IZMIR KAPAK ingilizce.indd

İZMİR
6WDWXHRI$UWHPLVr6HOÁXN0XVHXP
ä]PLUWKHFLW\ZKLFKLVKRPHWRWKH7HPSOHRI$UWHPLVRQHRI
WKH6HYHQ:RQGHUVRIWKHDQFLHQWZRUOGg
u,DP\HDUVROGgvVD\VWKHFLW\RI+RPHUg
7KHOHJHQGDU\IHPDOHZDUULRUVWKH$PD]RQVIRXQGHG¿]PLURU6P\UQD
DVLWZDVFDOOHGLQ$QFLHQW7LPHVDFFRUGLQJWRRQHVWRU\$OWHUQDWLYHO\
DFFRUGLQJWRDQRWKHUWDOHWKH/HOHJVHVWDEOLVKHGLW7KHFLW\LVORFDWHG
RQWKH$HJHDQ&RDVWLQWKHZHVWRI7XUNH\DQGWKHFLW\LVWKHELJJHVW
DQGPRVWLPSRUWDQWVHWWOHPHQWLQWKH$HJHDQ5HJLRQ¿]PLUZKLFKKDV
PDQDJHGWRPRGHUQL]HZKLOVWSUHVHUYLQJLWVDUFKDHORJLFDODQGKLVWRULFDO
DVVHWVLVDQLPSRUWDQWWUDGHFHQWUHEHFDXVHRILWVSRUW7KHGLYHUVLW\
RIDFWLYLWLHVDQGUHVRXUFHVWKDW¿]PLULVDEOHWRSURYLGHPDNHVLWDYHU\
DWWUDFWLYHDUHDIRUWRXULVP,WERDVWVERWKVSDVZLWKKHDOLQJWKHUPDO
ZDWHUVDQGWKHGHHSEOXHVHDZLWKEHDFKHVGLVSOD\LQJWKHVDIHW\V\PERO
RIWKHEOXHIODJ
¿]PLUUHVRQDWHVZLWKWKHZDWHUDQGWKHZLQG%HQHILWLQJIURPWKHEUHH]H
IURPWKH$HJHDQ6HD¿]PLUHQMR\VDZHOOGHVHUYHGUHSXWDWLRQGXHWR
VLJKWVDQGUXLQVVXFKDV%HUJDPD3HUJDPRQ„HÄPH)R¤D.HPDOSDÄD
6HO¤XN7LUHDQG8UODZKLFKDUHRXWVWDQGLQJLQWHUPVRIWKHULFKQHVVRI
WKHLUQDWXUDODQGKLVWRULFDODVVHWV
,WRIIHUVYLVLWRUVPDQ\RSWLRQVIRUDXQLTXHKROLGD\H[SHULHQFH,WV
JHRJUDSKLFDOORFDWLRQPHDQVWKDW¿]PLUHQMR\VD0HGLWHUUDQHDQFOLPDWH
SOXVQDWXUDOEHDXW\DULFKFXOWXUDODQGKLVWRULFDOKHULWDJHEHDFKHV
WKHUPDOZDWHUVDQGVSDV,QDGGLWLRQLWERDVWVDULFKFXLVLQHIHDWXULQJ
JUDSHVILJVROLYHVFLWUXVIUXLWVDQGVHDIRRGDVZHOODVWKHOHJDFLHVOHIWE\
FLYLOL]DWLRQVRYHUWKRXVDQGVRI\HDUV
7KHFLW\NQRZQDVÙ%HDXWLIXO¿]PLUÚLQ7XUNH\LVORFDWHGDWWKHVWDUW
RIDORQJDQGQDUURZJXOIGHFRUDWHGZLWK\DFKWVSDVVHQJHUVKLSVDQG
JXOIVWHDPHUV,WKDVDZDUPFOLPDWHDQGWKHFRROLQJVHDEUHH]HLQWKH
VXPPHUWDNHVDZD\WKHEXUQLQJKHDWRIWKHVXQ¿]PLUZKLFKHQMR\VD
VSHFLDOFXOWXUDODQGKLVWRULFDOLGHQWLW\LVWKHWKLUGODUJHVWFLW\LQ7XUNH\
,WVSRUWORFDWHGLQVLGHWKHJXOILVWKHVHFRQGODUJHVWLQ7XUNH\$VDOLYHO\
DQGFRVPRSROLWDQFLW\LWRFFXSLHVDVLJQLILFDQWSODFHLQ7XUNH\×VFXOWXUDO
OLIHZLWKWKH,QWHUQDWLRQDO$UWV)HVWLYDODQG,QWHUQDWLRQDO)DLU
7KHZKROHRIWKHFRDVWDOURDGLVHQFKDQWLQJ7KHGLVWULFWVRI$OVDQFDNDQG
.DUÄÀ\DNDDUHDUHDVRIIHULQJJUHDWRSSRUWXQLWLHVWRPHHWWKHORFDOVLQWKH
PDQ\UHVWDXUDQWVFDIHVDQGDORQJZDONLQJSDWKV
Ù,DP\HDUVROGßÚVD\V¿]PLU7KLVPHWURSROLVZKLFKLVDFRUQXFRSLD
RIFLYLOL]DWLRQVDQGP\WKRORJ\LQDQFLHQW,RQLDKDVEHHQKRPHWRWKH
$PD]RQV/\GLDQV3HUVLDQV$OH[DQGHUWKH*UHDWDQGKLVJHQHUDOV
5RPDQV$UDEV8PD\\DGV%\]DQWLQHV6HOMXNVDQG2WWRPDQVWKURXJKRXW
WKRXVDQGVRI\HDUVRIKLVWRU\
¿]PLUZDVWKH+RPHUWKH3RHW×VLQVSLUDWLRQDQG$OH[DQGHU×VGUHDPWKH
VRQRIWKH0DFHGRQLDQ.LQJ3KLOLS/HJHQGKDVLWWKDW$OH[DQGHUWKH
*UHDWIHOODVOHHSXQGHUDWUHHZKLOVWRXWKXQWLQJRQWKHRXWVNLUWVRI
0RXQW3DJRVWRGD\×V.DGLIHNDOH+HKDGDGUHDPDERXWDJRGGHVVFDOOHG
1HPHVLVZKRRUGHUHGKLPWRUHEXLOGWKH&LW\RI6P\UQDLQWKHH[DFW
SODFHZKHUHWKLVGUHDPKDGWDNHQSODFH7KHJHRJUDSKHU6WUDERUHFRXQWV
WKDW6P\UQDZKLFKULYDOOHG(SKHVXVZDVWKHPRVWEHDXWLIXO,RQLDQFLW\LQ
$QFLHQW7LPHV
,WZDVKRPHWR5RPDQDQG%\]DQWLQHFLYLOL]DWLRQVIROORZLQJWKH
GHDWKRI$OH[DQGHUWKH*UHDWDQGSOD\HGDVLJQLILFDQWSDUWLQWKHVSUHDG
RI&KULVWLDQLW\2IIHULQJ*HQRHVHDQG9HQHWLDQWUDGHUVWKHRSSRUWXQLW\
WRVHWWOH¿]PLUZDVODWHUFDSWXUHGE\WKH7XUNVLQWKHWKFHQWXU\DQG
ZDVUXOHGE\(PLU„DND%H\$\GÀQR¾OX8PXU%H\DQGWKH6HOMXNV)URP
WKHWKFHQWXU\RQZDUGVLWEHFDPHDSURYLQFHRIWKH2WWRPDQ(PSLUH
EHIRUHEHLQJRFFXSLHGDWWKHHQGRIWKH)LUVW:RUOG:DU,WUHPDLQHG
XQGHURFFXSDWLRQWKURXJKRXWWKH:DURI/LEHUDWLRQXQWLOLWVOLEHUDWLRQRQ
6HSWHPEHU
,WKDGJUHDWFRPPHUFLDOVLJQLILFDQFHSDUWLFXODUO\LQWKHSURGXFWLRQDQG
H[SRUWRIWREDFFRDQGFRWWRQGXHWRWKHLQLWLDWLYHVRIWKH%ULWLVK)UHQFK
,WDOLDQDQG'XWFKPHUFKDQWVZKRDUULYHGLQWKHFLW\LQWKHWKDQGWK
FHQWXULHV
¿]PLULVDWWUDFWLYHO\PXOWLFXOWXUDO)URPWKHSHUVSHFWLYHRIFXOWXUDO
LGHQWLW\LWVSUHVHQWVRFLRGHPRJUDSKLFFRPSRVLWLRQLVVWLOOFKDUDFWHUL]HG
E\WROHUDQFHWRZDUGVGLIIHUHQWUHOLJLRQVDQGFXOWXUHVGXHWRLWV/HYDQWLQH
-HZLVKDQG&KULVWLDQKHULWDJH7KHV\QDJRJXHVDQGFKXUFKHVZKLFKDUH
RSHQWRYLVLWRUVDQGVWLOOXVHGDUHLPSRUWDQWVLJQVRIWKLVPXOWLFXOWXUDO
FKDUDFWHU
6XPPHUVGXHWR0HGLWHUUDQHDQFOLPDWHLQWKHUHJLRQDUHKRWDQGGU\
ZKLOHZLQWHUVDUHZDUPDQGUDLQ\7KHWHPSHUDWXUHUDUHO\GURSVEHORZ
]HURLQWKHZLQWHUPRQWKV7KLVWHPSHUDWHFOLPDWHPHDQVWKDWIRUPRVW
RIWKH\HDULWLVDJRRGSODFHIRURXWGRRUSXUVXLWVDQGZDWHUVSRUWV
+DYLQJDWRWDOODQGDUHDRINP¿]PLULVFRPSRVHGRIWKHIROORZLQJ
GLVWULFWV$OLD¾D%DO¤RYD%D\ÀQGÀU%HUJDPD%H\GD¾%RUQRYD%XFD
„HÄPH„L¾OL'LNLOL)R¤D*D]LHPLU*¹]HOEDK¤H.DUDEXUXQ.DUÄÀ\DND
.HPDOSDÄD.ÀQÀN.LUD].RQDN0HQGHUHV0HQHPHQ1DUOÀGHUH“GHPLÄ
6HIHULKLVDU6HO¤XN7LUH7RUEDOÀ.DUDED¾ODU%D\UDNOÀDQG8UOD
ñ]PLU
¿]PLUÔ&HQWUH
.RQDN6TXDUH
7KURXJKRXWKLVWRU\¿]PLUKDVEHHQDSRUWFLW\DQG.RQDNLVWKHFLW\
FHQWUHRI¿]PLU)ROORZLQJUHFHQWUHVWRUDWLRQVWKLVDUHDKDVDOVR
EHHQWXUQHGLQWRDUHFUHDWLRQDOFHQWUHDQGWKXVLVQRZDOLYHO\VSRW
WKURXJKRXWWKHGD\,QWKHVTXDUHFDQEHVHHQWKHPRQXPHQWDO
VWDWXHRI+DVDQ7DKVLQZKRILUHGWKHÙILUVWEXOOHWÚDWWKHRFFXSDWLRQ
IRUFHVGXULQJWKH:DURI/LEHUDWLRQWKH<DOÀ0RVTXHGHFRUDWHGZLWK
WLOHVIURP.¹WDK\DWKH&ORFN7RZHUWKH0XQLFLSDOLW\%XLOGLQJDQGWKH
*RYHUQRU×V2IILFH
*RYHUQRU×V2IILFH
%XLOWEHWZHHQWKH\HDUVDQG7KH7XUNLVKIODJUDLVHGDWWKH
*RYHUQRU×V2IILFHPDUNHGWKHDUULYDORIWKH7XUNLVKDUP\RQ6HSWHPEHU
7KLVHYHQWV\PEROL]HGWKHOLEHUDWLRQRI¿]PLUJLYLQJWKLV
ORFDWLRQSDUWLFXODULPSRUWDQFH
&ORFN7RZHU
ä]PLUtVFHQWXU\ROGV\PERO
7KH&ORFN7RZHUZKLFKLVDV\PERORI¿]PLULVORFDWHGDW.RQDN6TXDUH
DQGLVDIDYRXULWHPHHWLQJSODFHIRUWRGD\×VUHVLGHQWVRI¿]PLU7KH
&ORFN7RZHUZDVGHVLJQHGE\WKH/HYDQWLQH)UHQFKDUFKLWHFW5D\PRQG
&KDUOHV3¥UHLQLQFRPPHPRUDWLRQRIWKHWKDQQLYHUVDU\RIWKH
DVFHQVLRQRI$EG¹OKDPLW,,
,QWKHFRQVWUXFWLRQWKHXVHRILURQDQGOHDGHOHPHQWVEHWZHHQWKHFXW
VWRQHPHDQWWKDWWKHWRZHUZDVUHQGHUHGHDUWKTXDNHUHVLVWDQW
7KHFORFNLQWKHWRZHUZDVDJLIWIURP.DLVHU:LOKHOP,,RI*HUPDQ\
WR6XOWDQ$EG¹OKDPLW,,RIWKH2WWRPDQ(PSLUHDVWKHV\PERORIWKHLU
SHUVRQDOIULHQGVKLSEHVLGHVWKH7XUN*HUPDQIULHQGVKLS
ñ]PLU&ORFN7RZHU
ñ]PLU
.DGLIHNDOH
7KHIRXQWDLQVORFDWHGRQDOOWKHIRXUFRUQHUVRIWKHZLGHFKDPEHU
XQGHUWKH&ORFN7RZHUKDYHDOVRJLYHQWKHWRZHUWKHFKDUDFWHULVWLFVRID
ÙÄDGÀUYDQÚIRXQWDLQXVHGIRUULWXDODEOXWLRQVDQGXVXDOO\ORFDWHGLQWKH
PLGGOHRIDPRVTXHFRXUW\DUG$QRWKHUIHDWXUHRIWKHWRZHULVWKHFLW\
JDVLQVWDOODWLRQEXLOWLQVLGHLW,QWKHSDVWWKLVZDVXVHGDVDOLJKWLQJ
VRXUFHDWQLJKWDQGLQWKHHYHQLQJV
%D\UDNO×6P\UQD
ä]PLUtVILUVWVHWWOHPHQW
7KHKLVWRU\RI¿]PLUZDVUHZULWWHQDVDUHVXOWRIWKHH[FDYDWLRQVFDUULHG
RXWE\WKH$UFKDHRORJLFDO'HSDUWPHQWRIWKH$HJHDQ8QLYHUVLW\LQWKH
'LVWULFWRI%RUQRYDLQWKH×V6LJQLILFDQWDUWHIDFWVVXFKDVUHOLHIV
DQGVPDOOVWDWXHVRIDQLPDOVDUURZVPDGHIURPIOLQWVWRQHVKRUW
KDQGOHGVSRRQVPDGHRIILUHGHDUWKDQGVHDOVZLWKODE\ULQWKPRWLIV
ZHUHXQHDUWKHGSDUWLFXODUO\DW<HÄLORYD+³\¹¾¹0RXQGDQGFODVVLILHG
DVGDWLQJEDFNWRWKH1HROLWKLF3HULRG7KHVHDUHYHU\UHFHQWKLVWRULFDO
GHYHORSPHQWVIRU¿]PLUDQGWKHVHILQGVKDYHSURYHGWKDWWKHFLW\KDG
EHHQDFRQWLQXRXVVHWWOHPHQWIRU\HDUV
7KHVHFRQGPRVWZHOONQRZQDQFLHQWVHWWOHPHQWLQ¿]PLULVORFDWHG
DWDSODFHFXUUHQWO\FDOOHG%D\UDNOÀ7HSHNXOHDQGGDWHVEDFNWR
%&%D\UDNOÀZKLFKZDVXQGHUZDWHULQ$QFLHQW7LPHVZDVEXLOWRQD
SHQLQVXODH[WHQGLQJRXWWRZDUGVWKH*XOIRI¿]PLU%D\UDNOÀDWWKDWSHULRG
H[KLELWHGFRQWHPSRUDU\FKDUDFWHULVWLFVZLWK7UR\,DQG,,0HJDURQVW\OH
UHFWDQJXODUGHVLJQHGKRXVHVGDWLQJEDFNIURPWKHWKFHQWXU\%&WR
WKHWKFHQWXU\%&LQWKHVHWWOHPHQWZKHUHSURWRJHRPHWULFSRWVZHUH
XQHDUWKHGKDYHWKHFKDUDFWHULVWLFVRIWKH$UFKDLF3HULRG
.DGLIHNDOH
ä]PLUtVILUVWFURZQ
7DNLQJDELUG×VH\HVYLHZRI¿]PLUDQGWKHSRUW.DGLIHNDOHZKLFKZDV
FDOOHG3DJRVLQ$QFLHQW7LPHVKDVWKHFKDUDFWHULVWLFVRIDQDFURSROLVGXH
WRLWVSRVLWLRQDWDQDOWLWXGHRIP7KHUXLQVRIZDOOVRQWKHZHVWHUQ
DQGVRXWKHUQSDUWVFRPSULVLQJRIILYHWRZHUVGDWHEDFNWRWKHSHULRGRI
/\VLPDFKXVRQHRIWKHJHQHUDOVRI$OH[DQGHUWKH*UHDW
7KHVHWWOHPHQWLQ¿]PLUZDVUHORFDWHGWR.DGLIHNDOHIURP%D\UDNOÀLQWKH
SHULRGWKDWIROORZHGWKHDUULYDORI$OH[DQGHUWKH*UHDWLQ$QDWROLDLQ
%&$FFRUGLQJWRWKHJHRJUDSKHU6WUDERWKHXUEDQFRUHRI¿]PLUZKLFK
ZDVRQHRIWKHPRVWEHDXWLIXO,RQLDQFLWLHVH[WHQGLQJIURP.DGLIHNDOH
WRWKHSRUWFRPSULVHGRIVWUHHWVSDYHGZLWKVPRRWKVWRQHVDWHPSOH
GHGLFDWHGWRWKHPRWKHUJRGGHVVDQG+RPHUDWKHDWUHDJRUDZKLFK
ZDVDOLYHO\WUDGHFHQWUHDVWDGLXPJUDLQZDUHKRXVHVZDWHUFLVWHUQVDQG
DTXHGXFWV
$JRUD
&HQWUHIRUDUWVWUDGHDQGSKLORVRSK\
$JRUDHW\PRORJLFDOO\PHDQVÙFLW\VTXDUHVKRSSLQJFHQWUHPDUNHW
SODFHÚ$WWKHKHDUWRIDOOWUDGH$JRUDZLWKLWVRSHQYDXOWHGWKUHH
ZDOOHGSRUFKHVPRQXPHQWVDOWDUVDQGVWDWXHVKDGFRPPHUFLDOMXGLFLDO
UHOLJLRXVDQGSROLWLFDOIXQFWLRQVEHVLGHVLWZDVDYHQXHIRULQWHQVLYHDUWLVWLF
DFWLYLWLHV,WZDVDOVRWKHSODFHZKHUHWKHIRXQGDWLRQVRISKLORVRSK\ZHUH
ODLG
7KHDJRUDORFDWHGLQWKH'LVWULFWRI1DPD]JDKLQ¿]PLUGDWHVEDFNWR
WKH5RPDQ3HULRGQG&$'DQGDFFRUGLQJWRWKHJULGSODQQHG
+LSSRGDPRVPRGHOLWZDVEXLOWRQWKUHHIORRUVDWDORFDWLRQQHDUWKH
FHQWUH2IDOOWKH5RPDQ$JRUDHWKH$JRUDLQ¿]PLULVWKHODUJHVWDQG
EHVWSUHVHUYHG
,WLVXQGHUVWRRGWKDWWKH$JRUDLQ¿]PLUZDVDFRPSRVLWHVWUXFWXUHLQ
DUHFWDQJXODUIRUPEXLOWRQDUFKHVDQGVXUURXQGHGE\FROXPQVZLWKD
FHQWUDOFRXUW\DUGLWKDVWKUHHIORRUVDQGDVWDLUFDVHLQIURQWRILW
,WLVDOVRXQGHUVWRRGWKDWWKHUHOLHIRIWKH*RGGHVV9HVWDDWWKHQRUWKHUQ
JDWHRIWKHDJRUDLVDQH[WHQVLRQRIWKHUHOLHIVIURPWKH=HXV$OWDU
$OVDQFDN.RUGRQER\X
XQHDUWKHGLQWKHLQLWLDOSHULRGRI
H[FDYDWLRQV,QDGGLWLRQWRVRPH
VWDWXHVRIYDULRXVJRGVQDPHO\
+HUPHV'LRQ\VXV(URVDQG
+HUDFOHVPDQ\DUWHIDFWVLQFOXGLQJ
VWDWXHVRIPHQZRPHQDQG
DQLPDOVUHOLHIVILJXULQHVPDUEOHV
ERQHVJODVVHVPHWDOZRUNVDQG
DUWLFOHVPDGHRIILUHGHDUWKZHUH
XQFRYHUHG7KHQHZO\XQHDUWKHG
LQVFULSWLRQVSURYLGHGLQIRUPDWLRQ
DERXWWKHSHRSOHZKRDVVLVWHGWKH
FLW\GXULQJDQHDUWKTXDNHZKLFK
RFFXUUHGLQ¿]PLULQ
.HPHUDOWÀ
$KLVWRULFED]DDU
.HPHUDOWÀLVDKLVWRULFED]DDU
FRYHULQJDQDUHDH[WHQGLQJIURP
WKH1HLJKERXUKRRGRI0H]DUOÀNEDÄÀ
WR.RQDN6TXDUH$QDIDUWDODU
$YHQXHWKDWFRQVWLWXWHVWKH
PDLQVWUHHWRIWKHED]DDUIRUPV
DZLGHFXUYH7KLVFXUYHVWHPV
IURPWKHIDFWWKDWWKHVWUHHWRQFH
VXUURXQGHGWKHSHULPHWHUVRIWKH
LQWHUQDOSRUWZKLFKH[LVWHGLQ
SUHYLRXVFHQWXULHV
$VLQWKHSDVW.HPHUDOWÀ%D]DDU
LVDPDMRUVKRSSLQJFHQWUHLQ
¿]PLUWRGD\7KHED]DDUKDYLQJ
DQRXWGRRUDQGLQGRRUVHFWLRQ
RIIHUVYLVLWRUVDULFKYDULHW\RI
SURGXFWVDQGVHUYLFHVUDQJLQJIURP
WUDGLWLRQDO7XUNLVKKDQGLFUDIWV
OLNHFHUDPLFVWLOHSDQHOVZRRGHQ
SURGXFWVFRSSHUFDUSHWVUXJV
DQGOHDWKHUSURGXFWVWRGHOLFLRXV
$HJHDQIRRGVWXIIV
.RQDN3LHU
0RGHUQ6KRSSLQJ&HQWUH
*XVWDY(LIIHOLQKLVRIILFHVLQ
)UDQFHGHVLJQHG.RQDN3LHUZKLFK
LVDOVRZLWKLQZDONLQJGLVWDQFH
RIWKHEXVLQHVVDQGFRPPHUFLDO
FHQWUHVVXFKDV$OVDQFDNDQG
.RQDNEHIRUHLWZDVEXLOWLQWKH
2WWRPDQ3HULRGEHWZHHQ
Agora
Agora
DQG,WVHUYHGDVDFXVWRPV
EXLOGLQJXQWLOWKHPLGWKFHQWXU\
)DPRXVIRULWVVWHHOFRQVWUXFWLRQ
WKLVVWUXFWXUHKDVEHHQUHVWRUHG
DQGUHGHVLJQHGDVDPRGHUQ
VKRSSLQJDQGUHFUHDWLRQDOFHQWUH
7KHUHDUHUHVWDXUDQWVFDIHV
FLQHPDVDQGDERXWVWRUHVLQD
PDUHDRIWKLVFHQWUHZKLFK
ZDVUHQDPHGWKH.RQDN3LHU
$OVDQFDN.RUGRQER\X
6RXUFHRILQVSLUDWLRQIRUSRHWVDQG
VRQJV
.RUGRQER\X.RUGRQLVMXVW
OLNHDSHDUOQHFNODFHUXQQLQJ
DORQJWKHFRDVWLQWKH'LVWULFWRI
$OVDQFDNHQMR\LQJWKHSRSXODULW\
LWKDVUHFHLYHGIRUSURYLGLQJWKH
LQVSLUDWLRQIRUPDQ\SRHPVDQG
VRQJV,WRIIHUVURPDQWLFVXQVHWV
VHDEUHH]HVFDIHVILVKUHVWDXUDQWV
.Ü]ODUDðDVÜ+DQ,QQ
VW\OLVKVWRUHVSDUDGHVUXQQLQJDQG
ELNLQJFRXUVHV,WDOVRSURYLGHVDQ
LGHDODWPRVSKHUHIRUHQWHUWDLQPHQW
DQGUHFUHDWLRQDODFWLYLWLHVEULQJLQJ
WRJHWKHUWKHSHRSOHRI¿]PLU
$VDQV³U
7KH$VDQV³UOLWHOHYDWRU%XLOGLQJ
ZKLFKZDVFRQVWUXFWHGE\WKH
-HZLVKEXVLQHVVPDQ1HVLP/HYL
LQWRIDFLOLWDWHUHDFKLQJWKH
XSSHUSDUWRI0LWKDWSDÄD6WUHHWLV
'³QHUWDÄ)RXQWDLQ
RQHRIWKHLQWHUHVWLQJWRXULVWVSRWV
LQ¿]PLUWRGD\7KLVDHVWKHWLFDOO\
/RFDWHGLQ%DVPDQH'³QHUWDÄ
GHVLJQHGEXLOGLQJLVUHFRJQL]HG
'³QHUWDÄ)RXQWDLQZDVQDPHGDIWHU DVRQHRIWKHLQGLVSHQVDEOHVRFLDO
WKHURWDWLQJFROXPQLQWKHFRUQHU
VWUXFWXUHVLQ¿]PLU
DQGWKHDUHDLQWKHYLFLQLW\LVFDOOHG
.À]ODUD¾DVÀ,QQ
E\WKLVQDPH,WZDVEXLOWDWWKH
EHJLQQLQJRIWKHWKFHQWXU\ZLWK
$Q2WWRPDQH[SHULHQFH
DVLQJOHGRPHDQGDVTXDUHSODQ
7KHIRXQWDLQLVRQHRIWKHPRVW
.À]ODUD¾DVÀ+DQ,QQZDVEXLOWE\
EHDXWLIXOH[DPSOHVRIWKH7XUNLVK
+DFÀ%HÄLU$¾DLQWRVHUYH
EDURTXHVW\OH
WKHSXEOLF7KHLQQRQHRIWKHUDUH
ZRUNVRI2WWRPDQDUFKLWHFWXUHLQ
¿]PLUWKDWKDVVXUYLYHGXQWLOWKH
2ISDUWLFXODUQRWHDUHWKH
SUHVHQWGD\KDVWKHGHVLJQRI
ERXTXHWYDVHDQGWKHIUXLWERZO
FRPSRVLWLRQVWKHUHOLHIGHFRUDWLRQV RWKHU2WWRPDQLQQVZLWKED]DDUV
DQGFRXUW\DUGV.À]ODUD¾DVÀ+DQ
RQWKHPDUEOHZLWKDWKHPH
LVDJORULRXVVWUXFWXUHZLWKLWV
SHFXOLDUWRWKH7XOLS$JH$V
UHFWDQJXODUSODQWZRVWRUH\
GHFRUDWLYHHOHPHQWVWXOLSVURVHV
ÙEHGHVWHQÚYDXOWHGSDUWRID
IORZHUEXGVOHDYHVEUDQFKHV
ED]DDUZKHUHYDOXDEOHJRRGVZHUH
DQGRWKHUVLPLODUSODQWVKDYH
NHSWDQGFRXUW\DUG)ROORZLQJ
EHHQXVHG7KHVWUXFWXUHLVRQH
UHVWRUDWLRQLQUHFHQW\HDUVLWKDV
RIWKHEHVWH[DPSOHVRIIRXQWDLQ
EHFRPHDQDXWKHQWLFVKRSSLQJDQG
DUFKLWHFWXUHLQ¿]PLU
VRFLDOFHQWUHLQ¿]PLU
„DNDOR¾OX,QQ
.HVWDQHSD]DUÀ0RVTXH
/RFDWHGRSSRVLWHWKH.À]ODUD¾DVÀ
+DQ,WZDVEXLOWLQWKHWK
FHQWXU\„DNDOR¾OX+DQLV
GLVWLQJXLVKDEOHIURPRWKHULQQV
QHDUE\E\WKHDUFKLWHFWXUDOIHDWXUHV
SHFXOLDUWRLW
%XLOWLQWKHPRVTXH
FRPSULVHVRIDODUJHGRPHRQD
VTXDUHVSDFHDQGIRXUGRPHV
VXUURXQGLQJLW,WLVUXPRXUHG
WKDWLWVPDJQLILFHQWPLKUDEQLFKH
LQDPRVTXHZDOOLQGLFDWLQJWKH
GLUHFWLRQRI0HFFDZDVEURXJKW
IURP¿VD%H\0RVTXHLQ6HO¤XN
<DOÀ.RQDN0RVTXH
<DOÀ.RQDN0RVTXHDW.RQDN
6TXDUHEXLOWLQWKHWKFHQWXU\
LVQRWHZRUWK\IRULWVWLOHVDQG
RFWDJRQDOSODQDQGLVRQHRIWKH
PRVWHOHJDQWPRVTXHVLQ¿]PLU
7KHPRVTXHGHFRUDWHGZLWK
WXUTXRLVHWLOHVEOHQGVLQWRWDOO\ZLWK
.RQDN6TXDUHDQGKDVEHFRPHWKH
VHFRQGV\PERORI¿]PLUDIWHUWKH
&ORFN7RZHU
ÃDGÀUYDQ0RVTXH
7KHPRVTXHZKLFKZDVEXLOW
LQZDVQDPHGDIWHUWKH
ÄDGÀUYDQVIRXQWDLQXVHGIRUULWXDO
DEOXWLRQVDQGXVXDOO\ORFDWHGLQ
WKHPLGGOHRIDPRVTXHFRXUW\DUG
ORFDWHGDGMDFHQWWRDQGEHORZ
LW,WZDVUHSDLUHGLQ7KH
PLKUDEQLFKHLQDPRVTXHZDOO
+LVDU0RVTXH
LQGLFDWLQJWKHGLUHFWLRQRI0HFFD
PLQEHUSXOSLWEHVLGHWKHPLKUDE
/RFDWHGDGMDFHQWWR.À]ODUD¾DVÀ+DQ UHDFKHGE\DORQJVWUDLJKWIOLJKW
LQ.HPHUDOWÀLVRQHRIWKHELJJHVW
RIVWHSVDQGVHUPRQSODFHRIWKH
PRVTXHVLQ¿]PLU+LVDU0RVTXH
PRVTXHDUHDOOPDGHRIPDUEOH
EXLOWLQ7KHPRVTXHZDVEXLOW 2QLWVHDVWHUQVLGHWKHPRVTXH
RIFXWVWRQH7KHLQWHULRUGHFRU
KDVDPLQDUHWZLWKDVLQJOHÄHUHIH
GLVSOD\VPDQ\EHDXWLIXOH[DPSOHV
EDOFRQ\DQGRQLWVZHVWHUQVLGHLW
RIWKH2WWRPDQ'HFRUDWLYH$UWV
KDVDOLEUDU\
+LVDU0RVTXH
$VDQVÐU
6DOHS¤LR¾OX0RVTXH
7KLVPRVTXHZDVEXLOWE\6DOHS¤L]DGH+DFÀ$KPHW(IHQGLLQ,WKDV
DODUJHGRPHDQGLWVH[WHULRUZDOOVDUHPDGHRIPDUEOHDQGJUHHQVWRQHV
2QHRIWKHPRVWSUHFLRXVPRVTXHVLQ¿]PLUWKHVL[FRPSDUWPHQWHG
6DOHS¤LR¾OX0RVTXHLVDUFKLWHFWXUDOO\HOHJDQW
.HPHUDOWÀ0RVTXH
%XLOWE\<XVXI„DYXÄ]DGH$KPHW$¾DLQWKHPRVTXHLVRQHRIWKH
PRVWVLJQLILFDQWKLVWRULFDOZRUNVLQ¿]PLU7KHZRUVKLSSLQJVSDFHKDV
DVLQJOHGRPHDQGDVTXDUHSODQDVLWVPLQDUHWLVORFDWHGLQWKHZHVW
7KHUHLVDPDGUDVDKWKHRORJLFDOVFKRRODWWDFKHGWRDPRVTXHDOLEUDU\
DQGDVHELONLRVNEXLOWIRUWKHGLVSHQVLQJRIIUHHZDWHUDVDQDFWRISLHW\
VXUURXQGLQJWKHPRVTXHZKLFKLVQRWHZRUWK\IRULWVJ\SVXPGHFRUDWLRQV
&KXUFKRI6DLQW3RO\FDUS¿]PLU&KXUFK
2OGHVWFKXUFKLQä]PLU
%XLOWZLWKWKHSHUPLVVLRQRI6¹OH\PDQWKH0DJQLILFHQWLQWKLV
FKXUFKLVWKHROGHVWFKXUFKLQ¿]PLUZKLFKLVVWLOOLQVHUYLFH7KHLQWHULRU
IDPRXVIRULWVJODPRURXVIUHVFRHVDQGZDOOGHFRUDWLRQVGHSLFWVWKHNLOOLQJ
RI6DLQW3RO\FDUSWKHSURWHFWLYHVDLQWRI¿]PLUE\WKH5RPDQVLQWKH
DQFLHQWVWDGLXPDW.DGLIHNDOH$UFKLWHFW5D\PRQG&KDUOHV3¥UHDQDWLYH
RI¿]PLUZKRUHVWRUHGWKHIUHVFRHVLQWKHWKFHQWXU\GHSLFWHGKLPVHOI
DVVRPHRQHZDWFKLQJWKHHYHQWKHOSOHVVO\ZLWKKLVKDQGVWLHG0DU\3¥UH
WKHGDXJKWHURI&KDUOHV3¥UHLVGHSLFWHGDVWKHFKLOG0DU\LQWKHVFHQH
Ù7KH6DLQW0RWKHUDQG&KLOG0DU\ÚRQWKHVLGHZDOORIWKHQRUWKHUQQDYH
&KXUFKRI6W-RKQ
&RQVWUXFWLRQEHJDQLQDQGVHUYLFHVVWDUWHGLQ7KHPDLQDOWDU
ZDVDJLIWIURP3RSH3LXV,;,WLVNQRZQWKDWLQ6XOWDQ$EG¹OD]L]
WKHWKHQ2WWRPDQUXOHUGRQDWHGDODUJHVXPRIJROGIRUILQDQFLQJWKH
FRQVWUXFWLRQRIWKLVFKXUFK%RWK3URWHVWDQWDQG&DWKROLF$PHULFDQ
FRPPXQLWLHVSUHVHQWO\XVHWKHFKXUFK
%HWK,VUDHO6\QDJRJXH
&KXUFKRI6DLQW3RO\FDUS
ñ]PLU$UFKDHRORJLFDO0XVHXP
&KXUFKRI6DLQW+HOHQ
/RFDWHGLQWKH'LVWULFWRI.DUÄÀ\DNDEHDULQJWKHVLJQDWXUHRI5D\PRQG
&KDUOHV3¥UHWKH&KXUFKRI6DLQW+HOHQLVWKHPRVWPRQXPHQWDO
H[DPSOHRIUHFUHDWLQJWKH*RWKLFVW\OH7KHFKXUFKZDVEXLOWRQDSORW
RIODQGGRQDWHGE\WKH/HYDQWLQH$OLRWWLIDPLO\IROORZLQJSHUPLVVLRQE\
$EG¹OKDPLWWKH2WWRPDQHPSHURURIWKHWLPH
6\QDJRJXHV
7KHV\QDJRJXHVLQ¿]PLUDUHPDLQO\ORFDWHGLQDQDUHDDGMDFHQWWRWKH
1HLJKERXUKRRGRI1DPD]JŸK7KLVDUHDLVDOVRWKHVHWWOHPHQWSODFHIRU
WKH-HZLVKFRPPXQLW\7KH-HZVZKRVHWWOHGLQ¿]PLULQDQGWKH
HQVXLQJ\HDUVFUHDWHGWKHLURZQVHWWOHPHQWLQDPDQQHUVLPLODUWRWKH
RQHREVHUYHGLQRWKHUFLWLHVZLWKHDFKVXFKJURXSRSHQLQJDVDQFWXDU\,Q
UHFRJQLWLRQRIWKLV6WUHHW1RDW0H]DUOÀNEDÄÀLVNQRZQDV+DYUD6RND¾À
6WUHHWRI6\QDJRJXHV7KHVWUHHWLVFDOOHGE\WKLVQDPHEHFDXVHRIWKH
DPRXQWRIV\QDJRJXHVLQWKHYLFLQLW\
%HWK,VUDHO6\QDJRJXH
6LQFHWKH-HZVLQ¿]PLUZHUHUHORFDWHGWRWKHQHLJKERXUKRRGVRI
*³]WHSH.DUDQWLQDDQG.DUDWDÄWRZDUGVWKHHQGRIWKHWKFHQWXU\
WKH%HWK,VUDHO6\QDJRJXHWKHODUJHVWRQHLQ¿]PLUZDVEXLOWLQ.DUDWDÄ
1HLJKERXUKRRGXSRQDQRUGHUE\6XOWDQ$EG¹OKDPLW,,WKH2WWRPDQ
(PSHURURIWKHWLPHRQ0DUFK
7KHLQWHULRUGHFRUDWLRQRIWKHV\QDJRJXHZKLFKEHJDQVHUYLFHLQ
ZDVDQRQJRLQJSURFHVVDFKLHYLQJLWVSUHVHQWFRQGLWLRQLQWKH×V7KH
ZRRGHQGHFRUDWLRQVPDGHRIVROLGPDKRJDQ\DUHWKHZRUNVRIWKHIDPRXV
PDVWHUVRIWKHSHULRG7KHV\QDJRJXHZDVGHVLJQHGWRKROGSHRSOH
ZLWKLWVORZHUIORRUH[FOXVLYHO\IRUPHQDQGWKHXSSHUIORRUIRUZRPHQ,W
LVDIDYRXULWHVSRWIRUUHOLJLRXVFHOHEUDWLRQVOLNHWKHZHGGLQJFHUHPRQLHV
DQG%DU0LW]YDKV
$OJD]L6\QDJRJXH
,WZDVEXLOWE\WKH$OJD]L)DPLO\LQDQGLVWKHODUJHVWV\QDJRJXH
DIWHUWKH%HWK,VUDHO,WLVRSHQIRUVHUYLFHVRQ-HZLVKUHOLJLRXVGD\V
0XVHXPV
$UFKDHRORJLFDO0XVHXP
7KH$UFKDHRORJLFDO0XVHXPZKLFKZDVRSHQHGWRYLVLWRUVLQLV
DWKUHHVWRULHGEXLOGLQJH[KLELWLQJPDQ\DUWLIDFWVIURPWKHSUHKLVWRULF
?
