Rigveda - KopyKitab.com

6$&5('3/$176$1'7+(,50(',&,1$/
86(6
'U$QLO.'KLPDQ
06F3K')(6)8:$,
$36,*ROG0HGDODQG<RXQJ6FLHQWLVW$ZDUGHH
*XUXNXO.DQJUL8QLYHUVLW\
+DULGZDU8$
,QGLD
'$<$38%/,6+,1*+286(
$'LYLVLRQRI
$VWUDO,QWHUQDWLRQDO3YW/WG
1HZ'HOKL
‹'U$QLO.'KLPDQ
3ULQWHG)RUPDW(ERRN
,6%1
'HVSLWHHYHU\HIIRUWWKHUHPD\VWLOOEHFKDQFHVIRUVRPHHUURUVDQGRPLVVLRQVWRKDYHFUHSWLQLQDGYHUWHQWO\1RSDUWRIWKLV
SXEOLFDWLRQPD\EHUHSURGXFHGLQDQ\IRUPRUE\DQ\PHDQVHOHFWURQLFDOO\PHFKDQLFDOO\E\SKRWRFRS\LQJUHFRUGLQJRU
RWKHUZLVHZLWKRXWWKHSULRUSHUPLVVLRQRIWKHFRS\ULJKWRZQHUV
7KHYLHZVH[SUHVVHGLQYDULRXVDUWLFOHVDUHWKRVHRIWKHDXWKRUVDQGQRWRIHGLWRURUSXEOLVKHURIWKHERRN
3XEOLVKHGE\
'D\D3XEOLVKLQJ+RXVH Š
$GLYLVRQRI
$VWUDO,QWHUQDWLRQDO3/WG
'DU\D*DQM1HDU+LQGL3DUN
'HOKL0HGLFDO$VVRFLDWLRQ5RDG
1HZ'HOKL
3KRQH
)D[
HPDLOLQIR#DVWUDOLQWFRP
ZHEVLWHZZZDVWUDOLQWFRP
'HGLFDWHGWR
0\*UDQG0RWKHU
0UV*$1*$'(9,
0\*UDQG)DWKHU
0U0$1*$75$0'+,0$1
3UHIDFH
3ODQWVDUHROGHVWFUHDWLRQRI*RGRQHDUWKDQGWKHFRQVFLRXVQHVVDERXWWKHPLVDVROGDVWKHKXPDQ
FLYLOL]DWLRQ LWVHOI 0DQ ZKHQ KH ZDV LQ KLV QDWXUDO IRUP RI UHOLJLRQ UHQGHUHG GLYLQH KRQRXU DQG
ZRUVKLSWRWKHSODQWV3ODQWRU7UHHZRUVKLSDQGWKHZRUVKLSXVLQJSODQW¶VSDUWVLVRQHRIWKHHDUOLHVW
IRUPVRIUHOLJLRQVLQDQFLHQWZRUOG,WLVWKURXJKWKHZRUVKLSRISODQWVRUWUHHVWKDWPDQDWWHPSWHGWR
DSSURDFK DQG SURSLWLDWH WKH *RG %HIRUH PDQ GHYHORSHG DJULFXOWXUH KH OLYHG PRVWO\ RQ IUXLWV DQG
QXWVRIWKHSODQWV+HXVHGWKHLULPSOHPHQWVIRUSHDFHDQGZDU,WZDVIURPZRRGWKDWKHREWDLQHGILUH
WRFRRNKLVIRRGDQGWRZDUPKLVFDYHGZHOOLQJVDSDUWIURPWKHEHDXW\RIWKHLUIORZHUVZKLFKH[FLWHG
KLVLPDJLQDWLRQ,WZDVEHQHILFLDOLQIOXHQFHRIWKHWUHHVWKDWSURPSWHGRXUUHPRWHDQFHVWRUVWRZRUVKLS
WKHP 7KH HDUOLHVW IRUP RI ZRUVKLS ZDV SUREDEO\ WKH YHQHUDWLRQ RI WKH 0RWKHU *RGGHVV WKH (DUWK
0RWKHU)HUWLOLW\FUHDWLRQDQGWKHZRUOGRISODQWVDQGDQLPDOVZHUHKHUEOHVVLQJVWRKHUGHYRWHHV
7KHZRUVKLSRIWKHWUHHVRISODQWVZRXOGKDYHRULJLQDWHGVRPHZKHUHDWWKLVWLPHDVWKHDGRUDWLRQRI
KHUFUHDWLYHDELOLWLHVV\PEROL]LQJIHUWLOLW\VRHVVHQWLDOWRWKHVXUYLYDORIHDUO\SHRSOH
7UHH ZRUVKLS LV IRXQG LQ DQFLHQW VRFLHWLHV DOO RYHU ZRUOG 7UHH ZRUVKLS RU SODQW ZRUVKLS KDV
FRQWLQXHGWREHDQHOHPHQWRIPRGHUQ+LQGXLVP,QDQFLHQWWLPHVWHPSOHVZHUHHLWKHUUDUHRUHYHQ
DEVHQW $ IHQFH PDGH RI ZRRG DQG ODWHU VWRQH JHQHUDOO\ HQFORVHG D VDFUHG DUHD 1XPHURXV
UHIHUHQFHVDUHDYDLODEOHLQOLWHUDWXUHWRWUHHVDVWKHDERGHRIWKHJRGV7KH\VKHOWHUHGWKHREMHFWRI
ZRUVKLSWKHGHLW\DIHWLVKDZHDSRQRUDQ\RWKHU,QWKHVFULSWXUHVWKHUHLVPHQWLRQRIWKH.DOSD
YULNVKDDQG&KDLW\DYULNVKDLQGLFDWLQJWKDWWKHZRUVKLSRIWKHWUHHLVDQDQFLHQW,QGLDQWUDGLWLRQ,Q
,QGLDPDQ\WUHHVDUHZRUVKLSSHGLQWKHWHPSOHDQGDUHDVVRFLDWHGHLWKHUZLWKWKHYLOODJHWHPSOHRU
WKH GHLW\ /DWHU WKHVH WUHHV EHFDPH WKH 6WKDODYULNVKDV LH WKH VDFUHG WUHHV 7KHUH DUH QXPEHU RI
SODFHVWKDWDUHQDPHGDIWHUWKHVHVDFUHGWUHHVRUWKHYULNVKDV
,W LV VHHQ WKDW WKHUH DUH YHU\ IHZ UHOLJLRXV FHUHPRQLHV RI WKH +LQGXV ZKLFK FDQ EH FRPSOHWHG
ZLWKRXW WKH KHOS RI WKH WUHHV ,Q RQH ZD\ RU WKH RWKHU PDQ\ RI SODQWV DUH EHLQJ ZRUVKLSSHG DQG
YDULRXVUHOLJLRXVFHUHPRQLHVDQGULWHVDUHSHUIRUPHGZLWKWKHKHOSRIWKHP7KHVHIRUPWKHVDFUHG
SODQWV7KHUHLVDOVRDEHOLHIWKDWWKHSODQWVZKLFKDUHVDFUHGWRWKH*RGVDQG*RGGHVVWKH\KDYHWKH
PHGLFLQDO XWLOLWLHV DQG WKH SRZHU RI UHOLHYLQJ D SHUVRQ IURP WKH GLVHDVHV0DKDULVKL &KDUDN KDV
ULJKWO\VDLGWKDWWKHUHLVQRSODQWRQWKHHDUWKZKLFKGRHVQRWKDYHWKHPHGLFLQDOSRWHQWLDO
7KH SUHVHQW ERRN RQ µ6DFUHG 3ODQWV DQG WKHLU 0HGLFLQDO 8VHV¶ LV DQ DWWHPSW WR SURYLGH D
FRPSUHKHQVLYHDFFRXQWRIVRPHRIWKHLPSRUWDQWSODQWVZKLFKDUHQRWRQO\EHLQJXVHGLQVDFULILFLDO
ULWHVDQGULWXDOVGHDOLQJZLWKFXOWXUDOKHULWDJHIHVWLYDOVDQGUHOLJLRXVFHUHPRQLHVVWDQGLQJIRUPELUWK
WLOOGHDWKEXWDOVRLQPHGLFLQHHVSHFLDOO\LQ,QGLD7KHSODQWVDUHDUUDQJHGDOSKDEHWLFDOO\ZLWKWKHLU
/DWLQQDPHV2IHDFKSODQWV\QRQ\PVYHUQDFXODUQDPHVLQYDULRXV,QGLDQODQJXDJHVGLVWULEXWLRQDQG
