Professional Documents
Culture Documents
Contempory History of Fashion
Contempory History of Fashion
/DWH%DURTXH
5RFRFR
5RPDQWLFLVP
/DWH9LFWRULDQ
*UHDW'HSUHVVLRQDQG:RUOG:DU,,
3RVWZDU&RPPXQLVPDQG7KH&ROG:DU
3HDFH0RYHPHQW+LSSLHV0XVLF5HYROXWLRQ
V
V
V7RGD\
5HIHUHQFHV
1
/DWH%DURTXH
V²
%DFNJURXQG
7KHODWH%DURTXHSHULRGFRLQFLGHGZLWKWKHUHLJQRIWKH)UHQFK¶6XQ.LQJ·/RXLV
;,9+HWXUQHG)UDQFHLQWRDQHFRQRPLFSRZHUE\UHIXVLQJWRLPSRUWJRRGV
IURPRWKHUFRXQWULHVDQGE\HQFRXUDJLQJ)UHQFKLQGXVWULHVWREHFRPH(XURSH·V
ELJJHVWSURGXFHUVDQGH[SRUWHUVRIOX[XU\JRRGV)UDQFHEHFDPHWKHOHDGLQJ
H[SRUWHULWHPVDVODFHVLONULEERQVDQGZLJVH[SRUWLQJWKHPWRWKHUHVWRI
(XURSH:LWKWKLVHFRQRPLFGRPLQDQFH)UDQFHEHJDQWRLQIOXHQFHWKHWDVWHRI
(XURSHDVZHOO²)UHQFKFRXUWIDVKLRQEHFDPHWKHIDVKLRQEHDFRQRIWKLVSHULRG
/RXLV·VSDODFHDW9HUVDLOOHVEHFDPHWKHFHQWHUIRU)UHQFKIDVKLRQDVWKH6XQ
NLQJHQVXUHWKDWDOOKLVVXEMHFWVVHWDJRRGH[DPSOHLQOX[XU\FRQVXPSWLRQIRU
WKHUHVWRI(XURSH
$FURVVWKHFKDQQHOLQ(QJODQGSROLWLFDOSRZHUZDVSDVVHGWRWKH3DUOLDPHQW
DIWHU7KHQHZIRXQGVWDELOLW\DQGWKHGHIHDWRIWKH)UHQFKLQWKH1LQH
<HDUV:DU²EHJDQDQHUDIRU(QJODQGWREHFRPHRQHRIWKHJUHDWHVW
HPSLUHIRUWKHQH[WWZRFHQWXULHV
%\WKHVPRVW(XURSHDQFRXQWULHVFDPHWRDFFHSWWKDWVXPSWXDU\ODZV
VRFLDOGHFUHPHQWVZLWKUHJDUGVWRKRZHDFKVRFLDOFODVVVKRXOGGUHVVXSZRXOG
QRWZRUNDVWKHPDVVHVJHQHUDOO\LJQRUHGWKLVPHWKRGRIFODVVGLYLVLRQ.LQJ
-DPHV,HYHQWXDOO\UHSHDOHGPRVWRIWKHODZVLQKLVFRXQWU\
*HQHUDO)DVKLRQ7UHQGV
&ORWKLQJLQFOXGHVWKHSHWWLFRDWPDQWXDRYHUJRZQRUUREHW\SLFDOO\ZRUQRYHU
DQXQGHUGUHVVRUVWRPDFKHUDQGSHWWLFRDW
/DGLHVZHDULQJVDWLQQLJKWJRZQVULJKWRYHUVKLIWVRUFKHPLVHVZLWKSXIIHG
ODUJHVOHHYHV7KHLUKDLULVZRUQLQPDVVHVRIULQJOHWVWRWKHVKRXOGHUVRQHLWKHU
VLGHDQGERWKZHDUODUJHSHDUOHDUGURSV$QGDPDQLQDFRDWZDLVWFRDWVKLUW
ZLWKZLJDQGKDWULJKW
2
&RPSDULVRQ²:LJV +DLU
3DVW
3RUWUDLWRI&RXQW6LQ]HQGRUI+\DFLQWKH5LJDXG
3
&RPSDULVRQ²:LJV +DLU
3UHVHQW
9RJXH6SDLQ2FW
4
'XULQJWKHODWHEDURTXHSHULRGPHQDGRSWHGWKHSRZGHUHGSHULZLJZKLOH
IHPDOHVVWDUWHGSRZGHUWKHLUKDLUZKLWH6XFKSHULZLJVZHUHH[SHQVLYHDQGDUH
HLWKHUPDGHIURPKXPDQRUDQLPDOKDLU7KHZLJSRZGHUZDVPDGHIURPVWDUFK
WKDWZDVVFHQWHGZLWKQDWXUDOSODQWH[WUDFWV
7RGD\DOWKRXJKZLJVDUHQRORQJHUDVFRPPRQDVEHIRUHDQGDUHSUREDEO\
XVHGRQO\LQFRVWXPHZHDURUSKRWRVKRRWVDVVKRZQLQWKHFRXWXUHVSUHDG
DERYHSHRSOHDUHVWLOOIDVFLQDWHGE\WKHLGHDRIFKDQJLQJWKHLURULJLQDOKDLU
FRORXU7KHKDLUFRORXULQJLQGXVWU\KDVVHHQDUREXVWJURZWKLQWKHSDVWGHFDGH
DVQHZWHFKQRORJLHVKDYHPDGHKDLUG\HLQJPRUHSRSXODU$GYDQFHVLQ
V\QWKHWLFKDLUFRQVWUXFWLRQKDYHDOVRHQDEOHGPRUHVW\OHRIZLJVKDLUVW\OHV
DQGZLJKXHVDYDLODEOHWRWKHJHQHUDOSXEOLF
5
&RPSDULVRQ²/DFHG6OHHYHV
3DVW
3ULQFHVV(OHRQRUHRI3IDO]1HXEXUJWRV
/DFHG6OHHYHVZLWKULEERQV
6
&RPSDULVRQ²/DFHG6OHHYHV
3UHVHQW
7LHUHG6OHHYH0DGHRI6KHHU)DEULF
9RJXH,WDOLD$SULO
7
&RPSDULVRQ
)HPDOHVVWDUWHGWRODFHRUWLHWKHLUVOHHYHVZLWKULEERQGXULQJWKHODWHEDURTXH
SHULRGDQGVOHHYHVEHFDPHVKRUWHUWRôOHQJWK7KLVW\LQJRIWKHVOHHYHV
FUHDWHVDQHPSKDVLVRQWKHVKRUWHQHGVOHHYHDQGWKHH[SRVHGIRUHDUP
+RZHYHULWZLOOWDNHPRUHWKDQFHQWXU\IRUVOHHYHOHVVDWWLUHWREHDFFHSWDEOH
IRUIHPDOHV7KHODFHGVOHHYHVDQGXQGHUVOHHYHVDQGHQJDJHDQWHV7RGD\VXFK
VOHHYHGHWDLOVDUHVWLOOFRPPRQDVVHHQLQWKHSUHVHQWGD\FRPSDULVRQDQG
GHVLJQHUVKDVWKHRSWLRQRIPXFKPRUHIDEULFWRFUHDWHWKHWLHUHGHIIHFWXVLQJ
YDULRXVIDEULFVVXFKDVFKLIIRQRUJDQ]DDQGVXFK,QWKLVH[DPSOHVKHHUIDEULF
LVXVHGWRJHWKHUZLWKDFFRUGLRQSOHDWVWRJLYHVRPHIODUH
8
2WKHULQIOXHQFHVRQ&XUUHQW'HVLJQV
$OWKRXJKWKHJHQHUDOVLOKRXHWWHRIWKHHUDLVQRORQJHUDFFHSWHGE\WKHJHQHUDO
FRQVXPHUWRGD\GHVLJQHUVVXFKDV-RKQ*DOOLDQRDUHVWLOOLQVSLUHGE\WKHORRN
DQGGHWDLOVRIWKHQZKLFKLVUHIOHFWHGLQWKHLUFRXWXUHOLQHV'HWDLOVVXFKDV
UXIIOHVODFHVDQGVXFKFRQWLQXHWREHLPSRUWDQWWRXFKHVLQFXUUHQWGD\IDVKLRQ
9
5RFRFR
%DFNJURXQG
7KH5RFRFRSHULRGFRLQFLGHVZLWKWKHUHLJQRI.LQJ/RXLV;9JUHDWJUDQGVRQRI
WKH6XQ.LQJ$VWUDGHURXWHVEHWZHHQ(XURSHDQFRXQWULHVDQGWKHHDVWEHFDPH
HVWDEOLVKHGPHUFKDQWVEHJDQGHYHORSLQJJUHDWZHDOWKWKURXJKWUDGLQJ:LWK
WKHVHHFRQRPLFFKDQJHVZHDOWKZDVVSUHDGDPRQJPRUHSHRSOHJURZLQJ
¶ERXUJHRLV·PLGGOHFODVVZKLFKEHJDQWRTXHVWLRQWKHVRFLDOKLHUDUFK\DVWKH\
JUHZPRUHNQRZOHGJHDEOHRIZRUOGDIIDLUV
7KLVSHULRGLVDOVRNQRZQDVWKH(QOLJKWHQPHQWDSHULRGLQZKLFKQHZLGHDV
DERXWKXPDQH[LVWHQFHZHUHLQWURGXFHGDQG5RFRFRDUWLVWKHYLVXDODQG
HPRWLRQDOUHSUHVHQWDWLRQRIWKHRSWLPLVPSHRSOHIHOWLQUHVSRQVHWRWKDW
QHZIRXQGZLVGRPLQZULWLQJDQGSKLORVRSK\)UHQFKSKLORVRSKHUV9ROWDLUHDQG
-HDQ-DFTXHV5RXVVHDXODLGWKHIRXQGDWLRQVIRUWKHFLYLOXQUHVWWKDWOHGWRWKH
)UHQFK5HYROXWLRQLQWKHODWWHUSDUWRIWKHFHQWXU\5RXVVHDXZURWHLQKLV
6RFLDO&RQWUDFWLQPDQLVERUQIUHHDQGLVHYHU\ZKHUHLQFKDLQV9RFDO
SKLORVRSKHUVOLNHKLPOHGWKHSXEOLFLQWRTXHVWLRQLQJWKHGLYLQHULJKWVRIWKH
NLQJVWRUXOH7KHWHUP5RFRFRUHIHUVWRDQDUWLVWLFVW\OHSRSXODUIURPHDUO\WR
PLGWKFHQWXU\DQGPDUNHGDFKDQJHWRZDUGVWKHHQGRIWKHEDURTXHSHULRG
,WDOVRFRLQFLGHVZLWKWKHUHLJQRI/RXLVWKH;9DQGWKHVWDUWRIWKHSHQGLQJ
GHPLVHRI)UHQFKDULVWRFUDF\DQGPRQDUFK\,QFRQWUDVWZLWKWKHKHDY\EDURTXH
RUQDPHQWDWLRQDQGJUDQGHXUWKHURFRFRZDVWKHHPERGLPHQWRIUHILQHPHQW
DQGOLJKWQHVV7KHVW\OH5RFRFRLQYROYHGDV\PPHWU\DQGQDWXUDOLVPZLWK
YDULHW\DQGGHFRUDWLYHGHWDLOVVXFKDVVKHOOOLNHIRUPVDQGZDWHU\IRUPV
FKDQJHVLQQDWXUDOIRUPV,QWHULRUVDQGIXUQLVKLQJVZHUHGHFRUDWHGZLWK
DEVWUDFW
V
FXUYHVDQG
F
VFUROOVRUZLWKVFDOORSHGJHVRUIORZHUJDUODQGV6XFK
LQIOXHQFHVEHJDQZLWKWKHDUWVIXUQLWXUHDQGGHFRUDWLRQVEHIRUHVSUHDGLQJWR
SDLQWLQJVDQGIDVKLRQ,WZDVSDUWLFXODUO\LQIOXHQWLDOLQ)UDQFHVRXWKHUQ
*HUPDQ\DQG$XVWULD
)XUQLWXUHRIWKH5RFRFR3HULRGZLWKFXUYHGOHJVDQGVSLUDOGHWDLOV
10
%\5RFRFRKDGEHFRPHREVROHWHLQ)UDQFHDVLWZDVQHYHUDEOHWRUHIOHFW
WKHOLYHVDQGEHOLHIVRIWKHFRPPRQSHRSOH,WZDVUHSODFHGE\WKHRUGHUDQG
VHULRXVQHVVRI1HRFODVVLVP+RZHYHULWUHPDLQHGSRSXODULQWKHFHUWDLQ
SURYLQFHVDQGLQ,WDO\XQWLOWKHVHFRQGSKDVHRIQHRFODVVLFLVP(PSLUHVW\OH
DUULYHGDQGGHPROLVKHGWKHWUHQG
)DVKLRQ7UHQGV
7KHSUHIHUUHGIHPDOHVLOKRXHWWHRIWKHWLPHZDVDORQJDQGVPRRWKXSSHU
ERGLFHZLWKDODUJHUORZHUERGLFHZKLFKWKHPDOHVLOKRXHWWHEHFDPHVOLPPHU
:DWWHDXSOHDWV'HWDLORI/HV'HX[&RXVLQHV7KH
7ZR&RXVLQVE\$QWRLQH:DWWHDX
7KHUREHjODIUDQoDLVHRUVDFNEDFN
JRZQZLWKIORZLQJSOHDWVIURPWKH
VKRXOGHUVWRWKHIORRUZDVSRSXODUGXULQJ
WKH5RFRFRSHULRG,WZDVRULJLQDOO\DQ
XQGUHVVIDVKLRQQRWIRUPDO0DGHRIULFK
IDEULFVDQGORDGHGZLWKGHFRUDWLYHWULPV
WKHUREHjODIUDQoDLVHZDVZRUQE\
DULVWRFUDWVDQGWKHZHDOWK\,QLWVLQIRUPDO
IRUPWKHVDFNGUHVVJRZQZDVQRWVHZQ
GRZQDWWKHIURQWDQGEDFNDQGFDOOHGD
¶VDFTXH·,QODWHUGHFDGHVWKHIURQWZDV
ILWWHGWRWKHERG\ZLWKDWLJKWO\ODFHG
XQGHUERGLFHZKLOHWKHEDFNSOHDWVDOVR
FDOOHG:DWWHDXSOHDWVDIWHUWKHSDLQWHU
ZKR
DOZD\VSDLQWVZRPHQLQVXFKGUHVVHVVHH
OHIWIDOOVWRWKHJURXQG7KLVSOHDWGHWDLO
UHPRYHGWKHDSSHDUDQFHRIFRQVWUDLQW
ZKLFKLVLQOLQHZLWKWKHOLJKWQHVVDQG
SOD\IXOQHVVRIWKH5RFRFRVW\OH7KH
GUHVVLVDOVRHTXLSSHGZLWKLQQHU
VWUXFWXUHVVRWKDWWKH\ZRXOGILWLQIURQW
DQG\HWIORZORRVHO\DWWKHEDFN7KH
WLHUHGOD\HUVRISHWWLFRDWVDUHVKRZQDV
WKHIURQWOHWVRSHQOLNHWKHVWRPDFKHU
WKHSHWWLFRDWZDVUDWKHURUQDWHZLWK
WLHUVRIUXIIOHVHFKHOOHULEERQVIORZHUV
DQGODFH
5REHPLGWKFHQWXU\
11
$QRWKHUW\SHRIGUHVVFRPPRQGXULQJ
WKHWLPHLVWKHUREHjODO·DQJODLVHRU
WKH(QJOLVKVW\OH7KHSOHDWVZHUH
VWLWFKHGGRZQWRWKHZDLVWLQVWHDG
7KHUREHDODSRORQDLVHVHHQOHIWLV
