,VODPLF V\VWHP DQG
DUH QRW KHDUWLO\ DFFHSWHG DQG EHOLHYHG E\ WKHP WKLV KHDYHQO\ KHDOLQJ
SUHVFULSWLRQZLOOQRWFXUHDQ\RIWKHVRFLDOLOOVRIRXUVRFLHW\%\PHQWLRQLQJ
WKHNH\SRLQWVRIWKHSROLF\RIWKHUHOLJLRXVV\VWHP,PP$O D UHYHDOV
WKH WUXWKV ZLWKRXW DFWLQJ XSRQ ZKLFK LW LV LPSRVVLEOH WR UHDOL]H D KXPDQ
VRFLHW\ EDVHG XSRQ MXVWLFH DQG HTXLW\ LQ ZKLFK DOO LQGLYLGXDOV HQMR\ WKHLU
ULJKWVDQGDWWDLQGHVLUDEOHSHUIHFWLRQ
7KHUHIRUH WKH PRVW IXQGDPHQWDO DQG SLYRWDO IDFWRU LV WKH IDLWK EHOLHI RU
FRQYLFWLRQRIWKHJRYHUQPHQWRIILFLDOVDQGDXWKRULWLHVLQWKHRYHUDOOGLFWXP
DQGSUHFHSWVRIWKH+RO\4XUDQ6RORQJDVWKH\GRQRWKDYHVLQFHUHIDLWK
DQG ILUP FRQYLFWLRQ LQ WKH 4XUDQ DQG WKH HIILFLHQF\ RI LWV LQVWUXFWLRQV LQ
VROYLQJWKHSUREOHPVRIVRFLHW\DQGHQVXULQJWKHKDSSLQHVVRIPDQQRWRQO\
WKH\GRQRWWDNHWKH4XUDQDVDPRGHOLQSUDFWLFHEXWWKH\DOVRGRQRWZDQW
WRXQGHUVWDQGWKH4XUDQ2IFRXUVHVLQFHWKH\UXOHRYHU0XVOLPSHRSOHLQ
DQ,VODPLFFRXQWU\LQVORJDQWKH\PLJKWRVWHQVLEO\FDOOWKHPVHOYHVDQGWKHLU
JRYHUQPHQW DQ ,VODPLF JRYHUQPHQW MXVW WR SUHVHUYH WKHLU VWDQGLQJ LQ WKH
H\HV RI WKHLU RZQ SHRSOH DQG RWKHU 0XVOLPV 7KLV LV ZKLOH WKH RQO\
JRYHUQPHQW PRGHO QRW GLVFXVVHG E\ WKHP LV WKH JRYHUQPHQW EDVHG RQ WKH
ODZV RI ,VODP DQG SDWWHUQHG DIWHU WKH 4XUDQ <HW WKLV DOLHQDWLRQ RI VR
FDOOHG ,VODPLF VWDWHV IURP WKH UHOLJLRQ DQG 4XUDQLF FXOWXUH HVSHFLDOO\ LQ
UHODWLRQ WR SROLWLFV DQG WKH DGPLQLVWUDWLRQ RI VRFLHW\ LV VRPHWKLQJ QRW




35 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

XQNQRZQWRWKH0XVOLPVEHFDXVHWKH\NQRZWKDWWKHV\VWHPVRIJRYHUQPHQW
LQ WKHLU UHVSHFWLYH FRXQWULHV DUH QRW ,VODPLF DQG WKH GRPLQDQW FXOWXUH DQG
PLQGVHW RI WKH JRYHUQPHQW RIILFLDOV DUH WRWDOO\ GLIIHUHQW IURP WKH PLQGVHW
DQGSDUDGLJPEDVHGXSRQWKH4XUDQLFFXOWXUH
:KDWLVDVWRQLVKLQJDQGVXUSULVLQJIRUPDQDQGDWWKHVDPHWLPHDFDXVHRI
FRQFHUQ DQG UHJUHW LV WKH FXOWXUDO FRQGLWLRQ SUHYDLOLQJ LQ RXU GHDU ,VODPLF
FRXQWU\RI,UDQWKHFRXQWU\ZKHUHDUHYROXWLRQEDVHGRQWKHLQVWUXFWLRQVRI
WKH4XUDQDQGWKHUHOLJLRXVFXOWXUHDQGXQGHUWKHOHDGHUVKLSRIWKHZLO\DK
DOIDTK KDV EHHQ VXFFHVVIXOO\ VWDJHG A     
 #     
                        
 %   #   $    % "    $ # 
   "   #  " $   
" $   
   #   H  
"9 #   # $ %#
  

   A| $    " $ %" 
     "         
 #  !
 # #
   # !
    "   $  " #     #
 "      " $   
  # 
  #        $   $        
  #
   
 %#  "  # "    #A 
 


     B   
    

 $      
! " #   " $      %    "     


  "          $   $?  # 
   !
     $  "        
    .     

  / % $     
"     
  $ 
  ""    %   
      ! "B  $     " 

  
        .  #   %        
  $     
A  $      #  " $          
    " B   C #       # % 



 $     " $            $     


 #  $   %       K      
      $    # 9           
  #
        " $     
$ #   %   
    % "    $  "

 
    ?"       "   $  " $   
*    " %        !
 # "   "  
  
 $    " "      "  " 
$..$  $  " #    ! 9     "  
    "             
 ! #




&KDSWHU 32

  "             B     

  
*  
  


   
#       
*D  26: 1DKMDO%DOJKDK      
  
  C     " %#    / #  9      
%"   %     
     $   %  *
D      "         " $   
 $              # #

     $  #  " $     ZLO\DK
A 
   "            #

 #    .   " $     $    " 


     #  A  #  #
  
    
  

.  / " "  )( 


,Q WKH VDLG VHUPRQ   * D     / #   
 #"
>
>_
v=& C
 ,
,w)%/
/@1A
 7
X>
>_>
>6;)%/x
/yz 7
X>
>_
{K
 *L
2 
-O
O 4 ) 2-3
_2 , $ %
% 3/
/m=5
=522
5
5~
~67s  
- l) ! %3~
~67]  0 NL $ \  X" 
=9 3
-O
O 4 )
_2
2|}
.%/
/8_ ) 7X
 D< ,
,$  . -
-l) !
*  %         $  %   $ 
  $      %   $        %   $ 

    >    %            %  
   %   $               
"      
  2
9 A*D#
  . c
:q
 #  /
    . -O O4 )1 M  =
=9X
XX% / Q
Q   . -O O4 )
=?  0=
=93<
<$ | N*!3
, $ %
/
/5
5::L&
%
45
5):
: )
2 % /
/'i*=
 4M() 3  . i:t N-/    R%X <
<$ N0 
L?#  %/
/ R%6  3
D
 A
* 
%xz )%
I       %       %   # "  
"           %       % 
    "      9             
  #              #      A 


21DKMDO%DOJKDK  26:




33 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

     ""     #   #


#
 $  " 2
9  %   !       $   #  
%    $    #       / #      
  $ 
 "    $          
!   "      %   $       
     %    $ #   9        A
  #   #   $ ?"          
    
   $ # $"      
 
   % $ $  
  
  # A  #   # "#  
    #  A D
    
 
 "   
 /   B         %      "     
 % % " # "WKLTODODNEDU   $ $ 

      #  # >    %       %     


"          # %  $        
9   "  #  B   C # 
  $  $      "  !
    
     
  "  

        %


   %  A   %    
     
    
     .   *    A D #
9         #       
#   9 #   "     $ 
            #
#  " 
#     "       
       #  "  
9     "  

  %#       
 
    $  #   %"   "  

  
   "   !
         " A %      $ 

  %    % %  # $    



    $ 
     ! #
U}4
 . N1?
 7NY#7 .% T
$QGZKRHYHULVZDU\RI$OODK+HVKDOOPDNHDZD\RXWIRUKLP3


2,ELG
36UDKDODOT7:3




&KDSWHU 3

"   ! ! 


9        %    
      "     %  
  % %   % "    $KODO%D\W
D  %    $  C    #   #

    % "      I  $ #  


 
      
    "      "   
$      
$..$    
    
 
  
   "       $    #  
 " 
    $  % "     
  
# $KODO%D\WD     $ 
  
 *D "  NXIU #
#QLIT" 
DOO   %         # 9   
   
B    # $ # 
  $  #   
     A           ""       #
   #
# $  " 
A*D        
 
 
!

#  
      $ #  

 $              #


     
          "# #*#  %  
   % "    %  %  
   C  
 
 $       %# *          $"  

   / #   "  %#%     


   %  # "  ."$           C 
 % "    
*  
   %           % 
 
9           
#   $   %   
            #       +  &   

      1    !  A   /  %      


#   $    
         

   /  %  "   #        H   /
  "% "   $ 
          
9      "       $" 
      
%     #     ! 
 
 /A 
      $"
    "    %        
     #        
  
    #  !
  "  " /
9    
      %#   $"
    "   
        #
"   
#
    A                     




34 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

#     # $"


   
  
 $  
     $              #
 "  "   1#  " #   
     !       /       

     "     %# |  


      *  
   #        "    "        
   #    "   A   C        "
 "               $ 
    
&"    "  
#     "  %#
        
    "   
    

       A D   DZOL\


  * A          % 
  

 $    C
  %          
#   #        "  $   %"    

       " 
   ;$ 
  
9  / #     $       
  "   
%# +  !
        "         
   %           $
     
 9         %   
  
%       
       

 %            
  % 
 
  9  !
 %       " 
   

 $    "          / % $ 
%     "          > >   D
      # TDZP  "    
     
 "$      #%   %
  *  < " E~*  
 ( 6 ] 7% 
=  .& 
  $ i
i,*+
 
 1 4 7
N " 
0
*
  0* %
%4: z # 
 \  
7% T
 U
UJ. 4 
 .   #X%
2 P\ SHRSOH 3OHDG ZLWK \RXU /RUG IRU IRUJLYHQHVV WKHQ WXUQ WR
+LP SHQLWHQWO\ +H ZLOO VHQG FRSLRXV UDLQV IRU \RX IURP WKH VN\
DQGDGGSRZHUWR\RXU>SUHVHQW@SRZHU6RGRQRWWXUQ\RXUEDFNV
>RQ+LP@DVJXLOW\RQHV2
A              #  
      " $ "          $ 
%   
%   %   "       ! # 


26UDK+G22:3




&KDSWHU 3:



 * "$   #    A / %
 
   #
 #
##     !      %   

           %     '         / 


%  % #    "  9 
#
        %     $ %
   
    #  " #         ! 
     /       
   %      
 | ""/
%   """
   
 " #
U-  ( N7-3rt 63d"c4 . 3,!"T
:KHQ+HZLOOVVRPHWKLQJDOO+HQHHGVWRGRLVWRVD\WRLW%H
DQGLWLV2

)! ! "! 


A     $ B      %     ! 
   /  % / "
/ $   "  
%# A  "   /               %
#
  

 %   $ / #9 #       
 %   

     "   "  
   
 
      $   " "       
$ $   $   "
      $ 


 D    "     I     

   #  

        % " "K#%  
 "  #%     #%    #
# 
       
  # *         $ 
C       %   # 

 *      "   


      $  " 

  
9   
U<Lz # cO-3<zP -+!-"
 ( T
,QGHHGPDQEHFRPHVUHEHOOLRXVZKHQKHFRQVLGHUVKLPVHOIZLWKRXW
QHHG3
A     
    B  #     #      "  
    $  "   $      /  % 

    


26UDK<6Q7=3
36UDKDO$ODT877.6




37 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

%#     %            


"   
     $  A    ?  
/         %         
$  # 
   #/    
  "  "$   
 " /  " 
# 

     $   
     # 

     %   "  
$  #   
     ? 9 
   
    "
      /      


B      #   
     # %       
  / 
     
     $   
 
  
K       " ?  
   
      
       "  

 D
 
     %  #    9   
U-$4 A
 7; ? i4A
 %igM0;2 3!_ b 3X"M! .Q74 L  3.% T
:HGLGQRWVHQGDSURSKHWWRDQ\WRZQZLWKRXWYLVLWLQJLWVSHRSOH
ZLWK VWUHVV DQG GLVWUHVV VR WKDW WKH\ PLJKW HQWUHDW >IRU $OODKV
IRUJLYHQHVV@2
 6:67 6UDKDO0XPLQQ  !
 B  
, 8_? 02!_ b 3= % -;, ? 7; !z Z 4j
  .;0.L: q
 ( % 2 L, 9  % T
U- $4 A
 #7.% ; 04 !# 
6KRXOG:HKDYHPHUF\XSRQWKHPDQGUHPRYHWKHLUGLVWUHVVIURP
WKHP WKH\ ZRXOG VXUHO\ SHUVLVW EHZLOGHUHG LQ WKHLU UHEHOOLRQ
&HUWDLQO\ :H KDYH VHL]HG WKHP ZLWK SXQLVKPHQW \HW WKH\ QHLWKHU
KXPEOHGWKHPVHOYHVEHIRUHWKHLU/RUGQRUGLGWKH\HQWUHDW>+LPIRU
PHUF\@3
9     
 
#              
% 

      
  "  "  

             %          #


        $    "  A    
"  XMMDK  !       # $   

 
 #    #  %
    $ 
A$  43 44 6UDKDO$QP    
 
A 

26UDKDO$UI684
36UDKDO0XPLQQ36:.67




&KDSWHU 36

d) " X


X5
5
  
-
$*4 A
 5
5##7 ;  ? i*
i4A
* 
%i
ig) M) 0 2 !_) b g ` M   
 &.. 3<
<" 
L 3 = % T
,  - 5
5*
5, 5, ?  7)
!(
.-P *q ;  *7s % 
   ; 0
  
 ^+
   
 5
5% )
$*4 A
L g)0 2 i
i}
d EQ#z  0
2!_) b 3) %3
% ,0 )
94  
d" <*
<#9 
i  t 1( 
8 03 ;   $ 
LC
 #N0 )%
%4( d 
.)
+!
U-
 U +M x. 
2
:HKDYHFHUWDLQO\VHQW>DSRVWOHV@WRQDWLRQVEHIRUH\RXWKHQ:H
VHL]HGWKHPZLWKVWUHVVDQGGLVWUHVVVRWKDWWKH\PLJKWHQWUHDW>8V@
:K\GLGWKH\QRWHQWUHDWZKHQ2XUSXQLVKPHQWRYHUWRRNWKHP%XW
WKHLUKHDUWVKDGKDUGHQHGDQG6DWDQKDGPDGHWRVHHPGHFRURXVWR
WKHPZKDWWKH\KDGEHHQGRLQJ6RZKHQWKH\IRUJRWZKDWWKH\KDG
EHHQ DGPRQLVKHG RI :H RSHQHG IRU WKHP WKH JDWHV RI DOO >JRRG@
WKLQJV:KHQWKH\UHMRLFHGLQZKDWWKH\ZHUHJLYHQ:HVHL]HGWKHP
VXGGHQO\ZKHUHDWEHKROGWKH\ZHUHGHVSRQGHQW2
H  $    %       
       VXQQDW $OOK
%  
  
     XPPDK  J *
  
  !
   
+  

  "     
  $   
    " *  #     

 
  %    %  %  ##%"
         
A 
   
#     
 
#   $   
    
 
    A  
 #   
  # # %
#      %"      
%        !       
      $              "    
1#  " " "   
  # #    
 #
 "           / %    A 
 % "        #   "       
 " #    %           
 "  "  
    %  $   %     
%"        (         "  /
$                  "      
%   
      
 "    
 
   %  1#  %#          # 
  > D     *  8:5 #   $ "    
 >D%

  

      $  
*  "
 "" %  "" $ % 

26UDKDO$QP743.44




3= 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

 "        $              


$     
   A
#     !
   
   "  
Ui, . L, l
 ? 71M} <">%T
, VKDOO WDNH UHIXJH RQ D PRXQWDLQ LW ZLOO SURWHFW PH IURP WKH
IORRG2
*%  %    $        
 
1#   "   #   !   $         
" %

   
> %     "    !   "   

  
# 
!       A   $"      %" 


  %/ 
 % " # !
  # 
        A $"
  
A    %    %         %        

 
  $      $          
    "    #    "
 
 

         % "        

     "     *   B   %   % 



 #

       "  K   #   % 


  %    "    %   #
A #               %#   $" $ 
 
      ;   /       "
 %#        % # $    %  
  $  
    

U= . $ i,+
 1 4 7: -(N!" 0 %4: z # ^T
7KHQ,WROG>WKHP@3OHDGWR\RXU/RUGIRUIRUJLYHQHVV,QGHHG+H
LV WKH $OOIRUJLYLQJ +H ZLOO VHQG IRU \RX DEXQGDQW UDLQV IURP WKH
VN\3
9         $       
   


           %   "   # 
    * !
  #   ( # 
K  #  $ #   A | $     A     
  !
    $       
    

26UDK+G224
36UDK16225.22




&KDSWHU 38

A  #H  



 # #"
  " 

 
    /     A " $   
    %  /
       #  %  $ 
  A #  
 *  /  % 
 #     #     #2
  

  $   $       %  " 
% 
  3:55.# .      "    
 #      
A 9 
         % 

    / /    

        #  "           
/   / # % " #
*#%#        / #  "
 
 
    $       %         
"%   $ ?"B  9 %#  $"$
 
        "     9    "   
$          "?        $    
  
       
     / % $      %     
 

  %  %     %

+)   "  0


9   
   %    #  (         
 %  
  9  / #        $     #   
  %  
   # 9     # 
  ?         $  9   
      $   "        %           
$     %       $      (
     
 # "   "?   
     $ 

 
   %       $   
 
$   "     " %         " 
     #  ?  

    $     
 %     "   
       #     
 " B   C #   
K   #     #  "     !  
 
 $  (   "  > %     

      #  $   # (       ""  


 " " / ##  "  "    
   ?       "  $    $ ##  % 
%      
      ?        
/ #             WDMZG WDUWO 
 
#

  "  %     A
     "    "(    

26UDK0XKDPPDG466




5 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

#         %   $   %         #


%   " (#         " 
#  
9 # $  %      $ 
    $  ! 
A     %     
           "
( 
9   $     $          
    $ #
   #$ >   % %    
  
%  $  
  
    $ #  $   !
  
