INTELLECTUAL HISTORY of TAMIL NADU Author Dr
ALAGAPPA UNIVERSITY [Accredited with ‘A+’ Grade by NAAC (CGPA:3.64) in the Third Cycle and Graded as Category–I University by MHRD-UGC] (A State University Established by the Government of Tamil Nadu) KARAIKUDI – 630 003
Directorate of Distance Education
MA [History] IV - Semester 321 42
INTELLECTUAL HISTORY OF TAMIL NADU Author Dr. AR. SARAVANAKUMAR, M.A., (His.), M.Sc., (Psy)., M.Sc.,(Zoo)., M.A. (Eng.), M.Ed, M.Phil., Ph.D., PGDPM&IR., UGC NET., Head i/c., Department of History, Karaikudi - 630 003 Tamil Nadu SYLLABI-BOOK MAPPING TABLE Intellectual History of Tamil Nadu
Syllabi Mapping in Book
BLOCK I: SANGAM LITERATURE AND ITS GROWTH Unit - 1 Intellectuals of Sangam Age: Sangam Literature-Sangam Poets Unit 1: Intellectuals of Sangam Unit - 2 Thiruvalluvar-Avvaiyar-Tholkappiyar Age: Sangam Literature-Sangam Unit - 3 Elango Adigal-Social and Political Thoughts Poets (Pages 2-12); Unit - 4 Revival of Tamil language and literature-Pure Tamil Movement- Unit 2: Thiruvalluvar-Avvaiyar- Maraimalai Adigal-Thiru.Vi.Ka. Tholkappiyar (Pages 13-23); Unit 3: Elango Adigal-Social and Political Thoughts (Pages 24-30); Unit 4: Revival of Tamil Language and Literature-Pure Tamil Movement-Maraimalai Adigal-Thiru.Vi.Ka. (Pages 31-43)
BLOCK II: SOCIO- RELIGIOUS THOUGHTS OF TAMIL INTELLECTUALS Unit - 5 Sundaram Pillai-Anti-Hindi Agitation-World Tamil Conferences Unit - 6 Socio-Religious Thoughts of Tamil Intellectuals-Vaikunda Unit 5: Sundaram Pillai-Anti-Hindi Swamigal- Vallalar Agitation-World Tamil Unit - 7 Ayothidasa Pandithar-Sahajananda-Muthulakshmi Reddy Conferences Unit - 8 Bharathiyar-Bharathidasan (Pages 44-56); Unit 6: Socio-Religious Thoughts of Tamil Intellectuals- Vaikunda Swamigal-Vallalar (Pages 57-69); Unit 7: Ayothidasa Pandithar- Sahajananda-Muthulakshmi Reddy (Pages 70-84); Unit 8: Bharathiyar-Bharathidasan (Pages 85-94)
BLOCK III: RELIGIOUS SAINTS AND ITS IMPORTANCE Unit - 9 Religious Saints and their Intellectual contributions-Alwars and Unit 9: Religious Saints and their Nayanmars Intellectual contributions-Alwars Unit - 10 Thirumular-Ramanuja-Veeramamunivar and Nayanmars Unit - 11 Caldwell-G.U. Pope-Robert-De-Nobili (Pages 95-111); Unit 10: Thirumular-Ramanuja- Veeramamunivar (Pages 112-125); Unit 11: Caldwell-G.U.Pope- Robert-De-Nobili (Pages 126-138) BLOCK IV: NON- BRAHMIN MOVEMENT AND LEADERS Unit 12: Non-Brahmin PARTICIPATION Movement-Causes-Justice Party- Unit - 12 Non-Brahmin Movement-Causes-Justice Party-Dravidian Dravidian Movement Movement (Pages 139-155); Unit - 13 T.M.Nair-C.Natesa Mudaliar- P.Thiyagaraya Chetti-Periyar Unit 13: T.M.Nair-C.Natesa E.V.R.- A.T.Pannerselvam Mudaliar-P.Thiyagaraya Chetti- Unit - 14 Ramasamy Mudaliar-Raja of Bobbili and Panagal-Soundara Periyar E.V.R.-A.T. Pannerselvam Pandian-Annamalai Chettiar (Pages 156-169); Unit 14: Ramasamy Mudaliar- Raja of Bobbili and Panagal- Soundara Pandian-Annamalai Chettiar (Pages 170-180) CONTENTS
INTRODUCTION BLOCK I: SANGAM LITERATURE AND ITS GROWTH UNIT 1 INTELLECTUALS OF SANGAM AGE: SANGAM LITERATURE- SANGAM POETS 2-12 1.0 Introduction 1.1 Objectives 1.2 Intellectuals of Sangam Age 1.3 Sangam Literature 1.4 Eight Antholigies 1.5 Ten Idylls 1.6 Sangam Poets 1.7 Answers to check your progress questions 1.8 Summary 1.9 Key words 1.10 Self Assessment Questions 1.11 Further Readings
UNIT 2 THIRUVALLUVAR- AVVAIYAR- THOLKAPPIYAR 13-23 2.0 Introduction 2.1 Objectives 2.2 Thiruvalluvar 2.3 Avvaiyar 2.4 Tholkappiyar 2.5 Answers to check your progress questions 2.6 Summary 2.7 Key words 2.8 Self Assessment Questions 2.9 Further Readings
UNIT 3 ELANGO ADIGAL- SOCIAL AND POLITICAL THOUGHTS 24-30 3.0 Introduction 3.1 Objectives 3.2 Conversion of Elango Adigal 3.3 His Religion 3.4 Social and Political Thoughts 3.5 Answers to check your progress questions 3.6 Summary 3.7 Key words 3.8 Self Assessment Questions 3.9 Further Readings UNIT 4 REVIVAL OF TAMIL LANGUAGE AND LITERATURE-PURE TAMIL MOVEMENT-MARAIMALAI ADIGAL- THIRU.VI.KA. 31-43 4.0 Introduction 4.1 Objectives 4.2 Revival of Tamil language and Literature 4.3 Pure Tamil movement 4.4 Maraimalai Adigal 4.5 Thiru Vi.Ka. 4.6 Answers to check your progress questions 4.7 Summary 4.8 Key words 4.9 Self Assessment Questions 4.10 Further Readings BLOCK II: SOCIO- RELIGIOUS THOUGHTS OF TAMIL INTELLECTUALS UNIT 5 SUNDARAM PILLAI-ANTI-HINDI AGITATION-WORLD TAMIL CONFERENCES 44-56 5.0 Introduction 5.1 Objectives 5.2 Sundaram Pillai 5.3 Manonmaniyam 5.4 Anti-Hindi agitation 5.5 World Tamil conferences 5.6 Answers to check your progress questions 5.7 Summary 5.8 Key words 5.9 Self Assessment Questions 5.10 Further Readings UNIT 6 SOCIO-RELIGIOUS THOUGHTS OF TAMIL INTELLECTUALS- VAIKUNDA SWAMIGAL-VALLALAR 57-69 6.0 Introduction 6.1 Objectives 6.2 Soicio-Religious Thoughts of Tamil Intellectuals 6.3 Vaikunda Swamigal 6.4 Vallalar 6.5 Answers to check your progress questions 6.6 Summary 6.7 Key words 6.8 Self Assessment Questions 6.9 Further Readings UNIT 7 AYOTHIDASA PANDITHAR- SAHAJANANDA- MUTHULAKSHMI REDDY 70-84 7.0 Introduction 7.1 Objectives 7.2 Ayothidas Pandithar 7.3 Sahajananda 7.4 Muthulakshmi Reddy 7.5 Answers to check your progress questions 7.6 Summary 7.7 Key words 7.8 Self Assessment Questions 7.9 Further Readings
UNIT 8 BHARATHIYAR- BHARATHIDASAN 85-94 8.0 Introduction 8.1 Objectives 8.2 Bharathiyar 8.3 Role in Freedom Movement 8.4 Bharathidasan 8.5 Answers to check your progress questions 8.6 Summary 8.7 Key words 8.8 Self Assessment Questions 8.9 Further Readings BLOCK III: RELIGIOUS SAINTS AND ITS IMPORTANCE UNIT 9 RELIGIOUS SAINTS AND THEIR INTELLECTUAL CONTRIBUTIONS- ALWARS AND NAYANMARS 95-111 9.0 Introduction 9.1 Objectives 9.2 Religious Saints and their Intellectual contribution 9.3 Alwars 9.4 Nalayira Divya Prapantham 9.5 Nayanmars 9.6 Answers to check your progress questions 9.7 Summary 9.8 Key words 9.9 Self Assessment Questions 9.10 Further Readings
UNIT 10 THIRUMULAR- RAMANUJA- VEERAMAMUNIVAR 112-125 10.0 Introduction 10.1 Objectives 10.2 Thirumular 10.3 Ramanuja 10.4 Veeramamunivar 10.5 Answers to check your progress questions 10.6 Summary 10.7 Key words 10.8 Self Assessment Questions 10.9 Further Readings
UNIT 11 CALDWELL-G.U.POPE-ROBERT-DE-NOBILI 126-138 11.0 Introduction 11.1 Objectives 11.2 Caldwell 11.3 G.U.Pope 11.4 Robert-De-Nobili 11.5 Answers to check your progress questions 11.6 Summary 11.7 Key words 11.8 Self Assessment Questions 11.9 Further Readings BLOCK IV: NON- BRAHMIN MOVEMENT AND LEADERS PARTICIPATION UNIT 12 NON-BRAHMIN MOVEMENT-CAUSES- JUSTICE PARTY-DRAVIDIAN MOVEMENT 139-155 12.0 Introduction 12.1 Objectives 12.2 Non-Brahmin movement 12.3 Causes 12.4 Justice Party 12.5 Dravidian movement 12.6 Answers to check your progress questions 12.7 Summary 12.8 Key words 12.9 Self Assessment Questions 12.10 Further Readings UNIT 13 T.M.NAIR-C.NATESA MUDALIAR- P.THIYAGARAYA CHETTI- PERIYAR E.V.R.-A.T.PANNERSELVAM 156-169 13.0 Introduction 13.1 Objectives 13.2 T.M.Nair 13.3 C.Natesa Mudaliar 13.4 P.Thiyagaraya Chetti 13.5 Periyar E.V.R. 13.6 A.T.Panneerselvam 13.7 Answers to check your progress questions 13.8 Summary 13.9 Key words 13.10 Self Assessment Questions 13.11 Further Readings UNIT 14 RAMASAMY MUDALIAR- RAJA OF BOBBILI AND PANAGAL- SOUNDARA PANDIAN-ANNAMALAI CHETTIAR 170-180 14.0 Introduction 14.1 Objectives 14.2 Ramasamy Mudaliar 14.3 Raja of Bobbili 14.4 Raja of Panagal 14.5 Soundara Pandian 14.6 Annamalai Chettiar 14.7 Answers to check your progress questions 14.8 Summary 14.9 Key words 14.10 Self Assessment Questions 14.11 Further Readings MODEL QUESTION PAPER 181-182 EKd ^ ! !! ,QWURGXFWLRQ
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³,QWHOOHFWXDO+LVWRU\RI7DPLO1DGX´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
ϭ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 %/2&., 6$1*$0/,7(5$785($1',76*52:7+!
8QLW,,QWHOOHFWXDOVRI6DQJDP$JH ! 2/1! ,QWURGXFWLRQ 2/2! 2EMHFWLYHV 2/3! ,QWHOOHFWXDOVRI6DQJDP$JH 2/4! 6DQJDP/LWHUDWXUH 2/5! (LJKW$QWKROLJLHV 2/6! 7HQ,G\OOV 2/7! 6DQJDP3RHWV 2/8! $QVZHUVWRFKHFN\RXUSURJUHVVTXHVWLRQV 2/9! 6XPPDU\ 2/:! .H\ZRUGV 2/21 6HOI$VVHVVPHQW4XHVWLRQV 2/22 )XUWKHU5HDGLQJV !!
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
6HOILQVWUXFWLRQDOPDWHULDO 2 EKd ^ 7KH7KLUG6DQJDPZDVDOVRKHOGDW0DGXUDL$IHZRIWKHVH7DPLO OLWHUDU\ ZRUNV KDYH VXUYLYHG DQG DUH D XVHIXO VRXUFHV WR UHFRQVWUXFW WKH KLVWRU\RIWKH6DQJDPSHULRG 2EMHFWLYHV $IWHUJRLQJWKURXJKWKLVXQLW\RXZLOOEHDEOHWR x 'HVFULEHWKHLPSRUWDQFHRI6DQJDP/LWHUDWXUH x ([SODLQWKHW\SHVRI6DQJDP/LWHUDWXUH x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
ϯ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µWKRO¶ ZKLFK LV DQFLHQW DQG µNDSSL\DP¶ ZKLFK FRPHV IURP 6DQVNULWµNDY\D¶+RZHYHUERWK,ODPSXUDQDUDQG WKFHQWXU\$' DQG 1DFKLQDUNLQL\DU WK FHQWXU\ $' FODLP WKDW WKH\ FRPH IURP WKH µ.DSSL\D¶YLOODJHLQZKLFKWKHDXWKRUZDVERUQ896ZDPLQDWKD,\HU UHFRJQL]HV .DSSL\DNNXGL VRXWKHDVW RI 6LUNDOL DV WKH SODFH ZKHUH
6HOILQVWUXFWLRQDOPDWHULDO 4 EKd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ϱ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 FRPSRVHG WKH .XULQML SRHPV 2UDPSRNL\DU ZURWH WKH 0DUXWKDP SRHPV $PPRRYDQDU FRPSRVHG WKH 1H\WKDO SRHPV 3H\DQDU ZURWH WKH 0XOODL SRHPVDQG2WKDODQWKDL\DUFRPSRVHGWKHSDODLSRHPV 3DWKLWUXSSDWKX 7KLVKDVHLJKW\SRHPVDQGWKH\EHORQJWRWKH3XUDP FDWHJRU\7KHQDPHPHDQVµ7KHWHQWHQV¶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µ.DSLODU¶ZKRZURWHWKH.XULQMLSRHPVLQWKLVFROOHFWLRQ(LWKHUWKHUH DUH WZR .DSLODUV RU WKH .XULQML SRHPV ZHUH HUURQHRXVO\ DVVLJQHG WR .DSLODUVLQFHKHZDVD.XULQML7KLQDLH[SHUW7KHSRHPVKDYHWR OLQHV $NDQDQXUX 7KLVDQWKRORJ\KDVSRHPVZULWWHQE\SRHWV7KLV DQWKRORJ\KDVDOVREHHQQDPHGµ1HGXQWKRNDL1DQXUX¶VLQFHWKHSRHPVDUH ORQJ$OOWKHSRHPVDUHLQ$NDPWKLQDLDVWKHQDPHLPSOLHV7KHSRHPV DUHIURPWROLQHVDQGWKH\KDYHDOOJUDVSHGXVLQWDFW7KHUHDUH KLVWRULFDOUHIHUHQFHV 3XUDQDQXUX ,W KDV SRHPV DQG WKH\ GHDO ZLWK 3XUDP H[WHULRU 7KHVHFROOHFWLRQVZHUHZULWWHQE\ERWKPDOHDQGIHPDOHSRHWV7KHSRHPV DUHWROLQHVDQGDUHFRPSRVHGE\SRHWV7KHUHZHUHNLQJV DQG ZRPHQ DPRQJ WKHVH SRHWV 7KH IHPDOH SRHW $YYDL\DU ZURWH SRHPV7KHUHDUHDWRWDORISRHPVZKLFKSUDLVHWKHNLQJVEHORQJLQJ WR WKH WKUHH JUHDW G\QDVWLHV &KHUD &KROD DQG 3DQGL\D 7KHUH DUH SRHPV LQ SUDLVH RI FKLHIWDLQ NLQJV WKH PDLQ RQHV DUH $WKL\DPDQ 1HGXPDQ $QML 9HO 3DUL $\ $QGLUDQ 3HNDQ .XPDQDQ .DUL 1DQMLO 6HOILQVWUXFWLRQDOPDWHULDO 6 EKd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ǀ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ϳ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 3DWWLQDSSDODL 7KLVVRQJKDVOLQHV7KHUHDUHOLQHVLQ9DQML PHWHU DQG OLQHV LQ $VLUL\DSSD$NDYDO PHWHU ,W ZDV ZULWWHQ E\ .DGL\DOXU8ULWKLUDQNDQQDQDU7KH.LQJZDV&KRODQ.DULNDODQ 0DODLSDGXNDGDP .RRWKDUDWUXSSDGDL 7KLVVRQJKDVOLQHVLQWKH $VLUL\DSSD$NDYDO PHWHU DQG ZDV FRPSRVHG E\ 3HUXQNRXVLNDQDU 2QH EDUGJXLGHVDQRWKHUEDUGWRJRWR.LQJ1DQQDQ9HQPDQ &KHFN 6HOILQVWUXFWLRQDOPDWHULDO 8 EKd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ϵ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x 7KHSHULRGURXJKO\EHWZHHQWKHUGFHQWXU\%&DQGUGFHQWXU\ $'LQ6RXWK,QGLDLVNQRZQDV6DQJDPSHULRG x 7KHILUVW6DQJDPZDVKHOGDW6RXWKHUQ0DGXUDLRU7KHQ0DGXUDL DQGODVWHGIRU\HDUV 6HOILQVWUXFWLRQDOPDWHULDO 10 EKd ^ x 7KH VHFRQG VDQJDP ZDV KHOG .DSDGDSXUDP ORFDWHG QHDU SRUW .RUNDL x 7KH WKLUG 6DQJDP ZDV KHOG DW WKH SUHVQW 0DGXUDL 7KLV WKLUG 6DQJDPODVWHGIRU\HDUV x 6DQJDPOLWHUDWXUHSURYLGHVYDOXDEOHLQIRUPDWLRQDERXWWKH6DQJDP DJH x 7KH7KRONDSSL\DPLVWKHROGHVWDYDLODEOH7DPLOZRUNRQSRHWLFV x 7KHHLJKWDQWKRORJLHVRU(WWXWKRJDLFRQVLVWRISRHPVGLYLGHGLQWR WZREURDGFDWHJRULHV±$NDP LQWHULRU DQG3XUDP H[WHULRU x 7HQ,G\OOVRU3DWKXSSDWWXLVDFROOHFWLRQRIWHQORQJSRHPV x 3DWKLQHQNLONDQDNNX DV VXJJHVWHG E\ WKH WLWOH LV D FROOHFWLRQ RI HLJKWHHQZRUNV x ,UDWWDL .DSSL\DQJDO PHDQV WZLQ OLWHUDU\ ZRUNV 7KHUH DUH 6LODSSDWKLNDUDPDQG0DQLPHNDODL x 7KHSRHWVRIWKH6DQJDPDJHZHUHGUDZQIURPDOOVHFWLRQVRIWKH VRFLHW\ x :RPHQSRHWHVVHVDOVRFRQWULEXWHGLQWKH6DQJDPSHULRG x 7KLUW\WZRZRPHQSRHWVDUHVDLGWRKDYHVXQJSRHPVLQWKLVSHULRG .H\ZRUGV x 6DQJDP 7KH 6DQJDP PHDQV DQ DVVRFLDWLRQ +HUH LW UHIHUV WR 7DPLO6DQJDPDQDVVRFLDWLRQRI7DPLOSRHWVZKLFKIORXULVKHGLQ DQFLHQWKLVWRU\RI6RXWK,QGLD x $WKLNDUDP SDUWRUFKDSWHURISRHPRUSURVH x ,G\OO D SRHP RU SURVH ZRUN GHVFULELQJ DQ LGHDOL]HG UXUDO OLIH SDVWRUDOVFHQHVHWF x $QWKRORJ\ $Q DQWKRORJ\ LV GHILQHG DV D ERRN WKDW KDV D ODUJH FROOHFWLRQRIZULWLQJVLQVLPLODUIRUPIURPDVLPLODUWLPHRUDERXW DVLPLODUVXEMHFWPDQQHUEXWE\YDULRXVDXWKRUV 6HOI$VVHVVPHQW4XHVWLRQV 6KRUW$QVZHU4XHVWLRQV :ULWHDQRWHRQ7KRONDSSL\DP :KDWGR\RXNQRZDERXW(LJKW$QWKRORJLHV" :KDWDUHWKHIHDWXUHVRI7ZLQ(SLFV" ϭϭ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 /RQJ$QVZHU4XHVWLRQV *LYHDQDFFRXQWRIWKH6DQJDPOLWHUDWXUH 'HVFULEHWKHFRQWULEXWLRQRIWKH6DQJDPLQWHOOHFWXDOV )XUWKHU5HDGLQJV 3LOODL..A Social History of the Tamils, Volume 1&KHQQDL 8QLYHUVLW\ RI0DGUDV 5DMD\\DQ. History of Tamil Nadu 1565 to 1982 0DGXUDL 5DM 3XEOLVKHUV 6XEUDKPDQL\DQ1 Social and Cultural History of Tamilnad WR $' 8GXPDOSHW (QQHV3XEOLFDWLRQV 6XEUDPDQLDQ3 Social History of the Tamils(1707-1947), 1HZ 'HOKL '.3ULQWZRUOG 3 /WG 0DQRUDQMLWKDPRQL&History of Tamil Nadu Upto 1565 A.D.,7LUXQHOYHOL 'DYH%HU\O3XEOLFDWLRQV 9DUJKHVH -H\DUDM 6 Socio-Economic History of Tamil Nadu 1565-1967 8WKDPDSDOD\DP $QQV3XEOLFDWLRQV 3DUDPDUWKDOLQJDP & Religion and Social Reform in Tamil Nadu, 0DGXUDL 5DMDNXPDUL3XEOLFDWLRQV 1DWDUDMDQ& Social History of Modern Tamil Nadu, 7ULFK\ 8ODJD 7DPL]KSSDGDLSSDODU1RRO9HOL\HHWWDJDP 6HOILQVWUXFWLRQDOPDWHULDO 12 EKd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x 'LVFXVVWKHUROHRI7KLUXYDOOXYDUWR6DQJDP/LWHUDWXUH x $VVHVVWKHFRQWULEXWLRQRI$YYDL\DU x 'HVFULEHWKHZRUNRI7KRONDSSL\DU ϭϯ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µ9DOOXYDU SUHIHUV WR VXFK D FRPPXQLW\ 7KH\ ZHUH SXEOLF GUXPPHUV RI WKH VWDWH :KLOH WKHUH DUH YDULRXV FODLPV DV WR ZKR 7LUXYDOOXYDU ZDVD -DLQ :KRHYHU KH ZDV KLV WKRXJKWV KDYH EHHQ DGGUHVVLQJ XQLYHUVDO YDOXHV -DLQV FODLP WKDW KH PLJKW KDYH EHHQ LQIOXHQFHGDWOHDVWZLWKWKHWHQHWVRI-DLQLVP$KLPVD$VWH\D$SDULJUDKD %XW WKHVH WHQHWV DUH WKHPVHOI GUDZQ IURP \RJLF FRQFHSW GHYHORSHG E\ ULVKLV DQG PXQLV DQG KHQFH FDQQRW EH QDUURZHG GRZQ WR D VXEVHFW RI XQLYHUVDOSKLORVRSKLHV 6HOILQVWUXFWLRQDOPDWHULDO 14 EKd ^ 7KRXJK PDQ\ ZULWHUV LQFOXGLQJ 9DL\DSXUL SLOODL D JUHDW FRPPHQWDWRU UHJDUGHG7KLUXYDOOXYDUDVD-DLQ'UVFKZHLW]HUFRQWUDGLFWHGWKHDUJXPHQW +HSODFHVVHYHUDOSRLQWVIRUKLVDUJXPHQWV:KLOHWKH-DLQZD\RIOLIHLVD WRWDO QDJD\LRQ RI VRFLHW\ 7KLUXYDOOXYDU¶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ϭϱ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µ0XSSDO¶ ,W GHDOV ZLWK WKH REMHFW RI DUDPSRUXOLQEDP7HQFRPPHQWDULHVKDYHEHHQZULWWHQRQLWE\PHGLHYDO VFKRODUV 1R RWKHU ZRUN RI 7DPLO OLWHUDWXUH KDV EHHQ WUDQVODWHG LQWR VR PDQ\ODQJXDJHVDVWKH7KLUXNNXUDO,WLVWKHILUVWERRNLQ7DPLOWRRSHQ ZLWKDQLQYRFDWLRQWR*RG7KLUXYDOOXYDUQHYHUPHQWLRQHGDQ\QDPHRIWKH FUHDWRU EXW RQO\ UHIHUV WR ³+LP´7KH ILUVW ERRN GHDOV DERXW WKH PRUDO YDOXHVOLNHFKDVWLW\DQGHGXFDWLRQ7KHVHFRQGERRNGHDOVZLWKSROLW\DQG DGPLQLVWUDWLRQ +H FRPSDUHG WKH NLQJ ZLWK UDLQ ³WKH ZRUOG IORXULVKHV ORRNLQJXSWRWKHVN\IRUUDLQVRFLWL]HQVORRNXSWRWKHNLQJVVFHSWHUIRU SURGXFWLRQ 7KH WKLUG ERRN RQ ³,QEDP´ GHDOV ZLWK ORYH WKHPHV 1R RQH H[SODLQHG ORYH OLNH 9DOOXYDU 'U*83RSH YLHZHG LW DV DQ XQSDUDOOHOHG ZRUNLQDQ\ODQJXDJH $FFRUGLQJ WR 9DL\DSXUL 3LOODL ³ 7KH XWWHU VLPSOLFLW\ RI KLV ODQJXDJHKLVFU\VWDOFOHDUXWWHUDQFHVSUHFLVHDQGIRUFHIXOKLVEUHYLW\KLV OHDUQLQJFXOWXUHDQGZLVGRPKLVFDWKROLFLW\DQGHFOHFWLFLVPKLVJHQWOH KXPRXUDQGZKROHVRPHFRXQVHOKDYHPDGHKLPDQREMHFWRIYHQHUDWLRQ 6HOILQVWUXFWLRQDOPDWHULDO 16 EKd ^ IRUDOOWLPHDQGKLVERRNLVFRQVLGHUHGWKH9HGDRIWKH7DPLOV´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ϭϳ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 $YYDL\DUDQG$WKL\DPDQ $YYDL\DUDSRHWDQGIULHQGRI.LQJ$GKL\DPDQUXOHURI7DJDGXULV VXSSRVHG WR KDYH KHOSHG DYRLG ZDU EHWZHHQ WZR NLQJGRP VWDWHV .LQJ 7KRQGDLPDQ UXOHU RI .DQFKLSXUDP KDG VHQW KLP D QRWH GHFODULQJKLV LQWHQWLRQ WR DWWDFN 7DJDGXU $GKL\DPDQ UHTXHVWHG $YYDL\DU WR YLVLW .DQFKLSXUDPDQGWHOO7KRQGDLPDQWKDWWKLVZDUZRXOGEULQJKLPQRWKLQJ 6KHZDVXVLQJDQLFHELWRISV\FKRORJ\KHUH6KHVD\V³2K7KRQGLDPDQ KRZ GLIIHUHQW LQGHHG DUH \RXU FOHDQ DQG VKLQ\ ZHDSRQV IURP WKRVH RI $GL\DPDQDOZD\VVWDLQHGZLWKEORRGDQGXQGHUUHSDLU´7KRQGDLPDQKDG IDUOHVVH[SHULHQFHLQZDUDQGZDVXQOLNHO\WRZLQ6KHZDVPDNLQJWKLV FOHDUXQGHUWKHJXLVHRISUDLVH6KHZDVDFWXDOO\DGYLVLQJWKH\RXQJNLQJWR DYRLGDQHHGOHVVZDULQZKLFKKHZDVERXQGWRORVH7KHVRQJIROORZVWKH JUDPPDU RI 7DPLO FDOOHG DV ³9DQMD 3XJD]KFKL $QL´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d ^ QRZ7KHVH SRHPV LQFOXGH D OLVW RI GRV DQG GRQ WV XVHIXO IRU GDLO\ OLIH DUUDQJHGLQVLPSOHDQGVKRUWVHQWHQFHV &KHFN 7KRONDSSL\DU LV WKH DXWKRU RI 7KRONDSSL\DP WKH ROGHVW 7DPLO JUDPPDU7KHZRUNLVEDVHGRQDJDWKL\DPDQHDUOLHUJUDPPDU$FFRUGLQJ WRWUDGLWLRQKLVSDUHQWVQDPHGKLP7KLUDQDWKRRPDNNLQL+HZDVFRQVLGHUHG DVWKHVRQRI-DPDWKDNNLQLRI%UDKPLQRULJLQ+HZDVUHJDUGHGDVRQHRI WKH WZHOYH GLVFLSOHV RI $JDWKL\DU 7KH VSHFLDOLW\ RI 7KRONDSSL\DP WKH DQFLHQW 7DPLO JUDPPDU LV WKDW LW GHDOV QRW RQO\ ZLWK SKRQHWLFV DQG SURVRG\EXWDOVRRISRHWU\,WIRUPXODWHGUXOHVIRUWKHGLIIHUHQWW\SHVRI SRHWLF FRPSRVLWLRQ 'U&DOGZHOO DUJXHG WKDW 7KRONDSSL\DP PXVW KDYH EHHQSUHFHGHGE\PDQ\FHQWXULHVRIULFKOLWHUDU\WUDGLWLRQ 7KHGDWLQJRIWKHHDUOLHVW7DPLOJUDPPDWLFDOWUHDWLVH7RONDSSL\DP KDVEHHQGHEDWHGPXFKDQGLWLVVWLOOLPSUHFLVHDQGXQFHUWDLQDQGKDVVHHQ ZLGH GLVDJUHHPHQWV DPRQJVW VFKRODUV LQ WKH ILHOG ,W KDV EHHQ GDWHG YDULRXVO\EHWZHHQUGFHQWXU\%&(DQGWKHUGFHQWXU\&( 7KRONDSSL\DP 7KH 7RONDSSL\DP LV D ZRUN RQ WKH JUDPPDU RI WKH 7DPLO ODQJXDJHDQGWKHHDUOLHVWH[WDQWZRUNRI7DPLOOLWHUDWXUHDQGOLQJXLVWLFV,W LV ZULWWHQ LQ WKH IRUP RI QRRUSDD RU VKRUW IRUPXODLF FRPSRVLWLRQV DQG FRPSULVHVWKUHHERRNV7KH\DUHWKH(OXWWDGLNDUDPWKH6ROODGLNDUDPDQG WKH 3RUXODGLNDUDP (DFK RI WKHVH ERRNV LV IXUWKHU GLYLGHG LQWR QLQH FKDSWHUV HDFK :KLOH WKH H[DFW GDWH RI WKH ZRUN LV QRW NQRZQ EDVHG RQ OLQJXLVWLFDQGRWKHUHYLGHQFHLWKDVEHHQGDWHGYDULRXVO\EHWZHHQWKHWKLUG FHQWXU\%&DQGWKHWKFHQWXU\%&6RPHPRGHUQVFKRODUVSUHIHUWRGDWH LWQRWDVDVLQJOHHQWLW\EXWLQSDUWVRUOD\HUV7KHUHLVDOVRQRILUPHYLGHQFH WRDVVLJQWKHDXWKRUVKLSRIWKLVWUHDWLVHWRDQ\RQHDXWKRU ϭϵ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d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Ϯϭ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 &KHFN\RXUSURJUHVVTXHVWLRQV :KLFKLVWKHROGHVW7DPLOOLWHUDWXUH" +RZPDQ\SDUWVDUHWKHUHLQ7KRONDSSL\DP" $QVZHUVWRFKHFN\RXUSURJUHVVTXHVWLRQV 7KLUGERRN,QEDP $WKL\DPDQ QGFHQWXU\%& 7KRONDSSL\DP 7KUHH 6XPPDU\ x 7KHVDQJDPSRHWVZHUHJUHDWVFKRODUV x 7KH 7KLUXNNXUDO ZDV ZULWWHQ E\ 7KLUXYDOOXYDU FRQVLVWV RI FRXSOHWVGLYLGHGHTXDOO\LQWRFKDSWHUV x 7KLUXNNXUDO KDV WKUHH PDMRU SDUWV 7KH ILUVW SDUW GHDOV ZLWK $UDP 9LUWXH x 7KHVHFRQGSDUWLVRQ3RUXO :HDOWK x 7KHWKLUGSDUWLVRQ.DPDPRU,QEDP /RYH x $YYDL\DUDSRHWDQGIULHQGRI.LQJ$GKL\DPDQUXOHURI7DJDGXU? x 7KH 6DQJDP $YYDL FRPSRVHG VRQJV ZKLFK PRVWO\ GHDO ZLWK ORYHDQGWKHSDLQRIVHSDUDWLRQ x $YYDL\DUKDVFRPSRVHGIRXUHWKLFDOZRUNV±$DWKLFKXGL.RQGUDL 9HQGKDQ9DDNNXQGDDP 0RRGXUDL DQG1DOYD]KL x 7KRONDSSL\DU LV WKH DXWKRU RI 7KRONDSSL\DP WKH ROGHVW 7DPLO JUDPPDU x ,W FRPSULVHV WKUHH ERRNV ± WKH (OXWKDWKLNDUDP WKH 6ROODWKLNDUDP DQGWKH3RUXODWKLNDUDP x 7KRONDSSL\DUGLYLGHGWKHOLIHRISHRSOHLQWRDKDPDQG3XUDP x 7KHIXOOOLIHOLYHGE\WKHSHRSOHLVUHIOHFWHGLQWKHV\VWHPDWLFZRUN RI7KRONDSSL\DU .H\ZRUGV x $UDP $UDP PHDQV GLVFLSOLQH KRZ WR SHUIRUP DQ DFW ZLWK LQWHJULW\ZKDWDUHWKHYDOXHVLQOLIHLPSRUWDQFHRIJRRGFRQGXFW HYHU\WKLQJFRPHVLQ$UDP 6HOILQVWUXFWLRQDOPDWHULDO 22 EKd ^ x 0XSSDO 7KUHHNLQGVRIVXEMHFWVRI7KLUXNNXUDO x ,\DUFKRO 7KHZRUGVLQFRPPRQXVDJH x 9DGDFKRO :RUGVERUURZHGIURP6DQVNULW 6HOI$VVHVVPHQW4XHVWLRQV 6KRUW$QVZHU4XHVWLRQV +LJKOLJKWWKHLPSRUWDQFHRI$UDPLQ7KLUXNNXUDO :KDWDUHWKHZRUNVRI$YYDL\DU" :ULWHEULHIO\DERXWWKH6ROODWKLNDUDPRI7KRONDSSL\DP /RQJ$QVZHU4XHVWLRQV 'HVFULEHWKHSODFHRI7KLUXYDOOXYDUDPRQJWKHLQWHOOHFWXDOVRI 7DPLOVRFLHW\ $QDO\]HWKHIHDWXUHVRI7KRONDSSL\DP )XUWKHU5HDGLQJV 3LOODL..A Social History of the Tamils, Volume 1&KHQQDL 8QLYHUVLW\ RI0DGUDV 5DMD\\DQ. History of Tamil Nadu 1565 to 1982 0DGXUDL 5DM 3XEOLVKHUV 6XEUDKPDQL\DQ1 Social and Cultural History of Tamilnad WR $' 8GXPDOSHW (QQHV3XEOLFDWLRQV 6XEUDPDQLDQ3 Social History of the Tamils(1707-1947), 1HZ 'HOKL '.3ULQWZRUOG 3 /WG 0DQRUDQMLWKDPRQL&History of Tamil Nadu Upto 1565 A.D.,7LUXQHOYHOL 'DYH%HU\O3XEOLFDWLRQV 9DUJKHVH -H\DUDM 6 Socio-Economic History of Tamil Nadu 1565-1967 8WKDPDSDOD\DP $QQV3XEOLFDWLRQV 3DUDPDUWKDOLQJDP & Religion and Social Reform in Tamil Nadu, 0DGXUDL 5DMDNXPDUL3XEOLFDWLRQV 1DWDUDMDQ& Social History of Modern Tamil Nadu, 7ULFK\ 8ODJD 7DPL]KSSDGDLSSDODU1RRO9HOL\HHWWDJDP Ϯϯ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x ([SODLQWKHHDUO\OLIHRI(ODQNR$GLJDO x 8QGHUVWDQGKLVFRQYHUVLRQIURPSULQFHWRDVFHWLF x 'LVFXVVWKHIHDWXUHVRI6LODSSDWKLNDUDP x 'HVFULEHWKHVRFLRDQGSROLWLFDOWKRXJKWRI(ODQNR$GLJDO x 8QGHUVWDQGWKHLPSDFWRI6LODSSDWKLNDUDPLQ7DPLO6RFLHW\ &RQYHUVLRQRI(ODQJR$GLJDO 7KLV \RXQJ SULQFH FRPLQJ IURP VXFK D GLVWLQJXLVKHG IDPLO\ FRQQHFWHGZLWKWKH&KRODVE\PDUULDJHDOOLDQFHVJDYHXSWKHMR\VRIOLIHLQ WKH SDODFH HYHQ ZKHQ FRPSDUDWLYHO\ \RXQJ DQG EHFDPH DQ DVFHWLF,W ZRXOG EH LQWHUHVWLQJ KHUH WR QDUUDWH ZK\ DQG KRZ KH WXUQHG RXW WR EH D 6HOILQVWUXFWLRQDOPDWHULDO 24 EKd ^ PRQN 7KHUH RQFH FDPH WR WKH &RXUW RI &KHUDODWKDQ DQ DVWURORJHU ZKR SUHGLFWHGWKHLPPHGLDWHGHDWKRIWKHNLQJDQGWKHSDVVLQJRIWKHWKURQHWR (ODQNRWKH\RXQJHUVRQ7KLVZDVXWWHUHGLQWKHSUHVHQFHRIERWKWKHUR\DO SULQFHV 7KH HOGHU UHFHLYHG WKH QHZV ZLWK JUHDW GLVDSSRLQWPHQW DQG WKH \RXQJHUQRWLFLQJKLVEURWKHU¶VVRUURZZDQWHGWRJHWULGRIWKHVWXPEOLQJ EORFN ZKLFK ZDV KLPVHOI +HQFH KH DW RQFH WRRN WR D OLIH RI DVFHWLFLVP UHQRXQFLQJ ZRUOGO\ SOHDVXUHV LQ RUGHU WR VDWLVI\ KLV EURWKHU¶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Ϯϱ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 $JDLQVWWKLVLWPD\EHDUJXHGWKDWWKHWLWOH$GLJDOLVFRPPRQWRDOO VHFWVRIWKH+LQGXVDQG.RWWDPPD\PHDQDQ\WHPSOHQRWQHFHVVDULO\WKH -DLQWHPSOH3DQGLW6ZDPLQDWKD$\\DUIDYRXUVWKHYLHZWKDW6DLYLVPZDV KLV UHOLJLRQ +H TXRWHV VHYHUDO WH[WV IURP WKH ZRUN WR VKRZ WKDW ERWK 6HQJXWWXYDQ DQG KLV EURWKHU PXVW KDYH EHHQ 6DLYDLWHV RQO\ :KHUHYHU GHLWLHVDUHPHQWLRQHG*RG6LYDLVJLYHQWKHIRUHPRVWSODFH$JDLQKHVD\V WKDWKLVEURWKHU6HQJXWWXYDQ¶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¶VWROHUDQW DWWLWXGHWRWKHRWKHUVHFWVLQWKHODQGRIKLVELUWK 6LODSSDWKLNDUDP 7KH 6LODSSDWKLNDUDP FRQVLVWV RI WKUHH .DQGDPV 7KH\ DUH 3XKDU NDQGDP0DGXUDLNDQGDPDQG9DQFKLNDQGDP7KHILUVWWZRNDQGDPVGHDO ZLWKWKHOLIHRI.DQQDJLLQKHUPXQGDQHH[LVWHQFHDQGWKHODVWZLWKKHUDV WKH GHLW\ LQ D VKULQH 7KLV LV WKH HDUOLHVW ZRUN WR HPSOR\ YDULSDWWX LQ LWV FRPSRVLWLRQ7KH6LODSSDWKLNDUDPKHOSVXVWRIL[WKHGDWHRIWKH6DQJDP DJH7KH8UDL3HUX.DWWXUDLVWDWHVWKDW*DMDEDKXRI&H\ORQZDVSUHVHQWDW WKHFRQVHFUDWLRQRI.DQQDJL¶VLPDJHFRQVWUXFWHGE\6HQJXWWXYDQ 7KH &H\ORQHVH &KURQLFOH WKH 0DKDYDPVD VWDWHV WKDW *DMDEDKX , UXOHG&H\ORQURXJKO\EHWZHHQWR $'6LQFH6HQJXWWXYDQZDVWKH FRQWHPSRUDU\RI*DMDEDKXWKHSHULRGRIWKHUHLJQRI6HQJXWWXYDQLVIL[HG DV WKH VHFRQG KDOI RI WKH VHFRQG FHQWXU\ $' 7KH 6LODSSDWKLNDUDP GHVFULEHVWKHVLJQLILFDQFHRIFKDVWLW\WKHIHUWLOLW\RIWKH.DYHULULYHUEDVLQ DQGWKHVRFLDODQGFXOWXUDOFRQGLWLRQHWF 6HOILQVWUXFWLRQDOPDWHULDO 26 EKd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¶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Ϯϳ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³ULVHDERYHSOHDVXUHDQGSDLQLQDFFRUGDQFHZLWKWKHDSSURYHGFRXUVHRI FRQGXFW.QRZ*RGDQGVHUYHWKRVHZKRKDYHNQRZQKLP)HDUVSHDNLQJ IDOVHKRRG$YRLGWDOHEHDULQJ5HIUDLQIURPPHDWHDWLQJDQGDEMXUHLQMXU\ WRDQ\OLYLQJWR\RX´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d ^ 6XPPDU\ x (ODQNRDGLJDOLVWKHFHOHEUDWHGDXWKRURIWKH6LODSSDWKLNDUDP x 0U.DQDNDVDEDLKDVZULWWHQWKDW(ODQNRDGLJDOEHFDPHDPRQNRI WKH1LJUDQWKDVHFW x 7KHYLHZWKDWKHZDVD-DLQDQGEHORQJHGWR-DLQLVPLVVXSSRUWHG E\WKHIDFWWKDWKHKDVHODERUDWHO\UHIHUUHGWR-DLQLVP x 7KH 6LODSSDWKLNDUDP FRQVLVWV RI WKUHH .DQGDPV 3XKDU NDQGDP 0DGXUDLNDQGDPDQG9DQFKLNDQGDP x 7KLVLVWKHHDUOLHVWZRUNWRHPSOR\YDULSDWWXLQLWVFRPSRVLWLRQ x 7KH6LODSSDWKLNDUDPKHOSVXVWRIL[WKHGDWHRIWKH6DQJDPDJH x 7KH 6LODSSDWKLNDUDP GHVFULEHV WKH VLJQLILFDQFH RI FKDVWLW\ WKH IHUWLOLW\ RI WKH .DYHUL ULYHU EDVLQ DQG WKH VRFLDO DQG FXOWXUDO FRQGLWLRQHWF x 7KHZRUNLVDQHSLFIRUWKHWKUHHUXOLQJG\QDVWLHVRI7DPLO1DGX x (ODQNR $GLJDO LQFRUSRUDWHV YDULRXV LQIRUPDWLRQ RQ WKH VRFLR HFRQRPLFDQGSROLWLFDOFRQGLWLRQRI7DPLO1DGX x $PRQJWKHLQWHOOHFWXDOVRI7DPLO1DGX(ODQNR$GLJDORFFXSLHVDQ LPSRUWDQWSDOFHDIWHU7KRONDSSL\DUDQG7KLUXYDOOXYDU .H\ZRUGV x .RWWDP D JURXS RI SHUVRQV JDWKHUHG WRJHWKHU XVXDOO\ IRU D SDUWLFXODU SXUSRVH ZKHWKHU UHOLJLRXV SROLWLFDO HGXFDWLRQDO RU VRFLDO x .DQGDP DVHFWLRQRUGLYLVLRQRIDQHSLFSRHPHWF x 6LODPSX $QNOHW XVHG WR ZHDU LQ WKH OHJV RI ZRPHQ ,W ZLOO EH WXEXODULQVWUXFWXUHZLWKDVLQJOHRSHQLQJFORVLQJ,QVLGHWKHWXEXODU VWUXFWXUHSHRSOHILOOZLWKSHDUOVRUUXELHVDFFRUGLQJWRWKHLUVWDWXV 6HOI$VVHVVPHQW4XHVWLRQV 6KRUW$QVZHU4XHVWLRQV :ULWHDIHZOLQHVDERXWWKHUHOLJLRQRI(ODQNR$GLJDO 0HQWLRQWKHVRFLDOWKRXJWRI(ODQNR$GLJDOLQ6LODSSDWKLNDUDP /RQJDQVZHU4XHVWLRQV :ULWH DQ HVVD\ DERXW WKH UROH RI 6LODSSDWKLNDUDP LQ 7DPLO OLWHUDWXUH *LYHDQDFFRXQWRI7DPLOVRFLHW\SRUWUD\HGE\6LODSSDWKLNDUDP Ϯϵ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 )XUWKHU5HDGLQJV 3LOODL..A Social History of the Tamils, Volume 1&KHQQDL 8QLYHUVLW\ RI0DGUDV 5DMD\\DQ. History of Tamil Nadu 1565 to 1982 0DGXUDL 5DM 3XEOLVKHUV 6XEUDKPDQL\DQ1 Social and Cultural History of Tamilnad WR $' 8GXPDOSHW (QQHV3XEOLFDWLRQV 6XEUDPDQLDQ3 Social History of the Tamils(1707-1947), 1HZ 'HOKL '.3ULQWZRUOG 3 /WG 0DQRUDQMLWKDPRQL&History of Tamil Nadu Upto 1565 A.D.,7LUXQHOYHOL 'DYH%HU\O3XEOLFDWLRQV 9DUJKHVH -H\DUDM 6 Socio-Economic History of Tamil Nadu 1565-1967 8WKDPDSDOD\DP $QQV3XEOLFDWLRQV 3DUDPDUWKDOLQJDP & Religion and Social Reform in Tamil Nadu, 0DGXUDL 5DMDNXPDUL3XEOLFDWLRQV 1DWDUDMDQ& Social History of Modern Tamil Nadu, 7ULFK\ 8ODJD 7DPL]KSSDGDLSSDODU1RRO9HOL\HHWWDJDP 6HOILQVWUXFWLRQDOPDWHULDO 30 EKd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ϯϭ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 VFKRODUV ZKR ZLVK WR GHOLQHDWH WKH QRQ$U\DQ DQG SUH$U\DQ VWUDQGV LQ ,QGLDQ FXOWXUH )URP WKH WK FHQWXU\ 7DPLO OLWHUDWXUH ZDV LQFUHDVLQJO\ LQIOXHQFHGE\:HVWHUQIRUPVDQGLGHDV 2EMHFWLYHV $IWHUJRLQJWKURXJKWKLVXQLW\RXZLOOEHDEOHWR x $VVHVV WKH SURFHVV RI UHYLYDO RI 7DPLO ODQJXDJH DQG OLWHUDWXUH x 'LVFXVVWKHIXQFWLRQVRI3XUH7DPLO0RYHPHQW x ([SODLQ WKH SDUW RI 0DUDLPDODL $GLJDO LQ 3XUH 7DPLO 0RYHPHQW x 'HVFULEHWKHUROHRI7KLUX9L.DWR7DPLOVRFLHW\ 5HYLYDORI7DPLOODQJXDJHDQG/LWHUDWXUH $UHYLYDORI7DPLOOLWHUDWXUHWRRNSODFHIURPWKHODWH WKFHQWXU\ ZKHQZRUNVRIUHOLJLRXVDQGSKLORVRSKLFDOQDWXUHZHUHZULWWHQLQDVW\OH WKDWPDGHLWHDVLHUIRUWKHFRPPRQSHRSOHWRHQMR\7KHHQWU\RI(XURSHDQ &KULVWLDQ PLVVLRQDULHV OLNH 5REHUW GH 1RELOL &DOGZHOO %HVFKL DQG *83RSHKDYHHQULFKHG7DPLOODQJXDJHE\WKHLUVFKRODUO\FRQWULEXWLRQV %HVLGHVWKHLQWURGXFWLRQRISULQWLQJPDFKLQHVE\WKHPKDGLWVLPSDFWRQ 7DPLOSURVH7KH\XVHGSURVHWRVSUHDG&KULVWLDQIDLWK1DWXUDO\PRGHUQ 7DPLO SURVH EHJDQ WR WDNH URRW :LWK WKH KHOS RI ORFDO 7DPLO SRHWV WKH\ IORRGHGWKH7DPLOFRXQWU\ZLWKORWRISULQWHGSURVHZRUNV%\WKHHIIRUWV 7DPLO ZDV UHOHDVHG IURP WKH JULS RI WKH QRUWK ,QGLDQ ODQJXDJHV/LNH 9HHUDPDPXQLYDU WKH\ DWWHPSWHG RQ 7DPLO ODQJXDJH UHIRUP 7KH\ VLPSOLILHG 7DPLO ZULWLQJ DQG UHDGLQJ 1HZVSDSHUV ZHHNO\ PRQWKO\ PDJD]LQHVZHUHSXEOLVKHGE\RWKHUVHFWLRQVRIVRFLHW\DOVR(YHQWKRXJK SURVHZULWLQJZDVVWDUWHGLQWKHWKFHQWXU\LWGHYHORSHGPRVWO\LQWKH WK FHQWXU\ :KHQ WKH (QJOLVK FRQVROLGDWHG LWV SRVLWLRQ LQ ,QGLD WKH PLVVLRQDULHVVWDUWHGVHYHUDOVFKRROVLQWKH WKFHQWXU\7KH0DGUDVVFKRRO ERRN 6RFLHW\ ZDV HVWDEOLVKHG LQ DQG VHYHUDO SURVH ZRUNV ZHUH SXEOLVKHGWKURXJKLW,QWKH WKDQGWKFHQWXULHVVHYHUDOGHYHORSPHQWVLQ WKHILHOGRIPDVVFRPPXQLFDWLRQKDGLWVLPSDFW$WWHPSWVZHUHPDGHQRW RQO\ LQ WKH ILHOG RI FRPSDUDWLYH JUDPPDU EXW DOVR LQ (SLJUDSK\ $UFKDHRORJ\ DQG OLWHUDU\ +LVWRU\ 7KH XVH RI ODQJXDJH LQFUHDVHG PDQ\ 6HOILQVWUXFWLRQDOPDWHULDO 32 EKd ^ IROGV 7KHZRUN RI &KULVWLDQ PLVVLRQDULHV PD\ EURDGO\ EH FODVVLILHG LQWR UHOLJLRXVVHUYLFHDQGLQWHOOHFWXDOZRUN7KH\KDYHWUDQVODWHG7DPLOOLWHUDU\ ZRUN LQ WKHLU ODQJXDJH 6HYHUDO ZRUNV ZHUH ZULWWHQ RQ 7DPLO PHGLFLQH 7DPLO UHOLJLRQ DQG 7DPLO OLWHUDU\ KLVWRU\ 5REHUW GH 1RELOL ZURWH PDQ\ SURVH ZRUNV 730HHQDNVKL 6XQGDUP SUDLVHG WKH EHQHILWV RI 7DPLO JUDPPDUZRUNVZULWWHQE\&KULVWLDQPLVVLRQDULHV7KHQDWLYHZULWHUVDOVR FRQWULEXWHG IRU WKH GHYHORSPHQW RI SURVH 3ULQWLQJ PDFKLQHV KHOSHG WKH GHYHORSPHQW RI SURVH ZULWLQJ 3DQFKDWDQWUDP ZULWWHQ E\ 7KDQGDYDUD\D 0XGDOL\DULVDQLPSRUWDQWSURVHZRUN ,QDGGLWLRQWRWKHZRUNRI(XURSHDQVFKRODUVVHYHUDO7DPLOVFKRODUV DOVR FRQWULEXWHG IRU WKH UHYLYDO RI 7DPLO OLWHUDWXUH -DIIQD &9 'KDPRGKDUDQ3LOODLDQG896DPLQDWKD,\DUGLG\HRPDQVHUYLFHWR7DPLO 9LVLWLQJ YLOODJHV DQG UHPRWH DUHDV WKH\ KDFH FROOHFWHG WKH SDOP OHDYH PDQXVFULSWV,WZDVRUJDQL]HGLQDSURSHUIRUPDWEHIRUHSXEOLFDWLRQ7KH +LVWRU\ RI WKH 7DPLO 6DQJDP SHULRG DQG WKH JORU\ RI WKH SHRSOH RI WKDW ZHUH EURXJKW WR OLPHOLJKW $UXPXJD 1DYDODU WKURXJK KLV SULQWLQJ SUHVV DQG ZULWLQJV SXEOLVKHG VHYHUDO 7DPLO OLWHUDU\ ZRUNV LQ VLPSOH VW\OH 9DOODODU ZKR ZDV D VRFLRUHOLJLRXV UHIRUPHU VSUHDG DZDUHQHVV WKURXJK VFKRROV DQG KLV ZRUNV 7KH SXEOLFDWLRQ RI DQFLHQW 7DPLO FODVVLFV FUHDWHG LQWHUHVWLQ7DPLOOLWHUDWXUH$WWHPSWVZHUHDOVRPDGHWRVWXG\WKHRULJLQ JURZWKDQGGHFOLQHRI7DPLOFLYLOL]DWLRQ &DOGZHOO¶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ϯϯ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µQRUWKHUQ¶ YDGDPRƺL ZKLFK PHDQV6DQVNULW DQGRIRWKHUGLUHFWLRQV WKLVDLPRƺL ZKLFKPHDQVIRUHLJQ 7KLV LV RIWHQ FLWHG DV WKH HDUOLHVW HYLGHQFH RI 7DPLO SXULVP :LWK WKH SDVVLQJRI7DPLOSROLWLFDODQGHFRQRPLFGRPLQDQFHIURPWKH6RXWKILUVW LQWR WKH KDQGV RI WKH 'HFFDQ 9LMD\DQDJDU IHXGDWRU\ LQ WKH WK FHQWXU\ WKHQWRWKH)DUVLVSHDNLQJ0XVOLPSRZHUV7DPLOFOHDUO\ZHQWLQWRGHFOLQH 1RQHWKHOHVV 7DPLO SXULVP DQG REYHUVHO\ DQWL6DQVNULWLVP UHPDLQHG DPRQJ WKH OLWHUDWL DQG WKHLU ORFDO SDWURQV DV HYLGHQFHG E\ $QWDR 'H 3URHQFD¶V 7DPLO3RUWXJXHVH 'LFWLRQDU\ FRPSLOHG LQ WKDW PDNHV 6HOILQVWUXFWLRQDOPDWHULDO 34 EKd ^ PHQWLRQ RI WKH DFULPRQLRXV ³DQWL.LUDQWKD´ DQG WKH ³SUR6DQVNULW´ WHQGHQF\LQ7DPLOSKRQHWLFV7KHFRPLQJRIWKH(QJOLVKVSHDNLQJ%ULWLVK FRORQLDOLVWVDQG$PHULFDQPLVVLRQDULHVLQWURGXFHGDVSHFWDFXODUUHYLYDOLQ ODQJXDJH GHYHORSPHQW DPRQJ WKH 7DPLOV GHVSLWH WKH (XURSHDQ FRQFHUQV DERXWOLQJXLVWLFXWLOLW\IRUDGPLQLVWUDWLRQDQGUHOLJLRXVSURSDJDWLRQ7KH PRGHUQUHYLYDORIWKH7DPLO3XULVW0RYHPHQW VRPHWLPHV3XUH7DPLO 0RYHPHQW LV RIWHQ DWWULEXWHG WR 0DUDLPDODL $GLJDO ZKR LQ FRPPLWWHGKLPVHOISXEOLFO\WRGHIHQGSXUH7DPLO$GYRFDWHVRISXULVPQRW RQO\SRSXODUL]HG7DPLOOLWHUDWXUHEXWFUXVDGHGIRULW7KH\ZHQWWRYLOODJHV DQG WRZQV WR UXQ SXEOLF UDOOLHV IRU OLWHUDU\ ILJXUHV DQG UHVXUUHFWHG WKH DQFLHQWOLQJXLVWLF7DPLOSXULVPDQGPDGHLWLQWRDYLWDOSROLWLFDOLVVXH 0DUDLPDODL$GLJDO 0DUDLPDODL$GLJDOZDVERUQRQ-XO\WR&KRNNDQDWD3LOODL DQG &KLQQDPPDL +LV ELUWK QDPH ZDV 9HGKDFKDODP +H GLG KLV HDUO\ VFKRROLQJ DW :HVOH\ 0LVVLRQ +LJK 6FKRRO LQ 