'LG\RXNQRZ"
(FXPHQLFDO&RXQFLOVZKLFKZHUHVLJQLILFDQWLQUHVSHFWWRWKH&KULV
WLDQUHOLJLRQZHUHKHOGLQ$QDWROLD
+RPHUWKHDXWKRURIWKH,OLDGZDVERUQLQ¿]PLULQWKHZHVWRI
7XUNH\
ñ]PLU$UFKDHRORJLFDO0XVHXP
SHULRGVWRWKH%\]DQWLQH3HULRG
¿]PLU$UFKDHRORJLFDO0XVHXP
ZKHUHDUWLIDFWVXQHDUWKHGDWWKH
UXLQVVXFKDV$SKURGLVLDV%D\UDNOÀ
%HUJDPD3HUJDPRQ%RGUXP
„DQGÀUOÀ(IHV(SKHVXV(U\WKULD
,DVVRV&ODURV.OD]RPHQLD
&RORSKRQ.\PH/DULVVD/HEHGRV
0DJQHVLD0LOHWXV1RWLRQ3KRFDHD
6WUDWRQLNHLD7HRVDQG7UDOOHV
DUHH[KLELWHGLVKRPHWREDNHG
HDUWKUHPDLQVIRXQGGDWLQJEDFN
WRSUHKLVWRULFDJHVDQGWKHWKLUG
PLOOHQQLXP%&
7KHDUWHIDFWVH[KLELWHGLQFOXGH
:HVWHUQ$QDWROLDQHDUWKHQSRW
YDVHVGHFRUDWHGZLWKEODFNDQG
UHGILJXULQHVMXJVERWWOHVPDVNV
VPDOOVWDWXHVDQGRUQDPHQWDO
DUWLFOHVPDGHRIJROGVLOYHUDQG
SUHFLRXVPHWDOVFRLQVVWDWXHV
EXVWVDQGSRUWUDLWV
(WKQRJUDSK\0XVHXP
7KHEXLOGLQJZKLFKVLQFH
KDVVHUYHGDVDQ(WKQRJUDSK\
0XVHXPZDVEXLOWDFFRUGLQJWRWKH
QHRFODVVLFVW\OHDWWKHEHJLQQLQJ
RIWKHWKFHQWXU\7KHPXVHXP
DLPVWRSURYLGHLQIRUPDWLRQDERXW
VRFLDOOLIHVW\OHDQGLQWHUDFWLRQVLQ
WKH¿]PLUDUHDLQWKHWKFHQWXU\
+DQGLFUDIWVWKDWIDFHGH[WLQFWLRQ
IROORZLQJLQGXVWULDOL]DWLRQVXFK
DVWLQVPLWKHU\LURQPRQJHU\
SRWWHU\PDNLQJEOXHEHDGPDNLQJ
ZRRGSULQWLQJFDUSHWZHDYLQJ
URSHPDNLQJDQGWKHSURGXFWLRQ
RIIHOWDUHDOOH[KLELWHG7KHILUVW
7XUNLVKFKHPLVWVKRSDIDPRXV
VKHUEHWVHOOHU×VVWRUHDQGSHULRG
FORWKHVIURP¿]PLUFDQDOVREH
VHHQ,QDGGLWLRQLWHPVRQGLVSOD\
LQFOXGHDJXHVWURRPDEULGDO
URRPDFLUFXPFLVLRQURRPEULGDO
KHDGGUHVVLQJVSXUVHVJODVVZDUH
DQGKDQGRUQDPHQWVFRLQVKDQG
ZULWWHQERRNVDQGOHWWHULQJVHWVDOO
RIZKLFKDUHIURPWKHWKFHQWXU\
+LVWRU\DQG$UWV0XVHXP
7KH+LVWRU\DQG$UWV0XVHXP
RSHQHGLQH[KLELWVDUWHIDFWV
IURP$QFLHQW6P\UQDLQ%D\UDNOÀ
DQGRWKHU:HVWHUQ$QDWROLDQUXLQV
VXFKDV0LOHWXV(SKHVXVDQG
&ODURV7KHVLQJOHVWRULHGPXVHXP
EXLOGLQJGLVSOD\VWKHVLJQLILFDQW
DUWHIDFWVIURPWKH+HOOHQLVWLFDQG
5RPDQ3HULRGVLQWKUHHVHSDUDWH
FRPSDUWPHQWVQDPHO\FHUDPLFV
VWRQHVDQGSUHFLRXVDUWHIDFWV
$ULFKDVVRUWPHQWRIFRLQVDQG
EURQ]HREMHFWVDUHGLVSOD\HGLQ
WKHSUHFLRXVDUWHIDFWVVHFWLRQ7KH
PXVHXPLVORFDWHGQHDU0RQWU³
*DWHRQHRIWKHJDWHVWKDWSURYLGH
DFFHVVWRWKH&XOWXUH3DUN
$WDW¹UN0XVHXP
%XLOWEHWZHHQDQG
DQGORFDWHGDW.RUGRQLQWKH
1HLJKERXUKRRGRI$OVDQFDNWKLV
EXLOGLQJIROORZVWKHOLQHIURPWKH
QHRFODVVLFSHULRG7KHPXVHXP
EXLOGLQJGLVSOD\VIHDWXUHVRIWKH
DUFKLWHFWXUHZKLFKLVYHU\FRPPRQ
LQ¿]PLUZLWKLWVWZRVWRUH\VDQG
ED\ZLQGRZV7KHORZHUVXUIDFH
RILWVHQWUDQFHIORRULVPDGH
RIPDUEOHDQGLWH[KLELWVWKH
EXVWVRI$WDW¹UNFU\VWDOPLUURUV
DQGYDOXDEOHPDUEOHVWDWXHV
,QWKHURRPVRIWKHPXVHXPD
PDJQLILFHQWWKFHQWXU\ILUHSODFH
LVRQGLVSOD\
IRUPDQ\\HDUVZDV
FRQYHUWHGLQWRDPXVHXPIRUWKH
SXUSRVHRISUHVHUYLQJPHPRULHV
RIWKHFLW\DQGSURYLGLQJWKHQH[W
JHQHUDWLRQVZLWKDULFKDUFKLYHRQ
¿]PLU×VXUEDQKLVWRU\7KHPXVHXP
LVQDPHGDIWHU$KPHW3LULÄWLQDRQH
RIWKHIDPRXVPD\RUVRIWKHFLW\
5DLOZD\V0XVHXPDQG$UWV
*DOOHU\
%XLOWE\WKH%ULWLVKEHWZHHQ
DQGWKHWZRVWRULHGPXVHXP
FRPSULVHVRIQLQHURRPVDQGWZR
KDOOV7KHPXVHXPLVORFDWHGRQ
WKHXSSHUIORRURIWKHEXLOGLQJ
ZLWKDQDUWVJDOOHU\LQWKHHQWUDQFH
IORRU,WH[KLELWVWKHUHJLVWUDWLRQ
7KH+RXVH0XVHXPRI
SODWHQXPEHUVZKLFKLGHQWLI\WKH
¿VPHW¿Q³Q¹
ORFRPRWLYHVDQGZDJRQVXVHG
LQWKHSDVW&RPSRQHQWVRIWKH
7KLVKRXVHORFDWHGDW1R
VWHDPORFRPRWLYHVDQGWUDLQVLJQDO
RQ¿Q³Q¹6WUHHWZDVWKHKRPH
ODQWHUQVWUDFNPHDVXUHPHQW
ZKHUH¿VPHW¿Q³Q¹RQHRIWKH
GHYLFHVDQGRIILFHVXSSOLHVXVHG
OHDGLQJFRPPDQGHUVLQWKH:DURI E\WKHUDLOZD\VDGPLQLVWUDWLRQ
/LEHUDWLRQDQGQG3UHVLGHQWRIWKH VLQFHLWVIRXQGDWLRQDVZHOODV
5HSXEOLFRI7XUNH\ZDVERUQRQ
WKHILUVWWHOHSKRQHV\VWHPVXVHG
6HSWHPEHU7KHKRXVHLQ PRGHOVRIVWHDPORFRPRWLYHVDQG
WKH1HLJKERXUKRRGRI¿NL¤HÄPHOLN
SKRWRJUDSKVRI$WDW¹UNDUHDOVR
ZDVRSHQHGWRYLVLWRUVLQ
GLVSOD\HG
DQGH[KLELWV¿Q³Q¹×VSHUVRQDO
EHORQJLQJVDQGFORWKHV9LVLWRUVDUH
3DUNVDQG5HFUHDWLRQDO
DEOHWRZDWFKDGRFXPHQWDU\ILOP
6SRWV
DERXW¿Q³Q¹
$KPHW3LULÄWLQD&LW\$UFKLYH
DQG0XVHXP
&XOWXUH3DUN
7KH&XOWXUH3DUNLVDPDMRU
7KLVEXLOGLQJZKLFKVHUYHGWKH
UHFUHDWLRQDOVSRWIRUWKH
LQKDELWDQWVRI¿]PLUDVDILUHVWDWLRQ LQKDELWDQWVRI¿]PLURIIHULQJD
,QWHUQDWLRQDOñ]PLU)DLU
QXPEHURIVSRUWVDQGUHFUHDWLRQDOIDFLOLWLHVZLWKLQDQDUHD
GLVSOD\LQJSDOPWUHHVDQGYHJHWDWLRQW\SLFDOWRWKH0HGLWHUUDQHDQ
ODQGVFDSH6LQFHWKHDQQXDO,QWHUQDWLRQDO¿]PLU)DLULVKHOGLQWKLV
SDUNDWWKHHQGRI$XJXVW
$HJHDQ8QLYHUVLW\%RWDQLFDO*DUGHQ
/RFDWHGZLWKLQWKHFRPSOH[RIWKH$HJHDQ8QLYHUVLW\LQWKH%RUQRYD
GLVWULFWWKLVSDUNLVWKHRQO\LQWHUQDWLRQDOO\TXDOLILHGERWDQLFDOJDUGHQLQ
7XUNH\DQGLWRIIHUVDULFKYDULHW\RISODQWOLIH7KHJDUGHQDFFRPPRGDWHV
PDQ\VSHFLHVRISODQWVUDQJLQJIURPWKRVHIURPWKHWURSLFDOUHJLRQVWR
WKRVHIURPWKH$OSVNHSWLQDUWLILFLDOFRQGLWLRQV+XQGUHGVRIVKUXEVDQG
WUHHVDUHJURZQLQWKHJDUGHQWKDWDFFRPPRGDWHVDERXWVSHFLHV
7KHJDUGHQDOVRKRXVHVD+HUEDULXP5HVHDUFKDQG$SSOLFDWLRQ&HQWUH
ZKHUHGULHGSODQWVDPSOHVDUHSUHVHUYHGIRUVFLHQWLILFUHVHDUFK
&DEOH&DU)DFLOLWLHV
7KHFDEOHFDUORFDWHGLQWKH%DO¤RYD1HLJKERXUKRRGFKDUPVYLVLWRUVZLWK
WKHEUHDWKWDNLQJVFHQHU\GLVSOD\HGRQWKHMRXUQH\
%DO¤RYD6SDV
Ù$JDPHPQRQ6SDVÚFLWHGE\+RPHU×VOHJHQGVDQGWKHJHRJUDSKHU
6WUDER×VZRUNVKDYHEHHQXVHGDVDFXULQJFHQWUHIURPDQFLHQWWRSUHVHQW
WLPHV7KHVSDVZKHUHWKHZRXQGHGVROGLHUVRI$OH[DQGHUWKH*UHDWZHUH
WUHDWHGZHUHYHU\SRSXODULQWKRVHWLPHV7KLVUHJLRQLVSUHVHQWO\FDOOHG
Ù%DO¤RYD6SDVÚDQGRIIHUVWKHUPDOZDWHUVPXGEDWKVDQGDVRXUFHRI
GULQNLQJZDWHU7KH%DO¤RYD6SDVZKLFKDOVRSURYLGHVDFFRPPRGDWLRQ
DUHSDUWLFXODUO\EHQHILFLDOIRUWKHWUHDWPHQWRIGLVRUGHUVUHODWLQJWRWKH
XSSHUUHVSLUDWRU\V\VWHPFKURQLFLQIHFWLRQVUKHXPDWLVPPHWDEROLVP
DQGVNLQ7KHFXULQJZDWHURIWKH%DO¤RYD6SDVFRQWDLQVVRGLXPFKORULGH
%HDFKHV
NPRIJROGHQVDQGV
7KH$HJHDQFRDVWDOVWULSLQWKH3URYLQFHRI¿]PLUUXQVIRUDOHQJWKRI
NP$NPVHFWLRQRIWKLVFRDVWDOVWULSLVDQDWXUDOEHDFK7KH
JHRJUDSKLFDOIRUPDWLRQRI¿]PLU×VFRDVWDOVWULSFRQVLVWLQJRIDSHQLQVXODU
DQGVRPHVPDOOED\VSURYLGHVLGHDORSSRUWXQLWLHVIRUZDWHUVSRUWVDVZHOO
¡HíPH%HDFK
$OWÜQ\XQXV
DVWKHXVHRIDEHDFK7KHPRVW
SRSXODUEHDFKHVLQWKHSURYLQFH
LQFOXGHEHDFKHVDW3DPXFDN8UOD
*¹OEDK¤H„HÄPH,OÀFD$OD¤DWÀ
$OWÀQNXP*¹P¹OG¹UDQG“]GHUHDV
ZHOODVWKRVHDW'LNLOL„DQGÀUOÀ)R¤D
DQG“UHQLQWKHQRUWK7UDQVSRUW
WRDQGIURPWKHEHDFKHVLVYHU\
FRQYHQLHQW7KURXJKRXWWKHGD\
WKHUHLVWUDQVSRUWIURPWKHEXV
VWDWLRQVDW¿]PLUFHQWUDODQG
™¤NX\XODUWRDOPRVWHYHU\GLVWULFW
FLW\WRRIIHUYLVLWRUVDFXLVLQHZKLFK
LVRQHRIWKHULFKHVWFXLVLQHVLQ
$QDWROLD7KHPXOWLFRORXUHGDQG
WROHUDQWKLVWRU\RIWKH$HJHDQ
FLYLOL]DWLRQVKDVPDGHLWVPDUNRQ
WKLVGLYHUVLILHGFXLVLQH$OEDQLDQV
%RVQLDQV/HYDQWLQHVDQG-HZVDUH
MXVWDIHZRIWKHUHSUHVHQWDWLYHV
IURPWKLVPXOWLFXOWXUDOVRFLHW\
ZKRKDYHOHIWWKHLULPSULQWRQWKH
FXLVLQH
7KHFXLVLQHRI¿]PLULVDYHU\
GLIIHUHQWH[SHULHQFHßÙ0HDOV
FRRNHGZLWKROLYHRLOÚDUHDNLQGRI
PHDOWKDWWKH7XUNVIDPLOLDUL]HG
7KHVRXWKHUQSDUWRIWKH„HÄPH
WKHPVHOYHVZLWKXSRQWKHLU
3HQLQVXODLQ¿]PLULQSDUWLFXODU
LPPLJUDWLRQWR$QDWROLD2OLYH
IRUPVRQHRIWKHPDMRU\DFKW
WUHHVRQHRIWKHROGHVWSODQWV
URXWHVLQ7XUNH\7KHURXWH
LQWKHJHRJUDSK\RIWKH(DVWHUQ
EHWZHHQ„HÄPHDQG.XÄDGDVÀLV
0HGLWHUUDQHDQFLYLOL]DWLRQVKDYH
WKHDUHDZKHUH\DFKWWRXULVPKDV
GHYHORSHGWKHPRVW7KHVPDOOED\V DOVRSOD\HGDVLJQLILFDQWSDUWLQ
WKH$HJHDQ5HJLRQIRUWKRXVDQGV
ZKLFKH[WHQGVLGHE\VLGHLQWKH
RI\HDUV2OLYHVZKLFKDUHSDUWRI
VRXWKRIWKHVXEGLVWULFWRI$OD¤DWÀ
WKHFRPPRQFXOWXUDOKHULWDJHRI
DUHSDUDGLVHIRU\DFKWORYHUV
WKH0HGLWHUUDQHDQQDWLRQVZHUH
DKLVWRULFDOVXVWHQDQFH2OLYHRLO
&XLVLQH
ZKLFKLVWKHVRXUFHRIKHDOWK
EHDXW\DQGKHDOWK\QXWULWLRQLV
7KHFRPELQDWLRQRILWVFXOWXUDO
WKHPRVWLPSRUWDQWLQJUHGLHQW
DFFXPXODWLRQGDWLQJEDFN
WKRXVDQGVRI\HDUVZLWKWKHFOLPDWH RIYHJHWDEOHEDVHGPHDOVVXFKDV
YLQHOHDYHVEURDGEHDQVVPDOO
DQGWKHJHRJUDSK\HQDEOHVWKH
0DULQDV
?
'LG\RXNQRZ"
7KUHH(SKHVXV6P\UQDDQG3HUJDPRQRIWKH)LUVW6HYHQ&KXUFKHV
RI&KULVWLDQLW\ZKLFKDUHUHIHUUHGWRLQWKH%LEOHDUHORFDWHGLQWKH
WHUULWRULHVRI¿]PLU
UHGGLVKFRORXUHGEHDQVEODFNH\HG NX]XHWOLDUDSVD¤ÀDQGÄHYNHWL
ERVWDQDUHVRPHRIWKHIDYRXULWHV
SHDVVWXIIHGSHSSHUVDUWLFKRNHV
VSLQDFKSXPSNLQSXPSNLQIORZHUV RIWKHORFDOFXLVLQH
DQGFDEEDJH
6HDIRRGLVDQRWKHUPDMRUVWRS
GXULQJWKHMRXUQH\LQWRWKHFXLVLQH
,QWKHVXPPHUPRQWKVROLYHRLO
RI¿]PLU)LVKGLVKHVVXFKDV
LVPRVWO\XVHGLQGLVKHVXVLQJ
DXEHUJLQHVSHSSHUVFRXUJHWWHDQG VDUGLQHVFRRNHGLQYLQHOHDYHVVROH
ILOOHWIULHGSLFDUHOVHDEUHDPIULHG
SXPSNLQDVWKHPDLQLQJUHGLHQW
SDSDOLQDILVKFRRNHGZLWKPLON
DQGLQWKHZLQWHUPRQWKVGLVKHV
V¹WO¹EDOÀNDQGVDOW\ILVKRFWRSXV
ZLWKFDUURWVDQGFDXOLIORZHU
QLEEOHVVFDOORSVVKULPSVPXVVHOV
VWXIIHGPXVVHOVFXWWOHILVKDQG
+HUEDOW\SHVVXFKDVDUDSVD¤À
FKLFRU\VWLQJLQJQHWWOHGDQGHOLRQ KHUPLWFUDEDUHDVHOHFWLRQRIZKDW
ZLOOEHVHUYHGDWWDEOH
JDUGHQURFNHWDQGSXUVODQHDUH
WKHIDYRXULWHIODYRXUVRIWKHGLVKHV
7KLVMRXUQH\LVQHYHUFRPSOHWH
7KHLPPLJUDQWVIURPWKH$HJHDQ
ZLWKRXWIUXLWVDQGGHVVHUWV)RU
LVODQGVKDGDFRQVLGHUDEOHHIIHFW
LQWKHVSUHDGRIWKHKHUEDOFXOWXUH FHQWXULHVWKHHOHJDQWILJKDV
EHHQWKHFURZQRIDOOWKHIUXLWV
LQ¿]PLU
(VSHFLDOO\WKHW\SHFDOOHG%DUGDFÀN
$VDPDLQFRXUVHLQ¿]PLU×VFXVLQH ZKLFKJURZVLQ¿]PLUSDUWLFXODUO\
LQ„HÄPHEXWWKHQXPEHURIWUHHV
Ù¿]PLUN³IWHÚVHUYHGZLWKWRPDWR
SURGXFLQJLVGHFUHDVLQJJUDGXDOO\
VDXFHDQGÙN³IWHÚPHDWEDOOV
)LJVZKLFKDUHDQLGHDOEUHDNIDVW
VSHFLDOWLHVIURP$\YDOÀN%HUJDPD
“GHPLÄDQG7LUHZKLFKDUHVHUYHG DFFRPSDQLPHQWDQGDIDYRXULWH
IUXLWLQVXPPHUEHFRPHDGHOLFLRXV
ZLWKYDULRXVJDUQLWXUHVDQG
VDXFHVGDWHEDFNWRWKH6HOMXNDQG GHVVHUWZKHQEDNHGZLWKZDOQXWV
)LJVSURGXFHDFRPSOHWHO\GLIIHUHQW
2WWRPDQ3HULRGV$UQDYXWFL¾HUL
FL¾HUNDSDPD¤³SÄLÄHOEDVDQWDYD WDVWHZKHQVHUYHGZLWKDOPRQGV
/RNPD'HVVHUW
SOXPVOHPRQVSRPHJUDQDWHVEODFNPXOEHUULHVPXOEHUULHVWDQJHULQHV
DQGRUDQJHV
7KHUHDUHVHYHUDOGHOLFLRXVGHVVHUWVQDPHO\ORNPDORUWDWOÀVÀ$HJHDQ
IUXLWVDODGIÀUÀQGDV¹WOD¤WXOXPEDNDOEXUDEDVWÀND]DQGLELUHYDQLVDNÀ]OÀ
PXKDOOHELVXPXKDOOHELVLÄDPEDOÀDQG]HUGHZKLFKZLOOHQWLFHVRPHRQH
LQWRWDNLQJWKLVMRXUQH\DJDLQ
6RFLDO/LIH
,QKDELWDQWVRI¿]PLUSUHIHUVSHQGLQJPRVWRIWKHLUWLPHVRXWGRRUVD
VRFLRFXOWXUDOUHIOHFWLRQRIWKHZDUP0HGLWHUUDQHDQFOLPDWH6FHQHV
SHFXOLDUWRLQKDELWDQWVRI¿]PLULQFOXGHWKRVHVWDUWLQJWKHGD\ZLWKD
IUHVKO\EDNHGVLPLWEDJHODW9DSXU¿VNHOHVLOLWIHUU\SLHUDQGGULQNLQJ
WHDWKRVHHQMR\LQJDFXSRI7XUNLVKFRIIHHZKLOHZDWFKLQJWKHVXQVHWDW
.RUGRQDQGWKRVHILVKLQJRUVWUROOLQJE\WKHVHDVLGHRUWDNLQJDULGHRQ
SKDHWRQVRUVKRSSLQJDWWKHWUDGLWLRQDO.HPHUDOWÀED]DDU
%DUVDQGUHVWDXUDQWVDUHOLYHO\ZKHQHYHQLQJFRPHVDQGQLJKWIDOOV
WKDWLWLVQRWVXUSULVLQJWRVHHQHZKRWVSRWVRSHQLQJDOOWKHWLPHLQ
WKH.DUÄÀ\DND%RVWDQOÀDQG¿QFLUDOWÀQHLJKERXUKRRGVZKHUHWKHUHDUH
RSSRUWXQLWLHVWRUHOD[DIWHUDKDUGGD\HQMR\OLYHO\FRQYHUVDWLRQDQG
VKDUHGLQQHUZLWKIULHQGV5HVWDXUDQWVFDIHVELVWURVDQGEDUVZKHUH
VHOHFWGLVKHVIURP7XUNLVKDQGLQWHUQDWLRQDOFXLVLQHDUHVHUYHGZLOO
PDNHIRUDOLYHO\VRFLDOOLIH0RUHPRGHVWVSRWVDGGUHVVLQJPRUHORFDO
WDVWHVDUHPRVWO\ORFDWHGLQWKH.RQDN.HPHUDOWÀ%RUQRYDDQG%DO¤RYD
QHLJKERXUKRRGV
,QSDUWLFXODU.RUGRQER\XLVRQHRIWKHOLYHOLHVWVSRWVLQ¿]PLUUHIOHFWLQJ
WKHFRORXUVDQGJOLWWHURIWKHQLJKW9LVLWRUVDUHUHFRPPHQGHGWRYLVLW
DFDI¦DW.RUGRQDQGH[SHULHQFHWKHDPELHQFHWKHUH7KH\FDQIHHOWKH
VSLULWDQGKDYHDJHQXLQHWDVWHRIORFDOOLIHLQ¿]PLU
)RUQDWXUHORYHUVRUVSRUWVIDQV¿]PLURIIHUVDZLGHUDQJHRIRSWLRQV
UDQJLQJIURPPRXQWDLQHHULQJWHQQLVSDUDVDLOLQJVXUILQJULGLQJDQG
GLYLQJWRÙZDWHUÚWKHPHSDUNVLQ.XÄDGDVÀ6HO¤XNÔ3DPXFDNDQG%DO¤RYD
ZKLFKSDUWLFXODUO\DSSHDOWRFKLOGUHQDQG\RXWKV
7KHFXOWXUDODQGDUWVFHQWUHVLQWKHFLW\KRVWPDQ\IDPRXVVFLHQWLVWV
DQGDUWLVWVLQDQXPEHURIHYHQWVKROGLQJFRQJUHVVHVV\PSRVLXPV
H[KLELWLRQVWKHDWUHVPXVLFDOVDQGFRQFHUWVWKURXJKRXWWKH\HDU
?
