[go: up one dir, main page]

Academia.eduAcademia.edu

Rus chronicles as sources of international law

2022, Quaestiones Medii Aevi Novae

In medieval Rus there were two ‘legal systems’: codified law and further provisions found elsewhere. In the first case, the documents usually concern legally relevant matter, and embody a particular right or claim that has been preserved with more than usual care. In the second case many legal documents (as gramoty, agreements, etc.) were added in extenso in Rus chronicle. This situation strongly suggests that we should not only analyse Rus chronicles as narrative sources, full of political events, but also as collections of legal interpretation and guidance, and propositions of solutions to legal issues, especially on the international level. In that sense, we should see in the Rus chronicles a collection of precedents.

vol. 27 • 2022 • • Neighborhood and Consent Historiography and memory vol. 27 • 2022 Neighborhood and Consent Historiography and memory !"#$%&'% &HQWUXP%DGDĸ+LVWRU\F]Q\FK Warszawa 2022 !"#$%&'()$%*+$,''*#$-'*)(-#$ -RXUQDOHGLWHGE\ :RMFLHFK)DãNRZVNL :DUVDZ ²(GLWRULQ&KLHI :LHVãDZ'ãXJRNĕFNL *GDĸVN 7RPDV]-DVLĸVNL 3R]QDĸ $QGU]HM3OHV]F]\ĸVNL /XEOLQ $QGU]HM5DG]LPLĸVNL 7RUXĸ 6WDQLVãDZ5RVLN :URFãDZ  3DZHã'HUHFNL :DUVDZ ²$VVLVWDQW(GLWRU 7RPDV]3HãHFK :DUVDZ ²$VVLVWDQW(GLWRU (GLWRULDO%RDUG *HUG$OWKRII 0QVWHU 3KLOLSSH%XF :LHQ 3DWULFN*HDU\ 3ULQFHWRQ <YHV6DVVLHU 3DULV 5HYLHZHUV 0DWHXV]*ROLĸVNL$OHNVDQGHU3DURĸ3LRWU5RV]DN/HV]HN36ãXSHFNL 3URRIUHDGLQJ )HOL[%LHUPDQQ$QJHOD'HOLFKDWVLRV'DYLG+DUUROG*UHJRU\/HLJKWRQ6DUD(OLQ5REHUWV -RXUQDODFFHSWHGLQWKH(5,+3/86OLVW $UWLFOHV1RWHVDQG%RRNVIRU5HYLHZVKRXOGEHVHQWWR ´4XDHVWLRQHV0HGLL$HYL1RYDHµ)XQGDFMD&HQWUXP%DGDĸ+LVWRU\F]Q\FK .UDNRZVNLH3U]HGPLHŋFLH3/:DUV]DZD HPDLOUHGDNFMD#TPDQFRPSO ZZZTPDQFRPSO 3XEOLVKHGDQGILQDQFHGE\ .DFXOW\RI+LVWRU\8QLYHUVLW\RI*GDĸVN ,QVWLWXWHRI+LVWRU\8QLYHUVLW\RI6]F]HFLQ ,QVWLWXWHRI+LVWRU\8QLYHUVLW\RI:URFãDZ &HQWHURI+LVWRULFDO5HVHDUFK)RXQGDWLRQ ‹&RS\ULJKWE\&HQWHURI+LVWRULFDO5HVHDUFK)RXQGDWLRQ ,661 3ULQWHGLQ3RODQG 6XEVFULSWLRQV3XEOLVKHGLQ'HFHPEHU7KHDQQXDOVXEVFULSWLRQVUDWHLV LQ3RODQG]ãLQ(XURSH(85LQRYHUVHDVFRXQWULHV(85 6XEVFULSWLRQVRUGHUVVKRXGEHDGGUHVVHGWR &HQWHURI+LVWRULFDO5HVHDUFK)RXQGDWLRQ XO.UDNRZVNLH3U]HGPLHŋFLH3/:DUV]DZDHPDLOUHGDNFMD#TPDQFRPSO ZZZTPDQFRPSO &LWL+DQGORZ\:DUV]DZDXO6HQDWRUVND $FFRXQW 3ULQW ,%,6:URFãDZ LELV#LELVFRPSO WHO !"#$%#$& ,1HLJKERUKRRGDQG&RQVHQW                                          *XLGR9DQQLQL )URQWLHUVDUHQRWERUGHUV                                         5DIDã6LPLĸVNL 'LH*UHQ]H]ZLVFKHQGHP+HU]RJWXP3RPPHUQXQGGHU 'HXWVFKRUGHQVKHUUVFKDIWLQ3UHX‰HQLQGHQ-DKUHQ² (QWVWHKXQJ(QWZLFNOXQJ.RQIOLNWH                          $GDP6]ZHGD 'LSORPDF\RIWKHZHDNHUSDUWQHUV'XFDO0DVRYLDDQGWKH7HXWRQLF 2UGHUDIWHUWKH6HFRQG3HDFHRI7RUXĸ                     -DURVãDZ1LNRGHP 5HIOHFWLRQVRQWKH3ROLVK/LWKXDQLDQ8QLRQ                         2QWKHPDUJLQRI5REHUW)URVW·VERRN!"#$%&'()*$+,-.()/$('$0(123*4 5,."623,27$8(169#$:;$!"#$<2=,3>$('$."#$0(1,-"45,."623,23$?3,(37$@ABC4 @CDE2[IRUG                                                 ,,+LVWRULRJUDSK\DQG0HPRU\                                         $GULDQ-XVXSRYLþ 5XVFKURQLFOHVDVVRXUFHVRILQWHUQDWLRQDOODZ                        0LFKDã*QLDGHN=LHOLĸVNL ´3ULPRWHPSRUHµ²DOPRVWORVWFKURQLFOHE\ELVKRS(VNLO"7KHDWWHPSW RIDQHZUHDGLQJRIWKHRULJLQVRI'DQLVKKLVWRULRJUDSK\          -RDQQD6RELHVLDN %HWZHHQWZR(PSHURUV2QWKHH[FHVVHVRIWKHSROLWLFDOVXFFHVV* RI%RKHPLDQNLQJ9ODGLVODY,,                         :DZU]\QLHF.RZDOVNL %RUGHUVUREEHUVDQGWKH6ODYVLQ+,-.(),2$F21(3,.232$DQGLQ$!"#$G")(3,H1#$ ('$."#$0),#-.$('$I6=1J2K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$K$ $ ,,,&XUUHQW5HVHDUFK                                                  5REHUW*RF]Dã +LVWRULFDORXWOLQHRIMXVWZDUWKHRU\DQGLWVIXQGDPHQWDODVVXPSWLRQV LQPHGLHYDODQGODWHUHQDLVVDQFHWKRXJKW 6W$XJXVWLQH RI+LSSR6W7KRPDV$TXLQDV)UDQFLV6XiUH]6W5REHUW* %HOODUPLQH                                                  3LRWU%RURĸ(ZHOLQD,PLRãF]\N0DU]HQD.ãXVHN1DWDOLD3LRWURZVND $MXGJH·VVWDIIIURPWKHPDUNHWVTXDUHLQ%\WRP²DV\PEROLFHOHPHQW RIPHGLHYDOOHJDOFXOWXUH                                     -DNXE-DXHUQLJ /LRQVRI,OLRQDQG/LRQVRI$OELRQ7KH7URMDQP\WKLQ(QJOLVKKHUDOGU\ RIWKHWKFHQWXU\                                           ,9$QQRXQFHPHQWV                                                   -XOLXV]'RPDĸVNL =HQRQ.DãXŧDDZDUGHGWKH56&$#.$526-PHGDO                        ,9%RRN1RWLFHV                                                      ''()+'&$"-'"*-/5+B) /#.) 3%3"-B !"#$%&'()*%&+,%-((+$%.(+*).$%/ 01+2030045+SS=+77197>> (&&*6+78019887: %9(&&*6+01039;<78 -)(6+73=;1<>0?",$*=0300=01=3; $'5,$1-868329,ý 7+(7$'(86=0$17(8))(/,167,787(2)+,6725<32/,6+$&$'(0<2)6&,(1&(6 (J","4%'#72#34()1*$"14A 3--4,566%+7#$1%+!6&88889888:9;;=I9888: -4&) !+-"#'!A%&) /&) &"4-!%&) "0) '#$%-#/$'"#/A) A/2 ,Q7LPRIH\9*LPRQSXEOLVKHGDQDUWLFOHHQWLWOHG´:KDW (YHQWVZHUH5HSRUWHGE\WKH2OG5XV&KURQLFOH"µ/$FFRUG LQJWRKLVVWXG\SROLWLFDODQGPLOLWDU\HYHQWVPDNHXS RIWKH0),92)/$G")(3,H1# IURPWR RIWKH+/N24 .,23$G")(3,H1# IURPWR RIWKH526)#3.,23$G")(3,4 H1# IURPWR DQGRIWKHU,)-.$a(Y>()(*,23$G")(3,H1# V\QRGDO 06IURPWR +HVHSDUDWHGSROLWLFDODQGPLOLWDU\HYHQWVIURPHYHQWV DPRQJSULQFHO\IDPLOLHVZKLFKPDNHXSRIWKH0),92)/$G")(3,H1# RIWKH+/N2.,23$G")(3,H1#RIWKH526)#3.,23$G")(3,H1#DQGRIWKHU,)-.