Professional Documents
Culture Documents
Al Jallad 2021 The Pre Islamic Divine Na
Al Jallad 2021 The Pre Islamic Divine Na
&%)*&+"
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6<$1'7+(
%$&.*5281'2)7+(485ʀÂ1,&-(686
$+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
2KLR6WDWH8QLYHUVLW\86$
१H+DVKHPLWH8QLYHUVLW\-RUGDQ
,-./012/
१LVSDSHUSUHVHQWVDQHZO\GLVFRYHUHG6DIDLWLFLQVFULSWLRQEHDULQJWKHGL
3456!5176!ɴV\,WLVDUJXHGWKDWWKLVWKHRQ\PFRUUHVSRQGVWR०UʀÃQLF$UDELF
ϰδϴϋʁ\V\!DQGUHHFWVWKHHDUOLHVWDग़HVWDWLRQRIWKLVIRUPRI-HVXV۟VQDPH
OLNHO\GDWLQJWRWKHIRXUWKFHQWXU\&(GXULQJWKHLQLWLDOVSUHDGRI&KULVWL
DQLW\WR$UDELD
3DUW,H,QVFULSWLRQ $KPDG$O-DOODG
१H$UDELFQDPHRI-HVXVϰ˰˰δϴϋʁ\V\!KDVSHUSOH[HGVFKRODUVVLQFHWKHEH
JLQQLQJRIVRXUFHFULWLFDOVWXGLHVRIWKH०UʀÃQ,WFDQQRWEHGHULYHGGLUHFWO\
IURPDQ\1RUWKZHVW6HPLWLFVRXUFHQHLWKHUWKH+HEUHZҬҟҳң \Õģ½DʁQRU
/86!9:0412!ĺŴÿÿƤſ LQHLWKHULWV:HVW\HģĭʁRU(DVWʀLģďʁYRFDOL]DWLRQVQRU
FDQLWEHH[SODLQHGE\DSSHDOLQJWR*UHHNؕͨʹͰͳڴRULWV(WKLRSLFIRUPƧƣʸɂ
ʀí\DVĭV&१HQDPHKDGVHHPHGWRDSSHDUIRUWKHUVWWLPHLQWKH०UʀÃQ
ZKHUHLWVLGHQWLFDWLRQDV-HVXVLVXQDPELJXRXV$(DUO\&KULVWLDQ$UDELF
KRZHYHUPDNHVXVHRIWKHH[SHFWHG$UDELFUHH[RIҬҟҳңQDPHO\\DVĭɴ+!;/.!
LUUHJXODUVKDSHKDVOHQWLWVHOIWRVHYHUDOH[SODQDWLRQVUDQJLQJIURPWDERR
GHIRUPDWLRQE\0XԆDPPDGWRYDULRXVDYHQXHVRIFRUUXSWLRQWKURXJKWKH
RUDORUZULग़HQWUDQVPLVVLRQRIWKHQDPHIURP$UDPDLFWR$UDELF<!,!71=>0!
)یRUDQXSWRGDWHDQGGHWDLOHGGLVFXVVLRQRIWKHVHSUREOHPVVHH0DQIUHG.URSS
DQG*XLOODXPH'\Hۢ/HQRPGH-«VXV ۞ìVÃ GDQVOH&RUDQHWTXHOTXHVDXWUHVQRPV
ELEOLTXHV5HPDUTXHVVXUO۟RQRPDVWLTXHFRUDQLTXHۣLQ*XLOODXPH'\HDQG)DELHQ
1RELOLR HGV )LJXUHVELEOLTXHVHQ,VODP %UXVVHOV)HUQHOPRQW(0( ۙ
ی6HH&DUORV6HJRYLD7KH4XUڥDQLF-HVXV(!$1HZ,QWHUSUHWDWLRQ %HUOLQ'H*UX\WHU
FKIRUDFRPSUHKHQVLYHOLVWDQGGLVFXVVLRQRIWKHRFFXUUHQFHVRI-HVXVLQ
WKH4XUʀÃQ
ی,ZLOOFRPHEDFNWRWKLVIRUPLQVHFWLRQ
ی7KH FODVVLF GLVFXVVLRQ LV $UWKXU -HIIHU\ 7KH )RUHLJQ 9RFDEXODU\ RI WKH 4XUڥÃQ
GRLKग़SG[GRLRUJMLTVDD
&%? $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
OLPLWDWLRQLQWKHGLVFXVVLRQRIWKHEDFNJURXQGRITXUʀÃQLFϰ˰˰δϴϋ!81.!-665!
WKHSDXFLW\RIHYLGHQFH१HQDPHKDGQRWDSSHDUHGLQDQ\WH[WEHIRUHWKH
०UʀÃQDQGWKHUHIRUHWKHUHZDVOLग़OHWRKHOSDUELWUDWHEHWZHHQWKHYDULRXV
WKHRULHVRILWVRULJLQ
१LVDUWLFOHSUHVHQWVDQHZ6DIDLWLFLQVFULSWLRQFRQWDLQLQJWKHUVWRF
2@006526! >A! 1! /86>5:7! ɴV\ ZKLFK LQ 6DIDLWLF RUWKRJUDSK\ FRUUHVSRQGV WR
०UʀÃQLF $UDELF ϰ˰˰δϴϋB १H SUHVHQW GLVFRYHU\ FRXOG WKHUHIRUH GRFXPHQW
RXUUVWSUHTXUʀÃQLFDग़HVWDWLRQRIWKLVQDPHOLNHO\DVWKHQDPHRI-HVXV
१LVHGLWLRQZLOOSURYLGHDUHDGLQJRIWKHLQVFULSWLRQDQGDQLQWHUSUHWDWLRQ
FRXFKHGLQLWV6DIDLWLFDQG5RPDQ%\]DQWLQH1HDU(DVWHUQFRQWH[W
'LVFRYHU\
१H SUHVHQW LQVFULSWLRQ ZDV GLVFRYHUHG GXULQJ WKH VXPPHU FDPSDLJQ RI
/86! $%&C! D1E41! 9@036:! .61.>5! A0>7! /86! F>0E15415! -1.1G/! E6.60/! #ӒDUUDK "
१HWH[WFRPHVIURPDODUJHFROOHFWLRQRILQVFULSWLRQVۚPRUHWKDQۚVXU
URXQGLQJDVPDOOFDLUQRQWKHVLGHRIDIRRWSDWKFRQQHFWLQJ:ÃGíDO.KX
ӮDUí WR D GU\ ZDWHULQJ KROH FDOOHG 1DTʁDW DO.KXӮDUí) १H ODUJH QXPEHU
RILQVFULSWLRQVPDQ\RIZKLFKPHQWLRQWKHZDWHULQJKROHLWVHOI ɳDҺD\DW ?
.@HH6./!/81/!/84.!I1.!15!47J>0/15/!./>JJ45H!J>45/!>5!/86!0>1E!2>5562/45H!
WKHVHग़OHGDUHDVRIWKHԅDZUÃQWR/DNH%XUTXʁDQGWKHQHDVWWR3DOP\UD
%DURGD2ULHQWDO,QVWLWXWH ۙZKLFKLVH[SDQGHGLQ.URSSDQG'\H
ۢ/HQRPGH-«VXVۣ7KHUHDGHULVUHIHUUHGWRWKRVHZRUNVIRUIXUWKHUELEOLRJUDSK\
ی:RUGLQWHUQDO ORQJ YRZHOV DUH QRW UHSUHVHQWHG RUWKRJUDSKLFDOO\ LQ 6DIDLWLF RU
RWKHU $QFLHQW 1RUWK $UDELDQ DOSKDEHWV VHH 0LFKDHO &b $ 0DFGRQDOG ۢ$QFLHQW
1RUWK $UDELDQۣ LQ 5RJHU :RRG HG 7KH &DPEULGJH (QF\FORSHGLD RI WKH :RUOGڥV
$QFLHQW /DQJXDJHV &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV ۙ
$KPDG$O-DOODG&6DIDLWLFۣLQ-RKQ+XHKQHUJDUGDQG1D۟DPD3DW(O HGV 7KH
6HPLWLF/DQJXDJHV QGHG $ELQJGRQ5RXWOHGJH ۙ
ی7KH %DGLD (SLJUDSKLF 6XUYH\ SURMHFW DLPV WR GRFXPHQW LQ D FRPSUHKHQVLYH
PDQQHU WKH LQVFULSWLRQV DQG DUFKDHRORJLFDO VLWHV RI WKH -RUGDQLDQ ԅDUUDK 7KH
VXPPHU FDPSDLJQ ZDV OHG E\ $KPDG $O-DOODG 2KLR 6WDWH 8QLYHUVLW\ DQG
$OL DO0DQDVHU -RUGDQLDQ 'HSDUWPHQW RI $QWLTXLWLHV DQG FDUULHG RXW ZLWKLQ WKH
IUDPHZRUN RI WKH ۢ0LVVLQJ /LQNۣ SURMHFW FRGLUHFWHG E\ =XKD\U DO4DGL DOԅXՄQ
UHVHDUFKFHQWHU$EX'KDEL
ی6HH$OLDO0DQDVHU۟VFRQWULEXWLRQLQSDUWIRUDGHWDLOHGGHVFULSWLRQRIWKHVLWH
ی2Q WKH OLQJXLVWLF DIILOLDWLRQ RI WKH LQVFULSWLRQV DQG GLVFXVVLRQ RI WKH YDULRXV
RSLQLRQV RQ WKH PDWWHU VHH $KPDG $O-DOODG ۢ:KDW LV $QFLHQW 1RUWK $UDELDQ"ۣ
LQ'DQLHO%LUQVWLHODQG1D۟DPD3DW(O HGV 5HHQJDJLQJ&RPSDUDWLYH6HPLWLFDQG
$UDELF6WXGLHV :LHVEDGHQ+DUUDVVRZLW] ۙ
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&%C
DQGLQWR1RUWK$UDELDC!K84G6!7>./!>A!/86!45.204J/4>5.!E>2@765/6E!1/!/86!
VLWHDUH6DIDLWLFDWOHDVWRQH*UHHNWH[WVXJJHVWVWKDWORFDOVDQGRXWVLGHUV
DOLNHZRXOGKDYHPDGHXVHRIWKHSUHFLRXVUHVRXUFH&%
%HIRUHHQWHULQJWKHPDLQVXEMHFWRIWKLVHVVD\DIHZUHPDUNVRQ6DIDLWLF
DUH LQ RUGHU 6DIDLWLF LV D PRGHUQ FRQYHQWLRQDO ODEHO JLYHQ WR WKH QRUWK
HUQPRVWYDULHW\RIWKH6RXWK6HPLWLFVFULSWIDPLO\,WLVDVLVWHURIWKH$Q
FLHQW6RXWK$UDELDQDOSKDEHWUDWKHUWKDQDGHVFHQGHQWRILW&&१HLQVFULS
WLRQVDUHFRQFHQWUDWHGLQWKH6\UR-RUGDQLDQEDVDOWGHVHUWH[WHQGLQJLQWR
1RUWK$UDELDEXWLVRODWHGH[DPSOHVFDQEHIRXQGPXFKIXUWKHUDZD\&$१H
LQVFULSWLRQVH[SUHVVDFRQWLQXXPRI2OG$UDELFGLDOHFWVPRVWFORVHO\UHODW
HGWR&ODVVLFDODQG०UʀÃQLF$UDELFDQGWRWKHVKDGRZ\YHUQDFXODURIWKH
1DEDWDHDQV
१HFRUSXVFRYHUVDZLGHUDQJHRIWH[WXDOJHQUHVLQFOXGLQJEXWQRWOLP
LWHGWRIXQHUDU\WH[WVUHOLJLRXVLQYRFDWLRQVFRPPHPRUDWLYHLQVFULSWLRQV
DQG LVRODWHG SHUVRQDO QDPHV&+ १H ZULWLQJ WUDGLWLRQ LV KLJKO\ IRUPXODLF
I8428!14E.!45!/86!45/60J06/1/4>5!>A!KDSD[OHJRPHQD!15E!0106!H01771/421G!
FRQVWUXFWLRQV,QWHUPVRIFKURQRORJ\VFKRODUVKDYHYHU\FDXWLRXVO\VXJ
JHVWHG D UDQJH EHWZHHQ WKH UVW FHQWXU\ %&( WR WKH IRXUWK FHQWXU\ &(
१HVHGDWHVDUHQRWEDVHGRQDQ\DUFKDHRORJLFDOHYLGHQFHUDWKHUWKH\DUH
GHQHGE\WKHFRQWHQWVRIDPLQRULW\RI6DIDLWLFLQVFULSWLRQV$VPDOOQXP
EHU RI WH[WV DUH GDWHG XVLQJ WKH IRUPXOD VQW ۢ\HDUۣ IROORZHG E\ WKH GH
VFULSWLRQRIDSURPLQHQWHYHQW:KLOHPDQ\DUHGDWHGWRORFDOKDSSHQLQJV
QRZ ORVW WR KLVWRU\ WKRVH WKDW DUH UHFRJQL]DEOH WHQG WR DQFKRU LQ HYHQWV
WKDWWUDQVSLUHGLQWKH1DEDWDHDQDQG5RPDQSHULRGV6XFKWH[WVWKHUHIRUH
EHFDPHWKHEDVLVIRUWKHFRQYHQWLRQDOUVWFHQWXU\%&(VWDUWLQJGDWHRIWKH
6DIDLWLFFRUSXV+RZHYHUWKHUHFHQWDUFKDHRORJLFDOH[FDYDWLRQVLQWKH-HEHO
)یRU RWKHU LQVFULSWLRQV SXEOLVKHG IURP WKLV VLWH VHH $KPDG $O-DOODG ۢʁ$UDE
ʀ$ʁUÃEDQG$UDELFLQ$QFLHQW1RUWK$UDELD7KH)LUVW$WWHVWDWLRQRI ʀ ʁUEDVD*URXS
1DPHLQ6DIDLWLFۣ$UDELDQ$UFKDHRORJ\DQG(SLJUDSK\ ۙ
ی2QWKLVWH[WVHHQRWH
ی0LFKDHO&b$0DFGRQDOGۢ6DIDLWLFۣ("VY $KPDG$O-DOODG$Q2XWOLQH
RI WKH *UDPPDU RI WKH 6DIDLWLF ,QVFULSWLRQV /HLGHQ %ULOO FK $KPDG $O
-DOODGDQG.DUROLQD-DZRUNVD$'LFWLRQDU\RIWKH6DIDLWLF,QVFULSWLRQV /HLGHQ%ULOO
ۙ
)یRUDPDSRIWKHGLVWULEXWLRQRIWKH6DIDLWLFLQVFULSWLRQVEDVHGRQWKH2&,$1$
2>0J@.!#2QOLQH&RUSXVRIWKH,QVFULSWLRQVRI$QFLHQW1RUWK$UDELDKWWSNUFIPRULHQW
R[DFXNIPLZHEGRFLDQD VHH $O-DOODG DQG -DZRUVND 'LFWLRQDU\ 6HH 0LFKDHO
&b$0DFGRQDOGۢ7KH'LVWULEXWLRQRI6DIDLWLF,QVFULSWLRQVLQ-RUGDQۣ6WXGLHVLQWKH
+LVWRU\DQG$UFKDHRORJ\RI-RUGDQ ۙ
ی6HH$O-DOODGDQG-DZRUVND'LFWLRQDU\ۙRQ6DIDLWLFWH[WJHQUHVDQGZULWLQJ
IRUPXOD
&&% $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
०UPDUHJLRQOHGE\3$NNHUPDQVKDYHPDGHDJRRGFDVHIRUSXVKLQJEDFN
/86!WHUPLQXVSRVWTXHPWRDWOHDVWWKHWKLUGFHQWXU\%&(&<१HHQGRIWKH
ZULWLQJWUDGLWLRQLVEDVHGRQVLOHQFHۚWKHNQRZQLQVFULSWLRQVGRQRWVHHP
WRUHIHUWR&KULVWLDQLW\RUOHDYLQJDVLGHLQVFULSWLRQVWKDWKDYHUHIHUHQFHVZH
GRQRWXQGHUVWDQGDQ\HYHQWSRVWGDWLQJWKHWKLUGFHQWXU\&(१HSUHVHQW
45.204J/4>5!I4GG!5>!E>@-/!2>5/04-@/6!/>!/86!E4.2@..4>5!>5!/86!280>5>G>H:!>A!