'LG\RXNQRZ"
7UR\UHIHUUHGWRLQWKH,OLDGLVORFDWHGLQ7XUNH\
7KHIDPRXV3KLORVRSKHU$ULVWRWOHWKHWXWRURI$OH[DQGHUWKH*UHDWJDYH
OHFWXUHVDW$VVRVQRUWKRI¿]PLUIRU\HDUV
¿]PLU6RXWK
7RUEDO×
7KH&LW\RIWKH0RWKHU*RGGHVV
7RUEDOÀZKLFKLVRQWKH¿]PLUÔ(IHV+LJKZD\LVORFDWHGRQDKLOO
RYHUORRNLQJWKHSODLQEHWZHHQWKHYLOODJHVRI<HQLN³\DQG“]EH\7KHILUVW
VHWWOHPHQWLQWKLVUHJLRQEHWZHHQWKHDQFLHQWFLWLHVRI(SKHVXV(IHV
6P\UQD¿]PLU&RORSKRQ'H¾LUPHQGHUHDQG1RWLRQ$KPHWOLEH\OLZDV
EXLOWGXULQJWKHUHLJQRIWKH6HOHXFLG.LQJGRPRILQWKHUGFHQWXU\%&
DQGWKLVVHWWOHPHQWZDVQDPHG0HWURSROLVPHDQLQJÙWKH&LW\RIWKH
0RWKHU*RGGHVVÚ
0HWURSROLVH[SHULHQFHGLWVJROGHQ
DJHGXULQJWKH+HOOHQLVWLF3HULRG
ZLWKDOWDUVLQKRQRXURIWKH
(PSHURU$XJXVWXVLQWKH5RPDQ
3HULRGDQGLWVHUYHGDVDFHQWUH
RIHSLVFRSDF\LQWKH%\]DQWLQH
3HULRG6LJQLILFDQWILQGVKDYH
EHHQXQHDUWKHGUHODWLQJWRWKH
IRXQGDWLRQRIWKHFLW\LQWKH
H[FDYDWLRQV$UWHIDFWVGLVFRYHUHG
EHQHDWKWKHUXLQVRIWKH%\]DQWLQH
DQG+HOOHQLVWLFVWUXFWXUHVLQFOXGH
SLHFHVRISUHKLVWRULFFHUDPLF
FRQWDLQHUVVWRQHD[HVDQGREVLGLDQ
ZKLFKLVQDWXUDOJODVVGDWLQJ
EDFNWR%&QDPHO\WKH
HDUO\%URQ]H3HULRGDQGPDWHULDOV
EHORQJLQJWRWKH$QFLHQW3HULRG
0RQXPHQWDOSXEOLFVWUXFWXUHV
FDQEHVHHQVXFKDVWKH7HPSOH
2OLYH
RI$UHVLQWKHDFURSROLVDQH\YDQ
WKUHHZDOOHGYDXOWHGDQWHFKDPEHU
RSHQDWWKHIURQWDQGDWKHDWUHXSRQDKLOO$VDUHVXOWRIH[FDYDWLRQV
FDUULHGRXWWKHVWDJHEXLOGLQJRIWKHWKHDWUHWKHRUFKHVWUDIORRU
DQGVHFWLRQVRIVHDWURZVLQFOXGLQJVHDWVDQGDOWDUVDOORFDWHGIRUWKH
QREOHPHQZHUHXQHDUWKHG,WLVXQGHUVWRRGWKDWWKHH\YDQZDVEXLOWIURP
WKHGRQDWLRQVRISKLODQWKURSLVWVLQWKHILUVWKDOIRIWKHUGFHQWXU\%&
7KHRXWHUZDOOVRIWKHDFURSROLVVXUURXQGDQDUHDRIDERXWWKRXVDQG
VTXDUHPHWHUVDQGDUHUHFRJQL]HGDVWKHPRVWVXFFHVVIXOH[DPSOHRIWKH
DUFKLWHFWXUHIURPWKHSHULRGZKHQLWZDVEXLOW7KHJODVVZRUNVDQGSLHFHV
RIJODVVDUWLFOHVSURGXFHGWKHUHLQGLFDWHWKDWDSDUWIURPDJULFXOWXUH
DQLPDOKXVEDQGU\DQGPDUEOHSURGXFWLRQLQGXVWU\ZDVDOVRDGYDQFHGLQ
WKHUHJLRQ
,QWKHHQYLURQVRIWKHPHWURSROLVWKHUHDUHPDQ\DQFLHQWVWUXFWXUHV
EHORQJLQJWRWKHUGFHQWXU\%&5RPDQDQG%\]DQWLQH3HULRGV7KHVH
DUHWKHPRXQGVRI$UDSOÀWHSH$VODQODU6LQHNWHSHDQG7HSHN³\7KH
H[FDYDWLRQVOHGWRWKHXQHDUWKLQJRIDODUJHQXPEHURIDUWHIDFWVLQFOXGLQJ
FHUDPLFDUWLFOHVHDUULQJVFRLQVEURQ]HDUWLFOHVJODVVZDUHSLHFHVDQG
ILVKLQJRSSRUWXQLWLHVIRUDPDWHXU
ILVKHUPDQ%HDGVSURGXFHGE\WKH
ORFDOSHRSOHLQWKH9LOODJHRI*³UHFH
LQ0HQGHUHVDUHXVHGWRDYHUW
WKHHYLOH\HDSODFHRISDUWLFXODU
LQWHUHVWWRORFDODQGIRUHLJQWRXULVWV
DOLNH
'HãLUPHQGHUH&RORSKRQ
7KHFLW\WRWKHHDVWRISUHVHQW
GD\'H¾LUPHQGHUHQDPHGDIWHU
&RORSKRQ0RXQWDLQZDVWKHRQO\
,RQLDQFLW\QRWWREHEXLOWE\WKH
VHDVLGH,WIRUPHGDVWURQJXQLRQ
ZLWKWKH3RUWRI1RWLRQDQG&ODURV
WKHFLW\RIWHPSOHV7KHUHDUHD
0RVDLF0HWURSROLV7RUEDOÜ
IHZUXLQVLQWKHFLW\ZKLFKZDV
HDUWKHQZDUH5HVHDUFKRQWKH
VHWWOHGWKURXJKRXWWKH/\GLDQ
3HUVLDQ6HOHXFLGDQG3HUJDPRQ
FXOWFDYHEHORQJLQJWRWKH0RWKHU
SHULRGV7KHFLW\UHPDLQHG
*RGGHVVZKLFKJDYHKHUQDPHWR
XQGHUWKHLQIOXHQFHRI&UHWHDQG
WKHFLW\DVZHOODVWKHH[FDYDWLRQ
ZRUNLQWKHPHWURSROLVLVFXUUHQWO\ 0\FHQDHGXULQJWKHPDMRU,RQLDQ
PLJUDWLRQV7KHILUVWH[FDYDWLRQ
LQSURFHVV7KHILQGVDQGIRUWXQH
ZRUNZDVFDUULHGRXWLQLQ
WHOOLQJOLVWVGLVFRYHUHGLQWKHFDYH
WKHDUHDZKHUHFLW\UXLQVKDGEHHQ
LQGLFDWHWKDWWKH0RWKHU*RGGHVV
XQHDUWKHGHDUOLHULQ7KH
&DYHZDVXVHGDVDFHQWUHRI
ORZHUFLW\VHFWLRQH[WHQGVDORQJWKH
VRRWKVD\LQJ
HGJHRIWKHDFURSROLVORFDWHGLQWKH
VRXWKDQGWKHZDOOVEXLOWLQWKHWK
0HQGHUHV
FHQWXU\%&SURWHFWLW7KHILUVWFLW\
ZDVORFDWHGWRWKHVRXWKZHVWRIWKH
7KH0HQGHUHVGLVWULFWLVNP
KLOOZLWKDKHLJKWRIPZKHUH
IURP¿]PLU7KHDQFLHQWFLW\RI
WKHDFURSROLVZDVEXLOW7KHUHDUH
/HEHGRVLVLQWKH™UNPH]ORFDWLRQ
LPSULQWVDQGVLJQVRIEXLOGLQJVWKDW
LQWKHZHVWRIWKHGLVWULFW7KHUXLQV RQFHH[LVWHGRQWKHQRUWKHUQVORSH
RIWKHDQFLHQWFLWLHVRI&RORSKRQ
RIWKHDFURSROLV2IVXFKEXLOGLQJV
&ODURV1RWLRQDQG/HEHGRVORFDWHG ZKLFKVXUYLYHGWRSUHVHQWGD\LQD
DGMDFHQWWRHDFKRWKHUDUHWKH
JRRGFRQGLWLRQDQH\YDQWKUHH
LPSRUWDQWDUFKDHRORJLFDOUHIHUHQFH ZDOOHGYDXOWHGDQWHFKDPEHURSHQ
SRLQWVFRQFHUQLQJWKHKLVWRU\
DWWKHIURQWZKLFKGDWHVEDFNWR
RIWKHDUHD7KHVXEGLVWULFWRI
WKHWKFHQWXU\%&LVWKHPRVW
*¹P¹OG¹UORFDWHGLQWKLVUHJLRQLV
RXWVWDQGLQJRQH,WLVEHOLHYHGWKDW
WKHSURGXFHURIÙVDWVXPDÚDZRUOG WKHIDPRXVSKLORVRSKHUDQGSRHW
IDPRXVW\SHRIWDQJHULQH7KHVXE ;HQRSKDQHVOLYHGLQ&RORSKRQLQWKH
WKFHQWXU\%&
GLVWULFWRI“]GHUHLVDORFDWLRQQRW
RQO\SRSXODUIRULWVFOHDQVHDDQG
$KPHWEH\OL
FRDVWEXWDOVRIRURIIHULQJJUHDW
&ODURVWKHFLW\RIVRRWKVD\HUV
$OWKRXJKWKH\HDURILWVIRXQGDWLRQ
LVQRWNQRZQLWLVEHOLHYHGWKDW
WKHLQKDELWDQWVRI&RORSKRQEXLOW
WKLVFLW\DVDWHPSOHVLWHIRUWKH
PDLQJRG$SROORLQWKHWKWR
7LUH)HOW
WKFHQWXULHV%&7KH7HPSOHRI
$SROOREXLOWLQWKH'RULFVW\OHZDV
NQRZQWKURXJKRXWWKHZRUOGIRU
LWVVRRWKVD\HUVZKRZHUHEHOLHYHG
WRKDYHVHFUHWSRZHUV7KHUHDUH
UXLQVIURPWKH,RQLDQ5RPDQDQG
%\]DQWLQHSHULRGV&ODURVZKLFK
ZDVQRWDQLQGHSHQGHQWFLW\
DFKLHYHGVRPHGHYHORSPHQWDVDQ
DQQH[WR&RORSKRQ,QVFULSWLRQV
FDUYHGE\SHRSOHYLVLWLQJWKH
VRRWKVD\HUVIRUDGYLFHKDYHEHHQ
XQHDUWKHGLQ3URS\OHDZKLFKLV
EHOLHYHGWRKDYHEHHQEXLOWLQWKH
QGFHQWXU\%&,Q3URS\OHDWKHUH
LVDVDFUHGSDWKZD\OHDGLQJWRWKH
7HPSOHRI$SROORZKLFKLVOLQHG
RQERWKVLGHVZLWKFROXPQVDQG
VWDWXHV
3RUW&LW\RI1RWLRQ
1RWLRQZKLFKZDVWKHSRUWFLW\
RI&RORSKRQLVNPIURP&ODURV
$OWKRXJKQRUXLQVKDYHVXUYLYHG
WRSUHVHQWGD\LQDSURWHFWHG
FRQGLWLRQWKHRXWHUFLW\ZDOOV
UXQQLQJIRUDERXWNPDQGGDWLQJ
EDFNWRWKH+HOOHQLVWLF3HULRG
DUHDQLQWHUHVWLQJVSRW,WLVDOVR
DIDYRXULWHSODFHWRYLVLWEHFDXVH
RILWVSUR[LPLW\WR&RORSKRQDQG
&ODURVDQGWKHYLHZVRIIHUHGRI
WKH,VODQGRI6DPRV.XÄDGDVÀDQG
(IHV(SKHVXV7KHPDMRUUXLQVDW
1RWLRQDUHORFDWHGWRWKHVRXWKRI
$KPHWOLEH\DQGLQFOXGHWKH7HPSOH
RI$WKHQDD%RXOHXWHULRQRXWHU
FLW\ZDOOVDQGDWKHDWUH
7LUH
7KH6WDWXHRI$SROORRQWRSRIWKH
VDFUHGURRPLVPWDOO$WD
GLVWDQFHRIPIURPWKHIURQWRI
WKHWHPSOHWKHUHLVDPRQXPHQWDO
DOWDU7KHVLWHZKHUHH[FDYDWLRQ
RIWKHVHUXLQVLVLQSURJUHVVE\
WKH$HJHDQ8QLYHUVLW\LVRSHQWR
YLVLWRUV
$XWKHQWLFYLOODJHOLIHVXUYLYLQJLQ
PRGHUQWLPHV
NPIURP¿]PLUDQGNP
IURP6HO¤XN7LUHLVRQHRIWKH
PRVWSRSXODUVLWHVLQWKH$HJHDQ
5HJLRQSDUWLFXODUO\IRULWVFXOWXUDO
DQGQDWXUDODVVHWV,WLVDWRXULVW×V
6KRSRIDPDNHURIEDWKFORJV7LUH
WUHDVXUHWURYHFRPSULVLQJRI
KXQGUHGVRIKLVWRULFVWUXFWXUHVD
PXVHXPKDQGLFUDIWVDXWKHQWLF
KRXVHVDED]DDUDQGORFDOFXLVLQH
,WLVSRVVLEOHDQGHDV\WRGRWKLV
WRXUDVDGD\WULS
,PSRUWDQWKLVWRULFDOEXLOGLQJV
LQFOXGH„DQDN¤À0DVMLGVPDOO
PRVTXHÃHPVL0DVMLG'R¾DQFÀ\DQ
=DYL\HVLVPDOOGHUYLVKORGJH
.À]ÀO'HOL%DED=DYL\HVL<HÄLO
¿PDUHW=DYL\HVL.DUDKDVDQ
0RVTXH.DUDNDGÀ0RVTXH0ROOD
$UDS0RVTXH3DÄD0RVTXH
8OX0RVTXH<DOÀQD\DN0RVTXH
<HQL0RVTXH<HQLFHN³\0RVTXH
.XUW<R¾XUWOXR¾OX.¹OOL\HVL
FRPSOH[RIEXLOGLQJVDGMDFHQWWRD
PRVTXH$OL%DED7HNNHVLGHUYLVK
ORGJH$\D]PDVSULQJRIZDWHU
UHJDUGHGDVVDFUHGE\2UWKRGR[
*UHHNV'DU¹O.XUUD0DGUDVD
WKHRORJLFDOVFKRRODWWDFKHGWRD
PRVTXH%DOÀP6XOWDQ7RPE¿EQL
0HOHN7RPE6LUH+DWXQODU7RPE
&HOVXV/LEUDU\
6¹OH\PDQÃDK7RPE3XEOLF/LEUDU\
1HFLS3DVKD/LEUDU\$EG¹OVHODP
<HQL+DQFDUDYDQVHUDLODUJH
FRPPHUFLDOEXLOGLQJ.XUÄXQOX
+DQ2OG1HZ7XUNLVK%DWK+RXVH
7HU]LOHU%DWK+RXVH+DIVD+DWXQ
)RXQWDLQ<H¾HQD¾D)RXQWDLQ
+¹VH\LQ$¾D%ULGJH7LUH0XVHXP
$WDW¹UN0RQXPHQW/LEHUDWLRQ
0RQXPHQWÃDKL]DGH0RQXPHQW
DQG7RSWHSH
Ù7LUH%D]DDUÚKHOGHYHU\7XHVGD\
LVDNLQGRIDIHWHNPORQJDQG
DPXOWLWXGHRIULFKFRORXUVDUHRQ
GLVSOD\9LVLWRUVDUHUHFRPPHQGHG
WRVKRSLQWKHED]DDUDQGGULQNWKH
IDPRXVÙEODFNPXOEHUU\VKHUEHWÚ
ZKLFKLVWKHPRVWHQMR\DEOHSDUWRI
DQ\WRXUSURJUDP
$VZHOODVZRUNPDQVKLSIURP
WKH7XUNLVKSHULRGDQXPEHURI
ORFDOFXOWXUDODQGKLVWRULFDOZRUNV
FDQEHVHHQ7KHVHLQFOXGHURSH
DQGFORJSURGXFWLRQWKHPDNLQJ
DQGVHOOLQJRITXLOWVZRYHQPDWV
DQGZLFNHUZRUNSURGXFWLRQWKH
PDNLQJDQGVHOOLQJRIVDGGOHVDQG
KDUQHVVHVDQGWKHSURGXFWLRQRI
IHOW:HDYLQJFDQEHVHHQDQGRI
SDUWLFXODULQWHUHVWDUHWKHÙ%HOHGL
ZRYHQSURGXFWVÚVWLOOSURGXFHGLQ
7LUH%HOHGLZHDYLQJLVUHFRJQL]HG
WKURXJKRXWWKHZRUOGDVWKH
DQFHVWRURIMDFTXDUGORRPZHDYLQJ
DQGKDVEHHQSURGXFHGLQ7LUH
VLQFHWKHWKFHQWXU\
%HOHYL
7KHUHLVDPRQXPHQWDOWRPELQ
WKH%HOHYLVXEGLVWULFWHDVWIURP
WKHURDGMXQFWLRQNPIURP
6HO¤XNRQWKH¿]PLU+LJKZD\7KLV
PRQXPHQWDOWRPEGDWLQJ
EDFNWRWKH+HOOHQLVWLF$JHLVWKH
ODUJHVWDQGKLJKHVWPRQXPHQWDO
WRPEHYHUGLVFRYHUHGLQ$QDWROLD
DIWHUWKH+DOLFDUQDVVXV0DXVROHXP
ZKLFKLVRQHRIWKH6HYHQ:RQGHUV
RIWKH$QFLHQW:RUOG
6HO¼XN
&XOWXUDO6XPPLW
7KH6HO¤XN'LVWULFWLVRQWKH¿]PLU
Ô$\GÀQ+LJKZD\NPVRXWK
IURP¿]PLU6HO¤XNULJKWIXOO\SULGHV
LWVHOIDVDKRPHWRDODUJHQXPEHU
RIKLVWRULFZRUNVDQGUXLQVRYHU
DQDUHDRINP7KHVHLQFOXGH
?
'LG\RXNQRZ"
7XUNH\LVKRPHWRWZRRIWKH6HYHQ:RQGHUVRIWKH$QFLHQW:RUOG
7KH\DUHWKH7HPSOHRI$UWHPLVORFDWHGLQ(SKHVXVDQGWKH
+DOLFDUQDVVXV0DXVROHXPLQ%RGUXP
ODVWGD\VRIWKH9LUJLQ0DU\DQG6W
-RKQ,WLV7XUNH\×VPRVWLPSRUWDQW
FXOWXUDOKHULWDJHVLWHDWWUDFWLQJ
DERXWPLOOLRQWRXULVWVD\HDU
7KHKLVWRU\RIWKLVPRVWDQFLHQW
VHWWOHPHQWGDWHVEDFNWR
%&7KHDGPLQLVWUDWLRQIRUWKLV
PDJQLILFHQWVLWHRIUXLQVIDOOVXQGHU
WKHMXULVGLFWLRQRI6HO¤XN¿]PLU
ZKLFKKDVWKURXJKRXWKLVWRU\
SOD\HGDVLJQLILFDQWSDUWLQWKH
ILHOGVRIFLYLOL]DWLRQVFLHQFHDQG
FXOWXUH
/HJHQGKDVLWWKDW$QGURFOHVWKH
VRQRI.LQJ.DGURVIRXQGHGWKH
FLW\+RZHYHULWVIRXQGDWLRQGDWHV
EDFNWRDPXFKHDUOLHUSHULRGDV
LWZDVUHIHUUHGWRE\WKH+LWWLWH
LQVFULSWLRQVDV$SDVDWKHFDSLWDORI
WKH$U]DZD&RXQWU\
(IHV0XVHXP$UWHPLV
WKH7HPSOHRI$UWHPLVRQHRI
WKH6HYHQ:RQGHUVRIWKH$QFLHQW
:RUOG+RXVHRIWKH9LUJLQ0DU\
ZKLFKLVVDFUHGIRU&KULVWLDQVWKH
$QFLHQW&LW\RI(SKHVXVZKLFKLV
WKHPRVWVSOHQGLGDQFLHQWFLW\LQ
7XUNH\WKHWRPEDQGFKXUFKRI6W
-RKQZKRZDVRQHRI-HVXV&KULVW×V
GLVFLSOHV6HYHQ6OHHSHUV&DYH
¿VD%H\0RVTXH6HO¤XN&DVWOH
DTXHGXFWVDQGFLYLODUFKLWHFWXUH
H[DPSOHVLQÃLULQFH9LOODJH7KLV
ORFDOLW\ZKLFKZDVIRUFHQWXULHV
ILOOHGZLWKWKHDOOXYLXPIURPWKH
5LYHURI.¹¤¹N0HQGHUHVLVMXVW
NPIURPWKH%D\RI3DPXFDN
DSUHVHUYDWLRQVLWHZLWKDFU\VWDO
FOHDUVHDDQGDJOLWWHULQJEHDFK
(SKHVXV
)URP$UWHPLVWRWKH9LUJLQ0DU\
7KH$QFLHQW&LW\RI(SKHVXVFDOOHG
WKHFHQWUHRIFLYLOL]DWLRQVZDVWKH
FDSLWDORIWKH$VLDQ6WDWHRIWKH
5RPDQ(PSLUHDQGZDVRQFHWKH
PRVWSRSXODWHGFLW\LQ$QDWROLDZLWK
DSRSXODWLRQRIEHWZHHQWKH
\HDUVÔ(SKHVXVZLWQHVVHG
PDQ\KLVWRULFHYHQWVLQFOXGLQJ
WKHHIIRUWVRI6W3DXOWRVSUHDG
&KULVWLDQLW\YLVLWVE\WKH(J\SWLDQ
4XHHQ&OHRSDWUDDQGWKH5RPDQ
(PSHURU0DUN$QWKRQ\DQGWKH
7KHLPPLJUDQWVZKRVWDUWHG
DUULYLQJIURPWKHLVODQGVLQWKH
$HJHDQ6HDIURP%&
ZDQWHGWRFRQYHUW(SKHVXVLQWRD
FRORQ\
(SKHVXVLVDOVRKRPHWRWKHODUJHVW
WHPSOHIURPWKH$UWHPLVFXOW
EDVHGRQWKHWUDGLWLRQRI.\EHOH
WKHPRVWDQFLHQWJRGGHVVLQ
$QDWROLD7KH7HPSOHRI$UWHPLV
LQ(SKHVXVZDVRQHRIWKH6HYHQ
:RQGHUVRIWKH$QFLHQW:RUOGLQ
WKH&ODVVLFDO3HULRG7KHSRUWFLW\RI
(SKHVXVZKHUHSHRSOHLPPLJUDWHG
6WDWXHRI9LUJLQ0DU\(IHV6HOÁXN
E\VHDDQGEHJDQVHWWOLQJLQ%&ZDVUHORFDWHGWRWKH
HQYLURQVRIWKH7HPSOHRI$UWHPLVLQ%&
/\VLPDFKXVRQHRIWKHJHQHUDOVRI$OH[DQGHUWKH*UHDWEXLOWWKH
$QFLHQW&LW\RI(SKHVXVVHHQWRGD\E\WRXULVWVLQ%&$OWKRXJKLW
H[SHULHQFHGLWVPRVWJORULRXVWLPHVGXULQJWKLVWLPHDQGWKH5RPDQ
3HULRGWKHFLW\ZDVQRORQJHUDGHVLUDEOHVHWWOHPHQWWKHUHDIWHU7KHRQFH
EXV\SRUWRYHUWLPHILOOHGZLWKDOOXYLXPDQGDVDUHVXOWWKHFLW\KDGWR
EHPRYHGWRWKHHQYLURQVRI6W-RKQ×V%DVLOLFDEXLOWE\%\]DQWLQH(PSHURU
-XVWLQLDQÔRQ$\DVXOXN+LOO&RQTXHUHGE\WKH7XUNVLQ
DQGFRQYHUWHGLQWRWKHFDSLWDORIWKH$\GÀQR¾XOODUÀ3ULQFLSDOLW\$\DVXOXN
EHJDQGLPLQLVKLQJJUDGXDOO\IURPWKHWKFHQWXU\RQZDUGVDGRSWLQJLWV
SUHVHQWQDPH6HO¤XNLQ
([FDYDWLRQVLQWKHDQFLHQWFLW\RI(SKHVXVKDYHEHHQRQJRLQJE\WKH(IHV
0XVHXPDQGWKH$XVWULDQ$UFKDHRORJLFDO,QVWLWXWHVLQFH7RGD\
WKRXVDQGVRIWRXULVWVVWUROODORQJWKH3RUW6WUHHW/LPDQ&DGGHVLHYHU\
GD\7KH\ZDWFKWKHPRVWPDJQLILFHQWDUWLVWLFSHUIRUPDQFHVRIWKH
\HDUDWWKH*UDQG7KHDWUH%¹\¹N7L\DWURHQMR\WKHVSOHQGRXURIWKH
EUHDWKWDNLQJ&HOVXV/LEUDU\ZLWQHVV&KULVWLDQVSD\LQJSLOJULPDJHDWWKH
9LUJLQ0DU\×V+RXVHDQGDUHDEOHWRDSSUHFLDWHWKRXVDQGVRIDUWHIDFWV
IURPWKH0\FHQDHDQ$QFLHQW&ODVVLFDO+HOOHQLVWLF5RPDQ%\]DQWLQH
6HOMXNDQG2WWRPDQ3HULRGVDWWKH6HO¤XN$UFKDHRORJLFDO0XVHXP
7KHGHHSO\IRXQGHGEHOLHIWKDWWKH9LUJLQ0DU\DQG6W-RKQRQFHOLYHGLQ
(SKHVXVKDVDOVRWXUQHGWKHFLW\LQWRDVDFUHGUHOLJLRXVFHQWUH
9HGLXV*\PQDVLXP
3XEOLV9HGLXV$QWRQLXVDULFKQDWLYHRI(SKHVXVEXLOWWKHJ\PQDVLXPLQ
WKHQGFHQWXU\,WLVDVSOHQGLGVWUXFWXUHZLWKDFRXUW\DUGLQWKHHDVW
DFHUHPRQLDOKDOOLQWKHFHQWUHFKDQJLQJURRPVDQGEDWKKRXVHVZKHUH
WKHVSRUWVDQGFXOWXUDOWUDLQLQJZHUHKHOG$OORIWKHVWUXFWXUHVUHIOHFWWKH
IHDWXUHVIURPWKHSHULRG
6WDGLXP
/RFDWHGWRWKHVRXWKRIWKH9HGLXV*\PQDVLXPWKLVVWUXFWXUHZDVDQ
LPSRUWDQWYHQXHIRUVRFLDOPHHWLQJV6SRUWVHYHQWV2O\PSLF*DPHVDQG
JODGLDWRUPDWFKHVZHUHKHOGKHUH
7KH&KXUFKRIWKH9LUJLQ0DU\7ZLQ&KXFKHV
/RFDWHGRSSRVLWHWKH%\]DQWLQHEDWKKRXVHV7KH&KXUFKRIWKH
9LUJLQ0DU\KDVDVSHFLDOLPSRUWDQFHIRU&KULVWLDQLW\7KLVLVWKH
Celsus Library
FKXUFKZKHUHWKH&RXQFLOFRQYHQHG
LQ7KHVWUXFWXUHZKLFKZDV
FRQYHUWHGLQWRDEDVLOLFDGXULQJWKH
5RPDQ3HULRGLQWKHQGFHQWXU\
ZDVRULJLQDOO\GHGLFDWHGWR9LUJLQ
0DU\DQGDWWKH7KLUG&RXQFLOKHOG
WKHUHWKHGRJPDWKDW-HVXV&KULVW
ZDVWKHVRQRIERWK6W0DU\DQG
*RGZDVXSKHOG
,QWKHWKFHQWXU\DVHFRQG
FKXUFKZDVEXLOWUHDFKHGYLDD
VHFRQGGRRUIURPWKHDSVHRIWKH
FKXUFKDQGWKXVWKLVZDVFDOOHG
لLIWH&KXUFKHVÚ7ZLQ&KXUFKHV
WKHUHDIWHU$IWHUDEOHVVLQJE\3RSH
3DXO9,LQWKHFKXUFKZDV
GHFODUHGDVDFUHGFHQWUHEHFDXVH
LWZDVWKHILUVWFKXUFKGHGLFDWHGWR
9LUJLQ0DU\
$UNDGLDQH3RUW6WUHHW
7KLVFROXPQHGURDGVWDUWLQJ
GLUHFWO\LQIURQWRIWKHWKHDWUH
DQGH[WHQGLQJDVIDUDV(SKHVXV×
DQFLHQWSRUWZDVGHGLFDWHGWR
(PSHURU$UFDGLXVDQGLWLVEHOLHYHG
WKDWLWZDVHTXLSSHGZLWKOLJKWLQJ
LQWKHWKFHQWXU\7KLVVWUHHWZLWK
LWVJDOOHULHVRQHLWKHUVLGHZDVDOVR
XVHGDVDFHUHPRQLDOVWUHHW
(SKHVXVr&XUHWHV6WUHHW
*UDQG7KHDWUH
$OWKRXJKWKHWKHDWUHZKLFKLVRQH
RIWKHPRVWEHDXWLIXOVWUXFWXUHV
ZLWKLQWKHUXLQVRI(SKHVXVZDV
RULJLQDOO\EXLOWLQWKH+HOOHQLVWLF
3HULRGZLWKDWKRXVDQGVHDW
FDSDFLW\LWLVNQRZQWKDWLW
7KHPDUEOHFROXPQVVWDQGLQJRQWKH XQGHUZHQWUHEXLOGLQJLQWKHWLPHRI
ULJKWDQGOHIWRIWKLVVSOHQGLGVWUHHW WKH5RPDQ(PSHURU&ODXGLXVDQG
WKDWLWZDVFRPSOHWHGLQWKHSHULRG
RQZKLFKWKH5RPDQ*HQHUDO0DUN
RI(PSHURU7UDMDQÔ,WLV
$QWKRQ\DQGWKH(J\SWLDQ4XHHQ
WKHODUJHVWEHVWSUHVHUYHGEXLOGLQJ
&OHRSDWUDZDONHGWRJHWKHUDUH
LQ(SKHVXVDQGZLWQHVVHGPDQ\
EHOLHYHGWREHTXLWHVWURQJGHVSLWH
JODGLDWRUILJKWVLQWKH/DWH5RPDQ
WKHOHQJWKRIWLPHWKDWKDVSDVVHG
3HULRG6W3DXODWWHPSWHGWRGHOLYHU
DVHUPRQWKHUHLQRUGHUWRVSUHDG
(SKHVXV*UDQG7KHDWUH
(SKHVXVr6NRODVWLND%DWK+RXVH
(SKHVXV*UDQG7KHDWUH
&KULVWLDQLW\EXWWKHGHYRWHHVRIWKH
(SKHVLDQV×$UWHPLVSUHYHQWHGKLV
HIIRUWV
0DUEOH6WUHHW
6WDUWLQJIURPWKH&HOVXV/LEUDU\
WKLVVWUHHWH[WHQGVLQDQRUWKHUQ
GLUHFWLRQWRZDUGVWKH*UDQG
7KHDWUH7KHPORQJPDUEOH
SDYHGVWUHHWXQGHUZHQWUH
FRQVWUXFWLRQLQWKHWKFHQWXU\
:LWKDVHZHUDJHV\VWHPEHQHDWK
LWZKLFKZDVYHU\DGYDQFHG
WHFKQRORJ\IRUWKHWLPHLWZDVD
ORQJDQGVDFUHGURDGOHDGLQJWRWKH
7HPSOHRI$UWHPLV
&HOVXV/LEUDU\
(SKHVXVr0DUEOH6WUHHW%URWKHO
7KH$VLDQ&RQVXO-XOLXV$JXLODLQ
PHPRU\RIKLVIDWKHU&HOVXVEXLOW
WKH&HOVXV/LEUDU\VLWXDWHGQHDU
WKHFRPPHUFLDODJRUDLQ7KH
OLEUDU\ZDVWKHWKLUGODUJHVWLQWKH
ZRUOGLQWKH&ODVVLFDO3HULRGDIWHU
WKH$OH[DQGULD/LEUDU\LQ(J\SWDQG
WKH3HUJDPRQ%HUJDPD/LEUDU\
LQ$QDWROLD$GRRURQWKHUHDUZDOO
SURYLGHVDFFHVVWR&HOVXV×WRPE7KH
VWDWXHRI&HOVXVRULJLQDOO\HUHFWHG
WKHUHLVQRZH[KLELWHGLQWKH
¿VWDQEXO$UFKDHRORJLFDO0XVHXP
7KHGHFRUDWLRQRQWKHIURQWRI
WKHVWUXFWXUHUHIOHFWLQJDOORIWKH
DUFKLWHFWXUDOIHDWXUHVRIWKH5RPDQ
3HULRGLVFLWHGDVRQHRIWKHPRVW
EHDXWLIXOH[DPSOHVIURPWKDWWLPH
7KHIRXUIHPDOHVWDWXHVVLWXDWHG
DPRQJWKHIURQWID¤DGHFROXPQV
GHSLFW&HOVXV×SHUVRQDOYLUWXHVÔ
:LVGRP6RSKLD&KDUDFWHU$UHWH
-XGJPHQW3RZHU(QQRLDDQG
([SHULHQFH(SLVWHPH
&RPPHUFLDO$JRUD
7KLVWUDGLQJFHQWUHZDVEXLOWLQ
WKH+HOOHQLVWLF3HULRG6XUURXQGHG
E\ZDOOVRQDOORIWKHIRXUVLGHV
WKLVVLWHLV[PLQVL]H
'XULQJWKHWLPHVRIWKH(PSHURUV
$XJXVWXV1HURDQG&DUDFDOODWKH
DJRUDZDVH[SDQGHGDQGQHZSDUWV
ZHUHDGGHG7KHVPDOOPRQXPHQW
FDOOHG+RURORJLRQZKHUHWKHZDWHU
DQGVXQGLDOVFDQEHIRXQGLV
H[DFWO\LQWKHFHQWUHRIWKHED]DDU
%URWKHO
(SKHVXVr6WDWH$JRUD
:KHQJRLQJXS0DUEOH6WUHHWWKH
LQWHUVHFWLRQSRLQWZLWK&XUHWHV
6WUHHWLVZKHUHWKH/RYH+RXVH
LVIRXQG7KLVLQWHUHVWLQJKRXVH
GDWLQJEDFNWRWKHVWFHQWXU\
FRPSULVHVRIDFHQWUDOKDOOZLWK
PDQ\URRPVRSHQLQJRXWLQWRLW,W
LVEHOLHYHGWKDWWKHPRVDLFSRUWUDLWV
RIJLUOVZHUHWKRVHRIWKHJLUOV
ZRUNLQJLQWKHKRXVH7KHKRXVH
KDGDZLQHFHOODUDSRRODGLQLQJ
URRPDQGEHGURRPV
6NRODVWLND%DWK+RXVH
6NRODVWLNDZDVDULFK5RPDQZRPDQZKROLYHGLQ(SKHVXV$WWKH
HQWUDQFHWRWKLVEXLOGLQJDOVRGHILQHGDVDQH[WHQVLRQWRWKH%URWKHOLVD
KHDGOHVVVWDWXHRI6NRODVWLND,WLVXQGHUVWRRGWKDWXQGHUKHURUGHUVWKH
EXLOGLQJZDVUHSDLUHG,WVGDWHRIFRQVWUXFWLRQLVWKHVWFHQWXU\DQGLW
KDVWKUHHIORRUV7KHIORRUVDQGZDOOVRIWKHOLEUDU\HQWHUWDLQPHQWKDOO
DQGUHVWURRPVZHUHDOOFRYHUHGZLWKPDUEOH
7HPSOHRI+DGULDQ
7KH7HPSOHRI+DGULDQLVRQHRIWKHPRVWEHDXWLIXOEXLOGLQJVRQ&XUHWHV
6WUHHW2QO\DVHFWLRQRIWKHHQWUDQFHWKHID¤DGHIDFHDQGWKHVDFUHG
URRPKDVVXUYLYHGWRSUHVHQWGD\7KHPRVWLQWHUHVWLQJP\WKRORJLFDO
VFHQHRQWKHWHPSOH×VIULH]HVLVWKHVFHQHZKHUH.LQJ$QGURNORVWKH
IRXQGHURI(SKHVXVLVGHSLFWHGNLOOLQJDZLOGERDU34XLQWLOXVEXLOWWKH
WHPSOHLQFRPPHPRUDWLRQRI(PSHURU+DGULDQÔ
7UDMDQ)RXQWDLQ
7UDMDQ)RXQWDLQLVVLWXDWHGRQ&XUHWHV6WUHHWQHDUWKH7HPSOHRI+DGULDQ
7KHVWDWXHVWKDWGHFRUDWHGWKHIORRURIWKHIRXQWDLQDUHH[KLELWHGLQWKH
(IHV0XVHXP7KHIRXQWDLQKDGWZRIORRUVDQGDSRROWKHVL]HRI[
PORFDWHGLQIURQWRILW$WWKHSRLQWZKHUHZDWHUIORZHGLQWRWKLV
SRROWKHUHXVHGWREHDODUJHVWDWXHRI(PSHURU7UDMDQ
6ORSH+RXVHV
)URPWKH&HOVXV/LEUDU\WXUQLQJLQWR&XUHWHV6WUHHWRQWKHULJKWKDQG
VLGHDUHWKHKRXVHVRQWKHVORSHVRI0RXQW%¹OE¹O7KHVHZHUHWKH
GZHOOLQJVRIULFK(SKHVLDQV2SHQHGWRYLVLWRUVLQWKHKRXVHVZKLFK
KDYHUHFHQWO\XQGHUJRQHUHVWRUDWLRQRSHQVWUDLJKWRQWRWKHVWUHHWZLWK
WKHLUZLGHVWDLUFDVHV7KHLUZDOOVDUHFRYHUHGZLWKPDUEOHGHFRUDWHGZLWK
IUHVFRHVDQGPRVDLFV
7HPSOHRI'RPLWLDQ
7KLVZDVWKHILUVWWHPSOHLQ(SKHVXVWREHEXLOWLQFRPPHPRUDWLRQRIDQ
HPSHURU,WLVVLWXDWHGLQWKHPRVWFHQWUDOVHFWLRQRIWKHFLW\RSSRVLWHWKH
6WDWH$JRUD7KHFXOWVWDWXHDQGDOWDUIURPWKH7HPSOHRI'RPLWLDQDUH
H[KLELWHGDWWKH(IHV0XVHXP)URPWKHVWDWXHRQO\WKHKHDGDQGWKH
DUPKDYHVXUYLYHGWRSUHVHQWGD\
0XQLFLSDO3DODFH3U\WDQHLRQ
+HVWLD$OWDUVLWXDWHGRQWKHULJKWKDQGVLGHRIWKHEXLOGLQJZDV
FRQVLGHUHGDVDFUHGSODFHLQ(SKHVXV$VDFUHGILUHXVHGWREXUQ
FRQVWDQWO\DWWKLVDOWDU7KH3U\WDQHLRQZDVWKHYHQXHIRUQRWRQO\SROLWLFV
?