VDFUHG XVHV DUH SURYLGHG DORQJ ZLWK WKHLU IDPLOLHV EHVLGHV WKH SDUWV XVHG PHGLFLQDOO\ DQG WKHLU
PHGLFLQDO XVHV $ FRPSUHKHQVLYH LQGH[ FRPSULVLQJ RI ERWDQLFDO QDPHV DQG ORFDO QDPHV ZLWK WKH
VHOHFWELEOLRJUDSK\LVDOVRSURYLGHG
,QSUHSDULQJWKLVPRQRJUDSKWKHZRUNVRIYDULRXVDXWKRUVKDVEHHQFRQVXOWHGIRUZKLFKDXWKRULV
JUDWHIXORIWKHP7KHDXWKRULVWKDQNIXOWR'U3.DXVKLN3URIHVVRURI%RWDQ\'HSDUWPHQWRI%RWDQ\
DQG 0LFURELRORJ\ *XUXNXO .DQJUL 8QLYHUVLW\ +DULGZDU 8$ 'U 6. *XSWD 6HFUHWDU\$36,
DQG )RUPHU +HDG RI %RWDQ\ 'HSDUWPHQW '$9 3* &ROOHJH 0X]DIIDUQDJDU 83 IRU WKHLU
VXJJHVWLRQV 7KH DXWKRU LV DOVR WKDQNIXO WR 0U 6& 6LQKD ([ /LEUDU\ 2IILFHU &HQWUDO %XLOGLQJ
5HVHDUFK ,QVWLWXWH 5RRUNHH 8$ DQG RI 0U 6. 6KDUPD &HQWUDO /LEUDU\ RI ,QGLDQ ,QVWLWXWH RI
7HFKQRORJ\ 5RRUNHH 8$ IRU WKHLU KHOS LQ YDULRXV ZD\V 7KH DXWKRU DOVR IHHOV JUDWHIXO WR WKH
RZQHUVRI'D\D3XEOLVKLQJ+RXVH1HZ'HOKLIRUSXEOLVKLQJWKLVZRUNLQDDWWUDFWLYHIRUPRQWLPH
7KH DXWKRU LV LQGHEWHG WR KLV SDUHQWV 0U 5DPODO 'KLPDQ DQG 0UV .DPOD 'HYL IRU WKHLU
EOHVVLQJV DQG PRUDO HQFRXUDJHPHQW DQG WR KLV VLVWHU 0V$OND 5DQL IRU KHU KHOS LQ ZULWLQJ RI WKLV
ZRUN7KHDXWKRULVDOVRWKDQNIXOWRKLVVRQ$PDQWRZKRPKHFRXOGQRWSD\PXFKDWWHQWLRQZKLFKKH
GHVHUYHGZKLOHZULWLQJWKHERRN,QWKHODVWEXWQRWOHDVWP\VLQFHUHWKDQNVDUHGXHWRP\ZLIH0UV
<DVKRGD5DQLZKRKDVEHHQDVRXUFHRILQVSLUDWLRQWRHQDEOHPHWRFRPSOHWHWKLVZRUN
'5$1,/.80$5'+,0$1
,QIRUPDWLRQ6FLHQWLVW
*XUXNXO.DQJUL8QLYHUVLW\
+DULGZDU8$
&RQWHQWV
3UHIDFH
,QWURGXFWLRQ
'LVFXVVLRQRI3ODQWV
%LEOLRJUDSK\
,QGH[RI%RWDQLFDO1DPHVRIWKH3ODQWV
,QGH[RI9HUQDFXODU1DPHVRIWKH3ODQWV,QFOXGLQJ(QJOLVK1DPHV
'U$QLO .XPDU 'KLPDQ ERUQ LQ LV 06F 3K ' %RWDQ\ 0$ 3RO 6FL %(G
0/,6F3*'&$DQGWKH$\UXYHGD5DWDQ+LV'RFWRUDWHZRUNLVEDVHGRQWKH0HGLFLQDO)ORUDRI
+DULGZDU ZKLFK FRQWDLQV LQIRUPDWLRQ RQ HWKQRPHGLFLQDO DQG HWKQRERWDQLFDO XVHV RI WKH SODQWV
3UHVHQWO\ KH LV ZRUNLQJ DV,QIRUPDWLRQ 6FLHQWLVW LQ WKH OLEUDU\ RI *XUXNXO .DQJUL 8QLYHUVLW\
+DULGZDU8$+HKDVWDXJKW%RWDQ\LQ%RWDQ\'HSDUWPHQW*XUXNXO.DQJUL8QLYHUVLW\+DULGZDU
8$ GXULQJ XQGHU GLVWDQFH HGXFDWLRQ SURJUDPPH DQG DOVR ZRUNHG DV &RXQVHOORU RI
/LEUDU\ 6FLHQFH IRU +DULGZDU &KDSWHU RI 83 5DMULVKL 2SHQ 8QLYHUVLW\$OODKDEDG IRU WZR \HDUV
DQG3UHVHQWO\KHLV+RQRUDU\/HFWXUHUDW/LEUDU\6FLHQFH7UDLQLQJ5RRUNHHDQGWHDFKLQJ
/LEUDU\ 6FLHQFH WR WKH VWXGHQWV RI &HUWLILFDWH &RXUVH RI /LEUDU\ 6FLHQFH +H LV HOHFWHG )HOORZ RI
6RFLHW\RI(WKQRERWDQLVWV)(6/XFNQRZ,QGLDDQG)HOORZRI8QLWHG:ULWHU$VVRFLDWLRQRI,QGLD
)8:$,DQGOLIHPHPEHURIVHYHUDOSURIHVVLRQDOVRFLHWLHVYL]$FDGHP\RI3ODQW6FLHQFHVRI,QGLD
0X]DIIDUQDJDU ,QGLDQ %RWDQLFDO 6RFLHW\ 0HHUXW ,QGLD ,QGLDQ$VVRFLDWLRQ RI 6SHFLDO /LEUDULHV
DQG ,QIRUPDWLRQ &HQWHUV &DOFXWWD ,QGLDQ $VVRFLDWLRQ RI 7HDFKHUV RI /LEUDU\ DQG ,QIRUPDWLRQ
6FLHQFH,QGLDQ/LEUDU\$VVRFLDWLRQ'HOKL6RFLHW\RI(WKQRERWDQLVWV/XFNQRZ,QGLD8WWDUDQFKDO
/LEUDU\$VVRFLDWLRQ'HKUDGXQDQG8WWDU3UDGHVK/LEUDU\$VVRFLDWLRQ/XFNQRZ
+HKDVQLQHERRNVWRKLVFUHGLWWKUHHLQ%RWDQ\DQGVL[LQ/LEUDU\6FLHQFHEHVLGHVDERXWPRUH
WKDQ ILIW\ SDSHUV LQ ERWK ILHOGV RI KLV VWXG\ +H KDV DWWHQGHG YDULRXV QDWLRQDO VHPLQDUV DQG
FRQIHUHQFHVDQGDOVRKDGEHHQWKHPHPEHURIRUJDQL]LQJFRPPLWWHHVRIVHPLQDUVRIQDWLRQDOUHSXWH
+LV QDPH KDV EHHQ UHIHUUHG LQ YDULRXV GLUHFWRULHV RI QDWLRQDO DQG LQWHUQDWLRQDO IDPHV +H LV DOVR
DZDUGHGZLWKWKH$36,*ROG0HGDODQG<RXQJ6FLHQWLVW$ZDUG
7UHHRU3ODQWZRUVKLSRUWKHZRUVKLSXVLQJSODQW¶VSDUWVLVRQHRIWKHHDUOLHVWIRUPVRIUHOLJLRQV
LQDQFLHQWZRUOG,WZDVWKURXJKWKHZRUVKLSRIWKHSODQWVRUWUHHVWKDWPDQDWWHPSWHGWRDSSURDFKDQG
SURSLWLDWHWKH*RG%HIRUHPDQGHYHORSHGDJULFXOWXUHKHOLYHGPRVWO\RQIUXLWVDQGQXWVRIWKHSODQWV
+HXVHGWKHLULPSOHPHQWVIRUSHDFHDQGZDU,WZDVIURPZRRGWKDWKHREWDLQHGILUHWRFRRNKLVIRRG
DQGWRZDUPKLVFDYHGZHOOLQJVDSDUWIURPWKHEHDXW\RIWKHLUIORZHUVZKLFKH[FLWHGKLVLPDJLQDWLRQ
,W ZDV EHQHILFLDO LQIOXHQFH RI WKH WUHHV WKDW SURPSWHG RXU UHPRWH DQFHVWRUV WR ZRUVKLS WKHP 7KH
