4dfvdfv

Page 1

)5((

'$7$ '2:1/2$'6 :,7+ (9(5< ,668( */28&(67(5 FHQVXV GLUHFWRU\ UHFRUGV

'(&(0%(5 ,668(

2) 7+(

6HH SDJH

:( +(/3 <28 75$&( 35,17(56 38%/,6+(56 67$7,21(56 (1*5$9(56 $87+256 -2851$/,676 $1' 025(Å™ 6(( 3$*(

3/86

'(&(0%(5

3,21((56 2) ,1'8675<

35,17(' ,1 7+( 8.

7+( /81$5 62&,(7<

(;3(57 *8,'$1&( 21 75$'( 81,21 5(&25'6 Ř 75$&,1* *52&(56 ($5/< (1*/,6+ %22.6 Ř ,5,6+ ,00,*5$7,21 Ř :,1 $ '1$ 7(67


h m

h Wc bo h[[

h[c c Z j d \ h _dZ m W

FWYa[Z \kbb e\ fem[h\kb \[Wjkh[i WdZ jeebi je [dWXb[ oek je ][j j^[ ceij \hec oekh \Wc_bo ^_ijeho h[i[WhY^$

M^[j^[h oekõh[ Wd [nf[h_[dY[Z \Wc_bo ^_ijeh_Wd eh `kij ijWhj_d] ekj" oekõbb \_dZ Jh[[L_[m [Wio je ki[ WdZ Wd [ii[dj_Wb jeeb _d oekh h[i[WhY^$ H[YehZ oekh \Wc_boõi ^_ijeho WdZ l_[m Z[jW_bi e\ oekh WdY[ijehi _d W dkcX[h e\ Z_\\[h[dj WdZ WjjhWYj_l[ mWoi$ 9h[Wj[ X[Wkj_\kb Y^Whji WdZ Z[jW_b[Z h[fehji je fh[i[dj oekh \Wc_bo jh[[$ Fem[h\kb <[Wjkh[i 7YY[ii oekh ZWjW m^[h[l[h oek Wh[ Xo iodY_d] oekh jh[[ X[jm[[d j^[ ie\jmWh[ WdZ Wbb e\ oekh ceX_b[ Z[l_Y[i Wj j^[ Yb_Ya e\ W Xkjjed ;Wi_bo WZZ Z[jW_bi e\ oekh WdY[ijehi Xo WjjWY^_d] \WYji" dej[i" _cW][i" WZZh[ii[i" iekhY[i WdZ Y_jWj_edi$ DWl_]Wj[ oekh \Wc_bo jh[[ _d W lWh_[jo e\ Z_\\[h[dj mWoi _dYbkZ_d] f[Z_]h[[" Z[iY[dZWdji WdZ \kbb jh[[ l_[mi$ L_[m oekh [dj_h[ jh[[ ed iYh[[d" eh peec _d ed W i_d]b[ WdY[ijeh$ Gk_Yabo Z_iYel[h ^em Z_\\[h[dj f[efb[ _d oekh \Wc_bo jh[[ Wh[ h[bWj[Z ki_d] j^[ h[bWj_edi^_f YWbYkbWjeh$ ?Z[dj_\o WdecWb_[i _d oekh ZWjW m_j^ j^[ fheXb[c \_dZ[h$

7ZZ F^ejei

:hW] :hef ^Whj_d]

i[ Oekh md cW][i Wi W 8WYa]hekdZ

J^[ Fh[c_kc ;Z_j_ed _dYbkZ[i0

<kbb Jh[[L_[m Ie\jmWh[ Fh_dj[Z Gk_Ya IjWhj =k_Z[ * Cedj^ :_WcedZ IkXiYh_fj_ed je J^[=[d[Wbe]_ij 9Wii[bbõi =Wp[jj[[h e\ =h[Wj 8h_jW_d ?h[bWdZ './) ?cf[h_Wb :_Yj_edWho e\ Kd_l[hiWb 8_e]hWf^o ;d]b_i^" M[bi^ IYejj_i^ BWdZemd[hi '.-) ?h_i^ BWdZemd[hi '.-, M j^ Oek M^[h[l[h Oek =e >Wl[ oekh \Wc_bo ^_ijeho Wj oekh \_d][hj_fi" [l[d m^[d oek ^Wl[ de i_]dWb$ :emdbeWZ j^[ \h[[ Jh[[L_[m Wff \eh oekh icWhjf^ed[ eh jWXb[j WdZ [Wi_bo YWhho oekh \Wc_bo jh[[ m_j^ oek m^[h[l[h oek ]e$ ?Z[Wb \eh kfZWj_d] oekh jh[[ ed j^[ cel[$

.HHS \RXU IDPLO\ LQ V\QF JHW \RXU FRS\ WRGD\ DW

7UHH9LHZ FR XN


2XU SURPLVH WR \RXř -$5*21 )5(( $'9,&( :H VWULYH WR PDNH IDPLO\ KLVWRU\ DFFHVVLEOH WR HYHU\RQH E\ SURYLGLQJ FOHDU HDV\ WR IROORZ JXLGHV

:HOFRPH

/HWōV UHPHPEHU RXU IRUHEHDUV DV ZH FHOHEUDWH WKH IHVWLYH VHDVRQ

(;3(57 .12:/('*( 2XU ZULWHUV DUH H[SHULHQFHG IDPLO\ KLVWRULDQV ZKRVH DLP LV WR KHOS \RX JHW IXUWKHU ZLWK \RXU RZQ UHVHDUFK 9$/8( )25 021(< (YHU\ LVVXH ZH FUDP LQ WKH EHVW DGYLFH \RXU UHDO OLIH VWRULHV WKH ODWHVW QHZV DQG UHYLHZV DQG PXFK PRUH EHVLGHV :( /,67(1 72 <28 :H ZDQW WR VKDUH \RXU IDPLO\ KLVWRU\ H[SHULHQFHV DQG KHDU \RXU YLHZV RQ WKH PDJD]LQH

(',725,$/ (148,5,(6 <RXU )DPLO\ +LVWRU\ HGLWRULDO RQO\ Ŋ IRU VXEVFULSWLRQV VHH EHORZ

6WXGLR 2QH 6KHHS 6WUHHW &KDUOEXU\ 2; 55 8. W

1HOO 'DUE\

(GLWRU

\IK#KLVWRU\PDJV FR XN

(GLWRU 1HOO 'DUE\ H \IK#KLVWRU\PDJV FR XN 'HVLJQHUV 6WHYH 'HQW *HRUJLD 6W\ULQJ H GHVLJQ#KLVWRU\PDJV FR XN ,OOXVWUDWLRQV *DUU\ :DOWRQ $GYHUWLVLQJ VDOHV $QGUHD 0DVRQ W H DQGUHDBPDVRQ#GHQQLV FR XN ([HFXWLYH (GLWRU $QGUHZ &KDSPDQ H KLVWRU\#SUHSDUHWRSXEOLVK FRP

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

0DQ\ ZLOO UHFHLYH JHQHDORJ\ UHODWHG SUHVHQWV WKLV PRQWK Ŋ IURP D '1$ NLW WR KLVWRU\ ERRNV

+DYH \RXU VD\ 6KDUH \RXU YLHZV DQG RSLQLRQV RQOLQH

! ! % % % # # ! " ! " # " $ !

! % ! # % ! " " ! " % ! % # ! #

1, %2 , 01, % 1- %# 0 3 2 , 05 % 0, 0 5 0 2 !%'" #0 % ', #0 # # %3 5%1 # , - , 0 " # %1, % 1' 0 %# ! % 1- %#0 #1 3 0 %! # 0 ,- !%% # 0 0 ,% ,5 0, 0%%* +" -1, 0 0 " #5 % 5%1 3 !! , 2 # !% 5 , ! 0 ', - #0- 0 - "%#0 ,%" 0 %, -1 - , '0 %# 0% # !% 5 3 - 0 0% -0%,5 %% - %, # 3 -0 0 %# ,5 0% 0 ! 5%1, %# % # , - , ( # 0+- #%0 0%% ! 0 0% 15 -%" %# 0 -1 - , '0 %# 0% %1, " !5 -0%,5 - ' $.)* %' 0 0 -%" % 5%1 3 !! ! 0 1- #%3 3 0 5%1 %0 # 3 % 5%1, 0- 5%1+ ' ,0 1! ,!5

, %"" # 0% %0 , " !5 -0%, #-* %3 2 , 0 !-% - "- '',%', 0 0 0 0 " % 5 , 0% , " " , %1, !%2 %# - # %1, %, ,- # 0% 0 # %10 %3 %1, " ! - ! , 0 , -0" # 0 ' -0* # "5 - +!! , " " , # "5 "1 " -- 1#0 3 % - !5 1-0 %, , -0" - & 5 ,- % #%0 , - 3 , 0 - "- ! %#!5 5 -0 , 5 0 0 3 - ! , 0 # " !5 , -0" - - 0 , %1- 3 0 3 0 - " ! # ! -- %% # ,%1 0 %10 1, # 0 %1,- % 0 5 10 +!! !-% 0 # # 1,0 , 3%# , # 3 0 , -0" - # "5 "%0 ,+- # 0 2 3 #- 3 - ! %, %3 "5 3 !0 5

#- # 0%# %, , ! , 0 %"' , 0% 0 %0 , - % 0 " !5 ! 2 # # '%%, , % !%1 -0 , # -0,1 ! # 0% # -1 #0 3%, !! 5 , ,%1# * % ! 0+- , - ! -- 0% 0 %- 3 3%1! #+0 %1! #+0 4 -0 3 0 %10 # , " " , %1, %, ,- - 3 ! , 0 0 -0 2 - -%#* # %5 0 # 3 +!! - 5%1 # # 0 3 ,* Q

\IK#KLVWRU\PDJV FR XN ZZZ IDFHERRN FRP <)+PDJD]LQH KWWSV WZLWWHU FRP <)+PDJD]LQH ZZZ SLQWHUHVW FRP <)+PDJD]LQH 6HQG LQ \RXU UHVHDUFK TXHULHV RU P\VWHU\ SLFWXUHV IRU RXU H[SHUWV WR DQDO\VH :H DOVR ZHOFRPH \RXU ROG SKRWRV IRU RXU 6QDSVKRWV IHDWXUH \RXU OHWWHUV DQG \RXU FDVH VWXG\ VWRULHV Ŋ VHQG XV DQ HPDLO QRZ '(&(0%(5

<285 )$0,/< +,6725<


&RQWHQWV

'HFHPEHU ,668(

&RYHU KLJKOLJKWV

5(*8/$56

7+( 9$/(7 $1' 7+( )25781(

1LFN 7KRUQH ORRNV DW KRZ D PDUTXHVVōV ZLOO FDXVHG D ORQJ UXQQLQJ OHJDO FDVH WR VWRS KLV YDOHW EHQHILWLQJ

/(77(56 *(1($/2*< 1(:6 7+,6 0217+ ,16,'( 7+( 62* 79 1(:6

68%6&5,37,216 (;3(57 4 $ 6((.,1* 5(9,(:6 1(;7 ,668(

<285 )$0,/< +,6725< '(&(0%(5

0$,1)($785( )52035,17(567238%/,6+(56 5(6($5&+ 5287(6 */28&(67(5 *(7 67$57(' 7+( &$1$',$1 &(1686 /22.,1* 21/,1( ,5,6+ ,00,*5$7,21 $'9(576 +$1'6 21 ($5/< (1*/,6+ %22.6 21/,1( 2&&83$7,216 *52&(56 *2,1* )857+(5 75$'( 81,21 5(&25'6 62&,$/ +,6725< 7+( /81$5 0(1


&RQWHQWV

<285 6725,(6

7+,6 0217+ō6 )5(( '$7$ 63(&,$/ 2))(56 *(7 e 2)) 3/86 $ )5(( %22. 'LDPRQGVXEVFULSWLRQRIIHUIURP7KH*HQHDORJLVW

68%6&5,%( 72 <)+ 72'$<

(QMR\<)+IRUOHVVZLWKDIDQWDVWLFVXEVFULEHUGLVFRXQW

*/28&(67(56+,5(5(&25'6

)UHHGDWDIURP'LUHFW5HVRXUFHVDQG7KH*HQHDORJLVW SOXV GHWDLOVRIRXUXVXDORQOLQHUHVRXUFHV

7+( (1' 2) 7+( /,1(

:,1$'1$7(67 $1'27+(5 35,=(6

'DYLG 5DQVRP WHOOV XV KRZ KH UHFUHDWHV OLYHV RWKHUZLVH IRUJRWWHQ IURP DXFWLRQ ILQGV RI SKRWRJUDSKV

(QWHURXU&KULVWPDVFRPSHWLWLRQŎPRUHWKDQe ZRUWK RIJRRGLHVDUHXSIRUJUDEV

$ )$0,/< )(8'

$QQ &ODUNH GLVFRYHUHG D OHJDO GLVSXWH RI 'LFNHQVLDQ OHQJWK LQ KHU IDPLO\ KLVWRU\ Ŋ EXW ZDV LW HYHU UHVROYHG"

)($785(6

+2: 72

&29(5)($785( 3(23/( 2) 7+( 35(66(6

*(7 67$57(' 7+( &$1$',$1 &(1686

6XH :LONHV ORRNV DW WKH PDQ\ ZRUG UHODWHG RFFXSDWLRQV RXU LQFUHDVLQJO\ OLWHUDWH DQFHVWRUV KDG Ŋ DQG ZKHUH \RX FDQ ILQG WKH UHFRUGV UHODWLQJ WR WKHP

&5,0,1$/ +,6725< )(0$/( )(/216

)HPDOH FULPLQDOV DQG FRQYLFWV ZHUH D VRXUFH RI FRQFHUQ IRU ODZPDNHUV DQG PHGLD Ŋ EXW KRZ FRPPRQ ZHUH WKH\ DQG ZKDW FULPHV GLG WKH\ FRPPLW"

5(6($5&+ 5287(6 */28&(67(5

:H KHDG WR &KHOWHQKDPōV QHLJKERXULQJ FLW\ WR VHH ZKDW LW KDV WR RIIHU WKRVH ERUHG RI 5HJHQF\ JODPRXU

7+( 6(&5(7 $5&+,9,67

0DU\ $QQ 'DYLVRQ JRHV RQ FDPHUD LQ FRVWXPH DOO LQ D JRRG FDXVH

+,6725< %< 180%(56

7R WLH LQ ZLWK WKLV PRQWKōV *HW 6WDUWHG IHDWXUH $QGUHZ &KDSPDQ ORRNV DW RQH UHVHDUFKHUōV UHODWHG ZRUN

62&,$/ +,6725< 7+( /81$5 0(1

'RUHHQ +RSZRRG H[SORUHV WKH YLVLRQDU\ PHQ ZKR VRXJKW WR SXVK WKH ERXQGDULHV RI VFLHQFH DQG WKH DUWV LQ WKH WK DQG HDUO\ WK FHQWXULHV

+,''(1 +,6725,(6 7+( %,&<&/(

:H ORRN DW WKH ILUVW FHQWXU\ RI ELF\FOH ULGLQJ Ŋ IURP ERQHVKDNHUV WR SHQQ\ IDUWKLQJV

0LFKHOOH +LJJV WHOOV XV DERXW D FRXSOH RI &DQDGLDQ FHQVXVHV WKDW FDQ WHOO \RX D ORW DERXW \RXU DQFHVWRUV ZKHWKHU &DQDGLDQ ERUQ RU LPPLJUDQWV WR WKH FRXQWU\

/22.,1*21/,1( ,5,6+ $'9(576 ,1 7+( %26721 3,/27

0DQ\ ,ULVK PLJUDQWV WR WK FHQWXU\ $PHULFD ORVW WRXFK ZLWK WKHLU IDPLOLHV Ŋ DGYHUWV LQ RQH SDUWLFXODU QHZVSDSHU QRZ RQOLQH PDNH WKLV H[SOLFLW

61$36+276

:H ORRN DW LPDJHV RI VHDVRQDO IHVWLYLWLHV RYHU WKH FHQWXULHV

+$1'621 ($5/<(1*/,6+%22.621/,1(

+DUU\ &XQQLQJKDP ORRN DW KRZ WKLV UHVRXUFH IRU DFFHVVLQJ HDUO\ (QJOLVK ERRNV FDQ KHOS \RX

2&&83$7,216 *52&(56

&ROLQ :DWHUV LQYHVWLJDWHV WKH KLVWRU\ RI WKH KXPEOH JURFHU Ŋ RU ŌSURYLVLRQ PHUFKDQWō Ŋ DQG KRZ WKH\ EHFDPH VXEVXPHG E\ WKH PRGHUQ VXSHUPDUNHW

<)+ 5(&200(1'6 67 *(25*(ő6 +$// 9LVLW D SODFH LQ /LYHUSRRO WKDW ZDV EXLOW ERWK WR KHDU PXVLF Ŋ DQG WR SXQLVK FULPLQDOV

0,/,7$5<+,6725< 7+()$//2)-(586$/(0 .HY /RFKXQ DVVHVVHV WKH DFWLRQV RI WKH (J\SWLDQ ([SHGLWLRQDU\ )RUFH LQ -HUXVDOHP LQ

*2,1*)857+(5 75$'(81,215(&25'6

,V \RXU DQFHVWRU VRPHZKHUH LQ WKHVH UHFRUGV" :H WHOO \RX KRZ \RX FDQ ILQG RXW

,0$*( )520 7+( 3$67

$XGUH\ /LQNPDQ WHOOV XV DERXW D VLJQLILFDQW PRPHQW LQ WKH OLIH RI D 9LFWRULDQ ER\ Ŋ DV VKRZQ LQ RQH SKRWRJUDSK

6(1' 86 <285 6725,(6 :HZHOFRPH\RXUUHVHDUFK VWRULHVDQGIDPLO\SKRWRJUDSKV HPDLO\IK#KLVWRU\PDJV FR XNRU ZULWHWRWKHDGGUHVVRQSDJH '(&(0%(5

<285 )$0,/< +,6725<


/HWWHUV +$9( <285 6$<

(YHU\ PRQWK RXU HGLWRU 1HOO SLFNV WKH EHVW RI \RXU OHWWHUV RQ HYHU\WKLQJ WR GR ZLWK IDPLO\ KLVWRU\ <RX FDQ FRQWDFW KHU YLD WKHVH PHWKRGV (PDLO \IK#KLVWRU\PDJV FR XN 3RVW <RXU )DPLO\ +LVWRU\ 6WXGLR 2QH 6KHHS 6WUHHW &KDUOEXU\ 2; 55 7ZLWWHU #<)+PDJD]LQH )DFHERRN <)+PDJD]LQH

722 &/26( )25 &20)257"

3 " =$'' ! + ' $)!9+) 5 = '6 $96 6 5 96 4 ($!"9 " = ) ) '9 5) 9$= " '$) 9+ 9" $)9 5 69$)! 69+5@ + $96 5 6$ )964 9 69 $) @+<5 9+ 5 $66< . , 7 ) >6/1 ' 6 (@ $( !$) 9$+) 5 ) > @ >$9" ( >" ) 5 9" - 5 !5 -" >"$ " ?-' $) 9" 9 +<5 $)" $9 )96 $6 += 5 5 ' 9$= 6 >"+ > 5 3 +<59" +<6$) +5 '+6 541 >+) 5 "+> ( )@ =$'' ! 6 $) +<5 3!5 ) ) -' 6 )9 ' ) 4 >+<' 5 = ' "$9" 59+ <)&)+>) 5 ' 9$= 6 >"+ > 5 = 5@ '+6 $) 2 +> $6 5 9 >+<' ) 695@ " = 9+ + @+< 9"$)&2 52*(5 7$</25 9,//$*( :,7++(/' 9,$ (0$,/

" ! "

&(/7,& 25,*,16

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

7KH UHVLGHQWV RI %OHGLQJWRQ LQ *ORXFHVWHUVKLUH FHOHEUDWLQJ WKHLU FRQQHFWHGQHVV

<285 )$0,/< +,6725< '(&(0%(5

6+' 6$6 + 1 " = '+6 5 '$)&6 9+ 9" $9$A )6 + <5+- 9" ) > = 5 &) > $946 %<69 $) 9" 5 9" 5 9" ) 9" %$55< 5,'(287 9,$ (0$,/

! !

! ! ! ! ! ! ! "

6(5,286 3,&785(6

" 59$ ' $) 9" 9+ 5 $9$+) + +<5 ($'@ $69+5@ ( ! A$) +<9 9" +5( '$9@ + 6$99 56 $) -"+9+!5 -"6 5 ($) 6 ( + 9" +) 99 " 9 & ) $) +<9 ,*,,1 9 $6 + 9>+ !5 9 <)96 + ($) <)$ ) '$A 9" 5++( $ '

.HQ %URRPILHOGÅ‘V HDUQHVW IRUHEHDUV


/HWWHUV ) 7# $3 )$ +3$40 '' 7#3 3 ( $) 4-$)47 34 ) < 3 ):34 40 ) +37:) 7 '> + )+7 # ; )>7#$)" :4 :' ) +:7 7# $3 - 34+) '$7$ 40 .(1 %5220),(/' %< (0$,/

% ' '#% $ ' ! '($ " % % ! $ !% ' ' $ $ $% ' ' * * + ($ ' $ %' ! '($ % $ ($ $ ' %' !% '% '($ %"

0((7,1* 6$66221

) 7# :'> $44: + +:3 ($'> $47+3> . , !/ >+:3 -3+(+7$+) ' 7:3 3+( # ) '+"$47 7:3 $ " 3$ 44++)0 7 3 $) '$ $ " 3$ +); 37 7+ +( ) 7#+'$ $4(0 ( )7+3 $) 7#$4 +); 34$+) # ) +7# 3 3" 3 7

3> + 7# 44:(-7$+) ):)40 < )7 7+ 4 #++' 7 )"3 ; '' $) : +'& <#$ # < 4 3:) > 7# 3 3 + 7# 44:(-7$+) ) +7# 3 3" 3 7 3> # ) (> $347 ; 3 ) +7# 3 7# 3 0 ) +:7 ,* 5 $ " 3$ 44++) ;$4$7 +:3 4 #++' ) 7#+4 + :4 $) 7# $ 7# ) 4$=7# +3(4 < 3 $);$7 7+ 7# '$ 3 3> 7+ '$47 ) 7+ #$( 3 :4 4+( + #$4 -+ 73>0 4 # 3 #$4 < 3 -+ (4 # ( 1:$7 (+7$+) ' ) 7 34 47 37 7+ 73$ &' +<) #$4 # &4 <# 3 :-+) < "$3'4 < 3 1:$ &'> :4# 3 +:7 + 7# 3++( 4+ 4 )+7 7+ :4 #$( ( 33 44( )7 4+( 7#$)" 4# '' ) ; 3 +3" 70 -$1( :<11( 9,$ (0$,/

#$ ! % ' ' ' , $ % $ % %( % ' ' ) % + ( $ + ( + ' ) $ % ' ' ' '

6RFLDOKLVWRU\ 7KLV LV RXU PRQWKO\ VXPPDU\ RI ZKDW UHDGHUV DQG WKRVH LQ WKH KLVWRU\ DQG JHQHDORJ\ ILHOGV KDYH EHHQ WDONLQJ DERXW RQ VRFLDO PHGLD YLD RXU )DFHERRN SDJH DQG 7ZLWWHU &RQWULEXWH DW ZZZ IDFHERRN FRP <)+PDJD]LQH DQG ZZZ WZLWWHU FRP <)+PDJD]LQH *HQHDORJLVWV DW $QFHVWU\+RXU KDYH EHHQ GLVFXVVLQJ DV\OXP UHFRUGVř #FKLGGLFNVWUHH , KDYH RQH JHQXLQH DGPLVVLRQ LQWR DQ DV\OXP RQ P\ WUHH DQG RQH HDUO\ GHDWK IURP 7% DW DQ DV\OXP #-XG\4OG 7KDW ZDV D FRPPRQ FDXVH RI GHDWK LQ D PHQWDO DV\OXP EXW ZKDW ZDV WKH UHDVRQ IRU DGPLVVLRQ" #FKLGGLFNVWUHH , FDQōW VD\ IRU FHUWDLQ EXW DVVXPHG WKH DGPLVVLRQ ZDV SXUHO\ EHFDXVH KH KDG FRQWUDFWHG 7% #-XG\4OG )RU D PHQWDO QRW EHQHYROHQW DV\OXP WKH UHDVRQ IRU DGPLVVLRQ VKRXOG EH VRPHWKLQJ OLNH WKRVH OLVWHG RQ KWWSV ELW O\ LQVMZ 7KHUHōV ORQJ EHHQ D JHQGHU LPEDODQFH LQ WHUPV RI DUFKLYDO UHFRUGV &DQ JHQHDORJLVWV KHOS UHGUHVV LW" #(QJOLVK+HULWDJH :RPHQ RQO\ RFFXS\ DURXQG RI UHFRUGHG KLVWRU\ :KDW FDQ ZH GR WR UHGUHVV WKH EDODQFH" #JHQHDOJHQLH &KDOOHQJH IRU JHQHDORJLVWV Ŋ LWōV XS WR XV WR UHVHDUFK DQG ZULWH DERXW RXU ZRPHQ DQFHVWRUV" #ZHQG\BSHUFLYDO *RRG SODQ ,WōV RQ P\ OLVW :KDW KDSSHQV ZKHQ D EULFN ZDOO DSSHDUV LQVXUPRXQWDEOH" #2QH7ZLJ%H\RQG 'R \RX HYHU ŌJLYH XSō WUDFLQJ VRPHRQH RU MXVW SXW WKHP WR RQH VLGH IRU QRZ" #JHQHDVWRULHV 3DUN DQG UHYLHZ 6RPHWLPHV D EULFN ZDOO LV PRUH D VPDOO IHQFH Ŋ , MXVW QHHG WKH WLPH WR YLVLW WKH ULJKW DUFKLYHV WR FOLPE RYHU LW

%266 /,1.6"

7KH :: SRHW 6LHJIULHG 6DVVRRQ

3 7# 37$ ' > #3$4 7+) $) 7# :33 )7 $44: + +:3 ($'> $47+3> +:7 7# 3 ) 3" 47 ($'>0 <+) 3 $ 7# > < 3 )> 3 ' 7$+)4 + #+( 4 3 ) 3" 47 <#+ < 4 7# +44 + )4 4 $7> $44+:3$ $) 7# ,*9?4 ) ,*8?42 4 7# 7 7<+ + 7#+4 $) 7# ($'> 73 4 4#+<) $) 7# 37$ ' < 3 '' #+( 4 ) '4+ 7# 7 +) + 7# (

$ # ' 3 ) 3" 47 # ) ( ( 3 + 7# 33 ":' 34 ) # +:"#7 $) 7# 3$4# $;$' 30 7 3 7# > # ) 7 $ # ' # ' 3+( 3 ' ) $347 7+ ) ) 7# )

7+ 7# <# 3 # "+7 ( 33$ 0 7# ) '$; 7# 3 :)7$' ,*5 +3 3 7:3)$)" 7+ 3 ' ) ) $ $) ,* 50 #+( 4 3 ) 3" 47 < 4 7# - 73+) + 33> 3:( ) <#+ < 4 '' 7# ) 7+3 3+( 3 ) 3" 47 7 $3470 #+( 4 $ %:47 +3 3:( ) ( -3 4$ )7 $) ,*! 0 >+: # ; )> $) +3( 7$+) <+:' "3 7 :'0 $* %851(77 %,50,1*+$0

$ * ' % ! ' (%' ' $ % (' $ + % * ' * '* ' %% % % '+ ' $' $ $ % $ $ %'%

'(&(0%(5

<285 )$0,/< +,6725<


$JHQGD +LVWRU\ DQG JHQHDORJ\ QHZV :DUNV PHPRULDOV

1XQHDWRQ DQG 1RUWK :DUZLFNVKLUH )DPLO\ +LVWRU\ 6RFLHW\ KDV UHOHDVHG WKH ILUVW FROOHFWLRQ RI GDWD IURP LWV *UHDW :DU 0HPRULDOV 3URMHFW WR GRFXPHQW PHPRULDOV DQG WKH PHQ FRPPHPRUDWHG RQ WKHP LQ WKLV SDUW RI WKH 0LGODQGV 7KRXVDQGV RI UHFRUGV IURP WKH IRXU \HDU SURMHFW FDQ QRZ EH EURZVHG DW ZZZ QQZIKV RUJ XN FDWFK DOO ILUVW ZRUOG ZDU FHQWHQDU\ ZDU PHPRULDOV ZLWK PRUH EHLQJ XSORDGHG UHJXODUO\ WKDQNV WR WKH ZRUN RI &HOLD 3DUWRQ ,DQ 6KXWHU DQG RWKHU YROXQWHHUV

*HG6LWH XSGDWH

7KH JHQHDORJ\ ZHEVLWH FUHDWLRQ VRIWZDUH SDFNDJH *HG6LWH KDV EHHQ XSGDWHG WR YHUVLRQ 7KH SURJUDP JHQHUDWHV +70/ SDJHV IURP *('&20 ILOHV DQG KDV EHHQ XSGDWHG WR LPSURYH LWV KDQGOLQJ RI GRFXPHQWV DV ZHOO DV WR ZRUN PRUH FORVHO\ ZLWK ILOHV H[SRUWHG E\ /HJDF\ 6HH ZZZ JHGVLWH FRP

1DWLYH $PHULFDQV

$ QHZ SURMHFW DW WKH 8QLYHUVLW\ RI .HQW DLPV WR FUHDWH D FRPSUHKHQVLYH KLVWRU\ RI 1DWLYH $PHULFDQV LQ %ULWDLQ RYHU WKH ODVW \HDUV SDUWLFXODUO\ WKH ODVW \HDUV ,W ZLOO ORRN WR GRFXPHQW DOO IRUPV RI 1DWLYH 1RUWK $PHULFDQ WUDYHO DFURVV WKH $WODQWLF LQFOXGLQJ ORQJ WHUP UHVLGHQFH LQ %ULWDLQ 6HH KWWSV UHVHDUFK NHQW DF XN EH\RQGWKHVSHFWDFOH

)XUQLWXUH PDNHUV

7KH %ULWLVK DQG ,ULVK )XUQLWXUH 0DNHUV 2QOLQH %,)02 GDWDEDVH LV D UHFHQW SURMHFW KRVWHG E\ WKH ,QVWLWXWH RI +LVWRULFDO 5HVHDUFK WR GLJLWLVH WKH 'LFWLRQDU\ RI (QJOLVK )XUQLWXUH 0DNHUV 7KH ILUVW GDWD LV QRZ DYDLODEOH IUHH DW KWWSV ELIPR GDWD KLVWRU\ DF XN 6HH DOVR ZZZ IXUQLWXUHKLVWRU\ VRFLHW\ RUJ ELIPR IRU GHWDLOV

2] FRQYLFWV

&DSWXUHG 3RUWUDLWV RI &ULPH LV D QHZ GLJLWLVHG DUFKLYH ZKLFK UHYHDOV WKH VWRULHV RI DOPRVW SULVRQHUV LQ 1HZ 6RXWK :DOHV $XVWUDOLD EHWZHHQ DQG $Q RQOLQH H[KLELWLRQ DW ZZZ UHFRUGV QVZ JRY DX DUFKLYHV H[KLELWLRQV FDSWXUHG VKRZFDVHV RI WKHP LQ GHWDLO

<285 )$0,/< +,6725< '(&(0%(5

)LYH \HDU SURMHFW ZLOO XVH '1$ WR FUHDWH ZRUOG IDPLO\ WUHH '1$ WHVW FRPSDQ\ ZLOO FRQQHFW SHRSOH DFURVV WKH ZRUOG ! * ! " / " # !/ , ! ( +! "' , / ' #'" * *" ' * ( ! %-"' - / *' & ( "! ! /( ! # "# &( $

! / ! "' #'" * - ! /( # "# &( ' (+ *( '" '"+! * -"' *" ! * *" ( - ' * / * ! - * , ! ( * ! "' / ' $ * ( *" "!(*' * ' / " , '/"! ( ' * /"+ " ' !"+ ! * $

#'" * ( ( *

! !/"! ! # '* # * $ ( ! #'"#' * '/ * !" " / '* !* ! ! !

'! ! * #'" * - ( * !( " * "+( ! ( " " #+* '( -"' ! *" * ' *" !* / (* ! * , ! ( ' # ** '!( ! # "# &( $ , ' * * ( - " , ! *" #'" + * "(* * ! * # " * -"' / * , ! ! # "# *" .# "' "* * ' " '! ! (*'/ ! ! !* ' * "! # ** '!($ , ! ( " "' * ! - * (" " * -"' &( *"# ! " (*( ! ( !* (*( "! * #'" * ! + ! ' #' ( !* * , ( '" * ! , '( */ " "' ' ! */ " + ! ! ' * ! , '( */ ! * +! , '( * ( " . ( * "# ! ! ! ! / ! /$ * * / # '* # !*(

- *" * - * ! ""( *" "!! * - * !/"! ( ! * #'" * *" ( "* / ' "!! * "! * ! "' / ' $ #'" * - ! # "# *" .# "' "* * ' " '! ! (*'/ ! ! !* ' * "! # ** '!( "! ' "! ( , ! ' / " '( * "(* ' !+ ' ' "! ! * ' "-! , "! * ' *$

"# - " , ' / "! * (* - * !"* ' " # !/ ! +# " * ' ' (+ *( ! * # '* "' ' $ * '( ! " ! / * ! * ' "-! , ! * (*$ . (* ! , ! '( - , * "##"'*+! */ *" " ! * #'" * "' ' $ ! * "! !/ ! -


$JHQGD +LVWRU\ DQG JHQHDORJ\ QHZV /LYLQJ'1$Å‘V2QH)DPLO\2QH:RUG SURMHFWZLOOODVWIRUILYH\HDUVDQG FRQQHFWSHRSOHDFURVVWKHJOREH WKURXJKWKHLU'1$WHVWUHVXOWV

+$9( <28 6((1

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

; 34$+) + 7" 4 ( --3+ " 7+ +:)73$ 4 3+:) 7" <+3' 7+ -3+ : 7" $347 $) #4 ' ! ) 7$ ( - + 7" <+3' ) $) 7" -3+ 44 :$' $)! :- 7"

) +3' ($'> 3 0 3 37 ( 37 3+( 7" )$; 34$7> + +3& <"+ $4 44$47$)! $;$)! <$7" 7" -3+% 7 4 $ 1 $;$)! 24 ) ($'> ) +3' -3+% 7 $4 = $7$)! ( $7$+:4 ) 7$( '>0 7 3 <4 +) 7" ' 7 47 4 $ )7$ $ $)4$!"74 ) :77$)!# ! 7 ")+'+!> 7+ ( - 3 4:'74 3+( 3+:) 7" <+3' ) ''+<4 :4 34 7+ =-'+3 7" $3 ) 473> $) +(-' 7 '> ) < < >402 $;$)! $4 '4+ =- 7 7+ ' :) " $74 ) < ($'>

7 " 4 7:3 $) 7" 4-3$)! + 9@, 7"$4 <$'' ) ' :4 34 7+ '++& +3 $) $;$ : '4 <"+4 " 4 ( 7 " 4 <$7" 7" $3 +<) 4$($' 3 7+ +7" 3 4 3;$ 4 3+( +3 = (-' ) 473> ) ($'> 3 0 Q ! "

DOPRVW UHFRUGV ,W LV EHLQJ XSGDWHG PRQWKO\ DQG KDV DQ HPDLO QHZVOHWWHU ZKLFK ZLOO NHHS \RX LQIRUPHG DERXW QHZ DGGLWLRQV 7KH GDWD DYDLODEOH FDQ EH VHDUFKHG E\ SHUVRQ GDWHV QDPH DQG SODFH RU E\ SURSHUW\ 7KH IUHH UHVXOWV SURYLGH LQIRUPDWLRQ VXFK DV RFFXSDWLRQV DQG DGGUHVVHV DQG ZKHWKHU D VLJQDWXUH LV SUHVHQW RULJLQDO GRFXPHQWV FRVW e HDFK $V ZHOO DV GHHGV WKH VLWH KDV FRQYH\DQFHV DEVWUDFWV RI WLWOH PRUWJDJH GRFXPHQWV DQG RWKHUV ÅŠ WKH VLWH KDV D IHZ SDJHV RI DUWLFOHV H[SODLQLQJ ZKDW WKHVH DUH DQG ZKDW FDQ EH JOHDQHG IURP WKHP SOXV D FDVH VWXG\ 7KH VLWH ZLOO EH RI JUHDW XVH IRU KRXVH KLVWRU\ WRR

6FRWODQGV3HRSOH UHOHDVHV GDWD /DWHVW UHOHDVH RI 9DOXDWLRQ 5ROOV

6

+7' ) 4 +-' " 4 3 ' 4 7" ,*8 ': 7$+) +''4 +3 +7' ) 0 " 4 +; 3 (+3 7" ) 905 ($''$+) ) ( 4 +3 +<) 34 7 ) )74 ) -3+- 37$ 4 ) 7+ 7" ,@ -3 ;$+:4 4 74 + 4: " 3 +3 4 ; $' ' 7 7" < 4$7 """ ! +; 3$)! 7" , #,*8@ - 3$+ 0 (+)! 7" ) <'>#3 ' 4 3 +3 4 3 )73$ 4 3 ' 7$)! 7+ 4+( + +7' ) 24 < ''#&)+<) :7"+34 $) ': $)! +(-7+)

& )?$ $' :)) +4 -"$) > ) " -" 3 ) ))$ < )0 '7"+:!"

7" ': 7$+) +''4 < 3 -3$( 3$'> $)7 ) 7+ 3 +3 7" ; ': 3 )74 + -3+- 37> 7" ) ( 4 7" > $) ': ( & 7" ( $); ': ' +3 73 $)! " 4 + "+:4 "+' 4 7"3+:!"+:7 +7' ) >+) 7" (+47 3 )7 +- ) )4:4 > 3 + ,*,,0 7< ) , ) ,*8@ +7' ) 24 -+-:' 7$+) !3 < 3+( +; 3 7"3 ($''$+) 7+ 0 ($''$+)0 " < 4$7 )+< " 4 (+3 7" ) ,, ($''$+) $) = )73$ 4 $) $74 ': 7$+) +''4 +'' 7$+)0 Q

'(&(0%(5

<285 )$0,/< +,6725<


$JHQGD +LVWRU\ DQG JHQHDORJ\ QHZV

2QOLQH XSGDWH

2XU URXQG XS RI UHFRUG UHOHDVHV DQG RWKHU LQWHUQHW QHZV $1&(675< &2 8.

3RRU /DZ UHFRUGV IRU .LUNFDOG\ 3DULVK UHFRUGV IRU %H[OH\ .HQW &DWKROLF UHJLVWHUV IRU /LYHUSRRO (OHFWRUDO UHJLVWHUV IRU )LIH

%5,7,6+1(:63$3(5 $5&+,9( &2 8.

7KH %1$ KDV SDVVHG WKH ODQGPDUN RI PLOOLRQ SDJHV 5HFHQW DGGLWLRQV LQFOXGH WKH %LUPLQJKDP 'DLO\ 3RVW WKH 'DLO\ +HUDOG DQG 7KH 6WDJH 7KH VLWH DOVR QRZ RIIHUV D TXDUWHUO\ VXEVFULSWLRQ

)$0,/<6($5&+ 25*

3DULVK UHFRUGV IRU :DUZLFNVKLUH 'HUE\VKLUH (VVH[ DQG 0DQFKHVWHU SOXV ELVKRSVō WUDQVFULSWV IRU &DPEULGJHVKLUH DQG +DPSVKLUH

),1'0<3$67 &2 8.

:DUZLFNVKLUH EDVWDUG\ LQGH[HV 3DULVK UHFRUGV IRU %HUNVKLUH 7KDPHV 0HGZD\ /RQGRQōV (DVW (QG DQG 'RFNODQGV DQG WKH $UFKGHDFRQU\ RI &DQWHUEXU\ <RUNVKLUH EXULDOV ,ULVK JHQHDORJLFDO DEVWUDFWV

0<+(5,7$*( &20

(OOLV ,VODQG DQG RWKHU 1HZ <RUN SDVVHQJHU OLVWV

7+(*(1($/2*,67 &2 8. PRUH SDULVK UHFRUGV IRU :RUFHVWHUVKLUH DQG PRUH WKDQ IRU :DUZLFNVKLUH

<285 )$0,/< +,6725< '(&(0%(5

WK FHQWXU\ DUP\ UHFRUGV UHOHDVHG /DWHVW GDWD IURP 7KH*HQHDORJLVW ERRVWV PLOLWDU\ FROOHFWLRQV $ "& 05 0 &&05 50 # " 5 /< / &/ &"" 5 &$0 : 5 5:& 0 $ $5 5 &$0+ /05 / / &/ 0 /&# 5 &/" : /#< $ ; &/ ' ' ' 3' $ ' 2'+ $< 5 &80 $ 0 & # $ $ 5 / 5 0 /#< : / 0 /9 $ &9 /0 0 $ / "8$ ( /50 & 5 / 5 0 #( / $ 5 # '%5 $58/<+ 0 $ ; & $ # 0 0 &#( " /&# 5 #805 /0 &$5 $ $ 5 '> '' '7 / 0 & /

<" 050 " 5 5 &$ " / 9 0+ 0 / &/ 0 " 05 "" & /0 &/ ' ' $ ' 2' )& /0 : / $&5 #805 / $ "" 5 ( <" 050 $ ' 3'* $ "" -&5 / / $!0. 0 /9 $ $ 5 /05 ,8 /5 / & ' ' $ 0 &$ ,8 /5 /0 & ' 3' $ ' 2' 5& 5 / : 5 5 / / # $5 " "& 5 &$+ $ ; $ 5 / &/ (/&9 80 8" # " $ 05&/0 / # 00 $ /&# $080 / 58/$0 &/ 5 0 < /0+ &/ 5 $ 2> >>> & 5 0

7KH,OOXVWUDWHG:DU1HZVEURXJKWXS WR GDWHQHZVSLFWXUHVIURPWKHIURQW

/ &/ 0 9 ;5/ $&5 0 5 5 $ $ 5 : 5 / 0&" / : 0 / /8 5 : 5 $ 5/ $0 / 5& / # $51 5 /&# 0 / # $5 &/ 55 5& $&5 /1 0 / 1 &$ " 9 1 &/ 0 /5 &/ / 5 / + $ $5 0 80 $ " 0 0 / "0& $ "8 + $< $&5 0 $ "8 (" & /5 $

&/# / & 8( 5 &$+ "0& $ "8 : 5 $ 5 / &/ 0 / / /8 50 &< 0&" /0 $ 0# $ $ 9 " $0 :&/! $ $ 5 /# &/ 0 0 " /!0 ( $0 &$ / /8 5 /0 5 /0 $ &5 / /&" 0 $ 5 0 $ 0+ &"&$ " / # $50 : $9 / "< $ "8 / 5 0 08 50 / "0& 58/ + 0 5 0 "0& 8/5 / 5 &$0 5& 50 &"" 5 &$ & 008 0 & 5 ""805/ 5 / :0+ 0 &$0 05 & 6 63 ( 0 /&# 3 (5 # / '%'3 5& '> (/ " '%' 5 0 5 "/ < 0 008 0 /&# '%' 5& '%'3+ 0 : 0 : !"< # = $ (8 " 0 < ""805/ 5 &$ &$ :0 $ ! 5 5 $ &$5 $ ""805/ 5 / (&/50 / " 5 $5 / "< 5& 5 : /+ 5 " # 5& 9 5 " / 05 $8# / & /5 05 &// 0(&$ $50 / (&/5 $ &$ 5 (/& / 00 & 5 : / 8$5 " 5 0 (8 " 5 &$ $ '%' + Q

*52 GLJLWLVDWLRQ SLORW H[WHQGHG 7KH *HQHUDO 5HJLVWHU 2IILFH IRU (QJODQG DQG :DOHV KDV QRZ ODXQFKHG LWV ODWHVW WULDO RI GLJLWLVHG KLVWRULF ELUWK DQG GHDWK FHUWLILFDWHV DV KHUDOGHG LQ <RXU )DPLO\ +LVWRU\ōV QHZV LWHP ODVW PRQWK 7KH WULDO LV FXUUHQWO\ H[SHFWHG WR ODVW XQWLO DW OHDVW PLG -DQXDU\ SRVVLEO\ ORQJHU WR DOORZ WKH *52 WR DVVHVV ORQJHU WHUP GHPDQG IRU WKH VHUYLFH 7KH UHFRUGV DYDLODEOH DV 3')V QRQ FHUWLILHG DUH ELUWKV IURP WR DQG GHDWKV IURP WR 7KH\ GR QRW LQFOXGH RYHUVHDV RU IRUFHV UHJLVWUDWLRQV RU DGRSWLRQ UHFRUGV (DFK 3') FRVWV e DQG PXVW EH DSSOLHG IRU RQOLQH XVLQJ WKH FRUUHFW *52 LQGH[ UHIHUHQFH LW ZLOO WKHQ WDNH XS WR ILYH ZRUNLQJ GD\V WR EH DYDLODEOH ILOHV ZLOO EH GHOHWHG IURP D XVHUōV DFFRXQW DIWHU WKUHH PRQWKV VR VKRXOG EH GRZQORDGHG RQ UHFHLSW 7KH\ FDQ EH RUGHUHG IURP ZZZ JUR JRY XN JUR FRQWHQW FHUWLILFDWHV GHIDXOW DVS (DUO\ XVHUV UHSRUWHG WR WKH 6RFLHW\ RI *HQHDORJLVWV PDLOLQJ OLVW WKHLU SUDLVH IRU DQ ŌH[FHOOHQWō VHUYLFH



$JHQGD +LVWRU\ DQG JHQHDORJ\ QHZV

([KLELWLRQ FHOHEUDWHV 4XHHQV RI ,QGXVWU\

'1$ XSGDWH

$QFHVWU\'1$ KDV UHDFKHG D QHZ PLOHVWRQH RI VL[ PLOOLRQ '1$ WHVW UHVXOWV LQ LWV GDWDEDVH UHSUHVHQWLQJ D GRXEOLQJ LQ OHVV WKDQ D \HDU 7KH FRPSDQ\ KDV DOVR XSGDWHG LWV SUHVHQWDWLRQ RI HWKQLFLW\ LQ LWV RQOLQH LQWHUIDFH DW ZZZ DQFHVWU\ FR XN GQD

7KH ZRUNLQJ FODVV ZRPHQ FKRVHQ WR UHSUHVHQW WKHLU WUDGHV ,:0 /DQFDVKLUH&RXQW\/LEUDU\6HUYLFH

$ 2 3 - &$ + $ 0+-* "

0+ 0# " * - + - " * "4 0$-&" +-&*4 & 2&# $ &+ $ -& - + & 1 * -4 & * - + $ 0+-* + - *&0 &0- #0 & - /5- $-0*4) + 0 $+ & $ 0+-*4 - - -" & - 3 - &$ 2 * 2&*! $ " ++ 2&# $ ("0 ! &0- & - * -* + -& * (* + $- - # &$ - (0 " +- ) *+- "2 4

0 $+ 2 * " - $ - # '%/5+ $ - " +- & "

0 $ " - $ - *"4 '% 5+) * - 1 +( *! &* - 3 - &$ + - +-&*4 & &* $ * &&- 2 1 * *&# (&+- 2 * -" 4 + 2 &+ # "4 2 * 0*$- &0& - * &0+ 0* $ &*" * /) &* $ 2 + + " - -& * (* + $- * $ 0+-*4 $ '% $ "+& -& (" 4 - " $ * 0 - "# * - 4 - 2&&" $ 0+-*4 + ( *- & * *0 -# $ * 1 # - 4&0$ # " 2&*! *+) $ - "# &* $ 2 + (&*-* 4 + +4# &" & - 0-0* $ $ $- &- -& (&+- 2 * 0+- * -4)

&RWWRQ 4XHHQ 0DUMRULH .QRZOHV DW WKH %XUVOHP +RVSLWDO &DUQLYDO 0D\ $ &- * $ 0+-* + - *+ &--&$ 0 $ - $ -& # - $ $ "&4 &* $ '%.5 $ "2 4

0 $ 0 * 4 &++&# * (* + $- * $ 0+-*4 &$ 1 + - -& 0++ $ 2 * +( " -* $ 2 + " &$ &* * -& # - &1 - " * &+ ( - " $) "+& - &$&0* & +2 - $ &$ - " !(&&" ""0# $ - &$+ (* 1 " 0+0 ""4 * +-* - -& - 1 *4 #&0+ 2 "- 4 &* (&2 * 0")

3 - &$ -0* + * * "4 + $ & -+ *&# + 0+ 0#+ $ "" * + + 2 "" + "& $+ *&# &- * # &* #0+ 0#+ $ (* 1 - &"" -&*+) ! 4 # &* - 3 - &$ + "+& -& 3("&* &2 2&# $ -& 4 3( * $ 2&*! $ $ $ 0+-*4 $ -& * &* &$- #(&* *4 # " $ 0+-* " +-&*4) - *0$+ 0$- " (- # * /5'% + &* - "+) Q

P UHFRUGV IRU 3RUWVPRXWK RQOLQH )LQGP\SDVW KDV UHOHDVHG PRUH WKDQ PLOOLRQ UHFRUGV UHODWLQJ WR WKH FLW\ RI 3RUWVPRXWK WKDQNV WR D SDUWQHUVKLS ZLWK 3RUWVPRXWK +LVWRU\ &HQWUH 7KLV ILUVW SKDVH RI UHFRUGV FRYHUV PRUH WKDQ EDSWLVPV PDUULDJHV DQG EXULDOV $OVR LQFOXGHG DUH PRUH WKDQ DGPLVVLRQ DQG GLVFKDUJH UHFRUGV IURP WKH 3RUWVHD ,VODQG ZRUNKRXVH SLFWXUHG

EHWZHHQ DQG 7KHVH UHYHDO ZKHQ DQ LQGLYLGXDO ZDV DGPLWWHG ZKHQ WKH\ ZHUH GLVFKDUJHG DQG WKHLU KRPH DGGUHVV 7KH RULJLQDO LPDJHV VRPHWLPHV SURYLGH DGGLWLRQDO GHWDLOV VXFK DV UHOLJLRXV GHQRPLQDWLRQ LQIRUPDQWōV QDPH DQG DQ\ DGGLWLRQDO ZULWWHQ QRWHV

<285 )$0,/< +,6725< '(&(0%(5

HYHQWV

7KH FRQIHUHQFH RI WKH 6FRWWLVK $VVRFLDWLRQ RI )DPLO\ +LVWRU\ 6RFLHWLHV ZZZ VDIKV RUJ

ZLOO EH KHOG RQ $SULO DW *OHQURWKHV Ŋ VHH KWWSV VDIKV ILIHIKV RUJ 7UDFLQJ <RXU ,ULVK DQG 6FRWV ,ULVK $QFHVWRUV LV D FRQIHUHQFH WDNLQJ SODFH IURP 6HSWHPEHU DFURVV YDULRXV ORFDWLRQV Ŋ VHH ZZZ DQFHVWU\ LUHODQG FRP IDPLO\ KLVWRU\ FRQIHUHQFH DXWXPQ QHZ IRU $ QHZ IDPLO\ KLVWRU\ VKRZ LV EHLQJ SODQQHG IRU /RQGRQ RUJDQLVHG E\ &$% 6HDUFK DQG WR EH KHOG RQ 0D\ LQ (DUOōV &RXUW Ŋ VHH ZZZ WKHQDPHHYHQW FRP

*HQHDORJ\ KHURHV $QJOR &DQDGLDQ JHQHDORJ\ EORJJHU -RKQ ' 5HLG VHH SDJH

KDV FRQGXFWHG KLV DQQXDO ŌURFNVWDU JHQHDORJLVWVō VXUYH\ 7KH 8. ZLQQHU ZDV -DQHW )HZ ZLWK <)+ōV &KULV 3DWRQ DQG (OVH &KXUFKLOO DPRQJ WKH WRS ILYH

%URDGFDVW DUFKLYH

7KH 1DWLRQDO /LEUDU\ RI :DOHV LV SODQQLQJ D EURDGFDVW DUFKLYH 'HWDLOV DQG D VXUYH\ WR KHOS ZLWK SODQQLQJ WKH DUFKLYH FDQ EH IRXQG DW ZZZ VPDUWVXUYH\ FR XN V 64 5/

&DQDGD FHQVXV

7KH ZKROH RI WKH &DQDGLDQ FHQVXV LV QRZ DYDLODEOH IRU IUHH DW ZZZ EDF ODF JF FD HQJ FHQVXV /RVW&RXVLQV FRP KDV DGGHG WKH IDFLOLW\ WR OLQN LQGLYLGXDOV LQ WKH 1HZIRXQGODQG FHQVXV

%$/+ DUFKLYH

7KH HQWLUH DUFKLYH RI WKH %ULWLVK $VVRFLDWLRQ IRU /RFDO +LVWRU\ōV DUFKLYH RI /RFDO +LVWRULDQ PDJD]LQHV IURP WR LV QRZ DYDLODEOH IRU IUHH DW KWWS ZZZ EDOK RUJ XN SXEOLFDWLRQV ORFDO KLVWRULDQ



352027,21$/ )($785(

7KH YDOHW DQG WKH IRUWXQH 1LFN 7KRUQH GLVFRYHUV D WDOH RI GHEDXFKHU\ DQG HPEH]]OHPHQW LQYROYLQJ D PHPEHU RI WKH JHQWU\ř & $ % & ! " $ ! %

! & !