'LG\RXNQRZ"
7KH+RXVHRI9LUJLQ0DU\ZDVGHFODUHGDSODFHRISLOJULPDJHIRU
&KULVWLDQVE\WKH9DWLFDQLQDQGZDVYLVLWHGE\3RSH3DXO9,
3RSH-HDQ3DXO,,DQG3RSH%HQHGLFW;9,
EXWDOVRLPSRUWDQWFHUHPRQLHVIHVWLYDOVDQGUHFHSWLRQV7KHH[FDYDWLRQ
RIWZR$UWHPLVVWDWXHVKHUHLQGLFDWHVWKDWWKH3U\WDQHLRQZDVDSODFHRI
UHOLJLRXVLPSRUWDQFHDVZHOO
2GHRQ%RXOHXWHULRQ
3XEOLXV9HGLXV$QWRQLXVDULFKILJXUHIURP(SKHVXVFRQVWUXFWHGWKH
2GHRQLQWKHQGFHQWXU\7KH2GHRQKDGDVHDWLQJFDSDFLW\RIDQG
ZDVFRYHUHGZLWKDZRRGHQURRI
*DWHRI0DJQHVLD
7KLVEXLOGLQJEXLOWE\(PSHURU9HVSDVLDQLQWKHILUVWFHQWXU\ZDVD
PDMRUJDWHOLQNLQJWKHVDFUHGURDGIURPWKH7HPSOHRI$UWHPLVZLWKWKH
WKHDWUH
7HPSOHRI$UWHPLV
7KH7HPSOHRI$UWHPLVRQHRIWKH6HYHQ:RQGHUVRIWKH:RUOGLVWKH
PRVWPDJQLILFHQWUHOLJLRXVVWUXFWXUHIURPWKH+HOOHQLVWLF3HULRGDQG
ZDVWKHILUVWWHPSOHWRKDYHEHHQFRQVWUXFWHGRIPDUEOH7KLVVSOHQGLG
VWUXFWXUHUHPDLQVLPSRUWDQWGHVSLWHVXUYLYLQJWRSUHVHQWGD\ZLWKQR
DUFKLWHFWXUDOGHWDLOVDQGRQO\DIHZIRXQGDWLRQUHPDLQV
7KHILUVWDUFKDHRORJLFDOH[FDYDWLRQVLQGLFDWHWKDWWKHUHZDVDVHWWOHPHQW
LQ$UWHPLVLRQIURPWR%&$OWKRXJKWKHILUVWWHPSOHEXLOWLQ
FRPPHPRUDWLRQRIWKH*RGGHVV.\EHOHGDWHVEDFNWRWKHWKFHQWXU\
%&WKURXJKRXWWKHFHQWXULHVLWXQGHUZHQWPDQ\FKDQJHV,Q%&
WKH\HDULQZKLFK$OH[DQGHUWKH*UHDWZDVERUQWKHWHPSOHZDVWRWDOO\
EXUQWGRZQLQDILUHFDXVHGE\DPDQQDPHG+HURVWUDWRV,Q%&WKH
(SKHVLDQVUHEXLOWWKH7HPSOHRI$UWHPLVXVLQJGHVLJQVIURPWKHRULJLQDO
SODQEXWWKLVWLPHEHFDXVHRIWKHLPSRUWDQFHWKH\DWWULEXWHGWRLWWKH\
ZDQWHGLWWREHHYHQPRUHVSOHQGLGWKDQWKHSUHYLRXVRQH
7KH7HPSOHRI$UWHPLVGHGLFDWHGWRWKH0RWKHU*RGGHVVRI$QDWROLD
ZDVEXLOWLQWKH$QFLHQW3HULRGE\WKH$UFKLWHFWV&KHUVLSKURQ0HWDJHQHV
IURP&UHWHDQG7KHGRURV,WZDVXVHGQRWRQO\IRUZRUVKLSSLQJDQGIRU
7HPSOHRI$UWHPLV(SKHVXV6HOÁXN
+RXVHRI9LUJLQ0DU\(SKHVXV6HOÁXN
SURWHFWLRQIURPHYLOEXWWKURXJKRXWWKHFHQWXULHVZDVXVHGDVDVWRUDJH
SODFHIRUWKHFXOWVWDWXHVRIWKH*RGGHVV$UWHPLVDQGRWKHUWHPSOH
SRVVHVVLRQVLQFOXGLQJWKHDOWDUV
3LHFHVRIDFROXPQRQZKLFKVHYHUDOVWRUNVKDYHEXLOWWKHLUQHVWVWRGD\DUH
WKHRQO\UHPQDQWVRIWKHWHPSOHWKDWKDYHVXUYLYHGWRSUHVHQWGD\
&DYHRI6HYHQ6OHHSHUV
,WLVHVWLPDWHGWKDWWKHVWUXFWXUHZDVEXLOWLQDSHULRGEHWZHHQWKH
WKDQGWKFHQWXULHVDQGWKHORFDWLRQRIWKH6HYHQ6OHHSHUVUXLQLV
WKRXJKWWRSRVVHVVWKHIHDWXUHVRIDUHOLJLRXVFHQWUH/HJHQGKDVLW
WKDWSULRUWRWKHDGRSWLRQRI&KULVWLDQLW\DVWKHRIILFLDOUHOLJLRQVHYHQ
\RXWKVWRRNVKHOWHULQWKLVSODFH7KH\ZHUHHVFDSLQJIURPGHYRWHHVRI
LGROZRUVKLSSLQJDQGLQWKLVFDYHIHOODVOHHSZDNLQJXSWZRFHQWXULHV
ODWHU:KHQWKH\DZRNH&KULVWLDQLW\KDGEHFRPHWKHRIILFLDOUHOLJLRQ
RIWKH5RPDQ(PSLUH)ROORZLQJWKLVPLUDFXORXVSKHQRPHQRQDJLDQW
PRQXPHQWZDVHUHFWHGLQWKHORFDWLRQZKHUHWKHVHVHYHQ\RXWKVZHUH
EXULHGDIWHUWKHLUGHDWK7KHVWUXFWXUHXQHDUWKHGLQWKHH[FDYDWLRQVLVRI
PRQXPHQWDOGLPHQVLRQVDQGDOVRGLVFRYHUHGZHUHWKHUHPDLQVRIURFN
FDUYHGWRPEVWZRFKXUFKHVDQGFDWDFRPEV
+RXVHRI9LUJLQ0DU\
7KHKRXVHRI9LUJLQ0DU\ZKRLV
FRQVLGHUHGWREHWKHKRO\PRWKHU
RI&KULVWLDQLW\LVVLWXDWHGRQ
0RXQW%¹OE¹O-HVXV&KULVWDVNHG
6W-RKQRQHRIKLVGLVFLSOHVWR
SURYLGHSURWHFWLRQIRUKLVPRWKHU
0DU\EHIRUHKHGLHGRQWKHFURVV
,WLVEHOLHYHGWKDWEDVHGRQWKLV
6W-RKQWKRXJKWLWXQZLVHIRUWKH
9LUJLQ0DU\WRVWD\LQ-HUXVDOHPVR
EURXJKWKHUZLWKKLPWR(SKHVXV
+HUHVKHUHPDLQHGKLGGHQLQD
FRWWDJHVXUURXQGHGE\GHQVH
WUHHVRQWKHRXWVNLUWVRI0RXQW
%¹OE¹O7KH9LUJLQ0DU\UHPDLQHG
KHUHXQWLOVKHSDVVHGDZD\
+RXVHRI9LUJLQ0DU\
+RXVHRI9LUJLQ0DU\r3RSH%HQHGLFW;9,
$\DVXOXN+LOODQG&DVWOH
7KLVKLOOZDVGHIHQGHGE\DFDVWOHWKDWZDVFRQVWDQWO\IRUWLILHGWKURXJKRXW
WKH(DUO\&KULVWLDQ%\]DQWLQHDQG6HOMXN3HULRGV7KHRXWHUZDOOZKLFK
VWLOOVWDQGVWRGD\ZDVEXLOWLQWKH(DUO\&KULVWLDQ3HULRGDQGXQGHUZHQW
PDMRUUHVWRUDWLRQLQWKH6HOMXNDQG2WWRPDQ3HULRGV
6W-RKQ×V%DVLOLFD
$FFRUGLQJWRD&KULVWLDQWUDGLWLRQHPHUJLQJDWWKHEHJLQQLQJRIWKHQG
FHQWXU\6W-RKQRQHRI-HVXV&KULVW×VGLVFLSOHVLVFLWHGDVEHLQJRQHRI
WKHDXWKRUVRIWKH%LEOH)ROORZLQJKLVGHDWKDVLPSOHJUDYHZDVEXLOWIRU
KLPRQWKHVRXWKHUQVORSHRI$\DVXOXN+LOO$ZRRGHQURRIHGEDVLOLFDZDV
EXLOWRQWKLVJUDYHDWWKHEHJLQQLQJRIWKHWKFHQWXU\EXWWKLVVWUXFWXUH
ZDVUHSODFHGE\(PSHURU-XVWLQLDQLQWKHPLGWKFHQWXU\ZLWKDQHZ
GRPHGEDVLOLFDEDVHGRQDFURVVGHVLJQ)URPWKHWKFHQWXU\IROORZLQJ
WKHUHORFDWLRQRI(SKHVLDQVWR$\DVXOXN6W-RKQ×V%DVLOLFDEHFDPHWKH
ORFDWLRQRIWKHDQFLHQW%LVKRSULF&KXUFKDQG$\DVXOXN+LOOZDVHQFLUFOHG
E\SHULPHWHUZDOOV)URPIROORZLQJIXQGDPHQWDOUHVWRUDWLRQZRUN
RQWKH%DVLOLFDLWVHQYLURQVKDYHEHHQWXUQHGLQWRDQDUFKDHRORJLFDOSDUN
¿VD%H\0RVTXH
¿VD%H\0RVTXHLVORFDWHGRQ$\DVXOXN+LOORQWKHZHVWHUQVORSHVRI6W
-RKQ×V%DVLOLFD7KHPRVTXHEXLOWE\¿VD%H\LQLVDEXLOGLQJIURP
WKH6HOMXN3HULRG7KHEXLOGLQJLVWKHROGHVWNQRZQH[DPSOHRIDW\SLFDO
7XUNLVKPRVTXHZLWKLWVFRXUW\DUGDQG$QDWROLDQFROXPQV:LWKLWV
GHFRUDWLYHWHFKQLTXHVDQGLWVPDLQJDWH×VPRQXPHQWDOKHLJKWLWEHDUVWKH
IHDWXUHVRIWUDGLWLRQDO6HOMXNDUFKLWHFWXUH
¿VD%H\%DWK+RXVH
7KHEDWKKRXVHZDVEXLOWWREHSDUWRIWKH¿VD%H\0RVTXH,WGLVSOD\VDOO
WKHFKDUDFWHULVWLFVRIDFODVVLF7XUNLVKEDWKDQGLWLVFRYHUHGZLWKGRPHV
$TXHGXFWV
'DWLQJEDFNWRWKH%\]DQWLQH3HULRGWKHDTXHGXFWUHPDLQVWKDWH[WHQG
WRZDUGV$\DVXOXN+LOOIURPDQHDVWHUQGLUHFWLRQFDQEHREVHUYHGLQWKH
WUDLQVWDWLRQYLFLQLW\DQGRQERWKVLGHVRIWKHDVSKDOWURDG7KHDTXHGXFWV
WKDWKDYHXQGHUJRQHUHVWRUDWLRQZRUNQRZDGD\VSURYLGHDVKHOWHUIRU
VWRUNVÔDV\PERORI6HO¤XN*DLXV6H[WLOOLXV3ROOLRLVDQRWKHUDTXHGXFW
ORFDWHGNPDORQJWKH6HO¤XNÔ$\GÀQ+LJKZD\DQGWKLVZDVEXLOWGXULQJ
WKH3HULRGRI$XJXVWXV
6¹WLQL&DYH
5HWXUQLQJIURPÃLULQFHYLOODJHNPIURP6HO¤XNDQGRQWKHYDOOH\VORSHV
LVWKH6¹WLQL&DYHDQLPSRUWDQWFDYHLQWKHDUHD,QVLGHWKHFDYHDUH
VWDODFWLWHVDQGVWDODJPLWHVZKLFKKDYHEHHQIRUPHGE\GURSVRIZKLWH
ZDWHU,WLVEHOLHYHGWKDWZRPHQZKRDUHXQDEOHWRSURGXFHHQRXJKPLON
DIWHUGHOLYHULQJWKHLUEDELHVPD\EHDEOHWRLQFUHDVHWKHLUPLONVXSSO\E\
GULQNLQJWKHZDWHULQWKLVFDYH)RUWKRVHZRPHQWKDWDUHXQDEOHWRFOLPE
LQWRWKHFDYHVWRQHVDUHWDNHQIURPWKHFDYHWREHSODFHGRQWRWKHLU
EUHDVWVWRLQFUHDVHWKHLUPLONVXSSO\
%LUG:DWFKLQJ6LWH
7RWKHQRUWKRIWKHDQFLHQWFLW\RI(SKHVXVWKH6HO¤XN*HEHNLUVH/DNH
:DWHU%LUGV3URWHFWLRQDQG%UHHGLQJ6LWHFRYHUVDQDUHDRIRQHWKRXVDQG
KHFWDUHEHWZHHQ(SKHVXVDQG3DPXFDNÔVSHFLHVRIELUGVDQG
PDPPDOVOLYHLQWKHDUHD7KHVHLQFOXGHDQLPDOVVXFKDVZLOGERDUVIR[HV
DQGMDFNDOVLQDGGLWLRQWRWKHELUGVVXFKDVGLYLQJELUGVSHOLFDQVYDULRXV
VSHFLHVRIGXFNVZRRGFRFNVDQGURFNSDUWULGJHV
(IHV$UFKDHRORJLFDO0XVHXP
7KHPXVHXPH[KLELWVYDULRXVDUWHIDFWVH[FDYDWHGLQ(SKHVXVDQGLWV
HQYLURQV,WDFFRPPRGDWHVDERXWWKRXVDQGDUWHIDFWVQRWMXVWIURP
WKH5RPDQ%\]DQWLQHDQG7XUNLVKSHULRGVEXWDOVRIURPWKH0\FHQDHDQ
DQG$QFLHQWSHULRGVDQGIURPWKHWLPHRI$OH[DQGHUWKH*UHDWDQGKLV
JHQHUDOV7KHPXVHXPFRQVLVWVRIWZRGHSDUWPHQWVÔWKH$UFKDHRORJLFDO
DQGWKH(WKQRJUDSKLFDO'HSDUWPHQWV
7KHDUWHIDFWVH[KLELWHGLQWKH6HO¤XN(IHV$UFKDHRORJLFDO0XVHXP
LQFOXGH0\FHQDHDQYDVHVXQHDUWKHGDW$\DVXOXN+LOOSLHFHVIURPWKH
WHPSOHRI$UWHPLV&RULQWKLDQFROXPQVDQGVDUFRSKDJXVIURPWKH
%HOHYL0DXVROHXPWZRVWDWXHVRI(SKHVLDQ$UWHPLVDIUHVFRGHSLFWLQJ
6RFUDWHVVWDWXHVWDNHQIURPYDULRXVPRQXPHQWVDQGIRXQWDLQVDUHOLHI
RI7KHRGRVLXVIURPWKH7HPSOHRI+DGULDQDQGLQYDOXDEOHIXOOOHQJWK
SRUWUDLWVDQGEXVWVIURPWKH(DUO\&KULVWLDQ3HULRG
$QRWKHUVHFWLRQRIWKHPXVHXPLVWKH6DDGHW+DWXQ%DWKV7KHEDWKV
GDWLQJEDFNWRWKHWKFHQWXU\VKRZPDQ\IHDWXUHVFKDUDFWHULVWLFRI
DWUDGLWLRQDO7XUNLVKEDWKLWKDVIRXUSDUWVÔGUHVVLQJURRPFROGURRP
ZDUPURRPDQGKRWURRP
%HVLGHVWKHVHQHZVHFWLRQVRIWKH(SKHVXV$UFKDHRORJLFDO0XVHXPKDYH
EHHQGHYHORSHGDQGWKHVHDUHQRZRSHQWRYLVLWRUV
GHSDUWPHQWGLVSOD\VYDULRXVVWDJHV
RIWKHFHUHDOJULQGLQJSURFHVV
PLOOVZKLFKSOD\HGDVLJQLILFDQW
SDUWLQDJULFXOWXUDOORFDOOLIHDVZHOO
DVYDULRXVW\SHVRIFRSSHUZDUHDQG
EHDGVSURGXFHGWRDYHUWWKHHYLO
H\HJ³]ERQFX¾X9LVLWRUVFDQDOVR
VHHDWKFHQWXU\2WWRPDQ%DWK
ZKLFKKDVEHHQUHFHQWO\UHVWRUHG
„DPOÀN6WHDP/RFRPRWLYHV
2XWGRRU0XVHXP
(URV(IHV$UFKDHRORJLFDO0XVHXP
$UDVWDDQG%DWK+RXVH6HFWLRQ
7KLVVHFWLRQZKLFKLVDQLQWHJUDO
SDUWRIWKHPXVHXPH[KLELWV
FRPPHUFLDOOLIHLQROG7XUNLVK
WRZQVDQGYDULRXVKDQGLFUDIWV
WKDWIDFHH[WLQFWLRQ7KLVDUHDFDQ
EHIRXQGDGMDFHQWWRWKHFHQWUDO
JDUGHQRIWKHPXVHXP7KH
,WLVVLWXDWHGRYHUDQDUHDRI
VTXDUHPHWHUVNP
IURP6HO¤XNE\UDLORUURDG'XULQJ
WKH$HJHDQPLOLWDU\PDQRHXYUHV
$WDW¹UNWKHIRXQGHUDQGILUVW
SUHVLGHQWRIWKH5HSXEOLFRI
7XUNH\VHWXSKLVKHDGTXDUWHUV
DWWKLVVWDWLRQ+HDUULYHGDWWKH
VWDWLRQRQKLVZKLWHWUDLQDQG
ZLWKDFFHVVVRUHDGLO\DYDLODEOHWR
WKH$HJHDQFRDVWOLQHZDVDEOHWR
IROORZDQGGLUHFWWKHPDQRHXYUHV
7KHPXVHXPH[KLELWVVWHDP
ORFRPRWLYHVDJHGEHWZHHQDQG
\HDUV
ìLULQFH:LQHV
àLULQFH
$YLOODJHRIQRVWDOJLD
NPIURP6HO¤XNWKH9LOODJHRIÃLULQFHLVDSODFHWKDWKDVPDQDJHGWR
SUHVHUYHDQGSURWHFWLWVKHULWDJH7KHIRXQGDWLRQRIWKHYLOODJHGDWHVEDFN
WRWKHWKFHQWXU\%&,WLVUHFRXQWHGWKDW(SKHVLDQVHVFDSLQJIURPWKH
RFFXSDWLRQXQGHU$\GÀQR¾XOODUÀIRXQGHGWKHYLOODJHZKLFKZDVIRUPHUO\
FDOOHG.ÀUNÀQFDDQG„LUNLQFH7KHKRXVHVWKDWUHIOHFWYLOODJHDUFKLWHFWXUH
DUHEXLOWRIVWRQHDQGEULFNKDYHPXOWLSOHZLQGRZVWZRIORRUVDQG
EDOFRQLHVSURSRUWLRQDWHWRWKHVL]HVRIWKHZLQGRZV,QÃLULQFH2UWKRGR[
&KULVWLDQVDVZHOODVWKH0XVOLPSRSXODWLRQSD\YLVLWVWRWKH+RXVHRI
9LUJLQ0DU\RQ$XJXVWHYHU\\HDUÃLULQFHLVDYLOODJHIXOORIQRVWDOJLD
ZLWKLWVORFDOO\SURGXFHGZLQHWUDGLWLRQDOFXLVLQHDQGDXWKHQWLFOLIHVW\OH
+RXVHVRIìLULQFH
¿]PLU:HVW
6HIHULKLVDU
$6WRSIRUWKH:LQH*RG'LRQ\VXV
NPIURP¿]PLULQDZHVWHUQGLUHFWLRQEULQJV\RXWRWKHFKDUPLQJSODFH
RI6HIHUKLVDU$ORYHO\DUHDVXUURXQGHGE\ROLYHDQGFLWUXVIUXLWWUHHVDQG
RQHZKLFKGLVSOD\VDOOWKHW\SLFDOFKDUDFWHULVWLFVRIWKH$HJHDQ
,WLVUHFRXQWHGWKDW7VDIHULQRVRQHRIWKHJHQHUDOVRI$OH[DQGHUWKH
*UHDWIRXQGHG6HIHULKLVDUDQGWKDWLWZDVQDPHGDIWHUKLP
6À¾DFÀN3RUWZKLFKIXQFWLRQVDVERWKDPDULQDDQGDILVKHUPHQ×VVKHOWHU
LVORFDWHGNPDZD\7KHDQFLHQWFLW\RI7HRVORFDWHGNPWRWKHVRXWK
RIWKHSRUWZDVIRXQGHGDVDQ,RQLDQFRORQ\LQ%&,WLVEHOLHYHG
WKDW$WKDPHVWKHVRQRI'LRQ\VXVZDVWKHIRXQGHURIWKHFLW\7HRVZDV
UXOHGILUVWE\/\GLDDQGWKHQ3HUVLD
$FKLHYLQJFRQVLGHUDEOHVXFFHVVLQ
DUFKLWHFWXUHDQGWUDGHWKHUXLQV
RI7HRVWKDWFDQEHVHHQWRGD\
GDWHWRWKHSHULRGGXULQJWKH
UHLJQRI$OH[DQGHUWKH*UHDWDQG
KLVJHQHUDOVDVZHOODVUXLQVIURP
WKH5RPDQSHULRG7KH7HPSOHRI
'LRQ\VXVZKLFKLVRSHQWRYLVLWRUV
LVWKHPRVWVLJQLILFDQWPRQXPHQW
DW7HRV2WKHUVLJQLILFDQWDUWHIDFWV
DQGEXLOGLQJVLQFOXGHDQDJRUDD
J\PQDVLXPDWKHDWUHDQRGHRQ
RXWHUFLW\SHULPHWHUZDOOVDQGUXLQV
RIDQDQFLHQWSRUW
7KHKLVWRU\DQGQDWXUDOEHDXW\
DGGWRWKHULFKQHVVRI7HRV7HRV
ZDVDQ,RQLDQFLYLOL]DWLRQ'XULQJ
WKRVHWLPHVSHRSOHPDGHWKHLU
OLYLQJWKURXJKVHDWUDGH$QDFUHRQ
WK&%&WKHIDPRXVSRHWIURP
7HRV0DULQD6HIHULKLVDU
WKHDQFLHQWSHULRGNQRZQIRUKLV
SRHPVRQORYHDQGZLQHZDVERUQ
LQWKLVFLW\7KHUHLVDQ2WWRPDQFDVWOHGDWLQJWRWKHWKFHQWXU\DW
6À¾DFÀNDSODFH\RXFURVVHQURXWHWR7HRV,QDGGLWLRQYLVLWRUVPD\HQMR\
DEUHDWKWDNLQJVXQVHWDWWKH%D\RI6À¾DFÀNDQDWXUDOKDUERXUZKLFKKDV
UHFHQWO\EHFRPHD\DFKWPDULQD
8UOD
7KHROGHVWROLYHRLOZRUNVKRSLQWKHZRUOG
NPIURP¿]PLUDQGEHDULQJDOOWKHFKDUDFWHULVWLFVIURPWKH$HJHDQ
5HJLRQ8UODLVVLWXDWHGLQWKHFHQWUHRIWKHSHQLQVXODEHDULQJWKHVDPH
QDPH8UODKDVDYHU\$HJHDQDPELHQFHZLWKLWVVPDOOVTXDUHVFRIIHH
VKRSVXQGHUWKHYLQHVILVKHUPHQDQGYLOODJHED]DDUV
8UOD
7KH8UOD3HQLQVXODSULGHVLWVHOIRQLWVNPORQJFRDVWOLQHXQWRXFKHG
VPDOOED\VDQGLVOHWV,QSDUWLFXODUWKH9LOODJHRI'HPLUFLOLNPIURP
8UODLVSRSXODUIRULWVFRDVWOLQHDW<D¾FÀODUDQG=H\WLQHOLDQGLWVVSOHQGLG
VPDOOED\VDQGFOHDQVHD7KHYLQHORGJH%D¾HYLORFDWHGLQWKH9LOODJH
RI<D¾FÀODULVDQRULJLQDOH[DPSOHRIPL[LQJWKHORFDOZLWKFRQWHPSRUDU\
DUFKLWHFWXUH7KURXJKRXWKLVWRU\WKLVDUHDKDVEHHQDFXOWXUDOFHQWUH
KRPHWRDUWLVWVVXFKDV1HFDWL&XPDOÀ7DQMX2NDQDQG<RUJR6HIHULV
$PRQJWKHLVOHWVQHDU8UOD8]XQDGDDQG+HNLP,VODQGVZLWKWKHLU
EHDXWLIXOEHDFKHVVHUYHERWKPLOLWDU\DQGWRXULVWSXUSRVHV.DUDQWLQD
,VODQGLVWKHORFDWLRQIRUWKHVWDWHKRVSLWDO,QWKHODVW\HDUVWKH
DUHDDURXQGWKH8UOD3LHULVIDPRXVIRU/LPDQWHSHDQGWKHDQFLHQWFLW\
RI&OD]RPHQDHERWKRIZKLFKGDWHEDFNWRSUHKLVWRULFWLPHV7KHSRUW
RIWKLVDQFLHQWFLW\KDGWKHUHSXWDWLRQIRUEHLQJWKHROGHVWDQGPRVW
RUGHUHGSRUWLQWKHZRUOG7KHDUWHIDFWVH[FDYDWHGDUHFXUUHQWO\H[KLELWHG
LQWKH3DULV/RXYUH0XVHXP$WKHQV1DWLRQDO0XVHXPDQGWKH¿]PLU
$UFKDHRORJLFDO0XVHXP
.DUDQWLQD,VODQGLVZHOONQRZQIRULWV7DDIIX]KDQHQDPHO\4XDUDQWLQH
FHQWUHZKLFKZDVEXLOWE\WKH)UHQFKIRUWKH2WWRPDQVLQ
7KH9LOODJHRI*¹YHQGLNNP
QRUWKZHVWRI8UOD3LHULVORFDWHG
LQDSRVLWLRQRIIHULQJDYLHZRIWKH
*XOIRI8UOD,WDOVRJLYHVYLVLWRUV
DELUG×VH\HYLHZRI„HÄPHDOWÀ
IDPRXVIRUDQROLYHWUHHZKLFKLV
DOPRVW\HDUVROG
7KHKLVWRU\RI8UODRULJLQDWHVLQ
/LPDQWHSH/LPDQWHSHLVORFDWHG
RSSRVLWH.DUDQWLQD,VODQGDQG
WRGD\LVSDUWRIWKH8UOD3LHU
,WLVDJUHHQKLOOZKLFKH[WHQGV
VWUDLJKWGRZQWRWKHVHD$
VHWWOHPHQWGHILQHGDVÙ3UHKLVWRULF
8UOD9LQH\DUG/RGJH
&OD]RPHQDHÚGDWLQJEDFNWR
%&KDVEHHQH[FDYDWHG
RQWKLVSHQLQVXOD,WLVEHOLHYHG
WKDWLQ%&ORFDOSHRSOH
HVWDEOLVKHGROLYHRLOZRUNVKRSV
KDGDUHSXWDWLRQIRUSHUIXPH
SURGXFWLRQDQGZHDYLQJDQGPDGH
FRQVLGHUDEOHDGYDQFHPHQWVLQ
PLQLQJ)RUDERXWWKRXVDQG
\HDUVROLYHVH[LVWHGLQ$QDWROLD7KH
VWUXFWXUHRIWKHROLYHFUXVKLQJPLOO
DQGWKHOHYHOVUHDFKHGE\K\GUDXOLF
VFLHQFHDWWKLVWLPHFDQEHVHHQ
FOHDUO\DWWKHDQFLHQWROLYHRLO
ZRUNVKRSH[FDYDWHGLQ8UOD
&OD]RPHQDHRQ8UOD3LHURQH
RI,RQLDQFLWLHVHVWDEOLVKHG
EHWZHHQWKHWKDQGWK
FHQWXULHV%&ZDVDPDMRUWUDGH
FHQWUHDWWKDWWLPH7KHFHUDPLF
ZRUNVKRSVZHUHDEDQGRQHG
EHFDXVHRI3HUVLDQDWWDFNVLQWKH
WKDQGWKFHQWXULHV%&DQGRLO
SURGXFWLRQSODQWVSURGXFLQJROLYH
RLOVXEVHTXHQWO\UHSODFHGWKHP
7KLVORFDOLW\ZKLFKGHFOLQHGLQ
LPSRUWDQFHGXULQJWKH%\]DQWLQH
3HULRGODWHUFDPHXQGHUWKHUXOH
RI$\GÀQR¾XOODUÀ3ULQFLSDOLW\LQ
DQGZDVUHEXLOWDVD7XUNLVK
FLW\NPIURPWKHVHD'XULQJ
WKLVSHULRGWKHFLW\DGRSWHGWKH
QDPH8UODDQGZDVDQQH[HGWR
WKH2WWRPDQWHUULWRULHVLQWKHWK
FHQWXU\)DWLK¿EUDKLP%H\0RVTXH
ZKLFKLVWKHROGHVWPRQXPHQWDO
PRVTXHLQ8UODLVIURPWKLVSHULRG
.DUDEXUXQ×VILUVWNQRZQ
QDPHZDV0LPDV/DWHULWEHFDPH
NQRZQDV6WHODRU6W\ODULXV,W
DGRSWHGWKHQDPH$KÀUOÀ$KXUOX
ZKHQLWZDVDQQH[HGWRWKH
2WWRPDQWHUULWRULHV,QDIWHU
LWKDGVHSDUDWHGIURP„HÄPH
