Commentary on prayer

Page 1

A Commentary on Prayer

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

A Commentary on Prayer by Muhsin Qara’ati

Published by: [... This needs to be ...] [... filled in ...] [... use a text editor only...] Download: 5HSURGXFHG ZLWK SHUPLVVLRQ E\ WKH $KOXO %D\W 'LJLWDO ,VODPLF /LEUDU\ 3URMHFW WHDP

file:///C|/Documents%20and%20Settings/mehzad.sahar/Deskt...9%202012/a-commentary-on-prayer-muhsin-qaraati/title.htm10/19/2012 5:02:08 PM


A Commentary on Prayer

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

A Commentary on Prayer A Commentary on Prayer

by Muhsin Qara’ati

7LWOH 7UDQVOLWHUDWLRQ 6\PEROV 3XEOLVKHU¶V )RUHZRUG )RUHZRUG 3UHIDFH Chapter 1 :RUVKLS ^µLEDGDK` DQG 6HUYLWXGH ^µXEXGL\\DK`

Published by: [... This needs to be ...] [... filled in ...] [... use a text editor only...] Download: 5HSURGXFHG ZLWK SHUPLVVLRQ E\ WKH $KOXO %D\W 'LJLWDO ,VODPLF /LEUDU\ 3URMHFW WHDP

:KDW LV ZRUVKLS ^µLEDGDK`" 1DWXUDO GLVSRVLWLRQ ^ILWUDK` DQG ZRUVKLS ^µLEDGDK` 7KH 5RRW RI :RUVKLS 7KH SURIXQGLW\ RI ZRUVKLS ,QGLIIHUHQFH WRZDUG ZRUVKLS 7KH SOHDVXUH RI *RG DV WKH D[LV RI ZRUVKLS 7KH VSLULW RI ZRUVKLS 0RGHUDWLRQ LQ ZRUVKLS 0DQDJHPHQW LQ ZRUVKLS :RUVKLS DV D KRXU SKDUPDF\ :RUVKLS DV WKH VRXUFH RI WUDQTXLOLW\ :RUVKLS DQG DFTXLVLWLRQV 7KH UHFLSURFDO HIIHFWV RI IDLWK DQG ZRUVKLS 7KH SKLORVRSK\ RI ZRUVKLS DFFRUGLQJ WR WKH 4XU¶DQ 3UD\HU LQ WKH ZRUGV RI file:///C|/Documents%20and%20Settings/mehzad.sahar/D...2012/a-commentary-on-prayer-muhsin-qaraati/index.htm (1 of 5)10/19/2012 5:02:32 PM


A Commentary on Prayer

,PDPµ$OL µD

7KH HIIHFWV DQG EOHVVLQJV RI VHUYLWXGH DQG VXEPLVVLRQ 6HQVH RI KRQRU DQG HVWHHP 6HQVH RI VWUHQJWK 6HQVH RI GLJQLW\ 7UDLQLQJ DJHQW 6XPPRQLQJ XS VSLULWV *XDUGLDQVKLS ^ZLOD\DK` RYHU FUHDWLRQ 7KH YLVDJH RI SUD\HU 3UD\HU DQG WKH 4XU¶DQ 3UD\HU DQG TLVDV :RUVKLS DQG JXDUGLDQVKLS 3UD\HU DQG OHDGHUVKLS 7KH GHJUHHV RI ZRUVKLS 7KH YLVDJH RI ZRUVKLS 3UD\HUV WKDW UHOLHYH GLIILFXOW\ 7KH SUD\HU RI -DµIDU DW 7D\\DU 7KH VDQFWLW\ RI SUD\HU 7KH 8QLYHUVDOLW\ RI 3UD\HU

Chapter 2 ,QWHQWLRQ ^QL\\DK` 6LQFHUH ,QWHQWLRQ 7KH PRWLYH IRU VHHNLQJ QHDUQHVV ^TXUE` WR $OODK 7KH GHJUHHV RI SUR[LPLW\ ^TXUE` :H KDYH WR ORYH *RG IRU WKH VDNH RI *RG $WWDLQPHQW RI WKH VWDWH RI SUR[LPLW\ ^TXUE` $ 5HFROOHFWLRQ 4XDOLW\ RU TXDQWLW\" $ 5HFROOHFWLRQ $QRWKHU UHFROOHFWLRQ 7KH LQWHQWLRQ JLYHV YDOXH WR WKH GHHG 7ZR KLVWRULFDO DFFRXQWV $ UHFROOHFWLRQ 7KH HIIHFWV DQG EOHVVLQJV RI D SXUH LQWHQWLRQ 7KH SUHHPLQHQFH RI file:///C|/Documents%20and%20Settings/mehzad.sahar/D...2012/a-commentary-on-prayer-muhsin-qaraati/index.htm (2 of 5)10/19/2012 5:02:32 PM


A Commentary on Prayer

LQWHQWLRQ RYHU DFWLRQ 7KH GHJUHHV RI LQWHQWLRQ 7KH UROH RI LQWHQWLRQ RQ WKH SHQDO LVVXHV *QRVLV DV WKH SUHOLPLQDU\ VWHS WRZDUG WKH LQWHQWLRQ IRU QHDUQHVV 7KH HIIHFWV RI FRUUXSW LQWHQWLRQV

Chapter 3 7DNELUDK DO ,KUDP $OODKX DNEDU ^$OODK LV JUHDWHU` 7DNELU LQ RWKHU SUD\HUV +RZ ZH VKRXOG UHFLWH WKH WDNELU LQ SUD\HU 7KH PHDQLQJ RI WDNELU 7DNELU LQ ,VODPLF FXOWXUH

Chapter 4 6XUDK DO )DWLKDK 7KH LQVWUXFWLYH OHVVRQV RI 6XUDK DO )DWLKDK %LVPLOODKL¶U UDKPDQL¶U UDKLP %LVPLOODK 7KH ZRUG ³$OODK´ ³$O KDPGXOLOODK´ ³5DEE DO µDODPLQ´ ³$U UDKPDQL¶U UDKLP´ ³0DOLNL \DZPL¶G GLQ´ 7KH $UDELF ZRUG ³GLQ´ ³,\\DND QDµEXG ZD L\\DND QDVWDµLQ´ ³,KGLQD¶V 6LUDW $O 0XVWDTLP´ :KLFK RQH LV WKH 6WUDLJKW 3DWK " ³6LUDW DOODGKLQD DQµDPWD µDOD\KLP JKD\UL¶O PDJKGXEL µDOD\KLP ZD ODG GDOOLQ´ :KR DUH WKRVH ZKR DUH DVWUD\ DQG KDYH LQFXUUHG WKH GLYLQH ZUDWK"

Chapter 5 6XUDK DO ,NKODV file:///C|/Documents%20and%20Settings/mehzad.sahar/D...2012/a-commentary-on-prayer-muhsin-qaraati/index.htm (3 of 5)10/19/2012 5:02:32 PM


A Commentary on Prayer

7KH LPSRUWDQFH RI 6XUDK DO ,NKODV ³4XO KXZD¶OODKX DKDG´ ^6D\ µ+H LV $OODK WKH 2QH¶` ³$OODKX¶V VDPDG´ ³/DP \DOLG ZD ODP \XODG´ ³:D ODP \DNXQ ODKX NXIXZDQ DKDG´

Chapter 6 %RZLQJ 'RZQ ^UXNXµ` DQG 3URVWUDWLRQ ^VXMXG` %RZLQJ GRZQ ^UXNXµ` 7KH HIIHFWV RI UXNXµ 7KH HWLTXHWWH RI SHUIRUPLQJ UXNXµ 7KH UXNXµ RI WKH VDLQWV RI *RG 7KH KLVWRU\ RI VXMXG 7KH LPSRUWDQFH RI VXMXG 7KH ZLVGRP EHKLQG VXMXG 7KH HWLTXHWWH RI SHUIRUPLQJ VXMXG 7KH VRLO RI .DUEDOD¶ 3URVWUDWLRQ RI WKDQNV ^VXMXG VKXNU` 7KH EOHVVLQJV RI VXMXG VKXNU 7KH SURVWUDWLRQV RI WKH VDLQWV RI *RG 6RPH SRLQWV

Chapter 7 'KLNU DW 7DVELK ³6XEKDQ $OODK´ 7KH VWDWLRQ RI WDVELK 7KH UHZDUG IRU WDVELK 3UDFWLFDO WDVELK 5HSHWLWLRQ RI WDVELK 5HPHPEUDQFH RI *RG LQ ,VODPLF FXOWXUH 7KH WDVELK RI RWKHU FUHDWXUHV

Chapter 8 4XQXW

7KH TXQXW RI GLIIHUHQW file:///C|/Documents%20and%20Settings/mehzad.sahar/D...2012/a-commentary-on-prayer-muhsin-qaraati/index.htm (4 of 5)10/19/2012 5:02:32 PM


A Commentary on Prayer

SUD\HUV 7KH TXQXW RI WKH ,QIDOOLEOHV µD

Chapter 9 7DVKDKKXG DQG 6DODP 7DVKDKKXG 7KH VORJDQ RI WDZKLG 3ULVWLQH 7DZKLG 7HVWLPRQ\ WR WKH $SRVWOHVKLS 6DODZDW 7KH PDQQHU RI VHQGLQJ VDODZDW 6DODP 7KH SK\VLRJQRP\ RI VDODP

Chapter 10 %LEOLRJUDSK\

file:///C|/Documents%20and%20Settings/mehzad.sahar/D...2012/a-commentary-on-prayer-muhsin-qaraati/index.htm (5 of 5)10/19/2012 5:02:32 PM


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

7UDQVOLWHUDWLRQ 6\PEROV

Ɣ ƣ ƭ Ƶ ƽ ǁ

6\PERO

/RQJ 9RZHOV

7UDQVOLWHUDWLRQ

¶ % WK Α ' 5 Dž6 ǍΜ ǕΝ ǝµ ǥ) ǭ. ǵ0 ºǿ + ȅ< ƕΊ ȁΞ ȅΒ

6\PERO

6KRUW 9RZHOV

Ɨ$ Ʃ Ʊ ƹ ƿ ǃ lj Ǒ Ǚ ǡ ǩ DZ ǹ ȁ Ƨ Ƌ ƍ Ə

7UDQVOLWHUDWLRQ

W M NK GK ] VK ϊ Ϡ JK T O Q Z DK

D X L

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкͨώϚϓкйͿктͿлйкл оͧйлͧмп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

3XEOLVKHU¶V )RUHZRUG Ϗ ,Q WKH 1DPH RI $OODK WKH $OO EHQHILFHQW WKH $OO PHUFLIXO ϖ

7KH LQYDOXDEOH OHJDF\ RI WKH +RXVHKROG ^$KO DO %D\W` RI WKH 3URSKHW PD\ SHDFH EH XSRQ WKHP DOO DV SUHVHUYHG E\ WKHLU IROORZHUV LV D FRPSUHKHQVLYH VFKRRO RI WKRXJKW WKDW HPEUDFHV DOO EUDQFKHV RI ,VODPLF NQRZOHGJH 7KLV VFKRRO KDV SURGXFHG PDQ\ EULOOLDQW VFKRODUV ZKR KDYH GUDZQ LQVSLUDWLRQ IURP WKLV ULFK DQG SXUH UHVRXUFH ,W KDV JLYHQ PDQ\ VFKRODUV WR WKH 0XVOLP XPPDK ZKR IROORZLQJ LQ WKH IRRWVWHSV RI ,PχPV RI WKH 3URSKHW¶V +RXVHKROG µ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µD DQG WKH GLVFLSOHV RI WKHLU VFKRRO RI WKRXJKW LQ LWV UHDGLQHVV WR FRQIURQW WKHVH FKDOOHQJHV DQG WULHV WR EH RQ WKH IURQWOLQH LQ FRQVRQDQFH ZLWK WKH GHPDQGV RI HYHU\ DJH 7KH DUJXPHQWV FRQWDLQHG LQ WKH ZRUNV RI WKH VFKRODUV EHORQJLQJ WR WKH 6FKRRO RI WKH $KO DO %D\W µD DUH RI XQLTXH VLJQLILFDQFH 7KDW LV EHFDXVH WKH\ DUH EDVHG RQ JHQXLQH όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿлͨώϚϓ ͸к ϕό м͹кйͿктͿлйкл оͧйлͧмс ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

VFKRODUVKLS DQG DSSHDO WR UHDVRQ DQG DYRLG SUHMXGLFH DQG ELDV 7KHVH DUJXPHQWV DGGUHVV VFKRODUV DQG WKLQNHUV LQ D PDQQHU WKDW DSSHDOV WR KHDOWK\ PLQGV DQG ZKROHVRPH KXPDQ QDWXUH 7R DVVLVW WKH VHHNHUV RI WUXWK WKH $KO DO %D\W :RUOG $VVHPEO\ KDV HQGHDYRUHG WR SUHVHQW D QHZ SKDVH RI WKHVH DUJXPHQWV FRQWDLQHG LQ WKH VWXGLHV DQG WUDQVODWLRQV RI WKH ZRUNV RI FRQWHPSRUDU\ 6KϏµDK ZULWHUV DQG WKRVH ZKR KDYH HPEUDFHG WKLV VXEOLPH VFKRRO RI WKRXJKW WKURXJK GLYLQH EOHVVLQJ 7KH $VVHPEO\ LV DOVR HQJDJHG LQ HGLWLRQ DQG SXEOLFDWLRQ RI WKH YDOXDEOH ZRUNV RI OHDGLQJ 6KϏµDK VFKRODUV RI HDUOLHU DJHV WR DVVLVW WKH VHHNHUV RI WKH WUXWK LQ GLVFRYHULQJ WKH WUXWKV ZKLFK WKH 6FKRRO RI WKH 3URSKHW¶V +RXVHKROG µD KDV RIIHUHG WR WKH HQWLUH ZRUOG 7KH $KO DO %D\W :RUOG $VVHPEO\ ORRNV IRUZDUG WR EHQHILW IURP WKH RSLQLRQV RI WKH UHDGHUV DQG WKHLU VXJJHVWLRQV DQG FRQVWUXFWLYH FULWLFLVP LQ WKLV DUHD :H DOVR LQYLWH VFKRODUV WUDQVODWRUV DQG RWKHU LQVWLWXWLRQV WR DVVLVW XV LQ SURSDJDWLQJ WKH JHQXLQH ,VODPLF WHDFKLQJV DV SUHDFKHG E\ WKH 3URSKHW 0XKDPPDG 6 :H EHVHHFK *RG WKH 0RVW +LJK WR DFFHSW RXU KXPEOH HIIRUWV DQG WR HQDEOH XV WR HQKDQFH WKHP XQGHU WKH DXVSLFHV RI ,PχP DO 0DKGϏ +LV YLFHJHUHQW RQ WKH HDUWK PD\ $OODK H[SHGLWH KLV DGYHQW :H H[SUHVV RXU JUDWLWXGH WR ΑXMMDW DO ,VODP ZD¶O 0XVOLPLQ 6KD\NK 0XώVLQ 4DUD¶DWL WKH DXWKRU RI WKH SUHVHQW ERRN DQG 0DQVRRU /LPED LWV WUDQVODWRU :H DOVR WKDQN RXU FROOHDJXHV ZKR KDYH SDUWLFLSDWHG LQ SURGXFLQJ WKLV ZRUN HVSHFLDOO\ WKH VWDII RI WKH 7UDQVODWLRQ 2IILFH &XOWXUDO $IIDLUV 'HSDUWPHQW $KO DO %D\W µD :RUOG $VVHPEO\

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿлͨώϚϓ ͸л ϕό м͹кйͿктͿлйкл оͧйлͧмс ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿлͨώϚϓ ͸м ϕό м͹кйͿктͿлйкл оͧйлͧмс ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

)RUHZRUG Ϗ ,Q WKH 1DPH RI $OODK WKH &RPSDVVLRQDWH WKH 0HUFLIXO ϖ 7KH &XOWXUDO &HQWHU RI 4XU¶DQLF /HVVRQV ZDV HVWDEOLVKHG LQ $+6 ZLWK WKH DLP RI FRPSLOLQJ DUUDQJLQJ DQG SXEOLVKLQJ WKH ZULWWHQ DXGLR DQG YLVXDO ZRUNV RI ΑXMMDW DO ,VODP 6KD\NK 0XώVLQ 4DUD¶DWL 'XULQJ WKH PDQ\ \HDUV RI LWV DFWLYLW\ DSDUW IURP SXEOLVKLQJ QHZ ERRNV E\ WKH DXWKRU WKH 7DIVLU H 1XU ^&RPPHQWDU\ RI /LJKW` LQ SDUWLFXODU WKLV LQVWLWXWH KDV DOVR SUHVHQWHG D ERRN LQ LWV HGLWHG YHUVLRQ ZKLFK KDG EHHQ SXEOLVKHG E\ RWKHU SXEOLVKHUV $PRQJ WKH ZRUNV RI WKH ZULWHU RQ WKH VXEMHFW RI SUD\HU LV WKH ERRN 7DIVLU H 1DPD] ^$ &RPPHQWDU\ RQ 3UD\HU` ZKLFK ZDV LQLWLDOO\ SXEOLVKHG E\ WKH 3HUIRUPDQFH RI 3UD\HU +HDGTXDUWHUV 3XUVXDQW WR WKH YLHZ RI WKH KRQRUDEOH RIILFLDOV DW WKH +HDGTXDUWHUV VXEVHTXHQW HGLWLRQV RI WKH VDLG ERRN ZHUH VXSSRVHG WR EH SXEOLVKHG E\ WKH &XOWXUDO &HQWHU RI 4XU¶DQLF /HVVRQV ,W LV QHFHVVDU\ WR QRWH WKDW WKLV ERRN KDV EHHQ HGLWHG DQG HDUOLHU W\SRJUDSKLFDO HUURUV KDYH EHHQ FRUUHFWHG DV IDU DV SRVVLEOH 1HYHUWKHOHVV ZH ORRN IRUZDUG WR UHFHLYLQJ WKH YLHZV DQG VXJJHVWLRQV RI RXU GHDU UHDGHUV ZKR ZH LQYLWH WR FRPPXQLFDWH ZLWK XV DW WKLV DGGUHVV &XOWXUDO &HQWHU RI 4XU¶DQLF /HVVRQV 3 2 %R[ 7HKUDQ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿмͨώϚϓ ͸к ϕό л͹кйͿктͿлйкл оͧйлͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

,VODPLF 5HSXEOLF RI ,UDQ

&XOWXUDO &HQWHU RI 4XU¶DQLF /HVVRQV

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿмͨώϚϓ ͸л ϕό л͹кйͿктͿлйкл оͧйлͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

3UHIDFH

Ϗ ,Q WKH 1DPH RI $OODK WKH $OO EHQHILFHQW WKH $OO PHUFLIXO ϖ

Ê ƾÉǸÌƸÈÌdzÈƗ ǺÈȈÌǸÊÈdzƢǠÈÌdzơ ƣŏǁ È ƅ É ǴōǏ Ê ǘdzơ Ê ƨÉÈǼǠÌÈdz ȁ ō ǾÊÊdzƕ ȁ ȄǴÙǟ È ƅơ È ƅơ Ȅ È ȁ É ÈǼŏȈÊƦÈǻ ȁ Ƣ È ǺÈÌȇǂÊǿƢ È ƾÇǸōƸÈǷ Ƣ È ÈǻƾÊŏȈLJ È È ȄǴÙǟ ǺÈȈÌǠÊǸÈƳÌÈƗ ǶÌȀÊÊƟơƾÈǟÌÈƗ

$OO SUDLVH LV GXH WR $OODK WKH /RUG RI WKH ZRUOGV DQG PD\ WKH EOHVVLQJV RI $OODK EH XSRQ RXU 0DVWHU DQG 3URSKHW 0XώDPPDG DQG KLV SXUH SURJHQ\ DQG PD\ WKH FXUVH RI $OODK EH XSRQ DOO WKHLU HQHPLHV , ZDV JODG WR EH SUHVHQW DW WKH KRO\ VKULQH RI ,PDP DU 5LGD µD DQG WR KDYH VWDUWHG ZULWLQJ WKLV ERRNOHW WKH GUDIWV RI ZKLFK , KDG SUHSDUHG HDUOLHU SULRU WR WKH EHJLQQLQJ RI WKH ,UDQLDQ 1HZ <HDU $+6 ZKLFK FRPPHQFHG RQ 0DUFK ,Q OLQH ZLWK WKH HIIRUWV PDGH DIWHU WKH ^YLFWRU\ RI WKH` ,VODPLF 5HYROXWLRQ LQ HVWDEOLVKLQJ WKH SHUIRUPDQFH RI ,VODPLF SUD\HU ^ϙDODK` LQ VFKRROV XQLYHUVLWLHV PLOLWDU\ JDUULVRQV DQG RWKHU SXEOLF SODFHV , DOVR GHFLGHG²DIWHU ZULWLQJ WKH ERRNV 3DUWX \H D] $VUDU H 1DPD] ^5DGLDQFH RI WKH 6HFUHWV RI 3UD\HU` +DPUDK ED 1DPD] ^,Q WKH &RPSDQ\ RI 3UD\HU` DQG <HNϙDG YD &KDKDUGDK 1RNWHK 'DUEDUHK \H 1DPD] ^2QH +XQGUHG DQG )RXUWHHQ 3RLQWV DERXW 3UD\HU`²WR ZULWH DERXW D FRPPHQWDU\ RQ WKH UHFLWDOV ^DGKNDU` LQ SUD\HU VXFK DV WKH WDNELU ^UHFLWDO RI $OODKX DNEDU DW WKH EHJLQQLQJ RI WKH SUD\HU` DQG WKH UHFLWDO RI 6XUDK DO )DWLώDK DQG DQRWKHU VXUDK ERZLQJ GRZQ ^UXNXµ` SURVWUDWLRQ ^VXMXG` WDVKDKKXG DQG VDODP VR WKDW ZH FRXOG XQGHUVWDQG EHWWHU ZKDW ZH DUH XWWHULQJ WR *RG LQ WKLV UHJDUG DQG KDYH D FRQVFLRXV DQG JQRVWLF LQYROYHPHQW LQ WKH DFW RI ZRUVKLS όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿнͨώϚϓ ͸к ϕό л͹кйͿктͿлйкл оͧйлͧнй ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

%HIRUH HPEDUNLQJ RQ WKH VXEMHFW SURSHU OHW XV ILUVW WDNH D FXUVRU\ JODQFH DW ³:RUVKLS ^µLEDGDK` DQG 6HUYLWXGH ^µXEXGL\\DK`´ ZKLFK LV WKH VRXO RI SUD\HU DV ZHOO DV DOO RWKHU GHYRWLRQDO GXWLHV VR DV WR EHWWHU LQWHUQDOL]H LWV VXEOLPH VWDWLRQ LQ RXU OLYHV 0XώVLQ 4DUD¶DWL

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿнͨώϚϓ ͸л ϕό л͹кйͿктͿлйкл оͧйлͧнй ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

ΌώχϖϚϋϘ к

:RUVKLS ^µLEDGDK` DQG 6HUYLWXGH ^µXEXGL\\DK`

:KDW LV ZRUVKLS ^µLEDGDK`"

:RUVKLS ^µLEDGDK` LV WKH SXUSRVH EHKLQG RXU FUHDWLRQ 7KH 4XU¶DQ VWDWHV

Ê ƾÉÉƦǠÌÈȈÊdz ȏÊƛ džÈÌǻȍơȁ Ƃ ǹȁ È ǷÈȁ ƃ È ǺōƴÊÌdzơ ƪÉǬÌǴÈƻ Ƣ È

³, GLG QRW FUHDWH WKH MLQQ DQG KXPDQV H[FHSW WKDW WKH\ PD\ ZRUVKLS 0H ´ > @ ,I WKH ZRUN ZH DUH GRLQJ LV IRU WKH VDNH RI VHHNLQJ WKH SOHDVXUH RI *RG WKHQ LW LV DQ DFW RI ZRUVKLS ,W LV VR HYHQ WKRXJK LW PD\ EH D EXVLQHVV RU SURIHVVLRQDO YHQWXUH WKH SXUVXLW RI NQRZOHGJH PDUULDJH VHUYLFH WR SHRSOH RU DQ\WKLQJ WKDW LV PHDQW WR PHHW RXU QHHGV RU WKDW RI VRFLHW\ 7KDW ZKLFK PDNHV DQ DFWLRQ DQ DFW RI ZRUVKLS ^µLEDGDK` LV WKH VDFUHG PRWLYHV EHKLQG LWV SHUIRUPDQFH DQG LQ WKH SDUODQFH RI WKH 4XU¶DQ LW KDV WKH ³GLYLQH EDSWLVP´ ^ϙLEJKDW $OODK` > @ 1DWXUDO GLVSRVLWLRQ ^ILWUDK` DQG ZRUVKLS ^µLEDGDK` 6RPH RI RXU DFWLRQV RU DFWLYLWLHV DUH EDVHG RQ ZRUVKLS ^µLEDGDK` ZKLOH RWKHUV DUH DQFKRUHG LQ QDWXUDO GLVSRVLWLRQ ^ILϚUDK` $ KDELW FDQ EH PHULWRULRXV VXFK DV VSRUWV RU QRW PHULWRULRXV VXFK DV VPRNLQJ %XW LI DQ DFWLRQ ZDV DQFKRUHG LQ QDWXUDO GLVSRVLWLRQ²WKDW LV LI LW ZDV GRQH EDVHG RQ WKH QDWXUDO GLVSRVLWLRQ DQG SXUH PROG ZKLFK *RG KDV EHVWRZHG RQ WKH FRQVWLWXWLRQ RI HYHU\ KXPDQ EHLQJ²WKHQ LW ZRXOG DOZD\V EH PHULWRULRXV

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸к ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

7KH PHULW RI QDWXUDO GLVSRVLWLRQ FRPSDUHG WR ZRUVKLS LV WKDW WLPH DQG SODFH JHQGHU DQG UDFH DQG DJH DQG FRQGLWLRQ KDYH QR HIIHFW RQ LW DQG HYHU\ KXPDQ EHLQJ RQ DFFRXQW RI KLV EHLQJ D KXPDQ SRVVHVVHV LW $Q H[DPSOH RI WKLV LV WKH DIIHFWLRQ JLYHQ WR RQH¶V FKLOG WKDW LV QRW WUXH RQO\ WR D SDUWLFXODU JHQHUDWLRQ DQG SHULRG UDWKHU LW LV FRPPRQ IRU HYHU\ SDUHQW WR GR VR > @ ,VVXHV VXFK DV IRUP DQG VW\OH RI GUHVV RU IRRG DUH JRYHUQHG E\ KDELW DQG WKH\ YDU\ LQ GLIIHUHQW WLPHV DQG SODFHV ,Q VRPH UHJLRQV D FHUWDLQ WKLQJ LV D FXVWRP ZKLOH WKH VDPH LV QRW UHJDUGHG DV VXFK LQ RWKHU SODFHV :RUVKLS DQG GHYRWLRQ DUH DOVR DPRQJ WKRVH DFWLRQV WKDW SHUWDLQ WR WKH QDWXUDO GLVSRVLWLRQ RI PDQ DQG WKXV WKH PRVW DQFLHQW EHDXWLIXO DQG GXUDEOH EXLOGLQJV FRQVWUXFWHG E\ PDQ DUH UHODWHG WR ZRUVKLS VXFK DV WHPSOHV FKXUFKHV PRVTXHV DQG ILUH WHPSOHV 2I FRXUVH PDQ\ GLIIHUHQFHV FDQ EH VHHQ ZLWK UHVSHFW WR IRUPV DQG W\SHV RI GHYRWLRQ 2QH GLIIHUHQFH SHUWDLQV WR WKH REMHFWV RI ZRUVKLS H[WHQGLQJ IURP VWRQH ZRRG DQG LGROV WR WKH %HORYHG /RUG DQG DQRWKHU GLIIHUHQFH LV LQ WKH IRUP DQG VW\OH RI ZRUVKLS ZKLFK YDULHV IURP GDQFLQJ DQG VLQJLQJ WR WKH PRVW SURIRXQG DQG VXEWOH OLWDQLHV ^PXQDMDW` RI WKH DZOL\D¶ ^VDLQWV` RI *RG 7KH REMHFWLYH RI WKH SURSKHWV µ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όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸л ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

˷ ϥΎΒϟ έΩ Ϊϧ΍Ϊϧ ΩϮΧ Ϟϴϣ ήγ ϥ΍έΩΎϣ ΎΑ ϥΎϛ΍ΩϮϛ Ϟϴϣ Ϯ̪Ϥϫ

-XVW OLNH WKH FKLOGUHQ¶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¶DQ H[SUHVVHV WKH VLJQV RI +LV SRZHU DQG JUDQGHXU ,W VWDWHV WKDW *RG JDYH D FKLOG WR 0DU\DP 0DU\ ZLWKRXW KHU KDYLQJ D KXVEDQG +H VSOLW WKH 1LOH 5LYHU IRU 0XVD 0RVHV µD > @ DQG GURZQHG )LUµDZQ 3KDURDK WKHUHLQ +H PDGH WKH SURSKHWV µD YLFWRULRXV ZKLOH EHLQJ HPSW\ KDQGHG DJDLQVW WKH VXSHUSRZHUV RI WKHLU UHVSHFWLYH WLPHV DQG UXEEHG WKH QRVH RI WKH WDJKXWV > @ LQ WKH JURXQG > @ ,W LV +H :KR FUHDWHG \RX RXW RI OLIHOHVV FOD\ DQG \RXU OLIH DQG GHDWK DV ZHOO DV KRQRU ^µL]]DK` DQG KXPLOLDWLRQ ^GKLOODK` DUH LQ +LV KDQG ,V WKHUH DQ\RQH ZKR FRXOG SHUFHLYH KLV RZQ ZHDNQHVV LPSRWHQFH LJQRUDQFH DQG OLPLWDWLRQ DV ZHOO DV SUHGLFWDEOH DQG XQSUHGLFWDEOH SHULOV DQG PLVKDSV EXW FRXOG QRW VHQVH WKH QHHG IRU WKH 3RZHU RI 6DOYDWLRQ DQG IRU KLP WR

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸м ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

VXEPLW WR ,W" ,Q YDULRXV YHUVHV WKH 4XU¶DQ UHPLQGV PDQ RI KLV ZHDNQHVV VD\LQJ $W WKH WLPH RI ELUWK \RX KDG QR DZDUHQHVV RI DQ\WKLQJ \RX ZHUH XWWHUO\ LQ D VWDWH RI ZHDNQHVV VXFK WKDW DIWHU DFTXLULQJ VWUHQJWK \RX VKDOO DOVR EH KHDGLQJ WRZDUG ZHDNQHVV DJDLQ ,Q HYHU\ PRPHQW \RX DUH XQGHU WKH WKUHDW RI GLIIHUHQW W\SHV RI GDQJHUV ,I WKH PRYHPHQW ERWK URWDWLRQ DQG UHYROXWLRQ RI WKH HDUWK VKRXOG VORZ GRZQ RU VKRXOG WKH GD\ VWDQG VWLOO ZKR FRXOG H[SHGLWH LWV PRYHPHQW DQG FKDQJH LW"

É ÊƫƘÌÈȇ ǺÌǸÈÈǧ ơǁÅȂÌǣ È ǶÌǯÉƙƢ É Ƿ Ƃ ǺȈ Ç ǠÊǷ È ƔƢÇǸÈÊƥ ǶÌǰȈ È ƶÈƦÈǏÌÈƗ ǹÌÊƛ ǶÌƬÉÌȇÈƗǁÈÈƗ DzÌÉǫ ƃ

³6D\ µ7HOO PH VKRXOG \RXU ZDWHU VLQN GRZQ ^LQWR WKH JURXQG` ZKR ZLOO EULQJ \RX UXQQLQJ ZDWHU"¶´> @

È ǂÉǰÉnjÌÈƫ ȏȂÌǴÈÈǧ ƢƳƢ Ƃ ǹȁ Å ƳÈÉƗ ǽƢÉǼÈǴÌǠÈƳ È ƔƢÉnjÈÈǻ ȂÌÈdz ƃ

³,I :H ZLVK :H FDQ PDNH LW ZDWHU ELWWHU 7KHQ ZK\ GR \RX QRW JLYH WKDQNV"´> @

È ȀÉǰōǨÈÈƫ ǶÌƬÉǴÌǜÈÈǧ ƢǷƢÅǘÈƷ Ƃ ǹȂ É ǽƢÉǼÈǴÌǠÈƴÈÈdz ƔƢÉnjÈÈǻ ȂÌÈdz ƃ

³,I :H ZLVK :H VXUHO\ WXUQ LW SODQW LQWR FKDII ZKHUHDW \RX DUH OHIW VWXQQHG RU UHJUHWIXO ´> @

Ê ǨÅLjÈǯ Ê ǶÌȀÊȈÌǴÈǟ Ƃ ƔƢÊǸÈLjdzơ È ǁȋơ È ǖÌǬÊLjÌÉǻ ȁÌÈƗ Ǒ Ì ǶÉȀÊÊƥ ǦÌLjÊƼÌÈǻ ƘÌnjÈÈǻ ǹÌÊƛ ƃ ō ǺÈǷ Ƣ

³,I :H OLNH :H FDQ PDNH WKH HDUWK VZDOORZ WKHP RU OHW IDOO RQ WKHP D IUDJPHQW IURP WKH VN\ ´> @ 7KH 4XU¶DQ PHQWLRQV WKHVH DQG WHQV RI RWKHU H[DPSOHV VR DV WR WDNH PDQ RXW RI KLV QHJOLJHQFH REOLWHUDWH KLV SULGH DQG LQYLWH KLP WRZDUG ZRUVKLS DQG VXEPLVVLYHQHVV WR WKH &UHDWRU 7KH SURIXQGLW\ RI ZRUVKLS :RUVKLS LV DQ DFW ZKLFK ZH RXWZDUGO\ FRQVLGHU DV D W\SH RI

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸н ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

KXPLOLW\ EXW LW KDV GHHSHU SURIXQGLW\ :RUVKLS VWHPV IURP WKH VRXO LW VSULQJV IURP JQRVLV ^PDµULIDK` LW HPDQDWHV IURP FRJQLWLRQ LW RULJLQDWHV IURP SLHW\ ^WDTDGGXV` LW UDGLDWHV IURP DGRUDWLRQ LW GHULYHV IURP DGPLUDWLRQ LW FRPHV IURP VHHNLQJ UHIXJH DQG DVVLVWDQFH DQG LW DULVHV IURP WKH ORYH RI WKH SHUIHFWLRQV ^NDPDODW` RI WKH :RUVKLSSHG %HLQJ ^PDµEXG` <HV ZRUVKLS LV RXWZDUGO\ D VLPSOH DFW EXW LI LW LV RWKHU WKDQ WKH DERYH ZRUVKLS ZLOO QRW EH HQWHUWDLQHG E\ PDQ :RUVKLS PHDQV HPSW\LQJ WKH KHDUW RI PDWHULDO WKLQJV OHWWLQJ WKH VSLULW IO\ DQG DOORZLQJ WKH IHHW WR PDNH VWHSV EH\RQG WKH VHHDEOH DQG KHDUDEOH WKLQJV :RUVKLS JXDUDQWHHV WKH ORYH RI PDQ ZKRVH SROLWHQHVV LQ UHODWLRQ WR KLV /RUG LV VRPHWLPHV H[SUHVVHG WKURXJK HXORJ\ DQG DGRUDWLRQ DW RWKHU WLPHV WKURXJK JORULILFDWLRQ ^WDVELώ` DQG VDQFWLILFDWLRQ ^WDTGLV` DQG \HW DW VRPH RWKHU WLPHV WKURXJK JUDWLWXGH DQG JHVWXUHV RI VXEPLVVLRQ ,QGLIIHUHQFH WRZDUG ZRUVKLS +DGUDW> @ µ$OL µD VD\V

ƨǸƟƢLjdzơ ȁ ƨǴǷƢȀdzơ ƨǸȈȀƦdzƢƥ ƨdzȁƢǘƬǸdzơ ǺȈǼLjdzơ ƾǠƥ ȃƾÈƬǫĞ ơƿƛ ǾǼȈǟ ÅơƿÊƛ ƩÌǂōÈǫ ƨËȈǟǂǸdzơ

³May I get blind if after having passed so many years of my life (and with the possession of all talent, capabilities, facilities, intellect, knowledge, and inspiration), I now turn into an animal in human form!” <HV FLYLOL]DWLRQ WHFKQRORJ\ DQG WKH SURJUHVV RI QHZ LQVWUXPHQWV KDYH PDGH OLIH PRUH FRPIRUWDEOH EHVWRZLQJ FRPIRUW DQG ZHOIDUH DV D JLIW WR XV EXW GRHV WKH SHUIHFWLRQ RI PDQ OLH LQ DWWDLQLQJ VXFK PDWHULDO FRPIRUWV" ,I WKLV LV VR WKHQ WKH DQLPDOV DUH PRUH DGYDQFHG WKDQ PDQ LQ IRRG FORWKLQJ KDELWDWLRQ DQG WKH VDWLVIDFWLRQ RI FDUQDO GHVLUH ,Q WHUPV RI IRRG WKH\ HDW EHWWHU DUH PRUH FRPIRUWDEOH DQG KDYH QR QHHG RI FRRNLQJ DQG SUHSDUDWLRQ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸о ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

,Q WHUPV RI FORWKLQJ WKH\ KDYH QR QHHG IRU VHZLQJ ZDVKLQJ DQG LURQLQJ ,Q WHUPV RI FDUQDO GHVLUH WKH\ VDWLVI\ LW ZLWKRXW GLIILFXOW\ DQG SUHGLFDPHQW ,Q SURFXULQJ D SODFH IRU KDELWDWLRQ WKHUH DUH VR PDQ\ ELUGV DQG LQVHFWV ZKRVH WHFKQLTXH LQ PDNLQJ QHVWV DQG GHQV DVWRQLVKHV PDQ ,Q HVVHQFH KDV WKLV WHFKQRORJLFDO DGYDQFHPHQW EURXJKW DERXW SURJUHVV LQ RXU KXPDQQHVV DV ZHOO" +DYH LQGLYLGXDO DQG FROOHFWLYH FRUUXSWLRQV OHVVHQHG" +DV WKLV FRPIRUW DOVR EURXJKW WUDQTXLOLW\" ,Q DQ\ FDVH MXVW QRW SODFLQJ WKH KDQG RI PDQ LQ WKDW RI WKH LQIDOOLEOH DQG MXVW OHDGHUV ZRXOG EH DQ LQMXVWLFH WR KXPDQLW\ LI WKH KHDUW RI PDQ LV QRW OLQNHG WR *RG DQ LQVXOW ZRXOG KDYH EHHQ PDGH WR WKH VWDWLRQ RI KXPDQLW\ 7KH SOHDVXUH RI *RG DV WKH D[LV RI ZRUVKLS -XVW DV KHDYHQO\ ERGLHV DQG WKH HDUWK DOZD\V KDYH D IL[HG D[LV WKRXJK WKH\ PDNH GLYHUVH URWDWLRQV DQG UHYROXWLRQV ZRUVKLS ZLWK DOO LWV YDULRXV IRUPV DQG DSSHDUDQFHV LV DOVR DQFKRUHG LQ D IL[HG D[LV ZKLFK LV WKH SOHDVXUH RI *RG 7KLV LV LQ VSLWH RI WKH IDFW WKDW VSDWLDO DQG WHPSRUDO DV ZHOO DV LQGLYLGXDO DQG FROOHFWLYH FLUFXPVWDQFHV GHWHUPLQH WKH W\SH RI PRYHPHQW DORQJ WKLV D[LV )RU H[DPSOH WUDYHO PDNHV D IRXU F\FOH ^UDNµDK` SUD\HU D WZR UDNµDK SUD\HU LOOQHVV PD\ QHFHVVLWDWH FKDQJHV LQ WKH IRUP RI WKH SUD\HU <HW WKH WZR UDNµDK RU VKRUWHQHG SUD\HU LV VWLOO D SUD\HU DQG LW LV EDVHG RQ WKH D[LV RI UHPHPEHULQJ *RG VHHNLQJ +LV SOHDVXUH DQG SHUIRUPLQJ +LV FRPPDQG

È ǐdzơ Ƃ ȅǂÊǯÌǀÊÊdz ƧȐ ō ǶÊÊǫÈƗȁ ƃ È

³$QG PDLQWDLQ WKH SUD\HU IRU 0\ UHPHPEUDQFH ´> @ 7KH VSLULW RI ZRUVKLS

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸п ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

:RUVKLS LV WKH QRXULVKPHQW RI WKH VRXO DQG WKH EHVW IRRG LV WKDW ZKLFK LV DEVRUEHG E\ WKH ERG\ 6LPLODUO\ WKH EHVW DFW RI ZRUVKLS LV WKDW ZKLFK LV LQWHUQDOL]HG E\ WKH VRXO WKDW LV LI LW LV SHUIRUPHG ZLWK HQWKXVLDVP DQG SUHVHQFH RI KHDUW (DWLQJ WRR PXFK IRRG LV QRW EHQHILFLDO :KDW LV LPSRUWDQW LV HDWLQJ XVHIXO IRRG 7KH +RO\ 3URSKHW 6 > @ VDLG WR -DELU LEQ µ$EG $OODK DO $QϙDUL

Ê LjÊǨÌÈǻ ȄdzÙÊƛ ǒ Ê ǣÊȁÌƢÈÈǧ Ǻȇ Ê ƧÈƽƢÈÈƦǟ Ǯ ƅơ É ǤŏÈƦÉƫ ȏȁ Ë ǀÈǿ ÙǹōÊƛ È ǪÇǧÌǂÊÊƥ ǾȈǧ Dz È ƾdzơ ơ

,QGHHG WKLV UHOLJLRQ LV ILUP 7KHUHIRUH DFW PRGHUDWHO\ LQ UHODWLRQ WR LW DQG ZKHQ \RX KDYH QR VSLULWXDO UHDGLQHVV IRU ZRUVKLS GR QRW LPSRVH LW RQ \RXUVHOI VR WKDW WKH ZRUVKLS RI $OODK ZRXOG QRW EH GHWHVWHG E\ \RX > @ ,Q DQRWKHU ώDGLWK ZH DOVR UHDG WKDW WKH +RO\ 3URSKHW 6 VDLG

ƢȀǬÈÈǻƢǟ ȁ È ǠÊÌdzơ ǪÈnjÊǟ È ǺÌǸÈÊdz ȄƥȂ Ù ǗÉ È ƧÈƽƢƦ

³%OHVVHG LV KH ZKR ORYHV ZRUVKLS DQG LV DOZD\V IRQG RI LW ´> @ 0RGHUDWLRQ LQ ZRUVKLS 7KH VSLULW RI ZRUVKLS DQG GHYRWLRQ UHPDLQV DOLYH ZKHQ PDQ LV PRGHUDWH LQ LWV SHUIRUPDQFH 7KLV KDV EHHQ QDUUDWHG LQ WKH ERRNV RI ώDGLWK XQGHU WKH KHDGLQJ EDE DO LTWLϙDG IL¶O µLEDGDK ^VHFWLRQ RQ PRGHUDWLRQ LQ ZRUVKLS` > @ 0DQ LV KHDOWK\ ZKHQ WKHUH LV SURSRUWLRQDOLW\ LQ KLV ERGLO\ OLPEV DQG LI D FHUWDLQ ERG\ PHPEHU LV ELJJHU RU VPDOOHU WKDQ WKH QRUPDO VL]H LW LV FRQVLGHUHG GHIRUPHG RU GHIHFWLYH LQ JHQHUDO ,Q VSLULWXDO DIIDLUV PDQ VKRXOG DOVR KDUPRQLRXVO\ QXUWXUH DOO WKDW LV YDOXDEOH LQ KLPVHOI ,W ZDV UHSRUWHG WR WKH +RO\ 3URSKHW 6 WKDW XQGHU WKH SUHWH[W RI ZRUVKLS D JURXS RI KLV XPPDK ^FRPPXQLW\` KDG DEDQGRQHG WKHLU VSRXVHV DQG FKLOGUHQ DQG KDG VHFOXGHG WKHPVHOYHV LQ WKH PRVTXH 7KH 3URSKHW VWDWHG LQ D ORXG YRLFH ³7KLV LV QRW P\ ZD\ DQG PHWKRG , P\VHOI DP OLYLQJ ZLWK P\ VSRXVHV DQG UHVLGH LQ P\ KRXVH $Q\RQH ZKR DFWV FRQWUDU\ WR WKLV GRHV QRW EHORQJ WR PH ´> @

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸р ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

,PDP Dϙ ΜDGLT µD QDUUDWHV WKH VWRU\ RI D 0XVOLP ZKR KDG D &KULVWLDQ QHLJKERU WKDW HPEUDFHG ,VODP 7KDW 0XVOLP KDG DZDNHQHG WKH IRUPHU &KULVWLDQ GXULQJ WKH ILUVW GDZQ SULRU WR WKH WLPH IRU WKH GDZQ SUD\HU ^ϙDODK DV VXEώ` EURXJKW KLP WR WKH PRVTXH DQG VDLG WR KLP ³3HUIRUP \RXU VXSHUHURJDWRU\ QLJKW SUD\HUV ^WDKDMMXG` WLOO WKH WLPH IRU WKH GDZQ SUD\HU DQG WKHUHDIWHU HQJDJH LQ VXSSOLFDWLRQ ^GXµD¶` WLOO WKH VXQULVH 7KHQ UHDG WKH 4XU¶DQ XS WR WKH WLPH IRU WKH QRRQ SUD\HU ^ϙDODK DϠ ϠXKU` ´ ,Q WKLV PDQQHU WKH 0XVOLP XUJHG WKH IRUPHU &KULVWLDQ WR HQJDJH LQ SUD\HU UHFLWDO RI WKH 4XU¶DQ DQG VXSSOLFDWLRQ GD\ DQG QLJKW :KHQ WKH QHZ 0XVOLP UHWXUQHG KRPH KH DEDQGRQHG ,VODP DQG GLG QRW JR WR WKH PRVTXH DQ\PRUH > @ <HV VXFK H[WUHPLVP DQG ODFN RI PRGHUDWLRQ LQ ZRUVKLS ZLOO GULYH SHRSOH DZD\ 7KH PDUW\UHG SURIHVVRU 0XUWDGD 0XWDKKDUL > @ QDUUDWHV WKDW µ$PUX LEQ DO µ$ϙ KDG WZR VRQV 2QH ZDV D YRWDU\ RI +DGUDW µ$OL µD ZKLOH WKH RWKHU ZDV D VXSSRUWHU RI 0XµDZL\DK 2QH GD\ WKH 3URSKHW 6 VDLG WR WKH JRRG VRQ RI µ$PUX LEQ DO µ$ϙ QDPHG µ$EG $OODK ³, KDYH KHDUG WKDW \RX VSHQG \RXU QLJKW LQ ZRUVKLS DQG \RXU GD\ LQ IDVWLQJ ´ +H VDLG ³<HV 2 0HVVHQJHU RI $OODK ´ 7KH 3URSKHW 6 VDLG ³7KLV ZD\ LV QRW DFFHSWDEOH WR PH ´> @ :H UHDG LQ WKH WUDGLWLRQV

Å ǫÌÊƛ ƣȂ Ê ÉǴǬÉǴÌÊdz ǹōÊƛ ÅơǁƢƥƽÌÊƛ ȁ È ȏƢƦ ³,QGHHG WKHUH LV LQFOLQDWLRQ DQG GLVLQFOLQDWLRQ LQ WKH KHDUW RI PDQ ´> @ <RX KDYH WR WDNH DGYDQWDJH RI ZKHUHYHU LW LQFOLQHV DQG OHDQV WR $QG ZKHQHYHU LW LV QRW UHDG\ GR QRW H[HUW SUHVVXUH RQ LW RWKHUZLVH LW ZLOO XQFRQVFLRXVO\ VKRZ D QHJDWLYH UHDFWLRQ ,Q WKH ,VODPLF LQVWUXFWLRQV LW LV PHQWLRQHG WKDW \RX KDYH WR GLYLGH \RXU WLPH LQWR IRXU SDUWV DQG DOORW WLPH IRU HQWHUWDLQPHQW DQG HQMR\PHQW IRU LI \RX GR VR \RX ZLOO DOVR KDYH HQWKXVLDVP IRU RWKHU DFWLYLWLHV > @ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸с ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

7KH +RO\ 4XU¶DQ JLYHV WKH WLWOH RI ³YLRODWRUV´ WR WKH -HZV ZKR HQJDJHG LQ ZRUN DQG ZHQW ILVKLQJ GXULQJ WKH 6DEEDWK 'D\

Ê ȁÌƾÈƬÈǟơ Ƃ ƪÊƦÌLjdzơ Ȇ Ì Ǻȇ È ƾÌǬÈÈdzȁ ƃ È È ǀÊōdzơ ǶÉƬÉǸÌǴÊǟ ō Êǧ ǶÌǰÉǼÌǷ ơ

³$QG FHUWDLQO\ \RX NQRZ WKRVH RI \RX ZKR YLRODWHG WKH 6DEEDWK ´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` DQG HQGV ZLWK VDODP RU WDVOLP ^VDOXWDWLRQ` ,WV QXPEHU RI UDNµDKV ^F\FOHV` UXNXµ ^ERZLQJ GRZQ` DQG VXMXG ^SURVWUDWLRQ` LV VSHFLILHG ,WV WLPH RI SHUIRUPDQFH LV GHWHUPLQHG DQG LWV GLUHFWLRQ LV WRZDUG WKH TLEODK ^WKH .DµEDK LQ 0HFFD` 7KH PHUH GHVLJQ KRZHYHU LV QRW HQRXJK ,WV SHUIRUPDQFH DOVR QHFHVVLWDWHV WKH VHOHFWLRQ RI D FRPSHWHQW DQG VRFLDOO\ RULHQWHG FRQJUHJDWLRQDO SUD\HU OHDGHU ^LPDP` 7KURXJK JRRG PDQQHUV PRUDOLW\ VXSHUYLVLRQ DQG HQWKXVLDVP WKH SHRSOH HQFRXUDJHG DQG SHUVXDGHG WR SHUIRUP SUD\HU DQG DWWHQG WKH PRVTXH 2UGHU DQG DUUDQJHPHQW LQ WKH OLQHV RI WKH FRQJUHJDWLRQ DV ZHOO DV LQ IROORZLQJ WKH ,PDP VKRXOG EH REVHUYHG ,Q DQ\ FDVH LW UHTXLUHV SHUIHFW PDQDJHPHQW IRU LW WR EH FRQGXFWHG LQ WKH EHVW SRVVLEOH PDQQHU :RUVKLS DV D KRXU SKDUPDF\

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸т ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

$Q\RQH FDQ KDYH FRPPXQLRQ ZLWK *RG DW DQ\ WLPH XQGHU DQ\ FLUFXPVWDQFH DQG ZLWKRXW DQ\ SULRU DUUDQJHPHQW DQG PHGLDWLRQ $OWKRXJK VSHFLDO WLPHV VXFK DV WKH WLPH RI GDZQ VXQVHW RQ )ULGD\ DIWHU WKH GHOLYHUDQFH RI WKH )ULGD\ SUD\HU VHUPRQV ZKHQ LW LV UDLQLQJ DQG WKH 1LJKW RI 3RZHU ^OD\OD DO TDGU`> @ KDYH SDUWLFXODU LPSRUWDQFH IRU VXSSOLFDWLRQ ^GXµD¶` DQG ZRUVKLS ^µLEDGDK` VXSSOLFDWLRQ DQG GHYRWLRQ DUH QRW FRQILQHG WR WKHVH SHULRGV :RUVKLS DW DQ\ UDWH LV WKH PHGLFLQH IRU QHJOLJHQFH REOLYLRQ DQG GLVREHGLHQFH ³$QG PDLQWDLQ WKH SUD\HU IRU 0\ UHPHPEUDQFH ´> @ ,W LV WKH VRXUFH RI WUDQTXLOLW\ DQG VHUHQLW\ DQG WKH HIIDFHU RI DQ[LHWLHV DQG ZRUULHV²³/RRN 7KH KHDUWV ILQG UHVW LQ $OODK¶V UHPHPEUDQFH ´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³:KDW GR \RX IHHO QRZ"´ +H UHSOLHG ³1RWKLQJ ´ 7KLV LV ZKLOH PLOOLRQV RI HQWKXVLDVWLF ,UDQLDQV ZHUH ZRUU\LQJ IRU WKH VDIHW\ RI WKH ,PDP +DYLQJ SHDFH RI PLQG WKH ,PDP όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸кй ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ZDV EXV\ LQ WKH QLJKW VXSHUHURJDWRU\ SUD\HUV DQG UHPHPEUDQFH RI *RG 7KLV WUDQTXLOLW\ ZDV RQO\ EHFDXVH RI KLV FRQVWDQW UHPHPEUDQFH RI +LP 7KH RWKHU UHFROOHFWLRQ ZKLFK , KHDUG IURP WKH VRQ RI WKH ,PDP WKH ODWH ΑDMM 6D\\LG $KPDG .KRPHLQL LV WKLV ³2Q WKH GD\ RI WKH 6KDK¶V HVFDSH IURP ,UDQ WHQV RI UHSRUWHUV DQG SKRWR MRXUQDOLVWV IURP DURXQG WKH ZRUOG JDWKHUHG LQ WKH KRXVH RI WKH ,PDP LQ 3DULV LQ RUGHU WR UHOD\ KLV VSHHFKHV WR WKH ZRUOG 7KH ,PDP VWRRG RQ D FKDLU DQG XWWHUHG D IHZ VWDWHPHQWV 7KHQ KH WXUQHG WR PH DQG DVNHG µ$KPDG KDV WKH WLPH IRU WKH QRRQ SUD\HU ^ϙDODK DϠ ϠXKU` DUULYHG"¶ , VDLG µ<HV ¶ :LWKRXW DQ\ GHOD\ WKH ,PDP FRQFOXGHG KLV VSHHFK DQG FDPH GRZQ IURP WKH FKDLU IRU WKH SHUIRUPDQFH RI SUD\HU DW LWV LQLWLDO DQG EHVW WLPH $OO ZHUH SHUSOH[HG DV WR ZKDW KDG KDSSHQHG , VDLG µ7KH ,PDP SHUIRUPV KLV SUD\HU RQ WLPH¶ ´ :KDW WKH ,PDP GLG LQ 3DULV ZDV D OHVVRQ KH KDG OHDUQHG IURP KLV OHDGHU ,PDP DU 5LGD µD ,W KDV EHHQ UHFRUGHG LQ KLVWRU\ WKDW WKH FKLHI RI WKH JURXS RI 6DEHDQV D JURXS WKDW KDV EHHQ PHQWLRQHG LQ WKH 4XU¶DQ > @ ZDV DQ DUURJDQW DQG IDQDWLF VFKRODU :KHQHYHU KH ZRXOG VLW GRZQ LQ D GLDORJXH ZLWK ,PDP DU 5LGD µD KH ZRXOG QRW VXUUHQGHU DQG FRQFHGH XQWLO ZKHQ GXULQJ D FHUWDLQ LQWULFDWH GLVFXVVLRQ KLV PLQG EHFDPH VR FRQIXVHG WKDW KH VDLG ³1RZ P\ KHDUW KDV VRIWHQHG DQG , DFFHSWHG \RXU ORJLF ´ $W WKDW WLPH WKH FDOO WR SUD\HU ^DGKDQ` ZDV UHFLWHG ,PDP DU 5LGD µD OHIW WKH DVVHPEO\ LQ RUGHU WR SUD\ $OWKRXJK WKH FRPSDQLRQV RI WKH ,PDP µD LQVLVWHG WKDW LI KH FRQWLQXHG WKH GLVFXVVLRQ IRU VRPH PRPHQWV WKH FKLHI RI WKH 6DEHDQV DQG DOO KLV IROORZHUV ZRXOG EHFRPH 0XVOLPV KH µD VDLG ³7R SHUIRUP WKH SUD\HU DW LWV HDUOLHVW DQG EHVW WLPH LV PRUH LPSRUWDQW WKDQ GLVFXVVLRQ ,I KH UHDOO\ GHVHUYHV LW KH FDQ DOVR DFFHSW WKH WUXWK DIWHU WKH SUD\HU 7KH 6DEHDQ VFKRODU ZKR VDZ WKLV GLJQLW\ GHFLVLYHQHVV REHGLHQFH DQG ORYH IRU WKH WUXWK LQ WKH ,PDP µD EHFDPH PRUH LQWHUHVWHG > @ :RUVKLS DQG DFTXLVLWLRQV όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸кк ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

:RUVKLS LV D PHDQV WR DFTXLUH GLYLQH KHOS DQG JUDFHV

Ƃ ǺȈ È ǮÈōƥǁ È É ǬÊȈÈÌdzơ ǮÈȈÈÊƫƘÌÈȇ ȄƬōƷ È ƾÌƦÉǟơÌȁ ƃ

³$QG ZRUVKLS \RX /RUG XQWLO FHUWDLQW\ RU GHDWK FRPHV WR \RX ´> @ +DGUDW 0XVD 0RVHV µD HQJDJHG LQ ZRUVKLS DQG OLWDQLHV IRU GD\V DQG QLJKWV RQ WKH 0RXQW RI ΝXU IRU WKH DFTXLVLWLRQ RI WKH KHDYHQO\ ERRN 7DZUDK 7RUDK 7KH +RO\ 3URSKHW RI ,VODP 6 ZDV EXV\ LQ WKH SHUIRUPDQFH RI DFWV RI ZRUVKLS LQ WKH FDYH RI ΑLUD IRU D ORQJ WLPH EHIRUH WKH DFTXLVLWLRQ RI GLYLQH UHYHODWLRQ ,W LV WKXV VWDWHG LQ WKH WUDGLWLRQV

Å Ǐ ȄǴÙǟ Ì ȀÈǛÈ ƢƷƢƦ È ǠÊÌdzơ ǎ È ǾÊÊƦǴÌÈǫ ǺÌǷÊ ƨÈǸÈǰÌƸÊÌdzơ ǞȈƥƢǼ È ǴÈƻÌÈơ ǺÌǷÈ È ǺȈǠ É Èȇ Ʃǂ È ÈƥǁÌÈơ ƅÊ ƧƽƢƦ ǾÊÊǻƢLjÊdz

³+H ZKR VLQFHUHO\ ZRUVKLSV $OODK IRU IRUW\ GD\V VSULQJV RI ZLVGRP VKDOO DSSHDU IURP KLV KHDUW WR KLV WRQJXH ´> @ <HV VLQFHUH ZRUVKLS LV DQ DFDGHP\ WKDW WUDLQV LQ WKH FRXUVH RI IRUW\ GD\V WKH VDJH ZKR ZRXOG DFTXLUH ZLVGRP IURP WKH GLYLQH IRXQWDLQ DQG VKDUH LW ZLWK RWKHUV 7KH UHFLSURFDO HIIHFWV RI IDLWK DQG ZRUVKLS -XVW DV IDLWK GUDZV PDQ WRZDUG ZRUVKLS ZRUVKLS LV DOVR HIIHFWLYH LQ VWUHQJWKHQLQJ IDLWK 7KHLU VLPLOLWXGH LV WKDW RI D URRW ZKLFK GHOLYHUV ZDWHU DQG IRRG WR WKH EUDQFKHV DQG LQ WXUQ WKH EUDQFKHV WUDQVIHU KHDW DQG OLJKW WR WKH URRW <HV ZKHQHYHU ZRUVKLS LPSURYHV DQG LQFUHDVHV PDQ¶V HQWKXVLDVP WRZDUG WKH 2EMHFW RI :RUVKLS LV DOVR HQKDQFHG 7KH SKLORVRSK\ RI ZRUVKLS DFFRUGLQJ WR WKH 4XU¶DQ 7KH 4XU¶DQ UHJDUGV WKH UHPHPEUDQFH RI *RG DV WKH SKLORVRSK\ RI SUD\HU ³$QG PDLQWDLQ WKH SUD\HU IRU 0\ UHPHPEUDQFH ´> @ $QG WKH UHPHPEUDQFH RI *RG LV WKH VRXUFH RI WUDQTXLOLW\ RI WKH KHDUW ³/RRN 7KH KHDUWV ILQG UHVW LQ $OODK¶V UHPHPEUDQFH ´> @ $QG WKH FRQVHTXHQFH RI WUDQTXLOLW\ RI WKH KHDUW LV VRDULQJ WR WKH FHOHVWLDO UHDOP ³2 VRXO DW SHDFH 5HWXUQ WR \RXU

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸кл ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

/RUG ´> @ ,Q RWKHU FDVHV WKH 4XU¶DQ FRQVLGHUV JUDWLWXGH WR *RG DV WKH UHDVRQ EHKLQG ZRUVKLS

Ƃ ǶÌǰÉǬÈǴÈƻ ȅǀ È ōdzơ ǶÉǰÉōƥǁ ơȁ Ì È ƾÉƦÉǟơ ƃ

³:RUVKLS \RX /RUG ZKR FUHDWHG \RX ´> @

Ê ǶÌȀÉǼÈǷƕ Ê ǶÌȀÉǸÈǠÈǗÌÈƗ ȅǀōdzơ Ø ƪÊȈÌƦÈÌdzơ ơǀǿ È ƣōǁ ơȁ ǺÌǷ É ǺÌǷ È ȁ È ǝȂ Ç Ƴ È ƾÉƦÉǠÌȈÈǴÌÈǧ ƃ Ƃ ǥÇȂÌƻÈ

³/HW WKHP ZRUVKLS WKH /RUG RI WKLV +RXVH ZKR KDV IHG WKHP ^DQG VDYHG WKHP` IURP KXQJHU DQG VHFXUHG WKHP IURP IHDU ´> @ ,Q VRPH YHUVHV WKH HGXFDWLRQDO IXQFWLRQ RI SUD\HU KDV EHHQ SRLQWHG RXW

Ê ƸÌǨÈÌdzơ ǺÊǟ ò È ǐdzơ Ƃ ǂÊǰÈǼÌǸÉÌdzơ ȁ È ȄȀǼÌÈƫ ƧȐ ō ǹōÊƛ ƃ È ƔƢnj

³,QGHHG WKH SUD\HU SUHYHQWV LQGHFHQFLHV DQG ZURQJV ´> @ )RU WKH VDNH RI WKH DXWKHQWLFLW\ RU DFFHSWDQFH RI SUD\HU WKH SHUIRUPHU RI SUD\HU KDV QR RSWLRQ EXW WR REVHUYH WKH UHOLJLRXV SUHFHSWV DV D ZKROH WKH REVHUYDQFH RI ZKLFK LV LWVHOI D VWURQJ IRXQGDWLRQ IRU DEVWDLQLQJ IURP VLQ DQG LQGHFHQF\ <HV DQ\RQH ZKR ZRXOG ZHDU D ZKLWH JDUPHQW ZLOO QDWXUDOO\ QRW VLW RQ D GLUW\ DQG SROOXWHG JURXQG $IWHU HQMRLQLQJ SUD\HU WKH 4XU¶DQ VWDWHV

Ê ŏȈLjdzơ Ê LjÈƸÈÌdzơ ǹōÊƛ ƃ Ƃ ƩƢƠ ō ǺÈƦÌǿÊǀÌÉȇ ƩƢǼ

³,QGHHG JRRG GHHGV HIIDFH PLVGHHGV ´> @ 7KXV SUD\HU LV D SUDFWLFDO UHSHQWDQFH IRU SDVW VLQV DQG WKURXJK WKLV YHUVH *RG JLYHV KRSH WR WKH VLQQHU WKDW LI KH ZRXOG SHUIRUP PHULWRULRXV DFWV VXFK DV SUD\HU DQG ZRUVKLS KLV PLVGHHGV ZLOO EH HUDVHG 3UD\HU LQ WKH ZRUGV RI ,PDPµ$OL µD

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸км ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

+DGUDW µ$OL¶V µD PDQ\ UHIHUHQFHV WR SUD\HU DQG WKH UHPHPEUDQFH RI *RG DV UHFRUGHG LQ 1DKM DO %DODJKDK> @ KDYH EHHQ FRPSLOHG LQ D ERRN HQWLWOHG 1DPD] GDU 1DKM DO %DODJKHK ^3UD\HU LQ 1DKM DO %DODJKDK` +HUH , VKDOO TXRWH D VWDWHPHQW RI WKH ,PDP µD FRQFHUQLQJ WKH SKLORVRSK\ RI JORULILFDWLRQ DQG WKH UHPHPEUDQFH RI *RG ZKRVH PRVW LPSRUWDQW PDQLIHVWDWLRQ LV SUD\HU

ŏ DzÈǠÈƳ Ê ǴÉǬÉǴÌÊdz ƔȐ ǂÉǐÊƦÌÉƫ ȁ Ƨ È ǹōÊơ È ǂÈǯÌǀdzơ È DzËƳ È ȁ È ǂÈÈǫȂÈÌdzơ ƾÈǠÌÈƥ ǾÊÊƥ ǞÉǸÈLjÌÈƫ ƣȂ È DŽōǟ ƅơ Å Ƴ ƧȂnjǠdzơ È ƾÈǠÌÈƥ ǾÊƥ

&HUWDLQO\ $OODK WKH *ORULILHG WKH 6XEOLPH KDV PDGH +LV UHPHPEUDQFH WKH OLJKW IRU KHDUWV ZKLFK KHDU ZLWK LWV KHOS GHVSLWH GHDIQHVV VHH ZLWK LWV KHOS GHVSLWH EOLQGQHVV DQG EHFRPH VXEPLVVLYH ZLWK LWV KHOS GHVSLWH XQUXOLQHVV > @ 7KHQ FRQFHUQLQJ WKH EOHVVLQJV RI SUD\HU WKH ,PDP µD VDLG

ƣơȂ È ÌƥÈơ ǶȀÉÈdz ƪÌƸÈÊƬÉǧ ȁ ƨ È ÈǼȈǰLjdzơ È ǰÈÊƟȐǸÈÌdzơ ǶȀÊÊƥ ƪÌǨōƷÈ ƾÌÈǫ ō ǶÉȀȈÊǴÈǟÈ ƪÌÈdzDŽËÉǻ ȁ ƨ Ê ƾÈǟƢǬ Ê ǷÈ ǶȀÉÈdz ƩÌƾōǟÊÉơ ȁÈ ƔƢǸ Ê Ljdzơ ƩƢǷơǂǰdzơ ō

7KH DQJHOV KDYH VXUURXQGHG WKHP SHUIRUPHUV RI SUD\HU DQG SHDFH LV VKRZHUHG XSRQ WKHP 7KH GRRUV RI KHDYHQ DUH RSHQHG IRU WKHP DQG DERGHV RI EOHVVHGQHVV RI ZKLFK +H KDG LQIRUPHG WKHP KDYH EHHQ SUHSDUHG IRU WKHP > @ ,Q DQRWKHU VHUPRQ WKH ,PDP µD VD\V

Ê Éƫ ȁÈ ǩǁÈȂÈÌdzơ ƪōƷÈ ƣȂ Ŏ ƪŎƸÉÈƬÈdz ƢȀōǻơ ȁÈ È ǗÌÊơ ƢȀǬÉǴǘ ǪÈƥǂdzơ È Éǻǀdzơ ō ǩȐ

³&HUWDLQO\ SUD\HU UHPRYHV VLQV OLNH DXWXPQ VWULSV OHDYHV RII IURP WUHHV DQG LW OLEHUDWHV \RX IURP WKH URSH RI VLQV WLHG DURXQG \RXU QHFN ´> @ ,Q FRQWLQXDWLRQ KH QDUUDWHV DQ LQWHUHVWLQJ FRPSDULVRQ IURP WKH +RO\ 3URSKHW 6 ³3UD\HU LV OLNH D KRW VSULQJ VLWXDWHG DW VRPHRQH¶V GRRU ,I KH WDNHV D EDWK LQ LW ILYH WLPHV D GD\ ZLOO WKHQ DQ\ GLUW UHPDLQ RQ KLP"´> @ ,Q 6HUPRQ WKH ,PDP µD HQXPHUDWHV VRPH RI WKH PRUDO YLFHV VXFK DV SULGH ^NLEU` GLVREHGLHQFH DQG RSSUHVVLRQ ^ϠXOP` DQG WKHQ KH µD VD\V ³,W LV RQ DFFRXQW RI WKHVH SHULOV

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸кн ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

WKDW *RG KDV HQFRXUDJHG +LV EHOLHYLQJ VHUYDQWV WR SHUIRUP ϙDODK DQG ]DNDK > @ WR IDVW GXULQJ WKH GD\V ZKHQ LW LV PDGH REOLJDWRU\ ´ 7KHQ FRQFHUQLQJ WKH HIIHFWV RI SUD\HU KH µD VD\V

Ê ǨÉÉǼÊdz ȐȈdz Å ǀÌÈƫ ǶǿÊǁƢǐ È ƢǠȈ È ƢǼȈǰ Å ǨÊƼÌÈƫ ǶÌȀÊLJȂ Å njÊƼÌÈƫ ǶȀÊÊǧơǂǗÌȏ Å LjÌÈƫ ǶȀÊÊƥȂǴÉǬÉÊdz ƢǔȈ Ê Ìƥȏ Ê ǶÌȀÉLjÈÈǻƕ ƨnjÈƷÌȂÈÌdzơ ǶȀÉƬÌnjÈƷÈ ȁÌÈơ ǹÌÊơ ǶȀÉǼÌǟÈ ƔȐȈÌƼÈǴÌÊdz ƨÅÈdzơǃÊơ ǭǂÈǯÌƿ

^7KLV DFW RI ZRUVKLS` JLYHV WKHLU *RG¶V EHOLHYLQJ VHUYDQWV¶ OLPEV SHDFH DQG UHVW FDVWV IHDU LQ WKHLU H\HV VRIWHQV WKHLU VSLULWV FXOWLYDWHV D VHQVH RI KXPLOLW\ LQ WKHLU KHDUWV DQG SXUJHV WKHP IURP SULGH $W WKH WLPH RI IHDU DQ[LHW\ DQG ORQHOLQHVV UHPHPEUDQFH RI <RX JLYHV WKHP HQWKXVLDVP DQG LQWLPDF\ > @ 2I FRXUVH LW LV REYLRXV WKDW HYHU\RQH GRHV QRW UHFHLYH VXFK EHQHILWV IURP SUD\HU UDWKHU LW LV RQO\ WKDW JURXS ZKLFK LV HQDPRUHG E\ SUD\HU DQG WKH UHPHPEUDQFH RI *RG 7KLV JURXS ZLOO QRW H[FKDQJH WKHP IRU WKH HQWLUH ZRUOG 7KH HIIHFWV DQG EOHVVLQJV RI VHUYLWXGH DQG VXEPLVVLRQ 6HQVH RI KRQRU DQG HVWHHP ,PDP =D\Q DO µ$ELGLQ µD VD\V LQ KLV OLWDQLHV ^PXQDMDW`

Ê Êƥ ȄǨÙǯ Ȇ È ȀÊdzÙÊƛ ÅơƾƦÌǟ È ǮÈÈdz ǹÈȂÌǯÉÈƗ ǹÌÈƗ ÅơDŽËǟ Ȇ

³2 /RUG ,W LV DOUHDG\ HQRXJK RI DQ KRQRU IRU PH WKDW , DP <RXU VHUYDQW ´> @ :KLFK KRQRU LV PRUH VXEOLPH WKDQ WKDW PDQ FRXOG WDON WR KLV &UHDWRU DQG +H LQ WXUQ ZRXOG OLVWHQ WR WKH ZRUGV RI PDQ DQG JUDQW WKHP" ,Q WKLV IOHHWLQJ ZRUOG LI D SHUVRQ VSHDNV ZLWK D VFKRODU RU D JUHDW PDQ KH IHHOV D VHQVH RI KRQRU EHFDXVH RI KLV SUHVHQFH DQG WKH RSSRUWXQLW\ WR EH LQ FRQYHUVDWLRQ ZLWK KLP DQG WKDW D SHUVRQ ZKR ZDV RQFH D VWXGHQW RI D FHUWDLQ GLVWLQJXLVKHG SURIHVVRU DOVR JLYHV KLP VHOI HVWHHP 6HQVH RI VWUHQJWK

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸ко ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6R ORQJ DV D FKLOG LV KROGLQJ WKH KDQG RI KLV VWURQJ DQG NLQG IDWKHU KH IHHOV D VHQVH RI VWUHQJWK EXW LI KH LV DORQH KH H[SHULHQFHV IHDU DQG DSSUHKHQVLRQ OHVW RWKHUV DQQR\HG KLP $ SHUVRQ ZKR LV OLQNHG WR *RG IHHOV D VHQVH RI VWUHQJWK YLV j YLV WKH VXSHUSRZHUV ϚDJKXWV DQG DUURJDQW SRZHUV 6HQVH RI GLJQLW\ 'LJQLW\ ^µL]]DK` PHDQV QRW WR FRPH XQGHU WKH LQIOXHQFH RI RWKHUV ,Q WKH VFKRRO ^PDNWDE` RI WKH SURSKHWV ^DQEL\D¶` µD DOO GLJQLW\ EHORQJV WR *RG MXVW DV DOO SRZHU EHORQJV WR +LP 7KXV WKH 4XU¶DQ FULWLFL]HV WKRVH ZKR LQFOLQH WR RWKHU WKDQ *RG VD\LQJ ³'R \RX ZDQW GLJQLW\ IURP RWKHU WKDQ *RG"´> @ ,W LV QDWXUDO WKDW OLQNLQJ ZLWK WKH $EVROXWH %HORYHG DQG (WHUQDO 3RZHU JLYHV GLJQLW\ WR PDQ MXVW DV ZRUGV VXFK DV ³$OODKX DNEDU´ ^$OODK LV JUHDWHU` KXPLOLDWH WKH ϚDJKXWV LQ WKH H\HV RI PDQ DQG PDNH KLP GLJQLILHG LQ FRPSDULVRQ WR WKHP 6R WKH 4XU¶DQ RUGHUV XV WR VHHN SRZHU DQG VWUHQJWK IURP SUD\HU DQG ZRUVKLS ZKHQ ZH IDFH GLIILFXOWLHV DQG DGYHUVLWLHV