! ! % % ! ! ! ! ## ! ! ! $! ! ! $ ; 2 ( 16 *&& 6*1 1$ ( * 6" 1$( ! (6 ( ' 6 91 1$ % 6 1 ( "92 ( * 1$ '$&$ !( ($ # ;"*2 , 1 (6 ! ; 2 2 ( &*92&= *, ( 6* 16 $( '*9(6 * *9 6- 1 '*6" 1 ; 2 ' 11$ 6* ( 6 &$ ( 1$26* 1 6 = 6 6" 1 " 2 !( ($ " & 6 " 1 "92 ( 6 6" 6 6$' - 1$ ; 2 1 ,96 6* 6" $&& !$6$' 6 9!"6 1 * 6" 1& * 1 " ;"* ; 2 6* & 6 1 *' 6" 9% * 9 (2 91= &6"*9!" : 1= ; &6"= $( " 1 *;( 1$!"6 " 1 "92 ( 02 '$&= ( : 1 ,6 " 1 92 * 6" /'$2 !*66 (0 ( 691 * " 1 $16" 2 1 " * " ( &*!$2602 1 *1 2 *1 6" 6;* $( 2 6" 1 *1 2 * 6" $1 ' 11$ ! 6 6 ;1 ( $( $( " 26 1 *( +3

= +3) " ( &*!$26 " 2 (9' 1 * 1 *1 2 62 6" 6 ; ( 92 ;" ( ; $( ( ( 26*1 ;"* ; 2 ' ' 1 * 6" "$!" 1 " &*(2 * 2* $ 6= (: 26$! 6$(! 6" 1.9 22 ; 1 & 6* 691( 6* 6" 1 ! (61= ( *= &6=

7KH PDUULDJH RI WKH WKHQ (DUO RI <DUPRXWK DQG 0DULD )DJQDQL WRRN SODFH LQ DQG FDQ EH IRXQG LQ SDULVK WUDQVFULSWV RQ 7KH*HQHDORJLVW 1 *1 2 *( " ( &*!$26 # ( 91% 02 1 ! $( , 16$ 9& 1 # ;"$ " ;$&& ,1*:$ 92 ;$6" !1 6 & * '$&= 61 $( *1' 6$*(- ( 6" 1.9 22 * 16 *1 02 2 ; & 1( 6" 6 6" = ; 1 6 1 ( " * 6" ='*912 2 ( 1*' 6" 9% 2 * *' 12 6 $6"$( 6"$2 2 6 ( &2* *9( " *= &

& ( 1 + 8 ;"$ " !$: 2 92 6" $( *1' 6$*( 6" 6 6"

1.9 22 " 2 62 $( 6;* *9(6$ 2 *( $( 1;$ %2"$1 ( 6" *6" 1 $( 9 *&%- "$2 ,9 &$ 6$*( &2* !$: 2 92 2*' * 6" ,,*$(6' (62 6" 6 " " & $( *6" 1 , 162 * 6" 1 &' " 6$6" 1 *1 2 *( " ( &*!$26 ( 92 6* $( && 6=, 2 * , *,& 1 (!$(! 1*' 6"*2 ;"* &$: $( *66 ! 2 6* 6"*2 ;$6" 26 6 &= "*' 2- ( 6" 2 *

7KH 5R\DO .DOHQGDU ZKLFK GHWDLOV WKH 0DUTXHVVő VHDWV

<285 )$0,/< +,6725< '(&(0%(5

6" 1.9 22 * 16 *1 ; $( " " <6 (2$: ,&*62 $( 9 *&% 6" 6 " *6" * 9,$ *1 ; 2 6" & ( *;( 1 * ( 1 (6 *6" 1 ,$ 2 * & ( 6* *6" 12-

Ō81',6*8,6(' '(%$8&+(5<ō

1*' " *( $2 $ 6$*( 1= * 6$*( & $*!1 ,"= +4 # +)7> $( " ( &*!$2602 * 9, 6$*( & 1 *1 2 ; ( 2 6" : 1$*92 *(26$69 ( $ 2

6" 6 6" 1.9 22 " 1 ,1 2 (6 2 ( *1 $(! & : 6 6* 6" *92 * *1 2- 6 &2* 1 : &2 "$2 ,*2$6$*( 2 $ # " ' 1& $( 6* 6" 1$( ! (6 # ( 6" 6 " ; 2 6" $(2,$1 6$*( *1 6" " 1 6 1 * 6"

1.9$2 * 6 =( $(

" % 1 =02 ($6= $1 " 2 ; ;*1 2 $,&*' 6$ &&= 6 && 92 2*' 6"$(! * 16 *1 02 " 1 6 1 2 ' (= * " % 1 =02 " 1 6 12 '* % 6" $1 1 &#&$ *9(6 1, 162 # ( 6" 96"*102 *1 6 =( ; 2 ,$ 6 6* 9 " ' ' 1 * 6" 1$6$2" 1$26* 1 =02 "$!" 26 1 (%2 ( 1 " + 8 6 6" ! * 4 6" 71 1.9 22 $ 6 *1 " 26 1 *92 *( 1% ( $( *( *(- *' 1 ,*162 & $' 6" 6 " ; 2 (*6 $( 6" 26 * ' (6 & " &6" ;" ( " , 22 ; =- 6" 12 6 && * "$' " :$(! &$: &$ * ;" 6 6" $ 1$26 " 1& 2 1 :$&& && /9( $2!9$2 9 " 1=0 ;$6" & $'2 6" 6 " 1 ; "$2 & 26 1 6" *(&=

7KH 0DUTXHVV RI +HUWIRUGőV WLWKH UHFRUGV LQ 6XIIRON RQ 7KH*HQHDORJLVW


3URPRWLRQDO IHDWXUH 7KH*HQHDORJLVW FR XN

7KH HQWU\ IRU 1LFKRODV 6XLVVH LQ WKH 1HZJDWH 3ULVRQ &DOHQGDU -XO\ A5 : 4 %)" : ) +4"A : ) %)) %) % #(+) =44 A0 %''5 + +=4 ) 5:+45 ) =4)%5# =5 ?%:# ) %)5%"#: %):+ ?#+ :# A +)5% 4 :+ %(-+4: ): %) :# %4 '%> 50 +4 4: +4 35 :# 5- 4& 4+? ?# ) #%5 ?%'' ' : )=( 4 + ' 4" ' " % 5 :+ #%5 ( )5 4> ): % #+' 5 =%55 0 # @ =:+45 :#+="#: %: ) 55 4A :+ 4 5+4: :+ ' " ' -4+ %)"5 " %)5: :# > ' : '% >%)" :# : # ? 5 " ::%)" (+4 :# ) # 5#+=' 0 # +=4: :%+) 4 >+'> 4+=) ?# :# 4 :# ' 5: + % %' ?#% # ' : =%55 9 CCC 5#+=' 5= 5:%:=: 5=( +4 '' :# -4 >%+=5 + % %'5 + 9, CCC # 4 ) 9; CCC :# 4 $ +4 ?# :# 4 %: ? 5 %) %:%+) :+ :# 5 ' " % 50 # 41= 55 # + >%+=5'A # #%"# +-%)%+) + :# 5 4>% :# : #%5 ( ) # "%> ) #%( 5 ? ) 4 %) :# ?%'' % ? 5 4 # :# 4 4+" :%> +=4: + ): 4 =4A %''5 . / +) # ) '+"%5:0 +4 4: +4 1= :# 9,7 CCC :+ #%5 @ =:+45 :+ -4+>% +4 :# 5 4> ):5 5- % % ''A %4 :%)" :# : # ' + :#%5 (+=): 5#+=' "+ 2:+ % #+' 5 =%55 (A # > ' : ) @ '' ): ( )03

(0%(==/(0(17 $1' /$5&(1< +: 5 :%5 % ?%:# 1= 4A%)" ?#A :# 5 4> ): ? 5 " ::%)"

5+ (= # :# ' : 41= 5535 > ' : ? 5 '5+ =5 + 4 = 0 5 4 # + :# ?5- - 45

" B%) 5 +) # ) '+"%5: 5?% :'A =) +> 45 ) 4:% ' 4+(

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

+#) %'5+) 4+ & 4 ) +:# 4503 # ) @: %5 +) 7 ='A , !< +4 ( BB' ( ): ?%:# :# +:# 4 %)" +) <7 ="=5: , !< +4 2' 4 )A 5 5 4> ):30 # > 4 % : + :# +=4: (=5: # > +( 5 5#+ & :+ :# @ =:+45 5 =%55 ? 5 +=) )+: "=%':A + '' + :# 5 # 4" 5 ) :# ) 4 ' 5

4+( ?" : 0 # : > 4 5 4>% 5 =%55 # -4+>% #%5 ' : ( 5: 4 $ ) 5+( 4 -+4:5 -+%): :+ #%( -4+ =4%)" -4+5:%:=: 5 +4 :#

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

=5 ?%:# :# : :# : :# ::' ? 5 5:%'' +):%)=%)" :#4 A 45 ' : 4 ?%:# 5 %) 4 ) 0 %)" 4 -+4: %) +4 ( 4 , ! %) :#%5 5 :# @ =:+45 + :#

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

7KH ,OOXVWUDWHG /RQGRQ 1HZV IRU 'HFHPEHU RQ 7KH*HQHDORJLVW

6JG)GPGCNQI UV 7KH ,OOXVWUDWHG /RQGRQ 1HZV IRU 1RYHPEHU UHYHDOV D KHIW\ H[SHQVH ELOO IRU 6XLVVH

7KH*HQHDORJLVW FR XN LV RIIHULQJ <RXU )DPLO\ +LVWRU\ UHDGHUV e RII D 'LDPRQG VXEVFULSWLRQ SOXV D IUHH UHJLRQDO JXLGHERRN *R WR 7KH*HQHDORJLVW FR XN <)+$'95

'(&(0%(5 <285 )$0,/< +,6725<


$JHQGD 7KLV PRQWK LQ KLVWRU\

'(&(0%(5

$ PRVW OHDUQHG ODG\

-

" $ " # "

# !

# % ! 7 2 5 / $.# # #2 2 ! /2 ! $ 2 3. 2 $ !( . "$2 . 5 # / 5 / 3/2 2 # 32 . 2 . # $3. / 3 2 . 2$ ! .# # / /3 // 3!!6 /23 / 4 . ! ! # 3 / & $2 # #2 # "$ .# /3 / . # 2 ! # % # / . 5 2 # # . ' # / # ( /% 2 5$" #-/ %$/ 2 $# # /$ 26 ! 7 2 $# $3# /2 . $26% / # $6 # /2.$#$"6 # $ . % 6 # 2. #/! 2 # 4 . $3/ 5$. / # !3 # 2 5$. / $ . % !$/$% . % 2 23/ #2$ # ! / ( %% . #2!6 2$$ %! /3. # . )3 /2 # . . " #3/ . %2/ .$" ! . . #/ 5 $ 5 . 3#3/ 2$ 5$" # / # $. . % % ./( $5 4 . / 5 / "3!2 / !! # 5 / !/$ %2 5 2 2 2 ! #2/ 2 2 5 . / # / "$. 26% !!6 " # # # ! 2$ %! 6 2 /% ## 2 # !32 # # # ! # ! 5$" #( " . # / 5 2 " #6 #$2 ! 3. / $ 2 6 # !3 # " # /3 / . $ #/$# &5 $ / . . / "3!2 2 ! #2 *"6 $! . # ./ .2 . $3! " %3 # / 5 !! / 2. #/! 2 % 2 23/ .$" 2 . # 5$. # . / 5 !! / $"%$/ %$ "(+ "$# . " ! . # / 5 . 5. 2 . ## $. # /$ ! . $." . ! 7 2 $#2 3 # / 5 / % .2 $ 2 !3 2$ # / $ 26 /$ ! # 3 2 $# ! "$4 " #2 $. %. 4 ! 5$" #( 2 " 2 # / $ 2 $ 26 5$" # $3! 2 . "$# /2 ! " # . # / 2$ / 3// 3 2 $# # ! 2 . 23. 2 2 " 5 # "$. , $" /2 - %3./3 2/ 5 . / # / 5$" #-/ . !"( $.2. 2/ $ . 2 2 /3.4 4 . /$" 5 2 ! / 0 ##6 3.# 6 / . . / ,#$ ! !$$ # - 32 2 / /2 . $ %! 65. 2 . . #/! 6 . # "$. 322 # !6 / . . / ,. 2 . 2 # #$2 4 .6 /2. # -( $5 4 . ! 2 . # . 2 $#/ $ 5. 2 . .$" ! 7 2 / !! 2$ . # $$! 4 " . . $." $ %.$2$ " # /" # . #2 !! 23 ! 4 " #2/ 5 . 2 . !! 5 2 / / $3! . " " . $.( Q

<285 )$0,/< +,6725< '(&(0%(5

6KH ZDV SDUW RI WKH %OXH 6WRFNLQJV 6RFLHW\ Ŋ D VRFLDO DQG HGXFDWLRQDO PRYHPHQW IRU SULYLOHJHG ZRPHQ

'(&(0%(5

'HDWK RI %DOGZLQ

7KUHH WLPHV &RQVHUYDWLYH 3ULPH 0LQLVWHU 6WDQOH\ %DOGZLQ GLHG RQ WKLV GD\ LQ DW WKH DJH RI +H KDG VHUYHG DV 3ULPH 0LQLVWHU XQGHU WKUHH NLQJV Ŋ *HRUJH 9 (GZDUG 9,,, DQG *HRUJH 9, Ŋ EXW KDG EHHQ DQ 03 VLQFH +LV PRWKHU ZDV 5XG\DUG .LSOLQJōV FRXVLQ DQG KH ZDV ERUQ LQWR D ZHDOWK\ IDPLO\ LQ %HZGOH\ :RUFHVWHUVKLUH (GXFDWHG DW +DUURZ 6FKRRO KH WKHQ WRRN D KLVWRU\ GHJUHH DW 7ULQLW\ &ROOHJH &DPEULGJH Ŋ EXW RQO\ MXVW VFUDSHG LW HPHUJLQJ ZLWK D WKLUG FODVV GHJUHH :KHQ KLV IDWKHU WKH 03 IRU %HZGOH\ GLHG 6WDQOH\ LQKHULWHG WKH HTXLYDOHQW RI QHDUO\ e PLOOLRQ LQ WRGD\ōV PRQH\ DQG RQ ZLQQLQJ WKH E\ HOHFWLRQ FDXVHG E\ KLV IDWKHUōV GHDWK KH DOVR WRRN RQ KLV SDUOLDPHQWDU\ UROH +H EHFDPH &KDQFHOORU RI WKH ([FKHTXHU LQ DQG KDG KLV ILUVW WHUP DV 3ULPH 0LQLVWHU LQ DIWHU $QGUHZ %RQDU /DZ UHWLUHG KDYLQJ EHHQ GLDJQRVHG ZLWK WHUPLQDO FDQFHU +H ZDV 3ULPH 0LQLVWHU GXULQJ WKH DEGLFDWLRQ FULVLV EXW DIWHU *HRUJH 9,ōV FRURQDWLRQ KH UHVLJQHG OLYLQJ LQ UHODWLYHO\ TXLHW UHWLUHPHQW EDFN LQ :RUFHVWHUVKLUH IRU WKH ODVW GHFDGH RI KLV OLIH


$JHQGD :KDWōV RQ

:KDWōV RQ )LQG RXW DERXW HYHQWV LQ 'HFHPEHU ZLWK RXU GLDU\

'(&(0%(5

WKLV ILQDO RQH ,W FRVWV e VHH ZZZ VRJ RUJ XN ERRNV FRXUVHV HYHQWV FRXUVHV ZULWLQJ \RXU IDPLO\ KLVWRU\ SDUW

%XLOGLQJ D ZHEVLWH

7KLV FRXUVH UXQ E\ WKH *XLOG RI 2QH 1DPH 6WXGLHV ZZZ RQH QDPH RUJ ORRNV DW XVLQJ 7KH 1H[W *HQHUDWLRQ RI *HQHDORJ\ 6LWHEXLOGLQJ 71* WR FUHDWH DQG GLVSOD\ \RXU IDPLO\ WUHH RQ \RXU RZQ ZHEVLWH 6SHDNHUV 3DXO )HDWKHUVWRQH .HYLQ 0HUULVRQ DQG 6WHYH 0LOOHU ZLOO WDNH \RX WKURXJK WKH SURFHVV RI XVLQJ WKH 71* SURJUDP DQG XSORDGLQJ WKH GHWDLOV Ŋ HLWKHU WR \RXU RZQ ZHEVLWH WKH *XLOGōV ZHEVLWH RU ERWK 7KH FRXUVH WDNHV SODFH LQ %RVWRQ 6SD DQG FRVWV e QRQ PHPEHUV RI WKH *XLOG DUH ZHOFRPH )RU PRUH GHWDLOV HPDLO UHS \RUNVKLUH ZHVW# RQH QDPH RUJ

'(&(0%(5

3521, 3ULVRQ 5HFRUGV

7KLV IUHH WDON IURP 3521,ōV *UDKDP -DFNVRQ ZLOO ORRN DW WKH DUFKLYHōV SULVRQ UHFRUGV ZKLFK GDWH IURP WKH PLG WK WR WKH ODWH WK FHQWXU\ 7KH\ FRYHU LQVWLWXWLRQV VXFK DV WKH &UXPOLQ 5RDG *DRO 'HUU\ *DRO DQG $UPDJK 3ULVRQ *UDKDP ZLOO ORRN DW KRZ VXFK UHFRUGV IRUP SDUW RI WKH ORFDO FRPPXQLW\ōV PHPRU\ DQG DOVR KRZ WKH\ UHIOHFW WKH GLYHUVLW\ RI SULVRQHUVō H[SHULHQFHV 7KH WDON LV DW SP DW %HOIDVWōV /LQHQ +DOO /LEUDU\ RQ 'RQHJDOO 6TXDUH 6HH KWWS YLVLWEHOIDVW FRP ZKDWV RQ HYHQW XQORFNLQJ SURQLV SULVRQ UHFRUGV RU KWWSV OLQHQKDOO FRP

'(&(0%(5

2XW RI 3ODFH

7KH ,+5 LQ /RQGRQ LV WKH YHQXH IRU D WZR GD\ FRQIHUHQFH 2XW RI 3ODFH 9DJUDQF\ DQG 6HWWOHPHQW ,W

'(&(0%(5

'RUVHW )+6 $QQLYHUVDU\

%HOIDVWőV/LQHQ+DOO/LEUDU\LVWKHORFDWLRQIRUDWDONRQ3521,őVSULVRQUHFRUGVWKLVPRQWK

DLPV WR H[SORUH WKH VKLIWLQJ H[SHULHQFHV UHSUHVHQWDWLRQV DQG VWDWXV RI YDJUDQF\ LQ UHODWLRQ WR WKH KLVWRU\ RI %ULWLVK VHWWOHPHQW DQG LQFOXGHV SOHQDU\ VSHDNHUV 3URI 3DWULFLD )XPHUWRQ IURP WKH 8QLYHUVLW\ RI &DOLIRUQLD 6DQWD %DUEDUD DQG 3URI 1LFKRODV &URZVRQ IURP WKH 8QLYHUVLW\ RI %LUPLQJKDP ,W ZLOO WDNH SODFH DW WKH ,+5ōV :ROIVRQ &RQIHUHQFH 6XLWH DW 6HQDWH +RXVH 0DOHW 6WUHHW /RQGRQ :& 6HH ZZZ KLVWRU\ DF XN HYHQWV HYHQW

'(&(0%(5

)DPLO\ KLVWRU\ ZRUNVKRS

:RUWKLQJ /LEUDU\ LV WKH ORFDWLRQ IRU D IDPLO\ KLVWRU\ ZRUNVKRS ORRNLQJ DW IUHH ZHEVLWHV IRU IDPLO\ KLVWRULDQV <RX FDQ JHW KHOS DQG DGYLFH IURP LQIRUPDWLRQ OLEUDULDQV LQ WKLV KDQGV RQ VHVVLRQ DLPHG DW WKRVH ZKR KDYH VWDUWHG WKHLU UHVHDUFK EXW QHHG DGYLFH RQ ZKDW WR GR QH[W 6HH KWWS ELW O\ LO: () IRU PRUH

'(&(0%(5

&KDUOHV ,, $UW DQG 3RZHU

7KLV QHZ H[KLELWLRQ DW 7KH 4XHHQōV *DOOHU\ %XFNLQJKDP

'RUVHW )+6 LV \HDUV ROG DQG WR FHOHEUDWH LW LV KROGLQJ D SDUW\ 7KH HYHQLQJ ZLOO LQFOXGH D VHDVRQDO EXIIHW D ŌEDFN LQ WLPHō JDPH FRPSHWLWLRQ DQG D WDON E\ -DFNLH %HUU\ RQ KRZ IDPLO\ KLVWRU\ UHVHDUFK KDV FKDQJHG RYHU WKH ODVW WKUHH GHFDGHV 6HH ZZZ GRUVHWIKV RUJ XN HYHQW WK DQQLYHUVDU\ SDUW\

3DODFH VWDUWV WRGD\ DQG UXQV XQWLO 0D\ ,W DLV WR ORRN QRW RQO\ DW WKH KLVWRU\ RI &KDUOHV ,, EXW DOVR WKH LPSDFW RI DUW RQ KLV UHLJQ Ŋ KH WULHG WR DVVHUW KLV DXWKRULW\ DQG WKH OHJLWLPDF\ RI KLV UHLJQ E\ UHWDNLQJ KLV IDWKHUōV DUW FROOHFWLRQ 7KH H[KLELWLRQ LQFOXGHV SLHFHV IURP WKH NLQJōV FROOHFWLRQ LQFOXGLQJ GUDZLQJV E\ /HRQDUGR GD 9LQFL $GXOW WLFNHWV DUH e EXW FRQFHVVLRQV DUH DYDLODEOH XQGHU V DUH IUHH ZZZ UR\DOFROOHFWLRQ RUJ XN YLVLW WKH TXHHQV JDOOHU\ EXFNLQJKDP SDODFH

/RWKLDQV )+6 LV KROGLQJ LWV PRQWKO\ PHHWLQJ DQG &KULVWPDV JDWKHULQJ WRQLJKW DW SP 7KH PHHWLQJ ZLOO WDNH SODFH DW WKH /DVVZDGH &HQWUH /LEUDU\ (VNGDOH 'ULYH %RQQ\ULJJ 9LVLWRUV DUH ZHOFRPH EXW \RX FDQ HPDLO ORWKLDQVIKV#KRWPDLO FRP WR FRQILUP \RXU GHWDLOV 6HH DOVR WKH )+6 ZHEVLWH DW ZZZ ORWKLDQVIDPLO\KLVWRU\VRFLHW\ FR XN

'(&(0%(5

'(&(0%(5

7KH WKLUG SDUW RI WKH 6R*ōV VHULHV RI ZRUNVKRSV DERXW ZULWLQJ \RXU IDPLO\ KLVWRU\ WDNHV SODFH WRGD\ 7KLV SUDFWLFDO FUHDWLYH ZULWLQJ ZRUNVKRS ODVWLQJ VHYHQ KRXUV DLPV WR JHW \RX EULQJLQJ WKH VWRU\ RI \RXU DQFHVWRUV WR OLIH 7KLV WKLUG FRXUVH UXQ E\ *LOO %ODQFKDUG ZLOO ORRN DW HGLWLQJ OD\RXW DGGLQJ LPDJHV SULQWLQJ DQG SXEOLVKLQJ 3DUWLFLSDQWV PXVW KDYH WDNHQ SDUW LQ WKH WZR SUHYLRXV FRXUVHV WR GR

&RPELQLQJ D WDON ZLWK LWV DQQXDO &KULVWPDV 3DUW\ WKH )+6 RI &KHVKLUH LV DW WKH 8QLWHG 5HIRUPHG &KXUFK DW %UDPKDOO IURP SP XQWLO SP 7KH WDON LV IURP -DQHW 0F0XUUD\ ZKR ZLOO EH VSHDNLQJ DERXW KHU UHVHDUFK RQ WKH 7XGRU &LQHPD LQ %UDPKDOO WKLV ZLOO EH IROORZHG E\ WKH SDUW\ 6HH ZZZ IKVF RUJ XN FRPSRQHQW UVHYHQWVSUR GD\ ",WHPLG HYHQW FDOHQGDU

:ULWLQJ \RXU IDPLO\ KLVWRU\

'(&(0%(5

&KULVWPDV *DWKHULQJ

7KH 7XGRU &LQHPD

'(&(0%(5

<285 )$0,/< +,6725<


,QVLGH WKH 6R* Ō0DQ\ PHPEHUV DVNHG LI WKH\ FRXOG OLVWHQ WR OHFWXUHV RQOLQH Ŋ QRZ WKH\ FDQō 7KH 6R* KDV EHHQ ZRUNLQJ EHKLQG WKH VFHQHV RQ YDULRXV LPSURYHPHQWV Ŋ (OVH &KXUFKLOO KLJKOLJKWV ZKDW KDV EHHQ KDSSHQLQJ

" " "

! "

0 &' ' * 0 , '* * ,& ,&' ' *,& ' & * & * - * * . * ' ' " '' * & , * . ' * # ,&& * 0 * & & & & * & * , ' * ' . * ' ' '*, * * ' / & ' ' ,* & & ' ,& ' * $, '# ' . * * & , ,* * 0 &' . * & &'% ,&' " 0

0 . * * & * & * , ' * . ' &* 0# $, & & * "' & & ' & * ! + '* & & & & '* &' * & & ' . ' & '* &'# & /* ' - * ' & & , ' ',"" * * *,* & '# & ' & ' - - & ,' * " * ' &*' * . # * 0 * & * & * $, * *'. ( &'% ' &- . &' & & 0 ,' * " '* $, '* ' ' - & * & '

:H KDYH D GHGLFDWHG WKHPHG PHPEHUVō IRUXP Ŋ WKH 6R* &RPPXQLW\ +XE

<285 )$0,/< +,6725< '(&(0%(5

& " . * * * &'% &, & . * . & * , *0 , # &' ,' * , & ' ,'' ' & ,&* & , * ** &' ' " - & * &# & * * , * . &'% & ' ,& " &* &' - & &' ' , *' * - & ,' ', ' & "* . ' * ' "& , *' ,&' &' - ' , *' ,& . - *' ,&' ' ", * '# , &' " - ' '' * * / '* /*& . ' * * * ' & '' * * & ' ,& ' * & &0 ', ' * & & &0 '' * 0 . ' * ' * ' ' . ' - * & *' * - & * ' *0# '' * &' " . ' & ', * & * ' . & & 0 - & - ' * * ' *0 - ' * & * '' *' ' , * 0 ' & ' ' , * 0 ' 0 . ' * ,' * & &0# , * ' ,* &' " ' * . ' * *

# Q

%\ (OVH &KXUFKLOO

(OVH LV WKH *HQHDORJLVW DW WKH 6RFLHW\ RI *HQHDORJLVWV )RU PRUH LQIRUPDWLRQ DERXW WKH 6RFLHW\ JR WR ZZZ VRJ RUJ XN


%URDGFDVW QJ KLVWRU\ 7

)HPDOH PRGHOV ŌVKRZFDVHGō WKH SUL]HV ZKLFK ZHUH UHJXODWHG DQG UHVWULFWHG LQ YDOXH

7KH 3ULFH LV 5LJKW UHWXUQV WR ,79

# " ! "

%: ' 71 '% 5 1 1 ' 5# %5 9 ## 0 $ $ 0 5 '0 % # 0 5 1 % 0% 5 '% ' 5 1 '9 9 9 1 )0 1 %5 : 1# 0'95 0 0'$ (& 5' (& * 5 5 % $'8 5' ": 9 0 5 0 '0 : 0 '0 0 570% % 5' 51 '0 % # '$ ' 0'$ (&& 5' 6<<( )0 1 %5 : 5 # 5 0 5 0 07 '01:5 * 705 0 % 0% 5 '% )0 1 %5 : ' 1+7 # 0 % 0'$ 6<<3 5' 6<<2 1' 5 1 15 8 1) # 9 ## '$ 5 0 5 # 15 5 '% 0 * 5 1 5 1# 0'95 0 0 5 5 $'15 ' 71 9 ## 0 $ $ 0 15 5 '7 #5 '7 9 0 9 ## "%'9 5 5 5 9 1 )0' 7 : 5 # 5 ## $ 5 9 05 5 )0 1 %5 0 ' %% # 0 7# 0 5 % 5' (* $ # $' #1 .1 '9 1 / 5 )'5 %5 # )0 ; 1 9 9 0 0 7# 5 % 0 150 5 % 8 #7 : 5 % ) % %5 0' 15 % 75 '0 5:* 1 0 150 5 '%1 9 0 5 $ % 0 % 59 % 5 1 0 1 % 51 $ 0 % )0 11'0* '0 5 $ 0 % 0 1

5 )0 5 5 8 01 '% : 5 0 1 % 9 1 17 ! 5 5' # 11 0 7# 5 '%* $ 0 % $ 1 '9 15 05 % (& 3 0 % '% 9 " % )0 $ 5 $ * #5 '7 5 9 1 % ## %

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Ŋ PRVW VLJQLILFDQWO\ LQ WKH EUHZLQJ RI LOOLFLW DOFRKRO LQ WKH UXQ XS WR &KULVWPDV Ŋ LW LV OHVV REYLRXVO\ D SDUW RI WKH HSLVRGH WKDQ 1R :D\ 2XW 3RUULGJH UDQ IURP 6HSWHPEHU ZLWK WKH RULJLQDO SLORW DLULQJ LQ VSULQJ WKHUH ZDV QR &KULVWPDV HGLWLRQ LQ DQG QRQH LQ DV WKH ILQDO VHULHV ILQLVKHG LQ 0DUFK WKDW \HDU 3RUULGJH RI FRXUVH KDV UHFHQWO\ EHHQ UHVXVFLWDWHG ZLWK .HYLQ %LVKRS VWDUULQJ DV WKH RULJLQDO )OHWFKōV JUDQGVRQ

(&3 5 0 570% % (&26 % 15 ## 01 5' : '$)# 5 9 5 5 , '$ '% '9% - 5 ) 0 1 #1' 71 % 5 *

9LFWRULD VHDVRQ RQ '9' 7KH VHFRQG VHULHV RI ,79 KLW 9LFWRULD LV QRZ RXW RQ '9' Ŋ DQG PLJKW IRUP WKH SHUIHFW VWRFNLQJ SUHVHQW IRU VRPHRQH LQ \RXU IDPLO\ 7KLV EHDXWLIXO ORRNLQJ VHULHV ORRNV DW KRZ 4XHHQ 9LFWRULD EDODQFHV KHU UHJDO UROH ZLWK WKDW RI EHLQJ D PRWKHU RI QLQH PHDQZKLOH $OEHUW WULHV WR ILQG KLV RZQ UROH DORQJVLGH KLV ZLIH $V ZLWK WKH ODVW VHULHV WKLV VWDUV -HQQD &ROHPDQ DV 9LFWRULD

)857+(5 5($',1*

&KULV 3HUU\ 6LPRQ &RZDUG DQG 5LFKDUG 'RZQ 7KH .DOHLGRVFRSH %ULWLVK &KULVWPDV 7HOHYLVLRQ *XLGH Ŋ .DOHLGRVFRSH QG HG ,6%1 -RDQQD :LOVRQ 7KH &KULVWPDV 79 &RPSDQLRQ D *XLGH WR &XOW &ODVVLFV 6WUDQJH 6SHFLDOV DQG 2XWUDJHRXV 2GGLWLHV 3UHVV Q G ,6%1

'(&(0%(5

<285 )$0,/< +,6725<


$ SULQWHUV LQ /XGJDWH +LOO /RQGRQ LQ WKH V

3(23/( 2) 7+( <285 )$0,/< +,6725< '(&(0%(5


7KH LQYHQWLRQ RI WKH SULQWLQJ SUHVV FKDQJHG WKH ZRUOG IRUHYHU ÅŠ ZHUH \RXU DQFHVWRUV LQYROYHG" 6XH :LONHV LQYHVWLJDWHV

35(66(6

" ! "

" "

# " " " 7 1 ( & $"2 *1"&7"& "2 "$$" % <7(& ; ( 2 7 9* "2 *1"&7"& *1 22 "& 27%"&27 1 = "& ) 45- : 1 7 = 12 $ 7 71 7 % 7 &71 ( & $ & 02 *1"&7"& 71 & (%"& 7 "7 (1 &791" 2 +2 7 1"7"2 "27(1= &$"& * (& *1"&7"& "27(1= (1 %(1 "& (1% 7"(& 7 ,- & (7$ & "& 91 ; 2 7 *1"&7 71 02 &71 & "& ) ?4

% 2 1 &7 7 "127 1(= $ $" & 7( $7 1 *% & & & 1(; =$$ 1 +7 1 02 & (&$"& 9" 7( (77"2 *1"&7"& 7 , (: 1&% &72 ; 1 .9" # 7( 1 $"2 7 *1"&7"& *1 2202 "& 1 " $ *(; 1- 1"&7"& ; 2 &2(1 & 271" 7$= (&71($$ 7( *1 : &7 7 "22 %"& 7"(& ( 2 "7"(92 $"7 1 791 & (&$= % % 12 ( 7 7 7"(& 120 (%* &= ( (& (& ; 1 * 1%"77 7( (;& + & 92 , *1"&7"& *1 22- "2 (%* &= <"27 = 7 ) 7 &791= ;"7 "72 % % 12 1 7"& "& "& & 2 $$"& & ;1"77 & & "$$9271 7 ((#2 7 1 ": "72 1(= $ 17 1 "& ) 43 = 7 "2 7 "7 ; 2 "& 7 *1"&7 102 9"$ + (1 %(1 2 ,- (%* &= # *7 1 "27 1 ( $"7 1 1= ;(1#23 7 1 7"7$ +/ (*=0, ; 2 1 "27 1 = % % 1 &( (7 1 % % 1 (9$ *1"&7 "7 ;"7 7 "2 "& & 1$= (1% ( (*=1" 7- * 12(& % 1 % & ( 7 (%* &= = 2 1:"& & **1 &7" 2 "* ( 7 $ 27 2 : & = 123 = "& 7 2(& ( 1 % &3 (1 = * ="& $ 1 29% ( %(& = 2 *1"&7 ((#2 ; 1 %(1 (1 $ (91 & 27(12 % %(1 $"7 1 7 - 9 $"2 12 29 2 7 ( " 7= (1 1(* 7"& 1"27" & &(;$ +)5' , & 7 ( " 7= (1 7 " 92"(& ( 2 9$ &(;$ +) 84, 1(9 7 9 7"(& 7( 7 % 22 2- ) 7 & 1$= )'7 &791" 2 7 & ;"7& 22 1 7 $(; 1"& ( & $"2 $"7 1 791 ;"7 ((#2 (*2 & "1 9$ 7"& $" 1 1" 2 "& 7 7 "127 (1 &(: $2 % >"& 2 & ;2* * 12 & * 1"( " $2- % 2 #"& 7(& (;& (& ( 7 %(27 %(92 ((#2 (*2 "& & $ & "& 7 ) 7 & 1$= )'7 &791" 2 ! "2 / %*$ ( 7 92 20 "& "&2 91= .9 1 (& (& 27( # (: 1 $ %"$$"(& :($9% 2 + (1 %(1 (& 7 ((#2 (* & "72 (;& 1 2 '(&(0%(5 <285 )$0,/< +,6725<


3(23/( 2) 7+( 35(66(6

6WHS E\ VWHS 52//&2 )LQG 6WDWLRQHUVō &RPSDQ\ $SSUHQWLFHV DQG 0DVWHUV LQ WKLV XVHIXO RQOLQH GDWDEDVH

6($5&+ '$7$%$6(

*R WR 5HFRUGV RI /RQGRQōV /LYHU\ &RPSDQLHV 2QOLQH 52//&2 DW ZZZ ORQGRQUROO RUJ 7KH GDWDEDVH FRYHUV DSSUHQWLFHV DQG IUHHPHQ IRU VHYHUDO FRPSDQLHV VXFK DV &ORWKZRUNHUV DQG 'UDSHUV &KRRVH Ō6WDWLRQHUVō IURP WKH GURS GRZQ ER[ 7\SH LQ WKH VXUQDPH DQG IRUHQDPH LI NQRZQ )LOWHU E\ GDWH UDQJH DQG SODFH RI UHVLGHQFH LI \RX ZDQW WKHQ FOLFN Ō6HDUFKō

&+226( 3(5621

1DPHV DSSHDU LQ GDWH RUGHU WKHUH PD\ EH VHYHUDO UHVXOWV SDJHV ,I \RX JHW ]HUR UHVXOWV FOLFN RQ ŌPRGLI\ \RXU VHDUFKō DQG WU\ VSHOOLQJ YDULDQWV RU JR WR WKH KHOS SDJH DW ZZZ ORQGRQUROO RUJ KHOS (DFK OLVWLQJ JLYHV VXUQDPH IRUHQDPH QRWHV HYHQW W\SH VXFK DV DSSUHQWLFHVKLS DQG UROH DSSUHQWLFH VRQ IDWKHU PDVWHU &OLFN RQ ŌHYHQW GHWDLOVō XQGHU WKH QDPH FKRVHQ

$Q (QJOLVK SULQWLQJ ZRUNVKRS F

<285 )$0,/< +,6725< '(&(0%(5

1RZ \RX FDQ VHH WKH SUHFLVH GDWH RI WKH HYHQW ZLWK PRUH GHWDLOV 7KH QDPH RI WKH DSSUHQWLFH RU IUHHPDQ LV JLYHQ WRJHWKHU ZLWK WKH PDVWHUōV QDPH UHODWLRQVKLS LI DSSOLFDEOH DQG ORFDWLRQ LI NQRZQ ,I DQ DSSUHQWLFH FKDQJHG PDVWHU ŌWXUQRYHUō WKHQ WKH QHZ PDVWHUōV QDPH DQG DGGUHVV LV OLVWHG

%+#1 ! , ! ,# ! 2,% % +, ! 5 ! , ! )% % . , #%,*( , ! . + % ! 1 2# ! ,# ! ! ! % ! ! 1 . #+ ,, 0. #+, ! 0,. ! ! +4

4 2 # .. #+ !# #! 4 # . + #2!( 2+ . +, % !! !#! . #! ## , ,0 , ## ## , ! #!.+ 0. .# ! 2,% % +, ! 5 ! ,( ## *, %0 . #! 2 , 0! . + 4 . %0 , + 4 . 0. #+ &)%+ 1 . 4 %+ !. *' #+ ) 4 ,0 , + %. #!* & +#2 0! ! .# 4'( ,., # ,0 , + +, 2 + %+ !. ! DXWKRUōV FROOHFWLRQ

'( !4 % #% ! . ## .+ # . ! 2#+ , 1 + .,( # , #2 + , ,. , ) ## , + ,. . #! + ! + ! %+ !. + %+#%+ .#+ ! %0 , + # . * ! 2 + ! ,* $ /

#+ 3 % ( .*, %#+. !. .# !#. . . ,. . #! +, 2 + !#. 2 4, !( ! / 0! $ " ) ,.+ ,, #4 * % , 3% ! .# %+ , !. # , # 4!,#! .# . # % !4 , + %%+ !. #+ ! ! 4 +, #+ 3 % ( # ! + ! 0, ! ,, , , ## , +, ! ,. . #! +, ! #! #! ! .

0$67(5 25 $335(17,&("

3ODWWőV %RRNVHOOLQJ DQG 6WDWLRQHU\ 3UHPLVHV :LJDQ


3(23/( 2) 7+( 35(66(6 DXWKRUōV FROOHFWLRQ

1HZVSDSHU SULQW URRP ZLWK :DOWHU 0DFKLQHV 7KH 7LPHVőV RZQHU -RKQ :DOWHU ,, SLRQHHUHG WKH XVH RI F\OLQGHU SULQWLQJ LQYHQWHG E\ )ULHGULFK .RHQLJ DQG $QGUHDV %DXHU

3RUWUDLW DQG PHPRULDOV RI :LOOLDP &D[WRQ VDLG WR EH (QJODQGőV ILUVW SULQWHU

$ VWHDP SULQWHU OLNH WKLV ZDV XVHG WR SULQW ERRNV QHZVSDSHUV DQG KDQGELOOV DW WKH WXUQ RI WKH WK FHQWXU\ +RSNLQVRQ DQG &RSHőV SHUIHFWLQJ PDFKLQH FRXOG PDNH DW OHDVW LPSUHVVLRQV SHU KRXU

$ FRPSRVLWRU DW ZRUN

$ SULQWZRUNV LQ WKH V

9DULRXV SURFHVVHV RI ERRNELQGLQJ '(&(0%(5

<285 )$0,/< +,6725<


&KURQLFOH $ODP\

DXWKRUōV FROOHFWLRQ

3(23/( 2) 7+( 35(66(6 $Q $SSOHJDUWK SULQWLQJ SUHVV DV XVHG E\ 7KH 7LPHV DQG 7KH ,OOXVWUDWHG /RQGRQ 1HZV LQ WKH PLG WK FHQWXU\

&KDUOHV 'LFNHQV

. ) * ( 4 " 1). )1 ) ( . 5 1( 5') 2 #!+ ,$% 2 ( ) 3 ( () 3 ( . " ( . % " ( 3 ) ( . 1 . . ( 5 ! . .1(5 #) $% 5" 1 () ). . . .. () 1) ( "( . * . " ) . () (( . 1. (') 3 ( ) #& "5'$ & " ) ). '% . ). 3 ) 1 . .. () 3 ( " 3 ( #& 5'$ . "( )) ( " . 1 . . " 3 ) " . % ( )) "" . . .. () . "( )) ) ( .

-RKQ -DUUROG 3ULQWLQJ 0XVHXP

,I \RXőUH LQ RU QHDU 1R UZLFK YLVLW WKLV PXVHXP ZKLFK LV GHGLFDWHG WR SUHVHU YLQJ KLVWRULF SULQWLQJ HT XLSPHQW DQG SUDFWLFLQJ WKH DQ FLH RI SULQWLQJ DQG ERRN QW DUWV ELQGLQJ ,WV KROGLQJV LQFOXGH SKRWRJUDSKV QHZV SD FXWWLQJV SULQWHG FD SHU WDORJXHV DQG VSHFLPHQ ERRN V RI -D 6RQV /WG 7KH PXV UUROG HXP RSHQ RQH GD\ D ZHHN LV VHH ZZZ MDUUROG FRP Z KDW ZH GR PXVHXP DVS[

<285 )$0,/< +,6725< '(&(0%(5

$ GHSLFWLRQ RI D ERRNVKRS IURP DURXQG

. . " " (% (). ) . #"( $ 3 ) "( . 2 . . & (( . ( . "( ))' . . ( 3 ( ). ) ( "( . . 1 % ( ) 3 . "( . " ) #&) .)'$ . . ( ) 1( . 3 . ( ) . ( . ) . % . ! 06) 1( 5 " ) . () "( . ()

"( )) ( .3 /6) 0) 3 5 . ) 3 ) 3 % "( 2 .) . 1 . ( 1 1. . ! . .1(5 #) " ( 1 ') . ( ( ( . " . $% . " 3 ( "( )) ) "( . ( ! !


3(23/( 2) 7+( 35(66(6

6WHS E\ VWHS %ULWLVK %RRN 7UDGH ,QGH[ 7KLV GDWDEDVH JLYHV ELRJUDSKLFDO DQG WUDGH GHWDLOV IRU SHRSOH ZRUNLQJ LQ WKH (QJOLVK DQG :HOVK ERRN WUDGHV XS WR

6($5&+ ,1'(;

*R WR KWWS EEWL ERGOHLDQ R[ DF XN 6HDUFK E\ VXUQDPH DQG RU WUDGLQJ QDPH DGGUHVV RU WRZQ \RX FDQ YLHZ IUHTXHQWO\ DVNHG TXHVWLRQV )$4V DW KWWS EEWL ERGOHLDQ R[ DF XN IDT DQG WKHUHōV LPSRUWDQW VHDUFK LQIRUPDWLRQ DW KWWS EEWL ERGOHLDQ R[ DF XN QRWLFH 7KHUHōV DOVR DQ RQOLQH ELEOLRJUDSK\ RI WKH (QJOLVK SURYLQFLDO ERRN WUDGH XS WR DW KWWS EEWL ERGOHLDQ R[ DF XN IHDWKHU )RU 6FRWODQG H[SORUH WKH 6FRWWLVK %RRN 7UDGH ,QGH[ DW ZZZ QOV XN FDWDORJXHV VFRWWLVK ERRN WUDGH LQGH[

+ " " (.( !' ! ! ' !' !/ ' ,2 222 0!' + #'! . + ! ! !! ( ( 0 ( !/ ' "2 222 !1( (! 22 0! ' ($ ' ! ( .