1DJDSSDWWLQDP EXW KDG WR DEDQGRQ KLV IRUPDO HGXFDWLRQ ZLWK )RXUWK )RUP DIWHU KLV IDWKHU V GHDWK 0DUDLPDODL$GLJDOLQVSLWHRIGLVFRQWLQXLQJKLVIRUPDOHGXFDWLRQDIWHU WK JUDGH FRQWLQXHG OHDUQLQJ 7DPLO IURP WKH 7DPLO VFKRODU 1DUD\DQD 3LOODL ZKRZDVPDNLQJKLVOLYHOLKRRGE\VHOOLQJ7DPLOSDOPOHDIPDQXVFULSWV+H OHDUQW 6DQVNULW DQG (QJOLVK WKURXJK KLV RZQ HIIRUW +H ODWHU DXWKRUHG VHYHUDO DUWLFOHV LQ 7DPLO PRQWKO\ FDOOHG 1HHODORFKDQL +H ODWHUVWXGLHG 6DLYDSKLORVRSK\XQGHU6RPDVXQGDUD1DLFNHU:LWKWKHKHOSRI6XQGDUDP 3LOODLDXWKRURI0DQRQPDQLDPKHOHDUQHG7DPLOSRHWLFGUDPDVDQGWKXV DFTXLUHGHPSOR\PHQWDVD7DPLOWHDFKHULQDVFKRROLQ7ULYDQGUXP $WWKHDJHRIVHYHQWHHQKHJRWPDUULHGWR6RXQGDUDYDOOLDQGVRRQ DIWHUKLVPDUULDJHKHPRYHGWR0DGUDVWRZRUNDVDVXEHGLWRUWRDMRXUQDO 6LGGDQWKD'HHSLNDL/DWHULQ0DUFK KHTXLWWKLVMREWRZRUNZLWK9 *6XU\DQDUDQD6DVWULDVDWHDFKHULQ0DGUDV&KULVWLDQ&ROOHJH,QKLVWLPH LQ 0DGUDV &KULVWLDQ &ROOHJH KH WRXUHG WKURXJKRXW 7DPLO 1DGX JLYLQJ OHFWXUHV RQ 6DLYLVP $W DERXW WKH VDPH WLPH KH VWDUWHG D VRFLHW\ IRU 6DLYLVP FDOOHG 6DLYD 6LGGKDQWD 0DKD 6DPDMDP $V D \RXQJ WHDFKHUKH ZDV SRSXODU ZLWK KLV VWXGHQWV ZKR ZRXOG YLVLW KLV KRXVH WR OLVWHQ WR KLV OHFWXUHV,Q DGHFLVLRQZDVPDGHE\WKH0DGUDV8QLYHUVLW\WRPDNH WKH YHUQDFXODU 7DPLO ODQJXDJH RSWLRQDO IRU JUDGXDWLRQ LQ $UWV VXEMHFWV OHDYLQJ (QJOLVK DV D PHGLXP RI HGXFDWLRQ 7KLV GHFLVLRQ FDXVHG PDQ\ ϯϱ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d ^ /LWHUDU\:RUNV $SDUW IURP EHLQJ D JRRG RUDWRU $GLJDO FRPSRVHG VHYHUDO 7DPLO SRHPV+HDXWKRUHGPRUHWKDQERRNV2WKHUWKDQHVVD\VDQGQRYHOVKH ZURWH ERRNV GHDOLQJ ZLWK OLWHUDU\ FULWLFLVP SKLORVRSK\ DQG UHOLJLRQ KLVWRU\ SV\FKRORJ\ DQG SROLWLFV +H KDV SXEOLVKHG VHYHUDO ZRUNV RQ 0XOODLSSDWWX .XULQMSDWWX 6LYDJQDQD %RGKDP 7KLUXNNXUDO DQG 3DWWLQDSDODLHWF,QDGGLWLRQWR7DPLOKHZURWHWKHVHWRSLFVLQ(QJOLVKDQG LQQRUWK,QGLDQODQJXDJH +H KDV WUDQVODWHG WKH GUDPD SI .DOLGDVD¶V 6DNXQWKDODP IURP 6DQVNULWWRSXUH7DPLO)RUWKHEHQHILWRIWKHFKLOGUHQKHZURWHVHYHUDOWH[W ERRNV XQGHU WKH WLWOH ³6LUXYDUNDOXNNDQD 6HQ 7DPLO ´ 3XUH 7DPLO IRU FKLOGUHQ +HZURWHWKHIDPRXVORYHVWRU\RI$PELNDSDWK\$PDUDYDWK\DV DGUDPD(YDOXDWLQJWKHZRUNVRIWKHSRHWVKHZURWHDERRNRQ$QFLHQWDQG 0RGHUQ 3RHWV´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ϯϳ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³'HVD%KDNWDQ´KHVWLPXODWHGSDWULRWLVP DPRQJWKH7DPLOV:KHQWKH%ULWLVKWRRNDFWLRQDJDLQVWLWVSXEOLFDWLRQKH KDV VWDUWHG ³1DYD 6DNWKL´ DV D ZHHNO\ +H DOZD\V KLJKOLJKWHG WKH LPSRUWDQFHRIZRPHQDQGWKHLUKRQRXU+HDOZD\VIRXJKWIRUWKHULJKWVRI ZRPHQ +H VWUHVVHG WKH QHFHVVLW\ RI ZRPHQ¶V HGXFDWLRQ DQG WKHLU HPSOR\PHQWLQ*RYHUQPHQWVHUYLFHV7KLUX9L.DVWURQJO\DGYRFDWHGWKH UHPDUULDJH RI ZLGRZV +H ZDV DJDLQVW WKH µ'HYDGDVL¶ WUDGLWLRQ LQ ZKLFK JLUOVZHUHGHGLFDWHGWRWHPSOHVHUYLFHKHZDVLQIDYRXURIDODZDJDLQVWWKH 'HYDGDVLV\VWHP 6HOILQVWUXFWLRQDOPDWHULDO 38 EKd ^ /HDGHURI/DERXU8QLRQ 7KLUX9L.D ZDV RQH RI WKH SLRQHHU OHDGHUV RI WKH ODERXU XQLRQ 0RYHPHQWLQ,QGLD+HZDVLQIOXHQFHGE\WKH/DERXUSDUW\OHDGHU+DUG\ LQ (QJODQG 6R 7KLUX9L.D GHYHORSHG LQWHUHVW LQ WKH ODERXU DIIDLUV 7KLUX9L.D WUDQVODWHG WKH DUWLFOHV DSSHDUHG LQ ,QGLDQ 3DWULRW´ RQ WKH JULHYDQFHV RI PLOO ZRUNHUV ,W ZDV ZULWWHQ E\ .HVDYD SLOODL DQG 7KLUX9L.D SXEOLVKHG WKHP LQ ³'HVD %KDNWDQ´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ϯϵ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 YLHZVKHSXEOLVKHGRQHRIWKHILUVW7DPLOLQWHUSUHWDWLRQVRIWKHWKRXJKWRI 0DKDWPD *DQGKL VWLOO UHJDUGHG DV DQ LPSRUWDQW PLOHVWRQH LQ*DQGKLDQVWXGLHV +H ZURWH D QXPEHU RI ZRUNV RQ WKH UHOLJLRXV DQG VSLULWXDO WKRXJKW RI 9DOODODU5DPDOLQJD 6ZDPLJDO DQ LQIOXHQWLDO 7DPLO6DLYLWHSKLORVRSKHUVDLQWRIWKH WKFHQWXU\KHZURWHFRPPHQWDULHV RQ D QXPEHU RI ZRUNV RI FODVVLFDO 7DPLO OLWHUDWXUH ZKLFK DSSHDUHG DV VHULDOVLQ1DYDVDNWKL +LV3HQQLQSHUXPDLRUYDONDLWWXQDLQDODPZDVRQHRIWKHPRVWUHDG ERRNVRIWKDWSHULRG,QKLVZULWLQJV7KLUX9L.DGHYHORSHGDSURVHVW\OH ZKLFK EXLOW RQ WKH LQQHU UK\WKPV RI WKH 7DPLO ODQJXDJH DQG SURGXFHG D UK\WKPLFIORZLQJWH[W7KHILHOGRI7DPLOSURVHZDVVWLOOQHZWKHVW\OHKH GHYHORSHGZDVLQIOXHQWLDOKLVZRUNVDUHWRGD\VHHQDVKDYLQJJLYHQDQHZ HQHUJ\WRWKH7DPLOODQJXDJHDQGUHJDUGHGDVSDUWRIWKHIRXQGDWLRQVRQ ZKLFK WKH PRGHUQ 7DPLO SURVH VW\OH KDV EHHQ EXLOW 7KLUX9L.D¶V VSHHFKHVZHUHFRPSLOHGXQGHUWKHWLWOH³7DPLO7KHQGUDO´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d ^ $ULYX.DGDO 6LUXYDUNDOXNNDQD6HQ7DPLO 7DPLO7KHQGUDO 6XPPDU\ x )URPWKH WKFHQWXU\7DPLOOLWHUDWXUHZDVLQFUHDVLQJO\LQIOXHQFHG E\:HVWHUQIRUPVDQGLGHDV x $UHYLYDORI7DPLOOLWHUDWXUHWRRNSODFHIURPWKHODWH WKFHQWXU\ ZKHQZRUNVRIUHOLJLRXVDQGSKLORVRSKLFDOQDWXUHZHUHZULWWHQLQD VW\OHWKDWPDGHLWHDVLHUIRUWKHFRPPRQSHRSOHWRHQMR\ x 7KH0DGUDVVFKRROERRN6RFLHW\ZDVHVWDEOLVKHGLQDQG VHYHUDOSURVHZRUNVZHUHSXEOLVKHGWKURXJKLW x ,QDGGLWLRQWRWKHZRUNRI(XURSHDQVFKRODUVVHYHUDO7DPLOVFKRODUV DOVRFRQWULEXWHGIRUWKHUHYLYDORI7DPLOOLWHUDWXUH x 7KHSXEOLFDWLRQRIDQFLHQW7DPLOFODVVLFVFUHDWHGLQWHUHVWLQ7DPLO OLWHUDWXUH x 3XUH7DPLO0RYHPHQWLVDPRYHPHQWRIOLQJXLVWLFSXULVPLQ7DPLO OLWHUDWXUHDWWHPSWLQJWRUHVWRUH7DPLOWRLWVSXUHVWDWHDYRLGLQJ 6DQVNULWORDQZRUGV x 7KHPRGHUQUHYLYDORIWKH3XUH7DPLO0RYHPHQWLVRIWHQHQGRUVHG WR0DUDLPDODL$GLJDO x 0DUDLPDODL$GLJDOZDVERUQRQ-XO\ x ,QWKH\HDU KHEHFDPHDQH[SHUWRISXUH7DPLOPRYHPHQW DGYRFDWLQJWKHXVHRI7DPLOODQJXDJHGHYRLGRIORDQZRUGVIURP 6DQVNULW x +HFKDQJHGWKHQDPHRI*QDDQD6DDKDUDPWR$ULYXNNDGDODQGKLV WLWOHRI6ZDPL9HGKDFKDODPWR0DUDLPDODL$GLJDO x 0DUDLPDODL$GLJDOLVDOVRFRQVLGHUHGDVIDWKHURI1RQ%UDKPLQ 7DPLOPRYHPHQWV x +HKDVSXEOLVKHGVHYHUDOZRUNVRQ0XOODLSSDWWX.XULQMSDWWX 6LYDJQDQD%RGKDP7KLUXNNXUDODQG3DWWLQDSDODLHWF x +HDOVRZURWHERRNVRQWKHVXEMHFWVRIVHOILPSURYHPHQWVHOIKHOS DQGSHUVRQDOLW\GHYHORSPHQW ϰϭ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 x )RUWKHEHQHILWRIWKHFKLOGUHQKHZURWHVHYHUDOWH[WERRNVXQGHUWKH WLWOH³6LUXYDUNDOXNNDQD6HQ7DPLO´ x 7KLUX9L.DZDVD7DPLOVFKRODUHVVD\LVWDQGDFWLYLVW x +HVSHQWKLVHQWLUHOLIHIRUWKHHQULFKPHQWRI7DPLOODQJXDJHE\KLV ZULWLQJVDQGVSHHFKHV x 7KLUX9L.DZDVIRQGRIWKHDKLPVDSULQFLSOHVRI0DKDWKPD *DQGKLDQGVSUHDGWKHVDPHLQKLVZULWLQJV x 7KURXJKKLVZULWLQJVLQ³'HVD%KDNWDQ´KHVWLPXODWHGSDWULRWLVP DPRQJWKH7DPLOV x 7KLUX9L.DZDVRQHRIWKHSLRQHHUOHDGHUVRIWKHODERXUXQLRQ 0RYHPHQWLQ,QGLD x 7KLUX9L.DWUDQVODWHGWKHDUWLFOHVDSSHDUHGLQ,QGLDQ3DWULRW´RQ WKHJULHYDQFHVRIPLOOZRUNHUV x ,Q DFHQWUDOODERXUXQLRQLQFRUSRUDWLQJYDULRXVXQLRQZDV VWDUWHGXQGHUWKHOHDGHUVKLSRI7KLUX9L.D x 7KLUX9L.DFRQWULEXWHGPXFKIRUWKHUHYLYDORI7DPLOODQJXDJH x 1HDUO\ERRNVZHUHZULWWHQE\KLPEHVLGHVVHYHUDOWKRXJKW SURYRNLQJDUWLFOHVLQ1HZV3DSHUV x +HFRQWULEXWHGERWKIRUSURVHDQGSRHPV x +HZDVDJDLQVWWKHLPSRVLWLRQRI+LQGLDQGIRXJKWDJDLQVWLW x +HGHGLFDWHGKLVHQWLUHOLIHIRUWKHSURPRWLRQRI7DPLOODQJXDJH DQGIRUWKHDGYDQFHPHQWRI7DPLOVRFLHW\ .H\ZRUGV x 6DLYD VLGGKDQWD 6DLYD 6LGGKDQWD LV WKH QDPH RI RXU VFKRRO RI +LQGXLVP ,W LV WRGD\ WKH ROGHVW PRVW YLJRURXV DQG ZLGHO\ SUDFWLFHGRIWKHVL[IRUPVRI6DLYLVP x 6HQWKDPLO 6HQWKDPLO PHDQV D IODZOHVV ODQJXDJH ZKLFK KDV VR PXFKSURVSHULW\DQGRSXOHQFHWKDWQRRQHFDQILQGDIDXOWLQLW 6HOI$VVHVVPHQW4XHVWLRQV 6KRUW$QVZHU4XHVWLRQV *LYHDQDFFRXQWRIWKHUHVXUJHQFHRI7DPLOODQJXDJH" /LVWRXWWKHZRUNVRI0DUDLPDODL$GLJDO :ULWHDQRWHRQ3XUH7DPLO0RYHPHQW 6HOILQVWUXFWLRQDOPDWHULDO 42 EKd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ϰϯ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 %/2&.±,, 62&,25(/,*,2867+28*+762)7$0,/,17(//(&78$/6 8QLW±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ڟ7DPLOQ WUDQVLWLRQ RI YDULRXV DVSHFWV RI VRFLHW\ ± VWUXFWXUH FXOWXUH LQVWLWXWLRQ LGHRORJ\HWF5DSLGSURSDJDWLRQRI:HVWHUQLGHDVDQGIRUPXODWLRQRIWKH 'UDYLGLDQ FLYLOL]DWLRQ WKHRU\ GXULQJ WKH QLQHWHHQWK FHQWXU\ LQFXOFDWHG D VHQVHRISULGHLQHGXFDWHG7DPLOVHYHQWXDOO\OHDGLQJWRWKHELUWKRI7DPLO QDWLRQDOLVP ZKLFK LQVSLUHG ERWK WKH ,QGLDQ ,QGHSHQGHQFH PRYHPHQW DV YLGLDQPRYHPHQW7KH7DPLOSUHVVFRPSULVLQJSHULRGLFDOVڟZHOODVWKH'U MRXUQDOVPDJD]LQHVDQGQHZVSDSHUVLVDQLQVWLWXWLRQZKLFKKDVVWLPXODWHG 6HOILQVWUXFWLRQDOPDWHULDO 44 EKd ^ SURJUHVVLQHYHU\SKDVHRIVRFLDOSROLWLFDODQGSXEOLFOLIH,WKDVTXLFNHQHG WKRXJKWPRXOGHGRSLQLRQDQGPRGHUQL]HGWDVWHZLWKDIUHVKRULHQWDWLRQRU RXWORRN 2EMHFWLYHV $IWHUJRLQJWKURXJKWKLVXQLW\RXZLOOEHDEOHWR x 'HVFULEH WKH FRQWULEXWLRQ RI 6XQGDUDP 3LOODL WR 7DPLO OLWHUDWXUH x ,OOXVWUDWHWKHIHDWXUHVRIWKH7DPLOGUDPD0DQRQPDQL\DP x 8QGHUVWDQGWKHFDXVHVDQGFRXUVHRI$QWL+LQGLDJLWDWLRQLQ 7DPLO1DGX x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³7KH(DUO\VRYHUHLJQVRI 7UDYDQFRUH´ +H ZDV FRQIHUUHG ZLWK WKH WLWOH 5DR %DKDGXU E\ WKH JRYHUQPHQWRI0DGUDVLQ ,Q KHSDVVHGDZD\DWWKHHDUO\DJHRI GXHWRLOOQHVV ϰϱ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³6RPH 0LOHVWRQH LQ WKH +LVWRU\ RI 7DPLO /LWHUDWXUH´ KHOG WKDW DJH RI 7KLUXJQDQD 6DPEDQGKDU ZDV DERXW WKH ILUVW KDOIRIWKHWKFHQWXU\$' $PRQJ KLV YDULHG ZRUNV KLV ZULWLQJ RI 0DQRQPDQL\DP ZDV QRWHZRUWK\/LNH6KDNHVSHDUHDVZHOODVPDQ\RWKHUQRUWK,QGLDQZULWHUV ZKRFRQWULEXWHGIRUGUDPD6XQGDUDP3LOODLDOVRZLVKWRZULWHGUDPDIRU 7DPLOODQJXDJH+LV0DQRQPDQL\DPZDVD7DPLOGUDPDLQILYHDFWVRQWKH 6KDNHVSHDUHDQPRGHO,WZDVEDVHGRQ/RUG/\WWRQ¶V(QJOLVKSRHP³7KH 6HFUHW ZD\´ 6XQGDUDP 3LOODL¶V ZRUN H[KLELWV WKH UDUH FRPELQDWLRQ RI GUDPDWLF EHDXW\ ZHDOWK RI SKLORVRSKLFDO LGHDV ZLWK D VFLHQWLILF WRXFK 0DQRQPDQL\DP¶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d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¶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ϰϳ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d ^ 7DPLOV7KH\DOVRDGYLVHG5DMDMLQRWWRSXUVXHKLVODQJXDJHSROLF\DVLW ZDVKDUPIXOWRWKH7DPLOSHRSOH 1RZ WKH 6HOI 5HVSHFW 0RYHPHQW KDG WXUQHG LQWR DQWL+LQGL DQG DQWL%UDKPLQV 0RYHPHQW $ 3URYLVLRQDO &RPPLWWHH XQGHU WKH VHFUHWDU\VKLS RI 39LVZDQDWKDQ ZDV LQVWLWXWHG LQ LQ 7ULFKL 2Q UG -XQH D IRUPDO QRQYLROHQW DJLWDWLRQ ZDV ODXQFKHG DJDLQVW WKH LPSRVLWLRQRI+LQGL(PLQHQW&RPPXQLVWVOHDGHUVOLNH06LQJDUDYHOXDQG 3-HHYDQDQGDP LQ 0DGUDV 6WDWH FRQGHPQHG WKH &RQJUHVV *RYHUQPHQW¶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ϰϵ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 +LQGL+LQGLZDVKRZHYHUUHWDLQHGDVDQRSWLRQDOVXEMHFWLQWKHVFKRROV 7DPLO OHDGHUV UHJDUGHG WKH VWUXJJOH DV DQ RSSRUWXQLW\ WR XQLWH DOO WKH 7DPLOVLQGHIHQVHRIWKHLUPRWKHUWRQJXH $QWL+LQGLDJLWDWLRQ 7KH/DQJXDJH3ROLF\ 'XULQJ ,QGLD¶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¶V$VVXUDQFHZDVHPERGLHGLQWKH2IILFLDO/DQJXDJHV$FW RI UHPRYHGWKHFRQVWLWXWLRQDOFRQVWUDLQWRQWKHXVHRI(QJOLVKDIWHU 1HKUX GLVSOD\HG KLV TXDOLW\ RI OHDGHUVKLS E\ NHHSLQJ WKH XQLW\ RI PXOWLOLQJXDO,QGLDLQWDFW 2Q-DQXDU\ WKHSUHVFULEHGWLPHSHULRGRI\HDUVWRPDNH +LQGL WKH RIILFLDO ODQJXDJH UHSODFLQJ (QJOLVK DV SURYLGHG LQ WKH FRQVWLWXWLRQ FDPH WR DQ HQG 1DQGD WKH +RPH 0LQLVWHU DQG DQ XUJHQW DGYRFDWHRI+LQGLWKDWXQGHUWKHGLVSHQVDWLRQRI6KDVWULLWVKRXOGEHHDVLHU WRXVH+LQGLIRURIILFLDOSXUSRVHVLQWKHXQLRQDGPLQLVWUDWLRQ 7KH$JLWDWLRQ 7KH'UDYLGD0XQQHWUD.KD]KDOJDP '0. WKHPDLQRSSRVLWLRQLQ WKH7DPLO1DGXOHJLVODWLYHDVVHPEO\MXPSDWWKLVRSSRUWXQLW\WRODXQFKD VWDWHZLGH DQWL+LQGL DJLWDWLRQ 7KH DQWL+LQGL DJLWDWLRQ XQGHUWKH OHDGHUVKLSRI&1$QQDGXUDLHVFDODWHGLQWRDPRYHPHQW2Q-DQXDU\ WKHUH ZHUH GHPRQVWUDWLRQV SURFHVVLRQV PHHWLQJV DQG EXUQLQJ RI HIILJLHV RI WKH GHPRQ RI +LQGL 2Q WKH 0DGUDV &LW\ WZR DJLWDWRUV EXUQW 6HOILQVWUXFWLRQDOPDWHULDO 50 EKd ^ WKHPVHOYHVWRGHDWK7KHUHZDV3ROLFHILULQJDWDVWXGHQWGHPRQVWUDWLRQLQ ZKLFKDVWXGHQWZDVVKRWGHDG7KH5HSXEOLF'D\ -DQ ZDVREVHUYHGDV D GD\ RI PRXUQLQJ 2Q -DQXDU\ WKH VLWXDWLRQ LQ 0DGUDV EHFDPH H[SORVLYH7KHDXWKRULWDULDQDWWLWXGHDQGWKHXQGLSORPDWLFDSSURDFKRIWKH FKLHIPLQLVWHU0%KDNWDYDWVDODPDJJUDYDWHGWKHVLWXDWLRQ 6KDVWUL¶VDSSHDOWRWKHDJLWDWRUVWRZLWKGUDZWKHPRYHPHQWVLQYLHZ RIDVSHFLDOODZSDVVHGE\3DUOLDPHQWHQDEOLQJ(QJOLVKWRFRQWLQXHDVWKH DVVRFLDWHODQJXDJHZHQWXQKHHGHG7KHSDWLHQWFRQWLQXHVXQDEDWHG2Q )HEUXDU\DJLWDWRUVZHUHNLOOHGDQGLQMXUHGLQDVHULHVRISROLFHILULQJ DVVWXGHQWVLQYDULRXVSDUWVRIWKHVWDWHVZHQWRQDUDPSDJH7ZRSROLFH RIILFHUV ZHUH EXUQW DOLYH E\ WKH PRE 7KH UHVLJQDWLRQV RI WZR FHQWUDO PLQLVWHUV±&6XEUDPDQLDP)RRG0LQLVWHUDQG29$ODJHVDQ0LQLVWHU RI6WDWHIRU3HWUROHXPDQG&KHPLFDOVERWKIURP0DGUDVVWDWHPDGHPDWWHUV ZRUVH 1HKUX¶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¶V $VVXUDQFHV UHJDUG WR WKH FRQWLQXHG XVH RI (QJOLVK IRU DGPLQLVWUDWLYH SXUSRVH7KHLPSDFWRI DJLWDWLRQZDVIHOWLQ HOHFWLRQVZKHQWKH &RQJUHVV JRYHUQPHQW ORVW SRZHU LQ 7DPLO 1DGX $ VWXGHQW OHDGHU3 6HHQLYDVDQGHIHDWHG&RQJUHVVVWDOZDUWDQGIRUPHU&0..DPDUDMLQKLV KRPHWRZQ'0.OHGE\$QQDGXUDLFDSWXUHGSRZHU0DQ\VWXGHQWOHDGHUV RI WKH DJLWDWLRQ EHFDPH SROLWLFDO OHDGHUV RI WKH IXWXUH 7KH DQWL+LQGL LPSRVLWLRQ DJLWDWLRQ HQVXUHG WKDW WKH VWDWH IROORZHG D 7ZR/DQJXDJH 3ROLF\DVDJDLQVWWKH7KUHH/DQJXDJH3ROLF\SURSRVHGE\WKH&HQWUH ϱϭ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d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³1HZ+LVWRULFLVW6FLHQWLILFDQG&RPSDUDWLYH6WXG\ RIWKH$QWLTXLW\RI7DPLOV7DPLOODQJXDJH&XOWXUHDQG&LYLOL]DWLRQ´ &KHFN ϱϯ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 x +HZDVFRQIHUUHGZLWKWKHWLWOH5DR%DKDGXUE\WKHJRYHUQPHQWRI 0DGUDVLQ x 0DQRQPDQL\DPLVDQLPPRUWDOFRQWULEXWLRQWR7DPLOGUDPD,WZDV DVWRU\RI0DQRQPDQLWKHRQO\GDXJKWHURI3DQG\DQ.LQJ6LYDND x 7KHZRUNZDVDEULGJHEHWZHHQPRGHUQLW\DQGWUDGLWLRQ x 3URIHVVRU6XQGDUDP3LOODL¶VFRQWULEXWLRQWR7DPLOGUDPDLVDOZD\V ZRUWKUHPHPEHUHG x 6WDUWLQJ IURP *DQGKLML VHYHUDO OHDGHUV VWUHVVHG WKH QHHG WR KDYH +LQGLDVDFRPPRQODQJXDJH x 6XFKVXJHVWLRQVQDWXUDOO\FUHDWHGUHVHQWPHQWLQ7DPLO1DGX x 5DMDMLZDVDQDUGHQWVXSSRUWHURI+LQGL+HWKRXJKWWKDWLWZRXOG EULGJHWKHJDSEHWZHHQWKH1RUWKDQGWKHVRXWK x 5DMDML PDGH +LQGL FRPSXOVRU\ XS WR UG IRUP LQ WKH DFDGHPLF FXUULFXOXPLQ x 5DMDMLLQWURGXFHG+LQGLLQVHFRQGDU\VFKRROV x 7KH7DPLOVFKRODUVOLNH0DUDLPDODL$GLJDO(H]KDWWKX6LYDQDQGD $GLJDO0.DGLUHVDQ&KHWWLDUDQG.D$SSDGXUDLRSSRVHGWKLV x 7KH 6HOI 5HVSHFW 0RYHPHQW KDG WXUQHG LQWR DQWL+LQGL DQG DQWL %UDKPLQV0RYHPHQW x 7KH*RYHUQRURI0DGUDV3UHVLGHQF\/RUG(UVNLQGLGQRWIDYRXUWKH LQWURGXFWLRQRI+LQGLDVDFRPSXOVRU\VXEMHFW x 5DMDML V DSSUDLVDO RI WKH VLWXDWLRQ LQ 0DGUDV GXULQJ WKH DQWL+LQGL DJLWDWLRQLQWKLVSHULRGPDGHKLPXQSRSXODU x ,Q )HEUXDU\ WKH *RYHUQRU DEROLVKHG WKH RUGHU IRU WKH LPSRVLWLRQRI+LQGL x 7KH&RQVWLWXWLRQVSHOOHGRXWWKHODQJXDJHSROLF\DQGVWLSXODWHGWKDW +LQGLZRXOGUHSODFH(QJOLVKDIWHU x 2Q -DQXDU\ WKH SUHVFULEHG WLPH SHULRG RI \HDUV ZDV FDPHWRDQHQG x 2Q -DQXDU\ WKHUH ZHUH GHPRQVWUDWLRQV SURFHVVLRQV PHHWLQJVDQGEXUQLQJRIHIILJLHVRIWKHGHPRQRI+LQGL x 7KH DQWL+LQGL DJLWDWLRQ XQGHU WKH OHDGHUVKLSRI &1 $QQDGXUDL HVFDODWHGLQWRDPRYHPHQW 6HOILQVWUXFWLRQDOPDWHULDO 54 EKd ^ x 7KH DXWKRULWDULDQ DWWLWXGH DQG WKH XQGLSORPDWLF DSSURDFK RI WKH FKLHIPLQLVWHU0%KDNWDYDWVDODPDJJUDYDWHGWKHVLWXDWLRQ x 2Q )HEUXDU\ WKH GHDWK WROO LQ 3ROLFH ILULQJV LQ 0DGUDV DQG 3RQGLFKHUU\PRXQWHGWR x 2Q )HEUXDU\ D PHHWLQJ RI WKH &RQJUHVV:RUNLQJ &RPPLWWHHDQG&KLHI0LQLVWHUVDUULYHGDWDJUHHGGHFLVLRQVRQWKH ODQJXDJHLVVXH x 7KH ,QWHUQDWLRQDO $VVRFLDWLRQ RI 7DPLO 5HVHDUFK ,$75 ZDV HVWDEOLVKHGE\VRPHHPLQHQWVFKRODUVLQ x 5HY )DWKHU 7KDQLQD\DJDP RUJDQLVHG WKH )LUVW ,QWHUQDWLRQDO &RQIHUHQFH6HPLQDURQ7DPLO6WXGLHVGXULQJ-DQXDU\ x 7KHHLJKWK&RQIHUHQFHZDVKHOGLQ7KDQMDYXULQ x 7HQWK,QWHUQDWLRQDO&RQIHUHQFH6HPLQDURQ7DPLO6WXGLHVZDVKHOG DW&KLFDJR86$GXULQJWKWRWK-XO\ .H\ZRUGV x 7DPLO7KDL9D]KWKX ,WLVWKH6WDWHVRQJRI7DPLO1DGX7KHVRQJ ZDVZULWWHQE\0DQRQPDQLDP6XQGDUDP3LOODL x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ϱϱ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 5DMD\\DQ. +LVWRU\ RI 7DPLO 1DGX WR 0DGXUDL 5DM 3XEOLVKHUV 6XEUDKPDQL\DQ1 6RFLDO DQG &XOWXUDO +LVWRU\ RI 7DPLOQDG WR $' 8GXPDOSHW (QQHV3XEOLFDWLRQV 6XEUDPDQLDQ3 6RFLDO +LVWRU\ RI WKH 7DPLOV 1HZ 'HOKL '.3ULQWZRUOG 3 /WG 0DQRUDQMLWKDPRQL&+LVWRU\RI7DPLO1DGX8SWR$'7LUXQHOYHOL 'DYH%HU\O3XEOLFDWLRQV 9DUJKHVH-H\DUDM66RFLR(FRQRPLF+LVWRU\RI7DPLO1DGX 8WKDPDSDOD\DP $QQV3XEOLFDWLRQV 3DUDPDUWKDOLQJDP & 5HOLJLRQ DQG 6RFLDO 5HIRUP LQ 7DPLO 1DGX 0DGXUDL 