$ a(Y>()(*,23$ G")(3,H1# +H DOVR GLVWLQJXLVKHG WKHVH HYHQWV IURP FKDQJHV LQHFFOHVLDVWLFDOKLHUDUFKVZKLFKIRUPRIWKH0),92)/$G")(3,H1# RIWKH+/N2.,23$G")(3,H1#RIWKH526)#3.,23$G")(3,H1#DQGRIWKHU,)-.$ a(Y>()(*,23$G")(3,H1#$VLPLODUGLVWLQFWLRQLVPDGHIRUFKDQJHVLQFLW\PDJ () *79*LPRQ["2.$XY#3.-$P#)#$W#N().#*$O/$."#$%1*$W6-T$G")(3,H1#µ6WXGLHVDFURVV'LVFL SOLQHLQWKH+XPDQLWLHVDQG6RFLDO6FLHQFHVµ;9,,  SS>RSHQDFFHVVKWWSVFRUH DFXNGRZQORDGSGISGI@ 7%4?+#!3-&@?&7*)-*+&%/&3#,-%+#7(A&+*,*(+73&/%")$(-#%)&BC8CCD %%# $'5,$1-868329,ý LVWUDWHVVXFKDVWKHN(-2*3,=VDQGWKH./-,2.-=/VWKHODWWHULVQRWPHQWLRQHG LQWKH0),92)/$G")(3,H1#7$WKH$+/N2.,23$G")(3,H1#RUWKH526)#3.,23$G")(3,H1# EXWFRQVWLWXWHVRIWKHU,)-.$a(Y>()(*,23$G")(3,H1#$OOWKHVHFDWHJRULHVDUH UHODWHGWRWKHSROLWLFDOOLIHRI5XV:HVHHWKDWDVPXFKDVRIWKHQDUUD WLYHRIHDFKFKURQLFOHLVGHGLFDWHGWRSROLWLFDOLVVXHV7KHUHVXOWVRI*LPRQ·V DQDO\VLVVKRXOGQRWEHVXUSULVLQJ7KHILUVWVHQWHQFHLQWKH0),92)/$G")(3,H1#* LVDVIROORZV´7KHVHDUHWKHQDUUDWLYHVRIE\JRQH\HDUVUHJDUGLQJWKHRULJLQ RIWKHODQGRI5XVWKHILUVWSULQFHVRI.LHYDQGIURPZKDWVRXUFHWKHODQG RI5XVKDGLWVEHJLQQLQJµ07KHQDUUDWLYHVWUDWHJ\RIPHGLHYDOERRNPHQZDV VLPSO\WRSUHSDUHDKLVWRULFDOFROOHFWLRQWKDWZRXOGGHVFULEHWKHSROLWLFDOV\V WHPDQGVXFFHVVRI5XV 7KHSUREOHPRIDQQDOVDVTXDVLOHJDOGRFXPHQWVKDVEHHQGLVFXVVHGLQOLW HUDWXUHEXWQHYHULQFRPSOHWHIRUP:HKDYHRQO\VRPHPLQRUFRQWULEXWLRQV  *0(-2*3,=7KHWHUPFRPHVIURPWKHZRUG´SRVDGLWLµZLWKWKHPHDQLQJ´WRDSSRLQWµ ´WR QRPLQDWHµ ´WR DVVLJQµ %\ WKH UXOHU·V PDQGDWH WKH N(-2*3,=$ H[HUFLVHG DGPLQLVWUDWLYH PLOLWDU\ILVFDODQGMXGLFLDODXWKRULW\RYHUDVSHFLILFWHUULWRU\ZLWKLWVKHDGTXDUWHUVEDVHG LQD>)(*WRZQFHQWUH LPSOLFLWO\VPDOOHU>)(*$XQLWVDVZHOODVHQWLUHODQGVSURYLQFHV 7KLV FRXQVHOOLQJLQVWLWXWLRQZDVVHWXSWRVWUHDPOLQHWKHWHUULWRULDOPDQDJHPHQWRIWKHVWDWHDQG EHORQJHGJHQHWLFDOO\WRWKHLQVWLWXWLRQVRIWKHHDUO\IHXGDOPRQDUFK\KHQFHLQWKHWKFHQWXU\ WKHN(-2*3,=$GLGQRWRIILFLDWHLQWKHFDSLWDOFLWLHVZKHUHZHZRXOGHQFRXQWHUKLJKUDQNLQJ RIILFLDOV #K>WKH./-,2.-=/WKHYRLYRGH ²ZLWKLPSRUWDQWEXWQRWVRXQLYHUVDOFRPSHWHQFHV ²GLUHFWO\DWWDFKHGWRWKHSULQFH$ORQJZLWKSURJUHVVLQJUHJLRQDOIUDJPHQWDWLRQWKHSUROLI HUDWLRQRIWKHUR\DOG\QDVW\DQGWKHLQGHSHQGHQFHRIDQLQFUHDVLQJQXPEHUVRISULQFLSDOLWLHV WKHFRXQVHOOLQJLQVWLWXWLRQEHJDQWRZDQHLQLPSRUWDQFHXOWLPDWHO\GLVDSSHDULQJLQWKHWK* FHQWXU\)RUWKHHIIHFWLYHH[HUFLVLQJRIKLVRIILFHWKHN(-2*3,=$KDGDWKLVGLVSRVDODQDSSD UDWXVRIVXERUGLQDWHRIILFLDOV #K>WLYXQVGHWVN\VHWF +HDOVRSHUIRUPHGSROLFHDQGILV FDOIXQFWLRQV WD[FROOHFWRU ,QOLWHUDU\PRQXPHQWVWKHN(-2*3,=$LVUHIHUUHGWRDV´ҧӁҤӈӊҬӁӜ ҨӇҤҫҤµ´ӈӊҤӇҬҸӘҸӃҤҨӇҤҫӋµ´ҨӇҤҫӃҸҼҤӂµ6HH$3RSSH0(-2*3,=LQ6ãRZQLN6WDURŧ\WQRŋFL 6ãRZLDĸVNLFKYRO,9HG*/DEXGD=6WLHEHU:URFãDZ:DUV]DZD.UDNyZSS VHHKHUHLQIRUOLWHUDWXUH  *) *7\VLDWVN\ ӊӛӈӠӔҼҸҹӊӛӈӠӕӈҼҸҹ ,QWKHWKFHQWXU\WKLVZDVWKHJRYHUQRUFRPPDQG HURIWKHW\VLDFKL WKRXVDQG RIDWHUULWRULDOXQLW #K>ZHKDYHW\VLDFKLLQ3U]HP\ŋOLQ.LHYHWF  7\VLDWVN\ZDVDQRIILFLDOZLWKDQDGPLQLVWUDWLYHDQGVRPHWLPHVPLOLWDU\IXQFWLRQ,Q!"#$G")(3,4 H1#$('$+21/H"48(1"/3,2$WKLVWHUPZDVXVHGWKLUWHHQWLPHV ZHNQRZRIVXFKW\VLDWVN\DV<DUXQ 'PLWU\ 'HPLDQ HWF  ,Q QDUUDWLYH VRXUFHV VRPHWLPHV W\VLDWVN\ LV UHIHUUHG WR DV YRLYRGH LQWKHPHDQLQJRI´FRPPDQGHURIIRUFHVµ 6HH$-XVXSRYLþ(OLW\]LHPLKDOLFNLHMLZRã\ĸVNLHM P$ HV2-2H"$ W(923(P,HVyP$ c@`]C^@`DEdK$ F.6*,69$ N)(V(N(>)2',HV3# .UDNyZ   0RQRJUDILH 3UDFRZQL%DGDĸQDG']LHMDPL5XVL8QLZHUV\WHWX.D]LPLHU]D:LHONLHJRZ %\GJRV]F]\,,  SS²²²²²² +) *!"#$W6--,23$0),92)/$H")(3,H1#;$526)#3.,23$.#&.WUDQVODQGHG6+D]]DUG&URVV236KHU ERZLW]:HW]RU&DPEULGJH0DVVDFKXVHWWVS´ѺҬѸӅҧӬӈӊҸҧӇҬӂӠӃӜӃӛӒӚӁӬӊӚӅӊҼӋҫӋ ҬӈӊӜӆӅӘӁҤӇӋӈҼҤӠҶҬӂӁӠҼӊӅҧӚѮҸҬҧӬӃҤӕҤӆҬӇҧӬҬҼӃӠҰҸӊҸҸӅӊҼӋҫӋӇӋӈҼҤӠҶҬӂӁӠӈӊҤӊ ҬӈӊӜµ/ҤYUҬQW·ҬYVNҤLDOҬWӅSLV·LQ3ROQRH6REUDQLH5XVVNLNK/HWRSLVHǩYRO,0RVFRZFRO ,) *7*LPRQ+,-.(),H21$[),.,3>$('$X2)1/$W6-$cHK$@]]]4HK$@p]]d$,3$2$H(9N2)2.,Y#$N#)-N#H.,Y# /HLGHQ%RVWRQSS GLVFXVVLRQRIWKHOLWHUDWXUHWKHUHLQ  +",& 73+%)#7A*,& (,& ,%"+7*,& %/& #)-*+)(-#%)(A& A(K %%$ WRWKLVWRSLFVXFKDXWKRUVDVIRUH[DPSOH,'%HOLDHY0,6XNKRPOLQRY* 11,DQLVK/9&KHUHSQLQDQGDVKRUWPHQWLRQLQ0.K$OHVKNRYVNLL* :HKDYHVRPHH[DPSOHVZKHUHVHOHFWHGSULQFHO\GRFXPHQWVZHUHDGGHGWR WKHDQQDOVLQH[WHQVR #K>WZRGRFXPHQWVLVVXHGE\9RORGLPLU9DVLONRYLFK//* DQGDOVRPRVWIDPRXVO\WKHWUHDWLHVRIDQGEHWZHHQ5XVDQG%\]DQWLXP  ,OLD0DLDNRYVNLLLQDERRNGHGLFDWHGWRWKHKLVWRU\RIDUFKLYHVLQ5XVVLDZURWH WKDW´GRFXPHQWVVHOHFWHGE\WKHSULQFHZHUHLQFOXGHGLQWRWKHDQQDOVLPPHGL DWHO\DIWHUWKHLULVVXLQJµ6LPRQ)UDQNOLQDUJXHGWKDW5XVFKURQLFOHVZHUHQRW SXUHO\OHJDOEXWTXDVLMXULGLFDOWH[WV´WKH5XVVLDQFKURQLFOHVDUHLQWKHPVHOYHV OHJDOGRFXPHQWVRIDNLQG7KH\DUHPRVWO\FXPXODWLYHDQQDOVFRPSLOHGIURP SUHYLRXVDQQDOVZLWKWKHDGGLWLRQRIUHFHQWHYHQWVQRWHG\HDUE\\HDU7KH\WKXV FRQVWLWXWHWKHRQO\IRUPRIFXPXODWLYHUHFRUGHLWKHUH[WDQWRUUHIHUUHGWRLQHDUO\ PHGLHYDO5XVVLDµ'PLWULL6/LNKDFKHYDOVRGUDZVDWWHQWLRQWRWKHSRVVLELOLW\ WKDWWKHYHU\DFWRIWKHFUHDWLQJRIDQHZDQQDOLVWLFWH[WKDGDGHJUHHRIOHJDO VLJQLILFDQFH/0$V7*LPRQKLJKOLJKWHG´WKHDQQDOVWKHPVHOYHVZHUHUHJDUGHG DVDPHDQVRISUHVHUYDWLRQRIMXULGLFDOO\VLJQLILFDQWLQIRUPDWLRQ·>«@KLVWRULFDO DQGMXGLFLDOWH[WVFRXOGEHWUDQVFULEHGVHSDUDWHO\EXWEHLQFOXGHGLQWRWKHVDPH PDQXVFULSWVµ:HGLVSRVHRYHUDVPDOOQXPEHURIZRUNVZKLFKWU\WRUHFRQ VWUXFWDSULQFHO\DUFKLYHLQFOXGLQJ1#.(N,-,EXWQRQHRIWKHPWULHGWRSUHSDUH DFRPSOHWHOLVWRIOHJDORU¶TXDVLOHJDO·DVSHFWVZLWKLQ5XVFKURQLFOHV 7KLVWH[WLVRQO\DVPDOOFRQWULEXWLRQWRWKHH[LVWLQJZRUNVDQGSURSRVHV DVOLJKWO\GLIIHUHQWYLHZLQJRIWKH5XV&KURQLFOHVOHWRSLVL2QHRIWKHTXHV WLRQVZHZRXOGOLNHWRSRVHLVKRZWKHVHOHJDOFROOHFWLRQVZHUHSHUFHLYHG E\WKHSHRSOHRIWKHLUWLPH"  *,'%HOLDHY)%$)2V3/="$Y,*2="$)6--=,="$1#.(N,-#,´9UHPHQQLN0RVNRYVNRJRREVKFKHVWYD LVWRULLLGUHYQRVWHLURVVLLVNLNKµ  SS  *0,)6XNKRPOLQRY$%*)#Y3#,$)6--=(,$1#.