1$0(6 /,67

$ OLVW RI QDPHV DSSHDUV LQ DOSKDEHWLFDO RUGHU 3ULQW RII WKH OLVW LI \RX ZLVK DOWKRXJK EHDU LQ PLQG WKDW FRPPRQ VXUQDPHV PD\ HOLFLW VHYHUDO SDJHV RI UHVXOWV 'DWHV RI WUDGLQJ EULHI ORFDWLRQ DQG WUDGHV DUH OLVWHG VXFK DV SXEOLVKHU ERRNVHOOHU SULQWHU VWDWLRQHU RU W\SH IRXQGHU ,I WKHUH DUH WRR PDQ\ UHVXOWV ILOWHU XVLQJ WKH Ō$GYDQFHG 6HDUFKō RSWLRQ

75$'(5ő6 /,67,1*

1RZ FOLFN HLWKHU RQ WKH SHUVRQōV QDPH RU RQ WKH ŌGHWDLOVō RSWLRQ 7KH WUDGHUōV GHWDLOV DSSHDU LQFOXGLQJ WRZQ DQG FRXQW\ NQRZQ DGGUHVVHV ZLWK GDWHV WUDGHV WUDGLQJ QDPHV ELRJUDSKLFDO GDWHV LI NQRZQ DQG VRXUFHV 7KHUHōV DQ RQOLQH ELEOLRJUDSK\ RI DOO SULPDU\ DQG VHFRQGDU\ VRXUFHV XVHG DW KWWS EEWL ERGOHLDQ R[ DF XN VRXUFHV

3ULQWLQJ +LVWRU\ 1HZV

7KH 3ULQWLQJ +LVWRULFDO 6RFLHW\ KWWS SULQWLQJKLVWRULFDOVRFLHW\ RUJ XN LQGH[ KWPO SURPRWHV LQWHUHVW LQ WKH KLVWRU\ RI DOO DVSHFWV RI WKH LQGXVWU\ DQG DVVRFLDWHG DUWV 0HPEHUV DQG QRQ PHPEHUV RI WKH 6RFLHW\ FDQ SXUFKDVH EDFN LVVXHV RI WKH 6RFLHW\őV WZLFH \HDUO\ -RXUQDO <RX FDQ GRZQORDG IUHH EDFN LVVXHV RI 3ULQWLQJ +LVWRU\ 1HZV IURP WKH 6RFLHW\őV ZHEVLWH DW KWWS SULQWLQJKLVWRULFDOVRFLHW\ RUJ XN SXEOLFDWLRQV DXWKRUōV FROOHFWLRQ

#. ( !! ( !! ' / + ! ' # 1 #' + $ ( + ( + " )2( + !.( ( ! !1( ' ( . ' + ! " 0!' #' + '!! ($ %0!' 1& 0 ( "- !.'( .+ + 1 ' . ' 1 0!' !/ '+ + (+ +( 0 ' ! ! $ " 1 ' ! 0 ( ' #!'+ 1 + ' &( # !1 + ! (( ! " )- ( 0!'

- !.' 0 $ ' + ! +! 0(# # ' #' + #'! . + ! + 0 ( + ! #.+ ' + + + +' +&( ! ! ! + .(+'1$ + + " 2( + #' + . ! ( !(+ . ! + ' !' ' #!0 ' ! !0 + +'! . + ! ! ! #.+ ' ( +1# ( ++ + 0( + ' + ! &( 0 ## # +$ ! '. ++ ' (+' 1 + . ! ( $

! + ! ( ! 0(# # ' #' + ! (! + + !.( ( ! ! ( 0 ' !(+$ .(+'1 ! + . ( +! ( + ' ( ! + #' + / '(.( + + $ (! !0 ' .(+' + !! ( 0(# # '( ! ! + / + ( 0!. / ( +! + ( ' ( 0 ! !.' ! !/ ' ++ ' ! !$

$QFHVWU\

7851 7+( 3$*(6

$ SULQWLQJ SUHVV OLFHQFH IRU (OL]DEHWK :DOIRUG RI 6WUDWIRUG RQ $YRQ GDWHG $XJXVW

! !.+ !.+ 1!.' (+!'&( /! / + 0 + + #' + !' #. ( .(+' ( 0 + + .(. 1 (+!'1 ' (!.' ( # ' ( ' (+ '( / ' (+' + ! '+ + ( 0 ( (.( ' !' ( #! !! ( ( !! ' (+ '( ! !! ( (! ! $ ' !' # '(!

7KH QRYHOLVW 6LU :DOWHU 6FRWW

'(&(0%(5

<285 )$0,/< +,6725<


3(23/( 2) 7+( 35(66(6 DXWKRUōV FROOHFWLRQ

*HRUJH 5RXWOHGJH Ŏ IRXQGHU RI WKH IDPRXV SXEOLVKLQJ KRXVH $Q V DGYHUWLVHPHQW IRU 0DQFKHVWHU HQJUDYHU DQG SULQWHU -DPHV 3LJRW 6RQ

DXWKRUōV FROOHFWLRQ

3ULQWLQJ +RXVH 6TXDUH DQG WKH RIILFH RI 7KH 7LPHV F

',&*<' (5 '#&< ( 82#( 22 , , 12

82#( 5! ' $*1 *(&#( 5 &* 8 2/ *1 ( & ( ( & 2 82 5! 5#*( & 1 !#9 2 #2 *9 1< 5 &* 8 5* #( 1 *1 2 - ))" '' % - $0# ) $ - %# -#, './ *1 *5& ( 82 5! *55#2! 1 !#9 2 5:*1% 5 &* 8 5 ))" '' )# 0'+. , & ( *1 *15! 1( 1 & ( ( 25*12 2 1 ! 5! 8 &# *1 2 * *15! 1( 1 & ( " 5 &* 8 - ))" '' )# 0'+ *./ ! 1 !#9 2 8 ' (:!#& #2 82 8& 5 2 * *&& 5#*(2 ! & 5 2, # &#25 1 ,*2#5*1# 2 - ))"% '' $ - % , # % # #, './ <*8 1 51<#( 5* 1 2 1 ! &#5 1 1< ( 25*102 1 *1 2 ;,&*1 5! * 5#*( #25 1

*1 ( &#2! #5 1 581 ( 55 12 :!# ! *9 12 1#5#2! ( 1#2! 1 ,*2#5*1# 2 5 ...# ) $ %) $# '/ 9 1 & ' $*1 1 ,*2#5*1# 2 &2* !*& &#5 1 1< 1 !#9 2/ *1 ; ',& 5! 5#*( & # 1 1< * & 2 ! 2 8# 5* #52 *&& 5#*(2 5 ))" '' )# 0'+. -/% " #52 1 !#9 2 * &#5 1 1< *1 (#2 5#*(2 $*81( &2 ( ,8 &#2! 12 #( &8 5! 5#*( & #25 * - ))" '' )# 0'+ ./ ! *!( <& ( 2 # 1 1< 5 5! (#9 12#5< * ( ! 25 1 #2 !*' 5* 5! *&& 5#*( * * 1( #5 1 1< 1 !#9 2 ( ( *8( 5 ))" '' )# 0'+0 / ( #5#*( 5! *&& 5#*(2 5 5! ( 5 *82 # 1 1< , 15 * 5! (#9 12#5< * *( *( #( &8 5! 1 !#9 2 * 5! 5!&*( 1 22 ( **%2 && 1 ! 1& 2

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

XP 1DWLRQDO 3ULQW 0XVH V LQFOXGH

7KLV 'XEOLQ PXVHXPőV FROOHFWLRQ WLQJ SULQWLQJ PDFKLQHU\ DQG DUWHIDFWV VXFK DV SULQ W\SH DEOH PRY GHQ EORFNV PHWDO DQG ZRR DQG HSKHPHUD SKRWRJUDSKV ERRNV SDPSKOHWV ZZZ DW LV VLWH ZHE ,WV OV SHULRGLFD HQFH QDWLRQDOSULQWPXVHXP LH ,W DOVR KDV D UHIHU ZZZ VHH HG QHHG HQW RLQWP DSS U\ OLEUD HUHQ QDWLRQDOSULQWPXVHXP LH HGXFDWLRQ UHI FH OLEUDU\

<285 )$0,/< +,6725< '(&(0%(5


3(23/( 2) 7+( 35(66(6

6WHS E\ VWHS 7KH 0RGHUQ 5HFRUGV &HQWUH )LQG SULQWLQJ UHODWHG WUDGH XQLRQ UHFRUGV DW WKH 05& DW :DUZLFN

:+,&+ 2&&83$7,21"

&+226( $ 75$'(

),/7(5 5(68/76

&RQIXVLQJO\ VHYHUDO XQLRQV FRYHUHG SULQWLQJ UHODWHG RFFXSDWLRQV *R WR WKH 0RGHUQ 5HFRUGV &HQWUHōV ZHESDJH RQ RFFXSDWLRQV DW KWWS ELW O\ N' [N ,I \RX DOUHDG\ NQRZ ZKLFK XQLRQ \RXU DQFHVWRU ZDV D PHPEHU RI WKHUHōV D OLVW RI UHFRUGV GLJLWLVHG E\ )LQGP\SDVW DW KWWS ELW O\ \]9G3)

6FUROO GRZQ WKH SDJH WR WKH DOSKDEHWLFDO OLVW RI RFFXSDWLRQV 7KH WUDGHV OLVWHG LQFOXGH ERRNELQGHU FRPSRVLWRU SUHVV SULQWHU SULQWLQJ PDFKLQH PLQGHU DQG PRUH &OLFN RQ WKH WUDGH \RX DUH LQWHUHVWHG LQ VXFK DV ŌSULQWHUō

81,21 +,6725<

5(&25' 5()(5(1&(6

)857+(5 '(7$,/6

7KLV H[DPSOH XVHV WKH 3ULQWLQJ 0DFKLQH 0DQDJHUVō 7UDGH 6RFLHW\ $ SRWWHG XQLRQ KLVWRU\ LV JLYHQ ZLWK OLQNV WR LQIRUPDWLRQ RQ DVVRFLDWHG XQLRQV 6FUROO GRZQ IRU PRUH LQIRUPDWLRQ RQ UHFRUGV DQG UHSRUWV UHODWLQJ WR PHPEHUVKLS OLVWV GHFHDVHG PHPEHUV UHWLUHG PHPEHUV DQG ZDU VHUYLFH

1RWH GRZQ DQ\ XVHIXO VRXUFH UHIHUHQFHV 7R FKHFN IRU RWKHU VXUYLYLQJ UHFRUGV DW 05& W\SH WKH XQLRQōV QDPH VXFK DV 3ULQWLQJ 0DQDJHUVō 7UDGH 6RFLHW\ LQWR WKH RQOLQH VHDUFK FDWDORJXH DW KWWS PUF FDWDORJXH ZDUZLFN DF XN &OLFN RQ WKH XQLRQōV OLVWLQJ

$ OLVW RI WUDGH XQLRQ DUFKLYHV KHOG E\ WKH 05& DSSHDUV ZLWK WKH GDWHV IRU ZKLFK PHPEHUVKLS UHFRUGV H[LVW :HHG RXW DQ\ UHVXOWV LQDSSURSULDWH IRU \RXU DQFHVWRUōV ELUWK GHDWK GDWHV DQG FOLFN RQ D SRVVLEOH XQLRQ

$ EULHI FROOHFWLRQ GHVFULSWLRQ LV OLVWHG KHUH ZLWK GDWHV ([SORUH IXUWKHU E\ FOLFNLQJ RQ HDFK VHFWLRQ RI WKH FROOHFWLRQ WKHQ FOLFN RQ Ō'HWDLOVō /LQNV WR UHODWHG UHFRUGV DUH OLVWHG RQ WKH OHIW KDQG VLGH RI WKH VFUHHQ &RQWDFW WKH &HQWUH EHIRUH YLVLWLQJ VHH KWWSV ZZZ ZDUZLFN DF XN VHUYLFHV OLEUDU\ PUF XVLQJ EHIRUH

67$7,21(56ō +$//

# # ( # # ! ) # ' & (

% # ' # # (

DXWKRUōV FROOHFWLRQ

% % ## & # % & #( % & $)) '

%# % # & #( # & # ' %# ( % # ' # % ( % ' ( # ( % & # % ## # # ( % ' # # # % # # # ( # ' %

# # # ( # '

# # % # 7KH LQWHULRU RI 6WDWLRQHUVő +DOO RQ /RQGRQőV /XGJDWH +LOO DURXQG '(&(0%(5

<285 )$0,/< +,6725<


3(23/( 2) 7+( 35(66(6 & &3" $ / 3 &$ " - -: & " ./ $ 3 - -: & - $ 3: &"" 6 " $+ &8 7 - .&# 3 # . " 3 - -: 8&-!. 8 - $&3 - .3 - &- &(:- 3 . #(": 3& . 7 3 &.3 & - .3- 3 &$+ $ 7 -. 3: & 3 $ - 8. 8 . (- 7 &6.": $3 3" 3& - 7 &(: & 7 -: &&! (- $3 $ 3 . 3 . 7 7&"6# . & - .3 -. - &- $ &&!. - 7 -&#

3 3 &$ -., "" 38 $ '0'< $ ' 5< 3 ! +

1(:63$3(56 $1' 3(5,2',&$/6

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

DXWKRUōV FROOHFWLRQ

3 - 8&-!+ 3 (-&3 3 $ 8 &&!. -&# $ ( - 3 &- ' : -. (-&7 3 : 8 - - .3 - 3 3 3 &$ -., ""+

&3" $ 8 . &7 - : 3 . " 8 3&& . 3 3 & $ &$ 3&&! (" $ '0<0+ 3 - '%'' &(:- 3 8 . 63&# 3 "3 &6 .&# 63 &-. 7&"6$3 - ": - .3 - 3 - 8&-!. 3 3 3 &$ -., ""+ 3 3 &$ -., &#( $: - -: $ - 7 . &" . - &- . & 8&-!. - .3 - &- &(:- 3 -&# ' ' 5 ("6. 3 7&"6$3 -: - .3 - & 8&-!. '%'' '% 1 .& 7 "&&! 3 &- #&- $ &-# 3 &$/ $ . "&8 &- #&- 3 " &$ 3 - - &- .+ 3 &$ " - 7 . &" . - &- . & 8&-!. - .3 - &- &(:- 3 3 - ' 5 $ . "( 6" - . - 6 3 ! + $ - .3 - $ 3 &(:- 3 &8$ " .3 3 ". &63 3 8&-! $ ( -.&$ " $ &-# 3 &$+ $3-: &-#. ' 40 '%' - $ 4/ 3 &(:- 3 - .3 -. ) $ $ 9 . 3& 3 #* &7 - $ 3 ( - & ' 5 '%5 - $ '+ 3 3 &$ -: &(:- 3 - &- . ) & &7 -$# $3 (6 " 3 &$.* - " . ( - 3 ": ). *+ &(:- 3 " - - . . &6" ".& 7 &( . & "" 8&-!. - .3 - + 6-- $3": 3 . 9 &(:- 3 " - - . - - 3 . - -:/ 3 & " $ - -: $ 9 &- / # - $ 7 -. 3: - -:/ 3 &$ " - -:

'U 6DPXHO -RKQVRQ WKH JUHDW OH[LFRJUDSKHU ZKR DOVR SXVKHG IRU FRS\ULJKW UHIRUP

7RS WKUHH 1HZVSDSHU DUFKLYHV )LQG RXW PRUH DERXW VWDII DW LQGLYLGXDO QHZVSDSHUV XVLQJ WKHVH UHVRXUFHV

7+( 7,0(6

7KH 1HZV 8. $UFKLYH KROGV 7KH 7LPHVōV EXVLQHVV DUFKLYH ZKLFK LQFOXGHV VXUYLYLQJ VWDII UHFRUGV IRU 7KH DUFKLYH DOVR KROGV SDSHUV RI WKH QHZVSDSHUōV SDVW HGLWRUV RZQHUV DQG MRXUQDOLVWV IRU H[DPSOH :LOOLDP 0 $LWNHQ VW %DURQ %HDYHUEURRN $OIUHG &: +DUPVZRUWK DQG 5REHUW 3HWHU )OHPLQJ 5HVHDUFKHUV PXVW UHJLVWHU DQG SURYLGH UHIHUHQFHV EHIRUH ERRNLQJ WR DFFHVV WKH DUFKLYH ,WV FRQWDFW GHWDLOV QR ZHEVLWH DUH RQ 71$ 'LVFRYHU\ DW KWWS ELW O\ \&21 G 71$ DOVR KDV D SDSHU FDWDORJXH RI WKH SHUVRQDO SDSHUV LQ 7KH 7LPHV DUFKLYH UHI 15$

<285 )$0,/< +,6725< '(&(0%(5

*8$5',$1 0(',$ *5283

$UFKLYHV IRU 7KH *XDUGLDQ IRUPHUO\ 7KH 0DQFKHVWHU *XDUGLDQ IRU DUH KHOG E\ WKH -RKQ 5\ODQGV /LEUDU\ 8QLYHUVLW\ RI 0DQFKHVWHU ZZZ OLEUDU\ PDQFKHVWHU DF XN XVLQJ WKH OLEUDU\ YLVLWRUV 7KH FROOHFWLRQV LQFOXGH GHFDGHV RI HGLWRULDO FRUUHVSRQGHQFH VXFK DV &3 6FRWWōV HGLWRULDO FRUUHVSRQGHQFH IRU DQG LQFOXGHV WKRXVDQGV RI OHWWHUV WR QHZVSDSHU VWDII DQG FRUUHVSRQGHQWV *'1 $ %XVLQHVV UHFRUGV LQFOXGH VWDII DQG HPSOR\PHQW UHFRUGV ILQDQFLDO DFFRXQWV DQG OHJDO GRFXPHQWV 7KH FROOHFWLRQV DOVR LQFOXGH WKH 0DQFKHVWHU (YHQLQJ 1HZV EXVLQHVV DUFKLYH KWWS ELW O\ R/.L1P $UFKLYH PDWHULDO IRU DIWHU LV KHOG E\ WKH *XDUGLDQ 1HZV DQG 0HGLD $UFKLYH ZZZ WKHJXDUGLDQ FRP JQP DUFKLYH

7+( 6&2760$1

7KH 1DWLRQDO /LEUDU\ RI 6FRWODQG ZZZ QOV XN KROGV WKH EXVLQHVV DUFKLYH RI 7KH 6FRWVPDQ IRU $FF 7KLV FROOHFWLRQ DOVR LQFOXGHV WKH DUFKLYHV RI WKH :HHNO\ 6FRWVPDQ DQG (YHQLQJ 'LVSDWFK KWWS ELW O\ [Z G0Q )LQDQFLDO UHFRUGV LQFOXGH FRQWULEXWRUVō OHGJHUV DQG GD\ ERRNV VWDII ZDJH ERRNV ZLWK OLVW RI DSSUHQWLFHV SHQVLRQV DQG D VDYLQJV EDQN OHGJHU 7KHUH DUH DOVR SURSHUW\ UHFRUGV OHJDO GRFXPHQWV DQG WHQDQW UHFRUGV UHODWLQJ WR EXLOGLQJV RFFXSLHG E\ WKH SXEOLVKHU


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

',& ' ( # 2 2> 3 , 28 * 8! (#; 23#8> * (813 , # & *&& 8#*(3 ( 2 !#; 3 -### ! % $ ./

38%/,6+(56ō $5&+,9(6

( 8! & 8 + 8! ( 2&> +)8! (8:2# 3 8! #238 82: 0,: &#3! 231 3: ! 3 *( ' (3 ( 8* ' 2 / ! 3 #2'3 #(; 38 #( ( < ,: &# 8#*(3 ( , # *2 8! #2 ,2#(8#( ( #382# :8#*( 8* **%3 && 23/ **% , 2#* # & ,: &#3! 23 < 2 * 8 ( '#&> #2'3 " *2 = ',& #&&# ' ( * 28 ! ' 23 * 8! '*:3 #( :2 ! ,: &#3!#( !*:3 < 2 2*8! 23/ >,# & ,: &#3!#( 2 !#; 3 #( &: *:(83 ,2 33 :88#( 3 *22 3,*( ( <#8! ,2#(8 23 ,2#(8 231 *:(83 ( *22 3,*( ( <#8! &#8 2 2> (83 ( :8!*23/ ; 2 & *(&#( 2 3*:2 3 2 ; #& & *2 ,: &#3!#( ( ,2#(8#( 4 3 8! 8 ," >" 8 , *= *2 8! 2#8#3! **% 2 ( = ( 8! *, !2 , # &#38 # 2 2# 3 *=/ ! *88#3! 2 !#; * 2#(8 ( : &#3!#( #38*2> *2 3 - . #( &: 3 82 &#8 2 8:2 !#38*2# & ,!*8*3 ' '*2 #&# ( *2 & !#38*2> 2 *2 #( 3 ( ( *:( 8 ### ! / ! 2 !#; ( &3* 33

7KLV KDOI \HDUO\ 5HSRUW IRU WKH 1DWLRQDO 6RFLHW\ 2I 2SHUDWLYH 3ULQWHUV $VVLVWDQWV VKRZV WKH QDPHV RI VHYHUDO PHPEHUV ZKR KDG UHFHQWO\ GLHG DORQJ ZLWK DJH FDXVH RI GHDWK DQG SODFH RI ZRUN 6DPXHO - 6PLWK DJH LQ ODVW ZRUNHG DW WKH &R RSHUDWLYH 3ULQWLQJ 6RFLHW\ DQG GLHG RI 7%

)LQGP\SDVW

)LQGP\SDVW )LQGP\SDVW

7KLV OLVW RI IXQHUDO DOORZDQFHV LQ IRU PHPEHUV RI WKH /RQGRQ 6RFLHW\ RI &RPSRVLWRUV JLYHV FDXVH RI GHDWK SODFH RI ODVW HPSOR\PHQW RU LI UHFHLYLQJ D SHQVLRQ DQG GDWH RI HQWU\ WR WKH XQLRQ

2Q $SULO +HQU\ $GGLVRQ VRQ RI 7KRPDV $GGLVRQ RI 6HGEHUJK ZDV DSSUHQWLFHG WR 7KRPDV *HQW RI <RUN '(&(0%(5

<285 )$0,/< +,6725<


7KH*HQHD RJLVW

3(23/( 2) 7+( 35(66(6 7KLV FHQVXV VFKHGXOH VKRZV SULQWHU 7KRPDV 'XWWRQ ERUQ LQ 6XIIRON OLYLQJ ZLWK KLV IDPLO\ DW &RQGXLW 6WUHHW &KHOPVIRUG +2 I +LV VRQ :LOOLDP LV ZRUNLQJ DV D MRXUQH\PDQ SULQWHU DQG KLV VRQ -RKQ LV DQ DSSUHQWLFH SULQWHU 7ZR PRUH \RXQJ SULQWHUőV DSSUHQWLFHV )UHGHULFN 0DUWLQ DQG $OIUHG 6PHH DUH OLYLQJ ZLWK WKH IDPLO\ 7KRPDV 'XWWRQ ZDV SUREDEO\ WKHLU PDVWHU

7RS WKUHH 6SHFLDOLVW OLEUDULHV 6HYHUDO OLEUDULHV KDYH FROOHFWLRQV RI PDWHULDO UHODWLQJ WR WKH SULQWLQJ DQG SXEOLVKLQJ LQGXVWULHV 7U\ WKHVH WKUHH IRU VWDUWHUV

67 %5,'( /,%5$5<

7KH 6W %ULGH /LEUDU\ ZZZ VEI RUJ XN OLEUDU\ KDV FROOHFWLRQV RI SULQWLQJ UHODWHG DQG WRSRJUDSKLF OLWHUDWXUH WKDW LQFOXGH RYHU ERRNV SOXV SULQWHUVō FDWDORJXHV SURVSHFWXVHV DQG VDPSOHV 7KHUHōV DQ RQOLQH FDWDORJXH DW KWWS VWEULGHIRXQGDWLRQ VRXWURQ QHW 3RUWDO 'HIDXOW HQ *% 6HDUFK 6LPSOH6HDUFK 7KH OLEUDU\ KROGV WKH EXVLQHVV DUFKLYH RI 7D\ORU )UDQFLV FRYHULQJ ILQDQFLDO UHFRUGV SURGXFWLRQ ERRNV DQG DXWKRU DJUHHPHQWV ,WV FROOHFWLRQV DOVR LQFOXGH WKH FRUUHVSRQGHQFH DQG SDSHUV RI SULQWHU DQG QDWXUDOLVW 5LFKDUG 7D\ORU &RQWDFW WKH OLEUDU\ EHIRUH YLVLWLQJ DV LWV RSHQLQJ KRXUV DUH OLPLWHG

<285 )$0,/< +,6725< '(&(0%(5

81,9(56,7< 2) 5($',1*

7KH 8QLYHUVLW\ RI 5HDGLQJōV 6SHFLDO &ROOHFWLRQV LQFOXGHV WKH $UFKLYH RI %ULWLVK 3XEOLVKLQJ DQG 3ULQWLQJ ZKLFK KROGV PDQ\ FROOHFWLRQV UHODWLQJ WR ERRN LQGXVWU\ ERRN SURGXFWLRQ DQG SULQWLQJ VHH ZZZ UHDGLQJ DF XN VSHFLDO FROOHFWLRQV FROOHFWLRQV DUFKLYHV VF SXEOLVKHUV DVS[ 3XEOLVKHUVō DQG SULQWHUVō DUFKLYHV LQFOXGH -RQDWKDQ &DSH /WG 0LOOV %RRQ :+ 6PLWK DQG )UHGHULFN :DUQH 7KH OLEUDU\ōV FROOHFWLRQ RI DXWKRUVō SDSHUV DQG OLWHUDU\ PDQXVFULSWV LQFOXGH %ULDQ $OGLVV (OLQRU *O\Q DQG $UWKXU 0HH VHH PRUH DW ZZZ UHDGLQJ DF XN VSHFLDO FROOHFWLRQV FROOHFWLRQV DUFKLYHV VF DXWKRUV DVS[ 7KHUHōV D UDUH ERRNV FROOHFWLRQ WRR ZZZ UHDGLQJ DF XN VSHFLDO FROOHFWLRQV FROOHFWLRQV UDUH ERRNV VF UDUH ERRNV DVS[ $FFHVV PDWHULDO LQ WKH 5HDGLQJ 5RRPV RI WKH 0XVHXP RI (QJOLVK 5XUDO /LIH RQ 5HGODQGV 5RDG EXW FRQWDFW 6SHFLDO &ROOHFWLRQV LQ DGYDQFH RI YLVLWLQJ ZZZ UHDGLQJ DF XN VSHFLDO FROOHFWLRQV XVLQJ VF XVLQJ DVS[

1$7,21$/ /,%5$5< 2) 6&27/$1'

7KH 1/6 KDV DQ DPD]LQJ FROOHFWLRQ RI EXVLQHVV DUFKLYHV IRU SXEOLVKLQJ DQG SULQWLQJ ILUPV ZZZ QOV XN FROOHFWLRQV PDQXVFULSWV FROOHFWLRQV SULQW SXEOLVK 3XEOLVKLQJ ILUPV RI QRWH LQFOXGH :LOOLDP %ODFNZRRG 6RQV %ODFNZRRGōV 0DJD]LQH 2OLYHU DQG %R\G : DQG 5 &KDPEHUV 7 7 &ODUN DQG SULQWHUV 5 5 &ODUN DQG 7 $ &RQVWDEOH 7KH -RKQ 0XUUD\ $UFKLYH LQFOXGHV SDSHUV UHODWLQJ WR IDPRXV DXWKRUV LQFOXGLQJ -DQH $XVWHQ DQG /RUG %\URQ KWWS GLJLWDO QOV XN MPD ZKLOH WKH -RKQ %DUWKRORPHZ $UFKLYH PDS SULQWHUV DQG SXEOLVKHUV

LQFOXGHV %DUWKRORPHZ IDPLO\ SDSHUV DQG VWDII UHFRUGV KWWS GLJLWDO QOV XN EDUWKRORPHZ LQGH[ KWPO


3(23/( 2) 7+( 35(66(6

%HDWUL[ 3RWWHU·V +RPH DQG $UFKLYHV 7KH

IRUPHU KRPH RI DXWKRU %HDWUL[ 3RWWHU +LOO 7RS $PEOHVLGH LV RSHQ WR YLVLWRUV ,Q DGGLWLRQ WKH 9 $ FXUUHQWO\ KROGV WKH )UHGHULFN :DUQH DUFK LYH RI 3RWWHUőV OLWHUDU\ PDQXVFULSWV LOOXVWUDWLRQV DQG FRUUHVSRQGHQFH VHH ZZZ YDP DF XN FRQWHQW DUWLFOHV W EHDWUL[ SRWWHU FROOHFWLRQV 7KH FROOHFWLRQV FDQ EH YLHZHG E\ DSSRLQWPHQW DW %O\WKH +RXVH $UFKLYH /LEUDU\ 5HDGLQJ 5RRP QHDU 2O\PSLD /RQGRQ ZZZ YDP DF XN FRQWH QW DUWLFOHV D DUFKLYHV

*3 &# ( ( 4 (9 3 <& 3 *,# 4 9* 9! 3 9 3@ * 9 9 / ( 493@24 *&& 9#*(4 #( &< ,3#(9#( ,3 44 &# ( 4 *3 3># %4!#3 - <, 9#*( & ( < 39 3 44#*(4 3 *3 4 +77; + 77./ ! (93 *3 3#(9#( #49*3@ ( <&9<3 " ( #(#9# 9#= 9> ( #3'#( ! ' #9@ (#= 34#9@ ( 9! (#= 34#9@ * #3'#( ! ' " ! 4 3*<( "<, *( #94 > 4#9 * &# 3 3# 4 3 !#= 4 ( '<4 <'4 >#9! *&& 9#*(4 3 & 9 9* ,3#(9#( !#49*3@ ( 4* # 9# 4 9 %%% # $ " / &4* #( #3'#( ! ' 9! <3@ 4 3 ! # 3 3@ , 39 * 9! (#= 34#9@ * #3'#( ! ' ! 4 3# ! 44*39' (9 * ,3#(9#( ( ,< &#4!#( 3 !#= 4 #( &< #( 9! ( =#&& 3 445 4 %%% # # ' ' " " # $ "'

/

)RE ZDWFK

6HDUFK WKH )LUPV 2XW RI %XVLQHVV )2% GDWDEDVH WR ILQG EULHI GHWDLOV RI GHIXQFW SXEOLVKLQJ ILUPV DQG OLWHUDU\ DJHQFLHV ZZZ IRE ILOH FRP )2% LV UXQ MRLQWO\ E\ WKH +DUU\ 5DQVRP &HQWUH DW WKH 8QLYHUVLW\ RI 7H[DV DQG 8QLYHUVLW\ RI 5HDGLQJ /LEUDU\ :$7&+ LV D SDUWQHU GDWDEDVH RI FRS\ULJKW FRQWDFWV IRU ZULWHUV DQG DUWLVWV DW ZZZ KUF XWH[DV HGX UHVHDUFK ZDWFK DERXW

81,21 5(&25'6

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

7KH*HQHDORJLVW

9 9! (93 *3 4 3 ! *&& 9#*(4 9 9! (#= 34#9@ * #( <3 ! -%%% # " $ ' # # ' ./ 9 9#*( 342 *', (@ 3 *3 4 #( &< ' ' 34!#, 9 #&4 ,,3 (9# 4!#,4 , (4#*(4 '#&@ , , 34 *<39 **%4 ( '*3 / 3 (4 3#,94 * 9! 9 9#*( 342 *', (@ #49 34 > 3 ,< &#4! #( 9!3 =*&<' 4 @ 9! *', (@ ( ( *<( *3 3 *(&#( 9 9! (9 3( 9 3 !#= - "" $ ./ *3 4 * 9! *', (@ 3*' 9! + A4 9* +);A ! = ( '# 3* #&' ( 3 = #& & 9 ' $*3 3 3 ( &# 3 3# 4 -3 3 9* ""

" " ' $ $ " *3 '*3 #( *3' 9#*(./ ! 9 9#*( 342 *', (@ 3 !#= ( # 3 3@ #( *( *( #4 <33 (9&@ &*4 <9 ( > #&#9@ #4 <( 3 *(493< 9#*(/ (>!#& ' ' 34!#, 3 *3 4 * ,,3 (9# 4 ( 3 ' ( 3 = #& & =# 9! > 4#9 -4 *?./ ( 9! 3&@ ;A9! (9<3@ 9! # &#* 3 ,!# & * # 9@ ,< &#4! #* 3 ,!# & # 9#*( 3# 4 * **%4 && 34 ( ,3#(9 34 #( ( & ( *9& ( ( 3 & ( / 9 ! 4 &4* ,< &#4! 93 (4 3#,94 * 9! *3 4 * 9! 9 9#*( 342 *', (@ *<39 9! *', (@24 * ( **% ( 493 94 * 3&@ ,3#(9 342 ( 49 9#*( 342 >#&&4 " 4 %%%

# # " "/ *<(9@ 3 *3 * # 4 4!*<& ! = *,# 4 * !#49*3# & 93 #3 9*3# 4 >!# ! &#49 3 44 4 *3 ,3#(9 34 ,< &#4! 34 49 9#*( 34 **% #( 34 ( '*3 / #3 9*3# 4 *3 ( & ( ( & 4 3 = #& & 3 *(&#( 9 "" " ' ' >!#& *99#4! #3 9*3# 4 3*' +66: *(> 3 4 3 &4* *(&#( 9 "" " # " / 3 3 3 ( &# 3 3# 4 ' @ ! = *,# 4 * # - 3*' +); *(> 3 4. >!# ! &#494 ,< &#4! 34 ( ,< &# 9#*(4/ 9! 3 3 *3 4 ! & &* &&@ 3 ,3#(9 342 1(*9# 42 *3 39# # 9 4 #( 0< 39 3 4 44#*(4 3 *3 4/ 3*' +6)) ->! ( 9! (& > <& * # 9# 4 9 ' #(9* 9. 9* + 7) && *>( 34 * ,3#(9#( ,3 44 4 ' (< 9<3 34 * 9@, -1& 99 3" *<( 342. ( ,3#(9#( ,3 44 4 3 #49 3 ( , # 9* 9! & 3% * 9! , / ! ,3#(9 324 ( ' 3 44 ( (<' 3 * ,3 44 4 > 3 3 *3 *( !#4 (*9# >#9! !#4 4# ( 9<3 >!# ! ' @ >#9( 44 / ! & 3% = 9! ,3#(9 3 -*3 ' (< 9<3 3. 39# # 9

$ OLVW RI SULQWHUV LQ .HOO\őV /RQGRQ 3RVW 2IILFH 'LUHFWRU\

)857+(5 5($',1* &ROLQ &ODLU $ +LVWRU\ RI 3ULQWLQJ LQ %ULWDLQ 2[IRUG 8QLYHUVLW\ 3UHVV

$GªOH (PP 7UDFLQJ <RXU 7UDGH DQG &UDIWVPHQ $QFHVWRUV 3HQ 6ZRUG ,6%1 -RKQ )HDWKHU $ +LVWRU\ RI %ULWLVK 3XEOLVKLQJ 5RXWOHGJH ,6%1 'DYLG )LQNHOVWHLQ DQG $OLVWDLU 0F&OHHU\ $Q ,QWURGXFWLRQ WR %RRN +LVWRU\ 5RXWOHGJH QG HG ,6%1 &- +XQW 7KH %RRN 7UDGH LQ 1RUWKXPEHUODQG DQG 'XUKDP WR 7KRUQHōV 6WXGHQW %RRNVKRS /WG ,6%1

3HWHU 4XHQQHOO $ +LVWRU\ RI (QJOLVK /LWHUDWXUH %RRN &OXE $VVRFLDWHV ,6%1 -DPHV 5DYHQ 7KH %XVLQHVV RI %RRNV %RRNVHOOHUV DQG WKH (QJOLVK %RRN 7UDGH Ŋ <DOH 8QLYHUVLW\ 3UHVV ,6%1 -DPHV 5DYHQ 3XEOLVKLQJ %XVLQHVV LQ (LJKWHHQWK &HQWXU\ (QJODQG %R\GHOO %UHZHU ,6%1 0LFKDHO 7Z\PDQ $ 'LUHFWRU\ RI /RQGRQ /LWKRJUDSKLF 3ULQWHUV Ŋ 3ULQWLQJ +LVWRULFDO 6RFLHW\ ,6%1

'(&(0%(5

<285 )$0,/< +,6725<


)HPDOH IHORQV

:RPHQ KDYH DOZD\V PDGH XS D PLQRULW\ RI FULPLQDOV Ŋ EXW ZKDW FULPHV KDYH WKH\ FRPPLWWHG DQG KRZ KDYH WKH\ EHHQ SXQLVKHG"

,

*% # ' ! !# # # # # ! ' ' # # ! ' # ! # !# !# # !# ! ' #

# # ' & !! # $* # ! !

! # #( # ! # ! ! # !& ( # ! ' !! ! &! ! ! ' ' '

## ! &! & # # # !! ) # " , 1 , 4" 4 + " 3 1 " 2 ," " " 1" "1 +, 21 "1 +, 1 6 4 + , 1" ) ",1 " "$" , *

" ' , 2

" + 2 + 14" 4 + 1 " 3 1 " , 4 + ,1 4" - " 1 " +1 4 + "3 + !7 $ + 1 " " 3 1 " +, 4 + 4" - ,1 %. $ + 1 4" &- +2 16 1" + % 2,1 "3 + /# $ + 1&'

+ 4" 4 + " 3 1 " 2+ + 1 "3 +4 $ + 1 " , , 3" 3 1 2+ + " 1 2 +

1 " " " 1 "1 + 4"+ , 1 ' 1 1 #!1 12+6 1 + 4 , +"4 4 + ,, " 1 ,,2 " " ,1 3 " 4" 4 " + ,"+1 1" 2+ "+ 1 + 3 " 1 2, , 4 + + , 6 + + 4 1 ,6 $ 1 6 1 + 1 " , , 1 + ,2 1 " , ' + 1 6 4 1 + 1 + 2, , "+ "1 + $ "$ 1 + 1 " , 4 + , , "+ ) * 1 +,- 1 6 1 1" 2, $" ," "+ 5 $ + 1 + 1 5 ,, 3 3 " ' 1 6 2, 3 " % "+ ," 4" 4 + " 3 1 1 + ,1+ 1 + 3 1 , "+ 2, + , "+ 5 , "+ 5 $ & 1 6 + + $+ ,, "3 + 1 1 4 , ,, ,6 $ 1 1 1 + )2 4" ,,* "+ " 16 , , "4 1 +"2 1 + 1 " " + 4 11 1 " 1"' # . 1 4 , "1 4 1 $ ,2+ 1 1 1 2 + " + , " , + , 1 2 + 3 "3 + 1 $+ 3 "2, ' 1 1 + +

4 + 1 1 " , 4 + "+ +"2, 1

" , , 4"

2 2 1 + , " "2+ "+ $+ 3 1 + " ,1 1 + 6 +,' 4,$ $ + " 1 ) "1 +, 2 1 +, ,4 1 +1, 4 3 , + ,1

, $"4 + 2 "+ 3 , 3 + "1 + 3 4 , ' +2

2 "1 +

,Q 9LFWRULDQ WLPHV WKH SUHVV DOVR UHWROG WKH VWRULHV RI WK FHQWXU\ IHPDOH IHORQV

<285 )$0,/< +,6725< '(&(0%(5

)HPDOH FULPLQDOLW\ ZDV IHDUHG EHFDXVH LW VXEYHUWHG QRWLRQV RI WKH ŐDQJHO RI WKH KRXVHő Ŏ WKH GRPHVWLFDWHG VXEVHUYLHQW ZRPDQ

" , 2 ,, + $$ 1 1+ "

6 " + ,' 5$ + " 3 +6 6 1 ",1 ,2 " , +3 1 " " 1 $" "2+1 $+" , $+"3 1" " ,1+ 1 " 1 1 1 3 ,1 "+ 16 " , , 1 + , ,2++"2 6 "+ , 2 , 1 " 4 , 1 1 5 + , 6

"1 +'*

" 4 + "1 2,1 " "+ 1 + "4 + 16 , "+1 1 6 4 + " "+ 1 + + + , 1""' 2 " +2

+ 1 + 4 , "1 + 1 (2 , 2 "+ 1" 1 , 51 1- 1 4 , + 16 1 1 4 , ,

, )4 + * ,,2 ,$ 1 1 1 1 1 1 4 , + + + + 1 + 16' " 3 +, , " 1 , "4 3 + 4 , 1 + " 1 " 1 1 ) 1 , $ + $, "+ 2 1 "+

4" 4 " , (2 + 1 $+ ," 1 1 1" + +, +" 1, 2 2 1 "+ 1" " ,"*-

"2 + "3 + , + $21 1 "

1 + ,$ $+ ," 21 "+ 4" 1 4 , + + 1" " ,"' , + ,2 1 ,, " , + 4 2$ 1" $ 4" ,, 1 1" ," 16 1 + , + +" $+ ," " 1 + ," 1 ,, " 4 # "$

+ + + ,"

" " ' + " 1 ,, " 4"2 1 + , " 3 1 1 1 $+ ," 1 1 + "+ + ,1 "+ 1+6 1" + 4"+ ),2 1 1" +

1 ,*' 1 4 , + " , 1 1 1 ,1 + "+ + , 4" 4 , 1" 1" 1 , " " +

,," 1 , 4 " 4"2 " 1 4 1 "+ + 1" + , 1 6 4"2 1 "2+ + + $, ' + ," 1 ,, " 4 , ,

$V $FWV RI (QFORVXUH OHG WR WKH ORVV RI IRUPHU FRPPRQ ODQG WKH SRRU IRXQG LW KDUGHU WR NHHS DQLPDOV DQG JDWKHU ZRRG IRU IXHO


&ULPLQDO +LVWRU\ 5LJKW )HPDOH FRQYLFWV DW %UL[WRQ SULVRQ

/HIW 6NHWFKHV IURP )XOKDP IHPDOH SULVRQ LQ " " %%% # # $

# %%% # ! ! #

! " ! #

$

# # "

" ! $ # ! "

# ! ! ! $ "

# !

" $

# ! $ # $

" $ "

$ # ! $

$

# ! " #

! " !

# $ "

! ! !

" # $ $ ! ! # $ ! !

# Q

)DPRXV IHPDOH IHORQV

6RPH IHPDOH FULPLQDOV KDYH EHFRPH LQIDPRXV EHFDXVH RI WKH UHODWLYH UDULW\ RI WKHLU PXUGHURXV FULPHV +HUH DUH WKUHH ZKR JUDEEHG WKH KHDGOLQHV LQ WKH WK FHQWXU\

0$5,( 0$11,1*

6RPHWLPHV DOVR UHIHUUHG WR E\ WKH $QJOLFLVHG YHUVLRQ RI KHU QDPH 0DULD WKLV 6ZLVV ZRPDQ WRJHWKHU ZLWK KHU KXVEDQG PXUGHUHG KHU ORYHU 3DWULFN 2ō&RQQRU LQ 7KH FDVH EHFDPH NQRZQ DV WKH %HUPRQGVH\ +RUURU DV 2ō&RQQRU ZDV NLOOHG LQ WKH FRXSOHōV KRXVH LQ WKDW SDUW RI /RQGRQ %RWK KXVEDQG DQG ZLIH ZHUH KDQJHG WRJHWKHU RXWVLGH +RUVHPRQJHU /DQH *DRO RQ 1RYHPEHU EXW LW LV 0DULH ZKR LV EHWWHU UHPHPEHUHG EHFDXVH RI KHU UHODWLYH UDULW\ DV D IHPDOH PXUGHUHU

0$5*$5(7 :$7(56

0DUJDUHW ZKR ZDV ERUQ DURXQG OLYHG LQ %UL[WRQ DQG WRRN LQ RWKHU ZRPHQōV FKLOGUHQ Ŋ XVXDOO\ LOOHJLWLPDWH FKLOGUHQ Ŋ IRU PRQH\ VKH ZDV ZKDW ZDV NQRZQ DV D ŌEDE\ IDUPHUō ,Q VKH ZDV FKDUJHG ZLWK ILYH FRXQWV RI ZLOIXO PXUGHU QHJOHFW DQG FRQVSLUDF\ DQG FRQYLFWHG RI PXUGHULQJ OLWWOH -RKQ :DOWHU &RZDQ DOWKRXJK VKH ZDV VXVSHFWHG RI EHLQJ UHVSRQVLEOH IRU DURXQG GHDWKV 6KH ZDV KDQJHG OLNH 0DULH 0DQQLQJ DW +RUVHPRQJHU /DQH *DRO KHU H[HFXWLRQ WDNLQJ SODFH RQ 2FWREHU

)/25(1&( 0$<%5,&.

7KH $PHULFDQ ERUQ )ORUHQFH 0D\EULFN ZDV FRQYLFWHG LQ RI SRLVRQLQJ KHU KXVEDQG -DPHV ZKR ZDV \HDUV KHU VHQLRU 7KH FRXSOH KDG OLYHG LQ /LYHUSRRO DQG DSSHDUHG WR EH D KDSS\ FRXSOH Ŋ EXW -DPHV ZDV KLGLQJ D GDUNHU VLGH UHJXODUO\ XVLQJ DUVHQLF DQG KDYLQJ D VHULHV RI PLVWUHVVHV $OWKRXJK )ORUHQFH ZDV RULJLQDOO\ FRQYLFWHG RI WKH PXUGHU WKHUH ZDV UHDVRQDEOH GRXEW DERXW WKH FDVH WR OHDG WR KHU GHDWK VHQWHQFH EHLQJ FRPPXWHG WR OLIH LPSULVRQPHQW 6KH VHUYHG \HDUV EHLQJ UHOHDVHG LQ Ŋ EXW OLYHG XQWLO

'(&(0%(5 <285 )$0,/< +,6725<


&$6( 678'< 21(

7KH HQG RI WKH OLQH

:KDW KDSSHQV WR ROG SKRWRJUDSKV ZKHQ WKHUH LV QRERG\ OHIW LQ WKH IDPLO\ WR NHHS LW" 3HUKDSV D VWUDQJHU PLJKW WDNH DQ LQWHUHVWÅ™ E\ 'DYLG 5DQVRP

'DYLG LV D JUDSKLF GHVLJQHU UHVHDUFKHU DQG DXWKRU RI VHOI SXEOLVKHG .LQGOH ERRNV KH LV DOVR WKH HGLWRU RI 7KH %RXQW\ WKH PDJD]LQH RI WKH 3LWFDLUQ DQG 1RUIRON ,VODQGV 6RFLHW\

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

(QLG GLHG DJHG DQG (OVLH DJHG 7KHLU OLQHV VWRSSHG ZKHQ WKH\ GLHG DQG WKHLU KLVWRU\ Æ“QLVKHG XS IRU VDOH RQ H%D\

<285 )$0,/< +,6725< '(&(0%(5

' 4)9'/, ! / +!)4) . +!/ & : 9 %% ! 8 )& .)& 4! ' ) 4! %"' )' /)& )' -/ &"%: 4. , ! & #)."4: ! 8 ')4!"' 9."44 ' )' 4! & ' 9"%% +.) %: ' 8 . $')9 4! " '4"4: ) ': ) 4! + )+% , %/) ! 8 )%% 4")' ) & . ! '4 /!"++"' +!)4) . +!/ ' + // ' . %"/4/ ' ! 8 ' . +.) 7 "' 4! & )' ). +. // %) ). ' %) "/4/ 4) / . ! . ) ! . 4

, ! "& ) 4! %) "/ 4) . "/ &)' : ). ' . / . ! : 8)%7'4 .: )' 4")'/,

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

"4! . ) 4! /"/4 ./ & .." ' )4! %"8 9 %% "'4) )% 0 '" " "' *((1 ' %/" "' 6<<2 (*, ! ". %"' / /4)++ 9! ' 4! : " ' 4! ". !"/4).: "'"/! 7+ ). / % )' :,

%8,/',1* $ 3,&785(

)7' 4! )' / &"%: "' 4! *(5( ". 4).: )' "' &:+ /4, ! : 9 . %"8"' 4 5 :%4)'

*DUU\ :DOWRQ


!