5DMDNXPDUL3XEOLFDWLRQV 1DWDUDMDQ& 6RFLDO +LVWRU\ RI 0RGHUQ 7DPLO 1DGX 7ULFK\ 8ODJD 7DPL]KSSDGDLSSDODU1RRO9HOL\HHWWDJDP 6HOILQVWUXFWLRQDOPDWHULDO 56 EKd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ϱϳ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 2EMHFWLYHV $IWHUJRLQJWKURXJKWKLVXQLW\RXZLOOEHDEOHWR x ([SODLQWKHVRFLRUHOLJLRXVWKRXJKWVRI7DPLOLQWHOOHFWXDOV x 'HVFULEHWKHLGHRORJ\RI9DLNXQGD6ZDPLJDO x 8QGHUVWDQGWKHUROHRI9DOODODULQDZDNHQLQJWKH7DPLOV x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³OLQJXD IUDQFD´ IRU WKH ELOLQJXDO SHRSOH RI 6RXWK ,QGLD ,W DOVR IDFLOLWDWHG WKH OHDGHUV RI 6RXWK ,QGLD WR GHEDWH WKH FRPPRQ GLIILFXOWLHV UHODWLQJ WR WKH SROLWLFDO JURZWK VRFLDO OLEHUDWLRQDQGFRQVFLRXVQHVVDPRQJWKHUXUDOSHRSOH 7KH HGXFDWHG VRFLRUHOLJLRXV OHDGHUV DW QDWLRQDO DQG SURYLQFLDO OHYHOSODQQHGQXPHURXVDVVRFLDWLRQVDQGHGXFDWHGWKHSHRSOHDJDLQVWWKH XQWRXFKDELOLW\ 7KH\ VWUDLQHG WR GHVWUR\ WKH H[LVWLQJ VRFLDO HYLOV ZKLFK KLQGHUHGWKHSURJUHVVRIWKHXQWRXFKDEOHV7KH\LQWHQGHGDWDGYDQFHLQWKH VRFLDOVWDWXVDQGFLYLFSODFHRIWKHXQWRXFKDEOHV7KHHOLPLQDWLRQ RI 6HOILQVWUXFWLRQDOPDWHULDO 58 EKd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ϱϵ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 WDNLQJ WKH KRO\ EDWK RQ WKH VHFRQG GD\ RI WKH 0DVL IHVWLYDO D ZRQGHU RFFXUUHGLQKLVOLIH0XWKXNXWWLZDVGLVDSSHDUHGDQGKHFRXOGQRWEHIRXQG IRUWKUHHGD\V$IWHUWKUHHGD\VKHH[SRVHGKLPVHOIDQGVDLGWRKLVPRWKHU ³VLQFHQRZ,DPQRW\RXUVRQEXWWKHVRQRI/RUG1DUD\DQD´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³'KDUPD´ +H DVVXPHG WKH WLWOH RI³6UL 9DLNXQGD 6ZDPLJDO´ DQG EHJDQ FDPSDLJQLQJ WKH PHVVDJH RI ORYH HTXDOLW\RQHQHVVRIJRGDQGXQLYHUVDOEURWKHUKRRG+HWHUPHGKLPVHOIDV WKHLQFDUQDWLRQRI/RUG9LVKQX 9DLNXQWKD6ZDPLJDODFNQRZOHGJHGWKHSRVLWLRQRI$\\DWRDOOKLV IROORZHUV+LVIROORZHUVDUHJHQHUDOO\QDPHG$\\D9D]KL0DNNDO µWKRVH IROORZHUV RI $\\D¶ RU $QEXNRGL 0DNNDO DIWHU WKH QDPH RI WKH IODJ DSSURYHG E\ 9DLNXQWKD 6ZDPLJDO IRU KLV PRYHPHQW +H KLJKOLJKWHG WKH LGHDRI³2QH*RG2QHUHOLJLRQDQG2QH&DVWH´+LVUHOLJLRXVSUHDFKLQJV FODLPWRHOLPLQDWHULWXDOVPXVLFPXVLFLQVWUXPHQWVDQGUDJHLQUHOLJLRXV SUDFWLFHDQGZRUVKLS9DLNXQGD6ZDPLJDOLQVLVWVWRXVHVDQGDOZKLWHVDQG DQGZDWHUIRUZRUVKLS+HEDQVPRQH\JLIW .DQLNNDL LQWKHQDPHRI*RG +H PDQDJHG D IRUP RI SUD\HU ,W ZDV YHU\ VLPSOH DQG PRGHVW ZLWKRXWDSULHVWOHDGLQJWRPHGLWDWLRQ+HGLUHFWHGWKHFRPPRQSUD\HU,W ZDVDQLGHDOFRPPXQDOFROOHFWLYHSUD\HU+HVWUHVVHGWKHUHOLJLRXVHTXDOLW\ LQKLVWHDFKLQJ+HLQFXOFDWHGKLVIROORZHUVWRJLYHXS³GHYLO´ZRUVKLSDQG LGRO ZRUVKLS +H DOVR UHTXHVWHG WKHP QRW WR VDFULILFHV RI JRDWV URRVWHUV DQG SLJV WR WKH JRGV 1RW RQO\ WKH DQLPDO VDFULILFHV EXW QR RWKHU FRQWULEXWLRQ VXFK DV HJJV IULHG PHDW DQG ORFDO HGLEOHV OLNH 3RQJDO 0XUXNNX3DQL\DUDP$YDOXUXQGDLDQG.DGDLDSDOZDVUHTXHVWHGIRUE\WKH JRGV 7KH WHDFKLQJV DQG WKH ULWXDO SUDFWLFHV DUWLFXODWHG E\ KLPKDGWZR EDVLFDVSHFWV$WRQHOHYHOKHVWUDLQHGWRFKDQJHWKHIRON+LQGXLVPRIWKH 6HOILQVWUXFWLRQDOPDWHULDO 60 EKd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³1LVDV´ KHDUWOHVVSHRSOH 9DLNXQGD 6ZDPLJDO RUJDQL]HG WKH ³6DPDWKXYD 6DPDMDP´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³6DPDSDQWKL%RMDQDP´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ϲϭ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´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d ^ &KHFN 6HOILQVWUXFWLRQDOPDWHULDO 64 EKd ^ KHVKRXOGWHDU+HSURKLELWHGDQLPDOVDFULILFH+HDGYLVHGWKDW*RGLVORYH DQG*RGLVWKHUHLQDOOOLYLQJEHLQJV 6DQPDUJD0RYHPHQW 6DQPDUJDP PHDQV HQTXLU\ LQWR WUXWK VHDUFK DIWHU WUXWK 6XGGKD VDQPDUJDP LV D VSHFLILF FRQWULEXWLRQ RI 6DLQW 5DPDOLQJD WR WKH VRXWK ,QGLDQ SKLORVRSK\+LV SKLORVRSK\ SXUSRVHV DW H[FHHGLQJ DOO WKH SKLORVRSKLHVDQGUHOLJLRQV+HRULJLQDWHGWKH6DW\D*QDQDVDEDLLQZKLFK WKHUHZDVQRUHOLJLRXVSUDFWLFH7KHGLVFLSOHVDUHSURMHFWHGLQPHGLWDWHDQG IRFXVRQWKHLURZQKHDUWV+HXQGHUVWRRGWKDWORYHLVWKHEDVLFIRUKXPDQ OLIH DQG DOO WKH UHOLJLRQV DQG SKLORVRSKLHV DUH FRQVWUXFWHG RQ ORYH +H REVHUYHG WKH GLVDSSRLQWPHQWV DQG ZRUULHV RI DOO WKHOLYLQJ EHLQJV ZLWKLQ KLPVHOI 7KH OLIH LV DVVXPHG LQ RUGHU WR VXSSRUW RWKHUV DQG WR SDUW WKH VXIIHULQJV RI RWKHUV 7KH 6DLQW 5DPDOLQJD LQVLVWHG WKH IRXU GLYLVLRQV RI GLVFLSOLQHV6DLQW5DPDOLQJDDOVRLPSDUWHGWKHGLVFLSOLQHVWKDWPDQVKRXOG PRQLWRULQKLVGDLO\OLIH7KH\DUH 7KHGLVFLSOLQHRIWKHVHQVHV ,QGLU\D2OXNNDP 7KHGLVFLSOLQHRIWKHIDFXOWLHV .DUPD2OXNNDP 7KHGLVFLSOLQHRIWKHOLIH -LYD2OXNNDP DQG 7KHGLVFLSOLQHRIWKHVSLULW $QPD2OXNNDP 7KHVH IRXU SDUWLWLRQV DUH FDOOHG DV 6DQPDUJD 2OXNNDP 6DLQW 5DPDOLQJD VWUHVVHVWKHVLJQLILFDQFHRIWKHVHOIFRQWUROOHGOLIHLQKLV6DQPDUJD6XGGKD 6DQPDUJDP 7KHGLVFLSOLQHRIWKHVHQVHV ,QGLU\D2OXNNDP ,WFRPSULVHVRIOLVWHQLQJFDUHIXOO\WRWKHVRXQGVRIVRQJVRISUD\HU DQGQRWRWKHUVRXQGV2QHVKRXOGDYRLGHWKHKHDULQJKDUVKVRXQGVNHHSLQJ DZD\ IURP GLUWLQHVV EDUULQJ IRUELGGLQJ VLJKWV DQG QRW ORYLQJ SHUIXPHV 7KH GLVFLSOLQH RI DFWLRQ RI WKH VHQVHV DOVR FRQVLVWV RI WKH VSHDNLQJ NLQG ZRUGV QRW VD\LQJ XQWUXWK SUHYHQWLRQ E\ DOO PHDQV RI EUXWDOLW\ WR OLYLQJ EHLQJVJRLQJWRZLVHPHQWKDWLVIDPLOLDUL]LQJ 7KHGLVFLSOLQHRIWKHIDFXOWLHV .DUPD2OXNNDP 7KLV FRQVLVWV RI WKH IRFXVLQJ RQH¶V DWWHQWLRQ XSRQ WKH +DOO RI :LVGRP ZLWKRXW EHLQJ GLYHUWHG E\ RWKHU GHYLDQFHV QRW FKHFNLQJWKH IDXOWVRIRWKHUSHRSOHGLVJDUGLQJHJRLVPDQGEHFRPLQJRQHZLWKWKHVSLULW RIQDWXUHQRWEHLQJDQQR\HGZLWKRWKHUV ϲϱ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¶V SKLRORVSK\ HQFRPSDVVHG WKH ZHOIDUH RI DOO +LV FRQFHSW RI WUDQVPXODWLRQKDGDVXEWOHSKLORVRSK\ZKLFKFRXOGEHSURSRXQGHGRQO\E\ JUHDWP\VWLFV1RZRQGHULWIDLOHGWRGUDZWKHDWWHQWLRQRIWKHFRPPRQ SHRSOHIRUZKRPWKHFRQFHSWRIGHDWKOHVVQHVVZDVDKLJKO\VRSKLVWLFDWHG SKLORVRSK\ 6HOILQVWUXFWLRQDOPDWHULDO 66 EKd ^ &KHFN 6XPPDU\ x 7KH,QGLDQVFDPHLQFRQWDFWZLWKWKHZHVWHUQFXOWXUH x 7KH HGXFDWHG ,QGLDQV UHYLYHG WKH JORU\ RI WKHLU RZQ FXOWXUH DQG DWWHPSWHGWRUHIRUPLW x 7KH 7DPLO LQWHOOHFWXDOV OLNH 9DODODU 9DLNXQGD 6ZDPLJDO DQG RWKHUV PD\ EH WKH FDXVH IRU WKH XSOLIWPHQW RI WKH VRFLHW\ DQG SURPRWLRQRIKXPDQLVP x 9DLNXQGD6ZDPLJDOZDVERUQLQ$'DW6DVWKDQNRLOYLODLWKH SUHVHQW6DPLWKRSSXLQ.DQ\DNXPDUL x 9DLNXQGD 6ZDPLJDO DVVXPHG WKH VWDWXV RI $\\D WR DOO KLV IROORZHUV x +LVIROORZHUVDUHJHQHUDOO\FDOOHG$\\D9D]KL0DNNDO x +HOHGDIRUPRISUD\HU,WZDVYHU\VLPSOHZLWKRXWDSULHVWOHDGLQJ WRPHGLWDWLRQ x +HVWUHVVHGWKHFRQFHSWRI³2QH*RG2QHUHOLJLRQDQG2QH&DVWH´ +LV UHOLJLRXV SUHDFKLQJV LQVLVW WR UHPRYH ULWXDOV PXVLF PXVLF LQVWUXPHQWVDQGDQJHULQUHOLJLRXVSUDFWLFHDQGZRUVKLS x 9DLNXQGDD6ZDPLJDOWLUHOHVVO\WULHGKDUGWRUHPRYHWKHLQHTXDOLW\ EDVHGRQELUWKDQGWKHUHE\WRHVWDEOLVKDFDVWHOHVVVRFLHW\ x 7RXQLWHWKHSHRSOHRIDOOFDVWHV9DLNXQGD6ZDPLJDOHVWDEOLVKHG WKH6DPDWKXYD6DPDMDPLQ x 9DLNXQGD 6ZDPLJDO UHFRPPHQGHG KLV IROORZHUV WR REVHUYH SHUVRQDOK\JLHQH ϲϳ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 x 6DLQW5DPDOLQJDPZDVSRSXODUO\NQRZQDV9DOODODU x +HVHOHFWHG9DGDOXUDVWKHSODFHWRIRXQGDVRFLHW\EDVHGXSRQORYH DQGKRQHVW\ x $IWHUVSHQGLQJQLQH\HDUVLQLVRODWLRQDQGPHGLWDWLRQKHEHFDPHD VDQPDUJL x 9DOODODUHVWDEOLVKHGWKH6DW\D'KDUPDFKDODLLQIRUQXUWXULQJ WKHSRRUDQGWKHKXQJU\ x 2Q-DQXDU\KHHQWHUHGLQKLVURRPDW&KLWWLYDODKDP x 7KHPHWKRGRIZRUVKLSODLGGRZQE\6W5DPDOLQJDUZDVXQLTXH x 1RGLVWLQFWLRQEDVHGRQFDVWHLVHYLQFHGLQRIIHULQJZRUVKLS x 9DOODODU FRQGHPQHG WKH PDWHULDOLVWLF PLQGHG SHRSOH IRU WKHLU WUHDWPHQWRISRRUDQGVXIIHULQJV x +HDGYLVHGWKDW*RGLVORYHDQG*RGLVWKHUHLQDOOOLYLQJEHLQJV x 7KH 6DLQW 5DPDOLQJDVZDPLJDO WDXJKW WKH GLVFLSOLQHV WKDW PDQ VKRXOGIROORZLQKLVGDLO\OLIH x +HHVWDEOLVKHGWKH6DW\D*QDQDVDEDLLQZKLFKWKHUHZDVQR UHOLJLRXVSUDFWLFH x ,W FRXOG EH VWDWHG WKDW 9DOODODU¶V SKLRORVSK\ HQFRPSDVVHG WKH ZHOIDUHRIDOO .H\ZRUGV x 'KDUPD±7KHPHDQLQJ'KDUPDLVWKDWZKLFKVXVWDLQVWKHSHRSOHRU WKDWZKLFKLVDGRSWHGE\PHULWRULRXVVRXOV x .DOL\XJD,Q+LQGXLVP.DOL 6HOI$VVHVVPHQWTXHVWLRQV 6KRUW$QVZHU4XHVWLRQV :ULWHDQRWHRQ³$\\DYD]KL´ :KDWGR\RXNQRZDERXWDERXW6DWKL\D'KDUXPDFKDODL" /RQJ$QVZHU4XHVWLRQV 'HVFULEHWKHVRFLDOFRQWULEXWLRQRI9DLNXQGD6ZDPLJDO :ULWHDQHVVD\DERXWWKHSULQFLSOHVRI9DOODODU 6HOILQVWUXFWLRQDOPDWHULDO 68 EKd ^ )XUWKHU5HDGLQJV 3LOODL.. $ 6RFLDO +LVWRU\ RI WKH 7DPLOV 9ROXPH &KHQQDL 8QLYHUVLW\RI0DGUDV 5DMD\\DQ. +LVWRU\ RI 7DPLO 1DGX WR 0DGXUDL 5DM 3XEOLVKHUV 6XEUDKPDQL\DQ1 6RFLDO DQG &XOWXUDO +LVWRU\ RI 7DPLOQDG WR $' 8GXPDOSHW (QQHV3XEOLFDWLRQV 6XEUDPDQLDQ3 6RFLDO +LVWRU\ RI WKH 7DPLOV 1HZ 'HOKL '.3ULQWZRUOG 3 /WG 0DQRUDQMLWKDPRQL&+LVWRU\RI7DPLO1DGX8SWR$'7LUXQHOYHOL 'DYH%HU\O3XEOLFDWLRQV 9DUJKHVH-H\DUDM66RFLR(FRQRPLF+LVWRU\RI7DPLO1DGX 8WKDPDSDOD\DP $QQV3XEOLFDWLRQV 3DUDPDUWKDOLQJDP & 5HOLJLRQ DQG 6RFLDO 5HIRUP LQ 7DPLO 1DGX 0DGXUDL 5DMDNXPDUL3XEOLFDWLRQV 1DWDUDMDQ& 6RFLDO +LVWRU\ RI 0RGHUQ 7DPLO 1DGX 7ULFK\ 8ODJD 7DPL]KSSDGDLSSDODU1RRO9HOL\HHWWDJDP $QQDPDODL 63 7KH OLIH DQG 7HDFKLQJV RI 6DLQW 5DPDOLQJDU %RPED\ %KDUDWL\D9LG\D%KDYDQ ϲϵ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 8QLW9,,$\RWKLGDV3DQGLWKDU ,QWURGXFWLRQ 2EMHFWLYHV $\RWKLGDV3DQGLWKDU 6DKDMDQDQGD 0XWKXODNVKPL5HGG\ $QVZHUVWRFKHFN\RXUSURJUHVVTXHVWLRQV 6XPPDU\ .H\ZRUGV 6HOI$VVHVVPHQW4XHVWLRQV )XUWKHU5HDGLQJV ,QWURGXFDWLRQ 3DQGLW$\RWKLGDVVZDVDQRWKHUJUHDWWKLQNHUZULWHUDQGILJKWHUIRU WKH ULJKWV DQG GLJQLW\ RI KXPDQ EHLQJV +H YHKHPHQWO\ FULWLFL]HG WKH %UDKPLQVDQGEHOLHYHGWKDWWKH%UDKPLQVZHUHWKHUHDORIIHQGHUVEHKLQG WKH FDVWH V\VWHP DQG WKH SUDFWLFH RI XQWRXFKDELOLW\ +H XVHG UHOLJLRQ IRU DFTXLULQJHPDQFLSDWLRQLGHQWLW\KDYLQJVRFLRSROLWLFDODQGUHOLJHRFXOWXUDO EHDULQJV +H ZDV QRW DQ RUWKRGR[ UDWKHU D SUDJPDWLF %XGGKLVW ZKR DWWHPSWHGWRUDGLFDOL]HWKHUHOLJLRQRIWKHRSSUHVVHG+HZDQWHG'DOLWVWR JHW DZD\ IURP WKH FOXWFKHV RI +LQGXLVP /LNH KLP 6ZDPL 6DKDMDQDQGD ZDVDOVRWULHGWRULVHWKHOLYLQJVWDQGDUGVRIXQWRXFKDEOHVDW&KLGDPEDUDP +H ODEHOOHG IRU WKH HGXFDWLRQDO XSOLIW RI WKH RSSUHVVHG FRPPXQLWLHV 'U 0XWKXODNVKPL 5HGG\ DV PHPEHU RI 0DGUDV /HJLVODWLYH &RXQFLO VKH KHOSHG UDLVH WKH PLQLPXP DJH IRU PDUULDJH IRU JLUOV DQG SXVKHG WKH &RXQFLOWRSDVVWKH,PPRUDO7UDIILF&RQWURO$FWDQGWKH'HYDGDVLV\VWHP DEROLVKPHQW%LOO 2EMHFWLYHV $IWHUJRLQJWKURXJKWKLVXQLW\RXZLOOEHDEOHWR x ([SODLQWKHIXQFWLRQVRI$\RWKLGDVDUWRXSOLIWWKHGDOLWV x 8QGHUVWDQGWKHVRFLDOWKRXJKWVRI6ZDPL6DKDMDQDQGD x 'LVFXVVWKHDFKLHYHPHQWVRI'U0XWKXODNVKPL5HGG\ 6HOILQVWUXFWLRQDOPDWHULDO 70 EKd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¶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ϳϭ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d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¶V ³7DPLODQ´ ZDV GLVSHUVHG IDU DQGZLGHFRYHULQJIDUSODFHVVXFKDV%XUPD0DOD\VLDDQG6RXWK$IULFD +LV SXEOLFDWLRQV DUH QXPHURXV LQ QXPEHU $PRQJ WKHP ³+LVWRU\ RI WKH 5HDO %UDKPLQ´ ³+LVWRU\ RI WKH )DOVH %UDKPLQ´ ³6LGGKDQWKD 7KLUXPDQD .DWKDL´DQGVRRQ+HDSSUDLVHGWKHGLVWRUWLRQVDQGIDEULFDWLRQVLQ7DPLO EKDNWLERRNVOLNH6HNNL]KDU¶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ϳϯ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³6LJDPDQL´H[DFWO\ PHDQLQJ WKH ³WRS UDQNHU´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¶VOLIHPRWLYDWHGKLPDQG WKHVDLQWEHFDPHDPRGHORIKLVRZQOLYHOLKRRG $VD6DQ\DVL 6DKDMDQDQGD HPEUDFHG 6DQ\DVD LQ DW WKH DJH RI +H VXVWDLQHGKLVVSLULWXDOVWXGLHVDQGSUHVHUYHGVSLULWXDOSURJUHVVZLWKWKHKHOS 6HOILQVWUXFWLRQDOPDWHULDO 74 EKd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³2XURULJLQV´³7KHDEROLWLRQ RI XQWRXFKDELOLW\´ ³ &RPPHQWDU\ RQ 8SDQLVKDGV´ ³ 7KH VHFUHW RI &KLGDPEDUDP1DGDUDMDU´³8QWRXFKDELOLW\LVDQWLVSLULWXDO´³'HSUHVVHG &RPPXQLWLHV´ DQG ³ /DERXU SURWHFWLRQ ODZV DQG *RYHUQPHQW UHVSRQVLELOLWLHV´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³0RGHUQ 1DQGDQDU´ +H DOVR IRXQGHG WKH 1DQGDQDU VFKRRO DW &KLGDPEDUDP IRU WKH GHSULYHG FODVV SHRSOHLQ ϳϱ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d ^ +LVJHQHURXVDQGYLJRURXVVSHHFKHVLQWKH/HJLVODWLYH$VVHPEO\DWWUDFWHG WKHDWWHQWLRQRIWKHHQWLUHKRXVH+HHDUQHGDSRSXODUWLWOHFDOOHG´)DWKHURI WKH+RXVH´+HFRQWLQXHGLQWKDWRIILFHWLOOKLVGHDWKLQ &KHFN 'U0XWKXODNVKPL5HGG\ 'U0XWKXODNVKPLKDLOHGIURPDVRFLDOO\KDQGLFDSSHGHQYLURQPHQW LQ DQ HUD ZKHQ JLUOV ZHUH ERUQ RQO\ WR EH PDUULHG͘ 'U 0XWKXODNVKPL 5HGG\ZDVDILUVWZRPDQLQPDQ\UHVSHFWV6KHZDVWKHILUVWZRPDQLQWKH 5DMDK¶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¶V SURVSHULW\ $ FUXVDGHU RI ZRPHQ¶V ULJKWV VKH GLVEXUVHGKHUOLYHOLKRRGIRUWKHIUHHGRPRIZRPHQ (DUO\OLIHRI'U0XWKXODNVKPL5HGG\ 'U0XWKXODNVKPL5HGG\ZDVERUQLQ3XGXNNRWWDLGLVWULFWLQ7DPLO 1DGXRQWK-XO\6KHZDVWKHHOGHVWGDXJKWHURI61DUD\DQDVDP\ ,\HU DQG &KDQGUDPPDO 1DUD\DQDVDP\ 'U0XWKXODNVKPL 5HG\ ZDV VHQG WR³7KLQQDL3DOOL´WROHDUQKLVSULPDU\HGXDFWLRQZKHQVKHZDVIRXU\HDUV ROG7KHSXUSRVHRIKHUHGXFDWLRQZDVWRKDYLQJDULWKPHWLFDOQHFHVVDU\WR NQRZWKHPLONDQGWKHODXQGU\FKDUJHV,QWKRVHGD\VJLUOVQHYHUDGPLWWHG LQWR0DKDUDMD&ROOHJHLQDOOLWVKLVWRU\ ,Q 'U0XWKXODNVKPL 5HGG\ ZDV MRLQHG DV WKH ILUVW *LUO VWXGHQWLQ3XGXNNRWWDL0DKDUDMDK¶VFROOHJHZLWKWKHVSHFLDOFRQVHQWRIWKH 0DKDUDMD 6KH ZDV YHU\ JHQXLQH DQG KDUG ZRUNLQJ VWXGHQW 6KH DFFRPSOLVKHG KHUVWXGLHV E\ VWDWH VFKRODUVKLS6KH EHFDPH PDVWHU LQ WKH ϳϳ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¶V ,QGLDQ $VVRFLDWLRQ RI 0DGUDV IURP 6KH ZDV DOVR RQH RI WKH RUJDQL]HUV RI WKH 0XVOLP /DGLHV¶6RFLHW\RIWKH,QGLDQODGLHV 'U0XWKXODNVKPL5HGG\ZDVVHOHFWHGE\WKH1DWLRQDOLVW:RPHQ¶V 2UJDQL]DWLRQRI,QGLDWRGHQRWH,QGLDQZRPHQDQGSURYLGHVXJJHVWLRQDW WKH7KLUG5RXQG7DEOH&RQIHUHQFHLQ(QJODQG6KHDOVRUHSUHVHQWHG:RUOG :RPHQ¶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d ^ DQG$QGKUD3UDGHVK6KHIDFHGKDUGRSSRVLWLRQIURPWKH&RQJUHVVSDUW\ HVSHFLDOO\E\6DW\DPXUWKL,\HU7KH,PPRUDO7UDIILF&RQWURO$FWWKH$FW WR 3UHYHQW &UXHOW\ WR &KLOGUHQ ULVLQJ WKH DJH RI SHUPLVVLRQ RI JLUOV IRU PDUULDJH DQG YDULRXV RWKHU DFWV RI VRFLDO UHIRUP ZHUH SDVVHG LQWR ODZV GXULQJWKLVSHULRGFRPSOHWHO\EHFDXVHRIKHUHIIRUWV$VDOHJLVODWRUDQG KDUG ZRUNHU IRU ZRPHQ¶V HPSRZHUPHQW VKH WKRXJKW WKDW µODZV DQG OHJLVODWLRQDUHWKHUHRQO\IRUSHUPLVVLRQ,WLVXSWRZRPHQWRVWUHQJWKHQ WKHVH DQG DSSOLDQFH WKHP LQWR DFWLRQ 6KH KRVWHG QHFHVVDU\ PHGLFDO FKHFNXSWRDOO VFKRRO FKLOGUHQ &KLOG ZHOIDUH FHQWUHV ZHUHHVWDEOLVKHGLQ PDQ\ SODFHV DQG VHSDUDWH ZRPHQ GRFWRUV RI KHDOWK ZHUH HPSOR\HG 0XWKXODNVKPL 5HGG\ DOVR LQWURGXFHG DQG SURWHFWHG DPHQLWLHV IRU WKH DGYDQFHPHQWRIJLUO¶VHGXFDWLRQ6KHIXQFWLRQHGKDUGIRUWKHIRUPDWLRQRI PDQ\QXPEHURIJLUO¶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µ$YYDL¶ ZKR LPSDUWHG WKDW PHQ DQG ZRPHQPLJKWJRZLWKRXWIRRGEXWQHYHUZLWKRXWHGXFDWLRQ6KHHVFDSHG IURPFKLOGPDUULDJHDQGGHQLHGWRJLYHXSKHUVWXGLHV:LWKWKHDVVLVWDQFH RI'U6RXQGDUDP5DPDFKDQGUDQWKHGDXJKWHURI796XQGDUDP,\HQJDU VKH VWDUWHG ³*DQGKLDQ 9LOODJH´ DIWHU JHWWLQJ DQ DSSURYDO IURP *DQGKL KLPVHOI %LUWKRIWKH$YYDL+RPH2USKDQDJHDQG6FKRROV 7KHRQO\DFFRPPRGDWLRQIRU+LQGXJLUOVLQ ZHUHWZRKRVWHOV LQ 0DGUDV RQH IRU %UDKPLQ DQG WKH RWKHU IRU QRQ%UDKPLQ ZRPHQDQ LQWROHUDEOHGLYLVLRQ'U0XWKXODNVKPL5HGG\¶VHUDGLFDWLRQRIWKHGHYDGDVL ϳϵ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µRSHQKRXVH¶'U0XWKXODNVKPLHGXFDWHGWKH JLUOVDQGZRPHQRIWKHKRPHLQWKHORFDOVFKRROV/DWHUWKH$YYDL+RPH SURYLGHGHGXFDWLRQWRWKHXQGHUSULYLOHJHGSHRSOHLQODUJHZD\7KHEDVLF HGXFDWLRQVFKRRODW$YYDL+RPHZDVRSHQHGLQ 1XPHURXVZRPHQ ZHUH DFFRPSOLVKHG DV QXUVHV RU WHDFKHUV WLOO WKH\ ZHUH HFRQRPLFDOO\ IHDVLEOH 9DULRXV3RVLWLRQV 'U 0XWKXODNVPL 5HGG\ EHFDPH WKH KRQRUDU\ VHFUHWDU\ DQG RUJDQL]HURIWKH0DGUDV&KLOGUHQ¶V$LG6RFLHW\DQGRUJDQL]HGD-XYHQLOH &RXUWIRU-XQLRUDQGVHQLRUFHUWLILHGVFKRROV6KHEHFDPHWKHSUHVLGHQWRI WKH WK $OO ,QGLD :RPHQ¶V &RQIHUHQFH KHOG DW /DKRUH 6KH ZDV DOVR WKH &KDLUPDQRIWKH$VLDQ&RPPLWWHHRIWKH$OO$VLDQ&RQIHUHQFHVRIZRPHQ ,Q VKHEHFDPHWKHILUVW$OGHUZRPHQRIWKH0DGUDV&RUSRUDWLRQIRU WZR \HDUV 'XULQJ WKLV SHULRG VKH ZRUNHG WR VROYH WKH EHJJDU SUREOHP FKLOG ZHOIDUH DQG FKLOGUHQ¶V HGXFDWLRQ 'U0XWKXODNVKPL 5HGG\ ZDV WKH DFWLYH PHPEHU RI WKH :RPHQ¶V ,QGLDQ $VVRFLDWLRQ VLQFH LWV LQFHSWLRQ LQ 6HOILQVWUXFWLRQDOPDWHULDO 80 