(N,-,$=2=$N29,2.3,=#$1,.#)2.6)3(9´8FKHQ\H]DSLVNL JRRWGHOHQLLD,PSHUDWRUVNRL$NDGHPLLQDXNµ,,,  SS  *11,DQLVK$a(Y>()(*-=2,2$1#.(N,-T$,$##$9(-=(Y-=,#$N#)#*#1=,$0RVFRZS  */9&KHUHSQLQW6--=2,2$,-.(),(>)2',,2$*($b:b$YK;$g6)-$1#=.-,,0RVFRZSS  *0.K$OHVKNRYVNLǩ0(Y#-.T$Y)#9#33/="$1#.;$:V$,-.(),,$-(V*23,,2$,$)#*2=.-,(33(,$N#)#)2O(.=, HG)%8VSHQVNLǩ0RVFRZSS (() *G")(3,H2$_21,H,23(48(1,3,232K$G")(3,H2$W(923(Y,H,2327$HG''ćEURZVNL$-XVXSRYLþ* 03+7$ 61 YRO ;9, .UDNyZ²:DUV]DZD SS  >RSHQ DFFHVV KWWSVUFLQRUJSO&RQ WHQW:$BB,,B.URQLNDSGI@  *,/0DLDNRYVNLL%H"#)=,$N($,-.(),,$2)=",Y3(>($*#12$Y$FFFW;$%N/.$-,-.#92.,H"#-=(>($)6=(4 Y(*-.Y2SDUW0RVFRZS (*) *6')UDQNOLQ5,.#)2H/$23*$I(H69#3.2.,(3$,3$X2)1/$<#*,#Y21$W6--,2´6SHFXOXP$-RXUQDO RI0HGLHYDO6WXGLHVµ$9  S (+) *'6/LNKDFKHY0(#.,=2$*)#Y3#)6--=(,$1,.#)2.6)/7$0RVFRZS (,) *7*LPRQ+,-.(),H21$[),.,3>lS  *(JѷOHJ.XSFKLQV·NLǩљNWLWҤGӅNXPҬQWL*ҤOLWV·NӅ9ӅOLQV·NӅJӅNQLD]ӤYVWYҤ;,,,²SҬUVKӅӥ SӅOӅYLQL;,9VWӅOӤW·'ӅVOӤG]KҬQQLDWҬNVWL/YLY %'& $'5,$1-868329,ý ,QDFKDUWHUIURPUHJDUGLQJWKHVHSDUDWLRQRIWKH.LHYPHWURSROLWDQ DUFKGLRFHVHIURPWKH0RVFRZPHWURSROLWDQDUFKGLRFHVHDQGWKHFRQVHFUDWLRQ RI*UHJRU\7VDPEODNDVPHWURSROLWDQRI.LHYZHUHDG´DQGZHDUHRXUVHOYHV QRZKHDULQJDQGVHHLQJWKDWWKHFKXUFKLVJHWWLQJSRRUHUDQGWKH7VDUDQG WKHSDWULDUFKZLOOQRWJLYHDJRRGEXLOGHUIRUXVDQGWKHFKXUFKDFFRUGLQJ WRWKHFDQRQVZHSUHYLRXVO\HVWDEOLVKHGE\DQHFXPHQLFDOFRXQFLODVLWZDV LQWKHSDVWGXULQJWKHUHLJQWKHJUDQGSULQFH,]LDVODYRI.LHYZKHQWKHELVKRSV JDWKHUHGDWWKHHFXPHQLFDOFRXQFLODQGHVWDEOLVKHGWKHPHWURSROLWDQDWHRI.LHY DQGDOO5XV7KDWZHIRXQG>WKLV@LVJURXQGHGLQWKH5XV1#.(N,-TLQWKH.LHY 1#.(N,-TLQWKH9ODGLPLU1#.(N,-TDQGLQRWKHUVµ7KLVSDVVDJHUHIHUVGLUHFWO\WR WKHUHFRUGLQWKHVRFDOOHG.LHYLDQ/HWRSLVZKLFKXQGHUWKH\HDUZHUHDGV LQWKHFUXFLDOSDVVDJH ¶>«@7KH%LVKRSRI&KHUQLJRYVDLG¶,NQRZWKDWLWLV DOORZHGIRUELVKRSVZKHQWKH\JDWKHUWRHVWDEOLVKDPHWURSROLWDQ·>«@2QXIU\ >WKH%LVKRS@RI&KHUQLKLYVDLG´,NQRZWKDWZHDUHDOORZHGWRHVWDEOLVK>DPHW URSROLWDQ@EHFDXVHZHKDYHWKHKHDGRI6DLQW&OHPHQW$IWHUDOOWKH*UHHNV HVWDEOLVKPHWURSROLWDQVE\WKHKDQGRI6DLQW-RKQµ$QGVRDIWHUFRQVXOWDWLRQ WKHELVKRSVZLWKWKHKHDGRI6W&OHPHQWPDGH.OLPWKHPHWURSROLWDQµ +HQFHZHVHHWKDWIRUWKHSRSXODWLRQRI5XVEHIRUHWKHF6*#O3,=RI DFROOHFWLRQRIFRGLILHGODZ WKH5XVFKURQLFOHVZHUHDOVRDFROOHFWLRQRIOHJDO  * ÅѪ ӈҤӂҸ ӃӅ ӊҬӆҬӇӃӅ ӈӁӛӘҸӂӚ ӊӅ Ҹ ҧҸҫҸӂӚ ӘӊӅ ӔҬӇҼӅҧӜ ӈҼӋҫӬҬӊӜ Ҥ ӔҤӇӜ Ҹ ӆҤӊӇLҤӇӒӚ ӈӊӇӅҸӊҬӁӠ ҫӅҦӇҤҨӅ ҼӚ ӃҤӂӚ ӔҬӇҼҧҸ ӃҬ ҫҤӈӊӜ ӆӅ ӆӇҤҧҸӁӅӂӚ ӃҤӂӚ ҨӅҫҸӊӜӈӠ ӂҸӊӇӅӆӅӁҸӊҤҶҦӅӇӅӂӚӆӅӈӊҤҧҸӊҸҼҤҼӚҸӆҬӇҧӅӈҬҨӅӊҤҼӅҰӚҦӛӁӅӆӇҸҧҬӁҸҼӅӂӚҼӃӠҶҸ* ѪҶӠӈӁҤҧӬѮLҬҧӈҼӅӂӚӈӚҦӇҤҧӈӠҬӆҸӈҼӅӆҸҶҦӅӇӅӂӚҸӆӅӈӊҤҧҸӘҤӂҸӊӇӅӆӅӁҸӊҤѮLҬҧӋҸҧӈҬҸ ѹӋӈҸҟӅӀҾҟӓҼҳҧӃҽӀҾҟӁҳӃҟҾӀӃӅӀҳӅҢӕҼӧӅӀӁҳӃӏӧӍӕѴӆӃӃҷӖӍӕҢӕѩLҧҢӃҷӀҽӕҳ ҢӕїӀҼӀҦҳҽҧӂӃҷӀҽӕҳҢӕҳҾӖӍӕµ²ѷNUX]KQҤLDJUҤPӅWҤ$ѷNUX]KQҤLDJUҤPӅWҤ/LWӅYVNҤJӅ$ YҬOLNҤJӅ NQLD]LD љOҬNVҤQGUҤ9LWӅYWҤ ӅE ӅWGҬOҬQLL .LҬYVNӅǩ PLWUӅSӅOLL ӅW ѴӅVNӅYVNӅǩ L Ӆ SӅVWҤYOҬQLL YЦVҤQЦ.LҬYVNҤJӅPLWUӅSӅOLWҤ*ULJӅULLD7VҤPEOҤNҤLQљNW\ӅWQӅVLDVKĦҬVLDNЦLVWӅUĦL=ҤSҤGQӅǩ5ӅVVĦL 6ӅEUҤQQ\ҬLL]GҤQQ\ҬљUNKҬӅJUҤILFKҬVNӅLX.ӅPPLVVĦҬ,6YRO,6DLQW3HWHUVEXUJSQR  *,SҤW·ҬYVNҤLDOҬWӅSLV·FRO7KHHQWLUHLQHWHUHVWLQJSDVVDJHLVDVIROORZV´ќ ӊӅҰҬӁӬӊӅӆӅӈӊҤҧҸѪҶʠӈӁҤҧӚӂҸӊӇӅӆӅӁҸӊӅӂӚѮӁҸӂҤѺӂӅӁʠӊҸӕҤҧӚ×ҧҬҫӚҸҶӚѨҤӇӅӋҦҤҦӬҦӅ ӕҬӇӃӅӇҸҶҬӕӜӈҼҸӂӃҸҼӚҸҦӚ× ӈ >ӊӜ@ҼӃҸҰӃҸҼӚҸӑҸӁӅӈӅӑӜӊҤҼӚ˨ҼӅҰҬҧѹӅӋӈҼӅҸҶҬӂӁҸӃҬ ҦʠӘҬӊӜѴҧ Ӑ >ҧ@ҡӀ҂ҧӂҾҳңӀҢӗӃҷҳҳҧӁҳ Ӄ >ҷӀ@Ӂӕ©єұӕӃҢӧҦӧ˨ҷӀҦӀӃӅӀҳӅӗӃӕӓҧҦӓҧӃ࣒) ҧӁҳ Ӄ >ҷӀ@ӁӀҽӕҽҳӅӂӀӁӀҼҳӅҟӁӀӃӅҟҢҳӅҳªѪӈӃҸҫӅӘҤ ӈ ʠ҇ҬӇӃҸҨӅҧӜӈҼҸҬӆҸ ӈ >ҼӅ@ӆӚ× ʙӃӅӑӇҸҸћӬӁӅҨӅӇӅҫӜӈҼҸҸҬӆҸ ӈ >ҼӅ@ӆӚ҃Ҭʚҫ>Ӆ@ӇӚѸҬӇҬ˨ӈӁҤҧӜӈҼҸҸҬӆҸ ӈ >ҼӅ@ӆӚѡӅӋӑҸӂҸҸ ѝӟӇҨҸҸӈҼҸҸҬӆҸ ӈ >ҼӅ@ӆӚѠҬӂӜ˨ӃӚќӅӁӅҫҸӂҬӇӜӈҼҸҸ²҃ҬҫӅӇӚѵӅҧҨӅӇӅҫӜӈҼҸҸ²ѵҸӑӅӃӊӚ ѺӂӅӁҬӃӜӈҼҸҸ²ѴҤӃӅӋҸӁӚѹҬҼӅӈӊҤӃҬҬӈӊӜӊӅҨӅҧҶҤҼӅӃӬ˨ҼӅӈӊҤҧҸӊҸҬӆӈ ӆ Ɵ ӅӂӚӂҸӊӇӅӆӅӁҸӊҤ ҦҬҶӚӆҤӊӇҸҤӇӒҤӃӅӈӊҤҧҸӊӜӆҤӊӇҸҤӇӒӚӂҸӊӇӅӆӅӁҸӊҤҤӃҬӆӅҼӁӅӃҸҧӬӊҸӈʠӃҸӈӁӅӋҰҸҧӬӈ ӊӅҦӅӟҶҤӃҬӃҬҧҶʠӁӚҬӈҸҦӁ>Ӆ@Ҩ>Ӆ@ ӈ >ӁӅ@ҧ>Ҭ@ӃҸ˨ӅӋӈ>ҧʠ@ӊӅӬѺӅӑӜҸӃҸʸӆҤӊӇҸҤӇӒҤљәҬӁҸӈʠ* ҸӈӆӇҤҧҸӘҸҦӁ>Ӆ@ҨӅӈӁӅҧҸӘҸӈʠ*ʸӆҤӊӇҸҤӇӒҤҸӊӅҨҫҤӊҸӈʠӆӅҼӁӅӃҸҧӬҧӬҧҶʠӁҤʸѴҸӒҤҸӁҤʸ* ӂҸӊӇӅӆӅӁҸӊҤӇӅӋҼӅӆҸӈҤӃҸҬ˨ҼӅӃҬҫӅӈӊӅҸӊӜӃҤӂӚҦҬҶӚӂҸӊӇӅӆӅӁҸӊҤҧӚӈ>ҧʠ@ӊӬҸѺӅӑӜҸ ӈӁӅӋҰҸӊҸµʙӃӚҰҬӃҤӃʠӆӇӅӊӅӊʠҰҼӅӈӇ ҫ ӔҬҸӂӬ˨࣋ҾӀӌӂҳҳҫҧ҂ҧӂҾҳңӀҢӗӃҷҳҳ) ӂҧ Ӑ >ҧ@ ©єұӕ ӃҢӧҦҧ ҦӀӃӅӀҳӅӗ Ҿӕ× ӁӀӃӅҟҢҳӅҳ ҟ ңҼҟҢҟ Ӏӆ ҾҟӃӕ ҧӃӅӗ Ӄ>Ң࣒@Ӆ>Ӏ@ңӀ ѩҼҳҽҧҾӅҟ˨ҷӀҫҧӃӅҟҢ࣒ӅӗјӂӧӏҳӂӀӆҷӀӚӃ>Ң࣒@Ӆ>Ӏ@ңӀѥҢҟҾҟªѥӅҟҷӀӃңҟҦҟҢӓҧҧӁҳ Ӄ >ҷӀ@ӁҳӃҼҟҢӀӚӃ>Ң࣒@Ӆ>Ӏ@ңӀѩҼҳҽҧҾӅҟӁӀӃӅҟҢҳӓҟҽҳӅӂӀӁӀҼҳӅӀҽӕµ +",& 73+%)#7A*,& (,& ,%"+7*,& %/& #)-*+)(-#%)(A& A(K %'% SUHFHGHQWV0\PDLQJRDOLVQRWWRGHVFULEHDOOSUHFHGHQWVZKLFKZHFDQILQG LQ5XVVRXUFHVIURPWKWRWKHWKFHQWXU\ LWZLOOEHDVHSDUDWHSURMHFW  ,QWKHIROORZLQJZHZRXOGOLNHWRFRQFHQWUDWHRQDIHZVHOHFWHGH[DPSOHV PDLQO\IURPWKHWKFHQWXU\ZKLFKVHUYHDVWKHILUVW´LQWHUQDWLRQDOOHJDO SUHFHGHQWVµ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²/\DNKVDQG5XV²FRH[LVWHQFH7KHWH[WZLOOVKRZRQO\VHOHFWHGH[DP SOHVRILQWHUQDWLRQDOODZ,ZLOOFRQFHQWUDWHP\UHVHDUFKRQWKHWKFHQWXU\ EHFDXVHLQWKHVHWLPHVZHFDQREVHUYHWKHILUVWDWWHPSWVWRFUHDWHDODZ RUPD\EHZHVKRXOGVD\SUHFHGHQWV WRVHFXUHWKHLQWHUHVWVRIERWKVLGHV RIWKHFRQIOLFW 2QHRIWKHILUVWFRQIOLFWVEHWZHHQ3RODQGDQG5XVLVFRQQHFWHGZLWK WKHVRFDOOHG&KHUYHQWRZQV)URP´7KH7DOHRI%\JRQH<HDUVµZHNQRZ WKDWDERXW´  <DURVODYDQG0VWLVODYFROOHFWHGDODUJHIRUFHDQG PDUFKHGLQWR3RODQG7KH\UHFDSWXUHGWKHFLWLHVRI&KHUYHQDQGUDYDJHG WKH3ROLVKFRXQWU\VLGH7KH\DOVRFDSWXUHGPDQ\3ROHVDQGGLVWULEXWHGWKHP DVFRORQLVWVLQYDULRXVGLVWULFWV<DURVODYORFDWHGKLVFDSWLYHVDORQJWKH5RV· ZKHUHWKH\OLYHWRWKLVGD\µ7KHQDUUDWLYHIRUWKH\HDUVLPLODUO\DVIRU WKH\HDUGHVFULEHVDFHUWDLQKLVWRULFDOSURFHVVRIPRUHWKDQDWHQ\HDUV· GXUDWLRQ 7KH KLVWRULDQV VXSSRVH WKDW WKHVH FRQIOLFW HQGHG ZLWK VRPH  *!"