"0& ' 1 4 '&( 2"'- " 3$ ' 1 " ' ( " 4 (-"'4 ' ( '

$' - "(- 4 $ 4 1 '4 * ((0 ( " " - 0"0( ' - ' - 4-

0 ( ' $- " $' ( ' 0( 1 " 1 '4 1 ' (( ((0

,/)%!! , %!! # '

,. %)! ,) %!! # 4 '

$ ! # % + # ' # # * %, *" , #' ", - ((- ((( ) $ # $ (


&DVH 6WXG\ 2QH 7KH HQG RI WKH OLQH

44 %(( < @ 9 5# / # 4( 5

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

2&<*%,43 > 5 4,55 ,<9 %* # 4 ).(,@) *9 4 ,4 * 5# > 5 (%59 5 5%).(@ 2*<45%*" 5%59 43 ,4 # , # 4 ) *@ 5< 5 0< *9 =,@ " 5/ *% 35 %459 ?. 4% * , 59,. 9 (,* (@ %9 %4* 5( * > 5 ,* 9#%5 =,@ " / 4 .9 %* %( 49 %** (( > 5 "4 9 4% * , 9# %9 %4* . ,.( * 4,.. * #,4 9 5 9# 4 ># * = 4 # ,<( 9, ,(( 9 * (%= 4 .,59 * 9, ((,> 9# 5( * 45 9, ,) , 4 9, 94 9# %4 4<%9 * <4%,5 >%9# . 55 *" 45 * 4 >/ = 4 9# @ 45 * ) *@ =%5%95 9, 9#%5 %5,( 9 % % 5( * *% ) @ > (( # = * 4 0<%4 9, # (. 9# %5( * 45 ># * %* * , ) % ( 99 *9%,* * 5,) 9%) 5 9# @ > 4 9 ' * 9, > ( * ,4 #,5.%9 ( 94 9) *9/ %9 %4* 5( * > 5 9# #,) #,5 * @ ( 9 # 4 #4%59% * * 9# ,9# 4 )<9%* 45 4,)

3LWFDLUQ VKLSV

2QH ERRN KDV ORWV RI LQIRUPDWLRQ DERXW WKH VKLSV WKDW KDYH FDOOHG DW 3LWFDLUQ ,VODQG RYHU WKH FHQWXULHV ,I \RX ZRXOG OLNH WR NQRZ GHWDLOV DERXW DQ\ VKLS WKDW FDOOHG DW 3LWFDLUQ ,VODQG EHWZHHQ DQG WKHQ \RX QHHG WR UHDG +HUEHUW )RUGōV 3LWFDLUQ ,VODQG DV D 3RUW RI &DOO 0F)DUODQG DQG &R ,6%1 7KH ERRN GRHV QRW RI FRXUVH LQFOXGH SDVVHQJHU OLVWV EXW WKHUH DUH PDQ\ LQWHUHVWLQJ VWRULHV FRQQHFWHG WR WKH LQGLYLGXDO FDOOV DW WKH ,VODQG $ SUHYLHZ RI WKH ERRN LV DYDLODEOH RQ *RRJOH %RRNV KWWSV ERRNV JRRJOH FR XN DQG LW LV SRVVLEOH WR VHDUFK ZLWKLQ WKH SDJHV QRW LQFOXGHG LQ WKDW SUHYLHZ IRU EDVLF LQIRUPDWLRQ

<285 )$0,/< +,6725< '(&(0%(5

,<*9@ %* -6+B (,*" >%9# 9# ,(@* 5% * ) * * >,) * >#, ,). *% 9# ) 4,) #%9%/ *@ , 9# 5 * *95 , 9# 5 5 %(,45 * ,(@* 5% *5 %*# %9 %9 %4* 5( * 9, @ * # = 9# %4 ,>* <*%0< ( *"< " %9' 4* >#% # %5 )%?9<4 , - 9# *9<4@ *"(%5# * #%9% */ # 5( * %5 &<59 ,= 4 9>, )%( 5 @ ,* )%( %* 5%A * = * 9, @ * ,*(@ 4 # @ 5 5 9# 4 %5 *, %4.,49 ,4 ( * %*" 594%./ # 5( * 45 # = ,* 5 #,,( 9 # 4 * , 9,4 ,4 *<45 <5< ((@ ,* 9>,$ @ 4 ..,%*9) *9 4,) > ( * / # *"%9 9 > 5 <%(9 %* -+;+/ # ,. 4 9 5 94,,.5#%. <4%*" ,4( 4 ; * 4 9<4* 9, *,4) ( %=%(% * 5 4=% %* -+!+/ *% ,* 53 ).(,@) *9 4 ,4 %* % 9 5 9# 9 5# 9,,' =,(<*9 4@ 55 9%,* , 5 ",%*" ).(,@) *9 %* ) 4 -+! / # 9 9 ,%* % >%9# . 4%, ># * 9# *"%9 9 > 5 4 ,* %9%,* * 4 $ *"%*

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

7+( -21(6 )$0,/< 75(( (0,/< 7$</25 Ŏ

-2% -21(6 Ŏ 0$77+(: :$*5(/ Ŏ

(',7+ /,//,$1 -21(6 E

&+$5/(6 +(<:22' -21(6 Ŏ

(',7+ '$:621 Ŏ ,6$%(//$ 5((' E

(0,/< (/,=$%(7+ (1,' -21(6 Ŏ

(/6,( 3$5.,1621 -21(6 Ŏ


' ") % % % % " ) % # (# ) & % #% % # %" # # "% &%# % % %% " %&" # % % " %# " ' # % % % # % %!# % ## % * ' ") % &" % " " #

& # " % ) %

# %


5HVHDUFK URXWHV *ORXFHVWHU 7KLV ZHVWHUQ FLW\ KDV EHHQ WKH YLFWLP RI WKH WK FHQWXU\ WRZQ SODQQLQJ EXW VWLOO RIIHUV D ZHDOWK RI KHULWDJH WUHDVXUHV $ # # (

#( % # # # # # # $ % # # # & # # ' # & # # #

# # # $ # % # # #

# # # $# $ # # $ ( # $ ( # # & # ) # ( %

$ # $ !* *** $# $ # # #& # # $ # #( &

$ # #

# # # # $ # 4 9'7# 0; 4' 007$ 4 4 #'7 04 /.0 4; %4/ 07 / #; /'$ '$ % % '/# / 6 74 4 4'/ '7%4; 04'/; % 4 / )'/40 4 4 4 -07 / # 44# '$ $ ., 4 4 %4/ 0 '$) / 4 8 #; 9 %'4 # 7 # % 0 /'$ 4 (14 4' (&4 %47/ 0 % -9 #4 . ' 0 /'$ 4 (&2<0 '%9 / 0 4' 47/% / % /# 0 0 "#; 0 , / )0 4 $'04 $'%04/'70 : $)# 0 4 4 0 4 ' / ; / /0 / $ /" # /7 %

9 4 (54 %47/; '/ % % (24 %47/; / 0 9 0 0) 4 7# /#; 7 #; ' #' " ! $$ %04 4, '7)# ' 7% / ; / 0 9 ; 0 # " / /0 )/' #; 4 $'04 '$)# 4 '$ % % / /; % / 4 % *') % 4' 4 )7 # '% 7% ;0 % '% ;0 /'$ )/ # 4'

4' /+ 9 4 74 7# (54 %47/; '/$ 4'/; /'' 74 8 % 4 0 0 / 4 /# 00 / ) /" 9 #'% 0 , 74 4 0 0 $' /% #'7 04 / 8 4 $ ' < ; /0 ' 4'9% )# %% /0 8 % ' 74 #0' 0'$ 4 % ' 4/ 07/ 7%4 0 4 / / $ 8 # / $ %0

% 04'/ 4/ 07/ 0 #7/" % '9% 8 /; 7%)/ )'00 00 % $' /% 0 04/ 4,

($5/< +,6725<

'$ %0 % 0 44# % #'7 04 / % 4 /04 %47/; '% '7%4 ' 4 % % :4 4' 4 #'9 04 )' %4 9 / 4

8 / 8 /% '7# /'00 , 8 % 4' ; #'7 04 / 0 4 /04 /'00 % %'/4 ' 4 8 /% / 0 6< $ # 0 9 ; '/ (&22 4 '%#; ')4 '%0 '/ 44 % 4' # 0 /'$ 0'74 9 04 % # % % 8 8 /0 9 / //; '/ #'% 4/ ) 4' #'7 04 /, 4 / '74 < ; /0 4

*ORXFHVWHU LQ VKRZLQJ WKH FDWKHGUDO DQG 6W 1LFKRODVÅ‘ FKXUFK LQ WKH EDFNJURXQG DQG LQ WKH IRUHJURXQG 6HYHUQ WURZV QHDU WKH EULGJH RYHU WKH 6HYHUQ QH[W WR WKH :HVWJDWH

<285 )$0,/< +,6725< '(&(0%(5


5HVHDUFK URXWHV *ORXFHVWHU

/HIW *ORXFHVWHU 'RFNV KDYH EHHQ UHJHQHUDWHG LQ UHFHQW \HDUV DQG QRZ RIIHU D YDULHW\ RI UHVWDXUDQWV DQG OHLVXUH IDFLOLWLHV %HORZ WKH FDWKHGUDOőV FDU SDUN LV FXUUHQWO\ EHLQJ UHGHYHORSHG LQWR D PRUH DFFHVVLEOH SXEOLF VSDFH

& + ) % & )) ) +* # $ &) )*& . *% &* % ) % ) & )) ) % ) % % &! ). % & % + ) % ) ) * , , )) )& &* & "* ) * % ) )& * ) )

- % & % %) )& )*% ''! * &) %$& )% % && & &)% ) & , ) )

- ) * ) % % ) % )! ) & % ) ). % . &) ) & , % & ) + & ) ) & % ) &, ) % & ) &, $& % %. &) & ) .! & % & , ) ) & % %& % . % %& ) %&

*ORXFHVWHU WLPHOLQH .H\ HYHQWV LQ WKLV ODUJH FDWKHGUDO FLW\ōV KLVWRU\ J J J J J J J J

J J V J RSHQV J J

)RUPHUO\ D 'RPLQLFDQ IULDU\ DIWHU WKH 'LVVROXWLRQ RI WKH 0RQDVWHULHV ORFDO DOGHUPDQ 7KRPDV %HOO WXUQHG %ODFNIULDUV LQWR KLV KRPH LQ 7XGRU WLPHV ZLWK D ZHDYLQJ IDFWRU\ DORQJVLGH

*OHYXP HVWDEOLVKHG DV D FRORQ\ IRU UHWLUHG 5RPDQ VROGLHUV $V PDQ\ DV PD\ KDYH OLYHG WKHUH DW LWV SHDN 7KH $QJOR 6D[RQV FDSWXUH WKH FLW\ DQG VXEVHTXHQWO\ QDPH LW *ORXFHVWHU 7KH EXLOGLQJ RI *ORXFHVWHU &DWKHGUDO IRUPHUO\ 6W 3HWHUōV $EEH\ EHJLQV *ORXFHVWHUō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ōV ILUVW UDLOZD\ VWDWLRQ RSHQV $ VOXP LQ WKH FLW\ FHQWUH LV FOHDUHG IRU WKH FUHDWLRQ RI .LQJV 6TXDUH 7KLV 7XGRU KRXVH QRZ D UHVWDXUDQW ZDV WKH UHSHDWHGO\ UHGHYHORSHG IURP WKH KRPH RI 6XQGD\ VFKRRO SLRQHHU 5REHUW 5DLNHV LQ V RQZDUGV

WKH WK FHQWXU\

'(&(0%(5

<285 )$0,/< +,6725<


5HVHDUFK URXWHV *ORXFHVWHU

7RS WKUHH *ORXFHVWHU PXVHXPV *ORXFHVWHU KDV VHYHUDO PXVHXPV WR KHOS \RX H[SORUH GLIIHUHQW DVSHFWV RI LWV KHULWDJH

1$7,21$/ :$7(5:$<6 086(80 */28&(67(5

086(80 2) */28&(67(5

6HW RQ WZR IORRUV RI D WK FHQWXU\ JUDLQ ZDUHKRXVH LQ *ORXFHVWHUōV GRFNV WKLV DWWUDFWLYHO\ SUHVHQWHG PXVHXP WHOOV WKH VWRU\ RI WKRVH GRFNV WKH QHDUE\ 5LYHU 6HYHUQ DQG LQGHHG WKH QDWLRQōV ZLGHU FDQDO QHWZRUN 7KH FHQWUHSLHFH LV D UHFUHDWLRQ RI D WUDGLWLRQDO 6HYHUQ WURZ ERDW LQ URSH IRUP DQG WKHUHōV HYHQ D GUHGJHU RXWVLGH WR H[SORUH 7LFMHWV DOVR JLYH IUHH HQWU\ WR LWV VLVWHU PXVHXP LQ (OOHVPHUH 3RUW ZZZ FDQDOULYHUWUXVW RUJ XN HQMR\ WKH ZDWHUZD\V PXVHXPV DQG DWWUDFWLRQV QDWLRQDO ZDWHUZD\V PXVHXP JORXFHVWHU

)RU D VL]HDEOH FLW\ *ORXFHVWHUōV PDLQ PXVHXP LV D OLWWOH VPDOO EXW LW SURYLGHV D EULHI EXW XVHIXO VXUYH\ RI WKH FLW\ōV KLVWRU\ WKURXJK SUHKLVWRULF 5RPDQ $QJOR 6D[RQ DQG PHGLHYDO WLPHV LQ SDUWLFXODU ZLWK VPDOOHU FROOHFWLRQV FRYHULQJ WKH WK DQG WK FHQWXULHV $ KLJKOLJKW LV D VHFWLRQ RI WKH FLW\ōV RULJLQDO 5RPDQ ZDOO HQFORVHG ZLWKLQ WKH PXVHXP KWWS YHQXHV JORXFHVWHU JRY XN )UHHWLPH 0XVHXPV

*/28&(67(5 /,)( 086(80

)RUPHUO\ NQRZQ DQG VWLOO VLJQSRVWHG DV WKH )RON 0XVHXP WKLV SLFNV XS ZKHUH LWV VLVWHU 0XVHXP RI *ORXFHVWHU OHIW RII D WLFNHW SURYLGHV HQWU\ WR ERWK VLWHV KHUH IRFXVLQJ SDUWLFXODUO\ RQ WK DQG WK FHQWXU\ VRFLDO KLVWRU\ 7KHUH DUH VRPH IDVFLQDWLQJ REMHFWV KHUH DOEHLW VRPHWLPHV ZLWK OLWWOH KLVWRULF FRQWH[W 7KH VWDU RI WKH VKRZ WKRXJK LV WKH 7XGRU EXLOGLQJ LWVHOI RZQHG E\ FORWK PHUFKDQW -RKQ 6WDQIRUG LQ WKH WK FHQWXU\ DQG ZLWK D UHFUHDWLRQ RI KLV EHGURRP KWWS YHQXHV JORXFHVWHU JRY XN )UHHWLPH 0XVHXPV

" 2 ., ) , ( ), % ( 0 / (2 . , ,2 0 . ( , 0 , , 0 ( , % , ( ), ) . , , !-, ,.(2 & , ( ) ) ") ( , , ' 0 ( , ), ( , , , . ), ( ( , ,2')

" (, ) , , 0 2 , )% ( , ,2') " " , . , ) . ) ( , ( 2 -4, ,.(2 0 ( , 0 ) ( 2 ) ! 44 . ), ( 0 ) "" ( , 2 & 2 )" ) 0 , , / .) / / ()

$QFLHQW DQG PRGHUQ *ORXFHVWHUőV *UH\IULDUV DQG LWV PRGHUQ QHLJKERXU #). ) , ( , (2 (2",$ ( , ), , , , ,2') ), ,.) / , )% . ), ( 0 ) ) , 2 , ,0 , ( 0 ) , ,)0 ) ( ., , , ) * ,) 1" (,) 0 , ( ( ) 0 ) ) , ( ( ), () ( % ( 0 ) )

<285 )$0,/< +,6725< '(&(0%(5

, ( / ) .),(2%

( ((2 / ( ,( 0 , / 0 ) ) 0 , , ,, , " 0 , ) 0 , 0 , () ( / ), , " )) . ( ( )% ! ! 3 , ( , , ,2 " (, ), ,.) 0 ( / , ,

7KH 0DULQHUV &KXUFK DW *ORXFHVWHU 'RFNV RSHQHG LQ EXLOW WR EULQJ HYDQJHOLVP WR WKH VHDPHQ DQG ERDWPHQ ZKR IUHTXHQWHG WKH DUHD


5HVHDUFK URXWHV *ORXFHVWHU

/HIW $OEHUW 0LOO DW *ORXFHVWHU 'RFNV KRPH WR D ZKHDW FOHDQLQJ SODQW ERLOHU KRXVH DQG VDFN ZDUHKRXVH 5LJKW WKH FLW\ FHQWUH LQ WKH V ( ./&$/- $ ,/& : // 8 $7# . & &##&$ /4.7#( 4/ $ 9 /- "&7 /4 . 9 / 4& (" ; ! ; .&" $ 4 $ " / 8 " . 7. $ 9 4 9 / /4.&$ &" & ." # $4 . $ /#+ $ '= 7 7/4 '2 5 ." / #/ " " $ .#; & 5 === 4& " ; / 4& 4 4;+ $/ 4 9 ""/ 4 ("7 !; &"&$ " 9 . // ; " ' == /&" ./ $ &. $ .; 4 < $/ $ /( . 4 $ . $ &# # . $ / 4 4

&; " /4/+ ; 9 . &9$ 4& 4 . " /4 4 . .. "/ & 7$(&9 . 9 $ 4 ." & // : .. 8 9 4 ' === # $ 4& . " 8 4 # $ 4 &; " /4/ 9 . &. 4& 9 4 . 9+

,1'8675,$/ +(5,7$*(

"&7 /4 . & !/ . 4& ; / /4. ! $ &. &9 9 "" (. / .8 4 / ; . $4 . $ . 4 &$+ . " . / $/ . " $ ; /& . $ '%4 $47.; 9 . &7/ /+ 4 & 4 &&# . 9 / $ 4 ' 2=/ ; 4 &( $ $ & 4 '2 # " "&7 /4 . $ .($ // $ " )&$ 4 .& /4 $ ( /4 $ 4 9&." * $ ' 61 "4 &7 $ ' 1 $ 9 & ! 4 .($ // 4/ " 4&&! /&# & 4 / 4. 9 ;+ "&7 /4 . # .! ! ; $4 . 49 $ 4 / 4& 4 /&74 $ 4 " $ / # ! $ 4 (&// " 4& 4. $/ . . & / .&# / (/ 4& $ ..&9 & 4/+ $ / $ 9 / 4

*ORXFHVWHULVDOVRKRPHWRWKH6ROGLHUVRI*ORXFHVWHUVKLUH0XVHXP ZZZ VROGLHUVRIJORV FRP H[SORULQJ \HDUVRIORFDOPLOLWDU\KLVWRU\

&. $ " 4 .# $7/ & 4 $ "+ . .# &( $ / &.4"; 4 .9 . / 4& / .8 /# "" . 8 // "/ $ $ ' % 4&. & ! 9 / 4& &##& 4 4 .&94 $ #(&.4/+ & !/ $ 9 " / & " 7. $ 6 $ " $ 8 4 " . & /7 / ( 4.&" # 4 " $ && / "; . 9 ; .&# &$ &$+ 8 $ / ."; / ' 6 4 $ " 9 / "/& (" ; (" /7. & 4/ 9 . 4 # $ 7/ ./ & 4 / 9 4 .9 ;/ 4& ;+ // 9 "" !$&9$ 4 $ 4/ $ &7. "4 $ # ( . (/ $ 4 ."; '%4 $47.; "&7 /4 . "/& # (&(7" . /( 4&9$+ (7#( .&&# 9 / $ ""; #&" / $ '%2=+ $&4 . 4. "&7 /4 . 9 / $&4 " &. / ( $ # ! $ + / 4. 9 $ :("&. $ 4 " $

"&7 /4 . 7/ 7# $ 4& "&7. / $ 4 '24 $47.; $ $47.; " 4 . 9 / 4 4;-/ # $ $ 7/4.;+ ; 4 /4 .4 & 4 '%4 $47.; #&. 4 $ 4 & 4 4;-/ ( &(" 9&.! .&// 4/ $ $ ( $ 4&. /+

4. 9 / 8 $47 ""; ! "" & ; . 8 "/ $ . /4&" $ .# $ # 9 . # $ / &. # ! $ ( $/ 9 . 8 "&( $ 4 ' =/+ $ '%' 4 4; / # 4/ $ # $ 4 .&/( $ 7/4.; $ 7$4 " 4 '% =/ $ #(&.4 $4 . "9 ; .&"" $ /4& ! 4&.;+ / ."; / ' '' 4 4; &./ . 9$ 4. #.& &$$ 4 $ 4 & !/ 4& "4 $ #+ "&7 /4 . $4. " /4 4 &$ &( $ $ ' = 4 4 $ & 4 .# $ # $ "&7 /4 .

"9 ; $ 8 $47 ""; 4 . 9 / / .8 ; &$ 7/ &$ & &7. . "9 ; &#( $ / $ 8 /4 4 &$/0 4 " /4 & 4 &4 . /4 4 &$/ 4& /7.8 8 9 / "&7 /4 . /4 4 9 "&/ $ '%1 + "&7 /4 . # ; 8 "&/4 /&# & 4/ "&. / 74 4 . . 8 /4 / & 4/ /4&.; 8 .;9 . 4& / &8 . + Q

&217$&76 *ORXFHVWHUVKLUH $UFKLYHV DW WKH +HULWDJH +XE FORVHG IURP 'HFHPEHU WR -DQXDU\ LQFOXVLYH

&ODUHQFH 5RZ $OYLQ 6WUHHW *ORXFHVWHU */ ': Z ZZZ JORXFHVWHUVKLUH JRY XN DUFKLYHV H DUFKLYHV#JORXFHVWHUVKLUH JRY XN W *ORXFHVWHU &DWKHGUDO $UFKLYHV /LEUDU\ &ROOHJH *UHHQ *ORXFHVWHU */ /; Z ZZZ JORXFHVWHUFDWKHGUDO RUJ XN KLVWRU\ KHULWDJH

DUFKLYHV OLEUDU\ H DUFKLYLVW# JORXFHVWHUFDWKHGUDO RUJ XN W *ORXFHVWHUVKLUH /RFDO +LVWRU\ $VVRFLDWLRQ Z ZZZ JORVKLVWRU\ RUJ XN 9LFWRULD &RXQW\ +LVWRU\ &LW\ RI *ORXFHVWHU Z ZZZ EULWLVK KLVWRU\ DF XN YFK JORV YRO *ORXFHVWHUVKLUH )DPLO\ +LVWRU\ 6RFLHW\ Z ZZZ JIKV RUJ XN

'(&(0%(5

<285 )$0,/< +,6725<


&$6( 678'< 7:2

$ IDPLO\ GLVSXWH :LWK HFKRHV RI 'LFNHQV WKH VHULHV RI OHJDO GLVSXWHV LQYROYLQJ $QQ &ODUNHōV IDPLO\ WRRN \HDUV DQG \HDUV Ŋ DQG ZHUH WKH\ HYHU UHVROYHG" %\ $QQ &ODUNH

:

/ , # ) # ,

)# $ # ) ) ),#/ ,#) $ $ - $ $ $ - $ $ # ) " $ $ # / $,# # $ $ ) / . $ # $ $

# ) - $) ,) $ / , # /$

# #) # ) # $ ) ,$ $ # )" # $ # / - , ) ) ) / ) $ )) / $ ,) $ ) # , ) ,#)$ # $, ) ,$ ) ,#) #/ $ $ # # / #$" , )$ # ) # - $ $, $ &'%* *%&' + *%' + ! , - # ) # $ $"

0< # # %0# # &343 " 00 " 1 0 " # # 6 &3 =1 # 6 < 6:% ! 0 # 0< # " 1 (6 < % 9 %81!< : 0 #/6 9 0< " # 6 9 : 6 # " 1 )* # 6 & & #181 0< 1 ! 9 # 6 80 60 6 60%% : %: % # ' # #6 " #1* ! 9 1 : 6 0 0 # 8 6 0 0 # 1 0 " # 0 # 6:% 1 09 #61 # 6 " # : % " < 9 # %! 0 6 # 01 %0 !% 01* 0 # 1/ 6 0 #

$UWKXU DQG 0DU\ 7UDQDK WRJHWKHU ZLWK WKHLU GDXJKWHU GHFLGHG WR FRQWHVW WKH ZLOO FODLPLQJ WKDW WKH ROG ODG\ ZDV RI XQVRXQG PLQG

<285 )$0,/< +,6725< '(&(0%(5

"%6 0 : 0 06 80 #

0< 0 # : % ! 9 6 8!!/1 ## 60%% * 0< 1 # %0 # & & 6 &7 00< 60 6 # " 6 6 %" % 0 8 6 0 # ! : 0< ## 0 " # : % < #%: : 1 !1% : %:* 0< 1 # %0 :0 66 # 0 : !! # & $ ! 9 # 9 0<6 # 6% 0 8 6 0 # ! : # 0 1 ; ! 0 #* 06 80 #

0< 0 # 6% 6 0 : 6 6 0 8 6 0 0 # 1 6% %#6 16 6 : !! ! " # 6 6 6 %! ! < : 1 % 8#1%8# " # *

0 %0 6 6:% : 6# 11 1 6% 0 : !! : 0 !! 6% 9 16 6 " #6 % % 6 1 6% 0 ' ! 6 1 6 6 6 " * : 6# 11 1 : 0 %0 !6:%% # 0 # 1

%" 1 %66* 0 # 1 %66/1 %8#6 16 6 6 6 #%6 #%: 0< 0 " # '0 %0 6% : 6# 11 # 0 : !!2 6 %6 0 : 6# 11 0 !6:%% : % ! 9 : 6 %0 0%8# 6 0 < 01 1 " .%86 % 0 # 1 '/ 6% 1 # : !! %0 # %! ! < # : : !! 6 1 # %9 0 6:% < 01 %0 0 6 * 6 : 1 # 868"# 9 # # 6: # 4'" # '" : #

*DUU\ :DOWRQ

$QQ KDV KDG DQ LQWHUHVW LQ JHQHDORJ\ DOO KHU OLIH EDFN LQ WKH GD\V RI ORRNLQJ DW *52 UHFRUGV DW .LQJVZD\ LQ /RQGRQ 5HWLULQJ IURP EXVLQHVV JDYH KHU PRUH WLPH WR SXUVXH WKLV IDVFLQDWLQJ KREE\ DQG LW KDV EHFRPH QHDU DQ REVHVVLRQ

6 6:% " # " 6 0 : < 6% %81 %# 00< 60 6* :%" # 0< ## 0 " # %' # 6 %%0 6% 6 " # 1 , ! # <%8/!! #

%6 0 1 66 # 8' %# 6 * 6:% " # 1 %% # 1 : 6 ! 0!< 0<2 1 1 6 0 0 !6:%% /1 : # " !< 1 1 # : 6 " # 1 1 : 1 ! 6 " # %" , " % # 6% " "< : !! 6 1 !0 < :0 66 # %86 # : #6 <%8 6% 1 # 6* # 6 6 : !! : 1 !0 < %# 6 : # 6 " # : ! #2 0 # 1 %66 ' 6 8' # 0 6 %86 !%8 6%

0<* ! 6 0 16 6 6 6 .1 06 # '0%' 06< %81 1 6 # 6 6 " : : 0 6% % 6% 6 8 6 0 6

: %: % 0 ! 16 1%# # 6% 1%! 6 0 1 # 6% +8 !!< 9 "%# 0 ! 0 #* 6 0 0 6 6 1 1 ,6 6 6 1 : 6 0 +8 16 - # 1 1 6%

0 !6:%% , %8 !%% 6% "< 8 6 0 # 0 ! 0 #*+HQU\ 7UDQDK Ŏ


&DVH 6WXG\ $ IDPLO\ GLVSXWH 1 6 & 1! & 6 :!$$ :!6 0 (:& & 0 0 & 1(& *86 6 * & !& 0 & /+ 6 0 6 :!$$ & 1! & (& ( 0</1 %!$< % % 01 (66 (8$ &/6 0 $$ : ( :0 ** 8* 6 :!$$+ (66 (%% &6 6 6 : 1 6 0</1 (0 0(8& %!&86 1 & .1 1 % ,8!6 1 & & (&9 $ 1 &6 1 (&9 01 80!& $$ 6 6!% 8*(& &(0% $ ! 0 &6 18 " 61 1 ! 1(% 6 !& (86 6 : ! 1 :!1 0 8 6 0 6( 0 (801 + : 1 !& 86 1 : 1 &(6 !& 18 16 6 1 6( *0 9 &6 0 0(% 6!& & 0!&#!& (0 1 * 06 ( %866(& (* !& %< *0 1 & +/ (66 : 1 (&9!& 6 6 0< : 1 ( 1(8& %!& 0 0 0 1 !& .0 6!(& $ & 1 &1! $ /+ 6 6 6!% ( !1 16 6 % &6 ( ( 6 0</1 8 6 0 !& $ :

0< && !9 & $!16 ( : 6 1 6 (8 6 0< (:& 6 6 6!% ( 0 6 + !1 !& $8 6 0 (66 1 !& 0 % &/1 $$ < 6 % (0 : ! 06 80 0 & & 0 !9!& 0 &6+ 0< && $6 6 !1 0 &6 & 0! 6 8$$< 0 %(6 0 !& $ :/1 & 1( : 1 &(: 6 0 (0 01+ 6:( * 06! 1 0 6( ( 6( 0 !60 6!(& & !& 6 ( 16 0 & 6 % = 66 !6 : 1 0 *(06 6 6

7+( 75$1$+ )5((0$1 )$0,/< 75(( $57+85 75$1$+ G

6$08(/ 75$1$+ ÅŽ

:,//,$0 75$1$+ E

-$0(6 )5((0$1 ÅŽ

0$5< :,1',%$1. ÅŽ

$57+85 75$1$+ ÅŽ

0$5< )5((0$1 G

-$0(6 )5((0$1 G

0$5< $11

)5$1&(6 75$1$+

$57+85 75$1$+

+(15< 75$1$+

-$0(6 )5((0$1 27+(56

/,/,$1 75$1$+ ÅŽ

*5$&( 5$9(1

$11 &/$5.(

. &(%!& $ 9 0 ! 6 : 1 0 680& (0 6 *$ !&6! / 6 8 6 0 !& $ : 0< &&+

$127+(5 *(1(5$7,21

(: 9 0 6 %!$< 8 ! &(6 & 6 0 + 0< &&/1 !$ 0 & ! 6( *8018 6 1 !&16 6 !0 (81!&1 06 80 0 & /1 !$ 0 & 0 & 1 06 80 & &0<+ !0 9! & : 1 6 6 !& !1 :!$$ 6 !0 0 & 6 0 $ 6 $$ !1 16 6 6( !1 :! & 6 & !& 60816 6( 0 !$ 0 & 1! $!& 1 % 1 0 % & & 0< 0 & 6( .1 0 & 1 0 $!# / 86 % 1 0 !9 &(6 !& 0(% 6 !1 16 6 + & ) 7 6 1($! !6(0 (0 6 *$ !&6! 1 (& 0 0 $ < & 6 & &61/ 1($! !6(0

0 ! # % 16 06 6( ; & $ 66 01 (86 6 1 + 1 : 1 6 % && 0 ( 6 (1 6 !& 1 !& 6 )'6 &680< (0 8$$ 6 1($! !6(01 0 8 1 6( : ( 1 &6 $ 66 01 (0 &(6 : ( 0 !9 $ 66 01 (0 &(6 & : ( (8$ 0 % % 0 &< ( !6+ ( 0 6 $ ( 6 !$$ ( (%*$ !&6 !1 6 # & 8* :!6 6 (!& 1 ( 0 0 $ < &

0 ! # % 0 6 0 6 & 6 0 & 1 (0 6 0 % &1+ !& $ * 06 (&6 !&1 6 !0 0 *$! 1 !& : ! 6 < 0 0 $ 6!(&1 !*1 6 6 % 1 0 % & 6

0 & 6 0 & 0< 0 % & 1 &!(0 % :!$$1 6 6 : 0 *0(9 2 6 6 06 80 & 0< 0 & (6 ! !&6 16 6 2 & 6 6 6 0 & 6 0 % 1 0 % & (:& 6 6 0 *0(* 06! 1 !& 0 % &/1 $$ < 6 %+ < $1( 1 ! 6 6 1!& 6 6 ( 0< 0 & 0 6:( 1(&1 06 80 & &0< 0 !9 5 1 + 0 &6 0(% 6 *0(* 06! 1+ 6 : 1 6 !0 $! 6 6 6 !0 * 0 &61 $1( 0 !9 0 &6 86 6 < : 0 &(6 : 0 (: %8 6 !1 : 1+ & ) 37 0 ! # % *0(*(1 6 6 6 0 & 1 0 $!&,8!1 *(11 11!(& ( 6 (81 1 86 # * 6 0 &61 6 < 0 !9 + *$ !&6! 1 6 (8 0 " 6 6 !1 ( 0 1( 0 ! # %

:0(6 !& 1 <!& 6 6 :!1 6( 9(! $!6! 6!(& & : 1 6 0 (0 :!$$!& 6( ( 0 806 0 5 > 1 !&6 0 16 6( 6 %+ 6!$$ 6 0 % & 0(6 01 :!1 6( *0( :!6 6 1 + & (068& 6 $< 9 &(6 8& 06 &< %(0 * * 01 6( 6 0(: &< $! 6 (& 6 (86 (% ! 6 1 ! !& $$< ( 6( (806 & 6 1 66$ (0 ! !6 "816 !==$ : < 1 % &< 18 1 1 ! 6 $0 < 6 # & )) < 01 ( $ $ :0 & $ & 6 (&$< :!&& 01 !& 6 6 6!% 1 % 6( 9 & 6 $ :< 01+ 80!& 6 !1 1 % * 0!( &(6 0 0 & ( 6 0 % & %!$< : 1 *8018!& &(6 0 (806 1 !&16 6 0 & %!$< 86 6 6 !1 16(0< (0 &(6 0 <+ Q

'(&(0%(5

<285 )$0,/< +,6725<


6QDSVKRWV

7KLV LV ZKHUH ZH VKDUH YLQWDJH SKRWRJUDSKV DQG H[SORUH WKH KLVWRU\ DURXQG WKHP 7KLV PRQWK ZH WDNH D IHVWLYH GLYHUVLRQ DQG ORRN DW LPDJHV GUDZQ DQG SKRWRJUDSKLF

RI WKH <XOHWLGH VHDVRQ * - ' % ' " $ $ ) - )%' $ ) % ' $% $ )%' %') $ + $% + - $ $- - %" )' * ' * + % $ ' $ % ' $ % %' $ ) ' ' + ' * $- '' $ ' % % ' % %) % $ $ ' $ %' !" ' % $ ) $ ')$ + ' ' $ % ' % + ' ' - ' )% ' )' ' ' ' ,'" - )# )% ' '

- )$ ' % % )% $ % )' % % (// $ $! $ % '

! + ' $ / + $ , ' ' ) ' )')$ ' " )$ ' ' $ ' * $ %' $ $ -% $ ' - )# . + ' - ) ' )%' $ % " ' $ ' * - ' ' ) ' $ #% % %) ' - )# )% ' * %' ' )% ' )% ' $ ' $ % % '% % % - ) * - ' -%' $' % % * * )$ , $' ) $ - * % ' $ ) )$ $ $ %' $ %" *DUU\ :DOWRQ

0(',(9$/ 7,0(6

7KH ILUVW UHFRUGHG XVHG RI WKH ZRUG Ō&KULVWPDVō FRPHV LQ WKH WK FHQWXU\ DQG LQ PHGLHYDO (QJODQG LW ZDV FHOHEUDWHG DV D UHOLJLRXV KROLGD\ <XOH ORJV DQG PLVWOHWRH ZHUH DVVRFLDWHG ZLWK WKH VHDVRQ Ŋ D OHJDF\ RI GUXLGLVP Ŋ DQG VHDVRQDO FDNHV DQG SLHV ZHUH PDGH IRU WKH RFFDVLRQ $GYHQW PHDOV E\ WKH WK FHQWXU\ LQYROYHG VHYHUDO FRXUVHV RI VWHZHG VSLFHG RU VDXFHG IRRGV DOO ZDVKHG GRZQ ZLWK ZLQH 7KH KDUS DQG OXWH ZRXOG EH SOD\HG DQG SHRSOH ZRXOG VLQJ RU SOD\ VSRUWV WRJHWKHU DQG VLW GRZQ DW WKH WDEOH WR SOD\ FDUG JDPHV 6RQJ ZDV DQ LPSRUWDQW SDUW RI WKLV LQ WKH V DQ DUWLFOH DERXW PHGLHYDO &KULVWPDV SUDFWLFHV QRWHG WKDW &KULVWPDV FDUROV ZHUH ŌWKH LQYDULDEOH DFFRPSDQLPHQW RI &KULVWPDV IHDVWLQJř IRU &KULVWPDV DORQH DPRQJ &KULVWLDQ IHVWLYDOV KDV DOZD\V EHHQ PDUNHG E\ DQ RXWEXUVW RI SRSXODU VRQJ ō

78'25 0,658/(

7KH /RUG RI 0LVUXOH RU LQ 6FRWODQG WKH $EERW RI 8QUHDVRQ DSSHDUHG RYHU &KULVWPDVWLPH WR ŌRYHUVHHō IHVWLYLWLHV ZKLFK PDLQO\ LQYROYHG SDUWLHV DQG GULQN 7KH SUDFWLFH KDG EHHQ LQLWLDOO\ DVVRFLDWHG ZLWK FRXUW ZKHUH IHVWLYLWLHV FRXOG WDNH SODFH RYHU WKH ZKROH RI 'HFHPEHU EXW FRPPRQHUV KDG WDNHQ WKH FXVWRP WR KHDUW (QWHUWDLQPHQWV FRXOG LQYROYHG EDOOV DQG SDUWLHV Ŋ DQG WKH /RUG RI 0LVUXOH ZDV FRPPRQO\ RI D ORZHU VRFLDO VWDQGLQJ WKDQ WKRVH LQYROYHG LQ WKH IHVWLYLWLHV PDNLQJ KLP WKH EXWW RI MRNHV 7KH /RUG RI 0LVUXOH FRXOG EH FRPPRQO\ IRXQG RYHU PHGLHYDO DQG 7XGRU WLPHV EXW LQ WKH WK FHQWXU\ WKH 3XULWDQV RXWODZHG WKH FXVWRP %\ WKH WK FHQWXU\ QRVWDOJLD OHG WR D QRUWKHUQ QHZVSDSHU UHIHU WR WKH

<285 )$0,/< +,6725< '(&(0%(5

ŌSOHDVDQW DQG VDWLULFDOō FRXUW IRRO ZKR RYHU WKH &KULVWPDV SHULRG LQ ŌDQFLHQWō WLPHV ZRXOG GLYHUW FRXUWLHUV

:,17(5 0,57+

$ NH\ SDUW RI ZLQWHU FHOHEUDWLRQV LQ /RQGRQ KLVWRULFDOO\ ZDV WKH IURVW IDLU 7KHVH ZHUH KHOG RQ WKH 7KDPHV ZKHQHYHU LW ZDV FROG HQRXJK EHWZHHQ WKH WK DQG HDUO\ WK FHQWXULHV 7KH 7KDPHV IUR]H PRUH WKDQ LW GRHV QRZ ERWK FXUUHQW ZDV VORZHU DQG WKH ZLQWHU ZDV KDUVKHU WKDQ


6QDSVKRWV

PRGHUQ RQHV ,W ZDV QRW D IUHTXHQW HYHQW KRZHYHU KHQFH WKH H[FLWHPHQW VXUURXQGLQJ LW ZKHQ LW GLG RFFXU ,Q WKH ZLQWHU RI Ŋ WKH 7KDPHV IUR]H RYHU IRU WZR PRQWKV EHWZHHQ 'HFHPEHU DQG )HEUXDU\ ZLWK WKH LFH UHDFKLQJ D WKLFNQHVV RI LQFKHV LQ VRPH SODFHV 7KH IDLU WKDW WRRN SODFH DW WKLV WLPH LQYROYHG VOHGJLQJ VNDWLQJ EXOO EDLWLQJ UDFHV DQG SXSSHW VKRZV Ŋ DV ZHOO DV WKHUH EHLQJ PDQ\ IRRG DQG GULQN VWDOOV IRU SHRSOH WR HQMR\

*(25*,$1 -2//,7<

7ZHOIWK 1LJKW LQ HDUO\ -DQXDU\ ZDV RQFH FHOHEUDWHG DV ZH GR &KULVWPDV WRGD\ Ŋ WKLV LPDJH GDWHV IURP WKH WLPH RI *HRUJH ,,, DQG VKRZV PHQ ZRPHQ DQG FKLOGUHQ DGPLULQJ D ŌWZHOIWK FDNHō WKDW KDV EHHQ GHFRUDWHG ZLWK ILJXUHV +LVWRULDQ -XGLWK )ODQGHUV LQ &KULVWPDV $ %LRJUDSK\ KDV RQO\ IRXQG D FRXSOH RI UHIHUHQFHV WR ULFK IUXLW FDNH Ŋ QRWLQJ WKDW LQ DOPVKRXVH UHVLGHQWV LQ 6WDPIRUG KDG EHHQ JLYHQ D WZHOIWK FDNH VKH DOVR UHFRUGV DQRWKHU DFWLYLW\ DVVRFLDWHG ZLWK 7ZHOIWK 1LJKW Ŋ WKH RPLQRXV VRXQGLQJ ŌQDLOLQJō ZKHUH ER\V WRRN DGYDQWDJH RI IHVWLYH FURZGV WR QDLO PHQōV FRDW WDLOV WR HLWKHU QHDUE\ ZDOOV RU QHLJKERXULQJ ZRPHQōV VNLUWV 7KLV ZDV SDUW RI D JHQHUDO 7ZHOIWK 1LJKW WUDGLWLRQ RI SOD\LQJ WULFNV

02'(51 7,0(6

7KH HUHFWLRQ RI &KULVWPDV WUHHV E\ ORFDO FRXQFLOV KDV ORQJ EHHQ D VWDSOH RI SURYLQFLDO QHZVSDSHUV 7KLV LPDJH IURP VKRZV :HVW +DUWOHSRROōV WUHH EHLQJ SXW XS EHWZHHQ &KULVW &KXUFK DQG WKH PXQLFLSDO EXLOGLQJV 7UDIDOJDU 6TXDUHōV WUHH FRPHV IURP 1RUZD\ EXW :HVW +DUWOHSRROōV ZDV D JLIW IURP 6ZHGHQ

9,&725,$1 &(/(%5$7,216

,Q WKH QRZ LFRQLF HWFKLQJ RI 4XHHQ 9LFWRULD DQG 3ULQFH $OEHUW ZLWK WKHLU &KULVWPDV WUHH ZDV SXEOLVKHG LQ WKH ,OOXVWUDWHG /RQGRQ 1HZV 7KLV LPDJH SXUSRUWHG WR VKRZ WKH UR\DO IDPLO\ DW :LQGVRU &DVWOH WKH WUHH ZDV GHFRUDWHG ZLWK FDQGOHV ZLWK WKH FKLOGUHQ ORRNLQJ LQ ZRQGHUPHQW XS DW LW

'(&(0%(5

<285 )$0,/< +,6725<


" ) ) ,

% ##, # " (+% / - " ) . ," " - + " )!# ) # # " -

" ) .

% ##, # " (+ - " ) . ," " - + " )!# ) # # " -

# # , &. ," . #) ". $ *


+ $ # ( - # +$( ')" * $$+

! ! ! ' ( # ! $ % !! ' & ! ' ! '

" $ # # $ " " ! '

# ,

" $ %

%

! # !

! ! ! ) # % " ' $ ' ' # $ ! ! ! ! ! ! #


,PDJH IURP WKH SDVW $ EUHDFKLQJ

<RXU ROG SKRWRJUDSKV DQDO\VHG E\ RXU H[SHUW $XGUH\ /LQNPDQ

&$57( '( 9,6,7( & Ŋ ::

2ULJLQDOO\ SDWHQWHG LQ )UDQFH LQ WKH FDUWH GH YLVLWH IRUPDW F Ŋ :: DSSHDUV WR KDYH EHHQ SURGXFHG RQ DQ\ VLJQLILFDQW VFDOH LQ %ULWDLQ IURP DURXQG 7KLV ZDV WKH ILUVW RI WKH SRSXODU IRUPDWV WR EH VROG E\ WKH GR]HQ KDOI GR]HQ DQG VR RQ 7KH FDUWHōV IXWXUH ZDV DVVXUHG ZLWK WKH LQWURGXFWLRQ RI SXUSRVH GHVLJQHG SKRWRJUDSK DOEXPV WR KRXVH WKH JURZLQJ FROOHFWLRQ RI IDPLO\ SKRWRJUDSKV WKDW DFFUXHG WKURXJK JLIW DQG H[FKDQJH

+& %227+

+H RULJLQDOO\ WUDLQHG DV D SRUWUDLW SDLQWHU EXW +LUDP &URPSWRQ %RRWK Ŋ WRRN XS SKRWRJUDSK\ LQ +H LQWURGXFHG GDJXHUUHRW\SH SRUWUDLWXUH WR +DUURJDWH WKDW VDPH \HDU UHWXUQLQJ WR ZRUN LQ WKH VSD GXULQJ WKH VXPPHU VHDVRQ RYHU WKH QH[W WHQ \HDUV 7UDGH GLUHFWRULHV OLVW KLP DV D UHVLGHQW SKRWRJUDSKHU DW 5R\DO 3DUDGH EHWZHHQ DQG DQG VXEVHTXHQWO\ DV D SLFWXUH GHDOHU EHWZHHQ

)5(( ,0$*( $1$/<6,6 'R \RX KDYH D SKRWRJUDSK WKDW \RXōUH KDYLQJ WURXEOH GDWLQJ RU LGHQWLI\LQJ" 6HQG LW UHFRUGHG GHOLYHU\ WR XV IRU H[SHUW DQDO\VLV DW WKLV DGGUHVV ,PDJH )URP 7KH 3DVW <RXU )DPLO\ +LVWRU\ 6WXGLR 2QH 6KHHS 6WUHHW &KDUOEXU\ 2; 55 3OHDVH QRWH WKDW ZH RQO\ DFFHSW RULJLQDO SKRWRJUDSKV IRU DQDO\VLV DQG ZH UHJUHW WKDW QRW HYHU\ SKRWRJUDSK UHFHLYHG FDQ EH DQDO\VHG DQG SULQWHG KHUH $OO SKRWRV ZLOO EH UHWXUQHG

<285 )$0,/< +,6725< '(&(0%(5

DQG %RRWKōV FOLHQWHOH ZDV GUDZQ IURP WKH SURVSHURXV FODVVHV

(&21'$5< %5((&+,1*

RRWKōV SUHYLRXV WUDLQLQJ DV DQ DUWLVW VHUYHG KLP HOO LQ SRVLQJ KLV VLWWHUV %\ VHDWLQJ PDPD DQG KHU IDQW DQG WXUQLQJ WKHLU ERGLHV WRZDUGV HDFK WKHU WKH VWDQGLQJ ER\ DFKLHYHV D GHJUHH RI WDWXUH DQG LQGHSHQGHQFH ZKLOH PDLQWDLQLQJ RPSRVLWLRQDO FRKHVLRQ 7KH IXOO OHQJWK SRVH DOVR HYHDOV KLV ORQJ WURXVHUV ZLWK URRP IRU JURZWK +LV ŌVHFRQGDU\ EUHHFKLQJō WUDQVLWLRQ IURP VKRUW R ORQJ WURXVHUV PD\ KDYH EHHQ WKH SXUSRVH EHKLQG WKLV SRUWUDLW

/21* $1' 6+257

$IWHU EUHHFKLQJ ER\V LQ WKH V ZRUH VKRUWV VXLWV W\SLFDOO\ FRPSULVLQJ D VKRUW MDFNHW ZLWK VORSLQJ IURQWV IDVWHQLQJ DW WKH QHFN DV KHUH ZDLVWFRDW DQG PDWFKLQJ VKRUW NQLFNHUERFNHUV JDWKHUHG DW WKH NQHH $GXOW PDOHV ZRUH ORQJ WURXVHUV DQG ORQJ ORXQJH MDFNHWV RU IURFN FRDWV 7KLV VLWWHU DSSHDUV WR FRPELQH WKH VKRUW MDFNHW RI ER\KRRG ZLWK DGXOW ORQJ WURXVHUV SHUKDSV LQGLFDWLQJ D WUDQVLWLRQ SHULRG DQG DQ DJH RI SHUKDSV WHQ WR \HDUV

/2: &+,*121

0DPDōV YROXPLQRXV VNLUW DQG WLJKW ILWWLQJ ERGLFH FRQILUP D GDWH Q WKH V 7KH GURSSHG VKRXOGHU OLQH DQG IULQJLQJ RQ VOHHYH DQG FXII DSSHDUHG PXFK LQ YRJXH IURP DURXQG PLG GHFDGH +HU KDLUVW\OH ZLWK LWV FHQWUH SDUWLQJ FRYHUHG HDUV DQG FKLJQRQ ZRUQ ORZ RQ WKH QHFN DUNV EDFN WR WKH HDUO\ V URP DURXQG WKH FKLJQRQ UDGXDOO\ FOLPEHG XS WKH EDFN RI WKH KHDG H[SRVLQJ WKH HDUV 7KHVH GHWDLOV VXJJHVW D GDWH RI DERXW

/LQNPDQ

LQNPDQ ZULWHV DQG KRWRKLVWRU\ IDPLO\ DQG WRJUDSK\ +HU RWRJUDSKLF RRNV QWHQW DQG DQ IDPLO\ DOEXP


7KH 6HFUHW $UFKLYLVW 3XWWLQJ \RX LQ WKH SLFWXUH 2XU UHVLGHQW DUFKLYLVW 0DU\ $QQ 'DYLVRQ ƓQGV 79 IDPH RI VRUWV WKLV PRQWK

,

& ' 4 $$ & 1 0 "7"141 "1 4 4 ' % #"& .'$ 146 / (( $"& 4' 1 % &: " 0 &4 0'6(1 1 ('11" $ + 0'6(1 16 1 & $' "141 0 $ 0$: $0 : 7 0: 8 $$ & & '&/4 & 1#"& 48" 4' 11 '60 (0"% 0: 0 1'60 1+ "& '601 $7 1 7"& 4' "4 %'0 0 4"7 '8 7 0 8 & 40:"& 4' & 0'6(1 16 1 1 ''$ "$ 0 &+ 0 4 % 1" 0 "7 1 & ' $ 46 " 1 8 0 &4$: 40" & 9( 0"% &4 & 0 1 : "4 8 0 44"& ,6"4 9 "4 '64 "4+ & 4' 0 8 ( 04" "( 4 "& 4 & 4"'& $ 6& $ 1 7 &4 )

* 8 0 $' $ 7 &6 1 16 1 $" 0 0" 1 0 40 &1 '0% "&4' 04 & 1 " & 6 1 & $' 1 ' 6& &'"1: % 11: 4"7"4" 1 0 ($ && $$ '0 0 + 60 '&40" 64"'& 11 &4" $$: '&1"14 ' $ 0 (" ' 0 & $'4 & % 0 4'( 40"(' +

'4 ( 04" 6$ 0$: 8 !"&1("0"& 4 "014 $"%(1 ( 0 (1 64 4 ('11" "$"4" 1 ' 4 "1 1 4!6( 0 % &: & 7 0" & 9 "4"& + '6 1 4 "1 8 1 '60 "014 '0 : "&4' 4 8'& 0 6$ 8'0$ ' 0 & 1 0 & 4 &'$' :+ 0 & 1 0 & 4 &'$' : "1 61 '0 1( " $ 41 "4 "1 61 94 &1"7 $: "& 4' :/1 %'7" !% #"& 61"& 11 & '& 4 $ 7"1"'&+ '0 9 %($ 8 & 8 4 0 (0 1 &4 0 1460 1 4'8 0 1 4 0 "& $'6 1 4 4 0 '7 0"& '7 0 & 14 0 '0 1 "1 46 $$: 14 & "& "& 0'&4 ' 0 & )'0 $6 * 1 0 &2 4 % ( ' 4 "1 1 ( 0 4 $:+ ' 8 4 ' 1 $$ 4 "1 7 4' ' 8"4 0 "7 1 & 0 "7"141- $$ 4 4 6& $ 1 7 &4 8 4''# ( '4' 0 ( 1 ' % % 01 ' 4 (6 $" "& 7 0"'61 ('1 1 4 '&$: 0 ,6"0 % &4 8 1 4 4 4 : 4' 14 & "& "& 0'&4 ' 4 0 & $'4 + $0 : '1 & 1 %($ ' 1"9 ( '4' 0 ( 1 0'% '60 "14'0" "% '$$ 4"'& & ( 04" "( &41 8 0 1# 4' 1 $ 4 8 " ' 4 1 4 : 8'6$ $"# 4 "0 "% 4' 16( 0"%('1 '&4'+ '0 & 4 0 1 %($ 460"& %:1 $ & 7" 8 0 & '( :'6 0 4 4 4 "&"1 0 16$4 0 $$: ' 1 $''# 4"7 + ( 04" "( &41 $$ 0 4 6& 44"& "&7'$7

& 1'% 4''# "4 7 0: 1 0"'61$: "& 40:"& 4' '7 0 6( %' 0& $' '1 '& 4 "0 $'4 1 & 61"& $$ ' '60 0 11"& 6( (0'(1 4' 6$$ 4 & "4"'& 4' 0"& "& '60 "14'0" "% '$$ 4"'& 4' $" "& & 8 & 9 "4"& 8 : 8 $1' &7"1 '4 0 61 1 '0 4 "1 4 &'$' :+ ''$ "$ 0 & '6$ 8'0# '& 0 ('04 "&4' 1 : " 4'0" & 0"4 "& '0 '& "14'0" %"$$1 '0 '& '0$ 0 5+ : '6$ 4 & (0 1 &4 4 "0 0 ('04 "& "$% "& 0'&4 ' 0 & 1 0 & & 0 $ 7 &4 ' 6% &41 & ( '4' 0 ( 1 '6$ 00 & "&4' 1$" 1 '8 "& 4 % 1 4 : 1( #+ 4 0 :'60 4 '6 41 '& 4 "1 4 &'$' : & :'6 1 &: %'0 ('1"4"7 1 &'4 $"14 0 & 8 4 '64 &: ('11" $ 0 8 #1- ' $ 4 % #&'8 Q

0DU\ $QQ 'DYLVRQ LV DQ DUFKLYLVW DQG IUHHODQFH ZULWHU ZKR FXUUHQWO\ ZRUNV DV $UFKLYHV DQG /RFDO 6WXGLHV 0DQDJHU DW 7DPHVLGH $UFKLYHV DQG /RFDO 6WXGLHV 6KH KDV ZRUNHG LQ ORFDO DXWKRULW\ KLJKHU HGXFDWLRQ DQG VSHFLDOLVW DUFKLYHV VHWWLQJV ,I WKHUHōV DQ LVVXH \RXōG OLNH 0DU\ $QQ WR FRYHU HPDLO XV DW \IK#KLVWRU\PDJV FR XN RU ILQG KHU RQ 7ZLWWHU #PDGDYLVRQ

'(&(0%(5

<285 )$0,/< +,6725<


+LVWRU\ E\ QXPEHUV +RZ &DQDGD FRXQWV ' + % ' + % #% ' ' %

! ) %

$ $ ' " ) % $ $ (' % % ( ' % %

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

<285 )$0,/< +,6725< '(&(0%(5

$QGUHZ LV H[HFXWLYH HGLWRU RI <RXU )DPLO\ +LVWRU\ DQG UXQV KLV RZQ SXEOLVKLQJ VHUYLFHV EXVLQHVV +H KDV EHHQ ZULWLQJ DERXW IDPLO\ KLVWRU\ IRU RYHU D GHFDGH

/LEUDU\DQG$UFKLYHV&DQDGD

$QGUHZ &KDSPDQ VXUYH\V RQH &DQDGLDQ UHVHDUFKHUōV ZRUN DQG LWV ZLGHU LPSOLFDWLRQV IRU WKH XVHV RI FHQVXV GDWD

%\ $QGUHZ &KDSPDQ

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

?#, .. 5 %* ,:# - 7- * - - *6=6 61

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


+RZ WR

+RZ WR

,Q WKLV LVVXH ZH H[SORUH WKH XVXDO YDULHW\ RI UHVRXUFHV ERWK RQOLQH DQG RII

,Q WKLV VHFWLRQ :KHWKHU \RXōUH D EHJLQQHU RU H[SHUW WKHUHōV VRPHWKLQJ IRU HYHU\RQH

2&&83$7,216 *52&(56

&ROLQ :DWHUV LQYHVWLJDWHV WKH KLVWRU\ RI WKH KXPEOH JURFHU Ŋ RU ŌSURYLVLRQ PHUFKDQWō

*(7 67$57(' 7+( &$1$',$1 &(1686

/22.21/,1( ,5,6+ ,00,*5$17 $'9(576

+$1'6 21 ($5/< (1*/,6+ %22.6 21/,1(

<)+ 5(&200(1'6 67*(25*(ő6+$//

0,/,7$5< +,6725< 7+( )$// 2) -(586$/(0

*2,1* )857+(5 75$'(81,215(&25'6

0LFKHOOH +LJJV WHOOV XV DERXW D FRXSOH RI &DQDGLDQ FHQVXVHV WKDW FDQ WHOO \RX D ORW

9LVLW D SODFH LQ /LYHUSRRO WKDW ZDV EXLOW ERWK WR KHDU PXVLF Ŋ DQG WR SXQLVK FULPLQDOV

0DQ\ ,ULVK PLJUDQWV XVHG RQH SDUWLFXODU QHZVSDSHU QRZ RQOLQH WR UHDFK WKHLU ORVW IDPLOLHV

.HY /RFKXQ DVVHVVHV WKH DFWLRQV RI WKH (J\SWLDQ ([SHGLWLRQDU\ )RUFH

+DUU\ &XQQLQJKDP ORRN DW KRZ WKLV UHVRXUFH FDQ KHOS \RX ZLWK \RXU UHVHDUFK

,V \RXU DQFHVWRU VRPHZKHUH LQ WKHVH UHFRUGV" :H WHOO \RX KRZ \RX FDQ ILQG RXW

'(&(0%(5

<285 )$0,/< +,6725<


*HW VWDUWHG 7KH &DQDGLDQ FHQVXV RI SRSXODWLRQ DQG DJULFXOWXUH 0LFKHOOH +LJJV H[SODLQV KRZ WR XVH WKH DQG &DQDGLDQ FHQVXVHV WR WUDFH SLRQHHU VHWWOHUV RI WKH 1RUWK :HVW 3URYLQFHV

)

" ' " $ " # " " " $ " & # # " " " " " $ " & "% " $ " " " " " " & " $ " % " " " $ " "

% % & "" " " % " " $ # "

" % $ & " * & & & & !& ! + & + * ! & !