  "       "     "    !  %    
 " " / % $   "     
 "    
#  "    ?          
    %#  
     %       %  

 $  
#
 
      %       / #  
$   
     (     
 
       "
    9    
#"  
    / #
 # (     #   #  "   

   
*" #   $ "       ?  + # %  
 %
    " $ $  
#"  %
 
    "
 
    
     " 
  
     B   9    "         "$ 
%  "  !   
 $   (
$  #"
#" 
     
 
 
 "           %     "  " %   
             $         
   
$ #   
    $      $ #      %" 
     
 
 9     
   

 
   
       % 
     
 
 
 

  ( 


        $          "      
/  " #" UB g%o%,+
 !N $OODKLVWKH/LJKWRIWKH
2
KHDYHQVDQGWKHHDUWK A     "     !   
 %    " !     "  !      #
  
        *  
  
    
    %      "   # 
 "       %#   $    % "  " "

26UDKDO1U34:




&KDSWHU 2

        "  


     %  
"   $           "     %   $ 
 " "  # %   
   

    A  %     "  


  
    
$     
    "     $   *    
!     " #"
 UJM. 8#( % !N . (i}= T

&HUWDLQO\WKHUHKDVFRPHWR\RXDOLJKWIURP$OODKDQGDPDQLIHVW
%RRN2
* #   "  #  "  
    # 
  
  
*   " A   *
      * D  # 
  2=8%   " / #
c 4 ?  = 7X4C0% /c=  M
 7X}4 % /NC
 0l. g: P X!8# N$ ] !3
9 *      1 " %    
  ! "   
 %   "           
%  
    3
A "    #"   !   #  
    * D %   C       ( % 
 "        %      % 
"  $  %      

A # A * D        "  %    
   ! " %  "    9  "   
%   "  %  

  #    
 "           "#      " %#    
"                "   "  
 %  
%     "  1#  "  "   "
    "  %#    
     
  %#   
  #    % %  $ 
 #      9  
#     " 
A  #%        "    
"  " 
  $   $   ! " *
  
      %#  "       / #


26UDKDO0LGDK:2:
31DKMDO%DOJKDK  2=8




3 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

   " %"    "        # %  
  %      $   
    
A 
     A*D#
 Q , [ N? . |!%
9  "  % %      2
9       $ #         %     #
  
   "     # 9  A D %    
 
   $   $    
          
  
 % "      

   C   %     
 "   .  %  % " 

"!  "
*%  % "  9   9% H " #9 "DGWKDO
WKDTDOD\Q     LWUDW
 " #   
   
%  $     " 
   "        
 
   #1#""    "   

 
   $        ? 9  A
D 
%  "     $   
  
       9   #
 "  " 
  
 PXWDVKELKW   
   $   PXNDPW 
  
          " 

  % 
  
$   
    ( %   

    

     
       
 

    VXQQDW$OOK    

  $   C 
%          "   $KO DO%D\W D   $  
   % $     %       # " #
/  #   "     A LPPDK 
 !   

  %#     "        
     %         $   9     
    "    # $     ! "   "   $ 
"  %             $KO DO%D\W D   
     #% $   " 
U-%4c4 ( % c !#. N%; 2 g0N!%V: P -%=747T
7KH\ GHVLUH WR SXW RXW WKH OLJKW RI $OODK ZLWK WKHLU PRXWKV EXW
$OODKVKDOOSHUIHFW+LVOLJKWWKRXJKWKHIDLWKOHVVVKRXOGEHDYHUVH2


2,ELG




&KDSWHU 

*     * D     %   


 %    
   ! " %  "    
9           
    ! $    %  $ 
  %     %    % "    $KO DO%D\W D
  
    #C  % % "    $ # " 
*  $ # 
 $  % "  % $  
 %    #      
      
 $ C  A  #      * %    #
  "$ $   
#    "
  DZOL\
*   %   % "         $ 

#  
   $     $       

    /  % " 9  
%  " PDULIDK  %    #  
 $ #       
   A   
    #   
   !
  *
    AD% 
 
 % "   1 LOPDONLWE*#
 % %   
 %      H        $ 
   
       $ #   
 
   "     "    
    !
   
    *
    ADA
 $" % 
 
    
   %    
A.CD#
 # Y C
 ) Q 7 C
 !%    *M
 )Q , ( %    ! Wp     !  C
 !%  Q &4  {
  0 l. %  ~ * MLx 1 7 6 L   C
 !%
 D Lx 
!; 
#
~q
 , ){
  0 l.  C
 !% m
 
2;L $ 4 b* g  . % < 
!;? M   .
H        
   
 QXEXZZDK   
 
  "  
ULVODKH   "   J"  % 
 *" #H       '% $   % 
$ % $   "  #H   
  
 %     J"  " 3
*       
  A.BBD% 


 Ml
 5
5
 ..
5
5;; ~ q
 , )  C
 L1  7 = L  ) ~ q
 , )% ~
~q
 , )1  , ( 
' 8
 #(  L. - "
 5
5..=5
5
 
7>& 6 
(  ( 
;!*g( 
Q}}]x   C
 !Qn } }s 

 Ml
 , )3= ,* C
 . 
 Ml
 , )%
  % wi
A7
;#7 s 67Qn $  6 X % ~n 4  L . X Qn *0 4  X
X%
nQ*  4 t XQn %  4 ?  . Qn ! 
#7 s nQ(  Mx. 
n~4
 t

26UDKDODII72=
3%LUDO$QZU$ 37
3:8




4 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

N  


%
 a*L
. g)
N 
84 A
 7% i
iq7 
 .c  
LN>
>=;  7
!<
<$  - O O4 )  
x!
!
N+
 +
 , 
 DL#7X
 %  
 "  >=;  7-) g0  $ i  t 1 0
* 9 3  . >
#  !
  1  *    H  
 %  

  
" 
"  (  *  "     %    " #
 "          $          
%  %   " 
 "       9 " 
    "  
 "  *  "   / J" 
%  $ / % * %
  * 
 % "   " #/ " % $ /  $  
" 
ZLO\DK2
A  #"  A D   
  $   :  6UDK DO1U 
  "  *
   $KODO%D\WD   AD
9 AD       $KODO%D\WD 
    
  "      "   
 
   

QXEXZZDK9 "        %   .
 
"     $  %" %  ;$  "  9  "  
     %     %   
A.BBD#       *
    #$KODO
%D\W D       
 %   "$  "  %      9 
"    "  ZLO\DK  $KODO%D\WD#%  
" %  $ / % 

1  "    )    1 2  "


*
   $   
  
    
% 
       ! % 9    
%       %     $  % #% "
 #  "      "  # $" "#   " 
"    
      $ 
 " 
    
     $    #% 
   " #     "
      #    
 "    % #   $  "
(      
 #  % %  %
#       !  %  A   %    
    
 "       !
  "   #   $  
 %    
 C   $ #C  $ ##
  " "?        $    "  

2,ELG$ 3
24




&KDSWHU :

     / #   "


 
  $KODO
%D\WD  $ 
  "  
     / #          " #   % 
#% B #       "      
 *D


  
  $   $ "   

DN 5
 ) , 0 '<5
5 <5"
"6M? )
N*}  
.N!*"/
"/N ) b N0 
g+
 X% /
/N&MC
 0 
N " 
;}*  % /
/N0 
p
g 
  5
5..% /
/Nu : t Q.  )\  7-O O4 )
Nu: t   . N*!3% /
/=* l
 . 1R % /
/u: q
 . u t N!*3
, $ %
DN N$ &= K
 Q.  )
\  7-O O4 )N 0 1C
 .
# *   "    * %   $ ;  


   "    9     "      "  %   


      *     D %      
           %   
 A     

  H $            ;# 
G"         %   
 /     %  
 
    ;#  G"      #   
  2
*  #"       "              
  #A*D
 

        
#  %"    # "
    
  "   "   

9  AD% 

   "   "
  
$     %  $ #     
"    "   
Q 5
5
 4 9 45
5
  /
/N5
  , $ QM $% N4  9 
<#M . v
v 91(  "X3
Q .
-" . )
\  76
6L. >
>6L7N*!

,;  *%/
/  +
' : ! 3<
<$c
Cl
  L#  %/
/ &0& <
<$c
@= # %/
/N$ M 3% N#4 9   . 
!
/- O4
O4)
 D  ( ip 2  3Nx
qz # %/
/( ip O
ON $
  ;#  G"       %    1 % 
$ #  %    
      !
   %   
9    #    "  %   
     %  (    "  #  % #  J     


21DKMDO%DOJKDK  26:




7 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

$  #  $ '    # $ %"  ' "


#       ""2
  ;#  |     %    " %        
   "  
  
       %
       

 

 D %    "
# %    %  
         %   #  % 
!
   %              
 B   
     #  $% 
   %  

              

#! ! 
9          "     9     "   
  
       %        
  ;" 
  
      %#         "  

  #      9 


  #     
   $     $ 9    % 
     ;# |     $ #
 %   
%
 $ %" 
     
9 
    " "      "  # 
 
  %    
 %# #   # " 
"      "    # % $  
$     %          

      
      "       "    
      
   #    " #
     "  
 
 
    $   $ "          # B  # A     
    

  #         "  #


  
%    %         
A    $     $ 
 

 B     %    %     * D  %  
 "  %        B # 
   
 9      

   !  # % 
1 , $ X% 8+9 = % 8+9 X% 1, $ \ 3
9 #          "%     %
      "    3


2,ELG
3%LDUDO$QZU$ 3
:4'$ 66
428




&KDSWHU 6

A*D%  %   #  %     % 


         " #      
"   
(I    "  %   9   
#A# % $  #  $   %"  %   "
 1  "  %     %  
  # "
  $ "      $ # 
9  # "    # % $   

 "  ""     


A               #
 " 
# 
            
29     #  
 "%  
   " '
3& $    
 " 
   '
 A
            
        

 "
$ #  #                #  

 "%  "    $ 


H          %   
 "     
( I        %  % "       " 
&    %                $ "
   
 $           $   
     $   "  #  %      
  $ ""   #
9 / ##
 2 5
5LL ) s  *
,. % 
~
*l
-
,7%   z ) 0-
L. V  7 77_
J *#,) m
m=2 
N
7  
X `d T
8# )
<
<5
5$ `r55
55% 3- 
L 
7 2 ~4 b 
0% `M   
 .] !!3
.% ` " ]  !!3
,0 -
L. V  7 77_%
%-
: LL7
U-
 U C:) , )
2 `r5
5%  3%  ;  &0*  
 &.m
m=2
7KLV LV WKH %RRN WKHUH LV QR GRXEW LQ LW D JXLGDQFH WR WKH *RG
ZDU\ ZKR EHOLHYH LQ WKH 8QVHHQ DQG PDLQWDLQ WKH SUD\HU DQG
VSHQGRXWRIZKDW:HKDYHSURYLGHGIRUWKHPDQGZKREHOLHYHLQ
ZKDW KDV EHHQ VHQW GRZQ WR \RX DQG ZKDW ZDV VHQW GRZQ EHIRUH
\RXDQGDUHFHUWDLQRIWKH+HUHDIWHU7KRVHZKRIROORZWKHLU/RUGV
JXLGDQFHLWLVWKH\ZKRDUHWKHIHOLFLWRXV2


26UDKDO%DTDUDK33.:




= 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

    %    %      PQ  $   "   
A   #  $     
      $  $ # $  
   %     " #
 $        
  # $        " " $    
 
 
              

A  *  D       "       # "
 "  "    #   "

 #
A  / #    %      $      $  % 
   #
   $  
 A       $ 
(     % # B  $        PXQILTQ
#
  9  !           $   
" 
 $        $    / #

* !$D%!  !   0


9  / #           A  D  
$                 
 "     $  % 
     
         
      !       "
  
 $ # $  
#   A    "    $      
 $  $..$     / #  
   A D !  "$   
/  %   #    A D !  "
      AA  D   
%   !
" 
   .          
%  
     %     #"        
C   %  

    #
A           / #    $     "   
A  D         #  / %         $ #
 "
   !
   > # $ #
  "  !   
"         *    AD
 A D%  #   !      
 "%  "     (  $    
            %     %  
     (     
 "  $    * 
    % %    ( %    " %

      #  %   #   $  " 
  %     
 
  
   # 
 K !
 #   
                 
% $              %#
 1# %# %  #     $     




&KDSWHU 8

   $     %     "      
#   "     A D   % 
        %    %       
!  %        "     A #   A   $  
  GDO $UFKDQJHO*DEULHO  D     % %  
%  %   %      
%          "     
   !  " $      % I %  
#     A D%     # $   
H     " #           #  %     
 $            
.)1? )
^03
7 m
m4
d. 4h !
!`C
 0d) 3&
!3 \L, )
m
m3&
!" 
*L0
7
 
? +
* 
N? . 
 0
*,  
U 7 740 *l
 U  . N i
it-
- "
 !=
 # 4.V  
:KHQ KH ZDV ROG HQRXJK WR DVVLVW LQ KLV HQGHDYRU KH VDLG 0\
VRQ,VHHLQDGUHDPWKDW,DPVDFULILFLQJ\RX6D\ZKDW\RXWKLQN
+HVDLG)DWKHU'RZKDWHYHU\RXKDYHEHHQFRPPDQGHGWRGR,I
$OODKZLVKHV\RXZLOOILQGPHSDWLHQW2
   "      A D> % #
  $    "            J    
             # % 
   #    #     $ %  
 
"    
    "      " #  $ 
(
  A D    %              
   H    "     !   $ 
  %   "    
 
#   "    
        / D)DWKHU'RZKDWHYHU\RX
KDYH EHHQ FRPPDQGHG ,I $OODK ZLVKHV \RX ZLOO ILQG PH SDWLHQW   
   "   
    !  # /A
 $  % /          ##1#
 %  
   A %
   ..    $   
 AD  #   %
%   *  

  !  !
     $"   A D
       #C "A D% 
UJ( 4 q
 ,  . !3.% :L9 B W %o%,+
 4P >_; } % ^; } % !"T


26UDKDOIIW6253




45 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

,QGHHG , KDYH WXUQHG P\ IDFH WRZDUG +LP ZKR RULJLQDWHG WKH
KHDYHQV DQG WKH HDUWK DV D DQI DQG , DP QRW RQH RI WKH
SRO\WKHLVWV2
H    $            A  D    
            "    #  "  
     
9                     $   %   %
 ?  
 "  "      " 
     
    $ "   
 $  




26UDKDO$QP768






#
#

       
 ! 

! ! 
A 
 $   
 %  $             
  $ "    #.    $  H  $ 
 "   $     #  "             
     %       > % A %    
  
C    > %  "  !      % #   %   
  
   
# 
  
H  % 
#         %        
  $  ."$"
     %  "  9 
#    
             C   H # %  
 
 %  "  A  #%          
      "$   
       # 
" 
   

       "      $ 
$ 
   B          "  1DKM DO
%DOJKDK %     / %   DUDW $O D  #   

      #%       ""  1   


#"
 "      DUDW$O D A%      
B    %
 # 
+         $       "    
      "           
/ #  *           #       


43 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

      9 


 ( .( 2  
    %  %   
  UDP\   $    "   
   QDIV DODPPUDK %    "   / #   
           "$ 
       %    $ 
  $   
   $         $    "
  %     "   $  $      "  / #
 A         % $  

     %  %  $ 
   #%  $  " #     
#
  
%  $  #
  $    %  $   #  
/  "  / %        #   $    /   %
  / $ %  "     /   
%  $ "    A  #%    $  
 

      #     $            
$ "   
9                      "    $ 
"    $   
      $  #   

 B"     .     A 


 
     %    

    !
 
# !
      
    
 
            
 $    # 
  $ #I  
 
       %   
    
     # 
    #   #  

    $    


  #   1 
          
          %  

 
        
   %    
   
     "      "  #
  A       

           "         


   
%      "         
     
B     "    ""
#   
       "       $      %"  $   
  
 
  A         
    $  

       #   # 


 
   
 "
# &  " 
    % $  #

 
              B"    ""  
 
 "  "   $  %      
   $ 
  

  


2( .(       $ " ( ./0,  
     (?  
  %    DMM SLOJULPV VSHQG WKH QLJKW RQ WKHLU
UHWXUQIURP$UDIDK 

65
   
 UDP\ MDPDUW
     
  # ?" (,9




&KDSWHU 4

$ #%     # 


     #   
   "  $   %      
   # %  
   #                    $   9 
        %          "     
#        
 B"         
       #  
 "    " 
$          $%  % 
  #     "  %        $  

  
     %    "        #         
 
       #%  % %   


   
H  %  # !       $     . "   
  

 $   1DKM DO%DOJKDK > % %  % #   


 %#    "       "   % 
B          *D

  3#$D% ()     


*           %    "$    %   ;# 
|     
       %         

        $       #
A * D $  

   I       " 
        % (  # "  %# 
J   $  #  $ 29   #D %   " 
/H D %     J   "  9 
"   % #   I  $     $ "  
   %     "   $      %   $   
I    "          %     $    
 
   #   $ #
 ? % #    
   #9  # $   % #
 
  
 $      %  $   # #    "  #      

   %  " 


 
DUDW$O D DGYLVHV0XVOLPVDQGWKRVHZKRDUHORRNLQJIRUIHOLFLW\LQ
WKLVZRUOGDQGWKHKHUHDIWHUWRWDNHWKH4XUDQDVWKHLUJXLGHDQGSD\KHHG
WRLWVVLQFHUHDGPRQLWLRQVIRU


21DKMDO%DOJKDK  26:




44 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

-3 oCl-,?7 7_JL.V,4qM7%\ 32#>=;7-O4_52-"T


 UM(4}3;
,QGHHGWKLV4XUDQJXLGHVWRZKDWLV PRVWXSULJKWDQGJLYHVWKH
JRRG QHZV WR WKH IDLWKIXO ZKR GR ULJKWHRXV GHHGV WKDW WKHUH LV D
JUHDWUHZDUGIRUWKHP2
7KHSRLQWZKLFKLVHPSKDVL]HGLVWKHQHFHVVLW\IRUILUPEHOLHILQWKHFRQWHQW
RIWKLVQREOHYHUVHIRURQFHVXFKIDLWKLQWKH4XUDQGRHVQRWH[LVWLQPDQ
DQG KH GRHV QRW WRWDOO\ VXEPLW KLPVHOI WR *RG DQG HPSW\ KLPVHOI RI
SUHMXGJPHQWVDQGFDUQDOGHVLUHVLWLVSRVVLEOHIRUKLPWRVXFFXPEWRVDWDQLF
WHPSWDWLRQV DQG JR DVWUD\ 2QFH KH FRQVXOWV WKH 4XUDQ KH XQFRQVFLRXVO\
ORRNVIRUYHUVHVWKDWVHHPLQJO\FRQFRUGZLWKKLVFDUQDOGHVLUHV
2EYLRXVO\ WKH LQMXQFWLRQV DQG GHFUHHV RI WKH 4XUDQ DUH QRW KDUPRQLRXV
ZLWKWKHFDUQDOGHVLUHVDQGEHVWLDOLQFOLQDWLRQVRIPDQ7KXVZKHQHYHUWKH
4XUDQ VWDWHV VRPHWKLQJ DJDLQVW KLV SHUVRQDO LQFOLQDWLRQV KH LV GLVSOHDVHG
DQGZKHQHYHU4XUDQLFYHUVHVDUHFRQVLVWHQWZLWKKLVFDUQDOLQFOLQDWLRQVKH
DFFHSWV WKHP ZLWK RSHQ DUPV 2I FRXUVH DOO WKHVH UHDFWLRQV DUH H[SUHVVHG
VHFUHWO\LQKLVKHDUWEXWWKHLUHIIHFWVDUHPDQLIHVWHGWKURXJKKLVDFWLRQVDQG
EHKDYLRU$VVXFKUHDVRQGHPDQGVWKDWEHIRUHFRQVXOWLQJWKH4XUDQPDQ
HPSWLHVKLVPLQGRIDQ\IRUPRIVHOIFHQWHUHGQHVVVRWKDWKHFDQHQWHUWKH
VFKRRORIWKH4XUDQZLWKDVSLULWRI*RGFHQWHUHGQHVV,WLVLQWKLVPDQQHU
REVHUYLQJWKHHWLTXHWWHVVLQFHUHO\WKDWPDQDFTXLUHVGLYLQHJQRVLV

. "   4WDIVUELUUD\5  


$ #    $   # A    %   
$     " 
    $        $       +  
    "  MLKGMLKGDODNEDU
A      
#  "     "   
 $ 
 
   WDIVUELUUD\       
        !
             