Ƃ ơȂǼȈÉǠÊƬÈLJơ ō Êƥ ƧÊȂÙǴÈǐdzơ ō ȁÈ ƃ Ì ȁÈ ǂÊƦÌǐdzƢ

³$QG WDNH UHFRXUVH LQ SDWLHQFH DQG SUD\HU ´> @ 'XULQJ FULWLFDO PRPHQWV WKH VDLQWV RI *RG DOVR XVHG WR VWUHQJWKHQ WKHPVHOYHV WKURXJK SUD\HU 2Q WKH DIWHUQRRQ RI WKH QLQWK GD\ RI 0XώDUUDP LQ .DUEDOD¶ WKH DUP\ RI <D]LG PDGH DQ DVVDXOW RQ WKH FDPS RI ,PDP DO ΑXVD\Q µD 7KH ,PDP µD VDLG ³3RVWSRQH WKH EDWWOH IRU RQH QLJKW DV , DP IRQG RI SUD\HU DQG , ZRXOG OLNH WR HQJDJH LQ ZRUVKLS WRQLJKW WLOO PRUQLQJ ´> @ 7KH ULJKWHRXV VHUYDQWV RI *RG DUH QRW RQO\ IRQG RI WKH REOLJDWRU\ ^ZDMLE` SUD\HUV EXW DOVR RI WKH UHFRPPHQGHG ^PXVWDώDE` SUD\HUV 7KH UHFRPPHQGHG SUD\HU LV D VLJQ RI IRQGQHVV IRU SUD\HU 7KHUH DUH PDQ\ SHRSOH ZKR SHUIRUP WKH REOLJDWRU\ SUD\HUV GXH WR IHDU RI GLYLQH ZUDWK IRU PLVVLQJ WKHP :LWK UHVSHFW WR WKH UHFRPPHQGHG SUD\HU KRZHYHU ORYH UDWKHU WKDQ IHDU LV QRW WKH LVVXH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸кп ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

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ϙOLώ` ,PDP DO 0DKGL µD

ZKLOH KH KLPVHOI LV QRW UHIRUPHG RU ULJKWHRXV ^ϙDOLώ` 7KH UHFRPPHQGHG SUD\HUV DOVR FRPSHQVDWH IRU WKH GHIHFWV DQG VKRUWFRPLQJV RI WKH REOLJDWRU\ SUD\HUV > @ $ FHUWDLQ SHUVRQ DVNHG WKH ,PDP µD ³0\ KHDUW LV QRW LQ P\ SUD\HU DQG , GR QRW EHQHILW IURP WKH EOHVVLQJV RI SUD\HU :KDW VKRXOG , GR"´ 7KH ,PDP µD VDLG ³$IWHU WKH REOLJDWRU\ SUD\HUV SHUIRUP WKH RSWLRQDO SUD\HUV DV WKH\ FRPSHQVDWH IRU WKH VKRUWFRPLQJV RI WKH IRUPHU DQG OHDG WR WKH DFFHSWDQFH RI WKH REOLJDWRU\ SUD\HUV ´ ,W LV RQ DFFRXQW RI WKHVH HIIHFWV DQG EOHVVLQJV WKDW WKH VDLQWV RI *RG SDLG PXFK DWWHQWLRQ QRW RQO\ WR WKH REOLJDWRU\ SUD\HUV EXW DOVR WR WKH RSWLRQDO SUD\HUV DQG WKH\ XVHG WR NHHS DORRI IURP WKRVH WKLQJV WKDW REVWUXFW DQG GLVWXUE WKLV UHOLJLRXV ZD\IDULQJ DQG VSLULWXDO DVFHQVLRQ VXFK DV H[FHVVLYH HDWLQJ H[FHVVLYH WDONLQJ H[FHVVLYH VOHHSLQJ HDWLQJ XQODZIXO RU XQODZIXOO\ HDUQHG IRRG GHEDXFKHU\ DQG ZRUOGO\ HQJDJHPHQWV ZKLFK NHHS PDQ DZD\ IURP ZRUVKLS DQG PDNH SUD\HU KHDY\ IRU KLP $V WKH 4XU¶DQ VD\V

È Ê Ìdzơ ȄǴÈǟ Ƃ ǺȈǠ È ȏËÊƛ ƧÆǂȈƦ È NjƢƼ È ǰÈdz ƢȀōǻÊƛ ȁÈ ƃ

³$QG LW SUD\HU LV LQGHHG KDUG H[FHSW IRU WKH KXPEOH ´> @ 7UDLQLQJ DJHQW

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸кр ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

$OWKRXJK SUD\HU LV VSLULWXDO DQG UHOLJLRXV FRPPXQLRQ ZKRVH DLP LV WKH UHPHPEUDQFH RI *RG ,VODP VHHNV WR LPSOHPHQW WKLV VSLULW RI FRPPXQLRQ XQGHU WKH IUDPHZRUN RI D VHW RI HGXFDWLYH SURJUDPV DQG WKXV LW KDV VHW PDQ\ UHTXLUHPHQWV IRU LW²L H UHTXLUHPHQWV IRU WKH FRUUHFWQHVV RI WKH SUD\HU UHTXLUHPHQWV IRU LWV DFFHSWDQFH DQG UHTXLUHPHQWV IRU LWV SHUIHFWLRQ &OHDQOLQHVV RI WKH ERG\ DQG FORWKLQJ IDFLQJ WKH TLEODK FRUUHFW UHFLWDO RI WKH ZRUGV SHUPLVVLELOLW\ ^PXEDώ` RI WKH SODFH DQG FORWKLQJ RI WKH SHUIRUPHU RI SUD\HU DUH VRPH RI WKH IDFWRUV QHFHVVDU\ IRU WKH FRUUHFWQHVV RI SUD\HU ZKLFK DUH UHODWHG WR WKH ERG\ RI WKH SHUIRUPHU DQG QRW KLV VRXO +RZHYHU ,VODP KDV IUDPHG WKLV SUD\HU LQ WKLV PDQQHU VR DV WR JLYH OHVVRQV WR WKH 0XVOLPV DERXW K\JLHQH FOHDQOLQHVV LQGHSHQGHQFH DQG WKH REVHUYDQFH RI WKH ULJKWV RI RWKHUV -XVW OLNH FRQFHQWUDWLRQ FRPSOHWH GHYRWLRQ DFFHSWDQFH RI WKH OHDGHUVKLS RI WKH LQIDOOLEOH ,PDPV µ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¶DQ VWDWHV

ËÊ ǾÉƳÌȁ Ƃ ƅơ È ǶōưÈÈǧ ơȂŎdzȂÈÉƫ ƢǸǼÈÌȇƘÈÈǧ ƃ

³6R ZKLFKHYHU ZD\ \RX WXUQ WKHUH LV WKH IDFH RI $OODK ´> @ +RZHYHU LQ RUGHU IRU 0XVOLP VRFLHW\ WR XQGHUVWDQG WKDW LW PXVW KDYH D VLQJOH GLUHFWLRQ DQG OHDUQ WKH OHVVRQ RI XQLW\ DQG VROLGDULW\ HYHU\RQH LV RUGHUHG WR IDFH D VLQJOH GLUHFWLRQ %XW ZK\ LV WKDW GLUHFWLRQ WRZDUG WKH .DµEDK"

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸кс ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

,W LV EHFDXVH WKH .DµEDK LV WKH ILUVW SODFH WR KDYH EHHQ VHOHFWHG DV D SODFH IRU WKH ZRUVKLS RI PDQNLQG

Ƃ ǺȈǸ Ê ËǼǴÊdz ǞÈǓÊȁ É ȁ Ƣ É ƨÈǰōƦÈÊƥ ȅǀǴōÈdz DžƢ È ǯÅǁƢƦ É ƪÇȈÌÈƥ DZÈȁōÈƗ ǹōÊƛ ƃ È ÈdzƢǠǴÌÊdz ȃƾÅǿ È Ƿ

³,QGHHG WKH ILUVW KRXVH WR EH VHW XS IRU PDQNLQG LV WKH RQH DW %DNNDK > @ EOHVVHG DQG D JXLGDQFH IRU DOO QDWLRQV ´> @ 2Q RQH KDQG WKH IRXQGHU DQG FXVWRGLDQV RI WKH .DµEDK WKURXJKRXW KLVWRU\ KDYH EHHQ SURSKHWV µD 7KXV VWDQGLQJ IDFLQJ WKH .DµEDK LV D VRUW RI LGHRORJLFDO VROLGDULW\ WKURXJKRXW WKH DJHV 2Q WKH RWKHU KDQG WKH .DµEDK LV WKH VRXUFH RI LQGHSHQGHQFH ,W LV EHFDXVH ZKHQ WKH 0XVOLPV ZHUH VWLOO IDFLQJ WKH %D\W DO 0XTDGGDV WKH TLEODK RI WKH -HZV DQG &KULVWLDQV WKH ODWWHU WDXQWHG WKH IRUPHU VD\LQJ ³<RX DUH VWDQGLQJ ZKLOH IDFLQJ RXU TLEODK ZK\ GR \RX KDYH QR LQGHSHQGHQFH"´ 7KH 4XU¶DQ WKXV VWDWHV ZLWK XWPRVW H[SOLFLWQHVV

É ƮÉȈÌƷ È ǮÈȀÈƳÌȁ ǶÌǰÉǿȂ È ƳÉȁ ơȂ È ȁ Ê ƸÈÌdzơ ƾÊƴÊLjÌǸÈÌdzơ ǂÈǘÌNj É ŎdzȂÈÈǧ ǶÌƬÉǼÌǯ ƢǷ È ǵơǂ È ÊòDZËȂÈÈǧ ƃ È ǰÉÈȇ ȐËƠÈÊdz ǽÉǂÈǘÌNjÈ Ƃ ƨÆƴōƷ È DžƢ Ê ËǼǴÊdz ǹȂ É ǶÌǰÉȈÌǴÈǟ

³7XUQ \RXU IDFH WRZDUG WKH +RO\ 0RVTXH DQG ZKHUHYHU \RX PD\ EH WXUQ \RXU IDFHV WRZDUG LW VR WKDW WKH SHRSOH PD\ KDYH QR DUJXPHQW DJDLQVW \RX ´> @ ,Q VXP WKH .Dµ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µ$ELGLQ µD

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸кт ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

FRPSODLQV LQ WKH 3UHVHQFH RI *RG DJDLQVW KLV RZQ VRXO VD\LQJ ³2 *RG , DP FRPSODLQLQJ WR <RX DJDLQVW D VRXO ZKLFK LV LQFOLQHG WRZDUG FDUQDO GHVLUHV DQG LV HVFDSLQJ IURP WKH WUXWK ´ ,W LV WKLV VRXO WKDW FRQVLGHUV VLQ WR EH VZHHW DQG OLJKW WR PDQ MXVWLI\LQJ LW WKXV ³<RX ZLOO UHSHQW DIWHUZDUG DQ\ZD\ ´ RU ³2WKHUV KDYH DOVR GRQH WKHVH GHHGV ´ 7KH VRXO LV OLNH D ZDQWRQ FKLOG ,I KLV IDWKHU LV QRW ZDWFKIXO RI KLP KH ZLOO VHSDUDWH IURP KLV IDWKHU DQG JR ZKHUHYHU KH ZDQWV DQG LQ HYHU\ PRPHQW KH LV VXVFHSWLEOH WR HYHU\ NLQG RI GDQJHU 7KH EHVW ZD\ RI FRQWUROOLQJ WKLV UHEHOOLRXV VRXO LV IRU PDQ WR VXPPRQ LW VHYHUDO WLPHV D GD\ WR WKH 3UHVHQFH RI *RG DQG WKHUHE\ UHPRYH LWV QHJOLJHQFH DQG VDYH LW IURP GURZQLQJ LQ WKH TXDJPLUH RI PDWHULDO WKLQJV *XDUGLDQVKLS ^ZLOD\DK` RYHU FUHDWLRQ $PRQJ WKH EOHVVLQJV RI SUD\HU DQG ZRUVKLS LV WKDW JUDGXDOO\ PDQ DFTXLUHV GRPLQDQFH RYHU WKH XQLYHUVH )LUVW VWHS 7KH 4XU¶DQ VD\V

ËÈ ǬÉƬōÈƫ ǹÌÊƛ ƃ ƂƢÅǻƢǫǂÌÉǧ ǶÌǰÉÈdz DzÌǠÈƴÌÈȇ ƅơ ơȂ

³,I \RX DUH ZDU\ RI $OODK +H VKDOO DSSRLQW D FULWHULRQ> @ IRU \RX ´> @ ,Q DQRWKHU SODFH LW VWDWHV

È njÉǸÌÈƫ ơǁȂ Ƃ ǾÊÊƥ ǹȂ Å Éǻ ǶÌǰÉÈdz DzÌǠÈƴÌÈȇ ƃ

³$QG JLYH \RX D OLJKW WR ZDON E\ ´> @ 6R *RG ZDULQHVV ^WDTZD`²WKH PRVW LPSRUWDQW DVSHFW RI ZKLFK LV VHUYLWXGH WR *RG DQG SUD\HU²LV D VWHS WRZDUG WKH DFTXLVLWLRQ RI OLJKW ^QXU` DQG LQVLJKW ^EDϙLUDK` 6HFRQG VWHS 7KRVH ZKR DFFHSW GLYLQH JXLGDQFH DQG DUH ZLWKLQ WKH RUELW RI WUXWK *RG ZLOO HQKDQFH WKH JXLGDQFH WKH\ SRVVHVV

Ƃ ȃƾÅǿ È ȁÌƾÈƬÈǿơ É ǶÌǿÉƽơǃ ơ Ì Ǻȇǀ È ōdzơ ȁÈ ƃ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸лй ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

³$V IRU WKRVH ZKR DUH ^ULJKWO\` JXLGHG +H HQKDQFHV WKHLU JXLGDQFH ´> @ +HQFH WKHLU OLJKW DQG JXLGDQFH VKDOO QRW FHDVH UDWKHU RQ DFFRXQW RI WKH VXEPLVVLRQ DQG VHUYLWXGH WKH\ DUH DOZD\V LQ D VWDWH RI DGYDQFHPHQW DQG SUR[LPLW\ ^TXUE` WR *RG DQG WKH UDGLDQFH RI WKHLU H[LVWHQFH VKLQHV EULJKWHU 7KLUG VWHS 6LQFH WKHVH LQGLYLGXDOV DUH H[HUWLQJ HIIRUW LQ WKH ZD\ RI *RG *RG ZLOO VKRZ WKHP PDQ\ SDWKV OHDGLQJ WRZDUG SHUIHFWLRQ

Ƃ ƢǼǴÈƦÉLJ È Ǻȇǀ É ǶÌȀÉǼōÈȇƾÊȀÌǼÈÈdz ƢǼȈǧ ơȁƾÉǿƢƳ È ōdzơ ȁÈ ƃ

³$V IRU WKRVH ZKR VWULYH LQ 8V :H VKDOO VXUHO\ JXLGH WKHP LQ 2XU ZD\V ´> @ )RXUWK VWHS :KHQHYHU 6DWDQ PDNHV DQ LQVLQXDWLRQ WR WKHP WKH\ ZLOO LPPHGLDWHO\ EH UHPLQGHG DQG DVN IRUJLYHQHVV IURP $OODK

Ê ǦÆÊƟƢǗ ǶÌȀÉLjōǷ ơƿ Ê ȈÌnjdzơ ō ǺÈǷ Ƃ ơȁǂÉǯōǀÈÈƫ ǹƢǘ È Êƛ ƃ

³:KHQ WKRVH ZKR DUH *RG ZDU\ DUH WRXFKHG E\ D YLVLWDWLRQ RU LQVLQXDWLRQ RI 6DWDQ WKH\ UHPHPEHU ^$OODK` ´> @ )LIWK VWHS 3UD\HU LV WKH EHVW PHDQV IRU VHOI EXLOGLQJ DQG NHHSLQJ DORRI IURP LQGHFHQF\ DQG HYLO

Ê ƸÌǨÈÌdzơ ǺÊǟ ò È ǐdzơ Ƃ ǂÊǰÈǼÌǸÉÌdzơ ȁ È ȄȀǼÌÈƫ ƧȐ ō ǹōÊƛ ƃ È ƔƢnj

³,QGHHG WKH SUD\HU SUHYHQWV LQGHFHQFLHV DQG ZURQJV ´> @ $IWHU IROORZLQJ WKHVH VWHSV PDQ ZLOO DFTXLUH GRPLQDQFH RYHU KLV VRXO +H KDUQHVVHV LW DQG ZLOO QRW EH HQWDQJOHG E\ LQVLQXDWLRQV DQG GHVLUHV $V D PDWWHU RI IDFW ZKHQHYHU WKH SUHVVXUH RI LQQHU LQVLQXDWLRQ ^ZDVZDVDK` DQG RXWHU ϚDJKXW LV LQWHQVLILHG KH ZLOO DJDLQ VHHN DVVLVWDQFH WKURXJK SUD\HU DQG SDWLHQFH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸лк ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

Ƃ ơȂǼȈÉǠÊƬÈLJơ ō Êƥ ƧÊȂÙǴÈǐdzơ ō ȁ ƃ Ì ȁÈ ǂÊƦÌǐdzƢ È

³$QG WDNH UHFRXUVH LQ SDWLHQFH DQG SUD\HU ´> @ 6L[WK VWHS *RG ZDU\ ^PXWWDTL` LQGLYLGXDOV ZKRVH H[LVWHQFH LV LOOXPLQDWHG ZLWK WKH GLYLQH OLJKW PRYH D VWHS IRUZDUG ZLWK HYHU\ SUD\HU IRU SUD\HU LV QRW UHSHWLWLRQ LW LV DQ DVFHQVLRQ 7KH VWDLUV RI D ODGGHU DUH DOO VLPLODU EXW HYHU\ VWDLU EULQJV PDQ WR D KLJKHU VWDJH ,W LV OLNH VRPHRQH ZKR GLJV D ZHOO $SSDUHQWO\ KH LV GRLQJ D UHSHWLWLYH WDVN DQG LV DOZD\V GLJJLQJ EXW LQ UHDOLW\ ZLWK HYHU\ VWULNH WKDW KH PDNHV KLV ZHOO LV EHFRPLQJ GHHSHU 7KH UDNµDKV ^F\FOHV` RI SUD\HU DUH DSSDUHQWO\ UHSHWLWLYH EXW LQ UHDOLW\ WKH\ DUH VWDLUV LQ FOLPELQJ WKH ODGGHU RI SHUIHFWLRQ DQG IRU GHHSHQLQJ JQRVLV ^PDµULIDK` DQG IDLWK ^LPDQ` 7KH SHUIRUPHU RI SUD\HU GRHV QRW DOORZ KLV OLIH WR EHFRPH D JUD]LQJ ODQG IRU 6DWDQ RU WR EH GRPLQDWHG E\ KLP ,Q WKH 'XµD¶ 0DNDULP DO $NKODT ,PDP =D\Q DO µ$ELGLQ µD DVNV WKLV IURP *RG ³2 /RUG ,I P\ OLIH LV D PHDGRZ IRU 6DWDQ WHUPLQDWH LW ´ 6DWDQ QRW RQO\ JLYHV LOOXVLRQ DQG IDQF\ EXW DOVR FUXVKHV WKH VRXO RI PDQ XQGHU KLV IHHW DQG PDNHV PDQ QHJOLJHQW RI WKH WUXWK DQG WKH UHDOLW\ <HV WKH +RO\ 3URSKHW 6 ZDV DZDNH HYHQ ZKHQ KH ZDV DVOHHS ZKHUHDV ZH DUH DVOHHS ZKLOH DZDNH DQG HYHQ ZKLOH ZH DUH SUD\LQJ RXU VRXOV DUH WKH YLFWLPV RI 6DWDQ DQG WKH LPDJLQDWLRQ $V 0DZODZL VD\V ˴ Ώέ Ϧϋ ΐϠϘϟ΍ ϡΎϨϳ ϻ ϡΎϨϳ ˷ ϡΎϧϻ΍ ϯΎϨϴ ˴ ˴ ϋ Ϫϛ ήΒϤϐϴ̡ Ζϔ̳

΢Θϓ έΩ ϢϟΩ ˬϪΘϔΧ Ϧϣ Ϣθ̩ Ώ΍ϮΧ ϪΑ ϪΘϓέ ϝΩ ϭ έ΍ΪϴΑ ϮΗ Ϣθ̩ ΏΎΑ

7KH 3URSKHW VDLG ³0\ WZR H\HV DUH DVOHHS ZKLOH P\ KHDUW GRHVQ¶W VOHHS DQG IRUJHW WKH /RUG RI WKH FUHDWXUHV <RXU H\HV DUH DZDNH DQG WKH KHDUW IHOO DVOHHS 0\ H\HV DUH DVOHHS ZKLOH P\ KHDUW LV ORRNLQJ IRU WKH RSHQLQJ GRRU ´ ,Q DQRWKHU SODFH KH VD\V

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸лл ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ήϴγ΍ ϰϧΎΑΎϴΑ έΩ Ζγ΍ ϯή̡ ϥϮ̪Ϥϫ ˬϝΩ Ϫϛ ήΒϤϐϴ̡ Ζϔ̳ Ζγ΍ ϯήλήλ ˴ ϑϼΘΧ΍ Ϊλ ΎΑ Ζγ΍έ Ϫ̳ ϭ ̠̩ Ϫ̳ ϑ΍ΰ̳ Ϊ˴ϧ΍έ ϑήσ ήϫ ΍έ ή˴̡ ˬΩΎΑ

7KH 3URSKHW VDLG WKDW WKH KHDUW LV OLNH D IHDWKHU ZKLFK LV FDSWXUHG LQ D GHVHUW E\ D ZLQG 7KH ZLQG VKRRWV DZD\ WKH IHDWKHU WR HYHU\ FRUQHU YDLQO\ 6RPHWLPHV WR WKH OHIW DQG VRPHWLPHV WR WKH ULJKW ZLWK D KXQGUHG GLIIHUHQFH ,I WKLV VRXO LV QRW EULGOHG HYHU\ PRPHQW LW FDQ GUDZ PDQ WRZDUG FRUUXSWLRQ

Ê LjdzƢ Ƃ ȆËƥǁ ō ǹōÊƛ ƃ È ǶÈƷÊǁ ƢǷ È ȏËÊƛ ƔȂ Ŏ Êƥ ƧÆǁƢÈǷËȋÈÈ džÈǨÌǼdzơ

³)RU WKH ^FDUQDO` VRXO LQGHHG SURPSWV ^PHQ` WR HYLO H[FHSW LQDVPXFK DV P\ /RUG KDV PHUF\ ´> @ )RU WKLV UHDVRQ WKH 4XU¶DQ UHJDUGV SDUDGLVH DV H[FOXVLYH IRU WKRVH ZKR KDYH QR GHVLUH IRU GRPLQDQFH DQG FRUUXSWLRQ QRW RQO\ LQ ZRUGV EXW DOVR LQ WKH KHDUW > @ $QG IRU WKRVH ZKR SUHYHQW WKHLU VRXOV IURP IROORZLQJ WKHLU GHVLUHV SDUDGLVH VKDOO EH WKHLU DERGH > @ 7KH VDLQWV RI *RG DUH WKH UXOHUV ^ώXNDPD¶` RYHU WKHLU PLQGV DQG WKRXJKWV DQG QRW FRQGHPQHG ^PDώNXPLQ` E\ WKHP $V D UHVXOW RI WKHLU VHUYLWXGH WR *RG WKH\ KDYH VXFK JXDUGLDQVKLS ^ZLOD\DK` DQG GRPLQDQFH ^ϙϛϒϚχώ` RYHU WKHLU VRXOV WKDW WKH\ GR QRW DOORZ HYHQ DQ LQVLQXDWLRQ ^ZDVZDVDK` WR HQWHU WKHLU KHDUWV

αήΘγΩ ΍έ β̴ϣ Ϧϣ ήΑ ΩϮΑ ϰϛ β̴ϣ ϪθϳΪϧ΍ ˬϢΟϭ΍ ύήϣ Ϯ̩ Ϧϣ

, DP OLNH D ELUG +H LV OLNH -DPVKϏG DQG WKH WKRXJKW RYHU WKH IO\ :KHQ FDQ , KDYH DFFHVV RYHU WKH IO\" $IWHU PDQ DWWDLQV OLJKW FRJQLWLRQ DQG DZDUHQHVV FRQWUROV WKH VRXO WKURXJK JQRVWLF ]HDORXV DQG FRQVFLRXV SUD\HUV VHWV KLV VRXO WRZDUG WKH SOHDVXUH RI *RG DQG DFTXLUHV JXDUGLDQVKLS DQG GRPLQDQFH RYHU KLV VRXO KH ZLOO DOVR DFTXLUH GRPLQDQFH RYHU FUHDWLRQ +LV VXSSOLFDWLRQV ZLOO EH HIIHFWLYH DQG KH FDQ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸лм ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

SHUIRUP GLYLQH ZRUNV 7KH PLUDFOHV RI WKH SURSKHWV µD DUH WKH VDPH DXWKRULW\ RYHU FUHDWLRQ DQG PDVWHU\ RYHU QDWXUH ZKLFK WKH\ SHUIRUPHG ZLWK GLYLQH SHUPLVVLRQ 7KH\ DUH WKXV VD\LQJ

Ê Ƴ É ǿȂ ƨËȈƥȂƥǂdzơ ƢȀȀǼ ǯ Ƨǂ É ƨÉËȇƽȂƦǠdzơ É Ë

³6HUYLWXGH ^µXEXGL\\DK` LV D JHP WKDW EULQJV DERXW ORUGVKLS ^UXEXEL\\DK` ´ ,W UHIHUV WR WKH GRPLQDQFH RYHU WKH FUHDWLRQ ZKLFK UHVXOWV IURP VHUYLWXGH WR *RG ,W LV UHFRUGHG LQ WKH KDGLWK WKDW *RG VD\V ³7KURXJK RSWLRQDO DQG UHFRPPHQGHG DFWV PDQ JHWV QHDUHU WR 0H VWHS E\ VWHS XQWLO VXFK D WLPH WKDW KH EHFRPHV 0\ EHORYHG ^PDώEXE` DQG RQFH KH DWWDLQV WKLV VWDWLRQ , ZLOO EHFRPH KLV H\HV HDUV WRQJXH DQG KDQG DQG DOO KLV DFWLRQV ZLOO EHFRPH GLYLQH DQG SXUSRVHIXO +H ZLOO UHDFK D SRLQW ZKHUH OLNH +DGUDW ,EUDKLP $EUDKDP µD KH ZLOO VD\

ËÊ Ƃ ǺȈǸ Ƿ Ǐ È ƸÌǷ È ǹōÊƛ ƃ È ȁ È ȁ Ȇǰ È ȅƢȈ È LjÉÉǻ ȁ ȆƫȐ È È ÈdzƢǠÌdzơ ÊòƣËǁ È ƅ ȆƫƢǸ

³,QGHHG P\ SUD\HU DQG P\ ZRUVKLS P\ OLIH DQG P\ GHDWK DUH IRU WKH VDNH RI $OODK WKH /RUG RI DOO WKH ZRUOGV ´> @ 7KH YLVDJH RI SUD\HU :KDWHYHU FDQ EH VDLG DQG ZULWWHQ DERXW SUD\HU ZRXOG VWLOO QRW EH HQRXJK WR IXOO\ GHVFULEH LW +RZ FRXOG LW EH SRVVLEOH WR H[SUHVV LQ D IHZ ZRUGV WKH SLOODU RI UHOLJLRQ WKH EDQQHU RI ,VODP WKH UHPLQLVFHQFH RI UHOLJLRQV DQG SURSKHWV DQG WKH SLYRW RI WKH DFFHSWDQFH RI DOO GHHGV" ͬ 3UD\HU LV WKH SURJUDP IRU HYHU\ PRUQLQJ DQG HYHQLQJ ,Q WKH PRUQLQJ WKH ILUVW REOLJDWRU\ ZRUG LV SUD\HU DQG LQ WKH HYHQLQJ WKH ODVW REOLJDWLRQ LV SUD\HU 6R WKH EHJLQQLQJ DQG WKH FRQGXFW RI HYHU\ GD\ LV WKURXJK UHPHPEUDQFH DQG IRU WKH VDNH RI *RG ͬ 3UD\HU LV WKH VHFUHW RI WKH RQH ZKR²ZKHUHYHU KH LV DQG

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸лн ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ZKRHYHU KH LV ZKHWKHU WUDYHOLQJ RU QRW RQ WKH JURXQG RU LQ WKH DLU ZKHWKHU LQ SRYHUW\ RU LQ DIIOXHQFH²LV VXEVHUYLHQW WR +LP DQG QRW WR RWKHU WKDQ +LP

ͬ 3UD\HU LV WKH SUDFWLFDO LGHRORJ\ RI WKH 0XVOLP LQ ZKLFK KH H[SUHVVHV KLV EHOLHIV LGHDV DVSLUDWLRQV DQG PRGHOV ͬ 3UD\HU PHDQV VWUHQJWKHQLQJ YDOXHV DQG SUHYHQWLQJ WKH GLVLQWHJUDWLRQ RI WKH SHUVRQDOLW\ RI LQGLYLGXDOV DQG PHPEHUV RI WKH VRFLHW\ LQ WKH VDPH ZD\ WKDW LI WKH PDWHULDOV RI D EXLOGLQJ DUH ZHDN WKH EXLOGLQJ ZLOO FROODSVH ͬ 7KH FDOO WR SUD\HU ^DGKDQ` LV WKH FODULRQ RI PRQRWKHLVP ^WDZώLG` ZKLFK VXPPRQV WKH VFDWWHUHG VROGLHUV RI ,VODP LQ D VLQJOH OLQH DQG XQGHU D VLQJOH EDQQHU DQG SODFHV WKHP EHKLQG D MXVW OHDGHU ^LPDP` ͬ 7KH LPDP RI WKH FRQJUHJDWLRQ ^MDPDµDK` LV RQH SHUVRQ VR DV WR VHUYH DV D FOXH WKDW WKH LPDP RI WKH VRFLHW\ ^MDPLµDK` VKRXOG DOVR EH RQH SHUVRQ VR DV WR KDYH FHQWUDOL]DWLRQ LQ WKH FRQGXFW RI DIIDLUV ͬ 7KH LPDP RI WKH FRQJUHJDWLRQ LV VXSSRVHG WR DWWHQG WR WKH ZHDNHVW DPRQJ WKH SHRSOH DQG WKLV LV D OHVVRQ WKDW LQ GHFLVLRQ PDNLQJ WKH GHSULYHG FODVV RI WKH VRFLHW\ PXVW EH DWWHQGHG WR :KLOH SUD\LQJ ZKHQ WKH 0HVVHQJHU RI $OODK 6 KHDUG WKH FU\ RI D FKLOG KH KXUULHGO\ SHUIRUPHG WKH SUD\HU VR WKDW LQ FDVH WKH PRWKHU RI WKH FKLOG KDG HYHU SDUWLFLSDWHG LQ SUD\HU VKH FRXOG TXLFNO\ DWWHQG WR WKH QHHGV RI KHU FKLOG > @ ͬ 7KH ILUVW FRPPDQG DIWHU WKH FUHDWLRQ RI PDQ ZDV WKH FRPPDQG IRU SURVWUDWLRQ DGGUHVVHG WR WKH DQJHOV ³3URVWUDWH EHIRUH $GDP $GDP ´> @ ͬ 7KH ILUVW SODFH RQ HDUWK WKDW VXUIDFHG DQG EHFDPH GU\ ZDV WKH VLWH RI ZRUVKLS 0HFFD DQG WKH .DµEDK > @ ͬ 7KH ILUVW WDVN GRQH E\ WKH 0HVVHQJHU RI $OODK 6 DIWHU KLV HPLJUDWLRQ ^KLMUDK` WR 0HGLQD ZDV WKH FRQVWUXFWLRQ RI D PRVTXH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸ло ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ͬ 3UD\HU LV ERWK WKH HQMRLQPHQW RI ZKDW LV JRRG ^DPU EL¶O PDµUXI` DQG WKH IRUELGGDQFH RI ZKDW LV HYLO ^QDK\L µDQL¶O PXQNDU` :H VD\ HYHU\GD\ LQ WKH DGKDQ DQG LTDPDK ³&RPH WR SUD\HU FRPH WR WKH PHDQV RI VXFFHVV FRPH WR WKH EHVW RI GHHGV ´ 7KDW LV RI DOO DIIDLUV WKH EHVW GHHG LV SUD\HU $OVR SUD\HU NHHSV PDQ DZD\ IURP FRUUXSWLRQ DQG LQGHFHQF\

Ê ƸÌǨÈÌdzơ ǺÊǟ ò È ǐdzơ Ƃ ǂÊǰÈǼÌǸÉÌdzơ ȁ È ȄȀǼÌÈƫ ƧȐ ō ǹōÊƛ ƃ È ƔƢnj

³,QGHHG WKH SUD\HU SUHYHQWV LQGHFHQFLHV DQG ZURQJV ´> @ ͬ 3UD\HU FRQVLVWV RI PRYHPHQWV ZKLFK KDYH HPDQDWHG IURP FRQVFLRXVQHVV DQG FRJQLWLRQ ,W LV WKURXJK WKH FRJQLWLRQ RI *RG WKDW E\ +LV RUGHU IRU +LV VDNH DQG EHFDXVH RI ]HDO IRU +LP ZH VWDQG LQ SUD\HU DQG WKXV WKH 4XU¶DQ KDV SURKLELWHG XV IURP SUD\LQJ ZKLOH LQ D VWDWH RI GUXQNHQQHVV> @ DQG LQGROHQFH> @ VR WKDW ZKDWHYHU ZH UHFLWH LQ SUD\HU PXVW EH ZLWK FRQVFLRXVQHVV DQG DWWHQWLRQ ͬ 3UD\HU JLYHV DZDUHQHVV 7KH -XPµDK SUD\HU LV KHOG HYHU\ )ULGD\ RI WKH ZHHN DQG SULRU WR LW WZR VHUPRQV ^NKXWEDKV` DUH GHOLYHUHG 7KHVH WZR VHUPRQV DUH PDGH LQ OLHX RI WZR UDNµDKV RI SUD\HU DQG LQ D VHQVH DUH SDUW RI WKH SUD\HU $FFRUGLQJ WR ,PDP DU 5LGD µD WKH VHUPRQV PXVW LQIRUP WKH SHRSOH RI DOO WKH LVVXHV LQ WKH ZRUOG > @ /LVWHQLQJ WR WKH VHUPRQV DQG WKHQ SUD\LQJ PHDQV EHLQJ LQIRUPHG DQG WKHQ SUD\LQJ ͬ 3UD\HU PHDQV H[LW IURP RQH¶V VHOI DQG VRDULQJ WRZDUG *RG 7KH 4XU¶DQ VD\V LQ WKLV UHJDUG

ËÊ ÈdzÊƛ ơǂƳƢȀ Ê ƱÌǂÉƼÌÈȇ ǺÌǷ ƾÌǬÈÈǧ ƩÉȂÌǸÈÌdzơ ǾÉǯÌǁÊƾÌÉȇ ǶōÉƯ ǾÊÊdzȂLJÉǁ É ǾÊƬÊȈÌÈƥ ǺÌǷ È ȁ ƃ È ƅơ Ȅ È È ȁ Å Ê Ƿ ËÊ ǴÈǟ Ƃ ƅơ Ȅ È ǽÉǂÉƳÌÈƗ ǞÈÈǫȁÈ ³$QG ZKRHYHU OHDYHV KLV KRPH PLJUDWLQJ WRZDUG $OODK DQG +LV $SRVWOH DQG LV WKHQ RYHUWDNHQ E\ GHDWK KLV UHZDUG VKDOO FHUWDLQO\ IDOO RQ $OODK ´> @ ,PDP .KRPHLQL VD\V 0LJUDWLRQ ^KLMUDK` IURP WKH DERGH RI WKH KHDUW WR *RG LV

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸лп ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

RQH RI WKH PDQLIHVWDWLRQV RI WKLV YHUVH 0LJUDWLRQ IURP VHOI DGPLUDWLRQ VHOI FHQWHUHGQHVV DQG VHOI FRQFHLW WRZDUG ZRUVKLS RI *RG ORYH RI *RG DQG *RG ZDULQHVV LV WKH JUHDWHVW RI PLJUDWLRQV > @

ͬ 3UD\HU LV LQ WKH UDQN ^PDQ]LODK` RI WKH *UHDWHVW 1DPH RI $OODK ^LVP DO DµϠDP` QD\ LW LV WKH *UHDW 1DPH RI $OODK LWVHOI ͬ ,Q SUD\HU WKH KRQRU ^µL]]DK` RI WKH /RUG ^UDEE` DQG WKH ORZOLQHVV ^GKLOODK` RI WKH VHUYDQW ^µDEG` LV PDQLIHVWHG DQG WKLV VWDWLRQ LV DOUHDG\ VXEOLPH ͬ 3UD\HU LV WKH EDQQHU RI ,VODP

-XVW DV D EDQQHU LV D V\PERO SUD\HU LV WKH V\PERO DQG WKH HPEOHP RI ,VODP -XVW DV D IODJ LV UHVSHFWHG DQG LQVXOWLQJ LW LV WDQWDPRXQW WR LQVXOWLQJ D QDWLRQ DQG FRXQWU\ LQVXOWLQJ DQG QHJOHFWLQJ SUD\HU DOVR PHDQV LQVXOWLQJ DQG QHJOHFWLQJ WKH UHOLJLRQ DV D ZKROH -XVW DV KRLVWLQJ WKH IODJ LV D VLJQ RI SROLWLFDO YLWDOLW\ DQG PLOLWDU\ SURZHVV SHUIRUPDQFH RI SUD\HU LV DOVR WKH VDPH 3UD\HU DQG WKH 4XU¶DQ ,Q PDQ\ FDVHV WKH 4XU¶DQ DQG SUD\HU KDYH EHHQ PHQWLRQHG WRJHWKHU VXFK DV LQ WKLV YHUVH

ËÊ ƣƢƬ Ê ǹȂ È ǐdzơ ơȂ È ǴÉƬÌÈȇ ƃ Ƃ ƧȐ È ǯ ō ǷƢǫ É ÈƗ ȁ È ƅơ

³,QGHHG WKRVH ZKR UHFLWH WKH %RRN RI $OODK DQG PDLQWDLQ WKH SUD\HU ´> @ $QG LQ DQRWKHU SODFH LW VWDWHV

È ǐdzơ ơȂ È ǰÉLjŏǸÈÉȇ Ǻȇǀ Ê ǰÊÌdzƢÊƥ ǹȂ Ƃ ƧȐ ō ǷƢǫ É ÈƗ ȁ È ƣƢƬ È È ōdzơ ȁ ƃ

³$V IRU WKRVH ZKR KROG IDVW WR WKH %RRN DQG PDLQWDLQ WKH SUD\HU ´> @ 6RPHWLPHV RQH DWWULEXWH KDV EHHQ PHQWLRQHG IRU SUD\HU DQG WKH 4XU¶DQ MXVW DV WKH ZRUG µUHPHPEUDQFH¶ ^GKLNU` KDV DOVR

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸лр ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

EHHQ PHQWLRQHG IRU WKH 4XU¶DQ

ËÊ ǼÈÌdzDŽōÈǻ ǺÉƸÌÈǻ ƢōǻÊƛ ƃ È ǜÉÊǧƢƸÈÈdz ǾÉÈdz ƢōǻÊƛȁ Ƃ ǹȂ È ǂÈǯÌǀdzơ Ƣ

³,QGHHG :H KDYH VHQW GRZQ WKH 5HPLQGHU DQG LQGHHG :H ZLOO SUHVHUYH LW ´> @ ,Q DGGLWLRQ WKH SKLORVRSK\ RI SUD\HU KDV DOVR EHHQ PHQWLRQHG DV µUHPHPEUDQFH¶

Ƃ ȅǂÊǯÌǀÊÊdz ƧÈȐÈǐdzơ ō ǶÊÊǫÈƗȁ ƃ È

³$QG PDLQWDLQ WKH SUD\HU IRU 0\ UHPHPEUDQFH ´> @ :KDW LV LQWHUHVWLQJ LV WKDW VRPHWLPHV LQVWHDG RI WKH ZRUG µSUD\HU¶ ^ϙDODK` WKH ZRUG µUHFLWDO¶ ^TXU¶DQ` KDV EHHQ PHQWLRQHG VXFK DV LQ WKLV YHUVH

È ǂÊƴÌǨÈÌdzơ ǹƕ È ǂÌÉǫ ǹōÊƛ ƃ Ƃ ơƽȂ Å ȀÉnjÌǷ È ǹƢǯ

³,QGHHG WKH GDZQ UHFLWDO LV DWWHQGHG ^E\ DQJHOV` ´> @ ,W LV VDLG WKDW ZKDW LV PHDQW E\ WKH µGDZQ UHFLWDO¶ ^TXU¶DQ DO IDMU` LV WKH GDZQ SUD\HU ^ϙDODK DV VXEώ` $SDUW IURP WKH IDFW WKDW WKH UHFLWDO RI WKH 4XU¶DQ LQ WKH IRUP RI 6XUDK DO )DWLώDK DQG DQRWKHU VXUDK LV RQH RI WKH REOLJDWRU\ SDUWV RI WKH SUD\HU SUD\HU LV GLVFXVVHG LQ PRVW VXUDKV ^VXZDU` RI WKH 4XU¶DQ LQFOXGLQJ ERWK WKH ORQJHVW VXUDK 6XUDK DO %DTDUDK Q DQG WKH VKRUWHVW VXUDK 6XUDK DO .DZWKDU Q 3UD\HU DQG TLVDV 7KH ODZ RQ TLϙDϙͼсоͽ LV GLVFXVVHG QRW RQO\ LQ ,VODP EXW LQ DOO GLYLQH UHOLJLRQV DFFRUGLQJ WR ZKLFK WKH SXQLVKPHQW IRU D SHUVRQ ZKR FXWV VRPHERG\¶V HDU LV WR FXW KLV HDU DQG WKH SHQDOW\ RI RQH ZKR EUHDNV VRPHERG\¶V WRRWK LV WR EUHDN KLV WRRWK DV ZHOO LQ RUGHU WR LPSOHPHQW MXVWLFH 2QH RI WKH FDVHV RI TLϙDϙ LV WKDW WKH KDQG RI D WKLHI PXVW EH DPSXWDWHG %XW RQO\ IRXU ILQJHUV DUH WR EH DPSXWDWHG DQG WKH SDOP RI KLV KDQG

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸лс ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

VKRXOG QRW EH LQFOXGHG IRU WKH 4XU¶DQ VD\V

ōÊ ǞÈǷ ơȂ ōÊ ƾÈƳƢ Ê LjÈǸÈÌdzơ ǹōÈƗȁ ƃ Ƃ ơƾÅƷÈÈƗ ƅơ È ǟÉƾÌÈƫ ȐÈǧ ƅ È

³7KH SODFHV RI ZRUVKLS EHORQJ WR $OODK VR GR QRW LQYRNH DQ\RQH DORQJ ZLWK $OODK ´> @ 7KLV LV EHFDXVH DW WKH WLPH RI SURVWUDWLRQ ^VXMXG` LQ SUD\HU KH KDV WR SXW WKH SDOP RI KLV KDQG RQ WKH JURXQG 7KXV FRQFHUQLQJ WKH SHQDOW\ IRU WKHIW WKH LVVXH RI SUD\HU DQG SURVWUDWLRQ PXVW EH WDNHQ LQWR DFFRXQW DQG WKH SDOP RI KLV KDQG VKRXOG QRW EH DPSXWDWHG VR HYHQ D WKLHI¶V ULJKW RI ZRUVKLS LV UHVSHFWHG :RUVKLS ^µLEDGDK` DQG JXDUGLDQVKLS ^ZLOD\DK` :RUVKLS ^µLEDGDK` KDV YDOXH ZKHQ LW LV QRW VXSHUILFLDO ,Q IDFW LW VKRXOG EH DVVRFLDWHG ZLWK FRJQL]DQFH RI WKH KHDYHQO\ OHDGHU DQG KLV JXDUGLDQVKLS ^ZLOD\DK` DQG DVVRFLDWHG ZLWK KXPLOLW\ DQG LWV SDUWLFXODU GLVFLSOLQHV +DGUDW µ$OL µD ZDV HQFXPEHUHG E\ D JURXS RI KROLHU WKDQ WKRX SUD\HU SHUIRUPHUV ZKR ZHUH NQRZQ LQ KLVWRU\ XQGHU WKH ODEHOV 0DULTXQ DQG .KDZDULM > @ 7KH\ ZHUH WKRVH ZKRVH IRUHKHDGV ZHUH FDOORXVHG RQ DFFRXQW RI ORQJ DQG IUHTXHQW SURVWUDWLRQV LQ SUD\HU <HW WKH\ UHYROWHG DJDLQVW µ$OL µD DQG XQVKHDWKHG WKHLU VZRUGV DJDLQVW KLP :H DOVR UHDG LQ WKH KDGLWKV WKDW ZKHQ WKH ,PDP RI WKH 7LPH µD ZRXOG DSSHDU D JURXS RI PRVTXHV ZLOO DFW DJDLQVW KLP 'R QRW LPDJLQH WKDW WKRVH ZKR KDG JRQH WR .DUEDOD¶ WR NLOO ,PDP DO +XVD\Q µD ZHUH DOO QHJOHFWRUV RI SUD\HU ^WDULN Dϙ ϙDODK` ,Q IDFW WKH\ XVHG WR HYHQ DWWHQG FRQJUHJDWLRQDO SUD\HUV 0XµDZL\DK DQG <D]LG WKHPVHOYHV ZHUH PRVTXH JRHUV <HV ZRUVKLS ZKLFK LV DVVRFLDWHG ZLWK LJQRUDQFH ^MDKDODK` UHJDUGV NLOOLQJ WKH PRVW GHYRWHG ZRUVKLSSHU ^µDELG` DPRQJ PDQNLQG DV WKH JUHDWHVW IRUP RI ZRUVKLS DQG JRHV WR NLOO µ$OL µD RQ WKH 1LJKW RI 3RZHU ^OD\ODK DO TDGU` ZLWK WKH DLP RI VHHNLQJ QHDUQHVV WR $OODK 1RW RQO\ SUD\HU EXW LQ IDFW DOO RWKHU IRUPV RI ZRUVKLS VKRXOG EH DVVRFLDWHG ZLWK FRJQL]DQFH RI WKH OHDGHU RI WUXWK DQG

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸лт ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

REHGLHQFH WR KLP ,W KDV EHHQ VWDWHG LQ WKH WUDGLWLRQV WKDW *RG KDV PDGH ΑDMM REOLJDWRU\ VR WKDW WKH SHRSOH FRXOG JDWKHU DURXQG +LV +RXVH DQG HVWDEOLVK FRPPXQLFDWLRQ ZLWK WKH LQIDOOLEOH ,PDPV µD DW WKLV FHQWHU RI JDWKHULQJ 1RZDGD\V KRZHYHU PLOOLRQV RI SHRSOH JDWKHU DURXQG WKH .DµEDK EXW EHFDXVH WKH\ KDYH QR GLYLQH OHDGHU WKH\ KDYH EHHQ VSOLQWHUHG DQG LQ VSLWH RI KDYLQJ WKLV FHQWHU RI XQLW\ DQG HFRQRPLF OHYHUDJH WKH\ VLOO VXIIHU VHWEDFNV IURP D KDQGIXO RI -HZV <HV ,VODP LV D WRWDOLW\ ZKLFK LV LQGLYLVLEOH 3UD\HU ZLWKRXW WKH DFNQRZOHGJPHQW RI JXDUGLDQVKLS ^ZLOD\DK`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µ,G ^IHDVW` SUD\HU RI ,PDP DU 5LGD µD FRPPHQFHG ZLWK VXFK JUDQGHXU DQG PDMHVW\ WKDW WKH RSSUHVVLYH JRYHUQPHQW LWVHOI WUHPEOHG DQG XQGHUVWRRG WKDW LI WKH\ DOORZHG WKLV SUD\HU WR EH FRPSOHWHG WKH µ$EEDVLG UXOH ZRXOG DOVR FRPH WR DQ HQG 7KXV 0D¶PXQ RUGHUHG WKH ,PDP µD WR EH WDNHQ LQWR FXVWRG\ DORQJ WKH ZD\ 7KH UHDVRQ ZK\ WKH SUD\HUV RI 0XVOLPV WRGD\ DUH LQHIIHFWLYH LV WKDW RQO\ D SDUW RI WKH LQMXQFWLRQV RI WKH 4XU¶DQ DUH SUDFWLFHG ZKLOH RWKHU SDUWV DUH IRUJRWWHQ ,Q WKLV UHJDUG WKH 4XU¶DQ VWDWHV

È LJÉǂdzơ ơȂ È DŽdzơ ơȂ È ǐdzơ ơȂ Ƃ DZȂ ō Éƫƕ ȁ ō ǸȈǫ É ÈƗ ȁ È ƧƢǯ È ƧȐ É ÈƗ ȁÈ ƃ ō ǠȈǗ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸мй ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

³0DLQWDLQ WKH SUD\HU DQG JLYH WKH ]DNDW DQG REH\ WKH $SRVWOH ´> @ 7RGD\ KRZHYHU VRPH SHRSOH SHUIRUP SUD\HUV EXW GR QRW JLYH ]DNDK 7KH\ DUH DOVR WKRVH ZKR VD\ WKHLU SUD\HUV DQG JLYH ]DNDK EXW DFFHSW WKH JXDUGLDQVKLS ^ZLOD\DK` RI LQILGHOV ^NXIIDU` ,Q RWKHU ZRUGV WKH\ KDYH IDLWK LQ *RG EXW WKH\ GR QRW GHQ\ WKH WDJKXW 7KLV LV GHIHFWLYH IDLWK *RG VD\V

ËÊ Êƥ ǺÌǷÊƚÌÉȇ ȁ Ê ǣƢ Ë Êƥ ǂÌǨÉǰÌÈȇ ǺÌǸÈÈǧ ƃ É ǘdzƢ Ƃ ȄǬƯÌȂÉÌdzơ ƧÊȁÈǂÌǠÉÌdzƢÊƥ ǮÈLjÈǸÌƬLJơ ƾǬǧ ƅƢ È È ƩȂ

³6R RQH ZKR GLVDYRZV WKH 5HEHOV ^WDJKXW` DQG KDV IDLWK LQ $OODK KDV KHOG IDVW WR WKH ILUPHVW KDQGOH ´> @ 7KDW LV ERWK WKH GLVDYRZDO RI WKH WDJKXW DQG IDLWK LQ *RG DUH UHTXLUHG <HW QRZDGD\V 0XVOLPV KDYH IRUJRWWHQ WKH GHFODUDWLRQ RI GLVDYRZDO RI WKH WDJKXWV DQG LQILGHOV 6R FRQFHUQLQJ WKRVH ZKR WXUQ WR WKH WDJKXW WKH 4XU¶DQ VWDWHV

È ǸÉǟÉDŽÌÈȇ Ǻȇǀ Ƃ ơȂǼÉǷƕ È ǶÌȀÉōǻÈƗ ǹȂ È ōdzơ ȄÈdzÊƛ ǂÈÈƫ ǶÌÈdz ÈƗ ƃ

³+DYH \RX QRW UHJDUGHG WKRVH ZKR FODLP WKDW WKH\ EHOLHYH«"´> @ 7KH GHJUHHV RI ZRUVKLS ^µLEDGDK` ,I ZH DVN D FKLOG ZK\ KH ORYHV KLV IDWKHU DQG PRWKHU KH ZLOO UHSO\ WKDW LW LV EHFDXVH WKH\ EX\ KLP FDQGLHV FORWKHV DQG VKRHV %XW LI ZH DVN DQ DGROHVFHQW ZK\ KH ORYHV KLV SDUHQWV KH ZLOO VD\ ³,W LV EHFDXVH P\ SDUHQWV DUH WKH V\PERO RI P\ LGHQWLW\ DQG SHUVRQDOLW\ DQG WKH\ DUH NLQG DQG V\PSDWKHWLF WR PH ´ $V WKH FKLOG JURZV ROGHU IRQGQHVV DQG DSSUHFLDWLRQ IRU SDUHQWV LQFUHDVHV DQG KH QR ORQJHU WKLQNV DERXW VKRHV DQG VXFK WKLQJV 0DQ\ FKLOGUHQ UHJDUG UHQGHULQJ VHUYLFHV WR WKHLU SDUHQWV DV D PHDQV WR WKHLU RZQ SHUIHFWLRQ DQG QHDUQHVV ^TXUE` WR $OODK DQG WKH\ WKLQN EH\RQG PDWHULDO WKLQJV :RUVKLS DQG GHYRWLRQ WR *RG LV DOVR OLNH WKDW (DFK SHUVRQ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸мк ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ZRUVKLSV *RG IRU D SDUWLFXODU UHDVRQ :RUVKLS KDV YDULRXV VWDJHV )LUVW VWHS 6RPH SHRSOH ZRUVKLS *RG WR H[SUHVV JUDWLWXGH WR +LP IRU +LV JUDFHV ,Q DGGUHVVLQJ WKH FRPPRQ SHRSOH WKH 4XU¶DQ VWDWHV

Ê ǶÌȀÉǼÈǷƕ Ê ǶÌȀÉǸÈǠÈǗÌÈƗ ȅǀÊōdzơ Ø ƪÊȈÌƦÈÌdzơ ơǀÈǿ ǺÌǷ È ƣōǁ ơȁ É ǺÌǷ È ȁ È ǝȂ Ç Ƴ È ƾÉƦÉǠÌȈÈǴÌÈǧ ƃ Ƃ ǥÇȂÌƻÈ

³/HW WKHP ZRUVKLS WKH /RUG RI WKLV +RXVH ZKR KDV IHG WKHP ^DQG VDYHG WKHP` IURP KXQJHU DQG VHFXUHG WKHP IURP IHDU ´> @ 7KH ILUVW VWHS VWDJH RU GHJUHH RI ZRUVKLS ZKLFK ZH VKDOO FDOO µZRUVKLS IRU JUDWLWXGH¶ LV H[DFWO\ OLNH WKH FKLOG¶V ORYH IRU KLV SDUHQWV²LW LV EHFDXVH RI WKHLU SXUFKDVH RI FDQGLHV FORWKHV DQG VKRHV WKDW KH ORYHV WKHP 6HFRQG VWHS $W WKLV VWDJH PDQ ZRUVKLSV *RG GXH WR WKH HIIHFWV DQG EOHVVLQJV RI ZRUVKLS DQG WKH\ SD\ DWWHQWLRQ WR WKH VSLULWXDO DQG UHOLJLRXV HIIHFWV RI SUD\HU $V WKH 4XU¶DQ GLVFORVHV

Ê ƸÌǨÈÌdzơ ǺÊǟ ò È ǐdzơ Ƃ ǂÊǰÈǼÌǸÉÌdzơ ȁ È ȄȀǼÌÈƫ ƧȐ ō ǹōÊƛ ƃ È ƔƢnj

³,QGHHG WKH SUD\HU SUHYHQWV LQGHFHQFLHV DQG ZURQJV ´> @ 7KLV VWDJH RI ZRUVKLS ZKLFK ZH FDOO µZRUVKLS IRU DGYDQFHPHQW¶ LV VLPLODU WR WKH ORYH RI WKH DGROHVFHQW IRU KLV SDUHQWV²KH SD\V UHVSHFW WR WKHP DV WKH\ KDYH EHHQ KLV WXWRUV DQG WUDLQHUV DQG KDYH SURWHFWHG KLP IURP GHYLDWLRQV DQG GDQJHUV 7KLUG VWHS 7KLV LV D KLJKHU VWHS RU VWDJH RI ZRUVKLS *RG VD\V WR +DGUDW 0XVD 0RVHV µD

È ǐdzơ Ƃ ȅǂÊǯÌǀÊÊdz ƧȐ ō ǶÊÊǫÈƗȁ ƃ È

³$QG PDLQWDLQ WKH SUD\HU IRU 0\ UHPHPEUDQFH ´> @ +DGUDW 0XVD µD SHUIRUPV SUD\HU QRW EHFDXVH RI IRRG DQG ZDWHU LW LV QRW EHFDXVH RI SURWHFWLRQ IURP FRUUXSWLRQ DQG

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸мл ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ZURQJGRLQJV HLWKHU IRU KH ZDV HVVHQWLDOO\ IDU IURP JOXWWRQ\ DQG PLVGHHGV +H LV DPRQJ WKH JUHDW SURSKHWV ^XOX¶O µDϠP` > @ DQG KH VD\V KLV SUD\HU IRU WKH VDNH RI ORYH IRU *RG DQG UHPHPEUDQFH RI +LP )RU WKH VDLQWV RI *RG ORYH IRU *RG LV WKH EHVW UHDVRQ IRU ZRUVKLS <HV WKHUH DUH FKLOGUHQ ZKR VLW LQ WKH IURQW RI D UHOLJLRXV DVVHPEO\ ^PDMOLV`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`²QHDUQHVV WR *RG :H KDYH IRXU YHUVHV LQ WKH 4XU¶DQ ZKLFK PDNH WKH SHUIRUPDQFH RI SURVWUDWLRQ ^VXMXG` LQFXPEHQW RQ WKH RQH ZKR UHFLWHV DQ\ RI WKHP 2QH RI WKHVH YHUVHV PHQWLRQV WKH VDPH LVVXH RI QHDUQHVV ^TXUE` WR $OODK WKURXJK ZRUVKLS 7KH 4XU¶DQ VWDWHV

Ƃ ƣÌǂÊƬÈǫơÌȁ Ì ȁ ƃ È ƾÌƴÉLJơ È

³%XW SURVWUDWH DQG GUDZ QHDU ^WR $OODK` ´> @ :RUVKLS KDV YDULRXV GHJUHHV DQG VWDJHV ZKLFK DUH GLIIHUHQW IURP HDFK RWKHU GHSHQGLQJ XSRQ WKH VSLULWXDO GHJUHH DQG IDLWK RI WKH LQGLYLGXDO 7KH YLVDJH RI ZRUVKLS ^µLEDGDK` ͬ :RUVKLS ^µLEDGDK` DQG VHUYLWXGH ^µXEXGL\\DK` EURXJKW WKH 0HVVHQJHU RI $OODK 6 WR DVFHQVLRQ ^PLµUDM`

È ƸÈƦÌLJ ƃ ȄÈdzÊƛ ǵơÊǂÈƸÈÌdzơ ƾÊƴÊLjÌǸÈÌdzơ ǺÈǷ ŏ ȐÅȈÌÈdz ǽÊƾÊƦÌǠÈÊƥ ȃǂÈLJÌÈƗ ȅǀÊōdzơ ǹƢ É È ƾÊƴÊLjÌǸÈÌdzơ Ƃ ȄǐÈǫÌȋơ

³,PPDFXODWH LV +H ZKR FDUULHG +LV VHUYDQW RQ D MRXUQH\ E\ QLJKW IURP WKH 6DFUHG 0RVTXH WR WKH )DUWKHVW όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸мм ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

0RVTXH ´> @ ͬ :RUVKLS SDYHV WKH JURXQG IRU WKH GHVFHQW RI DQJHOV

Ê ƤÇÌȇǁ Ȇ É ǹÌÊƛȁ ƃ Ƃ ƢÈǻƾÊƦÌǟ Ȅ È ǴÈǟ Ƣ È ǼÈÌdzDŽōÈǻ ƢǸōǷ È È Êǧ ǶÌƬÉǼÌǯ

³:H KDYH VHQW GRZQ WKH UHYHODWLRQ WKURXJK DQJHOV WR 2XU VHUYDQW ´> @ ͬ :RUVKLS FDXVHV WKH VXSSOLFDWLRQ RI PDQ WR EH JUDQWHG IRU SUD\HU LV WKH FRYHQDQW RI *RG> @ DQG ZKRHYHU IXOILOOV WKH FRYHQDQW RI *RG *RG LQ WXUQ ZLOO DOVR IXOILOO KLV FRYHQDQW

Ê ÉƗ ȅƾȀÌǠÈÊƥ ơȂÉǧȁÌÈƗ ƃ Ƃ ǶÌǯÉƾÊȀÌǠÈÊƥ ǥȁ

³$QG IXOILOO 0\ FRYHQDQW WKDW , PD\ IXOILOO \RXU FRYHQDQW ´> @ ͬ 7KH SHUVRQ ZKR GRHV QRW ZRUVKLS *RG LV PRUH DEMHFW WKDQ VWRQHV DQG RWKHU LQDQLPDWH REMHFWV IRU WKH 4XU¶DQ UHYHDOV

ËÊ ƨÊȈnjÌƻ Ê ǖÉƦÊȀÌÈȇ ƢǸÈdz ƢȀǼÌǷ Ê ǹōÊƛ ȁÈ ƃ Ƃ ƅơ È È ǺÌǷ

³$QG LQGHHG WKHUH DUH VRPH RI WKHP VWRQHV WKDW IDOO IRU WKH IHDU RI $OODK ´> @ 7KLV LV ZKLOH VRPH SHRSOH GR QRW VXEPLW WR WKH )RXQWDLQKHDG DQG &UHDWRU RI WKH XQLYHUVH ͬ :RUVKLS LV WKH V\PERO RI WKH ZLOO SRZHU DQG WKH SHUVRQDOLW\ RI PDQ 7KH SHUVRQ ZKR LV LQ WKH PLGVW RI KLV RZQ GHVLUHV DQG LQVWLQFWV LI KH ZRXOG ZLVK DQG GHFLGH WR PRYH WRZDUG *RG WKDW DFW LV YDOXDEOH ,I QRW WKH DQJHOV ZKR KDYH QR GHVLUH ^VKDKZDK` DQG ZUDWK ^JKDϊDE` DUH SHUSHWXDOO\ LQ WKH VWDWH RI ZRUVKLS ͬ :RUVKLS PDNHV WKH PRVW XQNQRZQ SHUVRQ RQ WKH HDUWK WKH PRVW UHQRZQHG SHUVRQ LQ KHDYHQ ͬ :RUVKLS OLQNV WKH VPDOO LVODQG RI PDQ WR WKH 6SULQJ RI H[LVWHQFH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸мн ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ͬ :RUVKLS PHDQV WR WDNH D JODQFH DW DOO RI H[LVWHQFH IURP DERYH ͬ :RUVKLS PHDQV WKH EORVVRPLQJ RI WKH GRUPDQW P\VWLFDO DQG VSLULWXDO IDFXOWLHV LQ PDQ¶V EHLQJ ͬ :RUVKLS LV D YDOXH DFTXLUHG E\ PDQ WKURXJK UHVROXWLRQ DQG ZLOO SRZHU ,W LV GLIIHUHQW IURP YDOXH DWWDLQHG EHFDXVH RI IDPLO\ VWDWXV RU EHFDXVH RI LQQDWH WDOHQWV ZKLFK DUH LQERUQ DQG QRW DFTXLUHG E\ FKRLFH ͬ :RUVKLS LV WKH UHQHZDO RI DOOHJLDQFH WR *RG DQG WKH QHZ IRVWHULQJ RI VSLULWXDO OLIH ͬ :RUVKLS LV WKH EDUULHU WR VLQ DQG WKH H[WLQJXLVKHU RI LWV HIIHFWV ,W LV UHPHPEUDQFH DQG FRQVFLRXVQHVV RI *RG WKDW SUHYHQWV PDQ IURP FRPPLWWLQJ VLQ DQG QRW PDQ¶V NQRZOHGJH RI WKH VLQ ͬ :RUVKLS LV ILOOLQJ WKH YHVVHO RI WKH VRXO ZLWK WKH UHPHPEUDQFH RI *RG ZKLFK LI LW LV ILOOHG ZLWK RWKHU WKDQ +LP LV DQ DFW RI LQMXVWLFH WR WKH HVVHQFH RI KXPDQLW\ ͬ :RUVKLS LV VR YDOXDEOH IRU WKH HDUWKO\ JURXQG LQ WKDW HQWUDQFH WR WKLV VDFUHG JURXQG ZLWKRXW ULWXDO SXULW\ LV QRW SHUPLVVLEOH VXFK DV HQWUDQFH WR WKH PRVTXH WKH .DµEDK DQG 4XGV ͬ :RUVKLS DQG VHUYLWXGH WR *RG LV LWVHOI D YDOXH HYHQ LI RXU VXSSOLFDWLRQV DQG UHTXHVWV DUH QRW JUDQWHG ͬ :RUVKLS LV H[SUHVVHG ERWK LQ WKH VWDWH RI KDSSLQHVV DQG VDGQHVV :KHQ *RG JLYHV WKH JODG WLGLQJV RI .DZWKDU WR +LV 3URSKHW 6 +H H[KRUWV KLP WR SUD\

È ǼÈȈÌǘÈǟÌÈƗ ƢōǻÊƛ ƃ Ƃ ǂÌƸÈÌǻơȁ È ǮÈËÊƥǂÈÊdz DzËÊ ǐÈÈǧ Ø ǂÈÈƯȂÌǰÈÌdzơ ǭƢ

³,QGHHG :H KDYH JLYHQ \RX DEXQGDQFH 6R SUD\ WR \RXU /RUG ´> @ *RG DOVR HQMRLQV SUD\HU LQ IDFLQJ GLIILFXOWLHV DQG SDLQIXO

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸мо ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

HYHQWV

Ì ǼȈÉǠÊƬÈLJơ Ƃ ƧÊȐÈǐdzơ ō ȁ ō Êƥ ơȂ Ì ȁ ƃ È ǂÊƦÌǐdzƢ È

³$QG WDNH UHFRXUVH LQ SDWLHQFH DQG SUD\HU ´> @ 3UD\HUV WKDW UHOLHYH GLIILFXOW\ :KHQHYHU ZH HQFRXQWHU GLIILFXOW\ RU ZDQW WR DVN IRU VRPHWKLQJ ,VODP HQMRLQV XV WR SUD\ WR *RG SDUWLFXODUO\ IRU WKH UHPRYDO RI RXU GLIILFXOW\ RU WKH JUDQWLQJ RI RXU UHTXHVW $W WKLV SRLQW LW LV DSSURSULDWH WR PHQWLRQ RQH H[DPSOH RI WKHVH SUD\HUV 7KH SUD\HU RI -DµIDU DW 7D\\DU -DµIDU DϚ ΝD\\DU ZDV D EURWKHU RI +DGUDW µ$OL µD ZKR GXULQJ WKH HPLJUDWLRQ ^KLMUDK` WR $E\VVLQLD ZDV DEOH WKURXJK KLV DSW DUJXPHQW DQG EHKDYLRU WR GUDZ WKH DWWHQWLRQ RI .LQJ 1HJXV DQG PDQ\ RWKHUV WRZDUG ,VODP DQG WR EHFRPH WKH SLRQHHU RI ,VODPLF SURSDJDWLRQ LQ WKH FRQWLQHQW RI $IULFD 'XULQJ WKH %DWWOH RI 0X¶WDK KH ORVW ERWK KLV KDQGV LQ WKH ZD\ RI *RG DQG LQ OLHX RI KDQGV *RG JDYH KLP WZR ZLQJV LQ SDUDGLVH +H WKHUHIRUH EHFDPH ZHOO NQRZQ DV DϚ ϚD\\DU ^WKH ZLQJHG RQH` :KHQ -DµIDU ZHQW WR 0HGLQD IURP $E\VVLQLD WKH 3URSKHW 6 VDLG ³:RXOG \RX OLNH PH WR RIIHU \RX D SUHFLRXV JLIW"´ 7KH SHRSOH LPDJLQHG WKDW WKH 3URSKHW 6 ZRXOG JLYH KLP D FHUWDLQ DPRXQW RI JROG RU VLOYHU DQG WKXV WKH\ WKURQJHG IRUZDUG LQ RUGHU WR VHH WKH 3URSKHW¶V 6 JLIW %XW WKH 3URSKHW 6 VDLG ³, VKDOO WHDFK \RX D SUD\HU DV D JLIW ZKLFK LI \RX SHUIRUP LW GDLO\ LW ZLOO EH EHWWHU IRU \RX WKDQ WKH ZKROH ZRUOG DQG ZKDW LV LQ LW DQG LI \RX SHUIRUP LW HYHU\GD\ HYHU\ )ULGD\ HYHU\ PRQWK RU HYHU\ \HDU *RG ZLOO IRUJLYH \RXU VLQV GXULQJ WKH LQWHUYDO RI WKH WZR SUD\HUV HYHQ LI LW LV DQ LQWHUYDO RI RQH \HDU > @ ,PDP Dϙ ΜDGLT µD VDLG ³:KHQHYHU \RX KDYH D SUREOHP RU VRPHWKLQJ WR DVN VXSSOLFDWH DIWHU VD\LQJ WKH SUD\HU RI -DµIDU DϚ ΝD\\DU ^ϙDODK MDµIDU` DQG LW ZLOO EH JUDQWHG *RG ZLOOLQJ ´ 7KLV SUD\HU KDV EHHQ QDUUDWHG ZLWK UHOLDEOH 6XQQL DQG 6KLµDK FKDLQV RI WUDQVPLVVLRQ ^LVQDG` DQG LW KDV DFTXLUHG WKH QDPH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸мп ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

,NVLU DO $µϠDP DQG .LEUL\\DK DO $ώPDU > @ 7KH PDQQHU RI SHUIRUPLQJ WKLV SUD\HU KDV EHHQ UHFRUGHG LQ WKH ILUVW SDUW RI 0DIDWLώ DO -LQDQ> @ XQGHU WKH GHHGV ^DµPDO` IRU )ULGD\ DIWHU WKH SUD\HUV RI WKH LQIDOOLEOH ,PDPV µD 2I FRXUVH WKLV SUD\HU LV RQH RI WKH WHQV RI UHFRPPHQGHG ^PXVWDώDEE` SUD\HUV IRU WKH UHPRYDO RI GLIILFXOWLHV ZKLFK KDYH EHHQ WUDQVPLWWHG 5HFHQWO\ D ERRN HQWLWOHG 1DPD] KD \H 0XVWDώDEE ^5HFRPPHQGHG 3UD\HUV` KDV EHHQ ZULWWHQ ZKLFK KDV PHQWLRQHG DSSUR[LPDWHO\ UHFRPPHQGHG SUD\HUV ZLWK WKHLU SDUWLFXODU QDPHV DQG PDQQHU RI SHUIRUPDQFH 7KLV GLYHUVLW\ LWVHOI DWWHVWV WR WKH LPSRUWDQFH RI SUD\HU DQG D SUD\HU IRU HYHU\ RFFDVLRQ KDV EHHQ UHFRUGHG 7KH VDQFWLW\ RI SUD\HU 7KH VDQFWLW\ RI SUD\HU LV VXFK WKDW LW KDV EHHQ UHFRPPHQGHG WKDW WKH WLPH IRU WKH H[HFXWLRQ RI VRPH GHHGV VXFK DV PDNLQJ D YRZ ^TDVDP` RU JLYLQJ WHVWLPRQ\ ^VKDKDGDK` VKRXOG EH DIWHU WKH UHFLWDWLRQ RI SUD\HUV ,Q 6XUDK DO 0D¶LGDK WKH 4XU¶DQ VWDWHV

Ê ƩÉȂÌǸÈÌdzơ ǶÉǯÉƾÈƷÈÈƗ ǂÈǔÈƷ ơ È ǼÉǷƕ ǺȈ È ƿÈÊƛ ǶÌǰÉǼÊȈÌÈƥ ƧÉƽƢÈȀÈNj ơȂ È Ǻȇ È Ʒ È ǀÊōdzơ ƢȀÈŎȇÈƗ ƢÈȇ ƃ Ê ǹơ Ê DZÇƾÌǟ ơ Ê ǂÈƻƕ Ê ǼÈƯơ È ǹƢ È ǺÌǷ Ì ƨÊȈōǏÊȂÈÌdzơ ȆÊǧ ǶÌƬÉÌƥǂÈǓ È ȁÌÈƗ ǶÌǰÉǼÌǷ È ǶÌƬÉÌǻÈƗ ǹÌÊƛ ǶÌǯÉǂÊȈÌǣ È ȁÈƿ Ê ǐdzơ Ê ǸÈȀÉÈǻȂLjÉƦÊƸÌÈƫ ƩÊȂÌǸÈÌdzơ ƨÉƦȈÈǐÊǷ Ê ǸÈLjÊǬÌȈÉÈǧ ƧȐ ǹƢ Ê ǁȋơ ō ƾÊǠÌÈƥ ǺÌǷ Ƣ É ǶÌǰÉƬÌÈƥƢǏÈƘÈÈǧ Ǒ Ì ōÊ ƧÈƽƢÈȀÈNj ōÊ Êƥ È ȂÌÈdzȁ Ƣ È ǹƢ È ǯ È ǶÉƬÉǰÌÈǻ ȏȁ Ȅ ƅơ È ÈƥǂÌÉǫ ơƿ È ǼÅǸÈÈƯ ǾÊÊƥ ȅǂÊƬÈnjÌÈǻ ȏ ǶÌƬÉƦÌÈƫǁơ Ì ǹÊÊƛ ƅƢ Ƃ ǺȈ È ǸÊÊƯȉơ ǺÈǸÊÈdz ơƿÅÊƛ ƢōǻÊƛ