& & &! !! & + ) & ) & !& & !&

& ) + ! * - ! + & !& )! + ! & + & ! - & ! & ) && & * &

&URZGV LQ (GPRQWRQ PDUN WKH FUHDWLRQ RI WKH 3URYLQFH RI $OEHUWD 6HSWHPEHU

<285 )$0,/< +,6725< '(&(0%(5

.! + & & * & & + - + & ! * ! & & ! & ! + & * !& ), + ! && ! ! ! & - & & .! !& ) & ! !& ) & & & - * & + + + + ! - + ! ) & ! & " & ! ) & & $. ! & ) ! ! * ) & ! &

! # + & )! ! + " + ! & & + ! ) + ! . & - & ! && & * & !& & !& ! , & ! & ! )& * - !" & ! & & - !" ) )! & * * &) -

& ( !& ! + & & + ! + ! * & '$ ! & ! ! !) * -


*HW VWDUWHG 7KH &DQDGLDQ FHQVXV RI SRSXODWLRQ DQG DJULFXOWXUH

7RS WKUHH :HEVLWHV IRU 1RUWK :HVW 3URYLQFHV 7U\ XVLQJ WKHVH ZHEVLWHV WR ƓQG RXW PRUH DERXW WKH VHWWOHPHQW RI WKH 1RUWK :HVW 3URYLQFHV

6$6.$7&+(:$1 6(77/(0(17 (;3(5,(1&(

,I \RXU DQFHVWRUV VHWWOHG LQ 6DVNDWFKHZDQ H[SORUH WKLV GHWDLOHG ZHEVLWH WR GLVFRYHU PRUH DERXW WKHLU OLYHV RQ WKH 3UDLULHV 'LYLGHG LQWR WKHPHV VXFK DV KRPHVWHDGV DJULFXOWXUH UHOLJLRQ HGXFDWLRQ DQG ZRPHQ WKH ZHEVLWH VKRZV KRZ WKH H[SHULHQFH RI VHWWOHUV FKDQJHG RYHU WLPH IURP EHIRUH DQG WKH GHFDGHV XS WR KWWSV VDVNDUFKLYHV FRP VDVNVHWWOHPHQW LQGH[ SKS

"0. 4 . "1 ( .% 1 0 ( ) . " ) " 2 ( 1 "( ( " ). 2 " 0 ( ) . " ) "0 $0( ) ) $ ( . 4 (" . 2 4% ("0 . ) ) 4 "0 ) 4 3$ . 0 ( " ( ) . 4 "2 % "( ( . ) ( .) . "(. ). (( ."( ) " ( " "$$"(.0 .4 ." "2 . . 4 2"( " )" . . 4 "0 1 ( 1 ( " . " % # + " "1 ( . 0 "" "( $". . ) .. () " ).

$ VFKRRO LQ 0DQLWRED LQ

3((/ő6 35$,5,( 3529,1&(6

$ UHVRXUFH GHGLFDWHG WR ZHVWHUQ &DQDGLDQ KLVWRU\ DQG &DQDGLDQ 3UDLULHVō FXOWXUH WKLV ZHEVLWH LV SDFNHG ZLWK IDVFLQDWLQJ VRXUFHV 7KHUH DUH DURXQG GLJLWLVHG ERRNV RYHU QHZVSDSHU LVVXHV SRVWFDUGV DQG PDSV 7KH 0DJHH 3KRWRJUDSK &ROOHFWLRQ DQG WKH 3UDLULH 3RVWFDUGV &ROOHFWLRQ DUH SDUWLFXODUO\ LQWHUHVWLQJ DQG ZHOO ZRUWK EURZVLQJ KWWS SHHO OLEUDU\ XDOEHUWD FD LQGH[ KWPO

. . &1 (4 4 . "0) ) 2 " ." . ) "0 .(4 ) "0( () 2 . "0. 4 ) . "). ). . " $ 0$ ( ) . . ( () 2 . 1 (4 .. ) 1 .. ). . " " $ ( . 1 $ $("$( ."() " . ( "2 ( ) 1 4 )0 . ) "( . ( 4 () 2 . 4 1 0 . . ( ( ) .. . " . " ) " ) $ .4%' ) ( 0 .0( 2 ) . 0).(4 . ) $ (. " ( 0 .0( "0( () 2 ( $ (. 0 ( 4

0$1,72%,$

'HVLJQHG IRU VFKRROV WHDFKHUV DQG JHQHUDO UHVHDUFKHUV WKLV H[FHOOHQW ZHEVLWH LV GHYRWHG WR GLJLWDO UHVRXUFHV DERXW 0DQLWRED KLVWRU\ LQFOXGLQJ ORFDO KLVWRU\ ERRNV SKRWRJUDSKV VHDUFKDEOH QHZVSDSHUV DQG PDSV 7KH SKRWRJUDSK DQG PDS VHFWLRQV DUH IRFXVHG RQ WKHPHV VXFK DV WKH ELUWK RI 0DQLWRED LPPLJUDWLRQ DQG VHWWOHPHQW DQG :: DW KRPH KWWS PDQLWRELD FD FRQWHQW HQ

)"0 . . ( ) 2 ( " ). ) (1 .) ." 2"( " . ( )%

7+( $1' &(1686(6

)0) ) ( .( )0( .("1 " "( . " "( 4 )."( ) $("1 $ .4 " ) "( 0(. ( ( ) ( % . " )0) 2 ) . 1 (4 . 4 () (" # # . ( .0( ) 0$ ." 0 #!/# ( 1 ." ) ( % ( 4 . ) " "0 . 2 ) "( . $0($") ) " . ( $ ( . (4 ( $( ) . . " ) " $"$0 . " 0 ()%

$ IXU WUDGHU LQ $OEHUWD LQ WKH V

4"0( )."() 1 . "(. ).

("1 ) " ."

) . 2 "( (. 4"0 )" "0. . "( . " (" . )) 2 "2 )0) ) "

"$0 . " ( 0 .0( % ) )$ )0) ) " . 0 0 . #! , 0. " 4 . ") "( #!5, #!#, 0(( . 4 ) ( % ." 2 ) 0 ) $ ( . 4 " . . " )0) (" # +5 0.

) . 2 (. ". " 4 " $("1 ) 0 . #!5 * "( . . 4 2 ( 0 $ ." . ( " . )0)

)RU %ULWLVK LPPLJUDQWV WKH 1RUWK :HVW 7HUULWRULHV RIIHUHG D JROGHQ RSSRUWXQLW\ WR RZQ WKH ODQG WKH\ ZRUNHG RQ '(&(0%(5

<285 )$0,/< +,6725<


*HW VWDUWHG 7KH &DQDGLDQ FHQVXV RI SRSXODWLRQ DQG DJULFXOWXUH 3! + 0 0 + ) #+0 ,0 ++ 0#+ ,* ! !#5! , ) ,0+ 0,*( $"8. !,3, 5 , 0 ! #! 2 3! 5 0 $"$. !,3, 0## % #! $ 3! ( + ,3 0 !

,0 0 ,0 , + 4 #5 3 0 %#%3 0 #! +#5! 3, # ,, + 0 #!( ! $"8$ , 0 5 ! %#%3 0 #! # "$ 2-"( 7 $"8. 0 + 0 7 ! + , 0# 2 - -.1 ! $8 7 +, 0 +

0 3+ 5 , . - 1 ( 0 5 , , + ,0#+7 #+ +0 5 0 -1 822 ! $"8$ $ $2 ! $"8. ! ". 2 ! $"$.( #%3 0 #! +#50 5 , , #5 + ! ! 0# 5 0 2 2$$ ! $"8$ ! 1 .8 ! $"$.(

:+$7 &$1 <28 ),1' 287"

7#3*+ 0+ ! ! ! ! ,0#+, 0 + 0 ! 5, , 0 0 0 + + 3 !3 + # 0 , ,#3+ , #! 0 ,3% + + +7 ! + 4 ,

! 5 , 0 & '( 7 ! ,, + # + ! 3 ! 0 !,3, 0 ( !,3, ! 6 , + ,# 4 #+ + #! 7 + &

' 0 #3 7#3 !*0 , 0 03 , 3,0 0+ !, + %0 #! # ! 4 3 *, 0 ,( ! ,0+7 , ,# 0 , 0 $"8. ! $"$. !,3, , 30 0 7 + #! 7 4 0 +#3 %\ 3URYLQFLDO $UFKLYHV RI $OEHUWD >1R UHVWULFWLRQV@ YLD :LNLPHGLD &RPPRQV

3URFODPDWLRQ FRQFHUQLQJ WKH DGPLVVLRQ RI 5XSHUWőV /DQG DQG WKH 1RUWK :HVW 7HUULWRULHV WR &DQDGD

%UHEQHU IDPLO\ RQ D KRUVH GUDZQ ZDJRQ $OEHUWD

6WHS E\ VWHS 7UDFH DQ DQFHVWRU )ROORZ \RXU 1RUWK :HVW &DQDGLDQ IRUHEHDU WKURXJK D UDQJH RI GLIIHUHQW VRXUFHV

/$1' *5$176 '$7$%$6(

$1' &(1686(6

DZDUH WKDW RQ WKHVH FHQVXVHV PD\ DSSHDU PRUH WKDQ RQFH LI WKH\%HLQGLYLGXDOV ZHUH ZRUNLQJ DZD\ IURP KRPH

HOVHZKHUH LQ WKH 1RUWK :HVW 3URYLQFHV ,Q WKHVH LQVWDQFHV WKH KHDG RI WKH IDPLO\ KRXVHKROG VKRXOG KDYH SURYLGHG WKH PLVVLQJ LQGLYLGXDOōV 3RVW 2IILFH DGGUHVV WR EH HQWHUHG LQ FROXPQ QLQH

<285 )$0,/< +,6725< '(&(0%(5

8QGHU WKH 'RPLQLRQ /DQGV $FW KRPHVWHDGHUV KDG WR PDNH YDULRXV ODQG LPSURYHPHQWV EHIRUH WKH\ FRXOG DSSO\ IRU /HWWHUV 3DWHQW DQG RIILFLDOO\ UHFHLYH D WLWOH WR WKH ODQG 6HDUFK IRU \RXU KRPHVWHDGHU IRUHEHDU RQ WKH /DQG *UDQWV RI :HVWHUQ &DQDGD GDWDEDVH RQ WKH /LEUDU\ DQG $UFKLYHV &DQDGD ZHEVLWH ZZZ EDF ODF JF FD HQJ GLVFRYHU ODQG ODQG JUDQWV ZHVWHUQ FDQDGD 3DJHV VHDUFK DVS[

&$1$',$1 3$66(1*(5 /,676

LPPLJUDWLRQ \HDU LV RIWHQ JLYHQ RQ WKH FHQVXV %HDU LQ PLQG WKDW WKH GDWH PD\ QRW EH7KH FRUUHFW HVSHFLDOO\ LI WKH LQGLYLGXDO ZDV D \RXQJ FKLOG DW WKH WLPH RI OHDYLQJ %ULWDLQ 6HDUFK &DQDGLDQ 3DVVHQJHU /LVWV RQ $QFHVWU\ ZZZ DQFHVWU\ FR XN \RXōOO QHHG D ZRUOGZLGH VXEVFULSWLRQ RU SXUFKDVH SD\ SHU YLHZ FUHGLWV LQVWHDG


*HW VWDUWHG 7KH &DQDGLDQ FHQVXV RI SRSXODWLRQ DQG DJULFXOWXUH %\ /HZLV 5LFH 3DUW RI WKH &DQDGLDQ &RS\ULJKW &ROOHFWLRQ KHOG E\ WKH %ULWLVK /LEUDU\ GLJLWLVHG DV SDUW RI WKH ŏ3LFWXULQJ &DQDGDŐ SURMHFW

7KH FHQVXV KDG DGGLWLRQDO FROXPQV IRU RFFXSDWLRQ UHOLJLRQ QDWXUDOLVDWLRQ UDFH DQG ODQJXDJH DQG HGXFDWLRQ

+RPHVWHDG UXVK DW WKH /DQG 2IILFH 0RRVH -DZ 6DVNDWFKHZDQ 0" / + ) + /0) * / + ) 0 + 0 / + " 0* *" 0 ) / )3 * )1 # 3 * )1 1 )* * 2 * * / 2 / ' ($% 3 ) / * ) 2 "" ) / 0 ) / / / 0* 3 1 * / / 0 ) / ' ) ( * % ! 4, *0* * */* / 0 ) * 2 ) "/ 3 / 0* 2 / ) / * / 2 * 1 * ) ) * ) * ) * 2 ) % 3 0 )* * *+ 2*+ / ) ) ) / // *+ * " * *+ * " * *% ) ) * / / *

%\ /HZLV 5LFH 3DUW RI WKH &DQDGLDQ &RS\ULJKW &ROOHFWLRQ KHOG E\ WKH %ULWLVK /LEUDU\ GLJLWLVHG DV SDUW RI WKH ŏ3LFWXULQJ &DQDGDŐ SURMHFW

2 ) 2 *0 * ) "/ ) " 3 " ) 1 2 * *% 0 ) / )* ) / ! 4, ! !, *0* * / 1 ) 0* / * " ) / 0 /* 2 / 0 ! / */ 0* 0 ) 3 */ )3 ) * ) % ) ! 4, / * 1 ) "0 / 1 */ ) ! !, 0*/ "0 / % / ) 0 /0) ) / * 0 * 1 *0)1 1 % / / ) ") 1 * 2 * 1 / 0 ) *0* */) /* 2 2 ) / *0 1 / *0* *0 */) /*% * 2 ) 0" 0 ) 0* / 2 * "* - ) / 2 * * 2 * * * )1 *% / *0* * ") 1 / * " )* / 3 / ) ) / * " / / / 0* + / ) ) ) / */ /0*% 0 /)3 ) " )/ * * ") 1 * 2 * / 3 ) ) / / + / */ ) **+ / ") * / / 0* 3 * / / 2 * " ) ) % ! !, *0* / 0 * )

2 / / ! 4, ! !, *0* *% ) * 0 * 2 ) ) ! / ) 2 / " " ) ) ) * 2 ) */) 3 % 3(* / * / * * ) * / ! 4* ) * 0/ / ) 2 * / * */ / &0 /3 * * / * ) % / * *0* ) ) * 1 / *0)1 1 % 0/

) / ) )3 ) 1 * 2 * / # $% Q

0LFKHOOH +LJJV LV D IUHHODQFH ZULWHU DQG DXWKRU VSHFLDOLVLQJ LQ VRFLDO KLVWRU\ DQG IDPLO\ KLVWRU\

&217$&76 /LEUDU\ DQG $UFKLYHV &DQDGD :HOOLQJWRQ 6WUHHW 2WWDZD 2QWDULR . $ 1 Z ZZZ EDF ODF JF FD HQJ 3DJHV KRPH DVS[ *XLGHERRN IRU VHWWOHUV 5HDG WKH 'RPLQLRQ RI &DQDGDō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

+RPHVWHDGHUV WUHNNLQJ IURP 0RRVH -DZ 6DVNDWFKHZDQ

*HQ:HE IRU $OEHUWD 0DQLWRED DQG 6DVNDWFKHZDQ 7KHVH SDJHV DUH IXOO RI XVHIXO LQIRUPDWLRQ IRU JHQHDORJ\ LQFOXGLQJ WUDQVFULSWLRQV RI JUDYHVWRQHV DQG KRPHVWHDG LQGH[HV $OEHUWD *HQ:HE ZZZ URRWVZHE DQFHVWU\ FRP aFDQDE LQGH[ KWPO 0DQLWRED *HQ:HE ZZZ URRWVZHE DQFHVWU\ FRP aFDQPE LQGH[ KWP 6DVNDWFKHZDQ *HQ:HE ZZZ URRWVZHE DQFHVWU\ FRP aFDQVN 6DVNDWFKHZDQ

'(&(0%(5

<285 )$0,/< +,6725<


/RRNLQJ RQOLQH ,ULVK LPPLJUDQW DGYHUWLVHPHQWV 7KH DGYHUWV UHODWLQJ WR ,ULVK LPPLJUDQWV LQ RQH $PHULFDQ QHZVSDSHU FDQ EH D WUHDVXUH WURYH RI LQIRUPDWLRQ

% ' 3 " 9 % 80) ) /0 !% 3 !0 / / !0 '03'% !#'3 8 ! 0 8 $ %9 /!0 !$$! / %30 )# 7 /30 !% !3 !% '/ / 3' !% 3 !/ $!00!% / # 3!7 0, 3 0 ' !30 /!0 !$$! / %3 7 /3!0 $ %30 % '6% 3 '7 /!% 3 ) /!' ( 4( (&5: %

% 03/9 #0' 0 '## 3!'% ' / !% '/ !00!% /! % 0 /!0 $$! / %3 7 /3!0 $ %30 # !% - '03'% !#'3. '%#!% * 3

+, % 03/9.0 / '/ 0 / 3 " % !/ 3#9 /'$ 7'#6$ 0 ' / !% '/ !00!% /! % 0 /!0 $$! / %3 7 /3!0 $ %30 # !% '03'% !#'3 ( 4( (&5: !3 9 63 %% //!0 '% # ' 0 % $ / . * 8 % # % !03'/! % #' ! # ' ! 39 (& &+,

$ &$7+2/,& 38%/,&$7,21

'03'% !#'3 8 0 # 6% !% )3 $ / ( 5& 0 3 !/03 3 '#! % 80) ) / !% 3 % 0 % !% '%3!%6'60 )6 #! 3!'% 0!% 1 3' 9 3 !0 !#9 % 80) ) / 03 3 0 3 3 !3 '7 /0 -% 80 % ')!%!'% '63 3 3 '#! 6/ % 3 '#! #! . * +, 3 8 0 '6% 9 3 !0 ') ' '03'% 3 3 3!$ % ! 3

'0 ) %8! " 0 06!3 6/!% 0! %! ! %3 3!$ !% 3 !39.0 !03'/9, !% 3 ( 3 %36/9 3 /!0

% $! / 3!% % 3 # 3 ( 5:0 8!3% 00 /'83 !% 3 !0 $! / 3!'% 3 3 # 3' %3! 3 '#! #!% $'% 03 '3 /0 !% 3 !39, % 80) ) / 8 0 0! % 3' '$ 3 -$!0/ )/ 0 %3 3!'%0. ' 3 6/ % / )! #9 $ 0! %! ! %3 /!0

$ /! % )6 #! 3!'%, '/ $6 ' 3 (&3 %36/9 /'$ ( 4 3' ( &( !3 8 0 !3 9 3/! " '% ' !$0 # % 3!7 ' '6%39 7 % 8 ' $! / 3 3' '03'% 8!3 !0 $!#9 8 % 8 0 /'6% 3 % 9 /0 '# !% 3 /#9 ( 5:0,

$ERYH 0DQ\ ,ULVK SHRSOH HPLJUDWHG WR WKH 86 GXULQJ WKH *UHDW )DPLQH RI WKH V /HIW 7KH 3LORW PDVWKHDG

<285 )$0,/< +,6725< '(&(0%(5


/RRNLQJ RQOLQH ,ULVK LPPLJUDQW DGYHUWLVHPHQWV

,Q D ƓUH GHVWUR\HG WKH ZRRGHQ VWUXFWXUHV DORQJ ZLWK PDQ\ LPPLJUDWLRQ UHFRUGV GDWLQJ EDFN WR

"! " "/ '( 0 , $ $ '&( $. , "! , ' "' .' ! $ ' " 0 ! , ' , ! ! ' ! ( 0 . (.' ! ' , "! ," , , , (% !1 " , / ',( ! , "(,"! ", '" , # 2( ! !," , # *2( ' , ," ! / . ( / ! ' ! .' ! , ( "'' ! ".( , ) , ! 0 ," (, '/ , "! ! ( ( .' ! , $ ' " # ," # - ," (( ' , "! ," ' , ! ! .(,' ( 0 ( ," ' % 1 # 2 ' ( ' !,( "!(, ,., '".! - $ ' !, " , $"$. , "! !", "! 1 " "(,"! ., (" "

0 "' ,1 , "' ! $ % ! / ', ( !, 0 ( $ 1 "!"' 1! 0 " 0 ( ( ! ! "' , "! "., ' ", ' " !!

,ULVK SRSXODWLRQ

,UHODQGőV SRSXODWLRQ GHFUHDVHG WKURXJKRXW WKH WK FHQWXU\ GXH WR SRRU FRQGLWLRQV ZKLFK ZHUH H[DFHUEDWHG E\ WKH *UHDW )DPLQH Ŏ IURP PLOOLRQ LQ WR PLOOLRQ RQO\ WHQ \HDUV ODWHU %\ WKHUH ZHUH MXVW PLOOLRQ SHRSOH OLYLQJ LQ ,UHODQG

'XEOLQ QHZVSDSHU 7KH )UHHPDQ V -RXUQDO IUHTXHQWO\ FRYHUHG VWRULHV DERXW HPLJUDWLRQ

7RS WKUHH $GYHUWV LQ 7KH %RVWRQ 3LORW 7KHVH DGYHUWV LOOXVWUDWH WKH ZHDOWK RI GHWDLO WKDW FDQ EH IRXQG Ŋ DQG WKH VWRULHV WKH\ VXJJHVW

'(6(57('

0DUJDUHW 2ō%ULHQ SODFHG DQ DGYHUW LQ 'HFHPEHU VHHNLQJ LQIRUPDWLRQ DERXW KHU KXVEDQG 6LPRQ 7KH\ KDG DUULYHG LQ $PHULFD WRJHWKHU LQ EXW DIWHU WZR \HDUV OLYLQJ WRJHWKHU LQ 6RXWK &DUROLQD 6LPRQ KDG OHIW IRU 3KLODGHOSKLD DQG 0DUJDUHW KDGQōW KHDUG IURP KLP LQ WKH SDVW \HDUV +DG KH OHIW WR VHHN ZRUN RU ZDV WKDW DQ H[FXVH WR GHVHUW KLV ZLIH" 0DUJDUHW ZDV OHIW DGULIW OHJDOO\ PDUULHG EXW ZLWK QR VSRXVDO VXSSRUW +HU KXVEDQG DV WKLV DGYHUW VKRZV OHIW 0DUJDUHW GXULQJ WKH &RQIHGHUDWHVō ERPEDUGPHQW RI )RUW 6XPWHU Ŋ ZKLFK KHUDOGHG WKH VWDUW RI WKH $PHULFDQ &LYLO :DU

$*(' 3$5(17

,Q -DQXDU\ HOGHUO\ -DPHV %UHQDQ ZURWH WR 7KH -HVXLW DV 7KH %RVWRQ 3LORW ZDV VWLOO NQRZQ WKHQ WR SOHD IRU KLV VRQ -DPHV WR JHW LQ WRXFK -DPHV -U KDG OHIW 7LSSHUDU\ IRU WKH 86 LQ DQG KDGQōW EHHQ LQ WRXFK ZLWK KLV IDWKHU VLQFH -DPHV 6U OHIW EDFN DW KRPH LQ &DUULFN LQ 6XLU &RXQW\ 7LSSHUDU\ IHDUHG KLV VRQ ZDV GHDG EXW ZDQWHG WR NQRZ IRU VXUH +H SUHVXPDEO\ IHOW WKDW KLV RZQ GHDWK PLJKW QRW EH WRR IDU DZD\ DQG QHHGHG WR KHDU ZKDW KDG KDSSHQHG WR KLV FKLOG EHIRUH KH GLHG

02%,/( 0,*5$176

7KLV DGYHUW VKRZV KRZ PDQ\ ,ULVK LPPLJUDQWV PRYHG DURXQG WKH 6WDWHV UDWKHU WKDQ VHWWOLQJ LQ WKH ILUVW SODFH WKH\ FDPH WR -RKQ &DVH\ KDG ODQGHG LQ 1HZ <RUN LQ EXW WKHQ PRYHG RQ WR 3HQQV\OYDQLD ,OOLQRLV DQG WKHQ ,RZD DOO ZLWKLQ WKH FRXUVH RI D GHFDGH +LV EURWKHU 5REHUW ZKR SODFHG WKH DGYHUW DVNLQJ IRU LQIRUPDWLRQ DERXW KLP LQ ZDV OLYLQJ LQ 0LVVRXUL DW WKH WLPH VR VLEOLQJV ZKR PD\ KDYH WUDYHOOHG DFURVV WKH $WODQWLF WRJHWKHU GLGQōW QHFHVVDULO\ HQG OLYLQJ LQ WKH VDPH SODFH

'(&(0%(5

<285 )$0,/< +,6725<


/RRNLQJ RQOLQH ,ULVK LPPLJUDQW DGYHUWLVHPHQWV (PLJUDWLRQ WR WKH 86

,WőV HVWLPDWHG WKDW XS WR PLOOLRQ ,ULVKPHQ ZRPHQ DQG FKLOGUHQ HPLJUDWHG WR $PHULFD EHWZHHQ DQG 8S WR WKH\ PDGH XS PRUH WKDQ RI PLJUDQWV DQG LQ WKH V QHDUO\ KDOI RI DOO PLJUDQWV WR WKH 86 ZHUH ,ULVK

3DWULFN 'RQDKRH HGLWRU RI 7KH %RVWRQ 3LORW IRU PXFK RI WKH WK FHQWXU\ KDG KLPVHOI HPLJUDWHG IURP ,UHODQG DV D FKLOG

( " 0 1#16 0 &1* *" (( " " - *(*0 16 6 6" 6 " 0 '*6" 0 ; 1 *0#!#( &&= 0*' 6" , 0#1" * 9(( %*,, & *9(6= 00= 96 1" " & ( #( *16*( 0*9( + 4 +4 = 01 0&# 0 ( 6 0 *90 = 01 #( ' 0# " ' 00# 60# % ( *(*0 1% *0 #( *0' 6#*( 6* 1 (6 #0 6 6* 60# % =( " *(*0 /1 "91 ( #( ( # ( ,*&#1 ( # ( - *(*0 ; 1 *(&= #( " 0 8>1 6 6"#1 6#' 96 &0 = '*6" 0 6* 6 & 16 *90 "#& 0 (2 ;" ( *( " %1 6" + 4> (191 ( 1 1 " 0 ;#6" " 0 '#&= "91 ( 60# % & *90 0 ( "#& 0 ( ((#1 0# ! 6 *"( ( 0= *0( 6; (

+ + ( + 3 &#:#(! #( ( 0 * ( # ( ,*&#1 6" 6 ; 1 "*' 6* ' (= *6" 0 '#!0 (6 '#&# 1 ,0#' 0#&= 0*' ;" 6 ; 1 6" ( 0911# 1 ; && 1 0*' 0 & ( *( ( & " 0 1, 0 6#*( 6 60=#(! 6* &* 6 ."*' / " 0 0#1" '#&=- *(*0 /1 6"0 & 16 "#& 0 ( " && ( *0( #( 11 "91 661 ( 1" ( &&*; 0#1" '#!0 (6 60# % " ' 00# #( *16*( #( + > ;" ( 1" ; 1 $916 +) "#1 19!! 161 6" 6 1" ' = *(&= " : &*16 6*9 " ;#6" " 0 '*6" 0 ;" ( *(*0 ( 60# % '*: ; = 0*' 6" 16 6 ;" 0 6" = " && & ( #( 6" + >1 *(*0 /1 1 "#!"&#!"6 "*; '#&# 1 *9& *' 1 , 0 6 = 6" "9! #16 ( 1 #( ' 0# ( &*1 6*9 "2 96 " 01 ; 1 0 & 6#: &= 160 #!"6 *0; 0 : 06#1 ' (6 6" 6 1#',&= 1"*;1 '#&= 0 & 6#*(1"#,1 ( &* 6#*(1 1 ; && 1 16 6#(! 6" = 0 *" (( "

" & 0 & ( 90#(! 6" 0 6 '#( - ( *6" 0 : 06 0*' 6" 1 ' = 0 + 48 " 1 '*0 #( *0' 6#*( *96 ( #( #:# 9 & 6"*9!" "#1 ; 1 ,& = *"( *1!0 : * * " 16 0 ; *0% ;"* " .&*16/ "#1 0*6" 0 60# % 6 0 6" 6;* ' ( " & ( #( 6" 16 6 6" ,0 :#*91 9!916- 60# % ; 1 1 0# 1 #(! 6 ;#6" 0% *',& <#*( ( " ; 1 7 = 01 *& - ( *"( ; 0 0*' *9(6= 0&*; 96 " '#!0 6 6* ; *0% *( 6" 1"#, 9&6#: 6*0- 0*' ; *0% #6= 6" = ; 0 19,,*1 6* ! 6 *( * 6 6* & (= 96 60# % " ( & 6 ( '#11 #6- #1 0*6" 0 ; 1 , 06# 9& 0&= *( 0( 91 "#1 0*6" 0 ; 1 %(*;( 6* . &#66& *96 * "#1 '#( / 6" 0 1 1 0 1 ( 19!! 16 6" 6 ( #( #:# 9 & ' = " : #1 ,, 0 *0 # #6" 0 *( * 0 1"#, *0

6WHS E\ VWHS 8VLQJ WKH %RVWRQ &ROOHJH 7KLV GDWDEDVH RI DGYHUWLVHPHQWV IRU ,ULVK LPPLJUDQWV SXEOLVKHG LQ 7KH %RVWRQ 3LORW LV VWUDLJKWIRUZDUG WR XVH

+20(3$*(

*R WR KWWSV LQIRZDQWHG EF HGX DQG \RX ZLOO VHH D ZHOO GHVLJQHG VLPSO\ KRPHSDJH WKDW KDV VRPH EDFNJURXQG DV WR WKH DGYHUWV WKH GHWDLOV WKH\ LQFOXGH DQG WKH FRYHUDJH DV ZHOO DV OLQNLQJ WR VRPH XVHIXO KLVWRU\ DQG IXUWKHU UHVRXUFHV

<285 )$0,/< +,6725< '(&(0%(5

'$7$%$6(

7KH NH\ SDUW RI WKH KRPHSDJH KRZHYHU LV WKH GDWDEDVH VHDUFK ER[ +HUH \RX VLPSO\ HQWHU D ILUVW QDPH ODVW QDPH JHQGHU ORFDWLRQ DQG DUULYDO SRUW Ŋ DV PXFK RU DV OLWWOH LQIRUPDWLRQ DV \RX NQRZ $W WLPH RI ZULWLQJ WKH ŌGDWH RI DGYHUWLVHPHQWō SXOO GRZQ PHQX GRHV QRW ZRUN KRZHYHU

6($5&+ 5(68/76

,I ZH VHDUFK IRU Ō)DQQ\ %ODNHō WZR UHVXOWV DUH UHWXUQHG IRU DGYHUWV SODFHG WZR \HDUV DSDUW $OWKRXJK WKH KRPH FRXQW\ LV GLIIHUHQW WKH LQGLYLGXDO LV WKH VDPH Ŋ IRU ZH FDQ VHH WKDW ERWK DGYHUWV ZHUH SODFHG E\ KHU EURWKHU *DEULHO <RX FDQ QRZ FOLFN RQ D UHVXOW WR ILQG PRUH LQIRUPDWLRQ

)$0,/< '(7$,/6

+HUH WKHUH DUH VHYHUDO ER[HV ZKHUH PRUH LQIRUPDWLRQ FDQ EH UHFRUGHG DOWKRXJK GHWDLOV ZLOO YDU\ DFFRUGLQJ WR WKH LQGLYLGXDO +HUH ZH OHDUQ WKDW *DEULHO ZKR ZDV OLYLQJ LQ 1HYDGD &LW\ ZDV DOVR ORRNLQJ IRU PRUH VLVWHUV Ŋ 0DU\ $QQ DQG (OOHQ 7KH IDPLO\ ZDV RULJLQDOO\ IURP .LOFXOOHQ &R .LOGDUH


/RRNLQJ RQOLQH ,ULVK LPPLJUDQW DGYHUWLVHPHQWV

6RPH FDVHV VXJJHVW WKDW DQ LQGLYLGXDO PD\ KDYH GLVDSSHDUHG RU GLHG HLWKHU RQ ERDUG VKLS RU VKRUWO\ DIWHU GLVHPEDUNLQJ

$Q DUWLFOH DERXW ,ULVK HPLJUDWLRQ LQ 7KH )UHHPDQ V -RXUQDO RI -XO\

GDWDEDVH

&2552%25$7,21

:H FDQ WKHQ VHDUFK IRU WKH RWKHU VLVWHUV QDPHG KHUH WR ILQG RXW PRUH $ VHDUFK IRU )DQQ\ōV VLVWHU (OOHQ QRWHV ŌVLVWHU VXSSRVHG WR EH LQ $XVWUDOLD VKH LV VWLOO LQ ,UHODQGō 7KH SUHVHQFH RI ODWHU DGYHUWV VKRZV WKDW *DEULHOōV DWWHPSWV WR ILQG KLV VLVWHUV DSSHDU WR KDYH EHHQ VDGO\ XQVXFFHVVIXO

+ #*. 3 . * + * ! 0 ! . * 3 1 . * ! * ! #* #* # #! 3 + 1 * ! . . . + !#. !#1 ! 1 . %% ! &

.* /*!+ 1 + + ! + + +. * !! ! . * 3 $ 4+, . /*!+ 3 1 + *# !3 ! #/!.3 #! ! /. !! 1 + 2% . .# ** 0 ! 1 * !+ . * +. + . ! $ "& !#. ! * # + ! & #! ! . + #+. 3 #+.#! # 1 #! 3 . 3#/ + * #* . ! 0 / 1 # + ! ## #* * . * . ! 3 . % *+#! 1 # % . 0 *. + !.& #1 0 * ! +.*3 1 . 3#/ ## #* !3 ! ! 1 ! / . #+ 1 # % . 0 *.+ +# . + + +# . ! 1#*. * ! ! ! 1 ! 3#/ + * #* ! +.#*+& ! # . '/ * + # . ! +.*3 + * + + .# . . . 1 * ./*! * +/ .+ #* 0 *. + *+ * #* ! #! 3 . * *+. ! 0 ! 1 ! . * +/*! + * + 1 * ! . ! 0 / 0 *. +# . 1 * ./*! #* 2 % ( .* ) + . +# . # ! 0 *. + *)+ ! 0 ! 1 ! 3#/ #! . 0 *. .+ . + * . . . ! 0 / )+ ! +

.* # ! 3 . . . . + + * ! #* + *#. * + # !& + # /*+ 1 ! . 0 *. */!+ #0 * . #/*+ # .1# % + 1 . . +/*! # . 3 +. #! . *+. % /. . % *+#! + * ! + * ** .# #! 3 3 + *+. ! #! . + #! % & #1 0 * +/ '/ * + * +3 !#/ .# #/ & . #/ . + 0 *.+ ! + . 3 * +#

+ ! . ! * +#/* #* !3#! * + * ! * + ! +.#*+ 1 # 3 0 * . .# #+.#! ! 3#! & 3 0 . + # + ! + ! % * !.+ ! . 3#/ 1 ! ! ! 0 / * . ! 1 * . 3 ! , ! +# . 3#/ % *+#! ! #* . #! #/. . *# . * . !

3 # #/* .# . * !. +. . & 3 +# + #1 . % . #!+ # * . #! #! 3 * . #!+ %+ 1 . +# * ./* ! % * ! !. 3 . * ! 0 / + 1 !. . * #1! 1 3& 0 ! 3#/* ! +.#* +!). +. 3#/ 3 ! +# . ! #/. . . 1 . * + %+ # . % +. * 3 # .# #* 3#/&

:KR ZHQW"

7KH JHQGHU RI ,ULVK PLJUDQWV WR $PHULFD FKDQJHG RYHU WLPH 3ULRU WR WKH *UHDW )DPLQH RU SRWDWR IDPLQH RI WKH V PLJUDQWV WHQGHG WR EH PDOH KRZHYHU GXULQJ WKH IDPLQH DQG LPPHGLDWHO\ DIWHUZDUGV ZKROH IDPLOLHV GHSDUWHG VHHNLQJ D QHZ EHWWHU OLIH

'(&(0%(5

<285 )$0,/< +,6725<


+DQGV RQ

(DUO\ (QJOLVK %RRNV 2QOLQH +DUU\ &XQQLQJKDP VKRZV KRZ WKLV XQLTXH FROOHFWLRQ RI PDQXVFULSWV SDPSKOHWV DQG ERRNV LV XVHIXO IRU XQGHUVWDQGLQJ \RXU WK FHQWXU\ DQFHVWRUV ( % #%

"% %& * % %& ! % !% ! (

! % ! ! * & ' ( % ! ' ! % !% & % % ! ! *! % * ! ! %

&% % ! % &!% *( %! %! % ! % % ( ' % !% % ! ( % % % * % ! % %! % '

& %! % )% * % ' %! % % * * % ! %

% %! (! ! ! % !& % ' 2 .' (- ' 0 (

(- - ' + ' !' - ' - 2 0 !' / / . .- '

.- - ' 0 ' - ' ! - / 0( ( 0 ( - - -. ' ( - 2 0 ' (( - 0 - " 2 (- - '( !. ( '( ( - ' 0 ( !( ( 0 ' - 2 !. ( - ' / - ' ' ((" - (- !' )- -.'2 !. ( '( 0 ( . ! ' 2 ( 2" ' ' 0 (

(- - 1-( !. ( ' - ( ' !-

% ' - ' . ! ' 2 ( 2 ' - (

- ( ( ! - - ( - ' ( ' ( - . &( .' 2 ' "& ' - .(-' ' / .- !. ( .( ( 0 ' / . ' 2 .( (( ( ' - ' - ' ! (" ( ' ' . ! ' 2&( 0 ' / ( ( - . ( .( (( 0 - ( . - ' - ' "

5($',1* 32/,7,&6

- ( - ' (- - ( ' - .(- 0 ( 2 0 ( !. ( .- 0 - 0 ( !. ( ! '- . ' 2

0 0 ( ' - - - !. - ( ' (( (2 - -' 0 " .- ' ! '- . ' 0 ( 0 ' ( 2 !. ( - 2 ( 0' - ( .'( * - - #. (- %0 ( ! '- . ' 2 0 . .' - .( ( ' / .- ( / ' - $ & ! 2 .( 0 - ' ( . ! 2 - 1 ( - - ( ' (0 ' ( - %. .(- ! 0 ' ' ! '-2& -( ' - ! " ( (. (-( - ( 2 0 ( ' 2 (- -

- 0 - / 0 '

(- ' ( 0 ( . ' .( '' (-"

6WHS E\ VWHS 6HDUFKLQJ ((%2

+RZ WR DFFHVV DQG PDNH WKH EHVW XVH RI WKLV XQLTXH FROOHFWLRQ RI PDWHULDO

$&$'(0,& ,167,787,216

<RX FDQ RQO\ DFFHVV ((%2 WKURXJK DQ DFDGHPLF LQVWLWXWLRQ LQGLYLGXDO VXEVFULSWLRQV DUH QRW JHQHUDOO\ DYDLODEOH %HORQJLQJ WR D XQLYHUVLW\ RU HQTXLULQJ LI \RX FDQ JHW DFFHVV DV DQ DOXPQL PHPEHU LV WKH EHVW ZD\ WR DFFHVV LW DFFHVV PLJKW EH DYDLODEOH UHPRWHO\ RU \RX PD\ KDYH WR YLVLW LQ SHUVRQ

<285 )$0,/< +,6725< '(&(0%(5

%5,7,6+ /,%5$5<

,I \RX DUH QRW OXFN\ HQRXJK WR EHORQJ WR D XQLYHUVLW\ LQ DQ\ FDSDFLW\ WKHQ WKH QH[W EHVW RSWLRQ LV WR DFFHVV ((%2 WKURXJK WKH %ULWLVK /LEUDU\ ZZZ EO XN $IWHU UHJLVWHULQJ DV D UHDGHU \RX FDQ VHDUFK XVLQJ WKH FRPSXWHUV DYDLODEOH LQ WKH 5DUH %RRNV DQG 0XVLF 5HDGLQJ 5RRP

$87+25 6($5&+

,I \RX KDYH DQ DQFHVWRU \RX WKLQN PLJKW KDYH DXWKRUHG D WH[W WKH VLPSOHVW ZD\ WR VHDUFK ((%2 LV WR GR D EDVLF DXWKRU NH\ZRUG VHDUFK 7KLV FRXOG EH WKHLU IXOO QDPH VXUQDPH RU DQ\ SKUDVHV \RX PD\ WKLQN PLJKW EH DVVRFLDWHG ZLWK \RXU DQFHVWRU VXFK DV WKHLU DGGUHVV

/,67 6(/(&7,21

$ PRUH VSHFLILF ZD\ RI VHDUFKLQJ LV WR VHDUFK IURP D OLVW ÅŠ HLWKHU DQ DOSKDEHWLFDO OLVW RI DXWKRUV RI WH[WV RU VXEMHFW NH\ZRUGV 7KHVH FDQ WKHQ EH DSSOLHG WR \RXU JHQHUDO VHDUFK $ EODQN VHDUFK RI MXVW RQH DXWKRU VHOHFWHG IURP D OLVW ZLOO UHYHDO DOO WKH WH[WV DXWKRUHG E\ WKHP WKDW DUH DYDLODEOH RQ ((%2


+DQGV RQ (DUO\ (QJOLVK %RRNV 2QOLQH $ FROOHFWLRQ RI 0LOWRQőV SRHPV SXEOLVKHG E\ +XPSKUH\ 0RVHOH\

0RVHOH\ H[SODLQHG WKDW KH KDG FRSLHV RI WKH SOD\V WKDW LQFOXGHG ŌDOO WKDW ZDV DFWHG DQG DOO WKDW ZDV QRWō ( ' & 0 !, & * *. ,& ! 0.% *& % & , * * % . & & % & # * % %0 &* - % .% * %&$" * , * * % & 0 & %* & . % && - & !% & * ,* %& & % & & * * . !% ! % * . % & % !, * " & 0 /! * * !% - ,& ! & * ! 0& ** & * & & * 0 . % & * - ! % % & ,* * * ! & * * , # * * . & * * * . & *$

!% & * * * ,* %& - #* 0 . , * % % % && * . * & % !, & $" & 0 . & * * & & % %& 0 & . * !% - && 0 - * * ,* %&$ . % &"

0 , - &* % . . & - - * & - % & ! *0 * * & % *& * ++ 111 ! ! *& & .&! ! %& ! 0 * & % %

& *. ( 1 (( % /*% 0 ,& , "

, * * !% & & & ,& * & * * & * ! * * * * ,& , * * ,*,% % & % % & * & , . 0" * , & &! & - * ! % * ! %* , % 0& & ! &*& *% *& % ,& ** %& - *% * 0 % !