6DIDLWLFEXWXQIRUWXQDWHO\EULQJVXVQRFORVHUWRVROLGGDWHV
H,QVFULSWLRQ
१HWH[WLVFDUYHGRQDQXQZRUNHGSLHFHRIEDVDOWDSSUR[LPDWHO\IRUW\FHQ
WLPHWHUVDWLWVZLGHVW J १HOHग़HUVKDSHVFRUUHVSRQGEHVWWRWKHۢFRP
PRQۣFDWHJRU\RI&ODUN۟VURXJKFODVVLFDWLRQRI6DIDLWLFKDQGV&B१LVPD\
EHVLJQLFDQWDVPRVWRIWKH6DIDLWLFLQVFULSWLRQVDWWKLVVLWHDUHFDUYHGLQ
WKHۢQHۣVFULSWZKLFKPD\VXJJHVWWKDWRXUDXWKRU۟VWH[WGDWHVWRDGLਫ਼HU
HQWSHULRG१HLQVFULSWLRQLVFDUYHGLQDZLQGLQJVW\OHUHVHPEOLQJDVQDNH
J १LV PDQQHU RI RULHQWDWLRQ LV QRW XQFRPPRQ DQG VLPSO\ UHHFWV
DQDHVWKHWLFFKRLFHRIWKHDXWKRUSDUWO\PRWLYDWHGE\KLVGHVLUHWRDYRLG
FDUYLQJRYHUDSUHH[LVWLQJWH[WRQWKHURFN)RXUVHWVRIVHYHQSDUDOOHOOLQHV
DQGRQHVHTXHQFHRIWZHOYHSDUDOOHOOLQHVDFFRPSDQ\WKHLQVFULSWLRQWKH
ODग़HUV\PEROLVTXLWHUDUHDQGWKLVPD\EHLWVUVWDग़HVWDWLRQ१HPHDQLQJ
RI WKHVH V\PEROV LV XQFOHDU PRVW VFKRODUV KDYH DVVXPHG WKDW WKH\ VHUYH
DQDSRWURSDLFIXQFWLRQ&"!,5>/860!.8>0/!91A14/42!45.204J/4>5!.8106.!/86!0>2L!
ی6HH3HWHU$NNHUPDQVۢ/LYLQJRQWKH(GJHRU)RUFHGLQWRWKH0DUJLQV"+XQWHU
+HUGHUVLQ-RUGDQ۟V1RUWKHDVWHUQ%DGODQGVLQWKH+HOOHQLVWLFDQG5RPDQ3HULRGVۣ
-RXUQDORI(DVWHUQ0HGLWHUUDQHDQ$UFKDHRORJ\ +HULWDJH6WXGLHV ۙ
ی9LQFHQW $ &ODUN ۢ$ 6WXG\ RI 1HZ 6DIDLWLF ,QVFULSWLRQV IURP -RUGDQۣ 3K'
GLVV 8QLYHUVLW\ RI 0HOERXUQH ۙ ,W VKRXOG EH VDLG KRZHYHU WKDW WKLV
FODVVLILFDWLRQ LV H[WUHPHO\ SUHOLPLQDU\ DQG PXFK PRUH ZRUN LV QHHGHG WR GLVWLOO
OHJLWLPDWHVXEYDULHWLHVRIWKHVFULSWIURPLGLRV\QFUDWLFYDULDWLRQLQWKHKDQGZULWLQJ
RILQGLYLGXDODXWKRUV2QWKHۢVTXDUHۣYDULHW\RIWKH6DIDLWLFVFULSWVHH0LFKDHO&b$
0DFGRQDOGۢ2QWKH8VHVRI:ULWLQJLQ$QFLHQW$UDELDDQGWKH5ROHRI3DODHRJUDSK\
LQ6WXG\LQJ7KHPۣ$UDELDQ(SLJUDSKLF1RWHV ۙ2QWKHۢ6DIDLWLF+LVPDLFۣ
VFULSWW\SHVHH-«U¶PH1RUULVۢ$6XUYH\RIWKH$QFLHQW1RUWK$UDELDQ,QVFULSWLRQV
IURPWKH'ĭPDWDO-DQGDO$UHD 6DXGL$UDELD ۣLQ0LFKDHO&b$0DFGRQDOG HG
/DQJXDJHV6FULSWVDQG7KHLU8VHVLQ$QFLHQW1RUWK$UDELD6XSSOHPHQWWR9ROXPH
RIWKH3URFHHGLQJVRIWKH6HPLQDUIRU$UDELDQ6WXGLHV 2[IRUG$UFKDHRSUHVV
ۙ
ی6HH1DWKDOLH%UXVJDDUG&DUYLQJ,QWHUDFWLRQV5RFN$UWLQWKH1RPDGLF/DQGVFDSH
RI WKH %ODFN 'HVHUW 1RUWK(DVWHUQ -RUGDQ 2[IRUG $UFKDHRSUHVV IRU
IXUWKHUH[DPSOHV
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&&&
)LJXUH१HɴV\LQVFULSWLRQ E\WKH%DGLD6XUYH\WHDP
M4H@06!$(!N01245H!>A!ɴV\LQVFULSWLRQ E\$$O-DOODG
IDFHZLWKWKHSULPDU\WH[WEXWDSSHDUVWREHXQUHODWHGDQGWRSUHGDWHWKH
PDLQWH[W,WLVHGLWHGLQ$SSHQGL[IROORZLQJWKLVDUWLFOH
5HDGLQJ(!OZKEɳOEQJ\]EQɳɴEVEQɳӒEEEQUIɳWEQɴEԚEQӘOEQTԚԚEQҼQEQ
ZZJPɴOӘOKKɳĝOO\ KɴV\QԐUKPNIUN
&&$ $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
'LYLVLRQLQWRIRUPXODLFVHJPHQWV(
O6561G>H:(!OZKEɳOEQJ\]EQɳɴEVEQɳӒEEEQUIɳWEQɴEԚEQӘOEQTԚԚEQҼQEQ
P1001/436(!ZZJPɴOӘOKKɳĝOO\
;53>21/4>5(!KɴV\QԐUKPNIUN
,QWHUSUHWDWLRQ(!
ۢ%\:KEʀOVRQRI*\]VRQRIʀʁEVVRQRIʀԆUUVRQRI5IʀWVRQRIʁEՎVRQRIԋO
VRQRI4ՎՎVRQRIӯQEQDQGKHJULHYHGIRUKLVPDWHUQDOXQFOHWKHʀĝOOLWH2
ʁV\KHOSKLPDJDLQVWWKRVHZKRGHQ\\RXۣ
&RPPHQWDU\
ࡓH*HQHDORJ\DQG1DUUDWLYH
१HJHQHDORJ\FRQWDLQVQDPHVWKDWKDYHDOOEHHQDग़HVWHGSUHYLRXVO\LQ6D
IDLWLFDQGKDYHJRRG$UDELFHW\PRORJLHV&)+RZHYHUWKLVH[DFWJHQHDORJ\
LVQRWNQRZQIURPRWKHULQVFULSWLRQV1RSDUWRILWUHSHDWVLQWKHWKRXVDQGV
RIDग़HVWHGJHQHDORJLFDOFKDLQVLQWKHFRUSXVVXJJHVWLQJSHUKDSVWKDWRXU
1@/8>0!E>6.!5>/!2>76!A0>7!1!G456!/81/!I1.!12/436!45!/86!J0>E@2/4>5!>A!91A1
LWLFLQVFULSWLRQV%XWPHPEHUVRI:DKEʀHO۟V&?PDWHUQDOOLQHWKHWULEHRIʀĝOO
KDYHSURGXFHGDIDLUQXPEHURIWH[WV१HIROORZLQJLVDFRPSUHKHQVLYHOLVW
RI LQVFULSWLRQVۚFRQWDLQLQJ UHOHYDQW JHQHDORJLFDO LQIRUPDWLRQۚE\ ʀĝOOLWHV
15E! /8>.6! /81/! 765/4>5! /86! /04-6! 45! /86! QR;,P,! 2>0J@.! #2QOLQH &RUSXV
RIWKH,QVFULSWLRQVRI$QFLHQW1RUWK$UDELDKग़SNUFIPRULHQWR[DFXNIPL
ZHEGRFLDQD ,WLVSRVVLEOHWKDWPDQ\PRUHPHQIURPWKLVOLQHDJHFDUYHG
LQVFULSWLRQVEXWGLGQRWPHQWLRQH[SOLFLWO\WKHLUWULEDODOLDWLRQ
ی7KH2&,$1$GDWDEDVHFRQWDLQVWKHPRVWXSWRGDWHRQRPDVWLFRQUHSODFLQJ*
/DQNHVWHU +DUGLQJ $Q ,QGH[ DQG &RQFRUGDQFH RI 3UH,VODPLF $UDELDQ 1DPHV DQG
,QVFULSWLRQV 7RURQWR7RURQWR8QLYHUVLW\3UHVV
ی7KH QDPH RI RXU DXWKRU ZKEɳO DSSHDUV LQ *UHHN WUDQVFULSWLRQ DV ͑Ͷͣͨͬ͢Ͱͳ
45E421/45H! /86! J0>5@5241/4>5! ZDKEɳHO VHH +HLQ] :XWKQRZ 'LH VHPLWLVFKHQ
0HQVFKHQQDPHQLQJULHFKLVFKHQ,QVFKULIWHQXQG3DS\ULGHVYRUGHUHQ2ULHQWV!#S64JT4H(!
'LHWHULFK۟VFKH9HUODJVEXFKKDQGOXQJ
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&&+
7DEOH5HIHUHQFHVWRWKHOLQHRIʀĝOOLQWKH6DIDLWLFLQVFULSWLRQV
ی0:+ ,QVFULSWLRQVUHFRUGHGE\$OLDO0DQDVHURQKLVVXUYH\LQ:ÃGíԅDVKÃG
LQDQGSXEOLVKHGRQ2&,$1$
ی+616 5DIH 0$ +DUDKVKHK <XQXV 0 $O6KGHLIDW ۢ1XTĭVK ԐDIDZL\\DK
PXɳDUUDNKDK LOÃ ӒXNP DJKUíEÃ DOWKÃQí ۙ P ۣb 0DMDOODW 0XɳWDK OLڥO
%XӒĭWKZDڥO'LUÃVÃW ۙ
&&< $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
ی5:4 0DKPXG 0 $O5RXVDQb ۢ1XTĭVK ԐDIDZL\\DK PLQ :ÃGí 4DԐԐÃE ELڥO
8UGXQQ 'LUÃVDK PD\GÃQL\\DK WDӒOíOL\\DK PXTÃUDQDKۣ 3K' GLVV .LQJ 6DʁĭG
8QLYHUVLW\
ی+D16& 5DIH0$+DUDKVKHKۢ1XTĭVKԐDIÃɳL\\DKPXNKWÃUDKPLQDOEÃGL\DK
DOXUGXQQL\\DKۣb-RXUQDORI(SLJUDSK\DQG5RFN'UDZLQJVb ۙ
ی,QVFULSWLRQV IURP ʁìVÃZí 6\ULD FROOHFWHG E\ WKH 6DIDLWLF (SLJUDSKLF 6XUYH\
3URJUDPPH 6(63 DQGSXEOLVKHGRQ2&,$1$
ی,UDT0XVHXP ,QY SXEOLVKHGRQ2&,$1$
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&&B
+616UHFRUGVDJULHYLQJIRUPXODYHU\VLPLODUWRRXULQVFULSWLRQLWV
DXWKRUQGVWKHWUDFHV ZJGɳԜU RIKLVPDWHUQDOXQFOHVRIWKHOLQHDJHRIʀĝOO
#ɳӘZOKҼɳOɳĝOO'!15E!.>!86!H04636.!45!J145!#QJɴ $?१HWH[WVGDWHVWRWKHUHLJQ
RIۢ$JULSSDVRQRI+HURGۣ$C१LVSDUWLFXODUFKRLFHRIGDWLQJFRXOGEHXQGHU
VWRRGDVDQH[SUHVVLRQRIFXOWXUDODOLDWLRQZLWKWKHVHग़OHGZRUOG+%,QGHHG
ی6,- )UHGULFN9:LQQHWWb6DIDLWLF,QVFULSWLRQVIURP-RUGDQ!#N>0>5/>(!Z54360.4/:!
RI7RURQWR3UHVV
* &یRQ]DJXH 5\FNPDQV &RUSXV ,QVFULSWLRQXP 6HPLWLFDUXP 3DUV 4XLQWD
,QVFULSWLRQHV 6DUDFHQLFDH &RQWLQHQV 7RPXV , )DVFLFXOXV , ,QVFULSWLRQHV 6DIDLWLFDH
3DULV(5HLSXEOLFDH7\SRJUDSKHRۙ
ی+&+ */DQNDVWHU+DUGLQJۢ7KH&DLUQRI+DQLʀۣb$QQXDORIWKH'HSDUWPHQWRI
$QWLTXLWLHVRI-RUGDQb ۙSODWHVۙ
ی7KHUHFRUGLQJRIH[SUHVVLRQVRIJULHIDQGORQJLQJDWWKHILQGLQJRIWKHWUDFHVRI
ORVWDEVHQWORYHGRQHVLVDQHVWDEOLVKHGZULWLQJJHQUHVHH$O-DOODGDQG-DZRUVND
'LFWLRQDU\
ی$VDUJXHGE\WKHHGLWRUVWKLVLVOLNHO\WKHILQDOUXOHURIWKH+HURGLDQG\QDVW\
$JULSSD,,GRU&(
ی7KH XVH RI WKH *UHHN VFULSW DQG ODQJXDJH E\ WKH QRPDGV FRXOG EH WDNHQ DV
&&" $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
WKHLQVFULSWLRQ۟VDXWKRUKDLOVIURPWKHOLQHDJHRIӭD\IDODUJHFRQIHGHUDWLRQ
I4/8!2G610!/46.!/>!/86!W>715!74G4/10:!15E!I8>.6!767-60.!8136!A@054.86E!
RFFDVLRQDO*UHHNLQVFULSWLRQV+&!W>715!74G4/10:!217J.!I606!.6/!@J!E66J!45!
WKHGHVHUW-ÃWKĭPZKLFKDग़HVWVWKHSUHVHQFHRIʀĝOOLWHV 6,- IRU
H[DPSOHFRXOGKDYHDFWHGDVDQH[XVRIFRQWDFWEHWZHHQ$UDELDQQRPDGV
DQGWKH5RPDQPLOLWDU\$UDWKHUORQJDQGZHOOSUHVHUYHG*UHHNLQVFULS
WLRQ FDUYHG E\ D PXVLFLDQ DQG EDUEHU VHUYLQJ D 5RPDQ FDSWDLQ FRQUPV
WKHSUHVHQFHRID5RPDQPLOLWDU\HQFDPSPHQWDWWKHVLWH+$१LVLQVFULSWLRQ
21GG.!/86!JG126!VLZÃ\ɳDEJDU ۢWKHFDLUQRI$EJDUۣLQGLFDWLQJWKDWWKH\FRRS
601/6E!I4/8!G>21G!5>71E.!/>!5134H1/6!/80>@H8!/86!06H4>5!15E!81E!G61056E!
WKH ORFDO WRSRQ\P\ 6LPLODU FRRSHUDWLRQ LV Dग़HVWHG LQ D QHZ LQVFULSWLRQ
SXEOLVKHGE\=$O6DODPHHQHWDOZKHUHD6DIDLWLFZULWLQJQRPDGUHFRUGV
847.6GA!.60345H!1.!1!H@4E6!#ӘIU IRUWKH3DOP\UHQHVWKURXJKWKHԅDUUDK++!!