GLVWULFWLWDGRSWHGWKHFXUUHQW
QDPH.DUDEXUXQ,WLVSUREDEO\
FDOOHG.DUDEXUXQEHFDXVHRIWKH
GHHSFRORXURILWVVRLORUEHFDXVH
WKHZRUGÙNDUDÚZKLFKDOVRPHDQV
ÙQRUWKÚLQWKHORFDOGLDOHFWH[SODLQV
LWVQRUWKHUQORFDWLRQ
,WKDVYLOODJHVÔ$PEDUHVNL
%R]N³\(¾OHQKRFD+DVHNL¿QHFLN
.³VHGHUH.¹¤¹NEDK¤H7HSHER]
6DLS6DOPDQ6DSÀQFÀN3DUODNDQG
<D\OD7KHORFDOLW\RI0RUGR¾DQLV
DYHU\SOHDVDQWSODFHWRYLVLW2I
SDUWLFXODULQWHUHVWDUHWKHVWRQH
KRXVHVLQWKLVDUHDZKLFKKDYH
VXUYLYHGXSWRWKHSUHVHQWGD\$OVR
LQWHUHVWLQJIRUYLVLWRUVLVWKH9LOODJH
RI6D]DNZKHUHQRZDGD\VDOOWKH
KRXVHVDUHDEDQGRQHG
.DUDEXUXQ
6PDOOED\VZLWKGHHSEOXHVHDV
.DUDEXUXQLVVLWXDWHGRQWKH
.DUDEXUXQ3HQLQVXODDQGIRUPV
WKHQRUWKHUQPRVWSDUWRIWKHOLQH
EHWZHHQWKHVPDOOED\VRI%DOÀNOÀRYD
DQG*HUHQFHNPIURP¿]PLU
WKHGLVWULFWFRYHUVDODQGDUHDRI
NP$NGD¾LVWKHKLJKHVW
PRXQWDLQLQ.DUDEXUXQVWDQGLQJDW
P
.DUDEXUXQ
.DUDEXUXQ
7RUHDFKWKHVPDOOED\VYLVLWRUV
PXVWOHDYHWKHPDLQURDGOHDGLQJ
WRWKHGLVWULFWDQGWDNHWKHVLGH
URDGV(DFKVXFKVLGHURDGOHDGVWR
VPDOOFU\VWDOFOHDUED\VLQDWUDQTXLO
VHWWLQJ.DUDEXUXQKDVVPDOO
ED\VÔ6ÀFD¾ÀE¹N¹.XPEXUQX
„DWDOND\D*XOI0RUGR¾DQ3LHU
$UGÀ¤.D\QDUSÀQDU%R¾DED¾À
$NE¹N(VHQGHUH2OFDE¹N%RGUXP
.DUDEXUXQ3LHU<HQLOLPDQ
.XPE¹N¹%DIHPE¹N¹'HQL]JLUDQ
(¾ULOLPDQ'LNHQFLN.DUDUHLV
.RFDGHUHDQG*HUHQFH
)RUYLVLWRUVLQWHQGLQJWRUHDFK
.DUDEXUXQE\SULYDWHFDUWKH\PXVW
WDNHWKH¿]PLUԄHÄPH+LJKZD\
7DNLQJWKHH[LWIRU.DUDEXUXQ
WKHGLVWDQFHLVDERXWNP7KH
URDGSDVVHVWKURXJKPDQ\FRDVWDO
ILVKLQJYLOODJHV9LVLWRUVFDQDOVR
XVHWKHIUHTXHQWEXVVHUYLFHIURP
™¤NX\XODU¿]PLUWRUHDFKWKLV
GLVWULFW0LGLEXVHVGHSDUWHYHU\
PLQXWHVLQWKHZLQWHUPRQWKVZLWK
PRUHIUHTXHQWWULSVLQVXPPHU
ÔHYHU\KDOIDQKRXU$MRXUQH\WR
.DUDEXUXQE\URDGWDNHVKRXUV
DQGPLQXWHV,QDGGLWLRQ
WUDQVSRUWDWLRQE\ERDWLVDOVR
SRVVLEOHGHSDUWLQJIURP™¤NX\XODU
7KHPRVWZHOONQRZQ
ORFDOGLVKHVLQFOXGHNHÄNHNGHGH
VDUÀ¾ÀPÀVÀUE³UH¾LFDQE³UH¾L
WDVNDSDPDVÀDQGNÀYÀUPDWDWOÀVÀ
.HOOHJRDWFKHHVHVSLF\NRSDQVLWL
FKHHVH.DUDEXUXQVWULSHGPXOOHW
EODFNJUDSHSHNPH]PRODVVHV
WKLFNV\UXSPDGHE\ERLOLQJWKH
VDFFKDULQHMXLFHIURPDQ\IUXLW
IURPWKH9LOODJHRI6DSÀQFÀNDQG
.¹¤¹NEDK¤HIORZHUKRQH\
0RUGRãDQ
$K\DFLQWKDQGQDUFLVVXVERXTXHW
0RUGR¾DQZKLFKLVDOVRNQRZQ
DVWKHQDWLYHODQGRIQDUFLVVLDQG
K\DFLQWKVLVLQ.DUDEXUXQ7KLV
DUHDLVSRSXODUIRULWVULFKVWRFNV
RIVHYHUDOVSHFLHVRIWKH$HJHDQ
ILVKVXFKDVUHGVHDEUHDPVHD
EUHDPDQGJXLOWKHDGHGEUHDPV
WKXVSURYLGLQJRSSRUWXQLWLHVIRUOLQH
ILVKLQJ7KHFRORXUSXUSOHQDWXUDOO\
RFFXUVDOORYHUWKHWRZQILOOLQJDOO
WKHVSDFHV0DQ\P\WKRORJLFDO
HOHPHQWVRULJLQDWHGIURPWKH
JURXQGLQWKLVWRZQ0\WKRORJLFDO
OHJHQGVVXFKDV=HXVEXU\LQJWKH
JLDQW0LPDVEHQHDWK%R]GD¾
7KHDPRXQWRIDUDEOHODQGDYDLODEOH 1DUFLVVXVWXUQLQJLQWRQDUFLVVLIRU
VHOIORYHDQGMHDORXV+HUDDVVLJQLQJ
LVORZEHFDXVHWKHWHUUDLQLV
,ULVWRNHHSDZDWFKDW0LPDV+LOOV
YHU\URXJKDQGUXJJHG2OLYHV
DUHDOOUHODWHGWRWKLVDUHD
DUWLFKRNHVJUDSHVQDUFLVVLDQG
K\DFLQWKVDUHJURZQRQWKHOLPLWHG
7KHLPSRUWDQWKLVWRULFDOEXLOGLQJV
DUDEOHODQGLQWKHUHJLRQ,Q
SDUWLFXODUQDUFLVVXVHVDUHDPDMRU LQ0RUGR¾DQLQFOXGH$\ÄHNDGÀQ
0RVTXHEXLOWLQWKHWKFHQWXU\
VRXUFHRIOLYHOLKRRGLQ.DUDEXUXQ
1DUFLVVLZKLFKZHUHNQRZQWRKDYH DQG„DWDOND\D0RVTXHZKLFK
GLVSOD\VVSOHQGLGDUFKLWHFWXUH
EHHQJURZQLQ.DUDEXUXQGXULQJ
2OLYHRLOPLOOVVWLOORSHUDWLQJXVLQJ
WKHDQFLHQWSHULRGKDYHVSUHDG
WUDGLWLRQDOPHWKRGVFDQEHVHHQ
IURPKHUHWRWKH$HJHDQDQG
0HGLWHUUDQHDQUHJLRQVDQGHYHQDOO LQPDQ\YLOODJHVLQ0RUGR¾DQDQG
WKH\KROGDVLJQLILFDQWUROHLQWKH
RYHUWKHZRUOG
ORFDOFXOWXUDOKHULWDJH
)LVKHUPHQLQ.DUDEXUXQPRVWO\ILVK 0RUGR¾DQRIIHUVDFOHDQDQG
EHDXWLIXOVHDEHDFKHVDZDUGHG
IRUVWULSHGPXOOHWVUDUHO\IRUWKH
ZLWKWKHEOXHIODJJROGHQVDQG\
VHDEDVV7KHVHDORFDOWRWKHDUHD
LVDOVRKRPHWRWKH0HGLWHUUDQHDQ EHDFKHVFRYHVZKHUHSHDFHDQG
VHDOV0RQDFKXVPRQDFKXVZKLFK WUDQTXLOOLW\FDQEHIRXQGDZD\
IURPWKHFURZGVDQGGHOLFLRXVILVK
IDFHH[WLQFWLRQ
¡HíPH%D]DDU
IUHVKO\FDXJKW,QDGGLWLRQWRDOORI
WKLVLWLVDSODFHWKDWHPEUDFHVLWV
YLVLWRUVZDUPO\
HáPH
7KHGDQFHRIWKHWKHUPDOZDWHUV
RQWKHJROGHQEHDFKHV
„HÄPHLVDIDYRXULWHKROLGD\VSRW
ZLWKLWVKHDOLQJWKHUPDOZDWHUV
JROGHQVDQGVVXQVHDFRORXUIXO
OLIHVW\OHDQGHQMR\DEOHQLJKWOLIH,W
LVORFDWHGRQDSHQLQVXODQDPHG
DIWHULWRQWKHPRVWZHVWHUQHGJH
RI¿]PLU
$OWKRXJKWKHVDLORUVIRUPHUO\FDOOHG
LWÙVPDOOSRUWÚLWKDVEHHQJLYHQ
WKHFXUUHQWQDPHلHÄPHÚOLW
IRXQWDLQEHFDXVHRILWVIRXQWDLQV
SRXULQJRXWLFHFROGZDWHU7KH
ORFDODUFKDHRORJLFDODQGKLVWRULFDO
KHULWDJHLQFOXGHDFDVWOHD
FDUDYDQVHUDLPDQ\IRXQWDLQVDQG
H[DPSOHVRIFLYLODUFKLWHFWXUHLQWKH
FHQWUHRIWKHGLVWULFWDVZHOODVWKH
DQFLHQWFLW\RI(U\WKUDLH[FDYDWHGLQ
WKH9LOODJHRI,OGÀUÀ
ZLWK(J\SW&\SUXVDQGVRPH
ZHVWHUQFRXQWULHVGHYHORSLQJWUDGH
ZLWKWKHP
$IWHUWKH/\GLDQVDQG3HUVLDQVWKH
5RPDQVDQGODWHUWKH%\]DQWLQHV
UXOHG„HÄPHEHIRUHWKH6HOMXNV
$\GÀQR¾XOODUÀDQGILQDOO\WKH
2WWRPDQVFDSWXUHGLW
„HÄPHLVFRQQHFWHGWR¿]PLUYLDWZR
URDGVDNPDVSKDOWHGURDGDQG
DQNPPRWRUZD\,QDGGLWLRQ
IHUULHVVKXWWOLQJEHWZHHQ*UHHFH
DQG,WDO\SURYLGHLQWHUQDWLRQDO
WUDQVSRUW
&XLVLQH
,QSDUWLFXODURFWRSXVJXLOWKHDGHG
EUHDPVHDEDVVDQGPXVVHOV
DUHIDPRXVLQ„HÄPHZKHUHWKH
FXLVLQHLVPXFKLQIOXHQFHGE\
VHDIRRGÃHNHULÄLZKLFKLVVHUYHG
ZLWKILJMDPVSHFLDOWR„HÄPH
VDNÀ]PXKDOOHELVLPDVWLFPLON
SXGGLQJVDNÀ]UH¤HOLPDVWLFMDP
NXUXVÀNPDN³IWHGU\VTXHH]HG
PHDWEDOOVND]EXGXJRRVHOHJV
EDGHPOLV¹WDOPRQGPLONDQG
PDQJDOVDQGYL¤ORFDOO\FDOOHG
NXPUXDWRDVWHGVDQGZLFKDUH
WDVW\GHVVHUWVDQGVQDFNV'HOLFLRXV
PHORQVDQGDUWLFKRNHVJURZQORFDOO\
LQ„HÄPHDUHH[SRUWHGWRPDQ\
FRXQWULHVLQWKHZRUOG
&DOOHG&\VVXVLQWKHHDUO\DJHV
„HÄPHVHUYHGDVDSLHUIRU(U\WKUDL
,OGÀUÀORFDWHGNPIURPWKH
SUHVHQWGD\„HÄPH(U\WKUDL
ZDVRQHRI,RQLDQFLWLHVRQ
WKHZHVWHUQFRDVWRI$QDWROLD
LQ%&,WLVNQRZQWKDWD
VPDOOVHWWOHPHQWLVDOVRORFDWHGDW
.DOHPEXUQXHDVWRI„HÄPHGDWLQJ
„HÄPH&DVWOH
EDFNWR%&(U\WKUDLZDVDQ
LPSRUWDQWVHWWOHPHQWLQWKHWK
FHQWXU\%&:LWKDPXFKSURWHFWHG %D\H]LG,,DQ2WWRPDQUXOHUEXLOW
SRUW(U\WKUDLHVWDEOLVKHGUHODWLRQV WKHFDVWOHLQ$OWKRXJKWKH
FDVWOHZDVRULJLQDOO\EXLOWFORVH
WRWKHVHDVLGHWKHFDVWOHKDV
GHYHORSHGLWVSUHVHQWIRUPEHFDXVH
RIWKHVHDILOOVLQWKHVXEVHTXHQW
SHULRGV7KHFDVWOHGLVSOD\VDOOWKH
FKDUDFWHULVWLFVRIWKH2WWRPDQ
DUFKLWHFWXUH$OVRDFFRPPRGDWLQJ
DQDUFKDHRORJLFDOPXVHXPWKH
FDVWOHKDVWZRJDOOHULHVZKHUH
WKHDUWHIDFWVIURPWKH6HOMXNDQG
2WWRPDQSHULRGVDQGYDULRXV
DUWLFOHVIURPWKH2WWRPDQÔ5XVVLDQ
6HD%DWWOHRIDUHH[KLELWHG,Q
IURQWRIWKHFDVWOHWKHUHLVDVWDWXH
RI&H]D\LUOL+DVDQ3DVKDZLWKDOLRQ
ILJXUH+HZDVDQDGPLUDOIURPWKH
2WWRPDQ1DY\ZKRVDYHG„HÄPH
GXULQJD5XVVLDQUDLG
&DUDYDQVHUDL
%XLOWE\6¹OH\PDQWKH0DJQLILFHQW
LQWKHFDUDYDQVHUDLKDV
WZRIORRUV,WLVRQHRIWKHFODVVLF
2WWRPDQFDUDYDQVHUDLV“PHU
WKHVRQRI$OL3DEX¤¤XZDVWKH
DUFKLWHFWRIWKHEXLOGLQJ7KH
EXLOGLQJEDVHGRQD8VKDSHGSODQ
KDVDZLGHFRXUW\DUGLQWKHFHQWUH
VXUURXQGHGE\VWRUHVGHSRWVDQG
URRPV7KLVKLVWRULFDOEXLOGLQJQRZ
RSHUDWHVDVDKRWHOZKLFKLVDQ
LGHDOVKRSSLQJYHQXHIRUWRXULVWV
RIIHULQJDULFKDVVRUWPHQWRI
TXDOLW\VRXYHQLUVOHDWKHUDUWLFOHV
DQGFDUSHWV$WQLJKWUHVWDXUDQWV
EDUVDQGQLJKWFOXEVSURYLGHDOLYHO\
DQGPHUU\DWPRVSKHUH
„HÄPH6SDV
„HÄPH6SDVZKLFKDUHVLWXDWHGRQ
WKH¿]PLUԄHÄPH+LJKZD\NP
IURP„HÄPHDUHFLWHG
WREHDPRQJWKHPRVWLQWHUHVWLQJ
DQGUDUHVSDVLQWKHZRUOGD
ORFDWLRQWKDWSURYLGHVEHDFKHV
DQGWKHUPDOZDWHUVLQWKHVDPH
YHQXH7KHWKHUPDOZDWHUKDVD
WHPSHUDWXUHRIDERXWo&DQGLW
KDVKHDOLQJTXDOLWLHVIRUDQXPEHU
RIPHWDEROLFGLVRUGHUVVXFKDV
FKURQLFUKHXPDWLVPJRXWDQG
REHVLW\DVZHOODVJ\QDHFRORJLFDO
GHUPDWRORJLFDOOLYHUDQGXURORJLFDO
GLVHDVHV1HDUE\DUHSOHQW\RI
PRGHUQDFFRPPRGDWLRQIDFLOLWLHV
ZLWKWKHLUWKHUPDOSRROVDQGEDWKV
ÃLIQH5HLVGHUH6SD
NPQRUWKHDVWIURP„HÄPHVSDV
RQDVPDOOSHQLQVXODLQWKH%D\RI
ÃLIQHLVWKHÃLIQH6SD$QXPEHU
RIDFFRPPRGDWLRQIDFLOLWLHVFDQ
EHIRXQGLQWKHVXUURXQGLQJDUHD
)RUFHUWDLQGLVHDVHVWKLVVSDLV
UHFRPPHQGHGWREHXVHGDVD
VXSSOHPHQWLQFRQMXQFWLRQZLWK
QRUPDOWUHDWPHQWV
0DULQD
7KHVRXWKHUQSDUWRI„HÄPHIRUPV
RQHRIWKHPDMRU\DFKWLQJURXWHV
LQ7XUNH\7KHURXWHEHWZHHQ
„HÄPHDQG.XÄDGDVÀLVDQDUHD
ZLWKDQDGYDQFHG\DFKWWRXULVP
LQIUDVWUXFWXUH„HÄPH3RUWKDV
EHHQGHVLJQHGLQWZRVHFWLRQV
WRDFFRPPRGDWHWZRVPDOO
FDUJRVKLSVDQG\DFKWV7KH
VHFWLRQXVHGDVDPDULQDLQWKH
VXPPHUPRQWKVIXQFWLRQVDVWKH
ILVKHUPHQ×VVKHOWHULQWKHZLQWHU
$OWÜQ\XQXV0DULQD
$OD¤DWÀ3LHU
$QXPEHURIVPDOOED\VOLQLQJXS
LQWKHVRXWKRIWKHVXEGLVWULFW
RI$OD¤DWÀFUHDWHDSDUDGLVHIRU
\DFKWHUV7KHSLHUFDQSURYLGH
DFFRPPRGDWLRQIRUERDWV
DQGWKHUHDUHSOHQW\RIRWKHU
SRVVLELOLWLHVWRVKHOWHU\DFKWV
„HÄPH$OWÀQ\XQXV0DULQD
7KLVPDULQDZKHUHODUJHERDWV
DQGVPDOOHUVL]HGRQHVFDQ
DQFKRUKDVWKHFDSDFLW\WRSURYLGH
\DFKWVRQRYHUQLJKWVWD\VRUORQJHU
ZLWKXWLOLWLHVVXFKDVZDWHUSRZHU
WHOHSKRQHDQGUHSDLUDQGZLQWHU
DFFRPPRGDWLRQVHUYLFHV
1DWXUDOEHDFKHVDW$OD¤DWÀ%R\DOÀN
„HÄPH'DO\DQN³\„LIWOLNN³\,OÀFD
DQG,OGÀUÀDUHLGHDOIRUZDWHUVSRUWV
DFWLYLWLHV
„HÄPHLVDQLGHDOSODFHIRUKXQWLQJ
ORYHUVKXQWLQJIRUZLOGERDULV
WKHPRVWLQWHUHVWLQJDQGH[FLWLQJ
W\SH2QFHWKHQHFHVVDU\SHUPLWV
DUHREWDLQHGIURPWKHUHOHYDQW
DXWKRULWLHVKXQWLQJIRUZLOGERDULV
DYDLODEOHWRDQ\RQH„HÄPHLVDOVR
ULFKZLWKUHVSHFWWRLWVERXQWLIXO
VWRFNVRISDUWULGJHVDQGUDEELWV
7KHPRQWKVIURP6HSWHPEHUWR
'HFHPEHUDUHZKHQWKHVHDQLPDOV
DUHPRVWYLVLEOHDQGKXQWLQJLV
SHUPLWWHGGXULQJWKHKXQWLQJ
VHDVRQ„HÄPHDOVRRIIHUVKXQWLQJ
HQWKXVLDVWVRSSRUWXQLWLHVLQWKH
ZLQWHU
$PRQJWKHOHDGLQJVXUILQJDUHDV
LQWKHZRUOG$OD¤DWÀLVRQHRIWKH
PRVWLQWHUHVWLQJDQGVDIHVSRWV
7KHVXUILQJFHQWUHLVDWDVPDOOED\
ZLWKFU\VWDOFOHDUZDWHU,WLVRQH
RIWKHPDMRUVXUILQJFHQWUHVLQWKH
ZRUOGRIIHULQJDYDULHW\RIZLQG
FRQGLWLRQVDQGLGHDOVXUILQJDUHDV
7KHVHDWHQGVWREHTXLWHVKDOORZ
DQGWKHZLQGPRVWO\EORZV
IURPWKHQRUWK7KLVEUHH]HLV
WKHPRVWLPSRUWDQWIHDWXUHRI
$OD¤DWÀVLQFHHYHQZKHQEORZLQJ
VHYHUHO\LWLVFDSDEOHRIFUHDWLQJ
WKHGHYHORSPHQWRIUHJXODUZDYHV
&XUUHQWVZLWKWKHVDPHGLUHFWLRQDV
WKHZLQGIDFLOLWDWHVFRQGLWLRQVIRU
VXUIHUV$OD¤DWÀLVWKHVDIHVWDUHD
DPRQJWKRVHZKLFKSRVVHVVWKHVH
GDLO\RIIVKRUHEUHH]HFRQGLWLRQV
0DMRUZLQGVOLNHWKH0HOWHPLWKH
VRXWKZHVWDQGWKHQRUWKHDVWZLQG
YLVLWWKHDUHDWKURXJKRXWD\HDU
0DVWLF7UHHV
0DVWLFWUHHVKDYHH[LVWHGLQ
„HÄPHIRU\HDUVDQGDUHD
PXVWVHHIRUYLVLWRUV0DVWLFMDP
DQGPDVWLFPLONSXGGLQJVZKLFK
DUHVRGHOLFLRXVDUHPDGHIURP
WKHPDVWLFH[WUDFWHGIURPWKHVH
WUHHV$VZHOODVFRQWULEXWLQJWR
WDVW\GLVKHVIRUWKHWDEOHDVDIRRG
LQJUHGLHQWPDVWLFLVDOVRXVHGLQ
WKHSURGXFWLRQRIPHGLFLQHDQG
SDLQWV
0DVWLFKDVEHHQXVHGLQPHGLFDO
WUHDWPHQWLQ$QDWROLDIRU
WKRXVDQGVRI\HDUVPHGLFLQHVIRU
WKHWUHDWPHQWRIUDELHVVQDNH
ELWHVVWRPDFKGLVRUGHUVLQWHVWLQDO
DQGOLYHUFRQGLWLRQVKDYHDOOEHHQ
SUHSDUHGZLWKWKHXVHRIPDVWLF
)URPWKHWKFHQWXU\RQZDUGV
WKHUHSXWDWLRQRIPDVWLFUHDFKHG
EH\RQGWKH,VODQGRI6DNÀ]PDVWLF
DQGJDLQHGJOREDOSRSXODULW\
„HÄPH$UFKDHRORJLFDO0XVHXP
7KHDUWLFOHVH[KLELWHGLQ„HÄPH
$UFKDHRORJLFDO0XVHXPDUHODUJHO\
WKHDUWHIDFWVDQGHGLILFHVH[FDYDWHG
LQ(U\WKUDL„HÄPHGLVWULFWFHQWUH
$OD¤DWÀ.DOHPEXUQXDQG„HÄPH
*XOI7KHPRVWQRWHZRUWK\SLHFHV
RQGLVSOD\DUHWKHVXEPDULQH
DUFKDHRORJLFDOILQGVIURPWKHVKLSV
DQGJDOOH\VWKDWVDQNGXULQJWKH
2WWRPDQÔ5XVVLDQ6HD%DWWOHDW
$ODÁDWÜ
WKH*XOIRI„HÄPHRQ-XO\DQGWKHGRFXPHQWVIURPWKH5XVVLDQ
)HGHUDWLRQUHODWLQJWRWKLVEDWWOH,QDGGLWLRQWKHPXVHXPDOVRGLVSOD\V
DUFKDHRORJLFDODQGHWKQRJUDSKLFDOZRUNVIURPWKH6HOMXNDQG2WWRPDQ
SHULRGVDVZHOODVDULFKFROOHFWLRQRIFRLQV
$OD¼DW×
6XUILQJ3DUDGLVH
„HÄPHDQGLWVHQYLURQVZDVWKHJDWHZD\WRIRUHLJQWUDGHLQ$QDWROLDLQ
WKHWKFHQWXU\7KH*HQRHVHPHUFKDQWVLQSDUWLFXODUVHWWOHGRQWKH
,VODQGRI&KLRV6DNÀ]MXVWRSSRVLWH„HÄPH:KHQLWFDPHLQWRWKHKDQGV
RIWKH2WWRPDQVLQLWVVXSHULRUVWDWXVZDVVXSHUVHGHGE\¿]PLU
6P\UQDZKLFKKDGSUHYLRXVO\EHHQRQO\DVPDOOWUDGLQJFHQWUHWUDGLQJ
RQO\SURGXFWVIURP:HVWHUQ$QDWROLD8QWLOWKDWSHULRGVLONSURGXFWVIURP
%XUVDZKLFKZDVDPDMRUVLONSURGXFWLRQFHQWUHLQ$QDWROLDZHUHVKLSSHG
WRWKH,VODQGRI&KLRVYLD„HÄPHEXWWKHUHDIWHU¿]PLUUHSODFHGLWDVD
PDMRUWUDGHFHQWUH
,QWKH×VLQ$OD¤DWÀDFKDQQHOZDVRSHQHGOHDGLQJWRWKHQDWXUDOSRUW
LQWKHVRXWKXQGHUDQRUGHUIURPWKHWKHQJUDQGYL]LHURIWKH2WWRPDQ
(PSLUHDQGODWHULWZDVWXUQHGLQWRDSRUWZKHUHVKLSVFRXOGDQFKRU
$FHQWXU\DJRZLQHSURGXFHGDW$OD¤DWÀZKHUHYLQH\DUGIDUPLQJKDG
GHYHORSHGVLJQLILFDQWO\ZDVH[SRUWHGWRIRUHLJQFRXQWULHV7KHUHIRUHZLQH
IURP$OD¤DWÀKDVDOUHDG\VHFXUHGDSRVLWLRQDPRQJWKHZRUOG×VTXDOLW\
ZLQHV%XQFKHVRIJUDSHVLQVSLUHGWKHPRVWLPSUHVVLYHGHFRUDWLYHILJXUHV
IRXQGRQWKHZDOOVRIWKHFKXUFKHVDW$OD¤DWÀWKRXVDQGSHRSOH
OLYHGLQ$OD¤DWÀDQGLWVHQYLURQVEHIRUHWKHWKFHQWXU\LQFOXGLQJWKH
SRSXODWLRQRI„HÄPH„LIWOLN.³VWHDQG2YDFÀN
,QWKH×VWREDFFRPHORQVDQGOLYHVWRFNIDUPLQJZHUHWKHPDLQVWDSOH
LQGXVWULHVLQ$OD¤DWÀ1RZDGD\VDJULFXOWXUHDQGWKHVHWUDGHVKDYHEHHQ
SDUWO\UHSODFHGE\ILVKLQJDQGWRXULVP
.DUDGD¾ZKLFKLVVLWXDWHGRQWKHERXQGDU\RI„HÄPHZHVWRI$OD¤DWÀ
LVDQLQDFWLYHYROFDQRZLWKULFKWKHUPDOUHVRXUFHV,QWKHFHQWUDODUHD
WKHUHDUHVPDOOVWUHDPEHGVFDUU\LQJWKHUDLQZDWHU$OD¤DWÀÔ.XWOX'DP
ZDVEXLOWRQWKH3ODLQRI%XFDRQHRIWKHSODLQVDW$OD¤DWÀDQGVWDUWHG
RSHUDWLRQLQ
,QSDUWLFXODUDQLVHHGDUWLFKRNHVRQLRQVPHORQVWDQJHULQHVEHUJDPRWV
DQGROLYHVDUHJURZQRQWKHDUDEOHODQGRIWKHDUHD$OD¤DWÀLVDOVRDQ
LQWHUHVWLQJVLJKWZLWKLWVÙPDVWLFWUHHJDUGHQVÚZKLFKDUHGHILQHGDVYHU\
YDOXDEOHDVVHWV
7KHQDWXUDOSRUWDW$OD¤DWÀLQWKHVRXWKLVRQHRIWKHPRVWLPSRUWDQW
YHQXHVIRUVXUILQJEHFDXVHRIWKHVWDEOHVHDFRQGLWLRQVGHVSLWHWKH
FRQVWDQWO\EORZLQJZLQGV7KHDUHDKDVDOOWKHFKDUDFWHULVWLFVRIWKH
0HGLWHUUDQHDQFOLPDWH,WLVUDLQ\ZDUPLQZLQWHUKRWDQGGU\LQ
VXPPHU
7KHUPDOZDWHUVDW$OD¤DWÀFDQEHTXLWHEHQHILFLDOIRUKXPDQKHDOWKZLWK
WKHLUKHDOLQJHIIHFWV+HUEDOEDWKVSUHSDUHGZLWKDPL[WXUHRIWKHUPDO
ZDWHUYDU\LQJUDWHVRIPLQHUDOFRQWHQWVDQGSDUWLFXODUKHUEVDUHHIIHFWLYH
IRUWKHWUHDWPHQWRIGLVRUGHUVUHODWLQJWRERQHVMRLQWVDQGWKHVNHOHWDO
V\VWHPZKLFKVWHPIURPDODFNRIYLWDPLQV
7RGD\$OD¤DWÀLVDYHU\SRSXODUORFDOLW\SRVVHVVLQJWKHFKDUDFWHULVWLFVDQG
LGHQWLW\RIDW\SLFDOYLOODJH7KHDUFKLWHFWXUDOGHVLJQRIWKHVWRQHKRXVHVLV
VSHFLILFWRWKHDUHD*HUDQLXPDQGEHJRQLDJDUGHQVED]DDUVORFDOFDIHV
DQGUHVWDXUDQWVERXWLTXHVKRSVEHDFKFOXEVDQGKRWHOVDOOFRQWULEXWHWR
PDNLQJWKLVDYHU\ORYHO\VSRW
?