 "    
  %       "
 
         "  A 
    "   
 "  
       %   #   
 
       %   # ""   
   % 

# "   " 


 

  %      
  H   
 $    "    %     "   
%      C       C  
!
  
 
 #     9 

26UDKDO,VU %DQ,VUO268




&KDSWHU 4:

# B #   %     $     "   %  "


$ #   
#  " "  % 
   $    
  "    "      
  " $      
A  " 
   #
   " 
     
      VSHFXODWLYH LQWHUSUHWDWLRQ WDIVU ELUUD\ 
 "    %     

      
  
 " "  9     

    " 
$ $      # " #    
'
 5
5## )
 5!
5
 .
.    $ 
] ""3
.%    $ N
^, ? " %
%4( d) %
%]2 N
o7O
O%_ X%  T
 #*
 U
U$ i  t 1 0 N 
-3
, $ %N)

*%N0 
h ? 7Q, ) C
 )%
'RQRWWDNHWKHVLJQVRI$OODKLQGHULVLRQDQGUHPHPEHU$OODKV
EOHVVLQJVXSRQ\RXDQGZKDW+HKDVVHQWGRZQWR\RXRIWKH%RRN
DQG ZLVGRP WR DGYLVH \RX WKHUHZLWK %H ZDU\ RI $OODK DQG NQRZ
WKDW$OODKKDVNQRZOHGJHRIDOOWKLQJV2
*         %      "   
   %   $  $   9  % %    " 
  B      
       
  
H    "  
 
  $  #  
A 

   
#      
      
D.
 ( N 734 04 +
   . 0  . O.
N 
 } 1 } 
   
     
9 (  "  * 
*  # /    "    /  %   
  (# H 
 "  
     ( 3
( %   *
   
   $ 
 '
 _  
 8 $m
 4#=  N 734 0- O4 4 +
   .
/  %   
     "  
  
    * 
9   %    
 $   $ 
   
   
       H     #  

           ! 9 

  

26UDKDO%DTDUDK332
3 # .C$O7DZG
7=
%LUDO$QZU$ 7
336




47 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

   
     "     
"     %               %  
 $    
     ;# G"  A  " *
  
  
 L  . c = ?  . 3 M#N 734 0- O4  4 +
   .
9         %   
     "  

    + 2
9                "$            
$  
""   !   
 %#   "   

   $       "  $   
    % 
 "   % # " " 
   .       /

"!3#$D% "   


*                 %        
#           %       A   
%          %       $ % 
          $ 
           #
      "   
          #
 "   

  #     " 


 

    
  
 #  $"   %    "  /   
 %  # 
#        
            *
D
A         "$ 
 
  $  A*D
 ( i ON$ ,; %
;    # $ %"   3
9     # H  #  ""     "   
 " 
    %  # 
 B"  
   $    
    $ % $..$        # 
 

   A*D
| "#          


2$ZODO/DOYROS
31DKMDO%DOJKDK  26:
,ELG




&KDSWHU 46

A        $                     


   %     .%  WDTZ    " 
 
 "  / #     A D       


       " 


 " % 

     % "%  $       
  ( i 2 3Nqz #
 %
| "#          2
9     # &   #      % "  

     # 
            %  #  % %#    
$ "     $  
9           "  %     "      
      
 #  #   !      
   
 
  %   
       
B   / #  
     $ 
   % "
  $          " 
        #       # 



)  "   ( " (


9     %     

 $    " %   / #  
 "   "
2  
 $     .       
    
 $   /
3 
 $ %   "         
         
       "  !  
 "         #  % # 
'  .    $..$ .    
A        $           #  
 $ 
B      %       % 
 
%#    "           
  
  $      
 #     
    * "#     $  
 $   
    
  " 
 "     #% 
!
  
    $     * D      # 
 "
 B"   
""        A 


 $ %     " 
    A*D

2,ELG




4= 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

( A    $   $     "       # 
WDIVUELUUD\   $  
 #
"    

 B"    
  * %   $  
      % 
   $  AP$OV D ZRUGVLQFODVVLI\LQJKXPDQEHLQJV
RQ WKHLU GHJUHH RI VHUYLWXGH WR *RG LQWR WZR PDLQ JURXSV DQG EH PRUH
DFTXDLQWHG ZLWK KLV SV\FKRORJLFDO NQRZOHGJH RI WKH KXPDQ SV\FKH LQ
UHODWLRQWRUHOLJLRQDQGGLYLQHFRPPDQGPHQWV
1#  "         " 
  D
     % 
" 
  %
2   " 
       %  $   
 #  % "  
 $             "$ 

       % 
     $   %   
 
> #   $ %   #  % "   $ #  
    #
 B    "   
" 
   $    $   
A " " 
 *D
 N +
 : "8$ N"$3=M$ N&6M$ 9 3 . -&/6M$
A        $   *    %  *   "$ 

%   "  
 2
9 A*D        "  

 
 N ] L. -(e9 ] L7% /N 19 e9 1C
 7/N. .&% c= R ; /N. .s  . '#   . 3= 
9   " %        # #
  
$    9      "   
/ "  %%  
  % % "    
%       %3
9  " 
  
         "      
B  $       A  " "   
B    / #  " B  $      $ 
  #    $   $      

   %     


   $ $  
  $ %   % #  $ 
 "  $ #
 $     "' $  
   $      
  %     %    

21DKMDO%DOJKDK  =7
3,ELG




&KDSWHU 48

 $     #        % ! # %    


B '   % 
3

    " 
   

 %      
#   "  !   
        
  %  
$    
    
B  
 9  # "  !  $   "   
       

  $ #
    %   %    
      #     "    


           


     
 
 %      # !
   
 A  
   " %         "    
$ #"$  

 $     "   
$   B       %  %  $  #
               "$   "   
   
%  * "    $                
  #  "  !    "  
  |  $ #
 
     "      #  "  !   " 
 %   $ #        #   # 
 "   " 

2 ( &    !  (    ( ! 6!!  
  7
,W LV FOHDU WKDW ZKDW LV SUHVHQWHG WRGD\ LQ RXU VRFLHW\ DV GLIIHUHQW
LQWHUSUHWDWLRQV RI UHOLJLRQ HPDQDWHV IURP WKH VHFRQG JURXS $OWKRXJK WKH
DERYHPHQWLRQHG WHUP LV DGYDQFHG E\ VRFDOOHG 0XVOLP LQWHOOHFWXDOV WKH
HVVHQFH RI WKH QRWLRQ RI GLIIHUHQW LQWHUSUHWDWLRQV RI UHOLJLRQ PXVW EH
VRXJKWLQKXPDQLVPRUPDQFHQWHUHGQHVV$VVWDWHGEHIRUHWKHVDLGQRWLRQ
UHJDUGV WKH UHOLJLRXV DFFRXQWV RUGLQDQFHV DQG LQMXQFWLRQV RI KHDYHQO\
VFULSWXUHVDVPHDQLQJOHVVDQGLWKROGVWKDWWKH4XUDQRUDQ\UHOLJLRXVWH[W
LVVLOHQWDQGODFNVDQ\PHDQLQJDQGFRQFHSWLQIDFWLWLVZHKXPDQVKDYLQJ
RXURZQSUHFRQFHSWLRQVZKRDWWULEXWHRXUXQGHUVWDQGLQJDQGLQWHUSUHWDWLRQ
WR UHOLJLRQ DQG WKH 4XUDQ $FFRUGLQJO\ WKH 4XUDQKDV QR PHVVDJH RI LWV
RZQDQGGRHVQRWVSHDNRIDQ\WUXWK
:LWKWKHSXUSRVHRIFODULI\LQJWKHQDWXUHRIWKLVWKRXJKWDQGXQGHUVWDQGLQJ
WKH DUJXPHQW RI LWV SURSRQHQWV RQ WKH VLOHQFH RI UHOLJLRQ DQG WKH
SRVVLELOLW\RIGLIIHUHQWLQWHUSUHWDWLRQVFLWLQJDQH[DPSOHPLJKWSURYHXVHIXO




:5 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

3HUKDSV HYHU\ERG\ LV PRUH RU OHVV IDPLOLDU ZLWK WKH 'YQ >FROOHFWLRQ RI
SRHWU\@ RI IL DQG WKH JKD]DOV DQG RWKHU SRHPV RI WKLV JUHDW SRHW DQG
SURPLQHQW P\VWLF 7KH GLIIHUHQW UHDGLQJV RI WKH GYQ RI IL DQG WKH
SRHPV RI WKLV JUHDW SRHW PHDQ WKDW WKH FRPSRVHU RI WKHVH SRHPV KDV QRW
PHDQW DQ\WKLQJ LQ WKH ZRUGV DQG H[SUHVVLRQV XVHG LQ SRHWU\ +H KDV RQO\
SXW PHDQLQJOHVV ZRUGV DQG H[SUHVVLRQV WRJHWKHU LQ D UK\WKPLFDO IRUP DQG
DUUDQJHGWKHPDVHPSW\IUDPHZRUNVEXWRIFRXUVHZLWKDYHU\HOHJDQWDQG
DWWUDFWLYHUK\WKP7KDWLVZKLOHKDYLQJQRPHDQLQJSXUSRVHDQGLQWHQWLRQ
LQPLQGWKHSRHWKDVUHFLWHGWKHP
,QDFFRUGDQFHZLWKWKHQRWLRQRIGLIIHUHQWUHDGLQJVLWLVVDLGWKDWWKHJKD]DOV
DQG RWKHU SRHPV RI IL DUH GHYRLG RI DQ\ PHDQLQJ %\ FRQVXOWLQJ WKH
ERRNIRUDVSHFLILFSXUSRVHDQGPLQGVHWHYHU\RQHRSHQVWKHERRNRIIL
DQG LQWHUSUHWV WKH ILUVW SRHP LQ D SDJH RU D JKD]DO LQ D FHUWDLQ ZD\ )RU
H[DPSOH RQH ZKR KDV D SDWLHQW DQG ZLVKHV IRU KLV UHFRYHU\ FRQVXOWV WKH
ERRN DQG XQGHUVWDQGV IURP D JKD]DO WKDW KLV SDWLHQW ZLOO QRW JHW ZHOO
$QRWKHU SHUVRQ ZKR KDV D GHEW XQGHUVWDQGV IURP WKH VDPH JKD]DO WKDW KH
ZLOOVRRQSD\LW$WKLUGSHUVRQZKRKRSHVIRUWKHUHWXUQKRPHRIKLVORYHG
RQH ZKR LV RQ D MRXUQH\ UHFHLYHV IURP LW JODG WLGLQJV RI WKH UHWXUQ RI KLV
EHORYHG ,Q JHQHUDO HYHU\RQH XQGHUVWDQGV VRPHWKLQJ IURP WKHVH ZRUGV
DFFRUGLQJWRKLVPLQGVHW,QUHDOLW\LWLVWKHLQGLYLGXDOVZKRJLYHWKHERRN
RIIL]WKHSRZHURIVSHHFK(YHU\RQHSXWVKLVRZQZRUGVLQWKHPRXWKRI
IL DQG DOO LQWHUSUHWDWLRQV MXVWLILFDWLRQV DQG SHUFHSWLRQV DUH FRQVLGHUHG
FRUUHFW EHFDXVH WKHVH XQGHUVWDQGLQJV DUH WKRVH RI LQGLYLGXDOV ZKLOH WKH
H[SUHVVLRQVZRUGVJKD]DOVDQGRWKHUSRHPVDUHDVVXPHGPHDQLQJOHVV
7KLVQRWLRQLVH[DFWO\WKHVDPHDVWKHGLIIHUHQWLQWHUSUHWDWLRQVRIUHOLJLRQ
ZKLFKFRQVLGHUVWKH4XUDQRUDQ\UHOLJLRXVWH[WPHDQLQJOHVVDQGGHYRLGRI
DQ\ PHVVDJH RU VLJQLILFDQFH 7KH SURSRQHQWV RI WKLV LGHD DVVXPH WKDW WKH
4XUDQGRHVQRWVWDWHZKDWWRGRRUQRWWRGRDQGZKDWLVWUXHDQGFRUUHFWRU
ZKDW LV IDOVH DQG ZURQJ 5DWKHU LW LV LQGLYLGXDOV ZKR LQWHUSUHW WUXWK DQG
IDOVHKRRG IURP WKH 4XUDQ DFFRUGLQJ WR WKHLU RZQ PLQGVHWV 6LQFH WKHVH
WKLQJVRULJLQDWHIURPWKHPLQGVRILQGLYLGXDOVDOORIWKHPFDQEHFRQVLGHUHG
FRUUHFW ,Q IDFW WR MXGJH WKHP DV FRUUHFW RU RWKHUZLVH LV PHDQLQJOHVV
EHFDXVHDOOGLIIHUHQWLQWHUSUHWDWLRQVRIDYHUVHWKRXJKFRQWUDGLFWRU\WRRQH
DQRWKHU DUH FRQVLGHUHG FRUUHFW $ SHUVRQ XQGHUVWDQGV IURP D JKD]DO RI

2 D %,B    .; ( ) /0,?E  ,?  23:.282 %     
  #   #  
 "#     #      
   
   JKD]DO 9
3*KD]DO#   
#%  #    %  $   
  %"$   H  
      #   !
 
    $ 
              
  !
  $       
 9




&KDSWHU :2

IL] WKDW KLV SDWLHQW ZLOO JHW ZHOO $QRWKHU SHUVRQ OHDUQV IURP LW WKDW KLV
ORYHG RQH ZKR LV WUDYHOLQJ ZLOO UHWXUQ VRRQ $ WKLUG SHUVRQ EHFRPHV
KRSHOHVVDQGH[SHFWVWKHGHDWKRIKLVSDWLHQW
7KHSURSRQHQWVRIWKHQRWLRQRIGLIIHUHQWLQWHUSUHWDWLRQVRIUHOLJLRQFODLP
WKDW WKH 4XUDQ RU DQ\ UHOLJLRXV WH[W LV DOVR OLNH WKDW 7KH\ EHOLHYH WKDW
LQGLYLGXDOVDUHQRWVXSSRVHGWRDFFXVHRQHDQRWKHURIPLVXQGHUVWDQGLQJWKH
4XUDQ EHFDXVH XQGHUVWDQGLQJ LW GRHV QRW UHTXLUH DQ\ H[SHUWLVH VLQFH WKH
4XUDQ RU DQ\ UHOLJLRXV WH[W KDV QR PHVVDJH RI LWV RZQ IRU LW WR EH
XQGHUVWRRG 7KH IDFW RI WKH PDWWHU LV WKDW XQGHUVWDQGLQJ LV ZLWKLQ WKH
UHDOPRIPDQ,QRXURSLQLRQWKHSURPRWLRQRIWKLVLGHDLVPHDQWWRDWWDLQ
FHUWDLQ SROLWLFDO JRDOV EXW LW LV RXWZDUGO\ DGYDQFHG DQG SURPRWHG DV D
UHOLJLRXVHSLVWHPRORJLFDOWKHRU\DQGFDOOHGQHZLQWHUSUHWDWLRQRIUHOLJLRQ
VWUDLJKW SDWKV RU WKH OLNH 5HOLJLRXV SOXUDOLVP ZKLFK LV SUHVHQWHG LQ WKH
IUDPHZRUNRIGLIIHUHQWLQWHUSUHWDWLRQVRIUHOLJLRQLVQRWYHU\ORJLFDOO\RU
UDWLRQDOO\ VXEVWDQWLDWHG 2QFH D UDWLRQDO SHUVRQ H[DPLQHV WKH URRWV RI WKLV
LGHDDQGLWVHIIHFWVKHZLOOXQGRXEWHGO\FRQILUPLWVIDOVLW\DQGIXWLOLW\2Q
WKHRWKHUKDQGJLYHQWKHGHVWUXFWLYHLPSDFWVRISOXUDOLVWWKRXJKWLQUHOLJLRXV
VRFLHW\LWFDQQRWHDVLO\EHLJQRUHG
,WVHHPVWKDWFRXSOHGZLWKWKRXVDQGVRI\HDUVRIH[SHULHQFHRQHRIWKHPRVW
HIIHFWLYH VQDUHV ZKLFK 6DWDQWKLV VZRUQ HQHP\ RI PDQNLQGKDV XVHG
VLQFHWKHFUHDWLRQRIDUDWGDP $GDP  D WRGHFHLYHWKHZRUVKLSSHUV
RI*RGDQGPRQRWKHLVWVLVWRDGYDQFHWKHQRWLRQRIGLIIHUHQWLQWHUSUHWDWLRQV
RIUHOLJLRQ,QVSLUHGE\WKLVVDWDQLFWKLQNLQJVRFDOOHGLQWHOOHFWXDOVUXVKWR
WKHKHOSRI6DWDQDQGH[HUWDOOHIIRUWVWRDVVLVWKLPLQWKLVUHJDUG7KH\KDYH
SODFHG WKHLU WDOHQWV DQG SRZHUV RI RUDO DQG ZULWWHQ H[SUHVVLRQV DW WKH
GLVSRVDORI6DWDQDQGVHWWKHPVHOYHVDVLQVWUXPHQWVWRPLVJXLGHSHRSOH
:HKDYHWRWKLQNDVPXFKDVSRVVLEOHDERXWWKHWUXHPHDQLQJRIGLIIHUHQW
LQWHUSUHWDWLRQV RI UHOLJLRQ RU VWUDLJKW SDWKV DQG WR UHIOHFW RQ WKH
GHVWUXFWLYHHIIHFWVDQGUHSHUFXVVLRQVRIWKLVDWKHLVWLFWKRXJKWVRWKDWZHFDQ
ILQGRXWWKHJRDOVRIWKHIRXQGHUVDQGSURSRQHQWVRIWKLVVDWDQLFVQDUHDQG
UHDOL]HWKHLQWHQVLW\RIWKHLUPRYHPHQW
,QDQ\FDVHRQFHZHFRPSDUHWKLVWHQGHQF\ZLWKWKDWRIWKHILUVWJURXS>ZH
ZLOO ILQG RXW WKDW@ WKH VSLULW RI WKH ILUVW WHQGHQF\ LV *RGFHQWHUHGQHVV RU
VHUYLWXGH DQG VXEPLVVLRQ WR *RG WKH ([DOWHG DQGWKH VSLULW RI WKH VHFRQG
WHQGHQF\ LV PDQFHQWHUHGQHVV RU NHHSLQJ DZD\ IURP *RG DQG +LV
FRPPDQGPHQWV ,Q WKH ILUVW WHQGHQF\ WKH HIIRUWV DUH JHQHUDOO\ H[HUWHG IRU
PDQ WR DFFHSW KLV VHUYLWXGH WR *RG WKH ([DOWHG ZKLOH LQ WKH VHFRQG
WHQGHQF\ WKH HIIRUWV DUH H[HUWHG IRU PDQ WR GHQ\ KLV VHUYLWXGH WR *RG DQG
LQGXOJH LQ EHVWLDO LQFOLQDWLRQV DQG SDVVLRQV 7KLV WHQGHQF\ VHWV KXPDQ
LQFOLQDWLRQV DQG GHVLUHV DV WKH HVVHQFH DQG WULHV WR LQWHUSUHW DQG MXVWLI\
UHOLJLRQRUWKH4XUDQDFFRUGLQJWRWKHP