DPDUNHURIWKLVDIILOLDWLRQDVZHOOVHHIRUH[DPSOH$KPDG$O-DOODGDQG$OLDO
0DQDVHUۢ1HZ(SLJUDSKLFDIURP-RUGDQ,,7KUHH6DIDLWLF*UHHN3DUWLDO%LOLQJXDO
,QVFULSWLRQVۣ$UDELDQ(SLJUDSKLF1RWHV ۙ
ی$ӭD\ILWHQDPHG6KDʁDUSURGXFHGD*UHHNWH[WDWDVLWHQHDU:ÃGí5XVKD\GDK
LQ66\ULDVHH0LFKDHO&b$0DFGRQDOG0XQD$O0XʀD]]LQDQG/D±OD1HKP«ۢ/HV
LQVFULSWLRQV VDID±WLTXHV GH 6\ULH FHQW TXDUDQWH DQV DSUªV OHXU G«FRXYHUWHۣb &RPSWHV
UHQGXV GHV V«DQFHV GH Oڥ$FDG«PLH GHV ,QVFULSWLRQV %HOOHV/HWWUHVb ۙ
ۙQXPEHU7KHVDPHPDQFDUYHGDQHDUO\LGHQWLFDOWH[WLQWKHXSSHUSDUW
RI*KDGíUDO*KXՄD\QLQ1(-RUGDQZKLFKZDVGLVFRYHUHGE\:LOOLDPDQG)LGHOLW\
/DQFDVWHUEXWZDVQHYHUIRUPDOO\SXEOLVKHGLWDSSHDUVRQ2&,$1$DV0*2Q
WKHWLHVEHWZHHQWKHWULEHRIӭD\IDQGWKH5RPDQPLOLWDU\ DQGVHWWOHGDUHDV VHH
$KPDG$O-DOODGDQG&KDPV%HUQDUGۢ1HZ6DIDLWLFDQG*UHHN,QVFULSWLRQVIURPWKH
-RUGDQLDQԅDUUDK5HODWLQJWR$X[LOLDU\5RPDQ0LOLWDU\8QLWVۣ='0* ۙ
$KPDG$O-DOODG=H\DG$O6DODPHHQ<XQXV6KGHLIDWDQG5DIH+DUDKVKHKۢ*DLXV
WKH 5RPDQ DQG WKH .DZQLWHV ,QVFULSWLRQDO (YLGHQFH IRU 5RPDQ $X[LOLDU\ 8QLWV
5DLVHG IURP WKH 1RPDGV RI WKH ԅDUUDKۣ LQ 3HWHU $NNHUPDQV HG /DQGVFDSHV RI
6XUYLYDO 2[IRUG$UFKDHRSUHVV ۙ0RUHEURDGO\RQWKLVSKHQRPHQRQ
VHH 0LFKDHO &b $ 0DFGRQDOG ۢ5RPDQV *R +RPH" 5RPH DQG 2WKHU ۞2XWVLGHUV۟
DV 9LHZHG IURP WKH 6\UR$UDELDQ 'HVHUWۣ LQ -LWVH +b ) 'LMNVWUD DQG *UHJ )LVKHU
HGV ,QVLGHDQG2XW,QWHUDFWLRQVEHWZHHQ5RPHDQGWKH3HRSOHVRQWKH$UDELDQDQG
(J\SWLDQ)URQWLHUVLQ/DWH$QWLTXLW\ /HXYHQ3HHWHUV ۙ
ی6HH/XFHWWD0RZU\ۢ$*UHHN,QVFULSWLRQDW-DWKXPLQ7UDQVMRUGDQۣ%$625&+$!
ۙ2WKHU*UHHNJUDIILWLPD\KDYHEHHQFDUYHGE\VROGLHUVVWDWLRQHGWKHUH
=یH\DG$O6DODPHHQ5DIH+DUDKVKHKDQG<RXQLV$O6KGDLIDWۢ7KH3DOP\UHQHV
LQD1HZ6DIDLWLF,QVFULSWLRQۣ6\ULD ۙ7KHHGLWRUVRIWKHLQVFULSWLRQ
KRZHYHU KDYH PLVUHDG DQG PLVLQWHUSUHWHG DQ LPSRUWDQW VHFWLRQ RI LW 7KH\ UHDG
OPɴQEQԐ\GEQӒGҼɳOPVOTZT\IPɴɳOWGPUɴOIQ\WӘIUOKPZZJGVIUӘOKPӒZU
ۢ%\0ʁQVRQRIՃ\GVRQRIԅGRIWKHWULEHRI0VOTDQGKHIROORZHGWKHWUDFH VLF ZLWK
WKH3DOP\UHQHVLQ)Q\W>DQG@SURWHFWHGWKHPDQGKHIRXQGWKHLQVFULSWLRQRIKLV
PDWHUQDOXQFOH0ԆZUۣ:KDW$O6DODPHHQHWDOUHDGDVT\ILVKRZHYHUFOHDUO\T\Հ
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&&)
१HVHIDFWVDOORZXVWRVNHWFKWZRSRVVLEOHH[SODQDWLRQVIRURXUDXWKRU۟V
XQLTXHOLQHDJHDQGKLVFRQQHFWLRQWRWKHWULEHRIʀĝOOZKLFKZLOOFRPHLQWR
SOD\ODWHURQFHZHDग़HPSWWRHVWDEOLVKDKLVWRULFDOFRQWH[WIRUWKHXQLTXH
LQYRFDWLRQFRQWDLQHGLQRXULQVFULSWLRQ3HUKDSVOLNH/RED\ʀDW+<!/86!1@/8>0!
RI+616:DKEʀHOZKRVHIDWKHUKDGPDUULHGDZRPDQRIWKHʀĝOO WULEH
KDLOV IURP D ORFDO WULEH ZLWK VRPH FRQQHFWLRQ WR WKH 5RPDQ ZRUOG 6XFK
FRQWDFWVDOORZIRUWKHSRVVLELOLW\RIFXOWXUDOGLਫ਼XVLRQIURPVHग़OHGDUHDVWR
WKHGHVHUW
%XWLIWKHXQLTXHQHVVRIWKHORQJJHQHDORJ\LVVLJQLFDQWWKHQSHUKDSV
LWFRXOGVXJJHVWWKDW:DKEʀHOKDLOVIURPDVHग़OHGWULEHDQGZDVRQO\PRY
LQJWKURXJKWKHDUHD,QGHHGD*UHHNLQVFULSWLRQFDUYHGDWWKHVDPHVLWH
E\DPDQQDPHG̓͢ͲͪͫͰͳ̈́ͥ͢͢ͲͰͶۚWKHUVWQDPHRIZKLFKLVQRWFOHDUO\
Dग़HVWHGLQWKH6DIDLWLFRQRPDVWLFRQۚFRXOGUHHFWWKHVDPHSKHQRPHQRQ+B
2XWVLGHUV SDVVLQJ WKURXJK WKH ԅDUUDK KDYH SURGXFHG 6DIDLWLF WH[WV IURP
WLPHWRWLPHDPDQQDPHG7D\PDOOÃKRIWKHSHRSOHRI%RVWUDFDUYHGDWWH[W
DW5XʁD\ODKVHYHUDONLORPHWHUVGHHSHULQWKHEDVDOWGHVHUW+"6HYHUDOWH[WV
ZHUHFDUYHGE\SHRSOHZKRLGHQWLHGDV1DEDWDHDQV+)DQGDVRIDUXQLTXH
WH[WUHFRUGVWKHSUHVHQFHRIDPDQQDPHG*DLXVۢRIWKHSHRSOHRI5RPHۣ+?!;5!
DGGLWLRQWRWKLVVHग़OHGWULEHVPHQKDYHOHॗWKHLUPDUNLQWKHGHVHUW$O6DO
DPHHQ HW DO SXEOLVKHG D IDVFLQDWLQJ LQVFULSWLRQ E\ D PDQ IURP WKH WULEH
ZKLFKPHDQVۢWRVSHQGWKHGU\VHDVRQۣ7KHWHUPӘIULVDOVREHWWHUXQGHUVWRRGDVۢWR
JXLGHۣUDWKHUWKDQۢWRSURWHFWۣLQWKLVSDUWLFXODUFRQWH[WDVLWZRXOGEHUDWKHURGG
LQGHHGIRUDVLQJOHPDQWRSURWHFWDQHQWLUHJURXSRISHRSOH7KHQDUUDWLYHVKRXOGEH
UHUHDGDQGLQWHUSUHWHGDVIROORZVZT\ˠPɴɳOWGPUɴOIQ\WӘIUOKP ۢDQGKHVSHQW
/86!E0:!.61.>5!I4/8!/86!J6>JG6!>A![1G7:01!>5!/86!6EH6!>A!M5:/!#/86!6EH6!>A!/86!-1.1G/!
GHVHUWQHDU%XUTXʁ DFWLQJDVDJXLGHIRUWKHPۣ
ی7KHJHQHDORJ\RIWKHDXWKRURI+616LVOEɳWEQӘԚVWEQIOԚWEQEKĝEQɳҼQWEQ
ɳVOPEQ]NUEQUIɳWEQZĝ\WEQҺIEQɴJ G EQWɴZҼZKHUHҺI!4.!/86!6J>5:7>@.!1526./>0!
RIWKHWULEHӭD\I7KHYRFDOL]DWLRQRIWKHQDPHOEɳW!4.!1..@06E!-:!4/.!1JJ6101526!1.!
͍Ͱͣͪͩ͢͢ͰͶLQ*UHHNWUDQVFULSWLRQLQWKHELOLQJXDOWH[W-LQ0LFKDHO&b$0DFGRQDOG
HWDOۢ/HVLQVFULSWLRQVVDID±WLTXHVGH6\ULHۣ
ی6HH$KPDG$O-DOODGDQG$OLDO0DQDVHUۢ2OG$UDELF0LQXWLDH,,*UHHN6DIDLWLF
%LOLQJXDOVDQG/DQJXDJH&RQWDFWLQWKHԅDUUDKۣ$UDELFD IRUWKFRPLQJ
ی7KLVVLPSOHWH[WVWDWHVOWPOKEQɳQKNҼɳOEԐU\ ۢ%\7D\PDOOÃKVRQRIʀ$QKDN
RIWKHSHRSOHRI%RVWUDۣDQGZDVIRXQGDW:ÃGíDO5XʁD\ODKRQWKHZD\WR-XEEDW
DO5XʁD\ODK LQ 1( -RUGDQ ,W ZLOO DSSHDU LQ $O-DOODG DQG DO0DQDVHU ۢ2OG $UDELF
0LQXWLDH,,ۣ
)یRUH[DPSOH&616VHH0LFKDHO&b$0DFGRQDOG/LWHUDF\DQG,GHQWLW\LQ
3UH,VODPLF$UDELD )DUQKDP$VKJDWH ,,QQ,9
QRQWKLVSKHQRPHQRQ
ی7KLVWH[WDSSHDUVWREHORQJWRD5RPDQVROGLHUDOWKRXJKLWZDVOLNHO\FDUYHGE\
DORFDOVHH$KPDG$O-DOODGHWDOۢ*DLXVWKH5RPDQDQGWKH.DZQLWHVۣ
&&? $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
RI.DZNDEZKLFKDSSDUHQWO\KDGERWKVHग़OHGDQGQRPDGLFVHFWLRQV2XU
DXWKRUʁ$]í]VRQRIՃD\\ÃGZURWHWKDWKHZDVVSHQGLQJWKHVHDVRQRIWKH
ODWHUUDLQVLQWKHGHVHUWDOWKRXJKKLVUHVLGHQFHZDVLQWKHԅDZUÃQíWRZQRI
ՃDOԌDG+C१XV:DKEʀHOPD\WLQWRWKLVFDWHJRU\RIZULWHUDPDQZLWKOLQNV
WR WKH GHVHUW FOHDUO\ FDSDEOH RI ZULWLQJ 6DIDLWLF EXW ZKRVH VRFLDO JURXS
UHVLGHGEH\RQGWKHԅDUUDK
,W VKRXOG EH QRWHG KRZHYHU WKDW DOO 6DIDLWLF WH[WV FDUYHG E\ VHग़OHG
SHRSOHVVRIDUFRQWDLQUDWKHUVKRUWJHQHDORJLHV१HORQJJHQHDORJ\RIWKH
J06.65/! 45.204J/4>5! 2>@GE! /8606A>06! .@HH6./! /81/! /86! 1@/8>0! 814G6E! A0>7! 1!
QRPDGLFWULEH%XWWKLVLVQRWGHFLVLYH१HVKRUWJHQHDORJLHVRIWKHLQVFULS
WLRQVE\VHग़OHGSHRSOHVVRIDUPD\VLPSO\UHHFWDELDVRIWKHZULWLQJWUD
GLWLRQ0RVWLQVFULSWLRQVFRQWDLQVKRUWJHQHDORJLHVLQVFULSWLRQVLQ
WKH2&,$1$6DIDLWLFFRUSXVFRQWDLQRQO\WZRJHQHUDWLRQJHQHDORJLHVZKLOH
DPHUHVL[W\WZRFRQWDLQWHQJHQHUDWLRQVDQGWKHQXPEHUVKULQNVDVWKH
JHQHUDWLRQVLQFUHDVH,WLVSRVVLEOHWKHQWKDWWKHVKRUWJHQHDORJLHVLQWKH
VPDOOQXPEHURIWH[WVSURGXFHGE\VHग़OHGIRONVLPSO\UHHFWWKLVWHQGHQF\
01/860!/815!06E@26E!H6561G>H421G!L5>IG6EH6!>5!/86!J10/!>A!/>I5!EI6GG60.!
RI$UDELDQH[WUDFWLRQ
१XVERWKSRVVLELOLWLHVۚQDPHO\WKDW:DKEʀHOZDVDORFDOQRPDGZLWK
WLHVWRWKH5RPDQZRUOGOLNHWKHDXWKRURI+616RUDVHग़OHGSHUVRQRI
$UDELDQH[WUDFWLRQۚFDQEHZHOOVXSSRUWHG%XWWKHXQLTXHJHQHDORJ\DQG
FRQWHQWVRIWKLVWH[WFRXOGEHWKHUHVXOWRIDQRWKHUIDFWRUۚFKURQRORJ\,Q
RUGHUWRWUHDWWKLVPDग़HUZHVKRXOGQRZWXUQWRWKHGLVFXVVLRQRIWKHLQ
VFULSWLRQ۟VXQLTXHLQYRFDWLRQ
ࡓH,QYRFDWLRQ
6DIDLWLF LQVFULSWLRQV PD\ WHUPLQDWH LQ DQ LQYRFDWLRQ WR WKH JRGV १HVH
SUD\HUVDUHRॗHQVHPDQWLFDOO\FRQQHFWHGWRWKHQDUUDWLYH<%!;53>21/4>5.!A>0!
WKHLPSURYHPHQWRIWKHFRQGLWLRQRIDPRXUQHUIRUH[DPSOHRॗHQIROORZ
H[SUHVVLRQVRIJULHIDQGORVVRIORYHGRQHV१HDXWKRURI0VH[SUHVVHV
H046A!A>0!/86!E61E!#ZJP DQGWKHQFDOOVXSRQ$OOÃWWRUHOLHYHKLVFRQGLWLRQ K
ی7KH WH[W LV O ɴ]] EQ Ԑ\G EQ TGP Ҽ ɳO NNE Z \ɴPU EԐOӘG ZGԜɳ VQW PON UEɳO ۢ%\
ʁ]]VRQRIՃ\GVRQRI4GPRIWKHOLQHDJHRI.DZNDEDQGKHUHVLGHVLQՃDOԌDGEXW
VSHQWWKHVHDVRQRIWKHODWHUUDLQV KHUH LQWKH\HDURINLQJ5DEEʀHOۣVHH=L\DG$O
6DODPHHQ <XQXV 6KGHLIDW DQG 5DIH +DUDKVKHK ۢ1DEDWDHDQ (FKRHV LQ DOԅDUUDK
1HZ(YLGHQFHLQ/LJKWRI5HFHQW)LHOG:RUNۣ3DOHVWLQH([SORUDWLRQ4XDUWHUO\!&B%!
ۙ 2Q WKLV SKHQRPHQRQ VHH 0LFKDHO &b $ 0DFGRQDOG /LWHUDF\ DQG
,GHQWLW\LQ3UH,VODPLF$UDELD,,DQGRQWKHWULEHRINNE
ی6HH$O-DOODGDQG-DZRUNVD'LFWLRQDU\
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&&C
OWUZӒ <&!.474G10G:!ɳJOӒDXWKRURI.56JULHYHVIRUDQXQQDPHGORYHGRQH
#ӒEE DQGFDOOVRQWKHJRG5RӮD\IRUUHOLHI KUҺ\UZӒ .56H[SUHVVHV
JULHIIRUWKHORVVRIWKHDXWKRU۟VFRPSDQLRQVDQGWKHFDPHOVSUHVXPDEO\
WDNHQRਫ਼LQDUDLG ZJPɴOɳĝ\ɴK ZKɳEO DQGLQYRNHV$OOÃWWRJUDQWUHOLHI
/>!/8>.6!I8>!067145!1G436!#UZӒOҼVɳU DQGWKHQWKHJRG<D\ՐHʁIRUVHFXULW\
A0>7!656746.!#VOPPĝQɳ १HDXWKRURI+D16%DVNV<D\ՐHʁIRUUHOLHI
IURPWKHHQHP\WULEHӭD\I K\ԜɴUZӒPҺI <$
१HSUHVHQWLQYRFDWLRQIDOOVLQWRWKLVWKHPDWLFDQGVWUXFWXUDOFDWHJRU\
EXWLWVFRQWHQWVKDYHQRWEHHQSUHYLRXVO\Dग़HVWHG$ॗHUJULHYLQJIRUWKHGH
PLVHRIKLVPDWHUQDOXQFOH:DKEʀHOFDOOVXSRQDQHZGHLW\ɴV\,WVLGHQWLW\
DVVXFKLVDVVXUHGE\WKHIRUPXODLFFRQWH[WۚLWIROORZVWKHYRFDWLYHSDUWLFOH
KDQGSUHFHGHVDQLQYRFDWLRQ,QLWVFRQVRQDQWDOIRUPWKHWKHRQ\PLVFRP
SDWLEOHZLWKTXUʀÃQLFϰδϴϋZKLFKZDVSURQRXQFHGDVɴíVÕLQ2OGԅLJÃ]íDQG
ɴíVÃLQQRUPDWLYH&ODVVLFDO$UDELF<+१HJUDSKLFFRQQHFWLRQEHWZHHQ6DID
4/42!ɴV\DQGTXUʀÃQLFɴ\V\!4.!->G./606E!-:!/86!2>5/65/.!>A!/86!453>21/4>5!/81/!