³2 \RX ZKR KDYH IDLWK 7KH ZLWQHVV EHWZHHQ \RX ZKHQ GHDWK DSSURDFKHV DQ\ RI \RX ZKLOH PDNLQJ D EHTXHVW VKDOO EH WZR IDLU PHQ IURP DPRQJ \RXUVHOYHV²RU WZR IURP DPRQJ RWKHUV > @ LI \RX DUH MRXUQH\LQJ LQ WKH ODQG DQG WKH DIIOLFWLRQ RI GHDWK YLVLWV \RX <RX VKDOO GHWDLQ WKH WZR RI WKHP DIWHU SUD\HU DQG LI \RX KDYH DQ\ GRXEW WKH\ VKDOO YRZ E\ $OODK µ:H ZLOO QRW VHOO LW IRU DQ\ JDLQ HYHQ LI LW ZHUH D UHODWLYH QRU ZLOO ZH FRQFHDO WKH WHVWLPRQ\ RI $OODK IRU WKHQ ZH ZRXOG LQGHHG EH DPRQJ WKH VLQQHUV¶ ´> @ ,W LV ZLGHO\ SUDFWLFHG QRZDGD\V WKDW RDWK WDNLQJ FHUHPRQLHV

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸мр ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

DUH GRQH LQ WKH SUHVHQFH RI WKH 4XU¶DQ DQG E\ SXWWLQJ WKH KDQG RQ WKH 4XU¶DQ EXW WKH 4XU¶DQ LWVHOI LQ WKLV UHJDUG VWDWHV WKDW WDNLQJ DQ RDWK VKRXOG EH GRQH DIWHU WKH SHUIRUPDQFH RI SUD\HU 7KH 8QLYHUVDOLW\ RI 3UD\HU %RWK LQ FRVPLF FUHDWLRQ ^DIDULQHVK H WDNZLQL` DQG LQ UHOLJLRXVO\ OHJDO SUHFHSWV ^GDVWXUDW H WDVKULµL` *RG KDV DSSOLHG WKH ORIWLHVW DQG PRVW SHUIHFW SURJUDPV )RU H[DPSOH LQ WKH FUHDWLRQ RI PRWKHU¶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µ$OL µD ZKLFK VWDWHV ήΒϛϻ΍ ϢϟΎόϟ΍ ϯήψϧԼ Ϛϴϓ ϭ ήϴϐλ ϡήΟ ˴ ˲ Ϛ˴˷ϧ΍ ϢϋΰΗ΃ 2 PDQ <RX LPDJLQH WKDW \RX FRQVWLWXWH D VPDOO ERG\ ZKHUH LQ IDFW D ELJ ZRUOG LV SODFHG LQ \RX 3UD\HU LV DOVR D GLYLQH KDQGLZRUN LQ ZKLFK *RG KDV VRPHKRZ SODFHG DOO YDOXHV :KLFK SHUIHFWLRQ LV LW WKDW LV YDOXDEOH WR PDQ DQG FDQQRW EH IRXQG LQ SUD\HU" όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸мс ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

5HPHPEUDQFH RI *RG LV D YDOXH DQG LW LV WKH RQO\ PHDQV RI JLYLQJ WUDQTXLOLW\ WR WKH KHDUW DQG SUD\HU LV D UHPHPEUDQFH RI *RG²³$OODKX DNEDU´ ^$OODK LV JUHDWHU` 5HPHPEUDQFH RI WKH 'D\ RI 5HVXUUHFWLRQ LV D YDOXH DQG LW SUHYHQWV WKH FRPPLVVLRQ RI VLQ DQG FRUUXSWLRQ DQG SUD\HU LV UHPHPEHULQJ WKH ³<DZP DG GLQ´ ^'D\ RI -XGJPHQW` > @ 7R EH LQ WKH UDQNV RI WKH SURSKHWV WKH PDUW\UV DQG WKH ULJKWHRXV LV D YDOXH DQG LQ SUD\HU ZH EHVHHFK *RG IRU XV WR EH LQ WKH ³ϙLUDϚ DOODGKLQD DQµDPWD µDOD\KLP´ ^WKH SDWK RI WKRVH ZKRP <RX KDYH EOHVVHG` > @ :H GHFODUH RXU DYHUVLRQ DQG GLVDYRZDO ^EDUD¶DK` RI WKH W\UDQWV DQG GHYLDQWV E\ VD\LQJ ³JKD\UL¶O PDJKϊXEL µDOD\KLP ZD OD¶ϊ ϊDOOLQ´ ³VXFK DV KDYH QRW LQFXUUHG <RXU ZUDWK QRU DUH DVWUD\´ > @ -XVWLFH ZKLFK LV WKH IRUHPRVW RI WKH YDOXHV KDV EHHQ FRQVLGHUHG D QHFHVVDU\ SUHUHTXLVLWH IRU WKH OHDGHU RI WKH FRQJUHJDWLRQ ^LPDP DO MDPDµDK` )ROORZLQJ WKH OHDGHU RI WKH FRQJUHJDWLRQ LQ SUD\HU LV D YDOXDEOH VRFLDO SULQFLSOH ZKLFK VWLSXODWHV WKDW LQVWHDG RI REVWLQDF\ DQG LQGLYLGXDOLVP ZH KDYH WR IROORZ D MXVW OHDGHU ,Q VHOHFWLQJ WKH FRQJUHJDWLRQDO OHDGHU TXDOLWLHV ZKLFK DUH YDOXHG DUH DOZD\V WDNHQ LQWR DFFRXQW WKH PRVW MXVW WKH PRVW NQRZOHGJHDEOH WKH PRVW HORTXHQW HWF 6WDQGLQJ ZKLOH IDFLQJ WKH TLEODK FDOOV WR PLQG PDQ\ YDOXHV 0HFFD LV WKH WRUWXUH VLWH RI %LODO WKH SODFH RI VDFULILFH RI ,VPDµLO ,VKPDHO µD WKH ELUWKSODFH RI µ$OL LEQ $EL ΝDOLE µD WKH EDVH RI WKH XSULVLQJ RI DO 0DKGL µD WKH WHVWLQJ JURXQG RI ,EUDKLP $EUDKDP µD DQG WKH SODFH RI ZRUVKLS RI DOO SURSKHWV DQG VDLQWV (YHU\WKLQJ LV PRYHPHQW LQ SUD\HU²HYHU\ GD\ DQG QLJKW LQ ERZLQJ GRZQ ^UXNXµ` SURVWUDWLRQ ^VXMXG` DQG VWDQGLQJ VWUDLJKW ^TL\DP` DQG PRYHPHQW LQ JRLQJ WR WKH PRVTXH DQG WKH SODFH RI SUD\HU 7KHUHIRUH GR QRW EH VWDWLF VLOHQW DQG VROLWDU\ 5DWKHU DOZD\V VWULYH DQG PRYH RI FRXUVH IRU WKH όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸мт ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

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¶DQ KDV SUDLVHG SURVWUDWLRQ DFFRPSDQLHG E\ ZHHSLQJ ³ 7KH\ ZRXOG IDOO GRZQ ZHHSLQJ LQ SURVWUDWLRQ ´> @ 3UD\HU LV D GLYLQH FRGH RI OLIH ZKLFK KDV EHHQ SUHVFULEHG IRU XV IURP WKH PRPHQW RI ELUWK WLOO WKH SRLQW RI GHDWK :KHQ D EDE\ LV ERUQ UHFLWH WKH DGKDQ DQG LTDPDK LQ KLV ULJKW DQG OHIW HDUV UHVSHFWLYHO\ DV LW LV DQ DGPRQLWLRQ IRU SUD\HU ZKHQ KH JURZV XS ͰΑD\\D µDOD¶ϙ ϙDODK´ ³&RPH WR SUD\HU´ $W WKH WLPH RI KLV GHDWK \RX DOVR EXU\ KLP ZLWK WKH SHUIRUPDQFH RI WKH ³SUD\HU IRU WKH GHDG´ ^ϙDODK DO PD\\LW` 7KURXJKRXW \RXU OLIH \RX VKRXOG DOZD\V EH LQ D VWDWH RI ZRUVKLSSLQJ DQG JORULI\LQJ *RG ³$QG ZRUVKLS \RX /RUG XQWLO FHUWDLQW\ RU GHDWK FRPHV WR \RX ´> @ 3UD\HU LV PDQ¶V XQLRQ ZLWK QDWXUH ,Q GHWHUPLQLQJ WKH SUHVFULEHG WLPH IRU SUD\HUV SDUWLFXODUO\ WKH GDZQ ^ϙXEώ` DQG QRRQ ^ϠXKU` SUD\HUV \RX KDYH WR ORRN DW ZKHUH WKH VXQ LV LQ RUGHU WR GHWHUPLQH WKH GLUHFWLRQ RI WKH TLEODK ZH KDYH WR ORRN DW WKH VWDUV LQ SHUIRUPLQJ WKH UHFRPPHQGHG SUD\HUV RQ DXVSLFLRXV GD\V \RX KDYH WR PRQLWRU WKH PRYHPHQW RI WKH PRRQ LQ RUGHU WR GHWHUPLQH WKH H[DFW GD\ ,Q WDNLQJ D EDWK DQG SHUIRUPLQJ DEOXWLRQ \RX KDYH WR XWLOL]H ZDWHU DQG LQ SHUIRUPLQJ SURVWUDWLRQ ^VXMXG` DQG GU\ DEOXWLRQ ^WD\DPPXP` \RX KDYH WR WRXFK WKH JURXQG όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸нй ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

:KLFK :LVH 'HVLJQHU KDV GHVLJQHG WKLV UHODWLRQ RI WKH SUD\HU ZLWK WKH VXQ WKH PRRQ WKH VWDUV ZDWHU DQG WKH JURXQG" ,Q RQH ZD\ RU DQRWKHU WKH RWKHU REOLJDWRU\ UHOLJLRXV DFWV DUH DOVR SUHVHQW LQ WKH SUD\HU /LNH WKH SHUVRQ IDVWLQJ WKH SHUVRQ SUD\LQJ KDV QR ULJKW WR HDW GULQN DQG HQJDJH LQ VH[XDO DFWLYLW\ Νώϋ Δχͮψχώ Ϗϙ Ϛώϋ ϗϏψϒχώ χϔϊ Ϛώϋ χϞϏϙ ϕό χωϚϏϜϏϚϟ ϕό Ϛώϋ ϖϋϘϙϕϔ ϖϘχϟϏϔύͥ ϐϛϙϚ ϒϏϑϋ χ ϖϋϘϙϕϔ SHUIRUPLQJ Αχϐϐͨ ΕϏϑϋ ϙϕϓϋϕϔϋ ϋϔύχύϏϔύ Ϗϔ ϐϏώDϊͥ Ϛώϋ ϖϋϘϙϕϔ ϖϘχϟϏϔύ Ϗϙ χϒϙϕ ϋϔύχύϋϊ Ϗϔ χ ϐϏKDG²WKH JUHDWHU MLKDG ^MLKDG DO DNEDU` ZKLFK LV FRPEDW ZLWK WKH VHOI ^MLKDG DQ QDIV` 3UD\HU LV LWVHOI WKH KLJKHVW IRUP RI WKH HQMRLQPHQW RI JRRG ^DPU EL¶O PDµUXI` DQG WKH IRUELGGDQFH RI HYLO ^QDK\L µDQL¶O PXQNDU`ͨ ΖϏύϘχϚϏϕϔ ͺώϏϐϘχώͻ Ϗϙ ϕϔϋ ϕό Ϛώϋ ϓϕϙϚ ϏϓϖϕϘϚχϔϚ Ϝχϒϛϋϙ Ϗϔ ϕϛϘ ϘϋϒϏύϏϕϔͨ ΑχϊϘχϚ ΒψϘχώϏϓ ͸ΊψϘχώχϓ͹ ͸ͮχ͹ ϓϏύϘχϚϋϊ ϕϔ χωωϕϛϔϚ ϕό ϖϘχϟϋϘͥ ψϘϏϔύϏϔύ ώϏϙ ϝϏόϋ χϔϊ ϙϕϔ Ϛϕ Ϛώϋ Δχͮψχώ χϔϊ ϙχϟϏϔύͧ

Ê ǝÇǁÌǃ ȅ Ê ƪǼ Ê ǂÊȈÌǣ É Ƿ È ƽơÇȂÈÊƥ ȆƬÊōȇǁŏƿ Ǻ ǵÊǂōƸÈǸÉÌdzơ ǮÈƬÊȈÌÈƥ ƾǼÈǟ È ƿ É ǰÈLJÌÈƗ ȆŏǻÊƛ ƢǼÈōƥǁ ƃ ō Ì ǸȈ Ƃ ƧÈȐÈǐdzơ ō ơȂ É ǬÊȈÉÊdz ƢǼÈōƥǁÈ

³2 /RUG , KDYH VHWWOHG SDUW RI P\ GHVFHQGDQWV LQ D EDUUHQ YDOOH\ E\ <RXU VDFUHG +RXVH RXU /RUG WKDW WKH\ PD\ PDLQWDLQ WKH SUD\HU ´> @ :KDW LV LQWHUHVWLQJ LV WKDW +DGUDW ,EUDKLP µD GRHV QRW VD\ ³, PDGH KLMUDK LQ RUGHU WR SHUIRUP ΑDMM SLOJULPDJH ´ ,QVWHDG KH VD\V ³6D\LQJ WKH SUD\HU ZDV P\ DLP LQ ώϏϐϘχώͨͱ Βϔ χϔϟ ωχϙϋͥ ΐϕϊ ώχϙ ϋϔωχϖϙϛϒχϚϋϊ χϒϒ Ϝχϒϛϋϙ Ϗϔ ϖϘχϟϋϘͥ ϝϏϚώ ϖϘχϟϋϘ χϔϊ όϕϘ ϖϘχϟϋϘͨ Βό χϊϕϘϔϓϋϔϚ χϔϊ ώϟύϏϋϔϋ ωϕϔϙϚϏϚϛϚϋ χ Ϝχϒϛϋ ͸χϙ Ϛώϋϟ ϊϕ͹ͥ Βϙϒχϓ Ϛώϛϙ ϋϔϐϕϏϔϙͧ

Ê ǶÌǰÉƬÈǼȇǃ ơȁ É ƾÈǼÌǟ Ƃ ƾÇƴÊLjÌǷ È ǀÉƻÉ ƃ È ÊòDzËǯ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸нк ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

³3XW RQ \RXU DGRUQPHQW RQ HYHU\ RFFDVLRQ RI SUD\HU ´> @ 7KDW LV SXW RQ \RXU FOHDQ DQG SHUIXPHG JDUPHQWV ZKHQ JRLQJ WR WKH PRVTXH $W WKH WLPH RI SUD\HU ZRPHQ DUH DOVR HQMRLQHG WR ZHDU WKHLU MHZHOU\ ZLWK ZKLFK WKH\ DGRUQ WKHPVHOYHV > @ (YHQ WKH LVVXH RI FOHDQLQJ WKH WHHWK LV JLYHQ DWWHQWLRQ DQG ZH UHDG LQ WKH WUDGLWLRQV WKDW SUD\LQJ ZLWK FOHDQHG ^PLVZDN` WHHWK LV HTXLYDOHQW WR SUD\LQJ WLPHV ZLWKRXW PLVZDN > @ $QG LW KDV EHHQ VDLG ³'R QRW HDW RQLRQ DQG JDUOLF EHIRUH JRLQJ WR WKH PRVTXH´> @ VR DV QRW WR DQQR\ RWKHUV ZLWK WKH RGRU RI \RXU PRXWK DQG GULYH WKH SHRSOH DZD\ ,Q DQ\ FDVH WKLV LV WKH SUD\HU RI ,VODP EXW RXU SUD\HU LV WKH SUD\HU ZKLFK ZH GR QRW SHUIRUP RU SHUIRUP FDUHOHVVO\ DQG LQFRUUHFWO\ RU SHUIRUP ZLWKRXW EHLQJ LQ FRQJUHJDWLRQ RU ZKLFK ZH SHUIRUP DW LWV ODVW PRPHQWV 7KH PRVTXHV ZKRVH FXVWRGLDQV ZHUH RQFH ,EUDKLP ,VPDµLO DQG =DNDUL\\D =HFKDULDK µD > @ DQG WKH SODFH ZKHUH WKH PRWKHU RI 0DU\DP 0DU\ KDG PDGH D YRZ LQ DVNLQJ *RG WR OHW KHU FKLOG EH LWV FXVWRGLDQ > @ EHFRPH SODFHV ZKRVH FXVWRGLDQV LQ PRVW FDVHV DUH GLVDEOHG DJHG VLFNO\ XQHGXFDWHG DQG VRPHWLPHV HYHQ EDG SHRSOH :K\ LV LW WKDW EHLQJ D FXVWRGLDQ RI WKH KRO\ VKULQH RI ,PDP DU 5LGD µ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³2Q WKH 'D\ RI 5HVXUUHFWLRQ WKHVH WKUHH VKDOO FRPSODLQ DJDLQVW WKH SHRSOH 7KH µDOLP ^VFKRODU` WR ZKRP WKH SHRSOH ZRXOG QRW UHIHU WKH 4XU¶DQ ZKLFK ZDV LQ WKH KRXVH EXW ZDV QRW UHDG DQG WKH PRVTXH WR ZKLFK WKH SHRSOH SDLG QR DWWHQWLRQ > @ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸нл ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

7KHUH DUH PDQ\ WKLQJ WKDW FDQ EH VDLG DERXW WKH PRVTXH DQG UHFHQWO\ D ERRN HQWLWOHG 6LPD \H 0DVMLG ^7KH 9LVDJH RI WKH 0RVTXH` WKDW H[SODLQV WKH VWDWXV RI PRVTXH LQ 0XVOLP VRFLHW\ KDV EHHQ SXEOLVKHG 1HYHUWKHOHVV LQ D QXWVKHOO WKH PRVTXH GXULQJ WKH HDUO\ SHULRG RI ,VODP ZDV WKH YHQXH 0XVOLPV WR JDWKHU WR PDNH GHFLVLRQV DQG FRQGXFW FRQVXOWDWLRQV LQ DFTXLULQJ NQRZOHGJH DQG LQIRUPDWLRQ LW ZDV WKH EDVH IRU FRPEDWDQWV DQG VWUXJJOHUV RQ WKH 3DWK ^PXMDKLGXQ` WKH SODFH WR DWWHQG WR WKH QHHGV RI WKH SRRU DQG VLFN DQG WKH EDVH IRU ULVLQJ XS DJDLQVW W\UDQQLFDO JRYHUQPHQWV DQG GHOLYHULQJ ILHU\ VHUPRQV DJDLQVW WKHP ,W KDV EHHQ WKLV VDPH VXEOLPH VWDWXV RI WKH PRVTXH WKDW SURPSWHG 0XVOLPV WKURXJKRXW KLVWRU\ WR DSSO\ WKH EHVW DUFKLWHFWXUDO GHVLJQV LQ EXLOGLQJ WKHP DQG WR HQGRZ KXJH DPRXQWV RI ZHDOWK IRU WKHLU DGPLQLVWUDWLRQ VR WKDW WKH\ FRXOG NHHS RQ IORXULVKLQJ DQG WKULYLQJ ΗϕϚϋϙͧ

> @ 6XUDK DGK 'KDUL\DW ,Q WKLV YROXPH WKH WUDQVODWLRQ RI 4XU¶DQLF SDVVDJHV LV DGDSWHG IURP 6D\\LG µ$OL 4XOL 4DUD¶L 7KH 4XU¶DQ ZLWK D 3KUDVH E\ 3KUDVH (QJOLVK 7UDQVODWLRQ /RQGRQ ,VODPLF &ROOHJH IRU $GYDQFHG 6WXGLHV 3UHVV ^7UDQV ` > @ 6XUDK DO %DTDUDK ³7KH EDSWLVP RI $OODK ^ϙLEJKDW $OODK` DQG ZKR EDSWL]HV EHWWHU WKDQ $OODK" $QG +LP GR ZH ZRUVKLS ´ > @ 4XHVWLRQ ,I DIIHFWLRQ WR RQH¶V FKLOG LV LQGHHG SDUW RI RQH¶V QDWXUDO GLVSRVLWLRQ ^ILϚUDK` KRZ LV LW WKDW LQ VRPH HSRFKV VXFK DV WKH 3UH ,VODPLF 3HULRG RU $JH RI ,JQRUDQFH ^\DZP DO MDKLOL\\DK` VRPH SHRSOH XVHG WR EXU\ WKHLU GDXJKWHUV DOLYH" 5HSO\ 7KH LVVXHV SHUWDLQLQJ WR QDWXUDO GLVSRVLWLRQ ^ILϚUDK` DUH QXPHURXV -XVW DV DIIHFWLRQ IRU RQH¶V RIIVSULQJ LV SDUW RI RXU QDWXUDO GLVSRVLWLRQ UHJDUG IRU RQH¶V KRQRU LV DOVR D SDUW RI LW 7KH $UDEV GXULQJ WKH SUH ,VODPLF SHULRG XVHG WR UHJDUG WKHLU GDXJKWHUV DV D VRXUFH RI VKDPH DQG LJQRPLQ\ DV WKH\ ZRXOG EH WDNHQ FDSWLYH GXULQJ ZDUV DQG KDG QR SURGXFWLYH SRZHU DQG όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸нм ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

HFRQRPLF HDUQLQJ 7KXV LQ D ELG WR SUHVHUYH WKHLU KRQRU DQG GLJQLW\ WKH\ XVHG WR GLVSRVH RI WKHLU GDXJKWHUV /RYH IRU ZHDOWK DQG ORYH IRU OLIH DUH ERWK UHODWHG WR WKH QDWXUDO GLVSRVLWLRQ ^ILϚUL` 6RPH SHRSOH VDFULILFH WKHLU OLYHV IRU ZHDOWK ZKLOH RWKHUV GR WKH RSSRVLWH L H VDFULILFH ZHDOWK IRU WKH VDNH RI WKHLU OLYHV 7KHUHIRUH VDFULILFLQJ RQH¶V GDXJKWHU IRU WKH VDNH RI SUHVHUYLQJ RQH¶V KRQRU LV QRW LQFRQVLVWHQW ZLWK WKH QDWXUDO GLVSRVLWLRQ RI PDQ DOWKRXJK LW PLJKW EH D UHVXOW RI LJQRUDQFH RU FRQIXVLRQ > @ 0DZODZL -DODO DG 'LQ DU 5XPL ZDV WKH JUHDWHVW P\VWLF SRHW LQ WKH )DUVL ODQJXDJH DQG IRXQGHU RI WKH 0DZODZL\\DK RUGHU RI GHUYLVKHV ³7KH :KLUOLQJ 'HUYLVKHV´ +H LV IDPRXV IRU KLV O\ULFV DQG IRU KLV GLGDFWLF HSLF 6SLULWXDO &RXSOHWV ^7UDQV ` > @ 7KH DEEUHYLDWLRQ ³µD´ VWDQGV IRU WKH $UDELF LQYRFDWLYH SKUDVH µDOD\KLV VDODP µDOD\KLPXV VDODP RU µDOD\KDV VDODP ^PD\ SHDFH EH XSRQ KLP WKHP KHU` ZKLFK LV XVHG DIWHU WKH QDPHV RI WKH SURSKHWV DQJHOV ,PDPV IURP WKH 3URSKHW¶V SURJHQ\ DQG VDLQWV µD ^7UDQV ` > @ 7KH WHUP WDJKXW DSSOLHV WR DQ\ LGRO REMHFW RU LQGLYLGXDO WKDW SUHYHQWV PHQ IURP GRLQJ ZKDW LV JRRG DQG OHDGV WKHP DVWUD\ 7KH WHUP KDV EHHQ XVHG HLJKW WLPHV LQ WKH 4XU¶DQ 3ULRU WR ,VODP WDJKXW KDG EHHQ WKH QDPH RI WKH RQH RI WKH LGROV RI WKH 4XUD\VK WULEH 7KLV QDPH LV XVHG DOVR WR PHDQ WKH 6DWDQ 0RUHRYHU WKH WHUP LV XVHG WR LQGLFDWH RQH ZKR UHEHOV DJDLQVW ORIW\ YDOXHV RU ZKR VXUSDVVHV DOO ERXQGV LQ KLV GHVSRWLVP DQG W\UDQQ\ DQG FODLPV WKH SUHURJDWLYHV RI GLYLQLW\ IRU KLPVHOI ZKHWKHU H[SOLFLWO\ RU LPSOLFLWO\ ^7UDQV ` > @ 7KDW LV *RG VXEMHFWHG WKH WDJKXWV WR WKH ORZHVW HEE RI KXPLOLDWLRQ DQG DEMHFWQHVV ^7UDQV ` > @ 6XUDK DO 0XON > @ 6XUDK DO :DTLµDK > @ 6XUDK DO :DTLµDK > @ 6XUDK DV 6DED¶ > @ +DGUDW 7KH $UDELF ZRUG +DGUDW LV XVHG DV D UHVSHFWIXO IRUP RI DGGUHVV ^7UDQV ` > @ 6XUDK ΝD ΑD лйͧкнͨ > @ 7KH DEEUHYLDWLRQ ³6´ VWDQGV IRU WKH $UDELF LQYRFDWLYH SKUDVH VDOODOODKX µDOD\KL ZD DOLKL ZD VDOODP ^PD\ *RG¶V VDOXWDWLRQ DQG SHDFH EH XSRQ KLP DQG KLV SURJHQ\` ZKLFK LV XVHG DIWHU WKH QDPH RI WKH +RO\ 3URSKHW 0XKDPPDG 6 ^7UDQV ` > @ %LώDU DO $QZDU YRO S όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸нн ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

> @ %LώDU DO $QZDU YRO S > @ $O .DIL YRO S > @ $O .DIL YRO S > @ 0XUWDGD 0XWDKKDUL 6D\UL GDU 6LUHK \H 1DEDZL ^$ 6XUYH\ RI WKH /LIH &RQGXFW RI WKH 3URSKHW 6 ` S > @ $\DWXOODK 0XUWDGD 0XWDKKDUL $+6 ZDV D VFKRODU RI XQXVXDOO\ ZLGH OHDUQLQJ D SUROLILF ZULWHU HORTXHQW VSHDNHU OHFWXUHU DQG D FKHULVKHG VWXGHQW RI ,PDP .KRPHLQL +H ZDV D OHDGLQJ PHPEHU RI WKH 5HYROXWLRQDU\ &RXQFLO XQWLO KLV DVVDVVLQDWLRQ RQ 0D\ E\ WKH WHUURULVW )XUTDQ JURXS ^7UDQV ` > @ 0XUWDGD 0XWDKKDUL ΝDKDUDW H 5Xώ ͺΜϖϏϘϏϚϛχϒ ΙϛϘϏόϏωχϚϏϕϔͻ S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ 6XUDK DO %DTDUDK > @ 7KH 1LJKW RI 3RZHU RU 'HFUHH KDV D YHU\ VSHFLDO VLJQLILFDQFH LQ WKH 0XVOLP FDOHQGDU EHFDXVH LW LV WKH DQQLYHUVDU\ RI WKDW QLJKW ZKHQ WKH 4XU¶DQ ZDV ILUVW UHYHDOHG WR 3URSKHW 0XKDPPDG 7KLV QLJKW KDV EHHQ GHVFULEHG DV µEHWWHU WKDQ D WKRXVDQG PRQWKV¶ DQG WUDGLWLRQ KROGV WKDW UHTXHVWV PDGH WR *RG GXULQJ /D\ODW DO 4DGU ZLOO EH JUDQWHG ^7UDQV ` > @ 6XUDK ΝD ΑD лйͧкнͨ > @ 6XUDK DO 5DµG > @ 7KH DEEUHYLDWLRQ ³T´ VWDQGV IRU WKH $UDELF LQYRFDWLYH SKUDVH TXGGLVD VLUUXK ^PD\ KLV VRXO EH VDQFWLILHG` ZKLFK LV XVHG DIWHU WKH QDPHV RI SLRXV SHRSOH ^7UDQV ` > @ 6HH 6XUDK DO %DTDUDK 6XUDK DQ 1LVD¶ 6XUDK DO ΑDMM ^7DQV ` > @ %LώDU DO $QZDU YRO S > @ 6XUDK DO ΑLMU > @ %LώDU DO $QZDU YRO S > @ 6XUDK ΝD ΑD лйͧкнͨ > @ 6XUDK DO 5DµG > @ 6XUDK DO )DMU > @ 6XUDK DO %DTDUDK > @ 6XUDK DO 4XUD\VK > @ 6XUDK DO µ$QNDEXW > @ 6XUDK +XG > @ 1DKM DO %DODJKDK 7KH 3HDN RI (ORTXHQFH LV D FROOHFWLRQ RI VSHHFKHV VD\LQJV DQG OHWWHUV RI WKH &RPPDQGHU RI WKH )DLWKIXO ,PDP µ$OL LEQ $EL 7 DOLE µD FRPSLOHG E\ 6KDULI όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸но ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

DU 5DGL 0XKDPPDG LEQ DO +XVD\Q G $+ 7KH FRQWHQWV RI WKH ERRN FRQFHUQ WKH WKUHH HVVHQWLDO WRSLFV RI *RG PDQ DQG WKH XQLYHUVH DQG LQFOXGH FRPPHQWV RQ VFLHQWLILF OLWHUDU\ VRFLDO HWKLFDO DQG SROLWLFDO LVVXHV :LWK WKH H[FHSWLRQ RI WKH ZRUGV RI WKH *ORULRXV 4XU¶DQ DQG RI WKH +RO\ 3URSKHW 6 QR ZRUGV RI PDQ FDQ HTXDO LW LQ HORTXHQFH 6R IDU PRUH WKDQ H[HJHVHV KDYH EHHQ ZULWWHQ RQ WKH 1DKM DO %DODJKDK LQGLFDWLQJ WKH LPSRUWDQFH RI WKLV WUHDWLVH WR VFKRODUV DQG OHDUQHG PHQ RI UHVHDUFK DQG LQYHVWLJDWLRQ )RU PRUH LQIRUPDWLRQ YLVLW KWWS ZZZ DO LVODP RUJ QDKMXO ^7UDQV ` > @ 1DKM DO %DODJKDK 6HUPRQ > @ ,ELG > @ ,ELG 6HUPRQ > @ ,ELG > @ =DNDK WKH WD[ OHYLHG RQ YDULRXV FDWHJRULHV RI ZHDOWK DQG VSHQW RQ WKH SXUSRVHV VSHFLILHG LQ 6XUDK DW 7DZEDK ^7UDQV ` > @ ,ELG 6HUPRQ > @ %LώDU DO $QZDU YRO S > @ 6XUDK DQ 1LVD¶ ³7KRVH ZKR WDNH WKH IDLWKOHVV IRU DOOLHV LQVWHDG RI WKH IDLWKIXO²GR WKH\ VHHN KRQRU ZLWK WKHP" ^,I VR ` LQGHHG DOO KRQRU EHORQJV WR $OODK ´ > @ 6XUDK DO %DTDUDK > @ 0DTWDO DVK 6KDPV S > @ %LώDU DO $QZDU YRO S > @ 7DIVLU $ϚLE DO %D\DQ YRO S > @ 6XUDK DO %DTDUDK > @ .KXPV OLWHUDOO\ PHDQV RQH ILIWK $FFRUGLQJ WR WKH 6KLµDK VFKRRO RI MXULVSUXGHQFH ^ILTK` WKLV RQH ILIWK WD[ LV REOLJDWRULO\ OHYLHG RQ HYHU\ DGXOW 0XVOLP ZKR LV ILQDQFLDOO\ VHFXUH DQG KDV VXUSOXV LQ KLV LQFRPH RXW RI DQQXDO VDYLQJV QHW FRPPHUFLDO SURILWV DQG DOO PRYDEOH DQG LPPRYDEOH SURSHUWLHV ZKLFK DUH QRW FRPPHQVXUDEOH ZLWK WKH QHHGV DQG VRFLDO VWDQGLQJ RI WKH SHUVRQ .KXPV LV GLYLGHG LQWR WZR HTXDO SDUWV WKH 6KDUH RI WKH ,PDP ^VDKP DO ,PDP` DQG WKH 6KDUH RI WKH 6D\\LGV 6DGDW GHVFHQGDQWV RI WKH 3URSKHW ^VDKP DV 6DGDW` $FFRUGLQJO\ WKH 6KDUH RI WKH ,PDP LV WR EH SDLG WR WKH OLYLQJ ,PχP DQG LQ WKH SHULRG RI 2FFXOWDWLRQ WR WKH PRVW OHDUQHG OLYLQJ PXMWDKLG ZKR LV WKH JLYHU¶V PDUMDµ DW WDTOLG ^6RXUFH RI (PXODWLRQ` 7KH RWKHU KDOI RI WKH NKXPV WKH 6KDUH RI WKH 6D\\LGV 6DGDW LV WR EH JLYHQ WR QHHG\ SLRXV 6D\\LGV ZKR ODFN WKH UHVRXUFHV IRU RQH¶V \HDU UHVSHFWDEOH OLYLQJ LQ FRQVRQDQFH ZLWK WKHLU YDULRXV όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸нп ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

VWDWXVHV )RU PRUH LQIRUPDWLRQ VHH 6D\\LG 0XKDPPDG 5L]YL .KXPV $Q ,VODPLF 7D[ KWWS ZZZ DO LVODP RUJ EHOLHIV SUDFWLFHV NKXPV KWPO > @ 6XUDK DO %DTDUDK > @ %DNNDK WKH +RO\ 0RVTXH RU WKH FLW\ RI 0HFFD RU WKH WHUULWRU\ ZKHUH WKH\ VWDQG ^4 7UDQV ` > @ 6XUDK $O µ,PUDQ > @ 6XUDK DO %DTDUDK > @ 7KDW LV D NQRZOHGJH ZKLFK ZLOO HQDEOH \RX WR GLVWLQJXLVK EHWZHHQ WUXWK DQG IDOVHKRRG ^4 7UDQV ` > @ 6XUDK DO $QIDO > @ 6XUDK DO ΑDGLG > @ 6XUDK 0XKDPPDG > @ 6XUDK µ$QNDEXW > @ 6XUDK DO $µUDI > @ 6XUDK DO µ$QNDEXW > @ 6XUDK DO %DTDUDK > @ 6XUDK <XVXI > @ 6XUDK DO 4DϙDϙ лсͧсмͧ ͰΝώϏϙ Ϗϙ Ϛώϋ χψϕϊϋ ϕό Ϛώϋ ΑϋϘϋχόϚϋϘ ϝώϏωώ Πϋ ϙώχϒϒ ύϘχϔϚ Ϛϕ Ϛώϕϙϋ ϝώϕ ϊϕ ϔϕϚ ϊϋϙϏϘϋ Ϛϕ ϊϕϓϏϔϋϋϘ Ϗϔ Ϛώϋ ϋχϘϚώ ϔϕϘ Ϛϕ ωχϛϙϋ ωϕϘϘϛϖϚϏϕϔͥ χϔϊ Ϛώϋ ϕϛϚωϕϓϋ ϝϏϒϒ ψϋ Ϗϔ όχϜϕϘ ϕό Ϛώϋ ΐϕϊ΀ϝχϘϟͨͱ > @ 6XUDK DQ 1D]LµDW ³%XW DV IRU KLP ZKR LV DZHG WR VWDQG EHIRUH KLV /RUG DQG IRUELGV WKH VRXO IURP ^IROORZLQJ` GHVLUH KLV UHIXJH ZLOO LQGHHG EH SDUDGLVH ´ > @ 6XUDK DO $QµDP > @ %LώDU DO $QZDU YRO SS > @ 6XUDK DO %DTDUDK ³$QG ZKHQ :H VDLG WR WKH DQJHOV µ3URVWUDWH EHIRUH $GDP ¶ WKH\ SURVWUDWHG H[FHSW ,EOLV KH UHIXVHG DQG DFWHG DUURJDQWO\ DQG KH ZDV RQH RI WKH IDLWKOHVV ´ > @ 6XUDK $O µ,PUDQ ³,QGHHG WKH ILUVW KRXVH WR EH VHW XS IRU PDQNLQG LV WKH RQH DW %DNNDK EOHVVHG DQG D JXLGDQFH IRU DOO QDWLRQV ´ > @ 6XUDK DO µ$QNDEXW > @ 6XUDK DQ 1LVD¶ ³2 \RX ZKR KDYH IDLWK 'R QRW DSSURDFK SUD\HU ZKHQ \RX DUH LQWR[LPDWHG ^QRW` XQWLO \RX NQRZ ZKDW \RX DUH VD\LQJ ´ > @ 6XUDK DQ 1LVD¶ ³:KHQ WKH\ K\SRFULWHV VWDQG XS IRU SUD\HU WKH\ VWDQG XS OD]LO\ VKRZLQJ RII WR WKH SHRSOH DQG QRW UHPHPEHULQJ $OODK H[FHSW D OLWWOH ´ > @ %LώDU DO $QZDU YRO S > @ 6XUDK DQ 1LVD¶ > @ 6LUU Dϙ ΜDODK S όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸нр ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

> @ 6XUDK DO )DϚLU RU DO 0DOD¶LNDK > @ 6XUDK DO $µUDI > @ 6XUDK DO ΑϏϐϘ коͧтͨ > @ 6XUDK ΝD ΑD лйͧкнͨ > @ 6XUDK DO ,VUD¶ > @ 4LVDV OLWHUDOO\ PHDQV UHWULEXWLRQ RU UHWDOLDWLRQ LQ WKH ,VODPLF MXULVSUXGHQFH LV WR EH H[HFXWHG DJDLQVW D FULPLQDO ZKR FRPPLWWHG VXFK FULPH DV PXUGHU DPSXWDWLRQ RI D ERG\ OLPE RU ODFHUDWLRQ DQG EHDWLQJ DFFRUGLQJ WR OHJDO GHFUHH ZKHQ WKH YLFWLP RU KLV JXDUGLDQV VHHN UHWULEXWLRQ LQ OLHX RI UHFHLYLQJ D ILQH RU EORRG PRQH\ ^7UDQV ` > @ 6XUDK DO -LQQ > @ 7KH .KDULMLWHV ^NKDZDULM` RU DO 0DULTXQ D QDPH JLYHQ WR WKHP E\ ,PDP µ$OL DQG PHDQLQJ ³WKRVH ZKR PLVVHG WKH WUXWK RI UHOLJLRQ´ ZHUH D JURXS RI TXDVL KRO\ QDUURZ PLQGHG 0XVOLPV ZKR ZHUH RULJLQDOO\ IROORZHUV RI ,PDP µ$OL DQG IRXJKW DORQJVLGH KLP DW WKH %DWWOH RI 6LIILQ ,QLWLDOO\ WKH\ VXSSRUWHG DUELWUDWLRQ SXVKLQJ ,PDP µ$OL WR DFFHSW LW KRZHYHU ODWHU WKH\ UHYROWHG DJDLQVW LW DUJXLQJ WKDW EHFDXVH *RG ZDV WKH RQO\ WUXH DUELWUDWRU ,PDP µ$OL DQG WKRVH ZKR DJUHHG ZLWK KLP LQ WKH DUELWUDWLRQ ZHUH QRW VLPSO\ ZURQJ WKH\ ZHUH LQ IDFW XQEHOLHYHUV KHQFH WKH\ FRXOG KDYH QR GHDOLQJV ZLWK WKHP 2Q ,PDP µ$OL¶V UHWXUQ WR ,UDT IURP 6LIILQ WKLV JURXS VHFHGHG IURP KLV DUP\ DQG VHW XS FDPS RQ WKH EDQNV RI WKH 1DKUDZDQ FDQDO 7KH .KDULMLWHV RU VHFHGHUV EHFDPH D ILHUFH JURXS ZKR EHOLHYHG WKDW WKH\ ZHUH WKH RQO\ WUXH 0XVOLPV DQG DV VXFK WKH\ EHJDQ WHUURUL]LQJ SHRSOH ZKRP WKH\ UHJDUGHG DV XQEHOLHYHUV ,PDP µ$OL ZDV DW ILUVW DEOH WR WDON WR WKHP DQG SHUVXDGH VRPH RI WKHP WR FHDVH WKHLU KRVWLOLWLHV EXW HYHQWXDOO\ KH ZDV IRUFHG WR WDNH XS DUPV DJDLQVW WKHP ,Q &( KH DWWDFNHG WKHLU DUP\ XQGHU WKH OHDGHUVKLS RI µ$EGXOODK LEQ :DKDE DO 5DVLEL DW 1DKUDZDQ DOPRVW DQQLKLODWLQJ WKHP 1DKUDZDQ ZDV WKH WKLUG DQG ODVW EDWWOH ,PDP µ$OL HQJDJHG LQ ZLWK KLV LQWHUQDO HQHPLHV ^7UDQV ` > @ 6XUDK DQ 1XU > @ 6XUDK DO %DTDUDK > @ 6XUDK DQ 1LVD¶ > @ 6XUDK DO 4XUD\VK > @ 6XUDK DO µ$QNDEXW > @ 6XUDK ΝD ΑD лйͧкнͨ > @ 8OX¶O µDϠP OLWHUDOO\ UHVROXWH ILJXUHV RU PHQ RI GHFLVLRQ ^7UDQV ` όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸нс ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

> @ 6XUDK DO µ$ODT > @ 6XUDK DO ,VUD¶ RU %DQL ,VUD¶LO > @ 6XUDK DO %DTDUDK > @ 6XUDK <D 6LQ

È ȈÌnjdzơ ơȁ ō ƾÉƦÉǠÌÈƫ ȏ ǹÌÈƗ ǵÈƽƕ ȆǼ ǶÌǰÉÈdz ǾÉōǻÊƛ ǹƢǘ È Èƥ Ƣȇ ǶÌǰÉȈÌÈdzÊƛ ƾÌȀÈǟÌÈƗ ǶÌÈdz ÈƗ ƃ Æ Ǐ ơǀǿ Ȇǻȁ Ê Ƃ ǶȈǬ ƾÉƦÉǟơ Ì ǹÊÈƗ ȁ É Ǖơǂ É ȁŋƾÉǟÈ Æ Ƿ È ǺȈƦ Æ ƬÈLjÌǷ

³'LG , QRW H[KRUW \RX 2 FKLOGUHQ RI $GDP VD\LQJ µ'R QRW ZRUVKLS 6DWDQ +H LV LQGHHG \RXU PDQLIHVW HQHP\ :RUVKLS 0H 7KDW LV WKH VWUDLJKW SDWK¶"´ > @ 6XUDK DO %DTDUDK > @ 6XUDK DO %DTDUDK > @ 6XUDK DO .DZWKDU > @ 6XUDK DO %DTDUDK > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO ³%DE )DϊO ΜDODK -DµIDU ´ > @ 0DIDWLK DO -LQDQ ^.H\V WR WKH *DUGHQV RI 3DUDGLVH` D VWDQGDUG PDQXDO RI 6KLµL GHYRWLRQ FRQWDLQLQJ WKH VXSSOLFDWRU\ SUD\HUV RI WKH LQIDOOLEOH ,PDPV µD DV ZHOO DV IRUPXODH IRU UHFLWDWLRQ DW SDUWLFXODU WLPHV RU GXULQJ YLVLWDWLRQ RI WKH WRPEV RI WKH ,PDPV µD FRPSOLHG IURP %LώχU DO $QZχU ^2FHDQV RI /LJKWV` DQG RWKHU VRXUFHV E\ 6KD\NK µ$EEDV DO 4XPPL D VFKRODU RI YDVW OHDUQLQJ ZKR GLHG LQ 1DMDI LQ ^7UDQV ` > @ 7KDW LV IURP DPRQJ WKH QRQ 0XVOLPV RQ QRQ DYDLODELOLW\ RI 0XVOLP ZLWQHVVHV GXULQJ MRXUQH\ ^4 7UDQV ` > @ 6XUDK DO 0D¶LGDK > @ 6XUDK DO )DWLώDK > @ 6XUDK DO )DWLώDK > @ 6XUDK DO )DWLώDK > @ 6XUDK 0DU\DP > @ 6XUDK DO ΑLMU > @ 6XUDK ,EUDKLP > @ 6XUDK DO $µUDI > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ 5LVDOHK \H $ώNDP H ,PDP .KRPHLQL ³,VVXH ´ > @ 6XUDK DO %DTDUDK 6XUDK 0DU\DP > @ 6XUDK $O µ,PUDQ ³:KHQ WKH ZLIH RI ,PUDQ VDLG µ0\ /RUG , GHGLFDWH WR <RX ZKDW LV LQ P\ EHOO\ LQ FRQVHFUDWLRQ ´ > @ %LώDU DO $QZDU YRO S όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸нт ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿоͨώϚϓ ͸ой ϕό ой͹кйͿктͿлйкл оͧйлͧор ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

ΌώχϖϚϋϘ л

,QWHQWLRQ ^QL\\DK` 7KH ILUVW HVVHQWLDO HOHPHQW ^UXNQ` RI SUD\HU LV WKH LQWHQWLRQ ^QL\\DK`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

É ǟÌȏơÈ ƢǸōǻÊƛ ƩƢȈŏǼdzƢÊƥ DZƢǸ

³9HULO\ WKH DFWLRQ LV MXGJHG E\ WKH LQWHQWLRQ EHKLQG LW ´> @ <HV WKH FULWHULRQ IRU DQ DFWLRQ WR EH MXGJHG PDWHULDOLVWLF RU VSLULWXDO OLHV LQ WKH LQWHQWLRQ DQG PRWLYHV EHKLQG LW 6LQFHUH ,QWHQWLRQ 6LQFHUH LQWHQWLRQ PHDQV WKDW PDQ DFWV IRU WKH VDNH RI *RG RQO\

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸к ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

DQG LQ WKH GHSWK RI KLV EHLQJ *RG DQG +LV SOHDVXUH DUH KLV DLPV ZLWKRXW H[SHFWLQJ UHZDUG JUDWLWXGH RU DGPLUDWLRQ IURP RWKHUV > @ 7KH ORDYHV RI EUHDG WKDW WKH $KO DO %D\W RI WKH 0HVVHQJHU RI $OODK 6 JDYH WR WKH RUSKDQV FDSWLYHV DQG SRRU RQ VXFFHVVLYH QLJKWV DW WKH WLPH RI EUHDNLQJ IDVW ^LIϚDU` GLG QRW KDYH PXFK PDWHULDO YDOXH EXW VLQFH WKH\ ZHUH JLYHQ VLQFHUHO\ RQ WKLV DFFRXQW *RG UHYHDOHG D VXUDK > @ $QG FRQFHUQLQJ LW µ$ϚϚDϘ χϔ΀ΗχϟϙώDψXϘL ϙχϟϙͧ

ζϧΎϧ Ϫγ ϒλϭ ˬϥΎϬΟ ϥ΁ί ϪΘηά̳ ζϧΎϨγ ϒλϭ ˬϥΎϬΟ Ϧϳί ϪΘηά̳ ˶

1R RQH LQ WKLV ZRUOG FDQ GHVFULEH KLV VZRUG 1R RQH LQ WKH KHUHDIWHU FDQ GHVFULEH KLV WKUHH ORDYHV RI EUHDG :H UHDG LQ KLVWRU\ WKDW D FHUWDLQ SHUVRQ ZDV VODLQ LQ WKH EDWWOHILHOG DQG HYHU\ERG\ VDLG ³+H LV D PDUW\U ^VKDKLG` ´ %XW WKH 3URSKHW 6 VDLG ³+H ZDV NLOOHG LQ WKH ZD\ RI D GRQNH\ ^TDWLO DO ώLPDU` ´ 7KH SHRSOH ZHUH DVWRQLVKHG EXW WKH 3URSKHW 6 VDLG ³+LV DLP LQ JRLQJ WR WKH EDWWOHILHOG ZDV QRW *RG UDWKHU ZKHQ KH VDZ WKDW WKH HQHP\ ZDV ULGLQJ D JRRG GRQNH\ KH VDLG WR KLPVHOI µ, ZLOO NLOO KLP DQG WDNH KLV GRQNH\ DV ZDU ERRW\ ^JKDQLPDK` ¶ %XW KH GLG QRW VXFFHHG DQG WKDW LQILGHO NLOOHG KLP LQVWHDG 6R KH ZDV NLOOHG LQ WKH ZD\ RI D GRQNH\ ^TDWLO DO ώLPDU` ´> @ 0DNLQJ RQH¶V LQWHQWLRQ VLQFHUH LV LQGHHG D GLIILFXOW DQG WD[LQJ ZRUN 6RPHWLPHV ZLFNHG WKRXJKWV SHQHWUDWH WKH VRXO RI PDQ WR VXFK DQ H[WHQW WKDW KH KLPVHOI LV XQDZDUH RI LW $V VXFK LW LV QDUUDWHG LQ WKH WUDGLWLRQ WKDW RVWHQWDWLRQ ^UL\D¶` LQ PDWWHUV RI ZRUVKLS DQG SRO\WKHLVP ^VKLUN` DUH PRUH VXEWOH DQG VLOHQW WKDQ WKH PRYHPHQW RI D EODFN DQW RQ D EODFN URFN GXULQJ D GDUN QLJKW > @ 6R PDQ\ LQGLYLGXDOV LPDJLQH WKDW WKHLU LQWHQWLRQ LV QHDUQHVV ^TXUE` WR $OODK EXW GXULQJ WKH XSV DQG GRZQV RI WKHLU OLYHV LW EHFRPHV REYLRXV WKDW WKHLU PRWLYH LV QRW D KXQGUHG SHUFHQW SXUH DQG VLQFHUH ,Q WKH ZRUGV RI µ$OODPDK 6KDKLG 0XWDKKDUL LQWHQWLRQ PHDQV VHOI DZDUHQHVV DQG WKXV WKH YDOXH RI ZRUVKLS OLHV RQ JQRVLV

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸л ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

DQG DZDUHQHVV :H UHDG LQ D WUDGLWLRQ

Ê ǂȈÌƻÈ ǺÊǷÊƚÌǸÉÌdzơ ƨÉōȈÊǻ ǾÊǴÊǸÈǟ È ǺÌǷ Æ

³7KH LQWHQWLRQ RI WKH EHOLHYHU LV PRUH YDOXDEOH WKDQ KLV DFWLRQ ´> @ -XVW OLNH WKH FRPSDULVRQ EHWZHHQ ERG\ DQG VRXO WKH VRXO LV EHWWHU WKDQ WKH ERG\ DQG WKH KXPDQLW\ RI PDQ LV UHODWHG WR KLV VRXO ,Q FRPSDULQJ LQWHQWLRQ DQG DFWLRQ LQWHQWLRQ LV EHWWHU WKDQ WKH DFW LWVHOI EHFDXVH LW LV WKH VSLULW RI WKH DFWLRQ ,QWHQWLRQ LV VR YDOXDEOH WKDW HYHQ LI D SHUVRQ LV XQDEOH WR SHUIRUP D JRRG GHHG *RG ZLOO UHZDUG KLP IRU KH KDG WKH LQWHQWLRQ WR GR VR > @ 7KH PRWLYH IRU VHHNLQJ QHDUQHVV ^TXUE` WR $OODK 7KH PRWLYH IRU QHDUQHVV ^TXUE` PHDQV VHHNLQJ SUR[LPLW\ WR WKH 'LYLQH 6WDWLRQ :KHQ LW LV VDLG ³6R DQG VR LV QHDU RU FORVH WR D FHUWDLQ QDWLRQDO RIILFLDO ´ ZKDW LV PHDQW LV QRW VSDWLDO ERGLO\ DQG SK\VLFDO QHDUQHVV IRU LI LW ZHUH VXFK WKH RIILFH DWWHQGDQWV DUH WKH FORVHVW RU QHDUHVW WR KLP 5DWKHU ZKDW LV PHDQW E\ WKLV QHDUQHVV LV VSLULWXDO HPRWLRQDO LQ VWDWXV DQG QHDUQHVV LQ LQWLPDF\ 'RLQJ GHHGV VHHNLQJ WKH SOHDVXUH RI *RG GRHV QRW PHDQ WKDW *RG ZRXOG EH LQIOXHQFHG E\ RXU GHHGV DQG FKDQJH +LV DWWLWXGH RU SRVLWLRQ WRZDUG XV DQG DV VXFK +H EHFRPHV WKH VXEMHFW RI HYHQWV DQG FKDQJH ,QVWHDG ³QHDUQHVV WR $OODK´ PHDQV H[DOWDWLRQ RI WKH VSLULW WKURXJK WKH ODGGHU RI H[LVWHQFH ZKRVH FRQVHTXHQFH LV WKH DFTXLVLWLRQ RI LQIOXHQFH LQ WKH FUHDWLRQ 7KDW LV SUR[LPLW\ WR WKH )RXQWDLQKHDG RI &UHDWLRQ DQG ILQGLQJ +LP LQ RQH¶V KHDUW -XVW DV WKHUH DUH GLIIHUHQFHV LQ WKH OHYHOV RI H[LVWHQFH DPRQJ LQDQLPDWH REMHFWV SODQWV DQLPDOV DQG KXPDQ EHLQJV WKHUH DUH DOVR GLIIHUHQFHV RQ WKH OHYHO RI KXPDQ EHLQJV ZLWK UHVSHFW WR SUR[LPLW\ WR WKH )RXQWDLQKHDG RI &UHDWLRQ 0DQ FRXOG DWWDLQ VXFK QHDUQHVV WR *RG DQG EH WKH QHDUHVW WR +LP VR WKDW KH EHFRPHV WKH YLFHJHUHQW RI $OODK RQ WKH HDUWK :RUVKLS ZKLFK LV PRWLYDWHG E\ QHDUQHVV ^TXUE` ZLOO PDNH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸м ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

PDQ PRUH OXPLQRXV DQG SHUIHFW DQG KDYH PRUH H[LVWHQWLDO FDSDFLW\ ^ϠDUIL\\DW H ZXMXGL` $OO IRUPV RI ZRUVKLS UHFRPPHQGHG SUD\HUV LQ SDUWLFXODU KDYH VLJQLILFDQW UROHV LQ WKLV DIIDLU MXVW DV ZH UHDG LQ D KDGLWK

É Èȇ ȏÈ DzÊǧơȂōǼdzƢÊƥ ȄdzōÊơ ƣÉǂōǬÈÈƬÈȇ ƾƦÌǠÈÌdzơ DZơDŽ

7KDW LV PDQ FDQ DOZD\V JHW QHDUHU WR *RG WKURXJK UHFRPPHQGHG SUD\HUV > @ 2EOLJDWRU\ SUD\HU LV SRVVLEO\ GRQH RQ DFFRXQW RI IHDU RI KHOO DQG WKH GLYLQH ZUDWK EXW WKH RSWLRQDO SUD\HU LV D VLJQ RI ORYH DQG WKH VHFUHW RI ORYH WR WKH :RUVKLSSHG %HLQJ ^PDµEXG` 7KH GHJUHHV RI SUR[LPLW\ ^TXUE` 7KH WHUP ³GDUDMχW´ ^GHJUHHV` KDV EHHQ PHQWLRQHG IUHTXHQWO\ LQ WKH 4XU¶DQ DQG LW KDV DSSHDUHG ZLWK GLYHUVH LQWHUSUHWDWLRQV²D IDFW ZKLFK HOLFLWV VXEWOH SRLQWV )RU VRPH WKH 4XU¶DQ VWDWHV ³)RU WKHP WKHUH DUH GHJUHHV ´> @ )RU RWKHUV KRZHYHU LW VD\V ³7KH\ WKHPVHOYHV DUH GHJUHHV ´> @ ,W LV OLNH WKH FDVH RI JUHDW ILJXUHV ZKR HYHQ LI WKH\ VLW DW WKH ORZHU VHFWLRQ RI DQ DVVHPEO\ WKDW VHFWLRQ FDQ EHFRPH ³KLJK´ WKH\ DUH WKHPVHOYHV PDNHUV RI GHJUHH DQG UDQN DQG DUH QRW VXEMHFW WR GHJUHH DQG VWDWLRQ 7KLV VSLULWXDO UDQNLQJ LV QRW H[FOXVLYH WR KXPDQ EHLQJV IRU WKHUH LV DOVR KLHUDUFK\ DPRQJ WKH DQJHOV 7KH 4XU¶DQ WKXV VD\V UHJDUGLQJ -LEUD¶LO $UFKDQJHO *DEULHO µD ³2QH ZKR LV KHDUG DQG WUXVWZRUWK\ DV ZHOO ´> @ ,Q DQ\ FDVH WKH GHJUHHV RI KXPDQ EHLQJV LQ REHGLHQFH WR *RG DUH QRW VLPLODU 6RPHWLPHV PDQ REH\V ^PXϚLµ` EXW QRW RXW RI SOHDVXUH $W VRPH RWKHU WLPHV KH REH\V ^PXϚLµ` DV ZHOO DV ORYHV ^PXώLEE` WKDW LV KH REH\V *RG EDVHG RQ ORYH DQG DIIHFWLRQ 7KHUH DUH DOVR WLPHV ZKHQ KH DWWDLQV SHUIHFW JQRVLV ^PDµULIDK` IDU KLJKHU WKDQ REHGLHQFH ^LϚDµDK` DQG ORYH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸н ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

^PXώDEEDK` DQG ZKDWHYHU KH VHHV LV RQO\ *RG +DGUDW µ$OL µD VD\V

ǾǠÈǷ ȁ ǽ È ƪÉÌȇÈƗǁƢǷ È ƾÈǠÌÈƥ ȁ ǾǴÈƦÌÈǫ ƅơ ƪÉÌȇÈƗǁÈ ȁ ȏËÊƛ ƢƠÅȈÌNj È

³, GR QRW VHH DQ\WKLQJ H[FHSW *RG EHIRUH LW DIWHU LW DQG ZLWK LW ´> @ :H KDYH WR ORYH *RG IRU WKH VDNH RI *RG ,W LV VDLG WKDW LQ RUGHU WR WHVW WKH OR\DOW\ RI KLV FRXUWLHUV 6XOϚDQ 0DώPXG *KD]QDZL VHW RXW ZLWK D FDUDYDQ DQG SODFHG DQ XQORFNHG FRQWDLQHU RI MHZHOU\ RQ D FDPHO $ORQJ WKH ZD\ WKH\ UHDFKHG D YDOOH\ +H URXVHG WKH FDPHO DQG WKXV WKH FRQWDLQHU WXUQHG XSVLGH GRZQ DQG WKH MHZHOV IHOO LQWR WKH YDOOH\ 7KH 6XOϚDQ VDLG ³:KDWHYHU MHZHOV RQH PD\ JHW EHORQJV WR KLP ´ 7KRVH ZKR ZHUH DURXQG KLP OHIW KLP DQG WKH\ HQJDJHG WKHPVHOYHV LQ DPDVVLQJ JROG DQG VLOYHU 0HDQZKLOH LW ZDV REVHUYHG WKDW $\\D] KDG DEDQGRQHG WKH MHZHOV DQG SXUVXHG WKH 6XOϚDQ 7KH 6XOϚDQ DVNHG KLP ³:K\ GLG \RX QRW DPDVV MHZHOV"´ ,Q UHSO\ $\\D] VDLG

ϢΘΧ΍Ωή̢ϧ ΖϤόϧ ΖϣΪΧί ϢΘΧΎΗ ϰϣ ϮΗ ϯΎϔϗ έΩ ϢϨϣ

)RU PH , SUHIHU WR FOLQJ WR \RX DQG WKXV , GLG QRW VHUYH WKH JUDFH ^QLµPDK` 7KHQ IURP WKLV HYHQW 0DZODZL FRQFOXGHV

ΪϨΑ έΩ Ϫϧ ϰθϳϮΧ ΪϨΑ έΩ ϮΗ Ζγϭ΍ ϥΎδΣ΍ ϪΑ ΖϤθ̩ ΖγϭΩ ί΍ ή̳ ΖγϭΩ ΍ΪΧ ΰΟ ΍ΪΧ ί΍ ΪϨϨϛ Ύ˷ϨϤΗ ΀ΎϴϟϭΎϛ ΩϮΑ ΖϘϳήσ ϑϼΧ

,I \RX DUH KRSLQJ IRU WKH )ULHQG¶V JUDFH \RX ORYH \RXUVHOI QRW WKH )ULHQG ,W LV FRQWUDU\ WR WKH VSLULWXDO SDWK ^ϚDULTDK` RI WKH DZOL\D¶ WR EHVHHFK *RG VRPHWKLQJ RWKHU WKDQ *RG 7KH 4XU¶DQ KDV VWURQJO\ FRQGHPQHG WKRVH ZKR FDOO RQ *RG RQO\ IRU WKHLU RZQ VDNHV DQG UHPHPEHU +LP RQO\ LQ WLPHV RI SUREOHPV DQG DW RWKHU WLPHV IRUJHW RU HYHQ GHQ\ +LP

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸о ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ËÈ ȂǟÈƽ ȄÈdzÊƛ ǶÌǿƢ ŏ ǾÉÈdz ǺȈǐ É ƴËÈǻ ƢǸËǴÈÈǧ Ǻȇ É ƅơ ơ È ƾdzơ È ǴÊƼÌǷ É È ǮÊǴÌǨÉÌdzơ ȆÊǧ ơȂƦÉǯÊǁ ơƿ È ƜÊÈǧ ƃ È ǯÉǂÊnjÌÉȇ ǶÌǿ ơƿ Ƃ ǹȂ É Êƛ ǂŏƦÈÌdzơ

³:KHQ WKH\ ERDUG WKH VKLS WKH\ LQYRNH $OODK SXWWLQJ H[FOXVLYH IDLWK LQ +LP EXW ZKHQ +H GHOLYHUV WKHP WR ODQG EHKROG WKH\ DVFULEH SDUWQHUV ^WR +LP` EHLQJ XQJUDWHIXO IRU ZKDW :H KDYH JLYHQ WKHP ´> @ $W DQ\ UDWH ZRUNLQJ IRU RQH¶V VHOI LV HJRWLVP IRU WKH VDNH RI WKH SHRSOH LV LGRO ZRUVKLS DQG ZRUNLQJ IRU WKH VDNH RI *RG DQG +LV FUHDWXUHV LV GXDOLVP DQG PDNLQJ RQH¶V ZRUN DQG WKDW RI WKH FUHDWXUHV IRU WKH VDNH RI *RG LV ZRUVKLS RI *RG :H WKXV UHDG LQ WKH OLWDQLHV ^PXQDMDW`

Ê ƢǧÅȂÌƻ È ȁ ǭ ȐÅǿƗ Ǯ dzƛÙ Ê ǺÌǷ È ǮÈÉƫƾÈƦǟ ƢǷ ȄȀ Ì ÉƫƾÌƳÈȁ È È ƢǠÅǸÈǗ ȏ È DzÌÈƥ ǮÊƬōǼƳ Ȇǧ È ǁƢǻ ǮÉƫƾƦÌǠÈÈǧ ƧƽƢƦ È ǠÊǴÌÊdz

³2 *RG 0\ ZRUVKLS LV QRW RXW RI IHDU RI KHOO RU GHVLUH IRU <RXU SDUDGLVH 5DWKHU LW LV EHFDXVH , IRXQG <RX ZRUWK\ RI EHLQJ ZRUVKLSSHG DQG WKXV , ZRUVKLSSHG <RX ´> @ <HV RQO\ WUDGHUV ZRUN WR HDUQ SURILWV DQG RQO\ VODYHV ZRUN RXW RI IHDU EXW IUHH DQG QREOH PHQ ZRUVKLS +LP WR H[SUHVV WKHLU JUDWLWXGH IRU WKH GLYLQH JUDFHV MXVW DV KDV EHHQ QDUUDWHG LQ WKH ZRUGV RI WKH ,QIDOOLEOHV ^PDµϙXPLQ`> @ µD

È ơȁƾƦǟ È Ê ǴÌÊƬÈǧ ƨÅÈƦǣÌǁ Å Èǫ ǹōÊơ ȁ Å Èǫ ǹōÊơ ƨÅÈƦǿÌǁÈ ƅơ Ê ŎƬdzơ ƧÉƽƢƦ È ǟ Ǯ ÈÌ ƢǷȂ È ƢǷȂ È ǁƢƴ È ƅơ ơȁƾƦÌǟ È ƢǷȂ Ê ǠÈÌdzơ ƧÉƽƢƦ È ÊƬÈǧ ÅơǂǰÌNjÉ ơȁƾƦÌǟ È ƧÉƽƢƦ Å Èǫ ǹōÊơ ȁÈ ƾȈƦ ǁơǂ Ê ƷÌȏơ È ǟÊ ǮǴ È ǟÊ ǮǴÊƬÈǧ È ƅơ

³,QGHHG WKHUH LV D JURXS WKDW ZRUVKLSV $OODK IRU JDLQ WKDW LV WKH ZRUVKLS RI WKH WUDGHU 7KHUH LV D JURXS WKDW ZRUVKLSV $OODK RXW RI IHDU WKDW LV WKH ZRUVKLS RI WKH VODYH $QG WKHUH LV D JURXS WKDW ZRUVKLSV $OODK RXW RI JUDWLWXGH WKDW LV WKH ZRUVKLS RI WKH IUHH ´> @ ,Q WKH ODQJXDJH RI ΑDILϠ > @

βϛ ΖγϭΩ ί΍ ήϴϐΑ ΪΠϨ̳ ϰϤϧ Ύϣ ήϴϤο έΩ βΑ ΖγϭΩ ΍έ Ύϣ Ϫϛ ϩΩ˶ ϦϤηΩ ϪΑ ΍έ ϢϟΎϋ ϭΩ ήϫ

7KHUH LV QR RQH LQ RXU KHDUWV PLQGV EXW WKH )ULHQG *LYH WKH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸п ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

WZR ZRUOGV WR WKH HQHP\ DV WKH )ULHQG VXIILFHV IRU XV ,Q PDWHULDOLVWLF ORYH WKH SHUVRQ ORYHV KLV REMHFW RI ORYH IRU KLPVHOI EXW LQ VSLULWXDO ORYH WKH SHUVRQ GHGLFDWHV KLPVHOI WR WKH %HORYHG ,Q WKH 6XSSOLFDWLRQ RI .XPD\O ^GXµD¶ NXPD\O` > @ µ$OL µD VD\V

Å ŏȈÈƬǷÉ ǮÈŏƦƸÉÊƥ ȆÊƦǴÌÈǫ DzÌǠÈƳơ ƢǸ Ì ȁÈ

³2 /RUG 0DNH P\ KHDUW HQWKUDOOHG E\ <RXU ORYH ´ $WWDLQPHQW RI WKH VWDWH RI SUR[LPLW\ ^TXUE` $WWDLQPHQW RI WKH GLYLQH SUR[LPLW\ ^TXUE H LODKL` DQG PRWLYH IRU QHDUQHVV ^TXUEDK` LV DFKLHYHG LQ WZR ZD\V 2QH LV WR UHFRJQL]H WKH JUDQGHXU DQG VWDWLRQ RI *RG DQG WKH RWKHU LV WR UHFRJQL]H WKH PHDQQHVV DQG DEMHFWQHVV RI RWKHU WKDQ +LP 7KH 4XU¶DQ DOZD\V PHQWLRQV WKH GLYLQH IDYRUV DQG JUDFHV WR WKH VHUYDQWV RI *RG VR DV WR PDNH PDQ HQDPRUHG E\ WKH ORYH IRU *RG 6WDWLQJ +LV $WWULEXWHV +LV FUHDWXUHV +LV PDWHULDO DQG VSLULWXDO DVVLVWDQFH DQG WKH PDQ\ IDYRUV JUHDW DQG VPDOO²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µ DW WDTOLG> @ RI WKH 6KLµDK ZRUOG ZDV $\DWXOODK DO µ8ϠPD %XUXMHUGL 'XULQJ GD\V RI PRXUQLQJ KH XVHG WR KROG PRXUQLQJ FHUHPRQLHV LQ KLV UHVLGHQFH ,Q RQH RI WKHVH DVVHPEOLHV KH ZDV QRW IHHOLQJ ZHOO 6R KH ZDV UHVWLQJ LQ KLV SULYDWH URRP ZKLOH OLVWHQLQJ WR WKH VSHHFKHV RI WKH RUDWRUV

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸р ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

2QH RI WKRVH SUHVHQW LQ WKH PRXUQLQJ DVVHPEO\ VDLG ³([WHQG ϙDODZDK LQYRFDWLRQ RI EOHVVLQJV WR WKH 3URSKHW DQG KLV SURJHQ\ µD

IRU WKH VDNH RI WKH KHDOWK DQG VDIHW\ RI WKH ,PDP RI WKH 7LPH DQG $TD %XUXMHUGL ´ 6XGGHQO\ WKH\ IRXQG RXW WKDW KH ZDV NQRFNLQJ WKH GRRU ZLWK KLV VWDII +LV QHDU UHODWLYHV FDPH DQG DVNHG ³,V WKHUH DQ\WKLQJ ZH FDQ GR IRU \RX"´ 7KLV JUHDW PDUMDµ DW WDTOLG VDLG ³:K\ GLG \RX PHQWLRQ P\ QDPH DORQJ ZLWK WKH QDPH RI WKH ,PDP RI WKH 7LPH µD " , GR QRW KDYH WKH ZRUWK IRU \RX WR PHQWLRQ P\ QDPH DORQJ ZLWK WKH QDPH RI WKH ,PDP DQG LQYRNH EOHVVLQJV ^ϙDODZDK` RQ XV ERWK ´> @ 7KLV UHOLJLRXV DXWKRULW\ ZKR ZDV D GHSXW\ ^QD¶LE` RI WKH ,PDP RI WKH 7LPH µD ZDV QRW ZLOOLQJ WR OHW KLV QDPH EH PHQWLRQHG DORQJ ZLWK WKH QDPH RI DQ LQIDOOLEOH ,PDP EXW PDQ\ RI XV RQ DFFRXQW RI LQFRUUHFW XQGHUVWDQGLQJ DQG LPSROLWHQHVV SODFH WKH QDPHV RI ZHDN DQG WKRURXJKO\ QHHG\ FUHDWXUHV DORQJ ZLWK WKH QDPH RI *RG WKH 2PQLSRWHQW $EVROXWH DQG ([DOWHG DV LI ZH UHJDUG WKHP DV HTXDOV 4XDOLW\ RU TXDQWLW\" ,VODP KDV SDLG PXFK DWWHQWLRQ WR WKH PDQQHU RI SHUIRUPLQJ D WDVN DQG WKH XQGHUO\LQJ PRWLYH DQG SXUSRVH EHKLQG LW 7KH 4XU¶DQ SUDLVHV WKH EHWWHU DFWV DQG QRW WKH DPRXQW RI DFWV DFFRPSOLVKHG VD\LQJ

Ƃ ȐÅǸÈǟ È ǺÉLjÈƷÌÈƗ ǶÌǰÉŎȇÈƗ ǶÌǯÉȂÈǴÉƦÌȈÈÊdz ƃ

³7KDW +H PD\ WHVW \RX ^WR VHH` ZKLFK RI \RX LV EHVW LQ FRQGXFW ´> @ :KLOH LQ D VWDWH RI UXNXµ ^ERZLQJ GRZQ` +DGUDW µ$OL µD JDYH KLV ULQJ WR D EHJJDU DQG RQ DFFRXQW RI WKLV D YHUVH ^D\DK` RI WKH 4XU¶DQ ZDV UHYHDOHG 6RPH SHRSOH LPDJLQH WKDW WKH UHDVRQ EHKLQG WKH UHYHODWLRQ RI D YHUVH EHFDXVH RI D ULQJ ZDV WKDW WKH ULQJ ZDV SUHFLRXV DQG WKXV WKH\ KDYH VDLG ³7KH YDOXH RI WKH ULQJ ZDV HTXDO WR WKH WD[ DQG UHYHQXH RI DOO RI 6KDPDW ´> @ 7KLV LV ZKLOH D ULQJ ZLWK VXFK D SULFH FRXOG QHYHU EH FRQVLVWHQW

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸с ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ZLWK WKH VLPSOLFLW\ ^]XKG` RI µ$OL µD ,W ZDV HTXDOO\ LQFRPSDWLEOH ZLWK KLV VHQVH RI MXVWLFH IRU KLP WR KDYH VXFK D ULQJ RQ KLV KDQG ZKLOH VRPH SHRSOH ZHUH LQ D VWDWH RI SRYHUW\ DQG LQGLJHQFH %XW WKH WUXWK RI WKH PDWWHU LV WKDW LW ZDV RQ DFFRXQW RI WKH TXDOLW\ RI WKH GHHG DQG QRW LWV TXDQWLW\ DQG RQ DFFRXQW RI WKH VLQFHULW\ DQG LQWHQWLRQ IRU QHDUQHVV ^TXUEDK` DQG QRW WKH ZHLJKW DQG PDJQLWXGH RI WKH ULQJ¶V YDOXH WKDW WKH IROORZLQJ YHUVH ZDV UHYHDOHG

ËÉ ǶǰÉȈÊdzȁ Ƣ È ÉƫƚÌÉȇȁ È ǸȈÉǬÊÉȇ Ǻȇ Ì ǼÉǷƕ ǹȂ ō ǹȂ È Ǻȇ È ƧÈȐÈǐdzơ È ǾÉÉdzȂLJÉǁÈȁ È ƅơ È ǀÊōdzơ ơȂ È ǀÊōdzơȁ É Ŏ È ǸÈōǻÊƛ ƃ Ê ǁ È ǠÉǯơ Ƃ ǹȂ ō È ƧƢÈǯÈDŽdzơ È ǶÌǿÉȁ