:3 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

3HUKDSV RQH RI WKH UHDVRQV EHKLQG WKH HPSKDVLV RI WKH 4XUDQ RQ LWV
GHVFULSWLRQVVXFKDV UJM. -O4 % '#
 o7O`-7KHVHDUHWKHVLJQVRIWKH
%RRN DQG D PDQLIHVW 4XUDQ2  U J
 M.   04 $  - +0 T,Q D FOHDU $UDELF
ODQJXDJH3UJM. '#( % -O4 o7O`-7KHVHDUHWKHVLJQVRIWKH4XUDQ
DQGDPDQLIHVW%RRNUJM. '#( % "N . (i}= T&HUWDLQO\WKHUH
KDVFRPHWR\RXDOLJKWIURP$OODKDQGDPDQLIHVW%RRN4%   " " 
  #  #  !
 $       ! # 
 $  
 $  "         
      "      #
 "    " #  $"      " 

   

9         "   %     !  
       #   

   %  


   1#    "    (    #.    %
$   "  $  #  %"
 ( %   C    %   
 
   
  
 "   "B  %  %   % % 

  "  ! "8( "&  "    ( 
  ( 
,WLVHYLGHQWWKDWQRWHYHU\RQHFDQXQGHUVWDQGDQGLQWHUSUHWWKH4XUDQMXVW
DVQRWHYHU\RQHFDQXQGHUVWDQGVXEWOHVFLHQWLILFIDFWVLQDQ\ILHOGRUGRPDLQ
7R XQGHUVWDQG FRPSOH[ PDWKHPDWLFDO HTXDWLRQV RU VXEWOHWLHV RI RWKHU
VFLHQFHVLVZLWKLQWKHFRPSHWHQFHRIWKHH[SHUWVRQO\DQGWKHQRQH[SHUWV
DUHQRWRQO\LQFDSDEOHRIH[SUHVVLQJYLHZVLQWKLVUHJDUGEXWWKHLUYLHZVDUH
GHYRLGRIDQ\YDOXHZKDWVRHYHU
&RQFHUQLQJ WKH 4XUDQ WKH YLHZV RI WKRVH ZKR DUH QRW IDPLOLDU ZLWK WKH
UHOLJLRXVVFLHQFHVDQGWHDFKLQJVDUHGHYRLGRIDQ\YDOXHDQGLPSRUWDQFH,W
LVWUXHWKDWWKH4XUDQKDVEHHQUHYHDOHGLQDFOHDUDQGHORTXHQWODQJXDJHVR
WKDWWKHSHRSOHFDQXQGHUVWDQGDQGSXWLWLQWRSUDFWLFHEXWLWGRHVQRWPHDQ
WKDWWKHSURIXQGLW\RILWVNQRZOHGJH>PDULI@FDQXQLIRUPO\EHJUDVSHGE\
RQH DQG DOO :KDW FDQ EH XQGHUVWRRG E\ WKH FRPPRQ SHRSOH IURP WKH
4XUDQ LV WKDW OHYHO RI PHDQLQJ ZKLFK WKH 4XUDQ LWVHOI PHQWLRQV WR WKH
HIIHFW:HUHYHDOHGWKH4XUDQLQSODLQODQJXDJH7KDWLVWKH4XUDQKDV
EHHQ UHYHDOHG LQ VXFK D PDQQHU WKDW DQ\RQH ZKR NQRZV $UDELF DQG

26UDKDOLMU2:2
36UDKDO6KXDU3728:
6UDKDO1DPO362
46UDKDO0LGDK:2:




&KDSWHU :

SRVVHVVHVWKHVSLULWRIVHUYLWXGHWR*RGFDQXQGHUVWDQGLWDQGEHQHILWIURPLW
DFFRUGLQJ WR KLV RZQ LQWHOOHFWXDO OHYHO +RZHYHU WR IDWKRP WKH PHDQLQJV
DQG NQRZOHGJH >PDULI@ RI WKH 4XUDQ D JUHDW GHDO RI UHIOHFWLRQ DQG
WKLQNLQJLVQHHGHG,QWKLVUHJDUGWKH4XUDQVD\V
 U- ? 
 ? 04 $ "O4 cL] "3"&-
,QGHHG:HKDYHVHQWLWGRZQDVDQ$UDELF4XUDQVRWKDW\RXPD\
DSSO\UHDVRQ2
 U- ? 
 ? 04 $ "O4 cL? } "&-
:H KDYH PDGH LW DQ $UDELF 4XUDQ VR WKDW \RX PD\ DSSO\
UHDVRQ3
,Q JHQHUDO WKH YHUVHV WKDW LQYLWH PDQNLQG WR UHIOHFW DQG DSSO\ UHDVRQ
UHJDUGLQJ WKH 4XUDQ DQG LWV WHDFKLQJV WHOO XV WKDW ZH VKRXOG QRW RQO\
GHSHQG RQ WKH RXWZDUG PHDQLQJV RI WKH 4XUDQ ,QVWHDG E\ UHO\LQJ XSRQ
UHIOHFWLRQ UHDVRQ DQG WKH NQRZOHGJH RI WKH $KO DO%D\W D  ZH KDYH WR
H[SORUH WKH SURIXQGLW\ DQG VXEWOHWLHV RI WKH 4XUDQ DQG EHQHILW IURP WKLV
WUHDVXUHRIGLYLQHNQRZOHGJHPRUHWKDQHYHU7KHUHIRUHWRXQGHUVWDQGWKH
4XUDQ DQG LQWHUSUHW LWV VXEOLPH NQRZOHGJH >PDULI@ LV RQO\ ZLWKLQ WKH
FRPSHWHQFH RI WKH H[SHUWV ZKR DUH DFTXDLQWHG ZLWK WKH NQRZOHGJH RI WKH
$KO DO%D\W D  $ QHRSK\WH ZLWKRXW DQ\ NQRZOHGJH RI UHOLJLRQ DQG WKH
SULQFLSOHV DQG UXOHV JRYHUQLQJ WKH H[HJHVLV >WDIVU@ RI WKH 4XUDQ KDV QR
ULJKW WR H[SUHVV D YLHZ RU VD\ DQ\WKLQJ XQGHU WKH QDPH RI D QHZ
LQWHUSUHWDWLRQRIUHOLJLRQDQGLWVODZVDQGWHDFKLQJV

1!!   ( !& ( (!""" 


0DQ\ WUDGLWLRQV >DGWK@ FDQ EH TXRWHG DV SRLQWLQJ WRZDUGV WKH LQQHU
>ELQ@DQGRXWHU>KLU@DVSHFWVRI4XUDQLFNQRZOHGJH>PDULI@DQGQRW
HYHU\RQHLVFDSDEOHRIGLVFHUQLQJLWVGHSWK$VVWDWHGEHIRUHWKH4XUDQLVD
GHHS DQG ERXQGOHVV RFHDQ 'HSHQGLQJ RQ RQHV FDSDELOLW\ DQG VNLOO LQ
GLYLQJ DQ\RQH FDQ JR VHDUFKLQJ IRU WKDW RFHDQLF MHZHO RI NQRZOHGJH JR
IXUWKHU EH\RQG WKH RXWZDUG DVSHFWV >DZKLU@ IDWKRP LWV SURIRXQG
NQRZOHGJHDQGLQIHUYDULRXVIDFWVRIGLYHUVHPHDQLQJVIURPDVLQJOHYHUVH
ZLWKRXW WKH PLQXWHVW FRQWUDGLFWLRQ 7KLV LV LQ LWVHOI RQH RI WKH PLUDFOHV
>PXML]W@RIWKH4XUDQ
)RULQVWDQFHWKH4XUDQWKXVVWDWHV


26UDK<VXI233
36UDKDO=XNKUXI4




:4 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

 U=,C
 Lz 2 N%N8&i4 : #"3aL;737T
2 PDQNLQG <RX DUH WKH RQHV ZKR VWDQG LQ QHHG RI $OODK DQG
$OODKLV+HZKRLVWKH$OOVXIILFLHQWWKH$OOODXGDEOH2
:KDWFRPPRQSHRSOHXQGHUVWDQGIURPWKLVYHUVHDVLWRXWZDUGO\LQGLFDWHVLV
WKDWZHDUHLQQHHGRI*RGWKH([DOWHGZKRLVVHOIVXIILFLHQWDQGZRUWK\RI
SUDLVH %\ WKH ZRUG IDTU >SRYHUW\@ ZKDW FRPH WR WKH PLQGV RI FRPPRQ
SHRSOH DUH KXPDQ QHHGV IRU VXEVLVWHQFH VXFK DV IRRG FORWKLQJ DQG RWKHUV
%\FUHDWLQJWKHLUFDXVHVDQGHIIHFWV*RGWKH([DOWHGSURYLGHVPHDQVIRU
WKHVXEVLVWHQFHJURZWKDQGHYROXWLRQRIPDQ$WWKLVOHYHORIXQGHUVWDQGLQJ
ZKLFKLVWKHRXWZDUGOHYHOWKH4XUDQLVFOHDUDQGHYLGHQWDQGDOOWKRVH
ZKRNQRZLWVODQJXDJHFDQXQGHUVWDQGLWZHOO,WGRHVQRWPHDQKRZHYHU
WKDWDQRWKHUPHDQLQJZKLFKLVGHHSHUWKDQWKLVRXWZDUGPHDQLQJFDQQRWEH
LQIHUUHG IURP LW DQG WKH DERYHPHQWLRQHG YHUVH GRHV QRW SRLQW WR DQ\ IDFW
PRUH SURIRXQG WKDQ ZKDW WKH FRPPRQ SHRSOH XQGHUVWDQG 7KH PRUH D
SHUVRQLVDFTXDLQWHGZLWKWKHGLIIHUHQWVXEMHFWVRIVFKRODVWLFWKHRORJ\>LOP
DONDOP@DQGOLWHUDU\QXDQFHVRIWKH$UDELFODQJXDJHWKHPRUHKHUHIOHFWV
DQGSRQGHUVRQHDFKYHUVHDQGILQGVVXEWOHUDQGPRUHSURIRXQGPHDQLQJV
WKDQWKHREYLRXVPHDQLQJVRIWKH4XUDQ
,IZHWU\WRUHIOHFWDELWGHHSHURQWKLVYHUVHZHZLOOUHDOL]HWKDWRXUSRYHUW\
DQGQHHGIRU*RGWKH([DOWHGLVEH\RQGWKHQHHGIRUIRRGFORWKLQJKHDOWK
DQGPDWHULDOWKLQJV:HDUHLQDEVROXWHSRYHUW\ZKLOH*RGLV$OOVXIILFLHQW
:H DUH HVVHQWLDOO\ SRRU >IDTU ELGKGKW@ ZKLOH *RG LV 6HOIVXIILFLHQW LQ
HVVHQFH>JKDQELGKGKW@/LWHUDOO\SRRUUHIHUVWRDSHUVRQZKRVHSLOODUV
RIVXSSRUWDUHEURNHQDQGKHLVLQFDSDEOHRIVWDQGLQJ0DQLVSRRUPHDQV
WKDW HYHQ LI DOO PDWHULDO WKLQJV DUH SURYLGHG IRU KLP KLV H[LVWHQFH LV
GHIHFWLYHDQGGHSHQGHQW7KHHVVHQFHRIRXUH[LVWHQFHLVLQQHHGRI*RG,W
LV*RGWKH([DOWHGZKRKDVFUHDWHGXV%\FUHDWLQJWKHFDXVHVDQGHIIHFWV
RI H[LVWHQFH LW LV +H ZKR KDV SURYLGHG WKH JURXQG IRU PDQV VXEVLVWHQFH
JURZWKDQGHYROXWLRQ%\WKHQDWXUHDQGHVVHQFHRIRXUEHLQJZHDUHSRRU
DQGQHHG\ZKLOH*RGLV$OOVXIILFLHQWLQHVVHQFH
,WLVHYLGHQWWKDWWKHVHFRQGSHUVSHFWLYHLVGHHSHUWKDQWKHILUVWRQH7KHILUVW
DQGVHFRQGPHDQLQJVDUHFRQVLGHUHGRXWHUDQGLQQHUUHVSHFWLYHO\$QG
HYHQ PRUH SURIRXQG PHDQLQJ WKDQ WKH VHFRQG RQH LV IRU XV WR VD\ WKDW
KXPDQEHLQJVDUHQRWRQO\SRRUDQGQHHG\E\WKHQDWXUHRIWKHLUH[LVWHQFH
EXWE\WKHQDWXUHRIWKHYHU\QHHGLWVHOI7KHLUQHHGIRUH[LVWHQFHLVWKHLU
FRQQHFWLRQZLWK*RGWKH([DOWHG2IFRXUVHWRXQGHUVWDQGWKHWUXWKRIWKH
WKLUGPHDQLQJLVEH\RQGWKHFDSDELOLW\RIFRPPRQSHRSOH


26UDK)LU DO0DOLNDK:2:




&KDSWHU ::

,W PXVW EH QRWHG WKDW DOO WKUHH LQWHUSUHWDWLRQV RI WKLV YHUVH UXQ SDUDOOHO DOO
WKUHHDUHFRUUHFWDQGULJKWIXOQRQHRIWKHPFRQWUDGLFWVWKHRWKHU,QWHUPVRI
GHSWKKRZHYHUWKH\DUHQRWRIWKHVDPHOHYHO,WLVQRWFRUUHFWWRVD\WKDWDOO
GHJUHHV RI WKH PHDQLQJV RI WKH 4XUDQ DUH XQLYHUVDOO\ XQGHUVWDQGDEOH DQG
WKDW DOO SHRSOH KDYH WKH SRZHU DQG FDSDELOLW\ WR XQGHUVWDQG DOO OHYHOV DQG
GHJUHHVRIWKH4XUDQ,WLVQHFHVVDU\WRHPSKDVL]HDQGSRLQWRXWWKDWDIWHU
WKH$SRVWOH RQO\WKH,PPV D WKURXJKGLYLQHLQVSLUDWLRQSRVVHVVWKH
NQRZOHGJHDQGVFLHQFHVRIWKH4XUDQDQGDUHFRJQL]DQWRIWKHLQQHUDVSHFWV
RIWKLVJUHDWKHDYHQO\ERRN,QWKLVUHJDUGZHVKDOOSDUWLDOO\TXRWHEHORZD
UHOHYDQWWUDGLWLRQ
4 0}74 ; [ 4 ; h % 4; [ N %   P 0  P M% LP 0- O4 - &4 0}7 4 : ? } 03  $
24 b O% i  t ;% 3-   7Q 7- &- O4 4 +
 :   .  }4    $   . = ? 03i  t |
 %
Dc }% 8 $
 4 l
 #71 l
 #. \
 (  2 % i  t 
$E -DIDU ,PP 0XDPPDG DO%TLU  D  VDLG 2 -ELU 7KH
4XUDQKDVDQLQWHULRU>ELQ@DQGWKLVLQWHULRULVZLWKLQDQLQWHULRU
,WDOVRKDVDQH[WHULRU>KLU@DQGWKLVH[WHULRULVZLWKLQDQH[WHULRU
2 -ELU $OVR NQRZ WKDW WKH LQWHOOHFWV RI PHQ DUH LQFDSDEOH RI
LQWHUSUHWLQJ WKH 4XUDQ 9HULO\ WKH ILUVW SDUW RI D YHUVH PD\ GHDO
ZLWK D WKLQJ ZKLOH LWV ODWWHU SDUW PD\ GHDO ZLWK DQRWKHU WKLQJ ,W
FRQVLVWV RI ZRUGV FRQQHFWHG WRJHWKHU ZLWK WKH FDSDFLW\ RI KDYLQJ
YDULRXV PHDQLQJV WKRXJK ZLWKRXW EHLQJ FRQWUDGLFWRU\ WR RQH
DQRWKHU 
:KDW LV HPSKDVL]HG KHUH LV WKDW XQGHUVWDQGLQJ WKH LQQHU PHDQLQJV DQG
VXEWOHWLHV RI WKH 4XUDQ LV QRW ZLWKLQ WKH FRPSHWHQFH RI HYHU\ERG\ 2I
FRXUVH LW GRHV QRW PHDQ WKDW WKH 4XUDQ KDV EHHQ UHYHDOHG RQO\ IRU WKH
,PPV D DQGVFKRODUVDQGRWKHUVDUHLQFDSDEOHRIXQGHUVWDQGLQJHYHQWKH
RXWZDUG PHDQLQJV RI WKH 4XUDQ ,Q IDFW WKH RXWZDUG PHDQLQJV RI WKH
4XUDQFDQEHEHQHILFLDOWRHYHU\RQHGHSHQGLQJRQWKHWDOHQWDQGWKHOHYHO
RI XQGHUVWDQGLQJ DQG GLVFHUQPHQW SURYLGHG WKDW KH VHWV DVLGH KLV
SUHMXGJPHQW DV ZHOO DV FDUQDO GHVLUHV DQG LQFOLQDWLRQV DQG DYRLGV
VSHFXODWLYHLQWHUSUHWDWLRQ,QFRQQHFWLRQZLWKXQGHUVWDQGLQJWKH4XUDQRQH
KDVWRSD\VSHFLDODWWHQWLRQWRFHUWDLQSRLQWVZKLFKZHVKDOOGHDOZLWKXQGHU
WKHIROORZLQJKHDGLQJ


