A Buddha Within:

The Tathgatagarbhastra
The Earliest Exposition
of the
Buddha-Nature Teaching in India

Bibliotheca Philologica et Philosophica Buddhica

Editor-in-Chief : Hiroshi Kanno

Volume VI

A BUDDHA WITHIN:

THE TATHGATAGARBHASTRA
THE EARLIEST EXPOSITION
OF THE
BUDDHA-NATURE TEACHING IN INDIA

MICHAEL ZIMMERMANN

The International Research Institute for Advanced Buddhology

Soka University
Tokyo 2002

A BUDDHA WITHIN:

THE TATHGATAGARBHASTRA
THE EARLIEST EXPOSITION
OF THE
BUDDHA-NATURE TEACHING IN INDIA

MICHAEL ZIMMERMANN

The International Research Institute for Advanced Buddhology

Soka University
Tokyo 2002

Published by the International Research Institute for Advanced Buddhology

(=IRIAB), Soka University:
1-236 Tangi, Hachioji, Tokyo 192-8577, Japan
192-8577 1-236

Phone: (+81-426) 91-2695

Fax: (+81-426) 91-4814

First published 2002

Printed in Japan by Meiwa Printing Company, Tokyo

Michael ZIMMERMANN 2002

All rights reserved.
Apart from any fair dealing for the purpose of private study, research, criticism or
review, no part of this book may be reproduced, translated or utilised in any form,
either by print, photoprint, microform, multimedia or any other means, now known
or hereafter invented, without written permission of the copyright holder and
publishers. Enquiries should be made to the publishers.

ISBN 4-9980622-5-5

Correspondence regarding all editorial matters, including manuscripts to be offered for

publication, may be sent to the Editor-in-Chief of the Series Bibliotheca Philologica et
Philosophica Buddhica at The International Research Institute for Advanced Buddhology,
Soka University, Tokyo, Japan.

4390398
3UHIDFH
$FNQRZOHGJHPHQWV
7HFKQLFDO 1RWH 0\ 8VH RI WKH $VWHULVN





, $ 6WXG\ DQG $QQRWDWHG 7UDQVODWLRQ RI WKH

6CVJICVCICTDJCUVTC 

$ *HQHUDO 6WXG\ DQG 7H[WKLVWRULFDO &RQVLGHUDWLRQV

 7H[WXDO +LVWRU\ DQG 6WUXFWXUH RI WKH $#

 'LIIHUHQW 5HFHQVLRQV RI WKH 7*6 
 7KH 5HSUHVHQWDWLYHV RI 7*6 
 6LPLODULWLHV EHWZHHQ WKH &KLQHVH 7UDQVODWLRQV 
 6WUXFWXUH &RQWHQWV DQG 7H[WXDO +LVWRU\ RI WKH 7*6 
 7KH 6WUXFWXUH 1DWXUH DQG &RQWHQWV RI WKH 1LQH 6LPLOHV 









 7KH 0HDQLQJ DQG 2FFXUUHQFHV RI WKH 7HUP VCVJICVCICTDJC

 7KH 7HUP WDWKJDWDJDUEKD 
 7KH 7H[WXDO 2FFXUUHQFHV RI WKH 7HUPV WDWKJDWDJDUEKD DQG JDUEKD 





 7KH %XGGKD1DWXUH 'RFWULQH LQ WKH $#

 7KH %XGGKD1DWXUH 
 %HFRPLQJ D %XGGKD 
 +RZ WR %HFRPH D %XGGKD 






 7KH $# DV D 3DUW RI ,QGLDQ %XGGKLVP ,WV 6RXUFHV 0RWLYHV DQG

5HFHSWLRQ
 7KH 7LWOHV RI WKH 7*6 
 7KH 5HFRUGHG &KLQHVH 7UDQVODWLRQV RI WKH 7*6 
 3RVVLEOH 0RWLYHV RI WKH $XWKRUV RI WKH 7*6 
 7KH 7*6 LQ WKH +LVWRU\ RI ,QGLDQ %XGGKLVP 
 7KH 7*6 LQ WKH 5DWQDJRWUDYLEKJDY\NK\ DQG 2WKHU ,QGLDQ 7H[WV 
 7KH 7ZHQWLHWK&HQWXU\ 5HFHSWLRQ RI WKH 7*6 









% $Q $QQRWDWHG 7UDQVODWLRQ RI WKH 6CVJICVCICTDJCUVTC LQWR (QJOLVK



,, &ULWLFDO DQG 'LSORPDWLF (GLWLRQV RI WKH 6CVJICVCICTDJCUVTC

& 7KH 7H[WXDO 0DWHULDOV





 ,QIRUPDWLRQ RQ WKH 7LEHWDQ 0DQXVFULSWV DQG ;\ORJUDSKLF (GLWLRQV

8WLOL]HG
$ r 7KH 7DER 0DQXVFULSW )UDJPHQWV 
% r 7KH %HUOLQ 0DQXVFULSW .DQMXU 
%WK r 7KH 1HZDUN 0DQXVFULSW .DQMXU IURP %DWKDQJ 
%X r 7KH &LWDWLRQ LQ %X VWRQ 5LQ FKHQ JUXEnV 'H E]KLQ JVKHJV SDnL VQ\LQJ SR










JVDO ]KLQJ PG]HV SDU E\HG SDnL UJ\DQ

' 7KH 'HUJH .DQMXU 1\LQJPD (GLWLRQ  
r

- r 7KH n-DQJ VD WKDP RU /LWKDQJ .DQMXU  

/ r 7KH 6KHO GNDU 0DQXVFULSW .DQMXU /RQGRQ  

 r 7KH 1DUWKDQJ .DQMXU  

! ! !
r 7KH 3KXJ EUDJ 0V .DQMXU 



r 7KH 3HNLQJ .DQMXU 2WDQL 5HSULQW 



r 7KH 6WRJ 3DODFH 0DQXVFULSW .DQMXU 



r 7KH 7RN\R 0DQXVFULSW .DQMXU 



 7KH 6WHPPDWLF 5HODWLRQV DPRQJ WKH 5HSUHVHQWDWLYHV RI 6KD

 7KH 7KUHH 3KXJ EUDJ 9HUVLRQV 
 7KH .DQMXUV RI WKH 7VKDO SD /LQHDJH 
 7KH 7KHP VSDQJV PD .DQMXUV 
 7KH 3RVLWLRQ RI : 
 7KH 3RVLWLRQ RI  
 7KH 5HODWLRQ RI WKH 0DLQ 7UDQVPLVVLRQDO *URXSV WR (DFK 2WKHU 
 3RVVLEOH 6WHPPDV RI 7LE 










 &KDUDFWHULVWLFV RI WKH 7H[WXDO :LWQHVVHV RI 6KD

 $UFKDLF )HDWXUHV 
 ,UUHJXODU 9HUEDO )RUPV 
 &RORSKRQV DQG 7UDQVODWRUV 






 $ %ULHI (YDOXDWLRQ RI WKH &KLQHVH 0DWHULDOV



 5HPDUNV RQ WKH 9DULRXV (GLWLRQV

 3ULQFLSOHV *RYHUQLQJ WKH &ULWLFDO (GLWLRQ RI 7LE 
 5HPDUNV RQ $OO (GLWLRQV DQG 7KHLU &ULWLFDO $SSDUDWXVHV 
 7KH (GLWLRQV RI WKH 7LEHWDQ 7UDQVODWLRQV 
 7KH &KLQHVH (GLWLRQV 







"
$
%

' 7KH (GLWLRQV



( $SSHQGLFHV
$SSHQGL[ $ &RPSDUDWLYH &KDUW RI WKH %RGKLVDWWYD 1DPHV LQ ( 
$SSHQGL[ % &RPSDUDWLYH &KDUW RI 3GD 6HTXHQFHV 
$SSHQGL[ & &RPSDUDWLYH 7DEOH RI 6HFWLRQV DQG &KDSWHUV RI WKH
&KLQHVH DQG 7LEHWDQ (GLWLRQV 





%LEOLRJUDSK\



7KH &ULWLFDO DQG 'LSORPDWLF (GLWLRQV 

$SSDUDWXV RI 6HFRQGDU\ 9DULDQWV 
6LJOD 6\PEROV DQG *UDSKLF 'HYLFHV RI WKH 7LEHWDQ 0DWHULDO 
6LJOD DQG *UDSKLF 'HYLFHV RI WKH &KLQHVH 0DWHULDO 








3ULPDU\ 6RXUFHV ZLWK $EEUHYLDWLRQV  

6HOHFW 6HFRQGDU\ 6RXUFHV  
,QGH[



!701,.0
7KH 7DWKJDWDJDUEKDVWUD 7*6

LV D UHODWLYHO\ VKRUW WH[W WKDW UHSUHVHQWV WKH

VWDUWLQJ SRLQW RI D QXPEHU RI ZRUNV LQ ,QGLDQ 0DK\QD %XGGKLVP FHQWHULQJ

DURXQG WKH LGHD WKDW DOO OLYLQJ EHLQJV KDYH WKH EXGGKDQDWXUH 7KH JHQHVLV RI WKH
WHUP WDWKJDWDJDUEKD LQ 7LEHWDQ

]DQJ

GH E]KLQ JVKHJV SDnL VQ\LQJ SR LQ &KLQHVH UXODL

 WKH NH\ WHUP RI WKLV VWUDQG RI %XGGKLVP DQG WKH WLWOH RI WKH VWUD

FDQ EH REVHUYHG LQ WKH WH[WXDO KLVWRU\ RI WKH

7*6 )URP WKHUH LW VHW RII WR HQMR\ D

SKHQRPHQDO FDUHHU LQ &HQWUDO DQG (DVW $VLD UHYROXWLRQL]LQJ WKH XQGHUVWDQGLQJ RI

%XGGKLVW WKLQNHUV DQG OHDYLQJ D GHHS LPSUHVVLRQ RQ %XGGKLVW SKLORVRSK\ DQG
VSLULWXDOLW\ 7KLV LPSDFW FDQ EH IHOW HYHQ WRGD\ 1RZDGD\V WKH FRQFHSW RI WKH
EXGGKDQDWXUH DWWUDFWV DWWHQWLRQ DOVR DPRQJ %XGGKLVW SUDFWLWLRQHUV LQ WKH :HVW
$FDGHPLFDOO\ WKH VWXG\ RI WKLV WKLUG ODUJH VWUDQG RI 0DK\QD %XGGKLVP ZKLFK
QHYHU EHFDPH D GRJPDWLFDOO\ V\VWHPDWL]HG OLQH RI WKRXJKW KDV EHHQ DQG VWLOO LV
GRPLQDWHG E\ VFKRODUV IURP (DVW $VLD 7KLV DQG WKH KLVWRULFDO IDFW WKDW LW ZDV
GRFWULQDOO\ DEVRUEHG E\ WKH WZR PDLQ VFKRROV RI 0DK\QD %XGGKLVP RQ ,QGLDQ
VRLO WKH 0DGK\DPDND DQG WKH 9LMQDYGD FRXOG EH WKH PDLQ UHDVRQ ZK\ WKH
H[LVWHQFH RI WDWKJDWDJDUEKD WKRXJKW KDV KDUGO\ EHHQ QRWLFHG LQ PDQ\ :HVWHUQ

DFDGHPLF VXUYH\V ,Q UHFHQW GHFDGHV WKLV KDV FKDQJHG IRU WKH EHWWHU DQG LW LV
SUREDEO\ QR H[DJJHUDWLRQ WR FDOO WKH VWXG\ RI WKH WKHRU\ RI WKH EXGGKDQDWXUH
WRGD\ RQH RI WKH PDLQ YHKLFOHV RI H[FKDQJH EHWZHHQ VFKRODUV RI WKH (DVW DQG WKH
:HVW LQ WKH GRPDLQ RI %XGGKLVW VWXGLHV
&RQYLQFHG WKDW D GHWDLOHG VWXG\ RI WKH HDUOLHVW H[SUHVVLRQV RI EXGGKD
QDWXUH WKRXJKW ZRXOG EH D UHZDUGLQJ WDVN , ZDV ILUVW FRQIURQWHG ZLWK WKH QHHG WR
HVWDEOLVK D UHOLDEOH WH[WXDO HGLWLRQ RI WKH 7*6 ZKLFK LQ OLJKW RI WKH IDFW WKDW QR
6DQVNULW PDQXVFULSWV RI WKH 7*6 KDYH EHHQ WUDQVPLWWHG WR XV WDNHV LQWR DFFRXQW
DOO DYDLODEOH WUDQVODWLRQV 7KH FROODWLRQ RI WKH 7LEHWDQ DQG WKH &KLQHVH WH[WV RI WKH

E\ .\VKXQ 7G LQ  WKRXJK SURJUHVVLYH IRU KLV WLPH FDQQRW PHHW

WKHVH EDVLF QHHGV 0\ GHFLVLRQ WR SURGXFH D PRUH FRPSUHKHQVLYH HGLWLRQ RQH
PDNLQJ XVH RI WKH 7LEHWDQ PDWHULDOV ZDV EDVHG RQ WKUHH UHDVRQV )LUVW WKH 7LEHWDQ
WUDQVODWRUV LQ JHQHUDO IROORZHG PRUH VR WKDQ WKH &KLQHVH D OLWHUDO VW\OH RI
7*6

WUDQVODWLRQ VR WKDW FRQFUHWH LQIHUHQFHV UHJDUGLQJ WKH ,QGLDQ WH[W FDQ EH GUDZQ IRU
ODUJH

SDUWV

RI LW 6HFRQGO\ WKH

DYDLODEOH WUDQVODWLRQ RI WKH

7*6

KLWKHUWR
E\

DFFHSWHG

DVVXPSWLRQ

%XGGKDEKDGUD

E\

YLUWXH

WKDW
RI

WKH

LWV

ROGHVW

DJH

DQG

XQLTXHQHVV UHIOHFWV DQ ,QGLDQ WUDQVPLVVLRQ ZKLFK KDV QRW XQGHUJRQH WKH WH[WXDO
DOWHUDWLRQV RI ODWHU FHQWXULHV LV RQO\ SDUWO\ WUXH &HUWDLQ DGGLWLRQDO WH[WXDO EORFNV
LQ WKH 7LEHWDQ ZHUH GRXEWOHVVO\ LQWHUSRODWHG DW D ODWHU VWDJH EXW WKH VRXUFH RI WKH
FLWDWLRQV LQ WKH

5DWQDJRWUDYLEKJDY\NK\ D wVWUD ZKLFK ZDV ZULWWHQ DW OHDVW

ILIW\ \HDUV EHIRUH %XGGKDEKDGUD WUDQVODWHG WKH VWUD KDV WXUQHG RXW WR EH WKH

)LQDOO\ JLYHQ WKDW WKH 5DWQDJRWUD

YLEKJDY\NK\D WKH PRVW LQIOXHQWLDO WUHDWLVH RQ WKH WDWKJDWDJDUEKD WKHRU\ LQ


UHFHQVLRQ UHSUHVHQWHG LQ WKH 7LEHWDQ WUDGLWLRQ

,QGLD EDVHG LWVHOI RQ WKH UHFHQVLRQ UHIOHFWHG LQ WKH 7LEHWDQ WKLV UHFHQVLRQ EHFDPH
LQ WHUPV RI WKH LPSDFW LW KDG LWV ZLUNXQJVJHVFKLFKWH LQFUHDVLQJO\ UHIHUUHG WR LQ
WKH IROORZLQJ FHQWXULHV

$V OXFN ZRXOG KDYH LW LQ WKH SURFHVV RI P\ ZRUN D VHFRQG SDUDFDQRQLFDO

7LEHWDQ WUDQVODWLRQ RI WKH VDPH VWUD IURP %DWKDQJ FDPH WR P\ QRWLFH , SUHVHQW
LW LQ D GLSORPDWLF HGLWLRQ GLUHFWO\ IDFLQJ WKH VWDQGDUG 7LEHWDQ WUDQVODWLRQ 7KH


:KHWKHU RU QRW WKH ODWHU LQWHUSRODWLRQV ZHUH DW WKDW SRLQW DOUHDG\ D SDUW RI WKLV UHFHQVLRQ RI WKH

7*6 FDQQRW EH GHFLGHG

VHFRQG SDUW RI P\ ZRUN FRQWDLQV FULWLFDO HGLWLRQV RI WKH FDQRQLFDO 7LEHWDQ

WUDQVODWLRQ WKH GLSORPDWLF HGLWLRQ RI WKH WUDQVODWLRQ IURP %DWKDQJ DQG WKH WZR
HGLWHG &KLQHVH WUDQVODWLRQV $V P\ WUDQVODWLRQ RI WKH VWUD LV EDVHG RQ WKH 7LEHWDQ
FDQRQLFDO YHUVLRQ , LQYHVWHG PXFK WLPH LQ WKH FULWLFDO HGLWLRQ RI WKLV ODWWHU
FROODWLQJ DOO SKLORORJLFDOO\ UHOHYDQW PDQXVFULSWV DQG EORFN SULQWV DPRQJ WKHP
HYHQ VRPH IROLRV IURP WKH QRZ IDPRXV 7DER PRQDVWHU\ $ GHVFULSWLRQ RI WKH
FKDUDFWHULVWLFV RI WKH IRXUWHHQ PDQXVFULSWV DQG EORFN SULQWV DQG WKH FRQFOXVLRQV
GUDZQ DERXW WKHLU VWHPPDWLF UHODWLRQV IRUP DQRWKHU LPSRUWDQW HOHPHQW RI WKH
VHFRQG SDUW RI P\ VWXG\ :LWK WKLV , KRSH WKDW D FRQWULEXWLRQ KDV EHHQ PDGH WR WKH
.DQMXU VWXGLHV VWDUWHG LQ WKH ODVW GHFDGHV RI WKH WZHQWLHWK FHQWXU\ E\ WKH SLRQHHUV

LQ WKH ILHOG +HOPXW (LPHU DQG 3DXO +DUULVRQ

)RU WKH 6LQRORJLVW GHDOLQJ ZLWK %XGGKLVW FDQRQLFDO PDWHULDOV WKH VHFRQG
SDUW PD\ EH RI SDUWLFXODU LQWHUHVW IRU LWV UHVXOWV FRQFHUQLQJ WKH WUDQVPLVVLRQ RI
%XGGKLVW VWUDV LQ WKH 7DLVK 7ULSLDND $OWKRXJK WKH WH[W RI WKH ROGHU &KLQHVH
WUDQVODWLRQ KDV EHHQ WUDQVPLWWHG IDLUO\ ZHOO LQ WKH 7DLVK WKDW RI WKH HLJKWK
FHQWXU\ WUDQVODWLRQ RI $PRJKDYDMUD IRXQG LQ WKH =KRQJKXD 'D]DQJMLQJ
UHSUHVHQWV D PXFK EHWWHU WUDQVPLVVLRQ %DVHG RQ WKLV WH[W WKH 7DLVK
YHUVLRQ KDG WR EH HPHQGHG LQ D IDLUO\ KLJK QXPEHU RI FDVHV 7KH =KRQJKXD
'D]DQJMLQJ
VKRXOG IURP QRZ RQ EH UHJDUGHG DV DQ LQGLVSHQVDEOH WRRO
IRU DQ\ FULWLFDO HGLWLRQ RI &KLQHVH %XGGKLVW PDWHULDO FRQWDLQHG LQ LW
7KH ILUVW SDUW RI P\ VWXG\ FRQVLVWV RI DQ DQQRWDWHG WUDQVODWLRQ RI WKH
FDQRQLFDO 7LEHWDQ YHUVLRQ SUHFHGHG E\ DQ DQDO\VLV RI WKH WH[WXDO KLVWRU\ RI WKH

7*6

DQ LQWHUSUHWDWLRQ RI WKH WHUP

WDWKJDWDJDUEKD

D GLVFXVVLRQ RI WKH DXWKRUVn

LGHDV DV UHIOHFWHG LQ WKH VWUD DQG WKH VSHFLILFDWLRQ RI WKH SODFH RI WKH

7*6

LQ

,QGLDQ %XGGKLVW KLVWRU\ ,Q RUGHU QRW WR JR EH\RQG WKH IUDPHZRUN DGHTXDWH IRU D
VWXG\ RI WKLV NLQG , KDYH KDG WR VWULFWO\ OLPLW P\ GLVFXVVLRQV WR WKH

7*6

2QO\

VSRUDGLFDOO\ KDYH , EHHQ DEOH WR WDNH LQWR DFFRXQW IDFWV ZKLFK UHIOHFW D ODWHU VWDJH
RI

GHYHORSPHQW

SDUWLFXODUO\

LQ

RI

WKH WKHRU\ RI WKH

VHFWLRQ



KDYH

EXGGKDQDWXUH 6RPH

WKHUHIRUH

KDG

WR

UHPDLQ

RI

WKH UHIOHFWLRQV

DEULGJHG

DQG

DUH

GRXEWOHVV LQ QHHG RI PXFK PRUH GHWDLOHG DQG FRPSUHKHQVLYH DUJXPHQWDWLRQ ,

KRSH WKDW WKH IXWXUH ZLOO SURYLGH PH WKH SRVVLELOLW\ RI WUHDWLQJ VXFK SRLQWV ZLWK WKH
GHWDLO WKH\ VXUHO\ GHVHUYH
7KH GHFLVLRQ WR FRPSRVH WKLV VWXG\ LQ (QJOLVK ZDV WDNHQ IRU WKH VDNH RI
UHDGHUV ZKR GR QRW NQRZ *HUPDQ , DSRORJL]H IRU DQ\ XQLGLRPDWLF SKUDVHRORJ\
EXW QHYHUWKHOHVV KRSH WKDW WKH IRUPXODWLRQV DUH FOHDU HQRXJK

$FNQRZOHGJHPHQWV
, DP LQGHEWHG WR D JUHDW QXPEHU RI SHRSOH DQG LQVWLWXWLRQV ZKR HQDEOHG PH WR
SURGXFH WKLV VWXG\ , RZH WKH PRVW WR P\ WHDFKHU 3URIHVVRU /DPEHUW 6FKPLWKDXVHQ
XQGHU ZKRP , VWXGLHG XS WR P\ 0$ DQG ZKR DOVR DJUHHG WR EHFRPH P\

GRNWRUYDWHU IRU WKH SUHVHQW ZRUN ZKLFK ZDV VXEPLWWHG LQ D VOLJKWO\ GLIIHUHQW IRUP
WR WKH $VLHQ$IULND,QVWLWXW DW +DPEXUJ 8QLYHUVLW\ +LV LQVSLULQJ VXJJHVWLRQV DQG
YDOXDEOH FRUUHFWLRQV DQG JHQHURVLW\ ZLWK KLV WLPH PDGH SRVVLEOH LWV VXFFHVVIXO
FRQFOXVLRQ ,W KDV DOZD\V EHHQ D JUHDW SOHDVXUH WR OHDUQ IURP KLP DQG WKHUH LV QR
VXLWDEOH ZD\ WR H[SUHVV P\ JUDWHIXOQHVV
7KHUH DUH RWKHU VFKRODUV LQ +DPEXUJ ZKRP , ZLVK WR WKDQN WRR , DP
JUDWHIXO WR 3URIHVVRU $OEUHFKW :H]OHU ZKRVH VWLPXODWLQJ OHFWXUHV DQG VHPLQDUV RQ

,QGLDQ SKLORVRSK\ , JUHDWO\ DSSUHFLDWHG DQG ZKR DOVR VXSSRUWHG PH LQ RWKHU ZD\V
2Q WKH 6LQRORJLFDO VLGH , DP LQGHEWHG WR 3URIHVVRU 0LFKDHO )ULHGULFK 6LQFH KLV
FRPLQJ WR +DPEXUJ WKHUH KDV GHYHORSHG D YHU\ IUXLWIXO GLDORJXH EHWZHHQ
%XGGKRORJLVWV RI WKH GHSDUWPHQWV RI 6LQRORJ\ DQG ,QGRORJ\ 7KDQNV DUH DOVR GXH
WR 3URIHVVRU 'DYLG -DFNVRQ DQG WR 'U )HOL[ (UE WKH OLEUDULDQ LQ WKH +DPEXUJ
LQVWLWXWH 'U +DUXQDJD ,VDDFVRQ UHDG WKURXJK P\ ZRUN DQG RIIHUHG LPSRUWDQW
DGYLFH DQG VXJJHVWLRQV 3DUWV RI WKH ERRN KDYH EHHQ SXW LQWR D EHWWHU (QJOLVK E\
P\ IULHQG .HLVK 9. /HDU\ DQG E\ 3KLOLS 3LHUFH 7KH UHVSRQVLELOLW\ LV RI FRXUVH
PLQH $JDLQ P\ WKDQNV WR DOO RI WKHP
, VWD\HG LQ -DSDQ GXULQJ PRVW RI WKH WLPH RI P\ GRFWRUDO ZRUN DQG KDG WKH
SULYLOHJH WR EH ILQDQFLDOO\ VXSSRUWHG E\ WZR LQVWLWXWLRQV WKH %XNN\ 'HQG
.\NDL

o6RFLHW\ IRU WKH 3URPRWLRQ RI %XGGKLVPp 7RN\R DQG

WKH RQO\ UHFHQWO\ HVWDEOLVKHG ,QWHUQDWLRQDO 5HVHDUFK ,QVWLWXWH IRU $GYDQFHG

%XGGKRORJ\ LQ +DFKLRML 7RN\R , DP YHU\ JUDWHIXO IRU WKHLU JHQHURXV VXSSRUW ,Q
SDUWLFXODU , ZRXOG OLNH WR H[SUHVV P\ WKDQNIXOQHVV WR WKH VFKRODUV ZRUNLQJ DW WKH
LQVWLWXWH LQ +DFKLRML IRU DFFHSWLQJ WKLV ZRUN DV D YROXPH LQ WKHLU VHULHV ,Q -DSDQ ,
KDG WKH FKDQFH WR PHHW ZLWK PDQ\ HPLQHQW VFKRODUV IRUHPRVW DPRQJ ZKRP LV WKH
IDWKHU RI PRGHUQ WDWKJDWDJDUEKD VWXGLHV 3URIHVVRU 7DNDVDNL -LNLG 2Q VHYHUDO

RFFDVLRQV , KDG WKH KRQRU WR UHFHLYH KLV JXLGDQFH LQ WKLV ILHOG 7KDQNV DUH DOVR GXH
WR P\ VXSHUYLVRUV LQ -DSDQ 3URIHVVRU 0LPDNL .DWVXPL LQ .\RWR DQG OHDUQHG
SHUVRQV DW WKH LQVWLWXWH LQ 7RN\R 3URIHVVRU .DML\DPD <LFKL 3URIHVVRU <X\DPD
$NLUD DQG 3URIHVVRU .DUDVKLPD 6HLVKL 7KH\ DOO ORRNHG DIWHU ERWK P\ DFDGHPLF
DQG SUDFWLFDO QHHGV
,Q .\RWR , ZDV LQYLWHG WR MRLQ WKH ZHHNO\ VWXG\ JURXS XQGHU WKH JXLGDQFH
RI 3URIHVVRU 1DJDR *DGMLQ , DP SDUWLFXODUO\ LQGHEWHG WR KLP DQG DOO RI WKH
PHPEHUV RI WKLV JURXS .\RWR LV DOVR DVVRFLDWHG IRU PH ZLWK 3URIHVVRU $UDPDNL
1RULWRVKL DQG 3URIHVVRU )ORULQ 'HOHDQX ZLWK ERWK RI ZKRP , IUHTXHQWO\ PHW WR
GLVFXVV DFDGHPLF TXHVWLRQV DQG ZKRVH DFTXDLQWDQFHVKLS ZDV KLJKO\ EHQHILFLDO

(TXDOO\ DGYDQWDJHRXV ZHUH P\ PHHWLQJV ZLWK 3URIHVVRU +DUD 0LQRUX

ZKRVH YDVW NQRZOHGJH RI ,QGLDQ OLWHUDWXUH , FDQ RQO\ DGPLUH +H RSHQHG WR PH WKH
GRRUV RI WKH VXSHUE OLEUDU\ RI WKH ,QWHUQDWLRQDO ,QVWLWXWH IRU %XGGKLVW 6WXGLHV LQ
7RN\R 0\ WKDQNV DUH DOVR GXH WR 3URIHVVRU <RWVX\D .G DQG WKH VWDII RI WKDW
OLEUDU\ )XUWKHU , IHHO LQGHEWHG WR 'U +HOPXW (LPHU 3URIHVVRU (QRPRWR )XPLR
3URIHVVRU (OL )UDQFR 3URIHVVRU )XQD\DPD 7UX 3URIHVVRU .DJDZD 7DNDR
3URIHVVRU .DQQR +LURVKL 0U :HUQHU .QREHO 'U &DUVWHQ .UDXVH 'U
0XGDJDPXZH 0DLWKULPXUWKL 3URIHVVRU 0DWVXGD .D]XQREX 3URIHVVRU 0DWVXPRWR
6KLU 3URIHVVRU 0RUL\DPD 6HLWHWVX 3URIHVVRU 'DYLG 6H\IRUW 5XHJJ 3URIHVVRU
6KLPRGD 0DVDKLUR 'U -DQ8OULFK 6RELVFK 3URIHVVRU 7RGD +LURIXPL 'U (YD
:LOGHQ DQG 3URIHVVRU 6WHIDQR =DFFKHWWL DQG ZRXOG OLNH WR WKDQN WKHP IRU WKHLU
FRXQVHO DQG VXSSRUW /DVW EXW QRW OHDVW , ZLVK WR WKDQN WKH IHOORZ VWXGHQWV ZKR
KDYH DOVR FRQWULEXWHG WR WKH FRPSOHWLRQ RI P\ ZRUN LQ WKH ILUVW SODFH P\ IULHQGV
LQ +DPEXUJ 0UV 2UQD $OPRJL 0U $FKLP %D\HU 0U 0DUWLQ 'HOKH\ 0U 3HWHU
/XWXP 0LVV 1DNDPXUD $\DNR 0LVV 2]DZD $NLNR 0U -RKDQQHV 9DJW 0U
'RUML :DQJFKXN DQG 0UV <DQJ 0HL

7HFKQLFDO 1RWH 0\ 8VH RI WKH $VWHULVN

, KDYH HPSOR\HG DQ DVWHULVN   EHIRUH 6DQVNULW WHUPV WKURXJKRXW WKH VWXG\ ZKHQ
WKH 7LEHWDQ WUDQVODWLRQ GLG QRW DOORZ DQ XQDPELJXRXV UHFRQVWUXFWLRQ RI WKH
RULJLQDO ,Q PDQ\ FDVHV KRZHYHU SDUDOOHO SDVVDJHV LQ WKH

6DGGKDUPDSXDUND

VWUD DQG RWKHU WH[WV VHUYH DV SURRI IRU WKH UHFRQVWUXFWHG IRUP IRU ZKLFK , WKHQ

GLG QRW XVH DQ DVWHULVN 6LPLODUO\ , KDYH UHIUDLQHG IURP HPSOR\LQJ DQ DVWHULVN
ZKHQHYHU %WK DQG WKH &KLQHVH WUDQVODWLRQV VXSSRUW D FHUWDLQ UHFRQVWUXFWLRQ EDVHG
RQ 7LE DQG H[FOXGH DQ\ RWKHU SRVVLELOLWLHV 2QH VKRXOG QHYHUWKHOHVV NHHS LQ
PLQG WKDW 7LEHWDQ WUDQVODWLRQ UXOHV DQG YRFDEXODU\ DUH PXFK OHVV UHJXODUO\ DQG

PHFKDQLFDOO\ HPSOR\HG WKDQ LV XVXDOO\ DVVXPHG 7R VSHDN ZLWK DEVROXWH
FHUWDLQW\ FRQFHUQLQJ WKH UHFRQVWUXFWLRQ RI WKH 6DQVNULW WHUPLQRORJ\ LV LPSRVVLEOH

2Q WKLV VXEMHFW VHH 6H\IRUW 5XHJJ  II

10

3DUW,

$ 6WXG\ DQG $QQRWDWHG 7UDQVODWLRQ

RI WKH
6CVJICVCICTDJCUVTC

$ *HQHUDO 6WXG\ DQG 7H[WKLVWRULFDO &RQVLGHUDWLRQV

,Q FRPSDULVRQ ZLWK WKH YDVW DPRXQW RI ZRUN WR EH GRQH LQ WKH ILHOG RI ,QGLDQ
0DK\QD LW ZRXOG VHHP WR EH DQ HDV\ WDVN WR IRFXV RQ D VLQJOH VWUD
1HYHUWKHOHVV HYHQ VXFK D OLPLWHG XQGHUWDNLQJ KDV WKH SRWHQWLDO WR H[WHQG LWV UHDFK
VLJQLILFDQWO\ LQDVPXFK DV UHVHDUFK RI WKLV NLQG WRXFKHV RQ VHYHUDO TXLWH GLIIHUHQW
WRSLFV RI VFKRODUO\ DFWLYLW\ 2QH LV WKH WRSLF RI WKH 7LEHWDQ WH[WXDO WUDQVPLVVLRQ
LWVHOI ZKLFK ZLOO EH GHDOW ZLWK H[WHQVLYHO\ LQ SDUW ,, ,Q SDUW $ , ZLOO IRFXV RQ WH[W
KLVWRULFDO FRQVLGHUDWLRQV DQG SUHVHQW D VWXG\ RI WKH IXQGDPHQWDO WHUPLQRORJ\ XVHG
LQ WKH WH[W WKH GRFWULQH LW H[SRXQGV DQG LWV SODFH LQ ,QGLDQ %XGGKLVP ,W JRHV
ZLWKRXW VD\LQJ WKDW LQ RUGHU WR FRYHU WKHVH GLIIHUHQW DVSHFWV , KDYH KDG WR UHVWULFW
P\VHOI WR ZKDW DSSHDUHG PRVW HVVHQWLDO ,Q WKH IROORZLQJ , ZRXOG OLNH WR JLYH D
YHU\ VKRUW RYHUYLHZ RI WKH FRQWHQW RI SDUW $ DQG DW WKH VDPH WLPH WR GUDZ
DWWHQWLRQ WR ZKDW , FRQVLGHU WKH PRVW LPSRUWDQW RXWFRPH RI P\ UHVHDUFK LQ LW
,Q FKDSWHU  , ILUVW GHDO ZLWK WKH LQWHUUHODWLRQVKLS DPRQJ WKH IRXU ROGHVW
WUDQVODWLRQV RI WKH

7*6

UHFHQVLRQ 

7*6

 7KUHH RI WKHP LW WXUQHG RXW UHSUHVHQW WKH VDPH

ZKLOH WKH ROGHU &KLQHVH WUDQVODWLRQ LV WKH VLQJOH UHSUHVHQWDWLYH

7*6

RI DQRWKHU VKRUWHU UHFHQVLRQ 

)URP D GHWDLOHG DQDO\VLV RI WKH UHODWLRQ RI

5DWQDJRWUDYLEKJD LW
7*6 ZDV WKH HDUOLHU WUDQVODWLRQ ILIWK FHQWXU\
WKH VLPLOHV LQ WKH 5DWQDJRWUDYLEKJD LWVHOI D ZRUN ZKLFK SUREDEO\ FDPH LQWR
WKH WZR UHFHQVLRQV WR WKH QLQH VLPLOHV UHSURGXFHG LQ WKH
ZDV SRVVLEOH WR SURYH WKDW WKRXJK

H[LVWHQFH DV HDUO\ DV WKH IRXUWK FHQWXU\ DUH EDVHG RQ

FRQWDLQV

UHFHQVLRQV

VWXG\
DQG

UHSUHVHQWDWLYHV RI

RI


WKH
DQG

PDLQ


WHUPLQRORJLFDO

GHDO

ZLWK

WKH

7*6

GLIIHUHQFHV
GLIIHUHQFHV

6HFWLRQ  IXUWKHU

EHWZHHQ
EHWZHHQ

WKH
WKH

WZR
WKUHH

7*6 (DFK WUDQVODWLRQ RI WKLV ODWWHU KDV LWV RZQ XQLTXH IHDWXUHV

EXW QR WHOOLQJ WUDLWV FRXOG EH IRXQG WKDW ZRXOG HVWDEOLVK WKHLU LQWHUGHSHQGHQFH
6HFWLRQ  RIIHUV DQ DQDO\VLV RI WKH VWUXFWXUH DQG WH[WXDO KLVWRU\ RI WKH
VWUD 7KH PDLQ UHVXOW RI WKLV FKDSWHU OLHV LQ ORFDOL]LQJ DQG SURSRVLQJ H[SODQDWLRQV
IRU FRPSRVLWLRQDO LUUHJXODULWLHV LQ WKH ILUVW VLPLOH , FRXOG WKHUHE\ VKRZ WKDW WKH
WH[WXDO KLVWRU\ RI WKH

7*6

FDQ EH GLYLGHG LQWR DW OHDVW WKUHH VWHSV 7KH WHUP

ZDV RQO\ LQWURGXFHG LQWR WKH VWUD GXULQJ WKH WKLUG VWHS DV DQ
LQVHUWLRQ LQWR WKH PLGGOH RI WKH ILUVW VLPLOH ,Q WKH ODVW HLJKW VLPLOHV ZKLFK RQH FDQ
FRQVLGHU WKH VWDUWLQJ SRLQW DQG QXFOHXV RI WKH VWUD WKHUH DUH QR RFFXUUHQFHV RI
WKLV WHUP
6HFWLRQ  HQGV WKH ILUVW FKDSWHU , GHDO WKHUH ZLWK WKH EDVLF VWUXFWXUH RI
WKH VLPLOHV DQG GLVFXVV DQ DGHTXDWH PHWKRG RI LQWHUSUHWLQJ WKHP 7KH FRQWHQW RI
HDFK VLPLOH LV VXPPHG XS %\ WKLV PHDQV WKH ULFKQHVV DQG YDU\LQJ QXDQFHV RI WKH
DXWKRUVn PHVVDJH LQ WKHP DUH EURXJKW WR OLJKW
&KDSWHU  LV GHYRWHG WR WKH WHUPV
DQG
 ,Q D
WDWKJDWDJDUEKD

WDWKJDWDJDUEKD

JDUEKD

FRPSUHKHQVLYH JUDPPDWLFDO DQDO\VLV LQ VHFWLRQ  , GLVFXVV DOO LQWHOOLJLEOH ZD\V

RI XQGHUVWDQGLQJ WKH FRPSRXQG WDWKJDWDJDUEKD 7KH PRVW ILWWLQJ LQWHUSUHWDWLRQ
LQ WKH FRQWH[W RI WKH 7*6 LV WKDW RI D EDKXYUKL PHDQLQJ oFRQWDLQLQJ D WDWKJDWDp
LQ UHIHUHQFH WR OLYLQJ EHLQJV 7KH FRQWH[W RI D JURZLQJ SURFHVV VXJJHVWHG E\ WZR
RI WKH VLPLOHV DQG WKH SDUDOOHOLVP ZLWK WKH WHUP EXGGKDGKWX RI WKH

0DKSDULQLUYDVWUD PD\ KRZHYHU KDYH FRQWULEXWHG WR WKH SUHYDLOLQJO\



XVH RI WKH FRPSRXQG LQ WKH ODWHU WUDGLWLRQ

,Q VHFWLRQ  , ILUVW DQDO\]H DOO SDVVDJHV LQ ZKLFK WKH FRPSRXQG
WDWKJDWDJDUEKD DSSHDUV DQG VXJJHVW DQ DQVZHU WR WKH TXHVWLRQ ZK\ WKH 7LEHWDQ
WUDQVODWRUV GLG QRW DSSO\ WKH SDUWLFOH FDQ LQ WKHLU UHQGHULQJ RI WKH FRPSRXQG 7KH
PRVW VLJQLILFDQW ILQGLQJV LQ WKLV VHFWLRQ FHQWHU DURXQG WZR GLIILFXOW SDVVDJHV RI WKH
VWUD FRQFHUQLQJ WKH WHUP WDWKJDWDJDUEKD )RU RQH SDVVDJH YHUVH  , FRXOG
GHPRQVWUDWH ZLWK WKH KHOS RI D SDUDOOHO LQ WKH 5DWQDJRWUDYLEKJD WKDW WKH YHUVH
9,95:7:K,

ZDV XQGHUVWRRG ZURQJO\ E\ WKH 7LEHWDQ WUDGLWLRQ ,Q WKH VHFRQG FDVH $ WKHUH LV
VWURQJ WH[WXDO HYLGHQFH IURP WKH &KLQHVH DQG WKH DOWHUQDWLYH 7LEHWDQ WUDQVODWLRQ
IURP %DWKDQJ LQVWHDG RI WKH FRUUHFW
WDWKJDWDMQD ZH ILQG LQ WKH FDQRQLFDO

7LEHWDQ WUDQVODWLRQ D UHQGHULQJ RI JDUEKD D PLVWDNH ZKLFK PD\ HYHQ JR EDFN WR

WKH 6DQVNULW PDQXVFULSW XVHG E\ WKH WUDQVODWRUV $QRWKHU YHUVH  KRZHYHU
FOHDUO\ GRFXPHQWV D QRQEDKXYUKL XVH RI WDWKJDWDJDUEKD 7KHUH DUH VHYHUDO
LQGLFDWLRQV WKRXJK WKDW WKLV YHUVH ZDV QRW SDUW RI WKH ROGHVW IRUP RI WKH 7*6
5HJDUGLQJ WKH XVH RI WKH WHUP JDUEKD LW VHHPV WKDW FRQWUDU\ WR WKH SUDFWLFH LQ WKH
WUDQVODWLRQ
GLIIHUHQWLDWH

IURP

%DWKDQJ

EHWZHHQ

WKH

JDUEKD

FDQRQLFDO
DV

WKH

WHDP

VSDFH

RI

LQVLGH

WUDQVODWRUV
WKH

WRRN

FDO\[

RI

FDUH
D

WR

ORWXV

SDG PDnL VQ\LQJ SR DQG WKH SHWDOV IRUPLQJ LWV HQFORVXUH

 SDGPDNRwD SDG PDnL VEXEV :LWK HTXDO ULJRU RQ WKH RWKHU VLGH RI WKH VLPLOH
XSDPH\D VQ\LQJ SR ZDV XVHG LQ WKH FDQRQLFDO 7LEHWDQ WUDQVODWLRQ RQO\ LQ WKH
SDGPDJDUEKD

PHDQLQJ oHPEU\RQLF HVVHQFHp RI OLYLQJ EHLQJV EXW QRW DV LQGLFDWLQJ WKHLU oLQVLGHp
RU oZRPEp
$W WKH EHJLQQLQJ RI VHFWLRQ  , SURYLGH D FKDUW ZLWK DOO WKH WHUPV RI WKH

7*6 XVHG WR GHVLJQDWH WKH EXGGKDQDWXUH RI OLYLQJ EHLQJV $PRQJ WKHP D YDULHW\
RI H[SUHVVLRQV UDQJLQJ IURP FRQFUHWH WHUPV OLNH MLQDN\D WR PRUH DEVWUDFW RQHV LV
WKHQ DQDO\]HG <HW DOO WKH WHUPV DUH LQWHUFKDQJHDEO\ HPSOR\HG E\ WKH DXWKRUV RI
WKH VWUD LQ FRPELQDWLRQ ZLWK WKH FRQFUHWH YRFDEXODU\ RI WKH XSDPQD D IDFW WKDW
LPSOLHV WKDW WKHLU PDLQ DLP ZDV WR FRQYH\ WKH LGHD RI WKH LQKHUHQW EXGGKDKRRG RI
DOO OLYLQJ EHLQJV LQ HDVLO\ FRPSUHKHQVLEOH WHUPV UDWKHU WKDQ WR JR LQWR D GHWDLOHG
VFKRODVWLF GLVFXVVLRQ RI WKH H[DFW SURSHUWLHV RI WKLV KLGGHQ EXGGKDKRRG 7KH WHUPV
WDWKJDWDGKDUPDW DQG WDWKJDWDGKWX DUH GHDOW ZLWK DW JUHDWHU OHQJWK , KDYH
WULHG WR PDNH FOHDU ZK\ ZH FDQ E\ QR PHDQV EH VXUH WKDW WKH IRUPHU WHUP LV PHDQW
WR EH XQGHUVWRRG DV oDEVROXWH WUXWKp VLPLODUO\ WR WDWKDW LW PXVW UDWKHU PHDQ
oFKDUDFWHUQDWXUH RI D WDWKJDWDp ZLWKRXW DQ\ PRQLVWLF FRQQRWDWLRQV DQG ZK\
WKH WHUP GKWX LQ WKH SDVVDJH RI WKH 7*6 LV EDUH RI DQ\ QRWLRQ RI FDXVDOLW\sD

0DKSDULQLUYDVWUD DQG WKH ODWHU

WDWKJDWDJDUEKD WUDGLWLRQ 7KH SDVVDJH FRQWDLQLQJ GKWX LQ WKH 7*6 LV FLWHG LQ
WKH 5DWQDJRWUDYLEKJDY\NK\ DQG WKHUH XVHG WR SURYH WKDW GKWX VKRXOG EH
XQGHUVWRRG DV KHWX )URP P\ DQDO\VLV LW WKXV EHFRPHV FOHDU WKDW DOO WKH WHUPV IRU
WKH EXGGKDQDWXUH HPSOR\HG LQ WKH 7*6 UHIHU WR WKH OHYHO RI VSLULWXDO SHUIHFWLRQ

QRWLRQ ZKLFK GRHV KRZHYHU FKDUDFWHUL]H WKH

7KH\ LQGLFDWH D VWDWH RU HQWLW\ ZKLFK LV DOUHDG\ SUHVHQW DQG LQ QR QHHG RI DQ\
IXUWKHU ULSHQLQJ RU HVVHQWLDO FKDQJH WKRXJK WZR RI WKH VLPLOHV FRXOG DW ILUVW JODQFH
SURYRNH D GLIIHUHQW XQGHUVWDQGLQJ
7R VKRZ LQ GHWDLO ZK\ , WKLQN WKHVH WZR VLPLOHV ZHUH QRW FUHDWHG LQ RUGHU
WR LQWURGXFH D QRWLRQ RI ULSHQLQJ LQWR WKH LGHD RI WKH EXGGKDQDWXUH LQ DOO OLYLQJ
EHLQJV LV RQH FRQFHUQ RI VHFWLRQ  7KH LGHD WKH DXWKRUV RI WKH VWUD KDG LQ PLQG



FDQ EH FDOOHG D oWKHRU\ RI UHYHODWLRQp 7KH SHUIHFW VWDWH RI EXGGKDKRRG LV DOUHDG\

SUHVHQW LQ DOO OLYLQJ EHLQJV ,W LV QHYHUWKHOHVV FRYHUHG ZLWK GHILOHPHQWV DQG KDV WR
EH UHYHDOHG RU PDQLIHVWHG LQ RUGHU WR EHFRPH HIILFDFLRXV ,Q IDFW WKH PDLQ
FDWHJRU\ RQ ZKLFK WKH DXWKRUVn LGHDV FHQWHU LV WKDW RI HIILFDFLRXVQHVV
(IILFDFLRXVQHVV IXQFWLRQV DV WKH GHFLVLYH FULWHULRQ ZKLFK GLVWLQJXLVKHV WKH EXGGKD
IURP WKH VDWWYD WKH DXWKRUVn IRFXV RQ DQG LOOXVWUDWLRQ RI WKLV RQH FDWHJRU\ E\ IDU
RXWZHLJKLQJ DQ\ FRQFHUQ IRU D QHDW DQG V\VWHPDWLF FRQFHSWLRQ RI WKH WZR GLIIHUHQW
VRWHULRORJLFDO VWDWHV +HUH WKH VWUD UHYHDOV LWV WUXH FKDUDFWHU UDWKHU WKDQ SRVH WKH
TXHVWLRQ RI KRZ WKH QHZ PHVVDJH PLJKW EH SKLORVRSKLFDOO\ EURXJKW LQ OLQH ZLWK
RWKHU

WUDGLWLRQDO

%XGGKLVW

GRFWULQHV

DQG

IRUPXODWH

RU

GLVFXVV

SRVVLEOH

PHWDSK\VLFDO SULQFLSOH JRLQJ EH\RQG WKH FRQFUHWH IUDPH RI DQ LQGLYLGXDO EXGGKD

QDWXUH LQ WKH VLPLOHV WKH DXWKRUV RI WKH WH[W VHHP WR KDYH SXUVXHG IDLUO\ SUDJPDWLF
HQGV 7KLV DFFRUGV ZHOO ZLWK WKH IDFW WKDW IRU WKHP EHFRPLQJ DQG EHLQJ D EXGGKD
PHDQV LQ WKH ILUVW SODFH WR DFWLYHO\ SHUIRUP EXGGKDGHHGV $OO WKHVH REVHUYDWLRQV
KDYH OHG PH WR DUJXH WKDW WKH VWUDnV RULJLQ KDV SUREDEO\ WR EH VRXJKW DPRQJ
FLUFOHV

RI

%XGGKLVWV

FKDUDFWHUL]HG

E\

DQ

oDWWLWXGH

RI

ZRUOGO\

HQJDJHPHQW

SUHGRPLQDWLQJ RYHU PDLQO\ WKHRUHWLFDO FRQFHUQVpsD K\SRWKHVLV ZKLFK RI FRXUVH

QHHGV WR EH IXUWKHU VXEVWDQWLDWHG DQG HODERUDWHG RQ WKH EDVLV RI RWKHU ZULWLQJV RI
WKH

WDWKJDWDJDUEKD

WHDFKLQJV

,Q VHFWLRQ  , WU\ WR VKHG OLJKW RQ WKH SURFHVV RI SXULILFDWLRQ IURP WKH
GHILOHPHQWV :KLOH WKH

7DWKJDWRWSDWWLVDEKDYDQLUGHwD

ZKLFK LQ YLHZ RI RQH

RI LWV VLPLOHV FDQ EH VHHQ DV WKH FORVHVW SUHGHFHVVRU RI WKH

7*6

GLVWLQJXLVKHV

FOHDUO\ EHWZHHQ WKH UROH RI WKH 7DWKJDWD LQ WKH OLEHUDWLRQ SURFHVV RI OLYLQJ EHLQJV
RQ WKH RQH KDQG DQG WKH DFWLYH SDUWLFLSDWLRQ RI OLYLQJ EHLQJV WKHPVHOYHV RQ WKH
RWKHU WKH

7*6

LV LQ WKLV UHVSHFW PRUH YDJXH VR WKDW VRPHWLPHV WKH SDUW OLYLQJ

EHLQJV SOD\ UHFHGHV FRPSOHWHO\ EHKLQG ZKDW LQGHHG DSSHDUV WR EH WKH DOPLJKW\
ILJXUH

RI

WKH

7DWKJDWD

1HYHUWKHOHVV

WKHUH

DUH

SDVVDJHV

LQ

WKH

7*6

ZKLFK

GRFXPHQW WKDW LW ZDV E\ QR PHDQV LWV DLP WR H[FOXGH OLYLQJ EHLQJV IURP VXFK
SDUWLFLSDWLRQ 5DWKHU LW ZDV VLPSO\ WKDW WKH DXWKRUVn IRFXV OD\ RQ RWKHU LVVXHV

6HFWLRQ  LV DQ RYHUYLHZ RI WKH WLWOHV XQGHU ZKLFK WKH VWUD KDV EHHQ
WUDQVODWHG DQG FLWHG 7KH ROGHVW WLWOH RI WKH VWUD LQ 6DQVNULW PRVW SUREDEO\ ZDV
7DWKJDWDJDUEKDQPDYDLSXO\DRU YDLWXO\DVWUD

,Q VHFWLRQ  , GHDO ZLWK WKH ROGHVW DYDLODEOH FDWDORJXHV RI WUDQVODWHG

%XGGKLVW OLWHUDWXUH LQ &KLQD ZLWK UHJDUG WR WKH UHFRUGV RQ WKH 7*6 $W WKH FHQWHU
RI P\ DQDO\VLV LV WKH TXHVWLRQ RI WKH SODXVLELOLW\ RI DQ HQWU\ LQ WKH Chu sanzang ji
ji
ZKLFK FODLPV WKH H[LVWHQFH RI D &KLQHVH WUDQVODWLRQ RI WKH 7*6 IRU
DV HDUO\ DV WKH HQG RI WKH WKLUG FHQWXU\ &( E\ Faju
 :KHUHDV WKH DWWULEXWLRQ
RI DQRWKHU WUDQVODWLRQ RI WKH 7*6 WR )D]X
(active ca 290306), LQ WKH
FDWDORJXH RI )HL &KDQJIDQJ
 PRVW SUREDEO\ GRHV QRW FRUUHVSRQG WR
KLVWRULFDO IDFW WKH VLWXDWLRQ UHJDUGLQJ )DMX LV PRUH FRPSOH[ 0XFK GHSHQGV RQ WKH
HYDOXDWLRQ RI WKH FUHGLELOLW\ RI WKH HQWULHV LQ WKH Chu sanzang ji ji said to be

]

largely based on the famous but lost catalogue of Daoan

. My study shows
that there are good reasons to deal more critically with this part of the Chu
sanzang ji ji. Its compiler Sengyou
KDV DOZD\V HQMR\HG WKH KLJKHVW HVWHHP
DPRQJ VFKRODUV ZKR ZRUN ZLWK WKH GLIILFXOW PDWHULDO RI &KLQHVH %XGGKLVW
FDWDORJXHV 7KLV PD\ KDYH OHG WR D FHUWDLQ ODFN RI MXGLFLRXVQHVV ZKHQ LW FDPH WR



Chu sanzang ji ji
probably knew of two conflicting traditions concerning the history of Chinese
WKH UHFRQVWUXFWHG HQWULHV RI 'DRDQ $OWKRXJK , FDQ VKRZ WKDW WKH

WUDQVODWLRQV RI WKH

7*6 WKH FODLP WKDW D WUDQVODWLRQ RI WKH VWUD DOUHDG\ H[LVWHG LQ

WKH WKLUG FHQWXU\ LV QRW LQ LWVHOI DW DOO XQUHDVRQDEOH &RQFHUQLQJ WKH WUDQVODWLRQV E\
%XGGKDEKDGUD DQG $PRJKDYDMUD QR IXUWKHU PDWHULDO IRU WKHLU H[DFW GDWLQJ FRXOG
EH IRXQG
$V IRU WKH PRWLYHV RI WKH DXWKRUV RI WKH

7*6

VHFWLRQ  WKHUH DUH D

YDULHW\ RI SRVVLELOLWLHV 7KH QRQSKLORVRSKLFDO DQG QRQVFKRODVWLF VW\OH KLQWV DW WKH

OLNHOLKRRG WKDW WKH\ ZHUH ZULWLQJ SULPDULO\ IRU QRQVSHFLDOLVWV RI WKH %XGGKLVW
GRFWULQH 2QH RI WKH PRWLYHV FRXOG WKXV KDYH EHHQ WR DWWUDFW WR UHOLJLRXV SUDFWLFH
KLWKHUWR QHJOHFWHG VHJPHQWV RI WKH %XGGKLVW FRPPXQLW\ RU HYHQ JURXSV IURP

6DGGKDUPDSXDUNDVWUD PD\ KDYH EHHQ DQRWKHU LPSRUWDQW IDFWRU

OHDGLQJ WR WKH FRPSRVLWLRQ RI WKH 7*6 7KH 6DGGKDUPDSXDUNDVWUD SXWV
IRUZDUG WKH HND\QD WKHRU\ QDPHO\ WKDW DOO OLYLQJ EHLQJV FDQ EHFRPH EXGGKDV
7KH 7*6 IURP WKH PRXWK RI WKH %XGGKD SURYLGHV D VRXQG LI LGHDO VRWHULRORJLFDO
oSURRIp RI WKLV DVVHUWLRQ 7KH IDFW KRZHYHU WKDW QRZKHUH LQ WKH VWUD DUH WKHUH
HWKLFDO FRQFOXVLRQV GUDZQ RQ WKH EDVLV RI WKLV HND\QLVW WKHRU\ RI HTXDOLW\
VRPHKRZ FRPHV DV D VXUSULVH
RXWVLGH LW 7KH

,Q WKH ILUVW SDUW RI VHFWLRQ  , WU\ WR HVWDEOLVK D WHUPLQXV DQWH TXHP IRU

WKH 7*6 %DVHG RQ FRQVLGHUDWLRQV RI D GRFWULQDO QDWXUH WKH VLPLODU PHWULFDO

5DWQDJRWUDYLEKJD DQG WKH 0DK\QDVWUODNUD WKH

SURJUHVV RI SKLORVRSKLFDO WKRXJKW IURP WKH 0DK\QDVWUODNUD WR
9DVXEDQGKXnV 7ULwLN DQG WKH IDFW WKDW D FLWDWLRQ IURP WKH 7ULwLN LV IRXQG LQ
WKH /DNYDWUDVWUD WKH PLGGOH RI WKH IRXUWK FHQWXU\ &( LV D SUREDEOH GDWH
EHIRUH ZKLFK WKH 7*6 VKRXOG KDYH EHHQ FRPSRVHG 7KH 7*6 KDYLQJ FOHDUO\ WDNHQ
LGHDV IURP WKH 7DWKJDWRWSDWWLVDEKDYDQLUGHwD DQG WKH 6DGGKDUPDSXDUND
VWUXFWXUH RI SDUWV RI WKH

VWUD

PXVW EH DWWULEXWHG D SRVLWLRQ ZLWKLQ D VWUDQG LQ %XGGKLVP ZKLFK GRHV QRW

FRQFHDO LWV IDYRU IRU WKH FRQFHSW RI D SRVLWLYH FRQWLQXRXV VXEMHFWsD VWUDQG ZKLFK
KDV LWV URRWV LQ WKH FDQRQLFDO VFULSWXUHV 7KH QRWLRQ RI
PHDQLQJ

GRHV

QRW

WDWKJDWDJDUEKD

SOD\

DQ\

GHFLVLYH

WH[WV $FFRUGLQJ WR WKH

UROH

LQ

WKH

wQ\DW LQ LWV HVWDEOLVKHG

7*6 RU LQ RWKHU HDUO\

5DWQDJRWUDYLEKJD WKH WDWKJDWDJDUEKD

WHDFKLQJ FDQ EH XQGHUVWRRG DV FRPSOHPHQWLQJ RU HYHQ FRUUHFWLQJ LGHDV UHODWHG WR

wQ\DW

7KRXJK

WKH

7*6

GRHV

QRW

SUHVHQW

SKLORVRSKLFDOO\

KRPRJHQHRXV

IUDPHZRUN DQG HYHQ LI LWV PDLQ LPSHWXV PD\ LQGHHG KDYH EHHQ WR HQFRXUDJH
SHRSOH WR EHFRPH DFWLYH %XGGKLVW IROORZHUV LWV VRWHULRORJLFDO FRQFHSWLRQ RI D
EXGGKDQDWXUH SUHVHQW LQ DOO OLYLQJ EHLQJV FDQQRW HDVLO\ EH GLVFDUGHG DV PHUH

XS\D WKDW LV DV SXUH PHDQV DSDUW IURP DQ\ FODLP WKDW WKH PHVVDJH HPEUDFHV D

WUXH VWDWHPHQW DERXW WKH FRQVWLWXWLRQ RI UHDOLW\ 6XFK D GLVFODLPHU ZRXOG FRQWUDGLFW
WKH

WKUXVW

RI

WKH DXWKRUVn ZRUN

EXGGKDKRRG RQ WKH URDG WR

HYHQ LI WKHLU LGHD

efficaciousness

RI OLYLQJ

EHLQJVn HWHUQDO

FRPHV FORVH WR WKH oQRQ%XGGKLVWp

WPDQ GRFWULQH DQG FDQ LQ WKH H\HV RI VRPHERG\ DLPLQJ WR GRFWULQDOO\ KDUPRQL]H
0DK\QD SURYRNH GRXEWV DERXW WKH %XGGKLVW FKDUDFWHU RI WKH WDWKJDWDJDUEKD
WHDFKLQJ 7KLV LV H[DFWO\ ZKDW KDV EHHQ GRQH E\ WKH UHSUHVHQWDWLYHV RI WKH o&ULWLFDO
%XGGKLVPp JURXS ZLWK ZKRP , VKRUWO\ GHDO DW WKH HQG , IHHO WKDW WKH\ DUH QRW
ZLOOLQJ WR DFFHSW WKDW %XGGKLVP IURP HDUO\ WLPHV RQ KDV EHHQ D KHWHURJHQHRXV
SKHQRPHQRQ RQH LPSRVVLEOH WR LGHQWLI\ E\ WZR PDLQ WHQHWV RI SXUHO\ GRFWULQDO



2DWWHU LQ WKH ZD\ LWV FULWLFV GR , IXUWKHU EHOLHYH WKDW ZKDW WKH\ SRVWXODWH WR EH

oWUXH %XGGKLVPp WKDW LV o&ULWLFDO %XGGKLVPp LQ WKH VHQVH WKH\ XQGHUVWDQG LW LV
DQRWKHU LQDGPLVVLEOH UHVWUDLQW RI %XGGKLVW WUDGLWLRQV
6HFWLRQ  WULHV WR LGHQWLI\ WKH WH[WV LQ ZKLFK FLWDWLRQV IURP WKH 7*6 DUH
FRQWDLQHG 7KH 5DWQDJRWUDYLEKJDY\NK\ LV WKH PRVW LPSRUWDQW DPRQJ WKHP
7KRXJK WKH 5DWQDJRWUDYLEKJD KDV UHQGHUHG IDLWKIXOO\ WKH FRQWHQW RI WKH QLQH
VLPLOHV RI WKH 7*6 WKHUH LV DW OHDVW RQH LQVWDQFH ZKHUH LW KDV LQWURGXFHG D QRWLRQ
QRW IRXQG LQ WKH SDUDOOHO SDVVDJH RI WKH 7*6 7KLV QRWLRQ FDQ EH FDOOHG
oWUDGLWLRQDOO\ %XGGKLVWp LQDVPXFK DV LW HPSKDVL]HV WKH QHFHVVLW\ RI VHYHUDO IDFWRUV
IRU WKH ULSHQLQJ RI D VSURXW ZKLFK KHUH LOOXVWUDWHV WKH OLYLQJ EHLQJnV EXGGKD
QDWXUH ,Q WKH Y\NK\ KRZHYHU RQH RI WKH YHU\ IHZ ZRUGIRUZRUG FLWDWLRQV IURP
WKH 7*6 LV LQWHUSUHWHG GLIIHUHQWO\ IURP WKH 5DWQDJRWUDYLEKJD LWVHOI )XUWKHU WKH
Y\NK\ KDV WULHG WR DSSO\ DQ XQQDWXUDO VFKHPH WR WKH VLPLOHV DQG KDV UHGXFHG
WKHLU ULFKQHVV RI GHVFULSWLYH QXDQFH WR D SXUHO\ VFKRODVWLF DQDO\VLV IRFXVHG RQ WKH
PDLQ FDWHJRULHV RI EXGGKDGKWX DQG NOHwD DQG WKHLU VXEFDWHJRULHV
)LQDOO\ LQ VHFWLRQ  , GHVFULEH WKH KLVWRU\ RI WKH WZHQWLHWKFHQWXU\
UHFHSWLRQ RI WKH 7*6 7KH VWXGLHV RI WKH WDWKJDWDJDUEKD WHDFKLQJ LQ JHQHUDO KDYH
H[SHULHQFHG D UDSLG DFFHOHUDWLRQ VLQFH WKH V %RWK WKH &KLQHVH DQG 7LEHWDQ
WUDQVODWLRQV RI WKH 7*6 KDYH EHHQ VWXGLHG XQGHU YDULRXV DSSURDFKHV DLPHG DW

GLIIHUHQW JURXSV RI UHDGHUV

 7H[WXDO +LVWRU\ DQG 6WUXFWXUH RI WKH $#

 'LIIHUHQW 5HFHQVLRQV RI WKH $#

7KH 7*6 FDQ EH VDLG WR H[LVW LQ WZR UHFHQVLRQV

q 5HFHQVLRQ 7*6 UHSUHVHQWHG E\ WKH &KLQHVH WUDQVODWLRQ RI %XGGKDEKDGUD
GDWLQJ IURP WKH EHJLQQLQJ RI WKH ILIWK FHQWXU\ &( &K DQG
q 5HFHQVLRQ

7*6 UHSUHVHQWHG E\ WKH 7LEHWDQ FDQRQLFDO WUDQVODWLRQ GDWLQJ IURP

7LE WKH 7LEHWDQ SDUDFDQRQLFDO WUDQVODWLRQ IURP %DWKDQJ

DURXQG  &( 

%WK DQG WKH &KLQHVH WUDQVODWLRQ RI $PRJKDYDMUD IURP DERXW WKH PLGGOH RI

&K

WKH HLJKWK FHQWXU\ 

'LIIHUHQFHV EHWZHHQ

7*6 DQG 7*6 DUH GRFXPHQWHG LQ WKH QRWHV RQ HYHU\ SDJH RI

P\ WUDQVODWLRQ $PRQJ WKHVH GLIIHUHQFHV DUH VHYHUDO PDMRU RQHV RI D SXUHO\

TXDQWLWDWLYH QDWXUH

&K ODFNV WKH OLVW RI DWWULEXWHV RI WKH DUKDWV LQ %

q 7KH ZKROH VHFWLRQ & WKH HQXPHUDWLRQ RI SDUWLFLSDWLQJ PRQNV LV PLVVLQJ LQ

&K
q

&K

ODFNV YHUVH 

q 7KH UHSHWLWLYH SDVVDJH DW WKH HQG RI % DQG WKH EHJLQQLQJ RI & LV PLVVLQJ
LQ

&K

q 7KH LQWURGXFWLRQ WR WKH VWRU\ RI 6DGSUDPXNWDUDwPL LQ $ LV PLVVLQJ LQ

&K

WKH SDVVDJH LQ TXHVWLRQ KDV QR FRXQWHUSDUW LQ WKH YHUVH SRUWLRQ RI HLWKHU

UHFHQVLRQ

q 6HFWLRQV $ DQG % WKH TXHVWLRQ RI QDQGD DUH PLVVLQJ LQ

&K

2Q WKH DXWKRUVKLS RI WKH 7LEHWDQ FDQRQLFDO WUDQVODWLRQ DFFRUGLQJ WR WKH FRORSKRQV VHH VHFWLRQ

 LQ SDUW ,,



$OO WKHVH GLIIHUHQFHV FDQ EH VKRZQ WR EH DGGLWLRQV RI

7*6

 UDWKHU WKDQ SDUWV


GURSSHG E\ %XGGKDEKDGUD ,Q WKH IROORZLQJ , ZLOO GHDO ZLWK SRVVLEOH DQVZHUV WR

2HQWLRQHG SDVVDJHV ZHUH LQWURGXFHG LQWR 7*6

WKH TXHVWLRQ ZK\ WKH DERYH

7KH OLVW RI DWWULEXWHV RI WKH DUKDWV LQ % LV D VWRFN SKUDVH GHVFULSWLRQ IRXQG

LQ PDQ\ RWKHU VWUDV DV ZHOO 7KH DGGLWLRQ VKRZV WKDW IURP D FHUWDLQ WLPH RQ LW ZDV

7KH VDPH FDQ EH VDLG IRU WKH DGGLWLRQ

& ZKHUH  QDPHV RI SDUWLFLSDWLQJ PRQNV DUH OLVWHG 7KH EHVWNQRZQ GLVFLSOHV
RI WKH %XGGKD DUH DPRQJ WKH DUKDWV 7KH PHQWLRQ RI QDQGD ZDV SUREDEO\ IHOW WR


SUREDEO\ WKRXJKW RI DV D UHTXLVLWH HOHPHQW

EH HVSHFLDOO\ LPSRUWDQW VLQFH KH ODWHU TXHVWLRQV WKH %XGGKD LQ $ DQG %
VHFWLRQV PLVVLQJ LQ

&K

9HUVH  JRHV EH\RQG WKH UDWKHU UDWLRQDO TXHVWLRQ LQ WKH SDUDOOHO SURVH
VHFWLRQ - ,W LV DQ HPRWLRQDO DSSHDO WR WKH %XGGKD ZKR LV DGGUHVVHG E\ WKH
HSLWKHWV o+LJKHVW DPRQJ +XPDQVp GYLSDGRWWDPD DQG o'LYLQH 2QHp GHYD DQG
UHTXHVWHG WR DQVZHU IRU WKH VDNH RI DOO OLYLQJ EHLQJV 7KDW WKH %XGGKD KDV WR EH
UHTXHVWHG DV PDQ\ DV WKUHH WLPHV WR WHDFK LV DOVR D FRPPRQ HOHPHQW LQ PDQ\

VWUDV

7KH FRQYHQWLRQ JRHV EDFN WR WKH HDUO\ VRXUFHV ZKLFK UHSRUW WKDW WKH
%XGGKD ZDV DVNHG WKUHH WLPHV WR WHDFK E\ WKH JRG %UDKPDQ EHIRUH KH GHFLGHG WR
GR VR ,W LV VXUSULVLQJ WKDW WKH SDUDOOHO SURVH VHFWLRQ UHPDLQHG XQWRXFKHG E\ WKH
UHGDFWRUV RI 7*6
,Q WKH FDVH RI WKH DGGLWLRQDO SDUW LQ %& , FDQQRW ILQG DQ\ FRQYLQFLQJ
UHDVRQ ZK\ WKH UHGDFWRUV RI

7*6 IHOW WKH QHHG WR HQODUJH WKH WH[W 7KH YHQHUDWLRQ

RI WKH WDWKJDWDV LQ WKH UHSHWLWLYH VHFWLRQ LV UHGXFHG WR WKH VWUHZLQJ RI IORZHUV DV

RSSRVHG WR WKH GRQDWLRQ RI SDYLOLRQV LQ WKH SDUW FRPPRQ WR

7*6

DQG

7*6

,Q

WKH LQWHUSRODWLRQ LQVWHDG RI WKH UHDOL]DWLRQ RI WDWKJDWDNQRZOHGJH DV WKH VWDUWLQJ

GKDUPD SDU\HuDWH WKH oVRQV RU

GDXJKWHUV RI JRRG IDPLO\p DUH UHSODFHG E\ oPRQNV QXQV XSVDNDV RU XSVLNVp
ILQDOO\ LQVWHDG RI WKH LQWHUQDOL]DWLRQ RU DUUDQJHPHQW LQWR D ERRN RI DV OLWWOH DV RQH
VLPLOH WKHUH LV WKH YHQHUDWLRQ DQG MR\IXO DSSURYDO DQXPRGDQ RI WKH VWUD 7KLV
ODVW IHDWXUH LV W\SLFDO RI WKH 6DGGKDUPDSXDUNDVWUD VHH 63, VY IRUPV RI WKH
VWHP DQXPXG DQG RWKHU 0DK\QD VWUDV DQG , VXVSHFW WKDW WKLV PD\ KDYH
SRLQW ZH ILQG WKH VHDUFK IRU WKH 'KDUPD 

LQGXFHG WKH UHGDFWRUV WR LQWHUSRODWH WKH UHSHWLWLYH VHFWLRQ LQWR

7*6

7KH LQWURGXFWRU\ SDVVDJH WR WKH VWRU\ RI 6DGSUDPXNWDUDwPL LQ $

VWUHVVLQJ WKH EHQHILFLDO HIIHFW RI WKH 7*6 UHVHPEOHV LQ LWV V\QWD[ WKH LQWURGXFWLRQ
6DGGKDUPDSXDUND
&K LW FRXOG ZHOO EH DQ

WR WKH VWRU\ RI 6DGSDULEKWD LQ WKH ;,;WK FKDSWHU RI WKH

VWUD

VHH QRWH LQ P\ WUDQVODWLRQ $V LW LV QRW IRXQG LQ

HOHPHQW DJDLQ EDVHG RQ D VHW SKUDVH IRXQG LQ WKH

$DGGKDUPDSXDUNDVWUD

LQVHUWHG ODWHU LQ RUGHU WR VPRRWK WKH WUDQVLWLRQ IURP WKH VHFWLRQV RQ PHULW WR WKH
VWRU\ RI 6DGSUDPXNWDUDwPL

&K

QRU GR WKH\ KDYH D FRXQWHUSDUW

LQ WKH IROORZLQJ YHUVHV RI HLWKHU UHFHQVLRQ 7KH\ FRQWDLQ QDQGDnV TXHVWLRQ DERXW
WKH OHQJWK RI WLPH WLOO SHUIHFWLRQ DQG WKH %XGGKDnV DQVZHU ([SODQDWLRQV GLUHFWHG
WR QDQGD DUH D FRPPRQ HOHPHQW LQ 0DK\QD VWUDV 7KLV LV XQGHUVWDQGDEOH
VLQFH LW LV KH DORQH ZKR LV JHQHUDOO\ VDLG QRW WR KDYH DWWDLQHG DUKDWVKLS DPRQJ WKH
%XGGKDnV PDLQ GLVFLSOHV %HVLGHV KH LV RIWHQ HQWUXVWHG ZLWK WKH SUHVHUYDWLRQ RI
6HFWLRQV $ DQG % DUH QRW IRXQG LQ




7KH DGGLWLRQV DUH GLVFXVVHG LQ WKH QRWHV WR WKH FRUUHVSRQGLQJ SDVVDJHV LQ P\ WUDQVODWLRQ
9LPDODNUWLQLUGHwD 7KH OLVW RI DWWULEXWHV LV IRXQG RQO\ LQ

7KH VDPH VLWXDWLRQ KROGV WUXH IRU WKH

WKH 7LEHWDQ VHH /DPRWWH  

6HH IRU H[DPSOH WKH VHFRQG FKDSWHU RI WKH $!

WLPHV WR H[SRXQG WKH 'KDUPD



ZKHUH lULSXWUD UHTXHVWV WKH %XGGKD WKUHH

WKH H[SRXQGHG GLVFRXUVH DW WKH HQG RI WKH VWUD KDYLQJ EHHQ DFFRUGLQJ WR WKH

WUDGLWLRQ NQRZQ IRU KLV H[FHOOHQW PHPRU\

7KH SRVLWLRQ RI WKH LQWHUSRODWLRQ WRZDUGV WKH HQG RI WKH VWUD LV WKXV QRW
VXUSULVLQJ WKRXJK WKH SDVVDJH LQ TXHVWLRQ GRHV QRW GLUHFWO\ GHDO ZLWK WKH
SUHVHUYDWLRQ RI WKH 7*6 7KH UHGDFWRUV SODFHG LW ZLWKLQ WKH RULJLQDOO\ PRQROLWKLF
YHUVH VHFWLRQ , DQG & ,Q RUGHU WR MRLQ WKH LQWHUSRODWLRQ QHDWO\ ZLWK WKH
IROORZLQJ YHUVH WULSOHW WKH\ DGGHG D VHQWHQFH DW WKH HQG RI WKH LQWHUSRODWLRQ
GHDOLQJ ZLWK WKH ZRUWKLQHVV RI ZKRHYHU SUHVHUYHV WKH 7*6 ZKLFK LV WKH WKHPH RI
WKH IROORZLQJ WKUHH YHUVHV 7KH FRQWHQW RI QDQGDnV TXHVWLRQ RQ WKH RWKHU KDQG
VHHPV UDWKHU XQLTXH 2QH ZRXOG KDYH H[SHFWHG WKH VWRFN TXHVWLRQ DERXW WKH
WLWOHV RI WKH H[SRVLWLRQ  LI WKH SXUSRVH KDG EHHQ WR FUHDWH D FRQWH[W IRU WKH
DSSHDUDQFH RI QDQGD $V D PDWWHU RI IDFW WKH UHODWLRQ RI WKH TXHVWLRQ WR WKH RWKHU

7*6

SDUWV RI WKH
RULJLQDOO\

LV QRW REYLRXV DQG , VXVSHFW WKDW QDQGDnV TXHVWLRQ ZDV

VLPSO\ DQRWKHU PRUH

EHFDPH LQWHJUDWHG LQWR WKH

7*6

RU OHVV

LQGHSHQGHQW

HSLVRGLFDO

XQLW

EHIRUH LW

FRYHUV MXVW WZR WKLUGV RI WKH OHQJWK RI &K FDQQRW VLPSO\ EH

H[SODLQHG E\ WKHVH REYLRXV LQWHUSRODWLRQV DQG WKH UHDVRQV PXVW DOVR EH ORRNHG IRU
HOVHZKHUH :KHQ LW FRPHV WR GLIIHUHQFHV RI VW\OH DQG FRQWHQW WKH VLWXDWLRQ LV
PXFK PRUH FRPSOH[ $OWKRXJK WKH VDPH EDVLF LGHDV FDQ EH IRXQG LQ ERWK
UHFHQVLRQV LW VHHPV WKDW LQ WKH GHWDLOV WKDW LV WHUPLQRORJ\ DQG V\QWDFWLF UHODWLRQV
WKH UHFHQVLRQV YDU\ ZLGHO\ 7KH VW\OH RI &K DSSHDUV WR EH PXFK PRUH FRQFLVH WKH
QXPEHU RI FKDUDFWHUV SHU SGD LV RQO\ ILYH &K VHYHQ HQXPHUDWLRQV DUH
JHQHUDOO\ DEEUHYLDWHG DQG WKH OLQH RI QDUUDWLRQ VHHPV WR IRFXV RQO\ RQ LVVXHV RI
PDLQ LPSRUWDQFH 0\ LPSUHVVLRQ LV WKDW &K VWLFNV OHVV VODYLVKO\ WR DQ ,QGLDQ
7KH IDFW WKDW

&K

RULJLQDO DQG LQ FRQWUDVW WR WKH UHSUHVHQWDWLYHV RI

7*6 DOVR UHSURGXFHV DOPRVW QR

LQFRQVLVWHQFLHV ZKLFK PD\ DOUHDG\ KDYH EHHQ SDUW RI WKH ,QGLDQ WUDQVPLVVLRQ
%HVLGHV WKHVH FKDUDFWHULVWLFV ZH ILQG RWKHU WHUPLQRORJLFDO DQG GRFWULQDO
IHDWXUHV ZKLFK PRUH RU OHVV VHHP WR EH SHFXOLDU WR

&K

RU

D 7KURXJKRXW WKH VLPLOHV WKH FRPSRXQG

 XVXDOO\ UHQGHULQJ

WDWKJDWDJDUEKD LV XVHG  WLPHV LQ &K ,Q WKH 7LEHWDQ WKH XVDJH LV UHVWULFWHG

&K

EHVLGHV WKHVH  WLPHV LQ WKH

ILUVW VLPLOH LW LV IRXQG D IXUWKHU  WLPHV LQ RWKHU VLPLOHV ,Q FDVHV ZKHUH &K
WR WKH ILUVW VLPLOH ZKHUH LW DSSHDUV  WLPHV ,Q

HPSOR\V

RU

WDWKJDWDGKDUPDW
WDWKJDWD

 LQ FRQWUDVW WR WKH 7LEHWDQ WKH 7LEHWDQ LV EDVHG RQ

 WLPHV MLQDN\D RU VXJDWD WDWKJDWD  WLPHV

RU EXGGKD  WLPHV EXGGKDEKPL EXGGKDWYD VDQJV UJ\DV Q\LG RU

DYLQwDGKDUPLQ FKXG PL ]D EDnL FKRV FDQ ,Q RQH SDVVDJH RI WKH ILUVW VLPLOH
&K

UHDGV

LQ FRQWUDVW WR WDWKJDWDJDUEKD LQ WKH 7LEHWDQ DQG &K

E ,Q &K WKH WHUP

ZLWKLQ

OLYLQJ

EHLQJV

XQGHUVWDQGLQJ


WDWKJDWDJDUEKD GHVLJQDWHV D VHSDUDWH HQWLW\ IRXQG

$PRJKDYDMUD LQ &K

VHHPV

WR

VKDUH

VXFK

DQ

6HH /DPRWWH   Q  %XGGKLVW WUDGLWLRQ KDV LW WKDW QDQGD WRRN D YRZ WR EHFRPH WKH

ILUVW RI oWKRVH ZKR KDYH KHDUG D ORWp EDKXwUXWD 



!!&/ , 

6HH /DPRWWH   Q 


6HH WKH FRPSDUDWLYH OLVW LQ 7DNDVDNL  r 

FRUUHFWHG WR

6HH 0
 

 %

RQ S  ,,, LV WR EH

).

 
oWKH WDWKJDWDJDUEKD

 

 $

>RI@ OLYLQJ EHLQJVp %

 %

 

 2QO\  DQG % FRXOG EH LQWHUSUHWHG GLIIHUHQWO\



 
 %
 o<RXU ERG\ >LV@

&K WHQGV

WR GHVFULEH RQO\ WKH EXGGKDQDWXUH RI OLYLQJ EHLQJV DV ZUDSSHG LQ

7*6 RQ WKH RWKHU KDQG VR GHVFULEHV ERWK WKH EXGGKDQDWXUH

DQG OLYLQJ EHLQJV
G $ WUDQVODWLRQ RI WKH WHUP GKDUPDW DSSHDUV RQO\ RQFH WKURXJKRXW WKH ZKROH RI
&K ZKLOH LWV XVDJH LV IUHTXHQWO\ DWWHVWHG IRU 7*6 FKRV Q\LG
 7KLV
VLQJOH XVDJH RI GKDUPDW LQ &K LV IRXQG LQ WKH SDVVDJH TXRWHG LQ WKH
5DWQDJRWUDYLEKJDY\NK\ VHH %
 7KH 7LEHWDQ HPSOR\V WKH WHUP FKRV
GHILOHPHQWV

IRU GKDUPDW DOWRJHWKHU LQ  LQVWDQFHV IRU  RI ZKLFK WKHUH LV D

 DQG
FRUUHVSRQGLQJ WH[W LQ &K ,Q WKHVH  FDVHV &K XVHV WKH WHUPV

Q\LG


DQG

&K LQ WKHVH SDVVDJHV RSHUDWHV ZLWK

 DQG

HDFK RQFH ,Q WKH WZR RWKHU SDVVDJHV

YHUVH
H 7KH WHUP oERGKLVDWWYDp DSSHDUV  WLPHV WKURXJKRXW

7LE &K

WKH WHUP RQO\  WLPHV $PRQJ WKHVH DUH  FDVHV ZKHUH

I

YHUVH

&K UHDGV

DQG

 KRZHYHU XVHV

7*6 GRHV QRW PHQWLRQ

WKH WHUP  %  ,Q  LQVWDQFHV &K XVHV PRUH JHQHUDO WHUPV OLNH
VDWWYD RU
LQVWHDG )LYH FDVHV DUH ZLWKRXW DQ\ FRUUHVSRQGHQFH LQ &K
:KLOH 7LE XVHV WKH VWRFN SKUDVH o7DWKJDWD +RQRUDEOH 2QH DQG 3HUIHFWO\
$ZDNHQHG 2QHp  WLPHV LW LV RQO\ IRXQG  WLPHV LQ &K DQG LQ WKHVH RQFH LQ
D SDVVDJH ZKHUH DOO YHUVLRQV RI 7*6 UHDG RQO\ oWDWKJDWDp % 2WKHUZLVH
UHVRUWV WR WKH WHUPV


 RU
 DQG ZKHQ 7*6

&K

VSHDNV RI WKH DWWDLQPHQW RI WKH GHVLJQDWLRQV o7DWKJDWD +RQRUDEOH 2QH DQG

WKH VWRUH RI D WDWKJDWDp +RZHYHU VXFK DQ XQGHUVWDQGLQJ LV XQOLNHO\ LQ YLHZ RI WKH SUHFHGLQJ
YHUVH



,Q

%

FRUUHVSRQGV WR WKH FLWDWLRQ LQ WKH

5*99  VDGDLYDLWH VDWWYV WDWKJDWDJDUEK LWL  7KH

&KLQHVH FDQ EH XQGHUVWRRG DV o7KH VWRUH RI D WDWKJDWD >LQ@ DOO OLYLQJ EHLQJV LV DW DOO WLPHV SUHVHQW
ZLWKRXW FKDQJHp RU SRVVLEO\ o$OO OLYLQJ EHLQJV >DUH@ VWRUHV RI D WDWKJDWD >WKLV WUXH QDWXUH RI DOO
WKLQJV@ LV DW DOO WLPHV SUHVHQW ZLWKRXW FKDQJHp 7KH ODWWHU WUDQVODWLRQ LV XQOLNHO\ EHFDXVH WKH VXEMHFW
IRU GKDUPDW DQG LWV SUHGLFDWLRQ 
 DSSHDU VHSDUDWHG IURP HDFK RWKHU



DV D VHSDUDWH HQWLW\ DSSHDUV LQ  

 % 
 DQG % 

 % 

 %
 7KH

IROORZLQJ FDVHV FRXOG DW ILUVW VLJKW EH XQGHUVWRRG DV o >WR VHH WKDW@ DOO VHQWLHQW EHLQJV >DUH@ VWRUHV

RI D WDWKJDWDp 0
 $
 %
 %
 2QO\ DQ H[DPLQDWLRQ RI RWKHU SDVVDJHV VLPLODU LQ V\QWD[ VKRZV
WKDW WKH JUDPPDWLFDO IXQFWLRQ RI
FDQQRW EH WKDW RI D SUHGLFDWH WR
DQG WKDW WKH
H[SUHVVLRQ PXVW FRQVHTXHQWO\ EH WUDQVODWHG DV oWDWKJDWDVWRUH >RILQ@ VHQWLHQW EHLQJVp 7KDW WKLV LV
WKH ULJKW LQWHUSUHWDWLRQ EHFRPHV FOHDU IURP WKH IROORZLQJ SDVVDJHV 0
 $
 7KHVH DUH WKH RQO\ RWKHU H[DPSOHV ZLWK D V\QWDFWLF
VWUXFWXUH HTXLYDOHQW WR WKH RQH DERYH ,W LV REYLRXV WKDW WKH GHILOHPHQWV FDQQRW EH FRQVWUXHG DV WKH
SUHGLFDWHV RI VHQWLHQW EHLQJV 2Q WKH RWKHU KDQG ZH ILQG WKH IROORZLQJ SGD LQ 
 oNQRZLQJ WKDW WKRVH GHILOHPHQWV >DUH@ DFFLGHQWDOp )URP WKLV ZH FDQ LQIHU WKDW $PRJKDYDMUD

ZRXOG SUREDEO\ KDYH HPSOR\HG WKH FKDUDFWHU LQ WKH LQVWDQFHV DERYH DOVR LI KH KDG LQWHQGHG WR
DV D SUHGLFDWH WR VHQWLHQW EHLQJV
XVH WKH WHUP

1DPHO\ LQ 0 $        DQG  7KH SDVVDJHV LQ % 


DQG

LQ



VXJJHVW

WKDW

OLYLQJ

EHLQJV DUH HQFDVHG LQ GHILOHPHQWV



3DVVDJHV ZKHUH WKH EXGGKDQDWXUH LV PHQWLRQHG DV ZUDSSHG LQ GHILOHPHQWV DUH   

DQG  7KH GHILOHPHQWV DUH VDLG WR FRYHU OLYLQJ EHLQJV LQ 0 % %WK DQG
DQG 


7LE XQFOHDU $ 

, DP QRW FRXQWLQJ WKH DSSHDUDQFHV LQ DVVRFLDWLRQ ZLWK WKH QDPHV RI ERGKLVDWWYDV RU ZLWK WKH

IRXU ERGKLVDWWYDV ZKR GLG QRW DWWDLQ DZDNHQLQJ LQ VHFWLRQ  $PRQJ WKH  FDVHV DERYH WKH WHUP
LV  WLPHV SDUW RI DQ LQWHUSRODWLRQ LQ

7*6 QRW IRXQG LQ &K



3HUIHFWO\ $ZDNHQHG 2QHp &K SDUDSKUDVHV LW DV




J 7KH WHUP

RU

VDWWYDGKWX DQG WKH GHILQLWLRQ RI VDWWYD LV QRW IRXQG LQ &K LQ % ,Q

DGGLWLRQ WKH YHUVHV LQ FKDSWHU  RI &K ODFN WKH WHUP FLWWDSUDNWL r

JDQWXNDNOHwD D FRQFHSW FKDUDFWHULVWLF RI WKH WDWKJDWDJDUEKD WHDFKLQJ

,W LV FRPPRQ LQ ERWK &KLQHVH WUDQVODWLRQV WKDW

LV XQGHUVWRRG WR EH D

VHSDUDWH HQWLW\ IRXQG LQ OLYLQJ EHLQJV E /HDYLQJ DVLGH WKH TXHVWLRQ ZK\ WKH

JDUEKD
ZRUG ]DQJ

ZDV FKRVHQ WR UHQGHU 6NW

 WKLV LV QHYHUWKHOHVV VXUSULVLQJ
VLQFH
FRXOG HDVLO\ EH DSSOLHG DV D SUHGLFDWH RI OLYLQJ EHLQJV LQ WKH VHQVH
RI OLYLQJ EHLQJV EHLQJ WKH VWRUHV RI D WDWKJDWD ,W VHHPV WKDW DOUHDG\ DW WKH WLPH RI
%XGGKDEKDGUDnV WUDQVODWLRQ WKH JHQHUDO LGHD RI
DV DQ HQWLW\
WDWKJDWDJDUEKD

ZLWKLQ OLYLQJ EHLQJV ZDV VR SUHYDOHQW WKDW %XGGKDEKDGUD RU KLV FROODERUDWRUV

GHFLGHGsHYHQ DJDLQVW WKH HYLGHQFH RI WKH VWUD LWVHOIsWR DFFHSW LW IRU WKHLU
WUDQVODWLRQ LQWR &KLQHVH 7KLV IHDWXUH WKXV DURVH LQ WKH WUDQVODWLRQDO DFW DQG LV QRW
UHODWHG WR WKH 6DQVNULW WH[W
,W LV LPSRVVLEOH WR VD\ WR ZKDW H[WHQW IHDWXUH D WKH FRQWLQXRXV XVH RI WKH
WKURXJKRXW &K LV DOVR GXH WR %XGGKDEKDGUDnV SUHIHUHQFH IRU
FRPSRXQG

7KH IDFW WKDW $PRJKDYDMUD DOVR XVHV WKH WHUP PRUH RIWHQ WKDQ WKH
7LEHWDQ WUDQVODWLRQ GRHV VXJJHVW WKDW RQH UHDVRQ IRU LWV SURPLQHQFH FRXOG EH WKH
ZLGHU UDQJH RI LWV DSSOLFDELOLW\ RQFH LQWHUSUHWHG DV D VHSDUDWH HQWLW\ ZKHUHDV WKH
WHUP LQ WKH 6DQVNULW ZDV RQO\ DSSOLHG DV D EDKXYUKL UHODWLQJ WR VHQWLHQW EHLQJV


WKLV WHUP

WKH &KLQHVH QRZ KDG WKH FKDQFH WR UHSODFH RWKHU WHUPV GHVLJQDWLQJ WKH EXGGKD
QDWXUH LQ OLYLQJ EHLQJV ZLWK LW ,W FRXOG DW WKH VDPH WLPH DFNQRZOHGJH WKH SRVVLEOH
oSRSXODULW\p RI WKH WHUP ZKLFK DIWHU DOO IRUPHG WKH VWUDnV WLWOH 7KH 7LEHWDQV
IDYRULQJ D OLWHUDO WUDQVODWLRQ UHIUDLQHG IURP DQ DEXQGDQW XVH RI WKH FRPSRXQG
DQG LQ WKLV LQVWDQFH SUREDEO\ IDLWKIXOO\ IROORZHG WKH ,QGLDQ WH[W ,W LV KRZHYHU

7*6 KDG
DOUHDG\ WDNHQ WKH WHUP WDWKJDWDJDUEKD LQ WKH VDPH VHQVH DV VHHQ LQ &K DQG WKDW
LW DSSHDUHG PRUH RIWHQ LQ LW WKDQ LQ 7*6

WUXH WKDW , FDQQRW FRPSOHWHO\ H[FOXGH WKH SRVVLELOLW\ WKDW WKH ,QGLDQ

:KDWHYHU WKH FDVH D GHYHORSPHQW IURP

WKH XVDJH RI D YDULHW\ RI GHVLJQDWLRQV IRU WKH EXGGKDQDWXUH WRZDUGV WKH
VWDQGDUGL]HG WHUP
LV GHILQLWHO\ D PRUH SODXVLEOH DVVXPSWLRQ WKDQ WKH RWKHU
ZD\ URXQG 6SHDNLQJ LQ WH[WKLVWRULFDO WHUPV &K LQ WKLV LQVWDQFH LV D UHFHQVLRQ
IXUWKHU UHPRYHG IURP D FRPPRQ ,QGLDQ RULJLQDO WKDQ 7*6 


$V , ZLOO VKRZ EHORZ WKH WHUP GKDUPDW LQ WKH 7*6 LV XVHG LQ DW OHDVW WZR
GLIIHUHQW PHDQLQJV ,Q WKH SDVVDJH ZKHUH %XGGKDEKDGUD HPSOR\V WKH WUDQVODWLRQ

GKDUPDW PHDQV oWKH UXOH WR ZKLFK DOO GKDUPDV DUH VXEMHFWp ,W LV WKH RQO\
SDVVDJH LQ DOO RI 7*6 ZLWK GKDUPDW LQ WKLV PHDQLQJ DQG , VXVSHFW WKDW

&K LQ LWV HQWLUHW\

5HJDUGLQJ WKLV TXHVWLRQ VHH +LUDNDZD  II 7KHUH LW LV OHIW RSHQ ZKHWKHU
%XGGKDEKDGUD DGRSWHG DQ HDUOLHU WUDQVODWLRQ  RU FUHDWHG RQH RQ KLV RZQ S  2QH FUXFLDO




,Q % WKH SDVVDJH FRQFHUQHG LV QRW IRXQG LQ

ZX ]DQJ L
6XZHQ DQG WKH /LQJVKX ?L DUH IDPLOLDU
ZLWK WKLV FRQFHSW DQG LW PXVW WKHUHIRUH KDYH EHHQ LQ XVH DV HDUO\ DV WKH +DQ G\QDVW\ VHH
m=KRQJ <L 'DFLGLDQn %LDQML :HL\XDQKXL mUo{=
=KRQJ \L GDFLGLDQ
-LFKX OLOXQ IHQFH m7 LYN
7DNDVDNL   HYHQ FDOOV WKH XVH RI WKH WHUP _
E\ %XGGKDEKDGUD oH[FHVVLYHp

LPSDFW RQ WKH UHQGHULQJ RI WDWKJDWDJDUEKD

ZLWK

LQGLFDWLQJ DQ HOHPHQW LQ

UXODL ]DQJ

OLYLQJ EHLQJV PD\ KDYH KDG WKH FRQFHSW RI oILYH LQWHUQDO RUJDQVp

LQ WUDGLWLRQDO

&KLQHVH PHGLFDO WKHRU\ 0HGLFDO ZRUNV VXFK DV WKH

HG





 3HNLQJ 5HQPLQJ :HLVKHQJ  SS  II

7KH WHUP LV DOVR HPSOR\HG LQ WKH SDUDOOHO YHUVHV LQ

DYFLVDVWKHuY DSL

UXCFJCTOCVO

5*9

,

YLORN\D WDGYDW VXJDWD

%XGGKDEKDGUD LQ KLV WUDQVODWLRQ FKRVH WKH FKDUDFWHUV

LQ RUGHU WR PDNH FOHDU
WKDW KHUH GKDUPDW VKRXOG EH XQGHUVWRRG LQ LWV oZHDNp PHDQLQJ RI oJHQHUDO UXOHp
)RU KLP

GKDUPDW H[SUHVVHG

ZLWK WKH FKDUDFWHUV

OLNHO\ LPSOLHG WKH VHQVH RI

oDEVROXWH WUXWKp VHH EHORZ 7KLV PD\ KDYH OHG KLP WR UHIUDLQ IURP WKH XVH RI
LQ WKH RWKHU SDVVDJHV 7KH PHDQLQJ RI

GKDUPDW

LQ

7*6

H[FHSW LQ WKH

SDVVDJH MXVW PHQWLRQHG DQG LQ DQRWKHU FDVH VHH EHORZ LV SUREDEO\ VLPSO\ WKDW RI
WKH oQDWXUHp RI D WDWKJDWD +HQFH %XGGKDEKDGUD SUREDEO\ IHOW WKDW WKH FKDUDFWHUV
ZHQW WRR IDU +H WKHUHIRUH DYRLGHG WKH WUDQVODWLRQ
WHUPV VSHFLILF WR WKH

DQG HPSOR\HG RWKHU



7*6 VXFK DV

 LQVWHDG

&K VWDWHV WKDW WKH EXGGKD

)HDWXUH F DULVHV IURP WKH IDFW WKDW LQ PRVW FDVHV

QDWXUH DQG QRW OLYLQJ EHLQJV LV ZUDSSHG LQ GHILOHPHQWV 7KLV LV LQ OLQH ZLWK WKH

5DWQDJRWUDYLEKJD

FRUUHVSRQGLQJ YHUVHV RI WKH

ZKHUH OLYLQJ EHLQJV DUH RQO\

2I FRXUVH D oFRUUHFWp DOOHJRULFDO

LQWHUSUHWDWLRQ ZRXOG WHQG WR UHTXLUH WKDW WKH EXGGKDQDWXUH DV FRXQWHUSDUW RI WKH
WDWKJDWDERGLHV LQ WKH ORWXVHV EH WDNHQ DV WKH HOHPHQW FRYHUHG E\ GHILOHPHQWV
UDWKHU WKDQ OLYLQJ EHLQJV WKHPVHOYHV +RZHYHU QR VWDWHPHQW FDQ EH PDGH LQ WKLV
UHJDUG DERXW WKH GHJUHH RI oFRUUHFWQHVVp RI WKH ,QGLDQ DUFKHW\SH RI WKH 7*6
RQFH GHVFULEHG DV FRYHUHG E\ GHILOHPHQWV



,Q UHJDUG WR WKH UHSODFHPHQWV IRU WKH WHUP oERGKLVDWWYDp ZLWK OHVV VSHFLILF
WHUPV H IXUWKHU WH[WKLVWRULFDO UHVHDUFK QHHGV WR EH GRQH RQ 0DK\QD VWUD
OLWHUDWXUH

LQ

RUGHU

WR

HVWDEOLVK

FRPSUHKHQVLYH

IUDPH

RI

SRVVLEOH

JHQHUDO

7KH OHVV IUHTXHQW XVH RI

WKH HSLWKHWV o7DWKJDWD +RQRUDEOH 2QH DQG 3HUIHFWO\ $ZDNHQHG 2QHp LQ &K I


WHQGHQFLHV LQ WKH WUDQVPLVVLRQDO KLVWRU\ RI WKLV JHQUH

SUREDEO\ KDV LWV RULJLQV LQ %XGGKDEKDGUDnV FRQFLVH VW\OH DQG FDQQRW KHOS LQ
UHDFKLQJ FRQFOXVLRQV DERXW WKH UHODWLRQ WR WKH ,QGLDQ UHFHQVLRQV
)LQDOO\ WKH RFFXUUHQFH RI WKH WHUPV VDWWYDGKWX DQG FLWWDSUD
NWLJDQWXNDNOHwD

RQO\ LQ 7*6 J FRXOG SRLQW WR D ODWHU DGGLWLRQ 7KH WHUPV DUH

ZHOO NQRZQ IRU WKHLU SURPLQHQW SRVLWLRQ ZLWKLQ WKH WDWKJDWDJDUEKD WKHRU\ DQG
IRU WKLV UHDVRQ LW LV KDUGO\ LPDJLQDEOH WKDW VXFK NH\ ZRUGV ZRXOG EH GURSSHG LQ
WKH

SURFHVV

RI UHGDFWLRQ

RU WUDQVODWLRQ 2Q WKH

RWKHU KDQG DV &K WHQGV

WR

VWDQGDUGL]H WR D FHUWDLQ H[WHQW WKLV FDQQRW EH PDLQWDLQHG ZLWKRXW UHVWULFWLRQ

7KLV GLVFXVVLRQ RI WKH XQLTXH IHDWXUHV RI
DVVHVVLQJ WKLV WUDQVODWLRQ DQG LWV UHODWLRQ WR

7*6

&K

UHYHDOV WKH SUREOHPV LQ

 :H VLPSO\ FDQQRW NQRZ LI LW LV

WKH WUDQVODWRU DQG KLV WHDP RU DQ HDUOLHU UHGDFWLRQ RI WKH WH[W LQ ,QGLD WKDW ZDV
UHVSRQVLEOH

IRU

%XGGKDEKDGUD

WKH

GLIIHUHQFHV

LWVHOI

ZDV

0RUHRYHU

H[SRVHG

WR

LW

LV

YHU\

UHGDFWLRQ

OLNHO\
E\

WKDW

WKH

&KLQHVH

ZRUN

RI

VSHFLDOLVWV

LPPHGLDWHO\ DIWHU LWV FRPSOHWLRQ LQ WKH SURFHVV RI ZKLFK PDQ\ SDVVDJHV FRXOG
KDYH EHHQ PDGH WR FRQIRUP WR EDVLF UXOHV RI ORJLF RU WR GHPDQGV IRU D PRUH



7KDW

DQG RWKHU UHODWHG WHUPV VXJJHVWLQJ DVSHFWV RI DEVROXWHQHVV ZHUH LQ IDFW YLYLGO\

GLVFXVVHG LQ WKH SHULRG LQ ZKLFK %XGGKDEKDGUD ZDV DFWLYH ZH FDQ VHH IURP WKH GRFXPHQWDWLRQ RI
WKH GLIIHUHQW YLHZV RI .XPUDMYD DQG +XL\XDQ
RQ WKLV VXEMHFW LQ 5HQ  r

6HH 5*9 , UJDGYHuDPDOGLNRwDQLYWD  MDJDW 7KH EXGGKDQDWXUH DV HQFORVHG LQ
GHILOHPHQWV LV IRXQG LQ ,      DQG 



)RU RQH H[DPSOH RI WKLV NLQG VHH 6KLPRGD  II )RU WKH 0DK\QLVW

0DKSDULQLUYDVWUD KH VKRZV WKDW WKH ZRUG oERGKLVDWWYDp LV FRQVLVWHQWO\ XVHG RQO\ LQ FHUWDLQ

VHFWLRQV RI WKH WH[W )XUWKHU KH REVHUYHV WKDW D oERGKLVDWWYDL]DWLRQ LQ WHUPLQRORJ\p DSSHDUV DW

WKUHH OHYHOV RI LQWHQVLILFDWLRQ GHSHQGLQJ RQ WKH GLIIHUHQW YHUVLRQV LH IURP WKH ILUVW &KLQHVH
WUDQVODWLRQ r &( E\ )D[LDQ

WR WKH 7LEHWDQ WUDQVODWLRQ DQG ILQDOO\ WKH VHFRQG &KLQHVH

WUDQVODWLRQ E\ 'KDUPDNuHPD DOVR ILUVW TXDUWHU RI WKH ILIWK FHQWXU\ EXW PXFK ORQJHU WKDQ WKH
WUDQVODWLRQ E\ )D[LDQ ZLWK WKH KLJKHVW QXPEHU RI DSSHDUDQFHV RI WKH WHUP oERGKLVDWWYDp

$HH , IRU VLPLODU WHUPLQRORJ\ LQ WKH YHUVHV RI WKH 7*6 UHSURGXFHG LQ WKH 5*9




DSSHDOLQJ &KLQHVH VW\OH 2WKHU WUDQVODWLRQV EHDULQJ WKH QDPH RI %XGGKDEKDGUD

RQHV IRU ZKLFK WKH 6DQVNULW LV DYDLODEOH VXJJHVW WKDW WKH\ KDYH EHHQ GRQH YHU\
FDUHIXOO\ PRUH RU OHVV OLWHUDOO\ IROORZLQJ WKH 6DQVNULW DQG UDUHO\ FRQWDLQLQJ
HOHPHQWV LQWURGXFHG WKURXJK WKH WUDQVODWRUnV SHFXOLDU ZD\ RI XQGHUVWDQGLQJ WKH

WH[W +RZHYHU HYHQ LI WUDQVODWLRQV EHDU WKH QDPH RI %XGGKDEKDGUD FDQ ZH EH
VXUH WKDW KH FRRSHUDWHG DOZD\V ZLWK WKH VDPH &KLQHVH VFKRODUPRQNV ZKR ZHUH LQ
FKDUJH RI WKH UHGDFWLRQ RI KLV ZRUN" 6KRXOG ZH QRW H[SHFW WKDW KLV FRZRUNHUV
ZHUH FKRVHQ DFFRUGLQJ WR WKH LPSRUWDQFH RI WKH WH[W DQG WKDW WKH RXWFRPH IRU D

ODUJH SDUW H[KLELWV WKHLU RZQ SHUVRQDO VW\OH"
,I ZH QHYHUWKHOHVV DVVXPH WKDW WKH UHGDFWLRQDO LPSDFW RI WKH WUDQVODWLRQ
DFWLYLWLHV ZDV RQO\ PLQLPDO ZRXOG LW EH SRVVLEOH WR H[SODLQ VRPH RI WKH
GLIIHUHQFHV RYHU DJDLQVW 7*6 DV WKH IHDWXUHV RI DQ RUDOO\ WUDQVPLWWHG WH[W" ,QGHHG
D PHPRUL]HG WH[W ZRXOG QDWXUDOO\ WHQG WR EH VPRRWKHG GRZQ LQ WKH SURFHVV RI
XQFRQVFLRXVO\ DGDSWLQJ FRQWHQW DQG VWUXFWXUH RI WKH YDULRXV SDVVDJHV WR WKH PDLQ
OLQH RI WKRXJKW DQG UHRFFXUULQJ SDWWHUQV )URP WKLV ZH FRXOG H[SODLQ ZK\ LQ
VHYHUDO SDVVDJHV &K GRHV QRW ORRVH LWV WKUHDG ZKHUHDV WKH YHUVLRQV RI 7*6 LQ
VHYHUDO SDVVDJHV VHHP WR EH DOWRJHWKHU LQFRQVLVWHQW $OVR WKH UHDVRQ IRU WKH
IUHTXHQW RFFXUUHQFHV RI WKH FRPSRXQG

FRXOG EH IRXQG KHUH VLQFH RQH FDQ

DVVXPH WKDW WKH FHQWUDO WHUP RI WKH VWUD DQG D FRQVWLWXHQW SDUW RI LWV WLWOH FUHSW
LQWR SDVVDJHV DQG UHSODFHG RWKHU GHVLJQDWLRQV RI WKH EXGGKDQDWXUH 2Q WKH RWKHU
KDQG RQH FRXOG HDVLO\ DUJXH LQ WKH RSSRVLWH GLUHFWLRQ QDPHO\ WKDW D PHPRUL]HG

WH[W ZRXOG KDUGO\ DOORZ IRU DOWHUDWLRQV WR WKH GHJUHH GRFXPHQWHG LQ

7*6

VLQFH

RQFH PHPRUL]HG WKH WH[W ZRXOG DWWDLQ D PRUH RU OHVV IL[HG IRUP 7KRXJK , GR QRW
ZDQW WR H[FOXGH WKH SRVVLELOLW\ WKDW FKDQJHV LQ WKH VWUD ZHUH FDXVHG E\ DQ RUDO
WUDGLWLRQ , UDWKHU WHQG WR ORRN IRU WKH UHDVRQ IRU WKH RULJLQDWLRQ RI

7*6

LQ WKH

&KLQHVH UHGDFWLRQ RI WKH WH[W E\ %XGGKDEKDGUD DQG KLV FRZRUNHUV

5HJDUGLQJ WKH UHODWLRQ RI

&K WR 7*6 LW LV REYLRXV WKDW &K UHSUHVHQWV DQ

HDUOLHU VWDJH RI WH[WXDO GHYHORSPHQW RI WKH

7*6

DV IDU DV WKH LQWHUSRODWHG SDVVDJHV

PHQWLRQHG DERYH DUH FRQFHUQHG , DP KHVLWDQW WR FODLP WKDW WKLV NLQG RI UHODWLRQ LV
YDOLG IRU WKH SDUWV FRQWDLQHG LQ ERWK UHFHQVLRQV ZKLFK DUH GLIIHUHQW LQ VWUXFWXUH
WHUPLQRORJ\ DQG OHQJWK 7KHVH GLIIHUHQFHV GR QRW VHHP WR EH WKH UHVXOW RI D
FRQVLVWHQW UHGDFWLRQDO DSSURDFK DQG WKH ZRUGLQJ LQ QHLWKHU UHFHQVLRQ FDQ EH VDLG
ZLWK FHUWDLQW\ WR EH HDUOLHU DQG PRUH RULJLQDO WKDQ WKDW LQ WKH RWKHU ,W LV WKXV



$Q DQDO\VLV RI WKH &KX VDQ]DQJ ML ML

FRPSLOHG FD  &( VKRZV WKDW LQ

JHQHUDO WKH WHDPV GHDOLQJ ZLWK WKH WUDQVODWLRQ ZHUH FRPSRVHG RI WKUHH VSHFLDOLVWV WKH PDLQ
oWUDQVODWRUp DQG UHFLWHU WKH DFWXDO WUDQVODWRU LI WKH UHFLWHUnV &KLQHVH ZDV QRW VXIILFLHQW DQG RQH RU
PRUH UHGDFWRUV 6HH =DFFKHWWL  r DQG DOVR %RXFKHU  II DORQJ ZLWK WKH ZRUNV
KH

SURYLGHV

LQ

Q



=DFFKHWWL

IXUWKHU

SRLQWV

RXW

WKDW

ZKLOH

LQ

WKH

FDVH

RI

WKH

0DKSDULQLUYDVWUD  &( %XGGKDEKDGUD ZDV VXSSRUWHG LQ KLV DFWLYLW\ E\ WKH IUHTXHQWO\
PHQWLRQHG WUDQVODWRU %DR\XQ

%XGGKYDWDVDNDVWUD

 RQO\ D VKRUW WLPH ODWHU ZKHQ KH WUDQVODWHG WKH

%DR\XQ ZDV QR ORQJHU PHQWLRQHG SS r , DP QRW VXUH LI RQH

VKRXOG IROORZ =DFFKHWWL LQ KLV RSLQLRQ WKDW WKLV PXVW PHDQ WKDW %XGGKDEKDGUD KDG JDLQHG HQRXJK

7KLV KROGV WUXH IRU %XGGKDEKDGUDnV WUDQVODWLRQ RI D SDUW RI WKH 7861sWKH 6DQVNULW RI ZKLFK
ZH NQRZ DV D TXRWDWLRQ LQ WKH 5*99 r 7KH GDWH RI WKH WUDQVODWLRQ RI WKH 7*6
EHJLQQLQJ RI WKH ILIWK FHQWXU\

NQRZOHGJH RI &KLQHVH WR WUDQVODWH ZLWKRXW KHOS S 



%XGGKYDWDVDNDVWUD


 IDOOV ZLWKLQ WKH SHULRG RI %XGGKDEKDGUDnV WUDQVODWLRQ RI WKH

RI ZKLFK WKH

7861

LV D SDUW r

 &( VHH

'=-

VY

=DFFKHWWL QRWHV WKDW WKH FHQWUDO IXQFWLRQ RI WKH PDLQ WUDQVODWRU ZDV WR UHFLWH DQG LQWHUSUHW WKH

WH[W ZKHUHDV WKH WUDQVODWLRQDO ZRUN LWVHOI ZDV PRVWO\ GRQH E\ WKH DFWXDO WUDQVODWRU RI WKH WHDP

)URP WKH %XGGKLVW SRLQW RI YLHZ KH DUJXHV WKH WUDQVODWLRQ ZRXOG QHYHUWKHOHVV EH DWWULEXWHG WR WKH
UHFLWHU EHFDXVH KH ZDV WKH RQH IDPLOLDU ZLWK WKH WUDGLWLRQ RI ,QGLDQ WKRXJKW SS I



LPSRVVLEOH WR SODXVLEO\ GHWHUPLQH WKH VWHPPDWLF UHODWLRQ EHWZHHQ

7*6 DQG 7*6

ZH DUH IRUFHG WR WUHDW WKHP DV WZR UHFHQVLRQV HDFK ZLWK D WUDQVPLVVLRQDO KLVWRU\
RI LWV RZQ :KLOH

7*6 LV

RI WKH

KDV LQWHUSRODWHG VHYHUDO WH[WXDO DGGLWLRQV W\SLFDO RI 0DK\QD

7*6 7*6

WKH VW\OLVWLFDOO\ PRUH FRQFLVH DQG FRQVLVWHQW UHFHQVLRQ

VWUD OLWHUDWXUH DQG DV PLJKW EH VXVSHFWHG IURP WKH LQFRQVLVWHQFLHV IRXQG LQ DOO
WKUHH RI LWV UHSUHVHQWDWLYHV ORRNV EDFN RQ D PDQXVFULSW WUDGLWLRQ LQ ,QGLD ZKLFK LQ
VHYHUDO SDVVDJHV KDUERUHG SUREOHPDWLF UHDGLQJV

-XGJLQJ IURP WKH GDWH RI WUDQVODWLRQ DV WKH WHUPLQXV DQWH TXHP RI WKH WZR
UHFHQVLRQV WKHUH LV D JDS RI PRUH WKDQ  \HDUV EHWZHHQ WKHP ,Q WKH IROORZLQJ ,
ZLOO VKRZ WKDW 7*6 RU D YHUVLRQ YHU\ FORVH WR LW DOUHDG\ H[LVWHG EHIRUH WKH

PLGGOH RI WKH ILIWK FHQWXU\ VR WKDW LW FDQ EH SODFHG PXFK FORVHU WR WKH SHULRG LQ

7*6 ZDV WUDQVODWHG :H WKHUHIRUH QHHG WR IRFXV RQ WKH UHSURGXFWLRQ RI WKH

QLQH VLPLOHV RI WKH 7*6 LQ WKH 5DWQDJRWUDYLEKJD
ZKLFK

 7KH IROORZLQJ SRLQWV GHVHUYH

RXU DWWHQWLRQ

5DWQDJRWUDYLEKJD LW LV WZLFH VDLG WKDW WKH KRQH\

KXQWHU GHVLUHV KRQH\ SXUXuDV WDGDUWK , E PDGKYDUWK ,E 7KLV
FKDUDFWHUL]DWLRQ DOVR DSSHDUV LQ 7*6 LQ $ DQG  EXW LV PLVVLQJ LQ &K

q ,Q WKH VHFRQG VLPLOH RI WKH

q 7KH IRXUWK VLPLOH LQ UHFHQVLRQ

7*6

GHDOV ZLWK WKH JROG QXJJHW RI D WUDYHOHU

ZKLFK IDOOV LQWR SXWULG H[FUHPHQW 7KH PDQ LV PHQWLRQHG LQ $ DQG  7KH

5DWQDJRWUDYLEKJD DOVR WHOOV RI WKLV WUDYHOHU VXYDUD YUDMDWR QDUDV\D

,D &K KRZHYHU MXVW WHOOV RI JROG IDOOHQ LQWR DQ LPSXUH SODFH ZLWKRXW
DQ\ PHQWLRQ RI WKH WUDYHOHU

5DWQDJRWUDYLEKJD PHQWLRQV WKH IUXLW RI oPDQJR WUHHV

SDOP\UD SDOPV DQG RWKHU WUHHVp PUDWOGLSKDOH ,D WODSKDOPUD
,E $ VHTXHQFH RI IRXU NLQGV RI IUXLW LV IRXQG LQ $ RI 7*6

q ,Q WKH VL[WK VLPLOH WKH

 WKDW RI D

PDQJR WUHH URVH DSSOH WUHH SDOP\UD SDOP DQG FDQH LQ WKH YHUVHV WKH PDQJRV
DUH PLVVLQJ

&K

 RQ WKH RWKHU KDQG PHQWLRQV ERWK LQ WKH SURVH DQG WKH YHUVHV

RQO\ WKH IUXLW RI PDQJR WUHHV

q ,Q % RI

DQLPDOV

7*6

7KH

LW LV H[SOLFLWO\ VWDWHG WKDW WKH EXGGKDQDWXUH LV DOVR IRXQG LQ

VDPH

VWDWHPHQW

DSSHDUV

LQ

,F

WLU\DNuY

DSL

DQG ,

WLU\DNuY DSL RI WKH 5DWQDJRWUDYLEKJD )XUWKHU D TXRWDWLRQOLNH SDVVDJH

ZKLFK FRXOG ZHOO GHULYH IURP 7*6

DSSHDUV LQ

5DWQDJRWUDYLEKJDY\NK\

HH WKH QRWH LQ % RI P\ WUDQVODWLRQ 7KH SDVVDJHV UHJDUGLQJ DQLPDOV

GR QRW DSSHDU LQ &K
I V

q ,Q DOO WKUHH VHFWLRQV RI WKH HLJKWK VLPLOH RI

7*6

D SRRUKRXVH LV PHQWLRQHG DV

WKH UHVLGHQFH RI D GHSUHVVHG ZRPDQ 7KLV SRRUKRXVH DOVR WXUQV XS LQ DOO WKUHH
FRUUHVSRQGLQJ

DQWKDwOH

YHUVHV

,D

5DWQDJRWUDYLEKJD DQWKYDVDWKH ,E

DQWKDYHwPDQL ,E &K GRHV QRW PHQWLRQ WKH
RI

WKH

ZRPDQnV UHVLGHQFH
q 7KH FLWDWLRQ RI 7*6 %r FRQFHUQLQJ WDWKJDWDGKWX IRXQG LQ 5DWQDJRWUD
YLEKJDY\NK\ r DJUHHV FORVHO\ ZLWK WKH SDVVDJHV LQ 7LE %WK DQG &K
6HH WKH QRWH LQ P\ WUDQVODWLRQ IRU D PRUH GHWDLOHG FRPSDULVRQ

7KHVH H[DPSOHV VKRZ WKDW WKH FRPSLOHUV RI WKH 5DWQDJRWUDYLEKJDY\NK\ PXVW
KDYH NQRZQ UHFHQVLRQ 7*6 RU D YHUVLRQ VLPLODU WR LW +RZ RWKHUZLVH FRXOG WKH
5DWQDJRWUDYLEKJD VKDUH SDVVDJHV ZLWK 7*6 LQ LWV FRUUHVSRQGLQJ YHUVH RU SURVH
VHFWLRQV" 7KH GDWH RI WKH WUDQVODWLRQ RI WKH 5DWQDJRWUDYLEKJDY\NK\ LQWR



&KLQHVH LV  &( $V 7DNDVDNL  DQG 6FKPLWKDXVHQ  KDYH VKRZQ

WKH 5DWQDJRWUDYLEKJDY\NK\ FRQVLVWV RI DW OHDVW WZR FOHDUO\ GLIIHUHQW OD\HUV

QDPHO\ WKH RULJLQDO NULNV DQG D FRPPHQWDU\ ZULWWHQ LQ YHUVHV DQG SURVH 7KH
UHFRPSRVLWLRQ RI WKH QLQH VLPLOHV RI WKH 7*6 LQ WKH 5DWQDJRWUDYLEKJD LV SDUW RI
WKH ROGHVW OD\HU RI WKH 5DWQDJRWUDYLEKJDY\NK\ 7KH UHSURGXFHG YHUVHV DUH

ZULWWHQ LQ FRPSOH[ PHWHUV DQG LW LV KDUGO\ LPDJLQDEOH WKDW DOWHUDWLRQV WR WKH

RULJLQDO ZRUGLQJ RI WKH 5DWQDJRWUDYLEKJD FRXOG KDYH EHHQ LQWURGXFHG DW D ODWHU

VWDJH 1RZ ZH KDYH WR UHFNRQ ZLWK D FRPSOH[ KLVWRU\ IURP WKH WLPH RI WKH ILUVW
DSSHDUDQFH RI UHFHQVLRQ 7*6 WKH UHIRUPXODWLRQ RI LWV YHUVHV DQG WKHLU DGDSWDWLRQ
WR WKH NULNV LQ WKH 5DWQDJRWUDYLEKJD WKH FRPSOHWLRQ RI RQH LI QRW WZR
FRPPHQWDULDO OD\HUV WR WKH 5DWQDJRWUDYLEKJD SDUW RI ZKLFK FOHDUO\ IROORZV D
GLIIHUHQW

LQWHUSUHWDWLRQ

XQWLO

ILQDOO\

WKH

WUDQVODWLRQ

RI

WKH

ZKROH

5DWQDJRWUDYLEKJDY\NK\ LQWR &KLQHVH LQ  &( ,Q YLHZ HVSHFLDOO\ RI WKH

GLIIHUHQW H[HJHWLFDO DSSURDFK WR WKH NULNV WDNHQ E\ WKH FRPPHQWDU\ EXW DOVR WKH
YDULRXV VWHSV LQYROYHG LQ WKH ZKROH SURFHVV , VXSSRVH WKDW ZH FDQ DVVXPH D
SHULRG RI DW OHDVW ILIW\ WR RQH KXQGUHG \HDUV EHWZHHQ WKH ILUVW DSSHDUDQFH RI 7*6

5DWQDJRWUDYLEKJDY\NK\ 7KLV

WHUPLQXV DQWH TXHP RI 7*6 PRUH RU OHVV ZLWKLQ WKH

DQG WKH ILQDO &KLQHVH WUDQVODWLRQ RI WKH

KRZHYHU ZRXOG SODFH WKH

VDPH SHULRG DV

7*6

%DVHG RQ WKH GDWH RI WKH WUDQVODWLRQ RI WKH

5DWQDJRWUDYLEKJDY\NK\ WKHUHIRUH ZH QR ORQJHU KDYH DQ\ UHDVRQ WR FRQVLGHU

&K WR EH DQ ROGHU UHFHQVLRQ RI WKH 7*6

 7KH 5HSUHVHQWDWLYHV RI $#

%WK 7LE

DQG

&K GRXEWOHVVO\ GHULYH IURP WKH VDPH PDQXVFULSW WUDGLWLRQ 7KH\

GLIIHU IURP HDFK RWKHU RQO\ LQ VRPH PLQRU SRLQWV ZKLFK IRU WKH PRVW SDUW FDQ
HDVLO\ EH H[SODLQHG DV UHVXOWLQJ IURP PLVUHDGLQJV RU PLVXQGHUVWDQGLQJV RI ZRUGV
RU SDVVDJHV UHGDFWLRQDO LQWHUYHQWLRQ RU SDVVDJHV DOUHDG\ XQFOHDU LQ WKH ,QGLDQ
PDQXVFULSWV $V RQH PLJKW H[SHFW HDFK RI WKH WKUHH WUDQVODWLRQV KDV DEXQGDQW
YDULDQWV QRW IRXQG LQ WKH WZR RWKHU WH[WV 7KHVH oVLQJOH YDULDQWVp PD\ KDYH WKHLU
RULJLQ LQ WKH UHVSHFWLYH ,QGLDQ PDQXVFULSW IDLWKIXOO\ WUDQVODWHG LQWR WKH QHZ
ODQJXDJH RU LQ WKH WUDQVODWLRQ SURFHVV LWVHOI
$V , KDYH UHSHDWHGO\ VWDWHG LQ WKH QRWHV WR P\ WUDQVODWLRQ LW VHHPV WKDW 7LE

ZDV VXEMHFW WR VRPH SURFHVV RI UHGDFWLRQ DW WKH WLPH RI LWV WUDQVODWLRQ

RU DIWHU ,
FDQ VKRZ LQ PDQ\ LQVWDQFHV WKH UHDVRQV IRU VXFK DOWHUDWLRQV 7KH PRVW REYLRXV

GRFXPHQWDWLRQ RI WKLV SURFHVV LV D FRPSDULVRQ RI WKH SGD VHTXHQFH LQ WKH YHUVHV



+HUH , GR QRW FRQVLGHU WKH UHODWLRQ RI WKH 5*9 WR RWKHU WH[WV VXFK DV WKH 06$ DQG WKH

DVVRFLDWHG LPSOLFDWLRQV IRU WKH GDWLQJ RI WKH



5*9 , VKDOO GHDO ZLWK WKLV PDWWHU LQ VHFWLRQ 

6HH VHFWLRQ  ZKHUH EDVHG RQ RWKHU DUJXPHQWV , DUULYH DW D WHUPLQXV DQWH TXHP RI FD 
&( IRU WKH FRPSRVLWLRQ RI 7*6 :KHWKHU WKH REYLRXV LQWHUSRODWLRQV IRXQG LQ 7*6 ZHUH DW WKDW
WLPH DOUHDG\ SDUW RI 7*6 FDQQRW EH GHFLGHG VLQFH WKH\ GR QRW IRUP SDUW RI WKH FHQWUDO PHVVDJH RI
WKH VWUD DQG FDQ WKXV KDUGO\ EH H[SHFWHG WR EH FLWHG LQ WKH 5*99


6HFWLRQ % LV D JRRG H[DPSOH HDFK RI WKH WKUHH YHUVLRQV RIIHUV LWV RZQ ZD\ RI UHDGLQJ WKH

SDVVDJH ZLWKRXW EHLQJ FRPSOHWHO\ FRQYLQFLQJ


7KH IDFW WKDW WKH WUDQVODWRUV RU UHGDFWRUV RI 7LE GHYLDWHG LQ VRPH LQVWDQFHV IURP WKH ,QGLDQ
WH[W FRXOG IRU H[DPSOH EH WKH UHDVRQ IRU WKH GLIIHUHQW UHQGHULQJ RI %r ZKLFK KDV FRPH GRZQ
WR XV LQ 6DQVNULW IURP D TXRWDWLRQ LQ 5*99 r VHH WKH QRWH LQ P\ WUDQVODWLRQ 7KHUH 6NW
XWSDQQD LV UHQGHUHG DV ]KXJV DQG GKWX LV UHQGHUHG DV ULJV XVXDOO\ JRWUD RU NXOD 7KH WUDQVODWLRQ
]KXJV IRU XWSDQQD LV QRW D FRPPRQ RQH 6LPLODUO\ WKH SUHIHUHQFH IRU ULJV RYHU NKDPV PD\ UHIOHFW
WKH FKRLFH RI WKH WUDQVODWRUVUHGDFWRUV


RI WKH GLIIHUHQW YHUVLRQV VHH $SSHQGL[ % LQ  RI WKH  YHUVHV 7LE KDV D

VHTXHQFH GLIIHUHQW IURP WKH RQH FRPPRQ WR %WK DQG &K 7ZR PDLQ UHDVRQV IRU
WKH DOWHUDWLRQV LQ

7LE

DUH HYLGHQW ,Q  LQVWDQFHV WKH SGD FRQWDLQLQJ WKH YHUE

ZKLFK JRYHUQV WKH ZKROH YHUVH KDV EHHQ SODFHG DW WKH HQG RI WKH YHUVH ,Q 
FDVHV WKH HGLWRUV RI
RU

RWKHU

7LE IHOW WKH QHHG WR SRVLWLRQ SGDV HPEUDFLQJ UHODWLYH FODXVHV

VSHFLI\LQJ

LQVWDQFHV

WKH

HOHPHQWV

GLIIHUHQW

EHIRUH

DUUDQJHPHQW

WKH
RI

HOHPHQW
WKH

WR

EH

V\QWDFWLFDO

VSHFLILHG

,Q

VHYHUDO

XQLWV

WR

OHG

QHZ

XQGHUVWDQGLQJ RI WKH FRQWHQW

,Q WKH SURVH VHFWLRQ VXFK DOWHUDWLRQV DUH QRW DOZD\V VR HDV\ WR GHWHUPLQH
,I WKHUH ZDV UHDVRQ WR DVVXPH WKDW UHGDFWLRQDO LQWHUYHQWLRQ KDV OHG WR D UHDGLQJ
RQO\ DWWHVWHG E\
+RZHYHU

7LE

7LE

, KDYH DOZD\V LQGLFDWHG WKLV LQ WKH QRWHV WR P\ WUDQVODWLRQ

LV D VPRRWK ZHOOSROLVKHG WH[W ZLWK D PRUH RU OHVV HDV\ IORZ RI

VHQWHQFHV ,WV WHUPLQRORJ\ DFFRUGV LQ DOPRVW DOO LQVWDQFHV ZLWK WKH

0DKY\XWSDWWL

3UHFLVHO\ EHFDXVH RI WKHVH FKDUDFWHULVWLFV ZH VKRXOG EH FDUHIXO QRW WR IROORZ LWV

DUJXPHQWDWLRQ XQFULWLFDOO\ LQ WKH HIIRUW WR XQFRYHU WKH RULJLQDO FRQWHQW RI 7*6
5HJDUGLQJ %WK ZH KDYH UHDVRQ WR FKDUDFWHUL]H LW DV D WUDQVODWLRQ GDWLQJ

IURP D WLPH ZKHQ WKH VWDQGDUG %XGGKLVW YRFDEXODU\ ZDV QRW \HW HVWDEOLVKHG LQ
7LEHW QDPHO\ XS WR WKH HLJKWK FHQWXU\ DIWHU ZKLFK WUDQVODWLRQ DFWLYLWLHV EHFDPH
PRUH RUJDQL]HG DQG VWDQGDUGL]HG ZLWK WKH DLG RI FRPSLODWLRQV RI FRPSHQGLXPV
OLNH WKH 0DKY\XWSDWWL RU WKH V*UD VE\RU EDP SR JQ\LV SD $V , KDYH VKRZQ
HOVHZKHUH  D FRPSDULVRQ RI WKH WHUPLQRORJ\ FKRVHQ E\ WKH WUDQVODWRUV RI

%WK

ZLWK WKH FRUUHVSRQGLQJ WHUPV LQ 7LE UHYHDOV WKDW LQ PRVW RI WKH FDVHV WKH
WHUPLQRORJ\ RI %WK LV QRW LQ OLQH ZLWK WKH 0DKY\XWSDWWL ,Q %WK D WHQGHQF\ WR D
PRUH OLWHUDO DQG OHVV LGLRPDWLF VW\OH RI WUDQVODWLRQ VHHPV WR SUHYDLO :KHUHDV PDQ\
RI WKH YHUVHV LQ 7LE KDYH EHHQ UHDUUDQJHG DFFRUGLQJ WR WKH EDVLF QHHGV RI WKH
7LEHWDQ V\QWD[ VHH DERYH LQ %WK WKH SGD VHTXHQFH VHHPV WR UHIOHFW LI QRW
ZKROO\ FRLQFLGH ZLWK WKH 6DQVNULW RULJLQDO ZKHUH WKH PDLQ YHUE RI WKH VHQWHQFH
PD\ QRW KDYH EHHQ SRVLWLRQHG DW WKH HQG 2WKHU UHILQHPHQWV W\SLFDO RI WKH WLPH
DIWHU WKH DSSHDUDQFH RI FRPSHQGLXPV OLNH WKH 0DKY\XWSDWWL RU WKH V*UD VE\RU
EDP SR JQ\LV SD DUH ODFNLQJ LQ %WK YHUEV LQ PDQ\ FDVHV GR QRW LQGLFDWH WKH
GDJ
KLHUDUFKLF OHYHO RI WKH VXEMHFWV LQYROYHG
LV

OHVV

FRPPRQO\

HPSOR\HG



o7LEHWDQL]HGp IRUPV



WKH SDUWLFOH

QXPEHUV

DSSHDU

H[SUHVVLQJ FROOHFWLYLW\

ZKLFK

DUH

QRW

LQ

)XUWKHUPRUH WKH IDFW WKDW VRPH RI WKH QDPHV RI WKH

WKHLU

DUKDWV

%WK DV WKH HDUOLHU

ZRUN ZULWWHQ ZKHQ PDQ\ RI WKH ODWHU VWDQGDUG WUDQVODWLRQV RI DUKDW QDPHV KDG

WUDQVODWHG LQ

7LE

DUH WUDQVOLWHUDWHG LQ

%WK

FI & DOVR PDUNV


QRW \HW EHHQ HVWDEOLVKHG

)RU WKH SURVH LW LV PRUH GLIILFXOW WR MXGJH KRZ IDU %WK IROORZV WKH V\QWD[
RI WKH ,QGLDQ RULJLQDO 9HUEV DUH DOZD\V SODFHG DW WKH HQG RI WKH VHQWHQFH ,Q WKH
FDVH RI QDPHV %WK FOHDUO\ IROORZV WKH 6DQVNULW ZKHUH WKH QDPH XVXDOO\ SURFHHGV
WLWOHV DV LQ %WK U'RUMHnL EOR JURV E\DQJ FKXE VHPV GSDn VHPV GSDn FKHQ SR

DJDLQVW 7LE E\DQJ FKXE VHPV GSDn VHPV GSDn FKHQ SR U'R UMHnL EOR JURV IRU 6NW


6HH =LPPHUPDQQ  r

,ELG  Q 

,ELG  Q 




%WK WKURXJKRXW XVHV EUJ\D VWRQJ LQVWHDG RI nEXP IRU wDWDVDKDVUD

7KH VLWXDWLRQ LV VLPLODU WR WKH HPSOR\PHQW RI WKH DX[LOLDU\ YHUE nRV SD WR H[SUHVV ZKDW DUH

JHUXQGLYHV LQ 6DQVNULW LQ DOO  FDVHV RI LWV DSSHDUDQFH LQ 7LE LW LV PLVVLQJ LQ %WK 6HH 6LPRQVVRQ

 I IRU DQ H[DPSOH ZKHUH SK\DJ nWVKDO LQ WKH ROG YHUVLRQ RI WKH 63 LV UHQGHUHG DV SK\DJ
E\DU nRV LQ WKH UHYLVHG WH[W IRU 6NW YDQGDQ\D 7KH DX[LOLDU\ YHUE nRV SD VHHPV DW VRPH SRLQW WR
KDYH EHFRPH WKH VWDQGDUG IRU UHQGHULQJ JHUXQGLYHV IURP 6DQVNULW


9DMUDPDWLU ERGKLVDWWYR PDKVDWWYD 7KLV SULQFLSOH LV DOVR IRXQG LQ WKH ROG

WUDQVODWLRQ RI WKH 6DGGKDUPDSXDUNDVWUD VHH 6LPRQVVRQ  I DQG LQ
WKH FDVH RI WKH $NuD\DPDWLQLUGHwDVWUD LQ WKH YHUVLRQ FORVHVW WR WKH 'XQKXDQJ
IUDJPHQWV DV ZHOO DV LQ WKH 'XQKXDQJ IUDJPHQWV WKHPVHOYHV FI %UDDUYLJ D
L[ ,Q PRVW RI WKH GLUHFW VSHHFKHV

%WK

SODFHV WKH YHUE RI VSHHFK EHIRUH WKH

FRQWHQW RI WKH VSHHFK D IHDWXUH FRPPRQ WR WKH 6DQVNULW EXW QRW DWWHVWHG IRU

7LE

ZKHUH WKLV YHUE LV DOZD\V IRXQG DW WKH HQG RI WKH VSHHFK

*HQHUDOO\ WKH VW\OH RI

%WK

LV PRUH SUROL[ DQG LQ SDUWV XQLQWHOOLJLEOH

IHDWXUHV ZKRVH UHDVRQ PD\ KDYH EHHQ WKDW WKH WUDQVODWRUV IHOW XQHDV\ DERXW
GHSDUWLQJ IURP WKH RULJLQDO ,QGLDQ V\QWD[ ,Q VRPH SDVVDJHV WKLV FRXOG KDYH OHG
WKHPsIDLWKIXOO\ IROORZLQJ WKH IDXOW\" ,QGLDQ WH[WsWR SODFH V\QWDFWLFDO XQLWV
RQH DIWHU WKH RWKHU ZLWKRXW WKH OHDVW DWWHPSW WR DFKLHYH WKH QHFHVVDU\ FRQVLVWHQF\

DQG FRQWLQXLW\ RI GLVFRXUVH E\ LQWURGXFLQJ FRQQHFWLYH HOHPHQWV LQWR WKH 7LEHWDQ

7KHUH FDQ EH QR GRXEW WKDW $PRJKDYDMUD DOVR WULHG WR NHHS DV FORVH DV
SRVVLEOH WR WKH ,QGLDQ WH[W 7KH 6DQVNULW RQ ZKLFK KLV WUDQVODWLRQ LV EDVHG PXVW
KDYH EHHQ ODUJHO\ LGHQWLFDO ZLWK WKH 6DQVNULW IURP ZKLFK WKH 7LEHWDQ WUDQVODWLRQV
GHULYHG ,W VHHPV WKDW KH IROORZHG WKH ,QGLDQ WH[W PRUH RU OHVV ZRUG IRU ZRUG
DYRLGLQJ DQ\ NLQG RI LQWHUSUHWDWLYH WUDQVODWLRQV (YHQ LQ WKH V\QWD[ KH UHPDLQV
OR\DO WR WKH 6DQVNULW WKH SGD RUGHU LV IRU WKH PRVW SDUW XQWRXFKHG 7KH VHTXHQFH
RI V\QWDFWLFDO XQLWV LQ VRPH SDVVDJHV DW RGGV ZLWK &KLQHVH JUDPPDU LV PRVW
OLNHO\ DOVR PRGHOHG RQ WKH 6DQVNULW $PRJKDYDMUDnV WUDQVODWLRQ VW\OH WKXV DJDLQ
VHHPV WR EH EDVHG RQ WKH LGHD WKDW WKH VLQJOH HOHPHQWV RI WKH ,QGLDQ WH[W VKRXOG
UHPDLQ GLVFHUQLEOH DQG EH DUUDQJHG LQ WKH RUGHU IRXQG LQ LW
+RZHYHU DV DOUHDG\ PHQWLRQHG DERYH $PRJKDYDMUD WDNHV WKH WHUP
WDWKJDWDJDUEKD

 DV D GHVLJQDWLRQ IRU WKH EXGGKDQDWXUH LWVHOI WKDW LV DV

D VHSDUDWH HQWLW\ ZLWKLQ OLYLQJ EHLQJV )XUWKHU RQ WKURXJKRXW WKH WH[W ZH ILQG D
QXPEHU RI DGGLWLRQDO RU VXEVWLWXWLRQDO HOHPHQWV RI DQ H[SOLFDWLYH QDWXUH ZKLFK
FRXOG ZHOO EH FRPPHQWDULDO XQLWV RI WKH WUDQVODWRU WKDW FUHSW LQWR WKH WUDQVODWLRQ
q ,Q * WKH IORZHUV LQ WKH VN\ DUH GHVFULEHG DV oEHLQJ XQLWHG ZLWK HDFK RWKHU DV D
ZKROHp

7KH

WDWKJDWDV

GYWULwDQPDKSXUXuDODNuDDV

DUH

1HLWKHU

VDLG

WR

HOHPHQW

EH
LV

HQGRZHG
IRXQG

LQ

ZLWK
WKH

WKH

RWKHU

WUDQVODWLRQV

q 0 %HVLGHV JRGV DQG KXPDQV LQ WKH OLVW RI OLYLQJ EHLQJV WKDW SD\ UHYHUHQFH WR
WKH WDWKJDWDV LQ ORWXVHV PHQWLRQ LV DOVR PDGH RI GUDJRQV IRU

QJDV \DNuDV

JDQGKDUYDV DVXUDV JDUXDV NLQDUDV PDKRUDJDV DPDQXu\DV oDQG RWKHUVp

q ,Q WKH ODVW SGD RI  LQVWHDG RI WKH SXULILFDWLRQ RI OLYLQJ EHLQJV DV WKH PRWLYH
IRU WHDFKLQJ WKH 'KDUPD LW LV VWDWHG WKDW VHQWLHQW EHLQJV PD\ WKHUHE\ DWWDLQ WKH
WKUHH ERGLHV HQGRZHG ZLWK EXGGKDNQRZOHGJH 

q ,Q % EHWZHHQ WKH VWDWHPHQWV WKDW EXGGKDKRRG LV IRXQG LQ DOO OLYLQJ EHLQJV DQG
WKDW WKH WDWKJDWD UHPRYHV WKHLU GHILOHPHQWV IURP WKHP WKH IROORZLQJ LQVHUWLRQ
LV

IRXQG

WUDQVODWLRQ LV o,I >RQH@ FDQ 

2QH

SRVVLEOH

KDV WKH SRWHQWLDO WR" DZDNHQ >RQH@ ZLOO EHFRPH

D SHUIHFWO\ DZDNHQHG >RQH@ VHWWOHG ILUPO\ >DQG@ SHDFHIXOO\ LQ VSRQWDQHRXV

NQRZOHGJHp



 6LPLODULWLHV EHWZHHQ WKH &KLQHVH 7UDQVODWLRQV

2QH VXUSULVLQJ IHDWXUH LV WKH IDFW WKDW LQ VHYHUDO FDVHV &K OLQHV XS ZLWK &K
DJDLQVW ERWK 7LEHWDQ WUDQVODWLRQV 7KH QDWXUH RI WKH GLIIHUHQFHV VKRZV WKDW LW LV QRW
WKH ZLGHU &KLQHVH FRQWH[W LQ ZKLFK &K DQG &K DUH HPEHGGHG RU WKH 7LEHWDQ
FRQWH[W IRU WKH 7LEHWDQ WUDQVODWLRQV WKDW FRXOG EH KHOG UHVSRQVLEOH IRU WKLV 6RPH
RI WKHVH FRPPRQ GLIIHUHQFHV DUH
q 2QO\ WKH WZR &KLQHVH UHFHQVLRQV FKDUDFWHUL]H WKH ZLWKHULQJ RI WKH IORZHUV LQ
WKH LQWURGXFWLRQ DQG WKH ILUVW VLPLOH DV WDNLQJ SODFH oLQ DQ LQVWDQWp + , -
0 $OVR LQ $ WKH GHDWK RI WKH PDQ LQ WKH ZLOGHUQHVV LV GHVFULEHG DV
oVXGGHQp

&K ,3/ &K GR QRW PHQWLRQ WKH oSHWDOV DQG VWDONVp RI WKH IORZHUV LQ WKH
GHVFULSWLRQ LQ , /DWHU LQ YHUVH  WKH VWDONV DUH DJDLQ QRW PHQWLRQHG LQ
HLWKHU &KLQHVH WUDQVODWLRQ ZKLOH WKH SHWDOV DUH PLVVLQJ RQO\ LQ &K

q %RWK

q ,Q -

&K DQG &K GR QRW PHQWLRQ WKH SXWULG VPHOO RI WKH IORZHUV

q ,Q WKH HQXPHUDWLRQ RI

YHLNDEXGGKDGKDUPDV

EXGGKDGKDUPDV

LQ $

&K

DQG

&K

ODFN WKH

q $ 7KH SUREOHPDWLF H[SUHVVLRQ nMLJ UWHQ QD JQDV SD 7LE DQG nMLJ UWHQ ]KXJV
VKLQJ JQDV SD %WK LQ WKH 7LEHWDQ KDV QR FRXQWHUSDUW LQ WKH &KLQHVH
q ,Q YHUVH  RQO\ WKH 7LEHWDQ WUDQVODWLRQV PHQWLRQ H[SODLQLQJ WKH 7*6 DPRQJ
VHYHUDO RWKHU PHWKRGV RI SURSDJDWLQJ LW
q ,Q & ERWK &KLQHVH UHFHQVLRQV DGGLWLRQDOO\ PHQWLRQ WKH DWWDLQPHQW RI WKH ILYH
DEKLMV 

 E\ WKRVH EHLQJ WRXFKHG E\ WKH OLJKW RI WKH ERGKLVDWWYD

6DGSUDPXNWDUDwPL 7KH 7LEHWDQ LV UHVWULFWHG WR WKH DWWDLQPHQW RI WKH

LQFDSDELOLW\ RI WXUQLQJ EDFN IURP VXSUHPH DQG SHUIHFW DZDNHQLQJ DYDLYDUWLN
q

DQXWWDU\ VDP\DNVDERGKDX
,QVWHDG RI WKH SUREOHPDWLF nGL nGUD 7LE
&KLQHVH KDV

RU

GH nGUD %WK

LQ YHUVH  WKH

oFRQWLQXRXVO\p

8S WR QRZ , KDYH QR ILUP LGHD KRZ WR H[SODLQ WKHVH FRPPRQ SRLQWV LQ WKH
&KLQHVH ,I ZH GR QRW ZDQW WR DVVXPH WKDW $PRJKDYDMUD WR ZKRP
%XGGKDEKDGUDnV WUDQVODWLRQ ZDV FHUWDLQO\ NQRZQ DQG SUREDEO\ DFFHVVLEOH DGRSWHG
VRPH RI WKH FRPPRQ SRLQWV IURP WKH ILIWKFHQWXU\ WUDQVODWLRQ ZH QHHG WR UHFNRQ
ZLWK WKH SRVVLELOLW\ WKDW DW OHDVW WKH FDVHV ZKHUH HOHPHQWV DUH PLVVLQJ LQ WKH
&KLQHVH FDPH LQWR H[LVWHQFH FRLQFLGHQWDOO\
 6WUXFWXUH &RQWHQWV DQG 7H[WXDO +LVWRU\ RI WKH $#

7KH 7*6 LV FOHDUO\ GLYLGDEOH LQWR VHYHQ PDLQ VHFWLRQV

,  7KH VHWWLQJ LQ 5MDJKD LQFOXGLQJ WKH PDQLIHVWDWLRQ RI VXSHUQDWXUDO
SKHQRPHQD
,, r 7KH QLQH VLPLOHV WKH DFWXDO 7*6
,,,  7KH GHVFULSWLRQ RI PHULW UHVXOWLQJ IURP WKH SURSDJDWLRQ RI WKH 7*6
,9  7KH VWRU\ RI 6DGSUDPXNWDUDwPL DQG $QDQWDUDwPL
9 $r% 7KH TXHVWLRQ RI |QDQGD
9, & +RPDJH WR WKH RQH ZKR KROGV WKH 7*6 LQ RQHnV KDQGV



9,, ' 'HVFULSWLRQ RI WKH GHOLJKW DQG SUDLVH RQ WKH SDUW RI WKH RQORRNHUV
UHWXUQ WR WKH VFHQH RI 
:LWKRXW D GRXEW WKH QLQH VLPLOHV IRUP WKH HVVHQWLDO SDUW RI WKH 7*6 1RW RQO\ LV
WKH WLWOH RI WKH VWUD GHULYHG IURP WKH GHVFULSWLRQ LQ WKH ILUVW VLPLOH EXW WKH WH[W
LWVHOI DOVR UHJDUGV WKH QLQH VLPLOHV DV WKH DFWXDO 7*6 LQ VHFWLRQV  DQG r WKH
7*6 LV IUHTXHQWO\ UHIHUUHG WR 7KLV VWUD ZLWKLQ D VWUD WKH QLQH VLPLOHV LV
QDUUDWHG E\ WKH %XGGKD KLPVHOI ,W LV WKLV VHFWLRQ DORQH ZKLFK LV XVXDOO\ GHDOW ZLWK
E\ ODWHU FRPPHQWDWRUV 7KH QLQH VLPLOHV FRQWDLQ WKH QHZ PHVVDJH DQG WKH
GRFWULQDOO\ UHOHYDQW SDVVDJHV IRU ZKLFK WKH 7*6 LV NQRZQ 7KH\ DUH HQFORVHG E\ D
IUDPH  DQG ' ZKLFK LV FRPPRQ WR PRVW LI QRW DOO VWUDV RI WKH 0DK\QD
%HWZHHQ WKH VLPLOHV DQG WKH HQG VFHQH WKUHH PRUH XQLWV DUH IRXQG   $r
& :KHUHDV WKH GHVFULSWLRQ RI WKH PHULW UHVXOWLQJ IURP WKH SURSDJDWLRQ RI WKH
7*6 LV D FRPPRQ HOHPHQW LQ PDQ\ RWKHU VWUDV WKH VWRU\ RI 6DGSUDPXNWDUDwPL
DQG WKH SUREDEO\ ODWHU LQWHUSRODWHG TXHVWLRQ RI QDQGD VHHP SHFXOLDU WR WKH
7*6 /DWHU ZH ZLOO KDYH WR IDFH WKH TXHVWLRQ ZKDW WKHLU UHODWLRQ WR WKH VLPLOHV
PLJKW EH
$V PHQWLRQHG DERYH WKH PDLQ VSHDNHU DIWHU WKH LQWURGXFWRU\ GHVFULSWLRQ LV
WKH KLVWRULFDO %XGGKD KLPVHOI ZKR LV LQWHUUXSWHG RQO\ E\ WKH WZR TXHVWLRQV RI
9DMUDPDWL DQG QDQGD KLV QDUUDWLRQ HQGLQJ ZLWK D UHWXUQ WR WKH VHWWLQJ 7KH WH[W LV
LQ SURVH ZLWK YHUVH SRUWLRQV WKDW UHSHDW XVXDOO\ DW WKH HQG RI D VKRUW XQLW WKH
PDLQ LVVXHV FRQWDLQHG LQ SURVH EHIRUH 7KLV VWUXFWXUH RI YHUVHV HQGLQJ D SURVH


VHFWLRQ LV ZHOO DWWHVWHG LQ PDQ\ RWKHU 0DK\QD VWUDV

$W ILUVW JODQFH WKH LQWURGXFWRU\ VHFWLRQ  DQG WKH IROORZLQJ H[SRVLWLRQ RI
DOO QLQH VLPLOHV VHHP WR EH IURP RQH PROG 7KH %XGGKD QDUUDWHV LQ WKH WKLUG
SHUVRQ ZLWK KLV WKRXJKWV LQWHUVSHUVHG LQ WKH ILUVW SHUVRQ 7KH GHVFULSWLRQV LQ WKH
VLPLOHV DUH DOO YLYLG DQG FRQFUHWH 7KH VLPLOHV DSSHDU WR EH FRQVWUXFWHG LQ D
XQLILHG IDVKLRQ 7KH\ DOO VWDUW ZLWK WKH GHVFULSWLRQ RI D PRUH RU OHVV ZHOONQRZQ
RFFXUUHQFH RU SURFHVV PHW ZLWK LQ GDLO\ OLIH ZLWK WKH H[FHSWLRQ RI WKH ORWXV
IORZHUV LQ WKH VN\ DQG WKHQ GUDZ D FRPSDULVRQ EHWZHHQ LW DQG WKH VSLULWXDO
VSKHUH $W WKH HQG WKH SULPH UROH RI WKH 7DWKJDWD LV LOOXVWUDWHG DV WKDW RI WHDFKLQJ
OLYLQJ EHLQJV DERXW WKHLU XQNQRZQ SRWHQWLDO )URP D GRFWULQDO SRLQW RI YLHZ WRR
WKHUH VHHPV WR EH QR UHDVRQ WR DVVXPH WKDW WKH VLPLOHV DUH QRW WKH FUHDWLRQ RI D
VLQJOH DXWKRU RU JURXS RI DXWKRUV SXW IRUZDUG DV D PRQROLWKLF EORFN 1HYHUWKHOHVV
DQ DQDO\WLF H[DPLQDWLRQ RI WKH ILUVW VLPLOH OHDGV WR VHYHUDO REVHUYDWLRQV ZKLFK
FOHDUO\ JR DJDLQVW WKH DVVXPSWLRQ WKDW WKH LQWURGXFWLRQ DQG WKH QLQH VLPLOHV KDG
DOUHDG\ EHHQ DUUDQJHG LQ WKHLU SUHVHQW IRUP DW WKH YHU\ EHJLQQLQJ
7KH PRVW REYLRXV PDQLIHVWDWLRQ RI WH[WXDO KHWHURJHQHLW\ LV WKH ILUVW VLPLOH
LWVHOI $IWHU KLV DQQRXQFHPHQW WKDW KH ZRXOG H[SRXQG WKH 7*6 LQ 0 WKH %XGGKD
VHWV DERXW IRUPXODWLQJ WKH ILUVW VLPLOH ZKLFK UHJDUGLQJ WKH

XSDPQD WKDW LV WKH

SDUW RI WKH VLPLOH XVHG WR LOOXVWUDWH WKH VXEMHFW PDWWHU LV WDNHQ IURP WKH VHWWLQJ RI
WKH LQWURGXFWRU\ VHFWLRQ 7KHQ LQ $ KH DEUXSWO\ VWDUWV DJDLQ WR UHFRXQW WKLV ILUVW
VLPLOH

WKLV

WLPH

ZLWK

HPSKDVLV

RQ

GLIIHUHQW

HOHPHQWV

FORVH

ORRN

DW

ERWK

oYHUVLRQVp RI WKLV ILUVW VLPLOH WKDW LV WR VD\ YHUVLRQ 0 DQG YHUVLRQ $ UHYHDOV
WKH IROORZLQJ GLIIHUHQFHV

 ,Q 0 WKH

XSDPQD

LV YHU\ FORVH WR WKH GHVFULSWLRQ LQ WKH LQWURGXFWRU\

VHWWLQJ 7KH ORWXVHV DUH PHQWLRQHG DV VXSHUQDWXUDO FUHDWLRQV RI WKH 7DWKJDWD



7KH IDFW WKDW WKH VHFWLRQ ZLWK WKH TXHVWLRQ RI QDQGD GRHV QRW HQG ZLWK YHUVHV UHSHDWLQJ KLV

TXHVWLRQ LV RQH VLJQ WKDW LW LV PRVW SUREDEO\ QRW D SDUW RI WKH ROGHVW ,QGLDQ UHFHQVLRQ RI WKH 7*6


WKH WDWKJDWDV VLWWLQJ LQ WKHLU FHQWHU HPLW UD\V RI OLJKW WKH VSHFWDWRUV UHFRJQL]H
WKH WDWKJDWDV DQG SD\ KRPDJH ZLWKRXW PHQWLRQLQJ WKH GLYLQH YLVLRQ WKH
IORZHUV DUH DV VWDWHG LQ WKH LQWURGXFWLRQ RSHQ
7KLV LV DOO LQ FRQWUDVW WR $ WKHUH QRWKLQJ LV VDLG DERXW OLJKW HIIHFWV D
FHQWUDO

HOHPHQW

RI

WKH

LQWURGXFWRU\

SDUW

WKH

IORZHUV

DUH

QRW

H[SOLFLWO\

FKDUDFWHUL]HG DV VXSHUQDWXUDO PDQLIHVWDWLRQV RI WKH %XGGKD QR VSHFWDWRUV DQG

WKHLU DFW RI KRPDJH DUH PHQWLRQHG LQVWHDG WKHUH DSSHDUV D SHUVRQ HQGRZHG
ZLWK GLYLQH YLVLRQ ZKR oGHVLUHV WR ORRN DW WKH IRUPV RI WKH WDWKJDWDVp 7KLV
ODVW H[SUHVVLRQ LV UHPLQLVFHQW RI VLPLOH  ZKHUH WKH KRQH\KXQWHU LV GHVFULEHG
DV oGHVLURXV RI KRQH\p $  DQG RI VLPLOH  ZKHUH PHQ DQG ZRPHQ ZDQW
WR UHPRYH WKH NHUQHOV IURP WKHLU KXVNV EHFDXVH WKH\ GHVLUH WR REWDLQ HGLEOH
IRRG $ )XUWKHU WKH SHUVRQ LQ $ LV LQ QHHG RI D GLYLQH YLVLRQ WR VHH WKH
WDWKJDWDV LQ WKH PLGGOH RI WKH IORZHUV EHFDXVH WKH\ DUH oQRW EORRPLQJ DQG QRW
RSHQp
 ,Q FRQWUDVW WR WKH LQWURGXFWLRQ DQG WR 0 LQ $ WKH SHUVRQ ZLWK GLYLQH YLVLRQ
WKHQ UHPRYHV WKH GLVJXVWLQJ SHWDOV RI WKH ORWXVHV DQG FOHDQV WKH WDWKJDWDV
VLWWLQJ LQVLGH 7KH SURFHVV RI SXULILFDWLRQ LQ WKH

XSDPQD

LV D FRPSOHWHO\ QHZ

HOHPHQW QRW IRXQG LQ WKH VHFWLRQV SUHFHGLQJ $ EXW FRPPRQ LQ WKH RWKHU
VLPLOHV
 5HJDUGLQJ WKH

XSDPH\D

WKDW LV WKH VXEMHFW PDWWHU WR EH LOOXVWUDWHG LQ WKH

VLPLOH LQ ERWK 0 DQG $ WKH WHUP

WDWKJDWDJDUEKD

DSSHDUV +RZHYHU WKH

VHQWHQFH FRQWDLQLQJ WKH WHUP LQ 0 LV IRXQG DW WKH HQG RI WKH FKDSWHU DQG LV
IXUWKHUPRUH PLVVLQJ LQ

&K

, FRQVLGHU LW WR EH D ODWHU DGGLWLRQ LQ

7*6

7KLV

VHHPV WR EH VXSSRUWHG E\ WKH XQFRPPRQ SRVLWLRQ RI WKH VHQWHQFH WKH DFW RI

SHUFHLYLQJ WKH EXGGKDV ZLWKLQ OLYLQJ EHLQJV KDG DOUHDG\ EHHQ GHDOW ZLWK EHIRUH
0HDQZKLOH WKH %XGGKD KDG EHHQ VWUHVVLQJ WKH HTXDOLW\ EHWZHHQ WKH WDWKJDWDV
ZLWKLQ DQG KLPVHOI :K\ VKRXOG KH DJDLQ PHQWLRQ WKH DFW RI SHUFHLYLQJ"
)XUWKHU WKH ZKROH RI WKH VHQWHQFH DV LW LV IRXQG LQ WKH 7LEHWDQ VHHPV YHU\

7*6 WKH WDWKJDWDFDNuXV

SUVGLND PG]HV SD LQ P\

XQFRPPRQ DQG VWUDQJH LQ WKH FRQWH[W RI WKH

oWDWKJDWDYLVLRQp

EHLQJ

FKDUDFWHUL]HG

DV

$
SODXVLEOH UHDVRQ IRU LQWHUSRODWLQJ WKH SDVVDJH PD\ KDYH EHHQ WKH ZLVK WR XVH
WKH FHQWUDO WHUP

WUDQVODWLRQ UHQGHUHG DV oDGPLUDEOHp D WHUP XVXDOO\ DSSOLHG WR SHUVRQV



WDWKJDWDJDUEKD ZKLFK XQWLO WKLV SDVVDJH KDG QRW FRPH XS LQ

0


7KH

VLPLOH

LQ

$

HQGV

ZLWK

WKH

VWDWHPHQW

WKDW

OLYLQJ

EHLQJV

UHDOL]H

EXGGKDKRRG +RZ WKHQ DUH ZH WR GHDO ZLWK FKDSWHU %" % VWDUWV ZLWK WKH
SDUDGLJPDWLF
FRQVLVWV

LQ

VWDWHPHQW

WKH

IDFW

WKDW

WKDW

DOO

WKH

(VVHQWLDO

OLYLQJ

/DZ

EHLQJV

DUH

GKDUPDW

RI

DOO

WDWKJDWDJDUEKD

VWDWHPHQW ZKLFK KDV EHHQ FLWHG ZRUG IRU ZRUG E\ WKH

GKDUPDV
,W

LV

WKLV

5DWQDJRWUDYLEKJD

Y\NK\ %X VWRQ LQ KLV P']HV UJ\DQ TXRWHV IURP WKH EHJLQQLQJ RI $ WLOO WKH
HQG RI WKLV SDVVDJH 7KH WH[W LQ WKH 7*6 KRZHYHU JRHV RQ WR VWDWH WKDW WKH

7DWKJDWD WHDFKHV WKH ERGKLVDWWYDV WKDW WKH ERGKLVDWWYDV WKHUHXSRQ IROORZ KLV
WHDFKLQJV DQG WKDW WKH\ ILQDOO\ UHDOL]H EXGGKDKRRG DQG SHUIRUP WKH WDVNV RI D
EXGGKD IRU RWKHU OLYLQJ EHLQJV $OO WKLV LV UHSHWLWLYH VLQFH LW LV DOUHDG\ VWDWHG LQ
$ WKDW KDYLQJ DFFHSWHG WKH %XGGKDnV WHDFKLQJ WKH oWDWKJDWDV RI OLYLQJ
EHLQJV DUH HVWDEOLVKHG LQ SHUIHFWLRQp ZKLFK FDQ RQO\ EH XQGHUVWRRG DV WKH


$00 %+6' 8; SUVGLND



DWWDLQPHQW RI EXGGKDKRRG
7KH VWUXFWXUH RI WKH SDVVDJH H[WHQGLQJ IURP 0 WLOO % KRZHYHU LV VHHQ
LQ D FRPSOHWHO\ GLIIHUHQW DQG SODXVLEOH ZD\ RQFH ZH UHDG WKURXJK LW ZLWKRXW WKH
ODVW LQWHUSRODWHG VHQWHQFH LQ 0 ZLWKRXW WKH ZKROH RI $ DQG ZLWKRXW WKH
FDWHJRULFDO VWDWHPHQW DW WKH EHJLQQLQJ RI % 7KH oUHSHWLWLYH SDUWp LQ % WKXV
EHFRPHV WKH QDWXUDO FRQWLQXDWLRQ RI WKH QDUUDWLRQ IURP 0 $IWHU WKH 7DWKJDWD
KDV FRQILUPHG WKH HTXDOLW\ RI WKH EXGGKDV ZLWKLQ OLYLQJ EHLQJV ZLWK KLPVHOI LQ
0 LQ % KH WKHQ GHFLGHV WR WHDFK WKH 'KDUPD WR WKH ERGKLVDWWYDV 7KH
ERGKLVDWWYDV oDSSO\ WKHPVHOYHVp WR KLV WHDFKLQJ DQG ILQDOO\ EHFRPH EXGGKDV
7KH VLPLOH EHJXQ LQ 0 LV WKXV H[SDQGHG RQ ORJLFDOO\ DQG LV URXQGHG RII DW WKH
HQG RI % 7KH SDUDGLJPDWLF VWDWHPHQW DW WKH EHJLQQLQJ RI % RQ WKH RWKHU
KDQG LV QRW SDUW RI WKH VLPLOH $V D SDUW RI VLPLOH $ LW PD\ KDYH VHUYHG WKH
IXQFWLRQ RI D VXPPDUL]LQJ IRUPXOD ZKLFK UHSHDWV WKH IRUHJRLQJ LQ WUDGLWLRQDO
ZRUGV
 )LQDOO\ , VKDOO GHDO ZLWK WKH ILYH YHUVHV IROORZLQJ WKH SURVH SDVVDJH 6HFWLRQ
 VKRZV D FORVH DIILQLW\ ZLWK $ 7KH YHUVH GHVFULEHV WKH IORZHUV DV oQRW
RSHQHGp DQG PHQWLRQV WKH SHUVRQ ZLWK GLYLQH YLVLRQ ,Q WKH VHFRQG YHUVH WKH
SXULI\LQJ DFWLYLW\ WDNHV SODFH RQ WKH XSDPQD OHYHO PLVVLQJ LQ 0 7KH
IROORZLQJ WKUHH YHUVHV WRR IROORZ FOHDUO\ WKH QDUUDWLYH LQ $ 7KH\ FORVH ZLWK
WKH HVWDEOLVKPHQW RI WKH EXGGKDERGLHV LQ WKH SHUIHFWLRQ RI WKH WDWKJDWDV D
SDUDOOHO WR WKH ODVW VHQWHQFH LQ $ 7KHUH FDQ EH QR GRXEW WKDW WKH YHUVHV
UHSUHVHQW WKH VLPLOH DV LW LV IRXQG LQ $ 7KH FDWHJRULFDO VWDWHPHQW DW WKH
EHJLQQLQJ RI % LV QRW UHIOHFWHG LQ WKHP

7KH DERYH DQDO\VLV OHDGV WR WKH IROORZLQJ UHVXOWV ,Q VHFWLRQV 0 WR & WZR ORWXV
VLPLOHV KDYH EHHQ FRPELQHG 2QH LV IRXQG LQ $ DQG SRVVLEO\ DOVR WKH ILUVW
VHQWHQFH RI % DQG WKH YHUVHV RI & WKH RWKHU RQH FRPSULVHV FKDSWHUV 0
ZLWKRXW WKH ODVW VHQWHQFH FRQWDLQLQJ WKH WHUP WDWKJDWDJDUEKD ZKLFK LV SUREDEO\
D ODWHU LQVHUWLRQ DQG % ZLWKRXW WKH ILUVW VHQWHQFH 7KH WHUP WDWKJDWDJDUEKD LV
WKXV RQO\ IRXQG LQ VLPLOH $ 6LPLOH 0 GUDZV XSRQ WKH LQWURGXFWRU\ VHWWLQJ
GHVFULEHG IURP * WR . 6LPLOH $ RQ WKH RWKHU KDQG FOHDUO\ IROORZV WKH RWKHU



HLJKW LOOXVWUDWLRQV RI WKH 7*6

YLVLRQ DGDSWV WKH XSDPQD

EXGGKDQDWXUH

RI

OLYLQJ

DQG ZLWK WKH LQWURGXFWLRQ RI D SHUVRQ ZLWK GLYLQH

WR WKH

EHLQJV

XSDPH\D

ZLWK

KLV

ZKHUH WKH %XGGKD UHFRJQL]HV WKH

EXGGKDYLVLRQ

,Q

WHUPV

RI

WKH

KRPRJHQHLW\ RI WKH WZR SDUWV RI WKH VLPLOH $ WKXV SURYHV VXSHULRU VLQFH LW DOLJQV
WKH ORWXV LPDJHU\ VPRRWKO\ ZLWK WKH LGHD RI WKH KLGGHQ EXGGKDQDWXUH RI OLYLQJ
EHLQJV ZKLFK QHHGV WR EH VHW IUHH
&RQFHUQLQJ WKH FRQIRUPLW\ RI VLPLOH 0 WR WKH LQWURGXFWLRQ , KDYH VWDWHG
WKDW WKH\ PHVK QR VXSHUQDWXUDO YLVLRQ LV QHFHVVDU\ VLQFH WKH IORZHUV DUH RSHQ
7KHUH

DUH

KRZHYHU

VRPH

SKUDVHRORJLFDO

LQFRQVLVWHQFLHV

EHWZHHQ

WKH

WZR

VHFWLRQV ,Q DOO WKH GHVFULSWLRQV RI WKH EXGGKDV VHDWHG LQ WKH FDO\[HV XS WR -
HPSOR\V WKH WHUP

VNX

6NW

N\D WPDEKYD

RU WKH OLNH ZKHQ UHIHUULQJ WR WKH

EXGGKDV LQ WKH ORWXVHV 7KHQ IURP 0 RQZDUGV WKH WHUPLQRORJ\ LQ

VXGGHQO\ WR

7LE

7LE

VKLIWV

J]XJV 6NW USD" 7KRXJK %WK FRQVLVWHQWO\ HPSOR\V VNX WKLV FKDQJH
&K LQ ZKLFK WKH FKDUDFWHU
IRU USD" DSSHDUV KHUH IRU WKH

LV FRQILUPHG E\

ILUVW WLPH LQ WKH WH[W WR GHVLJQDWH WKH WDWKJDWDV LQ WKH IORZHUV 3DUDOOHO WR WKLV



:KLOVW VLPLOH $ FRQWDLQV WKH LQWURGXFWRU\ IRUPXOD

WDG\DWKSL

ULJV N\L EX GDJ nGL OWD VWH GSHU QD

 6NW

QPD NXODSXWU ZKLFK LV WKH FRPPRQ IRUPXODWLRQ DSSOLHG LQ DOO RWKHU HLJKW VLPLOHV

LQ 0 WKH LQWURGXFWLRQ UXQV ULJV N\L EX GDJ ML OWDU ,Q %WK

0 LV LGHQWLFDO ZLWK WKH RWKHU VLPLOHV

KRZHYHU WKH LQWURGXFWRU\ IRUPXOD LQ

ULJV N\L EX nGL OWD VWH

DJDLQ IURP 0 RQZDUGV WKHUH LV D GLIIHUHQW WHUP WR GHQRWH D YHU\ KLJK QXPEHU
:KHUHDV XS WR - ZH ILQG NRQL\XWDwDWDVDKDVUD IURP 0 RQZDUGV ZH ILQG RQO\
NRwDWDVDKDVUD /DWHU LQ WKH SDUW IROORZLQJ WKH VLPLOHV WKH IRUPHU ORQJHU
H[SUHVVLRQ LV XVHG DJDLQ :RUWK PHQWLRQLQJ WRR LV D FKDQJH LQ WKH DXGLHQFH ,Q
WKH FKDSWHUV XS WR . WKH RQHV ZDWFKLQJ WKH VXSHUQDWXUDO PDQLIHVWDWLRQV DUH VDLG
WR EH oWKH ZKROH PXOWLWXGH RI ERGKLVDWWYDV DQG WKH IRXU DVVHPEOLHVp + , oWKH

DVXUDV DOO WKH ERGKLVDWWYDV DQG WKH IRXU

DVVHPEOLHVp - RU oP\ULDGV RI OLYLQJ EHLQJVp - ,Q / KRZHYHU WKH
7DWKJDWD DQVZHUV PHUHO\ WR WKH oZKROH PXOWLWXGH RI ERGKLVDWWYDVp ZKLOH LQ WKH
VLPLOH 0 LWVHOI RQO\ oJRGV DQG KXPDQVp DUH PHQWLRQHG 7KRXJK VXFK GLIIHUHQFHV
EHWZHHQ WKH WZR VHFWLRQV DUH GHILQLWHO\ PLQRU LQ YLHZ RI WKHLU KRPRJHQHLW\ WKH\
QHYHUWKHOHVV LQGLFDWH VRPH XQHYHQQHVV , ZLOO FRPH EDFN WR WKLV SRLQW ODWHU
&RQFHUQLQJ WKH WH[WXDO KLVWRU\ RI WKH 7*6 ZH DUH QRZ FRQIURQWHG ZLWK D
ZRUOG ZLWK >LWV@ JRGV KXPDQV DQG

FRPSOH[ VLWXDWLRQ 7KH VLPLOH RI WKH ORWXV RFFXSLHV QR GRXEW D VSHFLDO SRVLWLRQ
DPRQJ WKH QLQH VLPLOHV 7KH IDQWDVWLF GHVFULSWLRQ RI ORWXV IORZHUV ULVLQJ WR WKH VN\
PDUNV D FRQWUDVW ZLWK WKH UHDOLVWLF VSLULW RI WKH RWKHU HLJKW LOOXVWUDWLRQV , FDQ
KDUGO\ LPDJLQH D UHDVRQ IRU LWV LQFOXVLRQ DPRQJ WKH VHW RI HLJKW RWKHUV WKDQ WKH
QHHG WR EXLOG D EULGJH WR WKH ORWXV VFHQHU\ RI WKH EHJLQQLQJ ZKLFK IRU ZKDWHYHU
UHDVRQ KDG EHHQ FKRVHQ WR LQWURGXFH WKH VLPLOHV
:H GR QRW NQRZ KRZ WKH 0DK\QD VWUDV FDPH LQWR H[LVWHQFH $Q\
GLVFXVVLRQ ZRXOG VRRQ EHFRPH YHU\ VSHFXODWLYH DQG JR IDU EH\RQG WKH OLPLWV RI
WKLV ZRUN +RZHYHU LW LV UHDVRQDEOH WR VXSSRVH WZR VHSDUDWH SDUWV QDPHO\ WKH
HLJKW VLPLOHV DQG WKH ORWXV VFHQHU\ RI WKH LQWURGXFWLRQ ZKLFK RULJLQDOO\ H[LVWHG
LQGHSHQGHQWO\ RI HDFK RWKHU 7R DVVXPH DQ\WKLQJ HOVH ZRXOG PDNH LW GLIILFXOW WR
DFFRXQW IRU WKH GLIIHUHQFHV LQ WKH EDVLF FRQFHSWLRQ EHWZHHQ WKH LQWURGXFWLRQ DQG
WKH HLJKW VLPLOHV VXSHUQDWXUDO YLVLRQ XQRSHQHG IORZHUV HWF ,I WKH LQWURGXFWRU\
VFHQHU\ KDG EHHQ FRPSRVHG HVSHFLDOO\ IRU WKH HLJKW VLPLOHV LW FRXOG KDYH EHHQ
DGDSWHG SHUIHFWO\ WR WKH QHHGV RI WKH VLPLOHV %XW DV , KDYH VKRZQ DERYH WKLV LV
QRW WKH FDVH , WKHUHIRUH FRQMHFWXUH WKDW ZKHQ ORRNLQJ IRU D UHODWLYHO\ ILWWLQJ VHWWLQJ
IRU WKH HLJKW VLPLOHV WKH FRPSLOHU GHFLGHG WR DUUDQJH WKH GHVFULSWLRQ RI WKH IDGLQJ
IORZHUV WDNHQ IURP D GLIIHUHQW FRQWH[W LQWR DQ LQWURGXFWLRQ WR WKH VLPLOHV %XW
WKHQ KH ZDV IRUFHG WR FRPSRVH SDUWV 0 DQG % ZLWKRXW WKH VHQWHQFHV LQFOXGLQJ

WDWKJDWDJDUEKD

LQ RUGHU WR H[SODLQ SODXVLEO\ WKH UHODWLRQ EHWZHHQ WKH VFHQHU\

DQG WKH HLJKW VLPLOHV VWDUWLQJ ZLWK WKH KRQH\ LQ WKH KRQH\FRPE +H WULHG WR
UHPDLQ DV IDLWKIXO DV SRVVLEOH WR WKH ORWXV VFHQHU\ EXW QHYHUWKHOHVV XQZLOOLQJO\
LQWURGXFHG WKH FKDQJHV LQ SKUDVHRORJ\ GLVFXVVHG DERYH  N\D IRU USD HWF

0RVW OLNHO\ WKLV QHZO\ FUHDWHG ILUVW VLPLOH GLG QRW LQFOXGH D YHUVH SRUWLRQ 7KH
UHDVRQ IRU WKLV FRXOG OLH LQ WKH IDFW WKDW DW WKLV VWDJH WKH RWKHU HLJKW VLPLOHV WRR
H[LVWHG RQO\ LQ SURVH RU WKDW WKH ILUVW LOOXVWUDWLRQ ZDV IHOW WR EH EXW DQ LQWURGXFWRU\
EULGJH EHWZHHQ WKH ORWXV VFHQHU\ DQG WKH VLPLOHV RI WKH KRQH\ DQG WKH UHVW UDWKHU
WKDQ DQ LQGHSHQGHQW VLPLOH ZLWK D FRUUHVSRQGLQJ YHUVH VHFWLRQ
,Q D ODWHU VWHS VLPLOH $ DQG WKH DWWHQGDQW YHUVHV ZRXOG WKHQ KDYH EHHQ
LQWHUSRODWHG 7KH FRPSLOHU WRRN JUHDW FDUH WR SUHVHUYH WKH ROG ORWXV VLPLOH LQ LWV
HQWLUHW\ DQG WR LQVHUW WKH QHZ VLPLOH LQ D SRVLWLRQ ZKLFK ZRXOG PDNH LW GLIILFXOW WR
UHFRJQL]H DQ\ WUDFHV RI VXFK DQ LQVHUWLRQ 7KH UHVSHFW KH SDLG WR WKH ROG ORWXV
VLPLOH E\ SUHVHUYLQJ DOO RI 0% PDNHV LW PRUH GLIILFXOW WR DUJXH WKDW WKH VDPH



FRPSLOHU UHSODFHG D K\SRWKHWLFDO ROG YHUVH VHFWLRQ ZLWK KLV QHZ RQH ,W LV PRUH
OLNHO\ DV VXJJHVWHG DERYH WKDW WKH ROG VLPLOH KDG EHHQ ZLWKRXW YHUVHV RU WKDW LW
ZDV DW WKLV VWDJH WKDW DOO VLPLOHV EHFDPH QHZO\ ILWWHG RXW ZLWK D YHUVH SRUWLRQ 7KLV
TXHVWLRQ FDQQRW EH DQVZHUHG ZKROO\ VDWLVIDFWRULO\
7KH LQVHUWLRQ RI $ FRXOG KDYH EHHQ FDXVHG E\ WKH DGYHQW RI WKH WHUP
WDWKJDWDJDUEKD ZKLFK WLOO WKDW LQVHUWLRQ KDG QRW EHHQ XVHG DQ\ZKHUH LQ WKH
LQWURGXFWLRQ DQG WKH VLPLOHV $W WKH VDPH WLPH WKH ZLVK WR WUDQVIRUP WKH ORWXV
VLPLOH LQWR D oFODVVLFDOO\p VWUXFWXUHG RQH FRQIRUPLQJ WR WKH VW\OH RI WKH IROORZLQJ
VLPLOHV ZLWK KRPRJHQHRXV FRUUHVSRQGHQFHV EHWZHHQ

XSDPH\D DQG XSDPQD DQG

LQFOXGLQJ YHUVHV DQG GRLQJ MXVWLFH WR WKH WDWKJDWDJDUEKD FRQFHSW FRXOG KDYH
EHHQ RQH PDLQ IDFWRU DW ZRUN 7KH FRPSLOHU FRXOG WKHUHE\ DOVR FRPSHQVDWH IRU WKH
LQFRPSDWLELOLW\ EHWZHHQ WKH LQWURGXFWRU\ VHWWLQJ DQG WKH EDVLF LGHD EHKLQG WKH
HLJKW VLPLOHV WKH PLVVLQJ SHUVRQ ZLWK GLYLQH YLVLRQ UHSUHVHQWLQJ WKH 7DWKJDWD



DQG WKH
ODFN RI WKH SXULI\LQJ DFWLYLW\
7KH PDLQ UHDVRQ KRZHYHU ZDV SUREDEO\ WKH FRPSLOHUnV ZLVK WR LQWURGXFH
WKH WHUP WDWKJDWDJDUEKD :H FDQQRW EH VXUH ZKDW H[DFWO\ OHG WR WKH HPLQHQFH RI

WKH IDFW WKDW WKH WDWKJDWDV LQ WKH IORZHUV DUH UHFRJQL]DEOH E\ HYHU\RQH

WKH WHUP $V ORQJ DV ZH KDYH QR RWKHU HDUO\ WH[W ZKLFK FRXOG KDYH FRLQHG WKH
WHUP ZH VKRXOG DVVXPH WKDW LW GHYHORSHG LQ IDFW IURP WKH ORWXV LPDJH LQ WKH ILUVW
VWDJH RI WKH 7*6 :H FDQ HYHQ LPDJLQH WKDW WKH DXWKRUV RI WKH LQFRPSOHWH 7*6
ZLWKRXW $ VHDUFKHG IRU D GHVLJQDWLRQ IRU WKHLU QHZ LGHD RI WKH EXGGKDQDWXUH

G SRVVLEO\ DOVR IRU D WLWOH RI WKH VWUD PHDQW WR H[SRXQG WKHLU WKHRU\ 2QFH WKH\
KDG GLVFRYHUHG WKDW WKH WHUP WDWKJDWDJDUEKD ZLWK WKH ULFK QXDQFHV GHVFULEHG
DQ

EHORZ FRXOG VHUYH WKHLU QHHGV ZHOO WKH\ VWURYH WR JLYH WKH WHUP D SODFH LQ WKH
VWUD LWVHOI 7KLV PD\ KDYH EHHQ WKHLU PRWLYDWLRQ IRU LQVHUWLQJ FKDSWHU $ DQG
SUREDEO\ DOVR WKH ILUVW VHQWHQFH RI %
SURYLGH D GHILQLWLRQ RI WKH WHUP

 GKDUP GKDUPDW 

WDWKJDWDJDUEKD

$ VHUYHV WR

7KLV FDQ VWLOO EH IHOW LQ WKH ILUVW

VHQWHQFH ZKHQ LW LV VDLG o UHFRJQL]H WKDW WKHUH DUH WDWKJDWDV VLWWLQJ FURVVOHJJHG
LQ WKHLU FHQWHU  PDGK\D LQ WKH FDO\[ RI >HDFK@ ORWXV SDGPDJDUEKDep 0\
LPSUHVVLRQ LV WKDW WKH DXWKRUV KHUH GHOLEHUDWHO\ XVHG WKH WHUP

WDWKJDWD

DQG QRW

WDWKJDWDUSD DV ODWHU RQ DQG WKDW VSHFLILFDOO\ LQ WKLV SDVVDJH WKH\ JORVVHG

JDUEKD

DV PDGK\D LQ RUGHU WR GUDZ UHDGHUVn DWWHQWLRQ WR WKH PHDQLQJ RI WKH WHUP

JDUEKD DQG LWV UROH LQ WKH FRPSRXQG WDWKJDWDJDUEKD

7*6

FDQ QRZ EH
GLYLGHG LQWR DW OHDVW WKUHH PDMRU VWHSV ILUVW WKH FRPSRVLWLRQ RI WKH HLJKW VLPLOHV
VHFRQGO\ WKHLU FRPELQDWLRQ ZLWK WKH LQWURGXFWRU\ ORWXV VFHQHU\ DQG WKH
FRPSRVLWLRQ RI WKH oROGp ORWXV VLPLOH 0 % WKLUGO\ WKH LQWHUSRODWLRQ RI WKH
oQHZp ORWXV VLPLOH $ ZLWK LWV YHUVH VHFWLRQ DQG WKH LQFOXVLRQ RI WKH WHUP
,I P\ K\SRWKHVLV LV ULJKW WKH WH[WXDO KLVWRU\ RI WKH

WDWKJDWDJDUEKD

7KH

XSDPH\D

DQG SUREDEO\ DOVR WKH VHOHFWLRQ RI WKH WLWOH IRU WKH VWUD

RI WKH oROGp ORWXV VLPLOH 0 % GHVHUYHV VSHFLDO DWWHQWLRQ $V LW

FDPH LQWR H[LVWHQFH DIWHU WKH FRPSLODWLRQ RI WKH RWKHU HLJKW VLPLOHV DQG WKXV
UHSUHVHQWV WKH HVVHQFH RI WKH GLIIHUHQW PHWDSKRULFDO DSSURDFKHV WR WKH LGHD RI D
EXGGKDQDWXUH

LQ OLYLQJ EHLQJV LW UHIOHFWV ZKDW WKH DXWKRU DW WKLV VWDJH RI WKH WH[WnV
GHYHORSPHQW WKRXJKW WR EH WKH XQGHUO\LQJ SDWWHUQ RI WKH XSDPH\D )XUWKHUPRUH LW
KDV WKH DGYDQWDJH RI QRW EHLQJ FRQVWUDLQHG E\ D GRPLQDQW XSDPQD WKH IDQWDVWLF


,W LV GHILQLWHO\ SRVVLEOH WR XVH WKH WHUP

SDGPDJDUEKD LQ WKH FDVH RI D IXOO\ EORVVRPLQJ ORWXV

(YHQ ZKHQ IORZHULQJ WKH SHWDOV ZLOO QRW RSHQ FRPSOHWHO\ VR WKDW D NLQG RI LQWHULRU VSDFH JDUEKD
UHPDLQV



LQWURGXFWRU\ ORWXV VHWWLQJ LV IRUPXODWHG ORRVHO\ HQRXJK WR DOORZ GLIIHUHQW NLQGV RI

FRQVWUXFWLRQ IRU WKH

XSDPH\D ,W GRHV QRW IRUFH WKH DXWKRU WR DGDSW WKH XSDPH\D WR

XSDPQD ,W LV WKHUHIRUH SUREDEO\

WKH UHTXLUHPHQWV DQG WKH HOHPHQWV RI D UHDOLVWLF

QR FRLQFLGHQFH WKDW ZH ILQG KHUH WKH PRVW H[SOLFLW IRUPXODWLRQ RI WKH OLEHUDWLQJ
SDWK

LQ

WKH

ZKROH

VWUD

7KH

SDVVDJH

DVVHUWV

WKDW

WKH

%XGGKD

WHDFKHV

WKH

ERGKLVDWWYDV WKDW KH LQFLWHV WKHLU IDLWK DQG WKDW WKH ERGKLVDWWYDV E\ DSSO\LQJ
WKHPVHOYHV

WR

KLV

WHDFKLQJV

DWWDLQ

EXGGKDKRRG

7KRXJK

WKH

DFWLYLW\

RI

WKH

ERGKLVDWWYDV RU OLYLQJ EHLQJV LQ WKHLU RZQ SURFHVV RI OLEHUDWLRQ LV VSRUDGLFDOO\

GHOLQHDWHG LQ VRPH RI WKH RWKHU VLPLOHV EXW RQ WKH ZKROH VHHPV WR UHPDLQ LQ WKH
EDFNJURXQG LW LV FOHDU WKDW DW OHDVW IRU WKH SHUVRQV ZKR FUHDWLYHO\ FRPELQHG WKH
VLPLOHV ZLWK WKH LQWURGXFWLRQ EH WKH\ WKH DXWKRUV RI WKH VLPLOHV RU QRW WKLV DFWLYH
SDUWLFLSDWLRQ RI WKH ERGKLVDWWYDV ZDV VHHQ DV D YHU\ LPSRUWDQW HOHPHQW
,I ZH QRZ WXUQ WR WKH SDUWV RI WKH VWUD IROORZLQJ WKH VLPLOHV LW LV GLIILFXOW
WR DYRLG WKH LPSUHVVLRQ WKDW ZH DJDLQ DUH GHDOLQJ ZLWK PRUH RU OHVV RULJLQDOO\
LQGHSHQGHQW HOHPHQWV DGGHG WR WKH VLPLOHV IRU YDULRXV UHDVRQV /HW XV ILUVW KDYH D
VKRUW ORRN DW WKH FRQWHQW RI WKHVH VHFWLRQV 7KH GHVFULSWLRQ RI PHULW DULVLQJ IURP
WKH SURSDJDWLRQ RI WKH VWUD  LV D FRPPRQ WKHPH LQ 0DK\QD OLWHUDWXUH
7KRXJK RWKHU PHWKRGV RI DWWDLQLQJ PHULW ZLWK ZKLFK WKH VWUDUHODWHG DFWLYLWLHV



DUH FRQWUDVWHG FDQ GLIIHU DFFRUGLQJ WR WKH WH[W

WKH SURSDJDWLRQ RI WKH VWUD E\

SUHVHUYLQJ UHFLWLQJ FRS\LQJ DQG WHDFKLQJ LW LV YHU\ FRPPRQ )LUVW WKH

7*6

DQQRXQFHV LQ D JHQHUDO ZD\ WKH SRVLWLYH UHVXOW IRU RQHnV PHULW IURP DSSO\LQJ
RQHVHOI WR WKH SURSDJDWLRQ RI WKH VWUD $ ,W JRHV RQ WR LOOXVWUDWH WKLV IDFW
LPSUHVVLYHO\ E\ FRQWUDVWLQJ LW ZLWK WKH PHDQLQJOHVV SURGXFWLRQ DQG GRQDWLRQ RI
P\ULDGV RI SDYLOLRQV WR P\ULDGV RI EXGGKDV DQG ERGKLVDWWYDV RU WKH EHVWRZDO RI
KXQGUHGV RI WKRXVDQGV RI IORZHUV XSRQ WKHP IRU D KXQGUHG WKRXVDQG NDOSDV %r
& ,W LV HYHQ VDLG WKDW WKH LQWHUQDOL]DWLRQ RI D VLQJOH VLPLOH RI WKH 7*6 RU WKH
VLPSOH MR\IXO DSSURYDO DQXPRGDQ RI ZKDW KDV EHHQ KHDUG ZRXOG E\ IDU
RXWZHLJK WKH PHULW DWWDLQHG WKURXJK VXFK GRQDWLRQV 7KLV VHFRQG LGHD RI MR\IXO
DSSURYDO OHDGLQJ WR WKH DFFXPXODWLRQ RI PHULW GRHV QRW VHHP WR EH SDUW RI WKH
FRPPRQ

GHVFULSWLRQV

LQ

6DGGKDUPDSXDUNDVWUD

RWKHU

0DK\QD

VWUDV

EXW

GRHV

DSSHDU

LQ

WKH

5DWKHU WKDQ HQWHU LQWR D GLVFXVVLRQ RI WKH FRPSOH[

LVVXH RI WKH YHQHUDWLRQ DQG SURSDJDWLRQ RI D WH[W DQG LWV GHYHORSPHQW DQG VRFLDO
PHDQLQJ , VKDOO VLPSO\ SURSRVH WKDW WKH XQGHUO\LQJ WHQGHQF\ KHUH LV WR UHGLUHFW
HPSKDVLV WR WKH LQWHUQDOL]DWLRQ RI UHOLJLRXV YDOXHV ,I ZH NHHS LQ PLQG WKDW WKH
SURSDJDWLRQ RI WKH VWUD DOVR HQFRPSDVVHV LWV oXQGHUVWDQGLQJp DQG oH[SODQDWLRQ WR
RWKHUVp LW LV RQO\ QDWXUDO WKDW WKLV SURFHVV SUHVXSSRVHV SHUVRQDO SDUWLFLSDWLRQ DQG
UHIOHFWLRQ HOHPHQWV ZKLFK HDVLO\ WHQG WR EH GLVFDUGHG GXULQJ PDLQO\ H[WHUQDO DFWV
RI YHQHUDWLRQ 7KH DSSHDUDQFH RI WKH WHUP

DQXPRGD\DWL LQ WKH VHQVH RI FXOWLYDWLQJ

DQ DFWLYH DQG MR\IXOO\ DSSURYLQJ DWWLWXGH WRZDUGV WKH WHDFKLQJ VXSSRUWV VXFK D
FRQFOXVLRQ
7KLV VHFWLRQ RQ PHULW PLJKW RWKHUZLVH KDYH EHHQ WKH HQG RI WKH VWUD
ZKLFK LV WKH SRVLWLRQ LW XVXDOO\ RFFXSLHV LQ RWKHU WH[WV ZHUH LW QRW IRU WKH IDFW WKDW
LW LV IROORZHG LQ WKH

7*6 E\ WZR RWKHU SDUWV ZLWK ZKLFK , ZLOO QRZ GHDO 7KH VWRU\

RI 6DGSUDPXNWDUDwPL DQG $QDQWDUDwPL  ZDV SUREDEO\ DGGHG WR UDLVH WKH

DXWKRULWDWLYH VWDWXV RI WKH VWUD E\ HPEHGGLQJ LW LQ D TXDVLKLVWRULFDO FRQWH[W



$V PHQWLRQHG LQ WKH QRWHV WR P\ WUDQVODWLRQ D SDVVDJH LQ WKH .3 UHVHPEOHV WKH 7*6 PRVW LQ

WKLV UHVSHFW

GQD wOD

63 II FRQWUDVWV WKH KHDULQJ RI WKH 63 ZLWK WKH SUDFWLFH RI WKH ILYH SUDPLWV RI

NuQWL YU\D

WKH WKUHH YLUWXHV RI

DQG

GK\QD

GQD wOD

DQG

)RU WKH

5*9

GK\QD



VHH 9r ZKHUH WKH FRPSDULVRQ LV ZLWK RQO\

ZKLFK LV DW WKH VDPH WLPH WKH KLVWRU\ RI LWV WUDQVPLVVLRQ 7KH VWRU\ LWVHOI PD\ KDYH
EHHQ DQ LQGHSHQGHQW HQWLW\ EHIRUH LW EHFDPH LQFRUSRUDWHG LQWR WKH VWUD ,W
FRQWDLQV WZR FRQQHFWLQJ OLQNV ZLWK WKH FRUH VWUD RQH LV WKH IDFW WKDW WKH WDWKJDWD
6DGSUDPXNWDUDwPL WDXJKW WKH 7*6 IRU ILYH KXQGUHG JUHDW FRVPLF F\FOHV LQ
FRQVHTXHQFH RI ZKLFK WKH OLVWHQHUV ILQDOO\ DWWDLQHG DZDNHQLQJ WKH VHFRQG LV WKH
LGHQWLILFDWLRQ RI $QDQWDUDwPL ZKR KDG DVNHG 6DGSUDPXNWDUDwPL WR WHDFK
ZLWK WKH PDLQ UHSUHVHQWDWLYH RI WKH DXGLHQFH 9DMUDPDWL $QDQWDUDwPL WRJHWKHU
ZLWK WKUHH RWKHU ZHOONQRZQ ERGKLVDWWYDV GLG QRW DWWDLQ DZDNHQLQJ 7KH VHFWLRQV
EHIRUH GHVFULEH 6DGSUDPXNWDUDwPL IURP WKH WLPH LQ WKH ZRPE RI KLV PRWKHU WLOO
KLV IRUP DV HDUWKO\ UHPDLQV DV HPLWWLQJ OLJKW WKDW KDV D KLJKO\ EHQHILFLDO HIIHFW RQ
DOO OLYLQJ EHLQJV , FDQ KDUGO\ VHH DQ\ FRQQHFWLQJ OLQN EHWZHHQ WKLV VWRU\ DQG WKH
FRUH VWUD DVLGH IURP WKH VXUHO\ QRW FHQWUDO IDFW WKDW 6DGSUDPXNWDUDwPL DOVR

JDUEKD RI KLV PRWKHU

HPLWV OLJKW ZKLOH LQ WKH ZRPE 

6HHPLQJO\ HYHQ PRUH XQUHODWHG LV WKH TXHVWLRQ RI QDQGD $r% ZKLFK

7*6 DQG

LV WKXV SUREDEO\ D ODWHU LQWHUSRODWLRQ QDQGD DVNV WKH

7DWKJDWD KRZ PDQ\ EXGGKDV RQH KDV WR KHDU WKH 'KDUPD IURP LQ RUGHU WR DWWDLQ
SHUIHFWLRQ ,Q KLV DQVZHU WKH 7DWKJDWD GRHV QRW UHVWULFW WKHLU QXPEHU EXW VWUHVVHV
WKH LPSRUWDQFH RI JHQHUDWLQJ WKH DVSLUDWLRQ WR DZDNHQ LPPHGLDWHO\ $V VWDWHG
DERYH RQH UHDVRQ IRU WKH LQWHUSRODWLRQ RI WKLV VWRU\ ZLWK QDQGD DV WKH PDLQ
ILJXUH FRXOG EH KLV UROH DV WKH RQH ZKR LV XVXDOO\ HQWUXVWHG ZLWK WKH SUHVHUYDWLRQ
RI WKH WHDFKLQJ +RZHYHU WKLV VHFWLRQ GRHV QRW FRQWDLQ DQ\ WRSLFDO OLQN ZLWK WKH
RWKHU SDUWV RI WKH VWUD
$QRWKHU PLQRU REVHUYDWLRQ IXUWKHU KLJKOLJKWV WKH KHWHURJHQHLW\ EHWZHHQ
SDUWV  WR  DQG WKH VLPLOHV ZKHUHDV WKURXJKRXW WKH VLPLOHV WKH 7DWKJDWD
DGGUHVVHV D ODUJH DXGLHQFH OHG E\ 9DMUDPDWL NXODSXWU LQ WKH IROORZLQJ

LV PLVVLQJ LQ

VHFWLRQV KH RQO\ VSHDNV WR 9DMUDPDWL 7KLV VWUHQJWKHQV WKH FRQFOXVLRQ WKDW ZH

KDYH D FRUH VWUD FRQVLVWLQJ RI WKH QLQH VLPLOHV HPEHGGHG LQ DQ LQWURGXFWLRQ DQG
RWKHU HVVHQWLDOO\ XQUHODWHG HOHPHQWV DW WKH HQG 3DUWLFXODUO\ LQ UHJDUG WR WKH VWRU\
RI 6DGSUDPXNWDUDwPL WKH UHDVRQV IRU LWV LQFOXVLRQ LQ WKH VWUD UHPDLQ XQFOHDU LI
LW ZDV QRW VLPSO\ WKH QHHG WR H[WHQG WKH VWUDnV OHQJWK

 7KH 6WUXFWXUH 1DWXUH DQG &RQWHQWV RI WKH 1LQH 6LPLOHV

$V PHQWLRQHG DERYH DOO VLPLOHV ZLWK WKH H[FHSWLRQ RI WKH ILUVW RQH EHDU ZLWQHVV WR
D UHDOLVWLF GRZQWRHDUWK VSLULW 7KH\ DUH RI D PXQGDQH QDWXUH WKH VFHQHV
GHVFULEHG FDQ EH HDVLO\ LPDJLQHG E\ UHDGHUV DQG IRU WKH PRVW SDUW DUH WDNHQ IURP
GDLO\ OLIH $V , KDYH DUJXHG DERYH WKH LQFOXVLRQ RI WKH ILUVW LPDJH WKRXJK
H[FHSWLRQDOO\ IDQWDVWLF LQ QDWXUH ZDV GXH WR WKH IDFW WKDW WKH FRPSLOHUV ZDQWHG WR
FRPELQH WKH HLJKW VLPLOHV ZLWK WKH LQWURGXFWRU\ HOHPHQW FHQWHULQJ RQ WKH ORWXVHV
DQG WKHUHIRUH IHOW FRPSHOOHG WR H[SDQG XSRQ WKH VHWWLQJ RI WKH LQWURGXFWLRQ LQ WKH
IRUP RI D VLPLOH $OO WKH VLPLOHV VKRZ WKH VDPH VSHFLILF VWUXFWXUH
WKH\ ILUVW VWDUW



6HH WKH HQWU\ LQ

0H\HU

VY

*OHLFKQLV

 o6SUDFKOLFKHV

*HVWDOWXQJVPLWWHO EHL GHP HLQH

9RUVWHOOXQJ HLQ 9RUJDQJ RGHU =XVWDQG 6DFKVSKUH ]XU 9HUDQVFKDXOLFKXQJ XQG ,QWHQVLYLHUXQJ
PLW HLQHP HQWVSUHFKHQGHQ 6DFKYHUKDOW DXV HLQHP DQGHUHQ PHLVW VLQQOLFKNRQNUHWHQ %HUHLFK
%LOGVSKUH YHUJOLFKHQ ZLUG %LOG XQG 6DFKVSKUH VLQG LP DOOJHPHLQHQ GXUFK 9HUJOHLFKVSDUWLNHO

dVR  ZLHo DXVGUFNO DXIHLQDQGHU EH]RJHQ VLH GHFNHQ VLFK DEHU QLFKW ZLH LQ GHU $OOHJRULH LQ

PHKUHUHQ (LQ]HO]JHQ YLHOPHKU NRQ]HQWULHUHQ VLFK GLH HLQDQGHU HQWVSUHFKHQGHQ =JH EHLGHU
6SKUHQ LQ HLQHP HLQ]LJHQ IU GLH $XVVDJH ZHVHQWOLFKHQ 9HUJOHLFKVPRPHQW GHP 7HUWLXP
FRPSDUDWLRQLV LQ GHP GLH EHLGHQ 6HLWHQ VLFK EHUKUHQ 'DV *OHLFKQLV LVW YRP EORHQ 9HUJOHLFK


ZLWK WKH GHVFULSWLRQ RI D VLWXDWLRQ RU SURFHVV LQ WKH PDWHULDO VSKHUH XSDPQD

o%LOGVSKUHp WR ZKLFK WKH DVVXPHG IDFWXDO VLWXDWLRQ XSDPH\D o6DFKVSKUHp
QDPHO\ WKH H[LVWHQFH RI EXGGKDKRRG LQ DOO OLYLQJ EHLQJV LV WKHQ FRPSDUHG ,Q
FRQWUDVW WR ZKDW ZH QRUPDOO\ FDOO oDOOHJRU\p D VLPLOH GRHV QRW DOORZ SDUDOOHOV WR
EH GUDZQ EHWZHHQ D ZKROH UDQJH RI FRQJUXHQW IDFWRUV IHDWXULQJ LQ WKH XSDPQD RQ
WKH RQH KDQG DQG LQ WKH XSDPH\D RQ WKH RWKHU 5DWKHU WKH WZR VSKHUHV PHUHO\
VKDUH D FRPPRQ
WHUWLXP FRPSDUDWLRQLV WKH FHQWUDO SRLQW RI FRPSDULVRQ ZKLFK LW

LV WKH DLP RI WKH VLPLOH WR LOOXVWUDWH 6RPH RI WKH VLPLOHV GR VHHP WR FDOO IRU DQ
DOOHJRULFDO LQWHUSUHWDWLRQ ,Q % WKH HOHPHQWV RI WKH PDWHULDO VSKHUH DUH H[SOLFLWO\
FRPSDUHG

WR

WKHLU

FRXQWHUSDUWV

LQ

WKH

VSLULWXDO

UHDOP

1HYHUWKHOHVV

ZKDW

$

-OLFKHU KDV FRQYLQFLQJO\ GHPRQVWUDWHG IRU WKH LQWHUSUHWDWLRQ RI VLPLOHV LQ WKH

1HZ

7HVWDPHQW

QDPHO\

WKDW

WKH\

ZHUH

XQGHUPLQHG

E\

WKH

o*HIDKU

XQVDFKJHPHU DOOHJRULVFKHU $XVOHJXQJ DOV PDQ MHGHQ =XJ LQ LKQHQ WLHIVLQQLJ ]X

GHXWHQ

YHUVXFKWHp



VKRXOG VHUYH DV D ZDUQLQJ IRU WKH LQWHUSUHWDWLRQ RI RXU

VLPLOHV /HW XV NHHS LQ PLQG WKDW LW ZDV QRW WKH LQWHQWLRQ RI WKH DXWKRUV WR
FRQVWUXFW DOOHJRULHV ZLWK SHUIHFW SURSRUWLRQDO UHODWLRQV LQ UHJDUG WR DOO VLQJOH
HOHPHQWV

RI RXU VLPLOHV" *HQHUDOO\

VSHDNLQJ LW LV WKH QRWLRQ WKDW D SUHFLRXV HOHPHQW SXUH LQ QDWXUH EXW KLGGHQ DQG
XQVXVSHFWHG WUXO\ H[LVWV DQG ZKLOH LW LV FRYHUHG E\ LPSXULWLHV LWV QDWXUH UHPDLQV
XQDIIHFWHG 7KH VLPLOHV WKRXJK WKH\ HDFK HPSKDVL]H GLIIHUHQW DVSHFWV RI WKLV
WHUWLXP FRPSDUDWLRQLV DUH PHDQW WR LOOXVWUDWH WKH VDPH EDVLF VLWXDWLRQ $V D
IXUWKHU HOHPHQW FRPPRQ WR PRVW RI WKH VLPLOHV DQG WKXV D VHFRQG WHUWLXP
FRPSDUDWLRQLV RI VRUWV ZH ILQG WKH GHVFULSWLRQ RI WKH UHOHDVH RI WKLV SUHFLRXV
HOHPHQW ZLWK WKH DWWHQGLQJ EHQHILFLDO FRQVHTXHQFHV IRU OLYLQJ EHLQJV ,Q WKH
IROORZLQJ , ZLOO VXPPDUL]H WKH FRQWHQW RI WKH VLPLOHV DQG WU\ WR SRLQW RXW ZKDW
HDFK RI WKHP HPSKDVL]HV
:KDW QRZ LV WKH

WHUWLXP

FRPSDUDWLRQLV

$V VXJJHVWHG DERYH WKH ILUVW VLPLOH ZDV SUREDEO\ QRW SDUW RI WKH HDUOLHVW
VHW RI HLJKW +RZHYHU ZLWK WKH GHFLVLRQ WR DGDSW WKH LQWURGXFWRU\ ORWXV VFHQHU\ WR
GXUFK GLH EUHLWHUH $XVJHVWDOWXQJ XQG HLQH JHZLVVH 6HOEVWQGLJNHLW GHV %LOGEHUHLFKV XQWHUVFKLHGHQ

ZLUG GHV IWHUHQ DXFK JOHLFKEHGHXWHQG PLW 3DUDEHO YHUZHQGHW YLHOIDFK ZHUGHQ MHGRFK EHLGH
%HJULIIH LQ GHP 6LQQH XQWHUVFKLHGHQ GD EHL GHU 3DUDEHO GLH 6DFKVHLWH QLFKW DXVGUFNO JHQDQQW
LVW VRQGHUQ HUVFKORVVHQ ZHUGHQ PX GHPQDFK VHW]W GLH 3DUDEHO GDV %LOG

*OHLFKQLV
VHW]W HV 30-03 VLHo


89,99

GHU 6DFKH GDV

6HH 0H\HU VY DOOHJRULVFKH 6FKULIWGHXWXQJ IXUWKHU $GROI -OLFKHU 'LH *OHLFKQLVUHGHQ -HVX

)UHLEXUJ 

7KRXJK WKH VLPLOHV VKHG OLJKW RQ WKH WHUWLXP FRPSDUDWLRQLV IURP GLIIHUHQW DQJOHV WKH\ DUH

VLPLODU HQRXJK WR FRQYLQFH RQH WKDW ZLWK WKH H[FHSWLRQ RI WKH ILUVW VLPLOH DV DUJXHG DERYH WKH\
ZHUH FRPSRVHG DQG DUUDQJHG E\ D VLQJOH SHUVRQ RU D JURXS RI SHUVRQV ZKR ZRUNHG LQ YHU\ FORVH
FRRSHUDWLRQ 7KHUH DUH QHYHUWKHOHVV VRPH PLQRU REVHUYDWLRQV ZKLFK VXJJHVW D NLQG RI ORRVH
JURXSLQJ RI VLPLOHV    DQG SRVVLEO\ $ 

WKH oQHZp ORWXV VLPLOH RQ WKH RQH KDQG DQG VLPLOHV

0% DQG  WR  RQ WKH RWKHU 7KDW WKH QHZO\ LQWURGXFHG VLPLOH $ PLUURUV SDUWO\ VLPLOHV  DQG 

GHVLURXV WR VHH WKH WDWKJDWDV  WR JHW WKH KRQH\   WR KDYH IRRG  LV
QDWXUDO VLQFH WKH\ ZHUH WKH RQHV LPPHGLDWHO\ DIWHU $ DQG VR WKH REYLRXV SURWRW\SHV $ FRPPRQ
HOHPHQW RI   DQG  YHUVH  LQ &K LV WKH WHUP EXGGKDWWYD WDWKJDWDWWYD WR GHVLJQDWH WKH
EXGGKDQDWXUH RI OLYLQJ EHLQJV 6LPLOHV 0%     DQG  RQ WKH RWKHU KDQG VKDUH WKH WHUP
HJ WKH SHUVRQ LV

WDWKJDWDMQD

DQG ZKDW PD\ EH RI PRUH VLJQLILFDQFH WKH\ VWDWH WKDW WKH %XGGKD WHDFKHV

ERGKLVDWWYDV DQG QRW FRPPRQ OLYLQJ EHLQJV LQ RUGHU WR UHPRYH WKHLU GHILOHPHQWV 7KH DZDNHQHG
ERGKLVDWWYDV DUH WKHQ H[SHFWHG WR KHOS DJDLQ RWKHU OLYLQJ EHLQJV +RZHYHU , GR QRW WKLQN WKDW WKHVH
GLIIHUHQFHV DUH HQRXJK WR VXSSRUW IXUWKHU WH[WKLVWRULFDO FRQFOXVLRQV ZKLFK FRXOG RQO\ EH KLJKO\
VSHFXODWLYH





WKH HLJKW VLPLOHV DQG WKH IRUPXODWLRQ RI WKH ORWXV VLPLOH LWVHOI
PRVW

DUUHVWLQJ

LPSUHVVLYH

DQG

FRPSUHKHQVLYH

LOOXVWUDWLRQ

LW EHFDPH WKH

7KH

FRPSRXQG

WDWKJDWDJDUEKD LWVHOI PHQWLRQHG LQ FORVH UHODWLRQ WR WKH WHUP SDGPDJDUEKD WKH

oORWXV FDO\[p SUREDEO\ DOVR GHYHORSHG IURP LW 7KH ORWXV E\ IDU WKH FRPPRQHVW
IORZHU LQ %XGGKLVW OLWHUDWXUH DQG D V\PERO RI WKH VSRWOHVVQHVV RI WKH ERGKLVDWWYD

VUD LWV IORZHULQJ EHLQJ FRPSDUHG ZLWK WKH PDQLIHVWDWLRQ RI WKH

YLUWXHV RI EXGGKDKRRG LV ZRUWK\ RI WKH SURPLQHQW SRVLWLRQ DFFRUGHG WR LW LQ WKH
ILUVW VLPLOH 7KH LOOXVWUDWLRQ GUDZV D FRQWUDVW EHWZHHQ WKH XJO\ ZLWKHUHG IORZHUV
DQG WKH EULJKWO\ VKLQLQJ WDWKJDWDV VLWWLQJ LQ PHGLWDWLRQ LQ WKHLU FDO\[HV -XVW DV
WKHVH WDWKJDWDV DUH IRXQG LQVLGH WKH ORWXVHV FRPSOHWHO\ XQDIIHFWHG E\ WKHLU
DEKRUUHQW VXUURXQGLQJV VR WRR GR VHQWLHQW EHLQJV FRQWDLQ IXOO\ GHYHORSHG
WDWKJDWDV ZLWKLQ WKHPVHOYHV ,Q WKH XSDPH\D
DFWLQJ LQ VD

WKH DXWKRU VWLOO SUHVHQWV WKH SLFWXUH

RI D YHU\ FRQFUHWH WDWKJDWD VLWXDWHG LQ OLYLQJ EHLQJV DQ LPDJH ERUURZHG IURP WKH
PDWHULDO VSKHUH RI WKH VDPH VLPLOH 7KH VHFRQG PDLQ SRLQW RI WKH LOOXVWUDWLRQ LV WKH
UHPRYDO RI WKH ZLWKHUHG SHWDOV E\ D SHUVRQ ZLWK GLYLQH YLVLRQ 2EYLRXVO\ RQO\ KH
FDQ

NQRZ

DERXW

WKH

WDWKJDWDV

KLGGHQ

LQ

WKH

SHWDOV

7KH

DFW

RI UHPRYDO

LV

FRPSDUHG WR WKH WHDFKLQJ DFWLYLW\ E\ ZKLFK WKH 7DWKJDWD LQGXFHV RU GLUHFWO\

DFFRPSOLVKHV WKH HOLPLQDWLRQ RI WKH GHILOHPHQWV RI OLYLQJ EHLQJV ZKLFK KDG
KLWKHUWR YHLOHG WKHLU EXGGKD ZLWKLQ
7KH VLPLOH RI KRQH\ VKLHOGHG E\ EHHV FRQWDLQV RQH LUULWDWLQJ HOHPHQW
QDPHO\ WKH FROOHFWLQJ RI KRQH\ ZKLFK LV D KLJKO\ GHVWUXFWLYH DFWLYLW\ WKDW UREV

1HYHUWKHOHVV LW ZDV XVHG E\ WKH DXWKRU WR LOOXVWUDWH KRZ

D SHUVRQ ZLWK VNLOO LQ PHDQV ZRXOG NQRZ DERXW WKH KRQH\ FRQWDLQHG LQ WKH FRPE
DQG PDQDJH WR H[SHO WKH LQVHFWV 7KLV LV FRPSDUHG WR WKH UHPRYDO RI WKH
GHILOHPHQWV E\ WKH 7DWKJDWD 7KH KRQH\ LV WKHQ XVHG LQ DQ oDSSURSULDWHp ZD\


EHHV RI D VRXUFH RI OLIH



7R EH H[DFW ZH QHHG WR GHDO LQ WHUPV RI DQ oROGp DQG D oQHZp ORWXV VLPLOH VHH DERYH

+RZHYHU KHUH , ZLOO QRW GLIIHUHQWLDWH EHWZHHQ WKHP EXW FRQVLGHU ERWK DV D XQLW 7KLV LV KRZ WKH
UHDGHU ZRXOG XQGHUVWDQG WKLQJV DQG DOVR IROORZV WKH WUDGLWLRQDO H[HJHWLF DSSURDFK

6HH
,,


5*9

1RW PXFK LV NQRZQ DERXW KRQH\FROOHFWLQJ DFWLYLWLHV LQ ,QGLD ,Q D SXEOLFDWLRQ RI WKH \HDU
 (ULF 9DOOL DQG 'LDQH 6XPPHUV GHVFULEH KRZ D JURXS RI oKRQH\ KXQWHUVp RI WKH *XUXQJ WULEH
LQ &HQWUDO 1HSDO PDNH WKHLU OLYLQJ E\ FROOHFWLQJ DQG VHOOLQJ KRQH\ 7KH\ JR LQWR MXQJOH DUHDV DQG
FOLPE URFN\ FOLIIV ZKHUH WKH EHHV XVXDOO\ WKH $SLV ODERULRVD
 WKH ODUJHVW KRQH\EHH LQ WKH ZRUOG

KDYH WKHLU FRPEV 7KHVH QHVWV PD\ EH DV ELJ DV D KXPDQ EHLQJ DQG FRQWDLQ EHWZHHQ  DQG  NJ
RI KRQH\ $ JURXS RI KXQWHUV FRQVLVWLQJ RI ILYH WR WHQ SHRSOH WDNHV DERXW RQH KXQGUHG QHVWV D
\HDU $PRXQWV UHSRUWHG IRU WKH GD\V RI WKHLU JUDQGIDWKHUV DUH DERXW WHQ WLPHV DV KLJK EXW \LHOGV DUH
FRQWLQXDOO\ GHFUHDVLQJ GXH WR oWKH GHVWUXFWLRQ RI H[LVWLQJ QHVWV DQG WKH GLPLQLVKLQJ IRUHVWp 7KLV

DQG DOO IROORZLQJ TXRWDWLRQV DUH WDNHQ IURP WKH LQWURGXFWLRQ LQ 9DOOL DQG 6XPPHUV 

7KH ZRUN LV YHU\ ULVN\ VLQFH RQH RI WKH KXQWHUV KDV WR FOLPE GRZQ D PORQJ VZD\LQJ URSH

ODGGHU IURP DERYH WKH FOLII DQG WR FXW RXW WKH FRPE %HIRUH KH FDQ GR WKDW KH KDV WR H[SHO WKH EHHV
ZLWK IODPLQJ EXQGOHV RI OHDYHV SXVKHG XQGHU WKH FRPE 7KH EHHV UHDFW DJJUHVVLYHO\ DQG oDWWDFN
DQ\ PRYLQJ FUHDWXUHp ZKR GRHV QRW SURWHFW LWVHOI ZLWK WKH VPRNH RI OHDI\ EUDQFKHV IHG LQWR D ILUH
2QFH WKH EHHV KDYH OHIW WKH FRPE LV SDUWLDOO\ FXW RXW DQG ORZHUHG GRZQ WR WKH JURXQG LQ D EDVNHW
7KH DXWKRUV UHPDUN WKDW oXQNQRZLQJO\ WKH KXQWHUV KDYH EHFRPH WHUULEOH SUHGDWRUV (QWLUH FRORQLHV
RI EHHV DUH GHVWUR\HG ZKHQ 0DQL /DO >WKH OHDGHU RI WKH KXQWHUV@ FXWV GRZQ WKHLU QHVWV ,I WKH TXHHQ
DQG HQRXJK ZRUNHU EHHV HVFDSH DQG UHWXUQ WKH FRORQ\ FDQ EH TXLFNO\ UHFRQVWUXFWHG DQG ZLWKLQ D
PRQWK WKH QHVW FDQ EH VXIILFLHQWO\ SUHJQDQW ZLWK KRQH\ IRU DQRWKHU H[SHGLWLRQ WR EH ODXQFKHGp
$OO SDUWV RI WKH FRPE DUH H[SORLWHG WKH ODUYD FHOOV ULFK LQ SURWHLQ DUH FRQVXPHG DV WRQLFV WKH
PHOWHG DQG ILOWHUHG ZD[ oLV VROG LQ .DWPDQGX WR WKH DUWLVDQV ZKR XVH LW LQ WKH ORVWZD[ SURFHVV RI

FDVWLQJ VWDWXHVp VHH VLPLOH  WKH SUHFLRXV KRQH\ oYDOXHG DV D XQLYHUVDO UHPHG\ DQG WRQLF LV VROG
WR YLOODJHUV RU H[FKDQJHG IRU JUDLQ \RJXUW PLON D FKLFNHQ RU HYHQ D GD\nV ZRUNp 7KH SULFH LQ

 IRU  J  SRXQG RI KRQH\ ZDV WHQ 1HSDOHVH UXSHHV D VXP ZKLFK PXVW EH VHHQ LQ UHODWLRQ
WR WKH DYHUDJH WZR UXSHHV D GD\ RQ ZKLFK DERXW  SHUFHQW RI WKH UXUDO SRSXODWLRQ WKHQ OLYHG



7KH EHQHILFLDO UHVXOW LV OLNHQHG WR OLYLQJ EHLQJV ZKR EHFRPH WDWKJDWDV DQG FDQ
SHUIRUP EXGGKDDFWV IRU WKH JRRG RI RWKHU VHQWLHQW EHLQJV
,Q WKH WKLUG VLPLOH RI NHUQHOV HQFORVHG E\ KXVNV WKH PDLQ HPSKDVLV OLHV RQ
WKH REYLRXVO\ DEHUUDQW EHOLHI DV &K SXWV LW WKDW NHUQHOV LQ WKHLU KXVN KDYH QR XVH

7KH DXWKRU LV DVVXUHG WKDW HYHU\ OLVWHQHU NQRZV DERXW WKH UHODWLRQ EHWZHHQ NHUQHOV
DQG KXVNV LQ WKH FDVH RI FHUHDOVsRQ ZKLFK WKH VLPLOH LV EDVHG ,W WKXV VHHPV WKDW
LQ WKLV LOOXVWUDWLRQ WKH DXWKRU ZDQWHG WR VWUHVV WKH FRPPRQQHVV RI WKH IDFW WKDW
EXGGKDKRRG LV IRXQG LQ DOO OLYLQJ EHLQJV FRYHUHG E\ GHILOHPHQWV DQG WKH
QRUPDOLW\ RI LWV PDQLIHVWDWLRQ +H FRPSDUHV WKH PDQLIHVWDWLRQ RI EXGGKDKRRG WR
WKH RUGLQDU\ SURFHVV RI WXUQLQJ FHUHDO WR DFFRXQW E\ H[WUDFWLQJ HGLEOH JUDLQV 7KH
XVXDO WHUWLXP FRPSDUDWLRQLV QDPHO\ WKH IDFW WKDW VRPHWKLQJ YDOXDEOH LV KLGGHQ LQ
LPSXULWLHV GRHV QRW VHHP WR EH RI SULPDU\ VLJQLILFDQFH KHUH
$ JROG QXJJHW LQ H[FUHPHQW LV DW WKH FHQWHU RI WKH IRXUWK VLPLOH 7KH

FRQWUDVW EHWZHHQ D QXJJHW RI SXUH JROG DQG LWV VXUURXQGLQJV D oSODFH RI GHFD\LQJ
VXEVWDQFHV DQG ILOWK D SODFH IXOO RI SXWULG H[FUHPHQWp FRXOG KDUGO\ EH JUHDWHU
7KH QXJJHW UHPDLQV KLGGHQ LQ WKLV SODFH IRU PDQ\ KXQGUHGV RI \HDUV 1R RQH
ZRXOG H[SHFW VXFK D SODFH WR EH WKH GHSRVLWRU\ RI D JROG QXJJHW 7KH VLPLOH GUDZV
WKH UHDGHUnV DWWHQWLRQ WR WZR SRLQWV ILUVW WKH LPSHULVKDEOH QDWXUH RI WKH JROG
ZKLFK LV ODWHU FRPSDUHG WR WKH WUXH QDWXUH RI OLYLQJ EHLQJV ,WV QDWXUH JXDUDQWHHV
WKDW WKH JROG UHPDLQV ZLWKRXW DQ\ GHFD\ LQ VSLWH RI LWV VXUURXQGLQJV 6HFRQGO\ WKH
KLJKO\ XQH[SHFWHG QDWXUH RI WKH VLPLOH LV PHDQW WR LQGXFH RQH WR EHOLHYH WKDW WKH
KLGGHQ EXGGKDQDWXUH ZLOO RQH GD\ EH UHYHDOHG HYHQ LQ D VHQWLHQW EHLQJ ZKR
KDUGO\ DQ\ERG\ ZRXOG WKLQN FDSDEOH RI EHFRPLQJ D EXGGKD 7KH UROH RI WKH
GLYLQLW\ ZKLFK LQ WKH XSDPQD DGYLVHV D SHUVRQ WR ORRN IRU WKH QXJJHW DQG FOHDQ
LW LV ILOOHG LQ WKH XSDPH\D E\ WKH 'KDUPDWHDFKLQJ 7DWKJDWD
7KH WRSRV RI D KLGGHQ WUHDVXUH EHQHDWK WKH KRXVH RI VRPH SRRU SHUVRQ IRU
WKH XQNQRZQ EXGGKDQDWXUH LQ OLYLQJ EHLQJV LV ZLWK VRPH YDULDWLRQV DOVR IRXQG

LQ WKH

7KH VLPLOH LQ WKH
LV UHSOHWH ZLWK RSSRVLWLRQV

0DKSDULQLUYDVWUD

JKDSDWL

7KH KRXVH RZQHU RU QREOHPDQ 

7*6

OLYHV LQ SRYHUW\ WKRXJK ULJKW EHORZ

KLV KRXVH LV D KXJH WUHDVXUH RI SUHFLRXV PDWHULDOV +H ZDONV XS DQG GRZQ ORVW LQ
KLV WKRXJKWV ZKLOH WKH WUHDVXUH WKH VROXWLRQ WR KLV SUREOHPV OLHV XQWRXFKHG +H LV
XQDZDUH RI WKH WUHDVXUH DQG QRERG\ QRW HYHQ WKH WUHDVXUH LWVHOI FDQ LQIRUP KLP
HYHQ WKRXJK LW LV D

JKDSDWLnV

GXW\ DV RQH RI WKH VHYHQ MHZHOV RI D

FDNUDYDUWLQ

UXOHU WR ILQG KLGGHQ WUHDVXUHV ,QGHHG KH KLPVHOI LV REYLRXVO\ LQ QHHG RI D SHUVRQ

ZLWK D VXSHUQDWXUDO H\HVLJKW WR PDNH KLP VHH WKDW DOO KH UHTXLUHV LV EHQHDWK KLP
6XFK D SHUVRQ LV QRW PHQWLRQHG LQ WKH
7DWKJDWD LQ WKH

XSDPH\D

XSDPQD

RI WKH VLPLOH EXW DSSHDUV DV WKH

$IWHU WKH 7DWKJDWD KDV UHYHDOHG WKH H[LVWHQFH RI VXFK

D WUHDVXUHsOLYLQJ EHLQJVn EXGGKDQDWXUHsWR WKH ERGKLVDWWYDV WKH\ VHW DERXW

GLJJLQJ LW RXW ,W LV FOHDU WKDW LQ WKLV ILIWK LOOXVWUDWLRQ WKH DXWKRU ZDQWHG WR GUDZ WKH
DWWHQWLRQ RI WKH UHDGHUV WR WKHLU XQDZDUHQHVV RI WKH oWUHDVXUHp ZLWKLQ WKHPVHOYHV
DQG FRQVHTXHQWO\ WR WKH IDFW WKDW WKHUH LV QR UHDVRQ WR WKLQN RI WKHPVHOYHV DV
VSLULWXDOO\ SRRU
7KH VL[WK VLPLOH RI D VSURXW LQ WKH VHHG DQG WKH HLJKWK RI WKH GHVSHUDWH
ZRPDQ ZLWK WKH

FDNUDYDUWLQ

HPEU\R LQ KHU ZRPE DSSDUHQWO\ HPERG\ D GLIIHUHQW

QRWLRQ +HUH DW ILUVW JODQFH LW LV WKH SURFHVV RI JURZLQJ WKH ULSHQLQJ RI WKH VSURXW
LQWR D oJUHDW NLQJ RI WUHHVp DURXQG ZKLFK WKH FRPSDULVRQ WXUQV 7KLV ZRXOG DW



6HH !$ $ EII " EII VHH DOVR 7DNDVDNL  I


OHDVW EH WKH UHDGHUnV ILUVW LPSUHVVLRQ , ZLOO DUJXH EHORZ WKDW WKRXJK WKLV QRWLRQ
PD\ EH HYRNHG WKLV LV QRW WKH PDLQ LQWHQW RI WKH DXWKRUV DQG WKDW ZH VKRXOG WDNH
FDUH KHUH QRW WR IDOO LQWR WKH WUDS RI WRR DOOHJRULFDO DQ LQWHUSUHWDWLRQ $ FORVHU
DQDO\VLV RI WKH ZRUGLQJ ZLOO VKRZ UDWKHU WKDW WKH HVVHQWLDO VDPHQHVV RI VSURXW DQG
IXOOJURZQ WUHH WKHLU DOWHUQDWH JHQHUDWLRQ DQG WKH IDFW WKDW WKH WUHH LV FRQWDLQHG LQ
LWV FRPSOHWH EXW QRW \HW IXOO\ XQIROGHG IRUP DOUHDG\ LQ WKH VHHG JR WR PDNH XS WKH
IRFXV RI WKH VLPLOH ,Q FRQWUDVW WR PRVW RI WKH RWKHU VLPLOHV QR DFW RI SXULILFDWLRQ LV
QHHGHG 7KH ULSHQLQJ LV GHVFULEHG DV D PRUH RU OHVV DXWRPDWLF SURFHVV RQFH WKH

XSDPH\D

VHHG KDV IDOOHQ RQ WKH VRLO 6HFWLRQ % UHSUHVHQWLQJ WKH

7*6

EH TXLWH XQXVXDO IRU WKH

FDQ EH VDLG WR

7KH GLIILFXOW DQG WHUPLQRORJLFDOO\ ODGHQ FRQWHQW

GLIIHUV LQ HDFK WUDQVODWLRQ DQG IROORZV D PRUH DEVWUDFW OLQH LW VHHPV WR RIIHU D
GHILQLWLRQ
WDWKJDWD

RI

VDWWYD

WKH WHUP

ZKR

GLVFORVHV

WKH

VDWWYDGKWX

WKH WHUP

'KDUPD

DV

DSSHDUV

oVXSUHPH

JUHDW

DQG GHVFULEHV
DFFXPXODWLRQ

D
RI

NQRZOHGJHp
$ GDQJHURXV ZLOGHUQHVV IXUWKHU RQ FRPSDUHG WR

VDVUD

LV WKH VHWWLQJ RI

WKH VHYHQWK VLPLOH 7KH VWDWXDU\ LPDJH RI D WDWKJDWD ZUDSSHG LQ URWWHQ UDJV ZDV
GURSSHG DQG OLHV RQ WKH SDWK 7UDYHOHUV XQDZDUH WKDW WKH UDJV FRQWDLQ VXFK DQ
LPDJH SDVV E\ LQ GLVJXVW 2QO\ DIWHU D GLYLQLW\ RUGHUV D JURXS RI SHRSOH WR RSHQ
WKH EXQGOH GRHV WKH LPDJH LQVLGH UHFHLYH WKH YHQHUDWLRQ LW GHVHUYHV ,Q WKLV VLPLOH
WZR PDLQ IHDWXUHV VHHP LPSRUWDQW WR QRWH ILUVW DV ZLWK WKH JROG QXJJHW LQ

H[FUHPHQW WKH FRPSOHWH LQDSSURSULDWHQHVV RI ZKHUH WKH REMHFW LV GHSRVLWHG DQG

WKXV WKH XQH[SHFWHGQHVV RI WKH ILQGLQJ VHFRQGO\ WKH LOOXVWUDWLRQ SOD\V XS WKH
FRQWUDVW EHWZHHQ FRQWHPSW DQG YHQHUDWLRQ QRERG\ KRZHYHU FRQWHPSWLEOH KH RU
VKH PD\ DSSHDU VKRXOG EH ORRNHG XSRQ DV VXFK EHFDXVH HYHU\RQH KDV D QDWXUH
GHVHUYLQJ RI YHQHUDWLRQ 7KLV LV DOVR WKH PHVVDJH IRXQG LQ WKH DVVRFLDWHG YHUVH
 ZKHUH WKH 7DWKJDWD ZDQWV WKH DZDNHQHG ERGKLVDWWYDV WR NQRZ WKDW DOO OLYLQJ
EHLQJV KDYH WKH EXGGKDQDWXUH DQG RQH FRXOG DGG WKHUHIRUH HQFRXUDJHV WKHP WR
DSSO\ WKHPVHOYHV WR WKH GHYHORSPHQW RI WKDW VSLULWXDO FDSDFLW\ LQ OLYLQJ EHLQJV
$ PRUH GLUHFW FDOO IRU FRQFUHWH FRQVHTXHQFHV EDVHG RQ WKH WDWKJDWD
JDUEKD WHDFKLQJ LV FRQWDLQHG LQ WKH VLPLOH RI WKH SRRU GHSUHVVHG ZRPDQ $Q XJO\
RUSKDQHG

ZRPDQ OLYHV

XQGHU GHVSHUDWH

FRQGLWLRQV

LQ

D SRRUKRXVH GHVSLVLQJ

KHUVHOI 6KH LV XQDZDUH RI WKH IDFW WKDW VKH KDV D IXWXUH XQLYHUVDO HPSHURU
FDNUDYDUWLQsWKH EXGGKDQDWXUHsLQ

KHU ZRPE 7KH LOOXVWUDWLRQ FRQWUDVWV WKH

DSSDUHQWO\ KRSHOHVV VLWXDWLRQ RI WKH ZRPDQ ZLWK WKH PDMHVW\ DQG JORU\ RI WKH

FDNUDYDUWLQ

2I FRXUVH WKH LGHD RI DQ HPEU\RQLF

FDNUDYDUWLQ

PD\ DV LQ WKH VL[WK

VLPLOH HPERG\ WKH QRWLRQ RI D QRW \HW IXOO\ GHYHORSHG HOHPHQW WKH EDVLV IRU
DZDNHQLQJ LQ WKH IXWXUH 7KH PDLQ SRLQW LQ WKLV VLPLOH KRZHYHU VHHPV WR EH WR
VKRZ WKH 7DWKJDWDnV HQFRXUDJHPHQW RI OLYLQJ EHLQJV ZKR DUH DJDLQ XQDZDUH RI
WKHLU EXGGKDQDWXUH DQG KLV XUJLQJ WKHP WR RYHUFRPH GHIHDWLVP o$SSO\ HQHUJ\
ZLWKRXW JLYLQJ LQ WR GHVSRQGHQF\p ,Q WKLV LOOXVWUDWLRQ WRR QR DFWLYLWLHV WR UHYHDO
WKH EXGGKDQDWXUH DUH QHFHVVDU\ WKH HPEU\R LV JURZLQJ ZLWKRXW KHOS IURP
RXWVLGH DQG KLV ELUWK DQG IXWXUH HPSRZHUPHQW DUH LQHYLWDEOH 6HFWLRQ % FRQWDLQV
WKH RQO\ SDVVDJH LQ WKH

WDWKJDWD

7*6

ZKHUH WKH WKUHHVWDJH FDUHHU


LV H[SOLFLWO\ PHQWLRQHG

VDWWYD ERGKLVDWWYD

,Q WKH ODVW VLPLOH RI JROGHQ ILJXUHV ZLWKLQ EXUQHG FOD\ PROGV WKH SURFHVV RI
FDVWLQJ JROGHQ VWDWXHV DFFRUGLQJ WR WKH



6HH 7DNDVDNL  II



FLUHSHUGXH

PHWKRG LV GHVFULEHG 7KH

H[SHUWLVH RI D VPLWK LV QHFHVVDU\ LQ RUGHU WR GHFLGH ZKHQ WKH ULJKW WLPH IRU VWULNLQJ
WKH PROGV ZLWK D KDPPHU KDV FRPH VR WKDWsLQ DQ LQVWDQWsWKH GLUW\ EODFN PROGV
IDOO DSDUW DQG WKH FOHDQ ILJXUHV DSSHDU )RU WKH 7DWKJDWD WRR oZKR XVHV WKH
'KDUPD DV D KDPPHUp WKH NQRZOHGJH RI WKH ULJKW WLPH LV QHFHVVDU\ 7KH

ERGKLVDWWYDV KH SXULILHV KDYH WR oEHFRPH FDOP DQG FRROp 7KH LOOXVWUDWLRQ VHHPV
WR VWUHVV WKH VXGGHQQHVV ZLWK ZKLFK WKH JROGHQ ILJXUHV FRPH RXW 1HYHUWKHOHVV
WKLV VKRXOG SUREDEO\ QRW EH WDNHQ DV SURPRWLQJ WKH LGHD RI D VXGGHQ DZDNHQLQJ
1RWKLQJ WKDW ZRXOG VXEVWDQWLDWH VXFK DQ LGHD RFFXUV LQ WKH GHVFULSWLRQ RI WKH
VSLULWXDO VSKHUH 7KLV GHVFULSWLRQ VHUYHV UDWKHU WR XQGHUVFRUH WKH VXUSULVH DQG
FRPSOHWH XQH[SHFWHGQHVV DULVLQJ WKH PRPHQW WKH EXUQHG DQG XJO\ PROG LV
UHSODFHG E\ D JROGHQ LPDJH IURP LQVLGH 7KH VLPLOH GHVFULEHV DFFXUDWHO\ DQG LQ
GHWDLO WKLV PHWKRG RI FDVWLQJ ZKLFK LV VWLOO SUDFWLFHG DPRQJ DUWLVDQV LQ ,QGLD DQG

1HSDO

 7KH 0HDQLQJ DQG 2FFXUUHQFHV RI WKH 7HUP VCVJICVCICTDJC

 7KH 7HUP VCVJICVCICTDJC

$V WKH VXPPDU\ RI WKH VLPLOHV DERYH KDV UHYHDOHG WKH LGHD WKDW DOO OLYLQJ EHLQJV
KDYH WKH EXGGKDQDWXUH LV QRW LOOXVWUDWHG LQ D FRPSOHWHO\ KRPRJHQHRXV ZD\ :H
VKRXOG WKHUHIRUH WU\ WR JUDVS PRUH FOHDUO\ WKH FRQFHSWXDO HOHPHQWV ZKLFK XQGHUOLH
WKH QRWLRQ RI WKLV QDWXUH LQ WKH 7*6 DQG WKH UHODWLRQVKLS RI WKH OHYHO RI RUGLQDU\
VWLOO XQUHDOL]HG OLYLQJ EHLQJV WR WKH OHYHO RI D WDWKJDWDnV SHUIHFW UHDOL]DWLRQ +HUH
LW PD\ EH XVHIXO WR EHJLQ ZLWK WKH WHUP WDWKJDWDJDUEKD ZKLFK JDYH LWV QDPH WR
WKH VWUD LWVHOI DQG EHFDPH ZHOO HVWDEOLVKHG LQ LWV &KLQHVH WUDQVODWLRQ UXODL ]DQJ
DV WKH PDLQ GHVLJQDWLRQ IRU WKH EXGGKDQDWXUH WKHRU\ LQ (DVW $VLD
)LUVW RI DOO LW VKRXOG EH QRWHG WKDW WKH WHUP WDWKJDWDJDUEKD LV QRW DV
SHUYDVLYH LQ WKH 7*6 DV RQH ZRXOG H[SHFW MXGJLQJ IURP WKH ODWHU WUDGLWLRQ ,WV XVH


LQ WKH VLPLOHV LV UHVWULFWHG WR WKH oQHZ YHUVLRQp RI WKH ILUVW VLPLOH 7KHUH
KRZHYHU LW RFFXUV LQ WKH SDVVDJHV ZKLFK VHHP WR LPSDUW LQ FRQFLVH IRUP WKH PDLQ
PHVVDJH RI WKH VWUD ,Q 0 DQG $ LW LV VWDWHG WKDW WKH 7DWKJDWD SHUFHLYHV DOO

OLYLQJ EHLQJV DV WDWKJDWDJDUEKD 7KHQ LQ % D SDVVDJH ZKLFK LV FLWHG ZRUG IRU
ZRUG LQ WKH

5DWQDJRWUDYLEKJDY\NK\ FRQWDLQV WKH PDLQ PHVVDJH RI WKH 7*6

5DWQDJRWUDYLEKJDY\NK\ UHDGV DV IROORZV

7KH 6DQVNULW FLWDWLRQ LQ WKH

Hu NXODSXWUD GKDUP GKDUPDW  XWSGG Y WDWKJDWQP DQXWSGG Y


VDGDLYDLWH VDWWYV WDWKJDWDJDUEK LWL  5*99 r




NDUX

&I $! ,, I

5HHYHV   UHSRUWV WKDW DPRQJ VPLWKV LQ 0DGUDV WKH KROORZ LQVLGH WKH PROG LV FDOOHG
oZRPEp 



JDUEKD VHH 0LURQ :LQVORZ 7DPLO(QJOLVK'LFWLRQDU\

. / -DQHUW :LHVEDGHQ 6WHLQHU  VY NDUX

6NW

HGLWLRQ IURP  HG

$00 80.9LRQ  7KH oQHZ YHUVLRQp FRPSULVHV WKH ODVW VHQWHQFH LQ 0 DOO RI $ DQG WKH ILUVW

VHQWHQFH RI %


 UHSULQW RI WKH

0 SUREDEO\ D ODWHU LQWHUSRODWLRQ LQWR

7*6 VHH VHFWLRQ

VHPV FDQ WKDPV FDG FG D\JKP IUJGIU RCkK UP[KPI RQT

JVKHJV SDV N\DQJ VDQJV UJ\DV N\L PLJ JLV VHPV FDQ WKDPV FDG

PWKRQJ
QDV


GH E]KLQ JVKHJV SDnL PLJ GHV

1A: ULJV N\L EX GDJ GH E]KLQ
FG D\JKP IUJGIU RCkK UP[KPI RQT



PWKRQJ QJR



 

 GH E]KLQ JVKHJV SD UQDPV E\XQJ

\DQJ UXQJ PD E\XQJ \DQJ UXQJ VHPV FDQ nGL GDJ QL UWDJ WX GH E]KLQ JVKHJV SDnL VQ\LQJ SR \LQ 
%

ULJV N\L EX GDJ nGL QL FKRV UQDPV N\L FKRV Q\LG GH



6RQ RI JRRG IDPLO\ WKH 7UXH 1DWXUH GKDUPDW RI WKH GKDUPDV LV WKLV ZKHWKHU RU
QRW WDWKJDWDV DSSHDU LQ WKH ZRUOG DOO WKHVH VHQWLHQW EHLQJV FRQWDLQ DW DOO WLPHV D
WDWKJDWD

7KLV SDVVDJH ZDV SUREDEO\ LQVHUWHG WRJHWKHU ZLWK WKH oQHZ YHUVLRQp RI WKH ILUVW
VLPLOH 3ODFHG DW WKH HQG RI WKH oQHZp VLPLOH LW ZDV PHDQW WR VXPPDUL]H WKH PDLQ
SRLQW RI WKDW VLPLOH DQG VKRXOG WKXV EH FRQVLGHUHG WKH QXFOHXV RI WKH GRFWULQDO
PHVVDJH RI WKH 7*6 7KDW WKH SDVVDJH ZDV IHOW WR KDYH VXFK DQ HPLQHQW SRVLWLRQ LV
DOVR DWWHVWHG E\ WKH IDFW WKDW WKH

5DWQDJRWUDYLEKJDY\NK\

TXRWHV LW ZRUG IRU

ZRUG 7KH DXWKRU RI WKLV SDVVDJH NQRZLQJO\ DVVRFLDWHV WKH FODLP WKDW OLYLQJ EHLQJV

WDWKJDWDJDUEKD ZLWK WKH ZHOONQRZQ %XGGKLVW IRUPXOD GKDUP

GKDUPDW  ZKLFK LV XVXDOO\ HPSOR\HG WR LQWURGXFH WKH IXQGDPHQWDO ODZ RI
DUH DOZD\V

SUDWW\DVDPXWSGD 7KLV DWWHVWV WKDW KH KLPVHOI UHJDUGHG WKH SDVVDJH VDGDLYDLWH

VDWWYV WDWKJDWDJDUEK DV WKH HVVHQFH RI WKH VWUD D VWDQGSRLQW ZKLFK LI WKH
DXWKRUV RI WKH oROGp HLJKW RU QLQH VLPLOHV DQG WKH oQHZ ORWXV VLPLOHp DUH LQGHHG
GLIIHUHQW ZRXOG SUREDEO\ EH VKDUHG E\ WKH FRPSRVHUV RU FRPSLOHUV RI WKH RWKHU

VLPLOHV
$Q LQWHUSUHWDWLRQ RI WKH PHDQLQJ RI WKH WHUP WDWKJDWDJDUEKD

PDWWHU RI FRXUVH VWDUW IURP WKH FRQWH[W LQ WKH

7*6

PXVW DV D
LQ ZKLFK LW RULJLQDWHV 7KH

FRQWH[W LV WKDW RI WKH ZLWKHUHG ORWXVHV ZLWK EHDXWLIXO WDWKJDWDV VLWWLQJ LQ WKH FHQWHU
RI WKHLU FDO\[HV SDGPDJDUEKD ,Q WKH VDPH ZD\ WKDW IXOOIOHGJHG WDWKJDWDV VLW LQ
WKH IORZHUV VR DOVR DFFRUGLQJ WR WKH VWUD DUH EXGGKDV FRQWDLQHG LQ OLYLQJ

EHLQJV ,I OLYLQJ EHLQJV DUH VDLG WR FRQWDLQ D WDWKJDWD WKH\ VKRXOG IXQFWLRQ DV

PXVW DFFRUGLQJO\ EH XQGHUVWRRG

HLWKHU DV D
LQ WKH VHQVH RI oFRQWDLQLQJ D WDWKJDWDp RU DV D
PHDQLQJ oVWRUH RI D WDWKJDWDp +RZHYHU LQ RUGHU WR UHDFK DQ DGHTXDWH
LQWHUSUHWDWLRQ RI WKH FRPSRXQG , QHHG WR SUHIDFH VRPH UHPDUNV RQ WKH WHUP
 DQG WKHQ JLYH DQ RYHUYLHZ RI WKH UDQJH RI SRVVLEOH LQWHUSUHWDWLRQV
RI WKH

ZKROH FRPSRXQG LQ SDUW RIIHUHG E\ WKH WH[WV ZKLFK VXFFHHGHG WKH 

UHFHSWDFOHV DQG WKH FRPSRXQG WDWKJDWDJDUEKD

EDKXYUKL

WDWSXUXuD

JDUEKD

7*6

&RQFHUQLQJ WKH WHUP

JDUEKD WKH (W\PRORJLVFKHV :UWHUEXFK GHV


$OWLQGRDULVFKHQ SURYLGHV XV RQO\ ZLWK WKH WZR PHDQLQJV o0XWWHUOHLE
/HLEHVIUXFKW (PEU\R 1HXJHERUHQHVp ,W VHHPV KRZHYHU WKDW VWDUWLQJ IURP WKLV
ELRORJLFDO EDFNJURXQG JDUEKD WRRN RQ RWKHU OHVV VSHFLILF VHQVHV VXFK DV oWKH
LQVLGH PLGGOH LQWHULRU RI DQ\WKLQJ FDO\[ DV RI D ORWXV  DQ\ LQWHULRU FKDPEHU
DG\WXP RU VDQFWXDU\ RI D WHPSOH Fp 0: RU DV +DUD KDV VKRZQ IRU HSLF
OLWHUDWXUH oJHUP VHHG LQIDQW FKLOGp DQG E\ DQDORJ\ ZLWK WKH YRFDEOH SXWUD DV
WKH ODVW PHPEHU RI D FRPSRXQG HYHQ VLPSO\ oPHPEHU RI D IDPLO\ OLQHDJHp

$OVR IDPLOLDU LV WKH IXQFWLRQ RI JDUEKD DW WKH HQG RI D EDKXYUKL FRPSRXQG

LQGLFDWLQJ WKDW WKH SULRU PHPEHUV RI WKH FRPSRXQG LVDUH FRQWDLQHG
LQ WKH




6HH DOVR =LPPHUPDQQ  

)RU WKH RFFXUUHQFH RI WKH WHUP WDWKJDWDJDUEKD

LQ WKH *DDY\KDVWUD *9 r D

FRQWURYHUVLDO LQWHUSUHWDWLRQ RI LW DQG ZKDW WKLV PHDQV IRU WKH UHODWLRQ EHWZHHQ WKH
*DDY\KDVWUD DQG WKH 7*6 VHH 7DNDVDNL  I ZLWK KLV UHIHUHQFHV WR 0DWVXPRWR 




([SOLFLWO\ VR VWDWHG LQ 0 DQG YHUVH 

$Q H[FHOOHQW GLVFXVVLRQ RI WKLV FRPSOH[ SUREOHP IURP GLIIHUHQW DQJOHV LV IRXQG LQ 6H\IRUW

5XHJJ  II  I


0DQIUHG 0D\UKRIHU (W\PRORJLVFKHV :UWHUEXFK GHV $OWLQGRDULVFKHQ

  YROV +HLGHOEHUJ

&DUO :LQWHU 8QLYHUVLWWVYHUODJ r VY



6HH +DUD 

JDUEKD

(VSHFLDOO\ LQ WKH ODVW FDVH LW LV GLIILFXOW WR MXGJH

KRZ IDU D ELRORJLFDO HPEU\RQLF VKDGH RI PHDQLQJ ZDV VWLOO IHOW WKDW LV WR ZKDW
GHJUHH JDUEKD KDG EHFRPH D SXUHO\ JUDPPDWLFDO XQLW XVHG DW WKH WLPH RXU VWUD
FDPH LQWR H[LVWHQFH WR H[SUHVV D UHODWLRQ RI LQFOXVLRQ YRLG RI DQ\ VWURQJ OH[LFDO
FRQQRWDWLRQV +RZHYHU WKH RULJLQDO HPEU\RUHODWHG PHDQLQJ RI JDUEKD GLG QRW
FRPSOHWHO\ IDGH RXW LQ ODWHU FHQWXULHV LQGHHG JDUEKD HYHQ EHFDPH DVVRFLDWHG ZLWK
WKH VHPDQWLF ILHOG RI oRIIVSULQJp 7KLV VXJJHVWV WKDW WKH JUDPPDWLFDO DSSOLFDWLRQ
RI JDUEKD QHYHU EHFDPH WRWDOO\ IUHH RI WKH XQGHUO\LQJ LGHD RI DQ HPEU\R VWLOO LQ
QHHG RI GHYHORSPHQW LQ D QXUWXULQJ ZRPEOLNH FRQWDLQHU LI WKH FRQWH[W LQ
TXHVWLRQ ZDV VXVFHSWLEOH RI VXFK D QXDQFH


VXEMHFW WKH FRPSRXQG UHIHUV WR

%XW WKHUH LV DQRWKHU VHFRQGDU\ VHPDQWLF ILHOG ZLWK ZKLFK WKH WHUP JDUEKD
VHHPV WR EH FORVHO\ DVVRFLDWHG QDPHO\ WKH oFHQWUDO SDUWp RU oHVVHQFHp RI
VRPHWKLQJ 7KLV GHYHORSPHQW LV PLUURUHG LQ WKH UHJXODU FKRLFH RI ,QGR7LEHWDQ

WUDQVODWRUV WR UHQGHU

JDUEKD

LQWR 7LEHWDQ DV

VQ\LQJ SR

oWKH FKLHI SDUW PDLQ

VXEVWDQFH TXLQWHVVHQFHp - VY VQ\LQJ SR VHH DOVR VQ\LQJ oWKH KHDUW  WKH
PLQGp 7R EH VXUH WKLV PHDQLQJ LV QRW VXSSRUWHG E\ WKH 6DQVNULW GLFWLRQDULHV QRU
E\ 3OL $W EHVW WKH PHDQLQJV oLQQHU FKDPEHUp RU oDG\WXPp DV WKH FHQWUDO DQG
PRVW KRO\ SDUW RI D WHPSOH PLJKW VXJJHVW VRPHWKLQJ LQ WKLV GLUHFWLRQ +RZHYHU
WKH FRUUHVSRQGLQJ IRUPV RI JDUEKD LQ D QXPEHU RI PRGHUQ ,QGLDQ ODQJXDJHV FDQ
DOVR KDYH WKH PHDQLQJ RI oFRUHp oKHDUWp oSLWKp DQG WKH OLNH DQG WKLV WKXV IXUWKHU
VWUHQJWKHQV WKH FDVH WKDW 6NW JDUEKD IURP D FHUWDLQ WLPH RQ PXVW KDYH HPEUDFHG


WKLV VHQVH

,I WKLV LV VR ZH PXVW DOVR DOORZ WKDW WKH HPSOR\PHQW RI JDUEKD DW

EDKXYUKL FRPSRXQG FRXOG KDYH VXFK D QXDQFH oWR FRQWDLQ

WKH HQG RI D

HVVHQWLDOO\p

:KDWHYHU

WKH

FDVH

IURP

FHUWDLQ

WLPH

RQ

DV

0DWVXPRWR

KDV

JDUEKD EHFDPH ZLGHVSUHDG LQ ,QGLDQ %XGGKLVW

*DDY\KD DQG WKH 'DwDEKPLNDVWUD 1DPHV

GHPRQVWUDWHG WKH XVH RI WKH WHUP

VFULSWXUHV IRU H[DPSOH LQ WKH
FRQWDLQLQJ

JDUEKD

LQWURGXFWLRQ

RI

DV D PHPEHU VXFK DV WKH ORQJ OLVW RI ERGKLVDWWYD QDPHV LQ WKH

WKH

'DwDEKPLNDVWUD

OLVW

ZKLFK

LV

WUDQVODWLRQ RI 'KDUPDUDNuD FDPH LQWR XVH 7KH WHUP

SRSXODU

DQG

RQH

ZRQGHUV

LI

LW

ZDV

DOZD\V

SRVVLEOH

HTXLYDOHQW LQ D WUDQVODWLRQ ,QGHHG LW VHHPV WKDW RQFH

QRW

\HW

JDUEKD
WR

LQ

WKH

HDUOLHU

SURYHG KLJKO\

GHFLGH

RQ

DQ

H[DFW

JDUEKD EHFDPH D IDVKLRQDEOH

WHUP LW ZDV HDVLO\ FRPSRXQGHG ZLWK RWKHU ZRUGV ZLWKRXW LWVHOI H[KLELWLQJ D YHU\
FRQFUHWH PHDQLQJ
/HW XV QRZ WXUQ WR WKH FRPSRXQG LWVHOI , KDYH JURXSHG WKH DOWHUQDWLYHV
DFFRUGLQJ WR JUDPPDWLFDO FDWHJRULHV



$00 3: 8; JDUEKD

o8HEHUWUDJHQ DP (QGH YRQ DGM FRPSS I  GLHVHV DOV /HLEHVIUXFKW

WUDJHQG LQ VHLQHP ,QQHUQ EHUJHQG HQWKDOWHQGp



6HH 7XUQHU QR  JDUEKD o 6LQGK JDEKX  NHUQHO SLWK  1HSOL  JEKR FRUH
LQVLGH HJ RI D IUXLW  +LQG  JE SXOS SLWK  0DUK  JEK KHDUW FRUH  .RND 
JEER LQQHU FRUH RI SODLQWDLQ VWHPp + ,VDDFVRQ NLQGO\ GUHZ P\ DWWHQWLRQ WR WKUHH UHODWLYHO\ ODWH
SDVVDJHV RQH LQ WKH <RJDUDWQDPO D FRPPHQWDU\ RQ WKH +HYDMUDWDQWUD ZKHUH JDUEKD LQ WKH
WHUP YDMUDJDUEKD LV V\QRQ\PL]HG DV KGD\D 'DYLG / 6QHOOJURYH 7KH +HYDMUD 7DQWUD $ &ULWLFDO

6WXG\ 3DUW  6DQVNULW DQG 7LEHWDQ 7H[WV /RQGRQ 2[IRUG 8QLY 3UHVV  S  WKH VHFRQG
LQ 5DWQNDUDwQWLnV DV \HW XQSXEOLVKHG

0XNWYDO

 DQRWKHU FRPPHQWDU\ RQ WKH

ZKHUH WKH VDPH JORVV LV JLYHQ 1DWLRQDO $UFKLYHV .DWKPDQGX 06 

+HYDMUDWDQWUD
1HSDO*HUPDQ

0DQXVFULSW 3UHVHUYDWLRQ 3URMHFW 5HHO 1R $  I U 7RN\R 8QLYHUVLW\ 06  I U WKH
WKLUG LQ WKH FRPPHQWDU\ RQ WKH
LQWHUSUHWHG

DV

VUD

0XNXQG

7DQWUORND

5P

WKH

6KVWU

7DQWUORNDYLYHND E\ -D\DUDWKD ZKHUH JDUEKD LV

7KH 7DQWUORND RI $EKLQDYD *XSWD ZLWK

HG

&RPPHQWDU\ E\ 5MQDND -D\DUDWKD YRO  .DVKPLU 6HULHV

7KH ,QGLDQ 3UHVV  FRPPHQWDU\ WR 



RI 7H[WV DQG 6WXGLHV  $OODKDEDG

6HH 0DWVXPRWR  II LQ SDUWLFXODU SS   



7DWKJDWDJDUEKD

,8 ,

WDWSXUXuD

FRPSRXQG +HUH WKUHH FDVHV QHHG WR EH

FRQVLGHUHG
D 7KH SULRU PHPEHU RI WKH FRPSRXQG FDQ EH GHWHUPLQHG DV KDYLQJ DQ HOLGHG
JHQLWLYH FDVH HQGLQJ WDWKJDWDV\D RU WDWKJDWQ JDUEKD oWKH HPEU\R RI

DWKH WDWKJDWDVp 7KLV LQWHUSUHWDWLRQ VHHPV WR EH WKH PRVW FRPPRQ RQH LQ

WKH WUDGLWLRQ IROORZLQJ WKH 7*6

7KH ZRUG FDQ LQ WKLV FDVH EH XQGHUVWRRG DV

UHIHUULQJ WR WKH oHPEU\R RI DWKH WDWKJDWDVp ZLWKLQ DOO OLYLQJ EHLQJV ,Q WKH

7*6

KRZHYHU

)LUVW

LQ

WDWKJDWDJDUEKD FDQQRW KDYH WKLV PHDQLQJ IRU WZR UHDVRQV

VDWWYV WDWKJDWDJDUEK WKH FRPSRXQG FDQQRW EH
XQGHUVWRRG
DV
D
WDWSXUXuD GHVLJQDWLQJ WKH oHPEU\R ZLWKLQp EHFDXVH
JUDPPDWLFDOO\ LW LV WKH SUHGLFDWH RI VDWWY 6HFRQGO\ DV PHQWLRQHG DERYH
UDWKHU WKDQ ZLWK WKH HPEU\R RI DWKH WDWKJDWDV WKH 7*6 GHDOV ZLWK IXOO
WKH

VWDWHPHQW

IOHGJHG WDWKJDWDV LQ IORZHUV DQG LQ OLYLQJ EHLQJV

E $ OLYLQJ EHLQJ DV WKH oZRPE RI D WDWKJDWDp $ OLYLQJ EHLQJ DV WKH ZRPE RI D
WDWKJDWD VHHPV WR DFFRUG ZLWK WKH LPDJH RI ORWXVHV HQFORVLQJ WDWKJDWDV ZLWKLQ
WKHLU ZRPEOLNH FDO\[HV LQ WKH
oFRQWDLQHU

RI

6FKPLWKDXVHQnV

WDWKJDWDp

DQG

XSDPQD

0DWVXPRWR DGRSWV WKH WUDQVODWLRQ

5XHJJnV


FDWHJRULFDO

IRU

VWDWHPHQW

WKH

7*6

WKDW

WKH

UHMHFWLQJ
FRPSRXQG

WDWKJDWDJDUEKD FDQ QHYHU PHDQ oPDWUL[ RI WKH 7DWKJDWDp LQ ,QGLDQ WH[WV ,Q

KLV DUJXPHQW ZK\ WKH FRPSRXQG ZLWKLQ WKH

WDWSXUXuD

7*6

VKRXOG EH LQWHUSUHWHG DV D

0DWVXPRWR REYLRXVO\ GRHV QRW FRQVLGHU WKH DOWHUQDWLYH SURYLGHG LQ

7*6 KDG ILUVW WR oLQYHQWp WKH

D EHORZ +H DUJXHV WKDW WKH DXWKRU RI WKH

FRQFHSW RI SDGPDJDUEKD WKH oORWXV FDO\[p ZKHUH WKH WDWKJDWDV DUH VHDWHG LQ
RUGHU WR FRQVWUXFW WKH DQDORJ\ EHWZHHQ WKH ORWXVHV DQG OLYLQJ EHLQJV 2QFH
SDGPDJDUEKD ZDV DGRSWHG DV WKH LQWHULRU VSDFH RI D ORWXV 

WKH DXWKRU RI WKH 7*6 FRXOG GHYHORS WKH DQDORJ\ RI WDWKJDWDV VHDWHG LQ WKH
LQWHULRU VSDFH JDUEKD RI OLYLQJ EHLQJV 0DWVXPRWR DVVHUWV WKDW RQFH OLYLQJ
EHLQJV DUH WKH UHIHUHQW WKH\ FRXOG DFFRUGLQJO\ EH GHQRWHG DV oFRQWDLQHUV RI D
WDWKJDWDp +H DGPLWV WKDW WKH DXWKRU RI WKH 7*6 WKXV RSHUDWHV ZLWK WZR
PHDQLQJV RI JDUEKD QDPHO\ oLQWHULRU VSDFHp DQG oFRQWDLQHUp DQG WKDW WKH
DXWKRU ZDV ZHOO DZDUH RI WKLV IDFW

1RZ , WKLQN 0DWVXPRWRnV DUJXPHQWDWLRQ LV OHVV WKDQ FRQFOXVLYH )LUVW RI

DOO WKH PHDQLQJ RI oFRQWDLQHUp IRU JDUEKD VHHPV QRW WR EH YHU\ FRPPRQ LI
GRFXPHQWHG DW DOO 2Q WKH EDVLV RI LWV PHDQLQJ oZRPEp

JDUEKD

GHVLJQDWHV D

VSDFH ZLWKLQ UDWKHU WKDQ D FRQWDLQHU RU D VKHDWK DURXQG VRPHWKLQJ 7KLV LV FOHDU
IURP WKH HQWU\ XQGHU

JDUEKD

IRXQG LQ WKH

3:

DQG

0:

o0XWWHUOHLEp oLQWHULRU

FKDPEHUp 5HJDUGLQJ WKH VHFRQG SRLQW , DJUHH ZLWK 0DWVXPRWR WKDW WKH WHUPV

SDGPDJDUEKD DQG WDWKJDWDJDUEKD DUH SUREDEO\ LQWHQWLRQDOO\ HPSOR\HG E\ WKH

DXWKRUV LQ VRPH NLQG RI DQDORJ\ %XW LI WKLV LV WKH FDVH VKRXOG ZH WKHQ QRW
DUJXH WKDW

LQVLGH

JDUEKD

H[SUHVVHV LQ ERWK FDVHV D FRPSDUDEOH VHQVH QDPHO\ WKH

RI D ORWXV DQG WKH

LQVLGH

RI OLYLQJ EHLQJV UHVSHFWLYHO\" 7KLV DW OHDVW

ZRXOG PDNH WKLQJV OHVV FRPSOLFDWHG $OWHUQDWLYH

D SURFHHGV DORQJ WKHVH
OLQHV $GPLWWHGO\ IURP D SXUHO\ JUDPPDWLFDO SRLQW RI YLHZ 0DWVXPRWRnV
DUJXPHQWDWLRQ DYRLGV WKH VRPHZKDW GLVWXUELQJ VLWXDWLRQ WKDW WKH FRPSRXQGV LI


6HH HJ /$6  JDUEKDV WDWKJDWQP /$6

WDWKJDWDV\D


 

6DJWKDNDP

F

JDUEKDV

6HH 0DWVXPRWR  II UHIHUULQJ WR 6FKPLWKDXVHQ   Q  DQG IXUWKHU S 
ZKR ILQGV FRQILUPDWLRQ LQ 6H\IRUW 5XHJJ  II

6HH 0DWVXPRWR  II I


ZH IROORZ @D EHORQJ WR WZR GLVWLQFW FDWHJRULHV QDPHO\


 DQG EDKXYUKL WDWKJDWDJDUEKD +RZHYHU HYHQ LI ZH IROORZ
WDWSXUXuD

SDGPDJDUEKD

WDWSXUXuD
D JHQLWLYXV VXEMHFWLYXV LQ

KLV VXJJHVWLRQ WKH UHODWLRQ EHWZHHQ WKH PHPEHUV ZLWKLQ WKH WZR
FRPSRXQGV ZRXOG KDYH WR EH DQDO\]HG GLIIHUHQWO\ DV
WKH ILUVW FDVH DQG D

JHQLWLYXV REMHFWLYXV LQ WKH ODWWHU

2QH ILQDO UHPDUN 0DWVXPRWR LQVLVWV RQ WKH RQH KDQG RQ HPSOR\LQJ

LQ WKH VHQVH RI oUHFHSWDFOHp ZKLOH RQ WKH RWKHU KH YHKHPHQWO\ UHMHFWV
WKH WUDQVODWLRQ oZRPEp RU oPDWUL[p WKH UHQGHULQJ DGRSWHG E\ 7DNDVDNL LQ KLV
(QJOLVK WUDQVODWLRQ RI WKH 5DWQDJRWUDYLEKJDY\NK\
JDUEKD

, GR QRW ILQG DQ\

IXQGDPHQWDO GLIIHUHQFH EHWZHHQ WKH WZR FRQFHSWV DQG GR QRW WKLQN WKDW WKH
WUDQVODWLRQ oZRPE RI D WDWKJDWDp LV LPSRVVLEOH DW OHDVW DQ\ PRUH VR WKDQ
0DWVXPRWRnV RZQ UHQGHULQJ

F 7KH OLYLQJ EHLQJ DV oHPEU\R RI WKH 7DWKJDWDp 7KH LGHD WKDW DOO OLYLQJ EHLQJV
DUH SHQHWUDWHG E\ WKH GKDUPDN\D DQG WKXV DUH WKH HPEU\RV RU DV +DUD KDV
VKRZQ
WKH
FKLOGUHQ
RI
WKH
7DWKJDWD
LV
IRXQG
LQ
WKH
7*6
5DWQDJRWUDYLEKJDY\NK\ 

1RWKLQJ LQ WKH
VXJJHVWV WKDW WKLV
XQGHUVWDQGLQJ FRXOG EH DSSOLHG WR WKH UHODWLRQ EHWZHHQ OLYLQJ EHLQJV DQG WKH
7DWKJDWD ,W LV WKHUHIRUH QRW UHOHYDQW IRU RXU GLVFXVVLRQ KHUH

@ 7DWKJDWDJDUEKD DV D EDKXYUKL FRPSRXQG

D 7KH PRVW oQDWXUDOp DQDO\VLV RI WKH FRPSRXQG ZRXOG EH DV D EDKXYUKL 7KH

3: VY JDUEKD SURYLGHV XV ZLWK SOHQW\ RI H[DPSOHV ZLWK JDUEKD DW WKH HQG
RI WKH FRPSRXQG PHDQLQJ VLPSO\ oWR FRQWDLQp VHH DERYH 7KH VHQWHQFH
VDWWYV WDWKJDWDJDUEK VKRXOG WKXV EH XQGHUVWRRG DV o/LYLQJ EHLQJV FRQWDLQ
D WDWKJDWDp WDWKJDWR JDUEKR \Hu WH WDWKJDWDJDUEK
KRZHYHU WR XQGHUVWDQG

JDUEKD LQ



,Q RUGHU

D PRUH FKDUDFWHULVWLF ZD\ ZH QHHG WR EULQJ

RXW LWV ELRORJLFDO QXDQFH RU HOVH WKH QXDQFH DVVXPHG DERYH RI HVVHQFH 7KH

ILUVW FDVH ZRXOG UHVXOW LQ D WUDQVODWLRQ  o/LYLQJ EHLQJV FRQWDLQ D WDWKJDWD DV

DQ HPEU\RF ,Q WKH VHFRQG DOWHUQDWLYH ZH ZRXOG KDYH WR WUDQVODWH  o KDYH
D WDWKJDWD

QDWXUHp

DW WKHLU FRUHp

RU PRUH DEVWUDFWO\ o KDYH D WDWKJDWD

DV WKHLU

7KH LPDJH RI WKH ORWXV UHQGHUV ERWK DOWHUQDWLYHV SRVVLEOH VLQFH WKH

JDUEKD

WDWKJDWDV DUH VHDWHG LQ WKH FHQWHU RI WKHLU ZRPEOLNH FDO\[HV 

7KH\

WKXV KDYH EHFRPH WKH FRUH RI WKH ORWXV XQDIIHFWHG E\ WKH ZLWKHUHG SDUWV RI WKH
IORZHUV DQG oHPLWWLQJ KXQGUHGV RI WKRXVDQGV RI UD\V RI OLJKWp 1HYHUWKHOHVV LQ
WKLV ILUVW VLPLOH DV LQ PRVW RI WKH IROORZLQJ LOOXVWUDWLRQV QR JURZLQJ SURFHVV RU



6HH 0DWVXPRWR   7DNDVDNL LQ KLV ODWHU WUDQVODWLRQ RI WKH 5*99

QR ORQJHU

HPSOR\V WKLV UHQGHULQJ 7DNDVDNL 



5*99 r

WDWKJDWDGKDUPDN\HQD

QLUDYDwHuDVDWWYDGKWXSDULVSKDUDUWKDP

DGKLNW\D VCVJICVCU[GOG ICTDJ UCTXCUCVVX LWL SDULGSLWDP  )RU D GLIIHUHQW LQWHUSUHWDWLRQ FS
0DWVXPRWR  II



6HH HJ WKH SDUDOOHO YHUVH WR WKH ILUVW VLPLOH LQ WKH 5*9

FRPSRXQG UHIHUULQJ WR OLYLQJ EHLQJV DSSHDUV

, ZKHUH WKH IROORZLQJ

 VDEXGGKDJDUEKD MDJDW o >KDYLQJ VHHQ@

OLYLQJ EHLQJV DV FRQWDLQLQJ D SHUIHFW EXGGKDp

7KLV DOWHUQDWLYH ZRXOG VHPDQWLFDOO\ EH WKH HTXLYDOHQW RI o KDYH D WDWKJDWD LQ WKHLU ZRPEp
WDWKJDWR JDUEKH \Hu WH WDWKJDWDJDUEK ZKLFK LV EDVHG RQ $L*U ,,  ~ F S 


o%DKXYUKLV PLW NDVXHOOHP 9RUGHUJOLHGp o6HKU RIW EH]HLFKQHW GDV +LQWHUJOLHG HLQHQ .USHUWHLO

XQG GDQQ GDV .RPSRVLWXP GHQMHQLJHQ GHU DP EHWU .USHUWHLO HWZDV LP 9RUGHUJOLHG JHQDQQWHV
KOW RGHU KDIWHQ KDW ]%  YDMUDEKX GHU GHQ 'RQQHUNHLO LP $UPH KDW  NLOORGKQ .LOOD LP

(XWHU KDEHQGp ,Q FRQWUDVW WR WKH UHQGHULQJ DERYH o FRQWDLQ D WDWKJDWD DV DQ HPEU\Rp WKH
PDLQ WKUXVW KHUH VKRXOG QRW EH WR FKDUDFWHUL]H WKH WDWKJDWD DV DQ HPEU\R EXW WR SRLQW RXW WKH IDFW
WKDW KH LV IRXQG LQ WKH ZRPE


DQ\ RWKHU SURFHVV RI FKDQJH LV LPSOLHG UHJDUGLQJ WKH WDWKJDWDV 7R VSHDN RI D

WDWKJDWDHPEU\R FDQ WKHUHIRUH EH TXLWH PLVOHDGLQJ VLQFH WKH SURFHVV RI D
JUDGXDO GHYHORSPHQW DQG PDWXULQJ LV XVXDOO\ LPSOLHG ZKHQ VSHDNLQJ RI DQ
HPEU\R LQ WKH ZRPE )RU WKLV UHDVRQ , KDYH GHFLGHG WR DGRSW WKH VLPSOH
UHQGHULQJ o FRQWDLQ D WDWKJDWDp LQ WKH WUDQVODWLRQ 7KDW DV GLVFXVVHG LQ WKH
VHFRQG DOWHUQDWLYH WKLV WDWKJDWD UHSUHVHQWV WKH QDWXUH RI DOO OLYLQJ EHLQJV QHHG
QRW EH PHQWLRQHG H[SOLFLWO\ ,W LV WKH DLP RI WKH VWUD LWVHOI WR LOOXVWUDWH WKLV IDFW
E\ ZD\ RI WKH QLQH VLPLOHV

E $OWKRXJK LQ

@D WKH WHUP JDUEKD ZDV XQGHUVWRRG LQ WKH oZHDNp VHQVH RI

oFRQWDLQLQJp LW FDQ DOVR EH LQWHUSUHWHG LQ LWV RULJLQDO PHDQLQJ oZRPEp RU

oHPEU\Rp 7DNLQJ LW DV VXFK ZH ZRXOG KDYH WR WUDQVODWH WKH ZKROH FRPSRXQG
LQ D SRVVHVVLYH UHODWLRQ WR OLYLQJ EHLQJV DV
, o/LYLQJ EHLQJV KDYH DQ HPEU\R RI D WDWKJDWDp WDWKJDWDV\D JDUEKR nVWL
\HV WH WDWKJDWDJDUEK
,,  o KDYH D WDWKJDWD LQ WKHLU ZRPE JDUEKDp RU
 o KDYH D WDWKJDWD DV DQ HPEU\R JDUEKDp
,,, 2U DVVXPLQJ WKDW JDUEKD FDQ KDYH WKH PHDQLQJ oFRUH HVVHQFHp DV
 o KDYH WKH WDWKJDWDFRUHp RU
 o KDYH D WDWKJDWD DW WKHLU FRUHp

3RVLWLRQ ,,, PLUURUV WKH XQGHUVWDQGLQJ RI WKH 7LEHWDQ ZKHQ UHQGHULQJ WKH
VWDWHPHQW FLWHG DERYH DV VHPV FDQ nGL GDJ QL UWDJ WX GH E]KLQ JVKHJV SDnL VQ\LQJ


SR FDQ \LQ

6HPDQWLFDOO\

WKHUH

LV

QR

GLIIHUHQFH

EHWZHHQ

@ @

KDYLQJ

WKH

HPEU\R

RI

E, RU FRQWDLQLQJ D WDWKJDWD DV DQ HPEU\R  D E,,  ,Q

ERWK FDVHV WKH HPEU\R VWLOO KDV WR GHYHORS LQWR D IXOOIOHGJHG WDWKJDWD D
WDWKJDWD 

QRWLRQ E\ QR PHDQV H[SUHVVHG LQ WKH ORWXV LPDJH 2QH PLJKW DUJXH WKDW WKH
VLWXDWLRQ LQ WKH XSDPH\D FDQQRW EH FRPSDUHG YHU\ VPRRWKO\ WR WKH XSDPQD

+RZHYHU WKH RWKHU SDUWV RI WKH ILUVW VLPLOH FOHDUO\ GHPRQVWUDWH WKDW LW LV QRW DQ
HPEU\RQLF VHHG RU VXFK WKDW LV FRQWDLQHG LQ OLYLQJ EHLQJV EXW D WDWKJDWD LWVHOI
)XUWKHU LI D SKLORORJLFDO DQDO\VLV OLNH WKDW SURYLGHG LQ @D DOORZV XV WR LQWHUSUHW

WKH FRPSRXQG LQ D VHQVH QRW FRQWUDGLFWRU\ WR WKH VHWWLQJ RI WKH PDWHULDO VSKHUH
WKHUH FDQ EH QR UHDVRQ WR DGRSW DQRWKHU DOWHUQDWLYH
5HJDUGLQJ WKH WKLUG WUDQVODWLRQ LQ E QDPHO\ WKDW RI ,,, oe KDYH WKH
WDWKJDWDFRUHp RU ,,, oe KDYH D WDWKJDWD DW WKHLU FRUHp ,,, LV VLPSO\ D
JUDPPDWLFDOO\ GLIIHUHQW UHQGHULQJ RI WKH WUDQVODWLRQ JLYHQ LQ D o KDYH D
WDWKJDWD DV WKHLU QDWXUHp ,I ZH IROORZ ,,, WKH DOWHUQDWLYH WKDW LQWURGXFHV
WKH WDWKJDWDFRUH DV D VHSDUDWH HOHPHQW ZH UHDFK D PRUH DEVWUDFW IRUPXODWLRQ
RI WKH VDPH EDVLF WKRXJKW PRUH RU OHVV GLVHQJDJHG IURP WKH FRQFUHWHQHVV RI
WKH PDWHULDO VSKHUH 7KLV UHQGHULQJ PDQLIHVWV D VWURQJHU PRQLVWLF LQFOLQDWLRQ