'LG\RXNQRZ"
7KHILUVWPHWDOFRLQLQWKHZRUOGZDVPLQWHGE\WKH/\GLDQVLQWKHDQFLHQW
FLW\RI6DUGLVLQ%&WKHFRXQWU\×VFDSLWDOZKLFKLVQRZLQWKHWHUULWRU\RI
0DQLVD
$ODÁDWÜ6XUILQJ
,OG×U×(U\WKUDL
$TXLHWFRUQHURI,RQLD
6HWDURXQGDEHDXWLIXOVPDOOED\ZLWKVPDOOLVOHWVNPQRUWKRIWKH
9LOODJHRI,OGÀUÀ„HÄPH(U\WKUDLZDVRQHRIWKHFLWLHVZKLFKZHUH
PHPEHUVRIWKH8QLRQRI,RQLD3DQLRQLRQDUHOLJLRXVDQGSROLWLFDO
XQLRQHVWDEOLVKHGLQWKHWKFHQWXU\%&,WLVXQGHUVWRRGIURPWKH
DUFKDHRORJLFDOUHPDLQVWKDWWKHFRORQLDOLVWVOHGE\(U\WKURVLQ
%&IRXQGHGLW,WLVNQRZQWKDW(U\WKUDLZKLFKZDVDYHU\LPSRUWDQW
VHWWOHPHQWLQWKHWKFHQWXU\%&HVWDEOLVKHGUHODWLRQVZLWK(J\SW
&\SUXVDQGZHVWHUQFRXQWULHVGHYHORSLQJVKLSSLQJWUDGH,WWRRNSDUWLQ
DIDPRXVVHDEDWWOH/DGHLQWKHWKFHQWXU\%&,QWKHVDPHSHULRG
LWIHOOXQGHUWKHUXOHRIWKH3HUVLDQVJDLQLQJLWVLQGHSHQGHQFHIROORZLQJ
WKHDUULYDORI$OH[DQGHUWKH*UHDWLQ$QDWROLDLQ%&'HFOLQLQJLQ
LPSRUWDQFHGXULQJWKH5RPDQDQG%\]DQWLQHSHULRGVWKHFLW\FDPHXQGHU
WKHUXOHRIWKH7XUNVDIWHUWKHDUULYDORI„DND%H\WKHIDWKHULQODZRI
.ÀOÀ¤DUVODQ,DIDPRXV7XUNLVKUXOHULQ„HÄPH,WVQDPHFKDQJHGWR,OGÀUÀ
LQ
$QDFURSROLVWKHUXLQVRIZKLFKKDYHVXUYLYHGWRWKHSUHVHQWGD\FDQ
EHIRXQGRQWKHWRSRIDKLJKKLOOLQWKHFHQWUHRIWKHFLW\$VSDUWRI
WKHH[FDYDWLRQVFDUULHGRXWWKHUHVPDOOVWDWXHVSURPLVHGDVRIIHULQJV
WRWKH7HPSOHRI$WKHQD3DOODVZHUHXQHDUWKHG$IHPDOHVWDWXHGDWLQJ
EDFNWRWKH$QFLHQW3HULRGLVWKHPRVWVLJQLILFDQWRIWKHILQGVDQGLWLV
SUHVHQWO\H[KLELWHGLQWKH¿]PLU$UFKDHRORJLFDO0XVHXP7KHSHULPHWHU
ZDOOVVXUURXQGLQJWKHFLW\DUHZHOOSUHVHUYHG$VWDWHDJRUDDQGDVDFUHG
+HUDFOHLRQIURPWKHWLPHRI$OH[DQGHUWKH*UHDWKLVJHQHUDOVDQGWKH
5RPDQVFDQEHVHHQ
$WSUHVHQW,OGÀUÀLVDVPDOOVHFOXGHGVHDVLGHWRZQZKLFKLVSDUWLFXODUO\
QRWHGIRULWVILVKUHVWDXUDQWVDQGVSHFWDFXODUVXQVHWV
,OGÜUÜ
¿]PLU1RUWK
MHQHPHQ
$WWUDFWLYH3RWWHU\
,WLVEHOLHYHGWKDW/DULVVD%XUXQFXNH[FDYDWHGDGMDFHQWWRWKH9LOODJH
RI%XUXQFXNLQ0HQHPHQZDVRQHRIWKH,RQLDQFLWLHV$IWHUOLYLQJ
WKURXJKWKH/\GLDQDQG3HUVLDQ
SHULRGVWKHFLW\ZDVXQIRUWXQDWHO\
GHVWUR\HGGXULQJWKH3HORSRQQHVLDQ
:DU7KHFLW\ZKLFKZDVODWHU
UHFRQVWUXFWHGFRXOGQRWHVFDSH
WKHGHYDVWDWLQJORRWLQJVE\WKH
*DODWLDQV
7KHUXLQVRIDFLW\VXUURXQGHGE\
SHULPHWHUZDOOVZHUHXQHDUWKHG
GXULQJH[FDYDWLRQVXQGHUZD\VLQFH
7KHSHULPHWHUZDOOVDUHWKH
RQO\VXUYLYLQJUHPQDQWVRIWKH
DFURSROLVGDWLQJEDFNWR%&
$OORIWKHUHOLJLRXVEXLOGLQJVIURP
WKHWKFHQWXU\%&KDYHEHHQVXFFHVVIXOO\H[FDYDWHG7KHILQGVIURP
WKH$QFLHQW3HULRGDUHH[KLELWHGLQWKH¿]PLU0XVHXPDQGVRPHEDNHG
VRLODQGFHUDPLFDUWHIDFWVDUHRQGLVSOD\LQWKH¿VWDQEXO$UFKDHRORJLFDO
0XVHXP
3DQD]WHSHLQ.HVLN9LOODJHLQ0HQHPHQLVKRVWWRPDQ\DUFKDHRORJLFDO
ILQGLQJVZKLFKPDLQO\LQFOXGHUXLQVRIJUDYHVGDWLQJEDFNWR%&
UXLQVRIDFLW\IURPWKH0\FHQDHDQFLYLOL]DWLRQDUWHIDFWVIURPWKH$QFLHQW
3HULRGUHPQDQWVRIVWUXFWXUHVIURPWKHSHULRGVRI$OH[DQGHUWKH*UHDW
DQGKLVJHQHUDOVDQGFHPHWHULHVIURPWKH5RPDQDQG,VODPLFSHULRGV
)R¼D
$IULHQGO\JUHHWLQJIURPWKH0HGLWHUUDQHDQVHDO
&RFNHUHOVDQGVHDOVDUHWKHV\PEROVRI)R¤DDQDQFLHQWFLW\UHIHUUHG
WRLQWKH/HJHQGRI+RPHU)R¤DDSRUWDQGFRDVWDOVHWWOHPHQWZDV
FDOOHG3KRFDHDLQDQFLHQWWLPHV%HIRUHLWZDVDQQH[HGWRWKHWHUULWRULHV
EHORQJLQJWRWKH6HOHXFLGVLQWKHWLPHVRI$OH[DQGHUWKH*UHDWLWZDV
UXOHGE\WKH3HUVLDQVLQ%&&DSWXUHGE\WKH*HQRHVHLQWKHWK
DQGWKFHQWXULHV)R¤DZDVWDNHQRYHUE\WKH2WWRPDQ(PSLUHLQ
GXULQJWKHWLPHRI6XOWDQ0HKPHWWKH&RQTXHURU
7KHFHUDPLFDUWHIDFWVXQHDUWKHGLQWKHDUFKDHRORJLFDOH[FDYDWLRQV
FDUULHGRXWLQ)R¤DUHYHDOWKDWWKHKLVWRU\RIWKHVHWWOHPHQWGDWHVEDFN
DVIDUDV%&3HRSOHHVFDSLQJIURPWKH$HJHDQPLJUDWLRQVDQG
WKH'RULFRFFXSDWLRQLQ%&VHWWOHGLQWKHZHVWRI$QDWROLD,QWKH
WKFHQWXU\,RQLDQVVHWWOHGLQ)R¤DIRXQGHGE\WKH$HROLDQVLQWKHWK
FHQWXU\ZKRZHUHSDUWRIWKLVRULJLQDOPRYHPHQWRISHRSOH7KH\EXLOW DNPSHULPHWHUZDOODURXQGWKHFLW\
0DMRUDUFKDHRORJLFDODWWUDFWLRQVLQ)R¤DLQFOXGH6LUHQ5RFNV6DWDQ%DWK
+RXVHD3HUVLDQ7RPE0RQXPHQWNPIURPWKH)R¤DÔ¿]PLU+LJKZD\
ZKLFKZDVFDUYHGRXWRIDPRQREORFNRIVWRQH)LYH*DWHV*HQRHVH
&DVWOH2XWHU&DVWOHIURPWKH2WWRPDQ3HULRG)DWLK0RVTXH.D\DODU
0RVTXH+DIÀ]6¹OH\PDQ0RVTXHDQG2WWRPDQ&HPHWHU\$QXPEHURI
FLYLOEXLOGLQJVGLVSOD\LQJIHDWXUHVRI$HJHDQDUFKLWHFWXUHFDQDOVREHVHHQ
)R¤DLVRQHRIWKHUDUHVHWWLQJVLQ7XUNH\RIIHULQJDXQLTXHFRPELQDWLRQ
RIKLVWRULFDOQDWXUDODQGXUEDQSUHVHUYDWLRQVLWHV,WKDVWKHUHIRUHEHHQ
GHFODUHGD6SHFLDO(QYLURQPHQWDO3UHVHUYDWLRQ=RQH
+HURGRWXVFDOOHGÙWKHIDWKHURIKLVWRU\ÚGHVFULEHV3KRFDHDDVHQWHULQJ
DSHULRGRIUDSLGLQFUHDVHIURPWKHWKFHQWXU\%&RQZDUGV$VÙDFLW\
DFKLHYLQJVLJQLILFDQWSURJUHVVLQVHDWUDGHLQ%&DQGSURYLGLQJ
WUDQVSRUWDQGVKLSSLQJWUDGHLQWKH0HGLWHUUDQHDQ6HDZLWKLWVRDU
GULYHQERDWVFDSDEOHRIFDUU\LQJSHUVRQVÚ
2OG)RÁD
$FFRUGLQJWR+RPHU3KRFDHDQSHRSOHFRPSOHWHGWKHIXUWKHVWVHD
WULSVRIWKHSHULRGUHDFKLQJDVIDUDVWKH$GULDWLF6HD(WUXULD,EHULD
DQG7DUWHVVRVLQ6SDLQ$VRQHRIWKH,RQLDQFLWLHVLWHVWDEOLVKHG
FRPPHUFLDOOLQNVZLWKWKH&LW\RI1DXFUDWLVLQ(J\SW,WMRLQHGQDYDO
IRUFHVZLWK0LOHWXVDQGOHGHIIRUWVIRUWKHHVWDEOLVKPHQWRIWKHFLW\RI
/DPSVDNRV/DSVHNLRQWKH6WUDLWVRIWKH'DUGDQHOOHV„DQDNNDOHDQG
WKHFLW\RI$PLVRV6DPVXQRQWKH%ODFN6HDFRDVW7KH\DOVRIRXQGHG
VHYHUDORWKHUFRORQLHVLQ%&LQFOXGLQJ0DVVDOLD0DUVHLOOHLQ
6RXWKHUQ)UDQFH(PSRULRQ$PSXULRVLQ6SDLQ$ODOLDLQ&RUVLFD(OHD
9HOLDLQ6RXWKHUQ,WDO\DQG0HWK\PQDLQ0\WLOHQH/HVERV
,QWKHWKFHQWXU\%&3KRFDHDHQMR\HGFRQVLGHUDEOHLPSRUWDQFHDQG
LQIOXHQFHDVDFLW\LQWUDQVLWRQÙWKH.LQJ×V5RXWHÚ7KLVRULJLQDWHGIURP
WKH&LW\RI6XVD,UDQFDPHWR6DUGHVDQGILQDOO\UHDFKHG3KRFDHDDIWHU
SDVVLQJWKURXJK(SKHVXVIURP6P\UQD
3KRFDHDZDVWKHILUVWFLW\LQ,RQLDZKLFKPLQWHGHOHFWURQFRLQV7KHKHDGV
RIWKHVHFRLQVGHSLFWHG=HXV+HUD+HUDFOHVDQG+HUPHVDQGWKHLUWDLOV
KDGLOOXVWUDWLRQVRIHDJOHKHDGHGDQGKRUVHHDUHGP\WKRORJLFDOILJXUHVDV
ZHOODVPRWLIVRIEXOOVDQGUDPVZKLFKZHUHFDOOHGJULIIRQV
2OG)RÁDr6LUHQ5RFNV
,WVHUYHGDVWKHELVKRSULFFHQWUHRIWKH7KUDNHVLRQUHJLRQRIWKH
%\]DQWLQH(PSLUHLQWKH(DUO\&KULVWLDQ3HULRG
7KH0HGLWHUUDQHDQFOLPDWHKDVIXOOLPSDFWLQ)R¤D:LQWHUVDUHUDLQ\DQG
ZDUPDQGWKHVXPPHUVDUHGU\)URPWKUHHVLGHVLWUHFHLYHVDFRROVHD
EUHH]H$YHUDJHWHPSHUDWXUHLVo&LQWKHVXPPHUPRQWKVZLWKDVHD
WHPSHUDWXUHRIo&-XO\DQG$XJXVWDUHWKHKRWWHVWPRQWKVLQWKH
VXPPHU
&XLVLQH
7UDGLWLRQDO)R¤DFXLVLQHLQFOXGHVDOOWKHGLVKHVFRRNHGRQWKH:HVWHUQ
$QDWROLDQFRDVWDQG$HJHDQLVODQGVLQWHUPVRIWKHEDVLFLQJUHGLHQWV
+RZHYHUWKHUHDUHDOVRVHYHUDOUHFLSHVSHFXOLDUWR)R¤DZKLFKDUHPDGH
IURPROLYHVROLYHRLODUWLFKRNHVDQGKHUEV7KHVHLQFOXGHILVKVRXS
VWXIIHGILVKILVKWURWWHUVJULOOHGVDUGLQHVVWXIIHGFDODPDULVTXLG
DUWLFKRNHVVWXIIHGZLWKODPEILVKFRRNHGZLWK\RJXUWDQGVWXIIHG
DUWLFKRNHVZLWKDQROLYHRLOGUHVVLQJ
'HOLFLRXVVDODGVVWDUWHUVPH]HDQGVWXIILQJIRUIODN\SDVWU\E³UHNDUH
PDGHIURPVHYHUDOKHUEVDQGSODQWVJURZQLQDQGDURXQG)R¤DÔDUDSVD¤À
PDOORZVWLQJLQJQHWWOHGDQGHOLRQIHQQHOWHDVHODQGWXUQLS
6LUHQ5RFNV
2UDN,VODQG5RFNVDUHWKHODUJHVWRIWKHVHURFNVZKLFKDUHDJURXSRI
LVOHWVWKDWUHVHPEOHVHDOVLQWKHLUDSSHDUDQFH7KH/HJHQGRI+RPHU
UHIHUVWRWKLVORFDWLRQDVÙWKHURFNVKLWE\VKLSVJRLQJDVWUD\Ú
6DWDQ×V%DWK+RXVH/RXWURV
6LWXDWHGRQWKHRXWVNLUWVRI&DQ'HGH+LOOLVDURFNWRPENQRZQDVWKH
6DWDQ×V%DWK+RXVH,WLVNPIURPWKHGLVWULFW×VFHQWUH
.\EHOH2XWGRRU7HPSOH
6WRQH+RXVH
7KLVPRQXPHQWDOVHPLFDUYHGURFN
WRPEVWDQGLQJE\WKHURDGVLGHLV
NPIURP)R¤D'DWLQJEDFNWR
WKHWKFHQWXU\%&DQGGLVSOD\LQJ
3HUVLDQLQIOXHQFHWKLVVWUXFWXUH
ZDVFRQVWUXFWHGXVLQJ/\FLDQÔ
/\GLDQWUDGLWLRQDOWHFKQLTXHV
.\EHOH2XWGRRU7HPSOH
*ULIIRQVDQGKRUVHVWDWXHVZKLFKDUHVRPH\HDUVROGKDYHEHHQ
H[FDYDWHGDPRQJWKHUXLQVRIWKH7HPSOHRI$WKHQDLQ)R¤D'DWLQJ
EDFNWR%&QLFKHVWKDWZHUHFDUYHGLQWRWKHURFNDUHYLVLEOHRQWKH
WHPSOH,QWKHSDVWVRPHRIWKHVHQLFKHVRULJLQDOO\KRXVHGWKHVWDWXHVRI
.\EHOHWKH0RWKHU*RGGHVV3HRSOHFRPLQJIURPWKHVHDWRSODFHWKHLU
RIIHULQJVDQGZRUVKLSKDGDOVRXVHGWKHVHQLFKHV
)LYH*DWHV&DVWOH
0LFKHO3DOHRNJDYHWKLVDQFLHQWFDVWOHWRD*HQRHVHILJXUH0DQXHO
=DFKDUQDLQDQGLWVSHULPHWHUZDOOVZHUHUHSDLUHGE\WKH*HQRHVH
RYHUWLPH$IWHU3KRFDHDZDVDQQH[HGWRWKH2WWRPDQWHUULWRULHVLQ
WKHFLW\SHULPHWHUZDOOVZHUHUHVWRUHGDQGHTXLSSHGZLWKDQXPEHURI
WRZHUVRIZKLFKRQO\QLQHDUHGLVWLQJXLVKDEOHWRGD\7RGD\WKHERDWKRXVH
RIWKH)LYH*DWHV&DVWOHLVXVHGDVDQRXWGRRUWKHDWUH
([WHULRU&DVWOH
7KH2WWRPDQVEXLOWWKLVFDVWOHDWDVWUDWHJLFSRLQWWRFRQWUROWKHWUDIILF
SDVVLQJYLDWKHVWUDLWDQGWRSURWHFWWKHDUHDLQNQRZQDVWKH
([WHULRU&DVWOHRU*HQRHVH&DVWOHLQWKHVRXWKZHVWRI)R¤D6LWXDWHGRQ
DKHDGODQGRUDFDSHIRUGHIHQFHSXUSRVHVWKHFDVWOHZDVVHSDUDWHG
IURPWKHPDLQODQGLQWKHHDVWE\DGLWFK6WRQHFDQQRQEDOOVZHUH
GLVFRYHUHGRIIWKHFDVWOHVKRUHGXULQJXQGHUZDWHUDUFKDHRORJLFDOUHVHDUFK
,WLVEHOLHYHGWKDWWKHVHFDQQRQEDOOVZHUHWKURZQIURPWKHFDVWOHZLWK
FDWDSXOWVDWHQHP\VKLSV
)DWLK0RVTXH
7KHPRVTXHFDQEHIRXQGRQ(VNL$GOL\H)RUPHU&RXUWKRXVH6WUHHW
LQVLGHWKH&DVWOH$OWKRXJKWKHPRVTXHKDVORVWPXFKRILWVRULJLQDOIRUP
RYHUWKH\HDUVLWKDVVWLOOPDQDJHGWRVXUYLYHWRWKHSUHVHQWGD\6XOWDQ
0HKPHWWKH&RQTXHURUIROORZLQJWKHFRQTXHVWRI)R¤DLQEXLOW
LW7KHILUVWVWUXFWXUHEXLOWUHIOHFWHGWKHFODVVLFDO2WWRPDQDUFKLWHFWXUDO
VW\OHV
.D\DODU0RVTXH
.D\DODU0RVTXHLVORFDWHGLQVLGHWKH&DVWOH7KHUHLVQRLQIRUPDWLRQ
FRQFHUQLQJWKHGDWHRILWVFRQVWUXFWLRQRUZKREXLOWLW7KHPRVTXH
UHIOHFWVDOOWKHGLVWLQFWLYHIHDWXUHVIURPWKH/DWH3HULRGRI2WWRPDQ
$UFKLWHFWXUH$ÙÄDGÀUYDQÚIRXQWDLQXVHGIRUULWXDODEOXWLRQVDQGXVXDOO\
ORFDWHGLQWKHPLGGOHRIDPRVTXHFRXUW\DUGZKLFKZDVODWHUDQQH[HGWR
WKHEXLOGLQJFDQEHIRXQGRQWKHZHVWHUQVLGH
+DIÀ]6¹OH\PDQ$¾D0DVMLG
3RSXODUO\FDOOHG6¹OH\PDQ$¾D0DVMLGWKLVEXLOGLQJZDVEXLOWE\
+DP]DR¾OX0XVWDIDZKRVHUYHGDVDFDVWOHZDUGHQIRU)R¤D&DVWOH
LQ+RZHYHULWVSUHVHQWDSSHDUDQFHLQGLFDWHVWKDWWKHEXLOGLQJ
XQGHUZHQWVRPHUHVWRUDWLRQVLQVXEVHTXHQWSHULRGV
)RÁD
3XEOLF%DWKV
2QO\WZRRIWKHSXEOLFEDWKVFKDUDFWHUL]LQJWKH2WWRPDQ3HULRGKDYH
VXUYLYHGXSWRWKHSUHVHQWGD\%RWKRIWKHPDUHORFDWHGLQWKH$WDW¹UN
TXDUWHU6LWXDWHGRQWKHFURVVURDGVRI6WUHHWV1RDQGWKH
EDWKLVWKHW\SHRI7XUNLVKSXEOLFEDWKSRVVHVVLQJDFHQWUDOGRPHD
WUDQVYHUVDOKHDWLQJV\VWHPDQGWZLQSULYDWHURRPVWRUHWLUHWR7KHRWKHU
EDWKKRZHYHUORFDWHGRQ6WUHHW1RLVLQDGLODSLGDWHGVWDWH7KH
DUFKLWHFWXUHGLIIHUVIURPNQRZQW\SHVRI7XUNLVKEDWKVDQGDFFRUGLQJWR
HVWLPDWHVLWZDVEXLOWODWHUWKDQWKHRWKHURQH
,VODQGVRI)R¤D
7KLVLVDJURXSRIVL[XQLQKDELWHGLVODQGVLQIURQWRI)R¤D2UDN,VODQG
¿QFLU,VODQG.DUWGHUH,VODQG)HQHU,VODQG+D\ÀUVÀ],VODQGDQG0HWDOLN
,VODQG7KHUHLVDORQJVFUXEE\EHDFKLQWKHVRXWKHUQSDUWRI2UDN,VODQG
,QDGGLWLRQWKHUHDUHVHYHUDOVWHHSDQGVKHHUFOLIIVZLWKDKHLJKWRIDERXW
PRQWKHLVODQGVRI2UDN+D\ÀUVÀ]DQG.DUWGHUH/RFDOSHRSOHDQG
WRXULVWVEHFDXVHRILWVIDYRXUDEOHSLFQLFVSRWVDQGEHDFKHVLQSDUWLFXODU
YLVLW¿QFLU,VODQG7KHLVODQGVDQGVXUURXQGLQJVPDOOED\VDUHKRPHWRRQH
RIWKHODVWUHPDLQLQJFRORQLHVRI
0HGLWHUUDQHDQVHDOVLQ7XUNH\
+RXVHVRI)R¤D
7KHWUDGLWLRQDOKRXVHVLQ)R¤D
FDQEHGLYLGHGLQWRWKUHHW\SHV
WRZHUDGMDFHQWDQGVLQJOHKRXVHV
7RZHUKRXVHVDUHIRXQGRXWVLGH
)R¤DHLWKHUDVVLQJOHXQLWVRUDVD
JURXS%HFDXVHWKH\KDYHDKHLJKW
PRUHWKDQWKHLUID¤DGHZLGWKWKH\
DUHFDOOHGWRZHUKRXVHV$GMDFHQW
KRXVHVDUHIRXQGQH[WWRHDFK
RWKHUDQGUXQLQDOLQHDORQJD
VWUHHW7KHVHKRXVHVKDYHQRIURQW
JDUGHQVDQGRSHQGLUHFWO\RQWR
WKHVWUHHW6LQJOHKRXVHVDUHVWRQH
EXLOGLQJVZLWKXQSODVWHUHGZDOOV
FRQVWUXFWHGDVGHWDFKHGXQLWV
0HGLWHUUDQHDQ6HDOV
)RUFHQWXULHVVDLORUVIURP)R¤DKDYHQHYHUEHHQDORQHLQWKHLUHIIRUWWR
DFKLHYHFRQWURORIWKHVHDEHFDXVHWKH\KDYHDORYHO\FRPSDQLRQÔWKH
VHDO7KH0HGLWHUUDQHDQVHDOVZKLFKWRWDODERXWÔLQWKHZRUOG
OLYHRQO\LQ7XUNH\*UHHFHDQGRQWKH1RUWKZHVW$IULFDQFRDVW
7KHLVODQGVLQ)R¤DDUHKRPHWRVRPHRIWKH0HGLWHUUDQHDQVHDOV'HVSLWH
LQFUHDVLQJWRXULVWDQGILVKLQJDFWLYLWLHVWKH\XVHWKHFDYHVRQWKHVH
LVODQGVIRUEUHHGLQJUDLVLQJWKHVHDOSXSVWDNLQJDUHVWDQGEDVNLQJLQ
WKHVXQ&DOOHGÙ0RQDFKXVPRQDFKXVÚLQ/DWLQWKH0HGLWHUUDQHDQVHDOV
QHHGWRIROORZWKHLULQVWLQFWVRIJRLQJDVKRUHEXWXQIRUWXQDWHO\KXPDQ
DFWLYLWLHVLQWKHLUKDELWDWVGLVWXUEWKHP7KH\DUHRQHRIVSHFLHVRI
PDPPDOVLQWKHZRUOGIDFLQJH[WLQFWLRQ
,QRUGHUWRSURWHFWWKH0HGLWHUUDQHDQVHDOVOLYLQJRQWKH)R¤DLVODQGV
LWLVSURKLELWHGWRDSSURDFKDQ\FORVHUWKDQPLOHVWKHLVODQGVEHWZHHQ
$VODQEXUQXDQG'HYHER\QX6LPLODUO\LWLVDOVRVWULFWO\SURKLELWHGWR
DSSURDFK6LUHQ5RFNVDQG2UDN,VODQG$GLVWDQFHRIDWOHDVWPPXVW
EHOHIW
)LVKLQJ
,QKDELWDQWVRI)R¤DUHO\RQILVKLQJDVPXFKDVRQWRXULVPWRPDNHWKHLU
OLYLQJ7KHIDFWWKDWWKH\PDGHWKHLUOLYLQJE\WKHVHDIRUKXQGUHGVRI
\HDUVLVDW\SLFDOFKDUDFWHULVWLFRIWKHORFDOFRPPXQLWLHV
7KHDUHDPDQDJHVWRPDLQWDLQLWVLPSRUWDQFHEHFDXVHRILWVULFKYDULHW\
RIILVKVSHFLHV7KHUHDUHVRPHGHOLFLRXVVSHFLHVRIILVKFDXJKWE\WKH
ILVKHUPHQRI)R¤DDQGWKHVHDUHDYDLODEOHDWWKHORFDOPDUNHWVIUHVKDQG
DWFRPSHWLWLYHSULFHV7RQDPHDIHZRIWKHPRVWGHOLFLRXVDQGSRSXODU
YDULHWLHVUHGPXOOHWJXLOWKHDGHGEUHDPVWULSHGPXOOHWVHDEDVVUHG
VHDEUHDPDQGZKLWLQJ
$OLDãD
NPQRUWKRI¿]PLULQ$OLD¾DWUDFHVFDQEHVHHQIURPWKHSUHKLVWRULF
FLYLOL]DWLRQVRI$HROLVDQG3HUJDPRQ%HUJDPD2XWRIPRUHWKDQ
)RÁD
$HROLDQFLWLHVDORQJWKH$HJHDQFRDVWOLQHVL[RIWKHODUJHVWDQG
PRVWLPSRUWDQWDUHORFDWHGLQWKHGLVWULFWRI$OLD¾D3LWDQH„DQGÀUOÀ
/DULVVD%XUXQFXN$LJDLD.\PH1HPUXWNDOH0\ULQDDQG*U\QHLRQ
„ÀIÀWNDOH0\ULQDLVVLWXDWHGDWWKHPRXWKRI.RFD¤D\VWUHDPZHVW
RI$OLD¾D5XLQVGDWLQJEDFNWRYDULRXVSHULRGVKDYHEHHQH[FDYDWHG
$SSUR[LPDWHO\JUDYHVKDYHEHHQRSHQHG7KHHDUWKHQVWDWXHV
H[FDYDWHGLQWKHILUVWQHFURSROLVLQDUHVLJQLILFDQWILQGV
.\PHORFDWHGLQWKH„ÀIÀWNDOHORFDOLW\QRUWKRI$OLD¾DZDVWKHODUJHVWRI
WKH$HROLDQFLWLHV,WIXQFWLRQHGDVDSRZHUIXOSRUWDQGWUDGLQJFHQWUHLQ
WKHWLPHRI$OH[DQGHUWKH*UHDWDQGKLVJHQHUDOVDQGDVDELVKRSULFFHQWUH
LQWKH&KULVWLDQ3HULRG([FDYDWLRQVDUHVWLOORQJRLQJ6RPHDUWHIDFWV
XQHDUWKHGLQWKHH[FDYDWLRQVDW.\PHDQG0\ULQDDUHH[KLELWHGDWWKH
¿VWDQEXO$UFKDHRORJLFDO0XVHXPDQGDOVRE\WKH/RXYUH0XVHXPLQ3DULV
,QDGGLWLRQNPIURP.DUDNX]X9LOODJHDUHWKH$OLD¾D:DWHUIDOOV7KLV
VSOHQGLGQDWXUDOEHDXW\VSRWDSSHDOVJUHDWO\WRWKRVHYLVLWLQJWKHGLVWULFW
'LNLOL
$ULVWRWOHtVSODFH
'LNLOLLVNPQRUWKRIWKHSURYLQFLDOFHQWUHRI¿]PLU,WLVDORYHO\GLVWULFW
DSSHDOLQJWRORFDODQGIRUHLJQWRXULVWVDOLNH7KHVXEGLVWULFWRI„DQGDUOÀ
DPDMRUWRXULVWVSRWZLWKLWVULFKKLVWRU\DQGH[WUDRUGLQDU\EHDXW\LVD
SDUWRI'LNLOL1DWXUDODWWUDFWLRQVLQFOXGHDFUDWHUODNHLQ0HUGLYHQOL9LOODJH
DQGSLQHIRUHVWVDQGKLVWRULFDOFDYHVLQ'HPLUWDÄDQG'HOLNWDÄYLOODJHV
7KH'LVWULFWRI'LNLOLLVDOVRIDPRXVIRULWVVSDV7KHUHDUHWKHUPDOVSDV
LQ1HELOHU%DGHPOLDQG.RFDREDYLOODJHV7KH3RUWRI'LNLOLSURYLGLQJ
LQWHUQDWLRQDOWUDQVSRUWE\VHDLVDPDMRUVRXUFHRILQFRPHIRUWKHORFDO
FRPPXQLWLHV
7KHPDLQWUDGHVLQ'LNLOLLQYROYHWREDFFRFRWWRQDQGROLYHVDVZHOODV
JUHHQKRXVHIDUPLQJ,WVFOHDQEHDFKHVDQGULFKWKHUPDOUHVRXUFHVDUH
LPSRUWDQWIRUERWKORFDODQGIRUHLJQWRXULVP
,WLVXQGHUVWRRGIURPWKHDUFKDHRORJLFDOVWXGLHVFRQGXFWHGLQWKHGLVWULFW
WKDW'LNLOLKDVDSDVWGDWLQJEDFNWRÔ%&$¾ÀO&DVWOHDQG.DOH
&DVWOH+LOOZHUHWKHILUVWVHWWOHPHQWV$FFRUGLQJWRWKHDUFKDHRORJLFDO
ILQGLQJV$FKDHDQVOLYHGLQWKLVUHJLRQDQGWKHFLW\ZDVWKHUHIRUHFDOOHG
$WHUQDJXV,QWKHHDUO\DJHV'LNLOLFDPHXQGHUWKHFRQWURORIWKH/\GLDQV
3HUVLDQV3KU\JLDQV0\VLDQV5RPDQVDQGWKHSHRSOHIURP3HUJDPRQ
%HUJDPD'XULQJWKH0HGLHYDO$JHVWKH\UXOHGE\WKH%\]DQWLQHVWKH
*HQRHVH6HOMXNVDQGWKH2WWRPDQV$ORFDWLRQZKHUHPDQ\FLYLOL]DWLRQV
FRH[LVWHG'LNLOLZDVDOVRKRPHWRPDQ\IDPRXVILJXUHVVXFKDV$ULVWRWOH
DQG$OH[DQGHUWKH*UHDW
?