2%LUDO$QZU$ 83
82




:7 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

9!(   #  $%  !  *&& $D%    !
   '!)
$V VWDWHG DQG SURYHG LQ WKH SHUWLQHQW VHFWLRQ RQH RI WKH IXQFWLRQV RI WKH
$SRVWOH DSDUWIURPUHFHLYLQJDQGFRQYH\LQJWKHUHYHODWLRQLVWRH[SODLQLW
DQG HOXFLGDWH WKH GLYLQH ODZV DQG GHFUHHV 7KH +RO\ 4XUDQ KDV EHHQ
UHYHDOHG WR WKH $SRVWOH  LQ WKH IRUP RI D VHW RI JHQHUDO ODZV DQG
RUGLQDQFHV ZKRVH GHWDLOV KDYH QRW EHHQ H[SODLQHG HODERUDWHO\ H[FHSW LQ D
IHZ FDVHV 7KHLU HODERUDWH H[SODQDWLRQV KDYH EHHQ DVVLJQHG WR WKH $SRVWOH
DQGWKHUHDIWHUWKHLQIDOOLEOH,PPV D )RUH[DPSOHWKH4XUDQHQMRLQV
WKH ULWXDO SUD\HU >DOW@ LQ JHQHUDO WHUPV DQG FDOOV RQ WKH 0XVOLPV WR
HVWDEOLVK SUD\HUV EXW WKH SURFHGXUH RI LWV SHUIRUPDQFHWKH QXPEHU RI
UDNDW >F\FOHV RU XQLWV@ PDQQHU RI UHFLWDWLRQ DQG LWV FRQGLWLRQV DQG
GHWDLOVKDYH QRW EHHQ PHQWLRQHG LQ WKH 4XUDQ (ODERUDWH H[SRVLWLRQ RI
WKHVHJHQHUDOODZVDQGWKHOLNHKDVEHHQDVVLJQHGWRWKH$SRVWOH 7KXV
WKHLQWHUSUHWDWLRQDQGHOXFLGDWLRQRIWKHGLYLQHODZVKDVEHHQDVVLJQHGWRWKH
$SRVWOH  DQG LW LV RQH RI KLV SURSKHWLF IXQFWLRQV 7KH 4XUDQ DOVR SD\V
DWWHQWLRQWRWKHIXQFWLRQRIH[SODLQLQJWKHUHYHODWLRQDQGFRQVLGHUVLWDVRQH
RIWKHGXWLHVRIWKH$SRVWOH 
 U; &] ".aL M#4( _ `&L] "3% T
:HKDYHVHQWGRZQWKHUHPLQGHUWR\RXVRWKDW\RXPD\FODULI\IRU
WKHSHRSOHWKDWZKLFKKDVEHHQVHQWGRZQWRWKHP2
,WLVOLNHO\WKDWWKHSXUSRUWRIWHDFKLQJLQYHUVHVOLNH\DKRI6UDKO
,PUQ LQ ZKLFK WHDFKLQJ LV PHQWLRQHG DORQJ ZLWK UHFLWDWLRQ DOVR
EHVSHDNVRIWKHSRVLWLRQDQGIXQFWLRQRIWKH$SRVWOH LQHOXFLGDWLQJDQG
LQWHUSUHWLQJ4XUDQLFUHYHODWLRQV
,Q UHDOLW\ ZKLOH FRQYH\LQJ WKH UHYHODWLRQ WKH $SRVWOH  KDG EHHQ
SHUIRUPLQJWZRIXQFWLRQVYL]UHFLWLQJWKHUHYHDOHGZRUGVWRWKHSHRSOHDQG
HOXFLGDWLQJDQGLQWHUSUHWLQJLWVPHDQLQJDQGSXUSRUWWRDFTXDLQWWKHPZLWK
WKHODZVDQGWHDFKLQJVRIWKH4XUDQ,QWKLVUHJDUGWKH4XUDQVWDWHV
; (] 7% N7O; $ #7; +
 : "3 . X ; e? 0d&JL. V,8$ N . =  T
 UJM. j:1M  ."(-&% Q, C
 %'# ; , ? 7%
$OODKFHUWDLQO\IDYRUHGWKHIDLWKIXOZKHQ+HUDLVHGXSDPRQJWKHP
DQDSRVWOHIURPDPRQJWKHPVHOYHVWRUHFLWHWRWKHP+LVVLJQVDQGWR


26UDKDO1DKO2744




&KDSWHU :6

SXULI\ WKHP DQG WR WHDFK WKHP WKH %RRN DQG ZLVGRP DQG HDUOLHU
WKH\KDGLQGHHGEHHQLQPDQLIHVWHUURU2
,QWKLVDQGVLPLODUYHUVHVWKHILUVWGXW\KDVEHHQPHQWLRQHGZLWKWKHSKUDVH
WR UHFLWH >\DWO@ DQG LQ PHQWLRQLQJ WKH VHFRQG GXW\ WKH H[SUHVVLRQ WR
WHDFK>WDOP@KDVEHHQXVHG
,QFRQFOXVLRQHOXFLGDWLRQRIWKHUHYHODWLRQDQGHODERUDWHH[SODQDWLRQRIWKH
GLYLQHODZVDQGH[HJHVLVRIWKH+RO\4XUDQLQWKHDERYHVHQVHLVDIXQFWLRQ
ZKLFK LV RQO\ ZLWKLQ WKH FRPSHWHQFH RI WKH $SRVWOH  DQG WKH LQIDOOLEOH
,PPV D IRUWKH\DUHWKHRQO\RQHVEOHVVHGZLWKGLYLQHNQRZOHGJHDQG
ZLVGRPE\*RG

#"8(   ) (       $KO DO%D\W $D%  


  8  (  ( 
7KH GXW\ RI WKH H[HJHWHV >PXIDVVLUQ@ EHFRPHV YHU\ FOHDU $V SRLQWHG RXW
EHIRUHHOXFLGDWLRQRIWKHUHYHODWLRQHODERUDWHH[SODQDWLRQRIWKHODZVDQG
LQWHUSUHWDWLRQRIWKH4XUDQLFYHUVHVDUHHVVHQWLDOO\DVVLJQHGWRDQGZLWKLQ
WKHFRPSHWHQFHRIWKH$SRVWOH ZKRGXULQJKLVEOHVVHGOLIHDFTXDLQWHG
WKH SHRSOH ZKHQHYHU LW ZDV SRVVLEOH ZLWK WKH WHDFKLQJV RI WKH 4XUDQ
7RGD\ WKH H[HJHWHV DUH GXW\ERXQG WR UHIHU WR WKH DXWKHQWLF WUDGLWLRQV
>DGWK@ DQG QDUUDWLRQV >ULZ\W@ UHSRUWHG IURP WKH $SRVWOH  LQ WKLV
UHJDUG %DVHG RQ WKHVH WUDGLWLRQV WKH\ KDYH WR FORVHO\ H[DPLQH DQG
VFUXWLQL]HWKHUHOHYDQWYHUVHVDQGRUJDQL]HWKHLUYLHZVDQGRSLQLRQVZLWKLQ
WKH IUDPHZRUN RI WKH $SRVWOHV  H[SRVLWLRQV DQG H[SODQDWLRQV $W WKH
SRLQWV ZKHUH WKH 3URSKHW  GLG QRW KDYH WKH RSSRUWXQLW\ WR H[SRXQG WKH
*UHDWHU 2QH RI WKH 7ZR :HLJKW\ 7KLQJV >WKLTO DODNEDU@ LH WKH ILUP
4XUDQ WKH\ KDYH WR UHVRUW WR WKH *UHDW 2QH RI WKH 7ZR :HLJKW\ 7KLQJV
>WKLTO DONDEU@ YL] WKH $KO DO%D\W D  DQG WKH LQIDOOLEOH ,PPV D  ,Q
WKLVUHJDUGWKHUHOLJLRXVVFLHQFHH[SHUWVDQGVFKRODUVDUHHTXDOO\REOLJHGWR
WDNH WKH DXWKHQWLF WUDGLWLRQV DQG QDUUDWLRQV DV WKHLU EDVLV DQG SURRI LQ
XQGHUVWDQGLQJWKH+RO\4XUDQDQGEDVHWKHH[HJHVLVRULQWHUSUHWDWLRQRIWKH
4XUDQRQWKHVHWUDGLWLRQV
7KHUHIRUH WKH ILUVW FULWHULRQ IRU FRUUHFW XQGHUVWDQGLQJ RI WKH 4XUDQ DQG
UHOLJLRXV WHDFKLQJV LV WKH HOXFLGDWLRQ RU H[SODQDWLRQ WUDQVPLWWHG IURP WKH
$SRVWOH DQGWKHLQIDOOLEOH,PPV D WRXV+HQFHWKHILUVWDQGIRUHPRVW
GXW\ RI DQ H[HJHWH >PXIDVVLU@ LV WR XQGHUVWDQG DQG H[SRXQG WKH H[HJHVLV
ZKLFKKDVEHHQUHSRUWHGIURPWKH$SRVWOH DQGWKH,PPV D IRURQO\
LQWKHOLJKWRIWKHNQRZOHGJHRIWKH$KODO%D\W D FDQRQHXQGHUVWDQGWKH
VFLHQFHVRIWKH4XUDQ


26UDKO,PUQ274




:= 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

*  ( & ! 


7KHWKLUGSRLQWZKLFKLVH[WUHPHO\LPSRUWDQWDQGH[SHGLHQWWRSD\DWWHQWLRQ
WRLQXQGHUVWDQGLQJFRUUHFWO\WKHUHYHDOHGZRUGVLVWKHLVVXHRILQWHUSUHWLQJ
WKH 4XUDQ E\ PHDQV RI LWVHOI DQG SD\LQJ DWWHQWLRQ WR WKH H[LVWLQJ
UHODWLRQVKLS EHWZHHQ YHUVHV ,W LV WUXH WKDW WKH YHUVHV RI WKH 4XUDQ DUH
DSSDUHQWO\ VHSDUDWH IURP RQH DQRWKHU DQG HYHU\ YHUVH RU JURXS RI YHUVHV
VHHPLQJO\ VSHDNV DERXW D VSHFLILF VXEMHFW EXW FRUUHFW XQGHUVWDQGLQJ RU
SURSHU LQWHUSUHWDWLRQ LV SRVVLEOH RQO\ ZKHQ WKH YHUVHV RI WKH 4XUDQ DUH
WDNHQLQWRDFFRXQWLQUHODWLRQWRRQHDQRWKHU0DQ\YHUVHVDQGSRLQWVRIWKLV
GLYLQH ERRN LQWHUSUHW RQH DQRWKHU DQG JLYH WHVWLPRQ\ WR WKHLU YHUDFLW\ DQG
WUXWKIXOQHVV
,QWKLVUHJDUG,PP$O D VD\V
8$NA
 ? 0=; q
 7% /?M0NA
 ? 0YP L7% /N0-?, +
 % /N0-P L% /N0-%4l
 M'#(
 D
  $ NM9 l07X% /#
 7X% /?0
7KH%RRNRI$OODKLVWKDWWKURXJKZKLFK\RXVHH\RXVSHDNDQG
\RXKHDU,WVRQHSDUWVSHDNVIRUWKHRWKHUSDUWDQGRQHSDUWWHVWLILHV
WR WKH RWKHU ,W GRHV QRW FUHDWH GLIIHUHQFHV DERXW $OODK QRU GRHV LW
PLVOHDGLWVRZQIROORZHUIURP WKHSDWKRI $OODK
$PRQJWKHFDVHVRIWKHLQWHUSUHWDWLRQRIWKH4XUDQE\PHDQVRILWVHOIRQH
PD\FLWHIRUH[DPSOH\DKRI6UDKDO6KDZUDQG\DKRI6UDKDO
)DW
 Ul
 Mu,+
 2 % i t N, ( |T
1RWKLQJLVOLNH+LPDQG+HLVWKH$OOKHDULQJWKH$OOVHHLQJ3
 U; 7=73 N=7T
7KHKDQGRI$OODKLVDERYHWKHLUKDQGV
1RWKLQJLVOLNH+LPLVRQHRIWKHSUHFLVHYHUVHV>PXNDPW@RIWKH4XUDQ
DQGLWVPHDQLQJLVFOHDUDQGXQDPELJXRXV7KLVYHUVHVWDWHVWKDWQRWKLQJLV
OLNH+LPWKDWLV*RGWKH([DOWHGLVWKH8QLTXH5HDOLW\7KHVHFRQGYHUVH
VWDWHVWKDWWKHKDQGRI$OODKLVDERYHWKHLUKDQGV,WLVWUXHWKDWWKLVYHUVH
KDV DWWULEXWHG D KDQG WR *RG EXW WKH ILUVW YHUVH QHJDWHV WKLV DSSDUHQW
PHDQLQJDQGLQYLHZRIZKLFKZHFDQXQGHUVWDQGWKDWE\\DGLWGRHVQRW


21DKMDO%DOJKDK  2
36UDKDO6KDZU4322
6UDKDO)DW4=25




&KDSWHU :8

VXJJHVW LWV DSSDUHQW PHDQLQJ LH KDQG ,W UDWKHU UHIHUV WR LWV DOOHJRULFDO
PHDQLQJ VXFK DV SRZHU DQG WKH OLNH 7KXV LQWHUSUHWLQJ DQG H[SRXQGLQJ
WKHYHUVH7KHKDQGRI$OODKLVDERYHWKHLUKDQGV%  
#"   
 $  1RWKLQJLVOLNH+LPLVRXWVLGHWKHSHULSKHU\RISURSHUPHWKRG
RI LQWHUSUHWDWLRQ DQG EHFDXVH RI WKLV ZURQJ LQWHUSUHWDWLRQ LW PD\ SRVVLEO\
OHDGWRWKHSUHVHQWDWLRQRIDQHUURQHRXVDQWKURSRPRUSKLFUHSUHVHQWDWLRQRI
*RG
$VVXFKLQLQWHUSUHWLQJWKH4XUDQZHKDYHWRSD\DWWHQWLRQWRWKHYHUVHVLQ
UHODWLRQ WR RQH DQRWKHU DQG XQGHUVWDQG WKHLU PHDQLQJ WKURXJK WKH 4XUDQ
LWVHOI

+ (   "     !   " "  
 ( 
7KHIRXUWKSRLQWWKDWPXVWEHQRWHGLQLQWHUSUHWLQJDQGFRUUHFWO\XQGHUVWDQGLQJ
WKH 4XUDQ LV WKH REVHUYDQFH RI SULQFLSOHV DQG UXOHV RI LQWHOOHFWXDO GLVFRXUVH
(VSHFLDOO\ ZKHQ WKHUH LV QR DYDLODEOH DXWKHQWLF WUDGLWLRQ RU FOHDU H[SODQDWLRQ
IURP WKH $SRVWOH RU WKH LQIDOOLEOH,PPV D  WKH QHFHVVLW\ RI REVHUYLQJ
WKH SULQFLSOHV DQG UXOHV RI LQWHOOHFWXDO GLVFRXUVH LV PXOWLSOLHG ,W LV DW WKLV
VWDJHWKDWWKHUROHRIWKHSURPLQHQWPHQRIUHOLJLRQH[HJHWHVDQGWKRVHZKR
KDYHDFTXLUHGWKHNQRZOHGJHRIWKH$KODO%D\W D EHFRPHV FOHDU7KH\
DUHWKHRQHVZKRLQDFFRUGDQFHZLWKWKHSULQFLSOHVRILQWHOOHFWXDOGLVFRXUVH
LGHQWLI\ WKH JHQHUDO >P@ DQG VSHFLILF >NKV@ LQMXQFWLRQV RI WKH 4XUDQ
VSHFLI\ WKH VFRSH RI PHDQLQJ RI HDFK RI WKHP NQRZ WKH DEVWUDFW >PXODT@
DQG FRQFUHWH >PXTD\\DG@ PHDQLQJV LQWHUSUHW YHUVHV E\ PHDQV RI RQH
DQRWKHU GHWHUPLQH WKH SUHFHGHQFH RI RQH YHUVH RYHU DQRWKHU DQG SD\
DWWHQWLRQWRWKHPLQWKHLUH[HJHWLFDOSXUVXLWV

 (! ' (  "&&  )  "&  " 


7KH RWKHU SRLQW ZKLFK PXVW EH QRWHG LQ WKLV VHFWLRQ LV QRW FRQILQHG WR
XQGHUVWDQGLQJ WKH 4XUDQ DQG UHOLJLRXV VFLHQFHV ,W LV XQLYHUVDOO\ DFFHSWHG
WKDW DQ LQGLYLGXDOV LQWHOOHFWXDO FDSDELOLWLHV H[WHQW RI HIIRUWV H[HUWHG DQG
PHWLFXORXVQHVVLQFRUUHFWO\XQGHUVWDQGLQJDVXEMHFWGHFLGHWKHGHJUHHRIKLV
XQGHUVWDQGLQJ/HWXVHODERUDWH
,QMXULVWLFGLVFXVVLRQVRQHRIWKHLVVXHVZKLFKDUHPRUHRUOHVVDIILUPHGE\
DOO MXULVWV >IXTDK@ DQG FRQVLGHUHG SDUW RI WKH GXWLHV RI HYHU\ IROORZHU
>PXTDOOLG@LVWKHTXHVWLRQRIIROORZLQJ>WDTOG@WKHPRUHNQRZOHGJHDEOHRU
WKH PRVW OHDUQHG >DODP@ $FFRUGLQJO\ LW LV VDLG WKDW H[SHUWLVH LQ