$Q DQDO\VLV RI WKLV DOWHUQDWLYH KDV EHHQ GLVFXVVHG LQ WKH SUHFHGLQJ QRWH

)RU WKH LQFOXVLRQ RI WKH SDUWLFOH .,3 VHH EHORZ

3URI 6H\IRUW 5XHJJ LQ D SHUVRQDO FRPPXQLFDWLRQ ZDUQV WKDW WR DVVRFLDWH WKH ZRUG

oHPEU\Rp ZLWK WKH ULSHQLQJ SURFHVV DKHDG FRXOG OHQG LWVHOI WR PLVXQGHUVWDQGLQJ ,I , LQWHUSUHW KLP
FRUUHFWO\ KH LV LPSO\LQJ WKDW WKH WHUP oHPEU\Rp JDUEKD LQ ,QGLD DW WKDW WLPH SULPDULO\ GHQRWHG D
QXFOHXV RU FRUH HPEHGGHG LQ VRPH VKLHOGLQJ HQYLURQPHQW UDWKHU WKDQ D VWLOO FRPSOHWHO\ PRWKHU
GHSHQGHQW EHLQJ XQGHUJRLQJ IXUWKHU JURZWK , DJUHH ZLWK KLP LQVRIDU DV WKH WHUP

JDUEKD

LQ LWV

PHDQLQJ oHPEU\Rp PLJKW FHUWDLQO\ KDYH HYRNHG GLIIHUHQW DVVRFLDWLRQV DFFRUGLQJ WR WKH ILHOG LQ

ZKLFK LW ZDV DSSOLHG DQDWRP\ JHQHDORJ\ HWF +RZHYHU , GR QRW WKLQN WKDW WKH JHQHUDO
UHDGHUVKLS RI WKH VWUD EH LW LQ DQFLHQW ,QGLD RU LQ WKH PRGHUQ ZRUOG ZRXOG H[FOXGH WKH QRWLRQ RI
ULSHQLQJ LQ FRQQHFWLRQ ZLWK WKH WHUP oHPEU\Rp



VLQFH LW PD\ EH VXSSRVHG WKDW WKHUH LV RQO\ RQH VXFK EXGGKDQDWXUH ,Q FRQWUDVW
WR WKLV WKH SKLORVRSKLFDOO\ VRPHZKDW FOXPV\ UHQGHULQJ RI ,,, KDV WR D
JUHDWHU GHJUHH UHPDLQHG WUXH WR WKH LPDJHU\ RI D PXOWLSOLFLW\ RI EXGGKDV VLWWLQJ
HDFK LQ KLV RZQ FDO\[
F $ ILQDO WKHRUHWLFDOO\ SRVVLEOH LQWHUSUHWDWLRQ LV WKDW RI

WDWKJDWDJDUEKD LQ WKH

7KH
FRPSRXQG ZRXOG WKHQ UHIHU WR OLYLQJ EHLQJV WKHPVHOYHV DV oERUQ IURP D
WDWKJDWDWKH 7DWKJDWDp :KHUHDV WKH VLPLOH RI WKH FDNUDYDUWLQ LQ WKH SRRU


VHQVH RI oKDYLQJ D WDWKJDWD DV D ZRPEp WKDW LV oERUQ IURP D WDWKJDWDp

ZRPDQ LV EDVHG RQ WKH ELRORJLFDO PHWDSKRU RI DQ HPEU\R IRXQG LQ WKH ZRPE

QRQH RI WKH RWKHU VLPLOHV LQYROYHV VXFK D FRQWH[W 1RU LV WKH
EH

ERUQ

IURP

WDWKJDWD

7KH

LQWHUSUHWDWLRQ

7DWKJDWDp ZRXOG WKXV YLRODWH WKH WKUXVW RI WKH

oERUQ

FDNUDYDUWLQ

IURP

XSDPQDV

VDLG WR

WDWKJDWDWKH

DQG VR FDQQRW EH

7*6

DSSOLHG LQ WKH

7KH DERYH DQDO\VLV KDV UHYHDOHG WKDW LQ OLJKW RI WKH XSDPQD WKH JUDPPDWLFDOO\
DGHTXDWH LQWHUSUHWDWLRQ VHUYLQJ DV WKH EDVLF RQH RI WKH FRPSRXQG
LV WKDW RI D

EDKXYUKL

WDWKJDWDJDUEKD

PHDQLQJ oFRQWDLQLQJ D WDWKJDWDp +RZHYHU LW ZRXOG EH

ZURQJ WR DVVXPH WKDW WKH WHUP

WDWKJDWDJDUEKD

RQFH WKH FRQWH[W RI WKH ILUVW

VLPLOH LV OHIW EHKLQG ZRXOG EH UHVWULFWHG LQ WKH PLQGV RI UHDGHUV WR VXFK D FOHDUFXW
GHILQLWLRQ +DYLQJ UHDG WKH RWKHU HLJKW VLPLOHV DPRQJ WKHP WZR HPSOR\LQJ WKH
LPDJH RI D VHHG DQG DQ HPEU\R WKH WHUP
DXWRPDWLFDOO\

DFTXLUH

JUHDWHU

JDUEKD

SURPLQHQFH

DQG

LQ LWV PHDQLQJ oHPEU\Rp ZRXOG

SRVVLEO\

RYHUVKDGRZ

LQWHUSUHWDWLRQ EDVHG RQ WKH ORWXV LPDJHU\ 7KH ULFKQHVV RI WKH WHUP

WKH

ILUVW

JDUEKD ZKLFK

PHDQV oFRQWDLQLQJp oERUQ IURPp oHPEU\Rp oHPEUDFLQJFRQFHDOLQJ ZRPEp

oFDO\[p

oFKLOGp

oPHPEHU

RI

FODQp

DQG

HYHQ oFRUHp

ZRXOG

IURP

WKH

YHU\

EHJLQQLQJ WHQG WR NHHS LWV VHPDQWLF UDQJH IURP EHLQJ UHGXFHG WR D VLQJOH ZRUG
7R

MXGJH

E\

WKH

LQWURGXFWLRQ RI WKH WHUP

WH[WXDO

KLVWRU\

WDWKJDWDJDUEKD

RI

WKH

7*6

RQ

WKH

RWKHU

KDQG

WKH

ZLWK WKH oQHZ ORWXV VLPLOHp $ WRRN

SODFH DIWHU DOO WKH RWKHU VLPLOHV KDG DOUHDG\ EHHQ FRPSRVHG :H PD\ WKXV DVVXPH
WKDW WKH DXWKRU RI WKLV VLPLOH FKRVH WKDW WHUP EHFDXVH LW FRYHUHG WKH ZKROH YDULHW\



RI WKHPHV LOOXVWUDWHG LQ WKH VLPLOHV

SDGPDJDUEKD D WHUP H[SUHVVLQJ D

FRPSRXQG SDGPDJDUEKD LWVHOI LV DOVR

$W WKH VDPH WLPH JDUEKD LV DOVR SDUW RI

FHQWUDO LPDJH LQ WKH LQWURGXFWLRQ 7KH
ZHOO NQRZQ DV D GHVLJQDWLRQ IRU WKH JRG

%UDKPDQ ZKR LV VDLG WR EH oERUQ IURP D ORWXVp SDGPDJDUEKD DV EDKXYUKL 7KLV

PD\ KDYH EHHQ DQRWKHU KLJKO\ YHQHUDEOH DVVRFLDWLRQ IRU VRPHRQH UHDGLQJ LQ WKH
VWUD RI D WDWKJDWD VHDWHG LQ D SDGPDJDUEKD $V DWWHVWHG E\ WKH SUHYDLOLQJ XVH RI
WKH ZRUG WDWKJDWDJDUEKD LQ RWKHU ZULWLQJV DQG LQ WKH 5DWQDJRWUDYLEKJD
Y\NK\ LWVHOI DV D WDWSXUXuD FRPSRXQG WKH oHPEU\R RI D WDWKJDWDp DV D VHSDUDWH

HQWLW\ D WHQGHQF\ WRZDUGV D JUDPPDWLFDOO\ QRQDGMHFWLYDO XVH RI WKH WHUP ZDV

LQKHUHQW IURP HDUOLHVW WLPHV 7KH WLWOH RI WKH VWUD IXUWKHU VWLPXODWHG VXFK DQ
LQGHSHQGHQW

XQGHUVWDQGLQJ

DQG

ZLWK

WKH

DSSHDUDQFH

RI

WKH

FRQFHSW

RI

EXGGKDGKWX LQ WKH 0DK\QLVW 0DKSDULQLUYDVWUD DV PRUH RU OHVV D V\QRQ\P

IRU WDWKJDWDJDUEKD WKH WHPSWDWLRQ WR LQWHUSUHW WKLV ODWWHU DV D WDWSXUXuD SUREDEO\
SURYHG LUUHVLVWLEOH ,Q WKH 7*6 WKLV LV GRFXPHQWHG E\ DW OHDVW WKUHH RI WKH IRXU
WUDQVODWLRQV LQWR &KLQHVH DQG 7LEHWDQ ZKHUH WKH FRPSRXQG LV UHJXODUO\ UHQGHUHG




6HH 6H\IRUW 5XHJJ   Q 

7KH YRFDEOH GKWX WRR KDV D ZLGH

UDQJH RI PHDQLQJV WKH PRVW QRWDEOH EHLQJ oSULPLWLYH

PDWWHU FRQVWLWXHQW SDUW RI WKH ERG\ PLQHUDO UHOLFVp



DV D VHSDUDWH HQWLW\ IRXQG LQ OLYLQJ EHLQJV LQ WKH VHQVH RI oVWRUH RI D WDWKJDWDp RU


oHVVHQFH RI D WDWKJDWDp

 7KH 7H[WXDO 2FFXUUHQFHV RI WKH 7HUPV VCVJICVCICTDJC ,3/ ICTDJC

%HVLGHV WKH WLWOH RI WKH VWUD LWVHOI WKH WHUP WDWKJDWDJDUEKD LV IRXQG LQ VHYHUDO
SDVVDJHV /HW XV LQ WKH IROORZLQJ VHH WR ZKDW H[WHQW WKH SDVVDJHV FRQWDLQLQJ WKH
ZKROH FRPSRXQG RU PHUHO\ WKH ZRUG JDUEKD ILW WKH LQWHUSUHWDWLRQV VXJJHVWHG
DERYH
 ,Q D VHULHV RI QHDUO\ LGHQWLFDO IRUPXODWLRQV WKH 7*6
OLYLQJ EHLQJV DUH

WDWKJDWDJDUEKD


0 $ %

UHSHDWV WKUHH WLPHV WKDW

7KH SDVVDJH LQ % LV FLWHG

LQ WKH 5DWQDJRWUDYLEKJDY\NK\ DQG WKXV ZH NQRZ WKH 6DQVNULW WH[W

VDGDLYDLWH VDWWYV WDWKJDWDJDUEK %WK UHQGHUV WKH FRPSRXQG DV GH E]KLQ
JVKHJV SDnL VQ\LQJ SR 7KH PDQXVFULSW WUDGLWLRQ LQ 7LE KRZHYHU REVHUYHV WZR
ZD\V RI UHQGHULQJ LW 2QH LV LGHQWLFDO ZLWK %WK $ VHFRQG VWUDQG DGGV WKH SDUWLFOH
FDQ DW WKH HQG RI WKH FRPSRXQG GH E]KLQ JVKHJV SDnL VQ\LQJ SR -+2 7KLV VHFRQG
VWUDQG LV UHSUHVHQWHG E\
q

%'-14 LQ 0

q E\ QR PV RU SULQW LQ $ DQG E\

q

'/673 LQ %

1RZ WKH ROG WUDQVODWLRQ %WK GRHV QRW KDYH WKH SDUWLFOH FDQ )URP WKLV DQG WKH
IDFW WKDW QR HGLWLRQ LQ $ DQG RQO\ VRPH PDQXVFULSWV DQG SULQWV LQ WKH RWKHU
SDVVDJHV WHVWLI\ WR WKH SDUWLFOH ZH FDQ EH IDLUO\ VXUH WKDW LW ZDV RQO\ LQVHUWHG
E\ 7LEHWDQ HGLWRUV DW VRPH ODWH UHYLVLRQDO VWDJH 7KH SDUWLFOH FDQ DV 6H\IRUW
5XHJJ SRLQWV RXW PD\ VHUYH WR LQGLFDWH WKDW WKH WUDQVODWHG FRPSRXQG ZDV
XQGHUVWRRG DV D EDKXYUKL


WUDQVPLVVLRQ

FRXOG

WULHG

WR

IDFW

WKDW

LW

LV

QRW

IRXQG

LQ

WKH

HDUOLHU

WKDW DW WKDW WLPH WKH UHQGHULQJ RI D EDKXYUKL

FDQ ZDV QRW \HW FRPPRQ SUDFWLFH LI HYHU LW ZDV RU WKDW

PHDQ

FRPSRXQG E\ PHDQV RI
WKH\

7KH

UHWDLQ

WKH

LQWHUSUHWDWLRQDO

DPELJXLW\

LQKHUHQW

LQ

WKH

6DQVNULW

FRPSRXQG E\ UHVRUWLQJ WR D ULJRURXVO\ OLWHUDO WUDQVODWLRQ WHFKQLTXH $ 7LEHWDQ

UHDGHU ZLWK D EDFNJURXQG LQ ,QGLDQ JUDPPDU ZRXOG SUREDEO\ EH DZDUH RI WKH
UDQJH RI SRVVLEOH LQWHUSUHWDWLRQV RI VXFK D FRPSRXQG LQ 7LEHWDQ )RU D OHVV

VHPV FDQ nGL GDJ QL

UWDJ WX GH E]KLQ JVKHJV SDnL VQ\LQJ SR \LQ ZRXOG OLNHO\ EH XQGHUVWRRG DV
o$OO WKHVH VHQWLHQW EHLQJV DUH DW DOO WLPHV WKH HVVHQFH RI WKH 7DWKJDWDp D
JUDPPDWLFDOO\ HGXFDWHG 7LEHWDQ KRZHYHU D VHQWHQFH OLNH

VWDWHPHQW ZKLFK GRHV QRW VHHP WR EH YHU\ SUHFLVH 7KLV GLVWXUELQJ IDFW PD\
KDYH EHHQ WKH UHDVRQ ZK\ ODWHU UHGDFWRUV RI

7LE GHFLGHG WR DGG WKH SDUWLFOH FDQ

7KH\ IHOW LW QHFHVVDU\ WR GLIIHUHQWLDWH H[SOLFLWO\ EHWZHHQ OLYLQJ EHLQJV DQG WKH
HVVHQFH FRQWDLQHG LQ WKHP RU LQ WKH ZRUGV RI 6H\IRUW 5XHJJ WR SRLQW RXW WKH
GLIIHUHQFH EHWZHHQ

JXD oDWWULEXWHp DQG JXLQ oEHDUHU RI WKH DWWULEXWHp



)RU WKH 7LEHWDQ WUDQVODWLRQ IURP %DWKDQJ VHH EHORZ

7LE  VHPV FDQ nGL GDJ QL UWDJ WX GH E]KLQ JVKHJV SDnL VQ\LQJ SR FDQ \LQ 

6HH 6H\IRUW 5XHJJ  

)RU WKH SDUWLFOH .,3 LQ WKH FRQFHUQHG FRPSRXQG LQ WKH WH[WV RI WKH WDWKJDWDJDUEKD WKHRU\
VHH 6H\IRUW 5XHJJ  II 2Q S  6H\IRUW 5XHJJ DUJXHV WKDW WKH 7*6 LWVHOI GHQLHV WKH
LGHQWLILFDWLRQ RI OLYLQJ EHLQJV VDWWYD DV WDWKJDWDJDUEKD +H VXSSRVHV WKDW WKH WUHDVXUH LQ WKH


ILIWK VLPLOH LV FRPSDUHG WR WKH WDWKJDWDJDUEKD

FLWWDVYDEKYD

oOntre

propre de la Pensep

,3/ DUJXHV WKDW WKHUH WKH WUHDVXUH LV VDLG WR EH WKH

VDWWYD $ +RZHYHU , FDQQRW ILQG

UDWKHU WKDQ WKH



 9HUVH  FRQWDLQV WKH FRPSRXQG WDWKJDWDJDUEKD LQ SGD F

7LE

%WK

ML OWDU SDGPD VPDG SDU nRV J\XU SD 

FL OWDU SDG PR VPDG

SD GH QL

GHnL OR PD UQDV N\L  PD J\HV 

GH E]KLQ JVKHJV SDL( VQ\LQJ SR GH

GHnL PGDE PD VEXEV J\XU PD J\HV OD 

GH E]KLQ JVKHJV SDnL VQ\LQJ SR PD JRV WH 

PL nJDn OD ODV OKD \L PLJ JLV PWKRQJ

\DQJ QL


SDV nSKUXO
GUL PD
PD
JRV
VN\HV


PLJ PWKRQJ 

&K

IRU VS\DG

IRU EVN\HV

IRU PL

&K

3DUDOOHO YHUVH 5DWQDJRWUDYLEKJD ,

\DWK YLYDUPEXMDJDUEKDYHuLWD
WDWKJDWD GSWDVDKDVUDODNuDDP 
QDUD VDPNu\PDODGLY\DORFDQR
YLPRFD\HG DPEXMDSDWWUDNRwDWD 

3DUDOOHO YHUVH 5DWQDJRWUDYLEKJD ,

\DGYDW V\G YLMXJXSVLWD MDODUXKD VDPLMLWD GLY\DGN

WDGJDUEKDVWKLWDP DEK\XGNu\D VXJDWD SDWUL VDFKHGD\HW 
UJDGYHuDPDOGLNRwDQLYWD VDEXGGKDJDUEKD MDJDW
NUX\G DYDORN\D WDQQLYDUDD QLUKDQWL WDGYDQ PXQL 

$ WUDQVODWLRQ EDVHG RQ 7LE ZRXOG PRVW QDWXUDOO\ UXQ

,W LV DV LI >WKHUH LV@ D GLVJXVWLQJ ORWXV ZKRVH >XQVLJKWO\@ VKHDWK>OLNH@ SHWDOV DUH
QRW RSHQHG RXW \HW WKH WDWKJDWDJDUEKD LV XQSROOXWHG >E\ WKH SHWDOV@ DQG D
SHUVRQ ZLWK GLYLQH YLVLRQ ZLOO SHUFHLYH >LW@

7KH IDFW WKDW WKH WHUP WDWKJDWDJDUEKD FDQ KHUH KDUGO\ EH WDNHQ DV D EDKXYUKL
UHIHUULQJ WR OLYLQJ EHLQJV WKH XVDJH DWWHVWHG IRU 0 $ DQG % LV FDXVH IRU
VXUSULVH

DQG

VHWV

WKLV

YHUVH

RII

IURP

WKH

SURVH

VHFWLRQ

7KH

WHUP

WDWKJDWDJDUEKD LV QRW H[SHFWHG LQ WKH XSDPQD LW FOHDUO\ EHLQJ DQ HOHPHQW RI

GRHV 
 HPSOR\HG OXV RU
LQ WKH XSDPQD LQVWHDG RI VQ\LQJ SR 6NW JDUEKD WKHUH ZRXOG KDYH
EHHQ QR LUUHJXODULW\ +RZHYHU ERWK 7LEHWDQ YHUVLRQV UHDG VQ\LQJ SR
WKH XSDPH\D +DG WKH 7LEHWDQ YHUVLRQV DV &K

J]XJV

$ FOXH WR KRZ WKH SGD VKRXOG EH XQGHUVWRRG FDQ EH REWDLQHG E\ UHIHUHQFH

WR WKH SDUDOOHO YHUVHV LQ WKH 5DWQDJRWUDYLEKJD
WKH

WDWKJDWD

oHQFORVHG

LQ

LQ

WKH

WKH

XSDPQD

FDO\[

RI

 7KHUH LQ WKH ILUVW SGD RI ,

LV
D

GHVFULEHG
ORWXV

RI

DV

YLYDUPEXMDJDUEKDYHuLWD

XJO\

FRORUp

6LPLODUO\

LQ

5DWQDJRWUDYLEKJD , WKH VXJDWD LV VDLG WR EH IRXQG LQ oLWV  WKH ORWXVnV

FDO\[p WDGJDUEKDVWKLWD ,Q ERWK FDVHV WKH WHUP JDUEKD DSSHDUV DQG

GHVLJQDWHV FOHDUO\ WKH LQVLGH WKH FDO\[ RI WKH ORWXV ,I ZH LQWHUSUHW WKH
FRPSRXQG LQ 7*6  LQ WKLV ZD\ QDPHO\ ZLWK JDUEKD UHIHUULQJ WR WKH LQVLGH
RI WKH ORWXV ZH HQG XS ZLWK D UHDGLQJ SHUIHFWO\ LQ DFFRUGDQFH ZLWK WKH VLWXDWLRQ
DQ\ H[SOLFLW LGHQWLILFDWLRQ RI WKH WUHDVXUH ZLWK WKH WHUP WDWKJDWDJDUEKD $FFRUGLQJO\ DQG LQ OLJKW
RI WKH YHUVLRQ IURP %DWKDQJ P\ XQGHUVWDQGLQJ RI WKH SDVVDJH GLIIHUV IURP 6H\IRUW 5XHJJnV
WUDQVODWLRQ VHH WKH QRWH LQ P\ WUDQVODWLRQ )XUWKHU LQ % WKH ERGKL8,99;,8 DUH FRPSDUHG WR WKH
WUHDVXU\ RI WKH TXDOLWLHV RI D EXGGKD



GHVFULEHG LQ WKH SURVH EHIRUH o \HW

WKH LQVLGH >RI WKH ORWXV FRQWDLQLQJ D@

7KLV UHDGLQJ PDNHV LW YHU\ FOHDU

WKDW JDUEKD FDQ RQO\ EH WDNHQ DV WKH LQVLGH RI WKH IORZHU LQ FRQWUDVW WR WKH
VKHDWKOLNH SHWDOV PHQWLRQHG LQ WKH SGD EHIRUH ,Q WKH 7*6 WKHVH WHQG WR EH


WDWKJDWD LV XQSROOXWHG >E\ WKH SHWDOV@p

UHIHUUHG WR E\ WKH WHUP

NRwD

 $ WUDQVODWLRQ RI WKH FRPSRXQG WDWKJDWDJDUEKD DOVR DSSHDUV LQ DOO

PDQXVFULSWV DQG SULQWV RI 7LE LQ $ LQ DQ HQXPHUDWLRQ RI EXGGKDTXDOLWLHV VDLG


WR EH SUHVHQW LQ OLYLQJ EHLQJV 7KH RQO\ ZD\ RI LQWHUSUHWLQJ WKH FRPSRXQG

WKHUH LV DV D VHSDUDWH HQWLW\ IRXQG LQ OLYLQJ EHLQJV +RZHYHU D SDUDOOHO LQ %

%WK

DQG WKH &KLQHVH YHUVLRQV OHDGV RQH WR EHOLHYH WKDW WKH UHDGLQJ VKRXOG EH

WDWKJDWDLPC LQVWHDG RI JDUEKD

q )RU WKH SDUDOOHO ZLWK \H VKHV LQVWHDG RI VQ\LQJ SR LQ 7LE

q
q
q

VHH %I

%WK GH E]KLQ JVKHJV SDnL [GUJGU GDQJ  VWREV GDQJ  PL nMLJ SD GDQJ 
VDQJV UJ\DV N\L FKRV PD nGUHV SD PG]RG 

&K
&K




, KDYH DFFRUGLQJO\ FRQFOXGHG VHH WUDQVODWLRQ DQG QRWH WKDW WKH UHDGLQJ LQ WKH
6DQVNULW PXVW RULJLQDOO\ KDYH EHHQ WDWKJDWDLPC

 0XFK PRUH SUREOHPDWLF LV YHUVH  *LYHQ WKDW WKH FRQWHQW RI WKLV YHUVH
YDULHV ZLGHO\ LQ WKH GLIIHUHQW WUDQVODWLRQV LW ZRXOG VHHP LPSRVVLEOH WR GUDZ
FRQFOXVLRQV DERXW WKH RULJLQDO 6DQVNULW WH[W +RZHYHU WKH ORWXVHV KDYH
ZLWKGUDZQ IDU LQWR WKH EDFNJURXQG VR WKDW DQ LQWHUSUHWDWLRQ OLNH WKH RQH
VXJJHVWHG LQ P\ WUDQVODWLRQ ZLWK WDWKJDWDJDUEKD PHDQLQJ oHPEU\R RI D

WDWKJDWDp VHHPV DOO EXW XQDYRLGDEOH

7KH YHUVH KDV QR FRUUHVSRQGHQFH LQ WKH SURVH ZKLFK GHDOV ZLWK WKH PHULW
DWWDLQHG WKURXJK SURSDJDWLQJ WKH  7KH YHUVH SDUDOOHOV WR WKH SURVH FRPH WR
D QDWXUDO HQG LQ YHUVH  9HUVH  FDXVHV ZRQGHU RZLQJ WR LWV VXGGHQ
UHWXUQ WR D GRFWULQDO PHVVDJH DQG WKH RFFXUUHQFH RI
 ZKLFK LV UHIHUUHG
WR ZLWK WKH SURQRXQ  HYHQ WKRXJK LW KDV QRW EHHQ PHQWLRQHG EHIRUH :H
KDYH WKHUHIRUH JRRG UHDVRQ WR DVVXPH WKDW WKH YHUVH  LV D ODWHU
LQWHUSRODWLRQ LQWR WKH FRPPRQ DQFHVWRU RI  DQG 7*6 ,W FRXOG LQ IDFW EH D
7*6

GKDUPDW

nGL

7*6

FLWDWLRQ IURP DQRWKHU ZRUN ,I VR LW ZRXOG QRW FRPH DV D VXUSULVH WKDW RXU
FRPSRXQG WXUQV RXW WR EH D WDWSXUXuDsWKH SUHYDLOLQJ XVDJH LQ ODWHU WLPHV
7KH WHUP

JDUEKD DSSHDUV IUHTXHQWO\ LQ WKH WDWSXUXuD FRPSRXQG SDGPDJDUEKD DQG

DOVR DV D VLQJOH ZRUG GHVLJQDWLQJ WKH FDO\[ RI D ORWXV LQ WKH VHQVH RI LWV LQWHULRU

7KLV XVDJH LV DWWHVWHG LQ * + WZLFH , 0 $ DQG LI P\ DQDO\VLV DERYH LV
ULJKW DOVR LQ  DV SDUW RI WKH FRPSRXQG WDWKJDWDJDUEKD WDWSXUXuD VHH DERYH
,Q YHUVH  %WK WZLFH XVHV WKH WHUP VQ\LQJ SR RQFH WR GHVLJQDWH WKH
LQVLGH RI OLYLQJ EHLQJV DQG WKHQ WR UHIHU WR WKH ORWXV ZKRVH VQ\LQJ SR LV VDLG WR EH


$OWHUQDWLYHO\ WKH 6DQVNULW FRQVWUXFWLRQ PD\ KDYH EHHQ

WDWKJDWRWD

JDUEKD

RU VRPHWKLQJ VLPLODU GHSHQGLQJ RQ WKH PHWULFDO VWUXFWXUH JDUEKD IRU WKH

JDUEKH ,I ZH DVVXPH WKDW WKH YHUVHV ZHUH FRPSRVHG LQ %XGGKLVW +\EULG 6DQVNULW

DQXSDOLSWDWD

ORFDWLYH FDVH

ZH PLJKW HYHQ H[SHFW VLPSO\ WDWKJDWD JDUEKD 

ZLWK WD UHSODFLQJ D FODVVLFDO 6NW WD RU WD

/DWHU WUDQVODWRUV DOUHDG\ XVHG WR WKH FRPSRXQG WDWKJDWDJDUEKD ZRXOG WKHQ KDYH DXWRPDWLFDOO\
LQWHUSUHWHG WKH SKUDVHV DV D FRPSRXQG



7KH JUDPPDWLFDO UHODWLRQ EHWZHHQ WKH FRPSRXQG DQG WKH IROORZLQJ TXDOLWLHV LV QRW FOHDU

/ 6 DQG 7 SODFH D JHQLWLYH SDUWLFOH EHWZHHQ GH E]KLQ JVKHJV SDnL VQ\LQJ SR ,3/ VWREV
GDQJ  LQ DOO RWKHU WH[WV RI 7LE QR VXFK SDUWLFOH LV IRXQG
ZKHUHDV



6HH DOVR WKH QRWH LQ WKH WUDQVODWLRQ



GLVJXVWLQJ 7KH ZRUG IRU WKH LQVLGH RI OLYLQJ EHLQJV &K

 LQ

7LE LV GN\LO ,I WKH

GN\LO 7LE RU VQ\LQJ SR %WK ZDV LQ IDFW JDUEKD DV WKH UHQGHULQJ RI

5DWQDJRWUDYLEKJD VXJJHVWV VDEXGGKDICTDJC MDJDW
,
LW ZRXOG EH KDUG WR H[SODLQ ZK\ WKH WUDQVODWRUV RI 7LE UHIUDLQHG IURP D
UHQGHULQJ ZLWK VQ\LQJ SR IRU WKH oLQVLGHp RI OLYLQJ EHLQJV , WKXV WHQG WR DVVXPH
WKDW WKH 6DQVNULW KDG PDGK\D RU VRPHWKLQJ VLPLODU LQVWHDG
,Q WKH VHFRQG FDVH %WK VSHDNV RI WKH GLVJXVWLQJ FDO\[ VQ\LQJ SR ZKLFK
LV FRPSDUHG WR WKH FRYHULQJV RI GHILOHPHQWV LQ WKH XSDPH\D 7LE GRHV QRW KDYH WKH
WHUP VQ\LQJ SR DQG LQVWHDG HPSOR\V VEXEV VR DOVR &K
 D WHUP LQ 7LE
XVXDOO\ DVVRFLDWHG ZLWK WKH NOHwDV DQ HOHPHQW RI WKH XSDPH\D +RZHYHU LQ 
7LE DOVR FRPSDUHV WKH SHWDOV RI WKH ORWXV WR VKHDWKV GHnL PGDE PD 7,9,7 J\XU
6DQVNULW IRU

WKH SDVVDJH LQ WKH



JDUEKD

,Q YLHZ RI WKH PHDQLQJ oLQWHULRU RI VRPHWKLQJp RI

GLIIHUHQWLDWLRQ LQ YHUVH  EHWZHHQ

VQ\LQJ SR JDUEKD

DQG WKH FOHDU

DV WKH LQVLGH RI WKH FDO\[

RQ WKH RQH KDQG DQG WKH VKHDWKOLNH SHWDOV WKDW FRQVWLWXWH WKH HQFORVXUH RQ WKH

VQ\LQJ SR LQ WKLV FRQWH[W LV RGG LQ YHUVH  DERYH LW ZDV VDLG

VQ\LQJ SR RI WKH ORWXV UHPDLQV XQSROOXWHG 7R QRZ FDOO WKLV VDPH VQ\LQJ

RWKHU WKH XVH RI

WKDW WKH

SR GLVJXVWLQJ LV D FOHDU FRQWUDGLFWLRQ REYLRXVO\ QRW QRWLFHG E\ WKH WUDQVODWRUV RI

%WK 7KH WHUP VEXEV SUREDEO\ D UHQGHULQJ RI 6NW NRwD LV QRW IRXQG RQFH LQ %WK
7R GHQRWH WKH VKHDWKV RI

NOHwDV %WK

PG]RG

UHVRUWV WR

DQRWKHU WUDQVODWLRQ IRU

NRwD

2QH FDQ RQO\ ZRQGHU ZK\ LQ WKH FDVH RI WKH ORWXV VKHDWKV  SDGPDNRwD WKH
WUDQVODWRUV

RI

%WK

REYLRXVO\ XQILWWLQJ

UHIUDLQHG

IURP

WUDQVODWLRQ

ZLWK

PG]RG

DQG

DSSOLHG

WKH

VQ\LQJ SR

,Q % WKH SDVVDJH VEXEV N\L QDQJ QD UP[KPI RQT J\XU SD GH E]KLQ JVKHJV
SDnL FKRV Q\LG FRXOG EH LQWHUSUHWHG DV o WKH WUXH QDWXUH RI WKH WDWKJDWDV KDYLQJ

EHFRPH WKH 08803.0 LQVLGH WKH VKHDWKVp RU o WKDW WUXH QDWXUH RI D WDWKJDWD LQ
DQ HPEU\ROLNH VWDWHp VHH QRWH LQ WKH WUDQVODWLRQ 7KH FRPSRXQG VQ\LQJ SRU J\XU
,
SD SUREDEO\ UHQGHUV 6NW JDUEKDVWKD RU JDUEKDJDWD VLQFH %WK UHDGV  GEXV N\L
,
UP[KPI RQT GH E]KLQ JVKHJV SDnL FKRV Q\LG N\DQJ IPCUQ  > IRU GEXO@ $V DQ
DQDO\VLV

RI

FRPSRXQGV

0DKEKUDWDsLQ

RI

WKLV

+DUD 

IRUPsWKRXJK

 Q 

FKLHIO\

KDV SURYHG

UHVWULFWHG

JDUEKD

WR

EHDUV

WKH

LQ WKLV

FRPELQDWLRQ WKH PHDQLQJ oZRPEp DQG VKRXOG FRQVHTXHQWO\sLI SUREDEO\ DJDLQVW

WKH LQWHQWLRQ RI WKH WUDQVODWRUVsDOVR EH XQGHUVWRRG LQ WKLV ZD\ LQ RXU SDVVDJH o
WKH WUXH QDWXUH RI WKH WDWKJDWDV ZKR DUH LQ WKH ZRPEZKR DUH LQ WKH LQWHULRUZKR
DUH

ZLWKLQp

7KH

SDUDOOHO

YHUVH

LQ

WKH

SKDODWYDJDQWDUDJDWD VDEXGGKDEMNXUD

5DWQDJRWUDYLEKJD , UHDGV

JDWD DOVR UHIHUV WR WKH SODFH

7KHUH

DQG QRW WR WKH VWDWH LQ ZKLFK WKH VSURXW LV IRXQG IRU ZKLFK RQH ZRXOG H[SHFW D

PD\
KDYH EHHQ WKLQNLQJ WKDW VQ\LQJ SR GHVLJQDWHV KHUH WKH HPEU\RQLF HVVHQFH DQG QRW
WKH ZRPE %HVLGHV WKLV LQVWDQFH WKHUH LV QR RWKHU H[DPSOH RI VQ\LQJ SR GHQRWLQJ
WKH LQVLGH RU WKH ZRPE RI OLYLQJ EHLQJV LQ 7LE
,Q %WK WKH WHUP VQ\LQJ SR JQDV IRU SUREDEO\ JDUEKDVWKQD RU
JDUEKDYDVDWL oZRPEp DSSHDUV LQ  7KH HTXLYDOHQW LQ 7LE LV PQJDO JQDV
ZKLFK XVXDOO\ PHDQV oHPEU\Rp EXW ZKLFK , WDNH DV D OLWHUDO UHQGHULQJ RI WKH 6NW
FRPSRXQG 6HH WKH QRWH LQ P\ WUDQVODWLRQ IRU IXUWKHU DUJXPHQWV
,Q D SDVVDJH LQ % 7LE GHVLJQDWHV WKH LQWHULRU RI OLYLQJ EHLQJV ZLWK NKRQJ
ZKLOH %WK KDV VQ\LQJ SR )RUWXQDWHO\ WKLV SDVVDJH KDV EHHQ SUHVHUYHG LQ 6DQVNULW
IRUPXODWLRQ VXFK DV



+RZHYHU WKH WUDQVODWRUV RI

7LE

7KH FRPSRXQG VDEXGGKDJDUEKD LQ , LV D EDKXYUKL 7KH JUDPPDWLFDO VWUXFWXUH RI WKH

YHUVH LQ WKH



e JDUEKDWYD JDW

7*6 LV GLIIHUHQW

8QIRUWXQDWHO\ WKH FRUUHVSRQGLQJ ZRUG LV QRW UHDGDEOH LQ %WK



5DWQDJRWUDYLEKJDY\NK\ r ZKHUH ZH ILQG

ICTDJCJDWD 7KH UHDVRQ ZK\ 7LE SUHIHUV NKRQJ FRXOG EH D ZRUG SOD\ ZLWK NKRQJ
LQ WKH SDUW LPPHGLDWHO\ IROORZLQJ  MJQPI QD \RG N\DQJ VHPV FDQ GH GDJ JLV
LQ

TXRWDWLRQ

RI

WKH

MJQPI GX PD FKXG GR  2Q WKH

RWKHU KDQG LQ YLHZ RI WKH IDFW WKDW LQ FRQWUDVW WR

%WK 7LE DYRLGV VQ\LQJ SR DV WKH WHUP WR GHVLJQDWH WKH LQWHULRU RI OLYLQJ EHLQJV LQ

 DQG SRVVLEO\ DOVR  RQH FRXOG DUJXH WKDW WKH WUDQVODWRUV RI 7LE UHIUDLQHG
IURP XVLQJ WKH WHUP VQ\LQJ SR ZKHQ VSHDNLQJ DERXW WKH LQVLGH RI OLYLQJ EHLQJV DQG
UHVHUYHG LW IRU H[FOXVLYH XVH LQ WKH XSDPH\D LQ FDVHV ZKHUH WKH\ PHDQW LW WR LPSO\
oHVVHQFH HPEU\Rp DV LQ % 7KLV ZRXOG PHDQ WKDW WKH\ ZDQWHG WR HPSOR\ WKH

VQ\LQJ SR LQ RQO\ RQH PHDQLQJ LQ HDFK SDUW RI WKH VLPLOH namely lotus
LQ WKH XSDPQD DQG oHVVHQFH HPEU\Rp LQ WKH XSDPH\D ZKLOVW WKH
WUDQVODWRUV RI %WK VWXFN WR D ULJRURXVO\ OLWHUDO WUDQVODWLRQ PHFKDQLFDOO\ UHQGHULQJ
JDUEKD DV VQ\LQJ SR LQ DOO LQVWDQFHV
)LQDOO\ JDUEKD DSSHDUV DV D SDUW RI QDPHV 7KHUH DUH WZR ERGKLVDWWYD
QDPHV LQFOXGLQJ JDUEKD LQ (  lUJDUEKD 7LE G3DO J\L VQ\LQJ SR %WK G3DO
N\LV VQ\LQJ SR DQG  6U\DJDUEKD 7LE%WK 1\L PDnL VQ\LQJ SR 7KH QDPH RI

YRFDEOH
oFDO\[p

WKH SDYLOLRQ ZKHUH WKH %XGGKD LV VWD\LQJ LV JLYHQ DV o&DQGDQDJDUEKDp LQ WKH

FDQGDQDJDUEKDNJUD WVDQ GDQ J\L VQ\LQJ SRnL NKDQJ SD EUWVHJV

SD VHH P\ QRWH LQ % %RGKLVDWWYD QDPHV ZLWK JDUEKD DW WKH HQG RI D
FRPSRXQG DUH FRPPRQ LQ %XGGKLVW OLWHUDWXUH *DUEKD DV SDUW RI WKH SDYLOLRQnV

QDPH ZDV SUREDEO\ FKRVHQ RU DGGHG RZLQJ WR WKH FHQWUDO UROH RI WKH WHUP JDUEKD
LQ WKH GHVFULSWLRQ RI WKH LQWURGXFWRU\ VFHQH LQ WKH XSDPQD YL] SDGPDJDUEKD
DQG WKH XSDPH\D YL] WDWKJDWDJDUEKD
FRPSRXQG

 7KH %XGGKD1DWXUH 'RFWULQH LQ WKH $#

$V KDV EHFRPH FOHDU LQ WKH VXPPDU\ RI WKH VLPLOHV DERYH WKH GRFWULQH RI WKH 7*6
GHVFULEHV OLYLQJ EHLQJV DV EHDULQJ D IXOOIOHGJHG WDWKJDWD ZLWKLQ WKHPVHOYHV
7KRXJK WKLV LV WKH FDVH OLYLQJ EHLQJV DUH QRW \HW EXGGKDV VLQFH WKH\ DUH QRW
DZDUH RI WKHLU RZQ SUHFLRXV FRQWHQW WKH WDWKJDWDV ZLWKLQ EHLQJ FRYHUHG E\
VKHDWKV RI

NOHwDV

1HYHUWKHOHVV LW LV VWDWHG WKDW WKH QDWXUH RI OLYLQJ EHLQJV LV QRW

GLIIHUHQW IURP WKDW RI WKH %XGGKD DQG WKHVH OLYLQJ EHLQJV ZLOO EHFRPH EXGGKDV
WKHPVHOYHV RQFH WKH VKHDWKV RI GHILOHPHQWV KDYH EHHQ UHPRYHG ,Q WKH IROORZLQJ ,
VKDOO GHDO ZLWK WKUHH FUXFLDO TXHVWLRQV
q :KDW GR WKH WHUPV XVHG E\ WKH DXWKRUV WR GHVLJQDWH WKH EXGGKDQDWXUH RI
OLYLQJ EHLQJV LPSO\"
q +RZ FDQ WKH SURFHVV RI DWWDLQLQJ EXGGKDKRRG EH GHVFULEHG"
q :KDW DFWXDOO\ OHDGV WR WKDW UHDOL]DWLRQ RI EXGGKDKRRG"

 7KH %XGGKD1DWXUH

5HJDUGLQJ WKH ILUVW TXHU\ ZH QHHG WR ORRN DW WKH WHUPLQRORJ\ XWLOL]HG LQ WKH
XSDPH\DV ZKHQ UHIHUULQJ WR WKH EXGGKDQDWXUH RI OLYLQJ EHLQJV LQ WKH VWDWH RI QRW
\HW EHLQJ WDWKJDWDV ,Q WKH FKDUW EHORZ , VKDOO UHVWULFW P\VHOI WR WKH 7LEHWDQ



,Q

&K D WUDQVODWLRQ IRU JDUEKD LV PLVVLQJ



ZRUGLQJ DQG LWV LQIHUUHG 6DQVNULW HTXLYDOHQWV

0 GH E]KLQ JVKHJV SD
GH E]KLQ JVKHJV SDnL FKRV Q\LG
GH E]KLQ JVKHJV SDnL VQ\LQJ SR FDQ
$ GH E]KLQ JVKHJV SDnL VQ\LQJ SR
GH E]KLQ JVKHJV SD
% GH E]KLQ JVKHJV SDnL VQ\LQJ SR FDQ
GH E]KLQ JVKHJV SDnL \H VKHV

WDWKJDWD
WDWKJDWDGKDUPDW
WDWKJDWDJDUEKD oFRQWDLQLQJ D WDWKJDWDp
WDWKJDWDJDUEKD oFRQWDLQLQJ D WDWKJDWDp
WDWKJDWD
WDWKJDWDJDUEKD oFRQWDLQLQJ D WDWKJDWDp
WDWKJDWDMQD

UJ\DO ED UQDPV N\L OXV

UJ\DO EDnL OXV

MLQDN\D
MLQDN\D

VDQJV UJ\DV Q\LG

VDQJV UJ\DV Q\LG

EXGGKDWYDW
EXGGKDWYDW

&

$

%

GH E]KLQ JVKHJV SDnL \H VKHV PWKRQJ ED

WDWKJDWDMQDGDUwDQD

&

GH E]KLQ JVKHJV

WDWKJDWD

VDQJV UJ\DV

EXGGKD

GH E]KLQ JVKHJV SD Q\LG

VDQJV UJ\DV Q\LG

WDWKJDWDWYDW
EXGGKDWYDW

UDQJ E\XQJ Q\LG

VYD\DEKWYD

%

GH E]KLQ JVKHJV SD Q\LG

WDWKJDWDWYDW

VDQJV UJ\DV VD

QJD nGUDnL FKRV Q\LG

EXGGKDEKPL
PDWVDPDGKDUPDW

&

%

FKXG PL ]D EDnL FKRV FDQ

%WK LQVWHDG FKRV Q\LG PD UXQJ EDU

DYLQwDGKDUPLQ FS 5*9

DYLQwDGKDUPDW

G

PL nJ\XU ED
GH E]KLQ JVKHJV SDnL FKRV Q\LG FKXG

WDWKJDWDV\D

DYLQwDGKDUPDW

PL ]D ED
&

UDQJ E]KLQ

SUDNWL

GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL VWREV

GDQJ  PL nMLJV SD GDQJ  PD nGUHV
SD GDQJ  VDQJV UJ\DV N\L FKRV WKDPV
FDG N\L PG]RG N\L JWHU FKHQ SR
FKRV N\L JWHU FKHQ SR
% FKRV N\L JWHU FKHQ SR
FKRV N\L JWHU FKHQ SR
GH E]KLQ JVKHJV SDnL \H VKHV GDQJ 
VWREV GDQJ  PL nMLJV SD GDQJ  VDQJV
UJ\DV N\L FKRV PD nGUHV SDnL PG]RG
& JWHU FKHQ
EGH JVKHJV OXV
QJD > VDQJV UJ\DV@ \L \H VKHV PG]RG
JWHU
% VQ\LQJ SRU J\XU SD GH E]KLQ JVKHJV
SDnL FKRV Q\LG
GH E]KLQ JVKHJV SDnL \H VKHV
& EGH JVKHJV OXV
% GH E]KLQ JVKHJV SDnL OXV
GH E]KLQ JVKHJV SDnL \H VKHV PWKRQJ ED
& UJ\DO EDnL VNX
$



WDWKJDWDJDUEKDEDODYDLwUDG\YHLND
EXGGKDGKDUPDNRwDPDKQLGKL
PDKGKDUPDQLGKL
PDKGKDUPDQLGKL
PDKGKDUPDQLGKL
WDWKJDWDMQDEDODYDLwUDG\YHLND
EXGGKDGKDUPDNRwD

PDKQLGKL
VXJDWDN\D
PDM> EXGGKD@MQDNRwD
QLGKL
JDUEKDJDWVWK WDWKJDWDGKDUPDW
o ZKLFK LV LQ WKH ZRPEp VHH Q LQ WUDQVO
WDWKJDWDMQD
VXJDWDN\D
WDWKJDWDN\D
WDWKJDWDMQDGDUwDQD
MLQDN\D

)RU WKH &KLQHVH HTXLYDOHQWV VHH 7DNDVDNL  r



UJ\DO ED

MLQD

EGH EDU JVKHJV N\L \H VKHV

VXJDWDMQD

%

GH E]KLQ JVKHJV SDnL ULJV

%WK GH E]KLQ JVKHJV SDnL
NKDV &K

WDWKJDWDJRWUD
WDWKJDWDGKWX

EXW

EXW TXRWHG LQ

5*99

DV

GH E]KLQ JVKHJV SD

& FKRV Q\LG
FKRV Q\LG
% VDQJV UJ\DV N\L FKRV
]DJ SD PHG SDnL \H VKHV ULQ SR FKH
GH E]KLQ JVKHJV SD

WDWKJDWD
GKDUPDW
GKDUPDW
EXGGKDGKDUP
DQVUDYDMQDUDWQD
WDWKJDWD

GH E]KLQ JVKHJV SDnL \H VKHV ULQ SR FKH

& VDQJV UJ\DV \H VKHV

WDWKJDWDMQDUDWQD
EXGGKDMQD

UJ\DO VUDV

MLQDSXWUD

VWREV EFX

GDwD EDOQL

7KH FKDUW VKRZV WKDW LQ RQH WKLUG RI DOO FDVHV WKH EXGGKDQDWXUH LV UHIHUUHG WR E\
WKH WHUP EXGGKD WDWKJDWD MLQD MLQDN\D VXJDWDN\D HWF WKH GHQRWDWXP RI
ZKLFK LV VDLG WR EH IRXQG ZLWKLQ OLYLQJ EHLQJV ,W LV VXUSULVLQJ WR VHH WKDW WKH
XSDPH\DV SURSRXQG WKH LGHD RI EXGGKDV VHDWHG ZLWKLQ OLYLQJ EHLQJV 7R GHVFULEH
WKH EXGGKDQDWXUH LQ WHUPV RI D WDWKJDWD ZLWKLQ LV WR KDYH UHFRXUVH WR MXVW DQRWKHU
PHWDSKRU D NLQG RI XSDPQD $SSDUHQWO\ WKH DXWKRUV RI WKH VWUD ZHUH WU\LQJ
HYHQ DIWHU WKH SUHVHQWDWLRQ RI WKH XSDPQD WR H[SUHVV WKHLU LGHD LQ ZRUGV WKDW
ZHUH HDV\ WR XQGHUVWDQG 7KH\ ZDQWHG WKHLU UHDGHUV WR KDYH D YHU\ FRQFUHWH QRWLRQ
RI WKH EXGGKDQDWXUH RQH HDV\ WR JUDVS DQG GLIILFXOW WR IRUJHW 7KHLU FKRLFH RI
ILJXUDWLRQ VKHGV OLJKW RQ WKH JHQHUDO SUREOHP RI WHDFKLQJ DQ DEVWUDFW LGHD VXFK DV
WKH FRQFHSW RI WKH EXGGKDQDWXUH WR D EURDGHU DXGLHQFH RI QRQVSHFLDOLVWV LQ WKH
ILHOG RI %XGGKLVW DEKLGKDUPD )RU VXFK UHDGHUV LW ZRXOG EH KDUG WR DVVRFLDWH WKH
LGHDV RI

EXGGKDWYD

RU RI

WDWKJDWDGKDUPDW ZLWK WKHPVHOYHV 7KH YHQHUDWLRQ RI

7*6 DV WKH VHYHQWK VLPLOH GHPRQVWUDWHV QRW

EXGGKD VWDWXHV ZDV DW WKH WLPH RI WKH

XQNQRZQ WR %XGGKLVW IROORZHUV DQG PD\ HYHQ KDYH IHDWXUHG VLJQLILFDQWO\ LQ WKHLU

7R KDYH VXFK D oVWDWXHp ZLWKLQ RQHVHOI DQG WR NQRZ LW WR EH

SUHVHQW LQ DOO RWKHU EHLQJV FRXOG RQO\ LQFUHDVH UHVSHFW DQG DSSUHFLDWLRQ WRZDUGV
RWKHUV DQG WRZDUGV RQHVHOI 7KDW WKH EXGGKDQDWXUH RI OLYLQJ EHLQJV VKRXOG EH
H[SUHVVHG E\ WKH LPDJH RI D EXGGKD VHDWHG ZLWKLQ VHHPV WR EH D UDWKHU XQLTXH
FRQFHSWLRQ RQH VKRZLQJ WKDW WKH DXWKRUV RI WKH 7*6 ZHUH QRW LQWHUHVWHG LQ


UHOLJLRXV SUDFWLFH

SUHVHQWLQJ D GHILQLWLRQ RI WKH EXGGKDQDWXUH LQ SKLORVRSKLFDOO\ DEVWUDFW WHUPV 7KH

/DNYDWUDVWUD  DQG


WKH YHUVHV RI WKH

5DWQDJRWUDYLEKJD

WKDW IUHHO\ UHQGHU

$OVR LQWLPDWHO\ ERXQG XS ZLWK WKH LGHD RI D EXGGKD ZLWKLQ OLYLQJ EHLQJV PD\ EH WKH SUDFWLFH

RI EXGGKD YLVXDOL]DWLRQ EXGGKQXVPWL 7HFKQLTXHV RI WKLV NLQG DUH GHVFULEHG LQ HDUO\ 0DK\QD
VRXUFHV PRVW HPLQHQW DPRQJ WKHP WKH
ZKR VWDQGV IDFHWRIDFH

!7,$ WKH o6WUD RI WKH &RQFHQWUDWLRQ RI >WKH ERGKLVDWWYD@

ZLWK WKH %XGGKDV RI WKH SUHVHQWp +DUULVRQ E L[ D WH[W DOUHDG\

E 7KH TXHVWLRQ

LI DQG KRZ WKH LGHDV DVVRFLDWHG ZLWK EXGGKQXVPWL DUH UHODWHG ZLWK WKH JHQHVLV RI WKH
WUDQVODWHG LQWR &KLQHVH E\ WKH VHFRQG FHQWXU\ &( VHH +DUULVRQ D  

WDWKJDWDJDUEKD WHDFKLQJ LV FRPSOH[ DQG FDQQRW EH GHDOW ZLWK KHUH



6HH /$6 II WKRXJK WKHUH

WDWKJDWDJDUEKD LV QRW D EDKXYUKL  VD 

WDWKJDWD

JDUEKR  GYWULwDOODNuDDGKDUD VDUYDVDWWYDGHKQWDUJDWR PDKUGKDPO\DUDWQDPDOLQD



YDVWUD SDULYHuLWDP LYD  > UHDG YDVWUD IRU YDVWX@ o WKDW >WDWKJDWDJDUEKD@ EHDULQJ WKH 

PDUNV >RI D *UHDW %HLQJ DQG@ H[LVWLQJ LQVLGH WKH ERGLHV RI DOO OLYLQJ EHLQJV OLNH D MHZHO RI JUHDW

YDOXH DQG SULFH WKDW LV HQZUDSSHG LQ D GLUW\ JDUPHQWep 7KH SDVVDJH FOHDUO\ UHVHPEOHV SDVVDJHV
RI WKH 7*6 VHH DOVR WKH GHVFULSWLRQ RI &K LQ *



SDUWV RI WKH 7*6 DUH WKH RQO\ SRVVLEOH RWKHU VRXUFHV WKDW EHWUD\ NQRZOHGJH RI VXFK

D FRQFUHWH FRQFHSWLRQ ,Q RWKHU WH[WV PRUH DEVWUDFW WHUPV EHFDPH SUHHPLQHQW

ZKLOH DW WKH VDPH WLPH WKH WHUP WDWKJDWDJDUEKD

ZDV LQWHUSUHWHG LQ D OHVV FRQFUHWH

IDVKLRQ
1RZ ZKHQ OLYLQJ EHLQJV ODWHU EHFRPH EXGGKDV WKH\ WXUQ LQWR ZKDW WKH\
DOUHDG\ FDUU\ ZLWKLQ WKHPVHOYHV LQ PLQLDWXUH 7KLV LV GLIIHUHQW IURP WKH LGHD WKDW
WKH\ KDYH
RU RWKHU W\SLFDO TXDOLWLHV RI D EXGGKD ZKLFK RQFH
SXULILHG ZLOO DOORZ WKHP WR DFW DV EXGGKDV ,Q WKLV ODWWHU FDVH LW LV DQ
FRPPRQ WR OLYLQJ EHLQJV WKDW KDV WR EH VXEPLWWHG WR D SURFHVV RI SXULILFDWLRQ LQ
RUGHU IRU WKRVH EHLQJV WR EHFRPH D EXGGKD 7KH IRUPHU FDVH KDV WR GR ZLWK WKH
SXULILFDWLRQ RI WKH EXGGKD ZLWKLQ IURP WKH VKHDWKV VXUURXQGLQJ KLP KH KLPVHOI
EHLQJ HTXLSSHG ZLWK
DQG WKH RWKHU TXDOLWLHV FS 0 ZKLFK ZLOO
DOORZ OLYLQJ EHLQJV WR WXUQ LQWR EXGGKDV WKDW LV KH LV QRW DQ DWWULEXWH EXW WKDW LQWR
ZKLFK OLYLQJ EHLQJV ZLOO WXUQ 7KH VWUD GRHV QRW VSHFLI\ H[DFWO\ KRZ WKLV SURFHVV
LV WR EH LPDJLQHG GRHV WKH VDWWYD PHUJH LQWR WKH DFWXDOL]HG VWDWH RI WKH SXULILHG
WDWKJDWDMQD

DWWULEXWH

WDWKJDWDMQD

WDWKJDWD ZLWKLQ LQ D SURFHVV RI LGHQWLILFDWLRQ VR WR VSHDN ZLWK ZKDW LV ZLWKLQ RU

GRHV WKH OLEHUDWHG WDWKJDWD ZLWKLQ VLPSO\ HQDEOH WKH VDWWYD WR DFW ZLWK WKH PLQG RI
D WDWKJDWD DV ILJXUDWLYHO\ D EXGGKD QRZ EHDULQJ D SXULILHG WDWKJDWD ZLWKLQ"
7KLV TXHVWLRQ REYLRXVO\ GLG QRW LQWHUHVW WKH DXWKRUV RI WKH 7*6 DQG VR WKH\ GR QRW
RIIHU XV DQ\ EDVLV IRU DUULYLQJ DW D FRQFOXVLRQ ,W LV SRVVLEOH WKDW WKH\ DGRSWHG WKH
LGHD RI EXGGKDV ZLWKLQ OLYLQJ EHLQJV EHFDXVH RI LWV KLJK GHJUHH RI LPPHGLDWH
YLVXDOL]DWLRQ ZLWKRXW KHVLWDWLQJ DW RU HYHQ EHLQJ DZDUH RI WKH VRPHZKDW LUULWDWLQJ
FRQVHTXHQFHV IRU D OXFLG SKLORVRSKLFDO LQWHUSUHWDWLRQ RI WKH XSDPH\D
7KH 7*6 DOVR VSHDNV RI EXGGKDKRRG EXGGKDWYD HWF LQ OLYLQJ EHLQJV
W

,Q FRQWUDVW WR WKH VXEVWDQWLDOLVW LGHD RI D EXGGKDERG\ GLVFXVVHG MXVW QRZ

oEXGGKDKRRGp GHVLJQDWHV D VWDWH VDLG WR EH IRXQG LQ OLYLQJ EHLQJV FRYHUHG E\
GHILOHPHQWV +HUH WKH DXWKRUV UHVRUW WR DEVWUDFW WHUPV DGGLQJ WKH DEVWUDFW VXIIL[
WYD RU W WR WKH ZRUGV EXGGKD DQG WDWKJDWD :KHQ WKH VWUD GHFODUHV WKDW WKLV
VWDWH RI EHLQJ D WDWKJDWD LV ZUDSSHG LQ VKHDWKV RI GHILOHPHQWV ZH DUH UHPLQGHG RI
WKH FRQFUHWH WHUPLQRORJ\ RI WKH XSDPQD DV LI EXGGKDWYD ZDV DQ HQWLW\
FRPSDUDEOH WR WKH EXGGKDV VHDWHG LQ OLYLQJ EHLQJV , DVVXPH WKDW WKH DXWKRUV
FDSWLYDWHG E\ WKH LPDJHU\ RI WKH XSDPQD VHW VWRUH E\ WKH WHUPLQRORJ\ RI
oFRYHULQJp DQG oZUDSSLQJp DQG WKXV GHFLGHG WR DSSO\ LW PHWDSKRULFDOO\ HYHQ WR
WKH WHUP oEXGGKDKRRGp %XW ZKHUHDV WKH ILJXUH RI EXGGKDV ZUDSSHG LQ WKH
GHILOHPHQWV RI OLYLQJ EHLQJV ZDV D ILWWLQJ RQH LW LV RGG WR GHVFULEH EXGGKDKRRG LQ
VXFK WHUPV $W EHVW ZH FDQ WKLQN RI WKH VLQJOH TXDOLWLHV RI EXGGKDKRRG RU WKH
WDWKJDWDMQD VHH EHORZ DV EHLQJ YHLOHG EXW WKLV , WKLQN ZDV QRW WKH LQWHQWLRQ
RI WKH DXWKRUV
:KDW RXU DXWKRUV VHHP WR EH JHWWLQJ DW UDWKHU LV WKH QRWLRQ WKDW
EXGGKDKRRG LV VRPHKRZ DOUHDG\ SUHVHQW ZLWKLQ OLYLQJ EHLQJV EXW QRW \HW
HIILFDFLRXV 7KH\ WU\ WR VWDWH WKLV EHOLHI LQ WHUPV H[SUHVVLYH RI DZDNHQLQJ DPRQJ
WKHP DEVWUDFW RQHV VXFK DV EXGGKDKRRG VYD\DEKWYD % SUDNWL & DQG

EXGGKDEKPL

& QRW IHHOLQJ LW QHFHVVDU\sRU SRVVLEO\ QRW NQRZLQJ D JRRG

UHDGLO\ XQGHUVWDQGDEOH ZD\sWR H[SUHVV WKH UHODWLRQ EHWZHHQ WKH XQDZDNHQHG DQG
DZDNHQHG VWDWH RI EHLQJ LQ OHVV PHWDSKRULFDO WHUPV
$PRQJ WKH HOHPHQWV VDLG WR EH ZUDSSHG LQ GHILOHPHQWV ZH IUHTXHQWO\



HQFRXQWHU WDWKJDWDMQD RU EXGGKDT HWF DQG WDWKJDWDMQDGDUwDQD %RWK DUH

FRPPRQ WHUPV DQG GHVLJQDWH WKH VSHFLILF NQRZOHGJH ZKLFK WUDGLWLRQDOO\ FRQIHUV
XSRQ D WDWKJDWD KLV H[WUDRUGLQDU\ VWDWXV ,Q WKH VLPLOH RI WKH 7DWKJDWRWSDWWL

VDEKDYDQLUGHwD 7861 ZKLFK PD\ KDYH EHHQ WKH SURWRW\SH IRU WKH DXWKRUV RI

WKH 7*6 WKH PDLQ HOHPHQW LV WDWKJDWDMQD ,W LV VDLG WR SHUYDGH DOO OLYLQJ EHLQJV
7KH GHVWUXFWLRQ RI ZURQJ FRQFHSWLRQV KDUERUHG E\ OLYLQJ EHLQJV ZRXOG PDNH WKHP
DZDUH RI WKH IDFW WKDW WKH\ DUH SHQHWUDWHG E\ WDWKJDWDMQD DQG OHDG WKHP WR D
VWDWH RI HTXDOLW\ ZLWK WKH WDWKJDWDV
+RZHYHU WKH VLPLOH LQ WKH 7DWKJDWRWSDWWLVDEKDYDQLUGHwD GLIIHUV IURP
WKH 7*6 LQ RQH LPSRUWDQW SRLQW WDWKJDWDMQD LQ WKH 7DWKJDWRWSDWWLVDEKDYD
QLUGHwD LV QRW SULPDULO\ SHUFHLYHG RI DV D VHSDUDWH HOHPHQW IRXQG ZLWKLQ OLYLQJ
EHLQJV 7KH VHW RI VLPLOHV LQ WKH 7DWKJDWRWSDWWLVDEKDYDQLUGHwD RI ZKLFK WKH
RQH GLVFXVVHG KHUH LV SDUW LV LQWURGXFHG ZLWK DQ DQDORJ\ EHWZHHQ HWKHU DQG
WDWKJDWDMQD 7861 6 DrE QDPHO\ WKDW WDWKJDWDMQD MXVW OLNH HWKHU LV
WKH UHVWLQJ SODFH RI DOO WKLQJV EXW LWVHOI GRHV QRW UHVW DQ\ZKHUH 7KRXJK QRW HQWLUHO\
FOHDU WKH IROORZLQJ VLPLOH LQ WKH 7DWKJDWRWSDWWLVDEKDYDQLUGHwD SUHVHQWV
WDWKJDWDMQD DV DQ DOOSHUYDVLYH HOHPHQW ZKLFK ZKHQ OLYLQJ EHLQJV EHFRPH
DZDUH RI LWV SUHVHQFH DQG ZKHQ WKH IHWWHUV RI WKH PLQG DUH UHPRYHG FRQVWLWXWHV
EXGGKDKRRG

7KH GHVFULSWLRQV LQ WKH 7*6 RQ WKH RWKHU KDQG VXJJHVW WKDW WDWKJDWDMQD

LV D VHSDUDWH HOHPHQW DELGLQJ VWHDGLO\ ZLWKLQ OLYLQJ EHLQJV ,I VR LW ZRXOG EH

SRVVLEOH WR DSSO\ WR LW WKH PHWDSKRU RI WKH VKHDWKV RI GHILOHPHQWV 2I FRXUVH RQH

KDG WR WDNH WKLV PRUH LQGLYLGXDOL]HG IRUP LQ

WKH 7*6 EHFDXVH WKH VSHFLILF PHWDSKRU LQ WKH ODWWHU GLG QRW DOORZ URRP IRU WKH LGHD
RI D VLQJOH WDWKJDWDMQD WKDW SHUYDGHV DOO OLYLQJ EHLQJVn PLQGV OLNH HWKHU DV
VHHPV WR EH WKH FDVH LQ WKH 7DWKJDWRWSDWWLVDEKDYDQLUGHwD ,Q WKH 5DWQDJRWUD
YLEKJDY\NK\ WKH VLJQLILFDQFH RI WKH WHUPV WDWKJDWDMQD DQG EXGGKDMQD LV
DOO EXW QHJOLJLEOH 7DWKJDWDMQD DSSHDUV RQO\ RQFH EHVLGHV LWV RFFXUUHQFH LQ WKH
TXRWHG VLPLOH RI WKH 7DWKJDWRWSDWWLVDEKDYDQLUGHwD ,Q WKH FUXFLDO YHUVH ,

FRXOG DOVR DUJXH WKDW WDWKJDWDMQD

ZKHUH LW LV H[SODLQHG KRZ OLYLQJ EHLQJV FDQ EH VDLG WR KDYH WKH EXGGKDQDWXUH

EXGGKDMQD

LV PHQWLRQHG DV SHUYDGLQJ WKHP ,Q WKH IROORZLQJ YHUVH DQG LQ WKH

SURVH FRPPHQWDU\ KRZHYHU LW LV UHSODFHG ZLWK WKH WHUP

WDWKJDWDMQD DQG WDWKJDWDMQDGDUwDQD

6DGGKDUPDSXDUNDVWUD

ERWK

GKDUPDN\D %\ FRQWUDVW

DUH ZHOODWWHVWHG

WHUPV

LQ WKH

$QRWKHU SDUWLFXODU H[SUHVVLRQ XVHG WR GHVLJQDWH WKH EXGGKDQDWXUH RI OLYLQJ

EHLQJV

LV

GHYHORSPHQW

WDWKJDWDGKDUPDW
LQ

WKH

KLVWRU\

RI

7KLV

%XGGKLVP

WHUP
DQG

KDV
FDQ

XQGHUJRQH
KDYH

DW

OHDVW

FRQVLGHUDEOH
WKUHH

PDLQ

PHDQLQJV

'KDUPDW



DV oQDWXUDO DQG QRUPDO FXVWRPp oKDELWp oQRUPDO VWDWHp HWF

&ORVHO\ DVVRFLDWHG ZLWK WKHVH LGHDV LW FDQ VWDQG IRU WKH QDWXUH RI GKDUPDV LQ









&LWHG LQ 5*99 r , KDYH SDUWO\ WUDQVODWHG WKH VLPLOH DW WKH EHJLQQLQJ RI VHFWLRQ $
6HH 5*99 r
7KH XSDPH\D LQ WKH

VLPLOH RI WKH

%&$ VHH  LW LV WUXH PD\ EH PHDQW WR HYRNH DQRWKHU

LGHD ZKHQ LW VSHDNV RI P\ULDGV RI SLHFHV RI FORWK ZLWK WKH ZKROH XQLYHUVH SDLQWHG RQ WKHP +HUH
WDWKJDWDMQD



ZRXOG QDWXUDOO\ EH LPDJLQHG DV D VHSDUDWH HOHPHQW LQ HDFK OLYLQJ EHLQJ

6HH %+6' VY GKDUPDW DOVR 5DKXOD   



WKH VHQVH RI WKH UXOH WR ZKLFK DOO

GKDUPDV

DUH VXEMHFW SULPDULO\ WKH ODZ RI

SUDWW\DVDPXWSGD %RWK PHDQLQJV DUH DWWHVWHG LQ WKH 3OL &DQRQ

 'KDUPDW FDQ VLPSO\ PHDQ WKH oFKDUDFWHU QDWXUH RU HVVHQFHp RI VRPHERG\
RU VRPHWKLQJ
 ,Q D ODWHU GHYHORSPHQW UHVWULFWHG WR 0DK\QD %XGGKLVP GKDUPDW FDPH
DOVR WR GHVLJQDWH WKH WUXH HVVHQFH RI DOO GKDUPDV KHUH XQGHUVWRRG DV
PHWDSK\VLFDO UHDOLW\ PRUH RU OHVV V\QRQ\PRXV ZLWK WDWKDW ZKLFK LV VDLG OLNH
HWKHU WR SHQHWUDWH DOO SKHQRPHQD 'KDUPDW UHSUHVHQWV KHUH WKH DEVROXWH


WUXWK

:H HQFRXQWHU GKDUPDW LQ WKH ILUVW PHDQLQJ LQ WKH 7*6 LQ WKH ZHOONQRZQ

IRUPXOD
Hu NXODSXWUD GKDUP GKDUPDW  XWSGG Y WDWKJDWQP DQXWSGG
Y  % FLWHG LQ 5*99 r FS WKH QRWH LQ P\ WUDQVODWLRQ WR %

7KH 7*6 KRZHYHU GRHV QRW LQWURGXFH WKH ODZ RI SUDWW\DVDPXWSGD ZLWK WKLV
IRUPXOD DV LV XVXDOO\ GRQH EXW LWV RZQ FHQWUDO PHVVDJH VDGDLYDLWH VDWWYV

WDWKJDWDJDUEK ZKHQ UHIHUULQJ WR WKH EXGGKDQDWXUH

RI OLYLQJ EHLQJV 7R VSHDN

RI WKH GKDUPDW RI DOO GKDUPDV LQ WKH VHQVH RI oWKLQJVp GRHV QRW PDNH VHQVH
KHUH 7KH PHDQLQJ RI GKDUPD SUREDEO\ LQWHQGHG LQ WKLV SDVVDJH RI WKH 7*6 LV

GKDUPDW VKRXOG EH XQGHUVWRRG DV WKH HVVHQWLDO

GKDUPD QDPHO\ WKH IXQGDPHQWDO WKRXJKW WKDW DOO

oWHDFKLQJp DQG FRQVHTXHQWO\ WKH

ODZ XQGHUO\LQJ DOO WHDFKLQJV
OLYLQJ

EHLQJV

KDUERU

WDWKJDWD

ZLWKLQ

,Q

WKH

&KLQHVH

WUDQVODWLRQ

E\

GKDUPDW LV UHQGHUHG ZLWK

 %XGGKDEKDGUD
GKDUPDW

%XGGKDEKDGUD WKLV LV WKH RQO\ SDVVDJH ZKHUH WKH WHUP

FKDUDFWHUV JHQHUDOO\ XVHG IRU WKH WUDQVODWLRQ RI

ZDV REYLRXVO\ ZHOO DZDUH RI WKH GLIIHUHQW FRQQRWDWLRQV RI WKLV LPSRUWDQW WHUP DQG
SUHIHUUHG LQ DOO RWKHU LQVWDQFHV WR UHQGHU LW GLIIHUHQWO\

'KDUPDW

ZKHUH

DFFRUGLQJ

LQ WKH PHDQLQJ RI oHVVHQWLDO ODZp DOVR VHHPV WR ILW YHUVH 

WR

P\

XQGHUVWDQGLQJ

WKH

GKDUPDW

RI

VHQWLHQW

EHLQJV

LV

IRUPXODWHG DV o+HUH >ZLWKLQ HDFK VHQWLHQW EHLQJ@ DOZD\V GZHOOV D YLFWRULRXV RQH
ZUDSSHG DURXQG >ZLWK GHILOHPHQWV@p %XGGKDEKDGUDnV WUDQVODWLRQ KHUH GRHV QRW
PHQWLRQ DQ\WKLQJ OLNH
7KH

7*6

DOVR

GKDUPDW
XVHV GKDUPDW

LQ D GLIIHUHQW PHDQLQJ ZKLFK MXGJLQJ IURP

WKH QXPEHU RI LWV DSSHDUDQFHV LV WKH SUHYDLOLQJ RQH LQ WKH

XSDPH\D

7*6

,W LV SDUW RI WKH

LQ WKH VLPLOHV ,W LV VDLG WR EH IRXQG ZLWKLQ OLYLQJ EHLQJV ZKHUH LW LV

ZUDSSHG ZLWK GHILOHPHQWV :KHUHDV LQ WKH SURVH SDVVDJHV LW DSSHDUV UHJXODUO\ DV

WDWKJDWDGKDUPDW

GKDUPDW ,W LV QRW
GKDUPDW DV WKH UXOH DOO GKDUPDV QHFHVVDULO\ IROORZ
5HVWULFWHG WR WKH SURVH GKDUPDW FRXOG ZHOO EH WKH RQH GLVFXVVHG XQGHU  DERYH

LQ WKH VHQVH RI oHVVHQFHQDWXUH RI WKH WDWKJDWDVp WDWKJDWDGKDUPDW
SRVVLEOH



KHUH

WR

LQ WKH YHUVHV LW LV VLPSO\ VSRNHQ RI DV

YLHZ

6HH 6FKPLWKDXVHQ D II SDUDOOHO WR WKH WHUP WDWKDW II

GKDPPDW 5DKXOD 

90

,Q WKLV VHQVH WKH WHUP DSSHDUV IRU LQVWDQFH LQ

IXUWKHU VHH 376' VY

5*99  GKDUPDGKWXP LWL VYDFJCTOCV

SUDNWLQLUYLwLuD WDWKJDWDJDUEKDP  HPHQGDWLRQ wLuD WR wLuD PV % LQ 6FKPLWKDXVHQ

 I o

IURP WKHLU 




'KDUPDGKWX

WKH WDWKJDWDVn

LV WKH EXGGKD HPEU\R ZKLFK E\ LWV LQWULQVLF QDWXUH LV QRW GLIIHUHQW

QDWXUH GKDUPDWp

6HH 6FKPLWKDXVHQ D II II

,W LV SRVVLEOH WKDW WKH IDPRXV IRUPXOD ZDV VLPSO\ WDNHQ RYHU ZLWKRXW UHIOHFWLQJ RQ LWV

DGHTXDF\ UHJDUGLQJ WKH LPPHGLDWHO\ IROORZLQJ oODZp RI WDWKJDWDJDUEKD


7KH FRPSRXQG WDWKJDWDGKDUPDW FRXOG KRZHYHU DOVR EH XQGHUVWRRG DV D NDUPDGKUD\D

PHDQLQJ oWUXH QDWXUH LQ WKH IRUP RIOLNH D WDWKJDWDp WKXV UHIHUULQJ WR WKH VLPLOH RI WKH EXGGKDV
VHDWHG ZLWKLQ OLYLQJ EHLQJV



7KHUH LV QR QHHG WR DUJXH WKDW WKH LGHD FRQYH\HG E\ GKDUPDW XQGHU 

ZDV RI DQ\ UHOHYDQFH IRU WKH DXWKRUV RI WKH 7*6 7KH IDFW WKDW GKDUPDW LV
GHVFULEHG DV EHLQJ HQFDVHG LQ GHILOHPHQWV GRHV QRW PHDQ WKDW LW ZDV WKRXJKW RI DV
DQ DFWXDO HQWLW\ ,Q WKH FDVH RI EXGGKDWYD ZH HQFRXQWHU D VLPLODU ILJXUDWLYH ZD\ RI
H[SUHVVLQJ LWV UHODWLRQ WR OLYLQJ EHLQJV 2Q WKH RWKHU KDQG DV WKH YHUVHV
GHPRQVWUDWH WKH WHUP GKDUPDW DORQH HYHQ ZLWKRXW WKH VSHFLILFDWLRQ WKDW LW LV
GKDUPDW

WKH

RI WKH WDWKJDWDV PXVW FRQWDLQ D FOHDUO\ SRVLWLYH QXDQFH ,Q WKHVH

FDVHV LW FDQQRW VLPSO\ EH XQGHUVWRRG DV oHVVHQFH QDWXUHp EXW PXVW KDYH D

ZHLJKWLHU PHDQLQJ VXFK DV oWUXH QDWXUHp $OWHUQDWLYHO\ ZH FRXOG DOVR DVVXPH WKDW
WKH ILUVW SDUW RI WKH FRPSRXQG WDWKJDWDGKDUPDW ZDV VLPSO\ GURSSHG GXH WR
PHWULFDO QHHGV DV LV RIWHQ WKH FDVH LQ YHUVHV ,I ZH IROORZ WKLV DVVXPSWLRQ QDPHO\
WKDW GKDUPDW LQ WKH YHUVHV LV WR EH XQGHUVWRRG DV WDWKJDWDGKDUPDW WKHUH ZLOO
EH QR IXUWKHU QHHG WR DUJXH WKDW WKH PHDQLQJV RI GKDUPDW LQ WKH 7*6 JR EH\RQG
WKRVH PHQWLRQHG LQ 
,I RQ WKH RWKHU KDQG ZH GHFLGH WKDW WKH XVH RI GKDUPDW LQ WKH YHUVHV GRHV
QRW DOORZ XV QRW WR DWWULEXWH D SRVLWLYH FKDUDFWHU WR LW ZH VKDOO KDYH WR DGPLW WKDW LW
PXVW PHDQ oPRUHp WKDQ WKH DOWHUQDWLYHV PHQWLRQHG XQGHU  DQG  7R LGHQWLI\
WKLV GKDUPDW ZLWK WKH GKDUPDW RI  QDPHO\ WKH RQH DOOSHUYDGLQJ DEVROXWH
WUXWK ZRXOG QHYHUWKHOHVV QRW EH LQ OLQH ZLWK WKH VWUD LWVHOI 7KH FRQWH[WV LQ ZKLFK
WKH WHUP GKDUPDW DSSHDUV IRU WKH PRVW SDUW LQYROYH OLYLQJ EHLQJV LQ WKH SOXUDO
7KH SXUSRUW LV FOHDUO\ WKH IDFW WKDW DOO OLYLQJ EHLQJV KDYH WKHLU GKDUPDW UDWKHU WKDQ
WKDW D VLQJOH GKDUPDW SHUYDGHV WKHP 7KH SKLORVRSKLFDO EDFNJURXQG FDQ WKXV
KDUGO\ EH FDOOHG PRQLVWLF LI WKHUH DUH DQ\ PRQLVWLF RYHUWRQHV DW DOO WKH\ DUH QRW
LQWHQGHG E\ WKH DXWKRUV $FFRUGLQJO\ , WKLQN WKDW WKH VHPDQWLF UDQJH RI GKDUPDW
LQ WKH 7*6 RFFXSLHV D SRVLWLRQ VRPHZKHUH EHWZHHQ  DQG  DQG LV QRW \HW
WKRXJKW RI DV D K\SRVWDWL]HG XQLW
,I ZH WXUQ WR WKH WZR VWUDV ZKLFK , EHOLHYH DUH PRVW FORVHO\ UHODWHG WR WKH
7*6 QDPHO\ WKH 6DGGKDUPDSXDUNDVWUD DQG WKH 7DWKJDWRWSDWWLVDEKDYD
QLUGHwD LW EHFRPHV FOHDU WKDW WKH WHUP GKDUPDW LQ WKH PHDQLQJ RI oDEVROXWH

WUXWKp ZDV OLNHO\ QRW XVHG LQ WKHVH WH[WV )XUWKHU LQ WKH VLPLOH RI WKH SDLQWHG


6HH  DQG  ,Q  WKH GKDUPDW

LV FKDUDFWHUL]HG DV oOLNH PLQHp 7KH XVH RI

GKDUPDW

WKHUH ILWV ZHOO LQWR WKH VHPDQWLF UDQJH RI 



7KURXJKRXW WKH 63 WKH WHUP GKDUPDW DSSHDUV RQO\ ILYH WLPHV DPRQJ WKHP RQFH LQ WKH SURVH

WH[W  ZKHUH LW SODLQO\ PHDQV WKH oWUXH XQLYHUVDO ODZp LQ WKH VHFRQG VHQVH RI  VHH

=LPPHUPDQQ  II ,Q .    .    DQG .   
GKDUPDW VWDQGV IRU WKLV WUXH ODZ DV WKH PRVW IXQGDPHQWDO WHDFKLQJ DQG LV LQ VRPH FDVHV UHQGHUHG
DV VXFK LQ WKH 7LEHWDQ DQG WKH &KLQHVH WUDQVODWLRQ E\ .XPUDMYD . 
 .
 .  FKRV ,Q .    ZH ILQG WKH SGD EKYLWYD GKDUPD
 FKRV
FD VSwLWYD FJCTOCV 7KLV SDUW LV PLVVLQJ LQ  DQG 
ERGKL LQVWHDG RI GKDUPDW 7KH 7LEHWDQ IROORZV DV

.XPUDMYDnV WUDQVODWLRQ KDV

'KDUPDUDNuDnV WUDQVODWLRQ RIIHUV

DQG WKH )DUKG%J PV UHDG

XVXDO

.  FKRV Q\LG UHJ



 VXSSRUWLQJ WKH ZRUGLQJ GKDUPDW ZKHUHDV

ERGKLsZLWK WKH H[FHSWLRQ RI WZR UHODWLYHO\ ODWH DQG

SUREDEO\ LQ YLHZ RI .XPUDMYDnV WUDQVODWLRQ RI WKLV SDVVDJH oHPHQGHGp PDQXVFULSWV ZKLFK UHDG
LQVWHDG 7KLV LV WKH RQO\ SDVVDJH LQ WKH 63 ZKHUH GKDUPDW FDQ EXW QHHG QRW JLYHQ WKDW LW LV
WKH ROGHU UHDGLQJ EH LQWHUSUHWHG LQ WKH VHQVH RI oDEVROXWH WUXWKp +RZHYHU WKH IDFW WKDW WKH
.DVKJDU PDQXVFULSWV XVXDOO\ FRQWDLQ WKH ROGHU ZRUGLQJ VXJJHVWV WKDW WKH UHDGLQJ GKDUPDW LV
VHFRQGDU\ WKRXJK LW ZRXOG EH D OHFWLR GLIILFLOLRU :H DUH WKXV OHIW ZLWK RQH YHU\ PHDJHU H[DPSOH

RI

GKDUPDW LQ WKH PHDQLQJ RI DQ DEVROXWH HQWLW\

%&$ DV IDU DV , FDQ VHH WKH WHUP GKDUPDW DSSHDUV VHYHUDO WLPHV LQ WKH PHDQLQJ oQDWXUDO

,Q WKH

DQG QRUPDO FXVWRPp oQRUPDO VWDWHp 

"

D DQG E FKRV Q\LG UDE WX WKRE SDnL SK\LU

%+6'
GKDUPDW 4 D FKRV Q\LG WKRE SDV  GKDUPDWSUSWHQD oQDWXUDOO\ DXWRPDWLFDOO\p "

 GKDUPDWSUDWLODPEKW oLQ D QRUPDO QDWXUDO ZD\p oQDWXUDOO\ DXWRPDWLFDOO\p VHH DOVR

VY



FORWK LQ WKH 7DWKJDWRWSDWWLVDEKDYDQLUGHwD WKH GLUHFW SUHGHFHVVRU RI WKH WURSH

SUHVHQWHG LQ WKH 7*6 WKH WHUP GKDUPDW GRHV QRW DSSHDU ,QVWHDG ZH DUH WROG RQO\
RI WDWKJDWDMQD ,I GKDUPDW LQ WKH SDVVDJHV RI WKH 7*6 GHVLJQDWHG LQ IDFW WKH
K\SRVWDWL]HG oDEVROXWH WUXWKp WKLV ZRXOG PHDQ WKDW ZKHQ LW FDPH WR WKH XVDJH RI
WKLV EDVLF SKLORVRSKLFDO WHUP WKH DXWKRUV RI WKH 7*6 GLG QRW DJUHH ZLWK WKH
6DGGKDUPDSXDUNDVWUD DQG WKH 7DWKJDWRWSDWWLVDEKDYDQLUGHwD EXW EDVHG
WKHPVHOYHV RQ D GLIIHUHQW WHUPLQRORJLFDO FRQYHQWLRQ
%H WKDW DV LW PD\ WKH PHQWLRQ RI WKH WDWKJDWDGKDUPDW VHUYHV WR
LOOXVWUDWH WKH EXGGKDQDWXUH RI OLYLQJ EHLQJV DQG WKHLU HVVHQWLDO HTXDOLW\ ZLWK WKH



WDWKJDWDV

+HUH DOVR DV KDV DOUHDG\ EHHQ REVHUYHG LQ WKH FDVH RI

WDWKJDWDMQD

GKDUPDW LV GHVFULEHG LQ D PHWDSKRULFDO VHWWLQJ LW LV HQFDVHG E\ GHILOHPHQWV DQG

LQ 0 HYHQ VDLG WR EH PRWLRQOHVV $OO OLYLQJ EHLQJV KDYH WKLV WUXH QDWXUH ,W
FRQVWLWXWHV WKHLU HVVHQFH WKXV UHOHJDWLQJ DOO GLIIHUHQWLDWLQJ DVSHFWV RI OLYLQJ EHLQJV
WR D SURYLVLRQDO FRQWLQJHQW OHYHO
$PRQJ RWKHU WHUPV WKDW UHQGHU WKH LGHD RI WKH EXGGKDQDWXUH LQ WKH

7*6

ZH ILQG WKH ZRUG WDWKJDWDGKWX 7KH WHUP GKWX LV ZHOO NQRZQ IURP WKH
0DK\QLVW 0DKSDULQLUYDVWUD ZKHUH LW DSSHDUV IUHTXHQWO\ LQ WKH FRPSRXQG
EXGGKDGKWX V\QRQ\PRXV ZLWK WDWKJDWDJDUEKD DQG REYLRXVO\ LQWHUSUHWHG DV D
WDWSXUXuD FRPSRXQG 'KWX FDQ KDYH WKH YHU\ FRQFUHWH PHDQLQJV oPLQHp
oSULPLWLYH PDWWHUp FDOOHG DOVR PDKEKWD oHOHPHQW RI WKH ERG\p WKH VL[
HOHPHQWV DUH SWKLY SDV WHMDV Y\X NwD YLMQD WKH oJURXS RI HLJKWHHQ


GKWXVp

IRUPLQJ WKH VL[ VHQVH RUJDQV ZLWK WKHLU UHVSHFWLYH VHQVH REMHFWV DQG WKH

E  FKRV Q\LG UDE WX WKRE SD GDQJ   GKDUPDWSUDWLODPEKD o>%RGKLVDWWYDV JDWKHUHG@
DXWRPDWLFDOO\p HWF GKDUPDW DV oUXOH WHDFKLQJp  LQ " DI E\DQJ FKXE VHPV GSDn
WKDPV FDG N\L FKRV Q\LG UWRJV SDU NKRQJ GX FKXG SD VHH %+6' VY JDWLJDWD VDUYD
ERGKLVDWWYDGKDUPDWJDWLJDWD

oDGHSW LQ DOO WKH UXOHV IRUWHDFKLQJV RI WKH ERGKLVDWWYDVp LQ

"

D I GH E]KLQ JVKHJV SDnL FKRV Q\LG PL nSKURJV SD  \RQJV VX EUMRG DQG " DI /0
E]KLQ JVKHJV SDnL PQJDn PL nSKURJV SDnL FKRV Q\LG  EUMRG  DVDKU\ WDWKJDWDGKDUPDW o>WR
XWWHU@ WKH LUUHVLVWLEOH WHDFKLQJV RI WKH WDWKJDWDVp SUREDEO\ LQ " D  E\DQJ FKXE VHPV GSDn
GH QL  E\DQJ FKXE VHPV GSDnL FKRV Q\LG OD \DQJ GDJ SDU E\XQJ ED PD \LQ QR  VHH %+6' VY
VDPXGJDFFKDWL WH DQG IROORZLQJ HQWULHV ERGKLVDWWYDGKDUPDW\ DVDPXGJDWD" o7KDW
ERGKLVDWWYD ZKR GRHV QRW NQRZ DERXW RU EHOLHYH LQ WKH PDJQLILFHQFH RI WKH WDWKJDWD KDV QRW

DI
%&$&+
" D GH E]KLQ JVKHJV SDnL FKRV Q\LG UDE WX WKRE
Fr@ DQG
SDV > " WKRV FRUUHFWHG WR WKRE DFFRUGLQJ WR 6 D DQG %&$&+

DFFRPSOLVKHG WKH WHDFKLQJ IRU WKH ERGKLVDWWYDVp"

%&$&+

SUREDEO\ LQ

FI LQ

" EI FKRV Q\LG UMHV VX EVQ\HJV SDV EVWDQ SD o\RX H[SODLQHG DFFRUGLQJ WR

 VDPDQXEDQGKHQD WKH WHDFKLQJp

%&$&+

F

%&$&+

E

WKRXJK LQ WKH ODVW FDVH RQH FRXOG DOVR DSSURYH WKH PHDQLQJ oWUXH XQLYHUVDO ODZp  RU oDEVROXWH

" ErD YHUVH D YHUVH FKRV

Q\LG WVKXO  GKDUPDW\RJHQD o5DLQ ZDWHU7KH WHDFKLQJ RI WKH %XGGKD EHFRPHV GLIIHUHQWLDWHG
DFFRUGLQJ WR WKH GLVSRVLWLRQ RI WKH VXUIDFH RI WKH HDUWKRI WKH GLVFLSOHVp XQFOHDU LV WKH FRQWH[W
DQG WKXV WKH PHDQLQJ RI " E FKRV Q\LG NKRQJ GX FKXG SDnL WVKXO J\LV  GKDUPDWGKLJDPD
\RJHQD oDFFRUGLQJ WR WKH UHDOL]DWLRQ RI WKH WHDFKLQJXQLYHUVDO ODZDEVROXWH WUXWK"p %&$&+
WUXWKp  DV oFKDUDFWHUp oQDWXUHp oGLVSRVLWLRQp  LQ

F

%&$&+

F DQG

"

D

GSDn  E\DQJ FKXE VHPV GSDnL GEDQJ UDQJ nE\XQJ JL FKRV Q\LG OD JQDV
VYD\DEKGKDUPDW WKH &KLQHVH UHDGV LQVWHDG %&$&+

E\DQJ FKXE VHPV

 ERGKLVDWWYDYDwD

DI

F
%&$&+

6HH 0 o$QG >WKH 7DWKJDWD@ KDYLQJ SHUFHLYHG LQVLGH WKRVH >VHQWLHQW EHLQJV@ GHILOHG E\ DOO

GHILOHPHQWV WKH WDWKJDWDGKDUPDW PRWLRQOHVV DQG XQDIIHFWHG E\ DQ\ RI WKH VWDWHV RI H[LVWHQFH
WKHQ VD\V m7KRVH WDWKJDWDV DUH MXVW OLNH PHnp


7KH WHUP WDWKJDWDGKWX

UHQGHUHG LQ

DSSHDUV RQFH LQ % IRU GHWDLOV VHH P\ QRWH LQ WKH WUDQVODWLRQ ,W LV

7LE ZLWK WKH WHUP ULJV ZKLFK XVXDOO\ LV DSSOLHG DV D WUDQVODWLRQ IRU JRWUD RU NXOD 2Q

WKH WHUP GKWX VHH DOVR 6H\IRUW 5XHJJ  II



VL[

IRUPV

RI

YLMQD oUHOLFVp RU LQ PHGLFDO WKHRU\ oHVVHQWLDO ERGLO\

LQJUHGLHQWKXPRUp (VSHFLDOO\ WKH WZR PHDQLQJV oUHOLFVp DQG oERGLO\ HOHPHQWp

VHHP WR KDYH KDG VRPH LQIOXHQFH RQ WKH JHQHVLV RI WKH EXGGKDGKWX WKHRU\ RI WKH

0DKSDULQLUYDVWUD

0DKSDULQLUYDVWUD



+RZHYHU WKH PDLQ WKUXVW RI WKH WHUP EXGGKDGKWX LQ WKH

LV WR LQGLFDWH WKH IXWXUH SRVVLELOLW\ RI DOO OLYLQJ EHLQJV

7KRXJK WKLV XQGHUVWDQGLQJ RI GKWX DV D FDXVH VWDQGV LQ

FRQWUDVW WR WKH DERYHPHQWLRQHG VXEVWDQWLDOLVW EDFNJURXQG IURP ZKLFK WKH WHUP
GKWX LV EHOLHYHG WR KDYH HPHUJHG LQ FRQQHFWLRQ ZLWK WKH 0DKSDULQLUYDVWUD
LW LV QRW DOWRJHWKHU VXUSULVLQJ VLQFH LW FDQ EH DQ HTXLYDOHQW RI KHWX DV VWDWHG
H[SOLFLWO\ LQ IRU H[DPSOH 5DWQDJRWUDYLEKJDY\NK\  WDW WDWKJDWDWYD
SUSWD\H KHWXV WDWKJDWDGKWXU LWL  KHWYDUWKR nWUD GKWYDUWKD 
EHFRPLQJ D EXGGKD

:H IXUWKHU
NQRZ WKDW GKWX FDQ OLNH WKH WHUP GKDUPDW DOVR PHDQ WKH oUXOH WR ZKLFK DOO
GKDUPDV DUH VXEMHFWp DQG DJDLQ SDUDOOHO WR WKH GHYHORSPHQW RI WKH WHUP GKDUPDW
FDQ HYHQ WDNH RQ WKH PHDQLQJ RI D PHWDSK\VLFDO HQWLW\ LQ WKH FRPSRXQG
GKDUPDGKWX
+RZ DUH ZH WR XQGHUVWDQG WKH WHUP GKWX LQ WKH SDVVDJH LQ %" /HW XV ILUVW
KDYH D ORRN DW WKH TXRWDWLRQ RI WKH SDVVDJH LQ WKH 5DWQDJRWUDYLEKJDY\NK\ ,3/
 

WKH FRQWH[W LQ ZKLFK LW LV HPEHGGHG WKHUH 7KH TXRWDWLRQ DSSHDUV DIWHU WKH ODVW RI
WKUHH EDVLF LQWHUSUHWDWLRQV RI WKH FRPSRXQG WDWKJDWDJDUEKD , FLWH WKH ZKROH
SDVVDJH II

SDFDEKLU QLGKLWDUXUDWQDYLJUDKDFDNUDYDUWLNDQDNDELPEDGuQWDLV WULYLGKDEXGGKD

N\RWSDWWLJRWUDVDGEKYUWKDP DGKLNW\D WDWKJDWDGKWXU Hu JDUEKD
VDUYDVDWWYQP LWL SDULGSLWDP  WULYLGKDEXGGKDN\DSUDEKYLWDWYD KL
WDWKJDWDWYDP  DWDV WDWSUSWD\H KHWXV WDWKJDWDGKWXU LWL  KHWYDUWKR nWUD GKWY
DUWKD  \DWD KD  VCVTC EC UCVVXG UCVVXG VCVJICVCFJVWT WVRCPPQ ICTDJCICVC
UCXKF[CVG PC EC VG UCVVX DWFJ[CPVC LWL 


> IRU WKH HPHQGDWLRQ 7+.EKYUWKDP IRU

7:+EKYUWKDP VHH 6FKPLWKDXVHQ  @

%\ ZD\ RI WKH ILYH VLPLOHV RI WKH WUHDVXUH WKH WUHH WKH SUHFLRXV LPDJH WKH
XQLYHUVDO HPSHURU DQG WKH JROGHQ ILJXUHVsZLWK UHIHUHQFH WR WKH IDFW WKDW WKH
GLVSRVLWLRQ JRWUD RI WKH WKUHHIROG ERG\ RI WKH EXGGKDV WR PDQLIHVW LV SUHVHQW >LQ
DOO OLYLQJ EHLQJV@sLW KDV EHHQ VKRZQ WKDW WKH WDWKJDWD HOHPHQW GKWX LV WKH
HPEU\RJHUP JDUEKD RI DOO WKHVH VHQWLHQW EHLQJV >7KLV FDQ EH VDLG@ EHFDXVH
WDWKJDWDKRRG LV FRQVWLWXWHG E\ WKH WKUHHIROG ERG\ RI WKH EXGGKDV 7KHUHIRUH WKH
FDXVH RI WKH DWWDLQPHQW RI WKDW >WKUHHIROG ERG\@ LV FDOOHG WKH oHOHPHQW GKWX RI
D WDWKJDWDp o(OHPHQWp PHDQV KHUH oFDXVHp KHWX 7KHUHIRUH LW LV VDLG >LQ WKH
7*6@ o$QG WKRXJK LQ HDFK VHQWLHQW EHLQJ WKH HOHPHQW GKWX RI D WDWKJDWD KDV
DULVHQ DQG LV SUHVHQW DV DQ HPEU\RJHUP JDUEKDJDWD WKRVH VHQWLHQW EHLQJV GR
QRW UHDOL]H LWp

7KH JHQHUDO FRQWH[W KHUH LV DQ H[SODQDWLRQ RI WKH WKUHH VYDEKYDV RI WKH GKWX
QDPHO\ GKDUPDN\D WDWKDW DQG JRWUD WKH WKUHH NH\ WHUPV RI YHUVHV ,r
7KHVH YHUVHV FRQVWLWXWH WKH KHDUW RI WKH 5DWQDJRWUDYLEKJDY\NK\ EHLQJ D
FRPPHQWDU\ RQ WKH FHQWUDO SKUDVH VDUYDVDWWYV WDWKJDWDJDUEK 7KH SDVVDJH
WUDQVODWHG DERYH GHDOV ZLWK WKH WKLUG DVSHFW QDPHO\ WKH JRWUD DQG FRQWDLQV WKH ODVW
RI WKH WKUHH LQWHUSUHWDWLRQV RI WKH FRPSRXQG WDWKJDWDJDUEKD *DUEKD LV KHUH
LGHQWLILHG ZLWK GKWX ZKLFK LV LPPHGLDWHO\ DIWHUZDUGV GHILQHG DV WKH oFDXVHp


6HH 6H\IRUW 5XHJJ   Q   I 6KLPRGD    +DEDWD  +E

%\


8;

6HH 6KLPRGD  

)RU IXUWKHU UHIHUHQFHV IRU GKWX LQ WKH VHQVH RI oFDXVHp VHH 6FKPLWKDXVHQ D F 
 
6HH 6FKPLWKDXVHQ D 




KHWX RI WKH DWWDLQPHQW RI EXGGKDKRRG &RQVHTXHQWO\

JDUEKD

FDQ KHUH RQO\ KDYH

WKH PHDQLQJ oHPEU\Rp RU oJHUPp ZKLFK LV WKH FDXVH RI OLYLQJ EHLQJV EHFRPLQJ
WDWKJDWDV ,Q RUGHU WR UHLQIRUFH LWV DQDO\VLV WKH

5DWQDJRWUDYLEKJDY\NK\

WKHQ

7*6 7KH IDFW WKDW WKLV SDVVDJH ZDV FLWHG E\ WKH DXWKRUV
5DWQDJRWUDYLEKJDY\NK\ LV SUREDEO\ QRW RQO\ GXH WR WKH XQLTXH

FLWHV WKH VHQWHQFH IURP WKH

RI

WKH

GKWX WKURXJKRXW WKH 7*6 EXW DOVR WR WKH SUHGLFDWH

JDUEKDJDWD ZKLFK DFFRUGLQJ WR WKH 5DWQDJRWUDYLEKJDY\NK\ FKDUDFWHUL]HV WKH
GKWX oDV DQ HPEU\Rp VHH DOVR 5*99  VQ\LQJ SRU J\XU SD WKH &KLQHVH WUDQVODWLRQ
DSSHDUDQFH RI WKH WHUP

LV KHUH PLVVLQJ
7KH LQWHUSUHWDWLRQ RI JDUEKDJDWD DV LQGLFDWLQJ D VWDWH RU FRQGLWLRQ LV
JUDPPDWLFDOO\ SRVVLEOH )XUWKHU LQ YLHZ RI WKH IDFW WKDW WKH ILYH VLPLOHV WKLV
H[SODQDWLRQ LQ WKH 5DWQDJRWUDYLEKJDY\NK\ UHIHUV WR LQFOXGH WKH VSURXW LQ WKH

VHHG

DQG

WKH

HPEU\RQLF

HPSHURU

LQ

WKH

ZRPE

RI

WKH

SRRU

ZRPDQ

WKH

JDUEKD DV D JHUP RU HPEU\R LV LQ IDFW SODXVLEOH +RZHYHU WKH

7*6 LPSRVHV D GLIIHUHQW FRQFOXVLRQ DV WR KRZ JDUEKDJDWD VKRXOG EH
%RWK 7LEHWDQ WUDQVODWLRQV RI WKH 7*6 VXSSRUW WKH QRWLRQ WKDW JDUEKD

XQGHUVWDQGLQJ RI
FRQWH[W LQ WKH
XQGHUVWRRG

PHDQV oZRPEp
RU oLQVLGHp RI OLYLQJ EHLQJV NKRQJ QD \RG 7LE VQ\LQJ SR OD JQDV
 
SD %WK
7KLV DQDO\VLV RI JDUEKDJDWD DV LQGLFDWLQJ D ORFDO UHODWLRQ oZLWKLQ

OLYLQJ EHLQJVp RU oLQ WKH ZRPEp LV OLNHZLVH SRVVLEOH IURP WKH SRLQW RI YLHZ RI
 

%XW
HYHQ OHDYLQJ DVLGH WKH WZR 7LEHWDQ WUDQVODWLRQV WKDW IDYRU JDUEKD DV oLQVLGHp WKHUH
6DQVNULW JUDPPDU DQG IRU WKH XQELDVHG UHDGHU HYHQ PXFK PRUH UHDVRQDEOH

DUH WKUHH RWKHU DUJXPHQWV VWURQJO\ VXSSRUWLQJ WKLV XQGHUVWDQGLQJ LQ FRQWUDVW WR WKH

5DWQDJRWUDYLEKJDY\NK\

2QH DUJXPHQW LV IRXQG LQ WKH

5DWQDJRWUDYLEKJD LWVHOI LQ WKH YHUVHV WKDW

IUHHO\ UHQGHU WKH VLPLOH LQ TXHVWLRQ WKRXJK LW LV WUXH WKDW YHUVH , FRPSDUHV WKH

GKWX

ZLWK WKH HPEU\R RI DQ HPSHURU LQ WKH IROORZLQJ YHUVH , ZH ILQG WZR

FRQFHVVLYH IRUPXODWLRQV
ZLWKLQ

WKH

ZRPE

VYWPQWDUDVWKHuY

>RI

DSL

 JDUEKQWDUDVWKH QSH

VHQWLHQW

EHLQJV@p

o WKRXJK WKH NLQJ LV IRXQG



VDQQWKHuX

FD

VDWVX



o HYHQ WKRXJK WKH JRRG SURWHFWRUV DUH IRXQG ZLWKLQ

>OLYLQJ EHLQJV@ WKHPVHOYHVp ,Q ERWK FDVHV WKH PDLQ DFFHQW OLHV RQ WKH IDFW WKDW WKH
HPSHURU RU oSURWHFWRUVp DUH SUHVHQW

ZLWKLQ VHQWLHQW EHLQJV QRW RQ WKH IDFW WKDW WKH\

DQWDUD GRHV QRW DOORZ IRU DQ\

DPELJXLW\ 7KLV QXDQFH ZDV GXO\ H[SUHVVHG E\ WKH 7LEHWDQ WUDQVODWRUV 7LE LQ D
ZRUGSOD\ ZLWK NKRQJ oLQVLGHp  MJQPI QD \RG N\DQJ VHPV FDQ GH GDJ JLV
MJQPI GX PD FKXG GR 
DUH VWLOO HPEU\RV 7KH SUHVHQFH RI WKH ZRUG

5LJKW DIWHU WKH DERYH VHQWHQFH LQ TXHVWLRQ WKH 7DWKJDWD UHSHDWV WKH VDPH
PHVVDJH D VHFRQG WLPH LQ GLUHFW VSHHFK WR OLYLQJ EHLQJV %r 1RWKLQJ LV VDLG
RQ WKLV RFFDVLRQ DERXW DQ HPEU\RQLF VWDWH ,QVWHDG PHQWLRQ LV PDGH RI D WDWKJDWD
LQVLGH WKH ERGLHV RI VHQWLHQW EHLQJV QDQJ QD %WK
&K
&K 7LE

KDV VLPSO\ NK\HG OD

)LQDOO\ ZH KDYH WKH HYLGHQFH GLVSOD\HG E\ +DUD   Q  ZKR LI
PDLQO\ ZLWK UHJDUG WR WKH HSLFV VWDWHV WKDW JDUEKD EHDUV WKH PHDQLQJ oZRPEp

&K WDNHV JDUEKD RI JDUEKDJDWD WR EH WKH EXGGKDVWRUH DQG QRW WKH ZRPE
RIIHUV QR KHOS KHUH
 

 &K

7KH WZR LQWHUSUHWDWLRQV SHUKDSV GR QRW OLH YHU\ IDU DSDUW VLQFH VSHDNLQJ RI WKH GKWX oLQ WKH
VWDWH RI DQ HPEU\Rp LPSOLHV WKDW LW LV SUHVHQW oLQ WKH ZRPEp RU oLQVLGHp 1HYHUWKHOHVV LI WKH GKWX
LV EHLQJ GHVFULEHG DV MXVW EHLQJ oLQVLGHp OLYLQJ EHLQJV D oQHXWUDOp IRUPXODWLRQ ZKLFK WKH XVH RI WKH
WHUP oHPEU\Rp ZRXOG FRQWUDYHQH WKLV GRHV QRW PHDQ WKDW LW KDV WR EH D KHWX DV WKH 5*99 ZRXOG
 

KDYH LW



oZKHQ FRQVWUXHG ZLWK ZRUGV H[SUHVVLYH RI VWD\LQJ LQ GZHOOLQJ DWp DQG FLWHV
 
H[DPSOHV IRU JDUEKDVWKD JDWD YVD HWF

7KHUH LV OLWWOH SURVSHFW RI VHWWOLQJ WKH TXHVWLRQ GHILQLWHO\ +RZHYHU DUJXLQJ

IURP WKH SHUVSHFWLYH RI WKH 7*6 LWVHOI DQG WKH XQGRXEWHGO\ YHU\ ROG FLWDWLRQV RI WKH
7*6

LQ WKH YHUVHV RI WKH

DOWHUQDWLYH

WKRXJK

YLEKJDY\NK\

WKH

5DWQDJRWUDYLEKJD

PRUH

UHFHQW

ZH RXJKW FOHDUO\ WR IDYRU WKH ODWWHU

FRPPHQWDULDO

SDUWV

DQG WKH JHQHUDO ELRORJLFDO RYHUWRQH RI WKH

WKH 5DWQDJRWUD
FDNUDYDUWLQ VLPLOH

RI

DOORZ IRU D GLIIHUHQW RSLQLRQ

1RZ ZKDW GRHV WKLV DOO PHDQ IRU DQ XQGHUVWDQGLQJ RI WKH WHUP GKWX LQ WKH
7*6 WKH TXHVWLRQ WKDW VHUYHG XV DV WKH VSULQJERDUG IRU WKH DERYH GLVFXVVLRQ" 2QFH
WKH UHDGLQJ RI GKWX DV KHWX LQ WKH 5DWQDJRWUDYLEKJDY\NK\ LV VHHQ WR KDYH QR
YDOLGLW\ IRU WKH SDVVDJH LQ WKH 7*6 ZH DUH IUHH WR VSHFXODWH RQ WKH PHDQLQJ RI
GKWX LQ WKH FRQWH[WXDO IUDPHZRUN RI WKH 7*6 :H VKRXOG WKHUHIRUH QRWH ZKDW
RWKHU WHUPLQRORJ\ LQ WKH XSDPH\D RI WKH SUHVHQW VLPLOH LV XVHG WR GHVLJQDWH WKH
EXGGKDQDWXUH ,Q WKH GLUHFW VSHHFK RI WKH 7DWKJDWD LQ WKH VHFRQG SDUW RI % ZH
ILQG WKH WHUP WDWKJDWD LQ WKH YHUVHV EHORZ GKDUPDW WZLFH DSSHDUV 1HLWKHU RI
WKHVH ZRUGV VXJJHVWV WKH QRWLRQ RI oHPEU\Rp
2Q WKH RWKHU KDQG WKH XSDPQD RI WKH VDPH VLPLOH VHYHUDO WLPHV VSHDNV RI
VDWWYD oOLIHp ZKLFK HQWHUV WKH ZRPE RI WKH ZRPDQ 7KH SDUDOOHO WR WKH SDVVDJH
XQGHU GLVFXVVLRQ LV REYLRXV KHUH DOVR WKH WDWKJDWDGKWX HQWHUV LQWR OLYLQJ EHLQJV
7KH GLUHFW VSHHFK RI WKH %XGGKD WKDW IROORZV LV VLPLODU LQ VWUXFWXUH 7KH %XGGKD
VSHDNV RI oWKH WDWKJDWD >ZKR KDV@ HQWHUHG >DQG@ LV SUHVHQW ZLWKLQp ,W WKXV VHHPV
WKDW WKH XSDPH\D VLGH RI WKH VLPLOH KDV DGRSWHG WKH WHUPLQRORJ\ RI WKH XSDPQDs
D SKHQRPHQRQ VLPLODUO\ IRXQG LQ WKH GHVFULSWLRQV RI WKH WDWKJDWDV DV HQFDVHG LQ
NOHwD VKHDWKV LQ WKH XSDPH\D ,Q DQ\ FDVH JLYHQ WKH ELRORJLFDO PRWLIV WKURXJKRXW
WKH VLPLOH VKRXOG ZH QRW DVVXPH WKDW WKH VLQJOH HPSOR\PHQW RI WKH WHUP GKWX LQ
WKH ZKROH VWUD LV LQWHJUDOO\ UHODWHG WR WKLV FRQWH[W" , WKLQN LW OLNHO\ WKDW WKH DXWKRU
RI WKH VLPLOH WKRXJKW RI WKH WDWKJDWDGKWX DV D FRQVWLWXHQW HOHPHQW ZLWKLQ WKH
ERG\ RI OLYLQJ EHLQJV MXVW DV VDWWYD LV LQ WKH ZRPE RI WKH SRRU ZRPDQ +H FRXOG
KDYH KDG LQ PLQG WKH VL[ HOHPHQWV RI WKH ERG\ VHH DERYH ZLWK WKH YLMQDGKWX
DV WKH PRVW IXQGDPHQWDO LQ WKH VHQVH RI EHLQJ FRQVWLWXWLYH RI OLIH DQG FHQWUDO RQH

 

DV XQGHUO\LQJ DOO RWKHU VHQVH RUJDQV

WKH

,Q DQDORJ\ WR WKHVH VL[ HOHPHQWV DQG WR

YLMQDGKWX LQ SDUWLFXODU WKH WDWKJDWDGKWX ZRXOG

EH XQGHUVWRRG DV DQRWKHU

HYHQ PRUH HVVHQWLDO PHWDSK\VLFDO HOHPHQW RI OLYLQJ EHLQJV FRQVWLWXWLQJ DQG

'HVLJQDWLQJ DV LW GRHV DQ LQGHSHQGHQW

HOHPHQW RI WKH ERG\ WKH WHUP GKWX ZRXOG ILW ZHOO LQWR WKH ELRORJLFDO IUDPHZRUN
RI WKH VLPLOH $W WKH VDPH WLPH WDWKJDWDGKWX UHFDOOV WKH WHUP QLUYDGKWX WKH
VSKHUH D SHUVRQ HQWHUV DIWHU OLEHUDWLRQ 7KH 7*6 E\ UHSODFLQJ WKH WHUP QLUYD
ZLWK WDWKJDWD ZRXOG FRQWLQXH WKH ZRUN RI WKH 6DGGKDUPDSXDUNDVWUD RI
SRLQWLQJ RXW WKH LQVXIILFLHQF\ RI QLUYD DV D JRDO DQG DGYDQFLQJ WKH RQO\
GHVWLQDWLRQ UHDOO\ ZRUWK VWULYLQJ IRU LQ 0DK\QD QDPHO\ WR EHFRPH D WDWKJDWD
 

JXDUDQWHHLQJ WKHLU LQKHUHQW EXGGKDKRRG

 

7KLV DUJXPHQW ORVHV VRPH RI LWV IRUFH ZKHQ ZLWK DQ H\H RQ WKH RFFXUUHQFH RI WKH WHUP

XWSDQQD EHIRUH WKH FRPSRXQG JDUEKDJDWD

ZH UHDG +DUDnV IROORZLQJ UHPDUN WKDW WKH PHDQLQJ

oHPEU\Rp LV SUHYDOHQW oZKHQ FRQVWUXHG ZLWK ZRUGV RI SURGXFWLRQ FRQFHSWLRQ GHYHORSPHQW DQG
RWKHUVp

3 YLMQD DV WKH FRVPLF HOHPHQW VHH /DQJHU  II

6HH DOVR WKH WHUPV FLWLGKWX DQG WPDGKWX LQ WKH WHUPLQRORJ\ RI WKH 9HGQWD 7KHVH DUH
HPSOR\HG WR GHVLJQDWH WKH WUXH VHOI RI OLYLQJ EHLQJV 'KWX LQ WKHVH FDVHV FOHDUO\ XQGHUJRHV DQ
H[WHQVLRQ RI PHWDSK\VLFDO PHDQLQJ VHH 6FKPLWKDXVHQ D 
 

 



:H KDYH VHHQ WKDW WKH EXGGKDQDWXUH RI OLYLQJ EHLQJV LV GHVFULEHG ZLWK D JUHDW
YDULHW\ RI WHUPV LQ WKH 7*6
 7KH WHUPLQRORJ\ LQFOXGHV PDUNHGO\ VXEVWDQWLDOLVW

EXGGKD DQG MLQDN\D DQG HYHQ WHUPV ZKLFK

OLNH QLGKL RU NRwD 7DWKJDWDMQD D WHUP

H[SUHVVLRQV VXFK DV

XSDPQDsZRUGV
RQWRORJLFDO

FRQQRWDWLRQV

DSSHDUV

DORQJ

ZLWK

DFWXDO

VWDWHV

RI

ILJXUH LQ WKH
ZLWK

EHLQJ

VWURQJ

VXFK

DV

EXGGKDWYD DQG VYD\DEKWYD :LWK GKDUPDW ZH UHDFK WKH RWKHU HQG RI WKH VFDOH
D WHUP VLPLODU WR

WDWKDW

LQ EHLQJ EDUH RI DQ\ FRQFUHWH QXDQFHV DQG LQ GHVLJQDWLQJ

WKH QDWXUH RI D WDWKJDWD RU DV VRPH SDVVDJHV FRXOG LPSO\ HYHQ DEVROXWH UHDOLW\
7KRXJK WKH WHUPV GHQRWLQJ WKH EXGGKDQDWXUH GLIIHU FRQVLGHUDEO\ LQ WKHLU GHJUHH RI
DEVWUDFWQHVV RU VXEVWDQWLDOLVW FRQQRWDWLRQV WKH DXWKRUV RI WKH VWUD GLG QRW KHVLWDWH
WR XVH WKHP DOO LQ WKH VWDQGDUGL]HG PHWDSKRULFDO SKUDVH oZUDSSHG ZLWK VKHDWKV RI

NOHwDVp

2QH

IRUPXODWH WKH

FKDUDFWHULVWLF

XSDPH\D

RI

7*6

WKH

VHHPV

LQ

IDFW

WR

EH

WKLV

ZLWK WKH KHOS RI YRFDEXODU\ WDNHQ IURP WKH

WHQGHQF\

XSDPQD

WR

7KH

QHJOLJHQFH LQ WKH FKRLFH RI WKH EDVLF WHUPLQRORJ\ IRU GHVLJQDWLQJ VHQWLHQW EHLQJVn
EXGGKDQDWXUH RQ WKH RWKHU KDQG VKRZV DV ZLOO EH GHPRQVWUDWHG EHORZ WKDW WKH
DXWKRUV ZHUH PRUH FRQFHUQHG WR SUHVHQW WKLV QHZ LGHD HIIHFWLYHO\ WKDQ WR OD\ LW RXW
LQ FOHDU SKLORVRSKLFDO WHUPV
$OO WKH WHUPV XVHG WR GHVLJQDWH WKH EXGGKDQDWXUH RI OLYLQJ EHLQJV FDQ EH



FKDUDFWHUL]HG DV EHLQJ DVVRFLDWHG ZLWK WKH OHYHO RI SHUIHFW VSLULWXDO UHDOL]DWLRQ

7KH QRWLRQ RI SRWHQWLDOLW\ LPSOLHG LQ WHUPV OLNH oJHUPp JRWUD RU oHPEU\Rp

JDUEKD LV LQKHUHQW WR QRQH RI WKHP 7KLV LV HYHQ PRUH VXUSULVLQJ LQ YLHZ RI WKH
IDFW WKDW LQ WZR RI WKH VLPLOHV WKH FRXQWHUSDUW RI WKH EXGGKDQDWXUH LQ WKH
VHHPV WR KDYH FDXVDO IRUFH WKH VSURXW DQG WKH

FDNUDYDUWLQ

XSDPQD

HPEU\R 7KRXJK LQ

WKHVH WZR LOOXVWUDWLRQV WKH\ FRXOG KDYH HDVLO\ GRQH VR REYLRXVO\ WKH DXWKRUV ZHUH
QRW LQWHUHVWHG LQ DGGLQJ WR WKHLU FRUSXV RI WHUPV IRU WKH EXGGKDQDWXUH RQHV ZKLFK
FDUU\ WKH QRWLRQ RI SRWHQWLDOLW\ ,W DSSHDUV WR PH WKDW ZKDW WKH DXWKRUV KDG LQ PLQG
ZDV ILUVW RI DOO WR VWUHVV WKH HVVHQWLDO HTXDOLW\ EHWZHHQ OLYLQJ EHLQJV DQG WKH
EXGGKDV 7KH\ WKHUHIRUH KDG WR FKRRVH D WHUPLQRORJ\ ZKLFK OHIW QR URRP IRU GRXEW

DERXW WKLV EDVLF IDFW )RU WKHP WR VSHDN LQ WKLV FRQWH[W RI DQ HPEU\RQLF WDWKJDWD
JDUEKD RU JRWUD RI OLYLQJ EHLQJV ZRXOG QRW KDYH VHUYHG WKHLU HQGV
,I ZH FRPSDUH DOO WKLV ZLWK WKH FRQFHSWLRQ RI WKH EXGGKDQDWXUH LQ WKH
VLPLOH RI WKH 7DWKJDWRWSDWWLVDEKDYDQLUGHwD ZH FDQ REVHUYH DQRWKHU
FKDUDFWHULVWLF RI WKH WKHRU\ LQ WKH

VDEKDYDQLUGHwD
%XGGKDnV

7*6

7KH PDLQ DLP RI WKH

7DWKJDWRWSDWWL

LV WR GHVFULEH WKH ZRQGHUIXO DQG LQFRPSDUDEOH QDWXUH RI WKH

TXDOLWLHV

7KH

JUHDWQHVV

RI

WDWKJDWDMQD DORQJ ZLWK QLQH

SUDYLwDWL WKH PLQG RI DOO

FKDUDFWHULVWLFV OLHV LQ WKH IDFW WKDW LW SHQHWUDWHV 

RWKHU
OLYLQJ

EHLQJV ,W LV LQ WKLV FRQWH[W WKDW WKH VLPLOH RI WKH SLHFH RI FORWK ZLWK WKH ZKROH
FRVPRV SDLQWHG RQ LW LV H[SRXQGHG 7KH JRDO WKH

7*6 KDV VHW IRU LWVHOI RQ WKH RWKHU

KDQG

OLPLWOHVVQHVV

LV

QRW

WR

GHVFULEH

DQG

H[WRO

WKH

DQG

JUHDWQHVV

RI

WDWKJDWDMQD 7KH 7*6 VHHPV WR IRFXV RQ WKH OLYLQJ EHLQJ DV WKH oFRQWDLQHUp RU
oRZQHUp RI WDWKJDWDMQD /LYLQJ EHLQJV DUH QRW VLPSO\ SHUFHLYHG DV WKH REMHFWV
RI WKH MQD RI WKH 7DWKJDWD WKH\ VWHS LQWR WKH IRUHJURXQG LQ WKHLU RZQ ULJKW
(YHU\ VLQJOH RQH RI WKHP LV LQ SRVVHVVLRQ RI WDWKJDWDMQD 6HHQ IURP WKLV
SHUVSHFWLYH WDWKJDWDMQD DSSHDUV UDWKHU DV DQ HOHPHQW VHJPHQWHG VR DV WR EH
SUHVHQW LQ DOO OLYLQJ EHLQJV 7KH LGHD RI D VHJPHQWHG WDWKJDWDMQD PD\ QRW KDYH
EHHQ



XQNQRZQ

WR

WKH

DXWKRU

RI

WKH

7DWKJDWRWSDWWLVDEKDYDQLUGHwD

7KLV

LV

7KLV LV QRW VR LI ZH WDNH WDWKJDWDGKWX LQ % DV D FDXVH DV VXJJHVWHG E\ WKH 5*99 VHH

DERYH



GRFXPHQWHG LQ WKH XSDPQD RI WKH VLPLOH ZKHUH P\ULDGV RI SDLQWHG FORWKV DSSHDU
DV LQGHSHQGHQW HOHPHQWV E\ DQDORJ\ ZLWK WDWKJDWDMQD 7KXV , GR QRW ZLVK WR
H[FOXGH WKH SRVVLELOLW\ WKDW WKH SKLORVRSK\ RI WKH 7DWKJDWRWSDWWLVDEKDYD
QLUGHwD LQ IDFW SURSRXQGV WKH LGHD RI D PXOWLWXGH RI IUDJPHQWHG EXGGKD
NQRZOHGJH ZKLFK ZKLOH HPEHGGHG LQ GLIIHUHQW OLYLQJ EHLQJV SHQHWUDWHV HDFK SDUW
WKH RWKHU 1HYHUWKHOHVV WKH 7DWKJDWRWSDWWLVDEKDYDQLUGHwD VHHPV UDWKHU WR
DVVXPH WKDW WKH FRVPRV LV SHQHWUDWHG E\ DQ DOOSHUYDVLYH HWKHUOLNH MQD LQ ZKLFK
OLYLQJ EHLQJV DUH HPEHGGHG ZKHUHDV LQ WKH 7*6 WKH SLFWXUH LV FOHDUO\ LQYHUWHG WKDW
LV MQD LV FRQWDLQHG LQ WKH PLQGV RI OLYLQJ EHLQJV 7KLV ODWWHU SHUVSHFWLYH DOORZV
WKH EXON RI DWWHQWLRQ WR EH GLUHFWHG WR OLYLQJ EHLQJV DV DXWRQRPRXV VXEMHFWV 7KLV
GLIIHUHQFH LQ SHUVSHFWLYH LV DOVR PLUURUHG LQ WKH FRUH VWDWHPHQWV RI WKH 7*6 DQG WKH
FRUUHVSRQGLQJ SDVVDJH LQ WKH 7DWKJDWRWSDWWLVDEKDYDQLUGHwD ,Q WKH 7*6 WKH
DJHQWV DUH OLYLQJ EHLQJV FRQWDLQLQJ D WDWKJDWD VDGDLYDLWH VDWWYV WDWKJDWD
JDUEK ZKHUHDV LQ WKH 7DWKJDWRWSDWWLVDEKDYDQLUGHwD WKH DJHQW LV WDWKJDWD
MQD LQ LWV GLIIXVLYH SRZHU WDWKJDWDMQD  VDNDODP DQXSUDYLuDP TXRWHG LQ
5*99 r :LWKRXW WKLV FKDQJH LQ SHUVSHFWLYH WKH HPSOR\PHQW RI WHUPV IRU
WKH EXGGKDQDWXUH ZLWK VXEVWDQWLDOLVW RYHUWRQHV ZRXOG QRW KDYH EHHQ SRVVLEOH LQ
WKH 7*6
 %HFRPLQJ D %XGGKD

7KH 7*6 VWDWHV WKDW DOO VHQWLHQW EHLQJV FRQWDLQ D WDWKJDWD DQG DUH HVVHQWLDOO\ HTXDO
WR WKH WDWKJDWDV 7KH VWUD KRZHYHU GRHV QRW VD\ WKDW WKH\ WKHPVHOYHV DUH
WKHUHIRUH DZDNHQHG DQG DOUHDG\ WDWKJDWDV 7KH UHDVRQ ZK\ WKH\ FDQQRW EH VDLG WR
KDYH DWWDLQHG DZDNHQLQJ LV WKH IDFW WKDW WKHLU HVVHQFH LV QRW \HW SXULILHG IURP

NOHwDV ZKLFK LQ WKH PHWDSKRULFDO H[SUHVVLRQ RI WKH 7*6 HQZUDS DQG SROOXWH WKLV
HVVHQFH 2QO\ ZKHQ WKHVH GHILOHPHQWV NOHwD KDYH EHHQ UHPRYHG ZLOO WKH HVVHQFH
RI VHQWLHQW EHLQJV EHFRPH PDQLIHVW WR DQG HIILFDFLRXV IRU WKHP 7KXV WKH EDVLF
LGHD RI WKH 7*6 LV WKDW VHQWLHQW EHLQJV DOZD\V SDUWDNH RI WKH QDWXUH RI WDWKJDWDV
7KLV QDWXUH FDQQRW HVVHQWLDOO\ EH DIIHFWHG E\ WKH GHILOHPHQWV EHFDXVH LW LV
XQFKDQJHDEOH 7KH NOHwDV RQ WKH RWKHU KDQG DUH VDLG WR EH RQO\ JDQWXND 
WKDW LV DFFLGHQWDO LQ QDWXUH 7KH\ DUH UHPRYHG LQ WKH SURFHVV RI SXULILFDWLRQ VR WKDW
ILQDOO\ WKH EXGGKDOLNH QDWXUH ZLOO EH UHYHDOHG 7KH LGHD LV EHVW SXW LQWR ZRUGV LQ
% ZKHUH WKH %XGGKD LQ D GLUHFW VSHHFK VWDWHV WKDW o LW ZLOO KDSSHQ WKDW RQH GD\
WKH WDWKJDWD >ZKR KDV@ HQWHUHG >DQG@ LV SUHVHQW ZLWKLQ \RX ZLOO EHFRPH PDQLIHVWp

,W LV WKXV FOHDU
 WDWKJDWD SUDYLuD VDYLG\DPQD  SUGXUEKDYLu\DWL
WKDW EHFRPLQJ D EXGGKD GRHV QRW LQYROYH DQ HVVHQWLDO WUDQVIRUPDWLRQ RU JHQHUDWLYH
FDXVDO DFW E\ ZKLFK WKH JDS EHWZHHQ WKH VWDWH RI EHLQJ KLQGHUHG E\ PHQWDO
GHILOHPHQWV DQG WKDW RI SHUIHFW DZDNHQLQJ LV EULGJHG
+RZHYHU WZR RI WKH

XSDPQDV

DSSHDU WR DWWHVW WR D GLIIHUHQW YLHZ WKH

VLPLOH RI WKH VSURXW LQ WKH VHHG DQG WKDW RI WKH IXWXUH HPSHURU LQ WKH ZRPE RI WKH
SRRU ZRPDQ 7KH VL[WK VLPLOH VSHDNV RI WKH VSURXW LQ D VHHG RI D IUXLW 7KH VHHG LV
SODQWHG LQ WKH HDUWK DQG EHFRPHV D ELJ WUHH 9HUVH  H[SOLFLWO\ FRPSDUHV WKH IDFW
WKDW WKH WUHH KDV JURZQ IURP D VHHG WR WKH DZDNHQLQJ RI VHQWLHQW EHLQJV 1RZ WKH
VSURXW KDV WR XQGHUJR GLIIHUHQW VWDJHV RI JURZWK DQG GHYHORSPHQW EHIRUH ILQDOO\



7LE NK\HG OD GH E]KLQ JVKHJV SD ]KXJV SD \RG SD GXV VKLJ QD nE\XQJ EDU nJ\XU WH 


WXUQLQJ LQWR D ELJ WUHH )URP WKLV RQH PLJKW H[SHFW WKDW WKH EXGGKDQDWXUH RI OLYLQJ
EHLQJV

LV

ILUVW

VRPHWKLQJ

WUDQVIRUPDWLRQDO

SURFHVV

FRPSDUDEOH
RI

ULSHQLQJ

WR

VSURXW

GHYHORSV

ZKLFK

LQWR

DQ

JUDGXDOO\
HQWLW\

E\

WKH

SRVVHVVLQJ

EXGGKDKRRG 6XFK DQ LPPDWXUH EXGGKDQDWXUH ZRXOG WKXV EH WKH FDXVH RI WKH

DWWDLQPHQW RI DZDNHQLQJ MXVW DV WKH VSURXW LQ WKH VHHG JHQHUDWHV WKH WUHH %XW
ZKLOH WKLV LQWHUSUHWDWLRQ HVSHFLDOO\ LQ OLJKW RI WKH ODWHU XQGHUVWDQGLQJ RI WKH WHUP

DV oEXGGKDHPEU\Rp RU oEXGGKDJHUPp FRXOG SULPD IDFLH EH

IHOW WR EH ZKDW WKH DXWKRUV RI WKH 7*6 ZDQWHG WR VXJJHVW D FORVHU ORRN DW WKH VLPLOH
UHYHDOV WKDW WKLV LV QRW WKH FDVH
:KDW WKH DXWKRUV KDYH IRFXVHG RQ LQ WKLV VLPLOH LV FOHDUO\ IRXQG LQ YHUVH
 ZKLFK VWDWHV WKDW WKH ERG\ RI D VXJDWD H[LVWV VLPLODUO\ WR D FDQH VHHG LQ DOO
OLYLQJ EHLQJV 7KLV YHUVH LV UHYHDOLQJ VLQFH WKH DXWKRUV FRXOG KDYH FKRVHQ WR XVH D
WHUP RWKHU WKDQ VXJDWDN\D VXFK DV HJ JRWUD RU JDUEKD ,Q RWKHU ZRUGV WKH\
FRXOG KDYH H[SUHVVHG WKDW WKH EXGGKDQDWXUH RI VHQWLHQW EHLQJV LV VWLOO LQ QHHG RI

IXUWKHU GHYHORSPHQW ,QVWHDG WKH\ FRQWLQXH WR HPSOR\ WKH VDPH WHUPLQRORJ\ DV
WDWKJDWDJDUEKD

LQ WKH VLPLOHV EHIRUH 7KLV WHUPLQRORJ\ FKRVHQ WR GHVFULEH WKH SURFHVV ZKLFK
PDNHV WKH EXGGKDQDWXUH RI VHQWLHQW EHLQJV HIILFDFLRXV IRU WKH ZRUOG GRHV QRW
FRQQRWH DQ\ NLQG RI JURZLQJ RU ULSHQLQJ 5DWKHU DV LQ WKH HDUOLHU VLPLOHV LW LV
H[SUHVVLYH RI WKH SXULILFDWLRQ %  IURP WKH VKHDWKV RI GHILOHPHQWVsD IDFW
ZKLFK PD\ LQGLFDWH WKDW WKH DXWKRUV KDG LQ PLQG QRW PDLQO\ WKH JURZLQJ SURFHVV RI
D VSURXW EXW LWV EHLQJ HQFORVHG LQ VHHG FRYHULQJV DQG WKH RXWHU IUXLW IURP ZKLFK LW
PXVW EH VHSDUDWHG
7KRXJK WKH JURZLQJ SURFHVV RI WKH VHHG LV RI FRXUVH RQH LPSRUWDQW DVSHFW
RI WKH VLPLOH WKH PDLQ IRFXV ZRXOG VHHP WR OLH HOVHZKHUH $V LQ $ DQG  WKH
VLPLOH KHUH DIILUPV WKH LPSHULVKDELOLW\ RI WKH VHHG DQG WKH IDFW WKDW WKH UHVXOW
NU\D QDPHO\ WKH WUHH LV DOUHDG\ FRQWDLQHG LQ WKH VHHG ,W HPSKDVL]HV WKDW VHHG

DQG WUHH DUH RI WKH VDPH QDWXUH 7KH VHHG DV &K KDV LW oUHDOL]HV WKH TXDOLW\ RI
LQGHVWUXFWLELOLW\ DV D UHVXOW RI WKH IDFW WKDW WKH VHHG DQG VSURXW JHQHUDWH HDFK RWKHU

DOWHUQDWHO\p 7KH DVVHUWLRQ E\ WKH DXWKRUV RI WKH 7*6 WKDW WKH VHHG DOUHDG\ EHDUV
WKH WUHH ZLWKLQ LWVHOI FHUWDLQO\ DFFRUGV ZHOO ZLWK WKHLU oWKHRU\ RI UHYHODWLRQp 7KH
ILJXUH RIIHUV FRUUHVSRQGHQFHV WR WKH IXOOIOHGJHG WDWKJDWDV LQ OLYLQJ EHLQJV 7KH
PDQLIHVWDWLRQ RI WKHVH WDWKJDWDV WULJJHUV WKH DZDNHQLQJ RI OLYLQJ EHLQJV
+RZHYHU WKHUH LV DQ LPSRUWDQW GLIIHUHQFH EHWZHHQ WKLV oWUHHp LQ WKH VHHG DQG WKH
IXOOJURZQ WUHH LQ WHUPV RI WHPSRUDO GHYHORSPHQW HYHQ LI LW GRHV QRW VHHP WR EH RI
UHOHYDQFH IRU WKH DXWKRUV :KDW LV GHFLVLYH IRU WKHP LV WKH HVVHQWLDO RQHQHVV RI
VHHG DQG WUHH 1RWKLQJ QHZ KDV WR EH DGGHG WKH FRPSOHWH WUHH LV DOUHDG\ IRXQG LQ

WKH VHHG
,Q WKH VLPLOH RI WKH SRRU ZRPDQ WKH VLWXDWLRQ LV VLPLODU 7KRXJK WKH
HPEU\R RI D

FDNUDYDUWLQ

LQ KHU ZRPE FRXOG HDVLO\ EH FRPSDUHG WR WKH JHUP RU

HPEU\R RI D EXGGKD LQ OLYLQJ EHLQJV WKH DXWKRU SUHIHUV WR HPSOR\

WDWKJDWD

%

%

DQG

GKDUPDW

WDWKJDWDGKWX

  +HUH DJDLQ WKH IDFW WKDW WKH



,W LV WUXH WKDW LQ % GKDUPDW LV VSRNHQ RI DV JDUEKDJDW RU JDUEKDVWK , KDYH DUJXHG LQ WKH

QRWH WR P\ WUDQVODWLRQ WKDW WKHVH ODWWHU VKRXOG EH XQGHUVWRRG DV oLQ WKH ZRPEp +RZHYHU LW FRXOG

DOVR EH XQGHUVWRRG DV oLQ WKH VWDWH RI DQ HPEU\Rp DQG ZH FDQQRW DV D PDWWHU RI IDFW H[FOXGH
RXWULJKW WKH SRVVLELOLW\ WKDW WKH DXWKRUV XVHG WKLV DPELJXRXV IRUPXODWLRQ WR DOORZ IRU ERWK
LQWHUSUHWDWLRQV
VHH DOVR DERYH S I


)RU RUWKRGR[ %XGGKLVW WKLQNHUV WKH LGHD RI WKH VDPHQHVV RI QDWXUH EHWZHHQ VHHG VSURXW DQG

WUHH DQG WKH H[LVWHQFH RI WKH WUHH LQ WKH VHHG VDWNU\D ZRXOG KDUGO\ KROG ZDWHU &S IRU

LQVWDQFH WKH %XGGKLVW

lOLVWDPEDVWUD ZKHUH VXFK LGHDV DUH VWULFWO\ UHMHFWHG DV KDUERULQJ WKH IDXOW

RI HWHUQDOLVP 6FKRHQLQJ D II



FDNUDYDUWLQ

LV VWLOO DQ HPEU\R GRHV QRW VHHP WR EH FUXFLDO IRU DQ XQGHUVWDQGLQJ RI

WKH VLPLOH +LV QDWXUH QDPHO\ WKDW RI D

FDNUDYDUWLQ ZLOO QRW FKDQJH KLV IXWXUH UXOH

:KDW WKH VLPLOH SOD\V XS UDWKHU LV WKH VWULNLQJ FRQWUDVW

EHWZHHQ WKH SRRU XJO\ DQG SHVVLPLVWLF ZRPDQ DQG WKH JORU\ RI WKH FDNUDYDUWLQ
LV DOUHDG\ SUHSURJUDPPHG DQG WKH JURZWK SURFHVV WKH HPEU\R LV VXEMHFW WR GRHV
QRW ILJXUH LQ DW DOO



LQVLGH KHUVHOI 6WLOO WKLV VLPLOH FDQ HDVLO\ JLYH ULVH WR D GLIIHUHQW YLHZ RI WKH
EXGGKDQDWXUH :LWKRXW WKH H[DFW ZRUGLQJ LQ PLQG RQH LV QDWXUDOO\ WHPSWHG WR
FRPSDUH WKH JURZWK RI WKH HPEU\R WR D FRQWLQXRXV ULSHQLQJ SURFHVV LQ VHQWLHQW
EHLQJV RI WKHLU EXGGKDQDWXUH 7R EH VXUH WKLV ZRXOG QRW EH LQ OLQH ZLWK WKH
RULJLQDO LQWHQWLRQ RI WKH DXWKRUV ZKR IDYRUHG D WKHRU\ RI PDQLIHVWDWLRQ
1RZ WKH LGHD WKDW D IXOOIOHGJHG WDWKJDWD LV IURP WKH YHU\ EHJLQQLQJ
SUHVHQW LQ OLYLQJ EHLQJV UDLVHV VHULRXV SUREOHPV IRU %XGGKLVW SKLORVRSKHUV 7KH

7*6

VWDWHV WKDW WKH WDWKJDWDV LQVLGH DUH FRYHUHG E\ GHILOHPHQWV DQG WKDW RQO\

WKURXJK

SURFHVV

RI

SXULILFDWLRQ

FDQ

OLYLQJ

EHLQJV

EHFRPH

DZDNHQHG

1HYHUWKHOHVV VHQWLHQW EHLQJV DUH VDLG WR EH DOZD\V HVVHQWLDOO\ WKH VDPH DV WKH
WDWKJDWDV DQG WKLV LPPDQHQFH RI WKH $EVROXWH FDQ HDVLO\ OHDG RQH WR GRZQSOD\ RU
HYHQ EUXVK RYHU WKH IDFW WKDW EHWZHHQ WKH VWDWH RI EHLQJ GHILOHG DQG WKDW RI SHUIHFW
DZDNHQLQJ LV D JDS ZKLFK KDV WR EH EULGJHG $V VHHQ DERYH WKH DXWKRUV RI WKH

7*6

GR QRW VHHP RYHUO\ FDXWLRXV LQ WKLV PDWWHU 7KH\ GR QRW KHVLWDWH WR DWWULEXWH DQ
REYLRXVO\ VXEVWDQWLDOLVW QRWLRQ WR WKH EXGGKDQDWXUH RI OLYLQJ EHLQJV 0RUH WKDQ
WKH DVVXPSWLRQ RI WZR TXDOLWDWLYHO\ GLIIHUHQW VWDJHV RI GHYHORSPHQW IRU WKHP LW LV
WKH JDS EHWZHHQ WKHVH WZR VWDWHV WKDW XQGHUOLHV WKH HIILFDFLRXVQHVV RI VHQWLHQW
EHLQJVn EXGGKDQDWXUH ZKLFK FDQ EH UHDOL]HG RQO\ WKURXJK D SURFHVV RI
UHYHODWLRQ 7KH\ WKHUHIRUH GLG QRW H[SHQG PXFK HIIRUW LQ FKRRVLQJ VLPLOHV ZLWK D

XQLILHG FRQFHSWLRQ RI WKH EXGGKDQDWXUH 7KLV PD\ DOVR EH UHVXOWLQJ IURP WKH
DXWKRUVn YHU\ LQWHQWLRQ ZKLFK DV ZH VKDOO VHH EHORZ VHHPV SULPDULO\ WR KDYH
EHHQ WR SUHVHQW UHDVRQV ZK\ DOO OLYLQJ EHLQJV FDQ EHFRPH EXGGKDV DQG PD\EH
HYHQ PRUH LPSRUWDQWO\ WR VWLPXODWH WKHLU UHDGHUVKLS ZKLFK KDG SRVVLEO\ KLWKHUWR
QRW IHOW YLWDOO\ GUDZQ WR %XGGKLVW VSLULWXDOLW\ WR MRLQ WKH 0DK\QD FRPPXQLW\
7KH XVH RI D SKLORVRSKLFDOO\ DQG VSLULWXDOO\ XQVRSKLVWLFDWHG LPSUHFLVH DQG HYHQ
DPELJXRXV WHUPLQRORJ\ DORQJ ZLWK WKH VXEVWDQWLDOLVW DQG PHWDSKRULFDO
IRUPXODWLRQ RI WKH XSDPH\D PD\ KDYH EHHQ FRQVLGHUHG QHFHVVDU\ LQ RUGHU WR DWWDLQ
WKHLU HQGV ,W ZRXOG WKHUHIRUH EH ZURQJ WR H[SHFW HODERUDWH H[SODQDWLRQV DERXW WKH
H[DFW UHODWLRQ EHWZHHQ WKH VWDWH RI GHILOHPHQW DQG DZDNHQLQJ 7KLV SDLQVWDNLQJ
ZRUN ZKHWKHU LQWHQWLRQDOO\ RU QRW ZDV OHIW WR ODWHU H[HJHWHV
5HJDUGLQJ WKH DWWDLQPHQW RI DZDNHQLQJ WKH DXWKRUV RI WKH

7*6

GR QRW WLUH

RI HPSKDVL]LQJ WKDW WKLV OHDGV WR WKH SHUIRUPDQFH RI WKH WDVNV RI D EXGGKD 7KH\

PDWLF FRQVHTXHQFH RI WKH PDQLIHVWDWLRQ RI

REYLRXVO\ FRQVLGHU WKLV IDFW DV DQ DXWR



,W LV KRZHYHU SUREDEO\ QR FRLQFLGHQFH WKDW WKH RQO\ SDVVDJHV ZKHUH WKH WHUPV JDUEKDJDWD
47 JDUEKDVWKD DSSHDU DUH LQ WKH VLPLOHV RI WKH VHHG DQG WKH SRRU ZRPDQ $OWKRXJK WKH WUDQVODWLRQV

RI WKH 7*6 LWVHOI DQG WKH SDUDOOHOV LQ WKH TXRWDWLRQ RI WKH VLPLOHV LQ
oLQVLGHp WKH RWKHU SRVVLELOLW\ LH oHPEU\Rp FDQQRW EH UXOHG RXW

WKH

5*9 LQWHUSUHW JDUEKD DV

7KLV EHFRPHV FOHDU LQ WKH VLPLOHV RI WKH VHHG ZKLFK DOUHDG\ FRQWDLQV WKH ZKROH WUHH WKH
HPEU\R RI WKH FDNUDYDUWLQ LQ WKH ZRPE RI WKH SRRU ZRPDQ DQG LQ WKH VLPLOH RI WKH %&$ ZKHUH D


FORWK RQ ZKLFK WKH ZKROH XQLYHUVH LV SDLQWHG LV IRXQG FRPSUHVVHG WR D VPDOO SDUWLFOH DQG KDV WR EH

RSHQHG LQ RUGHU WR DFKLHYH LWV HIIHFW 7KXV WKH FRXQWHUSDUW LQ WKH XSDPQD WR OLYLQJ EHLQJVn
EXGGKDQDWXUH LV QRW \HW LQ D IXOO\ GHYHORSHG VWDWH IRU LW WR PDQLIHVW IXOO\ UHTXLUHV D IXUWKHU VWDJH
RI ULSHQLQJ RU H[SDQVLRQ %XW JLYHQ WKDW WKH VWUD VWUHVVHV WKH HVVHQWLDO VDPHQHVV RI WKH HOHPHQW LQ
VHQWLHQW EHLQJV EHIRUH LWV UHYHODWLRQ ZKHQ LW LV QRW \HW HIILFDFLRXV DQG DIWHUZDUGV ZKHQ LW

EHFRPHV VR WKLV GRHV QRW XQGHUPLQH WKH EDVLF FRQFHSW :H VKRXOG QRW H[SHFW RU FODLP DQ
DEVROXWH LVRPRUSKLF UHODWLRQVKLS EHWZHHQ WKH XSDPQD DQG WKH XSDPH\D IRU DOO VLPLOHV



RQHnV EXGGKDQDWXUH DQG LQ VHYHUDO SDVVDJHV LW DORQH LV VWDWHG WR EH D FKDUDFWHULVWLF

RI EXGGKDKRRG 7KLV LQ LWVHOI GHPRQVWUDWHV WKDW HIILFDFLRXVQHVV ZDV D PDLQ
FDWHJRU\ LQ WKH HDUOLHVW VWDJH RI WDWKJDWDJDUEKD WKRXJKW 7KH UHDVRQ IRU
GHVFULELQJ D WDWKJDWD SULPDULO\ LQ WHUPV RI G\QDPLF DFWLYLW\ PD\ ZHOO OLH LQ DQ
DWWLWXGH RI ZRUOGO\ HQJDJHPHQW SUHGRPLQDWLQJ RYHU PDLQO\ WKHRUHWLFDO FRQFHUQV
 +RZ WR %HFRPH D %XGGKD

7KH SXULILFDWLRQ IURP WKH NOHwDV OHDGV WR WKH PDQLIHVWDWLRQ RI EXGGKDKRRG 1RZ
ZKDW DUH WKH IDFWRUV OHDGLQJ WR WKLV SXULILFDWLRQ" /HW XV ILUVW QRWH LQ ZKDW WHUPV WKH

7DWKJDWRWSDWWLVDEKDYDQLUGHwD GHDOV ZLWK WKLV TXHVWLRQ 7KHUH ZKHQ WKH

7DWKJDWD VHHV WKDW OLYLQJ EHLQJV DUH QRW DZDUH RI WKHLU WDWKJDWDMQD KH VD\V
5*99 r


\DQ QY DKDP Hu VDWWYQP U\DPUJRSDGHwHQD

VDUYDVDMNWD
EDQGKDQSDQD\DQD NXU\ \DWK VYD\DP HYU\DPUJDEDOGKQHQD PDKDW
VDMJUDQWKL YLQLYDUW\D WDWKJDWDMQD SUDW\DEKLMQUDQ  WDWKJDWDVDPDW
FQXSUSQX\X

Y\DSDQD\DQWL  >

WH

WDWKJDWDPUJRSDGHwHQD

VDUYDVDMNWDEDQGKDQQL

U\HD PUJR emended to U\DPDUJR according to Takasaki 1966: 397(

6XSSRVH QRZ WKDW E\ WHDFKLQJ >WKHP@ WKH 1REOH >(LJKWIROG@ 3DWK , UHPRYH DOO WKH
IHWWHUV IURP WKHVH VHQWLHQW EHLQJV WKDW DUH FDXVHG E\ >WKHLU ZURQJ@ FRQFHSWLRQV VR
WKDW WKURXJK DWWDLQLQJ SRZHU >E\ IROORZLQJ@ WKH 1REOH 3DWK WKH\ UHPRYH WKLV ELJ
NQRW RI >ZURQJ@ FRQFHSWLRQV E\ WKHPVHOYHV UHFRJQL]H  WDWKJDWDMQD >ZKLFK
SHQHWUDWHV WKHP@ DQG DWWDLQ HTXDOLW\ ZLWK WKH WDWKJDWDV 7KHQ WKDQNV WR WKH
WDWKJDWDV WHDFKLQJ >WKHP@ WKH 3DWK WKH\ ZLOO JHW ULG RI DOO WKH IHWWHUV FDXVHG E\
>ZURQJ@ FRQFHSWLRQV

7KH SDVVDJH LV YHU\ FOHDU LQ DWWULEXWLQJ WKH DFWXDO SURFHVV RI SXULILFDWLRQ WR VHQWLHQW
EHLQJV DORQH VYD\DP HYD 7KH 7DWKJDWDnV UROH LV OLPLWHG WR WHDFKLQJ WKHP WKH
(LJKWIROG 3DWK WKHUHE\ VHWWLQJ WKHLU SXULI\LQJ DFWLYLWLHV LQWR PRWLRQ 7KH WH[W
VWUHVVHV WKDW LW LV VHQWLHQW EHLQJV WKHPVHOYHV ZKR UHPRYH WKHLU PLVFRQFHSWLRQV DQG
ILQDOO\ UHDOL]H WDWKJDWDMQD
SUDW\DEKLMQWH

,W

LV

KHUH

7KH

XVHG

YHUE

LQ

WKH

XVHG

VHQVH

WR
RI

GHVFULEH
oWR

WKLV

EHFRPH

UHDOL]DWLRQ

DZDUH

RIp

LV
oWR

UHFRJQL]Hp VRPHWKLQJ ZKLFK OLYLQJ EHLQJV KDYH DOZD\V EHHQ FDUU\LQJ DURXQG ZLWK
WKHP

QDPHO\ WDWKJDWDMQD

7KLV

UHFRJQLWLRQ LV

WKH

UHVXOW

RI

OLYLQJ

EHLQJVn

SUDFWLFH DORQJ WKH 1REOH 3DWK DQG FRLQFLGHV ZLWK WKH IXOO PDQLIHVWDWLRQ RI WKHLU

WDWKJDWDMQD
SUDW\DEKLMQWH

WKH

UHDOL]DWLRQ

LPSOLHV

WKHQ

RI

PRUH

$FFRUGLQJ WR WKH SDVVDJH LQ WKH

WKHLU
WKDQ

EXGGKDKRRG

MXVW

WKH

SXUH

7KH
DFW

YHUE

RI

IURP

UHFRJQL]LQJ

7DWKJDWRWSDWWLVDEKDYDQLUGHwD

UHFRJQLWLRQ

FDQ RQO\ WDNH SODFH ZKHQ OLYLQJ EHLQJV IROORZ WKH +RO\ 3DWK ,W LV WKXV FOHDU WKDW
WKH PHDQLQJ RI

SUDW\DEKLMQWH

LQ WKLV SDVVDJH JRHV IDU EH\RQG WKH SURFHVV RI

DEVWUDFWO\ UHPHPEHULQJ WKH IDFW WKDW RQH KDV WKH EXGGKDQDWXUH +HUH WKH WHUP



0\ XQGHUVWDQGLQJ RI U\DPUJDEDOGKQD

%&$ E\ %XGGKDEKDGUD 

IROORZV IURP WKH WZR &KLQHVH WUDQVODWLRQV RI WKH

 %&$&+ D DQG lLNuQDQGD 

D DORQJ ZLWK WKH &KLQHVH WUDQVODWLRQ RI WKH SDVVDJH LQ WKH 5*99 

 %&$&+

 LQ 1DNDPXUD

 


7KH YHUE SUDW\DEKLMQWH LV QRW YHU\ FRPPRQ LQ %XGGKLVW WH[WV 6H\IRUW 5XHJJ  

XQGHUVWDQGV LW DV oOD

UHFRQQDLVVDQFH RX DQDJQRVLV GH OD UDOLWp LQ FRQWUDVW WR WKH %XGGKLVW

QRWLRQ RI oFRPSUKHQVLRQ DGKLJDPp ,Q WKH VDPH SDVVDJH KH DOVR SURYLGHV XV ZLWK VHYHUDO
RFFXUUHQFHV RI WKH WHUP LQ QRQ%XGGKLVW VFKRROV ,W LV LPSRVVLEOH WR NQRZ LI WKH YHUE DSSHDUHG LQ
WKH

7*6 VLQFH WKH 7LEHWDQ GRHV QRW KDYH D VWDQGDUGL]HG WUDQVODWLRQ IRU LW


LPSOLHV D IXQGDPHQWDO FKDQJH EURXJKW DERXW E\ WKH DGRSWLRQ RI FHUWDLQ UXOHV WKDW
OHDG WR WKH IXOO PDQLIHVWDWLRQ RI EXGGKDKRRG ,Q WKH OLQHV EHIRUH WKH SDVVDJH FLWHG
DERYH WKH %XGGKD KDG VWDWHG WKDW DV ORQJ DV OLYLQJ EHLQJV DUH GHILOHG E\ ZURQJ
FRQFHSWLRQV WKH\ ZRXOG QRW oEH DZDUH RIp DQG QRW oUHDOL]Hp WKHLU WDWKJDWDMQD

)RXU YHUEV DUH XVHG LQ WKHVH OLQHV DQG ZH FDQ VHH WKDW WKH\ FRYHU WKH PHDQLQJ
FRQWDLQHG LQ WKH YHUE IRUP SUDW\DEKLMQWH 7KHVH YHUEV DUH MQDQWL SUDMQDQWL
DQXEKDYDQWL DQG VNuWNXUYDQWL 
,I ZH QRZ WXUQ WR WKH

7*6

ZH VHH WKDW WKH SURFHVV RI SXULILFDWLRQ LV

GHVFULEHG LQ YHU\ VLPLODU WHUPV 7KHUH KRZHYHU WKH GLVWLQFWLRQ EHWZHHQ WKH
DFWLYLW\ RI WKH 7DWKJDWD RQ WKH RQH KDQG ZKR WHDFKHV WKH 'KDUPD DQG WKHUHE\
PDNHV VHQWLHQW EHLQJV NQRZ WKDW WKH\ WKHPVHOYHV KDYH WKH EXGGKDQDWXUH DQG
OLYLQJ EHLQJVn RZQ HIIRUWV RQ WKH RWKHU LV OHVV FOHDU ,W VHHPV WR PH WKDW WKH VLPLOH

7DWKJDWRWSDWWLVDEKDYDQLUGHwD DOUHDG\ EHDUV WKH VHHGV RI VXFK

DPELJXLW\ ,W LV TXLWH HYLGHQW WKDW WKH DXWKRUV RI WKH 7DWKJDWRWSDWWLVDEKDYD
QLUGHwD VWUHVVHG VHQWLHQW EHLQJVn FRQWULEXWLRQ ZLWK WKH ZRUGV VYD\DP HYD ZKLOH DW
LQ

WKH

WKH VDPH WLPH VSHFLI\LQJ WKH H[DFW QDWXUH RI WKH %XGGKDnV UROH LQ FOHDULQJ DZD\ DOO
GRXEW WKH %XGGKDnV WHDFKLQJ DFWLYLW\ ZKLFK OHDGV WR WKH UHDOL]DWLRQ RI

WDWKJDWDMQD LW LV oDWWDLQLQJ SRZHU >E\ IROORZLQJ@ WKH 1REOH 3DWKp U\DPUJD

EDOGKQHQD WKDW FDSLWDOL]HV RQ WKLV DFWLYLW\ 7KLV FODULILFDWLRQ VHHPV QHFHVVDU\

VLQFH RWKHUZLVH RQH PD\ EH LQFOLQHG WR UHDG WKH VLWXDWLRQ DFFRUGLQJ WR WKH

XSDPQD

ZKHUH LW LV WKH VNLOIXO SHUVRQ DORQH ZKR PDNHV WKH FRPSUHVVHG FORWK

XVHIXO IRU WKH ZKROH ZRUOG

,Q WKH

7*6

VXFK FODULILFDWLRQV DUH RQO\ VSRUDGLFDOO\ IRXQG ,Q PRVW RI LWV

VLPLOHV LW LV D VLQJOH SHUVRQ ZKR NQRZV DERXW WKH SUHFLRXV KLGGHQ VXEVWDQFH DQG
SXULILHV LW ,Q VHYHUDO SDVVDJHV WKLV SHUVRQ LV H[SOLFLWO\ FRPSDUHG WR WKH 7DWKJDWD
7KH PRVW FRPPRQ IRUPXODWLRQ LQ WKH

7*6 LV H[SUHVVLYH RI ILQDOLW\ WKH 7DWKJDWD

WHDFKHV WKH 'KDUPD LQ RUGHU WR SXULI\ VHQWLHQW EHLQJV 2I FRXUVH VXFK D VWDWHPHQW
FRXOG PHDQ WKDW WKH 7DWKJDWD GLUHFWO\ GHVWUR\V WKH NOHwDV RI VHQWLHQW EHLQJV EXW LW
FRXOG DOVR EH XQGHUVWRRG LQ WKH VHQVH FRQYH\HG LQ WKH 7DWKJDWRWSDWWLVDEKDYD
QLUGHwD )RUPXODWLRQV LQ WKH VLPLOH RI WKH JROGHQ ILJXUHV LQ WKH PROGV DUH

VXJJHVWLYH RI WKH IRUPHU DOWHUQDWLYH 7KHUH LW LV VWDWHG WKDW WKH 7DWKJDWD ZLWK oWKH
YDMUD>OLNH@ KDPPHU RI WKH 'KDUPD  KHZV DZD\ DOO RXWHU GHILOHPHQWV LQ RUGHU WR
HQWLUHO\ SXULI\ WKH SUHFLRXV WDWKJDWDNQRZOHGJH p % oVR WKDW WKHLU
GHILOHPHQWV DUH H[SHOOHG ZLWKRXW DQ\ UHPDLQGHUp  +RZHYHU LW LV KDUGO\
LPDJLQDEOH WKDW WKLV LV WR EH WDNHQ DV GHQ\LQJ DQ\ NLQG RI SDUWLFLSDWLRQ RI VHQWLHQW
EHLQJV LQ WKH SURFHVV RI WKHLU RZQ SXULILFDWLRQ ,W VLJQLILHV UDWKHU WKDW WKH DXWKRUV
WULHG WR WUHDW WKH WZR VLGHV RI WKH VLPLOH LVRPRUSKLFDOO\ DGRSWLQJ WKH IUDPHZRUN RI
WKH XSDPQD ZKHQ FRPSDULQJ WKH 7DWKJDWD WR WKH VPLWK
:H GR LQ IDFW ILQG VRPH SDVVDJHV LQ WKH VWUD LQGLFDWLQJ FOHDUO\ WKH DFWLYH
UROH VHQWLHQW EHLQJV WKHPVHOYHV SOD\ LQ WKH SURFHVV RI SXULILFDWLRQ 7KH PRVW
UHSUHVHQWDWLYH DPRQJ WKHP LV LQ % ZKHUH LW LV VDLG WKDW WKH %XGGKD WHDFKHV
VHQWLHQW EHLQJV WKH 'KDUPD DQG OHDGV WKHP WR KDYH IDLWK PRV LQ RUGHU WR GHVWUR\
WKHLU GHILOHPHQWV 6HQWLHQW EHLQJV WKHQ DSSO\ DEKL\XM\DWH WKHPVHOYHV DVVLGXRXVO\


,Q WKH

7*6 WKH 7LEHWDQ GRHV QRW DOORZ WKH H[DFW 6DQVNULW WHUPV WR EH UHFRQVWUXFWHG ZKHUH LW

LV VDLG WKDW VHQWLHQW EHLQJV oUHDOL]Hp NKRQJ

GX FKXG SD WKHLU

EXGGKDQDWXUH DIWHU OHDUQLQJ DERXW LW

WKURXJK WKH WHDFKLQJ RI WKH 7DWKJDWD ,W LV TXLWH SRVVLEOH WKDW DQ\

VXFK 6DQVNULW WHUP FRXOG EH

XQGHUVWRRG LQ ERWK ZD\V LH oWR EHFRPH DZDUHp DQG oWR DFFRPSOLVKp 7KH IRUPHU DOWHUQDWLYH
ZRXOG HQWDLO WKDW WKH NQRZOHGJH RI WKH SUHVHQFH RI D EXGGKD ZLWKLQ ZDV FRQVLGHUHG DV OHDGLQJ WR
DZDNHQLQJ





WR WKHVH WHDFKLQJV DQG EHFRPH IUHH IURP WKHLU GHILOHPHQWV

$JDLQ LQ % DQG 

VHQWLHQW EHLQJV RU ERGKLVDWWYDV DUH VDLG WR DFTXLUH IDLWK LQ WKH WHDFKLQJ RI WKH
%XGGKD ZKLFK ODWHU ZKHQ WKH\ H[HUW WKHPVHOYHV  OHDGV WR WKHLU DZDNHQLQJ
,Q  ZH ILQG DQ H[KRUWDWLRQ LQ ZKLFK WKH 7DWKJDWD FDOOV XSRQ WKH ERGKLVDWWYDV WR

oWDNH WKH WUHDVXU\ RI NQRZOHGJHp DQG WR EHFRPH SURWHFWRUV RI WKH ZRUOG )LQDOO\
LQ WKH VLPLOH RI WKH SRRU ZRPDQ WKH 7DWKJDWD FDOOV XSRQ VHQWLHQW EHLQJV WR H[HUW

WKH HQHUJ\ ZKLFK ZLOO OHDG WKHP WR UHDOL]H EXGGKDKRRG

)URP WKH SDVVDJHV PHQWLRQHG DERYH LW EHFRPHV REYLRXV WKDW OLYLQJ EHLQJV
ZHUH H[SHFWHG WR SDUWLFLSDWH LQ WKH UHPRYDO RI WKHLU GHILOHPHQWV 1HYHUWKHOHVV
XQGHU WKH VZD\ RI WKH DXJXVW ILJXUHV LQ WKH XSDPQDV WKH DXWKRUV GLG QRW KHVLWDWH
WR XVH IRUPXODWLRQV ZKLFK OHDYH QR RU HOVH YHU\ OLWWOH URRP IRU WKH SDUWLFLSDWLRQ RI
OLYLQJ EHLQJV 7ZR FRQVHTXHQFHV FDQ EH GUDZQ IURP WKLV REVHUYDWLRQ )LUVW LW
GHPRQVWUDWHV WKDW WKH SXULILFDWRU\ ZRUN RI WKH 7DWKJDWD ZDV FRQFHLYHG DV WKH
PDLQ IDFWRU LQ WKH SURFHVV RI PDQLIHVWLQJ OLYLQJ EHLQJVn EXGGKDQDWXUH ,W VHHPV LQ
IDFW WR JR IDU EH\RQG KLV DFWLYLW\ RI WHDFKLQJ WKH 'KDUPD 6HFRQGO\ WKH VWUD
WRXFKHV RQO\ VSRUDGLFDOO\ RQ WKH TXHVWLRQ ZKDW VHQWLHQW EHLQJV KDYH WR GR WR DWWDLQ
DZDNHQLQJ ZKHQ LW UHIHUV WR WKH YHU\ JHQHUDO QRWLRQV RI oIDLWK LQ WKH 'KDUPDp DQG
LWV SUDFWLFH 7KLV VKRZV WKDW WKH GHWDLOV RI WKH SURFHVV RI SXULILFDWLRQ ZHUH QRW DQ
LQWHJUDO SDUW RI WKH PHVVDJH ZKLFK WKH DXWKRUV ZDQWHG WR FRQYH\ 7KHUHIRUH WKH\
GLG QRW HODERUDWH WKLV SRLQW DQ\ PRUH WKDQ WKH\ SURYLGHG DQ H[DFW GHILQLWLRQ RI WKH
EXGGKDQDWXUHsWDVNV WKH\ OHIW IRU ODWHU V\VWHPDWL]HUV 2WKHU PHDQV RI DZDNHQLQJ
UHFLWDWLRQ HWF VXJJHVWHG LQ WKH VHFWLRQV IROORZLQJ WKH VLPLOHV DUH D JHQHUDO
IHDWXUH RI PDQ\ 0DK\QD VWUDV DQG WKXV QRW SHFXOLDU WR WKH WKHRU\ RI WKH
EXGGKDQDWXUH 7KLV RI FRXUVH GRHV QRW PHDQ WKDW WKH DXWKRUV RI WKH

FRQVLGHU LW DSSURSULDWH WR SUDFWLFH WKHP

7*6 GLG QRW

 7KH $# DV D 3DUW RI ,QGLDQ %XGGKLVP ,WV 6RXUFHV 0RWLYHV DQG 5HFHSWLRQ

7KH WLWOH RI WKLV VHFWLRQ PD\ UDLVH H[SHFWDWLRQV ZKLFK FDQQRW EH IXOILOOHG DPRQJ
WKHP VXFFHVVIXOO\ WUDFLQJ WKH URRWV DQG GHILQLQJ WKH SRVLWLRQ RI WKH
WDWKJDWDJDUEKD WHDFKLQJ DJDLQVW WKH EDFNJURXQG RI D FRPSUHKHQVLYH KLVWRU\ RI
,QGLDQ SKLORVRSK\ LQ JHQHUDO DQG LQ SDUWLFXODU LWV UHODWLRQ WR WKH XSDQLuDGLF QRWLRQ
RI WPDQ DQG WKH 3wXSDWD GRFWULQH RI

DEKLY\DNWL

ZKLFK ODWWHU FRQFHSW QDPHO\

OLEHUDWLRQ DV WKH PDQLIHVWDWLRQ RI WKH LQQDWH lLYDnV SHUIHFWLRQV WKURXJK WKH UHPRYDO

PDOD

RI LPSXULWLHV 

LV VWULNLQJO\ VLPLODU , UHVWULFW P\VHOI WR GHOLQHDWLQJ RQO\ D

IHZ DVSHFWV RI WKH VWUDnV UHODWLRQ WR RWKHU %XGGKLVW WH[WV /LNHZLVH , FDQQRW KHUH
GHDO ZLWK WKH GHYHORSPHQW RI
,QGLDQ

UHJLRQ

P\

FHQWUDO

WDWKJDWDJDUEKD WKRXJKW LQ 7LEHW DQG &KLQD )RU WKH

DERXW SRVW7*6 GHYHORSPHQWV DUH EDVHG RQ

LGHDV

7DNDVDNL  D ZRUN ZKLFK KDV UHPDLQHG WKH SRLQW RI GHSDUWXUH IRU DQ\ VHULRXV

WDWKJDWDJDUEKD WHDFKLQJ LQ ,QGLD

,Q 7LEHW WKH WHDFKLQJ RI WDWKJDWDJDUEKD EHFDPH D KLJKO\ FRQWURYHUVLDO
LVVXH LQ WKH ZHOONQRZQ J]KDQ VWRQJ DQG UDQJ VWRQJ GHEDWH DPRQJ WKH %XGGKLVW
VFKRROV 7KH SURSRQHQWV RI J]KDQ VWRQJ oRWKHUHPSW\p EHOLHYH WKDW WKH LQKHUHQW
KLVWRULFDO VWXG\ RI WKH

$ VLPLODU FRQFOXVLRQ LV UHDFKHG DW WKH HQG RI $ 7KHUH LW LV VDLG WKDW DV D UHVXOW RI QRW
KHDULQJ RI WKH EXGGKDQDWXUH VHQWLHQW EHLQJV GR QRW DSSO\ WKHPVHOYHV WR WKHLU SXULILFDWLRQ

7KHUH VHHPV WR EH QR FOHDU GLVWLQFWLRQ EHWZHHQ QRUPDO OLYLQJ EHLQJV VDWWYD DQG


ERGKLVDWWYDV LQ WKH 7*6 H[FHSW IRU D SDVVDJH LQ % ZKHUH WKH WKUHHIROG FDWHJRUL]DWLRQ VDWWYD r

ERGKLVDWWYD r WDWKJDWD DSSHDUV FI S 



EXGGKDQDWXUH RI OLYLQJ EHLQJV LV HVVHQWLDOO\ HPSW\ RI GHILOHPHQWV DQG VR LQ WKLV

UHJDUG FRPH YHU\ FORVH WR WKH SRVLWLRQ RI WKH 7*6 ZKLFK WKH\ WDNH OLWHUDOO\ ZKLOH
WKH UDQJ VWRQJ oVHOIHPSW\p SRVLWLRQ LV WKDW WKH WH[WV RI WKH WDWKJDWDJDUEKD

WHDFKLQJ KDYH WR EH LQWHUSUHWHG RQ WKH EDVLV RI DQG KDUPRQL]HG ZLWK RWKHU PDMRU
%XGGKLVW WHQHWV VXFK DV WKH GRFWULQH RI HPSWLQHVV wQ\DWsZKLFK ILQDOO\ OHG WR
WKH LGHQWLILFDWLRQ RI WKH WDWKJDWDJDUEKD oEXGGKDHPEU\Rp ZLWK wQ\DW
,Q &KLQD WKH WDWKJDWDJDUEKD WHDFKLQJ JDLQHG SKLORVRSKLFDO LPSRUWDQFH
E\ ZD\ RI WKH 5DWQDJRWUDYLEKJD DQG WKH 'DFKHQJ TL [LQ OXQ

2SLQLRQV GLIIHU DERXW KRZ GHHSO\ LW KDV LQ IDFW SHQHWUDWHG &KLQHVH %XGGKLVW
WKRXJKW EXW ZLWKRXW GRXEW LW IRXQG IHUWLOH VRLO DPRQJ 'DRLVW WHDFKLQJV ZKLFK ZHUH
SURIHVVLQJ EHOLHI LQ DQ oRULJLQDO SXUH HVVHQFHp EHIRUH WKH DUULYDO RI %XGGKLVP LQ
&KLQD :LWK WKH ULVH RI WKH FRQFHSW RI oRULJLQDO DZDNHQLQJp

LQ WKH 'DFKHQJ

TL [LQ OXQ DQG LWV IXVLRQ ZLWK WHQHWV RI <RJFUD WKRXJKW KRZHYHU WKH EXGGKD
QDWXUH WKHRU\ LQ &KLQD PHUJHG LQWR D SKLORVRSK\ ZLWK D VWURQJO\ PRQLVWLF
RULHQWDWLRQsVRPHWKLQJ WKH 7*6 KDG QRW IRUHVHHQ EXW QRQHWKHOHVV SUHSDUHG WKH
ZD\ IRU 7KLV PRQLVWLF SRVLWLRQ ZKLFK ODWHU WRRN RQ PRUH H[WUHPH IRUPV DV LQ WKH
DWWULEXWLRQ RI WKH EXGGKDQDWXUH WR WKH QRQVHQWLHQW UHDOP EHFDPH WKH REMHFW RI

FHQWXU\ 7KH DUJXPHQWV RI LWV FULWLFV

QDPHO\ WKDW WKLV SRVLWLRQ GXULQJ SDUWV RI -DSDQHVH VRFLDO DQG SROLWLFDO KLVWRU\ ZDV
DOO WRR HDVLO\ PLVXVHG DV D UHSUHVVLYH WRRO WR HQVXUH WKH VWDWXV TXR VKRXOG FHUWDLQO\
QRW VLPSO\ EH EUXVKHG DVLGH
WK

VFKRODUO\ FULWLFLVP DW WKH HQG RI WKH 

 7KH 7LWOHV RI WKH $#

7KH 6DQVNULW WLWOH WUDQVPLWWHG WR XV DW WKH EHJLQQLQJ RI 7LE LV U\D

WDWKJDWDJDUEKDQPDPDK\QDVWUD  ,Q WKH PLGGOH RI WKH VWUD KRZHYHU
ZKHQ WKH %XGGKD UHIHUV WR WKH

7*6

WKH WLWOH LV JLYHQ DV

7DWKJDWDJDUEKDQPD

YDLSXO\DRU YDLWXO\DVWUD / 7KLV QDPH LV FRQILUPHG E\ ERWK &KLQHVH

WUDQVODWLRQV ZKLFK LQ WKH VWUD LWVHOI DV ZHOO DV DW WKH EHJLQQLQJ RI LW VSHDN RI WKH
&K ZLWKLQ WKH VWUD
 DQG

&K

7KH ZRUG

%RWK

/,

DQG

DUH KHUH UHQGHULQJV RI

YDLSXO\D

RU

YDLWXO\D

ZDV SUREDEO\ DGGHG ZLWKRXW KDYLQJ DQ\ GLUHFW FRUUHVSRQGHQFH LQ

WKH 6DQVNULW :H QDWXUDOO\ VKRXOG DVVXPH WKDW WKH WLWOH DV LW DSSHDUV DW WKH

EHJLQQLQJ RI D WH[W LV VXEMHFW WR DOWHUDWLRQV WR D KLJKHU GHJUHH WKDQ D FLWDWLRQ RI LW LQ

WKH PLGGOH RI RQH 7KLV ZRXOG PHDQ WKDW WKH WLWOH DSSHDULQJ LQ / QDPHO\
7DWKJDWDJDUEKDQPDYDLSXO\DRU YDLWXO\DVWUD ZDV WKH QDPH XVHG LQ WKH
HDUOLHVW WLPHV VLQFH LW ZDV IDLWKIXOO\ WUDQVPLWWHG E\ WKH &KLQHVH YHUVLRQV VR WKDW
PDK\QD ZKLFK UHSODFHG YDLSXO\D RU YDLWXO\D DV PLUURUHG LQ ERWK 7LEHWDQ
YHUVLRQV PXVW EH RI ODWHU RULJLQ 7KH 5DWQDJRWUDYLEKJDY\NK\ UHIHUV WR WKH 7*6
WZLFH XQGHU WKH VKRUW WLWOH 7DWKJDWDJDUEKDVWUD  


,Q

%WK WKH 6DQVNULW WUDQVOLWHUDWLRQ ODFNV U\D DQG QPD U\D nSKDJV SD LV DOVR PLVVLQJ LQ

WKH 7LEHWDQ WLWOH RI %WK

& 

DQG WKLV FRXOG WKXV EH D FKDUDFWHULVWLF RI SUHVWDQGDUGL]HG WH[WV VHH SDUW ,,

%WK EXW WKH HTXLYDOHQW RI QPD LV IRXQG LQ WKH 7LEHWDQ WLWOH RI %WK ]KHV E\D ED DQG VR ZDV

SUREDEO\ HUURQHRXVO\ RPLWWHG LQ WKH 6DQVNULW WUDQVOLWHUDWLRQ


6HH .DUDVKLPDnV WH[WXDO VWXG\ RQ WKH $! ZKHUH KH
FKDUDFWHUV

LQ RUGHU WR UHQGHU 6NW

YDL8XO\D

DUJXHV WKDW 'KDUPDUDNuD FKRVH WKH

LQ DVVRFLDWLRQ ZLWK 6NW WXO\D oHTXDO WRp ZKLOH

WKH FKDUDFWHUV
KDYH WKHLU FRXQWHUSDUW LQ 6NW YDL4XO\D
GHFLGLQJ ZKLFK RI WKH WZR IRUPV YDLWXO\D RU YDLSXO\D ZDV




+H DOVR SRLQWV RXW WKH SUREOHP LQ

WKH RULJLQDO RQH .DUDVKLPD 

 7KH 5HFRUGHG &KLQHVH 7UDQVODWLRQV RI WKH $#

%HVLGHV WKH WZR DYDLODEOH &KLQHVH WUDQVODWLRQV E\ %XGGKDEKDGUD DQG

$PRJKDYDMUD WKH &KLQHVH FDWDORJXHV PHQWLRQ WZR RWKHU WUDQVODWLRQV ZKLFK DUH
QRZ ORVW 7KH ROGHVW UHFRUG LV FRQWDLQHG LQ WKH &KX VDQ]DQJ ML ML

&6=-- D ZRUN SXEOLVKHG LQ DERXW  &( E\ 6HQJ\RX

,W PHQWLRQV D
VWUD FDOOHG

'D IDQJGHQJ UXODL ]DQJ MLQJ

DQWKH ROG FDWDORJXHV LW LV FDOOHG



F DQG VWDWHV WKDW LQ




)R ]DQJ IDQJGHQJ MLQJ

7RJHWKHU ZLWK WKUHH RWKHU ZRUNV LW DWWULEXWHV WKLV WUDQVODWLRQ WR )DMX

D
WUDQVODWRU DFWLYH WRZDUGV WKH HQG RI WKH :HVWHUQ -LQ G\QDVW\ DW WKH WLPH RI WKH
HPSHURU +XL
r DQG +XDL
r $V WR WKH WUDQVODWLRQ RI
%XGGKDEKDGUD WKH &6=-- GRHV QRW SURYLGH XV ZLWK LQIRUPDWLRQ FRQFHUQLQJ WKH

H[DFW GDWH DQG SODFH LW ZDV GRQH ,W GRHV VWDWH WKDW DFFRUGLQJ WR RWKHU VRXUFHV LW
ZDV
FDOOHG
5XODL ]DQJ EXW WKDW LW ZDV FXUUHQWO\ PLVVLQJ
F
 $FFRUGLQJ WR WKH &6=-- WKH 7*6 WKXV DSSHDUHG LQ
WZR GLIIHUHQW WUDQVODWLRQV RQH HDFK E\ )DMX DQG %XGGKDEKDGUD E

,Q WKH ODWHU =KRQJMLQJ PXOX
=-0 E\ )DMLQJ
DQG RWKHUV
GDWLQJ IURP  &( ZH FRPH DFURVV VRPH QHZ LQIRUPDWLRQ %XGGKDEKDGUDnV
WUDQVODWLRQ RI WKH 7*6 LV WKHUH VDLG WR KDYH EHHQ XQGHUWDNHQ LQ WKH <L[L
SHULRG r DQG )DOL
LV PHQWLRQHG WRJHWKHU ZLWK )DMX DV MRLQW
WUDQVODWRUV RI WKH VDPH WH[W F , ZLOO FRPH EDFN WR WKLV EHORZ
7KH QH[W FDWDORJXH WKH /LGDL VDQEDR ML
/6- E\ )HL
&KDQJIDQJ

 GDWLQJ EDFN WR  &( EHDUV ZLWQHVV DJDLQ WR D GLIIHUHQW VWDWH

RI DIIDLUV )LUVW RI DOO )HL &KDQJIDQJ PHQWLRQV D IXUWKHU WUDQVODWLRQ RI WKH

'D IDQJGHQJ UXODL ]DQJ MLQJ

UHOLJLRXV QDPH %R <XDQ

7*6 WKH

E DWWULEXWHG WR )D]X

 EI $ERXW )D]X ZH NQRZ WKDW KH ZDV

DFWLYH GXULQJ WKH UHLJQ RI (PSHURU +XL r DQG LW VHHPV WKDW KH KDG FORVH

UHODWLRQV ZLWK 'KDUPDUDNuD
)HL &KDQJIDQJ DVFULEHV WR KLP  VWUD WUDQVODWLRQV
ZKLFK DFFRUGLQJ WR WKH

*DRVHQJ ]KXDQ

*6=

ZHUH ORVW LQ D WLPH RI

WURXEOHV DQG VWDWHV WKDW KH KLPVHOI KDG PDGH D WLWOH OLVW RI  IRUPHUO\

XQPHQWLRQHG ZRUNV
DPRQJ WKHP WKH


'D IDQJGHQJ UXODL ]DQJ $ERXW WKH RWKHU

E\ WKH &6=-- WKH /6- VWDWHV
HDUO\ WUDQVODWLRQ RI WKH 7*6 DWWULEXWHG WR )DMX
WKDW LW ZDV WUDQVODWHG E\ )DMX WRJHWKHU ZLWK )DOL
DV ZH KDYH DOUHDG\ VHHQ LQ
WKH =-0 DQG LW UHVWULFWV WKH SHULRG RI WUDQVODWLRQ WR WKH UHLJQ RI (PSHURU +XL
Er :KLOH ZH GR QRW NQRZ ZKHUH WKH LQIRUPDWLRQ DERXW WKH FRPPRQ


6HH =UFKHU  I

6HH F
LV
; the question what exactly is meant by the expression
FRPSOH[ DQG KDV XQWLO QRZ QRW EHHQ DQVZHUHG VDWLVIDFWRULO\ ,W FRXOG EH D SDUW RI 'DRDQnV ROG


FDWDORJXH WKH IDPRXV FDWDORJXH RI 'DRDQ LWVHOI DQRWKHU FDWDORJXH RU HYHQ D JURXS RI RWKHU
FDWDORJXHV 6HH 7RNLZD  r  

1DPHO\ WKH /RX WDQ MLQJ
7  WKH )DMX EHQ PR MLQJ
7  DQG WKH

)XWLDQ MLQJ

7  Fr WKH &6=--

Dr 6HH DOVR

E\ )DMX WRJHWKHU ZLWK )DOL

7*6


VWDWHV WKDW WKH ODWWHU WZR VWUDV ZHUH WUDQVODWHG

&6=-- Dr ZLWKRXW DQ\ UHIHUHQFH WR WKH

=UFKHU VHHV UHODWLRQV EHLQJ PDLQWDLQHG EHWZHHQ )D]X DQG RQH RI WKH FROODERUDWRUV RI

'KDUPDUDNuD  I 7VXNDPRWR VWDWHV WKDW KH ZDV D GLVFLSOH RI 'KDUPDUDNuD 7VXNDPRWR
 

LSJ Er EDVHG RQ

=KRQJMLQJ PXOX

*6= Er  *6=#$ I ,Q WKH &6=-- Fr DQG WKH

=-0

Fr

DQG E KRZHYHU RQO\ WKH

LV DVFULEHG WR )D]X



:HL GDL SXVD MLQJ

WUDQVODWLRQ RI WKH

7*6

LQ WKH WZR FDWDORJXHV FRPHV IURP WKH GDWLQJ RI LW WR WKH

UHLJQ RI (PSHURU +XL FDQ EH H[SODLQHG E\ DQRWKHU SDVVDJH LQ WKH

/6- ZKLFK VWDWHV



WKDW )DMX DIWHU WKH GHDWK RI )DOL FRQWLQXHG WR ZRUN DORQH RQ WKH WUDQVODWLRQ
WKXV VKRXOG FRQFOXGH WKDW DFFRUGLQJ WR WKH

:H

/6- WKH SHULRG RI DFWLYLW\ RI )DOL ZDV

OLPLWHG WR WKH UHLJQ RI (PSHURU +XL

5HJDUGLQJ %XGGKDEKDGUDnV WUDQVODWLRQ WKH /6- SURYLGHV XV ZLWK WKH GDWH

 &( 
 DQG JLYHV WKH 'DRFKDQJ WHPSOH 
 LQ 1DQNLQJ DV WKH
WUDQVODWLRQ VLWH D +RZHYHU WKH /6- FRQVLGHUV WKLV WUDQVODWLRQ WR EH
FKURQRORJLFDOO\ WKH VHFRQG RQH DQG FKDUDFWHUL]HV LW VWUDQJHO\ HQRXJK DV oOLWWOH
GLIIHUHQWp   IURP )DOLnV Dr ,W UHPDLQV XQFOHDU ZK\ WKH WUDQVODWLRQ E\
)D]X ZKLFK WKH VDPH FDWDORJXH LV WKH ILUVW RQH WR PHQWLRQ LV QRW FRXQWHG ,Q DOO
IROORZLQJ FDWDORJXHV LW LV GHDOW ZLWK DV WKH WKLUG RQH  )URP WKHQ RQ QHZO\

FRPSLOHG FDWDORJXHV GR QRW FRQWDLQ DQ\ IXUWKHU LQIRUPDWLRQ VR WKDW ZH DUH OHIW WR
VRUW RXW WKH FRQWUDGLFWLRQV RI WKH DYDLODEOH FDWDORJXHV E\ RXUVHOYHV
/HW PH ILUVW GHDO ZLWK WKH WUDQVODWLRQ DWWULEXWHG WR )D]X :KHUHDV ERWK WKH &6=--

DWWULEXWH RQO\ RQH VWUD WR )D]X QDPHO\ WKH :HL GDL SXVD MLQJ
 )HL &KDQJIDQJ VWDWHV WKDW KH FRQVXOWHG RWKHU FDWDORJXHV DQG FRXOG

LGHQWLI\  IXUWKHU WH[WV WUDQVODWHG E\ KLP

DQG WKH

=-0

1RZ )HL &KDQJIDQJ WKH FRPSLOHU RI

WKH /6- LV ZHOO NQRZQ IRU KLV SUDFWLFH RI DWWULEXWLQJ KLWKHUWR XQNQRZQ RU
XQGHWHUPLQHG ZRUNV WR YDULRXV WUDQVODWRUV ZLWKRXW UHYHDOLQJ KLV VRXUFHV EDVLQJ
KLPVHOI RQ FDWDORJXHV WKDW
KH QHYHU FRXOG KDYH VHHQ RU IDLOLQJ WR SURYLGH DQ\ RWKHU

FRQYLQFLQJ DUJXPHQWV 7KLV WKRXJK LV QRW VXIILFLHQW JURXQGV IRU GLVFUHGLWLQJ DOO
WKH QHZ LQIRUPDWLRQ KH FDPH XS ZLWK ,W LV REYLRXV WKDW KH KDG DFFHVV WR D
GLIIHUHQW DQG LQ VHYHUDO UHVSHFWV PRUH FRPSUHKHQVLYH VHW RI FDWDORJXHV DQG LW
ZRXOG EH ZURQJ VLPSO\ WR GLVUHJDUG DOO KLV DVVHUWLRQV 7KH DWWULEXWLRQV WR )D]X GR
KRZHYHU VHHP QRW YHU\ FRQYLQFLQJ 7KHUH LV D UHPDUN LQ WKH ELRJUDSK\ RI )D]X LQ
WKH *DRVHQJ ]KXDQ
WR WKH HIIHFW WKDW EHVLGHV WKUHH ZRUNV ZKRVH WLWOHV DUH

JLYHQ KH DOVR WUDQVODWHG VHYHUDO VKRUW WH[WV QR ORQJHU IRXQG DQG ZKRVH WLWOHV ZHUH



)HL &KDQJIDQJ WRQHG XS WKLV UHPDUN DQG VR FRQWULEXWHG

WR WKH JORU\ DQG IDPH RI )D]X DQG KLV HUD 7RNLZD LQ DQ H[WHQVLYH DQDO\VLV RI WKH
DWWULEXWLRQ RI WKH  ZRUNV XQGHUVWDQGDEO\ ODPHQWV WKH IDFW WKDW )HL &KDQJIDQJ
VLPSO\ PHQWLRQV oVHYHUDO PLVFHOODQHRXV FDWDORJXHVp 
 ZLWKRXW
VSHFLI\LQJ KLV VRXUFHV 2I WKH  ZRUNV RQO\ ILYH DUH H[WDQW WRGD\ 7KDW VRPH
RI WKH RWKHU UHPDLQLQJ  DWWULEXWLRQV WR )D]X ZHUH DOUHDG\ GRXEWHG DW DQ HDUO\
GDWH LV SURYHG E\ WKH .DL\XDQ VKLMLDR OX
.6/ ZKLFK VLQJOHV RXW
HYHQ QR ORQJHU NQRZQ



/6- Dr

E

6HH 7G  

Er 7KH

/6-

I DPRQJ WKHP WKH

$ UHIHUHQFH WR WKH GHDWK RI )DOL LV DOVR FRQWDLQHG LQ WKH &6=-*DRVHQJ ]KXDQ

DWWULEXWHV WKUHH ZRUNV WR )D]X E

WLWOHV RI WKH RWKHU WZR ZRUNV KRZHYHU DUH QRW IRXQG LQ WKH )D]X SDVVDJH RI WKH



6HH HJ +LUDNDZD  I  II 


6HH HJ +LUDNDZD  

6HH *6= EII *6=#$ I




*6=#$

 ZKLFK LV DOVR LQFOXGHG LQ WKH OLVW RI  ZRUNV LQ WKH /6- 7KH

/6-

7RNLZD   KLV DQDO\VLV LV IRXQG RQ SS r

1DPHO\ %      7KHVH VDPH ILYH WH[WV ZHUH DOUHDG\ WKH RQO\ RQHV H[WDQW DW

WKH WLPH DQRWKHU FDWDORJXH WKH

=KLVHQJ

.DL\XDQ VKLMLDR OX

 ZDV EHLQJ FRPSLOHG ErF



.6/ 7

 RI  &( E\

VHYHQ WLWOHV IURP WKH OLVW RI )HL &KDQJIDQJ DV RI TXHVWLRQDEOH DXWKRUVKLS

+RZHYHU WKH



GRHV QRW VKDUH VXFK GRXEWV

7RNLZD IRU KLV SDUW PDNHV FOHDU WKDW WKH WUDQVODWLRQ RI WKH 7*6 DWWULEXWHG
WR )D]X LV YHU\ XQOLNHO\ +H DVVXPHV WKDW WKLV DWWULEXWLRQ UHVXOWHG IURP DQ HQWU\
ZKLFK DVFULEHV D WUDQVODWLRQ RI WKH 7*6 WR )DMX RI WKH VDPH SHULRG ZKHQFH LW ZDV
HUURQHRXVO\ DWWULEXWHG WR )D]X 7KLV LV WKXV D FODVVLFDO FDVH RI oPXOWLSOH
DWWULEXWLRQp :H FDQ RI FRXUVH QRW EH DEVROXWHO\ VXUH WKDW 7RNLZDnV FRQFOXVLRQ

LV ULJKW +RZHYHU WKH IDFW WKDW QRWKLQJ DERXW WKH WUDQVODWLRQV LV PHQWLRQHG LQ WKH
ROGHU FDWDORJXHV WKH FLUFXPVWDQFHV RI WKH UHODWLYHO\ ODWH DWWULEXWLRQ WR )D]X DQG
)HL &KDQJIDQJnV VLOHQFH DERXW KLV VRXUFHV VKRXOG PDNH XV VNHSWLFDO )LQDOO\ ZH
FDQ DOVR LQWHUSUHW WKH DERYHPHQWLRQHG IDFW WKDW WKH /6- FRQVLGHUV %XGGKDEKDGUDnV

WUDQVODWLRQ RI WKH 7*6 WR EH WKH VHFRQG RQH DV DQ LQGLFDWLRQ WKDW LWV RZQ QHZ
DWWULEXWLRQ RI D WKLUG WUDQVODWLRQ WR )D]X ODFNHG HQRXJK JURXQGLQJ WR KDYH DQ\
HIIHFW RQ WKH KLWKHUWR WUDQVPLWWHG LQIRUPDWLRQ DERXW WKH 7*6 KDYLQJ EHHQ
WUDQVODWHG RQO\ WZLFH
,I ZH QRZ WXUQ WR WKH WUDQVODWLRQ RI WKH 7*6 E\ )DMX RU E\ )DMX WRJHWKHU
ZLWK )DOL DV WKH ODWHU VRXUFHV KDYH LW WKH EDVLV IRU VXFK DQ DVVXPSWLRQ DSSHDUV
PXFK PRUH VROLG $V VWDWHG DERYH WKH H[LVWHQFH RI VXFK D WUDQVODWLRQ LV DOUHDG\
DWWHVWHG LQ WKH ROGHVW H[LVWLQJ FDWDORJXH DQG IXUWKHUPRUH ERWK 7RNLZD DQG
+D\DVKL\D LQFOXGH WKH HQWU\ LQ WKHLU UHFRQVWUXFWLRQV RI WKH FDWDORJXH RI 'DRDQ RQ

ZKLFK WKH &6=-- WR D ODUJH H[WHQW LV EDVHG ,Q WKH FRQFHUQHG HQWU\ WKH &6=--

QRWHV EHORZ WKH VWUD WLWOH WKDW LQ DQWKH ROG FDWDORJXHV WKH WH[W ZDV QDPHG
]DQJ IDQJGHQJ MLQJ

F

4

 ,W LV QRW HQWLUHO\ FOHDU

WR ZKLFK FDWDORJXHV WKLV UHPDUN UHIHUV 7RNLZD VWDWHV WKDW LQ WKLV FDVH LW VKRXOG

XQGRXEWHGO\ EH XQGHUVWRRG DV UHIHUULQJ WR 'DRDQnV FDWDORJXH
EXW +D\DVKL\D

 ZKHQ DSSHDULQJ EHORZ WKH PDLQ HQWU\

WHQGV WR EHOLHYH WKDW WKH ZRUGV
FRQVLVWHQWO\ PHDQ WKH FDWDORJXH RI =KX 'DR]X
RI  &( $V WKH PRUH
WKDQ RQH WKRXVDQG SDJHV HDFK RI 7RNLZD DQG +D\DVKL\D GRFXPHQW WKH VWXG\ RI
WKH &KLQHVH FDWDORJXHV LV D SDLQVWDNLQJ DQG FRPSOH[ HQGHDYRU , P\VHOI KDYH
QRWKLQJ WR FRQWULEXWH WR D ILQDO VROXWLRQ WR WKH TXHVWLRQV UDLVHG E\ WKH H[SUHVVLRQ
 7KH LVVXH LV RI UHOHYDQFH IRU GHFLGLQJ ZKHWKHU WKH WLWOH
DSSHDUV DV VXFK LQ 'DRDQnV FDWDORJXH RU ZKHWKHU LW ZDV LQWURGXFHG E\ 6HQJ\RX RQ
WKH EDVLV RI IRU H[DPSOH WKH H[LVWHQFH RI WKH VDPH WLWOH IRU %XGGKDEKDGUDnV
 EHORZ WKH PDLQ
WUDQVODWLRQ )XUWKHU HYHQ LI ZH DVVXPH WKDW WKH WLWOH
HQWU\ GHULYHV IURP WKH ODWHU FDWDORJXH RI =KX 'DR]X DQG QRW IURP 'DRDQnV
FDWDORJXH FDQ ZH EH DEVROXWHO\ VXUH WKDW WKH WLWOH
DQG WKH WLWOHV
JHQHUDOO\ IRXQG LQ WKH &6=-- DSSHDUHG DV VXFK LQ 'DRDQnV FDWDORJXH"

7KLV TXHVWLRQ LV QRW GHDOW ZLWK E\ WKH WZR JUHDW -DSDQHVH SLRQHHUV RI
FDWDORJXH UHVHDUFK DQG WKH\ VHHP WR WDNH LW IRU JUDQWHG WKDW 6HQJ\RXnV DYRZDO WKDW
KH ZDV IROORZLQJ 'DRDQnV FDWDORJXH JXDUDQWHHV WKH DXWKHQWLFLW\ RI WLWOHV ,W LV RQO\


.6/ Dr

7RNLZD    

,ELG     +D\DVKL\D  

7RNLZD   o



p ,Q D

PRUH JHQHUDO DQDO\VLV RI ZKDW FRXOG EH PHDQW E\ WKH ZRUGV  KH FRPHV WR WKH FRQFOXVLRQ WKDW
WKH\ VWDQG IRU 'DRDQnV FDWDORJXH DORQJ ZLWK WKUHH RWKHU RQHV +H DVVXPHV WKDW DPRQJ WKHVH IRXU
FDWDORJXHV LW LV WKH FDWDORJXH RI =KX 'DR]X
 FRPSOHWHG LQ  &( ZKLFK LV PHDQW LQ PRVW

RI WKH FDVHV 7RNLZD  I



6HH +D\DVKL\D  I +DUULVRQ   GRXEWV +D\DVKL\DnV FRQFOXVLRQ VLQFH WKH

o2OG &DWDORJXHp LV DOVR FLWHG IRU ZRUNV WUDQVODWHG DIWHU  &(



LQ D VKRUW SDVVDJH WKDW 7RNLZD ZKHQ H[SRXQGLQJ WKH SULQFLSOHV JXLGLQJ KLV
UHFRQVWUXFWLRQ RI 'DRDQnV FDWDORJXH WRXFKHV RQ WKLV LVVXH



,Q WKLV SDVVDJH KH

GHDOV ZLWK D VWDWHPHQW IRXQG DW WKH EHJLQQLQJ RI 6HQJ\RXnV OLVW RI VWUD WLWOHV

ZKLFK KDG QRW EHHQ DWWULEXWHG WR DQ DXWKRU E\ 'DRDQ 

6HQJ\RX WKHUH GHVFULEHV WKH H[WUHPH EUHYLW\ RI 'DRDQnV HQWULHV DQG WKH SRRU VWDWH
RI WKH FRS\ RI WKH FDWDORJXH WLWOHV ZHUH DEEUHYLDWHG ZLWK RQO\ WZR FKDUDFWHUV WKH
QXPEHU RI MXDQV
ZHUH QRW PHQWLRQHG WKH OLQHV UHPDLQHG ZLWKRXW D VSDFH LQ
EHWZHHQ FRQIXVLRQ FDXVHG E\ ODWHU VFULEHV 

 LQ UHJDUG WR WLWOHV DQG WR WKH

QXPEHU RI ZRUNV ZDV QRUPDO DQG GRXEWV DURVH EHFDXVH SXQFWXDWLRQ PDUNV
IRUPHUO\ ZULWWHQ LQ UHG LQN KDG YDQLVKHG 6LQFH WKLV GHVFULSWLRQ LV QRW IRXQG DW WKH
EHJLQQLQJ RI 6HQJ\RXnV FDWDORJXH , DP QRW VXUH LI ZH VKRXOG DVVXPH WKDW LW UHIHUV
DOVR WR WKH SDUW EHIRUH ZKHUH WKH HQWU\ RI WKH

7*6

LV VLWXDWHG 7RNLZD QRWHV WKDW

6HQJ\RXnV ZRUN LWVHOI LQFOXGHG WKH FRPSOHPHQWDWLRQ RI VXFK DEEUHYLDWHG WLWOHV

DQG VWUHVVHV WKDW ZH FDQ QR ORQJHU NQRZ ZKHUH WKH OLQH EHWZHHQ 'DRDQnV RULJLQDO


HQWULHV DQG 6HQJ\RXnV DGGLWLRQV VKRXOG EH GUDZQ

,Q DQ\ FDVH ZH FDQ EH VXUH WKDW DW WKH WLPH RI 'DRDQ r ZKRVH

FDWDORJXH LV ZLGHO\ HVWHHPHG DV D VFKRODUO\ ZRUN RI WKH KLJKHVW VWDQGDUG
D WH[W
FDOOHG

RU HYHQ

ZDV NQRZQ DQG DWWULEXWHG WR )DMX

:H DUH QRZ IDFHG ZLWK WKUHH EDVLF SRVVLELOLWLHV UHJDUGLQJ WKH WLWOH RI WKH

DWWULEXWHG WR )DMX

7*6

 7KH WLWOH
RU DQ DSSURSULDWH WZRFKDUDFWHU DEEUHYLDWLRQ
" DOUHDG\ DSSHDUHG LQ 'DRDQnV FDWDORJXH
LQ WKH DQQRWDWLRQ RI

6HQJ\RX UHIHUV WR WKH FDWDORJXH RI =KX 'DR]X
 ZKHUH
LV
JLYHQ DV DQRWKHU QDPH RI WKH VWUD )RU WKH DOOHJHG LGHQWLW\ EHWZHHQ WKH
DQG WKH
WKH WLWOH RI D VWUD LQ WKH ODWHU FDWDORJXHV
VHH EHORZ
 7KH WLWOH
ZDV DVVRFLDWHG LQ RWKHU FDWDORJXHV ZLWK )DMX
6HQJ\RX FRQFOXGHG WKDW LW ZDV SUREDEO\ LGHQWLFDO ZLWK WKH
OLVWHG
LQ WKH FDWDORJXH RI 'DRDQ +H ZDV UHIHUULQJ WR 'DRDQnV HQWU\ ZKHQ KH ZURWH

 6HQJ\RX FRQFOXGLQJ WKDW WKH VWUD OLVWHG XQGHU WKH WLWOH
RU
LQ 'DRDQnV FDWDORJXH ZDV D GLIIHUHQW WUDQVODWLRQ RI WKH WH[W WUDQVODWHG E\

%XGGKDEKDGUD oPRGHUQL]HGp WKH WLWOH DFFRUGLQJ WR WKLV ODWWHU WUDQVODWLRQ 7KH

WLWOH
LQ WKH DQQRWDWLRQ FRXOG KRZHYHU DOVR KDYH FRPH IURP =KX
 6HQJ\RX
'DR]XnV FDWDORJXH ,I WKH WLWOH IRXQG LQ 'DRDQnV FDWDORJXH ZDV
ZRXOG KDYH XQGHUVWRRG WR EH DQ DEEUHYLDWLRQ IRU


7KHVH WKUHH SRVVLELOLWLHV LQGLFDWH LQ WKHPVHOYHV KRZ PXFK ZH DUH IRUFHG WR ZRUN
RQ WKH EDVLV RI DVVXPSWLRQV ZKHQ GHDOLQJ ZLWK HDUO\ &KLQHVH FDWDORJXHV 7KXV LQ


6HH 7RNLZD  r

6HH Fr

6HH 7RNLZD   7RNLZD REYLRXVO\ KROGV WKDW ZKHQ 6HQJ\RX VWDWHV WKDW WKH VWUD WLWOHV


LQ 'DRDQnV FDWDORJXH FRQVLVWHG RQO\ RI WZR FKDUDFWHUV KH LV UHIHUULQJ WR WKH WLWOHV DW WKH WRS RI WKH

PDLQ HQWULHV 7KH SDVVDJH LQ TXHVWLRQ UXQV DV IROORZV

F 7KH
 KRZHYHU FRXOG HYHQ LI WKLV LV PXFK OHVV OLNHO\ DOVR EH LQWHUSUHWHG DV
H[SUHVVLRQ
DOOXGLQJ H[FOXVLYHO\ WR WKH FDVHV ZKHUH 'DRDQ SURYLGHV IXUWKHU LQIRUPDWLRQ RQ WKH WH[WV LQ WKH
DQQRWDWLRQV
EHORZ WKH PDLQ HQWULHV

6HH HJ +LUDNDZD  





FRQWUDVW WR KLV FOHDUO\ QRWLQJ WKDW WKH WUDQVODWLRQ RI %XGGKDEKDGUD ZDV ORVW
GR QRW NQRZ LI 6HQJ\RX KDG DFFHVV WR D FRS\ RI )DMXnV WUDQVODWLRQ

ZH

7KH
LGHQWLILFDWLRQ RI WKH 7*6 ZLWK WKH
LV WKHUHIRUH HVSHFLDOO\ WURXEOHVRPH
DQG FDQ KDUGO\ EH DFFHSWHG ZLWKRXW UHVHUYDWLRQV ,W LV YHU\ OLNHO\ WKDW 6HQJ\RX
RQO\ NQHZ WKH WLWOH IURP D FDWDORJXH QDPHO\ WKH
 DQG VR KDG QR FKDQFH WR
FRPSDUH WKH VWUDnV FRQWHQW ZLWK ZKDW KH NQHZ DERXW WKH 7*6 ,W LV WUXH DV DOUHDG\
UHPDUNHG WKDW
FRXOG HDVLO\ EH D UHQGHULQJ RI WKH WLWOH RI WKH 7*6 DV LW
DSSHDUV LQ WKH WH[W LWVHOI / QDPHO\ 7DWKJDWDJDUEKDQPDYDLSXO\DVWUD
 +RZHYHU WKH FKDUDFWHU
VHHPV WR
DVVXPLQJ WKDW WDWKJDWD ZDV WXUQHG LQWR
KDYH EHHQ XVHG IURP HDUOLHVW WLPHV WR UHQGHU GLIIHUHQW ,QGLDQ WHUPV VR WKDW

EXGGKDNRwD JRWUD QLGQD SLDND DQG WKH OLNH

IRU YDLSXO\D DSSHDUV IUHTXHQWO\ LQ WKH &6=-- )XUWKHU ZH

FRXOG DOVR EH D WUDQVODWLRQ RI

ZKLOH WKH DGGLWLRQ

 ZKLFK DSSHDUV IRU WKH ILUVW

NQRZ RI WKH H[LVWHQFH RI D VWUD FDOOHG

WLPH LQ WKH

=KRQJMLQJ PXOX

F ZKHUH LW LV FODVVLILHG DV D GLIIHUHQW

WUDQVODWLRQ RI D SDUW RI WKH

JLYHQ DV DOWHUQDWLYHV ,Q WKH

/6-

DQG ZKHUH WKH WLWOHV

DQG

DUH

LQ RQH RI LWV W\SLFDOO\ QRW TXLWH UHOLDEOH HQWULHV

PDGH GXULQJ WKH 6RQJ

SHULRG DQG WKDW D GLIIHUHQW WLWOH IRU LW LV
 7KLV LQIRUPDWLRQ DSSHDUHG
IURP WKHQ RQ LQ WKH FDWDORJXHV 7KH VWUD LV QRWH[WDQW DQG DJDLQ ZH FDQ RQO\
VSHFXODWH 7RNLZD IROORZLQJ D QRWH LQ WKH .6/ WHQGV WR EHOLHYH WKDW WKH 1HL
ZH OHDUQ WKDW WKH VDPH VWUD LV D WUDQVODWLRQ RI 'DR\DQ

ZDV LGHQWLFDO ZLWK WKH

DQG
DGGV WKDW LW VKRXOG KDYH EHHQ WKH
RI )DMX
$OO RI WKLV GHPRQVWUDWHV WKDW WKHUH FDQQRW EH DQ\ GHILQLWLYH DQVZHU WR WKH
TXHVWLRQ ZKDW ,QGLDQ ZRUN OLHV EHKLQG WKH WLWOH RI D &KLQHVH WUDQVODWLRQ ZKLFK KDV
QRW FRPH GRZQ WR XV 6WLOO WKH LQIRUPDWLRQ UHJDUGLQJ WKH 7*6
]DQJ GD IDQJGHQJ MLQJ

WUDQVODWLRQ E\ )DMX

VHHPV TXLWH VROLG EDVHG DV LW LV RQ WKH FDWDORJXH RI 'DRDQ 7KH FUXFLDO SRLQW LV WKH
WLWOH DWWULEXWHG WR LW E\ 'DRDQ D SUREOHP ZKLFK , FDQQRW VROYH ZLWK SUHFLVLRQ ,I ZH
DFFHSW WKH ILUVW SRVVLELOLW\ DERYH WKHUH LV QR UHDVRQ WR GRXEW WKH HDUO\ H[LVWHQFH RI

7*6

)DMXnV

,Q ERWK RWKHU DOWHUQDWLYHV EDVHG RQ WKH UHDGLQJ

LQVWHDG RI WKH

RI 'DRDQnV FDWDORJXH ZH DUH RQ OHVV UHOLDEOH JURXQG 7KH DQQRWDWLRQ E\

 WKXV FRPSOLFDWHV PDWWHUV EXW DW WKH VDPH WLPH LW KLQWV DW ZKHUH

6HQJ\RX 

WKH VRXUFH RI D SRVVLEO\ PLVWDNHQ LGHQWLILFDWLRQ RI )DMXnV WUDQVODWLRQ ZLWK WKH

7*6

FRXOG EH )RU WKH WLPH EHLQJ ZH FDQ RQO\ QRWH WKDW WKHUH LV QRW WRR PXFK UHDVRQ WR
GRXEW WKH DWWULEXWLRQ RI WKH

7*6 WUDQVODWLRQ WR )DMX ,W LV WR EH KRSHG WKDW WKH IXWXUH

ZLOO EULQJ D FRPSUHKHQVLYH VWXG\ RI WKH WHUPLQRORJ\ DQG DEEUHYLDWLRQV LQYROYHG LQ

WKH HDUO\ &KLQHVH FDWDORJXHV

7KHUH DUH VRPH RWKHU LUUHJXODULWLHV FRQFHUQLQJ WKH

7*6

LQ WKH FDWDORJXHV WKDW

GHVHUYH RXU DWWHQWLRQ , KDYH QR FRQFUHWH LGHD KRZ WR VROYH WKHP DQG WKXV VKDOO
UHVWULFW P\VHOI WR VLPSO\ PHQWLRQLQJ WKHP )LUVW WKHUH LV WKH IDFW WKDW WKH

&6=-- LQ

RQ WKH ELRJUDSKLHV RI LPSRUWDQW PRQNV ZKHUH LQ DQ DIWHUWKRXJKW WR

'KDUPDUDNuD )DMX DQG )DOL DUH DOVR WUHDWHG VSHDNV RI WZR WUDQVODWLRQV GRQH E\
WK

WKH 




MXDQ

6HH F
7KH WLWOH

LV KRZHYHU H[FHSW IRU WKH UHQGHULQJ

LQ UHJDUG WR

WDWKJDWD D

SHUIHFW WUDQVODWLRQ RI WKH RULJLQDO 6DQVNULW WLWOH RI WKH VWUD 7DWKJDWDJDUEKDQPDYDLSXO\DRU
LQ WKH
YDLWXO\DVWUD 7KH FKDUDFWHU RI WKH ODWHU &KLQHVH YHUVLRQV KDV QRW EHHQ DGGHG WR
WUDQVODWLRQ RI





YDLSXO\D RU YDLWXO\D

DII

6HH D
7RNLZD  



)DMX WRJHWKHU ZLWK )DOL EXW RI RQO\ RQH WKH /RX WDQ MLQJ
 GRQH E\ )DMX

DORQH 7KLV LV FOHDUO\ LQ FRQWUDVW WR WKH WZR RWKHU SDVVDJHV LQ WKH VDPH FDWDORJXH

ZKHUH WKH
RI )DMX LV PHQWLRQHG ,V WKLV DQ XQLQWHQWLRQDO
RPLVVLRQ RU VKRXOG ZH DVVXPH WKDW WKH ELRJUDSK\ FRPHV IURP D GLIIHUHQW VWUDQG RI
WUDQVPLVVLRQ RQH WKDW GRHV QRW NQRZ RI D IRXUWK WUDQVODWLRQ E\ )DMX"
(TXDOO\ VXUSULVLQJ LV WKH VWDWHPHQW LQ WKH &6=-- WKDW WKH


RI %XGGKDEKDGUD LV ORVW
LQ WKH

$ VXUYH\ RI WKH  ZRUNV DWWULEXWHG WR %XGGKDEKDGUD

&6=-- VKRZV WKDW DPRQJ WKHP IRXU DUH VDLG WR EH ORVW WKH

;LQ ZHL PL FKL MLQJ

EROXRPL MLQJ
WKH

 WKH

%HQ \H MLQJ

 2XW RI WKHVH IRXU RQO\ WKH

 DQG WKH

-LQJ OLX
LV H[WDQW

WRGD\ ZKHUHDV LQ VXEVHTXHQW FDWDORJXHV WKH RWKHU WKUHH DUH HLWKHU FRQILUPHG WR EH
ORVW RU VDLG WR EH MXVW GLIIHUHQW QDPHV IRU RWKHU ZRUNV WUDQVODWHG E\ %XGGKDEKDGUD
ZKLFK QHYHU KDG UHDOO\ EHHQ ORVW ,W LV DOVR VWULNLQJ WKHQ WKDW DPRQJ WKH IRXU
WUDQVODWLRQV DWWULEXWHG WR )DMX LQ WKH



&6=-- LW LV WKH 7*6 DORQH ZKLFK KDV QRW FRPH

GRZQ WR XV

5HJDUGLQJ WKH GDWHV RI WKH WUDQVODWLRQV RI WKH 7*6 , ZLOO QRW JR LQWR GHWDLO

LQ WKH FDVH RI WKH ILUVW DVFULEHG WR )DMX 7KH GLIIHUHQW DWWULEXWLRQV RQFH WR )DMX
DORQH DQG ODWHU WR )DMX WRJHWKHU ZLWK )DOL DQG HYHQ WR )DOL DORQH QHHG QRW RYHUO\
FRQFHUQ XV )RU RXU LQTXLU\ WKH SHULRG IURP  WLOO  QDPHO\ WKH \HDUV RI
)DMXnV DFWLYLW\ ZLOO EH VXIILFLHQWO\ SUHFLVH
)RU WKH VHFRQG WUDQVODWLRQ E\ %XGGKDEKDGUD ZH ILQG DV PHQWLRQHG DERYH
WZR VRXUFHV FRQWDLQLQJ FRQIOLFWLQJ LQIRUPDWLRQ 7KH

/6- SURYLGHV XV ZLWK WKH GDWH

 DQG PHQWLRQV WKH 'DRFKDQJ WHPSOH 

 ZKLOH WKH
VWDWHV WKDW WKH WUDQVODWLRQ WRRN SODFH LQ WKH <L[L
SHULRG r 1R GDWHV DQG SODFHV DUH JLYHQ LQ WKH FRORSKRQV 1RU GRHV WKH
ROGHVW FDWDORJXH FRQWDLQ DQ\ LQIRUPDWLRQ DERXW WKH FLUFXPVWDQFHV VXUURXQGLQJ WKLV
WUDQVODWLRQ 2EYLRXVO\ WKH WZR UHOHYDQW FDWDORJXHV PXVW EH EDVHG RQ GLVWLQFW
VRXUFHV 7KH IROORZLQJ FDWDORJXHV RQO\ UHSHDW WKH RQH RU RWKHU DOWHUQDWLYH 1HLWKHU
 &( 

=KRQJMLQJ PXOX



Dr
F

6HH .6/ ErF DQG 7RNLZD  r $ WHPSWLQJ ZD\ WR H[SODLQ WKH UHSRUWHGO\


PLVVLQJ WUDQVODWLRQ RI %XGGKDEKDGUD LQ WKH &6=-- LV WR DVVXPH WKDW 6HQJ\RX HUURQHRXVO\

FRQVLGHUHG %XGGKDEKDGUDnV WR EH LQ UHDOLW\ )DMXnV WUDQVODWLRQ 7KLV ZRXOG DOVR DQVZHU WKH TXHVWLRQ

LQ WKH &6=-- GR LQ IDFW UHIHU WR 'DRDQnV FDWDORJXH WKH WLWOH

ZK\ LI WKH ZRUGV
ZKLFK LV DOVR WKH WLWOH RI %XGGKDEKDGUDnV WUDQVODWLRQ ZDV DGRSWHG DV WKH PDLQ HQWU\ $V
WR WKH WUDQVODWLRQ DWWULEXWHG WR )DMX ZKLFK IRU WKH ILUVW WLPH LV PHQWLRQHG DV ORVW LQ WKH
RI
WKH \HDU  &( 

 WKLV ZRXOG H[SODLQ ZK\ LW KDV QRW FRPH GRZQ WR XV LQ

 Fr

FRQWUDVW WR WKH RWKHU WKUHH WUDQVODWLRQV E\ )DMX ZLWK WKH DSSHDUDQFH RI RWKHU FRSLHV RI WKH WH[W

LQGLFDWLQJ %XGGKDEKDGUD DV WKH WUDQVODWRU LW ZRXOG KDYH EHFRPH HYLGHQW WKDW WKH WUDQVODWLRQ KDG
KLWKHUWR EHHQ IDOVHO\ DWWULEXWHG &RQVHTXHQWO\ WKH WUDQVODWLRQ E\ )DMX ZRXOG IURP WKHQ RQ KDYH
EHHQ FODVVLILHG DV ORVW +RZHYHU LW LV KDUGO\ SRVVLEOH WKDW D VFKRODU OLNH 6HQJ\RX ZKR ZH NQRZ
DQDO\]HG WKH VW\OH RI ZRUNV RI XQGHWHUPLQHG WUDQVODWRUV PHQWLRQHG LQ 'DRDQnV FDWDORJXH PDGH
VXFK D PLVWDNHQ DWWULEXWLRQ LQYROYLQJ WKH VW\OHV RI WZR YHU\ GLVWLQFW WUDQVODWLRQ SHULRGV )XUWKHU LW

%*6 ZLWK QR LQGLFDWLRQ RI LWV WUDQVODWRU

VKRXOG EH DWWULEXWHG WR )DMX UDWKHU WKDQ WR %XGGKDEKDGUD ZKR DW WKDW WLPH ZDV ZLWKRXW GRXEW IDU
LV GLIILFXOW WR WKLQN RI D UHDVRQ ZK\ D WUDQVODWLRQ RI WKH

PRUH ZHOO NQRZQ 2Q WKH ZRUN RI 6HQJ\RX UHJDUGLQJ WH[WV ZLWK XQGHWHUPLQHG WUDQVODWRU WKH

DFFXUDF\ RI KLV FDWDORJXH DQG DOVR VRPH RI KLV PLVWDNHV VHH 2NDEH  $OWHUQDWLYHO\ RQH
FRXOG DVVXPH WKDW WKH WUDQVODWLRQ RI )DMX ZDV ODWHU HUURQHRXVO\ DWWULEXWHG WR %XGGKDEKDGUD RU WKDW
%XGGKDEKDGUD UHYLVHG )DMXnV WUDQVODWLRQ DQG SXEOLVKHG LW XQGHU KLV RZQ QDPH WKXV FRQWULEXWLQJ WR
WKH oORVVp RI )DMXnV ZRUN +RZHYHU WKH FKRLFH RI WHUPLQRORJ\ LQ WKH WUDQVODWLRQ DWWULEXWHG WR
%XGGKDEKDGUD GRHV QRW VKRZ DQ\ WUDFHV RI oROGp YRFDEXODU\ EHORQJLQJ WR WKH SUH.XPUDMYD
SHULRG VR WKDW WKLV DVVXPSWLRQ KDV OLWWOH SODXVLELOLW\



RI WKH SHULRGV LV SDUWLFXODUO\ DVVRFLDWHG ZLWK %XGGKDEKDGUDnV PRVW LPSRUWDQW

WUDQVODWLRQ WKH $YDWDVDNDVWUD DQG ZH WKXV KDYH QR FULWHULRQ IRU MXGJLQJ WKH
DXWKHQWLFLW\ RI WKH WZR HQWULHV ,W LV QRW SRVVLEOH WR VSHFLI\ WKH SHULRG RI
%XGGKDEKDGUDnV WUDQVODWLRQ PRUH SUHFLVHO\ WKDQ ZLWKLQ WKH SHULRG IURP  WLOO

$PRJKDYDMUDnV WUDQVODWLRQ RI WKH 7*6 LV ILUVW PHQWLRQHG LQ WKH 'D WDQJ
]KHQ \XDQ [X NDL\XDQ VKLMLDR OX
RI WKH \HDU  &( XQGHU

WKH WLWOH 'D IDQJGHQJ UXODL ]DQJ MLQJ
 7KH FDWDORJXHV GR QRW

SURYLGH XV ZLWK DQ\ LQIRUPDWLRQ DERXW WKH WLPH DQG SODFH RI WKH WUDQVODWLRQ $V
QHLWKHU FDWDORJXHV QRU WKH FRORSKRQ RI WKH WUDQVODWLRQ LWVHOI VKHGV OLJKW RQ WKH
GDWH RI $PRJKDYDMUDnV DFKLHYHPHQW ZH FDQ RQO\ DVVXPH WKDW LW ZDV LQ WKH SHULRG
DIWHU  WKH \HDU RI WKH GHDWK RI KLV WHDFKHU 9DMUDERGKL DQG KLV MRXUQH\ WR 6UL
/DQND ZKLFK PDUNV WKH EHJLQQLQJ RI $PRJKDYDMUDnV VWHHSO\ ULVLQJ FDUHHU DV D
WUDQVODWRU DQG KLJKUDQNLQJ SULHVW +H GLHG LQ 
 3RVVLEOH 0RWLYHV RI WKH $XWKRUV RI WKH $#
, KDYH VKRZQ DERYH KRZ WKH LGHD RI OLYLQJ EHLQJV HQGRZHG ZLWK WKH EXGGKDQDWXUH
GRHV QRW DSSHDU DV D ZHOOFRQVLGHUHG FRPSOHWHO\ FRQVLVWHQW GRFWULQH LQ WKH

7*6

7KH H[DFW QDWXUH RI WKH LQKHUHQW EXGGKDKRRG RI OLYLQJ EHLQJV UHPDLQV KLGGHQ
EHKLQG WKH YLYLG GHVFULSWLRQV RI WKH VLPLOHV +HQFH ZH PD\ FRQFOXGH WKDW WKH
UHVXOWV OHVV IURP FDUHIXO

DEKLGKDUPLF

7*6

FRQVLGHUDWLRQV DERXW WKH FKDUDFWHU RI WKH

EXGGKDQDWXUH WKDQ IURP WKH ]HDO RI RQH RU PRUH SHUVRQV PRWLYDWHG E\ RWKHU WKDQ

7KH GHFLVLRQ WR H[SRVH WKHLU PHVVDJH H[FOXVLYHO\ LQ HDVLO\

XQGHUVWDQGDEOH VLPLOHV SUREDEO\ LQGLFDWHV WKDW WKH WDUJHWHG UHDGHUVKLS ZHUH QRQ
VSHFLDOLVWV LQ WKH ILHOG RI %XGGKLVW DEKLGKDUPD 2QO\ WKH XVH RI VXFK FRORUIXO


GRFWULQDO LQWHUHVWV

LPDJHV PDGH LW SRVVLEOH WR DFTXDLQW D EURDG DXGLHQFH ZLWK WKH DEVWUDFW LGHD RI
EXGGKDKRRG LQ DOO OLYLQJ EHLQJV 7KH HPSKDVLV OLHV RQ WKH PHVVDJH WKDW DOO OLYLQJ
EHLQJV KDYH WKH EXGGKDQDWXUH UDWKHU WKDQ KRZ WKLV EXGGKDQDWXUH VKRXOG EH
JUDVSHG LQ H[DFW SKLORVRSKLFDO WHUPV

2I FRXUVH ZH FDQQRW NQRZ ZKHWKHU WKH LGHD RI D EXGGKDQDWXUH LQ OLYLQJ

EHLQJV UHVXOWHG IURP D QRYHO PHGLWDWLYH H[SHULHQFH RU EHFDXVH WKH DXWKRUV IHOW WKH
QHHG WR DVVHUW LWV H[LVWHQFH LQ RUGHU WR LPSURYH DQ XQVDWLVIDFWRU\ ZRUOGO\ RU
SKLORVRSKLFDO VWDWH RI DIIDLUV RU ZKHWKHU LW ZDV EDVHG RQ RWKHU H[SHULHQFHV $OO
WKLV LV PHUH VSHFXODWLRQ )XUWKHU LW ZRXOG FHUWDLQO\ EH LQDSSURSULDWH WR DVVXPH D
PRGHO ZKLFK UHGXFHV WKH UDQJH RI SRVVLEOH PRWLYHV WR D VLQJOH RQH 7KH ILUVW
DSSHDUDQFH RI WKH
WDWKJDWDJDUEKD WKHRU\ LQ ,QGLD PD\ ZHOO KDYH EHHQ GXH WR

VHYHUDO GLIIHUHQW PRWLYDWLRQV EURXJKW WRJHWKHU E\ SRVVLEO\ PRUH WKDQ D VLQJOH

DXWKRU ,W LV WKXV QDWXUDO WR VHHN RXW VHYHUDO FRPSOHPHQWLQJ PRWLYHV DV WKH RQHV
WKDW XQGHUOLH WKH FUHDWLRQ RI WKH 7*6




%  F DQG E

7KH FRORSKRQ FRQVLVWV QHDUO\ H[FOXVLYHO\ RI WKH WLWOHV JUDQWHG WR $PRJKDYDMUD E\ RIILFLDOV

$ WUDQVODWLRQ RI WKH FRORSKRQ LV LQFOXGHG LQ WKH FULWLFDO HGLWLRQV RI SDUW ,, 2Q WKH OLIH RI
$PRJKDYDMUD
ZLWK UHIHUHQFHV WR WKH WLWOHV EHVWRZHG XSRQ KLP VHH &KRX  r



)RU DOO GDWHV DQG HYHQWV UHJDUGLQJ $PRJKDYDMUDnV OLIH VHH &KRX 
)RU D GLIIHUHQW RSLQLRQ FS .DUL\D  HVS SS r +H FRQVLGHUV WKH %*6

IRU

UHDVRQV KH GRHV QRW UHYHDO WR XV D UHSUHVHQWDWLYH RI oSROLVKHG DQG LQWHOOHFWXDO SKLORVRSKLFDO
WKRXJKWp DV FRQVLVWHQW ZLWK WKH EDFNJURXQG RI DQ oLQFUHDVH LQ PRQDVWLF IHDWXUHVp



2QH RI WKH DXWKRUVn JRDOV PD\ KDYH EHHQ WR ZLGHQ WKH FLUFOH RI 0DK\QD
IROORZHUV E\ DQQRXQFLQJ WKDW QRQ0DK\QD %XGGKLVWV DQG HYHQ QRQ%XGGKLVWV
ZHUH LQ SRVVHVVLRQ RI WKH EXGGKDQDWXUH ,Q WKLV ZD\ WKH\ FRXOG FRXQW RQ
IDFLOLWDWLQJ WKHLU FRQYHUVLRQ WR 0DK\QD 7KH HND\QD GRFWULQH VXJJHVWLQJ WKDW

WKHUH LV QR RWKHU PHDQV WR ILQDO HPDQFLSDWLRQ WKDQ 0DK\QD KDG DOUHDG\ EHHQ
HDUOLHU H[SRXQGHG LQ WKH 6DGGKDUPDSXDUNDVWUD D WH[W ZKLFK DV , KDYH EHHQ
WU\LQJ WR VKRZ PXVW KDYH KDG D VWURQJ LPSDFW RQ WKH DXWKRUV RI WKH 7*6
%H WKDW DV LW PD\ WKH GRFWULQH SXW IRUZDUG LQ WKH 7*6 ZRXOG FHUWDLQO\
HQFRXUDJH DOO VHJPHQWV RI %XGGKLVW VRFLHW\ DQG HYHQ QRQ%XGGKLVWV WR VWULYH
PRUH HDUQHVWO\ IRU EXGGKDKRRG ZKLFK RQFH UHDFKHG ZRXOG UHVXOW LQ WKHLU
OLEHUDWLQJ DFWLYLW\ RQ EHKDOI RI RWKHU OLYLQJ EHLQJV ,I WKHUH LV DQ\ FRQFUHWH PRWLYH
RQ WKH SDUW RI WKH DXWKRUV ZKLFK LV IRUPXODWHG LQ WKH VWUD LWVHOI LW LV SUHFLVHO\ WKLV
HQFRXUDJHPHQW DV LW DSSHDUV LQ WKH VLPLOH RI WKH GHVSHUDWH ZRPDQ ZLWK WKH
XQLYHUVDO HPSHURU LQ KHU ZRPE $r& 7KHUH ZH ILQG WKH IROORZLQJ FDOO E\ WKH
7DWKJDWD
6RQV RI JRRG IDPLO\ DSSO\ HQHUJ\ ZLWKRXW JLYLQJ LQ WR GHVSRQGHQF\ ,W ZLOO
KDSSHQ WKDW RQH GD\ WKH WDWKJDWD >ZKR KDV@ HQWHUHG >DQG@ LV SUHVHQW ZLWKLQ \RX
ZLOO EHFRPH PDQLIHVW 7KHQ \RX ZLOO EH GHVLJQDWHG mERGKLVDWWYDn UDWKHU WKDQ
m>RUGLQDU\@ VHQWLHQW EHLQJ 8,99;,n >$QG@ DJDLQ LQ WKH >QH[W VWDJH \RX@ ZLOO EH
GHVLJQDWHG mEXGGKDn UDWKHU WKDQ mERGKLVDWWYDn

,Q WKH

7*6

LW LV WKLV PHVVDJH DORQH WKDW GLUHFWO\ XUJHV WKH SHRSOH WR GUDZ

FRQVHTXHQFHV IURP WKH IDFW WKDW WKH\ SRVVHVV WKH EXGGKDQDWXUH 7KH FDOO LV QRW
YHU\ GHWDLOHG DQG ZH FDQQRW NQRZ ZKDW H[DFWO\ WKH DXWKRUV KDG LQ PLQG ZKHQ
WKH\ SXW WKHVH ZRUGV LQWR WKH PRXWK RI WKH %XGGKD 1HYHUWKHOHVV EHVLGHV WKH FDOO
LQ VHFWLRQ  IRU WKH SURSDJDWLRQ RI WKH

7*6 E\ YDULRXV PHDQV D VWDQGDUG IHDWXUH

LQ 0DK\QD VWUDV WKH SDVVDJH VXJJHVWV WKDW HQHUJ\ YU\D ZDV FRQVLGHUHG D
FHQWUDO HOHPHQW WR EH HPSOR\HG 2EYLRXVO\ LW ZDV QRW WKH SXUSRVH RI WKH DXWKRUV WR

1RU GLG
WKH\ GUDZ DQ\ HWKLFDO FRQFOXVLRQV 7KLV LV VXUSULVLQJ IRU WKH PRGHUQ UHDGHU VLQFH
WKH


GHDO ZLWK WKH TXHVWLRQ RI KRZ WR UHDOL]H RQHnV EXGGKDQDWXUH LQ GHWDLO

WDWKJDWDJDUEKD WKHRU\ ZRXOG VHHP WR EH DQ LGHDO JURXQG IRU HVWDEOLVKLQJ DQ

HWKLFDO V\VWHP QDPHO\ RQH EDVHG RQ WKH SULQFLSOH WKDW DOO OLYLQJ EHLQJV DUH HTXDO
E\ YLUWXH RI WKHLU EXGGKDQDWXUH 7KLV DEVHQFH RI HWKLFDO LPSOLFDWLRQV LQGLFDWHV WKDW
WKH HDUO\ EXGGKDQDWXUH WKHRU\ FHQWHUHG RQ WKH LPSRUWDQFH RI WKH LQGLYLGXDOnV
LQFOXVLRQ LQ WKH oIDPLO\ RI WKH EXGGKDVp UDWKHU WKDQ RQ D GRFWULQDO EDVLV IRU HWKLFDO
EHKDYLRU (YHQ LQ ODWHU WH[WV RI WKLV VWUDQG GLUHFW HWKLFDO LPSOLFDWLRQV FRQWLQXH WR
EH UDWKHU VHOGRP LQ FRQWUDVW WR WKH SUHYDLOLQJ ZRUOGO\ RULHQWDWLRQ RI VRPH RI WKH
VWUDV SURSRXQGLQJ WKH WDWKJDWDJDUEKD WKHRU\



.DUL\D FKDUDFWHUL]HV WKH GRFWULQH SXW IRUZDUG E\ WKH %*6 DV D V\VWHP YRLG RI DQ\ DFWLYH
SDUWLFLSDWLRQ RI OLYLQJ EHLQJV LQ SXULI\LQJ WKHPVHOYHV IURP WKHLU GHILOHPHQWV .DUL\D 


II ,QGHHG WKLV FDQ KDUGO\ EH H[SHFWHG JLYHQ WKH SXUSRVH RI WKH VWUD VWDWHG DERYH 7KH IDFW
WKDW QR VXFK DFWLYLWLHV DUH GHVFULEHG H[WHQVLYHO\ VKRXOG WKHUHIRUH QRW EH LQWHUSUHWHG WR PHDQ WKDW
WKH

%*6

VXJJHVWV RU HYHQ FDOOV IRU WKH VROH ORUGVKLS RI WKH 7DWKJDWD LQ WKLV HQGHDYRU VHH P\

GLVFXVVLRQ LQ VHFWLRQ 


(WKLFDO LPSOLFDWLRQV LQ WKH WH[WV SURSRXQGLQJ

WDWKJDWDJDUEKD WKRXJKW DUH IRXQG IRU

H[DPSOH LQ 5*99 ,II ZKLFK RQ WKH EDVLV RI WKH EXGGKDQDWXUH GRFWULQH FDOOV IRU WKH VDPH

$JXOLPO\DVWUD WKH GRFWULQH RI

WDWKJDWDJDUEKD LV XVHG WR DUJXH IRU D OLIH RI FKDVWLW\ DQG FRQWLQHQFH DJDLQVW NLOOLQJ DQG DJDLQVW
UHVSHFW IRU RWKHU OLYLQJ EHLQJV DV IRU D WHDFKHU ,Q WKH

%  YRO  DD ,Q WKH VDPH

DUWLFOH 6H\IRUW 5XHJJ VXSSRVHV WKDW WDWKJDWDJDUEKD WKRXJKW SURYLGHG WKH GHFLVLYH PRWLYH IRU WKH
WKH FRQVXPSWLRQ RI PHDW VHH 6H\IRUW 5XHJJ  

DSSHDUDQFH RI YHJHWDULDQLVP LQ %XGGKLVP 7KH ZRUOGO\ RULHQWDWLRQ RI VRPH RI WKH VWUDV RI WKH



$V , KDYH DUJXHG HOVHZKHUH  r DQRWKHU SRVVLEOH GULYLQJ

IRUFH EHKLQG WKH FUHDWLRQ RI WKH 7*6 PD\ KDYH EHHQ WKH QHHG WR H[SODLQ ZK\ DOO
OLYLQJ EHLQJV FDQ DWWDLQ EXGGKDKRRGsD FHQWUDO LVVXH LQ 0DK\QD %XGGKLVP
IRUFHIXOO\ SXW IRUZDUG LQ WKH 6DGGKDUPDSXDUNDVWUD


6DGGKDUPDSXDUNDVWUD

&KDSWHU

;,;

RI

WKH

FRQWDLQLQJ WKH VWRU\ RI WKH ERGKLVDWWYD 6DGSDULEKWD

LV RI VSHFLDO LQWHUHVW LQ WKLV FRQWH[W $FFRUGLQJ WR WKH

6DGGKDUPDSXDUNDVWUD

WKLV ERGKLVDWWYD DFTXLUHG KLV QDPH IURP KLV KDELW RI GHFODULQJ WR DOO PRQNV QXQV

DSDULEKWD EHFDXVH LQ WKH IXWXUH

WKH\ ZRXOG DOO DWWDLQ EXGGKDKRRG )RU WKHVH VHQWLPHQWV KH KDG WR HQGXUH KDUVK
ZRUGV DQG HYHQ ERGLO\ DWWDFNV IURP KLV LQWHUORFXWRUV $SSDUHQWO\ KH FRXOG QRW
SURYLGH UHDVRQV IRU KLV DVVHUWLRQ WKDW EXGGKDKRRG LV DFFHVVLEOH WR DOO 7KH 7*6 RQ
DQG OD\ GHYRWHHV WKDW WKH\ ZHUH QRW GHVSLVHG 

WKH RWKHU KDQG GHDOV SUHFLVHO\ ZLWK WKLV TXHVWLRQ ,WV PDLQ LQWHQWLRQ LV WR DZDNH
OLYLQJ EHLQJV WR WKH IXQGDPHQWDO WUXWK WKDW WKH\ DOO DOUHDG\ FRQWDLQ EXGGKDKRRG
ZLWKLQ

WKHPVHOYHV

DQG

WKXV

VRRQHU

RU

ODWHU

ZLOO

DOO

EHFRPH

IXOO\

DZDNHQHG

WDWKJDWDV 2QFH WKLV EDVLF LGHD WRRN KROG DV VRXQG VRWHULRORJ\ WKHUH ZRXOG EH QR
UHDVRQ DQ\PRUH WR DWWDFN 6DGSDULEKWD )URP WKLV SHUVSHFWLYH WKH

7*6

FDQ EH

XQGHUVWRRG DV D WH[W WKDW VXEVHTXHQWO\ SURYLGHG D WKHRU\ IRU WKH JUHDW DVVHUWLRQ SXW
IRUZDUG LQ LWV SRSXODU SUHGHFHVVRU WKH
OLYLQJ EHLQJV ZLOO DWWDLQ EXGGKDKRRG

6DGGKDUPDSXDUNDVWUD QDPHO\ WKDW DOO

7KXV ZKLOH WKH 6DGGKDUPDSXDUNDVWUD



LQ D UHOLJLRXV HQYLURQPHQW ZKHUH LW ZDV SUREDEO\ QRW DOZD\V KHDUWLO\ ZHOFRPHG

DQQRXQFHG WKDW DOO OLYLQJ EHLQJV ZRXOG HYHQWXDOO\ DWWDLQ EXGGKDKRRG WKH

7*6 LQ

D VXFFHVVLYH VWHS DGRSWHG DV LWV WDVN WKDW RI ZRUNLQJ RXW D MXVWLILFDWLRQ IRU WKLV
DVVHUWLRQ

7KDW

WKH

7*6

LWVHOI

LV

LQWURGXFHG

ZLWK

LPSUHVVLYH

VFHQHV

RI

ORWXV

IORZHUV DQG WKDW WKH ILUVW VLPLOH KDV PDGH XVH RI WKLV VFHQHU\ WR SUHVHQW WKH FHQWUDO
PHVVDJH RI WKH VWUD FDQ WKHUHIRUH KDUGO\ EH D FRLQFLGHQFH WKH ORWXV ILJXUHV LQ WKH
WLWOH XQGHU ZKLFK WKH

6DGGKDUPDSXDUNDVWUD EHFDPH NQRZQ

 7KH $# LQ WKH +LVWRU\ RI ,QGLDQ %XGGKLVP

7KH DQDO\VLV LQ VHFWLRQ  KDV VKRZQ WKDW WKHUH LV QRW PXFK UHDVRQ WR GRXEW WKDW
WKH ILUVW WUDQVODWLRQ RI WKH 7*6 ZDV DV WKH &KLQHVH FDWDORJXHV KDYH LW DOUHDG\

H[HFXWHG DURXQG WKH HQG RI WKH WKLUG FHQWXU\ &( , ZLOO QRZ WU\ WR HVWDEOLVK D
VHFRQG WHUPLQXV DQWH TXHP IRU WKH FRPSRVLWLRQ RI WKH 7*6 RQ WKH EDVLV RI LWV
EXGGKDQDWXUH WHDFKLQJ LV EHVW GRFXPHQWHG E\ WKH %RGKLVDWWYDJRFDURS\DYLuD\DYLNXUYDD
QLUGHwDVWUD ZKLFK FRQWDLQV D ORQJ FKDSWHU RQ UR\DO HWKLFV VHH =LPPHUPDQQ 

7KH QDPH 6DGSDULEKWD RI FRXUVH FDQ DOVR EH DQDO\]HG DV VDGSDULEKWD oDOZD\V
GHVSLVHGpsD SRVVLELOLW\ QRW GHDOW ZLWK LQ WKH 63 IRU WKH GLVFXVVLRQ RI SRVVLEOH LQWHUSUHWDWLRQV RI
WKH FRPSRXQG LQ WKH 63 VHH 8HNL  7KH SUHDFKHU RI WKH o$OO ZLOO EHFRPH EXGGKDVpGRFWULQH
LQ WKH 63 QDPHO\ 6DGSDULEKWD LQ WKH EHJLQQLQJ GHVSLVHG E\ KLV IHOORZV VDGSDULEKWD ZRXOG
LQ WKH ORQJ UXQ ZLQ DSSUHFLDWLRQ VDGDSDULEKWD 7KH QDPH RI WKH ERGKLVDWWYD LV WKXV
SUHSURJUDPPHG WR DGDSW WR D IXWXUH ZKHQ WKH LGHD RI WKH EXGGKDKRRG RI DOO OLYLQJ EHLQJV ZRXOG

%RGKLVDWWYDJRFDURS\DYLuD\D
YLNXUYDDQLUGHwDVWUD ZKHUH LW LV VWDWHG WKDW WKH VWUD ZLOO EH IRXQG DJDLQ DIWHU ILIW\ \HDUV ZKHQ
EHFRPH D FRPPRQ WHQHW )RU VLPLODU LGHDV VHH WKH HQG RI WKH

SHRSOH ZRXOG IROORZ 0DK\QD DQG SD\ SURSHU UHYHUHQFH WR WKH

WH[W $ VXPPDU\ RI WKH VWUD LV

IRXQG LQ =LPPHUPDQQ  II 2QH ILQDO SRLQW DVVXPLQJ WKDW WKH QDPH RI WKH ERGKLVDWWYD
ZDV QRW FKRVHQ LQFLGHQWDOO\ LW LV VXUSULVLQJ WKDW WKH TXHVWLRQ RI WKH SRWHQWLDO DWWDLQPHQW RI
EXGGKDKRRG ZDV OLQNHG WR VXFK FKDUDFWHUL]DWLRQV



DV oGHVSLVHGp DQG oQRQGHVSLVHGp

)RU SKUDVHRORJLFDO SDUDOOHOV EHWZHHQ WKLV FKDSWHU RI WKH 63 DQG WKH 7*6 VHH =LPPHUPDQQ

 r


6HH 7ROD DQG 'UDJRQHWWL 



UHODWLRQ WR RWKHU WH[WV 7KH IRFXV RI P\ DQDO\VLV LV WKH

Y\NK\

5DWQDJRWUDYLEKJD

LQ ZKLFK DOO QLQH VLPLOHV DUH IRXQG DOEHLW UHFRPSRVHG DORQJ ZLWK
TXRWDWLRQV IURP WKH 7*6 LQ RWKHU SDVVDJHV :KDW FDQ EH VDLG DERXW WKH
DSSUR[LPDWH GDWH RI RULJLQ RI WKH 5DWQDJRWUDYLEKJD" %DFN LQ  7DNDVDNL
VKRZHG WKDW WKH 5DWQDJRWUDYLEKJDY\NK\ FRQVLVWV RI DW OHDVW WZR GLIIHUHQW
OD\HUV 6FKPLWKDXVHQ HODERUDWHG RQ 7DNDVDNLnV WKHRU\ LQ D UHYLHZ DUWLFOH DQG
FRQYLQFLQJO\ GHPRQVWUDWHG WKDW WKH UHFRPSRVLWLRQ RI WKH VLPLOHV LQ WKH 7*6

IRUPHG DQ HVVHQWLDO SDUW RI WKH ROGHVW VWUDWXP RI WKH 5DWQDJRWUDYLEKJD 7KLV

SDUW FRQVLVWV RI QLQH YHUVH WULSOHWV ZLWK WKH H[FHSWLRQ RI ,r ZKHUH WKH VHW
FRQVLVWV RI IRXU YHUVHV HDFK GHGLFDWHG WR RQH VLPLOH 7KH VWUXFWXUH RI HDFK WULSOHW
LV LGHQWLFDO WZR WULuXEK RU MDJDW YHUVHV IROORZHG E\ RQH YHUVH LQ WKH HODERUDWH

PHWHU wUGODYLNULWD ZKLFK UHSHDWV WKH FRQWHQW RI WKH WZR SUHFHGLQJ YHUVHV 7KLV
VWUXFWXUH ZDV SUREDEO\ FKRVHQ ZLWK WKH HVWKHWLF H[SHFWDWLRQV RI DQ HGXFDWHG
UHDGHUVKLS LQ PLQG ,W LV YHU\ UDUH LQ ,QGLDQ %XGGKLVW OLWHUDWXUH 7KHUH LV KRZHYHU
DW OHDVW RQH QRWDEOH SDUDOOHO LQ WKH FKDSWHU RI D ZRUN ZKRVH FRQWHQW SODFHV LW LQ
FORVH SUR[LPLW\ WR WKH 5DWQDJRWUDYLEKJD
7KH WH[W , DP UHIHUULQJ WR LV WKH QLQWK FKDSWHU RI WKH 0DK\QDVWUOD
NUD 7KLV FKDSWHU GHDOV ZLWK WKH LVVXH RI DZDNHQLQJ DQG GLVFXVVHV DPRQJ RWKHU
WKLQJV WKH RPQLVFLHQFH DQG QRQGXDOLW\ RI EXGGKDKRRG WKH ZD\ LW LV PDQLIHVWHG
DQG LWV SURIXQGLW\ JPEKU\D 1RZ LI ZH ORRN DW WKH ILUVW VL[ YHUVHV RI WKH

QLQWK FKDSWHU ZH ILQG D YHU\ VLPLODU PHWULFDO VWUXFWXUH YHUVHV  DQG  DUH LQ
DQXuXEK PHWHU ZKLOH YHUVH 
wUGODYLNULWD YHUVH 7KH VDPH

UHFDSLWXODWLQJ ZKDW LV VDLG LQ YHUVHV r LV D

KROGV WUXH IRU YHUVHV r DQG  :H FRXOG DUJXH
WKDW WKLV LV SXUH FRLQFLGHQFH EXW WKH FKDSWHU KDV DOVR RWKHU DIILQLWLHV ZLWK WKH
5DWQDJRWUDYLEKJD , DP QRW DUJXLQJ WKDW FKDSWHU  RI WKH 0DK\QDVWUODNUD
VXEVFULEHV WR WKH WDWKJDWDJDUEKD WKHRU\ 1HYHUWKHOHVV WKHUH DUH HOHPHQWV ZKLFK
VXJJHVW D FORVH UHODWLRQ EHWZHHQ DQG FRPPRQ EDFNJURXQG WR WKH 5DWQDJRWUD
YLEKJD DQG WKLV FKDSWHU )RU H[DPSOH LQ YHUVH  WKHUH LV WKH IRUPXODWLRQ
WDGJDUEK VDUYDGHKLQD ZKLFK DV WKH FRPPHQWDU\ PDNHV FOHDU PHDQV WKDW DOO

OLYLQJ EHLQJV FRQWDLQ D WDWKJDWD VDUYDVDWWYV

WDWKJDWDJDUEK LW\ XF\DWH

7KH

IRUPXODWLRQ LV D FLWDWLRQ IURP WKH 7*6 VHH 0 $ % ,Q RWKHU YHUVHV WRR WKH
LGHD RI EXGGKDKRRG DOUHDG\ SUHVHQW ZLWKLQ LV SUHYDOHQW ,Q YHUVHV r EXGGKDKRRG
LV FRPSDUHG WR D oFDVNHW RI MHZHOVp ZKLFK RQO\ KDV WR EH RSHQHG LQ WKH QH[W YHUVH
WULSOHW LW LV VDLG WR EH D oPLQH RI MHZHOVp
$ PXFK PRUH SURIRXQG DQDO\VLV ZRXOG EH QHFHVVDU\ LQ RUGHU WR GHILQH WKH
H[DFW UHODWLRQ EHWZHHQ WKH QLQWK FKDSWHU RI WKH

5DWQDJRWUDYLEKJD

0DK\QDVWUODNUD DQG WKH

LGHDV IRXQG LQ WKH

 7KLV FDQQRW EH GRQH KHUH :KDW FDQ EH
VDLG WKRXJK , WKLQN LV WKDW WKH WH[WV KDYH D FRPPRQ EDFNJURXQG DQG WKDW LQ YLHZ
RI WKHLU XQLTXH PHWULFDO VWUXFWXUH DUH YHU\ OLNHO\ WR KDYH EHHQ FRPSRVHG LQ WKH
VDPH RU LQ D FORVHO\ VLPLODU PLOLHX )RU WKH GDWH RI WKH
WKLV PHDQV WKDW WKH
SHULRG RI WKH
nV FRPSRVLWLRQ FDQ VHUYH DV D

7R HVWDEOLVK D GHILQLWH GDWH IRU WKH FRPSRVLWLRQ RI WKH
LV LPSRVVLEOH 6SHDNLQJ LQ WHUPV RI KLVWRULFDO GHYHORSPHQW LW LV JHQHUDOO\
DVVXPHG WKDW 9DVXEDQGKXnV 7ULwLN UHSUHVHQWV D ODWHU VWDJH RI <RJFUD

TXHP
NUD




7*6

0DK\QDVWUODNUD

WHUPLQXV DQWH
0DK\QDVWUOD

6HH 7DNDVDNL  r DQG 6FKPLWKDXVHQ  r

$ VKRUW RYHUYLHZ RI WKH FRQWHQWV RI WKH QLQWK FKDSWHU LV IRXQG LQ *ULIILWKV  I

7KH WH[W LQ WKH HGLWLRQ UHDGV

VDUYH VDWWYV

PDQXVFULSWV QRZ DYDLODEOH



7KLV KDV WR EH HPHQGHG RQ WKH EDVLV RI WKH

0DK\QDVWUODNUD
7ULwLN
/DNYDWUDVWUD
/DNYDWUDVWUD
7ULwLN
7ULwLN
/DNYDWUDVWUD
*XDEKDGUD
7ULwLN
/DNYDWUDVWUD
/DNYDWUDVWUD
7ULwLN

SKLORVRSK\ WKDQ WKH

 ,Q  6FKPLWKDXVHQ SXEOLVKHG DQ
DUWLFOH DERXW WZR FORVH SDUDOOHOV LQ WKH
DQG WKH
 ,I ZH
DFFHSW KLV FRQFOXVLRQ WKH
XWLOL]HG WKH
DV RQH RI LWV
VRXUFHV 7KH FLWDWLRQ RI WKH
LQ WKH
LV DOUHDG\ IRXQG LQ
WKH &KLQHVH WUDQVODWLRQ RI WKH ODWWHU E\
 ZKLFK GDWHV EDFN WR  &(
:H WKHUHIRUH NQRZ WKDW E\ WKDW SRLQW WKH
PXVW DOUHDG\ KDYH EHHQ LQ
H[LVWHQFH IRU VRPH WLPH 7KH
ZDV SUREDEO\ WUDQVODWHG LQWR
&KLQHVH QRW LPPHGLDWHO\ DIWHU LWV FRPSOHWLRQ QRU LV LW OLNHO\ WKDW WKH DXWKRU RI WKH
ZRXOG KDYH FLWHG WKH
E\ WKH WKHQ DOUHDG\ ZHOONQRZQ

9DVXEDQGKX DV VRRQ DV LW KDG DSSHDUHG SUHVHQWLQJ DV KH KDV GRQH WKH FLWDWLRQV
DV WKH ZRUGV RI WKH %XGGKD ,I ZH FRQVLGHU WKHVH WZR FKURQRORJLFDO IDFWRUV LW LV
YHU\ XQOLNHO\ WKDW WKH FRPSRVLWLRQ RI WKH 7ULwLN WRRN SODFH ODWHU WKDQ LQ WKH ILUVW
WZR GHFDGHV RI WKH ILIWK FHQWXU\
2Q WKH RWKHU KDQG ZH PD\ H[SHFW WKDW D FRQVLGHUDEOH SHULRG RI WLPH
HODSVHG EHWZHHQ WKH

0DK\QDVWUODNUD

DQG WKH

7ULwLNsWKLV

LQ RUGHU WR

H[SODLQ WKH PDWXULQJ RI <RJFUD LGHDV WKDW WRRN SODFH LQ WKH LQWHUYDO ,W LV RI
FRXUVH

GLIILFXOW

GHYHORSPHQWV

WDVN

ZLWKLQ

WR

HVWLPDWH

SKLORVRSK\

WKH

WLPH

QHFHVVDU\

+RZHYHU LW PD\

QRW

IRU
EH

VXFK

IXQGDPHQWDO

WRR VSHFXODWLYH

WR

0DK\QDVWUODNUD DQG WKH

0DK\QDVWUODNUD FRXOG QRW HDVLO\ KDYH EHHQ

VXJJHVW WKDW VRPH GHFDGHV PXVW OLH EHWZHHQ WKH

7ULwLN

DQG WKXV WKDW WKH

FRPSRVHG DIWHU WKH QLQWK GHFHQQLXP RI WKH IRXUWK FHQWXU\ ,I ZH DVVXPH WKLV
SHULRG

DV

WKH

ODWHVW

SRVVLEOH

GDWH

WRR

IRU

WKH

FRPSRVLWLRQ

RI

WKH

5DWQDJRWUDYLEKJD ZH DUULYH DW DSSUR[LPDWHO\ WKH PLGGOH RI WKH IRXUWK FHQWXU\ DV

WHUPLQXV DQWH TXHP

IRU WKH 7*6 PRUH H[DFWO\ 7*6

,Q P\ FDOFXODWLRQ RI WKH VSDQ RI WLPH EHWZHHQ WKH YDULRXV PLOHVWRQHV ,

KDYH WHQGHG QRW WR DVVXPH WRR ORQJ SHULRGV )UDXZDOOQHU LQ KLV

%XGGKLVPXV VXJJHVWV  &( IRU WKH GDWH RI

5DWQDJRWUDYLEKJD DQG ZRXOG FRQVHTXHQWO\ DUULYH

WKH

3KLORVRSKLH GHV

FRPSRVLWLRQ

RI

WKH

DW D PXFK HDUOLHU GDWH IRU

WKH 7*6 WKDQ P\ WHUPLQXV DQWH TXHP LPSOLHV ,Q DQ\ FDVH WKH WHUPLQXV DQWH TXHP
RI FD  &( HVWDEOLVKHG E\ P\ DQDO\VLV DQG WKH LQIRUPDWLRQ DERXW WKH ILUVW
WUDQVODWLRQ RI WKH 7*6 JDLQHG IURP WKH &KLQHVH FDWDORJXHV FD  &( GR QRW OLH
IDU DSDUW 7KH FRPSRVLWLRQ RI WKH 7*6 LQ WKH VHFRQG KDOI RI WKH WKLUG FHQWXU\ LV
WKXV D IDLUO\ SODXVLEOH DVVXPSWLRQ
:H GR QRW KDYH DQ\ VRXUFHV RI LQIRUPDWLRQ DERXW KRZ VWUDV FDPH LQWR H[LVWHQFH
LQ WKH WKLUG FHQWXU\ $' DQG ZKR WKH JURXSV ZHUH WKDW FRPSRVHG DQG SURSDJDWHG
WKHP $V SURSRVHG LQ VHFWLRQ  WKH PDLQ PRWLYH IRU WKH FUHDWLRQ RI WKH 7*6 PD\
KDYH EHHQ WKH ZLVK WR HQFRXUDJH SRWHQWLDO EHOLHYHUV WR HQJDJH LQ DFWLYH %XGGKLVW
SUDFWLFH DQG WR SURYLGH DUJXPHQWV ZK\ EXGGKDKRRG LV WKHRUHWLFDOO\ DFFHVVLEOH WR
HYHU\RQHsD SRVLWLRQ ZKLFK ZDV SXW IRUZDUG LQ IRUFHIXO WHUPV LQ WKH

6DGGKDUPDSXDUNDVWUD 7KH IRUPXODWLRQ RI WKH WDWKJDWDJDUEKD WKHRU\ LQ WKH

7*6 LV QRW WKH ZRUN RI VRSKLVWLFDWHG SKLORVRSKHUV 7KH ZKROH VWUD UDWKHU VHHPV
WR

H[XGH



DQ DLU RI SUDJPDWLVP

ZLWK WKH

HIILFDF\

RI WKH EXGGKDQDWXUH EHLQJ

6HH WKH ELRJUDSK\ RI 9DVXEDQGKX WKH DXWKRU RI WKH $. ZKLFK VWDWHV WKDW WRZDUGV WKH HQG

RI KLV OLIH KH OLYHG DW WKH UR\DO FRXUW oJUHDWO\ KRQRXUHG E\ DOOp GLVFXVVHG LQ )UDXZDOOQHU  
7KH %ULwLN LW VKRXOG EH VDLG LV EHOLHYHG WR EH RQH RI KLV ODWHVW ZRUNV VHH 6FKPLWKDXVHQ 


)UDXZDOOQHU  



SURFODLPHG DJDLQ DQG DJDLQ ,Q D SUHYLRXV DUWLFOH , KDYH WULHG WR GHPRQVWUDWH

KRZ WKH 7*6 IROORZV DORQJ WKH OLQHV RI WKH 6DGGKDUPDSXDUNDVWUD ZKLFK HYHQ
WKRXJK WKH VLPLOH RI WKH SRRU PDQ ZLWK WKH MHZHO LQ KLV GUHVV VHHPV WR FDOO IRU LW
VKULQNV IURP WKH DVVHUWLRQ WKDW OLYLQJ EHLQJV KDYH DQ LQKHUHQW SRWHQWLDO IRU
EXGGKDKRRG RU HYHQ SHUIHFW EXGGKDKRRG ZLWKLQ 7KH VWRU\ RI WKH ERGKLVDWWYD
6DGSDULEKWD VKRZV WKDW WKH WLPH IRU VXFK DQ DVVHUWLRQ PD\ QRW KDYH EHHQ ULSH
\HWsD FRQFOXVLRQ VXSSRUWHG E\ GHVFULSWLRQV LQ WKH

6DGGKDUPDSXDUNDVWUD

RI

RWKHU KDUVK UHDFWLRQV WRZDUGV LWV RZQ SURSDJDWRUV IURP WKH VLGH RI QRQ0DK\QD
IROORZHUV 7KH

7*6

LQ WKLV SRLQW ZDV DSSDUHQWO\ QRW KHOG EDFN E\ DQ\ UHODWHG

FRQVLGHUDWLRQV ]HDORXVO\ SURPXOJDWLQJ DV LW GLG WKH PHVVDJH RI D XQLYHUVDO

EXGGKDKRRG SUHVHQW LQ DOO OLYLQJ EHLQJV $ VLPLODU QRWLRQ WKDW RI WDWKJDWDMQD
LQ DOO EHLQJV KDG DOUHDG\ EHHQ SXW IRUZDUG LQ D VLPLOH LQ WKH

7DWKJDWRWSDWWL

VDEKDYDQLUGHwD DQG LW VHHPV WKDW WKH DXWKRUV RI WKH 7*6 ZHUH DZDUH RI RU HYHQ

LQVSLUHG E\ LW ZKHQ WKH\ FRPSRVHG WKHLU RZQ LOOXVWUDWLRQV

7KH XQGHUO\LQJ LGHD RI WKH UHDOL]DWLRQ RI D EXGGKDKRRG ZKLFK LV DOZD\V
SUHVHQW LQ OLYLQJ EHLQJV ZDV RQH PRVW ILW WR FRQYH\ WR D UHDGHUVKLS RI QRQ
VSHFLDOLVWV LQ WKH ILHOG RI DEKLGKDUPD DQG LQ IDFW DV WKH IROORZLQJ WUDGLWLRQ
VKRZV ZDV H[WUHPHO\ VXFFHVVIXOO\ FRQYH\HG 7KH PDLQ WDVN RI WKH 7*6 ZDV WKXV
IXOILOOHG %RWK WKH ZRUN RI V\VWHPDWL]LQJ DQG HODERUDWLQJ WKH WHDFKLQJ DQG WKH WDVN
RI UHQGHULQJ LW FRPSDWLEOH ZLWK RUWKRGR[ %XGGKLVW WHDFKLQJV ZHUH OHIW WR ODWHU
H[HJHWHV 7KH SUREOHPV WKH\ KDG WR FRQIURQW DUH ZHOO GRFXPHQWHG LQ WKH
FRPPHQWDU\ RQ WKH 5DWQDJRWUDYLEKJD WKH 5DWQDJRWUDYLEKJDY\NK\ ZKHUH
VHYHUDO LQWHUSUHWDWLRQV LQFOXGLQJ WKH WKUHH ZD\V RI YLHZLQJ WKH FRPSRXQG
WDWKJDWDJDUEKD FRPSHWH ZLWK HDFK RWKHU ZLWKRXW DQ\ ILQDO VHWWOHPHQW 7KH
DXWKRUV RI WKH 7*6 PD\ QRW KDYH EHHQ DZDUH RI WKH RSHQLQJV WKHLU WHDFKLQJ
DOORZHG IRU TXHVWLRQLQJ EDVLF %XGGKLVW FRQFHSWV (YHQ LI WKH\ ZHUH DZDUH RI WKHP
WKHLU GHFLVLRQ WR FRPSRVH SULPDULO\ IRU QRQVSHFLDOLVWV VHHPLQJO\ RYHUVKDGRZHG
DQ\ SRVVLEOH UHVHUYDWLRQV RWKHUZLVH 7KLV GRHV QRW PHDQ WKDW WKH\ WKRXJKW RI WKHLU
RZQ WHDFKLQJ DV D PHUH XS\D ZLWKRXW DQ\ RQWRORJLFDO UHDOLW\ WR LW
,Q WKH VLPLOH RI WKH VHHG ZKLFK WXUQV LQWR D IUXLW WUHH WKH SUREOHPDWLF DVSHFW
RI WKH WHDFKLQJ LV SXW LQWR VWUDLJKWIRUZDUG ZRUGV WKH UHVXOW QDPHO\ WKH WUHH LV
DOUHDG\ SHUIHFWO\ FRQWDLQHG LQ WKH VHHG 6HHG DQG WUHH DUH RI WKH VDPH QDWXUH 7KH
SURFHVV RI ULSHQLQJ LV QRW WKH PDLQ FRQVLGHUDWLRQ 7KH SDVVDJH LQ TXHVWLRQ PXVW
KDYH EHHQ SURYRFDWLYH IRU %XGGKLVW WKLQNHUV VLQFH LW EHDUV RYHUWRQHV RI WKH VR
FDOOHG VDWNU\DYGD WKH LGHD FHQWUDO WR WKH 6NK\D V\VWHP RI SKLORVRSK\ DQG
JHQHUDOO\ FULWLFL]HG E\ %XGGKLVW SKLORVRSKHUV WKDW WKHUH FDQ EH QR SURGXFWLRQ RI



VRPHWKLQJ WKDW GRHV QRW H[LVW EHIRUH

,Q WKH

5DWQDJRWUDYLEKJDY\NK\

DV ,

ZLOO VKRZ LQ VHFWLRQ  WKH PDLQ HPSKDVLV LQ WKH VLPLOH WKHQ VKLIWV WR WKH IDFW WKDW
VHYHUDO IDFWRUV DUH QHFHVVDU\ IRU PDNLQJ WKH VHHG EHFRPH D WUHH WKH SURFHVV RI
JURZWK WKHUHE\ WDNHV RQ PRUH LPSRUWDQFH 1HYHUWKHOHVV WKH SUREOHPDWLF
IRUPXODWLRQ KDUERUV D SRWHQWLDO GDQJHU IRU WKH ZKROH
WDWKJDWDJDUEKD WKHRU\

JLYHQ WKH HPSKDVLV RQ WKH HVVHQWLDO VDPHQHVV RI OLYLQJ EHLQJV DQG WDWKJDWDV WKH
QHHG WR EH SXULILHG IURP WKH DFFLGHQWDO GHILOHPHQWV WKHLU SUHVHQFH EHLQJ WKH RQO\
GLIIHUHQFH EHWZHHQ OLYLQJ EHLQJV DQG EXGGKDV FRXOG HDVLO\ EH LJQRUHG 7KH QRWLRQ
WKDW WKH HIIHFW LV DOUHDG\ FRQWDLQHG LQ D SHUIHFW IRUP LQ LWV FDXVH DV RSSRVHG WR
EHLQJ QHZO\ SURGXFHG FRXOG ZHDNHQ WKH LGHD RI oOLEHUDWLRQp DQG OHDG WR WKH




6HH =LPPHUPDQQ 

)RU IXUWKHU H[DPSOHV RI VDWNU\DYGD LQ ,QGLDQ SKLORVRSK\ VHH 6H\IRUW 5XHJJ  I


LPSUHVVLRQ WKDW VHULRXV UHOLJLRXV SUDFWLFH LV LUUHOHYDQW

)URP
LQWURGXFWLRQ

SKLORVRSKLFDO

RI

WKHRU\

SRLQW

RI

RI

YLHZ

PDQLIHVWDWLRQ

WKHUH

RI

LV RQH

EXGGKDKRRG

IDFWRU

IDYRULQJ

RYHU

RQH

RI

WKH

SXUH

7*6 ZKR ZHUH DFTXDLQWHG ZLWK DQG LPSUHVVHG E\

6DGGKDUPDSXDUNDVWUD NQHZ RI WKH FHQWUDO SODFH WKH WHDFKLQJ RI WKH

FDXVDWLRQ 7KH DXWKRUV RI WKH

WKH

HWHUQLW\ RI WKH %XGGKD KDG LQ WKDW WH[W ,Q WZR RI WKHLU RZQ VLPLOHV WKH\ VWUHVV LQ
IDFW WKH LQGHVWUXFWLEOH DQG LPSHULVKDEOH FKDUDFWHU RI JROG VLPLOH  DQG VHHG
VLPLOH  DQG FODLP WKLV WR EH WKH FDVH IRU WKH WUXH QDWXUH RI OLYLQJ EHLQJV DV ZHOO
,Q DEVRUELQJ WKLV LGHD RI HWHUQDO EXGGKDKRRG IURP WKH

6DGGKDUPDSXDUNDVWUD

WKH

FKRLFH

DXWKRUV

RI

WKH

7*6

PD\

KDYH

VHHQ

QR

RWKHU

WKDQ

WR

FODLP

WKDW

EXGGKDKRRG DV UHDOL]HG E\ OLYLQJ EHLQJV PXVW DOZD\V KDYH EHHQ SUHVHQW LQ WKHP

HIILFDF\ :KDW LV HWHUQDO FDQQRW KDYH D EHJLQQLQJ DQG WKXV

WKH FDXVDO SURGXFWLRQ RI EXGGKDKRRG ZRXOG YLRODWH WKH WKHRU\ RI WKH HWHUQLW\ RI WKH
%XGGKD DQG EXGGKDKRRG LQ JHQHUDO +RZHYHU ZH FDQQRW NQRZ WR ZKDW H[WHQW
VXFK SKLORVRSKLFDO UHIOHFWLRQV ZHUH LQ IDFW RI LPSRUW IRU WKH DXWKRUV RI WKH 7*6
7KDW WKH 7*6 LV QRW DQ LVRODWHG FDVH RI D UHODWLYHO\ HDUO\ 0DK\QD ZRUN
SURSDJDWLQJ D SRVLWLYH HQGXULQJ FRQVWLWXHQW LQ OLYLQJ EHLQJV LV VKRZQ IRU
H[DPSOH E\ WKH UHZRUGLQJ RI WKH YHUVHV RI WKH
LQ WKH ROGHVW
DOEHLW LQ D VWDWH RI QRQ

VWUDWXP

RI

WKH

FLWWDSUDNWL

5DWQDJRWUDYLEKJD



*DJDQDJDMDVWUD

7KHUH

LW

LV

WKH

PLQGnV

LQQDWH

QDWXUH

ZKLFK LV FRPSDUHG WR oVSDFHp EHLQJ GHVFULEHG DV oOXPLQRXVp


oZLWKRXW FDXVH DQG FRQGLWLRQp DQG oZLWKRXW RULJLQDWLRQ DQG GHVWUXFWLRQp


8QOLNH WKH WHUP

 WKH FRQFHSW oWKH OXPLQRXV PLQG GHILOHG E\

WDWKJDWDJDUEKD

DGYHQWLWLRXV GHILOHPHQWVp DSSHDUV DOUHDG\ LQ WKH VWUDV RI WKH +QD\QD VFKRROV


DQG LQ RWKHU HDUO\ WH[WV RI WKH 0DK\QD ,W ZDV GXULQJ WKLV VDPH WLPH WKDW WKH
9WVSXWU\DV ZHUH DFWLYHsD %XGGKLVW VFKRRO WKDW EHOLHYHG LQ WKH H[LVWHQFH RI D
oSHUVRQp SXGJDOD DV D NLQG RI FRQWLQXRXV VXEMHFW RI UHELUWK DQG VSLULWXDO SUDFWLFH
DQG ZKRVH UHODWLRQ WR WKH

VNDQGKDV

LV VWDWHG WR EH LQGHILQDEOH



7KH IDFW WKDW

PDLQO\ WR WKH UHIXWDWLRQ

RI WKH WKHRU\ RI WKLV VFKRRO VKRZV WKDW WKH LQIOXHQFH RI LWV SKLORVRSK\ PXVW KDYH
EHHQ IHOW IDU LQWR WKH ILUVW PLOOHQQLXP *LYHQ WKLV IDFW WKH DSSHDUDQFH DQG
SURSDJDWLRQ RI WKH 7*6 DV D QHZ 0DK\QLVW IRUPXODWLRQ RI WKH ROG EHOLHI LQ
WHUPV RI D SRVLWLYH FRQWLQXRXVVXEMHFW QDPHO\ WKH SHUVRQ RU WKH PLQG GRHV QRW
DOWRJHWKHU FRPH DV D VXUSULVH
9DVXEDQGKX GHGLFDWHG KLV 3XGJDODSUDWLuHGKDSUDNDUDD

7KURXJKRXW WKH ZKROH 7*6 WKH WHUP wQ\DW GRHV QRW HYHQ DSSHDU RQFH
QRU GRHV WKH JHQHUDO GULIW RI WKH 7*6 VRPHKRZ LPSO\ WKH QRWLRQ RI wQ\DW DV LWV
KLGGHQ IRXQGDWLRQ 2Q WKH FRQWUDU\ WKH VWUD XVHV YHU\ SRVLWLYH DQG VXEVWDQWLDOLVW

WHUPV WR GHVFULEH WKH QDWXUH RI OLYLQJ EHLQJV ,Q WZR YHUVHV LQ WKH ROGHVW VWUDWXP RI




&I 5*9 ,r VHH DOVR 6FKPLWKDXVHQ  I

,Q WKLV VWXG\ , FDQQRW GHDO ZLWK WKH UHODWLRQ RI WKH 7*6

WR WKH

0316

DQRWKHU IXQGDPHQWDO

ZRUN IRU WKH EXGGKDQDWXUH WKHRU\ IRU D GHWDLOHG VWXG\ VHH 6KLPRGD  7KH IDFW WKDW WKH

5*9 PD\ PHDQ WKDW WKH SDUWV GHDOLQJ ZLWK WKH

EXGGKDQDWXUH KDG QRW EHHQ FRPSRVHG E\ WKDW WLPH 7KH 0316 FLWHV WKH 7*6 WKH NH\ WHUP LQ WKH

0316 LV QRW

UHIOHFWHG LQ WKH ROGHVW VWUDWXP RI WKH

EXGGKDGKWX 7KH WKHRU\ LQ WKH 0316 PD\ KDYH EHHQ

EXGGKDQDWXUH WKHRU\ LW SURSRXQGV EHLQJ

LQVSLUHG E\ WKH
 EXW LW GHYHORSHG IURP

7*6

D GLIIHUHQW SHUVSHFWLYH RQH RI D YHQHUDWLRQ RI UHOLFV

GKWX )RU WKH NH\ FRQFHSW oOXPLQRXV PLQGp VHH 6H\IRUW 5XHJJ  II



(J WKH 'DwDEKPLND RU WKH 6DPGKLUMD VHH 6H\IRUW 5XHJJ  II

6HH &RXVLQV  SDUWLFXODUO\ Q  IRU IXUWKHU UHIHUHQFHV WR WKH 9WVSXWU\DV

6HH DOVR WKH VWXG\ RQ WKH YDULRXV FRQFHSWV RI YLMQD
$PRQJ WKH o1HEHQHLQDQGHU YHUVFKLHGHQVWHU 3RVLWLRQHQ LP .DQRQp S  YLMQD IXQFWLRQV DW




LQ WKH 3OL &DQRQ LQ /DQJHU 

WLPHV DV WKH oEHUOHEHQGHV 3ULQ]LSp WDNLQJ LWV SODFH LQ WKH ZRPE RI OLYLQJ EHLQJV DQG OHDYLQJ
WKHP DW WKH WLPH RI WKHLU GHDWK SS r 



5DWQDJRWUDYLEKJD ,r WKDW PHQWLRQ WKH SXUSRVH RI LWV LQVWUXFWLRQ ZH


GR ILQG DQ H[SOLFLW UHIHUHQFH WR wQ\DW
:K\ KDV WKH EXGGKDGKWX LW LV DVNHG
WKH

WKH

UH EHHQ WDXJKW DV H[LVWLQJ LQ DOO OLYLQJ EHLQJV JLYHQ WKDW DOO SKHQRPHQD ZHUH

SUHYLRXVO\ VDLG WR EH HPSW\ wQ\D" 7KH IROORZLQJ YHUVH WKHQ PHQWLRQV ILYH
GHILFLHQFLHV ZKLFK FDQQRW EH VXIILFLHQWO\ UHPHGLHG RU DUH HYHQ UHHQIRUFHG" E\
WKH ODWWHU QRWLRQ QDPHO\ GHSUHVVLRQ OQD FLWWDP FRQWHPSW WRZDUGV LQIHULRU
OLYLQJ EHLQJV KQDVDWWYHuY
UHDO

SKHQRPHQD

DYDM FOLQJLQJ WR WKH XQUHDO DEKWDJUKD GHQLDO RI

EKWDGKDUPSDYGD DQG H[FHVVLYH VHOIORYH WPDVQHKR

nGKLND 7KH TXHVWLRQ ZKHWKHU RU QRW WKH SURSDJDWLRQ RI WKH FRQFHSW RI

WDWKJDWDJDUEKD E\ WKH 7*6 PD\ DOVR EH JURXQGHG LQ VXFK UHDVRQLQJ PXVW UHPDLQ
RSHQ 7KDW WKH 5DWQDJRWUDYLEKJDY\NK\ XQGHUVWDQGV LWVHOI WR EH WKH ILQDO DQG
XOWLPDWH WHDFKLQJ RI 0DK\QD LV GRFXPHQWHG E\ LWV VXEWLWOH 0DK\Q388+6+
WDQWUDwVWUD

,WV

LQWHQWLRQ

WKHUHIRUH

%XGGKLVW WHDFKLQJV WKDW SURSDJDWH

LV

WR

wQ\DW

OLPLW

WKH

YDOLGLW\

RI

WKH

FRUSXV

RI

WKRXJKW WR WKH UHDOP RI WKH DFFLGHQWDO

ZRUOGFRQVWLWXWLQJ DQG XQUHDO DQG LQ VR GRLQJ WR FRPSOHPHQW WKLV FRUSXV ,Q WKLV

ZD\

WKH

DXWKRUV

RI

WKH

5DWQDJRWUDYLEKJDY\NK\ KRSHG WR LQWURGXFH WKHLU

UHDGHUVKLS WR D SHUIHFW XQGHUVWDQGLQJ RI WKH WUXWK DQG LQ WKH SURFHVV RI FRXUVH

DYRLG WKH GHILFLHQFLHV TXRWHG DERYH ZLWK ZKLFK WKH IRUPHU WHDFKLQJV ZHUH
DVVRFLDWHG

6RPH ODVW IHZ ZRUGV UHPDLQ WR EH VDLG DERXW WKH TXDOLILFDWLRQ RI WKH 7*6
DQG ODWHU WH[WV H[SRXQGLQJ WDWKJDWDJDUEKD WKRXJKW DV QRQ%XGGKLVW 7KLV