IROORZVZKLFKVXJJHVWDPRQRWKHLVWLFFRQWH[WQԐUKPNIUK
१HFROORFDWLRQRIQԐU15E!NIULVUHPDUNDEOHDQGUHPLQLVFHQWRITXUʀÃQLF
DQG6\ULDFGLFWLRQDVZHVKDOOVHHODWHU:KLOHQԐUۢWRKHOSDLGۣLVSUHYL
RXVO\NQRZQLQ6DIDLWLFSUD\HUV<< NIU!1.!1!360-!>0!.@-./15/436!1JJ610.!A>0!
WKHUVWWLPH,QDUHFHQWSDSHU-XDQ&ROHKDVWUHDWHGLQDFRPSUHKHQVLYH
PDQQHUWKLVURRW۟VHQWLUHVSHFWUXPRIPHDQLQJLQ०UʀÃQLF$UDELFUHVWULFW
LQJWKHVHQVHRIۢGHQ\GLVEHOLHYHۣWRWKHLGLRPDWLFH[SUHVVLRQNDIDUDEL<B
ی0V 6DIDLWLF LQVFULSWLRQV IURP 1( -RUGDQ SXEOLVKHG RQ 2&,$1$ WKLV WH[W
FRPHVIURP6KLʁE*KXՄD\Q
ی6HH &DVVDQGUD %HQQHW ۢ*HRJUDSKLF DQG 5HOLJLRXV 7UHQGV LQ WKH 3UH,VODPLF
5HOLJLRXV %HOLHIV RI WKH 1RUWK $UDELDQ 1RPDGLF DQG 6HPLQRPDGLF 7ULEHVۣ
3URFHHGLQJVRIWKH6HPLQDUIRU$UDELDQ6WXGLHV ۙIRUDOLVWRISRSXODU
6DIDLWLFGHLWLHVDQGDVVRFLDWHGLQYRFDWLRQV$FRPSUHKHQVLYHVWXG\RIGLYLQHQDPHV
DQGWLWOHVUHPDLQVDGHVLGHUDWXP
<+ی6DIDLWLF RUWKRJUDSK\ GRHV QRW UHSUHVHQW LQWHUQDO ORQJ YRZHOV ZLWK PDWUHV
OHFWLRQLV!N86!J0>5@5241/4>5!ɴíVÕREWDLQVLQVHYHUDOTXUʀÃQLFUHDGLQJWUDGLWLRQVVXFK
DV WKDW RI DO.LVÃʀí 7KH VRFDOOHG DOLI PDTԐĭUDK #ELԐĭUDW DO\Ãɳ'! E60436.! A0>7! 15!
RULJLQDO ZRUGILQDO GLSKWKRQJWULSKWKRQJ WKDW \LHOGHG D GLIIHUHQW UHIOH[ LQ 2OG
ԅLJÃ]í Õ DQG LQ ZKDW ZRXOG EHFRPH QRUPDWLYH &ODVVLFDO $UDELF Ã 2Q WKH
RXWFRPHRIWKH3URWR$UDELFWULSKWKRQJVVHH0DULMQYDQ3XWWHQۢ7KH'HYHORSPHQW
RI WKH 7ULSKWKRQJV LQ 4XU۟DQLF DQG &ODVVLFDO $UDELFۣ $UDELDQ (SLJUDSKLF 1RWHV +!
ۙ7KHFRUUHVSRQGHQFHEHWZHHQTXUʀÃQLFDOLIPDTԐĭUDK!15E!91A14/42!A451G!
\4.!1-@5E15/G:!4GG@./01/6E(!ϰϨΑ!\!91A14/42!EQ\ ۢKHEXLOWۣϰΗ!\!91A14/42!ɳW\ ۢKHFDPHۣ
ϰΘϓ!\!91A14/42!IW\ ۢ\RXWKۣ
ی$O-DOODGDQG-DZRUVND'LFWLRQDU\E
ی2WKHUPHDQLQJVGLVFXVVHGE\&ROHDUHۢSHDVDQWۣۢSDJDQۣۢOLEHUWLQHۣۢUHEHOۣDQG
&$% $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
2XWVLGHWKHFDQRQLFDO०UʀÃQNDIDUDFDQWDNHDGLUHFWREMHFWDVLQWKHGXɴÃɳ
TXQĭWDOZLWUZKLFKRULJLQDWHVLQWKHFRQWURYHUVLDOORVWVĭUDKRIWKH०UʀÃQ
6ĭUDWDO.KDOʁ<"
OÃQDNIXUXNDZDQXɳPLQXELND
:HGRQRWGHQ\\RXEXWZHEHOLHYHLQ\RX
,Q &ODVVLFDO $UDELF WKH /VWHP NÃIDUD FDQ WDNH D GLUHFW REMHFW PHDQ
LQJۢWRGHQ\WRGLVDFNQRZOHGJHۣHJLGKÃDTDUUDɴLQGDڥOTÃҺíELVKD\ɳLQ
WKXPPDNÃIDUD ۢZKHQKHFRQIHVVHVDWKLQJLQWKHSUHVHQFHRIDMXGJHEXW
WKHQGHQLHV>LW@ۣ <)१HHDUOLHVWDग़HVWDWLRQRIWKLVIRUPRFFXUVLQDOLQHRI
DO)DUD]GDT GF NÃIDUDQíLQODPXJKLWKKX ۢKHZRXOGKDYHGHQLHG
PH>P\ULJKW@LI,KDGQRWKHOSHGKLPۣ <?:KLOHWKH/VWHPLVQRWDग़HVWHG
LQWKHTXUʀÃQLFUHDGLQJWUDGLWLRQVWKHFRQVRQDQWDOWH[WZRXOGQRWFRQVLV
WHQWO\GLVWLQJXLVKEHWZHHQLWDQGWKH*VWHPERWKZRXOGDSSHDUDVή˰˰ϔϛ,W
LVWKHUHIRUHSRVVLEOHWKDWWKH/VWHPXQGHUOLHVVRPHRIWKHRFFXUUHQFHVRI
ή˰˰ϔϛ!45!/86!UDVP
१H VHQVH RI GHQLDO DQG UHMHFWLRQ LV D PHWDSKRULFDO GHULYDWLYH RI WKH
PRUHEDVLFPHDQLQJRIWKHURRWۢWRFRYHUFRQFHDOۣ<C१LVPHDQLQJۚZKLFK
DOZD\V WDNHV D GLUHFW REMHFWۚLV Dग़HVWHG LQ WKH HDUOLHVW OD\HUV RI &ODVVLFDO
$UDELF IRUH[DPSOHLQDOLQHRIWKHPXɴDOODTDKDग़ULEXWHGWR/DEíGE5DEíʁDK
Gۙ IíOD\ODWLQNDIDUDڥOQXMĭPDJKDPÃPXKÃ ۢRQDQLJKWZKRVH
FORXGVKDYHFRQFHDOHGWKHVWDUVۣ 6LQFHWKHVHQVHRIۢWRGHQ\UHQRXQFHۣLV
DOVRH[SUHVVHGE\WKH6\ULDF*VWHPNSDUZKHUHLWWDNHVDQREMHFWLQWUR
E@26E!-:!EDVLQWKH०UʀÃQWKHFRQVWUXFWLRQIRXQGLQ6ĭUDWDO.KDOʁ 71:!
UHHFWWKHRULJLQDO$UDELFV\QWD[RIWKLVYHUEZKLOHWKHFRQVWUXFWLRQNDIDUD
ELFRXOGEHWUD\WKHLPSDFWRI6\ULDFB%
ۢEODVSKHPHUۣ VHH -XDQ &ROH ۢ,QILGHO RU 3DJDQXV" 7KH 3RO\VHP\ RI NDIDUD! 45! /86!
4XU۟DQۣ-$26 ۙDQGWKHELEOLRJUDSK\WKHUHIRUIXUWKHUOLWHUDWXUH
ی6ĭUDWDO.KDOʁZDVVXSSRVHGO\SDUWRIWKHFRGH[RI8ED\\6HDQ$QWKRQ\WUHDWV
WKLVLVVXHLQKLVFKDUDFWHULVWLFDOO\EULOOLDQWPDQQHUDUJXLQJWKDWZKLOHWKHVĭUDK!15E!
LWV FRXQWHUSDUW 6ĭUDW DOԅDIG ZHUH XOWLPDWHO\ H[FOXGHG IURP WKH TXUʀÃQLF FDQRQ
/8640!@.6!45!TXQĭW!15E!ZLWUSUD\HUVHQVXUHGWKHLUSUHVHUYDWLRQVHH6HDQ$QWKRQ\
ۢ7ZR/RVW6ĭUDKVRIWKH4XUʀÃQ6ĭUDWDO.KDOʁDQG6ĭUDWDOԅDIGEHWZHHQ7H[WXDO
15E!W4/@1G!R15>5!#&./0E/8/8FHQWXULHV ۣ!$%"' ۙ
(یGZDUG : /DQH $Q $UDELF(QJOLVK /H[LFRQ 'HULYHG IURP WKH %HVW DQG 0RVW
&RSLRXV(DVWHUQ6RXUFHV /RQGRQ:LOOLDPV 1RUJDWHۙ D
ی6HH WKH 'RKD +LVWRULFDO 'LFWLRQDU\ RI $UDELF! #KWWSVZZZGRKDGLFWLRQDU\
RUJDFFHVVHG'HFHPEHU
ی/DQH/H[LFRQDۙE
B%)یRUH[DPSOH ťſƱƞƌĪŦƦƇŶűŨƢƙƃĭۢ L KHGHQLHVWKH1D]DUHQHIDLWKۣIURP7KH
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&$&
१H VHFRQG UHOHYDQW IDPLO\ RI PHDQLQJV VLJQDOHG E\ WKLV URRW LV ۢWR
DWRQHWRIRUJLYHۣZKLFKOLNHۢWRGHQ\ۣXOWLPDWHO\GHULYHVIURPDPRUHEDVLF
PHDQLQJۢWRFRYHUۣB&१LVVHQVHLVH[SUHVVHGE\WKH'VWHPLQ$UDELFHJ
NDदDUDڥOOÃKXɴDQKXڥOGKDQED ۢ$OOÃKKDVIRUJLYHQKLVVLQVۣ B$!S156!062>0E.!
WKH H[SUHVVLRQ NDदDUD ODKX PHDQLQJ ۢWR JLYH REHLVDQFH WR KLPۣ XVHG WR
UHIHUWRWKHORZHULQJ LHFRYHULQJ RIRQH۟VKHDGDVDV\PERORIVXEPLVVLRQ
WRDVXSHULRUB+१H+HEUHZ'VWHPNLSSHUFRQYH\VWKHVDPHPHDQLQJۢWR
SDUGRQ WRFRYHU WRVHHNDWRQHPHQWۣZKHUHWKHVLQRUJXLOW\SDUW\LVWKH
ORJLFDOGLUHFWREMHFWRIWKHYHUEXVXDOO\LQWURGXFHGE\ɴDODQGWKHSDUGRQ
45H!1H65/!4.!45/0>E@26E!-:!PLQۢIURPۣB<१XV/HYZȎNLSSHUɴÃOÃ\Z
KDNNďKÕQOLSQ¬<+:+ۢDQGWKHSULHVWVKDOOPDNHDWRQHPHQWIRUKLPEH
IRUH<+:+ۣ१LVPHDQLQJLVDOVRDग़HVWHGLQD/DWH6DEDLFPRQRWKHLVWLF
LQVFULSWLRQ \NI UQӒ E KPZۢPD\KH *RG IRUJLYHWKHLUVLQVۣBB
१HYDULRXVRSWLRQVWKHOH[LFRJUDSKLFDOVRXUFHVSURYLGHPXVWEHMXGJHG
DJDLQVW6DIDLWLFV\QWD[DQGIRUPXODLFODQJXDJH१HVHQVHRIۢDWRQHPHQW
IRUJLYHQHVVۣDQGHYHQۢREHGLHQFHۣVHHPVXQOLNHO\DVWKH\UHTXLUHSUHSRVL
WLRQDOREMHFWVZKLOHWKH6DIDLWLFDग़HVWDWLRQWDNHVDSURQRPLQDOGLUHFWREMHFW
NWKHDQWHFHGHQWRIZKLFKLVWKHGLYLQHQDPH)XUWKHUZKHQWKHYHUELV
XVHG ZLWK WKH PHDQLQJ RI ۢDWRQHPHQW IRUJLYHQHVVۣ DFURVV DOO ODQJXDJHV
LWV GLUHFW REMHFW LV WKH ۢVLQۣۚZKLFK FDQ EH LPSOLHGۚIRU ZKLFK RQH VHHNV
1/>56765/!IURPDGHLW\,QWKHFDVHRIWKHPHDQLQJRIREHGLHQFHWKHVXEMHFW
FRYHUVDQLPSOLHGREMHFW WKHKHDGIDFH IRU WKHUXOHURUGHLW\ZKLFKLVLQ
WURGXFHGE\DSUHSRVLWLRQ
$VVKRZQE\WDEOHWKHV\QWDFWLFFRQVWUXFWLRQQԐUKPNIUN!A>GG>I.!15!
HVWDEOLVKHGLQYRFDWLRQDOSDग़HUQLQ6DIDLWLF
7DEOH१HIRUPXODLFVWUXFWXUHRIWKHLQYRFDWLRQ
१HV\QWD[RIRXULQYRFDWLRQEHFRPHVFOHDULQOLJKWRIWKHVHSDUDOOHOV
१HYHUEQԐUFRUUHVSRQGVWRRWKHUYHUEVRIDLGDQGGHOLYHUDQFHVXFKDVVɴG
ۢKHOSۣDQGनԚ ۢGHOLYHUۣZKLOHWKHSKUDVHIROORZLQJPVLJQLHVZKDWWKHDX
WKRULVVHHNLQJSURWHFWLRQGHOLYHUDQFHIURP,WWKHUHIRUHVHHPVEHVWWRWDNH
NIUDVD*VWHPSDUWLFLSOHPHDQLQJۢWRGHQ\ۣWDNLQJDSURQRPLQDOGLUHFWRE
MHFW6DIDLWLFRUWKRJUDSK\GRHVQRWDOORZXVWRGLVWLQJXLVKEHWZHHQVLQJXODU
DQGSOXUDOIRUPVLQWKLVVLWXDWLRQWKXVLWPD\EHWUDQVODWHGDVHLWKHU
:KLOHWKHSUHFHGLQJLQWHUSUHWDWLRQVHHPVVHFXUHZHPXVWH[HUFLVHGXH
E4G4H6526!15E!2>5.4E60!1GG!SRVVLEOHXQGHUVWDQGLQJVRIWKLVEULHIFODXVH१HUH
4.!1!.62>5E!J1/8!>A!45/60J06/1/4>5!/81/!I>@GE!061E!/86!453>21/4>5!/80>@H8!
DQRWKHUV\QWDFWLFOHQV१HP!J06J>.4/4>5!2>@GE!45/0>E@26!/86!45./0@765/!