³<RXU JXDUGLDQ LV RQO\ $OODK +LV $SRVWOH DQG WKH IDLWKIXO ZKR PDLQWDLQ WKH SUD\HU DQG JLYH WKH ]DNDW ZKLOH ERZLQJ GRZQ ´> @ $ 5HFROOHFWLRQ %DKOXO VDZ D JURXS RI SHRSOH FRQVWUXFWLQJ D PRVTXH DQG FODLPLQJ WKDW WKH\ ZHUH GRLQJ VR IRU WKH VDNH RI *RG +H LQVFULEHG RQ D VWRQH ³7KH EXLOGHU RI WKLV VWRQH LV %DKOXO ´ DQG SODFHG LW DW WKH GRRU RI WKH PRVTXH RQH QLJKW 7KH IROORZLQJ GD\ ZKHQ WKH ZRUNHUV VDZ WKH LQVFULEHG VWRQH WKH\ UHSRUWHG LW WR +DUXQ DU 5DVKLG 6R KH VXPPRQHG %DKOXO DQG DVNHG KLP ³:K\ KDYH \RX DVVXPHG RZQHUVKLS RI D PRVTXH , DP FRQVWUXFWLQJ"´ %DKOXO UHSOLHG ³,I \RX DUH UHDOO\ FRQVWUXFWLQJ WKH PRVTXH IRU WKH VDNH RI *RG WKHQ OHW P\ QDPH EH LQVFULEHG WKHUHLQ DV WKH RZQHU $Q\ZD\ *RG NQRZV ZKR WKH UHDO EXLOGHU LV %HVLGHV +H ZLOO QRW FRPPLW DQ\ PLVWDNHV LQ JLYLQJ WKH UHZDUG ,I LW LV UHDOO\ IRU WKH VDNH RI *RG ZKHWKHU P\ QDPH RU \RXU QDPH LV LQVFULEHG WKHUH GRHV QRW PDWWHU ,Q GRLQJ VR %DKOXO OHW KLP XQGHUVWDQG WKDW KH KDG QR LQWHQWLRQ IRU QHDUQHVV ^TXUEDK` WR $OODK EXW UDWKHU IRU GHVLUH DQG IDPH )RU WKLV UHDVRQ WKH 4XU¶DQ OLNHQV WKH GHHGV RI WKH LQILGHOV ^NXIIDU` WR D PLUDJH ZKLFK VHHPV WR EH ZDWHU EXW LW LV QRW

È ǶÌȀÉÉdzƢǸÈǟÌÈƗ ơȁǂÉǨÈǯ È Ǻȇ ō ǾÉƦÉLjÈƸÌÈȇ ƨÇǠȈÈǬÊÊƥ ƣơ É ǸÌǜdzơ Ç ǂÈLjÈǯ Ƃ ƔƢÅǷ È ǹƖ È È ǀÊōdzơȁ ƃ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸т ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

³$V IRU WKH IDLWKOHVV WKHLU ZRUNV DUH OLNH D PLUDJH LQ D SODLQ ZKLFK WKH WKLUVW\ PDQ VXSSRVHV WR EH ZDWHU ´> @ ,Q SULQFLSOH ,VODP UHJDUGV DQ DFW DV ULJKWHRXV LI LWV IRXU FRQVWLWXWLYH HOHPHQWV DUH JRRG WKH FRPSRQHQWV RI WKH DFWLRQ WKH PRWLYH PHDQV DQG PHWKRG 7KH PRWLYH IRU QHDUQHVV ^TXUEDK` LV QHFHVVDU\ QRW RQO\ DW WKH EHJLQQLQJ RI DQ DFW UDWKHU WKH LQWHQWLRQ IRU GLYLQH SUR[LPLW\ VKRXOG UHPDLQ WKURXJKRXW WKH FRXUVH RI WKH DFWLRQ RWKHUZLVH WKH DFW LQ LWV HQWLUHW\ EHFRPHV YRLG ,I WKH PRWRU RI DQ DLUSODQH PDOIXQFWLRQV IRU RQO\ D PLQXWH WKH DLUSODQH ZLOO GHILQLWHO\ FRPH FUDVKLQJ GRZQ 3RO\WKHLVP ^VKLUN` RU RVWHQWDWLRQ ^UL\D¶` LQ WKH LQWHQWLRQ ^QL\\DK` WKRXJK IRU RQO\ D PRPHQW ZLOO H[WLQJXLVK WKH HQWLUH DFW DQG UHQGHU LW XVHOHVV $QRWKHU UHFROOHFWLRQ 2Q D FHUWDLQ IOLJKW WKH SDVVHQJHUV RI DQ DLUSODQH SUHSDULQJ IRU WDNH RII ZHUH DVNHG WR GLVHPEDUN IURP WKH DLUFUDIW DQG WKH IOLJKW ZDV GHOD\HG IRU PDQ\ KRXUV , DVNHG DERXW WKH UHDVRQ EHKLQG WKH GHOD\ 6RPHRQH VDLG ³$ FRFNURDFK KDG EHHQ VHHQ LQ WKH DLUFUDIW ´ , H[FODLPHG ³$OO WKLV GHOD\ LV EHFDXVH RI D FRFNURDFK" ´ ,W ZDV VDLG LQ UHSO\ ³<HV EHFDXVH WKHUH KDYH EHHQ PDQ\ FDVHV ZKHQ D FRFNURDFK ZRXOG JQDZ WKURXJK D ZLUH DQG WKH FRQWURO V\VWHP RI WKH DLUFUDIW ZRXOG PDOIXQFWLRQ DQG WKLV FRXOG OHDG WR D PLVKDS ´ 0DQ\ JRRG GHHGV DUH VXSSRVHG WR OHDG WR PDQ¶V DVFHQVLRQ WRZDUG *RG EXW EHFDXVH RI D VSLULWXDO YLFH QRW RQO\ GR WKH\ QRW OHDG WR KLV DVFHQVLRQ LQVWHDG WKH\ ZRXOG OHDG WR KLV IDOO 7KH LQWHQWLRQ JLYHV YDOXH WR WKH GHHG /HW XV DVVXPH WKDW RXW RI RSSUHVVLRQ DQG DJJUHVVLRQ VRPHRQH NLOOHG DQRWKHU DQG LW EHFDPH NQRZQ ODWHU WKDW WKH YLFWLP KDG EHHQ D FULPLQDO ZKR ZDV VXSSRVHG WR KDYH EHHQ H[HFXWHG ,Q WKLV FDVH ZKDW WKH NLOOHU KDG GRQH ZDV EHQHILFLDO KRZHYHU WKH SHRSOH ZLOO QRW SUDLVH WKH PXUGHUHU EHFDXVH KLV LQWHQWLRQ ZDV όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸кй ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

NLOOLQJ DQ LQQRFHQW SHUVRQ DQG QRW H[HFXWLQJ D FRUUXSWRU RQ WKH HDUWK ^PXIVLG IL¶O DUϊ` 7KXV WKH XVHIXOQHVV RI D ZRUN LV QRW HQRXJK IRU LW WR EH UHJDUGHG DV D ULJKWHRXV DFW ,Q IDFW LW LV QHFHVVDU\ IRU LW WR EH DFFRPSDQLHG E\ D SXUH LQWHQWLRQ DV ZHOO ,Q DOO LQVWDQFHV WKH 4XU¶DQ OD\V VWUHVV RQ WKH LQWHQWLRQ IRU QHDUQHVV ^TXUEDK` WR $OODK ZKHWKHU LQ WKH FDVH RI NKXPV ]DNDK DQG RWKHU ILQDQFLDO PDWWHUV RU LQ WKH FDVH RI ZDU DQG MLKDG DJDLQVW WKH HQHP\ 7KH IDFW WKDW WKH 4XU¶DQ HPSKDVL]HV VXFK SKUDVHV DV ³,Q WKH ZD\ RI $OODK ´> @ ³)RU WKH VDNH RI $OODK ´> @ DQG ³6HHNLQJ WKH SOHDVXUH RI $OODK> @ LV DQ LQGLFDWLRQ RI WKH LPSRUWDQFH RI WKH LQWHQWLRQ IRU QHDUQHVV ^TXUEDK` WR $OODK ,I WKRVH ZKR DUH SHUIRUPLQJ EHQHILFLDO DFWV RQ EHKDOI RI WKH SHRSOH E\ FRQVWUXFWLQJ VFKRROV KRVSLWDOV URDGV DQG GRUPLWRULHV KDYH QR GLYLQH LQWHQWLRQ WKH\ KDYH FRPPLWWHG DQ LQMXVWLFH WR WKHPVHOYHV EHFDXVH WKH\ WKHPVHOYHV ZLOO QRW EHQHILW IURP WKRVH GHHGV DOWKRXJK RWKHUV ZLOO JHW PXFK EHQHILW IURP WKHP 7KDW WKH 4XU¶DQ DOZD\V PHQWLRQV ULJKWHRXV GHHGV DORQJ ZLWK IDLWK VD\LQJ ³7KRVH ZKR KDYH IDLWK DQG GR ULJKWHRXV GHHGV ´> @ RU ³:KRHYHU DFWV ULJKWHRXVO\ ^ZKHWKHU` PDOH RU IHPDOH VKRXOG KH RU VKH EH IDLWKIXO´> @ LV EHFDXVH RI WKH IDFW WKDW WKH JRRGQHVV RI DQ DFW DORQH LV QRW HQRXJK UDWKHU WKH JRRGQHVV RI WKH GRHU LV DOVR UHTXLUHG 7ZR KLVWRULFDO DFFRXQWV %LODO DO ΑDEDVKL ZKR ZDV WKH FDOOHU WR SUD\HU ^PXµDGKGKLQ` RI WKH +RO\ 3URSKHW 6 ZRXOG SURQRXQFH ³VK´ ^VKLQ` DV ³V´ ^VLQ` LQ WKH UHFLWDO RI WKH VHQWHQFH ³$VKKDGX DQ OD LODKD LOOD¶OODK´ DV KH KDG D GHIHFW LQ SURQXQFLDWLRQ 7KH SHRSOH FULWLFL]HG LW EXW WKH 3URSKHW 6 VDLG ³7KH VLQ RI %LODO LV VKLQ IRU *RG ´> @ $OWKRXJK RXWZDUGO\ KLV ZRUN ZDV GHIHFWLYH VLQFH KH KDG WKH PRWLYH IRU QHDUQHVV ^TXUEDK` DQG JRRG LQWHQWLRQV KH UHFHLYHG WKH UHZDUG όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸кк ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

µ$EG $OODK LEQ 0DNWXP ZDV RQH RI WKH VLQFHUH &RPSDQLRQV RI WKH 3URSKHW 6 DQG D EOLQG PDQ 2QH GD\ WKLV JUHDW &RPSDQLRQ HQWHUHG LQWR DQ DVVHPEO\ ZKHUH WKH 3URSKHW 6 DQG VRPH SHRSOH ZHUH EXV\ WDONLQJ $V KH FRXOG QRW VHH WKH RWKHU SHRSOH LQ WKH DVVHPEO\ KH WDONHG ORXGO\ %HLQJ DQQR\HG RQH RI WKRVH ZKR ZHUH SUHVHQW LQ WKH DVVHPEO\ IURZQHG DW KLP ,Q VSLWH RI WKH IDFW WKDW IURZQLQJ DQG VPLOLQJ GR QRW PDNH DQ\ GLIIHUHQFH WR D EOLQG SHUVRQ DV KH FDQQRW VHH WKH 4XU¶DQ UHYHDOHG D ZKROH VXUDK RQ DFFRXQW RI WKDW YHU\ IURZQLQJ DQG UHSURDFKHG WKH SHUVRQ ZKR IURZQHG LQ WHQ VXFFHVVLYH YHUVHV ^D\DW`

È ǁÊƾÌÉȇ ƢǷÈȁ Ø Ȅ ȁÌÈƗ Ø ȄǯōDŽōÈȇ ǾÉǴōǠÈÈdz Ǯȇ Ì ǽÉƔƢÈƳ È È ǹÌÈƗ Ø ȄōdzȂÈÈƫȁ È ǸÈǟȋơ È džÈƦÈǟ ƃ ËÊ ǾÉǠÈǨÈǼÌƬÈÈǧ ǂÉǯōǀōÈȇ ǮÈȈÌǴÈǟ Ƣ ƾōǐÈÈƫ ǾÉÈdz ƪÈÌǻƘÈÈǧ Ø ȄǼÈǤÌƬÈLJơ È ǷÈȁ Ø ȃ È ǷōÈƗ Ø ȃǂÈǯÌǀdzơ Ì ǺÊǷ Ƣ È Ƃ ȄȀōǴÈÈƫ ǾÉǼÌǟ È ƪÈÌǻƘÈÈǧ Ø ȄnjÈƼÌÈȇ ȂÈǿÉȁ Ø Ȅ È ǺÌǷ Ƣ È ǷōÈƗȁ Ø Ȅ È ǠÈLjÌÈȇ ǭÈƔƢÈƳ È ǯōDŽōÈȇ ȏÈƗ

³+H IURZQHG DQG WXUQHG DZD\ ZKHQ WKH EOLQG PDQ DSSURDFKHG KLP $QG KRZ GR \RX NQRZ PD\EH KH ZRXOG SXULI\ KLPVHOI RU WDNH DGPRQLWLRQ DQG WKH DGPRQLWLRQ ZRXOG EHQHILW KLP %XW DV IRU VRPH RQH ZKR LV VHOI FRPSODFHQW \RX DWWHQG WR KLP WKRXJK \RX DUH QRW OLDEOH LI KH GRHV QRW SXULI\ KLPVHOI %XW KH ZKR FRPHV KXUU\LQJ WR \RX ZKLOH KH IHDUV ^$OODK` \RX DUH QHJOHFWIXO RI KLP ´> @ 6R WKH FULWHULRQ RI D GHHG LV QRW LWV XVHIXOQHVV RU KDUPIXOQHVV ZLWK ZKLFK ZH ZRXOG HYDOXDWH LW DQG VD\ ³,I DQ DFWLRQ JLYHV EHQHILW WR RWKHUV LW LV D ULJKWHRXV GHHG DQG LI LW UHQGHUV KDUP WKHQ LW LV DQ LPSLRXV DFW ´ ,QVWHDG ZH KDYH WR DVVHVV WKH UHODWLRQVKLS RI WKH DFWLRQ ZLWK WKH SHUVRQ KLPVHOI²ZKDW ZHUH KLV PRWLYHV LQ GRLQJ LW" 2U KRZ LV WKH DFWLRQ SHU VH LI LW UHQGHUV QHLWKHU EHQHILW QRU KDUP WR RWKHUV" <HV LQ WKH VFKRRO ^PDNWDE` RI WKH SURSKHWV µD PRUDOLW\ ^DNKODT` KDV HVVHQWLDO ^GKDWL` YDOXH DQG QRW PHUHO\ DFFLGHQWDO ^µDUDϊL` YDOXH ,W LV QRW OLNH WKH PRUDOLW\ RI D SHUVRQ ZKLFK LV PHDQW WR DWWUDFW FXVWRPHUV PD[LPL]H WKH YROXPH RI SURGXFWLRQ DQG JDWKHU SHRSOH DURXQG KLP ,Q WKH HSLVRGH RI WKH µDEDVD ^KH ZKR IURZQHG` WKH FULWLFLVP LV DQFKRUHG RQ WKLV :K\ GLG \RX IURZQ DW WKH EOLQG PDQ" $OWKRXJK WKH EOLQG PDQ FDQQRW VHH \RX IURZQLQJ DW D EHOLHYHU

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸кл ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

LV LQ LWVHOI DQ DEKRUUHQW DFW ,Q DQ\ FDVH WKH PRWLYH IRU QHDUQHVV ^TXUEDK` PHDQV WKDW DOO DFWLRQV PXVW EH GRQH DFFRUGLQJ WR GLYLQH FULWHULD DQG VKRXOG QRW KDYH GLUH SROLWLFDO DQG VRFLDO LPSDFW XSRQ RWKHUV 7KH PRWLYH IRU QHDUQHVV ^TXUEDK` PHDQV WKDW DQ DFW PXVW EH GRQH IRU WKH VDNH RI *RG UHJDUGOHVV RI LWV UHVXOWDQW MR\ RU SDLQ ,Q GHVFULELQJ WKH WUXH EHOLHYHU WKH 4XU¶DQ VWDWHV

ËÊ DzȈƦ Ê Éȇ ƃ È ÉǧƢƼÈȇ ȏ ȁ È ƾÉǿƢƴ Ƃ ǶÇÊƟȏ ƨÈǷÈȂÌÈdz ǹȂ Ê LJ Ȇǧ È ǹȁ È ƅơ

³ 7KH\ ZDJH MLKDG LQ WKH ZD\ RI $OODK QRW IHDULQJ WKH EODPH RI DQ\ EODPHU ´> @ 7KH PRWLYH IRU QHDUQHVV ^TXUEDK` PHDQV WKDW RQH PXVW VD\ WKH WUXWK DQG QRW EH FRQFHUQHG DERXW DQ\WKLQJ RU DQ\ERG\ H[FHSW +LP MXVW DV WKH 4XU¶DQ WKXV GHVFULEHV WKH GLYLQH SURSDJDWRUV

ËÈ ȏōÊƛ ơƾÅƷÈÈƗ ǹÈȂnjÈƼÌÈȇ ȏ ȁ ËÊ ƩȏƢLJ Ê ǁ È ǤÉǴŏƦÈÉȇ Ǻȇǀ ȁ Ê ǹȂ È ƅơ È ǾÉÈǻȂÌnjÈƼÌÈȇ ȁ È ƅơ È ōdzơ ƃ Ì ËÊ Êƥ òȄǨǯÈ Ƃ ƢƦȈLj È ƅƢ Å Ʒ

³6XFK DV GHOLYHU WKH PHVVDJHV RI $OODK DQG IHDU +LP DQG IHDU QR RQH H[FHSW $OODK DQG $OODK VXIILFHV DV UHFNRQHU ´> @ $ UHFROOHFWLRQ 2QH GD\ , ZDV HQJURVVHG LQ GRLQJ VXSSOLFDWLRQ ^GXµD¶` DQG SD\LQJ KRPDJH ^]L\DUDK` LQ WKH KRO\ VKULQH RI ,PDP DU 5LGD µD 2QH RI WKH SLOJULPV ^]D¶LULQ` VDW EHVLGH PH DQG DV KH UHFRJQL]HG PH IURP P\ 79 SURJUDP HYHU\ )ULGD\ QLJKW KH JDYH PH D VXP RI PRQH\ VD\LQJ ³$TD 4DUD¶DWL *LYH WKLV PRQH\ WR WKH SRRU ´ , VDLG ³/LNH \RX , KDYH DOVR FRPH KHUH IRU ]L\DUDK DQG KHUH LQ 0DVKKDG , GR QRW NQRZ RI DQ\ SRRU SHRSOH <RX JLYH LW WR WKH SRRU \RXUVHOI ´ $IWHU VRPHWLPH KH SOHDGHG ZLWK PH DJDLQ DQG , DOVR UHSHDWHG P\ DUJXPHQW DQG WKHQ , UHVXPHG VXSSOLFDWLRQ +H UHSHDWHG KLV SOHD IRU WKH WKLUG WLPH , ZDV DQQR\HG DQG VDLG ³7RGD\ ZLWK WZHQW\ WXPDQV> @ \RX GLVWXUEHG P\ FRQFHQWUDWLRQ WKUHH WLPHV 3OHDVH GR QRW GLVWXUE PH <RX

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸км ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

\RXUVHOI KDYH WR JLYH WKLV PRQH\ WR WKH SRRU ´ +H VDLG ³$TD 4DUD¶DWL 7KLV LV QRW WZHQW\ WXPDQV LW LV RQH WKRXVDQG WXPDQV ´ , ZDV WKLQNLQJ WKDW KH ZDQWHG WR JLYH WZHQW\ WXPDQV WR WKH SRRU , UHIOHFWHG IRU VRPHWLPH DQG P\ DQJHU IDGHG DZD\ , VDLG WR KLP ³7KHUH LV DQ LQVWLWXWLRQ KHUH IRU KHOSLQJ WKH RUSKDQV ´ +H VDLG ³,W LV XS WR \RX <RX VSHQG LW DV \RX GHHP LW DSSURSULDWH ´ +H JDYH WKH PRQH\ WR PH DQG OHIW , SXW GRZQ WKH ERRN RI VXSSOLFDWLRQ DQG VWDUWHG UHIOHFWLQJ ,I LW LV IRU WKH VDNH RI *RG ZKDW LV WKH GLIIHUHQFH EHWZHHQ WZHQW\ WXPDQV DQG RQH WKRXVDQG WXPDQV" , UHDOL]HG WKDW WKLV VFHQH ZDV D WHVW IRU PH UHPLQGLQJ PH WKDW WKH PRWLYH IRU QHDUQHVV ^TXUEDK`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` LV DQ HVVHQWLDO FRQGLWLRQ ^VKDUϚ H GKDWL` DQG QRW D FRQWUDFWXDO DQG GHOHJDWHG FRQGLWLRQ LW LV D FUHDWLRQDO ^WDNZLQL` FRQGLWLRQ DQG QRW D FHUHPRQLDO ^WDVKULIDWL` RQH > @ ,I ZH VD\ 7KH FRQGLWLRQ IRU UHDFKLQJ 0HFFD LV WUDYHUVLQJ WKH ZD\ WR WKH FLW\ WKLV LV D QDWXUDO DQG HVVHQWLDO FRQGLWLRQ DQG QRW D FRQWUDFWXDO RQH 6LPLODUO\ WKH FRQGLWLRQ WR DWWDLQ WKH VWDWLRQ RI QHDUQHVV WR $OODK LV WR KDYH WKH PRWLYH IRU QHDUQHVV ^TXUEDK` DQG WKLV LV DQ HVVHQWLDO FRQGLWLRQ 7KH HIIHFWV DQG EOHVVLQJV RI D SXUH LQWHQWLRQ 7KURXJK D FXUVRU\ JODQFH DW WKH YHUVHV RI WKH 4XU¶DQ DQG WKH 3URSKHWLF WUDGLWLRQV ZH VKDOO ILQG RXW PDQ\ HIIHFWV DQG EOHVVLQJV RI KDYLQJ D SXUH LQWHQWLRQ VRPH RI ZKLFK ZH VKDOO PHQWLRQ FRQFLVHO\ EHORZ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸кн ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

$Q\RQH ZKR KDV D JRRG LQWHQWLRQ VKDOO KDYH DEXQGDQW SURYLVLRQV > @ 3HUKDSV WKLV KDGLWK PHDQV WKDW EHFDXVH RI KLV JRRG LQWHQWLRQ KLV EHKDYLRU DQG WUHDWPHQW RI SHRSOH LV VRPHKRZ SOHDVDQW DQG QDWXUDOO\ PRUH SHRSOH ZLOO EH DWWUDFWHG WR KLV EXVLQHVV DQG WKXV KH ZLOO HDUQ PRUH LQFRPH $ JRRG LQWHQWLRQ LQFUHDVHV PDQ¶V VXFFHVV DQG RSSRUWXQLW\ PDNHV KLV OLIH SXUH DQG GHVLUDEOH DQG ZLQV KLP PRUH IULHQGV > @ 'LYLQH IDYRUV IRU LQGLYLGXDOV GHSHQG RQ WKHLU KDYLQJ D JRRG LQWHQWLRQ 7KH SXUHU DQG PRUH VLQFHUH WKHLU LQWHQWLRQ LV WKH PRUH GLYLQH IDYRUV WKH\ ZLOO REWDLQ ,W HQGRZV ORQJ OLIH WR PDQ ,W LV QDUUDWHG LQ WKH WUDGLWLRQV ,I D SHUVRQ ZKR MXVW SHUIRUPHG ΑDMM SLOJULPDJH ZRXOG LQWHQG DQG GHFLGH ZKHQ KH LV UHWXUQLQJ KRPH WR JR WR ΑDMM DJDLQ WKH IROORZLQJ \HDU *RG ZLOO SURORQJ KLV OLIH RQ DFFRXQW RI WKDW JRRG LQWHQWLRQ > @ $ JRRG LQWHQWLRQ FRPSHQVDWHV IRU RQH¶V SDVW VLQV µ$OL µD VD\V ,I D VLQQHU KDYLQJ D JRRG LQWHQWLRQ UHSHQWV *RG ZLOO UHWXUQ WR KLP ZKDWHYHU LV WDNHQ IURP KLP DV D UHPXQHUDWLRQ IRU KLV VLQV DQG VHW ULJKW ZKDWHYHU SUREOHP KH PLJKW KDYH LQ KLV ZRUN > @ *RG ZLOO JLYH WKH UHZDUG RI D JRRG GHHG WR D SHUVRQ IRU LQWHQGLQJ WR GR D JRRG DFW HYHQ LI KH DFWXDOO\ IDLOV WR GR VR %\ KDYLQJ D VLQFHUH LQWHQWLRQ WKH XQIXOILOOHG ZRUNV RI D SHUVRQ VKDOO EH FRXQWHG DV LW KDV EHHQ QDUUDWHG LQ WKH WUDGLWLRQV ,I D IDLWKIXO SHUVRQ ZRXOG VD\ µ,I *RG KDG JLYHQ DPHQLWLHV WR PH , ZRXOG KDYH GRQH WKLV DQG WKDW¶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¶V QHDUQHVV ^TXUE` WR $OODK ,Q WKH VDPH όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸ко ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

PDQQHU WKH PRVW VSLULWXDO VWDWHV VXFK DV SURVWUDWLRQ ^VXMXG` DQG ZHHSLQJ LI WKH\ DUH PRWLYDWHG E\ RVWHQWDWLRQ ^UL\D¶` ZLOO WXUQ LQWR D PHDQV RI GULIWLQJ DZD\ IURP *RG :H UHDG LQ WKH WUDGLWLRQV -XVW DV WKH ERG\ KDYLQJ D VRXO LV ILUP UHOLJLRQ ZLWK D VLQFHUH LQWHQWLRQ LV ILUP > @ +DYLQJ D SXUH KHDUW DQG JRRG LQWHQWLRQ DUH DPRQJ WKH GLYLQH DVVHWV DQG WUHDVXUHV DQG WKH EHWWHU WKH LQWHQWLRQ WKH PRUH WKH YDOXH WKLV WUHDVXUH ZLOO KDYH > @ +DYLQJ D VHULRXV LQWHQWLRQ GHFLVLRQ DQG ZLOO SRZHU ZLOO PXOWLSO\ WKH SK\VLFDO DELOLW\ RI PDQ ,PDP Dϙ ΜDGLT µD VD\V ³2Q WKH 'D\ RI 5HVXUUHFWLRQ *RG ZLOO JURXS WKH SHRSOH DFFRUGLQJ WR WKH LQWHQWLRQV WKH\ KDYH ´> @ )RU RQH ZKRVH DLP LV WKH SHUIRUPDQFH RI D GXW\ LW LV QRW LPSRUWDQW IRU KLP WKH W\SH RI ZRUN DQG LWV RXWFRPH $V WKH 4XU¶DQ VD\V

ËÊ DzȈƦ Ê ƚÌÉǻ ǥÈȂÌLjÈÈǧ ƤÌǴÊǤÌÈȇ ȁÌÈƗ DzÌƬÈǬÌȈÉÈǧ ƅơ ƢǸȈǜ È ǂÅƳÌÈƗ ǾȈƫ Ê LJ Ȇǧ È ȁÈ ƃ È DzÌÊƫƢǬÉȇ ǺÌǷ Å ǟ ơ Ƃ

³$QG ZKRHYHU ILJKWV LQ WKH ZD\ RI $OODK DQG WKHQ LV VODLQ RU FRQTXHUV VRRQ :H VKDOO JLYH KLP D JUHDW UHZDUG ´> @ :KDW LV LPSRUWDQW LV WR VWUXJJOH LQ WKH ZD\ RI *RG EXW DV WR ZKHWKHU LWV RXWFRPH LV GHIHDW RU YLFWRU\ KDV QR HIIHFW RQ WKH GLYLQH UHZDUG ,Q DQRWKHU SODFH WKH 4XU¶DQ VWDWHV

ËÊ ÈdzÊƛ ơǂƳƢȀ Ê ƱÌǂÉƼÌÈȇ ǺÌǷ ƾÌǬÈÈǧ ƩÉȂÌǸÈÌdzơ ǾÉǯÌǁÊƾÌÉȇ ǶōÉƯ ǾÊÊdzȂLJÉǁ É ǾÊƬÊȈÌÈƥ ǺÌǷ È ȁ ƃ È ƅơ Ȅ È È ȁ Å Ê Ƿ ËÊ ǴÈǟ Ƃ ƅơ Ȅ È ǽÉǂÉƳÌÈƗ ǞÈÈǫȁÈ

³$QG ZKRHYHU OHDYHV KLV KRPH PLJUDWLQJ WRZDUG $OODK DQG +LV $SRVWOH DQG LV WKHQ RYHUWDNHQ E\ GHDWK KLV UHZDUG VKDOO FHUWDLQO\ IDOO RQ $OODK ´> @ ,W FDQ DOVR EH UHDGLO\ LQIHUUHG IURP WKLV YHUVH WKDW LI D SHUVRQ OHDYHV KLV KRPH IRU WKH VDNH RI *RG HYHQ WKRXJK KH GRHV QRW UHDFK KLV GHVWLQDWLRQ KH ZRXOG EH UHZDUGHG :KDW LV LPSRUWDQW LV WKH LQWHQWLRQ EHKLQG WKH DFW DQG QRW WKH DFW LWVHOI :KDW LV LPSRUWDQW LV WR WDNH D VWHS DORQJ WKH ZD\ DQG QRW UHDFKLQJ WKH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸кп ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

GHVWLQDWLRQ 7KH 0HVVHQJHU RI $OODK 6 VDLG WR $EX 'KDUU ³'HFLGH WR GR D JRRG GHHG WKRXJK \RX PLJKW QRW VXFFHHG LQ GRLQJ VR IRU LW LV WKLV GHFLVLRQ WKDW ZLOO WDNH \RX RXW IURP WKH FLUFOH RI WKH QHJOHFWIXO ´> @ :H UHDG LQ DQRWKHU KDGLWK ³$Q\ GHHG ZKLFK LV DFFRPSDQLHG E\ D GLYLQH LQWHQWLRQ LV JUHDW HYHQ LI WKDW ZRUN LV VLPSOH DQG WULYLDO ´> @ 2Q WKH FRQWUDU\ WKH PRVW LPSRUWDQW GHHGV LI WKH\ DUH QRW EDVHG RQ FRUUHFW LQWHQWLRQV KDYH QR YDOXH 7KH 3URSKHW 6 VDLG ³0RVW RI WKH PDUW\UV RI P\ XPPDK ZLOO GHSDUW IURP WKLV ZRUOG ZKLOH O\LQJ RQ WKHLU EHGV ZKLOH WKHUH DUH PDQ\ ZKR ZLOO EH NLOOHG RQ WKH EDWWOHILHOG EXW *RG LV DZDUH RI WKHLU LQWHQWLRQV ´> @ 'XULQJ WKH 7DEXN H[SHGLWLRQ WKH +RO\ 3URSKHW RI ,VODP 6 VDLG ³,QGHHG WKRVH ZKR DUH LQ 0HGLQD EXW ZLVK WR SDUWLFLSDWH ZLWK XV LQ WKH EDWWOHILHOG VKDOO VKDUH LQ WKH VSLULWXDO UHZDUG RQ DFFRXQW RI WKDW LQWHQWLRQ ´> @ $OVR LQ DQRWKHU WUDGLWLRQ ZH UHDG $Q\RQH ZKR JRHV WR KLV EHG ZLWK WKH LQWHQWLRQ RI ZDNLQJ XS WR VD\ WKH QLJKW VXSHUHURJDWRU\ SUD\HUV LI KH UHPDLQV LQ KLV EHG DQG LV QRW DEOH WR ZDNH XS *RG ZLOO WUHDW KLV VOHHS DV FKDULW\ DQG KLV EUHDWKLQJ DV JORULILFDWLRQ RI *RG ^WDVELώ` DQG JLYH KLP WKH UHZDUG RI VD\LQJ WKH QLJKW VXSHUHURJDWRU\ SUD\HUV > @ ,W LV QRW ZLWKRXW UHDVRQ WKDW ZH KDYH EHHQ DGPRQLVKHG WR KDYH VDFUHG DLPV HYHQ LQ HDWLQJ DQG VOHHSLQJ > @ $QG LI \RX ORYH D SHUVRQ IRU WKH VDNH RI *RG DQG LPDJLQH KLP DV D JRRG SHUVRQ HYHQ LI KH LV DFWXDOO\ D GZHOOHU RI KHOO \RX DUH H[FXVHG > @ 7KH SUHHPLQHQFH RI LQWHQWLRQ ^QL\\DK` RYHU DFWLRQ ^µDPDO` 7KH SUHHPLQHQFH WKH LQWHQWLRQ EHKLQG DQ DFWLRQ SRVVHVVHV RYHU WKH DFWLRQ LWVHOI LV WKDW LQ WKH SHUIRUPDQFH RI DFWLRQ VRPHWLPHV RVWHQWDWLRQ ^UL\D¶` DQG VKRZLQJ RII DUH DW ZRUN EXW LQ WKH LQWHQWLRQ²VLQFH LW LV DQ LQQHU PDWWHU DQG KDV QR RXWZDUG DSSHDUDQFH²WKHUH LV QR SODFH IRU RVWHQWDWLRQ VKRZLQJ RII DQG WKH OLNH 7KH RWKHU DGYDQWDJH RI LQWHQWLRQ RYHU DFWLRQ LV WKDW LW όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸кр ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

LV DOZD\V SRVVLEOH LQ DOO SODFHV DQG UHTXLUHV QR SDUWLFXODU FRQGLWLRQV EXW SHUIRUPDQFH RI DQ DFWLRQ UHTXLUHV PDQ\ SUHUHTXLVLWHV DQG FRQWLQJHQFLHV ,Q WKH WUDGLWLRQV WKHUH LV D FDWHJRU\ NQRZQ DV ³PDQ EDODµ´ WUDGLWLRQV 7KLV JURXS RI WUDGLWLRQV VWDWHV ,I VRPHERG\ KHDUV D WUDGLWLRQ ZKLFK VWDWHV WKDW VXFK DQ DFW KDV D UHZDUG DQG KH SHUIRUPV LW *RG ZLOO JUDQW KLP WKDW UHZDUG HYHQ LI WKDW WUDGLWLRQ LV QRW FRUUHFW ,W LV EHFDXVH RQH ZKR KDV GRQH VR GLG LW ZLWK D JRRG LQWHQWLRQ 7KH GHJUHHV RI LQWHQWLRQ 6RPHWLPHV IHDU RI GLYLQH ZUDWK RU GHVLUH IRU GLYLQH IDYRU SURPSWV PDQ WR SHUIRUP DQ DFW $V WKH 4XU¶DQ VD\V LQ WKLV UHJDUG ³$QG VXSSOLFDWH +LP ZLWK IHDU DQG KRSH ´> @ $QG LQ DQRWKHU SODFH WKH 4XU¶DQ VWDWHV ³$QG WKH\ ZRXOG VXSSOLFDWH 8V ZLWK HDJHUQHVV DQG DZH ´> @ $ KLJKHU GHJUHH RI LQWHQWLRQ LV WKDW PDQ SHUIRUPV DQ DFW RQ DFFRXQW RI JUDWLWXGH IRU +LV IDYRUV ZKHWKHU KH HDUQV UHZDUG RU SXQLVKPHQW IURP *RG $V +DGUDW µ$OL µD VD\V

É ƾÈǟŏȂÈƬȇ ǶÈdz ȂÈdz ǾÊÊƬǸÈǠÌÊǼÊdz ÅơǂǰÌNjÉ Ȅǐ È Èdz ǾÊÊƬÈȈǐÊǠÌǷ È ƅơ Ù ǠÌÉȇ ȏËÈơ ƤÉƴÊÈȇ ǹƢǰ È ȄǴÙǟ ÈÈ Ì Ì

³(YHQ LI $OODK KDG QRW ZDUQHG RI WKH FKDVWLVHPHQW RI WKRVH GLVREHGLHQW WR +LP LW ZDV REOLJDWRU\ E\ ZD\ RI JUDWHIXOQHVV IRU +LV IDYRUV WKDW +H VKRXOG QRW EH GLVREH\HG ´> @ $Q HYHQ KLJKHU GHJUHH RI LQWHQWLRQ LV WKDW ZLWKRXW GHVLULQJ SDUDGLVH DQG EHLQJ DIUDLG RI KHOO PDQ ZRUVKLSV *RG DV KH UHJDUGV +LP DV WKH RQO\ %HLQJ ZRUWK\ RI ZRUVKLS DQG DGRUDWLRQ 7KH KLJKHVW GHJUHH RI LQWHQWLRQ LV WKDW WKH ORYH IRU *RG GULYHV PDQ WR SHUIRUP DQ DFW ,Q WKLV UHJDUG µ$OL µD FRQVLGHUV KLV ORYH IRU GHDWK DQG PHHWLQJ $OODK DV PRUH LQWHQVH WKDQ WKH IRQGQHVV RI DQ LQIDQW IRU WKH EUHDVW RI LWV PRWKHU > @ $QG +DGUDW DO 4DVLP VRQ RI ,PDP +DVDQ DO 0XMWDED µD VD\V LQ .DUEDOD¶ ³)RU PH GHDWK LQ WKH ZD\ RI *RG LV VZHHWHU WKDQ KRQH\ ´ 7KH UROH RI LQWHQWLRQ RQ WKH SHQDO LVVXHV

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸кс ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

2Q WKH TXHVWLRQ RI SXQLVKPHQW ,VODP DOVR WDNHV PRWLYH DQG LQWHQWLRQ LQWR DFFRXQW &RQFHUQLQJ PXUGHU WKH SHQDOW\ IRU D SHUVRQ ZKR NLOOV DQRWKHU LQWHQWLRQDOO\ LV GLVWLQFW IURP WKH SHQDOW\ IRU RQH ZKR NLOOV DQRWKHU XQLQWHQWLRQDOO\ (DFK RI WKHVH WZR FDVHV KDV LWV RZQ SDUWLFXODU UXOLQJ > @ :LWK UHJDUG WR VZHDULQJ DQ RDWK WKH 4XU¶DQ DOVR VD\V

ËÉ ǶǯÉǀÉƻơƚ ō Êƥ ƅơ Ƃ ǶÌǰÉÊǻƢǸÌȇÈƗ Ȇǧ ȂÊǤÌǴdzƢ É Ê Éȇ ȏ ƃ

³$OODK VKDOO QRW WDNH \RX WR WDVN IRU ZKDW LV XQFRQVLGHUHG LQ \RXU RDWKV ´> @ 7KHUHIRUH LI VRPHRQH JLYHV DQ RDWK EXW KH KDV QR VHULRXV LQWHQWLRQ DQG PRWLYH KLV RDWK KDV QR YDOXH *QRVLV ^PDµULIDK` DV WKH SUHOLPLQDU\ VWHS WRZDUG WKH LQWHQWLRQ IRU QHDUQHVV ^TXUEDK` 7KH EHVW ZD\ RI DFTXLULQJ WKH PRWLYH IRU QHDUQHVV ^TXUEDK` WR $OODK DQG D SXUH LQWHQWLRQ LV JQRVLV ^PDµULIDK`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

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸кт ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

SDVV E\ WKH VWUHHW HYHU\ERG\ ZLOO DOVR ORRN DW LW R ,I ZH RQO\ NQHZ ZH ZRXOG SD\ DWWHQWLRQ WR WKH SHULOV DQG LJQRPLQLHV RI RXU RVWHQWDWLRQV R ,I ZH RQO\ NQHZ WKHUH ZLOO EH D GD\ IRU XV ZKHQ RQH¶V FDOO ZLOO QRW UHDFK WKH RWKHU DQG RQO\ WKRVH ZKR KDYH VRXQG KHDUWV VKDOO DWWDLQ GHOLYHUDQFH > @ R $QG LI ZH RQO\ NQHZ ZKDW YDOXHV ZH VKDOO ORVH E\ KDYLQJ FRUUXSW LQWHQWLRQV ZH ZRXOG SUHSDUH RXUVHOYHV IRU WKH VLQFHUH SHUIRUPDQFH RI ZRUN EDVHG RQ WKH PRWLYH RI QHDUQHVV ^TXUEDK` WR $OODK 7KH HIIHFWV RI FRUUXSW LQWHQWLRQV

&RQFOXGLQJ WKH GLVFXVVLRQ RQ LQWHQWLRQ ZH VKDOO DOVR FLWH WKH DGYHUVH HIIHFWV RI KDYLQJ FRUUXSW LQWHQWLRQV MXVW DV ZH HDUOLHU VWDWHG WKH EOHVVLQJV RI D VRXQG LQWHQWLRQ 1RQ DFFHSWDQFH RI VXSSOLFDWLRQ ^GXµD¶` ,PDP DV 6DMMDG µD VD\V ³$ EDG LQWHQWLRQ FDXVHV WKH QRQ DFFHSWDQFH RI VXSSOLFDWLRQV ´> @ +DYLQJ DQ XQJRGO\ LQWHQWLRQ QRW RQO\ UHPRYHV WKH GLYLQH FRORU DQG GHYRWLRQDO QDWXUH RI DFWLRQV LW DOVR HQWDLOV SHULOV ,PDP Dϙ ΜDGLT µD VD\V ³,I VRPHERG\ ERUURZV D FHUWDLQ DPRXQW RI PRQH\ ZLWKRXW WKH LQWHQWLRQ RI UHWXUQLQJ LW LW LV HTXLYDOHQW WR VWHDOLQJ ´> @ 6LPLODUO\ LI LQ PDUULDJH WKH SHUVRQ KDV QR LQWHQWLRQ RI JLYLQJ WKH GRZHU ^PDKUL\\DK` WR KLV ZLIH LQ WKH VLJKW RI *RG KH LV FRPPLWWLQJ DGXOWHU\ ^]LQD` > @ 'HSULYDWLRQ RI VXVWHQDQFH ^UL]T` ,PDP Dϙ ΜDGLT µD VDLG ³6R PDQ\ EHOLHYHUV KDYH WKH LQWHQWLRQ RI FRPPLWWLQJ VLQ DQG *RG GHSULYHV WKHP RI VXVWHQDQFH ^UL]T` ´ $Q DFWXDO H[DPSOH RI WKLV KDGLWK LV WKH VWRU\ RI D JDUGHQ ZKLFK KDV EHHQ QDUUDWHG LQ WKH 4XU¶DQ ,Q 6XUDK DO 4DODP YHUVHV WKHUH KDV EHHQ QDUUDWHG WKH VWRU\ RI D SHRSOH ZKR RZQHG D JDUGHQ DQG ZKR LQWHQGHG WR όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸лй ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

KDUYHVW LWV \LHOGV LQ WKH GDUN VR WKDW WKH SRRU ZRXOG UHPDLQ XQDZDUH RI WKHLU DFWLRQ DQG WKH\ ZRXOG QRW KDYH WR JLYH DQ\ RI WKH IUXLWV WR WKHP $V WKH GDZQ FDPH WKH\ ZHQW WR WKH JDUGHQ 7KH\ VDZ WKDW WKH JDUGHQ KDG EHHQ EXUQHG DQG WXUQHG LQWR DVKHV ,QLWLDOO\ WKH\ LPDJLQHG WKDW WKH\ KDG ORVW WKH ZD\ EXW WKH ZLVHVW DPRQJ WKHP VDLG ³'LG , QRW UHPLQG \RX QRW WR KDYH VXFK DQ LQWHQWLRQ" <RX KDG WKH LQWHQWLRQ RI GHSULYLQJ WKH SRRU 1RZ *RG GHSULYHG \RX RI LW DV ZHOO ´ )URP WKLV 4XU¶DQLF DFFRXQW LW FDQ EH XQGHUVWRRG WKDW VRPHWLPHV *RG JLYHV D VRUW RI SHQDOW\ RQ DFFRXQW RI RXU PRWLYH DQG LQWHQWLRQ > @ 2I FRXUVH WKLV LV QRW D JHQHUDO UXOH ,W FDXVHV ZUHWFKHGQHVV DQG PLVIRUWXQH +DGUDW µ$OL µD VD\V ³$ FRUUXSW LQWHQWLRQ LV D VLJQ RI ZUHWFKHGQHVV ´> @ 7KH EOHVVLQJ RI OLIH DQG GDLO\ OLYLQJ LV WDNHQ DZD\ ,Q DQRWKHU SODFH +DGUDW µ$OL µD VD\V

ƨǯÈǂÈÈƦÌdzơ ǞǨ È Èǧ ƾÈǼÌǟÊ É ÈƫǂÌÈƫ ƨŏȈŏǼdzơ ƽƢLj

7KDW LV *RG ZLOO WDNH DZD\ WKH EOHVVLQJ IURP WKH SHUVRQ ZKRVH LQWHQWLRQ LV QRW VRXQG DQG KH ZLOO QRW EH DEOH WR PDNH JRRG XVH RI GLYLQH IDYRUV > @ ,W LV QDUUDWHG WKDW LW ZDV VDLG WR VRPHRQH ³2Q DFFRXQW RI \RXU JRRG ZRUN \RX KDYH WKUHH DFFHSWDEOH VXSSOLFDWLRQV ´ +H ZDV JODG DQG VDLG ³2 *RG 0DNH P\ ZLIH WKH PRVW EHDXWLIXO ZRPDQ LQ WKH ZRUOG ´ +LV ZLIH EHFDPH YHU\ EHDXWLIXO EXW KLV OLIH EHFDPH ELWWHU EHFDXVH KH UHDOL]HG WKDW HYHU\RQH ZDV VWDULQJ DW KLV ZLIH +H WKHUHIRUH PDGH KLV VHFRQG VXSSOLFDWLRQ ³2 *RG 0DNH P\ ZLIH WKH XJOLHVW ZRPDQ LQ WKH ZRUOG ´ +LV VXSSOLFDWLRQ ZDV JUDQWHG EXW KLV OLIH EHFDPH LQWROHUDEOH ZLWK VXFK DQ XJOLQHVV 6R KH PDGH KLV WKLUG DQG ODVW DFFHSWDEOH VXSSOLFDWLRQ VD\LQJ ³2 *RG /HW P\ ZLIH UHWXUQ WR KHU RULJLQDO FRQGLWLRQ ´ +LV VXSSOLFDWLRQ ZDV KHDUG DQG KLV ZLIH UHWXUQHG WR KHU RULJLQDO VWDWH +H PDGH KLV WKUHH DFFHSWHG VXSSOLFDWLRQ EXW KH HDUQHG QR EHQHILW DW DOO 7KLV LV WKH PHDQLQJ RI WDNLQJ DZD\ EOHVVLQJV IURP D SHUVRQ DQG DV VXFK KH FDQQRW PDNH JRRG XVH RI WKH IDFLOLWLHV DW KLV GLVSRVDO

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸лк ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ΗϕϚϋϙͧ

> @ %LώDU DO $QZDU YRO S > @ 6XUDK DO ,QVDQ RU DG 'DKU ³:H IHHG \RX RQO\ IRU WKH VDNH RI $OODK :H GR QRW ZDQW DQ\ UHZDUG IURP \RX QRU DQ\ WKDQNV ´ > @ 6XUDK DO ,QVDQ RU DG 'DKU > @ 0XώDMMDK DO %D\ϊD¶ YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ 0XώDMMDK DO %D\ϊD¶ YRO S > @ %LώDU DO $QZDU YRO S > @ 6XUDK DO $QIDO > @ 6XUDK $O µ,PUDQ > @ 6XUDK DW 7DNZLU > @ 7DPDVKDJDK H 5D] S > @ 6XUDK DO µ$QNDEXW > @ %LώDU DO $QZDU YRO S > @ 0DµϙXPLQ WKRVH SRVVHVVLQJ WKH TXDOLW\ RI µLVPDK L H WKH 3URSKHW )DWLPDK DQG WKH 7ZHOYH ,PDPV µD 6HH $ %ULHI +LVWRU\ RI WKH )RXUWHHQ ,QIDOOLEOHV UG HG 7HKUDQ :2),6 KWWS ZZZ DO LVODP RUJ EULHI KLVWRU\ RI IRXUWHHQ LQIDOOLEOHV ^7UDQV ` > @ %LώDU DO $QZDU YRO S > @ .KZDMDK 6KDPV DG 'LQ 0XKDPPDG +DIL] 6KLUD]L FD ZDV WKH IRXUWHHQWK FHQWXU\ 3HUVLDQ O\ULF EDUG DQG SDQHJ\ULVW DQG FRPPRQO\ FRQVLGHUHG DV WKH SUHHPLQHQW PDVWHU RI WKH JKD]DO IRUP ^7UDQV ` > @ 'XµD .XPD\O ^6XSSOLFDWLRQ RI .XPD\O` 7KH VXSSOLFDWLRQ WDXJKW E\ ,PDP µ$OL µD WR RQH RI KLV OR\DO FRPSDQLRQV DQG VWDXQFK VXSSRUWHUV RI ,VODP .XPD\O LEQ =L\DG 8VXDOO\ RIIHUHG RQ HYHU\ QLJKW SUHFHGLQJ )ULGD\ ^/D\ODW¶XO -XPµDK` LQGLYLGXDOO\ RU LQ FRQJUHJDWLRQ DIWHU ,VKD¶ SUD\HUV WKLV VXSSOLFDWLRQ HQYLVDJHV GLYLQH WHDFKLQJV DQG VROLG IRXQGDWLRQV RI UHOLJLRQ LQ RUGHU WR HQDEOH HYHU\RQH WR IROORZ WKH ULJKW SDWK IRU EHFRPLQJ D ZRUWK\ 0XVOLP 7KH $UDELF WH[W (QJOLVK WUDQVODWLRQ DQG FRPPHQWDU\ RI WKLV IDPRXV VXSSOLFDWLRQ DUH DYDLODEOH RQOLQH DW KWWS ZZZ DO LVODP RUJ NXPD\O ^7UDQV ` > @ 0DUDMLµ DW 7DTOLG VLQJ 0DUMDµ DW 7DTOLG OLWHUDOO\ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸лл ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

PHDQV ³6RXUFHV RI ,PLWDWLRQ´ 0DUDMLµ DUH WKH µXODPD¶ ZKR KDYH UHDFKHG WKH SRVLWLRQ RI 0DUMDµL\\DK ^5HOLJLRXV 5HIHUHQFH $XWKRULW\` EHFDXVH WKH\ KDYH SRVVHVVHG VXFK FKDUDFWHULVWLFV DV MXVWLFH SLHW\ VXSHULRU NQRZOHGJH DZDUHQHVV DQG EHLQJ REOLYLRXV WR ZRUOGO\ SRVVHVVLRQV 7KH DYHUDJH SHRSOH UHIHU WR WKHP WR ILQG DQVZHUV WR WKHLU UHOLJLRXV SUREOHPV DQG WR IROORZ WKHLU UHOLJLRXV GHFUHHV ^7UDQV ` > @ $V QDUUDWHG E\ $\DWXOODK ΜDIL > @ 6XUDK +XG 6XUDK DO 0XON > @ 6KDP RU 6KDPDW XS XQWLO ILYH FHQWXULHV DJR LQFOXGHG 6\ULD RI WRGD\ /HEDQRQ DQG SDUWV RI -RUGDQ DQG 3DOHVWLQH ^7UDQV ` > @ 6XUDK DO 0D¶LGDK > @ 6XUDK DQ 1XU > @ )RU H[DPSOH 6XUDK DO %DTDUDK > @ )RU LQVWDQFH 6XUDK DO ,QVDQ RU DG 'DKU > @ 6XUDK DO %DTDUDK DQG RWKHUV > @ )RU H[DPSOH 6XUDK DW ΝLQ 6XUDK DO µ$ϙU DQG PDQ\ RWKHUV ^7UDQV ` > @ 6XUDK DQ 1DKO > @ 0XVWDGUDN DO :DVD¶LO KDGLWK > @ 6XUDK DO µ$EDVD > @ 6XUDK DO 0D¶LGDK > @ 6XUDK DO $ώ]DE > @ 7ϛPχQ HYHU\ WϛPχQ LV HTXLYDOHQW WR WHQ ,UDQLDQ ULDOV ^7UDQV ` > @ 6HH 0XUWDGD 0XWDKKDUL :DOD KD YD :LOD\DW KD SS )RU WKLV ERRN¶V (QJOLVK WUDQVODWLRQ VHH 0XUWDGD 0XWDKKDUL 0DVWHU DQG 0DVWHUVKLS .DUDFKL ,VODPLF 6HPLQDU\ 3XEOLFDWLRQV Q G FKDS ³:DOD RI &RQWURO ´ DYDLODEOH RQOLQH DW KWWS ZZZ DO LVODP RUJ PDVWHUVKLS ^7UDQV ` > @ :DVD¶LO DVK 6KLµDK YRO S > @ *KXUDU DO ΑLNDP > @ :DVD¶LO DVK 6KLµDK YRO S > @ 1DKM DO %DODJKDK 6HUPRQ ³%\ $OODK QR SHRSOH DUH GHSULYHG RI WKH SOHDVXUHV RI OLIH DIWHU HQMR\LQJ WKHP H[FHSW DV D UHVXOW RI VLQV FRPPLWWHG E\ WKHP EHFDXVH FHUWDLQO\ $OODK LV QRW XQMXVW WR +LV FUHDWXUHV (YHQ WKHQ ZKHQ FDODPLWLHV GHVFHQG XSRQ SHRSOH DQG SOHDVXUHV GHSDUW IURP WKHP WKH\ WXUQ WRZDUGV $OODK ZLWK WKH WUXH LQWHQWLRQ DQG WKH IHHOLQJ LQ WKHLU KHDUWV +H ZLOO UHWXUQ HYHU\WKLQJ WKDW YDQLVKHG IURP WKHP DQG όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸лм ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

FXUH DOO WKHLU LOOV ´ > @ :DVD¶LO DVK 6KLµDK YRO S > @ %LώDU DO $QZDU YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ %LώDU DO $QZDU YRO S > @ *KXUDU DO ΑϏϑχϓͨ > @ 4DϙϙDU DO -DPDO > @ 6XUDK DQ 1LVD¶ > @ 6XUDK DQ 1LVD¶ > @ :DVD¶LO DVK 6KLµDK YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ 0XώDMMDK DO %D\ϊD¶ YRO S > @ 0XώDMMDK DO %D\ϊD¶ YRO S > @ %LώDU DO $QZDU YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ 0XώDMMDK DO %D\ϊD¶ YRO S > @ 6XUDK DO $µUDI > @ 6XUDK DO $QEL\D¶ > @ 1DKM DO %DODJKDK 6D\LQJ > @ 1DKM DO %DODJKDK 6HUPRQ > @ 6XUDK DQ 1LVD¶ ³$Q\RQH ZKR NLOOV D EHOLHYHU E\ PLVWDNH VKRXOG VHW IUHH D EHOLHYLQJ VODYH DQG SD\ EORRG PRQH\ WR KLV WKH YLFWLP¶V IDPLO\ XQOHVV WKH\ UHPLW LW LQ FKDULW\« 6KRXOG DQ\RQH NLOO D EHOLHYHU LQWHQWLRQDOO\ KLV UHTXLWDO VKDOO EH KHOO WR UHPDLQ LQ LW ^IRUHYHU` $OODK VKDOO EH ZUDWKIXO DW KLP DQG FXUVH KLP DQG +H VKDOO SUHSDUH IRU KLP D JUHDW SXQLVKPHQW ´ > @ 6XUDK DO %DTDUDK > @ 6XUDK ,EUDKLP ³2XU /RUG «6R PDNH WKH KHDUWV RI D SDUW RI WKH SHRSOH IRQG RI WKHP $EUDKDP¶V GHVFHQGDQWV DQG SURYLGH WKHP ZLWK IUXLWV WKDW WKH\ PD\ JLYH WKDQNV ´ > @ 6XUDK DO %DTDUDK > @ 0XQDMDW DVK 6KDµEDQL\\DK > @ 6XUDK DVK 6KXµDUD¶ ³7KH GD\ 'D\ RI 5HVXUUHFWLRQ ZKHQ QHLWKHU ZHDOWK QRU FKLOGUHQ ZLOO DYDLO H[FHSW KLP ZKR FRPHV WR $OODK ZLWK D VRXQG KHDUW ´ > @ 6XUDK DO $QZDU YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ 6RPHRQH WKXV QDUUDWHG WR PH ³, PHW RQH RI WKH GLVDEOHG ZDU YHWHUDQV GXULQJ WKH ,UDTL LPSRVHG ZDU DJDLQVW όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸лн ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

,UDQ ZKR ZDV VLWWLQJ LQ D ZKHHOFKDLU , DSSURDFKHG DQG NLVVHG KLP $V KH VPHOOHG P\ SHUIXPH KH DVNHG PH WR JLYH KLP P\ SHUIXPH , VDLG µ, ZLOO EX\ RQH IRU \RX DQG , ZLOO NHHS WKLV RQH ¶ $W DQ\ UDWH , GLG QRW JLYH LW WR KLP DQG ZH SDUWHG ZD\V $Q KRXU ODWHU , ZHQW WR WKH WRLOHW DQG WKH ERWWOH RI SHUIXPH IHOO LQWR WKH WRLOHW ERZO $OO RI D VXGGHQ , UHDOL]HG WKDW WKLV ZDV D SHQDOW\ IRU P\ VWLQJLQHVV DQG ULJKW WKHUH , ZHSW IRU P\ PLVHUDEOH VWDWH ´ <HV ZH ZLOO VXSSRVH WR KDYH VR PXFK UHJUHW DQG UHPRUVH RQ WKH 'D\ RI 5HVXUUHFWLRQ VLQFH ZH KDYH GRQH QRWKLQJ IRU *RG > @ *KXUDU DO ΑLNDP ώDGLWK > @ *KXUDU DO ΑLNDP ώDGLWK

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿпͨώϚϓ ͸ло ϕό ло͹кйͿктͿлйкл оͧймͧйл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

ΌώχϖϚϋϘ м

7DNELUDK DO ,KUDP $OODKX DNEDU ^$OODK LV JUHDWHU`

7KH ILUVW XWWHUDQFH ZKLFK LV REOLJDWRU\ IRU WKH SLOJULPV ^ώXMMDM` WR WKH +RXVH RI *RG LV WKH UHFLWDO RI ODEED\N> @ WKH UHFLWDO RI ZKLFK VLJQDOV WKH FRPPHQFHPHQW RI WKHLU ΑDMM ULWXDOV DQG WKLV VWDWH DOVR PDNHV D VHULHV RI WKLQJV IRUELGGHQ IRU WKHP ,Q WKH VDPH WRNHQ SUD\HU FRPPHQFHV ZLWK WKH UHFLWDO RI ³$OODKX DNEDU´ ^$OODK LV JUHDWHU` DQG WKLV PDNHV VXFK WKLQJV DV HDWLQJ GULQNLQJ DQG WDONLQJ IRUELGGHQ ^ώDUDP` IRU WKH SHUVRQ SUD\LQJ 7KXV WKH ILUVW WDNELU XWWHUDQFH RI $OODKX DNEDU LQ SUD\HU LV FDOOHG 7DNELUDK DO ,ώUDP $ORQJ WKH ZD\ WR 0HFFD WKH SLOJULPV UHSHDW WKH UHFLWDO RI ODEED\N ZKHQHYHU WKH\ UHDFK DQ\ XSZDUG DQG GRZQZDUG VORSH 7KLV UHSHWLWLRQ LV UHFRPPHQGHG RU RSWLRQDO ^PXVWDώDEE` ,Q HYHU\ EHQGLQJ DQG VWDQGLQJ XSULJKW VWDQGLQJ DQG VLWWLQJ LW LV PXVWDώDEE IRU WKH RQH SUD\LQJ WR UHSHDW WKH UHFLWDO RI $OODKX DNEDU ³$OODKX DNEDU´ LV WKH ILUVW REOLJDWRU\ XWWHUDQFH LQ WKH PRUQLQJ ,W LV WKH ILUVW SKUDVH LQ WKH IRUP RI DGKDQ DQG LTDPDK WKDW D 0XVOLP LQIDQW KHDUV DW WKH WLPH RI ELUWK DQG LW LV DOVR WKH ODVW SKUDVH WKDW LV UHFLWHG IRU WKH GHDG LQ WKH SUD\HU RI WKH GHDG ^ϙDODK DO PD\\LW` EHIRUH KH LV EXULHG ,W LV WKH RQO\ UHFLWDO ZKLFK LV REOLJDWRU\ ^ZDMLE` LQ SUD\HU DV ZHOO DV DQ HVVHQWLDO SLOODU ^UXNQ` RI SUD\HU ,W LV WKH ILUVW VHQWHQFH RI WKH 0XVOLP K\PQ L H DGKDQ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿрͨώϚϓ ͸к ϕό с͹кйͿктͿлйкл оͧймͧкт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

,W LV WKH PXFK UHSHDWHG UHFLWDO DW WKH FRPPHQFHPHQW RI SUD\HU GXULQJ WKH SUD\HU DQG DIWHUZDUG VXFK WKDW WKURXJKRXW WKH GD\ WKH 0XVOLP UHSHDWV LW WLPHV GXULQJ WKH ILYH GDLO\ REOLJDWRU\ SUD\HUV QRW LQFOXGLQJ WKH PXVWDώDEE SUD\HUV DV VKRZQ EHORZ )RU HDFK RI WKH ILYH GDLO\ SUD\HUV WKH DGKDQ LV UHFLWHG DQG LQ HYHU\ DGKDQ ³$OODKX DNEDU´ LV UHSHDWHG VL[ WLPHV WLPHV LQ DOO )RU HDFK RI WKH ILYH GDLO\ SUD\HUV WKH LTDPDK LV UHFLWHG DQG LQ HYHU\ LTDPDK ³$OODKX DNEDU´ LV UHSHDWHG IRXU WLPHV WLPHV LQ DOO %HIRUH WKH 7DNELUDK DO ,ώUDP LQ HDFK RI WKH ILYH GDLO\ SUD\HUV WKHUH DUH VL[ PXVWDώDEE WDNELU DQG WKH VHYHQWK WDNELU FRQVWLWXWHV WKDW REOLJDWRU\ 7DNELUDK DO ,ώUDP WLPHV LQ DOO 7KH 7DNELUDK DO ,ώUDP DW WKH EHJLQQLQJ RI SUD\HUV LV UHSHDWHG ILYH WLPHV GDLO\ 7KHUH LV RQH WDNELU SULRU WR HYHU\ UXNXµ ^ERZLQJ GRZQ` LQ WKH UDNµDKV ^F\FOHV` RI WKH ILYH GDLO\ SUD\HUV WLPHV LQ DOO ,Q HDFK RI WKH UDNµDKV RI SUD\HUV ZH KDYH WZR VXMXGV ^SURVWUDWLRQV` IRU HDFK RI ZKLFK LW LV PXVWDώDEE WR UHFLWH WDNELU²EHIRUH DQG DIWHU WKH VXMXG WLPHV LQ DOO (YHU\ SUD\HU KDV D TXQXW SULRU WR ZKLFK WKHUH LV D WDNELU WLPHV LQ DOO $W WKH HQG RI HDFK RI WKH ILYH GDLO\ SUD\HUV WKHUH DUH WKUHH WDNELUV WLPHV LQ DOO $IWHU HYHU\ SUD\HU ZH UHFLWH WDNELU WLPHV DV SDUW RI WKH 7DVELώDW +DGUDW )DWLPDK D] =DKUD µD WLPHV LQ DOO <HW ZKDW D SLW\ WKDW WKURXJKRXW RXU OLYHV ZH KDYH QRW UHFLWHG ³$OODKX DNEDU´ ZLWK DWWHQWLRQ IRU LI HYHU\ GD\ D SHUVRQ ZRXOG UHFLWH ³$OODK LV JUHDWHU´ ZLWK IDLWK DQG SHUIHFW DWWHQWLRQ PRUH WKDQ WLPHV KH ZLOO QR ORQJHU EH DIUDLG RI DQ\ SRZHU VXSHUSRZHU RU FRQVSLUDF\ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿрͨώϚϓ ͸л ϕό с͹кйͿктͿлйкл оͧймͧкт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

7DNELU LQ RWKHU SUD\HUV ,Q WKH µ,G DO )LϚU> @ DQG µ,G DO 4XUEDQ> @ SUD\HUV QRW RQO\ LQ WKH SUD\HUV EXW DOVR EHIRUH DQG DIWHU WKH SUD\HUV WDNELU FRQVWLWXWHV DOO WKH FKDQWV ,Q WKH ΜDODK DO $\DW ^3UD\HU IRU 6LJQV` > @ ZH KDYH ILYH UXNXµ DQG WKHUH LV WDNELU IRU HDFK UXNXµ ,Q WKH ΜDODK DO 0D\\LW ^3UD\HU IRU WKH 'HDG` DOVR ILYH WDNELUV HVVHQWLDOO\ FRQVWLWXWH D SLOODU RI WKH SUD\HU +RZ ZH VKRXOG UHFLWH WKH WDNELU LQ SUD\HU ,VODP KDV H[SODLQHG WKH HWLTXHWWH IRU HYHU\ DFWLRQ ,Q WKH UHFLWDO RI ³$OODKX DNEDU´ VRPH UXOHV PXVW DOVR EH REVHUYHG VXFK DV WKH IROORZLQJ 'XULQJ WKH UHFLWDO RI WDNELU LQ SUD\HU ZH VKRXOG UDLVH ERWK RXU KDQGV SDUDOOHO WR RXU HDUV LQ VXFK D PDQQHU WKDW RQFH ERWK KDQGV EHFRPH SDUDOOHO WR WKH HDUV WKH WDNELU KDV DOUHDG\ EHHQ UHFLWHG ,PDP DU 5LGD µD VDLG ³7KH PRYHPHQW RI WKH KDQGV GXULQJ WKH UHFLWDO RI WDNELU LV HIIHFWLYH LQ IRFXVLQJ WKH DWWHQWLRQ DQG KDYLQJ FRPSOHWH GHYRWLRQ DQG VLQFHULW\ LQ VXSSOLFDWLRQ WR *RG ´> @ 7KH ILQJHUV RI WKH KDQGV GXULQJ WDNELU VKRXOG EH VWUHWFKHG WRJHWKHU XSZDUG 7KH SDOPV RI WKH KDQGV PXVW EH IDFLQJ WKH TLEODK 7KH WUDGLWLRQV KDYH GHVFULEHG WKH UDLVLQJ RI WKH KDQGV GXULQJ WDNELU DV WKH DGRUQPHQW RI SUD\HU > @ 7KH PHDQLQJ RI WDNELU $OODKX DNEDU LPSOLHV WKDW *RG LV VXSHULRU WR DOO WDQJLEOH DQG LQWDQJLEOH WHPSRUDO DQG FHOHVWLDO EHLQJV $OODKX DNEDU PHDQV WKDW *RG LV JUHDWHU WKDQ WKDW ZKLFK RQH όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿрͨώϚϓ ͸м ϕό с͹кйͿктͿлйкл оͧймͧкт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

FRXOG GHVFULEH

ϭ ϢϳΪϴϨη ϭ Ϣϳ΍ϩΖϔ̳ Ϫ̩ήϫ ίϭ Ϣϫϭ ϭ ϥΎϤ̳ ϭ αΎϴϗ ϭ ϝΎϴΧ ί΍ ήΗήΑ ϯ΍ Ϣϳ΍ϩΪϧ΍ϮΧ ϮΗ ϒλϭ ϝϭ΍ έΩ ϥΎϨ̪Ϥϫ Ύϣ ήϤϋ Ϊϴγέ ϥΎϳΎ̡ ϪΑ ϭ Ζθ̳ ϡΎϤΗ βϠΠϣ ˷ Ϣϳ΍ϩΪϧΎϣ

2 +H ZKR LV EH\RQG LPDJLQDWLRQ DQDORJ\ LOOXVLRQ DQG IDQF\ 7KH JDWKHULQJ ZDV ILQLVKHG DQG RXU OLIHVSDQ FDPH WR DQ HQG <HW ZH DUH VWLOO DW WKH EHJLQQLQJ RI GHVFULELQJ <RX EDVHG RQ ZKDW ZH KDYH VDLG KHDUG DQG UHDG ,PDP Dϙ ΜDGLT µD VD\V ³:KHQ \RX DUH UHFLWLQJ WKH WDNELU HYHU\WKLQJ PXVW EH LQVLJQLILFDQW LQ \RXU VLJKW H[FHSW +LP ´> @ 7KDW D SHUVRQ ZRXOG UHFLWH WKH WDNELU ZLWK KLV WRQJXH ZKLOH KLV KHDUW LV DWWDFKHG WR VRPHWKLQJ HOVH LV D OLH DQG D GHFHSWLRQ DQG EHFDXVH RI WKLV *RG WDNHV WKH VZHHWQHVV RI UHPHPEUDQFH ^GKLNU` IURP KLP 7DNELU LQ ,VODPLF FXOWXUH 7KH UHFLWDO RI ³$OODKX DNEDU´ KDV EHHQ FXVWRPDU\ QRW RQO\ LQ SUD\HU EXW UDWKHU LQ PDQ\ DIIDLUV DQG VLWXDWLRQV 'XULQJ WKH HDUO\ SHULRG RI ,VODP WKH 0XVOLPV XVHG WR UHFLWH WKH WDNELU ERWK LQ WLPHV RI SURVSHULW\ DQG DGYHUVLW\ )RU H[DPSOH 'XULQJ WKH %DWWOH RI WKH 7UHQFK ^NKDQGDT` WKH 0XVOLPV FDPH DFURVV D ILUP URFN ZKLOH WKH\ ZHUH GLJJLQJ WKH WUHQFK 7KH SLFN ZDV EURNHQ EXW QRW WKH URFN 7KH 3URSKHW 6 FDPH DQG FUXVKHG WKH URFN ZLWK D EORZ 7KH 0XVOLPV UHFLWHG WKH WDNELU LQ XQLVRQ DQG ULJKW WKHUH WKH 3URSKHW 6 VDLG ³, VDZ WKH IDOO RI WKH %\]DQWLQH DQG WKH 3HUVLDQ FDVWOHV LQ WKH VSDUNV DQG VSDUNOHV RI WKH URFNV ´> @ 'XULQJ WKH %DWWOH RI ΜLIILQ µ$OL µD XVHG WR UHFLWH WKH WDNELU ZKHQHYHU KH VOHZ DQ HQHP\ %\ FRXQWLQJ WKH QXPEHU RI WDNELUV WKH 0XVOLPV ZRXOG NQRZ WKH QXPEHU RI WKRVH ZKRP KH KDG VHQW WR KHOOILUH > @ 2Q WKH QLJKW ZKHQ )DWLPDK D] =DKUD µD ZDV VHQW WR WKH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿрͨώϚϓ ͸н ϕό с͹кйͿктͿлйкл оͧймͧкт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

KRXVH RI µ$OL LEQ $EL ΝDOLE µD DIWHU WKH ZHGGLQJ WKRXVDQG DQJHOV FDPH GRZQ WR FKDQW WKH WDNELU > @ 2XU +RO\ 3URSKHW 6 UHFLWHG WDNELUV RYHU WKH ERG\ RI )DWLPDK ELQW DO $VDG PRWKHU RI ,PDP µ$OL µD

> @ DQG WDNELUV RYHU WKH ERG\ RI KLV XQFOH ΑDP]DK > @ 'XULQJ WKH ΑDMM ULWXDOV LW LV PXVWDώDEE WR UHFLWH WDNELU ZLWK HYHU\ VWRQH WKDW LV WKURZQ DW WKH UHSUHVHQWDWLRQV RI 6DWDQ > @ ,Q WKH 7DVELώDW +DGUDW )DWLPDK D] =DKUD µD ZKRVH UHZDUG LV HTXLYDOHQW WR D WKRXVDQG UDNµDKV RI PXVWDώDEE SUD\HUV WDNELUV DUH LQFOXGHG > @ :KHQ WKH +RO\ 3URSKHW 6 ZDV ERUQ WKH ILUVW VHQWHQFH KH ZDV DEOH WR XWWHU ZDV ³0XEDUDNDKX $OODKX DNEDU´ ^%OHVVHG LV +H $OODK LV JUHDWHU` > @ :KHQ 0HFFD IHOO LQWR WKH KDQGV RI WKH 0XVOLPV WKH 3URSKHW 6 HQWHUHG WKH 0DVMLG DO ΑDUDP SRLQWHG WR WKH ΑDMDU DO $VZDG ^%ODFN 6WRQH` DQG UHFLWHG WKH WDNELU 7KH 0XVOLPV DOVR UHFLWHG WKH VDPH WDNELU ZKLFK EURXJKW IHDU LQWR WKH KHDUWV RI WKH SRO\WKHLVWV > @ :H UHDG LQ WKH WUDGLWLRQV ³:KHQHYHU D FHUWDLQ WKLQJ DVWRQLVKHV \RX UHFLWH WKH WDNELU ´> @ 'XULQJ WKH %DWWOH RI 8ώXG RQH RI WKH OHDGLQJ ZDUULRUV DPRJ WKH LQILGHOV DVNHG IRU D FKDOOHQJHU +DGUDW µ$OL µD FDPH IRUZDUG DQG KH GHDOW WKH HQHP\ VXFK D KHDY\ EORZ WKDW WKH 3URSKHW 6 DQG WKH 0XVOLPV UHFLWHG WKH WDNELU ZLWK D ORXG YRLFH > @ 7KH +RO\ 3URSKHW 6 VDLG WR +DGUDW µ$OL µD ³:KHQHYHU \RX ORRN DW WKH FUHVFHQW ^KLODO` RU WKH PLUURU RU \RX HQFRXQWHU D SUREOHP VD\ WDNELU WKUHH WLPHV ´> @ ³$OODKX DNEDU´ ZDV WKH VORJDQ RI =D\G VRQ RI ,PDP DV 6DMMDG µD ZKR UHYROWHG DJDLQVW WKH µ8PD\\DG UXOH > @ 'XULQJ WKH %DWWOH RI %DGU WKH 3URSKHW 6 ZDV DZDLWLQJ WKH QHZV RI WKH GHDWK RI 1DZIDO RQH RI WKH HQHP\ FKLHIV :KHQ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿрͨώϚϓ ͸о ϕό с͹кйͿктͿлйкл оͧймͧкт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