FULWLFLVP KDV EHHQ KHDUG VLQFH WKH HQG RI WKH V PDLQO\ IURP WZR HPLQHQW

-DSDQHVH VFKRODUV ZKR FUHDWHG WKH QDPH o&ULWLFDO %XGGKLVPp +LKDQ %XNN\


 IRU WKHLU VFKRRO RI WKRXJKW
7KHLU PDLQ DUJXPHQW LV WKDW WKH WDWKJDWD

JDUEKD

WHDFKLQJ LV QRW LQ OLQH ZLWK WKH WZR IDFWRUV ZKLFK WKH\ FRQVLGHU WR EH WKH

DQWPDQ

WZR EDVLF FRQVWLWXHQWV RI %XGGKLVP WKH WHDFKLQJ RI QRQVHOI 

DQG WKH

WHDFKLQJ RI GHSHQGHQW RULJLQDWLRQ SUDWW\DVDPXWSGD 7KH ODZ RI GHSHQGHQW

RULJLQDWLRQ RXJKW QRW WR DOORZ IRU WKH LGHD RI DQ HWHUQDO VHOI RU DQ XQGHUO\LQJ EDVLV
RU ORFXV RQ ZKLFK DOO SKHQRPHQD GHSHQG 7KHLU FULWLFLVP RI WKH

7*6

LV SDUWO\

YDOLG WKH H[LVWHQFH RI DQ HWHUQDO LPSHULVKDEOH VHOI WKDW LV EXGGKDKRRG LV

GHILQLWHO\ WKH EDVLF SRLQW RI WKH

7*6

EXW WKH VWUD GRHV QRW H[SUHVV DQ\

SKLORVRSKLFDO YLHZ FRQFHUQLQJ WKH VWUXFWXUH RI WKH ZRUOG 7KH WDVN RI GUDZLQJ D
FRQFOXVLYH

SLFWXUH

RI

WKH

UHODWLRQ

EHWZHHQ

EXGGKDKRRG

SKHQRPHQD ZDV OHIW WR VXFFHHGLQJ WH[WV VXFK DV WKH

DQG WKH


5DWQDJRWUDYLEKJDY\NK\

)RU

VRPH

DQG

WKH

ZRUOG

RI

lUPOGHYVLKDQGDVWUD
EDVLF

TXHVWLRQV

XQHTXLYRFDO

6HH 6FKPLWKDXVHQ D  IRU D GLIIHUHQW DQDO\VLV RI WKH SDVVDJH VHH 6H\IRUW 5XHJJ

  


7KH RSHQ FODLP WKDW WKH WHDFKLQJ RI

WDWKJDWDJDUEKD FDQ VHUYH DV D WKHUDS\ IRU WKH ILYH

SUREOHPV PHQWLRQHG DERYH VKRXOG QRW OHDG RQH WR DVVXPH WKDW WKH DXWKRUV GLG QRW WKLQN RI WKHLU
WHDFKLQJ DV UHYHDOLQJ XOWLPDWH WUXWK 7KH %XGGKLVW WHDFKLQJV KDYH DOZD\V EHHQ VHHQ DV KDYLQJ D
oWKHUDSHXWLF DVSHFWp RQ WKH GLVFXVVLRQ RI WKH KLVWRULFDO UHODWLRQ EHWZHHQ WKH )RXU 1REOH 7UXWKV
DQG WKH IRXU V\VWHPDWLF SDUWV LQ WKH VFLHQFH RI PHGLFLQH DQG WKH DVVRFLDWLRQ RI WKH %XGGKLVW
WHDFKLQJ ZLWK PHGLFDO SKLORVRSK\ E\ WKH WUDGLWLRQ LWVHOI VHH :H]OHU  

r ,I WKH

ZLWKRXW DQ\ DEVROXWH WUXWK WKHQ VR WRR FDQ

DOO RWKHU %XGGKLVW GRFWULQHV +RZHYHU , GRXEW WKDW WKLV LV KRZ WKH %XGGKLVW WUDGLWLRQ SHUFHLYHG
LWVHOI

WDWKJDWDJDUEKD

WKHRU\ LV XQGHUVWRRG WR EH DQ

XS\D

6HH WKH DUWLFOHV DQG ELEOLRJUDSK\ LQ +XEEDUG DQG 6ZDQVRQ  IRU D ZHOOQXDQFHG
WUHDWPHQW RI ZKDW WKH GLVFXVVLRQ LV DERXW


5HJDUGLQJ WKH l06

 5LFKDUG .LQJ KDV GHPRQVWUDWHG KRZ WKH VWUD IDLOHG WR WDNH D GHILQLWH

VWDQGSRLQW RQ VHYHUDO SKLORVRSKLFDO TXHVWLRQV RI IXQGDPHQWDO LPSRUWDQFH DQG VR OHIW WKHP

XQDQVZHUHG VHH .LQJ 



DQVZHUV ZHUH QHYHU JLYHQ $ FRPSUHKHQVLYH GRJPDWLF VHW RI oFODVVLFDOp

SRVLWLRQV QHYHU GLG HYROYH LQ ,QGLD 7KH UHDVRQ IRU WKLV DUJXDEO\
OD\ ZLWK WKH DXWKRUV RI WKH 7*6 WKHPVHOYHV ZKR DV VWDWHG DERYH ZHUH ILUVW DQG
IRUHPRVW LQWHUHVWHG LQ XQGHUSLQQLQJ WKH 0DK\QLVW DVVHUWLRQ WKDW DOO OLYLQJ EHLQJV
FDQ DWWDLQ EXGGKDKRRG ,I WKH\ ZHUH DZDUH RI WKH ZLGHU GRFWULQDO LPSOLFDWLRQV RI
WKHLU LGHD DW DOO WKH\ VXUHO\ XQGHUHVWLPDWHG WKH GLIILFXOWLHV WKDW WKHLU DVVHUWLRQV
ODWHU SUHVHQWHG IRU WKH HVWDEOLVKPHQW RI D SODXVLEOH SKLORVRSKLFDO IUDPHZRUN
3UDJPDWLFDOO\ PRWLYDWHG WKH\ DFFRUGHG SULRULW\ WR JHWWLQJ WKHLU LQVSLULQJ DQG
SRVLWLYH PHVVDJH DFURVV RYHU DQ\ VXFK ZHOOWKRXJKWRXW VRWHULRORJ\ DQG
PHWDSK\VLFV %XW LV WKHUH DQ\ UHDVRQ ZK\ WKLV SKLORVRSKLFDOO\ QDLYH ELUWK RI WKH
WDWKJDWDJDUEKD WHDFKLQJ DQG LWV KHULWDJH VKRXOG EH ODEHOHG QRQ%XGGKLVW"
7KHUH FDQ EH QR GRXEW WKDW WKH DXWKRUV RI WKH 7*6 DQG WKRVH RI IROORZLQJ
ZRUNV ZHUH GHHSO\ URRWHG LQ D %XGGKLVW UHOLJLRXV HQYLURQPHQW :H FDQ EH VXUH
WKDW WKH\ WKRXJKW RI WKHPVHOYHV DV %XGGKLVWV ZHUH LQVSLUHG E\ %XGGKLVW
VFULSWXUHV DQG DFWHG DV %XGGKLVWV 2QH SRLQW VKRXOG EH PDGH FOHDU LI QRZDGD\V
FULWLFV GHQ\ WKDW WKH WDWKJDWDJDUEKD WHDFKLQJ LV D SDUW RI %XGGKLVP LW LV EHFDXVH
WKHLU DWWLWXGH WRZDUGV UHOLJLRQ LV PDLQO\ LQIOXHQFHG E\ WH[WXDO DQG GRFWULQDO
FRQVLGHUDWLRQV 7KH\ KDYH D FOHDUFXW GHILQLWLRQ RI ZKDW %XGGKLVW SKLORVRSK\ LV RU
VKRXOG EH DERXW 7R P\ PLQG %XGGKLVP LV D SKHQRPHQRQ ZKLFK FDQQRW EH
VDWLVIDFWRULO\ GHVFULEHG LQ WHUPV RI GRFWULQHV DORQH 7R LGHQWLI\ %XGGKLVP VROHO\
ZLWK GRFWULQHV ZRXOG PHDQ WR H[FOXGH IURP LW PDQ\ RWKHU HTXDOO\ LPSRUWDQW
DVSHFWV VXFK DV %XGGKLVW SLHW\ DQG UHOLJLRXV SUDFWLFH ULWXDOLVP HWKLFV DUW
DUFKHRORJ\ DQG UXOHV RI VWDWHVPDQVKLS
WDWKJDWDJDUEKD

)XUWKHU WKH FULWHULD ZKLFK VHUYH DV FULWLFVn PHDVXUHV IRU WKH LQFOXVLRQ RI
DQ\ SDUWLFXODU SKLORVRSKLFDO GRFWULQH LQ %XGGKLVP DUH RI FRXUVH W\SLFDO LGHDV
ZLWKLQ %XGGKLVP %XW FDQ WKH\ UHDOO\ EH JHQHUDOL]HG DQG VDLG WR EH FRQVWLWXWLYH IRU
DOO %XGGKLVW GRFWULQHV" 7R P\ NQRZOHGJH QR YRLFHV ZHUH UDLVHG LQ WKH WUDGLWLRQ RI
,QGLDQ %XGGKLVP WKDW WKH WDWKJDWDJDUEKD WHDFKLQJ LV QRW %XGGKLVW  $QG

REYLRXVO\ WKH FULWHULD HVWDEOLVKHG E\ WKH FULWLFV ZHUH QRW ZKROO\ GHFLVLYH IRU WKH
SKLORVRSKLFDO FOLPDWH RI WKRVH HDUO\ GD\V 7KH
DQG WKH

0DKSDULQLUYDVWUD 
/DNYDWUDVWUD FKDUDFWHUL]H WKH WDWKJDWDJDUEKD H[SOLFLWO\ DV WPDQ $V ,

KDYH DUJXHG DERYH WKH 7*6 VHHPV WR FRQWLQXH D WUDGLWLRQ LQ ,QGLDQ %XGGKLVP
ZKLFK ZDV EDVHG RQ D SRVLWLYH XVH RI WKH FRQFHSW RI oSHUVRQp DQG ZDV QRW
FRPPLWWHG WR D RQHVLGHG GHQLDO RI D VHOI )URP HDUO\ WLPHV RQ LW VHHPV WKLV

SRVLWLYH VWUDQG FRH[LVWHG ZLWK WKH PDMRULW\ RI VFKRROV ZKLFK FDWHJRULFDOO\ UHMHFWHG
WKH H[LVWHQFH RI D VHOI 7KH FULWHULD SXW IRUZDUG E\ WKH SURSRQHQWV RI &ULWLFDO
%XGGKLVP DUH WR P\ PLQG FKRVHQ DUELWUDULO\ DQG FDQQRW FODLP YDOLGLW\ IRU DOO
EUDQFKHV RI WKH %XGGKLVW WUDGLWLRQ ,Q YLHZ RI WKH IDFW WRR WKDW ZH DUH VWLOO IDU
IURP DJUHHLQJ RQ WKH LQWHUSUHWDWLRQ RI ZKDW WKH IRXQGHU RI WKH UHOLJLRQ KLPVHOI KDG
WR VD\ DERXW WKH TXHVWLRQ RI WKH VHOI ZH FDQQRW HYHQ EH VXUH ZKDW KH VDLG WKH
FULWLFV FDQQRW FODLP WKDW WKHLU YLHZV UHSUHVHQW WKH RSLQLRQ RI WKH KLVWRULFDO %XGGKD


,Q WKH

/$6

WKH ZLVK IRU FODULILFDWLRQ UHJDUGLQJ WKH GLIIHUHQFHV EHWZHHQ oWKH GRFWULQH RI

DQG WKH GRFWULQH RI 6HOI RI WKH QRQ%XGGKLVW WHDFKHUVp LV KRZHYHU H[SUHVVHG E\
0DKPDWL WRZDUGV WKH %XGGKD /$6 r
WDWKJDWDJDUEKD



0DKSDULQLUYDVWUD

&I WKH
LQ WKH WUDQVODWLRQ RI 'KDUPDNuHPD 7DQZXFKHQ
 YRO  E /$6 ; DQG ; 7KH l06 LGHQWLILHV WKH GKDUPDN\D
WPDSUDPLW 7LEHWDQ 4  YRO  G.RQ EUWVHJV n, ErD DI


)RU EDODQFHG GHVFULSWLRQV RI SRVLWLYH DQG QHJDWLYH DSSURDFKHV WR D VHOI

ZLWK WKH

LQ WKH KLVWRU\ RI

,QGLDQ %XGGKLVP VHH 6FKPLWKDXVHQ E DQG E I DOVR 6H\IRUW 5XHJJ  FKDSWHU ,

HVS I %URQNKRUVW  r r



7KH SKLORVRSKLFDO SRVLWLRQV WKH\ KROG WR EH WHQDEOH DUH WKXV QRW DQ DSSURSULDWH OLQH
RI DSSURDFKsQRW HYHQ LQ FRQVLGHUDWLRQ RI WKH IDFW WKDW WKH\ DUH GHDOLQJ RQO\ ZLWK
WKH OLPLWHG GRPDLQ RI GRFWULQDO WHDFKLQJ ZLWKLQ WKH PXOWLIDFHWHG SKHQRPHQRQ
FDOOHG %XGGKLVP
 7KH 6)5 LQ WKH 4CVPCIQVTCXKDJICX[MJ[ DQG 2WKHU ,QGLDQ 7H[WV

7KH 7*6 FDQ EH VDLG WR KDYH EHHQ RI XWPRVW LPSRUWDQFH IRU WKH WDWKJDWDJDUEKD
WKHRU\ LQDVPXFK DV LW FRLQHG LWV EDVLF YRFDEXODU\ DQG LOOXVWUDWHG E\ XVH RI YLYLG
LPDJHU\ WKH IXQGDPHQWDO UHODWLRQ EHWZHHQ WKH EXGGKDQDWXUH LQ OLYLQJ EHLQJV DQG
WKH NOHwDV +RZHYHU WKH ULFKQHVV DQG YDULHW\ FRQWDLQHG LQ WKH VLPLOHVsZKLFK ,
KDYH WULHG WR GHVFULEH DERYHsWHQGHG WR IDGH LQ ODWHU UHIHUHQFHV WR DQG
UHDUUDQJHPHQWV RI WKH VWUD 7KH PDLQ IRFXV FDPH WR EH WKH FRQWUDVW EHWZHHQ WKH
SXUH HVVHQFH RQ WKH RQH KDQG DQG WKH XQSOHDVDQW PDWHULDO LQ ZKLFK LW LV KLGGHQ RQ
WKH RWKHU 7KH WH[W LQ WKH ,QGLDQ WUDGLWLRQ ZKLFK GHYRWHV PRVW DWWHQWLRQ WR WKH 7*6
LV XQGRXEWHGO\ WKH 5DWQDJRWUDYLEKJDY\NK\ WKH PRVW LQIOXHQWLDO wVWUD ZLWKLQ
WKH FRUSXV RI WDWKJDWDJDUEKD ZRUNV LQ ,QGLD ,W LV WKXV QHFHVVDU\ WR GHDO EULHIO\
ZLWK WKH TXHVWLRQ KRZ WKH 5DWQDJRWUDYLEKJDY\NK\ WUHDWV WKH VLPLOHV RI WKH
7*6 WKH RQO\ SDUW RI LWV FRQWHQWV H[WHQVLYHO\ WDNHQ XS E\ WKH 5DWQDJRWUDYLEKJD
Y\NK\ +RZHYHU EHIRUH GRLQJ VR ZH QHHG WR DGGUHVV VRPH RWKHU SDVVDJHV
ZKLFK VHHP WR GHULYH IURP WKH 7*6
,Q 7*6 % LW LV VWUHVVHG WKDW WKH ERG\ RI D WDWKJDWD LV SUHVHQW HYHQ LQ
DQLPDOV e WKD QD GXG nJURnL VN\H JQDV VX VRQJ ED UQDPV N\DQJ UXQJ VWH  $
YHU\ VLPLODU IRUPXODWLRQ LV IRXQG LQ 5DWQDJRWUDYLEKJDY\NK\ I  DQWDwDV
WLU\DJ\RQLJDWHuY DSL 7KH SDVVDJH FRXOG ZHOO EH EDVHG RQ WKH 7*6
5DWQDJRWUDYLEKJDY\NK\ r LV D ZRUGIRUZRUG TXRWDWLRQ IURP
WKH 7*6 %r ZKHUH LW LV VWDWHG WKDW WKH WDWKJDWDGKWX LV H[LVWHQW LQ HYHU\

OLYLQJ EHLQJ ZLWKRXW WKHLU EHLQJ DZDUH RI LW 7KLV VHQWHQFH DQG LWV FLWDWLRQ LQ WKH
5DWQDJRWUDYLEKJDY\NK\ DUH GLVFXVVHG LQ VHFWLRQ  DQG LQ WKH QRWH RQ P\
WUDQVODWLRQ 7KH SDVVDJH GHVHUYHV RXU SDUWLFXODU DWWHQWLRQ LQ YLHZ RI WKH IDFW WKDW
WKH 5DWQDJRWUDYLEKJDY\NK\ WDNHV WKH WHUP JDUEKDJDWD LQ WKH VHQVH RI oLQ WKH
VWDWH RI DQ HPEU\Rp , KDYH DUJXHG DERYH WKDW ZLWKLQ WKH

PHDQV UDWKHU WKH ORFDWLRQ RI WKH

7*6 WKH WHUP JDUEKDJDWD

GKWX RI OLYLQJ EHLQJV oLQ WKH ZRPEp RU oZLWKLQ

$Q XQGHUVWDQGLQJ RI WKH SDVVDJH LQ WKLV VHQVH LV DOVR DWWHVWHG

IRU WKH SDUDOOHO YHUVHV LQ WKH 5DWQDJRWUDYLEKJD
7*6
OLYLQJ EHLQJVp



LQ ZKLFK WKH FRQWHQW RI WKH

VLPLOHV LV UHQGHUHG IUHHO\ 7KH SKUDVHRORJ\ LV D oNLQJ IRXQG ZLWKLQ WKH ZRPEp
,

JDUEKQWDUDVWKH QSH

DQG

oJRRG

SURWHFWRUV

ZLWKLQ

>OLYLQJ

EHLQJV@

WKHPVHOYHVp , VDQQWKHuX FD VDWVX  VYWPQWDUDVWKHuY DSL 2EYLRXVO\ DV

WR WKLV SRLQW WKH 7*6 KDV EHHQ LQWHUSUHWHG GLIIHUHQWO\ LQ WKH WZR FLWDWLRQV ZLWKLQ
WKH

5DWQDJRWUDYLEKJDY\NK\

ZLWK

WKH

RULJLQDO

PHDQLQJ

LQ

YHUVH , GLVSOD\V DQ XQGHUVWDQGLQJ LQ OLQH

WKH

7*6

ZKHUHDV

WKH

SURVH

SDVVDJH

r

HPSKDVL]HV WKH HPEU\RQLF DVSHFW RI OLYLQJ EHLQJVn EXGGKDQDWXUH 7KLV DVSHFW DV

VKRZQ DERYH LV LQKHUHQW WR WKH WHUP WDWKJDWDJDUEKD ,W VHHPV KRZHYHU WKDW WKH
DXWKRUV RI WKH 7*6 KDYLQJ HPEUDFHG D WKHRU\ RI PDQLIHVWDWLRQ GLG QRW VWUHVV WKLV
IDFWRU LQ DQ\ GHOLEHUDWH IDVKLRQ 2QO\ ODWHU H[HJHWHV OLNH WKRVH UHVSRQVLEOH IRU WKH



6HH SS II



SURVH VHFWLRQ 5DWQDJRWUDYLEKJDY\NK\ r ZRXOG KDYH PDGH XVH RI WKH

HQWLUH UDQJH RI SRVVLEOH LQWHUSUHWDWLRQV RI WKH NH\ WHUP WDWKJDWDJDUEKD LQ RUGHU WR
UHYHDO DOO LWV FRQQRWDWLRQV :H FDQ WDNH WKH IDFW WKDW WKH 7*6 YHUVHV LQ WKH
5DWQDJRWUDYLEKJD H[KLELW D GLIIHUHQW XQGHUVWDQGLQJ WR EH DQRWKHU LQGLFDWLRQ WKDW
WKH

DXWKRUV

RI

WKH

SURVH

DQG

WKH

UHZULWHU

5DWQDJRWUDYLEKJDY\NK\ ZHUH QRW WKH VDPH

7KH

VHFRQG

ZRUGIRUZRUG

FLWDWLRQ

RI

RI

WKH

WKH

7*6

YHUVHV

7*6

LV

LQ

IRXQG

WKH

LQ

5DWQDJRWUDYLEKJDY\NK\ rr ,W FRQWDLQV WKH IRUPXODWLRQ RI WKH HVVHQWLDO

ODZ GKDUPDW WKDW DOO OLYLQJ EHLQJV DOZD\V FRQWDLQ D WDWKJDWD 7*6 % 7KH
SRVLWLRQ RI WKH SDVVDJH LQ WKH 5DWQDJRWUDYLEKJDY\NK\ DW WKH EHJLQQLQJ RI D

VHFWLRQ ZKHUH WKH FKDUDFWHULVWLFV RI WKH WDWKJDWDJDUEKD DUH GLVFXVVHG

GHPRQVWUDWHV WKDW WKH DXWKRUV RI WKH 5DWQDJRWUDYLEKJDY\NK\ WKRXJKW RI LW DV
RQH RI WKH PRVW IXQGDPHQWDO H[SUHVVLRQV RI WKH WDWKJDWDJDUEKD WKHRU\ 7KH
SDVVDJH LQ WKH 7*6 VXPPDUL]HV WKH GHVFULSWLRQV RI WKH VHFWLRQ EHIRUH DQG ZDV
GHVLJQHG WR IXQFWLRQ DV D ILQDOL]LQJ DXWKRULWDWLYH VWDWHPHQW RI JHQHUDO YDOLGLW\ ,W
ZDV XQGHUVWRRG DQG FRPPHQWHG XSRQ DV VXFK E\ WKH DXWKRUV RI WKH
5DWQDJRWUDYLEKJDY\NK\
7KHUH DUH WKUHH RWKHU SDVVDJHV LQ WKH 5DWQDJRWUDYLEKJDY\NK\ ZKHUH
IRUPXODWLRQV RI WKH 7*6 VHHP WR KDYH EHHQ WDNHQ RYHU 7KH\ DOO IRFXV RQ WKH
UHODWLRQ RI VHQWLHQW EHLQJV WR WKHLU EXGGKDQDWXUH VDUYDVDWWYV WDWKJDWDJDUEK
5*99   DQG VDG VDUYDVDWWYV WDWKJDWDJDUEK 5*99 

6LPLODU ZRUGLQJ LV IRXQG LQ 7*6 0I $I DQG DV MXVW VHHQ LQ %I 7KDW
5*99  DQG  DUH LQVSLUHG E\ WKH 7*6 LV FOHDUO\ GHPRQVWUDWHG E\ WKH IDFW
WKDW RQO\ D IHZ OLQHV EHORZ LQ I LW LV VWDWHG WKDW WKH WKUHH PHDQLQJV RI WKH
IRUPXODWLRQ VDG VDUYDVDWWYV WDWKJDWDJDUEK ZLOO EH H[SODLQHG DFFRUGLQJ WR

WKH 7*6 WDWKJDWDJDUEKDVWUQXVUHD

:H VKDOO QRZ WXUQ WR WKH VHFWLRQ LQ WKH 5DWQDJRWUDYLEKJDY\NK\ ZKLFK
GHDOV ZLWK WKH QLQH VLPLOHV RI WKH 7*6

 ,W FRPSULVHV SS r YHUVHV ,r

7KH FRQWHQW RI WKH VHFWLRQ LV WKH IROORZLQJ

 $ VXPPDU\ DQG GHWDLOHG H[SRVLWLRQ RI WKH QLQH VLPLOHV RI WKH

7*6 r

YHUVHV ,r
 7KH FKDUDFWHULVWLFV DQG D FRQFRUGDQFH RI WKH GHILOHPHQWV RI WKH PLQG

FLWWDVDNOHwD PHQWLRQHG LQ WKH QLQH VLPLOHV r YHUVHV ,r

 7KH FKDUDFWHULVWLFV DQG D FRQFRUGDQFH RI WKH WKUHHIROG QDWXUH RI OLYLQJ EHLQJVn

EXGGKDQDWXUH PHQWLRQHG LQ WKH QLQH VLPLOHV r YHUVHV , r

$V LV ZHOO NQRZQ WKH 5DWQDJRWUDYLEKJDY\NK\ LWVHOI KDV D FRPSOH[ WH[WXDO

KLVWRU\ DQG FRQVLVWV RI DW OHDVW WZR GLIIHUHQW OD\HUV ILUVW D SULPDU\ FROOHFWLRQ RI
YHUVHV IRU WKH PRVW SDUW FRQJUXHQW ZLWK WKH YHUVHV RI WKH &KLQHVH WUDQVODWLRQ RI WKH
5DWQDJRWUDYLEKJD IRXQG LPPHGLDWHO\ EHIRUH WKH FRPSOHWH &KLQHVH WUDQVODWLRQ
VHFRQGO\ RQH RU SHUKDSV WZR FRPPHQWDULDO OD\HUV FRQVLVWLQJ RI YHUVHV DQG SURVH
VHFWLRQV ZKLFK PXVW KDYH EHHQ DGGHG DW D ODWHU VWDJH 2I WKH VHFWLRQV  WR 

RQO\ WKH YHUVHV ,r DUH SDUW RI WKH SULPDU\ OD\HU RI WKH 5DWQDJRWUDYLEKJD

9HUVHV , ,r DQG WKH SURVH EHORQJ WR WKH FRPPHQWDULDO OHYHO
7KH VHFWLRQ ,r LV PDGH XS RI WKUHH VXPPDUL]LQJ YHUVHV ,r LQ
ZKLFK WKH



XSDPQD

HOHPHQWV FRUUHVSRQGLQJ WR WKH

NOHwDV

DQG WR WKH EXGGKD

2Q WKH WH[WXDO KLVWRU\ RI WKH 5*99 VHH 7DNDVDNL  r DQG 6FKPLWKDXVHQ 

r

IRU D GLIIHUHQW UHVXOW FS 6H\IRUW 5XHJJ 



HVVHQFH RI WKH QLQH VLPLOHV DUH HQXPHUDWHG DQG RI QLQH YHUVH WULSOHWV ZLWK WKH
H[FHSWLRQ RI ,r ZKHUH WKH VHW FRQVLVWV RI IRXU YHUVHV HDFK GHGLFDWHG WR

RQH VLPLOH
7KH VWUXFWXUH RI HDFK WULSOHW LV LGHQWLFDO 7KH\ DOO VWDUW ZLWK WZR
WULuXEK

YHUVHV DQG HQG ZLWK D YHUVH LQ WKH HODERUDWH wUGODYLNULWD PHWHU 7KH

ILUVW YHUVH RI HDFK WULSOHW GHVFULEHV WKH XSDPQD WKH VHFRQG UHIHUV WR WKH XSDPH\D
DQG WKH WKLUG DQG ODVW YHUVH UHSHDWV LQ GLIIHUHQW ZRUGV WKH FRQWHQW RI WKH WZR
SUHFHGLQJ YHUVHV 7KH YHUVHV ,r WKXV UHWHOO DOO QLQH VLPLOHV RI WKH 7*6 LQ
WKHLU RZQ IDVKLRQ 7KLV IUHH UHSURGXFWLRQ RI WKH PDLQ SDUW RI WKH 7*6 LV WKH ORQJHVW
FLWDWLRQ RI WKH 7*6 LQ ,QGLDQ VFULSWXUHV /DWHU ZRUNV FLWLQJ WKH VLPLOHV RI WKH 7*6
PD\ KDYH EDVHG WKHPVHOYHV RQ WKLV UHSURGXFWLRQ IRXQG LQ WKH 5DWQDJRWUDYLEKJD
UDWKHU WKDQ GLUHFWO\ H[WUDFWLQJ WKHP IURP WKH 7*6
$V , KDYH VKRZQ LQ VHFWLRQ  WKH UHSURGXFWLRQ RI WKH VLPLOHV LQ WKH
5DWQDJRWUDYLEKJD LV EDVHG RQ UHFHQVLRQ 7*6
7LE
YHUVHV

LQ

5DWQDJRWUDYLEKJD

WKH

 )RU P\ WUDQVODWLRQ RI

IXQFWLRQHG

DV

DQ

LPSRUWDQW

 WKH

JXLGH

WR

XQGHUVWDQGLQJ FHUWDLQ SDVVDJHV ZKLFK DUH XQFOHDU RU DPELJXRXV LQ WKH 7LEHWDQ

WUDQVODWLRQ 7KRXJK WKH FRQWHQW RI WKH YHUVHV LQ WKH 5DWQDJRWUDYLEKJD GLYHUJHV LQ
VRPH FDVHV TXLWH VLJQLILFDQWO\ IURP 7*6 ZH ILQG PDQ\ SDVVDJHV ZKHUH WKH ODWHU
ZULWHU HPSOR\HG VLPLODU JUDPPDWLFDO VWUXFWXUHV DQG V\QWDFWLF SDWWHUQV WR WKRVH RI

7*6 PDGH XVH RI LWV YRFDEXODU\ DQG IDLWKIXOO\ WUDQVPLWWHG LWV EDVLF LGHDV 7KHUH
LV QR LQGLFDWLRQ WKDW WKH YHUVHV LQ WKH 7*6 ZHUH FRPSRVHG LQ YDULRXV PHWHUV DV

5DWQDJRWUDYLEKJDsVXFK WKLQJV DV GLIIHUHQW QXPEHUV RI V\OODEOHV

%WK RU GLIIHUHQW QXPEHUV RI FKDUDFWHUV LQ WKH &KLQHVH WUDQVODWLRQV ,W LV SRVVLEOH
WKDW WKH DXWKRU RI WKH 5DWQDJRWUDYLEKJD UHFRPSRVHG WKH VHFWLRQ RI WKH 7*6
WKHUH LV LQ WKH

LQ

LQVWHDG RI FLWLQJ LW ZRUG IRU ZRUG RZLQJ WR PHWULFDO FRQVLGHUDWLRQV :H GR QRW

NQRZ WKH UHDVRQ IRU WKH YHU\ UDUH PHWULFDO VWUXFWXUH ZLWKLQ WKH YHUVH WULSOHWV RI WKH

5DWQDJRWUDYLEKJD

7KLV VWUXFWXUH UHTXLULQJ WKH XVH RI D SDUWLFXODU PHWHU PD\

KDYH IRUFHG WKH DXWKRU WR UHFRPSRVH WKH ZKROH VHFWLRQ ,Q DQ\ FDVH KH GLG QRW
VODYLVKO\ IROORZ WKH WH[W RI WKH

7*6 +H IUHHO\ VXEVWLWXWHV

RQH ZRUG IRU DQRWKHU

LQWURGXFHV QHZ IRUPXODWLRQV DQG IHDWXUHV HPSKDVL]HV HOHPHQWV ZKLFK LQ WKH

7*6

VHHP WR EHORQJ WR WKH EDFNJURXQG DQG LQ JHQHUDO LOOXVWUDWHV WKH VLPLOHV LQ D PRUH
UHILQHG DQG SRHWLF ZD\ 7KH GLUHFW VSHHFK RI WKH %XGGKD LQFOXGLQJ KLV TXHVWLRQV
DQG HQFRXUDJHPHQW ZKLFK IUHTXHQWO\ LQWHUUXSW KLV DFFRXQW RI WKH VLPLOHV LQ
GR QRW DSSHDU LQ WKH

7*6

5DWQDJRWUDYLEKJD YHUVHV ,W LV QHYHUWKHOHVV FOHDU WKDW WKH

7*6 LQ PLQG ZKHQ FRPSRVLQJ WKH YHUVHV

DXWKRU KDG DQ HFKR RI WKH ZRUGLQJ RI WKH

7KLV LV GRFXPHQWHG E\ D QXPEHU RI SDVVDJHV LQ ERWK WH[WV ZKLFK DUH LQ FORVH



DFFRUGDQFH
7KH

WHUP

GRHV QRW DSSHDU RQFH LQ WKH UHSURGXFWLRQ

FRPSRXQG VDEXGGKDJDUEKD UHODWLQJ WR MDJDW

WDWKJDWDJDUEKD

,QVWHDG ZH ILQG WKH EDKXYUKL

, DQG WKH WHUP JDUEKD LQ

WKH PHDQLQJ RI oHPEU\Rp DQG oZRPEp LQ WKH

YHUVHV GHVFULELQJ WKH SRRU ZRPDQ LQ WKH SRRUKRXVH ,r ,Q FRQWUDVW WR WKH

7*6

WKH WHUP

GHVLJQDWH

WKH

GKDUPDGKWX

EXGGKDQDWXUH

FRQFHUQHG YHUVHV LQ WKH

LV
RI

IUHTXHQWO\
OLYLQJ

XVHG

EHLQJV

5DWQDJRWUDYLEKJD

,
$QG





ZKHUHDV

LQ

LQ

RUGHU

JHQHUDO

WR
WKH

DUH ILUPO\ EDVHG RQ WKH LGHD RI D

PDQLIHVWDWLRQ RI DQ DOUHDG\ SHUIHFW EXGGKDHVVHQFH ZLWKLQ OLYLQJ EHLQJV WKH VLPLOH

RI WKH VSURXW LQ WKH VHHG KDV EHHQ DGDSWHG WR %XGGKLVW





DEKLGKDUPLF FRQVLGHUDWLRQV

+HUH , UHFDSLWXODWH ZKDW ZDV ZULWWHQ LQ WKH ILUVW SDUDJUDSKV RI VHFWLRQ 
2QO\ WKH YHUVHV , DQG , UHQGHULQJ WKH ORWXV VLPLOH DUH LQ
PHWHU
MDJDW

, KDYH QRWHG VLPLODULWLHV EHWZHHQ WKH YHUVHV LQ WKH 5*9 DQG WKH 7*6 LQ WKH QRWHV WR P\

WUDQVODWLRQ $ JRRG H[DPSOH LV IRXQG DQG GLVFXVVHG DW WKH HQG RI $



7KH VLPLOH LQ WKH 7*6 VWUHVVHV WKH LGHQWLW\ RI QDWXUH RI WKH VHHG DQG WKH IXOO\
JURZQ WUHH 7KH VWDWHPHQW WKDW WKH UHVXOW LV DOUHDG\ SHUIHFWO\ FRQWDLQHG LQ WKH VHHG
LQ IDFW DPRXQWV WR VDWNU\DYGD D WKHRU\ QRUPDOO\ DWWDFNHG E\ %XGGKLVW
SKLORVRSKHUV DV OHDGLQJ WR HWHUQDOLVP 7KLV FRXOG EH WKH UHDVRQ ZK\ WKH DXWKRU RI
WKH YHUVHV LQ WKH 5DWQDJRWUDYLEKJD HPSKDVL]HG RWKHU DVSHFWV RI WKH VLPLOH
QDPHO\ WKH JURZWK RI WKH VSURXW LWVHOI LWV JUDGXDO GHYHORSPHQW NUDPW
NUDPHD  DQG WKH QHHG IRU WKH SUHVHQFH RI IDFWRUV SUDW\D\D HQDEOLQJ WKH
VSURXWnV JURZWK VXFK DV oZDWHU VXQOLJKW DLU VRLO WLPH DQG VSDFHp ,r
7KH SHUIHFW EXGGKD VDEXGGKD LV HYHQ FRPSDUHG WR D VSURXW LQ WKH VWDWH RI EHLQJ

D VHHG EMNXUD , :LWK WKLV QHZ IRUPXODWLRQ WKH VLPLOH ZDV SURSHOOHG LQ
WKH GLUHFWLRQ RI WKH FODVVLFDO %XGGKLVW GRFWULQH RI

SUDWW\DVDPXWSGD 7KH SRVVLEOH

IFRXOG WKHUHE\ EH IRUHVWDOOHG WKRXJK WKH LPSOLFDWLRQV DULVLQJ IURP WKLV

UHSURDFK RI PDLQWDLQLQJ D SRVLWLRQ RI HWHUQDOLVPsEDVHG RQ WKH H[SOLFLW ZRUGLQJ LQ

WKH

7*6

GRFWULQH RI D UHYHODWLRQ RI WKH EXGGKDQDWXUH ZRXOG VWLOO EH RSHQ WR WKH VDPH NLQG
RI FULWLFLVP +RZHYHU ZH FDQ VD\ WKDW WKH UHZULWHUV RI WKH YHUVHV SDLG PRUH
DWWHQWLRQ WR DEKLGKDUPLF QHHGV WKDQ WKHLU SUHGHFHVVRUV ZKR IRUPXODWHG WKHLU

PHVVDJH LQ D SKLORVRSKLFDOO\ OHVV YLJRURXV ZD\

7KH VLPLOHV RI WKH 7*6 ILJXUH DOVR LQ WKH FRPPHQWDU\ RI WKH 5DWQDJRWUDYLEKJD
WKH 5DWQDJRWUDYLEKJDY\NK\ 9HUVHV , ,r DQG VRPH SDVVDJHV LQ
SURVH LQ r UHIOHFW WKLV SRLQW $Q LQWHQW WR V\VWHPDWL]H VHHPV WR KDYH EHHQ
SUHYDOHQW LQ WKLV VHFWLRQ RI WKH FRPPHQWDU\ ,W LV REYLRXV WKDW WKLV V\VWHPDWL]DWLRQ
LV IRUFHG RQ WKH VLPLOHV ERWK LQ WKH FODVVLILFDWLRQ RI QLQH NLQGV RI

NOHwDV

PDWFKLQJ

WKH QLQH VLPLOHV XQGHU IRXU JURXSV FRUUHVSRQGLQJ WR IRXU NLQGV RI OLYLQJ EHLQJV

GKWX

r DQG LQ WKH WKUHHIROG FODVVLILFDWLRQ RI WKH EXGGKDHOHPHQW 

LQ

UHODWLRQ WR WKH QLQH VLPLOHV r 5HJDUGLQJ WKLV ODWWHU JURXSLQJ RI WKH
VLPLOHV DFFRUGLQJ WR WKH WKUHH FRQFHSWV



GKDUPDN\D WDWKDW

DQG

JRWUD

WHUPV XVHG

RI WKH 7*6 DW
OHDVW WKH VLPLOHV RI WKH VSURXW WXUQLQJ LQWR D WUHH DQG WKH FDNUDYDUWLQ HPEU\R LQ WKH
ZRPE RI WKH XJO\ ZRPDQ VHHP WR EH DSSURSULDWH WR WKH FKRVHQ FDWHJRU\ 7RJHWKHU
ZLWK WKUHH RWKHU VLPLOHV WKH\ DUH VXEVXPHG XQGHU WKH FRQFHSW JRWUD ZKLFK LQ WKH
5DWQDJRWUDYLEKJD LV XQGHUVWRRG DV WKH FDXVH KHWX RI EXGGKDKRRG 7KLV FRQFHSW
LV LQKHUHQW LQ WKH XSDPQD RI WKH VHHGVSURXW DQG WKH HPEU\RQLF UXOHU HQWLWLHV
ZKLFK VWLOO KDYH WR XQGHUJR D SURFHVV RI IXUWKHU ULSHQLQJ LQ RUGHU WR DUULYH DW
SHUIHFWLRQ %XW ZKHUHDV WKH LQFOXVLRQ RI WKH HLJKWK VLPLOH WKH HPEU\RQLF UXOHU LQ
WKH JRWUD FDWHJRU\ PD\ KDYH RFFXUUHG ZLWKRXW JUHDW UHIOHFWLRQ  WKH VDPH
LQ YHUVH ,

WR H[SODLQ WKH SKUDVH

VDUYDVDWWYV WDWKJDWDJDUEK

FODVVLILFDWLRQ RI WKH VLPLOH RI WKH VHHG ZKLFK WXUQV LQWR D WUHH ZDV SUREDEO\ ZHOO
WKRXJKW RXW , KDYH QRWHG DERYH WKDW WKH DXWKRUV RI WKH

5DWQDJRWUDYLEKJDY\NK\

HPSKDVL]H WKH FRQQRWDWLRQV RI GHYHORSPHQW LQ WKLV VLPLOH 7KH VDPH WHQGHQF\ KDV
DOUHDG\ EHHQ REVHUYHG LQ WKH FRPPHQWDWRUnV H[SOLFDWLRQ RI WKH SKUDVH JDUEKDJDWD

JRWUD LQ IsD FLWDWLRQ IURP WKH VDPH VLPLOH LQ WKH 7*6 VHH
WHUP JDUEKD LQ WKLV FRPSRXQG ZDV QRW LQWHQGHG LQ WKH 7*6 WR PHDQ

LQ WKH VHFWLRQ RQ
DERYH 7KH

oHPEU\Rp EXW oZRPEp RU oLQVLGHp WKH DFFHSWHG VHQVH IRU WKH UHFRPSRVHG YHUVHV



7KH FRPPHQWDU\ YHUVH , ZKHUH WKH VLPLOH LV UHFDOOHG LQ D UHGXFHG IRUP DOVR

HPSKDVL]HV WKH JUDGXDO JURZLQJ RI WKH VSURXW 

MTCOQGD\W

9HUVH , LV EH LW QRWHG SDUW RI WKH ROGHVW OD\HU 7KH WKUHHIROG FODVVLILFDWLRQ LWVHOI PXVW
WKHUHIRUH EH DQ ROG HOHPHQW

7KH DXWKRUV RI WKH 5*99 PDNH QR PHQWLRQ WKDW WKH HPEU\R VWLOO PXVW JURZ *RWUD DV WKH
ODVW RI WKH WKUHH WHUPV FRYHUV WKH ODVW VLPLOHV RI ZKLFK WKH FDNUDYDUWLQ HPEU\R VLPLOH LV RQH




RI WKH ROG OD\HU LQ WKH 5DWQDJRWUDYLEKJD 1HYHUWKHOHVV WKH FRPPHQWDWRUV RI WKH

5DWQDJRWUDYLEKJD FLWHG LW LQ RUGHU WR GRFXPHQW WKDW WKH WHUP GKWX FDQ EH XVHG LQ
WKH VHQVH RI KHWX
7KH WKUHHIROG FKDUDFWHUL]DWLRQ RI WKH EXGGKDGKWX FDQ KDUGO\ KDYH SOD\HG
DQ\ UROH LQ WKH FRPSRVLWLRQ DQG DUUDQJHPHQW RI WKH VLPLOHV LQ WKH 7*6 9HUVH ,
SDUW RI WKH ROGHVW OD\HU RI WKH 5DWQDJRWUDYLEKJD GHPRQVWUDWHV WKDW WKH WKUHHIROG
FODVVLILFDWLRQ ZDV DOUHDG\ LQ XVH DW WKH WLPH WKH GLIIHUHQW EORFNV RI WH[W IURP ZKLFK
WKH 5DWQDJRWUDYLEKJD ZDV IRUPHG  ZHUH PHUJHG WRJHWKHU 7KH LGHD RI

LOOXVWUDWLQJ WKHVH WKUHH FDWHJRULHV E\ ZD\ RI WKH QLQH VLPLOHV KRZHYHU LV SUREDEO\
WKDW RI WKH ODWHU FRPPHQWDWRUV
7KH DEKLGKDUPDRULHQWHG LQWHUHVW LQ WKH VLPLOHV GLVSOD\HG E\ WKH
FRPSRVHUV RI WKH

XSDPQDV

Y\NK\ OHG WKHP WR IRFXV SULPDULO\ RQ LVRODWHG HOHPHQWV LQ WKH


$V D
WR WKH NOHwDV DQG WKH EXGGKDHVVHQFH

FRUUHVSRQGLQJ

FRQVHTXHQFH LQ WKH FRPPHQWDU\ WKH VLPLOHV DUH SRUWUD\HG DV OLIHOHVV DQG DV LI

ODFNLQJ WKHLU PDLQ SRLQWV RI HPSKDVLV WKH ULFK FRQQRWDWLRQV RI WKH

WHUWLXP

DUH UHGXFHG WR D VLPSOH HQXPHUDWLRQ RI FRUUHVSRQGLQJ HOHPHQWV

7KH 5DWQDJRWUDYLEKJDY\NK\ FRQWDLQV WKH RQO\ NQRZQ ZRUGIRUZRUG
FLWDWLRQV RI WKH 7*6 DPRQJ ,QGLDQ WH[WV DQG FDQ ZLWKRXW GRXEW EH YLHZHG DV D
ZRUN ZKLFK GHDOW ZLWK WKH 7*6 ZLWK D PD[LPXP RI FDUH 7KH VLPLOHV LQ WKH 7*6
DQG WKHLU SDUDSKUDVHV LQ WKH 5DWQDJRWUDYLEKJD ODUJHO\ DJUHH ZLWK RQH DQRWKHU
7KXV ZH FDQQRW GHFLGH ZKHWKHU SDVVDJHV LQ RWKHU WH[WV ZKLFK GUDZ RQ RQH RU PRUH
RI WKH QLQH VLPLOHV KDG WKH 7*6 LWVHOI RU WKH 5DWQDJRWUDYLEKJD DV WKHLU VRXUFH $

VKRUW UHFRXQWLQJ RI DOO QLQH VLPLOHV LV IRXQG LQ WKH )R[LQJ OXQ

D
SKLORVRSKLFDO WUHDWLVH FORVHO\ PLUURULQJ WKH VWUXFWXUH RI WKH 5DWQDJRWUDYLEKJD
FRPSDUDWLRQLV

Y\NK\ $FFRUGLQJ WR WUDGLWLRQ WKH DXWKRU RI WKH WH[W ZDV 9DVXEDQGKX ,W ZDV

WUDQVODWHG LQWR &KLQHVH E\ 3DUDPUWKD ZKR LV QRZ EHOLHYHG WR EH WKH WUXH DXWKRU

7KH ZRUGLQJ RI WKH VLPLOHV LQ WKH

GRHV QRW DOORZ D ILQDO
GHWHUPLQDWLRQ RQ ZKHWKHU WKH DXWKRU XWLOL]HG WKH 7*6 7*6 RU 7*6 GLUHFWO\ RU

RI WKH WH[W



EDVHG KLPVHOI RQ WKH VLPLOHV TXRWHG LQ WKH 5DWQDJRWUDYLEKJD 7*6 +H FRXOG

RI FRXUVH KDYH EHHQ DFTXDLQWHG ZLWK ERWK WKH UHFHQVLRQV DQG WKH VLPLOHV LQ WKH

5DWQDJRWUDYLEKJD

2WKHU WH[WV VSRUDGLFDOO\ UHIHU GLUHFWO\ WR WKH 7*6 RU XVH DQDORJLHV RU

VLPLOHV ZKLFK FRXOG KDYH EHHQ LQIOXHQFHG E\ WKH 7*6 ,Q WKH IROORZLQJ , ZLOO FLWH
VHYHUDO VXFK SDVVDJHV ZLWKRXW KRZHYHU VWULYLQJ IRU FRPSOHWHQHVV
7KH 0DKSDULQLUYDVWUD H[SOLFLWO\ UHIHUV WR WKH 7*6 LQ RQH SDVVDJH DQG
DWWULEXWHV WKH VWDWHPHQW WKDW WKH

EXGGKDGKWX LV SUHVHQW LQ DOO OLYLQJ EHLQJV WR LW

7KHUH LV QR ZRUGIRUZRUG FRUUHVSRQGHQFH ZLWK WKH 7*6 +RZHYHU WKH SDVVDJH



7KH 5*9 LV FRPSRVHG RI VHYHUDO EORFNV RI ZKLFK WKH VLPLOHV RI WKH 7*6 PDNH XS RQH 6HH

6FKPLWKDXVHQ
 II


7KLV LV SDUWLFXODUO\ HYLGHQW LQ WKH FDVH RI WKH HLJKWK VLPLOH WKH FRPPHQWDU\ YHUVH ,

FRPSDUHV WKH LPSXULWLHV WR WKH oFRYHULQJV RI WKH HPEU\RLQ WKH IRUP RI D ZRPEp JDUEKDNRwD ,Q
QHLWKHU RI WKH WZR GHVFULSWLRQV LQ WKH

7*6

DQG WKH

5*9 LV D FRPSDULVRQ EHWZHHQ WKH HPEU\RQLF

FRYHULQJV DQG WKH GHILOHPHQWV GUDZQ






%  YRO  WKH VLPLOHV DUH IRXQG LQ FrD

)RU D GLVFXVVLRQ RI WKLV LVVXH VHH HJ 7DNHPXUD  I

J=KDQ \DQJ nGL QD GJH VORQJ OD OD GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL PGR VGH FKHQ SR VWRQ SDU
E\HG GR  VHPV FDQ WKDPV FDG OD QL VDQJV UJ\DV N\L NKDPV \RG OD NKDPV GH UDQJ UDQJ JL OXV OD

D
DI TXRWDWLRQV RI WKH &KLQHVH LQ
nFKDQJ VWH  > 6 GH  6 OD   4 WVKDQJ@ 
7DNDVDNL   $V PHQWLRQHG DERYH RQ S  WKH SDVVDJH LQ WKH FRPPHQWDU\ WR YHUVH ,;
RI WKH
UHDGLQJ
 FRXOG DOVR GHULYH

0DK\QDVWUODNUD

IURP WKH

%*6 0 $ RU %

!$ "
$
VDUYDVDWWYV WDWKJDWDJDUEK LW\ XF\DWH


FRXOG EH D IUHH UHQGHULQJ RI %r WKH RQO\ RQH LQ WKH 7*6 FRQWDLQLQJ WKH WHUP
GKWX 7KH IDFW WKDW WKH 7*6 ZDV NQRZQ WR WKH DXWKRUV RI WKH
DOVR JLYHV ULVH WR WKH DVVXPSWLRQ WKDW WKH VLPLOH RI WKH KLGGHQ WUHDVXUH LQ WKH

 WKRXJK GLIIHUHQW LQ GHWDLOV PD\ KDYH EHHQ LQVSLUHG E\

0DKSDULQLUYD

VWUD
0DKSDULQLUYDVWUD

WKH FRUUHVSRQGLQJ VLPLOH RI WKH

7*6

,Q DQRWKHU ZHOONQRZQ ZRUN WKH

/DNYDWUDVWUD



ZH ILQG D SDVVDJH

WKDW UHIHUV WR oWKH WH[W RI WKH VWUDVp ZKHUH WKH WDWKJDWDJDUEKD LV VDLG WR EH

GHVFULEHG DV oOXPLQRXV E\ QDWXUH EHDULQJ WKH WKLUW\WZR PDUNV >RI D *UHDW %HLQJ@
EHLQJ LQVLGH WKH ERGLHV RI DOO VHQWLHQW EHLQJV  OLNH D JHP RI JUHDW YDOXH DQG SULFH
WKDW LV HQZUDSSHG LQ D GLUW\ JDUPHQWp 7KRXJK WKH PHDQLQJ DWWULEXWHG WR WKH
FRPSRXQG WDWKJDWDJDUEKD LV QRW LQ OLQH ZLWK WKH 7*6 WKH FRQFUHWH GHSLFWLRQ RI



DQG WKH
DOOXVLRQ WR WKH VLPLOH RI WKH EXGGKD VWDWXH ZUDSSHG LQ URWWHQ UDJV OHDYH OLWWOH GRXEW
WKDW WKH /DNYDWUDVWUD LV KHUH UHIHUULQJ WR WKH 7*6

WKH WDWKJDWDV LQVLGH OLYLQJ EHLQJV DV IRXQG LQ WKH ILUVW VLPLOH RI WKH 7*6

ZKLFK LV EDVHG RQ
'DFKHQJ IDMLH ZX FKDELH OXQ
 WKH YHLOLQJ NOHwDV DUH FRPSDUHG WR oQRW \HW RSHQHG ORWXVHVp DQG oILOWKp

,Q WKH
WKH



LQ ZKLFK JROG LV IRXQG

RQH VWURQJO\ RI WKH 7*6

7KH

7KH FRPSDULVRQV WKRXJK RI D JHQHUDO QDWXUH UHPLQG

%RGKLVDWWYDJRFDURS\DYLuD\DYLNXUYDDQLUGHwDVWUD GHVFULEHV
WDWKJDWDJDUEKD DQG WKH GHILOHPHQWV LQ WHUPV RI WHQ

WKH UHODWLRQ EHWZHHQ WKH

OLNHQHVVHV DPRQJ WKHP oD VSURXW LQ D VHHGp oD MHZHO LQ D WUHDVXUHp oD VWDWXH LQ LWV

PROGp DQG oDQ HPEU\R LQ WKH ZRPEp

XQGRXEWHGO\ LQVSLUHG E\ WKH 7*6

VWUD

7*6

+HUH DJDLQ DOO IRXU FRPSDULVRQV DUH

0DKPHJKD
7ZR RI WKHVH VLPLOHV FORVHO\ UHVHPEOH WKH LOOXVWUDWLRQV LQ WKH 7*6 7KH

(YHQ PRUH LQGHEWHG WR WKH





LV D VHULHV RI VLPLOHV LQ WKH

VLPLOHV FRPSDUH WKH VWDWH RI QRW OLYLQJ DFFRUGLQJ WR WKH WHDFKLQJV DQG RI QRW
HQWHULQJ LQWR D FHUWDLQ VDPGKL WR  ZLQWHU ULFH HWF ZKLFK KDYH QRW \HW IXOILOOHG
WKHLU QDWXUH RI EHQHILWLQJ OLYLQJ EHLQJV DQG  WKH IUXLW RI D SDOP\UD SDOP D

PDQJR WUHH FDQH HWF ZKLFK KDV QRW \HW EHFRPH D WUHH 7KH VLPLOHV DUH KHUH XVHG WR
LOOXVWUDWH WKDW RQH FDQ WDON RI VXFK IXOILOOPHQW LQ VRPHWKLQJ RU VRPHERG\ RQO\ LI
FHUWDLQ QHFHVVDU\ SURFHVVHV OHDGLQJ WR WKH XQIROGPHQW RI WKDW QDWXUH KDYH RFFXUUHG
7KRXJK WKH DLP RI WKH DXWKRU RI WKH VLPLOHV LQ WKLV VWUD LV GLIIHUHQW IURP WKDW RI
WKH

7*6

WKH LOOXVWUDWLRQV FOHDUO\ HFKR EDVLF HOHPHQWV RI WKH ODWWHU ,Q YLHZ RI WKH

RFFXUUHQFH RI D oIUXLW RI D SDOP\UD SDOP D PDQJR WUHH DQG FDQHp ZH FDQ EH VXUH
WKDW WKH DXWKRU EDVHG KLPVHOI RQ UHFHQVLRQ



7*6 IRU

RQO\ WKHUH GR ZH ILQG WKHVH

SODQWV






)RU IXUWKHU GHWDLOV VHH QRWH  LQ P\ WUDQVODWLRQ

!$ $ EII " EII VHH 7DNDVDNL  I IRU WKH &KLQHVH

/$6 r VHH QRWH  DERYH

,Q &K * ZH ILQG D YHU\ VLPLODU SDVVDJH WKDW

PHQWLRQV WKH WKLUW\WZR PDUNV VHH QRWH 

DERYH IRU GHWDLOV



%  YRO  IRU WKH FRPSDULVRQV VHH EII

%  YRO  VHH EI WKHUH LV QR FRUUHVSRQGHQFH LQ WKH 7LEHWDQ WH[W

 EII
%  YRO  'DFKHQJ GHQJ ZX[LDQJ MLQJ


YRO 

7LEHWDQ 4 
P'R VQD WVKRJV ']X DrD n3KDJV SD VSULQ FKHQ SR VKHV E\D ED WKHJ SD FKHQ

SRnL PGR EII VHH DOVR 7DNDVDNL  I


5HFHQVLRQ
 KDV RQO\ oD PDQJR WUHHp 7KH

%*6

5*9 , 

SDOP\UD SDOP DQG PDQJRVp 



UHZRUGLQJ LQ WKH 5*9 VSHDNV RI oIUXLWV RI WKH

7ZR RWKHU VWUDV PHQWLRQ WKH 7*6 7KH 0DK\QLVW $JXOLPO\DVWUD

WDWKJDWDJDUEKD GUDZV DWWHQWLRQ WR WKH

7*6 DQG WKH QHHG WR DSSUHFLDWH LW SURSHUO\ 7KH 'D ID JX MLQJ
 0DKEKHUKUDNDVWUD VWDWHV WKDW LW LV RQO\ WKH ERGKLVDWWYD

LQ DVVHUWLQJ WKDW DOO OLYLQJ EHLQJV KDYH WKH

VLJQLILFDQFH RI WKH

PDKVDWWYDV

ZKR

XQGHUVWDQG

WKH

HWHUQDO

FKDUDFWHU

 

WKH

7*6

DPRQJ RWKHU SRVLWLYH DFWLYLWLHV WKH\ SUHVHUYH WKH

DUGKDwDWLN 3UDMSUDPLW WKH SKUDVH

RI

7DWKJDWD

DQG

WKDW

)LQDOO\ LQ WKH $GK\

VDUYDVDWWYV WDWKJDWDJDUEK DSSHDUV

ZLWKRXW WKH PHQWLRQ RI D VRXUFH

)URP WKHVH UHIHUHQFHV WR WKH 7*6 WKH JUHDW LPSRUWDQFH RI WKLV VWUD IRU WKH JHQHVLV
DQG GHYHORSPHQW RI WKH WDWKJDWDJDUEKD VWUDQG RI %XGGKLVW WKRXJKW EHFRPHV
FOHDU 7KH

5DWQDJRWUDYLEKJDY\NK\

IRXQG LQ WKH

WKH PDLQ UHSUHVHQWDWLYH RI WKH ,QGLDQ

WKHRU\ FRQWDLQV D ODUJH VHFWLRQ GHGLFDWHG WR WKH LOOXVWUDWLRQV

WDWKJDWDJDUEKD

7*6

7KH

7*6

WKXV DIIHFWHG WKH SKLORVRSKLFDO IRUPXODWLRQ RI WKH NH\

FRQFHSW RI WKLV WKHRU\ LQ D GHFLVLYH ZD\ ,WV WLWOH EHFDPH V\QRQ\PRXV ZLWK WKH
EDVLF GRFWULQH WKDW DOO OLYLQJ EHLQJV KDYH WKH EXGGKDQDWXUH LWV VLPLOHV DV VKRZQ
DERYH UHPDLQHG SRZHUIXOO\ DOLYH DQG ZHUH XWLOL]HG ZLWK FHUWDLQ PRGLILFDWLRQV
QRW RQO\ WR GHVFULEH WKH UHODWLRQ EHWZHHQ WKH EXGGKDHVVHQFH DQG WKH VKHDWKV RI
GHILOHPHQWV EXW DOVR WR LOOXVWUDWH RWKHU UHOHYDQW DVSHFWV RI WKH

WDWKJDWDJDUEKD

WKHRU\

 7KH 7ZHQWLHWK&HQWXU\ 5HFHSWLRQ RI WKH $#

7KH PRGHUQ KLVWRU\ RI VFKRODUO\ ZRUNV GHDOLQJ ZLWK WKH 7*6 KDV EHHQ GRPLQDWHG
E\

-DSDQHVH

%XGGKRORJLVWV

WUDQVODWLRQ LQ WKH

NXQGRNX

,Q

\

 7RNLZD

'DLM

SXEOLVKHG

-DSDQHVH

VW\OH RI WKH UHFHQVLRQ RI %XGGKDEKDGUD LQ WKH

.RNX\DNX ,VVDLN\ 3UREDEO\ LQVSLUHG E\ WKH SXEOLFDWLRQ RI WKH 6DQVNULW WH[W RI WKH
5DWQDJRWUDYLEKJDY\NK\ LQ  E\ (GZDUG + -RKQVWRQ ZKLFK UHYHDOHG WKH
KXJH PHDQLQJ WKH

7*6

KDG IRU WKH GHYHORSPHQW RI WKH

WDWKJDWDJDUEKD

WKHRU\

7G .\VKXQ LQ  FROODWHG WKH 7LEHWDQ WH[WV IRXQG LQ WKH .DQMXUV IURP 'HUJH

 

)DFLQJ WKH 7LEHWDQ WH[W KH DUUDQJHG WKH WZR &KLQHVH

WUDQVODWLRQV VR DV WR PDNH D FORVH FRPSDULVRQ RI WKH YHUVLRQV SRVVLEOH ,Q DQ
LQWURGXFWLRQ KH GHDOW ZLWK WKH FRQWHQWV RI WKH VWUD WKH GRFWULQDO HQYLURQPHQW
IURP ZKLFK WKH 7*6 KDG SUHVXPDEO\ HYROYHG DQG HQWULHV LQ &KLQHVH FDWDORJXHV
UHJDUGLQJ &KLQHVH WUDQVODWLRQV RI WKH 7*6 ZKLFK DUH UHSRUWHG WR EH ORVW
1DUWKDQJ DQG 3HNLQJ

7KH ILUVW WUDQVODWLRQ IURP WKH 7LEHWDQ 'HUJH ZDV DFFRPSOLVKHG E\

.DJDZD 7DNDR LQ  0DQ\ XVHIXO KLQWV RQ UHODWHG SDVVDJHV LQ RWKHU 0DK\QD
WH[WV DUH IRXQG LQ KLV DQQRWDWLRQV ,Q  7DNDVDNL -LNLGnV PRQXPHQWDO ZRUN RQ
WKH IRUPDWLRQ RI WKH WDWKJDWDJDUEKD WKHRU\ DSSHDUHG

 

7KLUW\WZR SDJHV DUH

 F 7LEHWDQ 4  YRO  P'R VQD

%  YRO  <DQJMXHPROXR MLQJ
WVKRJV 7VX ErD n3KDJV SD VRU PRnL SKUHQJ ED OD SKDQ SD VKHV E\D ED WKHJ SD FKHQ SRnL



PGR E


 

%  YRO  D VHH DOVR 7DNDVDNL  

6HH WKH UHSULQWHG WH[W RI WKH o7RJDQ (GLWLRQp RI WKH $UGK\DUGKDwDWLN 3UDMSUDPLW LQ

<XNLR +DWWD HG

,QGH[ WR WKH U\DSUDMSUDPLWQD\DwDWDSDFDwDWLN

.\RWR +HLUDNXML

 S  

 

7KH DSSDUDWXV KRZHYHU LV QRW DOZD\V FRUUHFW DQG LQ VRPH SDVVDJHV LV DPELJXRXV

6HYHQ \HDUV EHIRUH LQ  7DNDVDNL KDG SXEOLVKHG DQ (QJOLVK WUDQVODWLRQ RI WKH 5*99
ZKLFK FRQWDLQV WKH UHSURGXFWLRQ RI WKH QLQH VLPLOHV RI WKH %*6 LQ WKH 5*9
 



GHGLFDWHG H[FOXVLYHO\ WR WKH 7*6

RI

ZKLFK

KH

WUDQVODWHG

VHYHUDO

SDVVDJHV

FKDUDFWHUL]LQJ LW DV RQH RI WKH WKUHH EDVLF UHFHSWDFOHV RI

WDWKJDWDJDUEKD WKRXJKW

+H

EXGGKDQDWXUH

GHDOW

H[WHQVLYHO\

FRQWDLQHG LQ WKH

7*6

ZLWK

WKH

VWDJH

RI

WKH

DQG FRQFOXGHG WKDW WKH FRPSRXQG

VWUD PXVW EH XQGHUVWRRG DV D

WUDQVODWHG WKH ZKROH

HDUOLHVW

EDKXYUKL

WKHRU\

WDWKJDWDJDUEKD

DV

LQ WKH

(LJKW \HDUV ODWHU LQ  7DNDVDNL

7*6 IURP WKH 7LEHWDQ YHUVLRQ 3HNLQJ LQWR PRGHUQ -DSDQHVH

DV SDUW RI WKH 'DLM %XWWHQ VHULHV +LV ZRUN DOVR FRQWDLQV UHOHYDQW REVHUYDWLRQV
FRQFHUQLQJ WKH WH[WXDO KLVWRU\ RI WKH 7LEHWDQ YHUVLRQ DQG WKH &KLQHVH WUDQVODWLRQ
E\ %XGGKDEKDGUD DORQJ ZLWK GHWDLOHG DQQRWDWLRQV RQ WKH WUDQVODWHG WH[W 7KH
WUDQVODWLRQ GHVHUYHV GHHS UHVSHFW IRU KDYLQJ LQWURGXFHG WKH VWUD WR D EURDG
-DSDQHVH SXEOLF ZKLOH VWLOO PDLQWDLQLQJ SKLORORJLFDOO\ KLJK VWDQGDUGV
,Q WKH :HVW 'DYLG 6H\IRUW 5XHJJnV VWXG\ DQG WUDQVODWLRQ RI WKH

'H E]KLQ

JVKHJV SDnL VQ\LQJ SR JVDO ]KLQJ PG]HV SDU E\HG SDnL UJ\DQ E\ %X VWRQ PDGH
VRPH SDUWV RI WKH RULJLQDO 7LEHWDQ WH[W RI WKH 7*6 NQRZQ WR WKH :HVWHUQ UHDGHU LQ
)UHQFK  +LV UHQGHULQJ LV EDVHG RQ WKH FLWDWLRQV RI WKH 7*6 E\ %X VWRQ DQG WKH
FDQRQLFDO YHUVLRQ LQ WKH /KDVD .DQMXU 7KH IRFXV RI 6H\IRUW 5XHJJnV LQWHUHVW ZDV
WKH TXHVWLRQ KRZ WKH 7LEHWDQ WUDGLWLRQV GHDOW ZLWK WKH WDWKJDWDJDUEKD GRFWULQH

DQG LQ SDUWLFXODU KRZ WKH\ LQWHUSUHWHG WKH IRUPXODWLRQ RI LW LQ WKH 7*6

2QO\ LQ  ZDV WKH ILUVW FRPSOHWH WUDQVODWLRQ RI WKH 7*6 GLUHFWHG DW D
PRUH JHQHUDO SXEOLF SXEOLVKHG LQ D :HVWHUQ ODQJXDJH ,W LV FRQWDLQHG LQ WKH YROXPH
FDOOHG %XGGKLVP LQ 3UDFWLFH 7KH WUDQVODWRU :LOOLDP *URVQLFN EDVHG KLPVHOI RQ
WKH &KLQHVH UHQGHULQJ E\ %XGGKDEKDGUD DQG LQ DQ LQWURGXFWLRQ GHVFULEHG WKH PDLQ
WHQHWV

RI

WKH

VWUD

$PRQJ

PRGHUQ

VWXGLHV

RI

WKH

7*6

WKH

WUDQVODWLRQ

E\

%XGGKDEKDGUD KDV UHFHLYHG QRWDEO\ PRUH DWWHQWLRQ WKDQ WKH RQH E\ $PRJKDYDMUD
7KLV PD\ EH GXH WR WKH HUURQHRXV EHOLHI WKDW WKH UHFHQVLRQ E\ %XGGKDEKDGUD ZDV

$OVR ZRUWK PHQWLRQLQJ LV WKH UHQGHULQJ LQWR

6SDQLVK RI D SDVVDJH IURP WKH &KLQHVH WUDQVODWLRQ RI $PRJKDYDMUD )r+ DQG
%XGGKDEKDGUD 0r% 7KLV WUDQVODWLRQ E\ )HUQDQGR 7ROD DQG &DUPHQ
'UDJRQHWWL DOVR DSSHDUHG LQ  LQ WKH 5HYLVWD GH (VWXGLRV %XGLVWDV
 

WKH HDUOLHU DQG PRUH LQIOXHQWLDO RQH

)XUWKHU WKH

7*6 KDV

EHHQ WKH VXEMHFW RI YDULRXVO\ OHQJWK\ WUHDWPHQWV RI

ZKLFK , ZLOO PHQWLRQ WKH PRVW LPSRUWDQW RQHV $PRQJ WKHP 0DWVXPRWR 6KLUnV

=HQ VKLV QR KLKDQWHNL NHQN\  $ &ULWLFDO 6WXG\ RI =HQ 7KRXJKW

 LV E\ IDU WKH PRVW H[WHQVLYH DQG SURIRXQG 3DJHV r FRQWDLQ D
VWXG\ RI WKH

7*6

DQG

7*6UHODWHG

SDVVDJHV LQ RWKHU VWUDV )URP DQ DPSOH

SKLORORJLFDO EDVLV KH DUJXHV LQ D YHU\ WUDQVSDUHQW ZD\ WKDW WKH LQWURGXFWLRQ RI WKH
WHUP

WDWKJDWDJDUEKD

LQWR

WKH

7*6

ZDV

FORVHO\

FRQQHFWHG

ZLWK

WKH

ZRUG

SDGPDJDUEKD DQG WKDW WKH IRUPHU VKRXOG EH LQWHUSUHWHG DV D WDWSXUXuD FRPSRXQG

0RUHRYHU

KH

GHPRQVWUDWHV

WKDW

WKH

6DGGKDUPDSXDUNDVWUD

KDG

FUXFLDO

LPSDFW RQ WKH RULJLQ RI WKH 7*6 +H DOVR WUDQVODWHV FRUH SDVVDJHV RI WKH 7*6 DQG
GHDOV ZLWK WKH GLIIHUHQW VWUDQGV RI WKH VWUDnV WUDQVPLVVLRQ
1DNDPXUD =XLU\ ZKR WZR \HDUV HDUOLHU KDG SXEOLVKHG D QHZ HGLWLRQ RI
WKH

6DQVNULW

WH[W

RI

WKH

5DWQDJRWUDYLEKJDY\NK\

IDFLQJ

WKH

&KLQHVH

WUDQVODWLRQ KDG DOUHDG\ LQ  SRLQWHG RXW VRPH RI WKH GLIIHUHQFHV EHWZHHQ WKH

7*6 DQG GHDOW ZLWK FDWDORJXH HQWULHV EHDULQJ

RQ WKH ORVW WUDQVODWLRQV +LV FRQFOXVLRQ WKDW WKH YHUVHV RI WKH 7*6 UHSURGXFHG LQ
WKH 5DWQDJRWUDYLEKJD PXVW EH EDVHG RQ WKH UHFHQVLRQ UHSUHVHQWHG E\ WKH
WZR DYDLODEOH &KLQHVH YHUVLRQV RI WKH

 
 

%X VWRQ FLWHV SDVVDJHV IURP $r% DQG %

6HH VHFWLRQ  ZKHUH , DUJXH DJDLQVW WKLV YLHZ


WUDQVODWLRQ RI $PRJKDYDMUD DQG WKH 7LEHWDQ 

7*6 FDQ QRZ EH IXOO\ FRQILUPHG

$QRWKHU LQWHUHVWLQJ WKRXJK VRPHZKDW ELDVHG FRQWULEXWLRQ LV WKDW RI .DUL\D

/RWXV 6WUD
DQG WKH 7*6 ,  KDYH EULHIO\ UHVSRQGHG WR KLV FULWLFLVP RI WKH 7*6 ZKLFK LQ
6DGDKLNR  ZKR GHDOV ZLWK WKH GRFWULQDO UHODWLRQ EHWZHHQ WKH

KLV DUWLFOH KH FKDUDFWHUL]HV DV EHLQJ EHKROGHQ WR DQ LQWHOOHFWXDO DSSURDFK 7KH

oIXQGDPHQWDO GLIIHUHQFHp ZKLFK KH FODLPV WR H[LVW EHWZHHQ WKH /RWXV 6WUD DQG WKH
7*6 DQG ZKLFK KH DVVRFLDWHV ZLWK D VWHS WRZDUGV PRQDVWLF GRPLQDQFH UHTXLUHV
IXUWKHU LOOXVWUDWLRQ DQG WH[WXDO HYLGHQFH LQ RUGHU WR JDLQ SODXVLELOLW\ )LQDOO\ WKHUH
LV D UHFHQW FRQWULEXWLRQ E\ .DQHNR <RVKLR  FHQWHULQJ RQ WKH 7*6 7KH
DXWKRU FUHDWLYHO\ DQDO\]HV WKH QLQH VLPLOHV IURP D -XQJLDQ SHUVSHFWLYH DQG
GHVFULEHV KRZ WKH\ FDQ EH LQWHUSUHWHG DV GRFXPHQWV RI D oSURFHVV RI
LQGLYLGXDWLRQp



% $Q $QQRWDWHG 7UDQVODWLRQ RI WKH 6CVJICVCICTDJCUVTC LQWR (QJOLVK

0\ WUDQVODWLRQ RI WKH 7DWKJDWDJDUEKDVWUD LV LQWHQGHG WR PLUURU WKH 7LEHWDQ

V\QWD[ FORVHO\ DQG VR WR UHQGHU WKH WH[W DV OLWHUDOO\ DV SRVVLEOH ,Q PDQ\ LQVWDQFHV
KRZHYHU ZKHUH WKH (QJOLVK ZRUGLQJ ZRXOG KDYH EHFRPH LQFRPSUHKHQVLEOH RU WKH
VHQWHQFHV WRR ORQJ , KDYH WDNHQ WKH OLEHUW\ RI DGDSWLQJ WKH ZRUGLQJ WR D OHVV
%XGGKLVW+\EULG VW\OH 0\ RZQ DGGLWLRQV WR WKH WUDQVODWLRQV DUH SODFHG LQ
EUDFNHWV DQG , KDYH XVXDOO\ DGGHG WKH 6DQVNULW XQGHUO\LQJ WKH 7LEHWDQ LQ
SDUHQWKHVHV ZKHQHYHU FUXFLDO WHFKQLFDO WHUPV DSSHDU RU WKH 7LEHWDQ WUDQVODWLRQ
GHYLDWHV FRQVLGHUDEO\ IURP WKH PHDQLQJ RI WKH FRQMHFWXUHG 6DQVNULW HTXLYDOHQW
7KH UHDGHU VKRXOG EHDU LQ PLQG WKDW WKH PDLQ JRDO RI WKLV VWXG\ LV WR WKURZ OLJKW RQ
WKH VWUD LQ WKH IRUP LW H[LVWHG LQ ,QGLD 7KHUHIRUH WKRXJK P\ WUDQVODWLRQ IROORZV
WKH 7LEHWDQ WH[W , UHQGHU PDQ\ 7LEHWDQ WHUPV EDVHG RQ DQ XQGHUVWDQGLQJ RI WKH
EDFNJURXQG RI WKHLU 6DQVNULW FRXQWHUSDUWV WKDW LV ZKHUH GRXEWV DULVH , JLYH
SUHIHUHQFH WR WKH 7*6 DV LW ZDV SRVVLEO\ XQGHUVWRRG LQ ,QGLD 7R WUDQVODWH WKH VWUD
DFFRUGLQJ WR KRZ LW PD\ KDYH EHHQ UHDG E\ 7LEHWDQV ZRXOG RI FRXUVH EH D
GLIIHUHQW DSSURDFK RQH IUXLWIXO LQ LWV RZQ ULJKW
7KLV VDPH JXLGHOLQH KROGV WUXH IRU WKH WUDQVODWLRQ RI 7LEHWDQ YHUEDO
SUHIL[HV VXFK DV NXQ WX RU UDE WX LQWR (QJOLVK , KDYH RQO\ WULHG WR WUDQVODWH WKHP
H[SOLFLWO\ LQWR (QJOLVK ZKHQ WKH\ GR QRW VLPSO\ IXQFWLRQ DV IRUPDO HOHPHQWV WR
UHQGHU D 6DQVNULW SUHIL[ OLWHUDOO\ EXW HQWDLO D PHDQLQJIXO PRGLILFDWLRQ RI WKH
YHUEDO H[SUHVVLRQ


(QJOLVK SKUDVHV LQ

LWDOLFV

LQGLFDWH WKDW WKH SKUDVHV DUH HPEHGGHG LQ D

GLIIHUHQW ZD\ LQ WKH 7LEHWDQ VHQWHQFH +RZHYHU , RQO\ UHIUDLQHG IURP IROORZLQJ
WKH V\QWD[ RI WKH 7LEHWDQ VHQWHQFH LI WKH 7LEHWDQ GLG QRW PDNH DQ\ VHQVH RU
REYLRXVO\ FRQWUDGLFWHG WKH PDLQ OLQH RI WKRXJKW RI WKH VWUD $OO SDVVDJHV RI WKLV
NLQG DUH H[WHQVLYHO\ GLVFXVVHG LQ WKH QRWHV
8QGHUOLQHG WHUPV DUH QRW IRXQG DV VXFK LQ WKH 7LEHWDQ WH[W EXW DUH WKH
UHVXOW RI DQ HPHQGDWLRQ IURP P\ VLGH QRW EDVHG RQ DQ\ RI WKH WH[WXDO
UHSUHVHQWDWLYHV RI 7LE

6HH WKH SDVVDJH LQ WKH V*UD VE\RU FRQFHUQLQJ WKH WUDQVODWLRQ RI YHUEDO SUHIL[HV LQWR 7LEHWDQ LQ
6LPRQVVRQ  I



> )UDPH VWRU\@

>$ 7LWOH DQG LQYRFDWLRQ@
,Q ,QGLDQ

|U\DWDWKJDWDJDUEKDQPDPDK\QDVWUD

,Q 7LEHWDQ 7KH +RO\ 0DK\QD VWUD FDOOHG 7DWKJDWDJDUEKD

+RPDJH WR DOO EXGGKDV DQG ERGKLVDWWYDV QDPD VDUYDEXGGKDERGKLVDWWYHEK\D

>% 6HWWLQJ@

$W RQH WLPH , KHDUG WKH IROORZLQJ ,Q WKH KRW PRQWKV WHQ \HDUV DIWHU >KLV@
FRPSOHWH DZDNHQLQJ DEKLVDEXGGKD WKH ([DOWHG 2QH EKDJDYDW ZDV VWD\LQJ
RQ WKH PRXQWDLQ 9XOWXUH 3HDN *GKUDND QHDU 5MDJKD LQ WKH

&DQGDQDJDUEKD SDYLOLRQ NJUD RI 5DWQDFFKDWWUD SDODFH SUVGD WRJHWKHU

EKLNuXVDJKD

ZLWK D JUHDW FRPPXQLW\ RI PRQNV 

QXPEHU@ 7KH PRQNV >ZHUH ERWK@

IXOO\ D KXQGUHG WKRXVDQG >LQ

wUYDNDV XQGHU WUDLQLQJ DQG >WKRVH@ QR >ORQJHU

LQ@ QHHG RI WUDLQLQJ DOPRVW DOO >RI WKHP ZHUH@ KRQRUDEOH RQHV DUKDW >ZKRVH@

FRQWDPLQDWLRQV ZHUH VWRSSHG NuVUDYD >ZKR ZHUH@ IUHH RI GHILOHPHQWV

QLuNOHwD >ZKR@ KDG DWWDLQHG PDVWHU\ YDwEKWD >ZLWK@ FRPSOHWHO\ OLEHUDWHG
PLQGV DQG LQVLJKW VXYLPXNWDFLWWD VXYLPXNWDSUDMD RI QREOH UDFH MQH\D
>SRZHUIXO OLNH@ JUHDW HOHSKDQWV PDKQJD >ZKRVH@ GXWLHV ZHUH GRQH

%WK

ODFNV WKH LQYRFDWLRQ ,W DGGV

EDP SR GDQJ SR

LQVWHDG

FRORSKRQ

6NW HYD PD\ wUXWDP HNDVPLQ VDPD\H EKDJDYQ

&K

,W VHHPV WKDW DOUHDG\ DPRQJ ,QGLDQ

FRPPHQWDWRUV VXFK DV %XGGKDJKRVD WKH WZR DOWHUQDWLYHV RI FRPELQLQJ

QD

HLWKHU ZLWK

HYD PD\ wUXWDP

RU ZLWK

VWDUW ZLWK % DIWHU WKH

EKDJDYQ  YLKDUDWL VPD

HNDVPLQ VDPD\H GXV JFLJ

ZHUH FXUUHQW VHH %URXJK

  $V DOO RI WKH FROODWHG 7LEHWDQ WH[WV RI WKH 7*6 GLYLGH WKH VHQWHQFH DIWHU GXV JFLJ QD  ,
EDVHG P\ WUDQVODWLRQ RQ WKH 7LEHWDQ SXQFWXDWLRQ )RUD FRPSUHKHQVLYH ELEOLRJUDSK\ RQ WKLV LVVXH
VHH 6FKRHQLQJ D  DQG DOVR 7ROD DQG 'UDJRQHWWL 




%WK ,3/ &K GR QRW PHQWLRQ WKH KRW PRQWKV VKLQ WX WVKD EDnL GXV N\L WVKH
%WK OR EFX EGXQ oVHYHQWHHQ \HDUVp

 7KH 9XOWXUH 3HDN QHDU 5MDJKD DSSHDUV LQ PDQ\ VWUDV DV WKH SODFH ZKHUH WKH %XGGKD DQG
KLV GLVFLSOHV JDWKHU ZKHUHDV WKH &DQGDQDJDUEKD SDYLOLRQ VHHPV WR EH IRXQG RQO\ LQ WKH 7*6 ,
XQGHUVWDQG WKH FRPSRXQG UDWQDFFKDWWUDSUVGDFDQGDQDJDUEKDNJUD SDUWO\ DV DQ LWL

FRPSRXQG SDUDOOHO WR HJ

*9



GKDUPDGKWXGLNVDPDYDVDUDDJDUEKD

POC

GRHV QRW QHFHVVDULO\ TXDOLI\ LW DV D ODWHU

DGGLWLRQ &I HJ 'EK6 $I PDLUDWQDJDUEKH  SUVGH ZKHUH D UHQGHULQJ RI JDUEKD LV ODFNLQJ

NJUDP 7KH IDFW WKDW JDUEKD LV QRW IRXQG LQ &K

LQ %XGGKDEKDGUDnV WUDQVODWLRQ 
 EXW LV IRXQG LQ WKH HDUOLHU WUDQVODWLRQ E\ 'KDUPDUDNuD
 7KH FKRLFH RI JDUEKD DV SDUW RI WKH QDPH RI WKH SDYLOLRQ LQ WKH 7*6 PLJKW


KDYH EHHQ LQIOXHQFHG E\ WKH WLWOH RI WKH VWUD LWVHOI %XW DOVR WKH LPDJHU\ RI WKH ORWXVHV ULVLQJ LQWR
WKH VN\ IURP WKH SDYLOLRQ VHFWLRQ * TXDOLILHV WKH SDYLOLRQ DV D NLQG RI ZRPE JDUEKD ZKLFK
JLYHV ELUWK WR WKH IORZHUV 0DWVXPRWR   Q  VWUHVVHV WKH DQDORJ\ WR WKH DWWULEXWH
.,3/,3,
ICPFJC RI WKH ULVLQJ VWSD LQ WKH $! II E\ ZKLFK WKH QDPH .,3/,3,
ICTDJC FRXOG
KDYH EHHQ LQVSLUHG FI =LPPHUPDQQ   Q 
 )RU NJUD DV oJDEOHG PDQVLRQp RU oURRIHG SDYLOLRQ RQ DQ\ VWRU\ RI D SDODFHp VHH &KDQGUD
 I &RRPDUDVZDP\  I DQG %ROOH  
 &K VKRZV FDQGUD   LQVWHDG RI FKDWWUD &K ODFNV D UHQGHULQJ RI SUVGD $SDUW IURP WKH
 +RZHYHU WKH 0JUDPW SDODFH LV QRW
ORFDWLRQ 5MDJKD &K DOVR PHQWLRQV 0JUDPW 

!!&

ORFDWHG LQ 5MDJKD EXW LQ lUYDVW VHH

/ ,  Q 

 6HH WKH SDUDOOHO $!   PDKDW EKLNuXVDJKHQD
 DQ\EK\ FD GYEK\ EKLNuXVDKDVUEK\ wDLNuwDLN

VUGKD GYGDwDEKLU EKLNuXwDWDL

EK\P  o ZDV DFFRPSDQLHG E\ D

JUHDW FRPPXQLW\ RI PRQNV  PRQNV >LQ QXPEHU@  DQG WKH WZR RWKHU >JURXSV RI@ D WKRXVDQG
PRQNV >HDFK LH@ WKH >PRQNV@ XQGHU WUDLQLQJ DQG >WKRVH@ QR >ORQJHU LQ@ QHHG RI WUDLQLQJp )XUWKHU
DOVR

.SX H %WK ,3/ &K RQO\ KDYH D WKRXVDQG LQVWHDG RI D KXQGUHG WKRXVDQG RI PRQNV
&K PHQWLRQV RQO\ WKH JUHDW FRPPXQLW\ RI D KXQGUHG WKRXVDQG PRQNV ZLWKRXW IXUWKHU

GLIIHUHQWLDWLRQ DQG ODFNV WKH OLVW RI DWWULEXWHV ZKLFK IROORZV LQ



7*6

NWDNW\D >ZKRVH@ WDVNV ZHUH SHUIRUPHG NWDNDUD\D >ZKR KDG@ ODLG GRZQ
>WKHLU@

EXUGHQ

DSDKWDEKUD

>ZKR

KDG@

UHDFKHG

WKHLU

RZQ

JRDO

DQXSUSWDVYDNUWKD >LQ ZKRP DOO@ WKH IHWWHUV WR H[LVWHQFH ZHUH HOLPLQDWHG

SDULNuDEKDYDVD\RMDQD
SHUIHFW

>ZKRVH@

PLQGV

ZHUH

VDP\DJMVXYLPXNWDFLWWD

NQRZOHGJH

FRPSOHWHO\
DQG

>ZKR

OLEHUDWHG
KDG@

E\

DWWDLQHG

H[FHOOHQW VXSUHPDF\ LQ WKH FRQWURO RYHU WKH ZKROH PLQG VDUYDFHWRYDwLSDUDPD


SUDPLSUSWD

>& (QXPHUDWLRQ RI WKH PRQNV@

>$PRQJ@ WKH IXOO\ KXQGUHG WKRXVDQG PRQNV ZHUH WKH YHQHUDEOH \XuPDW
0DKNw\DSD WKH YHQHUDEOH 8UXYLOYNw\DSD WKH YHQHUDEOH 1DGNw\DSD WKH
YHQHUDEOH *D\Nw\DSD WKH YHQHUDEOH 0DKNW\\DQD WKH YHQHUDEOH 0DK
NDXuLOD WKH YHQHUDEOH 9DNXOD WKH YHQHUDEOH 5HYDWD WKH YHQHUDEOH 6XEKWL WKH
YHQHUDEOH 3UDPDLWU\DSXWUD WKH YHQHUDEOH 9JwD WKH YHQHUDEOH lULSXWUD
WKH

YHQHUDEOH

0DKPDXGJDO\\DQD

WKH

YHQHUDEOH

|MWDNDXLQ\D

WKH

YHQHUDEOH 8G\LQ WKH YHQHUDEOH 5KXOD WKH YHQHUDEOH 1DQGD WKH YHQHUDEOH

8SDQDQGD WKH YHQHUDEOH |QDQGD DQG RWKHUV

>' 'HVFULSWLRQ RI WKH ERGKLVDWWYDV@

$OVR DFFRPSDQ\LQJ KLP ZHUH ERGKLVDWWYDPDKVDWWYDV ZKR KDG FRPH WRJHWKHU

IURP YDULRXV EXGGKDILHOGV EXGGKDNuHWUDsDV PDQ\ DV WKH VDQGV RI VL[W\



 7KLV OLVW RI DWWULEXWHV RI DUKDWV DSSHDUV ZLWK D IHZ YDULDWLRQV DOVR LQ 09\ r FI
DOVR 63 r .SX r DQG /DPRWWH   Q  IRU LQWHUSUHWDWLRQV RI PRVW RI WKH
LV SKDO FKHU 7KH DERYHPHQWLRQHG VRXUFHV
DWWULEXWHV VHH
/ , r 8QXVXDO LQ WKH
VKRZ VDUYD LQVWHDG VDUYD DOVR LQ %WK NXQ 7KH XVH RI SKDO FKHU LV LQ OLQH ZLWK WKH GLIIHUHQWLDWLRQ
LQWR wDLNuDV DQG DwDLNuDV LQ WKH SDVVDJH DERYH
 &K ODFNV NWDNDUD\D VR GRHV %WK DQG VDP\DJMVXYLPXNWDFLWWD ,Q VRPH LQVWDQFHV WKH

7*6

0338

&KLQHVH

VKRZV

NQRZOHGJHp IRU

DQ

XQGHUVWDQGLQJ

GLIIHUHQW

IURP

WKH

6NW

oDWWDLQLQJ

RI

WKH

ULJKW

MQH\D DJUHHV ZLWK WKH 7LEHWDQ FDQJ VKHV SD DQG LV LQWHUSUHWHG LQ WKLV ZD\ LQ

oOLNH D
0DKSUDMSUDPLWwVWUD 0338/ , I 6HH DOVR %+6' VY MDQ\D
PDKQJD
DKSUDMSUDPLWwVWUD

WKH

JUHDW GUDJRQp IRU

 DOVR WKLV LQWHUSUHWDWLRQ LV IRXQG LQ WKH

0338/ , I VR DOVR

%WK NOX FKHQ SR

oDUULYHG DW WKH RWKHU VKRUHp VHHPV WR EH DQ

DEEUHYLDWHG UHQGHULQJ RI VDUYDFHWRYDwLSDUDPDSUDPLSUSWD

)RU

WKH

DQDO\VLV

RI

WKH

WHUP

8,7;,.094YDwLSDUDPDSUDPLSUSWD DV D GYDQGYD VHH $$ r DQG DOVR %WK



$FFRUGLQJ

WR

P\

XQGHUVWDQGLQJ

VKD

VWDJ

LQ

%

DQG

'

HPSKDVL]HV

WKH

FRPSUHKHQVLYHQHVV RI WKH JURXS FRQFHUQHG oDOO DQG QRW OHVV WKDQ DOOp 6KD VWDJ FDQ IXQFWLRQ DV DQ
HTXLYDOHQW IRU HYD VHH lSl   VDUY\ /:+  PDKLWQL FD   GH GDJ NXQ N\DQJ  ENXU ED
UJC UVCI

ODJV

 WKH IROORZLQJ FRPPHQWDU\ LV PLVOHDGLQJ EXW LV LQ PRVW FDVHV LQWURGXFHG E\

7LEHWDQ WUDQVODWRUV ZLWKRXW DQ\ 6NW FRUUHVSRQGHQFH HJ 6XNK VDQJV UJ\DV N\L ]KLQJ GHnL E\DQJ

FKXE VHPV GSDn UQDPV QL nGL OWD EX UJC UVCI 890  147 GUw  WDVPLQ EXGGKDNuHWUH ERGKLVDWWY 
S  IXUWKHU 6XNK SS   7KH UHFRQVWUXFWHG 6NW VDUYD IRU VKD VWDJ LQ WKH
$NuD\DPDWLQLUGHwDVWUD %UDDUYLJ D  UHFRQVWUXFWHG LQ %UDDUYLJ E  LV QRW
FRQILUPHG E\ 6NW VRXUFHV )XUWKHU VHH 7VKLJ PG]RG  VKD VWDJ nEDn ]KLJ JDP NKR QD  ,Q
FRPELQDWLRQ ZLWK WKH WHUP SKDO FKHU , WKXV WUDQVODWHG VKD VWDJ DV oDOPRVW DOO >RI WKHP@p


& LV QRW IRXQG LQ &K

.DXuKLOD LQVWHDG RI
&K
|MWDNDXLQ\D %WK


KDV

0DKNDXuKLOD ODFNV 3UDPDLWU\DSXWUD DQG MWD RI

ODFNV 0DKNW\\DQD DQG 8SDQDQGD QDQGD LV XVXDOO\ WKRXJKW QRW WR KDYH

DWWDLQHG DUKDWVKLS VHH HJ

FDOOHG

63  ZKHUH KH LV DWWULEXWHG WKH WLWOH RI D wDLNuD ZKHUHDV WKH DUKDWV DUH

PDKwUYDNDV $638: I HNDP SXGJDOD VWKSD\LWY \DG XWn \XuPDQWDP QDQGDP

IRU WKH UHDVRQV ZK\ KH LV QRW UHJDUGHG DV DQ



DKVDWWYD

DUKDW VHH

!!&/ , r



LV D FRPPRQ HSLWKHW RI ERGKLVDWWYDV $V .DML\DPD  VKRZHG WKH FDQRQLFDO

PHDQLQJ RI WKH WHUP oERGKLVDWWYDp FDQ EH LGHQWLILHG DV o>SHUVRQ@ ZKR FOLQJV WR ERGKLp 3 VDWWD

SS RI WKH URRW VDM /DWHU WKH PHDQLQJ RI VDM EHFDPH PDLQO\ DVVRFLDWHG ZLWK WKH QHJDWLYH
oFOLQJLQJ WR VHQVXDO GHVLUHVp DQG WKH XQGHUVWDQGLQJ RI 8,99;, DV oHQHUJ\p EHFDPH SUHYDLOLQJ 7KH



*DQJHV 5LYHUV uDuLJDJQDGYOXNVDPD


>7KH\ ZHUH@ DOO RI WKHP
>RQO\@


RQH OLIHWLPH DZD\ >IURP SHUIHFW DZDNHQLQJ@ HNDMWLSUDWLEDGGKD DQG KDG


DWWDLQHG WKH >ILYH@ JUHDW VXSHUQDWXUDO IDFXOWLHV WKH >WHQ@ SRZHUV EDOD DQG WKH
>IRXU NLQGV RI@ VHOIDVVXUDQFH YDLwUDG\D >KDG@ YHQHUDWHG PDQ\ P\ULDGV
NRQL\XWDwDWDVDKDVUD RI EXGGKDV DQG KDG VHW LQ PRWLRQ WKH ZKHHO RI WKH
'KDUPD >ZKLFK@ QHYHU UHJUHVVHV DYDLYDUW\DGKDUPDFDNUDSUDYDUWDND ,W
KDSSHQHG WKDW VHQWLHQW EHLQJV RI LPPHDVXUDEOH LQQXPHUDEOH ZRUOG V\VWHPV

ORNDGKWX DWWDLQHG QRQUHJUHVVLRQ LQ >WKHLU VWULYLQJ DIWHU@ VXSUHPH DQG SHUIHFW

DZDNHQLQJ DQXWWDUDVDP\DNVDERGKL IURP KHDULQJ WKHLU QDPHV RQO\

>( (QXPHUDWLRQ RI WKH ERGKLVDWWYDV@

PDKVDWWYDV

>$PRQJ WKHP ZHUH@ WKH ERGKLVDWWYD

9\JKUDPDWL
FDQGUDSUDEKD

$UWKDPDWL

5DWQDPDWL

3UDFDQGUDSUDEKD

'KDUPDPDWL 6LKDPDWL

3UDYDUDPDWL

&DQGUDSUDEKD

0DKYLNUPLQ

5DWQD

$SUDPH\DYLNUPLQ

$QDQWDYLNUPLQ 7UDLORN\DYLNUPLQ $FDODSDGDYLNUPLQ 0DKVWKPDSUSWD

$YDORNLWHwYDUD *DQGKDKDVWLQ *DQGKDUDWL *DQGKDUDWLwU lUJDUEKD 6U\D
JDUEKD .HWX 0DKNHWX 9LPDODNHWX $QDQWDUDWQD\DuL 7\DNWDUDWQD\DuL
9LPDODUDWQD\DuL 3UPRG\DUMD 6DGSUDPXGLWD 5DWQDSL *DJDQDJDMD
0HUX 6XPHUX 0DKPHUX *XDUDWQORND 'KUDwYDUDUMD 'KDUDGKDUD
6DUYDVDWWYDURJDQLYDUWDQD

3UPRG\DPDQDV

.KLQQDPDQDV

$NKLQQD

-\RWLuNDUD &DQGDQD KDYLYDUWDQD $SUDPH\EKLJDUMLWDVYDUD %RGKL

VDPXWWKSDQD $PRJKDGDUwLQ 6DUYDGKDUPDYDwDYDUWLQ WKH ERGKLVDWWYD

0DLWUH\D 0DMXwU DV D \RXQJ PDQ NXPUDEKWD DQG RWKHU

ERGKLVDWWYDPDKVDWWYDV DV PDQ\ DV WKH VDQGV RI VL[W\ *DQJHV 5LYHUV
PDKVDWWYD

>) 2WKHU SDUWLFLSDQWV@

$OVR DFFRPSDQ\LQJ >KLP@ ZHUH DQ LPPHDVXUDEOH >QXPEHU RI@ GLYLQLWLHV /0;,

VQDNHJRGV WUHH VSLULWV FHOHVWLDO PXVLFLDQV GHPRQV PDQELUGV PDQKRUVHV

ERGKLVDWWYD ZDV DFFRUGLQJO\ DQDO\]HG DV o>SHUVRQ@

ERGKLp 3DUDOOHO WR WKLV WKH FRPSRXQG PDKVDWWYD FRXOG
9072

HQHUJ\p


<DQJ

LQ ' 

WKDPV FDG M[CPI

ZKRVH HQHUJ\ >LV GLUHFWHG WRZDUGV@

EH XQGHUVWRRG

DV o>SHUVRQ@ RI JUHDW

H[SUHVVHV FRPSUHKHQVLYHQHVV 6NW

DSL

oDOO ZLWKRXW

H[FHSWLRQp 7KLV DVSHFW LV HPSKDVL]HG E\ VKD VWDJ LQ ' VHH Q   DERYH







/LWHUDOO\ oKLQGHUHG >IURP DZDNHQLQJ E\ RQO\@ RQH ELUWKp

)RU WKH ILYH RU VL[ DEKLMV VHH 0!!&/ ,9 II

7VKDG PHG JUDQJV PHG SD DSUDPVDNK\H\D FRXOG DOVR UHIHU WR VHPV FDQ


'LIIHUHQFHV

LQ

WKH

oLQQXPHUDEOH EXGGKDILHOGVp 

&KLQHVH

YHUVLRQV

&K

,QVWHDG

RI

oYDULRXV

EXGGKDILHOGVp

 PLVVLQJ DUH WKH FKDUDFWHUL]DWLRQV RI WKH ERGKLVDWWYDV DV

HNDMWLSUDWLEDGGKD DQG YDLwUDG\DSUSWD WKH HOHPHQWV DEKLM DQG EDOD DUH UHQGHUHG E\
YU\DEDOD RQH RI WKH SDFD EDOQL VHH 09\ r 0338/ ,,,   PLVVLQJ DUH DOVR


DQXWWDUDVDP\DNVDERGKL

&K VHQWLHQW EHLQJV DWWDLQHG QRQUHJUHVVLRQ MXVW E\ SUDLVLQJ WKHLU QDPHV 
+RZHYHU WKH VDPH PDWWHU RI DWWDLQLQJ QRQUHJUHVVLRQ E\ KHDULQJ QDPHV LV DOVR DWWHVWHG IRU WKH
7LEHWDQ YHUVLRQ RI WKH 5&D3 r  ULJV N\L EX nDP ULJV N\L EX PR \DQJ UXQJ GH E]KLQ JVKHJV
SD GJUD EFRP SD \DQJ GDJ SDU UG]RJV SDnL VDQJ UJ\DV  GH GDJ JL PWVKDQ VJQU QD EOD QD PHG SD
\DQJ GDJ SDU UG]RJV SDnL E\DQJ FKXE ODV SK\LU PL OGRJ SDU nJ\XU UR 
 7KH WHUP DYDLYDUW\DGKDUPDFDNUDSUDYDUWDND RU DYDLYDUWLND LV W\SLFDO IRU WKH 63 VHH %+6'
VY DYDLYDUW\D WLND DQG 63, ,WV LQWHUSUHWDWLRQ KRZHYHU LV QRW DW DOO FOHDU 'RHV DYDLYDUW\D UHIHU
WR GKDUPD WR FDNUD RU WR ERWK RI WKHP" 2U VKRXOG ZH DVVXPH D oZKHHO RI WKH 'KDUPD IRU WKH
DYDLYDUW\DVp RU HYHQ D oZKHHO RI WKH 'KDUPD E\ ZKLFK RQH EHFRPHV DYDLYDUW\DF

WKH oLPPHDVXUDEOH LQQXPHUDEOH ZRUOG V\VWHPVp IRU

$FFRUGLQJ WR



)RU D GHWDLOHG DQDO\VLV RI WKH ERGKLVDWWYD QDPHV LQ WKH IRXU WUDQVODWLRQV DQG WKH PHDQLQJ RI
WKH DVWHULVN VHH DSSHQGL[ $ ,Q &K WKH GHVLJQDWLRQ ERGKLVDWWYD LV LQVHUWHG DIWHU HDFK QDPH


KXPDQ EHLQJV PDQXu\D DQG >IXUWKHU@ QRQKXPDQ EHLQJV



VHUSHQWEHLQJV

DPDQXu\D
7KHQ DIWHU WKH ([DOWHG 2QH KDG EHHQ VXUURXQGHG SDULYWD DQG KRQRUHG
SXUDVNWD E\ PDQ\ KXQGUHGV RI WKRXVDQGV RI DVVHPEOLHV >KH@ ZDV KRQRUHG
YHQHUDWHG ZRUVKLSHG DQG UHYHUHG E\ NLQJV FKLHI PLQLVWHUV PDKPW\D JXLOG

wUHuKLQ QREOHPHQ JKDSDWL PLQLVWHUV DPW\D FLWL]HQV QDLJDPD

MDQDSDGD

OHDGHUV 

DQG FRXQWU\ IRON 

>* 7KH PDQLIHVWDWLRQ RI VXSHUQDWXUDO SKHQRPHQD@

$W WKDW WLPH DIWHU KDYLQJ EHHQ VHUYHG IRRG WKH ([DOWHG 2QH ZLWKGUHZ IRU
PHGLWDWLRQ LQ WKDW VDPH &DQGDQDJDUEKD SDYLOLRQ ZKHUHXSRQ WKURXJK WKH
SRZHU RI WKH %XGGKD DSSHDUHG P\ULDGV RI ORWXVHV >FRPLQJ RXW@ IURP WKH
&DQGDQDJDUEKD SDYLOLRQ ZLWK P\ULDGV RI SHWDOV DV ODUJH DV WKH ZKHHOV RI FDUWV
wDNDDFDNUDSUDPD FRORUIXO DQG QRW >\HW@ RSHQ 7KH >ORWXVHV@ WKHQ URVH
LQWR

WKH



VN\

FRYHUHG

WKLV

ZKROH

VDUYYDW

EXGGKDILHOG



DQG UHPDLQHG

>WKHUH@ OLNH D MHZHO FDQRS\ UDWQDYLWQD

7KH OHJHQGDU\ EHLQJV PHQWLRQHG DUH YHU\ FRPPRQ LQ ,QGLDQ OLWHUDWXUH QJD \DNuD
JDQGKDUYD DVXUD JDUXD NLQDUD PDKRUDJD

/LWHUDOO\ o ZDV WKHQ VXUURXQGHG SDULYWD DQG SODFHG LQ IURQW SXUDVNWDp

 0\ WUDQVODWLRQ oQREOHPHQp IRU JKDSDWL NK\LP EGDJ LV LQIHUUHG IURP WKH FRPPRQ
FRPELQDWLRQ RI JKDSDWL ZLWK wUHuKLQ VHH HJ 5*99  )XUWKHU VHH %+6' oFDSLWDOLVW JXLOG
OHDGHUp DQG 376' oZHDOWK\ 1REOHp IRU JKDSDWL
 EV7L VWDQJ GX E\DV  EOD PDU E\DV  ULP JURU E\DV VKLQJ PFKRG GR UHSUHVHQW PRUH RU OHVV
V\QRQ\PRXV H[SUHVVLRQV &I HJ $! I VDWNWR JXUXNWR PQLWD SMLWR nUFLWR


&K

ODFNV WKH HQXPHUDWLRQ RI WKH ZRUVKLSHUV LQ WKH VHFRQG SDUW RI ) $PRQJ WKH ILUVW JURXS

DPDQXu\DV DUH PLVVLQJ &K DGGV EHIRUH WKH ILUVW HQXPHUDWLRQ

WKH LPPHDVXUDEOH >PDQ\@ ZRUOG V\VWHPVp IRU oFLWL]HQV DQG FRXQWU\SHRSOHp

 oLQ

KXPDQ EHLQJV DQG

%WK JURQJ

nGDO GDQJ  VHV FDQ UQDV > IRU nGDE@



6NW SUDWLVDOD\DQD VHH 09\  VY GK\QQL 09\

\RJJQL DQG %+6' VY SUDWLVDOD\DQD DV ZHOO DV WKH HQWULHV EHIRUH DQG DIWHU IRU
3DQJ GX \DQJ GDJ nMRJ OD ]KXJV SD IRU SS SUDWLVDOQD VHH 63 r  EKDJDYQ  YLKUD


SUDYLuD RTCVKUCNC[CP[C WDWK RTCVKUCNPCt FD  YLKUDVWKLWD HYVW  >2 E DVWKVW
VDNGEDGGKHQD SDU\DNHQD 147 HYVW(  63 DrD  EFRP OGDQ nGDV  PCPI FW [CPI FCI
kLQI NC kLWI RCkK RJ[KT JWVXJ ODJ NKDQJ GX ]KXJV VR   nGL OWDU   JWVXJ ODJ NKDQJ GX JQDV WH

)RU QDQJ GX \DQJ GDJ SDU nMRJ

 VY

PCPI FW [CPI FCI kLQI NC \JWIU UQ

 , DVVXPH WKDW QRQH RI WKH UHSUHVHQWDWLYHV RI

7LE

KDV

3DQJ GX DV SDUW RI SUDWLVDOD\DQD

E\
M[K
DQG WKXV
:KHUHDV %-143 KDYH UHSODFHG
XQGHUVWRRG 3DQJ GX DV oLQVLGHp RI WKH SDYLOLRQ /67 KDYH DYRLGHG WKH VHTXHQFH GX QDQJ GX \DQJ
WKLQNLQJ RI LW DV D VOLJKWO\ HPHQGHG GLWWRJUDSK\" E\ GURSSLQJ GX QDQJ &K
WUDQVPLWWHG WKH RULJLQDO ZRUGLQJ DV WKH\ KDYH QRW WDNHQ

e GH Q\LG GX QDQJ GX e e GH Q\LG QDQJ GXe

NJUD

o$W WKDW WLPH WKH ([DOWHG 2QH ZDV VLWWLQJ RQ WKH &DQGDQD SDYLOLRQ

XSULJKW LQ DEVRUSWLRQ DQG EURXJKW IRUWK VXSHUQDWXUDO SKHQRPHQDp

&K

 OLW

o$W WKDW WLPH DIWHU WKH PHDO WKH ([DOWHG 2QH RQ WKH JUHDW &DQGDQDJDUEKD SDYLOLRQ HQWHUHG WKH
>VWDWH RI KDYLQJ WKH@ VXSHUQDWXUDO SRZHUV RI D %XGGKD $QG EHFDXVH RI WKLV VXGGHQO\ P\ULDGV RI
ORWXVHV

VWUHDPHG

RXW

IURP

WKH

&DQGDQDJDUEKD

SUDWLVDOD\DQD RU KDYH VRPHWKLQJ VLPLODU




639

>SDYLOLRQ@o

$ORQH

%WK

GRHV

6HH %+6' VY DEK\XGJDFFKDWL 63   DEK\XGJDP\RSDU\ DQWDUNuH YDLK\DVD  

.XQ WX JQDV SDU J\XU WR PLJKW EH D WUDQVODWLRQ RI

VDPDQWW SDULVDVWKLW DEKYDQ

RU VRPHWKLQJ VLPLODU FI 63   YDLK\DVH nQWDUNuH

63 DI  VWHQJ JL QDP PNKDn EDU
SDULVDVWKLWDP DEKW 

VDPDQWW SDULVDWLuKDQWH VPD

VDPDQWQ PDKSXuSDYLWQD

VQDQJ OD PH WRJ JL EOD UH FKHQ SRV NXQ GX NKHEV SDU J\XU WR  >VHH DOVR

IRU

UHQGHU

&K ,3/ %WK DOVR PHQWLRQ WKH VFHQW RI WKH IORZHUV

D  PQJRQ SDU E\XQJ VWH  VWHQJ JL QDP PNKDn EDU VQDQJ OD



QRW

J\R@ .XQ WX JQDV SD

FRXOG DOVR UHSUHVHQW D IRUP RI WKH URRW

%WK NXQ WX J\RJ ED 

VDPDYDVWK

LQ WKLV VHQVH

0DWVXPRWR  Q  WR S  7KH SHUIHFW SDVVLYH SDUWLFLSOH 333 LQ FRPELQDWLRQ ZLWK D IRUP


,Q HDFK FDO\[ RI WKH ORWXVHV SDGPDJDUEKD ZDV VHDWHG FURVVOHJJHG

SDU\DND WKH ERG\ RI D WDWKJDWD HPLWWLQJ KXQGUHGV RI WKRXVDQGV RI UD\V RI



OLJKW DQG YLVLEOH HYHU\ZKHUH

$QG DOO WKH ORWXVHV ZHUH RSHQHG XS LQ EORVVRP

>+ 7KH IDGLQJ RI WKH ORWXVHV@

7KHQ E\ WKH VXSHUQDWXUDO SRZHU DGKLuKQD RI WKH %XGGKD DOO WKH SHWDOV RI WKH
ORWXVHV ZLWKRXW H[FHSWLRQ EHFDPH GDUN GHHSEODFN SXWULG GXUJDQGKD DQG

GLVJXVWLQJ DQG QR >ORQJHU@ SOHDVLQJ %XW LQ WKH FDO\[HV RI WKH ORWXVHV WKH ERGLHV
RI WKH WDWKJDWDV VLWWLQJ FURVVOHJJHG DQG HPLWWLQJ KXQGUHGV RI WKRXVDQGV RI UD\V
RI OLJKW ZHUH >VWLOO@ YLVLEOH HYHU\ZKHUH

)XUWKHU
WKLV ZKROH EXGGKDILHOG EHFDPH ILOOHG ZLWK WKH >UD\V RI OLJKW
IURP@ WKH ERGLHV RI WKH WDWKJDWDV VLWWLQJ LQ WKH FDO\[HV RI WKH ORWXVHV 7KLV
EXGGKDILHOG EHFDPH H[WUHPHO\ EHDXWLIXO >GXULQJ@ WKDW WLPH 7KHQ DW WKDW WLPH



PXOWLWXGH RI ERGKLVDWWYDV DQG WKH IRXU DVVHPEOLHV ZHUH H[WUHPHO\

WKH ZKROH

wFDU\DSUSWD

DVWRQLVKHG 

SUSWD

RI WKH YHUE EKDYDWL

DQG ILOOHG ZLWK SOHDVXUDEOH H[FLWHPHQW DXGELO\D

LQGLFDWHV WKDW WKH DFWLRQ H[SUHVVHG E\ WKH 333 KDV RFFXUHG DQG WKDW LWV UHVXOW

FRQWLQXHV

7KH 6NW IRU NXQ WX VQDQJ ED FRXOG KDYH EHHQ VDGw\DWH $OPRVW LGHQWLFDO SDUDOOHOV DSSHDU
IXUWKHU GRZQ LQ +r ,r DQG -r %\ UHSODFLQJ VQDQJ ED E\ JGDn ED - oWR EH WR EH


WKHUH p LQ - %WK KHUH DJDLQ VQDQJ ED 7LE VXSSRUWV WKH XQGHUVWDQGLQJ RI VQDQJ ED DV LQ P\

WUDQVODWLRQ DQG QRW LQ WKH VHQVH RI oWR LOOXPLQDWHp FS 0DWVXPRWR  Q  WR S  ,Q WKH

SDVVDJH KHUH %WK HPSOR\V OGDQJ LQVWHDG RI VQDQJ ,I WKLV GRHV QRW VLPSO\ UHIOHFW D PLVUHDGLQJ RI DQ
HYHQWXDO GEX PHG VSHOOLQJ LW FRXOG DOVR UHSUHVHQW 6NW SUGXUEKDYDWL


 ,Q RUGHU WR GHVFULEH WKH DULVLQJ RI FLUFXPVWDQFHV LQ WKH SDVW ZKLFK ODVW FRQWLQXRXVO\ 7LE
02SOR\V D YHUE SUHIHUDEO\ LQ LWV SHUIHFW IRUP DQG WKH SHUIHFW VWHP RI WKH DX[LOLDU\ YHUE nJ\XU

* ]KXJV SDU J\XU * E\XQJ EDU J\XU *I NKHEV SDU J\XU *I NXQ WX JQDV SDU
J\XU * NKD E\H EDU J\XU + PQJRQ SDU GJDn EDU nJ\XU ED PD \LQ SDU J\XU + VKLQ
WX PG]HV SDU J\XU +I VKLQ WX QJR PWVKDU GX J\XU FLQJ GJDn EDU J\XU HWF 7KLV LV SUREDEO\
LQIOXHQFHG E\ WKH 6NW VWUXFWXUH RI D SHUIHFW SDVVLYH SDUWLFLSOH WRJHWKHU ZLWK DQ DRULVW RI EKDYDWL
VHH Q 
 ,Q

RQO\

&K LW LV QRW H[SOLFLWO\ VWDWHG WKDW WKH ORWXVHV FRPH RXW IURP WKH SDYLOLRQ 7KH IORZHUV DUH

VDLG

WR

KDYH

wDNDDFDNUDSUDPDPWUH
NRQL\XWDwDWDVDKDVUD

7LE

WKRXVDQG


DQG

&K

*9

SHWDOV VR DOVR




 IRU WKH QXPEHU RI IORZHUV

 WKH WDWKJDWDV DUH QRW GHVFULEHG DV EHLQJ LQ WKH

WKRXVDQGV RI UD\V RI OLJKW

63



VDKDVUDSDWWUD

UCJCUTCSDWWUH

SDGPDP



SDGPH

LQVWHDG RI

 LQVWHDG RI oEXGGKDILHOGVp

SDU\DNDSRVLWLRQ

IRU WKH KXQGUHGV RI

 WKH ORWXVHV DUH VDLG WR EORVVRP DW WKH VDPH WLPH 

&K LQ WKH EHJLQQLQJ WKH ORWXVHV DUH QRW FKDUDFWHUL]HG DV QRW \HW RSHQ 7KH IORZHUV GR QRW FRYHU
WKH ZKROH EXW DOO EXGGKDILHOGV 7KH IORZHUV LQ WKH VN\ DUH IXUWKHU GHVFULEHG DV oEHLQJ XQLWHG ZLWK
HDFK RWKHU DV D ZKROHp 
 &K GHVFULEHV WKH WDWKJDWDV LQ WKH IORZHUV DIWHU PHQWLRQLQJ
WKH RSHQLQJ RI WKH ORWXVHV 7KLV RUGHU VHHPV PRUH QDWXUDO WKHQ WKH RQH JLYHQ LQ WKH 7LEHWDQ
)XUWKHU WKH WDWKJDWDV DUH VDLG WR EH HQGRZHG ZLWK WKH GYWULwDQPDKSXUXuDODNuDDV IRU WKH
GYWULwDQPDKSXUXuDODNuDDV VHH 09\ r 0338/ ,II 5*99 ,,,r

,QVWHDG RI NKD PD E\H ED OLW o>WKH ORWXVHV ZLWK WKHLU@ PRXWKV QRW RSHQHGp %WK UHDGV VQ\LQJ SR
OD nGXV o>ZLWK SHWDOV@ FRQWUDFWHG LQVLGH JDUEKDp ,QVWHDG RI UDWQDYL8QD &K ,3/ %WK DUH EDVHG

O
 ULQ SR FKHnL J]KDO PHG NKDQJ oMHZHO SDODFHp 7KH UHDGLQJ YL8QD
7LE LV SUREDEO\ RULJLQDO DQG LV DWWHVWHG LQ $! 
7KH SDUWLFOH N\DQJ FRXOG FRUUHVSRQG WR 6NW 5:3,7 ZKLFK OHG WR P\ UHQGHULQJ ZLWK oIXUWKHUp

-XVW DV WKH FRQIXVLRQ EHWZHHQ VDUYD DQG VDUYYDW GRFXPHQWHG DW WKH HQG RI WKH IROORZLQJ Q
VXJJHVWV LW PLJKW DOVR KHUH EH PRUH SODXVLEOH WR DVVXPH DQ RULJLQDO VDUYYQ ERGKLVDWWYDJDD
oWKH ZKROH PXOWLWXGH RI ERGKLVDWWYDVp 6HH $!, VY ERGKLVDWWYDJDD

 7KH IRXU DVVHPEOLHV FDWDVUD SDUuDGD DV LV ZHOO NQRZQ FRPSULVH EKLNuXV EKLNuXV
XSVDNDV DQG XSVLNV VHH 0338/ , II
 %WK QJR PWVKDU WKRE FLQJ TOCF FW I[WT RC WKRE SDU J\XU QDV  VXJJHVWV DGEKXWD LQVWHDG RI
DXGELO\D 6LQFH WKH 63 RQO\ KDV WKH FRPELQDWLRQ wFDU\DSUSWD RU EKWD r DGEKXWDSUSWD
RQ UDWQDYL QD 
&K




>, 'RXEWV RI WKH RQORRNHUV@

>%XW@ DIWHU VHHLQJ WKDW VXSHUQDWXUDO GLVSOD\ GGK\DEKLVDVNUD RI WKH ([DOWHG
2QH >WKH\@ EHFDPH XQFHUWDLQ VDwD\DSUSWD >DQG TXHVWLRQHG WKHPVHOYHV@

o:KDW LV WKH UHDVRQ WKDW WKH SHWDOV RI DOO WKHVH P\ULDGV RI ORWXVHV EHFDPH VR

GXUYDUD

XQVLJKWO\ 

DQG WKDW WKH>LU@ VWDONV QOD WRR EHFDPH XQVLJKWO\

GLVJXVWLQJ DQG QRW SOHDVLQJ ZKHUHDV LQ WKH FDO\[HV RI WKH ORWXVHV HDFK ERG\
RI WKH WDWKJDWDV LV >VWLOO@ VLWWLQJ FURVVOHJJHG DQG LQ WKDW >WKH\@ HPLW KXQGUHGV
RI WKRXVDQGV RI UD\V RI OLJKW DUH YLVLEOH HYHU\ZKHUH DV >VRPHWKLQJ@ H[WUHPHO\
EHDXWLIXO"p

7KHUHXSRQ >WKH ([DOWHG 2QH@ PRWLRQHG QLPLWWD WR WKH HQWLUH PXOWLWXGH RI

ERGKLVDWWYDV DQG WKH IRXU DVVHPEOLHV ZKR KDG EHFRPH XQFHUWDLQ WR FRPH

FORVHU
QDPHG

$W WKDW WLPH WKHUH ZDV D >FHUWDLQ@ ERGKLVDWWYDPDKVDWWYD

9DMUDPDWL >ZKR KDG DOVR@ JDWKHUHG >ZLWK WKH RWKHUV@ LQ WKH &DQGDQDJDUEKD
SDYLOLRQ
>- 4XHVWLRQV RI WKH ERGKLVDWWYD 9DMUDPDWL@

7KHQ WKH ([DOWHG 2QH VDLG WR WKH ERGKLVDWWYDPDKVDWWYD 9DMUDPDWL

o6RQ RI JRRG IDPLO\ NXODSXWUD
+RQRUDEOH

2QH DQG 3HUIHFWO\


H[SRVLWLRQ RQ WKH 'KDUPDp

YHQWXUH WR TXHVWLRQ WKH 7DWKJDWD WKH


$ZDNHQHG 2QH
ZLWK UHIHUHQFH WR DQ

WKH ([DOWHG 2QHnV SHUPLVVLRQ WKH ERGKLVDWWYDPDKVDWWYD 9DMUDPDWL

UHDOL]LQJ WKDW WKH ZRUOG ZLWK >LWV@ JRGV KXPDQV DQG GHPRQV DQG DOO WKH
$W

DXGELO\D ZKHQ WKH IRUPXOD FRQWDLQV RQO\ WZR OLQNV %WK VKRXOG KHUH UHSUHVHQW WKH
RULJLQDO UHDGLQJ VHH $!, VY wFDU\DSUSWD EKWD
 &K ,3/ &K DUH VSHDNLQJ RI WKH ZLWKHULQJ LQ DQ LQVWDQW &K DWWULEXWHV WKH ZLWKHULQJ WR WKH

LQVWHDG RI

IORZHUV WKH SHWDOV UHPDLQ XQPHQWLRQHG FI 0DWVXPRWR  

WKH EXGGKDILHOGV
DUH H[SUHVVHG E\


7KH WHUPV

&K DOVR GRHV QRW PHQWLRQ WKDW

EHFRPH ILOOHG ZLWK WKH UD\V RI OLJKW 7KH ERGKLVDWWYDV DQG WKH IRXU DVVHPEOLHV

 &K FRQWLQXRXVO\ VSHDNV RI oDOOp EXGGKDILHOGV

UJ\X KHWX DQG UN\HQ SUDW\D\D IXQFWLRQ KHUH DV TXDVLV\QRQ\PV VHH %+6' VY

SUDW\D\D  7KHUHIRUH P\ VLPSOLILHG UHQGHULQJ DV oUHDVRQp

7KH DGGLWLRQ oWKH ([DOWHG 2QHp LV EDVHG RQ %WK n'RQJ ED -1/673 RU UDWKHU Q\H EDU nRQJ
ED %WK FRXOG WUDQVODWH XSDVDNUDPDD RU XSDVWKQD 7KH VHQWHQFH LV PLVVLQJ LQ &K


&K DQG &K &K ,W LV QRW PHQWLRQHG WKDW WKH VXSHUQDWXUDO GLVSOD\
LV VHHQ 7KH ZLWKHULQJ DV LQ &K
&K GRHV QRW PHQWLRQ SHWDOV DQG VWDONV
p
VR DOVR &K DQG GRHV QRW KDYH WKH VHFRQG SDUW RI WKH TXHVWLRQ o
7KH ODVW VHQWHQFH LV FRPSOHWHO\ PLVVLQJ ,Q WKH TXHVWLRQ &K DGGV WKDW WKH HPLWWHG OLJKW PDGH WKH
SHRSOH UHMRLFH 
 $W WKH HQG &K GHVFULEHV 9DMUDPDWL DQG WKH JUHDW PXOWLWXGHV DV VLWWLQJ
)XUWKHU GLVFUHSDQFLHV ZLWK

 WDNHV SODFH LQ DQ LQVWDQW

 ZKHUHDV LQ WKH FDO\[HV 

LQ WKH SDYLOLRQ ZLWK IHHOLQJV RI UHVSHFW



&K DGGV

 o$W WKDW WLPH WKH ([DOWHG 2QH XQGHUVWRRG ZKDW

WKH JUHDW PXOWLWXGH RI ERGKLVDWWYDV KDG EHFRPH XQFHUWDLQ DERXWp



'H E]KLQ JVKHJV SD GJUD EFRP SD \DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV DUH WKH ILUVW WKUHH

PHPEHUV 6NW

WDWKJDWR nUKDQ

VDP\DNVDEXGGKD RI D VWDQGDUG VHW RI QDPHV DSSOLHG WR

!!&/ ,r 7KH

7LEHWDQ UHQGHULQJ RI DUKDW ZLWK GJUD EFRP SD oWKH RQH ZKR KDV RYHUFRPH WKH HQHPLHV RI WKH
PLQGp LQWHUSUHWV DUKDW LQ WKH VHQVH RI DULKDQ FI !!&/ ,

7KH 6NW RQ ZKLFK FKRV FDQ J\L JWDP ODV UWVRPV WH   \RQJV VX ]KX EDU VSREV SDU J\LV VKLJ 
EXGGKDV $ WUDGLWLRQDO DQDO\VLV RI WKH ZKROH IRUPXOD FDQ EH IRXQG LQ

LV EDVHG FRXOG EH GKDUP\GKDUP NDWKP UDEK\D  SDULSFFK SUDWLEKWX ,Q

SUDWLEKWX H[SUHVVHV D UHTXHVW OLNH o7KLQN RI D TXHVWLRQ ZLWK UHIHUHQFH WRp &K

WKH 6NW

 o>3XW IRUZDUG@ ZLWKRXW UHVHUYH ZKDW \RX >ZDQW@ WR DVN >ZLWK UHIHUHQFH WR@
DOO GRXEWV FRQFHUQLQJ WKH 'KDUPD RI WKH %XGGKDp )RU GKDUP\D VHH %+6' VY GKDUPD  DQG

6:7) VY NDWK  )RU GKDUP\ NDWK &K



&K

ERGKLVDWWYDV DQG WKH IRXU DVVHPEOLHV ZHUH DQ[LRXV ZLWK GRXEWV WKHQ DVNHG KLP
WKH IROORZLQJ
o([DOWHG 2QH ZKDW LV WKH UHDVRQ WKLV HQWLUH ZRUOG V\VWHP LV FRYHUHG ZLWK WKHVH
P\ULDGV RI VXFK XQVLJKWO\ DQG SXWULG ORWXVHV \HW LQ WKHLU FHQWHUV VLW FURVV
OHJJHG ERGLHV RI WDWKJDWDV HPLWWLQJ KXQGUHGV RI WKRXVDQGV RI UD\V RI OLJKW
DQG YLVLEOH HYHU\ZKHUH DQG QRZ P\ULDGV RI OLYLQJ EHLQJV VHHLQJ WKH ERGLHV
RI WKH WDWKJDWDV UDLVH WKHLU MRLQHG SDOPV NWMDOL LQ KRPDJH"p
>.@

7KHQ DW WKDW WLPH WKH ERGKLVDWWYD 9DMUDPDWL XWWHUHG WKHVH YHUVHV

>@



o0\ULDGV RI EXGGKDV DUH VHDWHG PRWLRQOHVV LQ WKH FHQWHU RI ORWXVHV

>ZLWK@ VXFK VXSHUQDWXUDO SRZHUV GGKL \RX GLVSOD\ >WKHP@ 1HYHU

EHIRUH KDYH , VHHQ >DQ\WKLQJ OLNH@ WKLVp

>@

o7KH >VLJKW@ RI WKH OHDGHUV Q\DND HPLWWLQJ WKRXVDQGV RI UD\V RI OLJKW

FRYHULQJ WKLV HQWLUH EXGGKDILHOG >ZLWK WKHLU VSOHQGRU DQG@ ZRQGHUIXOO\

GLVSOD\LQJ D IDFLOH PDVWHU\ RI WKH GKDUPDV >LV@ FRQVWDQWO\ EHDXWLIXOp

&K VSHDNV VLPSO\ RI oDOO WKH JUHDW

&K GRHV QRW PHQWLRQ WKH DVXUDV LQ %WK WKH ERGKLVDWWYDV DUH PLVVLQJ $
SDUDOOHO WR ]XJ UQJX oWR EH DQ[LRXV ZLWK GRXEWVp GRHV QRW DSSHDU LQ &K


,QVWHDG RI HQXPHUDWLQJ WKH VLQJOH JURXSV E\ QDPH

PXOWLWXGHVp

 $OVR WKH PHQWLRQLQJ RI

JQDQJ SDV GRHV QRW DSSHDU LQ &K DQG %WK EXW LV PDGH H[SOLFLW E\

WKH ([DOWHG 2QHnV SHUPLVVLRQ 

&K 


 o >DQG 9DMUDPDWL@ ZDV JUDQWHG WKH KRO\ RUGHU RI WKH %XGGKDp
 &K HUURQHRXVO\ DWWULEXWHV NRQL\XWDwDWD
&K

"k

3ULNRQL\XWDwDWDVDKDVUD

VDKDVUD WR WKH WDWKJDWDV LQ WKH IORZHUV FKDUDFWHUL]LQJ WKHP DV VLWWLQJ LQ DMDOLSRVLWLRQ oH[DOWHGp


 DQG PRWLRQOHVV 7KDW LQ WKH 6NW WH[W WKH VXEMHFW VKRXOG EH WKH OLYLQJ EHLQJV DQG QRW WKH

&K LV LQ DFFRUGDQFH ZLWK WKH RWKHU WUDQVODWLRQV

%WK &K UHSHDWV LQ WKH TXHVWLRQ WKDW WKH IORZHUV URVH
WR WKH VN\ DQG GHVFULEHV WKHP DV oLQQXPHUDEOHp /LNH &K DOVR &K VSHDNV RI WKHLU ZLWKHULQJ oLQ
RQH PRPHQWp &K GR QRW PHQWLRQ WKH SXWULG VPHOO RI WKH IORZHUV ,Q &K WKH SDU\DNDSRVLWLRQ RI
WDWKJDWDV LV SURYHG E\ WKH SDUDOOHO LQ 0 ZKHUH



)XUWKHU GLYHUJHQFHV ZLWK

&K &K


DQG

WKH WDWKJDWDV LV PLVVLQJ




&K ,3/ %WK DGG WKH DWWULEXWH PDKVDWWYD WR 9DMUDPDWL

:LWK oP\ULDGVp , QRW RQO\ UHQGHU

NRQL\XWDwDWDVDKDVUD EXW DOVR VPDOOHU QXPEHUV LQ WKH

YHUVHV OLNH NRVDKDVUD LQ WKLV FDVH DQG LQ    NRwDWDVDKDVUD 0 $ RU HYHQ NR LQ
 DQG  6HH DOVR Q 

&K GRHV QRW GHVFULEH WKH EXGGKDV DV oPRWLRQOHVVp )RU WKH oFHQWHU RI WKH ORWXVHVp GEXV
 %WK XVHV VWREV LQVWHDG RI VWRQ UG]X nSKUXO UVQDU GGKLDCNC +RZHYHU EDOD LV QRW IRXQG
LQ DQ\ RI WKH RWKHU YHUVLRQV



, XQGHUVWDQG PG]DG LQ SGDV D DQG E DV HPSKDVL]LQJ WKH DXWRQRPRXV DVSHFW RI WKH DFWV RI

WKH oOHDGHUVp ,I

PG]DG

LV XQGHUVWRRG DV D FDXVDWLYH DX[LOLDU\ LQ WKH VHQVH RI oWKH OHDGHUV

FDXVLQJ

>WKH WDWKJDWDV LQ WKH IORZHUV@ WR HPLWp WKH OHDGHUV ZRXOG UHSUHVHQW WKH EXGGKDV JHQHUDOO\ DQG

DPRQJ WKHP WKH %XGGKD RQ WKH 9XOWXUH 3HDN +RZHYHU WKLV VHFRQG DOWHUQDWLYH LV FRQWUDU\ WR WKH

&KLQHVH YHUVLRQV
 1JR PWVKDU FKRV N\L UQDPV OD URO PG]DG SD 7KH DGYHUELDO UHQGHULQJ RI 3JR PWVKDU wFDU\D
IROORZV &K VHH EHORZ :LWK WKH GKDUPDV PRVW SUREDEO\ VXSHUQDWXUDO TXDOLWLHV OLNH WKH
DEVRUSWLRQV WKH GGKLV DEKLMV HWF DUH PHDQW )RU VLPLODU H[SUHVVLRQV ZLWK URO %WK TPCO RCT
URO YLNUDWL VHH %+6' 8; YLNUDQDW ,3/ YLNULWD
 7KH WH[W LQ G LV SUREOHPDWLF $V D SRLQW RI UHIHUHQFH IRU WKH JHQLWLYH WKH VXEMHFW oVLJKWp

KDG WR EH VXSSOLHG 9DULDQW . Q  N\L7

DOORZV WKH IROORZLQJ WUDQVODWLRQ VLPLODU WR

&K

o7KURXJK WKH OHDGHUV  >WKH ZKROH ZRUOG"@ LV FRQVWDQWO\ EHDXWLIXOp +RZHYHU D WH[W LQ DFFRUGDQFH
ZLWK &K VHH EHORZ LV IRXQG LQ %WK nGUHQ SD UQDV PK UWDJ WX  SRnL  > SUREDEO\ E]DQJ 
IURP SR \LQ ! SR \L ! SRnL" 2U SDUDOOHO WR WKH JHQLWLYH N\L LQ 7LE"@


 7KH VHFRQG KDOI RI WKH YHUVH LQ &K
 o)ODZOHVV >DUH@ WKH OHDGHUV

GHFRUDWHG >DUH@ WKH ZRUOGVp > 3UREDEO\

FKDG

PD

PFKLV

@

3LUDJDD RU QLUDMDQD 

&K

ZRQGHUIXO ZD\ PDVWHU\ LQ WKH GKDUPDV DUH EHDXWLIXOp



 LQVWHDG RI QLUDQWDUD EDU

o7KRVH EXGGKDV VKRZLQJ LQ D

>@

o7KHUH LQ WKH FHQWHU RI XQVLJKWO\ ORWXVHV >ZLWK@ GLVJXVWLQJ SHWDOV DQG

VWDONV VLW >WDWKJDWDV@ DV LI WKH\ >KDG@ WKH QDWXUH RI D MHZHO

 UDWQDVYDEKYD

:K\ KDYH >\RX ZLWK \RXU@ VXSHUQDWXUDO SRZHUV

GGKL FUHDWHG WKHVH >PDQLIHVWDWLRQV@"p


>@

o, VHH EXGGKDV HTXDO LQ QXPEHU WR WKH VDQGV RI WKH *DQJHV 5LYHU >DQG@ ,
VHH WKH H[TXLVLWH  YLwLuD >PDQLIHVWDWLRQV@ RI WKH >7DWKJDWDnV@
VXSHUQDWXUDO SRZHUV 1HYHU EHIRUH KDYH >,@ ZLWQHVVHG VXFK D PLUDFOH

YLNXUYLWD OLNH WKLV RQH H[LVWLQJ ULJKW QRZp

>@

o>,@ LPSORUH WKH +LJKHVW DPRQJ +XPDQV GYLSDGRWWDPD

WKH 'LYLQH

GHYD WR WHDFK >,@ LPSORUH >KLP@ WR H[SODLQ WKH UHDVRQ >IRU WKLV
PLUDFXORXV GLVSOD\@ >,@ LPSORUH >KLP@ WR VSHDN >ZLWK@ VROLFLWXGH

DQXNDPS >LQ RUGHU WR@ EHQHILW WKH ZRUOG >,@ LPSORUH >KLP@ WR UHPRYH

WKH GRXEWV RI DOO HPERGLHG >EHLQJV@ GHKLQp
>/ ,QWURGXFWLRQ WR WKH ILUVW VLPLOH@

7KHQ WKH ([DOWHG 2QH VDLG WR WKH ZKROH PXOWLWXGH RI ERGKLVDWWYDV >LQFOXGLQJ@
WKH ERGKLVDWWYDPDKVDWWYD 9DMUDPDWL DQG RWKHUV
o6RQV RI JRRG IDPLO\ WKHUH LV D VWUD RI JUHDW H[WHQW YDLSXO\D FDOOHG
7DWKJDWDJDUEKD ,Q RUGHU WR WHDFK LW WKH 7DWKJDWD KDV SURGXFHG WKHVH


VLJQV

>ZKLFK@ DSSHDUHG >WR \RX@ /LVWHQ WKHUHIRUH FORVHO\ EH DWWHQWLYH DQG


>,@ ZLOO WHDFK >\RX@p


1RQH RI WKH RWKHU WUDQVODWLRQV FRQILUP 7LE LQ WKLV SDVVDJH ,Q &K

DSSHDU DW DOO

&K

ZRQGHUIXO MHZHO (

WKH FRPSDULVRQ GRHV QRW

FRPSDUHV WKH WDWKJDWDV LQ WKH ORWXVHV ZLWK WKH EULOOLDQW PDQLIHVWDWLRQ RI D

 %WK DOVR GHYLDWHV GH GDJ UQDV N\DQJ GH OD GJDn ED VWH  > GJDn

ED IRU 6NW UDWD" UDWD LV SUREDEO\ D YDULDQW UHDGLQJ RI 7,92D(


&K VSHDNV RI WKH 8://03 ZLWKHULQJ RI WKH IORZHUV 3HWDOV DQG VWDONV VWDONV DUH DOVR PLVVLQJ

LQ &K DUH QRW PHQWLRQHG



 7KH VHFRQG nGL RI SGD G LV QRW UHQGHUHG LQ P\ WUDQVODWLRQ &RXOG LW UHVXOW IURP 3L DV LW LV
IRXQG LQ %WK SGD E" %XW VHH WKH VLPLODU IRUPXODWLRQ nGL OWD EX nGL LQ / %WK GH OWD EX
 ,Q &K YLwLuD GRHV QRW DSSHDU SGDV F DQG G RI 7LE DUH DEEUHYLDWHG WR D VLQJOH SGD DQG

YHUVH  RI

7LE

LV VKRUWO\ H[SUHVVHG LQ SGD G 

&K

 o>,@ DVN IRU D GLVFHUQLQJ

YLNXUYDD RU
YLNXUYLWD EXW YLNULWD 7KHLU PHDQLQJV DUH V\QRQ\PRXV VHH %+6' VY ,Q %WK SGD E RI 7LE LV
H[SODQDWLRQ IRU >PHXV@ 
PLVVLQJ



VKRUW IRU

"p

 ZLWK

 GRHV QRW WUDQVODWH

7LE LQ F FRXOG DOVR EH WUDQVODWHG DV o>,@ LPSORUH >WKH RQH ZKR@ EHQHILWV WKH ZRUOG WR
7KXJV EUWVH %WK WKXJ EUWVH SK\L UX SUREDEO\ UHIOHFWV D IRUP RI 6NW

VSHDN >IURP@ VROLFLWXGHp

DQXNDPS DV IRXQG LQ HJ $!     9,F DQG LQ WKH $! VHH $!,
DQXNDPS\DL )RU WKH PHDQLQJ oVROLFLWXGHp RI DQXNDPS VHH 0DLWKULPXUWKL   II

8;

 &K o>,@ NLQGO\ DVN WKH 2QH :RUVKLSHG E\ WKH *RGV 

 WR H[SRVH WKH UHDVRQ IRU >WKLV@
PDQLIHVWDWLRQ >,@ NLQGO\ DVN WR SUDFWLFH FRPSDVVLRQ >IRU@ WKH EHQHILW RI WKH ZRUOG LQ RUGHU WR
UHPRYH WKH GRXEWV RI DOO >EHLQJV@p
 %WK FRUUHVSRQGV LQ V\QWD[ ZLWK &K LQ WKH ILUVW KDOI RI WKH YHUVH EXW GRHV QRW PHQWLRQ WKH

SK\L UX PHWUL FDXVD IRU SK\LU LQ %WK F WKH UHDVRQV IRU WHDFKLQJ DUH VWDWHG WR EH oIRU
WKH EHQHILW RI WKH ZRUOG DQG IURP VROLFLWXGHp ,Q SGD G %WK GRHV QRW PHQWLRQ WKH UHPRYDO RI
GRXEWV EXW LQVWHDG VSHDNV RI WKH HVWDEOLVKLQJ nJRG RI DOO OLYLQJ EHLQJV LQ WKH ERGKL"

,QVWHDG RI oVWUDp &K UHDGV
oYHU\ SURIRXQG 'KDUPD GLVFRXUVH GKDUPD
SDU\\Dp

 7KH WHUP QLPLWWD PWVKDQ PD %WK OWDV >HPHQGHG IRU OKDV@ LV GLVFXVVHG LQ 6FKPLWKDXVHQ
D Q  $SDUW IURP oDSSHDUDQFHp LW FDQ DOVR PHDQ oV\PSWRP RPHQ VLJQp FOHDUHU
SUYDQLPLWWD DV LV WKH FDVH LQ 63 II ZKLOH GLJJLQJ IRU ZDWHU RQ D GU\ SLHFH RI ODQG WKH
GLVFRYHU\ RI ZHW HDUWK DQG WKH VSRWV RI PXG RQ WKH ERG\ RI WKH GLJJLQJ SHRSOH IXQFWLRQ DV
SUYDQLPLWWDV IRU WKH LPPHGLDWH DSSHDUDQFH RI ZDWHU 7KH DSSHDUDQFH RI UD\V RI OLJKWV DV SUYD
QLPLWWDV EHIRUH WKH WHDFKLQJ RI D VWUD DUH FRPPRQ LQ %XGGKLVW OLWHUDWXUH VHH HJ $! II %&$
$ EII " EII 6HH DOVR  ,  ZKHUH UD\V RI OLJKW DUH D VLJQ IRU WKH DSSHDUDQFH RI WKH
JRGV :LWK



PDKVDWWYD 9DMUDPDWL DQG WKH ZKROH PXOWLWXGH

RI ERGKLVDWWYDV WR WKH ([DOWHG 2QH WKHUHE\ DFTXLHVFLQJ DQG WKH ([DOWHG 2QH
VSRNH
o-XVW VRp UHSOLHG WKH ERGKLVDWWYD

>0@

o6RQV RI JRRG IDPLO\ MXVW DV WKHVH XQVLJKWO\ SXWULG GLVJXVWLQJ DQG QR


>ORQJHU@ SOHDVLQJ ORWXVHV VXSHUQDWXUDOO\ FUHDWHG E\ WKH 7DWKJDWD DQG WKH

SOHDVLQJ DQG EHDXWLIXO IRUP RI D WDWKJDWD VLWWLQJ FURVVOHJJHG LQ >HDFK RI@

!!&

JRG %UDKPDQ 7KH HPLWWLQJ RI OLJKW WKURXJK WKH %XGGKD LV GLVFXVVHG LQ

/ ,II )RU
RFFXUUHQFHV RI RWKHU NLQGV RI SUYDQLPLWWDV VHH /DPRWWH  
 V1DQJ EDnL PWVKDQ PD LQ WKH 7*6 FRXOG DOVR UHSUHVHQW DYDEKVDQLPLWWD oOLJKW >HPLWWLQJ@
 QRU &K 
 VHHP WR VXSSRUW VXFK DQ
VLJQVp +RZHYHU QHLWKHU &K 
LQWHUSUHWDWLRQ ,Q WKH SDVVDJH DERYH WKH QLPLWWDV DUH WKH VXSHUQDWXUDO PDQLIHVWDWLRQV RI WKH
EHDXWLIXO DQG WKHQ ZLWKHUHG ORWXVHV ZLWK WKH WDWKJDWDV LQ WKHLU FHQWHUV



,Q

&K WKH 7DWKJDWD GRHV QRW DQQRXQFH WKDW KH LV QRZ JRLQJ WR WHDFK

 )RU OWDU Q\DQ SD 6NW

PHDQLQJV

o

KLQKUHQ

VHLQ

SUDWLwRWL

2KU

OHLKHQ

WKH



S:

JLYHV QH[W WR RWKHUV WKH WZR IROORZLQJ

-PG *HQ   s  EHMDKHQ ]XVDJHQ

YHUVSUHFKHQ PLW $FF GHU 6DFKH XQG 'DW RGHU *HQ GHU 3HUVRQp ,Q WKLV SDVVDJH WKH VHFRQG
PHDQLQJ ZKLFK LV WKH RQO\ RQH IRXQG LQ 3 ILWV WKH FRQWH[W 7KH LGHQWLFDO IRUPXODWLRQ DSSHDUV LQ

HJ .SX 4 DI ULQ SR FKH UQDP SDU VQDQJ E\HG N\LV EFRP OGDQ nGDV GH E]KLQ QR ]KHV JVRO WH
DEQO NFCP kFCU M[K NVCT P[CP RC GDQJ  EFRP OGDQ nGDV N\LV E\DQJ FKXE VHPV GSDn ULQ SR FKH
UQDP SDU VQRQJ E\HG OD nGL VNDG FHV ENDn VWVDO WR  ZLWK LWV FRUUHVSRQGLQJ 6NW VGKX VGKX
EKDJDYDQQ LWL 5DWQDYDLURFDQR DJCICXCVC RTCV[CtTCWrV  EKDJDYQ 5DWQDYDLURFDQD
ERGKLVDWWYD PDKVDWWYD HWDG DYRFDW  .SX II IRU SUDWLwRWL ZLWK WKH JHQLWLYH FDVH VHH
9

DOVR 5*9 ,D

 WDV\D SUDWLwUXW\D

,W ZDV SUREDEO\ QRW DW DOO HDV\ IRU ODWHU 7LEHWDQV WR

XQGHUVWDQG WKH JHQLWLYH EDVHG RQ WKH 6NW DV ZHOO DV OWDU DV SDUW RI WKH YHUEDO FRPSRXQG DQG WKH

VSHFLDO PHDQLQJ RI

FLWHG SDVVDJH RI WKH

P[CP 7KLV LV GRFXPHQWHG E\ WKH UHGDFWLRQDO YDULDQWV RI 3 7KH DERYH

.SX LV LQWURGXFHG ZLWK D ZRUGLQJ QHDUO\ LGHQWLFDO WR WKH 7*6 7KH 6NW UXQV

OWDU

VGKX FD VXuKX FD PDQDVLNXUX EKuLu\H nKDP WH  .SX I VHH DOVR .SX
I
 7KH SDVVDJH EFRP OGDQ nGDV N\L OWDU Q\DQ SD GDQJ LV QRW IRXQG LQ %WK +RZHYHU WKH SRVLWLRQ

wX NXODSXWUD

%WK DJUHHV LQ FRQWUDVW WR 7LE FORVHO\ ZLWK WKH 6NW %WK UHIOHFWV DOVR WKH
EKDJDYDQ GJHnR  EFR OGDQ nGDV VKHV  ZKLFK 7LE FRQVWUXFWV DV D SUHSRVLWLRQDO REMHFW

RI WKH V\QWDFWLFDO XQLWV LQ

YRFDWLYH

EFRP OGDQ nGDV NC OHJV VR ]KHV 

 ,Q WKH ODVW VHQWHQFH

%WK DQG &K DGG WKH HSLWKHW PDKVDWWYD WR WKH ERGKLVDWWYDV &K VLPSOLILHV

WKH ODVW SDVVDJH

7KH %XGGKD VDLGp 6R DOVR

&K VKRUWHQV

 o$OO VDLG m-XVW VR >:H@ ZDQW WR OLVWHQn

&K



 o-XVW DV LQQXPHUDEOH ORWXVHV VXSHUQDWXUDOO\

PDQLIHVWHG E\ WKH %XGGKD ZLWKHUHG LQ DQ LQVWDQWp

&K DOVR VSHDNV RI WKH ZLWKHULQJ LQ DQ LQVWDQW 



 ,Q FRQWUDVW WR WKH FKDSWHUV EHIRUH

WDWKJDWDV EXW

%WK VNX

DV EHIRUH

7LE

&K 

DOWHUQDWLYH H[SUHVVLRQV IRU oERG\p OLNH

J]XJV

USD" RI WKH

 FRXOG DOVR VWDQG IRU USD &K

 8QOLNH

VSHDNV KHUH RI WKH IRUPV 

DJD N\D YDSXV RU wDUUD USD VWUHVVHV WKH SKHQRPHQDO

DVSHFW RI WKH ERG\ LH LWV VKDSH DQG SK\VLFDO DSSHDUDQFH

 7KH WULSOHW

PG]HV SD J]XJV E]DQJ ED EOWD QD VGXJ SD FDQ DOVR EH IRXQG LQ 3 FDQRQLFDO



OLWHUDWXUH DEKLUSD GDVVDQ\D SVGLND

,W H[SUHVVHV SOHDVLQJ DQG EHDXWLIXO DSSHDUDQFH 6HH

376' VY DEKLUSD GDVVDQ\D HJ UHIHUULQJ WR WKH QLJKW  ,  WR D EUDKPDQ  ,  WR D

 ,,  63 SUVGLNR GDUwDQ\R nEKLUSD  PG]HV SD EOWD QD VGXJ SD

J]XJV E]DQJ ED 4 E DEKLUSD SUVGLNR GDUwDQ\D  J]XJV E]DQJ ED PG]HV SD
EOWD QD VGXJ SD 4 D ,Q WKH WUDQVODWLRQ , KDYH UHVWULFWHG P\VHOI WR WKH UHQGHULQJ RI RQO\ WZR
PDLQ DVSHFWV RI WKLV WULSOHW

ZRPDQ 

&K PHQWLRQV LQQXPHUDEOH DQG VXSHUQDWXUDOO\ PDQLIHVWHG EXGGKDV LQ WKH ORWXV FDO\[HV ZLWK
EHDXWLIXO VSOHQGLG DSSHDUDQFH 
 &K


 o>DQG@ MXVW DV LQ WKH IORZHUV IRUPV RI EXGGKDV

DUH PDQLIHVWHG ZLWK EHDXWLIXO DQG GLJQLILHG DSSHDUDQFH >ZKLFK LV@ ZKDW KXPDQV GHVLUH WR
VHHWDNH MR\ LQ VHHLQJp

 

WKH FDO\[HV RI WKHVH ORWXVHV HPLWWLQJ KXQGUHGV RI WKRXVDQGV RI UD\V RI



>DUH VXFK WKDW ZKHQ WKH\ DUH@ UHFRJQL]HG E\ JRGV DQG KXPDQV >WKHVH

ODWWHU@ WKHQ SD\ KRPDJH DQG DOVR VKRZ UHYHUHQFH >WR WKHP@
LQ WKH VDPH

OLJKW

ZD\ VRQV RI JRRG IDPLO\ DOVR WKH 7DWKJDWD WKH +RQRUDEOH 2QH DQG


3HUIHFWO\ $ZDNHQHG 2QH >SHUFHLYHV@ ZLWK KLV LQVLJKW SUDM NQRZOHGJH

MQD DQG WDWKJDWDYLVLRQ WKDW DOO WKH YDULRXV VHQWLHQW EHLQJV DUH

&K





 KDV VLPSO\
 7KHUH DUH WZR DOWHUQDWLYH ZD\V WR H[SODLQ WKH UHDGLQJ nNKRG SD LQ 0n.KRG SD FRXOG
IXQFWLRQ DV DQ DX[LOLDU\ YHUE VWUHVVLQJ WKH DVSHFW RI GXUDWLRQ RI nJ\HG SD LQ WKH VHQVH RI oHPLWWLQJ

nNKRG SD ZDV ILUVW

DVVRFLDWHG ZLWK WKH WULSOHW PG]HV SD  J]XJV E]DQJ ED  EOWD QD VGXJ SD oVLWWLQJ >WKHUH ZLWK@ D

FRQWLQXRXVO\p

7KH VHFRQG DQG LQ P\ H\HV PRUH SODXVLEOH DOWHUQDWLYH LV WKDW

SOHDVLQJ DQG EHDXWLIXO VKDSHp 7KLV LV KRZ

DSSHDUV LQ

LQ

7LE

nNKRG SD

ZKLFK LV UHQGHUHG DV

%WK E]DQJ ]KLQJ VGXJ OD J]XJV GDQJ OGDQ SDU

0I ZKHUH WKH DGYHUELDO

PL J\R EDU

LV DVVRFLDWHG ZLWK WKH IROORZLQJ

WKHUHIRUH SRVVLEOH WKDW WKH RULJLQDO SRVLWLRQ RI WKH WULSOH DGMHFWLYHV EHIRUH
DOWHUHG LQ D VHFRQG VWHS RI UHYLVLRQ ZKHUHDV

E]KXJV SD

nNKRG SD

LQ

%WK

D\JWIU RCT 6HH DOVR WKH SDUDOOHO V\QWD[

nNKRG SD

nNKRG SD

 ,W LV

ZDV RQO\

UHPDLQHG WKHUH 7KDW WKH HPLVVLRQ RI OLJKW

ZDV RULJLQDOO\ PHQWLRQHG EHIRUH WKH GHVFULSWLRQ RI WKH EHDXW\ RI WKH EXGGKD IRUPV LV DOVR
FRQILUPHG E\

&K

&K DOVR PHQWLRQV GUDJRQV IRU QJDV \DNuDV JDQGKDUYDV

DVXUDV JDUXDV NLQDUDV PDKRUDJDV DPDQXu\DV oDQG RWKHUVp VHH Q  &K DEEUHYLDWHV WR 
 P&KRG SDnL ODV  E\HG SD FRXOG PLUURU D ILJXUD HW\PRORJLFD LQ WKH 6NW SMNUL\ NDURWL RU
NUD NDURWL IRU NUD NDURWL VHH %+6' VY NUD 7KH FRXQWHUSDUW RI SK\DJ nWVKDO ]KLQJ 


 $SDUW IURP JRGV DQG KXPDQV

PFKRG SDnL ODV N\DQJ E\HG SD LQ &K

WKH\ DUH@p LQ &K

 &K


7KH ODVW SDUW IURP o>DUH VXFK ZKHQ

o >DUH VXFK WKDW ZKHQ@ WKH PXOWLWXGHV VHH >WKHP

WKH\@ DUH DVWRQLVKHG wFDU\D DGEKXWD >DQG@ WKHUH LV QRQH ZKR GRHV QRW SD\ KRPDJHp



,QVWHDG RI o7DWKJDWD +RQRXUDEOH 2QH DQG 3HUIHFWO\ $ZDNHQHG 2QHp

&K

70,/8

7KH 6NW SUREDEO\ KDG D FRPSRXQG OLNH VYDSUDMMQDWDWKJDWDFDNuXV VR DOVR %WK DQG

FRXOG DOVR EH DQDO\]HG DV D

NDUPDGKUD\D

LQVLJKW DQG NQRZOHGJHp 6HH

ZLWKRXW SUDM 7KH UHDGLQJ

LQ WKH VHQVH RI oKLV WDWKJDWD YLVLRQ >FRQVLVWLQJ LQ@

5*99  DVDJSUDWLKDWDRTCLLPCFCTtCPCO

RI &K



5*999

DJ
SUDL 7KH DSSHDUDQFH RI SUDM KHUH LV VXUSULVLQJ DV WKLV WHUP LV RQO\ IRXQG
ZLWKLQ WKH 7*6 LQ RQH RWKHU SDVVDJH DV RQH RI WKH DWWULEXWHV RI WKH DUKDWV DW WKH EHJLQQLQJ UJGU
6+, VKLQ WX UQDP SDU JURO ED VXYLPXNWDRTCLC % +RZHYHU DOVR WKH DVVXPSWLRQ WKDW WKH




LV SUREDEO\ EDVHG RQ 6NW

57,

 LQVWHDG RI

FRUUHFW UHDGLQJ ZDV SUDEK LV GLIILFXOW

WR SURYH DV , KDYH QRW IRXQG DQ\ VXFK FRPSRXQG LQ RWKHU

6LPLODU VHTXHQFHV DUH IRXQG LQ WKH FRQWH[W RI DZDNHQLQJ ZKHQ WKH

&K VLPSO\ UHDGV
%XGGKD UHDOL]HV WKH IRXU 1REOH 7UXWKV HJ LQ 9LQ ,  FDNNKX  D  SD  YLMM 
WH[WV

ORNR  XGDSGL 7KH WHUPV LQ WKH 7*6 FRXOG ZHOO EH LQVSLUHG E\ VXFK FDQRQLFDO SDVVDJHV RU WKHLU
FRXQWHUSDUWV LQ WKH 6DQVNULW $ FODVVLILFDWLRQ RI WKH GLIIHUHQW YLVLRQV FDNuXV LV JLYHQ LQ
/
9II ,Q WKH
LWVHOI RQO\ WKH GLY\D EXGGKD DQG WDWKJDWDFDNuXV DUH PHQWLRQHG 7KHVH
VXSHUQDWXUDO H\HV HQDEOH WR SHUFHLYH WKH EXGGKDQDWXUH ZLWKLQ VHQWLHQW EHLQJV RU LQ FDVH RI WKH

0338

7*6

GLYLQLW\ DQG WKH SHUVRQ ZLWK GLYLQH YLVLRQ LW OHDGV WR WKH SHUFHSWLRQ RI WKH SUHFLRXV VXEVWDQFH
KLGGHQ LQ LQIHULRU PDWHULDOV

6URJ FKDJV VX J\XU SD 6NW SUDNDMWD 09\  SUDEKWD 09\  SUL
MWD FI DOVR Q  IRU MWD DW WKH HQG RI D FRPSRXQG WKH S: VKRZV o$OOHV ZDV s KHLVVW LUJHQG

HLQ s DOOHUKDQG sp 7KH ZKROH WHUP VHPV FDQ VURJ FKDJV VX J\XU SD 6NW VDWWY SULMW
FRXOG WKXV EH WUDQVODWHG DV oVHQWLHQW EHLQJV >LH@ DOO WKDW OLYHVp RU oOLYLQJ EHLQJV RI DOO NLQGV RI

OLIHp 3ULMW HPSKDVL]HV WKH LQFOXVLRQ RI DOO GLIIHUHQW NLQGV RI OLIH VLPLODU WR 0I  VULG

SDnL nJUR ED WKDPV FDG

ZKLFK GHVLJQDWHV DOO GLIIHUHQW VWDWHV RI H[LVWHQFHV )RU WKH GLVFXVVLRQ RI

3OL SD VHH 6FKPLWKDXVHQ  ZKHUH WKH VSHFLILF PHDQLQJ RI SD oDQLPDOVp LV QRWHG S 
$QLPDOV DUH H[SOLFLWO\ VDLG WR KDYH EXGGKDQDWXUH LQ %r 6XSSRVLQJ DV DQRWKHU SRVVLELOLW\
VDWWY SUDEKW DV WKH XQGHUO\LQJ 6NW 6FKPLWKDXVHQ  I SRLQWV RXW o  mSDn LV ERWK

LQ %XGGKLVW DQG -DLQD VRXUFHV DOVR XVHG LQ D ZD\ ZKLFK VXJJHVWV F R P S U H K H Q V L Y H Q H V V  HJ LQ

SKUDVHV OLNH mDOO

VDWWDV SDV EKWDVn  RULJLQDOO\ LQ WKHVH SKUDVHV WKH WHUPV DUH XVHG DV TXDVL

V\QRQ\PV ZLWK D WHQGHQF\ WRZDUGV FRH[WHQVLYHQHVVp $OVR WKLV DQDO\VLV ZRXOG ILW ZHOO ZLWK WKH
VXSSRVHG IRFXV RQ DQLPDOV )RU

SUDEKWD

VHH 1RUPDQ  I

 

&K

&K





HQFDVHG LQ P\ULDGV RI GHILOHPHQWV >VXFK DV@ GHVLUH UJD DQJHU GYHuD


PLVJXLGHGQHVV PRKD ORQJLQJ Wu DQG LJQRUDQFH DYLG\

$QG VRQV RI JRRG IDPLO\ >KH@ SHUFHLYHV WKDW LQVLGH VHQWLHQW EHLQJV
HQFDVHG LQ GHILOHPHQWV VLW PDQ\ WDWKJDWDV FURVVOHJJHG DQG  PRWLRQOHVV
HQGRZHG OLNH P\VHOI ZLWK D >WDWKJDWDnV@ NQRZOHGJH DQG YLVLRQ $QG >WKH
7DWKJDWD@ KDYLQJ SHUFHLYHG LQVLGH WKRVH >VHQWLHQW EHLQJV@ GHILOHG E\ DOO

GHILOHPHQWV
WKH

WUXH

QDWXUH

RI

WDWKJDWD

WDWKJDWDGKDUPDW

%\H ED SKUDJ nEXP NRwDWDVDKDVUD DUH OLWHUDOO\ oD KXQGUHG WKRXVDQG RI WHQPLOOLRQVp 7KH
WHUPLQRORJ\ VKLIWV KHUH IURP NRQL\XWDwDWDVDKDVUD ' WLOO . WR NRwDWDVDKDVUD



1\RQ PRQJV 6NW NOHwD 3 NLOHVD 0\ UHQGHULQJ oGHILOHPHQWVp FRUUHVSRQGV ZLWK WKH

VHPDQWLF RI NLOHVD

LQ WKH 3OL &DQRQ WKHUH PRVWO\ XSDNNLOHVD 2ULJLQDWLQJ IURP WKLV NLOHVD FDQ
DOVR KDYH WKH PHDQLQJ oZLFNHGQHVV GHVLUH HWFp )XUWKHUPRUH EDVHG RQ WKH WKHRULHV RI WKH
$EKLGKDUPD DQG RQ WKH LQIOXHQFH RI VWDQGDUG 6NW NOHwD LV XQGHUVWRRG DV oVXIIHULQJ SDLQLQJp
6FKPLWKDXVHQ E I $V WKH HQXPHUDWLRQ VKRZV NOHwDV FRPSULVH oZURQJ LQWHOOHFWXDO DV

ZHOO DV DIIHFWLYH DWWLWXGHVp

 ,Q WKH 7*6 HQXPHUDWLRQV RI NOHwDV DSSHDU LQ VL[ SDVVDJHV DPRQJ WKHP IRXU WLPHV WKH VDPH

HQXPHUDWLRQ RI UJD GYHuD PRKD Wu DQG DYLG\ 0I $r $r %r % LV

UHGXFHG WR DYLG\ DQG RQO\ LQ %r ZH ILQG D GLIIHUHQW ORQJHU OLVW oUJD GYHuD PRKD PQD
PDGD PUDNuD NURGKD Y\SGD Uu\ PWVDU\D HWFp VHH Q   7KH ILUVW PHPEHUV RI WKH OLVW
QDPHO\ UJD RU OREKD GYHuD RU SUDWLJKD DQG PRKD FRQVWLWXWH WKH FRPPRQ JURXS RI WKH WKUHH

DNXwDODPOD ,Q <%K II WKH\ DUH VXEVXPHG DPRQJ WKH JURXS RI WKH WKUHH EDQGKDQDV DQG
XSDNOHwDV ZKLFK DUH VDLG WR EH V\QRQ\PRXV WHUPV SDU\\D IRU NOHwDV <%K II
7u DQG DYLG\ PDLQWDLQ DOVR D FHQWUDO SRVLWLRQ DPRQJ WKH NOHwDV $YLG\ IRUPV WKH GHSDUWXUH

WKH WKUHH

SRLQW LQ WKH
WKH

SUDWW\DVDPXWSGD DQG LV WKH EDVLV RI WKH IRXU YLSDU\VDV $OVR Wu LV D PHPEHU RI

SUDWW\DVDPXWSGD

%HLQJ

GLYLGHG

LQWR

NPDWu

EKDYDWu

DQG

YLEKDYDWu Wu

FRQVWLWXWHV WKH PDLQ IDFWRU IRU EHLQJ ERUQ LQ WKH VDVUD &K VKRZV RQO\ WKH ILUVW WKUHH NOHwDV
 GYHuD   DQG PRKD   ,W GRHV QRW PHQWLRQ WKDW VHQWLHQW EHLQJV DUH HQFDVHG QRU
UJD 
GRHV LW VD\ DQ\WKLQJ DERXW WKH QXPEHU RI WKH NOHwDV

7KH FRQVWUXFWLRQ Q\RQ PRQJV SD  J\L VEXEV VX J\XU SD 0 DQG VLPLODU 0 GHVHUYHV
DWWHQWLRQ 7KH SKUDVH Q\RQ PRQJV SDnL VEXEV NOHwDNRwD VKRXOG EH LQWHUSUHWHG DV D NDUPDGKUD\D


oVKHDWKV WKDW DUH GHILOHPHQWVp 7KH 6NW LQ 0r FRXOG KDYH EHHQ UJDGYHuDPRKD

WuYLG\NOHwDNRwDNRwDWDVDKDVUDJDWQ VDUYDVDWWYQ SUDEKWQ  YLORN\D *\XU SD FRXOG

KHUH UHSUHVHQW 6NW JDWD LQ WKH VHQVH RI oJRQH WR >DQG WKXV EHLQJ LQ@p

%WK GRHV QRW PHQWLRQ WKDW WKH WDWKJDWDV DUH DOVR HQGRZHG ZLWK WKH 7DWKJDWDnV YLVLRQ &K

WUDQVODWHV WKH WZR VHQWHQFHV DERYH DV IROORZV p,Q WKH VDPH ZD\ VRQV RI JRRG >IDPLO\@ , VHH ZLWK

P\ EXGGKDYLVLRQ WKDW LQVLGH WKH GHILOHPHQWV  RI DOO OLYLQJ EHLQJV LV WKH NQRZOHGJH YLVLRQ DQG
ERG\ RI D WDWKJDWD VLWWLQJ FURVVOHJJHG GLJQLILHG DQG PRWLRQOHVVp &K DYRLGV WKH UHSHDWHG
PHQWLRQLQJ RI WKH IDFW WKDW OLYLQJ EHLQJV DUH HQFDVHG LQ GHILOHPHQWV DOVR &K DYRLGV WKLV 7KH

DGGUHVV NXODSXWU WKDW LV VHSDUDWLQJ WKH WZR VHQWHQFHV LQ WKH 7LEHWDQ DSSHDUV LQ &K RQO\ DW WKH
EHJLQQLQJ RI WKH IROORZLQJ VHFWLRQ ,Q LWV FRQWHQWV &K GLIIHUV IURP WKH RWKHU YHUVLRQV LQ VWDWLQJ
WKDW QRW OLYLQJ EHLQJV WKHPVHOYHV EXW WKH WDWKJDWDV ZLWKLQ DUH HQFDVHG LQ GHILOHPHQWV 7KLV
UHODWLRQ EHWZHHQ OLYLQJ EHLQJV EXGGKD ZLWKLQ DQG GHILOHPHQWV VHHPV WR FRUUHVSRQG FRUUHFWO\ WR WKH
DQDORJ\ RI WKH WDWKJDWDV LQVLGH WKH ORWXVHV  OLYLQJ EHLQJV KLGGHQ E\ WKHLU SHWDOV  GHILOHPHQWV

&K o,Q WKH YHU\ VDPH ZD\ VRQV RI JRRG >IDPLO\@ WKH 7DWKJDWD +RQRXUDEOH 2QH DQG 3HUIHFWO\

$ZDNHQHG 2QH SHUFHLYHV ZLWK WKH NQRZOHGJHUDGLDWLQJ YLVLRQ SHFXOLDU WR WKH %XGGKD WKH
GHILOHPHQWV  RI DOO VHQWLHQW EHLQJV >$QG KH SHUFHLYHV WKDW@ LQ WKH ZRPEV RI WKRVH VRQV DQG
GDXJKWHUV RI JRRG >IDPLO\@ ZKR KDYH VXQN GHHSO\ LQWR GHILOHPHQWV WKHUH DUH P\ULDGV RI EXGGKDV
DOO OLNH P\VHOI >+H SHUFHLYHV ZLWK@ D WDWKJDWDnV NQRZOHGJH >DQG@ YLVLRQ WKDW WKH\ DOO KDYH WKH
 >WKH EXGGKDV ZLWKLQ@ VLWWLQJ FURVVOHJJHG TXLHW DQG
QDWXUH RI WKH EXGGKDTXDOLWLHV 
PRWLRQOHVVp &K
7LE %WK
&K ZKLFK DWWULEXWH WKH NQRZOHGJH DQG YLVLRQ
RI D WDWKJDWD LQ WKLV ODVW SDUW WR WKH WDWKJDWDV ZLWKLQ LV PRUH FRQYLQFLQJ DV LW DYRLGV WKH RWKHUZLVH
UHSHWLWLYH
SDWWHUQ

LV QRW HQWLUHO\ FOHDU EXW VHHPV WR LQWHUSUHW WKH ODVW SDUW RI WKH SDVVDJH DV DQ

LQGHSHQGHQW VWDWHPHQW 7KH UHDGLQJ RI

DQG

7KH XQGHUO\LQJ 6NW LV SUREDEO\ D EDKXYUKL OLNH VDUYDNOHwDNOLuHuX

VDWWYHuX :LWK J\XU SD 7LE VWUHVVHV WKH SHUIHFWLYH DVSHFW RI NOLuD


&K

&K



WR D QRW PHQWLRQHG

24

WLRQOHVV DQG XQDIIHFWHG E\ DQ\ RI WKH VWDWHV RI H[LVWHQFH





WKHQ VD\V

m7KRVH WDWKJDWDV DUH MXVW OLNH PHn

6RQV RI JRRG IDPLO\ LQ WKLV ZD\ D WDWKJDWDnV YLVLRQ LV DGPLUDEOH

>EHFDXVH@ ZLWK LW >KH@ SHUFHLYHV WKDW DOO VHQWLHQW EHLQJV FRQWDLQ D WDWKJDWD



WDWKJDWDJDUEKDp

> 7KH VLPLOH RI D WDWKJDWD LQ D ORWXV@

>$@

o6RQV RI JRRG IDPLO\ LW LV OLNH WKH H[DPSOH RI D SHUVRQ HQGRZHG ZLWK GLYLQH
YLVLRQ >ZKR@ ZRXOG >XVH WKLV@ GLYLQH YLVLRQ WR ORRN DW VXFK XQVLJKWO\ DQG
SXWULG ORWXVHV QRW EORRPLQJ DQG QRW RSHQ DQG ZRXOG >RZLQJ WR KLV YLVLRQ@
UHFRJQL]H WKDW WKHUH DUH WDWKJDWDV VLWWLQJ FURVVOHJJHG LQ WKHLU FHQWHU LQ WKH
FDO\[ RI >HDFK@ ORWXV DQG >NQRZLQJ WKDW KH@ ZRXOG WKHQ GHVLUH WR ORRN DW WKH

IRUPV RI WKH WDWKJDWDV >KH ZRXOG@ WKHQ SHHO DZD\ DQG UHPRYH WKH


6ULG SDnL nJUR ED 6NW EKDYDJDWL JHQHUDOO\  WKH KHOOV  DQLPDOV  5709,V PDQHV RU
KXQJU\ JKRVWV  KXPDQV DQG  JRGV VHH $.%K ,,,DE DQG FRPPHQWDU\  II ,Q VRPH
WH[WV DOVR  ,8:7,V oGHPRQVp DUH LQFOXGHG

,QVWHDG RI 21+ GDQJ nGUDnR 0I %WK KDV FG D\JKP IUJGIU RC GH GDQJ nGUDnR DOVR &K

 7KH SDVVDJH LQ &K o6RQV RI JRRG >IDPLO\@ WKRXJK VWD\LQJ LQ DOO VWDWHV RI H[LVWHQFH 
 >ZKLFK
DOO OLYLQJ EHLQJV KDYH LQVLGH >WKHLU@ GHILOHG ERGLHV WKH VWRUH RI D WDWKJDWD 


LV@

FRQVWDQW XQVSRLOHG DQG HQGRZHG ZLWK >DOO@ TXDOLWLHVsMXVW OLNH PH QRW GLIIHUHQWp $ WUDQVODWLRQ IRU
WDWKJDWDJDUEKD

PLVVLQJ LQ

DSSHDUV LQ WKH 7LEHWDQ YHUVLRQV DQG LQ &K RQO\ LQ WKH IROORZLQJ VHQWHQFH WKDW LV

&K &K 

 o >DQG KH SHUFHLYHV@ WKH

VWRUH RI WKH TXDOLWLHV RI D WDWKJDWD >ZKLFK LV@ RULJLQDOO\ PRWLRQOHVV >DQG@ FDQQRW EH VSRLOW E\ DQ\
LV QRW FRPPRQ 2QH ZRXOG UDWKHU H[SHFW

VWDWH RI H[LVWHQFHp $ SDVVLYH FRQVWUXFWLRQ ZLWK

WKH VHTXHQFH

 %DVHG RQ WKH WH[W DV LW LV WKH SKUDVH

VKRXOG EH XQGHUVWRRG

DV o FDQQRW EH VSRLOW E\ ZURQJ YLHZV GuL >DERXWLQ@ DQ\ RI WKH VWDWHV RI H[LVWHQFHp RU DV D

/;,3/;, o FDQQRW EH VSRLOW E\ DQ\ RI WKH VWDWHV RI H[LVWHQFH ,3/ ZURQJ YLHZVp

7KH ODVW VHQWHQFH LV PLVVLQJ LQ &K &K DSSUR[LPDWHO\ FRUUHVSRQGV ZLWK WKH VHFRQG SDUW RI
 o6RQV RI JRRG >IDPLO\@ LQ WKH
WKH VHQWHQFH 
VDPH ZD\ WKH 7DWKJDWD SHUFHLYHV ZLWK >KLV@ YLVLRQ RI EXGGKDNQRZOHGJH WKDW DOO VHQWLHQW EHLQJV
DUH VWRUHV RI D WDWKJDWDp 7KH 7LEHWDQ WH[W JLYHV ULVH WR FHUWDLQ GRXEWV 7KH DGMHFWLYH PG]HV SD


%WK E]DQJ SR

 IRU 6NW

SUVGLND
&K $OVR WKH SKUDVH VHPV

LQ RUGHU WR GHVFULEH WKH 7DWKJDWDnV YLVLRQ LV QRW FRPPRQ DW DOO

DQG GRHV QRW DSSHDU LQ

FDQ WKDPV FDG VDUYDVDWWY ZLWKRXW DQ\

GHPRQVWUDWLYH SURQRXQ LV VXUSULVLQJ ,Q DOO RWKHU FDVHV RI VXPPDUL]LQJ VWDWHPHQWV ZKLFK UHSHDW WKH
EHIRUHVDLG LQ VLPSOH ZRUGV VHH %r   WKH GHPRQVWUDWLYH SURQRXQ nGL DFFRPSDQLHV

oOLYLQJ EHLQJVp


 :LWK $ WKH ILUVW RI WKH QLQH VLPLOHV VWDUWV ZLWK WKH LQWURGXFWRU\ IRUPXOD FRPPRQ WR DOO

WKH VLPLOHV ,Q FRQWUDVW WR WKH FKDSWHUV EHIRUH LQ $ D VXSHUQDWXUDO YLVLRQ LV QHFHVVDU\ LQ RUGHU WR

JQL]H WKH WDWKJDWDV LQ WKH ORWXVHV 7KH IORZHUV DUH GHVFULEHG DV EHLQJ FORVHG 7KHVH WZR SRLQWV

UHFR

IRUP DQ LQFRQVLVWHQF\ WR WKH FKDSWHUV EHIRUH ,Q * ODVW SDVVDJH WKH IORZHUV DUH VDLG WR KDYH
RSHQHG DQG WKHUH LV QR UHPDUN LQ WKH IROORZLQJ FKDSWHUV VXJJHVWLQJ WKDW WKH\ EHFDPH FORVHG DJDLQ
7KH EXGGKDV ZLWKLQ WKH IORZHUV DUH GHVFULEHG DV EHLQJ VHHQ HYHU\ZKHUH 1R UHIHUHQFH WR D
VXSHUQDWXUDO YLVLRQ LV PDGH )RU WKH PHDQLQJ RI WKHVH LQFRQVLVWHQFLHV UHJDUGLQJ WKH WH[WXDO KLVWRU\
RI WKH

7*6 VHH VHFWLRQ $  LQ SDUW ,

%WK DQG &K WKH VXSHUQDWXUDO

 ,Q

&K FRPELQHV LWV VHFRQG

&K GHVFULEHV WKH ORWXVHV DV QRW

YLVLRQ RQO\ DSSHDUV RQFH

DSSHDUDQFH ZLWK WKH UHFRJQL]LQJ RI WKH WDWKJDWDV LQ WKH IORZHUV

 E
 DQG GRHV QRW VSHDN RI WKH GHVLUH WR ORRN DW WKH EXGGKDV
\HW EORRPLQJ 
,QVWHDG LW LV VDLG WKDW WKH SHUVRQ GLUHFWO\ VHHV WKHP &K GHVFULEHV WKH ORWXVHV YLYLGO\ DV oZUDSSLQJ
DQG ERWKHULQJ >WKH WDWKJDWDV@p ZLWK WKHLU SHWDOV 
 ,QVWHDG RI WKH WDWKJDWD
14728

&K VSHDNV RI WKH oWUXH HVVHQFHWUXH FRPSRVHG ERG\ RI D EXGGKDp 

  VY

WnL

%WK

 VHH 8QJHU

FRQWLQXHV KHUH DQG LQ WKH IROORZLQJ SDVVDJH WR VSHDN RI WKH oERGLHVp

E]KXJV QD QL  GH E]KLQ Q\LG

PWKRQJ ]KLQJ VKHV  147  VN\LO PR NUXQJ EFDV VKLQJ nGXJ SDU ULJ , DP QRW VXUH ZKHWKHU
VNX IRU N\D" RI WKH WDWKJDWDV DQG RPLWV WKH SDU\DND SRVLWLRQ 

 

XQVLJKWO\ SXWULG DQG GLVJXVWLQJ ORWXV SHWDOV LQ RUGHU WR WKRURXJKO\ FOHDQ

WKH IRUPV RI WKH WDWKJDWDV
,Q WKH VDPH ZD\ VRQV RI JRRG IDPLO\ ZLWK WKH YLVLRQ RI D EXGGKD WKH
7DWKJDWD DOVR SHUFHLYHV WKDW DOO VHQWLHQW EHLQJV FRQWDLQ D WDWKJDWD
WDWKJDWDJDUEKD DQG >WKHUHIRUH@ WHDFKHV WKH 'KDUPD >WR WKHP@ LQ RUGHU WR
SHHO DZD\ WKH VKHDWKV RI WKRVH VHQWLHQW EHLQJV >HQFDVHG LQ VXFK@ GHILOHPHQWV

>DV@ GHVLUH DQJHU PLVJXLGHGQHVV ORQJLQJ DQG LJQRUDQFH

$QG DIWHU >WKRVH

VHQWLHQW EHLQJV@ KDYH UHDOL]HG WKH

>'KDUPD WKHLU@ WDWKJDWDV >LQVLGH@ DUH


HVWDEOLVKHG LQ WKH SHUIHFWLRQ >RI WKH WDWKJDWDV@p
>%@

o6RQV RI JRRG IDPLO\ WKH HVVHQWLDO ODZ GKDUPDW

RI WKH

GKDUPDV

LV WKLV

ZKHWKHU RU QRW WDWKJDWDV DSSHDU LQ WKH ZRUOG DOO WKHVH VHQWLHQW EHLQJV DW DOO

WLPHV FRQWDLQ D WDWKJDWD WDWKJDWDJDUEKD
LQ

&K DQG GH E]KLQ Q\LG  WDWKDW LQ %WK VKDUH D FRPPRQ FRXQWHUSDUW LQ WKH ,QGLDQ RULJLQDO ZKLFK

KDV QRW EHHQ WUDQVPLWWHG RU KDV EHHQ GURSSHG LQ

WDWKDLYD


7LE 'H E]KLQ Q\LG FRXOG RI FRXUVH DOVR UHQGHU

 7KH YHUE nE\HG SD 6NW EKLQDWWL oWR VSOLW WR EUHDNp UHPLQGV RQH RI WKH VLPLOH RI WKH

JUHDW FORWK RI WKH

7861 4 DrE 6 ErD FLWHG LQ 5*99 r 7KLV FORWK

RQ ZKLFK WKH ZKROH XQLYHUVH LV SDLQWHG KDV WKH VL]H RI DQ DWRP :KHQ WKLV DWRP LV VSOLW LW LV VDLG
 WDW SDUDPXUDMR DJKVVX  5*99 


 UGXO SKUD PR nGL NKD RJ[G UVG  > 6 nGL .+1 NKD@ 7861 4 D 6 E
 &K RQO\ PHQWLRQV WKH UHPRYDO RI WKH ZKROH ZLWKHUHG IORZHUV VR DOVR LQ D ZLWKRXW


DWWULEXWLQJ DQ\ RWKHU QHJDWLYH FKDUDFWHULVWLFV WR WKHP 
 o >DQG@ ZRXOG QHFHVVDULO\ UHPRYH WKH SXWULG XJO\ OHDYHVp

&K LV QRW H[SUHVVLYH RI ILQDOLW\ 

WKH WDWKJDWDV@p &K 




&K

 o >DQG KH@ WKHQ DWWDLQV WKH PDQLIHVWDWLRQ >RI

o LQ RUGHU WR DOORZ WKH EXGGKD IRUPV WR DSSHDUp

7KH VHFRQG KDOI RI WKH VHQWHQFH DQG WKH IROORZLQJ SDVVDJH LQ &K


o >WKH %XGGKD@ ZDQWV WKHP WR GLVFORVH >WKHLU WUXH QDWXUH DQG

WKHUHIRUH@ WHDFKHV WKH 'KDUPD IRU >WKHP LQ WKH IRUP RI@ VWUDV GHVWUR\V >WKHLU@ GHILOHPHQWV DQG

PDQLIHVWV >WKHLU@ EXGGKDQDWXUHp ,Q WKH ILUVW SDUW RI WKH SDVVDJH WKH VXSHUQDWXUDO YLVLRQ LV QRW
PHQWLRQHG&K PRUH RU OHVV DJUHHV ZLWK WKH 7LEHWDQ YHUVLRQV ,QVWHDG RI oWR SHHO DZD\p LW KDV
oWR GLVSHOp WKH FRQVWUXFWLRQ ZLWK
RQH ZRXOG H[SHFW




WR H[SUHVV ILQDOLW\ LV QRW FRPPRQ DQG LQVWHDG RI

7KH WH[W DV LW LV SUHVHUYHG LQ 7LE GRHV QRW PDNH VHQVH %WK VHHPV WR VKRZ WKH EHWWHU UHDGLQJ
JDQJ QDQ WDQ E\HG SD QL GH E]KLQ JVKHJV SD \RQJVX GDJ SDU JQDV VR  o>+H@ ZKR SUDFWLFHV >WKLV
'KDUPD KLV@ WDWKJDWD >ZLWKLQ@ LV HVWDEOLVKHG LQ SXULW\p RU o>+H@ ZKR SUDFWLFHV >WKLV 'KDUPD@ LV

\DQJ GDJ SD Q\LG GX

\RQJVX GDJ SDU %WK SDULwXGGKD RU GGKL LV SDUWO\ WR H[SODLQ DV D
JUDSKLF YDULDQW \DQJ GDJ SD ! \RQJV VX GDJ SD LQ WKH 7LEHWDQ 7KH DGGLWLRQ RI Q\LG FRXOG ZHOO EH
HVWDEOLVKHG LQ WKH SXULW\ RI WKH WDWKJDWDVp 7KH GLIIHUHQFH LQ WKH UHDGLQJV
7LE  VDP\DNWYD DQG

WKH UHVXOW RI D UHYLVLRQ QRW EDVHG RQ WKH ,QGLDQ WH[W 7KDW WKH UHDGLQJ SDULwXGGKDGGKL VKRXOG

GHILQLWHO\ EH FRQVLGHUHG DV WKH RULJLQDO RQH LV SURYHG E\ &K 

 7KH LUULWDWLQJ JHQLWLYH

SDnL LQ

7LE $ %WK SD QL FRXOG UHVXOW IURP D PLVWDNH LQ WKH 6NW PDQXVFULSW XVHG E\ WKH WUDQVODWRUV RI
7LE ZKLFK UHDG VDUYDVDWWY \DWSUDWLSDQQV WDWKJDW SDULwXGGKDX SUDWLuKLW LQVWHDG RI 
WDWKJDWDSDULwXGGKDX  7KH VXEMHFW RI WKH VHQWHQFH LV DOVR PLVVLQJ LQ &K

o%HFDXVH >VHQWLHQW EHLQJV@ OLVWHQ WR WKH 'KDUPD >WKH\@ DFFRUGLQJO\

SUDFWLFH LQ WKH ULJKW ZD\ DQG WKHQ JDLQ WKH SXUH UHDO HVVHQFH RI D WDWKJDWDp ,Q &K WKH ODVW VHQWHQFH
LV

FRQGHQVHG WR WKH VWDWHPHQW WKDW WKH 7DWKJDWD PDQLIHVWV WKH EXGGKDQDWXUH RI OLYLQJ EHLQJV


7*6 FLWHG ZRUG E\ ZRUG LQ WKH 5*99 r

Hu NXODSXWUD GKDUP GKDUPDW  XWSGG Y WDWKJDWQP DQXWSGG Y
VDGDLYDLWH VDWWYV WDWKJDWDJDUEK LWL 

7KLV LV RQH RI WKH WZR SDVVDJHV RI WKH

7KH 6NW LV LQ QHDUO\ SHUIHFW DFFRUGDQFH ZLWK 7LE , ZDV QRW DEOH WR FKHFN WKH 6NW PDQXVFULSWV LQ
RUGHU WR YHULI\ WKH YRFDWLYH VLQJXODU UHDGLQJ NXODSXWUD 7KH VLQJXODU ULJV N\L EX LV RQO\ IRXQG LQ 3
DQG %WK &RPSDUHG WR WKH SDVVDJH LQ %WK WKHUH DUH VHYHUDO SRLQWV VXJJHVWLQJ WKDW %WK LV WKH OHVV


6RQV RI JRRG IDPLO\ LQ YLHZ RI >WKLV IDFW DQG@ EHFDXVH >VHQWLHQW

EHLQJV@ DUH HQFDVHG LQ WKH GLVJXVWLQJ VKHDWKV RI GHILOHPHQWV WKH 7DWKJDWD
WKH +RQRUDEOH 2QH DQG 3HUIHFWO\ $ZDNHQHG 2QH WHDFKHV WKH 'KDUPD WR
ERGKLVDWWYDV DQG DOVR OHDGV >WKHP@ WR SXW IDLWK LQ WKLV >UHYHODWRU\@ DFWLYLW\ LQ
RUGHU WR GHVWUR\ WKHLU VKHDWKV RI GHILOHPHQWV DQG >WKHUHE\@ DOVR FRPSOHWHO\
SXULI\ WKH WDWKJDWDNQRZOHGJH WDWKJDWDMQD >FRQWDLQHG ZLWKLQ@ :KHQ
\DG LQ WKLV >FRQQHFWLRQ@ WKH ERGKLVDWWYDPDKVDWWYDV >ZKR@ DVVLGXRXVO\

DSSO\ >WKHPVHOYHV@ DEKL\XM\DWH WR WKHVH 'KDUPDV KDYH FRPSOHWHO\ EHFRPH


IUHH IURP DOO GHILOHPHQWV DQG LPSXULWLHV
WKHQ WDG >WKH\@ ZLOO EH

IDLWKIXO WUDQVODWLRQ ULJV N\L EX FKRV UQDV N\L FKRV Q\LG GH E]KLQ WH  GH E]KLQ JVKHJV SD E\XQJ

QJDP  GH E]KLQ JVKHJV SD PD E\XQJ \DQJ VHV FDQ GH GDJ WKDV FDG QL GH E]KLQ JVKHJV SDnL

&RQFHUQLQJ %WK DW WKH EHJLQQLQJ WKHUH LV QR HTXLYDOHQW IRU 6NW Hu ,QVWHDG %WK
VHHPV WR KDYH UHDG HYDP GH E]KLQ 5HJDUGLQJ VDGDLYDLWH VDWWYV %WK UHDGV VHPV FDQ GH GDJ
VQ\LQJ SRnR 

WKDV FDG ZKLFK FRUUHVSRQGV WR 6NW VD6:/ WH VDWWYV &K

 o6RQV RI JRRG >IDPLO\@ WKH GKDUPDW 

oHVVHQWLDO ODZp RI DOO EXGGKDV >LV WKLV@ ZKHWKHU RU QRW EXGGKDV DSSHDU LQ WKH ZRUOG >LQ@ DOO OLYLQJ

EHLQJV WKH VWRUH RI D WDWKJDWD LV DW DOO WLPHV SUHVHQW ZLWKRXW FKDQJHp



&K

o6RQV RI JRRG >IDPLO\@ ZKHWKHU RU

QRW WKH WDWKJDWDV DSSHDU LQ WKH ZRUOG >WKLV LV@ WKH GKDUPDW

 WKH

GKDUPDGKWX

Zp WKH VWRUH RI D WDWKJDWD >LQ@ DOO VHQWLHQW EHLQJV UHPDLQV HWHUQDOO\ ZLWKRXW FKDQJHp

oHVVHQWLDO OD

)RU GKDUPDGKWX DV D V\QRQ\P IRU GKDUPDW VHH 6FKPLWKDXVHQ D II 7KH ILUVW SDUW RI WKH

SDVVDJH LV D ZHOONQRZQ IRUPXOD XVXDOO\ DVVRFLDWHG ZLWK WKH ODZ RI SUDWW\DVDPXWSGD DQG DOUHDG\
DWWHVWHG IRU WKH 3OL &DQRQ IRU IXUWKHU UHIHUHQFHV DQG SDVVDJHV LQ 0DK\QD VXWUDV VHH 6H\IRUW

5XHJJ  I

XSSG Y WDWKJDWQDP DQXSSG Y

WDWKJDWQD KLW YD V GKWX GKDPPDKLWDW GKDPPDQL\PDW LGDSSDFFD\DW 

MWLSDFFD\ EKLNNKDYH MDUPDUDDP 


>

HGLWLRQ ZLWKRXW GDD  HGLWLRQ KDV @ 61 ,,

7KH WHUP GKWX LV LQ ODWHU WH[WV UHSODFHG E\ WKH WHUP GKDUPDW VHH 6FKPLWKDXVHQ D I

7*6 KRZHYHU DVVRFLDWHV WKLV WUDGLWLRQDO LQWURGXFWLRQ ZLWK WKH PHVVDJH WKDW DOO OLYLQJ EHLQJV
KDYH EXGGKDQDWXUH DQG WKXV FKDUDFWHUL]HV WKLV GRFWULQH DV PRVW FHQWUDO 6HH DOVR =LPPHUPDQQ
 I DQG  IRU ZKDW , ZRXOG FDOO DQ LQGLUHFW UHIHUHQFH WR WKH IRUPXOD ZLWKLQ WKH 63

 7KH SDVVDJH LQ &K
7KH

o%XW EHFDXVH WKRVH OLYLQJ EHLQJV DUH FRYHUHG E\ GHILOHPHQWV WKH 7DWKJDWD DSSHDUV LQ WKH

ZRUOG DQG H[WHQVLYHO\ WHDFKHV WKH 'KDUPD IRU >WKHP +H@ GHVWUR\V >WKHLU@ LPSXULWLHV DQG SXULILHV
>WKHLU@ NQRZOHGJH RI DOO >PDWWHUV@p 7KH VWDWHPHQW SHUWDLQLQJ WR IDLWK LV FRQQHFWHG ZLWK WKH
IROORZLQJ SDVVDJH DQG WUDQVODWHG EHORZ ,Q %WK WKH SDUW FRQFHUQLQJ IDLWK LV QRW IRXQG DW DOO

 , WU\ WR UHQGHU DGKLPXF\DWH PRV SD ZLWK oWR SXW IDLWKp )RU DQ H[WHQVLYH GLVFXVVLRQ RI WKLV
WHUP VHH 6FKPLWKDXVHQ  I ZKHUH WKH PHDQLQJV oLQWHOOHNWXHOOHV )HVWKDOWHQ RGHU
EHU]HXJWVHLQ  *HIDOOHQKDEHQ  1HLJXQJ  :QVFKHQ RGHU :ROOHQp DUH JLYHQ 7KH 7*6 XVHV
PRV SD  DGKLPXF\DWH LQ WKUHH IXUWKHU SDVVDJHV %  FKRV N\L JWHU FKHQ SR GH OD PRV QDV
%

 QJDV EVWDQ SD OD PRV J\XU SD  D DV ZHOO DV LQ WKH FRUUHVSRQGLQJ YHUVH F ,Q DOO

248 5, UHIHUV WR IDLWK LQ WKH WHDFKLQJ $OVR WKH &KLQHVH YHUVLRQV PDNH LW KDUG WR EHOLHYH WKDW

7LE ZKLFK VSHDNV RI IDLWK LQ WKH DFWLYLW\ FRXOG EH EDVHG RQ WKH 6NW WH[W ,Q &K DGKLPXNWL 
FDVHV

FOHDUO\ UHIHUV WR WKH 'KDUPD &K RQ WKH RWKHU KDQG H[SUHVVHV D GLIIHUHQW LGHD

 o7KH 7DWKJDWD  SHUIRUPV VXFK WDVNV >DV WR@ OHDG WKHP 
VHQWLHQW EHLQJV WR
IDLWKp


%WK GRHV QRW KDYH DQ\ FRUUHVSRQGHQFH

1\H EDnL Q\RQ PRQJV SD

XSDNOHwD
ERWK

 6NW

XSDNOHwD

LQ HDUO\ 0DK\QD WH[WV VHH HJ

NOHwD

DQG

WKHUH LV QR FOHDU GLVWLQFWLRQ EHWZHHQ

<%K

II $OVR LQ WKH

7*6

NOHwD

DQG

WKH PHQWLRQLQJ RI

XSDNOHwD KDV D SXUHO\ H[WHQGLQJ FKDUDFWHU ,Q WKH YHUVH VHFWLRQ FRQVLGHUDWLRQV

PHWUL FDXVD FRXOG KDYH EHHQ GHFLVLYH &RQVHTXHQWO\ , KDYH FKRVHQ WKH PRUH JHQHUDO WUDQVODWLRQ RI

oLPSXULWLHVp LQVWHDG RI DGRSWLQJ DQ DEKLGKDUPLF WHFKQLFDODQDO\WLFDO UHQGHULQJ VXFK DV HJ oVLGH

GHILOHPHQWVp RU oVXEGHILOHPHQWVp VHH $.9\ II ZLWK P\ RZQ SXQFWXDWLRQ WD XSDNOHw

eveti NOHwDVDPSDUS  NOHwR Y VDPSDYDUW\ HuP LWL NOHwDSUDYWW\DQXYWWHU  DSDULSUD

o

NOHwDODNuDDWYF F SDNOHw 



GHVLJQDWHG mWDWKJDWD KRQRUDEOH RQH DQG SHUIHFWO\ DZDNHQHG RQHn DQG

>WKH\@ ZLOO DOVR SHUIRUP DOO WKH WDVNV RI D WDWKJDWDp
>&@

7KHQ DW WKDW WLPH WKH ([DOWHG 2QH XWWHUHG WKHVH YHUVHV

>@ o,W LV DV LI >WKHUH ZHUH@ D GLVJXVWLQJ ORWXV ZKRVH >XQVLJKWO\@ VKHDWK>OLNH@
SHWDOV ZHUH QRW RSHQHG RXW \HW >ZKRVH@ LQVLGH >FRQWDLQLQJ D@
WDWKJDWD ZHUH XQSROOXWHG >E\ WKH SHWDOV@ DQG D SHUVRQ ZLWK GLYLQH

YLVLRQ SHUFHLYHG >WKLV@p

>@

o,I WKLV >SHUVRQ@ SHHOHG DZD\ LWV SHWDOV LQ WKH FHQWHU WKH ERG\ RI D

YLFWRULRXV RQH ZRXOG DSSHDU DQG QR LPSXULW\ ZRXOG WKHQ DULVH DQ\
ORQJHU >IURP WKLV@ YLFWRULRXV RQH +H ZRXOG DSSHDU DV D YLFWRULRXV RQH

>LQ@ WKH ZKROH ZRUOGp

*UDQJV VX nJUR ED 6NW VDNK\ JDFFKDWLXSHWL KDV WKH PHDQLQJ RI oEHLQJ GHVLJQDWHG DVp
DV ZHOO DV oEHLQJ FRXQWHG DVp VHH 6FKPLWKDXVHQ D  Q  &K



7KH ODVW SDVVDJH LQ &K o6RQV RI JRRG >IDPLO\@ LI ERGKLVDWWYDV KDYH IDLWK DQG LQWHUHVW LQ WKLV
'KDUPD DQG SUDFWLFH ZLWK D PLQG H[FOXVLYHO\ >GHGLFDWHG WR LW@ WKHQ DWWDLQLQJ OLEHUDWLRQ >WKH\@
ZLOO EHFRPH SHUIHFWO\ DZDNHQHG JUDQWLQJ ZLGHO\ WKH DFWV RI D EXGGKD WR WKH ZRUOGp &K o>:KHQ
WKHVH ERGKLVDWWYDV@ DIWHU KDYLQJ JDLQHG IDLWK ULJLGO\ VWD\ ZLWK WKH 'KDUPD >WKH\@ ZLOO JDLQ


OLEHUDWLRQ IURP DOO GHILOHPHQWV DQG LPSXULWLHV $W H[DFWO\ WKDW WLPH >WKH\@ ZLOO DWWDLQ WKHLU GHVWLQ\

>DV@ WDWKJDWD KRQRXUDEOH RQH DQG SHUIHFWO\ DZDNHQHG RQH LQ >HDFK RI@ WKHLU ZRUOGV 7KH\ ZLOO
>WKHQ@ EH DEOH WR SHUIRUP WKH EXGGKDDFWV RI D WDWKJDWDp ,Q FRQWUDVW WR WKH 7LEHWDQ YHUVLRQV WKH
&KLQHVH WUDQVODWLRQV ERWK PHQWLRQ WKH ZRUOGV 

7LE




 7KH DWWULEXWH

7KH YHUVH LV H[WHQVLYHO\ GLVFXVVHG LQ $  RI SDUW ,

,Q &K WKH VKHDWKV DUH QRW PHQWLRQHG ,QVWHDG RI WKH QRW RSHQHG SHWDOV RI SGD E &K VSHDNV

RI WKH GLVJXVWLQJ ORWXV oZLWK LWV ZRPE>OLNH@ SHWDOV DQG VWDPHQp 



o9LFWRULRXV RQHp LV P\ WUDQVODWLRQ IRU UJ\DO ED 6NW MLQD DQRWKHU HSLWKHW RI D EXGGKD $V LV

WKH FDVH LQ WKH

OHDGHUp 
&K



PDKVDWWYD DSSHDUV DORQH LQ

63

WKH WHUP DSSHDUV H[FOXVLYHO\ LQ WKH YHUVHV

 DQYWDQ\DND

WDWKJDWDN\D
 7KH XVH RI WKH WHUP

VHH WKH SDUDOOHO YHUVH

XSDNOHwD

&K VSHDNV RI WKH oXQKLQGHUHG

5*9 ,  VXJDWD  DQYWR 

KHUH VXUSULVHV DV LQ WKH

7*6

LW LV D W\SLFDO HOHPHQW RI WKH

ZKLFK GHVFULEHV WKH VLWXDWLRQ IRU OLYLQJ EHLQJV +RZHYHU LW FDQ DOVR EH HPSOR\HG LQ D
PDWHULDO VHQVH DV WKH &3' GRFXPHQWV VY XSDNNLOHVD

XSDPH\D

 7KH 6NW RQ ZKLFK WKH 7LEHWDQ LQ F LV EDVHG FRXOG EH  QD VDEKDYH\X VHH %WK 
nE\XQJ VWH ,Q SGD G WKH 6NW FRXOG KDYH EHHQ VDEKDYDWL $ 7LEHWDQ HTXLYDOHQW IRU WKLV LV IRXQG
LQ %WK NXQ GX nE\XQJ ,Q 7LE KRZHYHU RQO\ nJ\XU LV IRXQG .XQ WX DSSHDUV EHIRUH VHSDUDWHG

IURP LW E\ VRPH V\OODEOHV DQG KDV WR EH LQWHJUDWHG GLIIHUHQWO\ LQWR WKH VHQWHQFH , DVVXPH WKDW DQ
RULJLQDO UHDGLQJ

NXQ WX nE\XQJ

WXUQHG HUURQHRXVO\ LQWR

NXQ WX nJ\XU ERWK DUH JUDSKLFDOO\ VLPLODU

YDULDH OHFWLRQHV IRU HDFK RWKHU 7KHQ LQ D UHGDFWLRQDO VWHS WKDW E\SDVVHG WKH 6DQVNULW
WKH XQFRPPRQ NXQ WX nJ\XU ZDV VHSDUDWHG LQWR NXQ WX DQG nJ\XU
 o,Q RUGHU WR FXW DZD\ WKH
 7KH VHFRQG KDOI RI WKH YHUVH LQ &K
GHILOHPHQWV WKH 9LFWRULRXV 2QH DSSHDUV >LQ@ WKH ZRUOGp RU o%HFDXVH WKH GHILOHPHQWV KDYH EHHQ FXW
DZD\ WKH YLFWRULRXV RQH >LQ WKH ORWXV@p 7KH VHFRQG DOWHUQDWLYH LV LQ DFFRUGDQFH ZLWK WKH 7LEHWDQ
DQG RIWHQ

,Q WKH ILUVW DOWHUQDWLYH WKH 9LFWRULRXV 2QH FDQQRW EH LQ WKH ORWXV EXW PDQLIHVWV KLPVHOI LQ WKH ZRUOG

 o>7KH ERG\ RI WKH WDWKJDWD@ ZRXOG

IURP DQRWKHU VSKHUH &K
QRW DQ\PRUH EHFRPH VSRLOW E\ GHILOHPHQWV DQG >WKDW WDWKJDWD@ ZRXOG WKHQ DZDNH SHUIHFWO\ LQ WKH
ZRUOGp



>@

>@

o,Q WKH VDPH ZD\ , DOVR VHH ERGLHV RI YLFWRULRXV RQHV SODFHG LQ WKH PLGVW
RI DOO OLYLQJ EHLQJV HQFDVHG LQ P\ULDGV RI GHILOHPHQWV >WKDW DUH@ MXVW

OLNH WKH GLVJXVWLQJ VKHDWKV RI D ORWXVp
o>$QG@ EHFDXVH , DOVR GHVLUH WR UHPRYH >WKH GHILOHPHQWV@ RI WKRVH

>VHQWLHQW EHLQJV ,@ DP FRQWLQXDOO\ WHDFKLQJ WKH 'KDUPD WR WKH ZLVH
WKLQNLQJ
m0D\ WKHVH VHQWLHQW EHLQJV EHFRPH DZDNHQHGn
>$QG ,@ SXULI\ >WKHLU@ GHILOHPHQWV VR WKDW >WKH\ PD\ EHFRPH@ YLFWRULRXV

RQHVp

>@

o0\ EXGGKDYLVLRQ LV OLNH WKDW >SHUVRQnV GLYLQH YLVLRQ@ ZLWK WKH >YLVLRQ
RI D EXGGKD ,@ VHH WKDW LQ DOO WKHVH VHQWLHQW EHLQJV WKH ERG\ RI D

YLFWRULRXV RQH LV HVWDEOLVKHG
DQG LQ RUGHU WR SXULI\ WKHP >,@ SUHDFK

WKH 'KDUPDp

%WK KDV VQ\LQJ SR LQVWHDG RI GN\LO LQ 7LE &K



 7KH ERGLHV RI WKH MLQDV

oZRQGHUIXO HVVHQFH RI D WDWKJDWDp ,QVWHDG RI

NRVDKDVUD

&K

&K
&K GRHV QRW PHQWLRQ WKH HQFDVLQJ EXW VSHDNV RI WKH UHPRYLQJ   RI WKH GHILOHPHQWV 7KH
DQDORJ\ LQ G RI &K  F LQ 7LE UXQV
 oGLVJXVWLQJ MXVW DV WKH ZLWKHUHG ORWXV
EORVVRPVp
&K

oP\ULDGVp

P.KDV SD UQDPV 701078 94



WKH ERGKLVDWWYDV DV EHFRPHV HYLGHQW WKURXJK LWV SDUDOOHO LQ WKH

r o:LVHp GRHV QRW DSSHDU LQ &K

SURVH %



,Q WKH VHFRQG KDOI RI WKH YHUVH

7LE

DQG

&K KDYH D WKRXJKW RI WKH %XGGKD 

 o7KH %XGGKD FRQWLQXDOO\ UHIOHFWV m$OO WKRVH VHQWLHQW EHLQJV GHVLUH WR

DFFRPSOLVK >WKHLU@ HVVHQFH RI D WDWKJDWDnp

%WK UHDGV FL OWDU LQVWHDG RI ]KHV DQG FRQVWUXFWV WKH

VWDWHPHQW DV WKH FRQVHTXHQFH RI WKH SXULI\LQJ DFWLYLW\ o VR WKDW FL

EHFRPH DZDNHQHGp 3GDV F DQG G LQ

&K

OWDU WKHVH OLYLQJ EHLQJV

o>,@ ZLGHO\ WHDFK WKH ULJKW

'KDUPD IRU >WKHP@ VR WKDW >WKH\@ TXLFNO\ DFFRPSOLVK WKH SDWK RI D EXGGKDp 3GD G RI 7LE 
%WK LV PLVVLQJ LQ &K


F LQ

 )RU WKH LQWURGXFWRU\ IRUPXOD LQ SGD D VHH WKH SDUDOOHO LQ YHUVH  SGD D

7KH WH[W RI 7LE LV GXELRXV 7KH LGHD WKDW oDOO WKHVH VHQWLHQW EHLQJV DUH HVWDEOLVKHG LQ WKH
ERG\ RI WKH 9LFWRULRXV 2QHp LV NQRZQ DV D ODWHU VWHS RI SKLORVRSKLFDO GHYHORSPHQW 6R IRU
H[DPSOH 5*9 , VWDWHV WKDW OLYLQJ EHLQJV DUH HQVKURXGHG DQG SHQHWUDWHG E\ WKH GKDUPDN\D


+RZHYHU QHLWKHU WKH FRQ

WH[W RI WKH ILUVW VLPLOH QRU WKH IROORZLQJ LOOXVWUDWLRQV RI WKH 7*6 DOORZ IRU
VXFK DQ XQGHUVWDQGLQJ DV H[SUHVVHG LQ 7LE 7KLV EHFRPHV HYHQ PRUH SODXVLEOH LI ZH FRPSDUH WKH
WZR SGDV ZLWK %WK ZKLFK VHHPV WR KDYH SUHVHUYHG WKH PHDQLQJ DV LQWHQGHG LQ WKH 6NW RULJLQDO

QJDnL VHV FDQ nGL GDJ NXQ PWKRQJ ED 

GH UX UJ\DO EDnL VNX \DQJ UDE WX JQDV


>:LWK@ P\ >VXSHUQDWXUDO YLVLRQ ,@ SHUFHLYH DOO WKHVH VHQWLHQW EHLQJV LQVLGH WKHP WKH ERG\ RI D

YLFWRULRXV RQH LV HVWDEOLVKHG  SUDWLuKLWD


>

RULJLQDOO\ SUREDEO\ QJD \LV o, >SHUFHLYH@ p ZKLFK EHFDPH QJD \L!QJDnL \LV ZRXOG FRQVWLWXWH WKH

QLQWK V\OODEOH IRU WKH FRUUHFW PHWHU@

0\ WUDQVODWLRQ DERYH LQ LWDOLFV LV EDVHG RQ WKLV $ SRVVLEOH DOWHUQDWLYH WR WKH VXJJHVWHG WUDQVODWLRQ
ZRXOG EH o WKDW DOO WKHVH VHQWLHQW EHLQJV DUH HVWDEOLVKHG DV D ERG\ RI D YLFWRULRXV RQH LH DV D
ERG\ FRQWDLQLQJ D EXGGKDp 6HH 7DNDVDNL   

 &K
 o WKDW >LQ@ WKH ERG\ RI DOO OLYLQJ
EHLQJV WKH VWRUH RI WKH EXGGKD LV HVWDEOLVKHG TXLHW >DQG@ KLGGHQp ,Q &K WKH VDPH VWDWHPHQW LV
DEEUHYLDWHG WR RQO\ D VLQJOH SGD 
 o >WKDW@ DOO VHQWLHQW EHLQJV DUH HVWDEOLVKHG
>LQ@ WKH SRVLWLRQ RI D EXGGKDp

7KH ODVW SGD LQ &K
 o>,@ WHDFK WKH 'KDUPD VR WKDW >WKH VWRUH RI D EXGGKD
ZLWKLQ@ LV GLVFORVHG DQG PDQLIHVWHGp 7KH ODVW WZR SGDV 41 &K o%HFDXVH RI WKLV >HVWDEOLVKPHQW RI
DOO VHQWLHQW EHLQJV LQ WKH SRVLWLRQ RI D EXGGKD@ , FRQWLQXRXVO\ WHDFK WKH ZRQGHUIXO 'KDUPD VR WKDW
>WKHVH VHQWLHQW EHLQJV@ PD\ DWWDLQ WKH WKUHH ERGLHV HQGRZHG ZLWK EXGGKDNQRZOHGJHp



> 7KH VLPLOH RI KRQH\ VKLHOGHG E\ EHHV@

>$@

o6RQV RI JRRG IDPLO\ DJDLQ LW LV DV LI WKHUH ZHUH IRU H[DPSOH D URXQG


KRQH\FRPE KDQJLQJ IURP WKH EUDQFK RI D WUHH VKLHOGHG RQ DOO VLGHV E\ D
KXQGUHG WKRXVDQG EHHV DQG ILOOHG ZLWK KRQH\ $QG D SHUVRQ GHVLULQJ KRQH\
>DQG NQRZLQJ RI WKH KRQH\ ZLWKLQ@ ZRXOG WKHQ ZLWK VNLOO >LQ WKH DSSOLFDWLRQ


RI DSSURSULDWH@ PHDQV H[SHO DOO WKH OLYLQJ EHLQJV WKH EHHV DQG WKHQ XVH

WKH KRQH\ >LQ WKH ZD\@ KRQH\ LV WR EH XVHG
,Q WKH VDPH ZD\ VRQV RI JRRG IDPLO\ DOO VHQWLHQW EHLQJV ZLWKRXW

H[FHSWLRQ DUH OLNH D KRQH\FRPE ZLWK D WDWKJDWDnV PHQWDO YLVLRQ >,@
UHDOL]H WKDW >WKHLU@ EXGGKDKRRG ZLWKLQ LV mVKLHOGHG RQ DOO VLGHVn E\ P\ULDGV

RI GHILOHPHQWV DQG LPSXULWLHV


.XQ WX VUXQJ ED 147 UDNuDWL 47 VDUDNuDWL ZKLFK GHVFULEHV WKH DFWLYLW\ RI WKH EHHV LQ WKH


7*6 KDV DQ RYHUDOO SRVLWLYH FRQQRWDWLRQ ,Q RSSRVLWH WR WKLV 5*9

LOOXVWUDWLRQ VKRZV

XSDJKD YWL

DQG

,r WDNLQJ XS WKLV

YWD 7KH FKRLFH RI WHUPLQRORJ\ LQ WKH 5*9 FRXOG EH

LQIOXHQFHG E\ LWV FRQYHQLHQW DSSOLFDELOLW\ WR WKH VHFRQG OHYHO RI WKH VLPLOH GHVLJQDWLQJ WKH
HQFDVLQJ IXQFWLRQ RI WKH

ZKHUHDV WKH

7*6

NOHwDV ,Q WKLV VHQVH WKH FKRLFH RI WKH WHUPLQRORJ\ LV PRUH VWDQGDUGL]HG

VWLOO XVHV WKH YRFDEXODU\ UHODWLQJ WR WKH IXQFWLRQ RI WKH EHHV QDPHO\ WKH

SURWHFWLRQ RI WKH FROOHFWHG KRQH\ 7KH 7*6

WKHUHE\ YLYLGO\ VWUHVVHV WKH ULVNV LQYROYHG IRU WKH

KRQH\ UREEHU



7KDEV OD PNKDV SD 6NW XS\DNDXwDO\D LQ WKH VRWHULRORJLFDO VSKHUH GHVLJQDWHV WKH DELOLW\

RI EXGGKDV DQG ERGKLVDWWYDV WR NQRZ DQG WR DSSO\ VWUDWDJHPV DSSURSULDWH WR WKH FKDUDFWHU RI OLYLQJ
EHLQJV DQG WKHLU VLWXDWLRQ LQ RUGHU WR OHDG WKHP WR DZDNHQLQJ +HUH WKH FKRLFH RI WKLV
FKDUDFWHULVWLF WHUP RQ WKH ILUVW OHYHO RI WKH LOOXVWUDWLRQ DOUHDG\ SDYHV WKH ZD\ IRU WKH GHVFULSWLRQ RI
WKH %XGGKDnV DFWLYLW\ DV LV VWDWHG H[SOLFLWO\ LQ G

&K

&K

7KH WHUP VURJ FKDJV N\L UQDP SD EXQJ ED %WK EXQJ ED VURJ FKDJVX J\XU SD > 147 -:8( 6NW
NuXGUDSUDNDMWD DSSHDUV SDUWO\ LQ WKH FRUUHVSRQGLQJ VHFWLRQ 5*99  NuXGUDSUDND 


VURJ FKDJV VEUDQJ PD  5*999  oPLQXWH OLYLQJ EHLQJVp 7KH 7LEHWDQ KDV WUDQVODWHG
NuXGUD ZLWK VEUDQJ PD LQ WKH 7*6 EXQJ ED DQG UHQGHUHG MWD ZLWK UQDP SD 7LE DQG VX J\XU SD
%WK +RZHYHU WKH PRUH FRPPRQ PHDQLQJ RI MWD LV oDOO GLIIHUHQW NLQGV RIp FI Q  &K
WUDQVODWH RQO\



 ,QVWHDG RI D URXQG KRQH\FRPE KDQJLQJ IURP D EUDQFK

LQ D WDOO WUHH 

 JXDUGHG E\ LQQXPHUDEOH 

GHVLUHV KRQH\ EXW FS

&K

&K VSHDNV RI SXUH KRQH\  

&K WKDW WKH SHUVRQ

 EHHV ,W LV QRW VDLG LQ

5*9 ,E SXUXuDV WDGDUWK DQG , QDUR PDGKYDUWK $FFRUGLQJ WR

WKH KRQH\FRPE KDQJV IURP D ELJ WUHH ,W LV QRW H[SOLFLWO\ VWDWHG WKDW WKH FRPE LV ILOOHG ZLWK

KRQH\

 7KH ODVW SDUW RI WKH VHQWHQFH LQ

&K



 o >DQG@ ZRXOG MXVW DV >KH@

FI WKH SDUDOOHO

OLNHV XVH >LW@ DV IRRG >DQG LWV@ EHQHILW ZRXOG UHDFK >EHLQJV@ IDU DQG QHDUp )RU

YHUVH 5*9 ,E \DWKNPDWD



0\ WUDQVODWLRQ RI oPHQWDO YLVLRQp IRU

MQDGDUwDQD \H VKHV PWKRQJ ED GHSDUWV IURP D

JUDPPDWLFDO DQDO\VLV DV D NDUPDGKUD\D oYLVLRQ LH NQRZOHGJHp LQ WKLV VHQVH DOVR HJ 9LQ ,,,



&LWLQJ

WKLV

LOOXVWUDWLRQ

WDWKJDWDMQDGDUwDQD 5*9


WKH

,D

5*9

&K

LV

RSHUDWLQJ

ZLWK

VDUYDMDFDNuXV

LQVWHDG

RI

5LJ JR LQ $ FRXOG DOVR UHIHU EDFN WR WKH YHU\ EHJLQQLQJ RI WKH VHQWHQFH LQFOXGLQJ ULJV N\L

GH E]KLQ JVKHJV SDnL \H VKHV

PWKRQJ EDV DIWHU WKH REMHFW LQ 7LE LV XQXVXDO DQG FRXOG EH EDVHG RQ WKH 6NW WH[W DV WKH FRQFHUQHG
EX  DQG WKXV UHLJQ WKH FRPSOHWH VHQWHQFH 7KH SRVLWLRQ RI WKH DJHQW

SDUW DSSHDUV DOVR LQ WKLV SRVLWLRQ LQ &K EXW QRW LQ %WK &K o,Q WKH VDPH ZD\ VRQV RI JRRG
>IDPLO\ LQ@ DOO OLYLQJ EHLQJV WKHUH LV WKH VWRUH RI D WDWKJDWD MXVW DV SXUH KRQH\ LV LQ D WDOO WUHH
>7KH\@ DUH FRYHUHG E\ DOO GHILOHPHQWV MXVW DV WKLV KRQH\ LV VKLHOGHG E\ D PXOWLWXGH RI EHHV :LWK
>P\@ EXGGKDYLVLRQ , VHH WKLV LQ DFFRUGDQFH ZLWK UHDOLW\p &K o,Q WKH YHU\ VDPH ZD\ VRQV RI
JRRG >IDPLO\@ DOO VHQWLHQW EHLQJV DUH OLNH D KRQH\ FRPE HQFDVHG DQG VKLHOGHG E\ P\ULDGV RI
GHILOHPHQWV DQG LPSXULWLHV :KHQ ZLWK >P\@ WDWKJDWDnV PHQWDO YLVLRQ >,@ KDG EHHQ DEOH WR
FRPSUHKHQG WKLV >IDFW ,@ DFKLHYHG SHUIHFW DZDNHQLQJp RU o WKLV >IDFW@ WKHQ >WKH\ ZLOO EH DEOH@ WR
DFKLHYHp 7KH ODVW SDUW FRXOG DOVR EH XQGHUVWRRG JHQHULFDOO\ DV o:KHQ  >RQH@ KDV EHHQ DEOH WR

FRPSUHKHQG WKLV >IDFW@ WKHQ >RQH@ ZLOOp ,QVWHDG RI oEXGGKDKRRGp LQ

 ,Q

&K QR HTXLYDOHQW H[LVWV



7LE

DQG

%WK &K VKRZV

6RQV RI JRRG IDPLO\ MXVW DV D VNLOOIXO SHUVRQ E\ >KLV@ NQRZOHGJH

UHDOL]HV WKDW WKHUH LV KRQH\ LQVLGH D KRQH\FRPE VKLHOGHG RQ DOO VLGHV E\
P\ULDGV RI EHHV LQ WKH VDPH ZD\ >,@ UHDOL]H ZLWK >P\@ WDWKJDWDnV PHQWDO
YLVLRQ WKDW EXGGKDKRRG LV ZLWKRXW H[FHSWLRQ mVKLHOGHG RQ DOO VLGHVn LQ DOO
VHQWLHQW EHLQJV E\ P\ULDGV RI GHILOHPHQWV DQG LPSXULWLHVp
>%@

o$QG VRQV RI JRRG IDPLO\ MXVW OLNH WKH >SHUVRQ ZKR@ UHPRYHG WKH EHHV DOVR
WKH 7DWKJDWD ZLWK VNLOO LQ >WKH DSSOLFDWLRQ RI DSSURSULDWH@ PHDQV
XS\DNXwDOD UHPRYHV VHQWLHQW EHLQJVn GHILOHPHQWV DQG LPSXULWLHV >IURP
WKHLU

EXGGKDKRRG@

PLVJXLGHGQHVV

ZLWKLQ

PRKD

>VXFK

SULGH

DV@

GHVLUH

PQD

UJD

LQVROHQFH

DQJHU

PDGD

GYHuD
MHDORXV

GLVSDUDJHPHQW PUDNuD UDJH NURGKD PDOLFH Y\SGD HQY\ Uu\


DYDULFH PWVDU\D DQG VR RQ >+H@ WKHQ WHDFKHV WKH 'KDUPD LQ VXFK D ZD\
VR WKDW WKRVH VHQWLHQW EHLQJV ZLOO QRW DJDLQ EHFRPH SROOXWHG DQG KDUPHG E\

WKH GHILOHPHQWV DQG LPSXULWLHV

7KLV ODVW SDVVDJH GRHV QRW JLYH DQ\ QHZ LQIRUPDWLRQ DQG LV PLVVLQJ LQ &K 7KH IDFW WKDW WKH
ZRUGLQJ LV ZLGHO\ LGHQWLFDO ZLWK WKH SDVVDJH ULJKW DERYH FRXOG PHDQ WKDW LW UHVXOWHG IURP D
UHGDFWLRQDOO\ DPSOLILHG GLWWRJUDSK\ RU WKDW LW LV D ODWHU LQWHUSRODWLRQ $OVR LQ %WK D SDUW RI WKH


SDVVDJH LV PLVVLQJ 7KLV KRZHYHU LV SUREDEO\ GXH WR D VFULEH RPLWWLQJ WKH SDUW EHWZHHQ E]KLQ GX 

WKDEV OD % 7KH SDVVDJH LV DOVR IRXQG LQ &K ZLWK D V\QWD[ ZKLFK SUREDEO\
LPLWDWHV WKH 6NW ZRUG RUGHU
 o LQ WKH VDPH ZD\ >DV IRU@ DOO VHQWLHQW EHLQJV ZKHQ , UHFRJQL]HG >LW@XQGHUVWRRG

$ DQG

EXGGKD
 LQVLGH WKHP LV FRYHUHG E\ P\ULDGV RI GHILOHPHQWV DQG LPSXULWLHVp

 V%UDQJ UWVL E\HG SD %WK LQVWHDG RI EXQJ ED LQ % LV DOVR IRXQG LQ WKH FRUUHVSRQGLQJ
YHUVH ,E RI WKH 5*9 PDGKXNDUQ
>WKHP@ ZLWK >P\@ WDWKJDWDnV PHQWDO YLVLRQ >, UHDOL]HG WKDW WKHLU GLVSRVLWLRQ RI@ EHFRPLQJ D

 )RU nFKDE SD 6NW PUDNuD VHH %+6' VY &K

1HDUO\ LGHQWLFDO HQXPHUDWLRQV DUH IRXQG
LQ HJ /DO II II DQG lLNu I %WK PHQWLRQV GUHJV SD >HPHQGHG IRU GUDJ SD@


XVXDOO\ 6NW GDUSD LQVWHDG RI UJ\DJV SD PDGD DQG QJDQ VHV XVXDOO\ GXuDFLWWD LQVWHDG RI
SKUDJ GRJ Uu\ 3UREDEO\ LQ RUGHU WR PDWFK WKH KLJK QXPEHU RI EHHV WKH OLVW RI NOHwDV KDV EHHQ

H[WHQGHG
 ,Q &K

% LV UHGXFHG WR o:LWK VNLOO >LQ WKH DSSOLFDWLRQ RI DSSURSULDWH@ PHDQV >,@ WHDFK WKH
 DQXNOD GHVWUR\ DQG UHPRYH WKH GHILOHPHQWV >RI

'KDUPD DFFRUGLQJ >WR WKH VLWXDWLRQ@ 

OLYLQJ EHLQJV DQG@ GLVFORVH >WKHLU@ PHQWDO YLVLRQ RI D EXGGKD >VR WKDW WKH\ ZLOO@ ZLGHO\ SHUIRUP WKH

&K  LW LV QRW FOHDU LI WKH SHUIRUPHUV RI WKH

DFWV RI D EXGGKD DUH LQWHQGHG WR EH OLYLQJ EHLQJV RU WKH %XGGKD KLPVHOI ,I LQ FRQWUDVW WR WKH
7LEHWDQ 7LE KDV nE\HG DQG QRW PG]DG WKH VHFRQG LV WKH FDVH WKH ILQDO SDUW LQ &K VKRXOG EH

WDVNV RI D EXGGKD IRU WKH ZRUOGp $V LV WKH SDUDOOHO LQ

XQGHUVWRRG DV o GLVFORVH >WKHLU@ PHQWDO YLVLRQ RI D EXGGKD >7KHUHIRUH ,@ ZLGHO\p



/LWHUDOO\ o VR WKDW DPRQJ WKRVH VHQWLHQW EHLQJV WKHUH ZLOO QRW DJDLQ DSSHDU >WKRVH@ SROOXWHG

E\ WKH GHILOHPHQWV DQG LPSXULWLHV DQG >VR WKDW WKH\ DUH QRW DJDLQ@ KDUPHGp ,W LV QRW FOHDU KRZ WR
XQGHUVWDQG WKH FRQVWUXFWLRQ VHPV FDQ GH GDJ NC  Q\RQ PRQJV SD ECP GX PL nJ\XU 7KDW VHPV
FDQ GH GDJ OD UHIOHFWV D JHQLWLYH FRQVWUXFWLRQ LQ WKH 6NW WH[W LV RQO\ SRVVLEOH LI ZH DVVXPH WKDW WKH

7LEHWDQ WUDQVODWRUV KDYH HUURQHRXVO\ VHSDUDWHG LW IURP GKDUPD GHwD\DWL FKRV VWRQ WR
+RZHYHU WKHUH LV QR HYLGHQFH IRU WKDW LQ WKH RWKHU WUDQVODWLRQV ,I RQ WKH RWKHU KDQG ZH
XQGHUVWDQG OD LQ D SDUWLWLYH VHQVH WKH ZKROH SDVVDJH VHHPV PRUH SODXVLEOH DV LW LV SUREDEO\

EHFRPLQJ SROOXWHG
DJDLQ 7KH SDUWLFOH OD GRHV QRW DSSHDU LQ %WK VHH EHORZ $V LV WKH FDVH LQ WKH FRPSRXQG GH E]KLQ
JVKHJV SDnL VQ\LQJ SR DERYH ZKHUH LQ VRPH YHUVLRQV RI 7LE WKH SDUWLFOH FDQ KDV EHHQ DIIL[HG LQ
WKRXJKW WKDW RQO\ D SDUW RI WKH ZKROH QXPEHU RI OLYLQJ EHLQJV LV HQGDQJHUHG RI

RUGHU WR GLIIHUHQWLDWH EHWZHHQ RQ WKH RQH KDQG OLYLQJ EHLQJV WKHPVHOYHV DV WKH HVVHQFH RI D
WDWKJDWD ZLWKRXW

FDQ

WKLV ZRXOG EH WKH PRVW QDWXUDO ZD\ RI XQGHUVWDQGLQJ DQG RQ WKH RWKHU

KDQG WKH HVVHQFH RI D WDWKJDWD DV VRPHWKLQJ SRVVHVVHG E\ OLYLQJ EHLQJV WKH DSSHDUDQFH RI WKH
SDUWLFOH

FDQ

LQ

Q\RQ PRQJV SD -+2

GLIIHUHQWLDWH FOHDUO\ EH
7KH SDVVDJH LQ

%WK

PD\ EH FDXVHG E\ VLPLODU FRQVLGHUDWLRQV QDPHO\ LQ RUGHU WR

WZHHQ WKH GHILOHPHQWV DQG OLYLQJ EHLQJV 7KH XVH RI

FDQ EH XQGHUVWRRG LQ WZR ZD\V 



FDQ LV QRW IRXQG LQ %WK

Q\H EDU Q\RQ PRQJV SD PHG SDU D[C DCkK

>:KHQ WKHLU@ WDWKJDWDnV PHQWDO YLVLRQ KDV EHFRPH SXULILHG >WKH\@

ZLOO SHUIRUP WKH WDVNV RI D WDWKJDWD LQ WKH ZRUOG 6RQV RI JRRG IDPLO\ WKLV
LV KRZ , VHH DOO VHQWLHQW EHLQJV ZLWK P\ FRPSOHWHO\ SXUH YLVLRQ RI D

WDWKJDWDp
>&@

7KHQ DW WKDW WLPH WKH ([DOWHG 2QH XWWHUHG WKHVH YHUVHV

>@ o,W LV DV LI WKHUH ZHUH D KRQH\FRPE KHUH VKLHOGHG RQ DOO VLGHV DQG KLGGHQ
E\ EHHV >EXW@ D SHUVRQ GHVLULQJ KRQH\ ZRXOG SHUFHLYH WKH >KRQH\
ZLWKLQ@ DQG H[SHO WKH EHHVp 

RJ[KT  GH E]KLQ GX FKRV nFKDG GR  EK NVCT EK NVC DW \DQJ VHV FDQ GH GDJ  Q\H EDU Q\RQ PRQJ8(
SDU PL nJ\XU ED GDQJ  JGXQJV SDU PL nJ\XU ED GDQJ  GH E]KLQ GX GH E]KLQ JVKHJV SDnL \HVKHV
PWKRQJ ED GH UQDP SDU VE\DQJV WH   E\HG GR  D o,Q RUGHU WR UHPRYH WKH LPSXULWLHV  >WKH
7DWKJDWD@ WHDFKHV WKH 'KDUPD LQ VXFK D ZD\ WKDW WKRVH VHQWLHQW EHLQJV GR QRW DJDLQ EHFRPH

SROOXWHG DQG KDUPHG  DQG DIWHU WKH>LU@ WDWKJDWDnV PHQWDO YLVLRQ KDV EHFRPH SXULILHG LQ VXFK D

ZD\ >WKH\@ SHUIRUPp RU E o,Q RUGHU WR UHPRYH WKH LPSXULWLHV  >WKH 7DWKJDWD@ WHDFKHV WKH
'KDUPD DFFRUGLQJO\ ,Q VXFK ZD\ WKDW WKRVH VHQWLHQW EHLQJV GR QRW DJDLQ EHFRPH SROOXWHG DQG
KDUPHG  >LJQRUH GDQJ@ LQ WKDW ZD\ >WKH 7DWKJDWD@ SXULILHV WKH>LU@ WDWKJDWDnV PHQWDO YLVLRQ DQG
SHUIRUPVp

$QDO\VLV D &RQWUDU\ WR 7LE EXW ZLWK &K %WK FRQVLGHUV WKH UHPRYDO RI WKH LPSXULWLHV DV WKH
LQWHQWLRQ RI WKH WHDFKLQJ 7KH GLIIHUHQW XQGHUVWDQGLQJ FRXOG UHVXOW IURP D PLVWDNH LQ WKH 6NW
PVQXVFULSW ZKLFK LQVWHDG RI NOHwQ YLQw\D FRXOG KDYH UHDG NOHwQ YLQw\D VR 7LE 7KH
UHDGLQJ LQ &K ,3/ %WK VHHPV PXFK PRUH SODXVLEOH WKDQ WKH WHPSRUDO VHTXHQFH RI UHPRYLQJ WKH
NOHwDV DQG WKHQ WHDFKLQJ WKH 'KDUPD DV VXJJHVWHG E\ 7LE $OVR LQ WKH SDUDOOHO YHUVH  RI 7LE ZH
ILQG WKH UHODWLRQ RI ILQDOLW\ DV LQ WKH SURVH RI &K DQG %WK E 7KH SRVLWLRQ RI FKRV nFKDG GR
EHWZHHQ WKH GHVFULSWLRQ RI WKH UHPRYDO RI WKH NOHwDV DQG WKH PHQWLRQ WKDW OLYLQJ EHLQJV ZLOO QRW
DJDLQ EH KDUPHG LV SDUDOOHO WR &K DQG FRQWUDU\ WR 7LE %WK DQG &K SUREDEO\ UHIOHFW WKH 6NW

V\QWD[ ZLWK WKH YHUE LQ WKH PLGGOH RI WKH VHQWHQFH 7LE RQ WKH RWKHU KDQG KDV DUUDQJHG WKH
VHQWHQFH ZLWK WKH WDWK  SDVVDJH DW WKH HQG 7KH RULJLQDO FRXOG KDYH EHHQ  WDWK WDWK
GKDUPD GHwD\DWL \DWK WH VDWWY QD EK\DV WDL NOHwRSDNOHwDLU XSDNOLw\DQWH QD FD $ VLPLODU
V\QWDFWLF VWUXFWXUH LV IRXQG LQ WKH 5*99  FLWDWLRQ IURP WKH 6JDUDPDWLSDULSFFKVWUD WH
nVPEKLV VCVJ SUDW\DYHNuLWDY\ [CVJ PC DJ[C wOLu\H\X  

M[CPI

nEUHO EDU

OK

nJ\XU ED

FG NVCT

5*99



GH QL NKR ERV EK PCU

VR VRU EUWDJ SDU E\DnR  o7KRVH >NOHwDV@ ZH KDYH WR FRQVLGHU

WKRURXJKO\ VR WKDW >WKH\@ PLJKW QRW DJDLQ HQFORVH >OLYLQJ EHLQJV@p 7KH SDUWLFOH

RU EK\D LQ % KDV LWV FRXQWHUSDUW LQ &K ZLWK

7KLV SDVVDJH DQG WKH IROORZLQJ LQ &K

\DQJ IRU 6NW SXQDU

 o,Q RUGHU WR LQVWUXFW VHQWLHQW EHLQJV >DQGKRZ@ WR GLVSHO

WKH LPSXULWLHV >LQ WKH VDPH SRVLWLRQ@ DV WKH SHUVRQ KDUPLQJ WKH EHHV E\ WKH SRZHU RI VNLOO LQ WKH

DSSOLFDWLRQ RI DSSURSULDWH PHDQV XS\DNDXwDO\D

WKH 7DWKJDWD WHDFKHV WKH 'KDUPD LQ VXFK D

ZD\ VR WKDW VHQWLHQW EHLQJV DUH QRW SROOXWHG E\ GHILOHPHQWV >WKDW@ WKHUH LV QHYHU DJDLQ DQQR\DQFH
>IRU WKHP@ DQG >WKDW WKH\@ DUH QRW HQFORVHG

>DJDLQ E\ GHILOHPHQWV@ 6RQV RI JRRG >IDPLO\@ KRZ

>VKRXOG@ , ZLWK >P\@ WDWKJDWDnV PHQWDO YLVLRQ SHUIRUP WKH DFWV RI D %XGGKD LQ DOO ZRUOGV >IRU@


WKHVH VHQWLHQW EHLQJV LQ RUGHU WR SXULI\ >WKHP@"p >

URRW wOLu VHH 5*9 FG  CtNGrCO  GDGKWL @

FRXOG UHSUHVHQW D WUDQVODWLRQ RI D IRUP RI WKH

7KH WH[W RI &K LQ WKLV SDVVDJH LV QRW YHU\ FOHDU 7KH FRUUHVSRQGLQJ YHUVH  RI &K UHODWHV WKH

ZKROH TXHVWLRQ WR OLYLQJ EHLQJV DVNLQJ KRZ

WKH\ FRXOG EHFRPH EXGGKDV WR SHUIRUP EXGGKDDFWV

$SDUW IURP WKLV $PRJKDYDMUD VHHPV WR KDYH SRVLWLRQHG WDWKJDWDMQDGDUwDQD 
 LQ D

ZKLFK LV DOVR IRXQG LQ WKH FRUUHVSRQGLQJ YHUVH 

ZD\ GLIIHUHQW IURP 7LE 7KH LQWHUURJDWLYH

RI &K FRXOG EH EDVHG RQ WKH UHDGLQJ MHQD

[HQD ML OWDU
 $JDLQ WKLV ILQDO VHQWHQFH ZKLFK
VRPHKRZ WULHV WR HVVHQWLDOL]H WKH VLPLOH LV QRW IRXQG LQ &K 6LQFH LW LV DOVR QRW UHIOHFWHG LQ WKH


LQVWHDG RI

&K GHVFULEHV VHQWLHQW EHLQJV DV SXUH 

YHUVHV LW VKRXOG EH UHJDUGHG DV D ODWHU LQWHUSRODWLRQ

&K NHHSV WR LWV RZQ SURVH DQG DFFRUGLQJO\ VSHDNV RI oKRQH\ LQ D WDOO WUHHp WKH EHHV DUH
LQQXPHUDEOH 
 DQG WKH GHVLUH IRU KRQH\ LV QRW PHQWLRQHG




>@

>@



o$OVR KHUH LQ WKH VDPH ZD\ DOO VHQWLHQW EHLQJV >LQ@ WKH WULSOH VWDWHV RI

H[LVWHQFH DUH OLNH WKH KRQH\FRPE 7KH PDQ\ P\ULDGV RI GHILOHPHQWV
DUH >OLNH@ WKH >EHHV \HW ,@ VHH WKDW LQVLGH WKH GHILOHPHQWV WKHUH H[LVWV D

WDWKJDWDp

o$OVR LQ RUGHU WR FOHDQ >WKLV@ EXGGKD , UHPRYH WKH GHILOHPHQWV HYHQ DV
>WKH SHUVRQ GHVLULQJ KRQH\@ H[SHOV WKH EHHV >8VLQJ DSSURSULDWH@ PHDQV
>,@

KHUH

HUDGLFDWHGp
>@

WHDFK

GKDUPDV

VR

WKDW

P\ULDGV

RI

GHILOHPHQWV

ZLOO

EH

o>, GR WKLV@ LQ RUGHU WR LQGXFH WKRVH >VHQWLHQW EHLQJV@ DIWHU EHFRPLQJ

WDWKJDWDV WR FRQWLQXDOO\ SHUIRUP WKH WDVNV >RI D WDWKJDWD@ WKURXJKRXW
 
WKH ZRUOG DQG ZLWK UHDGLQHVV LQ VSHHFK WR WHDFK WKH 'KDUPD >ZKLFK
 
LV@ OLNH D SRW RI KRQH\ IURP EHHVp



n'LU 6NW LKD RU DWUD LQ WKLV FDVH GHVLJQDWHV WKH QRQILFWLYH OHYHO RI WKH VLPLOH LH WKH ZRUOG
RI VDVUD



6ULG SD JVXP

6NW

$.%K 

WULEKDYD FRPSULVH  NPD  USD DQG  DUS\DGKWX VHH HJ

/RJLFDOO\ WKH DQDORJ\ VKRXOG LQFOXGH WKH YHUE PWKRQJ



VHH

o,Q WKH VDPH ZD\ >DV WKH SHUVRQ

7LE GXH WR WKH SDUWLFOH

GR DW WKH HQG RI SGD E +RZHYHU QHLWKHU %WK QRU &K VXSSRUW WKH UHDGLQJ VXJJHVWHG E\ 7LE 7KH
WH[W RI 7LE FRXOG EH LPSURYHG E\ DOWHULQJ GR LQWR GH ,Q &K QR SDUWLFOH RI FRPSDULVRQ DSSHDUV WR
SHUFHLYHG WKH KRQH\ ,@

WKDWp 6XFK D WUDQVODWLRQ LV PDGH LPSRVVLEOH LQ

WDNH XS WKH ILUVW KDOI RI WKH DQDORJ\ LQ

YHUVH  ,QVWHDG WKH DSSOLFDELOLW\ RI WKH DQDORJ\ EHWZHHQ

VHQWLHQW EHLQJV DQG WKH KRQH\FRPE LV LQWHQVLILHG E\ DGGLQJ

YHUVH LQ

 oZLWKRXW GLIIHUHQFHp 7KH

&K o7KH VWRUH RI D WDWKJDWD >LQ@ OLYLQJ EHLQJV LV OLNH WKDW KRQH\ >LQ@ D WDOO WUHH >HYLO@

SURSHQVLWLHV DQG LPSXULWLHV HQFDVH >WKLV VWRUH@ MXVW DV WKH PXOWLWXGH RI EHHV VKLHOGV WKH KRQH\p


, WUDQVODWH VDQJV UJ\DV LQ D DV WKH REMHFW RI WKH SXULI\LQJ SURFHVV 7KLV XQGHUVWDQGLQJ LV

SDUDOOHO WR WKH SURVH LQ $ DQG $ ZKHUH

VDQJV UJ\DV DSSHDUV DV VDQJV UJ\DV Q\LG IRU WKH

VDPH DEEUHYLDWLRQ LQ YHUVH DQG SURVH FI 06$ ,; DQG

UJ\DV

06$%K  DQG  7DNLQJ VDQJV

WR EH WKH VXEMHFW RI WKH VHQWHQFH ZRXOG UHVXOW LQ WKH IRUPXODWLRQ o, WKH %XGGKD UHPRYHp

 VHH DOVR 63 ;,,, WDWKDLYD DWFFJQ

CJW GKDUPDUM

 %WK &K DQG &K FRQILUP WKDW Q\RQ PRQJV E\H ED KDV WR EH WDNHQ DV REMHFW RI WKH YHUE
JQRG LQ F 7UDQVODWLQJ JQRG SD UHLJQHG E\ WKH DJHQW Q\RQ PRQJV SD LQ % , GHFLGHG IRU LWV

&K VHHPV WR VXSSRUW WKLV XQGHUVWDQGLQJ 

PHDQLQJ LQ WKH 7LEHWDQ oWR KDUPp

ZKHUHDV KHUH WKH PHDQLQJ RI LWV SRVVLEOH 6NW RULJLQDO XSD

YL

KDQWL oWR HUDGLFDWHp LV VWUHVVHG

 &K o>8VLQJ DSSURSULDWH@ PHDQV , WHDFK WKH SHUIHFW 'KDUPD IRU DOO OLYLQJ EHLQJV >,@ GHVWUR\

DQG UHPRYH >WKHLU@ GHILOHPHQWV >ZKLFK DUH OLNH WKH@ EHHV >DQG@ GLVFORVH WKH VWRUH RI D WDWKJDWD
>ZLWKLQ WKHP@p
 
)RU 854-8 6NW

SUDWLEKQD LQ WKH 3OL FDQRQ DQG HDUO\ 0DK\QD VWUDV VHH 0F4XHHQ 
DQG  ,Q WKH FRQWH[W RI WKH 7*6 SUDWLEKQD DSSHDUV DV D TXDOLW\ DWWULEXWHG RQO\ WR EXGGKDV
o5HDGLQHVV LQ VSHHFKp LQGLFDWHV WKH VSRQWDQHRXV DQG WUDQVFHQGHQWDOO\ LQVSLUHG FRUUHFW WHDFKLQJ RI
WKH 'KDUPD LQ RUGHU WR OHDG RWKHU OLYLQJ EHLQJV WR EXGGKDKRRG
 

 $Q DQDORJ\ EHWZHHQ WKH SUHDFKHU RI WKH VZHHW 'KDUPD DQG D KRQH\JLYLQJ EHH LV IRXQG
LQ &/7 II )RU WKH 'KDUPD FRPSDUHG ZLWK VZHHW KRQH\ VHH $Yw II II II
9

7LE DOORZV DOVR WKH XQGHUVWDQGLQJ RI FKRV VWRQ LQ SGD G DV oWHDFKHU RI WKH 'KDUPDp ZKR ZRXOG

WKXV EHFRPH WKH SRLQW RI UHIHUHQFH IRU WKH DQDORJ\ ZLWK WKH KRQH\ SRW +RZHYHU WKLV SRVVLELOLW\ LV
H[FOXGHG E\ %WK ZKHUH FKRV DQG EVKDG IRU VWRQ DUH VHSDUDWHG E\ N\DQJ
 7KHUH DUH HVVHQWLDOO\ WZR ZD\V RI LQWHUSUHWLQJ WKH WH[W RI
WUDQVODWLRQ WDNHV

E\D

7LE

7KH RQH VXJJHVWHG LQ P\

LQ G DV H[SUHVVLQJ WKH LQGXFLQJ DFWLYLW\ RI WKH %XGGKD &RQVHTXHQWO\ ML

OWDU IRU \DWK RU \HQD LQ D DQG F JUDPPDWLFDOO\ GHSHQG RQ E\D &KRRVLQJ WKH VHFRQG ZD\ RI

DV DQ H[SUHVVLRQ
\DWK LQ VXFK D ZD\ VHH 6SHLMHU 471 ,Q WKDW
SRWHQWLDOLW\ DQG ERWK ML OWDUV ZRXOG EH JRYHUQHG E\ 8943

UHDGLQJ RQH ZRXOG KDYH WR XQGHUVWDQG WKH FRQVWUXFWLRQ ML OWDU  SK\LU UR
LQGLFDWLQJ WKDW D UHVXOW LV DLPHG DW )RU WKH XVDJH RI
FDVH

E\D

ZRXOG MXVW LQGLFDWH WKH DVSHFW RI

LQ G o>, WHDFK WKH 'KDUPD@ LQ RUGHU WKDW >VHQWLHQW EHLQJV@  PLJKW SHUIRUPp , KDYH QR
PDWHULDO WR VKRZ WKDW VXFK D FRQVWUXFWLRQ LV FRPPRQ LQ 7LEHWDQ WUDQVODWLRQV 1RWKLQJ SDUDOOHO WR

E\D SK\LU UR DSSHDUV LQ %WK 6KRXOG ZH DVVXPH D FKDQJH LQ %WK G IURP  EVKDG SK\LU UR WR 
EVKDG SDU UR" $QRWKHU LQWHUHVWLQJ ZD\ WR XQGHUVWDQG WKH FRQVWUXFWLRQ LQ  LV IRXQG LQ 7DNDVDNL


> 7KH VLPLOH RI NHUQHOV HQFORVHG E\ KXVNV@

>$@

 

o6RQV RI JRRG IDPLO\ DJDLQ LW LV OLNH WKH H[DPSOH RI ZLQWHU ULFH  EDUOH\
 
PLOOHW RU PRQVRRQ ULFH >ZKRVH@ NHUQHO VUD LV VKLHOGHG DOO DURXQG E\ D
KXVN WXuD DV ORQJ DV WKH >NHUQHO@ KDV QRW FRPH RXW RI LWV KXVN >LW FDQ@QRW
 
VHUYH WKH IXQFWLRQ RI VROLG VRIW DQG GHOLFLRXV IRRG

%XW VRQV RI JRRG

IDPLO\ >LW FDQ VHUYH WKLV IXQFWLRQ YHU\ ZHOO RQFH@ VRPH PHQ RU ZRPHQ
GHVLULQJ WKDW >WKHVH JUDLQV VHUYH WKHLU@ IXQFWLRQ DV IRRG DQG GULQN LQ KDUG
VRIW RU RWKHU >IRUPV@  DIWHU KDYLQJ LW UHDSHG DQG WKUHVKHG UHPRYH WKH
>FRDUVH@ VKHDWK RI WKH KXVN DQG WKH >ILQH@ RXWHU VNLQp 

: [ @Y
: [
GKDUPD

  IURP SGD F RQ



>@

 o:K\ GR >,@ WHDFK WKH

V" >@ %HFDXVH ZKHQ WKH\

OLYLQJ EHLQJV ILQDOO\ KDYH EHFRPH WDWKJDWDV >WKH\@ DUH H[SHFWHG WR WHDFK WKH 'KDUPDp

+RZHYHU WKLV DOWHUQDWLYH GRHV QRW WDNH LQWR FRQVLGHUDWLRQ

LQ  D DQG F
3DUDOOHO WR WKH SURVH  KDV WKH LQWHUURJDWLYH
 7KH SDUWLFOH RI FRPSDULVRQ
ML OWDU

LQ F FRXOG

&K

UHSUHVHQW D PLVXQGHUVWRRG \DWK &K

o+RZ PD\ >VHQWLHQW EHLQJV@ DZDNH >VR WKDW WKH\ FDQ@

SHUIRUP EXGGKDDFWV >VR WKDW WKH\ FDQ EH@ FRQWLQXDOO\ OLNH KRQH\ SRWV LQ WKH ZRUOG MXVW DV LI >WKH\@
ZRXOG WHDFK >ZLWK@ UHDGLQHVV LQ VSHHFK WKH H[FHOOHQW KRQH\ >DQG@ VR WKDW >WKH\@ ZRXOG YHULI\

 UHDOL]H WKH SXUH 'KDUPD ERG\ RI D WDWKJDWD"p

&K o(QGRZHG ZLWK XQKLQGHUHG UHDGLQHVV

LQ

VSHHFK >,@ SUHDFK WKH 'KDUPD RI WKH VZHHW GHZ VR WKDW >OLYLQJ EHLQJV@ DWWDLQ SHUIHFW DZDNHQLQJ
HYHU\ZKHUH >2Q DFFRXQW RI P\@ JUHDW FRPSDVVLRQ >,WKH\ WKHQ@ VDYH OLYLQJ EHLQJVp

 

)RU nEUDV

 6NW

VD OX

:LQWHU ULFH LV WKRXJKW WR

wOL oZLQWHU ULFHp VHH 9RJHO  DQG $FKD\D   

EH DQ H[TXLVLWH FHUHDO VHH 3UDNDVK   DQG PLJKW WKHUHIRUH EH

PHQWLRQHG ILUVW LQ 7LE .XPDU  II JLYHV QXPHURXV H[DPSOHV LQ ,QGLDQ %XGGKLVW OLWHUDWXUH
ZKLFK VKRZ WKH LPSRUWDQW UROH RI ULFH ,QVWHDG RI nEUDV VD OX %WK UHDGV VR SD ZKLFK VKRXOG EH


HPHQGHG WR VR ED D NLQG RI EDUOH\

 
nEUX
YUKL oPRQVRRQ ULFHp VHH 9RJHO  DQG $FKD\D   7KH IRXU

)RU

 6NW

HQXPHUDWHG FHUHDOV DUH SDUW RI WKH VHYHQ SXEEDD oSULPDU\ IRRGVp ZKLFK DUH
PHQWLRQHG LQ 3OL OLWHUDWXUH UNK XJK [CXC JRGKPD MCIW YDUDND NXGUVDND


&K

LQ

WKH

SURVH

o5LFH

ZKHDW

PLOOHW

>DQG@

FRPPRQO\
VHH 9RJHO

EHDQVp

LQ

WKH

 o5LFH PLOOHW EDUOH\ ZKHDW RWKHU >FHUHDOV@ DQG HYHQ

YHUVH
EHDQVp

 

E]Dn ED GDQJ EFDn ED GDQJ P\DQJ ED VHH NKG\DEKRM\QQDSQD LQ 63  

 E]Dn ED GDQJ EFDn ED GDQJ ]DV GDQJ VNRP GDQJ  3 DQQDSQDNKGDQL\D

 )RU

DI

oERLOHG

ULFH GULQN DQG VROLG IRRGp &3' VY

DQQDSQD %+6'

EKRMDQ\D PHQWLRQV WKH FRPELQDWLRQ RI NKGDQ\D 

IRRGp DQG DOVR WKH FRPSRXQG

NKG\D

NKG\DEKRM\DVYGDQ\D

VY

VYGDQ\D NKGDQ\D

oVROLG IRRGp ZLWK EKRMDQ\D oVRIW

VY

VYGDQ\D

DOVR

$63

I

NKGDQ\D EKRMDQ\D VYGDQ\D FD 7LE DFFRUGLQJ WR 'HUJH E]Dn ED GDQJ EFDn ED GDQJ
P\DQJ ED DQG 09X ,I NKGDQ\DEKRMDQ\DVYGDQ\HQD 7KH 7LEHWDQ RI WKH 7*6
FRUUHVSRQGV WR WKH ODWWHU WZR SDVVDJHV $ FODVVLILFDWLRQ RI IRRG LQWR WKH IRXU FDWHJRULHV NKGDQ\D
EKRMDQ\D SQD VYGDQ\D LV IRXQG LQ %XGGKLVW DQG -DLQLVW WH[WV DFFRUGLQJ WR 3UDNDVK  I

&K VLPSO\ KDV

 o LV QRW ILW WR EH HDWHQp

E]DQJ ED@ &K

 oSHRSOH >ZKR@ ZDQW WR HDWp

E=Dn ED GDQJ  EFDn ED OD VRJV SD ]DV VNRP LQ 7LE $I FRXOG EH D WUDQVODWLRQ RI WKH
FRPSRXQG IRXQG LQ $!  PHQWLRQHG LQ  ZLWK WKH DGGLWLRQ OD VRJV SD %WK LV REYLRXVO\


EDVHG RQ DQRWKHU 6NW ZRUGLQJ EFDn ED GDQJ  E]RG SD GDQJ  EWXQJ EDU > LQ WKH SDVVDJH DERYH


 

 7KH 6NW RQ ZKLFK

EUQJDV VKLQJ EUGXQJV WH

LV EDVHG LV SUREDEO\ WZR DEVROXWLYHV RI WKH

DV DQ HTXLYDOHQW RI PDUGDQD WR EH HPHQGHG IURP PDUGDD VHH '76

IROLR E 3DLUV RI WKH URRWV O DQG PG LQ WKH FRQWH[W RI SURFHHGLQJ JUDLQ FDQ EH IRXQG LQ -
,  O\LWY PDGGLWY  9LQ ,,  ODYSHWY  PDGGSHWY 0LO   ODYDQD
PDGGDQHQD EDKXGKDDNR 7KHVH DQG RWKHU H[DPSOHV IURP -DLQD VRXUFHV DUH TXRWHG LQ %DOELU
URRWV O DQG PG IRU UGXQJ

%WK UHDGV SK\LU

SK\DU WKH SHUIHFW IRUP RI nSK\DU ED - o  WR OLIW XS WKH

 II 7KH UHDSLQJ LV QRW PHQWLRQHG LQ WKH &KLQHVH ,QVWHDG RI UHDSLQJ
ZKLFK SUREDEO\ VKRXOG EH HPHQGHG WR


JUDLQ LQ D VKRYHO KHQFH WR IDQ WR VLIW WR ZLQQRZp &K 
o WKUHVKLQJ ZLWK WKHLU SHVWOHV >LQ WKH@ PRUWDUV >WKH\@ UHPRYH WKHLU  WKH JUDLQVn KXVNV VR WKDW

>WKH JUDLQV@ EHFRPH HDWDEOHp



>%@

o6RQV RI JRRG IDPLO\ LQ WKH VDPH ZD\ >WKDW SHRSOH DUH DZDUH RI WKH SUHFLRXV

NHUQHO ZLWKLQ WKH KXVN VR@ WRR WKH 7DWKJDWD
SHUFHLYHV ZLWK >KLV@

WDWKJDWDYLVLRQ WKDW WDWKJDWDKRRG EXGGKDKRRG

VYD\DEKWYD



ZUDSSHG LQ WKH VNLQ RI WKH VKHDWKV RI GHILOHPHQWVsLV >DOZD\V@ SUHVHQW LQ

HYHU\ VHQWLHQW EHLQJ 6RQV RI JRRG IDPLO\ WKH 7DWKJDWD DOVR UHPRYHV WKH
VNLQ RI WKH VKHDWKV RI GHILOHPHQWV SXULILHV WKH WDWKJDWDKRRG LQ WKHP DQG
WHDFKHV WKH 'KDUPD WR VHQWLHQW EHLQJV WKLQNLQJ
m+RZ >FDQ@ WKHVH VHQWLHQW EHLQJV EHFRPH IUHH IURP DOO WKH VNLQV RI WKH
VKHDWKV RI GHILOHPHQWV >VR WKDW WKH\@ ZLOO EH GHVLJQDWHG LQ WKH ZRUOG DV
mWDWKJDWD KRQRUDEOH RQH DQG SHUIHFWO\ DZDNHQHG RQHn"np
>&@

7KHQ DW WKDW WLPH WKH ([DOWHG 2QH XWWHUHG WKHVH YHUVHV

>@

o>,W LV@ OLNH PRQVRRQ ULFH RU ZLQWHU ULFH RU >OLNH@ PLOOHW RU EDUOH\ >ZKLFK@

DV ORQJ DV WKH\ DUH LQ WKH KXVN >FDQ@QRW VHUYH >WKHLU@ IXQFWLRQp

 $ LQ

&K o>,W LV@ DV LI D SRRU VWXSLG >PDQ@ ZRXOG GLVGDLQ QRQJOXWHQRXV ULFH >DQG@ PLOOHW >DV

ORQJ DV LW ZHUH@ QRW VHSDUDWHG IURP >LWV@ KXVNV DQG ZRXOG UHJDUG LW DV VRPHWKLQJ WR EH WKURZQ

DZD\ >%XW@ DV VRRQ DV DIWHU UHPRYLQJ >WKH KXVN WKH NHUQHO@ KDV EHHQ SXULILHG >WKLV VDPH JUDLQ@
VKRXOG KHUH KDYH WKH VDPH PHDQLQJ DV LV
FRQWLQXDOO\ LV RI LPSHULDO XVHp 7KH FKDUDFWHU
LQ WKH SDUDOOHO YHUVH  RI &K oLPSHULDOp
H[SUHVVHG E\




,QVWHDG RI o7DWKJDWDp

5DQJ E\XQJ Q\LG

DGMHFWLYH

6NW

&K

&K %WK LV ZLWKRXW VXEMHFW

VYD\DEKWYD

LV KHUH XVHG DV D V\QRQ\P IRU EXGGKDKRRG 7KH

VYD\DEK FRXQWV DV DQ HSLWKHW RI WKH %XGGKD DV ZHOO DV RI WKH FHQWUDO GLYLQLWLHV RI

+LQGXLVP %UDKPDQ lLYD DQG 9LuX 2ULJLQDOO\ UHIHUULQJ WR WKH P\WK RI WKH FRVPRJRQLF HJJ RXW
RI ZKLFK %UDKPDQ LV ERUQ PHDQLQJ oDULVHQ RXW RI KLPVHOIp +DFNHU  I LQ WKH FDVH RI WKH
%XGGKD VYD\DEK VKRXOG EH XQGHUVWRRG DV oEHFRPH >DZDNHQHG@ E\ KLV RZQ >SRZHU@p 7KH
&K UHDGV RQO\
&I WKH FRUUHVSRQGLQJ YHUVH 5*9 ,

HQXPHUDWLRQ LV D SDUWLFXODULW\ RI WKH WZR 7LEHWDQ WUDQVODWLRQV

ZKHUHDV

&K

LV UHVWULFWHG WR


 VDWWYHuY DSL

NOHwDPDORSDVuDP  LKPCVXCO  )RU D VLPLODU HQXPHUDWLRQ VHH HJ $!8: I I
II WDWKJDWDWYD EXGGKDWYD VYD\DPEKWYD VDUYDMDWYDP

$IWHU WKLV SDVVDJH &K KDV WKH IROORZLQJ LQVHUWLRQ ZKLFK FRXOG EH D YHU\ IUHH UHQGHULQJ RI

WKH WHUPV OHIW RXW LPPHGLDWHO\ EHIRUH

$ SRVVLEOH

WUDQVODWLRQ FRXOG EH o,I >WKH\@ DUH DEOH WR XQGHUVWDQG >WKLV IDFW QDPHO\ WKHLU LQQDWH EXGGKDQDWXUH
WKH\@ ZLOO EHFRPH SHUIHFWO\ DZDNHQHG >RQHV@ VHWWOHG ILUPO\ >DQG@ SHDFHIXOO\ LQ VSRQWDQHRXV
NQRZOHGJHp



7KH 7LEHWDQ FRQQHFWV WKH WKUHH V\QWDFWLFDO XQLWV RI WKH VHQWHQFH ZLWK GDQJ  EVDO ED .+21 

 VE\DQJ ED .+21   VWRQ WR %WK

UHSODFHV WKH ILUVW GDQJ E\ SK\LU V1\DP QDV IRU LWL NWY LQ

% DSSHDUV LQ %WK DV SK\LU IRU SK\LU UHQGHULQJ LWL FI $. VY LWL $V DOVR WKH &KLQHVH YHUVLRQV
VKRZ D FRQVWUXFWLRQ RI ILQDOLW\ ZH VKRXOG DVVXPH WKDW WKLV ZDV WKH RULJLQDO VWUXFWXUH RI WKH

VHQWHQFH 5HSODFLQJ WKH VHFRQG GDQJ LQ 7LE ZLWK SK\LU WKH IXWXUH IRUP RI WKH YHUE VE\DQJ LQ WKH
SUHVHQW FRQVWUXFWLRQ LPSRVVLEOH WR H[SODLQ ZRXOG EH MXVWLILHG 6LPLODU FRQIXVLRQ LQ WKH VWUXFWXUH RI
WKH WH[W RI 7LE RFFXU LQ YHUVHV  DQG  &K GURSV WKH DSSHOODWLRQ DW WKH EHJLQQLQJ RI WKH
SDVVDJH DQG WKHQ UXQV o7KHUHIRUH ZLWK >DSSURSULDWH@ PHDQV >,@ WHDFK WKH 'KDUPD DFFRUGLQJ >WR
FLUFXPVWDQFHV@ 
 \DWK\RJDP VR WKDW >OLYLQJ EHLQJV@ UHPRYH >WKHLU@ GHILOHPHQWV SXULI\ WKH
NQRZOHGJH RI DOO >PDWWHUV@ DQG EHFRPH SHUIHFWO\ DZDNHQHG LQ DOO ZRUOGVp &K o6RQV RI JRRG
>IDPLO\@ WKDW VWRUH RI D WDWKJDWD UHVLGHV DPLGVW DOO GHILOHPHQWV 7KH 7DWKJDWD IRU WKH VDNH RI

>PDNLQJ@ WKRVH OLYLQJ EHLQJV UHPRYH WKH VNLQ RI GHILOHPHQWV VR WKDW WKH\ ZLOO EH SXULILHG DQG
EHFRPH EXGGKDV WHDFKHV WKH 'KDUPD IRU >WKHP@ FRQWLQXDOO\ WKLQNLQJ m:KHQ >VKRXOG , WHDFK WKHP
WKH 'KDUPD VR WKDW@ VHQWLHQW EHLQJV VWULS RII DOO VNLQV RI WKH VKHDWKV RI GHILOHPHQWV >DQG@ EHFRPH
WDWKJDWDV DSSHDULQJ LQ WKH ZRUOG"np 7KH WHPSRUDO LQWHUURJDWLYH NDG LQVWHDG RI

6LQFH WKHUH LW LV FRPELQHG ZLWK

LQWHUSUHWHG DV LQ P\ WUDQVODWLRQ DERYH
IRXQG LQ  RI

&K



NDWKDP"

LV DOVR

LQ WKH VDPH SGD WKH TXHVWLRQ PXVW EH

>@

>@

>@

o>%XW@ KDYLQJ EHHQ SRXQGHG >DQG WKHLU@ KXVNV KDYLQJ EHHQ UHPRYHG WKH\
>FDQ@ VHUYH DOO >WKHLU@ YDULRXV IXQFWLRQV >+RZHYHU@ WKH NHUQHOV LQ WKH

KXVNV >FDQ@QRW VHUYH >DQ\@ IXQFWLRQ IRU VHQWLHQW EHLQJVp
o,Q WKH VDPH ZD\ >WKDW SHRSOH DUH DZDUH RI WKH SUHFLRXV NHUQHO ZLWKLQ WKH

KXVN@ , VHH WKDW WKH JURXQG RI EXGGKD>KRRG RI@ DOO VHQWLHQW EHLQJV LV
FRYHUHG E\ GHILOHPHQWV $QG WKHQ , WHDFK WKH 'KDUPD LQ RUGHU WR SXULI\
WKHP DQG OHW >WKHP@ DWWDLQ EXGGKD>KRRG@ TXLFNO\p

o,Q RUGHU WKDW >WKH\@ PD\ TXLFNO\ EHFRPH YLFWRULRXV RQHV >,@ WHDFK WKH
'KDUPD VR WKDW OLNH PLQH >WKHLU@ WUXH QDWXUH GKDUPDW ZKLFK

>WKRXJK@ ZUDSSHG LQ KXQGUHGV RI GHILOHPHQWV LV LQ DOO VHQWLHQW EHLQJV


EHFRPHV SXULILHG >LQ@ DOO >RI WKHP@p



&K

 SDUDOOHO WR LWV SURVH o>,W LV@ DV LI VRPH SRRU SHUVRQ ZRXOG VWLOO GLVGDLQ DOO QRQJOXWHQRXV
ULFH >DQG@ PLOOHW >ZKRVH@ KXVNV KDYH QRW \HW EHHQ UHPRYHG DQG ZRXOG UHJDUG LW DV VRPHWKLQJ WR EH

WKURZQ DZD\p

,Q %WK WKH

SGDV FRPSULVH RQO\ VHYHQ V\OODEOHV 7KH VHFRQG KDOI RI WKH YHUVH VKRZV D

VHSDUDWH XQGHUVWDQGLQJ
SRVLWLRQ RI

GH GDJ VQ\LQJ SR SKXE PDU OGDQ  EVDO QDV VHV FDQ GRQ N\DQJ E\HG  >WKH

GH GDJ PD\ EH GHWHUPLQHG E\ WKH V\QWD[ RI WKH 6NW@

o$IWHU WKH NHUQHOV ZLWK WKH KXVNV KDYH

EHHQ FOHDQHG >WKH\@ EULQJ DERXW EHQHILW >IRU@ VHQWLHQW EHLQJVp 3GD F DQG G RI ERWK 7LEHWDQ
YHUVLRQV VHHP UHGXQGDQW DV WKH\ GR QRW DGG DQ\ QHZ LQIRUPDWLRQ FRPSDUHG WR WKH ILUVW WZR SGDV

&K o7KRXJK >IURP@ RXWVLGH LW ORRNV DV LI ZLWKRXW XVH WKH NHUQHO ZLWKLQ >UHPDLQV@ XQGDPDJHG

>$V VRRQ DV@ WKH KXVN LV UHPRYHG >WKLV VDPH JUDLQ@ IXQFWLRQV DV IRRG >IRU@ D NLQJp ,Q WKH OLJKW RI
WZR HPHQGDWLRQV WKH VHFRQG WZR SGDV RI

&K

&K VKRZ VLPLODULW\ WR WKH VWDWHPHQW WKDW WKH NHUQHO

 o7KH NHUQHO LV SODFHG >LQ@ WKH

KXVN DQG >UHPDLQV@ XQGDPDJHG >7KLV@ XQGDPDJHG >NHUQHO KDV WKH IXQFWLRQ RI@ EULQJLQJ DERXW
EHQHILW >IRU@ OLYLQJ EHLQJVp 7KH LGHD RI DQ XQGDPDJHG NHUQHO DSSHDUV LQ ERWK &KLQHVH YHUVLRQV
DQG FRQVWLWXWHV D QHZ DVSHFW LQ  PLVVLQJ LQ WKH 7LEHWDQ ,W PD\ KDYH EHHQ SDUW RI WKH RULJLQDO
6NW WH[W EXW ZDV KRZHYHU QRW UHQGHUHG RU PLVXQGHUVWRRG" E\ WKH 7LEHWDQ WUDQVODWRUV

7KH XVH RI WKH WHUP VDQJV UJ\DV VD 6NW EXGGKDEKPL PLJKW EH LQVSLUHG E\ WKH DJULFXOWXUDO
FRQWH[W RI WKH LOOXVWUDWLRQ &K
 &K


UHPDLQV XQGDPDJHG LQ



,Q WKH VHFRQG KDOI RI WKH YHUVH

ILQDOLW\ ZLWK

SK\LU

7LE GLIIHUV IURP DOO RWKHU YHUVLRQV EHFDXVH WKH FRQVWUXFWLRQ RI

LQFOXGHV ERWK VWDWHPHQWV QDPHO\ WKH SXULI\LQJ DFWLYLW\ DORQJ ZLWK WKH

DWWDLQPHQW RI EXGGKDKRRG ,Q DOO WKH RWKHU WKUHH WUDQVODWLRQV WKH DWWDLQPHQW RI EXGGKDKRRG DSSHDUV
VHSDUDWHG LQ SGD G DV WKH FRQVHTXHQFH 

&K



IRUPHU SGD F

%WK

&K

 RI WKH WHDFKLQJ RU DV D ZLVKIXO H[FODPDWLRQ

RXV 7KH WUDQVODWRUV RU UHYLVHUV GHFLGHG WR SRVLWLRQ WKH VHFRQG KDOI RI

E\D SK\LU FKRV VWRQ ZKHUH LW LV VWLOO IRXQG LQ %WK WR WKH HQG RI WKH YHUVH LQ
LV DPELJX

FRUUHVSRQGHQFH ZLWK EDVLF UXOHV RI 7LEHWDQ JUDPPDU 7KXV WKH VWDWHPHQW UHIHUULQJ WR WKH

DWWDLQPHQW RI EXGGKDKRRG EHFDPH GUDJJHG LQWR WKH FRQVWUXFWLRQDO IUDPH RI WKH PRWLYH ,QVWHDG RI
 &K

oEXGGKD>KRRG@p LQ SGD G &K HPSOR\V DJDLQ

&K



 ,QVWHDG RI GKDUPDW
&K
 KDV
 -XVW DV LQ YHUVH  DOVR KHUH WKH ODVW WZR SGDV RI

IRU

7LE VKRZ D GLIIHUHQW VWUXFWXUH %WK DQG &K

&K VHH EHORZ SUHVHQW WKH ODVW SGD WKDW OLYLQJ EHLQJV ZLOO EHFRPH MLQDV &K

 DV WKH

RI WKH 7DWKJDWD SDUDOOHO WR WKH SURVH ,Q 7LE DJDLQ WKDPV FDG ML OWD EXU RULJLQDOO\ SDUW
RI WKH TXHVWLRQ DV IRXQG LQ WKH SDUDOOHO SURVH VHFWLRQ KDV EHHQ H[FKDQJHG ZLWK E\D SK\LU FKRV VWRQ
WR $V WKH UHVXOW RI WKLV SURFHVV WKDPV FDG EHFDPH LPSRVVLEOH WR FRQVWUXH ZLWK WKH UHVW RI SGD F
GLIIHUHQW IURP WKH
&K SDUDOOHO WR LWV SURVH IRUPXODWHV D TXHVWLRQ ZLWK WKH LQWHUURJDWLYH
7LEHWDQ %WK FL QDV VHH DERYH $OVR LQ WKH FDVH RI WKLV YHUVH 7LE GHILQLWHO\ LV D UHYLVHG WH[W 7KH
RULJLQDO SRVLWLRQ RI WKH TXHVWLRQ LV LQ WKH ODVW SGD MXVW DV IRXQG LQ %WK o+RZ FL QDV PD\ >WKH\@
WKRXJKW

DOO TXLFNO\ EHFRPH YLFWRULRXV RQHV"p

 7KH YHUVH LQ &K o-XVW DV P\ WDWKJDWDQDWXUH VR DOVR DUH OLYLQJ EHLQJV >,@ GLVFORVH >WKLV

QDWXUH RI OLYLQJ EHLQJV DQG@ LQGXFH >LWV@ SXULILFDWLRQ >VR WKDW WKH\@ TXLFNO\ DWWDLQ WKH VXSUHPH
DZDNHQLQJ 
p


 )RU oQDUURZ SDWKp VHH

&K KDV 

7VKLJ PG]RG

VY

JVHE ODP ODP FKXQJ QJDP ODP JX GRJ SR



 o VRPHERG\ FDUU\LQJ D



> 7KH VLPLOH RI D JROG QXJJHW LQ H[FUHPHQW@

>$@

o6RQV RI JRRG IDPLO\ DJDLQ LW LV OLNH WKH H[DPSOH RI D URXQG QXJJHW SLD
RI JROG >EHORQJLQJ WR@ VRPHRQH SXUXuQWDUD >ZKR@ KDG ZDONHG >DORQJ@ D
QDUURZ SDWK



>DQG ZKRVH QXJJHW@ KDG IDOOHQ LQWR D SODFH RI GHFD\LQJ

VXEVWDQFHV DQG ILOWK >D SODFH@ IXOO RI SXWULG H[FUHPHQW ,Q WKDW SODFH RI
GHFD\LQJ VXEVWDQFHV DQG ILOWK IXOO RI SXWULG H[FUHPHQW WKH >JROG QXJJHW@

ZRXOG KDYH
KDYLQJ EHHQ mRYHUSRZHUHGn E\ YDULRXV LPSXUH VXEVWDQFHV

EHFRPH LQYLVLEOH
>DQG ZRXOG KDYH UHPDLQHG@ WKHUH IRU WHQ WZHQW\ WKLUW\

>EXW LW ZRXOG WKRXJK
IRUW\ ILIW\ D KXQGUHG RU D WKRXVDQG \HDUV
VXUURXQGHG@ E\ LPSXUH VXEVWDQFHV >QHYHU EH DIIHFWHG E\ WKHP RZLQJ WR@ LWV
LPSHULVKDEOH QDWXUH DYLQwDGKDUPLQ >%HFDXVH RI WKH FRYHULQJ RI LPSXUH

VXEVWDQFHV KRZHYHU LW FRXOG@ QRW EH RI XVH WR DQ\ VHQWLHQW EHLQJp

JROG QXJJHW ZRXOG SDVV E\ WKH VLGH >RI WKH SODFH RI H[FUHPHQW ZKHQ WKLV JROG QXJJHW@ ZRXOG E\
LQDGYHUWHQFH VXGGHQO\ IDOO GRZQ LQWR ILOWKp

 %WK  \RQJVX .+1 SDnL OD GHnL GEXVX  VKRXOG EH HPHQGHG WR  \RQJVX 1+21 EDnL OD GHnL
GEXVX  VHH OLQH  7KH SHUVRQ DFFRUGLQJ WR %WK LV ZDONLQJ LQ WKH PLGGOH RI WKH SDWK +RZHYHU

WKLV WH[W SDUW RI

%WK

LV JUDPPDWLFDOO\ LPSRVVLEOH WR FRQVWUXH ,QVWHDG RI WKH oSODFH RI GHFD\LQJ

DQG ILOWKp UXO SD .+21 Q\DO Q\LO J\L JQDV %WK PHQWLRQV D SLW EXW LQ $ D KHDS
SKXQJ RI oGHFD\LQJ ILOWKp UXO EDkK OXG N\L NKXQJ 6HH .3 ~  VDNDUDMC  SKXQJ FRXOG
UHQGHU ND FI 63, VY VDNUDGKQD SKXQJ SR IRU GKQD %WK LV FRQILUPHG E\ &K
 oEDG DFFXPXODWLRQV RI SXWULG ILOWKp &K
VHH EHORZ )RU D VLPLODU
H[SUHVVLRQ VHH $!  ,9 VDNUDGKQD  SWLNDP XFFUDSUDVUYDYLQwLWD FD 
 /DP 2+7 FRXOG UHIOHFW DQ LQVWUXPHQWDO RI VSDFH LQ WKH 6NW )RU 5:7:KPVCTC VHH &3' VY
VXEVWDQFHV

DQWDUD

oD FHUWDLQ RQH VRPHRQHp 7KURXJKRXW $r& QHLWKHU

PHQWLRQ WKDW WKH QXJJHW LV URXQG



%WK

QRU WKH &KLQHVH YHUVLRQV

LV SUREDEO\ D WUDQVODWLRQ RI DQ\RQ\D oYDULRXV GLIIHUHQWo VHH %+6'