EKd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¶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d ^ x 'U 0XWKXODNVPL 5HGG\ EHFDPH WKH KRQRUDU\ VHFUHWDU\ DQG RUJDQL]HURIWKH0DGUDV&KLOGUHQ¶V$LG6RFLHW\ x ,Q VKHIRXQGHGWKH$YYDL+RPHDW$GD\DUIRUWKHQHJOHFWHG ZRPHQLUUHVSHFWLYHRIFDVWHDQGFUHHG x 7KHEDVLFHGXFDWLRQVFKRRODW$YYDL+RPHZDVRSHQHGLQ x 'U0XWKXODNVKPL 5HGG\ ZDV WKH DFWLYH PHPEHU RI WKH :RPHQ¶V ,QGLDQ$VVRFLDWLRQVLQFHLWVLQFHSWLRQLQ x 'U 0XWKXODNVKPL 5HGG\ SUHYLRXVO\ DQWLFLSDWHG WKH GHYDGDVL DEROLWRQELOOWRWKH0DGUDV/HJLVODWLYH&RXQFLOLQ x 7RUHVWRUHWKHVXIIHULQJVKHVWDUWHGWKH$QWL&DQFHUPRYHPHQWLQ x 6KHLQYROYHGLQWKHQDWLRQDOPRYHPHQW x 6KH ZDV KRQRXUHG ZLWK WKH WLWOH RI 3DGPD %KXVDQ E\ WKH *RYHUQPHQWRI,QGLD .H\ZRUGV x $GYDLWDRQHRIWKHWZRSULQFLSDO9HGDQWLFVFKRROVDVVHUWLQJWKH H[LVWHQFHRI%UDKPDQDORQH x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ϴϯ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d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x 'HVFULEH WKH ZRUNV RI VXEUDPDQLD %KDUDWKL WR 7DPLO OLWHUDWXUH x $QDO\]HWKHFRQWULEXWLRQRI%KDUDWKLWRIUHHGRPPRYHPHQW x 8QGHUVWDQGWKHUDWLRQDOLVWLFLGHDVRI%KDUDWKLGDVDQDQGKLV OLWHUDU\ZRUNV ϴϱ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 %KDUDWKL\DU 6XEUDPDQLD %KDUDWKL ZDV ERUQ RQ WK 'HFHPEHU DW (WWD\DSXUDP +LV SDUHQWV ZHUH &KLQQDVDP\ $L\DU DQG /DNVKPL $PPDO $OWKRXJK %KDUDWKL ZDV D ERUQ SRHW DQG VNLOOHG ZLWK WKH SRWHQWLDOV RI D PDVWHUPLQG KH OHDUQW WKH GLVWLQFWLRQV RI 7DPLO ODQJXDJH DQG SRHWU\ WKURXJK KLV UHODWLRQVKLS ZLWK WKH 7DPLO VFKRODUV RI WKH FRXUW RI (WWD\DSXUDP 7KH WLWOH ³%KDUDWKL´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¶V GDUEDU DW 'HOKLLQ JRWR%HQDUHV6RPHRIWKHFRXUWLHUVZKRQRWLFHG%KDUDWKL VXIIHULQJSRYHUWLHVUHTXHVWHGWKH5DMDWRDSSRLQW%KDUDWKLLQWRKLVVHUYLFH 7KH5DMDDSSURYHGDQG%KDUDWKLUHWXUQHGWR(WWD\DSXUDP'XULQJWKHQH[W WZR \HDUV %KDUDWKL PDQDJHG UHOD[HG OLIH UHDGLQJ WKH SDSHUV WR WKH 5DMD DQGSHUIRUPLQJDVVRUWRIDSRHWPDWHWRKLP%KDUDWKLZDVUHDOO\LUULWDWHG E\ WKH HPSWLQHVV RI FRXUW OLIH DQG WKH FRQGLWLRQV RI GLVSDULW\ EHWZHHQ SHUVRQV %KDUDWKL GHSDUWHG IURP (WWD\DSXUDP WR WKH QHDUE\ WRZQ RI 6HOILQVWUXFWLRQDOPDWHULDO 86 EKd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¶V KLVWRU\ %KDUDWKL 6SHQW PDQ\ \HDUV RI KLV OLIH LQ -RXUQDOLVP (YHQWKRXJKWKHMRERIVXEHGLWRUKHOSHG%KDUDWKLWRWKHFRQVFLRXVRIWKH IHUWLOLW\RIWKH7DPLOODQJXDJH%KDUDWKLZDVQRWWRWDOO\KDSS\ZLWKLWVLQFH KHZDVQHYHUSHUPLWWHGWRZULWHDQHGLWRULDORIWKHQHZVSDSHUGXHWRKLV DQWL%ULWLVKVHQWLPHQW 7REHJLQZLWKKLV³6XWKHVD.HHWKDQJDO´DQGDQG³-DQPD%KRRPL´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¶V MRXUQDOLVW DFWLYLW\ H[WHQGHG WR DUWLFOHV SRHPV DQGVWRULHVWR RWKHUMRXUQDOVVXFKDV6ZDGHVDPLWKUDQ*QDQD%KDQX$U\DD1HZ,QGLD DQG&RPPRQZKHHO%KDUDWKL¶VHIIRUWDWUXQQLQJPDJD]LQHVVWRSSHGEHIRUH ϴϳ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¶V DSSHDUDQFH DQG H[SUHVVLYHQHVV DIWHU DWWHQGLQJ WKH 6XUDW&RQIHUHQFHLQ +HWUDQVODWHGDOHFWXUHRI7LODNDXWKRUL]HG+H UHOHDVHG D SDPSKOHW RI KLV RZQ H[SHULHQFHV LQ 6XUDW &RQJUHVV HQWLWOHG ³2XU&RQJUHVV7RXU´:KHQ%KDUDWKLZDVYHU\PXFKLQYROYHGLQSROLWLFV KLVSRHWLFWDOHQWGHYHORSHGDVZHOO+HSXEOLVKHGKLV³6XWKHVD*HHWKDQJDO´ DQG³*QDQD5DWKDP´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d ^ SULPDU\LGHDO6XEUDPDQ\D%KDUDWKLZDVWKHILUVWLQ7DPLO1DGXZKRIUHHG WKH7DPLOODQJXDJHDQGLWVOLWHUDWXUHIURPDOOLWVFOXWFKHVDQGZKRSDYHGD QHZDSSURDFKIRUIXUWKHUSURJUHVV $FFRUGLQJWR0X9DUDGDUDMDQ³%KDUDWKLLVWKHIDWKHURIWKHSUHVHQW HUD LQ 7DPLO KH UHVFXHG 7DPLO OLWHUDWXUH IURP WKH VWDJQDWLRQ RI WKH PDWDOD\DPV DQG SHWW\ FRXUWV RI ]DPLQGDUV DQG EURXJKW LW LQ WR WKH PDLQ FXUUHQW RI QDWLRQDO OLIH´ ,Q WKH ZRUGV RI &1DQQDGXUDL´ %KDUDWKL LV QRW PHUHO\ D EDUG RI QDWLRQDOLVP +H ZDV FHUWDLQO\ WKH PRUQLQJ VWDURI UHIRUPDWLRQ´ +HSDVVHGDZD\RQWKHQLJKWRI6HSWHPEHU )RUWKHSRHW WKH LQQHU OLIH LV PRUH LPSRUWDQW WKDQ WKH H[WHUQDO OLIH 7KLV LQQHU OLIH LV FRPPXQLFDWHGE\DSRHWRQO\LQKLVSRHWU\:HDFTXLUHDWKRURXJKSLFWXUH RI %KDUDWKL WKURXJK KLV SRHWU\ DORQH +HUH DQG WKHUH ZH ILQG YDOXDEOH KLVWRULFDO LQIRUPDWLRQ SDUWLFXODUO\ PDQ\ IDFWV FRQFHUQLQJ KLV LQQHU OLIH GLVSHUVHGWKURXJKRXWKLVSRHWU\ &KHFN ϴϵ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¶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d ^ +HWUDYHOHGRQWKHZDYHKHFRPSRVHGPDQ\VRQJVRQWKHQDWLRQDOWKHPHV $OOKLVVRQJVZHUHSXEOLVKHGLQVPDOOERRNIRUPV +LVVRFLDOWKRXJKWV ,Q KHMRLQHGWKHFDPSRI3HUL\DU(95DPDVDP\DQGEHFDPH DQ XQFRPSURPLVLQJ DFWLYLVW DJDLQVW DOO VRFLDO HYLOV DQG LQMXVWLFHV SDUWLFXODUO\ WKH FDVWH V\VWHP +H ZDV DJDLQVW DOO VRFLDO FHUHPRQLHV DQG SUDFWLFHV WKDW GLVKRQRUHG 7DPLOV DQG HYHQ DYRLGHG WKH SUDFWLFH RI W\LQJ µWKDOL¶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³ZRQGHURXV EOLV WR DOO´ 7KH \RXQJ G\QDPLF SRHW %KDUDWKLGDVDQWKRXJKWWKHHFRQRPLFDQGVRFLDOIUHHGRPRI7DPLOVUDWKHU WKDQWRZRUNIRUWKHOLEHUDWLRQRI,QGLD+HZRUNHGKDUGIRUWKHFDXVHRI WKH6HOIUHVSHFW0RYHPHQW 8QGHUWKHHIIRUWVRI&1$QQDGXUDLFRQVLGHUDEOHDPRXQWRIPRQH\ ZDVFROOHFWHGDQGSUHVHQWHGWR%KDUDWKLGDVDQ2QWK1RYHPEHU KH UHWLUHG IURP KLV WHDFKLQJ VHUYLFH ,Q KH ZDV HOHFWHG WR WKH 3RQG\FKHUU\ $VVHPEO\ DQG DVVXPHG WKH VHDW RI VSHDNHU +H EHFDPH WKH PHPEHU RI 7DPLO 3RHW¶V $VVRFLDWLRQ DQG EURXJKW KLV SHULRGLFDO .XLO ,Q ϵϭ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d ^ x +H SXEOLVKHG KLV ³6XWKHVD *HHWKDQJDO´ DQG ³ *QDQD 5DWKDP´ LQ x %KDUDWKLGDVDQ¶V RULJLQDO QDPH LV .DQDND 6XEEXUDWKLQDP +H ZDV ERUQRQ WK$SULO LQ3RQGLFKHUU\ x +HLVSRSXODUO\NQRZQDV3DYHQWKDUPHDQVNLQJRISRHPV x +HLVULJKWO\SUDLVHGDVWKH:RUGVZRUWKRI7DPLOOLWHUDWXUH x 7KH DVVRFLDWLRQ RI QDWLRQDO OHDGHUV HQFRXUDJHG %KDUDWKLGDVDQ WR ZULWH SDWULRWLF VRQJV DQG FRQWULEXWHG WR WKH QDWLRQ¶V IUHHGRP PRYHPHQW x +HFRPSRVHGPDQ\VRQJVRQWKHQDWLRQDOWKHPHV x $OOKLVVRQJVZHUHSXEOLVKHGLQVPDOOERRNIRUPV x ,Q KHMRLQHGWKHFDPSRI3HUL\DU(95DPDVDP\ x +HPHUFLOHVVO\FRQGHPQHGWKHW\UDQQ\RIFDVWHKLHUDUFK\ x +H ZDV DJDLQVW DOO VRFLDO FHUHPRQLHV DQG SUDFWLFHV WKDW GHJUDGHG 7DPLOV x ,Q KHZDVHOHFWHGWRWKH3RQG\FKHUU\$VVHPEO\DQGDVVXPHG WKHVHDWRIVSHDNHU x 'XHWRKLVUHIRUPLVWLGHDVKHHDUQHGWKHWLWOH3XUDWFKLNDYLQJDU x +H ZDV JLYHQ WKH 6DKLW\D $FDGHP\ DZDUG SRVWKXPRXVO\ LQ IRUKLVSOD\3LVLUDQWKDL\DU x +HSDVVHGDZD\LQ$SULO DW&KHQQDL .H\ZRUGV x 6XWKHVLDPRYHPHQWIRUQDWLRQDOLQGHSHQGHQFHLQ,QGLDER\FRWWLQJ IRUHLJQJRRGVDQGHQFRXUDJLQJWKHXVHRIGRPHVWLFSURGXFWV x 3XUDWFKL .DYLQJDU,W PHDQV WKH 5HYROXWLRQDU\ 3RHW 7KLV WLWOH LV JLYHQE\$QQDWKXUDLWR%KDUDWKLGDVDQ x 3DYHQGKDU3DYHQWKDUPHDQVNLQJRISRHPV 6HOI$VVHVVPHQW4XHVWLRQV 6KRUW$QVZHU4XHVWLRQV :KDWLVWKHFRQWULEXWLRQRI%KDUDWKL\DUDVDMRXUQDOLVW" 0HQWLRQWKHUROHRI%KDUDWKLLQ)UHHGRP0RYHPHQW :ULWHDQRWHRQWKHOLWHUDUXZRUNVRI%KDUDWKLGDVDQ ϵϯ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 /RQJ$QVZHU4XHVWLRQV 'LVFXVV³%KDUDWKLLVD1DWLRQDO3RHW´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d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ϵϱ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 VRQJV LQ WKH ODQJXDJH RI WKH SHRSOH DQG FRQFHGHG RQ D VWDWHZLGH PRYHPHQWFDOOHGWKH%KDNWLPRYHPHQW 2EMHFWLYHV $IWHUJRLQJWKURXJKWKLVXQLW\RXZLOOEHDEOHWR x 8QGHUVWDQG WKH ZRUNV RI UHOLJLRXV VDLQWV RI 6DLYLVP DQG 9DLVKQDYLVP x 'HVFULEHWKHLQWHOOHFWXDOFRQWULEXWLRQRIWKHUHOLJLRXVVDLQWV x 'LVFXVVWKHUROHRI$OZDUVLQSURPRWLQJ9DLVKQDYLVP x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d ^ 9DLVKDQYLVP VSUHDG WKHLU RZQ GRFWULQHV DERXW /RUG 9LVKQX 7KHVH WZR UHOLJLRXV DUH DFFRXQWDEOH IRU WKH GHFOLQH RI WKH GHYLDWLQJ UHOLJLRQV RI -DLQLVPDQG%XGGKLVPLQWKLVSDUWRIWKHFRXQWU\ZKLFKVLPLODUO\DIIHFWHG RWKHUDUHDV $OZDUV 7KH WHUP µ$OZDU¶ PHDQV µWKRVH ZKR DUH DEVRUEHG LQ WKH GLYLQH¶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± ³:KHQHYHU ULJKWHRXVQHVV GKDUPD IDLOV DQG XQULJKWHRXVQHVV UDLVHV LWV KHDG,FRPHWRELUWKRQHDUWK´7KH%KDNWLPRYHPHQWIRUWKHILUVWWLPHLQ WKHKLVWRU\RIWKHVXEFRQWLQHQWERXQGHGIURPWKH7DPLOFRXQWU\GXULQJWKH WKDQG WKFHQWXULHV7KH$OZDUVZHUHWKHIDPRXVDXWKRUVRIWKHJUHDWDQG ZHOONQRZQFROOHFWLRQRIWKH1DOD\LUDSSLUDEDQGDPRU'LY\DSSLUDEDQGDP 7KHHDUO\$OZDUV 7KHHDUO\$OZDUVZHUHWKUHHLQQXPEHU7KHILUVWWKUHH$OZDUVZHUH NQRZQ DV 3R\NDL %XWKDP DQG 3H\ 7KH\ PRYHG IURP RQH VKULQH WR DQRWKHULQVHDUFKRIJRG7KHILUVW$OZDU3R\NDLSHUFHLYHGJRG¶VSUHVHQFH ϵϳ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³7DPLO 9HGDV´ .XODVHNDUD$OZDU 2WKHU VLJQLILFDQW $OZDU LV .XODVKHNKDUD +H ZDV D &KHUD SULQFH YLVLWHG6ULUDQJDP.DQFKLDQG7KLUXYHQNDGDPDQGDFFRPSOLVKHG0XNWKL DW0DQQDUNRLO+HLVH[FOXVLYHDPRQJVWWKH$OZDUVLQPDQ\ZD\V+HKDG PDVWHU\ RYHU WKH 7DPLO DQG 6DQVNULW ODQJXDJHV +H FRPSRVHG ³3HUXPDO 7LUXPROL´ZKLFKKDYHWHQSRHPVZLWKYHUVHV0XNXQGDPDODLZDVKLV ILUVWZRUNLQ6DQVNULW.XODVHNDUD$OZDUKHOGWKH%KDJDYDWDUV GHYRWHHVRI 6HOILQVWUXFWLRQDOPDWHULDO 98 EKd ^ /RUG9LVKQX LQDKLJKUHVSHFW2QFHLWLVVDLGKLVPLQLVWHUVZKRZHUH GHSUHVVHG ZLWK KLV GHYRWLRQ WR WKH %KDJDYDWDUV KLGGHQ D YDOXDEOH SHDUO QHFNODFH ZKLFK KH XVHG WR EHDXWLI\ /RUG 9LVKQX V VWDWXH GXULQJ SUD\HU 7KH\WKHQDFFXVHGWKH%KDJDYDWDUVZKRZHUHVWD\LQJWKHNLQJDWWKHWLPH 7KHNLQJZDVIXULRXVZLWKWKLV+HRUGHUHGWRJHWDFOD\SRWZLWKDFREUDLQ LW DQG UHWDLQHG KLV KDQG LQVLGH LW VD\LQJ WKDW LI LW ZDV FRUUHFW WKDW WKH %KDJDYDWDUVKDGVWROHQWKHMHZHOWKHVQDNHZLOOELWHKLP7KHFREUDGLG QRWELWHKLPDQGWKXVWKH%KDJDYDWDUVZHUHGHIHQVLEOHRIWKLVDFFXVDWLRQ .XODVHNDUD $OZDU ZDV YHU\ H[FLWHG WR /RUG 9LVKQX LQ KLV LQFDUQDWLRQ RI 5DPD 'XH WR WKLV FRQVHTXHQW VDLQWV RI WKH 9DLVKQDYLWH LQVWLWXWLRQ RI WKH 7DPLO ODQG QDPHG KLP ³.XODVHNDUD 3HUXPDO´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¶V 7KLUXYD\PROL SRHPV LQ SDOP OHDYHV IRU ϵϵ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¶V HOHJDQFH +H ZURWH WZR SRHPV 7KLUXPDODLWKDWFRPSULVHVRIIRUW\ILYHVRQJVDQG7KLUXSSDOOL(OXFKLZKLFK KDVWHQVRQJV+HEXLOWDRXWHUZDOODW6ULUDQJDPWHPSOH.XODVHNDUD$OZDU LQKLV³3HUXPDO7KLULPROL´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³WKHRQHZKRUXOHV7KH/RUG´+HUIDWKHU JDWKHUHG KHU RQFH ZHDULQJ D JDUODQG PHDQW RQO\ IRU WKH /RUG DQGKH FKDVWLVHGKHUIRUGRLQJVR7KDWQLJKW/RUG9LVKQXVHHPHGLQKLV GUHDP DQGWROGKLPWKDW+HFKRVHQWKHJDUODQGV$QGDOKDGZRUQDVVKHZDV+LV EULGH 6KH UHMHFWHG WR FRQVLGHU RI D KXPDQ EHLQJ DV KHU JURRP 6KH LPDJLQHG KHUVHOI DV WKH EULGH RI 6UL 5DQJDQDWKD 6KH HYHQ SXW RQ WKH JDUODQGVSUHSDUHGIRUWKH/RUGRQKHU$VD\RXQJZRPDQVKHIHOOLQORYH ZLWKWKH/RUG+LPVHOIDQGHYHQWXDOO\PDUULHG+LP/HJHQGHQHUJLHVWKDW 6HOILQVWUXFWLRQDOPDWHULDO 100 EKd ^ ZKHQVKHZDVDURXQGVKHDPDOJDPDWHGZLWKKHU/RUGDWWKH6ULUDQJDP 7HPSOH 6LQFH WKHQ VKH KDV H[LVWHG DV P\WK DQG GHLW\ +HU WZR SRHWLF ZRUNV DUH ³7KLUXSSDDYDL´ DQG ³1DDFFKL\DDU 7KLUXPR]KL´ ZKLFK DUH SRUWLRQ RI WKH 1DDODD\LUD 'KLY\D 3UDEDQGKDP $QGDO¶V 7KLUXSSDYDL FRPSULVHVRIVRQJV,QLW$QGDOFDOOVXSRQKHUIULHQGVWRZDNHXSDQGJR ZLWKKHUWRFKDQWVRQJVLQWULEXWHRI/RUG.ULVKQD ,W ZDV VXSSRVHG WKDW WKLV SUD\HU ͘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ϭϬϭ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 &KHFN 6HOILQVWUXFWLRQDOPDWHULDO 102 EKd ^ 6LYD WHPSOHV WLOO QRZ7KH HLJKWK 7KLUXPXUDL LV 7KLUXYDVDNDP 7KH IRXU DXWKRUV RI WKHVH HLJKW FROOHFWLRQV DUH WHUPHG DV WKH JUHDW 6DLYD VDPD\D .XUDYDV7KLUXJQDQD6DPEDQGDUZDVFRQWHPSRUDU\WR7KLUXQDYXNNDUDVDU 0DQLNNDYDVDNDUVWDQGVDSDUW7KHQLQWK7KLUXPXUDLZDVQDPHGDV7KLUX ,VDLSSD FRPSULVHV RI WKH K\PQV RI QLQH RWKHU PLQRU DXWKRUV 7KH\ DUH 7KLUXPDOLJDLWKHYDU6HQWKDQDU.DUXYXUWKHYDU3RRQWKXUXWKL1DPEL$QGDU 1DPEL .DQGDUDWKLWKDU 9HQDWWDGLJDO 7KLUXYDOL $PXGDQDU 3XUXGRWKDPD 1DPELDQG6HWKLUD\DU7KLUXPXODU¶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³IDWKHU´IRUWKHFRPSOHWH³8QLYHUVH´KHQFHIRUWKKH ZDV DIIHFWLRQDWHO\ FDOOHG DV ³$SSDU´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ϭϬϯ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 LVEHOLHYHGWRKDYHWUDYHOOHGWRPRVWRIWKH6LYDWHPSOHVLQ7DPLO1DGX DQG SUHDFKHG WKH LPSRUWDQFH RI 6DLYLVP DPRQJ WKH SHRSOH +H DFFRPSOLVKHG VDOYDWLRQ DW 7LUX 3XNDOXU 6LYD WHPSOH DW WKH DJH RI $SSDU¶V 'HYDUDP LV YHU\ SRSXODU HYHQ LQ WRGD\¶V ZRUOG SDUWLFXODUO\ DPRQJ WKH 6DLYLWHV +LV ZRUN ZDV FHQWHUHG RQ WKH QRUWKHUQ SDUW RI WKH 7DPLOFRXQWU\DQGKHYLVLWHGDWOHDVWRQHKXQGUHGDQGWZHQW\VL[WHPSOHV +HQRWRQO\VDQJVRQJVLQSUDLVHRI/RUG6LYDEXWDOVRFOHDQHGWKH WHPSOHORFDWLRQV$SSDULVZHOONQRZQDVWKHPDVWHURI7KLUXWKDQGDNDP ,WLVDPHWKRGRIYHUVHZLWKHLJKWIHHWWRWKHOLQHZLWKPHOORZHGWKRXJKWV DQGH[SUHVVLRQ+LVODQJXDJHLVDWDOOWLPHVGLUHFWVLPSOHDQGZLWKRXWDQ\ LPDJLQDWLYHFRPELQDWLRQ,WEURXJKWRXWWKHHPRWLRQRIKLVGHYRWLRQDQGD VHQVHRIVXEPLVVLRQWR*RGLQVLPSOHVW\OH+LV7KLUX$QJDPDODLLVDVKRUW SRHPLQZKLFKKHGHYRWHVHYHU\RUJDQRIKLVERG\WRWKHSURYLVLRQRI*RG +HZDVDVSLULWXDOVLQJLQJDERXWWKH6LYDDVKLVORYHU+HLVVDLGWRKDYH FROOHFWHG FKDQWV RI ZKLFK WKHUH DUH RQO\ SRHPV DW SUHVHQW 7KH\DUHIXOORISHUFHSWLRQDQGGHYRWLRQ+HFRPSRVHGWKHIRXUWKILIWKDQG VL[WK7KLUXPXUDLV+LVDSSURDFKWR*RGLVNQRZQDV&KDU\DPDUJDZKHUH WKH UHODWLRQVKLS EHWZHHQ *RG DQG +LV IROORZHU LV WKDW RI D PDVWHU DQG D VODYH7KLUXQDYXNNDUDVDU¶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d ^ RIIHUHGLWWRKLPWKHER\SRLQWHGWRWKH6LYDWHPSOH+HQFHKHZDVQDPHG 7LUXJQDQD 6DPEDQGDU ZKLFK PHDQV UHODWHG WKURXJK ZLVGRP )URP WKLV PRPHQWRQZDUGV7KLUXJQDQD6DPEDQGDUYLVLWHGWKHQHDUE\WHPSOHVZLWK WKHKHOSRIKLVIDWKHUDQGFRPSRVHGPDQ\VRQJV³7KRGXGDL\D&HYL\DQ´ WKHILUVWOHWWHULWVHOIEHLQJWKHVSLULWXDOSUDQDYD,QHYHU\YHUVHKHSURYLGHG HDFKDQGHYHU\GHWDLOVRIWKH/RUGDQGJXDUDQWHHGKLVIDWKHUWKDWLWZDV+H ZKRKDGUDLGHGKLVKHDUW+HVWDUWHGVLQJLQJK\PQVIURPWKDWWHQGHUDJH GXHWRGLYLQHJUDFH 6DPEDQGDU WKHQ WUDYHOHG PDQ\ D SODFH RI 3LOJULPDJH DQG HVWDEOLVKHG KLV FKDUDFWHU E\ ZRQGHUV 6DPEDQWKDU¶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¶VDSSURDFKWR/RUG6LYD LV YLHZHG DV WKH UHODWLRQ EHWZHHQ D VRQ DQG IDWKHU 7KRXJK KH OLYHG IRU VL[WHHQ\HDUVKLVVHUYLFHWR6DLYLVPZDVJUHDW $IWHU UHHVWDEOLVKLQJ 6DLYLVP LQ WKH 3DQG\D FRXQWU\ 6DPEDQWKDU UHYHUWHGWRWKH&KRODFRXQWU\IURPZKHUHKHLQVWLJDWHGDQRUWKHUQWRXU+LV K\PQVDUHEHOLHYHGWRKDYHQXPEHUHGRYHURIZKLFKZHKDYHRQO\ SDGLJDPV+HFRPSRVHGWKHILUVWVHFRQGDQGWKLUG7KLUXPXUDLV+LV VRQJVVWULNHDKDSS\DQGFKHHUIXOQRWHWKURXJKRXW+LVSUD\HUVZHUHRQO\ IRU WKH ZHOIDUH RI VRFLHW\ +LV ORYH IRU QDWXUH ZDV UHIOHFWHG WKURXJK KLV ϭϬϱ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 K\PQV,QDVHQVHKHLVEHOLHYHGIRUHPRVWDPRQJDOOWKHIRXU6DLYDVDLQWV 1DPEL$QGDU1DPELFDOOHGKLP7DPLODNDUDQ 6XQGDUDU 6XQGDUDU ZDV ERUQ LQ 7LUXQDYDOXU WR WKH $GLVDLYD %UDKPLQ 6DGD\DQDU +H ZDV D VRQ RI 6DODL\DQDU DQG ,VDL*QDQLDU RI %UDKPLQ H[WUDFWLRQ+LVUHDOQDPHZDV1DPELDUXUDEXWODWHUKHFDPHWREHPRUH FRPPRQO\ NQRZQ DV ³6XQGDUDU¶ 7KH LQGLJHQRXV FKLHIWDLQ 1DUDVLPKD 0XQDL\UDL\DUWRRNDGHFRUDWLYHWRWKHFKLOGDQGWRRNFDUHRIEULQJLQJXS WKH FKLOG :KHQ RQ DWWDLQLQJ PDQKRRG KLV ZHGGLQJ ZDV DERXW WR WDNH SODFHDQDVFHWLFVHHPHGDQGDSSHDOHG6XQGDUDUDVKLVVODYHDQGFODLPHG WKDWKHEHVHQWZLWKKLPDFFRUGLQJWRWKHERQGDFFRPSOLVKHGE\WKHER\¶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¶VKRXVH7KHQKHZHQWRQWRDQXPEHURIRWKHUSODFHVVDFUHG WR6LYDZRUNLQJPLUDFOHVKHUHDQGWKHUH2QHVXFKSODFHZDV7LUXYRUUL\XU ZKHUH KH VDZ 6DQJLOL\DU ZKRP DOVR KH PDUULHG DIWHU SURPLVLQJ WR OLYH ZLWKKHUIRUDIL[HGSHULRG%XWDVKHOHIWKHUEHIRUHWKLVSHULRGKHORVWKLV H\H VLJKW KRZHYHU KH UHJDLQHG WKURXJK WKH JUDFH RI /RUG 6LYD 6XQGDUDU¶V GHYRWLRQ WR 6LYD ZDV WKDW RI DQ LQWLPDWH IULHQG /RUG 6KLYD DFWHGDVDPHVVHQJHUZKHQKLVZLIHTXDUUHOHGZLWKKLP+LVSUHIHUHQFHRI QRQ%UDKPLQJLUOVVKRZVWKHVRFLDOFXVWRPRIWKHGD\,QWHUPDUULDJHZDV EDVHGRQWKHVRFLDOSRVLWLRQDQGQRWUHVWULFWHGRQWKHFDVWHV\VWHPEDVHGRQ ELUWK +H FRPSRVHG K\PQV RI ZKLFK RQO\ D KXQGUHG DUH QRZ DYDLODEOH +H ZDV WKH SRHW RI VHYHQWK 7KLUXPXUDL 0DQ\ RI KLV VRQJV H[SRVHDVHQVHRIIUHHGRPDQGLQWLPDF\LQUHODWLRQWR*RGDQGDUHRIWHQ HQKDQFHGZLWKKXPRXU 6HOILQVWUXFWLRQDOPDWHULDO 106 EKd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¶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ϭϬϳ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¶VUHDOQDWXUH+LVFKLHIZRUNVWKH7LUXYDVDJDPDQGWKH 