20XTDOOLG        %  
 %   %  PDUMDDO
WDTOG                #      "  B
  
9




75 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

MXULVSUXGHQFH >ILTK@ DQG WKH GHGXFWLRQ RI ODZV IURP UHOLJLRXV VRXUFHV
>LMWLKG@KDVYDULRXVOHYHOV(YHU\PXNDOODILVREOLJHGWRIROORZ>WDTOG@WKH
PRVWOHDUQHGMXULVW>IDTK@LHRQHZKRLQPDWWHUVRILMWLKGKDVWKHVXSHULRU
XQGHUVWDQGLQJ DQG WDOHQW DQG LV WKH PRVW NQRZOHGJHDEOH LQ MXULVSUXGHQFH
2I FRXUVH WKH RWKHU PDUML DOWDTOG >VRXUFHV RI HPXODWLRQ RU UHOLJLRXV
DXWKRULWLHV@ZKRDUHQRWHTXDOWRWKHPRVWOHDUQHGLQPDWWHUVRILMWLKGDUH
DOVRIXTDKDQGPXMWDKLGQEXWWKH\DUHRQDORZHUOHYHO,WPXVWQRWUHPDLQ
XQVDLG WKDW WKH UHOLJLRXV HGLFW >IDWZ@ RI WKH IXTDK RQ WKH QHFHVVLW\ RI
IROORZLQJWKHPRVWOHDUQHGDOVRVWHPVIURPWKHUDWLRQDOPHWKRG,WLVH[DFWO\
OLNH UHIHUULQJ WR DQ H[SHUW GRFWRU ZKR KDV PDQ\ \HDUV RI PHGLFDO
H[SHULHQFH 7R SUHIHU KLP RYHU D GRFWRU ZKR KDV UHFHQWO\ DFTXLUHG KLV
OLFHQVHWRSUDFWLFHPHGLFLQHLVWKHUDWLRQDOGHFLVLRQDQGWRGRRWKHUZLVHLV
FRQGHPQHG E\ DOO UDWLRQDO SHRSOH 8QGHUVWDQGLQJ DQG LGHQWLI\LQJ WKH
VXEWOHWLHV RI WKH 4XUDQ LV RQO\ ZLWKLQ WKH FRPSHWHQFH RI WKH H[SHUWV ZKR
VSHQW WKHLU OLYHV XQGHUVWDQGLQJ WKH 4XUDQ DQG UHOLJLRXV VFLHQFHV ZLWK WKH
NQRZOHGJHDFTXLUHGIURPWKH$KODO%D\W D .HHSLQJLQYLHZWKHGLIIHUHQW
GHJUHHV RI XQGHUVWDQGLQJDQG LQWHUSUHWLQJ WKLVKHDYHQO\ ERRN LW LV HYLGHQW
WKDWWKHPRUHWKHDERYHPHQWLRQHGSRLQWVDQGDIIDLUVDUHWDNHQLQWRDFFRXQW
WKHOHVVHUZLOOEHWKHSUREDELOLW\RIFRPPLWWLQJPLVWDNHVZKLOHLQWHUSUHWLQJ
WKHGLYLQHYHUVHVDQGHDVLHUWRJHWFORVHUWRWKHFRUUHFWXQGHUVWDQGLQJRIWKLV
KHDYHQO\VFULSWXUH

 " !(  ("" '


7KHVL[WKSRLQWWRZKLFKZHZRXOGOLNHWRGUDZWKHDWWHQWLRQRIWKHUHDGHUV
LVWKHQHFHVVLW\RISD\LQJDWWHQWLRQWRWKHOLQJXLVWLFDQGSRVLWLRQDOFRQWH[WV
DQG WKH RFFDVLRQ RI WKH UHYHODWLRQ RI WKH YHUVHV ,W LV WUXH WKDW WKH +RO\
4XUDQKDVEHHQUHYHDOHGIRUDOODJHVDQGJHQHUDWLRQVDQGDGGUHVVHGWRWKH
SHRSOHRIDOODJHVEXWWKHFRQWH[WDQGRFFDVLRQRIUHYHODWLRQZDVFOHDUIRU
WKHILUVWDGGUHVVHHVDQGSHRSOHRIWKHSHULRGRIUHYHODWLRQDQGWKHUHZDVQR
URRP IRU GRXEW DQG GLVSXWH RQ WKHLU PHDQLQJV DQG LQWHUSUHWDWLRQV
0RUHRYHU LI WKHUH ZDV DQ\ DPELJXLW\ VXUURXQGLQJ D YHUVH WKH SHRSOHV
DFFHVV WR WKH $SRVWOH  ZDV QRW SUREOHPDWLF 7RGD\ KRZHYHU WKH
SRVVLELOLW\ RI VRPH FRQWH[WV DQG RFFDVLRQV RI UHYHODWLRQV EHLQJ FRQFHDOHG
WKH H[SHGLHQF\ RU QHHG IRU PHWLFXORXVQHVV LQ SURSHUO\ XQGHUVWDQGLQJ WKH
4XUDQEHFRPHVIDUPRUHLPSRUWDQW
2QWKHRWKHUKDQGLQIRUPDWLRQDERXWWKHWUXHDQGOLWHUDOPHDQLQJVRIZRUGV
XVHGLQWKH+RO\4XUDQLVRQHRIWKHLVVXHVZLWKRXWZKLFKLWLVLPSRVVLEOH
WRFRUUHFWO\XQGHUVWDQGDQGSURSHUO\LQWHUSUHWWKH4XUDQ1HJOLJHQFHLQWKH


20XNDOODI  " %  #FRPRSRVPHQWLV  
     $  

 
  " 9




&KDSWHU 72

WUDQVIRUPDWLRQRIPHDQLQJVZKLFKVRPHWLPHVKDSSHQVLQWKHFRXUVHRIWLPH
WRDFHUWDLQZRUGPD\SRVVLEO\OHDGWRHUURUDQGPLVXQGHUVWDQGLQJ
)RUH[DPSOHWKHPHDQLQJDQGFRQFHSWRIWKHZRUGWDTL\\DK>GLVVLPXODWLRQ@
LVFOHDUWRDOO,QSRSXODUXVDJHWKLVZRUGPHDQVWKDWDSHUVRQFRQFHDOVKLV
IDLWKRUUHOLJLRQDQGDFWVLQVXFKDPDQQHUWKDWRWKHUVDUHXQLQIRUPHGRIKLV
UHDOIDLWKRUUHOLJLRQZKLOHWKHOLWHUDOPHDQLQJRIWDTL\\DKLVSLHW\DQGLWKDV
EHHQ XVHG LQ WKH 4XUDQ DQG 1DKM DO%DOJKDK LQ WKLV VHQVH 7KH ZRUG
WDTL\\DK LV QRW PHQWLRQHG LQ WKH 4XUDQ EXW WKH ZRUG WDTK ZKLFK LV
V\QRQ\PRXVZLWKWDTL\\DKDQGWDTZ>SLHW\RU*RGZDULQHVV@LVPHQWLRQHG
LQWKHSDVVDJHEHORZ
 UNY9 NT
%HZDU\RI$OODKZLWKWKHZDULQHVVGXHWR+LP2

 ' " !    0 


A        / #               $    
  !
 $ "" 
"   $    "
           $ #   %  #  
   
        C    !
 $   # 
    A  $    
#"      $     

                  # 



#
   "  / #
      / #      $            
"              $          
            $               
            C            $  
  " 
  #     !
        
 
  " #             
 #   
     %       #       
            "        
  
!
 " 

        
   
    %    "        "
9             # 
%   !
 "        %       9    
!
      
    "   #
 C  %   #9         
H     ! %     $    *
  V 
    C       "  

    C   


26UDKO,PUQ253




73 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

 #   9     $  



     
" 
     #       C   
A  "        "    #    $ .    
  C 
%    "    
      $ #
  / #






#
#

 !  
&   


"" ! ! 


9      
             $   
 " 1DKMDO%DOJKDK "   %  #

      !
  #9  ! 
  C     
      A    "    $    $     
  
       / #   "   WKLTO DODNEDU  "  
 "#    
A "       
 
  #     #   "      $  
    "    %  #      
     #%    "       / #
  
    " " $    


 %           $  A "  
$  %       !          
 $ 
"   #     $  %            $  A  
    %   %"  $           
 % "   
   "  "    %  
!   #          "   #
 "   "   $ 9   %  #
 "  
9           
   B   #    
   #            %        
  %"     
 #   %    #  
  
   "    " 
      #   

 %   %"      "  


 


74 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

  "   "     



 A  "%  
 
#           *D   1DKMDO
%DOJKDK9 % %C    
# #   
  %       "   

      
  

 
 *D
8#9 '# ,0%_b g  % /N( 4 >_4 ? 8#9 =t 4 4 ?    "3,$ %
/N2 3=L$  . `d+, #5Dc _ M">_4 ? 8#9 N0+
 ,  % /NA
  ">_4 ? 
 D1 ;
 o . % /? y$ ; "
I     %   #  %  $   % "    # 
 %%     # % $  # 
 "  
 #  %%     % $ 
"   #  %%         "
    %  %     #      
" 
 % "    "  2
9    $          * D       % 
    #  $        
 #
  "  
  

"   $ ""
   

  
#  #   %      $    
 % "   "    B            
    

"  
      " 
   %   %       !
         9    
  %   %  B           


    $       "   


A       "   $      !   $ 
"  /  $   /  /   "   
    

  $         #  %           


 # *  $ #     
"        
     
 %       
   !  "    
 

   %   #  &   * 
      %   

  % 
%#   "    "    
" $    #  "    

   "   "      
#  " %#       "    
%      

 

21DKMDO%DOJKDK  246




&KDSWHU 7:

9  $        " 

 " 
$           $    9 #    %    "  
  "      $  $     %  # 
"" 
 " 
9 #    #$  %
        A   " %      #        
!
    # # #         #
  " %        "  #        
"      
*  $     #    
"
"   #   
$  

  " "C %  
    +  #           

"   "
 (     
        #  
  " # $   % "     
 * 
   # #
  ! 
 1#
  "   #
  
$ 

          $    
$  (A        % 
     
  ""   "  #   "(
  #%  
$       "  
 " $ 
    
  
> %#  .      %  $   #  % "   
A            $"      
 
      H   "      
     " 
    % " "    
     %        
  "   9 #    "   %  
   " 
           %    %"    (

#     % C $   ?   #
       "   9     
(   "           "     #
 $    % "   *
    AD
      $  $   H  $ (  
  %   $             "   
    !
     "       $  
 "   % 
 ( "" !  ! (
9  "   #      "   $ % 
!   #%  $ .  "   $     
   #
  %    !
           !
 #    
           

     $   B"   
# 




77 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

    


    / #  %    !  
  $        "$"     9   
 $       $        
   $     / #  $  $    
     %   
! "    $    
 >   %%     
$         $ %     %  % 
   
    

       ! "  %    ! "       "  
$ %  A     
      $ %  

1# "  
    "$"
"#%   
          %      # %       $ 
    % "    "      #?    
 9 

            "      (
    
    %" 9 #  %   %  $     
   "    " #  "%    "
 #     "%   #
#
$ #  . "
  9 #  #            

   %#     #       $    %   "  " 


%    ?"   #  ?"    (   %
 $     #
     "  # 

A#       %#    !
     

    $    / #        


! "    $    
    ! "   
%  
    "     A     
 
          
1  %  #       %  !
    "  $    
       %   "  $         
  "
  $   # !
        
9 # #% %         " 
 #
   "     "   % "     
 #

     9 #  "     " 


   $  #  # "   
 

  "     "   $   9 # 
   #   " 
  $     % 
  # #    
   $   %#        
 
     $    "        "  A   
  A     $      
       "  
   #     # % 
#    $  # 
 
    $   "    #
    
     $   #  #|    
#% 
 %   "  $  $    $  
 




&KDSWHU 76

  
   #   "  $ #       # "
   H     #
           " 
   $          
   #$# 
    | "    "   $      "  
%   $        "        #  
 
   #  #$   
         
 * 
    $           
"                   %    
   %  #      
   
9      #  " 
      
    
 "  $  "     A         %    
      "    $   $    #        # 
  "               $ 
 $      $ #   !
   
 %   
 $      $   *
          "  
!
     " 
    $     

 
* "#   "  *
     
 
   %     #       

    !


     % $  *  
                H     $ 
 $   A        %   

;  ## %%  % #   $  C   %
 U8979 % X &2 -&m;  $ YP L7.% T
+H GRHV QRW VSHDN RXW RI >KLV RZQ@ GHVLUH LW LV MXVW D UHYHODWLRQ
WKDWLVUHYHDOHG>WRKLP@2
L? P    J, 0NL. "_ b W 17% W k? 0L$   % J, ?'  .17
 T
 UJ
  NL.
>,WLV@JUDGXDOO\VHQWGRZQIURPWKH/RUGRIDOOWKHZRUOGV+DGKH
IDNHGDQ\VD\LQJVLQ2XUQDPH:HZRXOGKDYHVXUHO\VHL]HGKLPE\
WKHULJKWKDQGDQGWKHQFXWRIIKLVDRUWD3
9 

     # #  
#    
      
  "  
     

     "
A   $             "   
   
  # "  "  "
#"% % A "

26UDKDO1DMP:.4
36UDKDOTTDK




7= 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

%     !
  ""  
 
  
  # # 9   #   "   
    %      
 #   !
#  %
 
 /   " 
 
   #       $  
9 
          "      
  $   "    %   $    
  $  "  &   *

*""   ) !  


      "     $   ""   "  

             +      


       # 
 DOZDVZVLONKDQQV 
  

     
         $    $
   "  B  2   #       

       #%  
    
   
  "  
9  $  " B  %      
      .%  

"

  # $  

 %            %         !  
       9 #     # $   
  %      
  

 #        #
1# " 
     A   
  #    "  
  
          #   $    #
  $"  #       %  "     %  
 ?"     !   
  #     "  
( %  # $  "  % $       "   
             % 

9(    ("    4PXWDVKELKW5 !      


)!"!( 
A  %                 *
     
  A D    
   !
 $   $      
 
   PXNDPW   "  PXWDVKELKW $   
                 ELQ  !   KLU A  

  #   !
 *
    AD
  %  $     $   % "      
   
 % "        
   !
   !
   %   
 % "   "     $KODO%D\WD

2 6UDKDO1V2242.79




&KDSWHU 78

9      "      %#   "     "  


     %#   "  " 
 

!
 #   "   9     $     
  A D           I    

 
  %   %#       "

 
   " IDKP     WDIKP   
  
WDIDKKXP9 #   %   #
  "  

 
%             ILWQDK  #
9   
     #
.go;0q#. 4b 3% '# \3 2 o, C
 . o7ONL. '# `$ ] "3>_ 2 T
NX&N7%g? 7.% N7%giz#0%QL#: iz#0NL. N0q.-?M#7s ; 0  7_
 U'MW% 3X&4( _ 7.% L0 =L$ . 1( N0L. O-7? - 4%
,WLV+HZKRKDVVHQWGRZQWR\RXWKH%RRN3DUWVRILWDUHGHILQLWH
YHUVHV ZKLFK DUH WKH PRWKHU RI WKH %RRN ZKLOH RWKHUV DUH
PHWDSKRULFDO$VIRUWKRVHLQZKRVHKHDUWVLVGHYLDQFHWKH\SXUVXH
ZKDW LV PHWDSKRULFDO LQ LW FRXUWLQJ WHPSWDWLRQ DQG FRXUWLQJ LWV
LQWHUSUHWDWLRQ%XWQRRQHNQRZVLWVLQWHUSUHWDWLRQH[FHSW$OODKDQG
WKRVHILUPO\JURXQGHGLQNQRZOHGJHWKH\VD\:HEHOLHYHLQLWDOO
RILWLVIURPRXU/RUG$QGQRQHWDNHVDGPRQLWLRQH[FHSWWKRVHZKR
SRVVHVVLQWHOOHFW2
9 PXNDPW      $  %   "  
%        9 $       

 
C       % "  9        
           "  % "   PXNDPW 
   1    #   $  %    
  %       PXNDPW  $ # #
   
    " 9   $        " 
$  PXWDVKELKW
9       

     %  PXWDVKELKW %  

#"       PXNDPW   ! "   !


    
*
    AD9 / # "  
  %" PXWDVKELKW"  $        "  
 %    PXWDVKELKW      "
  "    "    
 $  
   
WDZO   WDUI  * "    
 %  
    ! "    " $   !
 
   # "     % "  7KRVH ILUPO\ JURXQGHG LQ

26UDKO,PUQ6




65 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

NQRZOHGJH UHIHU WR WKRVH ZKR KDYH ZKROHKHDUWHGO\ DFNQRZOHGJHG WKHLU


VHUYLWXGHWR*RGVD\LQJ:HEHOLHYHLQWKH4XUDQERWKLWVGHILQLWLYHDQG
DOOHJRULFDOYHUVHV,WVHQWLUHW\FRPHVIURP*RG

)&   ' " ! ("  4PXWDVKELKW5


 
*  
    #
#     H #       
 $              $     $     $ 
 
   "               
"
# $ # #
A 
#   C      
 #       
   
9       "   %  H 
    "   #  C %  " 
  "  "       "

 
     / % $     
%    "#    
  "   C  
%       +#  C  

%  
 $"  "    9    "       

%         "  #    
    
 $   "           "  
  C     " %  #      

 $"  "  " 9     #   %    $  
  "

  25.#        $ 
 " .#   $   #
#     
"  %    
 A      "
     %   
%   "     %     
  "%        "    '  
       A  "   
 Uz 0-L. V 7 7_J #, m=2 N7 X'# `d T
7KLV LV WKH %RRN WKHUH LV QR GRXEW LQ LW D JXLGDQFH WR WKH *RG
ZDU\ZKREHOLHYHLQWKH8QVHHQ2
9                    "      1 
                 " %       
   !
  "  $  
     
     
A D 9      %#         " 
 $ 
 
#      !
#  " "   
% 
 "# "    "         
#
   


26UDKDO%DTDUDK33.




&KDSWHU 62

         %             


"#   %  "   " 9    !
     %"
$  
 U; 7=73 N=7T
7KHKDQGRI$OODKLVDERYHWKHLUKDQGV2
 Uh? ? 2 % T
$QG+HLVWKH$OOH[DOWHGWKH$OOVXSUHPH3
9 % IDZTDOOXOXZZ  " 

   %
A  $       ""    # " 
  %   #   "  +  !
        
     %    "    "      % /    
%  $   %   %+        #
" %      %   %/ % $ %      
     "   #     "  "#
 $ 
 "       " 9    %         .. 

  " 
   
    " 
    " 
   "   "   "   
$ #  "     "      
H    9  %     "#/% 
!   # "     "       # $  
"                     9 
   %   %     % ?   #% 
    $  # "     " 
   

   !
  | /"  %     "   
&    $  
 U- ( N7-3rt 63d &c4 . 3,"&T
:KHQ+HZLOOVVRPHWKLQJDOO+HQHHGVWRGRLVVD\WRLW%HWKHQ
LWLV
9     %       +H LV WKH $OOH[DOWHG WKH $OO
VXSUHPH4   
        /"     
# 
"    / ("        $  #   

26UDKDO%DTDUDK36UDKDO)DW4=25
36UDKDO6KDZU434
6UDK<6Q7=3
46UDKDO%DTDUDK33::'6UDKDO)DW4=25




63 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

 
     1      ("     
   "%   #   
    
#    % %     "    
  
      % "$    " 
  +  !
          /"      /"     
%                           
  %    %   " (   ;$2 I  %   
%             "        *"
   "      "              
% 

     
  
A      %  %   "          "  "  
 $  %#       #
     %     " # 
#H      $   %   #   

   $  "   " 

    
    $  " /   #  
#
 
 UNN} %  ,L7gT
6RZKLFKHYHUZD\\RXWXUQWKHUHLVWKHIDFHRI$OODK3
1    
        $ # # # 
%    
     
%  #  
H   #*  *. !  *.
    % 
"   #    "     
%     "   
 
   "  "    /"      
                       1 
  %   #   
 
 %  
    " % " %  
  
     "     $  "   "  !  
"   #"               
*      !           !     
1   !     !   $  "     
 
  %  /     1  "      / /"  
     $   !    "%   $ #  
 
"  
%      "  
 " 
    
    #   > % 
"  $ %   $ 


2 H   "   :765  (   ;$ %         9        

 * ?(    "   A ! " "   
    &
 9
36UDKDO%DTDUDK322:




&KDSWHU 6

!
   %  "    %  $   %       "
  " %     #        " /     
% %  %  
     !        "  
 #   
         A    
 
     " % 
*    $   %      
#
    #  
  "       " %       $    
 "    
  %          % #  
 

  $  +   %  $    $QG+HLVWKH$OO


H[DOWHGWKH$OOVXSUHPH2%   
        
 "    !    
  1 "%  $   
 
   " 
   $      1RWKLQJ LV OLNH +LP3     $ 
  "   
    9    $         
!   %          /    C

  9  %  $    "    !  %    
   %/      !    /  $   
9    %  
   *    H    
  *. %"  *.
%             
 % "           $    %    

   
 " 1       *        " %   
 
   #   !
 %     /D % " 
J  % 
+  "   %//*     ! 
      %  %     #      " 
              
$       #  % "   
  %
  
/    !     "  $      
   $ 
%  %       
    " 
 
 %   #  1    
  !