HDUOLHVW IRUP RI ZRUVKLS ZDV SUREDEO\ WKH YHQHUDWLRQ RI WKH 0RWKHU *RGGHVV WKH (DUWK 0RWKHU
)HUWLOLW\ FUHDWLRQ DQG WKH ZRUOG RI SODQWV DQG DQLPDOV ZHUH KHU EOHVVLQJV WR KHU GHYRWHHV 7KH
ZRUVKLS RI WKH WUHH ZRXOG KDYH RULJLQDWHG VRPHZKHUH DW WKLV WLPH DV WKH DGRUDWLRQ RI KHU FUHDWLYH
DELOLWLHVV\PEROL]LQJIHUWLOLW\VRHVVHQWLDOWRWKHVXUYLYDORIHDUO\SHRSOH7UHHZRUVKLSLVIRXQGLQ
YDULRXVVRFLHWLHVZRUOGRYHUHVSHFLDOO\LQ,QGLD%HVLGHVWKHUHLVDEHOLHIWKDWWKHSODQWVZKLFKDUH
VDFUHGRUEHLQJZRUVKLSSHGWKDWKDYHWKHPHGLFLQDOSRWHQWLDOWRR
7KH SUHVHQW ERRN RQµ6DFUHG 3ODQWV DQG WKHLU 0HGLFLQDO 8VHV¶ LV DQ DWWHPSW WR SURYLGH D
FRPSUHKHQVLYHDFFRXQWRQVRPHRIWKHLPSRUWDQWSODQWVZKLFKDUHQRWRQO\EHLQJXVHGLQVDFULILFLDO
ULWHVDQGULWXDOVGHDOLQJZLWKFXOWXUDOKHULWDJHIHVWLYDOVDQGUHOLJLRXVFHUHPRQLHVVWDQGLQJIURPELUWK
WLOOGHDWKEXWDOVRLQPHGLFLQHSDUWLFXODUO\LQ,QGLD
,W LV KRSHG WKDW WKLV ERRN ZLOO EH XVHIXO IRU 5HVHDUFK :RUNHUV ZRUNLQJ LQ WKH ILHOG RI$QFLHQW
+LVWRU\$QFLHQW/LWHUDWXUH%RWDQ\DQGWKH0HGLFDO6FLHQFHVEHVLGHVWKHJHQHUDOOD\PHQLQWHUHVWHG
LQWKHVDFUHGXVHVRISODQWV
,QWURGXFWLRQ
6LQFHWKHHDUOLHVWWLPHVLHWKH6WRQH$JHZKHQPDQZDVDVDYDJHKHVXEVLVWHGODUJHO\RQIUXLWV
DQGURRWVRIWKHSODQWV7KHSODQWVZHUHWKHVRXUFHVIRUSURYLGLQJKLPERZVDQGDUURZVRUVSHDUV
+RZ FRXOG KH KXQW ZLWKRXW WKH KHOS RI WKHVH ZHDSRQV" +RZ FRXOG WKHUH EH D KDQGD[H LQGXVWU\
ZLWKRXWSODQWV"$OOWKHVHIDFWVSURYHLWEH\RQGGRXEWWKDWWKHSODQWVKDYHEHHQWKHEHVWIULHQGVRIPDQ
HYHQLQWKHSUHKLVWRULFSHULRG6RWKHVD\LQJLVQRWZURQJWKDWSODQWZRUVKLSLVSRVVLEO\WKHHDUOLHVW
DQGPRVWSUHYDOHQWIRUPRIUHOLJLRQ,WZDVWKURXJKWKHZRUVKLSRIWKHSODQWVWKDWPDQDWWHPSWHGWR
DSSURDFK DQG SURSLWLDWH *RG %HIRUH PDQ GHYHORSHG DJULFXOWXUH DQG EHFDPH IXOO\ FLYLOL]HG SODQWV
ZHUHWKHRQO\UHIXJHIRUKLPLQYDULRXVZD\V
7KHUHLVSHUKDSVQRREMHFWLQQDWXUHWKDWDGGVVRPXFKWRWKHEHDXW\RIDODQGVFDSHDVDWUHH3ODWV
SURYLGHIRRGIRGGHUWLPEHUPHGLFLQHVKHOWHUDQGZKDWQRW"7KXVWKHWUHHVRUWKHSODQWVLQGHHGDUH
WKHKLJKHVWDQGQREOHVWSURGXFWLRQRIWKHYHJHWDEOHNLQJGRPMXVWDVPDQKROGVWKHKLJKHVWSODFHLQWKH
DQLPDOV:KHWKHUVWDQGLQJVROLWDU\RUDUUDQJHGLQFOXPSVRUPDVVHVRUDYHQXHVSODQWVDOZD\VJLYH
IUHVKQHVVYDULHW\DQGRIWHQJUDQGHXUWRWKHVFHQH7KXVWKHWZRKLJKHVWDQGQREOHVWSURGXFWLRQVZHUH
ERXQGWRFRPHFORVHUDQGFORVHU1RZLWLVHDV\WRXQGHUVWDQGKRZLQRXUUHPRWHSDVWPHQLQWKHLU
HIIRUWVWRZRUVKLSWKH6XSUHPH%HLQJZRUVKLSSHGWUHHVRUSODQWV$PRQJWKHYDULRXVQDWXUDOREMHFWV
RI DGRUDWLRQ WUHHV WRRN DQ HDUO\ SODFH 7KHLU EHDXW\ ZKHQ VLQJOH WKHLU JUDQGHXU DV IRUHVWV WKHLU
JUDWHIXOVKDGHVLQKRWFOLPDWHWKHLUP\VWHULRXVIRUPRIOLIHVXJJHVWHGWKHPDVWKHDERGHVRIGHSDUWHG
VSLULWVRURIH[LVWLQJDJHQFLHVRIWKH&UHDWRU7KHDEVWUDFWVDFUHGFKDUDFWHURIWUHHVLVQRWGLIILFXOWWR
FRQFHLYHDQGDVWKHLQWHOOHFWSURJUHVVHGDPRQJWKHHDUO\UDFHVRIWKHZRUOG*UHHNV$U\DQVDQGWKH
+HEUHZVFRQWULEXWHGWRZDUGVLWVGHYHORSPHQW6SHDNLQJRIWKHQDWXUDOQHVVRIWUHHZRUVKLSRUSODQW
ZRUVKLS-DPHV)HUJXVVRQREVHUYHVWKDWµZKHUHZHPLVVWKHSRLQWRIFRQWDFWZLWKRXUUHOLJLRXVQRWLRQ
LVZKHQZHDVNKRZDQ\RQHFRXOGKRSHWKDWDSUD\HUDGGUHVVHGWRDWUHHZDVOLNHO\WREHUHVSRQGHG
WRRUKRZDQRIIHULQJSUHVHQWHGWRVXFKDQREMHFWFRXOGEHDSSUHFLDWHG2ULJLQDOO\LWPD\KDYHEHHQ
WKDWDGLYLQLW\ZDVVXSSRVHGWRUHVLGHDPRQJWKHEUDQFKHVDQGLWZDVWRWKLVVSLULWWKDWWKHSUD\HUZDV
ILUVW DGGUHVVHG EXW DQ\ RQH ZKR KDV ZDWFKHG WKH SURJUHVV RI LGRODWU\ PXVW KDYH REVHUYHG KRZ
UDSLGO\PLQGVDWDFHUWDLQVWDJHRIHQOLJKWHQPHQWZHDU\RIWKHXQVHHQDQGKRZZLOOLQJO\WKH\WUDQVIHU
WKHLUZRUVKLSWRDQ\WDQJLEOHRUYLVLEOHREMHFW$QLPDJHDWHPSOHDVWRQHRUWUHHPD\WKXVEHFRPH
DQREMHFWRIDGRUDWLRQRURISLOJULPDJHDQGZKHQVDQFWLILHGE\WLPHWKHLQGROHQFHRIWKHKXPDQPLQG
WRRJODGO\FRQWHQWVLWVHOIZLWKDQ\LGROZKLFKSUHYLRXVJHQHUDWLRQVKDYHEHHQFRQWHQWWRYHQHUDWH¶
$V UHJDUGV WKH RULJLQ RI WKH WUHHZRUVKLS RU SODQW ZRUVKLS LW ZRXOG KDYH EHHQ VWUDQJH LI WKH\
ZLWK WKHLU FKDQJLQJ JURZWK DQG ZDYLQJ EUDQFKHV VKRXOG KDYH EHHQ GLVUHJDUGHG DQG XQKRQRXUHG