'LG\RXNQRZ"
7KHQDWLYHVRI3HUJDPRQLQYHQWHGWKHYHOOXPSDSHUZKLFKUHSODFHG
SDS\UXVLQDQFLHQWWLPHV
¡DQGDUOÜ
7KH.DUDRVPDQR¾XOODUÀVHWWOHGLQWKHUHJLRQDQGEXLOWIDUPVJURZLQJ
VHHGOLQJVORFDOO\FDOOHGÙGLNPHOLNÚ$GRSWLQJWKHQDPHÙ'LNPHOLNÚIRULWV
SURGXFWLRQRIVHHGOLQJVWKHGLVWULFWODWHUEHFDPHNQRZQDV'LNLOL
DQGDUO×
„DQGDUOÀLVRQHRIWKHROGHVWVHWWOHPHQWVLQWKH$HJHDQ5HJLRQ,WLV
EHOLHYHGWKDWWKLVVXEGLVWULFWZDVRQFHD+LWWLWHVHWWOHPHQWVXERUGLQDWH
WR'LNLOL)LQGVH[FDYDWHGGDWHEDFNWR%&7KHPRVWQRWHZRUWK\
DPRQJWKHVHZHUHWKHFHUDPLFDUWHIDFWVIURPWKH7UR\Ô<RUWDQ
&LYLOL]DWLRQ9DVHVDQGVWDWXHVGLVSOD\LQJ,RQLDQDQG(DVWHUQVW\OHVDQG
VWRQHD[HVDQGSRWWHU\SLHFHVIURPWKHHDUO\DJHVZHUHDOVRH[FDYDWHG
9HU\IHZILQGVKDYHVXUYLYHGWRWKHSUHVHQWGD\„DQGDUOÀ+DOLO3DVKDWKH
IDPHGJUDQGYL]LHURI0XUDW,,FRQWULEXWHGWRWKHSUHVHUYDWLRQRIDFDVWOH
IURPWKH*HQRHVHE\KDYLQJLWUHVWRUHGLQWKHWKDQGWKFHQWXULHV
%HUJDPD3HUJDPRQ
0HGLFLQHZULWWHQNQRZOHGJHDQG=HXVLVWKHJORU\RI3HUJDPRQWKH
QDPHRIWKHDQFLHQWFLW\IRXQGLQWKHGLVWULFWRI%HUJDPDNPIURP
¿]PLU3HUJDPRQZDVRQHRIWKHLPSRUWDQWWUDGHFHQWUHVLQWKH0\VLDQ
UHJLRQGXULQJWKHDQFLHQWSHULRG2QEHFRPLQJWKHFDSLWDORIWKH.LQJGRP
RI3HUJDPRQEHWZHHQÔ%&WKHFLW\ZDVWKXVQDPHGDIWHU
3HUJDPRVDOHJHQGDU\NLQJ%\NLOOLQJWKH.LQJRI7HXWKUDQLD3HUJDPRV
FDSWXUHGWKHFLW\DQGVRJDYHLWKLVQDPH$FFRUGLQJWRDQRWKHUOHJHQG
*\UQRVWKH.LQJRI7HXWKUDQLDDVNHG3HUJDPRVIRUKHOSGXULQJDEDWWOH
DQGDIWHUWKHYLFWRU\WZRFLWLHVZHUHEXLOWRQHRIWKHPEHLQJQDPHG
3HUJDPRQLQFRPPHPRUDWLRQRI3HUJDPRVDQGWKHRWKHU*U\QHLRQDIWHU
*\UQRV
3HUJDPRQZDVILUVWPHQWLRQHGLQZULWWHQGRFXPHQWVHDUO\LQWKHWK
FHQWXU\%&%XLOGLQJVVXFKDVSDODFHVWHPSOHVDQGWKHDWUHVZHUHEXLOW
LQWKHFLW\ZKHQLWEHFDPHWKHFDSLWDODQGWKHFLW\ZDVVXUURXQGHGE\
SHULPHWHUZDOOVDQGWRZHUV$IWHULWZDVDQQH[HGWR5RPHWKH.LQJGRP
UHPDLQHGDVRQHRIWKHOHDGLQJFLWLHVLQ:HVWHUQ$QDWROLD
7KH&LW\RI3HUJDPRQZKLFKZDVDQLQGHSHQGHQWNLQJGRPLQ%&
PDLQWDLQHGLWVLPSRUWDQFHDVDPDMRUKLVWRULFDOFXOWXUDODQGFRPPHUFLDO
FHQWUHIRUDSHULRGRI\HDUV
%HFDXVH$OH[DQGHUWKH*UHDWKLGKLVIDPRXVWUHDVXUHDW
3HUJDPRQ&DVWOHWKHFLW\ZDVDIRFXVRILQWHUHVWWRLWVHQHPLHV,WV
FRQTXHVWZDVWRSRIWKHOLVWIRUDQXPEHURINLQJGRPVDQGFLYLOL]DWLRQV
&DUO+XPDQQD*HUPDQHQJLQHHUZKRZRUNHGRQUDLOZD\WUDFNLQVWDOODWLRQ
LQ:HVWHUQ$QDWROLDLQWKH×VGLVFRYHUHGWKHUXLQVRIWKHDQFLHQWFLW\
6RRQDIWHUZDUGVLQUHVHDUFKDQGDUFKDHRORJLFDOZRUNVEHJDQLQ
3HUJDPRQ([FDYDWLRQDQGUHVWRUDWLRQZRUNLVRQJRLQJ
$QLPSRUWDQWKHDOWKFDUHFHQWUHLQDQFLHQWWLPHV$VFOHSLRQVLWXDWHGWR
WKHVRXWKZHVWRI3HUJDPRQWKH$FURSROLVORFDWHGLQWKHILUVWVHWWOHPHQW
RQDVWHHSKLOODWDKHLJKWRIPDQGWKH7HPSOHRI6HUDSLV5HG
&RXUW\DUGGDWLQJEDFNWRWKHQGFHQWXU\DOOFRQWULEXWHVLJQLILFDQWO\WR
WKHORFDOFXOWXUDOKHULWDJH
7KHIDPRXV$OWDURI=HXVZKLFKZDVRULJLQDOO\LQWKH$FURSROLVZDVWDNHQ
WR*HUPDQ\LQDQGLWLVSUHVHQWO\RQH[KLELWLRQDWWKH3HUJDPRQ
0XVHXPLQ%HUOLQ
%HUJDPDLVDORYHO\GLVWULFWIDPRXVIRULWVEHDXW\VSDV.R]DN3ODWHDXVHD
FRQQHFWLRQWR$\YDOÀNDQGDGYDQFHGOHYHOVRIZHDYLQJDQGUXJSURGXFWLRQ
,QDGGLWLRQWRLWVSRVLWLRQDVDQLPSRUWDQWFLW\ZLWKPDJQLILFHQW
PRQXPHQWVDVDFDSLWDORIDNLQJGRPEHDULQJWKHVDPHQDPHLQWKH
DQFLHQWSHULRGWKHFLW\ZDVDOVRDQLPSRUWDQWVWUDWHJLFFHQWUHLQWKH
0HGLHYDO3HULRGDFDSLWDOIRU.DUHVLR¾XOODUÀ3ULQFLSDOLW\DQGILQDOO\RQHRI
WKHOHDGLQJFHQWUHVRIWKH2WWRPDQ(PSLUH
$FURSROLV
7KHDFURSROLVOLWHUDOO\PHDQLQJÙDKLJKFLW\ÚZDVEXLOWRQWRSRIDYHU\
VWHHSKLOO$ZLQGLQJSDWKSURYLGHVDFFHVVWRWKLVKLOOWKDWLVDERXW
PHWHUVKLJK7KHPRVWGLVWLQFWLYHIHDWXUHRIWKHDFURSROLVZDVWKHVSHFLDO
OD\RXWJLYHQWRDVHULHVRIEXLOGLQJVWKDWDFFRPPRGDWHGDQ\UHOLJLRXV
PLOLWDU\JRYHUQPHQWDOVRFLDODQGFRPPHUFLDOXVDJH+DYLQJVHUYHGDV
DVHWWOHPHQWVLQFHDQFLHQWWLPHVWKHWRSRIWKHKLOODFFRPPRGDWHVWKH
3DODFHVRIWKH.LQJVRI3HUJDPRQILYHZDWHUGHSRWVDQGDQDUPRXU\
VXSSOLHVFKDPEHU
7KH7HPSOHRI$WKHQDLVORFDWHGLQWKHORZHUVHFWLRQRIWKHEXLOGLQJV,Q
DGGLWLRQWKHUHDUHOLEUDULHVDQGWKH7HPSOHRI7UDMDQ7KH$OWDURI=HXV
ZDVEXLOWZLWKPXFKFDUHDQGSUHFLVLRQRQWKHWHUUDFHEHQHDWKWKHP
7KLVVLWHLVDOVRKRPHWRRQHRIWKHVWHHSHVWWKHDWUHVLQWKHZRUOG$
*\PQDVLXP6SRUWV6FKRRODQGWKH7HPSOHRI'HPHWHUDUHVLWXDWHGLQ
WKHORZHVWVHFWLRQ
7HPSOHRI$WKHQD
%XLOWRQDWHUUDFHRQWRSRIWKHWKHDWUHWKH7HPSOHRI$WKHQDLVD
VWUXFWXUHLQ'RULFVW\OHZLWKFROXPQVRI[P2QO\VRPHSLHFHV
IURPWKHIRXQGDWLRQVRIWKHWHPSOHKDYHVXUYLYHGWRWKHSUHVHQWGD\
DOWKRXJKLWVZHVWHUQZLQJXSWRDKHLJKWRIPKDVEHHQSUHVHUYHG
3HUJDPRQ0XVHXPRI%HUOLQSUHVHQWO\H[KLELWVWKHFROXPQVDQGIURQWDO
VHFWLRQVRIWKHWHPSOH7KHIDFWWKDWWKHPRVWVLJQLILFDQWWHPSOHLQWKH
FLW\ZDVGHYRWHGWRWKH*RGGHVV$WKHQDUHIOHFWVWKHGHHSURRWHGWUDGLWLRQ
7HPSOHRI7UDMDQ
LQZHVWHUQ$QDWROLD7KLVZDVWKHFDVHLQPDQ\RWKHUDQFLHQW
FLWLHVVXFKDV$VVRV(U\WKUDL3KRFDHD6\PUQDDQG0LOHWXV
7KH7HPSOHRI$WKHQDZDVWKHROGHVWWHPSOHEXLOWLQDQFLHQWWLPHVDQG
ZDVEXLOWLQFRPPHPRUDWLRQRIWKH*RGGHVV$WKHQDWKHPHVVHQJHURI
YLFWRU\ZKRZDVEHOLHYHGWREHWKHSURWHFWRURIVFLHQFHDUWVDQGFLWLHV
7KHUHLVDQLQVFULSWLRQRQDFROXPQSLHFHH[FDYDWHGLQWKLVORFDWLRQZKLFK
UHDGVÙ2KWKH*RGGHVVZKRZDVERUQRI7ULWRQWKHVRQRI$UWHPR
KDVHUHFWHGWKLVIRU\RXÚ$FKXUFKZDVEXLOWRQWKHWHPSOHVLWHLQWKH
%\]DQWLQH3HULRGWKFHQWXU\
3HUJDPRQ/LEUDU\
7KLVEXLOGLQJZKLFKZDVWKHVHFRQGPRVWLPSRUWDQWOLEUDU\LQDQFLHQW
WLPHVDIWHUWKHOLEUDU\LQ$OH[DQGULDLVVLWXDWHGWRWKHQRUWKRIWKHVDFUHG
VLWHRI$WKHQD7KHOLEUDU\ZKLFKRULJLQDOO\ZDVDFFHVVHGWKURXJKWKH
XSSHUIORRURIWKHJDOOHU\DFFRPPRGDWHVDODUJHUHDGLQJURRPIURPWKH
HUDRI(XPHQHV,,7KHOLEUDU\ZDVHTXLSSHGZLWKVKHOYHVDQGP
KLJK6WDWXHRI$WKHQDWKDWZDVRULJLQDOO\LQWKHUHLVQRZLQWKH%HUOLQ
0XVHXP,QWKHWLPHRI(XPHQHV,,WKHFROOHFWLRQRIWKH3HUJDPRQ
/LEUDU\EHFDPHULFKHUDQGWKH$OH[DQGULD/LEUDU\ZDVLWVELJJHVWULYDO
(QMR\LQJPXFKIDPHDQGSRSXODULW\LQWKHQGFHQWXU\%&3HUJDPRQ
/LEUDU\ZDVEXLOWE\$WWDORV,7KHOLEUDU\KRXVHGWKHVWDWXHEXVWVRI
WKHKLVWRULDQ+HURGRWXVIURP+DOLFDUQDVVXVDIHPDOHSRHW6DSSKRIURP
/HVERVWKHVFKRODU$SSRORQLRXVZKRZDVWKHVRQRI3KLORWDVYHOOXP
PDNHUV.UDWHVDQG,URGLNRVDQGWKHPXVLFLDQ7LPRWKHRXVIURP0LOHWXV
'LVWXUEHGE\WKHJUDQGHXURI3HUJDPRQ/LEUDU\WKH(J\SWLDQ.LQJ
SURKLELWHGSDS\UXVH[SRUWVWR3HUJDPRQLQDQDWWHPSWWRZHDNHQWKH
FRPSHWLWLRQ+HZDQWHGWKH/LEUDU\LQ$OH[DQGULDWREHXQULYDOOHG.UDWHV
DQDUWLVWIURP6DUGHVRIIHUHGDVROXWLRQWRWKLVSUREOHP7KHPDWHULDOKH
PDGHIURPJRDWOHDWKHUZDVFDOOHG3HUJDPRQ3DSHU3HUJDPLQDH&KDUWH
DQGWKLVZDVVXFFHVVIXOO\XVHGLQSODFHRISDS\UXV7KLV3HUJDPRQ3DSHU
ZKLFKZDVDYHU\LPSRUWDQWLQYHQWLRQODWHUEHFDPHNQRZQDVYHOOXP
7KHLQYHQWLRQRIYHOOXPOHGWRDULFKOLWHUDU\FROOHFWLRQLQ3HUJDPRQ:KHQ
WKHFLW\FDPHXQGHUWKHUXOHRI5RPHLQ%&WKHZRUNVIURPWKH
3HUJDPRQ/LEUDU\ZHUHWDNHQWR$OH[DQGULDDQGJLYHQWRWKH(J\SWLDQ
4XHHQ&OHRSDWUDDVDJLIWIURP$QWRQLXVLJQRULQJWKH5RPDQVFKRODUV
ZKRZLVKHGWRREWDLQWKHP
3DODFHV
7KHUXLQVRIWKH3HUJDPRQ.LQJV×SDODFHVOLHLPPHGLDWHO\WRWKHHDVWRI
WKHOLEUDU\DQGÙH\YDQÚVWKUHHZDOOHGYDXOWHGDQWHFKDPEHURSHQDWWKH
IURQWVXUURXQGLQJWKH7HPSOHRI$WKHQD
$UVHQDOV
7KH$UVHQDOVNQRZQDVÙWKHGHSRWIRUPLOLWDU\VXSSOLHVÚZHUHORFDWHG
EH\RQGWKHSDODFHVDQGWKH7HPSOHRI7UDMDQRQWKHQRUWKHUQHGJHRIWKH
DFURSROLV7KHVHDUHILYHORQJVWUXFWXUHVSDUDOOHOWRHDFKRWKHU
3HUJDPRQ7KHDWUH
7HPSOHRI7UDMDQ
7KHWHPSOHZDVEXLOWIRUWKH
5RPDQ(PSHURU7UDMDQZKRZDV
GHLILHGE\WKH5RPDQVDQGLWZDV
EXLOWRQWKHKLJKHVWWHUUDFHLQWKH
DFURSROLV7KHWHPSOHUHDFKLQJD
VL]HRI[PZDVVXUURXQGHG
RQWKUHHRILWVVLGHVE\WKH
ÙH\YDQÚV7KHJLDQWPDUEOHVWDWXHV
RI7UDMDQDQG+DGULDQZHUHIRXQG
LQVLGHWKH7HPSOH7KH7HPSOH
ZDVUHVWRUHGLQ
7KHDWUH
3HUJDPRQ7KHDWUHVHWRQD
VWHHSVORSHLVRQHRIWKHPRVW
EHDXWLIXODUFKLWHFWXUDOZRUNVIURP
WKHSHULRG7KHWKHDWUHZKLFKLV
WKHVWHHSHVWWKHDWUHLQ:HVWHUQ
$QDWROLDKDVDWKRXVDQGVHDW
FDSDFLW\7KHSRUWDEOHZRRGHQ
VWDJHEXLOGLQJLVXQLTXHVHWXS
RQO\RQSHUIRUPDQFHGD\VDQG
UHPRYHGRQFHWKHSHUIRUPDQFH
HQGHG
7HPSOHRI'LRQ\VRV
,QWKHQGFHQWXU\WKHLQKDELWDQWV
RI3HUJDPRQEXLOWWKLVH\HFDWFKLQJ
WHPSOHRQWKHQRUWKRIWKHP
WKHDWUHWHUUDFHDQGSRVLWLRQHG
LWLQVXFKDZD\WKDWDYLHZRYHU
WKHZKROHDUHDZDVSRVVLEOH7KH
WHPSOHDQGWKHDOWDUDUHERWK
LQDZHOOSUHVHUYHGFRQGLWLRQ
5LVLQJXSRQDSRGLXPDQGEXLOW
DFFRUGLQJWRWKH,RQLDQGHVLJQLW
LVDULFKO\GHFRUDWHGWHPSOH7KLV
ZRUNQRWRQO\DIIHFWHG5RPDQ
DUWLVWLFXQGHUVWDQGLQJEXWDOVRKDG
UDPLILFDWLRQVRQ(XURSHDQ%DURTXH
DUFKLWHFWXUH$WWKHHQGRIDORQJ
URDGWKLVPRQXPHQWKDVEHFRPH
DZRUNRIDUWWKDWKDVDWWUDFWHG
HQRUPRXVLQWHUHVW
7HPSOHRI=HXV
7KHWHPSOHZDVGHGLFDWHGWRWKH
*RG=HXVLQFRPPHPRUDWLRQRI
WKHYLFWRU\RI$WWDORV,,DJDLQVW
WKH*DODWLDQVGXULQJWKH3HULRGRI
(XPHQHV,,Ô%&,QKLV
ERRNWLWOHGÙ:RQGHUVRIWKH:RUOGÚ
/$PSHOLXVDIDPRXV5RPDQ
ZULWHUVD\VDERXWWKLVPDJQLILFHQW
DOWDUÙ7KHUHLVDJLDQWPDUEOHDOWDU
LQ3HUJDPRQZKLFKLVIRUW\IHHW
KLJKDQGGHFRUDWHGZLWKVSOHQGLG
UHOLHIV,WGHSLFWVWKHZDUEHWZHHQ
WKHJRGVDQGWKHJLDQWVÚ,WLVD
YHU\LPSUHVVLYHSLHFHRIZRUN
ZLWKLWVDUFKLWHFWXUDOVW\OHWKH
P\WKRORJLFDOVXEMHFWVFRYHUHGWKH
KHLJKWRIWKHUHOLHI×VDQGWKHJLDQW
OLNHGLPHQVLRQVRIWKHVWUXFWXUH
$JRUD
7KHXSSHUDJRUDLVORFDWHGWR
WKHVRXWKRIWKH$OWDURI=HXV
'HGLFDWHGWR+HUPHVWKH*RGRI
0HUFKDQWVWKHDJRUDZDVEXLOWLQ
WKH'RULFVW\OH7KHIRXQGDWLRQVRI
WKH7HPSOHRI'HPHWHUDUHYLVLEOH
RQWKHZHVWHUQHGJHRIWKHVTXDUH
ZLWKDVQDNHZRXQG
DURXQGLW$PRQJWKHKLVWRULFDO
EXLOGLQJVRIWKH$VFOHSLRQWHPSOHV
GHGLFDWHGWRWKHKHDOWKJRG
$VFOHSLXVFDQEHIRXQG7KHVLWHLV
RQHRIWKHPRVWIDPRXVKHDOWKFDUH
FHQWUHVGLVFRYHUHGDQGLQGHHGLVD
IDVFLQDWLQJSODFHIRUSHRSOHWRYLVLW
+LVWRULFDOVRXUFHVGHILQHWKHKHDOWK
FDUHFHQWUHEXLOWE\$UNLDVWKHVRQ
RI$ULVWRKPLQRVIURP3HUJDPRQ
LQWKHWKFHQWXU\%&DVÙWKH
,QWKHFLW\RI3HUJDPRQWKUHH
VSOHQGLGJ\PQDVLXPVZHUHEXLOWRQ ORFDWLRQZKHUHGHDWKLVSURKLELWHG
WKUHHVHSDUDWHWHUUDFHVDOOLQDURZ DQGZLOOVDUHQHYHURSHQHGXSÚ
7UHDWPHQWPHWKRGVWKDWDUH
,WLVXQGHUVWRRGIURPLQVFULSWLRQV
HPSOR\HGLQPRGHUQWLPHVLQFOXGHG
XQFRYHUHGWKDWWKHORZHUWHUUDFHV
VXFKSUDFWLVHVDVWKHXVHRI
ZRXOGKDYHEHHQXVHGE\FKLOGUHQ
DQGWKHFHQWUDODQGXSSHUWHUUDFHV KHDOLQJZDWHUVPXGEDWKVVSRUWV
ZHUHDOORFDWHGWR\RXWKVDQGDGXOWV WKHDWUHDQGSV\FKRWKHUDS\DQG
WKHVHZHUHFDUULHGRXWLQWKHFHQWUH
UHVSHFWLYHO\
DFFHVVHGE\DFROXPQHGVWUHHW
%XLOWDSSUR[LPDWHO\LQWKH\HDU
$VFOHSLRQ
DQGEXLOWIURPGRQDWLRQVUHFHLYHG
VLWXDWHGLPPHGLDWHO\WRWKHOHIW
/HJHQGKDVLWWKDW&RURQLVWKH
ZDVWKH7HPSOHRI$VFOHSLRQ+HUH
GDXJKWHURIWKH.LQJRI7KHVVHOLD
WUHDWPHQWXVLQJZDWHUVRXQGVZDV
IHOOLQORYHZLWKDPDQZKHQVKH
ZDVFDUU\LQJWKH*RG$SROOR×VFKLOG HPSOR\HGDVLWZDVVXJJHVWHG
WKDWWKLVZDVEHQHILFLDOWRSDWLHQWV×
/HDUQLQJRIWKLV$SROORSXQLVKHG
UHFRYHU\
&RURQLVE\EXUQLQJKHUWRGHDWK
+RZHYHUEHIRUHGRLQJVRKHVDYHG
,WLVVDLGWKDWWKHILUVWWHPSOHWR
WKHFKLOGLQKHUZRPEZKRZDV
EHFRPH3HUJDPRQ×V$VFOHSLRQZDV
ODWHUWREHQDPHG$VFOHSLXV7KH
EXLOWRQDURFN\VLWHQHDUDVDFUHG
FKLOGZDVSXWLQWRWKHFXVWRG\RI
IRXQWDLQLQWKH$\YD]DOLORFDWLRQ
+RUVH0DQ.KHULRQVRKHFRXOG
6RXUFHVVD\WKDWWKH$VFOHSLRQ
UDLVHWKHFKLOG.KHULRQPDGHKLV
UHDFKHGDFRQVLGHUDEOHVWDWHRI
OLYLQJXVLQJKHDOLQJZDWHUVDQG
GHYHORSPHQWDQGWKHFLW\ZDV
KHUEVDQGDVKHUDLVHG$VFOHSLXV
GHFRUDWHGZLWKPDUEOHEXLOGLQJVLQ
KHWDXJKWKLPWKHVFLHQFHRI
WKH3HULRGRI3HUJDPRQ.LQJGRP
PHGLFLQH+RZHYHUWKHFKLHI*RG
Ô%&
=HXVZDVXSVHWE\$VFOHSLXV×
DELOLW\WREULQJWKHGHDGEDFNWR
6XIIHULQJDQXPEHURIZDUVDQG
OLIHDQGDVDSXQLVKPHQWKHNLOOHG
$VFOHSLXVE\FDVWLQJOLJKWQLQJXSRQ GHYDVWDWLRQLQWKHVXEVHTXHQW
SHULRGVWKHKLVWRULFDOFHQWUHZDV
KLP'HHSO\VDGGHQHG$SROORWRRN
UHEXLOWDQGH[SDQGHGDORQJZLWK
KLVVRQ$VFOHSLXVXSLQWRWKHVN\
3HUJDPRQEHWZHHQÔ
SODFLQJKLPDPRQJWKH]RGLDFV
%&,QWKDWSHULRGWKHUHZDVDQ
,RQLDQVW\OHPDUEOHWHPSOHULVLQJ
7KHVQDNHZKLFKLVFXUUHQWO\
RQWKHURFNVWUHDWPHQWKDOOV
XVHGDVWKHV\PERORIKHDOWKDQG
VWRQHIRXQWDLQVDQGDSRROZDV
PHGLFLQHLVRQHRIWKHV\PEROVRI
LQWKHSURFHVVRIEHLQJEXLOWWR
$VFOHSLRQ$VFOHSLXVLVGHSLFWHGDV
VXSSO\VDFUHGZDWHUWRWKHSXEOLF
DEHDUGHGPDQZHDULQJVDQGDOV
RQKLVIHHW+HLVKROGLQJDVFHSWUH +RZHYHULQ%&WKH.LQJRI
*\PQDVLXPV
3HUJDPRQr$VFOHSLRQ
%LWK\QLDORRWHG$VFOHSLRQWDNLQJ
ZLWKKLPWRKLVFRXQWU\DOOWKH
YDOXDEOHVWDWXHVDQGZRUNVRI
DUW7KLVLQFOXGHGWKH6WDWXHRI
$VFOHSLXV
7HPSOHRI6HUDSLV
3RSXODUO\NQRZQDVÙ5HG&RXUW\DUGÚ
EHFDXVHLWZDVEXLOWRIUHGEULFNV
WKLVZDVWKHODUJHVWEXLOGLQJLQ
DQFLHQW3HUJDPRQDQGWKHWHPSOH
,QWKHSHULRGRIWKH3HUJDPRQ.LQJ ZDVGHGLFDWHGWRWKH(J\SWLDQ
$WWDORV,,,WKH$VFOHSLRQ+HDOWK
JRGV7KLVWHPSOHLVSUHVHQWO\
&HQWUHZDVFDOOHGÙ7KH5R\DO6DFUHG ORFDWHGLQWKHDQFLHQWFLW\RI
3ODFHÚ$VWDWXHRIWKHNLQJZDV
3HUJDPRQ
SODFHGQH[WWRWKHVWDWXHRIWKH
JRGDQGDQLPDOVZHUHVODXJKWHUHG 8OX0RVTXH
DQGJLYHQDVVDFULILFHVWRKLP
$VFOHSLRQUHJDLQHGLWVLPSRUWDQFH
/RFDWHGRQWKHOHIWEDQNRI
LQWKHVHFRQGKDOIRIWKHILUVW
%HUJDPD6WUHDPDQGDWWKHVWDUW
FHQWXU\%&ZLWKFRUULGRUV
RIWKHURDGOHDGLQJWR7HNNH%R¾D]À
SRROVDQGWUHDWPHQWDUHDVEHLQJ
3DVVWKH8OX0RVTXHZDVEXLOWLQ
VXSSOHPHQWHGEHWZHHQDQG
Ô7KHPRVTXHLVEDVHG
%&7KH2UDWRU$ULVWLGHVD
RQDUHFWDQJXODUGHVLJQVWUXFWXUH
PDMRUVRXUFHIRUKLVWRULDQVDUULYHG
LQ3HUJDPRQLQWKHQGFHQWXU\
ÃDGÀUYDQ0RVTXH
DQGLVTXRWHGDVVD\LQJDERXW
WKH$VFOHSLRQÙ,RZHP\KHDOWK
7KHPRVTXHLVVLWXDWHGQH[WWR
HQWLUHO\WR\RX$VFOHSLXVDQG,DP
WKH6HOMXN0LQDUHWLQWKHORFDWLRQ
WLHGWR\RXE\DP\VWHULRXVORYHÚ
WKDWLVQDPHGDIWHULW7KHPDUEOH
$FRORVVDOHDUWKTXDNHLQWKHUG
LQVFULSWLRQRQWKHGRRUVWDWHVWKDW
FHQWXU\GHYDVWDWHGWKHEXLOGLQJV
LWZDVEXLOWE\+DFÀ+DGML+DVDQ
7KH7HPSOHRI$VFOHSLRQZDVXVHG
WKHVRQRI2VPDQLQ,WLV
DVDFKXUFKIROORZLQJWKHVSUHDGRI XQGHUVWRRGWKDWWKHÙÄDGÀUYDQÚ
&KULVWLDQLW\
?
'LG\RXNQRZ"
7XUNH\VHUYHGDVDVDIHVDQFWXDU\IRUSHRSOHOHDYLQJWKHLUFRXQWULHV
GXULQJ:RUOG:DU,,
7KHDQFLHQWQDWLYHVRI)R¤DIRXQGHGPDQ\FRORQLHV$PRQJWKHPWKHPRVW
IDPRXVDUHÙ9HOLDÚLQ,WDO\Ù$PSXULDVÚLQ6SDLQDQGÙ0DUVHLOOHÚLQ)UDQFH
IRXQWDLQXVHGIRUULWXDODEOXWLRQVDQGXVXDOO\ORFDWHGLQWKH
PLGGOHRIDPRVTXHFRXUW\DUGIRXQGLQWKHFRXUW\DUGZDVEXLOWE\
%HUJDPD9RLYRGH$EGXOODK$JDLQ
6HOMXN0LQDUHW
7KHPLQDUHWLVQH[WWRÃDGÀUYDQ0RVTXH7KHPDLQEXLOGLQJÙWKH$UDE
0RVTXHÚIHOOGRZQDQGRQO\LWVPLQDUHWKDVVXUYLYHGWRWKHSUHVHQW
GD\,WLVDOVRFDOOHGÙ*¹G¹N0LQDUHÚ6TXDW0LQDUHWDQGلLQLOL0LQDUHÚ
0LQDUHWZLWK7LOHV7KHVW\OHDQGGHFRUDWLRQRIWKHEXLOGLQJSURYHWKDW
WKHPLQDUHWLVD6HOMXNEXLOGLQJ
2WKHUKLVWRULFDOEXLOGLQJVLQ%HUJDPDLQFOXGH.XUÄXQOX0RVTXH+DFÀ
+HNLP0RVTXHDWWKHED]DDUDQGDPRVTXHRQWKHURDGOHDGLQJWR
$VFOHSLRQWKH<HQL1HZ0RVTXHDQG(PLU6XOWDQ0LQDUHW
„XNXU+DQ
%DVHGRQLWVFRQVWUXFWLRQVW\OHWKH+DQFDUDYDQVHUDLODUJHFRPPHUFLDO
EXLOGLQJLVEHOLHYHGWRKDYHEHHQEXLOWLQWKHWKRUWKFHQWXULHV
7DÄ+DQ
7KH+DQLVDGMDFHQWWR.¹SO¹KDPDPEDWKVRQ5¹ÄWL\H0HNWHEL6WUHHW
$FFRUGLQJWRWKHLQVFULSWLRQRQLWVGRRULWZDVEXLOWE\+LEH\WXOODKWKHVRQ
RI+DWLS0DKPXWLQWKHWLPHRI6XOWDQ0XUDWLQ7KHVSDFHZKHUHWKH
LQVFULSWLRQZDVIRXQGGLVSOD\HGDSROLVKHGVWRQHDQGWKHUHZDVD7XUNLVK
VW\OHORZDUFKZLWKVWRQHV0DUEOHSODWHVZHUHSODFHGEHORZLW
.R]DN3ODWHDX
.R]DN3ODWHDXORFDWHGNPIURP%HUJDPDLVDFFHVVLEOHYLDWKH
URDGUXQQLQJEHWZHHQ%HUJDPDDQG$\YDOÀN,WLVDVLJKWSDUWLFXODUO\
UHFRPPHQGHGIRUKLNLQJHQWKXVLDVWVDQGSHRSOHZLWKLQLQWHUHVWLQWKH
ORFDOZRYHQSURGXFWV
%HUJDPD.Ü]ÜODYOX5HG%DVLOLFD
+RXVHVRI%HUJDPD
%HDXW\6SD
+RXVHVRI%HUJDPD
7KH%HDXW\6SDVLWXDWHGNPIURP
%HUJDPDKDVDGRPHGURRIDQGLV
KRPHWRWZRPDUEOHSRROVZLWKKRW
VSULQJV7KHVSDEXLOWLQWKHSHULRG
RIWKH3HUJDPRQ.LQJ(XPHQHV
HQMR\HGIRUFHQWXULHVDORQJODVWLQJ
UHSXWDWLRQDVÙ(VN¹ODS%DWKVÚ
$WSUHVHQWWKHKRWVSULQJVFDQ
EHIRXQGLQDZRRGHGDUHDDYHU\
LPSUHVVLYHQDWXUDODWWUDFWLRQ
+RXVHVLQ%HUJDPDSRVVHVV
VSHFLDOIHDWXUHVWKDWDUHDKHOS
LQFRQWUROOLQJWKHKHDW7KLVLV
GXHWRWKHLUWKLFNRXWHUZDOOV
LQWHULRUGHVLJQSODQDQGZLQGRZ
VL]H$WUDGLWLRQDO7XUNLVKKRXVH
RQWKHXSSHUIORRUKDVQRH[WHULRU
H[SRVXUHDQGORZHUDQGXSSHU
IORRUVDUHXVXDOO\RIWKHVDPHVL]H
$VPDOOQXPEHURIKRXVHVSURYLGH
DQH[FHSWLRQWRWKLVIHDWXUHKDYLQJ
DÙFXPEDÚZRRGHQODWWLFHZRUN
SURMHFWLRQH[WHQGLQJIURPWKH
ZLQGRZDQGSURMHFWLRQVLQWKH
IRUPRIEDOFRQLHVZKLFKDUHVSHFLILF
WRWKHDUFKLWHFWXUHRQWKH,VODQGRI
&KLRV/HVERV
7KHZDWHUWHPSHUDWXUHRIWKH
KRWVSULQJVLVDERXWo&7KH
VSDZDWHUFRQWDLQLQJVRGLXP
ELFDUERQDWHDQGVXOSKDWHKDV
KHDOLQJHIIHFWVHVSHFLDOO\IRU
UKHXPDWLVPQHXUDOJLDDQGKHDUW
FRQGLWLRQV,WLVUXPRXUHGWKDWLQ
DQFLHQWWLPHV&OHRSDWUDEDWKHGLQ
WKHVHKRWVSULQJVDGGLQJWRKHU
EHDXW\DQGFKDUP
?