& * % * * , *%0" * 0 ,& , * & % * % , * * , . & % % % - *

* %&* & * % % 0 / & . * % - * * 0 ,% &* %&" Q

&+(&. )25 9$5,$176

67$7,21(5 6($5&+

7+20$621 75$&76

$'',7,21$/ $'9,&(

6SHOOLQJ ZDV QRW VWDQGDUGLVHG XQWLO WKH WK FHQWXU\ ((%2 DXWRPDWLFDOO\ OLVWV UHVXOWV ZLWK YDULDQW VSHOOLQJV 7R VHDUFK MXVW D VSHFLILF YDULDQW XVH WKH Ō&KHFN IRU 9DULDQWVō WRRO 7\SH WKH ZRUG RU SKUDVH LQWR WKH NH\ZRUG VHDUFK ER[ DQG WKHQ SUHVV FKHFN IRU YDULDQWV 6HOHFW WKH YDULDQWV \RX ZLVK WR EH LQFOXGHG LQ \RXU VHDUFK DQG WKHQ VHDUFK

7+( &,9,/ :$5

6HDUFKLQJ IRU D VWDWLRQHU RU SXEOLVKHU VXFK DV +XPSKUH\ 0RVHOH\ ZLOO \LHOG QR UHVXOWV LQ WKH DXWKRU VHDUFK +RZHYHU SODFLQJ KLV QDPH LQWR D EDVLF JHQHUDO NH\ZRUG VHDUFK ZLOO UHYHDO WKH WH[WV WKDW EHDU KLV QDPH DV D SXEOLVKHU RU RWKHU WH[WV ZKHUH KH LV PHQWLRQHG

$OWKRXJK UHVXOWV IRU DQ\ VHDUFK \RX GR ZLOO LQFOXGH WKH 7KRPDVRQ 7UDFWV WKH\ FDQ DOVR EH EURZVHG DV D VHSDUDWH GDWDEDVH 7KLV PLJKW EH XVHIXO LI \RX KDYH VHDUFKHG WKH FDWDORJXH DQG DUH ORRNLQJ IRU D SDUWLFXODU UHFRUG DV \RX FDQ MXPS VWUDLJKW WR WKH UHOHYDQW YROXPH DQG UHIHUHQFH QXPEHU

7KHUH LV ORDGV RI DGGLWLRQDO VHDUFK DGYLFH DQG VRPH FRQWH[WXDO LQIRUPDWLRQ RQ UDUH LWHPV LQ WKH FROOHFWLRQ WKDW KDYH EHHQ QHJOHFWHG E\ DFDGHPLFV FRQWDLQHG LQ WKH ((%2 LQWURGXFWRU\ VHULHV 7R DFFHVV WKLV FOLFN WKH OLQN WKDW DSSHDUV RQ WKH KRPH SDJH $OVR GRQōW IRUJHW DERXW WKH KHOS IXQFWLRQ RQ WKH WRS PHQX

'(&(0%(5

<285 )$0,/< +,6725<


2FFXSDWLRQV *URFHUV

7KH YLOODJH JURFHUőV VKRS DW 5RELQ +RRGőV %D\ <RUNVKLUH LQ WKH V

&ROLQ :DWHUV RIIHUV IRRG IRU WKRXJKW RQ WKH ULVH DQG IDOO RI RXU DQFHVWRUV ZKR ZHUH KLJK VWUHHW JURFHUV

,

"

" $ !

"

! " ! $ " $

"

#

$" " " " "

" $

" "

" ! " $ $ "

" $ "

" " " " "

" !

"

,W ZDV FRPPRQ IRU FXVWRPHUV ZKR KDG UXQ VKRUW WR NQRFN RQ WKH JURFHUōV EDFN GRRU

<285 )$0,/< +,6725< '(&(0%(5

" $ "

(03/2<((6

' # ! !# # ! ) !# # # # ' ' ) ! # % !# & ) ) ' ' % # & % # ! ) # & # %!# ! # ! ' # %# ! ! & ! ) # & ! ) # ) %!# ! ' & % ! !% ! ! & ' % ! # ! ) # # ! & ) & ! % % ! ! ! ' ' % # ! # & ! ( )! # ' # ! # ' ! #% # ) # ) !% ' ) # # ! ) ! ! ) # !# ! !%! ! %# ) % # & !% ! # # !# ) ' ! # ! ) % ! ! # #

% ! ' ! ) % # # #

$ ' ! ! # ! # ! #

# ! # # # ! ! # # !# # # ! # ) % # # # # !# ) ! %!% ) ! ) !# ! % ) & ! # ' ! %!# ! ' % ! # # # ! % # ! # ! #

%) % !% ! # !#%

%ULJKW LGHD

$V WKH \HDUV ZHQW E\ DQG VKRSSHUV LQFUHDVHG LQ QXPEHU JURFHUV IRXQG WKH FRVW RI JLYLQJ WKHLU FXVWRPHUV DQQXDO JLIWV RI IUHH &KULVWPDV FDQGOHV SURKLELWLYH $ VROXWLRQ ZDV IRXQG LQ WKH IRUPDWLRQ RI JURFHUVő FR RSHUDWLYHV VLWXDWHG LQ ORFDO ZRUNVKRSV ZKHUH WKH\ FRXOG PDQXIDFWXUH WKHLU RZQ FDQGOHV


2FFXSDWLRQV *URFHUV

*URFHU *HRUJH 7KH NLQJ ZKR OLNHG FRPPRQHUV *HRUJH ,9 OHG DQ H[WUDYDJDQW OLIHVW\OH DV D \RXQJ PDQ ,WōV FODLPHG KH DOVR KDG D UHSXWDWLRQ IRU SDVVLQJ KLPVHOI RII DV D FRPPRQHU ZKHQ WU\LQJ WR ZLQ D SUHWW\ \RXQJ ZRPDQōV IDYRXUV +H LV VDLG WR KDYH SUHWHQGHG WR EH D VKRSNHHSHU ZDWHUVLGH ZRUNHU RU SXEOLFDQ RQ D QXPEHU RI RFFDVLRQV EXW ZKHQ DVNHG E\ \RXQJ ZRPHQ KRZ KH FRXOG DIIRUG VXFK ILQH FORWKLQJ KH H[SODLQHG LW DZD\ E\ FODLPLQJ WR EH D VXFFHVVIXO JURFHU $V 3ULQFH 5HJHQW KH ZDV UHSRUWHGO\ GHVFULEHG E\ JRYHUQPHQW PLQLVWHUV DV D VHOILVK XQUHOLDEOH DQG LUUHVSRQVLEOH LQGLYLGXDO *HRUJH DOOHJHGO\ KDG D QXPEHU RI LOOHJLWLPDWH RIIVSULQJ LQFOXGLQJ D VRQ E\ D WKHDWUH PDQDJHUōV GDXJKWHU DQG DQRWKHU E\ D SXEOLFDQōV GDXJKWHU &RQWURYHUVLDOO\ ZKHQ KH ZDV KH ŌPDUULHGō D \HDU ROG FRPPRQHU 0DULD )LW]KHUEHUW Ŋ D WZLFH ZLGRZHG ZRPDQ

1RW WR EH VQHH]HG DW

7KH OLYHU\ FRPSDQ\ NQRZQ DV 7KH :RUVKLSIXO &RPSDQ\ RI *URFHUV ZDV IRXQGHG LQ WKH WK FHQWXU\ E\ PHPEHUV RI WKH *XLOG RI 3HSSHUHUV ,W ZDV UHVSRQVLEOH IRU PDLQWDLQLQJ VWDQGDUGV IRU WKH SXULW\ RI VSLFHV DQG IRU WKH VHWWLQJ RI VWDQGDUG WUDGH ZHLJKWV DQG PHDVXUHV <RX FDQ ILQG GHWDLOV RI LWV DUFKLYH UHFRUGV DW KWWS WLQ\XUO FRP \ESXX] Q ,Q FLWLHV ODUJH VWRUHVő JURFHU\ GHSDUWPHQWV RIIHUHG WHPSWLQJ &KULVWPDV KDPSHUV

3UHYLRXV SDJH $ FDPSDLJQ WKH (DUO\ &ORVLQJ 0RYHPHQW ZDV VWDUWHG LQ 9LFWRULDQ WLPHV WR OLPLW WUDGLQJ WLPHV %HORZ $WWUDFWLYH SDFNDJLQJ FDXJKW WKH FXVWRPHUőV H\H RQ D JURFHUőV VKHOI

&+5,670$6

! !

!

! ! ! ! ! !

# !

!

" !

!

# '(&(0%(5

<285 )$0,/< +,6725<


2FFXSDWLRQV *URFHUV

$ PRELOH 6FRWWLVK JURFHU\ VKRS FDOOLQJ DW D UXUDO YLOODJH LQ

+ ! " ) ! % ! % + ! % " ) ! % * " ) '"' + % ! "" % %! ! ! % + ! % ' % + ) ! ! ! + " " '% "% ! % ! % ! "" %'! " % '" ! "% " %! " " ) " " ! % ! " " "' %" " ) % %% ! + % ' ) % ! % ( !

" ( !% " !" ) ! % ! ' ! ! %

) ! ' " "' ! ' % % " % % % + "% %'! ' ! ' ! + % ! % ' % " % " "% ! % %" % '

) ! ! " % " ( !%" % % " " ) !" !" " " ! ! " ) ' ( ! % % " " % + %% !% " !!+ ! " ! %"

5(&25'6

! " ! ! + "+ % % +

0RUH UHDVRQV"

7KH HJJ PDQ ZKR VWDUWHG D PXOWL PLOOLRQ SRXQG VXSHUPDUNHW FKDLQ :KHQ :LOOLDP 0RUULVRQ RSHQHG KLV OLWWOH HJJ DQG EXWWHU VWDOO LQ 5DZVRQ 0DUNHW %UDGIRUG LQ OLWWOH GLG KH NQRZ WKDW KLV EXVLQHVV ZRXOG H[SDQG WR EHFRPH WRGD\ōV VXSHUPDUNHW HPSLUH 0RUULVRQV +LV VRQ .HQ RSHQHG %UDGIRUGōV ILUVW VHOI VHUYLFH VKRS LQ DQG LW LV FUHGLWHG ZLWK EHLQJ WKH ILUVW VWRUH WR GLVSOD\ SULFHV RQ DOO LWV LWHPV 1H[W WKH FRPSDQ\ RSHQHG LWV ILUVW VXSHUPDUNHW LQ WKH *LUOLQJWRQ GLVWULFW RI WKH FLW\ DQG ZHQW RQ WR EHFRPH D SXEOLF OLPLWHG FRPSDQ\ ,WV VKDUHV ZHUH OLVWHG RQ WKH VWRFN H[FKDQJH LQ %\ 0DUFK 0RUULVRQV KDG SXUFKDVHG WKH 6DIHZD\ FKDLQ RI VXSHUPDUNHWV IRU MXVW RYHU e ELOOLRQ DQG ODWHU ZHQW RQ WR EX\ D QXPEHU RI 6RPHUILHOG VWRUHV IURP WKH &R RSHUDWLYH JURXS ,Q .HQ 0RUULVRQ QRZ 6LU .HQ

UHWLUHG IURP KLV SRVLWLRQ DV FKDLUPDQ DQG WRRN XS WKH SRVLWLRQ RI +RQRUDU\ 3UHVLGHQW DIWHU \HDUV ZLWK WKH FRPSDQ\

<285 )$0,/< +,6725< '(&(0%(5

&DWHULQJ IRU D ZLGHU FXVWRPHU EDVH OHG WR D TXLFN JURZWK LQ LQFRPH IRU HQWUHSUHQHXULDO VKRSNHHSHUV % % ! % ! % ) ! % ! " ! % "% " '! % "

)" !" ! ( !' % ' ! ! !" ( !% " %" " '% ! ! !+ %! , " ! ! ! * ) " !"% ' " #& !! ! % '% ( ' %! " " ) " ! '" "" )" % + " % " % %'! ! ! ! % % " % ! !' " " * ) % + ' % ( % % " ' % + % !' %

5DZVRQ 0DUNHW LQ %UDGIRUG


2FFXSDWLRQV *URFHUV

7KH LQWHULRU RI D ŐSURYLVLRQ PHUFKDQWő /' 2 $ /# "" 2 # 2. ./ .% ./- . %. / # 7 /2 "" 4 $ 3' $ 2 %$ " . 4 / ' .2 3" ."7 2 3/ $ // 6' $ 2% %# #3 " . . %#' $7* -/ 5 / 2 2 " /2/ %4 . &99 %"" 2 %$/ % % 3# $2/ . $ $ .%# 2 %/ . " 2 2% 2 %$ %$ .% ./- %#' $7 $ 2 $4 .$ // .% ./- //% 2 %$ 2% $ 4 3 "/- " / %$ % $ " 6 $ . .% . %

.. #3 . %2" $ 0 / " 7 .% . % 5# 4%$ ( 5# $) 4 "" $ " / $ . %. / . " 2 $ 2% 2 %.2 % . " $ .% ./ //% 2 %$* %3 # 7 "/% $ 7%3. .% . $ /2%. " /2 / ,'.%4 / %$ # . $2-* %. /3' .# .! 2/ /3 .% ./ /%" 5 4 . 27 % %2 . 2 #/ $ #3 2 / # 5 7 2 2 %.$ . / %'/ % 2% 7* 7 5 . $ 2

.%// 25 $ .% . 32 . $ .3 2 $ 4 2 " /2%. * 7 "/% /%# 2 # / /%" 2% % $ 2 #/ /3 / /5 ' $ .3/ / " $ $ 2 #/ $ /! 25 . * 2 . $ %. 5 . 3/2%# . / " 2% +3 ! .%52 $ $ %# %. $2. '. $ 3. " / %'! ' ./ # $ $ 2 2 "%2/ % 2 # 6' $ #%4 $2% " . . '. # / / %. %' $ %2 . . $ / "/ 5 . * .%# 2 / ' . % %$5 . / 2 %" $ % 2 /# "" /2. 2 .% . +3 !"7 # 2% $ $ $ /3' .# .! 2/ $ 2% "2 . %3. / %'' $ 2/* 3/ $ // / 2 2 %$ $ $ %5$ .%# 2 . 2% /%$ %. 2% 3 2 . . 3 ""7 $ 2% "%/ .3/ 7 2 3"! 37 $ '%5 ./ $ ' . '. / % . 7 2 . $ $/* $ 2 2 %. /3' .# .! 2 /3'. # 7 " . / " .% ./ % 2 $ $ 2 . $ # / / 2 7

$ UXUDO JURFHU\ GHOLYHU\ QHDU *URVPRQW <RUNVKLUH LQ WKH HDUO\ V 7KH GULYHU KDV EHHQ LGHQWLILHG DV D 0U 6LPSVRQ DQG KLV DVVLVWDQW DV -RH $NHUR\G

5 . 2 ! $ %4 . 7 . %#' $ /* %.$ . / %'/ /3 $"7 # ' .2 % 3"! 37 $ %. $ / 2 %$/ $ %#' $ / /3 / '2%$ . /2% $ . %.. /%$/ / % / $/ 3.7/ $ 5 7 # %3/ %" $ # /* % 7 2 $ ' $ $2 /2. 2 .% . / # ! $ %# !* $ 5 $ . 2 %$ % / %'' ./ . / %4 . $ 2 %7/ % " /3. "7 '3. / $ %% / 2 2 2 7 . ""7 5 $2 5 2 %32 $ $ "3 $ 7 2 #'2 $ % ./ % ,25% %. %$ - '388" $ %4 . %$ 3/ $ '. %#' . /%$ 2 / %. # // / $ .% /2 %4 . /3' ./2%. "%3 /' ! ./* $/2 2 7 . %'2 $ 2% ' 7 " 22" 62. %. #%. ' ./%$ " / .4 $ 2 %''%.23$ 27 2% /2 ' ! $ 2 # 2% / %' 2 /' " 27 .% ./ 2 2 . %$ #%. %' $ $ 2 . %%./ $ 2%5$/ 2 .%3 %32 2 %3$2.7* Q

&RFRD ZDV RQ SUDFWLFDOO\ HYHU\RQHőV VKRSSLQJ OLVW LQ IRUPHU WLPHV

&217$&76 )UHHFHQ Z ZZZ IUHHFHQ RUJ XN 6DLQVEXU\ōV /LYLQJ $UFKLYHV Z KWWS WLQ\XUO FRP \DRSFHR :DLWURVH 0HPRU\ 6WRUH Z ZZZ ZDLWURVHPHPRU\VWRUH RUJ XN 0DUNV 6SHQFHU 0 6 3HRSOH

Z KWWS PDUNVLQWLPH ]LQFPHGLDGHY FRP WLPHOLQH 0RUULVRQV &RPSDQ\ +LVWRU\ Z KWWS WLQ\XUO FRP \G GH I

/HIW $ W\SLFDO JURFHUőV VKRS LQ

'RQōW JHW PH VWDUWHG

,Q D UHFHQW VXUYH\ SHRSOH ZHUH DVNHG ZKDW WKH\ GLVOLNHG PRVW DERXW VXSHUPDUNHW JURFHU\ FKDLQV 7RS ŐKDWHVő LQFOXGHG VHOI VHUYLFH PDFKLQHV ORXGVSHDNHU DQQRXQFHPHQWV KDYLQJ WR UXVK WR SDFN WKHLU EDJV DW FKHFNRXWV PLVOHDGLQJ SULFH WDJV FKHFNRXW RSHUDWRUV WDONLQJ WR RWKHUV DV LI WKH FXVWRPHU ZDVQőW WKHUH DQG WUROOH\V ZLWK ZRQN\ ZKHHOV

'(&(0%(5

<285 )$0,/< +,6725<


<)+ UHFRPPHQGV

6W *HRUJHōV +DOO

5(&200(1' 6

7KLV JUDQG /LYHUSXGOLDQ KDOO KDV D ORQJ DQG YDULHG KLVWRU\ Ŋ LQYROYLQJ ERWK FULPH DQG FLYLF SULGH

:

! 2 + !(+( #. / +( 1 + ! ( !'#!' + !( / 0 ($ + ( (! . '(+ 2 #!#. ' ! + ! !' $ + + ' 2 " + +.'2 ( ! + ! !' .( / +( .+ + 0 ( (! !.'+ + .( ! +0! #!#. ' ! .# + ! ( ! !.' (+!'( + '+ + '

(+ '+ 0 + ! # + + ! +! ' + (# / '#!! !' (( () + ( 0 ( . '+ " , - 2 ' ! ' + + '/ 2 ! ( ( '! ! ! 0 ( + 0 '$ ( 0 ( + (! ! !+ ' ' + + ( ( ! ! ( '(+ #'! +( 0 ( "4 "- . &( + +' ! ! $ ( # ' + ! # + + ! 0 ( +! ( 0 (( 3 !.'+ !' / '#!! 0 ( (! ( . 2 0! + ( +!!$ + !. ( # +0! ( # ' +

. ( ! !' + !.'+ ! !' .( / +( " 4 (. (+ + + !. ( ! . + + 0!. # ' #( ! 2 ! ! + !+ $ ( (. (+ ! 0 ( #+ 0 ( #+ . (+ '+ " "$

/ '#!! ' .'2 !+ ' + ' ' 2 + + ( %0 ( + ' (+' '

<285 )$0,/< +,6725< '(&(0%(5

7RS 6W *HRUJHőV +DOO LQ WKH WK FHQWXU\ 0LGGOH 6W *HRUJHőV +DOO QRZ %RWWRP /LPH 6WUHHW LQFOXGLQJ 6W *HRUJHőV +DOO LQ WKH V $ERYH &KDUOHV 5REHUW &RFNHUHOO

7KH /LYHUSRRO 0HUFXU\ QRWHG WKDW (OPHV ZDV DQ HQWLUH VWUDQJHU LQ /LYHUSRRO DQG WKDW LW ZDV LQMXGLFLRXV JLYLQJ WKH ZRUN WR VR LQH[SHULHQFHG D PDQ


<)+ UHFRPPHQGV 6W *HRUJHōV +DOO

$ERYH (YHQ WKH IORRULQJ LV ZRUWK DGPLULQJ KHUH 7RS ERWWRP ULJKW 7ZR YLHZV RI WKH LPSUHVVLYH RUJDQ DW 6W *HRUJHőV +DOO 0LGGOH ULJKW 'DYLG %RVZHOO 5HLG ZKR GHVLJQHG WKH KDOOő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

$-* =- $@# /&/ -6# +2 $ 7* )) 6 6--* $ 7 + 7 6& 7 =$ 4 ) 6= )) &+ *&+& =@6 5 &+# &6 @) 6 B&=$ /6-7 +&@* 6 $ 7= # B&=$ &6-+ ) -+& 72 - D &= &7 6 # 6 7 -+ - =$ B-6) 57 &+ 7= + -% 6 & + @&) &+#7 )=$-@#$ &= )7- $ 7 7&#+& & += -* + &+ )@ + 7 =--2

+(5,7$*( 7285

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

=$ -@+=6D @+=&) =$ -D ) ) 6= ))57 =--( =$ = =&=) &+ . 9. 0 &A 6/--) 6 # &+ =$ =&=) ) = 6 $-B A 6 B$ + =$ +#)& + =$ 6 ) $ + B .FFF%/&/ -6# + @&)=12 - D A&7&=-67 + -+=&+@ =- A&7&= =$&7 &*/6 77&A 6 )&7= $ )) B$& $ + @/ -7=&+# -A 6 <>FF FFF &+ .,=$ +=@6D *-+ D2 A&+# + ) = + #) = -6 + 6)D =B 7 = 6 =$ 6-B+ -@6= $ +# )- =&-+ &= B 7 =$ + 6 / &6 + 6 @6 &7$ + +-B + 7 + &+ )) &=7 #)-6D2 -B A 6 &= * D = ( 7-* =&* =- = ( &= )) &+ =$ * )) -+ 6= --* )-+ + $-) 7-* .?FF / -/) + =$ 6 = )) &7 + 6)D .9F = )-+# Q

&217$&7 6W *HRUJHōV +DOO 6W *HRUJHōV 3ODFH /LYHUSRRO / -2SHQ 0RQGD\ WR 6DWXUGD\ DP SP FORVHG 6XQGD\V

Z KWWS OLYHUSRROFLW\KDOOV FR XN VW JHRUJHV KDOO H VWJHRUJHVKDOO#OLYHUSRRO JRY XN W

'(&(0%(5

<285 )$0,/< +,6725<


0LOLWDU\ KLVWRU\ 7KH )DOO RI -HUXVDOHP :KHQ 6LU (GPXQG $OOHQE\ ZDONHG LQWR -HUXVDOHP LQ 'HFHPEHU WKH ULSSOHV ZHUH IHOW DURXQG WKH ZRUOG )RU WKH %ULWLVK EHLQJ LQ FRPPDQG RI WKH +RO\ &LW\ ZDV D SURSDJDQGD GUHDP .HY /RFKXQ H[SODLQV

,

1 . . ) ! )*( ) *.*& . 1 * ! 3 !/)* . ) 1 . !! * ) ./) .! # .! . . ! . *.) . 3 . . * ). 3! ! . ) . * * !) *. ) * . . . ) .. 1 * 1! & /) * . .+ . ! 3 .3 . !*. ) 0 ) . 1!) # .) .! . ) !) ) ! * !1 )!/ .! ! * 1 * . )* 1 . !/. . * *. ) ! * * ) ! .& 3 . . . /** .) .! */)) ) .1 !) ! * *.!## .! #!* !) # !.! 1 . # ) ! ) . * ). )3 ! )*& * .! . . ) 1!/ .! */)) ) !. ) !/) . * !0 ) .! ! )* ! ) * * !) .3 / . 1 . ) ) / 3+ . !# .! ! &

*HQHUDO (GPXQG $OOHQE\ ODWHU PDGH D ILHOG PDUVKDO

7KH WK 6XVVH[ 5HJLPHQW PDUFKLQJ WKURXJK %HWKOHKHP RQ 'HFHPEHU

,:0

! ! # " #

# ! ! ! # # ! $$

# !

# ! /. ! . )) *. ## !. ) 4 /. 1 . ) '/ . / 3 ! . !. )*& .)! / * * /** /** + * 1 * . 3!) ! . ! 3 .3 . . 1 . .! . !0 ) .! . & .1! !! * .! ) *# . !) .3 ! 1 . 1 * ## .! . 1!/ 0 ! ! . . 3 1 ) !) ! )

&DPHO FDUULHG ZDWHU WDQNV EHLQJ ILOOHG GXULQJ WKH -HUXVDOHP FDPSDLJQ

5(9,9$/ 2) )25781(6

,:0

3 . ! ) ! . 3#. 2# . ! )3 !) $ % *# . .! .

!). ) / 3 " ", .! ) 0 0 !)./ * . 1 ) *. . ..! /) * . ) ) *& 1 . ) 0 0 . & !) !/) ! . * . )/ . ** 3 !! 3 .*

! . *. / ..! * . 4 /) 1 )/* 1 * * *. . ) * ) 3 . 3(* )) 0 #)!0 0 * & 3 . ! .! ) . !0 ))/ . )* *# ) * )!** . * * . . * 1 . .1! /) * ) * ! . )/ *! . )! ! !. ) 1 . .1! 1 *& ) . !0 ) !) ! 3)

<285 )$0,/< +,6725< '(&(0%(5

-HPDO 3DVKD JRYHUQRU RI 6\ULD


0LOLWDU\ KLVWRU\ 7KH )DOO RI -HUXVDOHP

:DWHU ZDV VFDUFH ÅŠ WKH 7XUNV GHVWUR\HG ZKDW ZHOOV WKHUH ZHUH VR VKDYLQJ ZDV IRUELGGHQ

7KH VXUUHQGHU RI -HUXVDOHP RQ 'HFHPEHU WKH 0D\RU RI -HUXVDOHP +XVVHLQ DO +XVVHLQL ZLWK 6HUJHDQWV 6HGJZLFN DQG +XUFRPE RI WKH /RQGRQ 5HJLPHQW XQGHU WKH ZKLWH IODJ RI VXUUHQGHU

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

## % : &6% !$0 # !% *6 % /:) 8 0 3 3 #!$!3 & !30 06((#: #!% 0 0!% % % $: ##!% " 3&8 / 0 03 #!0 % 8 ## (/&7!0!&% (&0!3!&%0) &/ /60 # $ 3& ## &/ /!03$ 0 % &%60 (# &% !$ : /!$ !%!03 / 7! #&: &/ &6# %&3 ##&8 3 33&$ %0 3& 0&#! ! : 3 %0!7 0 / % & !$1 3 33 " 8&6# 7 3& &$ *6! "#: % 03/!" #!" #! 3%!% ) 3 // !% ! %&3 7&6/ 06 / (! 7 % ) /60 # $

/ 03!% ! &% (# 3 6 !0 6 / /&$ 3 8 03 : 3 03 ( / 7!% 0 & 3

6 % !##0) ## #&% 3 0 0(6/0 3 $&03 !/ 3 ( 3 3& 3 &#: !3: 3 33&$ %0 6!#3 03/&% (&!%30 8!3 !%3 /#& "!% / 0 & !/ ) .0 &/(0 7 % &% 3 !0 6% %7! # (/&0( 3 &% 3 ' 3 8&/"!% 3 !/ 8 : 3 /&6 3 &&3 !##0 !% 3 / &#6$%0 8!3 3 !$ & $ / !% &%3& 3 (# 3 6 %&/3 &

/60 # $) % 93 : 3 8!%3 / / !%0 $ %

6% & #: %08 / 3& 3 (/ : /0 & ( / 0&# ! /0 633 / 8 " /#! /) !33 &63 &%#: !% 06$$ / / 3 $ % 8 / # 3 0 !7 /!% % 0& " 3 /&6 0 3 ( 3 0 % 3 3 !/ 3 !0!%3 / 3 !%3& $60 % 93/ $!0 /: 3& &$( %: 3 / 00!% 6/"!0 &6%3 / !/ ) 3 3 : (60 &% 8 0 33/! 63 3& 3 6/ &%!% 0 %0 & - /60 / 0(!/!3. &6/0!% 3 /&6 3 / %"0) &/ $ %: 8 #"!% #&% 3/ "0 &% !7 #: 60 : ! / 3 !&% /3 3& 3 /3 &

'(&(0%(5

<285 )$0,/< +,6725<


0LOLWDU\ KLVWRU\ 7KH )DOO RI -HUXVDOHP 7KH FDPS RI WKH WK +HDY\ %DWWHU\ RQ 0RXQW 6FRSXV DIWHU WKH\ KHOSHG FDSWXUH -HUXVDOHP

* +. " $! 2 + +$0* $ &*$ $0" "+& * . $"' *0+ * +& * . $0 "$. 0" $*.0" . 4 ! 0& $* $ 14 0"+ $ 2 &*$1 !&$++ .$ ! "$ 01* . *$0 . $$. +' " ! ".+ $ $*&+ +.$*! . 1 $ !2 $" . /%+. . 4 $0" . !+ 1 + $" .$& $ * " 2 0* + "+ 1 " ' * 4+ $ $+

. " $ $2 0. 2 . $0. . * $* " " . $*&+ .. $& $ * . " * ' 1 *42 * . ! " " $0". * . 0* + . 4 2 * . " 4 0 $ *. *4 * " $" . / . " 4 . .$ + .. ' &* 1 ". . 0* + *$! ".* " " " . + 0. "$2 + *$&+ 2 + 3 0+. " .. *$ "'

6LU (GPXQG $OOHQE\ HQWHUV -HUXVDOHP RQ IRRW LQ

<285 )$0,/< +,6725< '(&(0%(5

6+2&. $66$8/76

"$. 1 . ! .$ " . " 2 & "' " /,. $1 ! * 2 +. .. !&. .$ * & . 2 *4 ! " $ $*&+ 2 . . $+ $ $*&+ . ..$! "+ " + * + $ + $ ++ 0 .+' 4 $& .$ + 4. . *$0 . 2 " * . + * " + 0. . * + 3 4+ $ +" & " " * " 14 * + . 4 .$$ .$ " "4 *$0" ' 2 $ * &*$1 + . 1 + )+ + !! * &&*$ . 5 ' . 2 +"). 0". ! * . . " 4 "+. . * + &0+ $"

*0+ ! "$. * 4 $ .. * . " " . * "'

'HDG 7XUNLVK VROGLHUV DW 7HO HO )XO LQ

" 3. !$*" " .2$ $$ + 2 ". $0. $$ " $* + " ! . ! " " 5' $ +0** " * .$$ & $" %% ! * 4 . . 2" * ". * " $ ' " 4 ". *

*0+ ! . *$0 . 2 . " 0 $ $ *+ (0 . 4 " $" $$.' $ + 2 * $2" + 2 .$ . $2 * $ 1 2 * +.$$ $" . +. &+ " &*$ ! "$ *! 2$0 $" .$ . .4)+ " . ".+ $* .+ $ 4 & +' . 2 + " ". ". $" $".* +. .$ . 1 + . $ . *! " + * ! " % # 2 $ * " " $" $*+ " " $+. ". . $0+ &*$ ++ $" +$ * . . & *. $ . .4



0LOLWDU\ KLVWRU\ 7KH )DOO RI -HUXVDOHP

7KH /RQGRQ 5HJLPHQW 7KH WK QG /RQGRQ 'LYLVLRQ ZDV IRUPHG LQ :: PDLQO\ RI /RQGRQ 5HJLPHQW EDWWDOLRQV DQG IRXJKW LQ PDQ\ DUHQDV 0RVW WDOHV RI WKH VXUUHQGHU RI -HUXVDOHP FHQWUH RQ D SDLU RI FRRNV EXW WKHUHōV RQH DSRFU\SKDO FRPLFDOO\ EHOOLJHUHQW YDULDQW LQYROYLQJ D ORQH &RFNQH\ HJJ KXQWHU ,Q WKLV UHWHOOLQJ WKH FRRN LV ERWK DSRSOHFWLF DQG UHVROXWHO\ (DVW (QG ŏ, GRQōW ZDQW \HU FLW\ Ő KH LV VDLG WR KDYH EHOORZHG DW WKH PD\RU ŏ, RQO\ ZDQW KōHJJV IRU P\ KōRIILFHUVŐ 7KH SXUYH\RU RI WKLV WDOH 0DMRU 9LYLDQ *LOEHUW WDNHV JUHDW SDLQV WR SRLQW RXW WKDW WKLV LQGLYLGXDO ZDV QRW ZKDW \RX PLJKW FDOO DQ XSVWDQGLQJ PHPEHU RI WKH DUP\ :KDW LV JHQHUDO DFFHSWHG LV WKDW WKH FRRN V

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Ŋ ERWK EHIRUH WKH IDOO RI -HUXVDOHP DW *D]D DQG LQ WKH DIWHUPDWK GXULQJ WKH DFWLRQV DW -HULFKR DQG LQ WKH -RUGDQLDQ YDOOH\V 7KH UHJLPHQW VDZ RXW WKH ZDU LQ 3DOHVWLQH

7KH %ULWLVK JXDUG DW -DIID *DWH 'HFHPEHU

7KHUH LV QR PXVHXP IRU WKH /RQGRQ 5HJLPHQW EXW \RX DFFHVV ZDU GLDULHV IRU WKH WK 'LYLVLRQ WKURXJK WKH 1DWLRQDO $UFKLYHV ZZZ QDWLRQDODUFKLYHV JRY XN

XQGHU :2 $OO VROGLHUV ZKR VDZ DFWLYH VHUYLFH RYHUVHDV VKRXOG KDYH D PHGDO LQGH[ FDUG XQGHU :2 ,I \RXU DQFHVWRU PLJKW KDYH GLHG LQ VHUYLFH FRQVLGHULQJ VHDUFKLQJ WKH &RPPRQZHDOWK :DU *UDYHV &RPPLVVLRQ ZHEVLWH ZZZ FZJF RUJ 0 , * , 0 1 ) ,# ' ) , $. ) )* ., ) , )*( 0 * , ** , ).* # " *, 2 1* .) 0 , *. ) ! 222 *. , * , .) * *, , - 222# 0) 0) ) , .*, , ) , ) 1# % ) , 0 * ,

.DLVHU :LOKHOP ,, KDG ULGGHQ LQ D SURFHVVLRQ VR ODUJH WKDW SDUW RI WKH FLW\ ZDOO KDG WR EH GHPROLVKHG WR PDNH ZD\ IRU LW

<285 )$0,/< +,6725< '(&(0%(5

*, ) / , , 0 ) , 0 ) *, ) ) * * *,) ) "" , 1, ), & , # ) "* . *.)") * 1 , ") ** ) " ), , / , )1 0 , ) ).* ) ,) . " * , , , , 1 1(* ) 1# ).* 0 * , , , ,, ) , / , , , 0 . ))1 . , ! ! # ., , 0 * , . , , ") " / , )1# ) , ,, * ), 1 , * *, ) 0 * ") *, ) , ) , , )) , )1# Q

.HY /RFKXQ LV D ZULWHU DQG HGLWRU VSHFLDOLVLQJ LQ VFLHQFH DQG KLVWRU\


! " " ! !

" "


*RLQJ IXUWKHU 7UDGH XQLRQ UHFRUGV 7KHUH KDYH EHHQ DURXQG WUDGH XQLRQV LQ WKH 8. VLQFH WKH HDUO\ WK FHQWXU\ VR WKHUHōV D JRRG FKDQFH WKDW \RXU DQFHVWRU ZDV D PHPEHU GXULQJ KLV ZRUNLQJ OLIH

0HPEHUVKLS KDV SURYLGHG D VDIHW\ QHW LQ WLPHV RI XQHPSOR\PHQW VLFNQHVV DQG HYHQ GHDWK

<285 )$0,/< +,6725< '(&(0%(5

%ULWLVK /LEUDU\ %RDUG

# ( $ ) &# #& & * # $ $ # $& '-, #$! (# & $ & & + # ) ( #$ $ ) # # ($ , & # &# * # & , ) * # & # # ) ) & ( & ) & $ & # ) , & & $ & & & & ! & &# & # $ & & $(#) ) $ &# ( # # $ & $ ) $! ( $ * # $ #& ) $ $ ) &# & #$ ) & & # & # & # ( $ & ,! # $& & # & $ &# ( # # $ $ $ & & & # # $ &# & & ) #$ &, #*

(& , $(#) ) # # # $ # , & ( & ) # # $ # # $ $ $& # ) $ $ $ # & # & ( $ # & $ ! & & & # #, &

( $ & &

$ WUDGH XQLRQ PDUFK LQ 0DQFKHVWHU # # # $! $ , * &# ( $ # # $ ) + ) * # ) & $ , (" # , & ) $ & & # $ & #, & ##, (& # $ # ! %$ " % " ) % %$ $ ' ! ) %! "$ ! ! " ! ! $! % ! ! " "%! $ $ $ % ) % & % ! ! " ! ' " ( "$ ' ) %! ! ! ' " ' ! $ $! " $ ) $ ) & ) !" !$ $ " ! " ' " ' $

$ % ) %! "$ ! $ $ ! ) !" %$ $ ! ' ( ! $! % !" $ ) "$! " ' $ ) %$ $ % $" & ! $! % $ & $ " $ %" ' $ ! "$ !)

$QQXDO UHSRUWV

!" $ "$ " ($! " ' " $ $ ! "" %! & $ ! !)

" % ! ! "$ ! " ! $ %$ ' ! & " $ ! " ! $ $! % !" $ $ " "$ !) %" %

7KHVH XXVDOO\ LQFOXGHG UHSRUWV IURP WKH EUDQFKHV DV ZHOO DV D VXPPDU\ RI WKH XQLRQőV DFWLYLWLHV RYHU WKH SDVW \HDU 1DPHV RI RIILFHUV ZHUH OLVWHG DQG PDQ\ LQFOXGHG RELWXDULHV DQG SKRWRJUDSKV RI SURPLQHQW PHPEHUV <RX PD\ ILQG D SKRWR RI \RXU DQFHVWRU RQ D PDUFK RU D UHSRUW RI DQ HYHQW LQ ZKLFK KH WRRN SDUW


*RLQJ IXUWKHU 7UDGH XQLRQ UHFRUGV

'RFXPHQW GLVVHFWHG 7UDGH XQLRQ UHJLVWHUV 8VH WUDGH XQLRQ UHJLVWHUV WR ƓQG RXW DERXW \RXU DQFHVWRUōV ZRUNLQJ OLIH KHUH ZH XVH WKH *HQHUDO 5HJLVWHU RI 0HPEHUV RI WKH $PDOJDPDWHG 6RFLHW\ RI 5DLO 6HUYDQWV 5$1. $1' &203$1<

0(0%(56+,3 5(&25'

+LV FKRLFH RI XQLRQ FRXOG EH GHSHQGHQW RQ KLV MRE DQG JUDGH 7KH $656 ZDV IRUPHG LQ IRU EOXH FROODU UDLOZD\ HPSOR\HHV ZKLOVW ZKLWH FROODU ZRUNHUV MRLQHG WKH 5DLOZD\ &OHUNōV $VVRFLDWLRQ 7KH HQWULHV UHIOHFW WKH ZLGH UDQJH RI MREV XQGHUWDNHQ E\ PHPEHUV LQFOXGLQJ ILUHPHQ FOHDQHUV DQG WLFNHW FROOHFWRUV /RRN IRU HPSOR\PHQW UHFRUGV RI WKH UDLOZD\ FRPSDQ\

7KH EUDQFK DW ZKLFK KH ZDV DGPLWWHG LV VKRZQ DQG WKLV HJLVWHU LV DUUDQJHG E\ EUDQFK DQG WKHQ FKURQRORJLFDOO\ E\ GDWH RI DGPLVVLRQ 0HPEHUV ZKR RLQHG DW %LUNHQKHDG 1RUWK ZHUH ZRUNLQJ IRU VHYHUDO GLIIHUHQW UDLOZD\ FRPSDQLHV $ ODUJH DPRXQW RI VSDFH LV VHW DVLGH IRU WUDQVIHUV EHWZHHQ EUDQFKHV

&200(176

7KH PDLQ UHDVRQ IRU EHLQJ H[FOXGHG IURP WKH XQLRQ DSSHDUV WR KDYH EHHQ DUUHDUV RU QRQ SD\PHQW RI VXEVFULSWLRQV EXW WKH 5HPDUNVō FROXPQ PD\ SURYLGH XVHIXO JHQHDORJLFDO QIRUPDWLRQ 7KLV UHJLVWHU SDJH VKRZV WKDW RQH PHPEHU HPLJUDWHG DQG QFOXGHV WKH GDWH DQRWKHU WUDQVIHUUHG WR WKH 0LQHUVō )HGHUDWLRQ DQG RQH KDG EHHQ NLOOHG LQ DFWLRQ LQ ::

0(0%(5ő6 '(7$,/6

7KLV VKRZV WKH PHPEHUōV QDPH KLV QXPEHU LQ WKH UHJLVWHU GDWH RI DGPLVVLRQ DQG KLV DJH DW WKDW WLPH 7KH ODWWHU DUH LPSRUWDQW DV WKHVH GHWHUPLQHG DQ\ EHQHILWV KH ZRXOG UHFHLYH 7KH IRUPDW RI WKH UHJLVWHUV YDULHV DFFRUGLQJ WR WKH XQLRQ DQG VRPH LQFOXGH WKH PHPEHUōV GDWH RI ELUWK PDULWDO VWDWXV DQG SRVVLEO\ KLV ZHGGLQJ GDWH

(+ ' " # + + + +-'1 1 +' &( - ( ( %

+ - -( (( + / ' '( ' + !-'! ( + ' !' . + + ( + ' / ' . (&$ ' ' +( (+'- +-' (+ ' ' 1 ( + ( ' + ' + ' + . - ( '( ! ( !' .

( +1 + + ( - ! 1 + ( (( . + 1 ! 1 +(

! ( ( " ' (+ +

5(7,5(0(17 $1' '($7+

7KH GDWH RQ ZKLFK WKH PHPEHU EHFDPH HOLJLEOH IRU KLV SHQVLRQ DQG WKH DPRXQW SD\DEOH 7KLV XVXDOO\ FRLQFLGHG ZLWK KLV WK ELUWKGD\ EXW WKHUH LV D FROXPQ LQ FDVH KH EHFDPH HOLJLEOH DW DQ HDUOLHU DJH GXH WR DQ DFFLGHQW $ GHDWK EHQHILW RI e ZDV XVXDOO\ DZDUGHG DQG WKLV VKRZV WKH GDWH RI GHDWK ,I DV D UHVXOW RI DQ DFFLGHQW GHWDLOV VKRXOG EH LQ WKH PLQXWHV ! ( ( / ' +' - #$ + +( ) 22 . '+- 1 !' + +' -

+ . +1 + - + 1 / ' ' ! , -(+

1 ' + ' / + ' - + ' (+' + ($ ) ' + + (+' ' ' 1 + ( ' (! ( ' + (+ +' - ($ (+' + / ( &+ !- ( '1 -+ 1 ' - ( ' (+ ' ( + ' + ( + 0 +($ -'' + (+

( - +' - (

+ ' - ' +-' ( (

'' ! + 1 1 + + - (( +

$ + 1 - '( ! / ( ' (+' + + ( / ' '( / ' +1 / ' + 1 ( / - ' + ! 1 + (- ( ' !+ ($ - ( + - + ( -' ' ' / ' - + / + + ,2+ +-'1$ ' + ((

%DGJHV DQG FHUWV

0HPEHUVKLS FHUWLILFDWHV ZHUH RIWHQ IUDPHG DQG KXQJ RQ SDUORXU ZDOOV ,Q 7KH $PDOJDPDWHG $VVRFLDWLRQ RI &RWWRQ 6SLQQHUV VROG FRSLHV DW WKUHH VKLOOLQJV HDFK WR PHPEHUV %DGJHV EHFDPH SRSXODU IURP DERXW WR VKRZ DOOHJLDQFH DQG DV D ZD\ RI UHFRJQLVLQJ RWKHU PHPEHUV DQG WR FRPPHPRUDWH XQLRQ DFWLYLWLHV VXFK DV VWULNHV DQG DQQLYHUVDULHV

'(&(0%(5

<285 )$0,/< +,6725<


*RLQJ IXUWKHU 7UDGH XQLRQ UHFRUGV

7KH :RPHQőV 7UDGH 8QLRQ /HDJXH ZDV IRUPHG LQ EXW \HDUV ODWHU RQO\ RI WKH IHPDOH ZRUNHUV LQ /RQGRQőV SULQWLQJ LQGXVWU\ ZHUH XQLRQ PHPEHUV 7KH 1DWLRQDO )HGHUDWLRQ RI :RPHQ :RUNHUV 1)::

ZDV IRXQGHG LQ DQG WDUJHWHG WKH XQVNLOOHG DQG SRRUO\ SDLG %\ ZKHQ LW PHUJHG ZLWK WKH 1DWLRQDO 8QLRQ RI *HQHUDO DQG 0XQLFLSDO :RUNHUV LW KDG DOPRVW PHPEHUV

& % &* %& - % &

*. , & ,* &* % - * * && & . & * % * . " , * * %& * * % - * * ( , % * & * % &* %& . % * , * * * % && *

%/ %&$ * * / & . " & % * % &* %& % . ,* * +0& % . / , * % * & . %& % " $W D SHQQ\ D FRS\ WKH :RPDQ :RUNHU ZDV DIIRUGDEOH E\ PRVW XQLRQ PHPEHUV 7KLV MRXUQDO DLPHG WR œWRXFK WKH OLIH RI ZRUNLQJ ZRPHQ DW HYHU\ SRLQWŔ E\ GLVFXVVLQJ ZHOIDUH DV ZHOO DV ZDJHV

%& % . & &&, . & ** * * *% , " * . & %* * , * & * % % &, & % * & . & % * * * *

*&" & * / . % - * * - , & %& % & % && / * , % - &" / & . * %$& % && %& , % % * . * * % & % * %/" / . % & / %* * % %& # * *% $ % / *! & , * * %& % * * * % * *$& / . % * , & * # ,& $" , % % & % - % , % * ,* / ,% &* %$& *% * % / % %* % * &

1/6

:RPHQ ZRUNHUV

7KH LPDJHU\ RQ WUDGH XQLRQ FHUWLILFDWHV DQG EDQQHUV HPSKDVLVHG GLOLJHQFH XQLW\ VWUHQJWK DQG SDWULRWLVP - % - * . %* * " % &

% && ! . & , ' *& % % & % & * * * % % & *% ,* *&$ , * & % * * % - % %/ * *% * % %/ . * & % * & *

6WHS E\ VWHS 7UDGH XQLRQ UHFRUGV )LQG \RXU DQFHVWRU LQ WKHVH UHFRUGV Ŋ \RXōOO QHHG WR NQRZ ZKHQ DQG ZKHUH KH ZRUNHG DV ZHOO DV KLV WUDGH

:+$7 -2%"

)LQG RXW DV SUHFLVH D GHVFULSWLRQ RI KLV MRE DV SRVVLEOH IURP FHQVXV UHWXUQV DQG IDPLO\ GRFXPHQWV $ GLFWLRQDU\ RI WUDGHV Ŋ VXFK DV WKH RQH DW ZZZ ZDUZLFN DF XN RU OLVW RI ROG RFFXSDWLRQV DW ZZZ UPKK FR XN FDQ KHOS \RX WR GHWHUPLQH KLV WUDGH DQG OLNHO\ XQLRQ $Q HQJLQH GULYHU FRXOG KDYH GULYHQ D ORFRPRWLYH RU D VWDWLRQHU\ IDFWRU\ HQJLQH

<285 )$0,/< +,6725< '(&(0%(5

:+(1 $1' :+(5("

7KLV FDQ DIIHFW ZKHUH VXUYLYLQJ WUDGH XQLRQ UHFRUGV DUH KHOG 7KH ODUJHVW FROOHFWLRQ LV DW 7KH 0RGHUQ 5HFRUGV &HQWUH DW :DUZLFN EXW VRPH UHFRUGV RI VPDOO XQLRQV PD\ EH GHSRVLWHG DW ORFDO UHFRUG RIILFHV OLEUDULHV RU VSHFLDO FROOHFWLRQV (QWHU WKH QDPH RI WKH WUDGH DW ZZZ GLVFRYHU\ QDWLRQDODUFKLYHV JRY XN WR ORFDWH KROGLQJV

:+$7 ',' +( -2,1"

7KHUH ZHUH RIWHQ QXPHURXV XQLRQV FRYHULQJ D VLQJOH WUDGH VR \RX QHHG WR NQRZ ZKLFK EUDQFK KH ZDV ZRUNLQJ LQ 7KH WH[WLOH WUDGH KDG VHSDUDWH XQLRQV GHSHQGLQJ RQ WKH PDWHULDO KH ZRUNHG ZLWK DQG WKHQ XQLRQV IRU VSHFLILF MREV Ŋ ZHDYHUV VSLQQHUV DQG VR RQ $W ZZZ XQLRQDQFHVWRUV FR XN WKHUHōV D FRPSUHKHQVLYH $ = RI DOO 8. XQLRQV NQRZQ WR KDYH H[LVWHG

:$6 +( $1 2)),&(5"

,I \RXU DQFHVWRU KHOG DQ\ XQLRQ RIILFH WKHUH PD\ EH UHFRUGV DPRQJVW WKRVH RI WKH 7UDGHV 8QLRQ &RQJUHVV DQG WKHLU UHSRUWV FDQ EH YLHZHG RQOLQH DW ZZZ XQLRQKLVWRU\ LQIR 0RVW XQLRQV KDG WKHLU RZQ FLUFXODUV DQG QHZVOHWWHUV GHWDLOLQJ WKHLU DFWLYLWLHV DQG QDPHV RI RIILFHUV ZHUH LQFOXGHG LQ DQQXDO UHSRUWV VRPHWLPHV ZLWK D SRWWHG ELRJUDSK\


*RLQJ IXUWKHU 7UDGH XQLRQ UHFRUGV

$Q XS WR GDWH PHPEHUVKLS FDUG HQWLWOHG WKH PHPEHU WR D QLJKWōV ORGJLQJ DQG PHDO , '/ 0 ' 3 '33 0 * + / 3 3 # 0 '7 # '% % % 6 /0 39 * + 3 % /'$ ( &1, $ /0 ) # 030 % $ ## $ $ /0 3 6 % 3 , % '/$ 3 '% 7 0 0 %3 3' 3 5% '%.0 ' '% / 5# / 0 0 /'$ 6 /9 / % * 3 # 03 %%5 ##9+ % 9'5 $ 9 #5 "9 3' % 3 3 / % ') 0 6 % )'0 3 #' ##9, '/ 8 $)# 9% % / / 6 0 '# 0 3 / '/ 0 ' 3 //'7 / % ' 3 % 3 33 /%

" /0 00' 3 '%, '/# / ( # 030 ' 05 #3 0 % $ $ /.0 0 /6 % / 0) 3 ' 0'$ 5% '%0 % 0 / 3 % $9) 03 3 0 $ 9 50 5# 7 / 0 /6 / '/ 0 6 %.3 05/6 6 ,