6DFUHGWUHHVDSSHDULQWKHHDUOLHVWP\WKRORJLHVZKLFKKDYHEHHQUHFRYHUHG7KHUHLVQRSDUWRIWKH
ZRUOGLQZKLFKWUHHVRUSODQWVKDYHQRWEHHQUHJDUGHGZLWKVSHFLDOUHYHUHQFH$FFRUGLQJWR(YHO\Q
µ3DUDGLVHLWVHOIZDVDNLQGRIVDFUHGJURYHSODQWHGE\*RGDQGJLYHQWRPDQ¶+HIXUWKHUVXJJHVWV
WKDW WKH JURYHV ZKLFK WKH SDWULDUFKV KDG SODQWHG LQ GLIIHUHQW SDUWV RI 3DOHVWLQH PD\ KDYH EHHQ
PHPRULDOV RI WKDW ILUVW WUHHVKDGHG SDUDGLVH IURP ZKLFK $GDP ZDV H[SHOOHG %LEOLFDO HSLVRGH
LQIRUPV DERXW WKH SODQWLQJ RI µ7UHHV RI /LIH DQG .QRZOHGJH LQ WKH *DUGHQ RI (GHQ¶ 0DUVKDOO
REVHUYHVWKDW³WKHWZRLGHDOVRIZLVGRPDQGOLIHEHLQJVRFORVHO\LQWHUZRYHQLQWKH0HVRSRWDPLDQ
P\WKWKHUHLVUHDVRQWRVXVSHFWWKDWLQDQHDUOLHUYHUVLRQRIWKH(GHQVWRU\WKHUHZDVRQO\RQHWUHH
IXQFWLRQLQJ IRU WKH ERWK´ ,Q WKH V\PEROLVP RI WKH PRVW DQFLHQW QDWLRQV WKH VDFUHG WUHH VRPHWLPHV
ILJXUHDVDW\SHRIWKHXQLYHUVHDQGUHSUHVHQWVWKHZKROHV\VWHPRIFUHDWHGWKLQJVEXWPRUHIUHTXHQWO\
DVDWUHHRIOLIH$FFRUGLQJWR-HZLVKWUDGLWLRQWKHWUHHRIOLIHZDVDGDWHSDOP,WLVILJXUHGDVD7UHH
RI /LIH RQ DQ (J\SWLDQ VHSXOFKUDO WDEOHW RI ILIWHHQWK FHQWXU\ %& DQG SUHVHUYHG LQ WKH 0XVHXP DW
%HUOLQ %DUORZ UHPDUNV ³,Q WKH µ7UHH RI /LIH¶ RI WKH (J\SWLDQV ZH KDYH SHUKDSV WKH HDUOLHVW
FHUWDLQO\WKHPRVWFRPSOHWHDQGFRQVLVWHQWUHSUHVHQWDWLRQRIWKLVPRVWDQFLHQWDQGVHHPLQJO\XQLYHUVDO
V\PERORIWKH7UHHRI/LIHLQWKHPLGVWRISDUDGLVHIXUQLVKLQJWKHGLYLQHVXSSRUWRILPPRUWDOLW\´
)RUORQJ DFFHSWV WKLV WKHRU\ RI %DUORZ $V PHQ FDPH WR UHFRJQL]H LQ WKHPVHOYHV WZR QDWXUHVWKH
SK\VLFDODQGWKHVSLULWXDOVRRQHUHSUHVHQWHGWKHVHE\WZRWUHHVRURQHRQO\$FFRUGLQJWR%DUORZ
DOOWKHEHDXWLIXOJUDQGDQGKLJKO\XVHIXOWUHHVLQHYHU\ODQGKDYHEHHQDVVRFLDWHGZLWKWKHQREOHDQG
EHQHILFLDO LGHDV ZKLFK PDQ KDV DWWULEXWHG WR KLV *RG RU WR QDWXUH )RUORQJ REVHUYHV WKDW CWRR
QXPHURXV WDOHV RI KRO\ WUHHV JURYHV DQG JDUGHQV UHSHDWHG HYHU\ZKHUH DQG LQ HYHU\ SRVVLEOH IRUP
IRUWLI\PHLQP\EHOLHIWKDWWUHHZRUVKLSZDVILUVWNQRZQDQGDIWHULWFDPH/LQJDPRU3KDOOLFZLWKRI
FRXUVHLWVIHPDOHIRUP$GDPD¶
7KHUH LV OLWWOH HYLGHQFH LQ WKH DUFKDHRORJLFDO UHFRUG RI WUHH ZRUVKLS RU SODQW ZRUVKLS LQ WKH
SUHKLVWRULF ZRUOG WKRXJK WKH H[LVWHQFH RI WRWHPV FDUYHG IURP ZRRG WKDW PD\ KDYH KHOG D VDFUHG
VLJQLILFDQFHLVVXJJHVWHGE\WKHSROHWRSSHGZLWKDELUG¶VERG\DQGKHDGZKLFKDSSHDUVQH[WWRWKH
ELUGKHDGHG LWK\SKDOOLF PDOH ILJXUH LQ WKH VRFDOOHG ZHOO VFHQH DW /DVFDX[ ,Q WKH HDUO\ KLVWRULFDO
SHULRGKRZHYHUWKHUHLVFRQVLGHUDEOHHYLGHQFHWKDWWUHHVKHOGDVSHFLDOVLJQLILFDQFHLQWKHFXOWXUHV
RIWKHDQFLHQWZRUOG,Q$QFLHQW(J\SWVHYHUDOW\SHVRIWUHHVDSSHDULQ(J\SWLDQP\WKRORJ\DQGDUW
DOWKRXJK WKH KLHURJO\SK ZULWWHQ WR VLJQLI\ WUHH DSSHDUV WR UHSUHVHQW WKH V\FDPRUH LQ SDUWLFXODU 7KH
V\FDPRUH FDUULHG VSHFLDO P\WKLFDO VLJQLILFDQFH $FFRUGLQJ WR WKH%RRN RI 'HDG WZLQ V\FDPRUHV
VWRRGDWWKHHDVWHUQJDWHRIKHDYHQIURPZKLFKWKHVXQJRGUHHPHUJHGHDFKPRUQLQJ7KHV\FDPRUH
ZDVDOVRUHJDUGHGDVDPDQLIHVWDWLRQRIWKHJRGGHVVHV1XW,VLVDQGHVSHFLDOO\RI+DWKRUZKRZDV
JLYHQ WKH HSLWKHW /DG\ RI WKH 6\FDPRUH 6\FDPRUHV ZHUH RIWHQ SODQWHG QHDU WRPEV DQG EXULDO LQ
FRIILQVPDGHRIV\FDPRUHZRRGUHWXUQHGWKHGHDGSHUVRQWRWKHZRPERIWKHPRWKHUWUHHJRGGHVV
7KHLVKHG ZKLFK PD\ EH LGHQWLILHG DV WKH3HUVHD D IUXLWEHDULQJ GHFLGXRXV WUHH DQG ZKLFK
LQFLGHQWDOO\3DXVDQLDVGHVFULEHVDVDWUHHWKDWORYHVQRZDWHUEXWWKHZDWHURIWKH1LOHKDGDVRODU
VLJQLILFDQFH$QRWKHUWUHHWKHZLOORZZDVVDFUHGWR2VLULVLWZDVWKHZLOORZZKLFKVKHOWHUHGKLV
ERG\DIWHUKHZDVNLOOHG0DQ\WRZQVLQ(J\SWZLWKWRPEVLQZKLFKDSDUWRIWKHGLVPHPEHUHG2VLULV
ZDVEHOLHYHGWREHEXULHGKDGJURYHVRIZLOORZVDVVRFLDWHGZLWKWKHP
7KHWHUUDFHVRIWKH)XQHUDU\7HPSOHRI +DWVKHSVXWDW'HLUHOEDKDULF%&ZHUHSODQWHG
ZLWKP\UUKWUHHV:KLOHWKHLQQHUVDQFWXDU\LVORFDWHGLQVLGHWKHFOLIIWKHWHPSOH¶VRXWHUVDQFWXDU\RI
WHUUDFHGJDUGHQVUHFUHDWHGWKH3DUDGLVHRI$PRQDQHDUWKO\SDODFHIRUWKH6XQJRGLQLPLWDWLRQRIWKH
P\UUKWHUUDFHVRI3XQWZKLFKZDVWKHOHJHQGDU\KRPHODQGRIWKHJRGV$VSHFLDOH[SHGLWLRQWR3XQW
SUREDEO\DWWKHVRXWKHUQHQGRIWKH5HG6HDZDVRUJDQL]HGE\+DWVKHSVXW¶VDUFKLWHFWDQGFRXQFLORU
6HQPXWWRJHWWKHP\UUKWUHHV%HVLGHVWKHWHUUDFHGJDUGHQVRIP\UUKWUHHVWZRVDFUHG3HUVHDWUHHV
VWRRG EHIRUH WKH QRZ YDQLVKHG SRUWDO LQ WKH ZDOO RI WKH HQWUDQFH IRUHFRXUW ZKLOH SDOP WUHHV ZHUH
SODQWHGLQVLGHWKHILUVWFRXUW
,Q SHUKDSV D VLPLODU IDVKLRQ LW LV EHOLHYHG WKH UDPSHG WHUUDFHV RI WKH 0HVRSRWDPLDQ ]LJJXUDWV
ZHUHDOVRSODQWHGZLWKWUHHVDQGVDFUHGWUHHVRUSODQWVZHUHWKHSULQFLSDOIHDWXUHRIWKHVRFDOOHG
+DQJLQJ*DUGHQVRI%DE\ORQRQHRIWKHZRQGHUVRIWKHDQFLHQWZRUOG
,QWKHGHVHUWHQYLURQPHQWVRI$QFLHQW(J\SWDQG$QFLHQW0HVRSRWDPLDWUHHVDQGHVSHFLDOO\IUXLW
WUHHVDVVXPHGDVSHFLDOLPSRUWDQFH7KHKHDGGUHVVZRUQE\RQHRIWKHZRPHQEXULHGLQWKHWRPERI
4XHHQ3X¶DELDWWKH6XPHULDQVLWHRI8UF%&LQFOXGHVLQWKHHODERUDWHGHFRUDWLRQFOXVWHUVRI
JROGSRPHJUDQDWHVWKUHHIUXLWVKDQJLQJWRJHWKHUVKLHOGHGE\WKHLUOHDYHVWRJHWKHUZLWKWKHEUDQFKHV
RIVRPHRWKHUWUHHZLWKJROGHQVWHPVDQGIUXLWRUSRGVRIJROGDQGFDUQHOLDQ
,Q(J\SWWKHHYHUJUHHQGDWHSDOPZDVDVDFUHGSODQWDQGDSDOPEUDQFKZDVWKHV\PERORIWKH
JRG+HKWKHSHUVRQLILFDWLRQRIHWHUQLW\)RUODWHUFXOWXUHVWKHSDOPEUDQFKDOVRVHUYHGDVDQHPEOHP
RIIHFXQGLW\DQGYLFWRU\)RU&KULVWLDQVWKHSDOPEUDQFKLVDV\PERORI&KULVW¶VYLFWRU\RYHUGHDWK,W
DOVRVLJQLILHGLPPRUWDOLW\DQGGLYLQHEOHVVLQJVDQGLVRIWHQVHHQDVDQDWWULEXWHRI&KULVWLDQPDUW\UV,W
DOVR GHQRWHV SDUWLFXODU &KULVWLDQ VDLQWV VXFK DV 3DXO WKH +HUPLW DQG &KULVWRSKHU DV ZHOO DV WKH
$UFKDQJHO0LFKDHO7KHSDOPWUHHLVDOVRDV\PERORIWKHJDUGHQRISDUDGLVH
3ODQWV DOVR ILJXUH SURPLQHQWO\ LQ WKH FXOWXUH DQG P\WKRORJ\ RI $QFLHQW *UHHFH 3DXVDQLDV
GHVFULEHVWKHVDFUHGJURYHVRI$HVFXODSLXVDW(SLGDXUXV,,RI$UJXVLQ/DFRQLD,,,
DQGDVDFUHGJURYHRISODQHWUHHVDW/HUQD,,,QWKHODQGRI&RORSKRQLQ,RQLDZDVD
JURYHRIDVKWUHHVVDFUHGWR$SROOR9,,DQGDVDFUHGJURYHDW/\FRVXUDLQFOXGHGDQROLYH
WUHHDQGDQHYHUJUHHQRDNJURZLQJIURPWKHVDPHURRW9,,,3HUKDSVWKHPRVWIDPRXVJURYH
RISODQHWUHHVZDVWKDWVDFUHGWR=HXVNQRZQDVWKH$OWLVDW2O\PSLD9
7KH RDN WUHH ZDV DOVR VDFUHG WR =HXV HVSHFLDOO\ WKH WUHH DW WKH VDQFWXDU\ RI =HXV LQ 'RGRQD
ZKLFKDOVRVHUYHGDVDQRUDFOHLWZRXOGVHHPWKHUXVWOLQJRIWKHOHDYHVZHUHUHJDUGHGDVWKHYRLFHRI
=HXVDQGWKHVRXQGVLQWHUSUHWHGE\SULHVWHVVHV7KHRDNZDVDOVRVDFUHGWR3DQZKLOHWKHP\UWOHWUHH
ZDVVDFUHGWR$SKURGLWH,QWKH3DQGURVLXPQHDUWKHWHPSOHNQRZQDVWKH(UHFKWKHXPEHVLGHVPDQ\
RWKHU VLJQV DQG UHPDLQV RI $WKHQV¶ P\WKLFDO SDVW D VDOWZDWHU ZHOO DQG D PDUN LQ WKH VKDSH RI
3RVHLGRQ¶VWULGHQWLQDURFNFRXOGDOVREHVHHQDOLYLQJROLYHWUHHVDFUHGWRWKHJRGGHVV$WKHQD,Q
VHYHUDO *UHHN P\WKV ZRPHQ DQG PHQ DUH IUHTXHQWO\ WUDQVIRUPHG LQWR WUHHV$W\V LQWR D 3LQH WUHH
6PLOD[LQWRD\HZ'DSKQHLQWRWKHODXUHOZKLFKZDVVDFUHGWR$SROOR
,QQXPHURXVFDVHVWKHVSLULWRIWUHHVLVSHUVRQLILHGXVXDOO\LQIHPDOHIRUP,Q$QFLHQW*UHHFHWKH
$OVHLGVZHUHQ\PSKVDVVRFLDWHGZLWKJURYHVZKLOHWKH'U\DGVZHUHIRUHVWQ\PSKVZKRJXDUGHGWKH
WUHHV6RPHWLPHVDUPHGZLWKDQD[H'U\DGVZRXOGSXQLVKDQ\RQHKDUPLQJWKHWUHHV&URZQHGZLWK
RDNOHDYHV WKH\ ZRXOG GDQFH DURXQG WKH VDFUHG RDNV 7KH +DPDGU\DGV ZHUH HYHQ PRUH FORVHO\
DVVRFLDWHGZLWKWUHHVIRUPLQJDQLQWHJUDOSDUWRIWKHP,Q,QGLDWUHHQ\PSKVDSSHDULQWKHIRUPRIWKH
YROXSWXRXV9ULNVKDND
,Q$QFLHQW 5RPH D ILJWUHH VDFUHG WR 5RPXOXV JUHZ QHDU WKH )RUXP DQG D VDFUHG FRUQHOWUHH
JUHZRIWKHVORSHRIWKH3DODWLQH+LOO6DFUHGJURYHVZHUHDOVRIRXQGLQWKHFLW\RI5RPH,Q%RRN
RI7KH$HQHLG9LUJLOUHODWHVWKDW1H[WDIWHUWKLVKHVKRZVWKHVSDFLRXVJURYHZKLFKILHU\5RPXOXV
WKH 5HIXJH QDPHG DQGµQHDWK¶ LWV FRRO FOLII FDOOHG WKH/XSUFDO E\$UFDG FXVWRP RI/\FDHDQ 3DQ
SRLQWV WRR WR VDFUHG$UJLOHWXP¶V JURYH 7KH SODFH ZLWK LWV GUHDG VDQFWLI\ ZDV ZRQW 7R DZH WKH
IULJKWHQHGUXVWLFVHYHQWKHQWKH\UDPEOHGDWLWVZRRGDQGDWLWVURFNWKLVJURYHVDLGKHWKLVKLOOZLWK
OHDI\FUHVW
$FFRUGLQJ WR WKH 5RPDQ DXWKRUV/XFDQ DQG3RPSRQLXV0HODWKH&HOWVRI*DXOZRUVKLSSHGLQ
JURYHVRIWUHHVDSUDFWLFHZKLFK7DFLWXVDQG'LR&DVVLXVVD\ZDVDOVRIRXQGDPRQJWKH&HOWVLQ
%ULWDLQ7KH5RPDQVXVHGWKH&HOWLFZRUGQHPHWRQIRUWKHVHVDFUHGJURYHV$VDFUHGRDNJURYHLQ