RIGLYLQHDLG5HWXUQLQJWRWKHSULPDU\PHDQLQJRINIUQDPHO\ۢWRFRYHUۣ
ZHFRXOGXQGHUVWDQGWKHZRUGDVDQDEVWUDFWQRXQۢSURWHFWLRQۣSDUDOOHOLQJ
ی7KHIRUPPUPKLVOLNHO\WKHSDUWLFLSOHRIWKH/VWHPUÃPÃۢWRVKRRWDUURZVDW
VRPHRQHۣ WKH 2&,$1$ HGLWLRQ WUDQVODWHG LW DV ۢKH WRRN YHQJHDQFH RQ WKRVH ZKR
DFFXVHG^KLP`ۣEXWWKLVLJQRUHVWKHIDFWWKDWWKHQTP!/1L6.!15!>-=62/!45/0>E@26E!-:!P
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&$+
/86!E636G>J765/!>A!/86!761545H!>A!JQQB) १HUHDUHWZRGUDZEDFNVWRWKLV
H[SODQDWLRQWKHUVWLVWKDWZKLOH6DIDLWLFIUHTXHQWO\LQYRNHVWKHGHLWLHVIRU
SURWHFWLRQLWLVDOPRVWDOZD\VXVLQJWHUPVGHULYHGIURPZT\B?,QGHHGLQQR
21.6!45!I8428!/86!0>>/!NSULVDग़HVWHGGRHVLWFRPHWRPHDQVRPHWKLQJOLNH
ۢSURWHFWLRQۣ१HVHFRQGGUDZEDFNLVWKDWWKHLQVWUXPHQWDOLVDOPRVWDOZD\V
45/0>E@26E!-:!E१HXVHRIWKHSUHSRVLWLRQP bPLQ LVGLFXOWWRUHFRQ
FLOHZLWKWKLVSURSRVHGPHDQLQJ)LQDOO\LWLVSRVVLEOHWRXQGHUVWDQGNIU!1.!
ۢIRUJLYHQHVVۣZLWKWKHSDUWLWLYHXVHRIPUHQGHULQJۢKHOSXVE\PHDQVRI
\RXUIRUJLYHQHVVۣBC
:HLJKLQJWKHVHRSWLRQV,ZRXOGVXJJHVWWKDWWKHXQGHUVWDQGLQJQԐUK
PNIUNDVۢKHOSKLPDJDLQVWWKRVHZKRGHQ\\RXۣDSSHDUVWREHPRVWOLNH
O\,QGHHGRQFHZHWDNHNIULQWKLVZD\WKHFKRLFHRIQԐU!1.!/86!360-!>A!14E!
VHHPVWREHGHOLEHUDWHSHUKDSVWKHUHVXOWRIZRUGSOD\VLJQDOLQJDFRQQHF
WLRQZLWK&KULVWLDQLW\DQG&KULVWLDQVFI6\ULDFQÃԐUÃ\ĭWÃDQG०UʀÃQQԐU\
QDՄÃUÕ ,QGHHG WKH VDPH OH[LFDO SDLU DSSHDUV LQ 4 ÂO ʁ,PUÃQ DQG
DO%DTDUDK SURGXFLQJ DQ LQYRFDWLRQ ZLWK D PHDQLQJ TXLWH OLNH WKH
>56!.@HH6./6E!8606(
ZDڥQԐXUQÃɴDOÃڥOTDZPLڥONÃधUíQ! !
$QGJUDQWXVYLFWRU\RYHUWKHGLVEHOLHYLQJKRVW
H,GHQWLW\RIœV\
,IP\LQWHUSUHWDWLRQRIWKHLQYRFDWLRQLVFRUUHFWWKHQWKLVZRXOGVWURQJO\
.@HH6./!/81/!ɴV\FRUUHVSRQGVWRTXUʀÃQLFɴ\V\!15E!/81/!I6!106!E61G45H!I4/8!
DQLQYRFDWLRQDGGUHVVHGWR-HVXV१LVEULQJVXVWRWKHSUREOHPRIWKHHW
\PRORJ\RIWKH$UDELFQDPHRI-HVXV,WVDग़HVWDWLRQLQ6DIDLWLFZRXOGUXOH
RXWH[SODQDWLRQVRILPSHUIHFWWUDQVPLVVLRQWR0XԆDPPDGHLWKHURUDOO\RU
WKURXJKWH[WXDOFRUUXSWLRQZKLFKDSSHDUWREHWKHPRVWSRSXODULQWKHOLW
HUDWXUH,QGHHGWKHQDPHZRXOGKDYHEHHQ$UDELFL]HGHDUO\SHUKDSVDWWKH
GDZQRIWKHVSUHDGRI&KULVWLDQLW\LQ1RUWK$UDELD
ی6DIDLWLFJQQFDQPHDQۢWRSURWHFWۣVHH$O-DOODGDQG-DZRUNVD'LFWLRQDU\
FI&ODVVLFDO$UDELFMDQQDKXۢKHYHLOHGKLPۣۢKHSURWHFWHGKLPۣ/DQH/H[LFRQD
ی$O-DOODGDQG-DZRUVND'LFWLRQDU\ۙ
ی$FRPSDUDEOHSUD\HULVDWWHVWHGLQ.56ZLWKWKHSUHSRVLWLRQE45/0>E@245H!
/86!45./0@765/!15E!P!/86!>-=62/!A0>7!I8428!/86!1@/8>0!.66L.!E6G43601526(!KĝɴKTP
ڲEӘIUWNIOWQPPW ۢ2ĜʁKTP۬E\PHDQVRI\RXUSURWHFWLRQJXLGDQFHWKHUHLV
GHOLYHUDQFHIURPGHDWKۣWKLVLQWHUSUHWDWLRQZDVILUVWRIIHUHGLQ$KPDG$O-DOODG%)'
2XWOLQHRIWKH*UDPPDURIWKH6DIDLWLF,QVFULSWLRQV /HLGHQ%ULOO DQGUHSHDWHG
LQ$KPDG$O-DOODGDQG.DUROLQD-DZRUVND'LFWLRQDU\
&$< $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
१HSUREOHPRIɴV\ɴ\V\LVWKDWLWGRHVQRWUHHFWWKHRXWFRPHRIQRUPDO
SKRQRORJLFDO SURFHVVHV RI ERUURZLQJ $ SXWDWLYH \Hģĭɴ .8>@GE! 8136! 2>76!
45/>!/86!XRN!1.!\VZɴRULIYLD6\ULDFɳLģRɴDVɳVZɴ5HFHQWO\*XLOODXPH'\H
DQG0DQIUHG.URSSKDYHGLVFXVVHGWKLVLVVXHLQJUHDWGHWDLODQGDग़HPSWHG
WRH[SODLQWKHGHYHORSPHQWRI$UDELFɴíVÃIURPDIRUPRI$UDPDLF"%१H\
SRVLWDQ(DVW6\ULDQVRXUFHVLPLODUWR0DQGDLFZKLFKKDGORVWɴD\QSUR
E@245H! \Hģĭɴ ! ɳLģĭɴ ! ɳLģĭɳLģď १H\ WKHQ DUJXH WKDW RQFH WKLV IRUP ZDV
WUDQVPLग़HGWR$UDELFLWJDLQHGDQɴD\QLQLQLWLDOSRVLWLRQDUDUH\HWDग़HVWHG
SKHQRPHQRQ"&१LVZRXOGSURGXFHɴíģĭɴíģďZKLFKZDVWKHQFKDQJHGWRɴíVÃ
E\DQDGKRFORZHULQJRIWKHQDOYRZHO:KLOHLQJHQLRXVWKHH[SODQDWRU\
SRZHURIWKLVDFFRXQWGHSHQGVRQWKHH[LVWHQFHRIWKLVXQDग़HVWHG$UDPDLF
DQWHFHGHQWDWDUDWKHUHDUO\KLVWRULFDOSHULRGDQGRQWKHVWDWXVRIQDO\1.!
1!PDWHUOHFWLRQLV:KLOH.URSSDQG'\HVXJJHVWWKDWWKHQDO\!.8>@GE!5>/!
EHWDNHQDVDUHSUHVHQWDWLRQRIQDOÕ!>0!D\DQGLVWKHUHIRUHDYDLODEOHWR
UHSUHVHQWRWKHUTXDOLWLHVRIQDOORQJYRZHOVDGYDQFHVLQWKHVWXG\RIHDUO\
$UDELFRUWKRJUDSK\DQGWKHZULWLQJV\VWHPRIWKH०UʀÃQLQIDFWUHTXLUH
WKDWLWUHHFWDQLFODVVYRZHO"$१HUHDUHWRGDWHQRH[DPSOHVRIHW\PRORJ
LFDO ÃRU ĭZULग़HQZLWKDQDO\LQHDUO\$UDELF
K6! .8>@GE! 1G.>! 06767-60! /81/! /86! J0>5@5241/4>5! ɴíVÃ! 4/.6GA! 4.! 1! 06.@G/!
RIZKDW6RKDLE6DHHGKDVWHUPHGۢԅDIՄRQRUPDWLYLW\ۣWKDWLVWKHDVVXPS
WLRQWKDWWKHSURQXQFLDWLRQRI$UDELFDVUHHFWHGLQWKHUHDGLQJWUDGLWLRQ
RI ԅDIՄ ɴDQ ʁÂՄLP UHHFWV WKH HDUOLHVW DQG PRVW DXWKHQWLF YRFDOL]DWLRQ RI
WKH०UʀÃQLF&RQVRQDQWDO7H[W 4&7 UHOHJDWLQJRWKHUSURQXQFLDWLRQVWR
VFKRODUO\DUFDQD:KLOHԅDIՄɴDQʁÂՄLPUHDGVϰ˰˰δԩϋ!1.!ɴíVÃWKHHTXDOO\FD
QRQLFDOWUDGLWLRQRIDO'ĭUíɴDQDO.LVÃʀíUHDGVLWDVɴíVÕ१HUHLVQRREMHFWLYH
UHDVRQWRWUHDWԅDIՄ۟VSURQXQFLDWLRQDVRULJLQDODQGWKHDVVXPSWLRQWKDWLW
LVLVHQWLUHO\DQDFKURQLVWLF,QIDFWWKHHDUOLHVWPDWHULDOZHKDYHWRLQIRUP
/86!J0>5@5241/4>5!>A!/86!5176!ϰδԩϋ!4.!/86!/015.204J/4>5!>A!/86!,01-42!5176
ϰ˰˰γϮϣPZV\!LQ*UHHN,QDGRFXPHQWGDWHGWR&(IURP$SKURGLWHV
.RPHDPDQQDPHή˰˰ϴμϧϦ˰˰Αϰ˰˰γϮϣDSSHDUVLQ*UHHNWUDQVFULSWLRQDV͎ͰͶʹͨ
Ͷ؎ Ͱ @Ͳͪͦ>͢ʹͰ͏ ڴ0ĭVÕVRQRI1RՄD\UFRQUPLQJWKDWWKHSURQXQFLDWLRQ
>A!/86!DOLIPDTԐĭUDKZDVÕ"+,QGHHGLQWKLVOD\HURIHDUO\$UDELFPDWHULDO
I81/!4.!/6076E!/86!DOLIPDTԐĭUDK#ELԐĭUDWDO\Ãɳ'!4.!2>5.4./65/G:!06J06.65/
ی.URSSDQG'\Hۢ/HQRPGH-«VXVۣۙ7KLVDUWLFOHFRQWDLQVDQXSWRGDWH
DQGWKRURXJKGLVFXVVLRQRISUHYLRXVVXJJHVWLRQVDQGWKHLUZHDNQHVVHV7KHUHDGHU
LVUHIHUUHGWKHUHIRUSUHYLRXVRSLQLRQV
ی.URSSDQG'\Hۢ/HQRPGH-«VXVۣ
ی6HHQRWHRQ$UDELFWULSKWKRQJV
ی+DUROG,%HOO7KH$SKURGLWR3DS\UL:LWKDQ$SSHQGL[RI&RSWLF3DS\UL!#S>5E>5(!
%ULWLVK0XVHXP SORQGۙ
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&$B
HGZLWKHFODVVYRZHOVLQ*UHHNWUDQVFULSWLRQͦDQGͨ"<!R>5.4E6045H!/86.6!
IDFWVLWWKHQDSSHDUVFHUWDLQWKDWWKHHDUOLHVWSURQXQFLDWLRQRIϰ˰˰δԩϋ!45!/86!
8PD\\DGSHULRGDQGWKHSURQXQFLDWLRQXQGHUO\LQJWKHTXUʀÃQLFUDVP!I1.!
ɴíVÕLQDJUHHPHQWZLWKWKHUHDGLQJWUDGLWLRQRIDO.LVÃʀí१LVLVHYHQPRUH
GLFXOWWRUHFRQFLOHZLWKDVRXUFHDORQJWKHOLQHVRIɳLģďɳLģĭ
O4365!/81/!/86!5176!ϰ˰˰δԩϋ!6G@E6.!1!.1/4.A12/>0:!E60431/4>5!A0>7!15!,0
DPDLFVRXUFHDQGQRZLQOLJKWRIWKHDSSHDUDQFHRIɴV\LQ6DIDLWLF,ZRXOG
OLNHWRVXJJHVWDQHZZD\RIWKLQNLQJDERXWWKLVSUREOHP,I&KULVWLDQLW\
.J061E!/>!,01-42!.J61L60.!E@045H!/86!J604>E!45!I8428!91A14/42!45.204J/4>5.!
ZHUHFRPSRVHGWKHQWKHSUH&ODVVLFDO$UDELFOH[LFRQDQGPHWKRGVRIUHQ
E6045H!A>064H5!E43456!5176.!45/>!/86!,01-42!>A!/84.!J604>E!.8>@GE!45A>07!
>@0!45/60J06/1/4>5!>A!/86!A>07!ɴ#\'V\%XWEHIRUHHQWHULQJLQWRWKHGHWDLOVRI
HW\PRORJ\ZHVKRXOGQRWHWKDWWKHDOLIPDTԐĭUDK!2>006.J>5E.!/>!91A14/42!
\ZKLFKVLJQLHVDQDOGLSKWKRQJLQQRPLQDOIRUPVDQGDWULSKWKRQJLQ
360-.(!91A14/42!ࡌ\IDWD\ۢ\RXWKۣ TXUʀÃQLFϰ˰˰ΘϓIDWÕ6DIDLWLFEQ\EDQ
D\DۢKHEXLOWۣ TXUʀÃQLFϰ˰˰ϨΑEDQÕ
१H6DIDLWLFSDQWKHRQFRQWDLQHGERWKORFDO$UDELDQJRGVVXFKDVUҺZ
UҺ\DQGJRGVZKRVHFXOWFHQWHUVOD\EH\RQGWKHԅDUUDK,QPRVWFDVHVWKH
QDPHVRIWKHVHIRUHLJQJRGVZHUHVLPSO\WDNHQRYHUZLWKRXWPRGLFDWLRQ
)RUH[DPSOHWKHVWRUPJRG%DʁDOĢDPíQۚZKRVHORFDOFXOWFHQWHUZDVDWWKH
WRZQRI6íʁLQVRXWKHUQ6\ULDۚLVUHQGHUHGLQWR6DIDLWLFDVEɴOVPQSUHVHUYLQJ
LWV$UDPDLFIRUP"B+RZHYHULQDIHZFDVHVDXWKRUVWUDQVODWHGWKHGLYLQH
QDPHLQWR$UDELFSURGXFLQJEɴOVP\EDʁDOVDPÃ\ZKHUH$UDPDLFģDPÕQ
ģDPíQ!I1.!06JG126E!I4/8!,01-42!VDPÃ\""$QGLQRQHFDVHWKHHQWLUHQDPH
I1.!06JG126E!-:!1!91A14/42!6J4/86/!PÃOHNKDVVDPÃ\")$QRWKHULQWULJXLQJH[
DPSOHLVWKHSRVVLEOHDग़HVWDWLRQRIWKH*UHHNGLYLQHWLWOHͦؔͳͩͦͽͳLQ6DIDLWLF
1.!ɳӒGUHHFWLQJDGLUHFWWUDQVODWLRQRIWKHHSLWKHW"?:KLOHWKHVHH[DPSOHV
DUH FHUWDLQO\ D PLQRULW\ VLWXDWLRQ WKH\ GR UHSUHVHQW D OLYLQJ VWUDWHJ\ RI
ORFDOL]LQJIRUHLJQJRGV
ی6HH$KPDG$O-DOODGۢ7KH$UDELFRIWKH,VODPLF&RQTXHVWV1RWHVRQ3KRQRORJ\
DQG0RUSKRORJ\%DVHGRQWKH*UHHN7UDQVFULSWLRQVIURPWKH)LUVW,VODPLF&HQWXU\ۣ
%62$6 ۙ
ی2QWKHWRZQRI6íʁDQG%DʁDOĢDPíQ۟VWHPSOHWKHUHVHH0LFKDHO&b$0DFGRQDOG
ۢ5HIHUHQFHVWR6íʁLQWKH6DIDLWLF,QVFULSWLRQVۣLQ-'HQW]HU)H\G\-0'HQW]HUDQG
30%ODQF HGV +DXUDQ,,/HVLQVWDOODWLRQVGH6íɴ'XVDQFWXDLUH¢O«ڥWDEOLVVHPHQW
YLWLFROH %HLUXW,)32 ۙ
)یRUH[DPSOH&5:4
ی.56
ی$KPDG$O-DOODGۢ7KH۞2QH۟*RGLQD6DIDLWLF,QVFULSWLRQۣ(UHW],VUDHO!+<!#$%$&'(!