DOVRSRSXODU/D\HUVRISXIIHGJRZQLV
VHFXUHGRYHUDQXQGHUVNLUWRUSHWWLFRDW
FUHDWLQJD¶GUDSHGFXUWDLQHIIHFW·
3DQQLHUVRUVLGHWRVLGHERQLQJPDGH
IURPZKDOHERQHPHWDORUZLFNHUKRRSV
DQGFDJHVZHUHXVHGVWUDSSHGRYHUWKH
KLSVDQGXQGHUWKHJRZQWRFUHDWHD
EURDGKHPOLQH7KLVVW\OHUHPDLQHG
SRSXODUWLOOWKHV
6OHHYHVZHUHEHOOVKDSHGDQGDURXQG
TXDUWHU·VOHQJWKWKH\VWRSDWDURXQG
WKHHOERZVDQGPDGHWRVKRZWKHIULOOHGRUODFHWULPPHGVOHHYHVRIWKH
FKHPLVHEHQHDWK6OHHYHVEHFDPHPRUHILWWHGDWODWHUGHFDGHVZLWKDULEERQ
IULOODWWKHHOERZDQGHODERUDWHHQJDJHDQWHVOD\HUHGUXIIOHVWDFNHGWRWKH
FKHPLVHVOHHYHV
2SHQIURQWHGERGLFHVFRXOGEH
ILOOHGLQZLWKDGHFRUDWLYH
VWRPDFKHUDODFHRUOLQHQNHUFKLHI
FDOOHGDILFKXFRXOGEHZRUQWRILOO
LQWKHORZQHFNOLQH)URPPLG
FHQWXU\ZRPHQVWDUWHGWRSLQWKH
VWRPDFKHUWRWKHJRZQRYHUWKH
ODFHVRUWRWKHFRUVHWEHQHDWK
*UH\RUZKLWHSRZGHUFRQWLQXHGWR
EHXVHGIRUERWKPDOHVDQGIHPDOHV
DOWKRXJKWKHWUHQGHYHQWXDOO\GLHG
RXW0DGDPH3RPSDGRXUPDGHWKH
¶SXOOHGEDFN·KDLUVW\OHSRSXODU
ZLWKQRYLVLEOHKDLUSDUWLQJ
&RUVHWVZHUHFRPPRQGXULQJWKLV
SHULRGDVZHOO
7KHVKRHVDUHPRUHSRLQWHGDQG
KHHOVEHFRPHPRUHVOHQGHUDQG
12
KLJKHUDVFRPSDUHGWRHDUOLHUSHULRGV6WULQJVRISHDUOVULEERQVRUODFHIULOOV
ZHUHWLHGKLJKRQWKHQHFN
)DEULF 0DWHULDOV
5REHVJRZQVZHUHPDGHRIYHOYHWRUWDIIHWDWKHVHRXWHUJDUPHQWVZHUHRIWHQ
GHFRUDWHGZLWKUXIIOHVDQGULEERQVRUWULPPHGZLWKIXU&RWWRQVIURP,QGLD
H[SHQVLYHDQG(QJOLVKZRROHQVZHUHXVHGIRUOHVVIRUPDOFORWKLQJ%URFDGH
DQGZRROHQVDUHFRPPRQO\XVHGLQJDUPHQWVDQGDUHRIWHQPDGHZLWKIORUDO
SDWWHUQVRQOLJKWFRORUHGEDFNJURXQGV%OHQGVRIZRRODQGVLONRUZRRODQG
OLQHQZHUHSRSXODUZLWKWKHSHRSOH
13
&RPSDULVRQ²3DQQLHU
3DVW
%ULWLVKSDQQLHU
14
&RPSDULVRQ
3UHVHQW
'XULQJWKHURFRFRSHULRGDOLJKWHUORZHU
ERGLFHVXSSRUWLVLQYHQWHGWRJLYHIHPDOHV
WKHGHVLUHGZLGHKLSHIIHFWWKDWZDV
DFKLHYHGLQWKHSDVWE\XVLQJWKHIDUWKLQJDOH
7KLVQHZW\SHRIVWUXFWXUDOVXSSRUWH[WHQG
WKHZLGWKRIWKHVNLUWVDWWKHVLGHDQGOHDYH
WKHIURQWDQGEDFNIODWKHQFHHQDEOLQJWKH
IDEULFDQGHPEURLGHU\SDWWHUQVRQWKH
JRZQVGUHVVHVWREHVKRZFDVHG7KLV
VXSSRUWHYHQWXDOO\HYROYHGWRFULQROLQHVDQG
EXVWOHVLQWKHWKFHQWXU\DQGZDV
HYHQWXDOO\SKDVHGRXWLQWKHWKFHQWXU\
7RGD\VXFKSDQQLHUVDUHRQO\XVHGLQ
FRVWXPHZHDUEXWWKHSXIIHGORZHUERGLFH
VLOKRXHWWHLVVWLOOXVHGLQZHGGLQJJRZQVDQG
SURPGUHVVHV
%HWVH\-RKQVRQ6SULQJ6XPPHU
15
&RPSDULVRQ²5REHDOD)UDQFRLVH
0DGDPHGH3RPSDGRXU)UDQFRLVH%RXFKHU
16
9LYLHQQH:HVWZRRG$QJORPDQLD&ROOHFWLRQ
17
&RPSDULVRQ
'XULQJWKH5RFRFRSHULRGWKHIDPRXVDUWSDWURQ0DGDPHGH3RPSDGRXU
PLVWUHVVRI.LQJ/RXLVWKH;9FRPPLVVLRQHGPDQ\SRUWUDLWVRIKHUVHOIGXULQJ
WKH5RFRFRSHULRG6KHZDVRIWHQSDLQWHGZHDULQJUREHDODIUDQFRLVHZLWKER[
SOHDWVEHKLQGDQGHVFKHOOHVJUDGXDWLQJULEERQVRYHUKHUVWRPDFKHUDVZHOO
DVKDYLQJHQJDJDQWHVDQGIURQWOHWRQKHUGUHVVZLWKPDWFKLQJSHWWLFRDW$VLGH
IURPEHLQJDIDVKLRQOHDGHUGXULQJKHUWLPHKHUOHJDF\DQGSDVVHGRQWKDQNV
WRWKHVHYHU\SDLQWLQJV9LYLHQQH:HVWZRRGFUHDWHGDVLONHYHQLQJGUHVVEDVHG
RQWKHDUWLVW)UDQoRLV%RXFKHU
VSRUWUDLWVRIKHUIRUKHU$QJORSKLOLDFROOHFWLRQ
UHFUHDWLQJWKHGUDSHDQGFRORXURIWKHVLONWDIIHWD<HW:HVWZRRGDOVRSXWLQ
KHURZQVW\OHLQWRWKLVSLHFHRIJDUPHQW
,WDNHVRPHWKLQJIURPWKHSDVWWKDW
KDVDVRUWRIYLWDOLW\WKDWKDVQHYHUEHHQH[SORLWHGOLNHWKHFULQROLQHDQGJHW
YHU\LQWHQVH,QWKHHQG\RXGRVRPHWKLQJRULJLQDOEHFDXVH\RXRYHUOD\\RXU
RZQLGHDV
$VVHHQDERYHWKHDPRXQWRIIDEULFRQWKHGUHVVLQUHGXFHGDQG
:HVWZRRGKDVDOVRJLYHQKHURZQWDNHRQWKHQHFNEDQGULEERQ
$QRWKHURI:HVWZRRG·VZRUNVWKDWUHVHPEOHVGUHVVHVRQ%RXFKHUSDLQWLQJV
18
1HRFODVVLFLVP )UHQFK5HYROXWLRQ
7KHUHZDVDUHYLYDOLQWKHLQWHUHVWRIFODVVLFDODUWVEURXJKWDERXWE\WKH
GLVFRYHU\RIWKHDUWV3RPSHLLIURPEDVUHOLHIIULH]HVPRVDLFVDQGSRWWHU\
SDLQWLQJEURXJKWDERXWE\WKHLQIOX[RI)UHQFKVWXGHQWVVWXG\LQJLQ5RPH
VSDUNHGRIIWKHQHRFODVVLFLVPPRYHPHQWLQ(XURSH)DPRXVSDLQWHURIWKLVHUD
LQFOXGHV-DFTXHV/RXLV'DYLGSDLQWLQJEHORZDQGWKHVW\OHRIKLVSDLQWLQJVLV
RIWHQGUDPDWLFZLWKDFHQWUDOIRFXV$UWLVWVDQGVFXOSWRUVVHHNHGWRHPXODWH
WKHDFWXDOVW\OHDQGFRORXUVXVHGE\DQFLHQW
5RPDQVDQG*UHHNVLQWKHSDVWDVVHHQRQWKH
YDVH
$WWKHVDPHWLPHUHYROXWLRQZDVEUHZLQJLQ
)UDQFHDVWKHFRPPRQSHRSOHJRWLQFUHDVLQJIUXVWUDWHGZLWKWKHRSXOHQFHDQG
SRZHURIWKHFRXUWKHOGE\/RXLV;,9DQG0DULH$QWRLQHWWHDVZHOODVWKH
QREOHVZKRIRUPWKHPDMRULW\LQWKH*RYHUQPHQW$VVHPEO\7KHWRSSOLQJRI
WKHPRQDUFK\ZDVDVXFFHVVEXWZLWKQHZIRXQGSRZHUWKHLGHDOVRIWKH
UHYROXWLRQDU\OHDGHUVEHFDPHWRRUDGLFDOUHVXOWLQJLQDSHULRGNQRZQDVWKH
5HLJQRI7HUURUZKHUHE\SHRSOHZHUHSXWXQGHUWKHJXLOORWLQHZLWKLQD
\HDUIRU¶FRXQWHUUHYROXWLRQDU\DFWLYLWLHV·
7KHVWRUPLQJRIWKH%DVWLOOH
19
)DVKLRQ7UHQGV
7KHIDVKLRQRIWKHSHRSOHFKDQJHGJUHDWO\GXULQJWKLV
SHULRGRIVRFLDOXSKHDYDO)DVKLRQUHIOHFWHGWKHFKDQJH
LQPHQWDOLW\DQGWKHGRLQJDZD\ZLWKRUQDWHGHWDLOVRI
WKHSDVW7KHSHULZLJVDQGSRZGHUHGKDLUZDV
DEDQGRQHGDVDUHWKHJRZQVDQGGUHVVHVDQGDQ\
RVWHQWDWLRQV7KHSHRSOHVRXJKWWRULGWKHPVHOYHVRI
DVVRFLDWLRQZLWKWKHDULVWRFUDWDQGGUHVVHGYHU\VLPSO\
GXULQJWKHUHYROXWLRQLQIHDURISHUVHFXWLRQGXULQJWKH
5HLJQRI7HUURU7KHUHGLQJFRWHULGLQJFRDWVHHQRQ
OHIWDQGERQQHWKDWVEHFDPHSRSXODUGXULQJWKLVWLPH
%\WKHHQGRIWKHUHYROXWLRQDU\WLPHVDFOHDQHUFXW
PLOLWDU\ORRNZDVJDLQLQJSUHIHUHQFHDPRQJVWWKHPHQ
:LWKWKHPZHDULQJWDLOHGFRDWVDERYHZDLVWFRDWVDQG
EUHHFKHV
0DWHULDOVDQG7H[WLOHV
&RWWRQDQGOHVVRUQDWHPDWHULDOVDUHXVHGGXULQJWKLV
SHULRGZLWKOLWWOHHPEURLGHU\DQGMDFTXDUGZRYHQFORWK
20
&RPSDULVRQ²7KH,QFUR\DEOHVDQG0HUYHLOOHXVHV
21
&RPSDULVRQ
7KH0DOH,QFUR\DEOHVWKH8QEHOLHYDEOHVDQGWKHIHPDOH0HUYHLOOHXVHVWKH
0DUYHORXV2QHVZHUHSDUWRIDUHEHOOLRXV\RXWKPRYHPHQWWKDWDURVHGXULQJ
WKHVGXULQJWKHODWHU\HDUVRIWKH)UHQFK5HYROXWLRQ$WWKDWWLPHPDQ\
GLVLOOXVLRQHG\RXQJSHRSOHRIWKHXSSHUDQGPLGGOHFODVVHVDGRSWHGDVW\OH
FDOOHGjODYLFWLPHRU´OLNHWKHYLFWLPVGXULQJWKH5HLJQRI7HUURUµ7R
FRPPHPRUDWHIULHQGVDQGIDPLO\ZKRGLHGGXULQJWKHUHYROXWLRQWKHVH\RXWKV
SXWVFDUOHWULEERQVWRV\PEROL]HWKHEORRGVSLOOHGXQGHUWKHJXLOORWLQH7KH\
DOVRFXWWKHLUKDLUVKRUWMXVWOLNHWKHYLFWLPVDERXWWREHH[HFXWHG7KLV
JHQHUDWLRQRI\RXQJSHRSOHFHOHEUDWHGWKHIDOORIWKHROGJRYHUQPHQWZKLOH
FKHHULQJRUWU\LQJWRVXUYLYHWKURXJKGHILDQFHWKHPVHOYHVWKURXJKDGDUN
SHULRGLQ)UHQFKKLVWRU\
7KH\RXWKVRI)UDQFHGUHVVHGRXWODQGLVKO\LQWKHDIWHUPDWKRIWKHEORRG\
UHYROXWLRQQRWXQOLNHWKHUHDFWLRQRIVRPHRIWKH(XURSHDQ\RXWKSRSXODWLRQ
DIWHUWKHRXWEUHDNRIWKH%ODFN'HDWKLQWKH0LGGOH$JHV
,QFRQWUDVWWRGD\PDQ\\RXWKVXEFXOWXUHVKDYHGLVWLQFWGUHVVFRGHVVXFKDV
WKHKDUDMXNXNLGV7KH\GUHVVXSLQZD\VFRQWUDU\WRZKDWLV¶VRFLDOO\
DFFHSWDEOH·LQRUGHUWREHORQJWRWKHJURXSDQGVKDUHDFRPPRQLGHQWLW\,Q
WKLVFDVHWKHVW\OHKDVEHFRPHVRGLVWLQFWDQGZHOOUHFRJQL]HGZRUOGZLGHWKDW
*ZHQ6WHIDQLKDVIHDWXUHGWKHPWKHLUVXEFXOWXUHLQKHUPXVLFYLGHRV
22
&RPSDULVRQ²7KH,QFUR\DEOHVDQG0HUYHLOOHXVHV
+DUDMXNXNLGV
23
1HRFODVVLFLVP WKHVW(PSLUH
7KHQHZ)UHQFK5HSXEOLFZDVVHWXSDIWHUWKH)UHQFK5HYROXWLRQ1DSROHRQ
%RQDSDUWHURVHWRSRZHULQ)UDQFHDWWKHEHJLQQLQJRIWKHVEULQJLQJ
DERXWDPRUHVLPSOHVW\OHRIGUHVVLQJDORQJZLWKOHVVWROHUDQFHIRUWKH
RXWODQGLVKEHKDYLRURIUHEHOOLRXV\RXWKV8QGHU%RQDSDUWH1DSROHRQ·V
OHDGHUVKLS)UDQFHEHJDQWRHPEUDFHDIRUPRIDUWDVVRFLDWHGZLWKWKHPLOLWDU\
FRQTXHVWVDQG*UHHN5HSXEOLFDQLGHDOV&ODVVLFDO*UHHNVW\OHVDUHDOVRDGRSWHG
E\DUWLVWVDWWKHWXUQRIWKHFHQWXU\
7KHDJHRILQGXVWULDOL]DWLRQDOVREHJDQ&RWWRQJLQVLQ$PHULFDEHJDQWR
SURGXFHDYDVWDPRXQWRIFRWWRQWREHH[SRUWHGEDFNWR(XURSH6HZLQJ