JQRQ SD LV XVHG WR H[SUHVV WKH DFWLYLW\ RI WKH LPSXUH VXEVWDQFHV ,Q  WKH

J=KDQ GDQJ J]KDQ

VY 7KH WHUPLQRORJ\

VDPH ZRUG FKDUDFWHUL]HV WKH NOHwDV ,I LW UHQGHUV DEKLEKWD LW PHDQV oWR GURZQ WR VXSHUSRVHp


EO7DU PL VQDQJ EDU J\XU OLW oKDYLQJ

VR WKDW LW FRXOG@ EH ORRNHG DWp



&K



,QVWHDG RI oILIW\ \HDUVp

&K

EHFRPH >VRPHWKLQJ ZKLFK@ GRHV QRW DSSHDU >DQ\PRUH

 PLVVLQJ LQ

&K

%WK UHDGV oVL[W\ \HDUVp DQG GRHV QRW PHQWLRQ oWKRXVDQG \HDUVp DW DOO

&K o WHQ WZHQW\ ILIW\ RU D KXQGUHG WKRXVDQG \HDUVp

&K DW OHDVW VKRZV D FRQWUDVWLQJ HOHPHQW ZLWK o \HW >LW@ FDQQRW EHQHILW WKH
KDUGO\ XQGHUVWDQGDEOH ZLWKRXW H[WHQVLYH HODERUDWLRQV /LNH &K DOVR %WK

VHH EHORZ
 :KHUHDV

SHRSOHp

7LE

LV

WHUPLQDWHV WKH ILUVW VWDWHPHQW ZLWK D YHUE nGXJ SD

 ZKLFK LV PLVVLQJ LQ 7LE EXW LV IRXQG LQ WKH

SODFHG DQG ZLWKRXW FRUUHVSRQGHQFH LQ DQ\ RI WKH RWKHU WUDQVODWLRQV LV %WK

YHUVHV JQDV G 0LV

 EUWVRQ SDU E\HG SD GH GDJ JL GRQ N\DQJ 

oDOVR WKH EHQHILW RI WKRVH >ZKR@ SUDFWLFHp RU oDOVR

IRU WKRVH ZKRp ZKLFK DSSHDUV LQVWHDG RI OR VWRQJ GX" PL JWVDQJ EDV

LQ

7LE &K

LQ WKLV

SDVVDJH 
 o OLHV LQ SXWULG IHFHV $QG WKRXJK LWV
FRXOG EH WKH FRXQWHUSDUW IRU PL
QDWXUH LV QRW SHULVKLQJ >DQG@ QRW SROOXWHG \HWp &K
JWVDQJ EDV LQ 7LE $ SRVVLEO\ PLVXQGHUVWRRG DQG QRW DWWULEXWHG WR WKH JROG LQ 7LE
 7KH ZKROH RI $ LQ

&K  o,W LV DV LI SXUH JROG ZRXOG IDOO LQWR DQ LPSXUH SODFH >O\LQJ WKHUH@

KLGGHQ >DQG@ LPPHUVHG >VR WKDW LW ZRXOG@ QRW DSSHDU >DQ\PRUH DQG@ \HDUV ZRXOG SDVV E\ 7KRXJK
WKH SXUH JROG ZRXOG QRW SHULVK QRERG\ ZRXOG EH DEOH WR NQRZ >LWV H[LVWHQFH LQ WKDW SODFH@p

 ,Q RUGHU WR WKURZ OLJKW RQ WKH RULJLQDO IRUP RI WKLV VWDWHPHQW ZH VKRXOG KDYH D ORRN RQ WKH
SDUDOOHO YHUVH

5*9 , \DWK VXYDUD YUDMDWR QDUDV\D F\XWD EKDYHW VDNDUDSWLGKQH 

EDKQL WDG YDUuDwDWQL WDVPLQ WDWKDLYD WLuKHG DYLQwDGKDUPL 

&RQVLGHULQJ FRQWHQW DQG VWUXFWXUH RI WKH YHUVH ZH ILQG JUHDW VLPLODULW\ WR WKH SDVVDJH LQ $ 2QO\
5*9
&K ,Q WKH 5*9 WKHUH LV D YHUE RI H[LVWHQFH WLuKHW DQG ZKDW LV

WKH ODVW DVSHFW LH WKDW WKH JROG FDQQRW EH RI XVH IRU VHQWLHQW EHLQJV LV QRW H[SUHVVHG LQ WKH

SDVVDJH QRU GRHV LW DSSHDU LQ

PRVW UHPDUNDEOH DYLQwDGKDUPL WKH FRXQWHUSDUW RI

7LE

FKXG PL ]D EDnL FKRV FDQ LV SRVLWLRQHG DW

WKH HQG RI WKH ZKROH YHUVH ,W GRHV QRW IXQFWLRQ DV WKH SUHGLFDWH RI WKH VHQWHQFH EXW DV DQ DWWULEXWH
WR

VXYDUD DQG WDG DERYH 7KH YHUVH 5*9 , FRXOG EH WUDQVODWHG DV IROORZV



>%@

o6RQV RI JRRG IDPLO\ >LI@ WKHQ D GLYLQLW\ ZLWK GLYLQH YLVLRQ ORRNHG DW WKDW

URXQG JROG QXJJHW >WKH GLYLQLW\@ ZRXOG GLUHFW D SHUVRQ
m2 PDQ JR DQG FOHDQ WKDW JROG RI H[FHOOHQW YDOXH >W@KHUH >ZKLFK LV RQO\
H[WHUQDOO\@ FRYHUHG ZLWK DOO VRUWV MWD RI GHFD\LQJ VXEVWDQFHV DQG

ILOWK DQG XVH WKH JROG >LQ WKH ZD\@ JROG LV WR EH XVHGn

,Q >WKLV VLPLOH@
VRQV RI JRRG IDPLO\ >ZKDW@ LV FDOOHG mDOO VRUWV RI GHFD\LQJ

VXEVWDQFHV DQG ILOWKn
LV D GHVLJQDWLRQ IRU WKH GLIIHUHQW NLQGV RI

GHILOHPHQWV
>:KDW@ LV FDOOHG mJROG QXJJHWn LV D GHVLJQDWLRQ IRU >ZKDW@ LV

QRW VXEMHFW WR SHULVKDELOLW\ DYLQwDGKDUPLQ > LH WKH WUXH QDWXUH RI OLYLQJ

EHLQJV@
>:KDW@ LV FDOOHG mGLYLQLW\ >ZLWK@ GLYLQH YLVLRQn LV D GHVLJQDWLRQ

IRU WKH 7DWKJDWD WKH +RQRUDEOH 2QH DQG 3HUIHFWO\ $ZDNHQHG 2QH
6RQV RI JRRG IDPLO\ LQ WKH VDPH ZD\ DOVR WKH 7DWKJDWD WKH
+RQRUDEOH 2QH DQG 3HUIHFWO\ $ZDNHQHG 2QH WHDFKHV WKH 'KDUPD WR
VHQWLHQW EHLQJV LQ RUGHU WR UHPRYH WKH GHILOHPHQWVs>ZKLFK DUH OLNH@ DOO

VRUWV RI GHFD\LQJ VXEVWDQFHV DQG PXGs
>IURP@ WKH LPSHULVKDEOH WUXH

QDWXUH GKDUPDW RI D WDWKJDWD IRXQG LQ DOO VHQWLHQW EHLQJVp
-XVW DV JROG RI D WUDYHOHU PLJKW IDOO LQWR D UHFHSWDFOH RI GLUW DQG SXWULG PDWHULDO >DQG@ WKDW >JROG@ KDYLQJ
WKH QDWXUH RI XQSHULVKDELOLW\ ZRXOG OLH WKHUH LQ H[DFWO\ WKH VDPH ZD\ IRU PDQ\ KXQGUHGV RI \HDUV 



&K GRHV QRW PHQWLRQ WKDW WKH GLYLQLW\ LV ORRNLQJ DW WKH JROG WKLV LV VDLG LQ F RI &K

7KH GLYLQLW\ VSHDNV WR D JURXS RI SHRSOH FI 5*9 ,E QDUDV\D EXW 5*9 ,E QP

 EV*R VKRXOG EH WKH IXWXUH IRUP RI WKH YHUE VJR ED 7KH 5*9 KDV SUHVHQW RSWDWLYH IRUPV LQ WKH
SDUDOOHO YHUVHV SUDYDGHW XSDGLwHW ,  :LWK EVJR WKH VRFDOOHG oIXWXUHp IRUP WKH 7LEHWDQ
FRXOG UHQGHU DQ RSWDWLYH LQ WKH 6DQVNULW $W WKH HQG RI $ ZH IDFH WKH VDPH VLWXDWLRQ EVJR DORQJ
ZLWK GDUwD\HW DQG YDGHW LQ WKH FRUUHVSRQGLQJ YHUVHV RI WKH 5*9 ,  &I WKH VHFWLRQ RQ
LUUHJXODU YHUE IRUPV ,, & 

7KH SDUDOOHO LQ
, UXQV DV IROORZV

5*9

UDWQHQD NXUXuYD NU\DP


 > LGDP

HOHPHQWV FDQ DOVR EH IRXQG LQ

0203/0/ 147

VXYDUDP DVPLQQ LGDP DJUDUDWQD YLwRGK\D

QDYDP

DFFRUGLQJ WR 6FKPLWKDXVHQ  @

$OO

7LE &K XQGHUVWDQGV WKH RUGHU WR FOHDQ DQG WR PDNH XVH RI WKH JROG

DOUHDG\ DV WKH IROORZLQJ DFWLRQ

 o+DYLQJ
KHDUG >WKH RUGHU@ WKLV SHUVRQ WKHQ WDNHV LW RXW $IWHU KDYLQJ DWWDLQHG >LW KH@ FOHDQV >LW DQG XVHV LW@
LQ DFFRUGDQFH ZLWK ZKDW JROG LV XVHG >IRU@p ,Q
SXULILFDWLRQ LW LV VDLG



,Q

&K WKHUH

LV QR GLUHFWLYH WR JR ,QVWHDG RI WKH

 o7DNH LW RXWp

 EVJR QD ULJV N\L EX  WKH SDUWLFOH

3, UHIHUV WR WKH ZKROH LOOXVWUDWLRQ IURP WKH EHJLQQLQJ

LQ WKH VHQVH RI o LI D JROG QXJJHW KDG IDOOHQ GRZQ DQG D GLYLQLW\ KDG GLUHFWHG D SHUVRQ

>WKHQ@ VRQV RI JRRG IDPLO\ >WKH IROORZLQJ DQDORJ\ FRXOG EH GUDZQ@p



2QO\ 7LE GRHV QRW LQFOXGH oWKH SODFHp LQ WKH H[SODQDWLRQ RI WKH DQDORJ\ %WK UXO SDnL OXG

 &K
NKDQJ@ &K

 oLQQXPHUDEOH NOHwDVp &K
&K
DQG XSDNOHwDVp

RJWPI


> IRU




oGLIIHUHQW NLQGV RI NOHwDV

%WK UHDGV KHUH DQG DOVR LQ  DYLQwDGKDUPDW FKRV Q\LG PD UXQJ EDU PL nJ\XU ED VHH
 ,Q &K DV XVXDO GKDUPDW GRHV QRW DSSHDU WKHUHIRUH

&K HPHQGHG WR
7LE KDV PRVW OLNHO\ EHHQ DGDSWHG WR FRQIRUP WR WKH H[SUHVVLRQ LQ $ ZKHUH LW KDV FKXG PL ]D
EDnL FKRV FDQ %WK DQG &K DUH KHUH SUREDEO\ EDVHG RQ WKH 6DQVNULW RULJLQDO


DOVR





&K 70,/8

Q\RQ PRQJV SD UXO SD GDQJ  nGDP UG]DE NVC DW UQDPV %WK 70,/8 Q\RQ PRQJV SDnL
UXO EDnL nGDP GX I[WT RC 7KLV PDNHV FOHDU WKDW LQ WKH 6NW WKHUH ZDV D FRPSRXQG HQGLQJ ZLWK MWD
RU EKWD OWD EX IRU MWD VHH 09\  IRU EKWD VHH 09\  -WD RU EKWD FRXOG KHUH RI
,QVWHDG RI

FRXUVH DOVR EH XQGHUVWRRG DV VKRZLQJ D FRPSDULVRQ +RZHYHU DV LQ % ZKHUH MWD WKHUH UQDP
SD

KDG WKH PHDQLQJ oDOO VRUWVp WKLV PHDQLQJ VKRXOG DOVR EH DGRSWHG KHUH ,Q WKH &KLQHVH WRR D

FRPSDULVRQ GRHV QRW DSSHDU H[SOLFLWO\ 6LPLODU FRPSRXQGV DV KHUH DSSHDU DOVR LQ WKH SDUDOOHO
YHUVHV RI WKH 5*9 WDWNOHwDSDND ,F NOHwDPDKwXFL ,F

7KLV ODVW SDVVDJH LV GLIIHUHQW LQ DOO WUDQVODWLRQV 7KH VKRUWHVW YHUVLRQ KDV &K o7KHUHIRUH WKH
7DWKJDWD ZLGHO\ WHDFKHV WKH 'KDUPD IRU >OLYLQJ EHLQJV@ VR WKDW WKH\ DOO UHPRYH DQG GHVWUR\ >WKHLU@



>&@

7KHQ DW WKDW WLPH WKH ([DOWHG 2QH XWWHUHG WKHVH YHUVHV

>@ o,W LV MXVW OLNH >WKH H[DPSOH RI VRPH@ PDQnV QXJJHW RI JROG >WKDW@ KDV
IDOOHQ LQWR DOO VRUWV RI ILOWK WKRXJK LW UHPDLQHG WKHUH LQ VXFK D VWDWH IRU
QRW D IHZ \HDUV >\HW LW ZRXOG QHYHU EH DIIHFWHG RZLQJ WR LWV@
LPSHULVKDEOH QDWXUHp
>@

>@

o>$QG@ D GLYLQLW\ SHUFHLYLQJ LW ZLWK GLYLQH YLVLRQ LQ RUGHU WR FOHDQ >LW@

ZRXOG WHOO VRPHERG\
m+HUH LV JROG RI H[FHOOHQW YDOXH &OHDQ >LW@ DQG XVH LW >LQ WKH ZD\ JROG@

LV WR EH XVHGnp
o,Q WKH VDPH ZD\ , >FDQ@ VHH WKDW DOVR DOO VHQWLHQW EHLQJV KDYH IRU D ORQJ
WLPH EHHQ FRQVWDQWO\ RYHUSRZHUHG E\ GHILOHPHQWV >EXW@ NQRZLQJ WKDW
WKHLU GHILOHPHQWV >DUH RQO\@ DFFLGHQWDO JDQWXND >,@ WHDFK WKH 'KDUPD
ZLWK >DSSURSULDWH@ PHDQV LQ RUGHU WR SXULI\ >WKHLU@ LQWULQVLF QDWXUH

SUDNWLp

GHILOHPHQWV >WKH\@ DOO DWWDLQ SHUIHFW DZDNHQLQJ >DQG@ SHUIRUP WKH DFWV RI D EXGGKDp &K o6RQV RI
JRRG >IDPLO\@ >LQ@ DOO VHQWLHQW EHLQJV >WKHUH LV@ WKH WUXH QDWXUH 
 RI WKH WDWKJDWDV >MXVW OLNH@ D
WUXO\ H[FHOOHQW MHZHO LPPHUVHG LQ GHILOHPHQWV >MXVW OLNH@ SXWULG ILOWK 7KHUHIRUH LQ RUGHU WR UHPRYH
DOO GHILOHPHQWV IURP VHQWLHQW EHLQJV >MXVW OLNH IURP WKH QXJJHW RI JROG WKH SHUVRQ UHPRYHG@ SXWULG
ILOWK >DQG@ LPSXULWLHV WKH 7DWKJDWD +RQRXUDEOH 2QH DQG 3HUIHFWO\ $ZDNHQHG 2QH WHDFKHV WKH
ZRQGHUIXO 'KDUPD VR WKDW >VHQWLHQW EHLQJV@ EHFRPH EXGGKDV DSSHDU LQ WKH ZRUOG >DQG@ SHUIRUP
WKH DFWV RI D EXGGKDp ,Q WKH &KLQHVH WKH IROORZLQJ IRXU EDVLF HOHPHQWV FDQ EH VHSDUDWHG
D 7KH H[LVWHQFH RI WKH

GKDUPDW ZLWKLQ VHQWLHQW EHLQJV &K

E 7KH WHDFKLQJ DFWLYLW\ RI WKH 7DWKJDWD ,Q

&K

WKH H[DFW UHODWLRQ EHWZHHQ WHDFKLQJ DQG WKH

SXULILFDWLRQ SURFHVV FDQQRW EH GHWHUPLQHG XQDPELJXRXVO\ ,Q WKH 7LEHWDQ RQ WKH RWKHU KDQG WKH

DLP RI WKH WHDFKLQJ 7LE EVDO EDnL RJ[KT %WK PHG SDU E\D EDnL FQP M[K
RJ[KT ,Q WKLV UHVSHFW WKH 7LEHWDQ LV LQ DFFRUGDQFH ZLWK 5*9 ,  WDWNOHwDSDNDY\DYDGQD
JGVQT GKDUPPEXYDUuD Y\DVMDW  DQG 5*9 ,  GKDUPDP DGLwDW WDFFKXGGKC[G
SXULILFDWLRQ LV FOHDUO\ WKH

F 7KH UHPRYDO RI WKH GHILOHPHQWV

G 7KH VXEVHTXHQW DFWLYLW\ RI OLYLQJ EHLQJV DIWHU WKH UHPRYDO RI WKHLU GHILOHPHQWV LH EHVWRZLQJ
WKH EXGGKDDFWV RQ RWKHUV 7KLV ODVW HOHPHQW LV QRW IRXQG LQ WKH 7LEHWDQ

7KH SDUWLFOH RI FRPSDULVRQ GH OWDU DSSHDUV RQO\ LQ 7LE %WK UHDGV nGL PK LQVWHDG

,QVWHDG RI DYLQwDGKDUPKP %WK UHDGV DYLQwDGKDUPDV &K VLPSO\ KDV
WKH YHUVH 5*9 , TXRWHG DERYH 7LE DQG &K DJDLQVW LWV RZQ SURVH VKRZ
FRQVWUXFWLRQ LQ SGD G N\DQJ

 &RQWUDU\ WR
D FRQFHVVLYH

%WK NHHSV WR WKH VDPH VWUXFWXUH DV LQ LWV SURVH 1HLWKHU

 $ORQH

&K QRU %WK VHHP WR KDYH D FRXQWHUSDUW IRU 7LE GH OWDU LQ G %XW FS 5*9 ,G  VCVJCKXC
WLuKHW $V LV WKH FDVH LQ WKH SURVH RI &K DOVR KHUH WKH IDOOLQJ RI WKH QXJJHW LV GHVFULEHG DV EHLQJ
VXGGHQ 
 DQG E\ LQDGYHUWHQFH   LQ &K &K  DQWLFLSDWHV YHUVH DE RI 7LE o$V LI JROG


ZRXOG EH SODFHG LQ LPSXUH PDWHULDOV KLGGHQ >DQG@ LPPHUVHG >VR WKDW@ QRERG\ ZRXOG EH DEOH WR VHH
>LW EXW@ VRPHERG\ ZLWK GLYLQH YLVLRQ ZRXOG SHUFHLYH >LW@ DQG WKHQ LQIRUP D JURXS RI SHRSOH DERXW

5*9 ,
&K FRPELQHV SGDV E DQG F RI 7LE 3GD F DQG G RI &K FRUUHVSRQG WR SGD G DQG

LWp $OVR WKLV YHUVH OLNH WKH SURVH VKRZV VWURQJ VLPLODULW\ ZLWK LWV SDUDOOHO YHUVH



,Q SGD E

D RI 7LE &K GRHV QRW PHQWLRQ WKH PRWLYH RI JLYLQJ WKH GLUHFWLYH UQDP SDU VE\DQJ SK\LU 47
oJROG RI H[FHOOHQW YDOXHp LW VLPSO\ KDV  &K o2 \RX LI >\RX@ WDNH RXW WKLV >JROG DQG@ ZDVK >LW@
VR WKDW >LW@ EHFRPHV SXUH >\RX ZLOO EH DEOH WR@ XVH >LW@ DV \RX OLNH >VR WKDW@ DOO >\RXU@ UHODWLYHV
ZRXOG DWWDLQ EOHVVLQJp 7KH ODVW SGD RI &K LV QRW IRXQG LQ DQ\ RI WKH RWKHU WUDQVODWLRQV $OVR

7LE LV QHDUO\ LGHQWLFDO ZLWK WKH SDUDOOHO YHUVH 5*9 ,

/LWHUDOO\ o NQRZLQJ WKHLU DFFLGHQWDO GHILOHPHQWVp 0\ WUDQVODWLRQ DERYH LV LQ
DFFRUGDQFH ZLWK &K 
 o NQRZLQJ WKDW WKHLU GHILOHPHQWV DUH DFFLGHQWDOp %WK
GRHV QRW KDYH D FRXQWHUSDUW IRU UWDJ SGD E DQG FKRV SGD G ZKLFK DUH ERWK PLVVLQJ DOVR LQ &K
V0UDV LQ %WK LQVWHDG RI VWRQ LV WKH SHUIHFW IRUP LQ OLQH ZLWK 5*9 ,G  GKDUPDP CFKtCV &K
YHUVH  RI



FRQWLQXHV ZLWK ZKDW FRUUHVSRQGV WR

>VHQWLHQW EHLQJV@ WHVWLI\ 

7LE EFG DQG DGGV LQ SGD G

UHDOL]H WKH SXUH WDWKJDWDNQRZOHGJHp /LNH

 o VR WKDW

%WK &K GRHV QRW PDUN WKH

FOHDQLQJ RI WKH LQWULQVLF QDWXUH DV DLP

 o >DQG NQRZLQJ WKDW WKHLU@ LQWULQVLF
QDWXUH >LV@ SXUH >KH@ WHDFKHV ZLWK >DSSURSULDWH@ PHDQVp $OVR KHUH WKH WUDQVODWRUV RU UHYLVHUV RI



> 7KH VLPLOH RI D KLGGHQ WUHDVXUH EHQHDWK WKH KRXVH RI VRPH SRRU SHUVRQ@
>$@

o6RQV RI JRRG IDPLO\ DJDLQ LW LV DV LI LQ WKH HDUWK EHQHDWK D VWRUHURRP LQ WKH

KRXVH RI VRPH SRRU SHUVRQ XQGHU D FRYHULQJ RI HDUWK VHYHQ IDWKRPV
5:7:K, GHHS WKHUH ZHUH D JUHDW WUHDVXUH IXOO RI PRQH\ DQG JROG >RI WKH
VDPH@ YROXPH DV WKH VWRUHURRP



%XW WKH JUHDW WUHDVXUHsQRW EHLQJ RI


>FRXOG@ QRW

FRXUVH D VHQWLHQW EHLQJ JLYHQ >LWV ODFN RI@ D PHQWDO HVVHQFHs

VD\ WR WKH SRRU >PDQ@

m2 PDQ , DP D JUHDW WUHDVXUH EXW >, DP@ EXULHG >KHUH@ FRYHUHG XQGHU HDUWKn

ZRXOG FRQVLGHU
>,Q KLV@ PLQG WKH SRRU PDQ WKH RZQHU RI WKH KRXVH

>KLPVHOI@ SRRU
DQG HYHQ WKRXJK >KH@ ZDONHG XS DQG GRZQ GLUHFWO\ DERYH

7LE KDYH SUREDEO\ DGGHG SK\LU LQ WU\LQJ WR VWUXFWXUH WKH YHUVH FOHDUO\ 2QO\ &K FRPSULVHV IRXU
YHUVHV LQ & 9HUVHV  DQG  o>@ >:LWK@ WKH YLVLRQ RI D VXJDWD

 >WKH 7DWKJDWD@

SHUFHLYHV DOO NLQGV RI OLYLQJ EHLQJV VLPLODUO\ LQ WKH GLUW RI GHILOHPHQWV >WKHUH LV@ EXGGKDKRRG QRW
 DQXNOD 84
>VXEMHFW WR@ GHFD\ >@ >+H@ WHDFKHV WKH 'KDUPD DFFRUGLQJ >WR WKH VLWXDWLRQ@ 

WKDW >WKH\ DZDNH DQG@ SHUIRUP DOO DFWV >RI D EXGGKD@ 7KH FRYHULQJ GHILOHPHQWV RI EXGGKDKRRG DUH

TXLFNO\ UHPRYHG VR WKDW >WKH\ DOO EHFRPH@ SXULILHGp &K GRHV QRW XVH WKH FKDUDFWHULVWLF
WHUPLQRORJ\ RI FLWWDSUDNWL r JDQWXNDNOHwD 7KH WKUHDG RI WKH ODVW YHUVH RI &K LV QRW YHU\ FOHDU
$V LW LV LQ WKH SURVH WKH SHUIRUPLQJ RI EXGGKDDFWV ZRXOG EH H[SHFWHG WR EH PHQWLRQHG DW WKH HQG

RI WKH YHUVH 7KH EXGGKDDFWV DSSHDU LQ &K DQG &K LQ WKH SURVH DQG LQ WKH YHUVH RI &K $V &K
FRQWDLQV IRXU YHUVHV LQ & LW LV YHU\ OLNHO\ WKDW WKH EXGGKDDFWV ZHUH DOVR SDUW RI D IRXUWK YHUVH LQ
WKH 6NW RULJLQDO ZKLFK ZDV QRW WUDQVPLWWHG E\ 7*6 +RZHYHU , FDQQRW H[SODLQ ZK\ WKH EXGGKD

DFWV DUH QRW IRXQG LQ WKH SURVH RI 7LE DQG %WK



JWHU FKHQ SR

PDKQLGKL PDKQLGKQD &K

oWUHDVXUH RI UDUH
MHZHOVp 
 &K oJUHDW KLGGHQ WUHDVXUHp 

 $ FRXQWHUSDUW IRU WKH ILUVW NRwD GRHV QRW DSSHDU LQ &K %WK UH OWR" ,Q WKH VHFRQG FDVH %WK
 UHDG N6RwD DQ ,QGLDQ XQLW RI PHDVXUHPHQW RI VHYHUDO KXQGUHG
UJ\DQJ JUDJV DQG &K 
PHWHUV %WK nNKRU UJ\DQJ JUDJV VKRXOG EH XQGHUVWRRG DV oZLWK D FLUFXPIHUHQFH RI RQH NURwDp

&K oLQ OHQJWK DQG ZLGWK HTXDOO\ RQH NURwDp 

 oVHYHQ
V GHHSp RQH
FRUUHVSRQGV WR WKH DUPVSDQ RI D KXPDQ VR
DFFRUGLQJ WR %DOELU   FLWLQJ 6 6ULQLYDVDQ FS
VY oWKH KHLJKW RU PHDVXUH RI D PDQp
 7KH SDVVDJH LQ
 o,W LV DV LI WKHUH ZHUH D WUHDVXUH RI UDUH MHZHOV >LQ@ D SRRU KRXVHKROGp


)RU

0L EGXQ VULG



6NW

SXUXuD

SXUXuD

&K

0:

7KH ODVW SDUW RI WKH VHQWHQFH IURP nGL OWD VWH WLOO \LQ SDnR  JLYHV WKH UHDVRQ ZK\ WKH WUHDVXUH

QRW VSHDN 7KH FRQVWUXFWLRQ LQ 6NW PD\ EH LQWURGXFHG ZLWK \DWKSL VHH %WK N\DQJ nGL OWD VWH 
GSHU ZKLFK FDQ KDYH WKH PHDQLQJ RI o EHFDXVH RI FRXUVH EHFDXVH REYLRXVO\ LQ JLYLQJ D PRUH
RU OHVV HYLGHQW UHDVRQ IRU ZKDW KDV MXVW EHHQ VDLGp %+6' VY \DWKSL  %WK QRW FRPELQLJ

FDQ

QJR ER Q\LG ZLWK VHPV VHHPV WR EH VPRRWKHU N\DQJ nGL OWD VWH  GSHU JWHU FKHQ SR GH OD \LG PHG

GH  QJRER Q\LG N\LV VHV FDQ PD \LQ SD QD  o%HFDXVH RI FRXUVH WKH JUHDW WUHDVXUH GRHV QRW KDYH
 o%HFDXVH >WKH
D PLQG DQG LV E\ QDWXUH QR VHQWLHQW EHLQJp &K JLYHV DQRWKHU UHDVRQ
WUHDVXUH@ LV FRYHUHG E\ HDUWKp 7KLV VWDWHPHQW QRW DV D UHDVRQ LV SDUW RI WKH IROORZLQJ GLUHFW
VSHHFK LQ WKH 7LEHWDQ WUDQVODWLRQV 7KDW WKH LGHD RI D WUHDVXUH ZLWK LQWHOOLJHQFH LV QRW DW DOO DEVXUG
LQ WKH FODVVLFDO ,QGLDQ FRQWH[W LV VKRZQ E\ D GLVFXVVLRQ RI .W\\DQD LQ ZKLFK KH VWDWHV

FHWDQYDW VHH 7KLHPH  II



ZLWK

,Q FRQWUDVW WR ) ZKHUH 6NW

NK\LP J\L EGDJ SR

JKDSDWL

LV UHQGHUHG ZLWK

NK\LP EGDJ

VDUYD

PHDQLQJ oQREOHPDQp

KHUH WKH WUDQVODWRUV H[SUHVV D GLIIHUHQW XQGHUVWDQGLQJ DV LPSOLHG LQ P\

UHQGHULQJ , DP QRW VXUH LQ ZKLFK VHQVH WKH 6DQVNULW VKRXOG EH XQGHUVWRRG $FFHSWLQJ DOVR KHUH WKH

PHDQLQJ oQREOHPDQp WKH oVWRUHURRPp LQ $I FRXOG WKXV ZHOO EH DQ HPSW\ WUHDVXU\ RI D
IRUPHUO\ ULFK QREOHPDQ $OVR RI LQWHUHVW LV WKH IXQFWLRQ RI WKH
MHZHOV RI D

FDNUDYDUWLQ

LW LV WKH

JKDSDWLnV

JKDSDWL

DV RQH RI WKH VHYHQ

IXQFWLRQ WR GLVFRYHU KLGGHQ WUHDVXUHV ZLWK KLV GLYLQH

YLVLRQ ZKLFK WKH JKDSDWL LQ WKH 7*6 REYLRXVO\ ODFNV DQG WR PDNH WKHP SDUW RI WKH UXOHUnV
SRVVHVVLRQ JLYHQ WKDW WKHUH LV QR RWKHU SURSULHWRU

1 $! II ZKHUH LW LV VDLG DERXW D SRRU PDQ ZRUNLQJ IRU D ULFK SHUVRQ ZLWKRXW NQRZLQJ
WKDW WKLV SHUVRQ LV KLV RZQ IDWKHU

DWKD NKDOX EKDJDYDQ VD GDULGUDSXUXuR SDU\\HD WDF FD WDV\D JKDSDWH SUDEKWD

KLUD\DVXYDUDGKDQDGKQ\DNRwDNRuJUD VDMQ\G WPDQ FD WDWR QLVSKR


WKH >WUHDVXUH@ KH >FRXOG@ QRW KHDU RI NQRZ RI RU SHUFHLYH WKH H[LVWHQFH RI



WKH JUHDW WUHDVXUH EHQHDWK WKH HDUWK

6RQV RI JRRG IDPLO\ LQ WKH VDPH ZD\ >LQ@ DOO VHQWLHQW EHLQJV EHQHDWK
WKH>LU@ WKLQNLQJ >ZKLFK LV EDVHG RQ@ FOLQJLQJ DEKLQLYHwDPDQDVLNUDs

>DQG@ DQDORJRXVO\ WR WKH KRXVH


WKHUH LV >DOVR@ D JUHDW WUHDVXUH >QDPHO\@

RI WKH HVVHQFH RI D WDWKJDWD WDWKJDWDJDUEKD

WKH WUHDVXU\

>LQFOXGLQJ

WKH WHQ@ SRZHUV >GDwD@ EDOQL >WKH IRXU NLQGV RI@ VHOIDVVXUDQFH >FDWYUL@
YDLwUDG\QL

>WKH HLJKWHHQ@ VSHFLILF >TXDOLWLHV RI D EXGGKD@ >DuGDwD@


DQG DOO >RWKHU@ TXDOLWLHV RI D EXGGKD

YHLND>EXGGKDGKDUP@

,Q

EKDYHQ QD WDVPW NLFLW SUUWKD\HG DQWDwD VDNWXSUDVWKDPO\DPWUDP DSL WDWUDLYD FD

NDDSDOLNXFLN\ YVD NDOSD\HW WP HYD .+6KFTCEKPVO CPWXKEKPVC[COPC 
WKLV SDVVDJH GDULGUDFLQW VKRXOG EH LQWHUSUHWHG DV oWKRXJKWV >FKDUDFWHULVWLF IRU@ SRRU >SHRSOH@p

RU DV DQ

LWL
FRPSRXQG

LQ WKH VHQVH RI oWKRXJKWV >OLNH m, DP@ SRRUnp ,Q DQ\ FDVH WKH WKRXJKWV RI WKH

VRQ DUH XQMXVWLIRHG DV KH LQ IDFW LV WKH OHJLWLPDWH VRQ RI WKH ULFK

7*6 GDULGUDFLWWHQD DQXYLFLQWD\HW

VLPLODU QDWXUH 6HH DOVR

SHUVRQ 7KH WHUPLQRORJ\ RI WKH

VKRXOG EH XQGHUVWRRG LQ WKH VDPH ZD\ DV WKH FRQWH[W LV RI

63   &K

 o>+LV@

PLQG
HPEUDFHV SRYHUW\ DQ[LHW\ JULHI >DQG@ SDLQ WKLQNLQJ GD\ DQG QLJKWp

 7KH DERYH WZR SDVVDJHV LQ

&K o7KH WUHDVXUH FDQQRW VD\ m, DP KHUHn $QG VLQFH >WKH

QREOHPDQ@ KLPVHOI GRHV QRW NQRZ >DERXW LWV H[LVWHQFH@ DQG QRERG\ ZRXOG WHOO >KLP DERXW LW KH@
FRXOG QRW GLVFORVH WKLV UDUH WUHDVXUHp
 6HH

&KQGRJ\D 8SDQLuDG  IRU D VLPLODU GHVFULSWLRQ o%XW MXVW DV RQH ZKR GRHV QRW NQRZ
KLUD\DQLGKL@ FRQFHDOHG XQGHU LW DOWKRXJK KH DJDLQ DQG
XSDUL VDFDUDQWD@ WKDW VSRW VR DOVR DOO WKHVH FUHDWXUHV GR QRW ILQG WKH

WKH VSRW GRHV QRW ILQG WKH JROGWUHDVXUH >

DJDLQ JRHV RYHU >XSDU\

ZRUOG RI %UDKPDQ DOWKRXJK WKH\ HQWHU LQWR LW HYHU\ GD\ LQ GHHS VOHHS ep WUDQVODWLRQ LQ 3DXO
'HXVVHQ 6L[W\ 8SDQLuDGV RI WKH 9HGD YRO WUDQVO IURP *HUPDQ E\ 9 0 %HGHNDU DQG * %


3DOVXOH 'HOKL 0RWLODO S I 0\ WKDQNV DUH GXH WR 0U 0DUWLQ 'HOKH\ DQG 'U 8OULNH 5RHVOHU
ZKR FDOOHG P\ DWWHQWLRQ WR DQG ORFDWHG WKLV SDVVDJH


7KH 6DQVNULW IRU

NK\LP OWD EXU J\XU SD FRXOG EH QLYHwDQDVWKQ\D 7KH VHTXHQFH RI

PKXGtCQD ,3/ DEKLPKXGtC EHIRUH FRXOG KDYH EHHQ LQWHQGHG LQ WKH 6NW WH[W WR XQGHUOLQH E\ D SOD\

XSRQ ZRUGV WKH SDUDOOHO EHWZHHQ WKH QREOHPDQ ERXQG WR WKH KRXVH DQG OLYLQJ EHLQJV FDXJKW LQ
WKHLU QHJDWLYH ZD\ RI WKLQNLQJ 7KH DQDORJ\ LV PLVVLQJ LQ

GLIIHUHQW IURP

7LE





%WK DQG &K &K VKRZV D XQGHUVWDQGLQJ

 o$OO VHQWLHQW EHLQJV OLYH LQ WKH

&K KDV LQWHUSUHWHG

VWKQ\D LQ WKH VHQVH RI oWR EH LQp $PRJKDYDMUD SUREDEO\ KDG LQ PLQG WKH VLPLOH RI WKH EXUQLQJ
KRXVH RI  DQG \HW WKH\ KDYH WKH VWRUH RI DOO EXGGKDTXDOLWLHVp 2EYLRXVO\

$! ZKHUH WKH KRXVH LV FRPSDUHG ZLWK VDVUD VHH $! II

P']RG N\L JWHU FKHQ SR DSSHDUV LQ %WK DV PG]RG  JWHU FKHQ SR D\JKP I[WT VG 

KRXVH RI WKH



oD WUHDVXU\

VLPLODU WR >WKDW@ JUHDW WUHDVXUHp

7KH JURXSV RI TXDOLWLHV PHQWLRQHG KHUH FKDUDFWHUL]H D EXGGKD 7KH\ DUH GHDOW ZLWK LQ HJ
5*99 r VHH DOVR 09\ r DQG %+6' VY YHLND GDwDEDOD YDLwUDG\D ,Q WKH


DERYH HQXPHUDWLRQ 7LE KDV DQDO\]HG WKH FRPSRXQG YHLNDEXGGKDGKDUPD DV D GYDQGYD PD

nGUHV SD GDQJ  VDQJV UJ\DV N\L FKRV +RZHYHU LQ % 7LE LQWHUSUHWV LW FRUUHFWO\ DV VDQJV UJ\DV
N\L FKRV PD nGUHV SD %WK DQDO\]HV WKH FRPSRXQG LQ ERWK FDVHV DV LQ 7LE % $V %WK GH E]KLQ

JVKHJV SDnL [GUJGU FCPI  VWREV GDQJ  &K 

 DQG DOVR

&K 

 GHPRQVWUDWH

WKH RULJLQDO ZRUGLQJ FDQ KDUGO\ KDYH EHHQ WDWKJDWDJDUEKD 7LE GH E]KLQ JVKHJV SDnL VQ\LQJ SR

$OO YHUVLRQV H[FHSW 7LE DUH EDVHG RQ WDWKJDWDMQD 7LE LWVHOI KDV \H VKHV LQVWHDG RI VQ\LQJ SR LQ
WKH SDUDOOHO LQ % :H PXVW WKXV FRQFOXGH WKDW DOUHDG\ WKH ,QGLDQ PDQXVFULSW RQ ZKLFK 7LE ZDV
EDVHG KDG WKH UHDGLQJ JDUEKD LQVWHDG RI MQD RU WKDW WKH QHZO\ LQWURGXFHG UHDGLQJ JDUEKD LV
GXH WR D PLVWDNH RU HYHQ D GHOLEHUDWH DOWHUDWLRQ E\ WKH WUDQVODWRUV RI 7LE +RZHYHU WKH ZRUGV
WDWKJDWDMQD DQG WDWKJDWDJDUEKD DUH PHWULFDOO\ HTXDO LQ 6NW DQG HVSHFLDOO\ LI ZH DVVXPH DQ
RUDO WUDGLWLRQ FRQIXVLRQ EHWZHHQ WKH WZR WHUPV FRXOG HDVLO\ EH H[SODLQHG $ GHOLEHUDWH DOWHUDWLRQ
E\ WKH WUDQVODWRUV RI 7LE LV DOVR QRW YHU\ OLNHO\ EHFDXVH WKLV ZRXOG SUREDEO\ KDYH LQFOXGHG WKH
DOWHUDWLRQ RI WKH SDUDOOHO SDVVDJH LQ % )ROORZLQJ WKH VXSSRVHG RULJLQDO 6NW ZRUGLQJ ZLWK MQD
DV LW DSSHDUV LQ % ZH VKRXOG XQGHUVWDQG WKH oWDWKJDWDNQRZOHGJHp DV DQRWKHU PHPEHU LQ WKH
HQXPHUDWLRQ RI EXGGKDTXDOLWLHV &K GR QRW PHQWLRQ WKH YHLNDEXGGKDGKDUPDV ,QVWHDG RI

WDWKJDWDLPC &K KDV

 WDWKJDWDMQD.+6J+2+



$QG \HW VHQWLHQW EHLQJV FOLQJ WR FRORU DQG VKDSH USD

VRXQG

wDEGD RGRU JDQGKD IODYRU UDVD DQG WDQJLEOH REMHFWV VSUDuDY\D

DQG WKHUHIRUH ZDQGHU LQ VDVUD >FDXJKW LQ@ VXIIHULQJ GXNKHQD $QG DV D

UHVXOW RI QRW KDYLQJ KHDUG RI WKDW JUHDW WUHDVXUH RI >EXGGKD@ TXDOLWLHV >ZLWKLQ
WKHPVHOYHV WKH\@ LQ QR ZD\ DSSO\ >WKHPVHOYHV@ WR WDNLQJ SRVVHVVLRQ >RI LW@

DQG WR SXULI\LQJ >LW@p
>%@

o6RQV RI JRRG IDPLO\ WKHQ WKH 7DWKJDWD DSSHDUV LQ WKH ZRUOG DQG PDQLIHVWV
VDSUDNwD\DWL D JUHDW WUHDVXUH RI VXFK >EXGGKD@ TXDOLWLHV DPRQJ WKH

7KH >ERGKLVDWWYDV@ WKHQ DFTXLUH FRQILGHQFH LQ WKDW JUHDW

WUHDVXUH RI >EXGGKD@ TXDOLWLHV DQG GLJ >LW@ RXW 7KHUHIRUH LQ WKH ZRUOG >WKH\@
DUH NQRZQ DV mWDWKJDWDV KRQRUDEOH RQHV DQG SHUIHFWO\ DZDNHQHG RQHVn
EHFDXVH KDYLQJ EHFRPH >WKHPVHOYHV@ OLNH  D JUHDW WUHDVXUH RI >EXGGKD@
TXDOLWLHV >WKH\@ WHDFK VHQWLHQW EHLQJV WKH DVSHFWV RI >WKLV@ XQSUHFHGHQWHG
DUJXPHQW >RI EXGGKDKRRG LQ DOO RI WKHP@  DSUYDKHWYNUD VLPLOHV

ERGKLVDWWYDV




>LOOXVWUDWLQJ WKLV PDWWHU@ UHDVRQV IRU DFWLRQV DQG >WDVNV@ WR IXOILOO
>7KH\@



D[C

,Q WKH %XGGKLVW HQXPHUDWLRQ RI WKH ILYH VHQVH REMHFWV VSUDuDY\D LV XVXDOO\ WUDQVODWHG DV UHJ

FI

09\  +RZHYHU WKH 7LEHWDQ YHUVLRQ RI WKH /$6 KDV DOVR UHJ SD FI /$6

VSUDuDY\D MXVW DV LV WKH FDVH LQ



2QO\

%WK

VY

7LE DUUDQJHV WKH SXULILFDWLRQ LQ D ILQDOLW\ FODXVH \RQJV VX VE\DQJ EDnL RJ[KT 7KH ODVW

WZR SDVVDJHV LQ

&K o>7KH\@ GR QRW KHDU QRU UHFRJQL]H >WKH WUHDVXUH WKH\@ WDNH SOHDVXUH LQ DQG DUH

PLVOHDG E\ WKH ILYH GHVLUHV ZDQGHU DURXQG LQ VDVUD >DQG@ H[SHULHQFH PHDVXUHOHVV SDLQp ,Q &K

WKH oZDQGHULQJ LQ VDVUDp LV RPLWWHG 7KH UHDVRQ IRU QRW KHDULQJ RI WKH WUHDVXUH LV WKH FOLQJLQJ WR
WKH ILYH GHVLUHV DQG WKH SDLQ LQYROYHG 
LQ

 7KH ILQDO SDUW

&K UXQV DV IROORZV o7KHUHIRUH WKH\ GR QRW KHDU RI WKH JUHDW WUHDVXUH RI >EXGGKD@ TXDOLWLHV OHW

DORQH WKDW LW FRXOG EH DWWDLQHG ,I >WKH\@ HUDGLFDWH WKRVH ILYH GHVLUHV >WKH\@ ZLOO DWWDLQ SXULW\p


&K VSHDNV RI oVHYHUDO EXGGKDVp 

 DQG GRHV QRW PHQWLRQ WKH ERGKLVDWWYDV ,QVWHDG RI oD

JUHDW WUHDVXUH RI VXFK TXDOLWLHVp DOWHUQDWLYHO\ oVXFK D JUHDW WUHDVXUH RI TXDOLWLHVp

 oJUHDW

&K

UHDGV

VWRUH RI YDULRXV MHZHOV> LH WKH EXGGKD@ TXDOLWLHV GKDUPDV "p ,W JRHV
ZLWKRXW VD\LQJ WKDW WKH WZRIROG PHDQLQJ RI 6NW GKDUPD FDQ EH DSSOLHG WKURXJKRXW $r&
:KHUHDV &K FRQWLQXRXVO\ XQGHUVWDQGV GKDUPD LQ WKH VHQVH RI oTXDOLWLHVp RI D EXGGKD WKH 7LEHWDQ
DQG

&K DOORZ DQ DPELJXRXV LQWHUSUHWDWLRQ 6HH IRU H[DPSOH WKH XVH RI WKH YHUE VDSUDNwD\DWL
&K  EXW DOVR WKH

LQ WKLV SDVVDJH ZKLFK FRXOG PHDQ WKH FRQFUHWH RSHQLQJ RI WKH WUHDVXUH 

GLVFORVLQJ RI WKH WHDFKLQJ 7KLV URRP IRU LQWHUSUHWDWLYH DPELJXLW\ PD\ DOUHDG\ KDYH EHHQ SDUW RI
WKH 6NW RULJLQDO



 )RU OWD EXU LQ 7LE WKHUH LV QR SDUDOOHO LQ WKH RWKHU YHUVLRQV ,QVWHDG

PL]D EDU >

IRU

JQRG PHWDWKHVLV@ IRU DYDw\DP &K

 $FFRUGLQJ WR 0DWVXPRWR

LOOXVWUDWLRQ

KDV

JGRQ



 II WKLV SDVVDJH SURYHV WKDW WKH RULJLQDO LQWHQWLRQ RI WKH

LV WR LGHQWLI\ WKH OLYLQJ EHLQJ ZLWK WKH WUHDVXUH VDWWYD

PHQWLRQLQJ WKH WUHDVXUH ZLWKLQ OLYLQJ EHLQJV VDWWYD

ODWHU GHYHORSPHQW LQ ZKLFK

%WK

QLGKL

$OO RWKHU SDVVDJHV

QLGKL GLVSOD\ DFFRUGLQJ WR 0DWVXPRWR D

QLGKL DV WKH FRXQWHUSDUW IRU WDWKJDWDJDUEKD LV DOUHDG\ XQGHUVWRRG DV D

VHSDUDWH HQWLW\ , ILQG 0DWVXPRWRnV SRVLWLRQ SKLORORJLFDOO\ GLIILFXOW WR PDLQWDLQ DQG QRW QHFHVVDU\
,I ZH FRQVLGHU DV WKH FRXQWHUSDUW IRU

QLGKL

LQ WKH

H[SUHVVHG LQ  WKH FRPSRXQG WDWKJDWDJDUEKD

WR VDWWYD


XSDPH\D

WKH WDWKJDWD ZLWKLQ OLYLQJ EHLQJV DV

FRXOG VWLOO EH LQWHUSUHWHG DV D EDKXYUKL UHIHUULQJ

:KDW WKH WHUPV RI WKH

HQXPHUDWLRQ LQ GHWDLO VWDQG IRU LV XQFOHDU 6LPLODU SDVVDJHV LQ WKH $!

SRLQW WR WKH FRQWH[W RI WHDFKLQJ OLYLQJ EHLQJV ZLWK GLIIHUHQW GLVSRVLWLRQV XQGHU WKH WRSLF RI
XS\DNDXwDO\D )RU H[DPSOH
GuQWDKHWQ EDKX GDUwD\DQWL EDKXNUD MQDEDOHQD Q\DN 
QQGKLPXNWw FD YLGLWYD VDWWYQ QQEKLQLUKUn XSDGDUwD\DQWL  I ,,
)XUWKHU



QQEKLQLUKUDQLUGHwDYLYLGKDKHWXNUDDQLGDUwDQUDPEDDQLUXNW\XS\D

NDXwDO\DLU QQGKLPXNWQ VDWWYQ  WDWKJDWR  GKDUPD GHwD\DWL 

DOVR II II I IXUWKHU I DQG I



,,

II YHU\ VLPLODU

DUH GRQRUV GQDSDWL

>ZKR JLYH IURP@ WKH VWRUHURRP RI WKH JUHDW WUHDVXUH

DQG KDYLQJ XQKLQGHUHG UHDGLQHVV RI VSHHFK DVDJDSUDWLEKQDYDW >WKH\

DUH@ D WUHDVXU\ RI WKH PDQ\ TXDOLWLHV RI D EXGGKD LQFOXGLQJ WKH >WHQ@ SRZHUV

DQG WKH >IRXU NLQGV RI@ VHOIDVVXUDQFH

6RQV RI JRRG IDPLO\ LQ WKLV ZD\ ZLWK WKH FRPSOHWHO\ SXUH YLVLRQ RI D
WDWKJDWD WKH 7DWKJDWD WKH +RQRUDEOH 2QH DQG 3HUIHFWO\ $ZDNHQHG 2QH
DOVR SHUFHLYHV WKDW DOO VHQWLHQW EHLQJV DUH OLNH WKH >SRRU RZQHU RI WKH KRXVH
ZLWK WKH KLGGHQ WUHDVXUH@ DQG WKHQ WHDFKHV WKH 'KDUPD WR WKH ERGKLVDWWYDV LQ
RUGHU WR FOHDQ WKH WUHDVXU\ >LQ DOO VHQWLHQW EHLQJV ZKLFK FRQWDLQV VXFK
TXDOLWLHV DV@ WKH WDWKJDWDNQRZOHGJH WKH >WHQ@ SRZHUV WKH >IRXU NLQGV RI@
VHOIDVVXUDQFH DQG WKH >HLJKWHHQ@ VSHFLILF TXDOLWLHV RI D EXGGKDp

>&@

7KHQ DW WKDW WLPH WKH ([DOWHG 2QH XWWHUHG WKHVH YHUVHV

>@ o>,W LV@ DV LI EHQHDWK WKH KRXVH RI D SRRU >PDQ@ WKHUH ZDV D WUHDVXUH IXOO RI
JROG DQG PRQH\ LQ ZKLFK QHLWKHU PRWLRQ QRU WKLQNLQJ ZDV H[LVWHQW

DQG >ZKLFK FRXOG@ QRW VD\ m, DP \RXUVnp

 V1JRQ PD E\XQJ EDnL JWDQ WVKLJV N\L UQDP SD



%WK

6NW DSUYDKHWYNUD DSSHDUV DOVR LQ

&K

ULP N\L WKRJ PDU UJ\X GDQJ  UQDP SD FRXOG UHQGHU WKH VDPH 6NW FRPSRXQG

ZLWK DQXSUYD LQVWHDG RI DSUYD LQWHUSUHWHG DV D GYDQGYD 6LPLODU H[SUHVVLRQV RFFXU LQ WKH
0316 DQG WKH 6XY 7KHUH ZLWK KHWX WKH\ DOVR GHVLJQDWH WKH oDUJXPHQWVp RU OHVV VWULFWO\ WKH
oFRQWHQWVp RI WKH VWUD 6XY   QQYLGKQL VWUQWDKHWQL 
6XY r PGR VGHnL JWDQ
FLWHG LQ 6KLPRGD   Q  S   VHPV FDQ WKDPV
WVKLJV UQDP SD VQD WVKRJV
FDG OD GH E]KLQ JVKHJV SDnL VQ\LQJ SR \RG GR ]KHV E\D EDnL IVCP VUJKIU FCPI TVCIU UQDPV N\L VJR
 
 )RU 7LEHWDQ JWDQ WVKLJV LQ FRQWUDVW WR UJ\X IRU
QDV &KLQHVH )D[LDQ
KHWX FI - VY JWDQ WVKLJV o DUJXPHQWp
 %\HG SDnL JWDQ WVKLJV % 6NW NUDDKHWX UHPDLQV GLIILFXOW VHH 09\  E\HG SDnL
UJ\X IRU NUDDKHWX 7KH WHUP DSSHDUV LQ D FODVVLILFDWLRQ RI KHWXV LQ /$6   VHH DOVR
$.%K ,, 7KH 63 RQO\ NQRZV WKH FRPSRXQG KHWXNUDD %WK UHDGV GJRQJV SD LQVWHDG

!$



,QVWHDG RI VWREV GDQJ  PL nMLJV SD GDQJ  VDQJV UJ\DV N\L FKRV %WK UHDGV VLPSO\ VKHV UDE

6NW SUDM &K

DOUHDG\ KHUH HQXPHUDWHV DOO WKH HOHPHQWV PHQWLRQHG RQO\ DW WKH HQG RI % LQ WKH

7LEHWDQ $IWHU PHQWLRQLQJ WKDW WKH ERGKLVDWWYDV KDYH DFTXLUHG FRQILGHQFH &K FRQWLQXHV o WKHQ

>WKH\@ GLJ >IRU WKH WUHDVXUH LH@ HQWHU WKH ERGKLVDWWYD VWDJHV >)LQDOO\ DV@ WDWKJDWDV KRQRXUDEOH
RQHV

DQG SHUIHFWO\ DZDNHQHG RQHV >WKH\@ IXQFWLRQ DV VWRUHV RI WKH 'KDUPD >LQ@

SHUFHLYH

>LQ@

DOO

VHQWLHQW

EHLQJV

WKH

DVSHFW

RI

WKH

XQSUHFHGHQWHG

FDXVH

WKH ZRUOG >7KH\@

>IRU

EXGGKDKRRG@

DSUYDKHWYNUD 7KHUHIRUH >WKH\@ WHDFK WKH JUHDW VWRUH RI WKH 'KDUPD LQ VLPLOHV

>WKH\@ EHFRPH JUHDW GRQRUV VWRUHURRPV RI XQKLQGHUHG UHDGLQHVV LQ VSHHFK RI PHDVXUHOHVV

NQRZOHGJH WKH >WHQ@ SRZHUV WKH >IRXU NLQGV RI@ VHOIDVVXUDQFH >DQG@ WKH >HLJKWHHQ@ VSHFLILF
TXDOLWLHV RI D EXGGKDp 7KH SDVVDJH LQ

&K o$IWHU WKRVH >OLYLQJ EHLQJV"@ KDYH IXOO RI FRQILGHQFH

DWWDLQHG WKH SXUH NQRZOHGJH RI DOO >PDWWHUV@ WKH\ ZLGHO\ GLVFORVH WKH VWRUH RI D WDWKJDWD IRU OLYLQJ
EHLQJV >WKH\ KDYH@ XQKLQGHUHG UHDGLQHVV LQ VSHHFK >DQG@ DFW DV JUHDW ORUGV RI WKH JLYLQJ >RI

PDKGQDSDWLp

GRQDWLRQV@ 



7KH HQXPHUDWLRQ RI EXGGKDTXDOLWLHV LV PLVVLQJ LQ &K LQVWHDG

WKHUH LV QR HTXLYDOHQW IRU

H[SUHVVHG LQ

%WK

 ,Q

%WK DQG &K

GH OWD EXU LQ % 7KH DLP RI WKH SXULILFDWLRQ VE\DQJ EDnL RJ[KT LV QRW

VFULEDO PLVWDNH" 7KHUHIRUH

 PG]RG \RQJVX VE\DQJV SDnL E\DQJFKXE VHPV

KLVDWWYDV >ZKRVH@ WUHDVXU\ RI  KDV EHFRPH SXUHp

GSDn UQDV o WR WKH ERG

&K DV ZHOO DV &K

VKRZ WKH IROORZLQJ ORJLFDO UHODWLRQ EHFDXVH WKH 7DWKJDWD SHUFHLYHV DOO OLYLQJ EHLQJV DV KDYLQJ WKH
VWRUH RI D WDWKJDWD 


 KH WHDFKHV WKH 'KDUPD WR WKH ERGKLVDWWYDV

J\R ED r UORP VHPV 6NW LMDQ r PDQ\DQ SRLQWV WR WKH VHFRQG OHYHO RI WKH
VLPLOH WKH QHJDWHG WHUPV FDQ FKDUDFWHUL]H WKH PLQG RI VRPHERG\ ZKR KDV HQWHUHG WKH VWDWH RI
DEVRUSWLRQ HJ 63 I DQLMDQ RU WKH PLQG RI D WDWKJDWD VHH 5*99 II 7KH ZRUG SDLU
LV PLVVLQJ LQ &K )RU PDQ\DQ WKH %+6' VKRZV WKH IROORZLQJ H[SODQDWLRQ oFRQFHLW LQ WKH VHQVH
RI YDLQ LOOXVRU\ LPDJLQLQJp +RZHYHU 7LEHWDQ UORP VHPV GRHV QRW FRPSULVH WKLV PHDQLQJ FI -
VY UORP SD oUORP VHPV SULGH DUURJDQFHp +HUH KRZHYHU WKH WHUP DPDQ\DQ SUREDEO\ VLPSO\
7KH ZRUG SDLU

UHIHUV WR WKH IDFW WKDW WKH WUHDVXUH LV ZLWKRXW oD PHQWDO HVVHQFHp DV PHQWLRQHG LQ WKH SURVH



o$W WKH VDPH WLPH D VHQWLHQW EHLQJ WKH RZQHU RI WKH KRXVH KDG EHFRPH
SRRU %XW EHFDXVH >KH@ ZRXOG QRW NQRZ >RI WKH WUHDVXUH@ DQG >EHFDXVH@
WKHUH ZDV QRERG\ >ZKR@ KDG LQIRUPHG KLP WKH SRRU >PDQ@ ZRXOG

UHPDLQ DERYH WKH >WUHDVXUH ZLWKRXW GLJJLQJ LW RXW@p
o,Q WKH VDPH ZD\ ZLWK WKH YLVLRQ RI D EXGGKD , VHH WKDW LQ DOO VHQWLHQW
EHLQJVsWKRXJK >IURP WKH RXWVLGH@ WKH\ UHVHPEOH SRRU >PHQ@ sWKHUH LV
D JUHDW WUHDVXUH DQG >, VHH WKLV WUHDVXUH@ DV WKH PRWLRQOHVV ERG\ RI D

>@

>@



VXJDWDF



,Q



o, VHH WKDW >WUHDVXUH DQG@ WHDFK >WKH IROORZLQJ@ WR WKH ERGKLVDWWYDV

m2 \RX >ERGKLVDWWYDV@ WDNH WKH WUHDVXU\ RI P\ NQRZOHGJH $FW >VR WKDW
\RX PD\@ EHFRPH WUHDVXUHV RI WKH VXSUHPH 'KDUPD EHLQJ IUHH RI

SRYHUW\ DQG EHFRPLQJ SURWHFWRUV RI WKH ZRUOG ORNDQWKDnp

>@

&K DQG %WK LW LV

VSHDNV RI D WUHDVXUH
YHVVHO VQRG

LQ

QRW VDLG WKDW WKH WUHDVXUH LV

EHQHDWK

%WK

&K SDUDOOHO WR LWV RZQ SURVH GRHV QRW GHVFULEH WKH WUHDVXUH DV ILOOHG

PRQH\ FG LQ &K UXQ DV IROORZV

&K

WKH KRXVH +RZHYHU RQO\

WKH KRXVH DOVR LQ WKH SURVH ,QVWHDG RI D WUHDVXUH JWHU

PHQWLRQV D

ZLWK JROG DQG

 o6LQFH WKH PDVWHU >RI WKH KRXVH@

ZRXOG QRW NQRZ DERXW >QRU@ SHUFHLYH >LW@ DQG WKH MHZHO >WUHDVXUH@ DOVR FRXOG QRW VSHDN >@p ,Q

&K WKH WUHDVXUH FDQQRW VD\ WKH IROORZLQJ o7KLV >KHUH@ LV D FHUWDLQ WKLQJp 


%WK GLIIHUV IURP WKH RWKHU WUDQVODWLRQV LQ SGD E PL VKHV SDV QD GEXV J\XU SD  GEX7 VHYHUDO

WLPHV IRU

/-:N

&K

o$V >WKH QREOHPDQ@ GLG QRW NQRZ >DERXW WKH WUHDVXUH KH@ EHFDPH SRRUp 3GDV D

 o7KRXJK WKLV SHUVRQ IXUWKHU LV WKH PDVWHU >RI

WKH KRXVH KH@ H[SHULHQFHV SRYHUW\ DQG GRHV QRW NQRZ >DERXW WKH WUHDVXUH@p ,Q SGD G &K UHSHDWV
LWV RQ VWDWHPHQW RI SGD E
 o DQG >KH@ H[SHULHQFHV SRYHUW\ >DQG@ GZHOOV LQ
 o7KDW
VRUURZp ,Q SGD F LW VHHPV WKDW VXEMHFW DQG REMHFW KDYH EHHQ FRQIXVHG
>PDVWHU"@ DOVR GRHV QRW LQIRUP DQ\ERG\p 7KH ZKROH YHUVH LQ &K o3RYHUW\VWULFNHQ \HDUV >KLV

DQG E LQ

PLQG@ HPEUDFHV GXOOQHVV  LJQRUDQFH DERXW WKH WUHDVXUH 7KHUH LV QRERG\ WHOOLQJ >KLP WKH IDFWV
7KRXJK@ WKHUH LV D WUHDVXUH \HW >KH@ GRHV QRW NQRZ >DERXW LW@ 7KHUHIRUH >KH@ FRQWLQXHV WR EH LQ
SRYHUW\ DQG VRUURZp 7KH VWDWHPHQW RI &K LV DOVR IRXQG LQ WKH SDUDOOHO YHUVH RI WKH 5*9 ,FG
UHIHUULQJ WR OLYLQJ EHLQJV LQ WKH

EDKXGK SUDMH\DP

XSDPH\D DEXGK\DPQQXEKDYDW\ DMDVUD GULGU\DGXNKD

 o>,Q WKH VDPH ZD\ EHFDXVH OLYLQJ EHLQJV@ GR QRW UHFRJQL]H >WKH WUHDVXUH

ZLWKLQ WKHPVHOYHV WKH\@ SHUSHWXDOO\ H[SHULHQFH VXIIHULQJ LQ IRUP RI SRYHUW\ RU WKH VXIIHULQJ >RI
VDVUD@ VLPLODU WR SRYHUW\ LQ PDQLIROG ZD\Vp &I LQ SDUWLFXODU WKH FRPSRXQG

ZLWK&K

GULGU\DGXNKD

 %RWK &KLQHVH WUDQVODWLRQV GLIIHU LQ SGD E &K

 o >VHH WKDW OLYLQJ EHLQJV@
 o >VHH@ WKDW DOO
WKRXJK FLUFXODWLQJ >LQ@ WKH ILYH SDWKV >RI H[LVWHQFH@p &K
VHQWLHQW EHLQJV GZHOO LQ SRYHUW\p 7KH FRPSDULVRQ EHWZHHQ OLYLQJ EHLQJV DQG WKH SRRU LV RQO\
VWDWHG LQ 7LE %WK KDV J\XU SD LQVWHDG RI nGUD FI Q  6HH 5*9 ,F  VDWWY

GDULGUQRCO


6XJDWD LV DQRWKHU RI WKH VWDQGDUG VHW RI HSLWKHWV RI D EXGGKD )RU WUDGLWLRQDO LQWHUSUHWDWLRQV RI

VXJDWD 800 0338/ ,I %RWK XQGHUVWDQGLQJV QDPHO\ o>RQH ZKR@ KDV ZHOO VSRNHQ >WKH

'KDUPD@p DV ZHOO DV o>RQH ZKR@ KDV SHUIHFWO\ HQWHUHG >QLUYD@p DUH GLVFXVVHG WKHUH 6HH DOVR
*ULIILWKV  
 G LQ 7LE
LV JUDPPDWLFDOO\ GLIILFXOW OLWHUDOO\ o >DQG ,@ VHH >WKLV WUHDVXUH@ DV WKH PRWLRQOHVV

%WK

VXJDWD>OLNH@ ERG\"p 3GD G DV IRXQG LQ &K VHH EHORZ WKH UHDGLQJ JDLQV VXSSRUW E\
VHHPV PRUH DSSURSULDWH
 GRHV QRW PHQWLRQ WKH ERG\ RI D VXJDWD ,QVWHDG LW LV VDLG WKDW

DQG

WUHDVXUH LV DOZD\V

3GDV FG RI &K

&K

LQ WKH ERG\ RI OLYLQJ EHLQJV ZLWKRXW DOWHUDWLRQV 

WKH

 o>, VHH WKDW@ LQ WKH ERGLHV >RI VHQWLHQW

EHLQJV@ WKHUH DUH JUHDW KLGGHQ WUHDVXUHV WKHUH LV WKH HVVHQFH RI WKH EXGGKDV PRWLRQOHVVp

VWRQ SD %WK VPUDV PLJKW KDYH EHHQ HPSOR\HG GXH WR WKH WHPSRUDO

7KH SHUIHFW IRUP RI

UHODWLRQ EHWZHHQ WKH WHDFKLQJ DFWLYLW\ DQG WKH IROORZLQJ DFTXLVLWLRQ RI FRQILGHQFH GHVFULEHG LQ
 LQ WKLV WHDFKLQJ

,Q SGD F D JUHDW WUHDVXU\ RI NQRZOHGJH LV PHQWLRQHG LQ

&K

 ZKHUHDV

%WK \HVKHV N\L QL PG]RG EJGP DQG

7LE DGGV WKH SHUVRQDO SURQRXQ RI WKH ILUVW SHUVRQ PDPD LQVWHDG RI PDK

" $ IXUWKHU SDUDOOHO EHWZHHQ

%WK

DQG

&K

LV WKH YHUE oWR GLJ RXWp WKRQ LPSHUDWLYH RI nGRQ SD

o >VR WKDW \RX@ PD\ JUDQW WKH

VXSUHPH ZHDOWK RI WKH 'KDUPDWKH ZHDOWK RI WKH VXSUHPH 'KDUPDp $OVR &K ,3/ %WK
LQVWHDG RI oWR WDNHp ]XQJ 3GD G LQ

&K



PHQWLRQ

>@

o:KRHYHU DFTXLUHV FRQILGHQFH LQ >WKLV@ P\ WHDFKLQJsLQ HDFK RI WKRVH

VHQWLHQW EHLQJV LV D WUHDVXUH :KRHYHU KDYLQJ DFTXLUHG FRQILGHQFH

H[HUWV KLPVHOI ZLOO TXLFNO\ DWWDLQ H[FHOOHQW DZDNHQLQJp

> 7KH VLPLOH RI D VSURXW LQ WKH VHHG@

>$@

o6RQV RI JRRG IDPLO\ DJDLQ LW LV OLNH WKH H[DPSOH RI D IUXLW RI D PDQJR WUHH D

URVH DSSOH WUHH D SDOP\UD SDOP RU RI FDQH LQVLGH WKH VKHDWKV RI WKH RXWHU
oZHDOWKp 
VLPLODU WR

 347

DQG WKH HOHPHQW VKRXOG WKXV EH FRQVLGHUHG DV RULJLQDO 3GD G RI

&K EOD QD PHG SD FKRV N\DQJ QRU \DQJ VE\LQ 

VXSUHPH 'KDUPD DV ZHOO DV ZHDOWKp 7KH GLIIHUHQFH EHWZHHQ

%WK

LV

 o >VR WKDW \RX PD\@ JUDQW WKH

&K DQG %WK PLJKW EH H[SODLQHG E\

RU DQXWWDUDGKDUPD
GKDQD 7KH FRPSOHWH YHUVH LQ &K o+DYLQJ REVHUYHG WKXV >WKH 7DWKJDWD@ WHDFKHV IRU OLYLQJ EHLQJV
VXSSRVLQJ D GLIIHUHQW LQWHUSUHWDWLRQ RI D FRPSRXQG DQXWWDUDGKDUPDYDVX

VR WKDW >WKH\@ PD\ DWWDLQ WKH WUHDVXU\ RI NQRZOHGJH >OHDGLQJ WR@ JUHDW ZHDOWK DQG ZLGH SURILWp 7KH

ERGKLVDWWYDV UHPDLQ XQPHQWLRQHG LQ &K


 ,W LV YHU\ XQOLNHO\ WKDW 7LE KDV KHUH SUHVHUYHG WKH RULJLQDO LQWHQWLRQ RI WKH 6NW WH[W %WK
GRHV QRW VKRZ DQ\ GHPRQVWUDWLYH SURQRXQ LQ SGD E WKDW WDNHV XS WKH UHODWLYH SURQRXQ RI SGD D
QRU LV WKHUH D SDUWLFOH HQGLQJ WKH VHQWHQFH DW WKH HQG RI SGD E 7KH GHPRQVWUDWLYH SDUWLFOH DSSHDUV
RQO\ LQ SGD G RI %WK ZKLFK DFFRXQWV IRU WKH IROORZLQJ WUDQVODWLRQ o>7KRVH@ ZKR DFTXLUH
FRQILGHQFH LQ WKDW >ZKDW@ , KDYH WDXJKW >QDPHO\ WKDW@ LQ VHQWLHQW EHLQJV WKHUH LV HYHQ D WUHDVXUH

ZKR DFTXLUH FRQILGHQFH DQG DSSO\ WKHPVHOYHV >WR LWV H[FDYDWLRQ@ WKH\ ZLOO TXLFNO\ DWWDLQ HYHQ
H[FHOOHQW DZDNHQLQJp
JDQJ FLJ QJDnLV EVKDG SD GH OD PRV
VHV FDQ OD QL JWHU \DQJ \RG 

JDQJ ]KLJ VKLQ WX PRV VKLQJ EUWVRQ E\HG SD 

GH QL E\DQJFKXE PFKRJ N\DQJ P\XU UQ\HG GR 


>

QJDnLV IRU QJDnL VD LQ WKH PV@

$OVR WKH

&KLQHVH YHUVLRQV PDNH VXFK D UHQGHULQJ PRVW SODXVLEOH DV WKH RULJLQDO LQWHQWLRQ RI WKH
YHUVH 3GD F LQ &K o >DQG@ SUDFWLFHV >ZLWK DGHTXDWH@ PHDQV XS\D IDLWKIXOO\ DQG
GLOLJHQWO\p

 E'DJ Q\LG LQ 7LE F UHPDLQV ZLWKRXW DQ\ FRXQWHUSDUW LQ WKH RWKHU WKUHH WUDQVODWLRQV

 $OO RI WKH SODQWV PHQWLRQHG DUH ZLGHO\ NQRZQ LQ ,QGLD DQG RIWHQ PHQWLRQHG LQ WKH

OLWHUDWXUH
D 6KLQJ D PUD 6NW PUD WKH PDQJR WUHH PDQJLIHUD LQGLFD LV D KXJH HYHUJUHHQ WUHH ZKRVH

IUXLWV EHORQJ WR WKH EHVW NQRZQ LQ ,QGLD ,QVLGH WKH IUXLW WKHUH LV D PDVVLYH NHUQHO ZKLFK SURGXFHV
WKH VSURXW VHH 0F&DQQ  QR
E n']DP EX RU G]DP EX 6NW MDPEX

DOVR WKH URVH DSSOH WUHH HXJHQLD MDPERODQD LV YHU\ ZHOO

NQRZQ LQ ,QGLD DQG LV FRQVLGHUHG WKH FHQWHU RI WKH FRQWLQHQW MDPEXGYSD RQH RI WKH FRQWLQHQWV
EHOLHYHG WR FRQVWLWXWH WKH ZRUOG 7KH URVH DSSOH WUHH FDQ UHDFK PRUH WKDQ  PHWHUV LQ KHLJKW ,WV
IUXLWV DUH ORQJLVK DQG DERXW  FP LQ VL]H :KHQ WKH IUXLWV EHFRPH PDWXUH WKH\ ORRN VLPLODU WR

EODFN ROLYHV DQG DUH HDWHQ E\ KXPDQV DQG DQLPDOV RU SURFHVVHG LQWR MXLFH ,Q UHODWLRQ WR WKH IUXLW
SXOS DURXQG WKH NHUQHO LQVLGH WKH IUXLW LV UHODWLYHO\ ELJ 6HH 6\HG  r 0F&DQQ 
QR
F

7D OD 6NW WOD DOVR WKH SDOP\UD SDOP ERUDVVXV IODEHOOLIHU FDQ UHDFK PRUH WKDQ  PHWHUV LQ

KHLJKW ,Q WKH ROG WH[WV LW VHUYHV DV D PHDVXUH XQLW IRU KHURHV DQG RWKHU LPSRVLQJ ILJXUHV 7KH
SDOP\UD SDOP JURZV VORZO\ DQG IORZHUV IRU WKH ILUVW WLPH DIWHU  WLOO  \HDUV 6WHP DQG IUXLWV
DUH KDUG WKH IUXLWV DUH HDWDEOH EXW QRW WDVW\ $ERYH DOO WKH WUHHnV VWHP DQG IDQVKDSHG OHDI FURZQ
DUH XVHG DV PDWHULDOV 7KH IUXLWV DUH IRXQG JURXSHG DW VWHPV ZLWK D GLDPHWHU RI PD[  FP HDFK
6KLHOGHG E\ D SHHO OLNH OHDWKHU LQVLGH WKH IUXLW WKHUH DUH WZR RU WKUHH VHHGV DJDLQ FRYHUHG E\
ILEURXV PDWHULDO 7KH VHHGV DUH DERXW  FP LQ GLDPHWHU 6HH 6\HG  r

0F&DQQ 
QR
G 8!, 6NW YHWUD - JLYHV WKH PHDQLQJ oFDQHp IRU VSD DQG PHQWLRQV H[DPSOHV ZKHUH VSD LQ
FRPSRXQGV PHDQV oEDPERRp ,Q 09\  WKH 6NW HTXLYDOHQW YHWUD LV IRXQG IRU VED DFF WR -
DQRWKHU VSHOOLQJ RI VSD %WK UHDGV nGHE nGUH SURVH DQG nEHEnEDE WUD YHUVH LQVWHDG RI VSD

ZKLFK FRXOG EH D WUDQVOLWHUDWLRQ RI YHWUD 7KH WUDQVOLWHUDWLRQV nED RU GED IRU 6NW YD LQ %WK DUH



SHHO WKHUH LV D VHHG RI LPSHULVKDEOH QDWXUH  DYLQwDGKDUPLQ >FRQWDLQLQJ@ D

VSURXW >D VHHG@ ZKLFK WKURZQ RQ VRLO ZLOO EHFRPH D JUHDW NLQJ RI WUHHV

6RQV RI JRRG IDPLO\ LQ WKH VDPH ZD\ DOVR WKH 7DWKJDWD SHUFHLYHV
WKDW >VHQWLHQW EHLQJV ZKR DUH@ GZHOOLQJ LQ WKH ZRUOG  DUH FRPSOHWHO\
ZUDSSHG LQ WKH VKHDWKV RI WKH RXWHU SHHO RI >VXFK@ GHILOHPHQWV >DV@ GHVLUH

QRW XQFRPPRQ FI

k$Dn JL \D VKD IRU 8JwD DQG X UX .,\LO ED IRU XUX:LOY 'LIILFXOW WR

H[SODLQ LV LQ IDFW E DW WKH HQG RI WKH ILUVW V\OODEOH 7KH S: KDV oHLQH JUVVHUH $UW &DODPXV HWZD
IDVFLFXODWXV ]X 6WFNHQ JHEUDXFKWp IRU YHWUD DQG NQRZV WKH FRPSRXQG YHWUDSKDOD &K FRQILUPV
oZLVWHULDp VHHP WR EH QRW VWULFWO\ GLVWLQJXLVKHG oUHHG UDWWDQ FDQHp 7DNDVDNL
;097,  DQG


 WUDQVODWHV

85,

 7KH IDFW WKDW FDQH RU EDPERR LV FRQFHLYHG RI DV D

DV oSLQH WUHHp 

oJUHDW NLQJ RI WUHHVp LV QRW VXUSULVLQJ DV LW FDQ UHDFK D KHLJKW RI  PHWHUV DQG LWV IUXLWV LQ FDVH
RI WKH PHORFDQQD EDPEXVRLGHV D NLQG RI EDPERR DUH GHVFULEHG DV VLPLODU WR DSSOHV 
8;

0H\HU
%DPEXVJHZFKVH $OVR ZRUWK PHQWLRQLQJ LV WKH HQRUPRXV VSHHG RI JURZLQJ EDPERR RI XS WR

RQH PHWHU RQ D VLQJOH GD\

 %WK PHQWLRQV DQRWKHU IUXLW ED VD QDnL nEUDV EX ,WV LGHQWLILFDWLRQ LV QRW FOHDU &K KHUH DQG LQ
 RQO\ VSHDNV RI D PDQJR IUXLW 
 &K HQXPHUDWHV WKH SODQWV LQ WKH RSSRVLWH RUGHU ,Q FDVH
RI WKH PDQJR DQG WKH URVH DSSOH WUHH

&K VSHDNV RI oWKH VHHGV RI WKH IUXLWVp 

 ZKHUHDV IRU WKH

SDOP\UD SDOP DQG FDQH LW RQO\ UHDGV oVHHGp   7KLV GLIIHUHQWLDWLRQ LV QRW IRXQG LQ WKH 7LEHWDQ

 &K GR QRW PHQWLRQ WKH oVKHDWKV RI WKH RXWHU SHHOp %WK GRHV QRW GHVFULEH WKH SHHOV DV
oRXWHUp VKXQ SKUDJ VKRXOG SUREDEO\ EH HPHQGHG WR VKXQ SDJV FI - LG >ZLWK VKXQ SD@
+RZHYHU LQ E %WK DOVR VSHDNV RI oRXWHU SHHOp RJ[KTQN VKXQ>L@ SKUDJ
 7KH FRPSRXQG

EMNXUD oVSURXW >LQ WKH VWDWH@ RI D VHHGp RI

,F LV QRW IRXQG LQ

5*99  5*9 ,E DQG

7LE LQVWHDG P\X JXnL VD ERQ 6NW DNXUDEMD oVHHG >ZKRVH FKDUDFWHULVWLF

LV DQ HQFDSVXODWHG@ VSURXWp &K

147 EMNXUD %WK 70,/8 VD ERQ GDQJ  P\X JX DQG DGGV
 PLVVLQJ LQ 7LE 7KH FRPSRXQG LQ %WK DV ZHOO
nE\XQJ EDU nJ\XU ED \DQJ LQ &K
DV LQ &K IRU D WUDQVODWLRQ VHH EHORZ PXVW EH XQGHUVWRRG DV D GYDQGYD %WK o,Q VSLWH >RI WKH IDFW
WKDW WKH WUHH DSSHDUV GLIIHUHQW@ HPHUJLQJ >DOWHUQDWLQJO\ DV@ VHHG DQG VSURXW >LW LV@ RI XQSHULVKLQJ

QDWXUH"p 7DNDVDNLnV UHQGHULQJ RI DNXUDEMD LQ 7LE ZLWK

 I oVHHG

ZKLFK ZLOO EHFRPH D VSURXWp VXJJHVWV WKDW WKH VHHG WXUQV LQWR D VSURXW RQO\ LQ D ODWHU VWHS 7KLV LV
LQ FRQWUDGLFWLRQ WR YHUVH  ZKHUH WKH VSURXW LV FOHDUO\ GHVFULEHG DV DOUHDG\ ZLWKLQ WKH VHHG 
\L nEUDV EX QDQJ QD VSD \L P\X JX \RG SD VWH 

7KH VHFWLRQ LQ

&K

VSD

o-XVW DV WKH NHUQHO LQVLGH D

PDQJR GRHV QRW SHULVK >DQG ZKHQ RQH@ VRZV LW LQWR WKH HDUWK >LW@ EHFRPHV D JUHDW NLQJ RI WUHHVp

&K



 o>-XVW DV WKH

VHHG RI  D PDQJR@ UHDOL]HV WKH TXDOLW\ RI LQGHVWUXFWLELOLW\ DV D UHVXOW RI WKH IDFW WKDW WKH VHHG DQG
VSURXW JHQHUDWH HDFK RWKHU DOWHUQDWHO\ 
WKH FRQGLWLRQDO IDFWRU HDUWK 

SUDPSDU\HD >DQG WKH

VHHG@ ZKHQ PHHWLQJ ZLWK

 VRZQ LQWR LW DIWHU D ORQJ WLPH EHFRPHV D JUHDW NLQJ RI WUHHVp

VHH 5*9 ,F  WDW WDW NXwDOD RTCVV[C  DQG ,G  wXEKDRTCV[C[CK  7KH
7LE GLIIHUV IURP %WK DQG &K LQ WKDW LW RPLWV WKH SDVVDJH WKDW VHHG DQG VSURXW DSSHDU LQ
DOWHUQDWLRQ 'XH WR WKH IDFW WKDW WKLV VWDWHPHQW DSSHDUV LQ WKH YHUVH VHFWLRQ G RI 7LE WKRXJK LQ
D GLIIHUHQW IRUP LW FDQ EH DVVXPHG WKDW LW ZDV LQ IDFW DOVR SDUW RI WKH SURVH RI 7*6 +RZHYHU WKH
)RU

FRQWHQW RI

VWDWHPHQW LV DOVR PLVVLQJ LQ ERWK WKH SURVH DQG YHUVH VHFWLRQ RI

PXWXDO DOWHUQDWLQJ JHQHUDWLRQ RI VHHG DQG VSURXW LW VHHPV WKDW

&K

 ,Q OLJKW RI WKH VWDWHPHQW RI WKH

%WK DQG &K SXW WKHLU PDLQ DFFHQW RQ

WKH HWHUQDO VDPHQHVV RI WKH WUHHnV QDWXUH LQ VSLWH RI PDQLIHVWLQJ LWVHOI LQ GLIIHUHQW VKDSHV
DSSHDUV WR FDUU\ PRUH ZHLJKW WKDQ WKH IXWXUH GHYHORSPHQW LQWR D NLQJ RI WUHHV

DVSHFW


3UREDEO\ GXH WR WKH VLJQLILFDQW SRVLWLRQ RI WKH WHUP

VDWWYD

7KLV

LQ WKH IROORZLQJ VHFWLRQ

7LE

SDUDSKUDVHV VHQWLHQW EHLQJV KHUH ZLWK nMLJ UWHQ QD JQDV SD %WK  PG]RG GX nMLJ UWHQ ]KXJV VKLQJ
(

JQDV SD 

o >SHUFHLYHV@ WKDW OLYLQJ EHLQJV ORND

RU SDUDOOHO WR

7LE o

KDYH HQWHUHG DQG >QRZ@ GZHOO LQ WKH VKHDWKVp

>SHUFHLYHV VHQWLHQW EHLQJV ZKR@ KDYH HQWHUHG DQG DUH >QRZ@ GZHOOLQJ >LQ@

WKH ZRUOG >FRYHUHG ZLWK@ VKHDWKVp 7KH YHUE

PWKRQJ KDV SUREDEO\ EHHQ RPLWWHG E\ WKH VFULEH DV

WKH OLQH HQGV ZLWK JQDV SD +RZHYHU &K PHQWLRQ

IRU nMLJ UWHQ

 6NW

ORND

VHQWLHQW EHLQJV DQG GR QRW KDYH DQ HTXLYDOHQW

,W LV DOVR UHPDUNDEOH WKDW RQO\

7LE

GRHV QRW PHQWLRQ WKH 7DWKJDWDnV YLVLRQ

7KLV FRXOG PHDQ WKDW WKH LQWHQWLRQ RI WKH WUDQVODWRUV RU HGLWRUV RI 7LE ZDV WR UHDG WKH WH[W DV o LQ
WKH VDPH ZD\ DOVR WKH WDWKJDWD UHVLGLQJ LQ OLYLQJ EHLQJV ORND LV SHUFHLYHG DV ZUDSSHGp

+RZHYHU LQ WKH 7*6 WKLV ZRXOG EH D UDWKHU XQFRPPRQ IRUPXODWLRQ DQG FDQ KDUGO\ EH EDVHG RQ
WKH 6DQVNULW RULJLQDO



UJD DQJHU GYHuD PLVJXLGHGQHVV PRKD ORQJLQJ WUu DQG LJQRUDQFH


DYLG\p
>%@

o,Q WKLV >FRQQHFWLRQ@ WKH WUXH QDWXUH GKDUPDW

ZRPE JDUEKD



LQVLGH

WKH

VKHDWKV

RI

RI D WDWKJDWD EHLQJ LQ WKH

>VXFK@

GHILOHPHQWV



DQJHU PLVJXLGHGQHVV ORQJLQJ DQG LJQRUDQFH LV GHVLJQDWHG

>DV@

GHVLUH

mVDWWYDn

:KHQ LW KDV EHFRPH FRRO LW LV H[WLQFW QLUYWD $QG EHFDXVH >LW LV WKHQ@



FRPSOHWHO\ SXULILHG >IURP@ WKH VKHDWKV RI GHILOHPHQWV RI LJQRUDQFH

>LW@

EHFRPHV D JUHDW DFFXPXODWLRQ RI NQRZOHGJH >LQ WKH@ UHDOP RI VHQWLHQW


7KH ZRUOG ZLWK >LWV@ JRGV VDGHYDNR ORND KDYLQJ
EHLQJV VDWWYDGKWX
SHUFHLYHG WKDW VXSUHPH JUHDW DFFXPXODWLRQ RI NQRZOHGJH >LQ WKH@ UHDOP RI

VHQWLHQW EHLQJV VSHDNLQJ OLNH D WDWKJDWD UHFRJQL]HV
>KLP@ DV D

WDWKJDWD

&K o,Q WKH VDPH ZD\ VRQV RI JRRG >IDPLO\@ ZLWK WKH YLVLRQ RI D EXGGKD , VHH WKDW >LQ@ DOO
OLYLQJ EHLQJV WKH VWRUH RI TXDOLWLHV RI D WDWKJDWD LV IRXQG >LQ@ WKH SHHOV RI LJQRUDQFH MXVW DV WKH


VHHGV RI D IUXLW DUH IRXQG LQVLGH WKH NHUQHOp $V GRHV

EHLQJV

EXW

WKH

5*9

EXGGKDTXDOLWLHV

5*9

,

GKDUPDGKWX

&K GRHV QRW FRQVLGHU OLYLQJ

WR

EH

ZUDSSHG

&K



o WKH 7DWKJDWD ZLWK WKH YLVLRQ RI D

WDWKJDWD SHUFHLYHV DOO VHQWLHQW EHLQJV >ZLWK WKHLU@ GHILOHPHQWV  HYHQ WR WKH HQG RI WKH SHHOVp
7KH ODVW SDUW RI &K LV QRW LQWHOOLJLEOH 7KH SDUDOOHO YHUVH 5*9 ,F LQ WKLV SDVVDJH UHDGV NOHwD


SKDODWYDJDQWDUDJDWD

,QVWHDG RI

DQWDUDJDWD %WK ]KXJV VKLQJ JQDV SD 7LE NXQ WX GNULV SD" &K

KDV SRVVLEO\ UHDG SDU\DQWDJDWD 



7LE DORQH VXJJHVWV WKH IROORZLQJ XQGHUVWDQGLQJ o,Q WKLV >FRQQHFWLRQ@ WKH WUXH QDWXUH RI WKH

WDWKJDWDV KDYLQJ EHFRPH WKH HVVHQFH LQVLGH WKH VKHDWKVp RU HYHQ 7DNDVDNL  


o  WKDW UHDO QDWXUH RI D WDWKJDWD LQ DQ HPEU\ROLNH VWDWHp

JDUEKDVWKD RU JDUEKDJDWD VHH %WK  GEXV N\L


7P[KPI RQT GH E]KLQ JVKHJV SDnL FKRV Q\LG N\DQJ IPCUQ  > IRU GEXO@ %\ WKH DQDO\VLV LQ +DUD
 Q   WKRXJK UHIHUULQJ IRU WKH PRVW SDUW WR WKH
 LW EHFRPHV FOHDU WKDW

V1\LQJ SRU J\XU SD

JDUEKD LQ

LV SUREDEO\ D UHQGHULQJ RI 6NW

0DKEKUDWD

WKHVH FRPSRXQGV PXVW EH XQGHUVWRRG DV oZRPEp 7KLV PHDQLQJ VKRXOG WKHUHIRUH DOVR

EH DFFHSWHG IRU WKH SDVVDJH XQGHU GLVFXVVLRQ 6HH WKH SDUDOOHO 5*9 ,F SKDODWYDJCPVCTCICVC

VDEXGGKDEMNXUD ZKHUH JDWD LV DOVR XVHG WR SRLQW RXW WKH SODFH DQG QRW WKH VWDWH LQ ZKLFK
WKH VSURXW FDQ EH IRXQG 6HH WKH SDVVDJHV LQ % DQG  DQG DOVR 0DWVXPRWR  I



7KH FRQVWUXFWLRQ

VDMRWSGLW

VHH

6XY,

]KHV E\D EDnL

VY

PLQJ

PLQJ GX FKDJV

,Q WKLV ZD\ DOVR

SD LV

SUREDEO\ D WUDQVODWLRQ RI 6NW

%WKnV nGX VKHV SD FRXOG EH H[SODLQHG E\

VXSSRVLQJ WKDW WKH YHUE UHPDLQHG ZLWKRXW WUDQVODWLRQ



0D ULJ SD

 6NW

DYLG\

 LV FRQVLGHUHG WKH URRW RI RWKHU GHILOHPHQWV VHH HJ

WDWUD YLSDU\VDPODP DYLG\ 

<EK 

7KH 6NW HTXLYDOHQW IRU  WVKRJV VX J\XU SD JDQJ \LQ SD GH QL UQ\HG SDnR  DQG %WK 
SKXQJ SR Q\LG UQ\HG SDnR  FRXOG EH \R VDEKUDEKYDV VD SUSWD UHQGHUHG OLW DV o WKDW


ZKLFK LV WKH >VWDWH RI@ EHLQJ DQ DFFXPXODWLRQ LV DWWDLQHGp )RU

SUSWD DW WKH HQG RI D FRPSRXQG
ZLWK DQ DEVWUDFW QRXQ EHIRUH FI %+6' VY SUSWD 7KH FRQVWUXFWLRQ KHUH UHPLQGV RQH RI D VLPLODU
SDVVDJH LQ WKH UHQGHULQJ RI WKH 7*6 YHUVHV LQ 5*9 , FRQFHUQLQJ WKH VDPH VLPLOH 

wXEKDGKDUPDGKWX XSDLWL  PXQLUMDEKYDP

PXQLVp &K GLIIHUV KHUH VHH EHORZ


)RU nGX VKHV 6NW VDM LQ WKLV

 o WKH SXUH

PHDQLQJ VHH

%+6'

GKDUPDGKWX EHFRPHV NLQJ RI WKH

VY

VDM



6DM

FRPSULVHV

PHQWDO DFWV OLNH LPDJLQDWLRQ LGHQWLILFDWLRQ LGHDWLRQ RU HYHQ LQWHUSUHWDWLRQ ,Q nGX VKHV VX E\HG
 VDM NXUYDQWL , GR QRW XQGHUVWDQG WKH IXQFWLRQ RI VX %WK ZLWKRXW VX nGX VKHV E\HG GR 


7KH YHUVLRQV GLIIHU ZLGHO\ DQG OHDYH H[WHQVLYH URRP IRU LQWHUSUHWDWLRQ 7KDW WKH RULJLQDO

LQWHQWLRQ KDV QRW EHHQ SUHVHUYHG LV VKRZQ E\ WKH JUHDW GLVFUHSDQFLHV EHWZHHQ SURVH DQG YHUVHV ,Q
WKH IROORZLQJ , ZLOO ILUVW GHDO ZLWK WKH NH\ WHUPV ZKLFK DSSHDU EHIRUH WUDQVODWLQJ DQG FRPPHQWLQJ

RQ WKH YDU\LQJ WUDQVODWLRQV )LQDOO\ , ZLOO WU\ WR VXP XS WKH FRQWHQWV

 7KH GHILQLWLRQ RI VDWWYD LV RQO\ IRXQG LQ WKH 7LEHWDQ DQG &K
SKLORVRSK\ WKH WHUP

FDOOHG

VDWWYD

VDWWYD

LV PHQWLRQHG DORQJ ZLWK

LV QRW DGPLWWHG 6HH HJ 

WPDQ

,Q

RUWKRGR[

%XGGKLVW

7KH H[LVWHQFH RI D VHSDUDWH HQWLW\

wQ\D VDVNUDSXMR n\D QD KL VDWWYR nWUD YLG\DWH



 

HYD VNDQGKQ XSG\D VDYW\ VDWWYD XF\DWH  LWL  $.%K   FLW  QVWKD VDWWYD WP
Y GKDUPV WY HWH VDKHWXN  $.%K  FLW  WPDGuLU EKDYDWL VDWWYDGuL  QLUYLwHuR
EKDYDWL WUWKLNDL VUGKDP  $.%K  FLW 7KH $$ HYHQ GHULYHV VDW RI VDWWYD IURP WKH
URRW VDG PHDQLQJ oWR SHULVKp VGDQnWPDNDWYW 7CVVXC _  ZLWK QRWH  WKH IRUP VGDQD LV
DWWHVWHG LQ 3OL UHIHUULQJ WR $638: I  PDKDW\ WPDGu\ VDWWYDGu\ MYDGu\
7KH GHILQLWLRQ IRXQG LQ WKH

7*6

XVHG DV ORQJ DV WKH VKHDWKV RI

WKUHH

JLYHV D GLIIHUHQW H[SODQDWLRQ E\ VWDWLQJ WKDW WKH WHUP VDWWYD LV

NOHwDV

KDYH

QRW

EHHQ GHVWUR\HG

6DWWYD

LV DOVR FRQVLGHUHG RQH RI WKH

JXDV ZKLFK FRQVWLWXWH WKH ZRUOG LQ 6NK\D SKLORVRSKLFDO WHUPLQRORJ\

 7KH HTXDWLRQ

oEHFRPLQJ FRROp RU oKDYLQJ EHFRPH FRROp wWEKYD

QLUYD LV FRPPRQ

VHH %+6' VY wWEKYD wWEKWD

 7KH FRPSRXQG

0DKDW

\H VKHV FKHQ SRnL WVKRJV FRXOG EH D WUDQVODWLRQ RI 6NW PDKMQDVDEKUD

 DV WKH ILUVW PHPEHU RI WKH FRPSRXQG FRXOG RI FRXUVH DOVR JR ZLWK MQD

 $SDUW IURP WKH PHDQLQJ oWKH ZKROH RI OLYLQJ EHLQJp WKH 5*9 DQG WKH $$1 NQRZ VDWWYDGKWX
DOVR DV D VSHFLILF WHUP IRU WKH GKDUPDN\D LQ VDVUD DV V\QRQ\PV IRU WDWKJDWDJDUEKD

II FLW  D\DP HYD lULSXWUD GKDUPDN\R nSDU\DQWDNOHwDNRwDNRLJKD

VDVUDVURWDV XK\DPQR nQDYDUJUDVDVUDJDWLF\XW\XSDSDWWLuX VDFDUDQ VDWWYDGKWXU LW\
XF\DWH 
lULSXWUD WKDW YHU\ GKDUPDN\D >DV ORQJ DV LW LV@ FRYHUHG E\ P\ULDGV RI VKHDWKV RI
5*99

GHILOHPHQWV FDUULHG DZD\ E\ WKH VWUHDP RI VDVUD >DQG@ ZDQGHULQJ LQ G\LQJ DQG DULVLQJ
ZLWKRXW EHJLQQLQJ DQG HQG LQ WKH H[LVWHQFHV RI VDVUD LV FDOOHG VDWWYDGKWX

7KH MLQDJDUEKD LQ DQ LQSXUH VWDWH LV GHVFULEHG DV VDWWYDGKWX LQ YHUVH 5*9 , ZKLFK LV SDUW RI
WKH ROGHVW VWUDWXP RI WKH WH[W

DwXGGKR nwXGGKDwXGGKR nWKD VXYLwXGGKR \DWKNUDPDP 

VDWWYDGKWXU LWL SURNWR ERGKLVDWWYDV WDWKJDWD   
>'HSHQGLQJ RQ WKH MLQDJDUEKD EHLQJ@ LPSXUH >SDUWO\@ LPSXUH DQG >SDUWO\@ SXUH DQG
FRPSOHWHO\ SXUH >LW@ LV FDOOHG UHVSHFWLYHO\ VDWWYDGKWX mERGKLVDWWYDn DQG mWDWKJDWDn

7KDW WKH WHUP WDWKJDWDJDUEKD LV XVHG LGHQWLFDOO\ LV VKRZQ E\ 5*99 II WDWUD VDPDO WDWKDW
\R GKWXU DYLQLUPXNWDNOHwDNRwDV WDWKJDWDJDUEKD LW\ XF\DWH  o,Q WKLV >FRQQHFWLRQ@ WKH GHILOHG
7UXH 5HDOLW\ LV ZKDW LV FDOOHG WDWKJDWDJDUEKD >DV@ WKH HVVHQFH QRW IUHHG IURP WKH VKHDWKV RI

GHILOHPHQWVp

 7KH SDVVDJH LQ WKH RWKHU YHUVLRQV &K o6RQV RI JRRG >IDPLO\@ WKDW VWRUH RI D WDWKJDWD LV
FRRO ZLWKRXW KHDW >,W LV@ D JUHDW DFFXPXODWLRQ RI NQRZOHGJH WKH ZRQGHUIXO QLUYD >DQG ZKHQ
SXULILHG LW@ LV GHVLJQDWHG DV mWDWKJDWD KRQRXUDEOH RQH DQG SHUIHFWO\ DZDNHQHG RQHnp $V XVXDO

&K

LV FRQVLGHUDEO\ VKRUWHU WKDQ WKH RWKHU YHUVLRQV 7KH GHILQLWLRQ RI

VDWWYD

WKH WHUP

VDWWYDGKWX

DQG WKH SURFHVV RI SXULILFDWLRQ GR QRW DSSHDU 7KH FRUUHVSRQGLQJ YHUVH  RI &K GLIIHUV IURP WKH
SURVH LQ WKLV UHVSHFW 7KH UHSHWLWLYH HQXPHUDWLRQ RI NOHwDV DQG WKH VWDWHPHQW WKDW WKH GKDUPDW LV

ZUDSSHG LQ VKHDWKV LV DOVR PLVVLQJ ,W FRXOG FRQVWLWXWH DQ HOHPHQW LQVHUWHG ODWHU E\ WKH UHGDFWRUV RI
7*6 &K o LQ WKH VKHDWKV RI GHILOHPHQWV  WKHUH LV WKH QDWXUH RI WKH VWRUH RI D WDWKJDWD $V
ORQJ DV >RQH@ GRHV QRW NQRZ WKLV WKH GHVLJQDWLRQ 8,99;, >DSSOLHV@ :KHQ >RQH@ LV DEOH WR EULQJ >WKH


GHILOHPHQWV@ WR UHVW >WKLV LV@ GHVLJQDWHG DV mFRROn DQG QDPHG

QLUYD

UHPRYH WKH GHILOHPHQWV RI LJQRUDQFH WKHQ WKDW HOHPHQW RI WKH VDWWYD 

:KHQ >RQH@ LV DEOH WR



VDWWYDGKWX LV

GHVLJQDWHG mHVVHQFH RI WKH JUHDW DFFXPXODWLRQ RI NQRZOHGJHn >DQG@ VXFK D 8,99;, LV QDPHG mJUHDW

DFFXPXODWLRQ RI NQRZOHGJHn :KHQ >WKLV EHLQJ FDOOHG JUHDW DFFXPXODWLRQ RI NQRZOHGJH WKHQ@
DSSHDUV >DV@ D EXGGKD LQ WKH ZRUOG >ZLWK WKH@ JRGV >LW@ WHDFKHV WKH VXEWOH 'KDUPD >DQG@ ZKHQ >WKH
 LQ OLJKW RI WKH 7LEHWDQ
ZRUOG ZLWK WKH JRGV@ VHH WKLV >WKH\@ FDOO >WKDW EHLQJ@ mWDWKJDWDnp >


6KRXOG
EH HPHQGHG
DFFRUGLQJ WR YHUVH D 
 o$V ORQJ DV >RQH@ GRHV QRW GHVWUR\ WKHVH >VKHDWKV@p" 7KH SKUDVH
KDV
QR HTXLYDOHQW LQ WKH 7LEHWDQ SURVH@
$ SRVVLEOH WUDQVODWLRQ RI &K KDV WR GHDO ZLWK PDQ\ IDFWRUV RI XQFHUWDLQW\ $V GRHV &K DOVR &K
KDV
  FRQWUDU\ WR GKDUPDW RI WKH 7LEHWDQ /HDYLQJ DVLGH DQ HPHQGDWLRQ WR

WR WKH FRPSRXQG PLJKW EH WKDW $PRJKDYDMUD WULHG WR JLYH D TXDVL
RQH UHDVRQ IRU DGGLQJ
HW\PRORJ\ IRU WKH WHUP 8,9
9;, E\ GHILQLQJ LW DV oZKHUH WKH QDWXUH  IRU 6NW
9;, RI WKH VWRUH RI
UDWKHU
D WDWKJDWD FDQ EH IRXQG  IRU 6NW 8,9 IURP WKH URRW ,8p ,Q WKLV FDVH WKH YDULDQW
WDWKJDWDGKDUPDW DQ HPHQGDWLRQ WR

VKRXOG EH ZRUWK FRQVLGHULQJ

VKRXOG EH FRQVLGHUHG DV RULJLQDO LQ FRQWUDVW WR WKH YHUVH ZKHQ GHILQLQJ WKH WHUP VDWWYD
WKDQ
&K VHHPV WR XVH WKH WHUP VDWWYDGKWX DV D GHVLJQDWLRQ IRU WKH XQSXULILHG WUXH QDWXUH RI OLYLQJ

EHLQJV 2QFH SXULILHG WKLV VDPH HOHPHQW LV QDPHG oHVVHQFH RI WKH JUHDW DFFXPXODWLRQ RI
NQRZOHGJHp 
 7KH FKDUDFWHUL]DWLRQ RI VDWWYD 7LE VDWWYDGKWX DV oVXSUHPHp /,2 5,



6RQV RI JRRG IDPLO\ LQ WKLV >FRQQHFWLRQ@ WKH 7DWKJDWD SHUFHLYHV WKDW

>DOO VHQWLHQW EHLQJV@ DUH OLNH WKH >VHHG FRQWDLQLQJ D VSURXW@ DQG WKHQ
SURSRXQGV WKH PDWWHU WR WKH ERGKLVDWWYDPDKVDWWYDV LQ RUGHU WKDW >WKH\@


PLJKW UHDOL]H WKH WDWKJDWDNQRZOHGJH >ZLWKLQ WKHPVHOYHV@p

PFKRJ FRXOG FRUUHVSRQG WR

RU HYHQ PLVUHDG 4,7,

7LEHWDQ

LQVWHDG RI

&K KDV SUREDEO\ LQWHUSUHWHG 5,7, LQ WKH VHQVH RI oDQRWKHUp

:,7,

7KH SKUDVHRORJ\

UQ\HG SDnR ML OWD ED GH E]KLQ GX 7LE

UHPDLQ ZLWKRXW FRXQWHUSDUW LQ

RU

GRHV QRW FRUUHVSRQG WR WKH

FL OWDU NKRQJ GX FKXG SD GH E]KLQ GX %WK

&K

%WK  Q\RQ PRQJV SDnL PG]RG N\L GEXV N\L VQ\LQJ SRU GH E]KLQ JVKHJV SDnL FKRV Q\LG N\DQJ

GH OD JDQJ VHV FDQ GX nGX VKHV SD ]KL EDU J\XU QD  PD ULJ SDnL Q\RQ PRQJV SDnL PG]RG 
\RQJVX VE\DQJV SDnL VHV FDQ N\L NKDV GH \HVKHV FKHQ SRnL SKXQJ SR Q\LG UQ\HG SDnR  GH VHV
FDQ PFKRJ VWH  \HVKHV N\L SKXQJ SR FKHQ SRnR  FL OWDU NKRQJ GX FKXG SD GH E]KLQ GX VPUD VWH 
OKD GDQJ  nMLJ UWHQ GX EFDV SDV PWKRQJ QDV  GH E]KLQ JVKHJV SD ]KHV nGX VKHV E\HG GR 
JQDVR 


> IRU

N\LV

IRU

GEXO@

1RZ WKH WUXH QDWXUH RI D WDWKJDWD LV IRXQG DV WKH HVVHQFH >EHLQJ LQ@ WKH FHQWHU RI WKH

VKHDWKV RI GHILOHPHQWV :KHQ LQ WKLV >FRQQHFWLRQ D EHLQJ@ ZKLFK LV FDOOHG VDWWYD KDV
FDOPHG GRZQ WKH HVVHQFH RI WKH VDWWYD VDWWYDGKWX FRPSOHWHO\ SXULILHG >IURP@ WKH
VKHDWKV RI GHILOHPHQWV RI LJQRUDQFH EHFRPHV D JUHDW DFFXPXODWLRQ RI NQRZOHGJH 6XFK >D

EHLQJ@ LV D VXSUHPH 8,99;, >DV WKH@ DFFXPXODWLRQ RI NQRZOHGJH LV JUHDW >7KLV VXSUHPH
8,99;,@ VSHDNV DV KDYLQJ XQGHUVWRRG >WKH 'KDUPD@ DQG DIWHU WKH ZRUOG ZLWK WKH JRGV KDV
VHHQ >WKLV WKH\ WKHUHIRUH@ UHFRJQL]H >WKLV EHLQJ@ DV mWDWKJDWDn

%WK FRPELQHV WKH GHILQLWLRQ RI VDWWYD ZLWK WKH IROORZLQJ VHQWHQFH DQG GRHV QRW OHDYH URRP IRU DQ
LGHQWLILFDWLRQ RI WKH GKDUPDW ZLWK VDWWYD 7KH WHUP QLUYD GRHV QRW DSSHDU 7KH XQXVXDO ML OWD ED

GH E]KLQ GX % RI 7LE FRXOG UHSUHVHQW D VKRUWHQHG IRUP RI FL OWDU MJQPI FW EJWF RC FG E]KLQ
GX DV LW LV IRXQG LQ %WK 7KH VDPH ZRUGLQJ DSSHDUV HJ LQ .3 ~ ZKHUH LW LV VDLG DERXW WKH
ERGKLVDWWYD \DWKwUXWw FD GKDUPQ [CVJRCT[RVP SDUHEK\R YLVWDUHD VDSUDNwD\DWL   
LK NVCT MJQPI FW EJWF RC 

 ,Q OLJKW RI WKH RWKHU YHUVLRQV RI

7*6 7LE VKRZV WKH IROORZLQJ FKDUDFWHULVWLFV 7KH HTXDWLRQ

VDWWYDp LV RQO\ IRXQG LQ WKH SURVH RI 7LE (YHQ YHUVH  RI 7LE GRHV QRW
FRQILUP WKLV H[SOLFLWO\ &K VHHPV WR VHH GLIIHUHQW FDWHJRULHV LQ WKH VDWWYD LWVHOI DV DQ RUGLQDU\
oGHILOHG

GKDUPDW

OLYLQJ EHLQJ DQG LQ WKH HOHPHQW RU QDWXUH RI WKLV OLYLQJ EHLQJ VDWWYDGKWX DQG WKXV DYRLGV D GLUHFW

HTXDWLRQ 7KH JHQLWLYH UHODWLRQ EHWZHHQ VDWWYDGKWX DQG WKH oJUHDW DFFXPXODWLRQ RI NQRZOHGJHp LQ

7LE

LV QRW FRQILUPHG E\ WKH RWKHU WZR YHUVLRQV ZKHUH LW LV VDLG WKDW WKH

VDWWYDGKWX

EHFRPHV WKH

HVVHQFH RI D JUHDW DFFXPXODWLRQ RI NQRZOHGJH +RZHYHU LQ 7LE LW LV KDUG WR XQGHUVWDQG

VDWWYDGKWX DV DQ\WKLQJ HOVH WKDQ oUHDOP RI VHQWLHQW EHLQJp 7KH LQWHUSUHWDWLRQ RI VDWWYDGKWX DV
oHOHPHQW HVVHQFHp LV VXSSRUWHG E\ 5*9 ,DE ZKHUH WKH WHUP wXEKDGKDUPDFJVW LV XVHG
LQVWHDG VDWWYHuY

WHUP

 wXEKDGKDUPDGKWX :LWKLQ WKH UHSURGXFHG YHUVHV RI WKH

GKDUPDGKWX DSSHDUV RQO\ RQFH 7KH VHFRQG PHQWLRQ RI

EDVHG RQ WKH 6NW WH[W VLQFH

%WK VHV FDQ DQG &K 

 7KH FRQWHQW RI WKH VHFWLRQ LQ

VDWWYDGKWX

7*6 LQ WKH 5*9 WKH

LQ % LV SUREDEO\ QRW

 VLPSO\ UHDG VDWWYD

7*6 WKXV IRFXVHV RQ WKH IROORZLQJ IRXU PDLQ SRLQWV

8,99;, DV FKDUDFWHUL]LQJ WKH WUXH QDWXUH RI OLYLQJ EHLQJ HQFORVHG E\

GHILOHPHQWV
E 7KH VWDWHPHQW WKDW WKLV QDWXUH KDV EHFRPH FRRO DQG H[WLQFW
F 7KRXJK DOUHDG\ H[WLQFW WKH H[WHUQDO SXULILFDWLRQ IURP WKH GHILOHPHQWV OHDGV WR WKH QRPLQDWLRQ
oJUHDW DFFXPXODWLRQ RI NQRZOHGJHp 7KLV VWDJH LV DVVRFLDWHG ZLWK WKH DWWULEXWH oVXSUHPHp GDP
D 7KH GHILQLWLRQ RI WKH WHUP

SD PFKRJ
G 2QO\ ZKHQ WHDFKLQJ WKH 'KDUPD WR RWKHU VHQWLHQW EHLQJV LV VXFK D oVXSUHPH EHLQJp JUDQWHG
WKH QRPLQDWLRQ oWDWKJDWDp E\ WKHP


7KH SDVVDJH LQ &K

VHHPV FRUUXSW o6RQV RI JRRG >IDPLO\@ ZKHQ WKHUH WKH 7DWKJDWD

+RQRXUDEOH 2QH DQG 3HUIHFWO\ $ZDNHQHG 2QH LV VHHQ >WKLV VDPH 7DWKJDWD@ PDNHV DOO

ERGKLVDWWYDPDKVDWWYDV DZDUH RI >WKHLU RZQ@ WDWKJDWDNQRZOHGJH VR WKDW >WKH\@ PD\ GLVFORVH >LW

WR VHQWLHQW EHLQJV@p 7KH LQWHUSUHWDWLRQ RI WKH 7DWKJDWD DV WKH REMHFW RI WKH DFW RI VHHLQJ GLIIHUV
IURP DOO RWKHU YHUVLRQV ,Q WKH ODVW SDUW DUWKD EHLQJ WKH oPDWWHUp WR EH H[KLELWHG DFFRUGLQJ WR &K

DQG WKH 7LEHWDQ KDV EHHQ XQGHUVWRRG E\ $PRJKDYDMUD DV LQGLFDWLQJ ILQDOLW\ 



>&@

7KHQ DW WKDW WLPH WKH ([DOWHG 2QH XWWHUHG WKHVH YHUVHV

>@ o-XVW DV DOO WKH IUXLWV RI FDQH KDYH D FDQH VSURXW LQVLGH >WKHLU VHHGV@ DQG
>MXVW DV D VSURXW@ LV DOVR LQ DOO WKH >IUXLWV RI@ SDOP\UD SDOPV DQG URVH
DSSOH WUHHV ZKHQ WKH UHVXOW >ZKLFK LV DOUHDG\ SHUIHFWO\@ FRQWDLQHG
>@

>@

ZLWKLQ >WKH IUXLWnV RXWHU SHHO@ LV PDGH WR JHUPLQDWH >D JUHDW WUHH ZLOO@

JURZp


SHUFHLYHV
ZLWK WKH VXSUHPH XQFRQWDPLQDWHG YLVLRQ RI D EXGGKD  WKDW LQ DOO
VHQWLHQW EHLQJV ZLWKRXW H[FHSWLRQsVLPLODUO\ WR WKH FDQH VHHGsWKHUH LV
WKH ERG\ RI D VXJDWDp

o7KH >EHLQJ LQ WKH VWDWH ZKHQ@ WKH VKHDWKV >RI GHILOHPHQWV@ KDYH QRW
EHHQ GHVWUR\HG LV FDOOHG mVDWWYDn (YHQ WKRXJK >WKH HVVHQFH RI WKLV
VDWWYD QDPHO\ WKH ERG\ RI D VXJDWD@ GZHOOV >KLGGHQ@ LQ LJQRUDQFH
WKHUH LV QR LOOXVRU\ LPDJLQLQJ PDQ\DQ >,W@ GZHOOV LQ DEVRUSWLRQ

o,Q WKH VDPH ZD\ DOVR WKH 0DVWHU RI WKH 'KDUPD WKH /HDGHU


VDPGKL LV FRPSOHWHO\ FDOP DQG WKHUH LV QR PRWLRQ ZKDWVRHYHUp



7LE nEUDV EX FRUUHVSRQGV LQ %WK ZLWK GRQ 7KH 6NW ZDV SUREDEO\ NU\D FI 09\ 

  7KH FRPSRXQG \RG SDnL nEUDV EX LQ 7LE

WKXV UHSUHVHQWV 6NW

VDWNU\D

D FHQWUDO

WHUP LQ WKH WHDFKLQJ RI WKH 6NK\D



7KH WUDQVODWLRQV VKRZ FRQVLGHUDEOH GLIIHUHQFHV LQ WKLV YHUVH &K

VHFWLRQ RI LWV RZQ SURVH VHH DERYH

IROORZV ZLGHO\ WKH ILUVW

&K o-XVW DV LQ D FDQH VHHG WKH WUHHs>PDQLIHVWLQJ LWVHOI DV@ D

FDQH VSURXW >HWF@sLQ LWV HQWLUHW\ FDQ EH IRXQG >DQG MXVW DV@ D URVH DSSOH WUHH >ZKLFK DOUHDG\
FRPSOHWHO\@ H[LVWV LQ WKH URRW  JURZV DJDLQ RQFH LWV VHHG LV SODQWHG >LQ WKH HDUWK@p &K GLIIHUV

GRFWULQH 7KH FKDUDFWHU  6NW

GRHV QRW KDYH DQ\ HTXLYDOHQW LQ WKH RWKHU WUDQVODWLRQV YDULDQW UHDGLQJ RI VOD" %WK GLIIHUV
SDUWLFXODUO\ LQ WKH ODVW WZR SGDV nG]DP EX NXQ N\L GEXV QD \DQJ QL \RG  GH EWDE EDV QL GRQ
N\DQJ nE\XQJ EDU nJ\XU  > IRU N\LV  IRU EWDQJ VHH SURVH@ o$OVR LQ DOO URVH DSSOHV >LW@ H[LVWV %\
SODQWLQJ LW WKH UHVXOW> ZKLFK LV DOUHDG\ FRPSOHWHO\ FRQWDLQHG LQ WKH VHHG@ HPHUJHVp

7KH WHUPV GKDUPHwYDUD DQG YLQ\DND DOVR GHVLJQDWH WKH %XGGKD &K DUH ZLWKRXW WKHVH
GHVLJQDWLRQV &K LQVWHDG
 o, VHH DOO >VHQWLHQW EHLQJV@ ZLWKRXW H[FHSWLRQ  DwHuDp
&I DwGrC r GKCTOGtXCUD

7KH FRPSRXQG FRXOG EH DQVUDYDEXGGKDFDNuXUYDUD ZKLFK ZDV UHQGHUHG E\ 7LE ZLWKRXW
IURP LWV SURVH DQG DUJXHV LQ SHUIHFW DFFRUGDQFH ZLWK WKH VDWNU\D

POD

DOWHULQJ WKH SRVLWLRQ RI LWV PHPEHUV ,Q %WK WKH HOHPHQWV EXGGKD DQG YDUD DUH PLVVLQJ &K
FRUUHVSRQGV WR

7LE 

 )RU

TXRWHG DV DQ HTXLYDOHQW

,QVWHDG RI oERG\ RI D VXJDWDp

&K

DQVUDYD FI %+6'

UHDGV

VY

&K

VUDYD ZKHUH ORNRWWDUD LV

 7KH YHUVH LQ

&K

o7KH

7DWKJDWD >ZLWK KLV@ XQFRQWDPLQDWHG YLVLRQ SHUFHLYHV WKH VWRUH RI D WDWKJDWD LQ WKH ERG\ RI DOO
OLYLQJ EHLQJVsMXVW OLNH WKH NHUQHO LQ DOO IUXLWVp


:LWK

VEXEV %WK PG]RG

D 7DWKJDWD DV 7DNDVDNL 
HPHQGHG WR

 PRVW SUREDEO\ GRHV QRW PHDQ WKH XQSHULVKDEOH oVWRUHp RI

NRwD 7LE

@   XQGHUVWDQG LW

   DQG DOVR .DJDZD 

7LE

XVHV WKH WHUP

VEXEV

WKURXJKRXW WKH

7*6

>

LV WR EH

DQRWKHU 

WLPHV ,Q DOO RI WKRVH FDVHV LW GHVLJQDWHV WKH VKHDWKV RI GHILOHPHQWV FRYHULQJ OLYLQJ EHLQJV

UHQGHUV

NRwD

ZLWK

PG]RG

7LE

ZKHQ XVHG LQ D SRVLWLYH PHDQLQJ DV oWUHDVXUHp LQ WKH ILIWK LOOXVWUDWLRQ

&K o>:KHQ@ WKH LPSHULVKDEOH LV FRQFHDOHG >LQ WKH VKHDWKV RI GHILOHPHQWV LW@ LV FDOOHG mVDWWYDnp




OC

RC

\LQ LQVWHDG RI
\LQ 7KD GDG FRUUHVSRQGV WR 7LE EVKLJ DQG FRXOG UHQGHU D IRUP RI WKH 6NW URRW EKLG 7KH JWHU
WVKHJ IROORZLQJ VHV FDQ WDNHV WKH SRVLWLRQ RI EUMRG LQ 7LE DQG FRXOG V\PEROL]H DQ DEEUHYLDWLRQ
IRU 6NW LWL XNWY RU VRPHWKLQJ VLPLODU
 3GD D RI %WK VKRXOG SUREDEO\ EH HPHQGHG WR  WKDGDG PG]RG

 ,QVWHDG RI

DPDQ\DQ UORP VHPV PHG %WK

FRPPRQ %+6' VY

LMDQD PDQ\DQ QD DQG DSSHDUV DOVR

LQ  LQ WKLV FDVH

RI
LV

%WK KDV SUREDEO\

&K VKRZ  MQD LQVWHDG RI DPDQ\DQ

MQD WKLV YHUVH UHPLQGV RI PDKLPCVDEKUD LQ WKH SURVH RI % 7KH SGD

SUHVHUYHG D ZRUGLQJ FORVHU WR WKH RULJLQDO IRU DOVR

:LWK WKH WHUP

PNK\HQ SUREDEO\ D IRUP

J\R ED PD \LQ DQLMDQ

VSHDNV LQ SGD E RI

WKH 6NW URRW M $OWKRXJK WKH FRPELQDWLRQ UORP VHPV PHG r



>@

o7KLQNLQJ
m+RZ PD\ WKHVH VHQWLHQW EHLQJV EHFRPH DZDNHQHGsMXVW DV D JUHDW WUHH
KDV JURZQ IURP D VHHGsDQG >WKXV EHFRPH@ UHIXJHV wDUDD IRU WKH
ZRUOG ZLWK >LWV@ JRGV"n

, VSHDN WKH 'KDUPD LQ RUGHU WR FRPSOHWHO\ SXULI\ >VHQWLHQW EHLQJV@p

> 7KH VLPLOH RI D WDWKJDWD LPDJH ZUDSSHG LQ URWWHQ UDJV@

>$@



o6RQV RI JRRG IDPLO\ DJDLQ LW LV OLNH WKH H[DPSOH RI D SRRU PDQ >ZKR@ KDV
D WDWKJDWD LPDJH WKH VL]H RI WKH SDOP RI D KDQG >DQG@ PDGH RI VHYHQ NLQGV

RI MHZHOV
,W WKHQ VR KDSSHQHG WKDW WKH SRRU PDQ ZLVKHG WR FURVV D

>GDQJHURXV@ ZLOGHUQHVV FDUU\LQJ WKH WDWKJDWD LPDJH >ZLWK KLP@ $QG LQ

RUGHU WKDW LW PLJKW QRW EH GLVFRYHUHG E\ DQ\ERG\ HOVH RU VWROHQ E\ UREEHUV

KH WKHQ ZUDSSHG LW LQ VRPH URWWHQ SXWULG UDJV

7KHQ WKH PDQ GLHG RZLQJ WR VRPH FDODPLW\ LQ WKDW VDPH ZLOGHUQHVV
DQG KLV WDWKJDWD LPDJH PDGH RI MHZHOV >DQG@ ZUDSSHG LQ URWWHQ UDJV WKHQ

DFFRUGLQJ WR %WK PL VKHV SDnL GEXVX JQDV SDU PNK\HQ  o.QRZLQJ WKDW >WKLV ERG\ RI D VXJDWD@
GZHOOV LQ LJQRUDQFHp ,Q &K WKH WHUP DYLG\ WHVWLILHG LQ DOO RWKHU WUDQVODWLRQV LV QRW PHQWLRQHG
,QVWHDG RI LW ZH ILQG
 6NW DQDQ\D 7KLV YDULDQW FRXOG UHVXOW IURP WKH JUDSKLF VLPLODULW\ RI
DQDQ\D DQG DYLG\ &K
 o:LWKLQ >WKH VKHDWKV"@ LV WKH NQRZOHGJH QRW GLIIHUHQW

l
m7l

>IURP P\VHOI"@p

&K o>7KLV NQRZOHGJH@ SHDFHIXOO\ GZHOOV >LQ@ DEVRUSWLRQ 

 3GDV F DQG G LQ

 VDPGKL

LV

SODFHG >LQ@ WUDQTXLOLW\ )XUWKHU >LW LV@ ZLWKRXW PRWLRQ DQLMDQ WKHUH LV QRWKLQJ WR EH DWWDLQHGp
)RU D VLPLODU SDVVDJH FI 63 I
9,, FLWWD SL WH wQWDJDWD VXVDVWKLWDP

DQL\DEKWD VDGD DSUDNDPS\DP  YLNuHSX QDLYVWL NDGFLW WDYD DW\DQWDwQWDVWKLWX WYD

DQVUDYD  > WDYD PHWULFDOO\ LPSRVVLEOH@

7KH ZKROH YHUVH LQ &K

o,JQRUDQFH FRYHUV WKH VWRUH RI D EXGGKD <RX VKRXOG WUXVWIXOO\ NQRZ

WKDW >LW@ LV IXUQLVKHG ZLWK DEVRUSWLRQ DQG NQRZOHGJH >DQG WKDW@ WKHUH LV QRWKLQJ >E\ ZKLFK LW@ FRXOG

EH GHVWUR\HGp $V XVXDO &K GHYLDWHV DOVR KHUH FRQVLGHUDEO\ IURP WKH RWKHU WUDQVODWLRQV -XVW DV LQ
WKH SURVH VHFWLRQ WKH WHUP



8,99;,

GRHV QRW DSSHDU

7KH SGD FRQFHUQLQJ WKH UHIXJH UXQV DV IROORZV LQ &K

o DQG WKHQ

UHSUHVHQWV wUD\D UDWKHU

EHFRPH VXSSRUWV >IRU@ WKH ZRUOGp 7KH JRGV DUH QRW PHQWLRQHG
WKDQ wDUDD &K o7KHUHIRUH , WHDFK WKH 'KDUPD >DQG@ GLVFORVH WKDW VWRUH RI D WDWKJDWD >IRU OLYLQJ
EHLQJV VR WKDW WKH\ PD\@ TXLFNO\ DFFRPSOLVK WKH XQVXUSDVVDEOH SDWK MXVW DV D IUXLW EHFRPHV D NLQJ
RI WUHHVp

7KRXJK WKH PDQ SRVVHVVHV D SUHFLRXV WDWKJDWD LPDJH KH LV GHVFULEHG DV SRRU 7KLV
FKDUDFWHUL]DWLRQ VHHPV LUUHOHYDQW IRU WKH LOOXVWUDWLRQ DQG LV QRW IRXQG LQ &K


5LQ SR FKH VQD EGXQ 6NW VDSWDUDWQD



UDWQD  6XY,

VY

DSSHDUV RIWHQ LQ %XGGKLVW OLWHUDWXUH FI

VSKDLND PXVUDJDOYD DQG ORKLWLN DFF WR %+6'

DQ LPDJH RI SXUH JROG 


%+6'

VY

ULQ SR FKH ,W FRPSULVHV WKH PDWHULDOV VXYDUD US\D PXNW YDLU\D

&K UHDGV 7+6:+UDWQD 

 &K VSHDNV RI

 DQG JLYHV QR PHDVXUH

 JLYHV WKH HTXLYDOHQW

o ZLOGHUQHVV  D GLIILFXOW URDG

 IRFXVHV RQ WKH VHFRQG PHDQLQJ

 o >WKH PDQ@ JRLQJ
&K 
WR DQRWKHU FRXQWU\ ZRXOG SDVV D ULVN\ SDWK $IUDLG WR HQFRXQWHU UREEHU\ >KH@ ZRXOG ZUDS >WKH
LPDJH@ ZLWK UDJJHG PDWHULDOV VR WKDW QRERG\ >FRXOG@ UHFRJQL]H >LW@p 7KH ODVW VHFWLRQ LQ &K
o)HDULQJ WKH UREEHU\ RI WKH >LPDJH KH@ ZRXOG WKHQ WDNH URWWHQ UDJJHG VLON DQG ZUDS KLV LPDJH ZLWK
)RU nEURJ GJRQ 09\

0: 7KH &KLQHVH WUDQVODWLRQ 

WKURXJK D IRUHVWp 

>LW@ VR WKDW QRERG\ ZRXOG VXVSHFW >LW WKHUH@p

NQWUD

&K WKHQ FRQWLQXHV ZLWK WKH DSSHOODWLRQ o6RQV RI JRRG

>IDPLO\@p

 7LE WUDQVODWHV nFKL EDnL GXV E\DV SDU OC J\XU EXW %WK VKL EDU J\XU QDV 6KRXOG 7LE EH
LQWHUSUHWHG DV oQRW WR UHDFK >KLV SUHGHWHUPLQHG@ WLPH RI G\LQJp" &I 6NW NOD NDURWL IRU oG\LQJp



&K
&K
GDU QDG RU GRU QRG LQ %WK LQVWHDG RI Q\HV SD LV QRW FOHDU

7KH &KLQHVH YHUVLRQV VSHDN RI D VXGGHQ GHDWK

 7KH PHDQLQJ RI

LPSOLHV DQ LOOQHVV OHDGLQJ WR WKH PDQnV GHDWK



+RZHYHU

QDG





XQDZDUH >RI WKH SUHFLRXV


WDWKJDWD LPDJH LQ WKH UDJV@ UHSHDWHGO\ VWHSSHG RYHU >LW@
DQG SDVVHG E\

OD\ DURXQG RQ WKH IRRWSDWK

>%XW@ WUDYHOHUV

$QG >WKH\ ZRXOG@ HYHQ SRLQW >DW LW@ DV VRPHWKLQJ GLVJXVWLQJ >DQG TXHVWLRQ@
m:KHUH KDV WKH ZLQG EURXJKW WKLV ZUDSSHG EXQGOH RI URWWHQ SXWULG UDJV

IURP"n
$QG D GLYLQLW\ GZHOOLQJ LQ WKH ZLOGHUQHVV KDYLQJ ORRNHG >DW WKH
VLWXDWLRQ@ ZLWK GLYLQH YLVLRQ ZRXOG VKRZ >LW WR@ VRPH SHRSOH DQG GLUHFW
>WKHP@
m2 PHQ >KHUH@ LQVLGH WKLV EXQGOH RI UDJV LV D WDWKJDWD LPDJH PDGH RI
MHZHOV ZRUWK\ WR EH SDLG KRPDJH E\ DOO ZRUOGV 6R >\RX@ VKRXOG RSHQ

>LW@np
>%@

o6RQV RI JRRG IDPLO\ LQ WKH VDPH ZD\ DOVR WKH 7DWKJDWD SHUFHLYHV WKDW DOO
VHQWLHQW EHLQJV DUH ZUDSSHG LQ WKH ZUDSSLQJV RI GHILOHPHQWV DQG WKDW >WKH\
DUH OLNH VRPHWKLQJ@ GLVJXVWLQJ ZDQGHULQJ DURXQG IRU DJHV WKURXJKRXW WKH

ZLOGHUQHVV RI VDVUD

$QG VRQV RI JRRG IDPLO\ >WKH 7DWKJDWD@



 , UHQGHUHG UGRJ ODP VLPSO\ DV oIRRWSDWKp ZLWKRXW KDYLQJ EHHQ DEOH WR ORFDWH RWKHU

 DQG 7DNDVDNL 

%WK KDV MXVW ODP VHH .DJDZD   
 oZD\VLGHp
 
 o7R OD\ DURXQGp IRU nSK\DQ SD 6NW EKUDPDWL LQ % DSSHDUV DQRWKHU IRUP RI WKH URRW EKUDP

RFFXUUHQFHV RI WKLV FRPSRXQG

ZKLFK UHIHUV WR VDVUD NXQ WX nNK\DP SD FI 09\ 

 &K LQFOXGLQJ D SDUW RI WKH IROORZLQJ SDVVDJH

 o7KHUH WKH JROGHQ LPDJH >ZKLFK@ KDV EHHQ DEDQGRQHG LQ WKH ZLOGHUQHVV LV FRQVLGHUHG DV
XQSXUH E\ DOO WKH ZDQGHUHUV WUDPSOLQJ XSRQ >LW@p

&K

 o7KH SUHFLRXV LPDJH RI WKH 7DWKJDWD UHPDLQV LQ WKH URWWHQ UDJJHG VLON
WKURZQ RQ WKH JURXQG >DQG@ ZDQGHUV DURXQG >LQ@ WKH ZLOGHUQHVVp



n'URQ SR RU nJURQ SR 3$ oWUDYHOHUp 0\ WUDQVODWLRQ LV LQ DFFRUGDQFH ZLWK - ZKR

FRQFHLYHV RI nJURQ SD DV D V\QRQ\P IRU nJURG SD KDYLQJ WKH PHDQLQJ oWR JR WR WUDYHOp , 8;
nGURQ SD

JLYHV DV 6NW HTXLYDOHQWV o SDWKL YDUWLQ

1>DUWKDQJ@

nJURQ SD

 VUWKD >mFDUDYDQn@p

2QO\ WKH ILUVW PHDQLQJ LV FRQILUPHG E\ WKH &KLQHVH  

 E\ %WK PL ORQJ ED ZKLFK
VKRXOG EH HPHQGHG WR PL VRQJ ED PL nGRQJ ED RU HYHQ PL nRQJ ED DQG WKH SDUDOOHO YHUVH 5*9
DGKYDJD

,G


, WU\ WR UHQGHU WKH UHSHWLWLRQ nJRPV VKLQJ nJRPV E\ DGGLQJ oUHSHDWHGO\p %WK UHDGV nJRQJ

PFKRQJ 7VKLJ PG]RG

nJRQJ ED UQ\LQJ
VPDG SD
FRXOG DFFRUGLQJO\ EH WUDQVODWHG DV oWR MXPS RYHU FRQWHPSWXRXVO\p
PFKRQJ




,Q

GHQRWHV IRU

  

 >oWR GHVSLVHp@

n*RQJ

%WK UDO PD UXO SD GDP SRV GNULV 5, UOXQJ JL GHG nNK\DP SD nGL JD ODV E\XQJ ]KHV > IRU

nNK\DE@ D VHFRQG YHUE E\XQJ DQG WKH SRVLWLRQ RI nGL LPSO\ WKH IROORZLQJ WUDQVODWLRQ o)URP ZKHUH
DSSHDUHG E\XQJ WKLV EXQGOH ZUDSSHG  >ZKLFK@ LV GULYHQ E\ WKH ZLQG"o , XQGHUVWDQG GHG DV WKH
SHUIHFW IRUP RI nGHG SD 7KH SDVVDJH LQ &K o>%XW@ SHRSOH >ZKR@ DUH ZDONLQJ DORQJ WKH SDWK FRPH
DQG JR SDVV WUDPSOH XSRQ MXPS RYHU >WKH EXQGOH DQG@ GR QRW NQRZ WKDW WKHUH LV D WDWKJDWD LPDJH
LQVLGH $QG EHFDXVH WKH >LPDJH@ LV ZUDSSHG LQ URWWHQ VLON KDYLQJ EHHQ WKURZQ RQ WKH JURXQG DOO

>FRQVLGHU LW VRPHWKLQJ@ GLVJXVWLQJ +RZ FRXOG >WKH\@ KDYH WKH LGHD WKDW >LW LV@ D EXGGKD"p

,Q
 7KLV DJUHHV ZLWK WKH SDUDOOHO
 WKH GLYLQLW\ LV QRW PHQWLRQHG GLUHFWO\ 
,E
 ,Q WKH SURVH RI
 FRQWUDU\ WR LWV RZQ YHUVH  WKH EHLQJ ZLWK GLYLQH

&K

GLY\DQD\DQD

5*9

&K

YLVLRQ LV QRW GLUHFWLQJ RWKHUV WR RSHQ WKH EXQGOH

 o6RPHERG\ ZLWK GLYLQH YLVLRQ VHHV WKDW LQ WKH UDJJHG PDWHULDOV WKHUH LV DQ LPDJH RI SXUH
JROG DQG LPPHGLDWHO\ WDNHV >WKH LPDJH@ RXW IRU >RWKHU OLYLQJ EHLQJV VR WKDW WKH\@ DOO SD\ KRPDJH
>WR LW@p

&K

VSHDNV RI VHYHUDO GLYLQLWLHV 

 7KH GLUHFWLYH UXQV DV IROORZV o2 PHQ LQ WKLV

URWWHQ VLON KHUH LV D WDWKJDWD LPDJH 8QZUDS >LW@ TXLFNO\ $OO ZRUOGV VKDOO SD\ KRPDJH >WR LW@p


&K

 7KH DQDORJLHV ZLOGHUQHVVVDVUD DQG ZUDSSLQJVGHILOHPHQWV DUH PLVVLQJ LQ

EXW DSSHDU LQ

5*9

, VDVUDYDUWPR  NOHwDYLSWLYDVWUD

&I

%WK

DQG

&K

 oGHILOHPHQWV OLNH WKDW URWWHQ UDJJHG VLONp

 $V LQ
VHFRQG

&K

 WKH YHUE oWR SHUFHLYHp DSSHDUV LQ

%WK MXVW RQFH LQ WKH ILUVW WZR VHFWLRQV RI % 7KH

PWKRQJ 7LE ZDV SUREDEO\ LQVHUWHG E\ WKH WUDQVODWRUV RI 7LE LQ RUGHU WR PDNH WKH V\QWD[
LQ

2470 97,385,7039



SHUFHLYHV WKDW DOVR ZLWKLQ VHQWLHQW EHLQJV >ZKR@ DUH ZUDSSHG LQ WKH
ZUDSSLQJV RI YDULRXV GHILOHPHQWVsDQG HYHQ WKRXJK >WKH\@ PD\ KDYH FRPH
LQWR H[LVWHQFH DV DQLPDOVsWKHUH LV WKH ERG\ RI D WDWKJDWD RI WKH VDPH
>NLQG@ DV P\ RZQ
6RQV RI JRRG IDPLO\
m+RZ GRHV WKH PHQWDO YLVLRQ RI D WDWKJDWD WDWKJDWDMQDGDUwDQD >LQ DOO
VHQWLHQW EHLQJV@ EHFRPH IUHH DQG FRPSOHWHO\ SXULILHG IURP LPSXULWLHV VR
WKDW >VHQWLHQW EHLQJV@ EHFRPH ZRUWK\ RI WKH KRPDJH RI DOO ZRUOGV DV , DP
QRZ"n
7KXV WKLQNLQJ WKH 7DWKJDWD WHDFKHV LQ WKLV >FRQQHFWLRQ@ WKH 'KDUPD WR DOO
ERGKLVDWWYDV LQ RUGHU WR FDXVH >VXFK EHLQJV@ WR EHFRPH IUHH IURP WKH


ZUDSSLQJV RI GHILOHPHQWV >LQ ZKLFK WKH\@ DUH ZUDSSHGp

>&@

7KHQ DW WKDW WLPH WKH ([DOWHG 2QH XWWHUHG WKHVH YHUVHV

>@ o,W LV DV LI D VXJDWD LPDJH ZHUH ZUDSSHG

LQ

SXWULG

GLVJXVWLQJ

>PDWHULDOV@sPDGH RI MHZHOV >DQG \HW@ ZUDSSHG LQ UDJVs>DQG@ KDG EHHQ



OHIW

>@

>@





RQ D SDWK DQG OD\ DURXQG >WKHUH@p

o$QG WKH GLYLQLW\ KDYLQJ SHUFHLYHG LW ZLWK GLYLQH YLVLRQ KDG VDLG WR
VRPH >SHRSOH@
m+HUH LV D WDWKJDWD >LPDJH PDGH RI@ MHZHOV 2SHQ TXLFNO\ WKLV EXQGOH

RI UDJVnp

o0\ >YLVLRQ@ LV OLNH WKLV GLYLQLW\nV YLVLRQ ZLWK WKDW >YLVLRQ ,@ VHH WKDW
ZLWKRXW H[FHSWLRQ DOO WKHVH VHQWLHQW EHLQJV ZUDSSHG LQ WKH ZUDSSLQJV RI

1 5*99 I ZKLFK LV SUREDEO\ EDVHG RQ WKLV SDVVDJH RI WKH 7*6

SDUDOOHO YHUVHV

 7KH SDVVDJH KHUH LWV

5*9 ,  DQG 5*99 I DUH LQ WKH HDUO\ WDWKJDWDJDUEKD WHDFKLQJ WKH
QDWXUH

RQO\ SDVVDJHV ZKLFK H[SOLFLWO\ VWDWH WKDW DQLPDOV KDYH EXGGKD

 ORNRWWDUD\ SUDMD\

VDUYDVDWWYHuY DQWDwDV WLU\DJ\RQLJDWHuY DSL WDWKJDWDJDUEKVWLWYDGDUwDQW

GRHV QRW DSSHDU

&K

,Q

&K

WKLV SDVVDJH

 o >SHUFHLYHV WKDW DOO VHQWLHQW EHLQJV@ DWWDLQ

 

LQQXPHUDEOH ERGLHV DV DQLPDOVp



&L LQ QJD FL nGUD VHHPV UHGXQGDQW EXW LV DOVR IRXQG LQ %WK ,W DSSHDUV DJDLQ LQ %WK % DQG

FRXOG ZHOO EH DQ DUFKDLF IRUPXODWLRQ % LQ &K IURP WKH EHJLQQLQJ o,Q WKH VDPH ZD\ VRQV RI
JRRG >IDPLO\@ , VHH WKDW OLYLQJ EHLQJV >GXH WR WKHLU@ YDULRXV GHILOHPHQWV FLUFXODWH IRU D ORQJ WLPH

 GUJKDUWUD LQ LQQXPHUDEOH >UH@ELUWKV DQG GHDWKV >$QG , VHH WKDW \HW@ WKH ZRQGHUIXO
VWRUH RI D WDWKJDWD GZHOOV ZLWKLQ WKHLU ERGLHV H[DOWHG >DQG@ SXUH QRW GLIIHUHQW IURP P\VHOIp


%RWK %WK DQG &K SODFH WKH SDUW RI WKH VHQWHQFH H[SUHVVLQJ ILQDOLW\ EHIRUH WKH GLUHFW VSHHFK

1HLWKHU WKH 7LEHWDQ QRU &K VKRZV FOHDUO\ LI WKH SXULILFDWLRQ RI WKH ERGKLVDWWYDV RU RI OLYLQJ EHLQJV
LV PHDQW ,Q

5*9 ,G WKH SURFHVV RI OLEHUDWLRQ  YLPXNW\DL UHIHUV WR EXGGKDGKWX ,Q &K WKH

ERGKLVDWWYDV GR QRW DSSHDU 7KH ODVW SDUW LV GLIIHUHQW IURP DOO RWKHU WUDQVODWLRQV DQG LV QRW IRXQG LQ
WKH YHUVH VHFWLRQ RI &K o7KHUHIRUH WKH %XGGKD WHDFKHV WKH 'KDUPD IRU OLYLQJ EHLQJV UHPRYHV
>WKHLU@ GHILOHPHQWV SXULILHV >WKHLU@ WDWKJDWDNQRZOHGJH >DQG@ LQFUHDVLQJO\ 

 JXLGHV DOO

ZRUOGVp




47 -47 90 VHH WKH SDUDOOHO YHUVHV 5*9 ,  XMMKLWD

&K IROORZV LWV RZQ SURVH o,W LV DV LI VRPHERG\ FDUU\LQJ D JROGHQ LPDJH ZHQW WR DQRWKHU

FRXQWU\ DQG ZRXOG >WKHUHIRUH@ ZUDS >WKH LPDJH@ ZLWK UDJJHG URWWHQ PDWHULDOV DQG >WKH LPDJH@

ZRXOG >WKHQ@ KDYH EHHQ DEDQGRQHG DQG OD\ LQ WKH ZLOGHUQHVVp ,Q &K

WKH LPDJH LV OHIW DW D oULVN\

>DQG@ EDG SODFH >LQ@ D ZLOGHUQHVVp 



 $: LQ D IXQFWLRQV DV D PHWULF H[SOHWLYH VHH +DKQ  


$V

LQ

LWV

&K GRHV QRW PHQWLRQ D GLYLQLW\ 7KH GLUHFW VSHHFK UXQV

 o5HPRYLQJ WKH URWWHQ >PDWHULDOV \RX ZLOO@ UHYHDO D SXUH >JROGHQ@ LPDJH >VR

SURVH

&K PHQWLRQV VHYHUDO GLYLQLWLHV DQG DGGV WKDW WKH LPDJH

 %RWK 7LEHWDQ WUDQVODWLRQV KDYH ./7

WKDW@ HYHU\ERG\ >ZLOO@ JUHDWO\ UHMRLFHp

VKRXOG EH YHQHUDWHG 

OKD

EHHQ PHQWLRQHG LQ WKH YHUVH EHIRUH



WKRXJK WKH GLYLQLW\ KDV QRW

GHILOHPHQWV DUH VXIIHULQJ VHYHUHO\ >DQG@ DUH FRQWLQXRXVO\ WRUPHQWHG E\

>WKLV@ VXIIHULQJ RI VDVUDp

o, SHUFHLYH WKDW LQVLGH WKH ZUDSSLQJV >FRQVLVWLQJ RI@ GHILOHPHQWV WKH ERG\

RI D YLFWRULRXV RQH LV ILUPO\ HVWDEOLVKHG WKDW WKDW >ERG\@ LV ZLWKRXW
PRWLRQ DQG FKDQJH DQG WKDW \HW WKHUH LV QRERG\ VHWWLQJ WKDW >ERG\@

IUHHp

>@ o+DYLQJ VHHQ >WKLV@ , WKHQ XUJHG >WKH ERGKLVDWWYDV@
>@

m>2 \RX@ ZKR KDYH HQWHUHG H[FHOOHQW DZDNHQLQJ OLVWHQ 7KXV >LV@ WKH
HVVHQWLDO ODZ GKDUPDW >UHJDUGLQJ@ VHQWLHQW EHLQJV KHUH >ZLWKLQ
HDFK VHQWLHQW EHLQJ@ DOZD\V GZHOOV D YLFWRULRXV RQH ZUDSSHG DURXQG

>ZLWK GHILOHPHQWV@np

om:KHQ WKH VXJDWDNQRZOHGJH

>@

GHILOHPHQWV



DUH

SDFLILHG

>ZLWKLQ@ KDV

WKHQ

WKLV

7LE KDV WZR SDUWLFOHV GH E]KLQ DQG nGL n/7, -, 7KH

EHHQ

>VHQWLHQW

VHW

IUHH

EHLQJ@

DQG DOO

LV

FDOOHG

IDFW WKDW WKH WKUHH RWKHU YHUVLRQV RQO\

%WK ,3/ &K PHQWLRQ WKH DFW RI VHHLQJ D VHFRQG WLPH PWKRQJ

VKRZ RQH VXFK SDUWLFOH DQG LQVWHDG

ED


 FRXOG EH H[SODLQHG E\ DVVXPLQJ WKDW 7LE KDV PLVUHDG D
GwD RU HWGwD )RU DQ DOWHUQDWLYH H[SODQDWLRQ FS Q  

IRUP RI WKH URRW

Gw

oWR VHHp DV

7KH YHUVLRQV FRXOG EH XQGHUVWRRG LQ WKH IROORZLQJ ZD\ %WK o,Q WKH

VDPH ZD\ ZLWK P\

VXSHUQDWXUDO YLVLRQ , VHH OLYLQJ EHLQJV , DOZD\V VHH LQ WKH PRVW H[FHOOHQW

ZD\ >WKDW WKH\@ DUH



FRQFHDOHG E\ PDVVHV
>

JRQJ EX6

RI GHILOHPHQWV >DQG WKDW WKH\@ DUH DOVR WURXEOHG E\ WKH VXIIHULQJ RI VDVUDp

JRQJ EX7 FI %WK

WR EH HPHQGHG WR

% @

&K o0\ GLYLQH YLVLRQ LV DOVR OLNH WKLV

>ZLWK LW ,@ VHH WKHVH OLYLQJ EHLQJV ZUDSSHG LQ GHILOHPHQWV >DQG@ EDG GHHGV >DQG , VHH KRZ WKH\
EHFRPH@ ERUQ DQG GLH DFFRPSDQLHG E\ ORWV RI VXIIHULQJp

&K o:LWK >P\@ GLYLQH YLVLRQ , VHH OLNH

WKLV , VHH >KRZ@ DOO OLYLQJ EHLQJV DUH VXEMHFW WR WKH ZUDSSLQJV RI WKH VLON RI GHILOHPHQWV >DQG KRZ
WKH\@ H[FHVVLYHO\ H[SHULHQFH VRUURZ DQG WKH VXIIHULQJ RI VDVUDp



,QVWHDG RI

PQ\DP SDU E]KDJ J\XU 6NW VDPKLWD VDPGKLJDWD %WK VLPSO\ KDV JQDV &K

PHQWLRQV
LQ WKH VDPH SGD WKH SDU\DND SRVLWLRQ RI WKH WDWKJDWDERG\ 

%WK


 7KH DFW RI SHUFHLYLQJ FRPSULVHV WKH ZKROH FRQWHQW RI WKH YHUVH ,W LV QRW PHQWLRQHG LQ

%WK VKRZV WKH SKUDVH PL VS\RG LQVWHDG RI PL nJ\XU 7KLV FRXOG EH D UHQGHULQJ RI 6NW DFDUD RU

DYLFUD

 IRU

DFUD

 7KH YHUVH LQ

WKH

%+6'

&K

JLYHV WKH PHDQLQJ oXQFKDQJLQJ FRQVWDQWp

o)XUWKHU >, VHH WKDW ZLWK@ OLYLQJ EHLQJV LQ WKH PLGGOH RI WKH GLUW RI

LJQRUDQFH >WKHUH LV@ WDWKJDWDKRRG ZLWKRXW PRWLRQ >DQG WKDW \HW@ WKHUH LV QRERG\ ZKR FRXOG

UHPRYH >WKH GLUW@p


7KH SHUIHFW IRUP RI nGHEV LV SUREDEO\ FKRVHQ EHFDXVH ZKDW LV GHVFULEHG LQ WKH IROORZLQJ
YHUVH  LV WKRXJKW WR KDSSHQ
URRW

VDFXG

&K

HPSOR\V

REYLRXVO\ LQFRPSOHWH LV

DIWHU WKH XUJLQJ )RU VNXO PD EWDE SUREDEO\ D FDXVDWLYH IRUP RI WKH
 oWR DODUP WR VKDNH XSp

&K

KDV VLPSO\

 'LIIHUHQW DQG

%WK ZLWK nJURO EDU E\D LQVWHDG o>LQ RUGHU@ WR FDXVH >WKH EXGGKD ERGLHV@ WR

EHFRPH IUHH >KH VD\V@p 7KLV VWDWHPHQW LV KRZHYHU DOVR SDUW RI WKH FRUUHVSRQGLQJ SDVVDJH LQ WKH
SURVH RI % $V LV VDLG H[SOLFLWO\ LQ &K WKH XUJLQJ LV GLUHFWHG WRZDUGV WKH ERGKLVDWWYDV


 0\ WUDQVODWLRQ IROORZV

%WK DQG &K 

 LQ DWWDFKLQJ

UWDJ RI SGD F WR SGD G ZKLFK

VHHPV WR KDYH EHHQ LWV RULJLQDO SRVLWLRQ 7KH WUDQVODWLRQ RI 7DNDVDNL   LQFOXGHV UWDJ LQ WKH

VWDWHPHQW RI SGD F 7KLV PXVW KDYH EHHQ WKH LQWHQWLRQ RI WKH 7LEHWDQ WUDQVODWRUV RU UHYLVHUV
 o7KH WUXH QDWXUH RI OLYLQJ EHLQJV LV DOZD\V WKXVp

$DPGKLUMDVWUD
FtC  QD MWX
NHQDFLF FKDN\D  SDw\LWX  7LE FG NVCT VDQJV UJ\DV nE\XQJ nJ\XU WH  nMLJ UWHQ PJRQ SRnL FG
kFTC DCU  8XV N\DQJ  QDP \DQJ PWKRQJ EDU PL QXV VR  5JDPH\nV WUDQVODWLRQ S  o$XFK LV


)RU D SKUDVHRORJLFDOO\ DQG

5JDPH\   ;;,,,

V\QWDFWLFDOO\ VLPLODU FRQVWUXFWLRQ FI WKH

GXC VDEKDYD EXGGKQ

ORNDQWKQD

WKH QDWXUH RI WKH %XGGKDV 5XOHUV RI WKH :RUOG 1RERG\ FDQ SHUFHLYH WKHPp

GKDUPDW &K KDV MXVW  &KnV VWDWHPHQW WKDW WKH EXGGKD LV IRXQG ZLWKLQ IHDUV
EKD\D WUVD RU VR RQ PXVW EH EDVHG RQ DQ HUURQHRXV YDULDQW UHDGLQJ RI WKH 6NW RQ

 ,QVWHDG RI


IRU

ZKLFK \RQJV VX GNULV SD DQG nGL QD %WK GH QD ZHUH EDVHG

 &K


o$V

WKH

%XGGKD

KDV

VHHQ

GHILOHPHQWVsWKH EDG GHHGVsFRYHU

WKXV

>KH@

WHDFKHV

IRU

WKH

ERGKLVDWWYDV

m0DVVHV

WKH ERG\ RI D YLFWRULRXV RQH >ZLWKLQ OLYLQJ EHLQJV@np



RI

mDZDNHQHGn EXGGKD DQG WKH KHDUWV RI JRGV DQG KXPDQV DUH IXOO RI

MR\np
>

7KH VLPLOH RI WKH IXWXUH XQLYHUVDO HPSHURU LQ WKH ZRPE RI D SRRU

GHSUHVVHG ZRPDQ@

>$@

o6RQV RI JRRG IDPLO\ DJDLQ LW LV OLNH WKH H[DPSOH RI D ZRPDQ ZLWKRXW D

SURWHFWRU DQWKDEKWD RI XQVLJKWO\ FRPSOH[LRQ KDYLQJ D EDG VPHOO
GLVJXVWLQJ IULJKWHQLQJ XJO\ DQG OLNH D GHPRQHVV SLwF >DQG WKLV ZRPDQ@

KDG WDNHQ XS UHVLGHQFH LQ D SRRUKRXVH


:KLOH VWD\LQJ WKHUH VKH KDG

EHFRPH SUHJQDQW $QG WKRXJK WKH OLIH WKDW KDG HQWHUHG LQWR KHU ZRPE ZDV
VXFK DV WR EH GHVWLQHG WR UHLJQ DV D ZRUOG HPSHURU WKH ZRPDQ ZRXOG
QHLWKHU TXHVWLRQ KHUVHOI ZLWK UHIHUHQFH WR WKH VHQWLHQW EHLQJ H[LVWLQJ LQ KHU
ZRPE m2I ZKDW NLQG LV WKLV OLIH >WKDW@ KDV HQWHUHG P\ ZRPE"n QRU ZRXOG
VKH >HYHQ@ TXHVWLRQ KHUVHOI LQ WKDW >VLWXDWLRQ@ m+DV >VRPH OLIH@ HQWHUHG P\
ZRPE RU QRW"n 5DWKHU WKLQNLQJ KHUVHOI SRRU >VKH ZRXOG EH@ GHSUHVVHG






 7KH V\QWDFWLFDO FRQVWUXFWLRQ FRXOG GHULYH IURP 6NW


 3GD D RI

&K

\DG  WDG



&K 

VHH DOVR

o:KHQ WKLV >EXGGKD ZLWKLQ@ KDV EHHQ VHW IUHH DQG >RQH KDV@

PDQLIHVWHG WKH EXGGKD NQRZOHGJHp ,Q WKH ODVW SGD &K PHQWLRQV DSUW IURP WKH MR\ DOVR WKH
YHQHUDWLQJ DFWLYLW\   RI JRGV DQG KXPDQV &K

 o3XULI\ GLOLJHQWO\ >WKH EXGGKD ZLWKLQ DQG@

UHPRYH >WKH GHILOHPHQWV@ EULQJ IRUWK WKH WDWKJDWDNQRZOHGJH >7KHQ \RX ZLOO@ EH YHQHUDWHG E\ DOO
JRGV KXPDQV GUDJRQV 



QJD KXQJU\ JKRVWV SUHWD DQG VQDNHJRGV \DNuDp

%XG PHG PJRQ PHG SDU J\XU SD 6NW DQWKDEKW VWU

PDOH IDPLO\ PHPEHUV FI

&K

oRUSKDQ ZRPDQp

LQGLFDWHV D IHPDOH ZLWKRXW DQ\

 ZKR FRXOG EH LQ FKDUJH RI KHU

oSURWHFWLRQp &KDUDFWHULVWLF IRU WKH ,QGLDQ FRQFHSW RI ZRPHQ LQ QHHG RI SURWHFWLRQ LV

SLW UDNuDWL NDXPUH EKDUW UDNuDWL \DXYDQH 

UDNuDQWL VWKDYLUH SXWU QD VWU VYWDQWU\DP DUKDWL  FI DOVR 9II

:KDW H[DFWO\

3DLV

OIQP OGF RCnL NKDQJ SD

0DQX ,;

6NW DQWKDwOYDVDWKD VWDQGV IRU LV QRW YHU\ FOHDU ,Q

, II FRPSDVVLRQDWH SHRSOH DUH VDLG WR EULQJ EDQGDJHV WR DQ

DQWKDwO

VR WKDW WKH

LQKDELWDQWV FRXOG EDQGDJH WKHLU RSHQ ZRXQGV SUREDEO\ LQIOLFWHG WKURXJK SXQLVKPHQWV $Q

DQWKDwO FRXOG EH DQ DVVHPEO\ SRLQW IRU SHRSOH DW WKH HGJH RI WKH VRFLHW\ ZLWKRXW DQ\ IDPLO\
WLHV &K UHQGHUV LW DV D VRFLDOO\ ORZ UXQGRZQ KRXVH 
 7KH PHDQLQJ oUXQ
GRZQp RI DQWKD LV DOVR SUHYDOHQW LQ WKH GHVFULSWLRQ RI D YLKUD VHH &RXYUHXU   0\
WUDQVODWLRQ oSRRUKRXVHp PLJKW WKHUHIRUH QRW FRYHU WKH FRPSOHWH UDQJH RI IXQFWLRQV DQG QRWLRQV RI
VXFK D SODFH LQ ,QGLD


7KH WHUP 8,99;, VHHPV FRPPRQ LQ DQFLHQW ,QGLDQ OLWHUDWXUH WR GHVLJQDWH WKH HQWLW\ HQWHULQJ

WKH ZRPE DQG EHFRPLQJ WKH HPEU\R FI HJ WKH TXRWDWLRQV LQ +LOOHEUDQGW   DOVR

II  7+88:3  NXNuL DYDNUQWD  ,QVWHDG RI oWR HQWHUp

KHUH DQG LQ $ VN\HV IURP VN\H oWR DULVHp


U*\DO VULG E\HG SD

LV SUREDEO\ EDVHG RQ 6NW

VULG %WK KDV VLPSO\ UJ\DO SR

(QF%XGGK VY FDNUDYDUWLQ

 
 ,Q %WK WKH TXHVWLRQ

]KXJV IRU DYDNUPDWL"

UM\D NDURWL

RU

NUD\DWL

VHH

'LY\

%WK KDV

8GU, VY UJ\DO

FDNUDYDUWLQ

)RU WKH FKDUDFWHULVWLFV RI D oZRUOG HPSHURUp 

VHH

ZKLFK WKH ZRPDQ GRHV QRW DVN UXQV DV IROORZV o:KDW NLQG RI OLIH

KDV DULVHQ LQ P\ ZRPE KDV HQWHUHG P\ ZRPE"p ,QVWHDG RI WKH SKUDVH \LG OD PL E\HG
DSSHDUV DIWHU HDFK RI WKH WZR TXHVWLRQV LQ

7LE %WK

ZKLFK

VWDWHV o >WKLV VKH@ GRHV QRW WKLQN >WKLV VKH@

GRHV QRW FRQVLGHU >WKLV@ GRHV QRW HQWHU >LQWR KHU@ FRQVFLRXVQHVVp  ]KHV PL VHV  \LG OD PL E\HG
 GHU nGX VKHV PL nMXJ JR

VDM

UHIHUULQJ WR WKH ZRPE

RI

7LE

 :KHUHDV

ZKLFK LV QRW DWWHVWHG LQ

0L VHV %WK
LQ

%WK

7LE 7LE

REYLRXVO\ FRPELQHV WKH VHFRQG

nMXJ SD

LQFOXGHV LW LQ WKH VHFRQG TXHVWLRQ 

VDP

VKRXOG KDYH LWV HTXLYDOHQW LQ RQH RI WKH WZR

ZLWK


nGX VKHV

OC \JWIU

\LG OD PL E\HG

7KH VHFRQG TXHVWLRQ SHUWDLQLQJ WR ZKHWKHU OLIH KDV HQWHUHG WKH ZRPDQnV ZRPE RU QRW LV

RQO\ DWWHVWHG IRU 7LE +RZHYHU LQ YHUVH  LW FRPHV XS LQ ERWK 7LE DQG %WK
 7KH SDVVDJH LQ &K o%\ FKDQFH >VKH WKHQ@ KDG LQWHUFRXUVH >DQG@ ZRXOG

EHFRPH SUHJQDQW LQ

>KHU@ EHOO\ >DQG@ WKLV >ZRXOG EH@ DQ HPEU\R >GHVWLQHG@ WR QHFHVVDULO\ IXQFWLRQ DV D ZRUOG HPSHURU



>DQG@ ZRXOG WKLQN WKRXJKWV >OLNH@ m>, DP@ LQIHULRU DQG ZHDNn DQG ZRXOG SDVV
WKH WLPH VWD\LQJ LQ WKH SRRUKRXVH DV VRPHERG\ RI XQVLJKWO\ FRPSOH[LRQ DQG
 
EDG VPHOOp
>%@

o6RQV RI JRRG IDPLO\ LQ WKH VDPH ZD\ DOVR DOO VHQWLHQW EHLQJV >WKLQN RI
WKHPVHOYHV DV@ XQSURWHFWHG DQG DUH WRUPHQWHG E\ WKH VXIIHULQJ RI VDVUD
>7KH\ WRR@ VWD\ LQ D SRRUKRXVH WKH SODFHV RI >UH@ELUWK LQ WKH VWDWHV RI

7KHQ WKRXJK WKH HOHPHQW RI D WDWKJDWD KDV HQWHUHG LQWR VHQWLHQW

EHLQJV DQG LV SUHVHQW ZLWKLQ WKRVH VHQWLHQW EHLQJV GR QRW UHDOL]H >LW@ 
 

EHLQJ

NLQJ $QG \HW HYHQ WKRXJK WKLV ZRPDQ ZHUH SUHJQDQW >VKH@ ZRXOG QRW DW DOO KDYH WKRXJKWV VXFK
DV >DSSURSULDWH IRU WKH PRWKHU RI DQ HPSHURU@p RU oZHUH SUHJQDQW >VKH@ ZRXOG QRW DW DOO KDYH
VXFK WKRXJKWVp 7KH VHFRQG DOWHUQDWLYH LV LQ DFFRUGDQFH ZLWK WKH 7LEHWDQ +RZHYHU WKH TXHVWLRQ
LWVHOI ZKLFK LQ WKH 7LEHWDQ IROORZV GLUHFWO\ DIWHU GRHV RQO\ DSSHDU

DW WKH HQG RI $ o$QG >VKH@

ZRXOG QRW NQRZ IRU FHUWDLQ m:KDW NLQG RI KXPDQ LV LW WKDW KDV DULVHQ LQ P\ EHOO\"np 
 

7LE

 7KH 6NW RQ ZKLFK

LV EDVHG FRXOG EH  QD DQ\DWUD V GDULGUDFLQW OQDKQD

FLQW FD DQXYLFLQWD\HW GXUYDUDGXUJDQGKDWD\ FD

GDQJ  GPDQ SD GDQJ  NKR UX FKXQJ ED

WKH WH[W LQ

FI Q  ,QVWHDG RI WKH WULSOHW ]KXP SD

%WK VKRZV QJDQ SD GDQJ  Q\RQ PRQJV SD GDQJ


 /,3 5, VKRXOG FRUUHVSRQG ZLWK QJDQ SD KQD FI
 =KXP SD 6NW GQD QFD  OQD YLuGD VDNRFD RU VRPHWKLQJ VLPLODU GRHV QRW
&K
FRUUHVSRQG ZLWK %WK Q\RQ PRQJV SD SUREDEO\ IRU Y\DVDQD &K  QRU ZLWK %WK PL GJH ED

 PL GJH ED &K

G

'LIILFXOW LV DOVR
FRUUHVSRQG ZLWK

WKLV FDVH

NKR UX FKXQJ ED

&K

IRU ZKLFK WKH GLFWLRQDULHV GR QRW KDYH HQWULHV ,W FRXOG

GXUEDOD VWREV FKXQJ ED RU Q\DPV FKXQJ ED +RZHYHU DOVR LQ

%WK PL GJH ED LV GLIIHUHQW 7ZR FRPSRXQGV LQ D URZ ZLWK WKH VDPH ILQDO PHPEHU WR

D[ EFG[ DUH QRW XQFRPPRQ

LQ %XGGKLVW +\EULG 6DQVNULW 7KH ILUVW FRPSRXQG GDULGUDFLQW , KDYH WDNHQ WR EH DQ LWL
FRPSRXQG VLPLODU WR WKH RQH LQ Q  7KH VHFRQG FRPSRXQG OQDKQDGXUEDODFLQW FDQQRW EH
DQDO\]HG LQ WKLV VHQVH DV OQD XVXDOO\ GHVFULEHV WKH WHPSHU UDWKHU WKDQ WKH FRQWHQW RI D WKRXJKW FI
ZKLFK WKH SULRU PHPEHUV RI WKH FRPSRXQGV DUH UHIHUULQJ LQ WKH IRUP

5*9 ,D OQD FLWWDP %+6' VY OQD IRU KQD FI G

 7KH 6NW IRU

GUL PL ]KLP SD Q\LG N\LV FRXOG KDYH EHHQ VRPHWKLQJ OLNH GXUJDQGKDWYHQD

7KHUHIRUH P\ WUDQVODWLRQ oDV VRPHERG\ RI e EDG VPHOOp %WK VLPSO\ KDV GUL PL ]KLP SD
 7KH SDVVDJH LQ &K o>6KH@ ZRXOG RQO\ WKLQN >KHUVHOI@ SRRU GHILFLHQW >DQG@ LQIHULRU

)ROORZLQJ WKH ZHDNQHVV RI KHU PLQG >VKH@ ZRXOG FRQWLQXRXVO\ KDYH WKLV WKRXJKW m, DP LOO
ORRNLQJn >6KH@ ZRXOG SDVV >KHU@ WLPH GZHOOLQJ LQ D ORZ UXQGRZQ KRXVH $QG >VKH@ ZRXOG QRW
NQRZ IRU FHUWDLQ VHH DERYHp $OO RI $ LQ

&K o$QG DJDLQ VRQV RI JRRG >IDPLO\@ LW LV OLNH D

SRRU ORZ >DQG@ LOOORRNLQJ ZRPDQ KDWHG E\ HYHU\RQH DQG \HW >VKH@ ZRXOG FDUU\ D SUHFLRXV FKLOG
>LQ KHU EHOO\@ ZKR ODWHU ZRXOG EH D QREOH NLQJ UXOLQJ WKH IRXU ZRUOGV ><HW@ WKLV SHUVRQ ZRXOG QRW
NQRZ >DERXW LW DQG@ SDVV WKH WLPH WKLQNLQJ FRQWLQXRXVO\ WKDW >DOVR@ WKH FKLOG >ZLOO EH@ LQIHULRU >DQG@
RI ORZ ELUWKp

 

 o8QSURWHFWHGp

DQWKD

LV UHQGHUHG E\

&K

DV oZLWKRXW PDVWHU ZLWKRXW VXSSRUWp 

 $ULG SDU VN\H EDnL JQDV SRVVLEO\ IRU 6NW EKDYRSDSDWW\\DWDQD EKDYD LV V\QRQ\PRXV ZLWK
VDVUD

&K

 o>UH@ERUQ LQ WKH WKUHH VWDWHV RI EHLQJp FI WKH FRUUHVSRQGLQJ SDVVDJH

5*9 ,D DQWKDwOHYD EKDYRSDSDWWL

 7KH SDVVDJH LQ &K o,Q WKH VDPH ZD\ VRQV RI JRRG >IDPLO\@ WKH 7DWKJDWD REVHUYHV >KRZ@

DOO OLYLQJ EHLQJV ZDQGHU DURXQG LQ VDVUD >DQG@ H[SHULHQFH WKH SRLVRQ RI DOO >NLQGV@ RI VXIIHULQJp
 
 ,QVWHDG RI JRWUD RU NXOD 7LE ULJV %WK DQG &K KDYH GKWX NKDV
 7KH SDVVDJH LV

FLWHG LQ 5*99 r DQG UHDGV GKWX WDWUD FD VDWWYH VDWWYH VCVJICVCFJVWT :95,334
JDUEKDJDWD VDYLG\DWH QD FD WH VDWWY EXGK\DQWD LWL  )RU D GLVFXVVLRQ RI WKH PHDQLQJ RI GKWX
KHUH VHH VHFWLRQ $  'KWX LV DOVR DWWHVWHG IRU WKH SDUDOOHO SGD 5*9 ,F , KDYH QR GHILQLWH
LGHD LI DQG ZK\ WKH WUDQVODWRUV RU UHYLVHUV RI 7LE SUHIHUUHG ULJV WR NKDPV RU LI DQG ZK\ DOUHDG\ RQH
VWUDQG RI WKH ,QGLDQ WUDGLWLRQ UHSODFHG RULJLQDOO\ GKWX ZLWK JRWUD 2QH ZRXOG DOVR H[SHFW WKH
FKDUDFWHU

UDWKHU WKDQ

&K LQ WKH FRPPRQ WUDQVODWLRQ

IRU WDWKJDWDGKWX WR H[SUHVV

WKH EXGGKD HVVHQFH LQ OLYLQJ EHLQJV $ SRVVLEOH UHDVRQ IRU D GHOLEHUDWH DOWHUDWLRQ IURP

JRWUD

RU

NKDPV

WR

ULJV

GKWX

WR

LQ WKH 7LEHWDQ WUDGLWLRQ KRZHYHU FRXOG EH WKH FODVVLILFDWLRQ V\VWHP



6RQV RI JRRG IDPLO\ LQ RUGHU WKDW VHQWLHQW EHLQJV GR QRW GHVSLVH

WKHPVHOYHV WKH 7DWKJDWD LQ WKLV >FRQQHFWLRQ@ WHDFKHV WKH 'KDUPD ZLWK WKH
>IROORZLQJ@ ZRUGV
m6RQV RI JRRG IDPLO\ DSSO\ HQHUJ\ ZLWKRXW JLYLQJ LQ WR GHVSRQGHQF\  ,W
ZLOO KDSSHQ WKDW RQH GD\ WKH WDWKJDWD >ZKR KDV@ HQWHUHG >DQG@ LV SUHVHQW
 
ZLWKLQ \RX ZLOO EHFRPH PDQLIHVW
7KHQ \RX ZLOO EH GHVLJQDWHG
mERGKLVDWWYDn UDWKHU WKDQ m>RUGLQDU\@ VHQWLHQW EHLQJ 8,99;,n >$QG@ DJDLQ

HVWDEOLVKHG ODWHU LQ WKH 5*99 FI VHFWLRQ $  ZKHUH WKLV HLJWK VLPLOH LV VXEVXPHG XQGHU WKH
JRWUD DVSHFW ,Q WKH ILUVW SDUW RI WKH WUDQVODWLRQ RI %WK GH QDV VHPV FDQ GDJ GH E]KLQ JVKHJV SDnL
NKDVX VN\HV SD \DQJ \RG  VQ\LQJ SR OD JQDV SD \DQJ QD  VHV FDQ GH GDJ JL NKRQJ GX PL FKXG
WH  WKH WHUPLQDWLYH SDUWLFOH 8X DIWHU NKDV LV WR EH GHOHWHG LI ZH ZDQW %WK WR DJUHH ZLWK WKH

6DQVNULW TXRWDWLRQ 2WKHUZLVH LW FRXOG EH XQGHUVWRRG DV o7KHQ OLYLQJ EHLQJV FRPH LQWR H[LVWHQFH
DQG VWD\ LQ WKH GKWX RI WKH WDWKJDWDVp 7KH WZR 7LEHWDQ WUDQVODWLRQV RI WKLV SDVVDJH DUH

FKDUDFWHULVWLF DV %WK VKRZV WKH PRUH OLWHUDO EXW JUDPPDWLFDOO\ DOVR PRUH SUREOHPDWLF YHUVLRQ

ZKHUHDV 7LE KDV LQWURGXFHG VRPH FKDQJHV WKDW DUH QRW EDVHG RQ WKH 6DQVNULW DQG WKXV EHFRPHV D
PRUH VPRRWKO\ UHDGDEOH WH[W
 7KH H[SUHVVLRQ WKDW WKH GKWX RI D WDWKJDWD KDV oDULVHQp XWSDQQD LQ OLYLQJ EHLQJV LV
SUREDEO\ LQIOXHQFHG E\ WKH XSDPQD ZKHUH LW LV VDLG WKDW OLIH KDV HQWHUHG ]KXJV WKH ZRPE RI WKH
ZRPDQ 7KH WUDQVODWRUV RI 7LE SUREDEO\ GHFLGHG WR UHQGHU XWSDQQD ZLWK ]KXJV D YHUE QRW FRPPRQ
LQ WUDQVODWLQJ IRUPV RI XWSDG FI %WK VN\HV SD VLQFH WKH VDPH YHUE LV XVHG LQ WKH WKH XSDPQD

 .KRQJ QD LQ % UHQGHUV JDUEKD FI %WK VQ\LQJ SR SDUDOOHO YHUVH 5*9 ,E
JDUEKQWDUDVWKD &K REYLRXVO\ LQWHUSUHWV WKLV JDUEKD QRW DV WKH LQVLGH RU WKH ZRPE RI OLYLQJ

EHLQJV EXW DV WKH oVWRUH> LH HOHPHQW@ RI D WDWKJDWDp 

&K

 SDUDOOHO WR GKWX 7KH SDVVDJH LQ

 o$QG \HW HDFK OLYLQJ EHLQJ

KDV WKH HOHPHQW RI D WDWKJDWD WDWKJDWDGKWX KDV WKH VWRUH RI D WDWKJDWD >%XW@ WKLV >LV

VRPHWKLQJ ZKDW@ OLYLQJ EHLQJV DUH QRW DZDUH >RI ZKDW WKH\@ GR QRW NQRZp

&K FRQVWLWXWHV WKH

YHUVLRQ ZLWK WKH ZLGHVW JDS WR WKH WUDQVPLWWHG 6DQVNULW

 o,Q DOO WKHLU ERGLHV WKHUH LV WKH SUHFLRXV VWRUH RI D WDWKJDWDsMXVW DV LQ FDVH RI
WKH ZRPDQs\HW >WKH\@ GR QRW NQRZ >LW@p
 $ FRQVWUXFWLRQ H[SUHVVLYH RI FRQFHVVLRQ  VDYLG\DWH QD FD WH FDQ DOVR EH IRXQG LQ WKH
FRUUHVSRQGHQW YHUVH , RI WKH 5*9 8DQQWKHuX  VYWPQWDUDVWKHuY CRK 
 7KH ILUVW SDUW RI WKH SDVVDJH FLWHG LQ WKH

RI WKH

5*99 FRXOG DOVR KDYH EHHQ WKH EDVLV IRU D TXRWDWLRQ

7*6 IRXQG LQ WKH !$ 2I FRXUVH LW VKRXOG EH WLWOHG D IUHH UHQGHULQJ UDWKHU WKDQ D ZRUG

ZRUG TXRWDWLRQ 7KH ILUVW SDUW RI WKH TXRWDWLRQ LQ WKH 0316 UXQV DV IROORZV LQFOXGLQJ WKH

IRU

J]KDQ
\DQJ nGL QD GJH VORQJ OD OD GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL PGR VGH FKHQ SR


8HPV FDQ WKDPV FDG OD QL VDQJV UJ\DV N\L NKDPV \RG OD NKDPV GH UDQJ UDQJ JL

!$ " D $ DI TXRWDWLRQV RI WKH
6 GH 6 OD
4
OXV OD nFKDQJ VWH
LQWURGXFWLRQ

8WRQ

SDU E\HG GR 

 >

 WVKDQJ(

&KLQHVH LQ 7DNDVDNL  

 
 EU7VRQ nJUXV EUWDQ SDU J\LV VKLJ FRXOG EH WKH HTXLYDOHQW WR YU\D GKDP
UDEKDGKYDP  XWWKSD\DWD ZLWK GKDP XQGHUVWRRG DGYHUELDOO\ RU GKDYU\DP UDEKDGYDP
 FI %+6' VY
ZLWK GKD DV DQ DWWULEXWH RI YU\D LQ WKLV VHQVH &K
GKDYU\DW .3 ~ GKDYU\D 7KH FKDUDFWHU SUREDEO\ UHQGHUV D IRUP RI WKH URRW 
UDEK RU XWWK VHH %*'- G
 $ GHWDLOHG DQDO\VHV RI WKH PHDQLQJ RI YU\D LV IRXQG LQ 3DJHO  r &RQFHUQLQJ WKH
%&$

SDVVDJH KHUH VRPH YHUVHV LQ WKH

9,,   DUH RI SDUWLFXODU LQWHUHVW EHFDXVH WKH\

ODV\D oLQGROHQFHp DQG YLuGWPYDPDQ\DQ oGLVSRQGHQF\ DQG VHOIFRQWHPSWp DV WKH

DQWLSRGHV RI YU\D 7KHUH LW LV DOVR VDLG WKDW RQH VKRXOG QRW GHQ\ WKH SRVVLELOLW\ RI DZDNHQLQJ IRU
RQHVHOI 9,, QDLYYDVGD NDUWDY\D $OVR LQ WKH %&$ DV WKH FRPPHQWDWRU 3UDMNDUDPDWL

PHQWLRQ

PDNHV FOHDU FW\ WR ,, YU\D LV WDNHQ DV WKH PDLQ IRUFH WR RYHUFRPH D QHJDWLYH VHOIDVVHVVPHQW
 )RU

8UR VKL EDU PD E\HG SD

WKH

7VKLJ PG]RG

VY

VUR VKL ED KDV WKH IROORZLQJ HQWU\ UQ\LQJ

E\HG SD UHQGHULQJ WKH H[SUHVVLRQ WUDQVLWLYH LV DGGHG VR

REMHFW %WK KDV KHUH DQG DOVR LQ %I 7LE NK\DG GX PL JVDG

GSDn ]KXP SD  ,Q 7LE WKH DX[LOLDU\ YHUE

WKDW

EGDJ Q\LG

FDQ EH WDNHQ DV WKH

SDU E\D EGDJ FDJ OD 187/7 4+U PD E\HG SDU &K

WRR XVHV WKH VDPH WHUPLQRORJ\



LQ

ERWK SDVVDJHV VR WKDW ZH FDQ DVVXPH WKDW DOVR LQ WKH 6NW WKH VDPH IRUPXODWLRQ DSSHDUHG WZLFH

 

&K

 o:LWKLQ DOO RI \RXU ERGLHV WKHUH LV WKH

HVVHQFH RI D WDWKJDWD /DWHU >\RX@ ZLOO DOO RU ILQDOO\

EHORZ



 UHDOL]H SHUIHFW DZDNHQLQJp )RU

&K VHH

LQ

WKH

>QH[W

VWDJH



\RX@

ZLOO

EH

GHVLJQDWHG

mEXGGKDn

UDWKHU

WKDQ

mERGKLVDWWYDnnp



>&@

7KHQ DW WKDW WLPH WKH ([DOWHG 2QH XWWHUHG WKHVH YHUVHV

>@ o,W LV DV LI D VLPSOH EOD ZRPDQ ZLWKRXW D SURWHFWRU RI EDG FRPSOH[LRQ
DQG XJO\ GLVSRVLWLRQ ZRXOG >JR WR@ VWD\ LQ D SRRUKRXVH >DQG@ DIWHU D

WLPH ZRXOG WKHUH KDYH EHFRPH SUHJQDQWp

o>DQG \HW@ WKH >OLIH@ WKDW KDG HQWHUHG KHU ZRPE ZRXOG EH VXFK WKDW WKH
>HPEU\R@ ZDV GHVWLQHG >WR EHFRPH@ D ZRUOG HPSHURU NLQJ HOHYDWHG E\
>KLV@ PDJQDQLPLW\ 
 >DQG KLV VHYHQ@ MHZHOV DQG UXOLQJ >RYHU

>@

PDKWPDW


DOO@ IRXU FRQWLQHQWVp

>@

o>%XW@ WKDW VLPSOH ZRPDQ ZRXOG >EHKDYH@ OLNH WKLV >VKH@ ZRXOG QRW NQRZ
LI >VRPH OLIH@ KDG HQWHUHG >KHU@ ZRPE UDWKHU >VKH@ ZRXOG >FRQWLQXH WR@

VWD\ LQ WKH SRRUKRXVH DQG SDVV WKH WLPH LQ WKH EHOLHI WKDW >VKH@ ZDV


SRRUp



3UREDEO\

&K XVHV SWKDJMDQD 

 LQVWHDG RI 8DWWYD WR VHSDUDWH WKH WKUHH FDWHJRULHV

VKDUSHU 7KH VDPH PRWLYH PLJKW H[SODLQ WKH VWDWHPHQW WKDW HQWHULQJ LQWR WKH WKLUG FDWHJRU\ WKDW RI
EHLQJ D WDWKJDWD ZLOO RQO\ KDSSHQ DIWHU D

 7KH ODWWHU KDOI RI % LQ

ORQJ WLPH

 7KLV FRQWUDGLFWV WKH SDUDOOHO LQ E

&K o7KHUHIRUH WKH 7DWKJDWD WHDFKHV ZLGHO\ WKH 'KDUPD IRU >OLYLQJ

EHLQJV@ VD\LQJ m6RQV RI JRRG >IDPLO\@ GR QRW ORRN GRZQ RQ \RXUVHOI IRU

JDUKLWD >,Q@ \RXU RZQ ERG\ \RX DOO KDYH WKH EXGGKDQDWXUH 

VHH

%*'- D

 ,I >\RX@ SUDFWLFH GLOLJHQWO\

>DQG@ GLPLQLVK DOO HYLO WKHQ >\RX@ ZLOO DWWDLQ WKH GHVLJQDWLRQV mERGKLVDWWYDn DQG mH[DOWHG RQHn
><RX ZLOO@ JXLGH >DQG@ VDYH LQQXPHUDEOH OLYLQJ EHLQJVnp 7KH ODVW SDUW LV QRW IRXQG LQ

DSSHDUV LQ WKH ODVW YHUVH RI & LQ DOO IRXU WUDQVODWLRQV





,Q &K RQO\ ILYH YHUVHV DUH IRXQG

7KHUH LV QR HTXLYDOHQW IRU EOD LQ %WK

LPSHULDO HPEU\R DOUHDG\ LQ SGD G

DQG

&K &K

 $OVR &K

7*6 EXW LW

PHQWLRQV WKH SUHJQDQF\ ZLWK WKH

LQWHJUDWHV SDUWV RI  LQ WKH ILUVW YHUVH o,W

LV DV LI D SRRU ZRPDQ RI H[WUHPHO\ LOOORRNLQJ DSSHDUDQFH ZRXOG \HW FDUU\ D FKLOG RI SUHFLRXV

FKDUDFWHULVWLFV >LQ KHU ZRPE@ ZKR ODWHU ZRXOG EH WKH FDNUDYDUWLQ NLQJp


7KH XVH RI nE\XQJ LQ %WK LQVWHDG RI nSKDJV SD LQGLFDWHV XGJDWD VDPXGLWD RU

VRPHWKLQJ VLPLODU LQ WKH 6NW RULJLQDO &K

VY

UDWQD

 7KH XQGHUVWDQGLQJ RI

 )RU

ULQ FKHQ UQDPV

6NW VDSWDUDWQD VHH

%+6'

%WK LV GLIIHUHQW o >DQG \HW@ VKH ZRXOG WKXV KDYH DWWDLQHG VXFK >D OLIH@

LQ KHU ZRPE >WKDW@ ZRXOG EH GHVWLQHG WR EHFRPH WKH ZRUOG HPSHURU NLQJ WKURXJK >ZKRVH@

PDJQDQLPLW\ DOO >VHYHQ@ MHZHOV ZRXOG DULVH >WR KLP ZKR@ ZRXOG EHFRPH WKH UXOHU RI DOO IRXU
GLUHFWLRQVp

&K

FRUUHVSRQGV ZLWK

%WK

LQ WKH ILUVW

UHQGHUHG o7KLV NLQJ ZRXOG >KDYH@ PDJQDQLPLW\ 

KDOI RI WKH YHUVH WKH VHFRQG KDOI FRXOG EH

PDKWPDW >DQG@ ZRXOG EH VXUURXQGHG E\ WKH

&K WKH ILUVW KDOI

&K DQG %WK WKH VHFRQG KDOI DOUHDG\ FRYHUV SDUWV RI

VHYHQ MHZHOV >+H@ ZRXOG UXOH RYHU WKH IRXU FRQWLQHQWV DQG EH WKH VRYHUHLJQp ,Q
RI WKH YHUVH FRUUHVSRQGV WR SGDV F DQG G RI
YHUVH  LQ

7*6 o6HYHQ MHZHOV ZRXOG FRPSOHWH >KLV@ PHULW >DQG DV D@ NLQJ >KH@ ZRXOG KDYH WKH

IRXU FRQWLQHQWV >XQGHU KLV FRQWURO@ %XW WKLV >ZRPDQ@ FRXOG QRW NQRZ >LW DQG ZRXOG UDWKHU@

FRQWLQXRXVO\ WKLQN >WKDW VKH DQG KHU FKLOG ZHUH@ LQIHULRUp


J1DV E\HG FRXOG EH D WUDQVODWLRQ RI 6NW YVD NDURWL 7KH DX[LOLDU\ YHUE E\HG
WR

LQ FRQWUDVW

nJ\XU IXUWKHU VHHPV WR VWUHVV WKDW VWD\LQJ LQ WKH SRRUKRXVH LV DQ DXWRQRPRXV DFW EDVHG DORQH RQ

WKH GHFLVLRQ RI WKH ZRPDQ KHUVHOI ZLWKRXW EHLQJ LQHYLWDEO\ IRUFHG WR GR VR E\ RWKHU FLUFXPVWDQFHV



7KHUH LV QR SDUWLFOH RI FRPSDULVRQ LQ %WK FRQWUDU\ WR 7LE nGL OWD EXU &K XVHV

DV WKH
 o7KLV VLPSOH >DQG@ XJO\ ZRPDQ ZRXOG QRW \HW NQRZ WKDW LQ KHU EHOO\ H[LVWV 8XFK >D
NLQJ@p ,QVWHDG RI WKH SDVVLQJ RI WLPH LQ SGD G &K PHQWLRQV WKH QHJDWLYH WKRXJKWV RI WKH ZRPDQ
REMHFW RI

o >DQG VKH@ ZRXOG FKHULVK SRYHUW\ >DQG@ SDLQ >ZLWK KHU@ KHDUW >IXOO RI@ GLVWUHVVp &K FRUUHVSRQGV
URXJKO\ ZLWK  LQ 7*6 o, VHH WKDW DOO OLYLQJ EHLQJV VXIIHU OLNH LQIDQWV ><HW WKHLU@ ERG\ HPEUDFHV
WKH VWRUH RI D WDWKJDWD EXW >WKH\@ GR QRW UHDOL]H >LW@p



o,Q WKH VDPH ZD\ , VHH WKDW DOO VHQWLHQW EHLQJV DOVR >WKLQN RI WKHPVHOYHV
DV@ XQSURWHFWHG DQG DUH GLVWUHVVHG E\ GKDUPDV >ZKLFK OHDG WR@

>@

VXIIHULQJ UHPDLQLQJ >FDXJKW XS@ LQ WKH OHVVHU SOHDVXUHV RI WKH WKUHH

VSKHUHV

>HYHQ

WKRXJK@

LQVLGH

>WKHP@

WKHUH

LV

WKH

WUXH

QDWXUH


GKDUPDWsOLNH >WKH ZRUOG HPSHURU LQ@ WKH ZRPE >RI WKH ZRPDQ@p


o+DYLQJ VHHQ WKXV >,@ WDXJKW WKH ERGKLVDWWYDV

m$V DOO VHQWLHQW EHLQJV GR QRW NQRZ DERXW WKH WUXH QDWXUH GKDUPDW

>@

ZLWKLQ >WKHLU RZQ@ ZRPEV >ZKLFK@ JUDQWV EHQHILW >WR@ WKH ZRUOG >WDNH

FDUH RI WKHP DQG OHW WKHP@ QRW FRQVLGHU WKHPVHOYHV LQIHULRUnp

>@ om$SSO\ HQHUJ\ YU\D ILUPO\ 6RRQ \RX \RXUVHOYHV
ZLOO EHFRPH
YLFWRULRXV RQHV $W VRPH SRLQW >\RX ZLOO@ DWWDLQ WKH HVVHQFH RI

 %'-14 LQ SGD G KDYH PQJDO OD 12+7 oHPEU\Rp 7KH DQDORJ\ LV WKXV EHWZHHQ WKH
GKDUPDW DQG WKH HPEU\R o WKHUH LV WKH GKDUPDWsOLNH WKH HPEU\R >LQ WKH ZRPE RI WKH



%WK UHDGV VWRQJ SD LQVWHDG RI PQJDO DQG FRXOG E\ WKDW PHDQ WKH KROORZ RI WKH ZRPE
&K o7KH VWRUH RI >EXGGKD@ TXDOLWLHV LQ WKH ERG\ >RI VHQWLHQW EHLQJV@ LV OLNH WKH
VWRUH RI >WKH ZRPDQnV@ ZRPEp %WK ,3/ &K ERWK ODFN D YHUE RI H[LVWHQFH
ZRPDQ@p

7KH VDPH SGD LQ

 &K GRHV QRW VSHDN RI GLVWUHVVLQJ GKDUPDV o >WKH\ DUH@ H[SHULHQFLQJ SRYHUW\ >ZKLFK@ GULYHV

>WKHP@ WR VXIIHULQJp 

 LQVWHDG RI oUHPDLQLQJ LQ WKH OHVVHU SOHDVXUHV RI WKH WKUHH

VSKHUHVp oEHLQJ LQ WKH WKUHH VSKHUHV LQGXOJLQJ >LQ@ SOHDVXUHVp

 7KH IRXUWK YHUVH LQ &K FRUUHVSRQGV UDWKHU ZLWK YHUVH  RI

EHORZ

 ,Q WKH SURVH WKH VSHHFK LV GLUHFWHG WR OLYLQJ EHLQJV

 7KH SHUIHFW IRUP EVWDQ %WK VPUDV

5*9

VHH DOVR

,G

7*6 DQG ZLOO EH WUDQVODWHG

 Y\DVMDW

LV SUREDEO\ EDVHG RQ

WKH 6NW DQG LV LQWHQGHG WR DOOXGH WR WKH WHDFKLQJ DFWLYLW\ RI WKH KLVWRULFDO %XGGKD



 7KRXJK WKH PHDQLQJ RI

PQJDO JQDV %WK VQ\LQJ SR JQDV



DV D OLWHUDO UHQGHULQJ RI 6NW JDUEKDVWKQD RU JDUEKDYDVDWL

FRQILUPHG E\

&K

o >WKH

OLJKWp 

GKDUPDW@

LQ WKH

ZRPE

 LV XVXDOO\ oHPEU\Rp , WDNH LW

oZRPEp 6XFK DQ DQDO\VLV LV

>EHLQJ@ WKH EHQHILW RI WKH ZRUOG IXOO RI

7KH 6DQVNULW PD\ DOVR KDYH EHHQ D SUHGLFDWLYH FRQVWUXFWLRQ MRLQLQJ WKDW

5*99 UHDG JDUEKDJDWD DQG WKH SDUDOOHO YHUVH LQ WKH 5*9

7KH YDULDQWV LQ IQ  DQG  RI ! LQ WKH 7LEHWDQ HGLWLRQ GRFXPHQW

LQ % ZKHUH WKH TXRWDWLRQ LQ WKH

,E KDG JDUEKQWDUDVWKD

WKH PRGLILFDWLRQ IURP

PQJDO JQDV QD

WR

PQJDO QD JQDV

 7KLV FDQ EH FRQVLGHUHG D UHGDFWLRQDO

DWWHPSW WR JLYH PRUH VHQVH WR WKH 7LEHWDQ ZRUGLQJ ZKLFK ZLWK

PQJDO JQDV QD

 oLQ WKH HPEU\Rp

LV IURP WKH VWDQGSRLQW RI WKH 7LEHWDQ UHDGHU QRW XQGHUVWDQGDEOH

7LE
GKDUPDW ZLWK OLJKW +RZHYHU WKLV TXDOLILFDWLRQ LV IRXQG LQ DOO
&K
&K
RWKHU WUDQVODWLRQV nRG E\HG %WK


GRHV QRW DVVRFLDWH WKH

LQ G VHH DOVR WKH SDUDOOHO

YHUVH

5*9 ,F  JDUEKHD UMDtTK\DP XGYDKDQW oZLWK >KHU@ ZRPE FDUU\LQJ WKH OXVWHU RI D

NLQJp
 :KHUHDV 7LE

RQO\ JLYHV VHQVH ZKHQ WKH ODVW SGD LV XQGHUVWRRG LQ D FDXVDWLYH VHQVH o>7DNH

FDUH WKDW OLYLQJ EHLQJV@p WKH EDVLF XQGHUVWDQGLQJ RI

%WK

DQG

&K

LV

SUREDEO\

WKDW

WKH

ERGKLVDWWYDV VKRXOG QRW ORRN GRZQ RQ OLYLQJ EHLQJV %RWK %WK DQG &K GR QRW KDYH D SHUVRQDO
SURQRXQ RI WKH ILUVW SHUVRQ EGDJ RI EGDJ GPDQ nGX VKHV EXW XVH D SURQRXQ RI WKH VHFRQG SHUVRQ
%WK MJ[QF TPCU QJDQ SDnL nGX VKHV RU GR QRW PHQWLRQ D SURQRXQ DW DOO &K 7KH FDXVDWLYH
VHQVH LV RQO\ IRXQG LQ

WKUHH SGDV LQ

7LE DQG WKXV FDQ KDUGO\ EH DQ RULJLQDO HOHPHQW RI WKH 6NW WH[W 7KH ODVW

%WK om.QRZLQJ DERXW WKH GKDUPDW RI DOO VHQWLHQW EHLQJV >ZKLFK@ IRXQG >LQ WKHLU

RZQ@ ZRPEV EHQHILWV WKH ZRUOG DQG HPLWV OLJKW \RX VKRXOG QRW KDYH D EDG LGHD >DERXW WKHP@np
&RQWUDU\ WR %WK ZKLFK KDV QR QHJDWLRQ RI oWR NQRZp &K KDV QR HTXLYDOHQW DW DOO om$OO VHQWLHQW
EHLQJV KDYH WKH GKDUPDW >ZKLFK@ LQ >WKHLU RZQ@ ZRPEV >JUDQWV@ EHQHILW >WR@ WKH ZRUOG >DQG@
HPLWV OLJKW >7KHUHIRUH@ UHVSHFW >DOO VHQWLHQW EHLQJV DQG@ GR QRW GHFHLYH >WKHP@np
 7KH SDUDOOHO YHUVH  LQ

&K o>$OO OLYLQJ EHLQJV GR QRW UHDOL]H WKHLU EXGGKDQDWXUH@ WKHUHIRUH

, GLVFORVH WR WKH ERGKLVDWWYDV m7DNH FDUH QRW WR ORRN GRZQ RQ \RXUVHOI <RXU ERG\ >KDVLV@ WKH
VWRUH RI D WDWKJDWD >,Q \RXU ERG\@ WKHUH LV DOZD\V WKH OLJKW WR OLEHUDWH WKH ZRUOGnp



, XQGHUVWDQG UDQJ OXV &K

 IRU 6NW 8YDN\D VYDGHKD RU VYJD KHUH DV VLPSO\
UHIOH[LYH VLPLODU WR WKH UHIOH[LYH XVH RI WPDQ ,W VHUYHV WR VWUHVV WKH LGHQWLILFDWLRQ RI WKH
LQGLYLGXDO SUDFWLWLRQHU ZLWK WKH SURSKHF\ PDGH LQ WKH YHUVH



DZDNHQLQJ



EHLQJVnp



7KHQ >\RX@ ZLOO SURFHHG WR OLEHUDWH P\ULDGV RI OLYLQJ


> 7KH VLPLOH RI JROGHQ ILJXUHV ZLWKLQ EXUQHG FOD\ PROGV@

>$@

o6RQV RI JRRG IDPLO\ DJDLQ LW LV OLNH WKH H[DPSOH RI ILJXUHV RI KRUVHV

HOHSKDQWV ZRPHQ RU PHQ EHLQJ IDVKLRQHG RXW RI ZD[ WKHQ HQFDVHG LQ

FOD\ >VR WKDW WKH\ DUH FRPSOHWHO\@ FRYHUHG >ZLWK LW DQG ILQDOO\ DIWHU WKH
FOD\ KDV GULHG@ PHOWHG >LQ ILUH@ DQG DIWHU >WKH ZD[@ KDV EHHQ PDGH WR GULS
RXW JROG LV PHOWHG $QG ZKHQ >WKH FDYLW\ LQVLGH WKH PROG@ LV ILOOHG ZLWK WKH

HYHQ WKRXJK DOO WKH ILJXUHV KDYLQJ FRROHG GRZQ VWHS E\
PHOWHG >JROG@

VWHS NUDPHD >DQG@ DUULYHG DW D XQLIRUP VWDWH
DUH >FRYHUHG ZLWK@ EODFN

47 E\DQJ FKXE VQ\LQJ SR 6NW ERGKLPDD VHH %+6' DQG /DPRWWH   Q  %WK
UHDGV HUURQHRXVO\ ERGKLPDDNC E\DQJFKXE >VHV@ N\L GN\LO nNKRU LQVWHDG

3GD D LQ &K
 o>,I \RX@ EULQJ IRUWK ILUP HQHUJ\ >DQG@ NHHS >LW@ E\ >\RXU@
 oWKHQ QRW DIWHU D ORQJ WLPHp &K HQGV ZLWK YHUVH 
SUDFWLFHp IRU GXV ]KLJ LQ SGD F
ZKLFK FRUUHVSRQGV ZLWK YHUVH  LQ 7*6 o,I >\RX@ DSSO\ GLOLJHQWO\ HQHUJ\ >\RX@ ZLOO DIWHU QRW D
ORQJ WLPH DWWDLQ WKH HVVHQFH RI DZDNHQLQJ ERGKLPDD UHDOL]H WKH SDWK RI SHUIHFW DZDNHQLQJ


>DQG@ OLEHUDWH LQQXPHUDEOH >OLYLQJ EHLQJV@p



 7KH KHUH GHVFULEHG WHFKQLTXH IRU PHWDO FDVWLQJ LV WKH VRFDOOHG ORVWZD[ SURFHVV RU

FLUH

PHWKRG &RPPRQ RQ DOO FRQWLQHQWV H[FHSW $XVWUDOLD LW GDWHV IURP WKH  PLOOHQQLXP %&
VHH (QF%ULW VY ORVWZD[ SURFHVV
7/

SHUGXH

 %RO  I II II ,Q ,QGLD WKLV PHWKRG LV NQRZQ

PDGKFFKLuDYLGKQD VHH %DQHUMHD  I 7KH GHVFULSWLRQV RI WKH SURFHVV LQ

WKH  YHUVHV RI WKH 'HYDWEKDNWL FKDSWHU LQ WKH $EKLODuLWUWKDFLQWPDL RI WKH FHQWXU\ &(
E\ WKH QDPH

WK

VHH 6DUDVZDWL  DORQJ ZLWK WKH PRQRJUDSK RI 5HHYHV  ZKR GHVFULEHV WKH SUDFWLFH RI

WKLV WHFKQLTXH LQ ,QGLD DQG 1HSDO WLOO WKH PRGHUQ WLPHV DSSHDU WR EH SUDFWLFDOO\ LGHQWLFDO ZLWK WKH

7*6 )RU D FRPSUHKHQVLYH GHVFULSWLRQ RI WKH ORVWZD[ SURFHVV DV IRXQG LQ

1HSDO VHH DOVR 0LFKDHOV  $V LV GRFXPHQWHG E\ WKH !UDW\XWSDQQDEXGGKDVDPXNKYDVWKLWD
SURFHVV SUHVHQWHG LQ WKH

VDPGKLVWUD ILJXUHV RI EXGGKDV ZHUH DOUHDG\ NQRZQ DW WKH EHJLQQLQJ RI WKH VHFRQG FHQWXU\ &(
VHH +DUULVRQ D 

+E VY EXWVX] $ FKDUW LQ 5HHYHV   GRFXPHQWV WKDW HYHQ LQ WKH

VHFRQG KDOI RI RXU FHQWXU\ LQ FHUWDLQ SDUWV RI 0DGK\D 3UDGHVK ILJXUHV RI HOHSKDQWV DQG KRUVHV DUH
WKH RQHV PRVW IUHTXHQWO\ FDVW 7KH SURPLQHQW SRVLWLRQ RI WKHVH DQLPDOV LV FRQILUPHG E\ WKH VLPLOH
RI WKH

7*6

 $V LW LV WKH FDVH LQ WKH SDUDOOHO YHUVHV RI WKH

5*9 LQ WKH 7*6 WKH H[SUHVVLRQ IRU WKH PROG

J]XJV

FRQWDLQLQJ WKH ILJXUH RQ WKH RQH KDQG DQG WKH ILJXUH LWVHOI RQ WKH RWKHU KDQG LV WKH VDPH

5*9 ,  ELPED ,Q RUGHU WR UHQGHU WKH SURFHVV PRUH GLVWLQFWO\ , KDG WR VXSSO\ D QXPEHU

RI DGGLWLRQDO DQQRWDWLRQV LQ EUDFNHWV

/LW o >WKH ILJXUHV DUH@ WKHQ SXW LQWR FOD\p %WK LQVWHDG PHQWLRQV WKDW WKH ILJXUHV DUH
 o >ZLWK@ FOD\
EVNXV EHIRUH  OXV N\L OXJV VJRPV VDP " &K 
>RQH@ FRYHUV WKHPp ,QVWHDG RI WKH ILJXUHV RI ZRPHQ %WK KDV OLRQ ILJXUHV

,Q &K WKH PHOWLQJ DQG GULSSLQJ RXW RI WKH ZD[ LV QRW PHQWLRQHG ,QVWHDG LW LV VDLG WKDW


EHVPHDUHG 

 7KH SDVVDJH LQ &K o$QG IXUWKHU R VRQV RI JRRG >IDPLO\@

MXVW DV D VPLWK FDVWV ILJXUHV RI SXUH JROG DQG DV WKH FDVWLQJ LV FRPSOHWHG SXWV >WKHP@ RQ WKH
HDUWKp

 ,QVWHDG RI WKH JUDGXDO FRROLQJ GRZQ RI WKH ILJXUHV &K VD\V WKDW WKH DUWLVDQ KDV ZDLWHG

KHDWLQJ ZLWK ILUH LV HPSOR\HG

IRU WKH ILJXUHVn FRROLQJ GRZQ 

 7KH &KLQHVH YHUVLRQV DUH ZLWKRXW DQ HTXLYDOHQW WR

VDPYDVWK SUS\D %WK VDPD

PQ\DP SDU JQDV SDU J\XU SD


SUS\D 7KH WH[W RI &K 
o>KDYLQJ ZDLWHG IRU WKH ILJXUHVn FRROLQJ GRZQ@ WKHLU  WKH ILJXUHnV DUWLVDQ EULQJV >WKHP@ EDFN

VYDVWK

KRPHp FRXOG HDVLO\ UHVXOW IURP D PLQRU YDULDQW LQ WKH 6NW WH[W ZKLOVW
OLNH 8DPYDVWK

7LE LV EDVHG RQ VRPHWKLQJ

SUS\D &K PD\ KDYH UHDG 8:DP YDV+WKD SUS\D , DP QRW VXUH

ZKHWKHU WKH

VWDWHPHQW WKDW WKH ILJXUHV DUULYH DW D XQLIRUP OHYHO LV LQWHQGHG WR SRLQW RXW WKH LPSRUWDQFH RI DQ
HTXDO KHDWLQJ DQG FRROLQJ GRZQ RI WKH ILJXUHV ,Q WKH SURFHVV RI KHDWLQJ WKLV LV GHILQLWHO\ D GHFLFLYH
IDFWRU DV LV VKRZQ E\ D UHPDUN UHJDUGLQJ DQWLTXH EURQ]H FDVWLQJ o8QOHVV LW LV EDNHG VORZO\ DQG

XQLIRUPO\ LW LV TXLWH OLNHO\ WR FUDFNp /HFKWPDQ DQG 6WHLQEHUJ   HPSKDVLV E\ PH





FOD\ DQG XQVLJKWO\ RXWVLGH >WKHLU@ LQVLGHV DUH PDGH RI JROG

7KHQ ZKHQ D VPLWK RU D VPLWKnV DSSUHQWLFH >XVHV@ D KDPPHU >WR@

UHPRYH IURP WKH >ILJXUHV@ WKH RXWHU >OD\HU RI@ FOD\ >DURXQG@ WKRVH ILJXUHV
ZKLFK KH VHHV KDYH FRROHG GRZQ WKHQ LQ WKDW PRPHQW WKH JROGHQ ILJXUHV
O\LQJ LQVLGH EHFRPH FRPSOHWHO\ FOHDQp

>%@

o6RQV RI JRRG IDPLO\ OLNHZLVH DOVR WKH 7DWKJDWD SHUFHLYHV ZLWK WKH YLVLRQ RI
D WDWKJDWD WKDW DOO VHQWLHQW EHLQJV DUH OLNH ILJXUHV >LQ@ FOD\ WKH FDYLW\ LQVLGH
WKH VKHDWKV RI RXWHU GHILOHPHQWV DQG LPSXULWLHV LV ILOOHG ZLWK WKH TXDOLWLHV RI

D EXGGKD >DQG ZLWK@ WKH SUHFLRXV XQFRQWDPLQDWHG NQRZOHGJH DQVUDYD


MQD LQVLGH D WDWKJDWD H[LVWV LQ >DOO@ PDJQLILFHQFH

6RQV RI JRRG IDPLO\ KDYLQJ WKHQ SHUFHLYHG WKDW DOO VHQWLHQW EHLQJV DUH
OLNH WKLV WKH 7DWKJDWD JRHV DPRQJ WKH ERGKLVDWWYDV DQG SHUIHFWO\ WHDFKHV
>WKHP@ WKHVH >QLQH@ 'KDUPD GLVFRXUVHV RI WKDW NLQG> LH RQ WKH WDWKJDWD


>8VLQJ@ WKH YDMUD>OLNH@ KDPPHU RI

WKH 'KDUPD
WKH 7DWKJDWD WKHQ KHZV DZD\ DOO RXWHU GHILOHPHQWV LQ RUGHU
NQRZOHGJH ZLWKLQ DOO VHQWLHQW EHLQJV@



&K

LQVLGH LV XQFKDQJHGp

o7KRXJK >WKH PROG@ RXWVLGH ZDV EXUQHG EODFN WKH ILJXUH

$ WHFKQLFDO WHUP IRU WKH UHPRYDO FRXOG EH D FDXVDWLYH IRUP RI WKH URRW 8SKX o WR EXUVW RU
UHQG VXGGHQO\ EUHDN VSOLW GLYLGHp 0: VY 6HH IRU H[DPSOH WKH DERYH PHQWLRQHG WH[W RI WKH
WK FHQWXU\ ZKHUH WKH UHPRYDO SURFHVV LV GHVFULEHG URJQC[GP PWWLN GDJGKP 


6DUDVZDWL   OLQH  +RZHYHU

7LE HPSOR\V FRQWLQXRXVO\ nJRJV RU ENRJV ZKLFK GRHV

QRW VHHP WR EH D YHU\ DSSURSULDWH WHUP WR GHVFULEH WKH WUHDWPHQW $ 7LEHWDQ HTXLYDOHQW IRU
8SKRD\DWL FRXOG EH nJHV SD - oWR VSOLW FOHDYH GLYLGHp ,WV LQWUDQVLWLYH IRUP nJDV SD LV JLYHQ LQ
09\  IRU 8SKXDP %WK RQ WKH RWKHU KDQG KDV ERQJ EDV ,7292 WH  EFRP QDV  SK\LURO N\L VD
PHG SDU E\HG GR 

ZKLFK VKRXOG EH WUDQVODWHG DV o >KH@ SULFNV LQWR ZLWK D VPDOO VWRQH "

5*9 ,G
VDFKHGD\HW DQG VDFKHGD\DWL DUH XVHG )RU WKH HPHQGDWLRQ IURP VDFRGD\HW

GHVWUR\V >WKH PROG@ DQG UHPRYHV WKH RXWHU >OD\HU RI@ FOD\p &I WKH SDUDOOHO YHUVHV
E DQG G ZKHUH

VDFRGD\DWL FI 6FKPLWKDXVHQ   &K GRHV QRW PHQWLRQ DQ\ WRRO )RU &K VHH EHORZ

DQG


%HIRUH VWDWLQJ WKDW WKH ILJXUHV EHFRPH FOHDQ &K ,//8 DIWHU WKH PHQWLRQ WKDW WKH PROG KDV
EHHQ GHVWUR\HG o$V >KH@ KDV SROLVKHG >WKH ILJXUHV@p 
 WKH FRPSRXQG YHUE
LV
 o>7KH FDVWHU@ RSHQV WKH PROG >DQG@ WDNHV RXW WKH
XQFRPPRQ &K
ILJXUH 7KH DSSHDUDQFH RI WKH JROG>HQ ILJXUH@ LV GD]]OLQJp




)RU DQVUDYD FI Q  DERYH

7LE GRHV QRW PDNH VHQVH LQ WKLV ODVW SDVVDJH DQG , KDYH WKHUHIRUH LQ V\QWDFWLFDO PDWWHUV

UHOLHG RQ WKH RWKHU WZR WUDQVODWLRQV RI

EXGGKDGKDUPDV

7*6

DV ZHOO DV DQVUDYDMQDUDWQD

DQVUDYDMQDUDWQD

ZLWK D JHQLWLYH SDUWLFOH

,Q

%WK

WKH YHUE

UDE WX JDQJ

JRYHUQV WKH

1DQJ QD LQ % ZKLFK LQ 7LE LV UHODWHG WR

DSSHDUV LQ %WK /-:8 3, DV SDUW RI WKH IROORZLQJ

XQLW DV EHFRPHV FOHDU E\ P\ WUDQVODWLRQ osLQVLGH D WDWKJDWDp

&K

7KH SKUDVH PG]HV SDU nGXJ SD , XQGHUVWDQG LQ WKH VHQVH RI 3 VXEKDK\LQ VHH

!76' VY %WK OHJV SDU JQDV SD LQVWHDG VXJJHVWV D IRUP RI WKH URRW 8XVDVWK RU VRPHWKLQJ
&K 7KH ZKROH VHFWLRQ LQ &K o/LNHZLVH R VRQV RI JRRG

VLPLODU 7KHUH LV QR HTXLYDOHQW IRU WKLV LQ

>IDPLO\@ WKH 7DWKJDWD REVHUYHV WKDW >LQ@ DOO OLYLQJ EHLQJV WKHUH H[LVWV WKH VWRUH RI D WDWKJDWD >LQ
WKHLU@ ERG\ >DQG WKDW WKH\@ DUH HQGRZHG ZLWK WKH FKDUDFWHULVWLFV >RI D EXGGKD@p



)RU FKRV N\L UQDP JUDQJV %WK FKRV N\L J]KXQJ

6NW GKDUPDSDU\\D VHH %+6' VY

5*9 KDV LQ WKH SDUDOOHO YHUVH ,G GKDUPNK\QDQD\D LQVWHDG %WK UHPDLQV
ZLWKRXW WKH FROOHFWLYH SDUWLFOH GDJ LQ FRQQHFWLRQ ZLWK WKH 'KDUPD &K
 &K LV PXFK VKRUWHU

SDU\\D



o+DYLQJ REVHUYHG WKXV >WKH 7DWKJDWD@ ZLGHO\ GLVFORVHV >WKH 'KDUPD@ IRU >DOO@p 
 ([FHSW 7LE DOO YHUVLRQV VHHP WR KDYH WKH JHQHUDO 'KDUPD LQ PLQG DV LQ WKH RWKHU
LOOXVWUDWLRQV EHIRUH



YDMUD LV D YHU\ KDUG VWRQH RU GLDPRQG 7KH FRPSRXQG GKDUPDYDMUDPXGJDUD LV

USDNDNDUPDGKUD\D oD YDMUD>OLNH@ KDPPHU ZKLFK DFWXDOO\ LV WKH 'KDUPDp GKDUPD

HYD YDMUDPXGJDUD &K MXVW PHQWLRQV D YDMUDSRXQGHU 
$

SUREDEO\ D



WR HQWLUHO\ SXULI\ WKH SUHFLRXV WDWKJDWDNQRZOHGJH RI WKRVH ERGKLVDWWYD

PDKVDWWYD



V ZKR KDYH EHFRPH FDOP DQG FRRO

6RQV RI JRRG IDPLO\ ZKDW LV FDOOHG mVPLWKn LV D GHVLJQDWLRQ IRU WKH

7DWKJDWD 6RQV RI JRRG IDPLO\ DIWHU WKH 7DWKJDWD WKH +RQRUDEOH 2QH
DQG 3HUIHFWO\ $ZDNHQHG 2QH KDV SHUFHLYHG ZLWK >KLV@ EXGGKDYLVLRQ WKDW
DOO VHQWLHQW EHLQJV DUH OLNH WKLV >KH@ WHDFKHV WKH 'KDUPD LQ RUGHU WR HVWDEOLVK
>WKHP@ LQ EXGGKDNQRZOHGJH KDYLQJ OHW >WKHP@ EHFRPH IUHH IURP WKH
GHILOHPHQWVp


,Q WKH 7LEHWDQ WKH FRROLQJ GRZQ LV OLPLWHG WR WKH ERGKLVDWWYDV EXW LQ YHUVH 

DOVR WKH

VDWWYDV &K

VHHPV WR FRPSULVH ERWK JURXSV VHH EHORZ

ERGKLVDWWYDV LQ WKH SURVH ,Q WKH SDUDOOHO YHUVH

5*9

&K

%WK PHQWLRQV

GRHV QRW PHQWLRQ WKH

, WKH ERGKLVDWWYDV DUH QRW H[SOLFLWO\

PHQWLRQHG 7KH YHUVH EHIRUH ZLWK WKH IRUPXODWLRQ LCICF

 YLwRGKD\DWL UDWKHU LPSOLHV WKDW

wQWDP

RI DOO OLYLQJ EHLQJV 7KDW WKH 7LEHWDQ KHUH RQO\

PHQWLRQV WKH ERGKLVDWWYDV LV DOVR VXUSULVLQJ EHFDXVH YHUVH  ODWHU VWDWHV H[SOLFLWO\ WKDW WKH
7DWKJDWD SHUFHLYHV ERWK JURXSV
DYHW\D  PDQD



PDQDV

LQ ,G VKRXOG DOVR EH WKH

7KH ODVW WZR SDVVDJHV KDYH EHHQ XQGHUVWRRG GLIIHUHQWO\ LQ HDFK YHUVLRQ ,W VHHPV WKDW %WK

,3/ &K JLYH D PRUH GHWDLOHG H[SODQDWLRQ ZK\ mVPLWKn IXQFWLRQV DV D GHVLJQDWLRQ IRU WKH 7DWKJDWD

&K oD :KHWKHU

ERGKLVDWWYDPDKVDWWYD

V RU >RWKHU VHQWLHQW EHLQJV ZKR@ KDYH EHFRPH FDOP

>DQG@ FRRO WKH 7DWKJDWD IRU WKRVH VHQWLHQW EHLQJV ZLWK D YDMUD>OLNH@ SRXQGHU SXULILHV WKHLU

>VXSHUQDWXUDO@ YLVLRQ RI WKH 'KDUPD >DQG@ UHPRYHV WKHLU GHILOHPHQWV DQG LPSXULWLHV E LQ RUGHU
WR SXULI\ WKH VWRUH RI WKH SUHFLRXV WDWKJDWDNQRZOHGJH >ZLWKLQ WKHP@  6RQV RI JRRG >IDPLO\@

FJUDND

WKH 7DWKJDWD LV OLNH VRPHERG\ FDUU\LQJ D SUHFLRXV ILJXUH 

RI JRRG >IDPLO\@

IRU

MUDND"

 >$QG@ VRQV

LQ OLJKW RI WKH VLPLODULW\ EHWZHHQ >WKH DUWLVDQ ZKR@ GHVWUR\V WKH >ILJXUHVn RXWHU@

IRUPV " DQG >WKH 7DWKJDWD ZKR GHVWUR\V OLYLQJ EHLQJVn@ LPSXULWLHV DQG OHWV >WKHP@ DWWDLQ
OLEHUDWLRQ >mDUWLVDQn@ LV D GHVLJQDWLRQ IRU WKH 7DWKJDWDp :LWKRXW P\ DGGLWLR

 DQG  ZRXOG KDUGO\ EH XQGHUVWDQGDEOH 0\ LQWHUSUHWDWLRQ LV EDVHG RQ

QV WKH WH[W RI

&K LQ

%WK ZKLFK KRZHYHU KDV

WR EH HPHQGHG
7KH ILUVW SDVVDJH RI %WK LQ EUDFNHWV >  @ DSSHDUV WZLFH DQG , WDNH LWV UHSHWLWLRQ WR EH FDXVHG E\ DQ
LQDWWHQWLYH VFULEH ZKR DV D FODVVLFDO FDVH RI DEHUUDWLR RFXOL

e EDU E\HG SD

 MXPSHG LQWR WKH IROORZLQJ SDVVDJH

G.RQ PFKRJ JL \H VKHV LQ %r PDNHV QR VHQVH WRR

DQG , KDYH WR LJQRUH LW 7KH WH[W RI %WK D GH QDV E\DQJFKXE VHV GSDn VHV GSDn FKHQ SR ]KL
EDU nJ\XU JUDQJV EDU J\XU WH  GH E]KLQ JVKHJV SDV FKRV N\L UGRUMHnL PWVKRQ N\LV GH GDJ JL SK\LURO
N\L Q\RQ PRQJV SD PDQJ SR WKDPV FDG PD UXQJ EDU E\HG SD >GH QL GH E]KLQ JVKHJV SDnL WVKLJV EOD GDJ VR 
DOVR HQGLQJ ZLWK

%

ULJV N\L EX nGL E]KLQ GX GH E]KLQ JVKHJV SDV  VDQJV UJ\DV PLJ JLV( E \H VKHV GNRQ PFKRJ UDE WX VE\DQJV SDnL
 ODV E\HG SDV   J]XJV GH GDJ EFRP VWH   GNRQ PFKRJ JL
J]XJV  Q\RQ PRQJV SD OD WKDU EDU E\HG SD nGL QL GH E]KLQ JVKHJV SDnL WVKLJV EOD GDJ VR 

SK\LU UR  >GNRQ PFKRJ JL \H VKHV(

,W LV OLNHO\ WKDW

>RXWHU@

%WK KDV NHSW WKH DVVXPHG RULJLQDO WH[W LQ  DQG  o7KDW WKH VPLWK GHVWUR\V WKH

IRUPV >PHDQV@ WKDW >WKH 7DWKJDWD@ IUHHV WKH ILJXUH>OLNH@ MHZHO> WKH WDWKJDWDNQRZOHGJH
ZLWKLQ@ IURP GHILOHPHQWV ,Q OLJKW RI WKLV >IDFW mVPLWKn@ LV D GHVLJQDWLRQ IRU WKH 7DWKJDWDp

7KH ODVW WZR SDVVDJHV LQ &K XQWLO WKH HQG RI % o>:KHQ@ WKRVH OLYLQJ EHLQJV EHFRPH FDOP DQG

FRRO ZLWK >KLV@

YDMUD>OLNH@

LQVLJKW >WKH 7DWKJDWD@ VPDVKHV WKH GHILOHPHQWV >DQG WKXV@ GLVFORVHV

DQG SXULILHV WKH EXGGKDERG\ >ZLWKLQ@ MXVW DV >DQ DUWLVDQ@ WDNHV D JROGHQ ILJXUH RXW >RI LWV EXUQHG
PROG RI FOD\@p

 7KH 7LEHWDQ OHDYHV RSHQ LI WKH OLEHUDWLRQ IURP WKH GHILOHPHQWV LV SDUW RI WKH FRQVWUXFWLRQ

RI ILQDOLW\ HQGLQJ ZLWK

 SK\LU

% RU LI WKH WHDFKLQJ WDNHV SODFH DIWHU WKH OLEHUDWLRQ 7KH

EHIRUH PHQWLRQHG DOWHUQDWLYH FRQVLGHUV

WKH WHDFKLQJ DV WKH EDVLV IRU DQ\ HPDQFLSDWLYH SURFHVV

ZKHUHDV WKH ODWWHU DOWHUQDWLYH UHPLQGV XV RI WKH VWDWHPHQW LQ % FI Q  ZKLFK VXJJHVWV WKDW WKH
WHDFKLQJ IROORZV WKH OLEHUDWLRQ IURP WKH GHILOHPHQWV 7KLV LV OHVV SUREDEOH

 :LWK UDE WX GJRG SD 7LE FRXOG WUDQVODWH D FDXVDWLYH IRUP RI WKH URRW SUDWLuK FI HJ 
KQD\QDVPL SUDWLuKDSH\DP HND SL VDWWYD QD PDPHWX VGKX  63  ,, 7LE  WKHJ
SD GPDQ OD  ENRG QD  4 D 7KH LGHD WKDW RQH FDQ EHFRPH HVWDEOLVKHG RU IL[HG LQ
NQRZOHGJH LV IXUWKHU DWWHVWHG LQ HJ 63 I ,,, ZKHUH lULSXWUD VD\V DERXW KLPVHOI WDG PL

YLGKYDVLWD VDUYDVDwD\ YLFLNLWVD QDu FD UVJKVQ kUOK LPG 



&K LV TXLWH GLIIHUHQW LQ WKLV SDVVDJH o6RQV RI JRRG >IDPLO\@ WKH 7DWKJDWD +RQRUDEOH 2QH

DQG 3HUIHFWO\ $ZDNHQHG 2QH SHUFHLYHV WKDW WKH VWRUH RI D WDWKJDWD RI DOO VHQWLHQW EHLQJV KDV VXQN
LQWR WKH VKHDWKV RI DQ XQOLPLWHG >QXPEHU@ RI P\ULDGV RI GHILOHPHQWV )RU WKRVH VHQWLHQW EHLQJV >KH@



>&@

7KHQ DW WKDW WLPH WKH ([DOWHG 2QH XWWHUHG WKHVH YHUVHV

>@ o,W LV OLNH >WKH H[DPSOH RI FDVWLQJ JROGHQ LPDJHV ILUVW ZD[@ ILJXUHV DUH
FRYHUHG RXWVLGH ZLWK FOD\ >WKHQ DIWHU WKH ZD[ KDV EHHQ PHOWHG DQG VR
GULSV RXW@ WKH LQVLGH >RI WKH FOD\@ KDV D FDYLW\ DQG LV HPSW\ >ILQDOO\@
ZKHQ >WKHVH FDYLWLHV@ DUH ILOOHG ZLWK SUHFLRXV PHOWHG PDWHULDOV >WKH\@
WXUQ LQWR PDQ\ KXQGUHGV RI WKRXVDQGV >RI JROGHQ ILJXUHV@p 
o>7KHQ@ D VPLWK UHDOL]LQJ WKDW >WKH ILJXUHV LQ WKH FOD\@ KDYH WKRURXJKO\
FRROHG GRZQ KHZV DZD\ WKH FRYHULQJV RI FOD\ DURXQG WKH ILJXUHV
WKLQNLQJ
m:KDW FDQ >,@ GR VR WKDW \DWK WKHVH >EODFN PROGV ZLWK WKHLU LQVLGHV@

>@


PDGH RI SUHFLRXV PDWHULDOV PD\ WXUQ LQWR FOHDQ ILJXUHV"np

>@

o,Q WKH VDPH ZD\ , VHH WKDW DOO VHQWLHQW EHLQJV ZLWKRXW H[FHSWLRQ DUH OLNH
JROGHQ ILJXUHV FRYHUHG ZLWK FOD\ >WKHLU@ RXWVLGH FUXVWV DUH WKH VKHDWKV
RI

GHILOHPHQWV



EXGGKDMQDp

>@

EXW

LQVLGH

WKHUH

LV

WKH

EXGGKDNQRZOHGJH

o>8VLQJ@ WKH WRRO RI WKH 'KDUPD >WKH 7DWKJDWD@ WKHQ KHZV DZD\ WKH
>GHILOHPHQWV RI WKRVH@ ERGKLVDWWYDV ZKR KDYH EHFRPH FDOP DQG FRRO VR

WKDW \HQD WKHLU GHILOHPHQWV DUH H[SHOOHG ZLWKRXW DQ\ UHPDLQGHUp

EUHDNV WKH VKHDWKV RI GHILOHPHQWV >DQG OHDGV WKHP@ HVWDEOLVKHG LQ WKH PHQWDO YLVLRQ RI D EXGGKD
>WR@ VXSUHPH DQG SHUIHFW DZDNHQLQJ 
p 6LQFH WKH VXEMHFW DJUDERGKL o>WKH RQH ZKR
KDV UHDFKHG@ WKH IRUHPRVW DZDNHQLQJp LH WKH %XGGKD RI WKH SDUDOOHO YHUVH 5*9 , DSSHDUV
RQO\ LQ WKH VHFRQG KDOI RI WKH YHUVH LW LV SRVVLEOH WKDW LQ &K WKH SRVLWLRQ RI WKH WHUP
DW WKH HQG FRXOG UHVXOW IURP WKH RULJLQDO 6NW V\QWD[ 6XFK DQ DQDO\VLV DVVXPHV WKDW
$PRJKDYDMUD WULHG WR VWLFN DV FORVHO\ DV SRVVLEOH WR WKH ZRUG RUGHU RI WKH 6NW WH[W



$V LQ WKH SURVH &K XVHV GLIIHUHQW FKDUDFWHUV IRU WKH ZD[ PRGHOV   7LE J]XJV RQ WKH RQH
ILJXUHV   DOVR J]XJV RQ WKH RWKHU 7KH LQWHUSUHWDWLRQ RI WKH QXPEHU

KDQG DQG WKH JROGHQ

 wDWDVDKDVUD YDULHV %WK EUJ\D GDQJ VWRQJ

> IRU VWDQJ@ oKXQGUHGV DQG WKRXVDQGVp &K

 o WKHLU QXPEHU LV D KXQGUHG RU D WKRXVDQGp

&K LV

GLIIHUHQW IURP LWV RZQ

SURVH o,W LV OLNH LQQXPHUDEOH ILJXUHV RI SXUH JROG >LQ FDVH RI@ D ODUJH >VFDOH@ FDVWLQJ D VWXSLG
SHUVRQ ZRXOG ORRN IURP RXWVLGH >DQG@ RQO\ VHH EXUQHG EODFN FOD\ >PROGV@p



,Q DOO RWKHU WUDQVODWLRQV SGD G RI 7LE DOUHDG\ DSSHDUV DV SGD E 7KH YHUVH LQ &K o:KHQ
DUWLVDQ KDV UHDOL]HG WKDW >WKH ILJXUHV LQ WKH FOD\ PROG@ KDYH FRROHG GRZQ >KH@ EUHDNV WKHLU
FOD\>
FRYHULQJV DQG@ PDQLIHVWV WKH ILJXUHV :KHQ WKH FOD\ KDV EHHQ UHPRYHG >KH@ SXULILHV WKRVH
WKH

SUHFLRXV ILJXUHV 7KH DUWLVDQ WKLQNV m>%\ WKLV@ UHILQLQJ SURFHVV DOO >ILJXUHV@ ZLOO UHDFK

FRPSOHWLRQnp $V %WK LV KDUGO\ LQWHOOLJLEOH LQ WKH ODVW WZR SGDV RQH FDQQRW NQRZ ZKLFK RI WKH WZR
YHUVLRQV 7LE RU &K FRPHV FORVHU WR WKH RULJLQDO LGHD RI 7*6 &K o7KH FDVWHU PHDVXUHV WKH WLPH
RI WKH FRROLQJ GRZQ >RI WKH ILJXUHV DQG@ WKHQ RSHQV WKH PROG VR WKDW WKH VXEVWDQFH >LQVLGH@
EHFRPHV PDQLIHVW $V WKH GLUW LV UHPRYHG >WKH ILJXUHVn@ EHDXWLIXO DSSHDUDQFH EHFRPHV FOHDUO\
PDQLIHVWp



&K o:LWK WKH YLVLRQ RI D EXGGKD , VHH >DOO@ NLQGV RI OLYLQJ EHLQJV OLNH WKLV ZLWKLQ WKH PXG

RI GHILOHPHQWV DOO >OLYLQJ EHLQJV@ KDYH WDWKJDWDKRRGp



&K

GLIIHUV RQO\ LQ WKH ILUVW WZR SGDV IURP 7LE

o:KHWKHU >VHQWLHQW EHLQJV ZKR@ KDYH

EHFRPH FDOP DQG FRRO >RU@ ERGKLVDWWYDV >ZKRVH@ NQRZOHGJH KDV EHFRPH SXUH >DOUHDG\@ HDUOLHUp
,Q DVVXPLQJ WKDW WKH WZR SGDV PHQWLRQ WZR GLIIHUHQW JURXSV , IROORZ WKH SURVH RI

&K 8 , 2,9907


RI IDFW WKH YHUVH SGDV FRXOG DOVR EH XQGHUVWRRG DV LQGLFDWLQJ WKH VDPH JURXS RI ERGKLVDWWYDV

o:KHQ WKH ERGKLVDWWYDV KDYLQJ EHFRPH FDOP DQG FRRO ZLWK WKHLU ZLVGRP >DOUHDG\@ HDUOLHU

SXULILHG p %WK DSDUW IURP WKH ERGKLVDWWYDV DOVR KDV VHPV FDQ IRU VDWWYD VHV FDQ UQDV QL
E\DQJFKXE VHV GSDU J\XU  > 147 3+( $V WKH SUHFHGLQJ SGD HQGV ZLWK 3, WKH WUDQVODWLRQ VKRXOG

EH o>:KHQ WKH\ DUH FDOP@ 8,99;,V KDYH EHFRPH ERGKLVDWWYDVp )XUWKHU LQ SGD F o7R WKHP >,@

&K WKH FRROLQJ GRZQ LV ODFNLQJ WKRXJK LW DSSHDUV

&K o%HVWRZLQJ ZLWK YDMUD>OLNH@ LQVLJKW WKH VPDVKLQJ RI WKH PROG RI

JLYH WKH FXWWLQJ WRRO >ZKLFK LV@ WKH 'KDUPDp ,Q

LQ LWV SURVH 7KH YHUVH LQ



>@

>@

o>/LYLQJ EHLQJVn LQWHUQDO@ FKLOG RI D YLFWRULRXV RQH ZKR KDV EHFRPH FOHDQ
LQ WKLV >ZRUOG DUH@ MXVW OLNH WKH EHDXWLIXO SUHFLRXV ILJXUHV >WKHLU@ ERGLHV
DUH ILOOHG ZLWK WKH WHQ SRZHUV >RI D EXGGKD@ DQG >WKH\@ DUH YHQHUDWHG

KHUH >E\@ WKH ZRUOG ZLWK >LWV@ JRGVp
o7KXV , VHH DOO OLYLQJ EHLQJV WKXV , VHH DOVR WKH ERGKLVDWWYDV 7KXV
SXULILHG >E\ WKH 7DWKJDWD WKH\@ EHFRPH VXJDWDV >+DYLQJ EHFRPH@ SXUH


VXJDWDV >WKH\@ WKHQ WHDFK WKH UXOH QHWU RI WKH EXGGKDVp

$#@
7KHQ WKH ([DOWHG 2QH VDLG WR WKH ERGKLVDWWYDPDKVDWWYD 9DMUDPDWL
o9DMUDPDWL VRQV DQG GDXJKWHUV RI JRRG IDPLO\ ZKRHYHUsZKHWKHU D OD\PDQ
JKLQ RU RUGDLQHG SUDYUDMLWDs  OHDUQV  XGJKWL WKLV 'KDUPD

>$ 0HULW IURP SURSDJDWLQJ WKH

GKDUPDSDU\\D
>FDOOHG@
7DWKJDWDJDUEKD SUHVHUYHV >LW@
GKUD\DWL UHFLWHV >LW@  YFD\DWL XQGHUVWDQGV >LW@  SDU\DYSQRWL
DUUDQJHV >LW@ LQWR D ERRN H[SODLQV >LW@  GHwD\DWL DOVR WR RWKHUV LQ GHWDLO DQG

WHDFKHV >LW@  VDSUDNwD\DWL
ZLOO SURGXFH PXFK  PHULW SX\D
SUDVDYDWLp
GLVFRXUVH


GHILOHPHQWV >WKH 7DWKJDWD@ GLVFORVHV WKH VWRUH RI D WDWKJDWD >ZLWKLQ OLYLQJ EHLQJV@ MXVW DV WKH
SUHFLRXV JROGHQ >ILJXUH@ EHFDPH PDQLIHVWp

 7KH FRQWHQW RI YHUVH  LV QRW IRXQG LQ WKH SURVH 9HUVH  LQ 7*6 SHUIHFWO\
FRPSOHPHQWV YHUVH  EHFDXVH LW VWDWHV WKDW OLYLQJ EHLQJV DUH SXULILHG oLQ VXFK D ZD\p 7LE GH OWDU

GDJ SD %WK GH OWDU >E@GDJ &K

 o,Q VXFK D ZD\p FRXOG UHIHU WR WKH SXULI\LQJ DFWLYLW\

RI WKH 7DWKJDWD ZLWK WKH oWRRO RI WKH 'KDUPDp PHQWLRQHG LQ  ,Q WKLV FRQWH[W YHUVH  RI

7*6

PDLQWDLQV DQ H[WUDQHRXV SRVLWLRQ DQG LQWHUUXSWV WKH QDWXUDO IORZ RI WKH YHUVHV 7KH YHUVH  PD\

EH D ODWHU LQWHUSRODWLRQ LQWR 7*6 9HUVH  RI &K FRUUHVSRQGV UDWKHU ZLWK YHUVH  RI 7*6 ,Q
&K WKHUH LV QR FRXQWHUSDUW WR WKH FRQWHQW RI  RI 7*6
 &K ODFNV WKH SUHGLFDWH oFOHDQp LQ WKH ILUVW WZR SGDV 7KLV FDQ EH H[SODLQHG E\ DVVXPLQJ D


VLPSOH YDULDQW UHDGLQJ

,XGGKD

LQVWHDG RI JXGGKD

oEXGGKDWDWKJDWDp DSSHDU LQ SGD D RI &K 



7VKXO QHWU

RU

QD\D

7KLV FRXOG H[SODLQ ZK\ WZR WHUPV PHDQLQJ



LV XVHG KHUH SDUDOOHO WR

GKDUPDRCT[[C

FRUUHVSRQGLQJ SURVH VHFWLRQ %r ,QVWHDG RI oUXOHp &K DQG %WK

ZKLFK DSSHDUV LQ WKH

VSHDN RI oEXGGKDYLVLRQp

EXGGKDQD\D2+ 47 EXGGKDQHWU+ 7KH RULJLQDOLW\ RI 7LE LV VXSSRUWHG E\ WKH SDUDOOHO LQ 5*9 ,G

GKDUPNK\QDPC[CSUDKUD
'KDUPDp
 7KH YHUVH LQ

oVWURNHV >LQ IRUP RI GLIIHUHQW@ PHWKRGV 

3D\D

RI GHFODULQJ WKH

&K o, VHH WKDW DOO VHQWLHQW EHLQJV WKXV SXULILHG >E\ WKH 7DWKJDWD@ EHFRPH

VXJDWDV DQG KDYLQJ EHFRPH VXJDWDV >WKH\@ UHDOL]H WKH EXGGKDYLVLRQ >7KH\ DUH@ SHUIHFWO\

G
 FI DOVR WKH SDUDOOHO YHUVH 5*9 ,F ZKHUH WKH %XGGKD LV FDOOHG VDUYDYLGp 3GD E

HQGRZHG ZLWK WKH VXSUHPH NQRZOHGJH RI DOO >PDWWHUV@ IRU VDUYDMD VDUYDMDW VHH %*'-

VY

&K &K LQVWHDG DGGV ZLWK SGD

&K +RZHYHU &K WRR VSHDNV RI ERGKLVDWWYDV DQG
WKXV PDNHV &K DV WKH RULJLQDO ZRUGLQJ RI 7*6 OHVV SUREDEOH &K o>, ZLOO@ WHOO WKH ERGKLVDWWYDV

RI WKH 7LEHWDQ YHUVLRQV FRQFHUQLQJ WKH ERGKLVDWWYDV LV PLVVLQJ LQ

G D QHZ HOHPHQW DOVR IRXQG LQ WKH SURVH RI

ZKDW , KDYH REVHUYHG LQ WKLV ZD\ " m2 \RX NHHS ZHOO >WR ZKDW , WHOO \RX@ &RQYHUW DOO OLYLQJ
EHLQJVnp ,W LV LPSRVVLEOH WR LQWHJUDWH SGD D RUJDQLFDOO\ LQWR WKH YHUVH



,W LV QRW FOHDU LI WKH KHUH PHQWLRQHG OD\PHQ DQG RUGDLQHG IROORZHUV DUH FRQFHLYHG RI DV D

VHSDUDWH JURXS RU LI WKH\ DUH SDUW RI oVRQV DQG GDXJKWHUV RI JRRG IDPLO\p


 )RU GKUD\DWL nFKDQJ ED ZLWK WKH WZR SRVVLEOH PHDQLQJV RI oWR SUHVHUYHp DQG oWR FDUU\
WKH ERG\@p VHH 6FKRSHQ   DQG /DORX  I FI $638: I  SUDM
SUDPLW N\DJDW Y EKDYLu\DWL SXVWDNDJDW Y ZKLFK WKH FW\  H[SODLQV DV N\DJDW YHWL
XURJDW NDUDW SXVWDNDJDW YHWL SXVWDNDFJTCV
 )RU JOHJV EDP GX E\DV WH nMRJ SD FI WKH LQWUDQVLWLYH HTXLYDOHQWV ZLWK WKH VWUD DV VXEMHFW LQ 63
 SXVWDNDJDWDV WLuKHW  4 D JOHJV EDP GX E\DV WH J]KDJ SD DQG .3 ~  &K ODFNV

>RQ

WKLV HOHPHQW

 7KH HQXPHUDWLRQ RI PHULWRULRXV DFWV LV IRXQG ZLWK YDULDWLRQV LQ PDQ\ RWKHU VWUDV 6HH IRU

 GKUD\HG Y

H[DPSOH 63 II LPD GKDUPDSDU\\D  VDNDODVDPSWDP XGJK\G Y



>% 'HYDOXDWLRQ RI H[WHUQDO ZRUVKLS@



PLJKW DSSO\ >KLPVHOI@ WR UHDOL]H WKH

WDWKJDWDNQRZOHGJH DQG IRU WKH SXUSRVH RI YHQHUDWLQJDOO EXGGKDV ZLWKRXW
>KH@ ZRXOG DIWHU
H[FHSWLRQ LQ HYHU\ VLQJOH ZRUOG V\VWHP 


o9DMUDPDWL D FHUWDLQ ERGKLVDWWYD

ORNDGKWX

DFKLHYLQJ

VXSHUQDWXUDO SRZHUV GGKL DWWDLQ VDPSDG\DWH VXFK DQ


DEVRUSWLRQ VDPGKL
WKDW WKURXJK WKH SRZHU FUHDWHG E\ >WKLV@ DEVRUSWLRQ

>KH FRXOG@ GD\ E\ GD\ SUHVHQW QLU\WD\DWL SDYLOLRQV WR HYHU\ VLQJOH


WDWKJDWD DPRQJ WKH EXGGKDV WKH H[DOWHG RQHV HYHQ PRUH
H[LVWLQJ
>QXPHURXV@

WKDQ

WKH

NRQL\XWDwDWDVDKDVUD

VDQGV

RI

WKH

*DQJHV

5LYHU

LQ

P\ULDGV

RI EXGGKDILHOGV HYHQ PRUH >QXPHURXV@ WKDQ WKH

VDQGV RI WKH *DQJHV 5LYHU WRJHWKHU ZLWK >WKHLU@ ERGKLVDWWYDV DQG WKH

FRPPXQLWLHV RI wUYDNDV
>7R UHVLGH LQ WKHVH SDYLOLRQV ZRXOG EH@ SOHDVDQW


YFD\HG Y  SDU\DYSQX\G Y  SUDNwD\HG Y  OLNKHG Y  OLNKSD\HG Y 

OLNKLWY FQXVPDUHW





> Y LQVHUWHG DFF WR 2 2 GHwD\Lu\DWL IRU YFD\HW 2 SDU\SV\DWL 2 SUDYDUWD\Lu\DWL  PLVVLQJ


LQ DQG WKH 7LEHWDQ WUDQVODWLRQ   LQ 

(
n
4 D  FKRV N\L UQDP JUDQJV nGL  PWKDn GDJ FKXE SDU nG]LQ WDP  nFKDQJ EDnDP  
NXQ FKXE SDU E\HG SD nDP  UDE WX VWRQ SD nDP  \L JHU nGUL ED nDP  EULV QDV UMHV VX GUDQ
SDU E\HG SDnDP
OLNKLWD Y

QXVPDULu\DWL

)XUWKHU VHH $! I  FHPDP HYDUSD VWUQWD  GKUD\Lu\DQWL  YFD\Lu\DQWL 

GHwD\Lu\DQWL  SDU\DYSV\DQWL  SDUHEK\Dw FD YLVWDUHD VDSUDNwD\Lu\DQWL 
4 EI  PGR VGH nGL OWD EX nGL  nG]LQ SD GDQJ  NORJ SD GDQJ  NXQ FKXE SDU E\HG SD
GDQJ  nFKDG ED GDQJ  J]KDQ GDJ OD \DQJ UJ\D FKHU \DQJ GDJ SDU UDE WX VWRQ SD

> 147 nFKD

21(

&K DGGV WKH YHQHUDWLRQ   RI WKH VWUD


DQG &K
 oPHDVXUHOHVV >PHULW@p
&K

2QO\ &K DGGV LQ WKLV SDVVDJH oVRQV DQG GDXJKWHUV RI JRRG >IDPLO\@p 
 ,Q D VLPLODU SDVVDJH .3 ~ ZKLFK ZLOO EH GLVFXVVHG EHORZ LQ Q  RQO\ NXODSXWUD ,3/

NXODGXKLW ,550,7

7LE VKRZV RQFH DJDLQ D XQLTXH DUUDQJHPHQW RI WKH HOHPHQWV LQ WKH ILUVW VHFWLRQ RI WKH
VHQWHQFH

%WK

VWDWHV WKDW WKH ERGKLVDWWYD DSSOLHV KLPVHOI  WR WKH UHDOL]DWLRQ RI WDWKJDWD

DV ZHOO DV WR WKH YHQHUDWLRQ RU DV D VHFRQG DOWHUQDWLYH  WR WKH YHQHUDWLRQ LQ RUGHU WR

(
UHDOL]H GH E]KLQ JVKHJV SDnL \HVKHV EVJUXE SDnL SK\LU  ++ VDQJV UJ\DV WKDV FDG OD PFKRG
SDnL SK\LU  QDQ WDQ GX E\HG FLQJ   &K RQO\ VSHDNV RI WKH DFFXPXODWLRQ RI WDWKJDWD
NQRZOHGJH DV WKH SXUSRVH RI WKH VWULYLQJ DQG YHQHUDWLRQ 
 &K GRHV QRW PHQWLRQ WKH
 ,W LV
YHQHUDWLRQ EXW VWDWHV DV WKH SXUSRVH oWKH >UHDOL]DWLRQ@ RI WKH EXGGKD SDWKp 
NQRZOHGJH

GLIILFXOW WR MXGJH ZKLFK YHUVLRQ RI

7*6

VKRXOG EH FRQVLGHUHG DV FRPLQJ FORVHVW WR WKH 6NW

RULJLQDO


7LE DQG %WK ERWK PHQWLRQ WKH HQWHULQJ LQWR VDPGKL DIWHU WKH DWWDLQPHQW RI VXSHUQDWXUDO
SRZHUV 7KH UHYHUVH RUGHU ZRXOG EH PRUH DSSURSULDWH ,Q &K WKH DWWDLQPHQW RI WKH GGKLV GRHV QRW
DSSHDU ,QVWHDG RI WKH oSRZHU FUHDWHG E\ WKLV DEVRUSWLRQp &K
GGKL
 +RZHYHU &K VHHPV WR VXSSRUW WKH 7LEHWDQ
VDPGKLp 
WUDQVODWLRQ EHORZ 7KH V\QWD[ RI WKH 6NW RQ ZKLFK 7LE DQG &K DUH EDVHG PD\ EH VLPLODU WR $!
 VD WDV\ YHO\ WDWKUSD VDPGKL VDPSDQQR \DV\D VDPGKH FI DOVR 63

PHUHO\ UHDGV oWKH

V RI WKLV



7KH IDFW WKDW WZR YHUEV FRQVLGHULQJ WKH H[LVWHQFH RI WKH EXGGKDV DSSHDU LQ WKH 7LEHWDQ 7LE
E]KXJV VKLQJ JQDV SD LQ % %WK E]KXJV VKLQJ VS\RG SD LQ % UHPLQGV RQH RI IRUPXODWLRQV


DV IRXQG LQ HJ

$!