#$W6--,23$0),92)/$G")(3,H1#l$Sќ*ӁӬӊ>Ӆ@ҒӇӅӈӁҧӚ*Ҹ*ѴӜӈӊҸӈӁҤҧӚ*ӈӅҦӇҤӈӊҤ* ҧӅҸ*ӂӃӅҨӚ*ҸҫӅӈӊҤ*ӃҤ*ѳ‫׸‬Ӓӛ*Ҹ*ҶҤӠӈӊҤ*ҨӇҤҫӛ*҇ҬӇҧҬӃӜӈҼӛӠ*Ӆӆ‫׸‬ӊӜ*Ҹ*ӆӅҧӅҬҧҤӈӊҤ*ѳ‫׸‬ҫӜӈҼӋӟ*ҶҬӂӁӟ* Ҹ*ӂӃӅҨӛ*ѳ‫׸‬Ӓӛ*ӆӇҸҧҬҫӅӈӊҤ*Ҹ*ӇҤҶҫӬӁҸҧӘҤ*ӠҒӇӅӈӁҤҧӚ*ӆӅӈҤҫӥ>ӈҧӅӠ@ӆӅ*ѹӚӈҸ*Ҹ*ӈӋӊӜ*ҫӅ*ӈҬҨӅ*ҫ>Ӝ@ӃҬ /ҤYUҬQW·ҬYVNҤLDOҬWӅSLV·FRO  *$-XVXSRYLþ´G"#)Y#3T$,$,3/$>)2*/$µ()$i>)(*/$H"#)Y#3T-=/,2µt$+,-.()/$('$."#$*(92,3$ ('$H"#)Y#3T$,3$."#$P),..#3$)#H()*$c@]."4@A."$H#3.6),#-dLQU)(9$G"#)Y#3T$!(P3-$.($G6)V(3$5,3#$HG 0 :RãRV]\Q &UDFRZ/HLS]LJ5]HV]yZ:DUVDZ   )UK]HLW 2VWPLWWHOHXURSDV ,,,  SS %'' $'5,$1-868329,ý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·VVRQLQWDNLQJFRQWURORI3RODQG<DURVODYWKH:LVHZDVWRUHFHLYH&KHUYHQWRZQV %HO]DQG%UHVW7KLVDJUHHPHQWZDVFRQILUPHGE\WKHPDUULDJHVRI.D]LPLHU]ZLWK'REURQHJD DQGRI,]\DVODY<DURVODYLFKZLWK*HUWUXGH 973DVKXWR9QHVKQLDLDSROLW\NDGUHYQHǩ5XVL0RV FRZS 6LPLODUO\*ULJRUL\'HPLGHQNR **'HPLGHQNR:2)(-12Y$<6*),ǩK$8#1,=,ǩ=3,2VT$ W6-Ħ;$326=(Y(4N(N6=,2)3,ǩ$32),-.KDUNLY$SS 6WHIDQ0.XF]\ĸVNLKDVDUJXHGWKDW WKHDJUHHPHQWZDVPDGHHDUOLHULQQRWLQJWKDWWKH3ROLVK5XVLDQWUHDW\RILQFOXGHG ´7KHPDWWHURIWKHPDUULDJHRI.D]LPLHU]2GQRZLFLHOZLWK'REURQHJD0DULDVLVWHU SRV VLEO\GDXJKWHU RI<DURVODYWKH:LVHZKLFKZDVHQWHUHGLQWRLQWKHILUVWPRQWKVRI 7KHPDWWHURIUHOHDVLQJ5XVLDQWDNHQFDSWLYHLQE\&KUREU\ 7KHPDWWHURIWKHPLOLWDU\DOOLDQFHDJDLQVW0DVãDZDQG/LWKXDQLDQSHRSOHV 7KHPDWWHURIUHJXODWLQJWKHVWDWXVRIWKH3ROLVK5XVLDQERUGHUUHJLRQ5XVSUHVXPDEO\ UHFHLYHGWKHVWURQJKROGVRIWKH%X]KDQVZLWK9ODGLPLU9RO\QVN3RODQGNHSWWKHWHUULWRU\RQ WKHOHIWEDQNRIWKH%XJ5LYHU%HO]DQG3U]HP\ŋOUHPDLQHGRQWKH3ROLVKVLGHµ 60.XF]\ĸVNL$ 6WRVXQNLSROVNRUXVNLHGRVFK\ãNXZLHNX;,,LQF.6*,2$V$*V,#JyP$X6)(N/$[-H"(*3,#J$b4b8::$PK:DU V]DZDS &I-XVXSRYLþ´G"#)Y#3T$,$,3/$>)2*/|l7SS GLVFXVVLRQRIWKHOLWHUDWXUH WKHUHLQ   *G")(3,H2$_21,H,23(48(1,3,232lSS  *:O,*#97*SS  *'HWDLOHGLQIRUPDWLRQDERXW.DOLV]FRQIOLFWVHH''ćEURZVNLI23,#1*W(923(P,HV$=)y1$ W6-,$c(=K$@`]@^@`DpdK$M,(>)2',2$N(1,./HV32.UDNyZ 0RQRJUDILH3UDFRZQL%DGDĸQDG']LH MDPL5XVL8.:, SS$-XVXSRYLþ!"#$G")(3,H1#$('$+21/H"48(1"/3,2$23*$+,-.(),H21$ G(11#H.,(3-$,3$<#*,#Y21$W6-T7$/HLGHQ%RVWRQSS GLVFXVVLRQRIWKHOLWHUDWXUHWKHUHLQ  +",& 73+%)#7A*,& (,& ,%"+7*,& %/& #)-*+)(-#%)(A& A(K %'( WKHFRDOLWLRQRI'DQLOR5RPDQRYLFKDQG.RQUDGRI0DVRYLDZDVSUHSDULQJ WRDWWDFNWKH.DOLV]WKHWHUULILHGLQKDELWDQWVVWDUWHGLQVLVWHGRQQHJRWLDWLRQV ´3DNRVODYDVNHG'DQLORWRFRPHZLWKWKHPDIWHUKHKDGFKDQJHGKLVFORWKLQJ 'DQLORGLGQRWZLVK>WRFRPHDORQH@EXWKLVEURWKHUDGYLVHGKLPWRJRDQG OLVWHQWRWKHLUFRQYHUVDWLRQVLQFH.RQUDGGLGQRWWUXVW0VWLXM'DQLORGRQQHG 3DNRVODY·VKHOPHWDQGVWRRGEHKLQGERWKRIWKHP6WDQGLQJDWRSLWVUDPSDUWV >WKHFLW\·V@HOGHUVDGGUHVVHG>3DNRVODYDQG0VWLXM@´5HODWHWKHIROORZLQJWR JUHDW3ULQFH.RQUDG,VQ·WWKLV\RXUFLW\":H²LWVHOGHUV²KDYHEHFRPHZRUQ RXW>E\\RXUVLHJHRI@WKLVFLW\$UHZH>LQGHHG@IRUHLJQHUV>LQ\RXUVLJKW@":H DUH\RXUSHRSOHDQG\RXUEURWKHUV:K\GRQ·W\RXSLW\XV",IWKH5XVLDQVWDNH XVFDSWLYHZKDWJORU\ZLOO.RQUDGKDYH",IWKHEDQQHURI5XVLV>SODQWHG@RQ WKHFLW\UDPSDUWVZKRPDUH\RXKRQRULQJ",VLWQRW5RPDQ·VVRQVZKLOH\RX GLVJUDFH\RXUVHOI"1RZZHVHUYH\RXUEURWKHUEXWWRPRUURZZHDUH\RXUV 2QO\GRQRWOHW5XVZLQWKHJORU\'RQRWGHVWUR\WKHFLW\µ$QGWKH\VDLG PDQ\RWKHUWKLQJV>7KHQ@3DNRVODYUHSOLHG´.RQUDGZRXOGEHPRUHWKDQ ZLOOLQJWRVKRZ\RXKLVPHUF\EXW'DQLORLVYHU\DQJU\DQGZLOOQRWOHDYHXV XQWLOZHWDNHWKHFLW\µ7KHQKHEURNHRXWLQODXJKWHUDQGDGGHG´$QGKHUH KHLVLQSHUVRQ6SHDNZLWKKLPµ3ULQFH>'DQLOR@QXGJHGKLPZLWKWKHVKDIW RI KLV VSHDU DQG WRRN RII KLV KHOPHW 7KHUHXSRQ WKH\ FDOOHG GRZQ IURP WKHFLW\>UDPSDUWV@´:HZLOOVHUYH\RXRQO\PDNHSHDFHZHEHJ\RXµ%XW 'DQLORFRQWLQXHGODXJKLQJDQGFRQYHUVLQJZLWKWKHPIRUDORQJWLPH>7KHQ@ WDNLQJDORQJWZRHOGHUVKHZHQWWR.RQUDG>7KXV@.RQUDGFRQFOXGHGSHDFH ZLWKWKHPDQGWRRNKRVWDJHVIURPWKHP>'XULQJWKLVFDPSDLJQ@WKH5XVLDQV KDGFDSWXUHGPDQ\VHUYDQWVDQGER\DUV·ZLYHVµ  * !"#$ _21,H,2348(1"/3,23$ G")(3,H1#;$ !"#$ +/N2.,23$ G(*#& SDUW ,, WUDQVO *$ 3HUIHFN\ 0QFKHQ +DUYDUG6HULHVLQ8NUDLQLDQ6WXGLHV;9, SSÅѸҤҼӅӈӁҤҧ>Ӛ@ҰҬӇҬӕҬ ѠҤӃҸӁӅҧҸ©ѪҶӂӬӃҸҧӚӇҸҶӛӈҧӅҤӆӅҬҫҸӈӃҤӂҸªѠҤӃҸӁӅҧҸҰ>Ҭ@ӃҬӒӅӊӬҧ>Ӛ@ӘӟӇҬӕҬҬӂӅӋ ©ћӇҤӊ>Ҭ@ҸҫҸҫҤӈӁӛӘҸӘ>Ҹ@ҧҬӕҬҸӒӜªѵҬҧӬӇʠӘҬҦӅѴӜӈӊҸӅӋҬҧҸѮӅӃҫӇҤӊ>Ӛ@ѠҤӃҸӁ>Ӛ@ҰҬ ҧӚҶҬӂӜӃҤӈʠӘӅӁʚӂ>Ӛ@ѸҤҼӅӈӁҤҧӁӜҸӈӊҤҶҤӃҸӂҤѺӊӅʠәҸӂ>Ӛ@ҰҬӂӮҰҬӂ>Ӛ@ӃҤҶҤҦӅӇӅӁӬӒ>Ӛ@ ҸӇҬҼӅӋәҸӂ>Ӛ@Ҹӂ>Ӛ@©ѼҤҼӅӂӅӁҧҸӊҤҧҬӁҸҼӅӂӅӋҼӃʠӣӟѮӅӃҫӇҤӊӋ´ѺӚҸҨӇҤҫ>Ӛ@ӃҬӊҧӅҸӁҸ Ҭ>ӈӊӜ@"ѴӛҰ>Ҭ@ӂӮҰҸҸҶӃҬӂӅҨ>Ӛ@ӘҬҸҧӚҨӇҤҫӬӈҬӂ>Ӝ@ӔҸҸӃӅҨӅӈӊӇҤӃ>Ӝ@ӃҸӔҸҬӈӂӛ"ѵӅӁӟҫӥҬ ӊҧӅҸҬӈӂӛҤҧҤӘҤҦӇҤӊӥҤҬӈӂӛ҇ҬӂӅӋӅӃҤӈ>Ӛ@ӃҬҶ>Ӛ@ҰҤӁҸӊҤӈҸ"љәҬӃҤӈ>Ӛ@ѹӅӋӈ>Ӝ@ӆӁӬӃʠӊ>Ӝ@ ӊʚҼӅӋӟӈӁҤҧӅӋѮӅӃҫӇҤӊ>Ӛ@ӆӇӥҸӂҬӊ>Ӝ@"љәҬӇӅӋӈ>Ӝӈ@ҼҤҤҼӅӇӅҨӅҧӜӈӊҤӃҬӊӜӃҤҶҤҦӅӇӅӁӬӒ>Ӛ@ӊӅ ҼӅӂӅӋӕ>Ӝ@ӈӊӜӅӋӕҸӃҸӘҸ"ѵҬѹӅӂҤӃӅҧҸӕҬӂҤӁҸ"љӈҧӅӟӕ>Ӝ@ӈӊӜӅӋӃҸӕҸҰҸӘҸѵ>ӛ@ӃӬҦӇҤӊӅӋ ӊҧӅҬӂӅӋӈӁӅӋҰҸӂ>Ӛ@ҤҶҤӋӊӇҤӊҧӅҸҦӮҫҬӂ>Ӛ@ѵҬҫҤҹӈӁҤҧӛӇӅӋӈҸӆӅҨӅӋҦҸӊҸҨӇҤҫҤӈҬҨӅµªѪ ҸӃҤӂӃʚҨҤӈӁӅҧҬӈҤҨӁ>ҤҨӅӁ@ҤӒӮѸҤҼӅӈӁҤҧӅӋҰҬӇҬҼ>Ӛ@Әӟ©ѮӅӃҫӇҤӊ>Ӛ@ҦӛӇҤҫ>Ӛ@ӂ>Ҹ@Ӂ>Ӆ@ӈӊӜ ӅӋӕҸӃҸӁӜҧҤӂ>Ӛ@ӃӅѠҤӃҸӁӜӁӟӊ>Ӛ@ӣӬӁʚҬӈ>ӊӜ@ӃҤӈ>Ӛ@ӃҬӒӅәҬӊ>Ӝ@ʚӊҸӊҸӆӇӅӕ>Ӝ@ӃҬӆӇӥҬӂӚ ҨӇҤҫҤªѹӅӈӂӬʠҧ>Ӛ@ӈʠӇҬӕ>Ҭ@©љӈҬӈӊӅҸӊ>Ӝ@ӈҤӂ>Ӛ@ӂӅӁҧҸӊҬӈӃҸӂ>Ӝ@ªѮӃʠҶ>Ӝ@ҰҬӊӚӕҬҬҨӅ ʚӈҼӬӆҸәҬӂ>Ӝ@ҸӈӃʠӈӚӈҬҦҬӘҬӁʚӂ>Ӛ@ѷӃҸҰҬҼӁҸҼӃӅӋӘҤӈӚҨӇҤҫҤ©ѪӂӬҸӈӁӅӋҰ>Ӝ@ҦӅӋ ӃҤӘӟӂӅӁҸӂ>Ӛ@ӈʠѺӚӊҧӅӇҸӂҸӇӚªѷӃӅӂӅӋҰ>Ҭ@ӂӃʚҨӅӈӂӬҤҧ>Ӛ@Әӟӈ>ʠ@ҸӂӃӅҨӅҧӬӈӊӅҧҤҧ>Ӛ@ ӘӟӈӃҸӂҸӆӅʠ*ʚӊ>Ӛ@ӃҸӒ>Ӛ@ҫҧҤӂӮҰҤҸӆӇӥҬӒҤҼӚѮӅӃҫӇҤӊӅҧҸѪӈӚӊҧӅӇҸѮӅӃҫӇҤӊ>Ӛ@ӈӃҸӂҸ ӂҸӇӚҸӆӅʠӅӋӃҸӒ>Ӛ@ӊҤӁӚӇӅӋӈҸҦʚҦʠӒӮӆӅӁӅӃҸӁҸӂӃʚҨӅӋӕҬӁʠҫ>Ӝ@ҸҦӅʠӇҸӃӬµ²G")(3,H2$ _21,H,23(48(1,3,232lSS %') $'5,$1-868329,ý 'XULQJWKHFDPSDLJQLWLVVWDWHGWKDWWKH5XVLDQVFDSWXUHGPDQ\/\DNKV )RUWKDWUHDVRQZHDOVROHDUQVRPHZKDWODWHULQWKHVRXUFHRIWKHILUVW3ROLVK 5XVWUHDW\´7KH5XVLDQVDQGWKH/\DNKVSOHGJHGHDFKRWKHUWKDWLIWKHUHZHUH HYHUDIHXGEHWZHHQWKHPWKH/\DNKVZRXOGQRWSOXQGHU5XVLDQVXEMHFWVQRU ZRXOGWKH5XVSOXQGHUWKDWRIWKH/\DNKVµ:HFDQDVVXPHWKDWDVLQWKHFDVH RI5XV%\]DQWLQHWUHDWLHVWKHFRQWHQWVRIWKHDJUHHPHQWZHUHZULWWHQGRZQ 7KLVDFFRXQWFOHDUO\VKRZVWKDWWKHSUDFWLFHRIFDSWXULQJDQHQHP\·V´VXEMHFWVµ DQGWDNLQJWKHPWRRQH·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ãDZ,,DQG:ãDG\VãDZâRNLHWHN RQWKHRWKHU %ROHVãDZDQG.RQUDGZHUHDOVRVXSSRUWHGE\/HV]HNWKH%ODFN * $VDUHVXOWWKHODWWHUWZRLQYDGHGDQGSOXQGHUHG-D]GyZ7KH&KURQLFOHPHQ WLRQVWKHIROORZLQJOHJDOUHJXODWLRQIURP.DOLV]´7KH3ROHVKDGWKHIROORZLQJ ODZWKH\ZRXOGQHLWKHUFDSWXUHQRUEHDW>WKHLURSSRQHQW·V@VXEMHFWVEXWWKH\ ZRXOGUREWKHP>RIWKHLUEHORQJLQJV@$QGWKXVWKHFLW\ZDVWDNHQ7KH\FDS WXUHGPXFKSURSHUW\LQLWDQGUREEHGWKHLUVXEMHFWV>RIWKHLUEHORQJLQJV@µ ,KDYHWRPHQWLRQWKDWWKHGHVFULSWLRQRIWKH.DOLV]FDPSDLJQHQGHGZLWK UHIHUHQFHWRWKHFDPSDLJQRI9RORGLPHUWKH*UHDWDJDLQVW3RODQGWKHRQH LQZKLFKKHFRQTXHUHG&KHUYHQ3U]HP\ŋODQGRWKHUVWURQJKROGV´1RRWKHU SULQFH>H[FHSWWKH'DQLOR$-@KDGSHQHWUDWHGWKH3ROLVKODQGVRGHHSO\ H[FHSW9RORGLPHUWKH*UHDWZKRKDGEDSWL]HGWKHFRXQWU\µ  *7UDQVODWLRQIURP$-XVXSRYLþ!"#$G")(3,H1#$('$+21/H"48(1"/3,2l$S´ѺӚӊҧӅӇҸӘҤ ӂҬҰҸӈӅҦӅӟҼӁʠӊҧӅӋӇӅӋӈ>Ӝ@ҸӁʠӒӅҧҬҤәҬӆӅӈҬӂ>Ӝ@ҼӅӁҸҦӮҫҬӊ>Ӝ@ӂҬҰҸҸӂҸӅӋӈӅҦҸӔҤӃҬ* ҧӅҬҧҤӊҸLӁʠӒʚӂ>Ӛ@ӇӅӋӈҼӅҬӕҬӁʠҫҸӃҸӇӅӋӈҸӁʠҫ>Ӝ@ӈҼӅҬµ²$G")(3,H2$_21,H,23(48(1,3,232lS  *$6LZNRQ$G(99(3P#21."$('$:3.#)#-.-$,3$."#$W6-4M/V23.,3#$!)#2./$cHK2K$Eppd´6WXGLD&HUD QHDµ;,  SS GLVFXVVLRQRIWKHOLWHUDWXUHWKHUHLQ 7KHZRUNRIIHUVDQHZRULJLQDOO\ DSSURDFKWRWKHWRSLF  *$-XVXSRYLþ!"#$G")(3,H1#$('$+21/H"48(1"/3,2l$S  *%ROHVãDZDQG.RQUDGZDVVXSSRUWHGE\/HV]HNWKH%ODFN  *G")(3,H2$_21,H,23(48(1,3,232l$SS² *() *!"#$_21,H,2348(1"/3,23$G")(3,H1#lS´ѨҤҼӅӃ>Ӛ@ҰҬҦʠӘҬҧӁʠӒӅӒ>Ӛ@ӊҤҼӅҧӜӕҬӁʠҫҸ ӃҬҸӂҤӊҸӃҸҦҸӊҸЯӃӅӁӅӋӆʠӒӅӋҨӅӇӅҫӅӋҰ>Ҭ@ҧҶʠӊӅӋҸӆӅҸӂҤӘҤҧ>Ӛ@ӃҬӂ>Ӝ@ӊӅҧҤӇҤӂӃʚҨӅҸ ӁӟҫҸӆӅӁӅӋӆҸӘҤµ²G")(3,H2$_21,H,23(48(1,3,232lSS  *!"#$_21,H,2348(1"/3,23$G")(3,H1#lS´ѪҧӃҸҫӅӈӊҤӈӚӈӁҤҧӅӟҧӚҶҬӂӁӟӈҧӅӟҸӃӛҹ ҦʚҼӃʠӣӜӃҬҧӚӒӅҫҸӁӚҦӬҧӚҶҬӂӁӟӁʠҫ>Ӝ@ӈҼӅӋӟӊӅӁ>Ӝ@ҨӁӅӋҦӅҼӅӆӇӅӕҬќӅӁʚҫҸӂҬӇҤќҬӁҸҼӅҨӅ ҸҰҬҦӬҶҬӂӁӟҼӇ>Ӝ@ӈӊҸӁӚµG")(3,H2$_21,H,23(48(1,3,232l$SS +",& 73+%)#7A*,& (,& ,%"+7*,& %/& #)-*+)(-#%)(A& A(K %'* 7KH QH[W H[DPSOH UHJDUGV WKH IXQFWLRQLQJ DJUHHPHQW RU PD\EH ,VKRXOGVD\XQZULWWHQODZRUSULQFLSOHWKDWRQHUXOHUZLOOJDYHVKHOWHU WRDQRWKHUUXOHUZKHQWKHVHFRQGLVLQGDQJHU2IFRXUVHVXFKEHKDY LRXU LV QRWKLQJ XQQDWXUDO DQG ZH NQRZ D ORW RI VXFK VLWXDWLRQV #K> $QGUHZ,,NLQJRI+XQJDU\WRRNFDUHRI5RPDQ0VWLVODYRYLFK·VZLGRZ DQGKHUFKLOGUHQLQLQ0VWLVODYWKH'XPEJDYHKLVSDWULPRQ\ WR3ULQFH'DQLORDQGHQWUXVWHGKLVVRQ,YDQWRKLVFDUH6XFKH[DPSOHV LQWKHPLGGOHDJHVZHFDQPXOWLSO\EXW,ZRXOGOLNHWRSD\DWWHQWLRQ RQRQHVSHFLILFVLWXDWLRQZKLFKWRRNSODFHDIWHU0RQJROLQYDVLRQRI5XV LQ7KH5XVSULQFHVZDVORRNLQJDVKHOWHULQ+XQJDU\DQGLQ3RODQG ,Q&KURQLFOHRI+DO\FK9ROK\QLDQZHUHDGWKDW´>7KHQ@'DQLORVDLGWKDW LWZDVQRWVDIHIRUWKHPWRUHPDLQWKHUH>VR@FORVHWRWKHIRUHLJQHUVZKR ZHUHZDJLQJZDUDJDLQVWWKHPDQGVHWRXWIRUWKH0D]RYLDQODQGWR .RQGUDW·VVRQ%ROHVODY3ULQFH%ROHVODYJDYHKLPWKHFLW\RI:\V]JRUyG* DQGKHUHPDLQHGWKHUHXQWLOKHUHFHLYHGZRUGWKDWWKHLQILGHOVKDGOHIW WKHODQGRI5XV>7KHQ@KHUHWXUQHGWRKLVRZQODQGµ:HPXVWUHPHP EHUWKDWMXVWEHIRUH0RQJROVLQFXUVLRQ.RQGUDW0D]RZLHFNLDQGKLVVRQV VXSSRUWHG0LNKDLO9VHYRORGRYLFKDJDLQVW'DQLOR5RPDQRYLFK1HYHUWKH OHVVZKHQWKHVLWXDWLRQLQWKHVHSDUWRI(XURSHZHUHGLIILFXOW\KHKHOSHG RWKHUVUXOHUVHYHQHQHPLHVRUULYDOZKRZHUHLQQHHG,QWKHVHSDUWLFXODU FDVHKHJDYH ҧҫҤӈӊӜ FLW\WRWKHZKROHIDPLO\RI'DQLOR5RPDQRYLFK:H FDQRQO\DVVXPHWKDW:\V]JRUyG·VEHVWRZDOZDVWRPHHWDOOWKHQHHGV RIWKHKROGHUVRYHUDORQJHUSHULRGRIWLPH,VXSSRVHWKDWVXFKSUDFWLFHV ZHUHWUDGLWLRQDOLQWKH3LDVWVDQG5XULNLGVUHODWLRQVKLSV7KHVHLVVXH FRXOGEHDVHSDUDWHFDVHVWXG\VRZHZLOOJRWRWKHQH[WH[DPSOHRILQWHU QDWLRQDOODZ ,VKRXOGPHQWLRQDERXWYHU\LPSRUWDQWFLUFXPVWDQFHVZLWKKDGLQIOXHQFH RQWKH3ROLVK5XVUHODWLRQVKLS)URPWRFLUFDWKH0RQJRODUP\ FRQTXHUHGDOOWKHSULQFLSDOLWLHVRI5XV7KLVHYHQWZDVKLJKO\LQGLVWLQFW **) *G")(3,H2$_21,H,23(48(1,3,232«SS *+) *,ELGHPV *,) *!"#$_21,H,2348(1"/3,23$G")(3,H1#lSÅѠҤӃҸӁӅҧҸҰ>Ҭ@ӇҬҼ>Ӛ@Әӟ˨ҼӅ©ӃҬҫӅҦӇӅ ӃҤӂ>Ӛ@ ӈӊӅҤӊҸ ҶҫҬ ҦӁҸҶ>Ӛ@ ҧӅӟӟәҸӒ>Ӛ@ ӃҤӈ>Ӛ@ ҸӃӅӆӁҬӂҬӃ>Ӝ@ӃҸҼӅӂ>Ӛ@ª ҸҫҬ ҧӚQ ҶҬӂӁӟ ѴҤҶӅҧҬӔ>Ӝ@ҼӅӋӟҼӚћӅӁҬӈӁҤҧӅӋҼӚUѮӅӃҫӇҤӊӅҧӅӋӈ>ӛ@Ӄ>Ӆ@ҧҸҳҢҦҟӃӅӗҧҽӈҷҾ࣒ұ>ӗ@іӀҼҧӃҼҟҢӗ ңӂҟҦ>ӕ@їӖӓҧңӀӂ࣌Ҧ>ӕ@ҸҦӛӈ>ӊӜ@ӊӅӋҫӅӃ>Ӝ@ҫҬҰҬҧӬӈӊӜӆӇӥҤ˨ҼӅӈӅӘӁҸӈӮӊ>Ӝ@ҸҶӜҶҬӂӁҸ ӇӅӋӈ>Ӝӈ@ҼӅҬҦҬҶҦӅҰ>Ӝ@ӃӥҸҸҧӚҶҧӇҤӊҸӈʠҧӚҶҬӂӁӟӈҧӅӟµG")(3,H2$_21,H,23(48(1,3,232lS  *6HH%'*UҬNӅYљ,X,DNXEӅYVNLǩ=ӅOӅWҤLDѷUGҤLҬҬSҤGҬQLҬ0RVFRZ²/ҬQLQJUҤG *9HUQDGVN\<(3>(1/$,$W6-$0RVFRZ'*.KUXVWDOHY5XV·RWQҤVKҬVWYLLDGӅ´LJҤµ² >>K$b:::$YK6DLQW3HWHUVEXUJ'*.KUXVWDOHYW6-T$:$9(3>(1T-=(#$32-"#-.Y,#$c`]^C]$>>K$b:::$YKd* 6DLQW3HWHUVEXUJ ZLWKDOLVWRIUHOHYDQWOLWHUDWXUH -/,)HQQHOO!"#$G),-,-$('$<#*,#Y21$W6--,2$ @`]]^@A]p/RQGRQ'&KULVWLDQQ$+,-.()/$('$W6--,27$G#3.)21$Q-,2$23*$<(3>(1,2YRO,:33#)$ X6)2-,2$')(9$0)#",-.()/$.($."#$<(3>(1$X9N,)#2[IRUG %'! $'5,$1-868329,ý LQ5XVFKURQLFOHV,QKLVDQDO\VLVRIWKHVHHYHQWV&KDUOHV+DOSHULQZURWH WKDW ´5XVVLDQ ZULWLQJ IURP WKH 0RQJRO SHULRG FOHDUO\ VKRZV D UHMHFWLRQ RIWKHIDFWRIFRQTXHVW>E\7DWDUV@µ,QWKHROGHVWFKURQLFOHV #K>WKH+21/H"4 8(1"/3,23$G")(3,H1# ZHILQGVRPHVFUDSVRIWKHDXWKHQWLFDFFRXQWVRIWKHVLW XDWLRQLQ5XV$JRRGH[DPSOHLVDODWHUHFRUGDERXW5XVSULQFHV·MRXUQH\ WR6DUDLRU.DUDNRUDP´IRUWKHLUSDWULPRQLHVµ7KHUHWKHSULQFHVUHFHLYHG \DUOLTV 0RQJROSDWHQWV IURPWKH.KDQWKRXJKVRPHRIWKHPHYHQGLHG GXULQJWKLVYHQWXUHIRUH[DPSOH0LNKDLORI&KHUQLJRY  LQ :HDOVRKDYHYHU\LQWHUHVWLQJUHFRUGVRIWKHVHWULSV$WWKHHQGRI 'DQLOR5RPDQRYLFK " WUDYHOOHGWR%DWX  ,QWKH+21/H"48(14 "/3,23$G")(3,H1#ZHUHDG´7KHQFHKHZHQWWR%DW\M>ZKRZDV@RQWKH9RO JDZLVKLQJWRSD\KLPKRPDJH>7KHUH@DYDVVDORI-DURVODY>9VHYRORGRYLĀ FDOOHG@6RQJXUDSSURDFKHGKLPDQGVXJJHVWHGWKDWVLQFH'DQLOR·V¶EURWKHU· -DURVODYKDGZRUVKLSSHGDEXVKKHVKRXOGDOVR%XW>'DQLOR@UHSOLHGWKDW WKH'HYLOZDVVSHDNLQJWKURXJKKLVOLSVDQGWKDW*RGZRXOGVKXWWKHP VRWKDWQRRQHZRXOGKHDUZKDWKHVDLG$QGDWWKDWPRPHQWKHZDVVXP PRQHGE\%DW\MDQGZDVWKXVGHOLYHUHGE\*RGIURPWKHLUJRGOHVVGHYLOU\ DQGVRUFHU\+HERZHGDFFRUGLQJWRWKHLUFXVWRPDQGHQWHUHG>%DW\M·V@WHQW %DW\MLQTXLUHGZK\'DQLORKDGQRWFRPHWRKLPEHIRUHWKLVEXWZDVQHYHU WKHOHVVSOHDVHGWKDWKHGLGFRPHQRZ7KHQ%DW\MLQTXLUHGZKHWKHU'DQLOR GUDQNEODFNPLONZKLFKZDVIHUPHQWHGPDUH·VPLONDQGZDVWKHLU>IDYRXU LWH@GULQN'DQLOR>FRQIHVVHG@WKDWKHKDGQRW\HWWULHGLWEXWZRXOGGULQN LWLIKHZLVKHGWRZKLFK%DW\MUHSOLHGWKDW'DQLORZDVDOUHDG\RQHRIWKHP /)%)0%1%2²DQGVKRXOGWKHUHIRUGULQNWKHLUEHYHUDJH'DQLORGUDQN>WKHPLON@ ERZHGLQDFFRUGDQFHZLWKWKHLUFXVWRPDQGVDLGWKDWKHZRXOGQRZJRDQG SD\KRPDJHWRWKH*UDQG3ULQFHVV%DUDNĀLNRYDDQG%DW\MVDLG¶JR·µ  */LWHUDWXUHUHYLHZVHH-/,)HQQHOOS!"