PDFKLQHVSRZHUORRPVRUZHDYLQJPDFKLQHVVWHDPSRZHUHOHFWULFLW\DQG
QHZG\HVDOVRLQFUHDVHGWKHVSHHGDQGHDVHRIFORWKLQJPDQXIDFWXUHPDNLQJ
IDEULFFKHDSHUDQGPRUHDFFHVVLEOHWRWKHSHRSOH
)DVKLRQ7UHQGV
7KHSUHUHYROXWLRQDU\DULVWRFUDWLFVLOKRXHWWHZDVDEDQGRQHGJLYLQJULVHWRWKH
FODVVLFDOIRUPVRIDHVWKHWLFV'UDSLQJLVGRQHWRVKRZFDVHQDWXUDOERG\VKDSHV
DQGQRWFRQWULYHGIRUPVRIERG\VLOKRXHWWHVLQWKHSUHYLRXVFHQWXU\&RUVHWV
DUHQRZPDGHRIFRWWRQDQGDUHOHVVUHVWULFWLYH7KH*UHHNHPSLUHZDLVWOLQHLV
SRSXODUZLWKIHPDOHVDVVHHQLQWKHGUHVVLQWKHSDLQWLQJEHORZ&RXUWVDFURVV
(XURSHEHJDQWRDGRSWWKH(PSLUH)DVKLRQVW\OHHVSHFLDOO\LQ5XVVLD
0DGDPH&KDUOHV0DXULFHGH7DOOH\UDQG
3pULJRUG%DURQ)UDQoRLV3DVFDO6LPRQ*pUDUG
7KLVFHQWXU\DOVRVDZWKHULVHRIGDQGLHVVXFK
DV*HRUJH´%HDXµ%UXPPHOOZKRLQIOXHQFHG
PDOHIDVKLRQVE\UHSODFLQJIDQF\RXWILWVRI
RUQDWHZDLVWFRDWVDQGUXIIOHVZLWKSODLQGDUN
MDFNHWVKLJKFROODUHGVKLUWVDQGVLPSOH
FUDYDWVYHVWVDQGHYHQWXDOO\WURXVHUV
'DQG\VSODFHJUHDWLPSRUWDQFHRQQHDWQHVV
DQGFOHDQOLQHVVDVZHOODVUHILQHPHQWDQG
UHVWUDLQWLQWKHZD\WKH\ORRN
7H[WLOHV
$VLGHIURPWKHLQFUHDVHLQWKHXVHRIFRWWRQVLONIDEULFZDVDOVRSURGXFHGLQ
JUHDWTXDQWLW\DW/\RQWRPHHWWKHGHPDQGVRI,PSHULDOIDVKLRQ
24
&RPSDULVRQ²(PSLUH0LOLWDU\$WWLUH
3DVW
-HDQ$XJXVWH'RPLQLTXH,QJUHV3RUWUDLWRI1DSROHRQ%RQDSDUWH7KH)LUVW
&RXQFLO
25
&RPSDULVRQ²(PSLUH0LOLWDU\$WWLUH
3UHVHQW
26
&RPSDULVRQ
7KHIDVKLRQRIWKHPDOHVGXULQJQDSROHRQWLPHVZDVJUHDWO\LQIOXHQFHGE\WKH
PLOLWDU\ZHDU+HUH1DSROHRQLVVHHQLQDGRXEOHEUHDVWHGWDLOHGZDLVWFRDWZLWK
EUDVVEXWWRQVDVZHOODVEUHHFKHVDQGSXPSV,QWKHFXUUHQWGD\'ROFHDQG
*DEEDQDDGZHFRXOGVHHWKDWWKHGHVLJQHUVDUHLQIOXHQFHGE\WKDWHUDZLWK
HPSLUHVW\OHGVLOKRXHWWHDQGHOHPHQWVVXFKDV+HVVLDQERRWVEUDVVEXWWRQVRQ
FRDWV7KHIHPDOHVLQWKHDGVKDGHPSLUHVW\OHFORWKLQJDVZHOOZLWKHPSLUH
ZDLVWOLQHVDQGQDWXUDOGUDSHVRYHUWKHERG\
27
&203$5,621²(PSLUH'UHVV
3DVW
-DFTXHV/RXLV'DYLG3RUWUDLWRI0DUJXHULWH&KDUORWWH'DYLG
28
&203$5,621²(PSLUH'UHVV
3UHVHQW
29
&RPSDULVRQ
7KHHPSLUHFXWGUHVVZDVDGRSWHGE\WKHIHPDOHVGXULQJWKH'LUHFWRULHVWLPHV
DVFODVVLFDO*UHHNVW\OHVDQGSKLORVRSKLHVFDPHEDFNLQIDVKLRQGXULQJWKH
5HSXEOLF7KLVVW\OHKDVUHPDLQHGSRSXODULQHYHQLQJGUHVVHVWLOOFXUUHQWGD\,Q
WKHPRGHUQH[DPSOHVDERYHWKHUXQZD\PRGHOVSRUWVDVLPSOHGUHVVZLWKVKRUW
VOHHYHVDQGHPSLUHFXWZKLOHWKH'RURWK\3HUNLQVSLHFHRIGUHVVLVDOPRVWDQ
H[DFWUHSOLFDRIWKHSDVWFRPSDULVRQSDLQWLQJ%RWKGUHVVHVDUHPDGHRIVDWLQLQ
VLOYHUEOXHVKDGHVZLWKDJDWKHUHGFDSVOHHYHVDQGWULPPLQJVJDWKHUVRQWKH
QHFNOLQH
30
5RPDQWLF3HULRGWR
$IWHUWKHIDOORI1DSROHRQ(XURSHZDVDEOHWRUHFRYHUIURPWKHFRVWVRIWKH
FRQVXPLQJZDUIDUHGXULQJKLVUHLJQ7KHOHJDF\RI1DSROHRQWLPHVZDVUDWLRQDO
WKLQNLQJDQGLQWHOOHFWXDOVEHJDQWRUHDOL]HWKDWDQHZLQGXVWULDOL]HGVRFLHW\
ZRXOGEHEHQHILFLDOIRUWKHIXWXUH
$UWLVWVRIWKLVWLPHZHUHGLVHQFKDQWHGE\WKH
ULVHRIWKHZHDOWK\FDSLWDOLVWVDQGODFNRI
DULVWRFUDWLFSDWURQVDQGEHJDQWREHLQVSLUHG
E\IDUDZD\SODFHVDQGWKHSDVW7KH5RPDQWLF
SHULRGZDVXVKHUHGLQDVDUWLVWVVWDUWHGDQ
DUWLVWLFPRYHPHQWWKDWZRUVKLSSHGIHHOLQJV
HPRWLRQVWKURXJKSLFWXUHVTXHDQGVHQWLPHQWDO
SDLQWLQJV0XVLFFRPSRVHUVWKHQLQFOXGH
%HHWKRYHQ6FKXEHUWDQG&KRSLQ7KH
PRYHPHQWHYHQWXDOO\HYROYHGDVWKHDUWV
FDSWXUHGDOOPRRGVLQFOXGLQJGDUNHU
JURWHVTXHDQGYLROHQWWKHPHV
(YHQLQJ/DQGVFDSHZLWKDQ$TXHGXFW-HDQ
/RXLV$QGUp7KpRGRUH*HULFDXOW
7KH$EGXFWLRQRI5HEHFFD(XJqQH'HODFURL[
)DVKLRQ7UHQGV
)URPWKHODWHVWKURXJKWKHVWKH
ZDLVWOLQHVOLSSHGGRZQZDUGE\GHJUHHV
XQWLOLWZDVMXVWDERYHQDWXUDOSRVLWLRQLQ
WKHV
31
$PHULFDQFRWWRQSHWWLFRDW JHQHUDOVLOKRXHWWHULJKW
)HPDOHVKDGVORSLQJVKRXOGHUOLQHV8QWLOGUHVV
ZDLVWVKDGEHHQURXQGEXWLQWKHERGLFH
ZDLVWOLQHWRRNRQD9SRLQWHGIRUP7KHVNLUWVDOVR
KDGDZLGHUKHPOLQHDVFRPSDUHGWRWKHSUHYLRXV
SHULRGV
%HUHWDQG*LJRW6OHHYHVRUWKH
/HJ2PXWWRQVOHHYHVEHFDPH
SRSXODULQVV
:LGHUKHPOLQHV
7KH3HOLVVH5REHDQG3HOLVVH0DQWOH
32
&203$5,621'DQG\960HWURVH[XDO
3DVW
´1RWKLQJWRRWLJKWRUWRRIDVKLRQDEOHµ
/RUG%UXPPHOO
´0\QHFNFORWKRIFRXUVHIRUPVP\
SULQFLSDOFDUH)RUE\WKDWZHFULWHULRQV
RIHOHJDQFHVZHDU$QGLWFRVWVPH
HDFKPRUQLQJVRPHKRXUVRIIOXUU\7R
PDNHLWDSSHDUWREHWLHGLQDKXUU\´
33
&203$5,621'DQG\960HWURVH[XDO
7RSPDOHPRGHO0DWKLDV/DXULGVHQGUHVVHG
LPPDFXODWHO\LQVXLWDQGWLHLQVXEWOH
FRORXUV
&RPSDULVRQ
7KHLPPDFXODWHO\GUHVVHGGDQG\VRI
WKLVSHULRGUHVHPEOHVWKDWRIWKH
PHWURVH[XDOWRGD\7KHSLFWXUHVDQG
TXRWDWLRQVRI/RUG%UXPPHOGHILQHG
GDQG\LVPFOHDUO\DVWKHPHQRIWKDW
WLPHFKRVHWRGUHVVLQDVPDUWDQG
VHHPLQJO\HIIRUWOHVVVW\OH7KHPHWUR
VH[XDOVWRGD\DUHOLNHZLVHYHU\ZHOO
JURRPHGDQGDGRUQHGLQIDVKLRQDEOH
JDUEWKHRQO\GLIIHUHQFHEHLQJWKDW
PHWURVH[XDOVKDYHQRTXDOPVDERXW
EHLQJIODVK\RUEUDQGFRQVFLRXV$
GDQG\LQFXUUHQWGD\FRQWH[WZRXOG
QHYHUEHFDXJKWLQDEDJZLWKKXJH
/RXLV9XLWWRQ/RJR
34
&RPSDULVRQ²/HJ20XWWRQ
3DVW
5RPDQWLFJLJRWVOHHYHV
35
&RPSDULVRQ²/HJ20XWWRQ
3UHVHQW
869RJXH-XO\
.DUO/DJHUIHOG
%DOHQFLDJD6SULQJ
36
&RPSDULVRQ
7KHJLJRWVOHHYHDOVRFDOOHGWKH/HJ20XWWRQVOHHYHZDVQDPHGDIWHUWKH
VKHHS·VKLQGOHJ7KLVVOHHYHGHWDLOZDVSRSXODULQVWRVDQGFDPH
EDFNLQWRIDVKLRQLQV7KHVOHHYHLVSXIIHGDQGZLGHDWWKHWRSDQGQDUURZ
DWWKHERWWRPWDSHUHGVKDUSO\DWWKHHOERZWRILWFORVHO\DORQJWKHORZHUDUP
7RVXSSRUWWKHKXJHVWUXFWXUHRIWKHVOHHYHVDWWKHWRSZKDOHERQHVWULSVZHUH
VRPHWLPHVVHZQLQWRWKHVOHHYH6XFKVOHHYHVZHUHUDWKHULPSUDFWLFDODVLW
UHVWULFWVPRYHPHQWRIWKHDUPV7KHSXIIHGVOHHYHVW\OHFDPHLQWRVW\OHHYHU\
RQFHLQDZKLOHVLQFHWKH5RPDQWLFSHULRG7KH)LOLSLQRWHUQRFRVWXPHLVD
YDULDWLRQRIVXFKVOHHYHV
,QWKHVZKHQSRZHUGUHVVLQJZDVSRSXODUZLWKWKHSHRSOHVXFKGUDPDWLF
LPSRVLQJVLOKRXHWWHZDVDOVRSRSXODUZLWKIHPDOHVWRJLYHDPRUHDXWKRULWDULDQ
ORRNDVWKH\VWDUWWRFRPSHWHZLWKPDOHVLQWKHZRUNSODFH$VVKRZQRQWKH
XSSHUOHIWFRUQHULQWKH3UHVHQW'D\FRPSDULVRQSLFWXUHWKHOHJ2PXWWRQ
VOHHYHVKDGHYROYHGWRDVPDOOHUSXIILQWKHV,QWKHVKRUWSXIIHGVOHHYH
VKRZQLQWKH%DOHQFLDJDFROOHFWLRQLVDOVRVWLOOSRSXODUWRGD\EXWWKHVWUXFWXUH
RIWKHSXIILVDFKLHYHGE\XVLQJVWLIIHUIDEULFVLQVWHDGRIERQLQJWRGD\
37
9LFWRULDQ QG(PSLUH²
%\WKHPLGGOHRIWKFHQWXU\PRQDUFK\DQGRSSUHVVLYHUXOHKDVUHWXUQHGWR
(XURSH7KH7UHDW\RI9LHQQDGLYLGHG(XURSHWRWKHLUUHVSHFWLYHUXOHUV$VWKH
UXUDOSRRUPRYHWRWKHFLWLHVWRVHHNDEHWWHUOLYLQJPDQ\SRRUVKDQW\WRZQV
VWDUWPXVKURRPLQJDWWKHFLW\ERUGHUV&KDUOHV'DUZLQFDPHXSZLWKWKHWKHRU\
RQ(YROXWLRQDQGVXUYLYDORIWKHILWWHVWZKLFKPDQ\IHOWZHUHWRRUDGLFDODQG
HYHQKHUHWLFDO<HWWKHFOLPDWHJDYHSKLORVRSKHUVDQGVRFLRORJLVWVWRPDNH
PRUHVXJJHVWLRQVDQGDSSURDFKWRUXOLQJDFRXQWU\$UWLVWVEHJDQWREDVHWKHLU
ZRUNRQWKHREVHUYDWLRQVDQGUHVHDUFKRQKXPDQSHUVRQDOLW\DQGVRFLHW\
,Q8QLWHG6WDWHVDZDUZDVIRUJHGDQGHQGHGZLWK0H[LFR7KHJROGUXVK
EURXJKWGHYHORSPHQWWRWKH:HVW5DLOZD\OLQHVDOORZHGIRUIDVWHUWUDQVSRUW
DFURVVWKHFRQWLQHQW7KHUHZDVDJUXHOLQJ&LYLO:DU²EHWZHHQWKH
1RUWK8QLRQDQG6RXWKDQGUHFRQFLOLDWLRQRIWKHQDWLRQWRRNVHYHUDO\HDUV
*HQHUDO)DVKLRQ7UHQGV
7KHJHQHUDOIDVKLRQGXULQJWKLVSHULRGZDVVWLOOFRQVHUYDWLYHDQGRSSUHVVLYHE\
WRGD\·VVWDQGDUGVDVQDWXUDOERG\OLQHVDUHKLGGHQ7KHPDQ\OD\HUVRI
SHWWLFRDWVHYROYHGWRDKRRSFULQROLQHWRJLYHWKHGHVLUHG·FXSFDNH·VLOKRXHWWH
7KHQHZEUHHGRIKLJKVRFLHW\FRQVLVWHGRIWKHQRYHDXULFKDQGLQGXVWULDO
FDSLWDOLVWVEURXJKWLQDVW\OHRIH[FHVVDQGRVWHQWDWLRQ
7KHSDJRGDVOHHYHVDQGHQJDJHDQWHVDQGKLJK
ODFHRUFKHPLVHQHFNOLQHVZHUHFRPPRQIRU
IHPDOHGD\ZHDU7KHSHWWLFRDWHYROYHGWRD
PXOWLOD\HUKRRSFULQROLQHSLFWXUHRQULJKW
DURXQG(YHQLQJGUHVVHVKDGORZ