'LG\RXNQRZ"
7KH$QDWROLDQSRSXODWLRQVLQFHDQFLHQWWLPHVKDVXVHGZULWLQJ7KHPRVW
DQFLHQWEDNHGLQVFULEHGWDEOHWVXQHDUWKHGDW.¹OWHSH.DUXPLQ.D\VHUL
ZKLFKZDVRQHRIWKHPDMRUFHQWUHVIURPWKH$JHRIWKH$VV\ULDQ7UDGH
&RORQLHVGDWHEDFNWR%&
%HUJDPD$UFKDHRORJLFDO
0XVHXP
7KH$UFKDHRORJLFDODQG
(WKQRJUDSKLFDO0XVHXPRULJLQDOO\
EXLOWLQZDVUHORFDWHGWR
DPRGHUQEXLOGLQJZKLFKZDV
FRQVWUXFWHGZLWKFRQWULEXWLRQV
IURPWKH*HUPDQ$UFKDHRORJLFDO
,QVWLWXWHLQ7KHPXVHXP
SURXGO\H[KLELWVPRUHWKDQ
WKRXVDQGDUWHIDFWVFRPSULVLQJ
PDLQO\RIDUFKDHRORJLFDODQG
HWKQRJUDSKLFDOZRUNVDQGDQFLHQW
FRLQV7KHDUFKDHRORJLFDODUWHIDFWV
GDWHWRWKH%URQ]H$JHWKH
$QFLHQWDQG&ODVVLFDO3HULRGVWKH
HUDVRI$OH[DQGHUWKH*UHDWDQGKLV
JHQHUDOVDQG5RPDQDQG%\]DQWLQH
WLPHV7KHHWKQRJUDSKLFDOZRUNV
EHORQJWRWKH2WWRPDQHUDDQG
WKHLUUHODWHGPDWHULDOVFDPHIURP
WKH%HUJDPDUHJLRQ
SDUWLFXODUO\IRULWVUXJV
7KHPDLQSURGXFWVZKLFKDUHZRYHQ
ORFDOO\LQFOXGHEHGVKHHWVWH[WLOHV
IRUVKLUWSURGXFWLRQGHOLFDWHFRWWRQ
ZRYHQDUWLFOHVZRROVDGGOHEDJV
SUD\HUUXJVUXJVDQGFDUSHWV
$OOLDQRL
$SULQFHVVDPRQJVWVSDV
$OOLDQRL+HDOWK&HQWUHZDVEXLOW
NPQRUWKHDVWRI%HUJDPD
ZKHUHE\WKHWKHUPDOZDWHUVZHUH
PDGHDYDLODEOHWRWKHORFDOLW\
([FDYDWLRQZRUNXQGHUZD\DWDQ
DQFLHQWVHWWOHPHQWRQWKHEHG
RI<RUWDQOÀ'DPDLPVDWUHVFXLQJ
DUFKDHRORJLFDODUWHIDFWV7KHVH
LPSRUWDQWH[FDYDWLRQVDQG
HVSHFLDOO\WKHGLVFRYHU\RIWKH
LQYDOXDEOHÙ6WDWXHRI$SKURGLWHÚ
KDYHFRQWULEXWHGVLJQLILFDQWO\
WRZDUGVDJUHDWHUXQGHUVWDQGLQJ
RIWKHFLW\,WLVEHOLHYHGWKDW
K\GURWKHUDS\ZDVZLGHO\SUDFWLFHG
2XWVLGHLQWKHPXVHXP×VJDUGHQ
LQ$OOLDQRLFRQVLGHUHGRQHRIWKH
JUDYHVWRQHVDQGVDUFRSKDJLDUH
OHDGLQJKHDOWKFDUHFHQWUHVLQWKH
H[KLELWHG7KHLQWHULRUFRXUW\DUG
DQFLHQW$HJHDQEDVLQ$OOLDQRLZDV
H[KLELWVDUFKLWHFWXUDOSLHFHVORZ
DVPDOOKHDOWKFDUHFHQWUHLQWKH
QGFHQWXU\%&,QWKHQGFHQWXU\
UHOLHIVJLDQWVWDWXHVDQGVWRQH
LQVFULSWLRQVLQDFKURQRORJLFDORUGHU XQGHUWKHUHLJQRIWKH5RPDQ
(PSHURU+DGULDQLWSURVSHUHGLQWR
DVSOHQGLGVHWWOHPHQWDQGKHDOWK
:HDYLQJLVYHU\DGYDQFHGLQ
FDUHFHQWUH
%HUJDPDDFKLHYLQJUHFRJQLWLRQ
%HUJDPD$UFKDHRORJLFDO0XVHXP
$SKURGLWHr$OOLDQRL
7KHFHQWUHZDVXVHGZLWKRXWLQWHUUXSWLRQXQWLOWKHWKFHQWXU\7KH
5RPDQ%ULGJHDQG%DWKORFDWHGLQWKLVDUHDKDYHVXUYLYHGWRWKHSUHVHQW
GD\
)OLQWWRROVSURYLQJWKHH[LVWHQFHRISUHKLVWRULFFXOWXUHVZHUHDOVR
XQHDUWKHGLQWKHH[FDYDWLRQV,QDGGLWLRQRWKHULWHPVEURXJKWWROLJKW
WKDQNVWRWKHH[FDYDWLRQVLQFOXGHVFDOHVVDXFHSDQVIU\LQJSDQVDQG
ZHLJKWXQLWVFRRNLQJXWHQVLOVZKLFKUHIOHFWWKHODWHDQFLHQWFXLVLQHDEXVW
RI$VFOHSLXVWKH*RGRI0HGLFLQHLQWKHDQFLHQW*UHHNDQG5RPDQZRUOG
PRVDLFVIURP5RPDQEDWKVYDVHVVHFWLRQVRIDQXQGHUSDVVDQGSDUWVRI
DQDQFLHQWVHWWOHPHQW
7KHUHDUHVHYHUDORWKHUDQFLHQWVHWWOHPHQWVLQ¿]PLUDQGLWVHQYLURQV7KH
PRVWQRWHZRUWK\DUH3HUSHQHRQ.R]DN3ODWHDXLQ%HUJDPD$WWHUQHXVLQ
'LNLOL/HEHGRVLQ*¹P¹OG¹U™UNPH]DQG+\SDLDQHDU“GHPLÄ
Bergama
¿]PLU(DVW
¡DNÜUDðD0DQVLRQ
.HPDOSDáD
6LWXDWHGNPIURP¿]PLU.HPDOSDÄD'LVWULFWKDVDSDVWGDWLQJEDFNWR
DSSUR[LPDWHO\%&$KRPHWRPDQ\FLYLOL]DWLRQVUDQJLQJIURPWKH$NNDGV
DQG+LWWLWHVWRWKH6HOMXNVDQG2WWRPDQV.HPDOSDÄDVHUYHGDVDVWRSRYHUSRLQW
RQWKHFDUDYDQURXWHEHWZHHQWKHFLWLHVRI6DUGLVDQG,RQLDGXULQJWKH+HOOHQLF
5RPDQDQG%\]DQWLQHSHULRGV&DOOHG1\PSKDLRQLQDQFLHQWWLPHV.HPDOSDÄD
'LVWULFWLVSUHVHQWO\ORFDWHGDWDKHLJKWRIPVNLUWLQJ0RXQW1LI
$W.DUDEHO3DVVLQ.HPDOSDÄDWKHUHLVD+LWWLWHUHOLHI2QWKH7RUEDOÀURDG
NPWKLV/XZLDQZDUULRUILJXUHLQRWKHUZRUGVD+LWWLWHPLOLWDU\UHOLHIFDQ
EHVHHQ7KLVUHOLHILVRIJUHDWDUFKDHRORJLFDOLPSRUWDQFHVLQFHLWLVNQRZQWR
EHWKHRQO\DUWHIDFWIURPWKH+LWWLWHVLQWKH$HJHDQUHJLRQÙ0DLGHQ7RZHUÚRU
Ù.À].XOHVLÚDVORFDOO\FDOOHGZKLFKLVWKHKLVWRULFDOV\PERORI.HPDOSDÄDDQG
LQVSLUDWLRQIRUVRPDQ\OHJHQGVZDVEXLOWRULJLQDOO\DVDSDODFHLQWKH%\]DQWLQH
3HULRG
.HPDOSDÄDLVNQRZQWKURXJKRXWWKHZRUOGIRULWVFKHUULHVDQGSLQHIRUHVWV
9LVLWRUVFDQWDNHDWULSWRWKHEHDGPDQXIDFWXULQJZRUNVKRSVLQWKH9LOODJH
RI.XUXGHUHWDVWHNRXPLVVIHUPHQWHGPDUH×VPLONDWWKH$ODÄ.RXPLVV
3URGXFWLRQ)DUPDQGGHOLFLRXV$VLDQ7XUNLVKPHDODQGSHUKDSVHQMR\D
KRUVHEDFNWULSLQDEHDXWLIXOQDWXUDOVHWWLQJLQ.HPDOSDÄD
¬GHPLá
7KHUXLQVRIWKHDQFLHQWFLW\RI+\SDLDSDH[FDYDWHGWRWKHQRUWKRI“GHPLÄ
'LVWULFWDQGORFDWHGNPHDVWRI¿]PLUGHPRQVWUDWHWKDWWKHKLVWRU\RI
WKHORFDOVHWWOHPHQWGDWHVEDFNWRDQFLHQWWLPHV7KHKLVWRULFDOVLJQLILFDQFH
RI“GHPLÄDQGLWVHQYLURQVRULJLQDWHVIURPDQHDUE\VHWWOHPHQW%LUJLZKLFK
IXQFWLRQHGDVWKHFDSLWDOLQWKH$\GÀQR¾XOODUÀHUD%LUJLLVDWRZQOLQNHGWR
WKH“GHPLÄ'LVWULFWNPIURPWKHGLVWULFWFHQWUHDQGDWRZQWKDWKDV
PDQDJHGWRSUHVHUYHLWVRULJLQDOLW\6HOHFWH[DPSOHVRIWKH6HOMXNDQG2WWRPDQ
DUFKLWHFWXUHDULFKFXOWXUDOKHULWDJHFRPSULVLQJRIFLYLOLDQDUFKLWHFWXUDO
EXLOGLQJVIURPWKHWKDQGWKFHQWXULHVDQGDQDWXUDOKHULWDJHFUHDWH
FRQVLGHUDEOHWRXULVPSRWHQWLDOLQWKHDUHD%LUJLZDVLQFOXGHGDVDGHVWLQDWLRQ
LQUHOLJLRXVWRXULVPLQ,WVPDLQVLJKWVDUHWKHWKUHHIORRUHG„DNÀUD¾D
0DQVLRQZKLFKLVRQHRIWKHPRVWEHDXWLIXOH[DPSOHVRIZRRGHQ7XUNLVK
KRXVHV¿PDPÀ%LUJLYL0DGUDVDWKHRORJLFDOVFKRRODWWDFKHGWRDPRVTXHDQG
6XOWDQÃDK7RPE,QDGGLWLRQYLVLWRUVDUHVWURQJO\UHFRPPHQGHGWRSD\DYLVLW
WRWKHIDPRXVED]DDULQ“GHPLÄKHOGHYHU\6DWXUGD\DQGWDVWHWKHGHOLFLRXV
“GHPLÄ.HEDE
%R]GD¾*³OF¹N
%R]GD¾ODUPRXQWDLQVORFDWHGLQ“GHPLÄDUHDQLGHDOYHQXHIRUQDWXUHZDONV
DQGUHFUHDWLRQDVZHOODVIRUPRXQWDLQHHULQJDQGVNLLQJLQZLQWHU,QDGGLWLRQ
SDUDJOLGLQJLVDYDLODEOHDOO\HDUURXQG
?
'LG\RXNQRZ"
7KH$QDWROLDQWHUULWRULHVZKLFKDUHVXUURXQGHGE\WKH%ODFN6HDLQWKH
QRUWKE\WKH$HJHDQ6HDLQWKHZHVWDQGE\WKH0HGLWHUUDQHDQ6HDLQ
WKHVRXWKKDVEHHQDPHHWLQJSRLQWIRUQXPHURXVFXOWXUHVDQGEHOLHIV
IRUPRUHWKDQWKRXVDQG\HDUV
&8/785$/+(5,7$*(,6)5$*,/(
7KHZRUOG×VFXOWXUDOKHULWDJHLVOLNHDELJSX]]OH(DFK
PRQXPHQWHDFKREMHFWLVDQLUUHSODFHDEOHSDUWRIWKH
RYHUDOO3LFWXUHZKLFKJLYHVXVLQVLJKWLQWRRXURULJLQVRXU
GHYHORSPHQWDQGRXUOLYHVWRGD\,WKHOSVXVWRXQGHUVWDQG
DQGDSSUHFLDWHRWKHUFXOWXUHV(DFKGLVFRYHU\HDFKQHZ
LQWHUSUHWDWLRQDGGVWRWKHSX]]OHDQGPDNHVWKHSLFWXUH
FOHDUHU:HPXVWHQVXUHWKHSURWHFWLRQRIHYHU\VLQJOH
SLHFHWRGD\VRWKDWIXWXUHJHQHUDWLRQVPD\KDYHWKH
RSSRUWXQLWLHVWRHQMR\WKHSX]]OH
0DQ\SHRSOHDUHQRWDZDUHWKDWRXUFXOWXUDOKHULWDJHLV
XQGHUVWUHVVIURPQDWXUDOGLVDVWHUVVXFKDVHDUWKTXDNHV
DQGIORRGVDQGIURPVORZHUDFWLQJSURFHVVHVVXFKDV
SROOXWLRQRUKXPDQDFWLRQV(YHQWKHPRVWLQQRFHQW
JHVWXUHVVXFKDVFROOHFWLQJDQFLHQWSLHFHVRISRWWHU\
RUPRVDLFVDVVRXYHQLUVKDYHDGHVWUXFWLYHLPSDFWLI
UHSHDWHGE\WKRXVDQGV7RXFKLQJDQREMHFWRIVWRQHPHWDO
RUWH[WLOHOHDYHVWUDFHVRIJUHDVHDFLGRUVZHDWRQLWV
VXUIDFH&OLPELQJDPRQXPHQWZHDUVGRZQWKHVWUXFWXUH
XQGHUQHDWKDQGFDQGLVPDQWOHLW:ULWLQJRUHQJUDYLQJ
QDPHVLQIOLFWVSHUPDQHQWGDPDJH6WUROOLQJDURXQGQDUURZ
FURZGHGSODFHVZLWKEXON\EDJVRUEDFNSDFNVPLJKWNQRFN
RYHUDQREMHFWRUVFUDWFKDPXUDOSDLQWLQJDQGUXLQLW7KHUH
DUHFRXQWOHVVZD\VLQZKLFKRQHFDQXQNQRZLQJO\FRQWULEXWH
WRWKHGHVWUXFWLRQRIFXOWXUDOKHULWDJH
,QWKHUHZLOOEHELOOLRQYLVLWRUVSHU\HDUZRUOGZLGH
/HWXVUDLVHDZDUHQHVVRIWKLVLVVXHVRWKDWZHPD\MRLQ
WRJHWKHUWRSURWHFWDQGHQMR\WKHGLYHUVLW\DQGULFKQHVVRI
RXUFXOWXUDOKHULWDJH
,QWHUQDWLRQDO2UJDQL]DWLRQIRU&RQVHUYDWLRQRI&XOWXUDO
+HULWDJH,&&520
785.(<217+(81(6&2:25/'+(5,7$*(/,67
7KHFXOWXUDODVVHWVRI7XUNH\LQVFULEHGLQWKH:RUOG+HULWDJH/LVWDQG
SURWHFWHGE\81(6&2LQFOXGH
7KH+LVWRULF6LWHVRI¿VWDQEXO
7KH*³UHPH1DWLRQDO3DUNDQGWKH5RFN6LWHVRI&DSSDGRFLD1HYÄHKLU
'LYUL¾L8OX0RVTXHDQG+RVSLWDO6LYDV
+DWWXVKD%R¾D]N³\„RUXP
0RXQW1HPUXW$GÀ\DPDQ
;DQWKRV/HWRRQ$QWDO\D
+LHUDSROLV3DPXNNDOH'HQL]OL
6DIUDQEROX.DUDE¹N
$UFKDHRORJLFDO6LWHRI7UR\„DQDNNDOH
7XUNH\tVQDWXUDODQGFXOWXUDOSURSHUWLHVVXEPLWWHGRQWKH7HQWDWLYH/LVW
RI81(6&2
6HOLPL\H0RVTXHDQG&RPSOH[WK&HQWXU\(GLUQH
%XUVDYH&XPDOÀNÀ]ÀN2WWRPDQ8UEDQDQG5XUDO6HWWOHPHQWVWKWK
FHQWXULHV%XUVD
.RQ\D&DSLWDORIWKH6HOMXNV
$ODQ\D&DVWOHDQG6KLS\DUG$QWDO\D
¿VKDN3DÄD3DODFHWKFHQWXU\'R¾XED\D]ÀW$¾UÀ
+DUUDQYHÃDQOÀXUID6HWWOHPHQWVWK&HQWXULHVÃDQOÀ8UID
'L\DUEDNÀU&DVWOHDQG&LW\ZDOOVWK&HQWXU\'L\DUEDNÀU
0DUGLQ&XOWXUDO/DQGVFDSHWK&HQWXU\0DUGLQ
$KODW$QFLHQW6HWWOHPHQWDQG7RPEVWRQHVWKWK&HQWXULHV%LWOLV
6XPHOD0RQDVWHU\WKWK&HQWXULHV7UDE]RQ
$ODKDQ0RQDVWHU\WK&HQWXU\0HUVLQ
6W1LFKRODV&KXUFKWKWK&HQWXULHV'HPUH$QWDO\D
6W3DXO&KXUFK6W3DXO:HOODQG,WV(QYLURQV7DUVXV0HUVLQ
.HNRYD$QWDO\D
(SKHVXV6HO¤XN¿]PLU
.DUDLQ&DYH$QWDO\D
*¹OO¹N0RXQWDLQ7HUPHVVRV1DWLRQDO3DUN$QWDO\D
&28175<352),/(
2IILFLDO1DPH
5HSXEOLFRI7XUNH\
)RXQGHU
0XVWDID.HPDO$7$7™5.
'DWHRI)RXQGDWLRQ
2FWREHU
&DSLWDO
$QNDUD
/DQJXDJH
7XUNLVK
5HOLJLRQ
7KH3RSXODWLRQLV0XVOLP
$UHD
NP
&XUUHQF\
7/7XUNLVK/LUD
*HRJUDSKLFDO&RRUGLQDWHV
(DVWHUQ0HULGLDQVDQGDQG1RUWKHUQ3DUDOOHOVDQG
7LPH=RQH
,QZLQWHU2FWREHU0DUFK*07&(7DQG(6786DQGLQ
VXPPHU*07
&RDVWDOERUGHUV
0HGLWHUUDQHDQ6HDLQWKHVRXWK$HJHDQ6HDLQWKHZHVWDQG%ODFN6HD
LQWKHQRUWK
&OLPDWH
$OWKRXJK7XUNH\LVORFDWHGLQDJHRJUDSKLFUHJLRQZKHUHFOLPDWLF
FRQGLWLRQVDUHPRGHUDWHGLIIHUHQWQDWXUDOYHJHWDWLRQVDQGPRXQWDLQV
H[WHQGLQJSDUDOOHOWRWKHFRDVWOLQHVOHDGWRVLJQLILFDQWLQWHUUHJLRQDO
FOLPDWLFFRQGLWLRQV7KHUHIRUHWUDYHOHUVDUHDGYLVHGWRREWDLQLQIRUPDWLRQ
RQWKHFOLPDWHDQGZHDWKHUFRQGLWLRQVLQDGYDQFH)RULQVWDQFHDVWKH
FRDVWDOUHJLRQVKDYHDJHQWOHFOLPDWHWKH&HQWUDO$QDWROLDQ3ODWHDX
H[SHULHQFHVYHU\KRWVXPPHUVDQGYHU\FROGZLQWHUVGXHWROLPLWHG
SUHFLSLWDWLRQ
/DUJHVW&LWLHV
¿VWDQEXO$QNDUD¿]PLU$GDQD
(OHFWULFLW\1HWZRUN
7KHSRZHUUDWLQJDSSOLFDEOHWKURXJKRXW7XUNH\LV9$&+]
6WDQGDUGFRQWLQHQWDOSOXJVZLWKWZRWHUPLQDOVJURXQGHGDUHXVHG
,QWHUQDWLRQDO7HOHSKRQH&RGH
&HOO3KRQH8VH
7KHUHDUHWZRZDYHEDQGV0+]DQG0+]/RFDO*60RSHUDWRUV
KDYHSUHSDLGFDOOLQJFDUGV
3XEOLF+ROLGD\V
$SULO1DWLRQDO6RYHUHLJQW\DQG&KLOGUHQ×V'D\
0D\&RPPHPRUDWLRQRI$WDW¹UNDQG6SRUWV'D\
$XJXVW9LFWRU\'D\
2FWREHU5HSXEOLF'D\
5HOLJLRXV+ROLGD\V
5DPDGDQDQG6DFULILFH)HVWLYLWLHV7KHLUGDWHVDUHYDULDEOHEHFDXVHWKH\
DUHGHWHUPLQHGDFFRUGLQJWRWKH/XQDU&DOHQGDU
,QWHUQHWVXIIL[
WU
86()8/,1)250$7,21
$GQDQ0HQGHUHV$LUSRUW
(PHUJHQF\&DOOV
,QIRUPDWLRQ
7HO
0HGLFDO(PHUJHQF\
+$9$à$LUSRUW7UDQVSRUW
)LUHEULJDGH
7HO
7UDIILF
7XUNLVK$LUOLQHV7+<
3ROLFH
5HVHUYDWLRQ
7HO
*HQGDUPHULH
&RDVW*XDUG
)RUHVW)LUH
+HDOWK,QIR
5HJLRQDO'LUHFWRUDWHRI
+LJKZD\V
7HO
,QWHUFLW\%XV6HUYLFHV
7HUPLQDO
7HO
ä]PLU+DUERXU
:HEVLWHV
750LQLVWU\RI&XOWXUHDQG
7RXULVP
ZZZNXOWXUWXUL]PJRYWU
750LQLVWU\RI)RUHLJQ$IIDLUV
ZZZPIDJRYWU
,QIRUPDWLRQ
7HO
.RQDN)HUU\3LHU
7HO
.DUá×\DND)HUU\3LHU
7HO
750LQLVWU\RI+HDOWK
ZZZVDJOLNJRYWU
$LUOLQH&RPSDQLHV
*HQHUDO'LUHFWRUDWHRI6HFXULW\
ZZZHJPJRYWU
7XUNLVK$LUOLQHV
ZZZWK\FRP
7XUNLVK6WDWH5DLOZD\V
ZZZWFGGJRYWU
7XUNLVK$LUOLQHV
ZZZWK\FRPWU
¿]PLU3URYLQFLDO'LUHFWRUDWHRI
&XOWXUHDQG7RXULVP
ZZZL]PLUNXOWXUWXUL]PJRYWU
2QXU$LU
ZZZRQXUDLUFRPWU
$WODV-HW
ZZZDWODVMHWFRP
/XIWKDQVD
ZZZOXIWKDQVDFRP
$LU)UDQFH
ZZZDLUIUDQFHFRP
7UDQVSRUW
756WDWH5DLOZD\V
5HVHUYDWLRQ
7HO
756WDWH5DLOZD\V
%DVPDQHä]PLU6WDWLRQ
,QIRUPDWLRQ
7HO
%ULWLVK$LUZD\V
ZZZEULWLVKDLUZD\VFRP
$OLWDOLD
ZZZDOLWDOLDFRPWU
6XQH[SUHVV$LUZD\V
ZZZVXQH[SUHVVFRPWU
ä=0ä5)(67,9$/$1'
&21*5(66&$/(1'$5
,QWHUQDWLRQDO6HO¼XNx(IHV
(SKHVXV&XOWXUHDQG$UWV
)HVWLYDO
ä]PLU&XOWXUHDQG$UWV)HVWLYDO
9HQXHDQG'DWH6HO¤XNÔ(IHV
ILUVWZHHNRI6HSWHPEHU
2UJDQL]HU6HO¤XN0XQLFLSDOLW\
7HO
9HQXHDQG'DWH&LW\FHQWUH-XQH
DQG-XO\
2UJDQL]HU¿]PLU&XOWXUHDQG$UWV
)RXQGDWLRQ
7HO
)D[
LQIR#LNVHYRUJ
L]PLUIHVWLYDO#LNVHYRUJ
ZZZLNVHYRUJ
ä]PLU(XURSHDQ-D]])HVWLYDO
9HQXHDQG'DWH&LW\FHQWUHILUVW
DQGVHFRQGZHHNVRI0DUFK
2UJDQL]HU¿]PLU&XOWXUHDQG$UWV
)RXQGDWLRQ
7HO
)D[
LQIR#LNVHYRUJ
L]PLUIHVWLYDO#LNVHYRUJ
ZZZLNVHYRUJ
9LQROLYH:LQH&KHHVH2OLYHDQG
2OLYH2LO)DLU
9HQXHDQG'DWH&LW\FHQWUHVHFRQG
ZHHNRI0DUFK
2UJDQL]HU¿]IDÄ
7HO
)D[
LQIR#L]PLUIDLUFRPWU
.LWH)HVWLYDO
9HQXHDQG'DWH8UODILUVWDQG
IRXUWKZHHNVRI-XQH
2UJDQL]HU8UOD0XQLFLSDOLW\
7HO
)D[
$WDWÑUNtV9LVLWWR8UOD
9HQXHDQG'DWH8UOD-XQH
2UJDQL]HU8UOD0XQLFLSDOLW\
7HO
)D[
,QWHUQDWLRQDO.DUá×\DND
&KLOGUHQtV)HVWLYLWLHV
9HQXHDQG'DWH.DUÄÀ\DND
$SULO
2UJDQL]HU.DUÄÀ\DND0XQLFLSDOLW\
7HO
&DERWDJH)HVWLYDO
9HQXHDQG'DWH8UODILUVWDQG
IRXUWKZHHNVRI-XO\
2UJDQL]HU8UOD0XQLFLSDOLW\
7HO
)D[
,QWHUQDWLRQDO)R¼D)HVWLYDO
9HQXHDQG'DWH)R¤D
$XJXVW
2UJDQL]HU)R¤D0XQLFLSDOLW\
7HO
)D[
.DUDEXUXQ)HVWLYLWLHV
9HQXHDQG'DWH.DUDEXUXQ
$XJXVW
2UJDQL]HU.DUDEXUXQ
0XQLFLSDOLW\
7HO
)D[
NDUDEXU#HJHQHWFRPWU
7UDGLWLRQDO*UDSH+DUYHVW
)HVWLYLWLHV
9HQXHDQG'DWH8UODILUVWDQG
IRXUWKZHHNVRI$XJXVW
2UJDQL]HU8UOD0XQLFLSDOLW\
7HO
)D[
ä]PLU,QWHUQDWLRQDO)DLU
9HQXHDQG'DWH&LW\
6HSWHPEHU
2UJDQL]HU¿]IDÄ
7HO
)D[QXPEHU
LQIR#L]PLUIDLUFRPWU
ä=0ä5
ä]PLU$UFKDHRORJLFDO0XVHXP
7HO
9LVLWLQJ+RXUV
9LVLWLQJ'D\V(YHU\GD\H[FHSW
0RQGD\
(WKQRJUDSK\0XVHXP
7HO
9LVLWLQJ+RXUV
9LVLWLQJ'D\V(YHU\GD\H[FHSW
0RQGD\
6HO¼XN&DPHO:UHVWOLQJ
9HQXHDQG'DWH6HO¤XNWKLUGZHHN
ä]PLU$WDWÑUN0XVHXP
RI-DQXDU\
2UJDQL]HU6HO¤XN(IHV(SKHVXV
&XOWXUHDQG7RXULVP)RXQGDWLRQ
7HO
7HO
9LVLWLQJ+RXUV
9LVLWLQJ'D\V(YHU\GD\H[FHSW
0RQGD\
.HPDOSDáD*ROGHQ&KHUU\
&XOWXUHDQG$UWV)HVWLYDO
9HQXHDQG'DWH.HPDOSDÄDILUVW
ZHHNRI-XQH
2UJDQL]HU.HPDOSDÄD
0XQLFLSDOLW\
7HO
äQWHUQDWLRQDO%HUJDPD)XQG
5DLVLQJ(YHQWIRU&KDULW\
+HOGUHJXODUO\VLQFH
9HQXHDQG'DWH%HUJDPD-XQH
2UJDQL]HU%HUJDPD'LVWULFW
*RYHUQRUVKLSDQG%HUJDPD
0XQLFLSDOLW\
7HO
,QWHUQDWLRQDO*URXS
3V\FKRWKHUDS\&RQJUHVV
9HQXHDQG'DWH%HUJDPD
$VFOHSLRQODVWGD\VRI0D\
2UJDQL]HU%HUJDPD
0XQLFLSDOLW\DQG*URXS
3V\FKRWKHUDS\$VVRFLDWLRQRI7XUNH\
7HO
ä]PLU0HWURSROLWDQ0XQLFLSDOLW\
$KPHW3LULáWLQD&LW\$UFKLYH
DQG0XVHXP
7HO
9LVLWLQJ'D\V(YHU\GD\H[FHSW
6XQGD\
+LVWRU\DQG$UWV0XVHXP
7HO
äVPHWäQËQÑ+RXVH0XVHXP
7HO
6FXOSWXUHVDQG3DLQWLQJV
0XVHXP
7HO
9LVLWLQJ+RXUV
9LVLWLQJ'D\V(YHU\GD\H[FHSW
6XQGD\
.RQDN0XQLFLSDOLW\
7R\0XVHXP
7HO
9LVLWLQJ+RXUV
9LVLWLQJ'D\V(YHU\GD\H[FHSW
0RQGD\
ä]PLU3URYLQFLDO'LUHFWRUDWHRI
&XOWXUHDQG7RXULVP
7HO
LNWP#NXOWXUWXUL]PJRYWU
7RXULVP,QIRUPDWLRQ2IILFH
3DVDSRUW
7HO
7RXULVP,QIRUPDWLRQ2IILFH
*D]LHPLUÔ,QVLGHWKH$GQDQ
0HQGHUHV$LUSRUW
7HO
$/ä$â$
$OLDãD'LVWULFW*RYHUQRUVKLS
7HO
HáPH0XQLFLSDOLW\
7HO
$OD¼DW×0XQLFLSDOLW\
7HO
'ä.ä/ä
'LNLOL'LNLOL'LVWULFW*RYHUQRUVKLS
7HO
'LNLOL0XQLFLSDOLW\
7HO
)2$
$OLDãD0XQLFLSDOLW\
7HO
)R¼D'LVWULFW*RYHUQRUVKLS
7HO
%(5*$0$
)R¼D7RXULVP,QIRUPDWLRQ
7HO
%HUJDPD$UFKDHRORJLFDO0XVHXP
7HO
9LVLWLQJ+RXUV
9LVLWLQJ'D\V(YHU\GD\H[FHSW
0RQGD\
)R¼D0XQLFLSDOLW\
7HO
%HUJDPD$VFOHSLRQ
7HO
.$5$%8581
.×]×ODYOX5HG%DVLOLFD
7HO
%HUJDPD'LVWULFW*RYHUQRUVKLS
7HO
%HUJDPD7RXULVP,QIRUPDWLRQ
7HO
%HUJDPD0XQLFLSDOLW\
7HO
(à0(
HáPH'LVWULFW*RYHUQRUVKLS
7HO
HáPH7RXULVP,QIRUPDWLRQ
7HO
*±0±/'±5
*ÑPÑOGÑU0XQLFLSDOLW\
7HO
.DUDEXUXQ'LVWULFW*RYHUQRUVKLS
7HO
.DUDEXUXQ0XQLFLSDOLW\
7HO
0RUGRãDQ0XQLFLSDOLW\
7HO
.(0$/3$à$
.HPDOSDáD'LVWULFW*RYHUQRUVKLS
7HO
.HPDOSDáD0XQLFLSDOLW\
7HO
0(1'(5(6
0HQGHUHV'LVWULFW*RYHUQRUVKLS
7HO
0HQGHUHV0XQLFLSDOLW\
7HO
¬'(0äà
¬GHPLá$UFKDHRORJLFDO0XVHXP
7HO
9LVLWLQJ+RXUV
9LVLWLQJ'D\V(YHU\GD\
¬GHPLá'LVWULFW*RYHUQRUVKLS
7HO
¬GHPLá0XQLFLSDOLW\
7HO
%LUJLDN×UDãD0DQVLRQ
7HO
.D\PDN¼×0XQLFLSDOLW\
7HO
¬='(5(
¬]GHUH0XQLFLSDOLW\
7HO
6()(5ä+ä6$5
6HIHULKLVDU'LVWULFW*RYHUQRUVKLS
7HO
6HIHULKLVDU0XQLFLSDOLW\
7HO
6(/8.
6HO¼XN'LVWULFW*RYHUQRUVKLS
7HO
+RXVHRI9LUJLQ0DU\
7HO
DPO×N6WHDP/RFRPRWLYHV
0XVHXP
7HO
9LVLWLQJ+RXUV
(IHV$LUSRUW
7HO
(IHV$LUSRUWORFDWHGQH[WWRWKH
$QFLHQW&LW\RI(SKHVXVLVXVHGIRU
VPDOOSODQHV
5DLOZD\V
7HO7KH
WUDLQVWDWLRQLVORFDWHGRQ&HQJL]
7RSHO6WUHHW/LDLVRQYLD¿]PLU
7UDLQ6WDWLRQ
7HO
7ä5(
7LUH$UFKDHRORJLFDO0XVHXP
9LVLWLQJ+RXUV
9LVLWLQJ'D\V(YHU\GD\
7LUH'LVWULFW*RYHUQRUVKLS
7HO
7LUH0XQLFLSDOLW\
7HO
725%$/,
6HO¼XN7RXULVP,QIRUPDWLRQ
7HO
7RUEDO×'LVWULFW*RYHUQRUVKLS
7HO
6HO¼XN0XQLFLSDOLW\
7HO
7RUEDO×0XQLFLSDOLW\
7HO
6HO¼XN$UFKDHRORJLFDO0XVHXP
7HO
9LVLWLQJ+RXUV
GXULQJWKHVHDVRQ
LQ
ZLQWHU
9LVLWLQJ'D\V(YHU\GD\
85/$
8UOD'LVWULFW*RYHUQRUVKLS
7HO
8UOD0XQLFLSDOLW\
7HO
REPUBLIC OF TURKEY
MINISTRY OF CULTURE AND TOURISM
General Directorate of Information ©
www.kulturturizm.gov.tr
www.goturkey.com
Editorial Team
General Coordinator
.X]H\KDQ¬]GHPLU
Project Coordinator
3HULQ¬]WLQ
Proje Consultant
0XVWDID%Ñ\ÑNNRODQF×
0XUDW¬]VR\
Text
3HULQ¬]WLQ
0XUDW¬]VR\
Text Edited by
6HUDSàDKLQ
Redaction
$\JÑO¬]GHPLU
*DP]H6DãGLQ¼
Arts Manager
2UKDQäNWX
Graphics
%XUFX.D\DäNWX
'DPOD$¼×O.DUDNXUW
<HOL]7XQ¼$\G×Q
Photographs
*ÑUFDQ¬]WÑUN
$UFKLYHRIWKH0LQLVWU\RI&XOWXUHDQG7RXULVP
ä]PLU3URYLQFLDO'LUHFWRUDWHRI&XOWXUHDQG7RXULVP
$UFKLYHRI0HWHNVDQ6LVWHPYH%LOJLVD\DU7HNQRORMLOHUL$à
ä]PLU'HYHORSPHQW$JHQF\
Print
%DáDN0DWEDDF×O×NYH7DQ×W×P+L]/WGàWL
Tel: 0312 397 16 17 Fax: 0312 397 03 07
For Free Distribution
Ankara 2011
Aegean Sea
İzmir