KH 6 ZDV LQIRUPHG WKDW +DGUDW µ$OL µD KDG VODLQ 1DZIDO WKH 3URSKHW 6 UHFLWHG WKH WDNELU > @ :KHQ +DGUDW µ$OL µD FDPH WR SURSRVH IRU +DGUDW =DKUD µD WKH 3URSKHW 6 VDLG ³<RX ZDLW , KDYH WR UHIHU WKH PDWWHU WR P\ GDXJKWHU )DWLPDK %XW ZKHQ VKH ZDV FRQVXOWHG +DGUDW =DKUD µD UHPDLQHG VLOHQW DQG GLG QRW VD\ DQ\WKLQJ 7KH 3URSKHW VDLG ³$OODKX DNEDU 6XNXWXKD LTUDUXKD´ ^$OODK LV JUHDWHU +HU VLOHQFH LV KHU DSSURYDO` > @ 'XULQJ WKH EDWWOH DJDLQVW WKH .KDZDULM .KDULMLWHV ZKHQ WKHLU FRPPDQGHU SHULVKHG +DGUDW µ$OL µD UHFLWHG WDNELU DQG SHUIRUPHG SURVWUDWLRQ DQG DOO WKH SHRSOH UHFLWHG WDNELU > @ $ JURXS RI -HZV HPEUDFHG ,VODP DQG WKH\ VDLG WR WKH 3URSKHW 6 ³7KH SUHYLRXV SURSKHWV KDG VXFFHVVRUV :KR LV WKH H[HFXWRU RI \RXU ZLOO ^ZDϙL`"´ $W WKLV MXQFWXUH WKH IROORZLQJ 9HUVH RI *XDUGLDQVKLS ^D\DK DO ZLOD\DK` ZDV UHYHDOHG

ËÉ ǶǰÉȈÊdzȁ Ƣ È ÉƫƚÌÉȇȁ È ǸȈÉǬÊÉȇ Ǻȇ Ì ǼÉǷƕ ǹȂ ō ǹȂ È Ǻȇ È ƧÈȐÈǐdzơ È ǾÉÉdzȂLJÉǁÈȁ È ƅơ È ǀÊōdzơ ơȂ È ǀÊōdzơȁ É Ŏ È ǸÈōǻÊƛ ƃ Ê ǁ È ǠÉǯơ Ƃ ǹȂ ō È ƧƢÈǯÈDŽdzơ È ǶÌǿÉȁ

³<RXU JXDUGLDQ LV RQO\ $OODK +LV $SRVWOH DQG WKH IDLWKIXO ZKR PDLQWDLQ WKH SUD\HU DQG JLYH WKH ]DNDW ZKLOH ERZLQJ GRZQ ´> @ 7KH 3URSKHW 6 VDLG ³/HW XV JR WR WKH PRVTXH ´ :KHQ WKH\ DUULYHG WKH\ VDZ D EHJJDU ZKR ZDV JODG EHFDXVH +DGUDW µ$OL µD ZKLOH LQ WKH VWDWH RI UXNXµ LQ SUD\HU KDG JLYHQ KLP KLV ULQJ $W WKDW PRPHQW WKH 3URSKHW 6 UHFLWHG WDNELU > @ 5HFLWDO RI WDNELU DW WKH WLPH RI HQWHULQJ LQWR WKH KRO\ VKULQHV RI WKH LQIDOOLEOH ,PDPV KDV EHHQ HQMRLQHG 6LPLODUO\ EHIRUH UHDGLQJ =L\DUDW -DPLµDK ZH UHFLWH WDNELUV LQ WKUHH VWDJHV $FFRUGLQJ WR WKH ODWH 0DMOLVL WKH UHDVRQ IRU DOO WKHVH WDNELUV LV SHUKDSV IRU XV QRW WR LQGXOJH LQ H[WUHPLVP ^JKXOXZZ` ZLWK UHJDUG WR WKH ,PDPV µD DV GHVFULEHG LQ WKH VHQWHQFHV FRQWDLQHG LQ WKH =L\DUDW -DPLµDK > @ ,Q KLV MXGJPHQWV ZKHQHYHU +DGUDW µ$OL µD LGHQWLILHG WKH FULPLQDO KH ZRXOG UHFLWH WDNELU > @

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿрͨώϚϓ ͸п ϕό с͹кйͿктͿлйкл оͧймͧкт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

0D\WKDP DW 7DPPDU ZDV KXQJ DW WKH RUGHU RI µ8ED\G $OODK LEQ =L\DG DQG WKHQ DWWDFNHG ZLWK VSHDUV IRU WKH FULPH RI VLGLQJ ZLWK +DGUDW µ$OL µD $W WKH PRPHQW RI KLV PDUW\UGRP KH ZDV UHFLWLQJ WDNELU ZKLOH WKH EORRG IORZHG IURP KLV PRXWK > @ 'XULQJ WKH DVFHQVLRQ ^PLµUDM` WKH 3URSKHW UHFLWHG WDNELU DW HYHU\ KHDYHQ KH SDVVHG E\ > @ -LEUD¶LO $UFKDQJHO *DEULHO µD ZDV EHVLGH WKH 3URSKHW 6 ZKHQ +DGUDW µ$OL µD FDPH LQ -LEUD¶LO µD VDLG ³2 0XKDPPDG %\ *RG ZKR DSSRLQWHG \RX DV WKH 3URSKHW &RPSDUHG WR WKH GZHOOHUV RI WKH HDUWK WKH LQKDELWDQWV RI WKH KHDYHQV DUH EHWWHU DQG PRUH IDPLOLDU ZLWK WKLV µ$OL :KHQHYHU KH UHFLWHV WDNELU LQ WKH EDWWOHV ZH DQJHOV UHFLWH LW DORQJ ZLWK KLP ´> @ 'XULQJ WKH %DWWOH RI .KD\EDU ZKHQ WKH 0XVOLPV HQWHUHG WKH IRUWUHVV WKH\ UHFLWHG WKH WDNELU VR PXFK WKDW WKH -HZV KDG WR IOHH > @ ΗϕϚϋϙͧ

> @ /DEED\N ^+HUH , DP` ,Q IXOO /DEED\N DOODKXPPD ODEED\N ODEED\ND OD VKDULND ODND ODEED\N LQQD¶O KDPGD ZD¶Q QLµPDWD ODND ZD¶O PXOND OD VKDULND ODND ODEED\N ^³+HUH , DP 2 /RUG KHUH , DP <RX LQGHHG KDYH QR SDUWQHU KHUH , DP 1R GRXEW DOO SUDLVH DQG ERXQWLHV DUH <RXUV DQG VR LV WKH DEVROXWH 'RPDLQ <RX LQGHHG KDYH QR SDUWQHUV KHUH , DP´` 5HFLWHG LQ $UDELF LW LV WKH WDOEL\\DK SURFODLPHG LPPHGLDWHO\ DIWHU ZHDULQJ WKH LKUDP ZKLWH JDUPHQW WKDW VLJQLILHV WKH EHJLQQLQJ RI WKH KDMM ULWXDOV ^7UDQV ` > @ ,G DO )LWU WKH ,VODPLF IHDVW PDUNLQJ WKH HQG RI WKH IDVWLQJ PRQWK RI 5DPDGDQ ^7UDQV ` > @ µ,G DO 4XUEDQ )HDVW RI 6DFULILFH WKH ,VODPLF IHDVW PDUNLQJ WKH HQG RI WKH +DMM ULWXDOV LQ WKH PRQWK RI 'KX¶O +LMMDK ZKLFK LV DVVRFLDWHG ZLWK WKH RIIHULQJ RI DQLPDOV IRU VDFULILFH ^7UDQV ` > @ ΜDODK DO $\DW REOLJDWRU\ SUD\HU IRU VLJQV RU QDWXUDO SKHQRPHQD VXFK DV D VRODU HFOLSVH D OXQDU HFOLSVH όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿрͨώϚϓ ͸р ϕό с͹кйͿктͿлйкл оͧймͧкт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

HDUWKTXDNHV WKXQGHU DQG OLJKWQLQJ HWF ^7UDQV ` > @ :DVD¶LO DVK 6KLµDK YRO S > @ %LώDU DO $QZDU YRO S > @ 6LUU Dϙ ΜDODK S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ 7DIVLU H 1HPXQHK YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ =D\G LEQ µ$OL S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ 6XUDK DO 0D¶LGDK > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ 3D\DPEDUL YD ΑXNXPDW ^3URSKHWKRRG DQG *RYHUQDQFH` S

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿрͨώϚϓ ͸с ϕό с͹кйͿктͿлйкл оͧймͧкт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

ΌώχϖϚϋϘ н

6XUDK DO )DWLKDK

$IWHU WKH UHFLWDO RI 7DNELUDK DO ,ώUDP 6XUDK DO )DWLώDK LV WR EH UHFLWHG DQG LI WKLV VXUDK LV QRW UHFLWHG LQ WKH SUD\HU WKH SUD\HU LV LQYDOLG ³7KHUH LV QR SUD\HU ZLWKRXW WKH 2SHQLQJ RI WKH %RRN ^IDWLώDK DO NLWDE` ´> @ 7KH RWKHU QDPH RI WKLV VXUDK LV WKH 2SHQLQJ RI WKH %RRN ^IDWLώDK DO NLWDE` EHFDXVH WKH 4XU¶DQ EHJLQV ZLWK WKLV VXUDK 7KLV VXUDK KDV VHYHQ YHUVHV> @ DQG DFFRUGLQJ WR WKH WUDGLWLRQ RI WKH 0RVW 1REOH 0HVVHQJHU 6 RQ WKH DXWKRULW\ RI -DELU LEQ µ$EG $OODK DO $QϙDUL LW LV WKH EHVW VXUDK RI WKH 4XU¶DQ > @ 6XUDK DO )DWLώDK LV WKH RQO\ VXUDK ZKLFK LV REOLJDWRU\ XSRQ HYHU\ 0XVOLP WR UHFLWH DW OHDVW WHQ WLPHV GDLO\ LQ KLV ILYH REOLJDWRU\ SUD\HUV &RQFHUQLQJ WKH LPSRUWDQFH RI WKLV VXUDK LW LV HQRXJK WR VD\ WKDW LW LV QDUUDWHG LQ WKH WUDGLWLRQV ³,I \RX UHFLWH WKLV VXUDK WLPHV IRU WKH GHDG SHUVRQ DQG KH UHYLYHV GR QRW EH VXUSULVHG ´> @ )URP WKH QDPH ³2SHQLQJ RI WKH %RRN´ ^IDWLώDK DO NLWDE` RI WKLV VXUDK LW LV FOHDU WKDW DOO WKH YHUVHV RI WKH 4XU¶DQ ZHUH FRPSLOHG GXULQJ WKH WLPH RI WKH 3URSKHW 6 DQG IRUPHG LQWR D ERRN DQG DW KLV RUGHU WKLV VXUDK ZDV SODFHG DW WKH EHJLQQLQJ RI WKH %RRN 7KH YHUVHV RI WKH EOHVVHG 6XUDK DO ΑDPG RU )DWLώDK DUH DERXW *RG DQG +LV DWWULEXWHV WKH LVVXH RI WKH 5HVXUUHFWLRQ ^PDµDG` UHTXHVW IRU JXLGDQFH RQ WKH SDWK RI WUXWK DQG WKH DFFHSWDQFH RI WKH VRYHUHLJQW\ ^ώDNLPL\\DK` DQG ORUGVKLS ^UXEXEL\\DK` RI *RG $OVR LQ WKLV VXUDK ZH H[SUHVV RXU LQWHUHVW WR WUHDG WKH SDWK RI WKH VDLQWV RI *RG DQG DYHUVLRQ DQG GLVDYRZDO RI WKH PLVJXLGHG RQHV DQG WKRVH ZKR KDYH HDUQHG WKH GLYLQH ZUDWK όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸к ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XUDK DO )DWLώDK LV WKH VRXUFH RI UHPHGLHV²D FXUH IRU ERWK SK\VLFDO DLOPHQWV DQG VSLULWXDO PDODGLHV ,Q KLV ERRN 7DIVLU )DWLώDK DO .LWDE WKH ODWH µ$OODPDK $PLQL KDV QDUUDWHG PDQ\ WUDGLWLRQV LQ WKLV UHJDUG 7KH LQVWUXFWLYH OHVVRQV RI 6XUDK DO )DWLKDK %\ UHFLWLQJ 6XUDK DO )DWLώDK PDQ FXWV KLV KRSH IURP RWKHU WKDQ *RG E\ VD\LQJ ³%LVPLOODK´ ^,Q WKH 1DPH RI $OODK` %\ VD\LQJ ³5DEEL¶O µDODPLQ´ ^/RUG RI DOO WKH ZRUOGV` DQG ³0DOLNL \DZPL¶G GLQ´ ^0DVWHU RI WKH 'D\ RI 5HWULEXWLRQ` KH IHHOV WKDW KH LV WKH VHUYDQW ^PDUEXE` DQG WKH RQH ZKR LV UXOHG ^PDPOXN` %\ UHFLWLQJ WKH SKUDVH ³5DEEL¶O µDODPLQ ´ KH HVWDEOLVKHV D FRQQHFWLRQ EHWZHHQ KLPVHOI DQG WKH XQLYHUVH %\ ³$U UDώPDQL¶U UDώLP´ ^WKH $OO EHQHILFHQW WKH $OO PHUFLIXO` KH VHH KLPVHOI XQGHU WKH DHJLV RI +LV YDVW IDYRU %\ ³0DOLNL \DZPL¶G GLQ´ ^0DVWHU RI WKH 'D\ RI 5HWULEXWLRQ` KLV QHJOLJHQFH RI WKH 'D\ RI 5HVXUUHFWLRQ ZLOO EH HUDVHG %\ ³,\\DND QDµEXG´ ^<RX ^DORQH` GR ZH ZRUVKLS` KH DEDQGRQV KLV VHOILVKQHVV DQG GHVLUH IRU IDPH %\ ³,\\DND QDVWDµLQ´ ^WR <RX ^DORQH` GR ZH WXUQ IRU KHOS` KH UHPRYHV IURP KLV PLQG WKH LGHD RI VHHNLQJ KHOS IURP RWKHU WKDQ *RG %\ ³$QµDPWD µDOD\KLP´ ^<RX KDYH EOHVVHG` KH XQGHUVWDQGV WKDW WKH GLVWULEXWLRQ RI IDYRUV OLHV LQ +LV KDQG DQG HQY\ PXVW EH DEDQGRQHG EHFDXVH WKH HQYLRXV RQH LQ UHDOLW\ LV QRW VDWLVILHG ZLWK *RG¶V PDQQHU RI GHFLGLQJ RQ DQG DOORFDWLQJ VXVWHQDQFH %\ ³,KGLQD¶ϙ ϙLUDϚD¶O PXVWDTLP´ ^*XLGH XV RQ WKH VWUDLJKW SDWK` KH ZDQWV WR DVN IRU ILUPQHVV LQ WUHDGLQJ WKH SDWK RI WUXWK %\ ³ΜLUDϚ DOODGKLQD DQµDPWD µDOD\KLP´ ^WKH SDWK RI WKRVH ZKRP <RX KDYH EOHVVHG` KH GHFODUHV KLV VROLGDULW\ ZLWK WKRVH όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸л ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ZKR KDYH WUDYHUVHG WKH ZD\ RI *RG $QG ILQDOO\ E\ ³*KD\UL¶O PDJKϊXEL µDOD\KLP ZD OD¶ϊ ϊDOOLQ´ ^VXFK DV KDYH QRW LQFXUUHG <RXU ZUDWK QRU DUH DVWUD\ KH GHFODUHV GLVDYRZDO RI IDOVHKRRG DQG WKH SHRSOH RI IDOVHKRRG %LVPLOODKL¶U UDKPDQL¶U UDKLP ^,Q WKH 1DPH RI $OODK WKH $OO EHQHILFHQW WKH $OO PHUFLIXO` $PRQJ YDULRXV SHRSOHV DQG FRPPXQLWLHV WKHUH LV D FXVWRP RI EHJLQQLQJ DQ LPSRUWDQW ZRUN ZLWK WKH QDPH RI RQH RI WKH OHDGLQJ ILJXUHV RI WKDW FRPPXQLW\ ZKR LV UHVSHFWHG DQG DGPLUHG VR WKDW WKH WDVN ZRXOG EH VWDUWHG DQG SXUVXHG ZLWK EOHVVLQJ DQG DXVSLFLRXVQHVV 2I FRXUVH HDFK SHUVRQ DFWV DFFRUGLQJ WR KLV RU KHU FRUUHFW RU FRUUXSW LGHDV DQG EHOLHIV 6RPH SHRSOH FRPPHQFH WKHLU WDVNV ZLWK WKH QDPH RI LGROV DQG WDJKXWV ZKLOH RWKHUV GR WKH VDPH ZLWK WKH QDPH DQG DVVLVWDQFH RI *RG DQG WKH VDLQWV RI *RG 1RZDGD\V LW KDV EHFRPH WKH FXVWRP WKDW LQ FRQVWUXFWLQJ LPSRUWDQW EXLOGLQJV GLVWLQJXLVKHG ILJXUHV DUH WKH ILUVW WR VWULNH WKH SLFND[H RQ WKH JURXQG 3ULRU WR WKH %DWWOH RI WKH 7UHQFK WKH +RO\ 3URSKHW 6 ZDV DOVR WKH ILUVW WR EUHDN WKH JURXQG LQ GLJJLQJ WKH WUHQFKHV %LVPLOODK ^,Q WKH 1DPH RI $OODK` LV WKH EHJLQQLQJ RI WKH ERRN RI UHYHODWLRQ %LVPLOODK LV QRW RQO\ WKH EHJLQQLQJ RI WKH 4XU¶DQ EXW UDWKHU WKH EHJLQQLQJ RI DOO KHDYHQO\ VFULSWXUHV %LVPLOODK KDV EHHQ WKH HSLJUDSK RI WKH ZRUN RI DOO WKH SURSKHWV µD :KHQ WKH DUN RI 1Xώ 1RDK µD ZDV DERXW WR VHW RXW DPLGVW WKH ZDYHV LQ WKH VWRUP KH DVNHG KLV IROORZHUV WR HPEDUN DQG WKHQ KH VDLG ³,Q WKH 1DPH RI $OODK LW VKDOO VHW VDLO DQG FDVW DQFKRU ´> @ :KHQ +DGUDW 6XOD\PDQ 6RORPRQ µD LQYLWHG WKH 4XHHQ RI 6KHED %LOTLV WRZDUG *RG KH EHJDQ KLV LQYLWDWLRQ OHWWHU ZLWK WKH SKUDVH %LVPLOODKL¶U UDώPDQL¶U UDώLP ^,Q WKH 1DPH RI $OODK WKH $OO EHQHILFHQW WKH $OO PHUFLIXO` > @ +DGUDW µ$OL µD VD\V ³%LVPLOODK LV WKH VRXUFH RI EOHVVLQJ LQ ZRUN DQG DEDQGRQLQJ LW OHDGV WR WKH ODFN RI VXFFHVV RI όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸м ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

DIIDLUV ´> @ +H µD DOVR VDLG WR VRPHRQH ZKR ZDV ZULWLQJ WKH SKUDVH ³%LVPLOODK´ ³-DZZLGXKD´ ^,QVFULEH LW ZHOO` > @ 7KH UHFLWDO RI ³%LVPLOODK´ DW WKH EHJLQQLQJ RI HYHU\ ZRUN KDV EHHQ HQMRLQHG²HDWLQJ VOHHSLQJ ULGLQJ RQ DQ DQLPDO RU D YHKLFOH PDUULDJH DQG PDWULPRQ\ DQG PDQ\ RWKHU WDVNV (YHQ LI DQ DQLPDO LV VODXJKWHUHG ZLWKRXW WKH XWWHUDQFH RI ³%LVPLOODK´ FRQVXPSWLRQ RI LWV PHDW LV XQODZIXO ^ώDUDP` 7KH VHFUHW EHKLQG WKLV LV WKDW WKH IRRG RI D JRDO RULHQWHG UHOLJLRXV SHUVRQ PXVW DOVR KDYH D GLYLQH FRQQHFWLRQ :K\ GR ZH VWDUW HDFK WDVN ZLWK ³%LVPLOODK´" 7KH SURGXFWV RI D IDFWRU\ KDYH WKH VSHFLDO ORJR DQG HPEOHP RI WKDW IDFWRU\ )RU H[DPSOH D SRUFHODLQ SURGXFLQJ IDFWRU\ SXWV LWV ORJR RQ DOO LWV ZDUHV ERWK ELJ DQG VPDOO (YHU\ FRXQWU\ KDV LWV RZQ IODJ KRLVWHG DERYH RIILFHV DQG JDUULVRQV RQ VKLSV DQG RQ RIILFH WDEOHV ,Q WKH VDPH PDQQHU WKH QDPH RI *RG DQG +LV UHPHPEUDQFH LV DOVR WKH ORJR DQG HPEOHP RI WKH 0XVOLP DQG WKH SKUDVH ³%LVPLOODK´ LV WKH V\PERO DQG FRGH RI WKH 0XVOLP ,Q HYHU\ DFWLYLW\ ELJ DQG VPDOO HYHU\ZKHUH LQ WKH PRVTXH RU IDFWRU\ DQG DQ\WLPH LQ WKH PRUQLQJ RU HYHQLQJ WKLV EOHVVHG SKUDVH LV XWWHUHG E\ 0XVOLPV DQG WKXV ZH UHDG LQ WKH KDGLWK ³'R QRW IRUJHW ELVPLOODK HYHQ LQ ZULWLQJ D FRXSOHW RI D SRHP ´ 7UDGLWLRQV DERXW WKH UHZDUG RI D SHUVRQ ZKR WHDFKHV ELVPLOODK WR D FKLOG KDYH DOVR EHHQ QDUUDWHG > @ ,V %LVPLOODKL¶U UDώPDQL¶U UDώLP D SDUW RI 6XUDK DO )DWLώDK DQG D GLVWLQFW YHUVH ^D\DK`" $OWKRXJK VRPH LQGLYLGXDOV KDYH QRW UHJDUGHG LW DV SDUW RI WKH VXUDK RU KDYH DEDQGRQHG PHQWLRQLQJ LW LQ WKH SUD\HU WKHVH SHRSOH KDYH EHHQ VXEMHFWHG WR FULWLFLVP E\ 0XVOLPV )RU H[DPSOH RQH GD\ 0XµDZL\DK GLG QRW PHQWLRQ ELVPLOODKL¶U UDώPDQL¶U UDώLP LQ WKH SUD\HU DQG WKH SHRSOH VWURQJO\ SURWHVWHG VD\LQJ ³'LG \RX VWHDO DQ D\DK RU IRUJHW LW"´> @ ,Q KLV WDIVLU ^4XU¶DQLF H[HJHVLV` )DNKU DU 5D]L HQXPHUDWHV όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸н ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

SURRIV VXEVWDQWLDWLQJ WKH IDFW WKDW ELVPLOODKL¶U UDώPDQL¶U UDώLP LV D FRQVWLWXWLYH SDUW RI 6XUDK DO )DWLώDK DQG $OXVL DOVR H[SUHVVHV WKLV YLHZ LQ KLV WDIVLU $KPDG LEQ ΑDQEDO KDV HTXDOO\ VWDWHG LQ KLV 0XVQDG WKDW ELVPLOODKL¶U UDώPDQL¶U UDώLP LV D SDUW RI WKH VXUDK $FFRUGLQJ WR WKH $KO DO %D\W> @ µD RI WKH 0HVVHQJHU RI $OODK 6 ZKR ZHUH D KXQGUHG \HDUV VHQLRU WR WKH OHDGLQJ IXTDKD ^MXULVWV` RI WKH $KO DV 6XQQDK ZKR DWWDLQHG PDUW\UGRP LQ WKH ZD\ RI $OODK DQG ZKRVH LQIDOOLELOLW\ ^LϙPDK` DQG SXULW\ KDYH DOVR EHHQ VWLSXODWHG LQ WKH 4XU¶DQ WKH SKUDVH ELVPLOODKL¶U UDώPDQL¶U UDώLP LV LWVHOI D GLVWLQFW YHUVH DQG LV SDUW RI WKH VXUDK 7KH LQIDOOLEOH ,PDPV µD LQVLVWHG RQ UHFLWLQJ DORXG ELVPLOODKL¶U UDώPDQL¶U UDώLP GXULQJ SUD\HU ,PDP DO %DTLU µD WKXV VD\V UHJDUGLQJ WKRVH ZKR ZHUH QRW UHFLWLQJ LW GXULQJ SUD\HU RU QRW UHJDUGLQJ LW DV SDUW RI WKH VXUDK ³7KH\ VWROH WKH EHVW D\DK ´> @ ,Q KLV FRPPHQWDU\ RQ 6XUDK DO )DWLώDK µ$OODPDK 6KDKLG 0XWDKKDUL LGHQWLILHV ,EQ DO µ$EEDV µ$ϙLP .DVD¶L ,EQ µ8PDU ,EQ =XED\U µ$ϚD¶ ΝDZXV )DNKU DU 5D]L DQG DV 6X\XϚL DV DPRQJ WKRVH ZKR KDYH UHJDUGHG ELVPLOODKL¶U UDώPDQL¶U UDώLP DV SDUW RI WKH VXUDK 2I FRXUVH WKHUH LV QR ELVPLOODKL¶U UDώPDQL¶U UDώLP DW WKH EHJLQQLQJ RI 6XUDK DO %DUD¶DK 6XUDK DW 7DZEDK $FFRUGLQJ WR +DGUDW µ$OL µD LW LV EHFDXVH ELVPLOODKL¶U UDώPDQL¶U UDώLP LV D SKUDVH RI VHFXULW\ DQG PHUF\ DQG LW LV QRW FRQVLVWHQW ZLWK WKH GHFODUDWLRQ RI GLVDYRZDO ^EDUD¶DK` RI WKH SRO\WKHLVWV %LVPLOODK ^,Q WKH 1DPH RI $OODK` R %LVPLOODK LV WKH LQGLFDWRU RI GLYLQH EDSWLVP ^ϙLEJKDW $OODK` DQG WKH PDUN RI RXU PRQRWKHLVWLF RULHQWDWLRQ R %LVPLOODK LV WKH FRGH RI WDZώLG ^PRQRWKHLVP` ZKLOH WKH QDPH RI RWKHUV LV WKH FRGH RI NXIU ^LQILGHOLW\` DQG WKH QDPH RI *RG DORQJ ZLWK RWKHUV LV WKH VLJQ RI VKLUN ^SRO\WKHLVP` :H VKRXOG QRW SODFH WKH QDPH RI RWKHUV όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸о ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

EHVLGH WKH 1DPH RI *RG RU SXW WKH QDPHV RI RWKHUV LQ WKH SODFH RI *RG¶V 1DPH 7KH PHDQLQJ RI ³&HOHEUDWH WKH 1DPH RI \RXU /RUG´> @ LV WKDW HYHQ WKH 1DPH RI *RG VKRXOG DOVR EH IUHH IURP DQ\ VRUW RI SRO\WKHLVP R %LVPLOODK LV WKH VHFUHW RI HWHUQLW\ DQG SHUSHWXLW\ DQG DQ\WKLQJ WKDW LV GHYRLG RI WKH ³GLYLQH FRORU´ LV SHULVKDEOH > @ R %LVPLOODK LV WKH FRGH RI ORYH IRU *RG DQG UHOLDQFH RQ +LP R %LVPLOODK LV WKH FRGH IRU NHHSLQJ DORRI IURP YDQLW\ DQG WKH H[SUHVVLRQ RI LPSRWHQFH LQ WKH SUHVHQFH RI *RG R %LVPLOODK LV WKH FRGH IRU HQVXULQJ DFWLRQV ZLWK WKH QDPH RI *RG R %LVPLOODK LV WKH FRGH IRU WKH VDQFWLILFDWLRQ RI DFWLRQV R %LVPLOODK LV WKH FRGH IRU WKH SHUSHWXDO UHPHPEUDQFH DQG JORULILFDWLRQ RI *RG²³2 *RG , ZLOO QHYHU IRUJHW <RX LQ DQ\ VLWXDWLRQ ´ R %LVPLOODK LV WKH H[SUHVVLRQ RI PDQ¶V REMHFWLYH²³2 *RG <RX DUH P\ DLP QRW WKH SHRSOH QRW WKH ZRUOG DQG QRW FDSULFLRXV GHVLUHV R %LVPLOODK PHDQV WKDW ZH VHHN KHOS IURP +LP DORQH DQG QRW IURP RWKHUV R %LVPLOODK LV LQGLFDWLYH RI WKH IDFW WKDW WKH FRQWHQW RI WKH VXUDK KDV EHHQ UHYHDOHG IURP WKH *HQHVLV RI 7UXWK ^PDEGD¶ H ώDTT` DQG WKH (PERGLPHQW RI 0HUF\ ^PDϠKDU H UDώPDW`

7KH ZRUG ³$OODK´

6RPH SHRSOH KDYH UHJDUGHG WKH ZRUG ³$OODK´ WR EH GHULYHG DEDGDù %\ ³$OODK´ WKH\¶´ ³Ϊ˴Ʀ˴ǟÈù DOLKD´ PHDQLQJ´ ³qɄɆ `΍Ʉ ´ IURP PHDQ WKH 5HDO :RUVKLSSHG %HLQJ ZKR KDV DOO WKH SHUIHFWLRQV όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸п ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

2WKHUV KRZHYHU KDYH UHJDUGHG LW WR KDYH EHHQ GHULYHG IURP ZDOLKD´ ZLWK WKH PHDQLQJ RI DGRUDWLRQ ORYH DQG´ ³Ϫ˴˶ϟϭ˴´ DPD]HPHQW 7KHUHIRUH WKH ZRUG ³$OODK´ PHDQV WKH 6DFUHG (VVHQFH ZKRVH EOLVV KDV DVWRXQGHG DQG IDVFLQDWHG DOO ³Ϊϧϭ΍ΪΧ´ .KRGD´ RU´ ³΍ΪΧ´ ,W PXVW EH QRWHG WKDW WKH ZRUG ³.KRGDYDQG´ ³*RG´ LQ 3HUVLDQ LV QRW D SHUIHFW WUDQVODWLRQ RI ³ϯ΁ΩϮΧ´ WKH ZRUG ³$OODK´ EHFDXVH ³.KRGD´ RULJLQDWHV IURP ³NKXGD\´ ZKLFK LV WHUPHG LQ SKLORVRSK\ DV WKH 1HFHVVDU\ %HLQJ ^ZDMLE DO ZXMXG` ZKLOH WKH ZRUG ³.KRGDYDQG´ DOVR PHDQV ³2ZQHU´ )RU H[DPSOH LQ WKH 3HUVLDQ OLWHUDWXUH ZH VD\ ³NKRGDYDQG H NKDQHK´ WR PHDQ ³RZQHU RI WKH KRXVH´ 7KH PHDQLQJ ³RZQHU´ RU ³QHFHVVDU\ EHLQJ´ IDOOV VKRUW RI FRQYH\LQJ WKH PHDQLQJ RI ³$OODK´ ³$OODK´ PHDQV WKH (VVHQFH WKDW LV ZRUWK\ RI ORYH DQG ZRUVKLS EHFDXVH ,W SRVVHVVHV DOO WKH SHUIHFWLRQV ,Q WKH 4XU¶DQ DSSUR[LPDWHO\ RQH KXQGUHG 1DPHV RI *RG KDYH EHHQ PHQWLRQHG DPRQJ ZKLFK ³$OODK´ LV WKH PRVW FRPSUHKHQVLYH RQH ,Q SULQFLSOH HDFK RI WKH 1DPHV RI *RG SRLQWV WR RQH RI +LV $WWULEXWHV DQG QRW MXVW RQH VLJQ DQG V\PERO IRU *RG 7KH QDPHV RI LQGLYLGXDOV DUH GLYHUVH 6RPH QDPHV DUH RQO\ V\PEROV DQG DUH LQ QR ZD\ FRPSDWLEOH ZLWK WKH FKDUDFWHU RI WKH SHUVRQ LQ TXHVWLRQ LQ IDFW RQH¶V QDPH LV VRPHWLPHV UHSXJQDQW WR RQH¶V FKDUDFWHU VXFK DV D OLDU ZKRVH QDPH LV ΜDϊϏϗ ͺϚϘϛϚώόϛϒͻͪ ΝώϋϘϋ χϘϋ χϒϙϕ ϚϏϓϋϙͥ ϔϋϜϋϘϚώϋϒϋϙϙͥ ϝώϋϔ Ϛώϋ ϔχϓϋ ϕό χ ϖϋϘϙϕϔͥ χϖχϘϚ όϘϕϓ ϏϚ ψϋϏϔύ ώϏϙ ϕϝϔ ϔχϓϋ Ϗϙ χϒϙϕ χϔ ϋϞχωϚ ϊϋϙωϘϏϖϚϏϕϔ ϕό ώϏϓϙϋϒόͥ ϖϕϏϔϚϏϔύ Ϛϕ ώϏϙ χϚϚϘϏψϛϚϋϙ χϔϊ ϋϞωϋϒϒϋϔωϋϙ ϙϛωώ χϙ Ϛώϋ ϔχϓϋ ͰΜDϊϏϗͱ όϕϘ χ ϚϘϛϚώόϛϒ ϖϋϘϙϕϔͨ Μϕϓϋ ϔχϓϋϙ χϘϋ ϒϏϑϋ Ϛώϋ χϒχϘϓ ϕό χ ωϒϕωϑ ϝώϏωώ ϕϔϒϟ ϏϔϊϏωχϚϋϙ Ϛώϋ χϘϘϏϜχϒ ϕό χ ωϋϘϚχϏϔ ϖϋϘϏϕϊ ϕό ϚϏϓϋͨ ΘϚώϋϘϙͥ ώϕϝϋϜϋϘͥ χϘϋ ϙϏϓϏϒχϘ Ϛϕ Ϛώϋ ϜϕϏωϋ ϕό Ϛώϋ ϓϛͮχϊώϊώϏϔ ͺωχϒϒϋϘ Ϛϕ ϖϘχϟϋϘͻ ϝώϏωώ Ϗϙ ψϕϚώ ϙϟϓψϕϒ χϔϊ ϙϛψϙϚχϔωϋͨ Νώϋ ΚϛϘͯχϔ ϙχϟϙͧ ͰΝϕ Ίϒϒχώ ψϋϒϕϔύ Ϛώϋ ΋ϋϙϚ Ηχϓϋϙͨͱͼлмпͽ ,Q WKH WUDGLWLRQV QDPHV RI *RG KDYH EHHQ PHQWLRQHG ZKLFK DUH GHVFULEHG DV $VPD¶ DO ΑXVQD ^WKH %HVW 1DPHV` DQG LW LV VWDWHG WKDW DQ\RQH ZKR ZRXOG SUD\ WR *RG ZLWK WKHVH 1DPHV KLV UHTXHVW VKDOO EH JUDQWHG > @ $QG LQ WKH 'XµD¶ -DZVKDQ .DELU ZH FDOO RQ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸р ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

*RG ZLWK D WKRXVDQG 1DPHV DQG $WWULEXWHV 7KH SUHVHQFH RI WKH ZRUGV ³UDώPDQ´ ^$OO EHQHILFHQW` DQG ³UDώLP´ ^$OO PHUFLIXO` DIWHU WKH ZRUG ³$OODK´ VLJQLILHV WKDW PDQ FRPPHQFHV KLV ZRUN ZLWK KRSH IRU GLYLQH IDYRU DQG PHUF\ DQG FRQVLGHUV *RG DV WKH VRXUFH RI DOO KRSHV DQG PHUFLHV %HJLQQLQJ DQ DFWLRQ ZLWK H[SUHVVLRQV RI PHUF\ VLJQLILHV WKDW WKH GLYLQH IRXQGDWLRQ DQG EDVLV LV DQFKRUHG RQ PHUF\ DQG JUDFH DQG LW LV RQO\ ILWWLQJ IRU PDQ WR VHHN DVVLVWDQFH IURP WKH )RXQWDLQKHDG RI 0HUF\ 5DώPDQ LV D QDPH H[FOXVLYH IRU *RG EHFDXVH LW LV RQO\ +LV EHQHILFHQFH ZKLFK LV XQLYHUVDO DOO HQFRPSDVVLQJ DQG SHUSHWXDO 2WKHUV HLWKHU KDYH QR EHQHILFHQFH ^UDώPDK` RU ZKDW WKH\ KDYH LV QRW DOO HQFRPSDVVLQJ ,Q DGGLWLRQ LI RWKHUV ZRXOG HYHU JLYH VRPHWKLQJ LW LV EHFDXVH WKH\ H[SHFW ZRUOGO\ RU RWKHUZRUOGO\ UHZDUGV WKH\ JLYH JUDVV LQ RUGHU WR JHW PLON 5HJDUGLQJ WKH ZRUGV ³DU UDώPDQ´ DQG ³DU UDώLP´ ZH VKDOO HODERUDWH RQ WKHP XQGHU WKH YHUVH ³DU UDώPDQL¶U UDώLP´ ³$O KDPGXOLOODK´ ^$OO SUDLVH EHORQJV WR $OODK` 7KH ZRUGV ³PDGDώ ´ ³VKXNU ´ DQG ³ώDPG´ KDYH LGHQWLFDO PHDQLQJV EXW HDFK RI WKHP DOVR KDV LWV RZQ SDUWLFXODU PHDQLQJ )RU LQVWDQFH WKH ZRUG ³PDGDώ´ PHDQV ³WR SUDLVH´ UHJDUGOHVV RI ZKHWKHU WKH SUDLVH LV ZRUWK\ EDVHG RQ IODWWHU\ RU VRPHWKLQJ XQZRUWK\ RU ZKHWKHU RQ DFFRXQW RI RQH¶V H[FHOOHQFHV IHDU FRYHWRXVQHVV EHJXLOLQJ RU LQJUDWLDWLRQ 7KH ZRUG ³VKXNU´ PHDQV JUDWLWXGH IRU WKH JUDFH DQG IDYRU JLYHQ E\ RWKHUV WR VRPHRQH ,Q WKH ZRUG ³ώχϓϊͥ´ KRZHYHU DSDUW IURP JUDWLWXGH DQG WKDQNV DQRWKHU PHDQLQJ LV ODWHQW DQG WKDW LV ZRUVKLS *UDWLWXGH DQG WKDQNV WR WKH H[WHQW RI ZRUVKLS LV ³ώDPG´ +HQFH WR H[SUHVV ³PDGDώ´ DQG ³VKXNU´ WR RWKHUV LV SHUPLVVLEOH EXW ³ώDPG´ LV H[FOXVLYH IRU *RG EHFDXVH +H LV WKH 2QO\ 2QH ZRUWK\ RI ZRUVKLS ³$O ώDPGXOOLOODK´ LV IROORZHG E\ IRXU GHVFULSWLRQV RI *RG όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸с ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

³UDEE DO µDODPLQ ´ ³DU UDώPDQ ´ ³DU UDώLP ´ DQG ³PDOLNL \DZPLG GLQ´ ZKLFK LQGLFDWH WKDW RQ DFFRXQW RI WKHVH GLYLQH IDYRUV DQG JUDQGHXU PDQ KDV WR H[SUHVV ³ώDPG´ WR *RG %XW EHIRUH DOO WKHVH GHVFULSWLRQV WKH ZRUG ³OLOODK´ ^EHORQJLQJ WR $OODK` DSSHDUV ,W PHDQV WKDW ³ώDPG´ LV VROHO\ IRU +LP DQG DV +H LV WKH 2QO\ 2QH ZRUWK\ RI ³ώDPG ´ WKRVH GHVFULSWLRQV FDQ DOVR EH DVVXPHG HYHQ LI WKH\ KDG QRW DSSHDUHG DIWHUZDUG

ΪϨΑ έΩ Ϫϧ ϰθϳϮΧ ΪϨΑ έΩ ϮΗ Ζγϭ΍ ϥΎδΣ΍ ϪΑ ΖϤθ̩ ΖγϭΩ ί΍ ή̳ ΖγϭΩ

,I \RXU H\HV DUH IRFXVLQJ RQ WKH EHQHYROHQFH RI WKH )ULHQG WKHQ \RX DUH XQGHU WKH IHWWHU RI \RXU VHOI QRW XQGHU WKH ERQG RI WKH )ULHQG ³5DEE DO µDODPLQ´ ^/RUG RI DOO WKH :RUOGV` *RG LV WKH /RUG RI DOO WKH ZRUOGV +H LV WKH /RUG RI ZKDWHYHU LV LQ WKH KHDYHQV DQG WKH HDUWK DQG ZKDWHYHU LV EHWZHHQ WKHP

È ȁ Ê ȂÈǸLjdzơ ƣ Ƃ ƢǸÈȀǼÉȈÌÈƥ ƢǷ ǁō ƃ Ê ǁÌȋơ È ȁ ÈǑ È Ʃơ ÈÙ

³7KH /RUG RI WKH KHDYHQV DQG WKH HDUWK DQG ZKDWHYHU LV EHWZHHQ WKHP´> @ $QG

Ë Ƃ ƔòÇȆNj ǁ È ȂÈǿÉ ƃ Ì ÊòDzǯ ƣ

³+H LV WKH /RUG RI DOO WKLQJV ´> @ +DGUDW µ$OL µD VD\V DERXW WKH LQWHUSUHWDWLRQ RI ³µDODPLQ´

ƩƢǻơȂȈƸdzơ ȁ ƩơƽƢǸƴdzơ ǺǷ

7KDW LV +H LV WKH /RUG RI WKH LQDQLPDWH REMHFWV DQG WKH DQLPDOV WKH OLYLQJ DQG QRQ OLYLQJ WKLQJV $OWKRXJK LQ WKH 4XU¶DQ VRPHWLPHV ³µDODPLQ´ UHIHUV WR KXPDQ EHLQJV LQ PRVW FDVHV ³µDODP´ UHIHUV WR FUHDWXUHV ZKLOH ³µDODPLQ´ SRLQWV WR DOO FUHDWXUHV ,W FDQ EH WKXV XQGHUVWRRG WKDW +H LV WKH /RUG RI WKH HQWLUH FUHDWLRQ DQG WKDW ZKDW VRPH EHOLHYHG GXULQJ WKH SUH ,VODPLF SHULRG RI LJQRUDQFH ^\DZP DO MDKLOL\\DK` DQG DPRQJ VRPH QDWLRQV WKDW WKHUH LV D GLVWLQFW

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸т ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

JRG IRU HYHU\ W\SH RU NLQJGRP RI FUHDWXUHV LV D IDOVH LGHD *RG KDV GHWHUPLQHG WKH FRXUVH RI JURZWK DQG SHUIHFWLRQ RI DOO FUHDWXUHV DIWHU FUHDWLQJ WKHP DQG WKH GLYLQH QXUWXUH LV WKH VDPH FRXUVH DV WKDW RI GLYLQH JXLGDQFH ³2XU /RUG LV +H ZKR JDYH HYHU\WKLQJ LWV FUHDWLRQ DQG WKHQ JXLGHG LW ´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³5DEE DO µDODPLQ´ PHDQV WKDW WKH UHODWLRQVKLS EHWZHHQ *RG DQG WKH FUHDWXUHV LV D SHUSHWXDO DQG FORVH NQLW UHODWLRQVKLS ³5DEE DO µDODPLQ´ PHDQV WKDW WKHUH LV WKH SRVVLELOLW\ RI JURZWK DQG WUDLQLQJ IRU DOO 1RW RQO\ WKH JRRG EXW WKH EDG DOVR EHQHILW IURP WKH GLYLQH IDYRUV ³7R WKHVH DQG WR WKRVH²WR DOO :H H[WHQG ´> @ *RG VD\V ³:H DVVLVW DOO DQG KDYH SURYLGHG WKH JURXQG IRU DOO VR WKDW HDFK SHUVRQ FRXOG DWWDLQ ZKDWHYHU DLP KH KDV ´ 6LQFH WKH ZRUOG LV WKH DERGH RI SURKLELWLRQ DQG REVWDFOHV LW LV QDWXUDO WKDW QRW HYHU\RQH FDQ DWWDLQ KLV RU KHU JRDO ³5DEE DO µDODPLQ´ PHDQV WKDW *RG LV ERWK WKH 5XOHU DQG WKH 0DQDJHU RI FUHDWLRQ UDEL\D´ ZKLFK´ ³ϲ˴˴Αέ˴´ 7KH ZRUG ³UDEE´ LV GHULYHG IURP HLWKHU PHDQV ³RQH ZKR EHVWRZV JURZWK DQG WUDLQLQJ´ RU IURP ³UDEED´ ZKLFK PHDQV ³RZQHU´ *RG LV WKH 2ZQHU RI WKH ZRUOG όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸кй ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

DV ZHOO DV LWV 1RXULVKHU DQG 0DQDJHU ³$OO FUHDWLRQ DQG FRPPDQG EHORQJ WR +LP %OHVVHG LV $OODK WKH /RUG RI DOO WKH ZRUOGV ´> @ $FFRUGLQJ WR WKH WUDGLWLRQV WKH SKUDVH ³$OO SUDLVH EHORQJV WR $OODK WKH /RUG RI WKH :RUOGV´> @ LV WKH EHVW JUDWLWXGH IRU WKH IDYRUV RI *RG 7KXV LW LV HQMRLQHG WR SUDLVH ^ώDPG` *RG EHIRUH DQ\ VXSSOLFDWLRQ RU UHTXHVW LV PDGH RI +LP RWKHUZLVH WKH VXSSOLFDWLRQ LV GHIHFWLYH 1RW RQO\ LV LW PHQWLRQHG DW WKH EHJLQQLQJ RI VXSSOLFDWLRQ DQG DGXODWLRQ EXW WKH LQKDELWDQWV RI SDUDGLVH DOVR UHSHDW WKH VDPH SKUDVH DW WKH HQG RI D WDVN

ËÊ ƾÉǸƸÈÌdzơ ǹÊÈƗ ǶǿơÉȂǟÌƽ Ê ȁ ƃ Ƃ ǺȈ È È ǸÊÈdzƢǠÈÌdzơ ƣŏǁ È ƅ Ì Ì È È ǂÉƻƕ

³$QG WKHLU FRQFOXGLQJ FDOO µ$OO SUDLVH EHORQJV WR $OODK WKH /RUG RI WKH DOO WKH ZRUOGV ´> @ ³$U UDKPDQL¶U UDKLP´ ^WKH $OO EHQHILFHQW WKH $OO PHUFLIXO` 7UDQVODWLQJ WKHVH WZR WHUPV LQWR 3HUVLDQ DV ³EDNKVKDQGHK \H PHKUDEDQ´ LV QRW D SHUIHFW DQG H[SUHVVLYH WUDQVODWLRQ EHFDXVH DFFRUGLQJ WR µ$OODPDK 6KDKLG 0XWDKKDUL ³EDNKVKDQGHK \H PHKUDEDQ´ LV WKH WUDQVODWLRQ RI WKH $UDELF ZRUGV MDZDG ^JHQHURXV` DQG UD¶XI ^NLQG` DQG QRW UDώPDQ DQG UDώLP $QG LQ SULQFLSOH WKHUH KDYH EHHQ QR HTXLYDOHQW 3HUVLDQ WHUPV IRU ERWK WKHVH ZRUGV UDKLP KDYH EHHQ øǶȈƷǁō´ UDKϓDQ´ DQG´ ³ǺǸÙƷÌέō ´ $ϒWKRXJK ERWK UDKPDK ´ ³UDKPDQ ´ ZKLFK´ ³ƨǸÈƷÌǁÈ´ GHUϏYHG IURP ϚKH URRW ZRUG HQFRPSDVVHV WKH H[SDQVLYH EHQHILFHQFH RI *RG DQG LV JHQHUDO DQG LQFOXGHV DOO KXPDQ EHLQJV KRZHYHU ³UDώLP´ LV D PHUF\ ZKLFK ZLOO EH VKRZHUHG RQO\ RQ WKRVH ZKR DUH JRRG DV D UHZDUG IRU WKHLU JRRG GHHGV 7KXV DFFRUGLQJ WR ,PDP Dϙ ΜDGLT µD *RG LV UDώPDQ LQ UHODWLRQ WR DOO WKH FUHDWXUHV EXW +H LV UDώLP RQO\ WR WKH EHOLHYHUV *RG KDV PDGH PHUF\ ^UDώPDK` LQFXPEHQW XSRQ +LPVHOI ³+H KDV PDGH PHUF\ LQFXPEHQW XSRQ +LPVHOI ´> @ 6LPLODUO\ WKH 3URSKHW DQG WKH %RRN RI $OODK DUH DOVR PHUFLHV IRU DOO RI FUHDWLRQ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸кк ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

Ì ǁÌÈƗ ƢǷ Ƃò ǺȈ È ȁ ƃ È È ǸÊǴÈǠÈÙ ǴÌŏdz ƨÅǸÈƷÌǁ ȏ È Êƛ ǮÈǼÈÙǴLJ

³:H GLG QRW VHQG \RX EXW DV D PHUF\ WR DOO WKH QDWLRQV ´> @ +LV QRXULVKPHQW DQG WUDLQLQJ DUH EDVHG RQ PHUF\ DQG +LV SXQLVKPHQW DQG UHTXLWDO DUH OLNH WKH VWLFN RI D WHDFKHU ZKLFK LV QHFHVVDU\ LQ WUDLQLQJ )RUJLYHQHVV RI VLQV DFFHSWDQFH RI UHSHQWDQFH FRQFHDOPHQW RI SHRSOH¶V IDXOWV DQG JLYLQJ UHVSLWH WR FRPSHQVDWH IRU WKH SDVW DUH DOO PDQLIHVWDWLRQV RI +LV DOO HQFRPSDVVLQJ PHUF\ ,Q HVVHQFH FUHDWLRQ LV D PDQLIHVWDWLRQ RI +LV PHUF\ DQG ZKDWHYHU UHDFKHV HYHU\ FUHDWXUH IURP +LP LV JUDFH DQG PHUF\ 7KXV DOO VXUDKV RI WKH 4XU¶DQ ZLWK WKH H[FHSWLRQ RI 6XUDK DW 7DZEDK EHJLQ ZLWK %LVPLOODKL¶U UDώPDQL¶U UDώLP ^,Q WKH 1DPH RI $OODK WKH $OO EHQHILFHQW WKH $OO PHUFLIXO` $U UDώPDQL¶U UDώLP DORQJVLGH UDEE DO µDODPLQ PHDQV WKDW WKH GLYLQH QRXULVKPHQW LV EDVHG RQ JUDFH DQG PHUF\ ,Q WKH VDPH PDQQHU +LV WHDFKLQJ LV DOVR DQFKRUHG RQ PHUF\ DQG FRPSDVVLRQ ³7KH $OO EHQHILFHQW KDV WDXJKW WKH 4XU¶DQ ´> @ $QG WKLV LV LWVHOI D OHVVRQ IRU XV KXPDQ EHLQJV WKDW WKH WHDFKHU DQG WUDLQHU PXVW EH DOZD\V EHQHYROHQW DQG FRPSDVVLRQDWH ³0DOLNL \DZPL¶G GLQ´ ^0DVWHU RI WKH 'D\ RI 5HWULEXWLRQ` *RG LV WKH 0DVWHU RI WKH 'D\ RI 5HWULEXWLRQ +H LV ERWK WKH 0DVWHU ^PDOLN` DQG WKH 6RYHUHLJQ ^PDOLN` 7KH XQLYHUVH LV DQ HVWDWH ^PLON` XQGHU +LV SRVVHVVLRQ ^PDOLNL\\DK` DV ZHOO DV D GRPLQLRQ ^PXON` XQGHU +LV VRYHUHLJQW\ DQG UXOH +LV SRVVHVVLRQ LV FRPSUHKHQVLYH HQFRPSDVVLQJ HYHU\WKLQJ (YHQ WKH JRYHUQPHQW LV XQGHU KLV SRVVHVVLRQ ³6D\ µ2 $OODK 0DVWHU RI DOO VRYHUHLJQW\ ¶´> @ ,Q WKH VDPH WRNHQ PDQ LQ UHODWLRQ WR WKH OLPEV RI KLV ERG\ LV WKH PDVWHU DV ZHOO DV VRYHUHLJQ DQG FRPPDQGHU 7KH PDVWHUVKLS RI *RG LV UHDO DQG QRW GHOHJDWHG DQG FRQWUDFWXDO *RG LV WKH 0DVWHU RI ERWK WKH ZRUOG DQG WKH KHUHDIWHU <HW VLQFH PDQ UHJDUGV KLPVHOI DV WKH PDVWHU RI WKLQJV DQG DIIDLUV LQ WKLV ZRUOG KH WHQGV WR EHFRPH QHJOLJHQW RI WKH 2ULJLQDO 0DVWHU 2Q WKDW GD\ ZKHQ DOO FDXVHV ZLOO FHDVH WR H[LVW DOO UHODWLRQV ZLOO EH DEURJDWHG DQG DOO WRQJXHV ZLOO EH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸кл ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

VHDOHG DW WKDW SRLQW KH ZLOO IHHO DQG GLVFHUQ WKH GLYLQH VRYHUHLJQW\ ZHOO IRU KH VKDOO EH DGGUHVVHG WKXV ³7R ZKRP GRHV WKH VRYHUHLJQW\ EHORQJ WRGD\"´> @ :KHQ PDQ ZRXOG MXVW RSHQ KLV H\HV KH ZLOO VD\ ³7R $OODK WKH 2QH WKH $OO SDUDPRXQW ´> @ 7KH SUD\LQJ SHUVRQ ZKR UHFLWHV HYHU\GD\ ³*RG WKH 0DVWHU RI WKH 'D\ RI 5HWULEXWLRQ´ DOZD\V UHPHPEHUV WKH 'D\ RI 5HVXUUHFWLRQ DQG 5HFNRQLQJ %HIRUH GRLQJ ZKDWHYHU ZRUN KH LQWHQGV WR GR KH ILUVW WKLQNV DERXW WKH ERRN RI DFFRXQWV RQ WKH 'D\ RI 5HWULEXWLRQ 7KH $UDELF ZRUG ³GLQ´ 7KH $UDELF ZRUG ³GLQ´ KDV YDULRXV PHDQLQJV ³'LQ´ LV WKH GLYLQH ODZ DQG VKDULµDK DV WKH +RO\ 4XU¶DQ VD\V ³,QGHHG ZLWK $OODK UHOLJLRQ LV ,VODP ´> @ ³'LQ´ LV GHHG DQG REHGLHQFH DV WKH +RO\ 4XU¶DQ VWDWHV WKXV ³^2QO\` H[FOXVLYH IDLWK LV ZRUWK\ RI $OODK ´> @ ³'LQ´ DV DFFRXQW DQG UHWULEXWLRQ DV WKLV QREOH YHUVH SURFODLPV ³0DVWHU RI WKH 'D\ RI 5HWULEXWLRQ ´ 2QH RI WKH QDPHV RI WKH 'D\ RI 5HVXUUHFWLRQ LV ³\DZP DG GLQ´ 7KDW LV WKH GD\ RI SXQLVKPHQW DQG UHZDUG MXVW DV WKH +RO\ 4XU¶DQ QDUUDWHV DERXW WKRVH ZKR GHQ\ WKH 'D\ RI 5HVXUUHFWLRQ ³7KH\ DVN µ:KHQ ZLOO EH WKH 'D\ RI 5HWULEXWLRQ"¶´> @ 2U LQ GHVFULELQJ WKDW GD\ WKH 4XU¶DQ VD\V

È ǁÈƽÌÈƗ ƢǷ È džÇǨÌǼÈÊdz džÆǨÌÈǻ ǮÉǴÊǸÌÈƫ ȏ ǵÈȂÌÈȇ Ø Ǻȇ ǂÉǷȋơ ËÊ ǵÉȂÌÈȇ ƢǷ Ê ƾdzơ Ì ȁ Ƣ È ǭơ È ǶōÉƯ ƃ È ƠÅȈÌNj ōÊ ǀÇƠÊǷÈȂÈȇ Ƃ ƅ Ì

³$JDLQ ZKDW ZLOO VKRZ \RX ZKDW WKH 'D\ RI 5HWULEXWLRQ LV" ,W LV D GD\ ZKHQ QR VRXO ZLOO EH RI DQ\ DYDLO WR DQRWKHU VRXO DQG DOO FRPPDQG WKDW GD\ ZLOO EHORQJ WR $OODK ´> @ ³0DVWHU RI WKH 'D\ RI 5HWULEXWLRQ´ LV D ZDUQLQJ DQG D FDXWLRQ²2 SUD\LQJ RQH 6WDUWLQJ WRGD\ WKLQN RI WRPRUURZ WKH GD\ ZKHQ ³1HLWKHU ZHDOWK QRU FKLOGUHQ ZLOO DYDLO ´> @

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸км ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

WKH GD\ ZKHQ ³<RXU UHODWLYHV DQG \RXU FKLOGUHQ ZLOO QRW DYDLO \RX ´> @ WKH GD\ ZKHQ QHLWKHU WKH WRQJXH KDV WKH SHUPLVVLRQ WR DVN DQ DSRORJ\ QRU WKH PLQG WKH RSSRUWXQLW\ WR WKLQN WKH GD\ ZKHQ QRWKLQJ ZLOO DYDLO DQG EHQHILW H[FHSW WKH JUDFH ^OXϚI` RI *RG 7KH SODFHPHQW RI ³0DVWHU RI WKH 'D\ RI 5HWULEXWLRQ´ DORQJVLGH ³WKH $OO EHQHILFHQW WKH $OO PHUFLIXO´ VKRZV WKDW IHDU DQG KRSH PXVW JR KDQG LQ KDQG DQG HQFRXUDJHPHQW DQG SXQLVKPHQW DUH WRJHWKHU $V WKH +RO\ 4XU¶DQ VD\V LQ DQRWKHU YHUVH

Ê ƞÌËƦÊÈǻ ƃ Ƃ ǶȈÉÊdzȋơ ƣơ È ǹōÈƗȁ Ø É ǀÈǠÈÌdzơ ȂÈǿ Ȇ É ÊƥơǀÈǟ È ǶȈÉƷÊǂdzơ É ǨÉǤÈÌdzơ ƢÈǻÈƗ ȆËÊǻÈƗ ȅƽƢÊƦÈǟ ō ǁȂ

³,QIRUP 0\ VHUYDQWV WKDW , DP LQGHHG WKH $OO IRUJLYLQJ WKH $OO PHUFLIXO DQG WKDW 0\ SXQLVKPHQW LV D SDLQIXO SXQLVKPHQW ´> @ $QG LQ \HW DQRWKHU YHUVH *RG LV GHVFULEHG DV ³DFFHSWRU RI UHSHQWDQFH VHYHUH LQ UHWULEXWLRQ ´> @ $W DQ\ UDWH ³WKH $OO EHQHILFHQW WKH $OO PHUFLIXO´ LV D JLYHU RI KRSH ZKLOH ³WKH 0DVWHU RI WKH 'D\ RI 5HWULEXWLRQ´ HOLFLWV IHDU 7KH 0XVOLP PXVW EH EHWZHHQ IHDU DQG KRSH DSSUHKHQVLRQ DQG DVSLUDWLRQ VR DV QHLWKHU WR IHHO SURXG QRU WR EH KRSHOHVV RI GLYLQH PHUF\ ³,\\DND QDµEXG ZD L\\DND QDVWDµLQ´ ^<RX ^DORQH` GR ZH ZRUVKLS DQG WR <RX ^DORQH` GR ZH WXUQ IRU KHOS` ³,\\DND QDµEXG´ PHDQV WKDW ³:H DUH VHUYDQWV RI <RX DORQH DQG QRW RI RWKHUV ´ 7KLV VHQWHQFH KDV WZR GLPHQVLRQV 2QH LV WKH DIILUPDWLRQ RI VHUYLWXGH WR +LP DQG WKH RWKHU LV WKH QHJDWLRQ RI VHUYLWXGH WR RWKHU WKDQ +LP <HV WKH SHUIHFW VFKRRO ^PDNWDE` DORQJVLGH IDLWK LQ *RG QHFHVVLWDWHV GHQLDO RI WKH WDJKXW DQG WKRVH ZKR KDYH IDLWK LQ *RG EXW KDYH DFFHSWHG WKH KHJHPRQ\ RI WKH WDJKXWV DUH ³KDOI 0XVOLPV´ RU SHUKDSV QRW 0XVOLPV DW DOO )DLWK LQ *RG PLQXV WKH GHQLDO RI WKH WDJKXW PHDQV D FDSWLYH 0XVOLP ,Q RUGHU WR EH UHOLHYHG IURP WKH D[LV RI VKLUN ^SRO\WKHLVP` RQH PXVW VHHN UHIXJH LQ WKH FHQWHU RI XQLW\ DQG SRZHU 7KXV ZKLOH VWDQGLQJ LQ SUD\HU WKH SHUVRQ SUD\LQJ GRHV

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸кн ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

QRW VHH KLPVHOI DORQH E\ WKLQNLQJ RI KLPVHOI DORQH 5DWKHU DV LI UHSUHVHQWLQJ DOO PRQRWKHLVWV KH LV VD\LQJ ³2 *RG , DORQH DP QRW GHVHUYLQJ DQG ZRUWK\ WR KDYH D PHULWRULRXV ZRUVKLS 6R , KDYH MRLQHG WKH RWKHU 0XVOLPV DQG ZH GR ZRUVKLS DQG DGRUH <RX WRJHWKHU , DP QRW DORQH UDWKHU DOO RI XV VHHN DVVLVWDQFH IURP <RX 7KHUHIRUH SUD\HU LQ SULQFLSOH PXVW EH VDLG LQ FRQJUHJDWLRQ DQG LQGLYLGXDO SUD\HU EHORQJV WR WKH QH[W VWDJH 7KH SUHFHGLQJ YHUVHV JDYH XV WKHRUHWLFDO PRQRWKHLVP ^WDZώLG` DQG WKH SURSHU FRJQLWLRQ RI *RG ZKHUHDV WKLV YHUVH GLVFXVVHV GHYRWLRQDO DQG SUDFWLFDO WDZώLG 7KDW LV ZH VKRXOG QRW RQO\ UHFRJQL]H *RG LQ +LV 2QHQHVV EXW ZH VKRXOG DOVR LQ SUDFWLFH ZRUVKLS +LP DORQH DQG ZH VKRXOG EH PRQRWKHLVW :K\ VKRXOG \RX DEDQGRQ *RG ZKR LV WKH $OO EHQHILFHQW $OO PHUFLIXO 6RYHUHLJQ DQG 0DVWHU DQG VXEMHFW \RXUVHOI WR WKH VHUYLWXGH RI RWKHUV" %H WKH VHUYDQW RI *RG DORQH DQG QRW WKH VHUYDQW RI WKH :HVW RU WKH (DVW QRW WKH VHUYDQW RI JROG DQG VLOYHU DQG QRW WKH VHUYDQW RI WKH WDJKXWV <RX GR QRW KDYH HYHQ WKH ULJKW WR VHUYH DQG REH\ WKH ULJKWHRXV H[FHSW LQ FDVHV ZKHUH *RG JLYHV \RX WKH SHUPLVVLRQ RU FRPPDQG )RU H[DPSOH UHJDUGLQJ +LV 3URSKHW *RG VD\V ³:KRHYHU REH\V WKH $SRVWOH FHUWDLQO\ REH\V $OODK ´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³,\\DND QDµEXG´ PHDQV WKDW , DP ZLWK WKH SHRSOH EXW , KDYH QR HPRWLRQDO DWWDFKPHQW WR RWKHU WKDQ <RX 1HLWKHU GR , LVRODWH P\VHOI IURP WKH FRQJUHJDWLRQ RI 0XVOLPV IRU PH WR IRUJHW <RXU FUHDWXUHV QRU DP , EH DEVRUEHG LQ WKH FRQJUHJDWLRQ WKDW , ZRXOG DEDQGRQ <RX WKH &UHDWRU 5DWKHU , NQRZ WKDW WKH ZD\ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸ко ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

WRZDUG WKH &UHDWRU SDVVHV WKURXJK WKH FUHDWXUHV ³,\\DND QDVWDµLQ´ PHDQV WKDW DOWKRXJK ZH PDNH XVH RI WKH FDXVHV DQG PHDQV <RX KDYH SODFHG LQ FUHDWLRQ , NQRZ WKDW WKH HIIHFWLYHQHVV DQG HIILFLHQF\ RI HYHU\ FDXVH DQG PHDQV LV WKURXJK <RXU KDQG <RX DUH WKH 2QH JLYLQJ HIIHFW WR WKH FDXVH DV ZHOO DV WKH 2QH UHQGHULQJ LW IXWLOH <RX EHVWRZ HIIHFW RQ VRPHWKLQJ DV ZHOO DV WDNH DZD\ LWV HIIHFW <RX ZLOO LV GRPLQDQW RYHU DOO ODZV DQG QDWXUH LV VXEMHFWHG WR <RXU ZLOO ³,\\DND QDµEXG´ PHDQV WKDW <RX DORQH DUH ZRUWK\ RI ZRUVKLS DQG WKDW ZH ZRUVKLS <RX QRW RQ DFFRXQW RI IHDU RI KHOO DQG FRYHWRXVQHVV IRU SDUDGLVH EXW RXW RI ORYH DQG DIIHFWLRQ WR <RX :KLFK EHORYHG ^PDώEXE` LV FORVHU DQG PRUH FRPSDVVLRQDWH WR XV WKDQ <RX" ³,\\DND QDµEXGX ZD L\\DND QDVWDµLQ´ PHDQV WKDW LW LV QHLWKHU SUHGHVWLQDWLRQ ^MDEU` QRU 'LYLQH 5HVLJQDWLRQ ^WDIZLϊ` > @ $V ZH VD\ ³QDµEXG´ ^ZH ZRUVKLS` LW IROORZV WKDW ZH KDYH IUHH ZLOO DQG VLQFH ZH VD\ ³QDVWDµLQ´ ^ZH WXUQ IRU KHOS` LW PHDQV WKDW ZH DUH QHHG\ DQG WKDW DOO DIIDLUV DUH EH\RQG RXU FRQWURO ³,\\DND QDµEXGX ZD L\\DND QDVWDµLQ´ PHDQV WKDW ZH SHUIRUP WKH SUD\HU LQ FRQJUHJDWLRQ DQG WKDW ZH 0XVOLPV DUH VWDQGLQJ LQ RQH OLQH LQ XQLVRQ DQG VROLGDULW\ DV EURWKHUV DQG HTXDOV ³,\\DND QDµEXG´ PHDQV 2 *RG , UHJDUG <RX DV SUHVHQW DQG ZDWFKLQJ RYHU PH DQG VR , DP VD\LQJ ³,\\DND ^<RX`´ IRU WKH VHUYDQW ZKR UHJDUGV KLPVHOI LQ WKH SUHVHQFH RI *RG WKH ([DOWHG ZLOO EHQHILW VRRQHU )URP WKH EHJLQQLQJ RI 6XUDK DO )DWLώDK ZH KDYH EHHQ WDONLQJ DERXW *RG LQ WKLUG SHUVRQ EXW LQ WKLV SDUW ZH DUH DGGUHVVLQJ +LP LQ WKH VHFRQG SHUVRQ L\\DND ^<RX` ,QLWLDOO\ ZH DUH DFTXDLQWHG ZLWK *RG DQG OLWWOH E\ OLWWOH ZH EHJLQ WR UHDFK WRZDUG +LPVHOI $QG LW LV QRW RQO\ RQFH EXW UDWKHU DV WKH FRQYHUVDWLRQ ZLWK RQH¶V EHORYHG LV VZHHW DQG SOHDVDQW ZH GR UHSHDW WKH DGGUHVV ³L\\DND´ ^<RX` WZLFH 2 *RG $OWKRXJK ZRUVKLS LV LQFXPEHQW XSRQ XV LQ ZRUVKLSSLQJ ZH DUH DOVR LQ QHHG RI <RXU KHOS όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸кп ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ËÉ ÈǻơƾÈǿ É ǷÈȁ ƃ Ƃ ƅơ Ƣ È ǹÌÈƗ ȏȂÌÈdz ȅÈƾÊƬÈȀÌǼÈÊdz ƢǼōǯ Ƣ È

³:H ZRXOG KDYH QHYHU EHHQ JXLGHG KDG QRW $OODK JXLGHG XV ´> @ 7KRXJK WR +LP DORQH GR ZH WXUQ IRU KHOS VHHNLQJ DVVLVWDQFH IURP RWKHU WKDQ +LP LV SHUPLVVLEOH SURYLGHG WKDW LW LV E\ +LV OHDYH )RU H[DPSOH PDQ VHHNV WKH DVVLVWDQFH RI KLV RZQ WDOHQWV IDFXOWLHV DQG PLQG WKLV LV QRW UHSXJQDQW WR WKH SULQFLSOH RI WDZώLG *RG +LPVHOI WKXV FRPPDQGV XV WR EHFDXVH OLIH ZLWKRXW FRRSHUDWLRQ DQG²³΍Ϯϧϭ˴ΎόΗ˴´²FRRSHUDWLRQ DVVLVWDQFH LV QRW SRVVLEOH +DGUDW µ$OL µD VDLG WR D FHUWDLQ SHUVRQ ZKR ZDV SUD\LQJ ³2 *RG 'R QRW PDNH PH LQ QHHG RI SHRSOH´ ³7KLV LV QRW D FRUUHFW VHQWHQFH ,QVWHDG \RX VD\ µ2 *RG 'R QRW PDNH PH LQ QHHG RI EDG SHRSOH¶ EHFDXVH OLIH ZLWKRXW FRRSHUDWLRQ DQG DVVLVWDQFH LV LPSRVVLEOH ´ $Q\RQH ZKR ZRXOG VLQFHUHO\ VD\ ³,\\DND QDµEXG ´ KDV QR PRUH VHQVH RI SULGH YDQLW\ DQG HJRLVP DQG KH LV REHLVDQW DQG VXEVHUYLHQW WR WKH GLYLQH FRPPDQGV +H NQRZV WKDW VLQFH *RG KDV EHVWRZHG VR PXFK JUDFH XSRQ KLP WKH EHVW RI VXEPLVVLYHQHVV PXVW EH VKRZQ LQ +LV SUHVHQFH +H ZRXOG VWDQG OLNH DQ DEVROXWH VHUYDQW LQ IURQW RI KLV $EVROXWH 0DVWHU DQG KXPEO\ VD\ ³, DP WKH VHUYDQW DQG <RX DUH WKH 0DVWHU , KDYH QRERG\ HOVH H[FHSW <RX %XW <RX KDYH PDQ\ RWKHUV DSDUW IURP PH <RX DUH QHHGOHVV RI P\ ZRUVKLS 2Q WKH FRQWUDU\ , DP DEVROXWHO\ LQ QHHG RI <RXU JUDFH DQG JHQHURVLW\ DQG , KDYH WR WXUQ WR <RX IRU KHOS DOZD\V ´ ³,KGLQD¶V VLUDW DO PXVWDTLP´ ^*XLGH XV RQ WKH 6WUDLJKW 3DWK` 7KH FDUDYDQ RI FUHDWLRQ LV FRQVWDQWO\ PRYLQJ WRZDUG *RG WKH ([DOWHG ³7RZDUG +LP LV WKH UHWXUQ´> @ DQG PDQ LV DOVR HQGHDYRULQJ DQG PRYLQJ ³<RX DUH ODERULQJ WRZDUG \RXU /RUG´> @ DQG LQ HYHU\ PRYHPHQW WKHUH LV RQO\ RQH VWUDLJKW SDWK DQG DOO RWKHU SDWKV DUH GHYLDQW ,VODP KDV DOVR GHWHUPLQHG ERWK WKH SDWK DQG JXLGH IRU WKLV PRYHPHQW VSHFLILHG WKH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸кр ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