*DODWLD$VLD0LQRUIRUH[DPSOHZDVFDOOHG'UXQHPHWRQ6WUDER*HRJUDSKLFD;,,7KH
ZRUG ZDV DOVR LQFRUSRUDWHG LQWR PDQ\ RI WKH QDPHV RI WRZQV DQG IRUWV VXFK DV 9HUQHPHWRQ QHDU
/HLFHVWHULQ(QJODQG
7KHQDPHVRIFHUWDLQ&HOWLFWULEHVLQ*DXOUHIOHFWWKHYHQHUDWLRQRIWUHHVVXFKDV(XEXURQHVWKH
<HZWULEHDQGWKH/HPRYLFHVWKHSHRSOHRIWKHHOP$WUHHWUXQNRUDZKROHWUHHZDVIUHTXHQWO\
LQFOXGHG$PRQJWKHYRWLYHRIIHULQJVSODFHGLQULWXDOSLWVRUVKDIWVGXJLQWRWKHJURXQG2WKHUVVKDIWV
KDGDZRRGHQSROHSODFHGDWWKHERWWRP7KH&HOWVEHOLHYHGWUHHVWREHVRXUFHVRIVDFUHGZLVGRP
DQGWKHKD]HOLQSDUWLFXODUZDVDVVRFLDWHGZLWKZLVGRPE\WKH'UXLGV
3HUKDSV QRW VXUSULVLQJO\ SODQWV DSSHDU DW WKH IRXQGDWLRQV RI PDQ\ RI WKH ZRUOG¶V UHOLJLRQV
%HFDXVHRIWKHLUUHODWLYHUDULW\LQWKH1HDU(DVWWUHHVDUHUHJDUGHGLQWKH%LEOHDVVRPHWKLQJDOPRVW
VDFUHG DQG DUH XVHG WR V\PEROL]H ORQJHYLW\ VWUHQJWK DQG SULGH (OHPHQWV RI SDJDQ WUHH FXOWV DQG
ZRUVKLSKDYHVXUYLYHGLQWR-XGHR&KULVWLDQWKHRORJ\,Q*HQHVLVWZRWUHHVWKH7UHHRI/LIHDQGWKH
7UHH RI .QRZOHGJH RI *RRG DQG (YLO JURZ DW WKH FHQWUH RI WKH *DUGHQ RI (GHQ *HQHVLV 6FULSWXUDO DQG DSRFU\SKDO WUDGLWLRQV UHJDUGLQJ WKH 7UHH RI /LIH ODWHU PHUJH LQ &KULVWLDQLW\ ZLWK WKH
FXOWRIWKHFURVVWRSURGXFHWKH7UHHRIWKH&URVV7KHIDQWDVWLF6WRU\RIWKH7UXH&URVVLGHQWLILHVWKH
ZRRG XVHG IRU WKH FURVV LQ WKH FUXFLIL[LRQ RI -HVXV &KULVW DV EHLQJ XOWLPDWHO\ IURP WKH 7UHH RI
.QRZOHGJH RI *RRG DQG (YLO LQ WKH *DUGHQ RI (GHQ 2WKHU VWRULHV FODLP WKDW$GDP ZDV EXULHG DW
-HUXVDOHPDQGWKUHHWUHHVJUHZRXWRIKLVPRXWKWRPDUNWKHFHQWUHRIWKHHDUWK
,QWKH2OG7HVWDPHQWSODQWVDUHDOVRDVVRFLDWHGZLWKWKHDQFLHQW&DQDDQLWHUHOLJLRQGHYRWHGWRWKH
PRWKHU JRGGHVV$VKHUDK ZKLFK WKH ,VUDHOLWHV LQWHQW RQ HVWDEOLVKLQJ WKHLU PRQRWKHLVWLF FXOW RI
<DKZHK VRXJKW WR VXSSUHVV DQG UHSODFH 7KH FXOW$VKHUDK DQG KHU FRQVRUW %DDO ZDV HYLGHQWO\
FHOHEUDWHG LQ KLJK SODFHV RQ WKH WRSV RI KLOOV DQG PRXQWDLQV ZKHUH DOWDUV GHGLFDWHG WR %DDO DQG
FDUYHG ZRRGHQ SROHV RU VWDWXHV RI$VKHUDK ZHUH HYLGHQWO\ ORFDWHG ,Q 'HXWHURQRP\ WKH
,VUDHOLWHV DUH GLUHFWHG WR GHVWUR\ DOO WKH SODFHV ZKHUHLQ WKH QDWLRQV ZKRP \RX VKDOO GLVSRVVHVV
VHUYHGWKHLUJRGVXSRQWKHKLJKPRXQWDLQVDQGXSRQWKHKLOOVDQGXQGHUHYHU\JUHHQWUHH\RXVKDOO
WHDUGRZQWKHLUDOWDUVDQGGDVKLQSLHFHVWKHLUSLOODUVDQGEXUQWKHLU$VKHULPZLWKILUH
,Q$QFLHQW$VV\ULDFRQWHPSRUDU\ZLWKWKH]LJJXUDWVWUHHVIUXLWWUHHVHVSHFLDOO\ZHUHDVVRFLDWHG
ZLWK IHUWLOLW\ 7KH VLJQLILFDQFH RI SODQWV LQ $QFLHQW $VV\ULD LV VKRZQ LQ WKH QXPHURXV UHOLHIV RI
ZLQJHGGHLWLHVZDWHULQJRUSURWHFWLQJVDFUHGSODQWVRUWKHWUHHV6DFUHGSODQWVRUWUHHVRIOLIHZHUH
DVVRFLDWHGLQ$QFLHQW$VV\ULDZLWKWKHZRUVKLSRIWKHJRG(QOLO
6RPH SODQWV EHFRPH VDFUHG WKURXJK ZKDW PD\ KDYH RFFXUUHG LQ WKHLU SUR[LPLW\ ,W ZDV XQGHU D
3LSDO WUHH WKDW6LGGKDUWKD *DXWDPD ERUQ %& PHGLWDWHG XQWLO KH DWWDLQHG HQOLJKWHQPHQW
1LUYDQDDQGEHFDPHWKH%XGGKD7KH%RGKLRU%R(QOLJKWHQPHQWWUHHLVQRZWKHFHQWUHRIDPDMRU
%XGGKLVWVDFUHGVKULQHNQRZQDV%RGK*D\D
)RU WKH DQFLHQW &HOWV WKH <HZ WUHH ZDV D V\PERO RI LPPRUWDOLW\ DQG KRO\ WUHHV HOVHZKHUH
IXQFWLRQHGDVV\PEROVRIUHQHZDO$WUHHVFDUUHGE\OLJKWQLQJZDVLGHQWLILHGDVDWUHHRIOLIHDQG
DFFRUGLQJWR3OLQ\WKH&HOWLF'UXLGVEHOLHYHGWKDWPLVWOHWRHJUHZLQSODFHVZKLFKKDGEHHQVWUXFNE\
OLJKWQLQJ7KH'UXLGVSHUIRUPHGULWXDOVDQGFHUHPRQLHVLQJURYHVRIVDFUHGRDNWUHHVDQGEHOLHYHG
WKDWWKHLQWHULRURIWKHRDNZDVWKHDERGHRIWKHGHDG,Q,QGLDLWLVEHOLHYHGWKDWWKH%UDKPD'DLW\D
WKH JKRVWV RI %UDKPDQV OLYH LQ WKH ILJ WUHHV WKH3LSDO )LFXV UHOLJLRVD RU WKH %DQ\DQ )LFXV
EHQJDOHQVLV DZDLWLQJ OLEHUDWLRQ RU UHLQFDUQDUQDWLRQ$PRQJ PDQ\ VSHFLHV RI WKH WUHH FRQVLGHUHG
VDFUHGLQ,QGLDWKHVHWZRYDULHWLHVRIILJDUHWKHPRVWKLJKO\YHQHUDWHG
7KH LGHQWLILFDWLRQ RI VDFUHG SODQWV DV V\PEROV RI UHQHZDO LV ZLGHVSUHDG ,Q &KLQD WKH 7UHH RI
/LIH WKH.LHQ/XHQ JURZV RQ WKH VORSHV RI.XHQ/XHQ ZKLOH WKH0RVOHP /RWH WUHH PDUNV WKH