%53 0 7 / 3 " % ##

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ōV D VHULHV RI WUDGH XQLRQ IDPLO\ WUHHV VKRZLQJ WKHLU / % $ 3 % 0 % 0 '7 3 % $ 0 ' ' /0 % 33 % 0 0 7 ## 0 3 50 % 00 ' 3 $ 3 % , '$ 5% '%0 '$$ 33 0 # % 7 3 0) 05 ! 30 05 0 $ / 3 '% % -3/ $). 0 $ 0 % 3 0 % )/'6 #) 5# % '/$ 3 '% 7 / 3 9 6 05/6 6 , #0 7 / '5%3 # 3' 3 / $ $ /0 0' " )3 / '/ 0 ' ) 9$ %30 $ % 3 / 0'%0 7 9 3 9 7 / ) , / % / )'/30 7 / % '/)'/ 3 %3' 3 %%5 # / 35/%0 ' 3 5% '%,

'03 3/ 5% '%0

SHGLJUHHV %\ WKH 1DWLRQDO 8QLRQ RI 5DLO 0DULWLPH DQG 7UDQVSRUW :RUNHUV 507 KDG EURXJKW WRJHWKHU XQLRQV FDWHULQJ IRU UDLO ZRUNHUV VHDPHQ DQG ILUHPHQ 6SHFLDOLVHG RFFXSDWLRQV ZLWKLQ D WUDGH KDG WKHLU RZQ XQLRQV 7KH $PDOJDPDWHG 6RFLHW\ RI 2SHUDWLYH /DFH 0DNHUV DQG $X[LOLDU\ :RUNHUV QRZ WKH 1DWLRQDO 8QLRQ RI +RVLHU\ DQG .QLWZHDU :RUNHUV DEVRUEHG ROGHU XQLRQV ZKRVH QDPHV UHIOHFW WKHLU VSHFLILF WUDGHV VXFK DV WKH %REELQ &DUULDJH &RPE DQG 'URSSHU 0DNHUVō 6RFLHW\ DQG WKH :LQGHUVō DQG :DUSHUVō $VVRFLDWLRQ

/ 5# /0 7 6 #') %3' *505 ##9+ $'%3 #9 !'5/% #0 % 3 /# 03 "%'7% 0 3 % " 3' ( 4 , 7 0 3 $'%3 #9 !'5/% # ' 3 6 /)''# 3'/ $)#'9 0 % '% % % #5 / )'/30 /'$ / % 0 / 3 / 0 / 00 0 ' ' /0 % 0'$ * /'$ (+ % 6 7 3 % $9) 03, '3 ## !'5/% #0 3 0 $ '%3 %3 0'$ '%#9 '6 / 3 $ % 50 % 00 ' 3 5% '% 0' 3 / .0 %' $ %3 '% ' '/ % /9 % 6 5 # $ $ /0, ' #

% % 3 '% # % 70) ) /0 '6 / 3/ 5% '% 3 6 3 0 ) /3 5# /#9 0)53 0 % 03/ " 0 53 #0' 6 %30 05 0 # 0 % / ## 0, '$ # / / 0 6 % 70 533 % 0 % ) $ / '## 3 '%0 '6 / % 05 3 6 3 0 % $ %9 % 70) ) /0 % 0 / 3 3 / 3 0 70) ) / / 6 * +, #3 '5 3/ 5% '% / '/ 0 )/' #9 7'%.3 3 ## 9'5 %93 % 3' 3 " 9'5/ / 0 / 5/3 / " 3 9 % 6 % %0 3 %3' 9'5/ % 03'/.0 7'/" % # , Q

&217$&76 7KH 0RGHUQ 5HFRUGV &HQWUH 8QLYHUVLW\ /LEUDU\ 8QLYHUVLW\ RI :DUZLFN &RYHQWU\ &9 $/ Z ZZZ ZDUZLFN DF XN H DUFKLYHV#ZDUZLFN DF XN W

21/,1( 5(&25'6

6RPH XQLRQ UHFRUGV DUH RQOLQH DW )LQGP\SDVW EXW WKHUH KDYH DOVR EHHQ VRPH SURMHFWV FRQFHUQLQJ VSHFLILF WUDGHV 7KHUHōV D VHDUFKDEOH GDWD EDVH WR 7KH 'XUKDP 0LQHUVō $VVRFLDWLRQ UHFRUGV DW ZZZ GXUKDPUHFRUGRIILFH RUJ XN DQG RQOLQH FDWDORJXHV RI DUFKLYHV DQG UHFRUG RIILFHV PD\ SURYLGH IXOO GHWDLOV RI WKH PDWHULDO KHOG IRU D VSHFLILF WUDGH XQLRQ

7KH :RUNLQJ &ODVV 0RYHPHQW /LEUDU\ 7KH &UHVFHQW 6DOIRUG 0 :; Z ZZZ ZFPO RUJ XN H HQTXLULHV#ZFPO RUJ XN W 7KH 3HRSOHōV +LVWRU\ 0XVHXP /HIW %DQN 6SLQQLQJILHOGV 0DQFKHVWHU 0 (5 Z ZZZ SKP RUJ XN H LQIR#SKP RUJ XN W 7KH 1DWLRQDO /LEUDU\ RI 6FRWODQG *HRUJH ,9 %ULGJH (GLQEXUJK (+ (: Z ZZZ QOV XN H HQTXLULHV#QOV XN W

:(%6,7(6 7KH 8QLRQ 0DNHV 8V 6WURQJ 78& +LVWRU\ RQOLQH DQG UHFRUGV KHOG DW /RQGRQ 0HWURSROLWDQ 8QLYHUVLW\ Z ZZZ XQLRQKLVWRU\ LQIR 6FRWWLVK 78& UHFRUGV DW *ODVJRZ &DOHGRQLDQ 8QLYHUVLW\ Z ZZZ JFX DF XN DUFKLYHV VWX 8QLRQ DQFHVWRUV LQFOXGHV $ = RI WUDGH XQLRQV XQLRQ IDPLO\ WUHHV DQG ELRJUDSKLHV Z ZZZ XQLRQDQFHVWRUV FR XN 7KH *HQHUDO )HGHUDWLRQ RI 7UDGH 8QLRQV *)78

GLJLWDO DUFKLYH Z ZZZ ELVKRSVJDWH RUJ XN

)857+(5 5($',1* 0DUN &UDLO 7UDFLQJ \RXU /DERXU 0RYHPHQW $QFHVWRUV 3HQ 6ZRUG ,6%1 : +DPLVK )UDVHU $ +LVWRU\ RI %ULWLVK 7UDGH 8QLRQLVP 3DOJUDYH ,6%1

'(&(0%(5

<285 )$0,/< +,6725<


([SHUW 4 $ <RXU SUREOHPV VROYHG /(7 <)+ %5($. '2:1 <285 %5,&. :$//6

:ULWH WR XV RU HPDLO \RXU TXHULHV DQG DQ\ VXSSRUWLQJ LPDJHV \RX KDYH WR WKH <RXU )DPLO\ +LVWRU\ HGLWRULDO WHDP DW 3RVW <RXU )DPLO\ +LVWRU\ 6WXGLR 2QH 6KHHS 6WUHHW &KDUOEXU\ 2; 55 H \IK#KLVWRU\PDJV FR XN

0$55,(' 7:2 6,67(56

4

0 +/ & * & * & ' * " 1 - , '* &#

!! &' * - && *. !& 0 * *. ' '* &'

& &0 ". & & 0 && * & ' & ' &0 * . . *. #$ ) . ) " ). " ") . *. " )* . $$ )* ." 1 "1 ." "0 *. ) 2 ) 2") * * " ) )) $)" 0 . *. .2" ) ") ) .0) ." * " )* . )"".* $)" 0 ") ) ' .. ) ") " 3 ) * ) 0. . * 3 . . . ) 2 ) .2" * $)" 0 ) ") )"0 ." " )* .' "2 1 ) *$ . $ $ ) * ) ") * 1 " " 3 " "0$ ' " . * . . "0 *. ) $$ )* " *0* ) .0) * * . ). $ " . ) ) ") ." " ). ) " *$ . .2" " . ) $. * ) . "0 . * 0. . * 3 )' 2"0 2 " 3"0) . "0 .* * " )"0 ) * 2"0 $0 3 ) "0. 3

3$8/ &+$//,&( 9,$ (0$,/

<285 )$0,/< +,6725< '(&(0%(5

6KRHPDNHUV VXFK DV 5REHUW %DFRQ PD\ EH IRXQG LQ DSSUHQWLFHVKLS UHFRUGV DQG IUHHPHQőV UROOV

6SHFLDOLVW 4 $ SDQHO 2XU H[SHUW WHDP DQVZHUV \RXU KLVWRU\ DQG JHQHDORJ\ TXHVWLRQV 'RUHHQ +RSZRRG 'RUHHQ LV D IRUPHU SURIHVVLRQDO JHQHDORJLVW IRU WKH &LW\ RI %LUPLQJKDP DQG KDV EHHQ ZULWLQJ IRU <)+ VLQFH WKH ILUVW LVVXH

1HOO 'DUE\ <)+ōV HGLWRU 1HOO KDV EHHQ ZULWLQJ DERXW VRFLDO DQG FULPLQDO KLVWRU\ IRU RYHU D GHFDGH DQG DOVR KDV D 3K' LQ KLVWRU\

-DFTXL .LUN -DFTXL LV D JHQHDORJLVW DQG IDPLO\ DQG ORFDO KLVWRU\ UHVHDUFKHU DQG VSHDNHU +HU LQWHUHVWV LQFOXGH WKH *HRUJLDQ SHULRG DQG ::


([SHUW 4 $ <RXU SUREOHPV VROYHG

:KDW KDSSHQHG WR $P\ DQG KHU EDE\"

4

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

$

# $( $ #* ($ ( ( ( $ (# $ ( + # , + $ * + # $( $ , ( + $ )( ) #() ( , ("$ # # ( ( ( ,

5HDGHU 1LFRODÅ‘V SKRWR RI EDE\ *ODG\V ÅŽ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

'(&(0%(5

<285 )$0,/< +,6725<


([SHUW 4 $ <RXU SUREOHPV VROYHG

Ő+RZ GR , ƓQG WKH FDPS ZKHUH P\ :: DQFHVWRU ZDV D SULVRQHU RI ZDU"ōō %HFN\ %D\OH\ ORRNV ƓQGLQJ WKH UHFRUGV RI IDPLO\ PHPEHUV ZKR ZHUH SULVRQHUV RI ZDU GXULQJ WKH ODVW ZRUOG ZDU

'

!

! ( &* #48 ! 4 ( >8 (4#< '#&#8 3? 3 *3 4 *&& 8#*( =!# ! #( &; 4 *3& 3 : 3#4*( 3 * 3 3 *3 4 8 #&#( * # 34 ( *8! 3 3 (%4 3*' 8! 3#8#4! 3'? *? & <? ( 4 = && 4 8!*4 ' ' 34 * 8! 3#8#4! ',#3 & ( *3 4 =!* = 3 ! & 4 3#4*( 34 * 3 #( 3' (? ( 3' ( ;,# 8 33#8*3# 4/ ! *&& 8#*( &&*=4 3 4 3 ! 34 8* #( 8! ( ' 4 ( 8 #&4 * ' ( =!* = 3 ,8;3

( #( 3 3 8 #( 3' ( ',4 #( ;3*, 4 = && 4 ( &#( ;4 8* ! % 8 #&4 4; ! 4 ( ' 4 4 3<# (;' 34 ( 3 #' (84 * ( 48*34 8! 8 = 3 3' ( 4/ ( = ! < *;( *;3 '#&#8 3? ( 48*34 = ( ;4 8! 3 4;&8 8* 3 < & 8! #3 ', (;' 3 ( 8! &* 8#*( * 8! ,3#4*( ',/ ( &4* #( *;8 8! 3 (%4 (;' 34 4 3<# (;' 34 ( 3 #' (84 * 8!*4 ! & / = = 3 8* &**% *3

" ( 8! 4 ( ,;3 ! 4 *( #4% *3 4 3 ! * #8 3 0; 48 / ;4 3 ! *(24 8! 3 = 4 4!* ' % 3 ! 4!*;& ,, 3 #( ,,3 (8# 4!#, 3 *3 4 3 ' (24 3*&&4 ( *8! 3 3 *3 4 * &*; 48 3 *3*; ! -4 3# 4 +A ( +) 3 4, 8#< &? 8 &*; 48 34!#3 3 !#< 4. 3*' =!# ! ?*; ( 83 !#4 '*< ' (84 &*( =#8! ,, 3 ( 4 #( , 3#4! 3 8 **%4/ ! 3 ' #( #( &*; 48 3 = && 8 3 * 38 *( ,, 3 #( #&&#8*( 8! 3 = 3 * <#*;4&? 8=* '#&# 4/ 44;' ?*; ! < &3 ? ! % *3 ;3# &4

*3 #8! 3 * 38 *3 !#4 =# -*3 #( ; !8 3 3 !. #( 8! &*; 48 3 3 #48 34/ ' ? &4* ,, 3 #( 4; ! 4 < 34 34 *3 !;3 != 3 (4 *;(84 4 4;,,&# 3 * **84 *3 , ;, 34 *3 ,3*<# #( *8! 3 4 3<# 4/ #( '?, 48 ( ( 483? *8! ! < ,,3 (8# 4!#, #( > 4 =!# ! ?*; 4!*;& ! % *3 * 38/ &4* ;4 ,,3 (8# 4!#, 3 *3 4 * 8 ( #< , 3 (8 & 8 #&4 ?*; 4!*;& ! % 8! ' *3 3 ! 4 = &&/ * 38 *( 8! & *;3 3 - 3? ((24 8! 3. ,3* &? && *( ! 3 8#' 4 # ! '*< % 8* #&&#8*( 4* ?*; 4!*;& ! % 8! ; 38 3

<285 )$0,/< +,6725< '(&(0%(5

'HVPRQG /OHZHO\Q WKH DFWRU EHVW NQRZQ IRU KLV UROH DV 4 LQ WKH -DPHV %RQG ILOPV

4'*( & = &?( 8! 8*3 =!* *3 ' (? ? 34 ,& ? #( 8! ' 4 *( '*<# 4 &*( 4# #< * 8! 8*34 =!* ,*383 ? AA5 3*' ( *(( 3? 8* # 3 3*4( ( = =#&& #( !#' 4 ,3#4*( 3 * 8! 3' (4 #( 8! ', 8 *8 ( ;3 ;& 3' (?/ #8! 8! *(4 8 * *3& 3 : & = &?( ! $*#( 8! *? & &4! ;4#&# 34 ( *; !8 #( 3 ( 4 4 *( &# ;8 ( (8/ 8 3 8=*" ? 88& =#8! 3' ( , (@ 3 #<#4#*( #( +) A

!*= < 3 ! = 4 ,8;3 ( 4, (8 8! ( >8 #< ? 34 #( 3' ( ',4/ ( 4 8! 8 !#4 8?, * ', = 4 ( 1 & 2 =!# ! = 4 ', *3 * # 34/ ! 3 *3 &4* 3 < &4 8! 8 !#4 4 3<# (;' 3 = 4 ++95))/ (*8! 3 3#4*( 3 * 3 = ( 4#&? &* 8 ;4#( ! ( &* #48 = 4 ( ,! = * %#( / ! #4 *;(8 4 && 4 =!* =*;& < (8; &&? #(! 3#8 8! 8#8& * 58! 3& * 3 =** = 4 8! 4*( * 8! 68! 3& * 3 =** ( 3#( 44

'HVPRQG /OHZHO\QőV HQWU\ LQ 7KH*HQHDORJLVWőV UHFRUGV

44#*(4 3 *3 4 ( 8! ,**3 & = ( 4 88& ' (8 3 *3 4 ! & 8 , 3#4! & < & #( *8! &*; 48 34!#3 ( *' 34 8/ ( *(&#( ,**3 & = #( > *3 &*; 48 34!#3 #4 *(8 #( =#8!#( 8! &*; 48 34!#3 3 !#< 4 ( &* # & 3 ! #( > 8

/ *' 34 8 3#8 (83 -

. ! 4 3 4 3 ! ;# 8* ; 38 3 44#*( 3 *3 4 =!# ! &#484 ;4 ;& 4*;3 4 #( &; #( ,3#(8 #( > 4 8! 4 ' ? * ! &, #( 3 4 3 !#( !#4 4 88& ' (8/ ! 3 3 &4* ( >

3 *3 4 *3 #&&#8*( #( 8! ; 38 3 44#*(4 3 *3 4 =!# ! *;& &#48 !#' 4 ( * ;,# 3 #( 8! , 3#* ,3#*3 8* + 99/ ! * # 8? * ( &* #484 - . (*= ! 4 8! '# 3* #&' * 8! 4 ( > 44 44' (84/ ! *' 34 8 ( *34 8 - . ( 8! &*; 48 34!#3 - . ' ? ! < *8! 3 #( > 4 * ;4 ( ( &4* 4;,,&? &* & %(*=& 4 = && 4 * 3 4 3 ! 4 3<# 4/ (*8! 3 < (; 8* 83? #4 ,; &#4!#( ?*;3 83 =# &? *(&#( #( 8! !*, * 883 8#( 8! 88 (8#*( * #48 (8 '#&?/ 8 ( '#&?


([SHUW 4 $ <RXU SUREOHPV VROYHG

<RX FDQ ILQG 9LVFRXQW /DVFHOOHVÅ‘ 32: UHFRUG RQ 7KH*HQHDORJLVW

5B $ 5&* 66 ,B (1 &6 ) ; 5* ( #5 * . 5 *;6 @ 5 *,* ,;$ 5 ;$ * &*# ,5# * > * 5B * ; ;$ ;&) , ;$ @ 5 $&6 >* ( &*# ,5# @ 6 ,* ;$ ;$5,* 1 5 ( ;, 6 5 $ ,5 & >; * *; ="8D8+

6 (( 6 , ;$ 5 * & 5 > 5 6 * &* ;$ ; $ $ * 5 ,5 6 &*# ; . *# * >5# &* 5) *B1

; 5 $ @,>( ),? ;, ;$ &* ),>6 ). ;$ ; @ 6 6&#* ; ( # % >;

;; 5 '*,@* ;, ;$ @,5( 6 ,( &;C1 $>6 & B,> @ *; ;, &* ,>; ,>; )&(B ) ) 5 @$, @ 6 5&6,* 5 , 5 &* 5) *B >5&*# ,5( 5 = $ * (,#&6;46 = 5 ,5 6 ; &6 >6 >( ;,,( ;, 6 5 $1 ,5 ,5( 5 - 6 $ * (,#&6; (6, $ 6 @&;$&* &;6 )&(&; 5B ,(( ;&,*6 &6; , 5&;&6$ & 56 ' * 5&6,* 5 -+-" ;, -+- ;$ ; >6 6 6> (;B (&6;6 ;, 5 ? ( ; &(6 , ;$,6 $ ( .5&6,* 51 Q

5HDGHUV RI <)+ FDQ JHW e RII D 'LDPRQG VXEVFULSWLRQ SOXV D IUHH UHJLRQDO JXLGHERRN *R WR ZZZ WKHJHQHDORJLVW FR XN <)+$7*5

2IWHQ IDPLO\ SDSHUV DQG RWKHU DUWHIDFWV GR QRW IROORZ D GLUHFW LQKHULWDQFH SDWWHUQ DQG WKH PRUH GLVWDQW UHODWLYHV PD\ KDYH LWHPV ZKLFK FRXOG SURYLGH YLWDO FOXHV KLGGHQ LQ DQ DWWLF VRPHZKHUH

. . 56 * ,;$ 5 5; ;6 , *,; ,((,@ &5 ; &*$ 5&; * . ;; 5* * ;$ ),5 &6; *; 5 ( ;&? 6 ) B $ ? &; )6 @$& $ ,>( .5,?& ?&; ( (> 6 $& * &* * ;;& 6,) @$ 5 1 $ 5 ) B ,* )&(B & ( @$& $ 5 ,5 6 ;$ &* ,5) ;&,* % @$, '*,@62 &)&( 5(B (;$,>#$ ; '&*# ; 6; @&(( *,; #&? * *6@ 5 ;, ;$&6 .5, ( ) / >6 &6 $&#$(B (&' (B ;$ ; & *,; 6&6; 56 ;$ ;@, @&? 6 @ 5 ,>6&*60 &; ,>( .>; B,> &* ;,> $ @&;$ ,;$ 5 )&(B ,** ;&,*6 ?& B,>5 ) ; $ 61 &* ((B B,> ,>( ;5 ;$ $&( 5 * , ) 6 &(;,*

* 5 $ ,5@ 5 6 * $ ' ;$ &5 $&( 5 * # &*6; ,* ,* ,5)&6; 5 ,5 61 ,) ;&) 6 ;$ 6 .;&6) 5 ,5 6 #&? ;$ #5 * . 5 *;6 , ;$ $&( 6, ,>( .5,?& ;$ *6@ 51 &)&( 5(B *6>6 *;5& 6 , ; * 5 ? ( >* A. ; 5 ( ;&? 6 ;, ,((,@ >. 6 , ;$ 5;& & ; 6 ,5 @&;* 66 6 ;, ) 55& # 1 ; ,>( ;$ ; @&;$&* ;$ ; *#( @ , ;$&6 )&(B B,> @&(( &* (> 6 B ,((,@&*# ;$ 6 5 ( ;&? 6 * ;$ &5 ,** ;&,*6 '1 -.

($67 (1' $%6(1&(

4

%* %3 * 17 5 *+ 3 # + * # 0 *0 '! % "5 * 0 * # "%0 * 4 0 #% +2 ++( B #5 ;%#5 * ),;$ 5 (&C ;$ 5 5 @ 6 (&?&*# @&;$ $ 5 $>6 * ( ) *; * ;$ &5 6,* *5B ( ) *; ; =+ .& 5 ;5 ; ;$* ( 5 * ; >' & ( 6 A &* - !+1 * ;$ - 9- *6>6 *>) 5 =+ .& 5 ;5 ; &6 *,; (&6; 6, @$ 5 * ,* (,,'2 (B ;$ B 5 *,; (&6; &* ;$ - 8- ,5 - - *6>61 ( ) *; 6 )6 ;, $ ? * @& ,@ 6 @$ * $ ) 55& 6 # &* &* - 8 $ &6 6 5& 6 @& ,@ 51 *B $ (. ,5 ?& B,> * #&? ) @,>( )> $ ..5 & ; 1 %5,$1 (9$16 9,$ (0$,/

$

*+0!5 % #%0 * +0* 0 5%2*+ ! 0% ' * 0* 0 %* 3 # 0% 0 0 # ! * #. ' 0 ! ! + * ( #+0 5%2 + %2! %#+ * 0 '%++ ! 05 0 0 0 * *+ "%3 * 2! *!5( #5 " ! + # %# %# "%3 *%2# 2 0% 4%* %* 0% + %*0 * #0+ %# 0 * !% # +( *%" 4 0 # + ! " #0 # ! 6 0 " 5 %#!5 3 "%3 0% ' * 0* 0 %* + %*0 0 " , 0 * + " ** %* ! " #0 * * # ! 6 0 +0 5 %# &1 2# & 1 4 0 + + 5%2*

# +0%*+ + %4+ 0 0 0 5 " ** 0 0 2* % 0 # * 4 5 0 * *% ( + 4 + %# 2 # 0%* 0* 0 # * ! * *+ +% # 0 05 % %# %# * 0 * 0 # 4 0 # 0 %4 * "! 0+ * 2*0 * +0( !0 %2 #*5 ! " #0 * *)+ *0 # 0 0% * & $ 4 + * %* + # # 0 * +0* 0 %# +0* 0 % 0 2 )+ # 5%2 #%4 0 5 4 * ! 3 # # 0 # ! * # 0 0 0 0 " 0 5 %2! 4 !! 3 "%3 %# 5 & -& %* 3 # * 02*# 0% 0 05 +% 0 " 0 4%*0 # 0 #+2+ + % 0 05 %

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

'(&(0%(5

<285 )$0,/< +,6725<


([SHUW 4 $ <RXU SUREOHPV VROYHG

0DQ\ SHRSOH WKHQ DV QRZ KDG PDQ\ GLIIHUHQW RFFXSDWLRQV GXULQJ WKHLU ZRUNLQJ OLIH VR LWōV SRVVLEOH WKDW KH GLG FKDQJH SURIHVVLRQ IURP PLOOHU WR FRDFKPDQ

0 + + ,2, , # +0 2 + 6 !+ ! ! #0 , + !+ , !+ 0 " 18,& + , ! 4 ! 4 , !+ ! ! " 1. 0 2 0 + ! , ,0 , , 4 + + 3 !20 4 + " "& 6 ! 6 !2 0 , 0! 4 0 + 0 , !2 6!2+ 7 0 , 0 0 0 0 , , ,0 , !00 , !+ #+ 0 + ! #!, 0!+ 0 , , 2 6 0 0 , !2 ! +! #+ 0 + 0! !2+ + 0 ,# ! 04! 6 +,& !4 3 + 0*, ,0 4!+0 !! 3 0! , + 0 0 , 7 0 , 6!2+ ,0!+& !0 + # 6!2 !2 , +0 + !+ , !+ #, + & 0 ! , ,0 0 6 ,0 0 0 0 4 , !+ #, + $#!,, 6 0 0 + %- !2 3 0 7 0 4 0 6 4 + + 6 6!2 !0 3 0 !2 06( ,! 0+6 , + 0 ) ,, * ,2, , !+ 0 !, 4 0 , + , 0! + + !+ 0 6 0 3 ,0+ , + & 3 6!2 0+ !! !+ + +, !+ 5 # ,0 ! + +, !+ ,,# , ! 0( , 0 ,!2 ! 3 !2, 20 0 !2 0 0 0 7 0 + ! 0 ,2, , ,! 4 + + 0 + 0 , 0 +! ! ! 0 0 ! 0 ,2, , 20 , # 6 + !+ 4+! 6 !+ ,2 , '2 0 6 ,0+ , + & 1'

<285 )$0,/< +,6725< '(&(0%(5

6HHNLQJ

+LW D EULFN ZDOO LQ \RXU UHVHDUFK" 1HHG FRQWULEXWLRQV IRU D UHVHDUFK SURMHFW" 6HH LI RXU UHDGHUV FDQ KHOS RXW 7KH IDFW LV WKDW GXULQJ WKH FRXUVH RI \RXU IDPLO\ UHVHDUFK \RX PD\ FRPH XS DJDLQVW D EDUULHU WKDW UHIXVHV WR EXGJH QR PDWWHU ZKHUH \RX ORRN IRU WKH VROXWLRQ ,QVWHDG RI ZRUU\LQJ ZK\ QRW ZULWH LQ WR <RXU )DPLO\ +LVWRU\ōV 6HHNLQJ SDJHV WR ILQG WKH DQVZHUV" 8VLQJ WKH 6HHNLQJ VHUYLFH LV IUHH DQG YHU\ VLPSOH <RX FDQ HPDLO \RXU TXHU\ DQG DQ\ SKRWRJUDSKV RU GRFXPHQWV ZLWK 6HHNLQJ DV WKH VXEMHFW KHDGHU WR \IK#KLVWRU\PDJV FR XN 5HPHPEHU WR LQFOXGH \RXU FRQWDFW GHWDLOV VR WKDW RWKHU <RXU )DPLO\ +LVWRU\ UHDGHUV FDQ JHW LQ WRXFK ZLWK \RX LI WKH\ FDQ KHOS \RX RXW 3OHDVH DOVR WU\ WR VXEPLW \RXU TXHU\ DFFXUDWHO\ DQG LQ WKH IRUPDW \RX VHH RQ WKHVH SDJHV ,I \RXōG OLNH D PRUH LPPHGLDWH UHVSRQVH ZK\ QRW SRVW \RXU HQTXLU\ DQG DQ\ LPDJHV RQ RXU )DFHERRN SDJH" -XVW YLVLW ZZZ IDFHERRN FRP <)+PDJD]LQH DQG FUHDWH D QHZ SRVW HQWLWOHG ŌVHHNLQJō $OWHUQDWLYHO\ \RX FDQ WZHHW XV DW ZZZ WZLWWHU FRP <)+PDJD]LQH DQG ZH ZLOO VHH LI RWKHUV FDQ KHOS \RX :H KDYH DOVR RSHQHG XS WKH 6HHNLQJ SDJHV WR RWKHU UHDGHUV DQG UHVHDUFKHUV QHHGLQJ KHOS ZLWK KLVWRU\ SURMHFWV VR LI WKLV LV \RX JHW LQ WRXFK 2I FRXUVH LW FRXOG EH WKDW \RXU UHVHDUFK LV JRLQJ EULOOLDQWO\ EXW ZK\ QRW UHDG WKHVH OLVWLQJV DQ\ZD\ WR VHH LI \RX FDQ KHOS VRPHRQH HOVH RXW" $QG LI \RX ILQG ZKDW \RX ZHUH ORRNLQJ IRU ZK\ QRW ZULWH WR XV DQG WHOO XV"

81.12:1 ;0$6

4

$%! ! ! $ $! $ $ % "

! & % $ " ! "$ "

! $ $ $$ ' $ " ! "" $ !" $

! ( & " " $ ! & % " $ " $ " $

! $ ( " $ "


6HHNLQJ )UHH GRZQORDGV - $ 11 / $% ,) . ) / ) ,) $ % % - , ) / / ) ) ,%) . $ / , , ) ) / ,$ - / 0 / $ , ) ) . ) ) / $ ! 9(521,$ %<'( &/$&721 21 6($

*,%621

4

,$ $ $ + / ) $ $ % /)$ $ , % / )$ . ) ) . ) ) . $ $) / ,% % )$ % $ ) $ $ ' $ ) % %% $/ ) ) $ )/

) % ) $ ) % $) . % " $ ) # $ "- , ) $ # ) $ $ % $ . ) ) . ) / ) $ &* - $ % % ) ) $ / , ,) ,) % $ / ) $ ) 1% . %) $) ) $ % $ / / %) $/

,) % , ) $ ) / ) % ) ) . - % , ) ) ) ) - $ ,% . $ $ $ %) % )% ,) . ) ,) / $ $ % $) % $ , / ) ) / %% $ $ % ) ) ) / ,$) $ $ % $ / ) $#% ) .! '$9,' *,%621 9,$ (0$,/

3/$<,1* 3$676

)RU DQ\RQH UHVHDUFKLQJ WKHLU DQFHVWRUVō LQYROYHPHQW LQ VSRUW ZKHWKHU WKH\ SOD\HG D VSRUW IRU OHLVXUH RU PRUH FRPSHWLWLYHO\ WKH 3OD\LQJ 3DVWV ZHEVLWH LV ZHOO ZRUWK D ORRN *R WR ZZZ SOD\LQJSDVWV FR XN DQG \RX ZLOO VHH D ZHDOWK RI LQIRUPDWLRQ EORJ SRVWV DUWLFOHV DQG OLQNV WR RWKHU SXEOLFDWLRQV DOO DERXW VSRUWV KLVWRU\ DQG ZULWWHQ E\ QXPHURXV DFDGHPLFV ZRUNLQJ LQ WKH DUHD 7KH WHDP EHKLQG WKH VLWH DOVR ZHOFRPHV WKH VXEPLVVLRQ RI SDSHUV E\ RWKHUV Ŋ VR LI \RXōYH EHHQ UHVHDUFKLQJ VSRUWLQJ KLVWRU\ GR JHW LQ WRXFK ZLWK WKHP YLD WKH ZHEVLWH RU RQ 7ZLWWHU DW #3OD\LQJB3DVWV WR ILQG RXW PRUH

:: ,1 :25&(67(56+,5(

7KH 3HRSOHōV &ROOHFWLRQ LV D WUDYHOOLQJ H[KLELWLRQ SODQQHG IRU WKDW DLPV WR FRPPHPRUDWH :RUOG :DU LQ :RUFHVWHUVKLUH 7KH H[KLELWLRQ GLVSOD\V D ŌG\QDPLF PL[WXUHō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

)UHH IRU \RX 7KLV PRQWKōV GRZQORDGV 5HVRXUFHV IRU ƓQGLQJ *ORXFHVWHU IDPLO\ UHDO OLIH UHDGHU FDVH VWXGLHV DQG PXFK PRUH (YHU\ PRQWK \RX FDQ ILQG DQ H[FOXVLYH FROOHFWLRQ RI UHFRUGV RQ RXU ZHEVLWH WR KHOS \RX JHW IXUWKHU ZLWK \RXU IDPLO\ KLVWRU\ UHVHDUFK DQG WKH DUWLFOHV LQ WKLV LVVXH <RX FDQ ILQG WKHVH JUHDW UHVRXUFHV DW ZZZ \RXUIDPLO\KLVWRU\PDJ FR XN ODWHVW LVVXH Ŋ MXVW FOLFN WKH GRZQORDGV OLQN RQ WKDW SDJH DQG WKHQ WKH EOXH GRZQORDG EXWWRQ DW WKH 'URSER[ SDJH \RXōOO EH WDNHQ WR <)+ KDV WHDPHG XS ZLWK 7KH*HQHDORJLVW WR JLYH UHDGHUV IUHH DFFHVV WR WKH FHQVXV IRU *ORXFHVWHUVKLUH 6LPSO\ JR WR ZZZ WKHJHQHDORJLVW FR XN \IKIUHH DQG W\SH LQ WKH FRGH WR JHW IUHH DFFHVV WR WKH FHQVXV IRU RQH PRQWK ZLWK VWDWH RI WKH DUW VHDUFK IHDWXUHV :HōYH DOVR JRW PRUH UHVRXUFHV WR KHOS \RX ILQG \RXU IDPLO\ LQ WKH

(9(5< $57,&/( ,1'(;(' (DFK PRQWK ZH XSORDG D FRPSOHWH LQGH[ RI HYHU\ DUWLFOH IURP DOO LVVXHV WR KHOS \RX FDWFK XS

FRXQW\ FRYHUHG LQ WKLV PRQWKōV UHJLRQDO JXLGH LQ WKH IRUP RI *ORXFHVWHU HQWULHV IURP 6ODWHUōV 'LUHFWRU\ RI +HUHIRUGVKLUH 7KLV GDWD KDV EHHQ NLQGO\ VXSSOLHG E\ 'LUHFW 5HVRXUFHV ZZZ GLUHFW UHVRXUFHV XN FRP <RX FDQ DOVR ILQG LQVSLUDWLRQ IURP JUHDW UHVHDUFK VWRULHV LQ RXU WZR FDVH VWXGLHV IURP WKH DUFKLYH RQH DERXW D UHODWLYH LQ D -DSDQHVH SULVRQHU RI ZDU FDPS WKH RWKHU WUDFLQJ WKH KLVWRU\ RI D IDPLO\ KRPH LQ UXUDO 'RUVHW ,I \RXōUH ORRNLQJ WR RUJDQLVH \RXU UHVHDUFK \RX FDQ DOVR GRZQORDG D VHULHV RI XVHIXO IRUPV DQG FKDUWV GHVLJQHG E\ WKH <)+ H[SHUWV ,I \RX PLVVHG WKH GRZQORDGV IURP D SUHYLRXV PRQWK ZH DOVR KDYH DQ DUFKLYH RI UHFHQW OLQNV DW ZZZ KLVWRU\PDJV FR XN \IK Q

/22.,1* )25 $ %$&. ,668( 2) <285 )$0,/< +,6725<" &$// 25 9,6,7 ::: +,6725<0$*6 &2 8. <)+ %$&. ,668(6 '(&(0%(5

<285 )$0,/< +,6725<


7KH DUWLVW -RVHSK :ULJKW RI 'HUE\ ZDV D IULHQG RI WKH /XQDU 0HQ PDQ\ RI ZKRP KDG VHHQ GHPRQVWUDWLRQV ÅŽ VXFK DV WKLV ÅŽ JLYHQ E\ LWLQHUDQW VFLHQWLVWV ZKHQ WKH\ ZHUH \RXQJ


7+( 6&+(0( 2) 7+( ),(5< &+$5,27 0DQ\ RI WKH LGHDV RI WKH /XQDU 0HQ VXFK DV D PHFKDQLFDOO\ SURSHOOHG YHKLFOH FDPH LQWR IUXLWLRQ ORQJ DIWHU WKHLU GHDWKV ZKHQ WKH QHFHVVDU\ WHFKQRORJLFDO DGYDQFHV ZHUH DFKLHYHG 7KHLU SURSRVDO WR WRZ LFHEHUJV WR WKH HTXDWRU WR FRRO WKH WURSLFV ZDV RQH VFKHPH ZKLFK ZDVQōW WDNHQ XS

" ! ! " " ! " !

" ( ! &, ( ! & ) " & "&" & ! ! " ) & !" & !" ("&! ( &(! !" , * ! !& & ! ! ) ("&! & * ) & & "& ! & " (! " *

, & ! " & " &" * ( ! ) & ) " ) !, & + "& ! (& #$ & (& ' ) ! ! & !" (& , & * ! !& & &, " * ! ! * ! ) & & & " ! !! " * & ( ! & (" "& , ! ! + ! &" "&! & " & " ) ! " " ("" * & " ( & & ! * ! , ! & * ! " & ! & & ! " "& ! " "" & " & ! "( & && ! & & ! ) *

" ! (&(! ! & " & ( ("&! ) (& ! ( ! ) & !" " !" " ! &" ! & ( &!, * ! &


0$.,1* 021(<

<285 )$0,/< +,6725< '(&(0%(5

0DWWKHZ %RXOWRQÅ‘V PDQXIDFWRU\ DW 6RKR %LUPLQJKDP DWWUDFWHG YLVLWRUV IURP DOO RYHU WKH ZRUOG

'U (UDVPXV 'DUZLQ ZDV WKH JUDQGIDWKHU RI &KDUOHV 'DUZLQ ZKRVH WKHRU\ RI HYROXWLRQ ZDV SXEOLVKHG LQ

%" " / 5 5 1 5 # 1 $ $ # %8 0" '' $ 5 $ 0 $5 1 $5 151 ' 0 %0# :' 0 # $51 5% 5 '7 " $ '0%8 $ " 5%9$1* 05 15 %1 ' 0 5 % 0 ; 9 1 +7 $5 9 5 7$ 0 % 5; # # 01 $ 1 ' $5 $ "%1%' 0 8 $ 570 %$ 1 00 0; ' 51 $ $5 0 "" 7 $ * 7$ 0 $ 9 0 $/5 8 01 5% $ "" . %$ 70%01/ $ 0 00 5% 5 #1 "8 1 1 . 7$ 05 !1/* %""%9 $ 5 7$5 # "; 5 % 0 # "" $ &22 $ 55 #'5 9 1 # 5% '" 5 1% 5; %$ #%0 %0# " %%5 $ $ 9 1 0 '" ; $%5 0 # " % 5%0 "" # 5 0 $ * 1' 5 5 0 $ 1 $ " 11 $ ' 01%$ " 5; 5 0 9 0 9 "" $ 1 %75 59 $ 5 7$ 0 $* # $ : '5 %$ 5% 5 1 9 1 5 1'75 59 $ 09 $ $ 5 0 $ %$ 0$ $ 5 1 %8 0; % 5 # $ " '0%' 05 1 % 5 %: "%8 ( 5 " 1)*

-DPHV :DWW JDYH KLV VXUQDPH WR RQH RI WKH XQLWV RI SRZHU ZH DOO XVH WRGD\

" %$ $ '%" 5 1 9 0 $/5 1 711 5 5 0 # 5 $ 1 75 8 $ $ "7 $ %$ 5 0 1 $ 5 %$1* %0 $ 5% 0 15" ; . $%5 $ 5% % 9 5 5 0 " %71 %0 '%" 5 " '0 $ '" 1 % %5 0 9 9 0 7$ 5 ; %##%$ "%8 % $ 9 9 5 %7 5 17 $5 5% 0 $ 5% 5 0 ' 01%$1 % "" 15 $ 5 %$1 0 15 $1 91 %# %$1

6RKR +RXVH LQ +DQGVZRUWK %LUPLQJKDP D UHJXODU YHQXH IRU PHHWLQJV RI WKH /XQDU 6RFLHW\

:HKZDOW

5 05 % 5 $ 7150 " 0 8%"75 %$ $ $ 0 ; " 9 9 1 %# 5% 1 8 0 " # # 01 9 1 $ #'%05 $5 7"570 " $ " 1 15 " $50 * 55 9 %7"5%$ # $7 570 5%;1 ( %71 %" %% 1 $ 50 $! 51) 5 1 % %

$7 5%0; $ # 5 0 0 1#71 09 $ 9 % 9 1 5 # ";/1 ' ;1 $ $ 5 " 5 &2 <1* ; 9 0 1%%$ %00 1'%$ $ 9 5 "% ! $ $1507# $5 # ! 0 % $ 5 7015 %75 5 $1507# $51 $ # 170 # $5* 0%7 9 $ 59%0! % 71 $ 11 $ 1% " +7 $5 $ 1 7$ 0 0 " 1 5 9 1 $ 5 ""; !$%9$ 0 9 5% 5 0 5 '0 5 " 1! ""1 $ :' 0 $ % 0 51# $ $ 5 5 %0 1 $ 1 % 7$ 8 01 5; 7 5 # $ % " 55 01* 0 71 $ 11 $5 0 151 % 5 $ 0%7 5 5 # $5% 0 7" 0 %$5 5 75 5 ; 9 0 "1% '0%" " 55 0 90 5 01 5% %5 0 1 9 "" 1 5% # $ $5 1 $5 151 $ ' "%1%' 01* ; # 0 5 9%0! % $ # $ 0 $!" $ 9 % $50% 7 0 "" # # "" 5% 5 0%7' $ &23 $ # "" # $1507# $5 " $ 550 5 $ $ 9 # # 01 $%5 "; # 1 55 9 % 0 # $ %7"5%$/1 71 $ 11 ' 05$ 0 %0 6 ; 01* %7"5%$ 9 1 %$1 0 $ 5 71 % 15 # '%9 0 5% $ 0 1 '0% 7 5 %$ 5 % % $ # 1 %19 "" 0 "" %7"5%$/1 9%0 1 , 1 "" 1 0 9 5 "" 5 9%0" 1 0 1 5% 8 * *- 1 '0% "; 0 00 5% 5 15 # 0 8 $ # $ 1 $ 55 9 0 '0% 7 $ 75 %7"5%$ 9 1 75 "; 9 0 5 5 5 !$%9" 5 ; 9 0 7#7" 5 $ $ ''"; $ 9 1 8 $ #%0 '%9 0 7"* $ 0 1 $ $ 7150 " '0% 7 5 %$ $ 55 0 50 $1'%05 1;15 #1 5% 150 75 # 5 0 "1 $ %% 1 $ 1 0 $5 0 15 $ $ "1 0%7 5 %7"5%$ $5% %$5 5 9 5 %1 9%% 5 '%55 0; # $7 570 0 9 % %# $ 5 1! ""1 % 5 1 $5 15 9 5 5 8 1 %$ % $ 05 15 $ 9 % #% "" 1 $ 9 9%0!1 5 5070 %$ 5 % % 5%0;* 09 $ 1' $5 # $; %701 50 8 "" $ 5% 8 1 5 1 ' 5 $51 $ 5 5 00 " 15 5 % 5 0% 1 " 5% $ $5 0 15 $ 00 1 $* 0%7 5 1 # 5 0 %8 "" 9%05 $ 7 5 %$ " 15 $8 $5%0 $ ' %$ 0 % 5 " 0 ' ;* 09 $ $5 71 15 ""; 90%5 5% %7"5%$ $ &233 1 0 $ 9%05 1 .# $ " 0 $ 5 0 5 15 %$ 70%0 8 0 1 9 1 5 '0 $ '" 1 % $ 570 $ 1 ' "# $ #%7" 1 5 # 1 '" 1 1* $ 5 ! 9 ; '%" 0 5; %0 8 5 5 $ " ; 07 $ 5 5 0 %$ 5 ' "# % 1 $ 9%$ 0 7" 15%$ 1 $

&RXQWHUIHLW FRLQV ZHUH D SUREOHP LQ WKH WK FHQWXU\ ÅŠ D VDPSOH WDNHQ E\ WKH 5R\DO 0LQW LQ IRXQG WKDW RQO\ RI KDOISHQQLHV ZHUH JHQXLQH %RXOWRQ HVWDEOLVKHG WKH 6RKR 0LQW DQG SURGXFHG IUDXG UHVLVWDQW FRLQV IRU %ULWDLQ DQG PDQ\ RWKHU FRXQWULHV \HDUV RQ SRUWUDLWV RI %RXOWRQ DQG :DWW FDQ EH IRXQG RQ WKH EDFN RI WKH FXUUHQW e QRWH


! " ! 7KH SLRQHHULQJ /XQDU 0HQ ZKRVH ELUWKV DQG GHDWKV DUH OLVWHG KHUH KHOSHG WR VKDSH WKH PRGHUQ ZRUOG WKURXJK WKHLU SXEOLFDWLRQV DQG WKH DSSOLFDWLRQ RI WKHLU GLVFRYHULHV WR WKHLU SURIHVVLRQV DQG LQGXVWULHV -RKQ :KLWHKXUVW Ŋ ZDV D FORFN DQG

-DPHV .HLU Ŋ ZDV D 6FRWWLVK FKHPLVW ZKR PDQXIDFWXUHG FDXVWLF VRGD VRDS DQG JODVV

0DWWKHZ %RXOWRQ Ŋ ZDV D 6RKR WR\

-DPHV :DWW Ŋ ZDV RULJLQDOO\ DQ LQVWUXPHQW PDNHU DQG WKHQ DQ LPSURYHU RI VWHDP HQJLQHV

LQVWUXPHQW PDNHU EXW DOVR D JHRORJLVW VWXG\LQJ YROFDQLF URFN

PDQXIDFWXUHU DQG IRXQGHU PHPEHU RI WKH /XQDU 6RFLHW\

-RVLDK :HGJZRRG Ŋ ZDV D SRWWHU\

PDQXIDFWXUHU FRPELQLQJ DUW DQG GHVLJQ ZLWK VFLHQFH

'U (UDVPXV 'DUZLQ Ŋ ZDV D SK\VLFLDQ SKLORVRSKHU SRHW DQG LQYHQWRU Ŋ DQG JUDQGIDWKHU RI &KDUOHV 'DUZLQ -RVHSK 3ULHVWOH\ Ŋ D 8QLWDULDQ PLQLVWHU ZDV RQH RI WKH PHQ FUHGLWHG ZLWK WKH GLVFRYHU\ RI R[\JHQ

'U :LOOLDP :LWKHULQJ Ŋ ZDV D SK\VLFLDQ

ZKR VWXGLHG WKH PHGLFLQDO SURSHUWLHV RI WKH IR[JORYH

5LFKDUG /RYHOO (GJHZRUWK Ŋ ZDV DQ HGXFDWLRQDO UHIRUPHU DQG LQYHQWRU ZURWH 3UDFWLFDO (GXFDWLRQ ZLWK KLV GDXJKWHU 0DULD 7KRPDV 'D\ Ŋ SKLORVRSKHU SRHW DQG HGXFDWLRQDO UHIRUPHU ZDV D IROORZHU RI 5RXVVHDX 6DPXHO *DOWRQ Ŋ ZDV D 4XDNHU DQG JXQ PDQXIDFWXUHU VXSSOLHG DUPV WR WKH VODYH WUDGH

'U :LOOLDP 6PDOO Ŋ ZDV LQWURGXFHG E\

%HQMDPLQ )UDQNOLQ DQG ZDV WKH PDLQ ŌUHFUXLWHUō IRU QHZ PHPEHUV

0 #- %# , -0- # '1 ! #-(+ %" 3 , %# %# %," -0- # 0 , %, ,, ,%" 4 %, # " , 1# 2 ,- 0 - -% -01 # %0! # 3 , - # # ' !%-%' 5 3 , 0 1 0( - , 0 # ,- 0 5 3 , 0 ," # 0% "'!%5 1" # , -%# # 0% !' " - #- % 0 3%,! # # 3%, - # '% 0,5 ,3 # " , , # 0% 0 % 2%!10 %# * - - -1 -- 2 # , 0 %#- !%%". 3 '%3 ,- )1 , # ! , , ! " - --1" . # %1#0! -- ,%1'% 2 0 0 %# -', # . # , 0 # , !"- %

$OWKRXJK EHVW NQRZQ DV WKH LPSURYHU RI VWHDP HQJLQHV :DWW LQYHQWHG PDQ\ RWKHU PDFKLQHV LQFOXGLQJ D FRS\ SUHVV Ŏ WKH IRUHUXQQHU RI WKH SKRWRFRSLHU

# # 0 # 3 # +( , # -%# ,! - ,3 # '1 ! - # 0 , # % ' - # & $ # % # 0 1,-0+- 3%, %# 0 2%! # ,% - % , 5- , 1 !! 0 %10 0 , 0 %# % 0 ,0 ( %" " " ,- -1 - %1!0%# # 00 , 2 ! 00! %," ! 1 0 %# 10 0 , ', 0 ! #%3 %3 3 - %"'! " #0 5 0 0 %, 0 ! 4' ,0 - % 1# 2 ,- 05 1 0 " " ,- # !1 # ,3 # # " , 3 % 00 # # 1, # 2 ,- 05 0% 0 ,( , 3 - " -0 3 %- - !!- 3 , 2 0 ! 0% 0 0 # ! 2 # " #0- !!%3 *!1# ,0 -+ # # 0 , 1- # -- - # 0% 0 2 !%' # # 3 # 1-0, -( - " ! 3%, - 0 '0%# " #1 01, ! ! - 3 !' 0% 2 !%' ! , - ! " #1 01, % ! -- -% ' # ,0 ! - ,-( %- ' , -0! 5 3 - !-% " -0 # # 0 , # " # -0 , 3 %- " #

-RKQ )UHHWKőV FRIIHH KRXVH ZDV IUHTXHQWHG E\ PHPEHUV RI WKH /XQDU 6RFLHW\ DQG WKHLU FLUFOH

%HORZ %RXOWRQ DQG :DWW ZHUH VXFFHVVIXO EXVLQHVV SDUWQHUV IRU \HDUV Ŏ VHOOLQJ ZKDW WKH ZRUOG ZDQWHG Ŏ SRZHU 7KLV VWDWXH RI WKHP ZLWK WKHLU HPSOR\HH :LOOLDP 0XUGRFK LV LQ %LUPLQJKDP

'(&(0%(5

<285 )$0,/< +,6725<


. ) *. 2 * . " * . * * *" 4 34 # " *. . )$% 4 . !, 5* . . )* 2 ) 0* 34 . ) "4 *. ) 4 "" ) .0* 1 . 4 ..% 2 ) * . 4 . )(* . !, / . 0 . 0 ) * . . 4 ** *. 2 . . ") 0 . * ) . )*. . ) !, % *. . ) 0* ** . ) *.* ) * 2 ) ) 1 * . 0 ) . ") * 2 . . ) * " . ) ) * 3" ). * . 1 ) . % .. )* 4+ 2 * . ") 1 *. " 2 ) * . *. * 2 ) ) &0 * . * ) **+ * 2 ) ) * " 0 .0) %

4 * 0** . ) * . &0 * ") ** * . ) * * . . 1 " . 2

)4 . *% * . 4 1 . ) ") 1 ") **0) 0 * . * 0) . *0) . 0 ) 1 * ) . )* "4) . )* . ) . )* ) . * % . 2 * 1 . . 0 )*. . " * . ) . ) * ) * * . 0 ) 2 ) )* . .4% 2 . 0 ) 4 ) * 2 * ** )4 ) ) 0 ) 1 " 2 2 4* 3.) . ) *%

0 ) .4 * *. ) ) ) .* .) 0. * . * . 4 !! 2* . 4 .4 0. . * " 4 " ). . ).*% . ! . .0)4 . ) 2 * 1 ) " " . )4 .0) . ) . * " .2 ). * % .. ) 2 * 0* . * ) * 2 . ) *.