QHFNOLQHVDQGVKRUWVOHHYHV&LUFXODUKRRSVRI
WKHVJUDGXDOO\GHFUHDVHGLQVL]HDWWKHIURQWDQGVLGHVDQGLQFUHDVHGDW
WKHEDFN/RRSHGXSRYHUVNLUWVUHYHDOHGPDWFKLQJRUFRQWUDVWLQJXQGHUVNLUWV
7KLVHYHQWXDOO\OHGWRWKHLQYHQWLRQRIWKH¶EXVWOHORRN·LQODWHU\HDUV)HPDOHV
ZRUHERQQHWV
6SRUWVVXFKDVWHQQLVEHFDPHSRSXODUDPRQJVWERWKPHQDQGZRPHQ:RPHQ
EHJDQWRZHDUFORWKLQJWKDWDOORZVPRUHPRELOLW\IRUVXFKVSRUWV
0DOHDWWLUHZRXOGFRQVLVWRIDWRSKDWZDLVWFRDWWURXVHUVDQGYHVW)XOOOHQJWK
WURXVHUVZHUHZRUQJHQHUDOO\RIDFRQWUDVWLQJIDEULF
38
7KH,QYHUQHVVFDSHFRDWOHIWZDV
SRSXODUGXULQJWKLVSHULRGDQGLV
PDUNHGE\KDYLQJQRVOHHYHVZLWKMXVW
DQRYHUKDQJLQJFDSHDWWDFKHGWRWKH
FRDW
*DULEDOGL-DFNHWEHFDPHSRSXODUDIWHU
,WDOLDQUHYROXWLRQDU\*LXVHSSH
*DULEDOGLYLVLWHG(QJODQGLQ
3RLQWHGRUZLQJFROODUVHQGVSRLQWLQJXSDUHDOVRSRSXODUGXULQJWKLVWLPHZLWK
VWDQGLQJFROODUVDQGFUDYDWV
7KHERZOHUKDWULJKWEHFDPH
SRSXODUDPRQJ(QJOLVKPHQYLVLWLQJ
WKHFRXQWU\VLGHLQWKHV
'XULQJWKLVSHULRG&KDUOHV)UHGHULFN
:RUWKEHFDPHWKHILUVWGUHVVPDNHUWR
EUDQGKLVIDVKLRQGHVLJQVXQGHUKLVRZQ
ODEHO+LVDELOLW\WRLQIOXHQFHWKHIDVKLRQ
WUHQGVDQGGHVLJQVLQWKHVOHDGWR
WKHGRPLQDQFHRI3DULVLDQKDXWHFRXWXUH
IRUWKHQH[WKXQGUHG\HDUV
%DOOJRZQE\&KDUOHV)UHGHULFN:RUWK
39
&RPSDULVRQ5DJODQ6OHHYH
3DVW
)LW]UR\-DPHV+HQU\6RPHUVHWRWKHUZLVHNQRZQDV/RUG5DJODQKDGKLVULJKW
DUPDPSXWDWHGIROORZLQJGDPDJHUHFHLYHGGXULQJWKHEDWWOHRI:DWHUORR+LV
WDLORUWKHQGHVLJQHGDVSHFLDOVKRUWFRDWIRUKLPZLWKDGLDJRQDOVOHHYHVHDP
UXQQLQJIURPXQGHUWKHDUPWRWKHQHFNOLQHPDNLQJLWHDVLHUIRU/RUG5DJODQWR
GUHVVKLPVHOI
40
&RPSDULVRQ5DJODQ6OHHYH
3UHVHQW
%XUEHUU\):
7RGD\WKHUDJODQVOHHYHVW\OHLVXVHG
IUHTXHQWO\RQVSRUWVZHDUMHUVH\ZHDU
SDUWLFXODUO\LQEDVHEDOONQLWFDUGLJDQVDQG
IXOOOHQJWKFRDWVDVVKRZQLQWKH%XUEHUU\
FRDWVDERYHDVLWJLYHJUHDWPRELOLW\DQGLV
HDV\WRVKUXJRQ,WLVDOVRXVHGRQEDE\
JDUPHQWVDVWKHVOHHYHPDNHVLWHDVLHUWR
GUHVVDVPDOOEDE\ZLWKRXWJLYLQJWKHEDE\
PXFKGLVFRPIRUW
41
&RPSDULVRQ²%DOO*RZQ
%DOO'UHVVZLWK7LHUHG)ULQJH'HWDLOV
%DOO'UHVV2SHUD'UHVV-DQXDU\
42
&RPSDULVRQ²%DOO*RZQ
3UHVHQW
'LRU&RXWXUH)DOO:LQWHU
43
&RPSDULVRQ
7KHVKDSHRIWKHRIIVKRXOGHU\HOORZJRZQLQWKHSDVWFRPSDULVRQSLFWXUHLV
DFKLHYHGE\XVLQJDFULQROLQHRUERQHFDJHVZKLFKKHOGRXWWKHVNLUWLQDEHOO
VKDSH7ULPPLQJVDUHOLQHGRQWKHWLHUHGHGJHVDVWKHWLHUVJLYHDSURJUHVVLYH
ORRNWRWKHORZHUERG\VLOKRXHWWHSXWWLQJHPSKDVLVRQWKHVPDOOZDLVW7KHVH
JRZQVDUHRIWHQZRUQRQVSHFLDOJDODRFFDVLRQVDQGIRUGDQFLQJDQGDUHWKH
1RZDGD\VDOWKRXJKDWULPZDLVWLVVWLOOYHU\PXFKIDYRXUHGWKHSUHIHUUHG
ERG\VLOKRXHWWHLVQRWDV¶KRXUJODVVOLNH·DVWKDWRIWKH/DWH9LFWRULDQWLPHV
ZKLFKVRPHEHOLHYHGZHUHDWKURZEDFNWRWKHPDQQHULVWWLPHVZLWKLWV
GLVWRUWLRQRIWKHQDWXUDOKXPDQILJXUH,QWKHPRGHUQFRPSDULVRQSLFWXUHWKH
PRGHOLVVHHQZHDULQJDQRIIVKRXOGHU'LRUJRZQZLWKDWLHUHGDQGEHOOVKDSHG
ORZHUERGLFHDVZHOO$OWKRXJKWKLVVW\OHLVPXFKPRUHVXEGXHGWLHUHGGUHVVHV
OLNHWKLVDUHVWLOOSRSXODULQHYHQLQJJRZQVDQGZHGGLQJGUHVVHVWRGD\3HUKDSV
IHPDOHVDUHVWLOOLQVSLUHGE\VXFK¶EDOOJRZQV·IURPWKHODWHURPDQWLF9LFWRULDQ
HUDZKHQLWFRPHVWRFUHDWLQJWKHLUIDLU\WDOHZHGGLQJ
44
/DWHU9LFWRULDQ²
$V)UDQFHZHQWLQWRWKHUG5HSXEOLFWKHLQIOXHQFHVRIWKHHPSLUHDQGFRXUW
DHVWKHWLFVEHJDQWRZDQH:HVWHUQ(XURSHJUDGXDOO\VKLIWHGIURPDQ
DJULFXOWXUHEDVHGHFRQRP\WRDQLQGXVWULDOEDVHGHFRQRP\0RUHSHRSOHEHJDQ
WRPRYHWRWKHXUEDQFLW\DUHDV7KHER[FDPHUDEHFDPHDYDLODEOHWRWKH
SHRSOH
)DVKLRQ7UHQGV
,QWKLVFRQVHUYDWLYHWLPHVFORWKLQJZDVUHPLQLVFHQWRIWKHPDQQHULVWSHULRG
GXULQJZKLFKERG\FRQWRXUOLQHVZHUHWZLVWHGXQQDWXUDOO\,WZDVDSHULRGRI
VH[XDOUHSUHVVLRQZLWKUHJDUGVWRFORWKLQJZLWKH[FHVVLYHRUQDPHQWDWLRQ$V
IXOOQHVVLQWKHVNLUWKDGPRYHGWRWKHUHDUWKHSRORQDLVHVW\OHHYHQWXDOO\
EHFDPHWKHKDUGEXVWOHORRN7KHEXVWOHVXSSRUWVWKHIXOOQHVVDWWKHEDFNRI
WKHERGLFH7KLVIDVKLRQUHTXLUHGDQXQGHUVNLUWZKLFKZDVKHDYLO\WULPPHG
ZLWKSOHDWVIULOOVDQGEUDLGV
45
'UHVVHV
/D*UDQGH
-DWWHE\
*HRUJHV
6HXUDW
3ULQFHVVOLQH
46
5DWLRQDO'D\:HDU
7DLORUHGFRVWXPHVFRQVLVWLQJRIDORQJMDFNHWDQGVNLUWZHUHZRUQIRUWUDYHORU
ZDONLQJWKHVHZHUHZRUQZLWKWKHEXVWOHDQGDVPDOOKDWRUERQQHW
7KH*DLQVERURXJK&KDSHDX
ZDVDOVRSRSXODUMXVWEHIRUH
WKHWXUQRIWKHFHQWXU\,WZDV
DODUJHKDWPDGHRIYHOYHW
IHOWRUVWUDZZLWKDZLGH
EULPWULPPHGZLWKIHDWKHUV
DQGULEERQVRUHYHQVWXIIHG
ELUGV
47
/DFHGDQGEXWWRQHGKHHOHGVKRHVZHUHRIWHQ
ZRUQZLWKGHFRUDWLYHGHWDLOVVXFKDVURVHVRU
ULEERQVLQIURQW
+DLUVW\OHV
7KH(QJOLVK'HHUVWDONHUKDWRU¶6KHUORFN
+ROPHV·KDWEHFDPHSRSXODULQWKHVWR
VZKHQVSRUWVFORWKLQJEHFDPHD
LQIOXHQWLDOHOHPHQWLQPHQVZHDU
48
$FRQWHPSRUDU\JDUPHQWWKDWUHVHPEOHVWKHEXVWOHGUHVVRIWKHV
49
&RPSDULVRQ²1HFN7LH
3DVW
&H]DQQH3DLQWLQJDPDQZLWKDQDVFRWWLH
50
&RPSDULVRQ
3UHVHQW
51
&RPSDULVRQ
0HQRIWKDWWLPHZRUHWKH$VFRWWLHPDGHRIDQHFNEDQGZLWKZLGHZLQJV
DWWDFKHGIROGHGDQGZRUQZLWKDVWLFNSLQ,WZDVLWVHOIDQHYROYHGYHUVLRQRI
WKHFUDYDWZKLFKVWXFNRQWKURXJKWKHGHFDGHVLQIRUPDOPHQVZHDU7RGD\
WKHWLHKDVHYROYHGWRZKDWLVVHHQLQWKHPRGHUQFRPSDULVRQDERYH²UHVWLQJ
XQGHUWKHVKLUWFROODUDQGLVNQRWWHGDWWKHWKURDW7KHDVFRWWLHLVVWLOOVHHQ
WRGD\ZRUQE\IDVKLRQDEOHSHRSOHLQIRUPDORFFDVLRQV
52
&RPSDULVRQ²5LGLQJ$WWLUH
3DVW
(OLVDEHWKRI%DYDULD(PSUHVVRI$XVWULDLQDULGLQJKDELW
53
&RPSDULVRQ²5LGLQJ$WWLUH
3DVW
9RJXH*HUPDQ\2FWREHU
54
&RPSDULVRQ
$ULGLQJKDELWLVZRPHQ
VFORWKLQJIRUKRUVHEDFNULGLQJ7KHSLFWXUHLQWKHSDVW
FRPSDULVRQVKRZFDVHGWKHVLOKRXHWWHRIWKHHUDDVZHOODVWKHFODVVULGLQJ
DWWLUHRIWKDWWLPH7KHULGLQJKDELWFRQVLVWHGRIDWDLORUHGMDFNHWZLWKDORQJ
VNLUWZLWKDWDLORUHGVKLUWRUFKHPLVHWWHDVZHOODVDWRSKDWZLWKDYHLOKDW
PD\RUPD\QRWEHVHFXUHG$OWKRXJKWKHVW\OHLVQRWFRPPRQO\IRXQGLQ
IHPDOHHYHU\GD\ZHDUQRZULGLQJVSRUWVZRPHQWRGD\VWLOONHHSWRWKHJHQHUDO
KDWDQGXSSHUERGLFHRXWOLQHVRIWKHODWH9LFWRULDQWLPHV)DVKLRQFRQWLQXHVWR
EHLQVSLUHGIURPWLPHWRWLPHDVVHHQLQWKLV9RJXH(GLWRULDOVSUHDGLQZKLFK
&ODXGLD6FKLIIHULVVHHQZLWKDFORVHILWWHGMDFNHWDQGWRSKDWVLPLODUWRWKH
VW\OHVRIWKHODWH9LFWRULDQWLPHVZKLOHLQFRUSRUDWLQJJRWKLFLQIOXHQFHVLQ
WHUPVRIWKHEODFNODFH
55
/DWH9LFWRULDQ (GZDUGLDQ²
$UW1RXYHDX
)DPRXVSHUVRQDOLWLHVRIWKLVSHULRGLQFOXGH2VFDU:LOGH6LJPXQG)UHXG7KH
\RXQJLQWHOOHFWXDOVRIWKHSHULRGEHJDQWRTXHVWLRQWKHPRUDOLW\RILPSHULDOLVP
DQGFRORQLDOLVPDQGDOVREHJDQWRORRNIRUZD\VWRGLIIHUHQWLDWHWKHPVHOYHV
IURPWKHSDVW(QJODQGVDZWKHFURZQLQJRI.LQJ(GZDUGZKLFKXVKHUHGLQDQ
HUDRIILQHWDVWHLQDUWVDQGSDUWLFXODUO\LQWKHDWUHWKHOLNHVRI:LOGHDQG
3LQFHUR$PHULFDEHJDQWRULVHRQWRWKHZRUOGSROLWLFDOVWDJHZLWKLWVQHZ
LPPLJUDQWVDQGERRPLQJHFRQRP\XQGHU3UHVLGHQW7KHRGRUH5RRVHYHOW
)DVKLRQ7UHQGV
$IWHU&KDUOHV)UHGHULFN:RUWKPDQ\IDVKLRQKRXVHVVWDUWHGWRIORXULVK
,QWURGXFWLRQRIUHDG\WRZHDUFORWKLQJPDGHIDVKLRQDYDLODEOHWRPRUHSHRSOH
5HIRUPLVWVVWDUWHGWRFDPSDLJQDJDLQVWWKHXQQDWXUDODQGKHDOWKKD]DUGRXV
ZDVSZDLVWDQG6FXUYHVLOKRXHWWHDFKLHYHGE\KHDY\VWUXFWXUHVDQG
FRQVWULFWLRQV7KHFRUVHWZDVVORZO\DEDQGRQHGDQGEUDVVLHUHVZHUHLQWURGXFHG
WRWKHQHZOLEHUDWHGIHPDOHV
7KH3HWHU3DQFROODUDVPDOOIODWURXQGFRUQHUHG
FROODUZLWKRXWDVWDQGLVDOVRJDLQLQJLWVSRSXODULW\
GXULQJWKLVWLPH
*LEVRQJLUOZDVWKHFUHDWLRQRI$PHULFDQDUWLVW
&KDUOHV'DQD*LEVRQKHXVHGKLVZLIH,UHQH
/DQJKRUQHDVDPRGHOIRUKLVGUDZLQJVRIPRGHUQ
\RXQJZRPHQDWZRUNDQGVSRUWV7KH$PHULFDQ
VW\OHVVSUHDGWR(XURSHDQGIHPDOHVVWDUWHGWRGUHVV
DFFRUGLQJO\DVWKLVQHZVW\OHJDYHWKHPEHWWHU
PRELOLW\DQGIUHHGRP
)UHQFKFRXWXULHU3DXO3RLUHWZDVLQVWUXPHQWDOLQFKDQJLQJWKHJHQHUDOIHPDOH