ERXQGDU\EHWZHHQWKHKXPDQDQGWKHGLYLQH)URPWKHIRXUERXJKVRIWKH%XGGKLVW7UHHRI:LVGRP
IORZWKHULYHUVRIOLIH7KHJUHDWDVKWUHH<JJGUDVLORI1RUGLFP\WKFRQQHFWVZLWKLWVURRWVDQGERXJKV
WKHXQGHUZRUOGDQGKHDYHQ
,Q-DSDQWUHHVVXFKDVWKHFU\SWRPHULDDUHYHQHUDWHGDW6KLQWRVKULQHV(VSHFLDOO\VDFUHGLVWKH
6DNDNLDEUDQFKIURPZKLFKVWXFNXSULJKWLQWKHJURXQGLVUHSUHVHQWHGE\WKH6KLQQRPLKDVKLUDRU
VDFUHG FHQWUDO SRVW RYHU DQG DURXQG ZKLFK WKH ZRRGHQ 6KULQHV DW ,VH DUH EXLOW 7KH6KLQQR
PLKDVKLUD LV ERWK WKH 6DNDNL EUDQFK DQG WKH SLOODU FRQILUPHG LQ WKH QHWKHUPRVW JURXQG OLNH WKH
KHDYHQWUHHLQPDQ\-DSDQHVHOHJHQGV
6LQJOH SLOODUV PDGH RI WUHH WUXQNV FDOOHG,UPHQVXO *LDQW FROXPQ UHSUHVHQWLQJ WKH µWUHH RI WKH
XQLYHUVH¶ZHUHVHWXSRQKLOOWRSVE\VRPH*HUPDQWULEHV7KH&KULVWLDQL]LQJ&KDUOHPDJQHFXWGRZQD
KLJKO\YHQHUDWHG,UPHQVXOLQZKDWLVQRZ:HVWSKDOLD
:LWKWKHHQFRXUDJHPHQWRI3RSH6DLQW*UHJRU\WKH*UHDWLQWKHWKFHQWXU\DFRPPRQSUDFWLFH
$PRQJ SURVHO\WL]LQJ &KULVWLDQV ZDV WR JUDIW &KULVWLDQ WKHRORJ\ RQWR SUHH[LVWLQJ SDJDQ ULWHV DQG
VDFUHGSODFHV,QWKHFDVHRISDJDQWUHHFXOWVWKLVPD\LQLWLDOO\LQYROYHWKHGHVWUXFWLRQRIWKHVDFUHG
JURYHRUWKHFXWWLQJGRZQRIDVDFUHGWUHH+RZHYHULWZRXOGDSSHDUWKDWIUHTXHQWO\DFKXUFKZRXOG
EH EXLOW RQ WKH VDPH VLWH WKHUHE\ FRRSWLQJ LW LQ WKH VHUYLFH RI &KULVWLDQ FRQYHUVLRQ 7KH SURFHVV
HIIHFWLYHO\&KULVWLDQL]HGWKHVDFUHGSRZHUVRUHQHUJLHVRIWKHRULJLQDOVLWH([DPSOHVRIWKLVLQFOXGH
WKHPHGLHYDO*RWKLFFDWKHGUDORI&KDUWUHVZKLFKZDVEXLOWRQDVLWHZKLFKZDVRQFHVDFUHGWRWKH
&HOWLF'UXLGV$FRUQV2DNWZLJVDQGWUHHLGROVLQWKHVFXOSWXUDOGHFRUDWLRQVRQWKH6RXWK3RUWDORI
WKHFDWKHGUDOPD\DOOXGHWRWKHRULJLQDO'UXLGLFRDNJURYHV%HIRUHWKH'UXLGVGXULQJWKH1HROLWKLF
SHULRGWKHVDPHVLWHPD\KDYHEHHQDVDFUHGEXULDOPRXQG
,Q,QGLDWKHSODQWZRUVKLSRUWUHHZRUVKLSEHFDPHTXLWHFRPPRQLQWKHWKLUGRUIRXUWKPLOOHQQLDO
%&ZKHQWKHUHZDVDKLJKO\HYROYHG+DUDSSDQFXOWXUH)RUPHUO\WKHUHZDVDYLHZWKDWWKLVXUEDQ
FXOWXUHZDVFRQILQHGWRDYHU\OLPLWHGDUHD%XWGXULQJWKHSDVWIHZ\HDUVQXPHURXVVLWHVEHWZHHQWKH
+LPDOD\DVDQG:HVWHUQ,QGLDKDYHEHHQH[SORUHGLQGLFDWLQJDZLGHVSUHDGRIWKLV+DUDSSDQFXOWXUH
7KHVHDOVIURPWKH,QGXVYDOOH\VLWHVIRUPDFODVVE\WKHPVHOYHV³6HDOFXWWLQJZDVRQHRIWKHPRVW
LPSRUWDQWDPRQJWKHPDQ\KLJKO\GHYHORSHGDUWVDQGFUDIWV6HDOVZHUHVDZQIURPEORFNVRIVWHDWLWH
DQG FXW DV LQWDJOLR WKHQ EDNHG LQ D VPDOO IXUQDFH IRU KDUGHQLQJ DQG JOD]LQJ WKH VXUIDFH DPRQJ WKH
VHDOV RI 0RKHQMRGDUR RQH LV GHSLFWLQJ D VW\OL]HG 3LSDO WUHH ZLWK WZR KHDGV RI XQLFRUQV HPHUJLQJ
IURP LWV VWHP $ VHDO IURP +DUDSSD LV HQJUDYHG ZLWK WKH OLNHQHVV RI ZHHSLQJ ZLOORZ WUHH ZLWK
KDQJLQJ EUDQFKHV 3DLQWHG SRWWHU\ RI WKH ,QGXV YDOOH\ RIWHQ LQFOXGHV SDOPV DQG3LSDO WUHHV HWF ,W
VKRZVWKDWWUHHZRUVKLSRUSODQWZRUVKLSZDVTXLWHSRSXODUGXULQJWKRVHGD\V,QDQHQYLURQPHQWIXOO
RIGDQJHUWROLIHWKHSODQWVZHUHEHVWIULHQGVRIPHQ7KDWLVZK\WKH,QGXVSHRSOHUHJDUGHGWKHPDV
EHQHILFHQW'HYDODV,QIDFWLWZDVVXSSRVHGWREHDV\PERORIIHUWLOLW\DOVRDQGDVHDOIURP+DUDSSD
LVIRXQGZKHUHDZRPDQLVUHSUHVHQWHGZLWKDSODQWFRPLQJRXWRIKHUZRPEDIODPER\DQWV\PERORI
IHUWLOLW\
,Q D FRXQWU\ OLNH ,QGLD WKH WUHHV RI 3LSDO %DU DQG *RROHU KDYH RIIHUHG D FRRO VKHOWHU IURP WKH
EXUQLQJUD\VRIWKHVXQ6RLWZDVTXLWHQDWXUDOWRVHHWKHPZLWKJUHDWUHVSHFW7KHVHWUHHVDUHSODQWHG
DQG QXUVHG ZLWK FDUH ,W LV WKH H[WUHPH XVHIXOQHVV RI WKHVH WUHHV WKDW WKH\ KDYH EHHQ SURWHFWHG E\
UHOLJLRXVLQMXQFWLRQVDQGWKHLUSODQWLQJLVHQFRXUDJHGE\DSURPLVHRIHWHUQDOEOLVVLQWKHIXWXUHZRUOG
7KHLQMXQFWLRQVDJDLQVWFXWWLQJDILJWUHHLVVRVWULFWWKDW5DYDQDLVPDGHWRVD\³,KDYHQRWFXWGRZQ
DQ\ILJWUHHLQWKHPRQWKRI9DLVDNKZK\WKHQGRHVWKHFDODPLW\EHIDOOPH"´,WSURYHVWKDWDVHDUO\DV
WKH5DPD\DQDWKHSODQWLQJRIWUHHVZDVFRQVLGHUHGWREHPHULWRULRXV7KHRUGLQDU\WUHHVDVIRXQGLQ
5LJYHGD DQG ODWHU LQ6DPKLWDV ZHUH9ULNVKDV ZKLOH WKH JHQHUDO QDPH IRU SODQWV ZDV9LUXGK 7KH
SODQWVWKDWSRVVHVVHGPHGLFLQDOYDOXHZHUHFDOOHG$XVDGKL5HSHDWHGPHQWLRQRIWKHPRVWFHOHEUDWHG
SODQW 6RPD RFFXUV LQ 5LJYHGD DQG ODWHU LQ6DPKLWDV %HLQJ WKH SODQW SDUH[FHOOHQFH LW ZDV FDOOHG