  WDWKJDW  WLuKDQWL GKUL\DQWH \SD\DQWL FI DOVR

\SD\DWL  %RWK &KLQHVH YHUVLRQV RSHUDWH LQVWHDG ZLWK SUDW\XWSDQQD 

%+6'

VY

 oH[LVWLQJ DW WKH

SUHVHQW PRPHQWp

 7KH SDVVDJH ZRXOG UHPDLQ GLIILFXOW LI ZH GLG QRW NQRZ D VLPLODU SDVVDJH LQ

 7KURXJK WKH SDVVDJH RI WKH

OGDQ nGDV

LQ % DQG

.3 ~~ r
.3 LW EHFRPHV FOHDU WKDW WKH UHODWLRQ EHWZHHQ VDQJV UJ\DV EFRP

GH E]KLQ JVKHJV SD UH UH

LQ %I LV WKDW RI D SDUWLWLYH JHQLWLYH

JDJQDGYOXNDVDPQ FD EXGGK>Q@ EKDJDYDQWQ HNHNDV\D FD WDWKJDWDV\D

~I JDJQDGY>OXNDVD@PQ FD EXGGKQ EKDJDYDWP HNHNDV\D FD WDWKJDWDV\D
~I >OHWWHUV

LQ EUDFNHWV LQ FDVH RI PXWLODWHG SDVVDJHV VXSSOLHG IURP :HOOHU  ~ Q  DQG  IRU





LQ >HYHU\@ VHDVRQ
>WKHLU@ KHLJKW WHQ

>7KHLU@ ZLGWK >DQG OHQJWK ZRXOG HDFK EH@ RQH

\RMDQDV

\RMDQD


>7KH\@ ZRXOG EH PDGH RI DOO >NLQGV RI@ MHZHOV

>DQG ZRXOG EH@ KHDYHQO\ IUDJUDQW EHLQJ VWUHZQ ZLWK D YDULHW\ RI IDOOHQ

EORVVRPV
DQG IXUQLVKHG ZLWK DOO LPPDFXODWH DQDYDG\D REMHFWV RI
HQMR\PHQW EKRJD >7KH QXPEHU RI SDYLOLRQV ZRXOG EH@ DV PDQ\ DV ILIW\

WKH FRQMHFWXUH

HNHNDV\D

IRU

HNHND

VHH KLV Q @ ,Q & WKH VDPH SDUWLWLYH UHODWLRQ LV FOHDUO\

H[SUHVVHG ZLWK ODV  VDQJV UJ\DV  GH GDJ NCU

GH E]KLQ JVKHJV SD UH UH )XUWKHU &K VHHPV WR

VSOLW WKH SDVVDJH LQWR WZR VHSDUDWH VHQWHQFHV DQG VWDUWV WKH VHFRQG VHQWHQFH ZLWK




 o,Q WKLV ZD\ 

YHQHUDWLQJ HDFK VLQJOH EXGGKD DV VDLG

 >KH@ ZRXOG HDFK SUHVHQW  SDYLOLRQV  >VR WKDW WKH ZKROH QXPEHU

EHIRUH

RI@ EXGGKDV H[DOWHG RQHV ZRXOG UHVXOW LQ PRUH WKDQ ILIW\ >WLPHV@ WKH VDQGV RI WKH *DQJHV 5LYHUp
7KLV LV D VRPHKRZ IRUFHG WUDQVODWLRQ EXW , EHOLHYH WKDW LW LV FORVH WR ZKDW KDG EHHQ RULJLQDOO\
IRFXVHG RQ E\ WKH ,QGLDQ DXWKRUV 0\ LQWHUSUHWDWLRQ LQ WKLV SRLQW IROORZV &K VHH EHORZ ,Q WKH

7LEHWDQ WUDQVODWLRQV WKHUH LV QR HTXLYDOHQW IRXQG IRU WKH SDVVDJH ZKLFK VWDWHV WKDW WKH QXPEHU RI

EXGGKDV ZRXOG JUDGXDOO\ DFFXPXODWH 1HLWKHU GRHV WKH SDVVDJH RI WKH .3 SURYH VXFK D WKRXJKW
 &K DQG DOVR %WK DWWULEXWH NRQL\XWDwDWDVDKDVUD QRW WR WKH EXGGKDILHOGV EXW WR WKH WDWKJDWDV
WKHPVHOYHV EHLQJ SUHVHQW LQ WKH EXGGKDILHOGV $OVR LQ FRQWUDVW WR 7LE &K RQO\ VSHDNV RI D
KXQGUHG WKRXVDQG RI SDYLOLRQV LQ WKH QH[W SDVVDJH DQG LQVWHDG DWWULEXWHV WKH QXPEHU RI oDV PDQ\
DV ILIW\ >WLPHV@ WKH VDQGV RI WKH *DQJHV 5LYHUp WR WKH EXGGKDV H[DOWHG RQHV %WK LV DPELYDOHQW LQ
WKLV ODVW SRLQW DQG FRXOG ZHOO UHSUHVHQW WKH SRVLWLRQ RI WKH SKUDVHV LQ WKH 6NW GH E]KLQ JVKHJV SD
UH UH OD FKX ER JDQJ JD OQJD EFXnL E\H PD VQ\HG N\L NKDQJ EX brtsog SD EUJ\D SKUDJ VWRQJ 7KH
SRVLWLRQ RI FKX ER JDQJ JD OQJD EFXnL E\H PD VQ\HG IRU SDFwDGJDJQDGYOLNRSDP
EHWZHHQ oWDWKJDWDVp DQG oSDYLOLRQVp FRXOG HDVLO\ OHDG WR WKH GLIIHUHQW DWWULEXWLRQ DV DWWHVWHG LQ 7LE
,3/ &K

 7KH SDUDOOHO SDVVDJH LQ WKH

.3 LV WRR ORQJ WR EH TXRWHG ,W LV WKH DQVZHU E\ WKH %XGGKD WR WKH

TXHVWLRQ E\ .w\DSD DV WR KRZ PXFK PHULW ZRXOG EH SURGXFHG E\ VRPHRQH ZKR WHDFKHV WKH

5DWQDND RI ZKLFK WKH .3 LV D SDUW ~ 6WUXFWXUDOO\ WKH DQVZHU LV YHU\ VLPLODU WR WKH SDVVDJH
7*6 7KH HOHPHQWV KRZHYHU YDU\ LQ VWDWLQJ WKDW VRQV DQG GDXJKWHUV RI JRRG IDPLO\ ZRXOG

LQ WKH

ILOO XS DOO WKH ZRUOGV ZLWK WKH VHYHQ MHZHOV DQG SUHVHQW WKHP WR WKH WDWKJDWDV 7KH\ ZRXOG

YHQHUDWH WKH WDWKJDWDV IRU PDQ\ FRVPLF F\FOHV DQG ILQDOO\ HUHFW VHYHQ
MHZHOHG

WDWKJDWDV ZKR KDYH HQWHUHG LQWR QLUYD ~~r ,W LV LQWHUHVWLQJ WKDW LQ WKH

VWSDV IRU WKRVH

.3 WKH 6NW KDV

VHYHUDO UHSHWLWLRQV DQG LV PXFK ORQJHU WKDQ LWV 7LEHWDQ WUDQVODWLRQ 7KLV VHHPV DOVR WR KROG WUXH IRU
WKH 7LEHWDQ WUDQVODWLRQV RI WKLV SDVVDJH LQ WKH

7*6

LQ UHODWLRQ WR WKH PRUH UHSHWLWLYH &KLQHVH

YHUVLRQV %HVLGHV WKH JHQHUDO VWUXFWXUH RI RSSRVLQJ H[WHUQDO ZRUVKLS RQ WKH RQH KDQG DQG
SUHVHUYDWLRQ RI MXVW D VLQJOH YHUVH RI WKH VWUD RQ WKH RWKHU KDQG D FORVH UHODWLRQ FDQ EH VHHQ
EHWZHHQ WKH

7*6 DQG WKH .3 LQ WKLV SDVVDJH LQ WHUPV RI VLQJOH HOHPHQWV UHVSHFW WR WKH EXGGKDV LQ

WZR ZD\V YHQHUDWLRQ DQG JLYLQJ RI SUHVHQWV WKH FUHDWLRQ RI VWSDV RU

NJUDV WKH PHQWLRQLQJ

RI WKH wUYDND FRPPXQLW\ ZKLFK GRHV QRW DSSHDU LQ RWKHU SDVVDJHV RI WKH 7*6 WKH XVH RI WKH

JDJQDGYOXNDVDPD VHYHQ WLPHV LQ .3 ~~r DQG ILQDOO\ D IRQGQHVV IRU WKH

DWWULEXWH 8,59,7,93, )RU WKH VHFRQG SDVVDJH LQ WKLV VHFWLRQ VHH EHORZ

)RU /:8 /: -/0 -, FI WKH VLPLODU H[SUHVVLRQ LQ WKH 6XEKuLWDUDWQDNDUDDNDNDWK
=LPPHUPDQQ  YHUVH  SUVGH  VDUYDUWXUDP\H oLP 3DODVWH  ]X DOOHQ -DKUHV]HLWHQ
H[SUHVVLRQ

EHKDJOLFKp

&K 

 GRHV QRW DWWULEXWH LW WR WKH SDYLOLRQV EXW VSHFLILHV KHUH

WKH DFW RI SUHVHQWLQJ   o>WR SUHVHQW@ DW D YHU\ SOHDVDQW SHDFHIXO WLPHp


,3/
 70,/ 7+48+7,93, LQVWHDG RI 7+6:+7,93,

 7KH 6NW IRU
VKRXOG EH

%WK

&K

PH WRJ VLO PD  ENUDP SD

PXNWDNXVXPEKLNUD 63  4
PH WRJ VLO PD JWRU ED RU PXNWDSXuSL VWKSD\DWL 6XY  6XY  PH WRJ VLO PD
GJUDP SDU EJ\L 6NW PXNWD FKDUDFWHUL]HV WKH EORVVRP DV oORRVH IDOOHQ IURP LWV VWDONp %+6'
VY PXNWD ,W LV WUDQVODWHG LQWR 7LEHWDQ DV VLO PD LQ WKH VHQVH RI oOLWWOH SLHFH D IUDJPHQWp - VY
E

KDV 
  oGLIIHUHQW EORVVRPV EHLQJ GLVSHUVHGp
 &K ,3/ %WK GR QRW PHQWLRQ WKH EORVVRPV DW DOO ,QVWHDG &K VSHDNV RI SDODQTXLQV VSUHDG ZLWK

VLO EX &K

KHDYHQO\ VLON 

 $V RQ WKH RQH KDQG WKH EORVVRPV GR QRW DSSHDU LQ WKH YHUVHV RI DQ\ RI

WKH YHUVLRQV DQG RQ WKH RWKHU KDQG LQ  DQG  RI DOO YHUVLRQV VLONVSUHDG WKURQHV DUH
PHQWLRQHG LW LV TXLWH OLNHO\ WKDW WKH EORVVRPV DUH D ODWHU HOHPHQW LQWHUSRODWHG LQWR WKH SURVH RI

7*6 EXW QRW LQ %WK



>WLPHV@ WKH VDQGV RI D KXQGUHG WKRXVDQG *DQJHV 5LYHUV )RU IXOO\ D KXQGUHG


WKRXVDQG
FRVPLF F\FOHV NDOSDV >KH@ ZRXOG VKRZ UHYHUHQFH LQ WKLV ZD\

,I >RQ WKH FRQWUDU\@ D FHUWDLQ VRQ RU GDXJKWHU RI JRRG IDPLO\
VKRXOG

IRUJH WKH UHVROXWLRQ FLWWD WR >VWULYH IRU@ DZDNHQLQJ ERGKL DQG LQWHUQDOL]H
RU DUUDQJH LQWR D ERRN SXVWDND RQO\ RQH VLPLOH IURP WKLV 'KDUPD GLVFRXUVH

>FDOOHG@
 >WKHQ@ 9DMUDPDWL
WKH SUHYLRXVO\ >GHVFULEHG


7DWKJDWDJDUEKD

ERGKLVDWWYDnV@

DFFXPXODWLRQ

RI

PHULW

GRHV

QRW

FRPH

QHDU

E\

HYHQ

KXQGUHGWK D WKRXVDQGWK D KXQGUHG WKRXVDQGWKsDQ\ QXPEHU DQ\ WLQ\ SDUW

NDO DQ\ FDOFXODWLRQ RU DQ\ UHVHPEODQFHsWR KLV DFFXPXODWLRQ RI PHULW

SX\EKLVDVNUD QRU GRHV >LW@ EHDU DQ\ FRPSDULVRQp




&K

 KDV oXS WR D WKRXVDQG NDOSDVp

 %RWK 7LEHWDQ WUDQVODWLRQV KDYH


5,8

 &K
VHH EHORZ
DW WKH HQG RI WKLV SDVVDJH 7KLV LV VXUSULVLQJ DV RQH

ZRXOG UDWKHU H[SHFW D SDUWLFOH LQGLFDWLQJ D FRQWUDVW VXFK DV

IXQFWLRQ DV DQ HTXLYDOHQW IRU DQ\DWK FI

OD FI &K ZKLFK KDV

FDQ

$ VY oRQ WKH FRQWUDU\p 7KLV LV LQ IDFW WKH FDVH LQ

WKH SDUDOOHO & +RZHYHU WKH HPSOR\PHQW RI 5,8 LV DOVR DWWHVWHG IRU WKH SDUDOOHO SDVVDJH .3
 !,8
~ ZLWKRXW DQ\ GLUHFW FRXQWHUSDUW LQ WKH 6NW $OVR WKHUH ERWK &KLQHVH WUDQVODWLRQV UHDG

ZDV SUREDEO\ DGGHG KHUH DV D SDUWLFOH LQ RUGHU WR LQGLFDWH WKH FRPSDUDWLYH UHODWLRQ WKH SDVVDJH LV

e OD

GHDOLQJ ZLWK *UDPPDWLFDOO\ KRZHYHU WKLV FRPSDUDWLYH UHODWLRQ LV DOUHDG\ H[SUHVVHG ZLWK
% oLQ >FRPSDULVRQ WR@ ep DQG WKH ZKROH ILUVW SDUW RI % WLOO
% FDQ
RQO\ EH XQGHUVWRRG DV DQ LQWURGXFWLRQ ZKLFK OHDGV WR WKH DFWXDO FRPSDULVRQ DQG ZKLFK GHVFULEHV

e E\HG QD

WKH WZR FRPSHWLQJ ZD\V RI JDLQLQJ PHULW ZKLFK VKRXOG DV PHQWLRQHG DERYH EH VHSDUDWHG ZLWK D

SDV
&K o9DMUDPDWL LI D ERGKLVDWWYD LQ RUGHU >WR UHDOL]H@ WKH SDWK RI D EXGGKD

FRQWUDVWLQJ HOHPHQW UDWKHU WKDQ ZLWK

 7KH VHFWLRQ LQ

ZRXOG SUDFWLFH KDUG SURJUHVV VNLOOIXOO\ FXOWLYDWH VXSHUQDWXUDO SRZHUV HQWHU LQWR WKH VDPGKLV

>DQG@ GHVLULQJ WR LQFUHDVH WKH URRWV RI >KLV@ PHULW YHQHUDWH DOO WKH SUHVHQW EXGGKDV PRUH WKDQ WKH
VDQGV RI WKH *DQJHV 5LYHU >DQG LI KH@ ZRXOG FUHDWH PRUH SDYLOLRQV WKDQ WKH VDQGV RI WKH *DQJHV

5LYHU >PDGH RI@ WKH VHYHQ MHZHOV >WKHLU@ KHLJKW WHQ \RMDQDV DQG HTXDOO\ RQH \RMDQD LQ ZLGWK DQG

OHQJWK IXUQLVKHG ZLWK SDODQTXLQV >PDGH RI@ WKH VHYHQ MHZHOV >DQG@ VSUHDG ZLWK KHDYHQO\ VLON >DQG
LI KH@ ZRXOG GD\ E\ GD\ FUHDWH PRUH SDYLOLRQV WKDQ WKH VDQGV RI WKH *DQJHV 5LYHU >PDGH RI@ WKH

IRU 3LU\WD\DWL"

VHYHQ MHZHOV IRU HYHU\ VLQJOH EXGGKD >DQG LI KH ZRXOG@ SUHVHQW 

>WKHP@ WR HDFK VLQJOH WDWKJDWD DQG DOVR WKH ERGKLVDWWYDV >DQG@ WKH FRPPXQLW\ RI wUYDNDV E\
WKHVH DFWV >KH@ ZRXOG WKXV ZLGHO\ IRU " DOO SUHVHQW EXGGKDV PRUH WKDQ WKH VDQGV RI WKH *DQJHV

5LYHU VXFFHVVLYHO\ DUULYH DW >D QXPEHU RI@ SDYLOLRQV PRUH WKDQ ILIW\ >WLPHV@ WKH VDQGV RI WKH
*DQJHV 5LYHU >PDGH RI@ DOO MHZHOV >ZKLFK KH@ ZRXOG SUHVHQW WR WKH SUHVHQW EXGGKDV PRUH WKDQ
ILIW\ >WLPHV@ WKH VDQGV RI WKH *DQJHV 5LYHU DQG DOVR WKH ERGKLVDWWYDV >DQG@ WKH FRPPXQLW\ RI
wUYDNDV XS WR LQQXPHUDEOH KXQGUHGV WKRXVDQGV WHQV RI WKRXVDQGV RI NDOSDV ORQJp
7KH WH[W RI &K WRR

LV LQ VHYHUDO LQVWDQFHV SUREOHPDWLF 7KH IDFW WKDW WKH ERGKLVDWWYDV DQG WKH

wUYDNDVDJKD DSSHDU D VHFRQG WLPH WRZDUGV WKH HQG RI WKH SDVVDJH FDQ EH H[SODLQHG DV HUURQHRXV

UHSHWLWLRQ




&K KDV EKLNuXV EKLNuXQV XSVDNDV DQG XSVLNV 7KH SDVVDJH LQ .3 LV OLNH 7LE

0\ WUDQVODWLRQ o WR LQWHUQDOL]Hp LV IRU

OXV OD nFKDQJ

6NW N\DJDWD &K

RI $638: LQ

N\DJDWD DQG SXVWDNDJDWD FI HJ 63  DQG WKH TXRWDWLRQ

N\DJDWD YDULDQW NDKDJDWD LV H[SODLQHG DV XURJDWNDUDW


)RU WKH SDLU

Q   ZKHUH

7KH WH[W SDUW EHWZHHQ op DQG op LV ODFNLQJ LQ &K

DQG KDV QR FRXQWHUSDUW LQ WKH

YHUVHV RI DOO YHUVLRQV $V LW LV RI UHSHWLWLYH QDWXUH FI & LW FRXOG ZHOO EH D ODWHU LQWHUSRODWLRQ LQ

7*6


,Q

&K

LV DGGHG DV LQ WKH SDUDOOHO &  o>WKH SUHYLRXV DFFXPXODWLRQ RI EHQHILFLDO

SX\DNuHWUD@

DFWV ZKLFK@ ZDV HVWDEOLVKHG >LQ@ WKH WDWKJDWDV >DV ILHOG RI PHULWV 

"p 7KH

FRXOG DOWHUQDWLYHO\ PHDQ WKDW WKH 7DWKJDWD oVWLSXODWHGp WKH WKHQ IROORZLQJ
FRPSDULVRQ FI Q 

FKDUDFWHUV



7KH EDVLF VWUXFWXUH RI WKH ZKROH RI % EHFRPHV FOHDU GXH WR SDUDOOHOV DJDLQ ZLWK GLIIHUHQW

HOHPHQWV LQ RWKHU VWUDV 6HH HJ $! II

NDwFLG HYD NXODSXWUR Y NXODGXKLW Y  SDFDVX SUDPLWVY  FDUHW   \HQD FMLWD
NXODSXWUHD Y NXODGXKLWU YHPD  GKDUPDSDU\\D wUXWYDLNDFLWWRWSGLNS\ DGKLPXNWLU

XWSGLWEKLwUDGGDGKQDW Y NW  DV\D SX\EKLVDVNUDV\D NXwDOEKLVDVNUDV\VDX

SDXUYDND SX\EKLVDVNUD NXwDOEKLVDVNUD  wDWDWDPP DSL NDO QRSD\WL


>& 6XSHULRULW\ RI MR\IXO DSSURYDO RI WKH 7*6@

o7KHQ 9DMUDPDWL >VXSSRVH@ D ERGKLVDWWYD LQ VHDUFKLQJ SDU\HuDWH IRU WKH


'KDUPD RI WKH EXGGKDV VWUHZHG IRXU KXQGUHG WKRXVDQG WULSOHEXVKHOV RI

PDQGUD

IORZHUV RI WKH FRUDO 

 WUHH IRU HYHU\ VLQJOH WDWKJDWD DPRQJ WKH


EXGGKDV WKH H[DOWHG RQHV IRU IXOO\ D KXQGUHG WKRXVDQG FRVPLF F\FOHV

9DMUDPDWL LI >RQ WKH FRQWUDU\@ DQ\ PRQN QXQ XSVDND RU XSVLN

VKRXOG GHFLGH >WR VWULYH@ IRU DZDNHQLQJ DQG DIWHU OLVWHQLQJ WR WKLV 'KDUPD
GLVFRXUVH >FDOOHG@ 7DWKJDWDJDUEKD UDLVHG >WKHLU@ MRLQHG SDOPV DQG VDLG >MXVW@
WKH VLQJOH SKUDVH m, MR\IXOO\ DSSURYH >ZKDW , KDYH KHDUG@n DQXPRGD\PL


>WKHQ@ 9DMUDPDWL
WKH SUHYLRXVO\ >GHVFULEHG ERGKLVDWWYDnV@ DFFXPXODWLRQV

RI PHULW DQG EHQHILW FRQQHFWHG ZLWK WKH RIIHULQJ RI IORZHUV DQG IORZHU
JDUODQGV SODQWHG DPRQJ WKH WDWKJDWDV >DV ILHOGV RI PHULW SX\DNuHWUD@
VDKDVUDWDPP

DSL

wDWDVDKDVUDWDPP

DSL

NRwDWDVDKDVUDWDPP

DSL

NRQD\XWD

VDKDVUDWDPP DSL NRQD\XWDwDWDVDKDVUDWDPP DSL NDO QRSD\WL VDNK\P DSL NDOP

DSL JDDQP DS\ XSDPP DS\ XSDQLuP DSL QD NuDPDWH 

4 ErD
ULJV N\L EXnDP ULJV N\L EX PR OD OD  SKD URO WX SK\LQ SD OQJD SR  OD VS\RG GH  QD 2,


SKDP SD ULJV N\L EX nDP ULJVL"" EX PR JDQJ JLV  FKRV N\L UQDP JUDQJV nGL WKRV QDV  8028
EVN\HG SD JFLJ WVDP ]KLJ PRV SD EVN\HG GDP PQJRQ SDU GDG QD GHnL EVRG QDPV PQJRQ SDU
nGXV E\DV SD nGL OD   \RQJV VX UG]RJV SDU EVRG QDPV PQJRQ SDU E\DV SD  VQJD PD GHV
EUJ\DnL FKDU \DQJ Q\H EDU PL nJUR  VWRQJ JL FKD GDQJ EUJ\D VWRQJ JL FKD GDQJ  \DQJ Q\H
EDU QL nJUR VWH  JUDQJV VX \DQJ FKDU \DQJ EJUDQJ EDU \DQJ GSHU \DQJ UJ\XU \DQJ PL E]RG
GR 
&I DOVR WKH SDVVDJH LQ .3 ~~r
\Dw FD NXODSXWUR Y  HNP DSL JWK

NXODSXWUR Y NXODGXKLW Y  VWSD NUSD\HW

XGJKH\D GKUD>\HW@ DV\D SX\DVNDQGKDV\D VD SUYDNDSX\DVNDQGKD wDWLPP DSL

NDO! QRSDLWL   XSDQLuP DSL  QD NuD>PDWH@

%WK IROORZV PXFK FORVHU WKH 6NW DV 7LE DQG WKH 7LEHWDQ WUDQVODWLRQ RI

:LWK E\H ED %WK WRR VKRZV D

SDUW RI NRQL\XWDwDWDVDKDVUD ZKLFK REYLRXVO\ ZDV QRW WUDQVODWHG LQ 7LE 7KH ILUVW KDOI RI WKH
,W LV FOHDU WKDW LQ WKLV SDVVDJH

WKH 63 &K KDV DQ HQXPHUDWLRQ HYHQ ORQJHU WKDQ WKH RQH LQ WKH 63

SDVVDJH LQ &K o9DMUDPDWL >LI@ RQ WKH FRQWUDU\   VRPHERG\ ZRXOG WDNH SOHDVXUH LQ WKH
DZDNHQLQJ >DQG@ ZRXOG OHDUQ  DQG YHQHUDWH WKH 7*6 HYHQ LI LW ZRXOG MXVW EH D VLQJOH VLPLOHp

$ORQJ ZLWK .3 ~ &K KDV NXODSXWUD DQG NXODGXKLW LQVWHDG RI ERGKLVDWWYD LQVWHDG RI WKH
'KDUPD RI WKH EXGGKDV oVXSUHPH DZDNHQLQJp 



 7KH XQFRPPRQ FRQVWUXFWLRQ 

GH GDJ


NCU LQ & IRU D JHQLWLYH LQ WKH 6NW LV DOVR

.3 VDQJV UJ\DV EFRP OGDQ nGDV  UQDPV NCU GH E]KLQ JVKHJV SD UH UHnL ~~I
 EXGGKQP EKDJDYDQWQ HNHNDV\D FD WDWKJDWDV\D +RZHYHU WKH FRQVWUXFWLRQ

IRXQG LQ WKH

I IRU

ZLWK

ODV

LV FOHDUHU WKDQ WKH IRUPXODWLRQ LQ %I ZLWK D JHQLWLYH LQ

7LE FI QRWH  

QRW VKRZ D SDUWLWLYH UHODWLRQ DQG VSHDNV DV LQ % RI oEXGGKDV H[DOWHG RQHV
ERGKLVDWWYDV DQG WKH JUHDW FRPPXQLWLHV RI
PDNH RIIHULQJV ZLWK 

wUYDNDVp

&K GRHV

WRJHWKHU ZLWK

 WR ZKRP WKH\ ZRXOG

 WKH IORZHUV

NDOSDV &K DQG %WK KDYH RQO\ D WKRXVDQG NDOSDV ,QVWHDG RI

 UHDGV oD KXQGUHG
NKUDV %WK KDV NRLwDWDVDKDVUD ZKHUHDV &K 

 ,QVWHDG RI D KXQGUHG WKRXVDQG

IRXU KXQGUHG WKRXVDQG

WKRXVDQGp



7KH LPSRUWDQW IXQFWLRQ RI oMR\IXO DSSURYDOp 

DQXPRGDQ

LQ RUGHU WR DTXLUH PHULW EHFRPHV

FOHDU WKURXJK D YHUVH RI WKH $! I ,,, LQ ZKLFK WKH 7DWKJDWD VD\V WR lULSXWUD
\Dw FSL WH EKuDWL NDwFL VDWWYR DQXPRGD\PWL YDGHWD YFDP 

PUGKQHQD FHGD SUDWLJK\D VWUD DYLYDUWLND WD QDUX GKUD\HV WYDP   

$QG LI DQ\ VHQWLHQW EHLQJ ZRXOG VD\ WR \RX m, MR\IXOO\ DSSURYH >WKLV WHDFKLQJ@n DQG
ZRXOG KXPEO\ DFFHSW WKLV VWUD \RX VKRXOG UHPHPEHU WKDW SHUVRQ DV >VRPHERG\ ZKR
ZLOO@ QHYHU >DJDLQ@ WXUQ EDFN >IURP VXSUHPH DZDNHQLQJ@
)RU IXUWKHU SDVVDJHV FRQFHUQLQJ DQXPRGDQ UHVXOWLQJ IURP WKH oUHMRLFLQJ DW WKH PHULW RI RWKHUVp


!7,$

VHH HJ
$r* FKDSWHU  LQ WKH

, DP QRW VXUH ZKHWKHU , XQGHUVWDQG


$uDVKDVULN 3UDMSUDPLW ,3/ 0338/ ,9II

7LE KHUH LQ WKH ULJKW ZD\ 7KH VDPH SDVVDJH LQ %WK UHDGV

GH E]KLQ JVKHJV SD PHWRJ SKUHQJ ED GDQJ  EFDV SD SKXO ]KLQJ  JWRU ED > 147 SKUKQJ( ,QVWHDG RI


GR QRW FRPH QHDU E\ HYHQ D KXQGUHGWK D WKRXVDQGWK D KXQGUHG WKRXVDQGWKs

DQ\ QXPEHU DQ\ WLQ\ SDUW DQ\ FDOFXODWLRQ RU DQ\ UHVHPEODQFHsWR WKRVH
DFFXPXODWLRQV  RI PHULW DQG EHQHILW  QRU GR >WKH\@ EHDU DQ\
FRPSDULVRQp
>'@

7KHQ DW WKDW WLPH WKH ([DOWHG 2QH XWWHUHG WKHVH YHUVHV

>@

>@



o>6XSSRVH@ KDYLQJ EURXJKW IRUWK WKH ZLVK IRU DZDNHQLQJ D FHUWDLQ

VHQWLHQW EHLQJ OLVWHQHG WR WKLV >GLVFRXUVH DQG@ OHDUQHG >LW@ FRSLHG >LW@ RU

DUUDQJHG >LW@ LQWR D ERRN DQG H[SODLQHG >HYHQ MXVW@ D VLQJOH YHUVH ZLWK

DSSUHFLDWLRQ VDJDXUDYDp
oRU LI DIWHU OLVWHQLQJ WR WKLV 7DWKJDWDJDUEKD>VWUD@ VRPHERG\ VHDUFKHG
IRU WKLV H[FHOOHQW DZDNHQLQJ OLVWHQ WR >P\ GHVFULSWLRQ RI@ WKH EHQHILW

DQXwDV

>DFFUXLQJ@ WR KLP LQ WKHVH FDVHVs>D GHVFULSWLRQ RI@ ZKDW


DPRXQW RI PHULW LV SURGXFHGp

E]KDJ SD IURP nMRJ SD %WK XVHV JWRU ED ZKLFK LV WKH VDPH YHUE DV XVHG DERYH ZLWK UHJDUG WR WKH
IORZHUV oWR VWUHZp 7KH YHUE nMRJ SD LQ 7LE KRZHYHU FDQQRW KDYH WKH PHDQLQJ oWR VWUHZp ,W LV
KDUGO\ SRVVLEOH WR EULQJ VHQVH LQWR WKH ZRUGLQJ RI %WK
7LE

0\ WUDQVODWLRQ RI OHDGV WR D VLPLODU

XQGHUVWDQGLQJ DV H[SUHVVHG E\ WKH &KLQHVH YHUVLRQV &K o9DMUDPDWL DV IRU WKHVH EHVW EHQHILWV


DQG ZKROHVRPH URRWV >LQ FRPSDULVRQ@ ZLWK WKH SUHYLRXV ZKROHVRPH URRWV >LH@ WKH PHULW >UHVXOWLQJ
IURP@ RIIHULQJ WKH IORZHUV HVWDEOLVKHG >LQ@ WKH WDWKJDWDV >DV ILHOG RI PHULWV SX\DNuHWUD LI RQH@
FRPSDUHV >WKHVH EHVW EHQHILWV DQG ZKROHVRPH URRWV ZLWK@ WKH SUHYLRXV PHULW D KXQGUHG SDUWV >RI
 ZKLFK LV DOVR

WKH SUHYLRXV PHULW@  GR QRW HTXDO RQH SDUW >RI LW@p 7KH IRUPXODWLRQ

IRXQG LQ % PD\ DV DOUHDG\ VXJJHVWHG LQ Q  DOWHUQDWLYHO\ EH XQGHUVWRRG LQ WKH IROORZLQJ
ZD\ o WKH PHULW >UHVXOWLQJ IURP@ RIIHULQJ WKH IORZHUV WKH 7DWKJDWD KDV VWLSXODWHG >,I RQH@

&K ZKLFK KDV

EXGGKDVp

%RWK IRUPV PQJRQ SDU nGX ,[GF

 o>WKH ZKROHVRPH URRWV @ SODQWHG DPRQJ WKH

FRPSDUHVp %XW FI

RC LQ % DQG PQJRQ SDU nGX ,[C DC KHUH DUH PRVW

SUREDEO\ WUDQVODWLRQV RI WKH VDPH 6NW DEKLVDVNUD 3UHVHQW SHUIHFW DQG IXWXUH IRUPV RI nE\HG SD
DUH DOVR IRXQG LQ WKH WUDQVODWLRQV RI DEKLVDVNUD LQ WKH $! FI $!, VY


7LE HPSOR\V KHUH WKH SDLU SX\EKLVDVNUD r NXwDOEKLVDVNUD %WK XVHV RQFH
NXwDODONEKLVDVNUD LQVWHDG RI NXwDOEKLVDVNUD &K VSHDNV LQ WKH FDVH RI WKH MR\IXO

DSSURYDO RI oWKHVH EHVW EHQHILWV >DQG@ ZKROHVRPH URRWVp 

ZLWK oWKH

 DQG FRPSDUHV WKHP

SUHYLRXV ZKROHVRPH URRWV >LH@ WKH PHULW >UHVXOWLQJ IURP@ RIIHULQJ WKH IORZHUVp


7KH ZKROH VHFWLRQ LQ &K o9DMUDPDWL HYHQ LI WKH ZKROHVRPH URRWV >DQG@ WKH EHQHILW RI WKLV
VRQ RI JRRG >IDPLO\@ SODQWHG DPRQJ WKH EXGGKDV >DV WKH ILHOGV RI PHULW@ DUH PHDVXUHOHVV
FRPSDUHG ZLWK WKH PHULW DWWDLQHG E\ WKH VRQ DQG GDXJKWHU RI JRRG >IDPLO\ ZKR SURSDJDWHG WKH


7*6( D KXQGUHG SDUWV >RI WKH IRUPHU PHULW@ GR QRW FRPH QHDU RQH >SDUW RI WKLV PHULW@p

7KH 6NW RQ ZKLFK 7LE PRV SD EVN\HG QDV LV EDVHG FRXOG EH FKDQGD MDQD\DWL

GDG EVN\HG SD > 147 nGDG(

LQVWHDG

&K UHDGV

&K

 &I HJ

63 

%WK

KDV

,,E ERGK\D

MDQHWKD FKDQGDP  7KH WUDQVODWLRQV RI %WK DQG &K DUH QRW XQXVXDO )RU PRV SD DV DQ HTXLYDOHQW

IRU FKDQGD VHH %&$, 8; PRV SD 



J]KDJ
nMRJ ZKLFK DSSHDUV LQ WKH SURVH RI $ 3 70,/ ,]KDJ

&K GR QRW PHQWLRQ WKDW WKH YHUVH ZRXOG EH H[SODLQHG WR RWKHUV 7KH YHUE EVKDG SHUIHFW
RI nFKDG FRXOG WKRXJK QRW LQ WKH SDVVDJH LQ $ DOVR UHSUHVHQW D IRUP RI WKH URRW SDK oWR
UHFLWHp VHH %&$, VY EVKDG SD .DJDZD   WUDQVODWHV DFFRUGLQJ WR WKH YDULDQW RI 3 LQ
' IQ  SDnL IRU SDV 
 o DQG H[SODLQV D VLQJOH YHUVH 41 YHQHUDWLRQp %XW
FS %WK VWL VWDQJ E\DV VG 

%WK ,3/ &K EHDU D VLPLODU PHVVDJH DV 7LE %WK KDV EVQJDJ SD 6NW 46+wDV RU YDUD
SUREDEO\ IRU DQXwDV &K GLIIHUV
oSUDLVH JORU\p LQVWHDG RI SKDQ \RQ IRU +29wDV &K
, FDQQRW H[SODLQ ZK\ WKH PDMRULW\ RI WKH FROODWHG 7LEHWDQ WH[WV KDV WKH IXWXUH IRUP

LQVWHDG RI WKH SUHVHQW IRUP

FRQVLGHUDEO\ o7KH VXEWOH VWRUH RI D WDWKJDWD LQ DQ LQVWDQW EULQJV IRUWK MR\IXO DSSURYDO 

DQXPRGDQ /LVWHQ >WKHUHIRUH@ WR WKLV FRUUHFW GRFWULQH >DQG \RXU@ PHULW ZLOO EH PHDVXUHOHVVp 7KH
VHDUFK IRU DZDNHQLQJ LQ SGD E RI 7LE DSSHDUV LQ &K RQO\ DW WKH EHJLQQLQJ RI WKH IROORZLQJ YHUVH


>@

o>6XSSRVH@ D KHUR YUD DELGLQJ LQ WKHVH H[FHOOHQW VXSHUQDWXUDO


SRZHUV

>@

o>+H@ ZRXOG SUHVHQW WR HDFK WHDFKHU FU\D RI WKH ZRUOG ZLWKRXW

H[FHSWLRQ H[FHOOHQW SDODFHV YLPQDwUHuKD PDGH RI MHZHOVsLQ
QXPEHU VHYHUDO P\ULDG >WLPHV WKH VDQGV RI@ WKH *DQJHV >DQG@ PRUH

XQLPDJLQDEO\ DFLQW\D PDQ\p

o7KH >SDODFHV@ ZRXOG EH WHQ \RMDQDV KLJK DQG RQH \RMDQD ZLGH DQG

>@

ZRUVKLSHG IRU D WKRXVDQG FRVPLF F\FOHV WKH KLJKHVW RI

KXPDQV QDURWWDPD DQG >WKHLU@ wUYDNDV LQ WKH WHQ GLUHFWLRQVp

ORQJ EH H[FHOOHQWO\ IXUQLVKHG ZLWK IUDJUDQFHV DQG LQFHQVH DQG LQVLGH



EH SURYLGHG ZLWK WKURQHV PDGH RI MHZHOVp

>(@
>@

o>7KHVH@ WKURQHV DQG SDODQTXLQV WRR >ZRXOG EH@ VSUHDG ZLWK VLON DQG

FDOLFR D KXQGUHG >WLPHV@ DV LQQXPHUDEOH DV >WKH VDQGV RI WKH@ *DQJHV

 DQG VKRXOG EH WKH FRXQWHUSDUW WR WKH UHDOL]DWLRQ RI WDWKJDWDNQRZOHGJH DW WKH EHJLQQLQJ RI
VHFWLRQ % 7KDW &K LQ UHODWLQJ WKH VHDUFK IRU DZDNHQLQJ 7LE E WR  LV SUREDEO\ WKH
PRUH DXWKHQWLF YHUVLRQ LV VXSSRUWHG E\ %WK DQG &K ZKHUH WKH VDPH SGD DSSHDUV DW WKH HQG RI
YHUVH  ,I ZH UHODWH WKH ILUVW YHUVH KDOI LQ %WK ,3/ &K WR  DQG FRPELQH LWV VHFRQG KDOI ZLWK
 ZH DUULYH DW WKH VDPH EDVLF VWUXFWXUH DV IRXQG LQ WKH SURVH DQG VKRXOG FRQVHTXHQWO\ FRQVLGHU
LW DV WKH RULJLQDO SGD VHTXHQFH

7LE RQ WKH RWKHU KDQG KDV DOWHUHG WKLV DXWKHQWLF SGD VHTXHQFH

DQG WKXV KDV WR EH WUDQVODWHG LQ D FRPSOHWHO\ GLIIHUHQW ZD\ 1RQH RI WKH RWKHU YHUVLRQV
IXUWKHUPRUH VKRZ DQ HTXLYDOHQW WR WKH SDUWLFOH ML WVDP IRU NL\DW DV IRXQG LQ 7LE

&K o E\ >XVH@ RI VXSHUQDWXUDO SRZHUV >KH@ UHVLGHV LQ WKH XSSHU YHKLFOHp 



G3Dn ER YUD

ZRUVKLS

LV RQO\ DWWHVWHG IRU

%WK UG]RJV

DQG

&K

G3Dn ER DSSHDUDV DJDLQ LQ 

owUYDNDVp DQG UHDGV


,QVWHDG RQ

7LE

 KDYH

,W PXVW GHVLJQDWH WKH SHUVRQ GHGLFDWHG WR H[WHUQDO

SUD

&K PHQWLRQV

LQVWHDG oIRU IXOO\ D WKRXVDQG

NDOSDVp

,Q

7LE

WKH SHULRG RQO\ LQ  DGGV oERGKLVDWWYDVp WR

LQVWHDG RI QDURWWDPD

FU[D ERWK %WK VS\RG DQG &K 

 DUH EDVHG RQ

FUD &K

 , KDYH IRXQG

YLPQDwUHuKD RQO\ LQ WKH 63 )RU WKH PHDQLQJ RI YLPQD VHH 376' oSDODFH
FKDULRWp &K DWWULEXWHV WKH ILUVW WZR SGDV WR WKH NDOSDV $PRJKDYDMUD WUDQVODWHG NDOSD 

LQVWHDG RI NRL
WKH FRPSRXQG





&K JLYHV ZLGWK DQG OHQJWK RI WKH SDODFHV ZLWK

 )UDJUDQFHV JDQGKD DQG LQFHQVH GKSDQD

 ZKLFK FRUUHVSRQGV WR DERXW  NP

&K DV LQ WKH SURVH RI

GR QRW DSSHDU LQ

&K ,QVWHDG &K FKDUDFWHUL]HV WKH SDODFHV DV oPDMHVWLFDOO\ GHFRUDWHG >DQG@ IXUQLVKHG ZLWK PDQ\
ZRQGHUIXO >WKLQJV@p 

 ,QVWHDG RI oH[FHOOHQWO\ IXUQLVKHG ZLWKp UDE

:5,
VWK"

OGDQ &K UHDGV

 PHDQLQJ oWR YHQHUDWHp UHQGHULQJ D IRUP RI 6NW

 E6KDPV LQ SGD G LV D WUDQVODWLRQ RI SUDMDSWD FI &K

&K %XW FS E ZKHUH &K KDV



IRU SUDMDSWD

 7KH YHUE LV PLVVLQJ LQ

%WK DQG

 LV EDVHG
GDU GDQJ EFRV EXnL UDV %WK GDU GDQJ JRV &K  
SDDGu\D .SX I 3QRCCFWr[C  VDQQL SUDMDSWQL  0RUH FRPPRQ LV
WKH FRPSRXQG Gu\DSDD ZKLFK LV DQDO\]HG DV D NDUPDGKUD\D %+6' VY SDD  oVRPH
NLQG RI ILQH FORWKp 7KLV LV KRZ &K XQGHUVWDQGV WKH FRPSRXQG 
 FI %:'- VY SDD
IRU SDD
 ,QVWHDG RI EUJ\D LQ SGD D %WK 70,/8 EUJ\D2 o+XQGUHGp LV DOVR ODFNLQJ LQ WKH &KLQHVH
YHUVLRQV EU*\DQ FRXOG EH D WUDQVODWLRQ RI DODNWD 7KDW ZRXOG H[SODLQ
RI &K LQ WKH
SUHFHGLQJ SGD E7LQJ LQ SGD D RI %WK VKRXOG SUREDEO\ DV LV LQGLFDWHG E\ WKH oFRORQp EHIRUH LW EH
FRQVWUXFWHG ZLWK WKH IROORZLQJ SGD LQ WKH VHQVH RI oIXUQLVKHGp  SUDMDSWD ZLWK WKURQHV DQG
SDODQTXLQV ,WV FRXQWHUSDUW DSSHDUV LQ &K RQO\ LQ SGD E
 :LWK WKH FKDUDFWHUV
oVSUHDG RYHU >WKH WKURQHV@p RQ WKH RWKHU KDQG &K ZRXOG XVH D PRUH VSHFLILF WHUP WKDQ DODNWD
,W WKXV LV YHU\ OLNHO\ WKDW ZKDW DSSHDUV DV EUJ\D LQ 7LE UHVXOWV IURP EUJ\D2 DQG WKDW EWLQJ ZKLFK
 7KH 6NW RQ ZKLFK

PD\ EH

FDQ EH XQGHUVWRRG LQ WZR ZD\V QDPHO\ oIXUQLVKHG ZLWKp RU oVSUHDG ZLWKp ZDV FRQVHTXHQWO\
LQWHUSUHWHG LQ WKH ODWWHU ZD\
 , XQGHUVWDQG NKUL DV oWKURQHp  VDQD DQG NKUL VWDQ %WK VWDQ DV oSDODQTXLQp  VDVWDUD
7KH SDODQTXLQV DUH QRW PHQWLRQHG LQ WKH YHUVHV RI WKH &KLQHVH YHUVLRQV EXW DSSHDU LQ WKH SURVH RI



5LYHU

>KH@ ZRXOG SUHVHQW >WKHVH SDODFHV ZLWK WKURQHV@ WR HDFK

YLFWRULRXV RQHp

>@

>@

>@

o8SRQ WKH YLFWRULRXV RQHV ZKR UHVLGH LQ ZRUOG V\VWHPVsWKRVH

YLFWRULRXV RQHV PRUH >QXPHURXV@ WKDQ WKH VDQGV RI WKH *DQJHV 5LYHUs
>KH@ ZRXOG WKXV EHVWRZ >WKHVH SDODFHV DQG@ ZRXOG YHQHUDWH >WKHP@ DOO

ZLWK DSSUHFLDWLRQp
o,I >RQ WKH FRQWUDU\@ VRPH ZLVH >SHUVRQ@ KDYLQJ OLVWHQHG WR WKLV VWUD
OHDUQV RQO\ RQH VLQJOH VLPLOH FRUUHFWO\ RU KDYLQJ OHDUQW >LW@ H[SODLQV >LW@
WR VRPHERG\ >HOVH WKHQ@ KH ZLOO >SURGXFH@ D JUHDWHU DPRXQW RI PHULW

WKHUHE\ >WKDQ WKH SUHYLRXV SHUVRQ@p
o5HJDUGLQJ WKH >IRUPHU@ PHULW VHL]HG E\ WKH KHUR >ZKR ZRUVKLSHG WKH
WDWKJDWDV LW@ GRHV QRW FRPH QHDU E\ DQ\ WLQ\ SDUW RU UHVHPEODQFH >WR
WKH PHULW RI WKLV ZLVH SHUVRQ@ >7KH ZLVH SHUVRQ WKHUHIRUH@ EHFRPHV D
UHIXJH wDUDD IRU DOO OLYLQJ EHLQJV DQG KH TXLFNO\ DWWDLQV H[FHOOHQW

DZDNHQLQJp

>@

&K

o7KH ZLVH ERGKLVDWWYD ZKR UHIOHFWV XSRQ >WKH IROORZLQJ@

m7KH WDWKJDWDJDUEKD H[LVWV LQ WKH VDPH ZD\ >LQ DOO EHLQJV@ 7KLV LV
WKH WUXH QDWXUH GKDUPDW RI DOO VHQWLHQW EHLQJVn
ZLOO TXLFNO\ EHFRPH DQ DZDNHQHG RQH >WKURXJK@ KLV RZQ SRZHU

VYD\DEKp

J=KDQ UQDPV N\DQJ %WK J]KDQ \DQJ

&K

LV SUREDEO\ D WUDQVODWLRQ RI

DQ\DF FSL &K


7KH SGD LQ
 o DFFRUGLQJ WR WKH WKURQH HDFK >FORWK@ ZRXOG EH YHU\ GLIIHUHQWp 

 LQVWHDG RI oHDFK YLFWRULRXV RQHp KDV oWKH EXGGKDV DQG >WKHLU@ JUHDW FRPPXQLWLHV >RI

&K

ERGKLVDWWYDV DQG



wUYDNDV@p 

 ,QVWHDG RI ORNDGKWX &K

 &K

KDV NuHWUD 

LV TXLWH GLIIHUHQW o>+H@ ZRXOG YHQHUDWHEHVWRZ DOO ZLWK LW GD\ DQG QLJKW ZLWKRXW UHVW

IXOO\ D WKRXVDQG PLOOLRQV RI

NDOSDV ORQJ

>5HJDUGLQJ@ WKH PHULW >KH WKHUHE\@ JDLQHG >WKH VLWXDWLRQ@

ZRXOG EH VXFKp 3GD D RI &K FRUUHVSRQGV ZLWK SGD G RI DOO WKH RWKHU YHUVLRQV 3GD E DQG G RI

&K KDYH QR FRXQWHUSDUW LQ 7*6 3GD F FRPSULVLQJ WKH QXPEHU RI NDOSDV DSSHDUV LQ D VLPLODU
IRUP DOUHDG\ LQ YHUVH  RI 7*6 6LQFH SGDV E DQG F RI 7LE  F DQG D LQ &K DQG %WK UHSHDW
MXVW ZKDW KDG EHHQ VDLG LQ WKH SUHFHGLQJ YHUVH  DQG WKH SRVLWLRQ RI WKH VSHFLILFDWLRQ RI WKH

QXPEHU RI NDOSDV LQ &K

DW WKH HQG RI WKH GHVFULSWLRQ RI WKH H[WHUQDO ZRUVKLS LV LGHQWLFDO ZLWK

WKDW LQ WKH SURVH RI DOO YHUVLRQV LW LV PRVW OLNHO\ WKDW

6NW ZRUGLQJ ,Q RUGHU WR EULGJH RYHU PLVVLQJ SGDV

&K VKRZV PRUH UHVHPEODQFH WR WKH RULJLQDO

7*6 PLJKW LQ IDFW KDYH PHUHO\ ILOOHG XS WKH

ODFXQD E\ UHSHDWLQJ WKH SGDV RI WKH SUHFHGLQJ YHUVH 2Q WKH RWKHU KDQG SGD G RI &K ZKHQ


FRPSDUHG ZLWK WKH SURVH DSSHDUV WRR HDUO\ DQG VHHPV EHWWHU SODFHG LQ 7LE DQG %WK ZKHUH LW LV SDUW
RI YHUVH  SGD D LQ 7LE E LQ %WK


&K

 ,QVWHDG RI oOHDUQLQJp WKH VWUD

%WK VSHDNV RI LWV oSUHVHUYDWLRQp nFKDQJ IRU GKUD\DWL

DQG SUDFWLFH FRUUHFWO\p


 0\ WUDQVODWLRQ WDNHV LQWR DFFRXQW WKH SDUWLFOH SDV DW WKH HQG RI YHUVH  DQG WKHUHIRUH XVHV
WKH FRPSDUDWLYH IRUP oJUHDW07p
LQWURGXFHV D VHFRQG YHUE LQ SGD E oWR WDNH KROG RI RQH VLPLOH



 ,Q

&K SGDV D DQG E DUH PLVVLQJ 9UD GSDn ER RI 7LE DV LQ  LV QRW IRXQG LQ DQ\ RI

WKH RWKHU WUDQVODWLRQV

VWUDp 

&K LGHQWLILHV WKH UHIXJH ZLWK WKH 7*6 o6HQWLHQW EHLQJV WDNH UHIXJH LQ WKLV
 ,Q

&K VHQWLHQW EHLQJV DQG QRW WKH ZLVH SHUVRQ DWWDLQ DZDNHQLQJ ,Q

WKH 7LEHWDQ KRZHYHU LW LV QRW FOHDU ZKHWKHU LW LV WKH ZLVH SHUVRQ RU OLYLQJ EHLQJV ZKR DUH PHDQW WR

DWWDLQ DZDNHQLQJ
 $IWHU WKH ILUVW KDOI WKH YHUVH VHHPV WR HQWHU DEUXSWO\ LQWR D QHZ WKHPH $V WKLV VHFRQG KDOI RI
 DQG WKH ZKROH RI YHUVH  DUH QRW FRQWDLQHG LQ WKH SURVH LW LV TXLWH OLNHO\ WKDW WKH\ DUH D
ODWHU LQWHUSRODWLRQ LQWR WKH FRPPRQ DQFHVWRU RI 7*6 ,3/ 7*6


>DQG@

7KH YHUVH LQ &K o7KH ERGKLVDWWYD

UHIOHFWV DERXW WKH YHU\ SURIRXQG VWRUH RI D WDWKJDWD

NQRZV WKDW >LW@ LV IRXQG >LQ@ DOO OLYLQJ EHLQJV> +H DQG WKDW WKH\@ ZLOO TXLFNO\ UHDOL]H
VXSUHPH DZDNHQLQJ 
p &K o,I D ZLVH ERGKLVDWWYD UHIOHFWV DERXW WKH TXDOLWLHV  
 VDSUD\XNWD VDKDEK RU VRPHWKLQJ VLPLODU ZLWK WKLV VWRUH RI D WDWKJDWD
FRQQHFWHG 



> 7KH VWRU\ RI 6DGSUDPXNWDUDwPL DQG $QDQWDUDwPL@

>$ 7KH DSSHDUDQFH RI 6DGSUDPXNWDUDwPL@

o9DMUDPDWL DJDLQ E\ ZD\ RI WKLV >IROORZLQJ@ NLQG >RI H[SRVLWLRQ@ SDU\\D

>RQH@ VKRXOG NQRZ WKXV QDPHO\ WKDW WKLV 'KDUPD GLVFRXUVH LV H[WUHPHO\
EHQHILFLDO EDKXNDUD IRU ERGKLVDWWYDPDKVDWWYDV >EHFDXVH LW@ ZLOO OHDG WR

WKH UHDOL]DWLRQ RI WKH NQRZOHGJH RI DQ RPQLVFLHQW RQH VDUYDMDMQD

9DMUDPDWL IRUPHUO\ LQ WKH SDVW LQQXPHUDEOH YDVW PHDVXUHOHVV

XQLPDJLQDEOH XQSDUDOOHOHG DQG >TXDQWLWDWLYHO\@ LQH[SUHVVLEOH FRVPLF F\FOHV
>DJR@ >DQG@ HYHQ PRUH EH\RQG WKH RWKHU VLGH RI WKDW >WLPH@sWKHQ DW WKDW
WLPHsWKHUH DSSHDUHG LQ WKH ZRUOG WKH WDWKJDWD WKH KRQRUDEOH RQH DQG
SHUIHFWO\ DZDNHQHG RQH QDPHG 6DGSUDPXNWDUDwPL UHDOL]HG LQ ZLVGRP DQG
FRQGXFW D VXJDWD
 D ZRUOGNQRZLQJ RQH D FKDULRWHHU RI KXPDQ EHLQJV WR EH

WDPHG



XQVXUSDVVDEOH

WHDFKHU

RI

JRGV

DQG PHQ

EXGGKD

DQ

H[DOWHG

RQHp

>WKLQNLQJ@ m$OO VHQWLHQW EHLQJV >KDYH"@ WKH KLJKHVW

VSRQWDQHRXV NQRZOHGJH 

%WK om, KDYH WKH WDWKJDWDJDUEKDn %RGKLVDWWYDV

GKDUPDW

GKDUPDWn

>WKHQ KH@ ZLOO TXLFNO\ DZDNH WR

VYD\DEKMQDp 7KH VDPH SGD VHTXHQFH LV DOVR DWWHVWHG IRU

ZKR UHIOHFW >OLNH WKDW DQG WKH IROORZLQJ@ m7KH

>EHORQJV WR@ DOO VHQWLHQW EHLQJVn >WKH\@ DOO ZLWKRXW H[FHSWLRQ ZLOO EHFRPH DZDNHQHG

RQHV >WKURXJK@ WKHLU RZQ SRZHUp

%WK KDV WKDPV FDG LQVWHDG RI P\XU GX LQ 7LE SGD G , KDYH QR

LGHD KRZ WR H[SODLQ PRVW RI WKH GLIIHUHQFHV ZKLFK RFFXU LQ SGD D 7KH UHDGLQJV nGUD 7LE DQG

EGDJ OD %WK KRZHYHU FRXOG GHULYH IURP WKH YDULDQWV VDGwDPGwD RU VDPDPDPD

6LPLODU WR YHUVH  ZH PD\ DOVR KHUH DVVXPH WKDW WKH ILUVW SGD FRPSRVHG LQ %XGGKLVW +\EULG
6DQVNULW RULJLQDOO\ KDG VRPHWKLQJ OLNH VDPDV WDWKJDWD JDUEKD DVWL ZLWK JDUEKD UHSUHVHQWLQJ D

ORFDWLYH IRUP o$ WDWKJDWD H[LVWV LQ WKH VDPH ZD\ ZLWKLQ >DOO OLYLQJ EHLQJV@p 7KH WUDQVODWRUV

KRZHYHU ZRXOG KDYH XQGHUVWRRG DXWRPDWLFDOO\ WDWKJDWD JDUEKD DV D FRPSRXQG DQG WUDQVODWHG LW

DFFRUGLQJO\
7KH YHUVH  DQG WKH VHFRQG YHUVH KDOI RI  KDYH QR FRXQWHUSDUW LQ WKH SURVH DQG WKH\
PD\ ZHOO EH D ODWHU LQWHUSRODWLRQ LQWR WKH FRPPRQ DQFHVWRU RI 7*6 DQG 7*6 ,I ZH DVVXPH WKDW DW
WKH WLPH RI WKH LQWHUSRODWLRQ WKH WHUP WDWKJDWDJDUEKD LQ WKH PHDQLQJ oWDWKJDWDHPEU\Rp ZDV

DOUHDG\ SUHYDLOLQJ ZH FRXOG DOVR XQGHUVWDQG WKH SDVDJH DV UHQGHUHG LQ 7DNDVDNL   
 o WKH IDFW WKDW LQ DOO
OLYLQJ

EHLQJV

H[LVWV

WKLV

UHDO

QDWXUH

OLNH

HPEU\Rp 7KH YHUVH PD\ ZHOO EH DQ

WDWKJDWD

LQWHUSRODWHG TXRWDWLRQ IURP DQRWKHU VWUD

9HUVH  VXPPDUL]HV WKH FHQWUDO PHVVDJH RI WKH WH[W DQG PD\ KDYH IXQFWLRQHG DV D YHUVH DW WKH
HQG RI WKH VWUD EHIRUH WKH ILQDO GHVFULSWLRQ RI WKH HIIHFW RQ WKH RQORRNHUV ' 7KLV ZRXOG OHDG
WR WKH KLJKO\ VSHFXODWLYH DVVXPSWLRQ WKDW VHFWLRQV $ WLOO & ZHUH LQWHUSRODWHG LQWR WKH PDLQ WH[W
DW D ODWHU SRLQW

7KH SDVVDJH LV QHLWKHU FRQWDLQHG LQ &K QRU LV WKHUH DQ\ FRXQWHUSDUW LQ WKH IROORZLQJ YHUVHV
&I WKH VLPLODU LQWURGXFWLRQ WR WKH VWRU\ RI 6DGSDULEKWD LQ WKH ;,; FKDSWHU RI WKH 63 DQHQSL
GKDUPD
WYDQ
SDU\\D  r > WYDW LV PLVVLQJ LQ ' ' 2 DQG 4@ PWKX FKHQ WKRE UQDP JUDQJV nGLV N\DQJ nGL
OWDU ULJ SDU E\D VWH( 6LPLODU FRQVWUXFWLRQV DUH DOVR IRXQG LQ $! I DQG I )RU IXUWKHU
GLVFXVVLRQV RI VLPLODULWLHV EHWZHHQ WKH VWRU\ RI 6DGSUDPXNWDUDwPL DQG WKH RQH LQ WKH $! VHH


WK

0DKVWKPDSUSWD SDU\\HDLYD YHGLWDY\D \DWK \D LPDP HYDUSD

=LPPHUPDQQ  II



 $SDUW IURP WKH ZRUGV SULQWHG LQ EROGIDFH DQG WKH DGGLWLRQDO

DVDPD DQG EUMRG GX PHG SD  DQQLUDEKLOS\D LQ WKH 7*6

PWVKXQJV SD PHG SD

WKH SDVVDJH LV LQ DFFRUGDQFH ZLWK

$! II EKWDSUYD  DWWH nGKYDQ\ DVDNK\H\DL NDOSDLU CUCMJ[G[CVCTCKT YLSXODLU

DSUDPH\DLU DFLQW\DLV WHEK\D SDUHD SDUDWDUHD \DG VW WHQD NOHQD WHQD VDPD\HQD

$JrOCICTLKVCUXCTCTLQ

QPD WDWKJDWR nUKDQ VDP\DNVDEXGGKR ORNH XGDSGL YLG\FDUDD

VDSDQQD VXJDWR ORNDYLG DQXWWDUD SXUXuDGDP\DVUDWKL wVW GHYQ FD PDQXu\ FD
H ,3/
EXGGKR EKDJDYQ 63 II LV DOVR VLPLODU IRU WKH OLVW RI HSLWKHWV VHH
/

09\

0338

,II 7KH SRVLWLRQLQJ RI WKH QDPH RI WKH WDWKJDWD LQ P\ WUDQVODWLRQ FRUUHVSRQGV ZLWK WKH 6NW RI

63 RI %WK DQG &K

 )RU DQRWKHU
&K DGGV UMDQ WR WKH QDPH 
DV 6DGUDwPLPXNWD VHH =LPPHUPDQQ   Q 

WKH



SRVVLEOH UHFRQVWUXFWLRQ RI WKH QDPH

>% 7KH OLJKW IURP WKH ERGKLVDWWYD ILOOV WKH ZRUOG V\VWHPV@

o9DMUDPDWL ZK\ LV WKDW WDWKJDWD FDOOHG 6DGSUDPXNWDUDwPL" 9DMUDPDWL

LPPHGLDWHO\ DIWHU WKH H[DOWHG RQH WKH WDWKJDWD 6DGSUDPXNWDUDwPL WKHQ D


ERGKLVDWWYD
KDG HQWHUHG WKH ZRPE RI >KLV@ PRWKHU
OLJKW ZDV HPLWWHG

IURP >KLV@ ERG\ ZKLOH >KH ZDV VWLOO@ ZLWKLQ WKH ZRPE RI KLV PRWKHU >VR
WKDW@ LQ WKH HDVW KXQGUHGV RI WKRXVDQGV RI ZRUOG V\VWHPV DV PDQ\ DV WKH

DWRPLFVL]HG GXVW RI WHQ EXGGKDILHOGV
FDPH WR EH FRQVWDQWO\ ILOOHG ZLWK

EULJKWQHVV
,Q WKH VDPH ZD\ LQ WKH >RWKHU QLQH RI WKH@ WHQ GLUHFWLRQV
>QDPHO\@ WKH VRXWK WKH ZHVW WKH QRUWK WKH VRXWKHDVW VRXWKZHVW QRUWKZHVW
DQG QRUWKHDVW DORQJ ZLWK WKH QDGLU DQG WKH ]HQLWK KXQGUHGV RI WKRXVDQGV RI
ZRUOG V\VWHPV DV PDQ\ DV WKH DWRPLFVL]HG GXVW RI WHQ EXGGKDILHOGV FDPH
WR EH FRQVWDQWO\ ILOOHG ZLWK EULJKWQHVV $QG RZLQJ WR WKH SOHDVDQW DQG
EHDXWLIXO OLJKW IURP WKH ERG\ RI WKDW ERGKLVDWWYD >ZKLFK@ FDXVHG >VHQWLHQW

EHLQJV@ WR UHMRLFH >DQG@ OHG >WKHP@ WR GHOLJKW
DV PDQ\ DV KXQGUHGV RI
WKRXVDQGV RI ZRUOG V\VWHPV FRQVWDQWO\ FDPH WR EH ILOOHG ZLWK EULJKWQHVVp
>& 7KH OLJKW LPSURYHV VHQWLHQW EHLQJV@

o9DMUDPDWL DOO VHQWLHQW EHLQJV LQ WKH KXQGUHGV RI WKRXVDQGV RI ZRUOG V\VWHPV

ZKR ZHUH WRXFKHG E\ WKH OLJKW IURP WKDW ERGKLVDWWYD ZLWKLQ WKH ZRPE RI >KLV@
PRWKHU DWWDLQHG VWUHQJWK RMDV EHDXW\ YDUD PLQGIXOQHVV VPWL
FRPSUHKHQVLRQ PDWL XQGHUVWDQGLQJ JDWL DQG UHDGLQHVV RI VSHHFK

SUDWLEKQD


&K 7:38

 o ZKHQ >KH@ SUDFWLFHG WKH SDWK RI D ERGKLVDWWYDp &I HJ

.SX


I  WDWKJDWHQD SUYD ERGKLVDWWYDFDU\ FDUDW  .SX D

&I .SX
E
&K IRU DYDWDUDD PWXU JDUEKH  oGHVFHQGLQJ
LQWR WKH ZRPE RI WKH PRWKHUp



E=KLQ GX GRHV QRW DSSHDU LQ DQ\ RI WKH RWKHU YHUVLRQV DQG , FDQ RQO\ XQGHUVWDQG LW LQ LWV
- VY E]KLQ  oZKLOHp 7KH SDUDOOHO YHUVH 

IXQFWLRQ RI IRUPLQJ D SUHVHQW SDUWLFLSOH FI

UXQV

 OXV ODV

kFK kFTCnL

nRG 

,3/

nGL nGUD

WDWKUS LQ WKH TXRWDWLRQ RI WKH /DOLWDYLVWDUD

SUDEK nRG


PXVW EH LQWHUSUHWHG GLIIHUHQWO\ FI WKH SRVLWLRQ RI

EHORZ LQ Q  7KHUH LW KDV WR EH FRQVWUXHG ZLWK

7KH 6NW ZDV SUREDEO\ GDwDEXGGKDNuHWUDSDUDPXUDMDVDP ORNDGKWDYD

FI HJ

.SX   VDKDVUDEXGGKDNuHWUD 7KH QXPEHU RI WHQ EXGGKDILHOGV LV DOVR DWWHVWHG IRU

'EK6 & &K PHQWLRQV RQO\ WKH LOOXPLQDWLRQ RI >EXGGKD@ILHOGV DV PDQ\ DV WKH DWRPLFVL]HG GXVW
RI D WKRXVDQG EXGGKD ZRUOG V\VWHPV LQ WKH WHQ GLUHFWLRQV 

&K

FRQWLQXHV WKHQ ZLWK & ZKLFK LQFRUSRUDWHV WKH ODVW LVVXH RI % UHJDUGLQJ WKH SOHDVXUH RI OLYLQJ
EHLQJV DW LWV EHJLQQLQJ 6LQFH WKH ORQJZLQGHG GHVFULSWLRQ GHDOLQJ ZLWK WKH RWKHU GLUHFWLRQV LV
PLVVLQJ LQ &K DQG LV QRW PHQWLRQHG LQ WKH YHUVHV RI 7*6 LW LV SODXVLEOH WKDW LW ZDV RQO\ DGGHG DW

D ODWHU GDWH WR WKH SURVH RI



7*6

7KH EDVLF VWUXFWXUH RI WKH VHFRQG KDOI RI WKLV SDVVDJH LV IRXQG LQ WKH /DOLWDYLVWDUD FI /DO+.

r



ERGKLVDWWYHQD

WDWKUS

N\W

SUDEK

SUDPXNWEKG

\D\

SUDEKD\\D



ORNDGKWXU HYD  DYDEKVHQD SDULVSKXR nEKW E=KLQ GX LQ % FRXOG EH D WUDQVODWLRQ RI
WDWK DIWHU WKH VHFRQG SDUW US KDG HUURQHRXVO\ EHHQ UHDG DV N\ LQ PDQ\ ,QGLDQ VFULSWV

U LV

VLPLODU WR N S LV VLPLODU WR \ DQG GURSSHG E\ D VFULEH ZKR WKRXJKW RI LW DV D KDSORJUDSK\ DV WKH

IROORZLQJ ZRUG ZDV

&K KDV 

N\W

 o WKH OLJKW PDNHV KXPDQV JODG >DQG@ IXOO RI

SOHDVXUHp ,Q %WK WKH UHDVRQ IRU WKH MR\ LV QRW WKH OLJKW LWVHOI EXW WKH IDFW WKDW WKH ZRUOG V\VWHPV
ZHUH FRQVWDQWO\ ILOOHG ZLWK LW $FFRUGLQJO\ QRW WKH OLJKW EXW WKLV IDFW LV VDLG WR EH EHDXWLIXO

 )RU JDWL LQ D VHW ZLWK VPWL DQG PDWL FI %+6' VY JDWL  DQG JDWLPDQW &K KDV
LQVWHDG RI WKLV WULSOHW

DGGLWLRQDO IRXUWK HOHPHQW EHVLGH

EHFDPH IXOO RI SOHDVXUH 

 , DP QRW VXUH LI

JDWL

UHQGHUV

 DQG WKHLU NOHwDV YDQLVKHG 

DGGLWLRQDO HOHPHQW DSSHDUV LQ 7*6

PDWL

RU

JDWL &K

VKRZV DQ

 7KH ILUVW RI WKHVH WZR

LQ D PRUH HODERUDWHG IRUP DW WKH HQG RI %



&K DGGV DV D UHVXOW WKDW DOO OLYLQJ EHLQJV

$OO VHQWLHQW EHLQJV LQ WKH KXQGUHGV RI WKRXVDQGV RI ZRUOG V\VWHPV ZKR

KDG EHHQ ERUQ LQ KHOOV LQ DQLPDO H[LVWHQFHV LQ WKH ZRUOG RI <DPD DQG >DV@

GHPRQV QDUDND

LPPHGLDWHO\ >FRXOG@
WLU\DJ\RQL\DPDORNVXURSDSDWWL

DEDQGRQ F\DYDWH WKHLU ELUWK E\ YLUWXH RI EHLQJ WRXFKHG E\ WKH OLJKW IURP WKDW
ERGKLVDWWYD DQG ZHUH >UH@ERUQ DPRQJ JRGV DQG PHQ
7KRVH >ERUQ DV JRGV DQG PHQ@ E\ YLUWXH RI EHLQJ WRXFKHG >E\ WKH
OLJKW@ LPPHGLDWHO\ EHFDPH LQFDSDEOH RI WXUQLQJ EDFN IURP VXSUHPH DQG

SHUIHFW DZDNHQLQJ DYDLYDUWLN DQXWWDU\ VDP\DNVDERGKDX
,Q DGGLWLRQ DOO WKRVH LQFDSDEOH RI WXUQLQJ EDFN ZKR KDG EHHQ WRXFKHG
E\ WKH OLJKW LPPHGLDWHO\ ZKHQ WRXFKHG E\ WKH OLJKW DWWDLQHG LQWHOOHFWXDO

UHFHSWLYLW\ >WR WKH WUXWK WKDW@ GKDUPDV >KDYH@ QR RULJLQDWLRQ DQXWSDWWLND

GKDUPDNuQWL  >7KH\@ DOVR REWDLQHG WKH HIILFDFLRXV IRUPXODV GKUD

FDOOHG m&KDSWHU RI WKH )LYH +XQGUHG 4XDOLWLHVnp
>' 7KH OLJKW PDNHV WKH ZRUOG V\VWHPV GHOLJKWIXO@

o$OO WKRVH KXQGUHGV RI WKRXVDQGV RI ZRUOG V\VWHPV ZKLFK KDG EHHQ WRXFKHG E\
WKH OLJKW IURP WKH ERG\ RI WKH ERGKLVDWWYD ZLWKLQ WKH ZRPE RI >KLV@ PRWKHU

ODLG RXW LQ >WKH IRUP RI@ D
FDPH WR EH HVWDEOLVKHG DV PDGH RI EHU\O
FKHVVERDUG ZLWK JROGHQ WKUHDGV >ZLWK@ MHZHO WUHHV FRPLQJ RXW RI HDFK VTXDUH



>WKH WUHHV@ KDYLQJ EORVVRPV IUXLWV IUDJUDQFHV DQG FRORUV

:KHQ WKH MHZHO WUHHV ZHUH VKDNHQ DQG PRYHG E\ WKH ZLQG VXFK
SOHDVDQW >DQG@ FKDUPLQJ >VRXQGV@ FDPH XS DV WKHUH DUH WKH VRXQG m%XGGKDn
WKH VRXQG m'KDUPDn WKH VRXQG mUHOLJLRXV FRPPXQLW\n VDJKD

>DQG@ WKH

VRXQG mERGKLVDWWYDn DORQJ ZLWK WKH VRXQGV m>ILYH@ SRZHUV EDOD RI D

ERGKLVDWWYDn

m>ILYH

VSLULWXDO@

IDFXOWLHVn

LQGUL\D

m>VHYHQ@

EUDQFKHV

RI

DZDNHQLQJn ERGK\DJD mOLEHUDWLRQn YLPRNuD mDEVRUSWLRQn VDPGKL DQG


mDWWDLQPHQWn VDPSDWWL

%HFDXVH RI WKRVH VRXQGV RI WKH MHZHO WUHHV

 ,QVWHDG RI WKH WRXFK E\ WKH OLJKW &K FRQWLQXRXVO\ VSHDNV RI WKH oVHHLQJp RI WKH OLJKW 7KLV LV
DOVR WKH FDVH LQ WKH IROORZLQJ SDVVDJH & LQ %WK PWKRQJ ED 7KDW ERWK SRVVLELOLWLHV DUH

.SX GHDOLQJ ZLWK WKH VDPH FRQWH[W  VDUYH WDP

RCt[G[W URtG[W VDMQH\X I

 DQG VSHDNV RI WKH o>ZRUOG RI@ <DPDUMDp 

&K DGGV KXQJU\ JKRVWV 5709,

%RWK &KLQHVH YHUVLRQV PHQWLRQ IXUWKHU WKH DWWDLQPHQW RI WKH ILYH DEKLMV 


)RU DQXWSDWWLNDGKDUPDNuQWL .1 %+6' 8; DQXWSDWWLNDGKDUPDNuQWL ,3/ NuQWL

)RU SDFDwDWDJXDSDULYDUW GKUD\D &K SDFD.+J+

 VHH HJ

UHDVRQDEOH LV GRFXPHQWHG E\ D SDVVDJH LQ WKH

DYDEKVD

$! 

 NRQD\XWDwDWDVDKDVUDSDULYDUW\ GKUD\ SUDWLODPEKR nEKW  7KDW QRW RQO\

RUGLQDO QXPEHUV EXW GHVSLWH WKH JUDPPDWLFDO VWDQGDUG DOVR FDUGLQDO QXPEHUV VRPHWLPHV KDYH 5,
FDQ EH SURYHG E\ WKH LQGH[ WR WKH $! $!, VY HJ WULwDW SDFDwDWD SDFDwDW HWF


)RU  ODV JUXE SD 6NW PD\D VHH 09\  \RQJV VX JQDV SDU J\XU WH IRU SDULVDVWKLW

DEKYDQ FI %WK

WKH

63

VHH

63

J\RJ SDU J\XU WR WKH WUDQVODWLRQ NXQ WX NKHEV SD IRU SDULVDVWKLWD LV IRXQG LQ
VY

SDULVDVWKLWD

GHVFULSWLRQV FI 63 II II HWF

%:'-

VY

SDULVD6WK

&K )RU VLPLODU

&K KDV
63 I 
YDLU\DPD\D VXYDUDVWUuSDGDQLEDGGKDP  WHuX FuSDGHuX UDWQDYNu EKDYLu\DQWL 
UDWQQ SXuSDSKDODL VDPDUSLW  FI DOVR %+6' VY QLEDGGKD )RU DuSDGD LQ WKH PHDQLQJ
RI oFKHVVERDUGp VHH /GHUV  I
 $FF WR - WKH PHDQLQJ RI OMRQ VKLQJ LV oD WUHH IURP SDUDGLVHp +RZHYHU LQ WUDQVODWLRQV IURP


 ,Q

&K

DOVR

WKH IDFW WKDW WKH WUHHV FRPH RXW IURP WKH VTXDUHV LV QRW PHQWLRQHG

LQVWHDG

ZKLFK

FDQQRW

XQGHUVWDQG

&I

6NW ERWK VKLQJ DQG OMRQ VKLQJ VLPSO\ UHQGHU GUXPD YNuD
WZR SKUDVHV

VLPLODU

SDVVDJH

HWF oWUHHp )RU WKH FKRLFH RI RQH RI WKH

7KH HQXPHUDWLRQ LQ &K

 %WK DQG &K
ERGKL LQVWHDG RI ERGKL7+88:+ 7LE WDNHV VDPGKL DQG VDPSDWWL DV WZR GLIIHUHQW SDUWV ,Q WKH



KDYH

PHWUL FDXVD VHH 6LPRQVVRQ  I

WKH

6NW WKH FRPSRXQG VDPGKLVDPSDWWL

PD\ DOVR EH XQGHUVWRRG DV D WDWSXUXuD



VHQWLHQW EHLQJV LQ DOO RI WKH KXQGUHGV RI WKRXVDQGV RI ZRUOG V\VWHPV EHFDPH

DQG UHPDLQHG VDWLVILHG DQG MR\IXO ,Q DOO WKH EXGGKDILHOGV WKH KHOOV DQLPDO
H[LVWHQFHV WKH ZRUOG RI <DPD DQG WKH ZRUOG RI WKH GHPRQV DVXUDN\D


GLVDSSHDUHG

7KH ERGKLVDWWYD ZLWKLQ WKH ZRPE RI >KLV@ PRWKHU HPLWWHG OLJKW OLNH WKH
GLVN RI WKH PRRQ IRU DOO WKRVH VHQWLHQW EHLQJV 7KUHH WLPHV D GD\ DQG WKUHH
WLPHV D QLJKW >WKH\@ UDLVHG WKHLU MRLQHG SDOPV >WR SD\ KRPDJH@ ZKLOH >KH@ ZDV



VWLOO LQ WKH ZRPEp

>( :K\ WKH ERGKLVDWWYD LV QDPHG m 6DGSUDPXNWDUDwPLn@

o9DMUDPDWL ZKHQ WKDW ERGKLVDWWYD KDG EHHQ ERUQ KDG VHW RXW IRU DVFHWLF OLIH
DEKLQLuNUDPDD DQG >ILQDOO\@ FRPSOHWHO\ DZDNHQHG WR EXGGKDKRRG
ERGKLP

DEKLVDEXGGKD

OLJKW FRQWLQXHG WR EH HPLWWHG LQ VXFK D ZD\

IURP WKH ERG\ RI WKDW ERGKLVDWWYD (YHQ DIWHU >KLV@ FRPSOHWH DZDNHQLQJ OLJKW
FRQWLQXHG WR EH HPLWWHG IURP WKH ERG\ RI WKDW H[DOWHG RQH (YHQ ZKHQ WKH
H[DOWHG RQH HQWHUHG LQWR

SDULQLUYD


EH HPLWWHG LQ WKH VDPH ZD\

WKDW OLJKW >IURP@ KLV ERG\ FRQWLQXHG WR

>$QG@ HYHQ DIWHU WKDW WDWKJDWD KDG HQWHUHG

SDULQLUYD DQG >KLV ERG\@ UHPDLQHG >DV@ UHOLFV GKWX LQ D VWSD WKH OLJKW
>IURP KLV@ ERG\ >VWLOO@ FRQWLQXHG WR EH HPLWWHG )RU WKLV UHDVRQ 9DMUDPDWL
WKDW H[DOWHG RQH LV QDPHG WKH m$OZD\V /LJKW(PLWWLQJ 2QHn  6DGSUDPXNWD
UDwPL E\ JRGV DQG PHQp

>) 7KH ERGKLVDWWYD $QDQWDUDwPL TXHVWLRQV WKH EXGGKD 6DGSUDPXNWD

UDwPL@

o9DMUDPDWL XQGHU WKH UXOH wVDQD RI WKDW H[DOWHG RQH WKH WDWKJDWD WKH
KRQRUDEOH RQH DQG SHUIHFWO\ DZDNHQHG RQH 6DGSUDPXNWDUDwPLsULJKW DIWHU
>KH KDG EHFRPH@ FRPSOHWHO\ DZDNHQHGsWKHUH DSSHDUHG D FHUWDLQ ERGKLVDWWYD


&K VWDWHV WKDW OLVWHQLQJ WR WKHVH VRXQGV DOO DWWDLQHG oSOHDVXUH LQ WKH 'KDUPD WKDW >WKHLU@

IDLWK EHFDPH VROLG >DQG WKDW WKH\@ JRW IRUHYHU ULG RI EDG SDWKV 


&K



H[LVWHQFHVp 

 o>7KH\ DOO@ DWWDLQHG SOHDVXUH LQ WKH 'KDUPD

63 I DSDJDWD
QLUD\DWLU\DJ\RQL\DPDORNVXUDN\DP )RU DVXUDN\D FI &3' VY DVXUDN\D oWKH DVXUD ZRUOG
VSKHUHp
 , KDYH UHIUDLQHG IURP WUDQVODWLQJ \DQJ LQ '   DQG ) ,W LV SUREDEO\ UHQGHULQJ
6NW DSL DQG LQGLFDWHV D FKDQJH RI VXEMHFW

>DQG@ GHOLJKW LQ WKH DEVRUSWLRQVp )RU WKH FRPPRQ OLVW RI EDG ELUWKV FI HJ



&K PDNHV YHU\ FOHDU WKDW OLYLQJ EHLQJV DUH WKH RQHV ZKR SD\ KRPDJH WR WKH ERGKLVDWWYD DQG

QRW WKH ERGKLVDWWYD KLPVHOI 

 7KH FRPSDULVRQ
ZLWK WKH PRRQ LV PLVVLQJ ,Q &K LW LV WKH ERGKLVDWWYD ZKR LV VDLG WR VWD\ LQ WKH ZRPE LQ WKH DMDOL


SRVLWLRQ GLUHFWHG WR WKH EXGGKDV" 
o6L[ WLPHVp LV FRQQHFWHG ZLWK WKH HPLVVLRQ RI WKH OLJKW 7KH PHQWLRQLQJ RI WKH ERGKLVDWWYDnV ELUWK
DSSHDUV LQ WKH RWKHU YHUVLRQV DW WKH EHJLQ RI WKH QH[W VHFWLRQ 7R GLYLGH  KRXUV LQWR VL[ SHULRGV
VHHPV WR EH FRPPRQ ,QGLDQ XVDJH 6HH HJ

 06 ;


!!&/ , DQG 06$ ;; DKRUWUD uDNWYD

, DP QRW VXUH KRZ WR WUDQVODWH WKH YHUE

LQVWHDG ,Q

EWVDV SD %WK KDV VHPV EVN\HG SD


> 147

&K WKH SKUDVH LV DV VDLG DERYH LQFRUSRUDWHG LQWR WKH ODVW VHQWHQFH RI ' 

EVN\HV(


 o DQG LPPHGLDWHO\ DIWHU EHLQJ ERUQ >KH@ UHDOL]HG

&K WKHQ FRQWLQXHV 
 %RWK &KLQHVH
SHUIHFW DZDNHQLQJp &K FRUUHVSRQGV WR 7LE 

YHUVLRQV DUH ODFNLQJ D FRXQWHUSDUW WR DEKLQLuNUDPDD


%DU GX FRXOG EH D WUDQVODWLRQ RI \YDW DQWDwD RU DQWDWD oHYHQ LQGHHGp ZKLFK DOVR KDV

 %WK LQ ( UHDGV J]KXQJ ZKLFK VKRXOG SUREDEO\ EH HPHQGHG WR

DQ HTXLYDOHQW LQ &K 
EJXQJ &KXQJ QJX DSSHDUV LQ % LQ %WK LQVWHDG RI WKD QD  N\DQJ UXQJ VWH LQ 7LE DQG SUREDEO\
UHQGHUV DQWDwD



QDPHG $QDQWDUDwPL >+H

ZDV DFFRPSDQLHG@ E\ D UHWLQXH SDULYUD RI D

$QG 9DMUDPDWL WKDW ERGKLVDWWYD $QDQWDUDwPL

TXHVWLRQHG WKH H[DOWHG RQH WKH WDWKJDWD WKH KRQRUDEOH RQH DQG SHUIHFWO\

WKRXVDQG >ERGKLVDWWYDV@

DZDNHQHG RQH 6DGSUDPXNWDUDwPL ZLWK UHIHUHQFH WR WKLV 'KDUPD GLVFRXUVH

>FDOOHG@ 7DWKJDWDJDUEKDp
>* 6DGSUDPXNWDUDwPL WHDFKHV WKH 7*6@

o,Q RUGHU WR EHQHILW DQXJUDKD WKH ERGKLVDWWYDV DQG WR ZLQ >WKHP@ RYHU >WR KLV
 
WKH H[DOWHG RQH WKH WDWKJDWD WKH KRQRUDEOH RQH DQG
VLGH@ SDULJUDKD
SHUIHFWO\ DZDNHQHG RQH 6DGSUDPXNWDUDwPL WKHUHXSRQ SHUIHFWO\ H[SODLQHG
WKLV 'KDUPD GLVFRXUVH >FDOOHG@

FRVPLF F\FOHV UHPDLQLQJ

 

7DWKJDWDJDUEKD

IRU ILYH KXQGUHG

LQ WKH VDPH VHDW HNVDQH

 

JUHDW

QLuDD

$QG

EHFDXVH KH SHUIHFWO\ H[SODLQHG WR WKH ERGKLVDWWYDV WKLV 'KDUPD GLVFRXUVH

>FDOOHG@ 7DWKJDWDJDUEKD   LQ LQWHOOLJLEOH  YLMH\D ZRUGV >DQG E\
HPSOR\LQJ@ YDULRXV PHDQV  DEKLQLUKUD >ZLWK UHJDUG WR WKH@ 'KDUPD
 
H[SODQDWLRQV QLUXNWL DQG KXQGUHGV RI WKRXVDQGV RI VLPLOHV
>WKH
ERGKLVDWWYDV@ LQ DOO ZRUOG V\VWHPV LQ WKH WHQ GLUHFWLRQV DV PDQ\ DV WKH



'DQJ SR

%WK WKRJ PDU LV D IRUPDO WUDQVODWLRQ RI D 6NW FRQVWUXFWLRQ ZLWK

LQ ) 

SUDWKDPD DV DGYHUE 6HH 3: VY SUDWKDPD  o HEHQ DOVEDOG VRJOHLFKp HJ 9LQ ,  OLQH I
 EXGGKR  YLKDUDWL  RCJCOEKLVDPEXGGKR

2G ]HU PWKDn \DV %WK 0HG SDnL nRG J]HU &K

 7KH QDPH $QDQWDUDwPL n

 o>WKH RQH ZKRVH@ OLJKW >LV@ HQGOHVVp DSSHDUV LQ D OLVW RI QDPHV RI WDWKJDWDV LQ

 4 DI n2G ]HU PWKDn \DV .SX&K



 ,QVWHDG RI D UHWLQXH RI D WKRXVDQG

YHUVLRQV KDYH WZHQW\ NRLV RI ERGKLVDWWYDV

%WK

&K
.SX

VSHDNV RI RQO\ WZHQW\ ZKHUHDV WKH &KLQHVH

 6LPLODU FRQVWUXFWLRQV DUH IRXQG LQ HJ $!  WHQD NKDOX SXQDU $MLWD VDPD\HQD WDV\D
EKDJDYDWD wVDQH YDUDSUDEKR QPD ERGKLVDWWYR nEKW RU 63 II
 
 %WK DQG &K GRFXPHQW WKDW WKLV SDUW  WHu ERGKLVDWWYQP DQXJUDK\DSDUL ZDV
IRXQG DW WKH HQG RI WKH ILUVW VHQWHQFH ,W FRXOG WKHUHIRUH EH FRPELQHG ZLWK WKH IROORZLQJ XQLW VR
GLG

%WK &K HYHQ DVVRFLDWHV WKH ILUVW VHQWHQFH ZLWK SDUWV RI WKH IROORZLQJ XQLW

DQXJUDKD DQG SDULJUDKD &K KDV VLPSO\

WKLQN >RI WKHP@"p

 oWR SURWHFW >WKHP XQGHU KLV VKHOWHU DQG@ WR

 )RU

 
 
 

 

&K UHDGV oIRU ILIW\ JUHDW NDOSDVp 

)RU nGXJ

D\JKP FW LQ * FI Q 

&K o0DK\QD VWUD >FDOOHG@ 7DWKJDWDJDUEKDp 

$V LQ % DOVR KHUH WKH OLVWV YDU\ DFFRUGLQJ WR WKH YHUVLRQV DQG LW LV LPSRVVLEOH WR GHFLGH RQ

WKH RULJLQDO IRUP RI WKH 6NW $V XVXDO

&K LV YHU\ VKRUW oQXPEHUOHVV FDXVHV >DQG@ KXQGUHGV RI

 , GR QRW NQRZ ZKDW LV PHDQW ZLWK oFDXVHVp FI DOVR

WKRXVDQGV RI VLPLOHVp 

63 EHORZ KHWXNUDD %WK ODFNV D FRXQWHUSDUW IRU GKDUPD ZKLFK DSSHDUV

LQ ERWK 7LE DQG &K , DP QRW VXUH LI %WK UWVD ED RU EUMRG SD IRU DEKLOSD" VKRXOG EH WDNHQ DV D
WUDQVODWLRQ RI QLUXNWL &K o ZLWK YDULRXV SKUDVHV GLVFHUQPHQW FRQFHUQLQJ WKH 'KDUPD
XQKLQGHUHG UHDGLQHVV LQ VSHHFK DVDJDSUDWLEKQD DQG KXQGUHGV RI WKRXVDQGV RI VLPLOHVp 
WKH FLWDWLRQV IURP WKH

 $V LQ % , VXJJHVW WKDW DOVR WKLV OLVW LV FORVHO\

FRQQHFWHG ZLWK WKH FRQFHSW RI

XS\DNDXwDO\D 6LPLODU HQXPHUDWLRQV FDQ EH IRXQG LQ WKH $! HJ

>2
DGGV
QQ@YLYLGKRS\DNDXwDO\DMQDGDUwDQDJGVWMTCCQLUGHwDQUDPEDD
PKTWMVKSUDMDSWL > 
XKLCRVK 147 SUDMDSWL(  PPPKTWMVKQLUGHwDJKNRCQLUGHwDQD > 
PK
FCTtCPC( I PPDJKPKTJTC
>2 DGGV QQ@QLUGHwDYLYLGKDJGVW
MTCC
PKFCTtCPUDPEDD
>2 DGGV QQ@PKTWMV[
XS\DNDXwDO\D &I DOVR 7861 4 Dr  7  Dr DQG 7 

I

Fr ZKHUH D JURXS RI ERGKLVDWWYDV LV VDLG WR WHDFK WKH VDPH ODZ GKDUPDW RI WKH 7DWKJDWD
LQ WKH IROORZLQJ WHUPV

 WKDPV FDG QD nDQJ GH E]KLQ JVKHJV SDnL PQJDn PL nSKURJV SDnL FKRV Q\LG

VUJKI nGL GDJ Q\LG GDQJ \L JH nGL GDJ Q\LG GDQJ 

PIGU RCkK VUJKI OPIQP RCT DUITWD RC

Q\LG N\LV GRQ nGL Q\LG DTLQF GH OKDJ WVKDG PHG SDU EUMRG GR 


nGL GDJ

DWRPLFVL]HG GXVW RI WHQ EXGGKDILHOGV XQGHUVWRRG >WKLV 'KDUPD@ HDVLO\

 
DOSDNFFKUDp
>+ )RXU ERGKLVDWWYDV GR QRW DWWDLQ DZDNHQLQJ@

o9DMUDPDWL LQ WKLV >FRQQHFWLRQ@ WKH URRWV RI YLUWXH NXwDODPOD >RI@ DOO WKH
ERGKLVDWWYDV ZKR KHDUG WKLV 'KDUPD GLVFRXUVH >FDOOHG@ 7DWKJDWDJDUEKD >RU@
HYHQ DQWDwD RQO\ WKH WLWOH 7DWKJDWDJDUEKD VXFFHVVLYHO\ DQXSUYHD
FDPH WR PDWXULW\ 7KHQ LQ VXFK D ZD\ WKDW WKH PDUYHORXV PDQLIHVWDWLRQ RI WKH
H[FHOOHQW TXDOLWLHV >RI WKHLU EXGGKDILHOGV@ FRQIRUPHG WR WKHLU >URRWV RI YLUWXH
WKHVH ERGKLVDWWYDV@ DWWDLQHG VXSUHPH DQG SHUIHFW DZDNHQLQJsDSDUW IURP IRXU

ERGKLVDWWYD
V

PDKVDWWYD

9DMUDPDWL LI \RX WKLQN WKDW WKHQ DW WKDW WLPH WKH ERGKLVDWWYD

$QDQWDUDwPL ZDV VRPHERG\ RWKHU >WKDQ \RXUVHOI \RX@ VKRXOG QRW VHH LW WKLV
ZD\ 9DMUDPDWL \RX \RXUVHOI ZHUH WKHQ DW WKDW WLPH WKH ERGKLVDWWYD
$QDQWDUDwPL :KR DUH WKH IRXU ERGKLVDWWYDV ZKR XQGHU WKH UXOH RI WKDW
H[DOWHG RQH  KDYH QRW DWWDLQHG VXSUHPH DQG SHUIHFW DZDNHQLQJ WR
EXGGKDKRRG XS XQWLO WRGD\" 7KH IRXU DUH WKH ERGKLVDWWYDV 0DMXwU
0DKVWKPDSUSWD $YDORNLWHwYDUD DQG \RX \RXUVHOI 9DMUDPDWL
9DMUDPDWL WKLV 'KDUPD GLVFRXUVH >FDOOHG@ 7DWKJDWDJDUEKD
LV WKXV RI

JUHDW EHQHILW VLQFH OLVWHQLQJ >WR LW OHDGV@ LPPHGLDWHO\ WR WKH UHDOL]DWLRQ RI

EXGGKDMQD IRU ERGKLVDWWYDPDKVDWWYDVp

EXGGKDNQRZOHGJH 

>,@

7KHQ DW WKDW WLPH WKH ([DOWHG 2QH XWWHUHG WKHVH YHUVHV

 

,QVWHDG RI WHQ EXGGKDILHOGV

&K

WDWKJDWDnV YRLFH LV KHDUG 

ZRUOG V\VWHPV &K GRHV



6NW

KDV D KXQGUHG WKRXVDQG EXGGKDILHOGV LQ ZKLFK WKH



&K

VSHDNV RI KXQGUHGV RI WKRXVDQGV RI NRLV RI

QRW PHQWLRQ WKDW WKH ERGKLVDWWYDV DWWDLQ XQGHUVWDQGLQJ

)RU WKH H[SUHVVLRQ \RQ WDQ ENRG SD GH nGUD ED Q\LG GX %WK nGL nGUD EDnL \RQ WDQ PDQJ SRV

JXDY\KD FI

%+6'

VY

Y\KD  , WDNH Q\LG GX WR EH WKH UHQGHULQJ RI WKH LQVWUXPHQWDO

&K UHDGV o HDFK DWWDLQHG

 &K GRHV QRW

FDVH RI DQ DEVWUDFW QRXQ 

WD\ RU WYHQD oLQ VXFK D ZD\ WKDWp

SHUIHFW DZDNHQLQJ LQ D GLIIHUHQW >EXGGKD@ILHOGp 

PHQWLRQ WKH URRWV RI YLUWXH KDV QR HTXLYDOHQW IRU JXDY\KD RU WKH GLIIHUHQW EXGGKDILHOGV DQG
GRHV QRW DGG WKH KHDULQJ RI RQO\ WKH WLWOH RI WKH VWUD ,QVWHDG WKH SURSDJDWLRQ DQG SUHVHUYDWLRQ RI
WKH VWUD DORQJ ZLWK WKH SUDFWLFH DFFRUGLQJ WR LWV WHDFKLQJ DUH PHQWLRQHG 



$! II V\W NKDOX SXQDV WH  NNu   DQ\D VD WHQD NOHQD
QD NKDOX SXQDU HYD
GUDuDY\D  WDW NDV\D KHWR   WYDP HYD  QPD ERGKLVDWWYR nEKW
)RU D VLPLODU SDVVDJH VHH

WHQD VDPD\HQD 9DUDSUDEKR QPD ERGKLVDWWYR PDKVDWWYR nEKG  

7KH VSHFLILFDWLRQ oXQGHU WKH UXOH RI p LV PLVVLQJ LQ &K o5XOHp IRU wVDQD FRXOG LQ WKHVH
FDVHV DOVR EH UHSODFHG E\ oWHDFKLQJp

 )RU WKLV ODVW VHQWHQFH FI $! r FLWHG LQ =LPPHUPDQQ   ,PPHGLDWHO\


EHIRUH WKLV SDVVDJH ZKLFK HPSKDVL]HV WKH EHQHILW RI WKH 7*6

LW

LV

VSRNHQ

DERXW

WKH

IRXU

ERGKLVDWWYDV ZKR FRXOG QRW DWWDLQ DZDNHQLQJ ,Q WKDW SRVLWLRQ WKLV ILQDO VHQWHQFH LV WKXV VRPHKRZ
FRQWUDGLFWRU\ $OVR LQ WKH SDVVDJH LQ WKH

63

WKH SDVVDJH DSSHDUV DW WKH HQG RI D SURVH VHFWLRQ

7KHUH KRZHYHU LW IROORZV XSRQ WKH GHVFULSWLRQ RI WKH DWWDLQPHQW RI DZDNHQLQJ E\ D ODUJH JURXS RI

SHUVRQV 7KH LQFRQFOXVLYH DUUDQJHPHQW RI WKH SDVVDJH LQ WKH 7*6 FRXOG GRFXPHQW WKH VWUDWHJ\ RI
WKH DXWKRUV WR IROORZ FORVHO\ WKH PDLQ VWUXFWXUH RI WKH SDUDOOHO LQ WKH 63 ZLWKRXW SD\LQJ VXIILFLHQW
DWWHQWLRQ WR GLIIHUHQFHV LQ FRQWHQW
 &K GRHV QRW UHIHU WR WKH ERGKLVDWWYDV ,QVWHDG RI EXGGKDNQRZOHGJH LW PHQWLRQV WKH

DZDNHQLQJ WR EXGGKDKRRG 

 2QO\ WKH 7LEHWDQ YHUVLRQV VWUHVV WKH LPPHGLDWH UHVXOW RI OLVWHQLQJ WR WKH VWUD :KHUHDV 7LE
FRXOG DOVR EH LQWHUSUHWHG DV oMXVW E\ OLVWHQLQJp WKRV SD VUCO J\LV %WK XVHV PD WKDJ WX LQ D FOHDU

PWUHD

WHPSRUDO VHQVH 7KH 6NW SUREDEO\ KDG D FRQVWUXFWLRQ ZLWK



>@

>@

o,Q WKH SDVW HQGOHVV FRVPLF F\FOHV DJR WKH H[DOWHG RQH

>6DG@SUDPXNWDUDwPL DSSHDUHG )URP VXFK OLJKW EHLQJ HPLWWHG IURP

KLV ERG\ P\ULDGV RI >EXGGKD@ILHOGV FDPH WR EH LOOXPLQDWHGp
o$W WKDW WLPH ULJKW DIWHU >WKDW@ YLFWRULRXV RQH KDG DWWDLQHG FRPSOHWH

DZDNHQLQJ
WKH
ERGKLVDWWYD $QDQWDUDwPL DVNHG WKDW VXJDWD
YLFWRULRXV RQH DQG PDVWHU



>IRU WKLV GLVFRXUVH DQG WKH ODWWHU WKHQ@

SHUIHFWO\ >DQG@ ZLWKRXW SDXVH H[SODLQHG WKLV VWUDp

>@

o$OO WKRVH ZKR KDSSHQHG WR KHDU WKLV VWUD SHUVRQDOO\ IURP WKH OHDGHU

XQGHU WKH UXOH wVDQD RI WKDW >VDPH@ YLFWRULRXV RQH TXLFNO\ DWWDLQHG
QREOH DZDNHQLQJsDSDUW IURP IRXU ERGKLVDWWYDVp

>@

>@

o0DKVWKPDSUSWD $YDORNLWHwYDUD >DQG@ WKLUG WKH ERGKLVDWWYD

0DMXwU $QG \RX \RXUVHOI 9DMUDPDWL DUH WKH IRXUWK $W WKDW WLPH WKH\
>DOO@ KHDUG WKLV VWUDp
o7KH ERGKLVDWWYD $QDQWDUDwPL ZKR DW WKDW WLPH KDG TXHVWLRQHG WKH
YLFWRULRXV RQH >DERXW WKH 7DWKJDWDJDUEKDVWUD DQG ZKR@ KDG EHHQ
WDPHG E\ WKDW >VDPH YLFWRULRXV RQH@

9DMUDPDWL ZDV DW WKDW WLPH \RXUVHOIp





>@



VXJDWD

o, WRR ZKHQ >,@ IRUPHUO\ SUDFWLFHG WKH SDWK >RI D ERGKLVDWWYD@



VXJDWD 6LKDGKYDMD
>$QG@ KDYLQJ KHDUG >LW@ ZLWK DSSUHFLDWLRQ >,@ UDLVHG P\ MRLQHG
SDOPVp

KDSSHQHG WR KHDU WKH WLWOH RI WKLV VWUD IURP WKH

$V DOUHDG\ LQ WKH SURVH RI % FI P\ Q WKHUH WKH WUDQVODWLRQ RI nGL nGUD

SUREOHPDWLF %RWK &KLQHVH YHUVLRQV KDYH



s>WKLV@ VRQ RI D

&K oLQQXPHUDEOH ILHOGVp 

LQ WKLV SDVVDJH LV

LQVWHDG

&K oZRUOGV KXQGUHG WKRXVDQGV RI NRLV >LQ QXPEHU@p



, WDNH ULJ WR EH D VKRUW IRUP IRU DEKLVDEXGGKD FI &K

 %WK FKXG $OWHUQDWLYHO\ ULJ
FRXOG DOVR EH D PLVWDNH IRU UHJ 6NW VSwDWL LQ WKH FRPPRQ IRUPXODWLRQ ERGKL VSwDWL FI HJ

63, VY VSw 7KRJ PDU SUREDEO\ UHQGHUV SUDWKDPDP FI Q  DERYH oULJKW DIWHUp


G%DQJ LV KHUH SUREDEO\ VKRUW IRU GEDQJ 43  LQGUD RU VRPHWKLQJ VLPLODU &K


 :LWK WKH YDULDQW ODV LQVWHDG RI OD , IQ  WKH WH[W VKRXOG EH XQGHUVWRRG DV IROORZV

RIp 7KDW WKLV FDQ KDUGO\ EH WKH

RULJLQDO VHQVH RI WKH SGD LV DWWHVWHG E\ &K
 o$W WKH WLPH RI WKDW EXGGKDp DQG WKH

SDUDOOHO LQ WKH SURVH + EFRP OGDQ nGDV GHnL EVWDQ SD NC &K

o$OO WKRVH ZKR KDSSHQHG WR KHDU WKLV VWUD IURP WKH WHDFKLQJV

 2QO\ LQ

7LE WKH OHDGHUV DUH PHQWLRQHG %WK GUDQ SD WR EH HPHQGHG" ,QVWHDG RI PQJRQ VXP

SUDW\DNuD %WK KDV PQJRQ GX ED &K

 VHHPV WR UHQGHU VLPSO\

VDNwW DQWLNW RU

o7KRVH >ZKR@ HQFRXQWHU WKH YLFWRULRXV RQH >DQG KHDU@p

VRPHWKLQJ VLPLODU &K

, WDNH GEDQJ E\DV WR EH D VKRUW IRUP IRU GEDQJ GX E\DV SD UHQGHULQJ YDwNWD RU

GKLSDWH\DSDW\D

FI

%WK GEDQJ po

,Q ) $QDQWDUDwPL LV VDLG WR DSSHDU XQGHU WKH UXOH

wVDQD RI WKH WDWKJDWD 6DGSUDPXNWDUDwPL 7KH H[SUHVVLRQ ZLWK

GKLSDW\D FRXOG ZLWK RWKHU

ZRUGV XQGHUOLQH WKLV VXSHULRU SRVLWLRQ RI WKDW WDWKJDWD 7DNDVDNL   RIIHUV DQRWKHU
LQWHUSUHWDWLRQ RI GEDQJ E\DV




o WKH VRQ RI D YLFWRULRXV RQH >ZKR@ DVNHG WKH VXJDWD DQG >E\ WKLV ZD\@ HPSRZHUHG WKDW
VWUDp +RZHYHU 7DNDVDNLnV LQWHUSUHWDWLRQ GRHV QRW FRUUHVSRQG WR &K ZKLFK ZLWK
UHIHUV

WR WKH ERGKLVDWWYD &K



LV ZLWKRXW DQ\ HTXLYDOHQW

&K o><RX@ 9DMUDPDWL EHLQJ KLP WKH IRUHPRVW >DPRQJ WKH ERGKLVDWWYDV@ WKH VRQ >ZLWK@

VXSHUQDWXUDO SRZHUV ZHUH DW WKDW WLPH FDOOHG m $QDQWDUDwPLn ZKR KDG DOUHDG\ TXHVWLRQHG IRU WKLV
VWUDp

&K FRQVLVWV RQO\ RI WKUHH SGDV RPLWWLQJ WKH SGD ZKLFK VWDWHV WKDW WKH ERGKLVDWWYD KDG

TXHVWLRQHG ZLWK UHIHUHQFH WR WKH VWUD

V3\DG SD VS\RG SD PD\ UHIHU WR WKH SUDFWLFH RI D ERGKLVDWWYD GLUHFWHG WR VXSUHPH

DZDNHQLQJ DV LV WKH FDVH LQ $!  DQFJKUCVVXCFDU\ FDUDQWX RU 63   ,;;G


\\D KL FDU\ FDUDWKITCDQFJC[G   FI

 oWR SUDFWLFH WKH KLJKHVW SDWKp
&K


DOVR

%+6' VY FDUL &K

 oWR VHDUFK WKH SDWKp

&K PHQWLRQV WKH VWUD LWVHOI DQG QRW LWV WLWOH ZKLFK WKH QDUUDWRU KDG DWWDLQHG IURP WKH

EXGGKD 6LKDGKYDMD $V LQ LWV SURVH + &K



WKHQ VWDWHV WKDW LW ZDV WDXJKW DQG SUDFWLFHG

>@

>$

o%\

WKRVH ZHOOGRQH GHHGV  , TXLFNO\ DWWDLQHG QREOH DZDNHQLQJ

7KHUHIRUH ZLVH ERGKLVDWWYDV VKRXOG DOZD\V OHDUQ WKLV H[FHOOHQW
VWUDp

|QDQGD

TXHVWLRQV

SHUIHFWLRQ@

WKH

%XGGKD

DOSDNFFKUD

GHHGVp

SXULILHG

DERXW

WKH

OHQJWK

RI

WLPH

WLOO

9DMUDPDWL >ZKHQ@ VRQV DQG GDXJKWHUV RI JRRG IDPLO\ ZKR DUH UHVWULFWHG E\
REVWDFOHV >FDXVHG E\ WKHLU@ GHHGV NDUPYDUDD OLVWHQ WR WKLV 'KDUPD
GLVFRXUVH >FDOOHG@ 7DWKJDWDJDUEKD >DQG ZKHQ WKH\@ VKRZ XGGLwDWL UHFLWH
VYGK\\DWL RU WHDFK >LW WKHQ@sZLWK UHJDUG WR OLVWHQLQJ WR WKLV 'KDUPD
GLVFRXUVH VKRZLQJ >LW@ UHFLWLQJ >LW@ H[SODLQLQJ >LW@ DQG FRS\LQJ >LW@sWKH\
ZLOO DOO VHHLQJ WKH 'KDUPD EHIRUH WKHLU H\HV  SUDW\DNuD HDVLO\

EHFRPH

>IURP@

WKH

REVWDFOHV

>FDXVHG

E\

WKHLU@

7KHQ WKH YHQHUDEOH |QDQGD DVNHG WKH ([DOWHG 2QH WKH IROORZLQJ
o([DOWHG 2QH >DV IRU@ WKRVH VRQV DQG GDXJKWHUV RI JRRG IDPLO\ ZKR DUH QRW
UHVWULFWHG E\ REVWDFOHV >FDXVHG E\ WKHLU@ GHHGV DQG >ZKR@ DSSO\ >WKHPVHOYHV@
 SUD\XM\DWH WR WKLV 'KDUPD GLVFRXUVH IURP KRZ PDQ\ EXGGKDV H[DOWHG
RQHV >GR WKH\ SUHVHUYH@ H[SRVLWLRQV RI WKH 'KDUPD DV >SHUVRQV RI@ JUHDW

OHDUQLQJ  EKXwUXW\HQD VR WKDW >WKH\@ EHFRPH SHUIHFWHG QLU\WD"p

DFFRUGLQJ WR WKH VWUD 7KH YHUVH  GLIIHUV IURP WKH FRUUHVSRQGHQW SURVH DV WKH QDUUDWRU QDPHO\
WKH %XGGKD VSHDNV DERXW KLPVHOI DQG QRW DERXW WKH ERGKLVDWWYDV

DQG &K
DUH EDVHG RQ WKH WHUP NXwDODPOD .XwDODPOD DSSHDUV DOVR LQ
&K
WKH SDUDOOHO SURVH + RI 7LE %WK DQG &K




$V LQ WKH SUHFHGLQJ YHUVH &K PHQWLRQV WKH QHFHVVLW\ WR WHDFK WKH VWUD LQ DGGLWLRQ WR LWV

SUHVHUYDWLRQ 

 7KH ERGKLVDWWYDV DUH QRW FKDUDFWHUL]HG DV oZLVHp

&K

 KRZHYHU VSHDNV RQO\ RI

 DQG GRHV QRW PHQWLRQ WKH ERGKLVDWWYDV ,Q RUGHU WR DWWDLQ DQ HYHQ QXPEHU RI SGDV

WKH ZLVH 

&K KDG WR ILW F DQG G LQWR RQH SGD ZKLFK SUREDEO\ OHG WR WKH RPLVVLRQ RI oERGKLVDWWYDVp

6HFWLRQV $ DQG % DUH PLVVLQJ LQ &K


 7KH EDVLF VWUXFWXUH RI WKLV SDVVDJH UHPDLQV REVFXUH LQ WKH 7LEHWDQ , WKHUHIRUH IROORZ

&K ZKLFK FOHDUO\ PDUNV WKH VHFRQG HQXPHUDWLRQ RI SURSDJDQGLVWLF PHDVXUHV DV WKH UHDVRQ IRU WKH


SXULILFDWLRQ IURP WKH REVWDFOHV

 )RU D GHWDLOHG FRPSDULVRQ RI WKH SDVVDJH
WUDQVPLWWHG LQ WKH 7DER PDQXVFULSW $ DQG WKH RWKHU UHSUHVHQWDWLYHV RI 7LE FI P\ VHFWLRQ & 
&K VHHPV WR EH EDVHG RQ XGJKWL   LQVWHDG RI XGGLwDWL +RZHYHU FRPELQDWLRQV RI IRUPV
RI XGGLw DQG VYGK\ DUH IRXQG IUHTXHQWO\ LQ HJ WKH 63 FI 63, VY XGGHwDVYGK\\D HWF IRU
WKH WUDQVODWLRQ
IRU XGGHwD FI <%K, VY
IRU XGGHwD DQG
IRU XGGHwD
VYGK\\DGHwDQwDEGD 7KH WUDQVODWLRQV RI XGGLwDWL DV OXQJ QRG oWR UHFHLYH LQVWUXFWLRQVp
DQG
oWR UHFHLYH DQG NHHSp VWUHVV WKH UHFHLSW RI WKH WHDFKLQJ 7KLV ZRXOG ILW YHU\ ZHOO LQWR
WKH VHTXHQFH mUHFHLYLQJ XGGLwDWL r UHFLWDWLRQ r WHDFKLQJn LQ WKH WH[W DERYH ,Q &3' VY XGGLVDWL
WKH IROORZLQJ PHDQLQJ LV PHQWLRQHG o E HVS WR SRLQW DW VRPHERG\ DV RQHnV WHDFKHU
DFNQRZOHGJH VRPHERG\ DV VSLULWXDO PDVWHUp 6KRXOG ZH WKXV WUDQVODWH XGGLwDWL DV oWR
DFFHSWDGRSW >WKH VWUD DV DQ DXWKRULW\@p"
 7KH SRVLWLRQ RI GH GDJ N\DQJ $ EHWZHHQ FKRV DQG PQJRQ VXP GX nJ\XU LV GLVWXUELQJ
%WK KDV QR HTXLYDOHQW IRU LW
 3UDW\DNuD LQ WKLV FRQWH[W FRXOG PHDQ WKH GLUHFW H[SHULHQFH RU YLVLRQ RI WKH WDWKJDWD LQ DOO

OLYLQJ EHLQJV &K
 :KLOVW

&K 

7LE LV VSHDNLQJ RI WKH SXULILFDWLRQ E\DQJ ED IURP WKH REVWDFOHV %WK ]DG SD DQG DOVR

 KDYH WKHLU

GHVWUXFWLRQ

SDU OK nJ\XU GRHV QRW PDNH VHQVH ,Q &K D QHJDWLRQ LV

QRW IRXQG %WK KDV DQ LQVHUWLRQ    ZKLFK UHQGHUV D QHJDWLRQ UHDVRQDEOH DQG FRXOG ZHOO EH
DQ RULJLQDO HOHPHQW ODV N\L EVJULE SD EVJULEV SDV  GH E]KLQ JVKHJV SDnL VQ\LQJ SR FKRV J]KXQJ
nGL Q\DQ SD GDQJ  7832 SDU GDQJ  NKDGRQ GX EJ\LV SDV  ODV EVJULE SDV  EVJULE SD PD PFKLV


 7KH QHJDWLRQ LQ $ EVJULEV

SDU J\XU WR 

o WKRVH  UHVWULFWHG E\ REVWDFOHV  EHFRPH XQUHVWULFWHG E\ REVWDFOHV  WKURXJK

OLVWHQLQJ WR WKLVp

%WK WKHQ FRQWLQXHV o7KH RQH ZKR EHFRPHV SHUIHFWHG nE\XQJ ED WKURXJK WKLV


7KH ([DOWHG 2QH VDLG

o|QDQGD WKHUH DUH VRQV DQG GDXJKWHUV RI JRRG IDPLO\ DV ZHOO ZKR DUH
>DOUHDG\@ SHUIHFWHG RQ DFFRXQW RI KDYLQJ SUHVHUYHG H[SRVLWLRQV RI WKH 'KDUPD

IURP D KXQGUHG EXGGKDVp
>% 3HUIHFWLRQ WKURXJK SUHVHUYLQJ H[SRVLWLRQV RI WKH 'KDUPD IURP P\ULDGV
RI EXGGKDV@

|QDQGD >EXW@ WKHUH DUH DOVR VRQV DQG GDXJKWHUV RI JRRG IDPLO\ ZKR DUH >RQO\@
SHUIHFWHG RQ DFFRXQW RI KDYLQJ SUHVHUYHG H[SRVLWLRQV RI WKH 'KDUPD IURP WZR
KXQGUHG EXGGKDV WKUHH KXQGUHG IRXU KXQGUHG ILYH KXQGUHG RQH WKRXVDQG
WZR WKRXVDQG WKUHH WKRXVDQG IRXU WKRXVDQG ILYH WKRXVDQG VL[ WKRXVDQG
VHYHQ WKRXVDQG HLJKW WKRXVDQG QLQH WKRXVDQG WHQ WKRXVDQG RU D KXQGUHG
WKRXVDQG EXGGKDV >RU@ HYHQ P\ULDGV RI EXGGKDV
|QDQGD D ERGKLVDWWYD ZKR SUHVHUYHV WKLV 'KDUPD GLVFRXUVH UHFLWHV
>LW@ SHUIHFWO\ WHDFKHV >LW@ LQ GHWDLO DOVR WR RWKHUV DQG SUHVHUYHV >LW@ DV D ERRN
VKRXOG EULQJ IRUWK WKLV WKRXJKW m, >ZLVK WR@ DWWDLQ VXSUHPH DQG SHUIHFW
DZDNHQLQJ DOUHDG\ QRZn +H LV ZRUWK\ RI WKH KRPDJH DQG YHQHUDWLRQ RI WKH
ZRUOG ZLWK >LWV@ JRGV KXPDQV DQG GHPRQV ,8:7, DV , >DP@ QRZp

>& +RPDJH WR WKH RQH ZKR KROGV WKH

$# LQ KLV KDQGV@

7KHQ DW WKDW WLPH WKH ([DOWHG 2QH XWWHUHG WKHVH YHUVHV

H[SRVLWLRQ RI WKH 'KDUPD ZLOO GHILQLWHO\  QL\DWDP

EH D >SHUVRQ@ RI JUHDW OHDUQLQJ DPRQJ WKH

QL\DWDP GRHV QRW DSSHDU LQ WKH

RWKHU YHUVLRQV ,W FRXOG EH D PLVWDNH IRU WKH SDUWLFOH NL\DW VLQFH WKHUH LV QR TXHVWLRQ H[SUHVVHG LQ
%WK 7KLV SDUW RI WKH WH[W LQ %WK FDQ KDUGO\ UHSUHVHQW WKH 6NW RULJLQDO DV WKH IROORZLQJ DQVZHU E\
EXGGKDV H[DOWHG RQHV DQG WHDFK WKH 'KDUPDp $ FRXQWHUSDUW IRU

WKH %XGGKD ZRXOG UHPDLQ ZLWKRXW TXHVWLRQ

 ,W VHHPV WKDW QDQGD ZKR XVXDOO\ LQ 0DK\QD VWUDV LV oRQO\p D wDLNuD

WKLQNV PDLQO\ RI

KLPVHOI ZKHQ LQTXLULQJ DERXW WKH QXPEHU RI EXGGKDV IURP ZKRP RQH VKRXOG FROOHFW 'KDUPD
H[SRVLWLRQV VLQFH WKH WHUP EKXwUXW\D LV XVXDOO\ FRQQHFWHG ZLWK KLP VHH 0338/ ,  %HVLGHV
KH LV RIWHQ HQWUXVWHG ZLWK WKH SUHVHUYDWLRQ RI DQ H[SRVLWLRQ DW WKH HQG RI LW 2Q WKH WHUP EKXwUXW\D
H[SUHVVLQJ WKH oSDVVLYH DVSHFWp RI WKH 0DK\QD LQLWLDWH VHH +DUULVRQ E [[[[L
 , WDNH

QJHV SDU nE\XQJ ED WR EH D WUDQVODWLRQ IRU QLU\WD FI %+6' VY %WK KDV nE\XQJ ED LQ

DOO LQVWDQFHV +HUH DQG LQ DOO IROORZLQJ SDVVDJHV &K GRHV QRW KDYH DQ\ HTXLYDOHQW IRU LW
 7KH SDVVDJH LQ &K o([DOWHG 2QH WKRVH VRQV DQG GDXJKWHUV RI JRRG >IDPLO\@ ZKR DUH
UHVWULFWHG E\  >XQGHU@ KRZ PDQ\ EXGGKDV H[DOWHG RQHV FDQ WKH\ LQFUHDVLQJO\ SUHVHUYH 
H[SRVLWLRQV RI WKH 'KDUPD DWWDLQ JUHDW OHDUQLQJ 

 DQG EHFRPH ERXQG 

SUD\RJD


WR

WKLV 'KDUPD GLVFRXUVH"p




.XQ WX E]XQJ ED LQ 7LE %WK nFKDQJ ED HPHQGHG IRU nFKDG SD FRXOG EH D WUDQVODWLRQ RI

VDJUDKD

oNHHSLQJ

EULQJLQJ

WRJHWKHU

FROOHFWLQJp

VDGKUDD

oKROGLQJ

WRJHWKHU

PDLQWDLQLQJp RU GKUDD oEHDULQJ KROGLQJp

 &K oQDQGD >WKHUH DUH@ VRQV DQG GDXJKWHUV RI JRRG >IDPLO\@ ZKR FDQ LQFUHDVLQJO\ SUHVHUYH
H[SRVLWLRQV RI WKH 'KDUPD XQGHU D KXQGUHG EXGGKDVp

7KH QXPEHU RI \HDUV GLIIHUV LQ WKH YHUVLRQV %RWK &K ,3/ %WK VSHDN RI  LQVWHDG RI

 DQG DJDLQ LQVHUW EHWZHHQ WKH QXPEHUV WKH VWDQGDUG SKUDVH RI WKH DWWDLPHQW RI SHUIHFWLRQ
GXH WR SUHVHUYLQJ H[SRVLWLRQV VR

%WK LQ &K VLPSO\

 ,Q

GLIIHUHQW IURP WKH 7LEHWDQ DQG DOVR IURP WKH VWDQGDUG SDWWHUQ LQ

&K WKH HQG RI WKH SDVVDJH LV

&K

EHIRUH o RU WKHUH DUH

P\ULDGV RI EXGGKDV XQGHU >ZKRP WKH\@ UHFHLYHG H[SRVLWLRQV RI WKH 'KDUPD >WR ZKLFK WKH\@
OLVWHQHG >DQG ZKLFK WKH\@ SUHVHUYHGp



7KH VHTXHQFH LQ

7DWKJDWDJDUEKD

&K

oQDQGD LI D ERGKLVDWWYD REWDLQV WKLV 'KDUPD >H[SRVLWLRQ FDOOHG@

ZULWHV >LW@ GRZQ UHFLWHV >LW@ SUHVHUYHV >LW@ UHIOHFWV DERXW LWV PHDQLQJ >DQG@

H[SODLQV >LW@ ZLGHO\ WR RWKHUV WKHQ WKDW ERGKLVDWWYD VKRXOG KDYH WKLV WKRXJKWp

/DFNLQJ WKH FRPSDULVRQ oDV , DP QRZp &K HQGV WKH VHFWLRQ LQ WKH IROORZLQJ ZD\ o$IWHU
WKH %XGGKD KDG VDLG WKLV >WKH RQORRNHUV@ ZHUH SOHDVHG >VKRXWLQJ@ m%UDYRnp


7KH LQWURGXFWLRQ WR WKH YHUVHV LQ &K GLIIHUV IURP WKH IRUPXODV EHIRUH E\ DGGLQJ


>@

:KHQ D ERGKLVDWWYD KDV KHDUG WKLV VWUD >KH@ WKLQNV

m, >ZLVK WR@ DWWDLQ WKH QREOH DZDNHQLQJn
+H LQ ZKRVH KDQGV WKLV VWUD LV IRXQG LV ZRUWK\ RI WKH KRPDJH RI WKH
ZRUOG DV , >DP QRZ@p



o>%HLQJ

>@

KLPVHOI@ D SURWHFWRU RI WKH ZRUOG ORNDQWKD >DQG@ WUDLQLQJ

>VHQWLHQW EHLQJV@ KH LV ZRUWK\ RI WKH SUDLVH SUDwDV\D >RI@ WKH OHDGHUV

Q\DND >DQG@ WUDLQHUV YLQ\DND 7KXV KH LQ ZKRVH KDQGV WKLV VWUD LV

IRXQG VKRXOG EH FDOOHG mNLQJ RI WKH 'KDUPDnp

>@

+H LQ ZKRVH KDQGV WKLV VWUD LV IRXQG LV ZRUWK\ RI EHLQJ ORRNHG XSRQ

>DV@ WKH EHVW RI PHQ SXUXuDUuDEKD >DV@ EHDUHU RI WKH ODPS RI WKH

'KDUPD  GKDUPRONGKULQ >DQG@ OLNH WKH IXOO PRRQ /LNH D SURWHFWRU


RI WKH ZRUOG >KH LV@ D IRXQGDWLRQ >ZRUWK\@ RI EHLQJ SDLG KRPDJHp
>' 'HOLJKW DQG SUDLVH RI WKH RQORRNHUV@

$IWHU WKH ([DOWHG 2QH KDG VSRNHQ WKXV WKH ERGKLVDWWYD 9DMUDPDWL WKH HQWLUH
PXOWLWXGH RI ERGKLVDWWYDV WKH JUHDW wUYDNDV WKH IRXU DVVHPEOLHV DQG WKH ZRUOG
ZLWK >LWV@ JRGV KXPDQV GHPRQV DQG FHOHVWLDO PXVLFLDQV ZHUH GHOLJKWHG DQG


SUDLVHG >ZKDW@ WKH ([DOWHG 2QH KDG VDLG

>+HUH@ HQGV WKH +RO\ 0DK\QD VWUD FDOOHG

7DWKJDWDJDUEKD

> 7LEHWDQ FRORSKRQ@

7KH ,QGLDQ PDVWHU lN\DSUDEKD DQG WKH 9HQHUDEOH *UHDW 5HYLVHU DQG 7UDQVODWRU
<H VKHV VGH KDYH H[HFXWHG >WKLV@ WUDQVODWLRQ DQG UHYLVHG DQG HVWDEOLVKHG >LW@
GHILQLWLYHO\


 ,Q

&K WKH FRPSDULVRQ ZLWK WKH %XGGKD KLPVHOI LV PLVVLQJ

&K FRQWLQXLQJ WKH YHUVHV  WLOO  o+DYLQJ KHDUG >WKLV VWUD@ DQG

 7KH ILUVW YHUVH KDOI LQ

SUDFWLFLQJ DV >LW@ ZDV WDXJKW >WKH ERGKLVDWWYDV@ EHFRPH EXGGKDV MXVW DV , >DP@ QRZp
 )RU D UHSHWLWLYH FRQVWUXFWLRQ VLPLODU WR WKH IRUPXODWLRQ o+H LQ ZKRVH KDQGV WKLV VWUD LV
IRXQGp    LQ D UHODWLYH FODXVH FI $! II  ;;     TXRWHG LQ
=LPPHUPDQQ  Q  7KHUH WKH DFW RI SUHVHUYDWLRQ RI WKH VWUD LV H[SUHVVHG ZLWK WKH YHUE
GKUD\DWL

7KH YHUVLRQV GLIIHU FRQVLGHUDEO\ 7LE UQDP SDU LQ SGD D FRXOG UHVXOW IURP D UHYLVHG UQDPV
DV LW LV VWLOO IRXQG LQ %WK &K o7KH RQH LQ ZKRVH KDQGV WKH VWUD FRPHV WKH EXGGKDV H[DOWHG RQHV
>DQG@ JUHDW OHDGHUV SUDLVH WKDW KXPDQ DV WKH KLJKHVW DPRQJ KXPDQV DQG FDOO >KLP@ mPRVW HPLQHQW

NLQJ RI WKH 'KDUPDnp &K o7KH RQH ZKR DWWDLQV WKLV VWUD LV FDOOHG mNLQJ RI WKH 'KDUPD RI WKH
EXGGKDVn %HLQJ WKHQ D SURWHFWRU RI WKH ZRUOG >KH@ LV SUDLVHG E\ WKH EXGGKDVp

 ,QVWHDG RI PL \L NK\X PFKRJ IRU SXUXuDUuDEKD &K
 %WK KDV EVUXQJ GHULYLQJ
 ORNMrC3 IRU WKH ZKROH H[SUHVVLRQ LQ SGD E RI 7LE
IURP WKH YHUE UDNuDWL" &K UHDGV


J1DV

LQ SGD G KDV QR HTXLYDOHQW LQ DQ\ RI WKH RWKHU WKUHH YHUVLRQV DQG FDQ KDUGO\ EH DQ

RULJLQDO HOHPHQW
 ,QVWHDG RI oZRUWK\ RI EHLQJ ORRNHG XSRQ OLNH WKH IXOO PRRQp &K KDV oVKLQLQJ OLNH WKH IXOO
PRRQp 
 &K UHSHDWV WKH VDPH VWDWHPHQW DV LQ WKH SUHFHGLQJ YHUVH LQVWHDG VWDWLQJ WKDW

WKH SHUVRQ LV FDOOHG D GKDUPDUMDQ




&K ,//8 PDKVDWWYD

7KH VHQWHQFH DSSHDUV LQ VOLJKWO\ PRGLILHG IRUPV DW WKH HQG RI PDQ\ 0DK\QD VWUDV FI

HJ 63 r .SX r 6XY II 6XNK II 7KH UHFRQVWUXFWHG 6NW RI WKH 7*6
PD\ EH LGDP

DYRFDG

EKDJDYQ

WWDPDQ

9DMUDPDWLU

ERGKLVDWWYD

VD

FD

VDUYYQ

ERGKLVDWWYDJDDV WH FD PDKwUYDNw FDWDVUDw FD SDUuDGD VDGHYDPQXuVXUDJDQGKDUYDw FD

ORNR EKDJDYDWR EKuLWDP DEK\DQDQGDQQ LWL  &K

JDQGKDUYDV

,QVWHDG LW KDV

XQPHQWLRQHG



GRHV QRW PHQWLRQ WKH IRXU DVVHPEOLHV DQG WKH

&K WKH PDKwUYDNDV UHPDLQ

DW WKH HQG RI WKH HQXPHUDWLRQ ,Q

7KH FRORSKRQV DUH GLVFXVVHG LQ VHFWLRQ & 



3DUW,,

&ULWLFDO DQG 'LSORPDWLF (GLWLRQV

RI WKH
6CVJICVCICTDJCUVTC

& 7KH 7H[WXDO 0DWHULDOV

7KH DSSHDUDQFH LQ WKH ODVW \HDUV RI VHYHUDO VWXGLHV GHDOLQJ ZLWK .DQMXU
PDQXVFULSWV DQG SULQWV PDNHV LW XQQHFHVVDU\ LQ WKH IROORZLQJ WR UHSHDW ZKDW
DOUHDG\ KDV EHHQ VWDWHG DERXW WKH KLVWRU\ RI WKH YDULRXV HGLWLRQV , ZLOO FRQFHQWUDWH
P\ UHPDUNV RQ WKH OHJLELOLW\ DSSHDUDQFH DQG RUWKRJUDSK\ RI WKH WH[WV )RU VWXGLHV
GHDOLQJ ZLWK WKH KLVWRU\ RI WKH .DQMXUV DQG IRU SDUWLFXODU FDVH VWXGLHV VHH WKH
SXEOLFDWLRQV RI %UDDUYLJ GH 5RVVL )LOLEHFN (LPHU +DKQ  +DUULVRQ ,PDHGD
6FKQHLGHU 6FKRHQLQJ 6LON 6NLOOLQJ DQG =LPPHUPDQQ  FLWHG LQ P\
ELEOLRJUDSK\
 ,QIRUPDWLRQ RQ WKH 7LEHWDQ 0DQXVFULSWV DQG ;\ORJUDSKLF (GLWLRQV
8WLOL]HG
G

 r 7KH 7DER 0DQXVFULSW )UDJPHQWV

7KH IUDJPHQWV RI WKH 7*6 DPRQJ WKH 7DER PDQXVFULSWV FRYHU DERXW  SHUFHQW
RI WKH ZKROH VWUD 7KH IUDJPHQWV DUH YHU\ OLNHO\ WR EH WKH ROGHVW DPRQJ WKH
7LEHWDQ PDWHULDOV XWLOL]HG LQ WKLV VWXG\ 6WHLQNHOOQHU VWDWHV WKDW oD FRQVLGHUDEOH
SRUWLRQp RI WKH  IROLRV DVVHPEOHG ZHUH ZULWWHQ LQ WKH HOHYHQWK DQG WZHOIWK
FHQWXULHV 7KH PDQXVFULSW RI WKH 7*6 LV FDUHIXOO\ ZULWWHQ LQ GEX FDQ KDQG ZLWK

RQO\ YHU\ IHZ PLVWDNHV HOHYHQ OLQHV WR D IROLR DQG LV QHDUO\ IUHH RI GDPDJH RI
WKH W\SH DIIHFWLQJ OHJLELOLW\ (YHU\ IROLR KDV WZR VWULQJ KROHV QHDU WKH FHQWHU RI
LWV OHIW DQG ULJKW KDOYHV HDFK ZLWK D GLDPHWHU RI DERXW ILYH OHWWHUV
7KH RUWKRJUDSK\ H[KLELWV SDUWLFXODULWLHV ZHOO NQRZQ IURP 'XQKXDQJ DQG
RWKHU 7DER PDQXVFULSWV
WKH \D EWDJV LQ DOO ZRUGV EHJLQQLQJ ZLWK P IROORZHG E\ WKH YRZHO L RU H
P\HG P\L HWF
WKH GD GUDJ HJ EVNDOG PNK\HQG J\XUG VWRQG EVWDQG nGUHQG VWVDOG
]KHQG VKDUG HWF
WKH PWKDn UWHQ nD PGRn nGUDn GSHn
RFFDVLRQDOO\ D UHYHUVHG JL JX
WKH VSHOOLQJ ODV VWVRJV SD IRU OD VRJV SD
LQ VRPH FDVHV FHQ LQVWHDG RI FKHQ
EDU LQVWHDG RI WKH UHJXODU SDU ZKHQ WKH SUHFHGLQJ V\OODEOH HQGV ZLWK Q
PQJRQ EDU OGDQ ED EUWVRQ ED \LQ ED EXW QHYHU LQ UNXQ SR PJRQ SR VQ\DQ
SD nWKRQ SD nGURQ SR FKHQ SR OMRQ SD RU nEURJ GJRQ SD
ED LQVWHDG RI WKH UHJXODU SD ZKHQ WKH SUHFHGLQJ V\OODEOH HQGV ZLWK P EFRP

ED ]KLP ED JVXP ED EXW QHYHU LQ GDP SD RU UQDP SDU
HJ

6WHLQNHOOQHU   )XUWKHU VHH WKH FRQWULEXWLRQV LQ 6FKHUUHU6FKDXE DQG 6WHLQNHOOQHU
 6WHLQNHOOQHU 

7KHVH DQG RWKHU DUFKDLF IHDWXUHV DUH DWWHVWHG IRU 'XQKXDQJ PDWHULDOV VHH HJ 7erjk 

+DUULVRQ D [[L Q  DQG 6FKRHQLQJ D I $V 6FKRHQLQJ KDV VKRZQ LQ KLV VWXG\ HVS
II  WKHUH LV QR KRPRJHQHLW\ LQ WKH 'XQKXDQJ PDWHULDOV UHJDUGLQJ WKHVH FKDUDFWHULVWLFV

:H WKHUHIRUH KDYH WR EH FDUHIXO QRW WR KDVWLO\ FRQFOXGH WKDW DOO IHDWXUHV DSSHDULQJ LQ WKRVH

PDWHULDOV DUH DUFKDLF 7KH WZR TXHVWLRQV ZK\ DQG ZKHQ LQ ROG PDWHULDOV WKH UHJXODU SD DIWHU ILQDO 

Q EHFRPHV ED DQG DOVR ZK\ ZH RIWHQ ILQG ED DIWHU ILQDO P GHILQLWHO\ GHVHUYH IXUWKHU
LQYHVWLJDWLRQ 7KDW WKHUH LV QRWKLQJ OLNH D VWDQGDUG IRU VSHOOLQJV DPRQJ WKHVH ROG PDQXVFULSWV DQG
WKDW HYHQ LQ RQH DQG WKH VDPH WH[W ZH ILQG GLIIHUHQW VSHOOLQJV LV DWWHVWHG E\ $ ZKLFK KDV EVNDOG SD


7KH DFFXUDF\ RI WKH VFULEH RI $ LV IXUWKHU FRQILUPHG E\ WKH IDFW WKDW DW WKH HQG RI
D VHQWHQFH LPPHGLDWHO\ EHIRUH WKH EHJLQQLQJ RI D QHZ YHUVH KH KDV HPSOR\HG D
WULSOH VKDG LQVWHDG RI WKH XVXDO Q\LV VKDG 7VKHJ LV DOZD\V VHW EHIRUH WKH VKDG
7KH JDS EHWZHHQ WKH

VKDG

DQG WKH IROORZLQJ OHWWHU LV RI DERXW RQH OHWWHU 7KH

DQXVYUDOLNH DEEUHYLDWLRQ IRU P LQ WKH ZRUGV

WKDV UQD UQDV VHV DQG nD )XUWKHU ZRUWK PHQWLRQLQJ LV WKH FRQWUDFWLRQ
 RI 0m VS\ WR
 DQG RI UWV 
RI WKH FOXVWHU VW 0 WR WKH KRUL]RQWDO OLJDWXUH
FRS\LVW PDGH VSRUDGLF XVH RI WKH

WR

LQ WKH KDQGZULWLQJ ZKHQHYHU WKHVH FRPELQDWLRQV DSSHDUV

 H 7KH %HUOLQ 0DQXVFULSW .DQMXU

7KH PDQXVFULSW .DQMXU NHSW LQ WKH 6WDDWVELEOLRWKHN LQ %HUOLQ GDWHV IURP  ,W
LV VDLG WR EH D FRS\ IURP D OLWKRJUDSK RI WKH <RQJOH
 RU :DQOL
HGLWLRQ  DQG WKXV SUHGDWHV WKH ZLGHO\ XVHG o2WDQL UHSULQWp ZKLFK LV D

SKRWROLWKRJUDSKLFDO UHSULQW RI WKH .DQJ[L
HGLWLRQ RI r

GEX FDQ DQG LV LQ H[FHOOHQW

7KH PDQXVFULSW LV EHDXWLIXOO\ ZULWWHQ LQ

FRQGLWLRQ (DFK IROLR KDV HLJKW OLQHV )URP WKH PLGGOH RI WKH ILIWK OLQH RQ IROLR
E WLOO WKH IROLR HQG WKH VFULSW LV ODUJHU DQG LQVWHDG RI UN\DQJ VKDG WKH
REYLRXVO\ GLIIHUHQW DQG VHHPLQJO\ LQH[SHULHQFHG FRS\LVW UHSHDWHGO\ XVHG WKH
Q\LV VKDG
$V KDV DOVR EHHQ FRQILUPHG E\ RWKHU VFKRODUV WKH QXPEHU RI PLVWDNHV LV
IDLUO\ KLJK :H ILQG
IUHTXHQW RPLVVLRQV

DEHUUDWLRQHV RFXOL

FRQIXVLRQ FRQFHUQLQJ YRZHOV

RUWKRJUDSKLF

FRQIXVLRQ

EHWZHHQ

QJ

DQG

G

WKRXJK

QJ

DQG

G

DUH

FOHDUO\ GLVWLQJXLVKDEOH LQ WKH VFULSW DQG

D ODUJH QXPEHU RI REYLRXV PLVUHDGLQJV RI OHWWHUV HJ

nMLI

IRU nMLO Q\LF IRU

Q\LN VWRF IRU VWRP WKDOV IRU WKDDV GDP IRU GUL PD PGRF IRU PGRI nGWP

IRU nGTGQ GSCP IRU GSGT nEXP IRU GEXO VKGU IRU VKKPI HWF

7KH ODVW WZR FDWHJRULHV LQ SDUWLFXODU VXJJHVW WKDW WKH WH[W ZDV QRW UHDG DORXG
ZKHQ ZULWWHQ GRZQ E\ WKH FRS\LVW EXW MXVW FRSLHG OHWWHU E\ OHWWHU WKXV DOORZLQJ
IRU PDQ\ VHQVHOHVV YDULDQWV
7KHUH DUH MXVW D IHZ LQVWDQFHV RI ODWHU FRUUHFWLRQV WR WKH ZULWLQJ $W WKH HQG
RI D OLQH ZH IUHTXHQWO\ ILQG ZRUGV ZLWK VXEVFULEHG OHWWHUV 7KH WVKHJ LV QHYHU VHW
EHIRUH VKDG 7KH JDS EHWZHHQ WKH WZR VKDGV RI D Q\LV VKDG DQG EHWZHHQ UN\DQJ
VKDG DQG WKH IROORZLQJ ZRUG LV RI DERXW RQH OHWWHU

* VHH DOVR +DUULVRQ D [[L ZKHUH IRU WKH '.3

EVNDO ED
VQ\DQG DUH FRQILUPHG )RU SDOHRJUDSKLF RUWKRJUDSKLF DQG SKRQHWLF SHFXOLDULWLHV LQ WKH

LQ $ DQG , EXW

VQ\DQ

DQG

LQ 

WKH IRUPV

7DER PDQXVFULSWV VHH DOVR 6WHLQNHOOQHU  I GH 5RVVL )LOLEHFN   7DXVFKHU 

II (LPHU  6FKHUUHU6FKDXE E DQG WKH FRQWULEXWLRQV LQ 6FKHUUHU6FKDXE DQG
6WHLQNHOOQHU  IRU RWKHU PDWHULDOV ZLWK DUFKDLF IHDWXUHV VHH 7DXEH  ZLWK DQ H[WHQVLYH
ELEOLRJUDSK\



6HH +DDUK  

,PDHGD   Q  VWDWHV WKDW LW LV PRUH OLNHO\ WKDW WKH %HUOLQ PDQXVFULSW LV EDVHG RQ D

:DQOL OLWKRJUDSK WKDQ RQ D OLWKRJUDSK RI WKH <RQJOH HGLWLRQ +H GRHV QRW SURYLGH XV ZLWK DQ\
UHDVRQ IRU KLV DVVHUWLRQ (LPHU PHQWLRQV ERWK SRVVLELOLWLHV   Q 



VJ H 7KH 1HZDUN 0DQXVFULSW .DQMXU IURP %DWKDQJ

%WK LV WKH RQO\ NQRZQ UHSUHVHQWDWLYH RI D VHSDUDWH SDUDFDQRQLFDO WUDQVODWLRQ RI
WKH

7*6

EHIRUH

-XGJLQJ IURP LWV WHUPLQRORJ\ DQG V\QWD[ LW PXVW KDYH EHHQ H[HFXWHG

WUDQVODWLRQV

EHFDPH

FRPSHQGLXPV OLNH WKH

09\

PRUH
DQG WKH

VWDQGDUGL]HG

IROORZLQJ

WKH

FRPSLODWLRQ

V*UD VE\RU EDP SR JQ\LV SD

RI

WKDW LV EHIRUH

WKH HDUO\ QLQWK FHQWXU\ 7KH DVVXPSWLRQ RI WKH VL[WHHQWK FHQWXU\ DV WKH RQH LQ

DQG GRHV QRW

FRQIOLFW ZLWK WKH RUWKRJUDSKLFDO IDFWV JLYHQ WKDW WKH HPSOR\HG RUWKRJUDSK\
H[KLELWV YHU\ IHZ DUFKDLF FKDUDFWHULVWLFV FL IRU ML VWVRJV LQ VRPH UDUH FDVHV WKH
XVH RI WKH PWKDn UWHQ nD GSHn IRU GSH nRJ .X \DQ -DG
ZKLFK

%WK

ZDV FRSLHG LV EDVHG RQ DUWKLVWRULFDO FRQVLGHUDWLRQV

7KH IROLRV ZHUH SUREDEO\ NHSW WRJHWKHU E\ WZR VWULQJV XS WKH PLGGOH RI WKH
OHIW DQG ULJKW KDOYHV RI WKH ERRN UHVXOWLQJ LQ EODFN VWULSHV H[WHQGLQJ IURP WKH WRS
WR WKH ERWWRP RQ WKH SKRWRV RI WKH IROLRV DQG UHQGHULQJ WKH DIIHFWHG OHWWHUV
XQUHDGDEOH :LWK WKH H[FHSWLRQ RI WZR HLJKWOLQHG SDJHV RQH UHFWR DQG RQH
YHUVR ERWK VLGHV RI DOO IROLRV FRQWDLQ QLQH OLQHV 7KH KDQGZULWLQJ /-: .,3 LV
VORSS\ DQG LUUHJXODU DQG KDV VRPH ODFXQDV 7KHVH ODFXQDV ZHUH SDUWO\ FDXVHG E\
WKH HUDVXUH RI OHWWHUV ,Q PRVW FDVHV KRZHYHU WKH\ DUH IRXQG ZKHUH WKH ERWWRP
SDUWV RI OHWWHUV IURP WKH OLQH DERYH FRQVXPH PXFK VSDFH VR WKDW OHDYLQJ WKH

SRVLWLRQ LQ WKH OLQH EHORZ HPSW\ PDGH IRU JUHDWHU OHJLELOLW\

$
EHIRUH
LV IRXQG LQ VHYHUDO FDVHV 7KH JDS DIWHU
DQG
oFRORQp VHH EHORZ LV LUUHJXODU EXW WHQGV WR FRUUHVSRQG WR WKH ZLGWK RI RQH RU
WZR OHWWHUV %HWZHHQ RU DIWHU WKH
 KRZHYHU WKHUH LV DOPRVW QR JDS 7KH

WH[W LV ULFK
WVKHJ

VKDG

VKDG

Q\LV VKDG

LQ FRQWUDFWLRQV

VN\DEVVX VN\HVVR NKDPVVX JUDQJVVX nJ\XUUR FKDJVVX UMHVVX

EWDJVVR VWDJJR EGDJJLV nGDVVX QDPPNKDn JQDVVR UQDPVVX
SK\RJVVX GEXVVX WVKLJVVX UG]RJVVR E]KXJVVR \RQJVVX ODJVVR
VKXQQL EVKDGGR JVXQJVVR

7KH XVH RI WKH DQXVYUDOLNH DEEUHYLDWLRQ IRU P LV H[WUHPHO\ FRPPRQ DQG
VXEVFULSWV DOVR DSSHDU :HOOHVWDEOLVKHG WHUPV DUH XVXDOO\ ZULWWHQ ZLWKRXW D
VHSDUDWLQJ

WVKHJ

EHWZHHQ WKH V\OODEOHV

VN\HVEX NKDWRJ NKDOR NKULJNKUDJ

QJRER QJRPWVKDU JWLPXJ VWLVWDQJ WKDGDG WKHWVRP UGRUMH UQDPSDU

SKDURO SK\LURO SKUDPR SKUDJVWRQJ E\DQJFKXE EORJURV PDULJ PHWRJ

UG]XnSKUXO ]KHVGDQJ nRG]HU \DQJGDJ \HVKHV UHUH VHPVGSDn

$EEUHYLDWLRQV DUH IRXQG VXFK DV

IRU

IRU
 6 VLF IRU
WKDG 

VEUDQJ UWVL  JVK\HV

VHPV GSDn

JVKHJV

VD \DV

WKDPV FDG VEUDUWVL

 DQG

VDQJV UJ\DV

VHGSDn

IRU
IRU

7KH WH[W FRQWDLQV UHSHWLWLRQV DQG RPLVVLRQV RI SDVVDJHV SDUWO\

FRUUHFWHG ODWHU E\ DGGLQJ WKH PLVVLQJ ZRUGV EHQHDWK RU DERYH WKH OLQH


, KDYH HOVHZKHUH GHVFULEHG WKH FKDUDFWHULVWLFV RI WKH 7*6

GHWDLO =LPPHUPDQQ  VHH HVSHFLDOO\ SS r




PDQXVFULSW IURP WKLV .DQMXU LQ

2OVRQ  

,Q VRPH FDVHV D ODFXQD LV IRXQG LQ WKH OLQH EHORZ ZRUGV ILUVW RPLWWHG E\ WKH VFULEH DQG ODWHU

DGGHG EHWZHHQ WKH OLQHV 7KLV GRFXPHQWV WKDW WKH QHZO\ FRPSOHWHG OLQH ZDV DW OHDVW SDUWLDOO\
FKHFNHG EHIRUH VWDUWLQJ ZLWK WKH QH[W OLQH

2QO\ WKRVH FRQWUDFWLRQV DUH FLWHG IRU ZKLFK REYLRXV UHDVRQV VXFK DV VKRUWDJH RI VSDFH DW WKH
HQG RI WKH OLQH FDQQRW EH IRXQG 7KH OHWWHU VXSSOLHG LQ EUDFNHWV LV RPLWWHG LQ WKH FRQWUDFWLRQ


6RPH OHVV ZHOOHVWDEOLVKHG FRPELQDWLRQV DOVR DSSHDU EVWHQWH E\DVWH ZLWK VXSHUVFULEHG V
PL]D DQG PLJJLV 7KH GDVK EHWZHHQ WKH V\OODEOHV PHUHO\ VHUYHV WR PDNH WKH ZRUGV PRUH UHDGDEOH
7KH PDQXVFULSW KDV HJ

HGGP PLJJLV



0LVVSHOOLQJV DUH QRW YHU\ FRPPRQ EXW FOHDUO\ H[FHHG WKH QXPEHU IRXQG LQ 4 RU
6 ,W LV WR EH QRWHG WKDW WKH DGGLQJ RU RPLWWLQJ RI ILQDO V LQ WKH XVH RI WKH SDUWLFOH
N\LV VHHPV XQUHIOHFWHG 2WKHU LUUHJXODULWLHV DUH

r WKH XVH RI WKH SDUWLFOHV M\L DQG M\LV DIWHU ILQDO Q P U DQG O WKH SURSRUWLRQ
RI WKH SDUWLFOH M\LV DJDLQVW WKH UHJXODU I\LV DIWHU WKH ILQDOV Q  DJDLQVW
I\LV ZLWK   P  U  O 
r FRQIXVLRQ EHWZHHQ ILQDO O DQG V RU U E\RN IRU E\RU GEXU IRU GEXN UXU IRU UXN
UJ\DN

IRU

UJ\DT JVHN

IRU

JVHT

FRQIXVLRQ EHWZHHQ SD DQG ED

r RPLWWLQJDGGLQJ RI VXEVFULEHG U VNRG IRU VN6RG EVNDG IRU EVN6DG SK6DJ IRU
SDJV VP6DG IRU VPDG
r YDULRXV VSHOOLQJV IRU WKH VDPH ZRUG NKXQJ DQG SKXQJ 1UDJV DQG .UDJV IRU
JUDQJV GN\LO PR IUXQJ DQG GN\LO PR FUXQJ IRU VN\LO PR MUXQJ FL WVH DQG FL
TWVH WKH WVRP DQG WKH TWVRP VPCP VPQF VPQP DQG VPTCF IRU VPDG UKO DQG
UWO DQG ILQDOO\
r YDULDQW VSHOOLQJV SRVVLEO\ FDXVHG E\ VDPH RU VLPLODU SURQXQFLDWLRQ 6I[C UJRG
r

IRU

D[C UJRG UJ\XQ SR IRU UNXQ SR EVJUXE IRU VEXEV QJDP IRU QJDQ JWRQJ IRU

PWKRQJ EOWHQ IRU EVWDQ VS\RG IRU EVN\RG nSKDJV IRU SDJV GEXV IRU GXV VKLQ
IRU VKLQJ

9HU\ FRPPRQ WKURXJKRXW WKH WH[W LV WKH HPSOR\PHQW RI WZR YHUWLFDOO\ DOLJQHG
GRWV UHVHPEOLQJ D FRORQ ZKHUH LQ RWKHU .DQMXUV D VKDG LV XVHG 7KH UN\DQJ VKDG
DSSHDUV RQO\ WZHOYH WLPHV WKURXJKRXW WKH ZKROH WH[W 7KH Q\LV VKDG WRR DSSHDUV

OHVV RIWHQ WKDQ LQ RWKHU .DQMXUV

nD
FKXQJ EHQHDWK $ERYH WKH SD WKHUH LV D PDUN UHVHPEOLQJ D SDUDOOHO GRXEOH nJUHQJ
EX 7KH VDPH IHDWXUH LV DWWHVWHG IRU 'XQKXDQJ PDWHULDOV VHH 6FKRHQLQJ E
,QVWHDG RI

SDnL

DW WKH HQG RI WKH OLQH ZH VRPHWLPHV ILQG

SD

ZLWK DQ


q

W r 7KH &LWDWLRQ LQ %X VWRQ 5LQ FKHQ JUXEnV &G D\JKP IUJGIU RCkK UP[KPI RQ

IUCN \JKPI OF\GU RCT D[GF RCkK TI[CP

7ZR VKRUW SDUWV RI WKH 7LEHWDQ &DQRQLFDO WUDQVODWLRQ RI WKH 7*6 DUH TXRWHG LQ WKH

'H E]KLQ JVKHJV SDnL VQ\LQJ SR JVDO ]KLQJ PG]HV SDU E\HG SDnL UJ\DQ D ZRUN E\
WKH IDPRXV 7LEHWDQ VFKRODU %X VWRQ 5LQ FKHQ JUXE r ILQLVKHG LQ





7KH WH[W , XWLOL]HG LV WKH UHSURGXFWLRQ RI D OLWKRJUDSK IURP EORFNV

SUHSDUHG LQ WKH \HDUV r LQ /KDVD 7KH ZULWLQJ LV LQ

/-: .,3 WKH OLWKRJUDSK

LV LQ H[FHOOHQW SK\VLFDO FRQGLWLRQ DQG KDV VHYHQ OLQHV SHU IROLR

 H 7KH 'HUJH .DQMXU 1\LQJPD (GLWLRQ

7KH 1\LQJPD UHSULQW GDWHV IURP WKH EHJLQQLQJ RI WKH V ,W LV VDLG WR EH D
UHSURGXFWLRQ RI WKH VRFDOOHG .DUPDSD HGLWLRQ ,Q WKH FDVH RI WKH 7*6 WKH


7KH VWDWLVWLFV WHVWLI\ WKH XVDJH RI WKH oFRORQp IRU  RI DOO SXQFWXDWLRQ PDUNV WKH VLPSOH

VKDG IRU RQO\ RQH SHUFHQW DQG WKH Q\LV VKDG IRU DERXW  7KH XVDJH RI WKH Q\LV VKDG LV ORZ

FRPSDUHG ZLWK LWV  UDWH LQ WKH

VHFRQG FDVH SUHFHGHG E\




7*6 RI WKH /RQGRQ .DQMXU 7KH VLPSOH VKDG LQ %WK LV LQ HYHU\

QD RU QDV

6HH 6H\IRUW 5XHJJ  

6HH 6NLOOLQJ  [[[YLLL DQG 6LON  



UHSULQWHG IROLRV DUH LGHQWLFDO WR WKH IROLRV RI WKH 7DLSHL HGLWLRQ ZLWK WKH RQO\

GLIIHUHQFHV EHLQJ WKDW LQ WKH 7DLSHL HGLWLRQ WKH 7LEHWDQ SDJLQDWLRQ DW WKH OHIW
ERUGHU RI WKH IROLR LV QRW IUDPHG DQG WKDW DW WKH ULJKW ERUGHU RI WKH IROLR QR
DGGLWLRQDO IUDPH LQ WKH 1\LQJPD UHSULQW FRQWDLQLQJ D QXPEHU DGGHG E\ WKH
HGLWRUV LV IRXQG ,Q JHQHUDO WKH 7DLSHL HGLWLRQ LV PRUH OHJLEOH WKDQ

nV ZHDN

SULQW ,W KDV EHHQ SRLQWHG RXW E\ 6LON  I DQG 6NLOOLQJ  [[[YLLL
WKDW WKH 1\LQJPD HGLWLRQ FDQQRW EH FDOOHG D SXUH UHSURGXFWLRQ RI WKH .DUPDSD
HGLWLRQ LQDVPXFK DV LW KDV EHHQ UHWRXFKHG LQ VHYHUDO SDVVDJHV DQG GDPDJHG
OHDYHV KDYH EHHQ UHSODFHG ZLWK WKH DLG RI SKRWRJUDSKV PDGH IURP WKH 'HUJH
HGLWLRQ RZQHG E\ +DUYDUG 8QLYHUVLW\ +DUYDUG<HQFKLQJ /LEUDU\ DQG E\ WKH

8QLWHG 6WDWHV /LEUDU\ RI &RQJUHVV LQ :DVKLQJWRQ '&

7KH .DUPDSD HGLWLRQ r LWVHOI LV D UHSURGXFWLRQ RI WKH 'HUJH
.DQMXU GHSRVLWHG LQ 5XPWHN 6LNNLP ZKLFK DFFRUGLQJ WR (LPHU  GLIIHUV
IURP WKH FRSLHV KHOG LQ WKH 8QLYHUVLW\ /LEUDU\ LQ &DPEULGJH DQG LQ WKH $FDGHP\
RI 6FLHQFHV RI WKH &]HFK 5HSXEOLF LQ 3UDJXH RQO\ LQ WHUPV RI LWV VXSHULRU
JUDSKLFDO TXDOLW\ EXW QRW LQ LWV ZRUGLQJ 7KH 'HUJH .DQMXU GDWHV EDFN WR 
,PDHGD  

LV YHU\ UHDGDEOH ZLWK VHYHQ OLQHV SHU IROLR ,W KDV DQ H[WUHPHO\ ORZ

5,
-, DUH KDUG WR GLIIHUHQWLDWH :LWKLQ WKH Q\LV VKDG DQG EHWZHHQ D VKDG DQG WKH
IROORZLQJ V\OODEOH WKHUH LV D JDS RI DERXW WZR OHWWHUV $ WVKHJ LV SODFHG EHIRUH
VKDG RQO\ DIWHU ILQDO QJ
QXPEHU RI VLQJOH YDULDQWV DQG QR DEEUHYLDWLRQV RU VXEVFULSWV 7KH V\OODEOHV
DQG

, r 7KH n-DQJ VD WKDP RU /LWKDQJ .DQMXU

7KH GDWH RI WKH FDUYLQJ RI WKLV .DQMXU KDV QRW EHHQ HVWDEOLVKHG ZLWK FHUWDLQW\
,PDHGD E   EDVHG RQ WKH &KLQHVH FRORSKRQ VXJJHVWV WKH SHULRG
IURP  WR  DV WKH WLPH RI LWV SURGXFWLRQ ZKLOH 6DPWHQ  I
DUJXHV LQ IDYRU RI WKH \HDUV  WLOO 
7KH TXDOLW\ RI WKH PLFURILOP , REWDLQHG LV YHU\ SRRU 7KH OHWWHUV DUH
VRPHWLPHV KDUGO\ UHFRJQL]DEOH DJDLQVW WKH GDUN EDFNJURXQG LQ RWKHU FDVHV ERWK
EDFNJURXQG DQG OHWWHUV DUH WRR OLJKW ,Q JHQHUDO WKH OHWWHUV DUH QRW YHU\ FOHDU SD
DQG ED DORQJ ZLWK QJD DQG GD EHLQJ IRU WKH PRVW SDUW QRW GLIIHUHQWLDEOH ,Q PDQ\
FDVHV LW LV DOVR LPSRVVLEOH WR GHFLGH ZKHUH WKH WVKHJ LV SODFHG DQG KHQFH ZKHUH
WKH V\OODEOHV VKRXOG EH VSOLW
7KH IROLRV KDYH HLJKW OLQHV 7KH JDS ZLWKLQ WKH Q\LV VKDG RU EHWZHHQ D
UN\DQJ VKDG DQG WKH IROORZLQJ V\OODEOH LV WZR WR WKUHH OHWWHUV $ WVKHJ EHIRUH D
VKDG LV H[WUHPHO\ H[FHSWLRQDO 7KH /LWKDQJ 7*6 LV YHU\ FDUHIXOO\ FDUYHG DQG
FRQWDLQV MXVW D IHZ PLVWDNHV PRVWO\ WKH RPLVVLRQ RI YRZHO PDUNV *DSV DUH
IUHTXHQW WKH UHYHUVHG JL JX DSSHDUV WZLFH WKURXJKRXW WKH WH[W $ SDUWLFXODULW\ RI
- LV WKH XVH RI WKH SDUWLFOH GX LQVWHDG RI WX DIWHU ILQDO Q ,Q  RI DOO
DSSHDUDQFHV RI NXQ 8X - UHDGV NXQ .X LQ  RI DOO FDVHV - KDV VKLQ .X IRU VKLQ

X 7KH IRUP URO .X WRR DSSHDUV

7KH &RQH .DQMXU IURP r LV EDVHG RQ WKLV /LWKDQJ .DQMXU GHVSLWH
VRPH GLIIHUHQFHV LQ WKH RUGHU RI WKH VHFWLRQV (LPHU WKHUHIRUH FDOOV WKH &RQH

SULQW oD WUXH FRS\ RI WKH /LWKDQJ .DQMXUp   , FDQ FRQILUP KLV


7KH 7LEHWDQ 7ULSLWDND 7DLSHL (GLWLRQ HG $ : %DUEHU 60& 3XEOLVKLQJ 7DLSHL 
YRO  QR  24 8/0 =D ,HE
,Q



VWDWHPHQW EDVHG RQ D FRPSDULVRQ RI VRPH SDUWV RI WKH





7*6

LQ WKH &RQH .DQMXU

ZLWK - +RZHYHU PRVW RI WKH PLVWDNHV LQ - KDYH EHHQ HPHQGHG E\ WKH FDUYHUV
RI &RQH WKH ODFXQDV LQ - DUH RI FRXUVH QRW ORQJHU IRXQG LQ &RQH DQG WKH
UHYHUVHG JL JXV KDYH EHHQ VWDQGDUGL]HG :H VWLOO ILQG NXQ .X VKLQ .X DQG URO .X
ZLWK VRPH H[FHSWLRQV RI WX ZKHUH - PRVWO\ DOVR UHDGV WX LQ VRPH FDVHV &RQH KDV
GX ZKHUH - UHDGV WX 2I SDUWLFXODU LQWHUHVW LV WKH YDULDQW GNUXQJ LQ - DJDLQVW WKH
XVXDO NUXQJ ZKLFK DSSHDUV DOWRJHWKHU VL[ WLPHV ,Q DOO WKHVH FDVHV &RQH UHDGV
NUXQJ ZLWK D ODFXQD RI RQH OHWWHU EHIRUH NUXQJ UHVXOWLQJ PRVW SUREDEO\ IURP D
ILUVW FRSLHG EXW ODWHU HUDVHG G VWLOO IRXQG LQ - ,Q WKH RQO\ FDVH ZKHUH - DOVR KDV
NUXQJ QR ODFXQD LV IRXQG LQ &RQH :H IDFH D VLPLODU VLWXDWLRQ LQ $ HQGQRWH H
ZKHUH RQO\ - UHDGV GE\LJV LQVWHDG RI GE\LJ ,Q &RQH ZH ILQG GE\LJ IROORZHG E\ D
ODFXQD RI RQH OHWWHU

. H 7KH 6KHO GNDU 0DQXVFULSW .DQMXU /RQGRQ

7KH /RQGRQ FRS\ RI WKH 6KHO GNDU PDQXVFULSW .DQMXU ZDV FRPSOHWHG LQ WKH \HDU
 7KH VFULSW LV RI H[FHOOHQW OHJLELOLW\ ZLWK HLJKW OLQHV SHU IROLR 7KHUH LV D
VWULQJ KROH LQ WKH FHQWHU RI WKH OHIW DQG ULJKW KDOYHV HDFK ZLWK D GLDPHWHU RI
DERXW WKUHH OHWWHUV $ WVKHJ DSSHDUV EHIRUH D VKDG RQO\ DIWHU D ILQDO QJ WKHUH LV
YLUWXDOO\ QR JDS DIWHU D

VKDG RU ZLWKLQ D Q\LV VKDG

2I WKH FROODWHG PDWHULDOV

/ FRQWDLQV WKH KLJKHVW QXPEHU RI FRQWUDFWLRQV

\RQJVVX HWF IUHTXHQW WRR DUH VXEVFULSWV DQG DEEUHYLDWLRQV ZKLFK RFFXU IRU
WKH PRVW SDUW DW WKH HQG RI D OLQH DQG EHIRUH VWULQJ KROHV EXW DUH QRW UHVWULFWHG WR
WKHVH SRVLWLRQV

EFR WKDG IRU WKDPV FDG UQDU IRU UQDP SDU WVKR IRU

WVKRJV E]KX IRU E]KXJV J\R IRU J\RJV ORQJVS\RG X

T0m
=

JVK\H

IRU

JVKHJV

%HVLGHV WKHVH SDUWLFXODULWLHV WKHUH DUH VLQJOH YDULDQWV

UHVWULFWHG WR D QXPEHU RI RPLVVLRQV RI PRVWO\ VLQJOH V\OODEOHV DQG LQ RQH FDVH D
GLWWRJUDSK\ FRQVLVWLQJ RI VHYHUDO ZRUGV /DFXQDV UHVXOWLQJ IURP ODWHU HUDVXUHV RI
OHWWHUV DSSHDU VSRUDGLFDOO\
VHQ

IRU

VHPV FDQ

 r 7KH 1DUWKDQJ .DQMXU

$FFRUGLQJ WR 7XFFL DQG 3HWHFK WKH EORFNV RI WKLV .DQMXU ZHUH FDUYHG IURP
 WR  7KH SKRWRFRSLHV , XWLOL]HG DUH RI SRRU TXDOLW\ 7KH OHWWHUV LQ VRPH


0\ WKDQNV DUH GXH 3URIHVVRU . 0LPDNL 8QLYHUVLW\ RI .\RWR ZKR SURYLGHG PH ZLWK WKH

UHOHYDQW SKRWRFRSLHV RI WKH

7*6 LQ WKH &RQH SULQWsZKLFK KH DFTXLUHG IURP WKH 7\ %XQNR LQ

P'R PDQJ =D DrD

,Q ( - RPLWV nL JQDV DV SDUW RI WKH QDPH RI WKH ERGKLVDWWYD 0L J\R EDkK IPCU UQDP SDU JQRQ

7RN\R


$FDODSDGDYLNUPLQ

,Q & KRZHYHU WKH QDPH DSSHDUV DV 0L J\R ED 12+7 UQDP SDU JQRQ
, DP QRW VXUH ZKDW FRQFOXVLRQ VKRXOG EH GUDZQ IURP WKLV IDFW FRQVLGHULQJ WKH OLNHO\
VRXUFH IRU WKH HPHQGDWLRQ LQ  6NLOOLQJ  [[[YL VWDWHV WKDW LQ WKH FDVH RI
 WKH
HGLWRUV RI FRQVXOWHG DQ HGLWLRQ EHORQJLQJ WR WKH 3HNLQJ OLQHDJH ,Q RXU FDVH KRZHYHU DQG
UHDG EDnL JQDV ,3/ 349 ED JQDV

D

0DKVWUD
% 4

&



2Q WKH GDWH VHH 3DJHO DQG *DIIQH\  [ DQG WKH DUWLFOH E\ -DPSD 6DPWHQ DQG 3HWHU

6NLOOLQJ FRQWDLQHG LQ 3DJHO DQG *DIIQH\  SS r

17
All thUHH FRORSKRQV RI WKH .DQMXU VWDWH WKDW WKH FDOOLJUDSKHUV FDPH IURP oV1\H PR ELUWKSODFH
RI 7KRQ PL 6DPEKR D D SODFH LQ &HQWUDO 7LEHW UHQRZQHG IRU LWV WUDGLWLRQ LQ FDOOLJUDSK\p 6DPWHQ
DQG 6NLOOLQJ S  LQ 3DJHO DQG *DIIQH\ 


7KH VWDWHPHQWV E\ 7XFFL  I DQG 3HWHFK  I DUH EDVHG RQ WKH GNDU FKDJ RI

WKH .DQMXU



SDVVDJHV ORRN OLNH PHDQLQJOHVV EODFN VSRWV ,Q JHQHUDO WKH DSSHDUDQFH RI WKH
VFULSW LV EOXUUHG 7KH GLIIHUHQFH EHWZHHQ SD DQG ED LV VRPHWLPHV LPSRVVLEOH WR
PDNH RXW 6LPLODUO\ GLIILFXOW LQ PDQ\ LQVWDQFHV ZKHUH WKH WVKHJ LV KDUGO\

UHFRJQL]DEOH LV KRZ WR GHWHUPLQH V\OODEOHV 7KH IROLRV KDYH RQO\ VHYHQ OLQHV $
WVKHJ EHIRUH D VKDG LV RQO\ IRXQG DIWHU V\OODEOHV HQGLQJ LQ QJ WKH JDS ZLWKLQ D
Q\LV VKDG RU EHWZHHQ D UN\DQJ VKDG DQG WKH IROORZLQJ V\OODEOH LV QRUPDOO\ DERXW
RQH OHWWHU
2QH SDUWLFXODULW\ RI 1 LV WKH FRQWUDFWLRQ RI \DQJ WR nDQJ IROORZLQJ D
V\OODEOH HQGLQJ LQ D YRZHO HJ EXnDQJ 7KLV IHDWXUH LV IRXQG WKURXJKRXW WKH
ZKROH WH[W 7KHUH DUH QRW PDQ\ PLVVSHOOLQJV PRVW RI WKHP DUH GXH WR D PLVVLQJ
nJUHQJ EX RU QD UR RU WR FRQIXVLRQ EHWZHHQ WKHVH YRZHOV $EEUHYLDWLRQV E\
PHDQV RI VXEVFULSWV DUH UDUH $EEUHYLDWLRQV LQ JHQHUDO DUH IRXQG DW WKH HQG RI D
OLQH ,QWHUHVWLQJ DPRQJ WKHP DUH JVKH S \DLV IRU JVKHJV SDnL \H VKHV DQG \WRQ

IRU \RQ WDQ





r 7KH 3KXJ EUDJ 0DQXVFULSW .DQMXU

7KLV PDQXVFULSW .DQMXU ZDV FRSLHG EHWZHHQ  DQG  DW WKH 3KXJ EUDJ
PRQDVWHU\ LQ :HVWHUQ 7LEHW 7KH 7*6 LV QRW WKH RQO\ WH[W ZKLFK LV FRQWDLQHG
VHYHUDO WLPHV LQ WKH 3KXJ EUDJ .DQMXU RWKHU WH[WV DSSHDU HYHQ LQ GLIIHUHQW
WUDQVODWLRQV 7KH WKUHH PDQXVFULSWV RI WKH

7*6

IRXQG LQ WKH 3KXJ EUDJ .DQMXU



DQG DUH ZULWWHQ LQ D

FOHDU GEX FDQ KDQG 7KLV DQG WKH IDFW WKDW WKH JDS ZLWKLQ D Q\LV VKDG RU D UN\DQJ
VKDG DQG WKH IROORZLQJ V\OODEOH LV RI DERXW WZR OHWWHUV LQ ! FORVHU WR WKUHH
OHWWHUV UHQGHU WKH PDQXVFULSWV HDV\ WR UHDG 7KH VFULSW LQ ! LV ELJJHU WKDQ LQ WKH
WZR RWKHU YHUVLRQV DQG WKHUH LV PRUH VSDFH EHWZHHQ LWV OHWWHUV 8QIRUWXQDWHO\
VRPH SDUWV RI ! ZHUH RYHUH[SRVHG ZKHQ SKRWRJUDSKHG DQG DUH WRR IDLQW WR EH
PDGH RXW
7KH SDJLQDWLRQ ZULWWHQ LQ WKH OHIW PDUJLQ RI WKH OHDYHV RI ! LV
LQWHUHVWLQJ LQVWHDG RI Q\LV EUJ\D WKH PDUJLQ KDV MXVW WZR FURVVHV LQ 3 LW KDV
VKDUH PDQ\ IHDWXUHV 7KH\ DOO KDYH HLJKW OLQHV SHU IROLR

3 IXUWKHU EHDUV WKH ZRUG PQJRQ DW WKH WRS RI WKH OHIW PDUJLQ
EHIRUH VKDG DSSHDUV UHJXODUO\ DIWHU V\OODEOHV HQGLQJ LQ QJ 3 LV
SDUWLFXODU LQ WKH ZD\ LW KDQGOHV WKH Q\LV VKDG EHWZHHQ WKH YHUVH SGDV DOO RWKHU
PDQXVFULSWV DQG SULQWV VWULFWO\ XVH WKH Q\LV VKDG WR VHSDUDWH WKH SGDV EXW 3
SUHIHUV WKH UN\DQJ VKDG HPSOR\LQJ WKH Q\LV VKDG UHJXODUO\ RQO\ ZKHQ WKH SGD
KDV D VHQWHQFHFORVLQJ SDUWLFOH  JR HWF DW LWV HQG LQ RQH FDVH HYHQ DIWHU 
QDV
7KH PDQXVFULSWV RI WKH 7*6 LQ WKH 3KXJ EUDJ .DQMXU FDQ EH VDLG DORQJ
WKUHH FURVVHV

7KH WVKHJ

ZLWK

DQG

!

% WR FRQWDLQ WKH KLJKHVW QXPEHU RI PLVWDNHV $PRQJ WKH WKUHH

! LV WKH RQH ZLWK WKH PRVW VLQJOH YDULDQWV  IROORZHG E\ ! 

DQG

YHUVLRQV

 )UHTXHQW HUURUV LQFOXGH WKH RPLVVLRQ RI VLQJOH ZRUGV RU ZKROH

SKUDVHV DQG WKH DGGLQJ RU GURSSLQJ RI ILQDO

8 LQ V\OODEOHV OLNH

N\LV VWDJV

E\DPV ,3/ E]DQJV



7KH DEEUHYLDWLRQV \DLV IRU \H VKHV DQG \WRQ IRU \RQ WDQ B
? DUH TXRWHG LQ %DFRW  

DQG 

(LPHU  Y


2QO\ WKH IROLR YHUVR ZKHUH WKH VWUD VWDUWV DQG WKH IROORZLQJ UHFWR RI ! KDYH VHYHQ OLQHV


PWKDn UWHQ nD LQ ILYH FDVHV nGUDn  WLPHV J\Rn $QRWKHU

VWVRJV IRU VRJV LQ 3 IRXU WLPHV HDFK 6RPH

!

DGGV WKH
DUFKDLF HOHPHQW LV WKH UHDGLQJ

IXUWKHU SHFXOLDULWLHV RI VSHOOLQJ LQ

P nJDU nWKLO nWKRQ nGDE nGXQ

E EVN\RG JFL JFLJ EVQ\HQ EVWDQ EUODEV EVKLJ
GX
WX
NXQ DQG V\OODEOHV HQGLQJ LQ J

WKH PDMRULW\ RI YHUVLRQV KDYH

J
EVJUXEV

SUHIL[HG

DQG

 DQG

3 WKH LQFRQVLVWHQW XVH RI nD VQJRQ nMXJ ZKHUH

 WKH RPLVVLRQ RI

LQVWHDG RI

DIWHU

)XUWKHUPRUH 3 FOHDUO\ VKRZV D QXPEHU RI UHGDFWLRQDO YDULDQWV VHH

EHORZ DQG LQ FRPSDULVRQ ZLWK 3 LV PRUH RUWKRJUDSKLFDOO\ VWDQGDUGL]HG DV
WKH VHFWLRQ RQ DUFKDLF IHDWXUHV GRFXPHQWV
G

! r 7KH 3HNLQJ .DQMXU 2WDQL 5HSULQW

7KH 2WDQL UHSULQW LV D SKRWROLWKRJUDSKLFDO UHSURGXFWLRQ RI WKH WKLUG .DQJ[L
HGLWLRQ IURP r $V LV ZHOO NQRZQ PLVVLQJ SDUWV KDYH EHHQ VXSSOLHG
IURP WKH 4LDQORQJ
HGLWLRQ RI  ZKLFK GHULYHV IURP WKH VDPH EORFNV
2QH OLWKRJUDSK RI WKLV 4LDQORQJ HGLWLRQ LV NHSW LQ WKH %LEOLRWKTXH 1DWLRQDOH LQ
3DULV

4 KDV HLJKW OLQHV SHU IROLR ZLWK VRPH SDVVDJHV RI UDWKHU XQFOHDU
DSSHDUDQFH 3D DQG ED DORQJ ZLWK GD DQG QJD DUH QRW DOZD\V GLIIHUHQWLDEOH 7KH
SULQW VKRZV D QXPEHU RI ODFXQDV PRVW QRW ORQJHU WKDQ RQH RU WZR OHWWHUV $
WVKHJ DSSHDUV UHJXODUO\ EHIRUH D VKDG DIWHU ILQDO QJ DQG RFFDVLRQDOO\ HYHQ DIWHU
RWKHU OHWWHUV 7KH JDS ZLWKLQ D Q\LV VKDG RU EHWZHHQ D VKDG DQG WKH IROORZLQJ
V\OODEOH LV RI DERXW RQH OHWWHU
4 LV ZULWWHQ TXLWH FDUHIXOO\ ZLWKRXW KDUGO\ DQ\ RPLVVLRQV 0RVW PLVWDNHV
RFFXUUHG RZLQJ WR FRQIXVLRQ EHWZHHQ YRZHOV QJD DQG GD DQG ED DQG SD DQG
ILQDOO\ IURP D ZURQJ VHJPHQWDWLRQ RI JURXSV RI OHWWHUV HJ GDJ nEDU IRU GJDn
EDU UQDP VD IRU UQDPV UG]D SD IRU UG]DE VR VR IRU VDV
G

# r 7KH 6WRJ 3DODFH 0DQXVFULSW .DQMXU

7KH PDQXVFULSW XVHG LV DQ RIIVHW UHSULQW RI WKH KDQGZULWWHQ /-: .,3 .DQMXU
SUHVHUYHG LQ WKH 5R\DO 3DODFH LQ 6WRJ 7KH .DQMXU LWVHOI ZDV FRSLHG IURP D
%KXWDQHVH RULJLQDO oVRPH WLPH GXULQJ WKH ILUVW KDOI RI WKH WK FHQWXU\p 7KH
PDQXVFULSW ZDV UHSULQWHG EHWZHHQ  DQG  LQ /HK /DGDNK
6

LV D YHU\ FDUHIXOO\ DQG FOHDUO\ ZULWWHQ PDQXVFULSW ZLWK WKH ORZHVW

QXPEHU RI VLQJOH YDULDQWV DPRQJ WKH FROODWHG PDWHULDOV ,W KDV VHYHQ OLQHV SHU
IROLR WKH JDS ZLWKLQ D
DIWHU D

UN\DQJ VKDG

RQO\ DIWHU

Q\LV VKDG LV RI RQH WR WZR OHWWHUV ZKLOH WKH JDS EHIRUH DQG

LV XVXDOO\ RI RQH OHWWHU HDFK $

,W VHHPV WKDW



VKDG

IROORZV D YHU\ XQLTXH SXQFWXDWLRQ V\VWHP RPLWWLQJ WKH

LQ PDQ\ SDVVDJHV ZKHUH LW LV IRXQG LQ DOO RWKHU YHUVLRQV 7KH

PDQXVFULSW KDV D QXPEHU RI DEEUHYLDWLQJ VXEVFULSWV

23

LV IRXQG EHIRUH D

QJ

UN\DQJ VKDG



WVKHJ

,PDHGD  

6NRUXSVNL  [LL
6NRUXSVNL  [LLL



$ r 7KH 7RN\R 0DQXVFULSW .DQMXU

7KH 7RN\R PDQXVFULSW .DQMXU ZDV EURXJKW WR -DSDQ IURP *\DQWVH ,W LV VDLG WR
KDYH EHHQ FRSLHG EHWZHHQ  DQG  7KH SKRWRFRSLHV , REWDLQHG DUH
UDWKHU GLIILFXOWsLQ VRPH SDVVDJHV LPSRVVLEOHsWR UHDG VLQFH XVXDOO\ IHDWXUHV
VKRZ WKURXJK IURP WKH RWKHU VLGH RI HDFK IROLR ,W LV KDUG WR GLIIHUHQWLDWH 5, DQG
-, DQG WKH SRVLWLRQ RI WKH WVKHJ LV LQ PDQ\ FDVHV XQFOHDU
7KH IROLRV KDYH HLJKW OLQHV HDFK DQG DUH ZULWWHQ LQ GEX FDQ $ WVKHJ EHIRUH
VKDG LV UDUH DQG GRHV QRW VHHP WR EH OLPLWHG WR V\OODEOHV HQGLQJ LQ D FHUWDLQ
OHWWHU $V D UXOH WKHUH LV QR JDS ZLWKLQ D Q\LV VKDG RU EHWZHHQ D UN\DQJ VKDG DQG
WKH IROORZLQJ ZRUG ,Q PDQ\ LQVWDQFHV KRZHYHU JDSV DUH IRXQG HVSHFLDOO\
ZKHQ WKH FRS\LVW GLG QRW PDNH XVH RI WKH UHPDLQLQJ VSDFH EHIRUH WKH HQG RI D
OLQH ,Q VXFK FDVHV WKH VHFRQG VKDG RI WKH Q\LV VKDG LV SRVLWLRQHG DW WKH HQG RI
WKH OLQH VR WKDW WKH JDS FDQ H[WHQG WR DV PDQ\ DV WHQ OHWWHUV *DSV ZKLFK EHDU QR
WUDFHV

RI

HUDVXUH

RI

V\OODEOHV

DUH

QRW

PHQWLRQHG

LQ

WKH

SUHVHQW

FULWLFDO

DSSDUDWXVHV
7

FRQWDLQV

YHU\

KLJK

QXPEHU

RI

VLQJOH

YDULDQWV

$PRQJ

WKHP

DUH

IUHTXHQW RPLVVLRQV RI VLQJOH V\OODEOHV YHU\ RIWHQ UN\DQJ VKDG ZKHUH DOO RWKHU
YHUVLRQV KDYH Q\LV VKDG VRPHWLPHV DOVR YLFH YHUVD D KRVW RI ZURQJ VSHOOLQJV
HJ FDG IRU FDQ nMRN

147 nMRI ND VQ\DU 147 VQ\DO EUWDV 147 ENWDV GSHP 147 GSHT

HWF FRUUHFWLRQV ZKLFK KDYH EHHQ LQVHUWHG

ODWHU RU ODFXQDV UHVXOWLQJ IURP GHOHWHG V\OODEOHV ZRUGV RU ZKROH SDVVDJHV ,Q
DOO LW LV REYLRXV WKDW WKH FRS\LVW GLG QRW ZRUN YHU\ DFFXUDWHO\
EWVHJV 147 ETWVHJV \GQJ 147 \CQJ

 7KH 6WHPPDWLF 5HODWLRQV DPRQJ WKH 5HSUHVHQWDWLYHV RI 6KD

,Q WKH IROORZLQJ , VKDOO GLVFXVV WKH UHODWLRQV DPRQJ WKH YHUVLRQV RI

7LE FROODWHG LQ

P\ HGLWLRQ 7KH EDVLV IRU P\ FRQVLGHUDWLRQV ZLOO EH WKH YDULDQWV VKRZQ E\ WKH
GLIIHUHQW PDQXVFULSWV DQG SULQWV 7R EH VXUH GUDZLQJ FRQFOXVLRQV IURP YDULDQWV LV
D FRPSOH[ XQGHUWDNLQJ DQG , VKDOO EHJLQ ZLWK VRPH FRPPHQWV RQ WKH QDWXUH RI WKH
YDULDQWV DQG WKHLU PHDQLQJ IRU WKH HVWDEOLVKPHQW RI D .DQMXU VWHPPD
)LUVW RI DOO ZH QHHG WR NHHS LQ PLQG WKDW WKHUH DUH WZR PDLQ NLQGV RI

YDULDQWV QDPHO\ RQHV ZKLFK +DUULVRQ D [[Y KDV FDOOHG oUHFHQVLRQDOp DQG
oWUDQVPLVVLRQDOp YDULDQWV 5HFHQVLRQDO YDULDQWV oUHYHDO HLWKHU H[WHQVLYH DQG
GHOLEHUDWH HGLWRULDO FKDQJHV WR WKH WH[W RU WKH DGRSWLRQ RI D GLIIHUHQW WH[W
DOWRJHWKHU UDWKHU WKDQ HUURUV UHVXOWLQJ IURP VFULEDO ODSVHV RU FDVXDO DWWHPSWV WR
LPSURYH RU PRGHUQLVH WKH WH[W ZKLFK DUH LQGHHG XVXDOO\ GHOLEHUDWH EXW JHQHUDOO\
UDWKHU WULYLDO LQ VFRSHp $V IRU WKH 7*6 ZH KDUGO\ ILQG DQ\ YDULDQWV RI WKLV W\SH

H[FHSW IRU VRPH IHZ H[DPSOHV LQ WKH 7DER IUDJPHQWV 7KH DEVROXWH PDMRULW\ RI
YDULDQWV LQ WKH 7*6 DUH RI WKH VHFRQG W\SH QDPHO\ RI D WUDQVPLVVLRQDO FKDUDFWHU ,W
LV FOHDU WKDW LI WZR PDQXVFULSWV EHDU VRPH LGHQWLFDO UHGDFWLRQDO IHDWXUH WKH\ OLNHO\

GHULYH IURP D FRPPRQ DQFHVWRU PD\ KDYH LQIOXHQFHG HDFK RWKHU RU HOVH EHHQ
LQIOXHQFHG E\ D WKLUG PDQXVFULSW ZKLFK KDV WKH UHDGLQJ LQ TXHVWLRQ EXW LQ FDVHV RI
WUDQVPLVVLRQDO YDULDQWV WKH VLWXDWLRQ LV PRUH FRPSOH[


6HH 6DLW    +LV DVVHVVPHQW LV EDVHG RQ WKH \HDUV PHQWLRQHG RQ WKH ILUVW SDJH RI

WKH YROXPHV GHYRWHG WR GLIIHUHQW SUD\HU WH[WV



6HH +DUULVRQ D [[Y



7KH GHFLVLYH FULWHULRQ IRU WKH HYDOXDWLRQ RI D WUDQVPLVVLRQDO YDULDQW LV OHVV

WKH TXHVWLRQ LI LW ZDV LQWURGXFHG GHOLEHUDWHO\ RU QRW DQG PRUH LWV GHJUHH RI
SUREDELOLW\ 7KDW LV WR VD\ HYHQ LI ZH KDYH WR GHDO ZLWK D WULYLDO GLIIHUHQFH LQ WKH
VSHOOLQJ RI D ZRUG VXFK DV VQJDQ FDG IRU ZKDW LV FRPPRQO\ VSHOOHG VQJDQ FKDG
WKH QDWXUH RI WKH YDULDQW LV UDWKHU LQGLFDWLYH 7KLV VSHOOLQJ LV YHU\ UDUH LQ QRQ
DUFKDLF PDQXVFULSWV DQG LWV RFFXUUHQFH LQ WKH VDPH SRVLWLRQ RI WKH WH[W LQ WZR
PDQXVFULSWV FDQ KDUGO\ EH D FRLQFLGHQFH HJ . Q  6LPLODUO\ LQGLFDWLYH DUH
RPLVVLRQV DGGLWLRQV RU FKDQJHV RI SDUWV RI WKH WH[W ZKLFK FDQQRW EH H[SODLQHG DV
FDXVHG E\ GHOLEHUDWH LQWHUYHQWLRQ RQ WKH SDUW RI DQ HGLWRU RU VFULEH ZKR LQWHQGHG WR
HPHQG DQ oREYLRXVO\ IDXOW\p WH[W $W EHVW VXFK UHDGLQJV FDQ LQ WKH OLJKW RI RWKHU
WUDQVODWLRQV FOHDUO\ EH VKRZQ WR EH PLVWDNHV
7KH GLUHFW WH[WXDO VXUURXQGLQJV LQ ZKLFK WKH SDVVDJH LV HPEHGGHG PD\
KDYH FDXVHG YDULDQW UHDGLQJV DV LQ WKH FDVH RI DEHUUDWLRQHV RFXOL ZKHUH WKH VFULEH
LQWHQGV WR FRQWLQXH WR ZULWH IURP WKH ZRUG KH VWRSSHG DW EXW RZLQJ WR WKH PXOWLSOH
RFFXUUHQFH RI WKH VDPH ZRUG MXPSV WR WKH ZURQJ SRVLWLRQ LQ WKH WH[W 6XFK
SHFXOLDULWLHV LI IRXQG LQ WZR PDQXVFULSWV ZLOO QDWXUDOO\ EH OHVV LQGLFDWLYH LQ WHUPV
RI WKHLU VWHPPDWLF UHODWLRQ *HQHUDOO\ VSHDNLQJ WKH VWURQJHU WH[WLQWHUQDO UHDVRQV
WKHUH DUH ZKLFK FRXOG KDYH OHG WR WKH RFFXUUHQFH RI WKH VDPH WUDQVPLVVLRQDO
YDULDQW LQ PRUH WKDQ RQH PDQXVFULSW WKH OHVV YDOXDEOH WKH YDULDQW EHFRPHV IRU
SURYLQJ DQ\ VWHPPDWLF UHODWLRQ EHWZHHQ WKH PDQXVFULSWV $V WKH PDLQ SULQFLSOH LQ
P\ DQDO\VLV HDFK YDULDQW VKDUHG E\ VHYHUDO PDQXVFULSWV XQGHUZHQW D WKRURXJK
FKHFN LQ RUGHU WR DVVHVV LWV SUREDELOLW\ 2QO\ LI WKH SUREDELOLW\ RI LWV LQGHSHQGHQWO\

RFFXUULQJ ZDV ORZ FRXOG LW EH XVHG DV D YDULDQW LQGLFDWLYH RI VWHPPDWLF UHODWLRQV

$OVR WKH SXQFWXDWLRQ RI WKH PDQXVFULSWV DQG SULQWV SOD\V DQ LQVLJQLILFDQW

UROH LQ P\ DQDO\VLV :KHUHDV WKH SXQFWXDWLRQ FOHDUO\ FRQILUPV WKH FORVH UHODWLRQ
ZLWKLQ WKH WKUHH JURXSV %'-14 /67 3


DQG

VHSDUDWHO\ LW DOORZV QR FRQFOXVLRQ

UHJDUGLQJ WKH UHODWLRQV RI WKH JURXSV WR HDFK RWKHU LQ WHUPV RI WKH GHJUHH RI

RULJLQDOLW\ H[KLELWHG E\ WKH WUDQVPLWWHG WH[WV

 7KH 7KUHH 3KXJ EUDJ 9HUVLRQV
$V PHQWLRQHG DERYH WKUHH YHUVLRQV RI WKH 7*6 DUH FRQWDLQHG LQ WKH 3KXJ EUDJ

PDQXVFULSW .DQMXU 7KH IDFW WKDW WKH WKUHH YHUVLRQV GR QRW DV RQH ZRXOG H[SHFW
DSSHDU RQH DIWHU WKH RWKHU EXW LQVWHDG LQ GLIIHUHQW YROXPHV PD\ PHDQ WKDW WKH\
ZHUH QRW VHSDUDWHG IURP WKH JURXS RI WH[WV LQ ZKLFK WKH\ ZHUH PRVW OLNHO\
WUDQVPLWWHG RU VWRUHG IURP HDUOLHU WLPHV ,W PD\ ZHOO EH WKDW VXFK JURXSV ZHUH
EURXJKW WRJHWKHU RU FRSLHG DQG WKHQ EURXJKW WRJHWKHU IURP GLIIHUHQW UHJLRQV LQ
RUGHU WR FROOHFW WKHP IRU D ODUJHU SURMHFW
:KDW WKHQ LV WKH VWHPPDWLF UHODWLRQ EHWZHHQ 3 ! DQG !" )LUVW RI DOO LW
LV FOHDU WKDW WKH WKUHH YHUVLRQV VKDUH D VXIILFLHQW QXPEHU RI YDULDQWV WR SURYH WKDW

!  -XVW D IHZ FKDUDFWHULVWLF YDULDQWV VKDUHG

! PD\ EH HQRXJK WR LOOXVWUDWH WKLV IDFW

WKH\ GHULYH IURP D FRPPRQ DQFHVWRU 

H[FOXVLYHO\ E\

J]XJV 3 J]XJ IRU J]XQJV

WVKRJV IRU FKRV
r 0 Q  3 RP Q\LG
r $ Q  3 RP VEUDQJ UWVL GHV DEHUUDWLR RFXOL

r ( Q  3

r . Q  3

r & Q  3 VN\RG



IRU VNURG

, KDYH YLUWXDOO\ QHJOHFWHG YDULDQWV VXFK DV

N\LV IRU N\L SD IRU ED DQG ED nDP IRU EDnDP



VSRV IRU VSREV

r & Q  3

$ Q  3 nDP IRU GDQJ

r $ Q  3 RP GH E]KLQ GX
r % Q  3 RP ]KHV
r $ Q  3 RP EXnL WKXP
r $ Q   3 RP JDQJ GDQJ
r & Q  3 RP VKLQ WX
r & Q  3 ED FCPI  FIG DC OPIQP RCT kFW D[C DC VQJD 3 -, .+21  .1/ JD
DCU OPIQP RCT kFW D[C DC VQJD >JD PDUNHG ZLWK WKUHH GRWV LQ WKH IRUP RI D WULDQJOH
IRU GHOHWLRQ@ 3 DEHUUDWLR RFXOL
r

r & Q  3 RP UHJ SD

r , Q  3

ED

GEDQJ

IRU

(DFK RI WKHVH WKUHH YHUVLRQV KRZHYHU KDV HVVHQWLDO YDULDQWV RI LWV RZQ QRW
VKDUHG E\ DQ\ RI WKH UHPDLQLQJ WZR YHUVLRQV ZKLFK OHDGV WR WKH FRQFOXVLRQ WKDW
QRQH RI WKH WKUHH FRXOG KDYH VHUYHG DV WKH PDVWHU FRS\ IRU DQ\ RI WKH RWKHU
PDQXVFULSWV 6XFK HVVHQWLDO YDULDQWV LQFOXGH
,Q

! 

3 RP  GEDQJ

r + E 3 RP JL PGDE PD GH GDJ DEHUUDWLR RFXOL
r + K 3 nEDU nRQJ ED IRU SDU nRV SD
r %

JVHU J\L
GJDn IRU UNR
ZZ 3  RP
r %
GH OD  EVRG QDPV PQJRQ SDU nGX E\HG SD


r $

3 RP

r % 3

,Q

3 

r (
r (

VSRV GJDnL GSDO GDQJ

3 RP

XY

3 RP

GE\X JX



KHUH DQG LQVHUWV LW VRPH ZRUGV ODWHU

r + , 3 VNX SDG PDnL IRU GH GDJ JL PGDE PD

r %

3 RP

PD E\XQJ \DQJ UXQJ DEHUUDWLR RFXOL

3  LQVHUWV GH OWDU
r & 3  RP GUDQ SD GDQJ OGDQ SD GDQJ  DEHUUDWLR RFXOL
::
3 RP UGR UMHnL EOR JURV NK\RG Q\LG GH E]KLnR  DEHUUDWLR RFXOL
r +
r &

LL

,Q

3 

r %

,,

3 RP

VKHV UDE VKLQ WX UQDP SDU JURO ED

3 VQJRQ EGDJ IRU JDQJ GDJ

r ( JJ 3 RP VD nG]LQ GDQJ  QDPH RI RQH RI WKH ERGKLVDWWYDV

H 

r /

3 RP OWDU Q\DQ SD GDQJ  EFRP OGDQ nGDV N\LV nGL VNDG FHV

3  SK\H IRU J\HV

r $ 3  ULJ SDU PWKRQJ QJR IRU PWKRQJ EDV ULJ JR
r & 3  Q\L VKX SD IRU PL Q\XQJ ED
r % 66 3 LQV PLJ VKLJ GX \RQJV VX GDJ SDV VHPV FDQ WKDPV FDG GH OWD EXU

H 

PWKRQJ
QDV
K

GH E]KLQ JVKHJV SDnL DEHUUDWLR RFXOL

3 RP nG]DP EXnL nEUDV EX nDP  WD ODnL nEUDV EX nDP DEHUUDWLR RFXOL
r ( S 3 nMLJ 147 PFKRG

r $

.QRZLQJ WKDW DOO WKUHH YHUVLRQV GHULYH LQGHSHQGHQWO\ IURP D FRPPRQ DQFHVWRU
ZH VKRXOG IXUWKHU LQTXLUH ZKHWKHU WKHUH DUH HVVHQWLDO YDULDQWV VKDUHG E\ WZR RI WKH
PDQXVFULSWV ,I WKLV LV WKH FDVH ZH ZRXOG EH REOLJHG WR DVVXPH WKDW WKHUH ZDV
DQRWKHU VWHS LQ WKH FRS\LQJ EHWZHHQ ! DQG ! VKDUHG E\ WZR RI WKH PDQXVFULSWV
5HJDUGLQJ WKLV DQDO\VLV WKH IDFWV DUH YHU\ FOHDU

7KHUH DUH YLUWXDOO\ QR HVVHQWLDO YDULDQWV FRPPRQ WR !

DQG

UHDGLQJV ZRUWK PHQWLRQLQJ DUH



!

7KH IHZ

%\ oHVVHQWLDO YDULDQWVp , PHDQ YDULDQWV ZKLFK FRQVLVW RI PRUH WKDQ MXVW D GLIIHUHQW ZD\ RI

VSHOOLQJ RU DQ HUURQHRXV RPLVVLRQ RU FKDQJH RI D VLQJOH OHWWHU ZLWKLQ D ZRUG



RI

7KHRUHWLFDOO\ LW LV RI FRXUVH SRVVLEOH WKDW RQH RI WKH PDQXVFULSWV ZDV FKHFNHG ZLWK WKH KHOS

! ZKLOH EHLQJ FRSLHG IURP RQH RI WKH RWKHU WZR PDQXVFULSWV VR WKDW PDMRU PLVWDNHV IRXQG LQ

WKH PDVWHU FRS\ FRXOG EH FRUUHFWHG :KLOH ZH FDQ QHYHU EH VXUH KRZ H[DFWO\ WKH FRS\ RI DQ\ JLYHQ
WH[W FDPH LQWR H[LVWHQFH LQ RXU FDVH WKH HYLGHQFH VXSSOLHG E\ WKH YDULDQWV LV VR RYHUZKHOPLQJ WKDW
WKHUH LV QR QHHG WR DVVXPH D PRUH FRPSOLFDWHG VLWXDWLRQ DW OHDVW DV ORQJ DV WKH DSSHDUDQFH RU QRQ

DSSHDUDQFH RI YDULDQWV LQ WKH GLIIHUHQW PDQXVFULSWV FDQ EH H[SODLQHG VDWLVIDFWRULO\



r & Q  3 J\RJ IRU JVRJ

r & Q  3 RP JUDQJV GDQJ  3 JUDQJV GDQJ  LQ VPDOO OHWWHUV
DERYH WKH OLQH WKH SRVLWLRQ LQ WKH WH[W ZKHUH JUDQJV GDQJ  LV WR EH


LQVHUWHG LV PDUNHG ZLWK D FURVV

r + Q  3 RP /0

7KH VLWXDWLRQ LV VLPLODU LQ WKH FDVH RI ! DQG !

E\H ED
r , Q  3 QL IRU JL
r $ Q  3 RP GHV
11I (verse), n. 2325 P1: dei tshe de dag mdo di thos //,
3 GHnL WVKH GH GDJ PGR nGL WKRV I[WT PCU 
3 GH WVKH GH GDJ PGR nGL WKRV I[WT PCU 
147 GH WVKH GH GDJ gis ni PGR nGL WKRV   J\XU QDV LQ 3 ZDV

r * Q  3 RP

SUREDEO\ WKH UHDGLQJ RI ! DQG RPLWWHG E\ !

7KH FRPPRQ UHDGLQJV RI ! DQG ! RQ WKH RWKHU KDQG GR QRW QHHG DQ\ IXUWKHU
FRPPHQW


r & Q  DQG Q  3 LQVHUW

FKHQ SR

EOR JURV IRU ]OD nRG

r - Q  3 GJDn IRU JGDn PHWDWKHVLV
r ( Q  3

r . Q  3 RP FRPSOHWH SGD E

r $ Q  3 LQVHUW UQDPV QL \DQJ GDJ SD GLWWRJUDSK\

JWL PXJ GDQJ 

GQJRV SRU \DQJ VWRQ SD GDQJ  nEURJ QD JQDV
SDnL > 3 GD QJD IRU GDQJ@ DEHUUDWLR RFXOL
r & Q  3 RP GJH VORQJ QJDP  GJH VORQJ
r % Q 3 RP OKD GDQJ  PL GDQJ
r % Q  3 RP

r $ Q  3 LQVHUW

! ,3/ ! KDYH D FRPPRQ DQFHVWRU !;

IURP ZKLFK WKH HVVHQWLDO YDULDQWV IRXQG LQ ! EXW QRW LQ ! GHULYH 7KH VWHPPDWLF
UHODWLRQ EHWZHHQ ! VKRXOG WKHQ EH
,W LV QRZ FOHDU WKDW ZH PXVW DVVXPH WKDW

3
3;
3

3< "
3

3

2QH PRUH ZRUG FRQFHUQLQJ WKH VLQJOH YDULDQWV RI !

RI YDULDQWV IRXQG LQ

!

 ZKLOH LW LV FOHDU WKDW WKH EXON

UHVXOW IURP D VFULEH FRS\LQJ WKH PDVWHU FRS\ ZLWKRXW

JV VHH DERYH LW LV
HTXDOO\ HYLGHQW WKDW VHYHUDO SDVVDJHV FRQWDLQ UHGDFWLRQDO YDULDQWV WKDW LV WKDW
FHUWDLQ SDVVDJHV RU ZRUGV KDYH EHHQ DOWHUHG FRQVFLRXVO\ E\ WKH VFULEH RU KDG
DOUHDG\ EHHQ DOWHUHG LQ D K\SRWKHWLFDO FRS\ !< EHWZHHQ ! DQG ! 7KHVH
DOWHUDWLRQV UHIOHFW WKH DWWHPSW RQ WKH SDUW RI WKH UHGDFWRU WR oHPHQGp RU WR oPDNH
FDUHIXO DWWHQWLRQ DQG VWLFNLQJ WR KLV RZQ SDUWLFXODU VSHOOLQ

VHQVH RIp SDVVDJHV ZKLFK ZHUH KDUGO\ XQGHUVWDQGDEOH IRU D 7LEHWDQ UHDGHU EXW

7KH ZRUGV DUH SDUW RI D ZHOONQRZQ HQXPHUDWLRQ RI PHULW UHVXOWLQJ IURP WKH SURSDJDWLRQ RI D
VWUD 7KLV OLVW DSSHDUV WZLFH LQ WKH 7*6 2EYLRXVO\ 3 DW ILUVW KDG WKH VDPH RPLVVLRQ SUREDEO\ D
PLVWDNH RI !  EXW LW ZDV ODWHU HPHQGHG 7KXV WKLV YDULDQW LV XVHOHVV IRU WU\LQJ WR HVWDEOLVK D FORVH
UHODWLRQ EHWZHHQ ! ,3/ !

7KH WH[W LQ WKLV SDVVDJH UHDGV  NKD PD E\H ED E\H ED NKUDJ NKULJ $ VKDUHG YDULDQW OLNH


WKLV FDQQRW EH XVHG WR SURYH D FORVH UHODWLRQ EHWZHHQ WZR PDQXVFULSWV 7KH WH[W VHHPV WR FRQWDLQ D
GLWWRJUDSK\ DQG WKH FRS\LVWV FRXOG LQGHSHQGHQWO\ KDYH WKRXJKW LW QHFHVVDU\ WR oHPHQGp LW



ZKLFK FRXOG EH UHQGHUHG VR E\ WKH XVH RI VW\OLVWLFDOO\ PRUH FRPPRQ WHUPV 7KH
YDULDQWV LQ TXHVWLRQ DUH


MM

r (

PL VN\R ED

3

IRU

\LG VN\R

 7KH QDPH <LG VN\R  .KLQQDPDQDV LQ WKH

HQXPHUDWLRQ RI WKH SDUWLFLSDWLQJ ERGKLVDWWYDV QR  VHHPV LQ IDFW QRW YHU\ DGHTXDWH DV

! FKDQJHG LW WR PL VN\R WKH V\OODEOH ED LV


PL VN\R ED 3
PGDE PD GH GDJ WKDPV FDG PRJ PRJ/
PRJ PRJ

WKH QDPH IRU D ERGKLVDWWYD 7KXV WKH HGLWRU RI

IRXQG LQ DOO WKUHH YHUVLRQV  7KH QDPH

r + / 3 RP
 7KH WH[W LQ WKLV SDVVDJH UXQV 

SR GDQJ

PRJ

LQ

PHDQV o8QZHDU\p

LV SDUDOOHO WR WKH
QRJ QRJ SR GDQJ ,W LV WKXV FOHDU WKDW WKH GRXEOH
QRJ QRJ DQG KHUH LV QR GLWWRJUDSK\ 0RVW SUREDEO\ WKH UHGDFWRU RI ! WULHG WR
oHPHQGp WKH VHFRQG PRJ E\ WDNLQJ LW DV GLWWRJUDSKLF
r / ; 3 RP WKH SDVVDJH IURP oYo WLOO oYo 7KH WH[W UXQV EFRP OGDQ nGDV N\L ;OWDU
Q\DQ SD GDQJ  EFRP OGDQ nGDV N\LV nGL VNDG FHV; ENDn VWVDO WR  7KLV LV SDUW RI WKH

IROORZLQJ

FRPPRQ LQWURGXFWRU\ IRUPXOD LQ PDQ\ VWUDV VHH Q  LQ WKH WUDQVODWLRQ 7KRXJK

EFRP OGDQ nGDV N\L OWDU Q\DQ SD

EKDJDYDWD SUDW\DwUDXuW  WKH
UHGDFWRU RI

LV D VWDQGDUG H[SUHVVLRQ LQ WKH 7LEHWDQ IRU 6NW 

JHQLWLYH 

WKDW WKH JHQLWLYH FDQ EH FRQVWUXFWHG ZLWK

r $

3

N\L

VHHPV LPSRVVLEOH WR FRQVWUXH 7KH

! WKHUHIRUH GURSSHG WKH SDUW EHWZHHQ WKH JHQLWLYH DQG WKH IROORZLQJ ENDn VR

ULJ SDU PWKRQJ QJR

ENDn

IRU PWKRQJ EDV ULJ JR 7KH WH[W UXQV  GH E]KLQ JVKHJV

SDnL \H VKHV PWKRQJ EDV ULJ JRZ  o>,@ UHDOL]H ZLWK WKH 7DWKJDWDnV PHQWDO YLVLRQ
WKDWp 7KH WHUP GH E]KLQ JVKHJV SDnL \H VKHV PWKRQJ ED 6NW WDWKJDWDMQDGDUwDQD

ZDV REYLRXVO\ XQNQRZQ WR WKH HGLWRU RI !

 ZKLFK OHG KLP WR FKDQJH WKH VHTXHQFH RI WKH

ZRUGV

+H

WKXV

SUREDEO\

XQGHUVWRRG

o5HDOL]LQJ

WKH

7DWKJDWDNQRZOHGJH

>,@

VHH

WKDWp
r

% , 3 \DQJ UM[GU DW WKDEV 7KH WH[W KHUH UHDGV  GH E]KLQ JVKHJV SD \DQJ, WKDEV OD
PNKDV SDV EXQJ ED EVDO ED GH E]KLQ GX o MXVW OLNH WKH >SHUVRQ ZKR@ UHPRYHG WKH
EHHV

DOVR

WKH

7DWKJDWD

ZLWK

VNLOO

LQ

>WKH

DSSOLFDWLRQ

RI

DSSURSULDWH@

PHDQV

XS\DNXwDODp , KDYH VXSSOLHG WKH VXEMHFW RI FRPSDULVRQ LQ EUDFNHWV oSHUVRQ ZKRp

! IHOW LW QHFHVVDU\ WR PHQWLRQ LW

IRU OR QL PL Q\XQJ ED 7KH FRQWH[W LV WKH QXJJHW RI JROG
UHPDLQLQJ LQ WKH ILOWK oIRU QRW >MXVW@ D IHZ \HDUVp 7KH UHGDFWRU RI ! KDV FKDQJHG WKH

MXVW DV WKH HGLWRU RI

r &

3

OR QL Q\L VKX SD

WH[W WR oWZHQW\ \HDUVp

r $ 3  VKLQJ VKXQ IRU
O

SK\L VKXQ

,W LV LQ IDFW SX]]OLQJ ZK\ WKH WH[W KHUH VSHDNV RI D

VHHG ZLWKLQ WKH oRXWHUp SHHOV ,Q DQ DWWHPSW WR PDNH VHQVH RXW RI WKH WH[W

WR oWKH SHHOV RI D

! ZDV DOWHUHG

9700p JLYHQ WKDW WKH ODUJHU FRQWH[W LV WKH HVVHQWLDO LGHQWLW\ RI VHHG DQG

WUHH 7KH VHHG KRZHYHU LV RI FRXUVH QRW ZLWKLQ WKH SHHOV RI WKH WUHH WKDW LV WKH EDUN
EXW ZLWKLQ WKH IUXLW
r %

LM

3

GJRQ SDnL NKDQJ SD IRU PJRQ PHG SDnL NKDQJ SD 7KH SRRUKRXVH LQ WKH WH[W
3 D oKRXVH >LQ WKH@ ZLOGHUQHVVp $V WKH KRXVH LV FRPSDUHG WR WKH SODFHV RI

EHFRPHV LQ

UHELUWK WKH YDULDQW RI ! ZRUNV ZHOO HYHQ WKRXJK WKH SRRU ZRPDQ ORGJHV LQ D SRRUKRXVH

LQ $ DOVR LQ !

7KH YDULDQWV QHLWKHU RI ! ! QRU ! VXJJHVW DQ DIILQLW\ ZLWK DQ\ RI WKH RWKHU
FROODWHG YHUVLRQV ZKLFK LV VWURQJHU WKDQ ZKDW LV oQDWXUDOp ZKHQ GR]HQV RI YDULDQWV
DUH FRPSDUHG

$V D UHVXOW RI WKLV DQDO\VLV ZH FDQ QRZ DVVXPH WKDW WKH UHDGLQJ RI WKH
DUFKHW\SH RI WKH 7*6
3
LQ WKH 3KXJ EUDJ OLQHDJH 

 FDQ QRUPDOO\ EXW QRW

DXWRPDWLFDOO\ DV KDV EHHQ VKRZQ DERYH EH SRVLWHG LI HLWKHU 3 RU 3 VLGHV ZLWK

3 ,I KRZHYHU 3 DQG 3 VWDQG DJDLQVW 3 QR VXFK FRQFOXVLRQ DV WR WKH RULJLQDO
UHDGLQJ RI 3 LV SRVVLEOH VLQFH 3 DQG 3 GHULYH IURP WKH VDPH PDVWHU FRS\ 3;



6NW .KLQQDPDQDV o>7KH 2QH ZLWK@ D *ULHYHG 0LQGp DV D QDPH IRU D ERGKLVDWWYD LV
SUREDEO\ PHDQW WR FRQYH\ WKH VHQVH WKDW WKH ERGKLVDWWYD LV ZRUULHG DERXW WKH VXIIHULQJ RI DOO OLYLQJ
EHLQJV

! XVXDOO\ VKDUHV WKH UHDGLQJ FLJ LQVWHDG RI JFLJ ZLWK %14 nD VQJRQ nMXJ LQVWHDG RI P ZLWK
%-146 DQG LQ VRPH LQVWDQFHV WKH RPLVVLRQ RI D SUHIL[HG E ZLWK %-14 7KLV FDQ RI FRXUVH EH


LQWHUSUHWHG DV QR PRUH WKDQ D VLPLODU PDQQHULVP LQ FHUWDLQ VSHOOLQJV DQG FHUWDLQO\ QRW DV D JHQHWLF
UHODWLRQ


,Q WKH IROORZLQJ , ZLOO GHDO ZLWK WKH SRVLWLRQ RI

! LQ UHODWLRQ WR WKH RWKHU

.DQMXU OLQHDJHV $ VWDWLVWLFDO DQDO\VLV UHYHDOV WKDW WKH .DQMXUV RI WKH 7VKDO SD
OLQHDJH

GR

QRW

XVH

WKH

UN\DQJ VKDG

LQ



SXQFWXDWLRQ RI WKH FULWLFDO HGLWLRQ LV EDVHG KDV LW

FDVHV ZKHUH

KDV LW DQG DGGV

UN\DQJ VKDG

FDVHV

ZKHUH

ODFNV WKH

/

RQ

ZKLFK

UN\DQJ VKDG

WKH

LQ VL[W\

LQ WKLUW\ SRVLWLRQV ZKHUH LW LV QRW IRXQG

LQ DQ\ RI WKH RWKHU .DQMXUV )LIW\ RI WKH VL[W\ SRVLWLRQV ZKHUH

ODFNV WKH

UN\DQJ

VKDG DUH LGHQWLFDO ZLWK WKH SRVLWLRQ DPRQJ WKH  FDVHV ZKHUH WKH 7VKDO SD

WUDGLWLRQ GRHV QRW DGG D UN\DQJ VKDG

%DVHG RQ SXQFWXDWLRQ DORQH WKH UHVXOW WKXV FRQILUPV WKH SUHFHGLQJ VWXGLHV
LQ +DUULVRQ D 6FKRHQLQJ  6LON  DQG 6NLOOLQJ  ZKLFK
FKDUDFWHUL]HG WKH 3KXJ EUDJ PDQXVFULSWV DV DQ LQGHSHQGHQW WUDGLWLRQ LQ WKH VHQVH
GHVFULEHG DERYH :H VKRXOG IXUWKHU LQTXLUH DERXW WKH QDWXUH RI WKH YDULDQWV IRXQG
RQO\ LQ ! FDQ WKH\ DOO EH FKDUDFWHUL]HG DV WUDQVPLVVLRQDO YDULDQWV RU DUH WKHUH
DOVR UHDGLQJV ZKLFK VXJJHVW D GHOLEHUDWH HGLWRULDO LQWHUYHQWLRQ" 2Q WKH ZKROH

!

VHHP WR KDYH QR PDMRU HGLWRULDO YDULDQWV LQ YLHZ RI WKH KLJK QXPEHU RI IDXOW\
WUDQVPLVVLRQDO YDULDQWV , DP QRW HYHQ VXUH LI WKH IROORZLQJ IHZ FDVHV WKH RQO\
VXFK , FRXOG ILQG LQ WKH ZKROH WH[W RI

FRPH EDFN WR WKLV TXHVWLRQ ODWHU



! VKRXOG EH ODEHOHG UHFHQVLRQDO :H ZLOO

r $ Q  3 nDP IRU GDQJ

r % Q  3 SD IRU FLQJ LQ nRV VXV J\XU FLQJ

r & Q  3 WKDU SD IRU WKDU E\HG
r % Q  3 E\HG FLJ  IRU E\HG SDU 3 XVH WKH LPSHUDWLYH SDUWLFOH FLJ ZLWKRXW WKH
LPSHUDWLYH IRUP RI E\HG SD E\RV
r , Q  3 UJ\DO ED IRU UJ\DO GEDQJ
r , YHUVH Q r 3 GHnL WVKH GH GDJ PGR nGL WKRV  DOVR $ GHnL IRU GH J\XU QDV

ZKLFK LV IRXQG LQ ! ZDV SUREDEO\ WKH UHDGLQJ RI ! DQG RPLWWHG

E\ !

GHnL WVKH GH GDJ PGR nGL WKRV I[WT PCU 

GH WVKH GH GDJ PGR nGL WKRV I[WT PCU 
147 GH WVKH GH GDJ gis ni PGR nGL WKRV 
H & Q   3 ]OD Q\D IRU Q\L ]OD 3 ]OD ED Q\D 3 LQ DFFRUGDQFH ZLWK &K DQG
3

3

%WK
r 3 1R FRORSKRQ

 7KH .DQMXUV RI WKH 7VKDO SD /LQHDJH

7KH VRFDOOHG

7VKDO SD HGLWLRQ LV QDPHG DIWHU WKH PRQDVWHU\ ZKHUH LW ZDV

SURGXFHG QDPHO\ 7VKDO *XQJ WKDQJ PRQDVWHU\ LQ HDVW &HQWUDO 7LEHW /:8 7KH

FRORSKRQ RI WKH VWUD VHFWLRQ RI WKH /LWKDQJ .DQMXU JLYHV WKH \HDUV  WR 

DV WKH WLPH RI RULJLQ RI WKH 7VKDO SD .DQMXU DQG VWDWHV WKDW LW ZDV EDVHG RQ D
QXPEHU RI VRXUFH PDWHULDOV WKDW IRUPHG SDUW RI WKH SUHVWLJLRXV 2OG 1DUWKDQJ
.DQMXU DQG RQ D FRS\ RI WKH 2OG 1DUWKDQJ HGLWLRQ LWVHOI 7KLV 7VKDO SD
PDQXVFULSW RU RQH RI LWV FRSLHV ODWHU VHUYHG DV WKH EDVLV IRU WKH /LWKDQJ .DQMXU DW



7KH FRORSKRQV RI WKH /LWKDQJ .DQMXU DUH WUDQVOLWHUDWHG DQG WUDQVODWHG LQ 6DPWHQ 

+DUULVRQ  I GRXEWV WKDW WKH 2OG 1DUWKDQJ ZDV PRUH WKDQ D oFROOHFWLRQ LQ VRPH

FDVHV RI PXOWLSOH FRSLHV SURYLGLQJ WKH UDZ PDWHULDOV IRU DQ HGLWLRQ SURSHUp DQG FRQVHTXHQWO\ KH LV

KHVLWDQW WR FDOO LW DQ HGLWLRQ LQ WKH VWULFW VHQVH RI WKH ZRUG +H IXUWKHU VWUHVVHV WKDW WKH FRORSKRQ
TXRWHG LQ 6DPWHQ  I LV 349 WR EH XQGHUVWRRG DV LPSO\LQJ WKDW D QXPEHU RI FDQRQLFDO
FROOHFWLRQV LQ DGGLWLRQ WR WKH 2OG 1DUWKDQJ ZDV XVHG +DUULVRQ E  Q


6DPWHQ   EDVLQJ KLPVHOI RQ 7LEHWDQ VRXUFHV VWDWHV WKDW WKH RULJLQDO 7VKDO SD

.DQMXU ZDV EURXJKW IURP n3K\LQJ ED V7DJ UWVH ZKHUH LW ZDV ODWHU NHSW WR n-DQJ VD WKDP RQ WKH


WKH EHJLQQLQJ RI WKH VHYHQWHHQWK FHQWXU\ DIWHU VHYHUDO IDPRXV 7LEHWDQ VFKRODUV

$V WKH PDQXVFULSW ZKLFK

VHUYHG DV PDVWHU FRS\ IRU WKH /LWKDQJ ZRRG EORFNV ZDV DW WKDW WLPH NHSW LQ
n3K\LQJ ED V7DJ UWVH WKH JURXS ZLWKLQ WKH 7VKDO SD OLQHDJH ZKLFK LV EDVHG RQ WKLV
PDQXVFULSW LV FDOOHG WKH n3K\LQJ ED V7DJ UWVH JURXS
$ FRS\ RI WKH 7VKDO SD .DQMXU KDG EHHQ XWLOL]HG WZR KXQGUHG \HDUV HDUOLHU
IRU WKH SURGXFWLRQ RI WKH HDUOLHVW ZRRGEORFN SULQW HGLWLRQ WKH <RQJOH
HGLWLRQ RI  7KLV <RQJOH ZRRG EORFN EHFDPH WKH PDVWHU IRU DOO IROORZLQJ
HGLWLRQ RI  WKH VDPH EORFNV ZHUH
HGLWLRQV LQ WKH 3HNLQJ OLQH WKH :DQOL
XVHG WKH WKUHH .DQJ[L
HGLWLRQV r ZLWK QHZ EORFNV DQG WKH
4LDQORQJ HGLWLRQ RI  XVLQJ WKH .DQJ[L EORFNV 7KRXJK WKH EORFNV SDUWLDOO\
VXIIHUHG IURP WKH HIIHFWV RI WLPH DV LV QRZ ZHOO NQRZQ HYHQ WKH QHZ ZRRG
EORFNV ZHUH SURGXFHG RQ WKH EDVLV RI LPSUHVVLRQV IURP WKH ROG RQHVsD
SKHQRPHQRQWKDW OHG (LPHU WR FRLQ WKH WHUP oWHFKQLFDO LGHQWLW\p IRU DOO WKH 3HNLQJ
EORFN SULQWV )RU P\ HGLWLRQ , FROODWHG % DQG 4 DV WZR UHSUHVHQWDWLYHV RI WKLV


KDG UHWRXFKHG WKH PDQXVFULSW LQ WKH SDVW FHQWXULHV

3HNLQJ OLQH , ZLOO FRPH EDFN WR WKH UHODWLRQ EHWZHHQ WKHVH WZR ODWHU
)RU WKH n3K\LQJ ED V7DJ UWVHJURXS , FROODWHG - DORQJ ZLWK 1 DQG IRU WKH
PDLQ FKDSWHUV /r& ' &RQFHUQLQJ 1 7XFFL   VWDWHV WKDW DFFRUGLQJ WR
7LEHWDQ VRXUFHV LW ZDV EDVHG RQ WKH 7VKDO SD .DQMXU 7KLV FRXOG ZHOO EH VR JLYHQ
WKDW LQ WKH VWXGLHV RI WKH !UDW\XWSDQQDEXGGKDVDPXNKYDVWKLWDVDPGKLVWUD WKH

/RNQXYDUWDQDVWUD

WKH

9LPDODNUWLQLUGHwD

WKH

'UXPDNLQQDUDUMDSDULSFFKVWUD

PGR 5D  WKH $EKLQLuNUDPDDVWUD LQ


YRO PGR /D  WKH 6DQGKLQLUPRFDQDVWUD LQ YRO PGR &D  DQG WKH UHFHQW


HGLWLRQV RI WKH $NuD\DPDWLQLUGHwDVWUD DQG WKH lOLVWDPEDVWUD  1 VKRZV D
WKH 8GQDYDUJD WKH 0DKVWUDV

LQ YRO

FORVH DIILQLW\ ZLWK WKH .DQMXUV RI WKH 7VKDO SD OLQHDJH +RZHYHU LQ RWKHU FDVHV 
VLGHV ZLWK WKH 7KHP VSDQJV PD OLQH 7KLV VHHPV WKH UXOH IRU WH[WV RI WKH

9LQD\D

!X\DEDOYDGQD WKH 6NDULNYDGQD WKH -QDNDVWUD

%UDKPDMODVWUD DQG DV GHDOW ZLWK LQ UHFHQW VWXGLHV WKH


+HDUW 6WUD LQ WKH !UDMSUDPLW DQG WKH 7DQWUD VHFWLRQ DQG WKH 6HNRGGHwD
)LQDOO\ , DOVR FRQVXOWHG ' ZKLFK LV NQRZQ WR KDYH GUDZQ PDLQO\ IURP WKH

VHFWLRQ DQG DOVR IRU WKH

EXGGKYDGQD

WKH

/LWKDQJ .DQMXU EXW DOVR WR KDYH LQFRUSRUDWHG UHDGLQJV IURP D FRS\ EDVHG RQ WKH
7KHP VSDQJV PD DQG ZKLFK PXVW WKHUHIRUH EH FDWHJRUL]HG DV FRQIODWHG )RU DQ\

HGLWLRQ ZKLFK GRHV QRW SULPDULO\ DLP DW LOOXPLQDWLQJ WKH UHODWLRQV EHWZHHQ WKH
GLIIHUHQW .DQMXUV EXW LV LQ VHDUFK RI WKH WH[W IURP ZKLFK DOO YHUVLRQV PD\ KDYH
RUGHUV RI WKH NLQJ RI n-DQJ VD WKDP DQG WKHUH FRSLHG LQ RUGHU WR HVWDEOLVK D QHZ HGLWLRQ +DUULVRQ
KRZHYHU VWDWHV WKDW RQO\ D FRS\ RI WKLV 7VKDO SD .DQMXU ZDV XVHG +DUULVRQ E 


6HH ,PDHGD D 

(LPHU  

)RU LQIRUPDWLRQ RQ WKH WH[WV PHQWLRQHG XS WR KHUH VHH (LPHU  [YI

6HH %UDDUYLJ D E )ROORZLQJ DQ DQDO\VLV RI WKH YDULDQWV KH VWDWHV WKDW oWKHUH LV
UHDVRQ WR DVVHUW WKDW 1 LV D GLUHFW GHVFHQGHQW RI -p D [ DQG WKDW WKH FDVHV ZKHUH 1 GRHV QRW


IROORZ WKH VLQJOH YDULDQWV RI

ZLWK RWKHU YHUVLRQVp



- oPD\ EH H[SODLQHG DV UHFHQVLRQDO FKDQJHV DQG HYHQ DV FRQIODWLRQV

6HH 6FKRHQLQJ D E $FFRUGLQJ WR 6FKRHQLQJ FRQFHUQLQJ 1 LQ WKH lOLVWDPEDVWUD

oWKH ZRUGLQJ PRVWO\ DJUHHV ZLWK WKH /LWKDQJ .DQMXU DV RSSRVHG WR WKH 3HNLQJ
>

WUDGLWLRQ RU :HVW

7KHP VSDQJV PD@ WUDGLWLRQp D 

42



)RU WKH LQIRUPDWLRQ RQ WKH WH[WV PHQWLRQHG WLOO KHUH VHH (LPHU  [Y

6HH 6LON 


6HH 2URILQR 

6HH 6DPWHQ  I 7KH FRS\ EDVHG RQ WKH 7KHP VSDQJV PD .DQMXU ZDV WKH O+R UG]RQJ

.DQMXU FRPSLOHG IURP  WR  RQ WKH DGYLFH RI WKH )LIWK 'DODL /DPD


GHULYHG WKH YDOXH RI FRQIODWHG PDWHULDO LV ORZ :KHQ WKH QDWXUH RI WKH YDULDQWV RI
' EHFDPH FOHDU DIWHU WKH FROODWLRQ RI DERXW KDOI RI WKH WH[W RI WKH 7*6 , GHFLGHG
LQVWHDG WR LQYHVW P\ WLPH LQ RWKHU PRUH SURPLVLQJ YHUVLRQV

/HW XV QRZ WXUQ WR WKH UHVXOWV RI P\ VWXG\ RI WKH YDULDQWV RI WKH 7VKDO SD .DQMXUV
,Q WKH 3HNLQJ JURXS ZH KDYH  DQG " 7KH KLJK QXPEHU RI FRPPRQ YDULDQWV QRW

VKDUHG E\ DQ\ RWKHU RI WKH FROODWHG YHUVLRQV PDNHV WKHLU FORVH UHODWLRQ REYLRXV ,
ZLOO JLYH MXVW D IHZ H[DPSOHV

r ( Q  %4 SDU VJUDJV IRU EVJUDJV
r , Q  %4 UWVRP IRU WVKRP -367 WVRP .  %4 UWVRP -3 WVRP
r - Q  %43 JGDn IRU EGDn 3 PQJDn IRU EGDn VHH %WK ]KLP
r $ Q  %4 QD  NJC VN\HV EX OKDnL PLJ FDQ 147 QD  VN\HV EX OKDnL PLJ FDQ
H % Q  %4 EJR IRU EVJR
r $ Q  %4 RP QD
r $ Q  %4 OD PL IRU ODP
r $ Q  %4 VHPV -+2 GDQJ IRU VHPV GDQJ
r & Q  %4 ML OWD IRU E\LV SD
r & Q  %4 Q\LG IRU ED
r % Q  %4 nMXJ IRU nGXJ
r % Q  %4 E]KLQ IRU ]KLQJ
r % Q  %4 RP J]KDQ
r ( Q  %4 VHPV GSDn IRU VHPV SD
r ( Q  %4 RP ODV
r + Q  %4 UWRJV VR IRU JWRJV VR
r & Q %4 LQVHUW nGL QL

7KHUH DUH VRPH SDUWLFXODU YDULDQWV RI  ZRUWK PHQWLRQLQJ



r & Q  %

Q\DV GDQJ IRU Q\D GDQJ 4 ODFXQD RI RQH OHWWHU EHWZHHQ Q\D DQG GDQJ
GDQJ  WKDEV IRU GDQJ WKDEV 4 ODFXQD RI RQH OHWWHU EHWZHHQ GDQJ DQG

r & Q  %3
r

WKDEV
. Q  & Q    & Q   & Q  , Q  DOO YHUVHV % UHDGV nL
LQVWHDG RI

r $

Z %

4+ 90 IRU 8943 90 4 ODFXQD RI RQH OHWWHU EHWZHHQ 8943 DQG 94 >4 94 IRU 90@

% VEUDQJ EUWVL IRU VEUDQJ UWVL 4 ODFXQD RI RQH OHWWHU EHWZHHQ VEUDQJ DQG UWVL
%3 SDV  EVNUDG 3 SDV  EVNDG 4 ODFXQD RI RQH OHWWHU EHWZHHQ SDV ZLWKRXW


r $


r $

\L LQ % nL FDQ FRXQW DV D V\OODEOH 4 KDV D FRPSUHVVHG \L

8943

WVKHJ DQG EVNUDG

r $ XZ % UJ\DO FKHQ SRU nJ\XU IRU UJ\DO SR FKHQ SRU nJ\XU 4 UJ\DO SR FKHQ SRU
FRPSUHVVHG

% GSHQ JFLJ IRU GSH JFLJ 4 ODFXQD RI RQH OHWWHU EHWZHHQ GSH DQG JFLJ
& Q  %-3 \LG UDQJ IRU \L UDQJ 4 ODFXQD RI RQH OHWWHU EHWZHHQ \L DQG UDQJ ILOOHG

r %
r

88

ZLWK

WVKHJV

& Q  %3 VQJDJV IRU EVQJDJV 4 E RI ,VQJDJV ZLWK YHU\ VPDOO OHWWHU
r ' Q  $%3 \LG UDQJV IRU \L UDQJV 4 ODFXQD RI RQH OHWWHU EHWZHHQ \L DQG UDQJV

,Q DOO WKH FDVHV XQGHU  LW LV REYLRXV WKDW WKH DUFKDLF XQFRPPRQ RU HYHQ
ZURQJ UHDGLQJ IRXQG LQ

 PXVW KDYH DOVR EHHQ SDUW RI " RU LWV SUHGHFHVVRUV EHIRUH

OHWWHUV ZHUH HUDVHG RU UHSODFHG RU EHIRUH PLVVLQJ OHWWHUV ZHUH LQVHUWHG RQ WKH
EORFN SULQWV E\ VRPH UHGDFWRU 7KLV UHVXOWHG LQ WKH ODFXQDV RU LQ OHWWHUV ZKLFK

DSSHDU PXFK VPDOOHU RU FRPSUHVVHG RQ WKH OLWKRJUDSK LQ 

" 7KH H[DPSOHV JLYHQ

7KH SK\VLFDO SURFHVV RI VXFK DOWHUDWLRQV LV GHVFULEHG ZLWK VHYHUDO H[DPSOHV LQ (LPHU 
r r (LPHU IXUWKHU VWDWHV WKDW WKH GDWH RI D ODUJHU UHYLVLRQ RI WKH 3HNLQJ ZRRG EORFNV


PD\ KDYH EHHQ GXULQJ WKH SURGXFWLRQ RI WKH 0RQJROLDQ .DQMXU ZKLFK IDOOV ZLWKLQ WKH VDPH SHULRG
DV WKH r UHSULQW D I   7KH VRXUFHV IRU WKH DOWHUDWLRQV KRZHYHU DUH QRW

HQWLUHO\ FOHDU ,Q DQ\ FDVH ZH PXVW WUHDW WKH 3HNLQJ .DQMXUV IURP D FHUWDLQ GDWH RQ DV FRQIODWHG
6HH DOVR (LPHUnV VWXG\ RQ WKH +HYDMUDWDQWUD ,, Y r LQ ZKLFK KH VKRZV WKDW D QHZ ZRRG EORFN

FRQWDLQLQJ WZR PRUH

wORNDV ZDV FDUYHG EHWZHHQ  DQG  (LPHU  r



DERYH WKXV VKRZ WKDW  FRSLHG IDLWKIXOO\ PDQ\ RI WKH SHFXOLDU RU ZURQJ UHDGLQJV
ZKLFK PXVW DOUHDG\ KDYH EHHQ SDUW RI WKH <RQJOH RU :DQOL EORFN SULQW RQ ZKLFK 
ZDV EDVHG
2Q WKH RWKHU KDQG ZH ILQG H[DPSOHV  ZKHUH ERWK
DQG
KDYH WKH
VDPH UHDGLQJ EXW ZKHUH
VKRZV WUDFHV RI HPHQGDWLRQ UHVXOWLQJ LQ ODFXQDV HWF
ZKLFK OHG WR WKH UHDGLQJ :H FRXOG DVVXPH WKDW WKHVH HPHQGDWLRQ ZHUH DOUHDG\
SDUW RI WKH PDVWHU FRS\ RI  QDPHO\ WKH <RQJOH RU :DQOL EORFN SULQW DQG WKDW
WKH\ ZHUH DGRSWHG E\ WKH VFULEH RI  ,Q  KRZHYHU GXH WR WKH oWHFKQLFDO
LGHQWLW\p RI WKH ZRRG EORFNV WUDFHV RI WKH FRUUHFWLRQV FDQ VWLOO EH IRXQG 8QGHU
 , KDYH FROOHFWHG FDVHV ZKHUH GRHV QRW IROORZ WKH WH[W RI ZKLFK LQ WKHVH
SDVVDJHV GLIIHUV IURP WKH RWKHU .DQMXUV ([DPSOHV LQFOXGH

r ' Q  HQ G -3 GUXJ EFXnL IRU GUXJ FXnL 4 ODFXQD RI RQH OHWWHU EHWZHHQ GUXJ DQG
FXnL VDPH VLWXDWLRQ LQ ( Q  HQ YY % GUXJ FXnL
r & Q %4 VRO IRU VHO >% J RI 1VRO PDUNHG ZLWK WKUHH GRWV LQ WKH IRUP RI D WULDQJOH

"

"

"

"

DERYH IRU GHOHWLRQ@ 4 ODFXQD RI RQH OHWWHU EHWZHHQ

PRQJV DQG VRO

r $ Q  -3 8:2 -.: 147 8:2 .: 4 ODFXQD RI RQH OHWWHU EHWZHHQ VXP DQG FX ILOOHG
ZLWK

WVKHJV

%

VXP FX

r ' Q  4 \L IRU nL YHUVH >\L FRPSUHVVHG PRVW SUREDEO\ DOWHUHG IURP nL@ % \L

4 PD UJ\DV LQ VDQJV PD UJ\DV FRPSUHVVHG 3 7 RP PD 2EYLRXVO\ 4 DW ILUVW

DOVR RPLWWHG PD DQG UHDG WKH FRPPRQ VDQJV UJ\DV /DWHU PD ZDV LQVHUWHG E\ FDUYLQJ
WKH ZKROH SKUDVH VDQJV PD UJ\DV ZLWK QDUURZHG OHWWHUV % UHDGV VDQJV PD UJ\DV

r +

OO



GEXJV IRU GEXV

PP 4 nNKRU IRU nNKRG % PWKRn IRU nNKRG
[
r & 4 GHV IRU QJDV
O
r $ 4 VR VR IRU VDV
Y
r $ 4 VWRQJ IRU VWHQJ
7

r - 4



r $

& 4 \DQJ EDU IRU \RG SDU

r $ Q  4 OD PWKLO IRU ODJ PWKLO % OD JDU WKLO IRU ODJ PWKLO
9

r & Q  3 PL IRU PLQJ 4 PHG IRU PLQJ

6
r $ 4 RP E\HG RI SDU E\HG nJ\XU >SDU nJ\XU

ZLWK ODUJHU VSDFHV EHWZHHQ WKH OHWWHUV

WKDQ XVXDO@
r ' Q  % VQ\LQJ IRU VWRQJ 4 VWHQJ IRU VWRQJ
r %

22 4 LQVHUWV \RG SD LQ EOD QD PHG SD [QF RC \DQJ GDJ SDU UG]RJV SDnL E\DQJ FKXE

,W LV RI FRXUVH YHU\ OLNHO\ WKDW WKH VFULEH RI

 SROLVKHG DUFKDLF VSHOOLQJV ZKLFK

VHHPHG LQDGHTXDWH WR KLP DQG WKDW KH PRUH RU OHVV XQFRQVFLRXVO\ GLG DZD\ ZLWK
REYLRXV PLVWDNHV LQ WKH PDVWHU FRS\ $V VWDWHG DERYH PRVW RI WKH FDVHV XQGHU
 FDQ EH DFFRXQWHG IRU LI ZH DVVXPH WKDW WKH ZURQJ RU XQFRPPRQ UHDGLQJV KDG
DOUHDG\ EHHQ HPHQGHG LQ WKH <RQJOH RU :DQOL ZRRG EORFNV ,Q & Q  ZH KDYH
WR DVVXPH WKDW WKH SUHIL[
VFULEH RI

J ZDV VWLOO IRXQG LQ WKH PDVWHU FRS\ RI % FRSLHG E\ WKH

% DQG WKHQ GHOHWHG /DWHU WKH SUHIL[ ZDV DOVR GHOHWHG LQ WKH ZRRG EORFNV
4

OHDGLQJ WR WKH ODFXQD IRXQG LQ

7KH PDMRULW\ RI UHDGLQJV XQGHU  FDQ EH H[SODLQHG E\ DVVXPLQJ WKDW WKH

VFULEH

RI

FRUUHFWHG

REYLRXVO\

IDXOW\

UHDGLQJV

ZKHQ

FRS\LQJ

IURP

WKH

<RQJOH:DQOL OLWKRJUDSK - $ $ % RU WKDW RQH RI WKH ODWWHU WZR ZDV QRW
FOHDU LQ WKH FRQFHUQHG SDVVDJH DQG ZDV FRQVHTXHQWO\ UHDG GLIIHUHQWO\ E\ WKH VFULEH
RI

DQG

WKH

FDUYHUV

RI

WKH

:DQOL.DQJ[L

ZRRG

EORFNV

IRU

ZKLFK

WKH


<RQJOH:DQOL ZRRG EORFNV VHUYHG DV WHFKQLFDO PRGHOV $ & & & '

(LPHU DVVXPHV WKH /LWKDQJ .DQMXU WR EH D SRVVLEOH VRXUFH IRU LW S  (LPHU   

+DUULVRQ D [[[L 6FKRHQLQJ D  II DQG 6NLOOLQJ  [[[LYI VKRZ WKDW

VRPH UHDGLQJV RI WKH 3HNLQJ OLQH ZHUH DW D FHUWDLQ VWDJH DOWHUHG RQ WKH EDVLV RI D FRPSDULVRQ ZLWK

- 1R VXFK H[DPSOHV DUH IRXQG IRU WKH 7*6 DQG WZR H[DPSOHV TXRWHG XQGHU  VKRZ WKDW WKRVH
DOWHUDWLRQV FDQQRW GHULYH IURP - VLQFH - EHDUV WKH SUHHPHQGHG UHDGLQJV


)RU WKLV DVVXPSWLRQ VHH (LPHU  I



7KH RPLVVLRQ RI E\HG LQ $ PD\ QRW KDYH EHHQ D IHDWXUH RI WKH PDVWHU FRS\ ZKLFK
VHUYHG WKH VFULEH RI % 7KH IDFW WKDW WKH VSDFHV EHWZHHQ WKH OHWWHUV LQ WKDW SDVVDJH
DSSHDU WR EH ODUJHU WKDQ XVXDO PHDQV WKDW E\HG ZDV VWLOO LQ WKH ILUVW ZRRG EORFN
DQG RQO\ ODWHU HUDVHG DQG DFFRUGLQJO\ PRUH VSDFH EHFDPH DYDLODEOH IRU WKH VLQJOH
OHWWHUVsVSDFH PDGH XVH RI E\ WKH FDUYHUV RI WKH .DQJ[L HGLWLRQ 5HJDUGLQJ $
WKH WHUP ODJ PWKLO PD\ KDYH DSSHDUHG LQ DQ DEEUHYLDWHG IRUP LQ <RQJOH:DQOL
DQG WKHQ LWV FRPSOHWH VSHOOLQJ PD\ KDYH EHHQ UHFRQVWUXFWHG GLIIHUHQWO\ E\ WKH
VFULEH RI % DQG WKH FDUYHUV RI WKH :DQOL.DQJ[L EORFN SULQWV $V D UHVXOW RI WKH
DERYH DQDO\VLV ZH FDQ VD\ WKDW WKHUH LV QR QHHG WR FRQVLGHU % DV KDYLQJ
XQGHUJRQH DQ\ FRQWDPLQDWLRQ IURP RXWVLGH WKH 3HNLQJ WUDGLWLRQ
/HW XV QRZ WXUQ WR WKH VHFRQG JURXS RQ WKH 7VKDO SD VLGH :H VKRXOG ILUVW IRFXV RQ
WKH UHODWLRQ EHWZHHQ - DQG 1 LQ RUGHU WR MXGJH LI LW LV SODXVLEOH WKDW 1 GHULYHV IURP
WKH 7VKDO SD .DQMXU DV PDLQWDLQHG E\ 7XFFL VHH DERYH 7KHUH DUH VHYHUDO
YDULDQWV VKDUHG VROHO\ E\ - DQG 1 DQG SDUWO\ E\ ' ZKRVH H[LVWHQFH ZRXOG EH
KDUG WR H[SODLQ LI - DQG 1 GLG QRW GHULYH IURP WKH VDPH PDVWHU FRS\


SKDQJ IRU nSKDQJ

nNKRG IRU nNKRU
r & Q  '-1 WKRE IRU PWKRQJ
r & Q  -1 VPDQ IRU GPDQ
r $ Q  '-1 RP FLJ
r $ Q  '-1 EVNRJV IRU ENRJV
r $ Q  -1 nNKRU IRU NKD >1 nD VQJRQ nMXJ RI kNKRU LQ D VPDOO OHWWHU LQVHUWHG ODWHU@

r * Q  -1

r $ Q  -1

r & Q  -1

VHPV GSDV

IRU

VHPV GSDn

7KH YDULDQWV & & $ Q  DQG $ DUH RI VSHFLDO LPSRUWDQFH VLQFH LW FDQ
KDUGO\ EH LPDJLQHG WKDW WKH\ DSSHDU FRLQFLGHQWDOO\ LQ WZR PDQXVFULSWV 6HFWLRQ
$ LV UHYHDOLQJ LQDVPXFK DV LW GRFXPHQWV WKDW WKH UHDGLQJ ZDV SUREDEO\ ILUVW WKH
FRUUHFW NKD LQ VN\HV EX nGXO EDnL NKD OR VJ\XU ED DQG ZDV RQO\ ODWHU DOWHUHG WR
nNKRU E\ DGGLQJ WKH nD VQJRQ nMXJ ZLWKLQ D YHU\ OLPLWHG VSDFH 7KLV IDFW LQGLFDWHV
WKDW 1 GHULYHV UDWKHU IURP D PDVWHU FRS\ VKDUHG ZLWK - WKH n3K\LQJ ED VWDJ UWVH
PDQXVFULSW WKDQ IURP D PDQXVFULSW RQ ZKLFK DOVR WKH 3HNLQJ .DQMXUV DUH EDVHG
, PXVW DGPLW WKDW WKH QXPEHU RI YDULDQWV FRPPRQ WR
JLYHQ LV QRW YHU\ KLJK 7KH UHDVRQ IRU WKLV LV WKDW ERWK

DQG

-1

ZKLFK , KDYH

LQ JHQHUDO GR QRW

KDYH D ORW RI YDULDQWV DQG PDQ\ RI WKH VKDUHG UHDGLQJV DUH RQO\ PLQRU N\L IRU

N\LV

HWF VR WKDW OLVWLQJ WKHP KHUH ZRXOG QRW SURGXFH DQ\ PRUH FODULW\ +RZHYHU ZH
VKRXOG LQ DQ\ FDVH FKHFN WKH UHODWLRQ RI

WR WKH 3HNLQJ OLQH DJDLQVW

-

7KH RQO\

1 FRPPRQ WR %4 LV
r % Q  %14 GH IRU QJD

VHULRXV YDULDQW RI


7KHUH LV WKXV QR UHDVRQ WR DVVXPH WKDW  GHULYHG IURP D PDQXVFULSW FORVH WR WKH
3HNLQJ WUDGLWLRQ 7KLV PDNHV WKH DVVHUWLRQ WKDW  OLNH - LV EDVHG RQ WKH n3K\LQJ
ED VWDJ UWVH PDQXVFULSW PRUH SODXVLEOH

'RHV 1 IROORZ WKH 7VKDO SD WUDQVPLVVLRQ WKURXJK DOO WKH WH[W RU GR ZH ILQG
YDULDQWV VKDUHG ZLWK UHSUHVHQWDWLYHV RI WKH 7KHP VSDQJV PD
OLQHDJH" /HW XV

H[DPLQH WKH QDWXUH RI WKH YDULDQWV VKDUHG EHWZHHQ WKH 7KHP VSDQJV PD DQG







% Q  %-43 E]DQJV FDQ IRU E]DQJV WVDQ GDQ 1 WVDQGDQ I^? IRU WVDQ GDQ
r % Q  %-437 8028 -+2 WKDPV 147 VHPV WKDPV

7KDW  LV EDVHG RQ WKH n3K\LQJ ED VWDJ UWVH PDQXVFULSW LV SRVLWHG LQ WKH VWXGLHV RI +DUULVRQ

D [[[ 6FKRHQLQJ D  DQG 6NLOOLQJ  [[[L[ %UDDUYLJ KRZHYHU VWDWHV WKDW 1

oLV D GLUHFW GHVFHQGHQW RI -p D [ DQG H[SODLQV WKH IDFW WKDW VHYHUDO VLQJOH UHDGLQJV RI - GR
QRW DSSHDU LQ  DV oUHFHQVLRQDO FKDQJHV DQG HYHQ FRQIODWLRQV ZLWK RWKHU YHUVLRQVp S  Q 



r + Q  %-43 RP N\DQJ

r , Q  %-4 WVRP IRU WVKRP
r , Q  %4 UWVRP IRU WVKRP -367 WVRP
r / Q  %-4 RP \LG OD
r % Q  %-43 RP GH
r % Q  %-437 RP GH E]KLQ GX DEHUUDWLR RFXOL
r $ Q  %-4 RP J]KDQ GDQJ DEHUUDWLR RFXOL
r % Q  %-4 RP OD
r & Q  /1 nWKRE IRU WKRE 6 PWKRE
VSDQJ IRU VE\DQJ 4 VSDQJ RU VEDQJ "

r & Q %'-

r ' Q  %-4 RP QDV

42 SKUD UDE N\L UGXO

H 7KURXJKRXW WKH WH[W %-437 5,/ 2, IRU 5,/2, /61 C] RQO\ LQ * Q  %-4
5,/ 24 IRU 5,/2, 1 5,/24 37 5,/ 2,
r 7KURXJKRXW WKH WH[W 16 JDQJJ (Gl / JDQJJD %-47 JDQJ J % LQ WZR SDVVDJHV
ZLWK 3 3 JDQJ JD
r * Q  %-43

7KH QXPEHU RI PDMRU YDULDQWV ZKHUH  VLGHV ZLWK WKH 7KHP VSDQJV PD .DQMXUV LV
VXUSULVLQJO\ KLJK $PRQJ WKHP DUH LW LV WUXH VHYHUDO VWRFN SKUDVHV DQG WHUPV
DSSHDULQJ LQ RWKHU SDVVDJHV RI WKH 7*6 ZKLFK FRXOG HDVLO\ KDYH EHHQ HPHQGHG
ZLWKRXW GUDZLQJ RQ RWKHU YHUVLRQV HJ WKH OLVW RI DWWULEXWHV RI DUKDWV LQ %
DSSHDULQJ UHJXODUO\ LQ VWUD OLWHUDWXUH ,Q RWKHU LQVWDQFHV LW LV LPSRVVLEOH WR
H[SODLQ LQ WKLV ZD\ ZK\ 1 GLVSOD\V WKH VDPH UHDGLQJ DV DOO UHSUHVHQWDWLYHV RI
7KHP VSDQJV PD DJDLQVW WKH 7VKDO SD IDPLO\ HJ WKH QRQRPLVVLRQ RI WKH
DEHUUDWLR RFXOL J]KDQ GDQJ LQ $ VR WKDW ZH PXVW DVVXPH WKDW WKH HGLWRUV RI 1
DFFHVVHG DQ XQNQRZQ WH[W RI WKH 7KHP VSDQJV PD IDPLO\ ZKLFK WKH\ VRPHWLPHV
SUHIHUUHG WR IROORZ 7KH VLWXDWLRQ LV WKXV YHU\ VLPLODU WR WKH lOLVWDPEDVWUD
FRQFHUQLQJ ZKLFK 6FKRHQLQJ VWDWHV o7KH SRVLWLRQ RI

LV FXULRXV EHFDXVH LW

XVXDOO\ DJUHHV ZLWK WKH (DVWHUQ WUDGLWLRQ LQ SDUWLFXODU ZLWK

KDQGIXO RI
SUREDEO\

FDVHV

LW

HPHQGHG

KDV

:HVWHUQ

HLWKHU

E\

&-

DQG \HW LQ D

UHDGLQJV ,Q HDFK RI WKHVH LQVWDQFHV

FRQWDPLQDWLRQ



ZLWK

WKH

:HVWHUQ

WUDGLWLRQ

ZDV
RU

LQGHSHQGHQWO\ E\ VFULEHV RU HGLWRUVp

7*6

7KH QXPEHU RI FRPPRQ YDULDQWV ZLWK WKH 7KHP VSDQJV PD JURXS LQ WKH

LV WRR ORZ WR DOORZ DQ RSLQLRQ ZKHUH WKH YHUVLRQ XVHG IRU WKH HPHQGDWLRQV

FRXOG KDYH FRPH IURP 2QH UHDOLVWLF SRVVLELOLW\ ZRXOG EH WKH 6KHO GNDU UG]RQJ
PDQXVFULSW ZKLFK ZH NQRZ VHUYHG DV WKH EDVLV IRU D QXPEHU RI HGLWHG ZRUNV LQ

 


' ZLWKLQ WKH VWHPPD RI .DQMXUV DV LW

7*6 7KH 'HUJH .DQMXU LV ZHOO NQRZQ WR EH D FRQIODWLRQ RI - DQG

,W UHPDLQV WR LQTXLUH DERXW WKH SRVLWLRQ RI

SHUWDLQV WR WKH

WKH VRFDOOHG O+R UG]RQJ .DQMXU D .DQMXU ZKLFK ZDV SURGXFHG RQ WKH EDVLV RI WKH

7KHP VSDQJV PD ZLWK RU ZLWKRXW DQ LQWHUPHGLDWH FRS\
,Q WKH FDVH RI WKH

$NuD\DPDWLQLUGHwDVWUD
49

KRZHYHU WKH 'HUJH YHUVLRQ WXUQHG RXW WR EH D FRS\ RI

Schoening 1995a: 170; further see Pagel 1999: 204.

&I (LPHU  [Y 7KH 1DUWKDQJ .DQMXU ZDV FDUYHG QHDU 6KHO GNDU UG]RQJ WKH SODFH ZKHUH

ZDV DOVR FRSLHG IURP WKH PDQXVFULSW .DQMXU NHSW DW WKH PRQDVWHU\ RI 6KHO GNDU VHH +DUULVRQ

E  3DJHO DQG *DIIQH\  L[ %UDDUYLJ D [ UHSRUWV WKDW  ZKLFK LQ WKH FDVH RI
WKH

$NuD\DPDWLQLUGHwDVWUD

LV EDVHG RQ

- VXSSOLHG SDUW RI WKH WH[W RQH ZKROH IROLR REYLRXVO\

YHUVLRQ ,W ZRXOG EH
LQWHUHVWLQJ WR VHH ZKLFK RI WKH UHSUHVHQWDWLYHV RI WKH 7KHP VSDQJV PD OLQH FRPHV FORVHVW WR  LQ
WKLV SDVVDJH
PLVVLQJ LQ WKH HDUO\ 7VKDO SD WUDGLWLRQ E\ GUDZLQJ RQ WKH 7KHP VSDQJV PD



+DUULVRQ E 



oWKH ILUVW 7VKDO SD PDQXVFULSW RU DQ HDUO\ FRS\ RI LWp DQG FRXOG WKXV oEH
FRQVLGHUHG D EHWWHU WUDQVPLVVLRQ RI WKH RULJLQDO 2OG V1DU WKD WKDQ -14 WKRXJK
FRUUHFW UHDGLQJV PD\ RI FRXUVH KDYH EHHQ SUHVHUYHG LQ -4 UHDGLQJV ORVW LQ WKH
WUDQVPLVVLRQ WR '>HUJH 3UDJXH@p ERWK %UDDUYLJ D [[L
$UH WKHUH DQ\ YDULDQWV ZKLFK VXJJHVW WKDW LQ WKH FDVH RI WKH

7*6

WRR

'

PD\ EH WKH FRS\ RI DQ HDUOLHU EHWWHU UHSUHVHQWDWLYH RI WKH 7VKDO SD OLQHDJH" ,I VR

' KDV XQLTXH DUFKDLF UHDGLQJV DQG YDULDQWV ZKLFK SURGXFHG

WUDQVPLVVLRQ RI WKH 7VKDO SD OLQH WKDQ %-1" :KDW DERXW WKH VLQJOH

WKLV ZRXOG PHDQ WKDW

D EHWWHU

YDULDQWV RI



" 7KH\ LQFOXGH

' nJ\HG IRU nE\HG % E\HG 4 nSK\HG

r & L ' E]KLJ IRU ED ]KLJ
r $ II ' LQVHUWV E\HG GLWWRJUDSK\
r % ] ' VOREV IRU VSREV
r & LL ' VKLJ IRU VKHV
r $ P ' nGRQJ EDU IRU nGRG SDU
r & Z ' PL IRU QL
r & ' GHV IRU GXV
r $

r $

GG

' J\LV IRU J\L

,W LV REYLRXV WKDW QRQH RI WKH YDULDQWV FDQ EH VDLG WR UHSUHVHQW D EHWWHU UHDGLQJ WKDQ
WKH RWKHU YHUVLRQV GR 7KH\ DUH DOO H[SODLQDEOH DV PLVWDNHV PDGH E\ WKH FRS\LVW
7KHUH LV WKXV QR UHDVRQ WR FRQFHLYH RI

' DV D UHSUHVHQWDWLYH RI WKH HDUO\ 7VKDO SD

WUDGLWLRQ
7KH DIILOLDWLRQ RI ZLWK ERWK PDLQ WUDQVPLVVLRQDO OLQHV LV DOVR REYLRXV ,W
VKDUHV HQRXJK YDULDQWV ZLWK
LQ SDUWLFXODU WKH SXQFWXDWLRQ LW GURSV WKH
WRJHWKHU ZLWK
QRW OHVV WKDQ  WLPHV WR DOORZ LW WR EH EDVHG RQ WKH
7VKDO SD WUDGLWLRQ 2Q WKH RWKHU KDQG WKH DSSDUDWXV GRFXPHQWV QXPHURXV FDVHV LQ
ZKLFK
VLGHV ZLWK
D IDFW WKDW OHDYHV QR URRP WR GRXEW WKDW WKH HGLWRUV DOVR
GUHZ XSRQ WKH O+R UG]RQJ .DQMXU WR HVWDEOLVK WKH WH[W RI 
7KDW
LV SDUW RI WKH n3K\LQJ ED V7DJ UWVH JURXS LQ WKH 7VKDO SD IDPLO\ LV
FOHDU IURP WKH FRPPRQ RPLVVLRQ RI
V LQ  FDVHV DQG RWKHU YDULDQWV VKDUHG
ZLWK
EXW QRW ZLWK RWKHU UHSUHVHQWDWLYHV RI 7VKDO SD

'

VKDG

%-14

'

%-14

/67s

'



-1

'

VKDG

r $ Q  '-1/ VULG IRU VUHG

r & Q  '-1 JRV GH IRU JRV WH
r & Q  '-1 JLV IRU JL
r & Q  '-1 WKRE IRU PWKRQJ

N\L IRU N\LV

FLJ
r $ Q  '-1 EVNRJV IRU ENRJV
r & Q  '-13

r $ Q  '-1 RP

*LYHQ WKDW ' LV EDVHG RQ - LV LW SRVVLEOH WR GUDZ DQ\ FRQFOXVLRQV RQ WKH TXHVWLRQ
ZKHWKHU 1 LV D GLUHFW GHVFHQGDQW RI - RU LI LW LV D VLVWHU RI -" /HW XV H[DPLQH WKH
QDWXUH RI WKH YDULDQWV VKDUHG E\ '- '1 DQG -1 7KH WZR FRPSHWLQJ PRGHOV IRU
WKH UHODWLRQ RI '-1 DUH



E
n3K\LQJ ED V7DJ UWVH PDQXVFULSW

n3K\LQJ ED V7DJ UWVH PDQVXFULSW

/LWKDQJ
1DUWKDQJ

/LWKDQJ

'HUJH

1DUWKDQJ

'HUJH

,I ZH WXUQ WR WKH YDULDQWV VKDUHG E\ '- EXW QRW 1 ZH ILQG WKH IROORZLQJ
H[DPSOHV


5,/ 2, /61 C] >*HQHUDO SUHIHUHQFH RI  IRU

WUDQVOLWHUDWLRQV ZULWWHQ ZLWKRXW LQWHUVHFWLRQ]
r $ Q  '- RP GH
r % Q  '- RP 
r & Q  %'- nGL QL IRU nGL QD
r 7KURXJKRXW WKH WH[W %'-437

r & Q  %'- VSDQJ IRU VE\DQJ 4 VSDQJ RU VEDQJ " >1 HPHQGHG WR VE\DQJ ED oWR

7*6@
N\LV IRU N\L '-/673 N\L
9DULDQWV FRPPRQ WR -1 EXW QRW '
SXULI\p FRPPRQ LQ WKH

r & Q  %14



$ Q  %-14/63 -,  IRU ED 

JLV IRU JL >*LV LV REYLRXVO\ HUURQHRXV LQ VEUDQJ WVKDQJ gis QDQJ QD@
r $ Q  -143 FL IRU JFL Q  -143 FL IRU JFL >7KH 'HUJH HGLWRUV HPHQGHG WR WKH
r

r $ Q  -1

09\ VWDQGDUG EVKDQJ JFL 09\ r@

r % Q 

%-14/3 RP JVHU J\LV >7KH RPLVVLRQ FRQWUDGLFWV WKH VDPH FRQVWUXFWLRQ LQ

JVHU J\LV ZDV LQVHUWHG E\ WKH 'HUJH HGLWRUV@

r % Q  -1 N\LV IRU N\L >.\LV LV REYLRXVO\ HUURQHRXV LQ  VDQJV UJ\DV kyis WVKLJ EOD
$I SUREDEO\ WKHUHIRUH

GDJV VR

@

$ Q   -1 nNKRG GH IRU nNKRU WH %4 nNKRU GH >7KH 'HUJH HGLWRUV VHOHFWHG WKH
ZHOONQRZQ IRUPXODWLRQ nNKRU ED QD khor te  oWR wander around LQ VDVUDp@
r & Q  -1 EVKLJV IRU EVKLJ 34 SD VKLJ IRU EVKLJ >7KH 'HUJH HGLWRUV SUREDEO\ IHOW
EVKLJ DGHTXDWH DV WKH SHUIHFW IRUP RI nMLJ SD ZLWK J]KLJ DV WKH IXWXUH IRUP@
r & Q  %-143 JDQJ IRU QDQJ >7KH SGD DFFRUGLQJ WR $'/67 VHHPV WR KDYH D
FOHDUHU PHDQLQJ PL VKHV nang QD JQDV N\DQJ UORP VHPV PHG  7KDW WKLV LV WKH
RULJLQDO VHQVH LV FRQILUPHG E\ %WK GEXV DQG &K 
)@
r & Q  -1 -47 /0 IRU -47 90 >7KH 'HUJH HGLWRUV HPHQGHG WR WKH VWDQGDUG@
r & Q  -1 PD VKHV J\LV IRU PD VKHV N\LV %4 EJ\LV >7KH LPSHUDWLYH IRUP J\LV IURP
EJ\LG GRHV QRW PDNH VHQVH KHUH@
r & Q  -1 VPDQ IRU GPDQ >7KH UHDGLQJ VPDQ oPHGLFLQHp KHUH LV PHDQLQJOHVV DQG
r

ZDV WKHUHIRUH HPHQGHG E\ WKH 'HUJH HGLWRUV@

9DULDQWV FRPPRQ WR '1 EXW QRW -



GH E]KLQ JVKHJV SDnL UMW J]XJV IRU GH E]KLQ JVKHJV SDnL

J]XJV >'1 LV PDGH KRQRULILF@

r ,Q WKUHH SDVVDJHV '1/67

r / Q  %-4 RP

\LG OD >'1 DGRSW WKH VWRFN SKUDVH@

6 V ]KHV IRU rV VKHV % Q  '1 V ]KHV IRU rV VKHV >'1 DGRSW WKH
VWDQGDUG VHH 7VKLJ PG]RG VY ]KHV@

r % Q  '13

r % Q  %-43 RP GH RI GH E]KLQ GX >7KH WHUP GH E]KLQ GX DSSHDUV RIWHQ LQ WKH
7*6 DQG GH ZDV WKHUHIRUH SUREDEO\ WKRXJKW WR KDYH EHHQ LQVHUWHG LQ OLQH ZLWK 7KHP
VSDQJV PD@
r % Q  %-437 RP GH E]KLQ GX DEHUUDWLR RFXOL

r $ Q  %-4 RP J]KDQ GDQJ DEHUUDWLR RFXOL

r % Q  %-4 RP OD RI OD EOWDV
r & Q  %-437 JOR EXU IRU EOR EXU
r $ Q  %-4 nGXJ JR  ]KHV 147 nGXJ JR ]KHV


NXQ GX IRU NXQ WX >'1 DGRSW WKH 09\ VWDQGDUG@

VWDQGDUG @
Q  '13 UH ]KLJ IRU UH VKLJ >'1 DGRSW WKH

r $  Q  %-43

09\
,Q DQ\ FDVH ZH VKRXOG NHHS LQ PLQG WKDW ERWK ' DQG 1 DUH FRQIODWHG ZLWK WKH
r &

7KHP VSDQJV PD OLQH VR WKDW WKHUH LV DOZD\V WKH SRVVLELOLW\ WKDW RQH RU ERWK RI
WKHP GLG QRW IROORZ WKH WH[W RI WKH PDVWHU FRS\ EXW DGRSWHG D 7KHP VSDQJV PD
UHDGLQJ ,I

' RU 1 WKXV GRHV QRW VKDUH D UHDGLQJ ZLWK -1 RU -' UHVSHFWLYHO\ WKH
' RU 1 LV QRW HDVLO\ DFFRXQWHG IRU

YDULDQW LV RQO\ VLJQLILFDQW LQ WKRVH FDVHV ZKHUH

DV DQ REYLRXV PLVWDNH RI WKH VFULEH VLQJOH YDULDQW UHDGLQJ DQG LI LW LV QRW LQ

DFFRUGDQFH ZLWK WKH 7KHP VSDQJV PD YHUVLRQV 2WKHUZLVH ZH FDQQRW H[FOXGH WKH
SRVVLELOLW\ WKDW

' RU 1 ZDV DOWHUHG RQ WKH EDVLV RI WKH 7KHP VSDQJV PD DQG VR LW
'-1

ZRXOG EH LQDSSURSULDWH WR PDNH VWDWHPHQWV DERXW WKH VWHPPDWLF UHODWLRQ RI

:H VKRXOG LQYHVWLJDWH WKH QDWXUH RI WKH YDULDQWV LQ RUGHU WR VHH LI WKHUH DUH
FRQYLQFLQJ UHDVRQV ZKLFK FRXOG KDYH OHG WKH HGLWRUV RI

' RU 1 WR JLYH SUHIHUHQFH

WR WKH 7KHP VSDQJV PD UHDGLQJ 7KHUH DUH RQO\ WZR YDULDQWV ZKLFK IXOILOO ERWK
FULWHULD VWDWHG DERYH

N\LV

N\L

 r & Q  %14
IRU
'-/673 N\L ZKHUH 1 VLGHV ZLWK %4 DQG
'- FRXOG ZHOO UHSUHVHQW D EHWWHU 7VKDO SD UHDGLQJ LQ DFFRUGDQFH ZLWK /67 7KDW N\L

EGH EDU JVKHJV kyi \H VKHV \RQJV ENURO QDV  LV WKH ULJKW UHDGLQJ LQ WKLV FDVH LV
DWWHVWHG E\ WKH SDUDOOHO LQ %WK \DQJ JURO EGHU JVKHJV \HVKHV WH 
 r $ Q  %-14/63 -,  IRU ED  DQ XQFRPPRQ FDVH ZKHUH WKH PDMRULW\
RI ZLWQHVVHV XVH Q\LV VKDG DIWHU WKH GHVFULSWLRQ RI WKH KRQH\FRPE KDQJLQJ
nSK\DQJ ED // IURP WKH EUDQFK RI D WUHH
LQ

1HLWKHU FDVH LV UHYHDOLQJ DQG KHQFH ZH QHHG WR LQYHVWLJDWH WKH QDWXUH RI

WKH RWKHU YDULDQWV ,Q PRVW FDVHV , KDYH DIWHU WKH YDULDQW JLYHQ D SODXVLEOH UHDVRQ
IRU WKH HGLWRUVn DOWHUDWLRQ DFFRUGLQJ WR WKH 7KHP VSDQJV PD , FDQQRW KRZHYHU

1 VKRXOG KDYH HPHQGHG WKH YDULDQWV $

% DQG & LQ  DJDLQVW WKH UHDGLQJ DWWHVWHG IRU - DQG 'HUJH 2QH VROXWLRQ PD\
EH WR DVVXPH WKDW 1 LV LQ IDFW D VLVWHU FRS\ RI - DQG WKH WKUHH UHDGLQJV LQ TXHVWLRQ
DUH YDULDQWV IRXQG LQ - DQG FRQWLQXHG E\ ' EXW QRW IRXQG LQ WKH n3K\LQJ ED V7DJ

ILQG DQ\ JRRG UHDVRQ ZK\ WKH HGLWRUV RI

UWVH PDQXVFULSW 7KH HPHQGDWLRQV RI % $ & DQG $ LQ  DUH QRW HDV\ WR
H[SODLQ HLWKHU :H FDQ JHQHUDOO\ DVVXPH WKDW HGLWRUV ZKR KDG WKH FKRLFH EHWZHHQ
WZR

DOWHUQDWLYHV

WHQGHG

WR

SUHIHU

WKH

WH[WXDOO\

PRUH

H[WHQVLYH

DOWHUQDWLYH

ZKHQHYHU WKHUH ZDV QR QRWDEOH GLIIHUHQFH LQ FRQWHQW )RU WKHP WR GURS VRPH
ZRUGV RI WKH %XGGKD ZRXOG KDYH VHHPHG ZRUVH WKDQ QRW GRLQJ VR 7KLV DUJXPHQW
DSSOLHV WR % DQG $ IRU % JUDPPDWLFDO UHDVRQV PXVW KDYH EHHQ GHFLVLYH 7KH
SDVVDJHV LQ & DQG $ PD\ VLPSO\ KDYH LQYROYHG WKH SHUVRQDO WDVWH RI WKH HGLWRUV
6RPH TXHVWLRQV UHPDLQ :K\ GLG WKH HGLWRUV RI ERWK 'HUJH DQG
WKH 7KHP VSDQJV PD LQ HPHQGLQJ

J]XJV WR VNX J]XJV LQ WKH FDVH RI WKH %XGGKD

XQFKDQJHG ZKHUHDV /67 DJDLQ FRQFHUQLQJ WKH %XGGKD

FRQWLQXRXVO\ HPSOR\ VS\DQ LQVWHDG" :KDW ZHUH WKH JXLGHOLQHV IRU WKH HGLWRUV RI
WKH WZR .DQMXU SURMHFWV WKDW OHG WKHP WR GHFLGH WKH VDPH TXHVWLRQV GLIIHUHQWO\"
DQG

OHDYH

PLJ

1 IROORZ

7KURXJK WKH DQDO\VLV DERYH LW KDV EHFRPH FOHDU WKDW WKH QXPEHU RI UHDGLQJV VKDUHG
E\ ' ZLWK WKH 7KHP VSDQJV PD OLQH LV KLJKHU WKDQ WKRVH VKDUHG E\ 1 %RWK ' DQG
1 VHHP WR EH EDVHG PDLQO\ RQ PDQXVFULSWV UHODWHG WR n3K\LQJ ED V7DJ UWVH
7KRXJK WKLV LV IDU IURP EHLQJ SURYHQ WKUHH RI WKH UHDGLQJV FLWHG LQ  LQGLFDWH
WKDW DV IDU DV WKH 7*6 LV FRQFHUQHG 1 GRHV QRW GHVFHQG IURP - EXW UDWKHU LV D
VLVWHU FRS\ RI LW $V WR WKH SRVLWLRQ RI ' LW FDQ RQO\ EH DVVHUWHG WKDW LW LV QRW



DIILOLDWHG ZLWK WKH HDUO\ 7VKDO SD WUDQVPLVVLRQ DV LV RWKHUZLVH WKH FDVH IRU WKH

$NuD\DPDWLQLUGHwDVWUD

 7KH 7KHP VSDQJV PD .DQMXUV

*LYHQ WKH KLJK QXPEHU RI YDULDQWV VKDUHG RQO\ E\ /67 LW LV FOHDU WKDW UHJDUGLQJ
WKH 7*6 ZH VKRXOG YLHZ WKHVH WKUHH YHUVLRQV DV GHVFHQGDQWV RI D FRPPRQ
DQFHVWRUsWKH 7KHP VSDQJV PD .DQMXU 7LEHWDQ WUDGLWLRQ KDV LW WKDW WKH 7KHP
VSDQJV PD .DQMXU ZDV FRSLHG LQ  IURP WKH 2OG 1DUWKDQJ PDQXVFULSW DQG WKHQ
GHSRVLWHG LQ WKH G3DO nNKRU FKRV DW *\DQWVH :KHUHDV WKH 7RN\R PDQXVFULSW

.DQMXU IURP *\DQWVH LV VDLG WR EH D GLUHFW FRS\ RI WKH 7KHP VSDQJV PD .DQMXU
ZKLFK IRU WKH PRPHQW UHPDLQV WKH RQO\ RQH DFFHVVLEOH WR :HVWHUQ VFKRODUV ZH
NQRZ WKDW WKHUH ZHUH LQWHUPHGLDULHV LQ WKH FDVH RI WKH 6KHO GNDU PDQXVFULSW
.DQMXU /RQGRQ DQG WKH 6WRJ 3DODFH PDQXVFULSW .DQMXU 7KH 6KHO GNDU

PDQXVFULSW .DQMXU ZDV EDVHG RQ WKH 6KHO GNDU FKRV VGH D PDQXVFULSW NHSW DW 6KHO
GNDU LQ VRXWKHUQ 7LEHW 7KDW WKH 6KHO GNDU FKRV VGH ZDV D FRS\ RI WKH 7KHP
VSDQJV PD KRZHYHU LV FRQILUPHG E\ D UHPDUN LQ WKH FRORSKRQ RI WKH EU*\DG
VWRQJ SD YROXPH RI WKH 6KHO GNDU PDQXVFULSW .DQMXU 7KH 6WRJ 3DODFH

PDQXVFULSW .DQMXU GHULYHV IURP D %KXWDQHVH RULJLQDO ZKLFK FRXOG ZHOO EH WKH
%KXWDQHVH FRS\ RI WKH 7KHP VSDQJV PD
0RVW RI WKH WH[WFULWLFDO VWXGLHV KDYH VR IDU SURYHG WKDW WKH 6KHO GNDU
PDQXVFULSW .DQMXU WKH 6WRJ 3DODFH PDQXVFULSW .DQMXU DQG WKH 7RN\R PDQXVFULSW
.DQMXU DJUHH FORVHO\ ZLWK HDFK RWKHU DQG GLIIHU VLJQLILFDQWO\ IURP WKH 7VKDO SD
.DQMXUV $ IXUWKHU DUJXPHQW IRU WKH FORVH UHODWLRQ EHWZHHQ WKH WKUHH .DQMXUV DQG
WKH 7KHP VSDQJV PD LV WKH UHVHPEODQFH LQ WKH DUUDQJHPHQW RI WH[WV ZKLFK LV LQ
DFFRUGDQFH ZLWK WKH GHVFULSWLRQ RI WKDW RI WKH 7KHP VSDQJV PD SURYLGHG LQ WKH
JVDQ \LJ RI WZR 7LEHWDQ PDVWHUV
:KDW WKHQ LV WR EH VDLG DERXW WKH UHODWLRQ EHWZHHQ / 6 DQG 7 LQ WKH FDVH
RI WKH 7*6" ,QGLFDWLYH FRPPRQ YDULDQWV RI 6 DQG 7 LQFOXGH




r . Q  67 VQJDQ FDG IRU VQJDQ FKDG

r % Q  %'-14/3 QL IRU QD

r & Q  67 E]KXJV IRU ]KXJV
r % Q   67 RP N\L FKRV LQ VDQJV UJ\DV N\L FKRV N\LV DEHUUDWLR RFXOL
r + Q  367 GXQJ .9 \DQJ IRU GXQJ \DQJ >3 UXQJ IRU GXQJ@
r & Q  %467 OWD IRU EOWD
r ' Q  -67 UG]RJV VR 1 UG]RJVR $%4/3
GP0
).

(LPHU D   3DJHO DQG *DIIQH\  [L 6NLOOLQJ  [OLL[OLLL GRXEWV WKDW WKH

2OG 1DUWKDQJ IXQFWLRQHG DV D PDVWHU FRS\ JLYHQ WKH HYLGHQFH IURP DOO WKH WH[WV XVHG LQ KLV VWXG\
DQG IURP WKH ELRJUDSK\ ILIWHHQWK FHQWXU\ RI 6LWX 5DE EUWDQ NXQ E]DQJ nSKDJV SD WKH VSRQVRU RI WKH
7KHP VSDQJV PDsLQ DOO RI ZKLFK QR VXFK DVVRFLDWLRQ LV PDGH , ZLOO GHDO ZLWK WKLV TXHVWLRQ ODWHU


6HH (LPHU   $V 6NLOOLQJ  [OLLL[OY FRQYLQFLQJO\ VKRZV ZH SUREDEO\ KDYH D
QXPEHU RI 7KHP VSDQJV PD .DQMXUV WKDW ZHUH ODWHU UHYLVHG HGLWLRQV 7KH SKUDVH oD GLUHFW FRS\p
WKXV PXVW EH XVHG FDXWLRXVO\ (LPHU VWDWHV WKDW PDQXVFULSWV RI WKH 7KHP VSDQJV PD .DQMXU ZHUH

FRSLHG LQ *\DQWVH IRU PRUH WKDQ IRXU FHQWXULHV VWDUWLQJ DV HDUO\ DV  DQG UXQQLQJ XS WR WKH WLPH
RI WKH 7RN\R PDQXVFULSW .DQMXU ZKLFK ZDV FRSLHG EHWZHHQ  DQG  (LPHU  I

6DLW
  


3DJHO DQG *DIIQH\  L[

6NRUXSVNL  [L[LL

6DPWHQ DQG 6NLOOLQJ LQ 3DJHO DQG *DIIQH\  




9DULDQWV VKDUHG E\ / DQG 7

GH QD IRU GH QDV
nL LQ EFRV EXnL UDV YHUVH
r % Q  %-1436 EDU IRU ED LQ GJDn ba E\HG SD
r & Q  /7 QD IRU GX LQ OKD GDQJ PL UQDPV N\L QDQJ du VN\HV VR
r + Q 37 RP SD LQ \LQ pa VQ\DP GX (/ SD LQVHUWHG ODWHU LQ D VPDOO /-: 20/



r $ Q  /7

r ( Q /7 RP

KDQG DERYH WKH OLQH

r

% Q  %14 GH IRU QJD /7 RP QJD LQ QJD E]KLQ GX VHH %WK GD OWDU nga

9DULDQWV VKDUHG E\ / DQG 6

r % Q  %-437 8028



-+2 IRU 8028

7 RP GH E]KLQ GX LQ GH E]KLQ GX GH E]KLQ JVKHJV SD DEHUUDWLR RFXOL

r % Q  %-43

7KH QXPEHU RI SDLUZLVH YDULDQWV ZLWKLQ /67 LV UDWKHU ORZ DQG DPRQJ WKHP
VHYHUDO DUH FOHDUO\ WULYLDO ERWK YDULDQWV LQ  DUH GXH WR PLVWDNHV E\ 7 ,Q WKH
ILUVW FDVH FDQ LV HUURQHRXVO\ DGGHG WR VHPV WKH VXEMHFW EHLQJ WKH PLQG VHPV RI
DQ DUKDW 7KH VHFRQG FDVH LV D VLPSOH DEHUUDWLR RFXOL GRFXPHQWHG DOVR LQ RWKHU
YHUVLRQV DQG UHDSSHDULQJ LQ VHFWLRQV IXUWKHU GRZQ 7KXV QR LQGLFDWLYH YDULDQWV
FRPPRQ WR / DQG 6 UHPDLQ
,Q  WKH ILUVW WKUHH FRPPRQ YDULDQWV PD\ EH FDOOHG WULYLDO DQG VR DUH QRW
YHU\ LQGLFDWLYH ZKLOH WKH IROORZLQJ WZR KDYH PRVW SUREDEO\ QRW DULVHQ
LQGHSHQGHQWO\ 0HDQLQJIXO DUH WKH YDULDQWV . % DQG + RI  7KH UHDGLQJ
UG]RJV VR
DQG

7

LQVWHDG RI

UG]RJV VKR

LQ ' LV EXW D VWDQGDUGL]HG PRGHUQ VSHOOLQJ LQ

ERWK PDQXVFULSWV RI UHODWLYHO\ ODWH RULJLQ

7KH QXPEHU RI LQGLFDWLYH YDULDQWV LV WRR IHZ WR DOORZ GHILQLWH FRQFOXVLRQV

WR EH GUDZQ RQ WKH UHODWLRQ DPRQJ

-vis

VKDUH PLVWDNHV YLV

7

DQG RWKHU YDULDQWV ZLWK

DVVXPSWLRQ WKDW

7

/ 6

DQG

7

1HYHUWKHOHVV WKH IDFW WKDW

RU LQ RWKHU ZRUGV WKDW

6

/6

QHYHU

VKDUHV VRPH YDULDQWV ZLWK

UHTXLUHV H[SODQDWLRQ 2QH SRVVLEOH VROXWLRQ LV WKH

LQ IDFW LV WKH YHUVLRQ DPRQJ

/67

FORVHVW WR WKH 7KHP VSDQJV

.DQMXU 7KH KLJK QXPEHU RI VLQJOH YDULDQWV IRXQG LQ 7 SUREDEO\ KDV LWV URRWV LQ
SDUW LQ WKH FRS\LVW RI 7 DQRWKHU FDXVH PD\ KDYH EHHQ DQ HUURQHRXV PDVWHU FRS\s
WKH 7KHP VSDQJV PD PDQXVFULSW RU D UHHGLWHG FRS\ RI LW :KHQ WKH 6KHO GNDU
FKRV VGH WKH PDVWHU FRS\ RI / DQG WKH %KXWDQHVH PDQXVFULSW WKDW LV WKH PDVWHU
FRS\ RI WKH 6WRJ .DQMXU ZHUH FRSLHG IURP D 7KHP VSDQJV PD PDQXVFULSW ZH
PD\ DVVXPH WKDW WKH\ ZHUH DW WKH VDPH WLPH FKHFNHG DJDLQVW DQRWKHU YHUVLRQ VR DV
WR GLVFRYHU SRVVLEOH PLVWDNHV LQ WKH 7KHP VSDQJV PD WH[W 9DULDQWV VKDUHG DORQH
E\ 67 VKRXOG WKXV FRQVWLWXWH D UHDGLQJ IRXQG LQ WKH 7KHP VSDQJV PD SHUSHWXDWHG
E\ 6 EXW DOWHUHG E\ WKH 6KHO GNDU FKRV VGH HGLWRUV RU WKH HGLWRUV RI / RQ WKH EDVLV
RI DQRWKHU QRQr7KHP VSDQJV PD PDQXVFULSW 7KH VDPH SURFHVV LV LPDJLQDEOH IRU
YDULDQWV RI /7 LQ WKLV FDVH LW FRXOG EH HLWKHU WKH HGLWRUV RI WKH %KXWDQHVH .DQMXU
RU RI WKH 6WRJ 3DODFH .DQMXU ZKR FROODWHG DQRWKHU PDQXVFULSW LQ RUGHU WR FRUUHFW
VXSSRVHG PLVWDNHV IRXQG LQ WKH WH[W 7KH QDWXUH RI VRPH RI WKH YDULDQWV JLYHQ
DERYH PDNHV LW YHU\ XQOLNHO\ WKDW VXFK PLVWDNHV LQ WKH PDVWHU FRS\ EH LW WKH 7KHP
VSDQJV PD PDQXVFULSW RU D ODWHU FRS\ RI LW FRXOG KDYH EHHQ UHFRJQL]HG ZLWKRXW
WKH KHOS RI RWKHU PDQXVFULSWV PRVW SUREDEO\ RQHV IURP RXWVLGH WKH 7KHP VSDQJV
PD WUDGLWLRQ
PD



7KH DVVXPSWLRQ WKDW WKH HGLWRUV RI WKH 6KHO GNDU FKRV VGH RU WKH %KXWDQHVH .DQMXU FRXOG KDYH

FRPSDUHG WKHLU PDVWHU FRS\ SUREDEO\ D FRS\ RI WKH 7KHP VSDQJV PD PDQXVFULSW ZLWK D PXFK OHVV
HUURUODGHQ HDUOLHU YHUVLRQ RU HYHQ WKH RULJLQDO RI WKH 7KHP VSDQJV PD ZKHQ SURGXFLQJ WKHLU QHZ
.DQMXU LV QRW TXLWH SODXVLEOH :K\ VKRXOG WKH\ WKHQ KDYH PDGH XVH RI WKH LQIHULRU ODWHU YHUVLRQ DW
DOO"



6XFK DQ DVVXPSWLRQ QHHGV WR DFFRPPRGDWH WKH WKUHH SRLQWV EHORZ

*UDQWLQJ WKDW WKH QHZ HGLWLRQV EDVLFDOO\ IROORZHG WKH 7KHP VSDQJV PD
PDQXVFULSW LW VKRXOG EH SRVVLEOH WR VWDWH ZKDW OHG WKH HGLWRUV WR DGRSW RU UHMHFW WKH
UHDGLQJ RI D GLIIHUHQW WH[W
 7KH 7KHP VSDQJV PD UHDGLQJ RI 7 LV LQ DQ\ FDVH FOHDUO\ LQIHULRU ZKHQ

FRPSDUHG ZLWK WKH QHZ UHDGLQJ DGRSWHG E\ WKH HGLWRUV RI ERWK / DQG 6
 ,Q WKH FDVH RI WKH FRPELQDWLRQV /7 DJDLQVW 6 RQ WKH RQH KDQG DQG 67 DJDLQVW /


RQ WKH RWKHU HDFK VLGH RI WKH FRPELQDWLRQ FDQQRW DIIRUG WR EH REYLRXVO\ IDXOW\
VLQFH RWKHUZLVH LW ZRXOG EH GLIILFXOW WR H[SODLQ ZK\ WKH HGLWRU RI

RU

UHVSHFWLYHO\ GLG QRW DGRSW WKH FRUUHFW UHDGLQJ

 $OO UHDGLQJV VKDUHG E\

/67 FDQQRW DIIRUG WR EH HDVLO\ UHFRJQL]DEOH DV PLVWDNHV

7KHP VSDQJV PD YDULDQW EHFDXVH LW

ZRXOG RWKHUZLVH EH LPSODXVLEOH WKDW WKH HGLWRUV RI ERWK / DQG 6 UHIUDLQHG IURP
HPHQGLQJ LW
$V WR WKH ILUVW SRLQW FRQFHUQLQJ WKH YDULDQWV VKDUHG E\ / DQG 6 XQGHU  LW LV
REYLRXV WKDW LQ % /6 UHSUHVHQW WKH FRUUHFW UHDGLQJ VLQFH WKH VXEMHFW LV WKH PLQG
VHPV RI DQ DUKDW &RQFHUQLQJ % 7 SUHVHQWV DQ REYLRXV DEHUUDWLR RFXOL ZKLFK
LI QRW FDXVHG ODWHU E\ WKH VFULEH RI 7 ZDV GHWHFWHG E\ WKH HGLWRUV RI / DQG 6 DQG
HPHQGHG
&RQFHUQLQJ WKH VHFRQG SRLQW ZH KDYH WR DFFRXQW IRU WKH YDULDQWV QRWHG LQ
 DQG  $PRQJ WKHP ZH ILQG RQHV ZKLFK WHOO XV PRUH DERXW WKH LQGLYLGXDO
WDVWHV RI WKH VFULEHV WKDQ DERXW WKH FRUUHFWQHVV RI D UHDGLQJ VQDQJ FDG FDG LV DQ
DUFKDLF VSHOOLQJ RI 67 LQVWHDG RI WKH VWDQGDUG VSHOOLQJ VQDQJ FKDG / VXUSULVLQJ
ZKHQ FRPSDUHG ZLWK DQ DOWHUQDWLYH QRQr

JLYHQ WKDW

E]KXJV IRU ]KXJV LQ WKH FDVH RI WKH

GXQJ GX \DQJ IRU GXQJ \DQJ OWD EDnL nRV IRU

LV WKH ROGHU PDQXVFULSW

FDNUDYDUWLQ HPEU\R LQ WKH ZRPE

EOWD EDnL nRV UG]RJV VKR IRU UG]RJV VR GH QD IRU GH QDV EFRV EX UDV IRU EFRV EXnL

UDV LQ WKH YHUVH VHFWLRQ GJDn EDU E\HG SD IRU GJDn ED E\HG SD DQG OKD GDQJ PL
UQDPV N\L QDQJ na VN\HV VR IRU OKD GDQJ PL UQDPV N\L QDQJ du VN\HV VR
,Q WKH FDVH RI % nGL QL RU nGL QD WKH FRQWH[W DOORZV ERWK UHDGLQJV
HTXDOO\ ZHOO 7KH HGLWRUV KDG QR FULWHULD IRU GHFLGLQJ RQ WKH FRUUHFWQHVV RI WKH

67 ZKLFK RPLW
N\L FKRV QDPHO\ DV  Q\RQ PRQJV SDnL VEXEV N\L QDQJ JL VEX JX VDQJV UJ\DV kyi
chos N\LV JDQJ VWH  LW LV FOHDU WKDW WKH WH[W RI 67 PDNHV MXVW DV PXFK VHQVH DQG LV
LQ DFFRUGDQFH ZLWK WKH PDLQ OLQH RI WKH 7*6 LQ VWDWLQJ WKDW o WKH FDYLW\ LQVLGH WKH
 GHILOHPHQWV LV ILOOHG ZLWK the qualities of D EXGGKDp 7KXV DJDLQ WKLV SDVVDJH
YDULDQWV &RQFHUQLQJ  % LI ZH UHDG WKH SDVVDJH DFFRUGLQJ WR

GRHV QRW YLRODWH WKH SULQFLSOH WKDW ERWK UHDGLQJV FRXOG EH DSSOLHG E\ WKH HGLWRUV
ZLWK HTXDO MXVWLILFDWLRQ

)URP WKH VWDQGSRLQW RI FODVVLFDO 7LEHWDQ JUDPPDU LQ  + RQO\ 6

UHDGV FRUUHFWO\  \LQ pa VQ\DP GX ZKHUHDV 7 RPLWV SD LQ / SD LV LQVHUWHG E\ D
ODWHU FRUUHFWRU LQ DQ GEX PHG KDQG +RZHYHU WR DUJXH WKDW WKH UHDGLQJ ZLWKRXW SD

LV D PDMRU PLVWDNH ZKLFK DQ HGLWRU ZRXOG LPPHGLDWHO\ HPHQG LV QRW SRVVLEOH VLQFH
ZH ILQG VHYHUDO FDVHV LQ GLIIHUHQW HGLWLRQV RI WKH 7*6 LQ ZKLFK WKH SDUWLFOH SDED
RU D SDUWLFOH RI ILQDOLW\TXHVWLRQ KDV QRW EHHQ XVHG EHIRUH VQ\DP VHH , %
% $

6 WRJHWKHU ZLWK WKH PDMRULW\ RI PDQXVFULSWV DQG SULQWV

QJD E]KLQ GX DOVR %WK QJD OD E]KLQ QR  ZKHUHDV /7 VLPSO\

,Q % KRZHYHU
UHDGV WKH FRUUHFW

:H FRXOG DOWHUQDWLYHO\ DVVXPH WKDW WKH LQIHULRU YDULDQW RI 7 ZDV LQWURGXFHG E\ WKH VFULEH RI 7
DIWHU WKH PDVWHU FRS\ RI 7 KDG DOUHDG\ EHHQ XVHG WR HVWDEOLVK WKH SUHGHFHVVRUV RI / DQG 6




KDYH E]KLQ GX %14 FRQWDLQ GH E]KLQ GX 7KH SDVVDJH ZLWKRXW QJD RU GH UHDGV GH
QL ML OWDU GD OWDU E]KLQ GX , FDQQRW ILQG DQ\ FRKHUHQW VHQVH LQ WKLV ZRUGLQJ
+HUH WKH TXHVWLRQ ZK\ WKH HGLWRU RI / KDV QRW HPHQGHG WKH WH[W UHPDLQV RSHQ ,
KDYH QR VDWLVIDFWRU\ DQVZHU WR LW
5HJDUGLQJ WKH FRPELQDWLRQ /67 LQ UHODWLRQ WR QRQr7KHP VSDQJV PD UHDGLQJV
 ZH DUH FRQIURQWHG ZLWK D QXPEHU RI LQFRQYHQLHQW YDULDQWV
GX QDQJ LQ  Q\LG du nang GX \DQJ
GDQJ 21+7 EVKDG 3 GDQJ  21+7 EVKDG VWRFN SKUDVH
r 0 Q  /67 GH E]KLQ JVKHJV SD VS\DQ IRU GH E]KLQ JVKHJV SDi mig
r 0 Q  %'-14 GH E]KLQ JVKHJV SDnL VQ\LQJ po can du IRU  SRU
r % Q  '/673 GH E]KLQ JVKHJV SDnL VQ\LQJ SR -+2 \LQ
r $ Q  $/673 RP QD LQ nMLJ UWHQ na JQDV SD
r ' Q  /673 OFKX GDQJ UJ\DU IRU FKX GDQJ UJ\DU



r * Q /67 RP

r / Q  %'-14

\DQJ LQ QD  \DQJ > $%-143 RP @

r $ Q  /67 RP FKRV LQ FKRV EVWDQ SDnL
r ' Q  /67 RP

r  Q  FRORSKRQ /67 RP VNDG JVDU EFDG N\LV N\DQJ EFRV QDV

$V , KDYH DOUHDG\ VWDWHG DERYH , DVVXPH WKDW WKH JHQHUDO WHQGHQF\ RI WKH HGLWRULDO
SURFHVV VKRXOG EH WR PDLQWDLQ UDWKHU WKDQ WR RPLW ZRUGV ZKHQ IRUFHG WR VHOHFW RQH
RI WZR DOWHUQDWLYHV ,Q WKH FDVH RI /67
WKLV SULQFLSOH GRHV QRW KROG WUXH LQ / $

' $ WR D FHUWDLQ H[WHQW LQ * RU LQ WKH FRORSKRQ ZKLFK WR EH VXUH HQMR\V D
VSHFLDO

VWDWXV

ILQG

UHDVRQ

/67 FOHDUO\ IROORZ WKLV

/67 DUH ODFNLQJ ZRUGV , FDQQRW

KDYH QRW FLWHG WKH H[DPSOHV ZKHUH

SULQFLSOH ,Q DOPRVW DOO RI WKH VL[ SDVVDJHV ZKHUH

ZKLFK

FRXOG

KDYH

NHSW

WKH

HGLWRUV

IURP

DGRSWLQJ

WKH

PRUH

\DQJ ZDV QRW

VKDG ZKLFK LV PLVVLQJ LQ DOO RWKHU HGLWLRQV QHHGV WR UHPDLQ
DIWHU QD 7KH DSSHDUDQFH RI \DQJ LPPHGLDWHO\ DIWHU WKH VKDG ZRXOG RI FRXUVH EH
FRPSUHKHQVLYH YDULDQW ,Q WKH FDVH RI ' ZH FRXOG DUJXH WKDW

DGRSWHG EHFDXVH WKH

UDWKHU XQFRPPRQ * KRZHYHU LV D SDUWLFXODU FDVH IRU QHLWKHU RI WKH WZR PDLQ
WUDGLWLRQV KDV SUHVHUYHG WKH VXSSRVHG RULJLQDO ZRUGLQJ WKHUH

ZLWK

7KH SDVVDJH LQ $ LV UDWKHU GXELRXV DQG WKH IDFW WKDW WKH YDULDQW LV VKDUHG
DQG

3

LQGLFDWHV WKDW WKH RPLVVLRQ RI

QD

LV LQ IDFW WKH RULJLQDO UHDGLQJ

QD VR WKDW LW LV
VXUSULVLQJ WKDW WKH HGLWRUV RI 6 DQG / GLG QRW DGRSW LW ,W LV GLIILFXOW WR LPDJLQH WKDW
WKH\ KDG D FKDQFH WR MXGJH WKH JHQXLQHQHVV RI WKH PLVVLQJ QD RQ D EDVLV
FRPSDUDEOH WR RXUV DQG VR WR EH OHG WR UHIUDLQ IURP LQVHUWLQJ LW
7KH RPLVVLRQ RI WKH JHQLWLYH SDUWLFOH LQ 0 KRZHYHU FRXOG EH DQ DUFKDLF
HOHPHQW ZKLFK HVFDSHG WKH QRWLFH RI WKH HGLWRUV VLQFH WKH PDVWHU FRS\ LQ DQ\ FDVH
DOUHDG\ UHDG VS\DQ LQVWHDG RI PLJ 7KH VSHOOLQJ PFKX LQVWHDG RI FKX LQ '
1HYHUWKHOHVV LW LV GLIILFXOW WR PDNH VHQVH RI WKH SDVVDJH ZLWKRXW

FRXOG EH PHDQW WR GLIIHUHQWLDWH LW IURP FKX PHDQLQJ oZDWHUp WKRXJK QR RWKHU

H[DPSOHV RI WKLV VSHOOLQJ DUH NQRZQ WR PH
, KDYH QR DQVZHU WR WKH TXHVWLRQ ZK\ WKH SDUWLFOH FDQ LV QRW DGGHG E\ WKH
HGLWRUV RI / DQG 6 WR GH E]KLQ JVKHJV SDnL VQ\LQJ SR DW WKH HQG RI 0 ZKHUHDV LW

DSSHDUV LQ % ZKHUH OLYLQJ EHLQJV DUH VLPLODUO\ FKDUDFWHUL]HG DV WDWKJDWDJDUEKD

+RZHYHU ZH FDQQRW H[FOXGH WKH SRVVLELOLW\ WKDW WKH PDQXVFULSWV XVHG DV WKH
VRXUFHV IRU WKH HPHQGDWLRQV LQWURGXFHG LQWR / DQG 6 ZHUH QRW LGHQWLFDO ZLWK DQ\
VXUYLYLQJ PDQXVFULSWV 7KH\ FRXOG ZHOO KDYH EHHQ WH[WV ZKLFK WR D FHUWDLQ H[WHQW



+HUH , KDYH H[WUDFWHG RQO\ WKH SUREOHPDWLF FDVHV IURP D KLJK QXPEHU RI /67 YDULDQWV

3DQJOXQJ REVHUYHV WKDW WKH 7DQMXU YHUVLRQ RI WKH V*UD VE\RU EDP SR JQ\LV SD LQ FRPSDULVRQ
GDQJ GXp DQG WKXV

ZLWK LWV 'XQKXDQJ IUDJPHQWV LQVHUWV oSDUWLFOHV RI WKH JHQLWLYH FDVH RU

oFRQWULEXWHV WR FODULI\ WKH PHDQLQJ RI WKH VHQWHQFHV DQG WR UHQGHU WKH FRQFLVH VW\OH RI WKH 7D SKR

YHUVLRQ PRUH VPRRWKO\p 3DQJOXQJ  



ZHUH FRQIODWHG ZLWK UHDGLQJV IURP WKH 7KHP VSDQJV PD OLQH ZKLFK LWVHOI ZRXOG
QRW FRQWDLQ VRPH RI WKH ZRUGV OLNHZLVH QRW IRXQG LQ /67
$V VWDWHG EHIRUH WKH QXPEHU RI YDULDQWV UHJDUGLQJ WKH UHODWLRQ RI /67 LV WRR ORZ WR
DOORZ GHILQLWH VHWWOHPHQW RI WKH TXHVWLRQ RI WKHLU VWHPPD ZLWKLQ WKH 7*6 IDPLO\ RI
PDQXVFULSWV $V WR WKH VWHPPDWLF UHODWLRQ DPRQJ /67 ZKLFK , KDYH K\SRWKHVL]HG
WKHUH UHPDLQ WKH DERYH SUREOHPDWLF YDULDQWV 1HYHUWKHOHVV QRQH RI WKH UHDGLQJV LQ
 HVVHQWLDOO\ DIIHFW WKH FRQWHQW RI WKH SDVVDJHV LQ TXHVWLRQ QRU DUH WKH\ HDVLO\
UHFRJQL]DEOH DV PLVWDNHV ZLWKRXW WKH KHOS RI D PRUH UHILQHG WH[WFULWLFDO
LQVWUXPHQWDULXP *UDSKLFDOO\ WKH LPDJLQHG VWHPPD RI /67 ORRNV DSSUR[LPDWHO\
OLNH WKLV
7KHP VSDQJV PD
contamination
VHYHUDO
LQWHUPHGLDWH

6KHO GNDU FKRV VGH

FRSLHV"

FRQWDPLQDWLRQ

%KXWDQHVH .DQMXU
/
7

6WRJ 3DODFH .DQMXU

5HSULQW RI WKH
6WRJ 3DODFH .DQMXU $

7KH FRPELQDWLRQ /67 VKRXOG WKXV UHSUHVHQW WKH RULJLQDO 7KHP VSDQJV PD UHDGLQJ
,I RQO\ / DQG 6 VKDUH WKH VDPH UHDGLQJ WKHQ WKHUH DUH WZR ZD\V WR DFFRXQW IRU WKLV
:KDW RFFXUV LQ 7 FRXOG EH D PLVWDNH LQWURGXFHG E\ WKH FRS\LVW RI 7 RU VRPH
PDQXVFULSW LQ WKH OLQH RI 7 DIWHU WKH FRS\LQJ RI / DQG 6 RU DV WKH VHFRQG
DOWHUQDWLYH WKH UHDGLQJ RI 7 FRXOG LQ IDFW EH WKH RULJLQDO UHDGLQJ RI WKH 7KHP
VSDQJV PD ZKLFK ZDV DOWHUHG WR D VXSHULRU UHDGLQJ LQGHSHQGHQWO\ RI HDFK RWKHU E\
WKH HGLWRUV RI WKH 6KHO GNDU FKRV VGH RU / RQ WKH RQH KDQG DQG E\ WKH HGLWRUV RI
$

WKH %KXWDQHVH .DQMXU WKH 6WRJ 3DODFH .DQMXU RU

RQ WKH RWKHU ,Q PRVW RI WKH

FDVHV DV WKH QDWXUH RI WKH YDULDQWV VKRZ WKH FRS\LVW RI

7 LV YHU\ OLNHO\ WR EH WKH

7 $V VWDWHG DERYH WKHUH DUH PDQ\ VLQJOH

7 UHVXOWLQJ IURP LQDFFXUDF\
7KH FRPELQDWLRQV /7 DQG 67 FDQ DOVR EH H[SODLQHG LQ WZR ZD\V ,I WKH
UHDGLQJ RI 6 DJDLQVW /7 DQG / DJDLQVW 67 LV QRW DQ HUURQHRXV VLQJOH YDULDQW LW
FRXOG ZHOO EH D UHYLVHG UHDGLQJ LQWURGXFHG E\ WKH HGLWRUV RI / RU 6 RU RQH RI LWV
PDLQ VRXUFH IRU WKH VLQJOH UHDGLQJV RI
YDULDQWV LQ

PDVWHU FRSLHV RQ WKH EDVLV RI D FRPSDULVRQ ZLWK D PDQXVFULSW IURP RXWVLGH WKH
7KHP VSDQJV PD WUDGLWLRQ :KHQ WKLV FRQWDPLQDWLYH IDFWRU ZDV LQWURGXFHG LQWR
WKH VHSDUDWH WUDQVPLVVLRQ OLQHV RI
ZKLFK

OLQH

WKH

PDQXVFULSWV

/ DQG 6 LV LPSRVVLEOH WR VD\ 7KH TXHVWLRQ ZLWK

XVHG

IRU

WKH

HPHQGDWLRQ

ZHUH

DVVRFLDWHG

LV

QRW

DQVZHUDEOH HLWKHU 7KH .DQMXUV RI WKH 3HNLQJ OLQH KRZHYHU DUH QRW SRVVLEOH
FDQGLGDWHV



DV

,Q & Q

WKH

YDULDQW

&

Q



SURYHV

7KH VXJJHVWLRQ WKDW $ LV

$-1/673 UHDG J]L EUMLG DJDLQVW %4 J]L EUMLG FKHQ SR ,I LQ WKH GHVFULSWLRQ RI

WKH EHQHILFLDO UHVXOW RI WKH OLJKW RI D ERGKLVDWWYD WRXFKLQJ OLYLQJ EHLQJV WKH UHYLVHUV RI WKH PDVWHU



FRQWDPLQDWHG E\ 'HUJH ZDV RULJLQDOO\ EURXJKW XS E\ (LPHU   DQG

GLVFXVVHG DJDLQ E\ 2URILQR   ,I WKLV LV VR FRQWDPLQDWLRQ RI $ E\ LQ WKH

'

SDUWLFXODU FDVH RI WKH 7*6 FDQQRW EH UXOHG RXW %XW IRU / RU LWV DQFHVWRU WKLV
SRVVLELOLW\ GRHV QRW DULVH VLQFH / FDPH LQWR H[LVWHQFH DERXW WZHQW\ \HDUV EHIRUH
WKH 'HUJH .DQMXU
0\ VXJJHVWLRQ IRU WKH SRVVLEOH UHODWLRQ DPRQJ /67 FRQWUDGLFWV LQ VHYHUDO
DVSHFWV WKH ILQGLQJV RI SUHYLRXV VWXGLHV 6 LV XVXDOO\ DVVLJQHG D SRVLWLRQ ZLWKLQ WKH
7KHP VSDQJV PD JURXS DSDUW IURP /7 +DUULVRQ LQ KLV VWXG\ RI WKH 'UXPDNLQQDUD
UMDSDULSFFKVWUD UXOHV RXW DQ\ FRQWDPLQDWLRQ RI $ D [[Y[[YL DQG

/7

H[SODLQV WKH FORVH VLPLODULW\ RI

SURGXFH

DQG

7p

S [[YLL 7KH

DV GXH WR oWKH XVH RI DQ LQWHUPHGLDU\ FRS\ WR

'UXPDNLQQDUDUMDSDULSFFKVWUD GRHV QRW VKRZ

DQ\ LQGLFDWLYH YDULDQWV FRPPRQ WR $ DQG 7 ZKLFK DUH QRW DOVR VKDUHG E\ / ,Q WKH

FDVH RI WKH 0DKVWUDV WKH VLWXDWLRQ VHHPV WR EH GLIIHUHQW 6NLOOLQJ FKDUDFWHUL]HV 6

DV oD FRS\ RI D GHVFHQGHQW RI D PRUH SHUIHFW HGLWLRQ ZKLOH /17 DUH FRSLHV RI D
OHVV SHUIHFW GLIIHUHQW HGLWLRQp IURP D QXPEHU RI YDULRXV 7KHP VSDQJV PD .DQMXUV
 [OLY[OY )LQDOO\ DV PHQWLRQHG DERYH WKHUH DUH WKH VWXGLHV RI (LPHU DQG
2URILQR ZKLFK TXDOLI\ 6 DV PRVW SUREDEO\ FRQWDPLQDWHG E\ D PDQXVFULSW IURP WKH

7VKDO SD WUDGLWLRQ

 7KH 3RVLWLRQ RI 9

1RW PXFK FDQ EH VDLG DERXW WKH DIILOLDWLRQ RI WKH SDUWV RI WKH 7*6 FLWHG E\ %X VWRQ

LQ KLV 'H E]KLQ JVKHJV SDnL VQ\LQJ SR JVDO ]KLQJ PG]HV SDU E\HG SDnL UJ\DQ 7KH
OHQJWK RI WKH TXRWDWLRQV LV REYLRXVO\ QRW HQRXJK WR GHFLGH ZKHWKHU %X LV PRUH

FORVHO\ DIILOLDWHG ZLWK RQH RI WKH PDLQ JURXSV ,WV SXQFWXDWLRQ VLGHV VRPHWLPHV
ZLWK

/67 DQG DW RWKHU WLPHV ZLWK %'-14 %X VHHPV WR KDYH SUHVHUYHG D WH[W IUHH

3 7VKDO SD DQG 7KHP VSDQJV PD WUDGLWLRQ LW

YDULDQW RI %'-14 LQ $ Q  ED IRU OD WKH

IURP WKH SDUWLFXODU UHDGLQJV RI WKH

GRHV QRW VKDUH WKH HUURQHRXV
PLVWDNHV RI

3

PLJ ZLWK VS\DQ DQG WKH SUREDEO\ QRQ

GH E]KLQ JVKHJV SDnL VQ\LQJ SR FDQ LQ $ E\

DQG WKH UHSODFHPHQW RI

FDQ WR WKH WHUP

/67 2Q WKH RWKHU KDQG : LQWURGXFHV VHYHUDO XQLTXH UHDGLQJV ZKLFK FDQ FOHDUO\
RULJLQDO DGGLQJ RI

EH FKDUDFWHUL]HG DV UHFHQVLRQDO 7KH\ GRFXPHQW WKDW %X VWRQ KDG KLV RZQ LGHD RI
KRZ FHUWDLQ SDVVDJHV VKRXOG EH UHDG LQ RUGHU WR REWDLQ D VPRRWKHU DQG PRUH
HOHJDQW 7LEHWDQ WH[W 7KH PDLQ WH[WXDO oLPSURYHPHQWVp DUH
r $ %X VN\HV EX OKDnL PLJ FDQ ]KLJ JLV  nGL OWDU  NKD GRJ QJDQ FLQJ



147 VN\HV EX OKDnL PLJ FDQ

%X

FRSLHV RI

/ ,3/ 6

OD OD

la la ]KLJ JLV  lhai mig gis nGL OWDU NKD GRJ QJDQ FLQJ 

]KLJ oVRPHRQHp %X
IXUWKHU RPLWV WKH VRPHZKDW UHGXQGDQW OKDnL PLJ JLV
r % %X NK\HG EGDJ Q\LG NC spro VKL EDU PD E\HG SDU IRU NK\HG EGDJ Q\LG sro VKL EDU PD
E\HG SDU 7KH DUFKDLF H[SUHVVLRQ VUR VKL ED VHH 7VKLJ PG]RG VY VUR VKL ED UQ\LQJ
RPLWV

ZKLFK LV DOUHDG\ H[SUHVVHG E\ WKH IROORZLQJ

ZHUH FRQIURQWHG ZLWK D FKRLFH EHWZHHQ WKH WZR DOWHUQDWLYHV WKH\ ZRXOG PRVW

SUREDEO\ KDYH GHFLGHG IRU WKH DGGLWLRQ RI FKHQ SR



6LON DQG 6NLOOLQJ GR QRW WDNH D ILUP VWDQG RQ WKH TXHVWLRQ RI WKH SRVLWLRQ RI 6 6LON UHPDUNV
WKDW KH FDQQRW DGHTXDWHO\ H[SODLQ WKH IDFW WKDW / 7 DQG 1 VRPHWLPHV GLVDJUHH ZLWK 6  I
%UDDUYLJ UHVWULFWV KLV WH[WFULWLFDO HGLWLRQ WR D FROODWLRQ RI $ DQG % ZLWKLQ WKH 7KHP VSDQJV PD

JURXS



)XUWKHU IRU WKH SDVVDJHV RI WKH 7*6 FLWHG LQ %X WKH IROLRV RI $ DUH PLVVLQJ
)RU WKH K\SRWKHVLV WKDW %X VWRQ (12901364) DQG RWKHU VFKRODUV IURP =KD OX PD\ KDYH EHHQ

WKH PDLQ SHUVRQV UHVSRQVLEOH IRU WKH HGLWLQJ SURFHVV RI WKH 7KHP VSDQJV PD .DQMXU  VHH

+DUULVRQ 



GSDn ]KXP SD  oGHVSRQGHQWp SUREDEO\ QR ORQJHU FRPPRQ DW WKDW WLPH ZDV FKDQJHG
WR VSUR VKL OLW oFHVVDWLRQ RI MR\p )XUWKHUPRUH EGDJ Q\LG ZDV FOHDUO\ PDUNHG DV WKH
REMHFW ZLWK WKH SUHSRVLWLRQ OD
r %X FRQWLQXRXVO\ XVHV UN\DQJ VKDG DIWHU WKH DGGUHVV ULJV N\L EX GDJ

 7KH 3RVLWLRQ RI 

6HYHUDO VWXGLHV KDYH LQFOXGHG WKH 7DER PDQXVFULSWV LQ FULWLFDO HGLWLRQV ,Q D

IXUWKHU VWXG\ WZR PDQXVFULSW IROLRV RI WKH V*UD VE\RU EDP SR JQ\LV SD KDYH EHHQ

7KH HYDOXDWHG PDWHULDO KDV VR IDU

EHHQ YHU\ OLPLWHG VR WKDW JHQHUDOL]DWLRQV FDQQRW UHDGLO\ EH IRUPXODWHG IURP WKH
UHVXOWV RI WKHVH VWXGLHV ,Q WKH FDVH RI WKH $DPEDQGKDSDUNu 7DQMXU 7DXVFKHU

LQWHUOLQHDUO\ DUUDQJHG ZLWKLQ D FULWLFDO HGLWLRQ

FRXOG FRQYLQFLQJO\ VKRZ WKDW WKH 7DER YHUVLRQ oLV LQGHSHQGHQW RI WKH IRXU PDMRU
FDQRQLFDO HGLWLRQV DQG WKXV UHIOHFWV D YHUVLRQ RI WKH WH[WV SULRU WR WKH ROGHVW
FRPPRQ VRXUFH RI WKHVH HGLWLRQVp WKDW oLQ PDQ\ FDVHV WKH 7>DER@ UHDGLQJV DUH
EHWWHU

WKDQ

WKH

WUDQVODWLRQp

FDQRQLFDO

RQHVp

DQG

WKXV

7KH 7DER IUDJPHQWV RI WKH

oFORVHU

WR

WKH

RULJLQDO

7LEHWDQ

V*UD VE\RU EDP SR JQ\LV SD

LQ

FRPSDULVRQ ZLWK LWV FRUUHVSRQGLQJ 7DQMXU DQG 'XQKXDQJ YHUVLRQV WXUQHG RXW WR

EH D OHVV HODERUDWH YHUVLRQ LVVXHG VRPH WZHQW\ RU WKLUW\ \HDUV HDUOLHU 7KH ODWHU
7DQMXU DQG 'XQKXDQJ YHUVLRQV RQ WKH RWKHU KDQG FDQ EH VDLG WR KDYH UHVXOWHG
IURP LQFUHDVHG H[SHULHQFH LQ WUDQVODWLQJ ,QGLDQ WH[WV LQWR 7LEHWDQ DQG WKXV WR
FRQWDLQ PRUH UHILQHG DQG HQODUJHG JXLGHOLQHV IRU WUDQVODWLRQDO DFWLYLWLHV WKDQ WKH
HDUOLHU 7DER YHUVLRQ
,Q WKH FDVH RI WKH 7*6 LV LW SRVVLEOH WR DVVHUW DQ LQGHSHQGHQW SRVLWLRQ IRU

$"

'RHV

UHSUHVHQW

YHUVLRQ

RI

WKH

7*6

FORVHU

WR

WKH

RULJLQDO

7LEHWDQ

WUDQVODWLRQ" 7KH VHFRQG TXHVWLRQ ZLOO EH DQVZHUHG LQ WKH IROORZLQJ VHFWLRQ E\ ZD\



RI DQ HYDOXDWLYH VWXG\ RI WKH YDULDQWV LQ FRPSDULVRQ ZLWK WKH RWKHU YHUVLRQV

7KH XQLTXH SRVLWLRQ RI  EHFRPHV REYLRXV IURP D QXPEHU RI PDMRU

UHFHQVLRQDO VLQJOH UHDGLQJV OLVWHG LQ  EHORZ 1HLWKHU LQ SXQFWXDWLRQ QRU LQ
YDULDQWV FDQ  EH VDLG WR VLGH H[FOXVLYHO\ ZLWK RQH RI WKH WKUHH RWKHU JURXSV 
VKDUHV UHDGLQJV ZLWK HDFK RI WKHP 6RPH RI WKHVH UHDGLQJV DUH

DC UPIQP OC D[WPI EDnL GLWWRJUDSK\ /67 OD VQJRQ

,+ kCO  UPIQP OC D[WPI EDnL > / @
r $ Q  $/673 RP QD LQ nMLJ UWHQ na JQDV SD
r ' Q  %-14 SD  IRU SDnL  YHUVH
r + Q  %-14 E]KL ponR IRU E]KL panR / E]KLnR 67 E]KL nR >7 E]KL DW HQG RI OLQH@



r % Q  $ OD VQJRQ PD E\XQJ

PD E\XQJ


RI

)RU LQVWDQFH D SDUW RI WKH 3DFDYLwDWLN GH 5RVVL )LOLEHFN  DQG IRU WKH 7DQMXU D SDUW

WKH

6DPEDQGKDSDUNu

3DFDYLwDWLN

7DXVFKHU  ,Q UHJDUG WR WKH UHODWLRQ EHWZHHQ WKH 7DER

DQG WKH FDQRQLFDO YHUVLRQ GH 5RVVL )LOLEHFN RQO\ UHPDUNV WKDW WKHUH DUH QR

VXEVWDQWLDO YDULDWLRQV 7KH YHUVLRQV MXVW GLIIHU LQ UHJDUG WR DEVHQFH RU LQYHUVLRQ RI ZRUGV S 
)XUWKHU VHH WKH VWXGLHV LQ 6FKHUUHU6FKDXE DQG 6WHLQNHOOQHU  DOVR 3DJHO 


68

6HH 3DQJOXQJ 

7DXVFKHU  

See also the forthcoming article by the present author dealing alone with the question of the
position of A in the stemma of the TGS.