  "  $            "          #
 
 
  $  1  $%     
        %       $       "
      %#    " $   % "  A  $  
          !      $    " 
$       #   7KRVH LQ ZKRVH KHDUWV LV GHYLDQFH
$    
#  "      A  %  7KHUH LV D

26UDKDO6KDZU434
36UDKDO6KDZU4322
6UDKO,PUQ6




64 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

VLFNQHVV LQ WKHLU KHDUWV2 9 #     "  $      


 "  H   "    
  $   
  # "$ 
       "  $    
$  
"    % " 

#&(& !    !     )  !  
 
> #   %  %  

   "    "  $ 



 
  A   # %  $  
  %#    
         $   B  $  A      #  %   
 "   # %   $ 

      (   
       $ #    +  %"
#  " 
 #    



 

     $    B  $ 


   

   "     %  9 #


                       
  %   #   $    % "  !
  
  " "       
  %    %   *
   
    %         
 $    "   # !
   "    #     
   
 *D
|M . b YC-3% / 764 ,8$ 
 7YC
 ].  . b 1Z M-3
/ez j
  _2  . %  /ez j
  _2  .  _ b V 7 % /  7="?,   +
 3 N L$  ^
 ? P  " 1 Z M
D8L+
C
  . ; ^ M  7_L7% /NR% 38$ -Pq
 #+
 7`L; - }] , 
A% "  
 !  %      
  %           *  "    
  %  
!    % "   %       %   %  $ 
     H    % $          "   
     "     %  ! *  
 "   $ 
%    #   
 % 
$    

   #*     3


> #  $   %      $   
#        %"          " 
$     " 
     %           
     VDQDG   
         

26UDKDO%DTDUDK325
31DKMDO%DOJKDK  :5




&KDSWHU 6:

  
    

"  $   "  A ( %   #
   "  
   $              
 $   % "    #      $KO DO%D\W 
 AD
9 # %       "  $   (    %"# 
 %"#  %      A  #  " 
 " $ 
      #     A 1# "#"  
 " $ 
  #     "     % A 
   . " $ %  $    #    A A 
  %     "   # %       .(     
 %   %   (
A         %        
 " # B      $        
          " 
     " 
       %     "  
    
     A 
  A            $  B" 
  B         / % $     #
 # 
   %  $     !     B    
"      $       "        
"         
 U C
 7,($6 d&4 % NM# L. O 7_;737T
2 \RX ZKR KDYH IDLWK $QVZHU $OODK DQG WKH $SRVWOH ZKHQ KH
VXPPRQV\RXWRWKDWZKLFKZLOOJLYH\RXOLIH

61!!    7) "!( 


A    #  %           %    !
     
   " 
   !
       " "
  
      "   %      %   
""   "    !  "   " 
  

    "          "  J    %


  %#(     "      "
        "        %     
"   
     "  "$"

, !  ! (" ""( 


D
"  $ %     C         H    
 $   

        "        



26UDKDO$QIO=34




67 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

%    A 
# %      !   $ %    
 !
          * D  1DKM DO%DOJKDK  
 "
A                 $ #  "" 
 $          # !
  " %     B
   
  

         
 "   !
     %  
 UJl
 
 , ; L. 6 M$ X &J? , } 3; L7  g`] ? MT
%\ <RXU PLJKW , ZLOO VXUHO\ SHUYHUW WKHP H[FHSW <RXU H[FOXVLYH
VHUYDQWVDPRQJWKHP2
A    !   
 ""

 
$"   
 % "        
   $   
 !  / 
 "  "         %  " 
$      %  
#"       
   $      
 "        %     %    #    
*  $"  $        PXNDPW DQG PXWDVKELKW
*RGWKH([DOWHGVWDWHV
 UN7%giz#0%QL#: iz#0NL. N0q.-?M#7s ; 0  7_.gT
$V IRU WKRVH LQ ZKRVH KHDUWV LV GHYLDQFH WKH\ SXUVXH ZKDW LV
PHWDSKRULFDO LQ LW FRXUWLQJ WHPSWDWLRQ DQG FRXUWLQJ LWV
LQWHUSUHWDWLRQ3
/   %       "  B  $  9     
  $  7KRVH LQ ZKRVH KHDUWV LV GHYLDQFH  7KRVH LQ
ZKRVHKHDUWVLVDVLFNQHVV 

    %" 
      !
  

 $   $  
  $  

     "     9  / # 


      % %        " 
     
 " $      "     
!   KLU      
 !    PXWDVKELKW  
   . " 
9 C   %  
   %     ILWQDK   .
 " "9  ! "
 
#  %  $     
"  "   %   "$   "  %  %   
"
 .% $ % $   ILWQDK "#   "

26UDKG==3.=
36UDKO,PUQ6




&KDSWHU 66

" #      H  $   " 


  $       
%         * # A     " 
IDWDQDKX A   
  IDWDQDKX          
   %  #
 U-L#: 7L8$ 2 \ 7T
,WLVWKHGD\ZKHQWKH\ZLOOEHWRUPHQWHGLQWKH)LUH2
9              "  IDWDQDKX    
   / % $    ! "
 #   C       "
         "  % 9     
   % ILWQDK*  ILWQDK "#  " %  
" %   C    " %"  " " 


       $   ,W LV WKH GD\ ZKHQ WKH\ ZLOO EH
WRUPHQWHGLQWKH)LUH %    "   LLUE*"   
   %      % 
## *    
  
   * "    #     C  
ILWQDK  " %"     "  !
     "  
% ILWQDK      "     
 "   
 
     
 "    % #    #
    %  $   "     ILWQDK
9          ILWQDK   "     #  "

             $ %      "    
   #  $          
 "    
* !       ILWQDK   "   % #
       !  
 %        
  
    A    %  ILWQDK      
"             $  9 
  
 UQL#( 6 X % 3%  . 3,"3T
<RXUSRVVHVVLRQVDQGFKLOGUHQDUHRQO\DWHVW3
A  #
 UQL#4
 %4q
 0(M"% T
$QG:HZLOOWHVW\RXZLWKJRRGDQGLOOE\ZD\RIWHVW

26UDKDO'KUL\W:22
36UDKDO$QIO=3=
6UDKDO$QEL\32:




6= 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

    
      $               
ILWQDK
A  $     $    ,WLV+HZKRKDVVHQWGRZQ
WR\RXWKH%RRN3DUWVRILWDUHSUHFLVHYHUVHVZKLFKDUHWKHPRWKHURIWKH
%RRNZKLOHRWKHUVDUHDOOHJRULFDO$VIRUWKRVHLQZKRVHKHDUWVLVGHYLDQFH
WKH\SXUVXHZKDWLVDOOHJRULFDOLQLWFRXUWLQJWHPSWDWLRQ>ILWQDK@2ILWQDK

     "    %" PXWDVKELKW   
%  !         %    %  PXWDVKELKW    
         A          
|  #      . "       
 !   
 "  $   #       "           


 "  

"" /:/ 4ILWQDK5 (


      "     $              
      #        
    # 9   $ # 
   %   
 "      "   "
        9  "  #
# QLIT    . "  

                

 
      . "   $  +        
     "$    

   "    " 
  %       ""     
  !    
       " 
9     # 

      " A   (  % 


%# 9       "    " %     
 
 

$UPHGVHGLWLRQ
        $    %#     " A  
( 
#    
 % 1#  # $   (
   " (
 "     # $  
  $   B  $  A  %# #      ( 
   #(     # $   " 1#" " 
       "    #   (     #     
       "     A "    " 
     %   
             $ 

 ! #  "   %  


 $      "   " 
 " #  %#  


26UDKO,PUQ6




&KDSWHU 68

( %       "    "#     


  %
 UNN(  7=-7% QL#-X8#9 2  % T
)LJKW WKHP XQWLO IDLWKOHVVQHVV LV QR PRUH DQG UHOLJLRQ EHFRPHV
H[FOXVLYHO\IRU$OODK3
A " "  "  (  %
 . '_? 0N Ml7-3 004#" C
 "%  L+
C
 m=9 &X&L0-l04 12 1 T
 U-l04 #. ? . "&l04 #L7=7g0%3c= L$
6D\ 'R \RX DZDLW DQ\WKLQJ WR EHIDOO XV H[FHSW RQH RI WKH WZR
H[FHOOHQFHV" %XW ZH DZDLW WKDW $OODK VKDOO YLVLW RQ \RX D
SXQLVKPHQW IURP +LP RU E\ RXU KDQGV 6R ZDLW :H WRR DUH
ZDLWLQJDORQJZLWK\RX

&XOWXUDOVHGLWLRQ
9      

            " A  


(        $   %            
 ( 9  

            C  


   #
         # A #
    #         %      $  % 
 

##   ( 


          
 
  
           
   
(A #    #    (   
   %#
    "    #
   
 #
 #  A #  (  
 #%     "   #"   #  #
A #    #    
#  #
   $ % 
   "   
%   %    #% " 
A #    #  
 #    #

   (             %   
  "   $        #  
"     (       $    % "  
  "     
 
  %     "   A  


2
# &6UDKDO%DTDUDK3289
36UDKDO$QIO=8
6UDKDO7DZEDK %DUDK8:3




=5 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

        %    $  $ "      C # " 


 "    (          ( #   % 
 #$  #  "     "" $ 
 $"   "       #     #   
      I       "$ #   "   

 #     C                / #
%  %" ("    #"  
     " 

)(! (" 


     #   (   %       %  
B
?       ""     %  ( " 
     "       # 
9 / ##
 U1#  . =t 3QL#: %( }4 b 3e9  . 2}4 b 3% 2 ,#:  e9 2 # %T
$QG NLOO WKHP ZKHUHYHU \RX FRQIURQW WKHP DQG H[SHO WKHP IURP
ZKHUHWKH\H[SHOOHG\RXIRUIDLWKOHVVQHVVLVJUDYHUWKDQNLOOLQJ3
    %    %    

      "  
 $      $    A   #
 
    #
""    ! " A (I  "$   

           "        #
""  9   
 U1#  . 4M( 3QL#: %T
$QGIDLWKOHVVQHVVLVJUDYHUWKDQNLOOLQJ
9  
#   "    #""  "
     "$     "(

; &4VKLUN5  )(


 #  VKLUN  !   "     WDZG  "  
  # 9  %       &    
$   $    
    #"      
   #       $ %#


2
# 9
36UDKDO%DTDUDK3282
6UDKDO%DTDUDK3326




&KDSWHU =2

9 

   
#  $ #
   #  

   
      


       $   B  $  *  
 
#              .%  
 " 
#
   A     
# 
    %  
 
     % 
 $  

  "  
%  
     9            %   %  
           %  $     
  #   
9 #
#          
      "  
          " "    A "  #

   A 75      %   %  

 
   #
     
#   

  #  !
   

#  #    #    



      
"    ! %        

   
A         " 
      
    
 "    "   " #         #
    
%  $     ""  "    "  ! 
                #
9     $ #    $   %
$  
      
 " A  $        #

   
 
  %         7KHUHLVQRJRG
EXW$OODK/LOKDLOODOOK
      $ B         %   
  # %     
 %  %     
 !            "
 $KODO%D\WD  #  "#  %   "
   # #  %   
       #   %#    
         #  $    

#    $        !   # 
  %  

    *
       "  
MLKG MLKG DODNEDU A   
#           
 A   %"  "               $ 

      "      " A A       
             MLKG DODNEDU   " 

 " 
        A "?"
 
      
 A  ##$ 
            $     
  
    $    "  B   $ 




=3 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

 $    
"
           
  

  " !       & ( "  !   


 (
9 / #  % ( %#  
   
J      % $   ! "     
 " 
  "         9 *
   
%     
#       #
 
  
 $        % %    "
                " $      

   ( %   #    (    !
 # 
 %  #     9       
   > #   $ "$ 
       
   $   %         *
    ;" 
    *
         A *
  
        !
   
# !
     #  $" 

    "         $  " $   

  
  A D  
$  

    $ # " 
   
9   $% #

 %   
"%# 
*
   
       
  "  
# / #"$  %"
 U-L#: 7X2 % L. O7-3(4 #7-3aL+
 9 3T
'R WKH SHRSOH VXSSRVH WKDW WKH\ ZLOO EH OHW RII EHFDXVH WKH\ VD\
:HKDYHIDLWKDQGWKH\ZLOOQRWEHWHVWHG"2


   ILWQDK  
 .
 1VE2
 # *D% "   $ " 

 
 # "   $    "  DEOXOPDWQ    %  
     "$" " "    # 
     
%"  #
            *
  
             C   A *   C  
#"  *
    "A
# AD   
     $     $  'RWKHSHRSOHVXSSRVHWKDWWKH\ZLOOEH
OHWRIIEHFDXVHWKH\VD\:HKDYHIDLWKDQGWKH\ZLOOQRWEHWHVWHG"
%  *
   V    

        ILWQDK 
 " "    /       ILWQDK%   
    *
    *
        

26UDKDO$QNDEW383




&KDSWHU =

ILWQDK "   %   


     #   ! 
9 *
  *  #XPPDK% !
  ILWQDK/ 
       #
      ILWQDK   %        #
   
?"   #

N  P  -  L. g7% N #, 9  -  L, #7%  ; 0 8 $ ; L7= 0-  L, 7%  ; . g0-  L#:  \   - " $ 7
^
 C
+ %  _ ML0 4 ,
  -  C
 #+
  /Q 2 + i 2 W %  Q 0d  o
 ;Mq
 0 N . 49  -  C
 #+
 7
Du M004 % Q 7= ; 0
* # 

 %   %  %  9 #%
     $    J   
     "  
!
 / # # 
   9 #% 
% %   / 
    "  B   "$" 
      # % C  %  %    #
  #
% " #ULE%   

)LQDQFLDOILWQDK
9    #
  *
         % ILWQDK     %  
9  %  % AB
  ILTK %  " 
   
 % A % %     
    A A $ "  $    "$     

      9      "         
     $                 
  1#  $" 

  $   # %  
          #   #     
    #"   "              
     
    
"       $"

        


  "       
   %        #
     " 
A $    % 
   "

  %       #

   

      " 9      

     
     "    "     
%""%"  
 0!d g? : -T
 UN . '4 C
$QGLI\RXGRQRW>GHVLVWIURPSUDFWLFLQJXVXU\@WKHQEHLQIRUPHG
RIDZDUIURP$OODK2


26UDKDO%DTDUDK3368




=4 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

9 *
  *   

 %  % ILWQDK
 %           "    !
      
  
    #
  #  
 !  
     B   

,GHRORJLFDOILWQDK
A     !  %       $    "   
 "  !  /   
 /$ 
  "#
 " /     $   " %  $ # 
       

         " "   !


  
# #  % "     $     %     "  
  $     
A                  "       
 "   $  # 
" / "        
 %    #  $  "     / %  " 
   "    
* " *
   / #  
 U-( =2 -3 $  , 7N10.  "$ L, X 1 , 3-3`$ -L, 7T
7KH\ FRXQW LW DV D IDYRU WR \RX WKDW WKH\ KDYH HPEUDFHG ,VODP
6D\'RQRWFRXQWLWDVDIDYRUWRPH\RXUHPEUDFLQJ,VODP5DWKHU
LWLV$OODKZKRKDVGRQH\RXDIDYRULQWKDW+HKDVJXLGHG\RXWR
IDLWK2
9         " 

 $        $   
        .        "   " 
$..$ 9 *
  
    .      " 
 "    
   $        
     ILWQDK " 9 
*    
      ILWQDK "      ""  
   "  " $ " 

 %  
        
  / "  !
 
/ % #  " #  "A
#% " #  #    $ #
   A   
    !     
  /  $           
*
   " $"  "ILWQDK "    % 
$    "%  $   $     "    
   %    %  #  $   $ 
  "   B   *   $     " 

26UDKDOXMXUW4826




&KDSWHU =:

$..$   
"        "    
   A
%      H  

)DOVHMXVWLILFDWLRQVDVWKHPRVWGDQJHURXVILWQDK 
9     "   ILWQDK %   %    *
     %   
%  

  #    "      * D   ILWQDK 
 
#      WDUI   "  
"  $    %  
 
   A        .  $    "  %
VKDUDK        "  $..$ *" #     
 %         B    
 . "  $  "$  "      
A           ( 
#  " " %
9  *
            $        ILWQDK.
 "        B     "     
%%    
     # / " 
H    %      "     *
    
#      

     ILWQDK   %       !     $   


   .*2  A   9  D H    *
   
      !
   ILWQDK    %   "  "   %
  
 !      % #
 B   #
# #  %  "$" "   #     %      # 
 %  ILWQDK "  #        !
 
> %#     ( %         $     
   A      # #      # 
  $  %
9  %  $  
  C  .   "      
   H           "    #
     % "    "          
( %    %  "   
   !
 " $ % 

?   "    #    "$  $         
   #        "  #     
 "  &  #    #   $       "
     " " "      A+  !
 