GHVWLQDWLRQ DQG JLYHQ PDQ WKH PHDQV RI ZD\IDULQJ $QG LW LV XV ZKR KDYH WR FKRRVH ZKLFK ZD\ WR WUDYHUVH *RG KDV HQGRZHG WKH GHVLUH IRU JURZWK SHUIHFWLRQ DQG WKH TXHVW IRU WUXWK LQ WKH GHSWK RI WKH VRXO DQG WKH QDWXUDO GLVSRVLWLRQ RI HYHU\ KXPDQ EHLQJ ,I WKH\ DUH QXUWXUHG LQ WKH OLJKW RI WKH WHDFKLQJV RI WKH SURSKHWV µD WKLV GHVLUH DQG HQGHDYRU ZLOO HDUQ WKH VSHFLDO IDYRU RI *RG ³$V IRU WKRVH ZKR DUH ^ULJKWO\` JXLGHG +H HQKDQFHV WKHLU JXLGDQFH ´> @ 7KH 4XU¶DQ WDONV DERXW WZR W\SHV RI JXLGDQFH 2QH LV FUHDWLRQDO JXLGDQFH ^KLGD\DW H WDNZLQL` VXFK DV WKH JXLGDQFH HQGRZHG WKH KRQH\EHH DERXW KRZ WR VXFN WKH QHFWDU RI IORZHUV DQG KRZ WR PDNH KRQH\ 7KH RWKHU W\SH RI JXLGDQFH LV UHOLJLRXV JXLGDQFH ^KLGD\DW H WDVKULµL` ZKLFK LV VSHFLILF WR KXPDQ EHLQJV DQG LW UHIHUV WR WKH LQVWUXFWLRQV RI WKH GLYLQH SURSKHWV µD :KLFK RQH LV WKH 6WUDLJKW 3DWK ^6LUDW $O 0XVWDTLP`" 7KH ZRUG ³ϙLUDϚ´ ZKLFK KDV EHHQ PHQWLRQHG LQ WKH 4XU¶DQ PRUH WKDQ WLPHV PHDQV D SDWK WKDW LV SHUPDQHQW OXPLQRXV DQG ZLGH 7KHUH DUH QXPHURXV SDWKV LQ WKH OLIH RI PDQ RQH RI ZKLFK KDV WR FKRRVH 7KH SDWK RI RQH¶V GHVLUHV WKH SDWK RI SHRSOH¶V LQFOLQDWLRQV WKH SDWK RI WKH WDJKXWV WKH SDWK RI RXU DQFHVWRUV DQG WKH SUHGHFHVVRUV LQ WHUPV RI HWKQLF DQG UDFLDO IDQDWLFLVPV WKH SDWK RI VDWDQLF LQVLQXDWLRQV WKH XQFKDUWHG SDWKV DQG ILQDOO\ WKH SDWK RI *RG DQG WKH GLYLQH VDLQWV ,W LV QDWXUDO WKDW WKH SHUVRQ ZKR EHOLHYHV LQ *RG ZRXOG FKRRVH WKH SDWK RI *RG DQG WKH GLYLQH VDLQWV DORQH EHFDXVH WKLV SDWK KDV PHULWV ZKLFK WKH RWKHU SDWKV GR QRW SRVVHVV ͬ 7KH VWUDLJKW SDWK LV WKH VKRUWHVW URXWH EHWZHHQ WZR SRLQWV 6R WKLV LV WKH IDVWHVW ZD\ WR DUULYH DW WKH GHVWLQDWLRQ ͬ 7KH GLYLQH SDWK LV SHUPDQHQW ,W LV FRQWUDU\ WR RWKHU SDWKV ZKLFK FKDQJH HYHU\GD\ DFFRUGLQJ WR RQH¶V GHVLUHV RU WKH GHVLUHV RI RWKHUV όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸кс ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ͬ 7KHUH LV RQO\ RQH ZD\ EHWZHHQ WZR SRLQWV WKHUH LV RQO\ VWUDLJKW SDWK 2WKHU SDWKV DUH GLIIHUHQW LQ RQH ZD\ RU DQRWKHU ͬ ,W LV WKH FHUWDLQ DQG KDUPOHVV SDWK ,W LV FRQWUDU\ WR RWKHU SDWKV ZKHUH PDQ LV DOZD\V XQGHU WKH WKUHDW RI SHUGLWLRQ ͬ 7KLV LV WKH ZD\ WKDW OHDGV WR WKH GHVWLQDWLRQ L H WKH SOHDVXUH RI *RG LQ ZKLFK WKHUH LV QR GHIHDW DQG IDLOXUH ͬ 7KH VWUDLJKW SDWK LV WKH ZD\ RI *RG ³,QGHHG P\ /RUG LV RQ D VWUDLJKW SDWK ´> @ ͬ 7KH VWUDLJKW SDWK LV WKH YHU\ SDWK RI WKH SURSKHWV µD ³<RX DUH LQGHHG RQH RI WKH DSRVWOHV RQ D VWUDLJKW SDWK ´> @ ͬ 7KH VWUDLJKW SDWK LV WKH SDWK RI VHUYLWXGH WR *RG ³:RUVKLS 0H 7KLV LV D VWUDLJKW SDWK ´> @ ͬ 7KH VWUDLJKW SDWK LV WKH SDWK RI WUXVW DQG UHOLDQFH RQ *RG ³$QG ZKRHYHU WDNHV UHFRXUVH LQ $OODK LV FHUWDLQO\ JXLGHG WR D VWUDLJKW SDWK ´> @ 0DQ VKRXOG WXUQ WR *RG IRU KHOS LQ FKRRVLQJ WKH SDWK DV ZHOO DV LQ WUDYHUVLQJ DQG NHHSLQJ RQ WKH SDWK ,W LV MXVW OLNH DQ HOHFWULF ODPS WKDW VKRXOG FRQWLQXRXVO\ UHFHLYH HOHFWULFLW\ IURP WKH PDLQ VRXUFH LQ RUGHU WR NHHS DOLJKW 7KXV QRW RQO\ WKH FRPPRQ SHRSOH EXW DOVR WKH SURSKHWV RI *RG DQG WKH LQIDOOLEOH ,PDPV µD KDYH WR SUD\ WR *RG WR NHHS WKHP RQ WKH VWUDLJKW SDWK 1RW RQO\ LQ SUD\HU EXW UDWKHU LQ DOO FRQGLWLRQV DQG LQ HYHU\ WDVN ZKHWKHU LW LV LQ FKRRVLQJ RQH¶V RFFXSDWLRQ RU IULHQG LQ PDUULDJH DQG LQ VWXGLHV PDQ VKRXOG DOZD\V SUD\ WR *RG WR NHHS KLP RQ WKH VWUDLJKW SDWK ,W LV EHFDXVH WKHUH DUH PDQ\ FDVHV ZKHQ D FHUWDLQ SHUVRQ KDV FRUUHFW EHOLHIV EXW KH KDV VKRUWFRPLQJV LQ SUDFWLFH DW WLPHV HYHQ DFWLQJ WR WKH FRQWUDU\ 7KH VWUDLJKW SDWK LV WKH PLGGOH SDWK RI PRGHUDWLRQ ,PDP µ$OL µD VD\V

É njdzơ ō ǴōǔÈǷ ƧƽƢƴdzơ ŏ ȁ É ǘdzĞȁ ƨ ō ȄÈǿÊ Ȅǘ Ù LJÌȂÉÌdzơĞ Ǫȇǂ È DZƢǸ È ǺȈ É ǸÊÈȈÌdzÈơ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸кт ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

³/HIW DQG ULJKW DUH GHYLDWLRQV DQG WKH SDWK RI IHOLFLW\ LV WKH PLGGOH ZD\ ´> @ 7KH VWUDLJKW SDWK PHDQV WR NHHS DORRI IURP DQ\ VRUW RI LPPRGHUDWLRQ ^LIUDϚ` DQG SURIOLJDF\ ^WDIULϚ` QHLWKHU WKH GHQLDO RI WUXWK QRU H[WUHPLVP LQ WUXWK QHLWKHU SUHGHVWLQDWLRQ ^MDEU` QRU 'LYLQH 5HVLJQDWLRQ ^WDIZLϊ` QHLWKHU LQGLYLGXDOLVP QRU FROOHFWLYLVP QHLWKHU PHUH WKHRU\ QRU PHUH SUDFWLFH QHLWKHU ZRUOGOLQHVV QRU RWKHUZRUOGOLQHVV QHLWKHU QHJOLJHQFH RI WKH 7UXWK *RG ^ώDTT` QRU GLVUHJDUG IRU WKH SHRSOH ^NKDOT`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ώ WKH &KULVW µD DV WKH VRQ RI *RG QD\ *RG +LPVHOI 2QH PDLQWDLQV WKDW ]L\DUDK ^SD\LQJ KRPDJH` DQG WDZDVVXO> @ DUH DFWV RI SRO\WKHLVP ^VKLUN` ZKLOH WKH RWKHU UHVRUWV WR HYHQ D WUHH RU D ZDOO 'XH WR PLVSODFHG MHDORXV\ RQH GRHV QRW DOORZ KLV ZLIH WR JR RXW RI WKH KRXVH ZKLOH WKH RWKHU όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸лй ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

RQH RXW RI GDVWDUGOLQHVV VHQGV KLV ZLIH WR WKH DOOH\ DQG PDUNHW ZLWKRXW KDYLQJ SURSHU ,VODPLF PRGHVW GUHVV ^ώLMDE` $OO RI WKH DERYH DUH GHYLDWLRQV IURP WKH FRXUVH RI WKH VWUDLJKW SDWK *RG VD\V

Ç ǂÈǏ Ȅ Ê ǶȈÇǬÊƬÈLjÌǷ Ê ÈdzÊƛ Ȇŏƥǁ Ȇ Ƃ ƢǸÅȈÈÊǫ ƢǼȇÅƽ È ǼÊōǻÊƛ DzÌÉǫ ƃ Ŏ Ǖơ È ÊǻơƾÈǿ Ȇ

³6D\ µ,QGHHG P\ /RUG KDV JXLGHG PH WR D VWUDLJKW SDWK WKH XSULJKW UHOLJLRQ ´> @ (OVHZKHUH +H VWDWHV

Å ȁ Ƃ DžƢ Ê Ǽdzơ ȄǴ È ƔơÈƾÈȀNj ơȂ È ÉǻȂǰƬÈŏdz ƢǘLJ ō ǟ È È ƨÅǷōÉƗ ǶÌǰÉǼÈǴÌǠÈƳ ƃ

³7KXV :H KDYH PDGH \RX D PLGGOH QDWLRQ WKDW \RX PD\ EH ZLWQHVV WR WKH SHRSOH ´> @ ,W KDV EHHQ UHFRUGHG LQ WKH WUDGLWLRQV WKDW WKH LQIDOOLEOH ,PDPV µD XVHG WR VD\ ³:H DUH WKH VWUDLJKW SDWK ´ 7KDW LV WKH DFWXDO DQG SUDFWLFDO VWUDLJKW SDWK DQG WKH PRGHO DQG SDUDGLJP RQ KRZ WR WUDYHUVH WKLV SDWK DUH WKH KHDYHQO\ OHDGHUV ,Q WKHLU LQVWUXFWLRQV UHJDUGLQJ DOO DVSHFWV RI OLIH VXFK DV ZRUN HQWHUWDLQPHQW VWXGLHV FULWLFLVP JLYLQJ RI FKDULW\ DQG H[SUHVVLRQV RI LQWHUHVW ORYH DQJHU DQG KDUPRQ\ WKH\ KDYH DOZD\V DGPRQLVKHG XV WR H[HUFLVH PRGHUDWLRQ DQG HTXLOLEULXP 7KHVH LQVWUXFWLRQV KDYH EHHQ UHFRUGHG LQ WKH QREOH 8ϙXO DO .DIL XQGHU WKH KHDGLQJ ³$O ,TWLϙDG IL¶O µ,EDGDW´ ^0RGHUDWLRQ LQ $FWV RI :RUVKLS` $W WKLV SRLQW ZH VKDOO TXRWH VRPH 4XU¶DQLF YHUVHV DQG 3URSKHWLF WUDGLWLRQV LQ ZKLFK PRGHUDWLRQ KDV EHHQ HPSKDVL]HG ZKLOH JRLQJ WR H[WUHPHV KDV EHHQ SURKLELWHG ͬ ³(DW DQG GULQN EXW GR QRW ZDVWH ´> @ ͬ ³'R QRW NHHS \RXU KDQG FKDLQHG WR \RXU QHFN QRU RSHQ LW DOO WRJHWKHU ´> @ ͬ ³7KRVH ZKR ZKHQ VSHQGLQJ DUH QHLWKHU ZDVWHIXO QRU WLJKWILVWHG DQG PRGHUDWLRQ OLHV EHWZHHQ WKHVH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸лк ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

^H[WUHPHV` ´> @ ͬ ³%H QHLWKHU ORXG LQ \RXU SUD\HU QRU PXUPXU LW EXW IROORZ D PLGGOH FRXUVH EHWZHHQ WKHVH ´> @ ͬ ³$QG WKRVH ZKR DUH ZLWK KLP DUH KDUG DJDLQVW WKH IDLWKOHVV DQG PHUFLIXO DPRQJ WKHPVHOYHV ´> @ ͬ ³$QG PDLQWDLQ WKH SUD\HU DQG JLYH WKH ]DNDK ´> @ 7KDW LV NHHS \RXU UHODWLRQVKLS ZLWK ERWK WKH &UHDWRU ^NKDOLT` E\ SUD\LQJ WR +LP DQG ZLWK WKH FUHDWXUHV SHRSOH ^PDNKOXT` E\ JLYLQJ ]DNDW ͬ ³$QG WKRVH ZKR KDYH IDLWK DQG GR ULJKWHRXV GHHGV«´> @ 7KDW LV ERWK IDLWK DQG FRQYLFWLRQ RI WKH KHDUW DQG ULJKWHRXV GHHGV DQG EHKDYLRU DUH UHTXLUHG ͬ $OWKRXJK WKH 4XU¶DQ VD\V ³$QG GR JRRG WR WKH SDUHQWV ´> @ LQ DQRWKHU SODFH LW VWDWHV RQ WKH FRQWUDU\ ³ %XW LI WKH\ XUJH \RX WR DVFULEH WR 0H DV SDUWQHU WKDW RI ZKLFK \RX KDYH QR NQRZOHGJH WKHQ GR QRW REH\ WKHP´> @ ͬ ³%H ZLWQHVVHV IRU WKH VDNH RI $OODK HYHQ LI LW VKRXOG EH DJDLQVW \RXUVHOYHV´> @ DQG ³$QG LOO IHHOLQJ IRU D SHRSOH VKRXOG QHYHU OHDG \RX WR EH XQIDLU ´> @ ͬ 2Q WKH QLJKW RI µ$VKXUD¶ ,PDP DO +XVD\Q µD ZDV SUD\LQJ LQWLPDWHO\ WR *RG DV ZHOO DV VKDUSHQLQJ KLV VZRUG ͬ 7KH SLOJULPV RI WKH +RXVH RI *RG DUH SUD\LQJ RQ WKH 'D\ RI µ$UDIDK DQG WKH QLJKW SUHFHGLQJ WKH )HDVW RI 6DFULILFH ^µLG DO TXUEDQ` EXW RQ WKH GD\ RI WKH IHDVW WKH\ KDYH WR JR WR WKH VODXJKWHUKRXVH DQG IDPLOLDUL]H WKHPVHOYHV ZLWK EORRG ͬ $QG ILQDOO\ ,VODP LV QRW RQH GLPHQVLRQDO DQG KDV QRW IRFXVHG RQ RQO\ RQH DVSHFW ZKLOH QHJOHFWLQJ RWKHUV 5DWKHU LW KDV SDLG DWWHQWLRQ WR DOO WKH GLPHQVLRQV RI OLIH LQ D EDODQFHG PDQQHU

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸лл ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

³6LUDW DOODGKLQD DQµDPWD µDOD\KLP JKD\UL¶O PDJKGXEL µDOD\KLP ZD ODG GDOOLQ´ ^7KH SDWK RI WKRVH ZKRP <RX KDYH EOHVVHG²VXFK DV KDYH QRW LQFXUUHG <RXU ZUDWK QRU DUH DVWUD\` $IWHU DVNLQJ IRU JXLGDQFH DORQJ WKH VWUDLJKW SDWK WKH RQH SUD\LQJ EHVHHFKHV *RG WR NHHS KLP DORQJ WKDW SDWK ZKLFK KDV EHHQ WKH SDWK RI WKRVH ZKR KDYH HDUQHG GLYLQH JUDFH ,Q 6XUDK DQ 1LVD¶ YHUVH DQG 6XUDK 0DU\DP YHUVH WKH 4XU¶DQ GHVFULEHV WKLV JURXS +HUH ZH VKDOO FLWH EHORZ WKH IRUPHU UHIHUHQFH

É ǶǠÈÌǻÈƗ Ǻȇ Ê ȀȈÊǴÈǟ Ê ƘÉÈǧ DZȂ È LJÉǂdzĞ ȁ È ƅơ ō ǺÈǷ Ƕ È ǮÈƠdzȁ È ȁ ƃ È ǺȈ È È ŏȈƦÊǼdzĞ È È ǀÊōdzĞ ǞÈǷ ō ǞÊǘÊÉȇ ǺÌǷ Ù Ŏ ȁ Ƃ ƢǬȈÅÊǧǁ ō ȁ Ɣơƾ ŏ È ȁ È ǺȈ È ȀÈnjdzĞ È ǺȈ È ƸÊÊdzƢǐdzĞ È ǬȇÊƾŏǐdzĞ È ǮÈƠÊdzȁÉƗ ǺÈLjÉƷ

³:KRHYHU REH\V $OODK DQG WKH $SRVWOH²WKH\ DUH ZLWK WKRVH ZKRP $OODK KDV EOHVVHG LQFOXGLQJ WKH SURSKHWV DQG WKH WUXWKIXO WKH PDUW\UV DQG WKH ULJKWHRXV ´> @ 7KH SHUVRQ SUD\LQJ LV LQYRNLQJ *RG WR LQFOXGH KLP LQ WKH UDQNV RI WKH SURSKHWV WKH WUXWKIXO WKH PDUW\UV DQG WKH ULJKWHRXV $VSLULQJ IRU WKLV SDWK RI WKH XSULJKW DQG SXUH RQHV SURWHFWV IURP WKH SHULO RI GHYLDWLRQ DQG DEHUUDWLRQ DQG WKHLU PHPRU\ DQG UHPLQLVFHQFH DUH DOZD\V DOLYH LQ WKH KHDUW RI WKH RQH SUD\LQJ :KR DUH WKRVH ZKR DUH DVWUD\ DQG KDYH LQFXUUHG WKH GLYLQH ZUDWK" ,Q WKH 4XU¶DQ LQGLYLGXDOV VXFK DV WKH 3KDUDRK 4DUXQ .RUDK DQG $EX /DKDE DV ZHOO DV FRPPXQLWLHV VXFK DV WKH SHRSOHV RI µ$G DQG 7KDPXG DQG WKH &KLOGUHQ RI ,VUDHO KDYH EHHQ GHVFULEHG DV WKRVH ZKR KDYH LQFXUUHG WKH GLYLQH ZUDWK ,Q HYHU\ SUD\HU ZH DVN *RG IRU XV QRW WR EH OLNH WKHVH LQGLYLGXDOV DQG FRPPXQLWLHV WKDW KDYH LQFXUUHG GLYLQH DQJHU DQG ZUDWK LQ EHOLHI PRUDOLW\ DQG GHHGV 7KH &KLOGUHQ RI ,VUDHO ZKRVH DFFRXQW DQG FLYLOL]DWLRQ KDYH EHHQ PRVW IUHTXHQWO\ PHQWLRQHG LQ WKH 4XU¶DQ WKH\ ZHUH RQFH VXSHULRU WR DOO WKH SHRSOH RI WKHLU WLPH &RQFHUQLQJ WKHP *RG

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸лм ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

VD\V ³, JDYH \RX DQ DGYDQWDJH RYHU WKH QDWLRQV ´> @ %XW LQ VSLWH RI WKLV DGYDQWDJH DQG VXSHULRULW\ WKH\ LQFXUUHG WKH DQJHU DQG ZUDWK RI *RG EHFDXVH RI WKHLU UHSUHKHQVLEOH WKRXJKWV DQG DFWLRQV ,Q WKLV UHJDUG WKH 4XU¶DQ VWDWHV ³$QG WKH\ HDUQHG $OODK¶V ZUDWK´> @ 7KDW LV WKLV FKDQJH LQ WKHLU IDWH ZDV FDXVHG E\ WKH FKDQJH LQ WKHLU EHKDYLRU 7KH -HZLVK VFKRODUV GLVWRUWHG WKH KHDYHQO\ FRPPDQGPHQWV RI WKH 7DZUDK 7RUDK > @ ³7KH\ SHUYHUW ZRUGV IURP WKHLU PHDQLQJV ´> @ 7KH WUDGHUV DQG WKH ZHDOWK\ DPRQJ WKHP HQJDJHG LQ XVXU\ ^ULED¶` DQG SURILWHHULQJ ³$QG IRU WKHLU WDNLQJ XVXU\«´> @ $QG LQ UHSO\ WR WKH FDOO IRU MLKDG DQG VWUXJJOH WKH FRPPRQ SHRSOH UHIXVHG WR JR WR WKH EDWWOHIURQW RXW RI VHOI SUHVHUYDWLRQ DQG IHDU WKXV VD\LQJ WR 0XVD µD

Ê Èǫ ƢǼÈǿƢ È ƾÉǟƢ Ƃ ǹȁ È ÈƗ ƤÌǿÈƿƢÌÈǧ ƃ É ǿ Ƣ È ōǻÊƛ ȐÊƫƢǬÈÈǧ ǮÈŎƥǁÈȁ È ƪǻ

³*R DKHDG \RX DQG \RXU /RUG DQG ILJKW :H ZLOO EH VLWWLQJ ULJKW KHUH ´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²³ϊDOOLQ´²DUH QRW OLNH WKH EOHVVHG RQHV²³DQµDPWD µDOD\KLP´²ZKR KDYH EHHQ LQFOXGHG LQ WKH UDQNV RI WKH SURSKHWV DQG WKH ULJKWHRXV DQG DUH QRW OLNH WKRVH ZKR KDYH LQFXUUHG WKH GLYLQH ZUDWK²³DO PDJKϊXEL µDOD\KLP´²ZKR DUH ZDJLQJ ZDU DJDLQVW WKH UHOLJLRQ RI *RG ,QVWHDG WKH\ DUH LQGLIIHUHQW LQGROHQW DQG FRPIRUW VHHNLQJ LQGLYLGXDOV ZKR OLNH DQLPDOV DUH RQO\ WKLQNLQJ RI WKH VWRPDFK DQG WKH IOHVK ZLWKRXW FDULQJ IRU WUXWK DQG IDOVHKRRG

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸лн ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

)RU WKHP LW PDNHV QR GLIIHUHQFH ZKHWKHU WKH SURSKHWV RU WKH WDJKXWV DUH UXOLQJ :KDW LV LPSRUWDQW IRU WKHP LV WKDW WKH\ OLYH LQ PDWHULDO FRPIRUW DQG HDVH DQ\RQH ZKR OLNHV PD\ UXOH 7KLV LV WKH JURXS RI WKH PLVJXLGHG RQHV EHFDXVH WKH\ KDYH QRW FKRVHQ D VSHFLILF ZD\ IRU WKHPVHOYHV 7KLV YHUVH ³ΜLUDϚ DOODGKLQD DQµDPWD µDOD\KLP JKD\UL¶O PDJKϊXEL µDOD\KLP ZD ODϊ ϊDOOLQ ´ LV WKH SHUIHFW VKRZFDVH RI WDZDOOD ^EHIULHQGLQJ WKH WUXWKIXO RQHV` DQG WDEDUUD ^DYRLGLQJ WKH SHRSOH RI IDOVHKRRG` $W WKH HQG RI 6XUDK DO )DWLώDK WKH SHUVRQ SUD\LQJ H[SUHVVHV KLV ORYH IRQGQHVV DQG WDZDOOD IRU WKH SURSKHWV WKH PDUW\UV DQG WKH ULJKWHRXV DV ZHOO DV KLV GLVDYRZDO ^EDUD¶DK` DQG UHQXQFLDWLRQ ^WDEDUUD` RI WKH PLVJXLGHG DQG WKRVH ZKR KDYH HDUQHG WKH GLYLQH ZUDWK 7KLV H[SUHVVLRQ RI DYHUVLRQ WRZDUG WKH GHYLDQW DQG WKRVH ZKR KDYH LQFXUUHG WKH DQJHU RI *RG LQ HYHU\ SUD\HU PDNHV WKH ,VODPLF VRFLHW\ ILUP DQG UHVLVWDQW WR WKH DFFHSWDQFH RI WKHLU UXOH 7KH 4XU¶DQ WKXV H[KRUWV

ōÉ ǔÊǣ È ƢǷÅȂÌÈǫ ơȂÌōdzȂÈƬÈÈƫ ȏ ƃ Ƃ ǶÌȀÊȈÌǴÈǟ È ƅơ Ƥ

³'R QRW EHIULHQG D SHRSOH DW ZKRP $OODK LV ZUDWKIXO ´> @ ΗϕϚϋϙͧ

> @ 0XVWDGUDN DO :DVD¶LO KDGLWK > @ 7KH QXPEHU ³VHYHQ´ LV WKH QXPEHU RI WKH KHDYHQV WKH GD\V RI WKH ZHHN WKH FLUFXPDPEXODWLRQ ^ϚDZDI` RI WKH .DµEDK VDµL ^EULVN ZDONLQJ RU MRJJLQJ` EHWZHHQ WKH PRXQWV RI ΜDID DQG 0DUZDK DQG WKH QXPEHU RI VWRQHV WR EH WKURZQ DW WKH UHSUHVHQWDWLRQV RI 6DWDQ GXULQJ WKH ΑDMM ULWXDOV > @ 7DIVLU .DQ] DG 'DTD¶LT > @ %LώDU DO $QZDU YRO S > @ 6XUDK +XG > @ 6XUDK DQ 1DPO ³,W LV IURP 6RORPRQ DQG LW EHJLQV LQ WKH QDPH RI $OODK WKH $OO EHQHILFHQW WKH $OO PHUFLIXO ´ > @ %LώDU DO $QZDU YRO S > @ .DQ] DO µ8PPDO KDGLWK > @ 7DIVLU %XUKDQ YRO S όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸ло ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

> @ 0XVWDGUDN DO ΑDNLP YRO S > @ $KO DO %D\W DFFRUGLQJ WR DXWKHQWLF KDGLWKV UHFRUGHG LQ ERWK WKH 6XQQL DQG 6KLµDK VRXUFHV WKH WHUP $KO DO %D\W DQG LQWHUFKDQJHDEO\ ,WUDK DQG $O LV D EOHVVHG 4XU¶DQLF DSSHOODWLRQ WKDW EHORQJV H[FOXVLYHO\ WR WKH 3URSKHW µ$OL )DWLPDK +DVDQ DQG +XVD\Q µD 7KH PHPEHUV RI WKLV )DPLO\ RI ILYH ZLWK WKH 3URSKHW 0XKDPPDG 6 DW LWV KHDG ZHUH WKH RQHV DOLYH DW WKH WLPH WKH 4XU¶DQLF YHUVHV UHJDUGLQJ WKHLU YLUWXH ZHUH EHLQJ UHYHDOHG WR WKH 3URSKHW 6 +RZHYHU QLQH RWKHU ,PDPV IURP WKH GHVFHQGDQWV RI ,PDP DO +XVD\Q µD DUH DOVR LQFOXGHG LQ WKLV FKRVHQ )DPLO\ WKH ILQDO RQH EHLQJ ,PDP DO 0DKGL µD ^7UDQV ` > @ 0XVQDG $KPDG ,EQ ΑDQEDO YRO S YRO S > @ 6XUDK DO $µOD > @ 6XUDK DO 4DϙDϙ ³(YHU\WKLQJ LV WR SHULVK H[FHSW +LV )DFH ´ > @ 6XUDK DO $µUDI > @ 7DIVLU 1HPXQHK YRO S > @ 6XUDK 0DU\DP > @ 6XUDK DO $QµDP > @ 6XUDK ΝD ΑD > @ 6XUDK DO ,VUD¶ > @ 6XUDK DO $µUDI > @ 6XUDK DO )DWLKDK > @ 6XUDK <XQXV > @ 6XUDK DO $QµDP > @ 6XUDK DO $QEL\D¶ > @ 6XUDK DU 5DώPDQ > @ 6XUDK $O µ,PUDQ > @ 6XUDK DO *KDILU RU DO 0X¶PLQ > @ 6XUDK ,EUDKLP 6XUDK DO *KDILU RU DO 0X¶PLQ > @ 6XUDK $O µ,PUDQ > @ 6XUDK D] =XPDU > @ 6XUDK DGK 'KDUL\DW > @ 6XUDK DO ,QILϚDU > @ 6XUDK DVK 6KXµDUD¶ > @ 6XUDK DO 0XPWDώDQDK > @ 6XUDK DO ΑϏϐϘ коͧнт΀ойͨ > @ 6XUDK DO *KDILU RU DO 0X¶PLQ > @ 6XUDK DQ 1LVD¶ > @ 'LYLQH 5HVLJQDWLRQ ^WDIZLϊ` PHDQV OHDYLQJ PDQ WR KLV όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸лп ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

RZQ GHYLVHV DQG VXVSHQGLQJ WKH GLYLQH ZLOO IURP DQ\ HIIHFWLYH UROH ^7UDQV ` > @ 6XUDK DO $µUDI > @ 6XUDK DO 0D¶LGDK > @ 6XUDK DO ,QVKLTDT > @ 6XUDK 0XKDPPDG > @ 6XUDK +XG > @ 6XUDK <D 6LQ > @ 6XUDK <D 6LQ > @ 6XUDK $O µ,PUDQ > @ %LώDU DO $QZDU YRO S > @ 7DZDVVXO OLWHUDOO\ WR UHVRUW WR LQWHUPHGLDULHV 7HFKQLFDOO\ LW UHIHUV WR WKH SUDFWLFH RI SHWLWLRQ SUD\HU DGGUHVVHG WR *RG WKURXJK D KRO\ SHUVRQDJH VXFK DV D SURSKHW ^QDEL` RU D VDLQW ^ZDOL` ^7UDQV ` > @ 6XUDK DO $QµDP > @ 6XUDK DO %DTDUDK > @ 6XUDK DO $µUDI > @ 6XUDK DO ,VUD¶ > @ 6XUDK DO )XUTDQ > @ 6XUDK DO ,VUD¶ > @ 6XUDK DO )DWώ > @ 6XUDK DO %DTDUDK > @ 6XUDK DO %DTDUDK > @ 6XUDK DO %DTDUDK > @ 6XUDK DO µ$QNDEXW > @ 6XUDK DQ 1LVD¶ > @ 6XUDK DO 0D¶LGDK > @ 6XUDK DQ 1LVD¶ > @ 6XUDK DO %DTDUDK > @ 6XUDK DO %DTDUDK > @ 7DZUDK 7RUDK WKH VFULSWXUH UHYHDOHG WR 3URSKHW 0XVD 0RVHV µD LQ LWV RULJLQDO IRUP ^7UDQV ` > @ 6XUDK DO 0D¶LGDK > @ 6XUDK DQ 1LVD¶ > @ 6XUDK DO 0D¶LGDK > @ 6XUDK DO 0XPWDώDQDK

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿсͨώϚϓ ͸лр ϕό лр͹кйͿктͿлйкл оͧймͧлм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

ΌώχϖϚϋϘ о

6XUDK DO ,NKODV 7KH LPSRUWDQFH RI 6XUDK DO ,NKODV

,Q WKH SUD\HU DIWHU 6XUDK DO )DWLώDK RQH RI WKH VXUDKV RI WKH 4XU¶DQ PXVW EH UHFLWHG 7KH SHUVRQ SUD\LQJ PLJKW FKRRVH DQ\ VXUDK RI FRXUVH ZLWK WKH H[FHSWLRQ RI WKH IRXU VXUDKV LQ ZKLFK SURVWUDWLRQ LV REOLJDWRU\ $PRQJ WKH VXUDKV UHFLWHG LQ SUD\HU 6XUDK DO ,NKODϙ RU DW 7DZώLG LV SUHIHUDEOH DQG LQ WKH WUDGLWLRQV LW LV WKXV HQMRLQHG ³<RX KDYH WR UHDG WKLV VXUDK LQ DW OHDVW RQH RI WKH UDNµDKV RI SUD\HU HYHU\GD\ VR DV WR EH DPRQJ WKRVH ZKR DUH SUD\LQJ ´> @ ,Q WHUPV RI LPSRUWDQFH WKLV VXUDK LV HTXDO WR RQH WKLUG RI WKH 4XU¶DQ QD\ RQH WKLUG RI WKH 7DZUDK ,QMLO> @ DQG =DEXU > @ ,I WKLV VXUDK LV DOVR UHFLWHG DIWHU WKH SUD\HU DV D SUD\HU VXSSOHPHQW *RG VKDOO JLYH WKH SHUVRQ WKH JRRGQHVV RI WKLV ZRUOG DQG WKH KHUHDIWHU 7KLV VXUDK LV VKRUW \HW LWV FRQWHQW LV YHU\ VXEOLPH $V ,PDP DV 6DMMDG µD VDLG ³6LQFH +H NQHZ WKDW PHWLFXORXV DQG LQVLJKWIXO LQGLYLGXDOV VKDOO HPHUJH LQ WKH IXWXUH *RG UHYHDOHG WKLV VXUDK DV ZHOO DV WKH LQLWLDO YHUVHV RI 6XUDK DO ΑDGLG 5HFLWDO RI WKLV VXUDK LV HQMRLQHG QRW RQO\ LQ SUD\HU ,Q IDFW IUHTXHQW UHFLWDWLRQ RI LW UHPRYHV WKH HYLO RI W\UDQWV DQG HQVXUHV RQH¶V KRXVH IURP PLVKDSV DQG SHULOV 6DµG LEQ 0XµDGK RQH RI WKH FRPSDQLRQV DQG FRPPDQGHUV RI WKH DUP\ RI WKH 0HVVHQJHU RI $OODK 6 ZDV EXULHG LQ WKH FHPHWHU\ RI %DTLµ LQ 0HGLQD 7KH 3URSKHW 6 SDUWLFLSDWHG LQ WKH EXULDO ULWHV IRU KLP EDUHIRRWHG DQG VD\LQJ ³1LQHW\ WKRXVDQG DQJHOV KDYH FRPH WR SDUWLFLSDWH LQ WKH EXULDO RI 6DµG ´ 7KH 3URSKHW 6 DVNHG -LEUD¶LO $UFKDQJHO *DEULHO µD ³:KDW LV WKH UHDVRQ EHKLQG \RXU FRPLQJ GRZQ DV ZHOO DV WKDW RI DOO όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿтͨώϚϓ ͸к ϕό т͹кйͿктͿлйкл оͧймͧло ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

WKHVH DQJHOV IRU WKH EXULDO RI 6DµG LEQ 0XµDGK"´ -LEUD¶LO µD UHSOLHG ³,Q ZKDWHYHU VWDWH²VWDQGLQJ VLWWLQJ ULGLQJ RU ZDONLQJ²KH XVHG WR UHFLWH WKH VXUDK ³6D\ µ+H LV $OODK WKH 2QH¶ ´ &RQFHUQLQJ WKH FLUFXPVWDQFHV VXUURXQGLQJ WKH UHYHODWLRQ RI WKLV VXUDK ZH UHDG WKDW WKH -HZV &KULVWLDQV DQG WKH LGRO ZRUVKLSSHUV DVNHG WKH 3URSKHW 6 DERXW *RG ³'HVFULEH \RXU *RG WR XV ´ ,Q UHSO\ WR WKHP WKH 3URSKHW 6 UHFLWHG WKLV VXUDK 7KLV VXUDK VHUYHV DV WKH ³LGHQWLW\ FDUG´ RI *RG

³4XO KXZD¶OODKX DKDG´

7DZώLG ^PRQRWKHLVP` LV WKH PRVW IXQGDPHQWDO SULQFLSOH RI DOO KHDYHQO\ UHOLJLRQV DQG WKH SURSKHWV µD KDYH FRPH WR HOLPLQDWH WKH HIIHFWV RI SRO\WKHLVP GLVEHOLHI DQG LGRO ZRUVKLS DQG WR LQYLWH PDQNLQG WRZDUG *RG 7DZώLG LV WKH VSLULW DQG NHUQHO RI WKH WHDFKLQJV RI WKH SURSKHWV µD 1RW RQO\ EHOLHIV EXW DOVR ODZV DQG PRUDOLW\ UHYROYH DURXQG WKH D[LV RI WDZώLG 7DZώLG LV WKH IURQWLHU EHWZHHQ IDLWK ^LPDQ` DQG GLVEHOLHI ^NXIU` DQG HQWHULQJ WKH IRUWUHVV RI IDLWK ZLWKRXW DFNQRZOHGJPHQW RI WDZώLG LV QRW SRVVLEOH ³6D\ µ/D LODKD LOOD¶OODK ^7KHUH LV QR JRG EXW $OODK`¶ WR DWWDLQ VXFFHVV´> @ DQG ³/D LODKD LOOD¶OODK LV 0\ IRUWUHVV VR ZKRHYHU HQWHUV 0\ IRUWUHVV LV VDIH IURP 0\ ZUDWK ´> @ 7KLV VXUDK FRQVLVWV RI WKH SXUHVW PRQRWKHLVW EHOLHIV KHQFH WKLV VXUDK LV FDOOHG 6XUDK DO ,NKODϙ ^&KDSWHU 3XULW\` 7KLV VXUDK UHIXWHV WKH &KULVWLDQ EHOLHI LQ WKH 7ULQLW\ WKH SRO\WKHLVP RI WKH -HZV DV ZHOO DV WKH EHOLHI RI WKH $UDEV GXULQJ WKH SUH ,VODPLF SHULRG RI LJQRUDQFH ZKR UHJDUGHG WKH DQJHOV DV WKH GDXJKWHUV RI *RG 7DZώLG PHDQV WKH SXULILFDWLRQ RI PLQG DQG DFWLRQ IURP DQ\ IRUP RI SRO\WKHLVP DQG DVVRFLDWLQJ SDUWQHUV ZLWK *RG QHLWKHU WKHRUHWLFDO SRO\WKHLVP QRU SUDFWLFDO RVWHQWDWLRQ ,QVWHDG ERWK WKH PRWLYH DQG WKH DFWLRQ LWVHOI PXVW EH RQO\ IRU WKH VDNH RI *RG όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿтͨώϚϓ ͸л ϕό т͹кйͿктͿлйкл оͧймͧло ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

7KDW LV +H LV 2QH DQG KDV QR VXEVWLWXWH +H KDV QHLWKHU VLPLOLWXGH QRU HTXDO +H KDV QHLWKHU OLPEV QRU SDUWV 7KDW LV +H LV WKH :RUVKLSSHG %HLQJ ^PDµEXG` ZKR LV XQLTXH LQ HYHU\WKLQJ 7KXV +LV (VVHQFH LV EH\RQG WKH FRPSUHKHQVLRQ DQG XQGHUVWDQGLQJ RI PDQ 7KH UHDVRQ EHKLQG +LV 2QHQHVV LV WKDW LI WKHUH ZHUH DOVR DQRWKHU ³*RG´ WKLV ³*RG´ ZRXOG DOVR KDYH EHHQ VXSSRVHG WR VHQG SURSKHWV WR PDQNLQG WR UHFRJQL]H DQG REH\ ³+LP´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όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿтͨώϚϓ ͸м ϕό т͹кйͿктͿлйкл оͧймͧло ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

,QVWHDG RI G\LQJ WKH LQIDQW LV WDXJKW WR VXFN DQG HYHQ EHIRUH LW LV ERUQ LWV PLON KDV EHHQ PDGH DYDLODEOH LQ WKH EUHDVWV RI WKH PRWKHU 7KH IRRG RI VRPH ELUGV LV ORFDWHG DORQJ WKH WHHWK RI ZKDOHV LQ WKH VHD $QG HYHU\GD\ DQLPDOV DUH VDWLVIDFWRULO\ SURYLGHG ZLWK IRRG 'XULQJ WKH %DWWOH RI -DPDO D %HGRXLQ $UDE DVNHG +DGUDW µ$OL µD DERXW WKH PHDQLQJ RI WDZώLG 7KH VROGLHUV FRPSODLQHG WR KLP VD\LQJ WKDW LW ZDV QRW WKH WLPH IRU VXFK TXHVWLRQV 1HYHUWKHOHVV WKH ,PDP µD H[SODLQHG WR KLP WKH PHDQLQJ DQG LQWHUSUHWDWLRQ RI WDZώLG DQG WKHQ VDLG ³,W LV IRU WKLV YHU\ PHDQLQJ RI WDZώLG WKDW ZH DUH QRZ ILJKWLQJ ´> @ <HV WKH VWUXJJOH RI WKH IROORZHUV RI WUXWK WKURXJKRXW KLVWRU\ KDV EHHQ IRU WKH VDNH RI KRLVWLQJ WKH EDQQHU RI WDZώLG ³$OODKX¶V VDPDG´ ^$OODK LV WKH $OO HPEUDFLQJ` ³ΜDPDG´ PHDQV LPSHQHWUDEOH LQGHVWUXFWLEOH DQG XQFKDQJHDEOH +H LV ϙDPDG 6R +H LV QRW PDWHULDO RU FRUSRUHDO EHFDXVH DOO FRUSRUHDO WKLQJV H[SHULHQFH FKDQJH DQG GHVWUXFWLRQ ZLWK WKH SDVVDJH RI WLPH 7KXV +H KDV QR ERG\ WKDW FDQ EH VHHQ E\ WKH H\HV RU VXFK DQ DWWUDFWLYH IRUFH WKDW WKRXJK XQVHHQ KDV FRUSRUHDOLW\ +H LV ϙDPDG WKH ,PSHQHWUDEOH )RUFH ZKRVH ZLOO SHUYDGHV DQG SHQHWUDWHV DOO WKLQJV +H LV ϙDPDG WKH ,QGHVWUXFWLEOH WKH +RQRUDEOH IURP ZKRP DOO KRQRUV FRPH DQG ZKDWHYHU KRQRU DQG SRZHU DQ\RQH KDV HPDQDWHV IURP +LP +H LV QRW LQ QHHG RI DQ\ERG\ RU DQ\WKLQJ EXW HYHU\WKLQJ LV LQ QHHG RI +LP +H LV ϙDPDG WKH $EVROXWH 3HUIHFW %HLQJ QD\ WKH $EVROXWH $OO SHUIHFW %HLQJ ZKR SRVVHVVHV DOO H[FHOOHQFHV DW WKH DSH[ RI WKHLU SHUIHFWLRQ ,Q RUGHU WR DWWDLQ SHUIHFWLRQ DOO EHLQJV DUH LQ QHHG RI +LV JUDFH EXW +H LV DQG ZLOO QRW EH LQ QHHG RI DQ\ EHLQJ +LV &RPPDQG LV DERYH DOO RWKHU FRPPDQGV DQG +LV :LOO LV DERYH DOO RWKHU ZLOOV +H LV LQ QHHG RI QHLWKHU VOHHS QRU DVVLVWDQFH DQG SDUWQHUV LQ GRLQJ +LV ZRUN όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿтͨώϚϓ ͸н ϕό т͹кйͿктͿлйкл оͧймͧло ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

+H LV ϙDPDG DQG LQ D QXWVKHOO +H LV WKH 1HHGOHVV *RG ZKR LV DOZD\V QHHGHG E\ DOO ³/DP \DOLG ZD ODP \XODG´ ^+H QHLWKHU EHJDW QRU ZDV EHJRWWHQ` +H LV WKH &UHDWRU RI DOO EHLQJV DQG LV QRW WKH RQH ZKR JDYH ELUWK WR WKHP +LV ZRUN LV QRW UHSURGXFWLRQ VXFK DV ³UHSURGXFLQJ +LPVHOI´ ,W LV LQVWHDG EULQJLQJ VRPHWKLQJ LQWR EHLQJ IURP QRQ EHLQJ RU QRWKLQJ ,Q WKH FDVH RI WKH PRWKHU ZKR JLYHV ELUWK WR D FKLOG WKH LQIDQW EHORQJV WR KHU JHQXV DQG LV OLNH KHU L H D KXPDQ %XW ZLWK UHVSHFW WR *RG LW LV LPSRVVLEOH IRU DQ HTXDO DQG VLPLODU EHLQJ WR EH EHJRWWHQ E\ +LP RU IRU +LP WR KDYH EHHQ EHJRWWHQ ³1RWKLQJ LV OLNH +LP ´> @ 7KLV VHQWHQFH LV DJDLQVW WKH EHOLHI RI WKH &KULVWLDQV ZKR EHOLHYH LQ µ,VD µD DV WKH VRQ RI *RG DQG WUHDW KLP OLNH *RG ,Q WKH VDPH YHLQ WKLV YHUVH QHJDWHV WKH EHOLHI RI WKH SRO\WKHLVWV ZKR LPDJLQHG WKDW WKH DQJHOV ZHUH WKH GDXJKWHUV RI *RG E\ VD\LQJ ³*RG KDV QHYHU EHJRWWHQ D FKLOG ZKHWKHU D JLUO RU D ER\ ´ 1RWKLQJ LV WR EH EHJRWWHQ XQOHVV WKDW WKH RQH ZKR EHJRW LV SUHHPLQHQW DQG VXSHULRU WR WKH EHJRWWHQ RQH QRW WR PHQWLRQ WKH IDFW WKDW WKH RQH ZKR EHJRW H[LVWHG SULRU WR WKH EHJRWWHQ RQH +LV H[LVWHQFH LV QRW OLNH WKH VSURXWLQJ RI WKH IUXLW IURP WKH IORZHU WKH WUHH IURP WKH VHHG WKH ZDWHU IURP WKH FORXG WKH ILUH IURP WKH ZRRG ,W LV QRW OLNH WKH HPHUJHQFH RI ZRUGV IURP WKH PRXWK RU WKH VFULSW IURP WKH SHQ ,W LV QRW OLNH WKH HPLVVLRQ RI VFHQW IURP WKH IORZHU RU WDVWH IURP IRRG ,W LV QRW OLNH WKH IODVKLQJ RI DQ LGHD IURP WKH PLQG RU LQWXLWLRQ IURP WKH KHDUW ,W LV QRW OLNH WKH DSSHDUDQFH RI KHDW IURP ILUH RU FROG IURP VQRZ +H H[LVWV EXW LV VLPLODU WR QRWKLQJ DQG QR RQH +H LV QHLWKHU LQ DQ\WKLQJ QRU LV DQ\WKLQJ LQ +LP +LV UHODWLRQVKLS ZLWK WKLQJV LV QRW OLNH WKDW RI D SDUHQW WR KLV FKLOG ,W LV UDWKHU WKH UHODWLRQVKLS RI WKH &UHDWRU ^NKDOLT` ZLWK WKH FUHDWXUH ^PDNKOXT` όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿтͨώϚϓ ͸о ϕό т͹кйͿктͿлйкл оͧймͧло ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

³:D ODP \DNXQ ODKX NXIXZDQ DKDG´ ^1RU KDV +H DQ\ HTXDO`

+H KDV QR HTXDO LQ EHLQJ SHUIHFWLRQ DQG DFWLRQ +H LV 2QH DQG QR RQH LV VLPLODU WR +LP +H LV WKH 2QH DQG 2QO\ DQG +H KDV QHLWKHU VSRXVH QRU RIIVSULQJ +H KDV QR HTXDO WR EH +LV DVVLVWDQW DQG SDUWQHU +RZ FRXOG PDQ GDUH WR UHJDUG +LV FUHDWXUH DV +LV SDUWQHU DQG FRPPLW WKLV JULHYRXV LQHTXLW\ DJDLQVW +LP" ³3RO\WKHLVP LV LQGHHG D JUHDW LQMXVWLFH ´> @ 2 SUD\LQJ RQH 'R QRW FRQVLGHU RWKHUV DV +LV SDUWQHUV DQG DVVRFLDWHV LQ WKH IDYRUV WKDW +H EHVWRZV XSRQ \RX QRU DWWULEXWH WR RWKHU WKDQ +LP WKH WKLQJV \RX GR :K\ GR \RX WKLQN RI DWWUDFWLQJ WKH DWWHQWLRQ RI WKRVH ZKR DUH OLNH \RX²ZHDN DQG QHHG\" 7U\ WR ZLQ WKH IDYRU RI *RG LQVWHDG ZKR KDV QR HTXDO ZHDNQHVV DQG QHHG $W WKH HQG RI WKH VXUDK ZH VKDOO WDNH D FXUVRU\ JODQFH DW LWV VXEOLPH FRQWHQW

ōÉ Ȃǿ Ƃ ƾƷÈÈƗ ƅơ È É DzÌÉǫ ƃ

7KDW LV +H LV 2QH LQ (VVHQFH DV ZHOO DV LQ $WWULEXWHV 6R +H LV DOVR 2QH LQ ZRUWKLQHVV WR EH WKH :RUVKLSSHG %HLQJ ^PDµEXG`

ōÉ ƃ Ƃ ƾÉǸÈǐdzơ ō ƅơ

7KDW LV +H LV IUHH IURP ZDQW DQG DOO WKLQJV DUH LQ QHHG RI +LP DQG +H LV $ORQH LQ EHLQJ IUHH IURP ZDQW

Ƃ ƾÌǴÊÈȇ ǶÌÈdz ƃ

7KDW LV +H GRHV QRW UHSURGXFH DQ HTXDO IRU +LP WR KDYH D SHHU DQG D PDWFK

Ƃ ƾÌÈdzȂÉȇ ǶÌÈdz ȁÈ ƃ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿтͨώϚϓ ͸п ϕό т͹кйͿктͿлйкл оͧймͧло ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

7KDW LV +H LV WKH )LUVW DQG WKH /DVW +H LV QRW FUHDWHG WR KDYH HPHUJHG IURP VRPHWKLQJ

É ǾÉōdz ǺǰÉÈȇ ǶÌÈdz ȁÈ ƃ Ƃ ƾÉƷÈÈƗ ÅơȂǨǯ

7KDW LV +H KDV QHLWKHU HTXDO QRU VSRXVH QHLWKHU SHHU QRU SDUWQHU 7KLV VXUDK QHJDWHV DOO OD\HUV RI SRO\WKHLVP VXSHUVWLWLRQV GHOXVLRQV DQG GHYLDQW EHOLHIV IURP WKH 6DFUHG (VVHQFH RI *RG ZKLOH SUHVHQWLQJ WR XV SXUH DQG SULVWLQH WDZώLG $FFRUGLQJ WR WKH WUDGLWLRQV WKH YHUVHV RI WKLV VXUDK DUH WKH LQWHUSUHWDWLRQ RI HDFK RWKHU > @ 7KH\ GHVFULEH *RG LQ D VWHS E\ VWHS SURFHVV )LUVW VWHS 6D\ ³+H LV P\ *RG +H LV EH\RQG WKH FRPSUHKHQVLRQ RI WKH KXPDQ PLQG DQG LQWHOOHFW DQG +H LV KLGGHQ DQG DEVHQW IURP DQ\ YLVLRQ ´ $W WKLV VWDJH DOO WKH DWWHQWLRQ LV IRFXVHG RQ WKH (VVHQFH RI *RG DQG QRW RQ +LV $WWULEXWHV 7KH (VVHQFH DORQH LV HQRXJK IRU +LV EHLQJ WKH %HORYHG ^PDώEXE` DQG WKH :RUVKLSSHG %HLQJ ^PDµEXG` +DGUDW µ$OL µD VD\V

Ê ǐdzơ É ǯ È ȁÈ ǾǼÌǟ Ê ƻÌȏơÊ DZƢǸ È ƩƢǨ ŏ ȄÉǨÌÈǻ ǍȐ

7KDW LV SHUIHFW VLQFHULW\ LV WKDW \RX ZRUVKLS +LP ZLWKRXW WDNLQJ LQWR DFFRXQW +LV $WWULEXWHV > @ 7KDW LV \RX ZRUVKLS *RG IRU WKH VDNH RI +LPVHOI DQG QRW RQ DFFRXQW RI WKH IDYRUV WKDW KDYH EHHQ JLYHQ WR \RX 6HFRQG VWHS ³+H LV $OODK WKH :RUVKLSSHG %HLQJ ZKR SRVVHVVHV DOO SHUIHFWLRQ ´ ,Q WKLV VWDJH WKH (VVHQFH DQG $WWULEXWHV DUH FRQVLGHUHG WRJHWKHU ³$OODK´ LV WKH (VVHQFH WKDW SRVVHVVHV DOO WKH JRRG $WWULEXWHV DQG WKXV +H LV ZRUWK\ RI ZRUVKLS DQG GHYRWLRQ $V WKH 4XU¶DQ VWDWHV

ōÊ ȁ ƃ È ƅ Ƃ ƢȀƥ É ǟÉƽƢÌÈǧ ȄǼLjƸdzơ È ǽȂ ÉÌ ƔƢÉǸLJ È È ȋơ

³7R $OODK EHORQJ WKH %HVW 1DPHV VR VXSSOLFDWH +LP E\ WKHP ´> @

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿтͨώϚϓ ͸р ϕό т͹кйͿктͿлйкл оͧймͧло ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

.QRZLQJ *RG WKURXJK WKH $WWULEXWHV LV WKH VHFRQG VWHS LQ ZKLFK ³$OODK´ LV WKH FRPSUHKHQVLYH ZRUG IRU DOO WKRVH $WWULEXWHV &RQVLGHULQJ *RG E\ ZD\ RI WKH $WWULEXWHV LV D PHDQV WKDW LV PDQLIHVWHG LQ WKH VXSSOLFDWLRQV HVSHFLDOO\ LQ WKH 'XµD¶ -DZVKDU .DELU ZKHUH ZH DGGUHVV *RG WKURXJK D WKRXVDQG $WWULEXWHV 7KLUG VWHS ³+H LV 2QH DQG 8QLTXH LQ 2QHQHVV ´ ,Q WKLV VWDJH WDZώLG LV GLVFXVVHG²WDZώLG LQ (VVHQFH DQG $WWULEXWHV +LV (VVHQFH LV 2QH DQG +LV $WWULEXWHV DUH 8QLTXH DQG 8QSDUDOOHOHG 7KH H[LVWHQFH RI +LV (VVHQFH DQG +LV $WWULEXWHV DUH RQH DQG WKH VDPH QRW WKDW +LV $WWULEXWHV DUH D VHSDUDWH H[LVWHQFH DGGHG WR +LV (VVHQFH +H LV 2QH ZKR KDV QR VHFRQG RU WKLUG 7KH QXPHULFDO ³RQH´ ^ZDώLG` LV GLIIHUHQW IURP RQHQHVV DV D TXDOLWDWLYH FRQFHSW ^DώDG` 7KH 4XU¶DQ VD\V ³*RG LV DώDG DQG QRW ZDώLG ´ +H LV ³2QH´ RQWRORJLFDOO\ DQG QRW ³RQH´ QXPHULFDOO\ ZKLFK PD\ KDYH D VHFRQG RU D WKLUG RI LWV NLQG )RXUWK VWHS ³*RG LV IUHH IURP ZDQW ´ ,Q WKLV VWDJH WKH IUHHGRP IURP ZDQW ZKLFK LV WKH SLYRW RI WKH 'LYLQH (VVHQFH DQG $WWULEXWHV LV DQ LPSRUWDQW GHVFULSWLRQ RI *RG ,Q DGGLWLRQ LW LV QRW MXVW LQ WKH IRUP RI D SUHGLFDWH VWDWLQJ ³$OODKX ϙDPDG´ ,W LV UDWKHU LQ WKH IRUP RI D IL[HG GHVFULSWLRQ RI ³$OODK´ DQG EHFDXVH RI WKLV WKH ZRUG ³$OODK´ LV KHUHE\ UHSHDWHG ³$OODKX ϙDPDG´ +H LV 2QH EXW QRW LQ QHHG 2WKHU WKDQ +LP DUH PDQ\ EXW DOO WKH QHHGV DQG DWWHQWLRQ RI DOO WKRVH ZKR DUH QHHG\ DUH JHDUHG WRZDUG WKDW ,QGHSHQGHQW 2QH )LIWK VWHS

É ǾÉÈdz ǺÌǰÉÈȇ ǶÌÈdzȁ Ø Ƃ ƾÆƷÈÈƗ ơȂÅǨÉǯ È ƾÌÈdzȂÉȇ ǶÌÈdzȁ È ƾÌǴÊÈȇ ǶÌÈdz ƃ

7KLV VWDJH DFFRUGLQJ WR WKH WUDGLWLRQV LV WKH LQWHUSUHWDWLRQ RI +H LV QRW LQ QHHG RI EHJHWWLQJ D FKLOG 1HLWKHU LV +H LQ ³ΪϤ˴μ ͉ ϟ΍´ QHHG RI D IDWKHU DQG D PRWKHU WR EHJHW +LP QRU RI D VSRXVH DVVRFLDWH DQG SDUWQHU WR DVVLVW +LP LQ +LV ZRUN

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿтͨώϚϓ ͸с ϕό т͹кйͿктͿлйкл оͧймͧло ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

,I +H ZHUH HYHU ERUQ WKHQ +H ZRXOG QRW EH WKH )LUVW DQG LI +H HYHU JDYH ELUWK WKHQ +H ZRXOG QRW EH HWHUQDO EHFDXVH +H ZRXOG EH SURQH WR GLPLQLVK DQG GZLQGOH ,I +H HYHU KDG DQ HTXDO DQG D SHHU WKHQ +H ZRXOG QRW EH XQULYDOOHG +H LV IUHH DQG H[HPSW IURP DOO WKHVH WKLQJV

ōÊ ǹƢ È ǯÉǂnj È ƸÈƦÌLJ ƃ Ƃ ǹȂ Ê Éȇ ƢǸōǟ È ƅơ É

³&OHDU LV $OODK RI DQ\ SDUWQHUV WKDW WKH\ PD\ DVFULEH ^WR +LP` ´> @ ΗϕϚϋϙͧ

> @ 7KH WUDGLWLRQV UHJDUGLQJ WKH PHULWV DQG LPSRUWDQFH RI WKLV VXUDK KDYH EHHQ UHFRUGHG LQ 7DIVLU %XUKDQ ,Q WKLV YROXPH ZH VKDOO RQO\ TXRWH VRPH RI WKHVH WUDGLWLRQV > @ ,QMLO WKH VFULSWXUH UHYHDOHG WR 3URSKHW µ,VD -HVXV µD LQ LWV RULJLQDO IRUP ^7UDQV ` > @ =DEXU WKH VFULSWXUH UHYHDOHG WR 3URSKHW 'DZXG 'DYLG µD LQ LWV RULJLQDO IRUP ^7UDQV ` > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ 7DIVLU 1XU DWK 7KDTDOD\Q YRO S > @ 6XUDK DVK 6KXUD > @ 6XUDK /XTPDQ > @ 7DIVLU 1XU DWK 7KDTDOD\Q YRO S > @ 1DMK DO %DODJKDK ³.KXϚEDK DW 7DZώLG´ > @ 6XUDK DO $µUDI > @ 6XUDK DϚ ΝXU

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿтͨώϚϓ ͸т ϕό т͹кйͿктͿлйкл оͧймͧло ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

ΌώχϖϚϋϘ п

%RZLQJ 'RZQ ^UXNXµ` DQG 3URVWUDWLRQ ^VXMXG`

%RZLQJ GRZQ ^UXNXµ`

%RZLQJ GRZQ ^UXNXµ` LV DQ HVVHQWLDO SLOODU RI SUD\HU 3HUIRUPLQJ LW LQ DQ H[FHVVLYH RU LQDGHTXDWH PDQQHU ZKHWKHU LQWHQWLRQDO RU XQLQWHQWLRQDO UHQGHUV WKH SUD\HU LQYDOLG 7KH ZRUG ³UDNµDK´ ^FLUFOH` ZKLFK LV XVHG LQ FRXQWLQJ WKH F\FOHV RI SUD\HU LV GHULYHG IURP WKH ZRUG ³UXNXµ´ 7KH WULEH RI 7KDTLI UHTXHVWHG WKDW WKH 3URSKHW 6 H[FXVH WKHP IURP SHUIRUPLQJ UXNXµ DQG SURVWUDWLRQ ^VXMXG` LQ SUD\HU VD\LQJ ³%HQGLQJ GRZQ IRU XV LV D VKDPH ´ 7KLV YHUVH ZDV UHYHDOHG

È Êǫ ơƿÈÊƛ ȁÈ ƃ È ǠÉǯÈǂÌÈȇ ȏ ơȂǠÉǯÈǁơ Ƃ ǹȂ Ì ǶÉȀÉÈdz DzȈ

³:KHQ WKH\ DUH WROG µ%RZ GRZQ ¶ WKH\ GR QRW ERZ GRZQ ´> @ 2WKHUV ERZ DQG VKRZ UHYHUHQFH LQ IURQW RI KXPDQ EHLQJV OLNH WKHPVHOYHV EXW \RX KDYH WR ERZ GRZQ DQG VKRZ UHYHUHQFH VROHO\ WR \RXU &UHDWRU :KHQ WKH YHUVH ³6R FHOHEUDWH WKH 1DPH RI \RXU /RUG WKH $OO VXSUHPH ´> @ ZDV UHYHDOHG WKH 3URSKHW 6 RUGHUHG ³6KRZ UHYHUHQFH WR *RG ZKLOH \RX DUH LQ UXNXµ DQG UHFLWH WKLV GKLNU ^UHPHPEUDQFH RU JORULILFDWLRQ`

Ê ƸÈÊƥ ȁ È ƦÌLJÉ ǽƾǸ È ǶȈǜ Ê ǠÈÌdzĞ ȆÈŏƥǁÈ ǹƢƸ

6XEώDQD UDEEL\D¶O µDϠLP ZD ELώDPGLK ³*ORU\ EH WR P\ /RUG WKH *UHDW DQG SUDLVH EHORQJV WR +LP ´> @

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸к ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

:H UHDG LQ WKH WUDGLWLRQV ³5XNXµ LV WKH VLJQ RI FRXUWHV\ ^DGDE` ZKLOH WKH VXMXG LV WKH V\PERO RI QHDUQHVV ^TXUE` WR *RG 2QFH \RX GR QRW SHUIRUP WKH JHVWXUH RI FRXUWHV\ SURSHUO\ \RX FDQQRW EH UHDG\ IRU WKH VWDJH RI QHDUQHVV ´> @ 5XNXµ LV WKH PHDQV RI UHSHQWDQFH ^WDZEDK` SHQLWHQFH DQG DVNLQJ IRUJLYHQHVV LQ WKH SUHVHQFH RI *RG

Ê ǁ òƂ ƣƢÈǻÈƗ ȁ È ȁ È Èǧ ƃ È ƢǠÅǯơ È ǾÉōƥǁ È ǂōƻ È ǂÈǨÈǤÌƬLJƢ

³:KHUHDW KH 'DYLG SOHDGHG ZLWK KLV /RUG IRU IRUJLYHQHVV DQG IHOO GRZQ ERZLQJ DQG UHSHQWHG ´> @ 7KH HIIHFWV RI UXNXµ ,PDP DO %DTLU µD VD\V ³$Q\RQH ZKR SHUIHFWO\ SHUIRUPV KLV UXNXµ SHUIHFWO\ ZLOO EH VDIH IURP WKH KRUURU RI WKH JUDYH ´> @ 7KH PRUH ZH ERZ GRZQ LQ KXPLOLW\ WR *RG WKH PRUH ZH VKDOO KDYH WKH SRZHU WR FRQIURQW WKH 6DWDQ DQG VDWDQLF RQHV ,PDP Dϙ ΜDGLT µD VD\V ³/RQJ UXNXµ DQG VXMXG PDNHV ,EOLV DQJU\ VD\LQJ µ:RH WR PH :LWK VXFK TXDOLW\ RI VHUYLWXGH WKH SHRSOH ZLOO QR ORQJHU REH\ PH ´> @ *RG VD\V WR WKH DQJHOV ³6HH P\ VHUYDQWV KRZ WKH\ H[SUHVV UHYHUHQFH WR 0H DQG WKH\ NQHHO GRZQ LQ IURQW RI 0H , VKDOO DOVR H[DOW WKHP DQG JLYH WKHP KRQRU DQG JORU\ ´> @ ,PDP Dϙ ΜDϊϏϗ ͸ͮχ͹ ϙχϟϙͧ ͰΊ ϒϕϔύ ϘϛϑXͮ χϔϊ ϙϛϐXϊ ώχϜϋ ϋόόϋωϚϙ ϕϔ Ϛώϋ ϒϕϔύϋϜϏϚϟ ϕό ϒϏόϋͨͱͼмклͽ 7KH HWLTXHWWH RI SHUIRUPLQJ UXNXµ :H UHDG LQ WKH WUDGLWLRQV WKDW GXULQJ UXNXµ WKH EOHVVHG EDFN RI WKH 0HVVHQJHU RI $OODK 6 ZRXOG EH VR EHQW DQG VR VWUDLJKW WKDW LI D GURS RI ZDWHU ZDV SRXUHG RQ KLV EDFN LW ZRXOG UHPDLQ LQ WKH FHQWHU RI KLV EDFN DQG QRW IDOO WR HLWKHU VLGH ´> @ ,W LV WKXV HQMRLQHG ³'XULQJ UXNXµ VWUHWFK \RXU QHFN DV LI WR VD\ µ, KDYH DFFHSWHG WKH IDLWK HYHQ LI , DP EHKHDGHG LQ +LV ZD\ ´> @

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸л ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

$PRQJ WKH RWKHU HWLTXHWWHV RI SHUIRUPLQJ UXNXµ LV WKDW PHQ KDYH WR SRVLWLRQ WKHLU HOERZV RXWZDUGO\ OLNH WKH ZLQJV RI D ELUG DQG QRW WR DWWDFK WKHP WR WKHLU IODQNV :H KDYH WR SODFH WKH SDOPV RI RXU KDQGV RQ RXU NQHHV DQG VSUHDG RXU ILQJHUV 7KH IHHW PXVW EH DOLJQHG QHLWKHU RQH RI WKHP VKRXOG EH SODFHG IRUZDUG QRU EDFNZDUG %HWZHHQ WKH IHHW WKHUH PXVW EH WKH GLVWDQFH RI DERXW RQH KDQG VSDQ 'XULQJ UXNXµ RQH PXVW ORRN EHWZHHQ WKH IHHW DQG DIWHU WKH UHFLWDO RI WKH GKLNU IRU UXNXµ ZKLOH VWLOO LQ WKH SRVLWLRQ RI UXNXµ RQH PXVW LQYRNH EOHVVLQJV ^ϙDODZDK` XSRQ 0XώDPPDG DQG KLV SURJHQ\ µD 2I FRXUVH UHSHWLWLRQ RI WKH GKLNU IRU UXNXµ DW OHDVW WKULFH KDV EHHQ UHFRPPHQGHG DQG LV SUHIHUUHG > @ 7KH UXNXµ RI WKH VDLQWV RI *RG ,PDP Dϙ ΜDGLT µD VD\V ³+DGUDW µ$OL µD ZRXOG PDNH KLV UXNXµ VR ORQJ WKDW KLV OHJV ZRXOG SHUVSLUH ´> @ ,PDP µ$OL µD KLPVHOI WKXV VD\V LQ WKH ILUVW VHUPRQ RI 1DKM DO %DODJKDK ³*RG KDV DQJHOV ZKR DUH DOZD\V LQ WKH VWDWH RI UXNXµ DQG ZLOO QHYHU ULVH XS ^TL\DP` ´ 2I FRXUVH WLUHGQHVV DQG KXQJHU DUH QRW DSSOLFDEOH WR WKH DQJHOV 6R WKRVH ZKR DUH JQRVWLFV DQG ORYHUV RI *RG DQG ZKR SHUIRUP VXFK ORQJ UXNXµ SHUVXDGH WKH DQJHOV WR SUDLVH *RG 7KLV LV WKH VWDWH RI WKH VDLQWV RI *RG <HW ZKDW DERXW XV" 7KH 3URSKHW 6 ZDV RQFH VLWWLQJ LQ WKH PRVTXH ZKHQ D FHUWDLQ PDQ HQWHUHG DQG VWRRG LQ SUD\HU EXW KLV UXNXµ DQG VXMXG ZHUH GHIHFWLYH DQG GRQH YHU\ TXLFNO\ 7KH 3URSKHW 6 VDLG ³+H LV OLNH D FURZ WKDW ZRXOG SHFN DQG JR ,I KH GHSDUWV IURP WKLV ZRUOG ZLWK VXFK D VWDWH RI SUD\HU KH ZLOO QRW KDYH GLHG XQGHU P\ UHOLJLRQ ´> @ 7KH KLVWRU\ RI VXMXG $IWHU FUHDWLQJ $GDP $GDP µD *RG RUGHUHG WKH DQJHOV WR SURVWUDWH EHIRUH KLP $OO RI WKHP SURVWUDWHG H[FHSW ,EOLV > @ 2Q DFFRXQW RI WKLV GHILDQFH *RG H[SHOOHG KLP IURP +LV 3UHVHQFH 7KH 4XU¶DQ PHQWLRQV WKLV HSLVRGH UHSHDWHGO\ DQG ZH NQRZ WKDW UHSHWLWLRQV LQ WKH 4XU¶DQ DUH QRW ZLWKRXW ZLVGRP ,W LV DV LI LW όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸м ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ZDQWV WR VD\ ³2 PDQ EHIRUH ZKRP DOO WKH DQJHOV SURVWUDWHG :K\ GR \RX QRW SURVWUDWH EHIRUH *RG WKH &UHDWRU" 2 PDQ ,EOLV ZDV H[SHOOHG IRU UHIXVLQJ WR SURVWUDWH EHIRUH \RX 2QFH \RX UHIXVH WR SURVWUDWH EHIRUH *RG ZKDW FDQ \RX H[SHFW" ³,EOLV GLG QRW SURVWUDWH EHIRUH \RX +H ZDV VD\LQJ µ, DP VXSHULRU WR PDQ ¶ &DQ \RX DIIRUG WR VD\ µ, DP VXSHULRU WR *RG¶" <RX²ZKR ZHUH RQFH QRQ H[LVWHQW DQG RQFH \RX FDPH LQWR WKH ZRUOG ZHDNQHVV DQG LPSRWHQFH HQYHORSHG \RXU HQWLUH EHLQJ DQG LQ WKH HQG \RX VKDOO DOVR KXPEO\ GHSDUW IURP WKLV ZRUOG²KRZ FRXOG \RX GDUH WR EH SURXG LQ IURQW RI WKH &UHDWRU RI WKH XQLYHUVH" $W DQ\ UDWH WKH ILUVW FRPPDQGPHQW RI *RG DIWHU WKH FUHDWLRQ RI PDQ ZDV WKH FRPPDQG RI SURVWUDWLRQ 7KH LPSRUWDQFH RI VXMXG R 6XMXG LV WKH EHVW SRVLWLRQ RI PDQ LQ WKH SUHVHQFH RI *RG R 6XMXG LV WKH EHVW ZD\ WR DWWDLQ QHDUQHVV WR *RG ³%XW SURVWUDWH DQG GUDZ QHDU ^WR $OODK` ´> @ R $ VLJQ RI WKH OR\DO &RPSDQLRQV RI WKH 3URSKHW 6 ZDV WKDW WKH HIIHFW RI SURVWUDWLRQ FRXOG EH VHHQ RQ WKHLU IRUHKHDGV ³7KHLU PDUN LV ^YLVLEOH` RQ WKHLU IDFHV IURP WKH HIIHFW RI SURVWUDWLRQ ´> @ R 6XMXG PDNHV PDQ KDUPRQLRXV DQG FRQFRUGDQW ZLWK DOO RI FUHDWLRQ 7KLV LV EHFDXVH DOO FUHDWXUHV LQ KHDYHQ DQG RQ HDUWK²IURP WKH VWDUV WR WKH SODQWV²SURVWUDWH DQG DUH KXPEOH EHIRUH *RG ³7R $OODK SURVWUDWHV ZKDWHYHU LV LQ WKH KHDYHQV DQG ZKDWHYHU LV RQ WKH HDUWK ´> @ DQG ³$QG WKH KHUE DQG WKH WUHH SURVWUDWH ^WR $OODK` ´> @ R 6XMXG PHDQV KDUPRQ\ ZLWK WKH DQJHOV RI *RG +DGUDW µ$OL µD VD\V ³7KHUH LV QR OD\HU RI WKH KHDYHQV ZLWKRXW KDYLQJ WKHUHLQ D JURXS RI DQJHOV LQ WKH VWDWH RI VXMXG ´> @ R 6XMXG LV WKH KLJKHVW GHJUHH RI REHGLHQFH DQG VHUYLWXGH EHFDXVH PDQ SODFHV RQ WKH HDUWK WKH ORIWLHVW SDUW RI KLV όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸н ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ERG\ L H KLV IRUHKHDG DQG H[SUHVVHV KXPLOLW\ DQG LPSRWHQFH LQ WKH SUHVHQFH RI WKH 2PQLSRWHQW $XWKRULW\ R 6XMXG LV WKH PRVW VXEOLPH VWDWLRQ IRU WKH QREOHVW PHQ DQG ZRPHQ RI WKH ZRUOG *RG FRPPDQGHG +LV 3URSKHW 6 WR SURVWUDWH DQG WKDW ZDV QRW RQO\ GXULQJ GD\WLPH EXW DOVR GXULQJ WKH QLJKW ³$QG ZRUVKLS +LP IRU D ZDWFK RI WKH QLJKW DQG JORULI\ +LP WKH QLJKW ORQJ ´> @ $QG LQ DGGUHVVLQJ +DGUDW 0DU\DP 6DLQW 0DU\ ²WKDW SXUH DQG GHYRWHG ZRPDQ²+H VD\V ³2 0DU\ EH REHGLHQW WR \RXU /RUG DQG SURVWUDWH ´> @ R 6XMXG FRPHV DIWHU WKH UXNXµ ,W LV D PRUH SHUIHFW DQG KLJKHU VWDJH WKDQ UXNXµ DQG EULQJV WKH SHUVRQ SUD\LQJ WR WKH SHDN RI KXPLOLW\ $V VXFK UXNXµ DQG VXMXG DUH XVXDOO\ PHQWLRQHG WRJHWKHU LQ WKH 4XU¶DQ )RU H[DPSOH ³2 \RX ZKR KDYH IDLWK %RZ GRZQ DQG SURVWUDWH \RXUVHOYHV ´> @ DQG ³<RX VHH WKHP ERZLQJ DQG SURVWUDWLQJ ^LQ ZRUVKLS` ´> @ R 6XMXG LV WKH V\PERO RI IDLWK LQ WKH GLYLQH VLJQV ³2QO\ WKRVH EHOLHYH LQ 2XU VLJQV ZKR ZKHQ WKH\ DUH UHPLQGHG RI WKHP IDOO GRZQ LQ SURVWUDWLRQ ´> @ R 1LJKWO\ SURVWUDWLRQ LV RQH RI WKH VLJQV RI WKH ULJKWHRXV VHUYDQWV RI *RG ³7KH VHUYDQWV RI WKH $OO EHQHILFHQW DUH« WKRVH ZKR VSHQG WKH QLJKW ZLWK WKHLU /RUG SURVWUDWLQJ DQG VWDQGLQJ ^LQ ZRUVKLS` ´> @ R 6XMXG LV WKH DGRUQPHQW RI SUD\HU 6R SHUIRUP LW SURSHUO\ ,PDP Dϙ ΜDGLT µD VD\V ³:KHQHYHU \RX SHUIRUP SUD\HU SHUIRUP WKH UXNXµ DQG VXMXG ZHOO DV *RG ZLOO JLYH VHYHQW\ WLPHV WKH UHZDUG RU HYHQ PRUH ´> @ R 6XMXG LV WKH VRXUFH RI SULGH RI *RG WR WKH DQJHOV DQG WKXV LW HQWDLOV +LV IDYRU VXFK WKDW LQ HYHU\ VXMXG RQH RI PDQ¶V VLQV LV IRUJLYHQ DQG D JUHDW UHZDUG LV UHFRUGHG IRU KLP > @ +DGUDW µ$OL µD VDLG ³,I PDQ RQO\ NQHZ ZKDW PHUF\ HQYHORSHV KLP DW WKH WLPH RI VXMXG KH ZRXOG QHYHU UDLVH XS KLV KHDG IURP WKDW VWDWH ´> @ R 6XMXG H[WLQJXLVKHV WKH VSLULW RI HJRLVP DQG SULGH DQG όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸о ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