VLOKRXHWWHGXULQJWRE\DEDQGRQLQJWKHFRUVHWVDQGEXVWOHVDQG
FRQWULYHGVNLUWVWUXFWXUHVZLWKLQWKHJDUPHQWDQGLQWURGXFLQJQDWXUDOO\IORZLQJ
HPSLUHFXWGUHVVHVWRZRPHQ+HSURPRWHGWKHQDWXUDOOLQHVRIZRPHQ
DOWKRXJKVWLOOXVLQJJLUGOHVDQGEUDV2ULHQWDOLQIOXHQFHVZHUHDOVRIRXQGLQ
WKHIDVKLRQGXULQJWKLVSUHZDUSHULRG7KH)UHQFKFDOOHGWKHHUDIURPWR
/D%HOOHeSRTXH,WZDVDQHSRFKRIEHDXWLIXOFORWKHVDQGWKHSHDNRI
OX[XU\OLYLQJIRUWKHULFKDQGQREOH
56
(PSLUHLQVSLUHG3RLUHWGHVLJQV
6LQFHWKHWKFHQWXU\PDOHIDVKLRQKDVQRWKDGDQ\
VSHFWDFXODUFKDQJHVILQHO\WDLORUHGDQGVXEWOH¶GDQG\·
VW\OHFRQWLQXHVWREHLQIOXHQWLDODQGWKHUHZHUHPLQRU
FKDQJHVLQWDLORUHGVXLWVDQGFRDWV$OWKRXJKPXVWDFKHV
DQGVLGHEXUQVFRQWLQXHWREHSRSXODUIRUSURIHVVLRQDODQG
ROGHUPHQ\RXQJPHQRIWKLVSHULRGZHUHXVXDOO\FOHDQ
VKDYHQ
6ROGLHUVEHJDQZHDULQJVHOIZLQGLQJZULVWZDWFKHVZKLFK
PHDQWWKDWWKH\ZRXQGWKHZDWFKZLWKDVPDOOVSLQGOHRQ
WKHVLGHRIWKHZDWFK0HQUHWXUQLQJIURPWKHZDUNHSW
WKHLUZDWFKHVDQGWKH\EHFDPHSRSXODUDFFHVVRULHV
57
&RPSDULVRQ²3OXPHVDQG+DWV
3DVW
58
&RPSDULVRQ²3OXPHVDQG+DWV
3UHVHQW
)DOO&RXWXUH3KLOLS7UHDF\
+DWVRIWKHSHULRGLQFOXGH+RPEXUJVIHGRUDVVWUDZERDWHUVDQGFDSV7KHVH
KDWVZHUHDGRUQHGZLWKULEERQVDQGIHDWKHUVDQGIUDPHWKHKHDGZKLOHVKRZLQJ
WKHZHDUHU·VKDLUVW\OH6XFKWUHQGVKDYHHYROYHGRYHUWKH\HDUVZLWKSHRSOH
ZHDULQJOHVVRUQDPHQWDOKHDGZHDU$QRWHZRUWK\H[FHSWLRQLV3KLOLS7UHDF\·V
GHVLJQHUKDWVZKLFKRIWHQLQFOXGHVFUD]\VSLUDOLQJRUSURWUXGLQJGHVLJQVWKDW
DUHPRUHLQVSLUDWLRQDOWKDQSUDFWLFDOLQUHDOOLIH
59
&RPSDULVRQ²%ROHUR
3DVW
6SULQJ'UHVVRI%ODFN$VWUDFKDQDQG%ODFN:RROZLWK%ROHURZLWKIXUPXIIV
60
&RPSDULVRQ²%ROHUR
3UHVHQW
2VFDUGHOD5HQWD6SULQJ
61
&RPSDULVRQ
7KHEROHURLVDZDLVWOHQJWKRUVKRUWHUMDFNHWLQVSLUHGE\D6SDQLVK
EXOOILJKWHU·VHPEURLGHUHGMDFNHWWKDWRSHQVDWWKHIURQW7KHVW\OHZDVLQ
IDVKLRQGXULQJWKDWWLPHDQGEROHURVZHUHXVXDOO\HPEURLGHUHGDQGZRUQDVDQ
RXWHUOD\HUJDUPHQW,QWKH2VFDUGHOD5HQWDYHUVLRQRIWKH%ROHURWKH
HPEURLGHUHGDQGVWLIIEROHURKDVJLYHQZD\WRLQWULFDWHWDWWLQJDQGDVRIWHU
GUDSHWRWKHERG\
62
:RUOG:DU2QH WKH5RDULQJV
²
7KHGLIIHUHQFHLQSROLWLFDOJRDOVRIWKH(XURSHDQSRZHUVVRRQOHGWRD
GLVDVWURXVZDULQYROYLQJWKHHQWLUH(XURSHDQFRQWLQHQW$PHULFDDQGFRORQLDO
HVWDEOLVKPHQWVDURXQGWKHZRUOG$IWHUWKH)LUVW:RUOG:DUPDQ\RI(XURSH·V
ILQHVWZHUHGHDGOHDGLQJWRODERXUVKRUWDJHDQGEUDLQGUDLQ7KHHFRQRPLHVRI
WKH(XURSHDQSRZHUVZHUHVHYHUHO\GDPDJHGKHQFHOHDGLQJWRWKHHVWDEOLVKLQJ
RI8QLWHG6WDWHVDVWKHPRVWSRZHUIXOFRXQWU\LQWKHZRUOG7KHZDUDOVR
EURXJKWFKDQJHVWRWKHVRFLDOVWUXFWXUHDVZRPHQVWHSSHGLQGXULQJZDUWLPH
WRWDNHWKHSODFHRIPDOHVDWZRUN
$IWHUDVKRUWGHSUHVVLRQLQ86HFRQRP\DIWHU::,HFRQRP\EHJDQWRERRP
(YHQDVWKHPHQUHWXUQHGDIWHUZDUIHPDOHVFRQWLQXHGWRFRQWULEXWHLQWKH
ZRUNSODFH7KLVQHZIRXQGHPSRZHUPHQWRIWKHIHPDOHPDUNHGDFKDQJHIURP
WKHSDVW)HPLQLVPPRYHPHQWEHJDQWRWDNHVKDSHDQGZRPHQLQWKH8QLWHG
6WDWHVHYHQWXDOO\HDUQHGWKHULJKWWRYRWHLQ'XULQJWKLVERRPWLPHLQ
8QLWHG6WDWHVHGXFDWLRQEHFDPHZLGHVSUHDGDQGDQ\ERG\ZKRZDVZLOOLQJWR
ZRUNZDVDEOHWRHDUQDGHFHQWOLYLQJ
)RUGEHJDQWRVHOODXWRPRELOHVWRZKRHYHUZKRFRXOGDIIRUGLW5DGLRDQG
PRYLHVEHFDPHDYDLODEOHWRWKHSXEOLF'HVSLWHWKHDOFRKROSURKLELWLRQLQ86
PDQ\LOOHJDOERRWOHJJHUVVXSSOLHGDOFRKROWRWKHZLOOLQJEX\HUV)HPDOHEHJDQ
WRGUHVVGLIIHUHQWO\IRUZRUNDQGSOD\DQGWKHZLOG&KDUOHVWRQGDQFHVZHUH
SRSXODUZLWKWKH\RXQJ7KH\RXWKEHJDQGDWLQJDQGGDQFLQJLQWKHZD\ZH
NQRZRIWRGD\ZKLFKZDVFRQVLGHUHGRXWUDJHRXVE\WKRVHGD\V·VWDQGDUGVLQFH
EHIRUHWKH:RUOG:DUIHPDOHVDQGPDOHVQHHGHGFKDSHURQVZKHQWKH\PHHW
7KHFRQVHUYDWLYHVDZWKHWUHQGDVLPPRUDODV\RXWKVVWDUWHGGULQNLQJDQGXVLQJ
IRXOODQJXDJH
,WZDVDJHQHUDWLRQRIGHFDGHQFHDQGRYHUFRQVXPSWLRQDQGWKLVXQVXVWDLQDEOH
FRQVXPSWLRQHYHQWXDOO\OHGWRWKHVWRFNPDUNHWFUDVKLQWKH86LQ
7KH*UHDW-D]]$JH
63
)DVKLRQ7UHQGV
$VPRUHDQGPRUHZRPHQZHQWLQWRIDFWRU\ZRUN
WKH\GHPDQGHGFORWKHVWKDWZHUHEHWWHUVXLWHGWR
WKHLUQHZDFWLYLWLHV)HPDOHVHYHQWXDOO\EHJLQWR
ORVHWKHKRXUJODVVILJXUHDQGEHJDQWRDGRSWDPRUH
ER\LVKILJXUH%\WKHHQGRI:RUOG:DU,FORWKLQJLQ
WKH:HVWEHJDQWRUHVHPEOHZKDWZHNQRZRIWRGD\
LQWKHPRGHUQHUD7KHSULQFHVVORRNVORZO\JDYH
ZD\WRDQHGJLHUIHPPHIDWDOHORRNDQGVHQVXDO
VOHHYHOHVVIUHHIORZLQJGUHVVHVEHFDPHSRSXODU
'XULQJWKH5RDULQJVRUWKH-D]]$JHVNLUWVURVH
IURPIORRUOHQJWKWRZHOODERYHWKHDQNOHZRPHQ
EHJDQWREREWKHLUKDLUDQGZRUHPRUHIHPLQLQH
IRUPVRIJDUPHQWVDVDUHVXOWRIWKHGLUHWLPHV
GXULQJ::,*ODPRURXVHYHQLQJZHDUVXFKDV
0DGHOLQH9LRQQHW
VFURVVFXWGUHVVHVDQG6FKLDSDUHOOL
VZLWW\VW\OHVZHUHDGRUHG
E\WKHFKLFDQGULFKDVIHPDOHVVWDUWHGH[SHULPHQWLQJZLWKORXGPDNHXS
VPRNLQJDQGVKRZLQJWKHLUOHJ7KHPRVWIDVKLRQGHVLJQHUVZHUHFHQWHUHGLQ
3DULVLQFOXGLQJ0DGHOLQH9LRQQHW3DXO3RLUHW&RFR&KDQHODQG-HDQ3DWRX
)ODSSHU6W\OH 7KHKREEOHVNLUWZKLFKLVDORQJVNLUW
WDSHUHGDWWKHDQNOHVUHDFKHGLWV
SHDNRISRSXODULW\LQLWZDVD
IXVLRQRIWKH3RLUHWKDUHPVNLUWDQG
0LGGOH(DVWHUQLQIOXHQFHV
3XPSVKRHZHUHZRUQE\IHPDOHVRQ
PRVWRFFDVLRQV
64
.LPRQR6OHHYHVZHUHDOVRFRPPRQ
GXULQJWKLVWLPH$QGIHPDOHVZRUH
WXUEDQVKHDGEDQGVDQGFORFKHKDWVWR
JRZLWKWKHQHZVLOKRXHWWH
6OHHYHOHVVEDWKLQJVXLWVZHUHDGRSWHGE\PDQ\JLYHQWKHQHZVHQVHRI
OLEHUDWLRQRIWKLVHUD
)DEULFV 0DWHULDOV
&KLIIRQWDIIHWDYHOYHWVXHGHDQGDQJRUDIXU
*DUEDUGLQHIRUMDFNHWV
7KH/RXLV%URRNVVLOHQWPRYLHVWDURIWKHVKDLUVW\OHLVDOVRSRSXODUWRGD\
KDYLQJDPLQLUHYLYDOLQUHFHQWVHDVRQV
/RXLVH%URRNV+DLUVW\OH
65
0HQ·VFORWKLQJEHFDPHORRVHUGXULQJWKLVSHULRGDQGWKH\FRQWLQXHGWRZHDU
WKHVDFNVXLWZLWKZLGHUWURXVHUVEHOWHGKLJKZLWKEURDGVKRXOGHUHGMDFNHWV
2[IRUGEDJVZLGHSDQWVZHUHFRPPRQDPRQJVWPHQ
0HQLQDSLHFHVXLW
66
&RPSDULVRQ²&ORFKH+DW
3DVW
:RPDQZHDULQJDFORFKHKDWDGRUQHGZLWKDSSOLTXpVWULSVDQGYHLO
3KRWRJUDSKHU(GZDUG6WHLFKHQV
67
&RPSDULVRQ²&ORFKH+DW
3UHVHQW
0RGHOZHDULQJDPDWFKLQJFORFKHKDWZLWKKRUL]RQWDOVWULSV
68
&RPSDULVRQ
7KH5RDULQJVVDZWKHIHPDOHVWDNLQJRQ
DQHZVW\OHLQGUHVVLQJZLWKDGURSSHG
ZDLVWOLQHWRJLYHDPRUHWXEXODUVLOKRXHWWH
DQGURXQGKDWVVHHQDERYHWKDWFRYHUVWKH
VKRUWKDLUFRPSOHWHO\9HLOVDUHDOVRXVHG
WRFRYHUDSDUWRIWKHIDFH7KH]HLWJHLVW
RIWKLVSHULRGLVEHVWFDSWXUHGLQ)6FRWW
)LW]JHUDOG¶V7KH*UHDW*DWVE\LQZKLFK
WKHUHZDVH[WUHPHDORRIQHVVDQG
GHFDGHQFHDPRQJVWWKHULFK7KHVKRUW
EREKDLUDQGFURSSHGKDLUORRN
H[HPSOLILHGWKHORRNRIWKHVSHUIHFWO\
&ORFKHKDWVRIWKDWWLPHZHUHXVXDOO\
PDGHRIIHOWWRILWFORVHO\E\WKHVLGHVRI
WKHKHDGWKHKDWLVZRUQORZMXVWRYHUWKH
IRUHKHDGZLWKWKHZHDUHU
VH\HVVOLJKWO\EHORZWKHEULP7ULPPLQJVVXFKDV
VXUIDFHDSSOLTXpVVFDUYHVDQGIHDWKHUVDUHXVHGWRDGRUQWKHFORFKHKDW7KH
VW\OHEHFDPHDVLJQDWXUHRIWKHVDQGZDVVRSRSXODUWKDWIDVKLRQKRXVHV
VXFKDV/DQYLQDQG0RO\QHX[VSHFLDOO\RSHQHGDWHOLHUVWRPDNHWKHP,QWKH
SDVWFRPSDULVRQSLFWXUHWKHKDWLVZRUQZLWKDYHLOZKLOHWKDWRIWKHPRGHUQ
FRPSDULVRQLVZRUQZLWKQHWWLQJ,QERWKH[DPSOHVWKHVKDSHDQGDGRUQPHQW
KRUL]RQWDOVWULSHVDUHVLPLODU7KLVFORFKHORRNGRHVFRPHEDFNIURPWLPHWR
WLPHDQGORRNVVHWWREHEDFNLQIDVKLRQLQWKHQH[WVHDVRQV
69
&RPSDULVRQ²V7XEXODU6LOKRXHWWH
&ODULVVH&RXGHUWZHDULQJD)RUWXQ\WHDJRZQZLWKVWUDLJKWSOHDWV
70
&RPSDULVRQ²V7XEXODU6LOKRXHWWH
3UHVHQW
-RKQ*DOOLDQRYHOYHWGUHVVLQVSLUHGE\WKHHUD6LPLODUORQJOLQHVIDOOLQJWRWKH
DQNOHV
71
&RPSDULVRQ
7KHERG\VLOKRXHWWHSUHIHUUHGIRUIHPDOHVLQWKHVZHUHORQJDQGWXEXODU
DQG3RLUHWPDGHWKHHPSLUHZDLVWOLQHSRSXODUDJDLQDPRQJVWWKHFKLFDQG
IDVKLRQFRQVFLRXV,QWKH)RUWXQ\¶FULPS·IDEULFGUHVVVHHQLQWKHVWSLFWXUH