ۙ&I4
&$" $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
१HVHFRQGRSWLRQۚZKLFKGRHVQRWSUHFOXGHWKHUVWۚLVWKHHTXDWLRQRI
SUHH[LVWLQJQDPHVZLWKIRUHLJQRQHVWKURXJKSKRQRVHPDQWLFPDWFKLQJ"C
:HFDQVHHWKLVSURFHVVDFWLYHLQWKH०UʀÃQ१HQDPH\DӒ\ÕIRUH[DP
SOHLVQRWDGLUHFWSRUWRI\¶ӒÃQÃQRUDQ\RILWVGHULYDWLYHVEXWLVUDWKHU
D SUHH[LVWLQJ $UDELF QDPHۚDग़HVWHG LQ 6DIDLWLF DV \Ӓ\\! #R! "&<'! 15E! \Ӓ\
5:4 ۚWKDW ZDV HTXDWHG ZLWK -RKQ)% ,QGHHG WKLV HTXDWLRQ ZDV HP
SOR\HGE\$UDELDQ-HZVDVZHOO१H-HZLVK1DEDWDHDQIXQHUDU\LQVFULSWLRQ
-61DE GDWHG&( IURPDOʁ8OÃZDVVHWXSE\DPDQQDPHG\Ӓ\ɳ
EQ ģPɴZQ ZKHUH \Ӓ\ɳ VXEVWLWXWHV IRU WKH FRPPRQ +HEUHZ QDPH \ZӒQQ
#\! \¶ӒÃQÃQ )& १H WZR QDPHV GHULYH IURP GLਫ਼HUHQW URRWV ZKLFK GHPRQ
VWUDWHVWKDWSKRQHWLFSUR[LPLW\UDWKHUWKDQHW\PRORJ\ZDVWKHPDLQGULY
LQJIRUFHFRQQHFWLQJWKHP
,WPD\WKHQEHSRVVLEOHWKDWWKHIRUHLJQQDPH\HģĭɴZDVHTXDWHGZLWK
DSUHH[LVWLQJ6DIDLWLFQDPHUHJDUGHGSHUKDSVDVLWVORFDOHTXLYDOHQW१H
5176!ɴV\LVDग़HVWHGVRPHVHYHQWLPHVLQWKH6DIDLWLFFRUSXVDVDQDQWKURS
RQ\PVXJJHVWLQJWKDWLWSUHH[LVWHGLWVDSSOLFDWLRQWR-HVXV,QIDFWDPDQ
5176E!TGP.>5!>A!ɴV\UHFRUGVDQLQYRFDWLRQWR5ӮZLQ,V+)$ OTGPEQ
ɴV\ZKUҺZɳZVKۢ%\4GPVRQRIɴV\25RՄ˃DZJUDQWKLPDERRQۣ१LV
J0>36.!/81/!/86!J60.>51G!5176!ɴV\ZDVXVHGLQDSDJDQFRQWH[W
9>!4A!ɴíVÕSUHH[LVWHGWKHLQWURGXFWLRQRI&KULVWLDQLW\ZKDWGLGWKHQDPH
PHDQ"7UDGLWLRQDOH[HJHWHVKDYHGHYRWHGPXFKWLPHWRWKLVVXEMHFWDQGWKHLU
RSLQLRQVDUHGLVFXVVHGE\-Hਫ਼HU\DQGPRUHUHFHQWO\E\5RELQVRQ)+!U>./!
8136!1..@76E!/81/!4/!E60436.!A0>7!/86!0>>/!ɴ\VZKLFKGHQRWHVWKHVHPDQ
WLF VSKHUH RI ۢRਫ਼ZKLWHQHVVۣ LQ $UDELF HJ ɴíVDWXQ! 15E! ɴD\DVXQ ۢUHGGLVK
ZKLWHQHVVۣLQDFDPHO۟VFRORUDQGUDMXOXQDɴ\DVXۢDPDQZLWKZKLWHKDLUۣ
ی3KRQRVHPDQWLF PDWFKLQJ LV VLPLODU WR FDOTXLQJ EXW LQ DGGLWLRQ WR VHPDQWLF
DSSUR[LPDWLRQ DWWHPSWV WR PDWFK WKH VRXQG RI WKH ZRUG LQ WKH VRXUFH ODQJXDJH
ZLWKDSUHH[LVWLQJZRUGLQWKHWDUJHWODQJXDJHVHH*KLO۞DG=XFNHUPDQQ/DQJXDJH
&RQWDFW DQG /H[LFDO (QULFKPHQW LQ ,VUDHOL +HEUHZ /RQGRQ 3DOJUDYH 0DFPLOODQ
ib
ی7KLV LVVXH LV GLVFXVVHG DV HDUO\ DV $UWKXU -HIIHU\ ZKR WDNHV QRWH RI WKH SUH
,VODPLFHSLJUDSKLFHYLGHQFHDQGVWDWHVۢ,WZRXOGWKXVVHHPWKDW0XԆDPPDGZDV
XVLQJDIRUPRIWKHQDPHDOUHDG\QDWXUDOL]HGDPRQJWKHQRUWKHUQ$UDEVWKRXJK
WKHUHDSSHDUVWREHQRWUDFHRIWKHQDPHLQWKHHDUO\OLWHUDWXUHۣWKRXJKKHVHHPV
/>!./4GG!06H10E!4/!1.!1!7@/1/4>5!>A!\¶ӒÃQÃQVHH-HIIHU\)RUHLJQ9RFDEXODU\ۙ
ی-61DE $QWRQLQ-DXVVHQDQG5DSKDO6DYLJQDF0LVVLRQDUFK«RORJLTXHHQ$UDELH
YROV3DULV/HURX[*HXWKQHUۙ
ی,6+ 6DIDLWLFLQVFULSWLRQVIURPʁìVÃZí6\ULDFROOHFWHGE\WKH6(63SURMHFWDQG
SXEOLVKHGRQ2&,$1$
ی-HIIHU\)RUHLJQ9RFDEXODU\ۙ1HDO5RELQVRQۢ-HVXVۣ(4VY
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&$)
$QWKURSRQ\PVGHULYHGIURPFRORUWHUPVDUHFRPPRQHJɳVZGۢEODFNۣ)<
१HIRUPKRZHYHULVLUUHJXODU2QHZRXOGH[SHFWVRPHWKLQJOLNHɳɴ\V1G>5H!
/86!G456.!>A!ɳVZG5DWKHULIZHDVVXPHWKDWWKHYRFDOL]DWLRQUHSUHVHQWHGLQ
WKHTXUʀÃQLFUHDGLQJWUDGLWLRQVUHHFWVWKHZRUG۟VRULJLQDOGHULYDWLRQWKHQ
4/!.8>@GE!-6!2>5./0@6E!1.!15!1-./012/!5>@5!-1.6E!>5!/86!A6745456!धɴOÕ#ϰ˰˰Ϡόϓ'!
SDग़HUQ१HGLVFRUGEHWZHHQPRUSKRORJLFDODQGQDWXUDOJHQGHULQ$UDELF
DQWKURSRQ\PVLVZHOODग़HVWHGDQGQRWVXUSULVLQJVRXVÃPDKPXɴÃZL\DK
UDEíɴDKDOOQDPHVRIPHQ:KLOHWKHDEVWUDFWQRXQɴíVD\ۢZKLWHQHVVۣLVQRW
Dग़HVWHGLQFODVVLFDOVRXUFHVLWVDSSHDUDQFHLQ6DIDLWLFSUHGDWHVWKLVPDWHULDO
E\QHDUO\DPLOOHQQLXP१XVVXFKDUDUHZRUGFRXOGKDYHHDVLO\IDOOHQLQWR
GLVXVH E\ WKH WLPH WKH OH[LFD ZHUH FRPSLOHG ,W LV DOVR SRVVLEOH WR UHJDUG
/86!I>0E!1.!1!8:J>2>04./42!A>071/4>5!-1.6E!>5!/86!5>@5!ɴíVDWXQ ۢUHGGLVK
ZKLWHۣZKHUHWKHQDOIHPLQLQHHQGLQJLVUHSODFHGZLWKWKHD\!/607451
WLRQFRPSDUHZLWKQDPHVVXFKDVɴEG\1!8:J>2>04./42!>A!ɴEGRU]EG\!A0>7!
]EG
१HDERYHGLVFXVVLRQDOVRKROGVLIZHDVVXPHWKDWWKHURRWɴ\V!45!610G:!
$UDELF KDG D PHDQLQJ FORVHU WR *țʁț] ɴHVD ʁD\LVD ۢWR JURZ VRॗۣ DQG
WDɴHVD ۢWREHSDWLHQWۣ)B!->/8!>A!/86.6!761545H.!I>@GE!.6036!1.!.@4/1-G6!J60
VRQDOQDPHV
Q56!71:!1G.>!2>5.4E60!1!E60431/4>5!A0>7!/86!0>>/!ɴV\ZKLFKRSHQVQHZ
45/60J06/436!J>..4-4G4/46.!-@/!2061/6.!.63601G!7>0J8>G>H421G!J0>-G67.!45!4/.!
ZDNH१LVURRWJLYHVULVHWRWKHYHUEɴDVÃLQ$UDELFZKLFKIXQFWLRQVDVD
PRGDODX[LOLDU\LQGLFDWLQJDZLVKRUKRSH)",Q6DEDLFKRZHYHUWKHYHUE
ɴV\PHDQVۢWRSXUFKDVHDFTXLUHPDNH DVDFULFH ۣDQGLVVRPHWLPHVLQWHU
SUHWHGDVۢWRGRPDNHۣ))LQ*țʁț]ZHQGɴDVD\DɴDVVD\DɴDĝD\DۢWRUHSD\
UHZDUGUHFRPSHQVHۣ)?
,IZHDVVXPHDQDPHGHULYHGIURPWKLVURRWLWFKDOOHQJHVDVWUDLJKWIRU
I10E!2>5562/4>5!I4/8!ɴíVD\DVLWZRXOGDVVXPHDQXQDग़HVWHGQRXQSDग़HUQ
ی7KLVQDPHLVDWWHVWHGVHYHQW\ILYHWLPHVLQWKH2&,$1$FRUSXV
ی:ROI/HVODX&RPSDUDWLYH'LFWLRQDU\RI*HɴH] &ODVVLFDO(WKLRSLF *HɴH](QJOLVK
(QJOLVK*HɴH]ZLWKDQ,QGH[RIWKH6HPLWLF5RRWV :LHVEDGHQ+DUUDVVRZLW]
ی7KH PRGDO IXQFWLRQ RI WKLV ZRUG LV DOVR DWWHVWHG LQ 6DIDLWLF :+ Z WՀU
Ҽ ɴV \ԚI ۢDQG KH NHSW ZDWFK IRU KLP ZKRP KH KRSHV WR UHWXUQۣ 7KLV WUDQVODWLRQ
UHSODFHVWKHRQHVXJJHVWHGLQ$O-DOODGDQG-DZRUVND'LFWLRQDU\ۢ۬bKLPZKR
PLJKWUHWXUQۣ
ی6DE¦LVFKHV:¸UWHUEXFK KWWSVDEDZHEXQLMHQDGHVDEDZHEDFFHVVHG'HFHPEHU
ی/HVODX 'LFWLRQDU\ 2Q WKH UHODWLRQVKLS RI WKLV URRW ZLWK +HEUHZ ɴÃĝÃ VHH
)ULWKLRI5XQGJUHQۢ=XUDUDELVFKHQ:RUWNXQGHۣLQ&DUO%URFNHOPDQQDQG0DQIUHG
)OHLVFKKDPPHU HGV 6WXGLD 2ULHQWDOLD LQ PHPRULDP &DUROL %URFNHOPDQQ +DOOH
0DUWLQ/XWKHU8QLYHUVLW¦W ۙۙ
&$? $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
IíɴDO१LVJLYHVXVWZRRSWLRQV)LUVWZHFRXOGDVVXPHWKDWWKH6DIDLWLFIRUP
UHHFWVDSXWDWLYHQDPHɴDVí\ ʁDVL\\XQ ۢSXUFKDVHGۣ1DPHVRIWKLVVRUW
DUHW\SRORJLFDOO\FRPPRQFI]DEíGWD\PNDUH\\ɳDJíUDQGVRRQ%XWWR
2>5562/!/84.!I4/8!G1/60!ɴíVD\ZHPXVWDVVXPHPHWDWKHVLVRIWKHYRZHOVDV
LW ZDV WUDQVIHUUHG DFURVV FRPPXQLWLHV LQ $UDELD VR ɴDVí\ ^! ɴíVD\ १LV LV
SRVVLEOHEXWXQSURYDEOH
१HFRQVRQDQWDOVSHOOLQJɴV\FRXOGUHHFWDSDUWLFLSLDOIRUPɴÃVH\!7615
LQJۢSXUFKDVHUۣEXWWKLVZRXOGQRWEHFRPSDWLEOHZLWKWKHTXUʀÃQLFIRUP
ɴ\V\DQGLWVYRFDOL]DWLRQLQODWHUUHDGLQJWUDGLWLRQV3HUKDSVWKHQWKHURRW
ɴV\!I1.!1JJG46E!/>!/86!ID\ɴDOSDग़HUQZKLFKLVDQDGMHFWLYDODJHQWLYHSDW
WHUQWKXVZHKDYHҺD\JKDPXQ ۢJQDZLQJۣIURPҺDJKDPDۢWRELWHZLWKRXW
WHDULQJۣԐD\UDIXQ ۢPRQH\H[FKDQJHUۣIURPԐDUDID ۢWRH[FKDQJHPRQH\ۣ
ED\ɳDVXQ ۢKDUVKDQGSRZHUIXOۣ DSSOLHGWRDPDQ WKDWLVۢFDXVLQJDLF
WLRQۣRUEXɳVXQԐD\TDOXQ ۢSROLVKHUۣ RIVZRUGV IURPԐDTDOD ۢWRSROLVKۣ
DQGVRRQ,IWKLVLVFRUUHFWWKHQɴV\!.8>@GE!-6!@5E60./>>E!1.!761545H!G4/
HUDOO\ۢSXUFKDVHUۣRUۢUHGHHPHUۣ१LVZRXOGPDNHWKHQDPHWKHHTXLYDOHQW
>A!/86!RG1..421G!,01-42!15/80>J>5:7!IÃGí!A0>7!/86!0>>/!IG\ ۢWRUDQVRPۣ)C
१XVDIRUPOLNHɴD\VD\!I>@GE!1JJ610!45!91A14/42!>0/8>H01J8:!1.!ɴV\!1.!76
GLDOGLSKWKRQJVZHUHQRWQRUPDOO\LQGLFDWHG?%
१HSDWKIURPɴD\VD\WRWKHSURQXQFLDWLRQLQWKHTXUʀÃQLFUHDGLQJWUDGL
WLRQVLVH[SODLQHGWKURXJKWZRVWHSVRQHUHJXODUDQGWKHVHFRQGDGKRF!:6/!
OLQJXLVWLFDOO\VRXQG)LUVWWKHQDOD\!2>GG1J.6.!/>!ÕLQ2OGԅLJÃ]íSURGXF
45H!ɴD\VÕDVGLVFXVVHGDERYH१HVHFRQGFKDQJHLQYROYHVWKHVKLॗRIWKH
76E41G!E4J8/8>5H!/>!íDVDUHVXOWRIGLVVLPLODWLRQ:KLOHWKLVLVDGPLग़HGO\
15!DGKRFSURFHVVWKHUHSHWLWLRQRIWZRGLSKWKRQJVZRXOGKDYHFHUWDLQO\
SURYLGHGWKHLPSHWXVIRUVXFKDFKDQJHWKHGLVVLPLODWLRQRID\/>!í2>@GE!
KDYH SUHFHGHG RU IROORZHG WKH FROODSVH RI QDO D\ />! Õ :H VKRXOG QRWH
KRZHYHUWKDWWKHTXUʀÃQLFUDVPGRHVQRWUHTXLUHWKLVGLVVLPLODWLRQۚLQGHHG
/86!J0>5@5241/4>5!ɴD\VÕ!2>@GE!8136!-665!2@0065/!45!/86!2>7J>.4/4>51G!E41
OHFWRIWKH०UʀÃQ
[8>5>.6715/42! 71/2845H! 2>@GE! 8136! 7>/431/6E! ,01-42! .J61L60.! />!