GHOLYHUV PDQ IURP YDQLW\ > @ R 7KH 3URSKHW 6 XVHG WR VD\ ³2Q WKH 'D\ RI 5HVXUUHFWLRQ , ZLOO LGHQWLI\ P\ XPPDK E\ WKH PDUN RI SURVWUDWLRQ WKDW WKH\ KDYH RQ WKHLU IRUHKHDGV ´> @ 7KDW SRUWLRQ RI WKH HDUWK RQ ZKLFK SURVWUDWLRQ ZDV PDGH ZLOO WHVWLI\ WR WKH GHYRWLRQ RI PDQ RQ WKH 'D\ RI 5HVXUUHFWLRQ> @ DQG HYHQ LQ WKH ZRUOG D UDGLDQW SRLQW FRQQHFW LW WR WKH KHDYHQV > @ R $V LQ WKH FDVH RI UXNXµ ORQJ SURVWUDWLRQV UHVXOW LQ WKH SHUPDQHQFH RI IDYRUV DQG ORQJHYLW\ > @ R 6XMXG LV VR LPSRUWDQW WKDW *RG FRPPDQGV D JUHDW 3URSKHW 6 VXFK DV ,EUDKLP $EUDKDP µD WR FOHDQVH 0DVMLG DO ΑDUDP IRU WKRVH ZKR SHUIRUP WKH FLUFXPDPEXODWLRQ ^ϚDZDI` RI WKH .DµEDK UXNXµ DQG VXMXG > @ 7KH ZLVGRP EHKLQG VXMXG

7KH &RPPDQGHU RI WKH )DLWKIXO µ$OL µD ZDV DVNHG FRQFHUQLQJ WKH ZLVGRP EHKLQG VXMXG 7KH ,PDP µD VDLG ³7KH ILUVW VXMXG PHDQV WKDW , ZDV GXVW LQ WKH EHJLQQLQJ DQG DV , UDLVH P\ KHDG IURP VXMXG LW PHDQV WKDW , FDPH WR WKH ZRUOG IURP WKH GXVW 7KH VHFRQG VXMXG PHDQV WKDW , ZLOO DJDLQ UHWXUQ WR WKH VRLO DQG DV , UDLVH P\ KHDG IURP VXMXG LW PHDQV WKDW RQ WKH 'D\ RI 5HVXUUHFWLRQ , ZLOO ULVH XS IURP WKH JUDYH DQG EH VXPPRQHG ´> @ ,PDP Dϙ ΜDGLT µD VD\V ³6LQFH VXMXG LV IRU *RG LW PXVW WKHUHIRUH QRW EH GRQH RQ DQ\WKLQJ WKDW LV HDWHQ RU ZRUQ ZKLFK GUDZV WKH DWWHQWLRQ RI PDWHULDOLVWV 6XMXG PXVW UHPLQG PDQ RI *RG QRW WKH VWRPDFK FORWKLQJ DQG PDWHULDO WKLQJV ´> @ :H UHDG LQ WKH ώDGLWK WKDW WKH UHDVRQ EHKLQG WKH SURVWUDWLRQ IRU IRUJHWIXOQHVV ^VXMXG VDKZL` IRU XQLQWHQWLRQDO H[FHVV DQG GHILFLHQFLHV LQ WKH QXPEHU RI DQ\ HVVHQWLDO SLOODU RI WKH SUD\HU RU PLVSODFHG XWWHUDQFH VWDQGLQJ DQG VLWWLQJ LV WKDW ,EOLV GLVWUDFWHG \RXU DWWHQWLRQ DQG FUHDWHG GLVRUGHU LQ \RXU SUD\HU 7KHUHIRUH DIWHU SUD\HU \RX SHUIRUP WZR SURVWUDWLRQV VR DV WR UXE KLV QRVH LQ WKH JURXQG DQG WR LQIRUP KLP WKDW HYHU\ WLPH KH FUHDWHV GLVRUGHU \RX ZLOO DJDLQ SHUIRUP SURVWUDWLRQ EHIRUH όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸п ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

*RG > @ ΑDϊUDW µ$OL µD VDLG ³7KH H[WHUQDO DSSHDUDQFH ^ϠDKLU` RI WKH VXMXG LV WKH SODFLQJ RI WKH IRUHKHDG RQ WKH JURXQG ZLWK VLQFHULW\ DQG KXPLOLW\ EXW LWV HVRWHULF HVVHQFH ^EDϚLQ` LV WKH GHWDFKPHQW RI WKH KHDUW IURP DOO SHULVKDEOH WKLQJV DWWDFKPHQW RI WKH KHDUW WR WKH HWHUQDO DERGH DQG UHOLHI IURP SULGH IDQDWLFLVP DQG DOO ZRUOGO\ DWWDFKPHQWV > @ 7KH HWLTXHWWH RI SHUIRUPLQJ VXMXG :H VKDOO SRLQW RXW VRPH RI WKH UXOHV RI HWLTXHWWH RI SHUIRUPLQJ VXMXG DV UHFRUGHG LQ WKH WUDGLWLRQV > @ $IWHU UXNXµ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ϙDODZDK VXSSOLFDWH DQG ZHHS RXW RI IHDU RI *RG :KLOH ULVLQJ IURP VXMXG KH KDV WR UHFLWH WDNELU DQG GXULQJ WKH UHFLWDO RI WDNELU KH KDV WR UDLVH ERWK KLV KDQGV 7KH VRLO RI .DUEDOD¶ $OWKRXJK VXMXG RQ DQ\ JURXQG QD\ RQ DQ\ FOHDQ VWRQH DQG ZRRG LV SHUPLVVLEOH DQG FRUUHFW WKH VRLO ^WXUEDK` RI ,PDP DO ΑXVD\Q KDV JUHDW PHULWV ,W LV VDLG WKDW ,PDP Dϙ ΜDϊϏϗ ͸ͮχ͹ ϝϕϛϒϊ ϔϕϚ ϖϘϕϙϚϘχϚϋ ϕϔ χϔϟϚώϏϔύ ψϛϚ Ϛώϋ ϙϕϏϒ ϕό ΔχϘψχϒDͯͨ ΜϛϐXϊ ϕϔ Ϛώϋ ϙϕϏϒ ϕό ΔχϘψχϒDͯ ϚϋχϘϙ χϝχϟ ϙϋϜϋϔ Ϛϟϖϋϙ ϕό ϜϋϏϒϙ ͺώϏϐDψϙͻ ͸ϚώχϚ ϙϋϖχϘχϚϋ ϓχϔ όϘϕϓ Ϛώϋ ΜϕϛϘωϋ ϕό ΕϏύώϚ͹ͨ ΒϚ ϛϖϒϏόϚϙ Ϛώϋ ϖϘχϟϋϘ χϔϊ ϓχϑϋϙ ϏϚ χωωϋϖϚϋϊͨ ΒϚ χϒϙϕ ψϘϏϔύϙ Ϛώϋ ϖϋϘϙϕϔ ϖϘχϟϏϔύ ϕϛϚ ϕό Ϛώϋ χψϟϙϙ ϕό ϓχϚϋϘϏχϒ ϚώϏϔύϙͥ χϔϊ χωϗϛχϏϔϚϙ ώϏϓ ϝϏϚώ ϐϏώDϊͥ ψϒϕϕϊ χϔϊ ϓχϘϚϟϘϊϕϓͨ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸р ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ΜϛϐXϊ ϕϔ Ϛώϋ ϙϕϏϒ ϕό χϒ΀Αϛϙχϟϔ ͸ͮχ͹ ϓϋχϔϙ ϖϘχϟϋϘ χωωϕϓϖχϔϏϋϊ ψϟ ϊϏϜϏϔϋ ύϛχϘϊϏχϔϙώϏϖ ͺϝϏϒDϟχώͻͨ ΜϛϐXϊ ϕϔ Ϛώϋ ϙϕϏϒ ϕό χϒ΀Αϛϙχϟϔ ͸ͮχ͹ ϓϋχϔϙ ϖϘχϟϋϘ χωωϕϓϖχϔϏϋϊ ψϟ ϓχϘϚϟϘϊϕϓͨ ΜϛϐXϊ ϕϔ Ϛώϋ ϙϕϏϒ ϕό χϒ΀Αϛϙχϟϔ ͸ͮχ͹ ϓϋχϔϙ ωϕϓϓϋϓϕϘχϚϏϔύ Ϛώϋ ϓϋϓϕϘϟ ϕό Ϛώϋ ϓχϘϚϟϘϙ ϕό ΔχϘψχϒDͯ ϝώϕ ϕόόϋϘϋϊ ϚώϋϏϘ ψϒϕϕϊ όϕϘ Ϛώϋ ϙχϑϋ ϕό ϖϘχϟϋϘ χϔϊ Ϗϔ Ϛώϋ ϝχϟ ϕό ϖϘχϟϋϘͨ ΜϛϐXϊ ϕϔ Ϛώϋ ϙϕϏϒ ϕό χϒ΀Αϛϙχϟϔ ͸ͮχ͹ ϓϋχϔϙ ϚώχϚ ϋϜϋϘϟ ϊχϟ Ϗϙ µΊϙώXϘDͯ χϔϊ ϋϜϋϘϟϖϒχωϋ Ϗϙ ΔχϘψχϒDͯͨ ΜϛϐXϊ ϕϔ Ϛώϋ ϙϕϏϒ ϕό χϒ΀Αϛϙχϟϔ ͸ͮχ͹ ϓϋχϔϙ ϚώχϚ Ϗϔ Ϛώϋ ϙϚϘϛύύϒϋ χύχϏϔϙϚ όχϒϙϋώϕϕϊͥ ϕϔϋ ϙώϕϛϒϊ ϕόόϋϘ ώϏϙ ώϋχϊ χϔϊ ϙϕϛϒͥ ψϛϚ ϔϕϚ ϙϛψϐϋωϚ ώϏϓϙϋϒό Ϛϕ ώϛϓϏϒϏχϚϏϕϔͨ ΢ϋϙͥ Ϛώϋ ϙώϘϏϔϋ ϕό χϒ΀Αϛϙχϟϔ ͸ͮχ͹ Ϗϙ ϕϔϋ ϕό Ϛώϋ ύχϘϊϋϔϙ ϕό ώϋχϜϋϔ χϔϊ ϕϔϋ ϕό ϏϚϙ ύχϚϋͨ ΜϛϖϖϒϏωχϚϏϕϔ ϛϔϊϋϘ Ϛώϋ ϊϕϓϋ ϕό χϒ΀Αϛϙχϟϔ ͸ͮχ͹ Ϗϙ χωωϋϖϚϋϊ χϔϊ ϖϘχϟϋϘ Ϗϔ ϚώχϚ ϖϒχωϋ Ϗϙ ψϋϒϕϜϋϊ χϔϊ χωωϋϖϚϋϊͨ Βό Ϛώϋ ψϋχϊϙ ϕό χ ϘϕϙχϘϟ ͺϚχϙψLώͻ ϓχϊϋ όϘϕϓ Ϛώϋ ϙϕϏϒ ϕό ΔχϘψχϒDͯ χϘϋ ϘϕϚχϚϋϊ Ϗϔ Ϛώϋ ώχϔϊϙͥ ϚώϋϘϋ ϙώχϒϒ ψϋ Ϛώϋ ϘϋϝχϘϊ ϕό ϘϋωϏϚϏϔύ ͰϙϛψώDϔ ΊϒϒDώͱ ͺύϒϕϘϟ ψϋ Ϛϕ Ίϒϒχώͻ όϕϘ Ϛώϋ ϕϝϔϋϘ ϋϜϋϔ Ϗό ώϋ Ϗϙ ϙϏϒϋϔϚͨ Βό ώϋ ϊϕϋϙ ϊώϏϑϘ ͺϚώϋ ϘϋϓϋϓψϘχϔωϋ ϕό ΐϕϊͻ χϔϊ ϛϙϋϙ Ϛώϋ ϘϕϙχϘϟͥ ϚώϋϘϋ ϙώχϒϒ ψϋ рй ϚϏϓϋϙ Ϛώϋ ϘϋϝχϘϊ όϕϘ ϋχωώ ϊώϏϑϘͨ Νώϋ ϏϓϖϕϘϚχϔωϋ ϕό ΔχϘψχϒDͯ χϙ ϓϋϔϚϏϕϔϋϊ Ϗϔ Ϛώϋ ϚϘχϊϏϚϏϕϔϙ Ϗϙ ϔϕϚ ωϕϔωϋχϒϋϊ ϙϕ χϙ όϕϘ ϏϚ Ϛϕ ϋϔωϕϓϖχϙϙ ϙϕ όχϘ χϙ όϕϛϘ ϓϏϒϋϙ χϝχϟ όϘϕϓ Ϛώϋ ϙώϘϏϔϋ ϕό ΒϓDϓ χϒ΀Αϛϙχϟϔ ͸ͮχ͹ͨͼмннͽ 3URVWUDWLRQ RI WKDQNV ^VXMXG VKXNU` 3URVWUDWLRQ LV QRW H[FOXVLYH WR SUD\HU ,Q IDFW LW LV DOVR GLVFXVVHG LQ RWKHU DUHDV DQG LW LV HYHQ REOLJDWRU\ VRPHWLPHV VXFK DV DIWHU WKH UHFLWDO RI RQH RI WKH YHUVHV IRU ZKLFK SURVWUDWLRQ LV REOLJDWRU\ 2QH RI WKH ZD\V RI H[SUHVVLQJ JUDWLWXGH LV WKH SURVWUDWLRQ RI WKDQNV ^VXMXG VKXNU` ZKLFK LV KLJKO\ UHFRPPHQGHG 6XMXG VKXNU PHDQV JLYLQJ WKDQNV IRU WKH LQFHVVDQW GLYLQH EOHVVLQJV ZKLFK KDYH EHHQ VKRZHUHG XSRQ XV DQG RXU IDPLO\ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸с ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

,PDP Dϙ ΜDGLT µD VD\V ³:KHQHYHU \RX UHPHPEHU D EOHVVLQJ SODFH \RXU IRUHKHDG RQ WKH JURXQG DV D WRNHQ RI WKDQNV DQG LI \RX VHH WKDW WKH SHRSOH DUH ORRNLQJ DW \RX DV D UHVSHFW IRU WKDW IDYRU EHQG D OLWWOH ELW ´> @ 7KH +RO\ 3URSKHW 6 ZDV VHHQ GLVPRXQWLQJ D FDPHO +H SHUIRUPHG SURVWUDWLRQ ILYH WLPHV DQG VDLG ³-LEUD¶LO FDPH GRZQ WR PH DQG JDYH PH ILYH W\SHV RI LQVLJKW DQG IRU HYHU\ LQVLJKW , PDGH VDMGDK ´> @ ΑDϊUDW µ$OL µD VRPHWLPHV ZRXOG IDLQW ZKLOH SHUIRUPLQJ VXMXG VKXNU> @ DQG LW KDV EHHQ QDUUDWHG IURP WKH ,PDP RI WKH 7LPH µD WKDW WKH PRVW QHFHVVDU\ RI WKH UHFRPPHQGHG DFWV ^VXQQDK` LV VXMXG VKXNU > @ 'XULQJ WKH VXMXG VKXNU DQ\ GKLNU RU VXSSOLFDWLRQ LV SHUPLVVLEOH EXW WKH UHFLWDO RI ³VKXNUDQ OLOODK´ ^WKDQNV WR $OODK` DQG ³DO ώDPGXOLOODK´ ^DOO SUDLVH EHORQJV WR $OODK` DQG UHPHPEUDQFH RI WKH JUHDW EOHVVLQJ RI WKH JXDUGLDQVKLS ^ZLOD\DK` RI WKH $KO DO %D\W µD DUH UHFRPPHQGHG > @ *RG VDLG ³7KH UHZDUG RI WKH SHUVRQ ZKR SHUIRUPV VXMXG VKXNU LV WKDW , DOVR JLYH WKDQNV WR KLP ´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ϙDODZDWV DQG WKH UHPRYDO RI WHQ PDMRU VLQV &RQFHUQLQJ WKH VWDWLRQ DQG VWDWXV RI VXMXG VKXNU LW LV HQRXJK όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸т ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

WR VD\ WKDW *RG ZRXOG EH SURXG RI LW DQG H[SUHVV WKLV SULGH WR WKH DQJHOV > @ 7KH SURVWUDWLRQV RI WKH VDLQWV RI *RG ,PDP Dϙ ΜDGLT µD VD\V ³7KH UHDVRQ EHKLQG ,EUDKLP¶V µD DWWDLQPHQW RI WKH VWDWLRQ RI )ULHQG RI $OODK ^NKDOLOXOODKL` ZDV KLV PDQ\ SURVWUDWLRQV RQ WKH JURXQG > @ 2Q WKH QLJKW ZKHQ ΑDϊUDW µ$OL µD ZDV VXSSRVHG WR VOHHS RQ WKH EHG RI WKH +RO\ 3URSKHW 6 LQ RUGHU WR SURWHFW KLP IURP WKH VZRUGV RI KLV HQHPLHV KH DVNHG WKH 0HVVHQJHU RI $OODK 6 ³,I , GR VR ZLOO \RXU OLIH EH VDIH IURP GDQJHU"´ :KHQ WKH 3URSKHW 6 JDYH DQ DIILUPDWLYH UHSO\ ΑDϊUDW µ$OL µD VPLOHG DQG SHUIRUPHG VXMXG VKXNU DV D JHVWXUH RI JUDWLWXGH IRU WKLV RSSRUWXQLW\ > @ :KHQ WKH KHDG RI $EX -DKO OHDGHU RI WKH SRO\WKHLVWV ZDV EURXJKW WR WKH 3URSKHW 6 KH SHUIRUPHG VXMXG VKXNU > @ ,PDP DV 6DMMDG µD ZRXOG SHUIRUP VXMXG VKXNU DV DQ H[SUHVVLRQ RI WKDQNV :KHQHYHU D FDODPLW\ ZDV WDNHQ DZD\ IURP KLP RU KH LQLWLDWHG WKH UHFRQFLOLDWLRQ EHWZHHQ WZR 0XVOLPV KH ZRXOG PDNH VXMXG VKXNU +LV VXMXG ZDV VR ORQJ WKDW KH ZRXOG SHUVSLUH SURIXVHO\ > @ 6RPH SRLQWV 7KH SODFH RI SURVWUDWLRQ LV VR LPSRUWDQW LQ WKDW ZH WKXV UHDG LQ WKH WUDGLWLRQV ³$IWHU SUD\HU WRXFK WKH SODFH RI SURVWUDWLRQ ZLWK \RXU KDQG DQG DSSO\ LW WR \RXU IDFH DQG ERG\ LQ RUGHU WR UHPDLQ VDIH IURP GLVHDVHV SODJXHV DQG XQSOHDVDQW WKLQJV ´> @ 7U\ QRW WR IRUJHW VXMXG VKXNU DIWHU WKH PDJKULE ^GXVN` SUD\HU DV WKH VXSSOLFDWLRQ DIWHU LW LV DFFHSWHG > @ ,PDP Dϙ ΜDGLT µD VDLG ³$Q\RQH ZKR SHUIRUPV SURVWUDWLRQ EHWZHHQ WKH DGKDQ DQG LTDPDK DQG WKXV VD\V ZKLOH LQ SURVWUDWLRQ ³, GR SURVWUDWH EHIRUH <RX KXPEO\ VXEPLVVLYHO\ DQG PHHNO\ ´ *RG ZLOO SODFH ORYH IRU KLP LQ WKH KHDUWV RI WKH EHOLHYHUV DQG IHDU RI KLP LQ WKH KHDUWV RI WKH K\SRFULWHV όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸кй ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

^PXQDILTLQ` > @ 3URVWUDWLRQ LV VROHO\ IRU *RG DQG LW LV QRW SHUPLVVLEOH WR SURVWUDWH EHIRUH DQ\RQH LQFOXGLQJ WKH 3URSKHW RI $OODK 6 > @ OHW DORQH LQ IURQW RI WKH JUDYHV RI WKH ,PDPV µD DQG WKHLU GHVFHQGDQWV ^LPDP]DGHKV` LQ IURQW RI ZKLFK VRPH SHRSOH GR SURVWUDWH DV DQ H[SUHVVLRQ RI UHVSHFW :KHQ D JURXS RI 0XVOLPV PLJUDWHG WR $E\VVLQLD WKH LQILGHOV RI 0HFFD GLVSDWFKHG D GHOHJDWLRQ WR .LQJ 1HJXV LQ RUGHU IRU KLP QRW WR DFFRPPRGDWH WKH 0XVOLPV LQ KLV FRXQWU\ DQG WKXV H[SHO WKHP ,Q DFFRUGDQFH ZLWK WKH FXVWRPV DW WKDW WLPH WKH UHSUHVHQWDWLYH RI WKH 4XUD\VK SURVWUDWHG EHIRUH WKH 1HJXV NLQJ RI $E\VVLQLD 2Q WKH FRQWUDU\ WKH 0XVOLP UHSUHVHQWDWLYH -DµIDU WKH EURWKHU RI ΑDϊUDW µ$OL µD GLG QRW SURVWUDWH VD\LQJ ³:H GR QRW SURVWUDWH WR DQ\ERG\ H[FHSW *RG ´> @ 7KH SURVWUDWLRQ RI ΑDϊUDW <DµTXE -DFRE µD DQG KLV VRQV WR ΑDϊUDW <XVXI -RVHSK µD ZDV DOVR QRW IRU <XVXI EXW IRU *RG DV D WRNHQ RI JUDWLWXGH IRU WKH EOHVVLQJ RI UHXQLRQ ZLWK <XVXI ³$QG WKH\ IHOO GRZQ SURVWUDWH EHIRUH KLP ´> @ ΗϕϚϋϙͧ

> @ 6XUDK DO 0XUVDODW 6HH %LώDU DO $QZDU YRO S > @ 6XUDK DO :DTLµDK > @ -DPLµ DO $ώDGLWK YRO S > @ %LώDU DO $QZDU YRO S > @ 6XUDK ΜDG > @ :DVD¶LO DVK 6KLµDK YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ -DPLµ DO $ώDGLWK YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ $OO WKHVH HWLTXHWWHV DUH UHFRUGHG LQ :DVD¶LO DVK 6KLµDK YRO SS όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸кк ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

> @ %LώDU DO $QZDU YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ 2I FRXUVH VXMXG LV VROHO\ IRU *RG DQG PDQ ZDV PHUHO\ DVVXPHG WKH TLEODK RI WKH DQJHOV > @ 6XUDK DO µ$ODT > @ 6XUDK DO )DWK > @ 6XUDK DQ 1DώO > @ 6XUDK DU 5DώPDQ > @ 1DKM DO %DODJKDK 6HUPRQ > @ 6XUDK DO ,QVDQ > @ 6XUDK $O µ,PUDQ > @ 6XUDK DO ΑDMM > @ 6XUDK DO )DWώ > @ 6XUDK DV 6DMGDK > @ 6XUDK DO )XUTDQ > @ %LώDU DO $QZDU YRO S > @ -DPLµ DO $ώDGLWK YRO S > @ -DPLµ DO $ώDGLWK YRO S > @ -DPLµ DO $ώDGLWK YRO S > @ 0XVQDG $ώPDG LEQ ΑDQEDO YRO S > @ -DPLµ DO $ώDGLWK YRO S > @ 0XVWDGUDN DO :DVD¶LO YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ 6XUDK DO %DTDUDK ³:H FKDUJHG $EUDKDP DQG ,VKPDHO ^ZLWK LWV XSNHHS VD\LQJ` µ3XULI\ 0\ +RXVH IRU WKRVH ZKR JR DURXQG LW IRU WKRVH ZKR PDNH LW D UHWUHDW DQG IRU WKRVH ZKR ERZ DQG SURVWUDWH ´ > @ %LώDU DO $QZDU YRO S > @ $O )DTLK YRO S > @ $O :DIL YRO S > @ 0XVWDGUDN DO :DVD¶LO YRO S > @ 7KHVH WUDGLWLRQV KDYH EHHQ UHFRUGHG LQ :DVD¶LO DVK 6KLµDK YRO SS > @ 7KH VXEMHFWV RI WKLV GLVFXVVLRQ KDYH EHHQ UHFRUGHG LQ WKH WUDGLWLRQV RI WKH ERRN .DPLO D] =L\DUDW 6HFWLRQ RQZDUG > @ $O :DIL YRO S > @ 0XώDMMDK DO %D\ϊD¶ YRO S > @ -DPLµ DO $ώDGLWK YRO S > @ -DPLµ DO $ώDGLWK YRO S > @ -DPLµ DO $ώDGLWK YRO S > @ $O )DTLK YRO S όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸кл ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

> @ $O )DTLK YRO S > @ %LώDU DO $QZDU YRO S > @ $O :DIL YRO S > @ -DPLµ DO $ώDGLWK YRO S > @ %LώDU DO $QZDU YRO S > @ 6DILQDK DO %DώDU > @ :DVD¶LO DVK 6KLµDK YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ 0XVQDG $ώPDG LEQ ΑDQEDO YRO S > @ 6XUDK <XVXI

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкйͨώϚϓ ͸км ϕό км͹кйͿктͿлйкл оͧймͧмт ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

ΌώχϖϚϋϘ р

'KLNU DW 7DVELK ³6XEKDQ $OODK´ ^JORU\ EH WR $OODK`

:KLOH LQ UXNXµ DQG VXMXG WKH SHUVRQ SUD\LQJ JORULILHV *RG :KHQ WKH YHUVH ³6R FHOHEUDWH WKH 1DPH RI \RXU /RUG WKH $OO VXSUHPH ´> @ ZDV UHYHDOHG WKH 3URSKHW 6 WKXV VDLG ³$SSO\ WKLV FRPPDQG WR \RXU UXNXµ DQG VD\

Ê ƸÈÊƥ ȁ È ƦÌLJÉ ǽƾǸ È ǶȈǜ Ê ǠÈÌdzĞ ȆÈŏƥǁÈ ǹƢƸ

6XEώDQD UDEEL\D¶O µDϠLP ZD ELώDPGLK ³*ORU\ EH WR P\ /RUG WKH *UHDW DQG SUDLVH EHORQJV WR +LP ´ $QG ZKHQ WKH YHUVH ³<RX DUH ODERULQJ WRZDUG \RXU /RUG WKH 0RVW ([DOWHG ´> @ ZDV UHYHDOHG KH 6 VDLG ³$SSO\ WKLV FRPPDQG WR \RXU VXMXG DQG VD\

Ê ƸÈÊƥ ȁ È ȆÈŏƥǁÈ ǹƢƸ È ƦÌLJÉ ǽƾǸ Ù ǟÌȏĞ È ȄǴ

6XEώDQD UDEEL\D¶O DµOD ZD ELώDPGLK ³*ORU\ EH WR P\ /RUG WKH ([DOWHG DQG SUDLVH EHORQJV WR +LP ´> @ 7KH VWDWLRQ RI WDVELK *ORULI\LQJ ^WDVELώ` DQG H[DOWLQJ ^WDQ]L\\DK` *RG DUH WKH URRW RI DOO DXWKHQWLF ,VODPLF EHOLHIV DQG WKRXJKWV 7DZώLG PHDQV UHJDUGLQJ *RG DV IUHH IURP DQ\ WDLQW RI SRO\WKHLVP ³&OHDU LV $OODK RI DQ\ SDUWQHUV WKDW WKH\ PD\ DVFULEH ^WR +LP` ´> @ -XVWLFH ^µDGO` PHDQV FRQVLGHULQJ *RG DV IUHH IURP DQ\ IRUP RI LQMXVWLFH ³7KH\ VDLG µ,PPDFXODWH LV RXU /RUG :H KDYH LQGHHG EHHQ ZURQJGRHUV ¶´> @ 3URSKHWKRRG ^QXEXZZDK` DQG ,PDPDWH ^LPDPDK` PHDQ WUHDWLQJ *RG DV LPPXQH IURP WKH ODFN RI WKH SXUSRVH WKH

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿккͨώϚϓ ͸к ϕό т͹кйͿктͿлйкл оͧймͧнл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

SURJUDP DQG WKH PHDQV GHOLYHULQJ WKH SHRSOH IURP WKH VHD RI GHVLUH DQG LQFOLQDWLRQ

ōÉ DZÈDŽǻÈÈƗ ƢǷ ơȂ ōÈ ǁƾÈÈǫ ƢǷ Ê ǁÊƾÌÈǫ ǪōƷ É È Ì Ƃ ƔòÇȆNj Ǻ Ƿ ǂnj ƥ ȄǴ ǟ ƅơ dzƢ ǫ ƿ ƛ ǽ ƅơ ơȁ Ê Ç È È È ŏ È É È ȁÈ ƃ Ì

³7KH\ GLG QRW UHJDUG $OODK ZLWK WKH UHJDUG GXH WR +LP ZKHQ WKH\ VDLG µ$OODK KDV QRW VHQW GRZQ DQ\WKLQJ WR DQ\ KXPDQ¶ ´> @ 7KH 5HWXUQ ^PDµDG` PHDQV NQRZLQJ *RG QRW WR KDYH PDGH FUHDWLRQ LQ YDLQ DQG NQRZLQJ WKDW WKH HQG RI WKH ZRUOG LV QRW DQQLKLODWLRQ ³2 /RUG <RX KDYH QRW FUHDWHG WKLV LQ YDLQ ,PPDFXODWH DUH <RX ´> @ ³'LG \RX VXSSRVH WKDW :H FUHDWHG \RX DLPOHVVO\ DQG WKDW \RX ZLOO QRW EH EURXJKW EDFN WR 8V"´> @ <HV *RG LV JXLOWOHVV RI WKLV IXWLOH DQG YDLQ DFW *ORULILFDWLRQ RI *RG LV QRW RQO\ WKH IRXQWDLQKHDG RI ,VODPLF EHOLHIV EXW DOVR WKH VRXUFH RI HQRUPRXV VSLULWXDO DQG PRUDO H[FHOOHQFHV 6XEώDQ $OODK LV WKH VRXUFH RI VDWLVIDFWLRQ ^ULϊD` ,I ZH UHJDUG +LP DV IUHH IURP DQ\ GHIHFW LW PHDQV WKDW ZH DUH VDWLVILHG ZLWK +LV GHFUHHV DQG VXEPLW WR WKH ZLVGRP EHKLQG +LV ZLOO 6XEώDQ $OODK LV WKH IRXQWDLQKHDG RI WDZDNNXO ^UHOLDQFH RQ *RG` ,W LV RQO\ ORJLFDO WKDW ZH KDYH WR WUXVW DQG UHO\ RQ WKH 2QH ZKR LV IUHH IURP DQ\ QHHG DQG LPPXQH IURP DQ\ ZHDNQHVV DQG LQDELOLW\ ³,PPDFXODWH LV +H +H LV WKH $OO VXIILFLHQW ´> @ 6XEώDQ $OODK LV WKH VRXUFH RI ORYH IRU *RG 7KH (VVHQFH WKDW LV FOHDU IURP DQ\ GHIHFW DQG VKRUWFRPLQJ LV ORYHG E\ PDQ 6XEώDQ $OODK LV WKH SUHOLPLQDU\ SDUW RI SUDLVH DQG HXORJ\ WR *RG²SUDLVH DQG HXORJ\ IRU WKH (VVHQFH WKDW LV IUHH IURP ILOWK DQG XQSOHDVDQWQHVV 7KXV LQ WKH 7DVELώDW DO $UEDµDK > @ ³VXEώDQ $OODK´ FRPHV ILUVW EHIRUH ³DO ώDPGXOLOODK´ 6XEώDQ $OODK LV WKH NH\ WR VDOYDWLRQ IURP DOO VXSHUVWLWLRQV DQG PDQ PDGH FUHHGV ³&OHDU LV $OODK WKH /RUG RI WKH 7KURQH RI ZKDW WKH\ DOOHJH ^FRQFHUQLQJ +LP` ´> @

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿккͨώϚϓ ͸л ϕό т͹кйͿктͿлйкл оͧймͧнл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

3HUKDSV LW LV IRU WKHVH UHDVRQV WKDW WKH FRPPDQG IRU WDVELώ ^JORULILFDWLRQ RI $OODK` KDV EHHQ PHQWLRQHG PRUH IUHTXHQWO\ FRPSDUHG WR RWKHU DGKNDU ^IRUPV RI UHPHPEUDQFH WR *RG` 7KH FRPPDQG IRU WDVELώ KDV EHHQ UHSHDWHG WLPHV IRU LVWLJKIDU ^DVNLQJ IRUJLYHQHVV IURP $OODK` HLJKW WLPHV IRU WKH UHPHPEUDQFH RI $OODK ^GKLNU` ILYH WLPHV DQG IRU WDNELU ^WR VD\ ³$OODKX DNEDU´` WZLFH %HVLGHV WKH FRPPDQG IRU WDVELώ LV PHDQW IRU DOO WLPHV DQG FRQGLWLRQV VR WKDW PDQ VKRXOG DOZD\V UHPHPEHU *RG DQG UHJDUG +LP DV IUHH IURP DQ\ IRUP RI GHIHFW DQG VKRUWFRPLQJ

É DzÈƦÌÈǫ ǮÈËÊƥǁ ō ƔƢÊÈǻƕ ǺÌǷÊȁ Ƣ É DzÈƦÌÈǫȁ ō ǝȂ DzÊȈÌǴdzơ È ȀÈÊƥȁǂÉǣ È džÊǸÌnjdzơ È Ê ǴÉǗ È ƾÊǸÌƸÈÊƥ ƶÌËƦÊLJÈȁ ƃ È ǂÈǗÌÈƗȁ Ƃ ǁƢÊȀÈǼdzơ ō ǥơ È ƶÌËƦÊLjÈÈǧ

³$QG FHOHEUDWH WKH SUDLVH RI \RXU /RUG EHIRUH WKH ULVLQJ RI WKH VXQ DQG EHIRUH WKH VXQVHW DQG JORULI\ +LP LQ ZDWFKHV RI WKH QLJKW DQG DW WKH GD\¶V HQGV ´> @ <RX DOVR JORULI\ *RG DW WKH PRPHQW RI YLFWRU\ DQG MR\IXOQHVV ³:KHQ $OODK¶V KHOS FRPHV ZLWK YLFWRU\« WKHQ FHOHEUDWH WKH SUDLVH RI \RXU /RUG ´> @ ,Q DGGLWLRQ JORULI\ *RG LQ WKH GHSWKV RI YLFLVVLWXGHV DQG DGYHUVLW\ IRU WKH WDVELώ LV WKH VRXUFH RI GHOLYHUDQFH ³$QG KDG KH -RQDK QRW EHHQ RQH RI WKRVH ZKR FHOHEUDWH $OODK¶V JORU\ KH ZRXOG KDYH VXUHO\ UHPDLQHG LQ LWV EHOO\ WLOO WKH GD\ WKH\ ZLOO EH UHVXUUHFWHG ´> @ <HV RQ DFFRXQW RI PDQ¶V PDQ\ OLPLWDWLRQV KH FDQ QHYHU FRPSUHKHQG *RG 6R LW LV EHWWHU IRU KLP WR DGPLW KLV RZQ ZHDNQHVV DQG VD\ ³$V <RX DUH EH\RQG WKH VFRSH RI WKH LQWHOOHFW DQG LPDJLQDWLRQ <RX DUH JXLOWOHVV RI DQG DERYH ZKDW RWKHUV DVFULEH WR <RX´ ³,PPDFXODWH LV +H DQG JUHDWO\ H[DOWHG DERYH ZKDW WKH\ VD\ ´> @ 2QO\ WKH VLQFHUH VHUYDQWV RI *RG WKURXJK GLYLQH JXLGDQFH DQG VXFFRU FDQ GHVFULEH *RG

ōÊ ƽƢÈƦǟ ȏ ōÊ ǹƢ È ǨÉǐÊÈȇ ƢǸōǟ È ƸÈƦÌLJ ƃ Ƃ ǺȈ È ƅơ É È ǐÊǴÈƼÌǸÉÌdzơ ƅơ È Ê ÊƛØ ǹȂ

³&OHDU LV $OODK RI ZKDWHYHU WKH\ DOOHJH ^DERXW +LP` ²^DOO` H[FHSW $OODK¶V H[FOXVLYH VHUYDQWV ´> @ 7KH UHZDUG IRU WDVELK

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿккͨώϚϓ ͸м ϕό т͹кйͿктͿлйкл оͧймͧнл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

,PDP Dϙ ΜDGLT µD QDUUDWHV WKDW WKH 0HVVHQJHU RI $OODK 6 VDLG WKDW ZKHQ D VHUYDQW RI *RG XWWHUV ³6XEώDQ $OODK ´ ZKDWHYHU LV XQGHU WKH 'LYLQH 7KURQH JORULILHV *RG DORQJ ZLWK KLP DQG WLPHV WKH UHZDUG VKDOO EH JLYHQ WR KLP :KHQ KH UHFLWHV ³$O ώχϓϊϛϒϏϒϒDώͥ´ *RG VKDOO JUDQW KLP WKH EOHVVLQJV RI WKH ZRUOG WLOO KH PHHWV $OODK DQG HQWHUV LQWR WKH EOHVVLQJV RI WKH KHUHDIWHU > @ 3UDFWLFDO WDVELK ,PDP Dϙ ΜDGLT µD VDLG ³2QH RI WKH PRVW GLIILFXOW DQG LPSRUWDQW WKLQJV WKDW *RG KDV PDGH QHFHVVDU\ IRU FUHDWLRQ LV ³DEXQGDQW UHPHPEUDQFH´ ^GKLNU DO NDWKLU` ´ +H µD WKHQ VDLG ³:KDW LW PHDQV LV QRW WKH UHFLWDO RI ³6XEώDQ $OODKL ZD¶O ώDPGXOLOODKL ZD OD LODKD LOODOODKX $OODKX DNEDU´ ^*ORU\ EH WR $OODK SUDLVH EH WR $OODK WKHUH LV QR JRG EXW $OODK $OODK LV JUHDWHU` DOWKRXJK LW LV DOVR SDUW RI WKHP :KDW LW PHDQV LV µWR UHPHPEHU $OODK DV WR ZKDW LV ODZIXO ^ώDODO` DQG ZKDW LV XQODZIXO ^ώDUDP`¶ ´> @ 7KDW LV WR UHPHPEHU *RG ZKHQ DFWLQJ LI D FHUWDLQ WDVN PHDQV REHGLHQFH WR +LP LW KDV WR EH XQGHUWDNHQ LI LW HDUQV +LV GLVSOHDVXUH LW KDV WR EH DEDQGRQHG 5HSHWLWLRQ RI WDVELK 6RPHRQH FDPH WR WKH KRXVH RI ,PDP Dϙ ΜDGLT µD +H VDZ WKH ,PDP µD LQ D VWDWH RI UXNXµJORULI\LQJ *RG DQG UHSHDWLQJ WKH WDVELώ WLPHV :KLOH LQ WKH VWDWH RI VXMXG WKH ,PχP UHSHDWHG WKH WDVEϏώ WLPHV > @ 7KH UHSHWLWLRQ RI WDVELώ LV GLVFXVVHG QRW RQO\ LQ SUD\HU EXW LQ WKH Αχϐϐ ϘϏϚϋϙ χϙ ϝϋϒϒͨ ΊϚ Ϛώϋ ϚϏϓϋ ϕό ϒϕϕϑϏϔύ χϚ Ϛώϋ ΋ϒχωϑ ΜϚϕϔϋ ͺώχϐχϘ χϒ΀χϙϝχϊͻͥ ϊϛϘϏϔύ Ϛώϋ ϙχͮL ψϋϚϝϋϋϔ ΜχόD χϔϊ ΖχϘϝDK DQG LQ RWKHU FDVHV WKH UHSHWLWLRQ RI WDVELώ KDV EHHQ UHFRPPHQGHG )RU LQVWDQFH LQ WKH SUD\HU DSDUW IURP WKH GKLNU LQ UXNXµ DQG VXMXG 7DVELώDW DO $UEDµDK FDQ DOVR EH UHSHDWHG LQ WKH WKLUG DQG IRXUWK UDNµDKV %DVHG RQ ERWK 6XQQL DQG 6KLµDK WUDGLWLRQV ZKDW LV PHDQW E\ WKH EDTL\DW Dϙ ϙDOLώDW ^³ODVWLQJ ULJKWHRXV όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿккͨώϚϓ ͸н ϕό т͹кйͿктͿлйкл оͧймͧнл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

GHHGV´`> @ LQ YHUVH RI 6XUDK DO .DKI LV WKLV 7DVELώDW DO $UEDµDK > @ $V VWDWHG E\ +DGUDW µ$OL µD WKH GKLNU RI +DGUDW ,EUDKLP µD DW WKH WLPH RI FRQVWUXFWLQJ WKH .DµEDK ZDV ³6XEώDQ $OODKL ZD¶O ώDPGXOLOODKL ZD OD LODKD LOODOODKX $OODKX DNEDU´ > @ 5HPHPEUDQFH RI *RG ^GKLNU $OODK` LQ ,VODPLF FXOWXUH /HW XV WDNH D EULHI ORRN DW WKH UHPHPEUDQFH RI *RG ^GKLNU $OODK` LQ ,VODPLF FXOWXUH :KHQ VXUSULVHG DQG DPD]HG RXU IDLWKIXO DQFHVWRUV ZRXOG VD\ ³0DVKD¶ $OODK´ ^ZKDW $OODK KDV ZLOOHG ` RU ³VXEώDQ $OODK´ ^JORU\ EH WR $OODK ` ZKHQ HQWHULQJ WKH KRXVH ³<D $OODK´ ^2 $OODK ` ZKHQ VHSDUDWLQJ IURP HDFK RWKHU ³.KRGD ώDILϠ´ ^PD\ *RG SURWHFW \RX ` ZKHQ VWDQGLQJ ³<D µ$OL ´ ^2 µ$OL ` WR UHPRYH IDWLJXH ZKLOH ZRUNLQJ ³.KRGD TXZZDW´ ^PD\ *RG JLYH \RX SRZHU ` LQ UHSO\ WR WKH LQTXLU\ DIWHU RQH¶V KHDOWK ³$O ώDPGXOLOODK´ ^$OO SUDLVH EHORQJV WR $OODK` ZKHQ RIIHULQJ IRRG ³%LVPLOODK´ ^,Q WKH 1DPH RI $OODK ` DQG DW WKH HQG RI D PHDO WKH\ ZRXOG UHFLWH DSSURSULDWH SUD\HUV DQG WKDQNV WR *RG *UDQGPRWKHUV ZRXOG VWDUW WKHLU VWRU\WHOOLQJ ³<HNL EXG \HNL QDEXG´ ^7KHUH ZDV RQFH QRERG\ H[FHSW +LP` ,W LV FOHDU WKDW WR OLYH LQ VXFK DQ DWPRVSKHUH DQG WR EH UHDUHG LQ VXFK DQ HQYLURQPHQW ZRXOG HQFRXUDJH WKH UHPHPEUDQFH RI *RG WR IORZ LQ WKH KHDUW DQG +LV 1DPH WR IORZ IURP WKH WRQJXH DW DQ\ WLPH DQG LQ DQ\ SODFH 7KH WDVELK RI RWKHU FUHDWXUHV $OO RI FUHDWLRQ²WKH VHYHQ KHDYHQV DQG WKH HDUWK DQG ZKDWHYHU WKHUH LV EHWZHHQ WKHP²JORULILHV *RG > @ 7KH DQLPDOV VXFK DV WKH ELUGV LQDQLPDWH REMHFWV VXFK DV WKH PRXQWDLQV > @ WKXQGHU DQG VWRUP> @ GR VR DQG WKDW WRR LV RXW RI FRQVFLRXVQHVV DQG LQVWLQFW

É Ƃ ǾÉƸȈ È ƾÌÈǫ Dzŋǯ ƃ È ǶÈǴÊǟ È ƦÊLjÌÈƫȁ È ǾÉÈƫȐÈǏ

³(DFK NQRZV KLV SUD\HU DQG JORULILFDWLRQ ´> @ 7KH WDVELώ RI WKH DQJHOV LV VR SHUYDVLYH WKDW WKH 3URSKHW 6

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿккͨώϚϓ ͸о ϕό т͹кйͿктͿлйкл оͧймͧнл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

VDLG ³7KHUH LV QRW D VLQJOH OD\HU RI WKH KHDYHQV H[FHSW WKDW WKHUHLQ LV DQ DQJHO LQ WKH VWDWH RI SUD\HU DQG WDVELώ ´> @ ,PDP Dϙ ΜDGLT µD VD\V ³:KHQHYHU ΑDϊUDW 'DZXG µD ZRXOG UHDG WKH =DEXU WKHUH ZDV QR PRXQWDLQ VWRQH DQG ELUG WKDW GLG QRW UHFLW LW ZLWK KLP ´> @ ,Q WKH WUDGLWLRQV ZH DUH DGPRQLVKHG QRW WR VWULNH D EORZ RQ WKH IDFH RI IRXU IRRWHG DQLPDOV IRU WKH\ DUH JORULI\LQJ *RG > @

˷ ϮΗ ΎΑ Ϊη ίΎΑ ϰϤθ̩ ΐϴϏ ί΍ ΍έ ϮΗ ή̳ Ϊη ί΍ήϤϫ ϥΎϬΟ Ε΍έΫ ϝΩ Ϟϫ΍ α΍ϮΣ αϮδΤϣ Ζδϫ Ϟ̳ ϖτϧ ϭ ϙΎΧ ϖτϧ ϭ Ώ΁ ϖτϧ ˷ ϪϠϤΟ ϥΎΒη ϭ ϥ΍ίϭέ ΪϨϳϮ̳ ϰϣ ϮΗ ΎΑ ϥΎϬϧ έΩ ϢϟΎϋ Ε΍έΫ ϢϴηϮϣΎΧ Ύϣ ϥΎϣήΤϣΎϧ ΎϤη ΎΑ ϢϴηϮϫ ϭ ϢϳήϴμΑ ϭ ϢϴόϴϤγ Ύϣ

,I \RX FRXOG VHH WKH XQVHHQ WR \RX ZRXOG EH UHYHDOHG WKH VHFUHW EHKLQG HYHU\ SDUWLFOH RI WKH ZRUOG 7KH YRLFH RI ZDWHU VRLO DQG PXG FDQ EH KHDUG E\ WKH JQRVWLFV $OO WKH SDUWLFOHV RI WKH ZRUOG VD\ VHFUHWO\ WR \RX GXULQJ WKH GD\ DQG QLJKW ³:H DUH KHDULQJ GLVFHUQLQJ DQG YLJLODQW :H DUH VLOHQW ZLWK \RX WKH VWUDQJHUV ´ $ JURXS RI FKLUSLQJ VSDUURZV SDVVHG E\ LQ IURQW RI ,PDP DV 6DMMDG µD 7KH ,PDP µD WXUQHG WR WKRVH ZKR ZHUH QHDU KLP DQG VDLG ³(YHU\ PRUQLQJ WKH ELUGV JORULI\ $OODK DQG SUD\ IRU SRZHU IRU WKH GD\ ´> @ 6RPH SHRSOH KDYH VDLG WKDW ZKDW LV PHDQW E\ WKH WDVELώ DQG VXMXG RI RWKHU FUHDWXUHV LV DOOHJRULFDO DQG QRW OLWHUDO -XVW DV D EHDXWLIXO SDLQWLQJ DQG D FROOHFWLRQ RI SRHPV UHVSHFWLYHO\ WHVWLI\ WR WKH HQRUPRXV WDOHQW RI WKH SDLQWHU DQG WKH LQERUQ GLVSRVLWLRQ RI WKH SRHW WKH P\VWHULRXV FRQVWLWXWLRQ RI RWKHU FUHDWXUHV EHDUV ZLWQHVV WR WKH NQRZOHGJH SRZHU ZLVGRP DQG SUHFLVLRQ RI *RG GHFODULQJ +LP LPPXQH IURP DQ\ VRUW RI GHIHFW DQG VKRUWFRPLQJ 7KLV LV WKH YHU\ PHDQLQJ RI WKH WDVELώ RI RWKHU FUHDWXUHV 7KLV YLHZ LV SXW IRUZDUG ZKHQ LQ WKH ILUVW SODFH ZH KDYH QR SURRI DQG HYLGHQFH VXEVWDQWLDWLQJ WKLV QRWLRQ 6HFRQGO\ ZH KDYH WR UHVRUW WR DOOHJRULFDO LQWHUSUHWDWLRQ ^WD¶ZLO` DQG DQDO\VLV ZKHQ WKH DSSDUHQW PHDQLQJ RI D ZRUG SRVHV DQ LPSRVVLELOLW\

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿккͨώϚϓ ͸п ϕό т͹кйͿктͿлйкл оͧймͧнл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

VXFK DV WKH YHUVH ³7KH KDQG RI $OODK LV DERYH WKHLU KDQGV ´> @ LQ ZKLFK LW LV LPSRVVLEOH IRU *RG WR KDYH D KDQG DQG VR ZH VD\ WKDW ZKDW LV PHDQW E\ ³WKH KDQG RI $OODK´ LV GLYLQH SRZHU +RZHYHU LQ FDVH ZKHUH ZH FDQQRW FRPSUHKHQG WKH PHDQLQJ ZH KDYH QR ULJKW WR UHVRUW WR DOOHJRULFDO LQWHUSUHWDWLRQ +RZ FRXOG ZH UHVRUW WR DOOHJRULFDO LQWHUSUHWDWLRQ ZKHQ WKH 4XU¶DQ LWVHOI VD\V

È ȀÉǬÈǨÌÈƫ ȏ ǺǰÊÈdz ȁ Ê Èƫ ǹȂ Ƃ ǶÌȀÉƸȈ È ƦLj È ƶÉŏƦLjÉȇ ȏÊƛ ƔòÇȄNj Ǻ ŏ Êƛ ȁ ƃ È ǽÊƾÊǸÌƸƥ È Ì Ƿ ǹ

³7KHUH LV QRW D WKLQJ EXW FHOHEUDWHV +LV SUDLVH EXW \RX GR QRW XQGHUVWDQG WKHLU JORULILFDWLRQ´"> @ +RZ FRXOG ZH UHVRUW WR DOOHJRULFDO LQWHUSUHWDWLRQ ZKHQ WKH 4XU¶DQ GHFODUHV ³$QG \RX KDYH QRW EHHQ JLYHQ RI WKH NQRZOHGJH H[FHSW D IHZ ^RI \RX`´> @" :H UHDG PDQ\ WLPHV LQ WKH 4XU¶DQ WKDW WKH 3URSKHW 6 ZKR KDV DFFHVV WR HWHUQDO NQRZOHGJH VDLG ³, GR QRW NQRZ ´> @ 6R ZKDW LI ZH DOVR VD\ ³:H GR QRW NQRZ´ DQG ³:H GR QRW XQGHUVWDQG´" :KDW LV LQWHUHVWLQJ LV WKDW *RG KDV H[SOLFLWO\ GHFODUHG WR XV RXU LJQRUDQFH DQG ODFN RI NQRZOHGJH ³%XW \RX GR QRW XQGHUVWDQG WKHLU JORULILFDWLRQ ´> @ %XW WKH SURXG PDQ LV QRW UHDG\ WR VD\ ³, GR QRW XQGHUVWDQG WKH VHFUHW RI FUHDWLRQ DPRQJ ZKLFK LV WKH WDVELώ RI RWKHU FUHDWXUHV 'RHV QRW WKH 4XU¶DQ FDWHJRULFDOO\ GLVFORVH WKDW WKH KRRSRH ZDV DZDUH RI WKH VXQ ZRUVKLSSLQJ SUDFWLFH RI WKH SHRSOH RI 6KHED DQG UHSRUWHG WKH VDPH WR +DGUDW 6XOD\PDQ µD VD\LQJ ³7KH UXOHU RI 6KHED LV D ZRPDQ ZKR LV VLWWLQJ RQ D ODUJH WKURQH DQG KHU SHRSOH DUH ZRUVKLSSLQJ WKH VXQ > @ 7KH KRRSRH¶V NQRZOHGJH RI WKH SHFXOLDULWLHV RI WKH HQYLURQPHQW DQG WKH QDPH RI WKH ODQG DQG LWV DELOLW\ WR GLVWLQJXLVK ZRPDQ IURP PDQ UXOHU IURP VXEMHFW SRO\WKHLVP IURP PRQRWKHLVP DQG WKH OLNH DUH DOO VLJQV RI WKH LQWHOOLJHQFH RI RWKHU FUHDWXUHV

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿккͨώϚϓ ͸р ϕό т͹кйͿктͿлйкл оͧймͧнл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

'RHV QRW WKH 4XU¶DQ VD\ WKDW RQH RI WKH DQWV VDLG WR WKH RWKHUV ³(QWHU \RXU GZHOOLQJV OHVW 6RORPRQ DQG KLV KRVWV VKRXOG WUDPSOH RQ \RX ZKLOH WKH\ DUH XQDZDUH´"> @ ,Q WKHVH YHUVHV XQGHUVWDQGLQJ WKH PRYHPHQW RI KXPDQ EHLQJV WKHLU QDPHV 6RORPRQ WKHLU RFFXSDWLRQ PLOLWDU\ WKHLU LQDWWHQWLRQ WR ZKHUH WKH\ VWHS DQG WKH DQW¶V FRQFHUQ IRU WKH RWKHU DQWV DUH DPRQJ WKH LVVXHV WKDW PDNHV XV DZDUH RI WKH FDSDFLW\ DQG SRZHU RI GLVFHUQPHQW RI RWKHU FUHDWXUHV 1RZ LI ZH DFFHSW WKH H[LVWHQFH RI LQVWLQFW DV ZH KDYH WR DFFHSW WKH WH[W RI WKH 4XU¶DQ WKHQ WKHUH LV QR PRUH QHHG WR MXVWLI\ DQG DQDO\]H WKH WDVELώ RI RWKHU FUHDWXUHV ΗϕϚϋϙͧ

> @ 6XUDK DO :DTLµDK > @ 6XUDK DO $µOD > @ 7DIVLU DO 0L]DQ YRO S > @ 6XUDK DϚ ΝXϘ олͧнмͨ > @ 6XUDK DO 4DODP > @ 6XUDK DO $QµDP > @ 6XUDK $O µ,PUDQ > @ 6XUDK DO 0X¶PLQXQ > @ 6XUDK <XQXV > @ 7DVELώDW DO $UEDµDK OLWHUDOO\ WKH IRXU WDVELώV LW UHIHUV WR WKH UHFLWDO RI ³6XEώDQ $OODKL ZD¶O ώDPGXOLOODKL ZD OD LODKD LOODOODKX $OODKX DNEDU´ ^*ORU\ EH WR $OODK SUDLVH EH WR $OODK WKHUH LV QR JRG EXW $OODK $OODK LV JUHDWHU` ^7UDQV ` > @ 6XUDK DO $QEL\D¶ > @ 6XUDK ΝD +D > @ 6XUDK DQ 1DϙU > @ 6XUDK Dϙ ΜDόόDϚ мрͧкнм΀кннͨ > @ 6XUDK DO ,VUD¶ RU %DQL ,VUD¶LO > @ 6XUDK Dϙ ΜDόόDϚ мрͧкот΀кпйͨ > @ :DVD¶LO DVK 6KLµDK YRO S > @ $O .DIL YRO S > @ $O :DIL YRO S > @ 6XUDK DO .DKI ³:HDOWK DQG FKLOGUHQ DUH DQ DGRUQPHQW RI WKH OLIH RI WKH ZRUOG EXW ODVWLQJ ULJKWHRXV GHHGV DUH EHWWHU ZLWK \RXU /RUG LQ UHZDUG DQG EHWWHU LQ KRSH ´ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿккͨώϚϓ ͸с ϕό т͹кйͿктͿлйкл оͧймͧнл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

> @ 7DIVLU DO 0L]DQ YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ 6XUDK DO -XPµDK ³:KDWHYHU WKHUH LV LQ WKH KHDYHQV JORULILHV $OODK DQG ZKDWHYHU WKHUH LV LQ WKH HDUWK WKH 6RYHUHLJQ WKH $OO KRO\ WKH $OO PLJKW\ WKH $OO ZLVH ´ > @ 6XUDK DO $QEL\D¶ ³$QG :H GLVSRVHG WKH PRXQWDLQV DQG WKH ELUGV WR JORULI\ ^+LP` ZLWK 'DYLG DQG :H KDYH EHHQ WKH GRHU ^RI VXFK WKLQJV` ´ > @ 6XUDK DU 5DµG ³7KH 7KXQGHU FHOHEUDWHV +LV SUDLVH ´ > @ 6XUDK DQ 1XU > @ 7DIVLU DO 4XUϚXEL YRO S > @ 7DIVLU 1XU DWK 7KDTDOD\Q YRO S > @ 7DIVLU 1XU DWK 7KDTDOD\Q YRO S > @ 7DIVLU DO 0L]DQ YRO S > @ 6XUDK DO )DWώ > @ 6XUDK DO ,VUD¶ RU %DQL ,VUD¶LO > @ 6XUDK DO ,VUD¶ RU %DQL ,VUD¶LO > @ 7KLV VHQWHQFH ZDV UHSHDWHG IRXU WLPHV LQ WKH 4XU¶DQ DPRQJ ZKLFK LV LQ 6XUDK DO $QEL\D¶ > @ 6XUDK DO ,VUD¶ RU %DQL ,VUD¶LO > @ 6XUDK DQ 1DPO > @ 6XUDK DQ 1DPO

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿккͨώϚϓ ͸т ϕό т͹кйͿктͿлйкл оͧймͧнл ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

ΌώχϖϚϋϘ с

4XQXW 7KH ZRUG ³TXQXW´ PHDQV REHGLHQFH DFFRPSDQLHG E\ KXPLOLW\ )RU H[DPSOH ZKLOH DGGUHVVLQJ ΑχϊϘχϚ ΖχϘϟχϓ ͸ΖχϘϟ͹ͥ ΐϕϊ ϙχϟϙͧ ͰΘ ΖχϘϟͥ ψϋ ϕψϋϊϏϋϔϚ ͺϛϗϔϛϚLͻ Ϛϕ ϟϕϛϘ ΕϕϘϊͨͱͼмттͽ ΠώχϚ Ϗϙ ϓϋχϔϚ ψϟ ϗϛϔXϚ Ϗϔ ϖϘχϟϋϘ Ϗϙ Ϛώϋ ϙϛϖϖϒϏωχϚϏϕϔ ϚώχϚ ϝϋ ϘϋωϏϚϋ Ϗϔ Ϛώϋ ϙϋωϕϔϊ Ϙχϑͮχώ ϕό ϋϜϋϘϟ ϖϘχϟϋϘͨ Θϔ Ϛώϋ ϏϔϚϋϘϖϘϋϚχϚϏϕϔ ϕό Ϛώϋ ϜϋϘϙϋͥ ͰΊϔϊ ϊϋϊϏωχϚϋ ϟϕϛϘϙϋϒό Ϛϕ ΑϏϓ ϝϏϚώ ϚϕϚχϒ ϊϋϊϏωχϚϏϕϔͥͱͼнййͽ Βϓχϓ χϙ΀ΜDϊϏϗ ͸ͮχ͹ ϙχϟϙ ϚώχϚ ϝώχϚ Ϗϙ ϓϋχϔϚ ψϟ ͰϚχψχϚϚϛϒͱ Ϗϙ Ϛϕ ϘχϏϙϋ Ϛώϋ ώχϔϊϙ Ϗϔ ϙϛϖϖϒϏωχϚϏϕϔ ϊϛϘϏϔύ ϖϘχϟϋϘͨͼнйкͽ Νώϋ ϝϕϘϊ ͰϚχψχϚϚϛϒͱ ϓϋχϔϙ ωϛϚϚϏϔύ ϕόό ώϕϖϋ Ϗϔ ϕϚώϋϘ Ϛώχϔ ΐϕϊͨͼнйлͽ 7KH 4XU¶DQ WKXV HQMRLQV XV ³6XSSOLFDWH \RXU /RUG EHVHHFKLQJO\ DQG VHFUHWO\ ´> @ 2QH RI WKH VLJQV RI EHVHHFKLQJ DQG ZHHSLQJ LQ WKH SUHVHQFH RI *RG LV WR UDLVH WKH KDQGV LQ VXSSOLFDWLRQ > @ 7KH LQGLJHQW PDQ VWUHWFKHV KLV KDQGV WRZDUG WKH $EVROXWH $OO VXIILFLHQW SUD\LQJ WR +LP DORQH DQG SXUJHV KLV KHDUW RI RWKHU WKDQ +LP $OWKRXJK TXQXW LV RQO\ RSWLRQDO ^PXVWDώDEE` LQ SUD\HU LW KDV QHYHUWKHOHVV EHHQ JLYHQ VXFK DWWHQWLRQ WKDW ,PDP DU 5LGD µD WKXV ZURWH LQ RQH RI KLV OHWWHUV WR 0D¶PXQ ³4XQXW LV DQ REOLJDWRU\ VXQQDK LQ DOO WKH GDLO\ SUD\HUV ´> @ 2I FRXUVH WKH SXUSRVH RI WKH ,PDP µD LV WR HPSKDVL]H WKH LPSRUWDQFH RI TXQXW )RU H[DPSOH LI RQH IRUJHWV WR SHUIRUP LW EHIRUH WKH UXNXµ LW LV UHFRPPHQGHG WR SHUIRUP D FRPSHQVDWRU\ RQH DIWHU UXNXµ DQG LI KH UHPHPEHUV LW GXULQJ VXMXG KH PD\ DOVR GR VR DIWHU VDODP &RQFHUQLQJ WKH HWLTXHWWH RI SHUIRUPLQJ TXQXW LW LV WKXV UHFRUGHG <RX KDYH WR UDLVH \RXU KDQGV XS WR WKH OHYHO RI \RXU IDFH WKH SDOPV RI WKH KDQGV PXVW EH RSHQ WRZDUG WKH VN\ WKH WZR KDQGV PXVW EH NHSW WRJHWKHU WKH ILQJHUV PXVW EH FORVH WRJHWKHU H[FHSW WKH WKXPEV DW WKH WLPH RI UHFLWLQJ WKH VXSSOLFDWLRQ \RX KDYH WR ORRN DW WKH SDOPV RI WKH KDQGV DQG όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿклͨώϚϓ ͸к ϕό н͹кйͿктͿлйкл оͧймͧнм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

UHFLWH LW ORXGO\ RI FRXUVH QRW WR WKH H[WHQW WKDW WKH OHDGHU RI WKH FRQJUHJDWLRQ ZRXOG KHDU LW > @ 7KHUH LV QR VSHFLILF VXSSOLFDWLRQ DQG RQH PD\ UHFLWH ZKDWHYHU VXSSOLFDWLRQ RQH ZDQWV ,W LV DOVR QRW QHFHVVDU\ WKDW WKH VXSSOLFDWLRQ EH UHFLWHG LQ $UDELF DV LW PD\ DOVR EH UHFLWHG LQ (QJOLVK 2I FRXUVH LW LV FOHDU WKDW WKH 4XU¶DQLF VXSSOLFDWLRQV DQG WKH VXSSOLFDWLRQV WKDW WKH ,QIDOOLEOHV µD UHDG LQ WKHLU TXQXW KDYH VSHFLDO YLUWXH DQG SUHHPLQHQFH 7KH TXQXW RI GLIIHUHQW SUD\HUV 7KH QXPEHU RI TXQXW LV QRW LGHQWLFDO LQ DOO SUD\HUV (DFK RI WKH ILYH GDLO\ SUD\HUV KDV RQH TXQXW EHIRUH WKH UXNXµ RI WKH VHFRQG UDNµDK %XW WKH )ULGD\ FRQJUHJDWLRQDO SUD\HU ZKLFK KDV WZR UDNµDKV KDYH WZR TXQXWV RQH EHIRUH WKH UXNXµ RI WKH ILUVW UDNµDK DQG WKH RWKHU RQH DIWHU WKH UXNXµ RI WKH VHFRQG UDNµDK ,Q WKH µ,G DO )LϚU DQG µ,G DO 4XUEDQ SUD\HUV HDFK RI ZKLFK KDV WZR UDNµDKV ZH UHFLWH QLQH TXQXWV ILYH VXFFHVVLYH TXQXWV EHIRUH WKH UXNXµ RI WKH ILUVW UDNµDK DQG IRXU VXFFHVVLYH TXQXWV EHIRUH WKH UXNXµ RI WKH VHFRQG UDNµDK 2I FRXUVH WKHUH LV D VSHFLDO VXSSOLFDWLRQ UHFRUGHG IRU WKHVH TXQXWV (YHQ LQ WKH ϙDODK DO D\DW ^SUD\HU RI QDWXUDO VLJQV` ZKLFK KDV WZR UDNµDKV DQG ILYH UXNXµV LQ HYHU\ UDNµDK LW LV UHFRPPHQGHG WR UHFLWH WKH TXQXW EHIRUH WKH VHFRQG IRXUWK VL[WK DQG HLJKW UXNXµV WKRXJK LW LV HQRXJK WR KDYH RQH TXQXW EHIRUH WKH WHQWK UXNXµ 7KH ZLWU SUD\HU ZKLFK LV D RQH UDNµDK SUD\HU SHUIRUPHG DW WKH HQG RI WKH QLJKW VXSHUHURJDWRU\ SUD\HUV KDV D ORQJ TXQXW DQG PDQ\ UHFRUGHG VXSSOLFDWLRQV VXFK DV LVWLJKIDU ^WR VD\ IRU H[DPSOH ³DVWDJKILUXOODK´` WLPHV ³DO µDIZX´ WLPHV DQG VXSSOLFDWLRQ IRU EHOLHYHUV 7KH SUD\HU IRU UDLQ OLNH WKH µ,G SUD\HUV KDV ILYH TXQXWV LQ WKH ILUVW UDNµDK DQG IRXU TXQXWV LQ WKH VHFRQG UDNµDK ,Q DQ\ FDVH WR SURORQJ WKH TXQXW LV UHFRPPHQGHG $EX 'KDUU DVNHG WKH 3URSKHW 6 ³:KLFK SUD\HU LV EHWWHU"´ 7KH 3URSKHW 6 UHSOLHG ³7KH SUD\HU ZKRVH TXQXW LV ORQJHU DQG DQ\RQH ZKR ZRXOG UHFLWH KLV TXQXW ORQJHU ZLOO KDYH PRUH FRPIRUW όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿклͨώϚϓ ͸л ϕό н͹кйͿктͿлйкл оͧймͧнм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

GXULQJ WKH WLPH RI WKH 'D\ RI 5HVXUUHFWLRQ ´> @ 7KH TXQXW RI WKH ,QIDOOLEOHV µD

,EQ 0DVµXG VDLG WKDW WKH UHDVRQ EHKLQG KLV DFFHSWDQFH RI ,VODP ZDV KLV ZLWQHVVLQJ WKH SUD\HU RI WKUHH SHUVRQV YL] WKH +RO\ 3URSKHW 6 +DGUDW µ$OL µD DQG ΑχϊϘχϚ ΔώχϊLϐχώ ͸Ϙ͹ͨͼнйсͽ Βϔ Ϛώϋ ϙχϒDϓ ϚώχϚ ϝϋ ύϏϜϋ Ϗϔ Ϛώϋ ΣϏϟDϘχώ $ϒ ΢D ΜLϔ Ϛϕ ΑχϊϘχϚ χϒ΀ΖχώϊL ͸ϓχϟ ΊϒϒDώͥ Ϛώϋ ΎϞχϒϚϋϊͥ ϋϞϖϋϊϏϚϋ ώϏϙ ύϒϕϘϏϕϛϙ χϊϜϋϔϚ͹ͥ ZH UHDG ³3HDFH EH XSRQ \RX ZKHQ \RX DUH VWDQGLQJ IRU SUD\HU DQG TXQXW ´ )RU HDFK RI WKH ,QIDOOLEOHV µD WKHUH KDV EHHQ UHFRUGHG ORQJ VXSSOLFDWLRQV LQ WKH TXQXW ZKLFK ZH FDQQRW TXRWH KHUH IRU ODFN RI VSDFH ,W LV VXUSULVLQJ WKDW WKH TXQXW ZLWK DOO LWV EOHVVLQJV LV QRW ZLGHO\ DQG IUHTXHQWO\ SUDFWLFHG :HUH +DGUDW µ$OL DQG WKH .KXODID¶ DU 5DVKLGXQ QRW UHFLWLQJ TXQXW LQ WKHLU SUD\HUV" 'XULQJ TXQXW ZH VKRXOG QRW WKLQN RI RXUVHOYHV DQG RXU UHTXHVWV RQO\ :H KDYH WR OHDUQ IURP +DGUDW =DKUD ZKR VDLG ³DO MχUX WKXPPD ¶G GχU ´> @ 7KDW LV ³7KLQN RI \RXU QHLJKERU ILUVW DQG WKHQ \RXU IDPLO\ ´ *RG KDV SURPLVHG WR JUDQW WKH SHUVRQDO UHTXHVWV RI DQ\RQH ZKR ZRXOG SUD\ IRU RWKHUV ,Q WKH TXQXW ZH KDYH WR SUD\ DJDLQVW RXU HQHPLHV DVNLQJ IRU WKH YLFWRU\ RI ,VODP DQG WKH 0XVOLPV ,Q KLV TXQXW WKH +RO\ 3URSKHW 6 ZRXOG FXUVH D JURXS RI SHRSOH PHQWLRQLQJ WKHLU QDPHV DQG GHVFULSWLRQV ,Q WKH TXQXW RI KLV SUD\HU +DGUDW µ$OL µD XVHG WR FXUVH 0XµDZL\DK DQG µ$PUX LEQ DO µ$ϙ > @ $W DQ\ UDWH WDZDOOD DQG WDEDUUD DUH SDUW RI WKH UHOLJLRQ QD\ WKH IRXQGDWLRQ RI RXU UHOLJLRQ

ǒǤÌÉƦÌdzĞ ȁ ŏ DzǿÈ È ƤËƸÉÌdzĞ ȏōÊƛ Ǻȇƾdzơ

³,V WKH UHOLJLRQ RWKHU WKDQ ORYH DQG KDWUHG"´> @ ΗϕϚϋϙͧ

> @ 6XUDK $O µ,PUDQ > @ 6XUDK DO 0X]]DPPLO όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿклͨώϚϓ ͸м ϕό н͹кйͿктͿлйкл оͧймͧнм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

> @ :DVD¶LO DVK 6KLµDK YRO S > @ 0XIUDGDW DU 5DJKLE > @ 6XUDK DO $µUDI > @ 0DµDQL Dϙ ΜDGXT S > @ %LώDU DO $QZDU YRO S > @ 0DVD¶LO H 4XQXW GDU 7DZGLώ DO 0DVD¶LO > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿклͨώϚϓ ͸н ϕό н͹кйͿктͿлйкл оͧймͧнм ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

ΌώχϖϚϋϘ т

7DVKDKKXG DQG 6DODP

7DVKDKKXG

Ù È ǹÌÈƗ ƾÉȀÈNjÌÈƗ DzŏǏ È ÅơƾǸōƸÈǷ È ǶōȀÉǴdzËÈƗ ǾÉdzȂLJÉǁ É ǹōÈƗ ƾÉȀÈNjÈÈƗ ȁ ƅơ È ǽÉƾÉƦÌǟ È ȏËÊƛ ǾÈdzÊƛ ȏ È ȁ Ê ȁ ƾǸōƸÈǷ Ù ǟÈ É DZƕ É ȄǴ È ƾÇǸōƸÈǷ