WKHORQJVWUDLJKWSOHDWVDQGWKHKLJKZDLVWOLQHJLYHDQLOOXVLRQWKDWOHQJWKHQV
WKHZHDUHU·VERG\EXVWGRZQOLNHZLVHLQWKH-RKQ*DOOLDQRSLHFHWKHFXW
DQGGUDSHRIWKHGUHVVOHQJWKHQVWKHZHDUHU·VWRUVRDVZHOO7KHQDWXUDOSOHDWV
RQWKHVNLUWRIWKHPRGHOUHVHPEOHVWKDWRIWKHSOHDWVLQWKHSDVWFRPSDULVRQ
SLFWXUH
72
*UHDW'HSUHVVLRQDQG:RUOG:DU,,²
%DFNJURXQG
:LWKWKHRQVHWRIHFRQRPLFGHSUHVVLRQWKHHQWLUHZHVWHUQZRUOGVRRQIHOWLWV
HIIHFWVZKLFKODVWHGIRUDGHFDGH7KHJRYHUQPHQWRI863UHVLGHQW
)UDQNOLQ5RRVHYHOWFDPHXSZLWKWKH1HZ'HDOWKDWKHOSHGSURWHFWSHRSOHIURP
WKHZRUVWHIIHFWVRIWKH'HSUHVVLRQDQGSURYLGHGMREVIRUWKHPDVVHVDQGLV
ZLGHO\FUHGLWHGZLWKKHOSLQJWKH8QLWHG6WDWHVDYRLGWKHPRXQWLQJLQWHUQDO
WXUPRLOWKDWWRUH(XURSHDSDUWDQGOHGWRWKH6HFRQG:RUOG:DU
'XULQJZDUWLPHPDQ\GHVLJQHUVIOHGFRQWLQHQWDO(XURSH)DVKLRQZDV
GLVUXSWHGGXULQJWKLVWLPH
)DVKLRQ7UHQGV
)URPWKHH[XEHUDQFHRIWKHZLOGVWRWKHLPSRYHULVKHGVWKHSHRSOH
EHJDQWRGUHVVPRUHVLPSO\DQGSUDFWLFDOO\JLYHQOLPLWHGUHVRXUFHV'UHVVHV
EHFDPHPRUHRUQDWHDQGURPDQWLFWRZDUGVWKHHQGRIWKHV
)HPDOHVGXULQJWKHVEHJDQWRKDYHYDULRXVRXWILWVIRUGLIIHUHQWRFFDVLRQVEH
LWIRUWRZQZRUNWHDSDUWLHVFRXQWU\VLGHRUIRUPDOGUHVVHVDQGJRZQV
7KH6LOKRXHWWHEHJDQPRUHQDWXUDODV
KHPOLQHVGURSSHGZDLVWOLQHVURVHDQG
GUHVVHVEHJDQWRFOLQJPRUHWRWKH
FRXQWRXUVRIWKHERG\6NLUWVFRPHZLWK
NQHHSOHDWVDQGJRGHWVIHOOIURPSDQHOVVR
JDYHIXOOQHVVDWWKHKHPOLQH
7KHUHZDVDULVHLQWKHSRSXODULW\RI
+ROO\ZRRGPRYLHVDVVFUHHQLGROVEHFDPH
UROHPRGHOVIRUWKHPDVVHV2XWILWVZRUQLQ
PRYLHVZHUHTXLFNO\FRSLHGE\UHWDLOHUV
0DQ\PDJD]LQHVDFWXDOO\SXEOLVKHGIDVKLRQ
FORWKLQJSDWWHUQVEDVHGRQDWWLUHVVHHQLQ
73
ILOPVDOORZLQJZRPHQWRVHZWKHLURZQGUHVVHVDFFRUGLQJ
0DGDPH9LRQQHWGUHVVVHHQRQWKHULJKW
PDGHSRSXODUWKHKDOWHUQHFNDQGWKHFRZO
QHFNDQGLVNQRZQIRUXVLQJWKHELDVFXWRI
GUHVVHV7KHELDVFXWUHIHUVWRWKHZD\ZKHQ
IDEULFSDWWHUQSLHFHVFDQEHFXWQRWRQWKH
VWUDLJKWJUDLQEXWDWDQDQJOHRIGHJUHHV
7KLVFUHDWHVDYHU\VH[\DQGFORVHILWIRUWKH
ZHDUHUEHLQJDWWHQWLRQWRWKHZDLVWDQGKLS
6DWLQVFUHSHGHFKLQHVVLONVFUHSHVDQG
FKLIIRQVDUHRIWHQXVHGIRUVXFKGUHVVHV
&KDQHOGHEXWHGKHUOLWWOHEODFNGUHVVLQ
6KHEHOLHYHGIDVKLRQVKRXOGEHIXQFWLRQDODV
ZHOODVFKLF+HUJDUPHQWZDVGHVLJQHGWR
KLGHVWDLQVDQGWRILWHYHU\ZRPDQ6HH
&KDQHOGUHVVEHORZ
1\ORQKRVLHU\DOVREHFDPHSRSXODUGXULQJWKLV
DJH
1RWHZRUWK\
GHVLJQHUVRIWKLV
SHULRGLQFOXGH
(OVD6FKLDSDUHOOLDQG&KDQHO6W\OHLFRQVLQFOXGHG
DFWUHVVHVVXFKDV0DUOHQH'LHWULFKIHPPHIDWDOH
LPDJHDQG.DWKHULQH+HSEXUQ0HQVXLWV
0DWHULDOV8VHG
5D\RQG\HGZHOODQGORRNHGVLPLODUWRDQGIHOW
OLNHVLON1\ORQZDVLQYHQWHGDQGXVHGLQKRVLHU\
&RWWRQZDVDOVRZLGHO\XVHG$QGWKHQHZO\
LQYHQWHG=LSSHUZDVPDUNHWHGE\6FKLDSDUHOOL
74
&RPSDULVRQ²%LDV&XW
3DVW
7KHELDVFXWLQFRPELQDWLRQZLWKWKHKDQGNHUFKLHIKHP
75
&RPSDULVRQ²%LDV&XW
3UHVHQW
=DF3RVHQ)DOO
76
&RPSDULVRQ
7KH%LDVFXWPDGHIDPRXVE\9LRQQHWZDVSRSXODULQWKHVDVLWFOLQJVWR
WKHERG\DQGLVHDV\WRZHDU7RGD\LWLVVWLOOXVHGE\GHVLJQHUVWRFXWIDEULFLQ
RUGHUWRXWLOL]HWKHJUHDWHUVWUHWFKLQWKHELDVRUGLDJRQDOGLUHFWLRQRIWKH
IDEULF,QERWKFRPSDULVRQVWKHELDVFXWLVXVHGWRJLYHWKHJDUPHQWPRUHFOLQJ
WRWKHERG\VRWKDWWKHWRUVRZLOOEHVKRZQZKHQWKHJDUPHQWLVSXWRQZKLOH
WKHH[FHVVVODFNDWWKHKHPFUHDWHVDQLFHFRQWUDVW
%LDV&XW'UHVV9RJXH,WDOLD0DUFK
77
&RPSDULVRQ²0LOLWDU\-DFNHWV
3DVW
7KHPXFKGUHDGHG1D]LXQLIRUPGXULQJ::,,
78
&RPSDULVRQ²0LOLWDU\-DFNHWV
3UHVHQW
0DUF-DFREV):
&RPSDULVRQ
'XULQJWKHZDUWLPHPLOLWDU\
XQLIRUPVZHUHVHHQDWDOOFLYLOLDQ
VRFLDORFFDVLRQVIURPFLQHPDV
ZHGGLQJVUHVWDXUDQWVWRJDOD
HYHQWV7KHVHXQLIRUPVKDYH
LQIOXHQFHGIDVKLRQLQODWHU
GHFDGHVDVVHHQLQWKH0DUF
-DFREVPRGHUQFRPSDULVRQ
'HWDLOVVXFKDVWKHEUDVVEXWWRQV
DQGVWLIIIDEULFVDUHNHSW
DOWKRXJKWKHODSHOVDQGFROODUV
PD\GLIIHULQGLIIHUHQWGHVLJQV
79
3RVWZDU&RPPXQLVPDQGWKH&ROG:DU²
$IWHUWKH:RUOG:DUWKLQJVZHUHQRWH[DFWO\URV\LQWHUPVRILQWHUQDWLRQDO
SROLWLFV8QLWHG6WDWHVDQGWKH&RPPXQLVW6RYLHW8QLRQZHUHRSSRVHGWRHDFK
RWKHUDVERWKFRXQWULHVKDGGLIIHUHQWSROLWLFDOV\VWHPVGHPRFUDWLF96
FRPPXQLVW%RWKFRXQWULHVLQGXOJHGLQDQDUPVZDUDQGSROLWLFDOUHODWLRQV
ZHUHIURVW\&RXQWULHVDOLJQHGZLWKHDFKVHFWLRQZHUHLQYROYHGLQWKLV&ROG:DU
DVZHOO7KHODXQFKRIWKH6SDFH:DUDQGUDFHWRWKHPRRQFDSWXUHGWKH
LPDJLQDWLRQRIWKHSRSXODWLRQ
V²
7KH'LRU1HZ/RRNZDVLQWURGXFHGLQDQGUHYROXWLRQL]HGIHPDOHIDVKLRQ
WREHHODERUDWHG+HPOLQHVGURSSHGWRPLGFDOIGXULQJWKLVWLPH(YHQLQJ
ZHDUEHFDPHLPSRUWDQWDJDLQFRFNWDLOGUHVVHVFDPHLQWRH[LVWHQFHDQGGUHVV
FRGHVZHUHOHVVULJLGWKDQSUHYLRXVO\6KRHVEHFDPHQDUURZHUZLWKWKLFNHU
KHHOVDQGSHHSWRHVKRHVZHUHWKHPRVWFKLFVKRHVDYDLODEOH
'HVLJQHUVVXFKDV3LHUUH%DOPDLQ-DFTXHV)DWKDQG&KULWLDQ'LRUGHILQHGWKH
ORRNVRIWKLVQHZSHULRG
,QWKHV3RSFXOWXUHZDVPRUHIRFXVHGRQWHHQDJHUVDQGWKHLULQWHUHVWV
LQFOXGLQJURFNQUROO-HDQVZDVDGRSWHGDVOHLVXUHZHDUE\WKH(XURSHDQV
6FUHHQLFRQ%ULGJHWWH%DUGRW-DPHV'HDQ0DUORQ%UDQGRPDUNHGDQHZHUDRI
LGROZRUVKLSDQGPDQ\HPXODWHGWKHLUIDVKLRQVW\OHV1HR(GZDUGLDQ)DVKLRQ
DQG7HGG\%R\VZKRZRUHGUDSHGORQJGDUNVLQJOHEUHDVWHGMDFNHWVZLWK
QDUURZWURXVHUVEHFDPHDQHZSKHQRPHQRQLQ/RQGRQ
+XEHUWGH*LYHQFK\RSHQHGKLVRZQIDVKLRQKRXVHDQG
XVHG%HWWLQDDQG$XGUH\+HSEXUQDVVSRNHVSHUVRQDQG
LQVSLUDWLRQIRUKLVFROOHFWLRQV
&XORWWHVEHFDPHSRSXODULQWKHHDUO\V
%HHKLYHKDLUVW\OHZDVPDGHSRSXODUE\'XVW\6SULQJILHOG
0DWHULDOV
1HZIDEULFVRIQ\ORQDQGSRO\HVWHUZHUHPDGHDYDLODEOH
LQV
80
6W\OHV
1DY\%OXH1HZ/RRN
&DPHO&RDWLQV
7HGG\%R\
%DWKLQJ6XLWVV
$/LQH6W\OH%\'LRU
81
&RPSDULVRQ²7KH¶%DU·6XLW
3DVW
&KULVWLDQ'LRU%DUVXLWDQGMDFNHWVSULQJVXPPHU
82
&RPSDULVRQ²7KH¶%DU·6XLW
3UHVHQW
-DFNHWDQGNQLIHSOHDWHGVNLUW0LX0LX)DOO:LQWHU
83
&RPSDULVRQ
7KHSRVWZDU'LRU1HZ/RRNLQFUHDWHGE\GHVLJQHU&KULVWLDQ'LRUPDUNHG
DQHZFKDSWHULQ(XURSHDQIDVKLRQIRUIHPDOHV7KHQHZIHPLQLQHFXW
DFFHQWXDWHGWKHIHPDOHFXUYHVZLWKLWVFDOIOHQJWKVNLUWVDQGMDFNHWVZLWK
VPDOOQLSSHGZDLVWURXQG SDGGHGKLSVDQGVKRXOGHUOLQHVFORVHWRWKHQDWXUDO
VORSHDVVKRZQLQWKHSDVWFRPSDULVRQSLFWXUHRIWKH&KDQHO¶%DU·6XLWDERYH
7KLVQHZORRNUHTXLUHGDKXJHDPRXQWRIIDEULFIRUWKHVNLUWWR\DUGVRI
IDEULFDQGZDVGHQRXQFHGE\%ULWLVKSROLWLFLDQVZKRIHOWLWZDVH[WUHPHO\
ZDVWHIXOIRUWKHSHRSOHWRDGRSWWKLVORRNULJKWDIWHUWKHLPSRYHULVKHGZDU
WLPHV+RZHYHULWZDVTXLFNO\DFFHSWHGE\SHRSOHWKHQDVLWVLJQLILHGDQHZ
EHJLQQLQJIRUWKHPDIWHUWKHKRUULILFZDUDQGZDVZHOFRPHGDIWHU\HDUVRIQRW
GUHVVLQJXSRUGUHVVLQJXQLVH[GXHWRZDUWLPH
7KLVKRXUJODVVORRNUHPDLQHGSRSXODUIRUVRPHWLPHDOWKRXJKLWHYHQWXDOO\
JDYHZD\WRWKHPRGDQGKLSSLHLQIOXHQFHVLQWKHVDQGV)HPDOH
ZRUNZHDUUHWDLQHGWKHVDPHMDFNHWDQGEHORZNQHHVNLUWEXWWKHZDLVWZDVQR
ORQJHUFRUVHWHGDQGQRUZHUHWKHKLSVSDGGHGDQGHYHQWXDOO\EHFDPHOHVV6
VKDSHG7KHH[DPSOHLQWKHPRGHUQFRPSDULVRQVKRZVRQHRIWKHYDULDWLRQVRI
HYROXWLRQRIWKHEDUVXLW7KHPRGHOVSRUWVDSLQNMDFNHWEXWWRQHGORZZLWKD
FDOIOHQJWKSOHDWVNLUW7KHJHQHUDOVLOKRXHWWHLVQRWXQOLNHWKHEDUVXLW
DOWKRXJKWKHQHFNOLQHLVPXFKORZHU0RVWFRUSRUDWHZRPHQWRGD\ZRXOGZHDU
VXFKDWWLUHWRJHWKHUZLWKDQH[WUDJDUPHQWXQGHUQHDWKWKHMDFNHWWRDSSHDU
PRUHSURIHVVLRQDOLQWKHLUZRUN
84
V
3HDFH0RYHPHQW+LSSLHV0XVLF5HYROXWLRQ
7KHSRVWZDUEDELHVDUHQRZLQWKHLUWHHQKRRGDQG\RXWKVEHFDPHRQHRIWKH
PRVWSURILWDEOHFRQVXPHUVHJPHQWV<RXWKVVHHIDVKLRQDVDIRUPRIVHOI
H[SUHVVLRQDQGDPHWKRGRIGLIIHUHQWLDWLQJWKHPVHOYHVIURPWKHLUSDUHQWV
7KH\EHJDQWRLQIOXHQFHIDVKLRQDQGSROLWLFVZLWKWKHLUZRUOGYLHZ
6H[ZDVQRORQJHUDWDERRWRSLFDQG
WKH9LHWQDP:DUZDVYHKHPHQWO\
RSSRVHGE\PDQ\LQWKH:HVW
$QGURJ\QRXVGUHVVLQJEHFDPHSRSXODU