 WRJHWKHU ZLWK WKH 7VKDO SD JURXS RPLWV WKH UN\DQJ VKDG DJDLQVW 7KHP VSDQJV PD DQG 3 LQ
! DJDLQVW WKH 7KHP VSDQJV PD LQ  FDVHV DQG WRJHWKHU ZLWK

 FDVHV WRJHWKHU ZLWK 7VKDO SD DQG

! DJDLQVW 7VKDO SD DQG 7KHP VSDQJV PD LQ RQO\  FDVHV 7VKDO SD RPLWV WKH UN\DQJ VKDG LQ WKH
VDPH WH[WXDO XQLW  WLPHV DJDLQVW
+RZHYHU

UN\DQJ VKDG

DQG 7KHP VSDQJV PD DQG LV MRLQHG E\

DORQH DJDLQVW DOO RWKHU YHUVLRQV RPLWV WKH

UN\DQJ VKDG

ZKHUH DOO RWKHU YHUVLRQV KDYH QRQH LQ  FDVHV



LQ  FDVHV

LQ  FDVHV DQG H[KLELWV D

r $ Q  /67 RP GX LQ GWRQ du E\HG

r $ Q  $3 FKX QJXV IRU FKXQJ QJXV ZURQJ GHFRPSRVLWLRQ RI WKH DEULGJPHQW
FKXQJXV"

' Q  $%3 \LG UDQJV IRU \L UDQJV 4 ODFXQD RI RQH OHWWHU EHWZHHQ \L DQG UDQJV
r ' Q  -67 UG]RJV VR IRU UG]RJV VKR 1 UG]RJVR $%4/3
GP0


7KHVH UHDGLQJV ZLOO EH GLVFXVVHG DQG VXSSOHPHQWHG ZLWK PRUH YDULDQWV LQFOXGLQJ
 LQ WKH QH[W VHFWLRQ 7KH VSHFLILFDWLRQ RI WKH LQGHSHQGHQW VWDWXV RI  LV FORVHO\
OLQNHG ZLWK WKH TXHVWLRQ RI WKH RULJLQDOLW\ RI LWV WUDQVPLVVLRQ

 7KH 5HODWLRQ RI WKH 0DLQ 7UDQVPLVVLRQDO *URXSV WR (DFK 2WKHU

,W QRZ VHHPV WKDW ZH KDYH IRXU PDLQ OLQHV RI WUDQVPLVVLRQ IRU

7LE $ 3  WKH 7VKDO

SD DQG WKH 7KHP VSDQJV PD OLQHV ,Q RUGHU WR GHWHUPLQH KRZ WKHVH PDLQ JURXSV
DUH UHODWHG WR HDFK RWKHU ZH QHHG WR WDNH D FORVHU ORRN DW WKH FRPELQDWLRQV LQ
ZKLFK WKHVH JURXSV VKDUH YDULDQWV , ZLOO QRW OLVW REYLRXVO\ HUURQHRXV YDULDQWV
UHSUHVHQWHG E\ RQO\ RQH JURXS ,Q SDUHQWKHVHV EHKLQG WKH YDULDQW DQ HYDOXDWLRQ RI
WKH

UHDGLQJ

DFFRUGLQJ

WR &K &K %WK

ZKHQHYHU SRVVLEOH
$ DQG 7KHP VSDQJV PD YHUVXV



RU

FRPPRQ

VHQVH

ZLOO EH SURYLGHG

! DQG 7VKDO SD

r % Q  $ OD VQJRQ PD E\XQJ

DC UPIQP OC D[WPI EDnL 147 OD VQJRQ PD E\XQJ EDnL

DC kCO  UPIQP OC D[WPI EDnL > / @

GLWWRJUDSK\ /67 OD VQJRQ PD E\XQJ

$/67 DJDLQVW

&K DQG %WK VQJRQ PD E\XQJ EDnL JWDQ WVKLJV N\L UQDP SD 6NW

DSUYDKHWYNUD DSSHDUV DOVR LQ

&K

%WK


 ULP N\L WKRJ PDU UJ\X

GDQJ  UQDP SD FRXOG UHQGHU WKH VDPH 6NW FRPSRXQG LQWHUSUHWHG DV D /;,3/;, DQG

ZLWK ,3:
SUYD LQVWHDG RI DSUYD

 %'-143 J\XU OD IRU J\XU SD

r & Q  %-143 JDQJ IRU QDQJ 7KH SGD DFFRUGLQJ WR $'/67 VHHPV WR KDYH
PRUH PHDQLQJ PL VKHV nang QD JQDV N\DQJ UORP VHPV PHG  7KDW WKLV LV WKH RULJLQDO
XQGHUVWDQGLQJ LV FRQILUPHG E\ %WK GEXV DQG &K 
).
r % Q  %-1436 EDU IRU ED LQ GJDn ba E\HG SD
r ' Q  %-143 EULV IRU EUHV LQ JVHU J\L VNXG SDV PLJ PDQJV ULV VX bres SDU J\XU
r * Q  %-43 RP SKUD UDE N\L UGXO %-43 LV FOHDUO\ DQ DEHUUDWLR RFXOL
r & Q

r , Q  %-143
DOVR DGYHUELDO
r

VQJRQ J\L VS\DG

IRU

VQJRQ N\DQJ VS\DG

VQJRQ QL VS\DG

%-143 OHVV SUREDEOH

%WK

$ Q  %-143 RP \DQJ

 DQG 7VKDO SD YHUVXV ! DQG 7KHP VSDQJV PD



r + Q  367

GXQJ .9 \DQJ IRU GXQJ \DQJ 3 UXQJ .9 \DQJ

 ,3/ ! YHUVXV 7VKDO SD DQG 7KHP VSDQJV PD



r+

Q  %-14 E]KL SRnR IRU E]KL SDnR / E]KLnR 67 E]KL nR
r ' Q  $%3 \LG UDQJV IRU \L UDQJV 4 ODFXQD RI RQH OHWWHU EHWZHHQ \L DQG UDQJV

&RPELQDWLRQV RI YDULDQWV UHSUHVHQWHG E\ D VLQJOH JURXS DJDLQVW DOO RWKHU WKUHH

JURXSV YDULDQWV DUH RQO\ WKRVH QRW FOHDUO\ GLVFHUQLEOH DV IDXOW\
 YHUVXV DOO RWKHU WKUHH JURXSV


r &

VV ZZ

$

r ( Q  $

6+, 89

WKRE IRU WKRE

NK\LP QDV E\XQJ ED IRU PQJRQ SDU E\XQJ ED

GHkK WVKH IRU GH WVKH YHUVH

JDQJ GDJ gis / GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV N\L UQDP JUDQJV nGL thos
pa dang  OXQJ bog pa dang  NKD WRQ GX E\HG pa dang  VWRQG pa de dag FKRV N\L
UQDP JUDQJV nGL thos SD GDQJ  OXQJ bog SD GDQJ  NKD WRQ E\Hs SD GDQJ  UDE WX
EVKDG SD GDQJ  \L JHU bris pas WVKHJV FKX QJXV de dag la FKRV N\DQJ PQJRQ VXP GX

r , Q  $3
r $ $ 

J\XUG 

IRU



JDQJ GDJ GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV N\L UQDP JUDQJV nGL Q\DQ WDP  OXQJ
QRG GDP  NKD WRQ E\HG GDP  VWRQ N\DQJ UXQJ FKRV N\L UQDP JUDQJV nGL Q\DQ SD
GDQJ  OXQJ QRG SD GDQJ  NKD WRQ E\HG SD GDQJ  UDE WX nFKDG SD GDQJ  \L JHU nGUL ED
GH GDJ OD WVKHJV FKXQJ QJXV FKRV GH GDJ N\DQJ PQJRQ VXP GX nJ\XU 
H ' Q  $ RP /0
r 7KURXJKRXW WKH ZKROH WH[W ZKHQ LQWURGXFLQJ WKH YHUVHV JVXQJV VR 147 ENDn VWVDO WR
H 7KURXJKRXW WKH ZKROH WH[W ZLWK RQH H[FHSWLRQ EUJ\D VWRQJ IRU nEXP
r )RU WKH XQLTXH FRORSKRQ RI $ VHH VHFWLRQ 


! YHUVXV DOO RWKHU WKUHH JURXSV



r % Q  3 ML OWD EX IRU ML OWD ED

r & Q  %3 QD IRU QL
7A, n. 32 3 WKXP po IRU WKXP

r ' Q  3
r ' Q  3

bu VHH %WK GDP po

SDkK -8,2 IRU 5, -8,2 YHUVH

SD IRU OD
GHV
r ' Q  3 SDU IRU SD
r + Q  37 RP SD $- ED IRU SD
r , Q  3 SD IRU QD 7 PD IRU QD
r , Q  3 UJ\DO ED IRU UJ\DO GEDQJ 3 DJDLQVW %WK UJ\DO GEDQJ
r , YHUVH Q r 3 /0kK WVKH GH GDJ PGR nGL WKRV  DOVR $ GHnL IRU GH J\XU QDV
r ' Q  3 RP

ZKLFK LV IRXQG LQ 3

ZDV SUREDEO\ WKH UHDGLQJ RI 3 DQG RPLWWHG

E\ 3

GHkK WVKH GH GDJ PGR nGL WKRV I[WT PCU 

GH WVKH GH GDJ PGR nGL WKRV I[WT PCU 
147 GH WVKH GH GDJ gis ni PGR nGL WKRV 
r % Q  3 SD E\D EDnL IRU SDnL
3
3

r & Q   3 ]OD Q\D IRU Q\L ]OD 3 ]OD ED Q\D 3 LQ DFFRUGDQFH ZLWK

%WK

&K DQG

7VKDO SD YHUVXV DOO RWKHU WKUHH JURXSV



' Q  %-14 SD  IRU SDnL  YHUVH

r $ Q  $/673 RP QD LQ nMLJ UWHQ na JQDV SD
r & Q  %'-14 QL IRU JL 3 JLV IRU JL 3 PLJLV IRU PLJ JL %'-14 DJDLQVW &K 

r & Q  %'-

 DOVR 3 DJDLQVW &K

VSDQJ IRU VE\DQJ 4 VSDQJ RU VEDQJ " %'-4 DJDLQVW &K

$ Q  %'-14 GHnL VUJG GH IRU GHnL GH

r ' Q  %-14 SD  IRU SDnL  YHUVH
r $ Q  $/673 EVJUXE IRU VJUXE % VJ\XE
r ) Q  %-14 RP GDQJ SR %-14 DJDLQVW %WK GH thog mar PQJRQ
r , Q  %-14 SRU IRU SR
r $ Q  %-14 ./ GDJ IRU GDJ
r % Q  %14 GH IRU QJD /7 RP QJD %14/7 DJDLQVW %WK QJD
r & Q  %143 GD IRU QJD - QJD RU GD " %-143 DJDLQVW %WK UDQJ
r & Q  %-143 GH .+1 GDQJ 147 GH GDQJ

7KHP VSDQJV PD YHUVXV DOO RWKHU WKUHH JURXSV



QD IRU GX
nEXP 43 GH GDJ IRU nEXP GH GDJ $ EUJ\D VWRQJ GH GDJ
r ' Q  /67 RP \DQJ
r ( Q  /67 ]KXJV IRU E]KXJV
r ( Q  /67 OD IRU QD LQ PFKRG UWHQ OD
r $ Q  /67 RP GX LQ GWRQ du E\HG
r $ Q  /67 RP FKRV
r % Q  /7 RP QJD %14 GH IRU QJD %14/7 DJDLQVW %WK QJD

r & Q  /7

r ' Q  /67

r VKRZ WKH FRPELQDWLRQV RI WKH WKUHH JURXSV IRU WKH SRUWLRQV RI WH[W
PLVVLQJ LQ

 $JDLQ REYLRXVO\ IDXOW\ YDULDQWV RI D VLQJOH JURXS DUH QRW SURYLGHG

! DQG 7VKDO SD

7KHP VSDQJV PD YHUVXV



r % Q %-143 WKRV SDkK GXV IRU WKRV SD GXV



% Q  %-43 E]DQJV FDQ IRU E]DQJV WVDQ GDQ %-43 DJDLQVW WKH SDUDOOHO LQ

*
r % Q  %-437 VHPV -+2 WKDPV IRU VHPV WKDPV %-437 ZURQJ oPLQG VHPV RI
WKH DUKDWp
r & Q  %43 chu rlung od srung for chu bo nRG VUXQJ -13 NOXQJ IRU ER
1DGNw\DSD 09\  FKX klung nRG VUXQJV %WK FKX bo nRG VUXQJ
* Q  /67 RP GX QDQJ LQ  Q\LG du nang GX \DQJ BJNQP123: kyi nang for du
nang.
r + Q  %-43 RP N\DQJ
r , Q  /67 FKXQJ ED IRU FKX ED 3 FXQJ /67 DJDLQVW %WK VEX JX IRU FKX ED
r

r . Q  %-143

VQJRQ IRU VQJDQ

-+2 \LQ IRU SR \LQ

r & Q  /67 QJD IRU GH
r $ Q  %'-143 NXQ WX IRU VKLQ WX

r % Q '/673 SR

r % Q  %-43 RP

GH

& Q  /67 RP UWDJ WX /67 DJDLQVW &K 

r $ Q  %'-143 RP GDJ
r $ Q  %'-1/3 EUQDQ IRU PQDQ DOVR %WK EUQDQ DJDLQVW &K

3 JQDQ IRU PQDQ 4 SD UQDQ IRU 23,3
r $ Q  %'-143 RP QL
r % Q  '/67 EVDO IRU EVLO '/67 DJDLQVW &K
 3 JVLO
r & Q  %'-143 SDnL IRU SDU
r $ Q  %'-143 /: 147 5,
H & Q   LUUHOHYDQW VLQJOH YDULDQWV DUH QRW VKRZQ
%'-14 QDQJ QD FKRV Q\LG PQJDO gnas nGUD \RG PWKRQJ 
! QDQJ QD FKRV Q\LG PQJDO ba >3 GX IRU ED@ nGUD \RG PWKRQJ 
/67 QDQJ QD FKRV Q\LG PQJDO nGUD \RG par PWKRQJ 
r % Q   67 RP N\L FKRV LQ VDQJV UJ\DV N\L FKRV N\LV DEHUUDWLR RFXOL 67 LV DJDLQVW
r

%WK VDU\DV( N\L FKRV

r % Q  %-143 RP

\DQJ

&RPELQDWLRQ 7VKDO SD YHUVXV ! DQG 7KHP VSDQJV PD



r . Q  %-14

JDQJ IRU GDJ

NKHQJV IRU NKHEV %-14 DJDLQVW &K

r . Q  %-14

 oFRYHU FRPSOHWHO\p FI

*I DQG -

r . Q  %-14

PG]RG IRU PG]HV %-14 DJDLQVW &K

DQG

&K

/ Q  %'-143 GDQJ 21+7 EVKDG 147 GDQJ EVKDG

H 0 Q  %'-14 VQ\LQJ SR -+2 .9 PWKRQJ 147 VQ\LQJ SRU PWKRQJ
H $ Q  %'-14 ED IRU OD
r % Q  $ Q  $ Q  %'-14 J\RJV IRU \RJ 3 RQFH J\RJ 7 RQFH \RJV
r & Q  %'-14 5,7 IRU 5,
r & Q  %'-136 94 IRU 90
r $ Q  %'-14 3, IRU 3,8
r $ Q  %'-14 5,7 IRU 5,8 %'-14 DJDLQVW WKH SDUDOOHO FRQVWUXFWLRQV LQ $ DQG

$I

EDV IRU ED %'-14 DJDLQVW %WK DQG WKH &KLQHVH VHH WUDQVODWLRQ
QDV IRU ODV %WK ODV
r $ Q  %'-14 SK\XQJ %'-14 LPSRVVLEOH VLQFH QR DJHQW LV JLYHQ
r $ Q  %'-14 GDQJ IRU nDP
r $ Q  %'-14 NQ OQJD IRU OQJD
r $ Q  %'-143 SDU IRU SD
r & Q  %'-14 JLV %'-14 ZKLFK PDUN VHQWLHQW EHLQJV DV WKH DJHQWLDO NQRZHUV RI
r & Q  %'-14
r $ Q  %'-14

WKH QDWXUH RI WKHLU GHILOHPHQWV FRQWUDGLFW 5*9 ,

GXP EX kFK [K WKXP EX IRU GXP EX WKXP EX 1 GXP EX kFKkK WKXP EX
% Q  %'-14 UWDJ WX IRU NXQ WX
r $ Q  %'-14 VEUXP SDU IRU VEUXP PDU
r $ Q  %'-43 GHnL IRU GH 1 GDnL IRU GH
r $ Q   %'-14 J\XU 4+ QD IRU J\XU QDV
r & Q  %-14 RP SD LQ E]KL pa nEXP.
r $ Q  %'-4



! YHUVXV 7VKDO SD DQG 7KHP VSDQJV PD



r . Q  %13 OWDV IRU OKDV %13 DJDLQVW

r & Q  3 nGL IRU GH

&K

la PNKDV SDV
& Q  3 OKDV QL IRU OKD \LV
r % Q  3 SD IRU FLQJ LQ nRV VXV J\XU FLQJ
r & Q  /34 QL IRU QD
r & Q  3 WKDU SD IRU WKDU E\HG 3 IDXOW\ FRQVWUXFWLRQ QHHGV WUDQVLWLYH YHUE
r % Q  3 E\HG FLJ  IRU E\HG SDU 3 XVH LPSHUDWLYH SDUWLFOH FLJ ZLWKRXW WKH
LPSHUDWLYH IRUP RI E\HG SD E\RV
r % Q  37 RP OD LQ WKDEV

:KDW FRQFOXVLRQV FDQ ZH GUDZ IURP WKH PDWHULDO SUHVHQWHG DERYH" /HW XV ILUVW
WXUQ WR WKH SDUW RI WKH 7*6 ZKHUH DOO IRXU JURXSV DUH UHSUHVHQWHG r
7KHUH ZH KDYH D UHPDUNDEOH GLVSURSRUWLRQ LQ WKH YDULDQWV VKDUHG E\ WZR JURXSV

D  DQG 7KHP VSDQJV PD YHUVXV ! DQG 7VKDO SD 

E  DQG 7VKDO SD YHUVXV ! DQG 7KHP VSDQJV PD 
F  DQG ! YHUVXV 7VKDO SD DQG 7KHP VSDQJV PD  DQG LQ RQH
RWKHU FDVH RQO\ DFFRUGDQFH EHWZHHQ  DQG ! 

7KH KLJK QXPEHU RI YDULDQWV LQ FRPELQDWLRQ D VXJJHVWV WKDW WKHUH PD\ EH D

FORVHU UHODWLRQ EHWZHHQ 7KHP VSDQJV PD DQG  RQ WKH RQH VLGH DQG ! DQG 7VKDO

SD RQ WKH RWKHU 7KH UHDVRQ ZK\ WKHUH DUH VR IHZ FDVHV LQ E DQG F FDQ RQO\ EH
WKDW ERWK VLGHV RI WKH FRPELQDWLRQ DUH QRW UHSUHVHQWHG WRJHWKHU ,Q RWKHU ZRUGV 
DQG 7KHP VSDQJV PD DUH FORVH ZKHUHDV 7VKDO SD DQG 3KXJ EUDJ KDYH
HVVHQWLDOO\ QR FRRFFXUULQJ YDULDQWV DQG 7VKDO SD DQG 3KXJ EUDJ DUH FORVH

 DQG 7VKDO SD7KHP VSDQJV PD KDYH QRW PXFK LQ FRPPRQ :H

ZKHUHDV 7VKDO SD

VKRXOG IXUWKHU LQTXLUH ZKLFK SDLU RI WKH WZR LQ D PD\ EH oUHVSRQVLEOHp IRU WKH
UHODWLYHO\ KLJK QXPEHU WKDW LV LQ ZKLFK FDVHV XQGHU  WKH UHDGLQJ LV D VKDUHG
PLVWDNH DQG FDQ EH FDOOHG oXQRULJLQDOp ZKHQ FRPSDUHG ZLWK LWV FRXQWHUSDUW

/67

% ORRNV OLNH SODLQ GLWWRJUDSK\ LQ

ZLWKRXW DQ\ SDUDOOHO LQ

%WK

KDYH REYLRXVO\ WULHG WR VRIWHQ WKH PLVWDNH E\ DGGLQJ WKH SDUWLFOH

DERYH K\SRWKHVLV UHJDUGLQJ

/67

SUHGHFHVVRUV QRU WKH HGLWRUV RI

SDVVDJH
,Q & WKH UHDGLQJ

QDQJ

LV WUXH QHLWKHU WKH HGLWRUV RI

&K

nDP ,I P\

RU RQH RI LWV

RU RQH RI LWV SUHGHFHVVRUV KDYH DOWHUHG WKH

LV FRQILUPHG E\

%WK

DQG

&K %-143

VDLG WR EH WKH XQRULJLQDO UHDGLQJ WKH VLWXDWLRQ LQ * LV VLPLODU D FOHDU

RFXOL RQ WKH SDUW RI %-143

RU

.,3 -0

DEHUUDWLR

DQG SUREDEO\ DJDLQ LQ , ZKHUH WKH DGYHUELDO

FRQVWUXFWLRQ RI VQJRQ LV DWWHVWHG IRU %WK 1RWKLQJ FDQ EH VDLG DERXW WKH RWKHU
YDULDQWV $V D UHVXOW ZH QRWH WKDW LQ WKUHH RI WKH IRXU FDVHV ZKHUH LW LV SRVVLEOH WR
GHFLGH WKH RULJLQDO UHDGLQJ LW LV WKH UHDGLQJ RI WKH SDLU 7VKDO SD3KXJ EUDJ ZKLFK
LV QRW RULJLQDO
,I ZH WXUQ WR WKH SRUWLRQ RI WKH WH[W ZLWKRXW WKH WHVWLPRQ\ RI $ LV WKHUH D
VLPLODUO\ KLJK UDWLR RI QRQRULJLQDO 7VKDO SD3KXJ EUDJ UHDGLQJV" $Q DQDO\VLV RI
WKH WZHQW\RQH YDULDQWV LQ  \LHOGV HLJKW FDVHV LQ ZKLFK LW LV SRVVLEOH WR GHFLGH
XSRQ WKH RULJLQDOLW\ RI WKH UHDGLQJ 2I WKHP 7VKDO SD3KXJ EUDJ FDQ EH VDLG WR EH
VHFRQGDU\ LQ IRXU FDVHV ,Q WKH RWKHU IRXU FDVHV WKH 7KHP VSDQJV PD UHDGLQJ LV
GHILQLWHO\ VHFRQGDU\ 7KH ZHLJKW RI WKLV SXUHO\ VWDWLVWLFDO UHVXOW EHFRPHV FOHDU
ZKHQ ZH VHH LQ FRQWUDVW WKDW LQ  7VKDO SD YHUVXV 3KXJ EUDJ7KHP VSDQJV PD
7VKDO SD LV DORQH IDXOW\ LQ DOO VL[ YHULILDEOH UHDGLQJV DQG LQ WKH FDVH RI WKH
FRPELQDWLRQ 3KXJ EUDJ YHUVXV 7VKDO SD7KHP VSDQJV PD  3KXJ EUDJ LV
VHFRQGDU\ IRU DOO WKUHH YHULILDEOH YDULDQWV ,Q DOO RI WKHVH FDVHV LW LV WKXV WKH VLQJOH
UHDGLQJ ZKLFK LV IDXOW\ DJDLQVW WKH UHDGLQJ VKDUHG E\ WKH WZR RWKHU JURXSV 7KLV



GHPRQVWUDWHV RQ WKH RQH KDQG WKH IDFW WKDW WKH SDLUV 3KXJ EUDJ7KHP VSDQJV PD
DQG 7VKDO SD7KHP VSDQJV PD DUH QRW oORYH PDUULDJHVp PRVW RI WKHLU FRPPRQ
YDULDQWV DUH VLPSO\ GXH WR WKH HUURQHRXV WKLUG JURXS QDPHO\ 7VKDO SD RU 3KXJ
EUDJ 2Q WKH RWKHU KDQG LW LQGLFDWHV D FORVH UHODWLRQ EHWZHHQ 7VKDO SD DQG 3KXJ
EUDJ ZKLFK VKDUH IRXU RI HLJKW DQDO\]HG XQRULJLQDO UHDGLQJVsD IDFW WKDW WKXV
FRQILUPV WKH UHVXOW RI WKH DQDO\VLV RI r
%DVHG RQ WKH UHVXOWV DERYH ZH FDQ QRZ DVVXPH WZR SULQFLSDO JURXSV RI
WUDQVPLVVLRQ HDFK VKDULQJ FRPPRQ YDULDQWV 7KHP VSDQJV PD DQG 3KXJ
EUDJ7VKDO SD %XW WKHUH DUH D IHZ FDVHV LQ ZKLFK RWKHU FRPELQDWLRQV RI WKH IRXU
JURXSV DUH IRXQG ,Q 

! WRJHWKHU ZLWK 67 LQVHUW GX DIWHU GXQJ %RWK UHDGLQJV

DUH RI FRXUVH SRVVLEOH 1R GHILQLWH VWDWHPHQW DERXW WKH RULJLQDO IRUPXODWLRQ FDQ EH
PDGH



,Q  WKH ILUVW YDULDQW VXJJHVWV WKDW WKH RULJLQDO UHDGLQJ ZDV

E]KL SDnR

DWWHVWHG E\ $ DQG 3KXJ EUDJ ,Q WKH 7VKDO SD WUDGLWLRQ WKLV SD WXUQHG LQWR SR ZKLOVW
LQ 7KHP VSDQJV PD SD ZDV FRPSOHWHO\ GURSSHG %RWK WUDGLWLRQV WKXV DGDSWHG WKH
FDUGLQDO QXPEHU WR WKH FODVVLFDO VWDQGDUG LQ DFFRUGDQFH ZLWK WKHLU XQGHUVWDQGLQJ
RI WKH SDVVDJH 7KLV FRXOG KDYH KDSSHQHG LQGHSHQGHQWO\ RI HDFK RWKHU ,Q WKH
VHFRQG FDVH RI  ZH ILQG \L UDQJV LQVWHDG RI \LG UDQJV , VXJJHVW D VLPLODU
SURFHVV WKH RULJLQDO \LG UDQJV EHFDPH XQFRPPRQ LQ FODVVLFDO WLPHV DQG WKH
HGLWRUV RI /67 DQG WKRVH RI 7VKDO SD ERWK DGDSWHG LW WR WKH QHZ VWDQGDUG 7KH
3HNLQJ OLQH VWLOO UHIOHFWV WKLV WUDQVIRUPDWLRQ LQ WKDW LW KDV SUHVHUYHG WKH ODFXQD RI
WKH HUDVHG G DQG LQ % WKH FRPSOHWH \LG
+RZHYHU WKHUH LV RQH FRPELQDWLRQ DPRQJ WKH UHDGLQJV LQ WKH IROORZLQJ
VHFWLRQV r ZKLFK FDOOV IRU D FORVHU DQDO\VLV ,W LV WKH YDULDQW
& Q   3 ]OD Q\D IRU Q\L ]OD 3 ]OD ED Q\D YHUVH


LQ 

 DQG %WK ]OD ED Q\D DUH ERWK LQ

&K 
3 7KHUH FDQ EH QR GRXEW WKDW LQ WKLV FDVH RQO\ 3KXJ EUDJ KDV
SUHVHUYHG WKH RULJLQDO ZRUGLQJ ]OD Q\D IRU SDULSUDFDQGUD
7KH FRUUHVSRQGLQJ SDVVDJHV LQ

DFFRUGDQFH ZLWK

 ZKHUHDV DOO RWKHU

JURXSV VKRZ WKH VHFRQGDU\ YDULDQW

Q\L ]OD

DV

DSSHDOLQJ

PDWWHU

SUHVHUYHV

RI

WKH

IDFW

7*6

PXFK

PRUH

WKH

WHUP

DV

DQ

Q\L ]OD

6NW

HSLWKHW

IRU

FDQGUDVU\D
VRPHERG\

LV

ZKR

DV GHVFULEHG LQ WKH WH[W 7KLV IDFW EHFRPHV HYLGHQW ZKHQ

VWXG\LQJ WKH LQGH[ RI IRU H[DPSOH WKH

LQFOXGH

7KH WHUP

FDQGUDVU\D

&DQGUDVU\DSUDGSDUMD

7LE

63

ZKHUH D QXPEHU RI FRPSRXQGV ZKLFK

Q\L ]OD

FDQGUDVU\DSUDEK

DUH

IRXQG

&DQGUDVU\DSUDGSD

DQG &DQGUDVU\DYLPDODSUDEKVDwU

7KH WHUP 3DUL3UDFDQGUD RQ WKH FRQWUDU\ DSSHDUV RQO\ RQFH LQ WKH ZKROH

63

,W LV WKH QDPH RI D ERGKLVDWWYD DQG UHQGHUHG LQ 7LEHWDQ DV =OD JDQJ 7KH VLWXDWLRQ
LV VLPLODU IRU WKH

/DOLWDYLVWDUD

DWWHVWV WKH FRPELQDWLRQ

Q\L ]OD

ZKHUH WKH 7LEHWDQ YHUVLRQ LQ WKH 'HUJH .DQMXU

WZHQW\VHYHQ WLPHV ZKLOH

]OD Q\D

RU

]OD JDQJ

LV

IRXQG RQO\ RQFH WKURXJKRXW WKH WH[W


,I ZH DUH GHDOLQJ ZLWK D oFORVHGp WUDGLWLRQ WKDW LV LI WKHUH DUH QR FURVV

FRQWDPLQDWLRQV EHWZHHQ WKH PDLQ .DQMXU OLQHV ZH ZRXOG KDYH WR DUJXH WKDW WKH
ZLGHVSUHDG XVDJH RI WKH FRPSRXQG

$7KHP

Q\L ]OD PXVW KDYH EHHQ ZKDW OHG WKH HGLWRUV RI

VSDQJV PD DQG WKH 7VKDO SD OLQH WR FKDQJHsLQGHSHQGHQWO\ RI HDFK

1RWH WKDW 3DJHO  I IRU WKH %RGKLVDWWYDSLDND mentions several cases where L
shares readings with A and Tshal pa against ST.
71
I use the terms closed and open recension in the sense introduced by Giorgio Pasquali.
Closed recensions suggest that readings move only vertically, from the master copy to the copy
itself, whereas in an open recension readings can also circulate horizontally, leading to
contamination.




RWKHUsWKH RULJLQDO

]OD Q\D LQFOXGLQJ UHYHUVLQJ WKH ZRUG RUGHU WR Q\L ]OD WKH

IRUP DEXQGDQWO\ DWWHVWHG LQ WKH 63 VHH DERYH 3 

KRZHYHU KDV SUHVHUYHG WKH

RULJLQDO XQFRPPRQ ZRUGLQJ DQG GHVHUYHV UHVSHFW DV D PRUH FRQVHUYDWLYH OLQH RI

WUDQVPLVVLRQ RQH ZKLFK DFFRUGLQJ WR WKH UHVXOWV RI P\ DQDO\VLV DERYH LQWURGXFHV
PRUH PLVWDNHV EHFDXVH RI LQDWWHQWLYH FRS\LQJ WKDQ VXFK UHGDFWLRQDO LQWHUYHQWLRQ
DV WKH DOWHUDWLRQ RI

]OD Q\D

WR

Q\L ]OD

LQ WKH RWKHU .DQMXUV +RZHYHU LW LV FOHDU WKDW

RQH FDQ E\ QR PHDQV UXOH RXW FURVVFRQWDPLQDWLRQ HYHQ DW DQ HDUO\ VWDJH RI



WUDQVPLVVLRQ

7KH PRUH FRQYLQFLQJ H[SODQDWLRQ RI WKH

Q\L ]OD

WKUHH JURXSV ZKLFK JHQHUDOO\ VKDUH QR FRPPRQ YDULDQWV LQ WKH

YDULDQW VKDUHG E\

7*6

UDWKHU LV WR

DVVXPH FRQWDPLQDWLRQ 7KH DVVXPSWLRQ RI VXFK D FRQWDPLQDWLYH SURFHVV LQ DQ

RSHQ WUDGLWLRQ FDQ DFFRXQW IRU ZK\ RQO\ 3KXJ EUDJ KDV SUHVHUYHG WKH RULJLQDO
UHDGLQJ

]OD Q\D

:H ZLOO FRPH EDFN WR WKLV TXHVWLRQ DIWHU GHDOLQJ ZLWK WKH

TXRWHG XQGHU  2QO\ VXFK DQ HYDOXDWLRQ FDQ

KHOS WR VKHG OLJKW RQ WKH TXHVWLRQ ZKHWKHU nV VLQJOH YDULDQWV FDQ EH WUHDWHG DV
RULJLQDO

UHFHQVLRQDO VLQJOH YDULDQWV RI

DQG
  UHDGV UDE WX WKRE LQVWHDG RI WKRE LQ WKH FRQWH[W RI WKH
DWWDLQPHQW RI WKH DQXWSDWWLNDGKDUPDNuQWL DQG WKH DWWDLQPHQW RI HIILFDFLRXV
IRUPXODV GKUD 8VXDOO\ IRUPV RU QRPLQDOL]DWLRQV RI WKH YHUE SUDWLODEKDWH DUH

XVHG LQ WKLV FRQWH[W 7KRXJK UDE WX FDQQRW FRPSOHWHO\ EH REMHFWHG WR WKH IDU
PRUH XVXDO UHQGHULQJ RI WKH SUHIL[ SUDWL LQ 7LEHWDQ LV \RQJV VX ,I ZH DVVXPH WKDW
LQ WKH 6DQVNULW RI WKH SDVVDJH LQ WKH 7*6 ZH RULJLQDOO\ KDG D IRUP RI SUDWLODEKDWH
DV DWWHVWHG LQ IRU H[DPSOH WKH 6DGGKDUPDSXDUND ZH DUH IDFHG ZLWK WKH
TXHVWLRQ KRZ WKH UHDGLQJ UDE WX WKRE FDPH LQWR H[LVWHQFH 1RW LUUHOHYDQW LV
%UDDUYLJnV D L[ QRWLQJ WKH UHDGLQJ UDE WX WKRE LQVWHDG RI WKRE IRU WKH 6WRJ
DQG WKH 7RN\R PDQXVFULSWV RI WKH $NuD\DPDWLQLUGHwDVWUD 7KHVH DUH WKH

,Q &

VV

ZZ

PDQXVFULSWV FORVHVW WR WKH 'XQKXDQJ YHUVLRQ

,Q D XQLTXH FDVH ( Q 

SDU E\XQJ ED

 UHDGV NK\LP QDV E\XQJ ED LQVWHDG RI PQJRQ

LQ DOO RWKHU FDQRQLFDO YHUVLRQV

%WK

VLPSO\ KDV

E\XQJ ED

7KH

SDVVDJH GHVFULEHV D ERGKLVDWWYD IURP ZKRVH ERG\ UD\V RI OLJKW DUH HPLWWHG IURP
WKH WLPH KH oKDG EHHQ ERUQ VHW RXW IRU DVFHWLF OLIH DEKLQLuNUDPDD DQG >ILQDOO\@
FRPSOHWHO\ DZDNHQHG WR EXGGKDKRRGp 7KRXJK WKH WUDQVODWLRQ RI
LQ

LV FOHDU HQRXJK WKH XVXDO UHQGHULQJ RI

DEKLQLuNUDPDD

DEKLQLuNUDPDD

LQ 7LEHWDQ WUDQVODWLRQ

OLWHUDWXUH LV GRXEWOHVVO\ PQJRQ SDU E\XQJ ED WKH UHDGLQJ DWWHVWHG LQ WKH FDQRQLFDO

YHUVLRQV , KDYH QR SDUDOOHOV RI WKLV UHQGHULQJ NK\LP QDV E\XQJ ED LQ RWKHU ROG
WH[WV

$ PDMRU YDULDQW LV IRXQG LQ SDVVDJH $ 7KH %XGGKD H[SODLQV WR

9DMUDPDWL WKDW oVRQV DQG GDXJKWHUV RI JRRG IDPLO\ ZKR DUH UHVWULFWHG E\ REVWDFOHV
>FDXVHG E\ WKHLU@ GHHGV NDUPYDUDD ZLOO EHFRPH SXULILHGp RZLQJ WR WKH PHULW
DWWDLQHG IURP SURSDJDWLQJ WKH VWUD $SDUW IURP WKH GLYHUJHQW WUDQVODWLRQV RI
LQGLYLGXDO ZRUGV


RIIHUV DQ RYHUDOO GLIIHUHQW XQGHUVWDQGLQJ LQ WKDW LW HQGV WKH

)RU D VLPLODU FDVH VHH %UDDUYLJnV HGLWLRQ RI WKH %RGKLVDWWYDFDU\QLUGHwD  ZKHUH KH

DVVXPHV WKH WZR 3KXJ EUDJ YHUVLRQV WR EH oGLUHFW FRSLHV RI WKH 2OG 1DUWKDQJ QRWZLWKVWDQGLQJ DOO
HUURUVp S  7KH PDLQ UHDVRQ IRU KLV DVVXPSWLRQ LV WKH FRUUHFW UHDGLQJ 7,, LQVWHDG RI WKH 7,21

RI DOO RWKHU YHUVLRQV LQ ~  Q  ,Q WKLV FDVH LW FDQ EH VWDWHG ZLWK DOPRVW RQH KXQGUHG SHUFHQW

FHUWDLQW\ WKDW WKH DOWHUDWLRQ RI UDE WR UDQJ GLG QRW WDNH SODFH LQGHSHQGHQWO\ LQ WKH RWKHU WZR PDLQ
OLQHV RI WUDQVPLVVLRQ
73


75

6HH HJ $!   NRQD\XWDwDWDVDKDVUDSDULYDUW\ GKUD\ SUDWLODPEKR nEKW 

63, VY DEKLQLuNUDP

This variant is discussed in detail in my forthcoming publication.

6HH HJ



VHFRQG XQLW RI WKH HQXPHUDWLRQ RI DFWLYLWLHV ZLWK



SDV

LQGLFDWLQJ WKDW WKLV

HQXPHUDWLRQ FRQWDLQV WKH PHDQV E\ ZKLFK WR UHDFK WKH GHVLUHG UHVXOW 2QH
SUREOHPDWLF IHDWXUH LQ

LV WKDW

VHHPV WR EH WDNHQ XS WZLFH E\

UHODWLYH FODXVH UHIHUV WR

JDQJ GDJ JLV

GH GDJ

GH GDJ OD

IXQFWLRQLQJ DV D UHODWLYH SURQRXQ

DQG E\

DV LW GRHV LQ

GH GDJ OD

,I ZH GHFLGH WKDW WKH

7LE GH GDJ

FDQQRW EH LQFOXGHG LQ

WKH VWUXFWXUH RI WKH VHQWHQFH 2QH SRVVLEOH WUDQVODWLRQ RI

LV

9DMUDPDWL IRU WKRVH VRQV DQG GDXJKWHUV RI JRRG IDPLO\ UHVWULFWHG E\ REVWDFOHV
>FDXVHG E\ WKHLU@ GHHGV ZKR OLVWHQ WR WKLV 'KDUPD GLVFRXUVH >FDOOHG@
7DWKJDWDJDUEKD

DQG H[SRVH UHFLWH RU WHDFK >LW@sby virtue of OLVWHQLQJ WR WKLV

'KDUPD GLVFRXUVH DQG H[SRVLQJ UHFLWLQJ H[SODLQLQJ DQG FRS\LQJ >LW LW ZLOO
KDSSHQ WKDW WKH\@ ZLOO HDVLO\ VHH WKH 'KDUPD EHIRUH WKHLU H\HV >DQG WKH\ ZLOO@
EHFRPH SXULILHG >IURP@ WKH REVWDFOHV >FDXVHG E\ WKHLU@ GHHGV

 LV PRUH H[SOLFLW LQ VWDWLQJ WKDW WKH DFWLYLWLHV SHUIRUPHG DUH WKH PHDQV RI JHWWLQJ
7LE )XUWKHU WKH SDUWLFOH GH
GDJ UHGXQGDQW LQ $ LQ 7LE UHIHUV WR FKRV ,Q %WK GH GDJ JLV LV IRXQG DW WKH HQG
RI WKH ILUVW HQXPHUDWLRQ DQG QRW DV LQ 7LE DIWHU FKRV VR WKDW JUDPPDWLFDOO\
WKHUH LV QR UHODWLYH FODXVH 'H GDJ OD GRHV QRW DSSHDU +RZHYHU EULV QDV VKRXOG
PRVW SUREDEO\ EH HPHQGHG WR EULV SDV VLQFH LW ZRXOG EH JUDPPDWLFDOO\ LPSRVVLEOH
WR FRPELQH WKH IRUPHU ZLWK WKH QRPLQDOL]HG VWHPV FRQQHFWHG E\ GDQJ EHIRUH %WK
RIIHUV QR LQGLFDWLRQ WKDW WKH HPSOR\PHQW RI WKH SDUWLFOH nDP DV VHHQ LQ 7LE PLJKW
ULG RI WKH REVWDFOHVsDQ LGHD QRW RSHQO\ H[SUHVVHG LQ

EH EDVHG RQ D 6DQVNULW RULJLQDO ,W ZRXOG EH KDUG WR H[SODLQ ZK\ D UHYLVHU VKRXOG

DOWHU WKH XVH RI
5HJDUGLQJ

GDQJ DQG nDP LQ IDYRU RI WKH VROXWLRQ VHHQ LQ $ GDQJ WKURXJKRXW

&K

$PRJKDYDMUD

JRYHUQLQJ WKH VHQWHQFH XS WR 

E\

XVLQJ

WKH

SDUWLFOH

\RX

V\QWDFWLFDOO\

 PDUNV WKH VHFRQG HQXPHUDWLRQ FOHDUO\

DV WKH QHFHVVDU\ FRQGLWLRQ IRU WKH UHVXOW PHQWLRQHG DW WKH HQG RI WKH VHQWHQFH o

in consequence

RI OLVWHQLQJ p DQG WKXV VHHPV WR VXSSRUW WKH UHDGLQJ IRXQG LQ



$V IRU RULJLQDOLW\ LW LV KDUGO\ SRVVLEOH WR VHWWOH ZLWK FHUWDLQW\ WKH TXHVWLRQ ZKHWKHU

7LE LQ WKLV SDVVDJH LV D UHYLVHG YHUVLRQ GHULYHG IURP WKH WH[W DV IRXQG LQ $ WKRXJK

WKHUH LV VRPH HYLGHQFH ZKLFK VHHPV WR VXJJHVW WKLV 7KH H[SOLFLW FKDUDFWHUL]DWLRQ

$sZKLFK LV DOVR IRXQG LQ WKH &KLQHVH WUDQVODWLRQ

DQG ZLWK WKH HPHQGDWLRQ RI QDV WR SDV LQ %WKsZRXOG IDYRU VXFK DQ H[SODQDWLRQ
7KH UHGDFWRUV RI 7LE ZRXOG DIWHUZDUGV KDYH FKDQJHG WKH SRVLWLRQ RI WKH LUULWDWLQJ
GH GDJ VWLOO IRXQG LQ $ FRPELQLQJ LW ZLWK FKRV %WK IRU LWV SDUW DJUHHV ZLWK $ LQ
XQLIRUPO\ XVLQJ WKH SDUWLFOH GDQJ LQ ERWK HQXPHUDWLRQV LQVWHDG RI nDP ZKLFK LV
IRXQG LQ 7LE
7KURXJKRXW WKH ZKROH WH[W ZLWK RQH H[FHSWLRQ $ KDV EUJ\D VWRQJ LQVWHDG
RI WKH nEXP RI WKH FDQRQLFDO YHUVLRQV 7KH 6DQVNULW LQ DOO WKHVH FDVHV ZDV PRVW
RI WKH DFWLYLWLHV DV WKH PHDQV LQ

SUREDEO\ wDWDVDKDVUD EU*\D VWRQJ VWLFNV OLWHUDOO\ WR WKH 6DQVNULW ,Q ~ RI WKH

V*UD VE\RU EDP SR JQ\LV SD

LW LV ODLG GRZQ WKDW LQ RUGHU WR ZULWH oJRRGp 7LEHWDQ



QXPEHUV VKRXOG EH WUDQVODWHG LQ D 7LEHWDQ ZD\

IRU

%WK

EU*\D VWRQJ IRU nEXP

LV DWWHVWHG

WKURXJKRXW WKH WH[W DQG LQ %UDDUYLJ D YL IRU WKH 6WRJ DQG WKH 7RN\R

PDQXVFULSWV ZKLFK DUH WKH PDQXVFULSWV FORVHVW WR WKH 'XQKXDQJ PDWHULDO

:KHQ LQWURGXFLQJ WKH YHUVHV VSRNHQ E\ WKH %XGGKD

FRQWLQXDOO\
HPSOR\V JVXQJV VR LQVWHDG RI ENDn VWVDO WR +HUH DJDLQ LQ DOO WKHVH FDVHV %WK UHDGV
JVXQJV VR WRR
$V LQGLFDWHG DERYH DQ HYDOXDWLRQ RI WKHVH VLQJOH YDULDQWV IRXQG LQ WKH 7DER
IUDJPHQWV LV YLWDO IRU HVWDEOLVKLQJ D K\SRWKHWLFDO VWHPPD RI 7LE %DVLFDOO\ WKHUH
76

See Simonsson 1957: 254f.



DUH WZR ZD\V WR H[SODLQ WKH XQLTXH UHDGLQJV RI

RULJLQDO

SKUDVHVsLGHDOO\

FKRVHQ

E\

WKH



7KH\ FRXOG D UHSUHVHQW WKH

WUDQVODWLRQ

WHDP

LWVHOI

RU

RWKHUZLVH

PLUURULQJ D YHU\ ROG VWDJH RI WUDQVPLVVLRQsZKHUHDV DOO RWKHU YHUVLRQV PXVW KDYH
XQGHUJRQH D SURFHVV RI UHYLVLRQ LQ WKHVH FDVHV 2U WKH\ FRXOG E UHVXOW IURP ODWHU
LQWHUYHQWLRQ

E\

UHYLVHU

EDVHG

RQ

KLV

RZQ

MXGJPHQW

RU

RQ

WKH

HYLGHQFH

RI

DYDLODEOH 6DQVNULW PDQXVFULSWV 7KDW 6DQVNULW PDQXVFULSWV ZHUH XVHG WR UHYLVH

7LEHWDQ WUDQVODWLRQV LQ 7DER LV NQRZQ WR EH WUXH RI WKH

3DFDNUDPD +DUULVRQ LQ

KLV DQDO\VLV RI VHYHUDO 7DER IUDJPHQWV

RI WKH PGR PDQJ VHFWLRQ GRHV QRW VHHP WR
H[FOXGH WKLV SRVVLELOLW\ HLWKHU +RZHYHU , FDQQRW LPDJLQH WKDW D ODWHU HGLWRU
ZRXOG KDYH KDG DQ\ JRRG UHDVRQ WR DOWHU WKH UHDGLQJV nEXP ENDn VWVDO WR


PQJRQ SDU E\XQJ ED

,Q

DGGLWLRQ

SUDWLODEKDWH
7*6

WKH

\RQJV VX

ZKDW
ZLWK

RI

7LE

ZRXOG

 DQG

LQWR WKH PXFK OHVV FRPPRQO\ XVHG SKUDVHV IRXQG LQ

KDYH

UDE WX WKRE"

OHG

KLP

WR

UHSODFH

WKRE

UHQGHULQJ

IRUP

$
RI

,I KH LQGHHG KDG KDG DFFHVV WR D 6DQVNULW YHUVLRQ RI

VKRXOG ZH QRW UDWKHU H[SHFW WKDW KH ZRXOG KDYH VXSSOLHG WKH SDUWLFOH
DV WKH oUHJXODUp FRXQWHUSDUW WR

SUDWL"

)LQDOO\ ZK\ VKRXOG KH KDYH OHIW

$nV

GLWWRJUDSK\ VKDUHG ZLWK 7KHP VSDQJV PD LQ %  XQFRUUHFWHG" ,I RQ WKH RWKHU

KDQG ZH DVVXPH WKDW D UHYLVHU FKDQJHG WKH WH[W LQ  ZLWKRXW UHVRUWLQJ WR D 6DQVNULW

PDQXVFULSW KRZ FRXOG KH KDYH NQRZQ DERXW WKH FRQVWUXFWLRQ RI WKH SDVVDJH RI
PDMRU YDULDQWV
LQ $ ZKLFK DIWHU DOO VHHP WR EH FRQILUPHG E\ %WK DQG WKH
&KLQHVH" , WKLQN WKDW WKH HYLGHQFH VKRXOG OHDG XV WR DVVXPH WKDW WKH VLQJOH
UHDGLQJV RI

GLVFXVVHG DERYH LQ IDFW GRFXPHQW DQ ROGHU VWDJH RI WUDQVPLVVLRQ

ZKLFK HVFDSHG ODWHU UHYLVLRQDO LQWHUYHQWLRQ 7KDW

KRZHYHU LV FOHDU IURP WKH PLVWDNH

Q\L ]OD LQVWHDG

RI

WRR VXIIHUHG DOWHUDWLRQ

]OD Q\D 

ZKLFK

$ VKDUHV

ZLWK WKH 7KHP VSDQJV PD DQG 7VKDO SD EORFN SULQWV DQG PDQXVFULSWV
/HW XV QRZ FRPH EDFN WR WKH TXHVWLRQ ZKHUH ZH FDQ UHFNRQ ZLWK PDMRU
FRQWDPLQDWLRQV ZLWKRXW ZKLFK DV VHHQ DERYH LW VHHPV LPSRVVLEOH WR HVWDEOLVK DQ
DSSURSULDWH

VWHPPD

IRU

7LE

7KHUH

DUH

EDVLFDOO\

WZR

DOWHUQDWLYHV

KRZ

PDMRU

FRQWDPLQDWLRQV FRXOG KDYH WDNHQ SODFH

D 7VKDO SD DQG 3KXJ EUDJ GHULYH IURP D FRPPRQ K\SDUFKHW\SH GLIIHUHQW IURP
WKH K\SDUFKH\SH RI 7KHP VSDQJV PD 7KLV H[SODLQV WKH FRPPRQ YDULDQWV
EHWZHHQ 7VKDO SD DQG 3KXJ EUDJ /DWHU WKH FRPPRQ DQFHVWRU RI  DQG WKH
7KHP VSDQJV PD OLQH ZDV FRQWDPLQDWHG E\ D PDQXVFULSW RI ZKLFK WKH 7VKDO
SD PDQXVFULSW LV D GHVFHQGDQW 7KLV OHG WR WKH LQWURGXFWLRQ RI UHDGLQJV IRXQG

LQ WKH 7VKDO SD OLQH LQWR WKH 7KHP VSDQJV PD WUDGLWLRQ 3KXJ EUDJ

UHPDLQHG XQLQIOXHQFHG E\ WKHVH 7VKDO SD UHDGLQJV DQG VR SUHVHUYHG SDUWV RI

WKH RULJLQDO WH[W VXFK DV ]OD Q\D GLVFXVVHG DERYH )RU HGLWRUV ZLWKLQ WKH



79



6HH 7RPDEHFKL  

6HH +DUULVRQ  
For a discussion and evaluation of the colophon of A see section 3.3.

$OVR WKH UHYHUVH RUGHU LV WKLQNDEOH LH D FRQWDPLQDWLRQ RI WKH 7VKDO SD WUDGLWLRQ E\ D

PDQXVFULSW OHDGLQJ WR WKH 7KHP VSDQJV PD PDQXVFULSW 7KH PRGHO VXJJHVWHG LQ WKH PDLQ WH[W VHHV
WKH XQRULJLQDO Q\L ]OD YDULDQW DV KDYLQJ RULJLQDWHG LQ RQH RI WKH PDQXVFULSWV EHIRUH WKH 7VKDO SD
PDQXVFULSW DIWHU WKH 3KXJ EUDJ EUDQFK KDG DOUHDG\ EHFRPH HVWDEOLVKHG 7KLV DSSDUHQWO\ ILWWLQJ
WKRXJK XQRULJLQDO YDULDQW ZDV oH[SRUWHGp WR 7KHP VSDQJV PD E\ FRQWDPLQDWLRQ 7KH RPLVVLRQ

RI SKUD UDE N\L UGXO  * Q  VKDUHG E\ 3KXJ EUDJ DQG 7VKDO SD RQ WKH RWKHU KDQG ZDV
 EHFDXVH LW FRXOG HDVLO\ EH
UHFRJQL]HG DV D PLVWDNH RQ WKH EDVLV RI WKHLU RZQ PDQXVFULSWV 7KH PRGHO ZLWK WKH UHYHUVH RUGHU
RQ WKH RWKHU KDQG ZRXOG LPSO\ WKDW WKH Q\L ]OD YDULDQW DSSHDUHG ILUVW LQ D PDQXVFULSW OHDGLQJ WR WKH
SUHGHFHVVRU RI $ DQG WKH 7KHP VSDQJV PD DQG IURP WKHUH ZDV LQWURGXFHG LQWR D SUH7VKDO SD
PDQXVFULSW

QRW DGRSWHG E\ WKH HGLWRUV RI WKH DUFKHW\SH RI 7KHP VSDQJV PD

7KHP VSDQJV PD WUDGLWLRQ ZKR ZHUH FRQIURQWHG ZLWK WKH FKRLFH EHWZHHQ
]OD Q\D

DQG

Q\L ]OD

WKH FRPPRQ

Q\L ]OD

ZDV WKH YDULDQW WKH\ SUHIHUUHG $

VHFRQG PDMRU FRQWDPLQDWLRQ KDV WR EH DVVXPHG LQ RUGHU WR H[SODLQ ZK\

KDV

SUHVHUYHG

UHSUHVHQWDWLYHV

PDQ\
ZKLOH

ROG

UHDGLQJV

VKDULQJ

VXSSRVH WKDW DW D WLPH ZKHQ

WKH

ZKHUHDV

VDPH

WKH

SUHGHFHVVRU

7KHP
ZLWK

VSDQJV

$

GR

PD

QRW

RU LWV SUHGHFHVVRUV KDG DOUHDG\ EHFRPH

r7KHP VSDQJV PD OLQH DQRWKHU PDQXVFULSW RI WKH

7VKDO SD OLQH RU D SUHr7VKDO SD PDQXVFULSW ZDV XVHG LQ HGLWRULDO DFWLYLWLHV
WKDW HYHQWXDOO\ OHG WR HVWDEOLVKLQJ WKH 7KHP VSDQJV PD FRS\ DQG WKXV ZDV
DEOH WR FRQWDPLQDWH WKDW WUDQVPLVVLRQ LQ D VHFRQG oWKUXVWp 7KH
FRUUHVSRQGLQJ VWHPPD LV VKRZQ DV o$OWHUQDWLYH p LQ 
E 7KH VHFRQG DOWHUQDWLYH LV EDVHG RQ WKH DVVXPSWLRQ WKDW 3KXJ EUDJ IRUPV DQ
LQGHSHQGHQW OLQH RI WUDQVPLVVLRQ DV VKRZQ LQ WKH VWHPPD RI o$OWHUQDWLYH p
RI  7KXV LW SUHVHUYHG RULJLQDO UHDGLQJV ZKLFK KDYH EHHQ DOWHUHG LQ WKH
VHFRQG OLQH RI WUDQVPLVVLRQ WR ZKLFK DOO RWKHU FROODWHG YHUVLRQV RI 7LE
ZRXOG WKHQ KDYH WR EHORQJ 7KH UHDGLQJV VKDUHG ZLWK WKH 7VKDO SD OLQH
KRZHYHU ZRXOG EH WKH UHVXOW RI 3KXJ EUDJnV FRQWDPLQDWLRQ ZLWK D
PDQXVFULSW RI WKH 7VKDO SD OLQH &RQVLGHULQJ WKH QXPHURXV FRPPRQ
oVHSDUDWHGp IURP WKH SUH

UHDGLQJV EHWZHHQ 3KXJ EUDJ DQG 7VKDO SD DPRQJ ZKLFK DV GRFXPHQWHG

DERYH D KLJK SHUFHQWDJH RI XQRULJLQDO YDULDQWV FDQ EH IRXQG WKLV
FRQWDPLQDWLRQ PXVW KDYH EHHQ UDWKHU VWURQJ ,W LV GLIILFXOW WR DQVZHU XQGHU
WKLV VHFRQG DOWHUQDWLYH E ZK\ LQ YLHZ RI VXFK D VWURQJ FRQWDPLQDWLRQ WKH
HGLWRUV RI WKH 3KXJ EUDJ DUFKHW\SH GHFLGHG WR SUHVHUYH WKHLU UHDGLQJ ]OD Q\D
DJDLQVW WKH PRUH FRPPRQ UHDGLQJ Q\L ]OD FRQWDLQHG LQ WKH FRQWDPLQDWRU DQG
ZK\ RQ WKH RWKHU KDQG WKH\ RSWHG IRU WKH XQMXVWLILHG RPLVVLRQ RI SKUD UDE
N\L UGXO LQ * 8QGHU WKLV DOWHUQDWLYH WRR WKH SUHr7KHP VSDQJV PD OLQH
PXVW KDYH EHHQ FRQWDPLQDWHG E\ D PDQXVFULSW RI WKH 7VKDO SD RU SUHr7VKDO
SD OLQH 2QO\ WKHQ FDQ WKH IDFW WKDW $ KDV SUHVHUYHG RULJLQDO UHDGLQJV IRXQG
LQ QR RWKHU PDQXVFULSW RU EORFN SULQW EH UHDVRQDEO\ DFFRXQWHG IRU

7KHUH DUH VRPH RWKHU YDULDQWV ZKLFK DUH LQ QHHG RI H[SODQDWLRQ

%4 EUMLG EJGP RQ GDQJ IRU EUMLG GDQJ



2QO\ %4 VHHP WR KDYH SUHVHUYHG WKH UHDGLQJ FRUUHVSRQGLQJ WR &K J~ IRU

6NW PDKDXMDV J]L EUMLG FKHQ SR %XW WKHUH DUH VHYHUDO UHDVRQV ZKLFK PDNH VXFK
DQ LQWHUSUHWDWLRQ KDUGO\ DOORZDEOH )LUVW RI DOO LW LV YHU\ XQOLNHO\ WKDW DOO WKH RWKHU

WKUHH JURXSV   7KHP VSDQJV PD DQG n3K\LQJ ED V7DJ UWVH KDYH RPLWWHG

FKHQ SR

%WK DOVR RQO\ UHDGV PGDQJV DQRWKHU

RMDV DFFRUGLQJ WR WKH 09\  )LQDOO\ &K LQ WKLV SDVVDJH

LQGHSHQGHQWO\ RI HDFK RWKHU 6HFRQGO\

HTXLYDOHQW IRU

J~ R
J

FOHDUO\ VHHNV WR SUHVHUYH D IRXUV\OODEOH UK\WKP 

9  a<
~

DGGHG WR


 ZKLFK PD\ KDYH EHHQ WKH UHDVRQ ZK\

ZDV

, Q  $%-14/673 EVWDQ ODV IRU EVWDQ OD YHUVH

7KH FRUUHVSRQGLQJ SURVH EFRP OGDQ nGDV GHnL EVWDQ SD OD LQ + oXQGHU WKH
UXOH RI WKDW H[DOWHG RQHp GRFXPHQWV WKDW WKH SGD VKRXOG EH UHDG DFFRUGLQJ WR 3


1RWKLQJ FDQ EH VDLG DERXW ZKHQ WKH FRQWDPLQDWLRQ WRRN SODFH 7KH YDULDQWV VKDUHG E\ 7VKDO

SD DQG 3KXJ EUDJ LQ WKH 7*6 GR QRW VKRZ DQ\ SUHYDOHQFH RQ WKH SDUW RI RQH RI WKH WZR EUDQFKHV RI
7VKDO SD YL] WKH n3K\LQJ ED V7DJ UWVH RU WKH 3HNLQJ OLQH VR WKDW HLWKHU RI WKHP FRXOG KDYH
FRQWDPLQDWHG 3KXJ EUDJ
 

7KLV LV DOVR LQ DFFRUGDQFH ZLWK &K ZKLFK VKRZV WKH VDPH

XQGHUVWDQGLQJ RI WKH YHUVH 
 DQG LQ WKH SURVH 
 ,W LV RI
FRXUVH SRVVLEOH WKDW RQO\ 3 KDV SUHVHUYHG WKH RULJLQDO OD HVSHFLDOO\ DV WKH
FRQVHUYDWLYH FKDUDFWHU RI 3KXJ EUDJ LQ  KDV DOUHDG\ EHHQ GHPRQVWUDWHG
+RZHYHU DQ DOWHUQDWLYH LV WR DVVXPH WKDW ! KDV VHFRQGDULO\ DGRSWHG WKH UHDGLQJ
UJ\DO GHnL EVWDQ OD

DFFRUGLQJ WR WKH SDUDOOHO LQ WKH SURVH SRUWLRQ RQO\ DIWHU WKH PLVWDNH LQ WKH HDUO\
WUDQVPLVVLRQ ZDV PDGH RI DVVRFLDWLQJ EVWDQ OD ZLWK WKH IROORZLQJ PGR VGH nGL DQG
OD

KHQFH RI oHPHQGLQJp

OD WR ODV

:LWK WKLV YDULDQW ZH HQWHU WKH ODVW FDWHJRU\ ZKHUH D UHDGLQJ VKDUHG E\
LV VXVSHFWHG RI FRQWUDGLFWLQJ WKH RULJLQDO ZRUGLQJ RI WKH WH[W


r $ Q  $%'-143 VQ\LQJ SR /67 VQ\LQJ SRkK

DOO YHUVLRQV

7KRXJK WKH FRQWH[W PDNHV LW

\H VKHV VHH WKH QRWH LQ WKH

7LE KDYH VQ\LQJ SRkL 6NW JDUEKD :H FDQQRW EH VXUH LI

FOHDU WKDW WKH ,QGLDQ RULJLQDO PXVW KDYH UHDG MQD 

WUDQVODWLRQ DOO YHUVLRQV RI

JDUEKD ZDV DOUHDG\ SDUW RI WKH ,QGLDQ PDQXVFULSW RQ ZKLFK 7LE ZDV EDVHG RU LI ZH DUH

FRQIURQWHG ZLWK D PLVWDNH RU HYHQ D GHOLEHUDWH DOWHUDWLRQ RQ WKH SDUW RI WKH

WUDQVODWRUV

$ Q   %'-14/673 SK\LU ULP IRU SK\L URO 3 SK\L ULP VHH %WK SK\LURO
r ( Q  $OO YHUVLRQV EUJ\D SUREDEO\ RULJLQDOO\ EUJ\DQ

,Q $ ZH KDYH QR UHDVRQ WR DVVXPH WKDW WKH 7LEHWDQ WUDQVPLVVLRQ LV JXLOW\ RI WKH

DSSDUHQWO\ ZURQJ UHDGLQJ WKXV UHQGHULQJ WKH SDVVDJH LUUHOHYDQW IRU DQ DQDO\VLV RI
WKH UHODWLRQ DPRQJ WKH 7LEHWDQ YHUVLRQV EXW LQ $ WKH JUDSKLFDO VLPLODULW\

DQG ULP LV VWULNLQJ DQG WKH DVVXPSWLRQ WKDW WKH PLVWDNH LV GXH WR D
YHU\ HDUO\ PLVWDNH LQ WKH WUDQVPLVVLRQ RI 7LE LV PRVW SODXVLEOH 7KH HPHQGDWLRQ WR
SK\L URO LV VXSSRUWHG E\ WKH IUHTXHQW RFFXUUHQFHV RI WKH WHUP LQ WKH ODVW VLPLOH
$ % %   DQG E\ %WK ZKLFK UHDGV SK\LURO &RQFHUQLQJ WKH
FRQWHQW RI WKH VLPLOH LWVHOI LW LV FOHDU WKDW WKH UHDGLQJ SK\LU ULP J\LV
EHWZHHQ URO

oJUDGXDOO\p ZRXOG FRQIOLFW ZLWK WKH IROORZLQJ SDVVDJH ZKLFK VWDWHV WKDW WKH
ILJXUHV EHFRPH FOHDQ oLQ WKDW PRPHQWp
, DP QRW VXUH ZKHWKHU EUJ\DQ ZDV WKH RULJLQDO UHDGLQJ LQ ( DJDLQVW
EUJ\D RI DOO DWWHVWHG YHUVLRQV RI 7LE 7KH &KLQHVH YHUVLRQV GR QRW PHQWLRQ

2 )RU WKH FRQVHTXHQFHV RI VXFK DQ HPHQGDWLRQ

IRU RQHnV XQGHUVWDQGLQJ RI WKH SDVVDJH VHH WKH QRWH LQ P\ WUDQVODWLRQ +RZHYHU
WKH FKDQJH IURP EUJ\DQ WR EUJ\D FRXOG EH H[SODLQHG DV D PLVWDNH ZKLFK ZDV
oKXQGUHGp %WK WRR UHDGV EUJ\D

FOHDUO\ SDUW RI WKH 7LEHWDQ WUDQVPLVVLRQ :H ILQG IXUWKHU WKH IROORZLQJ XQLTXH
UHDGLQJV LQ 7LE



7KH VHTXHQFH RI WKH SGDV ZLWKLQ D YHUVH LV FKDQJHG DQG DUUDQJHG DFFRUGLQJ WR WKH

SULQFLSOH WKDW WKH JRYHUQLQJ YHUE LV XVXDOO\ SODFHG DW WKH HQG RI WKH VHFWLRQ JRYHUQHG

3GDV ZKLFK FRQWDLQ UHODWLYH FODXVHV RU RWKHU VSHFLI\LQJ HOHPHQWV DUH SODFHG EHIRUH WKH
HOHPHQW VSHFLILHG 2Q WKH RQH KDQG WKLV OHDGV WR D UHGXFHG VFRSH RI LQWHUSUHWDWLYH
DPELJXLW\ DQG IROORZV EDVLF UXOHV RI 7LEHWDQ JUDPPDU 2Q WKH RWKHU KDQG WKH LGHD
H[SUHVVHG LQ WKH RULJLQDO REYLRXVO\ EHFDPH GLVWRUWHG ,Q VRPH LQVWDQFHV
q ,Q  WKH PDLQ YHUE VWRQ WR DQG LWV REMHFW FKRV DUH VKLIWHG IURP SGD F WR WKH HQG RI

ZDV LQ WKH SURFHVV DV D SDUW RI

WKH VHFRQG KDOI RI WKH SGD DOVR PRYHG WR G 7KH ODVW SGD VWDWLQJ WKDW OLYLQJ EHLQJV
TXLFNO\ DZDNH WR EXGGKDKRRG WKXV EHFRPHV SDUW RI WKH ILQDOLW\ FODXVH ZLWK SK\LU
ZKLFK LW ZDV QRW LQ WKH RULJLQDO DV GRFXPHQWHG E\ %WK ,3/ &K
SGD G 7KH SDUWLFOH RI ILQDOLW\ SK\LU ULJKW EHIRUH FKRV

q 5HJDUGLQJ  VHH P\ FRPPHQW LQ WKH WUDQVODWLRQ

r $W WKH HQG RI $

7LE UHDGV \DQJ GDJ SD Q\LG GX VDP\DNWYH 7KDW WKH RULJLQDO ZRUGLQJ

PXVW KDYH EHHQ D IRUP RI

SDULwXGGKD

LV DWWHVWHG WR E\

%WK \RQJVX GDJ SDU

DQG

&K

\RQJVX GDJ SD WR \DQJ GDJ SD FDQ HDVLO\ EH H[SODLQHG

DV D UHVXOW RI WKH JUDSKLFDO VLPLODULW\ EHWZHHQ \DQJ DQG \RQJVX EXW WKH DGGLWLRQ RI Q\LG

 7KH WUDQVIRUPDWLRQ IURP

LV FOHDUO\ D UHFHQVLRQDO HOHPHQW RI WKH 7LEHWDQ WUDQVODWRUVHGLWRUV

 

r ,Q G WKH 6NW FRXOG KDYH EHHQ VDEKDYDWL $ 7LEHWDQ HTXLYDOHQW IRU WKLV LV IRXQG LQ

%WK

NXQ GX nE\XQJ 7LE

KRZHYHU KDV RQO\

nJ\XU .XQ WX

DSSHDUV EHIRUH VHSDUDWHG

IURP LW E\ VRPH V\OODEOHV DQG KDV WR EH LQWHJUDWHG GLIIHUHQWO\ LQWR WKH VHQWHQFH ,

NXQ WX nE\XQJ ZDV WXUQHG HUURQHRXVO\ LQWR NXQ WX nJ\XU

YDULDH OHFWLRQHV IRU HDFK RWKHU 7KHQ LQ D UHGDFWLRQDO VWHS WKDW E\SDVVHG
WKH 6DQVNULW WKH XQFRPPRQ NXQ WX nJ\XU ZDV VHSDUDWHG LQWR NXQ WX DQG nJ\XU
r ,Q % RQO\ 7LE IHDWXUHV ULJV IRU 6NW JRWUD RU NXOD 7KH RWKHU YHUVLRQV RI 7*6 DQG WKH
DVVXPH WKDW DQ RULJLQDO UHDGLQJ

ERWK DUH RIWHQ

TXRWDWLRQ LQ WKH 5*99 KDYH GKWX VHH WKH QRWH LQ WKH WUDQVODWLRQ +HUH WKH UHDVRQ LV
SUREDEO\ DQ XQGHUO\LQJ IDXOW\ ,QGLDQ PDQXVFULSW JRWUD DQG GKWX DUH PHWULFDOO\
HTXLYDOHQW RU DQ HLWKHU GHOLEHUDWH RU DFFLGHQWDO DOWHUDWLRQ E\ WKH WUDQVODWRUV RI 7LE

 3RVVLEOH 6WHPPDV RI 6KD

,W LV HYLGHQW WKDW 7VKDO SD DQG 3KXJ EUDJ VKDUH DQ LQWHUPHGLDU\ FRS\ RU WKDW RQH RI
WKH WZR PXVW KDYH EHHQ VXEMHFW WR FRQWDPLQDWLRQ E\ WKH RWKHU JLYHQ WKH IDFW WKDW
PDQ\ RI WKHLU VKDUHG UHDGLQJV DUH QRW RULJLQDO %XW LQ WKH FDVH RI

DQG 7KHP

VSDQJV PD LW LV YLUWXDOO\ MXVW RQFH WKDW D UHDGLQJ VKDUHG RQO\ E\ ERWK FDQ EH VDLG
QRW WR EH RULJLQDO QDPHO\ WKH YDULDQW % Q   2WKHU UHDGLQJV LQ  DUH
PLVWDNHV VKDUHG E\ 7VKDO SD DQG 3KXJ EUDJ  FDVHV DQG WKXV GR QRW EHDU RQ WKH
UHODWLRQ EHWZHHQ

 DQG 7KHP VSDQJV PD RU DUH UHDGLQJV RI D UDWKHU WULYLDO QDWXUH

SD YHUVXV OD ED YHUVXV EDU EUHV YHUVXV EULV \DQJ YHUVXV RPLVVLRQ RI \DQJ
9DULDQW % Q  LV QR GRXEW D FKDUDFWHULVWLF RQH DQG FDQQRW EH GRZQSOD\HG DV
PHUH FRLQFLGHQFH ,Q IDFW LI WKLV YDULDQW GLG QRW H[LVW , ZRXOG EH UHOXFWDQW WR FDOO
$ DQG WKH 7KHP VSDQJV PD GHVFHQGDQWV RI D FRPPRQ LQWHUPHGLDU\ FRS\
$V PHQWLRQHG DERYH D FUXFLDO SRLQW LQ UHFRQVWUXFWLQJ WKH VWHPPD LV
SUHFLVHO\ WKH HYDOXDWLRQ RI WKLV YDULDQW % Q  , KDYH DVVXPHG WKDW WKH
GLWWRJUDSK\ FUHSW LQWR WKH K\SDUFKHW\SH RI $ DQG 7KHP VSDQJV PD 7KH WZR
SURSRVHG VWHPPDV DUH EDVHG RQ WKLV VXSSRVLWLRQ $OWHUQDWLYHO\ WKH GLWWRJUDSK\
FRXOG KDYH EHHQ SDUW RI DQ HDUOLHU WUDQVPLVVLRQ EHIRUH $ EHFDPH VHSDUDWHG IURP
7VKDO SD DQG 7KHP VSDQJV PD $ ZRXOG WKHQ QRW QHFHVVDULO\ GHULYH IURP WKH VDPH
K\SDUFKHW\SH DV 7KHP VSDQJV PD DQG VWHPPDWLF UHODWLRQV FRXOG DJDLQ EH
DUUDQJHG GLIIHUHQWO\


,Q WKH VWHPPDV RQ WKH QH[W SDJHV , ZLOO WU\ WR VXPPDUL]H WKH UHVXOWV RI WKH
DQDO\VLV DERYH $V KDV EHFRPH FOHDU ZH DUH GHDOLQJ ZLWK KLJKO\ K\SRWKHWLFDO
FRQILJXUDWLRQV 7KLV LV GXH WR JHQHUDOO\ RXU LPSHUIHFW NQRZOHGJH RI KRZ HGLWRUV
DQG FRPSLOHUV RI QHZ PDQXVFULSWV ZRUNHG DQG ZKDW GHJUHH RI KRUL]RQWDO
WUDQVPLVVLRQ ZH QHHG WR DVVXPH )RU WKH

7*6 LQ SDUWLFXODU WKH YDULDQW VLWXDWLRQ LV

UDWKHU UHVWULFWHG VLQFH ZH DUH GHDOLQJ ZLWK D UHODWLYHO\ KRPRJHQHRXV WUDQVPLVVLRQ

ZLWK PRVWO\ WUDQVPLVVLRQDO YDULDQWV 7KH VWHPPDV DUH WKHUHIRUH WHQWDWLYH DQG LW LV
TXLWH

SRVVLEOH

LI

RWKHU

ROG

7LE

PDWHULDO DSSHDUV WKDW WKH\ PD\ KDYH WR EH

UHDGMXVWHG 7KH VWUD LV WRR VKRUW DQG VR GRHV QRW DOORZ IRU GHILQLWH FRQFOXVLRQV DV
WR WKH VWHPPDWLF VWUXFWXUH LQ DOO LQVWDQFHV )RU WKH VDNH RI FODULW\ , KDYH GHFLGHG
WR JLYH WZR DOWHUQDWLYH VWHPPDV RI ZKLFK EDVHG RQ WKH DQDO\VLV RI WKH YDULDQWV
$OWHUQDWLYH  LV VOLJKWO\ PRUH OLNHO\ WR FRQIRUP WR WKH DFWXDO GHYHORSPHQW 7KH
WZR DOWHUQDWLYHV YDU\ LQ WKH UHODWLRQ VKRZQ EHWZHHQ 3KXJ EUDJ DQG 7VKDO SD



7KH DVVXPSWLRQ WKDW DQ HDVLO\ FRPPLWWHG PLVWDNH VKDUHG E\ FHUWDLQ OLQHV RI WUDQVPLVVLRQ GRHV

QRW PHDQ WKDW WKH OLQHV LQ TXHVWLRQ DOVR VKDUH WKH VDPH K\SDUFKHW\SH EXW WKDW WKH PLVWDNH FRXOG EH

D UHPQDQW RI DQ HDUOLHU WUDQVPLVVLRQDO VWDWH ZKLFK ZDV QRW HPHQGHG LQ WKH OLQHV LQ TXHVWLRQ

YLRODWHV KRZHYHU WKH FODVVLFDO UXOHV RI VWHPPDWRORJLFDO UHFRQVWUXFWLRQ DQG ZRXOG UHQGHU WKH
VLWXDWLRQ KRSHOHVV , WKHUHIRUH UHIUDLQ IURP VXJJHVWLQJ SRVVLEOH VWHPPDV IRU VXFK D VFHQDULR


$FFRUGLQJO\ WKH SURFHVV RI FRQWDPLQDWLRQ ZKLFK VXUHO\ PXVW KDYH DOUHDG\ EHHQ
WDNLQJ SODFH LQ WKDW HDUO\ SKDVH LV LQGLFDWHG GLIIHUHQWO\ $JDLQ GHSHQGLQJ RQ WKH
DOWHUQDWLYH EDVLF VWUXFWXUH WKH SRVLWLRQ RI WKH 2OG 1DUWKDQJ PDQXVFULSW RI WKH 7*6

PD\ EH WKDW RI WKH K\SDUFKHW\SH RI 3KXJ EUDJ DQG 7VKDO SD $OWHUQDWLYH sD

SRVVLELOLW\ ZKLFK KDV KLWKHUWR EHHQ UXOHG RXW LQ DOPRVW DOO WH[WFULWLFDO VWXGLHV ,Q

QHLWKHU RI WKH DOWHUQDWLYHV FRXOG 7KHP VSDQJV PD GLUHFWO\ GHULYH IURP WKH 2OG
1DUWKDQJ PDQXVFULSW JLYHQ WKDW

 LV LQ IDFW RI HDUOLHU RULJLQ WKDQ WKH EHJLQQLQJ RI

WKH IRXUWHHQWK FHQWXU\ WKH SHULRG ZKHQ WKH 2OG 1DUWKDQJ FROOHFWLRQ LV VDLG WR

7KH H[DFW GDWH RI  KRZHYHU FDQQRW EH NQRZQ ZLWK

FHUWDLQW\ EXW LW LV WR EH KRSHG WKDW IXUWKHU SURJUHVV LQ WKH ILHOG RI FRGLFRORJ\


KDYH FRPH LQWR H[LVWHQFH

ZLOO DOORZ IRU D PRUH GHWDLOHG SHULRGL]DWLRQ RI .DQMXU PDWHULDO &RQFHUQLQJ WKH
UHFHQVLRQDO YDULDQWV LQ 

 WKH\ PD\ LQ IDFW EH RI DUFKDLF RULJLQ DQG VR UHIOHFW WKH

RULJLQDO ZRUGLQJ RI WKH 7LEHWDQ WUDQVODWLRQ

2WKHU PRUH VLJQLILFDQW YDULDQWV DUH GHILQLWHO\ QHHGHG WR SURYH WKDW

GHVFHQGV GLUHFWO\ IURP WKH n3K\LQJ ED V7DJ UWVH DQG QRW IURP /LWKDQJ 6WLOO RSHQ

RI FRXUVH LV WKH TXHVWLRQ ZKHWKHU

LV EDVHG RQ WKH <RQJOH RU WKH :DQOL EORFN

SULQW
)LQDOO\

VRPHWKLQJ

VKRXOG

EH

VDLG

DERXW

WKH

KLJK

QXPEHU

RI

FRQWDPLQDWLRQV XQGHUO\LQJ P\ K\SRWKHWLFDO VWHPPDV $V D UXOH , KDYH WULHG WR

DSSO\

WKH

/DFKPDQQ

FODVVLFDO

7KHVH

RU

KLV

VFKRODUV

WH[WFULWLFDO

PHWKRGV

WZHQWLHWKFHQWXU\

KDG

PDLQO\

DVVRFLDWHG

VXFFHVVRU

QRQFRQWDPLQDWHG

3DXO

ZLWK
0DDV

WUDGLWLRQV

VFKRODUV

OLNH

ZKHUHYHU

LQ

PLQG

.DUO

SRVVLEOH

ZKHQ

WKH\

IRUPXODWHG WKHLU EDVLF WRROV RI DQDO\VLV 7KHLU PHWKRGV DORQH KRZHYHU LQ WKH FDVH
RI WKH

7*6

 REYLRXVO\ FDQQRW OHDG WR D VDWLVIDFWRU\ H[SODQDWLRQ RI WKH YDULDQWV

7UDQVPLVVLRQDO UHDOLW\ PD\ LQ PDQ\ UHJDUGV KDYH EHHQ HYHQ PRUH FRPSOH[ WKDQ
P\

SXUHO\

LQWHJUDO

K\SRWKHWLFDO

SDUW

RI

WUDQVPLVVLRQ RI

WKLV

UHDOLW\

7LE
7*6

WUDQVODWLRQ RI WKH

VWHPPDV

FDQ

DQG

GLVSOD\

WKLV

&RQWDPLQDWLRQV

DSSDUHQWO\

DSSOLHV

WR

VHHP
WKH

WR

EH

DQ

KLVWRU\

RI

IURP HDUOLHVW WLPHV RQ $W OHDVW IRU WKH KLVWRU\ RI WKH FDQRQLFDO
 LW LV QRZ FOHDU WKDW ZH KDYH DQ XWWHUO\ RSHQ WUDQVPLVVLRQ

EHIRUH XV ,W FDQQRW EH H[FOXGHG WKDW WKH YDOLGLW\ RI WKLV UHVXOW PD\ EH XSKHOG E\



IXUWKHU .DQMXU VWXGLHV LQ WKH IXWXUH



+DUULVRQ PHQWLRQV WKH SRVVLELOLW\ WKDW 3KXJ EUDJ PDQXVFULSWV FRXOG EH EDVHG RQ RQH RI WKH

WZR oHGLWHG YHUVLRQV RI WKH 2OG 6QDU WKDQJp LH 7VKDO SD DQG 7KHP VSDQJV PD FRSLHV RI ZKLFK

DUH NQRZQ WR KDYH EHHQ GLVWULEXWHG WKURXJKRXW 7LEHW  



7KLV GRHV QRW UXOH RXW WKDW 7KHP VSDQJV PD PD\ KDYH XQGHUJRQH FRQWDPLQDWLRQ E\ 2OG

1DUWKDQJsD UHDOLVWLF SRVVLELOLW\ XQGHU $OWHUQDWLYH 


6HH 6FKHUUHU6FKDXE E

)RU WKH *UHHN DQG 5RPDQ PDQXVFULSW WUDGLWLRQV 3DVTXDOL KDV oGHPRQVWUDWHG WKDW

FRQWDPLQDWHG WUDGLWLRQV DUH PRUH WKH QRUP WKDQ WKH H[FHSWLRQp 7DUUDQW  



6WHPPD RI 6KD $OWHUQDWLYH 

6KD
7UDQVODWLRQ IURP 6DQVNULW FD 

G
G

%,-4 
WK



FHQWXU\"

2OG

G
FRQWDPLQDWLRQ

7KHP VSDQJV PD
FRQWDPLQDWLRQ



FRQWDPLQDWLRQ

VHYHUDO

"

LQWHUPHGLDWH

6KHO GNDU FKRV VGH

1DUWKDQJ"

FRSLHV"

FRQWDPLQDWLRQ

2OG

1DUWKDQJ"

!;

FRQWDPLQDWLRQ

7VKDO SD
r

%KXWDQHVH

/RQGRQ FRS\ /


.DQMXU

7RN\R

0V .DQMXU %

!

!

G

!

3KXJ EUDJ

r

6WRJ 3DODFH .DQMXU

FD r

r

5HSULQW RI WKH
6WRJ 3DODFH .DQMXU $
Yongle 1410
Wanli 1606

Berlin

n3K\LQJ ED V7DJ UWVH

contamination
with lHo rdzong

/LWKDQJ -

Kangxi 168492 Ms Kanjur (B)

(1680)
FRQWDPLQDWLRQ Kangxi 1700

FRQWDPLQDWLRQ ZLWK
7KHP VSDQJV PD

ZLWK - "

(160821)

1DUWKDQJ 

7KHP VSDQJV PD OLQH

(173032)

'HUJH 
(1733)

contamination

&RQH r

 

Kangxi 171720 (Q)

Qianlong 1737

6WHPPD RI 6KD $OWHUQDWLYH 

6KD
7UDQVODWLRQ IURP 6DQVNULW FD 

G
G
G

%,-4 
WK



FHQWXU\"

7KHP VSDQJV PD
FRQWDPLQDWLRQ

FRQWDPLQDWLRQ



VHYHUDO
LQWHUPHGLDWH

6KHO GNDU FKRV VGH

FRQWDPLQDWLRQ

FRSLHV"

!;

FRQWDPLQDWLRQ

7VKDO SD
r

%KXWDQHVH

/RQGRQ FRS\ /


.DQMXU

7RN\R

0V .DQMXU %

!

!

G

!

3KXJ EUDJ

r

6WRJ 3DODFH .DQMXU

FD r

r

5HSULQW RI WKH
6WRJ 3DODFH .DQMXU $
Yongle 1410
Wanli 1606

Berlin

n3K\LQJ ED V7DJ UWVH

contamination
with lHo rdzong

/LWKDQJ -

Kangxi 168492 Ms Kanjur (B)

(1680)
FRQWDPLQDWLRQ Kangxi 1700

FRQWDPLQDWLRQ ZLWK
7KHP VSDQJV PD

ZLWK - "

(160821)

1DUWKDQJ 

7KHP VSDQJV PD OLQH

(173032)

'HUJH 
(1733)

contamination

&RQH r



Kangxi 171720 (Q)

Qianlong 1737

 &KDUDFWHULVWLFV RI WKH 7H[WXDO :LWQHVVHV RI 6KD

 $UFKDLF )HDWXUHV
,Q WKH IROORZLQJ , OLVW WKH DUFKDLF IHDWXUHV RI WKH HGLWLRQV RI

7LE WKRXJK , DP QRW

VXUH WKDW DOO RI WKHP FDQ VWULFWO\ EH FDOOHG VR 7KH\ PD\ MXVW UHIOHFW SUHIHUHQFHV RI
D FRS\LVW UHJLRQDO FKDUDFWHULVWLFV RU SHFXOLDULWLHV RI D FHUWDLQ EXW QRW QHFHVVDULO\
DQFLHQW SHULRG 7KLV ILHOG RI UHVHDUFK GHVHUYHV V\VWHPDWLF HODERUDWLRQ LQ WKH

IXWXUH

7KH V\OODEOHIRUPLQJ JHQLWLYH SDUWLFOH \L DIWHU V\OODEOHV HQGLQJ LQ YRZHOV

DSSHDUV LQ VHYHUDO FDVHV DV nL LQ WKH YHUVHV
3  WLPHV 33  WLPHV %  WLPHV $ /  WLPHV 6  WLPHV
- 7 RQFH 4 \L FRPSUHVVHG PRVW SUREDEO\ DOWHUHG IURP nL  WLPHV

D

6LPRQVVRQ FKDUDFWHUL]HV WKLV IHDWXUH DV DUFKDLF DQG VWDWHV WKDW LW LV HVSHFLDOO\

FRPPRQ LQ WKH ROG WUDQVODWLRQ RI WKH $!  

- 7KH FRPSOHWH RPLVVLRQ RI WKH JHQLWLYH SDUWLFOH LV DOVR VDLG WR EH FKDUDFWHULVWLF

RI WKH DUFKDLF VW\OH 3DQJOXQJ   7KH SDUWLFOH LV RPLWWHG LQ

! 3  WLPHV 3  WLPHV /  WLPHV 7  WLPHV -  WLPHV

$%-146 RQFH
F 5HYHUVHG JL JX %HVLGHV $ RQO\  WLPHV LQ -

PWKDn UWHQ nD PGRn nGUDn GSHn J\Rn $  WLPHV 3  WLPHV %  WLPHV
-33 RQFH
H V7VRJV IRU VRJV DQG EVWVDO IRU EVDO 33  WLPHV $ RQFH
G 7KH

I &L QDV IRU ML QDV /67 RQFH

J E&X LQVWHDG RI FX DIWHU GUXJ RU VXP -3  WLPHV 4  WLPHV ODFXQD RI RQH
OHWWHU

K 6KHV LQVWHDG RI ]KHV DIWHU V\OODEOHV HQGLQJ LQ V

/7  WLPHV 336  WLPHV %-  WLPHV 4  WLPHV $  WLPHV



3  WLPHV 1 RQFH

L 'X LQVWHDG RI WX DIWHU NXQ VKLQ DQG URO -  WLPHV 4  WLPHV %/6 RQFH
M 'X LQVWHDG RI WX DIWHU V\OODEOHV HQGLQJ LQ J 3  WLPHV

/ RQFH

N 7KH VSHOOLQJ VQJDQ FDG LQVWHDG RI VQJDQ FKDG 67  RQFH

O 7KH VSHOOLQJ J]HU LQVWHDG RI ]HU 3  WLPHV $  WLPHV 3  WLPHV
6  WLPHV /  WLPHV

2 $PRQJ WKH IHZ WUDQVOLWHUDWLRQV D ORQJ YRZHO LV XVXDOO\ QRW PDUNHG E\ !
RU

$ DQG LQ VRPH FDVHV E\ 167 3 VHHPV WR KDYH EHHQ FKHFNHG DQG FRUUHFWHG
2nX IRU DX DSSHDUV WZLFH LQ /673

DIWHU FRS\LQJ

! !

DQGsWKRXJK

LW

VKRZV

WUDFHV

RI

VWDQGDUGL]LQJ

!

UHYLVLRQs

FRQWDLQ

DEXQGDQW WUDLWV ZKLFK DUH NQRZQ WR EH DUFKDLF 7KH ILJXUHV IRU $ DUH
PLVOHDGLQJ EHFDXVH LW FRYHUV RQO\  SHUFHQW RI WKH VWUD DQG KDSSHQV QRW WR
SURYLGH WHVWLPRQ\ IRU PRVW RI WKH YHUVH VHFWLRQV 7KLV GLPLQLVKHV LQ SDUWLFXODU
WKH QXPEHU RI FDVHV RI $ DPRQJ D H DQG J +RZHYHU WKH SDXFLW\ RI RPLVVLRQV RI
WKH JHQLWLYH SDUWLFOH E DQG WKH QRQH[LVWHQFH RI WKH IRUPV NXQ GX DQG VKLQ GX L
LQ $ DUH VXUSULVLQJ , DP UDWKHU VFHSWLFDO WKDW WKH IRUPV NXQ .X DQG VKLQ .X
HVSHFLDOO\



, VKDOO QRW UHSHDW WKH DUFKDLF IHDWXUHV RI

 GHVFULEHG LQ VHFWLRQ & 7KHUH LQ IQ  UHIHUHQFHV WR

VRPH LPSRUWDQW SUHYLRXV VWXGLHV RI DUFKDLF IHDWXUHV DUH SURYLGHG



$FFRUGLQJ WR WKH 7VKLJ PG]RG

WKH PRGHUQ VWDQGDUG LV

]KHV


6HH 6NLOOLQJ  OLL



]KHV

DIWHU V\OODEOHV HQGLQJ LQ V VY

UHSUHVHQW DQ DUFKDLF VSHOOLQJ ,W LV TXLWH SRVVLEOH WKDW ERWK IRUPV QDPHO\

WX

GX

DQG

WX EHFDPH WKH VWDQGDUG ,Q - LW

ZHUH XVHG IDU LQWR WKH HLJKWHHQWK FHQWXU\ ZKHQ

PD\ ZHOO KDYH EHHQ WKH LQGLYLGXDO WDVWH RI WKH FRS\LVW RU D ORFDO GLDOHFW WKDW OHG WR

NXQ .X DQG VKLQ .X

' KRZHYHU H[HPSOLILHV PRGHUQ VWDQGDUG RUWKRJUDSK\ LQ HYHU\ UHVSHFW
IROORZHG E\  ZKHUH WKH IHDWXUHV OLVWHG DERYH DUH YHU\ UDUH %\ FRQWUDVW QRQ
VWDQGDUGL]HG HOHPHQWV DUH IUHTXHQW LQ $sZKLFK GRFXPHQWV WKH VFULEHnV KLJK
GHJUHH RI ILGHOLW\ WRZDUGV KLV PDVWHU FRS\
,W LV RI FRXUVH WUXH WKDW D ODUJH QXPEHU RI DQFLHQW IHDWXUHV LQ D WH[W GRHV
QRW QHFHVVDULO\ JXDUDQWHH WKDW WKH WH[W LWVHOI KDV EHHQ WUDQVPLWWHG IDLWKIXOO\ $Q
HDUO\ UHGDFWRU FRXOG KDYH HDVLO\ oHPHQGHGp WKH ZRUGLQJ VLJQLILFDQWO\ WR VXLW KLV
LGHDV RI ZKDW WKH %XGGKDnV ZRUG VKRXOG EH ZKLOH DW WKH VDPH WLPH OHDYLQJ WKH
RUWKRJUDSK\ XQWRXFKHG ,W LV D ZHOONQRZQ IDFW LQ WKH UHDOP RI WH[WXDO FULWLFLVP
WKDW WKH PDQXVFULSW RUWKRJUDSKLFDOO\ UHYLVHG WR WKH ODWHVW VWDQGDUG FDQ QHYHUWKHOHVV
EH WKH GRFXPHQW ZLWK WKH KLJKHVW GHJUHH RI ILGHOLW\ WR WKH RULJLQDO ZRUGLQJ 7KH

WKH SUHIHUHQFH IRU

7*6

LV RQH RI WKH FDVHV ZKHUH WKH VWHPPD GRHV QRW FRUUHVSRQG WR WKH OHYHO RI

RUWKRJUDSKLF VWDQGDUGL]DWLRQ LQ DOO UHJDUGV

 LV GHILQLWHO\ D YHU\ LPSRUWDQW SLHFH

! WKH VLWXDWLRQ LV GLIIHUHQW

RI WHVWLPRQ\ IRU WKH ROGHVW VWDJH RI WUDQVPLVVLRQ )RU

WRJHWKHU ZLWK RU FRQWDPLQDWHG E\" 7VKDO SD WKH\ XQGHUZHQW KHDY\ UHYLVLRQ DQG
IXUWKHU LQWURGXFHG D QXPEHU RI PLVWDNHV RQ WKHLU RZQ 7KH 3KXJ EUDJ YHUVLRQV
QHYHUWKHOHVV
WHQGHQF\

GLVSOD\

WRZDUGV

WKH

PRVW

DUFKDLF

SUHVHUYDWLRQ

RQFH

IHDWXUHV

WKH

DORQJVLGH

PDMRU

UHYLVLRQ



ZDV

7KLV

SHUVLVWHQW

FRPSOHWHG

DOUHDG\ EHHQ QRWHG LQ UHJDUG WR WKH YDULDQW & Q   VHH  ZKHUH

KDV SUHVHUYHG WKH FRUUHFW UHDGLQJ LQ WKH IDFH RI DOO RWKHU YHUVLRQV LQFOXGLQJ 

KDV

!

7KH UHSUHVHQWDWLYHV RI WKH 7KHP VSDQJV PD OLQH DOVR H[KLELW D PRGHUDWH

QXPEHU RI DUFKDLF IHDWXUHV 7KLV FRUUHVSRQGV WR WKHLU SRVLWLRQ ZLWKLQ WKH VWHPPD
DV YHUVLRQV ZKLFK KDYH XQGHUJRQH D OHVV LQWHQVLYH UHYLVLRQ WKDQ WKH 7VKDO SD
PDQXVFULSWV DQG SULQWV

 ,UUHJXODU 9HUEDO )RUPV

&XUUHQW NQRZOHGJH RI WKH DQFLHQW 7LEHWDQ YHUE V\VWHP LV VWLOO IDU IURP SHUIHFW
0DQ\ RI P\ DWWHPSWV WR H[SODLQ WKH LUUHJXODULWLHV IRXQG LQ WKH WH[WV PXVW WKHUHIRUH
UHPDLQ K\SRWKHWLFDO 9HUEDO LUUHJXODULWLHV LQFOXGH
q

E.ULV

LQVWHDG RI

VSHOOHG

,NULV %

GNULV


7KH SHUIHFW IRUP RI WKH YHUE

3 



3 



WUDQVLWLYH oWR ZLQG WR ZUDSp r

ROG 7KH SUHIL[

/143

nNKUL

GNUL ED

LV VHYHUDO WLPHV

 ,Q YLHZ RI WKH YHUE SDLU

LQWUDQVLWLYH WKH IRUP

ENULV

GNUL

FRXOG EH

G LQ GNUL FRXOG EH H[SODLQHG DV WKH SUHIL[ RI WKH SUHVHQW IRUP

ENULV FRXOG EH DQ HUURQHRXV DGRSWLRQ RI WKH FRPPRQ

$OWHUQDWLYHO\ WKH VSHOOLQJ

E LQ WKH SHUIHFW IRUP

E=DJ %4 LQ $ Q  LQVWHDG RI ]DJV =DJV LV WKH SHUIHFW IRUP RI WKH YHUE
nG]DJ SD oWR GURS WR GULSp E=DJ ORRNV OLNH D WUDQVLWLYH SHUIHFW IRUP IURP
nG]DJ 1R RWKHU RFFXUUHQFHV RI WKLV IRUP DUH NQRZQ WR PH

SUHIL[
q

q ,Q $ Q  DQG

nJRP SD

33

WKH IRUPV

nJRPV DQG $3

ZLWK WKH SHUIHFW IRUP

EJRPV

4 EJRPV
7VKLJ PG]RG


LV QRWHG LQ WKH

DSSHDU WZLFH 7KH YHUE

DV PHDQLQJ

oWR SDVV RYHU WR JR E\ WDNLQJ D VWHS GRZQZDUGVp VWHQJ QDV JRP SD EUJ\DE VWH


, KDYH RQO\ TXRWHG YHUE IRUPV ZKLFK FDQQRW HDVLO\ EH H[SODLQHG DV PLVWDNHV FDXVHG E\ D

FDUHOHVV FRS\LVW



EDnDP nJUR ED  7KLV PHDQLQJ ILWV

SHUIHFW IRUP EJRPV IURP nJRPV LQ

WKH FRQWH[W RI WKH VHFWLRQ +RZHYHU D

WKH

SUHVHQW

EHJLQQLQJ RI WKH SUHVHQW IRUP WXUQLQJ QRUPDOO\ LQWR

XQFRPPRQ nJ DW WKH

EN LQ WKH SHUIHFW IRUP -

LV

EJRP SD oWR ZDON WR VWHSp ZKLFK , WDNH DV D GHQRPLQDWLYH

IRUPDWLRQ IURP JRP SD oD SDFH VWHSp 7KH IRUP EJRPV ZRXOG WKXV EH WKH
UHJXODU SHUIHFW IRUP RI WKH YHUE EJRP SD 6KRXOG ZH WKHQ DVVXPH D VHFRQGDU\
IRUP nJRPnJRPV VXSSOHPHQWLQJ EJRPEJRPV"
q EV*R LQ % DQG $ VKRXOG EH WKH oIXWXUHp IRUP RI WKH YHUE VJR ED 7KH 5*9
KDV SUHVHQW RSWDWLYH IRUPV LQ WKH SDUDOOHO YHUVHV 7LEHWDQ FRXOG UHQGHU DQ
RSWDWLYH LQ 6DQVNULW ZLWK EVJR WKH VRFDOOHG oIXWXUHp IRUP EV*R FRXOG
QRWHV WKH YHUE

KRZHYHU DOVR EH WKH SUHVHQW IRUP JHQHUDOO\ DSSOLHG DW WKH HQG RI WKH VLPLOHV
:H PD\ WKXV DVVXPH WKDW

VJR

WKH IRUP XQGHU ZKLFK WKH YHUE LV XVXDOO\ JLYHQ

LQ GLFWLRQDULHV LV MXVW D VHFRQGDU\ VSHOOLQJ RU DQ DEVWUDFWLRQ

IRXQG DV WKH SHUIHFW IRUP RI

VJR ED

EV*R FDQ

DOVR EH

LQ VHYHUDO JORVVDULHV DQG GLFWLRQDULHV IRU

UHIHUHQFHV VHH P\ QRWH WR % LQ WKH WUDQVODWLRQ

EV.\HG LQVWHDG RI VN\HG ,Q & Q  WKH LPSHUDWLYH IRUP RI WKH YHUE VN\HG SD
oWR JHQHUDWHp LV VSHOOHG ,VN\HG LQ /67 , DP QRW DZDUH RI DQ\ KLVWRULFDO
LPSHUDWLYH IRUP ZLWK WKH SUHIL[
PLVVSHOOLQJ

q ,Q $ Q %

..

 &

E

DQG VR WHQG WR UHJDUG WKLV IRUP DV D

DQG LQ  WKH YHUE nJRJV SD LQ / DQG - RQFH nJRJ SD

ENRJV '-1 RQFH E7NRJV 3 RQFH EJRJV DSSHDUV n*RJV

nJRJ SHUIHFW IRUP ENRJ IRU ZKLFK - JLYHV WKH
PHDQLQJ oWR WHDU DZD\ WR SHHOp ,Q WKH 7*6 nJRJV PXVW KDYH WKH PHDQLQJ oWR
KDFN RII >WKH RXWHU OD\HU RI FOD\@p ,W FDQ WKHUHIRUH KDUGO\ FRUUHVSRQG WR -
RU LWV SHUIHFW IRUP

FRXOG EH D YDULDQW VSHOOLQJ RI

nJRJV SD

oDQRWKHU IRUP IRU

nJHJV SD

WR SUHYHQW WR DYHUWp

E*RJV

RI

3

FDQ

RQO\ EH D PLVWDNH VHH WKH GLVFXVVLRQ RI EJRPV DERYH EXW WKH IRUP EVNRJV RI
'-1 VHHPV WR GHULYH IURP DQRWKHU YHUE - JLYHV WKH PHDQLQJ oWR VSOLQWHU RIIp
IRU WKH YHUE NRJ SD XQOLNHO\ IRU ZKLFK KH DOVR PHQWLRQV D VHFRQGDU\ IRUP
VNRJ SD EV.RJV FRXOG WKXV ZHOO EH WKH SHUIHFW IRUP RI VNRJ
q %HVLGHV WKH UHJXODU WKRE SD oWR DWWDLQp WKHUH DSSHDU WKH IRUPV nWKRE /1 DQG
PWKRE 6 LQ & Q  7KH IRUP nWKRE PD\ EH DQ DGDSWDWLRQ WR WKH YHUE FODVVHV
ZKLFK KDYH WKH nD VQJRQ nMXJ RQO\ LQ WKH SUHVHQW IRUP
q ,Q % DQG & DOO YHUVLRQV IHDWXUH WKH YHUEDO IRUP QRQ SD oWR FRYHU WR
VXSSUHVVp ,Q $ Q  RQ WKH RWKHU KDQG EHVLGHV WKH IDXOW\ EUQDQ DJDLQVW
&K EXW ZLWK %WK 67 UHDG PQDQ DQG 3 UHDGV JQDQ $VVXPLQJ D UHJXODU
SUHVHQW IRUP JQRQ SD ZLWK LWV SHUIHFW IRUP PQDQG WKH IRUP QRQG LQ % DQG
& FRXOG EH DQ ROG SHUIHFW IRUP SRVVLEO\ GHULYHG IURP WKH VDPH IRUP QRQG
XVHG DV DQ LPSHUDWLYH J1DQG 3 RQ WKH RWKHU KDQG LV SUREDEO\ D VHFRQGDU\
IRUPDWLRQ RI WKH SHUIHFW IRUP IURP D WLPH ZKHQ WKH J RI JQRQ ZDV QR ORQJHU
WKRXJKW RI DV D SUHIL[ EXW DV SDUW RI WKH YHUE VWHP
q 7KH YHUE J\RJV oWR FRYHUp DSSHDUV  WLPHV WKURXJKRXW WKH VWUD LQ
V\QWDFWLFDOO\ VLPLODU FRQVWUXFWLRQV % Q $ Q  $ Q  $ N  
 ,Q QRQH RI WKHVH FDVHV GR ZH KDYH WKH WHVWLPRQ\ RI

 ,Q WKH ILUVW WKUHH

LQVWDQFHV /673 UHDG \RJ LQVWHDG WKULFH ZH ILQG WKH IRUP J\RJ 3 WZLFH
3 RQFH 7 UHDGV \RJV LQ % Q  %WK GLVSOD\V WKH WZR IRUPV \RJ DQG J\RJ

7KH IDFW WKDW 3KXJ EUDJ VLGHV ZLWK 7KHP VSDQJV PD LV LQ PRVW FDVHV WKH UHVXOW
RI %'-14 EHDULQJ D UHDGLQJ RI VHFRQGDU\ RULJLQ 7KLV ZRXOG PHDQ WKDW
RULJLQDOO\ WKH YHUE KDG WKH IRUP \RJ DQG ZDV RQO\ LQ D ODWHU UHYLVLRQDO VWHS LQ
VRPH FDVHV DOWHUHG WR J\RJV 7KHQ LQ DQRWKHU UHYLVLRQ SUREDEO\ WKH RQH ZKLFK



LPSULQWHG WKH FKDUDFWHULVWLFV RI WKH 7VKDO SD YHUVLRQV RQ WKHP DOO RWKHU FDVHV RI

ZKLFK KDG UHPDLQHG XQFKDQJHG VXFK DV WKRVH LQ FKDSWHU  ZHUH DOVR

DGDSWHG WR WKH IRUP J\RJV 7KH UHDVRQ ZK\ DQ DOWHUDWLRQ IURP \RJ WR J\RJV
ZDV IHOW QHFHVVDU\ PD\ KDYH EHHQ WKH IROORZLQJ WKH RULJLQDOO\ LQWUDQVLWLYH YHUE
\RJ

\RJ

SHUIHFW IRUP

\RJV"

ZDV QRZ MXGJHG WR KDYH WUDQVLWLYH FKDUDFWHU DQG

DFFRUGLQJO\ PDGH WUDQVLWLYH E\ DGGLQJ

J

q &RQIXVLRQ EHWZHHQ WKH IXWXUH J]XQJ DQG WKH SHUIHFW IRUP E]XQJ RI

nG]LQ ED

nMRJ SD oWR SODFHp WKLV LV WKH FDVH LQ

J]KDJ IRU E]KDJ SHUIHFW IRUP DQG LQ ' Q  ZKHUH RQO\ 3

oWR JUDVSp LQ VHYHUDO FDVHV IRU WKH YHUE

& Q  %4
UHDG

E]KDJ LQVWHDG RI J]KDJ , DP QRW VXUH ZKLFK RI WKH WZR UHDGLQJV VKRXOG EH

JLYHQ SUHIHUHQFH LQ WKH ODWWHU FDVH

E6DG LQVWHDG RI JVDG % Q  WKH IXWXUH IRUP RI WKH YHUE JVRG SD oWR NLOO WR
H[WLQJXLVKp LV VSHOOHG ,8,/ E\ !7 - FRQVLGHUV WKLV IRUP oXVXDOp DQG ERWK
IRUPV DUH DWWHVWHG LQ RWKHU WH[WV DV ZHOO

 &RORSKRQV DQG 7UDQVODWRUV

7KH HDUOLHVW PHQWLRQ RI D WUDQVODWLRQ RI WKH 7*6

LQWR 7LEHWDQ LV IRXQG LQ WKH



FDWDORJXH RI O+DQ GNDU FRPSLOHG LQ  RU  &(

7KH QDPH RI WKH 7*6

DSSHDUV LQ WKH VHFWLRQ 7KHJ SD FKHQ SRnL PGR VGH VQD WVKRJV OD  EDP SR EFX PDQ

FKDG OD o9DULRXV 0DK\QD VWUDV VKRUWHU WKDQ  EDP SRVp





n3KDJV SD GH E]KLQ JVKHJV SD VQ\LQJ SR   wOR ND   EDP SR   wOR ND 

:H KDYH JRRG UHDVRQ WR DVVXPH WKDW WKH WUDQVODWLRQ PHQWLRQHG LV LQ IDFW 7LE

7KH
PHQWLRQ RI WKH H[LVWHQFH RI WKH WUDQVODWLRQ RI 7LE DOUHDG\ DW WKH EHJLQQLQJ RI WKH
QLQWK FHQWXU\ LV LQ OLQH ZLWK WKH FRORSKRQV IRXQG LQ VRPH RI WKH YHUVLRQV RI 7LE
ZKHUH WKH IDPRXV <H VKHV VGH DQG RWKHUV DUH FUHGLWHG ZLWK WKH H[HFXWLRQ DQG WKH
UHYLVLRQ RI WKH WUDQVODWLRQ &RQFHUQLQJ <H VKHV VGH ZH NQRZ WKDW KH ZDV DFWLYH


GXULQJ WKH WLPH RI WKH FRPSRVLWLRQ RI WKH WKUHH PDQXDOV UHJXODWLQJ WKH o1HZ
7HUPLQRORJ\p VNDG JVDU ,Q RQH RI WKHVH PDQXDOV WKH  YHUVLRQ RI WKH V*UD

VE\RU EDP SR JQ\LV SD KH LV PHQWLRQHG DPRQJ WKH 7LEHWDQ VFKRODUV LQYROYHG LQ

WKH FRPSLODWLRQ RI WKH
IURP DERXW WKH VDPH SHULRG 7KXV KLV WLPH
RI DFWLYLW\ PXVW KDYH EHHQ WKH HDUO\ \HDUV RI WKH QLQWK FHQWXU\ 7KH YRFDEXODU\

0DKY\XWSDWWL



0\ DVVXPSWLRQ LV VXSSRUWHG E\ WKH HYLGHQFH RI WKH /L VKL JXU NKDQJ

ZKLFK

VWDWHV

 FRPSOHWHG LQ 

WKDW WH[WV ZKLFK KDG QRW \HW XQGHUJRQH WKH 1RUPDWLYH 3UHVFULSWLRQ RI 1HZ

7HUPLQRORJ\ UHDG \RJ SD LQVWHDG RI J\RJV SD VHH 7DXEH   7KLV 1RUPDWLYH 3UHVFULSWLRQ
VKRXOG EH WKH RQH IRUPXODWHG LQ WKH V*UD VE\RU EDP SR JQ\LV SD ZKLFK ZH FDQ QRZ GDWH WR WKH
\HDU  VHH 3DQJOXQJ  



6HH UHIHUHQFHV LQ 0LPDNL   Q 

)RU WKH WHUP -,2 54 VHH 6FKHUUHU6FKDXE  r

6HH /DORX  

7KH 7VKLJ PG]RG VY VKR OR ND JLYHV D OHQJWK RI  WR  V\OODEOHV SHU wORND ZKLFK ZRXOG
DPRXQW WR  WR  V\OODEOHV IRU WKH 7*6 DFFRUGLQJ WR WKH OHQJWK PHQWLRQHG LQ WKH O+DQ GNDU
FDWDORJXH *LYHQ WKDW WKH YHUVHV LQ 7LE FRQVLVW RI IRXU YHUVH SGDV ZLWK QLQH V\OODEOHV HDFK D wORND


LV OLNHO\ WR FRPSULVH  V\OODEOHV 7KXV IRU 

RI V\OODEOHV LQ

7LE

LV LQ IDFW DERXW  DQG LQ

OLH ZLWKLQ FORVH UDQJH RI WKH QXPEHU RI

wORNDV

ZH DUULYH DW  V\OODEOHV 7KH QXPEHU

%WK DERXW  %RWK WUDQVODWLRQV

7LE DQG %WK

7LE

wORNDV PHQWLRQHG LQ WKH O+DQ GNDU FDWDORJXH 2QO\

KRZHYHU KDV WKH WHUP nSKDJV IRU U\D DW WKH EHJLQQLQJ RI WKH WLWOHsWKH VDPH WHUP WKDW DSSHDUV LQ
WKH O+DQ GNDU FDWDORJXH HQWU\




7KHUH H[LVWV DQ ROGHU YHUVLRQ LVVXHG LQ WKH \HDU  RU  VHH 3DQJOXQJ 
6HH 6LPRQVVRQ  I



XVHG LQ 7LE

LV IRU WKH PRVW SDUW LQ DFFRUGDQFH ZLWK WKH WHUPLQRORJ\ GHFLGHG RQ LQ

WKH 09\
7KXV NQRZLQJ RQ WKH RQH KDQG WKDW 7LE UHIOHFWV WKH 1HZ
7HUPLQRORJ\ DQG WKDW RQ WKH RWKHU D WUDQVODWLRQ RI WKH 7*6 LV DOUHDG\



PHQWLRQHG LQ WKH O+DQ GNDU FDWDORJXH ZH KDYH QR UHDVRQ WR GRXEW WKDW 7LE LV D
SURGXFW RI WKH WUDQVODWLRQ DFWLYLWLHV DW WKH EHJLQQLQJ RI WKH QLQWK FHQWXU\
7KH DQDO\VLV RI WKH YDULDQWV LQ 7LE KDV UHYHDOHG WKH H[LVWHQFH RI IRXU PDLQ
WUDQVPLVVLRQDO OLQHV 7KLV UHVXOW LV FRQILUPHG E\ WKH FRORSKRQV RI 7LE ZKLFK
GLIIHU DFFRUGLQJ WR WKH SDUWLFXODU JURXS
D

!

QR FRORSKRQ

/67

UJ\D JDU J\L PNKDQ SR VK N\D SUD EKD GDQJ

]KX FKHQ J\L OR

WVWVKD ED EDQ GH \H VKHV VGHV EVJ\XU FLQJ ]KXV WH JWDQ OD SKDE

SD

o7KH ,QGLDQ PDVWHU lN\DSUDEKD DQG WKH 9HQHUDEOH *UHDW 5HYLVHU DQG

7UDQVODWRU <H VKHV VGH KDYH H[HFXWHG >WKLV@ WUDQVODWLRQ DQG UHYLVHG DQG
HVWDEOLVKHG >LW@ GHILQLWLYHO\p
F

%'-14

UJ\D JDU J\L PNKDQ SR VK N\D SUD EKD GDQJ  ]KX FKHQ J\L OR
WVWVKD ED EDQ GH \H VKHV VGHV EVJ\XU FLQJ ]Kus te skad (g)sar

chad(!) kyis kyang bcos nas gtan la phab pa //

o KDYH H[HFXWHG >WKLV@ WUDQVODWLRQ DQG UHYLVHG

>LW@ and having emended [it]

according to the Normative Prescription of New Terminology as well,100
HVWDEOLVKHG >LW@ GHILQLWLYHO\p



UJ\D JDU J\L PNKDQ SR dzi na myi tra dang / da na shi la GDQJ 
]KX FKHQ J\L OR WVWVKD ED EDQ GH \H VKHV VGH las stsogs pas

skad1 gsar cad kyis kyang bcos nas JWDQ OD

SKDE te chos kyi phyag2 rgyas btab 5,  > 28 70,/8 VNDU  28 70,/8
EVJ\XUG FLQJ ]KXV WH 

SK\DG

o7KH ,QGLDQ PDVWHUV Jinamitra, DQDwOD WKH 9HQHUDEOH *UHDW 5HYLVHU DQG

7UDQVODWRU <H VKHV VGH and others have executed [this] translation and revised
[it], and having emended [it] according to the Normative Prescription of New
Terminology as well, established [it] definitively, and confirmed [it] with the
Dharma seal.

1R FRQFOXVLRQV FDQ EH GUDZQ IURP WKH FRORSKRQV DV WR WKH VWHPPDWLF UHODWLRQV

DPRQJ WKH IRXU JURXSV 7KH ZRUGLQJ RI FRORSKRQV LV WRR VWDQGDUGL]HG DQG WKH\
FDQ HDVLO\ EH DGGHG WR WH[WV ZLWKRXW JLYLQJ ULVH WR VXVSLFLRQ 7LE GHPRQVWUDWHV WKLV

FOHDUO\ 7ZR GLIIHUHQW JURXSV RI WUDQVODWRUVUHYLVHUV DUH PHQWLRQHG 7VKDO SD DQG

7KHP VSDQJV PD EHDU WKH QDPHV lN\DSUDEKD DQG <H VKHV VGH ZKLOH $ KDV o<H
VKHV VGH -LQDPLWUD 'QDwOD DQG RWKHUVp 7KH 7*6 LV KDUGO\ WKH RQO\ LQVWDQFH RI
VXFK FRQIXVLRQ LQ UHJDUG WR WUDQVODWRUV  DQG ZH VKRXOG EH FDUHIXO DERXW


6HH =LPPHUPDQQ  r

:KHWKHU 7LE LV WKH UHYLVHG YHUVLRQ RI DQ HDUOLHU WUDQVODWLRQ RI WKH 7*6 LV DQ RSHQ TXHVWLRQ
%WK KRZHYHU LV WRR GLIIHUHQW WR EH D SRVVLEOH FDQGLGDWH IRU VXFK D SUHVWDQGDUGL]HG YHUVLRQ RI 7LE


7KLV PXVW EH WKH UHYLVLRQ RI WUDQVODWLRQV DQG WKH H[HFXWLRQ RI QHZ WUDQVODWLRQV DFFRUGLQJ WR

WKH UHFHQWO\ FRPSLOHG PDQXDOV VXFK DV WKH

 

09\

DW WKH EHJLQQLQJ RI WKH QLQWK FHQWXU\

7ZR RWKHU FDVHV FRPH LPPHGLDWHO\ WR P\ PLQG WKH '.3 ZKHUH WKH 3KXJ EUDJ YHUVLRQ KDV

lOHQGUDERGKL DQG <H VKHV VGH QR  DJDLQVW G3DO J\L OKXQ SR DQG G3DO EUWVHJV LQ DOO RWKHU

YHUVLRQV DQG WKH lUDJDPDVDPGKLVWUD ZKHUH WKH 3KXJ EUDJ YHUVLRQV KDYH QR FRORSKRQ DW DOO



GHILQLWLYH DWWULEXWLRQV :H GR QRW NQRZ ZKHQ FRORSKRQV ZHUH DGGHG WR FDQRQLFDO

WUDQVODWLRQV DQG ZKDW H[DFWO\ FHUWDLQ WUDQVODWRU QDPHV FRQMXUHG XS DW WKH WLPH
*HQHUDOO\ VSHDNLQJ RQH DVVXPHV LQ FRORSKRQV D WHQGHQF\ WR VXEVWLWXWH
IDPRXV QDPHV IRU OHVV ZHOONQRZQ RQHV UDWKHU WKDQ YLFH YHUVD ,Q WKH FDVH RI WKH

7*6

WKLV ZRXOG PHDQ WKDW lN\DSUDEKD LV WKH QDPH RI WKH RULJLQDO WUDQVODWRU ,Q

1RWKLQJ LV
KHDUG DERXW KLP DV D FROODERUDWRU LQ WKH WHDP RI VFKRODUV WKDW FRPSLOHG WKH UXOHV
DQG WKH YRFDEXODU\ RI WKH 1HZ 7HUPLQRORJ\ %RWK -LQDPLWUD DQG 
'QDwOD RQ WKH
RWKHU KDQG DUH PHQWLRQHG DV KDYLQJ SDUWLFLSDWHG LQ WKDW SURMHFW ,Q WKH 3HNLQJ
.DQMXU 2WDQL -LQDPLWUD LV FUHGLWHG ZLWK  WUDQVODWLRQV ZKLOH 'QDwOD LV
PHQWLRQHG  WLPHV 7RJHWKHU ZLWK <H VKHV VGH WKH\ IXQFWLRQHG DV DQ LPSRUWDQW
WUDQVODWLRQ WHDP DW WKH EHJLQQLQJ RI WKH QLQWK FHQWXU\  7KH IDFW WKDW WKH
DWWULEXWLRQ RI 7LE
$
 

WKH 3HNLQJ .DQMXU 2WDQL KH DSSHDUV DV WUDQVODWRU IRU RQO\ WHQ WH[WV

WR -LQDPLWUD DQG 'QDwOD LQ

LV OLNHO\ WR EH VHFRQGDU\ GRHV QRW

DFFRUG ZLWK WKH DERYH HYDOXDWLRQ RI WKH UHFHQVLRQDO YDULDQWV RI

 

DV RULJLQDO

+RZHYHU DV VWDWHG DERYH ZH VKRXOG EH FDXWLRXV DQG QRW RYHUSOD\ WKH SRVVLELOLW\
WKDW nV FRORSKRQ FRXOG EH VHFRQGDU\ :H VKRXOG QRW WKDW LV OHW WKLV SRVVLELOLW\
RXWZHLJK WKH oKDUG IDFWVp RI WKH YDULDQW DQDO\VLV 7KH LVVXH LQ DQ\ FDVH LV ZLWKRXW
UHOHYDQFH IRU GHWHUPLQLQJ WKH SHULRG LQ ZKLFK 7LE RULJLQDWHG IRU <H VKHV VGH RQH
RI WKH PDLQ H[SRQHQWV RI WKLV SHULRG DSSHDUV LQ DOO RI WKH DYDLODEOH FRORSKRQV 
,Q YLHZ RI WKH IDFW WKDW

7LE LQ LWV FKRLFH RI YRFDEXODU\ IROORZV FORVHO\ WKH

VWDQGDUGV RI WKH 1HZ 7HUPLQRORJ\ LW LV LPSRVVLEOH WR H[SODLQ ZK\ WKH FRORSKRQ

LQ

/67 GRHV QRW PHQWLRQ WKDW WKH WH[W KDV EHHQ oHPHQGHG DFFRUGLQJ WR WKH

1RUPDWLYH 3UHVFULSWLRQ RI 1HZ 7HUPLQRORJ\p DV H[SUHVVHG LQ WKH 7VKDO SD JURXS

DQG  7KLV LQFRQVLVWHQF\ LV DOVR IRXQG LQ RWKHU WH[WV VXFK DV WKH 'UXPDNLQQDUD
UMDSDULSFFKVWUD RU WKH 6DGGKDUPDSXDUND HYHQ WKRXJK DV ZLWK 7LE
WKHUH DUH QR WUDFHV LQ WKH SDUWLFXODU YHUVLRQV RI DQ\WKLQJ OHVV VWDQGDUGL]HG WKDQ WKH
1HZ 7HUPLQRORJ\ , UHIUDLQ IURP D VSHFXODWLYH GLVFXVVLRQ RI WKLV SUREOHPDWLF
SRLQW $ JUHDW GHDO PRUH FRPSUHKHQVLYH UHVHDUFK LQ UHJDUG WR WKH GLIIHUHQFHV RI
FRORSKRQV RI FDQRQLFDO WUDQVODWLRQV DQG WKHLU DSSHDUDQFH LQ WKH YDULRXV .DQMXUV
QHHGV WR EH GRQH LQ RUGHU WR DUULYH DW VDWLVIDFWRU\ FRQFOXVLRQV

QR  DQG  ZKLOH WKH 6WRJ .DQMXU YHUVLRQ KDV -LQDPLWUD lLOHQGUDERGKL DQG <H VKHV VGH
QR  YHUVXV WKH 3HNLQJ .DQMXUnV QR  lN\DSUDEKD DQG 5DWQDUDNuLWD
 

2I WKHVH WHQ WUDQVODWLRQV WKH 7*6

DORQH

 
 

LV WKH RQO\ WH[W KH WUDQVODWHG WRJHWKHU ZLWK <H VKHV VGH

6HH 6LPRQVVRQ  

%X VWRQ r LQ KLV o+LVWRU\ RI %XGGKLVPp PHQWLRQV -LQDPLWUD DQG <H VKHV VGH

DPRQJ RWKHUV VHH 2EHUPLOOHU  I

 

$ ELRJUDSK\ RI 5LQ FKHQ E]DQJ SR EHOLHYHG WR EH ZULWWHQ E\ RQH RI KLV LPPHGLDWH GLVFLSOHV

VWDWHV WKDW KH ZRUNHG WRJHWKHU ZLWK WKH VFKRODUV -LQDPLWUD lOHQGUDERGKL DQG <H VKHV VGH
6QHOOJURYH DQG 6NRUXSVNL  I  $V 5LQ FKHQ E]DQJ SR ZKR KDG FORVH OLQNV ZLWK

7DER PRQDVWHU\ OLYHG LQ WKH WHQWKHOHYHQWK FHQWXU\ WKLV FDQ KDUGO\ EH SRVVLEOH :KDW LV
GHPRQVWUDWHG KRZHYHU LV WKDW IURP HDUO\ WLPHV RQ -LQDPLWUD ZKR DSSHDUV LQ WKH FRORSKRQ RI 

ZDV VRPHKRZ DVVRFLDWHG LQ SHRSOHnV PLQG ZLWK WKH DFWLYLWLHV RI 5LQ FKHQ E]DQJ SR 7KLV VLPSOH
UHDVRQ PD\ H[SODLQ ZK\ LQ WKH FRORSKRQ RI WKH 7DER PDQXVFULSW KH DQG KLV FROOHDJXH

FRXOG RXVW WKH OLWWOHNQRZQ lN\DSUDEKD

 
,Q %X VWRQnV o+LVWRU\ RI %XGGKLVPp WRR WKH WUDQVODWLRQ RI WKH
VKHV VGH VHH 1LVKLRND  




6HH +DUULVRQ D [OY I

6HH 6LPRQVVRQ  II


'QDwOD

7*6 LV DVVRFLDWHG ZLWK <H

6LPLODUO\ SUREOHPDWLF LV WKH PHDQLQJ RI WKH FRORSKRQV :H GR QRW NQRZ

ZKDW H[DFWO\ LV PHDQW E\ WKH GLIIHUHQW RSHUDWLRQV PHQWLRQHG LQ WKH FRORSKRQ RU
ZKHWKHU DOO VFKRODUV PHQWLRQHG SDUWLFLSDWHG LQ DOO RI WKH RSHUDWLRQV )XUWKHU WKH
UHDO KLVWRU\ RI D WH[W IURP LWV ILUVW URXJK WUDQVODWLRQ WR WKH FDQRQLFDO YHUVLRQ PD\
KDYH EHHQ PRUH FRPSOH[ WKDQ WKH VWDQGDUGL]HG FRORSKRQ FDQ LQGLFDWH 7KLV KDV
EHHQ GHPRQVWUDWHG E\ 6LPRQVVRQ LQ WKH FDVH RI WKH $! IRU ZKLFK KH DVVXPHV
VHYHUDO UHYLVLRQV ZKLFK ILQDOO\ OHG WR DWKH FDQRQLFDO YHUVLRQ   )RU WKH
WLPH EHLQJ LQ RUGHU WR GHWHUPLQH WKH UHODWLRQ EHWZHHQ WKH YHUVLRQV RI D WH[W RQH
FDQ RQO\ FRPSDUH WKHVH GLIIHUHQW YHUVLRQV E\ QRWLQJ WKHLU YDULDQWVsQRW E\ UHO\ RQ
FRORSKRQV ZKLFK JLYHQ WKHLU KLJKO\ FRQYHQWLRQDO IRUP FRXOG HDVLO\ KDYH EHHQ
WUDQVIHUUHG IURP RQH YHUVLRQ WR DQRWKHU ZLWKRXW QHFHVVDULO\ DSSO\LQJ WR WKH WH[W
YHUVLRQ LQ TXHVWLRQ

 $ %ULHI (YDOXDWLRQ RI WKH &KLQHVH 0DWHULDOV

7KH 7DLVK HGLWLRQ RI WKH WUDQVODWLRQ E\ $PRJKDYDMUD &K

FRQWDLQV VHYHUDO

UHDGLQJV ZKLFK LQ YLHZ RI WKH -LQ HGLWLRQ DQG WKH RWKHU WUDQVODWLRQV PXVW EH
FDOOHG IDXOW\ ,Q  LQVWDQFHV WKH WH[W KDG WR EH HPHQGHG 7KLV LV DQ DYHUDJH RI
DERXW  HPHQGDWLRQV SHU 7DLVK SDJH 2I WKHVH HPHQGDWLRQV WKH 7DLVK HGLWLRQ
GHYLDWHV IURP WKH .RUHDQ DQG -LQ HGLWLRQ LQ  FDVHV ,Q WKHVH LQVWDQFHV WKH
UHDGLQJV RI WKH 7DLVK DUH LQDFFXUDWH LQWURGXFHG E\ LWV HGLWRUV , HPHQGHG WKH
7DLVK HGLWLRQ  WLPHV DFFRUGLQJ WR WKH -LQ HGLWLRQ  DGGLWLRQDO WLPHV , KDG WR
LQWURGXFH D UHDGLQJ QRW IRXQG LQ DQ\ RI WKH PDWHULDOV XWLOL]HG IRU

&K

 7KH KLJK

QXPEHU RI FRUUHFWLRQV IROORZLQJ WKH -LQ HGLWLRQ XQGHUVFRUHV WKH JUHDW YDOXH RI WKLV
HGLWLRQ IRU ZRUNLQJ ZLWK &K 2I WKH  GLIIHUHQFHV LQ WKH WH[W EHWZHHQ % DQG WKH

RQO\  UHDGLQJV RI WKH -LQ HGLWLRQ FDQ EH VDLG WR EH GHILQLWHO\
-LQ HGLWLRQ
HUURQHRXV ZKLOH LQ  FDVHV ERWK DOWHUQDWLYHV QDPHO\ WKH UHDGLQJV RI WKH 7DLVK
DQG RI WKH -LQ HGLWLRQ VHHP HTXDOO\ SRVVLEOH
7KH UHVXOW PD\ EH UDQGRPO\ H[WUHPH DQG WUXH RQO\ IRU &K 1HYHUWKHOHVV
LW GHPRQVWUDWHV WKDW LQ DQ\ IXUWKHU FULWLFDO HGLWLRQ RI &KLQHVH %XGGKLVW WH[WV WKH

-LQ HGLWLRQ VKRXOG EH FKHFNHG IRU LW FRXOG WXUQ RXW WR SURYLGH LQGLVSHQVDEOH
WHVWLPRQ\
,Q WKH FDVH RI

&K

 WKH WUDQVODWLRQ RI %XGGKDEKDGUD WKH VLWXDWLRQ LV GLIIHUHQW

$OWRJHWKHU  GLIIHUHQW YHUVLRQV DUH UHIOHFWHG LQ P\ HGLWLRQ WKH PDMRULW\ RI WKHP

FROODWHG E\ WKH HGLWRUV RI WKH -LQ DQG 7DLVK HGLWLRQV , KDYH IXUWKHU LQFOXGHG LQ

'K, 'K-

P\ HGLWLRQ WKH RQO\ WZR 'XQKXDQJ IUDJPHQWV 



7KH ODVW SKUDVH LQ WKH FRORSKRQ RI 

UDUHO\ RFFXUV

 RI WKH

7*6

 $FFRUGLQJ

chos kyi phyag rgyas btab

o

FRQILUPHG >LW@ ZLWK WKH 'KDUPD VHDOp ,W UHPDLQV WR EH VHHQ ZKHWKHU WKLV IRUPXODWLRQ DSSHDUV
UHJXODUO\ LQ WKH FRORSKRQV RI WKH 7DER PDQXVFULSWV DQG ZKDW WKH SUHVHQFH RI WKLV DGGLWLRQ PD\
PHDQ IRU WKH KLVWRU\ RI WKH YHUVLRQ LQ TXHVWLRQ


)RU DQ H[WHQVLYH GLVFXVVLRQ RQ WKH RSHUDWLRQV DQG WKH UHODWLRQ RI WKH RSHUDWLRQV PHQWLRQHG LQ

KH SRVVLELOLW\
WKDW WKH YHUE EVJ\XU LQ WKH FRORSKRQ PD\ QRW LPSO\ WKDW WKH WH[W WR ZKLFK WKH FRORSKRQ EHORQJV LV
QHFHVVDULO\ D oGLUHFW WUDQVODWLRQ IURP D IRUHLJQ ODQJXDJHp S  EXW FRXOG DOVR LQGLFDWH D
WKH FRORSKRQV VHH DPRQJ RWKHUV 6LPRQVVRQ  II 6LPRQVVRQ UHIOHFWV RQ W

UHYLVLRQ RI WKH WH[W


7KH WHFKQLFDO DSSDUDWXV RI

-L

LQGLFDWHV GLIIHUHQFHV EHWZHHQ LW DQG

*D

 8QIRUWXQDWHO\ LW

FDQQRW EH VDLG WR FRPSULVH DOO RI WKHP , FRQVHTXHQWO\ KDYH KDG WR FKHFN WKH .RUHDQ HGLWLRQ RQ P\
RZQ



WR WKH FRORSKRQ

'K-

FDQ EH GDWHG WR WKH \HDU  7KH FKDUDFWHUV DUH ZULWWHQ YHU\

DFFXUDWHO\ DQG DUWLVWLFDOO\ 7KLV FDQQRW EH VDLG DERXW

'K,

 WKH VHFRQG 'XQKXDQJ

IUDJPHQW ,W GRHV QRW KDYH D FRORSKRQ EXW MXGJLQJ IURP WKH VW\OH WKH FKDUDFWHUV

DUH ZULWWHQ LQ LW VKRXOG EH \RXQJHU WKDQ
-

'K

7KHUH DUH SOHQW\ RI YDULDQWV WKURXJKRXW WKH WH[W $V WKH FRPELQDWLRQV RI

PDQXVFULSWV DQG [\ORJUDSKV ZKLFK VKDUH UHDGLQJV YDU\ FRPELQDWLRQV XQGHU ZKLFK
WKH\ FDQ EH JURXSHG WRJHWKHU DUH GLIILFXOW WR HVWDEOLVK ,Q JHQHUDO WKH FRPELQDWLRQV
0L<X .X0L6R<X DQG -V1D3X4L4V=L VHHP WR EH FRPPRQ $Q\ VWDWHPHQW DERXW
WKHLU SRVVLEOH VWHPPD ZLOO KDYH WR DZDLW D PRUH GHWDLOHG DQDO\VLV ZKLFK LV EH\RQG
WKH DLP RI WKLV VWXG\
7KH SRVLWLRQ RI WKH -LQ HGLWLRQ LQ &K LV QRW SDUWLFXODUO\ QRWHZRUWK\
$PRQJ WKH  HPHQGDWLRQV WKLV HGLWLRQ VKRZV WKH FRUUHFW UHDGLQJ LQ RQO\  FDVHV

'K,
'K, 1RWKLQJ FDQ EH VDLG DERXW WKH
WUDQVPLVVLRQDO TXDOLW\ RI 'K- EHFDXVH WKH SRUWLRQ RI WH[W IRU ZKLFK LW KDV EHHQ
SUHVHUYHG LV WRR VKRUW
$ PXFK PRUH IDLWKIXO WUDQVPLVVLRQ KRZHYHU LV

WKH 7DLVK HGLWLRQ DUH EDVHG RQ DPRQJ RWKHUV

  RI WKH  HPHQGDWLRQV RI

 5HPDUNV RQ WKH 9DULRXV (GLWLRQV

 3ULQFLSOHV *RYHUQLQJ WKH &ULWLFDO (GLWLRQ RI 6KD

7KH SULPDU\ DLP RI WKLV HGLWLRQ LV WR HVWDEOLVK %LE LQ D IRUP DV FORVH DV SRVVLEOH WR
ZKDW FDPH IURP WKH KDQGV RI WKH WUDQVODWRUV ,Q IDFW WKH PDWHULDOV FROODWHG DUH MXVW
RQH SDUW RI PDQ\ PRUH GLIIHUHQW YHUVLRQV RI 7LE ZKLFK DUH HLWKHU GLIILFXOW WR
LQVSHFW RU KDYH QRW EHHQ PDGH DFFHVVLEOH DW DOO \HW 7R VD\ oDV FORVH DV SRVVLEOH DV
WR ZKDW FDPH IURP WKH KDQGV RI WKH WUDQVODWRUVp PHDQV JRLQJ DV IDU EDFN DV WKH
SUHVHQW PDWHULDOV DOORZ 'LVFRYHULHV RI QHZ PDWHULDO PD\ ZHOO FRQWDLQ PRUH
DUFKDLF YHUVLRQV RI 7LE DQG WKHVH ZRXOG FHUWDLQO\ HQDEOH XV WR GUDZ D IXOOHU
SLFWXUH RI ZKDW WKH HDUOLHVW YHUVLRQ RI 7LE ORRNHG OLNH )RU WKH WLPH EHLQJ WKH
PDLQ SULQFLSOH RI WKH HGLWLRQ KDV EHHQ WR JLYH SUHIHUHQFH WR WKRVH YDULDQWV ZKLFK
DFFRUG ZLWK %WK DQGRU WKH &KLQHVH WUDQVODWLRQV ZKLFK GHULYH IURP DQ ,QGLDQ WH[W
YHU\ FORVH WR WKH WH[W 7LE LV EDVHG RQ , KDYH UHIUDLQHG IURP HPHQGLQJ WKH 7LEHWDQ
WH[W ZKHQ QR YDULDQWV MXVWLI\LQJ VXFK DQ HPHQGDWLRQ FRXOG EH IRXQG DQG ZKHQ LW
ZDV QRW SODXVLEOH WR DVVXPH D PLVWDNH ZLWKLQ WKH 7LEHWDQ WUDQVPLVVLRQ FDXVHG E\
JUDSKLFDO VLPLODULW\ RU WKH OLNH :KHWKHU DQ\ SDUWLFXODU TXHVWLRQDEOH UHDGLQJ RI 7LE
KDV LWV VRXUFH LQ DQ DOUHDG\ IDXOW\ ,QGLDQ PDQXVFULSW LQ D GHFLVLRQ RQ WKH SDUW RI
WKH WUDQVODWRUV QRW WR UHQGHU WKH SDVVDJH LQ DFFRUGDQFH ZLWK WKH ,QGLDQ WH[W RU LQ D
PLVWDNH SXUH DQG VLPSOH LQ WKH WUDQVODWLRQDO SURFHVV LV KHQFH RI QR IXUWKHU
PHDQLQJ IRU WKH SURFHVV RI HPHQGDWLRQ
,Q FDVHV ZKHUH WKH RWKHU WUDQVODWLRQV DUH QRW D VXIILFLHQW EDVLV XSRQ ZKLFK
WR HYDOXDWH YDULDQWV RI 7LE , KDYH DGRSWHG WKH IROORZLQJ JXLGHOLQH 1R FDVH FDQ EH
GHFLGHG PHFKDQLFDOO\ WKDW LV QR FRPELQDWLRQ RI PDQXVFULSWV RU SULQWV FDQ
DXWRPDWLFDOO\ EH DFFRUGHG SUHIHUHQFH ZLWKRXW DQDO\]LQJ DW WKH VDPH WLPH DQ\
RWKHU YDULDQWV 'HFLVLRQV VKRXOG EH PDGH RQ D FDVHE\FDVH EDVLV WDNLQJ LQWR
DFFRXQW WKH FRQWHQW DQG ZHLJKLQJ WKH SUREDELOLW\ WKDW LQGLYLGXDO YDULDQWV FRXOG
DULVH ,Q PDQ\ LQVWDQFHV LW LV WKXV SRVVLEOH WR H[SODLQ D YDULDQW E\ DUJXLQJ RQ WKH


, RZH WKLV DVVHVVPHQW WR 3URIHVVRU ,NHGD 2Q IURP 6RND 8QLYHUVLW\ +DFKLRML 7RN\R ,

ZRXOG OLNH WR WKDQN KLP IRU KLV KHOS UHJDUGLQJ WKH 'XQKXDQJ PDWHULDOV


EDVLV RI VXFK WKLQJV DV DEHUUDWLR RFXOL

GLWWRJUDSK\ KDSORJUDSK\ DQG QXPEHU RI

V\OODEOHV LQ WKH YHUVH SGDV $ PRUH ULJLG PHWKRG KDV EHHQ FKRVHQ RQO\ LI VXFK
FULWHULD FRXOG QRW EH FRQYLQFLQJO\ DSSOLHG $V WKH DQDO\VLV DERYH VKRZV 7VKDO SD
DQG 3KXJ EUDJ DUH FORVHO\ DIILOLDWHG 7KH UHODWLRQ EHWZHHQ 7KHP VSDQJV PD DQG

LV QRW DEVROXWHO\ FOHDU ,Q  DERYH LW LV HYLGHQW WKDW LQ WKUHH FDVHV RXW RI IRXU LW
ZDV WKH SDLU 7VKDO SD3KXJ EUDJ ZKLFK LQWURGXFHG WKH PLVWDNH SUREDEO\ RZLQJ WR
WKH KHDY\ UHYLVLRQ WKH WUDQVPLVVLRQV KDYH XQGHUJRQH )RU YDULDQWV FRQIRUPLQJ WR
WKLV

SDUWLFXODU

FRPELQDWLRQ

ZKHUH

ZH

KDYH

RULJLQDOLW\ , KDYH DFFRUGLQJO\ DGRSWHG WKH

QR

PHDQV

$7KHP

RI GHFLGLQJ XSRQ WKHLU

VSDQJV PD UHDGLQJ IRU WKH

HGLWLRQ VLQFH WKH SUREDELOLW\ RI 7VKDO SD3KXJ EUDJ EHLQJ QRQRULJLQDO PD\ KHUH

$ VLGHV ZLWK 7VKDO SD DQG / LQ RQO\ RQH LQVWDQFH VHH  ,Q WKLV

FDVH , KDYH DUELWUDULO\ DGRSWHG WKH UHDGLQJ VKDUHG E\ $ / DQG 7VKDO SD
)RU WKH SRUWLRQV RI WH[W ODFNLQJ WKH WHVWLPRQ\ RI $ ZH DUH FRQIURQWHG ZLWK
EH JUHDWHU 

MXVW WZR PDLQ OLQHV RI WUDQVPLVVLRQ 7VKDO SD3KXJ EUDJ DQG 7KHP VSDQJV PD $V
VWDWHG DERYH 7VKDO SD3KXJ EUDJ VHHP WR KDYH XQGHUJRQH D KHDY\ UHYLVLRQs
KHDYLHU WKDQ 7KHP VSDQJV PD ZDV H[SRVHG WR DV LV VXJJHVWHG E\ WKH ORZ QXPEHU
RI VLQJOH YDULDQWV RI 7KHP VSDQJV PD VKRZQ XQGHU 

/67 FDQ WKXV EH VDLG WR

KDYH SUHVHUYHG D YHUVLRQ FORVHU WR WKH RULJLQDO 7LEHWDQ DQG , KDYH WKHUHIRUH
GHFLGHG WR DGRSW WKH UHDGLQJV RI WKH 7KHP VSDQJV PD IRU WKH HGLWLRQ HYHQ ZKHQ
ERWK

3KXJ

EUDJ

DQG

7VKDO

SD

VKRZ

GLIIHUHQW

UHDGLQJ

$FFRUGLQJ

WR

P\

K\SRWKHVLV SXW IRUZDUG DERYH , JLYH SULRULW\ WR WKH 7KHP VSDQJV PD UHDGLQJ
HVWDEOLVKHG

/67sWKH

E\

EHVW

FDVHsRU

/7

E\

DQG

67

ZKHUHYHU

RQO\

WZR

UHSUHVHQWDWLYHV RI WKH 7KHP VSDQJV PD VKDUH D UHDGLQJ

5HJDUGLQJ

SXQFWXDWLRQ

WUDQVOLWHUDWLRQV

DQG

RUWKRJUDSK\

GHFLGHG

WR

IROORZ WKH ROGHVW PDQXVFULSW ZLWKLQ WKH WUDGLWLRQ RI WKH 7KHP VSDQJV PD QDPHO\
WKH /RQGRQ FRS\ RI WKH 6KHO GNDU FKRV VGH IURP  +RZHYHU , GLG QRW DGRSW
WKH

QXPHURXV

FRQWUDFWLRQV

RI

IRU

WKH

HGLWLRQ DQG WKH RPLVVLRQ RI JHQLWLYH

SDUWLFOHV WKRXJK WKH ODWWHU IHDWXUH FRXOG EH H[SODLQHG DV DQ DUFKDLF FKDUDFWHULVWLF

VHH VHFWLRQ  &RQFHUQLQJ RUWKRJUDSK\ WKH ERUGHUOLQH EHWZHHQ RUWKRJUDSKLF
LGLRV\QFUDVLHV DQG IDXOW\ VSHOOLQJV LV LQ VRPH LQVWDQFHV QRW FOHDU HJ /673

PFKX

IRU

FKX

LQ ' Q  'HFLVLRQV LQ WKLV PDWWHU PXVW EH PDGH RQ D PRUH RU

OHVV VXEMHFWLYH EDVLV XQWLO PRUH DQFLHQW 7LEHWDQ PDWHULDO KDV EHHQ V\VWHPDWLFDOO\
DQDO\]HG 7KH FULWLFDO HGLWLRQ RI

%LE LV FRQVHTXHQWO\ LQWHQGHG WR HVWDEOLVK

XUWH[W RI 7LE IRU WKH SRUWLRQV RI WH[W VKDUHG ZLWK $

WKH %KHP VSDQJV PD DUFKHW\SH IRU WKH SRUWLRQV RI WH[W ZKHUH

 WKH

QR WHVWLPRQ\ RI

ZH KDYH

DQG ZKHUH WKH UHDGLQJ RI WKH 7KHP VSDQJV PD

DUFKHW\SH GRHV QRW YLRODWH WKH

XUWH[W

UHFRQVWUXFWHG RQ WKH EDVLV RI WKH

RWKHU WUDQVODWLRQV DQG



WKH

GLSORPDWLF

LGLRV\QFUDVLHV

EXW

DEEUHYLDWLRQV RI

SXQFWXDWLRQ
QRW

REYLRXV

WUDQVOLWHUDWLRQV
PLVVSHOOLQJV

. WKURXJKRXW WKH ZKROH WH[W

DQG

RUWKRJUDSKLF

FRQWUDFWLRQV

DQG

 5HPDUNV RQ $OO (GLWLRQV DQG 7KHLU &ULWLFDO $SSDUDWXVHV

,Q RUGHU WR DOORZ DQ LPPHGLDWH FRPSDULVRQ RI DOO YHUVLRQV RI DQ\ JLYHQ SDVVDJH ,
KDYH GHFLGHG WR DUUDQJH WKH FRUUHVSRQGLQJ VHFWLRQV RQ IDFLQJ SDJHV ,Q JHQHUDO

7KRXJK ZH KDYH KDG UHDVRQ WR DUJXH WKDW WKH PDMRU VLQJOH YDULDQWV RI  PD\ ZHOO UHSUHVHQW
DQ DUFKDLF VWDWH RI WUDQVPLVVLRQ , KDYH UHIUDLQHG IURP DGRSWLQJ WKHVH UHDGLQJV LQWR WKH HGLWLRQ




RQH GRXEOH SDJH FRPSULVHV RQH VHFWLRQ ,Q VRPH FDVHV WKH VHFWLRQ LV WRR ORQJ WR
ILW RQ IDFLQJ SDJHV DQG FRQVHTXHQWO\ , KDYH KDG WR SODFH WKH VHFRQG KDOI RI WKH
VHFWLRQ RQ WKH IROORZLQJ WZR SDJHV 7KH QXPEHULQJ ZLWKLQ WKH FULWLFDO DSSDUDWXVHV
LV QRW DIIHFWHG E\ WKLV
, KDYH DOZD\V DUUDQJHG VLJOD RI YHUVLRQV ZKLFK EHORQJ WR WKH VDPH IDPLO\
HJ / 6 DQG 7 RU .X 0L 6R DQG <X DV D FOXVWHU XQDIIHFWHG E\ WKH UXOH RI
DOSKDEHWLF SUHFHGHQFH HJ /671 DQG QRW /167 RU .X0L6R<X1D DQG QRW
.X0L1D6R<X
)RU DGGHG FODULW\ , KDYH UHIUDLQHG IURP XVLQJ LWDOLFV IRU WKH VLJOD RI WKH
FROODWHG WH[WV RI 7LE ZKHQ PHQWLRQLQJ WKHP LQ WKH DSSDUDWXVHV

 7KH (GLWLRQV RI WKH 7LEHWDQ 7UDQVODWLRQV

)ROORZLQJ WKH H[DPSOHV LQ (LPHU E DQG +DUULVRQ D , KDYH GHFLGHG WR
UHVRUW WR D GLYLGHG FULWLFDO DSSDUDWXV LQ WKH SUHVHQWDWLRQ RI %LE 7KH PDLQ
DSSDUDWXV FRPSULVLQJ DOO YDULDQWV VKDUHG E\ PRUH WKDQ RQH PDQXVFULSW RU
[\ORJUDSKLF HGLWLRQ LV IRXQG ZLWK VXSHUVFULEHG $UDELF QXPHUDOV ULJKW EHORZ WKH
7LEHWDQ WH[W RI HDFK VHFWLRQ 6LQJOH YDULDQWV PDUNHG ZLWK VXSHUVFULEHG ORZHU FDVH
URPDQ OHWWHUV DSSHDU DW WKH HQG RI WKH ZKROH HGLWLRQ 6RPH IHZ FDVHV RI YDULDQWV
VKDUHG E\ WZR PDQXVFULSWV RU [\ORJUDSKLF HGLWLRQV DUH JLYHQ LQ WKH FULWLFDO
DSSDUDWXV DW WKH HQG EHFDXVH RI WKHLU YHU\ WULYLDO DQG FRLQFLGHQWDO QDWXUH HJ WKH
XVH RI D VSXQJV VKDG DW WKH EHJLQQLQJ RI D OLQH 2Q WKH RWKHU KDQG VRPH
VLJQLILFDQW VLQJOH YDULDQWV ZKLFK LPSO\ D GLIIHUHQW XQGHUVWDQGLQJ RI WKH WH[W KDYH
EHHQ DGRSWHG LQ WKH PDLQ DSSDUDWXV
, KDYH WULHG WR NHHS WKH DSSDUDWXVHV DV HDV\ WR UHDG DV SRVVLEOH VR WKDW HYHQ
ZLWKRXW VWXG\LQJ LQWHQVLYHO\ WKH JXLGH WR WKH HGLWLRQ RQH VKRXOG EH DEOH WR GHGXFH
WKH UHDGLQJ RI HDFK PDQXVFULSW )RU WKH VDNH RI PD[LPXP FODULW\ , KDYH WKHUHIRUH
QRWHG ZKDW WKH YDULDQW UHDGLQJ UHSRUWHG LQ WKH DSSDUDWXV UHSODFHV LQ WKH PDLQ WH[W
HJ \RQJ8 IRU \RQJV VX nGL IRU FLJ ,Q PDQ\ FDVHV WKH VLWXDWLRQ ZDV FOHDU DQG


GHVHUYHG QR IXUWKHU VSHFLILFDWLRQ IRU H[DPSOH ZKHQ WKH PDLQ WH[W UHDGV o /,2  p


ZLWK WKH YDULDQW o %4 p LW LV HYLGHQW WKDW %4 KDYH WKH UN\DQJ VKDG LQVWHDG RI WKH
Q\LV VKDG RU LQ WKH FDVH RI WKH YDULDQW oP 3 N\Lp FRUUHVSRQGLQJ WR WKH PDLQ WH[W
P
o WVDQ GDQ J\L VQ\LQJ SRnLp WKDW ! UHDGV N\L LQVWHDG RI J\L ,Q WKH FDVH RI

DGGLWLRQDO ZRUGV LQ D PDQXVFULSW RU HGLWLRQ , KDYH W\SHG WKH DGGLWLRQDO SDUW LQ

EROGIDFH

DGGLQJ WKH V\OODEOH ULJKW EHIRUH DQG EHKLQG LW IRU LQVWDQFH WKH VLQJOH

! PRQJV 4+ UQDPVp

LQGLFDWHV WKDW WKH WH[W o Q\RQ PRQJV UQDPV

N\LVp DSSHDUV DV o Q\RQ PRQJV SD UQDPV N\LVp LQ 3
YDULDQW o

7KH OHWWHUV DQG SXQFWXDWLRQ LQ WKH YDULRXV PDQXVFULSWV DQG [\ORJUDSKLF

HGLWLRQV DUH QRW DOZD\V XQDPELJXRXVO\ UHDGDEOH 7KLV LV HVSHFLDOO\ WUXH RI QJD DQG

GD SD DQG ED DQG RI WKH WVKHJ EHWZHHQ V\OODEOHV WKH ODVW SDUWLFXODUO\ LQ - DQG 7

, KDYH GRFXPHQWHG LQ WKH DSSDUDWXVHV DOO FDVHV ZKHUH OHWWHUV DUH FRPSOHWHO\
LOOHJLEOH +RZHYHU LI VLQJOH OHWWHUV DUH GRXEWIXO EXW FRXOG JUDSKLFDOO\ EH
LQWHUSUHWHG LQ DFFRUGDQFH ZLWK DOO RWKHU FROODWHG PDQXVFULSWV DQG [\ORJUDSKLF
HGLWLRQV RI 7LE LQ WKDW SDVVDJH , KDYH DGRSWHG WKH UHDGLQJ LQ TXHVWLRQ DV SUREDEO\
WKH VDPH DV LQ WKH RWKHU PDWHULDOV
,Q WKH WUDQVOLWHUDWLRQ RI WKH 7LEHWDQ WKH WVKHJ LV UHQGHUHG ZLWK D EODQN
VSDFH VR IRU H[DPSOH X\H LV WUDQVOLWHUDWHG DV ODnDP
OD
X\H

ZKHUHDV



EHFRPHV

([FHSWLRQV DUH WKH EODQN VSDFHV EHIRUH DQG DIWHU VKDG 7KHVH VSDFHV KDYH
VLPSO\ EHHQ LQVHUWHG IRU WKH VDNH RI PRUH OXFLGLW\ LQ WKH WUDQVOLWHUDWLRQ
, KDYH LQGLFDWHG LQ WKH DSSDUDWXVHV DOO RI WKH ODFXQDV RFFXUULQJ LQ WKH
PDWHULDOV EHORQJLQJ WR 7LE ,Q WKH FDVH RI %WK KRZHYHU ODFXQDV DUH H[WUHPHO\
nDP

IUHTXHQW VR WKDW , KDYH PHQWLRQHG RQO\ FDVHV ZKHUH SDUWLDOO\ HUDVHG OHWWHUV DUH VWLOO
IRXQG LQ WKHP

JR nJUR RU D ZRUG HQGLQJ LQ J LV SODFHG EHIRUH D Q\LV VKDG WKH ILUVW
VKDG RI WKH Q\LV VKDG LV DOZD\V RPLWWHG E\ WKH VFULEHV RI %-14/63 DQG DOVR %WK
7KH VFULEHV RI ' DQG 7 GR QRW DOZD\V IROORZ WKLV UXOH +RZHYHU LQ DOO WKHVH FDVHV
P\ WUDQVOLWHUDWLRQ LV JR  nJUR  RU J  $ SODFHV WKH Q\LV VKDG DQG HYHQ D WULSOH
,I

VKDG DIWHU JR RU J ,Q WKH SURVH 3 RPLWV WKH ILUVW VKDG DIWHU JR RU J OLNH WKH
PDMRULW\ RI PDQXVFULSWV DQG [\ORJUDSKV ,Q WKH YHUVH VHFWLRQ ZKHUH 3 JHQHUDOO\
VHSDUDWHV WKH SGDV ZLWK D UN\DQJ VKDG IROORZHG E\ D JDS ULJKW DIWHU WKH HQG RI WKH
SUHFHGLQJ SGD HJ 

G
PQ

H\G\

WKH UN\DQJ VKDG

DSSHDUV LQVWHDG DW WKH

HQG RI WKH ODFXQD ZKHQ WKLV SGD HQGV ZLWK JR RU J HJ  \=G

=8E

2I PLQRU LQWHUHVW EXW FOHDUO\ LQGLFDWLQJ WKH GLIIHUHQW DIILOLDWLRQV RI WKH WH[WV
DUH WKH IRUPV RI WKH ULQ FKHQ VSXQJV VKDG RU N\RJ VKDG 7KH\ DUH XVXDOO\
HPSOR\HG LQVWHDG RI D VKDG DW WKH EHJLQQLQJ RI D OLQH DIWHU RQH RI WKH ILUVW
V\OODEOHV DQG LQ VRPH FDVHV DOVR WRZDUGV WKH HQG RI D OLQH , KDYH DOZD\V QRWHG
WKH SRVLWLRQ RI WKLV VSXQJV VKDG ZLWKLQ WKH OLQH DQG LI WKHUH ZDV DQ\ PHQWLRQHG
WKH SUREDEOH UHDVRQ IRU LWV HPSOR\PHQW 7KH IRUPV YDU\ DQG ORRN DSSUR[LPDWHO\
OLNH WKLV

-13%X%WK 34 VSXQJV VKDG

%

'

RU

/

6

7

 IURP E RQZDUGV

33

4

%HFDXVH VXEVFULSWV HJ PRQJ

8

\RQJVVX

HWF WKH XVH RI WKH

UG]RJ8

HWF FRQWUDFWLRQV HJ

DQXVYUD OLNH DEEUHYLDWLRQ IRU

VN\HVVR

DQG DEEUHYLDWLRQV

LQ WKH VFULSWV DUH RIWHQ GXH WR VXFK WKLQJV DV WKH VFDUFHQHVV RI VSDFH WRZDUGV WKH
HQG RI D OLQH VWULQJ KROHV DQG HPHQGDWLRQV , KDYH ZKHQHYHU REYLRXV WULHG WR
UHSRUW WKHVH IHDWXUHV LQ WKH DSSDUDWXVHV ,Q
RI D OLQH E\ WKH V\PERO o

%WK

, KDYH WKHUHIRUH LQGLFDWHG WKH HQG

,Q WKLV ZD\ RQH FDQ GLIIHUHQWLDWH EHWZHHQ ZKDW

IROORZV IURP WKH SDUWLFXODU DUUDQJHPHQW RI WKH WH[W RQ D IROLR DQG ZKDW PD\ JR
EDFN WR WKH PDQXVFULSW ZKLFK WKH VFULEH ZDV FRS\LQJ ,W LV KRSHG WKDW WKLV
DSSDUHQWO\ VXSHUIOXRXV LQIRUPDWLRQ ZLOO EH RI VRPH YDOXH LQ WKH HYHQW WKDW IXUWKHU
.DQMXU PDWHULDOV DUH GLVFRYHUHG LQ WKH IXWXUH

S C< DQG E F< DSSHDU LQ WKH

DSSDUDWXVHV 7KH\ DUH VKRUW IRU SDnL C\ DQG EDnL F\ UHVSHFWLYHO\ 6LPLODUO\ IRU
SDnL LQ %WK DW WKH HQG RI WKH OLQH ZH VRPHWLPHV KDYH D SD ZLWK DQ nD FKXQJ
EHQHDWK $ERYH WKH SD LV D PDUN UHVHPEOLQJ D SDUDOOHO GRXEOH nJUHQJ EX 7KH
FKDUDFWHU DSSHDUV DV SDL LQ WKH GLSORPDWLF HGLWLRQ
&RQFHUQLQJ $ , KDYH QRW QRWHG WKH XVH RI WKH \D EWDJV LQ DQ\ ZRUGV
EHJLQQLQJ ZLWK P LQ FRPELQDWLRQ ZLWK WKH YRZHO L RU H HJ P\HG P\L HWF
,Q VHYHUDO LQVWDQFHV WKH WUDQVOLWHUDWLRQV



$QRWKHU SDUWLFXODULW\ RI  WKURXJKRXW WKH WH[W ZKLFK , KDYH QRW PHQWLRQHG LQ WKH
HGLWLRQ LV WKH FRQWUDFWLRQ RI WKH FOXVWHU 89
0 WR WKH KRUL]RQWDO OLJDWXUH  RI VS\
0m WR

 RU RI UWV  WR

 7KH &KLQHVH (GLWLRQV

)RU WKH HGLWLRQ RI WKH &KLQHVH WH[WV , KDYH FRQVXOWHG %  'K, 'K- )V *D DQG

-L LQ WKH FDVH RI &K DQG 7  *D DQG -L LQ WKH FDVH RI &K , KDYH IXUWKHU
LQFRUSRUDWHG WKH YDULDQWV QRWHG LQ WKH HGLWLRQV RI 7 DQG -L-L VHH EHORZ ,Q WKH
FDVH RI )V ZKLFK LV RQH RI WKH WH[WV FRQVXOWHG E\ WKH HGLWRUV RI -L , YHULILHG WKH
UHDGLQJV RQ P\ RZQ VLQFH LQ VRPH FDVHV XQIRUWXQDWHO\ YDULDQWV RI )V DUH QRW
PHQWLRQHG LQ WKH DSSDUDWXV RI -L , FRXOG QRW YHULI\ ZKHWKHU WKH YDULDQWV RI WKH
RWKHU WH[WV FROODWHG LQ WKH DSSDUDWXV RI -L DUH FRPSOHWHO\ DQG FRUUHFWO\ UHSRUWHG

7KH EDVLV IRU P\ FULWLFDO HGLWLRQV LQ DOO SRLQWV EXW SXQFWXDWLRQ KDV EHHQ WKH
WZR WH[WV IRXQG LQ 7 ,Q WKH FDVH RI YDULDQWV , KDYH DOZD\V DGRSWHG WKH UHDGLQJ RI

LI WKHUH ZHUH QR UHDVRQV IRU WKLQNLQJ WKDW D YDULDQW IRXQG LQ DQRWKHU YHUVLRQ

UHIOHFWV D PRUH DXWKHQWLF VWDJH RI WH[WXDO WUDQVPLVVLRQ :KHQ WKH UHDGLQJ

ZDV

HPHQGHG

WR

[>YHUVLRQV

IRXQG@

VXFK

YDULDQW

PDUNHG

ZKHUH WKH UHDGLQJ RI

E\

o\>YHUVLRQV

ZKHUH

LQ

LV

LV IRXQG@ UHDVRQ IRU DOWHUDWLRQp ,

KDYH XVXDOO\ VXSSOLHG D UHDVRQ ZK\ , WKRXJKW WKLV QHFHVVDU\ LQ SDUHQWKHVHV DW WKH
HQG RI WKH FRUUHVSRQGLQJ IRRWQRWH LQ WKH DSSDUDWXVHV ,Q PRVW LQVWDQFHV P\
DUJXPHQWV

DUH

EDVHG

RQ

SDUDOOHOV

LQ

WKH

RWKHU

WUDQVODWLRQV

RQ

RWKHU

VLPLODU

SDVVDJHV LQ WKH VDPH &KLQHVH WUDQVODWLRQ RU RQ WKH V\OODEOH UK\WKP LQ WKH SURVH
DQG WKH r &K

&K UK\WKP LQ WKH YHUVHV WKRXJK WKH DUJXPHQW IURP

RU r 

VKRXOG EH WUHDWHG ZLWK FDUH LW FDQQRW EH HPSOR\HG PHFKDQLFDOO\

WKURXJKRXW WKH ZKROH WH[W (VSHFLDOO\ ZKHQ WKH 6DQVNULW LV WUDQVODWHG E\ PHDQV RI
ZHOOHVWDEOLVKHG WHFKQLFDO WHUPV WKH FRQVLGHUDWLRQV RI UK\WKP DUH RI PHUHO\
VXERUGLQDWH VLJQLILFDQFH
,Q FRQWUDVW WR WKH FULWLFDO HGLWLRQ RI %LE , KDYH UHVWULFWHG P\VHOI KHUH WR
PHQWLRQLQJ RQO\ VLJQLILFDQW YDULDQWV LQ WKH FULWLFDO DSSDUDWXV EHORZ WKH WH[W
9DULDQWV FRQVLVWLQJ RI FKDUDFWHUV ZULWWHQ ZLWKRXW DQ\ VHPDQWLF YDULDWLRQ LQ
DEEUHYLDWHG RU XQFRPPRQ IRUPV DUH XVXDOO\ QRW PHQWLRQHG ZKHQHYHU WKH
FKDUDFWHUV ZHUH LGHQWLILHG DV HTXLYDOHQW DFFRUGLQJ WR WKH '. +' RU 1,- HJ LQ
&K E     ,Q FDVHV ZKHUH , FRXOG QRW EH VXUH ZKHWKHU WKH YDULDQW
UK\WKP

H[SUHVVHG D VOLJKWO\ GLIIHUHQW QRWLRQ DQG WKLV DFFRXQWV IRU PRVW FDVHV , GHFLGHG

&K G
IRU

1RW PHQWLRQHG KRZHYHU DUH YDULDQWV UHVXOWLQJ IURP REYLRXV PLVWDNHV E\ WKH
FRS\LVW DQG LQYDULDEO\ KLQGHULQJ D PHDQLQJIXO XQGHUVWDQGLQJ RI WKH FRQWH[W HJ
&K ' -L
for

WR JLYH WKH YDULDQW LQ D IRRWQRWH HJ LQ

, KDYH GHDOW ZLWK WKH FRPSOH[ TXHVWLRQV RI ZKHWKHU WR SXQFWXDWH WKH &KLQHVH
HGLWLRQVsDQG LI VR KRZsLQ WKH IROORZLQJ ZD\ 2SLQLRQ DPRQJ 6LQRORJLVWV
H[SHULHQFHG ZLWK &KLQHVH WUDQVODWLRQV RI ,QGLDQ %XGGKLVW WH[WV YDULHV JUHDWO\ LQ
WKLV PDWWHU 7KH YLHZ WKDW WKH WH[W VKRXOG QRW EH SXQFWXDWHG DW DOO DQG VKRXOG EH
UHQGHUHG DV LW ZDV SURGXFHG E\ WKH WUDQVODWRU QDPHO\ ZLWKRXW DQ\ LQGLFDWRUV
IRUPV RQH H[WUHPH RI WKH UDQJH RI DOWHUQDWLYHV )RU WKH UHDGHU WKLV RIIHUV WKH
DGYDQWDJH WKDW KH FDQ DSSURDFK WKH WH[W ZLWKRXW EHLQJ ELDVHG WRZDUGV WKH
SXQFWXDWLRQ RI DQ HGLWRU 7R TXHVWLRQ WKH XQGHUVWDQGLQJ VXJJHVWHG E\ DQ HGLWRU



ZKHQ WUDQVODWLQJ WKH WH[W RQHVHOI LV QRW WKDW HDV\ DQG RQH FDQ TXLFNO\ HQG XS
XQFRQVFLRXVO\ IROORZLQJ D JLYHQ LQWHUSUHWDWLRQ ZLWKRXW WDNLQJ SDLQV WR H[DPLQH DOO
DOWHUQDWLYHV
2Q WKH RWKHU KDQG , WKLQN WKDW WKH DFWLYLW\ RI DQ ,QGRORJLVW VSHFLDOL]LQJ LQ
%XGGKLVW VWXGLHV VKRXOG QRW EH OLPLWHG WR D SXUHO\ GHVFULSWLYH FROODWLRQ RI WKH
&KLQHVH PDWHULDOV ,W LV HTXDOO\ D SDUW RI KLV ZRUN WR VKRZ WKH UHDGHU KRZ KH
KLPVHOI XQGHUVWDQGV WKH WH[W HYHQ DW WKH FRVW RI VRPHWLPHV RYHUVKDGRZLQJ RWKHU
SRVVLEOH UHDGLQJV (VSHFLDOO\ ZKHQ WDNLQJ MXVW D TXLFN ORRN DW D SDVVDJH LQ D
FHUWDLQ WH[W , IRU RQH SDUW KDYH IRXQG LW TXLWH KHOSIXO DQG WLPHVDYLQJ WR VHHN VRPH
JXLGDQFH IURP DQ HGLWRUnV SXQFWXDWLRQ DQG VR DYRLG KDYLQJ WR FRQVXOW VRPH
WUDQVODWLRQ 7KLV VWDQGSRLQW LQ IDFW SUREDEO\ UHSUHVHQWV WKH YLHZ RI DQ\ERG\ ZKR
FDQQRW FDOO KLPVHOI D 6LQRORJLVW DQG ZKRVH PDLQ ILHOG RI %XGGKRORJLFDO VWXGLHV
OLHVsDV LV VWLOO WKH FDVH IRU PDQ\ :HVWHUQ %XGGKRORJLVWVsLQ ,QGLD 7KH VLWXDWLRQ
RI D 6LQRORJLVW ZLWK D JRRG DFTXDLQWDQFH RI WKH JHQUH RI %XGGKLVW WUDQVODWLRQV LV
OLNHO\ WR EH GLIIHUHQW 0\ SXQFWXDWLRQ ZLOO EH GLVWXUELQJ WR VXFK D VFKRODU DQG KH
LV DGYLVHG WR FRQVXOW RQO\ WKH HPHQGDWLRQV VXJJHVWHG LQ P\ DSSDUDWXVHV ZKHQ
UHDGLQJ WKH WH[W LQ WKH 7DLVK
$W WKH RWKHU H[WUHPH RI WKH UDQJH RI SRVVLEOH SXQFWXDWLRQV LV D V\VWHP
ZKLFK FDQ EH FDOOHG FXUUHQWO\ GRPLQDQW RQ PDLQODQG &KLQD ZKHUH LW LV ZLGHO\
HPSOR\HG ZKHQ GHDOLQJ ZLWK ROG DV ZHOO DV FRQWHPSRUDU\ OLWHUDWXUH ,W
LQFRUSRUDWHV YLUWXDOO\ DOO RI WKH :HVWHUQ SXQFWXDWLRQ PDUNV LQFOXGLQJ HYHQ
TXHVWLRQ DQG H[FODPDWLRQ PDUNV LQYHUWHG FRPPDV DQG VHPLFRORQV $QG WKRXJK LW
PD\ EH WKH IUHHO\ FKRVHQ VWDQGDUG RI SXQFWXDWLRQ LQ &KLQD LW UHPLQGV D :HVWHUQ
VFKRODU LPPHGLDWHO\ RI (XURSHnV 2ULHQWDOLVW FXVWRP RI LPSRVLQJ LQDSSURSULDWH
:HVWHUQ VWDQGDUGV XSRQ ORFDO LQGLJHQRXV FXOWXUHV , FDQQRW MXGJH ZKHWKHU
:HVWHUQ SXQFWXDWLRQ ILWV WKH VWUXFWXUH RI WKH &KLQHVH ODQJXDJH 7KLV TXHVWLRQ FDQ
RQO\ EH DQVZHUHG E\ VSHFLDOLVWV LQ WKDW ILHOG ,Q WKH HGLWLRQV , UHVWULFW P\VHOI WR WKH
XVH RI WKUHH SXQFWXDWLRQ PDUNV QDPHO\ WKH
o p WKH
MXKDR

GRXKDR

o p DQG WKH GXQKDR

o p WZR RI ZKLFK MXKDR DQG GXQKDR FDQ DOUHDG\ EH
IRXQG LQ &KLQHVH WH[WV IURP WKH +DQ
G\QDVW\ 7KH UROH RI WKH GXQKDR LQ P\

HGLWLRQV LV WKH HDVLHVW WR GHILQH LW IXQFWLRQV DV DQ HQXPHUDWLYH FRPPD VHSDUDWLQJ

WKH VLQJOH PHPEHUV LQ D OLVW RI FRRUGLQDWHG LWHPV /RQJ HQXPHUDWLRQV HVSHFLDOO\
LQ ( ZKLFK FRQWDLQV WKH QDPHV RI  ERGKLVDWWYDV WKXV EHFRPH PXFK HDVLHU WR
GHDO ZLWK 7KH GHFLVLRQ WR XVH LW KRZHYHU IRUFHG PH LQ PDQ\ LQVWDQFHV WR
GHWHUPLQH KRZ WR VHJPHQW FRPSRXQGV FRQVLVWLQJ RI VHYHUDO FKDUDFWHUV ,I WKH
7LEHWDQ SDUDOOHO GLG QRW KHOS DQG QR RWKHU RFFXUUHQFHV RI SDUWV RI WKH FRPELQDWLRQV
FRXOG EH IRXQG LQ WKH VDPH WH[W FKRLFHV KDG LQ VRPH LQVWDQFHV WR EH PDGH RQ DQ
DGPLWWHGO\ DUELWUDU\ EDVLV
7KH GHFLVLRQ ZKHWKHU WR FKRRVH WKH MXKDR
o p RU WKH GRXKDR
o p PD\ DOVR KDYH EHHQ DUELWUDU\ LQ PDQ\ FDVHV :KLOVW WKH MXKDR LV KHUH LQ

JHQHUDO LQWHQGHG WR LQGLFDWH ZKHUH D JURXS RI FORVHO\ FRQQHFWHG V\QWDFWLF XQLWV

ZKLFK ZH PD\ FDOO D oVHQWHQFHp VKRXOG EH GLYLGHG IURP DQRWKHU VXFK JURXS WKH
GRXKDR VHUYHV WR VKRZ FRPSRQHQW VWUXFWXUHV ZLWKLQ WKLV JURXS 1R GRXKDR LV VHW
EHWZHHQ D VXEMHFW SUHGLFDWH REMHFW DQG DQ\ DGYHUELDO VSHFLILFDWLRQV 7KH GRXKDR
LV KRZHYHU UHJXODUO\ HPSOR\HG WR PDUN HPEHGGHG VXERUGLQDWH FODXVHV WR
VHSDUDWH SUHGLFDWLYH HOHPHQWV IURP HDFK RWKHU DQG WR VHW RII GLUHFW VSHHFK HJ

, DP RI FRXUVH DZDUH WKDW WKH ERUGHUOLQH EHWZHHQ WKH MXKDR DQG WKH
GRXKDR LV RIWHQ LPSRVVLEOH WR GHILQH WKDW LV WKHUH LV QRW DOZD\V D GHILQLWH



VHQWHQFH EUHDN :KHQHYHU WKH EDVLF UXOHV RI &KLQHVH JUDPPDU DOORZ , KDYH WULHG
WR WDLORU P\ GHFLVLRQV WR WKH 7LEHWDQ YHUVLRQV HVSHFLDOO\ ZKHQ GHDOLQJ ZLWK

&K

DQG WKH SRVVLEOH ,QGLDQ VWUXFWXUH RQ ZKLFK WKH WUDQVODWLRQV DUH EDVHG
,W LV FOHDU WKDW WKLV NLQG RI UXOH FDQQRW SURYLGH PRUH WKDQ D URXJK
LQGLFDWLRQ RI ZK\ , IHOW WKHVH &KLQHVH WUDQVODWLRQV RXJKW WR EH VR SXQFWXDWHG )RU
WH[WV IURP D GLIIHUHQW JHQUH WKH JXLGHOLQHV PLJKW ZHOO EH TXLWH GLIIHUHQW , GR QRW
FRQVLGHU WKH WH[WXDO XQGHUVWDQGLQJ LPSOLHG E\ P\ SXQFWXDWLRQ WR EH WKH RQO\ RQH
FRQFHLYDEOHsUDWKHU D VXJJHVWLRQ WKDW FOHDUO\ PLUURUV WKH ,QGLDQ EDFNJURXQG RI WKH
WH[W



' 7KH (GLWLRQV

7KH &ULWLFDO DQG 'LSORPDWLF (GLWLRQV

0A


D E

 UJ\D JDU VNDG GX 

U\D

WD WK

JD WD

JDUEKD

PD PD K

VNDG GX  nSKDJV SD GH E]KLQ JVKHJV SDnL VQ\LQJ SR ]KHV E\D ED

PGR 

VDQJV UJ\DV GDQJ

LQVHUWHG ODWHU"
3 >3
RI
ZLWK D YHU\ VPDOO OHWWHU
LQVHUWHG ODWHU"@

3 JKD UEKD IRU JDUEKD 3
nD FKXQJ

WKHJ SD

U\D ZLWK D YHU\ VPDOO OHWWHU

W

QD V

WUD  ERG

FKHQ SRnL

FRPSUHVVHG OHWWHUV
3 3, 3 nD FKXQJ RI Q

ZLWK D YHU\ VPDOO OHWWHU

LQVHUWHG ODWHU"

3 KD 3 PDK IRU PD K
3 nD FKXQJ RI K ZLWK D
YHU\ VPDOO OHWWHU LQVHUWHG
ODWHU"

3 \D

J UEKD IRU JDUEKD 6 JD WD

JDUEKD ZLWK VPDOO

3

VX 3 nD FKXQJ RI V

ZLWK D YHU\ VPDOO OHWWHU

LQVHUWHG ODWHU"

-147  3 GRXEOH VSXQJV

VKDG DIWHU ILUVW V\OODEOH 6

JDS RI DERXW QLQH OHWWHUV
EHWZHHQ WKH VKDGV RI WKH

Q\LV VKDG

67 GDQJ 

%J



2

0L<X

IRU

.X0L6R<X


IRU

o7UDQVODWHG GXULQJ WKH (DVWHUQ -LQ E\ WKH 7ULSLDND >VSHFLDOLVW@ %XGGKDEKDGUD

>IURP@ ,QGLD p
,

.X0L6R<X o

0L<X

E\DQJ FKXE VHPV GSDn WKDPV FDG OD SK\DJ nWVKDO OR 

3 DU\D 3 nD FKXQJ RI

E\ WKH 'KDUPD 0DVWHU RI WKH 7ULSLDNDp

 o >IURP@ QRUWKHUQ ,QGLDp

222

0A

$VJ
UJ\D JDU VNDG GX WD WK JD WD JDU ED PD KD \D QD VX WUD  ERG VNDG GX  GH E]KLQ

JVK\HV( VQ\LQJ SR ]KHV E\D ED WKHJ SD FKHQ SRnL PGR  EDP SR GDQJ SR 

%J




$OO WKH WLWOHV PHQWLRQHG LQ WKH FRORSKRQ DUH IRXQG LQ WKH ELRJUDSKLHV RI $PRJKDYDMUD FRQWDLQHG LQ %

 DQG %  
 $ WUDQVODWLRQ RI WKH
ZDV GRQH E\ &KRX  

 
SDUW FRQFHUQLQJ $PRJKDYDMUD LQ WKH

VHH WKH WLWOH RI WKH ELRJUDSK\ RI $PRJKDYDMUD E\ KLV SXSLO DFFRUGLQJ WR

F % 
LQ WKH WH[W LWVHOI D VHH DOVR

EH HPHQGHG WR
FRXOG DOVR UHIHU WR

%6.' YRO S

 WKH VDPH WLWOHV DUH DOVR PHQWLRQHG

%  F

 ZKLFK VKRXOG SUREDEO\

o,Q FRPSOLDQFH ZLWK DQ LPSHULDO GHFUHH WUDQVODWHG E\ WKH 7ULSLDND >6SHFLDOLVW@ RI WKH
,
WHPSOH 'D ;LQJVKDQ ZLWK WKH WLWOH o2QH RI *UHDW DQG :LGH .QRZOHGJHp  WKH

$PRJKDYDMUD &RPPDQGHU 8QHTXDOOHG LQ +RQRUF

6SHFLDOO\ 3URPRWHG
3UREDWLRQDU\ &KLHI RI WKH &RXUW RI 6WDWH &HUHPRQLDOG 'XNH RI 6X >ZLWK@ D )LHI RI
 +RXVHKROGVH HQGRZHG ZLWK D SXUSOH >UREH@I JLYHQ >WKH WLWOH RI D@ 0LQLVWHU RI
:RUNVJ SRVWKXPRXVO\ FDOOHG m2QH :KR *UHDWO\ 5HYHDOV 5LJKWHRXVQHVVnKp
lUPDD

7KH WHPSOH 'D ;LQJVKDQ ZDV VLWXDWHG LQ WKH FDSLWDO &KDQJnDQ

7KH WLWOH
DSSHDUV LQ FRQQHFWLRQ ZLWK
%  E
 EXW DOVR

DERYH IQ  %  D

DV SDUW RI $PRJKDYDMUDnV SRVWKXPRXV QDPH 

 %  D
%  F VHH

6HH +XFNHU   %  F %  E

/
6HH +XFNHU     %  E %  D
0
6HH +XFNHU    %  F %  E
.

7KH SXUSOH UREH ZDV EHVWRZHG RQ $PRJKDYDMUD E\ WKH (PSHURU DIWHU $PRJKDYDMUD KDG PDQDJHG oWR

PDNH LW UDLQp LQ D YHU\ GU\ VXPPHU 6HH %  D %  F
6HH +XFNHU   %  D %  F
K
6HH %  D %  F
 ZKLFK SUREDEO\ VKRXOG EH HPHQGHG WR
J

223

0B



,
nGL VNDG EGDJ JLV WKRV SD GXV JFLJ QD  EFRP OGDQ nGDV PQJRQ SDU UG]RJV SDU VDQJV

. 
/
0

1
UJ\DV QDV  OR EFX E]KHV SD GDQJ  VKLQ WX WVKD EDnL GXV N\L WVKH  UJ\DO SRnL NKDE

QD 

E\D UJRGJ N\LK SKXQJL SRnLM UL OD ULQ SR FKHnL JGXJVN N\L NKDQJ E]DQJVO WVDQ

GDQ J\LP VQ\LQJ SRnL NKDQJ SDQ EUWVHJV SD QDR S VORET SD GDQJ  PL VORE SDnL Q\DQ
5

WKRV N\L GJH VORQJ nEXP GX WVKDQJU EDnL GJH VORQJ JL GJH nGXQ FKHQ SR SKDO FKHUV
GJUDW EFRP SD  ]DJ SD ]DG SD  Q\RQ PRQJV SD PHG SD  GEDQJX GDQJ OGDQ SDUY J\XU
SD  VHPV VKLQ WX UQDP SDUZ JURO ED  VKHV UDE VKLQ WX[ UQDP SDU\ JURO] ED DD FDQJ
VKHV SD  JODQJEE SR FKHQFF SR  E\D ED E\DV SD  E\HG SD E\DV SD  NKXU ERU ED 
EGDJ JLGG GRQ UMHV VX WKREHH SD  VULG SDU NXQ WXII VE\RU ED \RQJV VX ]DG SD JJ

10

\DQJ GDJ SDnL VKHV SDV VHPVKK VKLQ WXLL UQDP SDU JURO ED  VHPV WKDPV FDG N\L
GEDQJ JL GDP SDnL SKD URO WXMM VRQ SDNN VKD VWDJ OD 









%-143 5,kK /:8

-143 RP  
-1 RP 

%-4 RP  7 VSXQJV VKDG

DIWHU VHFRQG V\OODEOH
%-143 RP 
3 OD 

%-43 .,3 IRU 98,3 3

RP

98,3

%-43 RP

KHUH DQG LQ WKH SUHFHGLQJ

/,3 1

98,3/,3 I^? IRU 98,3 /,3

7KH YDULDQW RI %-43

QRWH LV FRQWUDU\ WR WKH

SDUDOOHO LQ *

%-143 RP 

%43 SDnL


/3 SD
%43 ED 

/3 \RQJVX 3 \RQJ8 IRU




\RQJV VX DW WKH HQG RI WKH

/7 nJ\XU ED IRU J\XU SD


-4 GX









3 RP 
3 RP 

%4 RP  >4 DW WKH HQG RI
WKH OLQH@

/1 UMHVX

%J

224





OLQH

3 5,8 
%-437 VHPV -+2 WKDPV
-1 N\LV

3 RP JL

%-143 RP 

0B

$VJ
nGL VNDG EGDJ JLV WKRV SDnL GXV JFLJ QD  EFR OGDQ nGDV UJ\DO SRnL NKDE UJ\D UJRG
VSXQJV SDnL UL ULQ SR FKHnL JGXJV N\L NKDQJ SD WVDQ J\LV VQ\LQJ SRV EUWVHJ SDnL NKDQJ
(

EX QD PQJRQ SDU UG]RJ8 SD7 VDQJV UJ\DV QDV  OR EFX EGXQ N\L GXV QD GJH VORQJ FKHQ
SR GJH nGXQ GJH VORQJ OR VWRQJ WVDP SD GDQJ  Q\DQ WKRV EVODE SD GDQJ  PL VORE SD

GDQJ  WKDEV JFLJ WX E]KXJV SD NXQ  GJUD EFR SD ]DJ SD ]DG SD VKD VWDJ JR  Q\RQ
(

PRQJV SD8 PHG GEDQJ GX J\XU  VKD VWDJR  VHV VKLQ WX UQDSDU JURO  VKD VWDJ JR 
VKHV UDE VKLQ WX UQDP SDU JURO ED VKD VWDJ JR  FDG VKHV SD VKD VWDJ JR  NOX FKHQ SR
VKD VWDJR  E\D ED E\DV SD VKD VWDJR  NKXU ERU ED VKDVWHJ JR  EGDJ JL GRQ WKRE SD
(

VKD VWDJR  nE\XQJ EDL VE\RU ED ]DG  VKD VWDJ JR  \DQJGDJ SDnL GNDV VHV UQD

10

pa+

JURO ED VKD VWRJR  VHV FDQ WKDV FDG N\L GEDQJ GDQJ  SKDURO WX SK\LQ SD

PFKRJ WKRE SD VKDVWDJR 

%J


*D-L(

>

225

0C



nGL OWD VWH  WVKH GDQJ OGDQ SD nRG VUXQJ


UJ\DV nRG VUXQJ





GDQJ  WVKH GDQJ OGDQ SD FKX ER nRG VUXQJ



SD JD \D nRG VUXQJ





GDQJ  WVKH GDQJ OGDQ SD ND



GDQJ  WVKH GDQJ OGDQ

E

W\DnL

GDQJ OGDQ SD JVXV SR FKH GDQJ  WVKH GDQJ OGDQ SD ED NX OD

5

EX FKHQ SR GDQJ  WVKH

GDQJ  WVKH GDQJ OGDQ SD

QDP JUX GDQJ  WVKH GDQJ OGDQ SD UDE nE\RU GDQJ  WVKH GDQJ OGDQ SD E\DPV PDnL EX


JDQJ SR GDQJ  WVKH GDQJ OGDQ SD QJDJ GEDQJ GDQJ  WVKH GDQJ OGDQ SD VK
H



GDQJ  WVKH GDQJ OGDQ SD PRnX



VKHV NRnX
VJUD
10

FKHQ SR GDQJ  WVKH GDQJ OGDQ SD OWHQJ





GL



JFDQ



Q\D


]LQ



GJDO

J\L EX FKHQ SR GDQJ  WVKH GDQJ OGDQ SD FDQJ

GDQJ  WVKH GDQJ OGDQ SD nFKDU ND GDQJ  WVKH GDQJ OGDQ SD

GDQJ  WVKH GDQJ OGDQ SD GJDn ER GDQJ  WVKH GDQJ OGDQ SD Q\H



GJDn GDQJ  WVKH GDQJ OGDQ SD NXQ GJDn ER GDQJ  GH GDJ OD VRJV


nEXP GX WVKDQJ ED GDQJ







36 VUXQJV







WKDEV JFLJ


36 VUXQJV

3 VUXQJ EJGP RQ GDQJ

ER
 UOXQJ


%43 

IRU  -13 
NOXQJ IRU ER 09\ 
FKX

MNWPI nRG VUXQJV %WK

DQ nRG VUXQJ

36 VUXQJV
3 VUXQJ EJGP RQ GDQJ

J >-4 nD FKXQJ RI J
SUREDEO\ LQVHUWHG ODWHU@ 3
ND RU JD " 3 RP JD 3
ND

13 \ IRU \D - O RU \
" 4 O IRU \D

36 VUXQJV

3 VUXQJ EJGP RQ GDQJ
-14



-14 N >4 nD FKXQJ RI N

SUREDEO\ LQVHUWHG ODWHU@





]KDEV N\X

Q\D DQG
GDQJ

4 VJUDJ -1 VJUD RU VJUDJ

ZLWK D YHU\ VPDOO OHWWHU

LQVHUWHG ODWHU"

%14 2,: >%4 DGGLWLRQDO

WR GRXEOH 3, 74 RI 2,:

VXEVFULEHG nD FKXQJ@ -




- L IRU GL 13 L IRU GL

3 nGL IRU GL 7 GH IRU GL

% Q\D7 4 ODFXQD RI RQH

%  NDW\DnL IRU ND W\DnL -4

% EDNNX OD IRU ED NX OD -

ED NNXOD ED NNX OD EDNNXOD
RU EDNNX OD " 4 EDNNXOD
IRU ED NX OD

3 VKD 3 Dn FKXQJ RI VK


SD GJH VORQJ

WX E]KXJV VR 

W\nL IRU W\DnL 3 WDnL IRU

W\DnL ZLWK SDUWLDOO\ HUDVHG

-143 VWHQJ

FKX

ULnL EX

PDXG 3 PXnX IRU PRnX

%-4 JDO 36 nJDO 7

GJDn 1 PDXGJDOH]X IRU

PDX GJDO

%-14 NDX IRU NRnX 3

NHnX

%J

226

OHWWHU EHWZHHQ






"
%4/3 FDQ IRU JFDQ >3
FDQ ZLWK VPDOO OHWWHUV
EHQHDWK WKH OLQH@ -1 VJUDJ
FDQ RU VJUD JFDQ "
3 nG]LQ
% ODVRJV ZLWKRXW WVKHJ

EHWZHHQ 34 ODV VRJV IRU



%3 GDQJ  4 ODFXQD RI
RQH OHWWHU EHWZHHQ GDQJ DQG
WKDEV

%143 FLJ
OD VRJV

0C

$VJ
nGL OWD VWH  WVKH GDQJ OGDQ SD nRG VUXQJ FKHQ

po GDQJ  WVKH GDQJ OGDQ SD X UX GE\LO ED

nRG VUXQJ GDQJ  WVKH GDQJ OGDQ SD FKX ER nRG VUXQJ GDQJ  WVKH GDQJ OGDQ SD nJDn
\DQJ nRG VUXQJ GDQJ  WVKH GDQJ OGDQ SD NRVWL OD FKHQ SR GDQJ  WVKH GDQJ OGDQ SD ED
NX OD GDQJ  WVKH GDQJ OGDQ SD UHG SD GDQJ  WVKH GDQJ OGDQ SD UDE nE\RU GDQJ  WVKH

GDQJ OGDQ SD JDQJ SR PH WUHnL EX GDQJ  WVKH GDQJ OGDQ SD nEDn JL\D VKD GDQJ WVKH
GDQJ OGDQ SD VKD UD GYD WRnL EX GDQJ  WVKH GDQJ OGDQ SD PDX nD JDO N\L EX FKHQ SR
GDQJ  WVKH GDQJ OGDQ SD DJ Q\D GD NRnX nGL GDQJ  WVKH GDQJ OGDQ SD nFKDU SD GDQJ 
WVKH GDQJ OGDQ SD VJUD JFDQ GDQJ  WVKH GDQJ OGDQ SD GJDn ER GDQJ  WVKH GDQJ OGDQ SD
(

PWKDn \DV OD VRJV SD GJH VORQJ VWRQJ VWRQJ WVKDQJV SD GDQJ 

%J




*D-L@

>

227

0D


E\DQJ FKXE VHPV GSDn VHPV GSDn FKHQ SRD VDQJV UJ\DV N\L ]KLQJ WKD GDG SD QDV nGXV
SDE  JDQJJDnL NOXQJF GUXJ GFXnL E\HH PD VQ\HG WKDPVI FDG N\DQJ  VN\H ED JFLJ
JLVJ WKRJV SD  PQJRQ SDU VKHV SD FKHQ SR GDQJ  VWREV GDQJ  PL nMLJVK SD WKRE SDL 
VDQJVM UJ\DV E\H ED NKUDJ NKULJ nEXP SKUDJ PDQJ SR OD EVQ\HQ ENXU E\DV SD N SK\LU
5

PLO OGRJP SDnL FKRV N\L nNKRU OR UDE WXQ EVNRU SD R JDQJ GDJS JL PLQJ WKRV SD WVDP
J\LV nMLJ UWHQ J\L NKDPV WVKDG PHG JUDQJV PHG SDnL VHPV FDQ EOD QD PHG SD \DQJ GDJ
SDU UG]RJVT SDnL E\DQJ FKXE ODV SK\LU PL OGRJ SDU nJ\XU ED VKD VWDJ OD 



%-143 RP 
%3 JDQJ JDnL IRU
JDQJJDnL Gl\ -7 JDQJ
JnL 16 JDQJJmL Gl\ 4






JQJ JDnL
-3 EFXnL
%-14 RP 
%-14 RP 
3 RP 

%J

228




34

VQ\HQ

%-14/63 ED

-13 J\XU SD IRU nJ\XU ED


%-143 RP 

0D

$VJ
FKX ER JDQJ JD GUXJ EFXnL

E\H PD VQ\HG N\LV VDU\DV N\LV ]KLQJ VQD WVKRJV QDV  nGXV

SDnL E\DQJFKXE VHV GSDn VHV GSDn FKHQ SR UQDV WKDV FDG N\L WVKH JFLJ JL WKRJ
(

SD VKD VWDJ JR  PQJRQ SDU VKHV SD FKHQ SR GDQJ  PL nMLJ SD UQ\HG SD VKDVWDJR 
VDQJV UJ\DO PDQJ SR E\H ED NKUDJ NKULJ EUJ\DG VWRQJ OD EVQ\HQ ENXU E\DV SD VKD

VWDJ JR  SK\LU PL OGRJ SDnL FKRV N\L nNKRU OR EVNRU ED VKD VWDJ JR  nGL GDJ QL PLQJ
WKRV SD WVDP

>D@

J\LV WVKDG PHG JUDQJV PHG SDnL nMLJ UWHQ N\L NKDV N\L VHV FDQ

UQDV EOD QD PHG SD \DQJ GDJ SDU UG]RJV SDnL E\DQJFKXE ODV SK\LU PL OGRJ SDU nJ\XU
ED

%J


IRU 6NW

HNDMWLRTCVKDCFFJC

229

0E


D

nGL OWD VWH  E\DQJ FKXE VHPV GSDn VHPV GSDn



FKHQ SR FKRV N\L EOR JURV GDQJ 

VHQJJHnL EOR JURV GDQJ  VWDJ JL EOR JURV GDQJ  GRQ J\L EOR JURV GDQJ  ULQ SR FKHnL


EOR JURV GDQJ  UDE PFKRJ EOR JURV GDQJ  ]OD nRG GDQJ  ULQ FKHQ ]OD nRG GDQJ  ]OD
I

ED Q\D EDnL nRG GDQJ  UQDP SDU JQRQ SD FKHQ SR GDQJ  UQDP SDU JQRQ SD GSDJ

PHG GDQJ  UQDP SDU JQRQ SD PWKDn \DV GDQJ  nMLJ UWHQ JVXP UQDP SDU JQRQ GDQJ 
L



PL J\R EDnL



JQDV

UQDP SDU JQRQ GDQJ  PWKX FKHQ WKRE GDQJ  VS\DQ UDV J]LJV
O

GEDQJ SK\XJ GDQJ  VSRV N\L JODQJ SR GDQJ  VSRV

R



GDQJ  GSDO J\L VQ\LQJ SR GDQJ  Q\L PDnL VQ\LQJ SR GDQJ 

W



SR GDQJ  WRJ GUL PD PHG SD GDQJ  ULQ FKHQ PWKDn \DV GE\X


3 GDQJ  \NC kQF FCPI TKP

EJGP \NC kQF FCPI
JHnL

3

VHQJ

GDQJ \NC kQF FCPI 

TKP EJGP \NC kQF FCPI

3 nRG DNQ ITQU GDQJ

3 EOR JURV IRU ]OD nRG

37 VSXQJV VKDG >3 DIWHU
ILUVW V\OODEOH LQ WRS OLQH RI

VHRU VLQJ JHnL

7 VSXQJV
VKDG DIWHU ILUVW V\OODEOH

%-14367 VHQJ JHnL IRU

VHQJJHnLPl\ 3 VHQJ
JHnL

RU

VLQJ JHnL

" >nD RI

ZLWK D YHU\ VPDOO OHWWHU

EHQHDWK JH LQVHUWHG
ODWHU"@
JHnL



V\OODEOH@
3

GSDJ 89 PHG >3 S RI

ZLWK D VPDOO OHWWHU

DERYH WKH OLQH@

%-143 20/ 4+ GDQJ

G4DJ

%4 \DV 4+ GDQJ

IRU

13 JQRQ 4+ GDQJ

230

GSDO

WRJ GDQJ  WRJ FKHQ

X

JX GDQJ 

- RP nL 3 J\RnL IRU J\R

EDnL

-3 RP JQDV

%-143 GJDnL IRU GJDn
EDnL 3 GDJ JL IRU GJDn

0L<X



WKH IROLR 7 DIWHU ILUVW

%J



GJDn GDQJ  VSRV GJDn EDnL




EDnL

/7 VSXQJV VKDG DIWHU ILUVW

V\OODEOH

GE\XJ IRU GE\X 3

GE\X

-13
RP

0E

$VJ
nGL OWD VWH  E\DQJFKXE VHV GSDn VHV GSDn FKHQ SR FKRV N\L EOR JURV GDQJ  VHJHnL
(

EOR JURV GDQJ  VWDJ JL EOR

JURV GDQJ  GRQ J\LV EORJURV GDQJ  GNRQ PFKRJ JL EOR

JURV GDQJ  PFKRJ UDE J\L EOR JURV GDQJ  ]OD nRG GDQJ  ULQ SR FKHnL ]OD nRG GDQJ 
]OD ED JDQJ EDnL nRG GDQJ  GSDn ED FKHQ SR GDQJ  WVKDG PHG SDU GSDn ED GDQJ 
5

PWKDn PHG SDU GSDn ED GDQJ  NKDV JVX QD GSDn ED GDQJ  UNDQJ SD( PL J\R EDU
GSDn ED GDQJ  PWKX FKHQ SR UQ\HG SD GDQJ  UQDP SDU VS\DQ UDV J]LJV N\L GEDQJ SR
GDQJ  VSRV N\L EDO JODQJ GDQJ  GULV URO SD GDQJ  GUL NXQ GJDn ED GDQJ  GSDO N\LV
VQ\LQJ SR GDQJ  Q\L PDnL VQ\LQJ SR GDQJ  GNRQ PFKRJ JL GSDO GDQJ  GSDO( FKHQ SR
GDQJ  GUL PHG SDnL GSDO GDQJ  PWKDn \DV SDnL FKHQ SR FKHnL NKDU ED GDQJ 

%J

231

0E

10



ULQ FKHQ GE\X

JX

[

nGRU GDQJ  ULQ FKHQ GUL PHG GE\X JX GDQJ  PFKRJ WX GJDn

\
]

DD

EDnL UJ\DO SR GDQJ  UWDJ WX UDE GJDn GDQJ  ODJ QD ULQ SR FKH GDQJ  QDP PNKDnL
EE

FF
GG
PG]RG GDQJ  UL ER GDQJ  UL UDE GDQJ  UL ER FKHQ SR GDQJ  \RQ WDQ ULQ FKHQ
HH

VQDQJ GDQJ  J]XQJV

N\L GEDQJ SK\XJ JLII UJ\DO SR GDQJ  VD nG]LQ GDQJ JJ VHPV

FDQ WKDPV FDG N\LKK QDGLL VHO GDQJ  UDE WX \LG GJDn GDQJ  \LGMM VN\R GDQJ  VN\R
15

PHG GDQJ  nRG E\HG GDQJNN  WVDQ GDQOO GDQJ  J\R ED ]ORJ GDQJ  GSDJ PHGPP
PQJRQ EVJUDJV GE\DQJVQQ GDQJ  E\DQJ FKXE NXQ QDV EVODQJRR GDQJ SS PWKRQJ ED
GRQ \RG GDQJ  FKRV WKDPV FDG OD GEDQJ VJ\XU ED GDQJ  E\DQJ FKXE VHPVTT GSDn
VHPV GSDn FKHQ SRUU E\DPVVV SD GDQJ  nMDP GSDO J]KRQ QXUWW J\XU SD GDQJ  GH GDJ OD
VRJV SDXX E\DQJ FKXE VHPV GSDn VHPV GSDn FKHQ SR JDQJJDnL NOXQJ GUXJ

20

YY

FXnL

E\H PD VQ\HG GDQJ \DQJZZ WKDEV JFLJ JR[[ \\



GE\XJ IRU GE\X

GE\XJ IRU GE\X

3 RP GJDn 3 GDG IRU
GJDn

%-43 QDP PNKDn IRU QDP
PNKDkK / QDPNKDnL
?HY\ 13 QDPNKDn 147
QDP PNKDkK

% GDQJ  TK DQ FCPI  UL UDE
GLWWRJUDSK\ 7 GDQJ  TK


-13
-13

DQ  UL UDE >UL ER PDUNHG

ZLWK GRWV DERYH DQG EHQHDWK





IRU GHOHWLRQ@ 3 RP 

3 J]XJV  J]XJ
 3 

VN\R ,+ GDQJ 6 VN\RE

IRU VN\R
3

3 VN\H IRU VN\R 3 VN\HG

IRU VN\R

-4 FDQ IRU WVDQ 7 WVDP

36 RP ED

%-14 RP ]ORJ 3 E]ORJ


IRU
3

]ORJ
VJUDJV

SDU VJUDJV

IRU
IRU

%J

232

EVJUDJV
EVJUDJV

%4





13
%

ODVRJV

VRJV


GEDQJ
EVJ\XU

3 RP

IRU

IRU

IRU

OD VRJV

OD VRJV

3

4

ODV

VWVRJV

VRJV

%3 JDQJ JDnL IRU

JDQJJDnL -47 JDQJ JnL

16 JDQJJmL 3 JDQJ JLnL

-3 EFXnL

%143 FLJ

0E

$VJ
10

GUL PD PHG SDnL FKHQ SR FKHnL NKDU ED GDQJ  nEDU EDnL UJ\DO SR GDQJ  UWDJ WX GJDn ED
GDQJ  ODJ QD ULQ SR FKH GDQJ  QDPNKDnL PG]RG GDQJ  UDE OKXQ SR GDQJ  VKLQ WX UDE(
OKXQ SR GDQJ  UDE OKXQ SR FKHQ SR GDQJ  \RQ WDQ ULQ SR FKHnL nRG GDQJ  J]XQJV N\L
GEDQJ SRnL UJ\DO SR GDQJ  VD nG]LQ GDQJ  VHV FDQ WKDV FDG N\L QDG VHO ED GDQJ 
(

UDE WX GJDn EDnL \LG GDQJ  VN\R ED GDQJ  VN\R ED PHG SD GDQJ  nRG E\HG GDQJ WVDQ

15

GKDQ GDQJ  GULV ODV PL OGRJ SD GDQJ  WVKDG PHG SDU EVJUDJV SDnL GE\DQJV GDQJ 
E\DQJFKXE VHV GSDn NXQ OGDQJ EDU E\LG SD GDQJ  VQDQJ EDV GRQ PHG SDU PL nJ\XU

ED GDQJ  FKRV WKDV FD/ OD GEDQJ J\XU ED GDQJ  E\DPV SD OD E\DQJFKXE VHV GSDn
VHV GSDn FKHQ  OD VWVRJV SD  FKX ER JDQJ JD E\H PD GUXJ EFX VQ\HG N\L
E\DQJFKXE VHV GSDn VHV GSDnL FKHQ SR UQDV GDQJ 

%J







-L

IRU

>*D-L(

FI VLPLODULW\ WR

RI WKH JUDSKLF YDULDQW

233

IRU

VHH

1,- S 

0F




OKD GDQJ 

NOX GDQJ 

JQRG VE\LQ GDQJ  GUL ]D GDQJ  OKD PD \LQ GDQJ D QDP PNKDn

OGLQJ GDQJ E PL nDP FL GDQJ  OWR nSK\H FKHQ SR GDQJ  PL GDQJ PLF PD \LQ SD GSDJ
WX PHG SD GDQJ \DQJG WKDEVH JFLJ JRI J GH QDV EFRP OGDQ nGDV nNKRU nEXP SKUDJ GX
PDV \RQJV VXK EVNRU FLQJ PGXQL J\LV EOWDVM WH N UJ\DO SR GDQJ  EORQ SRO FKHQ SR
5

GDQJ  WVKRQJ GSRQ GDQJ P NK\LP EGDJ GDQJ  EORQ SR GDQJ  JURQJ UGDOQ ED GDQJ R
\XO J\L PL UQDPV N\LV EVWL VWDQJ GXS E\DV  EOD PDU E\DV  ULP JURU E\DV VKLQJT
PFKRG GR 

%43 RP 
1 VKDG FURVVHG RXW"
3 RP 

/13 QDPNKDn IRU QDP


PNKDn

PL nDP RU PLnDP "

FLJ

3 nGDV NC nNKRU

3 J\L

-7 SD 1 SD RU ED "
-1

%13

%J

234

3 RP ED

%43 VWL

-13 JUR 3 nJURU


0F

$VJ
WVKDG PHG JUDQJV PHG SDnL OKD

dang :

NOX GDQJ  JQRG VE\LQ GDQJ  GUL ]D GDQJ  OKD

PD \LQ GDQJ  QDPNKDn OGL GDQJ  PL nDP FL GDQJ  OWRnSK\H FKHQ SR GDQJ  PL GDQJ
PL PD \LQ SD WKDEV JFLJ JR  GH QDV EFR OGDQ nGDV nNKRU GX PD EUJ\D SKUDJ VWRQJ
(

JL EVNRU  PGXQ GX E\DV QDV  UJ\DO SR GDQJ UJ\DO SRV EORQ SR GDQJ  NK\LP EGDJ

tshong GSRQ GDQJ  JURQJ NK\HU GDQJ  JURQJ nGDE GDQJ  VHV FDQ UQDV N\L EOD PDU
E\DV  ULP JURU E\DV  PFKRG SDU E\DV VR 

%J





-L

IRU

*D-L

>

235

0G

*
GHnL WVKH EFRP OGDQ nGDV EVKRV, JVRO EDnL nRJ WX- WVDQ GDQ. J\L VQ\LQJ SRnL/ NKDQJ SD
EUWVHJV0 SD GH Q\LG /: QDQJ GXI \DQJ GDJ nMRJ ODJ ]KXJV SDU J\XU WRK L GH QDV
VDQJV UJ\DV N\LM PWKXV  WVDQ GDQN J\L VQ\LQJ SRnLO NKDQJ SDP EUWVHJV SD GHQ ODV
SDGPD PGDE PDR E\H ED NKUDJ NKULJ SKUDJ nEXP \RG SD S WVKDG VKLQJ UWDnL
5

nSKDQJ
V

SKUDJ



nEXP E\XQJ

EDU J\XU



PQJRQ SDU nSKDJV QDV 

DD

J\XU WR

GG

PR



WX

EE

Z



NUXQJ

SDGPDnL





EFDV WH



VQDQJ OD 



SDGPD

P\ WUDQVODWLRQ

C] 3

SDG IRU SDGPD


-136 nGDE

- SKUD" LQVHUWHG ODWHU
DERYH WKH OLQH 3 RP

SKUDJ

% WVKDQJ IRU WVKDG 14


Z

GH GDJ VWHQJ JL QDP PNKDnL



QD 

HH

nRG ]HU

FF

nEXP GDJ UDE WX

%-143 RP 
1 OD IRU ED 3 RP E\H
ED

3 nJ\XU

%4 WR  IRU WH 



%-4 QDP PNKDn IRU QDP

QDPNKDnL IRU

QDP PNKDnL
1 QDPNKDn IRU QDPNKDnL
3 RP QDP PNKDnL

67 OD 

%-143 RP 

%J

236

JQDV SDU



FKDG IRU WVKDG

-1 SKDQJ

NKDnK /73

E]KLQ GX NXQ WX

GH E]KLQ JVKHJV SDnL VNX VN\LO

JJ





EDU VQDQJ OD



ULQ SR FKHnL EOD UH

GH GDJ WKDPV FDG N\DQJ VKLQ



NKUDJ NKULJ

GDQJ OGDQ SDnL VDQJV UJ\DV N\L ]KLQJ nGL NKHEV







WH 

FDG

NKD PD E\H ED E\H ED

VQ\LQJ SR UH UH OD \DQJ

GX  VHH QRWH  LQ

/67 RP QDQJ


3 E]KXJV

%43 UWVHJV

%-437 5,/ 2, IRU 5,/2,


GSHU

OGDQ SD 

E]KXJV VKLQJ 

%-143 N\L IRU GX

/67 RP

WKDPV



nGL OWD VWH 

SDU J\XU WH 

10



OR WVDP SD  NKD GRJ GDQJ

KK

WX

II



nJ\HG SDU

NXQ
LL

NKD E\H EDU J\XU WR 

%-143 RP 
-173 RP 

-3 GX

%-4 SDG PRnL 1 SDGPRnL
37 SDG PDnL

%43 GN\LO

%- GNUXQJ 7 NOXQJ"

3 WH 

%-14367 RP 

3 SD








GX IRU WX 3 RP nJ\HG

SDU NXQ WX DEHUUDWLR RFXOL
-3

3 RP 
-437

SDG PD

0G

$VJ
GH QDV GHnL WVKH EFR OGDQ nGDV EVKRV JVRO >E@ J\LV nRJ GX WVDQ GKDQ N\LV VQ\LQJ SR
NKDQJ EX EUWVHJ SD QD E]KXJV WH  GH QDV VDQJV UJ\DV N\LV PWKXV WVDQ GKDQ N\L VQ\LQJ
SR NKDQJ EX EUWVHJV SD  GH ODV SDG PR E\H ED NKULNKULJ SKUDJ VWRQJ E\XQJ ED VKLQJ
UWDnL nNKRU OR WVKDG WVDP OR PD E\H ED NKULNKUDJ VWRQJ SD@ NKDWRJ GDQJ OGDQ SD  GUL
5

GDQJ OGDQ SD VQ\LQJ SR OD nGXV WH  V SD GH GDJ JL QDPNKDnL EDU VQDQJ JL JQDV ODV
nSKDJV GH  GHV VDQJV UJ\DV N\L ]KLQJ WKDV FDG J\RJ SDU J\XU SD QD  nGL OWD VWH  ULQ
SR FKHnL J]KDO PHG NKDQJ E]KLQ GX NXQ WX J\R ED SDG PDnL@ VQ\LQJ SR UH UH OD GH
E]KLQ JVKHJV SDnL VNX GN\LO PR GUXQJ EFDV GH E]KXJV QD  nRG J]HU EUJ\D VWRQJ UDE WX
JWRQJ EDU NXQ WX NXQ WX OGDQJ VWH  SDG PR GH GDJ ODV WKDV FDG N\DQJ UDE WX V SDU

10

J\XU WR 

%J


inserted according to Ga2Ji2 (four-syllable rhythm).

237

0H

+
GH QDV VDQJV UJ\DV N\L E\LQ J\L UODEV N\LV  SDGPD GH GDJ JL PGDE PDD GH GDJE
WKDPVF FDG N\DQJ PRJ PRJG SRH GDQJ I QRJ QRJ SR GDQJ  GUL QJD EDJ GDQJ  VPDG
SDU nRV SDK GDQJ  PQJRQ SDU GJDn EDU nJ\XU ED PD \LQ SDU J\XU WR L nRQ N\DQJ
SDGPDnL VQ\LQJ SR GH GDJ OD  GH E]KLQ JVKHJV SDnL VNX UQDPVM VN\LO PRN NUXQJ
5

EFDV WH  E]KXJVO VKLQJ  nRG ]HUP nEXPQ GDJ UDE WXR nJ\HG SDU NXQ WX VQDQJ QJR S
GH E]KLQ JVKHJVT SDnL VNX SDGPDnL VQ\LQJ SR OD E]KXJV SD GH GDJ JLV N\DQJU
WKDPV FDG GDQJ OGDQV SDnL VDQJV UJ\DV N\L ]KLQJ nGL NK\DE SDU J\XU WH  GHnL WVKH
VDQJV UJ\DV N\L ]KLQJ nGL VKLQ WX PG]HV SDU J\XU WR  GH QDV GHnL WVKH E\DQJ FKXE
VHPV GSDnL WVKRJV WKDPVX FDG GDQJ  nNKRU E]KL \DQJY VKLQ WXZ QJR PWVKDU[ GX J\XU

10

FLQJ\ GJDn] EDU J\XU WR DD



3 J\LV
%-143 EUODEV

%4 J\LV 3 N\L 7 ODFXQD









RI DERXW ILYH OHWWHUV EHWZHHQ

N\LV DQG VKDG

%-1436 RP 
%-437 5,/ 2, 3 5,/
2,kK 147 5,/2,

%-437 SDG PDnL

%-143 RP 

3 GN\LO 3 VN\LO > V ZLWK


D YHU\ VPDOO OHWWHU LQVHUWHG

ODWHU"@

-3 GNUXQJ

%-1436 RP 

%-143 RP 

-3 GX

/13 VQDQJR >3 DW WKH HQG


-136 nGDE
%-43 RP N\DQJ
%4 QDJ
3 QJD

EHQHDWK WKH OLQH 4 GULQJ

IRU
GUL QJD


ZLWK D VPDOO OHWWHU

RI WKH OLQH@
/3 RP VNX

%-437 SDG PDnL 3 RP


SDGPDnL
%4 ]KXJV

3 RP JLV

3 nGL .+1 NK\DE


%4 RP  >4 DW WKH HQG RI

WKH OLQH@

-7 


25

P12: tu.

%J


'K,)V

IRU

238

0H

$VJ
GH QDV VDQJV UJ\DV N\L E\LQ N\L UODE N\LV( SDG PR GH GDJ JL OR PD WKDV FDG UQ\HV
VKLQJ ]KXP  WRJ QJDQ SD GDQJ  GUL PL ]KLP SD GDQJ  VPUDG SD GDQJ  PL E]DQJ EDU
J\XU WR  GH QDV \DQJ SDG PR GH GDJ OD GH E]KLQ JVKHJV SDnL VNX GN\LO PR JUXQJ EFDV
GH E]KXJV QDV nRG ]HU EUJ\D( SKUDJ  UDE WX JWRU ED NXQ WX VQDQJ VWH  SDG PR GHnL
5

VQ\LQJ SR OD  GH E]KLQ JVKHJV SDnL VNX E]KXJV SD VDQJV UJ\DV N\L ]KLQJ WKDV FDG
GDQJ OGDQ SDU NK\DE SDU J\XU QDV  GHnL GXV QD VDQJV UJ\DV N\L ]KLQJ nGL PFKRJ WX
E]DQJ( EDU J\XU WR  GH QDV GHnL GXV QD E\DQJ FKXE VHV GSDn PDQJ SR  WKDV FDG
GDQJ  nNKRU E]KL EFR OGDQ nGDV N\L UG]XnSKUXO PQJRQ SDU nGXV E\DV SDV  PWKRQJ
QDV  QJR PWVKDU WKRE FLQJ UPDG GX J\XU SD WKRE SDU J\XU QDV 

%J


-L

IRU

239

0I

,
EFRP OGDQ nGDV N\L UG]X nSKUXO PQJRQ SDU nGX PG]DG SD GH PWKRQJ QDV WKH WVKRP
GX J\XU WH D JDQJ SDGPD E\H ED NKUDJ NKULJE SKUDJ nEXPF nGL GDJ JL nGDE PD
UQDPVG nGL OWDU NKD GRJ QJDQ FLQJ FKX ED UQDPV N\DQJ NKD GRJ QJDQ OD VPDG SDnL
nRVH VXI J\XU WH J PQJRQ SDUK GJDn EDU nJ\XUL ED PD \LQ SD GDQJ M SDGPDnL
5



SR GH GDJ OD \DQJ GH E]KLQ JVKHJV SDnL VNX UH UH VN\LO PR NUXQJ



VKLQJ



nRG ]HU

nEXP

GDJ UDE WX nJ\HG SDV





EFDV WH

VQ\LQJ
E]KXJV
U

VKLQ WX PG]HV SDU NXQ WX VQDQJ ED

nGLnL UJ\X QL JDQJ \LQ  UN\HQ QL JDQJ \LQ VQ\DP PR  GH QDV WKDPV FDG GDQJ OGDQ
[





SDnL E\DQJ FKXE VHPV GSDnL WVKRJV GDQJ 



UQDPV nGRQJ

10



SRnL



UMHnL



EDU



E\D EDnL PWVKDQ PD E\DV VR

EE

NKDQJ SD EUWVHJV


EOR JURV VKHV

FF

SD GHU 



%4 N\LV
%-4 WVRP

%-437 SDG PD 1 SDG
IRU SDGPD

3 QL IRU JL

37 PGDE


/67 FKXQJ IRU FKX 3

FXQJ VHH %WK VEX JX IRU
FKX ED

3 RP SDVVDJH IURP EFRP


J\XU WH  DEHUUDWLR

GG

WH

HH

nGXJ

OHWWHU EHWZHHQ 90 DQG

E]KXJV
3 VKLQJ 

36 J]HU

3 5,8 




DD

J\L VQ\LQJ

II

JR 


RFXOL

%-437 SDG PDnL


3 GN\LO

-43 GNUXQJ

3 WH  4 ODFXQD RI RQH


 GHnL WVKH WVDQ GDQ

GX J\XU SD

E\DQJ FKXE VHPV GSDn VHPV GSDn FKHQ SR UGR

E\D ED nGXV SDU J\XU

, WLOO

nNKRU E]KL SR WKH WVKRP

%4 RP 



%4 UWVRP -367 WVRP

%43 nGRG IRU nGRQJ 3
nGRU IRU nGRQJ VHH %WK Q\H

EDU nRQJ
%47 SDU

/3 E\DVR


%-14 RP nL

/3 RP nL

13 ]KHV


23

P12: gyur.

%J



-V1D3X4L4V0L<X

IRU

240

0I

$VJ
(

FLnL UJ\X FLnL UN\HQ N\LV SDG P OR PDnL E\H ED NKUDJ NKULJ EUJ\D SKUDJ VWRQJ SD nGL
NKDWRJ QJDQ SDU J\XU  VEX JX NKDWRJ QJDQ FLQJ VPDG SD GDQJ  PL E]DQJ EDU J\XU OD
SDG PDnL VQ\LQJ SR nGL ODV  GH E]KLQ JVKHJV SDnL VNX UHUH GN\LO PR JUXQJ EFDV GH
(

E]KXJV QDV  nRG J]HU EUJ\D SKUDJ VWRQJ UDE WX JWRQJ ]KLQJ VKLQ WX E]DQJ EDU NXQ WX
5

VQDQJ ]KHV WKH UWVRP GX J\XU WR  GH QDV EFR OGDQ nGDV N\LV E\DQJFKXE VHV GSDn
PDQJ SR WKDV FDG GDQJ  nNKRU WKHWVRP GX J\XU SD Q\H EDU nRQJ EDnL SK\LU OWDV
(

E\DVR GH QDV GHnL GXV QD yang WVDQ GKDQ N\L VQ\LQJ SR NKDQJ EX EUWVHJ SD GHU
UGRUMHnL EORJURV ]KHV E\D ED E\DQJFKXE VHV GSDn VHV GSDn FKHQ SR nGXV SD nGXJ
JR 


SDG P DW WKH EHJLQQLQJ RI WKH OLQH VPDOO

%J


LQVHUWHG DFFRUGLQJ WR

-L FI SDUDOOHO LQ -

241

0J

GH QDV EFRP OGDQ nGDV N\LV E\DQJ FKXE VHPV GSDn VHPV GSDnD FKHQ SRE UGR UMHnL EOR
JURV OD ENDn VWVDO SDF  ULJV N\L EX NK\RG N\LVG FKRV FDQ J\L JWDP ODV UWVRPV WH  GH
E]KLQ JVKHJV SD GJUD EFRP SD \DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV OD \RQJV VXH ]KX
EDU VSREV SDU J\LVI VKLJ J GH QDV E\DQJ FKXE VHPVK GSDn VHPV GSDn FKHQ SR UGR
5

UMHnL EOR JURV  EFRP OGDQ nGDV N\LV JQDQJ EDV OKD GDQJ  PL GDQJ  OKD PD \LQ
GDQJ EFDV SDnL nMLJ UWHQ GDQJ  E\DQJ FKXE VHPV GSDn WKDPV FDG GDQJL  nNKRU E]KL SR
GDJ JL WKH WVKRP J\L ]XJM UQJXN ULJO QDV  EFRP OGDQ nGDV OD nGL VNDG FHV JVRO WR 
EFRP OGDQ nGDV nMLJ UWHQ J\L NKDPV nGLP WKDPV FDG SDGPD NKD GRJ QJDQ FLQJ GUL
PLQ EGDn ED nGL OWD EX E\HR ED NKUDJ NKULJ SKUDJ nEXP nGL GDJ JLVS NKHEV SD GDQJ T

10

GH GDJ JL GEXVU QD \DQJV GH E]KLQ JVKHJV SDnL VNX VN\LO PR NUXQJW EFDV VKLQJX
E]KXJVY WH Z nRG ]HU nEXP[ GDJ UDE WX nJ\HG SDU NXQ WX\ JGDn ED GDQJ  GH E]KLQ
JVKHJV SDnL VNX GH GDJ PWKRQJ QDV N\DQJ  VURJ FKDJV E\H ED NKUDJ NKULJ] SKUDJ
nEXP WKDODD PR VE\DU WH SK\DJ nWVKDO EDnL UJ\X QL JDQJ ODJV  UN\HQEE QL JDQJ ODJV 



3 N\L
3 RP nL 1 UGD UMDnL IRU
UGR UMHnL GXH WR ODFN RI

VSDFH DERYH WKH OHWWHUV

JWDQ

%4 EUWVRPV 3 VWVRJV IRU
UWVRPV 3 VWVRPV 7 UWVRJV
IRU UWVRPV

%3 RP WH  - RP  4 GH
IRU WH  7  IRU 

14 VEREV



3

/3 RP

nL

%-143 RP  3

OD

IRU

VKDG
3








EDV 

%43 RP 
%-43 9842

>3
2 RI

O ZLWK D VPDOO OHWWHU

EHQHDWK WKH OLQH@

3 RP  4 VSXQJV VKDG

DIWHU ILUVW V\OODEOH

SDG PD

%43 JGDn IRU EGDn 3
PQJDn IRU EGDn VHH %WK
]KLP
%-437



DQG

3 VNXkK GH
%-14 RP 

3 90 




RPLWWHG DFFRUGLQJ WR -L IRXUV\OODEOH UK\WKP

242

VXSHUVFULEHG ODWHU



EHWZHHQ

VNXkK GN\LO

3 GN\LO 3 V RI 7N\LO

3 J]HU IRU ]HU 3 J]HU

RJTCI nEXP

% JDQJ IRU JGDn 3 GJDn
IRU JGDn PHWDWKHVLV

%J

3

ZLWK D YHU\ VPDOO OHWWHU

13 RP 

984





7 

0J

$VJ
GH QDV EFR OGDQ nGDV N\L UGRUMHnL EOR JURV E\DQJ FKXE VHV GSDn >D@ GSDnFKHQ SR
OD ENDn VWVDO SD  ULJV N\L EX GH E]KLQ JVKHJV SD GJUD EFR SD \DQJ GDJ SDU UG]RJV
SDnL VDQJV UJ\DV OD  NK\RG N\LV UWVRE SDU EJ\L OD FKRV GDQJ OGDQ SDnL JWDP UWVRP
ODJVR  GH EFR OGDQ nGDV N\LV ENDn UGRUMHnL@ EORJURV E\DQJ FKXE VHV GSDn VHV
5

GSDn FKHQ SRV OKD GDQJ PL GDQJ  OKD PD \LQ GDQJ nMLJ UWHQ GX EFDV SD GDQJ  nNKRU
E]KL WKH WVRP WX J\XU SD nL ]XJ UQJX NKRQJ GX FKXG QDV  EFR OGDQ nGDV OD nGL VNDG
FHV JVRO WR  EFR OGDQ nGDV@ FLnL UJ\X FLnL UN\HQ N\LV nGLnL nMLJ UWHQ N\L NKDV WKDV
FDG nGL nGUD EDU SDG PR E\H ED NKUDJ NKULJ EUJ\D SKUDJ VWRQJ JLV NXQ WX J\RJ FLQJ 
nGL OWD EXnL NKDWRJ QJDQ FLQJ GUL PL ]KLP SDnL GEXV QD  GH E]KLQ JVKHJV SDnL GN\LO@

10

PR JUXQJ EFDV GH E]KXJV QDV  nRG J]HU EUJ\D SKUDJ VWRQJ UDE JWRQJ EDU NXQ WX VQDQJ 
GH E]KLQ JVKHJV SDnL VNX nDP  nGL PWKRQJ QDV  VURJ FKDJV E\H ED NKUDJ NKULJ EUJ\D
VWRQJ WKDO PR VE\DU GH SK\DJV nWVKDO 

%J

243

0K

.
GH QDV GHnL WVKH E\DQJ FKXE VHPV GSDn UGR UMHnL EOR JURV N\LV WVKLJV VX EFDG, SD nGL
GDJ- JVRO WR .
G
H I
>@ VDQJV UJ\DV VWRQJ SKUDJ E\H ED PL J\R EDU 


SDGPD GDJ JL GEXV QD E]KXJV SDU QL 

M

NK\RG N\LV nGL nGUDnL UG]X nSKUXO VWRQ PG]DG SD 

Q


R

 S
EGDJ JLV VQJDQ FKDG QDP \DQJ nGL PD PWKRQJ 
T
U
V

>@ nRG ]HU VWRQJ UQDPV UDE WX nJ\HG PG]DG FLQJ 
W
X
Y


VDQJV UJ\DV ]KLQJ nGL WKDPV FDG NKHEV SDU PG]DG 

Z
[
QJR PWVKDU FKRV N\L UQDPV OD URO PG]DG SDnL 
\

 ]
nGUHQ SD UQDPV N\L EDU FKDG PD PFKLV PG]HV 

10


-1

GSDnK UGR

/3 RP nL

/7 WVKLJVX

3 JHQHUDOO\ LQVHUWV RQO\ D


VLQJOH VKDG EHWZHHQ WKH

SGDV RI WKH YHUVHV
GHYLDWLRQV IURP WKLV UXOH DUH
QRWHG LQ WKH DSSDUDWXV

%-437 5,/ 2,

%-14 JDQJ IRU GDJ 3

EGDJ IRU GDJ

%3  GXH WR IROORZLQJ

NK"

%-143 VQJRQ

67 FDG

3 RP nGL

3 PWKRQJ 213 






%4 

NKHQJV IRU NKHEV


FRQWUDU\ WR &K
%-14

%J
>@

>@

244

oFRYHU FRPSOHWHO\p VHH

*I DQG -

%7 

3 WVKRJV 147 FKRV

-1/673 N\LV

%-14 PG]RG IRU PG]HV
DQG
FRQWUDU\ WR &K

&K

0K

$VJ
GH QDV UGRUMHnL( EORJURV E\DQJFKXE VHPV GSDn VHPV GSDn FKHQ SR GHnL GXV QD  WVKLJVX
EFDG SD nGL EVKDG GR 
>@

EGDJ JL VQJRQ QL nGL OWDU \DQJ PD PWKRQJ 

GH \LV FL nGUD UG]X nSKUXO VWREV E\DV SD 
VDQJV UJ\DV E\H ED VWRQJ QL nGLU JQDV SD 

SDG PR UQDV( N\L GEXVX PL J\R EDU 

>@

nRG J]HU stong JL UQD SDU UDE WX JWRQJ 

VDQJV UJ\DV N\L ]KLQJ NXQ UDE WX J\R EDU E\HG 
QJRPWVKDU FKRV UQDV N\L QL UQDP SDU URO 
nGUHQ SD UQDV QL UWDJ WX  SRnL 

10

%J
>@

>@

>=-L@

FI SDUDOOHO LQ F

245

0K

>@

>@

15

PGDE PD GDJ GDQJDD FKX ED VPDGEE nRVFF ODGG 

NKD GRJ QJDQ SDnL SDGPD UQDPV GEXV GHU 
GH GDJ ULQ FKHQ UDQJ E]KLQ nGUDUHH E]KXJV SD II
FLnL VODG GX UG]X nSKUXOJJ nGL GDJ VSUXO 
EGDJ JLVKK VDQJVLL UJ\DVMM JDQJJDnL E\HNN VQ\HG PWKRQJ 
GH \LOO UG]X nSKUXO NK\DG nSKDJV EGDJPP PWKRQJ VWHQQ 
GH ULQJ JGDn EDnLRR UQDP VSUXO FL nGUD ED SS

>@

VQJRQ FKDGTT QDPUU \DQJ nGL nGUDVV nGLWW PDXX PWKRQJ YY
ZZ ER OKDV QL EVWDQ GX JVRO 
UNDQJ JQ\LV JWVR
[[ JDQJ UN\HQ JDQJ ODJV SD EVKDG GX\\ JVRO 

UJ\X

20

]] JVXQJDDD GX--- JVRO 

nMLJ UWHQ GRQ PG]DG WKXJV EUWVH

OXV FDQ NXQ... J\L/// WKH WVKRP GJXP GX JVRO 000





%-146 nGDE
%3  GXH WR IROORZLQJ



NK"

%-437 5,/ 2, >3 5

RI

4,/ ZULWWHQ ZLWK D VPDOO

OHWWHU EHQHDWK
/@

%4 

3 QJDU IRU UDQJ
PHWDWKHVLV 3 GDU IRU
UDQJ

1 E]KX 3 ]KXJV


-1467

FL \L IRU FLnL >4 \L

FRPSUHVVHG@

17  6 GRXEOH VSXQJV


VKDG DIWHU ILUVW V\OODEOH

JDQJ JnL IRU JDQJJDnL

-47 JDQJ JnL 16
JDQJJnL 3 JDQJ JDnL

3 PWKRQJ 78/  >VWH
%

PDUNHG ZLWK GRWV DERYH IRU

GHOHWLRQ 3 EHWZHHQ
PWKRQJ DQG VKDG SDUWLDOO\

%J


>@

>@




-V1D3X4L4V0L<X
'K,)V.X0L6R<X

IRU
IRU

246








HUDVHG WH 3 RP PWKRQJ

3 RP SGD E 47 
1

GJDn IRU JGDn

PHWDWKHVLV
%13 OWDV IRU OKDV
FRQWUDU\ WR &K

47 
%4

UWVRP

%4

nJXP

GJXP
3

3

GNXP

-3
3

JFDG

WVRP

JWXP
IRU

IRU

GJXP

0K

$VJ
>@

GH GDJ UQDV N\DQJ GH OD GJDn ED VWH (

FL OWDU QJDQ WRJ QJDQ SD SDG PRnL GV QD E]KXJV 
OR PD PL VEXnX VPUDG SD VWH 
FLnL VODG GX UG]X nSKUXO UQDP SDU nSKUXO 

15

>@

EGDJ PWKRQJ VDQJV UJ\DV FKX ER JDQJ JD E\HG 

EG nGL OWD EX QL VQJRQ PD PWKRQJ 
(

UQDP SDU nSKUXO SD FL nGUD EGDJ OD VQDQJ 

>@

UNDQJ JL PJ JL EGDJ OD EVKDG GX JVRO 

FLnL UJ\X FLnL UN\HQ N\L VQDQJ 
nMLJ UWHQ GRQ GDQJ WKXJ EUWVH SK\L UX JVXQJ 

20

VURJ FKDJV WKDV FDG dgod pa EVKDG GX JVRO 

%J
>@

>@

>@




-L

IRU

247

0L

/
GH QDV EFRP OGDQ nGDV N\LV E\DQJ FKXE VHPV GSDn VHPV GSDn FKHQ SR UGR UMHnL EOR
JURV OD VRJV SD WKDPV FDG GDQJ OGDQ SDnL E\DQJ FKXE VHPV GSDnL WVKRJV OD ENDn VWVDO
SD D ULJV N\L EX GDJE GH E]KLQ JVKHJV SDnL VQ\LQJF SR ]KHV E\D EDnLG PGRH VKLQ WXI
UJ\DV SDJ \RG GH  GH UDEK WX EVWDQ SDnL SK\LU  GHL E]KLQ JVKHJV SDV VQDQJ EDnL
5

PWVKDQ PD nGLM OWD EX nGL E\DV VRN O GHnL SK\LUP OHJV SDU UDE WX Q\RQ OD \LG OD ]XQJ
VKLJ GDQJ EVKDGQ GRR S E\DQJ FKXE VHPV GSDn VHPV GSDn FKHQ SR UGR UMHnLT EOR
JURV GDQJU  WKDPV FDG GDQJ OGDQ SDnL E\DQJ FKXE VHPV GSDnL WVKRJVV GHV  EFRP
OGDQ nGDV OD OHJV VR ]KHV JVRO WHW X EFRP OGDQ nGDV N\L YOWDU Q\DQZ SD GDQJ  EFRP
OGDQ nGDV N\LV nGL VNDG FHVY ENDn VWVDO WR 



67 N\LV 

/3 RP nL 4 nL

FRPSUHVVHG LQVHUWHG ODWHU


% ODVRJV IRU OD VRJV 4 ODV
VRJV IRU OD VRJV 3 VWVRJV

IRU VRJV
3 \LQ WH IRU \RG GH

FRQWUDU\ WR &K

 /

\RGH 7 \RG GR

%'-143 RP  7

VSXQJV VKDG DIWHU ILUVW

%-4 RP

3

VKDG DIWHU ILUVW V\OODEOH

/73 OHJVR >3 RULJLQDOO\
OHJV VR DOWHUHG WR OHJVR

V\OODEOH

\LG OD

WKURXJK HUDVLRQ RI 7R@ 1

16 ]KLJ

%'-14 GDQJ 21+7 EVKDG


%'-14 RP  / VSXQJV

GDQJ  21+7 EVKDG

%J

248



OHJV VR NGIU UQ ]KHV

%3 5,  IRU 94 

/

$VJ
GH QDV EFRP OGDQ nGDV@ N\L UGRUMH EORJURV E\DQJFKXE VHGSDn VHV GSDn FKHQ SR
GDQJ  VQJD PDnL E\DQJFKXE VHV GSDn PDQJ SR WKDV FDG nWVKRJ SD ENDn VWVDO SD 
ULJV N\L EX GH E]KLQ JVKHJV SDnL VQ\LQJ SR ]KHV E\D ED UDE WX UJ\DV SDnL

>E@

PGR

VGH GH EVKDG SDnL GH OWD EXnL VQDQJ EDnL OKDV E\DV N\L GH VKLQ \LG OD E\RO OD  OHJ SD
5

Q\RQ FLJ GDQJ EVKDG WR  ]KHV QDV GJHnR  EFR OGDQ nGDV VKHV GH UGRUMHnL EORJURV
E\DQJFKXE VHV GSDn VHV GSDn FKHQ SR GDQJ  E\DQJFKXE VHV GSDn@ VHV GSDn
FKHQ SR  PDQJ SR GH GDJ WKDPV FDG OD  EFR OGDQ nGDV N\L nGL VNDG FHV ENDn VWVDO WR 

%J

LQVHUWHG DFFRUGLQJ WR

-L IRXUV\OODEOH UK\WKP

249

0M


D

ULJV N\L EX GDJ ML OWDU GH E]KLQ JVKHJV SDV VSUXO SDnL SDGPD NKD GRJ QJDQ SD  GUL
F

QJD ED  VPDG SDU nRV SD  PQJRQ SDU GJDn EDU nJ\XU ED PD \LQ SD nGL GDJ GDQJ 
K

GH E]KLQ JVKHJV SDnL

J]XJV PG]HV SD  J]XJV E]DQJ ED  EOWD

QD VGXJ SD GDJ
P

SDGPDnL VQ\LQJ SR nGL GDJ OD VN\LO PR NUXQJ EFDV VKLQJ nNKRG GH 

nRG ]HU nEXP

Q
R


S
GDJ UDE WX nJ\HG FLQJ nNKRG SD GH GDJ N\DQJ ULJ QDV  OKD GDQJ PL UQDPV SK\DJ

T U

nWVKDO ]KLQJ

V 

PFKRG SDnL ODV N\DQJ E\HG SD GH E]KLQ GX 



ULJV N\L EX GDJ

GH

E]KLQ JVKHJV SD GJUD EFRP SD \DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV N\LV N\DQJ 

UDQJ JL VKHV UDE GDQJ 

FKDJV VX

10

EE

GDQJ 

J\XU SD

FF

PD ULJ



\H VKHV GDQJ  GH E]KLQ JVKHJV SDnL PLJ

 nGRG

FKDJV



GDQJ 

GG

SDnL Q\RQ PRQJV

JLV





VHPV FDQ VURJ

]KH VGDQJ GDQJ  JWL PXJ GDQJ 

HH

SD E\H ED SKUDJ nEXP J\L VEXEV VX

DD

VUHG

SD

J\XU SD

II

WKDPV FDG GDQJ 









3 OWD
%'-437 SDG PD /61
C]
3 RP 
3 RP 
37




GHOHWLRQ@
3 GN\LO

36 J]HU
%'-143 RP 

13 GDQJ 


'-13



SD

%'-43 SDG PDnL 7 RP

SDG PDnL OC VQ\LQJ IRU
SDGPDnL VQ\LQJ >OC PDUNHG

ZLWK D GRW WULDQJOH DERYH IRU




 RP 

%'-143 RP 
3 RP

/ RP

ULJV N\L EX GDJ



/67

VS\DQ IRU PLJ WKDW

VS\DQ LV KHUH RULJLQDO LV PRVW

XQOLNHO\ QR UHYLVRU ZRXOG
FRUUHFW WKH KRQRULILF IRUP

VS\DQ LQ WKH FDVH RI WKH

%XGGKDnV YLVLRQ WR PLJ




/7 J\LV 6 J\L

3 RP 

GDJ

%'-143 RP 

%J



'K,)V

IRU

250

0M

$VJ
ULJV N\L EX nGL OWD VWH  GSHU QD  GH E]KLQ JVKHJV SDV VSUXO SDnL SDG PR nGL GDJ OD
(

NKDWRJ QJDQ ]KLQJ  GUL PL ]KLP OD VODG

FLQJ PL E]DQJ EDU J\XU OD SDG PRL GH GDJ

WKDV FDG la VQ\LQJ SR nGL GDJ OD \DQJ  GH E]KLQ JVKHJV SDnL VNX GN\LO PR JUXQJ
EFDV WH E]KXJV QDV nRG J]HU EUJ\D SKUDJ VWRQJ UDE  WRQJ ]KLQJ E]DQJ ]KLQJ VGXJ OD
5

J]XJV GDQJ OGDQ SDU E]KXJV par OKD GDQJ PL UQDV N\L GH GDJ VKHV QDV SK\DJ nWVKDO
]KLQJ PFKRG SDnL ODV E\HG GR  ULJV N\L EX GH OWDU GH E]KLQ JVKHJV SD GJUD EFR SD
(

\DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV UDQJ JL VKHV UDE N\L \H VKHV GDQJ  GH E]KLQ


JVKHJV SD PLJ JLV VHV FDQ VURJ FKDJVX J\XU WH  nGRG FKDJV GDQJ  ]KH VGDQJ GDQJ 
JWLPXJ GDQJ  VUHG SD GDQJ PD ULJ SD GDQJ  Q\RQ PRQJV SD E\H ED EUJ\D SKUDJ
10

VWRQJ JL PG]RG GX PWKRQJ QJR 






PR ZLWK D YHU\ VPDOO nD FKXQJ EHQHDWK DQG D V\PERO VLPLODU WR D GRXEOH nJUHQJ EX RYHU WKH QD UR
SDUDOOHO WR SDL SD ZLWK nD FKXQJ EHQHDWK DQG mGRXEOH nJUHQJ EXn UHSUHVHQWLQJ SDnL DW WKH HQG RI WKH
OLQH
%HWZHHQ N\L DQG GH GDJ H[FLVHG VWRQ

1RW FOHDU RU "

90

94

%J

251

0M
JJ
KK

ULJV N\L EX GDJ VHPV FDQ Q\RQ PRQJV SDnL VEXEV VX J\XU SD GH GDJ JL QDQJ QD 


QJD



nGUD EDU \H VKHV

LL
GDQJ OGDQ SD  PLJ GDQJ OGDQ SDnL GH E]KLQ JVKHJV SD PDQJ



MM

NN
OO
PP
QQ
SR nNKRG FLQJ VN\LO PR NUXQJ EFDV QDV 
PL J\R EDU nNKRG
SD PWKRQJ

15

RR
SS
TT
VWH  Q\RQ PRQJV SD WKDPV
FDG N\LV Q\RQ PRQJV SD
FDQ
GX J\XU SD GH GDJ JL

UU
QDQJ QD 
GH E]KLQ JVKHJV

SDnL FKRV Q\LG PL J\R ]KLQJ  VULGVV SDnL nJUR ED

WKDPV FDG N\LV PD JRV SD GDJWW PWKRQJ QDV  GH E]KLQ JVKHJV SD GH GDJ QL QJD
GDQJ nGUDnR ]KHV VPUDnR XX ULJV N\LYY EX GDJZZ GH E]KLQ JVKHJV SDnL PLJ QL[[ GH
OWDU PG]HV SD \LQ WH \\ GH E]KLQ JVKHJV]] SDnL PLJ GHV VHPV FDQDDD WKDPV FDG
20

GH E]KLQ JVKHJV SDnLEEE VQ\LQJ SRU PWKRQJ QJR FFF



%'-14 RP  3 3,  OC

IQU RC FCI QJD LQ WKH PV

ZKLFK VHUYHG 3 DV RULJLQDO

PD JRV SD GDJ FRXOG DOUHDG\

KDYH EHHQ SODFHG EHWZHHQ
WKH OLQHV DQG EHFDPH WKXV
ZURQJO\ LQVHUWHG E\ WKH
FRS\LVW RI 3 FI HQGQRWH WW



GH IRU QJD

%4 VKHV ./ GDQJ


%4

3 FLQJ 

%WK GH OWDU
nL 3 RP SDnL
VHH %WK SDnL

/67 VS\DQ IRU PLJ









3 GN\LO
%'-143 RP 

%'-14 RP 

3 RP Q\LG

%'-143 RP 

%'-14 RP 

%4 SDkK /0






%4 /0 IRU QJD

%4

nGUDnR  ]KHV

%4 VPUDV VR IRU VPUDnR

/67 VS\DQ IRU PLJ

%J

252




/67 OWDV VHH

/67 RP

3

GHV

%'-14 VQ\LQJ 43 -+2 .9

PWKRQJ VHH %WK VQ\LQJ SRU

PWKRQJ

VHH WKH GLVXVVLRQ RI

WKH WHUP WDWKJDWDJDUEKD LQ

, $  FI $I DQG % IQ


0M

$VJ
(

ULJV N\L EX VHV FDQ GH GDJ Q\RQ PRQJV

pai PG]RG GX J\XU SDnL GEXV QD  QJD GDQJ

nGUD ED \H VKHV GDQJ OGDQ SD GH E]KLQ JVKHJV SD PDQJ SRnL GN\LO PR JUXQJ EFDV WH 
PL J\R EDU E]KXJVR  Q\RQ PRQJV SD WKDV FDG N\LV Q\RQ PRQJV SD GH GDJ JLV GEXV
(

QD  GH E]KLQ JVKHJV SDnL FKRV Q\LG PL J\R ]KLQJ  E\XQJ ED WKDV FDG N\L UJ\XG

15

N\L PD JRV SDU PWKRQJ E D V Q D  GH E]KLQ

JVKHJV SD GH E]KLQ JVKHJV SD GH GDQJ

nGUDnR  ]KHV VPUDnR  ULJV N\L EX GH OWDU GH E]KLQ JVKHJV SD PLJ( E]DQJ SR GH E]KLQ
JVKHJV SDnL PLJ GHV VHV FDQ WKDV FDG GH E]KLQ JVKHJV SDnL VQ\LQJ SRU PWKRQJ QJR 

%J

253

1A


>%X



OKDnL PLJ JLV

E\H





]KLQJ 



J]XJV



VE\DQJ EDnL

nGL OWDU



PR NUXQJ EFDV VKLQJ nGXJ SDU ULJ QDV 

Q

EOWD



EDU nGRG GH 



SK\LU 



SDGPDnL

S

PGDE





10

JWL PXJ GDQJ 

SK\LU FKRV VWRQ



Q\LG GX JQDV VR



VUHG
[

VHPV FDQ WKDPV FDG GH E]KLQ JVKHJV SDnL

W

SD GDQJ  PD ULJ





SDnL

4

VKDG DIWHU ILUVW V\OODEOH

JLV %X RP OKDnL

VE\DG

,DnL

%'-14%X RP 

%'-437 SDG PDnL

%'-146%X n/,-

%'-14 ED IRU OD %'-14


%'-143 RP  6 VSXQJV

%'-143%X RP 

DVVLPLODWHG WR 0I  QJDQ

SD  GUL QJD ,+  VPDG SDU

%'-437

nRV SD

3

SDG PD

SDG PD  >3 VSXQJV

VKDG DIWHU ILUVW V\OODEOH@

4%X SK\H IRU E\H


%'-143%X RP 

%'-437 SDG PDnL

3 GN\LO

%'-14%X RP 

3


 RP WKH SDVVDJH IURP

p WLOO op DEHUUDWLR

RFXOL
o







 LQFOXGHG LQ WKH WH[WFULWLFDO HGLWLRQ WKH ILUVW RI WZR TXRWDWLRQV IURP WKH

'-1 RP 
%4  VN\HV


3%X OWD
%'-14 RP  / VSXQJV

VKDG DIWHU ILUVW V\OODEOH

PQJRQ SDU GJDn

EDU ,Q 0I WKH WKUHH

DWWULEXWHV DUH VHW RQH DIWHU WKH
RWKHU +HUH WKH FRRUGLQDWLQJ
SDUWLFOH

FLQJ E\ HVWDEOLVKLQJ

D FORVH UHODWLRQ EHWZHHQ WKH

WZR ILUVW PHPEHUV UHTXLUHV
WKH JRYHUQLQJ IXQFWLRQ RI

ZLWK OD
'-13%X RP 

'-14 RP  >4 ODFXQD RI
DERXW VHYHQ OHWWHUV EHWZHHQ
/: DQG ULJV@
VPDG SDU nRV SD










%7 RP N\DQJ 3 N\DQJ 

%'-14 RP 

%4 RP  6 VKDG FURVVHG

RXW ZLWK D ZULJJOHG OLQH"

'-1/ VULG

%4 nE\HG IRU GE\H

%4 SDnL 3 RP EDnL

%4 EVJUXEV >% EVJUXE



8 DW
WKH HQG RI ERWWRP OLQH RI WKH
IROLR@ 7 EVJUXE



3 VEXEV GE\H EDnL IRU

VJUXE SDnL FRQWUDU\ WR &K



 6

EDnL IRU SDnL

3 SD UQDPV QL \DQJ GDJ

SD TPCOU PK [CPI FCI RC

Q\LG GLWWRJUDSK\

/3 JQDVR >3 DW WKH HQG RI
WKH OLQH@

3 RP GDJ %X GDJ 

'K,)V

IRU

254

7*6

/67 VS\DQ J\LV IRU PLJ JLV

%J



EDnL

%X@

PLJ JLV



GH E]KLQ JVKHJV SD UQDPV QL \DQJ GDJ SD

P']HV UJ\DQ I DD



3%X RP GDJ
%3 VE\DQJ 4DnL /

3%X VWH 
VE\DQJV SDnL 3 VE\DU EDnL

37 RP



SDnL Q\RQ PRQJV SDnL VEXEV GE\H

LQ %X VWRQnV

GH E]KLQ JVKHJV



 )RP KHUH WLOO % 

NJC

VPDG

VHPV FDQ GH GDJ JL nGRG FKDJV GDQJ  ]KH VGDQJ GDQJ 

WH  GH VJUXE

>%X



ULJV N\L EX GDJ

VDQJV UJ\DV N\L PLJ JLV

GH E]KLQ JVKHJV

 



VQ\LQJ SRU PWKRQJ QDV 



NKD PD

VQ\LQJ SR OD GH

PD NKD GRJ QJDQ FLQJ GUL QJD OD








R
GH E]KLQ JVKHJV SDnL J]XJV
GH \DQJ GDJ SDU

SDU nRV SD GH GDJ nE\HG FLQJ VHO ED GH E]KLQ GX 

SDV N\DQJ

GUL QJD EDnL SDGPD

PD J\HV SD GDJ OD EOWDV WH  GHnL GEXV QD SDGPDnL



SDnL

VN\HV EX OKDnL PLJ FDQ OD OD ]KLJ JLV 

nGL OWDU NKD GRJ QJDQ FLQJ 

E]KLQ JVKHJV SD VN\LO

ULJV N\L EX GDJ nGL OWD VWH GSHU QD 

1A

$VJ
ULJV N\L EX nGL OWD VWH  GSHU QD VN\HV EX ]KLJ JL nSKUDO N\L PLJ JL GH OWDnL NKDWRJ QJDQ
(

SD GUL PL ]KLP SD SDG PRnL VQ\LQJ SR GH OD ndas SD SDG PRnL VQ\LQJ SR GHnL QDQJ QD 
GH E]KLQ JVKHJV SD E]KXJV QD QL  GH E]KLQ Q\LG PWKRQJ ]KLQJ VKHV QD  GH E]KLQ
JVKHJV SDnL VNX PWKRQJ EDU nGRG GH  NKDWRJ QJDQ SD GDQJ  GUL PL ]KLP SDU VPRG

 >D@
SDnL SDG PRL
OR PD OKDJ SDU E\HG FLQJ VHO ED QL GH E]KLQ JVKHJV SD GH E]KLQ

JVKHJV SD GHnL VNX VE\DQJV EDnL SK\LU UR  ULJV N\L EX GH OWDU GH E]KLQ JVKHJV SDV 
@
VDQJV UJ\DV N\LV PLJ JLV VHV FDQ VHV FDQ WKDV FDG GH E]KLQ JVKHJV SDnL VQ\LQJ

SRU PWKRQJ VWH  VHV FDQ GH GDJ nGRG FKDJV GDQJ  ]KHVGDQJ GDQJ JWLPXJ GDQJ 
VUHG SD GDQJ  PD ULJ SD GDQJ  Q\RQ PRQJV SDnL PG]RG VE\DQJV SDnL SK\LU  FKRV

10

@
EVKDG GH JDQJ QDQ WDQ E\HG SD QL GH E]KLQ JVKHJV SD \RQJVX GDJ SDU JQDV VR 


24

D ZLWK D V\PERO VLPLODU WR D GRXEOH nJUHQJ EX DERYH

LPPHGLDWHO\ IROORZHG E\ n

%J





*D-L(

>

255

1B


DE

ULJV N\L EX GDJ

E\XQJ \DQJ UXQJ

UQDPV

PD E\XQJ \DQJ UXQJ 

JVKHJV SDnL VQ\LQJ SR

SDnL VEXEV

nGL QL FKRV UQDPV N\L FKRV Q\LG GH  GH E]KLQ JVKHJV SD UQDPV

L:(

\LQ QD
Q

N\LV

\RJ

VHPV FDQ nGL GDJ QL

UWDJ WX GH E]KLQ

 ULJV N\L EX GDJ VPDG SDU nRV SDnL

R

SDV 

GH GDJ JL

Q\RQ PRQJV SDnL

Q\RQ PRQJV
U

VEXEV J]KLJ

SD

GDQJ  GH E]KLQ JVKHJV SDnLV \H VKHV N\DQJ \RQJV VXW VE\DQJ EDnLX SK\LU  GH E]KLQ
JVKHJV SD GJUD EFRP SD \DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV E\DQJ FKXE VHPV GSDnY
UQDPV OD FKRV VWRQ WH Z E\D ED nGL OD \DQJ[ PRV SDU\ E\HG GR ] GH OD E\DQJ FKXE
VHPV GSDn VHPV GSDnDD FKHQ SR FKRV GH GDJ ODEE PQJRQ SDU EUWVRQ SDU JQDV SD GH GDJ

10

JDQJ JL WVKH  Q\RQ PRQJV SD GDQJ  Q\H EDnLFF Q\RQ PRQJV SD WKDPV FDG ODV \RQJV
VXGG JURO EDU J\XU SDHH GHnL WVKH  GH E]KLQ JVKHJVII SD GJUD EFRP SD \DQJ GDJ SDU
UG]RJV SDnL VDQJV UJ\DV VKHV E\D EDnL JUDQJV VX nJUR VWH JJ GH E]KLQ JVKHJV SDnLKK
E\D ED WKDPV FDG N\DQJ E\HG GRLL MM



%'-143%X UXQJ  /7

UXQJ

'/673 54 -+2 \LQ VHH

7

\RJV

3 RP N\DQJ

%'-14 RP  >- ODFXQD RI

RQH OHWWHU EHWZHHQ SK\LU DQG

GH@

3 RP JDQJ

%WK VQ\LQJ SRnR FI DOVR

$I DQG 0 IQ 


%'-14 J\RJV 3 J\RJ

%J

'K,

IRU

256

%'-14 RP  6 VSXQJV

VKDG DIWHU VHFRQG V\OODEOH

%'-14 RP  / VSXQJV

VKDG DIWHU ILUVW V\OODEOH

'136 ]KHV

/3 JUDQJVX


1B

$VJ
ULJV N\L EX FKRV UQDV N\L FKRV Q\LG GH E]KLQ WH  GH E]KLQ JVKHJV SD E\XQJ QJDP 
(

GH E]KLQ JVKHJV SD PD E\XQJ \DQJ VHV FDQ GH GDJ WKDV FDG QL

GH E]KLQ JVKHJV

SDnL VQ\LQJ SRnR  ULJV N\L EX GH QDV \DQJ VPRQ SD Q\RQ PRQJV SDnL PG]RG N\L
EVJUXE SD  Q\RQ PRQJV SD GH GDJ JLV PG]RG J]KRP SDnL SK\LU GH E]KLQ JVKHJV SDnL
5

\H VKHV \RQJVX VE\DQJV( SDnL SK\LU  GH E]KLQ JVKHJV SD GJUD EFR SD \DQJ GDJ SDU
UG]RJV SDnL VDQJV UJ\DV E\DQJFKXE VHPV GSDn UQDV OD FKRV nFKDG GR  GH OD
E\DQJFKXE VHV GSDn FKRV  GDJ OD QDQ WDQ GX E\HG FLQJ JQDV WH( QDP Q\RQ PRQJV
SD WKDV FDG GDQJ  Q\H EDU Q\RQ PRQJV SD WKDV FDG ODV \RQJVX JURO EDU J\XU SD
GHnL WVKH  GH E]KLQ JVKHJV SD GJUD EFRP SD \DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV kyi

10

JUDQJVX nJURnR  WKDV FDG N\DQJ( GH E]KLQ JVKHJV SDnL E\D  E\HG GR 

%J

257

1C


GH QDV GHnL WVKH, EFRP OGDQ nGDV N\LV WVKLJV VX EFDG SD nGL GDJ ENDn VWVDO WR 
E

F
G 
>@ ML OWDU SDGPD
VPDG SDU nRV J\XU SD 


GHnL

PGDE

GH E]KLQ JVKHJV

PD VEXEV J\XU PD J\HV OD 

SDnL VQ\LQJ SR PD JRV



PL nJDn OD ODV OKD \L

WH





PLJ JLV PWKRQJ 

N

>@ GH QL GHnL
PGDE
PD nE\HG SD QD 


GEXV QD UJ\DO EDnL OXV

UJ\DO ED

QL PWKRQJ J\XU QDV 



Q\H EDnL Q\RQ PRQJV SK\LU

PL

nJ\XU



GH QL nMLJ UWHQ NXQ WX UJ\DO EDU nJ\XU 

/1 WVKLJVX
%'-437 SDG PD 3 GDP
SD PD IRU SDGPD

3 RP SDU 3 SDnL IRU







SDU

3 FI . IQ 

%4 
'-1467 GH \L IRU GHnL >4

FRPSUHVVHG@
%'-146 n/,-

\L

%4  7 VSXQJV VKDG DW WKH

HQG RI WKH OLQH

'-1 /0 IRU 90

%47  3 GRXEOH VSXQJV

VKDG DIWHU ILUVW V\OODEOH

%37 OKDnL 4 \L
FRPSUHVVHG

'-147 GH \L IRU GHnL >4


\L FRPSUHVVHG@ 3 QJDnL IRU

GHnL 3 SDGPDnL IRU GHnL

%J
>@

>@

258

ZLWK VPDOO OHWWHUV EHQHDWK WKH

OLQH



%'-146 nGDE 7 nEDG IRU

nGDE

/67 VNX IRU OXV SDUDOOHO WR

oVS\DQ IRU PLJp 0 IQ 




%

SK\HV '-143 SK\LV

1C

$VJ
GH QDV EFRP OGDQ nGDV GHnL GXV QD WVKLJVX EFDG SD nGL GDJ EVKDG GR 
>@

FL OWDU SDG PR VS\DG SD GH QL

GHnL OR PD UQDV N\L  PD J\HV 

GH E]KLQ JVKHJV SDL( VQ\LQJ SR GH \DQJ QL 
GUL PD PD JRV VN\HV SDV nSKUXO PL PWKRQJ 

>@ GHnL OR PD GH UQDV VHO EDU E\HG 

GHnL QDQJ QD VNX \DQJ PWKRQJ 

SK\LV QL UJ\DO OD Q\RQ PRQJV nE\XQJ VWH 
(

UJ\DO ED nGL QL nMLJ UWHQ NXQ GX nE\XQJ VWH 

%J
>@

>@

-L

IRU

259

1C

>@

10

GH E]KLQ QJDV N\DQJ VURJ FKDJV WKDPV FDG N\LW X

GN\LO GHU JQDV SDnLY UJ\DO EDZ UQDPV[ N\L\ OXV 
ML OWDU VPDG nRV] SDGPDnL VEXEV nGUDDD EDnL EE
Q\RQ PRQJVFF VWRQJ SKUDJ E\H EDV NKHEVGG SD PWKRQJ HH

>@

QJD \DQJ GH GDJ JL QL EVDO EDnL SK\LU II

PNKDV SD UQDPV OD UWDJ WX FKRV VWRQJJ WH 

15

VHPV FDQ nGL GDJ VDQJV UJ\DV nJ\XU E\D ]KHV 

UJ\DO EDnL SK\LU QL Q\RQ PRQJV UQDP SDU VE\RQJ KK
>@

QJD \L VDQJV UJ\DV PLJ QLLL GH nGUDMM VWH NN


GH



\LV



UJ\DO EDnL OXV VX



JQDV SD \L

OO





VHPV FDQ nGL GDJ WKDPV FDG PWKRQJ J\XU

20

PP

GH GDJ UQDP SDU VE\DQJ







3 QJDQ IRU QJDV

%'-437 SDG PDnL
6 SDGPRnL

%'-14 SDU

%4 GH IRU QJD

'-1 JLV

'-143 JVDO 3 JD OD IRU
EVDO




/67 VS\DQ IRU PLJ

3 nGL IRU GH >3 nGL

ZLWK VPDOO OHWWHUV EHQHDWK WKH

%J
>@

>@

>@

'K,)V.X0L6R<X(

>

QQ

SK\LU FKRV VPUDnR 

%'-136 WR
47 

3 VS\RG IRU VE\RQJ

% QL IRU \L -3 QJDnL IRU
QJD \L



WH 

260

OLQH@
/67 QJD IRU GH VHH %WK



GH UX
1 \L IRU \LV 3 GHnL IRU
QJD \LV







-/ OXVX 3 OD IRU VX

3 \LQ IRU \L
3 nJ\XU

1C

$VJ
10

>@

EGDJLV VURJ FKDJV  NXQ PWKRQJ EDnL VQ\LQJ SR

GH OD UJ\DO EDnL VNX UQDV PWKRQJ EDnL JQDV 

Q\RQ PRQJV SD E\H ED VWRQJ JLV NXQ WX NKHEV 
GH E]KLQ SDG PRnL >E@ VQ\LQJ SR VPDG SD nR 
>@ EGDJLV GH GDJ JVDO EDnL SK\LU 