ORUGRIWKHIRUHVW7KHZKROHRIWKHQLQWK0DQGDODRI5LJYHGDDQGVL[K\PQVLQRWKHU0DQGDODVDUH
GHYRWHGWRWKHSUDLVHRIWKLVSODQW:HDUHWROGWKDWLWJUHZRQ0XMDYDWD0RXQWDLQVDQGWKHYDOOH\RI
ULYHU*DXUL
7KH3LSDOZDVDQRWKHUWUHHZKLFKZDVKHOGLQJUHDWHVWHHPLQWKH9HGLF SHULRG,WZDVFDOOHG
KRUVHVWDQGEHFDXVHWKHVKDGHRIWKHWUHHZDVXVHGIRUVWDEOLQJKRUVHV7KHYHVVHOVZHUHDOVRPDGH
RIWKHZRRGRIWKLVWUHH7KHWUHHLVFRQVWDQWO\PHQWLRQHGLQWKH6DPKLWDV:KHQLWJURZVWRLWVIXOO
OHQJWKLWLVVDLGWRGZDUIDOORWKHUWUHHV7KH%DUZDVDQRWKHUJUHDWWUHH7KRXJKQRWNQRZQE\WKLV
QDPH LW ZDV LQ DOO SUREDELOLW\ NQRZQ LQ WKH5LJYHGLF SHULRG ,W LV IUHTXHQWO\ PHQWLRQHG LQ WKH
$WKDUYDYHGD,WVZRRGZDVXVHGIRUPDNLQJVDFULILFLDOERZHOV
$PRQJ RWKHU SODQWV6DOPDOL RU 6LON FRWWRQ WUHH LV PHQWLRQHG LQ WKH5LJYHGD DQG ODWHU LQ
6DPKLWDV 7KH.KDGLUDLVPHQWLRQHGIURPWKH5LJYHGDRQZDUGVDVDWUHHZLWKKDUGZRRG$QRWKHU
WUHH6LPLDSDLVDOVRPHQWLRQHGLQWKH5LJYHGD,WZDVDEHDXWLIXOWUHHZKLFKZDVQRWHGIRULWVKDUG
VWURQJDQGGXUDEOHZRRG%LEKLWDNDWUHHLVDOVRPHQWLRQHGLQ5LJYHGDDQGODWHU6DPKLWDVWKHQXWVRI
ZKLFKZHUHXVHGDVDGLFH7KH$WKDUYDYHGDDQGWKHRWKHUODWHU6DPKLWDVUHIHUWZRRWKHULPSRUWDQW
WUHHVWKH6DPLDQGWKH3ODNVD,WLVLQWHUHVWLQJWRNQRZWKDW,NVKXRUVXJDUFDQHZDVDOVRFXOWLYDWHGLQ
WKH9HGLFSHULRG
$QXPEHURIIORZHUEHDULQJWUHHVDQGSODQWVZHUHDOVRNQRZQLQWKH9HGLFSHULRG7KH 5LJYHGD
PHQWLRQV3DYDQDODWHUNQRZQDV3DODV/RWXVZDVYHU\ZHOONQRZQGXULQJWKLVWLPH$QRWKHUSODQW
.XPXGDLVPHQWLRQHGLQWKH$WKDUYDYHGDDPRQJWKHIUXLWVDQGIUXLWEHDULQJWUHHV5LJYHGDPHQWLRQV
8UYDUXND DQG WKH.DUNDQGKX 7KH ZHOONQRZQ IUXLWV ZHUH.XYDOD 8GXPEDUD .KDUMXUD DQG WKH
%LOYD,WLVVXUSULVLQJWKDWWKHPDQJRLVQRWPHQWLRQHGLQWKH9HGLFOLWHUDWXUHDWDOO,QD3XUDQDWKH
UHOLJLRXV)LJWUHHLVVXSSRVHGWREHDQ³LQFDUQDWLRQRI9LVKQXWKH,QGLDQ)LJWUHHRI5XGUDDQGWKH
3DODVDRI%UDKPD,QWKHWHQWKFKDSWHURI%KDJYDG*LWD/RUG.ULVKQDGHFODUHVKLVGLYLQHJORULHV,Q
WKH WZHQW\VL[WKVORNDKHVD\V³DPRQJWKHWUHHV,DPWKH3LSDO´7KLVVKRZVWKHLPSRUWDQFHRIWKH
3LSDO WUHH LQ WKH WLPHV RI0DKDEKDUDWD ,Q WKH<DUDND3XUDQD WKH SODQWHU RI D JURXS RI WUHHV LV
SURPLVHG KHDYHQO\ EOLVV 7KXV LW LV VDLG ³+H QHYHU JRHV WR KHOO WKDW SODQWV DQ$VYDWWKD RU D
3LFKXPDUGDRUD%DQ\DQRUWHQ-HVVDPLQHVRUWZR3RPHJUDQDWHVD3DQFKDPUDRUILYH0DQJRHV´
7KH7LWIDLWDYDJLYHVDGLIIHUHQWOLVWVXEVWLWXWLQJWZR&KDWQSDNDV WKUHH.HVDUDVVHYHQ7DOD3DOPV
DQGQLQH&RFRQXWVLQVWHDGRI%DQ\DQWKH-HVVDPLQHVWKHSRPHJUDQDWHVDQGWKH3DQFKDPUD
7KH FHOHEUDWHG3DQFKYDWL JDUGHQ ZKHUH6LWD ZDV LPSULVRQHG KDV EHHQ UHSURGXFHG E\ PDQ\ D
UHOLJLRXV+LQGXDQGVKRXOGDQ\RIWKHPQRWKDYHVXIILFLHQWVSDFHWRFXOWLYDWHWKHILYHWUHHVFXVWRPLV
WRSODQWWKHPLQDVPDOOSRWZKHUHWKH\DUHGZDUIHGLQWRVPDOOVKUXEV7KH3DQFKDYDWLFRQVLVWVRIWKH
$VYDWWKDSODQWHGRQWKHHDVWVLGHWKH%LOYDRQWKHQRUWKWKH%DQ\DQRQWKHZHVW$PODRQWKHVRXWK
DQG$VRNDRQWKHVRXWKHDVW7KH6NDQGD3XUDQDUHFRPPHQGVD%LOYDLQWKHFHQWUHDQGIRXURWKHUVRQ
IRXU VLGHV IRXU %DQ\DQV LQ IRXU FRUQHUV WZHQW\ILYH$VRNDV LQ D FLUFOH ZLWK DP\UREDODQ RQ RQH
VLGHDVWKHFRQVWLWXHQWVRIDJUHDW3DQFKDYDWL
6XSHUVWLWLRQKDVDOZD\VEHHQDFWLYHLQGUDZLQJQLFHGLVWLQFWLRQEHWZHHQWKHDXVSLFLRXVDQGWKH
LQDXVSLFLRXV WUHHV 2IWHQ VRPH VXSHUQDWXUDO SURSHUWLHV KDYH EHHQ DVVRFLDWHG ZLWK PDQ\ SODQWV 1R
WUHHZLWKIUXLWRUEORVVRPVFDQEHFXWGRZQDVWKHFXWWHULVWKUHDWHQHGZLWKGHVWUXFWLRQRIKLVIDPLO\
0DQ\ RI WKH SODQWV DUH VWLOO EHLQJ ZRUVKLSSHG DQG XVHG WRGD\ LQ SHUIRUPLQJ YDULRXV UHOLJLRXV
FHUHPRQLHV 7KHUH DUH PDQ\ UHOLJLRXV FHUHPRQLHV ZKLFK FDQQRW EH FRPSOHWHG ZLWKRXW WKH KHOS RI
WUHHV$V'XUYDDNLQGRIJUDVVLVDQHVVHQWLDODUWLFOHLQWKHZRUVKLSRIDOOJRGV,WLVVDLGWRKDYH
RULJLQDWHG IURP WKH WKLJK RI9LVKQX 7KH3LSDO WUHH PDNHV RQH ULFK WKH$VRNDGHVWUR\VDOOVRUURZ
DQG WKH1HHP JLYHV PXFK KDSSLQHVV 7KH-DPXQD SURPLVHV KHDYHQO\ EOLVV DQG WKH 3RPHJUDQDWH D
JRRG ZLIH 7KH *RROHU FXUHV GLVHDVHV DQG WKH3DODV JLYHV SURWHFWLRQ RI %UDKPD 7KH0DQGDU LV
XVHIXODVLLSOHDVHVWKHVXQWKH%HOWUHHSOHDVHV6LYDDQG3DWDODSOHDVHV3DUYDWL