      % A 

  #  

  
 
    32   #  % A
  
   "  # %   
  "  "        

    

2LEDO$PU9 % (   *        A,.( D
9




=7 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK



    32    #   

 %   


    
           #   "   
      "  "  %9  %  
     

  
#     
     
 
          
 # %  $  #"
  "                 "   $ 
 $                A  


+"( !  )  ! ! ("


9  
       "    "
ILWQDK   # ""    #        %# 
  "  "    

   #""  


    ILWQDK #  $ 
#  %  $   #"  " 


"  "     



  
# !
    
   H   !      #    ILWQDK   #    
     "         
 
        

  
#    #      

%     #"          #    



          $     > #    
     #    %       $       
"  $    
%  
   
 ?= +
  ?= +
 d"
,IWKHVFKRODU>OLP@LVFRUUXSWWKHZRUOG>ODP@LVFRUUXSWHG
9       ILWQDK  %  #  *
           
"   "     

    #   %   
  
A         " %        A         
      "      "  

" "     
 "     
$      #   
 .
  $  #       $       
A   #   "    
 
         #   "   
"  

  
#  #   %      $    
 % "    "   "         
  ILWQDK 9   "      "     

 

# # ""           
#  

2*KXUDUDOLNDP$ 6
3789




&KDSWHU =6

    " 


 %#     | " 


     "   
 " "  
  ""  #
*        ""      
  %        
 $   

     "           1DKM DO


%DOJKDK#A*DH     #      DQGWKHQ
PHQWLRQWKHPRWLYHVRIWKHVHLQGLYLGXDOVLQRSSRVLQJUHOLJLRXVFXOWXUHDQG
WKHWHDFKLQJVRIWKH4XUDQ

1   ( " (""(3#$D%


A * D     %          "    

  "      

  
  .   "   9 
AD
N 0|% $8,+
 = 4b O%
H      %      
  2


" 
"   %    " 
 

 %  
        "   # #   1#  
           #   

  9 #
    
"      
      "     *   
DUDW$O D VDLG
 ;}  . 1R;} |M# 
+HKDVJOHDQHGLJQRUDQFHIURPWKHLJQRUDQW
A % %   #   B   
    
 "   
  "     
 !     
 
      "         "   # $  C 
   %"    
# #%   %"   
   "  "  H     #"  
 "  "  A      %   %  
  %   A * D             
 
 #  " 

    $    %   
 !
  
  .   "    "     %
"    " %   #   


21DKMDO%DOJKDK  =7
3,ELG




== 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

A H   #   $   C    % " 


 
    
  $ # " $     ##
B  9 

       $    
  #   
        B     "  "     #     

   $   % "   # " 1 "
       
"   #"    "  % "  " "  
       
  #  % "      #  # B  
%   "    . "    %  "   $   
$   
     #    "  
 
                  
 A    #
#     %   %    "  $    


  #  "    
   "       
 !   
%    $      % "   #     #  ?  
"    #      A   "#  "  # $ 
          "     B    !
  
%#" 

  
    
  * D
    !      %  $
 "    #
 j
  . 1j3% ;}  . 1R;} |M# 
+HKDVJOHDQHGLJQRUDQFHIURPWKHLJQRUDQWDQGPLVJXLGDQFHIURP
WKHPLVJXLGHG
9 #     B      " 
  "    " 

           * !
   
           $ # "  $    #
# " &  "  "   # # %  $  
 
     A           
!  9                !
 
 
  "  $ #
 
A*D 
 %s % /%4 M9 . (4t 3aLl
 !%
/     

  
   
    
  
 3
9 AD   


2,ELG
3,ELG




&KDSWHU =8

 N RO8$ '# 1, 9 = 


/    1  "   %$ %" 
  
 2
9   A D         

"  #    


 
  R4
 M( - ; 7% /Rh?  .  . V 7/NR2 38$YC
 P $ %
/  

    "      
" #3
9   %     

  #    
    C    B 
   B  $
  "             9 #  # # 
%   "  $  
 #
9 AD 
~ l Du
 P j
  ;L0%  /= M  ] #$ 3
 7%  /u %  ;%  /o;Mq
  = L$ 
 3
 7
 8,? '0X% /N? M#m=; '0
/NL$ =l  4 ? 7X/-9   %/-+!"~ K
i 9 X ^. `_
/  #     % "            
 
"      
   $  
  #    / 
    
       /    %   " 
   %      "   
      


  $"   
9 A*D   

 
 7g/Q0lL. L, %/QC j %o7X %/Q, R \  $ X %- V 8!3%- M2 _  7g
2 ] !g
 = l
 QL+  3% /YC
 Q. s 32 %  M!~4 #$  L0% -;, ? ( 10 0c#7
 D  P? ;6%% 2 %6 % /-O4 s L.  +  9 g0
  %     #  " "4 9  %     #   #: 9 
"   "     "      $      


2,ELG
3,ELG
,ELG
46UDKDO7DNZU=237
:6UDKDO$QP78:'6UDK<QXV254'6UDK)LU:'6UDKDO*KILU DO
0XPLQ4573




85 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

      "  $    !  H     #   "


   #  %   #  "
" %   #  $   " # 
     
9 #    |" " 
+  "    *     " 
  
#         C  " 
  "   # 

   % 
"2
A            * D  / #    
 
  .  "  % 

    
 
4 b s 
 ? 0 8"  ; A
 ? 0 97 
 % |
 ! J
 Z t  %= $   M! 1   L? }  `
 _ ( %  T
 U-%4#: 7.% 2  _ c? .`0 it% %4   
7KDWLVKRZIRUHYHU\SURSKHW:HDSSRLQWHGDVHQHPLHVWKHGHYLOV
IURPDPRQJKXPDQVDQGMLQQZKRLQVSLUHGHDFKRWKHUZLWKIODVK\
ZRUGV GHFHSWLYHO\ +DG \RXU /RUG ZLVKHG WKH\ ZRXOG QRW KDYH
GRQHLW6ROHDYHWKHPZLWKZKDWWKH\IDEULFDWH3
9      

D 

   $ "  


 %#          $        %
""   "    %  "  "     

" $  "          $  


 %

    %" 

; /'!!  !   


9  %      "%  
  %  " %#
      
   B #  "  %  $   " 
 %       A #   
      "  
 "    %  
  %  $ #

      " 


    #    #      

 B #" 
$ "    " (   A   #
#      %        " $ 
 $  % %       
      "    
9 #   %   %   
   B #  "    
 " $  "          
 !
  "    A   C#       $     
%  "  %  
  !
  
%  #   %     " 
   
     
$

 


21DKMDO%DOJKDK  =7
36UDKDO$QP7223




&KDSWHU 82

A  
 #   #% %    %   
 !  
    
     "  !   "$  "   
  %      # "       #  
 "    / #
1#
  "         #   * D  
   
     "   %      #"
d"'#  .  03Q?  ;|/X
j
 -,7% /X;} - q?74q
 ?. . t 38"
N ? j
 .  $ 4 9 d"'#  . L,8 3X% ?0Y: !3Q?  X% /N%
 Y9 
A  
  *    
  %  $  "     
" +   "  %      
                # "    $  
 $     $   
 2
# ""      "   ""
    A*D 
X% /1Z M . 4; [ 3X% /YC
  . 8:b 3i t N|-.s >=? 0 .    $ fg N!"%
d"'#  .  03Q?  -.] `d12 3=L$ |% /N % 8$ '_   . 4( 3
/%4? ,  . 4 !3it6
 MX%/N? j
 .  $ 4 9 d"NL. Y: !3X% /N %
 Y9 
-: L. N2 3% _r.  7'#  /N #h : 9 cL% /N#, 9 '# _M!= 4  L . 4 $ 3X%
`d  N 2 3%  '
 #  /%V.  ,; 7%V 7 X  =9% Y74Z   - MC
 P l
 .  - M9 K%  /-=74 Z
/?, #} -"% /m=; YX Q
A
 -X  ; ? . +% ; ? . % /; +% aL-.] 
D ; . ."'# |% '# Q, R3; !g( /Q$ ,
  $  4 #%/Q 4: 8$ \  u, #} 
&  #  %  
#   %  "%
          "    "    

   
% "    "           "  * 
/
+  

   
  "%   
$     "    "      
# "    $      " 
     

  *  % "%      $  
  # "    
   $  9      1 
%  %   %#      ?   "    A   # 
   

  %   !   !
  9 # %  
 
  
" "    
        %  
 # &  C  #          

 

2,ELG  26




83 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

%    " 

       "  %   %  
    %      "      % 
"  $  "  # #   "  9 

  % $ 
   $   %         %#   
  # "  #%        
   2
9 &    + D #
        
%  %  "%           "
   

      J   # "    /


*
  % C  #   # 
  .  "  
   #
      " 
*!!3#$D%)(   
9 
  %    "   " %         
 # 
   
          A   
    $            * D   
!            

          
          #    %   !       
      # A     A * D !
 #
   

       "      

        %
               ""      * 
 "     
               # %  
   $   % # B  $      %    #
       *
   
  
 "  "  
 
 "  

 
AD
            
9 

        %            1   * 
 %      #  " #  
   !
    % 
         $   "   %   
 
 "         %          $  
 $   "  *       "  $ $ %
       "  

 %    . " $ 
%       "  
A  %   %       #      
  " 
% %     
 $   #A 
%    "  
## "  "    
 " . " 

" # $      

  # &    + D


2,ELG  246




&KDSWHU 8

A    A*D*         %  


   %   % "    H    !
   
  
    %   # "  " 
$  "  
 # ""   
    #
*           %   "  %
  " 

    #
    

 %
  C#%#  A    

 %   
    %  9 # % $   " 

        


  %     %      

  %   
  
"  %           %   %#    

  " 
*       A*D 9 

 % $ 
   $   %     $    %#    A
  #  "  # %             
     9    

        %     
   A  #%"     %  
       
     % 
  .   "  
 "  #%       % 
 B #
 "     
 
 
     (  "         
   
 A   "     "       
"     # % $           % " 
    
"  
   "  "
 
 
> %      "   $         $ 
  "     #   (     
$    

         #    %  "   " 
   &  "  
      $ #         
!
    (   
#  "    ? 
      $"    $     
     "     
$..$    
 #     A 
( %                 $   
 
"       A  "  NXIU    
# !
  
 # A (XPPDK   "  "   
 

  9 # #  ?    (     $"  
A  #%      $   
   
   $    %  "      D %"# 
 %"# # %           " "  
$  
"     "  

  #   "  "   "
9  $ $     
  #$   




84 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

/ #      AD 



 
$  %    

 !     /   (!   (  (


 " (""(3#$D%
*A $    / #    $ #  

 
ILWQDK  %        "   
 " ILWQDK. " %         ""


  > %  C    #
#     H #  
  
 %"    "%   "     
   
# $  C    #     B #  "  


  A  %  H    
#  "
      % 
     "   "" 

 A  #%  
 " ILWQDK " %   ?       
 "   "
A
#  C    *D
 
 = #M\9 3% /uM#i2 3 #:  %i= 0,!"
9        $       %  
  
       $ 2
9      ILWDQ   "          % #
# "  $" 9   %  "  

  #   
  "   "   " $      
      
     !             

  
9 
   $          
 A %   "  $   %        #
 "   "      %     
#     %"    # 
    #  A    
  "   %#          $   
    
   %  A%

     

     %  $  %  A "    


  

    $    #       #
   

     $   %     "  $      


$   "  #H   #  "   $ 
H  %      

   "  $  9       


% "      ILWQDK "       
 " # 
 

21DKMDO%DOJKDK  :5




&KDSWHU 8:

9   
    $    /  
        ILWQDK %    %    
     " 
 B     
  "  "    
A   $ B #            %     

 
    #    #   B     
  
   # $   %   $  
  # "  
    
 %       %    

    $     ( %   # $  
%  #    
%   # 
         $    !
    "  

  #  %      ILWQDK       


 "       #"       / 
           H    
    %   
 "    $       "  "    $   
! #%     " %  
    $  $    %   !      
#"   XODP    "   $KO DO%D\W D #
 # #   % 
  #   
 %%#    ## #      
         A        " 
  #9    %   #%  % $   
  
       $      C     
  
A 
#   C     % #   

   A   #   
  ILWQDK "  *D        
 "    %    

   A  
  #      # ""   ILWQDK #  "   % %# 
   " " %$ 
1#  %# %      % %# # 
  $   B  $ 
A * D    #    %  "   
      A9 # ""   "    
 " #   
    B    
  
 $   #% *   #   "%  
    %       "    / #    " 


    # A  $      $ $ 
%#   

      %    " 

  %" 
+   *D       $   " 
"       
       $     / 
D   

  
#      %" 




87 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

%   
   %        %" $      


   
 Uc2 N; "_
  . ^73 3T
+DYH\RXVHHQKLPZKRKDVWDNHQKLVGHVLUHWREHKLVJRG"2
9   %    #            "      
  "  "   " %          " %  9    
#    $ %  %    "  
"  (   


"       "   "   #  " 
    " %#B         A9 #
"  !
   " 
ZLO\DK  
 ZLO\DK
  
     #    #
 % 
 ##   $  ""  $  
 
# "    A
  "
   $ 
 
 "      
 
9    " 
    $  "         
   I  %    %  #        "   
         "    "$   ILWQDK   "  9 
"$          %"      " C  % 
 " %  "        

   %"
 "
 
9   A%   %      $ # #  
  
#"  *D%  
M C- 31 M   +
 : !3M 9
9    #     #      3
9   $ #  #   #  #    
   #    1   #       

  #
 
              "     $ 
#     
    "   QDIV
DODPPUDK"  %   $    #
J    %  %"  / #  "%  
   


26UDKDO)XUTQ3:4
3%LUDO$QZDU$ =
24:




&KDSWHU 86

U-R] ; #+
 7;0!(% No700_ ( -3m3+%3 7_Q M $-(T
7KHQ WKH IDWH RI WKRVH ZKR FRPPLWWHG PLVGHHGV ZDV WKDW WKH\
GHQLHGWKHVLJQVRI$OODKDQGWKH\XVHGWRGHULGHWKHP2
A
     !  "  $ # # 
    
Um= ; uM . 8$ \
+
 %T
$QGPD\SHDFHEHXSRQKLPZKRIROORZVJXLGDQFH3


26UDKDO5P525
36UDK+3546






F


DODP73 .% WDTZ242748
*  44 7487
DEVWUDFW>PXODT@73 *RVSHO=
"   LLUE=3 "  MLKGMLKGDODNEDU47=7
$KODO%D\W D 6234223 DEO$OOK4
4:7:7757376 IL:3
68=7252 DMM:44
* .1#  D H * #2 /    38
3 BB .A*(

   
QXEXZZDK4: 7
#  (9C( BB .A(( 
I?2: >7
%LUDO$QZU= KXPDQLVP:5:3
  254447464=48 #
#QLIT3=
:5:==7=6==858878= LMWLKG73
88255252 A*D:62522:83
   #\DTQ2 84868=
    VDQDG68 ,PPDO%TLU D :=
& 2 A.( D85
  #TDZP3: AO.CD4
 
  WDIDKKXP6 A.BBD:
FRQFUHWH>PXTD\\DG@73 AD  :7
  $ $  PXNDPW24 A,D     
7265664666=68=2 |   A   7
  NXIU3 A LPPDK
   WDUI7=648582  AD8252226
255252 344::6:=757378
GYQ:3 6646:68=688
HVVHQWLDOO\SRRU>IDTUELGKGKW@ LQQHURUH[WHULRU>ELQ@:7
:6 LQQHURULQWHULRUDVSHFW>ELQ@:7
H[HJHVLV>WDIVU@:7 :=6
H[HJHWH>PXIDVVLU@75    WDIKP6
H[HJHWHV>PXIDVVLUQ@75    DTO2
 PQ2248 A:2:2726353867
IDTU>SRYHUW\@:7 A" $   222:2735
IDWZ7 5
$   " DEOXO A| $   :2:35384
PDWQ=6 AA  D45
ILWQDK. " 8588 -HZV=
)RXU&DQRQLFDO*RVSHOV= GDO $UFKDQJHO*DEULHO  D 45
JKD]DO:3: MXULVSUXGHQFH>ILTK@73==
*KXUDUDOLNDP82 MXULVWV>IXTDK@73
" PDULIDK4 OD\ODWDOTDGU4


255 7KH4XUDQDV5HIOHFWHGLQ1DKMDO%DOJKDK

PDUDMDOWDTOG>VRXUFHVRI 6DWDQ ,EOV 323=44474=:4


HPXODWLRQRUUHOLJLRXV 7=786368=585828388
DXWKRULWLHV@7 255253
( .( 44 *:
( :45 VFKRODU>OLP@82
( : VFKRODVWLFWKHRORJ\>LOPDONDOP@
  "  
ULVODK4 :6
 
$  PXWDVKELKW       ILWQDK664=2
6646=68=2= =3==4=:=6===88582
 PXML]DK26:7 8388255252253
" DOO3 6HOIVXIILFLHQWLQHVVHQFH>JKDQ
  WDZG=7 ELGKGKW@:6
(  ;$67   2 1DKMDO%DOJKDK6
PXMWDKLGQ7 72
PXNDOODI73   246 1DKMDO%DOJKDK8
PXQILTQ #
 8 7=86
PXTDOOLG73   2:6 1DKMDO%DOJKDK
1DKMDO%DOJKDK:2:6=827 252726
2632333744:48:5   26 1DKMDO%DOJKDK32
7274767=68838:255 3374:4887
QDUUDWLRQV>ULZ\W@75   26: 1DKMDO%DOJKDK
QLT:82522 323374:48
 
  ILUDK3   2=8 1DKMDO%DOJKDK
RXWZDUGRUH[WHULRUDVSHFW>KLU@ 233
:7:=6=2   :5 1DKMDO%DOJKDK68

# VKLUN=7 255

      VXQQDW$OOK3=   =7 1DKMDO%DOJKDK:5


5 838:
SURRI>XMMDK@2536 VKDUDK85
3URSKHWGDP $GDP  D :4 
 $  
   WDIVUELU

A * D2: UD\\47464=:5:=64
84542 VXEOLPHNQRZOHGJH>PDULI@:::7

AA  D4542 6UDKO,PUQ4:87466=

(6 =2=

((  D6 6UDKDO$QP363=428:

> 1RDK  D 3:3=38 6UDKDO)DW726:67


D2337363=87 6UDKDO0XPLQQ36

  .  "  838 6UDKDO1U2:


8:8688 6UDKDO6KDZU726:66
3VHXGR0XVOLPPDPPRQLVWV87 WDTL\\DK7
76 WDTOG73
: WDUWO5
UDNDW>F\FOHVRUXQLWV@:8  "   
|: QDIVDODPPUDK44253
 " GQ2 WKLTODODNEDU337576
ULWXDOSUD\HU>DOW@:= WKLTODONDEU475




,QGH[ 252

9 H    28 #ULE==



 UDP\44 ZDODOIDTKB ."2:
7RUDK= ZLO\DKDOIDTK=4=885
9   9% H " #9 " ZLO\DKDOIDTK" 
  
DGWKDOWKDTDOD\Q B 2635
WUDGLWLRQV>DGWK@:775 H   84464=7462
9% / # DODUDPD\QDO 8=
VKDUID\Q: !  JKDUE]DGHKK27
XPPDK 38
  "IDKP6






You might also like