HTXDWHWKHQDPHRI-HVXVZLWKWKLVSUHH[LVWLQJDQWKURSRQ\P,QIDFWɴV\
FRXOGDOVRKDYHEHHQIHOWWREHDVXLWDEOHHTXLYDOHQWۚDQGQRWDWUDQVODWLRQۚ
ی1RWHWKDWWKHQDPHIG\LVDOVRDWWHVWHGLQ6DIDLWLFHLJKW\WLPHVLQWKH2&,$1$
FRUSXV DFFHVVHG0D\
ی:KLOH WKH URRW ɴV\ KDV QRW DSSHDUHG DV D YHUE LQ 6DIDLWLF LWV SUHVHQFH LQ WKH
RQRPDVWLFRQ FRQILUPV LWV H[LVWHQFH LQ WKH QRUWKHUQ GLDOHFWV 7KH ULJLG IRUPXODLF
./0@2/@06! >A! /86! 91A14/42! 45.204J/4>5.! H436! @.! 1! A0@./01/45HG:! 5100>I! 346I! >A! /86!
ODQJXDJH۟VOH[LFRQVRWKHDEVHQFHRIDZRUGLQWKHLQVFULSWLRQVLVQRWQHFHVVDULO\
HYLGHQFHIRULWVDEVHQFHLQWKHODQJXDJH
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&$C
>A!/86!O066L!/4/G6!VďWÕU?&DQGLWV6\ULDFHTXLYDOHQWSÃUďTÃ?$१HIRFXVRQWKH
UHGHPSWLYHDVSHFWRIVDOYDWLRQLQWKH$UDELFQDPHPD\EHGHOLEHUDWHۚWKH
SDJDQJRGVZHUHIUHTXHQWO\LQYRNHGIRUGHOLYHUDQFHDQGVDOYDWLRQ\HWWKH\
QHYHU SD\ RU VDFULFH DQ\WKLQJ LQ RUGHU WR VDYH WKH IDLWKIXO १LV ZRXOG
KDYHEHHQDXQLTXHTXDOLW\RI&KULVWLDQVDOYDWLRQDQGVXFKDQHSLWKHWFRXOG
KDYHVHUYHGWRGLVWLQJXLVK&KULVWDVDUHGHHPLQJVDYLRUIURPWKHROGJRGV
,QGHHG &KULVW۟V VDFULFH DV UHGHPSWLRQ LV H[SUHVVHG LQ VHYHUDO RI 3DXO۟V
OHग़HUVDQGLVDXQLYHUVDODVSHFWRI&KULVWLDQWKHRORJ\?+!!!
!"#$ʁV\WKH&UHDWRUD3DJDQ(SLWKHW"
;.!4/!J>..4-G6!/81/!/86!E43456!/4/G6!ɴV\VKRXOGEHXQGHUVWRRGDVۢFUHDWRUۣ FI
+HEUHZ ɴÃĝ¤ ۢWR PDNHۣ D GLYLQH HSLWKHW DSSOLHG WR WKH FUHDWRU GHLW\ RI
WKHORFDOSDQWKHRQ"2UFRXOGLWKDYHEHHQWKHWLWOHRIWKH-HZLVK*RG"१H
.>@5E!2>006.J>5E6526!-6/I665!,01-42!V\!.& DQG+HEUHZĝ VKRZHYHU
LVLUUHJXODUWKHWUXHFRJQDWHRI+HEUHZɴÃĝ¤I>@GE!-6!ϰ˰˰θϋZKLFKZRXOG
1JJ610!45!91A14/42!1.!ɴĝ\ K84G6!/86!91-142!2>H51/6!ɴV\!81.!-665!45/60J06/6E!
WRPHDQۢWRGRPDNHۣWKLVVHHPVDOZD\VWRRFFXULQDVDFULFLDOFRQWH[W
LHۢWRPDNH DVDFULFH ۣWKHEDVLFPHDQLQJRIWKHYHUELVۢWRSXUFKDVH
DFTXLUHۣ?<0RUHRYHUWKHXVHRINIU ۢWRGHQ\ۣZLWKWKHGHLW\KLPVHOIDVWKH
GLUHFWREMHFWLQWKHLQYRFDWLRQFKDOOHQJHVDSDJDQRUHYHQ-HZLVKLQWHUSUH
WDWLRQDQGLQGLFDWHVUDWKHUWKDWZHDUHFRXFKHGZLWKLQD&KULVWLDQFRQWH[W
ی7KH WLWOH ZDV HPSOR\HG LQ SDJDQ WLPHV DQG ZDV SRSXODU DPRQJ WKH SRVW
$OH[DQGULDQG\QDVWLHV7KHWLWOHZDVDSSOLHGWR<+:+LQWKH6HSWXDJLQWDQGZDV
RQH RI WKH HDUOLHVW SRSXODU HSLWKHWV DSSOLHG WR &KULVW DV LQ WKH ILQDO ZRUG LQ WKH
DEEUHYLDWLRQ͖͔͋͊͘XVHGE\HDUO\&KULVWLDQVDVWKHLUVHFUHWV\PERO
ی7KH 6\ULDF URRW SUT KDV DWWUDFWHG FRQVLGHUDEOH GLVFXVVLRQ LQ TXUʀÃQLF VWXGLHV
6.J6241GG:!4/.!2>5562/4>5!/>!/86!E4AA42@G/!I>0E!IXUTÃQXQ!15E!/86!/4/G6!IÃUĭTXQ)RUWKH
PRVWUHFHQWRSLQLRQVRQWKHPDWWHUVHH)UHG0'RQQHUۢ4XUʀÃQLF)XUTÃQۣ!$$!B$!
ۙ8UL5XELQۢ2QWKH$UDELDQ2ULJLQVRIWKH4XUʀÃQ7KH&DVHRIDO
)XUTÃQۣ!$$' ۙ:DOLG$6DOHKۢ$3LHFHPHDO4XUʀÃQ)XUTÃQ!15E!;/.!
0HDQLQJLQ&ODVVLFDO,VODPDQGLQ0RGHUQ4XUʀÃQLF6WXGLHVۣ!$%"' ۙ
)یRU H[DPSOH 5RP ۢEHLQJ MXVWLILHG IUHHO\ E\ KLV JUDFH WKURXJK WKH
UHGHPSWLRQWKDWLVLQ&KULVW-HVXVۣZKHUHWKH*UHHNXVHVͬͰͱסͶ͵ͲͿʹͦͺͳ JHQLWLYH
IRUUHGHPSWLRQ,QWKH1HZ7HVWDPHQWWKLVLVH[SUHVVHGE\WKHYHUEVِͬͰͱסͺۢWR
JUDQWDFTXLWWDOVHWIUHHUHOHDVHِۣͬ͵ͲͺʹͪͳۢUHGHPSWLRQۣLQWKHVHQVHRIۢUDQVRPLQJۣ
ۢUHOHDVLQJۣͧنͲͰͤסͺOLWHUDOO\ۢWRDFTXLUHDWWKHIRUXPۣXVHGIRUۢUHGHHPۣLQWKH
%RRNRI5HYHODWLRQDQGͧنͲͰͤͯ͢ױͺOLWHUDOO\ۢWRDFTXLUHRXWVLGHWKHIRUXPۣZKLFK
3DXOXVHVWRPHDQۢUHGHHPۣLQKLVHSLVWOHV6HHDOVR&RU5HY7KHVV
+HE(SK7LW5RP
ی6HH WKH GHWDLOHG OHPPD LQ WKH 6DE¦LVFKHV :¸UWHUEXFK KWWSVDEDZHEXQL
MHQDGH
&+% $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
;A!I6!1226J/!/86!@5E60./15E45H!>A!ɴV\DVۢUHGHHPHUۣFRXOGLWKDYHQHY
60/86G6..! 1JJG46E! />! 1! J1H15! E64/:_! Y6G43601526! 15E! .1G31/4>5! 106! 71=>0!
WKHPHVLQ6DIDLWLFLQYRFDWLRQVWRWKHDQFLHQWJRGVVRLWLVHDV\WRLPDJLQH
KRZRQHRUVHYHUDORIWKHVHGLYLQLWLHVPD\KDYHWDNHQVXFKDWLWOH%XWDV
ZHKDYHQRWHGEHIRUHWKHYHU\HVVHQFHRIUHGHPSWLRQLVWRPDNHDSD\PHQW
LQRUGHUWRUHOHDVHRUVDYHVRPHRQHۚQRQHRIWKHYHUEVRIGHOLYHUDQFHXVHG
LQ SDJDQ 6DIDLWLF LQYRFDWLRQV KDYH WKLV LPSOLFDWLRQ! ?B! G6/! 1G>56! 4/.! A@5E1
PHQWDOPHDQLQJ१HFRQFHSWLRQRIUHGHPSWLRQWKHUHIRUHVHHPVWREHDOLHQ
WRGLYLQHDFWLYLW\LQWKHSDJDQ6DIDLWLFFRQWH[W*LYHQWKHJUHDWQXPEHURI
SKLORORJLFDOLVVXHVDQGFRLQFLGHQFHVWKDWWKHSDJDQLQWHUSUHWDWLRQSURGXFHV
,EHOLHYHZHDUHUDWKHUVHFXUHLQXQGHUVWDQGLQJWKHSUHVHQWWH[WDVDPRQR
WKHLVWLFLQYRFDWLRQDQGPRUHSUHFLVHO\DVDQLQYRFDWLRQRI-HVXVKLPVHOI
&RQFOXGLQJ5HPDUNV'DWLQJDQG&RQWH[W
,IWKHLGHQWLFDWLRQRIɴV\DV&KULVWLVFRUUHFWWKHQWKLVLQVFULSWLRQFRQVWL
WXWHVWKHHDUOLHVW$UDELFZLWQHVVWR&KULVWLDQLW\GLVFRYHUHGVRIDUۚSUHॗK
FHQWXU\&(,WVSUHFLVHGDWLQJKRZHYHUUHPDLQVXQFHUWDLQDVGRHVWKHVR
FLDOEDFNJURXQGRILWVDXWKRU5HFDOOLQJWKHGLVFXVVLRQLQVHFWLRQ:DKEʀHO
FRXOG KDYH EHHQ D ORFDO QRPDG ZLWK SRVVLEOH OLQNV WR VHग़OHG DUHDV RU D
VHग़OHGSHUVRQRI$UDELDQEDFNJURXQGSDVVLQJWKURXJKWKHUHJLRQ१HWDVN
KHUHLVWRDग़HPSWWRH[SODLQKRZD&KULVWLDQLQYRFDWLRQKDVDSSHDUHGLQD
6DIDLWLFFRQWH[W
V10G:!G4/6010:!.>@026.!062>0E!.63601G!122>@5/.!>A!R804./415!8>G:!765!15E!
DVFHWLFVYHQWXULQJRXWLQWRWKHGHVHUWVWRFRQYHUWLWVQRPDGLFLQKDELWDQWV?"
[6081J.!>56!>A!/86!7>./!A17>@.!E6.204J/4>5.!-6G>5H.!/>!F60>76!#+<)*<&C!
&( ZKRUHFRXQWVDQHQFRXQWHUEHWZHHQ6W+LODULRQDQGWKH$UDEVLQ(OX
VD VRXWKZHVW RI WKH 'HDG 6HD?) +H GHVFULEHV WKH ۢ6DUDFHQVۣ DV GHYRWHG
ی7KH FRPPRQHVW URRWV IRU WKHVH DUH ӘOԐ IOԚ IOW QJZ $O-DOODG DQG -DZRUNVD
'LFWLRQDU\VY
)یRUDQH[FHOOHQWVXPPDU\RIWKLVPDWHULDOVHH*UHJ)LVKHUDQG:DOWHU:DUG
ۢ$UDEV DQG &KULVWLDQLW\ EHIRUH WKH 6L[WK &HQWXU\ 0LUDFOHV &RQYHUVLRQ DQG
5DLGLQJۣ LQ *UHJ )LVKHU HG $UDEV DQG (PSLUHV EHIRUH ,VODP 2[IRUG 2[IRUG
8QLYHUVLW\3UHVV ۙ6HHDOVRWKHHVVD\VLQ-RKDQQHV+DKQDQG9RONHU
0HQ]H HGV 7KH:DQGHULQJ+RO\0DQ7KH/LIHRI%DUVDXPD&KULVWLDQ$VFHWLFLVP
DQG 5HOLJLRXV &RQIOLFW LQ /DWH $QWLTXH 3DOHVWLQH! #D60LG6:(! Z54360.4/:! >A! R1G4A>0541!
3UHVV
)یRUDFULWLFDOGLVFXVVLRQRIWKLVVWRU\LQWKHFRQWH[WRIVLPLODUSURFHVVHVDQGWRSRL
VHH .RQVWDWLQ .OHLQ ۢ+RZ WR *HW 5LG RI 9HQXV 6RPH 5HPDUNV RQ -HURPH۟V 9LWD
+LODULRQLVDQGWKH&RQYHUVLRQRI(OXVDLQWKH1HJHYۣLQ$ULHWWD3DSDFRQVWDQWLQRX
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&+&
WR WKH FXOW RI WKH 0RUQLQJ 6WDU 6WRULHV RI 6W +LODULRQ۟V PLUDFOH ZRUNLQJ
FDXVHGWKHQRPDGVWRRFNWRKLPWRUHFHLYHEOHVVLQJVDWZKLFKSRLQWKH
LQYLWHG WKHP WR DEDQGRQ LGROV DQG ZRUVKLS *RG DORQH??! ! 9/>046.! .@28! 1.!
WKHVHEHFDPHDWRSRVLQFRQYHUVLRQOLWHUDWXUHQHYHUWKHOHVV)LVKHUVHHVOLग़OH
UHDVRQWRGRXEWWKHLUEDVLVLQUHDODFWLYLWLHV:KLOHZHSRVVHVVQRDFFRXQWV
GHVFULELQJVXFKYHQWXUHVLQWKHԅDUUDKLWLVWRSRORJLFDOO\FRPSDUDEOHWRWKH
1HJHYDVHPLDULGUHJLRQRQWKHHGJHRIWKH5RPDQ(PSLUHDQGVRLWZRXOG
./15E!/>!061.>5!/81/!4/.!5>71E42!J>J@G1/4>5!I1.!6365/@1GG:!74..4>54T6E!1.!
ZHOO&RQVLGHULQJWKHPLOLWDU\FRQQHFWLRQVEHWZHHQWKHQRPDGVRIWKHԅDU
UDKDQGWKH5RPDQHPSLUH&KULVWLDQL]DWLRQZRXOGKDYHIXUWKHUVHUYHGWR
FRQVROLGDWHDOOLDQFHVDQG5RPDQSROLWLFDOSRZHULQWKHVHERUGHUDUHDV?C
*UHHNLQVFULSWLRQVOHॗE\PHQZLWK*UHHNQDPHVOLग़HUWKHUHPRWHSDUWV
>A!/86.6!E6.60/.!15E!2>@GE!8136!J>..4-G:!-665!21036E!-:!1.26/42.!365/@045H!
LQWRWKHEDVDOWIRUWKHSXUSRVHRISURVHO\WL]DWLRQ१HUHLVVRIDURQH*UHHN
LQVFULSWLRQ WKDW FRQWDLQV &KULVWLDQ GHYRWLRQDO ODQJXDJH GLVFRYHUHG QHDU
4DՄU%XUTXʁC%
-HURPH GHVFULEHV (OXVD DV D ۢVHPLEDUEDURXV WRZQۣ )LVKHU VSHFXODWHV
RQWKHFRQQRWDWLRQVRIWKLVSKUDVHPL[HGSDJDQDQG&KULVWLDQRUSHUKDSV
PL[HG VHग़OHG DQG QRPDGLF १H VHFRQG RSWLRQ FRXOG LPSO\ WKH UVW DV
&KULVWLDQLW\ WRRN ORQJHU WR SHQHWUDWH WKH GHVHUWV $V ZH KDYH SUHYLRXVO\
GLVFXVVHGWKHYLOODJHVRIWKHԅDZUÃQZHUHKRPHWRVHग़OHGVHFWLRQVRIQR
PDGWULEHVZKRPDLQWDLQHGWLHVZLWKWKHLUQRPDGLFNLQVPHQ-HURPH۟VGH
VFULSWLRQFRXOGKDYHHDVLO\DSSOLHGWRVXFKSODFHVDVZHOO2XUPDQ:DKEʀHO
FRXOGWKHUHIRUHKDYHUHFHLYHG&KULVWLDQLW\WKURXJKHLWKHUFKDQQHOEHLQJD
.6E65/10:!J60.>5!I4/8!5>71E42!0>>/.!>0!1!5>71E!1/!/86!65E!>A!/86!J604>E!