. . ) 2 ) 2 * ) )) . * ' .0) " * " 4(% . * * 1 1 . ") 0 . ).2 ) * 2 ) ' ).*( 2 2 ) " ). . . 0 .0) * 2 (* " .. )4 .. 2 0 . (* ) * 1 )2 ) . 4*% * ) . )4 ") . .* "" . . * ). # * ) . ) 1 * * *$ 2 ) 4 .* ) . (* *0") 4 0 .0) %

0 ) .4 " 4 ) 1 " ) 0 . ) . * * " 4* * 2 * (. . ) 0* 0) . ) . 0. . ) 2 ) 0) . .) .4 2 0 2 " ). . * * " % 0 . (* 2 ) . 0) *" .)0 ") 1 . . . ) ) 4 . ) ") )4 0)* 0. * 0 ) 2 *0"" ) * . . * 1

:LYHV GDXJKWHUV DQG RWKHU IHPDOHV ZLWKLQ WKHLU VRFLDO QHWZRUN ZHUHQōW /XQDU 6RFLHW\ PHPEHUV EXW WKH\ FRQWULEXWHG WR DQG LQŴXHQFHG WKH ZRUN RI WKH /XQDU 0HQ 7KH /XQDU 0HQ ZDQWHG WR FXOWLYDWH IHPDOH SRZHUV RI UHDVRQLQJ DQG MXGJHPHQW EXW GHVSLWH WKHLU HJDOLWDULDQ UKHWRULF LW ZDV EHOLHYHG WKDW ZRPHQ ZHUH FUHDWHG GLIIHUHQWO\ IURP PHQ ŌIRU WKH JUHDWHU JRRG RI D ZHOO RUGHUHG VRFLHW\ō ,Q 'DUZLQ ZURWH $ 3ODQ IRU WKH &RQGXFW RI )HPDOH (GXFDWLRQ LQ %RDUGLQJ 6FKRROV IRU KLV GDXJKWHUV ZKR ZHUH HVWDEOLVKLQJ D VFKRRO ,Q WKLV KH DGYLVHG WKDW WKH IHPDOH FKDUDFWHU VKRXOG EH PLOG DQG SOLDQW DV ŌJUHDW HPLQHQFH LQ DOPRVW DQ\WKLQJ LV VRPHWLPHV LQMXULRXV WR \RXQJ ODGLHV *UHDW DSSDUHQW VWUHQJWK RI FKDUDFWHU LV OLDEOH WR DODUP ERWK KHU DQG WKH RWKHU VH[ō +RZHYHU WKH FXUULFXOXP LQFOXGHG VFLHQFHV DQG SKLORVRSK\ $PHOLD .HLU KDG EHHQ WDXJKW FKHPLVWU\ E\ KHU IDWKHU DQG WKH UHVXOWDQW $ 'LDORJXH RQ &KHPLVWU\ EHWZHHQ D )DWKHU DQG 'DXJKWHU XVHG HYHU\ GD\ WHUPLQRORJ\ *DOWRQ H[SODLQHG FODVVLILFDWLRQV RI VSHFLHV E\ VKRZLQJ KLV GDXJKWHU WKH FODZV DQG WHHWK RI KHU SHWV EXW HYHQ WKRXJK WKH\ ZHUH VXUURXQGHG E\ LQVWUXPHQWV DQG H[SHULPHQWV LQ ZKLFK WKH\ WRRN SDUW IRU WKH JLUOV LW FRXOG RQO\ EH D KREE\ %RWDQ\ KDG DOZD\V EHHQ D ŌVXLWDEOH LQWHUHVWō EXW VRPH ODPHQWHG WKDW WKH\ ZHUH ŌIRUFHG WR

<285 )$0,/< +,6725< '(&(0%(5

KHOS 'U :LWKHULQJ WR FROOHFW IXQJL DQG ILQG QHZ VSHFLHVō 6RFLHW\ PHPEHU 5LFKDUG /RYHOO (GJHZRUWK UHSXWHGO\ KDG FKLOGUHQ VR KLV HOGHVW GDXJKWHU 0DULD KDG SOHQW\ RI RSSRUWXQLW\ WR SXW KLV HGXFDWLRQDO WKHRULHV LQWR SUDFWLFH 6KH ZURWH 3UDFWLFDO (GXFDWLRQ ZLWK KHU IDWKHU DGYRFDWLQJ HGXFDWLRQ IRU ERWK VH[HV WKURXJK SOD\ H[SHULPHQW DQG SUDFWLFDO DFWLYLWLHV Ŋ LQFOXGLQJ WHDFKLQJ FKHPLVWU\ WR JLUOV WKURXJK PDNLQJ FRQIHFWLRQHU\ 6KH ZHQW RQ WR EHFRPH DQ HGXFDWLRQLVW DQG QRYHO ZULWHU LQ KHU RZQ ULJKW -RVHSK 3ULHVWOH\ōV ZLIH 0DU\ ZDV ZHOO UHDG DQG KHU KRXVHNHHSLQJ VNLOOV HQDEOHG KLP WR GHYRWH KLV WLPH WR KLV ZRUN (TXDOO\ LPSRUWDQW ZDV WKH IDFW WKDW VKH GLGQōW PLQG KLP FRPPDQGHHULQJ GRPHVWLF HTXLSPHQW IRU KLV H[SHULPHQWV $QQLH :DWWōV IDPLO\ ZHUH EOHDFKHUV DQG VKH NQHZ HQRXJK FKHPLVWU\ WR EH DEOH WR DQVZHU WHFKQLFDO TXHULHV ZKHQ KHU KXVEDQG ZDV DZD\ :RPHQ LQ WKH ZLGHU FLUFOH GLGQōW OHW WKH /XQDU 0HQ JHW DZD\ ZLWK SDWURQLVLQJ WKHLU VH[ 0DU\ .QRZOHV WROG :LWKHULQJ WKDW ŌJHQLXV LV VKRZHUHG GRZQ RQ KHDGV ZHDULQJ VLON ERQQHWVř DV ZHOO DV RQ WKRVH ZHDULQJ JUH\ ZLJV ō


&ODVV ,PDJH $ODP\

),567 ,035(66,216 7KRPDV 'D\ ZDV WKH ZHDOWKLHVW DQG PRVW HFFHQWULF RI WKH /XQDU 0HQ ,Q KHU PHPRLUV $QQD 6HZDUG QRWHG Ō0U 'D\ ORRNHG WKH SKLORVRSKHU Ŋ SRZGHU DQG ILQH FORWKHV ZHUH DW WKDW WLPH WKH DSSHQGDJHV RI JHQWOHPHQ 0U 'D\ ZRUH QHLWKHU ō +H ZDV VDLG WR QHYHU FRPE KLV KDLU EXW OLNHG WR EDWKH LQ D VWUHDP

62 23 ; 3 6 ( 3 ;"6 6 (6 2 9& 2

& % &= ( ; (% 6": $= 39**(26 6 &6"!3$ : 2= %(: % &6- (% 3 = ; 3 & 9 6"(& $ 2 (2% 2 & "3 *( % ="& 2( +)447, $* 6( "& 39**(26 (2 6 ($"6"(& %* " &- (3" ;(( 13 %(93 % ( *" 6"& #& $"& 3$ : "& "&3 3922(9& = 6 .9 36"(& 0 % &(6 & & 2(6 2/1 (%*$ % &6 6 *( % & (9$6(& $3( *2( 9 & &6"!3$ : 2= % $ 9 6"(& ; 3 3 & 3 6 # = 6( *(; 2 3( 9 6"(& $ 2 (2% ; 3 "%*(26 &6- 9& 2

& ; &6 2 6"(& $ 9 6"(& 3=36 % = ; " *9*"$3 ;(9$ 6 9 6 6( 6 "&# & 2 3(& (2 6 %3 $: 3 2 6 2 6 & "& 6 9 6 = 2(6 - (% 36 $"3 3 (($3 (2 6 "2 ;(2# 23 6( ": 6 % *2 6" $ 9& 236 & "& ( (; 6 "& 3 ;(2# & 2" 36$ = & 696(2 6 6 22"& 6(& %= ; " 6 2 (2 6 3(&3 ( "33 &6 23- (% 3 = ; 3 ($$(; 2 ( (933 9 ; ( :( 6 & ; ; = ( "$ !2 2"& = $ 2&"& = <* 2" & ; = 2(% 6 (&362 "&63 ( 3 "(& $ 3( " 6=- = ; &6 ;" ( " :"269 (92 ;"6 & "&6 2 36 "& $"6 2 692 & 3 " & 96 ;"6 3"%*$ 6 36 3 "& (( $(6 3 & $" 36=$ - & 2 ) > % %("23 && ; 2 (%% &6 0 2 ; 3 &( "& "& 39 2 692 2 =!% --- %936 %(9$ 3(% "& &6 "&6( 6 "& "3 & = "% "& 1- = 6((# "& 6;( (2* &3 ; (% & % 2"& & 9 2 6" 96 "3 <* 2"% &6 "$ 2 % 6" $$= (6 $"# 3 "(& & 6 ((#3- 6 2 & (&"& 6 : &692 ; &6 (& 6( ;2"6 "36(2= ( & (2 &

26(& (96 6;( (=3 & 6 "2 3 (($"& ; " 2 % "& (& ( 6 36!3 $$"& ((#3 (2 "$ 2 & (2 3(% 6"% 3 ; $$ 3 6 ( :"(93 & "63 ( 3 " &6" " *2( $ %!3($:"& (2 6 "2 (;& (%% 2 " $ &6 2*2"3 3 & *2( 33"(&3 * "$(3(* " $ & 3 " &6" " <*$(2 6"(& ; 3 3( " $ <* 2" & 6((- & 2;"& 3 &6 (*= ( "3 & ; ((# 6( 66 6 % 33 0 (*"& 6( %93 =(9 &(6 6( "&3629 6 =(91- 93"& 33 (%%"6% &63 *2 : &6 3(% ( 6 % % 23 2(% 2 9$ 2 66 & & 6 % 6"& 3 2 3%93 2;"& ; 3 "236 & (2 %(36 *2 6"3"& * =3" " & & "3 * 6" &613 & 3 6((# *2"(2"6= "3 2 2 6 "& $ 66 2 6 *2"$ )44 39%3 9* ; 6 % = : & (& 6 & +" 6 =1 (& , (2 6 "2 & <6 % 6"& 0 (2

6 "&: &6"(&3 ; 6 ;"6 ; 6 2 6(2" % 6 * =3" $ % &" $ & *=2(6 &" $ ;"$$ (& 6 ;"& & =1 $"# 3 966$ ( # 2(% (& 6( &(6 2 ( =(92 62((* ( * "$(3(* 23-1 9& 2 ( " 6=13 = = ; 3 6 ( 6 )4 >3 96 6 "2 ; $ (%"& ( 6 2 & :($96"(& 2 $ "63 (;& $$ ; & 2" 36$ = ; 3 (2 6( $ 6( % 2" "& )4')- 6 3 (2 "& 2 3"& ($ & "& "2%"6= ( "63 % % 23 % &6 6 6 6 3( " 6= ; 3&16 2 $$= 6": 6 2 (96 ) >> $6 (9 3(% ( 6 "2 3(&3 (&6"&9 6( % 6 9&6"$ 2(9& ) )7 %( 2& 9& 2 ( " 6= ; 3 (2% (: 2 8> = 23 ( & 6 "$3 & (9& 6

9& 2 & : & (%* 2 6( 6 * "$(3(* 3 ( 6 2 & &$" 6 &% &6 ; ( *2( 9 6 & = $(* " "& 6 )44>3 96 6 9& 2 & *96 6 (2= "&6( *2 6" & 62 &3$ 6 6 "2 " 3 "&6( 6"(&- **$" 6"(& ( 093 9$1 #&(;$ 39 36 6 6 9% & *2( 2 33 ; 3 ;"6 "& 6 2 $%3 ( *(33" "$"6=- *6"%"36" " $"36" & (& " &6 ( 6 9692 6 9& 2 & ; 2 6 (2 29&& 23 ( & ; $ 33 ( "& 9362" $"363 ; ( % 6( *2(%"& & "& 6 )'6 &692= % #"& 2"6 "& 6 ;(2$ 13 (2 %(36 % &9 692"& & 6"(&- O

,QVHW 0RVW RI WKH /XQDU PHQ DFWLYHO\ VXSSRUWHG WKH DQWL VODYHU\ PRYHPHQW DQG :HGJZRRGőV VWULNLQJ FDPHR KHOSHG WR JDLQ SXEOLF LQWHUHVW 0DLQ SLFWXUH DERYH -DPHV :DWW DQG IHOORZ PHPEHUV RI WKH /XQDU 6RFLHW\ ZKR PHW E\ WKH OLJKW RI WKH IXOO PRRQ

&217$&76 6RKR +RXVH 0DWWKHZ %RXOWRQōV KRPH

6RKR $YHQXH %LUPLQJKDP % /% Z ZZZ ELUPLQJKDPPXVHXPV RUJ XN VRKR H %0$* (QTXLULHV#ELUPLQJKDPPXVHXPV RUJ XN W 7KLQNWDQN %LUPLQJKDP VFLHQFH PXVHXP

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

)857+(5 5($',1* -HQQ\ 8JORZ 7KH /XQDU 0HQ WKH IULHQGV ZKR PDGH WKH IXWXUH )DEHU )DEHU

,6%1 5REHUW ( 6FKRILHOG 7KH /XQDU 6RFLHW\ RI %LUPLQJKDP 2[IRUG 8QLYHUVLW\ 3UHVV ,6%1

'(&(0%(5

<285 )$0,/< +,6725<


5HYLHZV %RRNV

:UHFN

$XWKRU 6WHIDQR %HQD]]R 3XEOLVKHU 6NLUD GLVWULEXWHG E\ 7KDPHV +XGVRQ

Z ZZZ VNLUD QHW ,6%1 3ULFH e +%

7KLV XQXVXDO DQG KDQGVRPH ERRN LV GHILQLWHO\ D ELW GLIIHUHQW IURP QRUPDO <)+ IDUH EHLQJ HVVHQWLDOO\ D SKRWRJUDSKLF UHFRUG RI YDULRXV VKLSZUHFNV DURXQG WKH ZRUOG ZKLFK %HQD]]R D IRUPHU VHQLRU GLSORPDW QRZ VDLORU DUWLVW DQG SKRWRJUDSKHU KDV YLVLWHG RYHU WKH SDVW KDOI FHQWXU\ 6KLSZUHFNV RI FRXUVH XVXDOO\ FRPH ZLWK IDVFLQDWLQJ DQG RIWHQ GUDPDWLF KXPDQ VWRULHV DWWDFKHG +HUH WKH LPDJHV DUH E\ DQG ODUJH OHIW WR VSHDN IRU WKHPVHOYHV ZLWK MXVW WKH YHU\ EDUHVW DFFRPSDQ\LQJ GHWDLOV JLYHQ LQ D Ō/LVW RI ZRUNVō DW WKH HQG RI WKH ERRN 7KH DXWKRUōV VWDWHG SXUSRVH KHUH LV WR FUHDWH D WHVWLPRQ\ WR PDULWLPH KLVWRU\ DQG WKH LQHYLWDELOLW\ RI GHFOLQH WKH WHPSRUDU\ QDWXUH RI DOO RI PDQōV HQGHDYRXUV IDFHG ZLWK WKH DFWLRQV RI WLPH DQG WKH HOHPHQWV ,Q PDQ\ FDVHV WKH UHPDLQV RI WKH VKLSV IHDWXUHG DUH XWWHUO\ GZDUIHG E\ WKH JUDQGHXU RI WKHLU VXUURXQGLQJV EH WKHVH WKH PRXQWDLQV RI 3DWDJRQLD RU WKH GHVHUWV RI 1DPLELDōV LQIDPRXV ŌVNHOHWRQ FRDVWō $ IXUWKHU FRQWUDVW LV SURYLGHG FRXUWHV\ RI WKH XQFRQFHUQHG VHDOV DQG LQGLIIHUHQW FRUPRUDQWV ZKRVH SUHVHQFH KDV UHSODFHG WKDW RI KXPDQV 7KH YHVVHOV PHDQZKLOH VORZO\ VXFFXPE WR WKH ZLQG DQG UDLQ WLGH DQG WLPH UHFRUGHG KHUH DW MXVW RQH PRPHQW LQ WKHLU JUDGXDO GHFOLQH E\ WKH FDPHUD RI DQ ŌDUFKDHRORJLVW RI WKH SUHVHQWō 0RVW DUH XQUHPDUNDEOH Ŋ ILVKLQJ YHVVHOV EDUJHV FRDVWHUV Ŋ EXW D IHZ EDUH ZLWQHVV WR QRWDEOH HYHQWV LQ UHFHQW KLVWRU\ VXFK DV WKH FROOHFWLRQ RI UHGXQGDQW IRUPHU ZKDOLQJ VKLSV VORZO\ UXVWLQJ DZD\ RQ 6RXWK *HRUJLD VXUURXQGHG E\ WKH EOHDFKHG UHOLFV RI WKHLU JULVWO\ WUDGH D WXJ WKDW RQFH VHUYHG DW ' 'D\ DQG WKH UHPDLQV RI LPPLJUDQW ERDWV ZKLFK FRQWLQXH WR IHWFK XS RQ WKH EHDFKHV RI /DPSHGXVD D UHPLQGHU WKDW KLVWRU\ LV VRPHWKLQJ ZKLFK KDSSHQV QRZ QRW MXVW LQ WKH SDVW Q 5HDG LW IRU $ EHDXWLIXO SKRWRJUDSKLF WHVWDPHQW WR PDULWLPH KLVWRU\ DQG GHFOLQH

<285 )$0,/< +,6725< '(&(0%(5

$QFHVWRUV LQ WKH $WWLF $XWKRU 0LFKDHO +ROUR\G 3XEOLVKHU 3LPSHUQHO 3UHVV Z ZZZ SLPSHUQHOSUHVV FRP ,6%1 3ULFH e +%

/ / /1. $ &7/ 1 $ 7( $/ 5 "1 &4 41 4" 4& & /" # &&!/ / &$ &&! $ &6$ 1 .&4 1 &".&8 # "8+ 1-/ . 4 " 6 1 . 1 / / & $ 1& $ $81 $ &1 . 1 $ " # 1 . ./ ( 5 $ 1 (. $ 1 /4 1 # 11 . 41 1 & / / &6 &6 / $ 1 $ /1&. / $ &4$ $ $8 # "8+ &. $ " &&! 6 / &6$ 8 &".&8 -/ . 1 . $ #&1 . $$ " 9 &".&8 $ $ 1 / ( /1 . $1 18( / & .$ . " 1 $ 1 1&. $ / $ 1 &$ 6 1 1 / (" $1/+ 1 . . . $ 4 1 . &".&8 -/ 4$1 $ . 1 1 &&! $ $ 1/ . # $ $ " $! ( / $/ .1 # / & '%3:/ #&5 /1 ./ . " 1 $ . &6$ $1 . /1/+ . 1 &&! / /(" 1 $1& 16& 1 ./1 . " 1 $ 1 &. $ " , .$ ( /- $ 1 " $ 1 1. /1&.8 & $$ " 9 6 & ! "" ./ " 1 1 & 2: $ 1 / &$ & 4/ $ &$ 1 / " $1 #&5 /1 ./ $ 1 / "&$ " & 1 41 &.-/ 4$1 &" $ + 1-/ 5 .8 ( ./&$ " (4 " / $ (.& 1 .&# 1 6 "" !$&6$ & . ( . 41 1-/ 1 # "8 /1&.8 1 . " / 1 &$ 1 1 6 1 1 / 6&# $ &/ 1& &"" 1 . " 1 /( 1/ & 1 . " 5 / $ ( ./&$ " 1 / 1 1 # ! / 1 6&.1 . + . / " 11" ,$ 6- &41 1 # / 1 #/ "5 / ) $ &".&8 -/ / . (1 &$ & &$ 1. // / $ ,1&& 18- / 4$ &.14$ 1 * 41 1 #(&.1 $ & &4. &. ./- /1&.8 $ &6 6 / &4. &6$ (" $ 1 6&." / " . . + Q

5HDG LWIRU $Q LQWHUHVWLQJ LQVLJKW LQWR RQH PDQ-V IHPDOH IRUHEHDUV

7UDFLQJ <RXU &KXUFK RI (QJODQG $QFHVWRUV $XWKRU 6WXDUW $ 5D\PRQG 3XEOLVKHU 3HQ 6ZRUG Z ZZZ SHQ DQG VZRUG FR XN ,6%1 3ULFH e 3%

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

5HDGLWIRU $ FRPSUHKHQVLYH JXLGH WR WKH VXUSULVLQJ YDULHW\ RI UHFRUGV JHQHUDWHG E\ WKH $QJOLFDQ FKXUFK ZKLFK FDQ KHOS IDPLO\ KLVWRULDQV


5HYLHZV %RRNV

:H $UH 1RW $PXVHG $XWKRU 'DYLG &U\VWDO 3XEOLVKHU %RGOHLDQ /LEUDU\ Z ZZZ ERGOHLDQVKRS FR XN ,6%1 3ULFH e +%

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

-%'. . + 2 .,/ 2 %22 . - "% %- 2 - !! !8 4# #2 !! ! #2./ # 2%-. - - - . 5 # 2 - %6# +.28! , % .' * - ,. #%2 "4 7'! # 2%-8 2 72 4.2 #%4 2% !' 4# -.2 # 2 -2%%#. 6 . .%!42 !8 - 2* 2,. 6 !! . # %% # 6%4! " # 7 !! #2 - .2" . .2% # !! - Q

5HDGLWIRU $YLHZRIKRZ9LFWRULDQVVDZ DQGXVHG WKH(QJOLVK ODQJXDJH DVGHSLFWHGE\RQHRILWVOHDGLQJSXEOLFDWLRQV

'LVFRYHU 6FRWWLVK /DQG 5HFRUGV $XWKRU &KULV 3DWRQ 3XEOLVKHU 8QORFN WKH 3DVW Z ZZZ JRXOG FRP DX ,6%1 3ULFH e 3%

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ō ODQG RZQHUVKLS DQG WHQXUH Q 5HDG LW IRU $Q XSGDWHG JXLGH IURP DQ DFNQRZOHGJHG H[SHUW

:KHQ WKH *LUOV &RPH 2XW WR 3OD\ $XWKRU .DWKDULQH 0LOFR\ 3XEOLVKHU %ORRPVEXU\ $FDGHPLF Z ZZZ EORRPVEXU\ FRP ,6%1 3ULFH e 3%

-.2!8 2 %6#. % 2 . %% 6 6 .2 # 2% . %6# 2% 2 '4 ! . - 2 - 2 # 2 42 %-* 2 72 - . #. 6 2 !%# ' - - ' . 2 2 " 8 '42 - -. % %- 2 8,5 .2 -2 * %6 5 - 2,. 6%-2 ' -. 5 - # # 2-8 # 2% !%% 8%# 2 - "' ! 8%42

. 2 . . - !!8 #2 - .2 # .2%-8 % 6 2 -!. 2% #2 -2 # 2 ". !5 . # 2 #2 - 6 - ' - % * 42 % %" # . %- ! #2 -5 6. 6 2 " - . - 2% - .. " ! 2 ! 5 . % 6%- # ! .. -!. .' !!8 2 %. 6 % 6 - ! 5 # # 2 -"%# . 8 - % .%42 %# %#* -%" 2 # 8 %' 2% " # 4- . " 9 # - # 2% -.28! # ! %8 !%% . 2 # # 6%-! # %6 2 - 2 # 6 2 #

%#.4" - 4!24- * . 6 - -!. 6 % " 8 .2 !! 5 - ! %# 2%-8 6%- %2 - ! 5 # 42 2 - 6 - #%6 "%- 6 8. 2% .' # 2 -# # .* !2 %4 .%" - . .4 . .'%-2. - ! .. 6 !! %5 - - 2 # %2 - .4 2. 2 . . # #2 - .2 # !%% 2 %6 ! 5 . 26 # 2 6 -. # %- 2 . -!.* Q

5HDGLWIRU $ ORRN DW KRZ WHHQDJH JLUOV VSHQW WKHLU OHLVXUH KRXUV LQ WKH LQWHU ZDU SHULRG

'(&(0%(5

<285 )$0,/< +,6725<


&RPSHWLWLRQ

&KULVWPDV FRPSHWLWLRQ Ō7LV WKH VHDVRQ WR EH MROO\ Ŋ ZH KDYH PRUH WKDQ e ZRUWK RI SUL]HV WR JLYH DZD\

:LQ D IXOO /LYLQJ '1$ NLW )$17$67,& ),567 35,=( :257+ e . * / & %' '* . '*&0 ! 0 ' & -& 0 '* &0 & &' * * / * . * / &* ) + " . ' '*&0 * * &" & */ * . * ! & * * & * '*' . !& . ' * '* -& * !& ' . '* * 0 -& 0 '*&0 0 ' / * 0 * - *& ' 0 - & -* ' * & ' / * * ' - *& ' . & 1 / & / - , *

" + * '* . ' ' * 0 ' &. * * !& ' *' 0 -& * & * & ' '* & * * 0 -& '* &%' & * ! * ' * & - -* '* &0" ' . / * & - . %' * & * . ! * & / & 0 -& & '- *' / -! * ' * * %' & ' & . . '" - / ' & . -* - '! * * * ' * '* &0 0 -& '*&0 ' * * "

<)+ IDPLO\ KLVWRU\ WLPHOLQH SRVWHUV 3267(56 :257+ e ($&+ 83 )25 *5$%6

& . 0 -& * '* 0 - / ' . * !! &*- *0 * . %' ! & $ 0 & % & ' & !& * * * /' 0 - ' / & 0 - * / & / 0 *& / 0 - * * * &' & '' * / & " * & ' ! 0 . ' * '/ & * #- '* * & " & & & * -* * . * '* . ' * " Q

:LQ D VHW RI 8QORFN WKH 3DVW +DQG\ *XLGHV 6(&21' 35,=( :257+ e

$XVWUDOLDQ SXEOLVKHU 8QORFN WKH 3DVW KDV ODXQFKHG D QHZ VHULHV RI KDQG\ JXLGHV WR DGG WR LWV SRSXODU JXLGH ERRNV VHULHV 7KHVH DUH $ IRXU SDJH JXLGHV RQ TXDOLW\ KHDY\ FDUG VWRFN FRQFLVH EXW SDFNHG IXOO RI NH\ IDFWV DQG FOHDU LQIRUPDWLRQ ÅŠ LQWHQGHG IRU KDQG\ UHIHUHQFH RQ WRSLFV RI LQWHUHVW WR 8. EDVHG DQG RWKHU UHVHDUFKHUV 7KH VHULHV KDV ODXQFKHG ZLWK VL[ WLWOHV IURP ZHOO NQRZQ JHQHDORJLVWV LQFOXGLQJ <)+ FRQWULEXWRU &KULV 3DWRQ &XUUHQW WLWOHV DUH OLVWHG DW KWWS ELW O\ KDQG\ JXLGHV 7RSLFV LQFOXGH FLYLO UHJLVWUDWLRQ LQ %ULWDLQ DQG ,UHODQG DQG D JXLGH WR '1$ WHVWV :H KDYH RQH FRPSOHWH VHW RI WKH ILUVW VL[ JXLGHV XS IRU JUDEV ÅŠ HQWHU RXU FRPSHWLWLRQ DW ZZZ KLVWRU\PDJV FR XN <)+[PDV

+XQGUHGV RI IDPLO\ KLVWRULDQV KDYH SLFNHG XS D FRS\ RI WKLV LQFUHGLEO\ XVHIXO SRVWHU DW IDPLO\ KLVWRU\ VKRZV RU RQOLQH VHH SDJH 3URGXFHG LQ KLJK TXDOLW\ $ IRUPDW LW VKRZV PRUH WKDQ PDMRU UHFRUGV XVHG IRU IDPLO\ KLVWRU\ UHVHDUFK DFURVV D FRORXU FRGHG WLPHOLQH ÅŠ WKH SHUIHFW DW D JODQFH ZD\ WR VHH ZKDW VRUW RI UHFRUGV FRXOG KHOS \RX )RU RXU &KULVWPDV FRPSHWLWLRQ ZH KDYH SRVWHUV WR JLYH DZD\ ÅŠ VLPSO\ YLVLW ZZZ KLVWRU\PDJV FR XN <)+[PDV WR HQWHU

9,6,7 ::: +,6725<0$*6 &2 8. <)+;0$6 72 (17(5 12:

<285 )$0,/< +,6725< '(&(0%(5


" " 7: &$" $ $ 9 & 4 / 9&/! &/ :&7

! "

"

# ###

"

"

" " "

, # ; $ : / 9 4 :&7 8 /: 04 (-

+++++

0 6' 4& /

, /: #(/ 00 $ 9 0 0#&&4 $ 00" / /&# 04 /4 4& $ 0 -

+++++

8 % (4 # /

, $! :&7 $ 9 9&7" 7: 4 /&7 :&7 $-

+++++

" $ : 6' 7 704

, .# "&8 $ #: $ 9 / + 9&7" / &## $ 4 0 0 /8 4& $:&$ -

+++++

4 $ (4 # /

$$ 0 7: / 4 5< " 8 " $ 4/ 4 &$ &$ ' ) <%' '< * )

22152 * 0 74 &/ 0 $ 7" 4 : $ $ " &$ 7 4 74 &/ 4:+ 7: / 0 $ $ ( $ $4 / 4 /&! / $ $&4 " $ /


5HYLHZV 6RIWZDUH DSSV

)DPLO\ 7UHH 0DNHU )DPLO\ 7UHH 0DNHU LV VDGGOHG ZLWK KHDY\ H[SHFWDWLRQV Ŋ DQG D KHDYLHU SULFH WDJ 3XEOLVKHU 0DF.LHY Z ZZZ P\ KLVWRU\ FR XN 3ULFH e

813 "' %%> 2 8 %(' ! < "8 &"%> 2 $ 2 9?)5 (2 ' - 813 8 "238 & #(2 2 % 3 3"'

" ; 8(($ (; 2 8 2 "'3 2(& ' 382> ' <(:% 3(%" :* 8 " "8 < 2 '18 (2 8 :&(' (:3 *2" 8 & "' 2 3(' (2 :* 2 "' "3 8( $ * >(:2 82 ('' 8 8( ' 382> ;" "83 ' < &"%> >' 8:2 813 '(< (&*:%3(2> 38 * " >(: <"3 8( $ * :3"' 8 2 (2 !& 8 "' 8((%3 :8 (' 8 :*3" >(:2 ('%"' 82 ' *2"; 8 ' ' 3>' <"8 &(2 8 ' (' (&*:8 2- '(8 2 (':3 "3 8 8 >(: '( %(' 2 ' ' 8"; ' 382> 3: 3 2"*8"(' 8( & 2 2 (2 3 "'8( >(:2 82 "= &('8 3 8 2 (&"' ('%"' &"%> >' '(<

7UHH 3KRWR )UDPHV

3XEOLVKHU ,QVWD ,PDJH (GLWRU Z KWWS IDPLO\WUHHFROODJH

EORJVSRW FR XN

3ULFH )UHH DG VXSSRUWHG

7KLV VLPSOH DSS DOORZV \RX WR VORW LQ SKRWRV LQWR RQH RI IDPLO\ WUHH ŐSKRWR IUDPHő WHPSODWHV IRU VKDULQJ YLD VRFLDO PHGLD RU HPDLO 3LFN \RXU WHPSODWH WKHQ DGG SKRWRV IURP \RXU PRELOHőV FDPHUD SKRWR JDOOHU\ RU RWKHU FRQQHFWHG VRXUFHV VXFK DV WKLUG SDUW\ FORXG VWRUDJH 5HVL]H IOLS DQG DGG VRPH ILOWHUV WR HDFK SKRWR EHIRUH VDYLQJ WKH WUHH DQG VKDULQJ 7KDWőV WKH WKHRU\ LQ SUDFWLFH KRZHYHU ZH IRXQG WKH DSS IUHTXHQWO\ FUDVKHG ZKHQ VHOHFWLQJ SKRWRV IURP FHUWDLQ VRXUFHV ,I \RX FDQ JHW LW WR ZRUN WKHQ LWőV DQ LQWHUHVWLQJ ZD\ WR FUHDWH IDPLO\ FROODJHV EXW FKDQFHV DUH \RX PD\ VLPSO\ GLWFK LW LQ IUXVWUDWLRQ Q 8VH LW IRU FUHDWH SKRWR FROODJHV RQ \RXU $QGURLG PRELOH

<285 )$0,/< +,6725< '(&(0%(5

<(2$3 2 %" %> ' >(: <('18 '(8" '> ;"3" % " 2 ' 3 8( "83 *2 33(2- 3* " %%> %"$ 8 0 8 2 *(281 8((% 8 8 %*3 >(: ;(" *(8 '8" % 3>' *2( % &3 %3 < 2 &"%> 2

$ 2 9?)5 2 8 "'3 8 *2( 2 &13 &"%" 2 %(($ ' % ! 3%" 8 :* 8 ( 8 :8 '(8 "' &(2 2 " % 8 %3( 3 ' :% ( ' < 8:2 3 "' %: "' 8 "%"8> 8( %"'$ >(:2 82 <"8 + ' & 2 2 (2 3 2(&, &"%> 2 3 < %% 3 ' 382> 2 13 %3( 8 (8( 2$2((& 8((% 8 8 ( 23 (' ! %" $ "= 3 (2 * (8(3 ' 3(& ; ' 3%" 23 (2 2 &(;"' (%(:2 ' "' 3 2*' 33- 813 (&* 8 '8 38 28 :8 < (* 8( 3 &(2 "8"' 8((%3 "' (< (:8 8:2 (2 %"'$"' 3 (83

&RORXU FRGLQJ LV DQ HIIHFWLYH ZD\ WR WUDFH UHODWLRQVKLSV DQG OLQNV 8( "' ";" : %3 % &"%> "38(2" '/ "' % ' < 8:2 ( '(8 "3 (%(:2! ( "' & '"3& (2 %"'$"' * (*% ;" " 8 (%(:23 ! (:2 (2 3" 2 % 8"('3 "*3 +"' ";" : % ' 38(2 (2 3 ' '8, ' (:2 &(2 ;" :38(&! :"%8 %"383 %%(<"' >(: 8( 82 %"'$3 813 3"&*% :8 8"; 3 2 %% < % (& 8:2 3 ' < %%! "&*% & '8 :8 8 2 13

'(8 "' 82:%> 2(:' ! 2 $"' 2 - 813 3 %> '(8 2 % 8 "' 8 *2" < " 2 & "'3 3" '" " '8%> " 2 8 ' 8 (&* 8"8"(' :8 <"8 (:8 8 22(8 ( ' ' 382> 3: 3 2"*8"(' >(: 2 %(($"' ('%> 8( $ * >(:2 82 3 "' 3>' <"8 ' 382> 8 ' ((83 " +79?, "3 &: &(2 (2 % 8- Q

8VH LW IRU HGLWLQJ V\QFLQJ VKDULQJ DQG SXEOLVKLQJ \RXU WUHH

$VN 7KH $QFHVWRUV

$ EDVLF EXW IXQFWLRQDO WRRO IRU TXLFN ƓUH *('&20 HGLWLQJ 3XEOLVKHU 'RXJ &R[ Z ZZZ DVNWKHDQFHVWRUV FRP 3ULFH )UHH 3$ ' 38(23 "3 2 ;('! 3 < 3"8 ( 2"' ; 2" 8> ( 2 3 2;" 3 2 13 ' ( %" 8(2> &"%> 82 :"% 2 <"8 3:**(28 *%:3 &(2> (=

$VN 7KH $QFHVWRUV KDV VRPH SRWHQWLDO EXW LV OHW GRZQ E\ D ODFN RI XVHUV

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

8VH LW IRU YLHZLQJ DQG HGLWLQJ *('&20 ILOHV RQ 3&



, OLNH WR ULGH P\ ELF\FOH , OLNH WR ULGH P\ ELNHř EXW KRZ ORQJ KDYH ZH EHHQ GRLQJ VR DQG ZKR ƓUVW JRW XV RQWR WZR RU WKUHH ZKHHOV" *(25*,$1 35(&85625

$UJXDEO\ WKH ILUVW WZR ZKHHOHG YHKLFOH WR EH SRZHUHG E\ KXPDQV UDWKHU WKDQ KRUVHV ZDV WKH GDLVLQH RU GDQG\ KRUVH ZKLFK RULJLQDWHG LQ *HUPDQ\ LQ EXW ZDV ILUVW SDWHQWHG LQ )UDQFH LQ ,QYHQWHG E\ D *HUPDQ EDURQ .DUO 'UDLV KH DFWXDOO\ FDOOHG LW D /DXIPDVFKLQH RU UXQQLQJ PDFKLQH ,W KDG WZR ZKHHO LQ OLQH ZLWK HDFK RWKHU EXW QR SHGDOV Ŋ WKH ULGHU ZRXOG KDYH WR SXVK WKHLU IHHW RQ WKH IORRU HLWKHU E\ ZDONLQJ RU UXQQLQJ WR PDNH WKH YHKLFOH PRYH 7KH *HUPDQ EDURQőV RULJLQDO GHVLJQ +RZHYHU WKH KLQJHG IRU D GUDLVLQH GDWLQJ IURP KDQGOHEDU DQG IURQW ZKHHO GLG OHW WKH ULGHU VWHHU 7KH GDQG\ KRUVH ZDV RQO\ SRSXODU IRU D VKRUW WLPH Ŋ SULPDULO\ WKH VXPPHU RI Ŋ ZKHQ PDQXIDFWXUHUV LQ ERWK (QJODQG DQG )UDQFH PDGH WKHLU RZQ YHUVLRQV $ VXUYLYLQJ GDQG\ KRUVH IURP PDGH RI FKHUU\ ZRRG DQG VRIWZRRG FDQ VWLOO EH VHHQ WRGD\ LQ D PXVHXP LQ +HLGHOEHUJ

<285 )$0,/< +,6725< '(&(0%(5

SHRSOH FRXOG ULGH WKHLU ERQHVKDNHUV LQ VOLJKWO\ PRUH FRPIRUWDEOH VXUURXQGLQJV WKDQ WKH FLW\ URDGV

$ 3(11< )25 <285 7+28*+76"

,Q WKH ODWH V DQG V IXUWKHU LPSURYHPHQWV ZHUH PDGH WR WKH ELF\FOH ERWK LQ (XURSH DQG $PHULFD DQG QHZ GHVLJQV SURGXFHG Ŋ WKH PRVW QRWDEOH EHLQJ WKH SHQQ\ IDUWKLQJ ZKLFK UHPDLQHG SRSXODU XQWLO WKH HQG RI WKH V 7KLV JRW LWV QDPH IURP LWV ODUJHU IURQW ZKHHO Ŋ OLNH D SHQQ\ Ŋ DQG D VPDOO EDFN ZKHHO Ŋ OLNH D IDUWKLQJ ,Q (QJODQG LW ZDV &RYHQWU\ōV -DPHV 6WDUOH\ ZKR ZDV VHHQ DV WKH IRUHPRVW SURSRQHQW RI WKLV 9LFWRULDQ LQYHQWLRQ FUHDWLQJ D ELF\FOH QDPHG Ō$ULHOō WKDW KDG LWV RZQ PRXQWLQJ VWHS

,Q WKH .DQJDURR ZDV FODLPHG WR EH D ŐIDVWő VDIHW\ ELF\FOH

7ZR PHQ LQ &DOLIRUQLD PDNH ULGLQJ SHQQ\ IDUWKLQJV ORRN HDV\

7KH\ ZHUH QRW D VDIH RSWLRQ KRZHYHU DQG ULGHUV FRPPRQO\ IHOO KHDG ILUVW RYHU WKH KDQGOHEDUV RU FRQYHUVHO\ WKURZQ EDFNZDUGV ZKHQ WU\LQJ WR F\FOH XS D KLOO 0DQ\ SDUHQWV PXVW KDYH VLJKHG ZLWK UHOLHI ZKHQ WKH VDIHW\ ELF\FOH VWDUWHG WR EH SURGXFHG DQG WKH SHQQ\ IDUWKLQJ IHOO RXW RI XVH %\ WKH V WKHUH ZHUH PDQ\ GLIIHUHQW VW\OHV RI ELF\FOH DQG WULF\FOH DYDLODEOH IRU LQWUHSLG SXUFKDVHUV

(PLO\ 3DSSDFHQD PDUULHG $FKLOOH GH *DVSHUL LQ /RQGRQ LQ UDWKHU DQ XQXVXDO IDVKLRQ EDFN LQ

%ULWLVK /LEUDU\ %RDUG

)5(1&+ 9(/2&,3('(

$OWKRXJK WKH GDQG\ KRUVH ZDV LPSURYHG ZLWK DGMXVWDEOH VDGGOHV WR FDWHU IRU GLIIHUHQW VL]HV LW ZDVQōW XQWLO WKH V WKDW WKH GHVLJQ UHDOO\ DOWHUHG IRU WKH EHWWHU ,W ZDV LQ WKLV GHFDGH WKDW WKH )UHQFK FUHDWHG WKH YHORFLSHGH ELF\FOH FKDQJLQJ WKH GDQG\ KRUVHōV IURQW VHFWLRQ E\ DGGLQJ SHGDOV DQG URWDU\ FUDQNV ,Q YHORFLSHGHV VWDUWHG WR EH PDVV SURGXFHG LQ )UDQFH 7KH HDUO\ YHUVLRQV ZHUH PDGH HQWLUHO\ RI ZRRG Ŋ DOWKRXJK ODWHU PHWDO W\UHV ZHUH PDGH IRU LW *LYHQ WKH PDWHULDOV XVHG WR SURGXFH LW DQG WKH EXPS\ FREEOHV WKHQ FRPPRQ RQ WKH URDGV D MRXUQH\ E\ YHORFLSHGH ZDV QRW D SOHDVDQW RQH DQG LW OHG WR WKH ELF\FOH EHLQJ UXGHO\ UHQDPHG WKH ŌERQHVKDNHUō +RZHYHU WKH\ VWLOO EHFDPH IDVKLRQDEOH ZLWK LQGRRU F\FOLQJ FHQWUHV EHLQJ IRXQGHG ZKHUH

%ULWLVK /LEUDU\ %RDUG

+LGGHQ KLVWRULHV 7KH RULJLQV RI WKH ELF\FOH


+5,670$6 5$33(' 3

!

"

"!

"!

!

"

!

% # $ "

&!!& !!! & &

7KLV RIIHU FORVHV RQ WKH VW 'HFHPEHU 7KH QXPEHU RI LVVXHV SXEOLVKHG LQ D RU PRQWK SHULRG ZLOO YDU\ IRU HDFK PDJD]LQH 7KH DPRXQW RI LVVXHV RUGHUHG ZLOO EH GLVSOD\HG XSRQ FKHFNRXW 2IIHU RQO\ DYDLODEOH RQ VXEVFULSWLRQV GHOLYHUHG WR 8. DGGUHVVHV $OO JLIW VXEVFULSWLRQV ZLOO EHJLQ LQ -DQXDU\


1H[W PRQWK

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

<285 )$0,/< +,6725< '(&(0%(5

k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


( $ / 2 *

'R[LH )OLS

6&$1 $1<7+,1* $1<:+(5(

3UHPLXP %XQGOH 6DYH

$ )DPLO\ +LVWRU\ %LQGHU $ /DQGVFDSH %LQGHU $ )DPLO\ +LVWRU\ %LQGHU 6SULQJEDFN 'HOX[H %LQGHU 6SULQJEDFN 'HOX[H :LQGRZ 6SULQJEDFN 'HOX[H /DQGVFDSH 6SULQJEDFN /HDWKHU (IIHFW ZLWK VOLS FDVH 6SULQJEDFN /HDWKHU (IIHFW :LQGRZ 3UHPLXP :LQGRZ 6SULQJEDFN %LQGHU ZLWK VOLS FDVH $ 6OHHYHV SN SN /RQJ 6OHHYHV SN SN $ 6OHHYHV SN SN ,QVHUW &DUGV SDFN IURP 7DEEHG 'LYLGHUV SDFN IURP

(1

<

<

*

(1

6 1

*

6 1

( $ / 2 *

7UHH9LHZ 9 3UHPLXP (GLWLRQ 0RQWK 'LDPRQG 6XEVFULSWLRQ WR 7KH*HQHDORJLVW &DVVHOO·V *D]HWWHHU RI *UHDW %ULWDLQ ,UHODQG ,PSHULDO 'LFWLRQDU\ RI 8QLYHUVDO %LRJUDSK\ /DQGRZQHU 5HFRUGV 4XLFN 6WDUW *XLGH

7UHH9LHZ 9 8SJUDGH 5RRWV0DJLF 9 8. 3ODWLQXP (GLWLRQ

0RQWK *ROG 6XEVFULSWLRQ WR 7KH*HQHDORJLVW $WODV &KDQJH RI 1DPHV (QJODQG 6FRWODQG ,UHODQG /DQGRZQHUV 4XLFN 6WDUW *XLGH

5RRWV0DJLF 9 8. 8SJUDGH )DPLO\ +LVWRULDQ )DPLO\ +LVWRULDQ 8SJUDGH &XVWRGLDQ 5HXQLRQ IRU 0DF 'RZQORDG *HWWLQJ WKH 0RVW RXW RI 5RRWV0DJLF %RRN *HWWLQJ WKH 0RVW IURP )DPLO\ +LVWRULDQ %RRN

7UHH9LHZ 9 3UHPLXP (GLWLRQ :KHWKHU \RX·UH DQ H[SHULHQFHG IDPLO\ KLVWRULDQ RU MXVW VWDUWLQJ RXW \RX·OO ÀQG 7UHH9LHZ HDV\ WR XVH DQG DQ HVVHQWLDO WRRO LQ \RXU UHVHDUFK 5HFRUG \RXU IDPLO\·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ÀQGHU ,QVWDQWO\ PDS RXW D SHUVRQ·V OLIH HYHQWV DW WKH FOLFN RI D EXWWRQ

&DOOLJUDSK\ 3HQV $FLG )UHH :ULWLQJ 3HQV $FLG )UHH IURP 'XDO $FWLRQ *OXH 3HQ $FLG )UHH $UFKLYDO 4XDOLW\ &RWWRQ *ORYHV 'RPH 0DJQLÀHU 5XOHU 0DJQLÀHU /LQH 5HDGHU 0DJQLÀHU 3RFNHW /(' 0DJQLÀHU 'RFXPHQW 5HSDLU .LW 'RFXPHQW 5HSDLU 7DSH 0HGDO 6OHHYHV

%UDVV $UFKLYDO 3DSHUFOLSV &RWWRQ 5LEERQ 0 0 6PDOO 0HGDO .HHSVDNH %R[ 7LVVXH 3DSHU $FLG )UHH VKHHWV +HLUORRP &ODPVKHOO %R[HV IURP

$QFHVWRUV LQ WKH $WWLF &ULPLQDO $QFHVWRUV 'LVFRYHU <RXU $QFHVWRUV· 2FFXSDWLRQV )DPLO\ +LVWRU\ IRU %HJLQQHUV 3DXSHU $QFHVWRUV 5DLOZD\ $QFHVWRUV 5HJLRQDO 5HVHDUFK *XLGHERRN 5HVHDUFKLQJ DQG /RFDWLQJ <RXU $QFHVWRUV 6FRWWLVK *HQHDORJ\ UG (G 6HDUFKLQJ IRU 6XUQDPHV 6SRUWLQJ $QFHVWRUV 7UDFLQJ <RXU )DPLO\ +LVWRU\ )DPLO\ /RFDO +LVWRU\ +DQGERRN +LVWRU\ +HULWDJH +DQGERRN

! "

" " !


2GTUQPCN 2TGOKWO


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.