WRZDUGVWKHHQGRIWKHGHFDGHDV
WKHVH\RXWKVH[SHULPHQWHGZLWK
QHZIRXQGIUHHGRPLQH[SUHVVLRQDV
ZHOODVLWEHLQJDSURGXFWRIWKHPXVLF
UHYROXWLRQLQURFN$VVXFKWKHV
ZDVDYHU\IDVWPRYLQJGHFDGHLQ
IDVKLRQOLIHVW\OHVLQQRYDWLRQVDQG
PRUDOV7KHIDVKLRQPLQLVNLUW
EHFDPHRQHRIWKHLFRQVWKDW
V\PEROL]HGWKLVHUD
0RG/RRN
0RQGULDQGD\GUHVV<YHV6DLQW/DXUHQW
7KH%HDWOHVZDVDZRUOGZLGHSKHQRPHQRQ
LQPXVLFDQGWKHLUPRSWRSVZHUHSRSXODU
ZLWKPDOH\RXWKVRIWKDWWLPH:RRGVWRFN
VWDUWHGDJHQHUDWLRQRIIUHHORYLQJKLSSLHV
)DVKLRQKRXVHVEHJDQWRRIIHUUHDG\WR
ZHDUIDVKLRQVIRUWKHJHQHUDOSXEOLF
'HVLJQHUVVXFKDV<YHV6DLQW/DXUHQW
&RXUUHJHV/DXUD$VKOH\DQG3LHUUH&DUGLQ
PDGHWKHLUPDUNGXULQJWKLVGHFDGH
85
&RPSDULVRQ0RG/RRN0LQL6NLUW
3DVW
7ZLJJ\LQPLQLV
86
&RPSDULVRQ0RG/RRN0LQL6NLUW
3UHVHQW
&KORH6NLUW0LQL6NLUWVFRQWLQXHWREHLQVW\OHWRGD\
87
&RPSDULVRQ
7KHPLQLZDVPDGHSRSXODUE\0DU\4XDQWDQG$QGUH&RXUUHJHVZKR
VKRUWHQHGWKHKHPOLQHWRPLGWKLJK$VVHHQLQWKHSDVWFRPSDULVRQSLFWXUHV
DOORIVLFRQ7ZLJJ\WKHVHPLQLVJDYHIHPDOHVDFKLOGOLNHORRNDQGLV
HVSHFLDOO\WDUJHWHGDWWHHQDJHUVDSUHYLRXVO\LJQRUHGPDUNHWVHJPHQWLQWKH
SDVW%ULJKWFRORXUVDQGJHRPHWULFGHVLJQVZHUHRIWHQXVHGRQWKHVNLUWVDQG
GUHVVHVRIWKDWWLPH7LJKWVUHSODFHGVWRFNLQJVDQGDOORZHGWKHIHPDOHVWR
ZHDUWKHYHU\VKRUWVNLUWVZLWKRXWH[SRVLQJWKHPVHOYHV7KH0RGORRNZDVDOVR
YHU\SRSXODULQWKHV
$QGUH&RXUUHJHVH[SHULPHQWHGZLWKWKHPLQLVDQGKLV6SDFH$JH
GHVLJQVZHUHLQIOXHQFHGE\6SDFH5DFHEHWZHHQ86DQG6RYLHW8QLRQ+HDOVR
XVHGQHZV\QWKHWLFVW\OHVVXFKDV39&RUHYHQPHWDOIRUKLVFROOHFWLRQ
&RXUUHJHV·VIXQFWLRQDOXQFOXWWHUHGIXWXULVWLFGHVLJQV
7RGD\WKHIDVKLRQLVQRWIDUIURPZKDW&RXUUHJHVSUHGLFWHGVHHPRGHODERYH
$GYDQFHPHQWVLQIDEULFFRQVWUXFWLRQDOORZV\QWKHWLFPDWHULDOVVXFKDV39&WR
EHPRUHFRPIRUWDEOH7KHFXWRIWKHUHGWRSZLWKWKHVODVKHGFROODULVVLPLODU
WRVRPHRI&RXUUHJHV·GHVLJQVDQGWKHPLQLVNLUWLVUHPLQLVFHQWRIWKHV·
PLQLV
88
&RPSDULVRQ)ORZHU3RZHU+LSSLHV
3DVW
(WKQLFLQVSLUHGFORWKLQJLQWKHODWHV
89
&RPSDULVRQ)ORZHU3RZHU+LSSLHV
3UHVHQW
%DOHQFLDJD
):
90
&RPSDULVRQ)ORZHU3RZHU+LSSLHV
3UHVHQW
*XFFLIORUDOSULQWV
91
&RPSDULVRQ
7RZDUGVWKHHQGRIWKHVZLWKWKHVWDUWRIWKH+LSSLH0RYHPHQWDQGWKH
LQIOXHQFHVRI:RRGVWRFNDQGWKH)UHQFKVWXGHQWUHYROXWLRQLQIDVKLRQ
WRRNRQPDQ\QHZIRUPVVRPHRIWKHPEHLQJWKHHWKQLFIORZHUSRZHURU
KLSSLHORRN
+LSSLHVPRYHPHQWVWDUWLQJIURP6DQ)UDQFLVFRPL[HG(DVWHUQSKLORVRSK\DQG
GUXJVWRJLYHDQHZFXOWXUHIRU\RXWKV7KHLUIDVKLRQLVLQVSLUHGE\WKH(DVW
SDUWLFXODUO\OHDQLQJWRZDUGVWKH$IJKDQLVWDQDQG,QGLDQVW\OHV3ULQWVZHUH
HWKQLFJHRPHWULFDOSULQWVVKDSHOHVVRUSHDVDQWWRSVPDWFKHGWKHLUORQJKDLU
RIWHQDGRUQHGZLWKKHDGEDQGVRUEDQGDQDVDVVKRZQWKHLQVWFRPSDULVRQ
SLFWXUH7LHG\HVZHUHDOVRSRSXODUZLWKWKHSHRSOHWKHQ&KHHVHFORWKNDIWDQV
DQGEHOOERWWRPVZHUHFRPPRQDVZHOO7KLVVW\OHVWLOOKDVLWVVXSSRUWHUVRYHU
WKH\HDUVDVVKRZQE\WKH%DOHQFLDJDRXWILWIULQJHGHWDLOVDQGHWKQLF
SULQWVDUHVWLOOXVHGLQIDVKLRQWRGD\
5DFKHO=LPPHUPDQLQD
-DQLV-RSOLQ7ULEXWHSKRWR
VKRRW
)DVKLRQ5RFNV6HSWHPEHU
)ORZHUSRZHUZDVD
VORJDQXVHGE\WKH
KLSSLHVLQVXSSRUWRI
/RYHDQG3HDFHDV
WKH\ZHUHDJDLQVWWKH
9LHWQDP:DU7KH\
GUHVVHGLQIORUDOSULQWV
DQGRIWHQZRUH
JDUODQGVLQWKHLURXWILW
)ORUDOSULQWVFRQWLQXH
WREHSRSXODUWRGD\
DVH[HPSOLILHGE\WKH
*XFFLFROOHFWLRQ
LQWKHSLFWXUHVDERYH
92
V²*ODP5RFN3XQN 'LVFR
7KHVVDZDYHU\GLYHUVHLQIOXHQFHLQFXOWXUHEURXJKWDERXWE\WKHPXVLF
UHYROXWLRQ7KHKLSSLHLQIOXHQFHFRQWLQXHGLQWRWKLVFHQWXU\
)DVKLRQ7UHQGV
The sub cultural styles defined the fashion mood of this decade. The ethnic
influence continues to be influential as the hippie movement gains ground across
the globe. Macramé bags and bikinis from the Greek Isles and crochet
waistcoats and shawls from Spain were all high fashion. The poncho was short
lived and soon became a children's style. Glam Rock brought about extreme
fashions for its followers with bizarre colours, leotards and androgynous outfits
reigning supreme. Flared Trousers, Bell Bottoms and Trouser Suits became
popular during this era.
'DYLG%RZLH *ODP5RFN)DVKLRQ
7KHDQWLHVWDEOLVKPHQW3XQN0RYHPHQWDQG
LWVIDVKLRQZDVEURXJKWDERXWE\9LYLHQQH
:HVWZRRGDQGKHUWKHQSDUWQHU0DOFROP
0F/DUHQPDQDJHURISXQNEDQG6H[3LVWROV
&ORWKLQJVW\OHLQFOXGHVERQGDJHDQGIHWLVK
DWWLUHFRXSOHGZLWKERG\SLHUFLQJV
'LVFRDWWLUHVWDUWHGWREHSRSXODUDQG
EORVVRPHGDIWHUWKHPRYLH6DWXUGD\
1LJKW)HYHU
0DWHULDOV8VHG
• 9LVFRVH5D\RQ
• 6DWLQ3RO\HVWHUV
93
&RPSDULVRQ²3ODWIRUP6KRHV
3DVW
*R*RERRWV
&RPSDULVRQ
*RJRSODWIRUPVKRHVZHUHSRSXODUJOREDOO\GXULQJWKLVGLVFRHUDDQGSODWIRUP
VKRHVZHQWLQDQGRXWRIIDVKLRQVLQFH1RWDEO\LQVZLWKWKH6SLFH*LUOV
UHYLYLQJWKHSODWIRUPVKRHV7RGD\SODWIRUPKHHOVFDQEHIRXQGLQWKH
FROOHFWLRQVRI&KORH
94
&RPSDULVRQ²3ODWIRUP6KRHV
3UHVHQW
95
&RPSDULVRQ
3HDVDQW/RRN
96
97
&RPSDULVRQ
3HDVDQWWRSVZHUHLQWURGXFHGE\<YHV6DLQW/DXUHQWLQWKHV7KHVPDUNHG
DSHULRGRIGLYHUVHHWKQLFLQIOXHQFHV*\SV\WRSVZLWKGUDZQXSQHFNOLQHV
WULPPHGZLWKEHOOVDQGSXIIHGVOHHYHVZHUHPDGHLQFKHHVHFORWKRUOLJKW
FRWWRQVDQGWKHSHDVDQWQHFNOLQHZDVXVHGE\PDQ\GHVLJQHUV7KHSHDVDQW
ORRNUHPDLQVSRSXODUWRGD\DVEHDFKRUUHVRUWZHDUDQGWKHSDWWHUQVRQWKH
IDEULFLVQRWDVRUQDWHRUFRPSOH[DVEHIRUH
98
V
<RXWKFXOWXUHWRRNDVWHSEDFNDVWKHWHHQDJHPDUNHWORVWVWHDP7KHGHFDGH
ZLWQHVVHGDUHOLJLRXVUHYLYDODQGWKHULVHRIFRQVHUYDWLVP7KHSRVWZDU
JHQHUDWLRQZDVJHWWLQJROGHUDQGZDVDOVRILQDQFLDOO\VHFXUH'HPRJUDSKLFV
FKDQJHGWKHIDFHRIVRFLHW\:HVWHUQHFRQRPLHVZHUHGRLQJZHOODQGSHRSOH
ZHUHOLYLQJDQGZRUNLQJORQJHU7KHUHLVWKHULVHRIWKHPLGGOHFODVVZKLFK
FRQWULEXWHGWRWKHLQFUHDVHLQULVLQJFRQVXPHUFRQVXPSWLRQ1HZFRPSXWHU
WHFKQRORJLHVDQGLQGXVWULHVGHYHORSHGDQGERRPHG
)DVKLRQ7UHQGV
7KHSXQNLQIOXHQFHVFDUULHGRQ
LQWRWKHHLJKWLHVEXWIDVKLRQ
EHFDPHPRUHFRQVHUYDWLYHDQG
PDVFXOLQHDVWKHGHFDGH
SURJUHVVHV3RZHUGUHVVLQJLV
SRSXODUDPRQJVWIHPDOHVDVWKH\
EHJDQWRFRPSHWHZLWKWKHLU
PDOHFRXQWHUSDUWVLQWKH
ZRUNSODFH7KH1HZ5RPDQWLF
ORRNZDVPDGHSRSXODUE\
9LYLHQQH:HVWZRRGZLWKKHU
¶3LUDWHV·FROOHFWLRQ
7KHVDOVRVDZWKHLQFUHDVHLQSRSXODULW\RIGHVLJQHUXQGHUZHDUVKDGHVEDJV
DQGRWKHUDFFHVVRULHV3HRSOHZDQWHGWREX\DSLHFHRIWKHEUDQGDQGLWV
DVVRFLDWHGYDOXHVDQGEUDQGSHUVRQDOLW\%UDQGHGSURGXFWVEHFDPHDUHIOHFWLRQ
RIVWDWXVDQGYDOXHIRUWKHPDVVSXEOLF
$PHULFDQ%UDQGVVXFKDV&DOYLQ.OHLQDQG
5DOSK/DXUHQEHFDPHVXFFHVVIXOE\
OLFHQVLQJWKHLUEUDQGQDPHWRDFFHVVRULHV
OLQHV2WKHUIDVKLRQWUHQGVLQFOXGHWKH
UHYLYDORIWKHPLQLVNLUWVDQGWKHEDWZLQJ
VOHHYH&RVWXPHMHZHOOHU\VDZDJUHDW
UHYLYDODQGKXJHJROGHDUULQJVRUSHDUO
DQGJLOWHDUULQJV
6W\OHLFRQVRIWKHVLQFOXGHWKH
FRQVHUYDWLYHEXWZHOOGUHVVHG3ULQFHVV
'LDQD
99
$PHULFDQEUDQGV'RQQD.DUHQ&DOYLQ.OHLQDQG5DOSK/DXUHQWRRNSURPLQHQFH
LQWKHLQWHUQDWLRQDOIDVKLRQVFHQH7KHVDOVRZLWQHVVHGWKHULVHRI,WDOLDQ
KRXVHV9HUVDFH$UPDQL3UDGDDQGWKHUHYDPSHG*XFFL
V6W\OHV
7KH3UHSS\/RRN
2YHUVL]HG6KLUWV
$FLG:DVK'HQLP
100
&203$5,621
'DQFHDQG$HURELFZHDU
101
&203$5,621
'DQFHDQG$HURELFZHDU
3UHVHQW
102
&RPSDULVRQ
$VWKHSHRSOHJHWPRUHKHDOWKDQGERG\FRQVFLRXVLQWKHPLGVWKH\
VWDUWHGKLWWLQJWKHJ\PDQGVZHDWLQJLWRXW*\PDQGDHURELFDWWLUHEHFDPH
SRSXODUGXULQJWKDWWLPHDQGFDQEHVHHQLQWKH-DQH)RQGDSLFWXUHVVKRZQ
DERYH%RG\VXLWVDUHPDGHRI/\FUDVSDQGH[%UDQGVVXFKDV'RQQD.DUHQ
FRPELQHGVWUHWFK\IDEULFVZLWKOX[XU\IDEULFVDQGPDUNHGWKHVWDUWRIVSRUWV
DQGIDVKLRQ7RGD\EUDQGVVXFKDV$GLGDVFUHDWHVSRUWVZHDUWKDWLVVW\OLVKDQG