7LUXNNRYDLIRUPVWKHHLJKWK7LUXPXUDL 7KLUXYDVDJDPLVDJHPVWRQHRIVDFUHGOLWHUDWXUH7KHSULQFLSOHRI 6LYD¶V IDLWK IRXQG LQ 9HGLF WUDGLWLRQ LV JLYHQ DV FRUH 7KLUXYDVDJDP LV DEVROXWHSRHWU\RIDKLJKRUGHU7RHVWLPDWHWKHDXWKRU¶VRZQZRUGVLWLV ERQHPHOWLQJ SRHWU\ +LV FRQQHFWLRQ ZLWK *RG LV SXUHO\ SHUVRQDO +H RIIHUHGKLVVRXODWWKHIHHWRI/RUG1DWDUDMD$IWHUYDULHGH[SHULHQFHKHJRW WKHILQDOUHDOL]DWLRQLQ&KLGDPEDUDP/LNHDOLWWOHFKLOG¶VFRPSOHWHWUXVWRQ LWV PRWKHU KH WUXVW /RUG 6LYD $OWKRXJK KH HPSOR\V WKH ORYH WKHPH RU DKDPWKHQRWHLVVXERUGLQDWHGWRWKHSUDLVHRI*RG 1DPDEL$QGDU1DPELFROOHFWHGWKHVRQJVVXQJE\WKHVHIRXUVDLQWV GXULQJ WKH GD\V RI (PSHURU 5DMDUDMD &KROD +H DVVHPEOHG WKHP LQWR GLIIHUHQWERRNV7KHVHERRNVKDYHEHHQDFWXDOO\VKDSLQJWKHWKRXJKWVDQG DFWLRQV RI WKH IROORZHUV RI 6DLYLVP IRU PRUH WKDQ D WKRXVDQG \HDUV 7KH 6DLYDFRPPXQLW\¶VOLIHDQGFXOWXUDOEDVHZDVFRQWUROOHGE\WKHHVVHQFHRI WKHVHJUHDWZRUNV*83RSHWUDQVODWHGWKHZRUNVRI0DQLNNDYDVDNDULQWR (QJOLVK &KHFN 6HOILQVWUXFWLRQDOPDWHULDO 108 EKd ^ $QVZHUVWR&KHFN 5DMD\\DQ. +LVWRU\ RI 7DPLO 1DGX WR 0DGXUDL 5DM 3XEOLVKHUV 6XEUDKPDQL\DQ1 6RFLDO DQG &XOWXUDO +LVWRU\ RI 7DPLOQDG WR $' 8GXPDOSHW (QQHV3XEOLFDWLRQV 6XEUDPDQLDQ3 6RFLDO +LVWRU\ RI WKH 7DPLOV 1HZ 'HOKL '.3ULQWZRUOG 3 /WG 6HOILQVWUXFWLRQDOPDWHULDO 110 EKd ^ 0DQRUDQMLWKDPRQL&+LVWRU\RI7DPLO1DGX8SWR$'7LUXQHOYHOL 'DYH%HU\O3XEOLFDWLRQV 9DUJKHVH-H\DUDM66RFLR(FRQRPLF+LVWRU\RI7DPLO1DGX 8WKDPDSDOD\DP $QQV3XEOLFDWLRQV 3DUDPDUWKDOLQJDP & 5HOLJLRQ DQG 6RFLDO 5HIRUP LQ 7DPLO 1DGX 0DGXUDL 5DMDNXPDUL3XEOLFDWLRQV 1DWDUDMDQ& 6RFLDO +LVWRU\ RI 0RGHUQ 7DPLO 1DGX 7ULFK\ 8ODJD 7DPL]KSSDGDLSSDODU1RRO9HOL\HHWWDJDP ϭϭϭ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d ^ 2EMHFWLYHV $IWHUJRLQJWKURXJKWKLVXQLW\RXZLOOEHDEOHWR x ([SODLQWKHFRQWULEXWLRQRI7KLUXPXODUWR6DLYD6LGGKDQGD DQG7DPLOOLWHUDWXUH x 'LVFXVVWKHLGHDVDQGSULQFLSOHVRI5DPDQXMD x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¶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¶V DFWXDO QDPH ZDV ϭϭϯ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 6XQGDUDQDU7WKHQDPH³0XODQ´ZDVJDLQHGDVE\DQDFFLGHQWRIKLVWRU\ 1XPHURXV VWRULHV ZHUH DFFHVVLEOH RQ WKH OLIH RI 7KLUXPXODU ,W ZDV VXSSRVHG WKDW KH HQWHUV LQWR WKH GHDG ERG\ RI FRZKHUG ZDV 0XODQDQG KHUHDIWHUKHZDVFDOOHGDV7KLUXPXODU,WZDVXQGHUVWRRGWKDWLQKLV \HDUVSHQDQFHKHZRNHXSRQFHLQD\HDUDQGZURWHDSRHPHYHU\\HDU 6XQGDUDQDUZDVRQHRIWKHIRUPHUVWXGHQWVLQYROYHGLQWKHDFWLYHSUDFWLFH RI WKH 6LGGKD\RJD XQGHU WKH FRXUVH RI WKH /RUG 6LYD DQG XQGHU WKH GLUHFWLRQRI1DQGL,WZDV1DQGLWKDWFRQIHUUHGRQKLPWKHWLWOH³1DWKDQ´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¶VPHVVDJHDQGHVWDEOLVKHGLQ WKHLUWXUQVHYHQ0XWWVWRSURPXOJDWHWKH6LYD\RJDDVVXFK.DODQJL1DWKDU LV PHDVXUHG WR EH RQH RI KLV VHYHQ IROORZHUV DQG %RJDU RI 3DODQL LV FRQVLGHUHG DV D SXSLO RI .DODQJL 1DWKDU 7KH .RQJX 0DQGDOD 6DWKDNDP GHVFULEHVWKDW.DQMDPDODL6LGGKDUDVDQRWKHUIROORZHURI7KLUXPXODU 7KH6LGGKDHOHPHQWVLQ7KLUXPDQWLUDP 7LUXPXODUZDVWKHILUVWDQGVXSUHPHRIWKH7DPLO6LGGKDUV+HLV UHJDUGHG WR EH WKH )DWKHU RI 7DPLO 6LGGKDUV 7LUXPXODU¶V SURFODPDWLRQ ³7KHUHLVRQH*RGDQGRQHFRPPXQLW\´KDGSOD\HGDLPSRUWDQWUROHLQWKH ILHOGRIVRFLDOUHIRUPLQWKH7DPLO&RXQWU\,WPDUNHGWKHEHJLQQLQJRIWKH 6LGGKDPDUJDLQ7DPLO1DGX7KHLGHDRIRQHFDVWHDQGRQH*RGH[SRVHV XQLYHUVDOLVPDQGHTXDOLW\,WDOVRDUFKLYHVWKHGLVVDWLVIDFWLRQRIWKH ILJKW IRUVXSUHPDF\DPRQJWKHUHOLJLRQVWKDWSUHYDLOHGGXULQJ7LUXPXODU¶VWLPH &DVWH V\VWHP DQG GLFULPLQDWLRQ EDVHG RQ UDFH GR QRW ILQG VXSSRUW LQ 6HOILQVWUXFWLRQDOPDWHULDO 114 EKd ^ 7LUXPXODU¶V VRQJV +H RSHQO\ FRQGHPQHG %UDKPLQV DQG SULHVWKRRG+H HYHQH[DPLQHGWKHFDVWHPDUNVRIWKH%UDKPLQV ,Q 7KLUXPDQWLUDP WKH QDWXUH RI WKH 6LGGKDU ZDV HOXFLGDWHG 7KH\ KDYHDEDQGRQHGHYHU\WKLQJDQGV\PEROL]HVWUXWK7KH\KDYHH[SHULHQFHG WKHSUHVHQFHRI/RUG6LYDDQGKDYHWKHTXDOLW\RI6DGKDVLYDP7KH\ZHUH H[SHUWVLQULJKWW\SHRI6LGGKDV7KH7KLUXPDQWLUDPFRQVLVWRIWZRZRUGV WKLUX DQ KRQRULILFDQG PDQWLUDP WKH 7DPLO IRU PDQWUDP ZKLFK OLWHUDOO\ PHDQV µ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ৢWDVLGGKL 7KH IRXUWK WDQWUD GHDOV ZLWK 6DNWD WUDGLWLRQV DQG VHYHUDONLQGVRIFKDNUDV7KHILIWKWDQWUDGHDOVZLWK&DUL\D.UL\D 7KH VLJQLILFDQW IHDWXUH LQ 7KLUXPDQWLUDP LV WKH QDUUDWLYH RI µ.DODFKDNUD¶DODWH%XGGKLVWLGHDWKDWLVVDLGWRKDYHDGRSWHGIURPFHQWUDO $VLD WR ,QGLD 6HNNLODU DOVR LQ KLV 7KLUXWWKRGDU SXUDQDP SUHFLVHO\ UHYHDOHG WKDW 7KLUXPDQWLUDP KDV VWDQ]DV LQ LW ,W GLVSOD\V WKDW WKH 7KLUXPDQWLUDPJRHVWRDSHULRGDIWHUWKHWKFHQWXU\EXWEHIRUHWKHWK FHQWXU\ $' ,Q WKLV ZRUN 7LUXPXODU DOVR GHQRWHV VRPH RI WKH SUDFWLFHV ZKLFKDUHPRUHFRQYHUVDQWDPRQJWKH6LGGKDVIRULQVWDQFHND\DVLGGKL ϭϭϱ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³,IERG\LVGHVWUR\HGVRXOLVGHVWUR\HG $QGRQHZLOOQRWDWWDLQWUXHSRZHUIXONQRZOHGJH +DYLQJDFTXLUHGWKHVNLOOWRIRVWHUWKHERG\ ,FKHULVKHGWKHERG\DQG,IRVWHUHGWKHVRXO´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d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¶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ϭϭϳ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 $ODYDQGDUZDVWKHIDPRXVKHDGRIWKHPXWWDW6ULUDQJDP+HZDV LPSUHVVHGE\5DPDQXMD¶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³SULQFH RI DVFHWLFV´ 5DPDQXMD VHWWOHG LQ 6ULUDQJDP DQG DFTXLUHG FRPSOHWH NQRZOHGJHRIWKH7KLUXYD\PROL+HHYHQYLHZHGWKHWHPSOHDGPLQLVWUDWLRQ DW 6ULUDQJDP 5DPDQXMDU QDWXUDOO\ EHOLHYHG WKDW WKH HOHYDWLRQ RI WKH VRFLHW\ LV PRUH VLJQLILFDQW WKDQ WKH XSOLIWPHQW RI WKH LQGLYLGXDO 7KHUH ZHUH HIIRUWV WR HUDGLFDWH 5DPDQXMDU %XW KH HIIHFWLYHO\ HYDGHG VWUXJJOH ZLWKWKRVHZKRSODQQHGDJDLQVWKLP:KHQKLVZLIHWUHDWHGRWKHUVRQWKH EDVLV RI FDVWH GLVVLPLODULWLHV KH UHQRXQFHG KLV OLIH DQG FRQYHUWHG LQWR D VDQ\DVLQ 5DPDQXMD¶VGLVFLSOHV 5DPDQXMD¶VIROORZHUVFDPHWRKLPRQWKHLURZQDQGPHUJHGKLPDV KLVVWXGHQWV.XUHVDEHFDPHDVWDXQFKIROORZHUDIULHQGDQGDGLVFLSOHRI 5DPDQXMD 0XGDOL\DQGDQ 5DPDQXMD¶V RZQ VLVWHU¶V VRQ ZDV DQRWKHU GLVFLSOH RI 5DPDQXMD DQG SHUVLVWHG KLP IRUHYHU DIWHU 2WKHU UHOLJLRXV SHUVRQVOLNH$GYDLWLQVDQG-DLQVEHFDPHKLVIROORZHUVDQGPRQLWRUHGKLV WHDFKLQJV5DPDQXMDDFNQRZOHGJHGGLVFLSOHVIURPDOOWKHFDVWHV 5DPDQXMD¶VWHDFKLQJV 5DPDQXMD SUHVHQWHG VSHFLDO LPSRUWDQFH WR VHOIOHVV VXEPLVVLRQ WR *RGZKLFKKHQDPHGSUDSDWKL+HVDLGWKDWRQHVKRXOGJLYHXSDIIHFWLRQV WR PDWHULDO VXEVWDQFHV VXUUHQGHU KLV HJR DQG DEVROXWHO\ VXEPLW WR *RG 2QO\ WKURXJK WKLV VXEPLVVLRQ FDQ PDQ DFFRPSOLVK VDOYDWLRQ +H 6HOILQVWUXFWLRQDOPDWHULDO 118 EKd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¶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³2PQDPR1DUD\DQD´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³9HGKDUWKD6DQJUDKDP´PHDQVVXPPDU\RIWKHPHDQLQJRIWKH 9HGDV ³9HGDQWD 6DUDP´ PHDQV HVVHQFH RI WKH 9HGDV ³6UL %KDVK\D´ ϭϭϵ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 PHDQV&RPPHQWDU\RQ%UDKPD6XWUD³9HGDQWD'HHSDP´PHDQV/LJKWRI WKH 9HGDQWD ³*HHWD %KDVK\DP´ PHDQV &RPPHQWDU\ RQ %KDJZDG *LWD ³*DG\D7UD\D´PHDQV3URVH3RHPRI6XUUHQGHU6KDUDQDJDWK\*DG\D6UL 5DQJD *DG\D 9DLNXQWD *DG\D DQG 1LW\D 5DPDQXMDU KLJKOLJKWHG WKH VLJQLILFDQFH RI $OZDU¶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¶V LQVWUXFWLRQV DUH EDVHG RQ WKH WKUHH GRFWULQHV RI *RG VRXO DQG ZRUOG +H HVWDEOLVKHG D 9DLVKQDYD PXWW DW 7KLUXQDUD\DQDSXUDP 7KH +R\VDOD UXOHU GXH WR KLV WHDFKLQJV ZDV WUDQVIRUPHGIURP-DLQLVPWR9DLVKQDYLVP+HHQVXUHGJUHDWVHUYLFHWRWKH SHRSOH DQG WR KLV EHOLHI +H GHQLHG WR DGPLW WKH $GYDLWD SKLORVRSK\ RI 6DQNDUDU)URP5DPDQXMD¶VSRVLWLRQ6DQNDUDU¶VSKLORVRSK\KDVQRWDIIRUG VSDFHIRUWKHGHYHORSPHQWRI%KDNWL &KHFN 6HOILQVWUXFWLRQDOPDWHULDO 120 EKd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³1HUR RI 7DQMRUH´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¶V DQRWKHU UHSXWHG ZRUN ZDV WKH 7KHPEDYDQLZKLFKGHDOWZLWK6W-RVHSK7KHPEDYDQLZDVVHSDUDWHGLQWR VHFWLRQV DQG VXE GLYLVLRQV ,W FRPSULVHV WKH KLVWRULFDO DQG WUDGLWLRQDO ϭϮϭ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 LQFLGHQWV DVVRFLDWHG ZLWK WKH ROG DQG QHZ 7HVWDPHQWV ,Q VZHHS RI LPDJLQDWLRQDQGLQVWUHQJWKRIUHOLJLRXVIDLWKWKLVZRUNZDVPDWFKHGZLWK WKH5DPD\DQD+LVRWKHUSURVHZRUNVFRQWDLQLQJ9HGL\DU2]KXNNDPZHUH ZULWWHQDIWHU$FRPPHQWDU\ZDVZULWWHQRQ9HWKL\DU2]KXNNDPLQ ZKHQKHVWD\HGDW$YXU9HWKL\DU2]KXNNDPZDVIROORZHGE\VRPH LPSRUWDQWZRUNVLQWKLVFRQQHFWLRQZDV6DWKXUD$NDUDWKL,WZDVYLUWXDOO\ WKH ILUVW RI WKH 7DPLO GLFWLRQDULHV DIWHU WKH (QJOLVK GLFWLRQDU\ PRGHO ,Q /DWLQ KH ZURWH ³6HQ 7DPLO´ DQG ³.RGXQ 7DPLO´ JUDPPDUV ,Q KH EURXJKWRXW7KRQQXO9LODNNDPKDQGOLQJWKHILYHSDUWVRI7DPLOJUDPPDU WKRURXJKO\ +LV ZRUNV ODWHU PRWLYDWHG &DOGZHOO DQG *83RSH IRUWKH VHUYLFHRI7DPLOODQJXDJH 9HHUDPDPPXQLYDU¶V LURQ\ RQ WKH ,QGLDQ JXUX LV D SURVH HQWLWOHG ³$YLYLYHND3XUQD*XUX.DWKDL´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d ^ &KHFN 6HOILQVWUXFWLRQDOPDWHULDO 124 EKd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ϭϮϱ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³2IDOOWKHZHVWHUQVFKRODUV ZKRFRQWULEXWHGWRWKH7DPLOODQJXDJHWKHIRUHPRVWDPRQJWKHPLQPDQ\ ZDV %LVKRS 'U 5REHUW &DOGZHOO´ &DOGZHOO ZDV RQH RI WKH ZHOONQRZQ VFKRODUDQDUFKDHRORJLVW&KULVWLDQ0LVVLRQDULHVRI6RXWK,QGLD+HZDVQRW RQO\DUHOLJLRXVSULHVWEXWDOVRDPXOWLOLQJXLVWKLVWRULDQDQGDDUFKLWHFWRI DPRGHOYLOODJHDW,GDL\DQJXGL&DOGZHOOGLVWLQJXLVKHGHLJKWHHQODQJXDJHV LQFOXGLQJ *UHHN /DWLQ +HEUHZ (QJOLVK ,ULVK 6FRWWLVK 7DPLO 7HOXJX .DQQDGDDQG6DQVNULWDQGHYHQVRPH0DOD\DODP,QKLVRZQZRUGV³,ZDV ERUQLQ,UHODQGHGXFDWHGLQ6FRWODQGHQOLVWHGP\VHOILQ/RQGRQ0LVVLRQ 6HOILQVWUXFWLRQDOPDWHULDO 126 EKd ^ 6RFLHW\ +RZHYHU OLYHG LQ ,QGLD IRU D SUHWW\ ORQJ WLPH DQG LQGXOJHG LQ ,QGLDQOLIHVW\OHDQGEHFDPHRQHDPRQJWKH,QGLDQV´ 2EMHFWLYHV $IWHUJRLQJWKURXJKWKLVXQLW\RXZLOOEHDEOHWR x /LVW RXW WKH PLVVLRQDU\ DQG OLWHUDU\ ZRUN RI 5REHUW &DOGZHOOLQ7DPLO1DGX x 8QGHUVWDQGWKHFRQWULEXWLRQRI*83RSHIRUWKHJURZWKRI 7DPLOODQJXDJH x $QDO\]HWKHUHOLJLRXVGXWLHVRI5REHUW'H1RELOLLQ,QGLD x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ϭϮϳ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³7KH 7LQQHYHOO\ 6KDQDUV´ LQ ,W H[SRVHG WKH PLVHUDEOH FRQGLWLRQ RI WKH 6KDQDUV 7KH DLP RI WKLV ERRN ZDV WR VKRZ WKH SRRUHVW DQG SDWKHWLF FRQGLWLRQ RI 6KDQDUV WR WKH DWWHQWLRQ RI KLV IULHQGV DQG WKH SHRSOH RI (QJODQG 7KLV IDFLOLWDWHG KLP WR HGXFDWH WKH 6KDQDUV DQG HOHYDWLRQ DQG UHGXFH WKHLU VXIIHULQJV %XW LW ZDV PLVXQGHUVWRRG DQG PLVJXLGHG E\ WKH 6HOILQVWUXFWLRQDOPDWHULDO 128 EKd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ϭϮϵ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d ^ 6DZ\HUSXUDPLQ QHYHUWRUHWXUQ*83RSHH[SHQGHGIRUW\WZR\HDUV LQKLVOLIHLQ6RXWK,QGLD *83RSH IRXQG KLV WUXH FDOOLQJ UXQQLQJ VFKRROV DQG EULQJLQJ RUJDQL]HG WHDFKLQJ PHWKRGV WR ERWK ORFDO DQG FRORQLDO UHVLGHQWV+LV VXSUHPHDFKLHYHPHQWDVHGXFDWRUDQGGHVLJQHUZDV%LVKRS&RWWRQ6FKRRO %DQJDORUH7LOOLWZDVIXQFWLRQLQJDVRQHRIWKHILQHVW,QGLDQLQGHSHQGHQW VFKRROV $IWHU KLV UHWXUQ WR (QJODQG LQ KH WXUQ LQWR D SURIHVVRU RI 7DPLODQG7HOXJXDW%DOOLRO&ROOHJH2[IRUG /LWHUDU\:RUNV *HQHUDOO\&DOGZHOO¶VWKHRU\ZDVVXSSOHPHQWHGE\*83RSH+LV PRVW YDOXDEOH DQG LQWHUHVWLQJ ZRUN ZDV WKH WUDQVODWLRQ RI 7LXUXYDVDNDP ZKLFK IRUPHG D SDUW RI WKH FDQRQLFDO SURGXFW RI 6DLYLVP *83RSH DFFRPSOLVKHG KLV WUDQVODWLRQ RI 7LUXNNXUDO RQ 6HSWHPEHU +LV 6DFUHG .XUDO´ 7KLUXNNXUDO FRPSULVHV LQWURGXFWLRQ JUDPPDU WUDQVODWLRQ QRWHV OH[LFRQ DQG FRQFRUGDQFH ,Q KLV ,QWURGXFWLRQ WR WKH (QJOLVK3XEOLFDWLRQRI7KLUXNNXUDO*83RSHPDUNHGRQWKHVXSHULRULW\RI 7DPLO 7DPLOLVDVRSKLVWLFDWHGXQLTXHODQJXDJHZLWKDULFKYRFDEXODU\,W LVWKHPRWKHURIDOO6RXWK,QGLDQODQJXDJHV7DPLOOLWHUDWXUHZDVGHVLJQHG WR FUHDWH KLJK PRUDO VWDQGDUGV HWKLFDO FRGHV DQG 7KLUXNNXUDO LV D JUHDW H[DPSOHRIWKDW´,WDOVRLQFOXGHVWKH(QJOLVKWUDQVODWLRQRI):(OOLVDQG WKH/DWLQ7UDQVODWLRQRI)U%HVFKL,WLVDYROXPHRISDJHV*83RSH ZDVDOVRWUDQVODWHG1DDODGL\DDULQ *83RSH¶V SHUVLVWHQW ZRUN PDGH WKH %ULWLVK WR UHDOL]H WKH VLJQLILFDQFHRI7DPLOODQJXDJHDQGOLWHUDWXUH*83RSH¶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¶V7DPLO(QJOLVK'LFWLRQDU\ ZLWK D QXPEHU RI DGGLWLRQV RI ZRUGV +H IRXQG QXPHURXV VFKRROV DQG UHOLJLRXV LQVWLWXWLRQV LQ YDULRXV SDUWV RI 7DPLO 1DGX :KLOH VHUYLQJ DW 2[IRUG8QLYHUVLW\DVD7DPLOSURIHVVRUKHSURPXOJDWHGWKHSRWHQWLDOVRI ϭϯϭ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 7DPLO ODQJXDJH DQG LWV IUXLWIXOQHVV WR WKH (XURSHDQ VWXGHQWV +H DOVR SXEOLVKHGQXPRURXVJUHDWZRUNVDV7KRONDSL\DPDQG1DQQRRO+HPDGH FODVVLFDO 7DPLO HDVLHU WR (QJOLVK VWXGHQWV ZKLOH 7DPLO VWXGHQWV FRXOG DIIRUGPHDQVIRUDPRUHZLGHVSUHDGDQGIUXLWIXOVWXG\RIWKHFODVVLFV +LV LPSRUWDQW FRQWULEXWLRQV RQ 7DPLO ODQJXDJH FRYHUV YDULRXV QDPHV FRPSULVLQJ WKH ³3RHWV RI WKH 7DPLO ODQGV´ ³7KH /LYHV RI 7DPLO 6DLQWV´DQG³([WUDFWVIURP3XUDQDQXUXDQG3XUDSSRUXO9HQED0DODL´HWF +HIDPLOLDUL]HGYDULRXVZHVWHUQWKHPHVWRWKH7DPLOSHRSOH6WDUWLQJIURP ZHVWHUQ SV\FKRORJ\ SKLORVRSK\ DQG PDWKHPDWLFV *83RSH WDXJKW VHYHUDO VXFK VXEMHFW WR WKH 7DPLOV *83RSH UHFHLYHG WKH SRSXODU *ROG 0HGDOJLYHQRQFHLQWKUHH\HDUVIRU PHULWRULRXVVHUYLFHDQGWRPDUNWKH 'LDPRQG-XELOHHRI4XHHQ9LFWRULDLQ E\WKH5R\DO$VLDWLFVRFLHW\ +HSDVVHGDZD\RQ)HEUXDU\ &KHFN 6HOILQVWUXFWLRQDOPDWHULDO 132 EKd ^ DWHRQO\ULFHDQGYHJHWDEOHVDQGKHDOVRVWDUWHGVOHHSLQJRQWKHJURXQGOLNH D VDJH +H XWLOLVHG KLV WLPH LQ VWXG\LQJ 6DQVNULW DQG KRO\ ERRNV EHVLGHV ZULWLQJ&KULVWLDQSVDOPVDQGSUD\HUVLQ7DPLO5REHUW'H1RELOLRSHQHGD VFKRRORIFDWHFKLVPDQGJUDGXDOO\VWDUWHGIDPLOLDUL]LQJ&KULVWLDQWKHRORJ\ +HFRQYHUWHGDQ,\HUWRORFDOSHRSOHZKRVWDUWHGZRUVKLSSLQJKLPIRUKLV DVFHWLF OLIH NLQG PDQQHUV DQG UHPHGLDO SRZHUV ZKLFK KH KDG DFTXLUHG KXPEO\+HDOVRSUHVXPHGWKHQDPH7DWKXYD%RGKD6ZDPLDQGFRQYHUWHG DOPRVW RQH ODNK LQGLYLGXDOV WR &KULVWLDQLW\ +H EHFDPH DV D PDVWHU LQ 7DPLO +H DEDQGRQHG KLV (XURSHDQ VW\OH RI OLYLQJ DQG FKDQJHG LQVWHDG WKRVHRIWKH%UDKPLQV 7KHUHZDVORWVRIRSSRVLWLRQDPRQJ&KULVWLDQVDERXWWKHPHWKRGRI OLYLQJ DQG SUHDFKLQJ VW\OH RI 5REHUW 'H 1RELOL 6R WKH RSSRQHQWV FRPSODLQHGWRSDSDODXWKRULW\UHJDUGLQJWKHOLIHVW\OHRI5REHUW'HQRELOL 6HFUHW HQTXLU\ ZDV FRQGXFWHG E\ WKH FKXUFK %XW 5REHUW 'H 1RELOL KDG FRQYHUWHGDJRRGQXPEHURISHRSOHWR&KULVWLDQLW\EHFDXVHRIKLVVLPSOH DQG +LQGX PRGHO OLIH VW\OH +H KDG FRQVWUXFWHG D FKXUFK PRGHOHG RQ D +LQGX WHPSOH DQG KDG YHU\ JRRG IROORZLQJ DPRQJ QDWLYHV +H LQVFULEHG SVDOPV RQ SDOP OHDYHV OLNH D %UDKPLQ SDQGLW 5REHUW 'H 1RELOL DOVR VWXGLHG6DQVNULWIURPWKH7HOXJX%UDKPLQ6KLYDGKDUPD7KH\VSHQWKRXUV DQG GD\V IRU WHDFKLQJ 5REHUW WKH +LQGX SKLORVRSK\ DQG P\WKRORJ\ )LQDOO\ 6KLYDGKDUPD KLPVHOI JRW FKDQJHG LQWR &KULVWLDQLW\ +H ZDV SHUPLWWHGWRZHDUVDFUHGWKUHDGZLWKFURVVDQGFRQWLQXHZLWKFOXVWHU7KLV HQFRXUDJHGRWKHUVZKRGHVLUHGWRUHWDLQWKHEHKDYLRUVRIWKHLUHDUOLHUIDLWK WREHFRPH&KULVWLDQVGUDZQWRWKHWHDFKLQJVRI&KULVWDQGVDLQWO\OLYLQJ DQGJXLGLQJE\5REHUW *UHJRU\ ;9 ZDV WKH 3RSH DW WKH WLPH RI 5REHUW¶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ϭϯϯ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d ^ &KULVWLDQLW\,WZDVVXSSRVHGZLVHWRSRVWKLPWR&H\ORQDV6XSHULRURIWKH 0LVVLRQWRWKDWLVODQG 'XHWRGHWHULRUDWLRQLQKLVKHDOWK5REHUW'H1RELOLZDVWUDQVIHUUHG IURPWKHUHWR0\ODSRUHLQ0DGUDV$WWKLVSRLQWKHFRQVWUXFWHGKLPVHOID VPDOOFRWWDJHDQGVSHQWKLVODVWGD\VLQWKHFRPSDQ\RIKLVILUVWFRQYHUWV DQG ROG IULHQGV5REHUW 'H 1RELOL GLYLGHG KLV WLPH LQWR OLWHUDU\ FRPSRVLWLRQSUD\HUDQGREVHUYDWLRQ1RELOLGLHGRQWK-DQXDU\ +H ZDVEH\RQGGRXEWWKHJUHDWHVWRIWKH0LVVLRQDULHVVHQWRXWWR,QGLDE\WKH 6RFLHW\RI-HVXV,QVKRUWKHZDVWKHUHDOIRXQGHURIWKH0DGXUD0LVVLRQ &KHFN ϭϯϱ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 x 7KLV ZRUN QRW RQO\ DQDO\VHG OLQJXLVWLF DIILQLWLHV RI WKH 'UDYLGLDQ ODQJXDJHV EXW DOVR IRUPXODWHG WKH RULJLQ DQG QDWXUH RI WKH 'UDYLGLDQFXOWXUHIURPWKHIRUVWFHQWXU\$' x +LVWRU\ RI 7LQQHYHOL 7DPDUDL 7KDGDNDP 3DUDWKDNDQGD 3XUDQDP DQG*QDQDNNRYLOZHUHVRPHRIWKHLPSRUWDQWZRUNVRI&DOGZHOO x 7KHFROOHFWHGPDWHULDOVIRUWKH+LVWRU\RI7LQQHYHOO\ZDVSXEOLVKHG LQZLWKWKHVXSSRUWRIWKH*RYHUQPHQWRI0DGUDV x &DOGZHOOZDVDOVRDUHVHDUFKVFKRODURI$UFKDHRORJ\ x *83RSHZDVERUQRQLQDKDPOHWLQ(GZDUGV,VODQGLQ WKH&DQDGLDQQHLJKERUKRRG x +HFDPHWR7DPLO1DGXDVD&KULVWLDQPLVVLRQDU\LQ x +HFRPSOHWHGKLVWUDQVODWLRQRI7LUXNNXUDORQ6HSWHPEHU x *83RSH¶V XQWLULQJ ZRUN PDGH WKH %ULWLVK WR XQGHUVWRRG WKH LPSRUWDQFHRI7DPLOODQJXDJHDQGOLWHUDWXUH x *HQHUDOO\&DOGZHOO¶VWKHRU\ZDVVXSSOHPHQWHGE\*83RSH x +LV PRVW YDOXDEOH DQG LQWHUHVWLQJ ZRUN ZDV WKH WUDQVODWLRQ RI 7LXUXYDVDNDP x +LV LPSRUWDQW ZRUNV RQ 7DPLO ODQJXDJH FRYHUV YDULRXV WLWOHV LQFOXGLQJ WKH ³3RHWV RI WKH 7DPLO ODQGV´ ³7KH /LYHV RI 7DPLO 6DLQWV´ DQG ³([WUDFWV IURP 3XUDQDQXUX DQG 3XUDSSRUXO 9HQED 0DODL´HWF x +H SXEOLVKHG VXFK JUHDW ZRUNV DV 7KRONDSL\DP 1DQQRRO DQG PDGHFODVVLFDO7DPLOHDVLHUWR(QJOLVKVWXGHQWV x 5REHUWGH1RELOLZDVDQ,WDOLDQE\ELUWK x 5REHUWGH1RELOLZDVERUQDW5RPHLQ6HSWHPEHU x +HHVWDEOLVKHGDPLVVLRQDW0DGXUDLDQGSUHDFKHG&KULVWLDQLW\IRU QHDUO\\HDUV x +H DGRSWHG WKH FXVWRPV DQG SUDFWLFHV RI WKH %UDKPLQV WR FKDQJH KLJKFDVWH+LQGXV x +H VSHQW WLPH VWXG\LQJ 6DQVNULW DQG KRO\ ERRNV EHVLGHV ZULWLQJ &KULVWLDQSVDOPVDQGSUD\HUVLQ7DPLO x +H DOVR DVVXPHG WKH QDPH 7DWKXYD %RGKD 6ZDPL DQG FRQYHUWHG QHDUO\RQHODNKSHUVRQVWR&KULVWLDQLW\ x +HNHSWRQOHDUQLQJ6DQVNULWWLOOKLVGHDWKLQ 6HOILQVWUXFWLRQDOPDWHULDO 136 EKd ^ x +LV ³,QIRUPDWLRQ´ D 6DQVNULW ZRUN LWVHOI LV HQRXJK WR SURYH KLV GHSWKLQ6DQVNULW x 5REHUW GH 1RELOL FRPSRVHG VHYHUDO SURVH ZRUNV VXFK DV 0DQWKLUDPDODL *QDQDREDWKHVD .DQGDP $WKPD 1LUQD\DP 5DMD\\DQ. +LVWRU\ RI 7DPLO 1DGX WR 0DGXUDL 5DM 3XEOLVKHUV ϭϯϳ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d ^ %/2&.,9 121%5$+0,1029(0(17$1'/($'(56 3$57,&,3$7,21 8QLW;,,1RQ%UDKPLQPRYHPHQW ,QWURGXFWLRQ 2EMHFWLYHV 1RQ%UDKPLQPRYHPHQW &DXVHV -XVWLFH3DUW\ 'UDYLGLDQPRYHPHQW $QVZHUVWRFKHFN\RXUSURJUHVVTXHVWLRQV 6XPPDU\ .H\ZRUGV 6HOI$VVHVVPHQW4XHVWLRQV )XUWKHU5HDGLQJV ,QWURGXFWLRQ 7KH7DPLOVRFLHW\LVJHQHUDOO\GLYLGHGLQWRVHYHUDOJURXSVVXFKDV %UDKPLQV QRQ%UDKPLQV %DFNZDUG FODVVHV 'HSUHVVHG FODVV SHRSOH 0XVOLPVDQG&KULVWLDQV1RQ%UDKPLQVFRQVWLWXWHDKHWHURJHQHRXVJURXS LQFOXGLQJ'HSUHVVHGFODVVDQGEDFNZDUGFODVVHV7KHWHUPQRQ%UDKPLQV ZDV QRW PHDQW HYHU\RQH ZKR ZDV QRW D %UDKPLQ EXW RQO\ WKH QRQ %UDKPLQ FDVWH +LQGXV VR WKDW WKH GLYLVLRQ RI WKH ORFDO VRFLHW\LQWR %UDKPLQV7KHKLJKHUFDVWHQRQ%UDKPLQVGUDZQIURPQXPHURXVUHJLRQDO FDVWH JURXSV IUHTXHQWO\ ZRUNHG LQ ORFDO DQG SURYLQFLDO VWUXFWXUH ZLWK %UDKPLQV (YHQWKRXJK WKH\ ZRUNHG ZLWK WKH %UDKPLQV WKH\ ZHUH REVHUYHG LQIHULRU WR WKHP LQ WKH ULWXDO DQG VRFLDO VWDWXV ,Q WKH FDVH RI +DULMDQV WKRXJK WKH\ ZHUH WUHDWHG XQGHU 6XGUD FDWHJRU\ DORQJ ZLWK WKH RWKHUFDVWHVRIQRQ%UDKPLQV7KH6XGUDFDWHJRU\ZDVUHJDUGHGLQIHULRUWR RWKHUQRQ%UDKPLQV7KHVRFLDOUHIRUP PRYHPHQWVLQFOXGLQJWKHJHQHUDO RU YROXQWDU\ DVVRFLDWLRQV FDVWH UHIRUP DVVRFLDWLRQV ZKLFK ZHUH PRVWO\ SODQQHG E\ XSSHU FDVWHV LQLWLDWHG SURJUDPPH RI HGXFDWLRQ DQG RWKHU ZHOIDUH PHDVXUHV IRU WKH EDFNZDUG FODVVHV %XW WKH FRQFHSW RI ϭϯϵ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 %UDKPDQLVP ZDV WKH URRW FDXLVH IRU WKH HYROXWLRQ RI QXPHURXV FDVWH DVVRFLDWLRQV LQ WKH 0DGUDV 3UHVLGHQF\ %\ WKH HQG RI WK FHQWXU\ WKHVH FDVWH DVVRFLDWLRQV VWUXJJOHG IRU WKH SURVSHULW\ RI WKHLU RZQ FRPPXQLWLHV DQG FODLPHG UHJXODUO\ WKH HGXFDWLRQDO RSSRUWXQLWLHV IRU WKHLU FRPPXQLW\ 7KHUH ZDV D QHZ DZDNHQLQJ DURVH DPRQJ WKH QRQ%UDKPLQV LQ EHWZHHQ WR LQ7DPLO1DGX 2EMHFWLYHV $IWHUJRLQJWKURXJKWKLVXQLW\RXZLOOEHDEOHWR x 8QGHUVWDQG WKH HPHUJHQFH RI 1RQ%UDKPLQ PRYHPHQW LQ 7DPLO1DGX x 'HVFULEH WKH FDXVHV IRU WKH RULJLQ RI 1RQ%UDKPLQ PRYHPHQW x ([SODLQWKHJHQHVLVRI-XVWLFHSDUW\DQGLWVDFKLHYHPHQWV x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³D VPDOO ULJLGO\ 6HOILQVWUXFWLRQDOPDWHULDO 140 EKd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³QDWLRQDOEXLOGLQJRQWKHJURXQGRIVHOIUHVSHFWDQG SHUIHFWHTXDOLW\´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±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ϭϰϭ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 DSSRLQWPHQW RI $VLVWDQW (QJLQHHUV GXULQJ WKH VDPH SHULRG VHYHQWHHQ %UDKPLQVDQGIRXUQRQ%UDKPLQVZHUHVHOHFWHGDVVXFFHVVIXOFDQGLGDWHV 6LPLODUO\ LQ WKH FRPSHWLWLYH H[DPLQDWLRQ KHOG IRU WKH $FFRXQW 'HSDUWPHQWVRXWRI'HSXW\&ROOHFWRUVLQ0DGUDVDWWKDWWLPHVHYHQW\ VHYHQ ZHUH %UDKPLQV WKLUW\ QRQ%UDKPLQV DQG WKH UHVW RWKHUV ,Q WKH 6XERUGLQDWH-XGLFLDO6HUYLFHWKHPDMRUSRUWLRQRIWKHDSSRLQWPHQWVZHUH LQ WKH KDQGV RI %UDKPLQV $JDLQ LQ RXW RI SHUPDQHQW 'LVWULFW 0XQVLIIVQLQHW\WKUHHZHUH%UDKPLQVWZHQW\ILYHQRQ%UDKPLQVDQGWKH UHVWRWKHUV7KH%UDKPLQVPRQRSROL]HGDOO*RYHUQPHQWVHUYLFHVDQGWKLV OHGWRWKHSUDFWLFDOH[FOXVLRQRIWKHQRQ%UDKPLQFODVVHV $JDLQRXWRIWKH,QGLDQMXGJHVRIWKH+LJKFRXUWIRXURIWKHPZHUH %UDKPLQV 6LPLODUO\ ZKHQ ILIWHHQ SHUVRQV ZHUH HOHFWHG IURP WKH 3UHVLGHQF\WRUHSUHVHQWDOO,QGLD&RQJUHVV&RPPLWWHHZLWKWKHH[FHSWLRQ RIRQHDOOZHUH%UDKPLQV7KH\HQMR\HGSUDFWLFDOPRQRSRO\RISROLWLFDO SRZHU DQG KLJK JRYHUQPHQW DSSRLQWPHQWV %UDKPLQV RFFXSLHG DOO JRYHUQPHQW DSSRLQWPHQWV JUHDW RU VPDOO DQG KLJK RU ORZ 7KLV KHOSHG WKHPWRDGDSWWKHPVHOYHVHDVLO\WRWKHQHZFRQGLWLRQXQGHUWKH%ULWLVKUXOH 7KH (QJOLVK HGXFDWLRQ JDYH WKHP D VRFLDO VWDWXV DQG VWHDG\ HFRQRPLF GHYHORSPHQW+HQFHWKHQHHGRIWKHWLPHZDVDQRQ%UDKPLQPRYHPHQW ZKLFKZRXOGJLYHH[SUHVVLRQWRWKHQRQ%UDKPLQIHHOLQJVORQJVPHOWLQJ DVDSURWHVWDJDLQVW%UDKPLQOHDGHUVKLS 7KH QRQ%UDKPLQ PRYHPHQW ZDV QRW D SKHQRPHQD XQXVXDO WR 0DGUDVSUHVLGHQF\DORQH,WIRXQGPRGHOLQYDULRXVSURYLQFHV7KH+LQGX VRFLDO VHW XS PRVWO\ LQ SHQLQVXODU ,QGLD JDYH WKH %UDKPLQV DOPRVW D GRPLQDQWSRVLWLRQ7KHQRQ%UDKPLQPRYHPHQWZDVQRWFRPPXQDOLQLWV DWWLWXGH,QWKLVUHVSHFW95.RWKDULZURWHµµ7KHDLPRIWKHPRYHPHQW ZDV WKH VRFLR HGXFDWLRQDO XSOLIW RI WKH 1RQ±%UDKPLQV DQG WKH GRZQWURGGHQ%XWRXURSSRQHQWVXVHGWRDFFXVHXVDVKDWHUVRI%UDKPLQV´ 7KH QRQ%UDKPLQV UHDOL]HG WKDW EHFDXVH RI %UDKPDQLVP WKH\ UHPDLQHG EDFNZDUG LOOLWHUDWH DQG IDWDOLVW (YHU\ERG\ KDV QRZ UHDOL]HG WKDW WKH %UDKPDQLVP KDV KDUPHG WKH FRXQWU\ 7KH PHULWV DQG PRQRSRO\ RI %UDKPLQV ZHUH GLVWXUEHG DQG WKDW DGGHG VWUHQJWK WR WKH 1RQ %UDKPLQ 0RYHPHQW 6HOILQVWUXFWLRQDOPDWHULDO 142 EKd ^ 6DW\D6KDGKDN6DPDM 7KH ILUVW QRQ%UDKPLQ PRYHPHQW DJDLQVW WKH GRPLQDWLRQ RI WKH XSSHUFDVWHZDVRUJDQL]HGE\-RWKLUDR3KXOH+HZDVWKHIRXQGHURI6DW\D 6KDGKDN6DPDMLQ,WPHDQV³7UXWK6HHNLQJ6RFLHW\´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ϭϰϯ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 VRHDNLQJQDWLYHVRIWKHVWDWHDV³IRUHLJQHUV´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d ^ E\ QRQ%UDKPLQ RIILFLDOV RI WKH 5HYHQXH %RDUG XQGHU WKH OHDGHUVKLS RI 'U&1DWHVD 0XGDLDU ,Q 1RYHPEHU LWV QDPH ZDV FKDQJHG LQWR 0DGUDV'UDYLGLDQ$VVRFLDWLRQ7KH'UDYLGLDQ$VVRFLDWLRQKHOSHGWKHQRQ %UDKPLQVWRXQLWHWKHPVHOYHVXQGHURQHSROLWLFDOSODWIRUP &KHFN -XVWLFH3DUW\ 7KH-XVWLFHSDUW\SOD\HGDQLPSRUWDQWUROHLQWKHKLVWRU\RI7DPLO 1DGX IURP WR $FFRUGLQJ WR 'U66DUDVZDWKL ³7KH -XVWLFH 3DUW\ZDVDSROLWLFDOSDUW\ZLWKPRGHUDWHSROLWLFDODPELWLRQVZLWKUHDOLVWLF YLVLRQ RQ VRFLRSROLWLFDO FRQGLWLRQV DQG D SDUW\ ZLWK D GHILQLWH SROLWLFDO SURJUDPPH WRFDUU\RQWKH*RYHUQPHQWRIWKHSURYLQFHVLQFRRSHUDWLRQ ZLWKWKH%ULWLVKUXOHUV´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³6RXWK,QGLDQ/LEHUDO)HGHUDWLRQZDVVWDUWHGLQ7DPLO1DGXLQ 7KLV RUJDQL]DWLRQ YHKHPHQWO\ RSSRVHG WKH $U\DQ LQIOXHQFH DQG PDUNHG WKH JUDGXDO HPHUJHQFH RI WKH 'UDYLGLDQV ,W JORULILHG WKH 7DPLO FXOWXUH DQG RSSRVHGWKH%UDKPLQGRPLQDWLRQ,WDOVRFUHDWHGDVHQVHRIDQWL%UDKPLQ IHHOLQJDPRQJQRQ%UDKPLQV ϭϰϱ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 6RXWK,QGLDQ/LEHUDO)HGHUDWLRQ 7KHRULJLQRIWKH-XVWLFH3DUW\FDQEHWUDFHGWRWKHEHJLQQLQJRID VRFLDORUJDQL]DWLRQFDOOHG³7KH0DGUDV8QLWHG/HDJXH´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³0DGUDV'UDYLGLDQ$VVRFLDWLRQ´LQ +HDFWHGDVWKHVHFUHWDU\ RI WKDW RUJDQL]DWLRQ IRU D ORQJWLPH +H VWUHVVHG WKH QHFHVVLW\ RI UHJXODU KRVWHOV IRU WKH QRQ%UDKPLQ VWXGHQWV VR WKDW WKH\ PLJKW KDYH TXDOLW\ HGXFDWLRQ +HQFH KH VWDUWHG D KRVWHO LQ NQRZQ WR EH ³'UDYLGLDQ 6RFLHW\+RVWHO´7KLVKDSSHQHGWREHWKHILUVWRUJDQL]DWLRQIRUWKHEHQHILW RIWKHQRQ%UDKPLQV%RRNVZHUHDOVRSXEOLVKHGWREULQJWROLJKWWKHVRFLDO VWDWXVRIWKHEDFNZDUG'U1DWHVD0XGDOL\DUWULHGWREULQJDERXWWKHFR RSHUDWLRQ DPRQJ WKH OHDGHUV ZKR FDUHG IRU WKH XSOLIW RI WKH SHRSOH LQ 0DGUDV VWDWH SROLWLFV DQG VRFLDO FKDQJHV 'U701DLU H[SUHVVHGWKH QHFHVVLW\ RI WKH FRRSHUDWLRQ RI DOO QRQ%UDKPLQV IRUJHWWLQJ WKHLU GLIIHUHQFHVRIRSLQLRQV $VDUHVXOWRIWKLV37KL\DJDUD\DFKHWWL\DURUJDQL]HG³6RXWK,QGLDQ /LEHUDO )HGHUDWLRQ´ ZLWK WKLUW\ QRQ%UDKPLQV DW WKH 9LFWRULD KDOO LQ 0DGUDV RQ 1RYHPEHU 7KH DLP RI WKH RUJDQL]DWLRQ ZDV WR SURPRWH WKH SROLWLFDO LQWHUHVW RI QRQ%UDKPLQ FDVWH +LQGXV 7KLV RUJDQL]DWLRQSDVVHGLQQXPHUDEOHUHVROXWLRQIRUWKHEHQHILWRIWKHEDFNZDUG SHRSOH ,W UHVROYHG WR SXEOLVK WKUH GDLOLHV 'UDYLGLDQ LQ 7DPLO $QGKUD 3UDNDVLND LQ 7HOXJX DQG -XVWLFH LQ (QJOLVK XQGHU WKH UHJLVWUDWLRQ´ 6RXWK ,QGLD3HRSOH¶VVRFLHW\/LPLWHG´ 701DLUVHUYHGDVWKHHGLWRURIWKHSROLWLFDOQHZVSDSHU³-XVWLFH´ 7KLV QHZV SDSHU EHFDPH YHU\ SRSXODU DPRQJ WKH SHRSOH +HQFH WKH RUJDQL]DWLRQ6RXWK,QGLDQ/LEHUDO)HGHUDWLRQZDVUHQDPHGDIWHUWKLVQHZV 6HOILQVWUXFWLRQDOPDWHULDO 146 EKd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ϭϰϳ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d ^ FRQWHVWLQWKHHOHFWLRQ$FFRUGLQJO\0XWKXODNVKPL5HGG\ZDVHOHFWHGDVD PHPYHU RI WKH /HJLVODWLYH &RXQFLO LQ DQG VKH EHFDPH LWV 9LFH SUHVLGHQW6KHWRRNWKHLQLWLDWLYHWRDEROLVKWKH'HYDGDVLV\VWHP7KHQRQ %UDKPLQ -XVWLFH SDUW\ ZDV GHHSO\ FRPPLWWHG WR WKH DEROLWLRQ RI XQWRXFKDELOLW\ ,Q D %LOO ZDV LQWURGXFHG LQ WKH 0DGUDV /HJLVODWLYH &RXQFLOZKLFKKDGWKURZQRSHQDOOSXFDGVVWUHHWVRUSD\JLYLQJDFFHVVWR DQ\ SXEOLF RIILFH ZHOO WDQN RU SODFH RI SXEOLF UHVRUWV WR DOO FODVVHV RI SHRSOH 7KH\ DOVR FRQWULEXWHGPXFK WR WKH SURJUHVV RI KLJKHU HGXFDWLRQ 'XULQJWKHPLQLVWU\WZRXQLYHUVLWLHVZHUHHVWDEOLVKHGRQHIRU7HOXJXVDQG WKH RWKHU RQH IRU 7DPLOV -XVWLFH PLQLVWU\ WRRN DFWLYH PHDVXUHV IRU WKH ZHOIDUHRIWKHGHSUHVVHGFRPPXQLWLHV7KH\DVVLJQHG*RYHUQPHQWZDVWH ODQGV WR WKH GHSULYHG FRPPXQLWLHV ,Q WKH *RYHUQPHQW DVVLJQHG DFUHVRIODQGVIRUWKHSURYLVLRQRI KRXVHVLWHVIUHHRIFRVW,Q 5DMD RI %REELOL LQWURGXFHG WKH 0DGUDV 7HQDQWV /DQG 5HIRUP$FW ZKLFK SURWHFWHG WKH WHQDQWV IURP WKH H[SORLWDWLRQ RI ODQGORUGV DQG SUHYHQWHGXQQHFHVVDU\HYLFWLRQIURPWKHLUODQGV &DXVHVIRUWKHGHFOLQHRI-XVWLFH3DUW\ 7KH -XVWLFH SDUW\ GHFOLQHG JUDGXDOO\ DIWHU WKH HOHFWLRQV RI :KHQDOOWKHSDUWLHVZHUHDJDLQVWWKH(QJOLVKUXOHWKH-XVWLFHSDUW\FDPH IRUZDUGWRIXQFWLRQLQFRRSHUDWLRQZLWKWKH(QJOLVKJRYHUQPHQW7RJHW VXSSRUW WR WKHLU VFKHPHV WKH\ ZHUH IRUFHG WR IRUJHW WKHLU RULJLQDO SULQFLSOHV 7KLV DWWLWXGH ZDV VHYHUHO\ FULWLFL]HG E\ WKH IROORZHUV RI WKH SDUW\DQGRWKHURSSRVLWLRQSDUWLHV7KHSRSXODULW\RIWKH-XVWLFHSDUW\ZDV JUHDWO\ HURGHG GXH WR WKH SURJUHVV RI QDWLRQDO PRYHPHQW XQGHU WKH &RQJUHVV ,QWHUQDO FRQIOLFWV UHJLRQDO OLQJXLVWLF DQG FRPPXQDO GLYLVLRQV VHULRXVO\DIIHFWHGWKHXQLW\RIWKHSDUW\7KHOHDGHUVRIWKLVSDUW\VKRZHG PXFKLQWHUHVWLQJDLQLQJSRZHUDQGQRWLQVWUHQJWKHQLQJWKHSDUW\7KRXJK WKH-XVWLFHSDUW\GHFOLQHGRQLWVUXLQHPHUJHGWKH'UDYLGD.D]KDJDP,Q LQ WKH FRQIHUHQFH KHOG DW 6DOHP 3HUL\DU (95DPDVDP\ WKH SUHVLGHQW RI WKH -XVWLFH SDUW\ UHRUJDQL]HG WKH -XVWLFH SDUW\ LQWR 'UDYLGD ND]KDJDP ϭϰϵ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 &KHFN 6HOILQVWUXFWLRQDOPDWHULDO 150 EKd ^ :HVW $VLD 0RUH FUHGLEOH LV WKH YLHZ WKDW WKH 'UDYLGLDQV HQWUDQFH LQWR ,QGLD ZDV WKURXJK WKH 1RUWKZHVW SUHGDWLQJ WKH $U\DQ ³LQYDVLRQV´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³VXSHUJXLOG´V\VWHPRIFDVWHEURXJKWRWKHUJURXSVLQWRWKH KLHUDUFK\ WKH YDVW PDMRULW\ RI WKH SHRSOH UHPDLQHG RXWVLGH WKHSDOHRI FDVWH 7KHVH³VRFLDOMHDORXVLHV´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ϭϱϭ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 EHJLQQLQJ RI D VHULHV RI VLPLODU PRYHPHQWV WKURXJKRXW 6RXWK ,QGLD 'U&1DWHVD0XGDOL\DUZDVWKHIRXQGHURIWKH³'UDYLGLDQ+RPHDKRVWHO IRU1RQ%UDKPLQVWXGHQWV+HKDGIRXQGWKHQRQ%UDKPLQVZHUHXQDEOHWR ILQGKRVWHODFFRPRGDWLRQVLQ0DGUDVEHFDXVHRIFDVWHEDUULHUV7KH+RPH IXQFWLRQHGIRURQO\WZR\HDUVEXWGXULQJWKDWWLPH1DWHVD0XGDOLDUEHJDQ WKH 'UDYLGLDQ $VVRFLDWLRQ ZLWK WKH SXUSRVH RI DGYDQFLQJ QRQ%UDKPLQ SROLWLFDOSRZHUWKURXJK³'UDYLGLDQ8SOLIW´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´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¶V$VVRFLDWLRQ,Q$XJXVW WKH6RXWK,QGLDQ/LEHUDO)HGHUDWLRQ FDPHLQWRH[LVWHQFH &KHFN 6HOILQVWUXFWLRQDOPDWHULDO 152 EKd ^ $QVZHUVWR&KHFN 6XPPDU\ x 7KH1RQ%UDKPLQPDQLIHVWRZDVSXEOLVKHGLQ x 7KHUH ZHUH WKUHH PDMRU QRQ%UDKPLQV JURXSV LQ 7DPLO 1DGX QDPHO\ 1RQ %UDKPLQ FDVWH +LQGXV WKH 0XVOLPV DQG WKH ,QGLDQ &KULVWLDQV x 7KH %UDKPLQV LQVWLJDWHG WR RFFXS\ DOO WKH LPSRUWDQW JRYHUQPHQW MREV x 7KH\ HQMR\HG SUDFWLFDO PRQRSRO\ RI SROLWLFDO SRZHU DQG KLJK JRYHUQPHQWDSSRLQWPHQWV x 7KHDLPRIWKHQRQ%UDKPLQPRYHPHQWZDVWKHVRFLRHGXFDWLRQDO XSOLIWRIWKH1RQ±%UDKPLQVDQGWKHGRZQWURGGHQ x 7KH ILUVW QRQ%UDKPLQ PRYHPHQW DJDLQVW WKH GRPLQDWLRQ RI WKH XSSHUFDVWHZDVRUJDQL]HGE\-RWKLUDR3KXOH x +HZDVWKHIRXQGHURI6DW\D6KDGKDN6DPDMLQ x .ROKDSXUDSULQFHO\VWDWHZDVRQHRIWKHFHQWUHVRIQRQ%UDKPLQ PRYHPHQWLQ0DKDUDVKWUD x 7KH-XVWLFHSDUW\SOD\HGDQUROHLQWKHKLVWRU\RI7DPLO1DGXIURP WR x 7RJHWULGRIWKHVRFLDOHYLOVWKDWH[LVWHGDPRQJWKHXQSULYLOHJHG DQGWRUHGXFHWKHVXSUHPDF\RIWKH%UDKPLQVLQ7DPLOODQG³6RXWK ,QGLDQ/LEHUDO)HGHUDWLRQZDVVWDUWHGLQ7DPLO1DGXLQ ϭϱϯ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 x ,W ZDV SLRQHHUHG E\ 'U&1DWHVD PXGDL\DU )RU WKLV SXUSRVH KH VWDUWHG DQ RUJDQL]DWLRQ FDOOHG ³0DGUDV 'UDYLGLDQ $VVRFLDWLRQ´ LQ x 7KH-XVWLFHSDUW\ZKLFKZRUNHGIRUWKHXSOLIWRIWKHGRZQWURGGHQ SHRSOH x /RUG :HOOLQJWRQ DSSRLQWHG 6XEEDUD\XOX 5HGGL\DU DV WKH &KLHI 0LQLVWHURI7DPLO1DGXLQ'HFHPEHU x 7KH-XVWLFHSDUW\GXULQJLWVWKLUWHHQ\HDUVRIUXOHLQ7DPLOODQGKDG DFKLHYHGVHYHUDOWKLQJV x 7KH -XVWLFH SDUW\ ZDV DEOH WR UHGXFH WKH VXSUHPDF\ RI WKH %UDKPLQVVRFLDOO\SROLWLFDOO\DQGHFRQRPLFDOO\ x $QRWKHUPDMRUVRFLDOUHIRUPRI-XVWLFHPLQLVWU\ZDVWKHDEROLWLRQRI 'HYDGDVLV\VWHP x -XVWLFH PLQLVWU\ WRRN DFWLYH PHDVXUHV IRU WKH ZHOIDUH RI WKH 'HSUHVVHGFRPPXQLWLHV x 7KH\ DVVLJQHG *RYHUQPHQW ZDVWH ODQGV WR WKH GHSULYHG FRPPXQLWLHV x 7KH\ DOVR FRQWULEXWHGPXFK WR WKH SURJUHVV RI KLJKHU HGXFDWLRQ 'XULQJWKHPLQLVWU\WZRXQLYHUVLWLHVZHUHHVWDEOLVKHG x 7KH-XVWLFHSDUW\GHFOLQHGJUDGXDOO\DIWHUWKHHOHFWLRQVRI x 7KH SRSXODULW\ RI WKH -XVWLFH SDUW\ ZDV JUHDWO\ HURGHG GXH WR WKH SURJUHVVRIQDWLRQDOPRYHPHQWXQGHUWKH&RQJUHVV x (95DPDVDP\1DLFNHUFDOOHGXSRQWKH'UDYLGLDQSHRSOHRI6RXWK ,QGLD´WRJXDUGDJDLQVWDWUDQVIHURISRZHUIURPWKH%ULWLVKWRWKH $U\DQV´ x 7KH SURFHVV RI $UL\DQL]DWLRQ EHJDQ DQG 6DQVNULWLF HOHPHQWV ZHUH LQWURGXFHGLQWRWKH7DPLOODQJXDH x 1DWHVD0XGDOLDUEHJDQWKH'UDYLGLDQ$VVRFLDWLRQ x 7KHUHDOLPSHWXVWRWKH'UDYLGLDQPRYHPHQWGLGQRWFRPHXQWLOWKH IRUPDWLRQRIWKH6RXWK,QGLDQ/LEHUDO)HGHUDWLRQSRSXODUO\NQRZQ DVWKH-XVWLFHSDUW\ .H\ZRUGV x 'UDYLGDP 'UDYLGDPLVXVHGWRGHQRWHVRXWK,QGLDQVZKROLYHVLQ SHQLQVXOD 6HOILQVWUXFWLRQDOPDWHULDO 154 EKd ^ x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ϭϱϱ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d ^ 2EMHFWLYHV $IWHUJRLQJWKURXJKWKLVXQLW\RXZLOOEHDEOHWR x ([SODLQWKHUROHRI701DLULQWKHHPHUJHQFHRIWKH-XVWLFH 3DUW\ x 'HVFULEH WKH ZRUNV RI &1DWHVD 0XGDOLDU DQG 37KL\DJDUD\DFKHWWLIRUWKHXSOLIWPHQWRIQRQ%UDKPLQV x 8QGHUVWDQG WKH FRQWULEXWLRQ RI 3HUL\DU (95DPDVDP\ LQ HUDGLFDWLQJWKHVRFLDOHYLOVIURP7DPLO1DGX x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³-XVWLFH´ IURP EHLQJ VWUDQJOHG DW LWV LQFHSWLRQZLKRXWDQHGLWRU+HXVHGWKHFROXPQVRIKLV-RXUQDO³-XVWLFH´ ERWK IRU FRQVWUXFWLYH DQG GHVWUXFWLYH SXUSRVHV +H WXUQHG RXW WR EH DQ LQYHWHUDWH HQHP\ RI 0UV $QQLH %HVDQW SHUKDSV GXH WR SHUVRQDO SUHMXGLFHV +H ZDV NHHQ RQ GLVFORVLQJ WKH GHIHFWV RI WKH 7KHRVRSKLFDO 6RFLHW\ +H WKHUHIRUH ZURWH LQ IUHH VW\OH PDQ\ FRQWURYHUVLDO DUWLFOHV RQ 0UV$QQLH%HVDQWUHDFKLQJKHUDQWHFHGHQWVLQWKHFROXPQVRIKLVSDSHU 