#$!21#$('$M2./T-$:3Y2-,(3$('$a()."4X2-.$W6-T$23*$ :.-$W#'1#&,(3$,3$."#$G")(3,H1#-$('$."#$!",).##3."^','.##3."$G#3.6),#-T´5XVVLD0HGLDHYDOLVµ,,,   SS²*03URKRURY3ӅYҬVW·ӅQҤVKҬVWYLL%Ҥ./,2$LQ6OӅYҤU·NQL]KQLNӅYLNQL]KQӅVWL'UҬYQҬǩ5XVL YRO,;,²SҬUYҤLDSӅOӅYLQҤ;,9Y/ҬQLQJUҤGSS  *-&K+DOSHULQW6--,2$23*$."#$_(1*#3$+()*#;$!"#$<(3>(1$:9N2H.$(3$<#*,#Y21$W6--,23$+,-4 .()//RQGRQS  * !"#$ _21,H,2348(1/3,23$ G")(3,H1#l S  ´ʙӊ>Ӛ@ӊӅӋҫӅӋ Ұ>Ҭ@ ӆӇӥҸҫҬ ҼӚ ћҤӊӛҬҧҸ ӃҤ ќӅӁҨӅӋDH ӒӅӊʠӘӍ ӈʠ ҬӂӅӋDJ ӆӅҼӁӅӃҸӊҸD ѸӇҸӘҬҫ>Ӛ@ӘӟDL Ұ>Ҭ@ ҒӇӅӈӁҤҧӁӟ ӕ>Ҭ@Ӂ>ӅҧӬ@ ҼӅӋ ѺӚӃӜҨӅӋӇӅҧҸ ӇҬҼ>Ӛ@ӘӟF ҬӂӅӋ ¶ћӇҤӊ>Ӛ@H ӊҧӅҹ ҒӇӅӈӁҤҧӜ ҼӁҤӃʠӁ>Ӛ@ӈʠ ҼӅӋӈӊӅӋ Ҹ ӊӅҦӬ ҼӁҤ_ӃʠӊҸӈʠ·ѪӇҬӕ>Ҭ@ҬӂӅӋ¶ѠӥҤҧӅӁӚҨӁҤҨӅӁҬӊ>Ӝ@ҸҶӜӅӋӈӊӜӊҧӅҸӒ>Ӛ@_ћ>ӅҨ@ӚҶҤҨӇҤҫҸRӅӋӈӊҤS ӊҧӅҤ Ҹ ӃҬ ӈӁӛӘҤӃӅ ҦӮҫҬӊ>Ӝ@ ӈӁʚҧӅ ӊҧӅҬ· Ѫ ҧӚ ӊӚҸ ӕҤӈ>Ӛ@ ӆӅҶӃҤӃӚ Ҧӛӈ>ӊӜ@ ћҤӊӛҬӂ>Ӝ@Z ҸҶҦҤҧӁҬӃӚћ>Ӆ@Ҩʚӂ>Ӝ@Ҧӛӈ>ӊӜ@ҸҶӁӅҨ>Ӆ@ҸӒ>Ӛ@ҦӬӘҬӃӥҤ\ҸҼӅӋҫҬӘ>Ӝ@ӈӊҧҤѪӆӅҼӁӅӃҸҧӈʠӆӅ ӅҦӛӕҤӟDE ҸӒ>Ӛ@ Ҹ ҧӚӃҸҫҬ ҧ>Ӛ@DG ҧҬҰӟ ҬҨӅ ӇҬҼ>Ӛ@Әӟ ҬӂӅӋ ¶ѠҤӃҸӁӅ ҇ҬӂӅӋ ҬӈҸ ҫҤҧ>Ӝ@ӃӅ ӃҬӆӇҸӘҬӁӚҤӃ>ӛ@ӃӬҸҰҬDҬӈҸӆӇҸӘҬӁӚҤӊӅҫӅҦӇӅҰҬѸӥҬӘҸӁҸFӕҬӇӃӅҬӂӅӁӅҼӅӃҤӘҬ ӆҸӊӥҬҼӅҦӛӁӬҹHҼӅӋӂӅӋҶӜ"·ѷӃӅӂӅӋҰ>Ҭ@ӇҬҼ>Ӛ@Әӟ¶ѠӅӈҬӁӬҬӈӂӜӃҬӆҸӁӚӃӅҰҬӊӛҧҬӁҸӘӜN ӆӥӟ·ѷӃ>Ӛ@ҰҬӇҬӕ>Ҭ@¶ѼӛӅӋҰҬQӃҤӘ>Ӝ@ҰҬѼҤӊҤӇҸӃ>Ӛ@ѸӥҹSӃҤӘҬӆҸӊӥҬ·ѷӃӜҰҬҸӈӆҸҧӜ ӆӅҼӁӅӃҸӈʠ ӆӅ ӅҦӛӕҤӟ ҸӒ>Ӛ@ ҸҶӂӅӁҧҤ ӈӁӅҧҤ ӈҧӅʠ ӇҬӕ>Ҭ@ ¶ѪҫӅӋ[ ӆӅҼӁӅӃҸӊҸӈʠ\ ҧҬӁҸҼӅҹ ҼӃʠҨӛӃҸћҤӇҤҼӕҸӃӅҧҸ·ѹҬӕ>Ҭ@¶ѪҫҸ·µ²$G")(3,H2$_21,H,23(48(1,3,232lSS +",& 73+%)#7A*,& (,& ,%"+7*,& %/& #)-*+)(-#%)(A& A(K %'" %DVHGVROHO\RQWKLVVKRUWUHFRUGZHFDQUHDGDERXWWKHQHZRYHUORUGVKLS WKDWWKH0RQJROVKHOGRYHU5XV'DQLORVKRXOGSD\WULEXWHDQG%DWXQDPHG KLP¶="(1(N· DVODYH҄ӅӁӅӆ ZKLFKLQWKLVFRQWH[WPHDQVDVXEMHFWRI%DWX $WWKHHQGRIWKHPHHWLQJ%DWXWROG'DQLORWKDWKHZDVRQHRIWKHP²D7DWDU $OOWKHVXEMHFWVRI'DQLOR HVVHQWLDOO\DOOWKH5XVUXOHUVDQGWKHLUVXEMHFWV  EHFDPH7DWDUV IURPEXUHDXFUDWLFSRLQWRIYLHZLQFOXGLQJ%DWXDOOVXEMHFWV RI0RQJRO(PSLUH²ZKRKROG\DUOLTV²ZHUH7DWDUVLQFOXGLQJDOOWKHQDWLRQV FRQTXHUHGE\WKHP²WKHSHRSOHRI5XVWKH+DQ&KLQHVHHWF 7KHVHSHRSOH ZHUHVXEMHFWWRWKH7DWDUV·¶ZLOO· $QHZ¶QDWLRQDOLW\·RI5XVSHRSOHFKDQJHGDORWLQUHODWLRQVKLSEHWZHHQ 5XVZLWKRWKHUUXOHUV$V7DWDUVWKH\FDQXVH0RQJROVPLOLWDU\VXSSRUWEXW DOVRWKH\ZHUHREOLJDWHGWRNQXFNOHXQGHUWKHIRUHLJQSROLF\RINKDQ ,QWKDWQHZUHDOLW\ZHUHDGDERXWYHU\LQWHUHVWLQJHYHQWV´>7KHQ@WKHUH ZDVDIDPLQHLQDOOWKHODQGVDPRQJWKH5XVLDQVWKH3ROHVWKH/LWKXDQL DQVDQGWKH-DWYLQJLDQV7KHQWKH-DWYLQJLDQVVHQWWKHLUHQYR\VWR>3ULQFH@ 9RORGLPHUZKRDGGUHVVHG>KLP@WKXV¶2XU/RUG3ULQFH9RORGLPHU:HKDYH FRPHWR\RX>LQWKHQDPHRI@DOOWKH-DWYLQJLDQVSODFLQJRXUKRSHLQ*RG DQGLQ\RXU>FRQWLQXHG@JRRGKHDOWK0DVWHU'RQRWOHWXVGLHRIVWDUYD WLRQEXWIHHGXVIRU\RXURZQEHQHILW6HQGXV\RXUJUDLQIRUVDOHDQGZH ZLOOJODGO\EX\LW:KDWHYHU\RXGHVLUHEHLWZD[VTXLUUHOEHDYHURUEODFN PDUWHQVNLQVRU>HYHQ@VLOYHUZHZLOOJLYHLWWR\RXJODGO\·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¶,QYDLQGRHVKHGHQ\>WKLV@IRUKHKLPVHOIKDVNLOOHG\RXUPHQ·µ0/*  *'HWDLOHGDQDO\VHVRIPRRWHGLVVXHVHH$-XVXSRYLþM2-f2f-$,3$W6-T;$F(H,21$F.)2.#>/$ ('$0(P#)LQ<(3>(1-$23*$G#3.)214X2-.#)3$X6)(N#;$0(1,.,H217$XH(3(9,H7$23*$G61.6)21$W#12.,(3-$HG$9 0DLRURY5+DXWDOD/RQGRQ1HZ<RUNSS +() *!"#$_21,H,2348(1"/3,23$G")(3,H1#lSÅѸӅӊʚӂ>Ӝ@ҰҬӁӬӊӬҨӅӁʚҫ>Ӛ@Ҧӛӈ>ӊӜ@ӆӅҧӈҬҹ ҶҬӂӁҸҸҧӇӅӋӈҸҸҧӁʠӒӅӒ>Ӛ@ҸҧӁҸӊҧӬҸҧʠӊҧʠӣҬӒ>Ӛ@ѸӅӈҬӂ>Ӝ@ҰҬ˨ӊҧʠӣӬӆӅӈӁҤӘҤӆӅӈӁӛ ӈҧӅҤҼќӅӁʚҫҸӂҬӇӅҧҸӊҤҼӅӇҬ_ҼӅӋӕҸ©ѝ>Ӆ@ӈ>ӆӅ@ҫ>Ҹ@ӃҬҼӃʠҰҬќӅӁʚҫҸӂҬӇҬӆӇӥҬӒҤӁҸҬӈӂӛҼ ӊҬҦӬʚӊ>Ӛ@ҧӈӬӒ>Ӛ@˨ӊҧʠӣӜӃҤҫӬӟӕҸӈʠӃҤћ>ӅҨ@ӚҸӃҤӊҧӅҬҶҫӅӇӅҧӥҬѝ>Ӆ@ӈ>ӆӅ@ҫ>Ҹ@ӃҬӃҬӆӅӂӅӇҸ ӃҤӈ>Ӛ@ӃӅӆҬӇҬҼӅӇӂҸӃҤӈ>Ӛ@ӈҬҦӬӆӅӘӁҸҨ>Ӆ@ӈ>ӆӅ@ҫ>Ҹ@ӃҬҼӃҤӂ>Ӛ@ҰҸӊӅӈҧӅҬӆӇӅҫҤҧҤӊ>Ӛ@Ҥӂӛ %'# $'5,$1-868329,ý +RZZHVHH7KHQH[WSDVVDJHRIWKHDXWKRU·VVRXUFHWH[WEHJLQVZLWKJUHDW SUHFLVLRQ´$IWHUWKDW\HDUµ7KLVSKUDVHLQGLFDWHVWKHQH[W\HDUDFFRUG LQJWRWKH0DUFKVW\OH 0DUFK)HEUXDU\ 7KHERRNPDQ ZURWHDERXWWKHIDPLQHLQ5XV3RODQGDQGDPRQJWKH<RWYLQJLDQVDWWKDW WLPH7KHODVWRIWKHVHDVNHG9ODGLPLUWRVHOOWKHPVRPHRIWKHLUUHVHUYHV :KLOHWKH\ZHUHEHLQJWUDQVSRUWHGWR3XãWXVNWKHSULQFHRI9ODGLPLU·VPHQ ZDVNLOOHG.RQUDG,,RI&]HUVNZDVDFFXVHGRIFRPPLWWLQJWKHGHHG+LV JXLOWZDVFRQILUPHGE\%ROHVãDZ9WKH&KDVWHZKLFKUHVXOWHGLQDQH[SHGL WLRQWR0D]RYLD(YHQWXDOO\WKHFRQIOLFWHQGHGZLWKDSHDFHWUHDW\EHWZHHQ 9ODGLPLUDQG.RQUDG00 :HVHHWKHSDVVDJHWROGXVWKDW9RORGLPHUVHQWIUHLJKWZLWK´JRRGPHQ ӈӚӁӟҫ>Ӝ@ӂҸҶҫӅҦӇӛӂҸ ZKRPKHWUXVWHGµ,QPHGLHYDO5XVWUDGHZDV GHDOWQRWRQO\E\IUHHSHRSOHEXWDOVRE\SHRSOHZKRZHUHGHSHQGVRIUXO HUV2IWHQVXFKSHRSOHZHUHQRWRQO\PHUFKDQWVRIWKHSULQFHEXWDOVR WKH\ZHUHKLVHQYR\V6RPHWLPHVLWKDSSHQHGWKDWPHUFKDQWVZKRGLG QRWGHSHQGRQWKHSULQFHWUDQVSRUWHGWKHJRRGVEHORQJLQJWRWKHUXOHUV RUER\DUV$VZHFDQVHH.RQUDGWKH,,RI&]HUVNRU KLVVXEMHFWVQRW VLPSO\NLOOHGPHUFKDQWVEXWNLOOHG´JRRGPHQµRI9RORGLPHU9DV\ONRYLFK ZKLFKLQWKDWWLPHPD\KDYHSHUIRUPHGQRWRQO\UROHRIPHUFKDQWVEXWDOVR HQYR\VVHQWWRWKH<RWYLQJLDQV7KHVHVDPHDWWDFNHGGLUHFWO\WKHSULQFH RI9RORGLPHUZKRKDGWRUHDFW%HIRUHZHJRIRUZDUGZLWKFRQFOXVLRQZH VKRXOGPRRWDYHU\LPSRUWDQWLVVXH:HGRQRWKDYHDQ\&\ULOOLFGRFXPHQW ZKLFKGHWDLOHGGHVFULEHWUDGHEHWZHHQ5RPDQRYLFKLDQGWKH3LDVWV,QWRWDO ӇҤҫҸҼӅӋӆҸӂ>Ӛ@҇ҬҨӅӁҸҧӚӈӒӅӕҬӘӜҧӅӈҼӅӋӁҸҦӅҦӇӅҧӚӁҸӕӇӚӃӛӒ>Ӛ@ӁҸҼӅӋӃӚҦӬӁҸӁ>Ҹ@ ӈӇҬҦӇҤӁ>Ҹ@Я_ӂӛӇҤҫҸҫҤӂӛªќӚӁʚҫҸӂҬӇ>Ӛ@ҰҬҸҶћҬӇҬӈӊӥҤӆӅӈӁҤҼӃҸӂ>Ӛ@ҰҸӊӅҧӁӅҫҸʠӒ>Ӛ@ ӆӅћӅӋҨӅӋӈӚӁӟҫ>Ӝ@ӂҸҶҫӅҦӇӛӂҸҼӅӂӅӋҧӬӇʠҸҫӅӋәҸӂҰҬҸӂӚӆӅћӅӋҨӅӋҸӊҤҼӅҧӚҶӛҫӅӘҤ ӃҤѵҤӇӅҧӜѪӆӅҸҫӅӘҤӆӅѵҤӇ>Ӛ@ҧҸѪҫӅӋәҸӂ>Ӛ@ҰҬҸӂ>Ӛ@ҸӆӇӥҸҫӅӘҤӆʚҫ>Ӛ@ҨӅӇʚҫ>Ӛ@ӆӅҫ>Ӛ@ _ѸӅӁӊӅҧҬӈҼӜӊӅӋҰ>Ҭ@ҸӈӊҤӘҤӃҤӃӅӕ>Ӝ@ӅӆӅӕҸҧҤӊҸӈӅҦӬҸӊҤҼӅҸҶҦҸӊӛҦӛӘҤҧӈҸӆʚҫ>Ӛ@ ҨӅӇӅҫʚӂ>Ӝ@ҧӃӅӕҸҰҸӊӅӆӅҹӂҤҧ>Ӛ@ӘҬҤӁʚҫ>Ӝ@ҸӆӅӊӅӆҸӘҤќӚӁʚҫҸӂҬӇ>Ӛ@ҰҬҸӈҼҤӘҬӈҬҨӅ ҧҬӁ>Ӝ@ӂҸӒӅӊʠӅӋҧӬҫҤӊҸҼӊӅӈҬӅӋӕҸӃҸӁ>Ӛ@ҤҼӚѮӅӃҫӇҤӊӅҧҸҦӇҤӊӋӈҧӅҬӂӅӋӈӁҤӘҬӊҤҼӅ ӇҬҼҤҬӂӅӋ©ѸӅҫ>Ӛ@ӊҧӅҸӂ>Ӝ@ҨӅӇӅҫʚӂ>Ӝ@ҸҶҦҸӊӛӂӅҸӁӟҫҸҬЯӁӟҦӅӊҧӅҸӂ>Ӝ@ӆӅҧҬӁҬӃӥҬӂӜ ҸӁҸҸӃӅҨӅѼӛҧӬҫҤҬӘӜҧӚӊҧӅҬҸҶҬӂӁҸӆӅҧӬҰӜªѮӅӃҫӇҤӊ>Ӛ@ҰҬӈʠҶҤӆӇӬ©˧ӃҬҸҶҦҸҧҤӁ>Ӛ@ Ҥ ҸӃӅҨӅ ӃҬ ҧӬҫҤӟ ҼӊӅ ҸҶҦҸӁ>Ӛ@ª ѷӁ>Ӝ@Ӄӛ Ұ>Ҭ@ ӆӅҧӬҫҸӁ>Ӛ@ ќӅӁʚҫҸӂҬӇӅӋ ӅӋҹ ҬҨӅ ҼӃʠҶ>Ӝ@ ћӅӁҬӈӁҤҧӚӃҤӈ>ӛ@ӃʚҧӔҤӈҧӅҬҨӅӃҤѮӅӃҫӇҤӊҤӊҤҼӅӇҬҼҤ©ћҬҶӁӬӆҤӊҸӈʠӆӇҸӊ>Ӝ@ҤӈҤӂ>Ӛ@ӊҸ ҸҶҦҸӁ>Ӛ@ӊҸӊҧӅҤӁӟҫҸªµ²$G")(3,H2$_21,H,23(48(1,3,232lSS  *G")(3,H2$_21,H,23(48(1,3,232lS +*) *&I0+UXVKHYVN\.KUӅQӅOӅJӤLDSӅGӤǩ*ҤOLWV·NӅ9ӅOLQV·NӅӥOӤWӅSLVӤ´=ҤSLVNLQҤXNӅYӅJӅ WӅYҤULVWYҤӤPҬQӤ6KҬYFKҬQNҤµ;/,  S* ++) *G")(3,H2$_21,H,23(48(1,3,232lSS +,) *&KURQLFD*DOLFLDQR9ROLQLDQD«S  * %9 3HUNKDYNR F)#*3#Y#=(Y(#$ )6--=(#$ =6N#H"#-.Y(7$ 0RVFRZ  S  GLVFXVVLRQ RIWKHOLWHUDWXUHWKHUHLQ   *,ELGHPS  *,ELGHPS +",& 73+%)#7A*,& (,& ,%"+7*,& %/& #)-*+)(-#%)(A& A(K %'$ GXULQJWKDQGWKFHQWXULHVWKHUHDUHDERXWGRFXPHQWVIURP5XVWHU ULWRU\$V63DVKLQKDVQRWHGKRZHYHUWKH\DUHQRWHYHQO\GLVWULEXWHG WKURXJKRXWWKLVSHULRGWKHUHDUHNQRZQGRFXPHQWVIURPWKHWKFHQ WXU\IURPWKHWKIURPWKHWKDQGGRFXPHQWVIRUWKHWK* FHQWXU\DORQH%\DQDORJLHVZLWKRWKHUVSDUWRI5XVZHFDQDVVXPHWKDW VXFKGRFXPHQWVH[LVWHG)RUH[DPSOHZHKDYHIHZ&\ULOOLFFKDUWHUVIURP WKFHQWXULHVZLWKUHJDUGVWRWKHSURYLGHVHFXULW\RIPHUFKDQWVE\RWKHU VLGHRIDJUHHPHQW9HU\LQWHUHVWLQJLV¶'UDIWWUHDW\RI6PROHQVNZLWK5LJD DQG*RWODQG WKHVRFDOOHGWUHDW\RIWKHXQNQRZQ6PROHQVNSULQFHRU FROOHFWLRQ. ·IURPWKHSHULRG:HFDQUHDGWKHUHLQGHWDLO DERXWULJKWVRI¶JXHVWV·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´ҨӅӈӊӜµLQWKH0LG GOH$JHVWKLVWHUPPHDQWPHUFKDQWVRPHRQHZKRWUDGHVLQDQRWKHUFLW\ RUFRXQWU\ IRUP&KDUWHURI3ULQFH<DURVODY><DURVODYLFK@WR WKHSHRSOHRI5LJDDERXWIUHHSDVVDJHIRUJXHVWV LQWKHPLGGOHDJHWKLV WHUPPHDQWPHUFKDQWV DFFRUGLQJWR0HQJX7LPXUZRUG FRPPDQG  IURP&KDUWHURI3ULQFH$OH[DQGHU*OHERYLFKSULQFHRI6PR OHQVNFRQILUPLQJWKHULJKWVRIWKHIUHHPRYHPHQWRIPHUFKDQWVEHWZHHQ  *,QDGGLWLRQWKHUHDUHRYHUELUFKEDUNPDQXVFULSWVSUHVHUYHGIURPWKHWKFHQWX U\ KWWSJUDPRW\UXELUFKEDUN 6HH663DVKLQW6--=,#$*(=69#3./$b::^b8::$Y#=(YK$?H"#O3(#$ N(-(O,#7$7LXPHQ·S60.DVKWDQRY%O-"H",#$.#3*#3HJ,$)2VY,.,,2$*(=69#3.,)(Y23,,2$Y$=23H#1,4 2),,2="$-)#*3#Y#=(Y(,$W6-,LQ8(-.(H"32,2$XY)(N2$Y$,-.(),H"#-=(,$)#.)(-N#=),Y#K$g$B]41#.,,6$8K!K$02-"6.( HG71']KDNVRQ($0HO·QLNRYD0RVFRZSS  *0)(#=.$GRJRYRUD6PROHQVNDV5LJRǩL*RWODQGRP WDNQD]\YDHP\ǩ**(>(Y()$3#,VY#-.3(>($-9(4 1#3-=(>($=3,2V,27$,1,$-N,-(=$gdLQ0RQXPHQWD3DODHRJUDSKLFD0HGLL$HYL6HULHV5RVVLFDYRO,5#-$ N16-$23H,#33#-$H"2).#-$)6--#-K$U(3*-$*#-$Q)H",Y#-$963,H,N21#-$*#$W,>27$b::#4b:8#$-,\H1#-HG3*RQQHDX $,YDQRY$.X]QHWVRY%UHVSROSS GLVFXVVLRQRIWKHOLWHUDWXUHWKHUHLQ  ,() *&I%93HUNKDYNRF)#*3#Y#=(Y(#$)6--=(#$=6N#H"#-.Y(«SS  *_)29(.2$#N,-=(N2$N(1(H=(>($:2=(Y2$329#-.3,=6$2)=",#N,-=(N2$N,V"-=(>($,$)2.92329$W,>,$($9,)#$ ,$.()>(Y1#LQ0RQXPHQWD3DODHRJUDSKLFD0HGLL$HYL«SS GLVFXVVLRQRIWKHOLWHUDWXUH WKHUHLQ  ,*) *F1(Y2)T$*)#Y3#)6--=(>($,2V/=2$c@@^@p$YYKdYRO0RVFRZSS%93HUNKDYNR F)#*3#Y#=(Y(#$)6--=(#$=6N#H"#-.Y(«S ,+) **UDPRWDNQLD]LD,DURVODYD>,DURVODYLFKD@5L]KDQDPRVYRERGQRPSXWLGOLDJRVWHǩSR0HQJX !#9,)(Y,$-1(Y6$cN(Y#1#3,,6dLQ0RQXPHQWD3DODHRJUDSKLFD0HGLL$HYL«SS GLVFXVVLRQ RIWKHOLWHUDWXUHWKHUHLQ  %(& $'5,$1-868329,ý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´>7KHQ@WKHUHZDV DIDPLQHLQDOOWKHODQGVDPRQJWKH5XVLDQVWKH3ROHVWKH/LWKXDQLDQVDQG WKH-DWYLQJLDQVµ,QVXFKFDVHV.RQUDGWKH,,ZRUNHGIRUKLVVXEMHFWV,WDOVR GLGQRWFKDQJHDQ\WKLQJHLWKHUEHFDXVHWKHFULPHKDGEHHQFRPPLWWHGDQG 9ODGLPLUZDQWHGWRSXQLVKWKHYLRODWRU,QWKHEHJLQQLQJKHZDQWHGWRXVH GLSORPDWLFPHDQVEXWDIWHUKHUHDOLVHGWKDWWKHMXGJHRIWKHODQGLV.RQUDG WKHVHFRQGKHGLGQRWZDQWWRGRDQ\WKLQJDQGDIWHUWKHZRUGVRI%ROHVãDZ WKH9´,QYDLQGRHV>.RQUDG@GHQ\>WKLV@IRUKHKLPVHOIKDVNLOOHG\RXU PHQµKHZDVIRUFHGWRUHDFW(QYR\VZKRZHUHUHSUHVHQWDQWVRI9ODGLPLU GLHGRQ.RQUDG·VODQG,I9ODGLPLUZDQWHGWRVDYHKLVSRVLWLRQLQH\HVRIKLV VXEMHFWVWKHUHDFWLRQQHHGHGWREHIDVW$SDUWIURPWKDWDFFRUGLQJWRWKH5XV ODZWKHSHUSHWUDWRUVVKRXOGEHSXQLVKHG7KHSODFHRIFULPHZDVSODFHG LQDQRWKHUODQGDQGWKHPDLQFXOSULWZDVWKHSULQFHVRWKHFKRLFHZDVREYL RXV²ZDU7KH&KURQLFOHRI+DO\FK9ROK\QLDQKDVVDYHGRQLWVSDJHVDSUHF HGHQWKRZUHDFWLQVXFKDVLWXDWLRQ 4*4*4 * $V,UHPDUNHGDWWKHEHJLQQLQJRIWKHWH[WLWLVRQO\PLQRUFRQWULEXWLRQ ,UHDOLVHWKDWGHWDLOHGZRUNRQWKLVWRSLFUHTXLUHVDVHSDUDWHSURMHFWZLWK VKRXOGHQGZLWKDERRNDQGGDWDEDVH,WKDVWREHVDLGWKDWLQPRGHUQVWDWHV ODZLVIRXQGLQVWDWXWHVDQGVXERUGLQDWHUHJXODWLRQVDQGEH\RQGWKDWDOVR LQWKHGHFLVLRQVRIFRXUWVDQGRWKHUDXWKRUL]HGERGLHVZKRDUWLFXODWHWKHVH GRFXPHQWV·PHDQLQJ,GHQWLILFDWLRQRIWKHVRXUFHVLVXQSUREOHPDWLF+RZ ,,) *_)29(.2$=3,2V,2$-9(1#3-=(>($Q1#=-23*)2$_1#O(Y,H"2$-$N(*.Y#)V"*#3,#9$N)2Y2$-Y(O(*3(>($ SHUHGYL]KHQLLDNXSWVRYPH]KGX5LJRǩL6PROHQVNRPLQ0RQXPHQWD3DODHRJUDSKLFD0HGLL$HYL« SS GLVFXVVLRQRIWKHOLWHUDWXUHWKHUHLQ   *_)29(.27$Y/*2332,2$(.$,9#3,$=3,2V,2$U#*()2$kW(-.,-12Y,H"2m7$-$N(*)Y#)V"*#3,#9$N)2Y2$-Y(O(*4 QRJRSHUHGYL]KHQLLDNXSFRYPH]KGX6PROHQVNRP5LJRǩL*RWODQGRPLQ0RQXPHQWD3DODHRJUDSKLFD 0HGLL$HYL«SS GLVFXVVLRQRIWKHOLWHUDWXUHWKHUHLQ  +",& 73+%)#7A*,& (,& ,%"+7*,& %/& #)-*+)(-#%)(A& A(K %(% HYHUPRUHSUREOHPDWLFLVLGHQWLI\LQJODZLQWKHHDUO\0LGGOH$JHVZKHQ WKHUHZHUHWZR¶OHJDOV\VWHPV·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g21,-V$2>)##9#3.