RI6DIDLWLFGRFXPHQWDWLRQSHUKDSVLQWKHIRXUWKFHQWXU\&(१HIDFWWKDW
F6.@.!4.!453>L6E!45!1!715560!.474G10!/>!/86!J1H15!H>E.!2>@GE!.@HH6./!/81/!
:DKEʀHOKLPVHOIZDVDFRQYHUWDQGPRGLHGKLVZULWLQJWUDGLWLRQWRDFFRP
PRGDWHKLVQHZIDLWK.OHLQVXJJHVWVWKDWWKHW\SHRIFRQYHUVLRQGHVFULEHG
E\-HURPHZDVPHUHO\WKHJUDॗLQJRIWKHQHZXSRQWKHROGDQGWKDWPD\
EHZKDWZHDUHZLWQHVVLQJKHUHC&
%XWWKLVZRXOGQRWEHVXVWDLQDEOH,WVHHPVWKDW6DIDLWLFZULWLQJZKLFK
ZDVFOHDUO\YHU\FORVHO\WLHGWRWUDGLWLRQDOUHOLJLRXVH[SUHVVLRQZDVDEDQ
GRQHGLQWKHZDNHRIWKHVSUHDGRI&KULVWLDQLW\$QGVRWKLVSUHFLRXVWH[W
71:!-6!1!0106!I4/56..!/>!/86!/015.4/4>5!A0>7!,01-415!J1H154.7!/>!R804./4
DQLW\DPRQJWKHQRPDGVRIWKHIRXUWKFHQWXU\&(
;/!4.!/865!45!.@28!15!65340>5765/!/81/!I6!71:!J>.4/!/86!/015.A>071/4>5!
>A!\Hģĭɴ!/>!ɴD\VD\15E!@G/471/6G:!ɴíVÕWKURXJKRQHRIWKHDYHQXHVGLVFXVVHG
LQVHFWLRQ(SLWKHWVDQGORFDOL]DWLRQZHUHQRUPDOSURFHVVHVLQWKHIRUPD
WLRQ RI GLYLQH QDPHV DPRQJ WKH SUH,VODPLF $UDEV (YHQ WKHRQ\PV VXFK
1.!DOɴX]]D\ҼĭĝDUD\ 'XVDUHV DQGHYHQWKHPRQRWKHLVWLFGHLW\RI6RXWK
$UDELD UDӒPÃQÃQ DUH WLWOHV WKDW HYHQWXDOO\ EHFDPH SURSHU QDPHVC$! ;/! 4.!
WKHUHIRUHSRVVLEOHWKDWZKHQ&KULVWZDVLQWURGXFHGWRWKH$UDEVWKH\FKRVH
WR UHIHU WR KLP E\ D SUHH[LVWLQJ DQWKURSRQ\P WKH VHPDQWLFV RI ZKLFK
ZRXOG KDYH DOORZHG LW WR GRXEOH DV D GLYLQH HSLWKHW ɴD\VD\ ۢUHGHHPHUۣ
१XVLWZRXOGKDYHEHHQLQWKLVQRUWKHUQHGJHRI$UDELDWKDW-HVXVEHFDPH
ɴíVÕ DQG IURP WKHUH WKH QDPH ZRXOG KDYH VSUHDG ZLWK $UDELF YHUQDFXODU
SURVHO\WL]DWLRQ XQWLO QDOO\ DSSHDULQJ LQ ZULWLQJ ZKHQ $UDELF EHFDPH D
ODQJXDJHRIVFULSWXUH
१HVLPXOWDQHRXVH[LVWHQFHRI\DVĭɴ!45!,01-42!I>@GE!.@HH6./!1!.62>5E!
SURFHVVRILPSRUWDWLRQEXWWKLVWLPHGLUHFWO\DGDSWLQJWKH:HVW6\ULDF\Hģĭɴ
WR$UDELF१HHDUOLHVWVHFXUHO\GDWHGDग़HVWDWLRQRI\DVĭɴFRPHVIURP6LQ$U
DQ$UDELFWUDQVODWLRQRIWKH*RVSHOVGDWHGE\WKHFRS\LVWWR&(C+१H
A>07!>A!/86!5176!\DVĭɴKRZHYHUVXJJHVWVDPXFKHDUOLHUGDWHRIERUURZ
LQJ+DGWKH$UDPDLFIRUPEHHQDGDSWHGWR$UDELFLQWKHQLQWKFHQWXU\&(
ZHZRXOGH[SHFWLWWREHSURQRXQFHG\DVKĭɴZLWK$UDELFε!065E6045H!9:04
12!ŀ१HXVHRIα!15E!/86!J0>5@5241/4>5!\DVĭɴUHHFWVWKHDQFLHQWVWUDWHJ\
RIFRQVLVWHQWO\UHQGHULQJSUH,VODPLF$UDPDLFģLQWR$UDELFZLWKV१XV
ی.OHLQ9HQXV
ی6HH-RKQ)+HDOH\7KH5HOLJLRQRIWKH1DEDWDHDQV$&RQVSHFWXV /HLGHQ%ULOO
FKIRUDGLVFXVVLRQ
ی6HH$]L]6$WL\D7KH$UDELF0DQXVFULSWVRI0W6LQDL$+DQGOLVWRIWKH$UDELF
0DQXVFULSWVDQG6FUROOV0LFURILOPHGDWWKH/LEUDU\RIWKH0RQDVWHU\RI6W&DWKHULQH
0W6LQDL %DOWLPRUH-RKQV+RSNLQV ,WKDQN3KLOOLS6WRNHVIRUWKLVUHIHUHQFH
,KDYHH[FOXGHGPHQWLRQVRI\DVĭɴLQSRHWU\DWWULEXWHGWRWKHSUH,VODPLFSHULRGDVLW
LVLPSRVVLEOHWRGHWHUPLQHWKHDXWKHQWLFLW\RIWKHVHRFFXUUHQFHV
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&++
ZKLOHZHFDQQRWEHVXUHRIWKHDQWLTXLW\RI\DVĭɴLWDSSHDUVWREHORQJWRWKH
VDPHVWUDWXPRIORDQVDVWKH$UDPDLFYRFDEXODU\RIWKH०UʀÃQLQFRQWUDVW
WRODWHUSUDFWLFHC<
K6!71:!5>I!2>52G@E6!I4/8!1!A6I!I>0E.!>5!I8>!I1.!7615/!-:!/86!/607!
NIU:HVHHLQRWKHUFRPSDUDEOHLQYRFDWLRQVWKDWWKHJRGVDUHLQYRNHGLQRU
GHUWRGHOLYHUWKHPRXUQHUIURPKLVRZQJULHIDQGIURPHQHPLHVRॗHQWKRVH
ZKRPXUGHUHGKLVEHORYHG:DKEʀHO۟VPDWHUQDOXQFOHFRXOGKDYHEHHQNLOOHG
-:!1!0431G!5>71E42!H0>@J!I8>!45!/84.!610G:!J604>E!0671456E!J012/4/4>560.!
RIWUDGLWLRQDO$UDELDQUHOLJLRQ+LVLQYRFDWLRQUHIHUVWRWKHPZLWK&KULVWLDQ
SROHPLFDOODQJXDJHDVWKRVHZKRKDYHGHQLHG&KULVW
3DUW,,H6LWH $OLDO0DQDVHU
$O.KXӮDULLVRQHRIWKHODUJHVWDUHDVLQWKH-RUGDQLDQ%ODFN'HVHUWWKHԅDU
UDK J १HDUHDFRPSULVHV:ÃGíDO.KXӮDUí:ÃGíԅDVKÃGDO.KXӮDUí
6ĭԆDO.KXӮDUí0DUDEEDO.KXӮDUí0DՎDEEDO.KXӮDUí1DTʁDWDO.KXӮDUí
DQGÂEÃUDO.KXӮDUí6ĭԆDO.KXӮDUíLVDQRSHQDQGOHYHODUHDLQZKLFKLWLV
SRVVLEOHWRHQJDJHLQDJULFXOWXUH,WLVGLVWLQJXLVKHGIURPWKH0DUDEEE\LWV
VL]HRQO\१HDUHDFDOOHGԅDVKÃGLVDUHODWLYHO\DWDUHDFKDUDFWHUL]HGE\ED
VDOWJUDYHO१LVWHUPLVDSSOLHGWRPDQ\DUHDVLQWKHԅDUUDKHDFKTXDOLHG
E\WKHODUJHUUHJLRQLQZKLFKWKH\DUHORFDWHGۚHJԅDVKÃG6DOPÃԅDVKÃG
DOʁĎVDMíDQGԅDVKÃGDO6ZÕʁLG$VIRUWKHUHJLRQFDOOHG0DՎDEELWGHVFULEHV
WKHERXQGDU\RIWKHԅDUUDKDQGWKHVDQGPXGGHVHUWWKHӒDPÃG
१HSUHVHQWLQVFULSWLRQZDVGLVFRYHUHGDWRQHRIWKHWULEXWDULHVRI:ÃGí
DO.KXӮDUíQHDU1DTʁDWDO.KXӮDUíۢWKHSRQGRIDO.KXӮDUíۣ!I8428!G61E.!
WRWKHDUHDRIÂEÃUDO.KXӮDUíۢWKHZHOOVRIDO.KXӮDUíۣ!I8428!2>5/45@6.!
WREHXVHGE\%HGRXLQWRGD\LQWKHVXPPHU१HDUHDRI1DTʁDWDO.KXӮDUí
LV ORFDWHG EHWZHHQ WKH ODUJHU DUHD RI DO.KXӮDUí DQG 7HOO DO+ÕI I8428!
OHDGVWRWKHRIWKHDUHDRIDOՃTÕUÃWDQDUHDLQZKLFKWKHUHLVDQDEXQGDQFH
RILQVFULSWLRQV१HQHDUE\7HOODO+ÕIZKLFKIDFHVWKHFDLUQDWZKLFKWKH
SUHVHQWLQVFULSWLRQZDVGLVFRYHUHGZDVVXUYH\HGLQUHVXOWLQJLQWKH
GRFXPHQWDWLRQRIPRUHWKDQ6DIDLWLFLQVFULSWLRQV
१LVUHJLRQKDVHQMR\HGVLJQLFDQWHSLJUDSKLFDग़HQWLRQLQWKHSDVWHV
SHFLDOO\WKHDUHDRI7XOĭODO*KXՄD\QDO6KEÕNDK-ÃZÃDQG4DՄU%XUTXʁ
१HGLVFRYHULHVDWWKHVHVLWHVSRLQWWRZDUGVFRQWLQXRXVKXPDQKDELWDWLRQ
IURPWKH1HROLWKLFWRSUHVHQWWLPHV
)یRU D WKRURXJK GLVFXVVLRQ RI WKLV LVVXH DQG SUHYLRXV RSLQLRQV VHH $KPDG
$O-DOODGۢ7KH0RQWKʀGULQ6DIDLWLFDQGWKH6WDWXVRI6SLUDQWLVDWLRQLQ۞$UDELDQ۟
$UDPDLFۣ$UDPDLF6WXGLHV ۙ
&+< $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
$SSHQGL[H6HFRQG,QVFULSWLRQ
W61E45H(!! O^I`OGEQQनEQ^J`Ҽ
,QWHUSUHWDWLRQ %\^)OG`VRQRI1VRQRI*Ӱ
)OGLVDग़HVWHGRQFHLQ:+१HIRIWKLVQDPHKRZHYHUVHHPVWREH
.71GG60!/815!/86!2G610!IRIWKHIROORZLQJDQWKURSRQ\P१HUHFRXOGEHVHY
HUDOIXUWKHUXQGXODWLRQVWRZDUGVWKHERग़RPRIWKHJO\SKZKLFKFRXOGSHU
74/!061E45H!4/!1.!15!ĝ$QDPHĝOGKRZHYHULVQRWDग़HVWHGLQWKH2&,$1$
FRUSXV%RWKURRWVDUHXQDग़HVWHGLQ&ODVVLFDO$UDELF1न!2>006.J>5E.!/>!
/86!RG1..421G!,01-42!5176!QDZIDOXQDQGRFFXUVLQHLJKWHHQ6DIDLWLFWH[WV
)LQDOO\^J`ҼLVQRW\HWDग़HVWHGLQWKH6DIDLWLFRQRPDVWLFRQEXWWKHURRWLV
Dग़HVWHGLQ&ODVVLFDO$UDELFJDGKGKDۢKHEURNHۣ१HQDPHɴҼKRZHYHULV
IDLUO\FRPPRQEXWWKHUVWJO\SKLQWKHSUHVHQWLQVFULSWLRQLVFOHDUO\RE
ORQJPDNLQJLWVUHDGLQJDVDQɴTXLWHLPSRVVLEOH
7+(35(ਜ਼,6/$0,&',9,1(1$0(ɴ6< !&+B
$SSHQGL[2Q/LWWPDQQھV,GHQWLख़FDWLRQRI-HVXV
LQDQ$QFLHQW1RUWK$UDELDQ,QVFULSWLRQ
,Q WKH JUHDW ( /Lग़PDQQ SURGXFHG
DQ HGLWLRQ RI D VKRUW +LVPDLF LQVFULS
/4>5! 1GG6H6E! />! 2100:! /86! 5176! >A! F6.@.!
XQGHUQHDWKDFURVV J १UHHJO\SKV
DSSHDUXQGHUWKH&KULVWLDQPDUNZKLFK
/Lग़PDQQ LGHQWLHG DV D \ ĝ 15E! ɴ १LV
UHDGLQJKRZHYHUVKRXOGEHGRXEWHG
Q526! I6! 45.J62/! /86! J8>/>H01J8!
FORVHO\ LW EHFRPHV FOHDU WKDW ZKDW /Lग़
7155!/>>L!1.!1!\LVLQIDFWVLPSO\DFLUFOH
१HDOOHJHGVKDॗLVDVHFRQGDU\PDUNLQJ
21036E!G1/60!15E!45!1!G4H8/60!A1.84>5!/815! )LJXUH3KRWRRI*b/+DUGLQJ
WKH FLUFOH WR ZKLFK LW DSSHDUV WR Dग़DFK RIWKHDOOHJHGۢ-HVXVۣLQVFULSWLRQ
$QRWKHUVLPLODUVHFRQGDU\PDUNDग़DFK SXEOLVKHGLQ(QQR/Lग़PDQQۢ-HVXV
HVWRWKHOHॗVLGHRIWKHOHॗPRVWJO\SKDV LQDSUH,VODPLF$UDELFLQVFULSWLRQۣ
0: ۙ
ZHOO6RLIZHZHUHWRWDNHWKHVHJO\SKV
DVDQ$QFLHQW1RUWK$UDELDQLQVFULSWLRQ
)LJXUH१HR_RFDUYHGRQDZDOORI4DՄU.KDUUÃQDK-RUGDQ
SKRWRJUDSKE\$$O-DOODG
&+" $+0$'$/ਜ਼-$//$'$1'$/,$/ਜ਼0$1$6(5
VSHFLFDOO\D+LVPDLFRQHWKHQWKH\VKRXOGUHDGDVɴĝɴZKLFKLVQRWFRP
J1/4-G6! I4/8! /86! 5176! \Hģĭɴ %XW , ZRXOG TXHVWLRQ ZKHWKHU WKHVH PDUNV
DUH WR EH XQGHUVWRRG DV OHग़HUV DW DOO 5DWKHU WKH\ VKRXOG PRUH OLNHO\ EH
LQWHUSUHWHGDVWULEDOV\PEROVDZDVPZKLFKWKHQRPDGVXVHWRPDUNWKHLU
DQLPDOV DQG SURSHUW\ DQG FDQ RॗHQ EH IRXQG FDUYHG RQ URFN IDFHV १H
R _ R GHVLJQ LV TXLWH FRPPRQ LQ -RUGDQ DQG UHPDLQV LQ XVH HYHQ WRGD\
१HVDPHGHVLJQZDVFDUYHGLQWRWKHZDOOVRI4DՄU.KDUUÃQDKRQHRIWKH
8PD\\DGGHVHUWFDVWOHVQHDUDO$]UDT J १XVLWVHHPVWKDWWKHR_RRI
/Lग़PDQQ۟VLQVFULSWLRQFDQEHVHFXUHO\XQGHUVWRRGDVDZDVPDWULEDOPDUN
UDWKHUWKDQDQ$QFLHQW1RUWK$UDELDQLQVFULSWLRQ$VVXFKLWLVPRVWOLNHO\
QRWFRQWHPSRUDU\ZLWKWKH&KULVWLDQV\PEROLWVLWVEHQHDWKEXWFDUYHGFHQ
WXULHVODWHUE\DSDVVHUE\