7KH \HDU IRUPHG D ODQGPDUN LQ WKH KLVWRU\ RI WKH -XVWLFH SDUW\ ,W ZLWQHVVHG QRW RQO\ WKH ELUWK RI WKUHH MRXUQDOV VWDUWHG VROHO\ IRU DGYRFDWLQJ WKH FDXVH RI WKH 3DUW\ EXW DOVR D VHULHV RI SXEOLF PHHWLQJV FRQIHUHQFHV OHFWXUHUV DQG SDPSKOHWV ERWK LQ (QJOLVK DQG YHUQDFOXDUV LQ RUGHU WR ZLGHU WKH EDVLV RI WKH QRQ%UDKPLQ PRYHPHQW $FFRUGLQJWR 'U701DLUWKHQRQ%UDKPLQVZHUHHQWLUHO\DJDLQVWWKHPRYHPHQWVWDUWHG E\ 0UV $QQLH %HVDQW IRU +RPH 5XOH REYLRXVO\ EHFDXVH WKH\ ZHUH QRW ϭϱϳ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 UHDG\ IRU LW 'U701DLU FDPH RXW ZLWK D JUHDW DFFXVDWLRQ DJDLQVW WKH +RPH5XOHUV+LVSHUVRQDOOLIHZDVDPDUYHORXVH[DPSOHRISHUIHFWVRFLDO HTXDOLW\RIDOOFODVVHV+HHPSOR\HG3DQFKDPDVWRZRUNLQKLVKRXVHDQG PRYHGZLWKWKHPLQDVSLULWRIEURWKHUKRRGDQGHTXDOLW\(YHQEHIRUHWKH &RQJUHVOHDGHUVOLNH*DQGKLVSRNHRIWKHXSOLIWRIWKHGHSUHVVHGFODVVHV 'U701DLURUJDQL]HGDIRUXPIRUWKHPDQGYRLFHGWKHLUJULHYDQFHV+H ILUPO\EHOLHYHGWKDWZLWKRXWWKH3DQFKDPDV³WDNLQJWKHLUSURSHUDQGULJKW VKDUH LQ WKH JRYHUQDQFH RI WKH FRXQWU\ DQG LQ HYHU\ VSKHUH RI QDWLRQDO DFWLYLW\ WKH IXWXUH RI ,QGLDQ ZDV LQGHHG JORRP\ 7KH VDPH SULQFLSOH EHFDPH RQH RI WKH -XVWLFH SDUW\ ZHUH FULWLFL]HG LQ ELWWLQJ ODQJXDJH E\ 'HVDEKDNWDQ WKH RUJDQ RI WKH 0DGUDV 3UHVLGHQF\ $VVRFLDWLRQ ZKLFK REVHUYHG ³WKRVH QRQEUDKPLQ PHPEHUV DUH QRZ GHFHLYLQJ WKH SHRSOH E\ KROGLQJ VPDOO FRQIHUHQFHV KHUH DQG WKHUH XQGHU WKH SUHVLGHQF\ RI D QHZ ]DPLQGDUVZKRKDYHQRH[SHULHQFHZKDWHYHURISROLWLFDOZRUNDQGSDVVLQJ FHUWDLQUHVROXWLRQV´ 7KH ORQJ ZDLWHG PLVVLRQ RI 0RQWDJXH UHSUHVHQWDWLRQ FDPH WR 0DGUDVLQ 0RQWDJXHIRXQGDYHU\VWUDQJHDQGXQKDSS\VLWXDWLRQLQ 0DGUDV 7KRXJK WKH QRQ%UDKPLQ OHDGHUV RI 0DGUDV 3UHVLGHQF\ PHW 0RQWDJXH LQ ODUJH QXPEHUV DQG VXEPLWWHG PHPRUDQGD LQVLVWLQJ RQ WKH QHFHVVLW\RIJUDQWLQJFRPPXQDOUHSUHVHQWDWLRQWRWKHQRQ%UDKPLQVWKH\ GLG QRW LPSUHVV PXFK 7KH RQO\ QRQ%UDKPLQ OHDGHU ZKR PDGH D YHU\ VWURQJLPSUHVVLRQRQ0RQWDJXHZDV'U701DLU+HPDGHDIRUFHIXOSOHD IRUFRPPXQDOUHSUHVHQWDWLRQDUJXLQJWKDWLWZDVLQGLVSHQVDEOHIRUDWOHDVW VRPHWLPH WLOO WKH SUHSRQGHUDQFH RI WKH %UDKPLQV ERWK LQ WKH ILHOG RI SROLWLFV DQG SXEOLF VHUYLFHV ZDV UHPRYHG +H FLWHG KLV RZQ FDVHDVDQ H[DPSOH RI KRZ KH ZDV GHIHDWHG LQ WKH HOHFWLRQV GXH WR HIIHFWLYH FDQYDVVLQJE\WKH%UDKPLQRIILFLDOVLQFOXGLQJD+LJK&RXUW-XGJHDJDLQVW WKHP 7KH HUD RI 'U701DLU ZKLFK ZLWQHVVHG D VWHDG\ DQG XQVWLQWHG JURZWKDQGGHYHORSPHQWRIWKH-XVWLFHSDUW\IRUPVDVLJQLILFDQWFKDSWHULQ WKHKLVWRU\RIQRQ%UDKPLQPRYHPHQW'U1DLUFDUULHGWKHEDQQHURIQRQ %UDKPLQVIDUDQGZLGH8QGHUKLVDEOHJXLGDQFHDQGOHDGHUVKLSWKH-XVWLFH SDUW\PDGHUDSLGVWHSV,WVLGHRORJ\FDSWXUHGWKHLPDJLQDWLRQRIHYHQPXWH PLOOLRQV 6HOILQVWUXFWLRQDOPDWHULDO 158 EKd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³'UDYLGLDQ$VVRFLDWLRQRI0DGUDV´LQ WRSURPRWHWKHORZHUFDVWHSHRSOH +LV DVVRFLDWLRQ ZDV SXUHO\ D VHUYLFH RULHQWHG RQH 'XH WRWKLVKH JRWWKHLQWURGXFWLRQRI7DPLOVFKRODU7KLUX9L.DO\DQD6XQGDUDP7KHUH ZHUH UHJXODU PHHWLQJV LQ WKH 'UDYLGLDQ $VVRFLDWLRQ RI 0DGUDV 7KLV DVVRFLDWLRQ OHG WR WKH HVWDEOLVKPHQW RI -XVWLFH 3DUW\ ODWHU 'U 1DWHVD 0XGDOLDUZDVDOVREXLOWDKRVWHOQDPHO\³'UDYLGLDQ6RFLHW\+RVWHO´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ϭϱϵ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 &KHFN 6HOILQVWUXFWLRQDOPDWHULDO 160 EKd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³7RZDUGVWKH %UDKPLQVZHFKHULVKQRIHHOLQJVRIELWWHUQHVV,IZHKDYHWRILJKWWKHPZH GRVRLQWKHLQWHUHVWVRIWUXWKDQGMXVWLFHDQGZHVKDOOEHSUHSDUHG WR H[WHQGWRWKHPWRRWKHULJKWKDQGRIIHOORZVKLSZKHQWKH\VKDOOVHHWKH ZURQJV LQIOLFWHG XSRQ XV DQG UHSHQW 2XUV LV HVVHQWLDOO\ D PRYHPHQW RI ORYH DQG QRW RI KDWH RU ORYH EDVHG XSRQ D VHQVH RI ZKDW LV GXHWRWKH YDULRXV FODVVHV ZKLFK FRQVWLWXWH WKH SRSXODWLRQ RI WKLV YDVW DQG DQFLHQW ODQG´ 7KH QRQ%UDKPLQ OHDGHUV ZHUH DOVR IRUPHG WKH 6RXWK ,QGLDQ 3HRSOHV¶$VVRLFDWLRQ6LU37KLDJDUD\D&KHWWLDUZDVWKHILUVWVHFUHWDU\RI WKLV DVVRFLDWLRQ 7KLDJDUD\D &KHWW\ ZDV HOHFWHG WKH ILUVW 3UHVLGHQW RI WKH -XVWLFH 3DUW\ DQG VHUYHG DV 3UHVLGHQW XQWLO KLV GHDWK LQ 6LU 7KL\DJDUD\D&KHWWLZDVGLHGRQWK$SULOLQWKH\HDU DWWKHDJHRI ,QUHJRQLWLRQRIKLVPHULWRULRXVVHUYLFHWRWKHFLW\IRUQHDUO\IRUW\\HDUV WKHSHRSOHRI0DGUDVLQJUDWHIXOPHPRU\FUHDWHGKLVVWDWXHQHDUWKHPDLQ HQWUDQFH WR WKH 5LSRQ EXLOGLQJ ZKLFK LV WKH KRXVH RI &RUSRUDWLRQ RI 0DGDUV &KHFN ϭϲϭ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d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³)RXUWHHQ SRLQW SURJUDPPH´ LQ D -XVWLFH SDUW\ PHHWLQJ LQ ZKLFK WKH FRPPXQDO UHSUHVHQWDWLRQ ZDV VWUHVVHG RQ WKH EDVLV RI SRSXODWLRQ DQG SROLWLFDO DVSLUDWLRQV RI HDFK FRPPXQLW\WRVHFXUHWKH*RYHUQPHQWSRVWV7KHZRUWK\FDOO³7DPLO1DGX IRUWKH7DPLOV´ZDVILUVWWLPHYRLFHGLQ E\(95DPDVDP\,WZDVDQ DQRWKHUODQGPDUNLQWKHSRZHUVWUXJJOHDJDLQVWWKH%UDKPLQV 'UDYLGD.D]KDJDP (95DPDVDP\ EHFDPH D OHDGHU RI -XVWLFH 3DUW\ LQ DQG WKH DFWLYLWLHV RI 6HOI5HVSHFW 0RYHPHQW ZDV DVVRFLDWHG ZLWK LW 7KHWK FRQIHGHUDWLRQRIWKH-XVWLFH3DUW\ZDVKHOGRQ$XJXVW DW6DOHP,Q WKLVFRQIHGHUDWLRQDUHVROXWLRQZDVSDVVHGWRUHQDPHWKH-XVWLFH3DUW\LQWR ϭϲϯ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d ^ $73DQQHHUVHOYDP $73DQQHHUVHOYDP ZDV ERUQ RQ -XQH VW DW 6HOYDSXUDP LQ 7KDQMDYXU'LVWULFW+HFRPSOHWHGKLV%$'HJUHHDW6W-RVHSK&ROOHJHLQ 7ULFK\ +H DOVR REWDLQHG /DZ 'HJUHH DW &DPEULGJH 8QLYHUVLW\ /RQGRQ DQGEHFDPHD%DUULVWHU+HSUDFWLFHGDW*UD\¶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ϭϲϱ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d ^ 6XPPDU\ x 'U 70 1DLU MRLQHG WKH ,QGLDQ 1DWLRQDO &RQJUHVV DQG DUGHQWO\ ZRUNHGIRULWDWWKHHDUOLHUVWDJHRILWVJURZWK x +H SDO\HG WKH OHDGLQJ SDUW LQ RUJDQLVLQJ WKH 1RQ%UDKPLQ 0RYHPHQW x 'U701DLU RUJDQL]HG D IRUXP IRU WKH GHSUHVVHG FODVVHV DQG YRLFHGWKHLUJULHYDQFHV x 7KHRQO\QRQ%UDKPLQOHDGHUZKRPDGHDYHU\VWURQJLPSUHVVLRQ RQ0RQWDJXHZDV'U701DLU x 'U1DLUFDUULHGWKHEDQQHURIQRQ%UDKPLQVIDUDQGZLGH x &1DWHVD0XGDOLDUZDVRQHRIWKHIRXQGLQJIDWKHUVRI6RXWK,QGLDQ /LEHUDO)HGHUDWLRQ x &1DWHVD 0XGDOLDU ZDQWHG WR VXSSRUW WKH GHSUHVVHG FRPPXQLW\ SHRSOH x 6R KH VWDUWHG WKH ³'UDYLGLDQ $VVRFLDWLRQ RI 0DGUDV´ LQ WR SURPRWHWKHORZHUFDVWHSHRSOH x +HEHFDPHWKHPHPEHURI/HJLVODWLYH$VVHPEO\IRU DQG x 6LU37KL\DJDUD\D&KHWWLZDVERUQRQ$SULO x +HEHFDPHWKHOHDGHURIWKH-XVWLFH3DUW\DQGKHZDVWKHILUVWQRQ RIILFLDO3UHVLGHQWRIWKH0DGUDV&RUSRUDWLRQ x 6LU 37KL\DJDUD\D &KHWWL GHFLVLYHO\ EHOLHYHG WKDW HGXFDWLRQ LVWKH UHPHG\WRHUDGLFDWHWKHDOOVRFLDOHYLOVLQWKHVRFLHW\ x 7KLDJDUD\D &KHWW\ ZDV HOHFWHG WKH ILUVW 3UHVLGHQW RI WKH -XVWLFH 3DUW\DQGVHUYHGDV3UHVLGHQWXQWLOKLVGHDWKLQ x (95DPDVDP\1DLFNHUWKHIRXQGHURI6HOI5HVSHFW0RYHPHQW x +HZDVRQHRIWKHJUHDWVRFLDOUHIRUPHUVRIWKHWZHQWLHWKFHQWXU\ x (95DPDVDPD\ 1DLFNHU ZDV ERUQ RQ WK 6HSWHPEHU LQ (URGH x (95DPDVDP\ 1DLFNHU ZDV DWWUDFWHG E\ *DQGKLDQ LGHRORJLHV LQ KLVHDUO\OLIH x 7KH DLP RI 6HOI5HVSHFW 0RYHPHQW ZDV WR UHVWRUH WKH QRQ %UDKPLQV ϭϲϳ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 x ,W DLPHG WR DFKLHYH WKH FRPPXQDO UHSUHVHQWDWLRQ IRU WKH QRQ %UDKPLQVLQWKH6WDWH/HJLVODWXUHDQG*RYHUQPHQWVHUYLFHV x (95DPDVDP\ EHFDPH D OHDGHU RI -XVWLFH 3DUW\ LQ DQG WKH DFWLYLWLHVRI6HOI5HVSHFW0RYHPHQWZDVDVVRFLDWHGZLWKLW x (95DPDVDP\ VWURQJO\ FRQGHPQHG WKLV FDVWH GLVFULPLQDWLRQ DPRQJ WKH VWXGHQWV DQG VWRSSHG IXQG IURP &RQJUHVV WR WKH &KHUDQPDGHYL*XUXNXODP x (95DPDVDP\1DLFNHUHDUQHGWKHWLWOH9DLNRP9HHUDURU+HUR RI9DLNRPLQ x 3HUL\DU(95DPDVDP\ZURWHPDQ\VDWLULFDOHVVD\VLQKLVMRXUQDOV OLNH.XGL\DUDVX3XUDWFKL3DNXWKDULYXDQG9LGXWKDODL x $73DQQHHUVHOYDPZDVERUQRQ-XQHVWDW6HOYDSXUDPLQ 7KDQMDYXU'LVWULFW x +H HQFRXUDJHG WKH UXUDO HGXFDWLRQ XSOLIWPHQW RI WKH SRRU DQG HTXDOLW\RIRSSRUWXQLW\IRUWKHPLQRULWLHV x $73DQQHHUVHOYDPKDGSDUWLFLSDWHGWKH5RXQG7DEOHFRQIHUHQFHV LQ/RQGRQDVUHSUHVHQWDWLYHVRI,QGLDQ&KULVWLDQV x +HZDVIXQFWLRQHGDVDPHPEHURIWKH0DGUDV/HJLVODWLYH&RXQFLOO WLOO .H\ZRUGV x *XUXNXODP $ JXUXNXOD RU JXUXNXODP ZDV D W\SH RI HGXFDWLRQ V\VWHPLQDQFLHQW,QGLDZLWKVWXGHQWVOLYLQJQHDURUZLWKWKHJXUX LQWKHVDPHKRXVH x 3XUDWFKL5HYROXWLRQ x 3DNXWKDULYX5DWLRQDOWKLQNLQJ 6HOI$VVHVVPHQW4XHVWLRQV 6KRUWDQVZHU4XHVWLRQV :KDWGR\RXNQRZDERXWWKHUROHRI701DLULQ-XVWLFH3DUW\" :KDWDUHWKHZRUNVRI&1DWHVD0XGDOLDU" :LUWHDQRWHRQ6HOI5HVSHFW0RYHPHQW 'LVFXVVWKHVHUYLFHVRI$73DQQHUVHOYDPWRQRQ%UDKPLQV 6HOILQVWUXFWLRQDOPDWHULDO 168 EKd ^ /RPJ$QVZHU4XHVWLRQV 'HVFULEHWKHFRQWULEXWLRQRI37KL\DJDUD\D&KHWWLWR7DPLOVRFLHW\ $QDO\]HWKHFRQWULEXWLRQRI3HUL\DU(95DPDVDP\LQDZDNHQLQJ WKH7DPLOSHRSOH )XUWKHU5HDGLQJV 3LOODL.. $ 6RFLDO +LVWRU\ RI WKH 7DPLOV 9ROXPH &KHQQDL 8QLYHUVLW\RI0DGUDV 5DMD\\DQ. +LVWRU\ RI 7DPLO 1DGX WR 0DGXUDL 5DM 3XEOLVKHUV 6XEUDKPDQL\DQ1 6RFLDO DQG &XOWXUDO +LVWRU\ RI 7DPLOQDG WR $' 8GXPDOSHW (QQHV3XEOLFDWLRQV 6XEUDPDQLDQ3 6RFLDO +LVWRU\ RI WKH 7DPLOV 1HZ 'HOKL '.3ULQWZRUOG 3 /WG 0DQRUDQMLWKDPRQL&+LVWRU\RI7DPLO1DGX8SWR$'7LUXQHOYHOL 'DYH%HU\O3XEOLFDWLRQV 9DUJKHVH-H\DUDM66RFLR(FRQRPLF+LVWRU\RI7DPLO1DGX 8WKDPDSDOD\DP $QQV3XEOLFDWLRQV 3DUDPDUWKDOLQJDP & 5HOLJLRQ DQG 6RFLDO 5HIRUP LQ 7DPLO 1DGX 0DGXUDL 5DMDNXPDUL3XEOLFDWLRQV 1DWDUDMDQ& 6RFLDO +LVWRU\ RI 0RGHUQ 7DPLO 1DGX 7ULFK\ 8ODJD 7DPL]KSSDGDLSSDODU1RRO9HOL\HHWWDJDP ϭϲϵ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³EUDLQ RI WKH -XVWLFH SDUW\´ /LNH KLP 5DMD RI %REELOL ZDV DOVR DQ LPSRUWDQW OHDGHU RI -XVWLFH 3DUW\ 5DMD RI %REELOL EHFDPHWKH&KLHI0LQLVWHURI0DGUDV3UHVLGHQF\LQ 5DMDRI3DQDJDO RU 35DPDUD\DQLQJDU ZDV DOVR RQH RI WKH SURPLQHQW OHDGHUV RI -XVWLFH 3DUW\ 7KH %ULWLVK RIILFLDOV SUDLVHG PDQ\ WLPHV EHFDXVH RI WKH DGPLQLVWUDWLRQRI5DMDRI3DQDJDO 2EMHFWLYHV $IWHUJRLQJWKURXJKWKLVXQLW\RXZLOOEHDEOHWR x /HDUQWKHSDUWRI5DPDVDP\0XGDOLDULQWKH-XVWLFH3DUW\ x 'HVFULEHWKHVHUYLFHVRI5DMDRI%REELOLDQG3DQDJDO x ([SODLQWKHZRUNVRI6RXQGDUD3DQGLDQ x 8QGHUVWDQG WKH UROH RI $QQDPDODL &KHWWL\DU WR HGXFDWLRQ DQG7DPLOLVDL 6HOILQVWUXFWLRQDOPDWHULDO 170 EKd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ϭϳϭ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d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³6XQGD\&KURQLFOH´,WKLJKOLJKWHGWKHLVVXHLQDOHDGLQJDUWLFOH HQWLWOHG ³%REELOLVP DW ZRUN´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ϭϳϯ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 WKHFROOHJHVHDVLO\'XHWRKLVHIIRUWWKHGHSUHVVHGFRPPXQLW\SHRSOHOLNH 3DQFKDPDUDQG3DUDL\DUZHUHJLYHQWKHVWDWXVDV$GLGUDYLGDVOHJDOO\+H DOVREURXJKWVRPHFKDQJHVLQWKHHGXFDWLRQGHSDUWPHQW$QGKUD8QLYHUVLW\ ZDVRSHQHGGXULQJKLVSHULRGDQGWKHIRXQGDWLRQZDVODLGIRUWKHIDPRXV $QQDPDODL8QLYHUVLW\ 5DMDRI3DQDJDOZDVDSSUHFLDWHGPDQ\WLPHVE\WKH%ULWLVKRIILFLDOV EHFDXVH RI KLV DGPLQLVWUDWLYH FDSDFLW\ 5HVSRQVLELOLW\ EUDYHU\ HQWKXVLDVP KRQHVW\ FUHDWLYH SRZHU DQG VKRZLQJ UHVSHFW WR RWKHUV 7KRXJKKHZDVERUQLQUR\DOIDPLO\KHIDFHGPDQ\KDUGVKLSVLQKLVOLIH +HGHOLYHUHGKLVVHUYLFHVLQHIILFLHQWPDQQHUQRWRQO\WRWKHSDUW\EXWDOVR WRWKHJRYHUQPHQW+HDOZD\VZRUHEOXHWXUEDQ6RKHZDVFDOOHGDV³%OXH 7XUEDQ .LQJ´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d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¶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ϭϳϱ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d ^ KLP WKH WLWOH RI ³5DR %DKDGXU´ IRU WKH DSSUHFLDWLRQ RI KLV VHUYLFH WR WKH SXEOLF+HZDVVHOHFWHGWRWKH0DGDUV/HJLVODWLYH&RXQFLODQGKHVHUYHG IURP WR +HJUDEEHGKLPVHOIVHULRXVO\LQKLVQHZUHVSRQVLELOLW\ +HZDVRQHRIWKHRULJLQDWRVRIWKH,QGLDQ%DQNDQGKHSOD\HGWKHOHDGLQJ UROH LQ WKH 'LUHFWRUDWH IRU PDQ\ \HDUV +LV HIILFLHQF\ WR SURJUHVV WKH EDQNLQJ DQG ILQDQFH GLUHFWHG WR KLV DSSRLQWPHQW DV D *RYHUQRU RI WKH ,PSHULDO%DQNRI,QGLDZKHQLWZDVRUJDQLVHGLQ +HZDVDVVRFLDWHG ZLWK WKH %DQN DV 'LUHFWRU WLOO WKH HQG RI KLV OLIH +H HVWDEOLVKHG WKH 6UL 0HHQDNVKL &ROOHJH DW &KLGDPEDUDP ,Q $QQDPDODL &KHWWLDU HVWDEOLVKHGD6DQVNLUW&ROOHJHDQGDOVRD7DPLO&ROOHJHDW&KLGDPEDUDP ,WZDVUHJDUGHGDVKLVILUVWQRWHZRUWK\VWHSLQWKHILHOGRIHGXFDWLRQ &RQWULEXWLRQWRWKHVRFLHW\ $QQDPDODLFKHWWLDUFRQWULEXWHGOLEHUDOO\WRPDQ\SUDLVHZRUWK\DQG QREOH FDXVHV +H FRQVWUXFWHG WKH ZRPHQ DQG FKLOGUHQ¶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ϭϳϳ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 FXOWXUHDQG7DPLOOHDUQLQJ+HDOVRHVWDEOLVKHG7DPLO,VDL0RYHPHQW+H HQFRXUDJHG UHVHDUFK LQ 7DPLO PXVLF DQG DOVR LQ VFLHQFH DQG 7HFKQROJ\ 7KH )DFXOW\ RI (QJLQHHULQJ DQG 7HFKQRORJ\ ZDV VWDUWHG LQ DV WKH VHFRQG (QJLQHHULQJ )DFXOW\LQ WKH VWDWH +H KDG WKH KDSSLQHVV RQVHHLQJ WKH 8QLYHUVLW\ H[WHQGLQJ LWV DFWLYLWLHV DQG HIIHFWLYHQHVV LQ VHYHUDO GLUHFWLRQV &KHFN 6XPPDU\ x 6LU$5DPDVDP\0XGDOLDUZDVDQRWDEOHSHUVRQLQSROLWLFVDQGDOVR DJUHDWDGPLQLVWUDWRU x +HVHUYHGDFWLYHO\DVDVHFUHWDU\LQWKH-XVWLFH3DUW\ x 5DPDVDP\0XGDOLDURUJDQL]HGWKHILUVW$OO,QGLDQ1RQ%UDKPLQ &RQJUHVVLQ x +HDWWHQGHGWKH5RXQG7DEOH&RQIHUHQFHDW/RQGRQDVD UHSUHVHQWDWLYHRI-XVWLFH3DUW\ x )URP WR KHZDVD'LZDQRI0\VRUHSURYLQFH x 5DMDRI%REELOLZDVWKHLPSRUWDQWOHDGHURIWKH-XVWLFH3DUW\ x 5DMDRI%REELOLZDVWKHSUHVLGHQWRIWKH7ZHOIWK$QQXDO &RQIHGHUDWLRQRIWKH-XVWLFH3DUW\LQ x 'XULQJKLVSHULRGWKH0DGUDV(VWDWHV/DQG $PHQGPHQW $FWDOVR NQRZQDV,QDPV$FWZDVHQDFWHGLQ x 7KH0DGUDV(OHPHQWDU\(GXFDWLRQ$FWZDVUHYLVHGWZRWLPHV GXULQJKLVSHULRGDV&KLHI0LQLVWHU x +HHOLPLQDWHGVRPHWHPSOHFRPPLWWHHV 6HOILQVWUXFWLRQDOPDWHULDO 178 EKd ^ x 5DMD RI %REELOL IROORZHG WKH DOO NLQGV RI XQHWKLFDO SUDFWLFHV WR UHPDLQLQKLVSRVLWLRQ x 8QGHU KLV OHDGHUVKLS WKH SDUW\ RUJDQL]DWLRQ KDG QRW PDGH DQ\ SURJUHVVEXWGLVDSSHDUHGVWLOOIXUWKHU x 5DMD RI 3DQDJDO ZDV ERUQ RQ -XO\ WK DW .DODKDVWKL RI $QGKUDSUDGHVK x 5DMD RI 3DQDJDO IRUPHG FRPPLWWHHV WR VHOHFW WKH VWXGHQWV RQ WKH EDVLVRIWKHVRFLRHFRQRPLFEDFNJURXQG x $QGKUD 8QLYHUVLW\ ZDV RSHQHG GXULQJ KLV SHULRG DQG WKH IRXQGDWLRQZDVODLGIRUWKHIDPRXV$QQDPDODL8QLYHUVLW\ x 7KH YLOODJH UHFRQVWUXFWLRQ ZDV RQH RI WKH WDVN SHUVRQDOO\ XQGHUWDNHQE\WKH5DMDRI3DQDJDO x +H DOZD\V ZRUH EOXH WXUEDQ 6R KH ZDV FDOOHG DV ³%OXH 7XUEDQ .LQJ´ x :3$ 6RXQGDUD 3DQGLDQ ZDV ERUQ LQ D 1DGDU IDPLO\ RI 3DWWLYHHUDQSDWW\RQWK6HSWHPEHU x :3$ 6RXQGDUD 3DQGLDQ SOD\HG YLWDO UROH LQ WKH 6HOIUHVSHFW PRYHPHQW x :3$6RXQGDUD3DQGL\DQZDVQRPLQDWHGE\WKH-XVWLFH3DUW\DV WKHPHPEHURIWKH/HJLVODWLYH&RXQFLO x 3HUL\DUQRPLQDWHGKLPDVWKHOHDGHURIWKHILUVWFRQIHUHQFHRIWKH 6HOIUHVSHFWPRYHPHQWDW&KHQJHOSHWRQ)HEUXDU\WK x +HZDVDSSUHFLDWHGIRUKLVYRLFHIRUWKHGHSUHVVHGFODVVHVDOVR x 'U5DMD6LU$QQDPDODL&KHWWLDUZDVWKHIRXQGHURIWKH$QQDPDODL 8QLYHUVLW\ x 7KH9LFHUR\FRQIHUUHGRQKLPWKHWLWOHRI³5DR%DKDGXU´IRUWKH DSSUHFLDWLRQRIKLVVHUYLFHWRWKHSXEOLF x ,Q $QQDPDODL &KHWWLDU HVWDEOLVKHG D 6DQVNLUW &ROOHJH DQG DOVRD7DPLO&ROOHJHDW&KLGDPEDUDP x 7KH $QQDPDODL 8QLYHUVLW\ $FW FDPH LQWR IRUFH RQ VW -DQXDU\ x $QQDPDODL&KHWWLDUZDVIXQFWLRQHGDV3UR&KDQFHOORUIRUQLQHWHHQ \HDUV x +HDOVRHVWDEOLVKHG7DPLO,VDL0RYHPHQW ϭϳϵ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 .H\ZRUGV x .XGLYDUDPWKHVKDUHRIWKHWHQDQW x 7XUEDQ D PDQ V KHDG FRYHULQJ FRQVLVWLQJ RI D ORQJ OHQJWK RI PDWHULDOZRXQGDURXQGDFDSRUWKHKHDG x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d ^ ,17(//(&78$/+,6725<2)7$0,/1$'8 &RXUVH&RGH 7LPH +RXUV0D[LPXP PDUNV 3DUW$ [ PDUNV $QVZHU$OO4XHVWLRQV :KDWGR\RXNQRZDERXW1HGXQDOYDGDL" +RZPDQ\FKDSWHUVDUHLQ7KLUXNNXUDO" :KRHVWDEOLVKHGWKH3XUH7DPLO0RYHPHQW" :KDWLVWKHLPSRUWDQFHRI6HFRQG:RUOG7DPLO&RQIHUHQFH" 'HILQH'HYDGDVLV\VWHP 1DPHWKHMRXUQDOVZRUNHGE\%KDUDWKL\DU :KRFRPSLOHGWKH'HYDUDPDQG1DOD\LUD'KLY\D3UDSDQWKDP" :KRZHUHWKHIRXQGHUVRI-XVWLFH3DUW\" :K\3HUL\DU(95ZDVFDOOHGDV+HURRI9DLNRP" :KRVWDUWHGWKH7DPLO,VDL0RYHPHQW" 3DUW±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ϭϴϭ 6HOILQVWUXFWLRQDOPDWHULDO !127(6 3DUW±& [ PDUNV $QVZHUDQ\7KUHHRIWKHIROORZLQJ4XHVWLRQV :ULWHDQHVVD\DERXWWKHVDOLHQWIHDWXUHVRI7KLUXNNXUDO $QO\]HWKHVRFLDODQGUHOLJLRXVUHIRUPVRI9DOODODU (YDOXDWHWKHUROHRI%KDUDWKL\DUWRWKHIUHHGRPPRYHPHQWDQGIRUWKH JURZWKRI7DPLOOLWHUDWXUH $VVHVVWKHLQWHOOHFWXDOFRQWULEXWLRQVRIUHOLJLRXVVDLQWV 'HVFULEHWKHUROHRI3HUL\DULQUHIRUPLQJWKH7DPLOVRFLHW\ 6HOILQVWUXFWLRQDOPDWHULDO 182