UWDJ WX PNKDV SD UQDV OD FKRV N\DQJ EVKDG 

15

Q\RQ PRQJV SD QL UQDV UJ\DO ED UJ\DO nL thas SK\LU 

FL OWDU VHV FDQ nGL GDJ VDQJV UJ\DV SDU nJ\XU 
@

>@ nGL OWDU nGL nGUD nL VDQJV UJ\DV PLJ 

QJDnL VHV FDQ nGL GDJ NXQ PWKRQJ ED 

GH UX UJ\DO EDnL VNX \DQJ UDE WX JQDV 

20

GH GDJ UQDP SDU VE\DQJ EDnL SK\LU  FKRV N\DQJ

%J
>@


>@

>@

FI SDUDOOHO LQ D HWF 

 DV HTXLYDOHQW IRU

261

smad par os pa

2A


D

ULJV N\L EX GDJ J]KDQ \DQJ nGL OWD VWH GSHU QD  VEUDQJ WVKDQJ ]OXP SR VKLQJ JL \DO


JD OD

nSK\DQJ

ED

N\L UQDP SD EXQJ ED

P

VEUDQJ UWVLnL

EXQJ ED

\RQJV VX JDQJ ED ]KLJ



\RG OD 

GH QDV VEUDQJ





EVNUDG



QDQJ QD 

10

FF

\RG

EDV ULJ
[

VEUDQJ UWVL EXQJ ED

Z

JR

HH

WKDPV FDG OD \DQJ



nEXP


VKHV SDV



GX VHPV FDQ WKDPV FDG



WX EVUXQJV SD





DD

J\LV

NXQ

EE

WX

GH E]KLQ

EVUXQJV SD


II

KK

VEUDQJ UWVL GHV

ULJ SD GH E]KLQ GX 

VDQJV UJ\DV Q\LG Q\RQ PRQJV SD

SD E\H ED SKUDJ nEXP J\LV NXQ WX









VURJ FKDJV

 ULJV N\L EX GDJ ML OWDU VEUDQJ WVKDQJ JL

E\H ED SKUDJ

SDU VN\HV EX PNKDV SD ]KLJ JLV

VEUDQJ UWVLV

VDQJV UJ\DV Q\LG Q\RQ PRQJV SD GDQJ 

Q\H EDnL Q\RQ PRQJV SD E\H ED SKUDJ nEXP J\LV VKLQ

X

N\DQJ VEUDQJ WVKDQJ GDQJ nGUD VWH  GH OD

JVKHJV SDnL \H VKHV PWKRQJ

QDV

ULJV N\L EX GDJ GH E]KLQ

T

VKLQJ 

EVUXQJV

UWVL nGRG SDnL PL ]KLJ JLV

GH GDJ WKDEV PNKDV SDV

E\D ED E\HG GR

nEXP J\LV NXQ WX

JJ

GDQJ 

VHPV FDQ



GG

Q\H EDnL Q\RQ PRQJV

EVUXQJVLL SD \RG SDU GH E]KLQ JVKHJV SDnL \H

VKHVMM PWKRQJ EDV ULJ VWHNN 

% 890  '-143 890 

%'-14 RP  / 

3 RP OD 3 RP JD OD







'37 
%'-14 RP  37 
%'-14673 
%

,UWVL IRU UWVL 4 ODFXQD RI

RQH OHWWHU EHWZHHQ VEUDQJ

DQG UWVL

3 JLV  3 JLV 

%3 SDV  3 SDV  4
ODFXQD RI RQH OHWWHU EHWZHHQ

SDV ZLWKRXW WVKHJ DQG

EVNUDG
3 EVNDG 36 VNUDG

%'-14 QD IRU QDV









%'-143 RP 
3 RP VEUDQJ UWVL GHV

DEHUUDWLR RFXOL




%'-143
%4

NXQ IRU VKLQ

VUXQJV GH

IRU

EVUXQJV

SD




%'-143 RP 
/3

ULJR

WKH OLQH@
-1 JLV

>3

DW WKH HQG RI




%'-143 RP 
3
3

ED

J\LV 
EVUXQJ ED 3 EVUXQJV

JLV 
5,7 IRU 5,8
DJDLQVW 5,7 FI WKH SDUDOOHO



3

%'-14

FRQVWUXFWLRQV LQ $ DQG

$I




%'-143 RP 
/3 S >/ DW WKH HQG RI WKH

OLQH@ 7



%J

262

SDn IRU SDnL

2A

$VJ
ULJV J\L

EX J]KDQ \DQJ nGL OWD VWH  GSHU QD  VEUDQJ UWVLnL VWRG ]OXP SRU J\XU SD VKLQJ

JLV \D8( JD nSK\DQJ VWH  EXQJ ED EUJ\DVWRQJ JL srungs VEUDQJ UWVL \RQJVX JDQJ ED
VEUDQJ UWVL nGRG SDnL VN\HV EXV ED VURJ FKDJVX J\XU SD GDJ WKDV FDG PNKDV SDV
EVNUDG QDV VEUDQJ UWVL VEUDQJ UWVLV nL E\D ED E\HG GR ( ULJV N\L EX GH OWD EDV QD nGL
5

E]KLQ VHV FDQ WKDV FDG N\DQJ VEUD UWVL nGUD VWH  GH E]KLQ JVKHJV SDnL \H VKHV N\L
PWKRQJ EDV  VDQJV UJ\DV VX nJ\XU +Q\RQ PRQJV SD GDQJ  Q\H EDU Q\RQ PRQJV SD(
E\H ED VWRQJ SKUDJ EUJ\DV VUXQJ EDU shes VR  ULJV N\L EX FL OWD EX VEUDQJ UWVLnL VQRG
N\L GEXV QD EDU VKHV SDnL VN\HVEXV VEUDQJ UWVL E\H ED SKUDJ VWRQJ JLV VUXQJ EDU \H
VKHV N\L VKHV VR  GH OWDU

%J


-L

IRU

263

2B



D
E


F
G
ULJV N\L EX GDJ GH OD GH E]KLQ JVKHJV SD \DQJ WKDEV OD PNKDV SDV EXQJ ED EVDO

H
I
ED GH E]KLQ GX VHPV FDQ GH GDJ JL nGRG FKDJV GDQJ  ]KH VGDQJ GDQJ  JWL PXJ

J

K
GDQJ  QJD UJ\DO GDQJ  UJ\DJV SD GDQJ  nFKDE SD GDQJ  NKUR ED GDQJ  JQRG VHPV


GDQJ  SKUDJ GRJ GDQJ  VHU VQD OD VRJV

SDnL Q\RQ PRQJV SDL GDQJ  Q\H EDnL Q\RQ

PRQJVM SDN UQDPV EVDO QDV  ML OWDU VHPV FDQ GH GDJ OD \DQJO Q\RQ PRQJVP SD GDQJ Q
Q\H EDnL Q\RQ PRQJV SD GH GDJ JLVR Q\H EDnL Q\RQ PRQJV SDS FDQ GX PL nJ\XU ED
GDQJ T JQRG SDU PL nJ\XU ED GH OWD GH OWDU FKRV VWRQ WR U GH E]KLQ JVKHJV SDnL \H
VKHV PWKRQJ ED GH UQDP SDU VE\DQJV QDV  nMLJ UWHQ QD GH E]KLQ JVKHJV SDnL E\D
EDV E\HG GHW  ULJV N\L EX GDJ QJDnLX GH E]KLQ JVKHJV SDnL PLJ \RQJV VX GDJ

10

SD GHV  QJDV VHPV FDQ WKDPVY FDG GH OWDU PWKRQJ QJRZ 


3 GH GDJ IRU GDJ GH

37 RP OD

3 SDV 



GH

3 RP JWL PXJ GDQJ 
%-43 RP

%4 RP 

%4 RP  >4 DW WKH HQG RI

WKH OLQH@

3 SKUDJ GRJV 3 SKUD


GRJ ZURQJ GHFRPSRVLWLRQ RI

WKH DEEUHYLDWLRQ SKUDGRJ
U%=
G VHH %DFRW  "

% ODVRJV 4 ODV VRJV 3

VWVRJV

IRU VRJV

% Q\RQ PRQJ



SD GDQJ  Q\H

EDnL ZLWK VPDOO OHWWHUV

EHQHDWK WKH OLQH  FRUUHFWLRQ

RI DQ DEHUUDWLR RFXOL 3


Q\H EDnL

3 EVWVDO 34 JVDO
RP




%'-14 RP 

GH
GH OWDU IRU GH OWD GH
OWDU 3 GH OWDU GD OWDU IRU GH
OWD GH OWDU

3 GH 


36 RP
/3

%J

264

%'-14 RP  7

VSXQJV

VKDG DW WKH HQG RI WKH OLQH



13 /0

 >1 VHFRQG

VKDG

RI WKH Q\LV VKDG RQO\ KDOI@


3
GDJ

7 RP  4 ODFXQD RI
DERXW WKUHH OHWWHUV EHWZHHQ
GDJ DQG QJDnL

/67 VS\DQ IRU PLJ

3 PLJ IKU \RQJV

/7 \RQJVX

%'-14 RP  7 

2B

$VJ
WKDEV SD8

VHV FDQ WKDPV FDG OD VEUDQJ UWVL

byed

SD EVNDG SD E]KLQ GX VHPV FDQ GH

GDJ JLV nGRG FKDJV GDQJ  ]KH VGDQJ GDQJ  JWLPXJ GDQJ  QJD UJ\DO GDQJ  GUDJ SD
(

GDQJ  nFKDJ SD GDQJ  NKUR ED GDQJ  JQRG VHPV GDQJ  QJDQ VHV nMXQJV SD nGL OD
VWVRJ8 SDnL Q\RQ PRQJV SD GDQJ  Q\H EDU Q\RQ PRQJV SD PHG SDU E\D EDnL SK\LU  GH

E]KLQ GX FKRV nFKDG GR  FL OWDU FL OWD EX \DQJ VHV FDQ GH GDJ Q\H EDnL Q\RQ PRQJV
(

SDV Q\H EDU Q\RQ PRQJ8 SDU PL nJ\XU ED GDQJ  JGXQJV SDU PL nJ\XU ED GDQJ  GH
E]KLQ GX GH E]KLQ JVKHJV SDnL \HVKHV PWKRQJ ED GH UQDP SDU VE\DQJV WH  GH E]KLQ
(

JVKHJV SDnL E\HG SD nMLJ UWHQ GX E\HG GR  ULJV N\L EX QJDnL GH E]KLQ JVKHJV SDnL PLJ
\RQJVX GDJ SDV  QJDV VHV FDQ nGL GDJ WKDV FDG PWKRQJ QJR 

%J


>=-L(


FI WKH VHTXHQFH LQ WKH 7LE 



265

PUDNuD 

NURGKD 

Y\SGD 

Uu\

2C


GH QDV GHnL WVKH EFRP OGDQ nGDV N\LV WVKLJVD VX EFDG SD nGL GDJ ENDn VWVDO WR 
>@

ML OWDU nGL QD VEUDQJ WVKDQJE \RG SD OD 

EXQJ EDVF NXQ WX EVUXQJV VKLQJG VEDVH J\XU SDI 
PL JDQJ VEUDQJJ UWVL nGRG SDV GH PWKRQJ QDV K
GHL QL EXQJ EDM UDEN WX VNURG SDU E\HG O

5
>@

GH E]KLQ nGLU \DQJ VEUDQJ WVKDQJP OWD EX QL 

VULG SD JVXP J\LQ VHPV FDQ WKDPV FDG GRR S
GH GDJ Q\RQ PRQJV E\H ED PDQJ ED VWH T
Q\RQ PRQJV GEXV QD GH E]KLQ JVKHJVU nGXJ PWKRQJV 






/7 WVKLJVX
%7  1 VSXQJV VKDG DIWHU




WKLUG V\OODEOH

3 FI . IQ 

%7 

VUXQJV

%4
7

3

EVUDQJV

EVUXQJ

3

SD GHV

IRU

/3

QD

%4

EVNURG

IRU

SDV GH

QDV
3

3





EXU

347 
3

JVKHJV

4+ nGXJ

3 nGXJ 4+ PWKRQJ

VN\RG

%J
>@

>@

'K,.X0L6R<X-V1D3X4L4V=L )V LOOHJLEOH@

>

266

VHH SDUDOOHO LQ $



2C

$VJ
GH QDV EFR OGDQ nGDV N\LV GHnL WVKH GHnL GXV QD  WVKLJVX EFDG SD nGL EVKDG GR 
>@

FL OWDU VEUDQJ UWVLnL VGRG GX J\XU SD QL  >D@

EX ED UQDV N\L EVUXQJV VKLQJ VEDV SD GH 

VEUDUWVL nGRG SDnL PL \LV PWKRQJ QDV VX 
EXQJ ED UQDV QL VNRG SDU E\HG GR 

>@

FL OWDU VEUDQJ UWVL VGRG QL nGL E]KLQ GX 

VHV FDQ WKDV FDG nE\XQJ ED JVX QD PWKRQJ 

EXQJ ED GH GDJ Q\RQ PRQJV E\H ED PDQJ QD 

Q\RQ PRQJV GEXV QD  GH E]KLQ JVKHJV SD JQDV

%J


>@

>@

>=-L 

DV XVXDO LQ LQWURGXFLQJ WKH YHUVHV

10

267

2C

>@

10

QJD \DQJ VDQJV UJ\DV UQDP SDU VE\DQJ GRQ GX 

W



EXQJ ED VNURG SD OWD EXU Q\RQ PRQJV VHO 

Y





JDQJ JLV Q\RQ PRQJV E\H ED JQRG nJ\XU ED 

Z





FKRV UQDPV nGLU QL WKDEV N\LV UDE VWRQ WH 

]

>@

DD



GH GDJ ML OWDU GH E]KLQ JVKHJV J\XU OD 

nMLJ UWHQ NXQ WXEE UWDJ WX E\D E\HG FLQJFF GG

15



VSREV
VQRG




KK

HH
II
JJ
OGDQ ML OWDU VEUDQJ PDnL VEUDQJ UWVL \L 

LL

MM NN
nGUDnL FKRV VWRQ nJ\XU EDU E\D SK\LU UR 

/67 VS\DG IRU VE\DQJ

%4 EVNURG
%4 VRO IRU VHO >% J RI

PDUNHG ZLWK D GRW

WULDQJOH DERYH IRU GHOHWLRQ@
 1 VRO

4 ODFXQD RI RQH OHWWHU

EHWZHHQ PRQJV DQG VRO

3 JL

%'-14 EDV IRU ED




3 N\L
/67 RP UWDJ WX FRQWUDU\



/67 E\D ,+ E\HG

/67 E\HG kI[WT F]KLQJ



WR &K




VHH IQ 

E\ WKH LQVHUWLRQV RI IQ 

DQG KHUH /67 FRPSHQVDWHG
IRU WKH RPLVVLRQ RI UWDJ WX
VHH IQ  LQ RUGHU WR NHHS

%J
>@

>@

268

WKH V\OODEOH UK\WKP

% 8-4-8 -
-8 RI 854,7

FRPSUHVVHG 3 8548 IRU

854-8
37

-,

IRU

-,7

2C

$VJ
10

>;@

QJDV QL  VDU\DV  VDQJV UJ\DV UQD SDU VE\DQJV SDnL SK\LU 

EXQJ ED FL OWDU UWVL nL VGRG QL nGL E]KLQ GX 

VHV FDQ WKDV FDG nE\XQJ ED( JVXP QD PWKRQJ 
EXQJ ED GH GDJ Q\RQ PRQJV SD E\H ED PDQJ 
Q\RQ PRQJV SD GEXV QD  GH E]KLQ JVKHJV SD JQDV 
15

>@

QJDV QL VDQJV UJ\DV UQDPSDU VE\DQJV SDnL SK\LU 

EX FL OWDU VNURG SD GH E]KLQ Q\RQ PRQJV( SD JVDO 

WKDEV N\L FKRV UQDV N\DQJ QL VPUD EDU E\D 
Q\RQ PRQJV SD E\H ED GH UQDPV PHG SDU E\D 
>@

GH E]KLQ JVKHJV SD FL OWDU nJ\XU ED GH 

UWDJ WX nMLJ UWHQ WKDV FDG GRQ kyang E\HG 

20

FL OWDU VEUDQJ PDnL VEUDQJ UWVLV( sdod J\XU SD 

GH OWDU VSREV VKLQJ FKRV N\DQJ EVKDG SDU UR 


$EHUUDWLR RFXOL FRS\LVW UHSHDWV IURP D UWVL VGRG

%J
>@

>@

269

$


,

ULJV N\L EX GDJ J]KDQ \DQJ nGL OWD VWH GSHU QD  nEUDV VD OX nDP  QDV VDP  FL WVH
0

1

nDP  nEUX UQDPV QL VQ\LQJ SR SKXE PDV

\RQJV VX EVUXQJVJ SDK \LQ WH L GH UDQJ

JL SKXE PD ODV PD E\XQJ JL EDU GX E]Dn ED GDQJ  EFDnM EDN GDQJ  P\DQJO EDnL E\D
ED PL E\HG N\LP Q ULJVR N\L EX GDJ VN\HV SD nDP  EXG PHG JDQJ GDJS E]Dn ED GDQJ T
5

EFDnU ED OD VRJV SDV ]DV VNRP J\L E\D ED nGRG SD GH GDJ JLV EUQJDV VKLQJW EUGXQJVX
WH Y SKXE PDnL VEXEVZ GDQJ SK\L[ VKXQ VHO WR \

%'-14 RP 
%'-1467 V IRU VD

% WVL UWVH IRU FL WVH 34
UWVH IRU WVH 7 WVL IRU WVH

3 nEUXnL IRU nEUX WKH


JHQLWLYH FRXOG EH D VXUYLYDO

RI SUHFODVVLFDO WLPHV ZKHQ
WKH QRPLQDO FKDUDFWHU RI WKH
IROORZLQJ UQDPV ZDV VWLOO

OD VRJ8 DW WKH HQG RI WKH

OLQH 3 ODV VWVRJV IRU OD

%'-14 SK\XQJ UHTXLUHG

DJHQW LV QRW JLYHQ 3

E\DQJ

% EDU GX ,+6 .9 E]Dn
GLWWRJUDSK\ 3 GX 
3 GX 

%'-14 GDQJ IRU nDP




'147 EUQJDV RU EUGDV "

3 GDQJ 

% VRO WR IRU VHO WR 37 WH

IRU WR 3 VHOR IRU VHO WR

EHIRUH Q\LV VKDG DW WKH HQG

RI WKH OLQH
' VSXQJV VKDG DQG UN\DQJ



7KHUH LV QR UHDVRQ IRU WKH

EH H[SODLQHG LQ UHODWLRQ WR

SUHIHUHQFH RI nDP FRQWUDU\ WR

VKDG DIWHU ILUVW V\OODEOH

WKH YDULDQW UQDP SD LQ HQ I"

GDQJ LQ WKH HGLWLRQ EHVLGHV

3

WKH JHQHUDO SULRULW\ JUDQWHG

VKDG DIWHU ILUVW V\OODEOH

WR /67


%4 ODVRJV IRU OD VRJV /

%J


VRJV



IHOW 2U VKRXOG WKH JHQLWLYH

%'-14 PD QDV IRU PDV


/1 \RQJVX

'- RP GH 3 GHnL IRU GH


%'-14 QDV IRU ODV %WK

ODV

.X0L6R<X-V1D3X4L4V=L(

>=



7  6 GRXEOH VSXQJV

$

$VJ
ULJV N\L EX J]KDQ \DQJ nGL OWD VWH  GSHU QD nEUX nDP  QDV VDP  FL UWVH nDP  VR SD
(

UQDPV N\L VQ\LQJ SR SKXE PDV  SDU J\XU WH  QDP SKXE PD ODV \RQJVX PD E\HG
SDnL EDU GX PL EFDn SD PL E]DQJ  P\RQJ EDU \DQJ PL nJ\XUR  ULJV N\L EX EFDn ED
GDQJ  E]RG SD GDQJ  EWXQJ ED7 E\D EDnL EXG PHG GDP  VN\HV SDV SK\LU ]KLQJ ED

QDV  SKXE PDnL Q\RQ PRQJV SD JVDO WH  SK\LURO nGLU UR 

%J



%



ULJV N\L EX GDJ GH E]KLQ GX

GH E]KLQ JVKHJV SD \DQJD GH E]KLQ JVKHJVE SDnL VS\DQ

J\LV VHPV FDQ WKDPV FDGF OD GH E]KLQ JVKHJV SD Q\LG  VDQJV UJ\DV Q\LG UDQJ
E\XQJG Q\LG H Q\RQ PRQJV SDnL VEXEV N\L VKXQ SDV GNULV VKLQJI JQDV SDUJ PWKRQJ
QJR  ULJV N\L EX GDJ GH ODK GH E]KLQ JVKHJVL SD \DQJM Q\RQ PRQJV SDnL VEXEV N\L
5

VKXQ SDN EVDO ED GDQJ  GH E]KLQ JVKHJV SD Q\LG \RQJV VXO VE\DQJP ED GDQJ Q VHPV
FDQ nGL GDJ ML OWDU Q\RQ PRQJV SDnL VEXEV N\L VKXQ SD WKDPV FDG ODV JURO WHR  nMLJ
UWHQ GX GH E]KLQ JVKHJV SD GJUD EFRPS SD \DQJ GDJT SDU UG]RJV SDnL VDQJV UJ\DV
VKHV E\D EDnLU JUDQJV VX nJUR EDUV nJ\XU VQ\DPW QDVX  VHPV FDQ UQDPVY OD FKRV
VWRQ WR 



%-437 RP GH E]KLQ GX

DEHUUDWLR RFXOL

GH E]KLQ JVKHJV SD
\DQJ DEHUUDWLR RFXOL

/3 J\L



36 RP

3 RP  6 

%'-1473 Q\LG 
3

Q\LG 






QL IRU N\L
ENULV 3 ENUL8 3 GNDV
4 GNULJV

RULJLQDO 1VDO ZLWK LWV ULJKW

3

KDOI GHOHWHG
37 VKLQ

-7 

%'-143 ]KHV

/3 JUDQJVX

%

%4 N\LV
3 JVDO 4 E RI ,VDO

VPDOOHU ODFXQD RI D KDOI



OHWWHU EHWZHHQ E DQG VDO E

LV WKH OHIW KDOI RI D J RI

%J

1

Ji1:

for

FRQWUDU\ WR IRXUV\OODEOH UK\WKP



%'-14 RP  37  >7 DW

WKH HQG RI WKH OLQH@

%

$VJ
ULJV N\L EX GH OWDU nGLU GH E]KLQ JVKHJV PLJ JLV VHV WKDV FDG Q\RQ PRQJV SDnL
@

PG]RG N\LV SKXE PDV GNULV SD GH E]KLQ JVKHJV SDV  nJ\XU ED  VDQJV UJ\DVX nJ\XU
ED  UDQJ nE\XQJ ED GRQ GDQJ EFDV WH  JQDV SD  PWKRQJ QJR  ULJV N\L EX GH E]KLQ
JVKHJV SDV N\DQJ Q\RQ PRQJV SD WKDV FDG N\L SKXE PD EVDO EDnL SK\LU GH E]KLQ

JVKHJV SD Q\LG \RQJVX VE\DQJV SD GDQJ  FL QDV VHPV FDQ nGL GDJ Q\RQ PRQJV SD
WKDV FDG N\L PG]RG N\L SKXE PD ODV JURO WH  nMLJ UWHQ GX GH E]KLQ JVKHJV SD GJUD
EFRP SD \DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV VX nJUR EDnL SK\LU 

>E@

VHV FDQ

UQDV OD FKRV nFKDG GR 

%J





-L

IRU

=-L@

-L

>

WKH SDUWLFOH

VKRZV WKH

LV DOVR XVHG LQ

OHFWLR GLIILFLOLRU

WKH UHDGLQJ

LV WR EH H[SHFWHG 7KRXJK

&K WR PDUN WKH REMHFW RI DQ DFWLRQ LW QHYHU DSSHDUV WKURXJKRXW WKH WH[W

LQ FDVH RI WKH H[SRVLWLRQ RI WKH 'KDUPD HJ 

 2Q WKH RWKHU KDQG WKH FRPELQDWLRQ

DSSHDUV VHYHUDO WLPHV LQ RUGHU WR PDUN WKH VXEMHFWV EHQHILWLQJ IURP WKH %XGGKDnV DFWLYLW\ %

UHPDUNDEOH WKDW

 %

&K ,//8



 %

ZKLFK LV ZLWKRXW DQ\ FRXQWHUSDUW LQ WKH 7LE YHUVLRQV WR

 ,W LV
UDWKHU WKDQ

WR FKDUDFWHUL]H
DV WKH REMHFW &I % TXRWHG DERYH DOVR %
7KH HPHQGHG WH[W VKRXOG DFFRUGLQJO\ EH XQGHUVWRRG DV o WHDFKHV WKH 'KDUPD IRU >WKHP@ 

WR HPSOR\




p

&


GH QDV GHnL WVKH EFRP OGDQ nGDV N\LVD WVKLJV VXE EFDG SD nGL GDJ ENDn VWVDO WR 
F

H

>@ ML OWDU nEUX nDP VD OXnL nEUDV N\DQJ UXQJ 



FL WVH

nDP QL nRQ WH QDV N\DQJ UXQJ 

ML VULG EDU GX GH GDJ SKXE EFDV

SD K

GH VULGL EDUM GX E\D ED PL E\HG GHN O

5
>@

GH GDJ JLV QL EUGXQJVP QDV SKXE EVDOQ QDR S

E\D ED UQDPT SDU PDQJV SR GDJ N\DQJ E\HG W
VQ\LQJ SR SKXE PD OGDQ SD GH GDJ QL X
Y

VHPV FDQ UQDPV OD E\D ED PL E\HG GR 




%'-1467 V IRU VD

3 RP nL




3 FI . IQ 

%4 UWVH

%J
>@

>@

.X0L6R<X-V1D3X4L4V=L@

>=



%  3 RP SGD E

&

$VJ
GH QDV EFR OGDQ nGDV N\LV GHnL WVKH GHnL GXV QD  WVKLJVX EFDG SD nGL GDJ EVKDG GR 
FL OWDU nEUX GDQJ 

>@

FL OWD QDV GDQJ 

FL WVH UQDV SKXE PD EFDV J\XU SD 
GRQ GX E\D ED

>@

GH GDJ SKUDG WH EVDO QDV VX 

UQD SD PDQJ( SRnL GRQ N\DQJ E\HG 

GH GDJ VQ\LQJ SR SKXE PDU OGDQ 
EVDO QDV VHV FDQ GRQ N\DQJ E\HG 

%J


>@

>@





*D(

>=

>=-L@
>=-L@

SRVVLEOH LV DOVR DQ HPHQGDWLRQ WR

VHH

7LE %WK F DQG &K E

, XQGHUVWDQG

>=-L@ o&KLQHVH PLOOHWp



DV WKH oXQGDPDJHG >NHUQHO@p



&

>@

10

GH E]KLQ VHPV FDQ NXQ J\L VDQJV UJ\DV[ VD \

Q\RQ PRQJV] UQDPV N\LVDD NKHEVEE SDUFF QJDV PWKRQJ QDV GG
QJDVHH QL GH GDJ UQDPII SDU VE\DQJJJ EDKK GDQJ 
VDQJV UJ\DV P\XU WKRE E\D SK\LU FKRV VWRQ WR LL
MM



>@ VHPV FDQ NXQ OD



Q\RQ PRQJV EUJ\D

15



QJD nGUDnL
OO



\LV GNULV

NN

FKRV Q\LG QL 
PP

QDV

QQ

JDQJ \RG SD 

GH QL UQDPRR VE\DQJV WKDPVSS FDG ML OWDTT EXU UU

UJ\DO EDU P\XU nJ\XUVV E\D SK\LU FKRV VWRQ WR WW

% N\L /3 J\LV

3 VR IRU VD

3 GH ZLWK VPDOO OHWWHU



EHQHDWK WKH OLQH 6 RP /0


3 \DQJ IRU GDQJ 3 E\D
IRU


GDQJ

/ RP  DW WKH HQG RI WKH

OLQH WKH FRS\LVW PDUNHG WKH
HQG RI WKH WKH OLQH ZLWK IRXU

YHUWLFDOO\ DUUDQJHG GRWV DIWHU

GDQJ 467 



/ EHWZHHQ OD DQG QJD

GHOHWHG OHWWHU QRW FOHDU LW

FRXOG EH nD IURP RULJLQDOO\
ODkCQJ VHH WKH IROORZLQJ
IQ



3  \DQJ nGUD EDnL IRU QJD

nGUDnL 3 nDQJ nGUD EDnL IRU

%J
>@


>@

-V0L

IRU



QJD nGUDnL
%4 UJ\D FRQWUDU\ WR &K




ENULV
QD IRU QL 3 QDV IRU QL

'-13 VE\DQJ

3 ED IRU EDU


%4
3

&

$VJ
10

>@

GH OWDU EGDJLV VHV FDQ WKDV FDG PWKRQJ 

Q\RQ PRQJV SDV QL VDQJV UJ\DV VD \DQJ NKHEV 

GH GDJ EVDO EDnL SK\LU FKRV N\DQJ EVKDG (

15

P\XU WX WKDV FDG VDQJV UJ\DV SD \DQJ nJ\XU 

>@ VHV FDQ WKDV FDG FKRV Q\LG QJD nGUD VWH 
Q\RQ PRQJV SD QL EUJ\DnL EVNRU QDV JQDV 
GH GDJ UQD SDU GDJ SK\LU FKRV N\DQJ VPUD 
FL QDV WKDV FDG P\XU GX UJ\DO nJ\XU ED 

%J


>@

>@

>=-L@

FI VDQJV UJ\DV 7+ LQ 7LE DQG %WK



4A


D

 F

ULJV N\L EX GDJ J]KDQ \DQJ nGL OWD VWH GSHU QD  UXO SD GDQJ  Q\DO Q\LO J\L JQDV


EVKDQJ

JFL

GUL PL ]KLP SDV NXQ WX JDQJ ED ]KLJ



WX

PL J]KDQ JVHE ODP QDV



VRQJ ED ]KLJ JL JVHU J\L JDU EX ]OXP SR ]KLJ OKXQJ EDU J\XU OD 
R



GUL QJD EDV NXQ WX JDQJ ED 



ED J]KDQ GDQJ


GH



J]KDQ GDJ


OR EFX nDP 

UXO SD


JLV



Q\L VKX nDP 





PQDQ
VXP


OR EUJ\D nDP  OR VWRQJ GX PL JWVDQJ

]



JDQJ OD \DQJ SKDQ SD

3 890 
'146 -, - 5, RU -, "

3 nDP IRU GDQJ



N\L 3 JL 3 RP J\L


- JVKDG" / EVKDG
143 JVKDQJ 3 RP
EVKDQJ

-143 FL IRU JFL



%3

%'-143 RP 

JLV
OWXQJ 1 QRW FOHDU

- JVKDG 13 JVKDQJ 7
EVKDG

-143 FL IRU JFL


%4/673
3

%'-14 RP 

4 ED 6 SD RU ED "

%43 RP  7 VSXQJV


VKDG DW WKH HQG RI WKH OLQH



3 GHU 

DD

PL E\HG GR





GDQJ 



Y

FX nDP  E]KL EFX nDP 



%-4 RP J]KDQ GDQJ

'1 EDV - SDV RU EDV "

3 ED

%'-14 RP  6 

'-13 FLQJ 

'- GHV IRU GH 1 GHV RU GH

%'-143 RP GDJ

%'-143 J\LV IRU JLV 6

OD " IRU GH



EUQDQ IRU PQDQ

VHH %WK EUQDQ FRQWUDU\ WR

&K
3 JQDQ IRU PQDQ 4 SD
UQDQ IRU 23,3 6 ODFXQD RI
%'-1/3








%'-14  NQ OQJD

JWVDQJ 3 EWVDQJ


3 EDV  4 EDnL IRU EDV

%'-143 SDU IRU SD

VXSHUVFLEHG U IURP RULJLQDOO\

P6QDQ"



3 RP 
-3 -.: IRU .: 4 ODFXQD

RI RQH OHWWHU EHWZHHQ VXP

DQG FX ILOOHG ZLWK WVKHJV

WKURXJK GHOHWLRQ RI

13 RP  >1 JDS

EHWZHHQ nDP DQG Q\L RI WKH

VDPH VL]H DV WKH JDS
EHWZHHQ WKH IROORZLQJ nDP 
DQG WKH QXPEHUV 7 

DERXW RQH WKLUG RI D OHWWHU

EHWZHHQ P DQG QDQ RI
PQDQ FDXVHG WKURXJK
GHOHWLRQ RI WVKHJ" ILUVW Q
RI P2,3 YHU\ WDOO FDXVHG

0L<X-V1D3X4L4V )V QRW UHDGDEOH

OQJD EFX nDP 



%J

GHU

JL8





FKXG PL ]D EDnL FKRV FDQ GH VHPV FDQ

J]KDQ



PL JWVDQJ

EDV



Q

JFL

EOWDU PL VQDQJ EDU J\XU FLQJ

DEHUUDWLR RFXOL 7 GDQJ 



Q\DO Q\LO J\L JQDV GHU

 

SDV

EVKDQJ

% RP

$

$VJ
@
ULJV N\L EX J]KDQ \DQJ nGL OWD VWH  GSHU QD  UXO EDnL OXG N\L NKXQJ VODG VQJ  JFLQ

GDQJ  GUL PL ]KLP SDV  \RQJVX GDJ SDnL OD GHnL GEXVX VN\HV EX J]KDQ ]KLJ nJUR ED
@
QD  JVHU N\L nFKLQ SD ]KLJ VWRQJ EDU J\XU QDV  GHU VODG VD GDQJ  JFLQ JFLQ GUL PL

]KLP SDU \RQJVX JDQJ  ULO EDnL OXG SKXQJ PL JWVDQJ ED J]KDQ UQDV N\LV EUQDQ SDV 

OD N\L VQDQJ EDU nJ\XU WH  GH QD GH OR EFX nDP  Q\L VKX nDP  VX FX nDP  E]KL
@
EFX nDP  GUXJ EFX nDP  EUJ\DU EUWVRQ SDU E\HG SD GH GDJ JL GRQ N\DQJ PD UXQJ EDU

PL nJ\XU ED nGXJ VWH  GHV GH QD VHV FDQ JDQJ OD \DQJ SKDQ SDU PL E\HG GH 

%J



%


D

ULJV N\L EX GDJ GH QDV OKDV OKDnL PLJ JLV JVHU

J\L JDU EXE ]OXPF SR  GH OD  EOWDV G

QDV H PL ]KLJI OD N\HJ PL NK\RG VRQJK OD nGL QD  ULQ SR FKHnL PFKRJL JVHUMN UXO SD
GDQJ  Q\DO Q\LO J\L UQDP SDV QRQ SD GHO E\LP GRU J\LV ODQ JVHU J\LV JVHU J\LR
E\D ED J\LVS VKLJ FHV EVJR QD ULJV N\L EX GDJ UXO SDT GDQJ  Q\DO Q\LO J\L
5

UQDP SD ]KHV E\D ED GH QLU Q\RQ PRQJV SD UQDP SDV VQD WVKRJV N\L WVKLJW EODX GDJV
VR Y JVHUZ J\L JDU EX ]KHV E\D ED GH QL FKXG[ PL\ ]D EDnL FKRV FDQ J\L WVKLJ] EOD
GDJV VR DD OKDV OKDnL PLJEE FHV E\D ED GH QL  GH E]KLQ JVKHJVFF SD GJUD EFRP SD
\DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV N\L WVKLJ EOD GDJV VR GG ULJVHH N\L EX GDJII
GH OWDU GH E]KLQ JVKHJVJJ SD GJUD EFRP SD \DQJ GDJ SDU UG]RJV SDnLKK VDQJV UJ\DV

10

N\DQJ  VHPV FDQ WKDPV FDGLL ODMM GH E]KLQ JVKHJV SDnL FKRV Q\LGNN FKXG PL ]D ED
\RG SDnLOO Q\RQ PRQJV SD UXO SDPP GDQJ  nGDPQQ UG]DERR OWD EX UQDPVSS EVDOTT EDnL
SK\LU  VHPV FDQUU UQDPVVV OD FKRV VWRQ WR 

%4 SRV IRU SR

%-4 RP OD

%'-14 RP  / VSXQJV






VKDG DIWHU ILUVW V\OODEOH

3 OD 

%'-14/3 QL IRU QD VHH

WKH SDUDOOHO YHUVH 5*9 ,
FLWHG LQ WKH QRWH WR P\
WUDQVODWLRQ

e DVPLQ e

%'-143 RP 
4 ED '-16 SD RU ED "

'- RP 



3 N\L IRU J\L %4 J\LV IRU

J\L

%'-14 OD 

%-14/3 RP JVHU J\LV


FRQWUDU\

WR VDPH
FRQVWUXFWLRQ LQ $I

3 RP VKLJ 3 ]KLJ






%4

EJR

3

QD

3

EVJX



%-143

GDJ



%43 RP 
/3

GDJVR

>/

GDJVR

EHIRUH VWULQJ KROH@ 7



GDJV8R >GDJVR 0203/0/ 94

GDJV 8R WKURXJK VXEVFULSWLRQ
RI D VHFRQG
8
@

/13 GDJVR >1 GDJVR 

DW WKH HQG RI WKH OLQH@



%'-14 RP 
-1 N\LV

/3 GDJVR

3 GD IRU GH

%'-143 RP 

3 SD 





%'43 RP 

%J


'K,)V=L

IRU



%

$VJ
GH QDV ULJV N\L EX JVHU N\L nFKLQ SD GH OKDV nSKUXO J\LV PLJ JL PWKRQJ QD  VN\HV EX
J]KDQ@ ]KLJ nGL VPUDV VR  N\H VN\HV EX VRQJ OD nMLJV QD  ULQ SR FKH PFKRJ JL JVHO UXV
SD nL OXG N\L QRQ FLQJ nGXJ SD GH OD \RQJVX VE\RQJV GDQJ  JVHU N\L JVHU N\L GRQ E\HG
@

GR  ULJV J\L EX UXO SDnL OXG NKDQJ ]KHV E\D ED nGL QD Q\RQ PRQJV SD VQD WVKRJV 
5

UQDP SD GX PDnL WVKLJV EOD GDJ VR  JVHU J\LV nFKLQ SD ]KHV E\D ED QL FKRV Q\LG PD
UXQJ EDU PL nJ\XU EDnL WVKLJV EOD GDJ VR  OKDnL nSKUXO J\LV PLJ FHV E\D ED QL  GH
@

E]KLQ JVKHJV SD GJUD EFR SD \DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV N\L WVKLJV EOD GDJ
VR  ULJV J\LV EX nGL QL GH E]KLQ JVKHJV SD GJUD EFRP SD \DQJ GDJ SDU UG]RJV SDnL
VDQJV UJ\DV N\LV PD UXQJ EDU PL nJ\XU bai
10

>D@

FKRV Q\LG \RG SD OD Q\RQ PRQJV

SDnL UXO EDnL nGDP GX J\XU SD PHG SDU E\D EDnL GRQ N\L SK\LU VHV FDQ UQDV OD FKRV
nFKDG GR 


1RW FOHDU QD RU QL"

%J


*D7 RPLW EXW FRQWUDU\ WR IRXUV\OODEOH UK\WKP

nJ\XU ED IRU DYLQwDGKDUPD 
V



 FI %WK

FKRV P[KF PD UXQJ EDU PL

&


GH QDV GHnL WVKH EFRP OGDQ nGDV N\LVD WVKLJV VX EFDG SD nGL GDJE ENDn VWVDO WR F
>@

ML OWDU PL \L JVHU J\L JDU EXG QL H

Q\DO Q\LO UQDP SDnLI QDQJ GX OKXQJ J\XU OD 
GHU GH OR QLJ PL Q\XQJ EDK ]KLJL WX M
GHN OWDU JQDV N\DQJ PL nMLJ FKRV FDQ QRO P




Q
>@ OKD \LV OKD \L PLJ JLV GH PWKRQJ QDV 
R

UQDP SDU VE\DQJ SK\LU J]KDQ

OD VPUDV



SD

QL 

nGL QD ULQ FKHQS PFKRJ JLT JVHUU \RG SDV 
UQDP SDU VE\RQJVW OD GHV QLX E\D ED J\LVY Z
>@

10

GH E]KLQ QJDV[ QL VHPV FDQ WKDPV FDG N\DQJ \

Q\RQ PRQJV UQDPV N\LV \XQ ULQJ UWDJ QRQ] PWKRQJ 

GH GDJ JL QL EOR EXU Q\RQ PRQJV VKHV 

UDQJ E]KLQ VE\DQJ SK\LU WKDEV N\LV FKRV VWRQ WR 




DD

EE

/7 WVKLJVX
67 \LV IRU \L

3 FI . IQ 

FF



67  >6 DW WKH HQG RI WKH

OLQH@

%4 nMLJV IRU nMLJ



3 OKDV QL IRU OKD \LV

3 OKDnL IRU OKD \L >3



3 JL
3 VPUD

GG

3



ED

%'-

QL

IRU

QD

3

QD

ZLWK

JL JX DERYH
3 LQVHUW UN\DQJ VKDG

D GHOHWHG



EHQHDWK WKH OLQH IRU Q\LV

VKDG HQG RI SGD KDG
SUREDEO\ EHHQ RYHUORRNHG
>3 UN\DQJ VKDG IRXU WLPHV

X{P<

FURVVHG RXW " JL JX

DERYH DQG nD FKXQJ EHQHDWK
V QRW FOHDU@

V

DV ORQJ DV XVXDO LQ ERWWRP

OLQH@

1 /08 3 /0 IRU /08

%4/ N\L >4 DW WKH HQG RI

WKH OLQH@
%'-14 JLV FRQWUDU\ WR



%'-14 ZKLFK PDUNV

VHQWLHQW EHLQJV DV WKH DJHQW

RI NQRZLQJ DERXW WKH QDWXUH

RI GHILOHPHQWV FI 5*9
,

%-437

JOR

%J
>@



>@

>@

>@



-L

IRU

EXW

'K,)V=L 147
\DWKNPD


FI 7LE D PWKRQJ

FI

IRU DQXNOD

 PLJKW EH HYRNHG E\ F

'K,)V.X0L6R<X-V1D3X4L4V=L

147

ZKLFK ILWV LQWR WKH FRQWH[W RI WHDFKLQJ WKH YDULDQW





&

$VJ

GH QDV EFR OGDQ nGDV N\L GHnL WVKH GHnL GXV QD  WVKLJVX EFDG SD nGL EVKDGR (
>@

FL OWDU VN\HV EXnL JVHU PLQ

OXG N\L NKRQJ GX VWRU J\XU SD 

GHnL GH OD OR PL Q\XQJ
FKRV Q\LG PD UXQJ PL nJ\XU JQDV 

>@

OKDnL nSKUXO PLJ GH PWKRQJ QDV 

GH VE\DQJV SK\LU QL J]KDQ OD VPUDV 

(

JVHU nGL QL ULQ FKHQ PFKRJ

UQDP SDU GH VE\DQJV GRQ N\DQJ E\HG 

10

>@

QJDV QL GH OWDU VHPV FDQ WKDV FDG PWKRQJ 

\XQ ULQJ GX Q\RQ PRQJV SD WKDV FDG QRQ 

GH GDJ Q\RQ PRQJV  JURnXU VKHV SD QD 
(

UDQJ E]KLQ J\LV UQD SDU WKDEV N\DQJ VPUDV 

%J
>@

>@

>@



$




,
.
ULJV N\L EX GDJ J]KDQ \DQJ nGL OWD VWH GSHU QD  GEXO SR ]KLJ JL NK\LP J\L QDQJ


/
0

 
JL PG]RG N\L nRJ JL VD OD JWHU FKHQ SR GE\LJ GDQJ JVHU J\LV UDE WX JDQJ ED 


PG]RG N\L WVKDG WVDP ]KLJ PL EGXQ VULG N\L

FKHQ SR



\RJ

L 

GH PL GEXO SR GH OD nGL VNDG GX 

P

FLQJ nGXJ JR



]KHV QL

PL VPUD

VDV



\RJ



SDnL nRJ QD



N\H PL QJD



>$

VWH 



\RG OD 

QL JWHU FKHQ

JWHU



SR VWH 

J
O

VDV


nGL OWD VWH  JWHU FKHQ SR QL VHPV

R
S
T
U
N\L QJR ER Q\LG N\LV VHPV FDQ PD \LQ SDnR  PL GEXO SR NK\LP J\L EGDJ SR GH QL

GEXO EDnL



V
W
X
Y

VHPV N\LV UMHV VX VHPV VKLQJ GH Q\LG N\L VWHQJ QD
UQDP SDU UJ\X

Z 
[
\ ]
\DQJ  VDnL nRJ QD JWHU FKHQ SR \RG SD GH PD WKRV PL VKHV PD PWKRQJ QJR  ULJV

N\L EX GDJ

10

DD

GH E]KLQ GX VHPV FDQ WKDPV FDGEE N\LFF PQJRQ SDUGG ]KHQHH SDnL \LG OD

E\HGII SDJJ NK\LP OWDKK EXU J\XULL SDnL nRJ QD  GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL
VWREV GDQJ MM PL nMLJV SD GDQJ NN PD nGUHV SD GDQJ OO VDQJV UJ\DV N\L FKRV WKDPV FDG
N\L PG]RG N\LPP JWHU FKHQ SR \RG N\DQJ  VHPVQQ FDQRR GH GDJ J]XJV GDQJ  VJUD
GDQJ SS GUL GDQJ TT UR GDQJ UU UHJVV SD ODWW FKDJV SDVXX VGXJ EVQJDO EDVYY nNKRU ED
QDZZ nNKRU WH [[ FKRV N\L JWHU\\ FKHQ SR]] GHDDD PD WKRV SDV WKRE SDU PD J\XUEEE

15

FLQJ \RQJV VX VE\DQJFFF EDnLGGG SK\LU EUWVRQ SDU \DQJ PL E\HG GR000 111




'-13 890

%  '-1 RP 

J\L 3 RP JL

JLV

%'-14 GDQJ 

%43 -,7


3

%3

%'-143 RP  / 

%4 N\LV 3 RP N\L

3 SDV IRU VDV %4 VD IRU
VDV

%'-14 J\RJV IRU \RJ







3

QD 

%'-1467  3 RP 

%'-14 RP 



3



QJDkK QL

%4 RP 

%'-14 J\RJV

%-4 JR 

%'-143 RP QL




'-1 RP 

$%4 RP  7 RP nGL OWD
VWH 

/6 SR IRU EDnL SD
 7

IRU

EDnL 3 SRnL IRU EDnL


37 RP QD


$%'-14 RP  /

YHUWLFDOO\ DUUDQJHG GRWV IRU

VKDG DW WKH HQG RI WKH OLQH

%J



QRWH LQ P\ WUDQVODWLRQ
$'3 RP 

3 RP GH GDJ

-1 nNKRG

%-14 GH IRU WH

$3 FLQJ 




$' RP 
$%'-143 RP nL VHH






/7 \RQJVX

$ EDU /67 SD

3 RP \DQJ

$

$VJ
ULJV N\L EX J]KDQ \DQJ nGL OWD VWH  GSHU QD  GEXV SDnL NK\LP N\LV QDQJ UH OWRnL nRJ JLV
VD JVHU FKHQ SR nNKRU UJ\DQJ JUDJV N\L WVKDG QRU GDQJ  JVHU J\LV \RQJVX JDQJ

ba

@
VN\H ED EGXQ VULG N\L nRJ QD  VD J\R FLQJ nGXJ FHV VPUDnR  N\DQJ nGL OWD VWH  GSHU

JWHU FKHQ SR GH OD \LG PHG GH  QJRER Q\LG N\LV VHV FDQ PD \LQ SD QD  JWHU FKHQ SR

@
GH VN\HV EX GEXV SR GH OD  N\H VN\HV EX QJD JWHU FKHQ SR nRJ QD  VDV \RJ FLQJ nGXJ

N\DQJ FHV VPUDnR  VN\HV EX GEXV SR NK\LP N\L EGDJ SR GH VHV FDQ GEXV SR UMHVX
VHV VKLQJ  QJDnL VWDQJ QD nJUR \DQJ JWHU FKHQ SR VD OD  nGXJ SD GHV 

ma

WKRV PL

@
VKHV PL JWRQJ QJR  ULJV N\L EX GH OWDU nGL E]KLQ VHV FDQ WKDV FDG GH E]KLQ JVKHJV

SDnL \HVKHV GDQJ  VWREV GDQJ  PL nMLJ SD GDQJ  VDQJV UJ\DV N\L FKRV PD nGUHV SD

10

@
PG]RG  JWHU FKHQ SR E]KLQ J\XU WH  JQDV VR  VHV GH GDJ J]XJV GDQJ  VJUD GDQJ 

GUL GDQJ  UR GDQJ  UHJ SD OD VD FKDJV SDnL SK\LU  VGXJ EVQJDO EDV nNKRU ED nNKRU
\DQJ PD WKRV SDnL SK\LU  GH GDJ JL FKRV N\L JWHU FKHQ SR

@
\RQJVX VE\DQJV SD GDQJ  QDQ WDQ GX E\HG SDU PL


1RW FOHDU 5, RU -,"

%J


>

=-L@

IRU

5:7:K,



gyuro 

rnyed

SDU PL nJ\XUR 

%


D

ULJV N\L EX GDJ GH QDV GH E]KLQ JVKHJV SD nMLJ UWHQ GX E\XQJ VWH  E\DQJ FKXE VHPV
G

GSDnL QDQJ GX nGL OWD EXnL FKRV N\L JWHU FKHQ SR \DQJ GDJ SDU UDE WX VWRQ WR  GH GDJ
J

N\DQJ FKRV N\L JWHU FKHQ SR

E\D VWH 

FKRV N\L

UWHQ QD GH
R

\DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV UQDPV VKHV

JWHU FKHQ SR OWD EXU J\XU

UNR VWH  GHnL SK\LU nMLJ

Q

E]KLQ JVKHJV SD GJUD EFRP SD

GH OD PRV QDV

QDV  VHPV FDQ UQDPV OD VQJRQ PD

E\XQJ EDnL JWDQ WVKLJV N\L UQDP SD GDQJ  GSH GDQJ  E\HG SDnL JWDQ WVKLJV GDQJ 


E\D ED UQDPV
]

VSREV SD GDQJ

VWRQ


10

JVKHJV

JJ

JWHU FKHQ SRnL PG]RG N\L VE\LQ EGDJ



OGDQ ]KLQJ 

FF

FKRV PDQJ SRnL

SD

GG

KK

LL

MM

NN

JVKHJV SDnL PLJ VKLQ WX



XX

E\DQJ FKXE VHPV GSDn

'1 ]KHV
'7 

$

OO

TT

SDnL

UU

\H VKHV

YY

DC

GLWWRJUDSK\ /67 OD VQJRQ

PD E\XQJ DC kCO  UPIQP

OC D[WPI EDnL > / @

$ GSHn 3 GE\H ED IRU
GSH

PP 

UQDPV OD FKRV VWRQ

UPIQP OC D[WPI EDnL

II



'K,)V@

VV

GDQJ 

$%'-143 RP  /

VSXQJV VKDG DW WKH HQG RI



WKH OLQH

3 WVKLJ
3 UQDP

3 EGDJ  >3 DW WKH HQG RI
WKH OLQH@

%3 GDQJ  >% VSXQJV VKDG


DIWHU VHFRQG V\OODEOH@


%'-143 RP 


>=

QQ

VHPV FDQ WKDPV FDG



VWREV GDQJ 

IRXUV\OODEOH UK\WKP







GH E]KLQ
RR

GH OWD EXU

PL nMLJV SD


VE\DQJ EDnL SK\LU 

WR 

%J

EE

VDQJV UJ\DV N\L

ULJV N\L EX GDJ GH OWDU GH E]KLQ

FKRV PD nGUHV SDnL PG]RG \RQJV VX

OD VQJRQ PD E\XQJ

HH

SD \LQ QR

\RQJV VX GDJ SDV

SS

GDQJ  VDQJV UJ\DV N\L

PL nMLJV SD GDQJ 

\DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV N\DQJ

GH E]KLQ JVKHJV
WW

DD

VWREV GDQJ 

PG]RG GX J\XU

SD GJUD EFRP SD

PWKRQJ QDV 



FKDJV SD PHG SDnL




%4 RP 
3

N\DQJ 

%'-143 RP 

%'-14 RP  7 

%43 RP 

/7 \RQJVX

$%'-14 RP  7 


%

$VJ
GH QDV ULJV N\L EX GH E]KLQ JVKHJV SDnL nMLJ UWHQ GX E\XQJ QDV  E\DQJ FKXE VHPV GSDn
GEXV QD E]KXJV WH  nGL OWD EXnL FKHV N\L JWHU FKHQ SR >E@ NXQ VWRQ WR  GH GDJ JL GH
ODV GDG QDV FKRV FKHQ SRnL JWHU WH EWRQ SDV  JQRG PL]D EDU GH E]KLQ JVKHJV SD GJUD
EFR SD \DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV VKHV E\D VWH  nMLJ UWHQ GX FKRV N\L JWHU
5

GX J\XU QDV @ VHPV FDQ UQDV OD ULP N\L WKRJ PDU UJ\X GDQJ  UQDP SD GDQJ  GSH
GDQJ  GJRQJV SD GDQJ  E\D ED VPUD ]KLQJ FKHQ  FKHQ SRnL PG]RG N\L EGDJ JR 
VSREV SD PD WKRJV SD nR  VKHV UDE PDQJ SRnL PG]RG GX J\XU SDnR  ULJV@ N\L EX nGL
OWDU GH E]KLQ JVKHJV SD GJUD EFR SD \DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV VKLQ WX
\RQJVX GDJ SDnL GH E]KLQ JVKHJV SDnL PLJ JL VHV FDQ WKDV FDG PWKRQJ QDV  GH

10

E]KLQ JVKHJV SDnL \HVKHV@ GDQJ  VWREV GDQJ  PL nMLJV SD GDQJ  VDQJV UJ\DV N\L FKRV
PD nGUHV SDnL PG]RG \RQJVX VE\DQJV SDnL E\DQJFKXE VHPV GSDn UQDV FKRV nFKDG
GR 

%J



&


GH QDV GHnL WVKH EFRP OGDQ nGDV N\LV WVKLJV VX EFDG SD nGL GDJ ENDn VWVDO WRD 
E
F
G
>@ ML OWDU GEXO SRnL NK\LP J\L nRJ ORJV QD 
H

GE\LJ GDQJ JVHU J\LV JDQJ EDnL JWHU \RG SD 

GH OD J\R EDnDP

QJD QL NK\RG N\L

>@

UORP VHPV \RG PLQ WH 

\LQ ]KHV GH PL VPUD 

GH \L WVKH QD VHPV FDQ NK\LP EGDJ GH L

GEXO EDU J\XUM ODN UQDP SDU PL VKHV VKLQJ O
VXV N\DQJ GH OD EVQ\DG SDP PHG SDV QDQ R
GEXO SR GH QL GH \L VWHQJ QDS nGXJ T

36 N\L
1/7 WVKLJVX

13 JFDG 3 EFDV/
>
8
PDUNHG ZLWK GRWV
DERYH IRU GHOHWLRQ
/
LQVHUWHG EHQHDWK@

3 FI . IQ 

$% ED nDP

$3 GHnL IRU GH \L % \LQ
IRU \L


/ EVQ\HG 7 EUQ\HG

FRQWUDU\ WR

&K

EVQ\DP 3 VQ\HG

QD IRU QL

%36 GHnL IRU GH \L 4 \L


3

3

.42570880/

%J
>@


>@

.X0L6R<X-V1D3X4L4V=L EXW QRW )V DV YDULDQW LQ -L HUURQHRXVO\ LQGLFDWHV

FRQWUDU\ WR SDUDOOHO LQ $



LQVWHDG RI

&

$VJ
GH QDV EFR OGDQ nGDV N\L GHnL WVKH GHnL GXV QD  WVKLJVX EFDG SD nGL EVKDGR (
>@

FL OWDU GEXV SRnL NK\LP GX JWHU

QRU N\L JDQJ EDU VQRG J\XU SD 

PL J\R PL VHPV GH PL VPUDV 
5

>@

VHPV FDQ GH QL NK\LP EGDJ VWH 

PL VKHV SDV QD GEXV J\XU SD 

J]KDQ ni VX \DQJ GH OD PL EVWHQWH 
GHnL VWDQJ QD GEXV SR( VKLQ WX JQDV 

%J
>@

>@



&

>@

10

GH OWDU QJDV QL VDQJV UJ\DV PLJ JLV VX 

VHPV FDQU GH GDJ WKDPVV FDG GEXO nGUDW ODX 
GH GDJY UQDPV OD JWHU FKHQ \RG SD GDQJ 
J\R ED PHG FLQJ EGH JVKHJV OXV VXZ PWKRQJ [

>@

QJDV QL GH PWKRQJ\ E\DQJ] FKXE VHPV GSDnDD OD EE

NK\RG N\LVFF QJD \L \H VKHV PG]RG ]XQJ OD GG

15

GEXO ED PHG FLQJ nMLJ UWHQ PJRQHH J\XUII GDQJJJ KK

EOD PHG FKRV JWHU nJ\XU EDU J\LV VKHVLL EVWDQMM NN
>@

JDQJ GDJ QJDV EVWDQ

OO

PP

SD OD PRV J\XU SD 


QQ



VHPV FDQ GH GDJ NXQ OD JWHU \RG GR 

RR

SS

JDQJ GDJ PRV QDV EGDJ Q\LG UWVRO E\HG SDTT 

20

UU

GH GDJ P\XU GX E\DQJ FKXE PFKRJ WKRE

\L FRPSUHVVHG
3 RP OD 3 RP SD OD

%'-143 OD IRU SD

/3 JLVX >3 DW WKH HQG RI

WKH OLQH@

%3 QJDnL IRU QJD \L 4




VV

nJ\XU 



/1 n

WKRE 6 PWKRE

%J


>@

>@


>@


'K,)V.X0L6R<X-V1D3X4L4V=L
'K,)V.X0L6R<X-V1D3X4L4V=L





'K,

'K,)V

IRU

147

147

)V.X0L6R<X-V1D3X4L4V
LQVWHDG RI

IRU

YDULDQW FRQWUDU\ WR WKH SUHYDLOLQJ UK\WKP RI  DQG  V\OODEOHV LQ

WKH ILUVW DQG WKLUG SGDV RI WKH YHUVHV RI

PXVW EH UHDG DV D FRPSRXQG

&K



&

$VJ
>@

GH OWDU QJDV QL VDQJV UJ\DV PLJ JLV PWKRQJ 

VHV FDQ nGL NXQ UDE WX GEXV J\XU SD 

10

GH OD JWHU FKHQ SR VKLQ WX \RG SD QL 

EGH EDU JVKHJV SD N\LV OXV QL PL J\R ED 
>@

QJDV PWKRQJ @ E\DQJFKXE VHV GSDn OD \DQJ VPUDV 

\HVKHV N\L QL PG]RG FKHQ NXQ N\DQJ WKRQ 

PL GEXO nMLJ UWHQ N\LV PJRQ SRU J\XU 

15

EOD QD PHG SD FKRV N\DQJ QRU \DQJ VE\LQ 

>@

JDQJ FLJ QJDnL VD EVKDG SD GH OD PRV 

VHV FDQ OD QL JWHU \DQJ \RG @

JDQJ ]KLJ VKLQ WX PRV VKLQJ EUWVRQ E\HG SD 
GH QL E\DQJFKXE PFKRJ N\DQJ P\XU UQ\HG GR 

20


1RW FOHDU VE\LQ RU VS\LQ"

%J
>@

>@

>@



6A


D

H 

ULJV N\L EX GDJ J]KDQ \DQJ nGL OWD VWH  GSHU QD  VKLQJ D PUDnL nEUDV EX nDP 
I

nG]DP EXnL nEUDV EX nDP 

O

SK\L VKXQ J\L

WD ODnL nEUDV EX nDP

 VSDnL nEUDV EX \DQJ UXQJ VWH 

VEXEV N\L QDQJ QD  P\X JXnL VD ERQ FKXG PL ]D EDnL FKRV FDQ
V

\RG SD JDQJ JLV VD OD EWDE QD  VKLQJ JL UJ\DO SR FKHQ SRU



EX GDJ GH E]KLQ GX GH E]KLQ JVKHJV SD \DQJ nMLJ UWHQ QD

DD

GDQJ 

EE

]KH


SDnL SK\L



FF

VGDQJ GDQJ  JWL PXJ GDQJ  VUHG SD GDQJ 

GG

VKXQ J\L



VEXEV N\LV

$%4673 RP 
% GRXEH VSXQJV VKDG DW WKH
YHU\ HQG RI WKH OLQH 34 










GNULV

1 VKDG RQO\ XSSHU KDOI

37  3 RP 




WKH WRS OLQH RI WKH IROLR

3 RP GH E]KLQ GX 7 RP

GX




PDnL IRU ODnL




-L-V1D3X4L4V=L.X0L6R<X

'K,-V4L.X0L6R<X

1D4V=L

IRU


EXW VHH E

)V XQFOHDU





nGRG FKDJV

PD ULJ SDnL Q\RQ PRQJV



%4 RP QD

%J

JQDV SD

II

VKDG DIWHU ILUVW V\OODEOH LQ

%4 

nJ\XU UR  ULJV N\L

JJ

SDU PWKRQJ QJR 

$%'-143 RP  67 


$%'-14 RP  6 VSXQJV

'-1 RP 

3

HH

NXQ WX

YZ

$/673 RP QD VHH P\

WUDQVODWLRQ

5, 
SK\LU FRQWUDU\ WR
RJ[K VKXQ LQ $
%'-143
'37

N\L
ENULV

%43
3

6A

$VJ
ULJV N\L EX J]KDQ \DQJ nGL OWD VWH  GSHU QD  DP EUDnL nEUDV EX nDP  ED VD QDnL nEUDV
@

EX nDP  nMDP EXnL nEUDV EX nDP 

talai nEUDV EX nDP  nGHE nGUHnL nEUDV EX nDP  VKXQ

SKUDJ N\LV PG]RG N\LV GEXV QDV  VD ERQ GDQJ  P\X JX nE\XQJ EDU nJ\XU ED \DQJ PL
nMLJ SDnL FKRV Q\LG GH  VD OD EWDE GDQJ  VKLQJ JL UJ\DO SR FKHQ SRU

>D@

E\HG SDU

J\XUR  ULJV N\L EX GH OWDU GH E]KLQ JVKHJV SDV  GH E]KLQ JVKHJV SDnL PLJ JLV nGRG
FKDJV GDQJ  ]KHVGDQJ GDQJ  JWLPXJ GDQJ  VUHG SD GDQJ  PDULJ SDnL PG]RG GX nMLJ
@

UWHQ ]KXJV VKLQJ JQDV SD

%J



6B


GH OD nGRG FKDJVD GDQJ E ]KH VGDQJ GDQJ F JWL PXJ GDQJ  VUHG SD GDQJ  PD ULJ
SDnLG Q\RQ PRQJV SDnLH VEXEVI N\L QDQJ QD VQ\LQJ SRU J\XUJ SD GH E]KLQK JVKHJV SDnL
FKRV Q\LG GH QL VHPV FDQ ]KHV E\D EDnL PLQJ GXL FKDJV VR  GH OD JDQJ EVLO EDU
J\XUM SDN GH QL P\D QJDQ ODV nGDV SD VWH O PD ULJP SDnL Q\RQ PRQJV SDnL VEXEVQ \RQJV
5

VX VE\DQJV SDnL SK\LU  VHPV FDQ J\LR NKDPVS N\LT \H VKHV FKHQ SRnL WVKRJV VX
J\XUU SDV JDQJ \LQ SDW GH QL UQ\HG SDnR X VHPV FDQ J\L NKDPV N\LY \H VKHV FKHQ
SRnLZ WVKRJV GDP[ SD\ GH QL  GH E]KLQ JVKHJV SD ML OWD] ED GH E]KLQ GX VPUDDD EDU
OKD GDQJ EFDV SDnL nMLJ UWHQ J\LVEE PWKRQJ QDVFF GG GHHH E]KLQ JVKHJV SD ]KHV E\D
EDnLII nGX VKHV VXJJ E\HG GRKK  ULJV N\L EX GDJ GHLL ODMM GH E]KLQ JVKHJV SDV GH OWDU

10

PWKRQJ QDV  E\DQJ FKXE VHPV GSDn VHPVNN GSDn FKHQ SR UQDPVOO OD  GH E]KLQ
JVKHJV SDnL \H VKHV NKRQJ GX FKXG SDU E\D EDnL SK\LUPP GRQ GHQQ Q\H EDU VWRQRR
WR SS



%7 VULG
$4 RP  / VSXQJV VKDG

\RQJVX
%4 VE\DQJ

%43 EDnL 6 EDnL RU SDnL


DIWHU ILUVW V\OODEOH LQ WKH WRS





OLQH RI WKH IROLR

"

%'-14 RP 
/7 WVKRJVX

%'-143 RP 

%43 SDkK ML

SD 
$3 QL 
$3

/13 FKDJVR >3 FKDJVR 

DW WKH HQG RI WKH OLQH@


'/67 EVDO FRQWUDU\ WR

&K

 3

/7











3

SDnL IRU SD

]KHV

3 RP

$3  >$ DW WKH HQG RI WKH

OLQH@





JVLO





$%4 RP  7 

$' RP  7 
%4

NKRQJV

3 EX

%/3

IRU

J\L

ED

%J






=L

IRU

FRQWUDU\ WR

-V1D3X4L4V0L<X

&K
IRU

DQG

7LE EVLO EDU J\XU SD oFRROp



6B

$VJ
GH QD nGRG FKDJV GDQJ  ]KHVGDQJ GDQJ  JWLPXJ GDQJ  VUHG SD GDQJ  PD ULJ SD GDQJ 
Q\RQ PRQJV SDnL PG]RG N\LV GEXO N\L VQ\LQJ SRU GH E]KLQ JVKHJV SDnL FKRV Q\LG
N\DQJ JQDVR  GH OD JDQJ VHV FDQ GX nGX VKHV SD ]KL EDU( J\XU QD  PD ULJ SDnL Q\RQ
PRQJV SDnL PG]RG  \RQJVX VE\DQJV SDnL VHV FDQ N\L NKDV GH \HVKHV FKHQ SRnL
5

SKXQJ SR Q\LG UQ\HG SDnR  GH VHV FDQ PFKRJ VWH  \HVKHV N\L SKXQJ SR FKHQ SRnR 
FL OWDU NKRQJ GX FKXG( SD GH E]KLQ GX VPUD VWH  OKD GDQJ  nMLJ UWHQ GX EFDV SDV
PWKRQJ QDV  GH E]KLQ JVKHJV SD ]KHV nGX VKHV E\HG GR  ULJV N\L EX GH GDJ GH E]KLQ
JVKHJV SD GH OWDU  ]KLQJ  E\DQJ FKXE VHV GSDn VHV GSDn( FKHQ SR UQDV GH
E]KLQ JVKHJV SDnL \HVKHV NKRQJ GX FKXG SDU E\D EDnL SK\LU  GRQ GH VWRQ WR 

%J






6HH WKH QRWH LQ P\ WUDQVODWLRQ IRU "

>-L( VHH WKH QRWH LQ P\ WUDQVODWLRQ
>-L(

VHH WKH QRWH LQ P\ WUDQVODWLRQ



IRU

"

6C


GH QDV GHnL WVKH EFRP OGDQ nGDV N\LV WVKLJV VX EFDG SD nGL GDJ ENDn, VWVDO- WR. 
G

H

>@ ML OWDU VSD \L nEUDV EX WKDPV FDG QL 
I

QDQJ QD VSD \L

WD OD

GDQJ

P\X JX \RG SD VWH

QL nG]DP EX



NXQ OD nDQJ

\RG N

QDQJ QD \RG SDnL nEUDV EX EVN\HGO QDP VN\HQ R

5
>@

GH E]KLQ FKRV N\L GEDQJ SK\XJ nGUHQS SD \DQJ T

VHPV FDQ WKDPV FDG VSD \L VD ERQU nGUD 8
9

GH NXQ QDQJ QD EGH JVKHJV OXV \RG SDU 



]DJ PHG VDQJV UJ\DV PLJ JL

/7 WVKLJVX
$3 VSDnL IRU VSD \L 3
VSD nL IRU VSD \L

3 VHH . IQ 






$3
3

GH

VSDnL
IRU

IRU

nMDPEX \W( 3 nMDP

EX

$% OD nDQJ IRU ODnDQJ 3

IRU nDQJ 3 RP nDQJ

$3 VSDnL IRU VSD \L

$3 nGUDn


\DQJ

VSD \L

VWH

QDQJ IRU GDQJ

$

1

GDP SDV PWKRQJ

%J
>@

>@



'K,-L@

>

DOO YDULDQWV PHQWLRQHG LQ

-L UHDG







%'-14 QL IRU JL FRQWUDU\


WR &K
3 JLV IRU JL 3 PLJLV IRU



PLJ JL
'-1 WKRE IRU PWKRQJ



6C

$VJ
GH QDV EFRP OGDQ nGDV N\LV WVKLJVX EFDG SD nGL JVXQJV VR 
>@

FL OWDU nEHE WUDnL nEUDV EX P\X JX ED 

(

GH GDQJ WD ODnL SK\LURO VKXQL SKUDJ \RG 

nG]DP EX NXQ N\LV GEXV QD \DQJ QL \RG 

GH EWDQJ EDV QL GRQ N\DQJ nE\XQJ EDU nJ\XU 


>@ GH OWD nGUHQ SD FKRV N\L GRERV N\DQJ 
(

nL VD ERQ GH E]KLQ VHPV FDQ NXQ 

GHnL ]DJ PHG PLJ  JLV PWKRQJ ED QL 

GHnL GEXV QD  EGHU JVKHJV OXV N\DQJ \RG 




1RW FOHDU nEDE EDE nEHE RU EHE"

1RW FOHDU GRERV RU QJRERV"

%J
>@

>@



6C


>@ VEXEV EVKLJ

10



PL VKHV QDQJ

PD J\XU GH QL

VHPV FDQ EUMRG 

\

QD JQDV N\DQJ UORP VHPV PHG 

DD

WLQJ nG]LQ WKRE VWH JQDV QDV

GG

EE

UDE

FF

]KL VWH 
HH

GH OD J\R ED FL \DQJ
>@



\RG PD \LQ 

GSHU QD VGRQJII FKHQJJ VDKK ERQLL ODV E\XQJ OWDU MM

VHPV FDQ nGL GDJ ML OWDU nWVKDQJ UJ\D ]KLQJ 

15

OKD GDQJ EFDV SDnL nMLJ UWHQ VN\DEVNN nJ\XU ]KHV 





OO
\RQJV VX VE\DQJ EDnL GRQ WX FKRV JWDP VPUD 


EVKLJV IRU EVKLJ 3

VKLJ IRU EVKLJ 34 SD VKLJ
IRU EVKLJ

%3 QD IRU QL
-1



%-143

FRQWUDU\ WR

JDQJ IRU QDQJ

%WK GEXV DQG


&K 
/73 \RQJVX



%J
>@

>@



%'- VSDQJ IRU VE\DQJ 4

VSDQJ RU VEDQJ "

%3 SDnL




%'-1473 /:

6C

$VJ
10

>@ 8HV

FDQ

nGL GDJ WKDGDG PG]RG SD \LQ 

PL VKHV SDnL GEXVX JQDV par PNK\HQ 

(

WLQJ QJH nG]LQ WKRE FLQJ  ]KL OD JQDV SD QL

nGL OD QDP yang J\R ED PHG SDU nJ\XU 
>@

GH VE\DQJV SDnL SK\LU QL FKRV N\DQJ VPUDV 

FL QDV nGL NXQ VDQJV UJ\DV SDU J\XU WR 

15

FL OWDU VD ERQ VKLQ FKHQ nE\XQJ ED E]KLQ 

(

OKD GDQJ EFDV SDnL nMLJ UWHQ VN\DE nJ\XU ED 



6PDOO FLUFOH LQ WKH ERWWRP KDOI RI WKH OLQH FRXOG EH D V\PERO IRU 6NW LWL

%J
>@

>@



$

$
D

ULJV N\L EX GDJ J]KDQ \DQJ nGL OWD VWH GSHU QD  VN\HV EX GEXO SR ]KLJ OD  GH E]KLQ
G

JVKHJV SDnL J]XJV ULQ SR FKH VQD EGXQ ODV E\DV SD  ODJ PWKLO WVDP ]KLJ \RG OD 
J

GH

QDV VN\HV
L

EX GEXO SR GHV

GJRQ SD ODV VKLQ



J\LV



WX nGDn EDU



PL WVKRU ]KLQJ 

 GH E]KLQ JVKHJV SDnL

P

nGRG SDU



Q\HV

E]KLQ JVKHJV


GNULV

10

FF

Y 

OO

N\LV PD

PP



ULQ SR FKH

SS

FLQJ



QQ

VKLQJ nJRPV


GXP EXnL WKXP EX



GDJ UDV N\L GXP EXnL

EEE

KKK

SK\H

LLL

VKLJ



MMM

FHV

$'-1 RP  %7 

$%'-14 RP 

'/67 SDnL UMW J]XJV VHH
0 IQ 

%43 RP  $'-163 


% OD JDU IRU ODJ 4 OD IRU
ODJ

%7  ' VSXQJV VKDG DIWHU


ILUVW V\OODEOH
3 RP

GHV

$%'-143 RP  7 

'1/67

SDnL UMW J]XJV

%'-14 RP  / 


3 ED IRU EDU

$%'-14 RP  36 

%'-143 ML

3 E]KDQ 3 E]KLQ





%4

J\L

$%'-143 RP  7 

KK





RR

GRQJ
TT

nGL

EE

OD 

UDV UXO SDnL

NN



OD 





nGURQ





UDV UXO SD


UU

GUL PL
EGDV

VV

nEURJ QD JQDV SDnL OKDV OKDnL



[[

YY

\\



GH E]KLQ JVKHJV SDnL

GGG

N\LV

GH

GXP EXV

JDQJ QDV UOXQJ JLV



EX nGLnL QDQJ QD 



GHnL

SR UQDPV

 PL J]KDQ GDJ FLJ OD EVWDQ WH  N\H]]

FFF

nGULO ED

nMLJ UWHQ WKDPV FDG



VKLQJ

XX

ZZ

WKXP

SR FKH ODV E\DV SD 

JJJ

GHV GH UDV UXO SD

DD

nGXJ SD GDQJ 

WW

VPDG SDnL GQJRV





NXQ WX

E\DV SD



GH QD nSK\DQ

PLJ JLV UQDP SDU EOWDV QDV

N\LV

JJ

ODV

( SRU \DQJ VWRQ SD GDQJ 



VKHV

15

II

MM

UGRJ ODP

VKHV QDV  nJRPV

]KLP SDnL



HH

nEURJ

GH QDV VN\HV EX GH nEURJ GJRQ SD GH

J]XJV



QDV N\DQJ GH J]KDQ

SD JDQJ JLV N\DQJ nFKL EDnL GXV E\DV SDU PD J\XU

GG

LL

FL



SDnL

SD \DQJ



QDV 

UNXQ SRV PL NK\HU EDU E\D EDnL SK\LU 



J\XU

GUL PL ]KLP SDnL GXP EX GX PDV GNULV WH 

Q\LG GX

J]XJV GH NK\HU WH 

HHH

SK\DJ E\D

III

EDU

VN\HV EX
DDD

J]XJV

ULQ

nRV SD \RG

EVJRnR 

$%'-14 RP  / GRXEOH

VSXQJV VKDG DW WKH HQG RI
WKH OLQH

$7  %'-14 RP  3


VSXQJV VKDG DIWHU ILUVW

V\OODEOH

 QJHV


3 
IRU Q\HV
%'-14 GHnL VUJG /0

'1/67 SDnL UMW J]XJV


$%'-14 RP  7 

'43 EDnL

%13 ENULV 3 GNUL DW


WKH HQG RI WKH OLQH



%4 OD PL IRU ODP


$%'-143 ]KLQJ

36 nJURQ

$34 EJRPV

3 RP nJRPV VKLQJ


$%'-1463 RP 

%J





' SD RU ED " 4 -, 3

5, ZLWK VPDOO OHWWHUV EHQHDWK

WKH OLQH
3



WKXP

43 IRU WKXP ,9

FI %WK GDP 43


 /:

kK nGL
-,


 ]KHV

FPIQU
RQT
SDnL


%-43  
3 
%'-143 
3 

[CPI
UVQP RC FCPI  kDTQI PC
IPCU RCkK OKDV > 3 GD QJD
IRU GDQJ@ DEHUUDWLR RFXOL

%4 OWDV
%'-14 RP  7 

%'-143 JFLJ

%'-4 GXP EX kFK [K WKXP



EX 1 GXP EX kFKnL WKXP EX

3 RP EXnL WKXP





%'-143 RP  7 

'1/67 SDnL UMW J]XJV

$

$VJ
ULJV N\L EX J]KDQ \DQJ nGL OWD VWH  GSHU QD VN\HV EX GEXO SR OD  GH E]KLQ JVKHJV SDnL


OXV ULQ SR FKH EGXQ ODJ PL WKDO WVDP \RG GH

JVK\HV SDL

>E@

OXV NK\HU QDV

GH QDV VN\HV EX GEXO SR GH GH E]KLQ

: nEURJ GJRQ SDU nJUR EDU nGRG de  FL OWDU J]KDQ N\L PL

UWRJ VKLQJ UJ\XQ SR PL nSKURJ SDnL SK\LU  UDV PD UXO SD PDQJ SRV GNULV VR  GH QDV


@
VN\HV EX GH nEURJ GJRQ SDU GDU QDG FLJ JL VKL EDU J\XU QDV  GH E]KLQ JVKHJV SDnL OXV

ULQ SR FKHU VDU PD UXO SD GHV GNULV SD  GH ODP GHnL GEXV QD nJURnR  PL ORQJ ED  PL
@
VKHV SDV  GQJRV SR VPUDG SDU \LQ SDU PWKRQJ QDV  UDO PD UXO SD GDP SRV GNULV

UOXQJ JL GHG nNK\DE SD nGL JD

pa

las E\XQJ ]KHV nJRQJ PFKRQJ ]KLQJ nJURnR  nEURJ GJRQ

SD GH QD JQDV SDnL OKDV nSKUXO N\L PLJ JLV PWKRQJ VWH  VN\HV J]KDQ ]KLJ OD EOWHQ WH 

10

@
nGL VNDG GX VPUDnR  N\H VN\HV EX UDV PDnL WKXP SR nGL NKURO GDQJ  GHnL GEXV QD GH

E]KLQ JVKHJV SDnL OXV GNRQ PFKRJ nMLJ UWHQ WKDV FDG N\L SK\DJ nWVKDO ED \RG GR



/DFXQD EHWZHHQ /0 DQG /0

1RW FOHDU /,7 3,/ RU /47 34/

%J

-L

IRU



%

%
D

ULJV N\L EX GDJ

GH E]KLQ GXE GH E]KLQF JVKHJV SD \DQJG VHPV FDQ WKDPVH FDGI Q\RQ

PRQJVJ SDnLK GNULL EDV GNULVM WHN O VPDG SDnL nRV VXP J\XU FLQJ  \XQ ULQJQ SRU nNKRU
EDnLR nEURJS GJRQ SD QD NXQ WX nNK\DPT SDU PWKRQJ VWH U ULJV N\L EX GDJ WKD QD GXG
nJURnL VN\H JQDVV VXW VRQJ EDX UQDPV N\DQJ UXQJY VWH  VHPV FDQ Q\RQ PRQJV SDZ VQD
5

WVKRJV N\L GNUL EDV[ GNULV SDU J\XU SD\ UQDPV N\L QDQJ QD \DQJ] GH E]KLQ JVKHJV
SDnLDD OXV QJDEE FL nGUD ED \RG SD PWKRQJ QJRFF GG ULJV N\L EX GDJ GH OD GH E]KLQ
JVKHJV SD QL  ML OWDU GH E]KLQ JVKHJV SDnLHH \H VKHV PWKRQJ ED  Q\H EDnL Q\RQ
PRQJV SD GDQJ EUDO ]KLQJ  \RQJV VX GDJ SDU J\XU OD II ML OWDUJJ GDKK OWDU QJDLL E]KLQ
GX nMLJ UWHQ WKDPVMM FDG N\LV SK\DJ E\DNN EDnLOO nRV VX nJ\XUPP VQ\DPQQ QDV  Q\RQ

10

PRQJVRR SDnL GNULSS EDVTT GNULV SD ODV WKDU EDU E\D EDnLUU SK\LU  E\DQJ FKXE
VHPV GSDn WKDPV FDG OD FKRV VWRQ WR VV


3 SD IRU FLQJ

%'-143 RP 

%'-14 UWDJ IRU NXQ

% VSXQJV VKDG DW WKH YHU\
HQG RI WKH OLQH ' VSXQJV

VKDG DIWHU VHFRQG V\OODEOH



3 RP 
%3

ENUL 3 RP GNUL




ENULV
%4 nGL IRU GH
%3

%'-143 RP 
%'-143 RP 





%'-14673 RP 
/7

\RQJVX

%7  3 RP 

%J

 



%3 ENULV IRU GNULV 4 GD

NULV IRU GNULV

3 PWKDU 3  WKDU >P

O
PDUNHG ZLWK WKUHH GRWV
DERYH IRU GHOHWLRQ@

/63 5,7


 7 QRW FOHDU

%'-14 RP 

%

$VJ
(

ULJV N\L EX GH OWDU nGL GH E]KLQ JVK\HV SDV VHV FDQ WKDPV FDG Q\RQ PRQJV SDV GNULV
SDU J\XU FLJ FLQJ  VPDQ SD \XQ ULQJ SRU nEURJ GJRQ SDU nNKRU ED ULJV N\L EX VHV
(

FDQ GH GDJ WKDV FDG FKXQJ GX QD  E\RO VRQJ GX VRQJ ED ODP  Q\RQ PRQJ8 SDL JRQJ
EXV EVJRQJV SDU J\XU SDnL GEXV

na

 GD OWDU QJD FL nGUD ED GH E]KLQ JVKHJV SDnL OXV

\RG SDU PWKRQJ QJR  ULJV N\L EX GH QD GH E]KLQ JVKHJV SDV  N\DQJ Q\RQ PRQJV SDnL
(

JRQJ EXV EVJRQJV SD ODV JURO EDnL SK\LU  FL OWDU GH E]KLQ JVKHJV SDnL \HVKHV PWKRQJ
ED \RQJVX GDJ SD GDQJ Q\H EDnL Q\RQ PRQJV SD PHG FLQJ  GD OWDU QJD FL nGUD ED GH
(

E]KLQ GX nMLJ UWHQ WKDV FDG N\L SK\DJ nWVKDO EDU J\XU FLJ FHV E\DQJ FKXE VHPV GSDn
WKDV FDG OD FKRV nFKDG GR 

%J

>-L@



&

&
GH QDV GHnL WVKH, EFRP OGDQ nGDV- N\LV WVKLJV VX EFDG. SD nGL GDJ ENDn VWVDO WR 

G

H
>@ ML OWDU GUL QJD VPDG SDU nRV UQDPV N\LV 
I

\RQJV VX GNULV

SD EGH EDU

JVKHJV N\L

J]XJV



ULQ FKHQ E\DV SD UDV GXP GNULV SD GH 

ODP J\L EDU QD ERU

WH



nNK\DP



J\XU SD

N



O
P
>@ OKD \L PLJ JLV GH QL PWKRQJ QDV VX 

Q
OKD GHV J]KDQ ]KLJ OD QL UDE VPUDV SD 

 R
nGL QD GH E]KLQ JVKHJV SD ULQ FKHQ \RG 

S
T
UDV GXP WKXP EX nGL QL P\XU GX SK\H 

U
>@ GH E]KLQ QJD \L OKD PLJ nGL nGUD ED 

10



GHV QL VHPV FDQ nGL GDJ WKDPV FDG N\DQJ 

Q\RQ PRQJV GNUL EDV GNULV QDV

nNKRU

EDnL VGXJ EVQJDO J\LV QL

/1 WVKLJVX
3 VULG IRU OWDU

%'-143 SDnL IRU SDU

3 VHH . IQ 









%3
/1

ENULV
J]X >/1 EHIRUH Q\LV

VKDG DW WKH HQG RI WKH OLQH@

%4 GRXEOH VSXQJV VKDG

DIWHU ILUVW V\OODEOH

-47

-1 GH IRU WH 3 RP WH
3 RP



3

UDE VGXJ EVQJDO 

%

nNK\DP 4+6 J\XU

\LV >V PDUNHG ZLWK WZR

GRWV DERYH IRU GHOHWLRQ@

3 OKDnL IRU OKD \L







3 GH
/34 QL IRU QD
3 PG]RG IRU \RG
3 EUMRG IRU \RG
3 WKXP IRU GXP 4

ODFXQD RI RQH OHWWHU EHWZHHQ

>@

>@


>@

'K,

IRU



PWKRQJ 

3 5, NC  3 5, NC 

%J



UWDJ JWVHV

GXP DQG WKXP ILOOHG ZLWK

WVKHJV

% QJD \L >ODFXQD RI RQH
OHWWHU EHWZHHQ QJD DQG \L JL
JX RI \K DERYH WKLV ODFXQD
IURP IRUPHU QJDnK DV LQ
3@ 3 QJDnL IRU QJD \L



37 

UWVH 3 JFHV 3 EUWVHV

UWVHV

%

4

&

$VJ
GH QDV EFRP OGDQ nGDV N\LV GHnL GXV QD  WVKLJVX EFDG SD nGL EVKDG GR 
>@

FL OWDU VPUDG SD GUL PL ]KLP 

EGHU JVKHJV SDnL OXV GNULV SD 

(

UDV PDQJ SRV  GNRQ PFKRJ ENULV 

GH QL ODP GX ERU ]KLQJ nJUR 

>@

nSKUXO N\L PLJ JLV GH PWKRQJ QDV 

OKD GHV  J]KDQ OD VPUDV SD QL 

UDV nGL UQDV P\XU GX NKURO GDQJ 
GH QDV GNRQ PFKRJ GH E]KLQ JVKHJV SDV
10

>@

>D@

GH OWDU QJDnL nSKUXO PLJ JLV VHV FDQ QJDV PWKRQJ ED 

Q\RQ PRQJV JRQJ EXU EVJRQJV SD VWH 

nNKRU EDnL VGXJ EVQJDO Q\RQ \DQJ PRQJV 
QJDV QL UWDJ WX JWVR ERU PWKRQJ 

%J
>@

>@

>@



-L

IRU

 

&

>@

QJDV QL Q\RQ PRQJV GNULV SDnL QDQJ\ GDJ QD ]

UJ\DO EDnL VNX QL PQ\DP SDU E]KDJ J\XU OD 

15

GH QLDD J\R ED PHG FLQJ PL nJ\XU \DQJ EE

GH \RQJV WKDU E\HG JDQJ \DQJ PHG SDUFF PWKRQJ GG
>@

QJDV PWKRQJ GH QDV VNXOHH PD EWDE SD QL 

E\DQJ FKXE PFKRJ WXII JDQJ GDJJJ ]KXJVKK SD Q\RQ 
LL

MM

GH OWDU VHPV FDQ FKRV Q\LG nGL nGUDU UWDJ 

NN

20

OO



PP

nGL QD \RQJV VX GNULV SDnL UJ\DO ED E]KXJV 



>@



QQ

RR

EGH EDU JVKHJVSS N\L \H VKHV \RQJV ENURO QDV TT

JDQJ WVKH Q\RQ PRQJV WKDPV FDG UDE ]KL ED UU
GH WVKH nGL QL VDQJV UJ\DV PLQJ WKRE VWH 
OKD GDQJ PL UQDPVVV VHPV QL UDE WX GJDn
99

25


HQG RI WKH OLQH 3



3 SD IRU E\HG

47 

3 EUWDJ

37 QL IRU QD

/7 \RQJVX

-13

WKDU 3 \RQJ8

%14 N\LV FI %WK \DQJ

JURO EGHU JVKHJV \HVKHV WH 

3 GNURO IRU ENURO



EDU 3 QRW FOHDU

%4 J]KDJ

3 \RQJV9 IRU \RQJV DW WKH




\RQJV 79

79 WKDU >\RQJ8

DW WKH HQG RI WKH OLQH@

3 VSURV IRU ENURO

3 PL IRU PLQJ 4 PHG IRU

PLQJ

%J
>@

>@


>@

'K,)V-V1D3X4L4V=L.X0L6R<X@

>
RI

WKH YDULDQW

LQ $ DQG  VHH IXUWKHU WKH YDULDQWV JLYHQ IRU

ERWWRP

 

LV SUREDEO\ FDXVHG E\ WKH RFFXUUHQFHV

LQ

1,- S  ZLWK UDGLFDO  DW WKH

&

$VJ
>@

Q\RQ PRQJV JRQ EX GH GEXV QD (

UJ\DO ED OXV N\DQJ GH JQDV WH 

15

GH \DQJ PL J\R PL VS\RG nGXJ 

nGL OD \DQJ JURO VX \DQJ PHG 
>@

QJDV GH PWKRQJ QDV nJURO EDU E\D 

E\DQJ FKXE PFKRJ GX JDQJ E\DV Q\RQ 

VHV FDQ FKRV Q\LG GH E]KLQ QR 

20

UWDJ GNULV GH QD UJ\DO ED JQDV 

>@ \DQJ JURO EGHU JVKHJV \HVKHV WH 

GH WVKH Q\RQ PRQJV NXQ ]KL J\XU 

GH QDV VDQJV UJ\DV PLQJ nRG JVDO ED 
OKD PL UDE WX GJDn VHPV N\L 

25

%J
>@

>@

>@




7KH FRQVWUXFWLRQ  o%HFDXVH >,@ KDYH VHHQ WKDWp LV XQFRPPRQ $Q HPHQGDWLRQ RI
WR LQ OLJKW RI 7LE %WK QJDV DQG &K   RU WR DV LQ D FRXOG EH DQ DOWHUQDWLYH
>-L@

7LE

\H VKHV &K



8A

$
D

E

ULJV N\L EX GDJ J]KDQ \DQJ nGL OWD VWH GSHU QD 

EXG PHG PJRQ PHG SDU J\XU SD 


F
G
H
I
J

K
PGRJ QJDQ SD  GUL PL ]KLP SD  VPDG SDU nRV SD  nMLJV VX UXQJ ED  EOWD QD PL

VGXJ SD  nGUH PR nGUD ED ]KLJ PJRQ PHG SDnL NKDQJ SDU ]KXJV QDV JQDV VR
GHU

JQDV SD GDQJ

VEUXP

N\DQJ 

EXG PHG GH

SDnL VHPV FDQ nGL FL

EE

II 

N\L

10



Z

 FF

ED

NN

%  '-13 RP 

%7  34 RP 

% GRXEOH VSXQJV VKDG DIWHU


4 RP 

VHFRQG V\OODEOH 3




%'-14 SDU IRU PDU

%7 

JUDQJ
OR ZURQJ
GHFRPSRVLWLRQ
RI
X
0
\Y
E EF VHH (LPHU 
"

%'-143 RP  7 


3

3



RR

\DQJ



GDQJ 

SDnL VHPV UMHV VX

Q\LG N\LV PJRQ



VHPV

EDU nNKRU ORV

GHnL PQJDO GX ]KXJV



JL

\LG OD PL

GG
LL

]KXP

SD GDQJ

OO 

SS

PHG SDnL

PQJDO GX ]KXJV

DD

E\HG 

HH

GH GH QD

VHPV VKLQJ

TT

NKDQJ

VJ\XU

MM

EGDJ JL

\LG OD PL E\HG

 GPDQ SD GDQJ 

PGRJ

PP

QJDQ SD



SD QD JQDV WH 

GXV



nGDn EDU E\HG GR

7 
/7 nMLJVX

3 GDQJ

\

\DQJ



VQ\DP

QQ

VQ\DP GX

PD ]KXJV VQ\DP SD

KK

GDQJ  GUL PL ]KLP SD

UU

GH GEXO EDnL



PQJDO QD nGXJ SDnL VHPV FDQ GH OD EGDJ

VDP

JJ

FKXQJ

JLV JGRQ PL ]D

nGUD ED ]KLJ

J]KDQ GX QD



NKR UX

JDQJ

SDU nJ\XU EDnL VHPV FDQ GH nGUD ED ]KLJ



PQJDO GX ]KXJV

J\XU WH 

EDnL UJ\DO VULG E\HG



PDU

 GH



%'-43 GHnL IRU GH

1 GDnL IRU GH

3 RP JL

3 E]KLJ IRU ED ]KLJ 13
ED ]KLJ RU E]KLJ "

%'-14 \DQJ ./ \LG >1 GH
FRPSUHVVHG ODWHU LQVHUWHG
EHWZHHQ nDQJ DQG \LG@
LQVHUWLRQ RI GH SUREDEO\ GXH
WR WKH JHQLWLYH LQ $ VHH

IQ 

3 5,8 IRU

8,2





8,2 3 -,8 IRU

%'-143

/: IRU 5,

%7 
%4

8028 -+2 GDQJ

%J



%7  ' VSXQJV VKDG

DIWHU ILUVW V\OODEOH 3 RP 



% NKRU IRU NKR UX /67

NKRQJ GX IRU NKR UX 1 NKRG
GX RU NKRQJ GX " >G RU QJ

ODWHU VXEVFULEHG ZLWK D YHU\

NKR@
FKXG IRU FKXQJ 3
FKXQJ RU FKXG "

%6 SD 3 RP ED

/7 UMHVX 3 RP VX
VPDOO OHWWHU EHQHDWK






%136

%'-143 RP  7 

%'-14 RP 

8A

$VJ
(

ULJV N\L EX J]KDQ \DQJ nGL OWD VWH  GSHU QD  EXG PHG PJRQ PHG SD PGRJ QJDQ SD 
GUL PL ]KLP SD VPUDG SD nMLJ SDnL J]XJV PL VGXJ SD VKD ]D PD GDQJ nGUD ED  PJRQ
PHG SDnL NK\LP GX EVJRU ]KLQJ JQDV WH 

de na JQDV

SD GDQJ  VEUXP SDU J\XU QDV 

GHnL PQJDO GX JDQJ JGRQ PL ]D EDU nNKRU ORV EVJ\XU EDnL UJ\DO SRU nJ\XU ED  GH nGUD

EDnL VHV FDQ VN\HV SDU J\XU N\DQJ EXG PHG GH  PQJDO QD nGXJ SDnL VHPV FDQ OD
(

VHV FDQ FL nGUD ED ]KLJ QJDnL PQJDO GX VN\HV VKLQJ  QJDnL PQJDO GX ]KXJV ]KHV PL
VHV  \LG OD PL E\HG  GHU nGX VKHV PL nMXJ JR  J]KDQ GX QD GEXO SRU VHV QJDQ SD
GDQJ  Q\RQ PRQJV SD GDQJ  PL GJH EDnL VHV N\L UMHV VHV VR  PGRJ QJDP SD GUL
(

PL ]KLP SD  PJRQ PHG SDnL NK\LP GX nNKRU ]KLQJ GXV Q\H EDU E\HG GR 

%J




>-L@



8B

%
,

ULJV N\L EX GDJ GH E]KLQ GX VHPV FDQ WKDPV FDG N\DQJ PJRQ PHG SDU J\XU FLQJ 

.
G
H

I
J
K

L
nNKRU EDnL VGXJ EVQJDO J\LV JWVHV SDU J\XU OD  VULG SDU VN\H EDnL JQDV PJRQ

PHG SDnL NKDQJ SD QD JQDV VR



 GH QDV VHPV FDQ UQDPV OD GH E]KLQ JVKHJV SDnL

VW

ULJV ]KXJV WH  NKRQJ QD \RG N\DQJ VHPV FDQ GH GDJ JLV NKRQJ GX PD FKXG GR

>%X



Y
Z
[
\
]
ULJV N\L EX GDJ GH OD GH E]KLQ JVKHJV SD QL VHPV FDQ GDJ EGDJ Q\LG OD NK\DG

DD

GX


EE

FF

GG
PL JVDG SDU E\D EDnL SK\LU  ULJV N\L EX GDJ

NK\HG EGDJHH Q\LG VUR VKL

EDU PD E\HG SDU NK\HGIIJJ EUWVRQ nJUXV EUWDQ SDU J\LV VKLJ GDQJ  NK\HG OD GH
E]KLQ JVKHJV SD ]KXJV SDKK \RG SDLL GXV VKLJ QD nE\XQJ EDU nJ\XU WH MM NK\HG
E\DQJ FKXE VHPV GSDn ]KHV E\D EDnLNN JUDQJV VX nJUR EDU nJ\XUOO J\LPP  VHPV FDQ
10

]KHV E\D EDUQQ QL PDRR \LQ QRSS TT GHU \DQJ VDQJV UJ\DV VKHV E\D EDnL JUDQJV
VXUU nJURnL  E\DQJ FKXE VHPVVV GSDn ]KHV E\D EDU QL PD \LQ QR ]KHVXX FKRV
99

VWRQ WR :(

%'-143 RP  7 

37 

3 RP JQDV

'-143 QD IRU QDV

%'-14 E]KXJV



 VHH %



\JWIU

SD  >E]KXJV SD

VSUR VKL

WKH YDULHW\ RI

YDULDQWV LQGLFDWHV WKDW WKH

DUFKDLF H[SUHVVLRQ
VHH

7VKLJ PG]RG

VUR VKL ED

VY

%X GHILQLWHO\ QRW RULJLQDO@

ED

137

DPRQJ WKH UHYLVRUV

-8,/ >1 RULJLQDOO\

SUREDEO\ 18,/ ODWHU DOWHUHG
WR ,8,/@

7%X RP E\D


/ VURJ VKL 1 VR VKL 3

VURJ VKLQJ 3 VUR ]KL %X

%'-14 RP  7 

%X

Q\LG NC VSUR 147 Q\LG VUR

VUR VKL

ZDV QRW FXUUHQW DQ\PRUH



3 FLJ  IRU SDU


3%X RP GDQJ

%X E]KXJV

3 ]KLJ %X JFLJ

/73 JUDQJVX

%'-14 RP  7  >ODFXQD

RI DERXW VL[ OHWWHUV EHWZHHQ
WKH VKDGV@










% QD IRU QL 3 RP QL

3 GH
'3%X ]KHV
3 nJURnR IRU nJURnL
%37 

/1 \LQR DW WKH HQG RI WKH

OLQH

%43 QR 




%X -89,3 IRU 8943 >%X

SDUDOOHO WR G

-89,3@

%J






)V-V1D3X4L4V=L.X0L6R<X
'K,)V-V1D3X4L4V=L.X0L6R<X

147

147



8B

$VJ
ULJV N\L EX GH OWDU VHV FDQ nGL E]KLQ VHV FDQ WKDV FDG PJRQ PHG SDU J\XU SDV 
@

nNKRU EDnL VGXJ EVQJDO EDV  JWVHV VKLQJ  nE\XQJ EDU VN\H EDnL nGX PFKHG N\L PJRQ

PHG SDnL NK\LP GX JQDV VR  GH QDV VHPV FDQ GDJ GH E]KLQ JVKHJV SDnL NKDVX VN\HV
SD \DQJ \RG  VQ\LQJ SR OD JQDV SD \DQJ QD  VHV FDQ GH GDJ JL NKRQJ GX PL FKXG

WH  ULJV N\L EX GH QD  GH E]KLQ JVKHJV SDV  VHV FDQ UQDV EGDJ OD \RQJVX PL JWVH
EDnL SK\LU FKRV nFKDG GR  ULJV N\L EX NK\RG JDQJ QDQJ QD  GH E]KLQ JVKHJV SD \RG
N\LV  NK\HG EGDJ FDJ OD JWVHV

>E@

SDU PD E\HG SDU NK\HG N\LV EUWVRQ nJUXV EUWDQ

SDU E\RO VKLJ GDQJ  GH \DQJ GXV VX nE\XQJ EDU nJ\XU  NK\HG E\DQJFKXE VHV GSDnL
JUDQJVX nJ\XU J\LV  WKDV FDG GX QL PD \LQ QR  GH QDV \DQJ VDQJV UJ\DV N\LV

10

JUDQJVX nJ\XU J\LV  E\DQJFKXE VHV GSDn ]KHV PD \LQ QR 

%J



8C

&
GH QDV GHnL WVKH EFRP OGDQ nGDV N\LVD WVKLJV VX EFDG SD nGL GDJ ENDn VWVDO WR E
>@ ML OWDU EXG PHG PJRQ PHG J\XU SD ]KLJ 
F

NKD GRJ QJDQ FLQJ J]XJV QL PL

VGXJ OD

E\LV SD \LQ WH PJRQ PHG NKDQJ SDU

UH VKLJ

>@





JQDV 

GXVL QD GH QLM GHUN VEUXPOP J\XU Q

GH \L PQJDOR GX JDQJ ]KLJ QJHV SDUS QL 

nNKRU ORV VJ\XUT EDnL UJ\DO SR FKH ED Q\LG U
ULQ FKHQ UQDPV N\LV nSKDJV SDV JOLQJW E]KL \LX Y
EGDJ SR E\HG SDU nJ\XU ED[ GH\ nGUD] ]KXJV DD

>@

10

EXG PHG E\LV SD GH QL nGL OWDEE EXU 

PQJDO GX ]KXJV VDP PD ]KXJVFF PLGG VKHV OD 

PJRQ PHG NKDQJ SD QD QL JQDV E\HG GH 

GEXO ED VQ\DP GX VHPV VKLQJ GXV nGDn E\HG 
HH

LL

II

JJ



MM

/1 WVKLJVX
3 VHH . IQ 

% GRXEOH VSXQJV VKDG DIWHU


ILUVW V\OODEOH 1/ 

'13 ]KLJ 7 QRW FOHDU

VKLJL"

3 QD GH ZLWK VPDOO OHWWHUV
EHQHDWK WKH OLQH 7 RP QD
GH


KK

3 GHnL IRU GH \L

SD

3

&K

OR VHH $ IQ  >3 OR

ZLWK VPDOO OHWWHUV EHQHDWK

nNKRU@

3 FKHQ SR IRU FKH ED


'-13 N\L

67 E]KXJV


%4 ML OWD IRU E\LV SD 3

IRU E\LV SD 7 E\LQ

E\DV SD

%J


>@

>@

>@

'K,
'K,)V

'K,8



IRU
@

>

VHH SDUDOOHO LQ $

IRU





IRU E\LV SD FRQWUDU\ WR

EOD

%4 Q\LG IRU ED 3 ED ZLWK

VPDOO OHWWHUV EHQHDWK WKH

OLQH

8C

$VJ
GH QDV EFRP OGDQ nGDV N\L GHnL GXV QD  WVKLJVX EFDG SD nGL EVKDG GR 
>@

FL OWDU EXG PHG JDQJ ]KLJ PJRQ PHG SD 

NKDWRJ QJDQ FLQJ PL E]DQJ EDnL J]XJV (

PJRQ med NK\LP GX GEXV ED UQDV N\DQJ JQDV 

GH QDV GXV VX PQJDO GX FKDJV SDU nJ\XU 
>@ GH nGLV GH nGUD PQJDO GX UQ\HG SD QL :
nNKRU OR EVNRU UJ\DO JGRQ PL ]D EDU nJ\XU 
PWKX FKH EDV QD  ULQ FKHQ UQDV N\DQJ nE\XQJ 
SK\RJV E]KL UQDV N\DQJ GEDQJ \DQJ E\DV SDU gyur 
>@ EXG PHG E\LV SD GHnL PL VKHV WH 
EGDJLV PQJDO GX ]KXJV GDQJ PD ]KXJV SD 
PJRQ SD PHG SDnL NK\LP GX nNKRU ED QD 
GEXV SR VHPV SDV GXV N\DQJ nGDn EDU E\HG 
(

10

1RW FOHDU 5, RU -,"

%J
>@

>@

>@



8C

>@

GH E]KLQ QJDV QL VHPVNNOO FDQ WKDPV FDG N\DQJ 

PJRQ PHG J\XU OD VGXJ EVQJDO FKRV N\LV Q\HQPP 

15

NKDPV JVXPQQ SD \L EGH ED FKXQJRR ODSS JQDVTT 

QDQJ QDUU FKRV Q\LG PQJDO nGUD \RG SDU PWKRQJVV 
>@

GH nGUD PWKRQJ QDV E\DQJ FKXE VHPV GSDn OD 

WW

nMLJ UWHQ SKDQ SDU E\HG SD PQJDO JQDV QD 

XX

YY



VHPV FDQ NXQZZ J\LV[[ FKRV Q\LG PD\\ VKHV]] N\LV 

20

EGDJ GPDQ nGX VKHV PD VN\HG FLJ FHV EVWDQDDD 

>@

EEE

NK\HG FDJ EUWVRQ nJUXV EUWVDP SD EUWDQ J\LV GDQJ FFF

UDQJ OXV ULQJGGG SRU PL WKRJV UJ\DO EDU nJ\XU HHH

GXV ]KLJ E\DQJ FKXE VQ\LQJ SR WKRE J\XU QDV III
VURJ FKDJV VWRQJJJJ SKUDJ E\H ED JURO E\HG nJ\XU 

25

%43 N\L
13  DW WKH HQG RI WKH
OLQH GXH WR IROORZLQJ NK"









%3 SDnL IRU SD \L 4 \L

FRPSUHVVHG 7 SD \LG RU SD
\LQJ " IRU SD \L

% PDQJ NC IPCU nGUD

'-14 PQJDO IPCU nGUD 3

PQJDO ,+ nGUD  PQJDO .9

nGUD
 PQJDk DC nGUD

 3 

 3 

SDU

3 OD IRU SD 3 NXQ OD IRU
SD
%'-143 RP

PQJDO 2+ JQDV
3 RP QD

%4 N\L IRU J\LV

%4 EJ\LV -1 J\LV


3

46 GRXEOH VSXQJV VKDG

DIWHU ILUVW V\OODEOH



-1 VPDQ IRU GPDQ 3 GDP

IRU GPDQ







F0? >OHWWHU EHQHDWK

PLVVLQJ
RULJLQDOO\
-89,3"@

3 N\DQJ IRU GDQJ
VXSHUVFULEHG
8

7

37 



%4 EUWVDPV



%J
>@

>@



GDQJ ZLWK VPDOO OHWWHUV

EHQHDWK WKH OLQH

3 PWKXV IRU OXV FRQWUDU\

WR &K


/67 EVN\HG 3 VN\HV

% EVWDQ IRU EUWDQ 4 EVDQ

3

54 IRU 547

%'-143 VKLJ

8C

$VJ
>@

GH OWDU QJDV QL VHPV FDQ NXQ PWKRQJ ED 

PJRQ PHG VGXJ EVQJDO FKRV N\LV Q\RQ \DQJ PRQJV 

15

NKDV JVXP QJDQ SDnL EGH ED OD nDQJ JQDV 

GHnL GEXVX FKRV Q\LG VWRQJ SD nGUD 
>@

nGL OWDU PWKRQJ QDV  E\DQJ FKXE VHPV( GSDn VPUDV 

VHV FDQ NXQ N\L FKRV Q\LG VKHV QDV QL

nMLJ UWHQ SKDQ ]KLQJ nRG E\HG VQ\LQJ SR JQDV 

20

NK\RG UQDV QJDQ SDnL nGX VKHV PD E\HG FLJ 

>@

NK\RG UQDPV N\LV QL PWKRQJ QDV EUWVRQ nJUXV EUWVRP 

UDQJ JL OXV VX( P\XU GX UJ\DO EDU nJ\XU 

GXV VX E\DQJFKXE VHV N\L GN\LO nNKRU GH N\DQJ WKRE 
VURJ FKDJV E\H ED VWRQJ \DQJ JURO EDU E\HG 

25

%J
>@


>@

>@

-L

IRU



9A

$


D
E
F

ULJV N\L EX GDJ J]KDQ \DQJ nGL OWD VWH GSHU QD  VSUD WVKLO ODV UWDnL J]XJV VDP 
G
H

I
J

JODQJ SR FKHnL J]XJV VDP  EXG PHG N\L J]XJV VDP  VN\HV SDnL J]XJV GDJ FLJ
K
L
M

E\DV WH  nMLP SDnL QDQJ GX EFXJ QDV

J\RJVN OD E]KXO VWH P ]DJV SDU E\DV OD JVHU

E]KXQ VWH  ]KX EDU J\XU SDVR ENDQJ QD S ULP J\LV JUDQJV SDU J\XUT QDV U
5

PQ\DP SDU JQDV SDU J\XU SDnL J]XJV GH GDJ WKDPV FDG SK\LV URO J\L nMLP SD JQDJW
FLQJ NKD GRJX PL VGXJ N\DQJ  QDQJ JL UQDPVY QL JVHU ODV E\DV SD GDJ JR  GH
QDV PJDU ED nDPZ  PJDU[ EDnL\ VORE PD ]KLJ JLV  GH] ODV J]XJV JDQJ GDQJ
JDQJ GDJDD JUDQJV SDU J\XU SDU PWKRQJ ED GHEE GDQJ GH GDJ JLFF SK\L



URO

J\LGG nMLP SD WKR EDVHH ENRJV QD  GH QDV VNDGII FLJ GH OD QDQJJJ QDKK JVHU ODV
10

E\DVLL SDnL J]XJV \RG SD GDJ \RQJV VX GDJ SDU nJ\XU UR 

MM



% 890  367 890 



'-1 RP  3 


%37 

%7 

'-1 RP FLJ

3 QDV





/7



NN

3,

F DQG RQ WKH IDFW WKDW ULP

J\LV ZRXOG EH LQ FRQIOLFW

%43 nJDU

ZLWK WKH IROORZLQJ VWDWHPHQW

WKDW WKH ILJXUHV EHFRPH
FOHDQ LQ RQH PRPHQW FI

36 RP 

%'-143 RP  7  DW
WKH HQG RI WKH OLQH 6

%4 3,8 7+ J\RJV


%4 E]DJ 3 ]DJ

%7 

%'-143 QDV

%43 JUDQJ

%4 EDU 3 RP SDU

%'-14 J\XU 4+ 3,

%'-14 QD IRU QDV 3 VDP
IRU QDV

3 EDnL

3 FLJ IRU FLQJ

%'-14 RP  3 VSXQJV




VKDG DIWHU ILUVW V\OODEOH

VKDG

DOVR

DW WKH HQG RI WKH OLQH



OLQH 3 RP JDQJ


GDQJ



3  RP

%4 JUDQJ

%47 EDU 1 QRW FOHDU

%'-14 SD

%'-14/673 SK\LU VHH
IQ  VHH


%WK RJ[KURO

%'-14/673 ULP P\
HPHQGDWLRQ WR URO LV EDVHG

%WK RJ[KTQN N\L VD

*UDSKLFDO VLPLODULW\ EHWZHHQ

/ JDQJ DW WKH HQG RI WKH

ULP DQG URO



'-1 EVNRJV 3 EJRJV

3 QDV

'-1 RP 

3 RP nL

% RP SD 3 SDU

3 RP GDJ




/71 \RQJVX

RQ WKH IUHTXHQW RFFXUHQFHV

RI SK\L URO LQ WKLV FKDSWHU
VHH $ % % D

%J





>-V1D3X4L4V=L.X0L6R<X@

)V 147

'K,8




>'K,)V*D7@

-L


147

'K,)V*D-L DQG DOO RWKHU WH[WV FROODWHG ZLWK -L LQ WKH =KRQJKXD 'D]DQJMLQJ@ 
>'K,-V1D4L4V( 
>



9A

$VJ
(

ULJV N\L EX J]KDQ \DQJ nGL OWD VWH  GSHU QD VEUDQJ UWVLnL VQ\LJV PD VEUDQJ

tshal ODV UWD

EDnL OXV VDP  ED JODQJ JL OXV VDP  VHJHnL OXV VDP  VN\HV EX nL OXV N\L OXJV VJRPV
(

VDP  EVNXV VDP  E]KXJV WH  ]DJ SDU E\DV QDV JVHU E]KXJV WH  ]KX EDU J\XU SD 
\RQJV JDQJ EDU E\DV WH  EDJV N\L JUDQJ EDU J\XU QDV  PQ\DP SD Q\LG GX nGXJ SDU

J\XU WR  J]XJV GH GDJ WKDV FDG GX JVHU SK\LURO WX QL VWH  QDJ SR NKDWRJ QJDQ SDnR 
GH QDV  ODV E\HG SD nDP 

>D@

ODV E\HG SDnL WKDG QD JQDV SDV J]XJV GH GDJ JUDQJV

SDU J\XU SD PWKRQJ QDV  ERQJ EDV EVQXQ WH  EFRP QDV  SK\LURO N\L VD PHG SDU E\HG
@

GR  GH QDV GH PD WKDJ GX JVHU E]DQJ SRnL J]XJV \RQJVX GDJ SDU nJ\XUR 

%J

>-L(

VHH WKH YDULDQWV JLYHQ IRU

LQ

1,- S  ZLWK UDGLFDO  DW WKH ERWWRP



9B

%
D

ULJV N\L EX GDJ GH E]KLQ GX GH E]KLQ JVKHJV SD \DQJ  GH E]KLQ JVKHJV SDnL PLJ


JLV VHPV FDQ WKDPV FDG nMLP SDnL J]XJV OWD EX \LQ OD  SK\L URO J\L Q\RQ PRQJV SD


GDQJ  Q\H EDnL Q\RQ PRQJV SDnL VEXEV N\L QDQJ JL VEX JX VDQJV UJ\DV N\L FKRV
LM

N\LV

JDQJ VWH  ]DJ SD PHG SDnL \H VKHV ULQ SR FKHnL



SD PG]HV SDU nGXJ



SDU

V 



nGL OWD EXnL FKRV N\L UQDP JUDQJV nGL GDJ



\DQJ GDJ SDU UDE WX VWRQ WR  GH OD E\DQJ

10

GH





E]KLQ JVKHJV SDnL \H VKHV ULQ SR FKH \RQJV VX



E]KLQ JVKHJV SD
FF

nJRJV

GG

VR

DD

FKRV N\L UGR UMHnL WKR EDV SK\L URO



 ULJV N\L EX GDJ PJDU

WVKLJ EOD GDJV VR

KK



GH OWDU PWKRQJ QDV 












RR



SS

N\L \H VKHV

OO



OD UDE WX GJRG

%'-143 RP 
/67 VS\DQ J\LV IRU PLJ JLV
1 ULJ GHV IRU PLJ JLV
-  / VSXQJV VKDG DW WKH

HQG RI WKH OLQH 3 RP 

EDnL ' QRW FOHDU

67 RP N\L

67 RP FKRV FI %WK
3

VDU\DV( N\L FKRV

%'-14 RP 
%4 nMXJ IRU nGXJ










'-14 JLV
% RP VX /7 \RQJVX >/ DW

WKH HQG RI WKH OLQH@

VSXQJV VKDG DIWHU ILUVW

V\OODEOH '-1 RP  3 


6 5,kK FKRV VHH %WK  SD7

FKRV

%4 nJDU

-L-V1D3X4L4V=L.X0L6R<X

IRU



MM

JJ
NN

SD \DQJ

SDnL
GDJ

VHPV FDQ WKDPV FDG

PP

E\DV



WH

QQ

VDQJV

UU

%'-14/3 SD
%'-14 RP  7 

%'-1463 890  7 890 

%4 RP GDJ

/ EVDO 1 QRW FOHDU
EVDO" 3 JVDO FRQWUDU\ WR
DQG %WK JUDQJV
&K

%

GH

VWRQ WR 









%J

GH E]KLQ JVKHJV

GH GDJ ODV WKDU SDU







Q\RQ PRQJV SD WKDPV FDG

II

TT

SD GH GDJ

]KHV E\D ED GH QL

SDnL SK\LU FKRV

VE\DQJ EDnL SK\LU 

VDQJV UJ\DV N\L PLJ JLV

Q\RQ PRQJV SD

37 RP GH EK]LQ GX

3 RP GH E]KLQ JVKHJV SD
\DQJ 1 OD IRU \DQJ 7 RP
\DQJ

36

J\XU

LL

SDU UG]RJV SDnL VDQJV UJ\DV N\LV

UJ\DV

HH

ED

EE

J\L

EDU

 ULJV N\L EX GDJ GH E]KLQ JVKHJV SD GJUD EFRP



15

E\DQJ FKXE VHPV GSDnL QDQJ GX VRQJ VWH

FKXE VHPV GSDn VHPV GSDn FKHQ SR JDQJ GDJ ]KL ]KLQJ EVLO


QDQJ QD  GH E]KLQ JVKHJV

PWKRQJ QJR  ULJV N\L EX GDJ GH OD GH E]KLQ JVKHJV SDV

VHPV FDQ WKDPV FDG GH OWDU PWKRQJ QDV 

JL



3 RP VDQJV UJ\DV N\LV

%'-143 RP  7 
/67 VS\DQ J\LV IRU PLJ

JLV

' RP  347 

%'36 -,7 1 5,7 RU
-,7"

3 890 IRU 90



%4/67 nJRG 3 GJRQJV

9B

$VJ
ULJV N\L EX GH OWDU nGL

E]KLQ GH E]KLQ JVKHJV SDV VHV FDQ WKDG N\DQJ VDnL J]XJV OWDU

SK\L URO QL Q\RQ PRQJV SD GDQJ  Q\H EDnL Q\RQ PRQJV SD PG]RG N\L QDQJ GX EX ND
\RG SDnL GEXVX VDU\DV( N\L FKRV GDQJ  ]DJ SD PHG SDnL \H VKHV GNRQ PFKRJ JL UDE WX
JDQJ ]KLQJ GEXV QD  GH E]KLQ JVKHJV SD OHJV SDU JQDV SD PWKRQJ QDV  ULJV N\L EX GH
5

na GH E]KLQ JVKHJV SDU JQDV( SDU PWKRQJ QDV  ULJV N\L EX GH QD GH E]KLQ JVKHJV SD

GH OWDU VHV FDQ WKDV FDG PWKRQJ VWH  nGL OWD EXnL FKRV N\L J]KXQJ VHV GSDn GEXV
QDV  nGXJ QDV  UDE WX VWRQ WR  GH QDV E\DQJFKXE VHV GSDn( VHV GSDn FKHQ SR ]KL
EDU nJ\XU JUDQJV EDU J\XU WH  GH E]KLQ JVKHJV SDV FKRV N\L UGRUMHnL PWVKRQ N\LV GH
GDJ JL SK\LURO N\L Q\RQ PRQJV SD PDQJ SR WKDPV FDG PD rung EDU E\HG SD GH QL GH
10

E]KLQ JVKHJV SDnL( WVKLJV EOD GDJ VR  ULJV N\L EX nGL E]KLQ GX GH E]KLQ JVKHJV SDV 
VDQJV UJ\DV PLJ JLV \H VKHV GNRQ PFKRJ UDE WX VE\DQJV SDnL SK\LU UR  GNRQ PFKRJ
JL \H VKHV ODV E\HG SDV  J]XJV( GH GDJ EFRP VWH  GNRQ PFKRJ JL J]XJV Q\RQ PRQJV
SD OD WKDU EDU E\HG SD nGL QL GH E]KLQ JVKHJV SDnL WVKLJV EOD GDJ VR  ULJV N\L EX nGL
E]KLQ GX GH E]KLQ JVKHJV SD VDQJV UJ\DV( PLJJLV VHV FDQ WKDV FDG PWKRQJ QDV  GH

15

GDJ Q\H EDnL Q\RQ PRQJV SDV WKDU EDU E\DV VDQJV UJ\DV N\L \HVKHV OD ENRG SDnL SK\LU
FKRV nFKDG GR 



%HWZHHQ URO DQG QL ODFXQD ZLWK WUDFHV RI D N\L

SD VHPV FDQ OHJV ZLWK WZR GRWV RQ V DQG Q RI 7028 .,2 IRU GHOHWLRQ

%J


*D-L(

>



9C

&
GH QDV GHnL WVKH EFRP OGDQ nGDV N\LV, WVKLJV VX EFDG SD nGL GDJ ENDn VWVDO WR 

E
>@ ML OWDU J]XJV QL SK\L URO nMLP EDV J\RJV 
F

QDQJ QL VEX JX

ULQ FKHQ E]KXV

\RG FLQJ

JVRJ

\LQ SD



SDV UDE WX ENDQJ QD QL 

EUJ\D VWRQJ SKUDJ QL PDQJ SRU nJ\XU ED \LQ 

>@ PJDU EDV VKLQ WX JUDQJV SDU J\XU VKHV QDV 

nGL OWDU ULQ FKHQ ODV QL E\DV SD nGL 

UQDP GDJ J]XJV

nJ\XU ODV JDQJ E\D VQ\DP VWH 

J]XJV OD J\RJV SDnL

>@

10

nMLP

SD nJRJV2 SDU E\HG3 

GH E]KLQ QJDV QL VHPV FDQ WKDPV FDG N\DQJ 

JVHU J]XJV nMLP4 SDV J\RJV5 SD nGUD ED VWH 
SK\L URO VKXQ SD Q\RQ PRQJV6 VEXEV \LQ OD 7
QDQJ QD VDQJV UJ\DV \H VKHV \RG SDU PWKRQJ 8




/71 WVKLJVX

3 VEX EX IRU VEX JX 3

VEXEV VX IRU VEX JX

% JVHU IRU JVRJ 37 J\RJ
IRU JVRJ >7 DW WKH YHU\ HQG

%'-14673 SDV >3 SD

RI 4+8 ZLWK D VPDOO OHWWHU

EHWZHHQ 5,
DQG
8 VPDOO

JDS@
3 VHH . IQ 

RI WKH OLQH@

4 

3





%4/3 E]KXJV IRU E]KXV

%7  >% DW WKH HQG RI WKH

OLQH@ -  "
3 RP nL



%7 nMLJ IRU nMLP

%4 SDV

%J
>@



>@

>@





'K,)V*D-L DQG DOO RWKHU WH[WV FROODWHG ZLWK -L LQ WKH =KRQJKXD 'D]DQJMLQJ@ 

>

>'K,-V1D4L4V(

'K,.X6R=L

IRU

-V1D3X4L4V0L<X



9C

$VJ
GH QDV EFR OGDQ nGDV N\LV GHnL GXV QD@ WVKLJVX EFDG SD nGL gsungso 
>@

J]XJV UQDV SK\LURO FL OWDU VHV  EVNXV SD

GHnL QDQJ GX EX JD VRJ VD UQDV GH E]KLQ OD 

ULQ FKHQ E]KX ED UQDV N\L JDQJ EDU nJ\XU  >E@
GH OWDU EUJ\D GDQJ VWDQJ UQDV N\DQJ 

>@

ODV E\HG SD QL VKLQ WX GUDJV VKHV QDV 

VD \LQ EVNXV SD GH UQDV PHG E\DV WH 

FL OWDU GNRQ PFKRJ nGL QD UQDP GDJ SDU 
nGL UQDV N\DQJ QL J]XJV N\L ODV N\DQJ E\HG @
10

>@

GH OWDU EGDJLV VHPV FDQ NXQ PWKRQJ ED 

JVHU N\L J]XJV UQDV \LV QL J\RJ SD E]KLQ 

Q\RQ PRQJV PG]RG UQDV SK\L URO nSKDJV SD VWH 
GH QDV VDQJV UJ\DV \HVKHV JQDV VKLQJ \RG


1RW FOHDU QL 4/07 QDL

%J
>@

>@

>@



9C

>@

GH OD E\DQJ FKXE VHPV GSDn JDQJ GDJ QL 

]KL ]KLQJ VKLQ WX

X

15



EVLO EDU J\XU SD GDJ 

Y

JDQJ JLV GH GDJ Q\RQ PRQJV PD OXV nE\LQ 

Z

FKRV N\L



ODJ FKDV GH OD nJRJV SDU E\HG 

\

DD

EE
FFGG
HH
II
>@ ULQ FKHQ J]XJV QL EOWD QD
VGXJ SD OWDU 
JJ
UJ\DO VUDV JDQJ ]KLJ nGLU QL GDJ J\XU SD 


VWREV EFX GDJ

20

JLVKK OXV UQDPVLL \RQJV JDQJ VWH 

OKDUMM EFDVNN nMLJ UWHQ nGL QD PFKRG SDU nJ\XU OO
>@

QJDV QL VURJ FKDJV WKDPV FDG GH OWDU PWKRQJ PP

E\DQJ FKXE VHPV GSDn nDQJ  QJDV33 QL GH OWDU PWKRQJ44 
GH OWDU GDJ SD EGH EDU JVKHJV nJ\XU WH 55
EGH JVKHJV GDJ QL VDQJV UJ\DV WVKXO VWRQ WR 

25


-

WX



%'-14

FKRV





GX IRU WX 3 RP VKLQ



N\LV VHH % 

M[K UGR UHMnL WKR EDV 

3 EGDJ



3 ENDQJ IRU JDQJ

3 QL IRU QD
-1 PFKRQJ



'-17 GSDnDQJ =C\T IRU

GSDn nDQJ 34 GSDn IRU

%J


>@

>@







-L-V1D3X4L4V=L.X0L6R<X
>'K,-V1D4L4V(


'K,)V

-V4L0L

IRU

IRU


IRU



GSDnDQJ >4 ODFXQD RI RQH

OHWWHU EHWZHHQ GSDn DQG
QJDV@

9C

$VJ
>@

GH QL( ]KL ]KLQJ VKLQ WX JUDJ8 SD QD 

VHV FDQ UQDV QD E\DQJFKXE VHV GSDU J\XU 

15

GH GDJ OD QL FKRV N\L PWVKRQ FKD VE\LQ 

GH QL Q\RQ PRQJV PD OXV ]KL EDU E\HG 
>@

JDQJ ]KLJ nGL QD UJ\DO VUDV GDJ J\XU SD 

(

FL OWDU GNRQ PFKRJ J]XJV QL VGXJ SD E]KLQ 

nMLJ UWHQ lha GDQJ EFDV SD UQDV N\L PFKRJ 

20

GH OXV VWREV EFX UQDV N\L JDQJ EDnR 

>@

GH OWDU EGDJ JL VURJ FKDJV WKDV FDG PWKRQJ 

(

GH E]KLQ E\DQJFKXE VHV GSDn UQDV N\DQJ GDJ



GH OWDU

EGHU JVKHJ UQDV N\L VDQJV UJ\DV PLJ N\DQJ EVKDG 

25


7LE KDV EGH EDU JVKHJV LQ SGD F DQG LQ SGD G 7KH IUDJPHQWDU\ SGD F LQ %WK FDQ WKHUHIRUH EH
H[SODLQHG DV DQ

DEHUUDWLR RFXOL WKH FRS\LVW MXPSHG WR WKH VHFRQG EGHU JVKHJV LQ SGD G

%J


>@

>@


>@




*D-L@
-L@ 
>*D-L@
>

>

FRQWUDU\ WR WKH XVXDO FDHVXUH DIWHU WKH IRXUWK V\OODEOH



10A

 
GH QDV EFRP OGDQ nGDV N\LV E\DQJ FKXE VHPV GSDn UGR UMHnL EOR JURV OD ENDnD VWVDO
SD  UGR UMHnLE EOR JURV ULJV N\L EX nDPF G ULJV N\L EX PRH NK\LP SD nDPI  UDE WX
E\XQJ ED \DQJJ UXQJ VWH  JDQJ ]KLJ GH E]KLQ JVKHJVK SDnL VQ\LQJ SRnL FKRV N\L UQDP
JUDQJV nGLL nG]LQ SD GDQJ  nFKDQJ ED GDQJ M NORJ SD GDQJ  NXQ FKXE SDU E\HG SD
5

GDQJ N JOHJV EDP GXO E\DV WH nMRJ SD GDQJ  J]KDQ GDJ OD \DQJP UJ\DQ FKHU nFKDGR
SD GDQJ  \DQJ GDJ SDU UDE WX VWRQ SD GH EVRG QDPV PDQJ GX VN\HG SDU nJ\XU UR 


6 N\LV  7 N\LV 
3 RP nL

%37 

%-14 RP  7 

%7 
%7 

3 WH 


/71

%7 

%J

.X0L6R<X-V1D3X4L4V=L

IRU

% GRXEOH

VSXQJV VKDG DIWHU

WKLUG V\OODEOH 47 


nJ\XUR



10A

$VJ
GH QDV EFR OGDQ nGDV N\LV UGRUMH EORJURV E\DQJFKXE VHPV GSDn ENDn VWDO SD  UGRUMHnL
EORJURV ULJV N\L EX SKR nDP  ULJV N\L EX PR nDP ( NK\LP EGDJLV UDE WX E\XQJ EDV 
GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV N\L J]KXQJ nGL nG]LQ SD nDP  nFKDQJ ED nDP 
NORJ SD nDP  NXQ FKXE SDU E\HG SD nDP  JOHJV EDP GX FKXG SDU E\DV WH  bzhag(
5

JDP  J]KDQ OD nFKDG GDP  UDE WX VWRQ QD EVRG QDPV PDQJ GX nSKHO EDU nJ\XUR 

%J



10B

 
D

UGR UMHnL EOR JURV \DQJ E\DQJ FKXE VHPV GSDn



J]KDQ JDQJ ]KLJ GH E]KLQ JVKHJV

H I

SDnL \H VKHV EVJUXE SDnL SK\LU EUWVRQ SDU J\XU OD  nMLJ UWHQ J\L NKDPV UH UHU \DQJ
L

VDQJV UJ\DV WKDPV FDG OD \DQJ PFKRG SDnL SK\LU  UG]X nSKUXO EVJUXEV QDV nGL OWD
O

EXnL WLQJ QJH nG]LQ OD VQ\RPV SDU ]KXJV WH  WLQJ

QJH

nG]LQ J\L VWREV EVN\HG SD

GHV VDQJV UJ\DV N\L ]KLQJ E\H ED NKUDJ NKULJ nEXP SKUDJ JDQJJDnL NOXQJ JL E\H PD
EDV N\DQJ PDQJ



ED UQDPV VX

JDQJ JnL





NOXQJ JL

E\H



PD EDV N\DQJ

T

U
PDQJ
EDnL VDQJV UJ\DV EFRP OGDQ nGDV E\DQJ FKXE VHPV GSDn UQDPV GDQJ EFDV

SD



Q\DQ WKRV N\L



JVKHJV SD UH UH OD \DQJ NKDQJ SD EUWVHJV SD 

10



WVDP OD 

DD

nSKDQJ GX GSDJ WVKDG



GUL ]KLP SR

EE

GDQJ OGDQ SD 



NKD QD PD WKR ED PHG SD

KK

NOXQJ



PP

EDnL

QQ

EDU











%-143 VJUXE /3

EVJUXEV

%67  3 RP 

/67

VN\HG

GH

GDQJ OGDQ SD 

IRU

-



EVN\DG

GHV

3



]KLQJ

MM

SKXO

367 RP 

PLVVLQJ KHUH

3 RP NOXQJ JL

3 RP N\DQJ

3 nGDV 

\DQJ

-13 RP  7 

QDV

GHV



HH

16 JDQJJnL 3 JDQJ

JDnL ZREHL 3 JL JX RI JDQJ
JDnK DERYH VHFRQG JD / LV

WKH HQG RI WKH OLQH

%-143 RP

UJ\DU

GSDJ WVKDG

II

PD VQD WVKRJV ENUDP SD 

JDQJJDnL 3 JDQJ JDnL IRU

JDQJJDnL

8>4 DW WKH HQG RI

%43

JJ



GH E]KLQ



ORQJV VS\RG



nEXP SKUDJ JDQJJDnL

NN

WH 

OO

EVNDO SD

nEXP GX

RR 

%4 JVKHJ

3

GG

VLO

WKDPV FDG

GXV VX EGH ED 

GX nGL OWD EXnL PFKRG SD E\HG SD EDV

SDnL DW WKH
HQG RI WKH OLQH@ / JVK\H DW

FF

PH WRJ

VKLQJ JQDV SDnL

 ULQ SR FKH WKDPV FDG ODV E\DV SD  OKDnL

LL

WKH OLQH % EHIRUH



EFX SD

OQJD EFXnL E\H PD VQ\HG Q\LQ UH

WVKDQJ

GJH nGXQ GDQJ EFDV SD E]KXJV

3 RP

%-47 JDQJ JnL 16

JDQJJnL 3 JDQJ JLV IRU

3 UJ\D 37 EUJ\DU

%-14 RP 

- SD RU ED " 4 ED

%4 SR .+1 GDQJ




3 5,  7 PHG IRU SD

%-14 RP  / VSXQJV

DIWHU ILUVW V\OODEOH
VKDG




%-47 JDQJ JnL 16

JDQJJnL 3 JDQJ JDnL

%4 E]KLQ IRU ]KLQJ



5,

%-143 RP  3 SDnL IRU

SD  7 

3 RP ED  3 RP 






4 FKDG 3 WVKDG

%  -1 RP 

%J


'K,)V-V1D3X4L4V=L.X0L6R<X

)V.X0L6R<X IRU 

)V-V1D3X4L4V=L.X0L6R<X
-V1D3X4L4V=L.X0L6R<X

>-L@


LQ D D F



HTXLYDOHQW IRU

FRQWUDU\ WR IRXUV\OODEOH UK\WKP

IRU

FRQWUDU\ WR IRXUV\OODEOH

IRU
IRU

FRQWUDU\ WR IRXUV\OODEOH UK\WKP

DOVR WZLFH EHORZ LQ %

LQVWHDG RI



IRU

DSSHDUV

'K,.X0L6R<X-V1D3X4L4V=L

LQ DOO RWKHU WUDQVODWLRQV RI 7*6 )V

$OO HGLWLRQV H[FHSW % KDYH

UK\WKP

FRQWUDU\ WR IRXUV\OODEOH UK\WKP

>QH[W FROXPQ@

PHWUL FDXVD
EXW

10B

$VJ
JDQJ \DQJ UGRUMHnL EORJURV E\DQJFKXE VHV GSDn GH E]KLQ JVKHJV SDnL \HVKHV EVJUXE
SDnL SK\LU  ++( VDQJV UJ\DV WKDV FDG OD PFKRG SDnL SK\LU  QDQ WDQ GX E\HG FLQJ 
nMLJ UWHQ N\L NKDV UHUHU UG]XnSKUXO EVJUXE QDV  GH nGULnL WLQJ QJH nG]LQ OD VQ\RP SDU
nMXJ VWH  FKX ED JDQJ JDnL E\H PD( la nGDV SDnL VDQJV UJ\DV N\L ]KLQJ E\H ED NKUDJ
5

NKULJ EUJ\D SKUDJ VWRQJ JL FKX ER JDQJ JDnL E\H PD VQ\HG ODV nGDV SDnL VDQJV UJ\DV
EFRP OGDQ nGDV UQDV E]KXJV VKLQJ VS\RG SD QL

>D@

E\DQJFKXE VHV GSDn GDQJ 

Q\DQ WKRV N\L GJH nGXQ GDQJ EFDV SD UQDV VR  GH E]KLQ JVKHJV SD UH UH OD FKX ER
JDQJ JD OQJD EFXnL E\H PD VQ\HG N\L NKDQJ EX brtsog SD EUJ\D SKUDJ VWRQJ SKXO ED
nGL OWD VWH EGH EDU nGUD@ ULQ SR FKH VQD EGXQ J\LV NKR UD NKRU \XJ QL GSDJ  nSKDQJ QL
10

GSDJ WVKDG EFXnL nSKUXO N\L GUL ]KLP SR GDQJ OGDQ SD GDQJ  EVNDO SD EUJ\D SKUDJ
VWRQJ UG]RJV N\L EDU GX  Q\LQ UH \DQJ NKD QD PD WKR ED PHG SDnL ORQJ@ VS\RG SKXO ED
GDQJ  GH OWD EXnL PFKRG SDnL \RE\HG E\HG SD EDV 

%J






-L

>-L@
IRU

QRWH IRXUV\OODEOH UK\WKP



10B

15

SS

ULJV N\L EX
GH 





nDP  ULJV N\L EX PR JDQJ J]KDQ ]KLJ E\DQJ FKXE WX VHPV EVN\HG

TT
UU

VV

GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV N\L UQDP JUDQJV nGL ODV GSH JFLJ



WW
WVDP OXV OD nFKDQJ QJDP  JOHJV EDP GX JQDV SDU E\HG QD  UGR UMHnL EOR JURV GHnL

EVRG QDPV PQJRQ SDU nGX E\HG SD

ZZ

XX

GH



OD 

EVRG QDPV

YY

PQJRQ SDU nGX E\HG

ZZ[[
\\


]]

VQJD PDV EUJ\DnL FKD GDQJ  VWRQJ JL FKD GDQJ  nEXP J\L FKD GDQJ 
SD

20





JUDQJV GDQJ 
FKD GDQJ 
EJUDQJ
ED GDQJ  GSHU \DQJ Q\H EDU
PL nJUR VWH 
DDD EEE
UJ\XU \DQJ PL E]RG GR


%-143 RP 
%4 RP J]KDQ

%3 

3 OD IRU ODV 3 RP ODV

/3 FLJ FI &K







7

VSXQJV VKDG DIWHU

VHFRQG V\OODEOH 3 RP 



%4 RP  3 SDUWLDO

VSXQJV VKDG

%-143 RP 
%3 UJ\DnL IRU EUJ\DnL 4
ED UJ\DnL IRU EUJ\DnL






-1 RP  >- DW WKH HQG RI

WKH ERWWRP OLQH RI WKH IROLR@

%J






37

JL

3 RP  7 VSXQJV VKDG

DIWHU VHFRQG V\OODEOH


3 RP 

%4 nJUDQJ 3 EJUDG

3 RP Q\H EDU

10B

$VJ
JDQJ ULJV N\L EX SKR nDP  ULJV N\L EX PR J]KDQ ]KLJ JLV E\DQJFKXE N\L VHV EVN\HG
GH  GH E]KLQ JVKHJV SDnL VQ\LQJ SR FKRV J]KXQJ nGL GSHn(
15

nJDn ]KLJ NKRQJ GX FKXG

SDU E\DV VDP  JOHJV EDP GX E\DV QD  UGRUMHnL EORJURV nGLnL EVRG QDPV PQJRQ SDU nGX
E\HG SD OD  VQJD PDnL EVRG QDPV PQJRQ SDU nGX E\HG SD OD  VQJD PDnL EVRG QDPV
(

PQJRQ SDU nGX E\HG SDV GHnL EUJ\DnL FKDU \DQJ PL SKRG GR  VWRQJ JL EUJ\D SKUDJ
VWRQJ E\H ED EUJ\D SKUDJVWRQJ JL JUDQJV N\L FKDU \DQJ PL SKRG GR  JUDQJV ED nDP 
GSHn nDP  FKDU \DQJ PL E]RG GR 

%J


*D-L(

>



10C

 
D

UGR UMHnL EOR JURV \DQJ E\DQJ FKXE VHPV GSDn JDQJ VDQJV UJ\DV N\L FKRV
VX

WVKRO EDV 
I

\RQJV

VDQJV UJ\DV EFRP OGDQ nGDV GH GDJ ODV GH E]KLQ JVKHJV SD UH UH OD

\DQJ EVNDO SD nEXP WVKDQJ JL EDU GX  VKLQJ PDQ GD UD EDnL PH WRJ NKDO E]KL SD

M

N
O P

Q
nEXP nWKRU OD  UGR UMHnL EOR JURV GJH VORQJ QJDP  GJH VORQJ
PD nDP  GJH

EVQ\HQ

S


T
U
QDP  GJH EVQ\HQ
PD ]KLJ JLV 
E\DQJ FKXE WX VHPV EVN\HG GH  GH

V


E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV N\L UQDP JUDQJV nGL WKRV QDV 
WKDO PR OKDQ

W



X


FLJ VE\DU WH  UMHV VX \L UDQJ QJR ]KHV WVKLJ JFLJ VPUDV QD  UGR UMHnL EOR
Y
Z
[
\
]
JURV EVRG QDPV PQJRQ SDU nGX E\D ED GDQJ  GJH ED PQJRQ SDU nGX E\D ED GH OD
DD



PH WRJ GDQJ  PH WRJ SKUHQJ
SKXO ED GDQJ
OGDQ SD 
GH E]KLQ JVKHJV SD OD

10



EE
E]KDJ SDnL EVRG QDPV PQJRQ SDU nGX E\D ED GDQJ  GJH ED PQJRQ SDU nGX E\D


ED

FF
GG 


HH
VQJD PD GHV

EUJ\DnL
FKD GDQJ 
VWRQJ JL FKD GDQJ  nEXP J\L FKD




II
ED GDQJ  GSHU \DQJ Q\H EDU PL nJUR
GDQJ  JUDQJV GDQJ  FKD GDQJ  EJUDQJ

VWH 



JJ
UJ\XU

\DQJ PL E]RG GRKK LL

%4 N\LV
/7 \RQJVX

%-143 RP 

3 ODV 


RP






3 VNDO

%-14 RP 
%-4 G IRU GD 16 PDQGD
H^ IRU 2,3 /,

%-14 RP 5,

%-14673 

3 RP GJH VORQJ QJDP 



GJH VORQJ



QDP  GJH EVQ\HQ

DEHUUDWLR RFXOL 3 VQ\HQ



/3 RP

6 RP 
%-143 RP  3  DW
WKH HQG RI WKH OLQH





%-143

-1/673

ODQ FRQWUDU\ WR

FLJ oRQFHp
&K ZKLFK ZRXOG KDYH

WKH YDULDQW NCP

LV

WUDQVODWHG LW KDG LW DSSHDUHG

LQ WKH ,QGLDQ PV DOVR

WKDO PR VE\DU 3

OKDQ OLNH %WK

VLPSO\

%WK



3 RP FLJ OLNH %WK

%-143 RP 
/713 UMHVX

%-3 \LG IRU \L 4 ODFXQD

RI RQH OHWWHU EHWZHHQ \L DQG

UDQJ ILOOHG ZLWK WVKHJV



3 FLJ

3 QDV

3 kSKUHQJ DC SKXO 3
SKUHQJ ,+ SKXO

3 GDQJ 


3 RP 

%4 RP 

3 EDkK PQJRQ 3 -,8 IRU
-,



-, FCPI  FIG DC
OPIQP RCT kFW D[C DC VQJD
3 -, .+21  .1/ JD DCU
OPIQP RCT kFW D[C DC VQJD
3

>JD

PDUNHG ZLWK D GRW

%J



WULDQJOH IRU GHOHWLRQ@ 3

DEHUUDWLR RFXOL





%-143 RP 
%4

UJ\DnL

/74 VSXQJV VKDG /4

DIWHU ILUVW V\OODEOH 7 DIWHU
VHFRQG V\OODEOH



3 RP JUDQJV GDQJ  3

JUDQJV GDQJ  ZLWK VPDOO
OHWWHUV DERYH WKH OLQH
SRVLWLRQ LQ WKH WH[W ZKHUH

JUDQJV GDQJ  LV WR EH
LQVHUWHG LV PDUNHG ZLWK D
FURVV





3 RP 
%4 nJUDQJ

%  DW WKH HQG RI WKH OLQH

-1 RP 

%4 VJ\XU FRQWUDU\ WR


%

10C

$VJ
@

UGRUMHnL EOR JURV E\DQJFKXE VHPV GSDn JDQJ  VDQJV UJ\DV N\L WVKRO

EDnL SK\LU  VDQJV

UJ\DV EFRP OGDQ nGDV GH E]KLQ JVKHJV SD UHUH OD PHWRJ QDP GD UD E\H ED EUJ\D SKUDJ
VWRQJ QJDV N\L FKDU \DQJ PL SKRG GR  EJUDQJ ED nDP  dpe+ Q\H ma UH re QDV EVNDO
SD VWRQJ UG]RJV N\L EDU GX JWRU ED@ EDV  UGRUMHnL EORJURV E\DQJFKXE VHV GSDn JDQJ
5

\DQJ GJH VORQJ SKD nDP  GJH VORQJ PD nDP  GJH EVQ\DQ SKD nDP  GJH VQ\HQ PDV
E\DQJFKXE N\L VHPV EVN\HG GH  GH E]KLQ JVKHJV SDnL VQ\LQJ SR nL FKRV N\L J]KXQJ
nGL WKRV@ WH  WKDO PR VE\DU QDV  SK\DJ nWVKDO EDnDP  UMHVX \LG EDV  WVKLJ JFLJ EUMRG
QD UGRUMHnL EOR JURV EVRG QDPV PQJRQ SDU nGX E\HG SD GDQJ  GJH EDnL UWVD ED PQJRQ
par nGX E\HG SD nGL OD GH E]KLQ JVKHJV SD@ PHWRJ SKULQJ ED GDQJ  EFDV SD SKXO ]KLQJ 

10

JWRU ED VQJD PDnL EVRG QDPV PQJRQ SDU nGX E\HG SD GDQJ  GJH ED PQJRQ SDU nGX
E\HG SD GDQJ  GJH ED PQJRQ SDU nGX E\DV SDV  GHnL EUJ\DnL FKDU \DQJ PL SKRG do //
>E@

VWRQJ JL FKD GDQJ  EUJ\D VWRQJ JL FKD GDQJ  E\H ED EUJ\D VWRQJ JL JUDQJV N\L

FKDU \DQJ PL SKRG  EJUDQJ ED GDQJ  GSHn nDP  FKDU \DQJ PL E]RG GR 

7ZR GRWV DERYH QJD

%J


*D-L(

>



10D

 
GH QDV GHnL WVKH EFRP OGDQ nGDV N\LV, WVKLJV VX EFDG- SD nGL GDJ ENDnVWVDO WR .

>@ VHPV FDQ OD OD JDQJ ]KLJ E\DQJ FKXE OD 

PRV SD EVN\HGG QDV HnGL Q\DQ nG]LQ SD nDPI J

\L JHUK nGUL nDPL JOHJV EDP J]KDJ E\HG FLQJ 
JXVM GDQJ EFDV SDV WVKLJV EFDG JFLJ EVKDG GDPN 

5
>@

GH E]KLQ JVKHJV SDnL VQ\LQJ SR nGL WKRV QDV 

JDQJ ]KLJ E\DQJ FKXE PFKRJ nGL WVKRO E\HG QD 

P



EVRG QDPV SKXQJ SR ML WVDP VN\HG nJ\XU ED 



GH \L SKDQ \RQ nGLU QL PQ\DQ SDU J\LV 



/71 WVKLJVX
3 VHH . IQ 

%7  3 GRXEOH VSXQJV




VKDG

DIWHU ILUVW V\OODEOH

- nEUL" 3 EUL 3 nEUL

/3 JOHJ 3 JOHJ8 DW WKH
HQG RI WKH OLQH

E]KDJ
3 SDnL IRU SDV

%43 FLJ FRQWUDU\ WR &K
 3 RP EFDG JFLJ 3
nGL IRU FLJ


3

%4 



%7 

%J
>@

>@






3
3

EVN\HG
GHnL

10D

$VJ
GH QDV EFR OGDQ nGDV N\L GHnL GEXV QD WVKLJVX EFDG SD JVXQJVR 
>@

JDQJ ]KLQJ E\DQJFKXE WX QL nGDG( EVN\HG SD 

nGL OD VHV FDQ Q\DQ FLQJ nFKDG SDU E\HG 

EULV WH  JOHJ EDP GX QL E\DV SD GDQJ 
VWL VWDQJ E\DV WH  WVKLJV JFLJ EVKDG SD OD 

>@

NK\RG UQDPV N\L QL GH QL nL EVQJDJ SD Q\RQ 

nGL OD EVRG QDPV SKXQJ SR UQDV nE\XQJ ED (

GH E]KLQ JVKHJV SDnL VQ\LQJ SR WKRV SDnL
JDQJ ]KLJ E\DQJFKXE PFKRJ WX WVKRO E\HG SD 

%J
>@

>@



10D
U

>@ UG]X nSKUXO VWREV PFKRJ nGL OD JQDV QDV VX 

10



GSDn



ER



EVNDO

SD





SK\RJV EFX UQDPV VX

[

Q\DQ WKRV EFDV

GDJ QL VWRQJ EDU GX 



PL \L

SD UQDPV

>$

Y Z
JWVR ER GDJ 


OD VWL

VWDQJ E\HG






,,
>@ ML OWDU JDQJJD VWRQJ PDQJ E\H ED EDV 


15

GH EDV OKDJ SD

--

EVDP J\LV



PL NK\DE SDnL

..



PHG NKDQJ PFKRJ ULQ FKHQHH ODV E\DV SD II

nMLJ UWHQ VOREJJ GSRQKK UH UH OD \DQJ SKXO LL
GG

J]KDO

>@

GH GDJ nSKDQJ GX GSDJ WVKDG EFX \RG OD 

MM

NN



OO

FKX GDQJ UJ\DU QL GSDJ WVKDG JFLJ \RG SD 

VSRV GDQJ EGXJ SD GDJ GDQJ UDE22 OGDQ OD33 44






20







55 ODV66 E\DV77 NKUL88 EVKDPV99 VKLQJ ::

GH QD ULQ FKHQ

4 GEDn IRU GSDn 3 GEDQJ

IRU GSDn 7 GSDQJ"

1 SR RU ER " 3 SR

%4 VNDO 3 EVDO

-6 SD RU ED "




$3 JDQJ JD %-4 JDQJ

JnL IRU JDQJJD 16

JDQJJnL IRU JDQJJD 7
JDQJ J

% VQ\LQJ IRU VWRQJ 4
VWHQJ IRU VWRQJ

$ PD IRU ED FS %WK
E\H ,+

3 5,kK -8,2

%-14 SD IRU SDnL

/7 UQDPVX

%3 PLnL IRU PL \L 3
PDnL IRU PL \L 4 \L


FRPSUHVVHG

-1/67 EVWL

%J
>@


>@

>@

-V1D3X4L4V=L.X0L6R<X

IRU



3 SD IRU OD

/673 PFKX

- EUJ\DU 1 EUJ\DG





%4

FLJ FRQWUDU\ WR &K



$%4

8-48

1

VSRV

RU

VERV"

3

JGXJ

GDJ ZLWK VPDOO OHWWHUV

EHQHDWK WKH OLQH



3

10D

$VJ
10

>@ UG]XnSKUXO PFKRJ GDQJ VWREV JQDVX 

PL PFKRJ UQDV OD VWLVWDQJ E\HG SD QL 
SK\RJV EFXU Q\DQ WKRV UQDV GDQJ EFDV SD GDQJ 
(

EVNDO SD VWRQJ UQDV UG]RJV N\L EDU GX VWH 

>@ FKX ER JDQJ JD E\H ED VWRQJ PDQJ E]KLQ 
GH ODV nGDV SD EVDP N\L PL NK\DE SD 

15

nMLJ UWHQ GX VS\RG UHUH OD \DQJ SKXO 

J]KDO PHG NKDQJ SD PFKRJ UDE GH UQDV WH 
(

>@ GHnL nSKDQJ GX GSDJ WVKDG EFX SD VWH 

NKRU NKRU \XJ GSDJ WVKDG UDE WX

rdzogso 

GUL UQDV GDQJ QL SRJ UQDVX \DQJ OGDQ 

20

GH QD ULQ FKHQ GDJ JL NKUL UQDPV OD 

%J
>@

>@

>@



10E

 
>@

/,7, GDQJ EFRVE EXnL UDV QL EUJ\D EWLQJF EDnLG H

NKUL GDJI GDQJJ QL NKULK VWDQ J]KDQ UQDPV N\DQJL 
ML OWDU JDQJJDnL NOXQJ E]KLQ GSDJ PHG SD 
UJ\DO ED JFLJ OD GEXOM ED E\DV J\XUN ODO P

Q

R
>@ UJ\DO ED JDQJ GDJ nMLJ UWHQ NKDPV E]KXJV SD 


S
T
ML OWDU JDQJJDnL E\H PD EDV PDQJ ED 
U
UJ\DO ED GH GDJ UQDPV OD GH OWDU SKXO 
V
W
X Y
NXQ OD JXV SDU PFKRG SD E\HG SD EDV 

>@

10

PNKDV SDZ JDQJ ]KLJ PGR VGH[ nGL WKRV QDV \
GSH JFLJ WVDP ]KLJ \DQJ GDJ nG]LQ] E\HG GDP DD
E]XQJ QDV PL nJDnEE ]KLJ OD nFKDG E\HG QD 
..



GH QL GH EDV EVRG QDPV SKXQJ SR// PDQJ 00




/7 RP nL

2ULJLQDOO\ SUREDEO\

EUJ\DQ  %WK VHH




WUDQVODWLRQ
3 VHH . IQ 

$ JDQJ nJDnL %-47 JDQJ

JnL 16 JDQJJnL 3 JDQJ
JLnL 3 JDQJ JDnL

%4

$%4

&K

FLJ FS &K



%J


>@

>@


>@





.X
'K,

IRU
IRU

FS

LQ WKH SURVH

-V1D3X4L4V=L.X0L6R<X

EDU
/67 ]KXJV

$ JDQJ nJDnL %-47 JDQJ
JnL 16 JDQJJnL 3
JDQJ JDnL

$%3 GSHn


IRU



36 J]XQJ

4  DW WKH HQG RI WKH OLQH

7 



10E

$VJ
>@

GDU GDQJ JRV EUJ\DQ UQDV N\DQJ GH OD : EWLQJ 

NKUL GDQJ VWDQ QL J]KDQ \DQJ GH E]KLQ WH 

FL OWDU( FKX ER JDQJ JD E\H PD WVKDG PHG SD 
UJ\DO ED JFLJ JLV WKDG GX GH \DQJ SKXO 
5

>@

GD OWDU UJ\DO ED GH GDJ OD \DQJ SKXO 

nMLJ UWHQ NKDV QD  UJ\DO ED E]KXJ SD OD 

FL OWDU FKX ER JDQJ JDnL E\H PD E]KLQ 
(

WKDV FDG OD QL VWLVWDQJ PFKRG SD E\HG 

>@

NKDV SD JDQJ UQDV PGR VGH nGL WKRV VKLQJ 

\DQJ GDJ SDU QL GSH FLJ nFKDQJ ED GDQJ 

10

nFKDQJ QDV JDQJ ]KLJ J]KDQ OD UJ\DO nFKDG ED 

nGLnL EVRG QDV SKXQJ SR PDQJ 


GH GDJ EHQHDWK WKH OLQH VPDOO

%J
>@

>@

>@



10E

GSDn ERV E]XQJ EDnL EVRG QDPV nGL OD QL II

>@

FKD GDQJ GSHU \DQJ GHJJ QL Q\HU PL nJURKK LL

VURJ FKDJV GDJ QL NXQ J\L

MM

15

NN

VN\DEV

OO

nJ\XU ]KLQJ 
PP

GH QL P\XU GX E\DQJ FKXE PFKRJ nWVKDQJ UJ\D 

QQ

>@ GH E]KLQ JVKHJV



VHPV FDQ GDJ QL



N\L VQ\LQJ SR nGUD \RG SD 



NXQ J\L

RR

FKRV Q\LG nGL




E\DQJ FKXE VHPV GSDn PNKDV SD JDQJ VHPV SD

SS

GH QL

20


3 RP

E\XQJ


37 J]XQJ
3 GSH

3 GHnL IRU GH QL

3 FKDJV ./ GDJ






UDQJ



VDQJV UJ\DV P\XU GX

% GRXEOH

VSXQJV VKDG DIWHU

WKLUG V\OODEOH 47 



%4

JL IRU QL 6 SD IRU QL

QL

3 RP GDJ


$%4 N\L

QL

%J
>@

>@

'K,)V

IRU



TT



UU

nJ\XU 

GSDn IRU SD

UDE IRU UDQJ

3 nE\XQJ


%4
3

10E

$VJ
>@

GH QL FKD GDQJ  GSH \DQJ PL SKRG GR 

EVRG QDPV +( di UQDV VS\RG QD VX 

VURJ FKDJV WKDV FDG UQDV N\L VN\DEVX nJ\XU 

15

GH GDJ P\XU GX E\DQJFKXE PFKRJ GX nWVKDQJ \DQJ UJ\D 

>@

EGDJ OD GH E]KLQ JVKHJV SDnL VQ\LQJ SR \RG GR 

E\DQJFKXE VHVGSDn JDQJ VHV SD 

FKRV Q\LG nGL QL VHV FDQ NXQ N\L VWH 
WKDV FD/ >D@ N\DQJ QL VDQJV UJ\DV UDQJ E\XQJ J\XU 

20


1RW FOHDU EHWZHHQ UQDV DQG VS\RG ZRUG ZULWWHQ EHQHDWK WKH OLQH"

%J
>@
>@



11A




UGR UMHnL

EOR JURV UQDP JUDQJV nGLVD N\DQJE nGL OWDU FKRV N\LF UQDP JUDQJV nGL ML OWDUG

E\DQJ FKXEH VHPV GSDn VHPV GSDn FKHQ SR UQDPVI OD WKDPV FDGJ PNK\HQK SDnL \H VKHV
EVJUXE SDU nJ\XUL EDnL JFHVM VSUDVN E\HG SDUO ULJ SDU E\DnR P UGR UMHnLQ EOR JURV
VQJRQR E\XQJ ED nGDV SDnL GXV QD  EVNDOS SD JUDQJV PHG SD VKLQT WXU UJ\DV SD V
5

WVKDG PHG SD  EVDP J\LVW PL NK\DE SDX  PWVKXQJV SD PHG SDY Z EUMRG GX[ PHG
SD  GHnL SKD URO EDV\ N\DQJ FKHV SKD URO] GX J\XUDD SD GHnL WVKHEE GHnL GXV QD  GH
E]KLQ JVKHJV SD GJUD EFRP SDFF \DQJ GDJ SDU UG]RJVGG SDnL VDQJV UJ\DV ULJHH SD GDQJII
]KDEV VX OGDQ SDJJ KK EGH EDU JVKHJV SD  nMLJ UWHQ PNK\HQLL SD  VN\HV EX nGXOMM
EDnL NKD OR VJ\XUNN ED OO EOD QD PHG SD PP OKD GDQJ PL UQDPVQQ N\L VWRQRR SD 

10

VDQJV UJ\DV EFRP OGDQ nGDV UWDJ WX nRG ]HU JWRQJ ]KHV E\D ED nMLJ UWHQ GX E\XQJ
QJR 

%-14 RP  3 RP EUMRG

GX PHG SD  DEHUUDWLR
RFXOL

$173 WX

3 SD 

3 RP nL

-143 VJUXE % VJ\XE

%4 SDnL

%-14 RP 

3 RP 

$3 RP 

3 WVKXQJ 3 PWVKXQJ >P

ZLWK D VPDOO OHWWHU@





$%-14 RP 
/71

]KDEVX

$3 RP 

%J


'K,8

IRU





-1

nNKRU

IRU

NKD

>1

nD

ZLWK D

VQJRQ nMXJ RI kNKRU

VPDOO OHWWHU LQVHUWHG ODWHU@





3 RP 

J]HU
JWRQJ ,+ ]KHV

/1 E\XQJR >1 EHIRUH VKDG


$36
/67

DW WKH HQG RI WKH OLQH@



17  >1 DW WKH HQG RI WKH

OLQH@

11A

$VJ
UGRUMHnL EOR JURV J]KXQJ nGL FKXG SDU E\DnR  FKRV N\L J]KXQJ nGL E\DQJFKXE VHV
(

GSDn UQDV OD WKDV FDG PNK\HQ SDnL \H VKHV nJUXE SDU PDQJ GX E\HG SD ]KHV

J]KXQJ nGLV ULJ SDU E\DnR  UGRUMHnL EORJURV VQJRQ nGDV SDnL GXV JUDQJV PHG SDnL EVNDO
SD \DQJV SD WVKDG PHG SD EVDP N\L PL NK\DE PQ\DP SD PHG SD EUMRG GX PHG SD
5

GHnL SKDURO N\L SKDURO GHnL WVKH GHnL GXV( UWDJ WX nRG J]HU JWRQJ ED ]KHV E\D ED  GH
E]KLQ JVKHJV SD GJUD EFR SD \DQJ GDJ SDU UG]RJV SDnL nMLJ UWHQ GX VWH  PNK\HQ SD
GDQJ UNDQJ SDU OGDQ SD  EGHU EDU JVKHJV SD nMLJ PNK\HQ SD EOD QD( PHG SD VN\HV EX
nGXO EDnL NKDOR VJ\XU ED  OKD GDQJ PL UQDV N\L PNKDQ SR VDQJV UJ\DV EFRP nGDV
VR 

%J



11B


D

UGR UMHnL EOR JURV FLnL SK\LU GH E]KLQ JVKHJV SD GH UWDJ WX nRG ]HU JWRQJ ]KHV E\D
H

]KH QD 


UGR UMHnL EOR JURV EFRP OGDQ nGDV GH E]KLQ

M

JWRQJ GH E\DQJ FKXE VHPV GSDU J\XU SD

N

JVKHJV

SD UWDJ WX nRG ]HU

QD  PDnL PQJDO GX ]KXJV PDO WKDJ WX

GH PDnL PQJDO QD nGXJ E]KLQ GX OXV ODV nRG E\XQJ VWH P VKDU SK\RJV VX nMLJ UWHQ J\L
5

NKDPV nEXPQ SKUDJ VDQJV UJ\DV N\L ]KLQJ EFXnL UGXO SKUD UDE N\L UGXOR VQ\HGS GDJ
VQDQJ EDV UWDJ WX NK\DE SDU J\XUT WR U GH E]KLQ GX OKR GDQJ V QXE GDQJ  E\DQJ
GDQJ  VKDU OKR GDQJ  OKR QXE GDQJ  QXE E\DQJ GDQJ  E\DQJW VKDUX GDQJ Y nRJ
GDQJ  VWHQJ JLZ SK\RJV[ GDQJ  SK\RJV EFXnL nMLJ UWHQ J\L NKDPV nEXP\ SKUDJ VDQJV
UJ\DV N\L] ]KLQJ EFXnLDD UGXO SKUD UDE N\L UGXOEE VQ\HGFF GDJ VQDQJ EDV UWDJ WXGG NK\DE

10

SDU J\XUHH WH II E\DQJ FKXE VHPV GSDn GHnL OXV N\LJJ nRG GJDn EDU nJ\XU ED  VGXJ

PJX EDU nJ\XU EDV nMLJ UWHQ J\L NKDPV

nEXP SKUDJ GH VQ\HG VQDQJ EDV UWDJ WX NK\DE SDU J\XU WR 
SD  PFKRJ WXKK GJDn ED E\HG SD 

LL

OO

PP

$3 J]HU
$3 J]HU

3 JWRQJ


MM

QQ

 %-14 RP 

$3 9:  3

/: 

GSDnU - GSDn RU GSDU "

347 GSDn IRU GSDU
3 EHWZHHQ GSDn DQG J\XU

VPDOO nD" ZLWK D WVKHJ

HQG RI WKH OLQH 3 RP 


$3 RP 

%

$ J\XUG %4 nJ\XU

/7




SK\RJVX

$3 RP 
%

VSXQJV VKDG DW WKH YHU\

'K,)V

IRU





%4 ED

$36



RR

%J



-V1D3X4L4V=L.X0L6R<X

IRU






SS

$3 RP 
$3 RP 

EDU
J\XU

3 SDU IRU EDV 3 SDV

$ J\XUG WR IRU J\XU WR
3 nJ\XU UR


%-1436
3

NN

11B

$VJ
(

UGRUMHnL EORJURV FLnL SK\LU QD  GH E]KLQ JVKHJV SD GH UWDJ WX nRG]HU JWRQJ ]KHV E\DV

UGRUMHnL EORJURV  EFRP OGDQ nGDV UWDJ WX nRG JWRQJ ED GH E\DQJFKXE VHGSDnL WVKH
PDnL PQJDO  GX ]KXJV VKLQJ JQDV SD GH PD WKDJ WX GHnL GHnL OXV ODV nRG E\XQJ QDV 
(

VKDU SK\RJVX VDQJV UJ\DV N\L EFXnL UGXO SKUD PR VQ\HG N\LV nMLJV UWHQ N\L NKDV

VWRQJ SKUDJ EUJ\DU E\DQJFKXE VHV GSDn GHnL OXV N\L nRG N\L UWDJ WX VQDQJ EDV 
NK\DE SDU

gyur

WR  GH OWDU OKR SK\RJV GDQJ  QXE N\L SK\RJV nWVKDPV

dang

 QXE

GDQJ  E\DQJ JL SK\RJV nWVKDPV GDQJ  E\DQJ GDQJ  VKDU N\L nWVKDPV GDQJ  nRJ
GDQJ  VWLQJ JLV SK\RJV VDQJV UJ\DV N\L ]KLQJ

++ UGXO SKUDPR VQ\HG N\L nMLJ UWHQ N\L(

NKDV EUJ\D VWRQJ  UWDJ WX  EDV NK\DE SDU J\XU WR  \DQJ nMLJ UWHQ N\L NKDV

10

EUJ\D SKUDJ VWRQJ SR GH VQ\HG N\L E\DQJFKXE VHPV GSDn GHnL OXV N\L UWDJ WX VQDQJ ED
(

NK\DE SDU J\XU SD QL PG]HV SD VGXJ SD GJDn EDU E\DV

pas VR 

%J


>-L@



11C


D

G

UGR UMHnL EOR JURV E\DQJ FKXE VHPV GSDn PDnL PQJDO QD JQDV SD GHnL nRG N\LV
H

UWHQ J\L NKDPV nEXP

L

M

WKDPV FDG J]L EUMLG

R

GH GDJ WX VHPV FDQ JDQJ GDJ

OD UHJ SDU J\XU

GDQJ OGDQ SD GDQJ  NKD GRJ GDQJ OGDQ SD

SD

GDQJ 

nMLJ

GH GDJ
GUDQ SD

GDQJ OGDQ SD GDQJ  EOR JURV GDQJ OGDQ SD GDQJ  UWRJV SD GDQJ OGDQ SD GDQJ 

VSREV SD GDQJ OGDQ SDU J\XU WR 



DD

EE

JDQJ GDJ VHPV FDQ

GP\DO ED GDQJ  GXG nJURnL

GG

HH

UWHQ GDQJ

 OKD PD \LQ UQDPV N\L

JJ

E\DQJ FKXE VHPV GSDn GHnL nRG N\LV



nSKRV WH 

10

VN\H

FF

II

QDQJ GX VN\HV SDU

KK

UHJ

JQDV GDQJ  JVKLQ UMHnL nMLJ



J\XU SD GH GDJ WKDPV FDG

LL

SD WVDP J\LV UDQJ JL nJUR ED GDJ QDV VKL



OKD GDQJ PL UQDPV N\L QDQJ GX

MM

VN\HV VR  GH GDJ UHJ SD WVDP J\LV

OO

EOD QD PHG SD \DQJ GDJ SDU UG]RJV SDnL E\DQJ FKXE ODV SK\LU
WR

PP



WKDJ WX
WDQ




YY

QQ

RR

\DQJ SK\LU PL



UU

GH GDJ WKDPV FDG



OQJD EUJ\D SDnL

EUMLG EJGP RQ GDQJ %4


&K

FRUUHVSRQGV WR

OCJCW
 PRVW
SUREDEO\ HPSOR\V LQ
RUGHU WR NHHS WKH IRXU
V\OODEOH UK\WKP

/3 UWRJ UWRJ

MDV EXW LV FRQWUDU\ WR

%WK PGDQJV RMDV &K

 6

$7 VEREV"

8



SD JDQJ GDJ OD

nRG

TT

GHV UHJ SD
VV

PL VN\H EDnL FKRV OD E]RG SD



OHnX ]KHV E\D EDnL J]XQJV

%47 N\L 3 J\LV

%4 SD 
%4

SS

OGRJ

%-14 RP  6 VSXQJV

VKDG DIWHU ILUVW V\OODEOH

/7 QD IRU GX

/3 RP OD

3 RP GHV UHJ SD
3 RP UHJ SD



%J



ZZ

N\DQJ

3 GDJ 2+ 8028

$ J\XUG 3 nJ\XU

3 ED

3 J\LV


nMLJ UWHQ J\L NKDPV nEXP GH GDJ QD VHPV FDQ

NN

PL OGRJ SDU J\XU





GH GDJ
WW

UHJ PD
XX

WKRE SDU J\XU WR 

\RQ

 [[

WKRE ER



3 RP GDJ 3 RP GH

GDJ

/ GX 4 WX RU GX "

/73 EDnL IRU SDnL 3


EUJ\DnL IRU EUJ\D SDnL


3 J]XJV FRQWUDU\ WR
&K

J]XQJV

GKUD

%37 WKRE SR / WKRER

1 WKDE ED



11C

$VJ
:

UGRUMHnL E\DQJFKXE

VHV GSDn GHnL PDnL PQJDO GX nGXJ SDnL nRG N\LV nMLJ UWHQ N\L

pa

NKDPV EUJ\D SKUDJ VWRQJ

 GH GDJ JL VHV FDQ

>E@

OD UHJ SDU J\XU SDV  GH GDJ

WKDV FDG PGDQJV GDQJ OGDQ  NKDWRJ GDQJ  GUDQ SD GDQJ OGDQ  EORJURV GDQJ  UWDJ
SD GDQJ OGDQ  VSREV SD GDQJ OGDQ SDU J\XU WR  \DQJ nMLJ UWHQ N\L NKDV EUJ\D SKUDJ

VWRQJ SR GH GDJ JL VHPV FDQ GP\DO ED GDQJ  E\RO VRQJ GDQJ  JVKLQ UMHnL nMLJ UWHQ GX
VN\HV SDU J\XU SD GH GDJ WKDV FDG E\DQJFKXE VHV GSDn GHnL nRJ PWKRQJ ED

tsam

J\LV EGDJJL UJ\XG ODV nFKL nSKRV WH  OKD GDQJ PL VN\HnR  \DQJ UGRUMHnL EORJURV GDQJ 
OKD GDQJ PL ODV E\DQJFKXE VHV GSDn GHnL OXV N\L nRG N\L ULJ SD WVDP J\LV GH PD WKDJ
@

GX EOD QD PHG SD \DQJ GDJ SDU UG]RJV SDL E\DQJFKXE ODV SK\LU PL OGRJ SDU J\XU WR 

10

\DQJ SK\LU PL OGRJ SDU OD ULJ SD JDQJ nRG N\L UHJ SDU J\XU SD GH GDJ WKDV FDG N\DQJ
PL VN\H EDnL FKRV OD E]RG SD UQ\HG GR  \RQ WDQ OQJD EUJ\D GDQJ

DQ SDnL J]XJV

UQ\HG GR 

1RW FOHDU

98,2

RU

"

.,3

%J

-L

IRU



11D


E\DQJ FKXE VHPV GSDn PDnL PQJDOD QD JQDV SD GHnL OXV N\L nRG N\LVE  nMLJ UWHQ J\LF
NKDPVG nEXPH JDQJ GDJ OD UHJ SDUI J\XUJ SDK GH GDJ WKDPV FDGL EDL U\D ODV JUXE
SDU \RQJV VXM JQDVN SDU J\XUO WH  JVHUP J\L VNXGQ SDV PLJ PDQJVR ULVS VXT EUHV SDU

J\XUU OD  PLJ PDQJV ULV WKDPV FDG QDV N\DQJ ULQ SR FKHnL VKLQJ OMRQ SDV PHW WRJ
GDQJ  nEUDV EX GDQJ  GUL GDQJ  NKD GRJ GDQJ OGDQ SDX UQDPV nWKRQ SDU J\XUY WRZ 
ULQ SR FKHnL VKLQJ GH[ GDJ UOXQJ\ JLV EVN\RG] FLQJ UOXQJDD JLVEE EVJXO QD  nGLFF OWD

VWH  VDQJV UJ\DV N\L VJUD GDQJ  FKRV N\L VJUD GDQJ  GJH nGXQ J\L VJUD GDQJ  E\DQJ
FKXE VHPV GSDnL VJUD GDQJ  E\DQJ FKXE VHPVGG GSDnL VWREV GDQJ  GEDQJ SR GDQJ 

10

E\DQJ FKXE N\L \DQ ODJ GDQJ HH UQDP SDU WKDUII SD GDQJ  WLQJ QJHJJ nG]LQKK GDQJ 
VQ\RPV SDU nMXJ SDnL VJUDLL VQ\DQ SD \LG GXMM nRQJNN ED nGL OWD EX nGL GDJOO E\XQJ

QJRPP QQ ULQ SR FKHnL VKLQJ OMRQ SDnLRR VJUD GHV N\DQJ nMLJ UWHQ J\L NKDPV nEXP GH
GDJ WKDPV FDG QDSS  VHPV FDQ UQDPV GJDn ED GDQJ TT PFKRJ WX GJDn ED WKRE QDV
JQDV VR UU VDQJV UJ\DV N\L ]KLQJ GH GDJVV WKDPV FDGWW QD  \DQJ VHPV FDQ GP\DO
ED GDQJ  GXG nJURnL VN\H JQDV GDQJ XX JVKLQ UMHnL nMLJ UWHQ GDQJ YY OKD PD \LQ J\LZZ
15

ULV[[ UQDPV PHG SDU J\XU WR\\ ]]] E\DQJ FKXE VHPV GSDn PDnL PQJDO QD JQDV SDDDD GH
\DQJEEE
HHH

J\XU

FFF

VHPV FDQ


WR 



GH GDJ

GGG

WKDPV FDG OD

III

PQJDO QD JQDV SD Q\LG OD Q\LQ

LLL

PR VE\DU EDnL ODV E\DV VR

EX  ZLWK D YHU\ VPDOO nD

FKXQJ EHQHDWK @
6 EDLU\D F|<E 7 EDL

GX U\D F=E -3 EDL

F<|<E >EDL ZLWK D

VXEVFULEHG

nD FKXQJ

DGGLWLRQDO WR GRXEOH nJUHQJ

%J

UOD Fp<E / Fp<E

%43 WR  IRU WH 

%-143 EULV

%-4 RP QDV

/ VSXQJV VKDG DIWHU VHFRQG


V\OODEOH 36 RP 

%4 PWKRQ
PWKDQ

 FLQJ

 3

'K,'K'K,)V

% EVJUXO 43 EVNXO

$%-143 RP 

RU



JVXP GX WKDO

EVQ\DQ
SDU

% nGL OWD GDJ >OWD PDUNHG


3

3

ZLWK GRWV DERYH IRU

GHOHWLRQ@ 3 RP nGL


$ EUJ\D VWRQJ IRU nEXP

/67 nEXP 43 /0
%-143 RP 

/1 JQDVR 7 RP VR

$%-143 RP 

$ \DQJ  /67 RP \DQJ


1



QDnDQJ

37 RP GH GDJ


/6 J\XU WH  IRU J\XU WR 
7 J\XU WH  1 J\XU WR 

IRU
IRU

PWKRQ

"

KKK

PWVKDQ ODQ

MMM

$%-143 RP 

$ EH GX U\D F=E % EDL

U\D F=<E 3 EDLU\D

JJJ

ODQ JVXP



GU\D F=<E >3 nD FKXQJ

RI G ZLWK D YHU\ VPDOO
OHWWHU LQVHUWHG ODWHU@ 1
EDLU\D Fp<E 4 EDLG

]OD EDnL GN\LO nNKRU E]KLQ GX VQDQJ EDU






11D

$VJ
JDQJ nMLJ UWHQ N\L NKDV EUJ\D SKUDJ VWRQJ GX E\DQJFKXE VHPV GSDn GHnL OXV N\L
nRG N\L UHJ SDU J\XU SD GH GDJ WKDV FDG N\L VWRQJ EHGXU\DV( J\RJ SDU J\XU WR  JVHU
N\L WKLJ EUJ\DG EUHV WH  EUJ\DG EUHV SD GH GDJ ODV ULQ SR FKHnL VKLQJ PHWRJ GDQJ
nEUDV EX GUL NKDWRJ GX OGDQ SDU VN\HVR  ULQ SR FKHnL( VKLQJ GH GDJ UOXQJ JL VS\RG FLQJ
5

GNULV SD GDQJ  nGL OWD EXnL nGL nGUD EDnL \LG GX nRQJ EDnL VJUD E\XQJ ED QL VDQJV UJ\DV
GDQJ  FKRV GDQJ  GJH nGXQ GDQJ  E\DQJFKXE VHV GSDn GDQJ  E\DQJFKXE N\L VWREV(
GDQJ  E\DQJFKXE N\L \DQ ODJV GDQJ  UQDP SDU WKDU SD UQDV VR  ULQ SR FKH VKLQJ
GHnL VJUDV nMLJ UWHQ N\L NKDV EUJ\D SKUDJ VWRQJ SR GH GDJ JLV VHPV FDQ GJDn ED GDQJ 
PJX ED EUQ\HG FLQJ >D@ JQDV so  VDQJV UJ\DV N\L ]KLQJ GH GDJ WKDV FDG QD 

10

VHPV FDQ GP\DO ED GDQJ  E\RO VRQJ GDQJ  JVKLQ UMHnL nMLJ UWHQ GDQJ  OKD PD \LQ N\L@
OXV PHG SDU J\XU WR  VHV FDQ GH GDJ WKDV FDG OD E\DQJFKXE VHV GSDn PQJDO QD
nGXJ N\DQJ ]OD EDnL GN\LO nNKRU E]KLQ GX VQDQJ EDU J\XU SD nR  PXQ SDnL QDQJ QD WKD
PR VE\DU EDnL ODV@ E\HG SD QL QXE PRG ODQ JVXP Q\LQ SDU ODQ JVXP PR 

%J


>-L@



11E


D

UGR UMHnL EOR JURV GH OWDU E\DQJ FKXE VHPV GSDn GH EWVDV SD GDQJ  PQJRQ SDU E\XQJ
E

ED GDQJ  E\DQJ FKXE PQJRQ SDU



UG]RJV SDU VDQJV UJ\DV N\L EDU GX

E\DQJ FKXE

VHPV GSDn GHnL OXV ODV nRG UWDJ WX E\XQJ EDU J\XU WR  PQJRQ SDU UG]RJV SDU VDQJV


UJ\DV QDV N\DQJ EFRP OGDQ nGDV GHnL OXV ODV nRG UWDJ WX E\XQJ EDU J\XU WR  WVKXO

GH E]KLQ GX \RQJV VX P\D QJDQ ODV nGDn EDnL GXV N\L EDU GX EFRP OGDQ nGDV GHnL OXV
P

N\L nRG GH UWDJ WX



ODV nGDV WH  ULQJ EVUHO

U



E\XQJ EDU J\XU WH 

]HU



W

JWRQJ



]KHV E\D EDU 



37 
/73 \RQJVX

3 GX 




/7 \RQJVX

nDQJ

WVKH

WVKHnDQJ

WH  >WUDFHV RI DQ HUDVHG

3, 74 IURP IRUPHU 93 
YLVLEOH@ 34 WR  IRU WH 

%J





PWVKDQ JVRO WR 


67 

% VHO 43 VUHO 7 EVULO

/67 OD IRU QD

$ QRW FOHDU %43

 -1


3

OXV N\L nRG GH UWDJ WX

EFRP OGDQ nGDV GH UWDJ WX nRG

OKD GDQJ PL UQDPV N\LV

%4 RP ODV 7 OD IRU ODV

3 N\DQJ 



JQDV SDnL WVKH \DQJ





PFKRG UWHQ QD

$ NK\LP QDV IRU PQJRQ SDU

NK\ P ZLWK D UHYHUVHG JL
JX

3 /: 

UGR UMHnL EOR JURV GHnL SK\LU

E\XQJ EDU J\XU WR  GH E]KLQ JVKHJV SD GH \RQJV VX P\D QJDQ

3 SK\LU 
$3 J]HU

%-14 JWRQJ ,+ ]KHV 3
VWRQJ 4+ ]KHV




$%-143 RP 
/ VSXQJV VKDG DW WKH YHU\

HQG RI WKH OLQH 7 


%4/3 N\L


17 

11E

$VJ
UGRUMHnL EORJURV GH E]KLQ GX E\DQJFKXE VHV GSDn GH VHPV EVN\HV SD GDQJ  E\XQJ
(

ED GDQJ  E\DQJ FKXE WX PQJRQ SDU UG]RJV SDU VDQJV UJ\DV N\L EDU GX OXV nRG UWDJ WX
JWRQJ EDU J\XU WR  PQJRQ SDU UG]RJV SDU VDQJV UJ\DV SDnL EFR OGDQ nGDV GH OXV OD
(

UWDJ WX nRG JWRQJ EDU J\XU WR  PQJRQ SDU UG]RJV SDU VDQJV UJ\DV SDnL EFRP OGDQ nGDV

GHnL OXV ODV UWDJ WX nRG JWRQJ EDU J\XU SDnL J]KXQJ nGLV P\D QJDQ ODV \RQJVX nGDV SD
(

QDV GH E]KLQ JVKHJV SD EFRP OGDQ nGDV N\LV ULQJ VUHO PFKRJ UWHQ N\L QDQJ QD  EFXJ
(

SDnL EDU GX OXV OD UWDJ WX JWRQJ EDU J\XU WR  UGRUMHnL EORJURV

GHnL SK\LU QD  EFRP

OGDQ nGDV UWDJ WX nRG J]HU JWRQJ ED ]KHV OKD GDQJ PLV  PLQJ GX EWDJVR 

%J



11F


D

UGR UMHnL EOR JURV \DQJ

EFRPE OGDQ nGDV GH E]KLQ JVKHJV SD GJUD EFRP SDF \DQJ GDJ

SDU UG]RJV SDnL VDQJV UJ\DV UWDJ WX nRG ]HU JWRQJ GH GDQJ SR PQJRQ SDUG UG]RJV
SDU VDQJV UJ\DV SDnL EVWDQH SD OD  E\DQJ FKXE VHPV GSDn nRG J]HU PWKDn \DV VKHV
E\D ED J\RJ VWRQJ GDQJ OGDQ SDI ]KLJ E\XQJ VWH J UGR UMHnLK EOR JURV E\DQJ FKXE
5

VHPV GSDn nRG ]HU PWKDn \DVL GHVM  EFRP OGDQ nGDVN GH E]KLQ JVKHJV SD GJUD EFRP
SDO \DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV UWDJ WXP nRG J]HU JWRQJQ GH OD  GH E]KLQ
JVKHJV SDnL VQ\LQJ SRnLR FKRV N\L UQDPS JUDQJVT nGL ODV EUWVDPVU WH \RQJV VX GULV
VRV W



$3 J]HU
%-14 JWRQJ ,+ /0




JWRG  GH 3 JWRQJ  GH

%-14 RP GDQJ SR FS
%WK GH VJQI OCT PQJRQ

-1 SDnL IRU SDU


3




%-14673 ]HU
$%-143 RP 

%143 WH 

/7 \RQJVX


$%-143 RP 
%-14673
$3

]KHV
J]HU

IRU

FS



]HU

%-14

$ WKLV SDUW RI WKH IROLR

GDPDJHG %-147 RP 

%J


'K,)V-V1D3X4L4V=L.X0L6R<X

&K



11F

$VJ
@

UGRUMHnL EORJURV \DQJ EFRP OGDQ nGDV UWDJ WX nRG JWRQJ ED  GH E]KLQ JVKHJV SD GJUD
EFRP SD \DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV GH WKRJ PDU PQJRQ SDU V SDU VDQJV
@

UJ\DV GHV EVWDQ SDV  PWKDn PHG SDnL nRG J]HU FHV E\D ED E\DQJFKXE VHV GSDn GDQJ 
E\DQJFKXE VHV GSDnL nNKRU Q\L VKX E\XQJ QJR  GH QDV UGRUMHnL EORJURV PWKDn

PHG nRG J]HU

>E@

E\DQJ FKXE VHV GSDn  EFR OGDQ nGDV UWDJ WX nRG ]HU JWRQJ GH

E]KLQ JVKHJV SD GJUD EFR SD \DQJ GDJ SDU UG]RJV SDnL VDQJV UJ\DV

%J



11G

*
GH QDV EFRP OGDQ nGDV GH E]KLQ JVKHJV SD GJUD EFRPD SDE \DQJ GDJ SDU UG]RJV SDnL
VDQJV UJ\DV UWDJ WX nRG ]HU JWRQJ GHV  E\DQJ FKXE VHPV GSDn GH GDJ UMHV VX
J]XQJ ED GDQJ  \RQJV VX J]XQJ EDnL SK\LU VWDQ JFLJ OD nGXJF E]KLQ GX  EVNDO SDG
FKHQ SR OQJD EUJ\DUH GH E]KLQ JVKHJVI SDnL VQ\LQJ SRnLJ FKRV N\L UQDP JUDQJV nGL
5

\DQJ GDJ SDU UDE WX EVKDGK GHL  GHV GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV N\L
UQDPM JUDQJV nGL WVKLJN UQDP SDU VKHV SDUO E\DP EDVQ  FKRV EVJUXE SD GDQJ 
QJHVR SDnL WVKLJS GDQJ  GSH nEXP SKUDJT GX PDV E\DQJ FKXE VHPV GSDn GH GDJ OD
\DQJ GDJ SDU UDE WX EVKDGU SDVV SK\RJV EFX UQDPV VX VDQJV UJ\DV N\L ]KLQJ EFXnL
UGXO SKUD UDE N\L UGXO VQ\HG N\L nMLJW UWHQ J\L NKDPVX VX \DQJY WVKHJV FKXQJ

10

QJXV JR EDU J\XUZ WR 

$3 J]HU 3 RP ]HU

%-143 JWRQJ ,+ /08







%-14 RP 

/1 UMHVX

%43 E]XQJ

/7 \RQJVX

%43 E]XQJ 3 E]XQJV

/3 FLJ FS &K


$%-14 RP 

36 UQDPV

3 RP GHV


3 RP nL

3 RP UQDP 3 VX EFDG

IRU UQDP

$%-14 RP 

%4 VJUXE

3 RP QJHV SDnL WVKLJ
GDQJ  3 VSXQJV VKDG

DIWHU ILUVW V\OODEOH LQ WKH WRS

OLQH RI WKH IROLR

$%-3 GSHn 4

GSH 6 GSHU

GSHnL IRU




/7

UQDPVX

%-43 RP

UGXO

SKUD UDE N\L

/7 NKDPVX
%43 WVKLJV

%13 GXV RU QJXV " 3



GXV



1  7

VSXQJV VKDG DIWHU

VHFRQG V\OODEOH

%J


'K,-L)V@

>

FI

7LE RJ[QIU -.: 73,28 8:



11G

$VJ
(

VWHQ FLJ OD JQDV WH  GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV N\L J]KXQJ nGL EVNDO SD

chen SR OQJD EUJ\D nL EDU GX nGL EVKDGR  E\DQJFKXE VHV GSDn GH GDJ OD UMHVX J]XQJ
(

EDnL SK\LU  GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV N\LV J]KXQJ nGL E\DQJFKXE VHPV
GSDn GH GDJ UMHVX J]XQJ EDnL SK\LU  GH E]KLQ JVKHJV SDnL VQ\LQJ SR FKRV N\L J]KXQJ

E\DQJFKXE VHPV GSDn GH GDJ OD WVKLJV  GDQJ  VKHV SD GDQJ  EUMRG SD GDQJ  UWVD ED
(

GDQJ  GSH EUJ\D VWRQJ GX PDV UDE WX EVKDG GR  SK\RJV EFXnL VDQJV UJ\DV N\L ]KLQJ
EFXnL UGXO SKUD PR VQ\HG N\L nMLJ UWHQ N\L NKDV Q\RQ PRQJV SD VKHV SDU E\DV SDU
J\XU


to :

1RW FOHDU 798, -, RU 798,-"

%J



11H

+
UGR UMHnL EOR JURV GH OD E\DQJ FKXE VHPV GSDn JDQJ GDJ JLV GH E]KLQ JVKHJV SDnL
D

VQ\LQJ SRnL FKRV N\L UQDP JUDQJV nGL WKD QD GH E]KLQ JVKHJV SDnL VQ\LQJ SR ]KHV
J

E\D EDnL PLQJ WKRV SD GH GDJ WKDPV FDG

O

VPLQ

KL

PWKDU

J\LV GJH EDnL UWVD

ED \RQJV VX

QDV  \RQ WDQ ENRGP SD GHQ nGUD ED Q\LG GXR  EOD QD PHG SD \DQJ GDJ SDU

UG]RJV SDnL E\DQJ FKXES PQJRQ SDUT UG]RJV SDUU VDQJV UJ\DV WH  E\DQJ FKXE VHPV
GSDn VHPV GSDn FKHQ SR E]KL QLV PD JWRJV VR W UGR UMHnL EOR JURVX GHnL WVKH GHnL GXV
QD  E\DQJ FKXE VHPV GSDn nRG ]HU PWKDnY \DVZ[ VKHV\ E\D EDU J\XU] SD GH J]KDQDD
]KLJ \LQ SD VQ\DP GX NK\RGEE VHPV QDFF  GH GHGG OWDU PL EOWD VWH  UGR UMHnL EOR JURV
NK\RG Q\LG GHnL WVKH GHnL GXV QDHH  E\DQJ FKXE VHPV GSDn nRG ]HU PWKDn \DV

10

]KHV E\D EDU J\XUII WR JJ EFRP OGDQ nGDV GHnL EVWDQKK SD OD JDQJ GDJ GD GXQJ

PQJRQ SDU UG]RJV SDU

VDQJV PD UJ\DV SDnL E\DQJ FKXE VHPV GSDn E]KL SR GH GDJ JDQJ ]KH QD  nGL OWD
VWH  E\DQJ FKXE VHPV GSDn nMDPQQ GSDO GDQJ  PWKXRR FKHQSS WKRE GDQJ TT VS\DQ
\DQJ EOD QD PHG SD \DQJ GDJ SDULL UG]RJV SDnL E\DQJ FKXE

MM



NN

OO





PP

UU
VV
WW

 XX
UDV J]LJV GEDQJ SK\XJ GDQJ  UGR UMHnL EOR JURV NK\RG Q\LG GH
E]KL SDnR


15

YY

UGR UMHnL

EOR JURV GH OWDU GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV N\L UQDP



JUDQJV


ZZ

nGL WKRV SD WVDP J\LV E\DQJ FKXE VHPV GSDn VHPV GSDn
FKHQ SR UQDPV OD  VDQJV
[[
\\
]]
DDD EEE
UJ\DV N\L \H VKHV VJUXE SDV GRQ FKH ED \LQ QR



/713 \RQJVX >3 DW WKH

HQG RI WKH OLQH@

$%-14 RP 
$%-14 RP 

%4 UWRJV VR FRQWUDU\ WR







 /7
&K
JWRJVR 3 WRJV VR

%-143 RP 
%-14/3 OWD 7 EVWD

%-14 RP 

$3 J]HU

$%-3 VKHV

3 RP OD

% QJD 3 QJD RU GD "






$%-14 RP 
$3 J]HU

ZULWWHQ
LQ VPDOO /-: 20/ KDQG DERYH
WKH OLQH 37 RP SD
$- ED IRU SD / SD

367

UXQJ

GXQJ .9 \DQJ 3



-13 WKRE 4+ GDQJ

/ Q\LGH 3 RP GH

%-14

E]KL 43nR / E]KLnR

67 E]KL nR >7 E]KL DW WKH

HQG RI WKH OLQH@





.9 \DQJ

3 UQDPV
/ J\L 3 J\LV 

$%-143 RP 

%-14 RP UG]RJV SDU

37 RP PD

%-14 RP 




%J


'K,'K-)V.X0L6R<X- DQG DOO RWKHU YHUVLRQV FROODWHG E\ WKH HGLWRUV RI -L H[FHSW *D@

>



11H

$VJ
@

UGRUMHnL EOR JURV GDQJ  E\DQJFKXE VHV GSDn JDQJ JLV GH E]KLQ JVKHJV SDnL VQ\LQJ
SR nL FKRV N\L J]KXQJ  GH E]KLQ JVKHJV SDnL VQ\LQJ SR nGL FKXQJ QJX PLQJ WVDP ]KLJ
WKRV QDV  GH \DQJ GDJ SDU WKDV FDG PWKDU J\LV GJH EDnL UWVD ED UQDPV \RQJVX VPLQ
@

SDU E\DVWH  nGL nGUD EDnL \RQ WDQ PDQJ SRV EOD QD PHG SD \DQJ GDJ SDU UG]RJV SDnL

E\DQJFKXE WX PQJRQ SDU UG]RJV SDU VDQJV UJ\DV WH  E\DQJFKXE VHPV GSDn VHV
@

GSDn FKHQ SR E]KL PD JWRJVR  GH QDV \DQJ UGRUMHnL EORJURV GHnL WVKH GHnL GXV QD 
PWKDn PHG SDnL nRG J]HU FHV E\D EDnL E\DQJFKXE VHPV GSDn J]KDQ GX PL EOWD nR 
UGRUMHnL EORJURV GHnL WVKH GHnL GXV  PWKDn PHG SDnL nRG J]HU FHV E\D ED  E\DQJFKXE
@

VHPV GSDn

10

gyur

SD QL NK\RG GR  UGRUMHnL EORJURV  EFR OGDQ nGDV N\L EVWDQ SD ODV

GXQJ GX EOD QD PHG SD \DQJ GDJ SDU UG]RJV SDnL E\DQJFKXE WX PQJRQ SDU UG]RJV SDU
@

VDQJV UJ\DV SDnL E\DQJFKXE VHV GSDn E]KL JDQJ ]KH QD 

nGL OWD VWH 

di lta ste

 nMDP GSDO  E\DQJFKXE VHV GSDn GDQJ  PWKX FKHQ SR UQ\HG SD GDQJ  UQDP
SDU VS\DQ UDV J]LJV GDQJ  UGRUMHnL EORJURV NK\RG Q\LG GDQJ  E]KLnR  UGRUMHnL JURV 
>D@

15

GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV N\L J]KXQJ nGL UG]XnSKUXO FKHnR  UGRUMHnL

GD OWDU GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV N\L J]KXQJ nGL GRQ FKHnR  E\DQJFKXE
@

VHV GSDn VHV GSDn FKHQ SR UQDV N\L GH PD WKDJ GX VDQJV UJ\DV N\L \HVKHV nJXJ
SD nMXJR 

%J






-L

IRU

GLWWRJUDSK\



11I

,
GH QDV GHnLD WVKH EFRP OGDQ nGDV N\LV WVKLJV VX EFDG SD nGLE GDJF ENDnG VWVDO WRH I
nGDV SDnL GXV QL EVNDO SD PWKDn \DV QD 

>@

EFRP OGDQ nRG ]HU JWRQJJK ]KHVL E\DM ED E\XQJN 

GHnL OXV ODV nGL nGUDnL nRGO E\XQJ EDV 
]KLQJ UQDPV E\H ED VWRQJ GDJ VQDQJ EDUP J\XUQ R

UJ\DO ED GDQJ SR PQJRQ5 UG]RJV VDQJV UJ\DV ULJ 6

>@

E\DQJ FKXE VHPV GSDn nRG ]HU PWKDn \DV N\LV7 

GH WVKH EGH JVKHJV UJ\DO8 GEDQJ GH OD ]KXV 9
PGR: nGL UWDJ WX \DQJ GDJ UDE WX EVKDG ;
JDQJ JLV UJ\DO GHnL EVWDQ OD PGR VGH nGL 

>@

10

nGUHQZ SD ODV[ QL PQJRQ VXP\ WKRV J\XU] SD DD

GH NXQ P\XU GX E\DQJ FKXE GDP SD WKRE EE
E\DQJ FKXE VHPVFFGG GSDn E]KL QL PDHH JWRJVII WHJJ KK



$
7

3





PD

 34 
IRU  3 IRU 

EVNDOG

$3 J]HU
467 GH \L IRU GHnL >4 \L
FRPSUHVVHG@

37


3 WVKH 
/73 WVKLJVX

VNDO

QD

SD

QD

 VHH . IQ 



OD

-

nGUD \L

nGULnL

37 

IRU

IRU

nGUDnL

nGUDnL

nGUDnL

$34 OGDQ kFCU nRG >$

ZLWK YHU\ VPDOO OHWWHUV

ODWHU LQVHUWHG EHQHDWK WKH
OLQH@



nGDV




$3

SK\XQJ

%-14
$3

SRU

17

3 RP

nGL







$3 GHkK

WVKH

3 ED IRU GEDQJ

3

UJ\DO ,+ GHnL

%4 EDnL IRU GHnL

EVWDQG 34 VWDQ

ODV

1 WKHE" 3 WKRE



$

$%-14/673

%-14 nWKRE

J]HU

%J


>@

>@

>@


>'K,'K-)V.X0L6R<X@
FI ' 

'K
,

-L QR YDULDQWV IRU WKH RWKHU FROODWHG PDWHULDOV JLYHQ E\ WKH HGV RI WKH =KRQJKXD 'D]DQJMLQJ .X6R




IRU

IRU



11I

$VJ
GH QDV EFR OGDQ nGDV N\L GHnL GXV QD  WVKLJVX EFDG SD nGL JVXQJVR 
>@

nRG J]HU JWRQJ EDU J\XU SD  EFRP OGDQ nGDV 

nGDV SDnL GXV QD EVNDO SD PWKDn PHG SD (

OXV OD nRG QL GH nGUD UDE WX EWDQJ 

GHV QL E\D ED VWRQJ \DQJ VQDQJ EDU E\DV 

>@ WKRJ PDU PQJRQ UG]RJV VDQJV UJ\DV UJ\DO EDV FKXG 
(

PWKDn PHG nRG ]HU E\DQJ FKXE VHPV GSDn GH 

EGHU JVKHJV UJ\DO GEDQJ GH OD VX nGUD ED 
UWDJ WX PGR VGH nGL \DQJ UDE WX EVKDG 

10

>@ JDQJ JLV UJ\DO EDV EVWDQ SD nGL WKRV SD 

PGR VGH nGL \DQJ GUDQ SDnL PQJRQ GX ED 
(

GH GDJ NXQ J\LV E\DQJFKXE PFKRJ P\XU WKRE 

E\DQJFKXE VHV GSDn nGL E]KL PD JWRJV WH 

%J
>@

>@

>@

*D-L@

>



11I

>@

PWKX FKHQ WKRE GDQJ VS\DQ UDV J]LJV GEDQJ SK\XJ 

E\DQJ FKXE VHPV GSDn nMDP GSDO JVXP SD VWH 
LL

MM

NN

15

QQ

UGR UMHnL


>@

PP

RR

EOR JURV NK\RG Q\LG E]KL SD \LQ 

SS

GH

OO

TT

WVKH GH

GDJ JLV



QL

UU



PGR nGL WKRV

VV



E\DQJ FKXE VHPV GSDn nRG ]HU PWKDn \DV SD 

GH WVKHWW JDQJ JLV UJ\DO OD ]KXV E\XQJ VWHXX 
GHnL GEDQJ E\DVYY EGH JVKHJV VUDV SR QL 
GH WVKH UGR UMHnLZZ EOR JURV NK\RG[[ Q\LG \LQ \\

20

>@

QJD \DQJ]] VQJRQ QL VS\DGDDD SDEEE VS\RG SDnL WVKH FFF
GGG



EGH EDU JVKHJV SD

HHH

III

PGR

VGH nGL
NNN

JXV SDU

25
>@

VHQJJHnL

JJJ

\L

UJ\DO PWVKDQ ODV 

KKK

PLQJ QL WKRV

SDU J\XU

LLL

MMM



OOO

E\DV WH WKRV QDV WKDO PR VE\DU 

QJD QLPPP OHJV SDU E\DV SDnL ODV GH \LVQQQ 

E\DQJ FKXE GDP SD P\XU GX WKRE SDU J\XU RRR
GH EDVSSS E\DQJ FKXE VHPV GSDnTTT PNKDVUUU UQDPV N\LV VVV
UWDJ WX PGR PFKRJWWW nGL QLXXX J]XQJ EDU E\DYYY ZZZ




-1467 GH \L IRU GHnL

3 JDQJ IRU QJD

43 VGRQ

%-143 J\L IRU QL

$%-14367 VHQJ JHnL

$3 GHkK WVKH



3 RP JLV QL


3 WKRV I[WT PCU  3 WKRV
I[WT PCU 
$36 J]HU



/7 

47 


/

Pl\

%J
>@


>@


>@

>@






'K,'K--V1D3X4L4V=L.X0L6R<X

>1D4V@

'K-)V

'K,

-L

FI

IRU

IRU

IRU

7LE E ]KXV





% GRQ IRU QJD 3 QJL IRU

QJD 3 GD IRU QJD 4 QJR
IRU QJD

% GHnL IRU GH \LV 4 GH \L
IRU GH \LV

$ J\XUG 37 nJ\XU

%43 E]XQJ




11I

$VJ

PWKX FKHQ UQ\HG GDQJ UQDP SDU VS\DQ UDV J]LJV 

JVX SR nMDP GSDO E\DQJFKXEVHV GSDn GDQJ 
E]KL SR GH OWDU UGRUMHnL EORJURV NK\RG 
JDQJ JL GH GXV PGR VGH GH WKRV SD 
>@ PWKDn PHG nRG J]HU E\DQJFKXE VHV GSDnL VD 
JDQJ JLV UJ\DO ED GULV SDU J\XU SD VWH 
GH WVKH EGHU VUDV GH GEDQJ SR QL 
GH WVKH UGRUMH EOR JURV NK\RG \LQ QR 
>@ EGDJLV VQJRQ N\DQJ VS\DG SD VS\RG SD QD 
PGR VGH nGLnL PLQJ \DQJ WKRV SD QL 
EGHU EDU JVKHJV SD VHJH UJ\DO PWVKDQ ODV 
WKDO PR VE\DU QDV VWLVWDQJ E\DV WH 
>@ EGDJ N\DQJ OHJV SDnL ODV UQDV E\DV SD QD 
E\DQJFKXE N\DQJ QL P\XU GX WKRV SDU J\XU 
GH EDV PNKDV SD E\DQJFKXE VHV GSDn \LV 
UWDJ WX PGR VGH PFKRJ nGL nFKDQJ EDU E\D 
>@

15

20

25

30

%J
>@

>@

>@


>@

>-L@

FI

7LE VHQJJHnL UJ\DO PWVKDQ IRU 6NW VLKDFJXCLC



12A


D

E

UGR UMHnL EOR JURV

ULJV N\L EX nDP  ULJV N\L EX PR ODV N\L VJULE SDV EVJULEV SD

 K

JDQJ GDJ GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV N\L UQDP JUDQJV nGL Q\DQ WDP 
 

OXQJ QRG GDP  NKD WRQ GX

E\HGL GDP  VWRQM N\DQJ UXQJ FKRV N\L UQDP JUDQJV

nGL Q\DQ SD GDQJ  OXQJN QRG SD GDQJ  NKD WRQ E\HGO SD GDQJ  UDE WX nFKDG SDP
5

GDQJ  \L JHU nGUL ED GH GDJ OD WVKHJVQ FKXQJ QJXV FKRVR GH GDJ N\DQJ PQJRQ
VXPS GX nJ\XUT  ODV N\L VJULE SD GH \DQJ E\DQJ EDU nJ\XU UR U GH QDV EFRP OGDQ
nGDV OD WVKH GDQJ OGDQ SDV NXQ GJDn ERV nGLW VNDG FHV JVROX WR Y EFRP OGDQ nGDV ULJVZ
N\L EX nDP[  ULJV N\L EX PR JDQJ ODV N\L VJULE SDV EVJULEV SDU PL nJ\XU ]KLQJ 
FKRV N\L UQDP JUDQJV nGL OD EUWVRQ SDU\ EJ\LG SD GH GDJ VDQJV UJ\DV EFRP OGDQ nGDV

10

ML VQ\HG FLJ ODV] PDQJ GX WKRV SDVDD FKRV EVWDQEE SDnL VODG GXFF QJHV SDU nE\XQJ EDU
nJ\XU ODJV  EFRP OGDQ nGDV N\LV ENDn VWVDOGG SD HH NXQ GJDn ERII ULJVJJ N\L EX
nDPKK LL ULJV N\L EX PR JDQJ GDJ VDQJV UJ\DV EUJ\DnL FKRV EVWDQMM SDNN NXQ WXOO
E]XQJ EDnLPP SK\LUQQ QJHV SDU nE\XQJRR ED GDJ N\DQJ \RG GRSS TT


%4 JURV kFK PK ULJV

$3 RP  % 


36 EVJULE 


8 >3

UXQJ  >3 VSXQJV VKDG

DW WKH YHU\

HQG RI WKH OLQH@ 3 RP






EVJULEV 7 VJULEV
$ GDJ IKU  /0

$

WKRV SD GDQJ

WDP

$

nERJ SD GDQJ

IRU

Q\DQ

IRU

QRG


3 RP  3 RP

GDP

GDP



%43 GRQ 7 GRJ


/67 RP GX

$ SD GDQJ IRU GDP

$ SD GH GDJ IRU N\DQJ


UXQJ %-143 N\DQJ

%J

DIWHU ILUVW V\OODEOH@


$ WKRV IRU Q\DQ


$ nERJ IRU QRG


%3 GRQ

$ EVKDG %3 nFKDQJ 3
FKDG

3 \H

$ EULV SDV IRU nGUL ED
GH GDJ OD

$3 FKX IRU FKXQJ ZURQJ
GHFRPSRVLWLRQ RI WKH

FKXQJXV"
$ QJXV FG FCI NC FKRV

DEULGJPHQW

%-3




QJXV RU GXV "

GH GDJ

$ RP

%436 









%-143 RP
/7

nJ\XUR

\DQJ

$%4 RP  36 nDP

-1 VJULEV
$3

]KLQJ

3

EVJULE

 %-146 RP 

>6 DW WKH HQG RI WKH ERWWRP

OLQH RI WKH IROLR@



3 RP OD

%4 JFLJ

/67 RP FKRV 3 FKRV RCU


EJQU EVWDQ DEHUUDWLR RFXOL

3 nJ\XU ,+ ODJV

$%7  6 RP 

-3 GX

$-1/673 J]XQJ

%-14 ED ./ GDJ



12A

$VJ
\DQJ UGRUMHnL EOR JURV N\LV ULJV N\L EX SKR nDP  ULJV N\L EX PR ODV N\L EVJULE SDV
EVJULE SD \DQJ  GH E]KLQ JVKHJV SDnL VQ\LQJ SRnL FKRV J]KXQJ nGL Q\DQ SD GDQJ 
VWRQ SD GDQJ  NKDGRQ E\HG SD GDQJ  nFKDG SD GH GDJ JLV FKRV N\L >E@ J]KXQJ di
WKRV SD GDQJ  EVWDQ SD GDQJ  NKDGRQ E\HG SD GDQJ  bris QDV  nyon mongs FKXQJ
5

QJXV FKRV mngon GX J\XU  ]KLQJ ODV N\LV EVJULE SD GH GDJ N\DQJ ]DG SDU nJ\XU  de
QDV EFR OGDQ nGDV OD WVKH GDQJ SD GJDn ERV nGL VNDG ces : @ JVRO do  EFR OGDQ nGDV
JDQJ ULJV N\L EX SKR nDP  ULJV N\L EX PR ODV N\L EVJULE SD EVJULEV SDV  GH E]KLQ
JVKHJV SDnL VQ\LQJ SR FKRV J]KXQJ nGL Q\DQ SD GDQJ  ston SDU GDQJ  NKDGRQ GX
EJ\LV SDV  ODV@ EVJULE SDV  EVJULE SD PD PFKLV SDU J\XU WR  JDQJ FKRV N\L J]KXQJ

10

nGLV nE\XQJ ED GH JGRQ PL ]DU EDU  VDQJV UJ\DV EFR OGDQ nGDVX PDQJ GX WKRV SDU
nJ\XU ]KLQJ : FKRV nFKDG GR  EFRP OGDQ nGDV N\L ENDn SD  @ GJDn ER ULJV N\L EX PR
VDQJV UJ\DV FKRV nFKDG SD  nFKDG SDnL SK\LU  nE\XQJ ED \RG GR 

%J

>-L@



12B


D

NXQ GJDn ERE ULJV N\L EX nDPF  ULJV N\L EX PRG JDQJ GDJ VDQJV UJ\DV Q\LV EUJ\D

GDQJ H VXP EUJ\D GDQJ I E]KL EUJ\D GDQJ J OQJD EUJ\D GDQJ K VWRQJ GDQJ L Q\LV
VWRQJ GDQJ M VXP VWRQJ GDQJ N E]KL VWRQJ GDQJ O OQJD VWRQJ GDQJ P GUXJ VWRQJ GDQJ Q
EGXQ VWRQJR GDQJ S EUJ\DGT VWRQJ GDQJ U GJX VWRQJ GDQJ V NKUL GDQJ W VDQJV UJ\DV
5

nEXP QDV  VDQJV UJ\DV E\H ED NKUDJ NKULJ nEXPX J\LY EDUZ GDJ JL FKRV EVWDQ SD
NXQ WX E]XQJ EDnL SK\LU QJHV[ SDU nE\XQJ EDU nJ\XU ED GDJ N\DQJ \RG GR\ ] NXQDD
GJDn ER E\DQJ FKXE VHPV GSDn JDQJ FKRV N\L UQDP JUDQJV nGL nFKDQJ ED GDQJ 
NORJ SD GDQJ  J]KDQEE GDJ OD \DQJFF UJ\D FKHUGG \DQJ GDJ SDUHH UDE WX VWRQII SD GDQJ 
JOHJVJJ EDPKK GX E\DV WH  nFKDQJLL EDMM GHVNN nGL VQ\DP GX EGDJ JLVOO GHQJ Q\LG EOD

10

QD PHG SDPP \DQJ GDJ SDU UG]RJV SDnL E\DQJ FKXE WKRE ER VQ\DP GX VHPV EVN\HG
SDU E\D VWH QQ GH QL ML OWDU GD OWDU QJD E]KLQ GX OKD GDQJ RR PL GDQJ SS OKD PD
\LQ GX EFDV SDnL nMLJ UWHQ J\LV SK\DJ E\D EDnL nRV GDQJ TT PFKRG SDnL nRVUU \LQ
QR VV





$3 RP  %7 

%4 EUJ\DkK GDQJ


! RP  % 

JLV 3 RP JL

$ EVWDQG %-14 VWRQ

%-43 GX

$-1/673 J]XQJ

/ RP EDU nJ\XU DGMXVWHG WR
$ 3 J\XU


%467

%J

3




SD

%/ VHP EHIRUH GSDn DW WKH

HQG RI WKH OLQH




3 RP JDQJ

$%4 RP 

$ WKLV SDUW RI WKH IROLR

GDPDJHG %13 SR IRU ER



WKRER 3 SR  IRU ER 6

RP ER

/



VN\HG
GD OWDU

%14 GH IRU QJD /7 RP
QJD FS %WK GD OWDU 21+

3 /: 







%4

3 RP

3 RP OKD GDQJ  PL GDQJ

36 J\L
3 SD E\D EDnL IRU SDnL
/1 \LQR

12B

$VJ
VDQJV UJ\DV \DQJ \RG  JVX EUJ\D GDQJ  E]KL EUJ\D GDQJ  OQJD EUJ\D GDQJ  EUJ\D
(

SKUDJ Q\L VKX GDQJ  EUJ\D SKUDJ VX FX GDQJ  EUJ\D SKUDJ E]KL

EFX GDQJ  EUJ\D

SKUDJ OQJD EFX GDQJ  EUJ\D SKUDJ GUXJ EFX GDQJ  EUJ\D SKUDJ EGXQ EFX GDQJ 
EUJ\D SKUDJ EUJ\D FX GDQJ  EUJ\D SKUDJ GJX EFX \RG GR  VDQJV UJ\DV EUJ\D
5

SKUDJ EFX \RG GR  GJDn ER ULJV N\L EX SKR nDP ( ULJV N\L EX PR VDQJV UJ\DV VWRQJ
SKUDJ EUJ\D FKRV EVKDG SD nFKDQJ EDnL SK\LU  E\XQJ ED \DQJ \RG GR  VDQJV UJ\DV
VWRQJ SKUDJ Q\LV EUJ\D \DQJ \RG GR  JVXP EUJ\D \DQJ \RG  E]KL GDQJ  OQJD GDQJ 
Q\L VKX GDQJ  VX FX QDV( VDQJV UJ\DV E\H ED NKUDJ NKULJ EUJ\D SKUDJ VWRQJ \DQ FDG
N\L : FKRV EVKDG SD nFKDQJ EDnL SK\LU E\XQJ ED \DQJ \RG GR  \DQJ GJDn ER

10

E\DQJFKXE VHV GSDn JDQJ FKRV N\L J]KXQJ nFKDQJ QJDP  NORJ JDP J]KDQ OD( rgya
FKHU VWRQ WD  JOHJ EDP GX E\DV WH  bcangs QDV  GH Q\LG EOD QD PHG SD \DQJ GDJ
SDU UG]RJV SDnL E\DQJFKXE WKRE SR  ]KHV VHV EVN\HG SDU E\DnR  GH OD OKD GDQJ PL
GDQJ  OKD PD \LQ GDQJ nMLJ UWHQ GX EFDV SD( UQDV N\L phyag nWVKDO ]KLQJ PFKRG SD
QL nGL OWD VWH  GSHU QD  GD OWDU QJD OD E]KLQ QR 


EUJ\D VWRQJ SKUDJ VWRQJ PDUNHG ZLWK GRWV IRU GHOHWLRQ

%J



12C


GH QDV GHnL WVKH EFRP OGDQ nGDV N\LV, WVKLJV VX EFDG SD nGL GDJ ENDn VWVDO WR- .
>@

E\DQJ FKXE VHPV GSDn PGR VGH nGL WKRV QDV G
EGDJ JLV E\DQJ FKXE GDP SD WKREH SDU EVDPI 
JDQJ JL ODJ QD PGR VGH nGL \RGJ SD K
GH QL QJD OWDU nMLJ UWHQ SK\DJ E\DnL nRV 

5
>@

GH QL nMLJ UWHQ PJRQ SR UQDP SDU nGUHQ 

M

NKULG E\HG UQDP SDU NKULG E\HG EVQJDJV SDnL nRV 

P

JDQJ JL ODJ QD PGR VGH nGL \RG SD 



GH QL GH





OWDU FKRV N\L UJ\DO ]KHV

E\D 


7
8
>@ JDQJ JL ODJ QD PGR VGH nGL \RG SD 

10



PL \L



GH QL ]OD

Q\D



OWD EXU

Z

EOWD



EDnL nRV
\

nMLJ UWHQ PJRQ SR OWD EXU SK\DJ E\DnL









3 WVKH 
/ WVKLJVX 7 FKLJVX
-1 GSDV IRU GSDn
3 FI . IQ 
%43

JL $ ZLWK VPDOO

IKV FDJ"

OHWWHUV EHQHDWK

-1

JLV

GD IRU QJD - QJD

RU GD " DJDLQVW GD OWDU %WK
UDQJ &K DOORZV ERWK
%143

DOWHUQDWLYHV


3 E\D EDnL IRU E\DnL

%3 VQJDJV 4 E RI

,VQJDJV YHU\ VPDOO

NK\X PFKRJ FKRV N\L VJURQ PD nG]LQ 

JQDV 

%-143 JLV
3 OD IRU QD

%4 nGL IRU GH

13 JLV

$ P\LnL %3 PLnL

$%-14/6  RP ]OD VHH




QH[W IQ 3 ]OD



,+ Q\D 3

]OD ,+ Q\D >ED PDUNHG ZLWK

GRWV DERYH IRU GHOHWLRQ@


Q\K \NC IRU Q\C

$-14/6

Q\KF \NC IRU Q\C 7 RP Q\D

Q\D ,+ OWD ED ZLWK D

VPDOO OHWWHU ODWHU LQVHUWHG
DERYH WKH OLQH@ 3 LQVHUWV
VPDOO LOOHJLEOH OHWWHU EHQHDWK
Q\D DQG
3





>

OWD

%467 OWD
4 nRG IRU nRV % nRQJ IRU

nRV

VHH SUHFHGLQJ IQ DJDLQVW

 SDULSUD
&K
FDQGUD FI .3 ~ Q\D IRU
SUD %WK ]OD ED Q\C %

%J
>@

>@

>@

'K--V1D3X4L4V=L.X0L6R<X@

>

IRU



GKDUPDUMDQ DV LQ 7LE %WK DQG &K

12C

$VJ
GH EFRP OGDQ nGDV N\L GHnL WVKH GHnL GXV QD WVKLJVX EFDG SD nGL JVXQJVR 
>@

E\DQJFKXE VHPV GSDn PGR VGH nGL WKRV SD 

EGDJ JLV >D@ E\DQJFKXE PFKRJ N\DQJ UQ\HG SDU VHPV 

JDQJ JLV ODJ WX PGR VGH nGL J\XU ED 
FL OWDU UDQJ OD nMLJ UWHQ SK\DJV@ nWVKDO ]KLQJ 

>@

GH QL nMLJ UWHQ PJRQ SR UQDV nGUHQ SD 

GH QL nGUHQ FLQJ UDE WX EVQJDJV SD VWH 

GH OWDU GH QL FKRV N\L UJ\DO SR ]KHV E\D @
JDQJ JL ODJ WX PGR VGH nGL nJ\XU ED 
10

>@

]OD ED Q\D E]KLQ NXQ N\LV OWD ED VWH 

GH OD nMLJ UWHQ PJRQ E]KLQ SK\DJV N\DQJ nWVKDO 

FKRV N\L WD OD OD QL nFKDQJ ]KLQJ EVUXQJ @
JDQJ JLV ODJ WX PGR VGH nGL nJ\XU ED 


PGR VGH nGL FRPSUHVVHG RQ H[FLVHG EDFNJURXQG

%J
>@

>@


>(

>-L@



12D


EFRP OGDQ nGDV N\LVD GH VNDG FHV ENDnE VWVDOF QDV  E\DQJ FKXE VHPV GSDn UGR UMHnLG
EOR JURV GDQJ  WKDPV FDG GDQJH OGDQ SDnLI E\DQJ FKXE VHPV GSDnLJ WVKRJVK GH GDQJ 
Q\DQ WKRV FKHQ SR GH GDJL GDQJ  nNKRU E]KL SRM GDQJ  OKD GDQJ  PL GDQJ  OKD PD
\LQ GDQJ  GUL ]DU EFDV SDnL nMLJ UWHQ \L UDQJV WHN O EFRP OGDQ nGDV N\LV JVXQJV SDP ODQ
5

PQJRQ SDUR EVWRG GR  nSKDJV SD GH E]KLQ JVKHJV SDnL VQ\LQJ SR ]KHV E\D ED WKHJ
SD FKHQ SRnL PGR SUG]RJV VKR 

$%37 
$3 

$ RP /0 %-143 /0 .+1



GDQJ

3 RP 

367 RP 

3 RP 

$%3 \LG 4 ODFXQD RI
RQH OHWWHU EHWZHHQ




UDQJV

\L DQG

%43 894/
$%4   nSKDJV 3 GRXEOH
VSXQJV VKDG

DIWHU ILUVW

V\OODEOH LQ WKH ERWWRP OLQH RI

WKH IROLR 7 

$



2/4k

PGR





1

UG]RJVR

$ VWDUWV D QHZ OLQH ZLWK 

UJ\D

%/73 SODFH VHFRQG

Q\LV VKDG DW WKH HQG RI WKH

OLQH >JDS EHWZHHQ ILUVW DQG

VHFRQG Q\LV VKDG LQ % DERXW
IRXU OHWWHUV LQ / DERXW 
OHWWHUV LQ 7 DERXW  OHWWHUV
LQ 3 DERXW  OHWWHUV@ - JDS
EHWZHHQ ILUVW DQG VHFRQG
Q\LV VKDG DERXW ILYH OHWWHUV
1 UG]RJVR   DW WKH HQG RI
WKH ERWWRP OLQH RI WKH IROLR

'K,

3

GP0


%J

UG]RJV

-67 UG]RJV VR

$%4/3



8



>JDS EHWZHHQ ILUVW DQG

VHFRQG Q\LV VKDG RQH OHWWHU@
3 JDS EHWZHHQ ILUVW DQG
VHFRQG

Q\LV VKDG DERXW 

Q\LV VKDG

OHWWHUV ILUVW

HUDVHG" 3 RP VHFRQG

Q\LV VKDG DQG SODFHV VHFRQG

VKDG RI ILUVW Q\LV VKDG DW WKH

HQG RI WKH OLQH >JDS EHWZHHQ

ILUVW DQG VHFRQG VKDG DERXW
QLQH OHWWHUV@ 4 JDS EHWZHHQ
ILUVW DQG VHFRQG Q\LV VKDG
DERXW WKUHH OHWWHUV 6 JDS
EHWZHHQ ILUVW DQG VHFRQG
Q\LV VKDG DERXW HOHYHQ
OHWWHUV

12D

$VJ
EFRP OGDQ nGDV N\L GJ\HV SDnL \LG N\L UGRUMHnL EORJURV  E\DQJFKXE VHV GSDn GDQJ 
E\DQJFKXE VHV GSDn PDQJ SR WKDV FDG OD ENDn VWVDO SD ( Q\DQ WKRV FKHQ SR GH GDJ
GDQJ nNKRU E]KL GDQJ  OKD GDQJ PL GDQJ OKD PD \LQ GDQJ  GUL ]D GDQJ( nMLJ UWHQ GX
EFDV SD WKDPV FDG EFRP OGDQ nGDV N\L EVKDG SD OD PQJRQ SDU GJDnR  GH E]KLQ
5

JVKHJV SDnL VQ\LQJ SR ]KHV E\D ED( WKHJ SD FKHQ SRnL PGR UG]RJVR 

%J



13





,

UJ\D JDU J\L PNKDQ SR VK N\D SUD EKD GDQJ  ]KX FKHQ J\L OR WVWVKD ED EDQ GH

\H

VKHV VGHV EVJ\XUF FLQJ ]KXV WH JWDQ OD SKDE SD 




3 VHFWLRQ  LV PLVVLQJ

$ nG]L QD P\L WUD GDQJ  GD

QD VKL OD IRU VK N\D SUD

EKD - VKN\D SUD EKD RU
VKN\D EUD EKD " 1
VKN\D EUDEKD RU VKN\D EUD
EKD " 4 VKN\D EUD EKD
67 VKN\D SUD EKD

1 -,3/0 F^ 6 EDQ GKH
7 EDQGKH



$ VKHV VGH

EVJ\XUG

$

90 

NCU UVUQIU RCU

UMCT IUCT ECF M[KU

M[CPI DEQU PCU

JWDQ >90 

EHIRUH VWULQJ KROH@ %-14 90

UMCF IUCT EJCF M[KU M[CPI

DEQU PCU

JWDQ >4 VDU IRU

JVDU 1 V RI N\L7 ZLWK D



VPDOO OHWWHU EHQHDWK N\L@

SKDE VG EJQU M[K RJ[CF

SD

% LQVHUWV VHFRQG Q\LV VKDG
RU GRHV WKLV VHFRQG Q\LV
VKDG EHORQJ WR WKH IROORZLQJ
WH[W" >JDS EHWZHHQ ILUVW DQG
VHFRQG Q\LV VKDG DERXW
WKUHH OHWWHUV@ - LQVHUWV WZR
PRUH Q\LV VKDG VHFRQG Q\LV
VKDG DIWHU D JDS RI DERXW 
$

TI[CU DVCD

OHWWHUV WKLUG Q\LV VKDG DW WKH

HQG RI WKH OLQH DIWHU D JDS RI
 OHWWHUV 14 LQVHUW VHFRQG
Q\LV VKDG DW WKH HQG RI WKH
OLQH >JDS EHWZHHQ ILUVW DQG
VHFRQG Q\LV VKDG LQ 1 DERXW
IRXU OHWWHUV LQ 4 DERXW ILYH
OHWWHUV@ 67 LQVHUW VHFRQG
Q\LV VKDG >JDS EHWZHHQ ILUVW
DQG VHFRQG Q\LV VKDG LQ 6
DERXW  OHWWHUV LQ 7 DERXW
QLQH OHWWHUV@

%J
2QO\ 'K- KDV D FRORSKRQ

7UDQVODWLRQ LQ *LOHV   QR 

'DWHG WKH WK GD\ RI WKH WK PRRQ RI WKH WK \HDU RI <HQVKRX > <DQVKRX@ WK
$XJ  &RS\LVW .XQJ 7DW]
  VKHHWV RI SDSHU XVHG 2QO\  UHPDLQ 5HYLVHG

E\ 7nDQKVLHQ >

*LOHV UHDGV

7DQ[LDQ@ 0DVWHU RI WKH /DZ

LQVWHDG RI  7KH PV UHDGV 



13

$VJ
  R \H GKD UPD KHGX SUD EKD ZD KH WXQ WH VKDQ WD WKD JD WR K\H ED WRG uDQ WVD \R

(
QL UR GKD D WVEDQJ ED WL PD KD VKUD PD QD \DVEDK  \RQ PFKRG ENUD : VKLV SDU
J\XU FLJ  JVXQJV UDE ]KDO JURO

EDU J\XU FLJ PD L SDG PH KX KUL  

V\PEROV D GRWWHG FLUFOH ZLWK D GRW LQ LWV FHQWHU ZLWK WKH VL]H RI RQH OHWWHU
1RW FOHDU K\H RU K\L"

%8-, _ UHVXOWLQJ IURP D PLVUHDG M"

%RWWRP SDUW QRW UHDGDEOH JURO RU JRO"


5HJDUGLQJ WKH ZHOONQRZQ \H GKDUP formula in

the colophon see Skilling 2000 who collated

various versions/recensions of the formula. The correct Sanskrit version on which the colophon of
Bth was probably based reads:
\H GKDUP KHWXSUDEKDY KHWX WHu WDWKJDWR K\ DYDGDW 
WHu FD \R QLURGKD HYDYG PDKwUDPDD 

)RU WKH GLIIXVLRQ DQG WKH VLJQLILFDQFH RI WKH YHUVH GXULQJ WKH HDUO\ PHGLHYDO SHULRG LQ ,QGLD VHH
%RXFKHU 



$SSDUDWXV RI 6HFRQGDU\ 9DULDQWV



3 WLOO GX  " QRW FOHDU

- RP 
.
3 W
/
3 nD FKXQJ RI WK YHU\
,

VPDOO LQVHUWHG ODWHU"

0
1 IURP JD WD " WLOO Q PD

J
K

" QRW FOHDU

3 VSXQJV VKDG DIWHU ILUVW
V\OODEOH

3 IURP  SKDJV " WLOO E\D

ED " QRW FOHDU 3 E\D ED 
3 RP


,

3 FLJ
%

SD7 DW WKH HQG RI WKH

OLQH

QD IRU GDQJ
/
- GX
0
3 E IRU EDnL DEEUHYLDWHG
VSHOOLQJ >nD FKXQJ RI E
3

YHU\ VPDOO LQVHUWHG ODWHU"@

J
K
L
M
N

1 IURP EDnL GXV " WLOO UJ\DO

SRnL " QRW FOHDU

FKHU" LOOHJLEOH

GDJ IRU GJUD

3  RP  GEDQJ
1 5,7
Z 1
5,7 DW WKH HQG RI WKH
9

7

3 RP N\L

3 JL JX

% VSXQJV VKDG DIWHU ILUVW

V\OODEOH
6
% EVORE
7
4 WVKDQJV
8
3 FKHU  7 VHFRQG OHWWHU RI
:

4 UNRG
1 SXQJ

3 3, .+21 

RI SRnK YHU\ VPDOO

3 JGXJ
3 E]DQJ
P
3 N\L
Q
% SD RULJLQDOO\ ED
O

-


,

3 OGDQ ./ OWHQJ >GH

PDUNHG ZLWK WZR GRWV DERYH

IRU GHOHWLRQ@
4 VSXQJV VKDG DIWHU VHFRQG
V\OODEOH

/ nWVKDOR

7 



-

DD

JRO

VKHV UDE VKLQ WX

UQDP SDU JURO ED 
EE
3 EODQJ
..
3 FKH
//
3 JLV
00
3 EHQHDWK WKRE GRW DV
3 RP

PDUNHU"
-
/:
JJ
3 RP  DW WKH HQG RI WKH
OLQH
KK
/ 802 DW WKH HQG RI WKH
11

ERWWRP OLQH RI WKH IROLR

/:

LL

3  RP VKLQ WX

- GX 6 RP WX


/ UQDU

(E IRU UQDP SDU

MM

NN

DW WKH HQG RI WKH OLQH FI

WKH DEEUHYLDWLRQ

FRUUHFWHG WR 5, E\ FURVVLQJ

IRU WKDPV DW WKH

HQG RI WKH OLQH

OLQH

3 WKHV

5,

RXW WKH XSSHU YHUWLFDO OLQH RI

-,

HEG

- ODFXQD RI RQH OHWWHU

EHWZHHQ

IRU

SD DQG VKD

UQDP SDU GDJ %DFRW 

- 

SDnL IRU PDnL

0
4 VSXQJV VKDG DIWHU VHFRQG
3

V\OODEOH
1

3 RP

54

3 GJDn ,3 GDQJ

% RP SD
3 RP GDQJ  GH GDJ
M
/ E]KXJVR
K
L

3 SR 
3 nGX ED IRU nGXV SD

NOXQJ DQG GUXJ

SDUWLDOO\ HUDVHG JL
/
4 ODFXQD RI RQH OHWWHU
EHWZHHQ GUXJ DQG FXnL VHH
0
1

3 EHWZHHQ

IQ 
3 E\H ,+ PD

1 WKDP

DW WKH HQG RI WKH

FLJ JL IRU JFLJ JLV

K
3 nMLJ
L
3 GDQJ IRU WKRE SD
M
/ VDQJ8 DW WKH HQG RI WKH
N

G RI .SDn VPDOO EHQHDWK

WKH OLQH
/ /5Dn DW WKH HQG RI WKH

N\LV
3 VWDJV
0
7 ULQ 43 FKHQ >SR PDUNHG
/

3

OLQH
% VSXQJV VKDG DIWHU VHFRQG

4
5

- ODFXQD RI DERXW WKUHH

OHWWHUV EHWZHHQ

WX

DQG

EVNRU

1 RP  ODFXQD RI RQH OHWWHU

EHWZHHQ ED DQG JDQJ

3 VQJRQ EGDJ IRU JDQJ

GDJ
6
1 UG]R DW WKH HQG RI WKH
OLQH

% PD IRU PL
4 OGRJ RU OWRJ "

3

ERWWRP OLQH RI WKH IROLR

3

V\OODEOH


,

ERWWRP OLQH RI WKH IROLR

ZLWK D GRW WULDQJOH DERYH IRU

GHOHWLRQ@
4 ODFXQD RI RQH OHWWHU
EHWZHHQ ED DQG Q\D

% VSXQJV VKDG DW WKH YHU\

HQG RI WKH OLQH
K
% SD



L
M
N

3 J\Rn
3 JQRQ 4+ GDQJ

% VSXQJV VKDG DW WKH YHU\

HQG RI WKH OLQH

O
4 8-48
P
4 8-48
Q
4 8-48

3 VSXQJV VKDG DIWHU ILUVW

V\OODEOH 3 RP VSRV GJDnL

5
6

GSDO GDQJ



PDnL >JL JX DERYH PD

GXH WR ODFN RI VSDFH DERYH

nD@ 3 nD RI PDnL VPDOO ODWHU
LQVHUWHG EHQHDWK
7

P

WRJ EJGP GDQJ

3

3 RP 
9
% GDP IRU GUL PD
:
3 RP GE\X JX VHH
8

KK

RP ULQ FKHQ PWKDn \DV GE\X

JX GDQJ 

Z 4 ODFXQD RI DERXW WKUHH

/ ORZHU SDUW RI VSXQJV VKDG

3 RP  4 VSXQJV VKDG

DIWHU ILUVW V\OODEOH

% VSXQJV VKDG DIWHU VHFRQG

V\OODEOH
7 RP

/

.
/

JFLJR

0
1

3 nD DQG JL JX RI SRkK ODWHU

54

UHVSHFWLYHO\

7 EWVHJV
/ Q\LGX DW WKH HQG RI WKH

OLQH
7 nMRO IRU nMRJ OD
WH

N\LV

WVDQGDQ

JL JX

SRnK UHYHUVHG

GXH WR ODFN RI VSDFH DERYH

OHIW KDOI RI nD

2 7 RP SD
3
4

3

PL

3

IRU

IRU

QDG

\LG

JL PGDE PD
3 RP JL PGDE PD GH GDJ

OLQH

7 54 D[CPI E\DPV

77

3 E\DP
/ J]KRQXU
::
3 RP SD
88
99

4 ODFXQD RI RQH OHWWHU

EHWZHHQ GUXJ DQG FXnL VHH
IQ 
ZZ
;;

3 RP \DQJ

/ JFLJR
\\
7 VSXQJV VKDG DIWHU ILUVW
[[

V\OODEOH

1 98,3/,3 I^?

3 RP 54

2
3 VSXQJV VKDG DIWHU ILUVW

3 OGDO
7 VSXQJV VKDG DIWHU WKLUG

V\OODEOH LQ WKH WRS OLQH RI WKH

5
6

IROLR
1 ODFXQD RI RQH OHWWHU
EHWZHHQ

GX DQG E\DV

3 ]KLQJ

V\OODEOH

JL IRU GDQJ
4 SK\H IRU E\H 7 E\HG IRU
E\H
8
3 RP SKUDJ
9
3 RP nEXP 3 nEXP
SKUDJ IRU SKUDJ nEXP
:
3 nE\XQJ
;
3 WKDP8 DW WKH HQG RI WKH
%

OLQH

Z /

WKDG DW WKH HQG RI WKH

OLQH
[
% WR  IRU WH 

\
]

ILUVW V\OODEOH LQ WKH WRS OLQH

RI WKH IROLR 7 

/ VSXQJV VKDG DIWHU VHFRQG

V\OODEOH 6 RP 

1
IRU
 7
IRU

//
3 RP 
00
3
LQ VPDOO OHWWHUV
..

1

WKDP8

\D

PR

EHQHDWK WKH OLQH 3

11

]HU
3

J]HU IRU

WX 72+21 nJ\HG >VQDQJ

PDUNHG ZLWK GRWV DERYH IRU

GHOHWLRQ@
JJ
3 VKLQJ IRU VKLQ
KK
LL

- GX

% GRXEOH VSXQJV VKDG DIWHU

ILIWK V\OODEOH - RP  7

7 GSHQ

DEHUUDWLR

OD \DQJ

nRG ]HU

VSXQJV VKDG DIWHU VHFRQG

V\OODEOH

% GRXEOH VSXQJV VKDG

DIWHU VHFRQG V\OODEOH 6
GRXEOH VSXQJV VKDG DIWHU

ODnDQJ

\DQJ

3 NKUL IRU EOD UH

DD
6 UR IRU WR
EE

3 RP GH

3 RP PD

3 VNX SDG PDnL IRU GH GDJ

V\OODEOH
66
3 8028 DW WKH HQG RI WKH

E\HGDQJ DW WKH HQG RI

V\OODEOH

+
,

QDQJ

%



N\L

3 RP

WKH OLQH
/ \RQJVX 3 RP VX
L
3 nGXQ
M
7 EVWDV IRU EOWDV
N
% VSXQJV VKDG DIWHU ILUVW

1 WVDQGDQ

1 
7 
M
3 
N
1

O
4
RI
K

3 RP VD nG]LQ GDQJ

3 JVKRV
3 RP WX

LQVHUWHG" EHQHDWKDERYH

SK\XJL

1

*

OO

 WKDEV

7 VSXQJV VKDG DW WKH HQG RI

PHG DQG PQJRQ

E\XQJV
% EVODG IRU EVODQJ
55
% VSXQJV VKDG DIWHU WKLUG
EHWZHHQ
33
3
44

WKH OLQH

1 WKDE

MM

OHWWHUV EHWZHHQ JX DQG nGRU

PL
/
3 RP \DQJ GDQJ
0
.

LL

NN

3 ULQ SR IRU UL ER

//
% RP FKHQ 3 SR FKH IRU
FKHQ
00
3 VQDQJ LQ VPDOO OHWWHUV
JJ

GDQJ  .D[WI IW FCPI

22 - ODFXQD RI RQH OHWWHU

UL

..

EHQHDWK WKH OLQH

ULQ VHH SUHFHGLQJ HQ 7

% EHWZHHQ FKH DQG GDQJ

SDUWLDOO\ HUDVHG OHWWHU

-3 GDQJ  87+2 .+2 .+21 

11

IROORZLQJ HQ
3

6 UDE 89 GJDn

,,

V\OODEOH
3

V\OODEOH

VSXQJV VKDG DIWHU ILUVW

6

PLVVLQJ DERYH VWULQJ KROH

/ VSXQJV VKDG DIWHU ILUVW

RFXOL

3 RP PRJ



0
1

6 RP SR
3 VSXQJV VKDG DIWHU ILUVW
V\OODEOH

J
K

% ED VPDOO EHQHDWK WKH OLQH

3 nEDU nRQJ ED IRU SDU nRV

SD
L

/ GRXEOH

VSXQJV VKDG DIWHU

ILUVW V\OODEOH LQ WKH WRS OLQH RI

M

N
O

4 UQDP VD IRU UQDPV

7 RP PR

/

WR  IRU WH 

4 JL JX RI NKUK

J ,-4;0 J

V\OODEOH 3 94  IRU 90 

SD
3 J\XU
M
/ VSXQJV VKDG EHIRUH VWULQJ
L

N
O

3

KROH

3 ODFXQD RI WZR OHWWHUV

3 RP VHPV GSDn DEHUUDWLR

RFXOL
3 RP FKHQ SR 4 ODFXQD
RI RQH OHWWHU EHWZHHQ

7/4

54 DQG

3 OD IRU SD

/
% N\L8 DW WKH HQG RI WKH
.

N\L
/ \RQJVX
I
4 EJ\LV
0

OLQH 3

/ 8028 DW WKH HQG RI WKH

OLQH

3 RP GDQJ

M
3 J]XJV IRU ]XJ

.

1 JFDG

3 RP GDJ

.
7 
/
3 VDQJ
0
3 ED 4 SDU
1
% VSXQJV VKDG DIWHU ILUVW
J

V\OODEOH 7 

JLV
K
3 3, VPDOO EHQHDWK WKH
1

OLQH
L

E]KLQ DQG JVKHJV

ILOOHG ZLWK WVKHJV
2 3  nEXP RJTCI GDJ

3
7 nD VQJRQ nMXJ RI kJ\HG

3

5,

-

EHQHDWK WKH OLQH

3 JL JX RI FKQJ SUREDEO\

E\ PLVWDNH DERYH SUHFHGLQJ
J\XU
]
3 GDJ IRU GJDn
,,
7 VSXQJV VKDG DIWHU
VHFRQG V\OODEOH

LQVHUWHG ODWHU VPDOO

1 S DW WKH HQG RI WKH OLQH

[
\
]

6 RP  DW WKH HQG RI WKH

OLQH
7 WVH

,,

GX
5
3 SD
6
- GX
7
- VQDW IRU VQDQJ
8
3 ED VPDOO EHQHDWK WKH
OLQH
7 
7 VQ\DV IRU VQ\DP
/ VQ\DPR

--

-

1
7

WVDQGDQ

EUWVHJ8 DW WKH HQG RI WKH

OLQH

7 VSXQJV VKDG DIWHU

..

VHFRQG V\OODEOH

//

3

90  DW WKH HQG RI WKH

OLQH

00

11

7 nGXV IRU nGXJ

/ nGXJR

Z 7 

UGX IRU UQJX

3 ULJ  ./ 3,8 3 ULJV IRU
3

ULJ

2
3

3 RP

nGL

EHQHDWK WKH
OLQH
4
3 E\H VPDOO >\D EWDJV QRW
5

6 JDS RI DERXW HLJKW OHWWHUV

EHWZHHQ VKLJ DQG VKDG

EHQHDWK WKH OLQH

- GX
:
3 WKDV DW WKH HQG RI WKH

E]KLnDQJ 3 RP \DQJ

GX
[
3 P RI OWVKDU VPDOO
1

1 ODnDQJ

-

N\DQJ
8
3 OGDQ LQ VPDOO OHWWHUV
3 RP

EHWZHHQ

3 nEXP SKUDJ IRU SKUDJ

nEXP
G
3 UQDP
H
3 nRG
I
/ nRVX
J
/ VSXQJV VKDG DIWHU ILUVW
.

JVKHJ8 DW WKH HQG RI WKH

OLQH

,

/

7 E]KXJV kC VKLQJ

2 3  J]HU

3
3 nEXP RJTCI GDJ
,

WKLUG V\OODEOH 7 

WRS OLQH RI WKH IROLR

7

WKH IROLR 7 

3 RP UDE WX

% GRXEOH VSXQJV VKDG DIWHU

3

PL

VPDOO

FOHDU@
3 RP JLV 3 JL 7 JLV
NKD NKHEV >NKD DW WKH HQG
RI WKH OLQH PDUNHG ZLWK D

VNUX IRU PR NUXQJ

GNUXQJ IRU NUXQJ
:
3 VKLQJ 
;
/ E]KX DW WKH HQG RI WKH
-

OLQH

Z /
[

3 nEXP RJTCI GDJ

GX 7 ODFXQD RI RQH OHWWHU

WX DQG JGDn
]
3 JL JX RI NKUKJ DERYH J
-

EHWZHHQ

GXH WR ODFN RI VSDFH DERYH

NKU

,,

- RP 

GEXJV IRU GEXV

8
1 QDnDQJ

--

4

/ NK\HG

3 UG]X VPDOO EHQHDWK WKH

OLQH
O
% VWRG IRU VWRQ
4
5
6
7

4
-

WKDO

RU


WKHO

"

UN\DQ

% nJ\LG 3 nJ\HG ZULWWHQ

ZLWK OHWWHUV RI GRXEOH VL]H

LQVHUWHG DW ERWWRP PDUJLQ RI
WKH IROLR >SUHFHGLQJ DQG
FRQQHFWHG ZLWK D
GRWWHG OLQH@
WX

2 % 
3

VSXQJV VKDG DIWHU ILUVW

V\OODEOH

GRW WULDQJOH DERYH IRU

GHOHWLRQ@

%

nJ\HG

/ JL
3 QD IRU QDP
%  3  FRQWUDU\ WR UXOH
VHH IQ  GXH WR  QJR"

3 J]HU
3 VWRQ

3  UJ\DV ZULWWHQ ZLWK OHWWHUV

RI GRXEOH VL]H ODWHU DGGHG
EHQHDWK WKH OLQH  ERWWRP
PDUJLQ RI WKH IROLR UJ\DV


M[K PK ]KLQJ



3 ]KLQJ TPCOU UW nGL

VKDG EHQHDWK WKH OLQH@

;
3 nGL .+1 WKDPV

LL

>Q\LV

Z /

OD

WKH YHU\ HQG RI WKH ERWWRP

OLQH RI WKH IROLR 7 
,,
3
IRU


GDJ
GDQJ
VPD
FF
3 nRG IRU nRV
GG
3 SD IRU OD
HH
3 nGUD
--

II

JJ
KK

6

% 
3
3

nSKXO
JL

VDQJ8 DW WKH HQG RI WKH

3 VDQJ\DV PsP VHH %DFRW

MM

VPDOO EHQHDWK URO

% 
% nGXQ IRU nGUHQ
]
/ GRXEOH VSXQJV VKDG DW
[

/

OLQH

 

NN

1

SK\H IRU E\H 7 E\HG IRU

E\H
3 GHnL
22
3 SD GDJ IRU EGDJ
33
3 RP VWH
44
3 JL JX RI EDnK DERYH ED
OO

GXH WR ODFN RI VSDFH DERYH

nD

4 
3 RP FKDG
77
1 QDQ
88
3 nGUD ,+ nGL
55
66

VPDOO OHWWHU EHQHDWK GL

::

7 PL IRU PD

4 

;;

ZZ 4
JFR
[[ 6
LQ VPDOO OHWWHU DERYH

UJ\X

JDQJ

IROORZLQJ

/ EVKDGX
]]
3 EUWVHJV IRU EUWVH
DDD
% RP JVXQJ 3 JVXP IRU
JVXQJ
EEE
% RP GX
FFF
3 Q RI NX2 LQVHUWHG ODWHU
\\

LQ VPDOO OHWWHU

///
000

7 N\L
7 

3  nD VQJRQ nMXJ 41 nGL LQ

99

/
,

3 
3 RP GDJ
.
3 VQ\LQJ EJGP 54
/
3 E
0
3 PGR >P VPDOO EHQHDWK
GR@
1
- GX 7 WX VD UJ\DV >VD
PDUNHG ZLWK D GRW WULDQJOH
DERYH IRU GHOHWLRQ@

% RP 5,
K
7 -,7 IRU 7,- PHWDWKHVLV
J


,

7 RP -:

3 5,8 
.
3 RP 
/
4 GDJ nEDU IRU GJDn EDU
0

PL IRU PD
I
7 RP \LQ SD
J
6 GDJ IRU GDQJ
K
3 RP nL
L
/ J]XJ8 DW WKH HQG RI WKH
E]XQJ SD IRU E]DQJ ED
OWD
O
- GNUXQJ
P
/ nNKRGH  3 nNKRG GR 
M

%

3

OLQH 1
O

E\DV VD

7 

2 % ODU IRU SK\LU

3 3  JVKDG

4
/ EVKDGR
5
3 GRXEOH VSXQJV VKDG
6

7  O21+ PFKRG >PQJD

DERYH IRU GHOHWLRQ@

3 GH E]KLQ GX VPDOO
EHQHDWK WKH OLQH

3  S IRU SDnL >nD FKXQJ YHU\

VPDOO LQVHUWHG ODWHU"@ 7


SDn IRU SDnL

3 RP 
/ FKDJVX
Z
6 ED
[
% nGR
Y

3 VSXQJV VKDG DIWHU

VHFRQG V\OODEOH
,,
3 87,/

3 RP ]KLQJ

Z %

JJ

--

3 RP  6 VSXQJV VKDG

DIWHU ILUVW V\OODEOH

3 ULJV
7 Q\RQJV IRU PRQJV
00
/ VN\DEVX IRU VEXEV VX FI
..

HQGQRWH JJ
/ VSXQJV VKDG DERYH OHIW

VWULQJ KROH ZLWK RQO\ XSSHU

KDOI GXH WR ODFN RI VSDFH



7 VE\DEV IRU VEXEV VHH

% JVKHJ8 DW WKH HQG RI WKH

OLQH
MM
4 GNUXQJ
LL

NN

3 PL >P VPDOO EHQHDWK

WKH OLQH@
OO
% ED IRU EDU
22 % PWKRn IRU nNKRG
33

4
%

nNKRU IRU nNKRG

ED 3 SD7 DW WKH HQG RI

WKH OLQH 4 ODFXQD RI RQH

OHWWHU EHWZHHQ 5, DQG

PWKRQJ ILOOHG ZLWK WVKHJV

3 WKD EHIRUH .,/ DW WKH

44

HQG RI WKH OLQH

55
6 -,
66
/ 5, UG3 /: DW WKH HQG RI
WKH OLQH FI WKH DEEUHYLDWLRQ

//

11

PQ\DQ

HQGQRWH HH
KK
/ VEXEVX

- ODFXQD RI RQH OHWWHU

WKH HQG RI WKH OLQH

HUURQHRXVO\ LQVHUWHG
DFFRUGLQJ WR WKH FRPPRQ
SKUDVH  NC SK\DJ

VKDG@

/ WVKR DW WKH HQG RI WKH

OLQH
9
3 QDV IRU 90
:
7 
;
3 RP WKH SDVVDJH IURP
oYp WLOO oYp
8

EHWZHHQ FKDJV DQG GDQJ

3 ODFXQD RI RQH OHWWHU

EHWZHHQ nNKRG DQG SD

7 RP GDQJ >ODFXQD RI WZR

OHWWHUV DIWHU IROORZLQJ

/ RP nL 3 RP UGR UMHnL

PDUNHG ZLWK D GRW WULDQJOH

8

DIWHU ILUVW V\OODEOH 7 

7 VSXQJV VKDG IRU VKDG DW

SDUWLDOO\ HUDVHG 7 nNKRU IRU

nNKRG
4
3 ULJV
5
3 UQDPV NC SK\DJ OD

3 RP nGL

N
/ E\DVR DW WKH HQG RI WKH

7

OLQH

3 /0 ./ E]KLQ

VHQ

IRU

VHPV FDQ

LQ (LPHU

 II

FDG IRU FDQ

JVKHJ8 DW WKH HQG RI WKH
ERWWRP OLQH RI IROLR
7

77

88

6

3 VUHG

99

3 RP PD JRV SD GDJ FI

IQ 
::
7 
YY
3 N\LV
ZZ
7 GJH IRU

[[
\\

3 RP

,,,

QL

% VSXQJV VKDG

DIWHU IRXUWK

V\OODEOH 7 
3 JVKHJ8 DW WKH HQG RI WKH
ERWWRP OLQH RI WKH IROLR

]]

GDJ

---

7 FDG IRU FDQ

/ S DW WKH HQG RI WKH

OLQH

...

7 


,

3 ULJV kF\KP N\L >nG]LQ

ODFXQD RI RQH OHWWHU ILOOHG

PDUNHG ZLWK WKUHH GRW

WULDQJOHV DERYH IRU GHOHWLRQ@
%X -:

WVKHJV
- GNUXQJ 4 ENUXQJ
2 3  S DW WKH HQG RI WKH


0
1

J
K

7 /50/ IRU /507

3 -: VPDOO EHQHDWK WKH

OLQH
%X RP OD OD

4
5

%X OWDU 
%X RP nGL OWDU


3 RP PD

L
4 J\LV
M
6 OWDV
N
%X EHWZHHQ QD DQG SDGPDnL

ZLWK

5,7

7 RP

5,7

7 ODFXQD RI DERXW HLJKW

OHWWHUV DIWHU 2/,- WLOO WKH HQG
RI WKH ERWWRP OLQH RI WKH
IROLR

% E\HG ' nJ\HG 4

nSK\HG
3  JVKHJ DW WKH HQG RI WKH

3 RP GDJ WKH VLQJXODU LV

LQ DFFRUGDQFH ZLWK WKH

TXRWDWLRQ LQ

NXODSXWU+

5*99 

%X GDJ 
.
%X QL  FKRV VKDG LQVHUWHG
-

ODWHU
/

Q\LGH 1 GD IRU GH

7 
3 RP UXQJ 3 RP PD
E\XQJ \DQJ UXQJ DEHUUDWLR
RFXOL
J
7 
K
%X QL 
0
1

%X 34 IRU QD TXRWDWLRQ HQGV

KHUH

 \LQ QR  ]KHV JVXQJV 

% SD
N
3 RP SDnL
O
3 VEXE DW WKH HQG RI WKH
8

OLQH

2 % 73,2

DW WKH HQG RI WKH

3 WVKH 
- ODFXQD RI RQH OHWWHU

EHWZHHQ

WKH HQG RI WKH OLQH LQ WKH

ULJKW ERWWRP FRUQHU RI WKH

0

ILFKH
% RP

PD

3 SK\H IRU J\HV

J
/ JVKHJ8 DW WKH HQG RI WKH
1

ILUVW V\OODEOH
3 GDJL >GD ZLWK D VPDOO

OHWWHU EHQHDWK WKH OLQH@

3 RP SDnL


OLQH
' YRFDO QRW FOHDU

JKV J/V

\
]

OLQH
6 VSXQJV VKDG DIWHU ILUVW

V\OODEOH
KK
 SDnL ,[C

3

LL

\HQJ

SDU

SD

IRU
IRU

GSDn nD UMHV nMXJ

\DQJ
SDU

L
M

J3V"
4 nJDO IRU nJDn 1 QRW FOHDU
4 VSXQJV VKDG DIWHU ILUVW
V\OODEOH

GHnL VUJG n/,-

7 QD IRU QL
2 7 
3 3  SD

4 7 EHWZHHQ PL DQG nJ\XU nD
%

6
7

DW

WKH HQG RI WKH OLQH

% J\XU

7 
- GX

/ GRXEOH VSXQJV VKDG DW

WKH HQG RI WKH OLQH 7 

EHQHDWK

/ E\HGR EHIRUH GRXEOH

OLQH
MM

ODnDQJ

8
9
:

3 J\XU
7 N\LV
- RP  DW WKH HQG RI WKH
OLQH 7 
% RP

Z3

SDnL

 SD
[
3 UQDP
\
3 N\LV
]
% nRV 4+6 SDG PDnL
,,
3 nGUDn 7 nGUL IRU nGUD
-7 
..
/ PRQJ8 EHIRUH VWULQJ


KROH



DCkK E\D ED

GLWWRJUDSK\

VSXQJV VKDG DW WKH HQG RI WKH

DW WKH HQG RI

WKH OLQH

1
 7
\
3 RP  3
]
7 
DD
%
>
[

6 RP 
%X QL 

JJ

RU

5,/ 2, DQG 82,/

3 nJ\XU
/
3 FURVV EHQHDWK SD SD DW
.

DIWHU

VSXQJV VKDG



4+ 90 4 ODFXQD RI
RQH OHWWHU EHWZHHQ 8943 DQG
94
[
4 94 IRU 90

VKDG DIWHU ILUVW V\OODEOH 7

VWRQ

S

3 ]KLJ 3 E]KLJ

V
- RP nL
W
/ \RQJVX
X
4 VS\DG SDnL IRU VE\DQJ
EDnL
Y
7 RP GSDn
Z
3 WR  IRU WH  3 VSXQJV
7

ULJV

%

DW WKH HQG RI WKH OLQH@

3 RP VHPV GSDn DEHUUDWLR
RFXOL
-3 RP OD
..
/ EDU IRU EDnL
//
/ \RQJVX
00
3 J\XU ,D 4 nJ\XU ED
11
1 JVKH DW WKH HQG RI WKH

OLQH

3 N\L 3 J\LV

4
' RP  3 VSXQJV VKDG
5

3

HQG RI WKH OLQH



SDU IRU SRU

JL 3  JLV
/ VKRUW VSXQJV VKDG DW WKH

%

% RP

OLQH
%

OLQH

//
00
II
JJ

4

KK

NKHSV

7 
7 
3  VWRQ ,[GF 90

LL
MM

7 ODFXQD RI WZR OHWWHUV

EHWZHHQnGL DQG OWD

3 JL \D IRU JL \DO LQ VPDOO

OHWWHUV EHQHDWK WKH OLQH
.
/ QJG" RI nSK\DQJ RU
nSK\DG " LQVHUWHG LQ VPDOO
OHWWHUV 4 nSK\DG IRU

nSK\DQJ

3 SD
4 EXG SD IRU EXQJ ED
I
3 J\L
J
- GX
K
3 VUXQJV 3 EVUXQJ ,CT
H

D[CU VKLQJ

3 VKLQJ NC  > OD VPDOO

EHQHDWK WKH OLQH

/

1 SDnDQJ

 3

9
:

% WKDEV 4+ OD 1 WKDE

- ODFXQD RI DERXW IRXU

/0

7 nGRQJ IRU nGRG

% RP QJD
K
7 WH[W EHWZHHQ UJ\DJV DQG

QRW FOHDU ZLWK D

ODFXQD
L
3 SD rHQG RI WKH OLQHr 4+


,

3 WVKLJ

4 VEUDG FKDQJ IRU VEUDQJ

WVKDQJ
.
4 SDV IRU EDV
G
3 VKLJ IRU VKLQJ
H
3 VQJDV IRU VEDV
I
3 OD IRU SD
J
% VJUDQJ IRU VEUDQJ
3 VEUD IRU VEUDQJ
-

L
M

/ GRXEOH VSXQJV VKDG DIWHU

ILUVW V\OODEOH 7 

6 GHV IRU GH

- EXQJ ED RU EXG SD " 1

-

3 PWKRQJ 
3 PWKRQJ EDV ULJ OVJQPI

V\OODEOH

KK
LL
MM

1 ODnDQJ
2 7 PRQJ DW WKH HQG RI WKH

VHFRQG V\OODEOH

3 JLV 

3 PRQJV SD GDJ JLV Q\H

EXQJ 4D 4 EXG SD IRU EXQJ

ED
N
3 EDU IRU UDE PHWDWKHVLV
O

7 
P
4 FKDQJ IRU WVKDQJ
3
3 QL IRU J\L
4
7 FDGR
5
3 Q\LV VKDG FRQWUDU\ WR UXOH
6

7 

IQ  GXH WR  /4"

% GRXEOH VSXQJV VKDG DIWHU

ILUVW V\OODEOH 4 

1

JVKH DW WKH HQG RI WKH



DEHUUDWLR RFXOL

1 RP  DW WKH HQG RI WKH

OLQH
7 
3  VQ\LQJ SR IRU E\D ED 7


/ E\HGH
% GHnL IRU QJDnL
3 WKDP8 DW

OLQH

P[G DCkK P[QP OQPIU RC .,3

.

3 5, .+1

EDnL IRU ED

6 RP  7 VSXQJV VKDG

EDnL Q\RQ PRQJV SD .CI IKU

3 90 IRU 890

GLWWRJUDSK\

GX

FDQ 6 RP GH GDJ JLV Q\H

EDnL Q\RQ PRQJV SD

ERWWRP OLQH RI WKH IROLR

N
3 RP SD

-

/ VUXQJV
3  VKHV RCkK PWKRQJ

NN

6 PRQJ8 DW WKH HQG RI WKH

DIWHU

1 ODnDQJ 3 RP OD \DQJ

- WZR GRWV DOLJQHG

GDQJ GLWWRJUDSK\ ILUVW RI

WKH WZR 5, QRW FOHDU
GHOHWHG"

/:

YHUWLFDOO\ IRU VKDG DIWHU ILUVW

DCU TKI JR GLWWRJUDSK\

OLQH

-

3 \RQJV RGHU \RGV " V

..

11

PWKRQJ EDV ULJ JR

nFKDE

--

4 ODFXQD RI RQH OHWWHU

EHWZHHQ SD DQG GDQJ ILOOHG
ZLWK WVKHJV
JJ

J\LV DQG

HUDVHG IRU GHOHWLRQ"@

Z3
 ULJ SDU PWKRQJ QJR IRU

3 RP SKUDJ

3 RP nEXP

,,
7 NXQ 2+7 9:
]

OLQH

>ULI OVJQQJ VOLJKWO\

3 -:2 5, IRU EXQJ ED 4

4 EXG SD IRU EXQJ ED

00

- ODFXQD RI DERXW IRXU

NXQ
GX

7 

PDUNHG ZLWK D GRW WULDQJOH

DERYH IRU GHOHWLRQ
//
/ VHQ DW WKH HQG RI WKH

- PQ\RQ IRU Q\RQ

V\OODEOHV EHWZHHQ

\DQJ UM[GU DW

V\OODEOHV EHWZHHQ .,3 DQG

1

WKH HQG RI WKH OLQH

PDUNHG ZLWK GRWV DERYH IRU
GHOHWLRQ@
6
3 ODV IRU OD

WKDEV

EXG SD IRU EXQJ ED

/
4 JVDO
0

/ E\HGR

33

DW



22 4 VS\DG IRU VE\DQJ

VHFRQG V\OODEOH 7 

7 VSXQJV VKDG VHYHQ

V\OODEOHV EHIRUH HQG RI WKH
OLQH
5
7 E]KLQ IUJGI7 /: >JVKHJ8
R

\RQJVX

% ]KLQJ IRU ]KLJ 3 E]KLJ

IRU ED ]KLJ
O
4 EXG SD IRU EXQJ ED
P
3 RP nL 3 WVLnL IRU UWVLnL
N

3 RP QL

3  nGUDn
7 




/ GRXEOH VSXQJV VKDG DIWHU

OO

NN

7 

Z /

8
9

WKH HQG RI WKH

PWKRQJR

OLQH
3 WKRQJ IRU PWKRQJ

3  RP \DQJ


7  >ODFXQD RI RQH OHWWHU

EHWZHHQ GX ZLWK D WVKHJ
DQG VKDG@

EXQJ ED RU EXQJ SD "

EXG SD IRU EXQJ ED

-1
4

Z 4 ODFXQD RI WZR OHWWHUV

[
\

EHIRUH JLV DW WKH EHJLQQLQJ

RI WKH OLQH

3 J\XU SD IRU nJ\XU ED

- 

- Q RI U2,28 QRW FOHDU 3

3 JL JX RI PDnK DERYH 2,

H\ 3 PL IRU PDnL 3 PD

00

UQDP

,,

-..

WKDPV

%
-

IRU

WKDEV

GX

3

II

FLQJ DW WKH HQG RI WKH

OLQH 6 ]KLQJ
//

7 



7

GSKHU

%

V

RI

OX7 PDUNHG ZLWK D

GHOHWLRQ
1 VSXQJV VKDG ZLWK RQO\ D
VLQJOH WVKHJ RU SRRUO\
SULQWHG mEURNHQn VKDG DW WKH
PLGGOH RI WKH OLQH

3 nD EHIRUH VKDG DW WKH

HQG RI WKH OLQH
1
3 UQDP SD IRU UQDPV
0

7 EVUXQJ



1 SDnDQJ
% JVKHJ

WKH HQG RI WKH

OLQH 1 JVKH DW WKH HQG RI
WKH OLQH
8

DW

3 RP WKDPV FDG

G
3 nE\XQJ
H
3 RP 
I
% VKHV IRU VKLQJ
J
'1 EDU RU SDU " 4 EDU
.

3 N\L
/ WVKLJVX

7 OWDU ,+ n-7: >-, PDUNHG

ZLWK D GRW WULDQJOH DERYH IRU

GHOHWLRQ
/
% UXQJ
 LQ VPDOO OHWWHUV

EHQHDWK WKH HQG RI WKH

ERWWRP OLQH RI WKH IROLR IROLR

HQGV ZLWK

nEUDV N\DQJ

%  3 N\DQJ UXQJ  ML IRU

N\DQJ UXQJ   ML FRQWUDU\
WR WKH JHQHUDO SUD[LV RI 3 LQ
WKH YHUVH VHFWLRQ WKH VHFRQG

KDV QRW EHHQ DWWDFKHG WR

WKH IROORZLQJ SGD 7KLV
FRXOG EH GXH WR WKH RPLVVLRQ
RI SGD E VHH IQ 
1
% SKXJ
J
4 SKXEFDV RU SKXE FDV "
EHIRUH SD DW WKH HQG RI WKH
VKDG

OLQH
4 RP  DW WKH HQG RI WKH
OLQH 7 
L
3 GHnL IRU GH VULG
K

/ SK\LUR
NN
7 VSXQJV VKDG DIWHU

V\OODEOH

WKLUG

VHFRQG V\OODEOH 3 

7 VQRQJ IRU VQRG

M
N

EFDn RU EWVDn "

ED
9
% RP EUQJDV VKLQJ 3
VKLQJ 
:
4 UGXQJV
;
4 VSXQJV VKDG DIWHU ILUVW
7

4 ED

- RP 
3 EFD

3 ED VPDOO EHQHDWK WKH

OLQH
% P\DO IRU P\DQJ
2 3  N\LV

O

3 
4
3 ULJ8 DW WKH HQG RI WKH
OLQH

-

'

V\OODEOH
Z3
 8-:-
[
7 SK\LU IRU SK\L
\

% RP GDJ
6
% GRXEOH VSXQJV VKDG DIWHU
5

3

VHO WH  \C DC FG D\JKP

FW

 >%@

ULJV

VHFRQG V\OODEOH

K
L

3 RP GH OD

7 JVKHJ8 DW WKH HQG RI WKH
OLQH

1 SDnDQJ
3 SDV IRU SD
O
/ \RQJVX
P
3 VE\DU IRU VE\DQJ
Q
7 
R
3 VWH IRU WH
M


,

MM

3 RP nL 7 nGULnL IRU

nGUDnL

DIWHU
KK

GRW WULDQJOH DERYH IRU

JJ

3 VWH 

PDnL
7 RP VEUDQJ
% VKDG DQG VSXQJV VKDG

IRU

LL

%

/

Y
Z

[
\

nJUR EDU
VQ\DP
3  PR IRU QDV >P ZDV
RULJLQDOO\ 3
@
;
3 73,2
9

/ RP

3 RP

OLQH
3 Q\LV VKDG FRQWUDU\ WR
UXOH FI . IQ  GXH WR

EUGX218 VPDOO

EHQHDWK WKH OLQH

3 JVDO
4
3 ED IRU QD
5
7 
6
3 UQDPV
7
4 ED
8
% PRQJ IRU PDQJ
9
3  7 VSXQJV VKDG DIWHU
:

SDU
E\HGH

% 
P
3 QJ RI

3 EFR DW WKH HQG RI WKH

OLQH
6
% RP GDJ
7
7 E\DnL IRU E\D EDnL
S

WKLUG V\OODEOH
7 

E\HGR
3 Q\LV VKDG FRQWUDU\ WR

/

UXOH FI . IQ  GXH WR 

GR" 7 

% UJ\D
1 GRXEOH VSXQJV VKDG ZLWK

RQO\ D VLQJOH WVKHJ

UHVSHFWLYHO\ RU SRRUO\
SULQWHG mEURNHQn Q\LV VKDG
EHIRUH Q\RQ DW WKH HQG RI WKH



84" VHH IQ 

4  DW WKH HQG RI WKH OLQH

3 PRQJV 4+ UQDPV

3 N\L
-6 NKHE
..
% SD7 DW WKH HQG RI WKH
]

,,

OLQH
//
-  DW WKH HQG RI WKH OLQH
7 8SXQJV

WKH OLQH
00
3 QJD

VKDG DW WKH HQG RI

11

6 RP UQDP
3 VE\DQJV
KK
3 EDU IRU ED
LL
3 Q\LV VKDG FRQWUDU\ WR UXOH
JJ

FI . IQ  GXH WR  94"

3 8028 DW WKH HQG RI WKH
OLQH
NN
4 
OO
3 EUJ\D nLV IRU EUJ\D \LV
MM

3

ULV IRU \LV 3 EUJ\DnL IRU

EUJ\D \LV
% QD8 DW WKH HQG RI WKH

22

OLQH
33

4 QRW FOHDU GRXEOH RU

VLQJOH 8SXQJV VKDG DIWHU ILUVW
V\OODEOH



3 J]KDQ >JL JX DERYH ]KD

GHOHWHG@

GSH7 
QRW FOHDU 3 RP 
G
% Q\LG IRU Q\LO
H
3 EDV
I
3 QDV IRU WX 4 GX
J
3 ]KLQJ IRU ]KLJ
.

K
L
M
N
O

7

- VKDG

3 GX
- JVDE

44
55

OLQH

66
77

GUL
- GX 3 GX GX IRU WX 7
RP WX
5
3 UXV IRU UXO
6
- J\LV 3 JL
7
/ JQD8 DW WKH HQG RI WKH
OLQH

3 EWVDQJ
% SDU
:
3 VXP EFX nD  LQ VPDOO
8

Q\L
VKX nDP  DQG E]KL EFX nDP
OHWWHUV LQVHUWHG EHWZHHQ

DIWHU

% JVDU

7 VSRW LQ WKH VL]H RI RQH

OHWWHU EHWZHHQ  DQG PL
LQGLFDWHV GHOHWLRQ

3 J]KDQ IRU ]KLJ SDUDOOHO WR

SGD E  J]KDQ OD

L
M

WULDQJOH DERYH IRU GHOHWLRQ@



3 N\LV M[CPI WVKLJV >N\LV LQ

SD RU ED "
7
3 QD IRU QL
8
3 UQDPV IRU UQDP SD
9
- FKLJV IRU WVKLJ 3 WVKLJV
IRU WVKLJ
:
3 JOD IRU EOD
;

6

/ XSSHU KDOI RI WKH VHFRQG

RI WKH Q\LV VKDG LV
PLVVLQJ GXH WR IROORZLQJ
VWULQJ KROH 7 
8KDG

Z3

,,

WKH WZR 8KDGV DW WKH HQG RI

WKH OLQH@

Z %
[

VKDG DIWHU ILUVW

3 FKXQJ IRU FKXG

\
]

8SXQJV

V\OODEOH

3 ]DnL IRU ]D EDnL 3 RP

EDnL

1
/

,,




ODnDQJ
E\HGR

-..

00

/ XSSHU KDOI RI WKH VHFRQG

RI WKH Q\LV VKDG DW WKH

HQG RI WKH ERWWRP OLQH RI WKH
IROLR GRWWHG 7 
/
3 RP EX

3  RP

3  RP

% RP OD
NN
3 RP Q\LG
OO
% S DW WKH HQG RI WKH OLQH
22 6 -,
33

SDUWO\ GHOHWHG

nGD@

4 UG]D SD IRU UG]DE

3 UQDP
66
3 JVDO 3
55

 ODFXQD RI RQH

WKH HQG RI WKH

EVDO DQG EDnL

- 

HUDVHG OHWWHU
77

88

% ULJ8

3 RP GDJ

-  3 JHQHUDOO\ IRXQG JDS

Q\LV VKDG LQVHUWHG

% EDnL
7 RP QL
K
3 Q\L VKX SD IRU PL Q\XQJ

ED FS &K
J

'

E]KLJ IRU ED ]KLJ

3 

3 8028 .,3 7GOU ECP

73,28 GLWWRJUDSK\

3 73,28 DW WKH HQG RI WKH

OLQH
N
O

-

GD IRU GH

% QD IRU QR / FDQR

P
3 Q\LV VKDG FRQWUDU\

P DIWHU

44

ODWHU EHQHDWK WKH OLQH 7 

3 nGD DW WKH HQG RI WKH

OLQH >ZLWK FRPSUHVVHG DQG

ZLWK DQ XQOHJLEOH SDUWO\

PLVVLQJ

EGU ENDn 147 nGL

QRW OHJLEOH OHWWHU EHQHDWK rVK

KK
SDnL

LL
WKDPV FDG

MM

3 PLJV IRU PLJ

3 JVKHJ8 DW

//

1 JVKH DW WKH HQG RI WKH

ERWWRP OLQH RI WKH IROLR ZLWK

OHWWHU EHWZHHQ

OLQH

11

JJ

7 

OLQH@

8KDG

6 8SXQJV VKDG DIWHU ILUVW

V\OODEOH 7  >ODFXQD RI
DERXW WKUHH OHWWHUV EHWZHHQ

 JVHU 1+6 J\L

EHWZHHQ WKH SGDV LV

GDJ ENDn

% WVKXG
\
% PL VPDOO EHQHDWK WKH
OLQH
]
3 WVKLJV IRU WVKLJ
[

VPDOO OHWWHUV EHQHDWK WKH

3 nGL 7MCF

7 

VKDG

4 EJ\LV IRU J\LV

VPUDV"
3 N\Hk9 PL
K
3 8RQJ RU VRG "
4 PFKDJ
4 JVDU
3  JVHU 
3  GHkK E\L
2 % E\HG IRU E\L
3
3 ODV >V PDUNHG ZLWK D
GRW WULDQJOH DERYH IRU
GHOHWLRQ@
4
3 RP JVHU J\L 3 J\LV
>V PDUNHG ZLWK D GRW

3 RP nJ\XU

99

LQ WKH JDS JHQHUDOO\ IRXQG

IROLR 7 

88

Q\LV VKDG DIWHU VHFRQG

% JFL NC

3 JL IRU ]KLJ

3 RP EX

.
3 ]ODP IRU ]OXP
/
3 OWDV
0

V\OODEOH LQ WKH WRS OLQH RI WKH

- WZR GRWV DOLJQHG YHUWLFDOO\

3 RP JVHU J\L



3 OWDU IRU OWD

IRU

3 nJ\XU
P
3 

3 UQDPV
3 WKDP8 DW WKH HQG RI WKH

3
4
5

WR
UXOH FI . IQ  GXH WR 
34"

3

7 J]KDJ IRU J]KDQ

3 FKHQ VPDOO EHQHDWK WKH

OLQH



FRQWUDU\ WR UXOH

 Q\LV VKDG
FI . IQ 

1 PFKRJL
% VHU
V
3 OD IRU SD
W
% VE\DQJV
X
7 QD IRU QL
Y
3 EJ\LV IRU J\LV
Z
3 J\LV  GH IRU J\LV 
T

DWWDFKHG WR WKH IROORZLQJ

SGD 7KLV FRXOG EH GXH WR
WKH SRVLWLRQ RI  /0 DW WKH
HQG RI WKH OLQH

GH

V\OODEOH 1 FRQWUDU\ WR WKH

RI 3 LQ WKH YHUVH VHFWLRQ WKH

JHQHUDO UXOH RI 1 WKH WZR

VKDG

7 /-:8 IRU GEXO

/ RP JL 3 JLV IRU JL 3

]KLJL
.
7 QJDQ IRU QDQJ

/
0

PHWDWKHVLV

3

EHQHDWK WKH OLQH

4 VR VR IRU VDV

ZLWK D VPDOO OHWWHU

EHQHDWK WKH OLQH@
4
3 QJR ER Q\LG N\L PIQ DQ
P[C VHPV DEHUUDWLR RFXOL
>PIQ DQ P[C PDUNHG ZLWK

 3 

% RP

IRU

GH QDV
1 QRW FOHDU JVKH " DW WKH

3 RP

HQG RI WKH OLQH

I
J

%

7903

OHWWHU DERYH WKH OLQH WRS OLQH

RI IROLR
$ VWRQG
3  RP SR
3  SDV IRU QDV
3  GJDn IRU UNR 3  UJR IRU
UNR
% VSXQJV VKDG DIWHU ILUVW


N
O

V\OODEOH
3 nMLJ ZLWK VPDOO OHWWHUV

$ QD 


1

\DG

/

PWKRQJR
VSXQJV VKDG DIWHU ILIWK

V\OODEOH

% GHJ IRU GDJ 3 GDJ OG

GH >20 PDUNHG ZLWK D GRW

WULDQJOH DERYH IRU GHOHWLRQ@

-3 WKDG IRU WKDPV FDG
3 N\LV
$ EDU
$ ]KHQG 3 ]KHV 7 ]KLQ
' OD E\HG

D[GF SD

3

ED IRU SD

ZLWK VPDOO OHWWHUV

EHQHDWK WKH OLQH
$ J\XUG
4 RP  7 VSXQJV VKDG DW
WKH HQG RI WKH OLQH
NN
$ RP 
OO
% VSXQJV VKDG DW WKH YHU\
LL
MM

4
5

DW WKH HQG RI WKH

3 RP UQDPV

UQDV GXH WR VWULQJ

KROH 3 RP UQDPV

3

PQJRQ

% J\L IRU N\L 3 WVKLJ J\L

IRU WVKLJV N\L
Y
% J\HG SDnL IRU E\HG SDnL
4 J\LG EDnL IRU E\HG SDnL
Z
$ 
[
$ VWRQG
X

IRU

99

4

ULJ

%

SD OD

4+ FKDJV ! ODV IRU

OD

XX

7 RP SDV DW WKH HQG RI

WKH OLQH

YY

3 RP EDV DW WKH HQG RI

ZZ
[[

3 QD 
7 

\\

JWHQ
SR RU SD "
,,,
- QJD IRU GH
--$ J\XUG
...
3 VE\DU IRU VE\DQJ
///
% SDnL
]]

3

-

000
111

/ E\HGR
7 VSXQJV VKDG VHYHQ

V\OODEOHV EHIRUH WKH HQG RI

WKH OLQH

$ SD 
% 854-

DW WKH HQG RI WKH

OLQH / 854-8 EHIRUH VWULQJ

WKH OLQH

3 

6 RP 

88

OLQH

$

IRU

OLQH
55
3 RP 
66
3 RP 
77

3 N\LV
6
$ J\XUG
7
3 RP  7  DW WKH HQG RI
8

3 

WKH OLQH

GLWWRJUDSK\
JJ
 5,kK NK\LP 7
KK
3 OWD

UJ\XnDQJ

2 $ ED
3 / VDQJ

3 

22 3  RP N\L


SR

PC FG D\JKP /:
3 EDnL IRU EXnL
0
3 E RI UD, ZLWK D VPDOO
/

%

HQG RI WKH OLQH



VWRQJ

1

//

EHHQ RYHUORRNHG

4 ODFXQD RI RQH OHWWHU

EHWZHHQ 343 DQG PWKRQJ
,,
SXU
- VE\DQJV
..
N\LV
 N\L
//
WR
 QR
]

EHIRUH GH DW WKH HQG RI WKH

4

..