-SUHFHGHQWVPD\ GHYHORSLQWRUXOHVFRPSOHPHQWLQJWKHOHJDOV\VWHP$VIRU>)29(./FKDUWHUV DQGRWKHUZULWWHQVRXUFHV5XVFKURQLFOHVDOVREHFDPHDFFHVVLEOHWRDQ\RQH ZKRFRXOGUHDG 7KH ODZ LQ 1#.(N,-, FROODWHV SUHFHGHQWLDO QRUPV ZLWK UHIHUHQFH WR UHOD WLRQVEHWZHHQWKHSULQFHVRILQGLYLGXDOSULQFLSDOLWLHVDVZHOODVWRLQWHUQD WLRQDOUHODWLRQVZKLFKLQWKH0LGGOH$JHVZHUHVLPSO\UHODWLRQVEHWZHHQ PRQDUFKV7KHVHIXUWKHUSURYLVLRQVWRRNWKHIRUPRIWUDGLWLRQ²NQRZOHGJH ZDVGUDZQIURPWKH1#.(N,-TDERXWKRZDSDUWLFXODULVVXHKDGEHHQUHVROYHG LQ WKH SDVW ,Q WKLV FDVH ZH VHH WKH PDMRU DXWKRULW\ 2Q WKH RQH KDQG WKHVRXUFHSRVVHVVHGLWVRZQDXWKRULW\RQWKHRWKHUKDQGLWDOVRHQJDJHG WKH DXWKRULW\ RI WKH DQFHVWRU WR ZKRVH GHFLVLRQV RQH FRXOG UHIHU LQ WKLV FDVHRQHFDQHYHQGLVWLQJXLVKVHYHUDOSULQFHVZKRHQMR\HGVSHFLDOYHQHUD WLRQDPRQJGHVFHQGDQWVVXFKDV9ODGLPLUWKH*UHDW²WKHDFWXDOIRXQGHU RIWKHLQVWLWXWLRQDOVWDWH²DORQJVLGH<DURVODYWKH:LVH9ODGLPLU0RQRPDNK DQG²IRUWKH5RPDQRYLFKOLQH²5RPDQ0VWLVODYRYLFK 3UHFHGHQWLDOODZ LQFRQWUDVWWRFRGLILHG ¶QRUPDWLYH· ODZLVPRUHIOXLGDQGRIIHUVDEURDGHU VFRSHIRULQWHUSUHWDWLRQLWZDVWKHUHIRUHPRUHVXLWHGWRWKHOHYHORILQWHU QDWLRQDOUHODWLRQVZKHUHQHJRWLDWLRQDQGFRPSURPLVHSOD\HGDQHVVHQWLDO UROH 0RUHRYHU LQ WKLV DSSURDFK WR WKH UHODWLRQVKLS EHWZHHQ PRQDUFKV WKHLPSOHPHQWDWLRQLQ5XVRIWKH%\]DQWLQHFRQFHSWRIUXOHUVDVDIDPLO\ KHDGHGE\WKHHPSHURUPD\KDYHSOD\HGDUROH+RZHYHULWLVDOVRLPSRUWDQW WRQRWHWKDWW6-=2,2$N)2Y*2$LWVHOIZDVDJHQHUDOFROOHFWLRQ$VDUHVXOWWKHXVH %(' $'5,$1-868329,ý RISUHFHGHQWZLWKLQWKHIUDPHZRUNRISRVVLEOHOHJDOLQWHUSUHWDWLRQVZDV DOVRXQDYRLGDEOHLQWKHODZDVLWDSSOLHGWRLQGLYLGXDOV7KLVV\VWHPEULHIO\ GHVFULEHGDERYHFKDQJHGDOLWWOHDIWHUWKH0RQJROFRQTXHVWRI5XVZKHQ WKH5XULNLGVEHFDPHGHIDFWRO2-f2fVWKH0RQJROUHSUHVHQWDWLYHV$WWKLV SRLQWDQRWKHUUXQJLQWKHKLHUDUFK\RISRZHUDSSHDUHGWKHNKDQE\ZKRVH ZLOO /2)1/= WKHSULQFHVH[HUFLVHGSRZHULQWKHLURZQODQGV2QHHIIHFWRIWKLV FKDQJHZDVWKHLQWHQVLYHGHYHORSPHQWRIORFDOODZZLWKLQLQGLYLGXDOSULQFL SDOLWLHVDVLVHYLGHQWIURPWKHVHFRQGKDOIRIWKHWKLUWHHQWKFHQWXU\ (@,-+(7,QPHGLHYDO5XVWKHUHZHUHWZR¶OHJDOV\VWHPV·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ǩ 0DUN .K 0(Y#-.T$ Y)#9#33/="$ 1#.;$ :V$ ,-.(),,$ -(V*23,,2$ ,$ )#*2=.-,(33(,$ N#)#)2O(.=,HG)%8VSHQVNLǩ0RVFRZ9HV·PLU %HOLDHY,YDQ')%$)2V3/="$Y,*2="$)6--=,="$1#.(N,-#,´9UHPHQQLN0RVNRYVNRJRREVK FKHVWYDLVWRULLLGUHYQRVWHLURVVLLVNLNKµ9  SS &KHUHSQLQ /HY 9 W6--=2,2$ ,-.(),(>)2',,2$ *($ b:b$ YK;$ g6)-$ 1#=.-,, 0RVNYD  ,]GDWHO·VWYRѴӅӈҼӅҧӈҼӅҨӅѿӃҸҧҬӇӈҸӊҬӊҤ &KULVWLDQ'DYLGQ$+,-.()/$('$W6--,27$G#3.)21$Q-,2$23*$<(3>(1,2YRO,:33#)$X6)2-,2$ ')(9$0)#",-.()/$.($."#$<(3>(1$X9N,)#2[IRUG%ODFNZHOO  *$-XVXSRYLþM2-f2f-$,3$W6-T;$F(H,21$F.)2.#>/$('$0(P#)LQ<(3>(1-$23*$G#3.)214X2-.#)3$ X6)(N#;$0(1,.,H217$XH(3(9,H7$23*$G61.6)21$W#12.,(3-$HG$90DLRURY5+DXWDOD/RQGRQ1HZ<RUN SS +",& 73+%)#7A*,& (,& ,%"+7*,& %/& #)-*+)(-#%)(A& A(K %(( G")(3,H2$_21,H,23(48(1,3,232K$G")(3,H2$W(923(Y,H,232$HG'DULXV]'ćEURZVNL$GULDQ -XVXSRYLþ0RQXPHQWD3RORQLDH+LVWRULFDVHULHVQRYD;9,.UDNyZ:DUV]DZD 3$8 'ćEURZVNL'DULXV]I23,#1*W(923(P,HV$=)y1$W6-,$c(=K$@`]@^@`DpdK$M,(>)2',2$N(1,./HV4 32.UDNyZ$9$/21 0RQRJUDILH3UDFRZQL%DGDĸQDG']LHMDPL5XVL 8.:,  'HPLGHQNR*ULJRUĦǩ*,DURVODY0XGULǩ9HOLNLǩNQLD]·5XVĦQDXNRYRSRSXNLDUQLǩQDULV .KDUNLY3UDYR )HQQHOO-RKQ/,!"#$G),-,-$('$<#*,#Y21$W6--,2$@`]]^@A]p/RQGRQ/RQJPDQ )HQQHOO -RKQ /, S!"#$ !21#$ ('$ M2./T-$ :3Y2-,(3$ ('$ a()."4X2-.$ W6-T$ 23*$ :.-$ W#'1#&,(3$ ,3$."#$G")(3,H1#-$('$."#$!",).##3."^','.##3."$G#3.6),#-T´5XVVLD0HGLDHYDOLVµ,,,  SS )UDQNOLQ6LPRQ'5,.#)2H/$23*$I(H69#3.2.,(3$,3$X2)1/$<#*,#Y21$W6--,2´6SHFXOXP $-RXUQDORI0HGLHYDO6WXGLHVµ$9  SS *LPRQ7LPRIH\9["2.$XY#3.-$P#)#$W#N().#*$O/$."#$%1*$W6-T$G")(3,H1#6WXGLHV DFURVV'LVFLSOLQHLQWKH+XPDQLWLHVDQG6RFLDO6FLHQFHV;9,,  SS >RSHQDFFHVVKWWSVFRUHDFXNGRZQORDGSGISGI@ *LPRQ7LPRIH\+,-.(),H21$[),.,3>$('$X2)1/$W6-$cHK$@]]]4HK$@p]]d$,3$2$H(9N2)2.,Y#$N#)4 -N#H.,Y#/HLGHQ%RVWRQ%ULOO *UҬNӅY%RULV',DNXEӅYVNLǩљOHNVDQGU,X=ӅOӅWҤLDѷUGҤLҬҬSҤGҬQLҬ0RVFRZ /ҬQLQJUҤG,]GDWHO·VWYR$NDGHPLL1DXN6665 +DOSHULQ&KDUOHV-W6--,2$23*$."#$_(1*#3$+()*#;$!"#$<(3>(1$:9N2H.$(3$<#*,#Y21$W6-4 -,23$+,-.()//RQGRQӂ,QGLDQD8QLYHUVLW\3UHVV>UHSULQWHGLWLRQ@ ,DQLVK1LNRODǩ1$a(Y>()(*-=2,2$1#.(N,-T$,$##$9(-=(Y-=,#$N#)#*#1=,$0RVFRZ,PSHU DWRUVNRHREVKFKHVWYRLVWRULLLGUHYQRVWHLURVVLLVNLNK ,SҤW·ҬYVNҤLDOҬWӅSLV·LQ3ROQRH6REUDQLH5XVVNLNK/HWRSLVHǩYRO,,6DLQW3HWHUVEXUJ ,PSHUDWRUVNDLD$UNKHRJUDILFKHVNDLD.RPPLVVLLD -XVXSRYLþ$GULDQM2-f2f-$,3$W6-T;$F(H,21$F.)2.#>/$('$0(P#)LQ<(3>(1-$23*$G#3.)214X2-.4 #)3$X6)(N#;$0(1,.,H217$XH(3(9,H7$23*$G61.6)21$W#12.,(3-$HG$OH[DQGHU90DLRURY 5RPDQ+DXWDOD/RQGRQ1HZ<RUN5XWOHGJHSS -XVXSRYLþ$GULDQ´G"#)Y#3T$,$,3/$>)2*/$µ()$i>)(*/$H"#)Y#3T-=/,2µt$+,-.()/$('$."#$*(92,3$ ('$G"#)Y#3T$,3$."#$P),..#3$)#H()*$c@]."4@A."$H#3.6),#-dLQU)(9$G"#)Y#3T$!(P3-$.($G6)4 V(3$5,3#$HG0DUFLQ:RãRV]\Q&UDFRZ/HLS]LJ5]HV]yZ:DUVDZ )UK ]HLW2VWPLWWHOHXURSDV,,, SS -XVXSRYLþ$GULDQ(OLW\]LHPLKDOLFNLHMLZRã\ĸVNLHMZF]DVDFK5RPDQRZLF]yZ ² @`DEdK$F.6*,69$N)(V(N(>)2',HV3#.UDNyZ$9$/21 0RQRJUDILH3UDFRZQL %DGDĸQDG']LHMDPL5XVL8QLZHUV\WHWX.D]LPLHU]D:LHONLHJRZ%\GJRV]F]\,,  -XVXSRYLþ$GULDQ!"#$G")(3,H1#$('$+21/H"48(1"/3,2$23*$+,-.(),H21$G(11#H.,(3-$,3$<#*,4 #Y21$W6-T7$/HLGHQ%RVWRQ%ULOO .DVKWDQRY6HUJHǩ0%O-"H",#$.#3*#3HJ,$)2VY,.,,2$*(=69#3.,)(Y23,,2$Y$=23H#1,2),,2="$ -)#*3#Y#=(Y(,$W6-,LQ8(-.(H"32,2$XY)(N2$Y$,-.(),H"#-=(,$)#.)(-N#=),Y#K$g$B]41#.,4 ,6$8K!K$02-"6.(HG7DW·MDQD1']KDNVRQ(OHQD$0HO·QLNRYD0RVFRZ ,D]\NLUXVVNRǩNXO·WXU\SS .KUXVWҤOҬY'HQLV*W6-T$,$9(3>(1T-=(#$32-"#-.Y,#$c`]^C]$>>K$b:::$YKd6DLQW3HWHUVEXUJ (YUD]LLD