QRWMXVWOLPLWHGWRWKHJ\PFRXOGEHVHHQRQSHRSOHLQWKHVWUHHWV0DQ\
IDPRXVGHVLJQHUEUDQGVDOVRFROODERUDWHZLWKDWKOHWLFEUDQGVWRFUHDWHGHVLJQHU
DFWLYHZHDUDQGVKRHV7KH6WHOOD0F&DUWQH\UDQJHIRU$GLGDVDOVRFRPELQHG
IDVKLRQZLWKVSRUWVZKLOH$OH[DQGHU0F4XHHQKDVDVKRHUDQJHZLWK3XPD
,QWKHPRGHUQFRPSDULVRQSLFWXUH9RJXH,WDOLDKDVGRQHDIDVKLRQVSUHDGWKDW
LVLQVSLUHGE\WKHVVJ\PORRN&RPSDULQJWKHFXUUHQWJ\PDQGDFWLYH
ZHDUORRNZLWKWKHV·DHURELFVDWWLUHRQHFDQREVHUYHWKDWWKHIXOOERG\VXLW
KDVHYROYHGWRDPRUHUHOD[HGVW\OHSLHFHV7KHPDWHULDOVXVHGWRGD\DUH
PRUHFRPIRUWDEOHWKDQNVWRLQQRYDWLRQVLQIDEULFVVXFKDVWKH'UL)LWPDWHULDO
103
&RPSDULVRQ²3RZHU'UHVVLQJ
3DVW
7KHFDVWRIWKHVKRZ¶'\QDVW\·ZLWKELJKDLUDQGLPSRVLQJSRZHUGUHVVLQJ
VLOKRXHWWHV
104
&RPSDULVRQ²3RZHU'UHVVLQJ 6KRXOGHU3DGV
3UHVHQW
6SHOOERXQG0DJD]LQH'HFHPEHU
105
&RPSDULVRQ
,QWKHVPRVWFORWKLQJVROGFDPHZLWKSUHIL[HGVKRXOGHUSDGVHYHQIRUD
VLPSOHEORXVH6W\OHLFRQVVXFKDV'\QDVW\
V-RDQ&ROOLQVHPEUDFHGSDGGHG
VKRXOGHUVDQGSULPDU\FRORXUV&DUHHUPLQGHGZRPHQLQWKHVGLGQRWZDQW
WRORRNRYHUO\VH[XDOLQFDVHLWXQGHUPLQHGWKHLUSURIHVVLRQDOLVPKHQFHWKH
LPSRVLQJVLOKRXHWWHLVSUHIHUUHG7KHVKRXOGHUSDGVZHUHHYHQWXDOO\SKDVHGRXW
LQWKHVDOWKRXJKWKHORRNRIWHQUHVXUIDFHVRQFHLQDZKLOHLQDPRUH
WDLORUHGPDQQHU$VVHHQLQWKHPRGHUQFRPSDULVRQDERYHVKRXOGHUDQGKLS
SDGGLQJLVXVHGRQWKLVRXWILW
+RZHYHUWKHIDEULFXVHGLQFRQMXQFWLRQZLWKVKRXOGHUSDGVWKHVHGD\VDUH
XVXDOO\OHVVVWLIIDVWKRVHLQWKHVDVVKRZQLQWKHSLFWXUHVEHORZKHQFH
JLYLQJWKHZHDUHUDPRUHQDWXUDOGUDSHIURPVKRXOGHUGRZQ
6KRXOGHUSDGIDVKLRQE\'LRUDQG*XFFLLQ
106
V
7KHVZDVDUHODWLYHO\SHDFHIXOGHFDGHPDUNHGE\VHYHUDOUHFHVVLRQV
XQHPSOR\PHQW7KHGLVVROYLQJRI6RYLHW8QLRQLQPDUNHGDQHZHUDLQ
ZRUOGSROLWLFV2QHRIWKHPRVWLPSRUWDQWHYHQWVZDVSUREDEO\WKHLQYHQWLRQ
DQGSRSXODUL]DWLRQRIWKH,QWHUQHWLQWKHPLGV:LWKLQWR\HDUVRIWKH
LQYHQWLRQRIWKHWHFKQRORJ\PRVWRIWKHXUEDQFLYLOL]DWLRQZHUHZLUHGDQG
ORJJHGRQWRWKHLQWHUQHWDSRUWDODQGZHDOWKRILQIRUPDWLRQ,QWHUQHWEHFDPH
DQHZVRXUFHRILQIRUPDWLRQDQGFRPPXQLFDWLRQFKDQQHO
)DVKLRQ7UHQGV
7KHUHZDVDFRQWLQXDWLRQRIWKHVW\OHVIURPVEXW\RXWKIDVKLRQZDVGUDZQ
IURPWKHVDQGV7KLVZDVDGHFDGHRIUHYLYDOVIURPWKHSDVW
6SRUWVZHDUEHFDPHFRPPRQDVVWUHHWZHDUDQGEUDQGVOLNH1LNHHQMR\HGKXJH
VDOHVLQVSRUWVDSSDUHOVDQGVKRHV&HOHEULWLHVDQGVSRUWVDWKOHWHVOLNH0LFKDHO
-RUGDQIURQWHGDGYHUWLVHPHQWFDPSDLJQVIRU1LNH
$LU-RUGDQ
7KHEHVWNQRZQGHVLJQHUVLQ$PHULFDDQGNQRZQE\DOODUH'RQQD.DUHQ
7RPP\+LOILJHU&DOYLQ.OHLQDQG5DOSK/DXUHQZKLFKDOOEHFDPHKRXVHKROG
QDPHVJOREDOO\E\WKHHQGRIWKHGHFDGH7KH$UPDQLVXLWZDVPDGHSRSXODUE\
ILOPVWDU5LFKDUG*HUH%UDQGHGDFFHVVRULHVPDGHKXJHSURILWV²*XFFLDQG
3UDGDEDJVDQGDFFHVVRULHVOLQHEHFDPHSRSXODUZLWKWKHPDVVHV
0XVLFFRQWLQXHVWRLQIOXHQFH)DVKLRQ*UXQJHIDVKLRQRUWKHODFNRIIDVKLRQ
ZDVLQIOXHQFHGE\*UXQJH5RFNJURXSVOLNH1LUYDQDLQWKHPLGV,WDOVR
XVKHUHGLQDJHRIWKHVXSHUPRGHOVVHHQEHORZ7KHVHPRGHOVEHFDPHNQRZQ
WRPRVWSHRSOHDQGZHUHPRUHWKDQPHUHUXQZD\DQGSULQWPRGHOVDQGPRUH
OLNHFHOHEULWLHV(YHU\WKLQJWKH\GLGZDVXQGHUVFUXWLQ\DQGEUDQGVDUHZLOOLQJ
WRSD\KXJHDPRXQWVMXVWWRJHWWKHPWRHQGRUVHRUDGYHUWLVHWKHLUSURGXFWV
GXHWRWKHKXJHSXEOLFLW\WKDWWKH\FRXOGJDUQHU
107
1DRPL/LQGD7DWMDQD&KULVW\DQG&LQG\
108
&RPSDULVRQ²+LS+RS)DVKLRQ
3DVW
+LS+RS
109
&RPSDULVRQ²+LS+RS)DVKLRQ
3UHVHQW
&RPSDULVRQ
+LS+RSPXVLFRIWKHEODFNVEHJDQWRLQIOXHQFHWKHGUHVVLQJRI\RXWKVLQWKH
PDLQVWUHDPFXOWXUH%DJJ\FORWKLQJDQGWUDFNSDQWVZHUHZRUQE\WKHEODFN
UDSSHUVLQWKHV$IWHUZKLFKWKHVW\OHHYROYHGWRLQFOXGHPRUH¶EOLQJ·RU
EULJKWDQGRVWHQWDWLRXVDFFHVVRULHVOLNHGLDPRQGVWXGVULQJVDQGKXJHJROG
QHFNODFHVVXFKDVWKRVHZRUQE\'LGG\ZKHQKHZDVVWLOONQRZQDV3XII'DGG\
,WVORZO\HYROYHGWRDPRUHWDLORUHGORRNLQUHFHQW\HDUVDVVHHQE\.D\QH:HVW
DQG-DPLH)R[[LQWKHSLFWXUHDERYH
110
&RPSDULVRQ%UDQGHG8QGHUZHDU/LQJHULHOLQNHGZLWK&HOHEULWLHV
3DVW
%URRN6KLHOGV 0DUN:DOEHUJ¶0DUN\0DUN·LQWKHF.DGVRIWKHV
111
&RPSDULVRQ%UDQGHG8QGHUZHDU/LQJHULHOLQNHGZLWK&HOHEULWLHV
3UHVHQW
&RPSDULVRQ
,QWKHVFHOHEULWLHVZHUHURSHGLQWRDGYHUWLVHIRUOLFHQVHGGHVLJQHUEUDQGHG
OLQJHULHVXFKDVWKRVHVHHQDERYH7KLVKDVHYROYHGVORZO\WKURXJKWKHGHFDGH
ZLWKPRGHOVIRRWEDOOHUVDQGDFWRUVIURQWLQJVXFKDGVZKLFKKDYHEHFRPHHYHQ
PRUHSURYRFDWLYH7KHSLFWXUHDERYHVKRZV*LVHOHGRLQJDUXQZD\VKRZIRU
9LFWRULD·V6HFUHW6XFKFHOHEULW\HQGRUVHPHQWSURYHWREHSURILWDEOHIRUWKH
EUDQGVSURYLGHGWKDWWKHVWDUVDUHFRPSOHPHQWDU\ZLWKWKHSURMHFWHGEUDQG
LPDJH
112
V7RGD\ &RQFOXVLRQ
)DVKLRQWRGD\LVLQIOXHQFHGE\PDQ\VXEFXOWXUHVDQG)DVKLRQLWVHOIHYROYHVRQ
LWVRZQ7KHWXUQRIWKHPLOOHQQLDPDUNHGWKHDJHRIWKH,QWHUQHWDQG
JOREDOL]DWLRQ,QWHUQHWHQDEOHGEUDQGVWRPDUNWKHLUSUHVHQFHLQDYLUWXDO
VHWWLQJDQGHQDEOHVWKHPWRVHOOWKHLUSURGXFWVWRRWKHUPDUNHWVZLWKRXWD
SK\VLFDOVWRUHSUHVHQFH2QOLQHEUDQGLQJEHFDPHLPSRUWDQWDVHYHU\EUDQG
VWDUWHGKDYLQJIODVKZHEVLWHVWRSURPRWHWKHLUODWHVWUDQJHVKRZFDVHWKHLUDG
FDPSDLJQDQGLQIRUPWKHSXEOLFVRIWKHLUFRPSDQ\VWDWXV
7KHHIIHFWVRIJOREDOL]DWLRQRQ
SRSXODUFXOWXUHFRXOGEHIHOWLQ
IDVKLRQDV\RXWKVDOORYHUWKH
ZKROHGUHVVVLPLODUO\DVWKH\WDNH
LQVLPLODUVW\OHLQIRUPDWLRQ
WKURXJKWKH,QWHUQHWDQGFDEOH
WHOHYLVLRQ079IRULQVWDQFH
&HOHEULWLHVDUHKRXQGHGE\
SDSDUD]]LVDQGVFUXWLQL]HGLQ
PDJD]LQHVIRUWKHLUDWWLUHZLWK
SLFWXUHVVQDSSHGHYHQZKHQWKH\
WDNHWKHLUWUDVKRXWRIWKHLUKRPHV
0DQ\VW\OHVFRQVFLRXVFHOHEULWLHV
VWDUWHGH[WHQGLQJWKHLUIDPHWR
IDVKLRQOLQHV:LWK3'LGG\*ZHQ
6WHIDQL-HQQLIHU/RSH]%DE\3KDW
GRLQJWKHLURZQOLQHVRUWKURXJK
FROODERUDWLRQVZLWKH[LVWLQJ
VWRUHVEUDQGVVXFKDV3HQHORSH
&UX]IRU0DQJRDQG0DGRQQDIRU+
0
113
)DVKLRQEUDQGV
EHJDQWR
DGYHUWLVH
IXULRXVO\LQ
PDJD]LQHVDQG
RWKHUPHGLD
FKDQQHOVWKDW
FDQUHDFK
WKHLUWDUJHW
FRQVXPHUV
6WUHHW)DVKLRQ
EHFDPH
SRSXODULQWKH
VZLWK
VXEFXOWXUHV
VXFKDVWKH
6KLQMXNXORRNKDUDMXNXORRNWKHSXQNURFNORRNHPRORRNRIWKH\RXWKV
LQIOXHQFLQJUXQZD\IDVKLRQPDNHWKHIDVKLRQLQGXVWU\PXFKYDULHGLQWHUPVRI
VW\OH
&RQFOXVLRQ
)DVKLRQLWVHOILVDUHIOHFWLRQRIFXOWXUHDQGLVDYHU\LQWHUHVWLQJZD\WR
XQGHUVWDQGWKHSV\FKHRIHDFKJHQHUDWLRQ)DVKLRQWRGD\LVQRWRQO\LQIOXHQFHG
E\WKHSDVWWKHYHU\VRXORIIDVKLRQOLHVLQWXQHZLWKWKH]HLWJHLVWRIWKHWLPHV
DQGLWLVDUHIOHFWLRQRIFXUUHQWVHQWLPHQWVDQGYDOXHVRIWKHSHRSOHWRGD\7KH
VW\OHVRIZKDWSHRSOHDFWXDOO\ZHDUWRGD\FDQQRWEHJHQHUDOL]HGWKDWHDVLO\DV
SHRSOHFRQWLQXHWRGUHVVDFFRUGLQJWRWKHLUFXOWXUHRUVXEFXOWXUDOGUHVVFRGHV
JRWKLFRUSHUVRQDOWDVWHVYLQWDJHFORWKLQJ+RZHYHUJHQHUDOVW\OHVWKDWDUH
¶LQVHDVRQ·FDQEHREVHUYHGDVWKHIDVKLRQFRQVFLRXVODWHPDMRULW\LQIDVKLRQ
DGRSWLRQIROORZWUHQGVVHWE\WKHIDVKLRQOHDGHUVLQWKHVRFLHW\VXFKDVIDVKLRQ
GHVLJQHUVDQGFHOHEULWLHV%\GRLQJWKLVSURMHFW,KDYHJURZQWRXQGHUVWDQGWKH
VW\OHVRIHUDVSUHYLRXVO\UHSHOOLQJWRPHVXFKDVWKHRGG9LFWRULDQDQG%DURTXH
IDVKLRQDQGKDVJURZQWRDSSUHFLDWHWKHGHWDLOVDQGDGDSWDWLRQVRIWKHSDVWLQ
WRGD\·VKDXWHFRXWXUHFROOHFWLRQVLQVSLUHGE\WKHSDVW,FRXOGQHYHU
XQGHUVWDQGZK\SHRSOHEX\WKHPDVWKH\DUHWKHPVHOYHVDFRQWHPSRUDU\
SLHFHRIDUW
114
5HIHUHQFHV
/HKQHUW*HUWUXG$+LVWRU\RI)DVKLRQ,QWKHWK&HQWXU\.RQHPDQQ
&RORJQH*HUPDQ\
3D\QH%:LQDNRU* )DUUHOO%HFN-7KH+LVWRU\RI&RVWXPH+DUSHU
&ROOLQV1HZ<RUN
:HEVLWHV
KWWSZZZEODVWPLONFRPGHFROOHWHUHYROXWLRQDU\IDVKLRQLQFUR\DEOHVHW
PHUYHLOOHXVSKS
KWWSZZZGHEDXYHDQGJDOODLVFRPPDLQKLVWRU\BLQFUR\DEOHVDVS
KWWSZZZFRVWXPHEDVHRUJHQ
KWWSZZZIDVKLRQHUDFRP
KWWSZZZKDWWLHFDUQHJLHFRP
KWWSZZZVW\OHFRP
KWWSZZZYRJXHFRXN
115