DIWHU WKH HQG RI WKH SGD KDG

OLQH
44
/ VHQ IRU VHPV FDQ

7

,,

11

VPUD >GH

GRWV DERYH IRU GHOHWLRQ@

3 RP PD
6
$ EDnR IRU SDnR  QR

00

2 / nGXJR
3 3  RP VPUD 3  GH IRU



SDnR

Z
\

- GE\LJV 3 GE\LJ ZLWK

SD IRU OD
J
1 JWDU
K
6 RP SR
L
/ VNDGX
M
3 N\L
N
3 FKHQ ZLWK VPDOO OHWWHUV
O

DUH SUREDEO\ LQVHUWHG ODWHU

33 $ VHV DW WKH HQG RI WKH

N\L
/ UMHVX
:
$ VKLQJ 
3

% RP VD

VPDOO OHWWHUV EHQHDWK WKH OLQH

VKDGV RI WKH Q\LV VKDG GR QRW

KDV QRW EHHQ



Q\LV VKDG DIWHU ILUVW

FRQWUDU\ WR WKH JHQHUDO UXOH

VHFRQG

4 GHV IRU QJDV

\
/ GRXEOH VSXQJV VKDG IRU
[

VKRZ D JDS EHWZHHQ 7KH\



,,

KROH ' VOREV IRU VSREV

$ RP  EHIRUH VWULQJ

KROH
- N\LV
..

3

$ SR nL IRU SRnL
//
$ J\XUG
00
/ \LQR
11
3 GRXEOH VSXQJV VKDG
DIWHU ILUVW V\OODEOH 7 
JJ
7 JVKHJ8 DW WKH HQG RI WKH
OLQH
KK

LL

$ ED
/ JVK\H IRU JVKHJV DW WKH
HQG RI WKH OLQH

MM

$ VKLQG
- GX
1 EHWZHHQ GDJ DQG SDV
YHUWLFDO PDUN WKLV PLJKW EH
UHODWHG WR WKH IROORZLQJ SDUW
WLOO VWREV GDQJ LQ %

NN
OO

ZKLFK FRQWDLQV VHYHUDO

22 / \RQJVX GDJ SD

ZLWK
VPDOO OHWWHUV
33
1 VHQ WKDG
44
3 OWDU IRU OWD EXU
55
6 JVKHJ DW WKH HQG RI WKH
8

OKI UJKI FW [QPIU UW FCI

RCU UGOU ECP VJCOU ECF FG
NVC DWT OVJQPI PCU FG

SUREDEO\ EHHQ LQVHUWHG ODWHU



.
/
0

$ JVXQJV VR IRU ENDn VWVDO

WR

3 RP

nL

3 
% GRXEOH VSXQJV VKDG DIWHU
1\R GLDJRQDO

VWUHDN RQO\ RQ WKH ILFKH"

7 N\LV
$ 
L
3 
M
$ J\XUG
N
3 SD IRU OD
O
$ 
P
3 SDU
Q
7 QD LQVHUWHG EHQHDWK 5,8
J
K

4
5

$ 
7

3,8 >
8 PDUNHG ZLWK D

GRW WULDQJOH DERYH IRU

GHOHWLRQ@



% RP \DQJ

% GSDQ IRU GSHU

.
% VKL SD IRU VKLQJ
/
6 EUDV
0
$ nD IRU nDP  DW WKH HQG
-

/ VHQ DW WKH HQG RI WKH

OLQH
8
$ WKDV
9
3 nGUDn
;

VSXQJV VKDG

HQG RI WKH OLQH

\
3 WKRQJ
]
/ ODFXQD RI RQH OHWWHU

SUREDEO\ GXH WR IROORZLQJ

NK
/ N\L8 DW WKH HQG RI WKH

4

WVKDJV

3 RP 

44

3 VKLQJ IRU SK\L

3 J\LV
3
3 VSXEV 3 RP VEXEV
4
3 RP N\L
5
7 JXnL \JG UFCPI FCPI

3

66

UTGF RC FCPI 

ERQ > VSXQJV VKDG DW WKH

HQG RI WKH OLQH@ DEHUUDWLR

$ 

V
W
X
Y

F
G

$ RP 
6 N\L
00
- GX 3 QDV IRU WX
11
/ PWKRQJR 
QJR
JJ
..

//

 3  RP

3 

$ RP 
4 EDnL



4 UJ\DO SR FKHQ SRU

FRPSUHVVHG ODFXQD RI RQH

OHWWHU EHWZHHQ SRU DQG nJ\XU

GHFRPSRVLWLRQ RI WKH
DEEUHYLDWLRQ ]KHVGDQJ RU
]KHGDQJ VHH %DFRW 
"

WULDQJOHV DERYH IRU GHOHWLRQ

% SRQ
% SDnL
4 EWR ED " IRU EWDE
6 VKLQ
% RP SR
7 SR IRU SRU

4+6 nJ\XU

RI WKH OLQH 7 

-3 ]KHV ZURQJ

PDUNHG ZLWK VHYHUDO GRW

7 5, .+21 

3 WKRE

RFXOL WH[W LQ EUDFNHWV

7 J\XU
/ nJ\XUR
]
1 SDnDQJ
DD
/ VSXQJV VKDG DW WKH HQG
[

VKDG FRQWUDU\ WR

/4"

IVK

UXOH FI . IQ  GXH WR

$ J\XUG
% VHP DW WKH HQG RI WKH

OLQH
55
 Q\LV

77

OK TKI RCkK P[QP OQPIU VD



33

G]DPEXnL \L(\ >nL QRW

7 
OO
3 QJDV PK EVWDQ >QL
LQVHUWHG EHQHDWK WKH OLQH@

OWI FCPI

$ nD
3 RP nG]DP EXnL nEUDV EX
nDP  WD ODnL nEUDV EX nDP
DEHUUDWLR RFXOL
L
6 RP 
M
% VEDnL
N
1 EXnDQJ

OLQH RI WKH IROLR

88

1 n

% GRXEOH VSXQJV VKDG DW

WKH YHU\ HQG RI WKH ERWWRP

22 $ EVWDQG

OLQH

ZLWK VPDOO OHWWHUV EHQHDWK

DW WKH

IROLR

//

NN

EHWZHHQ E\D DQG QJ

,,
7 RP GSDn
-3  VHFRQG VKDG PLVVLQJ
..

1 PJDQ
$ J\XUG
JJ
3 SD IRU GDQJ
KK
% 
LL
' VKLJ IRU VKHV
MM
$ EVWDQG

GLWWRJUDSK\

Z /
OXVX 7 RP VX
[ $  7

II

RI WKH ERWWRP OLQH RI WKH

WKH OLQH

::

HH

% nGUDO IRU nGUD OD

% GH GDJ ./ .+1 73,28

FOHDU DW WKH HQG RI WKH OLQH@

3 nG]DP EXnL >nD RI EXnL
J

1 RP 
7 RP N\L
% GSDn 73,28
;;
$ 8943/
99

4 ODFXQD RI RQH OHWWHU

EHWZHHQ J\L DQG nRJ
3 EHQHDWK

$  7 VSXQJV VKDG DIWHU

DSSHDUV LQ %DFRW  

88

WKLUG V\OODEOH

VHFRQG V\OODEOH
1

DEEUHYLDWLRQ \DLV IRU \H VKHV

ERWWRP OLQH RI WKH IROLR

66
3 GH E]KLQ JVKHJV SDnL

DEEUHYLDWLRQV DQG KDV

D\JKP IUJGIU RCkK \H VKHV

DEHUUDWLR RFXOL
77
1 JVKH S \DLV IRU JVKHJV
SDnL \H VKHV WKH

3 RP SDnL

7 VEXV

$ J\XUG
3 E]KL
L
3 RP GX
M
$ J\XUG
N
% ED
K

7 VSXQJV VKDG DIWHU VHFRQG

V\OODEOH

2 % ULJV
3
4

3 VSXEV
3 EHWZHHQ FDQ J\L DQG

NKDPV GHOHWHG NKDPV N\L

5
3 RP NKDPV 3 NKDV
6
3 RP N\L
7
$ J\XUG
8
3 SD 
9

$ -,
3


GRXEOH

DIWHU

SDnR

VSXQJV VKDG
DW WKH EHJLQQLQJ

00

6 RP 

4 J\L
Z 7 RP DW WKH HQG RI WKH
nL
OLQH
[ / RP
GDP
;

7 QRW FOHDU
]
3 OWDU
DD
3 VPUD >V ZLWK D VPDOO
OHWWHU DERYH WKH OLQH@
\

3

827,8 >
8

PDUNHG ZLWK D

GRW WULDQJOH DERYH IRU

GHOHWLRQ@
-/ J\L MJCO7 PWKRQJ
>MJCO7 DW WKH HQG RI WKH
OLQH@

..

% 3,

DW WKH HQG RI WKH

ERWWRP OLQH RI WKH IROLR

//
' RP  7 

' QRW FOHDU QJD RU QJH "

IRU GH
11
/ E\DnL IRU E\D EDnL 3 ED
IRU EDnL
JJ
/ VKHVX 7 RP VX
KK
/ E\HGR 3 PHG IRU E\HG

GR

LL

QJD IRU GH 3  RP GH

OD
3  VHP DW WKH HQG RI WKH

3

MM

3 RP

NN

OLQH

$ UQDV % UQDP

OO

EHIRUH

OD  DW WKH HQG RI WKH OLQH

22 3  SK\LU 

33
44
55

3 WH IRU GH 3 RP GH

$ VWRQG
$  7 VSXQJV VKDG DW WKH

HQG RI WKH OLQH

RI WKH WRS OLQH RI WKH IROLR



$ 
$ nG]LQG

VXEVFULEHG VPDOO DW WKH HQG

RI WKH OLQH
3 EVWVDO
F
$ JVXQJV VR IRU ENDn VWVDO
WR
G
% VED
H
/ WKDG
I
% VED
J
4  IURP ENDn VWVDO WR 
& WLOO \RG SD VWH 

3 VN\HG
3 QDV IRU QD 3 PD IRU
QD
3
3 VH IRU VN\H 3 QL IRU
VN\H VPDOO EHQHDWK WKH OLQH

$ 
5
$ nGUHQG 7 nGULQ
6
1 ILUVW VKDG RI WKH Q\LV

00

/ nD UMHV nMXJ RI ENDn

FRPSUHVVHG
4 IRU 
L
%

M
3 VPDOO EHQHDWK WKH OLQH
OL

OD

PG]DP

OD

7 VSXQJV VKDG DW WKH HQG RI

WKH ERWWRP OLQH RI WKH IROLR

$

/ \DQJ DW WKH HQG RI WKH

OLQH
3 890 

3 VN\H
/
3 JVK\H DW WKH HQG RI WKH
.

OLQH
3

SDnL IRU SD

% WKLO 3 nWKLO

J
1 GD
K
3 GHV IRU VN\HV
L
4 GJXQ
M
7 RP ODV
N
$ VKLQG
1

- GX
2 $ SD IRU SDU % RP SDU

nGRQJ EDU IRU nGRG SDU

3
$ J\XUG
4
7 PD IRU PL
5
% QJHV
'

3 VN\HG IRU VN\H

VKDG RQO\ XSSHU KDOI 7 

543 1 -03

%

7 

4 \DQJ EDU IRU \RG SDU

X
7 
Y
$  7 
Z
$ J\XUG
[
3 RP GH
6

GH
4 -, IRU 5, ' 5, 
8
$ EDnL
3  PD IRU PDV
7

3 RP

ENULV
VWH IRU WH
Z
/ Q\LGX
[
3 JDQJ 1+21 JLV
X
Y

%

3

GLWWRJUDSK\

3 JL
]
3 SD IRU SDU
DD
$ J\XUG
EE
7 VSXQJV VKDG DIWHU WKLUG
..

V\OODEOH
/

JVKHJ8 DW WKH HQG RI WKH

OLQH
//
% S DW WKH HQG RI WKH OLQH
00

$

J]XJ8 DW WKH HQG RI WKH

OLQH

 1 nMLQ
QD IRU QDV
-3 UDQJ IRU UDE

,,

3

..

//

3 
1

FLnDQJ

$  7 

11

%

VGHQJ

$ FHQ
KK
3 SD IRU VD
LL
% SRQ
MM
% GRXEOH VSXQJV VKDG DIWHU
JJ

VHFRQG V\OODEOH

NN
OO

3 VN\DE

$  7 VSXQJV VKDG DIWHU

ILUVW V\OODEOH

3 FKHQ
% OD
KK
3 OD IRU SD
LL
1 SDnDQJ
MM
3 nSK\LQ
NN
7 
OO
3 N\L
PP
6 PD M[KU VKHV
11

JJ

$ EJRPV
7 nGRQJ
55
$ EDnL
66
7 nGL 2+ JDQJ
33
44

3 JL
88
3 EGDJV IRU EGDV 3 nGDV
77

99

IRU
3

::
;;

EGDV
SR7 3 54

3 RP  4 

6 OKDV VPDOO DERYH WKH

OLQH



ZZ /

...

3,8

% 89,3
\\
4 
[[
]]

///

3 RP N\H

% J]XJV 

4 

%

7 GHJ
3 RP GH E]KLQ GX
DEHUUDWLR RFXOL
.
3 ODFXQD RI DERXW WKUHH
,

OHWWHUV EHWZHHQ

E]KLQ DQG

JVKHJV
1 SDnDQJ
0
3 WKDP8 DW WKH HQG RI WKH

3 3  ULQ

4 7 RP EDnL
5 3  RP nEURJ

6 3  nNK\DG RU nNK\DQJ "

7

OLQH
1

J
K
L
M
N
O

/ WKDG DW WKH HQG RI WKH

OLQH
3 PRQJ8 DW WKH HQG RI WKH
OLQH

EDnL
7 GJUL
/ ENULV 7 QRW FOHDU
6 VWH
3

% VSXQJV VKDG DIWHU ILUVW

4 
1 IURP ULJV % WR JQDV

2 / nRVX IRU nRV VX 3  VXV IRU


VX
&
.

/
H

- ODFXQD RI RQH OHWWHU

JQDVX
:
% SD IRU ED 3 ED 

3 7:/ 3 RP UXQJ

Z 3  RP 
SD

[
% SDV 3 RP EDV
\
3 ED
]
1 QDnDQJ
DD
3 S
EE
% GH IRU QJD 3 RP QJD
FF
/ PWKRQJR

/ GRXEOH VSXQJV VKDG

DIWHU PWKRQJR DW WKH

//

EHWZHHQ

WVKH

DQG EFRP

00

% nGD8 DW WKH HQG RI WKH

OLQH

JFDG
3 RP QJD

1

4 
/ \RQJVX
J
3 RP EDU
K
3 SDnL IRU N\L
L
3 UXO IRU GXP
M
3 ENULV
I

7 VSXQJV VKDG
3 JL
2
/ QDVX
3
3 E]KDQ
4
7 VSXQJV VKDG DIWHU WKLUG
N

5
6

IROLR
/

-: VPDOO

1 ODFXQD RI RQH OHWWHU

EHWZHHQ

7 

/: DQG SK\H

$

3 890 

4 ODFXQD RI RQH OHWWHU

4 ODFXQD RI DERXW WKUHH

OHWWHUV EHWZHHQ FDQ DQG nGL

3 GNULV SDV IRU GNUL EDV

3 SD IRU QDV
;
/ nNKR7 DW WKH HQG RI WKH

Z '
[

PL IRU QL
VKDG RQO\ XSSHU

1 VHFRQG

KDOI 3 GRXEOH VSXQJV VKDG

OHWWHUV

\
]

% QDG IRU QDQJ

6 GRXEOH VSXQJV VKDG DIWHU

,,

11

--

PL IRU QL

% VSXQJV VKDG ZLWK IRXU

WVKHJV DW WKH YHU\ HQG RI WKH

..

ZLWK VPDOO OHWWHUV EHQHDWK

WKH OLQH
//
7 
00
3 EVNXO
11

3 GX



7 
- ODFXQD RI RQH OHWWHU
EHWZHHQ OWDU DQG GD ZLWK DQ

XQGHOHWHG JL JX
4 GH
LL
% GH IRU QJD 3 RP QJD
3

WKDV DW WKH HQG RI WKH

OLQH

% RP E\D 3 SK\D

3  E
3  J\XU
3  VQ\DPV
3  PRQJ DW WKH HQG RI WKH

NN
OO

PP

QQ

RR

OLQH
55
% ENUL
66

% SDV IRU EDV 3 RP GNUL

EDV 4 ODFXQD RI RQH OHWWHU
EHWZHHQ -,8 DQG /

77
4 E\DV SDnL IRU E\D EDnL
88
/ GRXEOH VSXQJV VKDG DIWHU

ILUVW V\OODEOH

JJ
KK
LL
MM

3 WKDPV FDG IRU JDQJ GDJ

6 ]KXJ8

% RP 5,
7 
3  nGL RU nGUL "

NN

3 nGUD 7 nGULU

22
1 ILUVW VKDG RQO\ XSSHU
KDOI

33

4 ODFXQD RI RQH OHWWHU

EHWZHHQ

SDnL DQG UJ\DO ILOOHG

ZLWK WVKHJV
44
3 ODWHU LQVHUWHG VSXQJV

VKDG IRU Q\LV VKDG DIWHU WKH

HQG RI WKH SGD KDG EHHQ
RYHUORRNHG
55

66

1 JVKH
3 GRXEOH VSXQJV VKDG

DIWHU ILUVW V\OODEOH 7 

77

88
99

6 GRXEOH VSXQJV VKDG DIWHU

VHFRQG V\OODEOH

4 UQDP
3  GDQJ IRU VHPV 7 VHP


DW WKH HQG RI WKH OLQH

EHWZHHQ VKDG DQG EXG ZLWK

D WVKHJ EHIRUH EXG

4+ EVJRnR

KK

OLQH

/ 5, IRU 5,7 3 20/ 5,7

FHV

3

JJ

ILUVW V\OODEOH 7 
3

3 ]KLJ

MMM

DIWHU ILUVW V\OODEOH LQ WKH WRS

OLQH RI WKH IROLR

N\LV
FHV ZLWK WUDFHV RI HUDVHG

DQG

OO

OLQH

V\OODEOH LQ WKH WRS OLQH RI WKH

EHJLQQLQJ RI WKH OLQH

7 SDn IRU SDnL

% RP VKLJ ODFXQD RI DERXW

WKUHH OHWWHUV EHWZHHQ

/

LLL

MM

QRW FOHDU

V\OODEOH 3 RP 

3 N\L
HHH
3 E\H 3 E\DV
III
3 SDU
JJJ
3 N\L
KKK
% RP SK\H 3 SK\L

,,,

---

% RP FDG

3 VSXQJV VKDG DIWHU ILUVW

V\OODEOH

SD IRU SDU
3 nRG IRU nRV
3

0
1
J

3

K
L
M

RP  7 

3 nMLJ
7 

EHQHDWK WKH OLQH

/

JQDVR EHIRUH VWULQJ

KROH
O

/ SDUWLDO VKDG EHIRUH VWULQJ

KROH 3 GRXEOH VSXQJV

VKDG

DIWHU ILUVW V\OODEOH

2 - GHU RU GDU "

3

7

VEXP

]D"
EVJ\XU
6
4 RP E\HG >SDU nJ\XU ZLWK
7 QRW FOHDU

3

ODUJHU VSDFHV EHWZHHQ WKH

OHWWHUV WKDQ XVXDO@

3 SDnL

%

/ WKDG

 PDUN VLPLODU WR

JL JX LQGLFDWLQJ
GHOHWLRQ RI WKH JL JX"@
0
% EUWVHV 1 JWVHV RU
JFHV " 3 EWVHV
I
1 VUHG
J
3 SD7 
K
7 EDU IRU EDnL
D UHYHUVHG

3  GJRQ
3  RP PHG
4 EDnL
3  RP QD
/ JQDVR
4 GHV IRU GH
7 JVKHJ8 DW WKH HQG RI WKH


N
O

P
Q
R

OLQH

7 
6
3 RP JLV
5

JJ

3 ]KLJ 
3 RP OD
X
3 GDJ IRU EGDJ
Y
% RP FL
Z
3 ED ]KLJ \JWIU RCkK UGOU

GX DQG \DQJ EHQHDWK ILUVW

WVKHJ
\
/ \DQJ DW WKH HQG RI WKH
OLQH 1 GXnDQJ IRU GX \DQJ
3 RP \DQJ
]
7 QRW FOHDU PD RU PL "

.
/

3 N\L
7 

/ RP QL
7 ODFXQD RI DERXW WZR
OHWWHUV EHWZHHQ PL DQG VGXJ

3 SD IRU OD 7 QRW FOHDU

OD"
I
7 E\L VD IRU E\LV
0

J
K
L

7 VSXQJV VKDG DW WKH HQG

RI WKH OLQH
--

% ]KXJ 
- VSXQJV VKDG " DIWHU

% FKXQJ 3 QXG" IRU

FKXG
8
/ FKXGR
9
7 ODFXQD RI RQH OHWWHU
EHWZHHQ GR DQG VKDG
X
7 
Y
%X GDJ 
Z
%X QL  3 SDnL IRU SD QL
[

% 5, DW WKH HQG RI WKH

OLQH
7

7 
' GHV IRU GXV

3 RP

NN

ILOOHG ZLWK WVKHJV

3 ]KLQJ
22
% PGRG IRU PGRJ
OO

33

EGDJ

3 RP OD

]
3 NK\HG 3 RP NK\DG
DD
3 RP GX
EE
/ SD7 DW WKH HQG RI WKH

3
3

SDU
%X SDnL IRU EDnL
//
%X GDJ 
00
1 QRW FOHDU EGDJ"
JJ

3 NK\RG

7 NK\HG RCT MJ[GF EUWVRQ

DEHUUDWLR RFXOL
KK
]KXJV SD

LL
SDkCPI /:8

3  RP
%X

VPDOOHU DV XVXDO LQVHUWHG

N

ODWHU"@

3 nGL IRU

GHU

VEXP
2 3  VEUXP OCT J\XU >PDU LQ

O

7

VPDOO OHWWHUV DERYH WKH OLQH

3 GRXEOH VSXQJV VKDG
DIWHU ILUVW V\OODEOH

4 ODFXQD RI RQH OHWWHU

EHWZHHQ PQJDO DQG GX
5
3 SD
4



Q\LG


LQ VPDOO OHWWHUV

/ E\HGR

77

% RP  EHWZHHQ WH DQG

MM

SDUWLDOO\ GHOHWHG n,"

7 
NN
/ SDnL IRU E\D EDnL 3
E\DnL IRU E\D EDnL
OO
7 QRW FOHDU nJ\XU"
PP
3 J\LV 7 J\XL "
33
%X ED IRU EDU
44
7 PL IRU PD
55
/ \LQR
NK\HG

66

% GRXEOH VSXQJV VKDG

DIWHU ILUVW V\OODEOH 7

VSXQJV VKDG DW WKH HQG RI

WKH OLQH
77

88

/ JUDQJVX
/ VHP8 DW WKH HQG RI WKH

OLQH

7 EDnL IRU EDU

::
7 QRW FOHDU ]KHV"
99

3  QD IRU QL 3  QL >JL JX



SD

FURVVHG RXW ZLWK D VPDOO

GLDJRQDO VWUHDN

OLQH %X RP

..

11

- ODFXQD RI RQH OHWWHU

EHWZHHQ
DQG
44
 PNKRQ
55
 SDnL

66

VHFRQG V\OODEOH 7 

//
GXnDQJ 
\DQJ
HH

1
 3  RP
6 QL IRU QD

EHQHDWK ILUVW

EHQHDWK WKH OLQH

% nJUHQJ EX DERYH NKDQJ

..

SD

3 GDG IRU GDQJ

' ODFXQD RI RQH OHWWHU
EHWZHHQ VQ\DP DQG SDnL

MM

3 VHFRQG mWVKHJn EHWZHHQ

DD

DQG

WVKHJ

VQ\DP GLWWRJUDSK\

&
,

 VHFRQG mWVKHJn EHWZHHQ

]KXP

ECP kFK EK kFTC DC \JKI

1 SDU RU EDU " 4 EDU

.
1 EDV IRU EDnL
/
7 EVJQLO RU EVQJDO "
>DERYH JL JX
-

II

/ EDU 1 SD7

% JQDV LQ VPDOO OHWWHUV

7 FLQJ IRU N\L

3 RP QD
KK
3 SRnL IRU EDnL
LL
3

- EVJ\XU
3 RP 
8
1 SDkK JOLQJ
6
7

3 JQJ

% E]KLnL IRU E]KL \L EHIRUH

GRXEOH VSXQJV VKDG DW WKH

YHU\ HQG RI WKH OLQH

3 \LV IRU \L
;
% GRXEOH VSXQJV VKDG DW
WKH YHU\ HQG RI WKH OLQH
7 

Z 3  FGkK
EGDJ IRU EGDJ


NN

SD
- GH RU GD "
]
3 nGUDU
6

1 ILUVW RI WKH WZR VKDGV

LQGLFDWHG RQO\ E\ WZR GRWV

..

3 GH OWDU IRU nGL OWD >U

PDUNHG ZLWK D GRW WULDQJOH

DERYH IRU GHOHWLRQ@
3 SDU J\XU SD IRU VDP PD
]KXJV
3 PD IRU PL

//
00

11

PJRQ

7

PDUNHG ZLWK GRWV DERYH IRU

GHOHWLRQ@
22 % Q\LQ
 Q\DQ
33
 3 

7

DQG

PHG

3 SDUWLDOO\ HUDVHG QD UR

DERYH NKDQJ

/ E\HGH
4 ODFXQD RI RQH OHWWHU
EHWZHHQ GEXO DQG Q\LG
3 ]KLQJ

OD

% 
K
%  7 VSXQJV VKDG DW WKH
J

HQG RI WKH OLQH

/ 3D IRU GX
M
3 FXJ
N
/ J\R DW WKH HQG RI WKH
L

OLQH 7

J\HJV

4 ODFXQD RI RQH OHWWHU

EHWZHHQ E]KX DQG VWH

%

/ RP GDJ

EX 3 VJX EX

K
3 RP VDQJV UJ\DV
L
M
N

7 RP N\LV
3 FKRV N\LV

EJQU M[KU JDQJ

GLWWRJUDSK\

3 RP SD

3 EDnL
P
3 SRnL IRU SR FKHnL
O

99

::

3
4

V\OODEOH

E]KXJV
3 SD
3

' RP  1 

3 RP J\XU
7
7 
8
% SK\LU
9
7 JQDV IRU JQDJ
5
6

GRG IRU GRJ

UQDP SD IRU UQDPV
3 PDUN EHWZHHQ UQDPV DQG
3L EHQHDWK WVKHJ
Z '
EDnDP RU ED nDP "
1 EDnDP
[
3 nJDU
;

% nMLJ IRU nMLP

F
% SK\LU
G
3 JL
H
' QRW FOHDU
I
3 RP JL 3 GX IRU JL
J
3 VEX ED IRU VEX JX 3 VED
-

QL IRU QD

1 PWKDQJ
3  UHSHDWV SGD D
3  RP SDU
;;
2 % VSXQJV VKDG DIWHU ILUVW

4 8-7,
3

3 -8903
7 ODFXQD RI RQH OHWWHU
EHIRUH NK\HG ZLWK WUDFHV RI

,,,

D GHOHWHG LOOHJLEOH OHWWHU

/ GRXEOH VSXQJV VKDG

DIWHU ILUVW V\OODEOH

...

///
000

%
%

/ JVK\H EHIRUH SD DW WKH

HQG RI WKH ERWWRP OLQH RI WKH

IROLR
4
/ PWKRQJR
5
6
7

7 VSXQJV VKDG DIWHU WKLUG

V\OODEOH
/ RP
3

GH OD

5,8 DW WKH HQG RI WKH

OLQH

3 3D
/ RP N\L
:
3 RP UDE EHWZHHQ SDU
DQG WX WVKHJ RU SDUWLDO VKDG
8

"
- VDPV
Z3
 SDU
;

- UDQJ
% GRXEOH VSXQJV VKDG

DIWHU VHFRQG V\OODEOH 7 

111

6 GRXEOH VSXQJV VKDG

DIWHU ILUVW V\OODEOH

JJJ

1 VWHQJ

3 OKDnL IRU UWDnL

7 SH
0
3 GRW DERYH V RI J]XJ7
3 RP N\L
.

3

EHWZHHQ VKHV DQG N\LV ILOOHG

ZLWK WVKHJV DW WKH HQG RI WKH
OLQH 7 ODFXQD RI DERXW
WKUHH OHWWHUV EHWZHHQ VKHV
DQG N\LV

EHQHDWK WKH OLQH

88

6 ODFXQD RI WZR OHWWHUV

7 E\HG RU E\LG "

$
,

OVJQPI

3K"@
3 JL IRU QD >JL VPDOO

KK

MM

3 JQDV

IURP RULJLQDOO\

4 ODFXQD RI RQH OHWWHU

EHWZHHQ 5, DQG 3,

]]

---

1 QD >DERYH VSRW
LQGLFDWLQJ GHOHWHG JL JX

77

6 2, VPDOO DERYH WKH OLQH

\\

JPXV IRU JVXP

EJXQJ"
3 RP OD

66

ZZ 3  RP
NXQ

[[ 3 
 J\LV PK FKRV

PHWDWKHVLV
44
3 QXQJ RULJLQDOO\

JJ

LL

VHPV FRCk FDQ > GSDn

55

- ODFXQD RI RQH OHWWHU

EHWZHHQ

VHPV

RI D OHWWHU EHQHDWK
OO

DD

--

3 VSRW RI DERXW RQH WKLUG

\
]

3 SDnL
1 GD

4 ODFXQD RI DERXW IRXU

OHWWHUV EHWZHHQ GDJ DQG
JUDQJ
-DD

% RP GH
3 RP JL
//
' J\LV
00
% WKREV IRU WKR EDV
11
/ QDVNDG ?0= > 3,

..

FRPSUHVVHG LQVHUWHG ODWHU@

% 3DG

JJ
KK

3 QDV
' QRW FOHDU
MM
3 RP J]XJV
NN
/ nJ\XUR
LL

% RP GDJ JL GH DEHUUDWLR

RFXOL
]
% VE\DQJ E DW WKH HQG RI
\

WKH OLQH 3 VE\DQJ SDnL

,,

VE\DG SDnL

--

1 UDO
-

ODFXQD RI RQH OHWWHU

EHWZHHQ

J\L DQG Q\RQ

N\L
FF
% nJDJV - nJRJ
GG
/ nJRJVR
HH
% RP ED
II
3 QD IRU QL
JJ
1 JVKH DW WKH HQG RI WKH
3

ERWWRP OLQH RI WKH IROLR

[ 7 QRW FOHDU



4

KK

LL

MM

GDJVR EHIRUH GRXEOH

VSXQJV VKDG DW WKH HQG RI WKH

NN

OLQH

OO

/

/ GRXEOH VSXQJV VKDG DW

WKH HQG RI WKH OLQH

3 GRW EHQHDWK -.42

PDUNHU" FI HQ NN

&

3 N\L
3 3\LV VKDG EHQHDWK WKH

OLQH
.
6 QD IRU QL
/
3 EHIRUH JVRJ WZR SDUWLDOO\
HUDVHG OHWWHUV DW WKH
EHJLQQLQJ RI WKH WRS OLQH RI

WKH IROLR

3 OD IRU SD

4 ODFXQD RI RQH OHWWHU
EHWZHHQ ULQ DQG FKHQ

1 VKHQ
K
- GX
L
% JUDQJ EDU IRU JUDQJV SDU
M
7 
N
7 J]XJ DW WKH HQG RI WKH
J

ERWWRP OLQH RI WKH IROLR

3 J\RJ
2
/ nJRJ DW WKH HQG RI WKH
OLQH
O

 

% EJDn
3 UMD IRU UMHnL
.
1 EX nDP RU EXnDP "
/
/ RP ULJV N\L EX nDP 
3 RP  7 

33

 
,

7 RP nL

3 GSDn 7GOU FRCk EJGP RQ

J]KDQ

% ]KL
G
3 UWVRQ
H
3 SD IRU OD 3 RP OD
I
6 RP  7 
J
3 RP J\L NKDPV 3
.

NKDPV LQ VPDOO OHWWHUV

K
L
M

EHQHDWK WKH OLQH

1

4 ODFXQD RI WZR OHWWHUV

SKUXO DQG EVJUXEV

EHWZHHQ n

3 VJUXEV
O
/ WLQJH IRU WLQJ QJH 3 WLG
GH IRU WLQJ QJH

% 

OLQH
55

66

RI G RI E\H 

MM

NN

HQG RI WKH OLQH@

V\OODEOH
-3 OWD
..
7 EOWDQ IRU

OLQH

/ RP nGL

3 RP  7 

7

VSXQJV VKDG

DW WKH HQG

RI WKH OLQH

22 1 VSXQJV VKDG" DW WKH

HQG RI WKH OLQH
3 RP 3JDV
44
3 PWKRQJ 213 
33
55

3 SGD F EGH EDU

JVKHJV SDU nJ\XU WH EGH
JVKHJV J\XU 

EOWD QD

1 EDnDQJ
1 JVKH DW WKH HQG RI WKH

RCkK nMLJ

WKH HQG RI WKH OLQH

4 E\LQ
3 ODP IRU ODJ
]
6 FKDJV IRU FKDV
DD
7 VSXQJV VKDG DIWHU IRXUWK
\

3 EFDV

/ GRXEOH VSXQJV VKDG DW

OO

3 JVLO
Z
% GH ./ GDJ >ILUVW GH DW WKH
[

QD DQG VGXJ

7 VGXJ 7PICN 5,

3 SDU
3 EGDJ
KK
3 JL
LL
3 UQDPV .G NVCT \RQJV
3 OKD .+21 IRU OKDU

3 ODFXQD RI WZR OHWWHUV

JJ

4 

4 RP  DW WKH HQG RI WKH

OLQH
7 
:
3 VPDOO FURVV DERYH ]KLQJ

/ RP FKRV
7 

EHWZHHQ

11

J\RJ
6
3 PRV IRU PRQJV
8

//
00

OLQH 3

1 ODFXQD RI RQH OHWWHU

EHWZHHQ GX DQG E\DV

2 1 ODnDQJ 3  RP \DQJ

3 EUJ\D
4
6 nWVKDG

VSXQJV VKDG DIWHU ILUVW

6

V\OODEOH 7 

/ GXVX
1 WVKHG
,,
% WVDQJ IRU WVKDG
-% GRXEOH VSXQJV VKDG

3 WHQJ
/ WLQJH
R
7 UQDPVX
S
% E\L
T

8
9

UHUnDQJ"

/ WKDG

  DW WKH HQG RI WKH

- ODFXQD RI WZR OHWWHUV

3 nMLPV
5
1 J\R DW WKH HQG RI WKH
7

7 VDQJ\DV PT:P FI %DFRW

EHWZHHQ VKHV DQG OD

3 GRW QH[W WR WKH XSSHU SDUW

SD 3 SDkK /0 7 /0

77

24 kCO NK\LP
1 SDnDP

/ RP

IRU 5,
22 3  E\D


3

44

PDUNHU" FI HQ MM

3 GRW EHQHDWK \DQJ

/ RP WKH SDVVDJH IURP

oTp WLOO oTp DEHUUDWLR
RFXOL

% RP GDQJ
7 
% Q\DQ ZLWK D SDUWLDOO\

HUDVHG 3D UR RI RULJLQDOO\
Q\RQ 7 Q\HQ

% N\L VPDOO EHQHDWK WKH

OLQH
;
3 EVKXJV
:

Z3
[

 SDnL 

1

ODnDQJ



..

DIWHU WKLUG V\OODEOH

3 WRJ

1K VLO

% VHO
00
% 
/ ORQJVS\RG X
T0m
=
//

11

JJ
KK

/ WKDG

3 NOXQJ 1CkK MNWPI OQJD

DEHUUDWLR RFXOL
LL

% UL 1 ODFXQD RI RQH OHWWHU

EHWZHHQ UH DQG ]KLQJ


7 SKUDO" IRU SKXO

NN
% GRXEOH VSXQJV VKDG
MM

DIWHU VHFRQG V\OODEOH

4 ED
22 4 SDnL
33 3  RP EDU

44 3  SDV IRU SD EDV

55 % EX VPDOO EHQHDWK WKH
OO

OLQH
3 RP nL
77
3 FKRV\L [
P IRU FKRV N\L
66

>JL

88

3 RP nL
3 RP GH
;;
% QDP8 DW WKH HQG RI WKH
99

::

 RP WKH SDVVDJH IURP

oZZp WLOO oZZp
DEHUUDWLR RFXOL

3 RP nL
3 RP nL EOR JURV
.
3 G RI .SDn EHQHDWK S

4 FKHV
0
/ JVKHJ
1

J
3 RI 2,2 VPDOO EHQHDWK
2,

K
/

ODnDQJ
Q

3 7, VPDOO EHQHDWK

IROORZLQJ ,+nL
3 WRJV
M
3 PWKRU
N
3 UMHV IRU UMHnL
O
3 PDQJ IRU QJDP

8
9

7 RP N\L
3  E\DU IRU VE\DU
/ UDQJR
3  QDV DW WKH HQG RI WKH


:
;

OLQH

Z 7
[

ILUVW V\OODEOH LQ WKH WRS OLQH

/ 3DVX 7 PD EX " IRU QDV

VX
V
7 
W
3 SDU
X
7 
Y
4 QJDJ
Z
3 VKDG LV DWWDFKHG WR WKH
7

7 
/
3 VN\HG

% ODFXQD RI WZR OHWWHUV

EHIRUH nGL DW WKH EHJLQQLQJ RI
WKH OLQH

1 SDnDP
J
3 
K
% JDU IRU JHU 3 \LJH IRU \L
JHU
L
1 nGULnDP
M
% JXV 4+ GDQJ 

IROORZLQJ SGD

EFDG
\
$ E\RG
]

3

RQH OHWWHU EHWZHHQ

GDQJ
N
% 3JDP IRU GDP

JXV DQG

VKDG >/ DW WKH YHU\ HQG RI

WKH OLQH 6 DIWHU ILUVW

% RP 
4 ]KLQJ IRU ]KLJ
% FKRO
7 
6 J\L

,,

V\OODEOH@

--

GG

R
S
T

/ GRXEOH VSXQJV VKDG DIWHU

ILUVW V\OODEOH

3 V

7 
7 J]KDQ
HH
$ FHQ
II
7 
JJ
3 EOR IRU VORE
KK
7 GSHQ
LL
$ 
..

 

1 3JDU

3 -.48 79 EXnL >VX PDUNHG

3 RP nGX

7 RP OD
,,
/ RP GDQJ  PH WRJ
DEHUUDWLR RFXOL
-3 RP nGX
..
% VQD
]

//

3 GH
- JUL"
11
1 PL VPDOO EHQHDWK WKH
00

OLQH 3 RP PL

- ODFXQD RI RQH OHWWHU
EHWZHHQ UJ\XU DQG \DQJ

JJ
KK

MM

% QJR IRU GR / E]RGR

7 

4 GD IRU GH

NN

% nSKDQJ kRJCPI GX

GLWWRJUDSK\ DW WKH EHJLQQLQJ

RI WKH WRS OLQH RI WKH IROLR
OO

% 

22 % EHWZHHQ UDE DQG OGDQ

WD PDUNHG ZLWK D GRW WULDQJOH

DERYH IRU GHOHWLRQ

33

3 SD IRU OD

4 
55
$ FHQ 3 FKHQ ZLWK VPDOO
OHWWHUV EHQHDWK WKH OLQH

66
77
88

7 

RI J\L7 YHU\ VPDOO

EHQHDWK J\L

IROLR@

44

$  /6 GRXEOH VSXQJV

 3  ODFXQD RI

V\OODEOH LQ WKH WRS OLQH RI WKH

LL

3 N\L
3 EFDV

-," XQFOHDU

/7 VSXQJV VKDG >/ DIWHU

RI WKH IROLR 7 DIWHU WKLUG

 

PDnDP

6 RP 
6
/ VHV DW WKH HQG RI WKH
OLQH
7
/ EVN\HGH

2 6 RP  7 

SD  VQJD

3 VQ\HQ

PHWDWKHVLV

3

1

% PDV 

3 JLV
,,,
% QJR IRU GR
--7 
]]

OLQH

[[

 

\\

ZZ 3

JX DQG \D EWDJV LQVHUWHG

ODWHU@

/503 IRU /50 4 ODFXQD

RI RQH OHWWHU EHWZHHQ /50
DQG JFLJ 3 GSHkK FLJ
%

ZLWK D GRW WULDQJOH DERYH IRU

GHOHWLRQ@



99

3 RP ODV

3

E\DV RCkK NKUL

1 NKUH
3  EVKDPV DW WKH HQG RI WKH


OLQH >V YHU\ VPDOO LQVHUWHG

ODWHU EHQHDWK EVKD
7 EVKDJV

O@

$  1  DW WKH HQG RI WKH

OLQH 6 VSXQJV VKDG DW WKH

::

YHU\ HQG RI WKH OLQH

% VWLQJ 3 JWLQJ

% SDnL 3 E >nD FKXQJ YHU\

VPDOO EHQHDWK EL@
H
7 
I
7 GDN
J
3 GDJ IRU GDQJ
K
4 ODFXQD RI RQH OHWWHU
NKUL DQG VWDQ ILOOHG
ZLWK WVKHJV
EHWZHHQ
L

3  GDQJ IRU N\DQJ

% nEXP IRU GEXO 4 nEXO
$ J\XUG
3  QD IRU OD


M
N
O

$ RP  DW WKH HQG RI WKH

OLQH % VSXQJV VKDG DW WKH
YHU\ HQG RI WKH OLQH
3
P

% UJ\D OD IRU UJ\DO

4
7 VSXQJV VKDG DW WKH YHU\
HQG RI WKH OLQH

3

E\HP IRU E\H PD

7 



3 V RI nGL7 VPDOO EHQHDWK

GL

3 QJD IRU N\DQJ

3 N\L VPDOO EHQHDWK WKH
OLQH
/
$ OWDU 
.

FKX IRU FKXE

I
7 UQDP
J
/ WKDG 3 RP WKDPV FDG
K
$ PNK\HQG
L
7 J\XU
M
3 EFHV
N
O

/

SUDV 7 VSUDQJV
3  SD
/ VSXQJV VKDG EHIRUH
%


VWULQJ KROH 6 JDS RI DERXW

QLQH OHWWHUV EHWZHHQ WKH WZR

7
8
9

7 
% RP OD
% SDV IRU SDU 3  GH OWDU IRU
JXV SDU
% ED8 EHIRUH VSXQJV VKDG


DW WKH YHU\ HQG RI WKH OLQH

3 E\DV IRU EDV

VSXQJV VKDG DW WKH

YHU\ HQG RI WKH OLQH 7 
Z3
 SD ZLWK D VPDOO OHWWHU
$  %

EHQHDWK WKH OLQH

1 VGD RU VQJD IRU VGH
\
1 VKDG DQG VSXQJV VKDG
[

DIWHU VL[WK V\OODEOH

$ nG]LQG
DD
$  / VSXQJV VKDG DW WKH
]

FF
GG
HH

JJ
KK

/
0

3 RP /0

3 JWRQJ

LQ VPDOO OHWWHUV

55

EHQHDWK WKH OLQH

]KH
3 E\D ,+ ]KH

3

$ UROG
$ J\XUG
EE
3 WVKHkK GHnL
..
]

DD

% VSXQJV VKDG DIWHU IRXUWK

V\OODEOH 7 VSXQJV VKDG

DIWHU VHFRQG V\OODEOH

I
J

K
L
M

7 RP nL
$ JL JX RI E]KLQ UHYHUVHG
FN?
6 VKHJV

% WX kFK nRG

$ GH
4 ODFXQD RI RQH OHWWHU
EHWZHHQ ED DQG QD


% SD IRU PD

00

7
8
9

V\OODEOH 7 

EUJ\D VWRQJ IRU nEXP

J\XUG

EHQHDWK WKH OLQH

JJ
KK

-,

/ VSXQJV VKDG DIWHU

NN

OR VJ\XU

OO

3 RP 

PP

$ RP  % VSXQJV VKDG

Z3
 JLV

% SK\RJ
$ EUJ\D VWRQJ IRU nEXP
3 nEX DW WKH HQG RI WKH

[
\

OLQH
6

DD

E\DQJ UD VKDU >UD

PDUNHG ZLWK GRWV IRU

GHOHWLRQ@
:
$
VKDUG
;


/ RP E\DQJ VKDU GDQJ 

7 VSXQJV VKDG DW WKH YHU\
HQG RI WKH ERWWRP OLQH RI WKH



$

$ PNK\HQG 7 PNKHQ
3  nEXO
3  VJ\XO IRU VJ\XU
6 ORVJ\XU" IRU

--

$ RP 

IROLR

UG]RJ8 DW WKH HQG RI WKH

3 ULJV
$ GDQJ  3 GDQJ VPDOO

11

N\L UGXO

7 

7

3

OLQH

$ 8943/

% VSXQJV VKDG DIWHU IRXUWK

$

QD IRU QL
GX VPDOO EHQHDWK WKH

DIWHU IRXUWK V\OODEOH

33
$ UQDV 7 73,28
44

ED

3 RP SKUD UDE

DEHUUDWLR RFXOL
5
3 UQ\HG

3

$ 

MM

$ RP 
[
/ EUMRGX
\
7 E RI ,,8 EHQHDWK WKH OLQH

1

OLQH

77

LL

$

3 nGL FCI PK 

VHFRQG V\OODEOH

3

EHWZHHQ VKHJV DQG N\L

44

//

GHU IRU GH

JUR

V\OODEOH

$ RP nL
4 VGRQ
5
$ EVNDOG
6
$ VKLQG
7
- GX
8
% 
9
3  V RI J\L7 YHU\ VPDOO



7

22 $ 
33 4 ODFXQD RI RQH OHWWHU

VKDGV

$

N\L
VN\DE
OO
7 VSXQJV VKDG DIWHU ILUVW

$

7 

$

NN

66

EHQHDWK J\L
3 RP SD
Y
6 RP PHG SD

nFKDJ 3 nFKDQJ

ER

7 

MM

YHU\ HQG RI WKH OLQH

6 RP  DW WKH YHU\ HQG RI
WKH OLQH
-3 GJDn
3

4

$  7 

II

LL

3

N\LV

JL JX DERYH nD DQG
SDUWO\ DERYH F9 RI E-9nL
7

3 SKUD UDE N\L UGXO " LQ

VPDOO OHWWHUV EHQHDWK WKH

..

//

OLQH
3 UQ\HG

3 WX VPDOO EHQHDWK WKH

OLQH
00
$ J\XUG
11
$ WR  IRU WH  % VSXQJV

VKDG DW WKH YHU\ HQG RI WKH

JJ

OLQH

3 N\L LQ VPDOO OHWWHUV

EHQHDWK WKH OLQH
KK
3 GX


7 RP nL

3 N\LV 
0
$ EUJ\D VWRQJ IRU nEXP

nEXP RJTCI /0
3 GX
J
3 RP GDJ
K
$ J\XUG
L
/ WKDG
M
3 JUMLG
N
$ ED
O
% VSXQJV VKDG DW WKH YHU\
3

HQG RI WKH OLQH

2 $ -,
3 / VSXQJV VKDG DW WKH YHU\
HQG RI WKH OLQH 3 RP

GRJ GDQJ OGDQ SD GDQJ 

NKD

DEHUUDWLR RFXOL
$ ED
5
3 RP GUDQ SD GDQJ OGDQ
SD GDQJ  DEHUUDWLR RFXOL
6
$ ED


$ ED
7 VSXQJV VKDG DIWHU VHFRQG

3 RP 
4 SDU
NN
3 NKDV DW WKH YHU\ HQG
RI WKH OLQH
OO
$ EUJ\D VWRQJ IRU nEXP
MM

4 GSDkK 2,
.
$ RP 5,
-

LL

V\OODEOH
9

$

3 QJPDO PHWDWKHVLV

N\L
.
3 J\LV
/
3 NKDV DW WKH HQG RI WKH
3

/ WKDG

3,


$ J\XUG
7 JWHU IRU JVHU
7 VNXQJ
6 PDQJ
7

 DGGLWLRQDO WR WKH

]KDEV N\X

/ ULVX
7
$ J\XUG
8
3 SD  6 2, IRU 5, DOWHUHG
6

ODWHU"

3  PHG IRU PH

$ ED


3 RP VKL

/ VN\HVR
NN
3 J\L
OO
3 RP SK\LU
PP
$ J\XUG WR 3 nJ\XU UR
QQ
7 
RR
3 PL" VPDOO DERYH WKH
MM

OLQH
55
/ OGRJ

RCT I[WT VQ  [CPI

RJ[KT OK NFQI 5,

OLQH

/ VHQ 3 RP VHPV FDQ

% nJUDnL
..
% VN\HV
//
7 QRW FOHDU GDQJ"
00
3 N\L LQ VPDOO OHWWHUV DERYH
,,

--

GLWWRJUDSK\
66
3 nRV IRU nRG
77
7 RP WKDPV FDG

% EDU IRU SDU 3  VN\H EDU

IRU VN\HV SDU
3  N\L
% UHV
$ JL JX RI VKK UHYHUVHG


JJ

$ 6+, 89
$ J\XUG
7 
1 \WRQ IRU \RQ WDQ B
?

88

SD

99

WKRE

::
;;

WKH OLQH 3 N\LV

II

 FI

%DFRW  

ZZ $

N\DQJ 6+, 89 WKRE

[[

7 

55

3 RP QD

/ VSXQJV VKDG DIWHU ILUVW

KK
LL

Y
Z
[
\

$ J\XUG
1 WH IRU WR
1 GD
3  NOXQJ 7 RP UOXQJ
3  VN\RG
3  NOXQJ

66

V\OODEOH

7 
3  RP GDJ
7 FDQ IRU FDG
6 RP 

77

88

99

% RP EVN\RG FLQJ UOXQJ

JLV DEHUUDWLR RFXOL
6 RP UOXQJ JLV

EE

..

//
00

$ UHYHUVHG JL JX
$ VHV 7 VHP DW WKH HQG
8

RI WKH OLQH

- QRW FOHDU E\DQJ FKXE N\L

\DQ ODJ GDQJ 
II
$ WKDUG
JJ
/ WLQJH
KK
$ nG]LQG
LL

JL JX

RJTCI /0

$ 3, 
]
3 802 DW WKH HQG RI WKH
\

DD

WKH OLQH YHU\ VPDOO EHQHDWK

3 nEXP

$

/ \RQJVX
N
3 V RI JQD7 DW WKH HQG RI

$ EUJ\D VWRQJ IRU nEXP

7 

OLQH

EUJ\D VWRQJ IRU nEXP

I
3 SD
J
$ J\XUG 7 RP J\XU
K
4 ED 7 RP SD

EDU
J\XUG 3 nJ\XU

3 UR



$

22 3  RP VQDQJ

33 3  SDV

44 3  RP WX NK\DE

55 7 

3 RP nL VJUD >SUHFHGLQJ SD

DW WKH HQG RI WKH OLQH VPDOO@

/ \LGX
7 nRG IRU nRQJ
OO
3 RP GDJ
PP
/ E\XQJR 7 GR IRU QJR
QQ
7 
RR
$ SD nL IRU SDnL >SD DW WKH
MM

NN

HQG RI WKH OLQH@ 3 S



::

$ RP  DW WKH HQG RI WKH

OLQH
ZZ 3 
 J\LV
;;

[[

3 ULJV IRU ULV

\\
$ J\XUG WR 3 nJ\XU UR 
]]
% WH  IRU WR  7 
DDD
3 SDn
EEE
1 GHnDQJ

/ VHQ
7 RP OD
HHH
$ J\XUG
III
% Q\HQ 7 Q\LG
JJJ
3 JVXP 
KKK
7 RP JVXP PWVKDQ ODQ
...

GGG

DEHUUDWLR

LLL

/

RFXOL
E\DVR 3 UR IRU EDnL ODV

E\DV VR
MMM

7 


,
$ RP 
$ EDU
.
/ nRG ./ UWDJ
/
$ J\XUG
0
1 VSXQJV VKDG DQG VKDG
I
J

7 
$ EDU
3  OD IRU


ODV


,

$ JDQJ IRU \DQJ

EFR EHIRUH VWULQJ KROH

.
$ ED WKHQ QRW FOHDU \DQJ
/

GDJ "
/
$ EDU
H
$ EVWDQG
I
$ ED
J
% VSXQJV VKDG DIWHU VHFRQG
K

V\OODEOH

K
L
M
N

J
K

7 .42

3 RP WR

$ J\XUG
3 GX
3 JWRG IRU

JWRQJ
:
$ JVROG

JWRQJ 3 VWRQJ

1 JVKH S VQ\LQJ SRnL >S

VQ\LQJ SRnL VPDOO

7 \DV 
3

FITC DEQO RC \DQJ >\DQJ

GJUD EFRP FURVVHG RXW@
2 7 9: 89 nRG GLWWRJUDSK\
ILUVW WX DW WKH HQG RI WKH OLQH
3
3 RP JWRQJ

OLQH
3

SR IRU SRnL >SR VPDOO

EHQHDWK WKH OLQH@

3 -
RI ,VKDG VPDOO
EHQHDWK VKD

3 VQ\LQJ SRnL LQ VPDOO

/ EVKDGH 7 GR  IRU GH 
3  UQDPV
3  WVKLJV
3  RP SDU
% V RI E\DV PDUNHG ZLWK


WKUHH GRWV DERYH IRU

GHOHWLRQ 3

E\DV

SDV
4
% GHV
5
4 FKLJ
6
$ EUJ\D VWRQJ IRU nEXP
7

3

FRPSUHVVHG@ 3 RP nL

3 UQDPV
6
3 JUDQJ8 DW WKH HQG RI WKH
5

ERWWRP OLQH RI WKH IROLR

7

8
9

3

EWVDP

/ GULVR
7 

$ UQD DW WKH HQG RI WKH

OLQH
.
3 WKDQ IRU WKD QD
/
1 JVKH DW WKH HQG RI WKH
OLQH
0
3 XQFOHDU SRkK ]KHV "
1 ]KDV
7 WKDG DW WKH HQG RI WKH
OLQH
3  PWKDn
3 PWKDk [CU N\L >\DV VPDOO
M

II

OHWWHUV EHQHDWK WKH OLQH

EHQHDWK WKH OLQH@

3 N\L
N
7 UWVL
O
$ VP\LQG
P
3 ENRQJ
3
3 GH .+21 nGUD
4
$ RP GX / Q\LGX
5
/ EHWZHHQ FKXE DQG PQJRQ
SDUWLDOO\ HUDVHG OHWWHU
6
$ -,7

8
9

00

% RP QD
$ J\XUG
7 
$ EVWDQG 3  VWDQ
3  RP SDU >SUHFHGLQJ GDJ

JJ
KK

LL

SKUDJ
EFDG
8
1 SDnL IRU SDV 6 SDV  7
SDV 
$ JL JX RI nMKJ UHYHUVHG nML
7

3

EHIRUH VWULQJ KROH

% RP NKDPV
1 VXnDQJ
Z
$ J\XUG
:
Y

3 5,

$ RP QL
7 
:
3 EORV IRU JURV
;
7 QRW FOHDU PWKDn "
Z3
 \DQJ IRU \DV
[
3 \DV 4+ VKHV
\
1 ]KHV
]
$ J\XUG
,,
% E]KDQ
-7 NK\RQJ
..
4 QL
//
- GH RU GD "

$ IURP SDnL WR nRG QRW FOHDU

IRU

GH IRU GHV
N
3 RP EFRP OGDQ nGDV
O
$ LOOHJLEOH 3 SD [CPI
M

3 nMLJ IRU PFKRG

3 RP GH

P
3 GX
Q
$ J\XUG
R
7 

+
,

$ J\XUG 3 nJ\XU

3 RP nL

$ ED
.
% RP nGXJ
/
$ ED
0
% UJ\DU
1
1 JVKH DW WKH HQG RI WKH
-

% SDU

*

3 RP UWDJ WX

PQJRQ SDU DEHUUDWLR

RFXOL

FRPSUHVVHG
7 VDQJ\DV IRU VDQJV PD
UJ\DV
22 $ RP 
33
3 nMD" IRU nMDP YHU\
OO

4 PD UJ\DV

VPDOO EHQHDWK WKH OLQH

44

55
66
77

6 \WKX "
3 FKHQ 43 WKRE

$ VSXQJV VKDG "

6 J]LJ8

6 JUR8
3  NK\HG
::
3 RP UGR UMHnL EOR JURV
NK\RG Q\LG GH E]KLnR 
DEHUUDWLR RFXOL
88
99

DW WKH HQG RI WKH ERWWRP OLQH

6 IURP \WKX + WR

E]KL nR  FRPSUHVVHG 7

RI WKH IROLR@

VSXQJV VKDG DIWHU nR DW WKH

3 RP E\DQJ FKXE

NN
$ EDU % SD7 3 RP
MM

UG]RJV SDnL E\DQJ FKXE



EHJLQQLQJ RI WKH OLQH

;;
UMHnL
 UMHV

3

IRU

ZZ

\\

6 RP VHPV GSDn

DEHUUDWLR RFXOL

[[

7

]]

VJUXEV

7

SDV  DW WKH YHU\ HQG RI

WKH OLQH

SD / ODFXQD RI RQH

ED DQG \LQR

%

$ EDnR IRU ED \LQ QR

/ \LQR IRU \LQ QR
--7 
,,,

OHWWHU EHWZHHQ

,
,

7 RP GHnL

3 nD VQJRQ nMXJ RI kGL

VPDOO EHQHDWK

GL

3 RP GDJ

/
% ENDO IRU ENDn
0
$ JVXQJV VR IRU ENDn VWVDO WR
FI %WK 1792173
.

K
L
M

,,

--

OLQH
//
% VHPV 7GOU GSDn
>VHFRQG VHPV DW WKH

3 RP

EHJLQQLQJ RI WKH OLQH PDUNHG

3

JWRQJ 3 VWRQJ

VWRQJ 4+ ]KHV

7 ]KLV

3 E\DQJ >QJ PDUNHG ZLWK

3 nRG \GT TCD SK\XQJ

00

EHWZHHQ

-,7 DQG J\XU

$ J\XUG 3 nJ\XU

4
$  7 
5
4 ODFXQD RI RQH OHWWHU
EHWZHHQ PQJRQ DQG UG]RJV
6
7

3 -/  3 RP 

1 N\H" EHIRUH Q\LV VKDG DW
WKH HQG RI WKH ERWWRP OLQH RI

WKH IROLR

7 UJ\D DW WKH HQG RI WKH

OLQH
% VKDG IROORZHG E\ D
GRXEOH

VSXQJV VKDG

DIWHU

ILUVW V\OODEOH 7 

/ OD8 DW WKH HQG RI WKH OLQH

2,

3

II

YHU\ VPDOO LQVHUWHG

1WRJV

3  WRJV
3  VWH


JJ

$  4 
4 ODFXQD RI RQH OHWWHU
EHWZHHQ GDQJ DQG VS\DQ

KK
LL

3 U:G

MM

NN

3 8028 DW WKH HQG RI WKH

OLQH

$ ED
22 7 
33 % JL JX VPDOO DQG UHYHUVHG

GXH WR OLPLWHG VSDFH DERYH

44
55
66

7 
$ RP

% JL

GH

///

GRWV DERYH IRU GHOHWLRQ

7 nGLnL IRU nGL \L
KKK
3 WKRE
$ J\XUG 3 nJ\XU
MMM
/ GRXEOH VSXQJV VKDG
LLL

OLQH RI WKH IROLR

NNN
SDU
 SDV
OOO

3
IRU

$  7 
PPP
% RP QL
QQQ
% GHnL 7+ 
444
555

DW WKH HQG RI WKH

3 GDP SD IRU VHPV GSDn 

7 
3

PFKRJ

LQ VPDOO

OHWWHUV EHQHDWK WKH OLQH

:::

VWH

UMHV

3 ODV IRU EDV

OLQH

999

WVKL

E\HG

7 

/ PNKD8 DW WKH HQG RI WKH

888

$

GH

7 

3 SD VPDOO EHQHDWK WKH

OLQH
000
$ PGRn
111
- UHYHUVHG JL JX
JJJ
$ VGHnL IRU VGH nGL \L
3 G RI \LG PDUNHG ZLWK

777

PGRn
$ 
7 
XX
$ IRU 
YY
3
IRU 
ZZ
3 IRU 
[[
4

\\
$  7 
88

...

666

OLQH

77

E\DQJ
VS\DG 7
VS\DQJ IRU VS\DG
--6 FKXE IRU SD

DIWHU ILUVW V\OODEOH LQ WKH WRS

OO

99

$ PGRn
;
$  - RP  DW WKH HQG RI
WKH OLQH 7 
Z $
nGUHQG
:

ZLWK GRWV DERYH IRU GHOHWLRQ@

ODWHU EHQHDWK

2 - ODFXQD RI RQH OHWWHU

3

DW WKH HQG RI WKH

LQVHUWHG

ODWHU FRPSUHVVHG
,,,
6
IRU

$  7 

D GRW WULDQJOH DERYH IRU

GHOHWLRQ@
N
7 E\XQJ .+21 
O

7 
4 
..
% VHP

/ QJ RI \D21

]]

JVXP
$ J\XUG
3

3

OLQH

E\DV

;;;

UMHnL

ZZZ

NK\HG

3

QL VPDOO EHQHDWK WKH

E\DV

$  7 


,

3 RP nL

VPDOO OHWWHUV

SDV LQVHUWHG

ODWHU EHQHDWK WKH OLQH

7 RP

VJULE SDV

3

5,8 

5,8  3 RP 5,8

/
3 5,8 >
8 PDUNHG ZLWK
GRWV DERYH IRU GHOHWLRQ@
0
3 JVKHJ8 DW WKH HQG RI WKH
3

OLQH

OHWWHU EHWZHHQ

7 JUDQJV IRU JURV

.
% EDV 6 OD8 N\L VJULE SDV LQ
-

3  N\L VPDOO EHQHDWK WKH

OLQH
3  UQDPV 6 ODFXQD RI RQH

K
L

ILOOHG ZLWK

DQG

WVKHJV

3 
6 EHWZHHQ E\HG DQG GDP

SDUWLDOO\ HUDVHG VKDG"

$ VWRQG % VGRQ
N
3 OXV IRU OXQJ

$ E\HV

P
Q
R
S

3 ED
% WVKRJV

WKH YHU\ HQG RI WKH OLQH

6 JDS RI DERXW QLQH OHWWHUV
EHWZHHQ WKH VKDGV 7 

Z $ UHYHUVHG

JL JX VWULQJ
KROH RQ WKH ULJKW VLGH DERYH
[
1 EXnDP RU EX nDP "
\

$ EDU
3 OD
DD
7 SDU
EE
$ EVWDQG 3 VWDQ

3 FKHV

3 JVXP

$ J\XUG

$ ED

$ UHYHUVHG JL JX
:
$ JVROG
;
/ GRXEOH VSXQJV VKDG DW
W

JUDQJV

UQDP

7 



/ VODGX
$ VWVDOG
00
$  6 VSXQJV VKDG DIWHU
FF

//

1 EXnDP

LL

SR
% ULJ8 DW WKH HQG RI WKH

3

JJ

OLQH
KK
nD

/

EHIRUH VSXQJV VKDG

DW WKH YHU\ HQG RI WKH OLQH

OLQH 3 DIWHU ILUVW V\OODEOH@

7  DW WKH HQG RI WKH OLQH

$ -89,3/
NN
 5,
OO
 /: ,TI[C
MM

3
3

VPDOO DERYH WKH OLQH


E]XQJ >EUJ\D

PDUNHG ZLWK GRW WULDQJOHV



% IURP KHUH WR WKH HQG RI

WKH IROLR VHP GSDn LQ

% ODUJHU OHWWHUV

GLIIHUHQW FRS\LVW"
$ ER .+1 ULJV
.
1 EXnDP
G
$ RP PR

% 
I
% 
J
% RP E]KL EUJ\D GDQJ 
DEHUUDWLR RFXOL
H

$ RP  % 

% 

% 

N
O

% GRXEOH VSXQJV VKDG DIWHU

VHFRQG V\OODEOH
3
% 
4
3 QJ RI VWR21 DW WKH YHU\
HQG RI WKH OLQH VPDOO

%  3 VSXQJV VKDG DIWHU



3
8 RI N\L7 YHU\ VPDOO

EHQHDWK N\L
$ JVXQJV VR IRU ENDn VWVDO
WR FI %WK JVXQJVR

7 
/
% VSXQJV VKDG DW WKH YHU\
.

HQG RI WKH OLQH 7 

% WKRE RC VJQD SDU

DEHUUDWLR

RFXOL

3 EVDPV
J
3 \LQ IRU \RG
1

7
8

3 N\L
3 RP ENDn

VWVDOG
G
3 UMHV IRU UMHnL
H
7 RP GDQJ
I
$ EDnL
J
/ RP nL
K
/ WVKRJ8
$


,

$ FHQ

EUJ\D GD IRU EUJ\DG

3 SDnL

33
44

%  / VSXQJV VKDG DW WKH

HQG RI WKH ERWWRP OLQH RI WKH
IROLR 3 RP GJX VWRQJ
GDQJ  DEHUUDWLR RFXOL

%  /

VSXQJV VKDG DIWHU

00

$ QRW FOHDU

/

\RGR

GR"

$ WKLV SDUW RI WKH IROLR LV

PLVVLQJ 7 
,,
$ QRW FOHDU NXQ"
]

--

>P

OO

PP

7 E\H
3 RP 
5
3 ]KH
6
$  7 
L

3 RP GDJ

$ RP SR 3 GH GDJ IRU

E]KL SR 4 ODFXQD RI RQH

OHWWHU EHWZHHQ SR DQG GDQJ
N
3 UDQJ VWH 147 UDQJV WH
O

7  DW WKH HQG RI WKH OLQH

7 
44
3 RP 
55
3 RP 
66
$ RP  3 VSXQJV VKDG
DIWHU ILUVW V\OODEOH
77

GHOHWLRQ@

1 EGHV IRU ED GHV

3  JL
4 SD [QF RC \DQJ
33
NN

GX E\DV WH  PDUNHG ZLWK

GRW WULDQJOHV DERYH IRU

NKULG DQG E\HG

$ VWRQG

KK

OHWWHU EHWZHHQ

1 FKDU RU FKHU " 3 FKH

3 SD DW WKH HQG RI WKH

/ JOHJ
7 EDV
LL
4 nFKDU
MM
7 EDO FW D[CU VG  GHV
JJ

88

7 
$  7 
M
3 UQDPV
N
$ nGUHQG
O
7 
P
3 NKUL 4 ODFXQD RI RQH

3 nRG
7 

7 \LG
3 GRXEOH VSXQJV VKDG DIWHU
ILUVW V\OODEOH

$ nG]LQG 1

Y
Z

OWD EXU
EOWD DQG EDnL
SDUWLDOO\ HUDVHG OHWWHU QJD"
7 RP

3 EHWZHHQ

DERYH IRU GHOHWLRQ@

3
 RP
4
3

OD

$ 
5
3 ODFXQD RI DERXW QLQH
OHWWHUV EHWZHHQ Q\LV VKDG
EDU

,3/ UG]RJV

PDUNHG ZLWK D GRW WULDQJOH

$ WVD 4 FWVKD


nMLQ

7 

7 
$ E\D EDnL IRU E\DnL
]
7 
[

2 3  SD 4+ OD >VHFRQG SD


11

J]KDQ NC GDJ
..
1 ODnDQJ
3

SK\LU 

$ nE\XQJ ,CT kI[WT -,

OLQH

OLQH RI WKH IROLR

3

JL JX RI SK\KU"

/ \RGR
66
- 
55

% 

$ EUJ\D VWRQJ IRU nEXP

$ JL 3 RP J\L
Z
3 EDU ,+6 GDJ 
:



%

VHFRQG V\OODEOH LQ WKH WRS

% 

IROORZLQJ

//

ILUVW V\OODEOH

EDU
[
- GHV

 3  RP

% 

DERYH IRU GHOHWLRQ@

22 - UHYHUVHG JL JX GXH WR

>/ DW WKH YHU\ HQG RI WKH

ILUVW V\OODEOH
II

$ RP  /3 VSXQJV VKDG

$ EVJ\XUG

6LJOD 6\PEROV DQG *UDSKLF 'HYLFHV RI WKH 7LEHWDQ 0DWHULDO

7KH ELEOLRJUDSK\ RI SULPDU\ VRXUFHV DEEUHYLDWLRQV IRU RWKHU WKDQ WKH PDWHULDO
HGLWHG KHUH DQG WKH VHOHFW VHFRQGDU\ VRXUFHV DUH IRXQG RQ SS r
)UDJPHQWV RI 7LE IRXQG DPRQJ WKH PDQXVFULSWV RI %,-4 )LOH QR  5XQQLQJ
QR  5HHO QR r  IROLRV LQ DOO P'R VGH .L DrE DrD

7LE LQ WKH PDQXVFULSW .DQMXU RI %HUOLQ QR  YRO  P'R VGH VQD WVKRJV =D

ErE

%WK

6HSDUDWH 7LEHWDQ WUDQVODWLRQ RI WKH 7*6 LQ WKH PDQXVFULSW .DQMXU IURP %DWKDQJ
QRZ LQ 1HZDUN QR  24 -8/0 %, ErD

'H E]KLQ JVKHJV SDnL VQ\LQJ SR JVDO ]KLQJ PG]HV SDU E\HG SDnL UJ\DQ : 8943

%X

5LQ FKHQ JUXE ,Q 7KH &ROOHFWHG :RUNV RI %XVWRQ SDUW  9D DrD

'
-

7LE LQ WKH 'HUJH .DQMXU o1\LQJPD HGLWLRQp QR  YRO  P'R VGH =D
DrE
7LE
n-DQJ 6D WKDP RU /LWKDQJ .DQMXU QR  YRO  P'R PDQJ =D

7LE

LQ WKH

ErE

LQ WKH FRS\ RI WKH 6KHO GNDU PDQXVFULSW .DQMXU NHSW LQ WKH %ULWLVK /LEUDU\

2U 

/RQGRQ YRO  P'R 1\D ErD

7LE LQ WKH 1DUWKDQJ .DQMXU YRO  24 8/0 ', ErD

,QGLFDWHV WKH FRPPRQ DQFHVWRU RI 3 3 DQG 3

7LE LQ WKH 3KXJ EUDJ PDQXVFULSW .DQMXU QR  YRO  24 8/0 %8, Dr

3

 r rD

7LE
3KXJ EUDJ PDQXVFULSW .DQMXU QR  YRO  24 8/0 $, Dr
D
7LE
3KXJ EUDJ PDQXVFULSW .DQMXU QR  YRO  P'R VGH .KR Er


3

LQ WKH

3

LQ WKH

E

!;

,QGLFDWHV WKH FRPPRQ DQFHVWRU RI

! DQG !

, ZRXOG OLNH WR WKDQN 3URIHVVRU 6FKHUUHU6FKDXE DQG 'U 7DXVFKHU IRU VHQGLQJ PH WKH UHOHYDQW

SKRWRV


7KH o%HUOLQ PDQXVFULSW .DQMXUp LV FDWDORJXHG LQ %HFNK  , ZRXOG OLNH WR WKDQN 'U )HLVWHO

RI WKH 6WDDWVELEOLRWKHN LQ %HUOLQ IRU SURYLGLQJ PH ZLWK WKH PLFURILOPV RI 7LE

LQ ERWK WKH %HUOLQ

PDQXVFULSW .DQMXU DQG WKH /LWKDQJ .DQMXU

)RU UHIHUHQFHV FRQFHUQLQJ WKLV PDQXVFULSW .DQMXU VHH 6NLOOLQJ  DQG =LPPHUPDQQ 
 0\ WKDQNV JR WR 'U 5H\QROGV IRU SURPSWO\ SURYLGLQJ PH ZLWK D PLFURILOP FRQWDLQLQJ WKLV
SDUDFDQRQLFDO WUDQVODWLRQ RI WKH 7*6

7KH &ROOHFWHG :RUNV RI %X6WRQ HG /RNHVK &KDQGUD YROV r lDWD3LDND6HULHV r
1HZ 'HOKL ,QWHUQDWLRQDO $FDGHP\ RI ,QGLDQ &XOWXUH r



7KH 1\LQJPD (GLWLRQ RI WKH V'HGJH E.DnnJ\XU DQG EV7DQnJ\XU HG 7DUWKDQJ 7XONX YROV
r 2DNODQG 'KDUPD 3XEOLVKLQJ r

, WKDQN 3URIHVVRU 3DJHO DW WKH WLPH FXUDWRU RI WKH 7LEHWDQ FROOHFWLRQ LQ WKH %ULWLVK /LEUDU\ LQ
/RQGRQ IRU VHQGLQJ PH WKH UHOHYDQW SKRWRFRSLHV %RWK WH[W QXPEHU DQG YROXPH QXPEHU DUH
DFFRUGLQJ WR 3DJHO DQG *DIIQH\ 

, XVHG SKRWRFRSLHV RI WKH PLFURILFKHV /0SM    DQG  SURGXFHG E\ WKH
,QVWLWXWH IRU $GYDQFHG 6WXGLHV RI :RUOG 5HOLJLRQV 1HZ <RUN WKDW DUH LQ WKH OLEUDU\ RI WKH
$EWHLOXQJ IU .XOWXU XQG *HVFKLFKWH ,QGLHQV XQG 7LEHWV RI WKH $VLHQ$IULND,QVWLWXW DW WKH
8QLYHUVLW\ RI +DPEXUJ , DP LQGHEWHG WR WKH OLEUDULDQ 'U (UE IRU KLV VXSSRUW LQ WKH SURGXFWLRQ RI
WKH SKRWRFRSLHV RI WKH 1DUWKDQJ DQG 3KXJ EUDJ PDWHULDOV 7KH 1DUWKDQJ .DQMXU KDV EHHQ
FDWDORJXHG LQ (LPHU DQG RWKHUV 

, XVHG SKRWRFRSLHV RI WKH PLFURILFKHV SURGXFHG E\ WKH ,QVWLWXWH IRU $GYDQFHG 6WXGLHV RI
:RUOG 5HOLJLRQV 1HZ <RUN WKDW DUH LQ WKH OLEUDU\ RI WKH $EWHLOXQJ IU .XOWXU XQG *HVFKLFKWH

! /0SM  

! /0SM   (r$ ! /0SM   (r'

,QGLHQV XQG 7LEHWV RI WKH $VLHQ$IULND,QVWLWXW DW WKH 8QLYHUVLW\ RI +DPEXUJ

%r%



7LE

LQ WKH

D

3HNLQJ

P'R 6KX
4p LV DOVR XVHG WR LQGLFDWH WKH 3HNLQJ

.DQMXU 2WDQL UHSULQW QR  YRO 

Er

,Q WKH ILUVW YROXPH RI P\ VWXG\ o

.DQMXU 2WDQL UHSULQW LQ JHQHUDO

7LE LQ WKH 6WRJ

3DODFH PDQXVFULSW .DQMXU FRS\ QR  YRO  P'R VGH 1\D


DrD ,Q WKH ILUVW YROXPH RI P\ VWXG\ o6p LV DOVR XVHG WR LQGLFDWH WKH
6WRJ 3DODFH PDQXVFULSW .DQMXU FRS\ LQ JHQHUDO
7LE LQ WKH .DZDJXFKL &ROOHFWLRQ PDQXVFULSW .DQMXU RI WKH 7\ %XQNR 7RN\R

QR  YRO r P'R VGH 1\D



7LE

7LEHWDQ WUDQVODWLRQ RI WKH

7*6



DrE

DV FRQWDLQHG LQ WKH PDLQ .DQMXUV

&RQFHUQLQJ 2QO\ WKH &ULWLFDO (GLWLRQ RI 6KD

LWDOLFV

WH[W ZULWWHQ LQ LWDOLFV KDV EHHQ HPHQGHG E\ PH FRQWUDU\ WR WKH ZLWQHVV RI DOO
FROODWHG [\ORJUDSK HGLWLRQV DQG PDQXVFULSW YHUVLRQV RI

7LE

&RQFHUQLQJ 2QO\ WKH 'LSORPDWLF (GLWLRQ RI $VJ



WZR GRWV LQ WKH PDQXVFULSW DOLJQHG YHUWLFDOO\ oFRORQp

HQG RI WKH OLQH LQ WKH PDQXVFULSW

[[[[ V\OODEOV EHWZHHQ WKH WZR DUURZV LVDUH DGGHG EHQHDWK WKH OLQH

[[[[

xxxx

V\OODEOHV EHWZHHQ WKH WZR DUURZV LVDUH DGGHG DERYH WKH OLQH

UHDGLQJ RI XQGHUOLQHG V\OODEOH LV JUDSKLFDOO\ QRW DEVROXWHO\ FOHDU

LQGLFDWHV DERXW RQH XQUHDGDEOH OHWWHU YRZHOV DQG VXEVXSHUVFULEHG OHWWHUV

LQFOXGHG

XQGHUOLQHG FURVV XQFOHDU ZKHWKHU RQH OHWWHU RU ODFXQD RI RQH OHWWHU

6LJOD DQG *UDSKLF 'HYLFHV RI WKH &KLQHVH 0DWHULDO

7KH ELEOLRJUDSK\ RI SULPDU\ VRXUFHV DEEUHYLDWLRQV IRU RWKHU WKDQ WKH PDWHULDO
HGLWHG KHUH DQG WKH VHOHFW VHFRQGDU\ VRXUFHV DUH IRXQG RQ SS r
[>D@\ $

PHDQV

\

ZKLFK LV WKH UHDGLQJ RI WKH 7DLVK DQG RI DOO RWKHU

&K RU &K QRW

HPHQGHG WR [ RQ WKH EDVLV
HPHQGDWLRQ LV $
YHUVLRQV RI

PHQWLRQHG LQ WKH
RI YHUVLRQ

D

brackets [ ],

LV

7KH UHDVRQ IRU WKH

'DLVHW] 7 6X]XNL YROV r 5HSU XQGHU WKH

7KH 7LEHWDQ 7ULSLWDND 3HNLQJ (GLWLRQ
6XSHUYLVLRQ RI WKH 2WDQL 8QLYHUVLW\ .\RWR .\RWR 7RN\R 7LEHWDQ 7ULSLWDND 5HVHDUFK ,QVWLWXWH
r



 HG

5HSULQW RI WKH 6WRJ 3DODFH PDQXVFULSW .DQMXU 7KH 7RJ 3DODFH 0DQXVFULSW RI WKH 7LEHWDQ

.DQMXU

HG

7DUXJVHUPJDUSD

7VKHEUWDQ U1DPUJ\DO  YROV /HK 6PDQUWVLV 6KHVULJ

'SHP]RG r

0\ WKDQNV DUH GXH WR WKH VWDII RI WKH 7\ %XQNR IRU SURYLGLQJ PH ZLWK WKH SKRWRFRSLHV RI

7LE $ KDQGOLVW RI WKLV .DQMXU LV IRXQG LQ 6DLW 



&RQFHUQLQJ $ 
7KH SDLUV -V r 0L 3X r <X DQG 6R r =L UHIHU WR LGHQWLFDO FDQRQV +RZHYHU VLQFH
WKH HGLWRUV RI WKH =KRQJKXD 'D]DQJMLQJ
IDLOHG WR QRWH VRPH YDULDQWV
, DOVR JDYH WKH UHDGLQJV DV TXRWHG LQ WKH 7DLVK DSSDUDWXV

&K

&KLQHVH WUDQVODWLRQ RI WKH 7*6 E\ %XGGKDEKDGUD DW WKH EHJLQQLQJ RI WKH ILIWK

'K,

FHQWXU\ EHWZHHQ  DQG  RU LQ  &(

)UDJPHQWDU\ PDQXVFULSW IUR

'K-

)UDJPHQWDU\ PDQXVFULSW IURP 'XQKXDQJ FRSLHG LQ  &( 3XEOLVKHG LQ

P 'XQKXDQJ 3XEOLVKHG LQ 'XQKXDQJ %DR]DQJ  7KH

 HG +XDQJ <RQJZX
 YRO  7DLSHL
MHZHO VWRUH RI 'XQKXDQJ

;LQZHQIHQJ  r 5XODL ]DQJ MLQJ
'XQKXDQJ %DR]DQJ

*D

'D IDQJGHQJ

 YRO  7DLSHL ;LQZHQIHQJ  r

<RQJZX


UXODL ]DQJ MLQJ
&K DV IRXQG LQ WKH )DQJVKDQ VKLMLQJ
IDQJGHQJ UXODL ]DQJ MLQJ \L MXDQ
p VHFWLRQ JDL  r

)V

 HG +XDQJ

 7KH MHZHO VWRUH RI 'XQKXDQJ

FHQWXU\ &( 'D

 ,Q YRO oOLDQJ
WLOO NH

 r
WK

WK



&K LQ WKH 6HFRQG .RUHDQ (GLWLRQ RI WKH &KLQHVH &DQRQ 

 &(



'D IDQJGHQJ UXODL ]DQJ MLQJ

DrE

-L

&K

 r
 1R  YRO 



LQ WKH =KRQJKXD 'D]DQJMLQJ

'D IDQJGHQJ UXODL ]DQJ MLQJ

F 7KH VRXUFH WH[W LV WKH -LQ

r &( FROODWHG ZLWK )V *D -V 1D 3X 4L 4V

 1R  YRO  Er

HGLWLRQ

DQG =L
2QH RI WKH FDQRQV FROODWHG E\ WKH HGLWRUV RI
r &(
0LQJ 3HULRG

-V

.X

-L

 WKH -LQJVKDQ

HGLWLRQ RI WKH

2QH RI WKH FDQRQV FROODWHG E\ WKH HGLWRUV RI 7 FDOOHG WKH o2OG 6RQJ HGLWLRQ
p IURP r &( NHSW LQ WKH /LEUDU\ RI WKH .XQDLVK 'HSDUWPHQW RI
 QRZDGD\V FDOOHG .XQDLFK ,PSHULDO
WKH ,PSHULDO +RXVHKROG 7RN\R
+RXVHKROG $JHQF\ 7RN\R
 $OVR NQRZQ DV WKH &KRQJQLQJ FDQRQ

0L

2QH RI WKH FDQRQV FROODWHG E\ WKH HGLWRUV RI 7 WKH o0LQJ HGLWLRQ

LGHQWLFDO ZLWK -V
2QH RI WKH FDQRQV FROODWHG E\ WKH HGLWRUV RI -L

1D

p ,W LV

 WKH <RQJOH 1DQ

FRPSOHWHG LQ FD  &(

RI WKH 0LQJ 3HULRG

3X

2QH RI WKH FDQRQV FROODWHG E\ WKH HGLWRUV RI

<XDQ

4L

3HULRG r &(

2QH RI WKH FDQRQV FROODWHG E\ WKH HGLWRUV RI

 &(

4V

2QH RI WKH FDQRQV FROODWHG E\ WKH HGLWRUV RI

6RQJ

$4

3HULRG

-L WKH 3XQLQJ

-L WKH 4LQJ

HGLWLRQ RI WKH

HGLWLRQ

-L 7KH 4LVKD

r

HGLWLRQ RI WKH

r &(

2QH RI WKH FDQRQV FROODWHG E\ WKH HGLWRUV RI

%

 &(

'D IDQJGHQJ UXODL ]DQJ MLQJ

*D

%

HGLWLRQ

7KH HGLWLRQ LV EDVHG RQ

 FROODWHG DUH

WKH o6RQJ HGLWLRQ

.X 0L 6R

p r

 YRO  DrE

DQG

<X

)DQJVKDQ VKLMLQJ /LDR MLQNHMLQJ  7KH VWUDV >FDUYHG@ LQ VWRQH IURP )DQJVKDQ FDUYHG LQ
WKH /LDR 3HULRG

 HG =KRQJJXR )RMLDR ;LHKXL
  YROV
3HNLQJ =KRQJJXR )RMLDR 7XVKXZHQZX *XDQ r




.RU\ 7DHMDQJJ\QJ

  YROV 3KRWRUHSULQW 6HRXO 'RQJJXN 8QLYHUVLW\ r

 5HSULQW 7DLSHL ;LQZHQIHQJ 



=KRQJKXD 'D]DQJMLQJ

%LDQMLMX

 &KLQHVH 7ULSLDND

HG

m=KRQJKXD

  YROV 3HNLQJ =KRQJKXD 6KXMX r



'D]DQJMLQJn

<X
=L

2QH RI WKH FDQRQV FROODWHG E\ WKH HGLWRUV RI % WKH o<XDQ HGLWLRQ

p ,W LV
LGHQWLFDO ZLWK !:
HGLWLRQ RI WKH
2QH RI WKH FDQRQV FROODWHG E\ WKH HGLWRUV RI -L 7KH =LIX
6RQJ 3HULRG ,W LV LGHQWLFDO ZLWK $4


&RQFHUQLQJ $ 
&K
*D

&KLQHVH WUDQVODWLRQ RI WKH 7*6 E\ $PRJKDYDMUD r &(

&K LQ WKH 6HFRQG .RUHDQ (GLWLRQ RI WKH &KLQHVH &DQRQ 7` r

'D IDQJJXDQJ UXODL ]DQJ MLQJ 7_

` 1R  YRO 
DrF
&K LQ WKH =KRQJKXD 'D]DQJMLQJ
 'D IDQJJXDQJ UXODL ]DQJ MLQJ
7_
` 1R  YRO  ErF 7KH VRXUFH WH[W LV WKH -LQ
HGLWLRQ
r &( ZLWK RQO\ E VXSSOLHG IURP *D 7KH
UHVW RI WKH WH[W LV DOVR FROODWHG ZLWK *D
'D IDQJJXDQJ UXODL ]DQJ MLQJ 7_
` %  YRO  ErD

 &(

-L



7



E Appendices

Appendix A: Comparative Chart of the Bodhisattva Names in 0E

Tib
1
2
3

Chos kyi blo gros

Senggei blo gros
sTag gi blo gros

4
5
6
7
8
9
10
11

Don gyi blo gros

Rin po chei blo gros
Rab mchog blo gros
Zla od
Rin chen zla od
Zla ba nya bai od
rNam par gnon pa chen po
rNam par gnon pa
dpag med
rNam par gnon pa
mtha yas
Jig rten gsum rnam par
gnon
Mi g.yo bai gnas rnam
par gnon
mThu chen thob
sPyan ras gzigs dbang
phyug
sPos kyi glang po
sPos dga
sPos dga bai dpal
dPal gyi snying po
Nyi mai snying po
Tog8
Tog chen po
Tog dri ma med pa
Rin chen mtha yas dbyu gu

12
13
14
15
16
17
18
19
20
21
22
23
24
259

Reconstruction
based on Tib1
Dharmamati
Sihamati
Vyghramati

Ch1

Ch2

5
5
3

Mahsthmaprpta
Avalokitevara

Gandhahastin
*Gandharati
*Gandharatir
rgarbha
Sryagarbha
Ketu
Mahketu
*Vimalaketu
*Anantaratnayai

3
3
3

Arthamati
Ratnamati4
*Pravaramati
Candraprabha
*Ratnacandraprabha
*Pracandraprabha
Mahvikrmin
*Aprameyavikrmin
Anantavikrmin
Trailokyavikrmin

*Acalapadavikrmin

I did not place an asterisk before the reconstructed name in the cases where I found
occurrences of this name in the Sanskrit literature consulted, particularly in the SP. Whenever Tib
allowed for an unambiguous reconstruction of the Sanskrit, I also refrained from the use of the
asterisk. This is especially the case when Tib, Bth, Ch1 and Ch2 are clearly based on the same
Indian reading and exclude a variety of other possible Skt. reconstructions based on Tib alone.
2
The reading Vyghramati of TGS2 instead of Vajramati (Ch1) was probably caused by the
name Sihamati earlier, which also contains the name of a beast of prey.
3
Deviates from Tib and the reconstruction based on Tib.
4
Ratnamati (5) is positioned between 43 and 44 in Ch1.
5
Ch1: Ratnacandra and Pracandra. The triad Ratnacandra, Ratnaprabha and Pracandra
appears in SP 3.6.
6
See Bth: rKang pa mi g.yo bar dpa ba suggesting pda instead of pada.
7
Ch1 mentions Avalokitevara before Mahsthmaprpta. The sequence in Ch1 corresponds to
SP 3.4.
8
Bth has dKon mchog gi dpal (Ratnaketu) instead.

396

Tib
269
Rin chen dbyu gu dor
279 Rin chen dri med dbyu gu
28 mChog tu dga bai rgyal po
29
rTag tu rab dga
30
Lag na rin po che
31
Nam mkhai mdzod
32
Ri bo
33
Ri rab
34
Ri bo chen po
35
Yon tan rin chen snang
36 gZungs kyi dbang phyug
gi rgyal po
37
Sa dzin
Sems can thams cad kyi
nad sel
Rab tu yid dga
Yid skyo
sKyo med
Od byed
Tsan dan

38
39
40
41
42
43

Reconstruction
based on Tib1
*Tyaktaratnayai
*Vimalaratnayai
Prmodyarja
*Sadpramudita
Ratnapi
Gaganagaja
Meru
Sumeru
Mahmeru
*Guaratnloka
Dhravararja
Dharadhara
*Sarvasattvaroganivartana
*Prmodyamanas
*Khinnamanas
*Akhinna
*Jyotikara
Candana

Ch1

Ch2

10
10

11
12

3
3
13
4
3

4414
g.Yo ba zlog
*havivarta(na)
3
45 dPag med mngon bsgrags
*Aprameybhi

garjitasvara
dbyangs
46 Byang chub kun nas bslang *Bodhisamutthpana
3
3
Amoghadarin
47

mThong ba don yod

Sarvadharmavaa-
48 Chos thams cad la dbang
vartin
sgyur ba
Maitreya
49

Byams pa
50 Jam dpal gzhon nur gyur pa Majur kumrabhta 15
9

The translations partly differ. Whereas Tib (dbyu gu), Bth (khar ba to be emended to mkhar
ba or khar ba) and Ch2 (; ) show yai at the end of the compound (2527; 3966 missing in
Bth), Ch1 reads *rami () or something similar. Ch1 further does not give any equivalent for
ratna. In 25 Ch2 reads anuttara () instead of ananta (Ch1) or anantara(tna) of the Tibetan
(Bth: read rin po che instead of chen po che for Skt. ratna).
10
Ch2 mentions Mahmeru before Sumeru.
11
Ch1 reads Dhra.
12
Similar to 38.
13
Ch1 reads *Candrbha instead of Candana.
14
The versions differ considerably. A common element is probably vivarta(na): cf. Tib: zlog,
Bth: ldog pa, Ch1: ; Ch2 () reads vivda instead? g.Yo ba (Tib) could be a translation of ha
(cf. MVy 7320: g.yo ba med pa for nirha; DTS 165a: ha for g.yo ba). Ch2 () possibly
understood iha. Bth: dris las could be emended to di las. However, Ch1 does not correspond:
for *strbhva(vi)varta(na). Whereas the reconstruction based on Tib should be taken as
the one who expels exertion, Bth (emended to di las mi ldog pa) rather suggests the one who
does not turn away from here (*ihvivarta(na)).
15
Ch1 overlooks kumrabhta.

397

$SSHQGL[ % &RPSDUDWLYH &KDUW RI 3GD 6HTXHQFHV

,Q WKH IROORZLQJ FKDUW D VTXDUH UHPDLQV HPSW\ LI WKH SGD RUGHU RI WKH YHUVH
FRUUHVSRQGV WR WKH SUHVXPHG RULJLQDO SGD RUGHU RI

7*6 $ TXHVWLRQ PDUN VKRZV

WKDW WKH FRQWHQW RI WKH SGDV LV GLIIHUHQW DQG FDQQRW EH FRPSDUHG op LQGLFDWHV
WKDW WKH SGD RU SGDV DUH PLVVLQJ

'0780






































$VJ

%J

6KD

%J

,

.
/

.
-
,
/
,
-
/
.


,
-
./


,
-
/
.

,
-
/
.

.
/
-
,


,
-.
/


,
-
/
.
,
-
/
.
,
.
-
/

-
,
.
/
,
-
/
.



,
-



,
-.
/
,
-
.
/



,
-
/
.



.
/




,

.
/
,-

,


/





,

.
/





/
-
,
.

,
-



,
-
/
.




.
/



398

9HUVH





$VJ

%J

6KD






























DFEG

DG"E
EDGF
EDGF
DFG"
GFDE
DGFE
DEGF

%J

DEG
FGD
D"""
DG"
E
DE"
G

"
D"""
DDFG
"
DE""

"
GDFF
DEG"

FG

DGFD
EFGD
EFG

399

FDEG

"

EDFG
DFEG
EDFG

EEFG
EDFG
EDFG
EDFG

DFEG

"FDE
DFE"

DEGF
FGED

GFDE
F"D

$SSHQGL[ & &RPSDUDWLYH 7DEOH RI 6HFWLRQV DQG &KDSWHUV RI WKH &KLQHVH DQG 7LEHWDQ (GLWLRQV

SULQW , KDYH UHVWULFWHG P\VHOI WR WKH HGLWLRQ RI /r

& WKRXJK WKH FRPSOHWH WH[W LV DYDLODEOH 'DUN FRORUHG VTXDUHV LQGLFDWH WKDW WKH FKDSWHU LV PLVVLQJ LQ WKH PDQXVFULSW IUDJPHQWV 1XPEHUV LQ SDUHQWKHVHV VKRZ WKDW
,Q WKLV WDEOH HPSW\ VTXDUHV LQGLFDWH WKDW WKH SDUW LV QRW IRXQG LQ WKH PDQXVFULSW RU SULQW ,Q WKH FDVH RI WKH 'HUJH
WKH FKDSWHU LV RQO\ SDUWLDOO\ H[WDQW LQ WKH IUDJPHQWV

&K
7


$
%
&
'
(
)
*
+
,
.
/
0
$
%
&
$
%
&
$
%
&





'KD

D
D
D
D
E
E
E
E
E
E
F
F
F
F
F
F
D
D
D
D
D
E

E
E
E
E
E
E
D
D
D
D
E
E
E
E
E
D
D
D
D
D
D

7*6

%XGGKDEKDGUD

'XQKXDQJ 'XQKXDQJ )DQJVKDQ

7

D
D

7*6


'KE

)V

.RUHDQ

-LQ

(GLWLRQ

(GLWLRQ

*D

-L




D
D

E
E
























D
D
E
E
E
E
E
F
F
F
F
D
D
D
D
E
E
E
E
E
F
F

E
E
F
F
F
F
F
D
D
D
D
E
E
E
E
F
F
F
F
F
D
D

Ch2 $PRJKDYDMUD
7
.RUHDQ
-LQ

(GLWLRQ (GLWLRQ
7
*D
-L

E
E
F
F
F
D
D
D
D
E
E
E
E
F
F
F
D
D
D
E
E
E
E
E
F

D
D
D
D
E
E
F
F
F
D
D
E
E
F
F
D
D
E
E
E
E
F
F
F
F

E
E
E
E
F
F
D
D
D
E
E
F
F
D
D
D
E
E
F
F
F
D
D
D
E

%WK

1HZDUN
0V
%WK
E
E
E
E
D
D
D
E
E
E
D
D
E
E
D
D
E
E
E
D
D
E
E
E
D

7DER
0V
$

%HUOLQ
0V
%

E
D
D
E
E
D
D
E
E
D
E
E
D
E
D
D
E
D
D
E
E
E
D
D
E

7LE

%X VWRQ

'HUJH

%X

'

D
D

D
D
E
E
D
D
E
E
D
D
D
E
E
D

$
%
&
'
(
)
*
+
,
.
/
0
$
%
&
$
%
&
$
%
&




7*6
Tib

$
%
&
'
(
)
*
+
,
.
/
0
$
%
&
$
%
&
$
%
&
$
%
&

/LWKDQJ /RQGRQ 1DUWKDQJ 3KXJ EUDJ

0V
0V 
-
/
1
3
E E
E
D
E E
E
D
E D
D
D
D D
D
E
D D
E
E
E E
D
D
E D
D
E
D D
E
E
D E
D
D
E E
D
D
E D
E
E
D E
D
D
D E
E
D
E D
D
E
D E
D
D
D D
E
D
E D
D
E
E E
E
D
D D
E
D
D D
D
E
E D
D
E
E E
E
D
D E
E
D
D D
D
E
D D
E
E

3KXJ EUDJ 3KXJ EUDJ 3HNLQJ

0V  0V  2WDQL
3
3
4
D
D
E
E
D
E
E
D
E
E
D
E
E
E
E
D
E
E
D
E
E
E
D
D
E

E
E
D
E
E
E
E
D
E
E
D
E
D
E
D
E
D
E
E
D
E
E
D
D
E

E
E
D
D
D
E
E
D
D
E
E
D
D
E
D
D
E
E
D
D
D
E
E
E
D

6WRJ
0V
6

D
D
E
E
D
E
E
D
D
E
E
D
E
D
D
E
D
D
E
E
D
D
E
E
D

7RN\R
0V
7
D
D
D
E
E
D
E
E
D
D
E
D
D
E
D
D
E
D
D
E
E
E
D
D
E

$
%
&
'
(
)
*
+
,
.
/
0
$
%
&
$
%
&
$
%
&
$
%
&



&
$
%
&
$
%
&
$
%
&
$
%
&
$
%
&
'
(
$
%
&
'
(
)
*
+
,
$
%
&
'


7

7

&K

7*6
%XGGKDEKDGUD

'XQKXDQJ 'XQKXDQJ )DQJVKDQ .RUHDQ


'KD


'KE

)V

(GLWLRQ
*D

-LQ
(GLWLRQ
-L

Ch2 (Amoghavajra)
7
.RUHDQ
-LQ

(GLWLRQ (GLWLRQ
7
*D
-L

7*6
%WK

1HZDUN
0V
%WK

7DER
0V
$

%HUOLQ
0V
%

7LE

%X VWRQ
%X

'HUJH
'

E

E



F

D

F

D

E

D

D

E

D

E

E



F

D

F

E

E

D

D

D

D

E
E
F
F
F
F
F
D
D
D
D
D
E
E
E
E
F
F
F
F
F
D
D
D
D
D
D

F
F
F
D
D
D
D
E
E
E
E
E
D
D
D
D
E
E
E
E
D
D
D
D
D
D
E

D
D
D
D
D
E
E
E
E
F
F
F
F
D
D
D
E
E
E
E
E
F
F
F
F
D
D

E
E
E
E
E
F
F
F
F
D
D
D
D
E
E
E
F
F
F
F
F
D
D
D
D
E
E

E
E
E

D
D
E





D
E
E

E
F
F

E
F
F
F
D
D
D
E
E
F
F
D
D
E
E
F
F
D
D
D
E
E
F
F
F
D
D
E
E
F
F
F

F
F
D
D
D
E
E
F
F
F
D
D
E
E
F
F
D
D
E
E
E
F
F
D
D
D
E
E
F
F
F
D

E
E
D
D
D
E
E
D
D
E
E
D
D
E
E
D
E
E
D
D
D
E
D
D
E
E
D
D
E
E
D
D

E
D
D
E
E
D
E
E
D
E
D
D
E
D
D
E
D
E
E
D
D
E
D
D
D
E
D
D
E
D
D
D

E
D
D
D
E
E
D
E
E
D
D
E
E

E
E
E

D
D
D
D
E
E
E
F
F
F
D
D
D
E
E
E
F
F
F
F
D
D
D
E
E
E
E
F
F
F
D
D

D
D
E
E
Er

E
E
E
E
E
D





























D
D
D
D
E
E
E
D
D
D
D
E
E
D
D
D

Er



&
$
%
&
$
%
&
$
%
&
$
%
&
$
%
&
'
(
$
%
&
'
(
)
*
+
,
$
%
&
'


7*6
7LE

$
%
&
$
%
&
$
%
&
$
%
&
$
%
&
$
%
&
'
(
$
%
&
'
(
)
*
+
,
$
%
&
'


/LWKDQJ /RQGRQ 1DUWKDQJ 3KXJ EUDJ 3KXJ EUDJ 3KXJ EUDJ 3HNLQJ
0V
0V  0V  0V  2WDQL
-
/
1
3
3
3
4

6WRJ

7RN\R

0V

0V

E

E

E

D

D

D

D

D

E

D

D

D

E

D

E

E

E

D

D

D

E

E

E

D

E

D

E

E

E

D

D

D

E

D

D

E

E

E

D

D

E

E

D

E

D

D

D

E

E

E

D

E

E

D

D

E

E

D

D

E

E

D

E

E

E

D

E

E

D

D

E

D

E

D

E

E

D

D

D

E

D

D

E

D

D

D

D

E

D

E
D

D

E

E

D

E

D

E

E

E

D

E

E

D

E

D

E

D

D

E

D

D

E

D

E

D

E
D

D

E

E

D

E

E

E

E

E

D

D

E

D

D

D

D

D

E

E

E

D

E

E

D

E

E
E

D

E

E

E

D

E

E

E

E

D

D



E

E

E

D

D

E

E

E



D

D

D

E

E

D

E

D



D

E

D

E

E
D

D

D

D



E

E

E

D

E

D

E



D

D

E

E

D

E

E

D



D

E

D

E

E

D

D

E

D

E

D

D

D

E

E

E

D

E

D

E

E

E

D

E

E

D

E

E

D

D

E

D

E

E

E

D

E

D

D

D

E
E

D

D

E

D

D

E

D

D

D

E

D

E

E

D

E

E

D

E

D

E

D

D

E

D

D

E

D

D

D

E

E

D

D

E

E

D

E

E

E

E

E

E

E

D

E

E

E

D

D

E

E

D

D

E

D

D

D

D

E

$
%
&
$
%
&
$
%
&
$
%
&
$
%
&
$
%
&
'
(
$
%
&
'
(
)
*
+
,
$
%
&
'


%LEOLRJUDSK\
7KHVLJODV\PEROVDQGJUDSKLFGHYLFHVXVHGLQP\FULWLFDOHGLWLRQVRIWKH7LEHWDQ
DQG &KLQHVH PDWHULDOV DUH IRXQG DW WKH HQG RI SDUW ' 7KH ODFN RI DQ DVWHULVN
EHIRUH WKH (QJOLVK WUDQVODWLRQ RI D -DSDQHVH RU &KLQHVH WLWOH PHDQV WKDW WKH
WUDQVODWLRQRIWKHWLWOHDSSHDUVLQWKHSXEOLFDWLRQLWVHOI

3ULPDU\6RXUFHVZLWK$EEUHYLDWLRQV

$$

$EKLVDPD\ODNUnORN 3UDMSUDPLWY\NK\ &RPPHQWDU\ RQ

$uDVKDVULN3UDMSUDPLW E\ +DULEKDGUD WRJHWKHU ZLWK WKH 7H[W
&RPPHQWHG 2Q (G 8QUDL :RJLKDUD 3DUWV r 7RN\R 7KH 7\

$$1
$L*U ,, 
$.%K
$.

%XQNR r

$QQDWYSUDWYDQLUGHwDSDULYDUWD )R VKXR EX]HQJ EXMLDQ MLQJ

 7UDQV %RGKLUXFL WK F &( 7  YRO  DrD
$OWLQGLVFKH *UDPPDWLN %DQG ,,  (LQOHLWXQJ ]XU :RUWOHKUH
1RPLQDONRPSRVLWLRQ -DNRE :DFNHUQDJHO G HG *WWLQJHQ

$

9DQGHQKRHFN 5XSUHFKW 

$EKLGKDUP>D@.RwDEKu\D RI 9DVXEDQGKX (G 3 3UDGKDQ 3DWQD . 3

-D\DVZDO 5HVHDUFK ,QVWLWXWH 

,QGH[ WR WKH $EKLGKDUPDNRwDEKu\D

$.9\

(G $NLUD +LUDNDZD 3DUWV r

7RN\R 'DL] r

6SKXUWK $EKLGKDUPDNRwDY\NK\ E\ <DwRPLWUD (G 8QUDL :RJLKDUD

3DUWV

r

7RN\R

7KH

3XEOLVKLQJ

$VVRFLDWLRQ

RI

$EKLGKDUPDNRwD

Y\NK\ r

$1

$JXWWDUDQLN\D

$2+
$5,5,$%
$63

(GV 5 0RUULV DQG ( +DUG\  YROV /RQGRQ 376

r

$FWD 2ULHQWDOLD $FDGHPLDH 6FLHQWLDUXP +XQJDULFDH

$QQXDO 5HSRUW RI WKH ,QWHUQDWLRQDO 5HVHDUFK ,QVWLWXWH IRU $GYDQFHG
%XGGKRORJ\
$uDVKDVULN 3UDMSUDPLW (G 3 / 9DLG\D %XGGKLVW 6DQVNULW
7H[WV  'DUEKDQJD 0LWKLOD ,QVWLWXWH  >7KLV DEEUHYLDWLRQ LV DOVR

$63
$63

XVHG IRU JHQHUDO UHIHUHQFHV WR WKH $uDVKDVULN 3UDMSUDPLW@

6DQVNULW :RUG,QGH[ WR WKH o$EKLVDPD\ODNUORN 3UDMSUDPLW
Y\NK\p 8 :RJLKDUD HGLWLRQ (GV 5\XVHL .HLUD DQG 1RERUX 8HGD
7RN\R 6DQNLE %XVVKRULQ 

8:

$Yw

WKH HGLWLRQ RI 8QUDL :RJLKDUD 6HH

 YROV %LEOLRWKHFD %XGGKLFD 

6W

3HWHUVEXUJ r 5HSULQW 7RN\R 0HLFKR)XN\.DL 

%EK

%RGKLVDWWYDEKPL

DWWULE $VDJD (G 8QUDL :RJLKDUD 7RN\R r

 5HSULQW 7RN\R 6DQNLE %XVVKRULQ 

%&$
%&$

$uDVKDVULN 3UDMSUDPLW LQ
$$
$YDGQDwDWDND (G - 6 6SH\HU

%RGKLFDU\YDWUD

lQWLGHYD

(G

/RXLV

GH

/D

9DOO

3RXVVLQ

%LEOLRWKHFD ,QGLFD  &DOFXWWD $VLDWLF 6RFLHW\ RI %HQJDO r

,

7LEHWLVFK6DQVNULWLVFKHU ,QGH[ ]XP %RGKLFDU\YDWUD +HIW , ,,

(G

)ULHGULFK

GHU

:HOOHU

$EKDQGOXQJHQ

GHU

6FKVLVFKHQ

$NDGHPLH

:LVVHQVFKDIWHQ ]X /HLS]LJ 3KLORORJLVFKKLVWRULVFKH .ODVVH   

%HUOLQ $NDGHPLH9HUODJ  

%&6'
%*'%+6'
%6.'

%XGGKLVW &KLQHVH6DQVNULW 'LFWLRQDU\

(G

$NLUD

+LUDNDZD

7RN\R

5HL\XNDL 

%XNN\JR GDLMLWHQ

 *UHDW GLFWLRQDU\ RI %XGGKLVW YRFDEXODU\

 (G 1DNDPXUD +DMLPH

 7RN\R 7RN\R 6KRVHNL 

%XGGKLVW +\EULG 6DQVNULW *UDPPDU DQG 'LFWLRQDU\ 9ROXPH 

'LFWLRQDU\ &RPS )UDQNOLQ (GJHUWRQ 1HZ +DYHQ <DOH 8QLY 3UHVV


%XVVKR NDLVHWVX GDLMLWHQ 7KH HQF\FORSHGLD RI (DVW $VLDQ %XGGKLVW WH[WV


0DUX\DPD 7DNDR

J
(GV

2QR

6


*HQP\

YROV

r

DQG

YROV r 7RN\R r 5HSULQW

 YROV LQ  7RN\R 'DLW 

%62$6
%WK

%XOOHWLQ RI WKH 6FKRRO RI 2ULHQWDO DQG $IULFDQ 6WXGLHV

6HFRQG 7LEHWDQ WUDQVODWLRQ RI WKH 7*6 LQ WKH 1HZDUN PDQXVFULSW .DQMXU

%:'-

.DQ\DNX WDLVK %RQZD GDLMLWHQ  *UHDW

IURP %DWKDQJ

x

6DQVNULW-DSDQHVH GLFWLRQDU\

DORQJ ZLWK LWV &KLQHVH WUDQVODWLRQ HTXLYDOHQWV

:RJLKDUD

8QUDL

.GDQVKD 

&K

&KLQHVH WUDQVODWLRQ RI WKH

7RN\R

 (G

r

5HSULQW

7RN\R

7*6 E\ %XGGKDEKDGUD r &( IURP WKH

EHJLQQLQJ RI WKH WK F &(

&K
&3'

7*6 E\ $PRJKDYDMUD r &(

$ &ULWLFDO 3OL 'LFWLRQDU\ %HJXQ E\ 9 7UHQFNQHU UHY FRQW DQG HG E\

&KLQHVH WUDQVODWLRQ RI WKH

'LQHV $QGHUVHQ +HOPHU 6PLWK DQG RWKHUV 3XEOLVKHG E\ 7KH 5R\DO

'DQLVK

&6=-''


$FDGHP\

RI

6FLHQFHV

DQG

/HWWHUV

9ROV

r

&RSHQKDJHQ

&RPPLVVLRQHU (MQDU 0XQNVJDDUG r

&KX VDQ]DQJ ML ML
&( 7  YRO  DrD

 6HQJ\RX

FRPSLOHG DURXQG 

6DGGKDUPDSXDUNDVWUD GLVFRYHUHG LQ
6DGGKDUPDSXDUND 0DQXVFULSWV )RXQG LQ
*LOJLW 3DUW 7ZR 5RPDQL]HG 7H[W (G 6KRNR :DWDQDEH 7RN\R
0DQXVFULSWV $ DQG % RI WKH
*LOJLW 5RPDQL]HG WH[WV LQ

'EK6

5HL\XNDL 

'DwDEKPLNDVWUD ,Q 'DwDEKPLNDVWUD HW %RGKLVDWWYDEKPL

FKDSLWUHV 9LKUD HW %KPL SXEOLs avec une introduction et des notes.
(G -RKDQQHV 5DKGHU 3DULV 3DXO *HXWKQHU DQG /RXYDLQ -% ,VWDV

'LY\
'.
'.3
'1
'76
'=-



7KH 'LY\vadna: a Collection of Early Buddhist Legends. Eds. Edward

B. Cowell and Robert A. Neil. Cambridge, 1886. Reprint. Amsterdam:

Oriental Press NV and Philo Press, 1970.

'DL NDQZD MLWHQ  *UHDW &KLQHVH-DSDQHVH GLFWLRQDU\

0RURKDVKL 7HWVXML

 (G

YROV

/RQGRQ 376 r

'LFWLRQQDLUH 7LEtain-Sanscrit.

7VHULQJRXDQJJ\DO

&KH

UL

GED

UJ\DO Reproduction phototypique publie par J. Bacot. Paris: Paul

Geuthner, 1930.

'DL]N\ ]HQNDLVHWVX GDLMLWHQ

RQ

.DPDWD 6KLJHR

(QF%ULW

  YROV 7RN\R 'DLVKNDQ r

'UXPDNLQQDUDUMDSDULSFFKVWUD 6HH +DUULVRQ D

'JKDQLN\D (G 7 : 5K\V 'DYLGV DQG - ( &DUSHQWHU

H[SODQDWLRQV

HQ

WKH

&KLQHVH

 *UHDW

7ULSLDND

E2
GLFWLRQDU\

ZLWK

FRPSOHWH


(GV

DQG RWKHUV 7RN\R <]DQNDNX 

(QGQRWH UHIHUULQJ WR WKH FULWLFDO HGLWLRQ

7KH 1HZ (QF\FORSGLD %ULWDQQLFD

(QF\FORS

GLD %ULWDQQLFD 



WK

HG



YROV

&KLFDJR

(QF%XGGK

(QF\FORSDHGLD RI %XGGKLVP (G * 3 0DODODVHNHUD 9RO r &RORPER

*RYHUQPHQW RI &H\ORQ r 

*6=

*DRVHQJ ]KXDQ

*6=

%LRJUDSKLHV GHV PRLQHV PLQHQWV .DR 6HQJ 7FKRXD GH +RXHL.LDR

SUHPLUH SDUWLH ELRJUDSKLHV GHV SUHPLHUV WUDGXFWHXUV 7UDQVODWLRQ RI
WKH *6= E\ 5REHUW 6KLK %LEOLRWKTXH GX 0XVRQ  /RXYDLQ r /HXYHQ

56

*9

 +XLMLDR

FRPSLOHG

DURXQG



&(

 YRO  FrF

,QVWLWXW RULHQWDOLVWH 

*DDY\KD (GV 'DLVHW] 7 6X]XNL DQG +RNHL ,G]XPL .\RWR r

G HG 3KRWRJUDSKLFDOO\ UHSURG ZLWK FRUUHFWLRQV .\RWR 6RFLHW\ IRU WKH

+'

+DQ\X GDFLGLDQ
=KXIHQJ

+E

I5

3XEOLFDWLRQ RI 6DFUHG %RRNV RI WKH :RUOG 

6

 *UHDW



&KLQHVH

YROV

GLFWLRQDU\

6KDQJKDL

6KDQJKDL

&LVKX

YRO

(G


/XR

+DQ\X

'DFLGLDQ YROV r r

+EJLULQ 'LFWLRQDLUH HQF\FORSdique

sources chinoises et japonaises (GV
and Paul Demiville. Fasc. 1. 7RN\R

du bouddhisme daprs les

vi, Junjiro Takakusu,

6\OYDLQ /

0DLVRQ )UDQFR-DSRQDLVH  3DULV

$GULHQ0DLVRQQHXYH r

,%.

,QGRJDNX %XNN\JDNX .HQN\

,,%6

7KH ,QWHUQDWLRQDO ,QVWLWXWH IRU %XGGKLVW 6WXGLHV 7RN\R

-RXUQDO RI ,QGLDQ DQG %XGGKLVW 6WXGLHV

,,-

,QGR,UDQLDQ -RXUQDO

,V0(2

,VWLWXWR ,WDOLDQR SHU LO 0HGLR HG (VWUHPR 2ULHQWH 5RPH

-$
-

-RXUQDO $VLDWLTXH
7KH -WDND WRJHWKHU ZLWK LWV &RPPHQWDU\

$ 7LEHWDQ(QJOLVK 'LFWLRQDU\

.3
.SX
.SX&
.SX&

 &RPS +HLQULFK $XJXVW -VFKNH /RQGRQ

 5HSULQW FRPSDFW HG .\RWR 5LQVHQ 

7KH .w\DSDSDULYDUWD

 (G $OH[DQGHU YRQ 6WDO+ROVWHLQ 6KDQJKDL 7KH

&RPPHUFLDO 3UHVV 

.DUXSXDUND (GLWHG ZLWK ,QWURGXFWLRQ DQG 1RWHV

%HL KXD MLQJ &K

SXDUND
7
'DFKHQJ EHL IHQWXROL MLQJ &
.DUXSXDUND

.6/
/DO
/DO+.

 7UDQV 'KDUPDNuHPD WUDQVODWLRQ RI WKH

LQ  &(

/$6,

,VVKL

.DUX

 YRO  DrF

 $QRQ\PRXV WUDQVODWLRQ RI

EHWZHHQ  DQG  &(

D

.DUXSXDUND 4

7LEHWDQ WUDQVODWLRQ RI WKH

WVKRJV &X
.DL\XDQ VKLMLDR OX


 YRO  Fr

P'R VQD

 YRO 

ErD
 =KLVKHQJ

FRPSLOHG LQ  &(

 YRO  DrD

/DOLWDYLVWDUD

 (G 6DORPRQ /HIPDQQ  YROV +DOOH D 6 r

5HSULQW 7RN\R 0HLFKR)XN\.DL 

/DOLWDYLVWDUD

5DULWDYLVXWDUD QR NHQN\


 ,Q

/$6

(G

<DPDGD 9RO  /RQGRQ 62$6 8QLYHUVLW\ RI /RQGRQ 

WKH

.SXW

ll. 6 vols.

 (G 9LJJR )DXVE

London: PTS, 18771896.

(G

/DOLWDYLVWDUD

 6WXG\ RI WKH

+DND]RQR

.LFKL

9RO



7RN\R 'DLW

7KH /DNYDWUD 6WUD

 (G %XQ\LX 1DQMLR .\RWR 2WDQL 8QLY 3UHVV



$Q ,QGH[ WR WKH /DQNDYDWDUD 6XWUD 1DQMLR (GLWLRQ

 &RPS 'DLVHW] 7

6X]XNL G HG .\RWR 7KH 6DQVNULW %XGGKLVW 7H[WV 3XEOLVKLQJ 6RFLHW\

/$6W


7LEHWDQ WUDQVODWLRQ RI WKH

WVKRJV 1JX

/DNYDWUDVWUD 4


ErE



 YRO 

P'R VQD

/6/93
0DQX
0DWKHZV

/LGDL VDQEDR ML
7
/n$EKLGKDUPDNRwD GH 9DVXEDQGKX

 )HL &KDQJIDQJ

&(

FRPSLOHG LQ 

 YRO  FrD

 7UDGXLW HW DQQRW

SDU /RXLV GH /D

9DOO H 3RXVVLQ 9ROV r 3DULV /RXYDLQ 3DXO *HXWKQHU r

0DQXVPWL

 (G 1U\DD 9LWKDOD lDUPD *RUH %RPED\ 1LUQD\D 6DJDU

3UHVV 

0DWKHZVn &KLQHVH(QJOLVK 'LFWLRQDU\

&RPS

5REHUW

+

0DWKHZV

6KDQJKDL  5HYLVHG $PHULFDQ HG &DPEULGJH 0DVV +DUYDUG 8QLY

3UHVV 

P']HV UJ\DQ 'H E]KLQ JVKHJV SDnL VQ\LQJ SR JVDO ]KLQJ PG]HV SDU E\HG SDnL UJ\DQ
7KH &ROOHFWHG :RUNV RI %XVWRQ
9D

 %X

VWRQ 5LQ FKHQ JUXE ,Q

&KDQGUD 3W 

0H\HU
0LO
01
0RFKL]XNL

DrD 1HZ 'HOKL ,QWHUQDWLRQDO $FDGHP\ RI ,QGLDQ

&XOWXUH 

0H\HUV (Q]\NORSGLVFKHV /H[LNRQ LQ  %QGHQ

WK

HG

0DQQKHLP

9LHQQD =ULFK %LEOLRJUDSKLVFKHV ,QVWLWXW 

0LOLQGDSDKD
0DMMKLPDQLN\D

 (G 9LOKHOP 7UHQFNQHU /RQGRQ 376 

 (GV 9LOKHOP 7UHQFNQHU DQG 5REHUW &KDOPHUV  YROV

/RQGRQ 376 r

%XNN\ GDLMLWHQ
0RFKL]XNL

0316

 (G /RNHVK

C..

 *UHDW

6KLQN

%XGGKLVW


GLFWLRQDU\

YROV

.\NDL r

0DKSDULQLUYDVWUD 4
6
P'R VGH :D


 YRO 

7RN\R

U

6HNDL

6HLWHQ

&RPS
.DQN

P'R VQD WVKRJV 7X

)R VKXR GD EDQQLKXDQ MLQJ
;

DrE

k. 7UDQV )D[LDQ  r &( 7  YRO 

 YRO 

0338/

06
06$
06$%K
09X
09\
0:
1,2

3

3DLV

ErD

DrF

/H 7UDLW GH OD *UDQGH 9HUWX GH 6DJHVVH GH 1JUMXQD 0DKSUDM

SUDPLWwVWUD (G tienne /DPRWWH 9ROV r %LEOLRWKTXH GX

0XVon 18 DQG 3XEOLFDWLRQV GH On,QVWLWXW RULHQWDOLVWH GH /RXYDLQ  

 /RXYDLQ /RXYDLQOD1HXYH 8QLYHUVLW de Louvain, r
0DK\QDVDJUDKD DWWULE $VDJD ,Q 6K GDLM URQ
 (G
 (GLWLRQ RI WKH 7LEHWDQ WH[W 3DUWV r 7RN\R
1DJDR *DMLQ
.GDQVKD 
0DK\QDVWUODNUD DWWULE 0DLWUH\D ,Q $VDJD 0DK\QD
6WUODNUD 7RPH , 7H[WH (G 6\OYDLQ /YL 3DULV  5HSULQW
.\RWR 5LQVHQ 
0DK\QDVWUODNUDEKu\D DWWULE 9DVXEDQGKX 6HH 06$
/H Mahvastu 7H[WH 6DQVFULW (G mile 6HQDUW  YROV 3DULV r
 5HSULQW 7RN\R 0HLFKR)XN\.DL 
+RQ\DNX P\JL WDLVK 0DKY\XWSDWWL
 (G 6DNDNL
5\]DEXU
  YROV .\RWR  5HSULQW 7RN\R .RNXVKR
.DQNNDL 
$ 6DQVNULW(QJOLVK 'LFWLRQDU\ (G 0RQLHU 0RQLHU:LOOLDPV 2[IRUG
 DQG  5HSULQW RI WKH QHZ HG 2[IRUG  2[IRUG 2[IRUG
8QLY 3UHVV 
1DQML LWDL MLWHQ  'LFWLRQDU\ RI GLIILFXOW DQG YDULDQW IRUPV RI &KLQHVH
FKDUDFWHUV
 &RPS $UXJD <HQ
 7RN\R
.RNXVKR .DQNNDL 
3HWURYVN\ PDQXVFULSWV RI WKH 63 GLVFRYHUHG LQ .DVKJDU 5RPDQL]HG WH[W
LQ 6DGGKDUPDSXDUNDVWUD &HQWUDO $VLDQ 0DQXVFULSWV 5RPDQL]HG
7H[W (G +LURIXPL 7RGD 7RNXVKLPD .\RLNX 6KXSSDQ &HQWHU 
3OL
3DLVDPEKLGPDJJD (G $UQROG & 7D\ORU  YROV /RQGRQ 376 r


/L

"

.|



3UD6

376

376'
S:
3:
4
5&D3

3UDW\XWSDQQDEXGGKDVDPXNKYDVWKLWDVDPGKLVWUD 6HH +DUULVRQ

E
3DOL 7H[W 6RFLHW\ /RQGRQ

7KH 3DOL 7H[W 6RFLHW\nV 3DOL(QJOLVK 'LFWLRQDU\ (GV 7KRPDV : 5K\V

'DYLGV DQG :LOOLDP 6WHGH /RQGRQ r 5HSULQW /RQGRQ 376


6DQVNULW:UWHUEXFK LQ NU]HUHU )DVVXQJ &RPS 2WWR %KWOLQJN  YROV
6W 3HWHUVEXUJ r 5HSULQW 'HOKL 0RWLODO %DQDUVLGDVV 
6DQVNULW:UWHUEXFK &RPS 2WWR %KWOLQJN DQG 5XGROSK 5RWK  YROV
6W 3HWHUVEXUJ r 5HSULQW 'HOKL 0RWLODO %DQDUVLGDVV 
7KH 7LEHWDQ 7ULSLWDND 3HNLQJ (GLWLRQ (G 'DLVHW] 7 6X]XNL 9RO r
 5HSU XQGHU WKH 6XSHUYLVLRQ RI WKH 2WDQL 8QLYHUVLW\ .\RWR .\RWR
7RN\R 7LEHWDQ 7ULSLWDND 5HVHDUFK ,QVWLWXWH r
5DWQDFDQGUDSDULSFFKVWUD ,Q = NDQ ZD VDQ \DNX JDSSHNL
6KPDQJ\ +JDWVXGMLVKRPRQN\  $ FROODWLRQ RI WKH 7LEHWDQ
&KLQHVH DQG -DSDQHVH WUDQVODWLRQ RI WKH 5DWQDFDQGUDSDULSFFKDVWUD DQG
WKH lUPOGHYVLKDQGDVWUD

 (G +G .DLKHQ
7VXNLQRZD .HQU\

.\RWR .N\ 6KRLQ 
5DWQDJRWUDYLEKJDY\NK\ DWWULE 6UDPDWL ,Q 7KH 5DWQDJRWUD
YLEKJD 0DK\QRWWDUDWDQWUDwVWUD (G (GZDUG + -RKQVWRQ 3DWQD
7KH %LKDU 5HVHDUFK 6RFLHW\ 
.XN\ LFKLM KVK URQ NHQN\ r ] ZD WDL\DNX  $ VWXG\ RI WKH 5DWQD
JRWUDYLEKJDPDK\QRWWDUDWDQWUDwVWUD D -DSDQHVH WUDQVODWLRQ IURP WKH
7LEHWDQ HGLWLRQ >ZLWK LQGH[@
 (G
DQG WUDQV 1DNDPXUD =XLU\
 7RN\R 6X]XNL *DNXMXWVX
=DLGDQ 
5HSULQW RI WKH 6WRJ 3DODFH PDQXVFULSW .DQMXU LQ 7KH 7RJ 3DODFH
0DQXVFULSW RI WKH 7LEHWDQ .DQMXU  YROV /HK 6PDQUWVLV 6KHVULJ
'SHP]RG r
7LEHWDQ(QJOLVK 'LFWLRQDU\ &RPS 5DL 6DUDW &KDQGUD 'DV &DOFXWWD
 5HSULQW FRPSDFW HG .\RWR 5LQVHQ 
lLNuVDPXFFD\D lQWLGHYD (G &HFLO %HQGDOO %LEOLRWKHFD %XGGKLFD 
6W 3HWHUVEXUJ r 5HSULQW 7RN\R 0HLFKR)XN\.DL 
6DQVNULW
lUPOGHYVLKDQGDVWUD 4  YRO  G.RQ EUWVHJV 9, n,
ErD 6KHQJPDQ VKL]LKRX \LFKHQJ GD IDQJELDQ IDQJJXDQJ MLQJ

7- ?O
On
D

k

5*99
5*99W

6
6&'
lLNu

6NW

l06

??E?i
. 7
'D EDR ML MLQJ 6KHQJPDQ IXUHQ KXL |?
@Y
7
 7UDQV *XDEKDGUD r &(

 YRO  DrE

 7UDQV %RGKLUXFL WK F &(

 YRO  FrF

61

6D\XWWDQLN\D (G /HRQ )HHU  YROV /RQGRQ 376 r

62$6

6FKRRO RI 2ULHQWDO DQG $IULFDQ 6WXGLHV 8QLYHUVLW\ RI /RQGRQ /RQGRQ

63

6DGGKDUPDSXDUND

(GV

+HQGULN

.HUQ

DQG

%XQ\LX

1DQMLR

6W

3HWHUVEXUJ r 5HSULQW 2VQDEUFN %LEOLR  >7KH VLJOXP LV

63

6DGGKDUPDSXDUNDVWUD LQ JHQHUDO@
,QGH[ WR WKH 6DGGKDUPDSXDUNDVWUD 6DQVNULW 7LEHWDQ &KLQHVH (GV

DOVR XVHG ZKHQ UHIHUULQJ WR WKH

,

<DVXQRUL

lSl
63

(MLPD

DQG

RWKHUV

)DVFLFOHV

r

7RN\R

5HL\XNDL

r



7KH lDWDSDFwDWND RI 0WFHD 6DQVNULW 7H[W 7LEHWDQ 7UDQVODWLRQ DQG

&RPPHQWDU\ DQG &KLQHVH 7UDQVODWLRQ (G DQG WUDQV 6KDFNOHWRQ %DLOH\
&DPEULGJH 8QLY 3UHVV 

6DGGKDUPDSXDUNDVWUD 4
P'R VQD WVKRJV &KXDrD
7LEHWDQ WUDQVODWLRQ RI WKH



 YRO 

6SHLMHU

6DQVNULW 6\QWD[ -DNRE 6 6SHLMHU /H\GHQ  5HSULQW 'HOKL 0RWLODO

63

6DGGKDUPDSXDUNDVWUD 5RPDQL]HG DQG 5HYLVHG 7H[W

656
6XNK

6DPGKLUMDVWUD 6HH 5JDPH\ 

6XNKYDWY\KD ,Q 0XU\MXN\ QR VKR KRQ WDLVK NHQN\  &RPSDUDWLYH
VWXG\ RI WKH WH[WV RI WKH 6XNKYDWY\KD
 (G

6XY

6XYDUDEKVRWWDPDVWUD

%DQDUVLGDVV 

(GV

8QUDL

:RJLKDUD DQG &KLNDR 7VXFKLGD 7RN\R 6DQNLE %XVVKRULQ 

 .\RWR 1DJDWD %XQVKG 

.DJDZD 7DNDR

(G

-RKDQQHV

1REHO

/HLS]LJ

+DUUDVVRZLW]



6XY

6XY

6XYDUDSUDEKVRWWDPDVWUD ]ZHLWHU %DQG :UWHUEXFK 7LEHWLVFK

'HXWVFK6DQVNULW (G -RKDQQHV 1REHO /HLGHQ %ULOO 
6XYDUDSUDEKVRWWDPDVWUD
HUVWHU
%DQG
'LH
WLEHWLVFKHQ
EHUVHW]XQJHQ (G -RKDQQHV 1REHO /HLGHQ %ULOO 6WXWWJDUW .RKO

6:7)

KDPPHU 

6DQVNULW:UWHUEXFK GHU EXGGKLVWLVFKHQ 7H[WH DXV GHQ 7XUIDQ)XQGHQ

%HJRQQHQ

YRQ

(UQVW

:DOGVFKPLGW

,P

$XIWUDJH

GHU

$NDGHPLH

GHU

:LVVHQVFKDIWHQ LQ *WWLQJHQ KHUDXVJHJHEHQ YRQ *HRUJ YRQ 6LPVRQ

/LHIHUXQJ r *WWLQJHQ 9DQGHQKRHFN XQG 5XSUHFKW r

7
7

7KH 7DLVKR 6KLQVKX 'DL]RN\R 7KH 7ULSLWDND LQ &KLQHVH

(GV -XQMLUR

7DNDNXVX

7KH

DQG

.DLJ\RNX

:DWDQDEH



YROV

7RN\R

7DLVKR

6KLQVKX 'DL]RN\R .DQNR .DL r

5SHUWRLUH GX &DQRQ %RXGGKLTXH 6LQR-DSRQDLV GLWLRQ GH 7DLVK

7DLVK 6KLQVK 'DL]N\ (GV 3DXO 'HPLYLOOH Hubert Durt, and

$QQD

6HLGHO

)DVFLFXOH

$QQH[H

GX

+EJLULQ

3DULV

/LEUDLULH

Gn$P ULTXH HW Gn2ULHQW $GULHQ0DLVRQQHXYH 7RN\R 0DLVRQ )UDQFR

-DSRQDLVH 

7LE

7LEHWDQ FDQRQLFDO WUDQVODWLRQ RI WKH

7LE

7*6

7LEHWDQ

7*6

7DWKJDWDJDUEKDVWUD >)RU WKH GHWDLOV UHJDUGLQJ WKH YDULRXV HGLWLRQV

7LEHWDQ DQG &KLQHVH VHH HQG RI SDUW '@

7*6

5HFHQVLRQ  RI WZR UHFHQVLRQV RI WKH

7*6

5HFHQVLRQ

UHSUHVHQWDWLYH LV

&K 


RI

WZR

UHFHQVLRQV

RI

&K  7LE DQG %WK

7KHRORJLVFKH 5HDOHQ]\NORSGLH 9ROV
UHSUHVHQWDWLYHV DUH

75(
7VKLJ PG]RG
7XUQHU
7861

7DWKJDWDJDUEKDVWUD

LQ

LWV RQO\

WKH

7DWKJDWDJDUEKDVWUD

r

(GV

LWV

*HUKDUG

.UDXVH

DQG

*HUKDUG 0OOHU %HUOLQ 1HZ <RUN : GH *UX\WHU r 

%RG UJ\D WVKLJ PG]RG FKHQ PR =DQJ KDQ FLGLDQ

<LVXQ

 (GV =KDQJ

DQG RWKHUV  YROV 3HNLQJ 0LQ]X 

$ &RPSDUDWLYH 'LFWLRQDU\ RI WKH ,QGR$U\DQ /DQJXDJHV

(G 5DOSK /

7XUQHU G HG /RQGRQ 2[IRUG 8QLY 3UHVV 

7DWKJDWRWSDWWLVDEKDYDQLUGHwD SDUW RI WKH %XGGKYDWDVDND 4

 YRO  3KDO FKHQ ,9 6KL ErD 6  YRO  3KDO FKHQ
1JD DrE )R VKXR UXODL [LQJ[LDQ MLQJ
 7UDQV
'KDUPDUDNuD GrWK F &( 7  YRO  FrE VHH DOVR
7861 DQG 7861 
'D IDQJJXDQJ IR KXD\DQ MLQJ %DRZDQJ UXODL [LQJTL SLQ



7861

&+

&+

&+

|/

 7UDQV %XGGKDEKDGUD 

WKH

359429

7DWKJDWRWSDWWLVDEKDYDQLUGHwD SDUW RI

WKH

 YRO  ErE

7861

&+

'D IDQJJXDQJ IR KXD\DQ MLQJ 5XODL FKX[LDQ SLQ

T/

?iK:

&( 7UDQVODWLRQ RI

%XGGKYDWDVDND 7

?iK:P

 7UDQV lLNuQDQGD r &( 7UDQVODWLRQ RI WKH



7DWKJDWRW

SDWWLVDEKDYDQLUGHwD

SDUW RI WKH

%XGGKYDWDVDND 7

 YRO 

DrF

8GU

8GU

8GU\DD 'LH WLEHWLVFKH EHUVHW]XQJ GHV 6DQVNULWWH[WHV ]ZHLWHU 7HLO

:UWHUEXFK (G -RKDQQHV 1REHO :LHVEDGHQ +DUUDVVRZLW] 
8GU\DD 'LH WLEHWLVFKH EHUVHW]XQJ GHV 6DQVNULWWH[WHV HUVWHU 7HLO
7LEHWLVFKHU 7H[W (G -RKDQQHV 1REHO :LHVEDGHQ +DUUDVVRZLW] 
9LQD\DSLDND (G +HUPDQQ 2OGHQEHUJ  YROV /RQGRQ 376 r

9LQ
:=.6
<%K
<%K

:LHQHU =HLWVFKULIW IU GLH .XQGH 6GDVLHQV

<RJFUDEKPL DWWULE $VDJD (G 9LGKXVKHNKDUD %KDWWDFKDU\D 3W 

&DOFXWWD 8QLYHUVLW\ RI &DOFXWWD 

,

=$6
='0*
=-0
=05



,QGH[ WR WKH <RJFUDEKPL &KLQHVH6DQVNULW7LEHWDQ

(GV

.RLWVX

<RNR\DPD DQG 7DND\XNL +LURVDZD 7RN\R 6DQNLE %XVVKRULQ 

=HQWUDODVLDWLVFKH

6WXGLHQ

GHV

6HPLQDUV

IU

6SUDFK

XQG

.XOWXUZLVVHQVFKDIW =HQWUDODVLHQV GHU 8QLYHUVLWW %RQQ

=HLWVFKULIW GHU 'HXWVFKHQ 0RUJHQOQGLVFKHQ *HVHOOVFKDIW

=KRQJMLQJ PXOX
 )DMLQJ
DQG RWKHUV FRPSLOHG
&( 7  YRO  DrD
=HLWVFKULIW IU 0LVVLRQVZLVVHQVFKDIW XQG 5HOLJLRQVZLVVHQVFKDIW



LQ 

6HOHFW6HFRQGDU\6RXUFHV
$FKD\D .RQJDQGUD 7KDPPX


,QGLDQ )RRG $ +LVWRULFDO &RPSDQLRQ

'HOKL 2[IRUG 2[IRUG 8QLY

3UHVV
$XER\HU -HDQQLQH


'DLO\ /LIH LQ $QFLHQW ,QGLD IURP $SSUR[LPDWHO\  %& WR $' 
7UDQVODWHG

IURP

WKH

)UHQFK

E\

6LPRQ

:DWVRQ

7D\ORU

/RQGRQ

:HLGHQIHOV DQG 1LFROVRQ

%DFRW -DFTXHV






o/n FULWXUH FXUVLYH WLE WDLQHp

%DOELU 1DOLQL
o

-$   -DQYLHUr)YULHU r

la recherche des trsors souterrainsp -RXUQDO RI WKH (XURSHDQ

\XUYHGLF 6RFLHW\  r

/ HW /8& HQ PR\HQLQGLHQ HPSORLV WHFKQLTXHV HW PRUSKRORJLHp
,Q /DQJXH VW\OH HW VWUXFWXUH GDQV OH PRQGH LQGLHQ &HQWHQDLUH GH /RXLV
5HQRX HGV 1DOLQL %DOELU *HRUJHV-HDQ 3LQDXOW DQG -HDQ )H]DV, r
o

 3DULV /LEUDLULH +RQRU

Champion

%DQHUMHD -LWHQGUD 1DWK



7KH 'HYHORSPHQW RI +LQGX ,FRQRJUDSK\ G HG &DOFXWWD 8QLYHUVLW\ RI

&DOFXWWD

%HFNK +HUPDQQ


9HU]HLFKQLV GHU WLEHWLVFKHQ +DQGVFKULIWHQ GHU .QLJOLFKHQ %LEOLRWKHN

]X %HUOLQ HUVWH $EWHLOXQJ .DQMXU ENDJ\XU 'LH +DQGVFKULIWHQ
9HU]HLFKQLVVH GHU .QLJOLFKHQ %LEOLRWKHN ]X %HUOLQ QR  %HUOLQ
%HKUHQG &R

%H\HU 6WHSKDQ 9


7KH &ODVVLFDO 7LEHWDQ /DQJXDJH

681< 6HULHV LQ %XGGKLVW 6WXGLHV

$OEDQ\ 1< 6WDWH 8QLY RI 1HZ <RUN 3UHVV

%RO 3HWHU &


$QWLNH %URQ]HWHFKQLN .XQVW XQG +DQGZHUN DQWLNHU (U]ELOGQHU

0QFKHQ %HFN

%ROO H :LOOHP %


NXJUD RX OD PDLVRQ GHV KRPPHV DX PDQRLU GDQV On,QGH RULHQWDOH

%XOOHWLQ GnWXGHV ,QGLHQQHV  r
o7KH NgUD RU IURP 0HQnV +RXVH WR 0DQVLRQ LQ (DVWHUQ ,QGLD DQG
6RXWK(DVW $VLDp ,Q 6KDVWULF 7UDGLWLRQV LQ ,QGLDQ $UWV 9RO  7H[WV
o/H

HW On$VLH GX 6XG(VWp



HG $QQD /LEHUD 'DOODSLFFROD r 6WXWWJDUW 6WHLQHU

%RXFKHU 'DQLHO


o7KH

3UDWW\DVDPXWSGDJWK DQG ,WV 5ROH LQ WKH 0HGLHYDO &XOW RI WKH

-RXUQDO RI WKH ,QWHUQDWLRQDO $VVRFLDWLRQ RI %XGGKLVW 6WXGLHV 

5HOLFVp

 r


o7KH 7H[WXDO +LVWRU\ RI WKH

5uUDSODSDULSFFK 1RWHV RQ LWV 7KLUG

$5,5,$%  r

&HQWXU\ &KLQHVH 7UDQVODWLRQp

%UDDUYLJ -HQV
D

E

$NuD\DPDWLQLUGHwDVWUD 9ROXPH , (GLWLRQ RI ([WDQW 0DQXVFULSWV ZLWK

DQ ,QGH[ 2VOR 6ROXP )RUODJ
$NuD\DPDWLQLUGHwDVWUD 9ROXPH ,, 7KH 7UDGLWLRQ RI ,PSHULVKDELOLW\ LQ
%XGGKLVW 7KRXJKW 2VOR 6ROXP )RUODJ





o7KH 3UDFWLFH RI WKH %RGKLVDWWYDV 1HJDWLYH 'LDOHFWLFV DQG 3URYRFDWLYH

%RGKLVDWWYDFDU\QLUGHwD
$FWD 2ULHQWDOLD  r
o7KH 3KXJ EUDJ 9HUVLRQV RI WKH $NuD\DPDWLQLUGHwDp ,Q 3URFHHGLQJV RI
WKH WK 6HPLQDU RI WKH ,QWHUQDWLRQDO $VVRFLDWLRQ IRU 7LEHWDQ 6WXGLHV
*UD]  9RO  7UDQVPLVVLRQ RI WKH 7LEHWDQ &DQRQ HG +HOPXW
$UJXPHQWV (GLWLRQ RI WKH 7LEHWDQ 7H[W RI WKH
ZLWK D 7UDQVODWLRQ DQG ,QWURGXFWLRQp



(LPHU

r

9LHQQD

9HUODJ

GHU

VWHUUHLFKLVFKHQ

$NDGHPLH

GHU

:LVVHQVFKDIWHQ
%URQNKRUVW -RKDQQHV

EXGGKLVWLVFKH /HKUHp ,Q 'HU %XGGKLVPXV , 'HU LQGLVFKH

%XGGKLVPXV XQG VHLQH 9HU]ZHLJXQJHQ HGV +HLQ] %HFKHUW DQG RWKHUV



o'LH

r 'LH 5HOLJLRQHQ GHU 0HQVFKKHLW   6WXWWJDUW .RKOKDPPHU

%URXJK -RKQ


%62$6   r

o7KXV +DYH , +HDUGp

&KDQGUD 0RWL


&KHQ <XDQ

o$UFKLWHFWXUDO

'DWD

LQ

-DLQ

&DQRQLFDO

/LWHUDWXUHp

-RXUQDO RI WKH

%RPED\ %UDQFK RI WKH 5R\DO $VLDWLF 6RFLHW\ QV  r



'XQKXDQJ MLH\X OX $Q DQDO\WLFDO OLVW RI WKH 7XQ+XDQJ PDQXVFULSWV LQ

 9ROV r 3HNLQJ

WKH 1DWLRQDO /LEUDU\ RI 3HLSLQJ

&KLHQ &KHQJ %KLNuX


0DQLIHVWDWLRQ RI WKH 7DWKJDWD %XGGKDKRRG $FFRUGLQJ WR WKH

$YDWDVDND 6WUD %RVWRQ :LVGRP

&KRX <L/LDQJ


o7DQWULVP LQ &KLQDp

+DUYDUG -RXUQDO RI $VLDWLF 6WXGLHV  r

&RRPDUDVZDP\ $QDQGD .


o,QGLDQ

$UFKLWHFWXUDO

7HUPVp

6RFLHW\   r

-RXUQDO RI WKH $PHULFDQ 2ULHQWDO

&RXVLQV /DQFH 6


DQG 6HOIp ,Q %XGGKLVP LQWR WKH <HDU  ,QWHUQDWLRQDO

&RQIHUHQFH 3URFHHGLQJV HG 'KDPPDND\D )RXQGDWLRQ r

o3HUVRQ

%DQJNRN /RV $QJHOHV 'KDPPDND\D )RXQGDWLRQ

&RXYUHXU :DOWHU


RI
.DUPDYFDQ )RUPXODUH IU GHQ *HEUDXFK LP
EXGGKLVWLVFKHQ *HPHLQGHOHEHQ DXV RVWWXUNHVWDQLVFKHQ 6DQVNULW
+DQGVFKULIWHQ E\ +HUEHUW +UWHO ,,-  r

5HYLHZ

(LPHU +HOPXW


o=X HLQHP 1DFKGUXFN GHV 'HUJH.DQMXUp

D

5DE WX nE\X EDnL JnL

LP

9LQD\D

GHU

=$6   r

'LH WLEHWLVFKH EHUVHW]XQJ GHV 3UDYUDM\YDVWX

0ODVDUYVWLYGLQV



7HLO

(LQOHLWXQJ

]XVW]OLFKH

$SSDUDWH PLW HLQHP ([NXUV %HREDFKWXQJHQ ]XU JUDSKLVFKHQ *HVWDOW

GHV IUKHQ WLEHWLVFKHQ .DQMXU $VLDWLVFKH )RUVFKXQJHQ  :LHVEDGHQ
+DUUDVVRZLW]
E

5DE WX nE\X EDnL

LP

9LQD\D

GHU

JnL

'LH WLEHWLVFKH EHUVHW]XQJ GHV 3UDYUDM\YDVWX

0ODVDUYVWLYGLQV



7HLO

7H[W

$VLDWLVFKH

)RUVFKXQJHQ  :LHVEDGHQ +DUUDVVRZLW]



5HYLHZ RI 6NRUXSVNL  %62$6  r



o(LQLJH %HPHUNXQJHQ ]X +DQGVFKULIWHQIXQGHQ DXV *XJH:HVWWLEHWp

=$6  r



(LQ

-DKU]HKQW

6WXGLHQ

]XU

EHUOLHIHUXQJ

GHV

7LEHWLVFKHQ

.DQMXU

:LHQHU 6WXGLHQ ]XU 7LEHWRORJLH XQG %XGGKLVPXVNXQGH QR  9LHQQD

$UEHLWVNUHLV

IU

7LEHWLVFKH

:LHQ



XQG

%XGGKLVWLVFKH

6WXGLHQ

8QLYHUVLWW



/RFDWLRQ /LVW IRU WKH 7H[WV LQ WKH 0LFURILFKH (GLWLRQ RI WKH 3KXJ EUDJ
.DQMXU &RPSLOHG IURP WKH 0LFURILFKH (GLWLRQ DQG -DPSD 6DPWHQnV
'HVFULSWLYH &DWDORJXH 6WXGLD 3KLORORJLFD %XGGKLFD 6HULHV 0DLRU 
7RN\R ,,%6



o$ )UDJPHQW RI WKH 7LEHWDQ 0DKSDULQLUYDVWUD )RXQG LQ 7DERp ,Q

6FKHUUHU6FKDXE DQG 6WHLQNHOOQHU  r



o6SXUHQVLFKHUXQJ

'DV

YHUVFKROOHQH

%HUOLQHU

)UDJPHQW

GHV

:DQOL

.DQMXUp =$6  r

(LPHU +HOPXW DQG RWKHUV PHPEHUV RI VWDII ,QGR7LEHWDQ 6HFWLRQ RI WKH ,QGRORJLVFKHV
6HPLQDU 8QLYHUVLWW %RQQ FRPSV


7KH %ULHI &DWDORJXHV WR WKH 1DUWKDQJ DQG WKH /KDVD .DQMXUV :LHQHU
6WXGLHQ

]XU

$UEHLWVNUHLV

7LEHWRORJLH
IU

XQG

7LEHWLVFKH

%XGGKLVPXVNXQGH

XQG

%XGGKLVWLVFKH

QR



6WXGLHQ

9LHQQD

8QLYHUVLWW

:LHQ
)UDXZDOOQHU (ULFK


2Q WKH 'DWH RI WKH %XGGKLVW 0DVWHU RI WKH /DZ 9DVXEDQGKX 6HULH

2ULHQWDOH 5RPD  5RPH ,V0(2



'LH 3KLORVRSKLH GHV %XGGKLVPXV WK HG %HUOLQ $NDGHPLH9HUODJ

)XMLWD .RWDWVX


o3XUH

/DQG

%XGGKLVP

DQG

WKH

/RWXV

6WUDp

,Q

,QGLDQLVPH

HW

ERXGGKLVPH 0langes offerts Mgr WLHQQH /DPRWWH, 117130.

Publications de lInstitut orientaliste de Louvain 23. Louvain-la-Neuve:
Universit catholique de Louvain, Institut orientaliste.
)XVV 0LFKDHO


%XGGKDYDFDQD DQG 'HL 9HUEXP $ 3KHQRPHQRORJLFDO DQG 7KHRORJLFDO

&RPSDULVRQ

RI

6FULSWXUDO

,QVSLUDWLRQ

LQ

WKH

6DGGKDUPDSXDUND

6WUD DQG LQ WKH &KULVWLDQ 7UDGLWLRQ /HLGHQ 1HZ <RUN &RSHQKDJHQ

&RORJQH %ULOO
*LOHV /LRQHO


'HVFULSWLYH &DWDORJXH RI WKH &KLQHVH 0DQXVFULSWV IURP 7XQKXDQJ LQ

WKH %ULWLVK 0XVHXP /RQGRQ 7KH 7UXVWHHV RI WKH %ULWLVK 0XVHXP

*RSDO /DOODQML


o+RQH\ ,QGXVWU\ LQ $QFLHQW ,QGLDp ,Q )HOLFLWDWLRQ 9ROXPH 3UHVHQWHG WR

'U 6DWNDUL 0RRNHUML HGV % 3 6LQKD DQG RWKHUV r 9DUDQDVL
7KH &KRZNKDPED 6DQVNULW 6HULHV 2IILFH

*UHJRU\ 3HWHU 1


o,V &ULWLFDO %XGGKLVP 5HDOO\ &ULWLFDO"p ,Q +XEEDUG DQG 6ZDQVRQ 

r

*ULIILWKV 3DXO -


o3DLQWLQJ

6SDFH

ZLWK

&RORUV

7DWKJDWDJDUEKD

LQ

WKH

0DK\QD

VWU ODNUD&RUSXV ,;rp ,Q %XGGKD 1DWXUH $ )HVWVFKULIW LQ

+RQRU RI 0LQRUX .L\RWD HGV 3DXO - *ULIILWKV DQG -RKQ 3 .HHQDQ r
 %XGGKLVW %RRNV ,QWHUQDWLRQDO 7RN\R .HQN\XVKD


2Q

%HLQJ

%XGGKD

7KH

&ODVVLFDO

'RFWULQH

RI

%XGGKDKRRG

681<

6HULHV 7RZDUG D &RPSDUDWLYH 3KLORVRSK\ RI 5HOLJLRQV $OEDQ\ 1<

6WDWH 8QLY RI 1HZ <RUN 3UHVV
*ULQVWHDG (ULF '


o7KH 0DQXVFULSW .DQMXU LQ WKH %ULWLVK 0XVHXPp $VLD 0DMRU QV 

r r

*URVQLFN :LOOLDP +


o7KH 7DWKJDWDJDUEKD 6WUDp ,Q %XGGKLVP LQ 3UDFWLFH HG 'RQDOG 6

/RSH] -U r 3ULQFHWRQ 1HZ -HUVH\ 3ULQFHWRQ 8QLY 3UHVV



+DDUK (ULN


[

o'LH %HUOLQHU .DQMXU+DQGVFKULIWp ='0*  r

+DEDWD +LURPL


J1KYe

o'DLM m1HKDQ J\n QR LNNVDWVX LJDNX VKLV QL NDQUHQ VKLWHp 2Q WKH

O

0DKSDULQLUYDVWUD DQG WKH \XUYHGD

 ,%.   >@ r r

+DFNHU 3DXO


.OHLQH 6FKULIWHQ (G /DPEHUW 6FKPLWKDXVHQ *ODVHQDSS6WLIWXQJ QR

 :LHVEDGHQ 6WHLQHU

+DKQ 0LFKDHO


o2Q WKH )XQFWLRQ DQG 2ULJLQ RI WKH 3DUWLFOH GDJp ,Q 7LEHWDQ 6WXGLHV
3UHVHQWHG DW WKH 6HPLQDU RI <RXQJ 7LEHWRORJLVWV =XULFK -XQH  r -XO\




HGV

0DUWLQ

%UDXHQ

DQG

3HU

.YDHUQH

r

=ULFK

9ONHUNXQGHPXVHXP GHU 8QLYHUVLWW =ULFK



/HKUEXFK GHU NODVVLVFKHQ WLEHWLVFKHQ 6FKULIWVSUDFKH WK HG ,QGLFD HW

7LEHWLFD  %RQQ ,QGLFD HW 7LEHWLFD



o%HPHUNXQJHQ ]X ]ZHL 7H[WHQ DXV GHP 3KXGUDJ.DQMXUp ,Q ,QGRORJ\

DQG ,QGR7LEHWRORJ\ 7KLUW\ <HDUV RI ,QGLDQ DQG ,QGR7LEHWDQ 6WXGLHV
LQ %RQQ  ,QGRORJLH XQG ,QGR7LEHWRORJLH 'UHLVVLJ -DKUH LQGLVFKH XQG
LQGRWLEHWLVFKH 6WXGLHQ LQ %RQQ HG +HOPXW (LPHU r ,QGLFD HW
7LEHWLFD  %RQQ ,QGLFD HW 7LEHWLFD

+DUD 0LQRUX


o'HYDJDUEKD DQG 7DWKJDWDJDUEKDp ,Q 7KH %XGGKLVW )RUXP YRO ,,,

r 3DSHUV LQ +RQRXU DQG $SSUHFLDWLRQ RI 3URIHVVRU 'DYLG
6H\IRUW

5XHJJnV

6WXGLHV

HGV

&RQWULEXWLRQ

7DGHXV]

WR

6NRUXSVNL

,QGRORJLFDO
DQG

8OULFK

%XGGKLVW
3DJHO

DQG

r

7LEHWDQ
/RQGRQ

62$6
+DUULVRQ 3DXO
D

o%XGGKQXVPWL

LQ

WKH

3UDW\XWSDQQD%XGGKD6DPXNKYDVWKLWD

6DPGKL6WUDp -RXUQDO RI ,QGLDQ 3KLORVRSK\  r

E

7KH

7LEHWDQ

7H[W

6DPGKL6WUD

RI

WKH

6WXGLD

3UDW\XWSDQQD%XGGKD6DPXNKYDVWKLWD

3KLORORJLFD

%XGGKLFD

0RQRJUDSK

6HULHV



7RN\R ,,%6


7KH 6DPGKL RI 'LUHFW (QFRXQWHU ZLWK WKH %XGGKDV RI WKH 3UHVHQW $Q

$QQRWDWHG

(QJOLVK

7UDQVODWLRQ

RI

WKH

7LEHWDQ

9HUVLRQ

RI

WKH

3UDW\XWSDQQD%XGGKD6DPXNKYDVWKLWD6DPGKL6WUD 6WXGLD 3KLOR

ORJLFD %XGGKLFD 0RQRJUDSK 6HULHV  7RN\R ,,%6
D

'UXPDNLQQDUDUMDSDULSFFKVWUD

&ULWLFDO

(GLWLRQ

RI

WKH

7LEHWDQ 7H[W 5HFHQVLRQ $ %DVHG RQ (LJKW (GLWLRQV RI WKH .DQMXU DQG

WKH

'XQKXDQJ

0DQXVFULSW

)UDJPHQW

6WXGLD

3KLORORJLFD

%XGGKLFD

0RQRJUDSK 6HULHV  7RN\R ,,%6

E

o0HULWRULRXV $FWLYLW\ RU :DVWH RI 7LPH" 6RPH 5HPDUNV RQ WKH (GLWLQJ

RI 7H[WV LQ WKH 7LEHWDQ .DQMXUp ,Q 3URFHHGLQJV RI WKH WK 6HPLQDU RI
WKH ,QWHUQDWLRQDO $VVRFLDWLRQ IRU 7LEHWDQ 6WXGLHV 1DULWD  9RO 
%XGGKLVW

3KLORVRSK\

DQG

/LWHUDWXUH

HGV

6KUHQ

,KDUD

DQG

=XLK

<DPDJXFKL r 1DULWD 1DULWDVDQ 6KLQVKRML



o,Q 6HDUFK RI WKH 6RXUFH RI WKH 7LEHWDQ E.Dn nJ\XU $ 5HFRQQDLVVDQFH

5HSRUWp ,Q 7LEHWDQ 6WXGLHV 3URFHHGLQJV RI WKH WK 6HPLQDU RI WKH
,QWHUQDWLRQDO $VVRFLDWLRQ IRU 7LEHWDQ 6WXGLHV )DJHUQHV  9RO 
HG

3HU

.YDHUQH

r

5HVHDUFK LQ +XPDQ &XOWXUH



2VOR

7KH

,QVWLWXWH

IRU

&RPSDUDWLYH



o3KLORORJ\ LQ WKH )LHOG 6RPH &RPPHQWV RQ 6HOHFWHG P'R PDQJ 7H[WV

LQ WKH 7DER &ROOHFWLRQp ,Q 6FKHUUHU6FKDXE DQG 6WHLQNHOOQHU  r


+DUWPDQQ -HQV8ZH


o1RWHV

RQ

7ZR

7H[WV

LQ

WKH

3KXJ

EUDJ

.DQMXUp

,Q

6XKOOHNK

)HVWJDEH IU +HOPXW (LPHU HGV 0LFKDHO +DKQ -HQV8ZH +DUWPDQQ

DQG 5RODQG 6WHLQHU r ,QGLFD HW 7LEHWLFD  6ZLVWWDO2GHQGRUI

36

,QGLFD HW 7LEHWLFD
+D\DVKL\D 7RPRMLU


.\URNX

NHQN\

]HPSHQ

 5HVHDUFK

RQ

VFULSWXUH

FDWDORJXHV

ILUVW

 7RN\R ,ZDQDPL 6KRWHQ

YRO
+LOOHEUDQGW $OIUHG


o'LH

%HGHXWXQJ

YRQ

*DQGKDUYDp

,Q

$OIUHG

6FKULIWHQ HG 5DKXO 3 'DV r r

+LOOHEUDQGW

.OHLQH

Glasenapp-Stiftung, no. 28.

Stuttgart Steiner, 

+LUDNDZD $NLUD


o.\URNX QR PRQGDLWHQp 6RPH SUREOHPV LQ &KLQHVH FDWDORJXHV RI WKH

WUDQVODWLRQ

RI

%XGGKLVW

VFULSWXUHV

%XNN\

*DNX

 r


1\RUDL] WR 'DLM NLVKLQURQ  7DWKJDWDJDUEKD DQG WKH 0DK\QD

 7RN\R 6KXQMVKD

lUDGGKRWSGDwVWUD
+XEEDUG -DPLH DQG 3DXO / 6ZDQVRQ HGV


3UXQLQJ WKH %RGKL 7UHH 7KH 6WRUP RYHU &ULWLFDO %XGGKLVP +RQROXOX
8QLY RI +DZDLmL 3UHVV

+XFNHU &KDUOHV 2


$ 'LFWLRQDU\ RI 2IILFLDO 7LWOHV LQ ,PSHULDO &KLQD 7DLZDQHVH UHSULQW RI

WKH 6WDQIRUG 8QLY 3UHVV  HG 7DLSHL 6RXWKHUQ 0DWHULDOV &HQWHU

,PDHGD <RVKLUR


ditions Chinoises du Kanjur et du

Tanjur Tibtains. In Essais sur lArt du Tibet HGV $ULDQH 0DF'RQDOG

o0LVH DX 3RLQW &RQFHUQDQW OHV

DQG RWKHUV r 3DULV - 0DLVRQQHXYH VXFF



o1RWH VXU OH .DQMXU GH 'HUJHp ,Q 7DQWULF DQG 7DRLVW 6WXGLHV LQ +RQRXU

langes
Chinois et Bouddhiques 20. %UX[HOOHV ,QVWLWXW %HOJH GHV +DXWHV tudes
Chinoises.
o/ndition du Kanjur Tibtain de Jang Sa-tham.p -$  r
&DWDORJXH GX .DQMXU tibtain de ldition de Jang sa-tham, , dition.
Bibliotheca Philologica Buddhica Series Maior 2a 7RN\R ,,%6
&DWDORJXH GX .DQMXU tibtain de ldition de Jang sa-tham, ,, 7H[WH
HQ WUDQVOLWWration. Bibliotheca Philologica Buddhica Series Maior 2b
RI

D
E



5

$

6WHLQ

HG

0LFKHO

6WULFNPDQQ

YRO



r

7RN\R ,,%6
GH -RQJ -DQ :LOOHP


5HYLHZ RI 7DNDVDNL  ,,-  r

.DJDZD 7DNDR


o=EXQ

1\RUDL]N\

\DNXFKp

7KH

WUDQVODWLRQ

LQWR

-DSDQHVH

DQG

QRWHV RQ WKH 7LEHWDQ WH[W RI WKH 7DWKJDWDJDUEKDVWUD

 %XNN\ 'DLJDNX .HQN\ .L\

 r

.DML\DPD <XLFKL


o2Q

WKH

0HDQLQJV

3UDMSUDPLW

RI

WKH

/LWHUDWXUHp

:RUGV
,Q

%RGKLVDWWYD

,QGRORJLFDO

DQG

DQG

0DKVDWWYD

%XGGKLVW

LQ

6WXGLHV

9ROXPH LQ +RQRXU RI 3URIHVVRU - : GH -RQJ RQ KLV 6L[WLHWK %LUWKGD\

HGV

/XLVH

$

+HUFXV

DQG

RWKHUV

r

1DWLRQDO 8QLYHUVLW\@ )DFXOW\ RI $VLDQ 6WXGLHV



&DQEHUUD

>$XVWUDOLDQ

.DQHNR <RVKLR


99
om1\RUDL]N\n QR N\\X WR VRQR NRVHLND NDWHLp 6LPLOHV RI %XGGKD
QDWXUH WDWKJDWDJDUEKD LQ WKH 7DWKJDWDJDUEKDVWUD DQG WKH SURFHVV
RI

LQGLYLGXDWLRQ

&K

 r

*DNXMXWVX .HQN\MR .L\

.DUDVKLPD 6HLVKL


7KH 7H[WXDO 6WXG\ RI WKH &KLQHVH 9HUVLRQV RI WKH 6DGGKDUPDSXDUND

VWUD r LQ WKH /LJKW RI WKH 6DQVNULW DQG 7LEHWDQ 9HUVLRQV %LEOLRWKHFD
,QGRORJLFD HW %XGGKRORJLFD  7RN\R 6DQNLE %XVVKRULQ



*ORVVDU\

%LEOLRWKHFD
,QWHUQDWLRQDO

RI

'KDUPDUDNuDnV

3KLORORJLFD
5HVHDUFK

HW

7UDQVODWLRQ

3KLORVRSKLFD

,QVWLWXWH

IRU

RI

WKH

%XGGKLFD

$GYDQFHG

/RWXV


6XWUD
7RN\R

%XGGKRORJ\

6RND

K

8QLYHUVLW\
.DUL\D 6DGDKLNR



o+RNNHN\ WR 1\RUDL]N\ s LVVDLVKXM NDLVKLWVX ERVDWVX WR

VKLWVXXEXVVKp  7KH /RWXV 6WUD DQG WKH 7DWKJDWDJDUEKDVWUD m$OO
OLYLQJ EHLQJV DUH ERGKLVDWWYDVn DQG m$OO OLYLQJ EHLQJV KDYH EXGGKD
QDWXUHn

,Q 7\JDNX 5RQVK 0RUL 0LNLVDEXU +DNDVH 6KMX .LQHQ

 HG 0RUL 0LNLVDEXU +DNDVH
6KMX .LQHQ -LJ\NDL
 r
.\RWR +\ 6KRWHQ

[K7 V
IS @??S0R`
@??S0R`

.LQJ 5LFKDUG


o,V m%XGGKD1DWXUHn %XGGKLVW" 'RFWULQDO 7HQVLRQV LQ WKH lUPO

6WUD DQ (DUO\ 7DWKJDWDJDUEKD 7H[Wp 1XPHQ  r

.XPDU 7XN7XN

+LVWRU\ RI 5LFH LQ ,QGLD 0\WKRORJ\ &XOWXUH DQG $JULFXOWXUH 'HOKL
*LDQ 3XEOLVKLQJ +RXVH
/DORX 0DUFHOOH

o/HV WH[WHV %RXGGKLTXHV DX 7HPSV GX 5RL .KULVUROGHEFDQp -$
 r

o+ROG RU 5HWDLQ"p (DVW DQG :HVW   r
/DPRWWH tienne

/n(QVHLJQHPHQW GH 9LPDODNUWL 9LPDODNUWLQLUGHwD %LEOLRWKTXH GX
0XVon 51. /RXYDLQ r /HXYHQ 3XEOLFDWLRQV 8QLYHUVLWDLUHV

+LVWRLUH GX ERXGGKLVPH LQGLHQ GHV RULJLQHV lre wDND Publications
de lInstitut orientaliste de Louvain 14. Louvain-la-Neuve: Universit
catholique de Louvain
/DQJHU 5LWD

'DV %HZXVVWVHLQ DOV 7UJHU GHV /HEHQV (LQLJH ZHQLJHU EHDFKWHWH
$VSHNWH GHV bYLDn LP 3OLNDQRQ :LHQHU 6WXGLHQ ]XU 7LEHWRORJLH
XQG %XGGKLVPXVNXQGH QR  9LHQQD $UEHLWVNUHLV IU 7LEHWLVFKH XQG
%XGGKLVWLVFKH 6WXGLHQ 8QLYHUVLWW :LHQ
/HFKWPDQ +HDWKHU DQG $UWKXU 6WHLQEHUJ

o%URQ]H -RLQLQJ $ 6WXG\ RI $QFLHQW 7HFKQRORJ\p ,Q $UW DQG
7HFKQRORJ\ D 6\PSRVLXP RQ &ODVVLFDO %URQ]HV HGV 6X]DQQDK
'RHULQJHU 'DYLG *RUGRQ 0LWWHQ DQG $UWKXU 6WHLQEHUJ II &DPEULGJH
0DVV /RQGRQ 0DVVDFKXVHWWV ,QVWLWXWH RI 7HFKQRORJ\ 3UHVV
/YL 6\OYDLQ

$VDJD 0DK\QD6WUODNUD 7RPH ,, 7UDGXFWLRQ ,QWURGXFWLRQ
,QGH[ 3DULV  5HSULQW .\RWR 5LQVHQ 



/GHUV +HLQULFK

3KLORORJLFD ,QGLFD $XVJHZKOWH NOHLQH 6FKULIWHQ YRQ +HLQULFK /GHUV

)HVWJDEH ]XP VLHE]LJVWHQ *HEXUWVWDJH DP  -XQL  GDUJHEUDFKW

YRQ .ROOHJHQ )UHXQGHQ XQG 6FKOHUQ *WWLQJHQ 9DQGHQKRHFN

5XSUHFKW
0DF4XHHQ *UDHPH

o,QVSLUHG 6SHHFK LQ (DUO\ 0DK\QD %XGGKLVP ,p 5HOLJLRQ  r


o,QVSLUHG 6SHHFK LQ (DUO\ 0DK\QD %XGGKLVP ,,p 5HOLJLRQ  r

0DLWKULPXUWKL 0XGDJDPXZH

:RKOZROOHQ 0LWOHLG )UHXGH XQG *OHLFKPXW (LQH LGHHQJHVFKLFKWOLFKH

8QWHUVXFKXQJ GHU YLHU dDSUDPDVo LQ GHU EXGGKLVWLVFKHQ (WKLN XQG

6SLULWXDOLWW YRQ GHQ $QIQJHQ ELV KLQ ]XP IUKHQ <RJFUD
 $OW XQG

N
O

1HX,QGLVFKH 6WXGLHQ  6WXWWJDUW 6WHLQHU

0DWVXPRWR 6KLU




=HQ VKLV QR KLKDQWHNL NHQN\

 7RN\R 'DL]

+RNNHN\
/RWXV 6WUD

 $ FULWLFDO VWXG\ RI =HQ WKRXJKW

r +EHQERQ +L\XERQ
XS\DNDXwDO\D

QR VKLV

WR

p  7KH SKLORVRSK\ RI WKH

DXSDP\D

J[KKOH?-/IH//I .RPD]DZD 'DLJDNX

'DLJDNXLQ %XNN\JDNX 1HQS :7
 7KH

FKDSWHU

DQG

WKH

FKDSWHU

 r

0F&DQQ &KDUOHV


7UHHV RI ,QGLD D 3RSXODU +DQGERRN

%RPED\

'%

7DUDSRUHYDOD

6RQV
0LFKDHOV $[HO


7KH 0DNLQJ RI D 6WDWXH /RVWZD[ &DVWLQJ LQ 1HSDO

 6WXWWJDUW 6WHLQHU

0LPDNL .DWVXPL


%OR JVDO JUXE PWKDn &KDSLWUHV ,; 9DLEKuLND HW ;, <RJFUD dits

HW &KDSLWUH ;,, 0GK\DPLND GLW HW WUDGXLW

 .\RWR 8QLYHUVLW

GH

.\RWR =LQEXQ .DJDNX .HQN\XV\R

1DNDPXUD +DMLPH


,QGLDQ %XGGKLVP $ 6XUYH\ ZLWK %LEOLRJUDSKLFDO 1RWHV

 ,QWHUFXOWXUDO

5HVHDUFK

,QVWLWXWH

0RQRJUDSK



+LUDNDWD

.DQVDL

8QLYHUVLW\

RI

)RUHLJQ 6WXGLHV
1DNDPXUD =XLU\


.XN\ LFKLM KVK URQ NHQN\ ERQ NDQ WDLVK

5DWQDJRWUDYLEKJD0DK\QRWWDUDWDQWUDlVWUD


FRPSDUHG

7KH
ZLWK

6DQVNULW DQG &KLQHVH ZLWK LQWURGXFWLRQ DQG QRWHV




 7RN\R 6DQNLE %XVVKRULQ

o1\RUDL]N\ Np 7KRXJKWV RQ WKH



VDND *DNXK

1LVKLRND 6RVK


om3XWXQ

%XNN\VKLn

7DWKJDWDJDUEKDVWUD

 'HFHPEHU r

PRNXURNXEX

VDNXLQ

,p

,QGH[

WR

WKH

FDWDORJXH

+LVWRU\ RI %XGGKLVP ,
 7N\ 'DLJDNX %XQJDNXEX %XQND .U\ .HQN\ 6KLVHWVX
 r
.HQN\ .L\

VHFWLRQ RI %X VWRQnV

1RUPDQ . 5


o3OL /H[LFRJUDSKLFDO 6WXGLHV ,9 (OHYHQ 3OL (W\PRORJLHVp

r



-376 

2EHUPLOOHU (XJ QH


+LVWRU\ RI %XGGKLVP &KRV E\XQJ E\ %XVWRQ , 3DUW 7KH -HZHOU\ RI

6FULSWXP WUDQVODWHG IURP 7LEHWDQ E\ ( 2EHUPLOOHU +HLGHOEHUJ ,Q
.RPPLVVLRQ EHL 2 +DUUDVVRZLW]



+LVWRU\ RI %XGGKLVP &KRV E\XQJ E\ %XVWRQ ,, 3DUW 7KH +LVWRU\ RI

%XGGKLVP LQ ,QGLD DQG 7LEHW WUDQVODWHG IURP 7LEHWDQ E\ ( 2EHUPLOOHU
+HLGHOEHUJ ,Q .RPPLVVLRQ EHL 2 +DUUDVVRZLW]

2HWNH &ODXV


'LH DXV GHP &KLQHVLVFKHQ EHUVHW]WHQ WLEHWLVFKHQ 9HUVLRQHQ GHV

6XYDUDSUDEKVDVWUD $OW XQG 1HX,QGLVFKH 6WXGLHQ  :LHVEDGHQ
6WHLQHU



3DUDSKUDVHQEH]LHKXQJHQ ]ZLVFKHQ GLVMXQNWLYHQ XQG NRQMXQNWLYHQ

6W]HQ /LQJXLVWLVFKH $UEHLWHQ  7ELQJHQ 1LHPH\HU

2NDEH .D]XR


& ,%.


2OVRQ (OHDQRU


H>I

om6KLWVX\DNX ]N\ URNXn NHQN\ QR NDGDLp $Q ,QWURGXFWLRQ WR WKH

6WXG\ RQ WKH

6KL\L]DMLQJOX HGLWHG E\ 6HQJ\RX

  >@ r r

&DWDORJXH RI WKH 1HZDUN 0XVHXP 7LEHWDQ &ROOHFWLRQ. Vol. 3. Newark:

1HZDUN 0XVHXP $VVRFLDWLRQ

2URILQR *LDFRPHOOD


6HNRGGHwD $ &ULWLDO (GLWLRQ RI WKH 7LEHWDQ 7UDQVODWLRQ ZLWK DQ

$SSHQGL[ E\ 5DQLHUR *QROL RQ WKH 6DQVNULW 7H[W 6HULH 2ULHQWDOH 5RPD
 5RPH ,V0(2

3DJHO 8OULFK


7KH %RGKLVDWWYDSLDND ,WV 'RFWULQHV 3UDFWLFHV DQG WKHLU 3RVLWLRQ LQ

0DK\QD /LWHUDWXUH %XGGKLFD %ULWDQQLFD 6HULHV &RQWLQXD  7ULQJ
(QJODQG 7KH ,QVWLWXWH RI %XGGKLVW 6WXGLHV



o7KUHH
:HVW

%RGKLVDWWYDSLDND

7LEHWDQ

0DQXVFULSW

)UDJPHQWV IURP 7DER

7UDGLWLRQp

2EVHUYDWLRQV

RQ

-RXUQDO RI WKH ,QWHUQDWLRQDO

$VVRFLDWLRQ RI %XGGKLVW 6WXGLHV   r

3DJHO 8OULFK DQG 6


an *DIIQH\

/RFDWLRQ /LVW WR WKH 7H[WV LQ WKH 0LFURILFKH (GLWLRQ RI WKH lHO GNDU
/RQGRQ 0DQXVFULSW E.Dn nJ\XU 2U  &DWDORJXV &RGLFXP
7LEHWDQRUXP  /RQGRQ 7KH %ULWLVK /LEUDU\

3DQJOXQJ -DPSD /


o1HZ )UDJPHQWV RI WKH

V*UDVE\RU EDPSR JLVSDp (DVW DQG :HVW 

 r
3HWHFK /XFLDQR


&KLQD DQG 7LEHW LQ WKH (DUO\ ;9,,,WK &HQWXU\

7nRXQJ

3DR

0RQRJUDSKLH  HGV 3DXO 'HPL YLOOH DQG $QWKRQ\ )UDQ RLV 3DXOXV

+XOVHZ  /HLGHQ %ULOO

3UDNDVK 2P


(FRQRP\ DQG )RRG LQ $QFLHQW ,QGLD 3DUW ,, )RRG

'HOKL %KDUDWL\D

9LG\D 3UDNDVKDQ
3\H 0LFKDHO


6NLOIXO 0HDQV $ &RQFHSW LQ 0DKD\DQD %XGGKLVP /RQGRQ 'XFNZRUWK

&R

5DKXOD :DOSROD


'KDPPDW 'KDUPDWp ,Q %XGGKLVW 6WXGLHV LQ

+RQRXU RI , % +RUQHU HGV /DQFH 6 &RXVLQV $UQROG .XQVW DQG .

o:URQJ 1RWLRQV RI

5 1RUPDQ r 'RUGUHFKW %RVWRQ ' 5HLGHO



5DWLR $OSR


o7LEHWDQ

%XGGKLVW

&DQRQ

+ROGLQJV

LQ

([WDQW .DQMXU DQG 7DQMXU &ROOHFWLRQVp

,QGLD

3UHOLPLQDU\

(DVW DQG :HVW

1RWHV

RQ

 QRV r

-XQH r
5HHYHV 5XWK

&LUH 3HUGXH &DVWLQJ LQ ,QGLD 1HZ 'HOKL &UDIWV 0XVHXP



RJDPH\ .RQVWDQW\

3KLORVRSK\ LQ WKH 6DPGKLUMDVWUD 7KUHH &KDSWHUV IURP WKH

6DPGKLUMDVWUD :DUVDZ  5HSULQW 'HOKL 0RWLODO %DQDUVLGDVV



5HQ -L\X

=KRQJJXR IRMLDR VKL



 +LVWRU\

RI

&KLQHVH

%XGGKLVP

SN

9RO  3HNLQJ =KRQJJXR 6KHKXLNH[XH

5 QDWDV $QGUV


:LHQHU 9RUOHVXQJHQ ]XU 6SUDFK XQG .XOWXUJHVFKLFKWH 7LEHWV

6WXGLHQ

]XU

$UEHLWVNUHLV

7LEHWRORJLH
IU

XQG

7LEHWLVFKH

%XGGKLVPXVNXQGH

XQG

%XGGKLVWLVFKH

QR



6WXGLHQ

:LHQHU
9LHQQD

8QLYHUVLWW

:LHQ
GH 5RVVL )LOLEHFN (OHQD


o$ 6WXG\ RI D )UDJPHQWDU\ 0DQXVFULSW RI WKH

j

SKR /LEUDU\p

6DLW .MXQ


(DVW DQG :HVW   r

3DFDYLwDWLN LQ WKH 7D

o.DZDJXFKL (NDL VKL VKUDL 7\ %XQNR VKR] r

VKDKRQ

&KLEHWWR

9E 1 r 
EQ^ 7DLVK 'DLJDNX .HQN\ .L\
  r r

GDL]N\ FKVD ELEp $ VWXG\ RI WKH KDQGZULWWHQ FRS\ RI >WKH@ 7LEHWDQ

.DQMXU IURP U*\DOUWVH

6DPWHQ -DPSD

o1RWHV RQ WKH /LWKDQJ (GLWLRQ RI WKH 7LEHWDQ E.Dn nJ\XUp WUDQVODWHG
ZLWK -HUHP\ 5XVVHOO 7KH 7LEHW -RXUQDO   r

3KXJ EUDJ ENDn nJ\XU EULV PDnL GNDU FKDJ  $ &DWDORJXH RI WKH 3KXJ
EUDJ 0DQXVFULSW .DQMXU 'KDUDPVDOD /LEUDU\ RI 7LEHWDQ :RUNV DQG
$UFKLYHV
6DUDVZDWL 6DUDVL .
o$Q $QFLHQW 7H[W RQ WKH &DVWLQJ RI 0HWDO ,PDJHVp -RXUQDO RI WKH

,QGLDQ 6RFLHW\ RI 2ULHQWDO $UW   r
6FKHUUHU6FKDXE &ULVWLQD $

olD FX m4Xn\DWLO DX SURJUDPPH GD OD FODVVH GH SKLORORJLH
ERXGGKLTXH"np ,Q 3URFHHGLQJV RI WKH WK 6HPLQDU RI WKH ,QWHUQDWLRQDO

$VVRFLDWLRQ IRU 7LEHWDQ 6WXGLHV 1DULWD  9RO  %XGGKLVW

3KLORVRSK\ DQG /LWHUDWXUH HGV 6KUHQ ,KDUD DQG =XLK <DPDJXFKL

r 1DULWD 1DULWDVDQ 6KLQVKRML

D
o7UDQVODWLRQ 7UDQVPLVVLRQ 7UDGLWLRQ 6XJJHVWLRQV IURP 1LQWK&HQWXU\
7LEHWp -RXUQDO RI ,QGLDQ 3KLORVRSK\  r
E
o7RZDUGV D 0HWKRGRORJ\ IRU WKH 6WXG\ RI 2OG 7LEHWDQ 0DQXVFULSWV
'XQKXDQJ DQG 7DERp ,Q 6FKHUUHU6FKDXE DQG 6WHLQNHOOQHU  r
6FKHUUHU6FKDXE &ULVWLQD $ DQG (UQVW 6WHLQNHOOQHU HGV

7DER 6WXGLHV ,, 0DQXVFULSWV 7H[WV ,QVFULSWLRQV DQG WKH $UWV 6HULH
2ULHQWDOH 5RPD  5RPH ,VWLWXWR ,WDOLDQR SHU On$IULFD H On2ULHQWH
6FKLHIQHU $QWRQ

7UDQWKDnV *HVFKLFKWH GHV %XGGKLVPXV LQ ,QGLHQ DXV GHP
7LEHWLVFKHQ EHUVHW]W YRQ $QWRQ 6FKLHIQHU 6W 3HWHUVEXUJ
&RPPLVVLRQDUH GHU .DLVHUOLFKHQ $NDGHPLH GHU :LVVHQVFKDIWHQ


6FKPLWKDXVHQ /DPEHUW
D
'HU 1LUYD$EVFKQLWW LQ GHU 9LQLwFD\DVDJUDKD GHU
<RJDFUDEKPL VWHUUHLFKLVFKH $NDGHPLH GHU :LVVHQVFKDIWHQ
3KLORVRSKLVFKKLVWRULVFKH .ODVVH 6LW]XQJVEHULFKWH  %DQG 
$EKDQGOXQJ 9LHQQD &RORJQH *UD] .RPPLVVLRQVYHUODJ GHU
VWHUUHLFKLVFKHQ $NDGHPLH GHU :LVVHQVFKDIWHQ
E
o,FK XQG (UOVXQJ LP %XGGKLVPXVp =05   r

o3KLORORJLVFKH %HPHUNXQJHQ ]XP 5DWQDJRWUDYLEKJDp :=.6  r

D
5HYLHZ RI 6H\IRUW 5XHJJ  :=.6  r
E
o6SLULWXHOOH 3UD[LV XQG SKLORVRSKLVFKH 7KHRULH LP %XGGKLVPXVp =05
  r

5HYLHZ RI 6:7)  /LHIHUXQJ ='0*  r
D
|OD\DYLMQD 2Q WKH 2ULJLQ DQG WKH (DUO\ 'HYHORSPHQW RI D &HQWUDO
&RQFHSW RI <RJFUD 3KLORVRSK\ 3DUW , 7H[W 6WXGLD 3KLORORJLFD
%XGGKLFD 0RQRJUDSK 6HULHV D 7RN\R ,,%6
E
|OD\DYLMQD 2Q WKH 2ULJLQ DQG WKH (DUO\ 'HYHORSPHQW RI D &HQWUDO

&RQFHSW RI <RJFUD 3KLORVRSK\ 3DUW ,, 1RWHV %LEOLRJUDSK\ DQG

,QGLFHV 6WXGLD 3KLORORJLFD %XGGKLFD 0RQRJUDSK 6HULHV E 7RN\R



,,%6

7KH 3UREOHP RI WKH 6HQWLHQFH RI 3ODQWV LQ (DUOLHVW %XGGKLVP 6WXGLD

3KLORORJLFD %XGGKLFD 0RQRJUDSK 6HULHV  7RN\R ,,%6

o$ 1RWH RQ 9DVXEDQGKX DQG WKH /DNYDWUDVWUDp $VLDWLVFKH 6WXGLHQ
  6RQGHUQXPPHU ]X (KUHQ YRQ -DTXHV 0D\ r
6FKQHLGHU -RKDQQHV

'HU /RESUHLV GHU 9RU]JOLFKNHLW GHV %XGGKD 8GEKDDVLGGKDVYPLQV


9LwHuDVWDYD PLW 3UDMYDUPDQV .RPPHQWDU QDFK GHP 7LEHWLVFKHQ

7DQMXU ,QGLFD HW 7LEHWLFD  %RQQ ,QGLFD HW 7LEHWLFD

6FKRHQLQJ -HIIUH\ '

D
7KH lOLVWDPED 6WUD DQG LWV ,QGLDQ &RPPHQWDULHV 9ROXPH ,
7UDQVODWLRQ ZLWK $QQRWDWLRQ :LHQHU 6WXGLHQ ]XU 7LEHWRORJLH XQG
%XGGKLVPXVNXQGH QR   9LHQQD $UEHLWVNUHLV IU 7LEHWLVFKH XQG
%XGGKLVWLVFKH 6WXGLHQ 8QLYHUVLWW :LHQ
E
7KH lOLVWDPED 6WUD DQG LWV ,QGLDQ &RPPHQWDULHV 9ROXPH ,, 7LEHWDQ
(GLWLRQV :LHQHU 6WXGLHQ ]XU 7LEHWRORJLH XQG %XGGKLVPXVNXQGH QR
  9LHQQD $UEHLWVNUHLV IU 7LEHWLVFKH XQG %XGGKLVWLVFKH 6WXGLHQ
8QLYHUVLWW :LHQ
6FKRSHQ *UHJRU\

5HYLHZ RI 7KH /DUJH 6XWUD RQ 3HUIHFW :LVGRP ZLWK WKH 'LYLVLRQV RI WKH
o$EKLVDPD\ODNUDp E\ (GZDUG &RQ]H ,,-  r
6H\IRUW 5XHJJ 'DYLG

o2Q WKH G*H OXJV SD 7KHRU\ RI WKH WDWKJDWDJDUEKDp ,Q 3UDWLGQDP

,QGLDQ ,UDQLDQ DQG ,QGR(XURSHDQ 6WXGLHV 3UHVHQWHG WR )UDQFLVFXV

%HUQDUGXV -DFREXV .XLSHU RQ +LV 6L[WLHWK %LUWKGD\ HGV -DQ &





+HHVWHUPDQ *RGDUG + 6FKRNNHU DQG 9 , 6XEUDPRQLDP r

7KH +DJXH 3DULV 0RXWRQ
/D WKRULH GX WDWKJDWDJDUEKD HW GX JRWUD 3XEOLFDWLRQV GH OnFROH
)UDQDLVH Gn([WUPH2ULHQW  3DULV
/H WUDLW GX WDWKJDWDJDUEKD GH %X VWRQ 5LQ FKHQ JUXE 3XEOLFDWLRQV de
lFROH )UDQDLVH Gn([WUPH2ULHQW  3DULV
o7KH 0HDQLQJV RI WKH 7HUP *RWUD DQG WKH 7H[WXDO +LVWRU\ RI WKH
5DWQDJRWUDYLEKJDp %62$6  r







o$KLV DQG 9HJHWDULDQLVP LQ WKH +LVWRU\ RI %XGGKLVPp ,Q %XGGKLVW

6WXGLHV LQ +RQRXU RI :DOSROD 5DKXOD HGV 6RPDUDWQD %DODVRRUL\D DQG
RWKHUV r /RQGRQ *RUGRQ )UDVHU

%XGGKD1DWXUH 0LQG DQG WKH 3UREOHP RI *UDGXDOLVP LQ D

&RPSDUDWLYH 3HUVSHFWLYH -RUGDQ /HFWXUHV  /RQGRQ 62$6

o6RPH 5HIOHFWLRQV RQ 7UDQVODWLQJ %XGGKLVW 3KLORVRSKLFDO 7H[WV IURP

6DQVNULW DQG 7LEHWDQp $VLDWLVFKH 6WXGLHQ   6RQGHUQXPPHU ]X
(KUHQ YRQ -DTXHV 0D\ r

o3UDPDEKWD 3UDPDEKWDSXUXuD 3UDW\DNuDGKDUPDQ DQG
6NuWNWDGKDUPDQ DV (SLWKHWV RI WKH uL |FU\D DQG 7WKJDWD LQ
*UDPPDWLFDO (SLVWHPRORJLFDO DQG 0DGK\DPDND 7H[WVp %62$6 
 r
6KLPRGD 0DVDKLUR

1HKDQJ\ QR NHQN\ GDLM N\WHQ QR NHQN\ KK VKLURQ $ VWXG\ RI
WKH 0DKSDULQLUYDVWUD ZLWK D IRFXV RQ WKH PHWKRGRORJ\ RI WKH
VWXG\ RI 0DK\QDVWUDV


7RN\R 6KXQMVKD
6LON -RQDWKDQ $

7KH +HDUW 6WUD LQ 7LEHWDQ $ &ULWLFDO (GLWLRQ RI WKH 7ZR 5HFHQVLRQV
&RQWDLQHG LQ WKH .DQMXU :LHQHU 6WXGLHQ ]XU 7LEHWRORJLH XQG
%XGGKLVPXVNXQGH QR  9LHQQD $UEHLWVNUHLV IU 7LEHWLVFKH XQG
%XGGKLVWLVFKH 6WXGLHQ 8QLYHUVLWW :LHQ
6LPRQVVRQ 1LOV

,QGR7LEHWLVFKH 6WXGLHQ 'LH 0HWKRGHQ GHU WLEHWLVFKHQ EHUVHW]HU

1 ?[\

XQWHUVXFKW LP +LQEOLFN DXI GLH %HGHXWXQJ LKUHU EHUVHW]XQJHQ IU GLH

6DQVNULWSKLORORJLH , 8SSVDOD Almqvist & Wiksells Boktryckeri Ab.

6LYDUDPDPXUWL &

6RXWK ,QGLDQ %URQ]HV 1HZ 'HOKL /DOLW .DO $NDGHPL
6NLOOLQJ 3HWHU

0DKVWUDV *UHDW 'LVFRXUVHV RI WKH %XGGKD 9RO , 7H[WV 2[IRUG
376

o)URP E.Dn EVWDQ EFRV WR E.Dn nJ\XU DQG EV7DQ nJ\XUp ,Q 3URFHHGLQJV

RI WKH WK 6HPLQDU RI WKH ,QWHUQDWLRQDO $VVRFLDWLRQ IRU 7LEHWDQ 6WXGLHV

*UD]  9RO  7UDQVPLVVLRQ RI WKH 7LEHWDQ &DQRQ HG +HOPXW



(LPHU r 9LHQQD 9HUODJ GHU VWHUUHLFKLVFKHQ $NDGHPLH GHU

:LVVHQVFKDIWHQ
o$ %XGGKLVW ,QVFULSWLRQ IURP *R ;RDL 6RXWKHUQ 9LHWQDP DQG 1RWHV
WRZDUGV D &ODVVLILFDWLRQ RI \H GKDUP ,QVFULSWLRQVp ,Q  S wVWUFU\

'U 3UDVHULK D 1DJDUD UXDP ERG NYP YLMNU GQ FUN ODH

HNDVUD SRUD  3URI 'U 3UDVHUW 1D 1DNRUQ DW  \HDUV $ FROOHFWLRQ

RI DUWLFOHV RQ LQVFULSWLRQV DQG GRFXPHQWV r %DQJNRN

o7KH %DWDQJ 0DQXVFULSW .DQMXU LQ WKH 1HZDUN 0XVHXP $ 3UHOLPLQDU\
5HSRUWp $5,5,$%  r
6NRUXSVNL 7DGHXV]

$ &DWDORJXH RI WKH 6WRJ 3DODFH .DQMXU %LEOLRJUDSKLD 3KLORORJLFD
%XGGKLFD 6HULHV 0DLRU  7RN\R ,,%6
6QHOOJURYH 'DYLG / DQG 7DGHXV] 6NRUXSVNL

7KH &XOWXUDO +HULWDJH RI /DGDNK 1HZ 'HOKL 9LNDV
6ULQLYDVDQ $\\D 6ULQLYDVD

9FDVSDWLPLwUDV 7DWWYDNDXPXG (LQ %HLWUDJ ]XU 7H[WNULWLN EHL
NRQWDPLQLHUWHU EHUOLHIHUXQJ $OW XQG 1HX,QGLVFKH 6WXGLHQ 
+DPEXUJ &UDP GH *UX\WHU &R




6WHLQNHOOQHU (UQVW

lQWLGHYD 'HU (LQWULWW LQ GDV /HEHQ ]XU (UOHXFKWXQJ 7UDQVODWLRQ G
HG 'LHGHULFKV *HOEH 5HLKH  0XQLFK (XJHQ 'LHGHULFKV

o$ 5HSRUW RQ WKH m.DQMXUn RI 7D SKRp (DVW DQG :HVW   r

o0DQXVFULSW )UDJPHQWV 7H[WV DQG ,QVFULSWLRQV LQ WKH 7HPSOH RI 7DER
$Q ,QWHULP 5HSRUW ZLWK %LEOLRJUDSK\p ,Q :LVGRP &RPSDVVLRQ DQG

WKH 6HDUFK IRU 8QGHUVWDQGLQJ 7KH %XGGKLVW 6WXGLHV /HJDF\ RI *DGMLQ

0 1DJDR HG -RQDWKDQ $ 6LON r +RQROXOX 8QLY RI +DZDLnL

6\HG 5HQDWH


3UHVV

o'LH )ORUD $OWLQGLHQV LQ /LWHUDWXU XQG .XQVWp ,QDXJXUDO'LVVHUWDWLRQ

]XU (UODQJXQJ GHV 'RNWRUJUDGHV GHU 3KLORVRSKLH DQ GHU /XGZLJ
0D[LPLOLDQV8QLYHUVLWW ]X 0QFKHQ

^^z

7DNDVDNL -LNLG

o7KH 7DWKJDWWSDWWLVDEKDYDQLUGHwD RI WKH $YDWDVDND DQG WKH
5DWQDJRWUDYLEKJD r ZLWK 6SHFLDO 5HIHUHQFH WR WKH 7HUP mWDWKJDWD
JRWUDVDEKDYDnp -,%6   r

$ 6WXG\ RI WKH 5DWQDJRWUDYLEKJD 8WWDUDWDQWUD %HLQJ D 7UHDWLVH RQ
WKH 7DWKJDWDJDUEKD 7KHRU\ RI 0DK\QD %XGGKLVP 6HULH 2ULHQWDOH
5RPD  5RPH ,V0(2

1\RUDL] VKLV QR NHLVHL )RUPDWLRQ RI WKH WDWKJDWDJDUEKD WKHRU\
 7RN\R 6KXQMVKD

1\RUDL] NHL N\WHQ  7KH VFULSWXUHV RI WKH WDWKJDWDJDUEKD OLQH
 'DLM %XWWHQ
 7RN\R &K .URQVKD

+VKURQ  $Q DQQRWDWHG WUDQVODWLRQ RI WKH 5DWQDJRWUDYLEKJD
 ,QGR .RWHQ 6VKR
 5HYLVHG -DSDQHVH
HGLWLRQ RI 7DNDVDNL  7RN\R .GDQVKD

o(WKLVFKH ,PSOLNDWLRQHQ GHU 7DWKJDWDJDUEKD/HKUHp +ULQ  r


o7KH 7DWKJDWDJDUEKD 7KHRU\ 5HFRQVLGHUHG 5HIOHFWLRQV RQ 6RPH
5HFHQW ,VVXHV LQ -DSDQHVH %XGGKLVW 6WXGLHVp -DSDQHVH -RXUQDO RI
5HOLJLRXV 6WXGLHV  r r
7DNHPXUD 6KK

%XVVKURQ NHQN\  $ VWXG\ RI WKH )R[LQJ OXQ
 .\RWR
+\DNNDHQ
7DUUDQW 5LFKDUG -RKQ

o&ODVVLFDO /DWLQ /LWHUDWXUHp ,Q 6FKRODUO\ (GLWLQJ $ *XLGH WR
5HVHDUFK HG 'DYLG & *UHHWKDP r 1HZ <RUN 7KH 0RGHUQ
/DQJXDJH $VVRFLDWLRQ RI $PHULFD
7DW] 0DUN WUDQV

7KH 6NLOO LQ 0HDQV 8S\DNDXwDO\D 6WUD 'HOKL 0RWLODO %DQDUVLGDVV
7DXEH 0DQIUHG

o=X HLQLJHQ 7H[WHQ GHU WLEHWLVFKHQ EUGDJVDUUL/LWHUDWXUp ,Q
$VLHQZLVVHQVFKDIWOLFKH %HLWUJH -RKDQQHV 6FKXEHUW LQ PHPRULDP HGV
(EHUKDUGW 5LFKWHU DQG 0DQIUHG 7DXEH r 9HUIIHQWOLFKXQJHQ
GHV 0XVHXPV IU 9ONHUNXQGH ]X /HLS]LJ QR  %HUOLQ $NDGHPLH
9HUODJ

'LH 7LEHWLFD GHU %HUOLQHU 7XUIDQVDPPOXQJ 6FKULIWHQ ]XU *HVFKLFKWH
XQG .XOWXU GHV $OWHQ 2ULHQWV %HUOLQHU 7XUIDQWH[WH  $NDGHPLH GHU
:LVVHQVFKDIWHQ GHU ''5 =HQWUDOLQVWLWXW IU $OWH *HVFKLFKWH XQG
$UFKRORJLH %HUOLQ $NDGHPLH9HUODJ

o:DU HLQ .DQMXU YRQ n-D 6DWKDP GLH 9RUODJH GHU <RQJOH(GLWLRQ"p
$2+  r r



7DXVFKHU +HOPXW

o7DQMXU )UDJPHQWV IURP WKH 0DQXVFULSW &ROOHFWLRQ DW 7D SKR
0RQDVWHU\ 6DPEDQGKDSDUNu ZLWK ,WV &RPPHQWDULHV 9WWL DQG Np
(DVW DQG :HVW   r
7erjk, -]VHI
1969
o)UDJPHQWV RI WKH 7LEHWDQ 6XWUD RI 7KH :LVH DQG WKH )RRO IURP 7XQ
+XDQJp $2+   r
7KLHPH 3DXO

o%HVHHOXQJ LQ 6SUDFKH 'LFKWXQJ XQG 5HOLJLRQp ,Q .OHLQH 6FKULIWHQ
HG *HRUJ %XGGUXVV r r G HG *ODVHQDSS6WLIWXQJ
QR  :LHVEDGHQ 6WHLQHU
7G .\VKXQ

o1\RUDL]N\ NDQ] VDQ \DNX WDLVKp &RPSDUDWLYH VWXG\ LQ &KLQHVH
DQG 7LEHWDQ WH[WV RI >WKH@ 7DWKJDWDJDUEKD 6WUD

 %XNN\ %XQND .HQN\MR
 .\RWR
7RNLZD 'DLM

o'DL KG Q\RUDL]N\p  7UDQVODWLRQ RI 7  LQWR -DSDQHVH LQ
NXQGRNX VW\OH ZLWK D EULHI LQWURGXFWLRQ
 .RNX\DNX
 r 7RN\R 'DLW
,VVDLN\ .\VKEX

*RNDQ \RUL 6VHL QL LWDUX \DNN\ VURNX  &DWDORJXHV RI VFULSWXUDO
WUDQVODWLRQV IURP WKH ODWH +DQ WR WKH 6RQJ4L SHULRG
 7K %XQND *DNXLQ 7N\ .HQN\MR .DQ
 .\RWR +\DNNDHQ
7ROD )HUQDQGR DQG &DUPHQ 'UDJRQHWWL

o7DWKJDWDJDUEKDVWUD (O 6WUD GH OD (VHQFLD GH %XGDp 5HYLVWD GH
(VWXGLRV %XGLVWDV  r

o7KH &RQIOLFW RI &KDQJH LQ %XGGKLVP 7KH +QD\QLVW 5HDFWLRQp
&DKLHUV Gn([WUPH$VLH r

o(ND 6DPD\DPp ,,-   r
7RPDEHFKL 7RUX

o6HOHFWHG 7DQWUD )UDJPHQWV IURP 7DER 0RQDVWHU\p ,Q 6FKHUUHU
6FKDXE DQG 6WHLQNHOOQHU  r
7VXNDPRWR =HQU\

$ +LVWRU\ RI (DUO\ &KLQHVH %XGGKLVP IURP ,WV ,QWURGXFWLRQ WR WKH
'HDWK RI +XL\DQ  YROV 7RN\R .RGDQVKD ,QWHUQDWLRQDO
7XFFL *LXVHSSH

o7LEHWDQ 1RWHVp +DUYDUG -RXUQDO RI $VLDWLF 6WXGLHV  r
8HNL 0DVDWRVKL

o6DGSDULEKWD QL NRPHUDUHWD \RWVX QR LPLp )RXU PHDQLQJV RI WKH
 ,%.
QDPH 6DGSDULEKWD 6DGSDULEKWD
 >@ r r
8QJHU 8OULFK

*UXQGEHJULIIH GHU DOWFKLQHVLVFKHQ 3KLORVSKLH (LQ :UWHUEXFK IU GLH
.ODVVLVFKH 3HULRGH 'DUPVWDGW :LVVHQVFKDIWOLFKH %XFKJHVHOOVFKDIW
9DOOL (ULF DQG 'LDQH 6XPPHUV

+RQH\ +XQWHUV RI 1HSDO /RQGRQ 7KDPHV DQG +XGVRQ
9HWWHU 7LOPDQQ

7KH ,GHDV DQG 0HGLWDWLYH 3UDFWLFHV RI (DUO\ %XGGKLVP /HLGHQ %ULOO
9RJHO &ODXV

o3DOL /H[LFDO 6WXGLHVp ,,-  r
:HOOHU )ULHGULFK

=XP .w\DSDSDULYDUWD +HIW  9HUGHXWVFKXQJ GHV VDQVNULWWLEHWLVFKHQ
7H[WHV $EKDQGOXQJHQ GHU 6FKVLVFKHQ $NDGHPLH GHU :LVVHQVFKDIWHQ

jX2

T
j



]X /HLS]LJ 3KLORORJLVFKKLVWRULVFKH .ODVVH QR   %HUOLQ

$NDGHPLH9HUODJ

:HVW 0DUWLQ /

7H[WXDO &ULWLFLVP DQG (GLWRULDO 7HFKQLTXH 6WXWWJDUW % * 7HXEQHU
:H]OHU $OEUHFKW

o2Q WKH 4XDGUXSOH 'LYLVLRQ RI WKH <RJDwVWUD WKH &DWXUY\KDWYD RI
WKH &LNLWVwVWUD DQG WKH m)RXU 1REOH 7UXWKVn RI WKH %XGGKD 6WXGLHV LQ
WKH 3WDMDOD\RJDwVWUDYLYDUDD ,,p ,QGRORJLFD 7DXULQHQVLD  r

=DFFKHWWL 6WHIDQR

o,O &KX VDQ]DQJ ML ML GL 6HQJ\RX FRPH IRQWH SHU OR VWXGLR GHOOH
WUDGX]LRQL EXGGKLVWH FLQHVL /R VYLOXSSR GHOOD WHFQLFD GL WUDGX]LRQH GDO
,, DO 9 VHFROR G&p $QQDOL GL &Dn )RVFDUL 5LYLVWD GHOOD )DFROW GL
/LQJXH H /HWWHUDWXUH 6WUDQLHUH GHOOn 8QLYHUVLW GL 9HQH]LD   r

=LPPHUPDQQ +HLQ]

'LH 6XEKuLWDUDWQDNDUDDNDNDWK GHP |U\DwUD ]XJHVFKULHEHQ

XQG LKUH WLEHWLVFKH EHUVHW]XQJ (LQ 9HUJOHLFK ]XU 'DUOHJXQJ GHU

,UUWXPVULVLNHQ EHL GHU $XVZHUWXQJ WLEHWLVFKHU EHUVHW]XQJHQ

)UHLEXUJHU %HLWUJH ]XU ,QGRORJLH  :LHVEDGHQ +DUUDVVRZLW]

=LPPHUPDQQ 0LFKDHO

o$ 6HFRQG 7LEHWDQ 7UDQVODWLRQ RI WKH 7DWKJDWDJDUEKDVWUD LQ WKH
1HZDUN 0DQXVFULSW .DQMXU IURP %DWKDQJ $ 7UDQVODWLRQ RI WKH (DUO\
3HULRG VQJD GDUp 7UDQVDFWLRQV RI WKH ,QWHUQDWLRQDO &RQIHUHQFH RI
(DVWHUQ 6WXGLHV  r

o7KH 7DWKJDWDJDUEKDVWUD ,WV %DVLF 6WUXFWXUH DQG 5HODWLRQ WR WKH
/RWXV 6WUDp $5,5,$%  r

o$ 0DK\QLVW &ULWLFLVP RI $UWKDwVWUD 7KH &KDSWHU RQ 5R\DO (WKLFV
LQ
WKH
%RGKLVDWWYDJRFDURS\DYLuD\DYLNXUYDDQLUGHwDVWUDp
$5,5,$%  r
IRUWKFRPLQJ o7KH 7DER )UDJPHQWV DQG WKH 6WHPPD RI WKH 7LEHWDQ
7DWKJDWDJDUEKDVWUDp ,Q 7KH 0DQ\ &DQRQV RI 7LEHWDQ %XGGKLVP

3URFHHGLQJV RI WKH WK 6HPLQDU RI WKH ,QWHUQDWLRQDO $VVRFLDWLRQ IRU

7LEHWDQ 6WXGLHV /HLGHQ  HGV +HOPXW (LPHU DQG 'DYLG *HUPDQR

=UFKHU (ULN



%ULOOnV 7LEHWDQ 6WXGLHV /LEUDU\   /HLGHQ %ULOO

7KH %XGGKLVW &RQTXHVW RI &KLQD 7KH 6SUHDG DQG $GDSWDWLRQ RI

%XGGKLVP LQ (DUO\ 0HGLHYDO &KLQD  YROV  7H[W  1RWHV
%LEOLRJUDSK\ ,QGH[HV /HLGHQ %ULOO
o/DWH +DQ 9HUQDFXODU (OHPHQWV LQ WKH (DUOLHVW %XGGKLVW 7UDQVODWLRQVp

-RXUQDO RI WKH &KLQHVH /DQJXDJH 7HDFKHUnV $VVRFLDWLRQ 12 (2) (Oct.),

177203.



,QGH[

k# VQJRQ nMXJ

 

DEEUHYLDWLRQV 7LE  

DQXVYUDOLNH DEEUHYLDWLRQ IRU P

  

JVK\H IRU JVKHJV 

VHQ IRU VHPV FDQ 
\DLV IRU \H VKHV 
\WRQ IRU \RQ WDQ 
DEKLEKWD Q
DEKLGKDUPLF FRQVLGHUDWLRQV   
   Q

DEKLM  Q Q Q

$EKLODuLWUWKDFLQWPDL Q
DEKLQLUKUD 
DEKLQLuNUDPDD  
$EKLQLuNUDPDDVWUD 
DEKLQLYHwDPDQDVLNUD 
DEKLY\DNWL GRFWULQH 
DEKL\XM\DWH 
$EVROXWH LPPDQHQFH RI 
DEVROXWH WUXWK   r Q
DEVWUDFW LGHD WHDFKLQJ RI  

DFDUD Q
DFUD Q
FU\D 
DFLQW\D 
GKUDD Q
DGKLPXNWL FRQILGHQFH r Q
 

GKLSDWH\DSDW\D Q
DGKLuKQD 
$GK\DUGKDwDWLN 3UDMSUDPLW 
JDQWXND      Q
$NuD\DPDWLQLUGHwDVWUD   
 

DNXwDODPOD Q
DOOHJRU\   
DOSDNFFKUD  
DPELJXLW\ LQ IRUPXODWLRQV Q  


$PRJKDYDMUD       

Q   
QDQGD  Q Q

TXHVWLRQ RI      

r

$QDQWDUDwPL  r r

LGHQWLILHG ZLWK 9DMUDPDWL  
LQ WKH .DUXSXDUND
 Q

DQVUDYD
DQWKDEKWD
DQWKDwOD

  Q 

 

SRRUKRXVH   



 

DQWPDQ
DQDYDG\D

 
 

$JXOLPO\DVWUD Q 
DQLPDOV   Q  Q 


DMDOL  Q

DQWDwD Q 
DQWDWD Q
DQXJUDKD 
DQXNDPS VROLFLWXGH 
DQXPRGDQ MR\IXO DSSURYDO  
 Q

$QQDWYSUDWYDQLUGHwDSDULYDUWD 

llW`

 Q

DQXwDV 
DQXuXEK 
DQXVYUDOLNH DEEUHYLDWLRQ IRU P 7LE
  

DQXWSDWWLNDGKDUPDNuQWL  

DQXWWDUDVDP\DNVDERGKL  
DQ\DWK Q
DQ\RQ\D Q
DRULVW Q

DSDULEKWD 
DSL Q Q
DSUYDKHWYNUD  Q
DUFKDLF IHDWXUHV LQ 7LE WH[WV Q 
     


DUKDW 

r 

OLVW RI DWWULEXWHV RI  


UHQGHUHG LQ 7LE Q
WUDQVOLWHUDWHG QDPHV RI 

U\D Q

r

U\DPUJDEDOGKQD Q 
DVDJD  Q

EHU\O 
EJRPV r
EKDYD Q
EKDYDJDWL Q

FDWDVUD SDUuDGD

DVVHPEOLHV IRXU 

    

$uDVKDVULN 3UDMSUDPLW

EKDYRSDSDWW\\DWDQD Q
EKRJD 
EKUDPDWL Q
EKWD DW WKH HQG RI D FRPSRXQG Q

Q

DVWHULVN XVH RI  Q 

DVXUD

GHPRQ    Q 

 

N\D 
WPDEKYD 

Q
%KXWDQ .DQMXU    

WPDQ Q

EK\D Q
EMNXUD Q Q
ENDn VWVDO WR 6HH JVXQJV VR
ENRJV Q 
ENULV IRU GNULV 

GRFWULQH RI 
UHIOH[LYH XVH RI Q

WDWKJDWDJDUEKD DV 
XSDQLuDGLF QRWLRQ RI 
WPDSUDPLW Q
DWUD Q
DYDLYDUW\DGKDUPDFDNUDSUDYDUWDND 

EORFN SULQW
UHYLVLRQ RI Q

WHFKQLFDO LGHQWLW\ RI  

$YDORNLWHwYDUD  

%R <XDQ

$YDWDVDNDVWUD Q 
YHLNDEXGGKDGKDUPD    
DYLFUD Q
DYLG\ LJQRUDQFH    

ERGKL  

ERGKLPDD Q
ERGKLVDWWYD       

 

  Q   Q 

Q

 Q Q  

DYLQwDGKDUPLQ    Q

r   Q 



 Q Q Q r

     Q

D VD QD Q
EDU IRU SDU 6HH SDUWLFOH 7LE
EDKXNDUD 
EKXwUXW\D  Q
EDKXYUKL   r r  

HQXPHUDWLRQ RI  r

OLVW RI DWWULEXWHV 
PHDQLQJ RI WKH WHUP QrQ

JDUEKD DW WKH HQG 

VDWWYD Q
%RGKLVDWWYDFDU\QLUGHwD Q
%RGKLVDWWYDJRFDURS\DYLuD\D
YLNXUYDDQLUGHwDVWUD Q 
QDPHV ZLWK

QRW GLVWLQFW IURP



EOD 
EDOQL SRZHUV
GDwD WHQ    
SDFD ILYH Q 
EDP SR Q

ERGKLVDWWYDL]DWLRQ Q

%RGKLVDWWYDSLDND Q
ERGK\DJD 
EROGIDFH XVH RI 

EDPERR QrQ

ERRN 6HH SXVWDND

%UDDUYLJ -HQV Q Q  Q

%UDKPDMODVWUD 
%UDKPDQ   QrQ 
ZRUOG RI Q
EUJ\D VWRQJ IRU wDWDVDKDVUD Q r

EVDG IRU JVDG 
EVDO 6HH EVWVDO
EVJR 6HH VJR
EVNRJV 
EVN\HG IRU VN\HG 
EVWVDO IRU EVDO 

EDQGKDQD Q
3
%DR\XQ
EDU GX Q

EDUOH\  

EFX IRU FX 

EGDJ Q\LG Q
%HQ \H MLQJ
 
EHQMXH RULJLQDO DZDNHQLQJ


`



 

FULSW .DMXU 

EDVHG RQ WKH :DQOL RU <RQJOH
HGLWLRQ Q r 
QRW FRQWDPLQDWHG 
UHODWLRQ WR RWKHU 3HNLQJ .DQMXUV
r

%HUOLQ PDQXV



%WK      Q r Q



E\DQJ FKXE VQ\LQJ SR 6HH ERGKLPDD

E\HG PG]DG H[SUHVVLQJ DXWRQRPRXV

r   

DFWV  Q

   

nE\HG  EKLQDWWL Q

E]DJ IRU ]DJV 
E]KDJ 6HH nMRJ
E]KLQ GX 6HH SDUWLFOH 7LE
E]XQJ FRQIXVHG ZLWK J]XQJ 

DEEUHYLDWLRQV LQ 

EUJ\D VWRQJ IRU wDWDVDKDVUD Q

r

FRQIXVLRQ EHWZHHQ O DQG V RU U


FRQIXVLRQ EHWZHHQ SD DQG ED LQ 
OHVV IDLWKIXO WR WKH 6NW QrQ
OLWHUDO WUDQVODWLRQV LQ 
RPLVVLRQDGGLWLRQ RI VXEVFULEHG U

V\QWD[ RI FORVH WR 6NW Q Q
Q
WLWOH RI WKH 7*6 Q
WUDQVOLWHUDWLQJ 6NW Q
WVKHJ PLVVLQJ EHWZHHQ WKH V\OODEOHV
RI ZHOOHVWDEOLVKHG WHUPV 
XVH RI D oFRORQp LQ  

DG

IRU FKDG 

FDNUDYDUWLQ ZRUOG HPSHURU  

HPEU\RQLF   r Q

6HH SDGPDJDUEKD
FDQ 6HH SDUWLFOH 7LE
FDO\[ RI D ORWXV

&DQGDQDJDUEKD    

FDQGDQDJDUEKDNJDUD
FDQGUDVU\D 6HH Q\L ]OD
FDQGUDVU\DSUDEK 

 Q

&DQGUDVU\DSUDGSD 

YDULRXV VSHOOLQJV IRU WKH VDPH ZRUG

LQ 
YHUVH ZLWK RQO\ VHYHQ V\OODEOHV SHU
SGD LQ Q
ZRUG RUGHU LQ r
%X VWRQ 5LQ FKHQ JUXE    
Q
EXGGKD YLVXDOL]DWLRQ 6HH
EXGGKQXVPWL
EXGGKDDFW 6HH EXGGKDGHHG
%XGGKDEKDGUD      Q
r r r  

EXGGKDEKPL   Q
EXGGKDERG\ 6HH EXGGKDN\D
EXGGKDGHHG   H  

&DQGUDVU\DSUDGSDUMD 
&DQGUDVU\DYLPDODSUDEKVDwU 
FDQH YHWUD  rQ 

SD

FDUGLQDO QXPEHUV 7LE ZLWK

Q

FDVHE\FDVH EDVLV HYDOXDWLRQ RI HDFK

VLQJOH YDULDQW r
FDVWLQJ VWDWXHV r r

6HH KHWX
FHQ IRU FKHQ 
FDXVH

FHUHDO 

&K



V\OODEOH UK\WKP 

FROODWHG HGLWLRQV RI r 
FRORSKRQ   
SHFXOLDULWLHV r

&K
UXODL ]DQJ _

 

VLPLODULWLHV ZLWK

QrQ

EXGGKDGKDUPD  
EXGGKDGKWX 6HH GKWX
EXGGKDILHOG 6HH EXGGKDNuHWUD

&K

XVH RI

 r

   r  

V\OODEOH UK\WKP 
FRORSKRQ  

%XGGKDJKRVD Q

FRPPHQWDULDO HOHPHQWV LQ 

EXGGKDN\D 
EXGGKDNuHWUD EXGGKDILHOG  

HUURUV LQ WKH 7DLVK HGLWLRQ 

SHFXOLDULWLHV 

Q     

VLPLODULWLHV ZLWK

 

&K

 

V\QWD[ OR\DO WR WKH 6NW  Q

EXGGKQXVPWL Q

nFKDE SD 6HH PUDNuD

EXGGKDVWRUH Q Q

FKDQGD

6HH EXGGKDGHHG
EXGGKDWYDW      
EXGGKDYLVLRQ 6HH WDWKJDWDFDNuXV
EXGGKDWDVN

7LE

PRV

Q

&KQGRJ\D 8SDQLuDG

Q

FKDVWLW\ Q

FKHQ 6HH FHQ

%XGGKLVW +\EULG 6DQVNULW Q  Q

&KLQHVH FDWDORJXHV r  

Q

ROG

nEXP 6HH EUJ\D VWRQJ

EXUX
 Q Q

l_

6HH MLX OX

FKRV N\L SK\DJ UJ\D



 Q

FKRV Q\LG 6HH GKDUPDW

FKX 6HH PFKX
&KX VDQ]DQJ ML ML

D GUDJ

76`
'D WDQJ ]KHQ \XDQ [X NDL\XDQ VKLMLDR OX
7>Q[HQ\7
'DFKHQJ GHQJ ZX[LDQJ MLQJ 7

` 6HH 0DKPHJKDVWUD
'DFKHQJ IDMLH ZX FKDELH OXQ 7
z
KQ
'DFKHQJ TL [LQ OXQ 7
~
GDJ 6HH
6}8
 

?`S

'D ID JX MLQJ

 r

r

Q

 

 

FL IRU ML  

FL OWDU 6HH ML OWDU
FLJ IRU JFLJ Q
FLUHSHUGXH PHWKRG 6HH
PDGKFFKLuDYLGKQD
FLWWD UHVROXWLRQ 
FLWWDSUDNWL   
FLWWDVDNOHwD 
FLWWDVYDEKYD Q

 

 

SDUWLFOH 7LE

VHULHV 

'DLM %XWWHQ

'DODL /DPD )LIWK Q

FORVHG WUDGLWLRQ 

GQD Q
GQDSDWL GRQRU 

FRGLFRORJ\ 7LE 

'QDwOD  

oFRORQp LQ

'DRDQ

FOLQJLQJ WR WKH XQUHDO 

%WK  

FRORSKRQ  Q   
RI %WK 
RI &K   
RI

&K
7DER

  

RI WKH

PDQXVFULSWV RI WKH

7*6

FDWDORJXH r

'DRFKDQJ WHPSOH


'DR\DQ

  r 

SDUWLFOH

7LE
FRPSRVLWLRQ
RI 0DK\QD VWUDV  
RI WKH

7*6 

&RQH .DQMXU r

6HH DGKLPXNWL
6HH FRQWDPLQDWLRQ

FRQILGHQFH
FRQIODWLRQ

FRQIXVLRQ EHWZHHQ PHWULFDOO\ LGHQWLFDO

ZRUGV Q 
FRQWDPLQDWLRQFRQIODWLRQ r 
 r   
r r
FRQWHPSW   Q
FRQWLQHQFH Q
FRQWUDFWLRQV 7LE    

FRQYHUVLRQ WR 0DK\QD 

LQ +DUYDUG 8QLYHUVLW\ 

6HH NDOSD

FRVPLF F\FOH

FRVPRV  Q Q

&ULWLFDO %XGGKLVP +LKDQ %XNN\

  

FULWLFDO HGLWLRQ RI

r

 

GDULGUDFLQW Q Q

GDUSD Q
'DwDEKPLNDVWUD  Q
GDXJKWHU RI JRRG IDPLO\ 6HH NXODGXKLW
GEDQJ GX E\DV Q
GEX PHG Q 
GH E]KLQ JVKHJV SD Q\LG 6HH
WDWKJDWDWYDW
'H E]KLQ JVKHJV SDnL VQ\LQJ SR JVDO
]KLQJ PG]HV SDU E\HG SDnL
UJ\DQ    r
GH E]KLQ JVKHJV SDnL \H VKHV PWKRQJ ED
6HH WDWKJDWDMQDGDUwDQD
GH E]KLQ Q\LG 6HH WDWKDW
GHILOHPHQW 6HH NOHwD
GHKLQ 
GHPRQ 6HH DVXUD
GHQLDO RI UHDO SKHQRPHQD 
GHSUHVVLRQ  
'HUJH .DQMXU 
LQ &DPEULGJH 

RI WKH 7VKDO SD .DQMXUV r

SDV 6HH

  

'DRLVP 

r

FRPSDUDWLYH SDUWLFOH

UHFRQVWUXFWHG FDWDORJXH RI  

RI WKH 7KHP VSDQJV PD .DQMXUV

7*6

 r   

DXWKHQWLFLW\ RI WLWOHV WDNHQ IURP KLV

r Q 

RI WKH 7LE

]

LQ 3UDJXH 

LQ 5XPWHN 
LQ WKH 8QLWHG 6WDWHV /LEUDU\ RI
&RQJUHVV 

7LE JRYHUQLQJ

.DUPDSD HGLWLRQ  

SULQFLSOHV RI r

1\LQJPD HGLWLRQ r

FX 6HH EFX

F\DYDWH 

SRVLWLRQ LQ WKH VWHPPD RI WKH

r



7*6

YLMQD r 
GK\QD Q
nGL Q
nGLU Q
nGL OWD VWH Q
nGL OWD VWH GSHU QD Q
 \LQ UHQGHULQJ \DWKSL

7DLSHL HGLWLRQ 

GHwD\DWL 
GHVSRQGHQF\   

GHYD GLYLQLW\      

     

6HH DOVR

   

VDGHYDNR ORND
RI +LQGXLVP Q

GJRQJV SD Q

GJUD EFRP SD Q 6HH DOVR DUKDW
GKUD  
GKUD\DWL  Q Q
GKDUPD DSSOLHG ZLWK WZRIROG PHDQLQJ

GLUHFW VSHHFK
LQ WKH

GUJKDUWUD Q
GLVFRXUVH 6HH SDU\\D
GLYLQH YLVLRQ 6HH GLY\DFDNuXV
GLYLQLW\ 6HH GHYD
GLY\DFDNuXV GLYLQH YLVLRQ 

6HH FKRV N\L SK\DJ UJ\D

GKDUPDGKWX 6HH GKWX
GKDUPDN\D    Q  Q
LQ VDVUD Q



GKDUPDPXGU 6HH FKRV N\L SK\DJ UJ\D

GKDUPDSDU\\D 6HH SDU\\D

GNULV 
GN\LO  Q
7*6  
6HH GQDSDWL
GRXKDR
op r
GSDn ER 6HH KHUR
G3DO EUWVHJV Q
G3DO J\L OKXQ SR Q
G3DO nNKRU FKRV 
'UDJRQHWWL &DUPHQ DQG )HUQDQGR 7ROD

GuL Q

'KDUPDUDNuD    Q

GRFWULQH RI WKH

GKDUPDW  r    r

GRQRU

     Q 

Q Q   
Q
Q
  Q

HPEU\RQLF 
PRWLRQOHVV 
SRVLWLYH FKDUDFWHU RI 

WDWKJDWD

   

NDUPDGKUD\D
WUDQVODWHG DV IDHU

 

 Q 

GX WX
nGX VKHV 6HH VDM
GXNKHQD
GXQKDR - o^p 
'XQKXDQJ PDQXVFULSWV
&KLQHVH r 
7LEHWDQ  Q   
GYWULwDQPDKSXUXuDODNuDD  
Q
GYHuD DQJHU    
GYLSDGRWWDPD  
nG]DJ 




 Q

Q

IRU

  r

WUDQVODWHG DV ID[LQJ

 

 

 

FLWL Q
GKDUPD Q   Q
PHDQLQJ KHWX FDXVH  r

DVW $VLD 

Q 

PHDQLQJ oUHOLFVp  Q 

(DVWHUQ -LQ
G\QDVW\ 
HGLWLQJ .DQMXUV
EDVHG RQ 6NW PDQXVFULSWV 
UXOHV IRU    
HIILFDFLRXVQHVV     r


QLUYD 
UHQGHUHG DV

ULJV

WDWKJDWD

  

Q Q 

r Q
Q Q

UHQGHUHG DV

 r  r

GKDUPRONGKULQ 
GKDUP\D Q
GKWX   r Q Q Q
WPD Q
EXGGKD   r Q 

 

'UXPDNLQQDUDUMDSDULSFFKVWUD

r

  

DV



Q     

'KDUPDNuHPD Q

DYLQwD

    

&KLQHVH WUDQVODWLRQV 

'KDUPD VHDO

VDWWYD

7*6

SXQFWXDWHG LQ WKH HGLWLRQV RI WKH

Q

DV

 Q

GLSORPDWLF HGLWLRQ 

_
z

 Q



8

(LPHU +HOPXW   Q Q

HND\QD WKHRU\  
HOHPHQWV RI WKH ERG\ VL[  
HPEU\R   Q  Q

*DRVHQJ ]KXDQ
 r
JDUEKD      r 6HH
DOVR VQ\LQJ SR

DV D SDUW RI QDPHV  Q

DV oFRQWDLQHUp r
DV oHPEU\Rp   Q   
 Q  
DV oHVVHQFHp  
DV oJHUPp 
DV oLQWHULRU VSDFH LQVLGHp Q 
 r  Q 
DV oZRPEp      
Q 
DW WKH HQG RI EDKXYUKL FRPSRXQGV
r 
LQ PRGHUQ ,QGLDQ ODQJXDJHV 
PHDQLQJ RI r
UHQGHUHG DV NKRQJ Q
UHQGHUHG DV ]DQJ  

EXGGKD Q 
HTXDOLW\
DPRQJ OLYLQJ EHLQJV 
EHWZHHQ OLYLQJ EHLQJV DQG WKH
7DWKJDWD     
 
EHWZHHQ WKH EXGGKD ZLWKLQ DQG WKH
7DWKJDWD   
HWHUQDO VHOI  6HH DOVR WPDQ
HWHUQDOLVP Q 
HWHUQLW\ RI WKH %XGGKD 
HWKHU  
HWKLFDO GLPHQVLRQ RI WKH 7*6 
HYD PD\ wUXWDP  Q

,07 

6HH GKDUPDW
IDLWK 6HH DGKLPXNWL


ULFKQHVV RI WKH WHUP 

JDUEKDJDWD r  r Q Q

`
?
)DMX EHQ PR MLQJ 
`


 6HH GKDUPDW
)D]X .Z
,o r

)DMLQJ

  Q Q

 

)DMX

JDUEKDVWKD    Q Q Q

JDUEKDVWKQD  Q
JDUEKDYVD 
JDUEKDYDVDWL  Q
JDWD DW WKH HQG RI D FRPSRXQG  Q
Q Q 6HH DOVR
JDUEKDJDWD
JDWL 
JFLJ 6HH FLJ

  r   r

 Q

)DOL

 r  r

IDQJGHQJ

  

IDQJJXDQJ
ID[LQJ

 

  r

)HL &KDQJIDQJ

 

JHQHUDWLYH FDXVDO DFW QRW QHFHVVDU\ IRU

DWWDLQLQJ EXGGKDKRRG  
JHQLWLYH SDUWLFOH 7LE 6HH SDUWLFOH
7LE
JHUP   
JHUXQGLYH Q
JL JX UHYHUVHG   
JQRG Q
JQRQ Q 
JRG 6HH GHYD
nJRJV ENRJV Q 
JROG r
LPSHULVKDEOH QDWXUH RI   
JRP 
nJRPV r
JRWUD Q       Q
Q 
JUDQJV VX nJUR ED 6HH VDNK\
JDFFKDWLXSHWL

ILJXUD HW\PRORJLFD Q

ILQDOLW\ FRQVWUXFWLRQ H[SUHVVLYH RI Q

Q Q Q Q Q

6HH WDWKJDWDJDUEKD
)R ]DQJ GD IDQJGHQJ MLQJ 7
`
)R ]DQJ IDQJGHQJ MLQJ `
Q Q

IR ]DQJ

  

 

 r
IROORZHUV
QRQ0DK\QD IROORZHUV  
RI 0DK\QD 

)XWLDQ MLQJ $`

IRXUV\OODEOH UK\WKP &KLQ  

)R[LQJ OXQ

  

)UDXZDOOQHU (ULFK 
 Q

DJDQDJDMDVWUD

 

*GKUDND 
*UHHN PDQXVFULSW WUDGLWLRQ Q

JPEKU\D 
*DDY\KDVWUD Q 
JDQGKD  Q

JKDSDWL



DV oKRXVH RZQHUp NK\LP J\L EGDJ

DV oQREOHPDQp NK\LP

+XL

SR    

EGDJ

 

 r

+XL\XDQ

 Q

KXPDQV 

Q Q

JKLQ

OD\PDQ 

+KD Q

*URVQLFN :LOOLDP 

JVK\H IRU JVKHJV 

JVDG 6HH EVDG
JVRG 
JVXQJV VR IRU ENDn VWVDO WR

LPSHULVKDELOLW\
RI D VHHG 
RI JROG   
LPSXULW\

 

LQGHVWUXFWDELOLW\  

JWDQ WVKLJV Q

JWHU WVKHJ IRU LWL Q

LQGUL\D 
LMDQ Q QrQ

*XDEKDGUD 

LQWHUQDOL]DWLRQ RI UHOLJLRXV YDOXHV 

JXDY\KD Q
JXLQ 

Uu\ HQY\ Q 

DQG

J\R ED Q

J\RJV r
nJ\XU 6HH DOVR YHUE FRPELQHG
ZLWK nJ\XU
J\XU SD IRU nGUD %WK Q

LWLFRPSRXQG Q Q Q

,DJDW  Q

MDPEXGYSD Q
n-DQJ VD WKDP QrQ

VWUHVVLQJ SHUIHFWLYH DVSHFW Q

J]HU IRU ]HU 

J]KDJ 6HH nMRJ
J]KDQ VWRQJ r
J]XJV   Q Q Q
J]XQJ FRQIXVHG ZLWK E]XQJ 

n-DQJ VD WKDP .DQMXU /LWKDQJ .DQMXU

r r Q

UHODWLRQ WR WKH 1DUWKDQJ .DQMXU 
r 

MWD DW WKH HQG RI D FRPSRXQG Q

Q 

+DQ G\QDVW\ 

+DUD 0LQRUX I

MHZHOV VHYHQ NLQGV RI 6HH VDSWDUDWQD

ML 6HH FL
ML OWDU RU FL OWDU Q Q
 SK\LU Q
nMLJ UWHQ 6HH ORND

  r Q

KDUPRQL]DWLRQ RI WDWKJDWDJDUEKD

WHDFKLQJV ZLWK RWKHU %XGGKLVW

WHQHWV 

-LQ HGLWLRQ 

+DUULVRQ 3DXO  Q  QrQ

MLQD 

  Q

+D\DVKL\D 7RPRMLU

 

SXWUD



-LQDPLWUD  

6HH YUD

-LQJ OLX EROXRPL MLQJ

MLX OX

DV oDUJXPHQW FRQWHQWp Q

TUk`

 

ROG FDWDORJXHV  

r

DV oFDXVHp  r Q  

MQD 6HH WDWKJDWDMQD

} 6HH &ULWLFDO

  
+LKDQ %XNN\

Q

N\D   

+HDUW 6WUD 

KHWX

XSDPQD
XSDPH\D Q 

LVRPRUSKLF UHODWLRQ EHWZHHQ

*\DQWVH  

KHUR

6HH PDOD XSDNOHwD

-QDNDVWUDEXGGKYDGQD 

%XGGKLVP
+QD\QD 
KRQH\  r
KXQWHU FROOHFWRU  
SRW RI 
KRUL]RQWDO OLJDWXUH 7LE  
KRUL]RQWDO WUDQVPLVVLRQ 
KRXVH RZQHU 6HH JKDSDWL
+XDL V

nMRJ
E]KDJ FRQIXVHG ZLWK J]KDJ 
J]KDJ IRU nMRJ Q

o_p, r

-RKQVWRQ (GZDUG + 

MXKDR

-OLFKHU $GROI 

-XQJLDQ SHUVSHFWLYH 

.DJDZD 7DNDR U)

  Q

+XD\DQ MLQJ `
 

Q Q

 



.DL\XDQ VKLMLDR OX HQ\7

NRVDKDVUD Q Q

NRwDWDVDKDVUD  Q Q
NURGKD UDJH Q 
NURwD Q
NuQWL Q
NuXGUDSUDNDMWD 
NXOD Q Q 
NXODGXKLW GDXJKWHU RI JRRG IDPLO\

 r



NDO 
NOD NDURWL Q
NDOSD FRVPLF F\FOH

  

T$
0 HGLWLRQ $00 3HNLQJ
Q   

.DQHNR <RVKLR
.DQJ[L

 

 Q Q   

.DQMXUV

NXODSXWUD VRQ RI JRRG IDPLO\  Q

NUDDKHWX Q

[4
o

.DUDVKLPD 6HLVKL
.DUL\D 6DGDKLNR

Q

 Q

.XPUDMYD Q

 Q Q 

SUH.XPUDMYD WUDQVODWLRQ

NDUPDGKUD\D Q
USDND Q

YRFDEXODU\ Q

NXQ GX IRU NXQ WX r r

NXQ WX 6HH NXQ GX
NXQ WX VQDQJ ED 6HH VDGw\DWH
NXQ WX VUXQJ IRU UDNuDWL RU VD

.DUPDSD HGLWLRQ 'HUJH  

NDUPYDUDD  

NU\D UHVXOW    
.w\DSD Q
.w\DSDSDULYDUWD Q Q

NXQGRNX

Q Q

r

Q

N\RJ VKDG 

/DFKPDQQ .DUO 

.KLQQDPDQDV Q

nNKRG Q
NKRQJ r  Q Q
NK\LP EGDJ QREOHPDQ 6HH JKDSDWL
NK\LP J\L EGDJ SR KRXVH RZQHU 6HH
JKDSDWL
NK\LP QDV E\XQJ ED IRU PQJRQ SDU
E\XQJ ED r 

/DOLWDYLVWDUD Q 

/DNYDWUDVWUD     
SDUWLFOH 7LE
OD\PDQ 6HH JKLQ
/HK /DGDNK 
O+DQ GNDU FDWDORJXH  
O+R UG]RQJ .DQMXU Q  
/L VKL JXU NKDQJ Q
ODV 6HH

NLOOLQJ SURKLELWLRQ RI Q

NOHwD

VW\OH 

NXwDOEKLVDVNUD Q
NXwDODPOD  Q
NJUD SDYLOLRQ     

.W\\DQD Q

N\D      Q

N\DJDWD Q 6HH DOVR JDWD
NKGDQ\DEKRMDQ\DVYGDQ\D
NKDPV Q Q

\

Q

Qr

GHILOHPHQW      

/LGDL VDQEDR ML

     r 

      

 

?L

 r 



     

/LQJVKX

  Q   

OLWHUDO WUDQVODWLRQ  



/LWKDQJ .DQMXU

Q

Q



Q

    rQ

6HH n-DQJ VD WKDP

.DQMXU

OMRQ VKLQJ Q

ORND Q
ORNDGKWX ZRUOG V\VWHP   

Q

NOHwDNRwD Q
.RNX\DNX ,VVDLN\

 Q



.RUHDQ HGLWLRQ RI WKH &KLQHVH 7ULSLDND


NRwD r  Q  3

 r  Q

ORNDQWKD  

/RNQXYDUWDQDVWUD 
ORVWZD[ PHWKRG 6HH
PDGKFFKLuDYLGKQD
ORWXV         

EXGGKDGKDUPD 
EXGGKD 
NOHwD Q

NR Q Q Q

NRQL\XWDwDWDVDKDVUD   Q

EORVVRPLQJ Q 
FDO\[

Q  Q Q



6HH SDGPDJDUEKD

SHWDO   Q   Q 

 

TXRWLQJ WKH

PDOD LPSXULW\ 
PQD SULGH Q 
PDQGUD 

ULVLQJ LQWR WKH VN\  Q 

VWDON QOD   

6HH SDGPDJDUEKD
/RWXV 6WUD 6HH
6DGGKDUPDSXDUNDVWUD
/RX WDQ MLQJ
 Q 
ORWXV FDO\[

PDQJR WUHH   Q

6A`

PDQLIHVWDWLRQ
RI EXGGKDQDWXUH r 
RI lLYDnV SHUIHFWLRQV 

OWDU Q\DQ 6HH SUDWLwRWL

WKHRU\ RI   

OWDV 6HH QLPLWWD

0DMXwU   

OXQWL Q

0DQXVPWL Q
PDQ\DQ Q 
PDWL 
PWUD DW WKH HQG RI D FRPSRXQG Q

OXQJ QRG Q

OXV 

D WKDJ WX Q

0DDV 3DXO 

PDGD LQVROHQFH Q 
PDGKFFKLuDYLGKQD Q r  3

PDWUL[ RI WKH 7DWKJDWD r

PWVDU\D DYDULFH Q 

0DWVXPRWR 6KLU

PDGK\D  

  r

PFKX IRU FKX  

PG]DG 6HH DOVR E\HG

0DGK\DPDND 

0DKEKUDWD  Q

0DKEKHUKUDNDVWUD 6HH 'D ID JX

DV FDXVDWLYH DX[LOLDU\ Q

PG]HV SD 6HH DOVR SUVGLND

PG]HV SDU nGXJ Q
PG]RG   3

76`

PDKMQDVDEKUD QrQ
Q
0DKPDWL Q
0DKPHJKDVWUD 
0DKSDULQLUYDVWUD   Q Q
    Q  r
Q

PDKVDWWYD

4 

 Q Q Q

0DGK\D 3UDGHVK Q

MLQJ

7*6  Q

0DLWUH\D 

PHDW FRQVXPSWLRQ SURKLELWLRQ RI Q

PHGLWDWLYH H[SHULHQFH 
PHQWDO YLVLRQ RI D WDWKJDWD 6HH
WDWKJDWDMQDGDUwDQD
PHULW 6HH SX\D
PHWUL FDXVD Q Q Q
PHWULFDO
FRQVLGHUDWLRQV Q  
LGHQWLW\ FRQIXVLRQ EHWZHHQ
PHWULFDOO\ LGHQWLFDO ZRUGV
Q 
VWUXFWXUH  
PLOOHW  

 PHDQLQJ RI WKH WHUP Qr

Q
0DKVWKPDSUSWD  

0DKVWUDV
PDKWPDW
0DKY\XWSDWWL

  

 
   r

0DK\QD

0LQJ QDQ SLQ

 

PQDQ
PQJDO JQDV
PQJRQ SDU E\XQJ ED 6HH NK\LP QDV
E\XQJ ED
PRKD

FRPPXQLW\ 

 

FRQYHUVLRQ WR 

  Q

IROORZHUV 

LQLWLDWH Q
OLWHUDWXUH 

PLVJXLGHGQHVV   

QRQ0DK\QD IROORZHUV  



VWUDV  Q

FRPSRVLWLRQ RI  

PRQDVWLFLVP Q 

HDUO\  Q

0RQJROLDQ .DQMXU Q

IHDWXUHV RI   Q

PRQLVP    

VWUXFWXUH RI 

PRQNV HQXPHUDWLRQ RI 

PRQVRRQ ULFH

XOWLPDWH WHDFKLQJ RI 

PDK\QD UHSODFLQJ YDLSXO\D 

0DK\QDVWUODNUD 

6HH YUKL

PRRQ  

PRV 6HH DGKLPXNWL FKDQGD



FKDSWHU ,; r



QRQVHQWLHQW UHDOP EXGGKDQDWXUH RI 

1RUPDWLYH 3UHVFULSWLRQ RI 1HZ
7HUPLQRORJ\ 6HH VNDG JVDU

PUDNuD MHDORXV GLVSDUDJHPHQW Q



PGQWL RU PDUGDWL Q

EFDG
Q\L ]OD r r

0JUDPW Q

PWKDn UWHQ nD    

PWVKDQ PD 6HH QLPLWWD
PXNWD Q

DL]KL /

 Z

 Q

1DNDPXUD =XLU\

MDV  

2OG 1DUWKDQJ .DQMXU   


RQWRORJLFDO UHDOLW\ 
RSHQ UHFHQVLRQ Q 
RUDO WUDGLWLRQ 
RUGDLQHG 6HH SUDYUDMLWD

 

QPD Q
QDQJ GX \DQJ GDJ SDU nMRJ 6HH
SUDWLVDOD\DQD

P


RUJDQV ILYH LQWHUQDO 6HH ZX ]DQJ

RULJLQDO DZDNHQLQJ 6HH EHQMXH
RULJLQDO ZRUGLQJ RI 7LE 6HH 7LE
RUWKRGR[ %XGGKLVP Q  Q
RUWKRJUDSK\ 7LE  
nRV SD UHQGHULQJ 6NW JHUXQGLYHV Q
2WDQL UHSULQW 6HH 3HNLQJ .DQMXUV

1DQNLQJ 

QDUDNDWLU\DJ\RQL\DPD
ORNVXURSDSDWWL 
QDURWWDPD 
1DUWKDQJ .DQMXU r 
UHODWLRQ WR WKH n-DQJ VD WKDP
.DQMXU  r
UHODWLRQ WR WKH 3HNLQJ .DQMXUV 

D 6HH SDUWLFOH 7LE

SDG PDnL VQ\LQJ SR 6HH SDGPDJDUEKD
SGD VHTXHQFH r Q  r

SDGPDJDUEKD ORWXV FDO\[   

UHODWLRQ WR WKH 7KHP VSDQJV PD

.DQMXUV r 

QD\D 6HH QHWU

Q\DND OHDGHU   
1HL ]DQJ GD IDQJGHQJ MLQJ

S7

 

QHWU 

1HZ 7HUPLQRORJ\

    r  

  

6HH VNDG JVDU

SDGPDNRwD 
SDODFH 6HH SUVGD YLPQDwUHuKD

1HZ 7HVWDPHQW 

QJHV SDU nE\XQJ 6HH QLU\WD

QLGQD 
QLGKQD 6HH QLGKL
QLGKL WUHDVXUH  rQ  

SDODQTXLQ Q rQ

3OL &DQRQ  Q Q Q
SDOP\UD SDOP   Q 

3DFDNUDPD 
3DFDYLwDWLN Q

r Q

PDK 
PDKGKDUPD 
QLPLWWD VLJQ   
DYDEKVD Q
SUYD QrQ
QLUXNWL 
QLUYD  Q Q
QLUYDGKWX 6HH GKWX
QLUYWD 
QLU\WD   3
QLU\WD\DWL  Q

3DQJOXQJ -DPSD / Q

3DUDPUWKD 

SUDPLW Q
SDULJUDKD 
SDULQLUYD 
SDULSUDFDQGUD 6HH Q\L ]OD
3DUL3UDFDQGUD 

SDULYUD 
SDUuDW 6HH DVVHPEOLHV
SDUWLFOH 7LE

EDU IRU SDU 
E]KLQ GX IRUPLQJ SUHVHQW SDUWLFLSOHV

1REOH (LJKWIROG 3DWK r

QREOHPDQ 6HH JKDSDWL
QRQ Q 
QRQ%XGGKLVW   r
QRQHIILFDF\ RI EXGGKDKRRG 
QRQ0DK\QD IROORZHUV  
QRQVHOI 6HH DQWPDQ

Q Q

FDQ   Q

FL IRU ML  
FLJ IRU JFLJ Q
GDJ 
JHQLWLYH SDUWLFOH



 

UHGDFWLRQDO YDULDQWV RI !  r



RPLVVLRQ RI   

\L V\OODEOH IRUPLQJ FKDQJHG WR nL

ODV UHQGHULQJ D 6NW JHQLWLYH Q

VWHPPDWLF UHODWLRQV EHWZHHQ

DQG

SD
FDUGLQDO QXPEHUV ZLWK SD Q
FRQIXVLRQ ZLWK ED %WK 
ZLWK FDUGLQDO QXPEHUV Q 
SDV FRPSDUDWLYH SDUWLFOH Q
Q
VKHV IRU ]KHV DIWHU V 
VX Q
DV PHWULF H[SOHWLYH Q
\L V\OODEOH IRUPLQJ FKDQJHG WR nL

]KHV Q 

! r

3KXJ EUDJ PRQHVWDU\ 

n3K\LQJ ED V7DJ UWVH Qr
n3K\LQJ ED V7DJ UWVH JURXS RI .DQMXUV

    Q 

n3K\LQJ ED V7DJ UWVH PDQXVFULSW 

SLD 
SLQH WUHH Q

SLwF 
SLDND 
SOD\ XSRQ ZRUGV Q
SRRUKRXVH

6HH DQWKDwOD

SRVLWLYH FRQVWLWXHQW LQ OLYLQJ EHLQJV 

SDU\DND  Q

SDU\DYSQRWL  Q
SDU\\D Q 
GKDUPD 'KDUPD GLVFRXUVH 


SRWHQWLDOLW\ 

SUGXUEKDYDWL  Q

SUDJPDWLVP  

     

SUDM 

   

3UDMNDUDPDWL Q

SDU\HuDWH 
SDV 6HH SDUWLFOH 7LE
3DVTXDOL *LRUJLR Q Q
3wXSDWD GRFWULQH 
SDYLOLRQ 6HH NJUD
3HNLQJ .DQMXUV  r Q
6HH DOVR %HUOLQ PDQXVFULSW

SUDMDSWD Q
SUDNWL    Q
FLWWD   
SULNRQL\XWDwDWDVDKDVUD Q
SUDEKWD IRU oDQLPDOp Q
SUSWD DW WKH HQG RI D FRPSRXQG Q
SUVGD SDODFH  Q
SUVGLND PG]HV SD  Q Q
SUDVDYDWL 
SUDWKDPD ULJKW DIWHU Q Q
SUDWLEKQD UHDGLQHVV LQ VSHHFK 

.DQMXU

0 HGLWLRQ RI  

FRQIODWHG QrQ
.DQJ[L

! !

 r
2WDQL UHSULQW RI   r

4LDQORQJ
HGLWLRQ RI  
UHYLVLRQ RI ZRRG EORFNV RI Q
WHFKQLFDO LGHQWLW\ RI  
:DQOL
HGLWLRQ RI  
 
<RQJOH
HGLWLRQ RI  
 
SHUIHFW SDVVLYH SDUWLFLSOH ZLWK EKDYDWL

  Q

SUDWLEKWX Q
SUDWLJKD Q
SUDWLVDOD\DQD Q
SUDWLwRWL Q
SUDWW\DVDPXWSGD     Q

1
9

Q

SUDW\DEKLMQWH r
SUDW\DNuD Q 
SUDW\D\D  
SUDW\XWSDQQD Q
3UDW\XWSDQQDEXGGKDVDPXNKYDVWKLWD
VDPGKLVWUD 
SUDYLwDWL 
SUDYUDMLWD RUGDLQHG 
SUD\XM\DWH 

QrQ
SHUIHFWLRQ 6HH VDP\DNWYD
SKDO FKHU Q
3KXJ EUDJ PDQXVFULSW .DQMXU r
 Q r r
r  
FRORSKRQ PLVVLQJ rQ
SDJLQDWLRQ RI 
SUHVHUYHG RULJLQDO UHDGLQJ LQ 
 

SUHIL[
RI 6NW YHUEV 
RI 7LE YHUEV 
SUHVWDQGDUGL]HG WH[WV LQ 7LEHW 
Q



5DWQDJRWUDYLEKJDY\NK\   r

FKDUDFWHULVWLFV RI 
SURKLELWLRQ

 r  P   

RI NLOOLQJ Q
RI PHDW FRQVXPSWLRQ Q
SURSDJDWLRQ
RI VWUDV  Q
RI WKH 7*6      H
 
SWKDJMDQD Q
SXGJDOD 
!XGJDODSUDWLuHGKDSUDNDUDD 
SXQDU Q Q



DV

5DWQDJRWUDYLEKJDY\NK\   Q

      r
 Q  Q  Q
TXRWLQJ WKH

3

SXQFWXDWLRQ

7*6

RI &KLQ WH[WV r

5DWQDND Q

RI 7LE WH[WV   

5DWQDUDNuLWD Q

GGKL   

GGK\DEKLVDVNUD 

 r
IURP WKH SURSDJDWLRQ RI WKH

7*6

UHDGLQHVV LQ VSHHFK 6HH SUDWLEKQD

   

NuHWUD Q
3X\DEDOYDGQD 
SXUDVNWD 
SUDFDQGUD 6HH Q\L ]OD
SXUXuD IDWKRP 
SXUXuQWDUD 
SXUXuDUuDEKD 
SXVWDND ERRN

UHFHQVLRQDO YDULDQW

SUHVHUYH WKH

LDQORQJ

r  


UHFLWDWLRQ 
UHOLFV

6HH GKWX

UHOLJLRXV YDOXHV LQWHUQDOL]DWLRQ RI 

6HH FLWWD
6HH NU\D

UHVROXWLRQ
UHVXOW

UHYHODWLRQ

DUUDQJH LQWR  

JDWD Q

Q r Q

UDWQDVYDEKYD 
UDWQDYLWQD MHZHO FDQRS\  Q

SX\D PHULW    Q

DEKLVDVNUD DFFXPXODWLRQ 

"

0DK\QRWWDUDWDQWUDwVWUD 

DXWKRU DQG FRPPHQWDWRU GLIIHUHQW


GLIIHUHQW OD\HUV LQ   
TXRWLQJ WKH 7*6 r 

SURFHVV RI 
WKHRU\ RI  

7*6 DV 

UJ\DO ED 6HH MLQD

UJ\X

HGLWLRQ  

TXDVLV\QRQ\P Q Q

"DE WX WKRE IRU WKRE  

6HH DOVR KHWX

V\OODEOH LQ

&K



V\OODEOH LQ

&K



IRXUV\OODEOH LQ WKH &KLQ SURVH 



UJD GHVLUH     

5MDJKD 

ULFH
PRQVRRQ ULFH

6HH YUKL

ZLQWHU ULFH 6HH wOL

5LQ FKHQ E]DQJ SR Q
ULQ FKHQ VSXQJV VKDG 6HH VSXQJV VKDG
ULSHQLQJ  r r   

UORP VHPV Q
UQDP SD Q
5RPDQ PDQXVFULSW WUDGLWLRQ Q
URVH DSSOH WUHH  Q 
GH 5RVVL )LOLEHFN (OHQD Q

UDQJ E\XQJ Q\LG 6HH VYD\DEKWYD

UDQJ OXV  VYDN\D VYDGHKD RU
VYJD XVHG UHIOH[LYH Q

UDQJ VWRQJ r

UDVD 
5DWQDFFKDWWUD SDODFH 

5DWQDJRWUDYLEKJD     

r Q     
    Q Q
Q Q

_
6HH WDWKJDWDJDUEKD

GDWH RI FRPSRVLWLRQ RI r

TXRWLQJ 7*6

Q Q

UK\WKP

UXODL ]DQJ
UXOH 6HH wVDQD

r r 

YHUVH , RI     Q

5XPWHN 

USD    Q 

USDNDNDUPDGKUD\D Q


EDEGD

wUGODYLNULWD

 

VDGDSDULEKWD Q
VDGSDULEKWD Q

VDUYDMD

6DGSUDPXNWDUDwPL









r

r

wVWUD  
wDWDVDKDVUD  Q 6HH DOVR EUJ\D
VWRQJ

6DGUDwPLPXNWD Q

6DGGKDUPDSXDUNDVWUD   

  r    r

VDWNU\DYGD Q

    Q Q

VDWWYD

Q Q Q Q Qr

      Q

Q Q Q Q 

 Q

 Q

DFWLYH LQ RQHnV RZQ SXULILFDWLRQ

LQFRQVLVWHQFLHV UHJDUGLQJ WKH 7LE

r 

FRORSKRQ RI 

EHFRPLQJ D ERGKLVDWWYD Q

ROG 7LE WUDQVODWLRQV RI   

DV FRQWDLQHU RI D WDWKJDWD 

ULVLQJ VWSD LQ Q

VDGHYDNR ORND ZRUOG ZLWK LWV JRGV 

DV

GKDUPDW

     

DV H[LVWLQJ VHSDUDWH HQWLW\ Qr

Q
DV JXD Q
DV oOLIHp  
GHILQLWLRQ RI    
IRXU NLQGV RI 
QRW GLVWLQFW IURP ERGKLVDWWYD Q

 

lOLVWDPEDVWUD Q  

VDPGKL DEVRUSWLRQ   Q
 Q 

6DPGKLUMDVWUD Q Q

VDPGKLVDPSDWWL Q
VDPSDG\DWH 
VDPSDWWL 
6DPEDQGKDSDUNu 
VDEKDYDWL Q 
VDGKUDD Q
VDGw\DWH Q
VDJKD 
VDJUDKD Q
VDM Q
VDNK\ JDFFKDWLXSHWL Q
VDSUDNwD\DWL  Q  Q
VDVUD  Q  

TXDVLHW\PRORJ\ RI Q

VDWWYDGKWX     QrQ

VED 6HH VSD
VEXEV  Q

6FKPLWKDXVHQ /DPEHUW   

6FKRHQLQJ -HIIUH\ ' Q 
6HNRGGHwD 
VHOIORYH WPDVQHKD 
VHQ IRU VHPV FDQ 
VHPV FDQ 6HH VDWWYD
6HQJ\RX
   r

<

6H\IRUW 5XHJJ 'DYLG Q  Q Q



DV ZLOGHUQHVV  

VJR

FRPSDUHG ZLWK D KRXVH Q

EKDYD Q

VKD VWDJ

6DQGKLQLUPRFDQDVWUD 
VDQJV UJ\DV Q\LG 6HH EXGGKDWYDW
VDQJV UJ\DV VD 6HH EXGGKDEKPL

VKDG



ULQ FKHQ VSXQJV



WULSOH 

VDSWDUDWQD   Q

6KHO GNDU 

6KHO GNDU FKRV VGH PDQXVFULSW  

Q

6KHO GNDU PDQXVFULSW .DQMXU /

Q



r



wDUDD

Q Q



N\RJ

6NK\D V\VWHP  Q Q

VUD

 

Q   

   

VDUYDUDWQD

Q 

V*UD VE\RU EDP SR JQ\LV SD

VDP\DNWYD SHUIHFWLRQ HVWDEOLVKHG LQ

FRQIXVHG ZLWK

Q

DV oHQHUJ\p QrQ

lN\DSUDEKD   

V\QRQ\PRXV ZLWK

  Q

Q Q

DV oFRPPRQ OLYLQJ EHLQJp  

Q QrQ Q Q

wOL ZLQWHU ULFH 

Q

VDUYDMDMQD 
wVDQD UXOH  Q Q 

6DGSDULEKWD    Q

r

 

lULSXWUD Q Q Q Q

VHUYLQJ DV EDVLV IRU WKH SUHVHQW

 



7*6  r

RI WKH WUHDVXUH 

FULWLFDO HGLWLRQ 

6KHO GNDU PRQDVWHU\ Q

UHDOLVWLF VSLULW RI 

6KHO GNDU UG]RQJ Q

WDXJKW E\ WKH WDWKJDWDV  

6LPRQVVRQ 1LOV  

6KHO GNDU UG]RQJ PDQXVFULSW 

VLJOD DUUDQJHPHQW RI 

6LWX 5DE EUWDQ NXQ E]DQJ nSKDJV SD 

lLYD  Q
VL[ HOHPHQWV RI WKH ERG\  
VNDG JVDU 1HZ 7HUPLQRORJ\ r


lLNuQDQGD Q

VNDG JVDU EFDG VNDG JVDU FKDG

VKHV IRU ]KHV DIWHU V 

VKLQ GX IRU VKLQ WX r r
VKLQ WX 6HH VKLQ GX
VKLQJ WUHH Q

1RUPDWLYH 3UHVFULSWLRQ RI
1HZ 7HUPLQRORJ\ Q r

VNDQGKD 
VNLOO LQ PHDQV 6HH XS\DNDXwDO\D
6NLOOLQJ 3HWHU Q 
VNRJ 
VNX  Q Q
VN\HG 6HH EVN\HG
wORND Q
VPWL 
VQ\LQJ SR    r Q 6HH

wOD Q
lOHQGUDERGKL Q 
6LON -RQDWKDQ Q
6LKDGKYDMD 
VLPLOH
DV o*OHLFKQLVp QrQ
IDFWXDO VLWXDWLRQ RI 6DFKVSKUH 
OHDUQLQJ D VLQJOH VLPLOH 
PDWHULDO VSKHUH RI %LOGVSKUH 
Q
QLQH RI WKH 7*6     
DUUDQJHPHQW RI 

DOVR JDUEKD
VRJV 6HH VWVRJV
6RQJ
SHULRG 
VRWHULRORJ\ 
VSD QrQ
VSKRD\DWL Q
VSLULWXDOLW\ 
VSREV 6HH SUDWLEKQD
VSUDuDY\D 
VSURXW r
VSXQJV VKDG 
wUYDND   Q Q  Q

lUYDVW Q

IRUFHG V\VWHPDWL]DWLRQ RI 

IRUPLQJ WKH HVVHQWLDO SDUW RI WKH

7*6 
JURXSLQJ RI Q

r
r
RI WKH EXUQLQJ KRXVH 63 Q
RI WKH GHSUHVVHG ZRPDQ 7*6 
     r 
 Q r
RI WKH ILJXUHV LQ PROGV 7*6 r
  r
RI WKH JROG QXJJHW 7*6   
r
RI WKH KRQH\ 7*6  r r

RI WKH NHUQHOV 7*6   r

RI WKH ORWXV 7*6 r r
Q  r
KHWHURJHQHLW\ RI r Q
Q
RI WKH PDQ ZLWK D MHZHO LQ KLV GUHVV
63 
RI WKH SDLQWHG FORWK 7861  r
 r Q r Q
RI WKH VSURXW LQ D VHHG 7*6 
r   r  
r r
LQ WKH 5*99  

VWUXFWXUH RI 

wUHuKLQ JXLOG OHDGHU 

6UL /DQND 

lUPOGHYVLKDQGDVWUD  Q

VWDWXH
EXGGKD VWDWXH   Q
FDVWLQJ RI r r
6WHLQNHOOQHU (UQVW 
VWHPPD RI WKH IRXU PDLQ WUDQVPLVVLRQDO
OLQHV RI

7LE r 

VWHPPDWLF UHODWLRQV SULQFLSOHV IRU

HVWDEOLVKLQJ   

VWKQ\D Q

6WRJ 3DODFH PDQXVFULSW .DQMXU 6

r
FRQIODWHG 

VWVRJV IRU VRJV  

VWSD Q Q 

RI WKH WDWKJDWD LPDJH LQ URWWHQ UDJV

7*6    r

ULVLQJ 63 Q



 



DV WPDQ 
DV EDKXYUKL   H 

VX 6HH SDUWLFOH 7LE

VXEVWDQWLDOLVW
H[SUHVVLRQV IRU EXGGKDQDWXUH 

Q



DV oERUQ IURP D WDWKJDWDp 

QRWLRQV RI EXGGKDQDWXUH 

 

DV oWDWKJDWDHPEU\Rp



DV 9,95:7:K,  

VXGGHQ DZDNHQLQJ 

VXJDWD



MQD
N\D

3    

H  

 

7*6 
wQ\DW 
LQ WKH *DDY\KDVWUD Q
LQVWHDG RI WDWKJDWDMQD  Q

 

GHILQLWLRQ RI LQ WKH

    

6NDULNYDGQD
wQ\DW

H 

   Q

LGHQWLILHG ZLWK



  r

LGHQWLILHG ZLWK WDWKJDWDJDUEKD 



0

5*99 

lUDJDPDVDPGKLVWUD QrQ

LQWHUSUHWDWLRQ RI LQ WKH

6XZHQ

LQWURGXFWLRQ RI WKH WHUP  

 Q

VYDEKYD

V\QRQ\PRXV ZLWK



VYGK\\DWL
VYD\DEK

VYD\DEKWYD
V\QRQ\P
V\QWD[
RI
RI

EXGGKDGKWX 
GKDUPDN\D Q



Q 



  

WHDFKLQJ      Q

6HH TXDVLV\QRQ\P

FRQVLGHUHG QRQ%XGGKLVW r

FODVVLFDO 

&K FORVH WR 6NW Q

&K

FRQVHTXHQFHV RI  

HDUOLHVW VWDJH RI 

 FORVH WR 6NW Q

KDUPRQL]DWLRQ ZLWK RWKHU

RI WKH 7LEHWDQ 
RI

%WK

%XGGKLVW WHQHWV 

 FORVH WR 6NW Q Q

RFFXUUHQFHV LQ WKH

Q

%DER PDQXVFULSW .DQMXU  Q

GDQJHU IRU 

H  Q r

LQ &KLQD r
LQ ,QGLD   

 r

LQ 7LEHW r 

FRORSKRQ RI r Q 

SHFXOLDULWLHV RI 

UHODWLRQ WR RWKHU PDLQ JURXSV RI

WKUHH LQWHUSUHWDWLRQV RI  

WUDQVPLVVLRQ r r

WUDQVODWHG LQWR 7LEHWDQ 

 r

WDWKJDWDMQD WDWKJDWDNQRZOHGJH

VLQJOH YDULDQWV LQ r r

      r

7DER PRQDVWHU\ 

WDG\DWKSL QPD Q

    Q 

     

7DLSHL HGLWLRQ 'HUJH 

Q

4

7DLVK     

7DNDVDNL -LNLG

DV D VHSDUDWH HOHPHQW  r

   

DZDUHQHVV RI r

r Q QrQ Q

SHUYDGLQJ OLYLQJ EHLQJV  

Q Q Q Q Q

UHDOL]DWLRQ RI  

Q

WDWKJDWDMQDGDUwDQD PHQWDO YLVLRQ

WDWKJDWDFDNuXV WDWKJDWDYLVLRQ 

RI D WDWKJDWD  

     

  

 

   

WDWKJDWDJDUEKD 

7*6 r

WKHRU\  

WDWKJDWDN\D 

   

WDWKJDWDWYDW WDWKJDWDKRRG  

Q       



       

   
DQDO\VLV RI WKH WHUP r
DV D VHSDUDWH HQWLW\    r
   Q  Q

6HH WDWKJDWDFDNuXV
WDWKJDWR nUKDQ VDP\DNVDEXGGKD 
7DWKJDWRWSDWWLVDEKDYDQLUGHwD 
WDWKJDWDYLVLRQ

 Q  r r Q

H 


WDWKDLYD Q

WUDQVIRUPDWLRQ HVVHQWLDO QRW QHFHVVDU\

WDWKDW     QrQ Q

IRU DWWDLQLQJ EXGGKDKRRG r

7DXVFKHU +HOPXW 



WHFKQLFDO LGHQWLW\ RI EORFN SULQWV 

WUDQVODWLQJ LQWR &KLQHVH DFW RI Q



WUDQVODWLRQ RI WKH

WHUPLQXV DQWH TXHP

IRU 7*67*6 r

OLWHUDO  

r
WHUWLXP FRPSDUDWLRQLV   
7*6  H 
7*6  H   
IRU WKH 7*6 

WUDQVOLWHUDWLRQ  Q QrQ 


WUDQVPLVVLRQDO YDULDQW

WUHDVXUH

7KHP VSDQJV PD .DQMXUV  r

 r Q r
r  r 


WULuXEK  
Wu ORQJLQJ   
WUXH QDWXUH 6HH GKDUPDW
7VKDO *XQJ WKDQJ PRQDVWHU\ 

 
7VKDO SD .DQMXUV r  Q
7VKDO SD HGLWLRQ

GYWULwDQPDKSXUXuD
ODNuDD
WKRE 6HH UDE WX WKRE nWKRE
nWKRE IRU WKRE 
WKRJ PDU 6HH SUDWKDPD

r r r

  
FRORSKRQ RI r

WVKHJ PLVVLQJ EHWZHHQ WKH V\OODEOHV RI

WKUHHIROG FKDUDFWHU RI EXGGKDQDWXUH 

r
WKUHHVWDJH FDUHHU VDWWYDGKWXr
ERGKLVDWWYDrWDWKJDWD  Q
Q r
WKURQH Q 
7LE 
PHQWLRQHG LQ WKH O+DQ GNDU
FDWDORJXH 
RULJLQDO ZRUGLQJ QRW SUHVHUYHG r

SULQFLSOHV JRYHUQLQJ WKH FULWLFDO
HGLWLRQ RI r
VXEMHFW WR UHGDFWLRQ r 
XUWH[W RI 
YRFDEXODU\ DORQJ WKH 1HZ
7HUPLQRORJ\ r
7LEHWDQL]HG IRUP RI QXPEHUV 
WLWOH RI WKH 7*6  
RI WKH &KLQHVH WUDQVODWLRQV RI 
r
RULJLQDO   r r
7RNLZD 'DLM

6HH QLGKL

WULEKDYD Q
7ULwLN P r
TXRWLQJ WKH /DNYDWUDVWUD 

DUFKHW\SH RI 

FRORSKRQ RI r
WKHUDSHXWLF DVSHFW RI %XGGKLVP Q
WKLUW\WZR PDUNV RI D *UHDW %HLQJ 6HH

JL,
o

r 



WKDJ WX 6HH PD WKDJ WX

7G .\VKXQ

7*6

ILUVW 

ZHOOHVWDEOLVKHG WHUPV LQ

%WK



WVKXO 6HH QHWU

WXuD 

%GQDYDUJD

 

XGGLwDWL 
XGJKWL  Q
XSDNOHwD LPSXULW\ Q Q 
  

XSDPQD 
DGDSWLRQ WR WKH

XSDPH\D 
XSDPH\D 

FRUUHVSRQGHQFH WR WKH
 Q

LVRPRUSKLF UHODWLRQ EHWZHHQ

XSDPQD DQG XSDPH\D Q 

XSDPH\D  
FRUUHVSRQGHQFH WR WKH XSDPQD 
 Q
LQ WKH ORWXV VLPLOH

r

LVRPRUSKLF UHODWLRQ EHWZHHQ

XSDPH\D DQG XSDPQD Q 

XSDPQD

  

YRFDEXODU\ DGDSWHG WR WKH

 r  

    

7  r

XS\D   Q

XS\DNDXwDO\D VNLOO LQ PHDQV  

7RN\R PDQXVFULSW .DQMXU 



7ROD )HUQDQGR DQG &DUPHQ 'UDJRQHWWL

 Q Q Q

XUWH[W RI 7LE 





XWSDQQD Q
UHQGHUHG DV

9LQD\D VHFWLRQ 

YLQ\DND 6HH Q\DND
YUD KHUR  
YU\D HQHUJ\ Q    

]KXJV Q Q Q

Q

&FD\DWL

  Q

YDLSXO\D   

YDLwUDG\QL FDWYUL
YDLWXO\D 
YDMUD Q



9LuX Q

YUKL PRQVRRQ

ULFH

 

9\JKUDPDWL FRQIXVHG ZLWK 9DMUDPDWL

 

Q

Y\SGD PDOLFH

Q 

1 HGLWLRQ 6HH 3HNLQJ .DQMXUV

ZD[ Q  
:HL GDL SXVD MLQJ kZ`
:HQ PLQJ [LDQ MLQJ `

OLNH KDPPHU RI WKH 'KDUPD 

9DMUDERGKL WHDFKHU RI $PRJKDYDMUD

9DMUDPDWL  

DQOL

 Q 

FRQIXVHG ZLWK 9\JKUDPDWL Q

 

LGHQWLILHG ZLWK $QDQWDUDwPL 

:HVWHUQ -LQ



G\QDVW\ 

6HH wOL
ZLUNXQJVJHVFKLFKWH 
ZLQWHU ULFH

YDULDQW
GHJUHH RI SUREDELOLW\ 

ZRPE     Q   r

HVVHQWLDO 

       

Q  Q    Q
 Q Q Q  
Q     
ZRUOG V\VWHP 6HH ORNDGKWX
ZRUOG ZLWK LWV JRGV 6HH VDGHYDNR ORND
ZRUOGO\
HQJDJHPHQW RYHU WKHRUHWLFDO
FRQFHUQV 
RULHQWDWLRQ  Q
ZX ]DQJ
ILYH LQWHUQDO RUJDQV Q

HYDOXDWLRQ RI HDFK YDULDQW RQ D FDVH

E\FDVH EDVLV r

r   

r
WUDQVPLVVLRQDO r  
UHFHQVLRQDO

UHGDFWLRQDO  

WZR PDLQ NLQGV RI r

YDUD 
YDwNWD Q

9DVXEDQGKX    

9WVSXWU\D 
9HGQWD Q
YHJHWDULDQLVP Q
YHUE 7LE
FRPELQHG ZLWK nJ\XU Q
LQGLFDWLQJ KLHUDUFKLF OHYHO 
LUUHJXODU IRUPV r
SRVLWLRQ LQ WKH VHQWHQFH  
YHUVH  
, RI WKH 5*9   
 RI WKH 7*6  

LQ ZHL PL FKL MLQJ

[LQJ

/ `

 

  Q

;D EWDJV

  

\DG  WDG  Q

\DLV IRU \H VKHV 
\DQJ RU N\DQJ Q Q
WXUQLQJ LQWR nDQJ 
\DWK Q Q 
\DWKSL Q
\YDW Q
\H GKDUP IRUPXOD 

RI WKH ORWXV VLPLOH  r

WULSOHW  
ZLWK RQO\ VHYHQ V\OODEOHV SHU SGD LQ
%WK Q
YHWUD 6HH FDQH
YLMQD Q
YLMQDGKWX 6HH GKWX
9LMQDYGD 6HH <RJFUD
YLMH\D 
YLNXUYLWD 
9LPDODNUWLQLUGHwD Q 
YLPQDwUHuKD H[FHOOHQW SDODFH 

Q Q

<H VKHV VGH    

\HQD oVR WKDWp Q Q 

\L V\OODEOH IRUPLQJ FKDQJHG WR nL
\L UDQJV IRU \LG UDQJV 
\LG UDQJV 6HH \L UDQJV

SHULRG  
<RJFUD    

<L[L

\RJV r
\RMDQD  
\RQ WDQ 6HH \WRQ


YLPRNuD 





<RQJOH

9 HGLWLRQ $00 3HNLQJ

.DQMXUV
\WRQ IRU \RQ WDQ 

DFFKHWWL 6WHIDQR Q

]DJV 
]DQJ
DV WUDQVODWLRQ WHUP 
IRU JDUEKD 
]HU 6HH J]HU
=KD OX Q
]KHV Q 
=KLVHQJ
 Q

7
" $00 8,99;,
=KRQJKXD 'D]DQJMLQJ mU`
=KRQJMLQJ PXOX "'
*
]KRQJ VKHQJ

 

 r 



=KX 'DR]X

  

]OD JDQJ 6HH Q\L ]OD

=OD JDQJ 

]OD Q\D 6HH Q\L ]OD