, EHDU ZLWQHVV WKDW WKHUH LV QR JRG EXW $OODK DQG 0XKDPPDG LV +LV VHUYDQW DQG 0HVVHQJHU 2 $OODK 6HQG EOHVVLQJV RQ 0XKDPPDG DQG KLV SURJHQ\ $PRQJ WKH REOLJDWRU\ SDUWV RI SUD\HU LV WDVKDKKXG ZKLFK LV UHFLWHG LQ WKH VHFRQG DQG ODVW UDNµDKV RI SUD\HU ,Q WKH WDVKDKKXG ZH WHVWLI\ DQG EHDU ZLWQHVV WR WKH 2QHQHVV RI $OODK DQG WKH χϖϕϙϚϒϋϙώϏϖ ͺϘϏϙDϒχώͻ ϕό ΑϏϙ ΙϘϕϖώϋϚͥ ΑχϊϘχϚ Ζϛώχϓϓχϊ ͸Μ͹ͨ ΊϒϚώϕϛύώ ϝϋ ώχϜϋ ϚϋϙϚϏόϏϋϊ χύχϏϔ χϔϊ χύχϏϔ Ϛϕ Ϛώϋϙϋ Ϛϝϕ όχωϚϙ Ϗϔ Ϛώϋ χϊώDϔ χϔϊ ϏϗDϓχώͥ Ϛώϕϙϋ ϚϋϙϚϏϓϕϔϏϋϙ ϝϋϘϋ χϚ Ϛώϋ ϚϏϓϋ ϕό Ϛώϋ χϖϖϘϕχωώ ϕό Ϛώϋ ϖϘχϟϋϘ χϔϊ ϚώϏϙ ϚϋϙϚϏϓϕϔϟ Ϗϙ χϚ Ϛώϋ ϋϔϊ ϕό Ϛώϋ ϖϘχϟϋϘͨ ΝώϋϘϋ Ϗϙ ϝϏϙϊϕϓ ψϋώϏϔϊ χϒϒ Ϛώϋϙϋ ϘϋϖϋϚϏϚϏϕϔϙͨ ΒϚ Ϗϙ ψϋωχϛϙϋ ϓχϔ Ϗϙ ϋχϙϏϒϟ ϙϛψϐϋωϚϋϊ Ϛϕ ϔϋύϒϏύϋϔωϋ χϔϊ όϕϘύϋϚόϛϒϔϋϙϙͥ ϋχϙϏϒϟ όϕϘύϋϚϚϏϔύ Ϛώϋ ΘϝϔϋϘ ϕό Ϛώϋ ψϒϋϙϙϏϔύϙͨ Νώϋϙϋ ϙϋϔϚϋϔωϋϙ χϘϋ ϒϏϑϋ χ Ϙϕϖϋ ϚώχϚ ϖϘϕϚϋωϚϙ Ϛώϋ ϙώϏϖ ϕό ώϛϓχϔϏϚϟ όϘϕϓ Ϛώϋ ϝχϜϋϙ ϕό ϋϜϋϔϚϙͨ 7KH VORJDQ RI WDZKLG ͰΕD ϏϒDώχ ϏϒϒDϒϒDώͱ Ϗϙ Ϛώϋ όϏϘϙϚ ϙϒϕύχϔ ϕό χϒϒ Ϛώϋ ϖϘϕϖώϋϚϙ ͸ͮχ͹ͨ ͰΕD ϏϒDώχ ϏϒϒDϒϒDώͱ Ϗϙ Ϛώϋ ϚϋϙϚϏϓϕϔϟ ϚώχϚ χϒϒ Ϛώϕϙϋ ϝώϕ ϖϕϙϙϋϙϙ ϑϔϕϝϒϋϊύϋ χϒϕϔύ ϝϏϚώ Ϛώϋ χϔύϋϒϙ ϊϕ χωϑϔϕϝϒϋϊύϋͧ

ōÉ ƾÈȀNj È ȐÈǸÈÌdzơ ȁ Ƃ ǶÊǴÌǠÊÌdzơ ơȂÉdzȁÉƗ ȁ Ê ƃ É Êƛ ǾÈÈdzÊƛ ȏ ǾÉōǻÈƗ ƅơ È ƨÉǰƟ È ȂÈǿ ȏ

ͰΊϒϒχώ ψϋχϘϙ ϝϏϚϔϋϙϙ ϚώχϚ ϚώϋϘϋ Ϗϙ ϔϕ ύϕϊ ψϛϚ ΑϏϓ΂χϔϊ ͺϙϕ ϊϕͻ Ϛώϋ χϔύϋϒϙ χϔϊ Ϛώϕϙϋ ϝώϕ ϖϕϙϙϋϙϙ ϑϔϕϝϒϋϊύϋͨͱͼнклͽ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкмͨώϚϓ ͸к ϕό кл͹кйͿктͿлйкл оͧймͧнп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ͰΕD ϏϒDώχ ϏϒϒDϒϒDώͱ Ϗϙ Ϛώϋ ϙϋϔϚϋϔωϋ ϚώχϚ ϋϜϋϘϟ ΖϛϙϒϏϓ ώϋχϘϙ χϚ ψϏϘϚώͥ ϝϏϚώ ϝώϏωώ ώϋ ϝϏϒϒ ψϋ ψϛϘϏϋϊ χϔϊ ϝώϏωώ ϝϏϒϒ ψϋ ϘϋωϏϚϋϊ χϚ ώϏϙ ύϘχϜϋ ͺϚχϒϗLϔͻͨ ͰΕD ϏϒDώχ ϏϒϒDϒϒDώͱ Ϗϙ Ϛώϋ ϓϕϙϚ ψϋϒϕϜϋϊ ϕό ϙϋϔϚϋϔωϋϙ Ϛϕ ΐϕϊ χϔϊ Ϛώϋ ώϋχϜϏϋϙϚ ϕό ϊϋϋϊϙ ϕϔ Ϛώϋ Μωχϒϋͨͼнкмͽ ͰΕD ϏϒDώχ ϏϒϒDϒϒDώͱ Ϗϙ Ϛώϋ όϕϘϓϏϊχψϒϋ όϕϘϚϘϋϙϙ ϕό ΐϕϊ Ϗϔ ϝώϏωώ ϝώϕϋϜϋϘ ϋϔϚϋϘϙ Ϗϙ ϙχόϋ όϘϕϓ ΑϏϙ ϝϘχϚώͧ ³/D LODKD LOOD¶OODK LV 0\ IRUWUHVV VR ZKRHYHU HQWHUV 0\ IRUWUHVV LV VDIH IURP 0\ ZUDWK ´> @ ͰΕD ϏϒDώχ ϏϒϒDϒϒDώͱ Ϗϙ Ϛώϋ ϊϋϓχϘωχϚϏϕϔ ψϋϚϝϋϋϔ ϑϛόϘ χϔϊ Βϙϒχϓͨ Ίϔϟ ϛϔψϋϒϏϋϜϋϘ ͺϑDόϏϘͻ ϝώϕ ϘϋωϏϚϋϙ ϏϚ ϋϔϚϋϘϙ Ϛώϋ όϕϒϊ ϕό Βϙϒχϓͨ Νώϋ ΙϘϕϖώϋϚ ͸Μ͹ ωϘϏϚϏωϏϠϋϊ Ϛώϋ ΖϛϙϒϏϓ ϝώϕ ϊϏϊ ϔϕϚ ϖχϟ χϚϚϋϔϚϏϕϔ Ϛϕ ϕϔϋ ϕό Ϛώϋ ϋϔϋϓϟ ϙϕϒϊϏϋϘϙ ϝώϋϔ Ϛώϋ ϒχϚϚϋϘ ϘϋωϏϚϋϊ ͰϒD ϏϒDώχ ϏϒϒDϒϒDώͱ χϔϊ ϑϏϒϒϋϊ ώϏϓͥ ϙχϟϏϔύͧ ͰΠϏϚώ Ϛώϋ ϛϚϚϋϘχϔωϋ ϕό ϚώϏϙ ϙϚχϚϋϓϋϔϚͥ χϔϟϕϔϋ Ϗϙ ϙχόϋ ϋϜϋϔ Ϛώϕϛύώ ϝϋ ϊϕ ϔϕϚ ϑϔϕϝ ϝώϋϚώϋϘ ώϋ ϊϕϋϙ ϙϕ ϙϏϔωϋϘϋϒϟ ϕϘ ϔϕϚͨͱͼнкоͽ ͰΕD ϏϒDώχ ϏϒϒDϒϒDώͱ Ϗϙ Ϛώϋ ϙϒϕύχϔ ϕό Ϛώϋ ΖϛϙϒϏϓϙ χϚ Ϛώϋ ϚϏϓϋ ϕό ϖχϙϙϏϔύ Ϛώϋ ΜϏϘDϚ ϕϔ Ϛώϋ ΍χϟ ϕό ΛϋϙϛϘϘϋωϚϏϕϔͨͼнкпͽ Πϋ Ϙϋχϊ Ϗϔ ώϏϙϚϕϘϟ ϚώχϚ ΊψX Γχώϒ ϙχϏϊ Ϛϕ Ϛώϋ ΙϘϕϖώϋϚ ͸Μ͹ͧ ͰΜώχϒϒ ϝϋ χψχϔϊϕϔ Ϛώϋ мпй Ϗϊϕϒϙ χϔϊ χωωϋϖϚ Θϔϋ ΐϕϊͬ Πϋ χϘϋ ϝϏϒϒϏϔύ Ϛϕ ϛϚϚϋϘ кй ϙϋϔϚϋϔωϋϙ ψϛϚ ϔϕϚ ϚώϏϙ ϙϚχϚϋϓϋϔϚͨͱ ΋ϛϚ Ϛώϋ ΙϘϕϖώϋϚ ͸Μ͹ ϙχϏϊͧ ͰΒϚ Ϗϙ ϚώϏϙ ϙϚχϚϋϓϋϔϚ ϚώχϚ ϝϏϒϒ ύϏϜϋ ϟϕϛ ύϒϕϘϟ χϔϊ ϖϕϝϋϘ χϔϊ ϝϏϒϒ ύϏϜϋ ϟϕϛ ϙϛϖϋϘϏϕϘϏϚϟ ϕϜϋϘ ϕϚώϋϘ ωϕϓϓϛϔϏϚϏϋϙͨͱͼнкрͽ Ί ύϒχϔωϋ χϚ Ϛώϋ ΍ϛͮDͯ χϒ΀ͮΊϘχόχώ ϕό Βϓχϓ χϒ΀Αϛϙχϟϔ ͸ͮχ͹ χϔϊ Ϛώϋ ϙϋϘϓϕϔ ϕό ΒϓDϓ χϙ΀ΜχϐDϊ ͸ͮχ͹ χϚ ΜώDϓ ϓχϑϋϙ Ϛώϋ όχωϚ ωϒϋχϘ ϚώχϚ Ϛώϋ ϙχϏϔϚϙ ϕό ΐϕϊ ϝώϕϒϋώϋχϘϚϋϊϒϟ ψϕϘϋ ϝϏϚϔϋϙϙ Ϛϕ ϚώϏϙͥ χϔϊ ϋϜϋϔ Ϛώϋ ϋχϘϚώ χϔϊ ϚϏϓϋ ύχϜϋ ϚώϏϙ ϚϋϙϚϏϓϕϔϟͨ Βϔ Ϛώϋ Ϛχϙώχώώϛϊ ϝϋ ϊϕ ϔϕϚ ϙϛόόϏωϋ ϕϛϘϙϋϒϜϋϙ ϝϏϚώ ϓϋϘϋϒϟ ͰϒD ϏϒDώχ ϏϒϒDϒϒDώͱͨ Πϋ ϘχϚώϋϘ χϊϊͥ Ͱϝχώϊχώϛ ϒD ϙώχϘLϑχϒχώͱ ͰΑϋ Ϗϙ χϒϕϔϋ ϝώϕ ώχϙ ϔϕ ϖχϘϚϔϋϘͱͨ ΝώχϚ Ϗϙͥ Αϋ Ϗϙ Θϔϋ ϝώϕ ώχϙ ϔϕ ϖχϘϚϔϋϘ Ϗϔ ωϘϋχϚϏϕϔͥ Ϗϔ ωϕϔϚϘϕϒ χϔϊ Ϗϔ ϒϋύϏϙϒχϚϏϕϔͧ Ͱϝχ ϒχϓ ϟχϑϛͯϒ΀ϒχώϛ ϙώχϘLϑχ όLͯϒ΀ϓϛϒϑͱ ͰΊϔϊ Αϋ ώχϙ ϔϕ ϖχϘϚϔϋϘ Ϗϔ ϙϕϜϋϘϋϏύϔϚϟͨͱ ΜϋϘϜϏϚϛϊϋ Ϛϕ ΐϕϊ Ϗϙ Ϛώϋ ώϏύώϋϙϚ ώϕϔϕϘ όϕϘ Ϛώϋ ϙχϏϔϚϙ ϕό ΐϕϊͧ

ϰȀdzÙÊơ ϰÙ ǨǯÈ ϰƥ ơÅDŽËϋÊ ǹÌ΍È ǹÈȂǯÉ˴ơ Ǯ˴ Èdz ΍ÅƾƦÌǟÈ

³2 /RUG ,W LV DOUHDG\ HQRXJK RI DQ KRQRU IRU PH WKDW , DP <RXU VHUYDQW ´> @

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкмͨώϚϓ ͸л ϕό кл͹кйͿктͿлйкл оͧймͧнп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ΜϋϘϜϏϚϛϊϋ Ϛϕ ΐϕϊ ϏϓϖϒϏϋϙ ϓχϔͯϙ όϘϋϋϊϕϓ όϘϕϓ χϒϒ όϕϘϓϙ ϕό ϘϋϙϚϘϏωϚϏϕϔͥ χϚϚχωώϓϋϔϚ χϔϊ χόόϋωϚϏϕϔͨ ΒϚ Ϛώϛϙ ύϏϜϋϙ ϓχϔ ϙϕ ϓϛωώ ϖϕϝϋϘ ϚώχϚ ώϋ ϝϕϛϒϊ ϔϕϚ ψϋ χόϘχϏϊ ϕό χϔϟ ϙϛϖϋϘϖϕϝϋϘͨ Θϔ χωωϕϛϔϚ ϕό ψϋϏϔύ χ ϙϏϔωϋϘϋ ϙϋϘϜχϔϚ ϕό ΐϕϊͥ Ϛώϋ ϝϏόϋ ϕό ΙώχϘχϕώ ψϋωχϓϋ ϙϛωώ χϔ ϏϓϖϋϔϋϚϘχψϒϋ όϕϘωϋ ϚώχϚ χϒϒ ϕό ΙώχϘχϕώͯϙ ύϕϒϊ χϔϊ ϙϏϒϜϋϘ ώχϊ ϔϕ ϋόόϋωϚ ϕϔ ώϋϘͥ χϔϊ χϒϚώϕϛύώ ΙώχϘχϕώ ϙϛψϐϋωϚϋϊ χϒϒ Ϛϕ ώϏϙ ϙϋϘϜϏωϋͥ ϙώϋ ϘϋϓχϏϔϋϊ Ϛώϋ ϙϋϘϜχϔϚ ϕό ΐϕϊ χϒϕϔϋͨ ΑϋϘ χωωϕϓϖϒϏϙώϓϋϔϚ ϝχϙ ϙϛωώ ϚώχϚ ϙώϋ ψϋωχϓϋ χ ϓϕϊϋϒ όϕϘ χϒϒ ψϋϒϏϋϜϏϔύ ϓϋϔ χϔϊ ϝϕϓϋϔ ϚώϘϕϛύώϕϛϚ ώϏϙϚϕϘϟͧ

ōÉ ǂǓ ȁÈ ƃ Ƃ ǹÈȂÌǟÈǂÌÊǧ ƧÈƗǂÈǷơ ơȂ Ì ǼÉǷơÈƔ È ƅơ ƣ È Ǻȇ È ǀÊǴōŏdz ȐÅưÈǷ È

ͰΊϒϒχώ ϊϘχϝϙ χϔͺϕϚώϋϘͻ ϋϞχϓϖϒϋ όϕϘ Ϛώϕϙϋ ϝώϕ ώχϜϋ όχϏϚώͧ Ϛώϋ ϝϏόϋ ϕό ΙώχϘχϕώͨͱͼнктͽ Βϔ χϔϟ ωχϙϋͥ ϚϋϙϚϏϓϕϔϟ Ϛϕ Ϛώϋ ΙϘϕϖώϋϚͯϙ ͸Μ͹ ϙϋϘϜχϔϚώϕϕϊ ͺͮϛψXϊϏϟϟχώͻ Ϛϕ ΐϕϊ Ϗϙ χ ϖϘϋϒϏϓϏϔχϘϟ Ϛϕ Ϛώϋ ϚϋϙϚϏϓϕϔϟ ϕό ώϏϙ χϖϕϙϚϒϋϙώϏϖ ͺϘϏϙDϒχώͻͥ χϔϊ ϚώϏϙ ϏϚϙϋϒό ώχϙ ϒϋϙϙϕϔϙ χϔϊ ϓϋϙϙχύϋϙͧ ͰΊϙώώχϊϛ χϔϔχ Ζϛώχϓϓχϊχϔ ͮχψϊϛώͩͱͨ ΝϋϙϚϏϓϕϔϟ Ϛϕ ώϏϙ χϖϕϙϚϒϋϙώϏϖ ϓϋχϔϙ Ϛώϋ ϔϋύχϚϏϕϔ ϕό χϒϒ ϓχϔ΀ϓχϊϋ ϙωώϕϕϒϙͦ χωωϋϖϚχϔωϋ ϕό Ϛώϋ ϋϚϋϘϔχϒϏϚϟ χϔϊ ϛϔϏϜϋϘϙχϒϏϚϟ ϕό Ϛώϋ χϖϕϙϚϒϋϙώϏϖ ϕό Ϛώϋ Μϋχϒ ϕό Ϛώϋ ΙϘϕϖώϋϚϙ ͺϑώDϚχϓ χϒ΀χϔψϏϟDͯͻͦ χϔϊ ϘϋϐϋωϚϏϕϔ ϕό χϒϒ Ϛώϋ ϚχύώϛϚϙͨ ΝϋϙϚϏϓϕϔϟ Ϛϕ Ϛώϋ χϖϕϙϚϒϋϙώϏϖ ϕό ΑχϊϘχϚ Ζϛώχϓϓχϊ ͸Μ͹ Ϗϙ χ ωϕϜϋϔχϔϚ ϚώχϚ ΐϕϊ ώχϙ ϓχϊϋ ϝϏϚώ Ϛώϋ χϒϒ Ϛώϋ ϖϘϕϖώϋϚϙͦ ώχϊ Ϛώϋϟ ϔϕϚ χωωϋϖϚϋϊ ώϏϙ χϖϕϙϚϒϋϙώϏϖͥ Ϛώϋϟ ϝϕϛϒϊ ϔϕϚ ώχϜϋ χϚϚχϏϔϋϊ Ϛώϋ ϙϚχϚϏϕϔ ϕό ϖϘϕϖώϋϚώϕϕϊͨͼнлйͽ ΝώϋϘϋόϕϘϋͥ Β χϓ ϔϕϚ χϒϕϔϋ Ϗϔ ϙχϟϏϔύͥ ͰΊϙώώχϊϛ χϔϔχ Ζϛώχϓϓχϊχϔ ͮχψϊϛώϛ ϝχ ϘχϙXϒχώͱ χϙ χϒϒ Ϛώϋ ϖϘϕϖώϋϚϙ ͸ͮχ͹ ώχϜϋ ϙχϏϊ ϙϕ χϙ ϝϋϒϒͨ 3ULVWLQH 7DZKLG ΠώχϚ ώχϙ χόόϒϏωϚϋϊ ϓϕϙϚ ϕό ϓϕϔϕϚώϋϏϙϚϙ ϔϕϝχϊχϟϙ Ϗϙ ϚώχϚ Ϛώϋϟ ϜϋϘψχϒϒϟ ϛϚϚϋϘͥ ͰΕD ϏϒDώχ ϏϒϒDOODKͱ ψϛϚ Ϗϔ ϖϘχωϚϏωϋ Ϛώϋϟ ϚϛϘϔ Ϛϕ ϕϚώϋϘ Ϛώχϔ ΑϏϓͥ ϒϕϕϑϏϔύ όϕϘ ϖϕϝϋϘ χϔϊ ύϒϕϘϟ ϙϕϓϋϝώϋϘϋ ϋϒϙϋͨ Νώϋϟ ϕψϋϟ ϕϚώϋϘ Ϛώχϔ ΑϏϓ χϔϊ ϋϞϖϘϋϙϙ ϒϕϜϋ Ϛϕ ϕϚώϋϘ Ϛώχϔ ΑϏϓͨ ΋ϟ Ϛώϋ ϝχϟͥ ϖϕϒϟϚώϋϏϙϓ Ϗϙ ϏϚϙϋϒό χ ύϘχϜϋ χωϚ ϕό ϏϔϐϛϙϚϏωϋ χϔϊ ϊϏϙϘϋϙϖϋωϚ όϕϘ ΑϏϙ ΜχωϘϋϊ Ύϙϙϋϔωϋͧ ³3RO\WKHLVP LV LQGHHG D JUHDW LQMXVWLFH ´> @ ,W LV VR EHFDXVH KDYLQJ D SDUWQHU FRQQRWHV ZHDNQHVV LPSRWHQFH DQG WKH LQDELOLW\ WR DFW DV ZHOO DV WKH H[LVWHQFH RI D VLPLODU DQG HTXDO EHLQJ²WKLQJV ZKLFK DUH LQFRQFHLYDEOH ZLWK UHVSHFW WR *RG 7HVWLPRQ\ WR WKH $SRVWOHVKLS

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкмͨώϚϓ ͸м ϕό кл͹кйͿктͿлйкл оͧймͧнп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ͰΠχ χϙώώχϊϛ χϔϔχ Ζϛώχϓϓχϊχϔ µχψϊϛώϛ ϝχ ϘχϙXϒϛώͱ ͰΊϔϊ Β ψϋχϘ ϝϏϚϔϋϙϙ ϚώχϚ 0XKDPPDG LV +LV VHUYDQW DQG 0HVVHQJHUͨͱ ΜϋϘϜϏϚϛϊϋ ͺͮϛψXϊϊϏϟϟχώͻ Ϗϙ Ϛώϋ ώϏύώϋϙϚ ϙϚχϚϏϕϔ ϕό Ϛώϋ ϖϘϕϖώϋϚϙ ͸ͮχ͹ͨ Βϔϊϋϋϊͥ ϏϚ Ϗϙ Ϛώϋ ϖϘϋϒϏϓϏϔχϘϟ ϙϚχύϋ ϕό χϖϕϙϚϒϋϙώϏϖ χϔϊ ϖϘϕϖώϋϚώϕϕϊͧ Ͱͮχψϊϛώϛ ϝχ ϘχϙXϒχώͱͨ ΒϚ Ϗϙ ϙϋϘϜϏϚϛϊϋ Ϛϕ ΐϕϊ ϚώχϚ ψϘϏϔύϙ Ϛώϋ ΙϘϕϖώϋϚ ͸Μ͹ Ϛϕ Ϛώϋ χϙωϋϔϙϏϕϔ ^PLµUDM` ³,PPDFXODWH LV +H ZKR FDUULHG +LV VHUYDQW RQ D MRXUQH\´> @ DQG LW FDXVHV WKH KHDYHQO\ UHYHODWLRQ WR GHVFHQG XSRQ KLP ³:H KDYH VHQW GRZQ WKH UHYHODWLRQ WKURXJK DQJHOV WR 2XU VHUYDQW ´> @ *RG DOVR SUDLVHV +LV SURSKHWV µD IRU WKHLU VHUYLWXGH WR +LP 5HJDUGLQJ +DGUDW 1Xώ 1RDK µD +H VD\V ³,QGHHG KH ZDV D JUDWHIXO VHUYDQW ´> @ DQG FRQFHUQLQJ +DGUDW 6XOD\PDQ 6RORPRQ µD +H VWDWHV ³:KDW DQ H[FHOOHQW VHUYDQW ´> @ Θϔϋ ϕό Ϛώϋ ϊϏϙϚϏϔωϚϏϕϔϙ ϕό Ϛώϋ ϖϘϕϖώϋϚϙ ͸ͮχ͹ Ϗϔ ϘϋϒχϚϏϕϔ Ϛϕ Ϛώϋ ύϋϔϏϛϙϋϙ χϔϊ ϏϔϜϋϔϚϕϘϙ Ϗϙ ϚώχϚ Ϛώϋ ϒχϚϚϋϘ ώχϜϋ ϕψϚχϏϔϋϊ ϚώϋϏϘ ύϋϔϏϛϙ χϔϊ ωϘϋχϚϏϜϏϚϟ χϙ Ϛώϋ ϘϋϙϛϒϚ ϕό ϏϔϚϋϒϒϏύϋϔωϋͥ ϖϋϘϙϋϜϋϘχϔωϋ χϔϊ ϋϞϋϘωϏϙϋͥ ϝώϏϒϋ Ϛώϋ ϖϘϕϖώϋϚϙ ͸ͮχ͹ ώχϜϋ χωϗϛϏϘϋϊ ϚώϋϏϘ ϓϏϘχωϒϋϙ χϙ χ ϘϋϙϛϒϚ ϕό ϙϋϘϜϏϚϛϊϋ Ϛϕ ΐϕϊ χϔϊ ϛϔϊϋϘ Ϛώϋ χϋύϏϙ ϕό Ϛώϋ ϊϏϜϏϔϋ ύϘχωϋͥ χϔϊ ϙϋϘϜϏϚϛϊϋ Ϗϙ Ϛώϋ όϕϛϔϊχϚϏϕϔ ϕό χϒϒ Ϛώϋ ϙϚχϚϏϕϔϙ ϕό Ϛώϋ ϖϘϕϖώϋϚϙ ͸ͮχ͹ͨ ΊωϑϔϕϝϒϋϊύϓϋϔϚ ϕό Ϛώϋ ϙϋϘϜχϔϚώϕϕϊ ϕό Ϛώϋ ϖϘϕϖώϋϚϙ ͸ͮχ͹ ϖϘϋϜϋϔϚϙ χϔϟ όϕϘϓ ϕό ϋϞϚϘϋϓϏϙϓͥ όχϔχϚϏωϏϙϓ χϔϊ ϘχϊϏωχϒϏϙϓ ωϕϔωϋϘϔϏϔύ Ϛώϋ ϙϚχϚϏϕϔϙ ϕό Ϛώϋ ϙχϏϔϚϙ ϕό ΐϕϊͨ ΒϚ ϘϋϓϏϔϊϙ ϛϙ ϚώχϚ Ϛώϋ ΙϘϕϖώϋϚ ͸Μ͹ͥ Ϛώϕϛύώ Ϛώϋ ψϋϙϚ ϕό ωϘϋχϚϏϕϔͥ Ϗϙ χϒϙϕ χ ϙϋϘϜχϔϚ ϕό ΐϕϊͨ ΒϚ Ϗϙ ϔϋϋϊϒϋϙϙ Ϛϕ ϙχϟ ϚώχϚ ϚώϏϙ ϚϋϙϚϏϓϕϔϟ ϓϛϙϚ ψϋ ψχϙϋϊ ϕϔ ϙϏϔωϋϘϏϚϟ χϔϊ ϚϘϛϚώόϛϒϔϋϙϙ όϕϘͥ Ϛώϋ ώϟϖϕωϘϏϚϋϙ ͺϓϛϔDόϏϗLϔͻ ϛϙϋϊ Ϛϕ ϚϋϙϚϏόϟ χϒϙϕ Ϛϕ Ϛώϋ χϖϕϙϚϒϋϙώϏϖ ϕό Ϛώϋ ΙϘϕϖώϋϚ ͸Μ͹ ϟϋϚ Ϛώϋ ΚϛϘͯχϔ Ϛώϛϙ ϘϋϜϋχϒϙ χψϕϛϚ Ϛώϋϓͧ

ōÉ ȁ ōÊ DZȂ È Ƴ ơ É LJÉǂÈÈdz ǮÈōǻÊƛ ƾÉȀÈnjÌÈǻ ơȂÉdzƢÈǫ ǹȂ È ǬÉÊǧƢǼÈǸÉÌdzơ ǭƔƢ ǮÈōǻÊƛ ǶÉǴÈǠÌÈȇ ƅơ È ƿÈÊƛ ƃ È ƅơ ōÉ ȁ È ÉƥƿƢÊǰÈÈdz ǺȈ Ƃ ǹȂ È ǾÉÉdzȂLJÉǂÈÈdz È ǬÊÊǧƢǼÈǸÉÌdzơ ǹōÊƛ ƾÉȀÈnjÌÈȇ ƅơ

³:KHQ WKH K\SRFULWHV FRPH WR \RX WKH\ VD\ µ:H EHDU ZLWQHVV WKDW \RX DUH LQGHHG WKH DSRVWOH RI $OODK ¶ $OODK NQRZV WKDW \RX DUH LQGHHG +LV $SRVWOH DQG $OODK EHDUV ZLWQHVV WKDW WKH K\SRFULWHV DUH LQGHHG OLDUV ´> @ 6DODZDW

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкмͨώϚϓ ͸н ϕό кл͹кйͿктͿлйкл оͧймͧнп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ͰΊϒϒDώϛϓϓχ ϙχϒϒϏ ͮχϒD Ζϛώχϓϓχϊ ϝχ DϒϏ Ζϛώχϓϓχϊͨͱ ͰΘ Ίϒϒχώͪ Μϋϔϊ ψϒϋϙϙϏϔύϙ ϕϔ Ζϛώχϓϓχϊ χϔϊ ώϏϙ ϖϘϕύϋϔϟͨͱ ΊόϚϋϘ ψϋχϘϏϔύ ϝϏϚϔϋϙϙ Ϛϕ ϚχϝώLϊ χϔϊ Ϛώϋ ϘϏϙDϒχώͥ ϝϋ ϏϔϜϕϑϋ ψϒϋϙϙϏϔύϙ όϕϘ Ζϛώχϓϓχϊ χϔϊ ώϏϙ ϖϘϕύϋϔϟ ͸ͮχ͹ͨ ΜχϒDϝDϚ Ϗϙ Ϛώϋ ϙϟϓψϕϒ ϕό ϒϕϜϋ ͺϓϛώχψψχώͻͥ όϘϏϋϔϊϙώϏϖ ͺϓϛϝχϊϊχώͻ χϔϊ ϊϋϜϕϚϏϕϔ Ϛϕ Ϛώϋ όχϓϏϒϟ ϕό Ϛώϋ Αϕϒϟ ΙϘϕϖώϋϚ ϕό Βϙϒχϓ ͸Μ͹ͥ ϝώϏωώ Ϛώϋ ΚϛϘͯχϔ ϘϋύχϘϊϙ χϙ Ϛώϋ ϘϋϝχϘϊ όϕϘ Ϛώϋ χϖϕϙϚϒϋϙώϏϖ ϕό Ϛώϋ ΙϘϕϖώϋϚ ͸Μ͹ͨͼнлрͽ ΜχϒDϝDϚ Ϗϙ Ϛώϋ ϖϕϒϏϙώ όϕϘ ϓχϔͯϙ ϘϛϙϚϟ ϙϕϛϒͼнлсͽ χϔϊ ϏϚ ϝϏϖϋϙ χϝχϟ ώϟϖϕωϘϏϙϟ ͺϔϏόDϗͻͨͼнлтͽ ΜχϒDϝDϚ Ϗϙ χ όχωϚϕϘ Ϗϔ ϝϏϖϏϔύ χϝχϟ ϙϏϔϙͥͼнмйͽ χ ϓϋχϔϙ όϕϘ ϕϖϋϔϏϔύ Ϛώϋ ύχϚϋϙ ϕό ώϋχϜϋϔͥͼнмкͽ Ϛώϋ Ϙϋχϙϕϔ ψϋώϏϔϊ Ϛώϋ χϔύϋϒϙͯ ϙϛϖϖϒϏωχϚϏϕϔ όϕϘ ϓχϔ χϔϊ χϙϑϏϔύ όϕϘ Ϛώϋ όϕϘύϏϜϋϔϋϙϙ ϕό ώϏϙ ϙϏϔϙͥͼнмлͽ χϔϊ χ ϓϋχϔϙ ϕό ϖϘϕϞϏϓϏϚϟ Ϛϕ Ϛώϋ ΙϘϕϖώϋϚ ͸Μ͹ ϕϔ Ϛώϋ ΍χϟ ϕό ΛϋϙϛϘϘϋωϚϏϕϔ χϔϊ Ϛώϋ ϕψϚχϏϔϓϋϔϚ ϕό ώϏϙ ϏϔϚϋϘωϋϙϙϏϕϔ ͺϙώχόDͮχώͻͨͼнммͽ Νώϋ ϕϔϋ ϝώϕ ώχϙ ψϒϏϙϙόϛϒ όχϚϋ Ϗϙ ώϋ ϝώϕϙϋ ϒχϙϚ ϙϚχϚϋϓϋϔϚ Ϗϔ Ϛώϋ ϝϕϘϒϊ Ϗϙ ϙχϒDϝDϚͨͼнмнͽ ΐϕϊ ϏϔϏϚϏχϒϒϟ ϙϋϔϊϙ ψϒϋϙϙϏϔύϙ ͺϙχϒDϝDϚͻ Ϛϕ Ϛώϋ ΙϘϕϖώϋϚ ͸Μ͹ χϔϊ Ϛώϋϔ ϕϘϊϋϘϙ ϛϙ Ϛϕ ϙϋϔϊ ϙχϒDϝDϚͧ

ōÈ ǹōÊƛ ƃ È ǴŎǐÈÉȇ ǾÉƬÈǰÈÊƟȐÈǷÈȁ ǾÊȈÌǴÈǟ ơȂ È ǴŎǏ ơȂ È ǹȂ ō ǴÈǟ È ǼÉǷƕ È Ǻȇ È ƅơ È ǀÊōdzơ ƢȀÈŎȇÈƗ ƢÈȇ ȆŏƦÊǼdzơ Ȅ Ƃ ƢǸȈÅǴÊLjÌÈƫ ơȂǸÉǴŏLJÈȁÈ

³,QGHHG $OODK DQG +LV DQJHOV EOHVV WKH 3URSKHW 2 \RX ZKR KDYH IDLWK ,QYRNH EOHVVLQJV RQ KLP DQG LQYRNH 3HDFH XSRQ KLP LQ D ZRUWK\ PDQQHU ´> @ ΏϘϕϓ ϚώϏϙ ϜϋϘϙϋ χϔϊ Ϛώϋ όϕϒϒϕϝϏϔύ ϚϘχϊϏϚϏϕϔϙͥ ϝϋ ώχϜϋ ϕψϚχϏϔϋϊ Ϛώϋϙϋ ϖϕϏϔϚϙ ψϋϒϕϝ ϘϋύχϘϊϏϔύ ϙχϒDϝDϚͧ кͨ ΜχϒDϝDϚ Ϗϙ χ ϜϋϘψχϒ ύϋϙϚϛϘϋ ϕό ϘϋϙϖϋωϚͥ ψϛϚ ϝώχϚ Ϗϙ ϓϕϘϋ ϏϓϖϕϘϚχϔϚ Ϗϙ Ϛώϋ ϖϘχωϚϏωχϒ ϕψϋϊϏϋϔωϋ ϘϋϗϛϏϘϋϊ χϙ Ϗϙ ϏϔϊϏωχϚϋϊ ψϟ Ϛώϋ ϖώϘχϙϋͥ ͰϙχϒϒϏϓϛ ϚχϙϒLϓDͱͨ лͨ Νώϋ ϙχϒDϝDϚ ϕό ΐϕϊ χϔϊ Ϛώϋ χϔύϋϒϙ Ϗϙ ϖϋϘϓχϔϋϔϚ΂ͰϟϛϙχϒϒXQͱ Ϗϔ Ϛώϋ ϖϘϋϙϋϔϚ ϖϋϘόϋωϚ Ϛϋϔϙϋͨ мͨ Νώϋ ϙDODZDW RI *RG LV QRELOLW\ ^NLUDPDK` WKH ϙDODZDW RI WKH DQJHOV LV PHUF\ ^UDώPDK` DQG WKH ϙDODZDW RI WKH SHRSOH LV VXSSOLFDWLRQ ^GXµD¶`

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкмͨώϚϓ ͸о ϕό кл͹кйͿктͿлйкл оͧймͧнп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

,W LV UHFRUGHG LQ WKH WUDGLWLRQV ³,Q DGGUHVVLQJ ΑDϊUDW 0XVD µD *RG VDLG µ6HQG ϙDODZDW XSRQ 0XώDPPDG DQG KLV SURJHQ\ DV , DQG WKH DQJHOV GR VHQG ϙDODZDW XSRQ KLP¶ ´> @ 7KH 0HVVHQJHU RI $OODK 6 VDLG ³7R UHPHPEHU *RG LV D IRUP RI ZRUVKLS DQG WR UHPHPEHU PH LV DOVR D IRUP RI ZRUVKLS DQG WKH VDPH LV WUXH ZLWK UHVSHFW WR P\ VXFFHVVRU µ$OL LEQ $EL ΝDOLE ´> @ ,W LV UHFRUGHG LQ WKH WUDGLWLRQV ³)RU WKH DFFHSWDQFH RI \RXU VXSSOLFDWLRQ VHQG ϙDODZDW ILUVW EHIRUH VXSSOLFDWLQJ ´> @ 1RW RQO\ WKH VHQGLQJ RI ϙDODZDW XSRQ KHDULQJ WKH QDPH RI WKH 3URSKHW 6 EXW DOVR ZULWLQJ LW DIWHU KLV QDPH KDV UHZDUG 7KH 3URSKHW 6 VDLG ³7KH DQJHOV DUH SUD\LQJ IRU WKH IRUJLYHQHVV RI DQ\RQH ZKR ZRXOG VHQG ϙDODZDW WR PH LQ KLV ERRN VR ORQJ DV P\ QDPH H[LVWV LQ WKDW ERRN ´ 7KH PDQQHU RI VHQGLQJ VDODZDW Βϔ Ϛώϋ ϓχϏϔ ψϕϕϑϙ ϕό Ϛώϋ Ίώϒ χϙ΀Μϛϔϔχώͥ ϏϚ Ϗϙ ϔχϘϘχϚϋϊ ϚώχϚ χϚ Ϛώϋ ϚϏϓϋ ϕό ϙϋϔϊϏϔύ ϙχϒDϝDϚͥ Ϛώϋ ϖϘϕύϋϔϟ ϕό ΖϛώχϓϓDG 6 VKRXOG GHILQLWHO\ EH PHQWLRQHG DORQJ ZLWK KLV QDPH RWKHUZLVH RQH¶V ϙDODZDW LV LQFRPSOHWH ^DEWDU` DQG GHIHFWLYH > @ Βϔ Ϛώϋ ΝχόϙLϘ ΍ϛϘϘ χϒ΀ΖχϔϚώXϘͥ ϏϚ Ϗϙ ϔχϘϘχϚϋϊ όϘϕϓ Ϛώϋ ΜχώLώ χϒ΀΋ϛϑώDϘLͥ ΜχώLώ ΖϛϙϒϏϓͥ Μϛϔχϔ ΝϏϘϓϏϊώLͥ Μϛϔχϔ ΗϏϙDͯLͥ Μϛϔχϔ ΊψX ΍DϝXϊͥ χϔϊ Μϛϔχϔ Βψϔ Ζχϐχώͥ ϝώϏωώ χϘϋ χϓϕϔύ Ϛώϋ ϓϕϙϚ ϏϓϖϕϘϚχϔϚ ΜϛϔϔL ψϕϕϑϙͥ ϚώχϚ ϙϕϓϋϕϔϋ χϙϑϋϊ Ϛώϋ ΙϘϕϖώϋϚ ͸Μ͹ͧ ͰΠϋ ϑϔϕϝ ώϕϝ Ϛϕ ύϘϋϋϚ ϟϕϛ ͺϙχϒDϓͻͥ ψϛϚ ώϕϝ ϙώϕϛϒϊ ϝϋ ϙϋϔϊ ψϒϋϙϙϏϔύϙ Ϛϕ ϟϕϛͬͱ Νώϋ ΙϘϕϖώϋϚ ͸Μ͹ ϙχϏϊͧ Ͱ΢ϕϛ ϙχϟͥ

È ǸōƸÈǷ Ê ȁÈ ǶȈǿơǂÌƥƛ ȄǴÙǟ Ê ȁ DZƕ È ƪÈȈÌǴōǏ ƢǸ È DzŏǏ È ǯ ƾ È ǶōȀÉËǴdzÈƗ É DZƕ É ȄǴÙǟ È ƾÇǸōƸÈǷ ƾȈƴ Æ Ƿ Æ ƷÈ ǮÈōǻÊƛ ǶȈǿơǂÌƥƛ È ƾȈǸ

ͰΘ Ίϒϒχώͪ Μϋϔϊ ψϒϋϙϙϏϔύϙ ϕϔ Ζϛώχϓϓχϊ χϔϊ Ϛώϋ ϖϘϕύϋϔϟ ϕό Ζϛώχϓϓχϊ χϙ ΢ϕϛ ώχϜϋ ϙϋϔϚ ψϒϋϙϙϏϔύϙ ϕϔ ΒψϘχώϏϓ χϔϊ Ϛώϋ ϖϘϕύϋϔϟ ϕό ΒψϘχώϏϓͨ ΢ϕϛ χϘϋ Ϛώϋ ΙϘχϏϙϋϝϕϘϚώϟ χϔϊ Αϕϒϟͨͱͼннйͽ Βϓχϓ χϙώ΀ΜώDόϏͯLͥ Ϛώϋ Ϗϓχϓ ϕό Ϛώϋ ΜώDόϏͯL ϙωώϕϕϒ ϕό ΜϛϔϔL ϐϛϘϏϙϖϘϛϊϋϔωϋͥ ϋϞϖϘϋϙϙϋϙ ϚώϏϙ Ϗϙϙϛϋ Ϗϔ Ϛώϋ όϕϒϒϕϝϏϔύ ϖϕϋϓͧ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкмͨώϚϓ ͸п ϕό кл͹кйͿктͿлйкл оͧймͧнп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ÊǑ Ê ǺÈǷ Ê DZȂLJ Ê ǂÌǬÉÌdzĞ Ȇǧ ƅơ Ê ǁÈ ƪÊȈÌÈƥ DzÈǿÌÈƗ Ƣȇ ǾÈdzDŽÈÌǻÈƗ ǹƕ Æ ǂÌÈǧ ǶÉǰÉŎƦƷ É ƅơ É ǯÈ È ǴÙǏ Ȑ ƧȂ ǰÉōǻƗ ǁÊƾÌǬÈÌdzĞ ǶȈǜ È Èǧ ǶÌǰÉȈÌǴÈǟÈ DzŏǐÈÉȇ ǶÌÈdz ǺÌǷ Ƕ Ê ǟÈ ǺÌǷÊ ǶÌǯƢǨ È ǾÈdz

2 PHPEHUV RI WKH +RXVHKROG ^$KO DO %D\W` RI WKH 0HVVHQJHU RI $OODK /RYLQJ \RX LV DQ REOLJDWLRQ ZKLFK *RG KDV UHYHDOHG LQ WKH 4XU¶DQ 2Q WKH JUHDWQHVV DQG ORIWLQHVV RI \RXU VWDWLRQ LW LV HQRXJK WKDW DQ\RQH ZKR GRHV QRW LQYRNH EOHVVLQJV RQ \RX LQ LQYRNLQJ EOHVVLQJV RQ WKH 3URSKHW 6

LW LV DV LI KH KDV QRW LQYRNHG EOHVVLQJV DW DOO > @ <HV UHPHPEHULQJ 0XKDPPDG¶V SURJHQ\ LQ HYHU\ SUD\HU LQGLFDWHV WKDW DIWHU WKH 3URSKHW 6 ZH KDYH WR UHIHU WR KLV $KO DO %D\W 6 DQG QRW WR RWKHUV $QG LI LW LV QRW UHDOO\ VR PHQWLRQLQJ WKH QDPHV RI SHUVRQV ZKRVH SDWK LV QRW QHFHVVDU\ WR WUHDG HVSHFLDOO\ LQ HYHU\ SUD\HU ZRXOG EH DQ DFW RI H[WUHPLVP $ FHUWDLQ SHUVRQ ZDV FOLQJLQJ VWHDGIDVWO\ WR WKH .DµEDK DQG VHQGLQJ ϙDODZDW EXW QRW LQFOXGLQJ WKH SURJHQ\ RI 0XKDPPDG 6 ,PDP Dϙ ΜDϊϏϗ ϙχϏϊͧ ͰΝώϏϙ Ϗϙ χϔ χωϚ ϕό ϏϔϐϛϙϚϏωϋ χύχϏϔϙϚ ϛϙͨͱͼннлͽ Νώϋ ΙϘϕϖώϋϚ ϕό ΐϕϊ ͸Μ͹ ϙχϏϊͧ ͰΝώϕϙϋ ϝώϕ ϝϕϛϒϊ ϊϋϖϘϏϜϋ ϓϟ ϖϘϕύϋϔϟ ϕό ϙχϒDϝDϚ ωχϔϔϕϚ ϙϓϋϒϒ Ϛώϋ όϘχύϘχϔωϋ ϕό ϖχϘχϊϏϙϋ ϕϔ Ϛώϋ ΍χϟ ϕό ΛϋϙϛϘϘϋωϚϏϕϔͨͱͼннмͽ ΜϏϓϏϒχϘϒϟͥ χϙϙϋϓψϒϏϋϙ ϝώϋϘϋ Ϛώϋ Ηχϓϋ ϕό ΐϕϊ χϙ ϝϋϒϒ χϙ ϚώχϚ ϕό Ϛώϋ ΙϘϕϖώϋϚ ͸Μ͹ χϔϊ ώϏϙ ϖϘϕύϋϔϟ χϘϋ ϔϕϚ ϓϋϔϚϏϕϔϋϊ ϝϏϒϒ ψϋ χ ϙϕϛϘωϋ ϕό ϘϋύϘϋϚ ϕϔ Ϛώϋ ΍χϟ ϕό ΛϋϙϛϘϘϋωϚϏϕϔͨͼнннͽ ΒϚ Ϗϙ ϏϔϚϋϘϋϙϚϏϔύ ϋϔϕϛύώ ϚώχϚ ϏϚ Ϗϙ Ϛώϛϙ ϘϋωϕϘϊϋϊ Ϗϔ Ϛώϋ ϚϘχϊϏϚϏϕϔϙͧ ͰΠώϋϔ Ϛώϋ ϔχϓϋ ϕό ϕϔϋ ϕό Ϛώϋ ϖϘϕϖώϋϚϙ ϕό ΐϕϊ Ϗϙ ϓϋϔϚϏϕϔϋϊͥ ϙϋϔϊ ψϒϋϙϙϏϔύϙ όϏϘϙϚ Ϛϕ Ζϛώχϓϓχϊ χϔϊ ώϏϙ ϖϘϕύϋϔϟͥ χϔϊ Ϛώϋϔ ϏϔϜϕϑϋ ψϒϋϙϙϏϔύϙ χϔϊ ϙχϒϛϚχϚϏϕϔ ϕϔ ϚώχϚ ϖϘϕϖώϋϚͨͱͼнноͽ Νώϋ ΖϋϙϙϋϔύϋϘ ϕό Ίϒϒχώ ͸Μ͹ ϙχϏϊͧ ͰΝώϋ Ϙϋχϒ ϓϏϙϋϘ Ϗϙ ώϋ ϝώϕ ώϋχϘϙ ϓϟ ϔχϓϋ ψϛϚ ϊϕϋϙ ϔϕϚ ϙϋϔϊ ϙχϒDϝDϚ Ϛϕ ϓϋͨ Αϋ Ϗϙ Ϛώϋ ϓϕϙϚ ϛϔϑϏϔϊ χϔϊ ϛϔόχϏϚώόϛϒ χϓϕϔύ ϖϋϕϖϒϋͨͱͼннпͽ 6DODP ΊόϚϋϘ ϘϋωϏϚϏϔύ ϙχϒDϝDϚͥ ϝϋ ύϏϜϋ ϚώϘϋϋ Ϛϟϖϋϙ ϕό ϙχϒDϓ ͺϙχϒϛϚχϚϏϕϔͻͧ όϏϘϙϚ Ϛϕ Ϛώϋ ΖϋϙϙϋϔύϋϘ ϕό Ίϒϒχώ ͸Μ͹ͥ ϙϋωϕϔϊ Ϛϕ Ϛώϋ ϙχϏϔϚϙ ϕό ΐϕϊͥ χϔϊ όϏϔχϒϒϟ Ϛϕ Ϛώϋ ψϋϒϏϋϜϋϘϙ χϔϊ ϕϛϘ ωϕ΀ϘϋϒϏύϏϕϔϏϙϚϙͨ Βϔ Ϛώϋ ϜϋϘϙϋͥ ³,QYRNH EOHVVLQJV RQ KLP DQG LQYRNH 3HDFH XSRQ

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкмͨώϚϓ ͸р ϕό кл͹кйͿктͿлйкл оͧймͧнп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

KLP LQ D ZRUWK\ PDQQHU ´> @ *RG FRPPDQGV XV WR VHQG VDOXWDWLRQV ^VDODP` XSRQ WKH 3URSKHW 6 DIWHU WKH ϙDODZDW ,Q SUD\HU WKHUHIRUH DIWHU WKH ϙDODZDW ZH H[WHQG VDODPV WR KLP

Ê ƨÉǸÈƷÌǁÈ ȁÈ ȄÊƦōǼdzĞ ƢȀŎȇÈơ ǮÈȈÌǴÈǟ ǾÉƫƢǯǂÈÈƥ ȁÈ ƅơ È ǵȐ É Ljdz ō Èơ Ŏ

$VVDODPX µDOD\ND D\\XKD¶Q QDEL\\X ZD UDώPDWXOODKL ZD EDUDNXK ³0D\ $OODK¶V SHDFH PHUF\ DQG EOHVVLQJV EH XSRQ \RX 2 3URSKHW ´ 7KURXJK WKH WDNELUDK DO LώUDP ZH GHWDFKHG RXUVHOYHV IURP FUHDWLRQ ^NKDOT` DQG DWWDFKHG RXUVHOYHV WR WKH &UHDWRU ^NKDOLT` $W WKH HQG RI WKH SUD\HU ZH DOVR ILUVW FRQYH\ VDOXWDWLRQ WR WKH JHP RI FUHDWLRQ YL] WKH +RO\ 3URSKHW 6 7KHQ ZH H[WHQG RXU VDOXWDWLRQ WR WKH ULJKWHRXV VHUYDQWV RI *RG

Ê ǟÊ ȄǴÙǟ Ê ƽƢƦ ǺȈ È ȁ ƢǼȈ É Ljdz Ë ƅơ È ǴÈǟÈ ǵȐ È ƸÊÊdzƢǐdzơ ō Èơ

Ίϙ΀ϙχϒDϓϛ ͮχϒχϟϔD ϝχ ͮχϒD ͮϏψDϊϏϒϒDώϏͯϙ΀ϙDϒϏώLϔͪ ͰΖχϟ ϖϋχωϋ ψϋ ϛϖϕϔ ϛϙ χϔϊ Ϛώϋ ϘϏύώϚϋϕϛϙ ϙϋϘϜχϔϚϙ ϕό Ίϒϒχώͪͱ ΝώϏϙ ϙχϒDϓ Ϗϔωϒϛϊϋϙ χϒϒ Ϛώϋ ϖχϙϚ ϖϘϕϖώϋϚϙͥ ϚώϋϏϘ ϙϛωωϋϙϙϕϘϙ χϔϊ Ϛώϋ ϏϔόχϒϒϏψϒϋ ΒϓDϓϙͨ ΐϕϊ χϒϙϕ ϙϋϔϊϙ ψϒϋϙϙϏϔύϙ χϔϊ ψϋϔϋϊϏωϚϏϕϔ ϛϖϕϔ ΑϏϙ ϖϘϕϖώϋϚϙ µD ³3HDFH EH WR WKH DSRVWOHV ´> @ ³3HDFH EH WR 1RDK ´> @ ³3HDFH EH WR $EUDKDP ´> @ ³3HDFH EH WR 0RVHV DQG $DURQ ´> @ ΝώϘϕϛύώ Ϛώϋ ϙχϒDϓͥ ϝϋ χϚϚχωώ ϕϛϘϙϋϒϜϋϙ Ϛϕ Ϛώϋ ϘϏύώϚϋϕϛϙ ϙϋϘϜχϔϚϙ ϕό ΐϕϊ΂χϔ χϚϚχωώϓϋϔϚ χϔϊ ϘϋϒχϚϏϕϔϙώϏϖ ϝώϏωώ χϘϋ ψϋϟϕϔϊ Ϛώϋ ψϕϛϔϊϙ ϕό ϚϏϓϋ χϔϊ ϙϖχωϋͥ ϝϏϚώ χϒϒ Ϛώϋ ϖϛϘϏόϏϋϊ χϔϊ ϘϏύώϚϋϕϛϙ ϕϔϋϙ ϚώϘϕϛύώϕϛϚ ώϏϙϚϕϘϟͥ Ϗϔ χϒϒ ϋϖϕωώϙ χϔϊ ύϋϔϋϘχϚϏϕϔϙͨ Νώϋϔͥ ϏϚ Ϗϙ Ϛώϋ ϚϛϘϔ ϕό ϕϛϘ όϋϒϒϕϝ ψϋϒϏϋϜϋϘϙ χϚ Ϛώϋ ϖϘϋϙϋϔϚ ϚϏϓϋͨ Πϋ ϙϋϔϊ ϕϛϘ ϙχϒDϓϙ ϛϖϕϔ Ϛώϕϙϋ ϝώϕ ώχϜϋ ϖχϘϚϏωϏϖχϚϋϊ Ϗϔ Ϛώϋ ωϕϔύϘϋύχϚϏϕϔ ϕό ΖϛϙϒϏϓϙ ϝώϕ ώχϜϋ ψϋϋϔ ϙϚχϔϊϏϔύ ϝϏϚώ ϛϙ Ϗϔ Ϙχϔϑϙ χϙ ϝϋϒϒ χϙ ϛϖϕϔ Ϛώϋ χϔύϋϒϙ ϝώϕ χϘϋ ϖϘϋϙϋϔϚ Ϗϔ Ϛώϋ ωϕϔύϘϋύχϚϏϕϔ ϕό ΖϛϙϒϏϓϙ χϔϊ Ϛώϋ Ϛϝϕ χϔύϋϒϙ ϝώϕ χϘϋ χϙϙϏύϔϋϊ Ϛϕ ϋχωώ ϕό ϛϙͧ

Ê ƨÉǸÈƷÌǁÈ ȁÈ ǶÌǰÉȈÌǴÈǟÈ ǵȐ ǾÉƫƢǯǂÈÈƥ ȁ É Ljdz È ƅơ ō Èơ

$VVDODPX µDOD\NXP ZD UDώPDWXOODKL ZD EDUDNXK

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкмͨώϚϓ ͸с ϕό кл͹кйͿктͿлйкл оͧймͧнп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

Ͱ0D\ $OODK¶V SHDFH PHUF\ DQG EOHVVLQJV EH XSRQ \RX ͱ Πϋ ωϕϓϓϋϔωϋ Ϛώϋ ϖϘχϟϋϘ ϝϏϚώ Ϛώϋ Ηχϓϋ ϕό ΐϕϊ χϔϊ ϋϔϊ ϏϚ ϝϏϚώ ϙχϒDϓ Ϛϕ Ϛώϋ ωϘϋχϚϛϘϋϙ ϕό Ίϒϒχώͨ Βϔ Ϛώϋϙϋ ϙχϒϛϚχϚϏϕϔϙͥ Ϛώϋ ώϏϋϘχϘωώϟ Ϗϙ ϕψϙϋϘϜϋϊͨ Πϋ ϙϋϔϊ ϕϛϘ ϙχϒDϓ όϏϘϙϚ ϛϖϕϔ Ϛώϋ ΖϋϙϙϋϔύϋϘ ϕό Ίϒϒχώͥ Ϛώϋϔ ϛϖϕϔ Ϛώϋ ϖϘϕϖώϋϚϙͥ Ϛώϋ ϙχϏϔϚϙ χϔϊ Ϛώϋ ϘϏύώϚϋϕϛϙͥ χϔϊ Ϛώϋϔ Ϛώϋ ψϋϒϏϋϜϋϘϙ χϔϊ όϕϒϒϕϝϋϘϙͨ 7KH SK\VLRJQRP\ RI VDODP R ΜχϒDϓ Ϗϙ ϕϔϋ ϕό Ϛώϋ Ηχϓϋϙ ϕό ΐϕϊͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϙχϒϛϚχϚϏϕϔ ϕό Ϛώϋ ϊϝϋϒϒϋϘϙ ϕό ϖχϘχϊϏϙϋ Ϛϕ ϕϔϋ χϔϕϚώϋϘͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ύϘϋϋϚϏϔύ ϕό Ϛώϋ χϔύϋϒϙ χϚ Ϛώϋ ϚϏϓϋ ϕό ϋϔϚϋϘϏϔύ Ϛώϋ ϖχϘχϊϏϙϋͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϓϋϙϙχύϋ ϕό Ϛώϋ Ίϒϒ΀ϓϋϘωϏόϛϒ ΕϕϘϊͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϘϋωϋϖϚϏϕϔ ϕό Ϛώϋ ΗϏύώϚ ϕό ΘϘϊχϏϔϓϋϔϚ ͺϒχϟϒχώ χϒ΀ϗχϊϘͻͨ R ΜχϒDϓ Ϗϙ Ϛώϋ όϏϘϙϚ ϘϏύώϚ ϕό ΖϛϙϒϏϓϙ ϛϖϕϔ ϕϔϋ χϔϕϚώϋϘͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϑϋϟ Ϛϕ ωϕϓϓϋϔωϏϔύ χϔϟ ϊϏϙωϕϛϘϙϋ ϕϘ ϝϘϏϚϏϔύͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϊϋϋϊ ϕό ϙϋωϛϘϏϚϟ όϘϕϓ ϋϜϋϘϟ ϙϕϘϚ ϕό όϋχϘ χϔϊ ϋϜϏϒͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϙϏϓϖϒϋϙϚ ύϕϕϊ ϊϋϋϊͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϙϟϓψϕϒ ϕό ώϛϓϏϒϏϚϟ χϔϊ ϓϋϋϑϔϋϙϙͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϋϒϋϓϋϔϚ ϕό ϒϕϜϋ χϔϊ ϏϔϚϏϓχωϟͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϋϞϖϘϋϙϙϏϕϔ ϕό ϖϋχωϋ χϔϊ χϓϏϚϟͨ R ΜχϒDϓ Ϗϙ Ϛώϋ όϏϘϙϚ ύϏόϚ χϔϊ ϖϘϋϙϋϔϚ ψϋϚϝϋϋϔ Ϛϝϕ ώϛϓχϔ ψϋϏϔύϙͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϝϏϙώ όϕϘ Ϛώϋ ϙχόϋϚϟ ϕό Ϛώϋ ϙϋϘϜχϔϚϙ ϕό ΐϕϊͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ωχϒϒ όϕϘ ϝϕϘϒϊ ϖϋχωϋͨ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкмͨώϚϓ ͸т ϕό кл͹кйͿктͿлйкл оͧймͧнп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

R ΜχϒDϓ Ϗϙ Ϛώϋ ώχϘψϏϔύϋϘ ϕό ώϕϖϋ χϔϊ Ϛώϋ ψϋχϘϋϘ ϕό ϐϕϟͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϋόόχωϋϘ ϕό ϖχϙϚ ϕόόϋϔϙϋϙͨ R ΜχϒDϓ Ϗϙ Ϛώϋ χϔϔϕϛϔωϋϓϋϔϚ ϕό ϖϘϋϙϋϔωϋ χϔϊ Ϛώϋ ϖϋϘϓϏϙϙϏϕϔ Ϛϕ ϋϔϚϋϘͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ψϋϙϚ ϝϕϘϊ χϚ Ϛώϋ ϚϏϓϋ ϕό ϋϔϚϘχϔωϋ χϔϊ ϋϞϏϚͨ R ΜχϒDϓ Ϗϙ χ ϝϕϘϊ ϝώϏωώ Ϗϙ ϒϏύώϚ ϕϔ Ϛώϋ Ϛϕϔύϛϋ ψϛϚ ώϋχϜϟ Ϗϔ Ϛώϋ ϙωχϒϋͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϝχϟ όϕϘ Ϛώϋ ϘϋόϕϘϓϋϘϙ Ϛϕ ϘϋόϕϘϓ Ϛώϋ ϙϕωϏϋϚϟͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϝϕϘϊ χϊϊϘϋϙϙϋϊ Ϛϕ ψϕϚώ Ϛώϋ ϊϋχϊ χϔϊ Ϛώϋ ϒϏϜϏϔύͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϙϕϛϘωϋ ϕό ύϒϕϘϟ χϔϊ ύϘχϔϊϋϛϘͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϋϒϋϓϋϔϚ όϕϘ ϋχϘϔϏϔύ Ϛώϋ ϖϒϋχϙϛϘϋ ϕό ΐϕϊ χϔϊ Ϛώϋ χϔύϋϘ ϕό ΜχϚχϔͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϓϋχϔϙ ϕό ϋϔϚϘχϔωϋ ϕό Ϛώϋ ϊϏϜϏϔϋ ϙϋωϘϋϚϙ ϏϔϚϕ Ϛώϋ ώϋχϘϚͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ωϕϓϖϋϔϙχϚϕϘ όϕϘ ϙϏϔϙ χϔϊ Ϛώϋ ϋϔώχϔωϋϘ ϕό ύϕϕϊ ϊϋϋϊϙͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϓϋϙϙϋϔύϋϘ ϕό όϋϒϒϕϝϙώϏϖ χϔϊ όϘϏϋϔϊϙώϏϖͨ R ΜχϒDϓ Ϗϙ Ϛώϋ χύϋϔϚ ϚώχϚ ωϘϛϙώϋϙ ϜχϔϏϚϟ χϔϊ ϋύϕϏϙϓͨ R ΜχϒDϓ Ϗϙ ϊϏϜϏϔϋ ωϕϛϘϚϋϙϟͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ϘϋωϋϖϚϏϕϔ ϕό χϒϒ ϚώχϚ Ϗϙ ύϕϕϊ χϔϊ ϝώϕϒϋϙϕϓϋͨ R ΜχϒDϓ Ϗϙ χ όϕϘϓ ϕό ϖϋϘόϋωϚϏϕϔ Ϛώϋ χψχϔϊϕϔϓϋϔϚ ϕό ϝώϏωώ ϙϏύϔϏόϏϋϙ ϙϚϏϔύϏϔϋϙϙͥ χϘϘϕύχϔωϋͥ ϙϋωϒϛϙϏϕϔͥ ϝϘχϚώͥ χϔϊ Ϛώϋ ψϘϋχϑϏϔύ ϕό ϘϋϒχϚϏϕϔϙώϏϖ ϚϏϋϙͨ R ΜχϒDϓ Ϗϙ Ϛώϋ ωϒϕϛϊ ϕό ϓϋϘωϟ ϚώχϚ ϝϋ ϙϖϘϋχϊ ϕϛϚ ϕϜϋϘ Ϛώϋ ϖϋϕϖϒϋͥ χϔϊ χϙ ϙϛωώͥ ϝϋ ϙχϟͧ ͰΊϙ΀ϙχϒDϓϛ ͮχϒχϟϑϛϓͱ ͺΖχϟ ϖϋχωϋ ψϋ ϛϖϕϔ ϟϕϛͻ ϏϔϙϚϋχϊ ϕό ͰΊϙ΀ϙχϒχϓϛ ϒχϑϛϓͱ ͺΖχϟ ϖϋχωϋ ψϋ Ϛϕ ϟϕϛͻͨ

Νώϋ Αϕϒϟ ΙϘϕϖώϋϚ ͸Μ͹ ϛϙϋϊ Ϛϕ ϙχϟͧ ͰΒ ϙώχϒϒ ϔϋϜϋϘ χψχϔϊϕϔ Ϛώϋ ϖϘχωϚϏωϋ ϕό ύϘϋϋϚϏϔύ ωώϏϒϊϘϋϔ Ϗϔ ϓϟ ϒϏόϋͨͱͼнолͽ ΊϒϚώϕϛύώ ϕόόϋϘϏϔύ ϙχϒDϓ Ϗϙ Ϙϋωϕϓϓϋϔϊϋϊ χϔϊ ϘϋϖϒϟϏϔύ Ϛϕ όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкмͨώϚϓ ͸кй ϕό кл͹кйͿктͿлйкл оͧймͧнп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

ϏϚ Ϗϙ ϕψϒϏύχϚϕϘϟͥ Ϛώϋ ϘϋϝχϘϊ ϕό Ϛώϋ ϕϔϋ ϝώϕ όϏϘϙϚ ϕόόϋϘϙ Ϛώϋ ϙχϒDϓ Ϗϙ кй ϚϏϓϋϙ ϓϕϘϋ Ϛώχϔ ϚώχϚ ϕό Ϛώϋ ϕϔϋ ϝώϕ ϙϏϓϖϒϟ ϘϋϖϒϏϋϙͨ Πϋ Ϙϋχϊ Ϗϔ Ϛώϋ ϚϘχϊϏϚϏϕϔϙ ϚώχϚ Ϛώϋ ϕϔϋ ϘϏϊϏϔύ ώχϙ Ϛϕ ωϕϔϜϋϟ ϙχϒDϓ όϏϘϙϚ Ϛϕ Ϛώϋ ϕϔϋ ϝχϒϑϏϔύͦ Ϛώϋ ϕϔϋ ϙϚχϔϊϏϔύ Ϛϕ Ϛώϋ ϕϔϋ ϙϏϚϚϏϔύͦ χϔϊ Ϛώϋ ϕϔϋ χϘϘϏϜϏϔύ Ϛϕ Ϛώϕϙϋ ϝώϕ χϘϋ ϙϏϚϚϏϔύ Ϗϔ χϔ DVVHPEO\ > @ $QG WKH 4XU¶DQ WKXV H[KRUWV

Ê ǺLj Ƃ ƢȀǼÈǷ É ƿÈÊƛ ȁÈ ƃ È ƷÌƘÈÊƥ ơȂŎȈƸÈÈǧ ƨÇȈōƸÊƬÈÊƥ ǶƬȈÉŏȈƷ ơ

³:KHQ \RX DUH JUHHWHG ZLWK D VDOXWH JUHHW ZLWK D EHWWHU RQH WKDQ LW ´> @

Ê ƨÉǸÈƷÌǁÈ ȁÈ ǶÌǰÉȈÌǴÈǟÈ ǵȐ ǾÉƫƢǯǂÈÈƥ ȁ É Ljdzơ È ƅơ ō ȁÈ

0D\ $OODK·V SHDFH PHUF\ DQG EOHVVLQJV EH XSRQ \RX

ΗϕϚϋϙͧ

> @ 6XUDK $O µ,PUDQ > @ %LώDU DO $QZDU YRO ³%DE DW 7DKOLO ZD )DϊODK ´ > @ %LώDU DO $QZDU YRO S > @ ,W UHIHUV WR 6XUDK DQ 1LVD¶ ³'R QRW VD\ WR VRPHRQH ZKR RIIHUV \RX SHDFH µ<RX DUH QRW D EHOLHYHU¶ ´ > @ -DPLµ DO $ώDGLWK YRO S > @ )DUD] KD¶L D] 7DULNK H ,VODPL ^+LJKOLJKWV RI ,VODPLF +LVWRU\` S > @ %LώDU DO $QZDU YRO S > @ 6XUDK DW 7DώULP > @ 6XUDK $O µ,PUDQ ³:KHQ $OODK WRRN D FRPSDFW FRQFHUQLQJ WKH SURSKHWV ^+H VDLG ` µ,QDVPXFK DV , KDYH JLYHQ \RX RI WKH %RRN DQG ZLVGRP VKRXOG DQ DSRVWOH FRPH WR \RX WKHUHDIWHU FRQILUPLQJ ZKDW LV ZLWK \RX \RX VKDOO EHOLHYH LQ KLP DQG KHOS KLP ¶ +H VDLG µ'R \RX SOHGJH DQG DFFHSW 0\ FRYHQDQW RQ WKLV FRQGLWLRQ"¶ 7KH\ VDLG µ:H SOHGJH ¶ +H VDLG µ7KHQ EH ZLWQHVVHV DQG , DP DOVR DPRQJ WKH ZLWQHVVHV DORQJ ZLWK \RX¶ ´ > @ 6XUDK /XTPDQ > @ 6XUDK DO ,VUD¶ RU %DQL ,VUD¶LO > @ 6XUDK DO %DTDUDK > @ 6XUDK DO ,VUD¶ RU %DQL ,VUD¶LO όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкмͨώϚϓ ͸кк ϕό кл͹кйͿктͿлйкл оͧймͧнп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

> @ 6XUDK ΜDG > @ 6XUDK DO 0XQDILTXQ > @ 6XUDK DVK 6KXUD ³6D\ , GR QRW DVN RI \RX DQ\ UHZDUG IRU LW H[FHSW WKH DIIHFWLRQ IRU ^P\` UHODWLYHV ´ > @ :DVD¶LO DVK 6KLµDK YRO S > @ $O .DIL YRO S > @ %LώDU DO $QZDU YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ 0LUµDK DO µ8TXO YRO S > @ %LώDU DO $QZDU YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ 6XUDK DO $ώ]DE > @ 7DIVLU 1XU DWK 7KDTDOD\Q YRO S > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ $V TXRWHG LQ 7DIVLU H 1HPXQHK YRO S > @ $V TXRWHG LQ 7DIVLU DO 0L]DQ YRO S ΜDώLώ DO %XNKDUL YRO S > @ $O *KDGLU YRO S TXRWLQJ 0XVQDG $ώPDG LEQ ΑDQEDO YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ $O .DIL YRO S > @ %LώDU DO $QZDU YRO S > @ :DVD¶LO DVK 6KLµDK YRO S > @ 6XUDK DO $ώ]DE > @ 6XUDK Dϙ ΜDόόDϚ мрͧкскͨ > @ 6XUDK Dϙ ΜDόόDϚ мрͧртͨ > @ 6XUDK Dϙ ΜDόόDϚ мрͧкйтͨ > @ 6XUDK Dϙ ΜDόόDϚ мрͧклйͨ > @ %LώDU DO $QZDU YRO S > @ %LώDU DO $QZDU YRO S > @ 6XUDK DQ 1LVD¶

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкмͨώϚϓ ͸кл ϕό кл͹кйͿктͿлйкл оͧймͧнп ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

6XEMHFW ,QGH[

6HDUFK

$QQRXQFHPHQWV

)HHGEDFN

6XSSRUW WKLV 6LWH

ΌώχϖϚϋϘ кй

%LEOLRJUDSK\

4XU¶DQ $O )DTLK $O *KDGLU $O .DIL $O :DIL %LώDU DO $QZDU )DUD] KD¶L D] 7DULNK H ,VODPL ^+LJKOLJKWV RI ,VODPLF +LVWRU\` *KXUDU DO ΑLNDP -DPLµ DO $ώDGLWK .DQ] DO µ8PPDO .KRPHLQL 5XώXOODK 0XVDZL 6LUU Dϙ ΜDODK 0DµDQL Dϙ ΜDGXT 0DTWDO DVK 6KDPV 0DVD¶LO H 4XQXW GDU 7DZGLώ DO 0DVD¶LO 0LUµDK DO µ8TXO 0XIUDGDW DU 5DJKLE 0XώDMMDK DO %D\ϊD¶ 0XQDMDW DVK 6KDµEDQL\\DK 0XVQDG $KPDG ,EQ ΑDQEDO 0XVWDGUDN DO ΑDNLP 0XVWDGUDN DO :DVD¶LO 0XWDKKDUL 0XUWDGD 6D\UL GDU 6LUHK \H 1DEDZL ^$ 6XUYH\ RI WKH /LIH &RQGXFW RI WKH 3URSKHW 6 ` BBBBB ΝDKDUDW H 5Xώ ͺΜϖϏϘϏϚϛχϒ ΙϛϘϏόϏωχϚϏϕϔͻͨ ШШШШШͨ :DOD KD YD :LOD\DW KD ^0DVWHU DQG 0DVWHUVKLS` 1DKM DO %DODJKDK 3D\DPEDUL YD ΑXNXPDW ^3URSKHWKRRG DQG *RYHUQDQFH` 4DϙϙDU DO -DPDO 5LVDOHK \H $ώNDP H ,PDP .KRPHLQL 6DILQDK DO %DώDU 7DIVLU DO 0L]DQ 7DIVLU DO 4XUϚXEL όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкнͨώϚϓ ͸к ϕό л͹кйͿктͿлйкл оͧймͧнр ΙΖ


Ί ΌϕϓϓϋϔϚχϘϟ ϕϔ ΙϘχϟϋϘ

7DIVLU $ϚLE DO %D\DQ 7DIVLU %XUKDQ 7DIVLU .DQ] DG 'DTD¶LT 7DIVLU H 1HPXQHK 7DIVLU 1XU DWK 7KDTDOD\Q 7DPDVKDJDK H 5D] :DVD¶LO DVK 6KLµDK =D\G LEQ µ$OL

όϏϒϋͧͿͿͿΌ;Ϳ΍ϕωϛϓϋϔϚϙїлйχϔϊїлйΜϋϚϚϏϔύϙͿϓϋώϠχϊͨϙχώχϘͿ΍ϋϙϑϚϕϖͿϕωϚїлйлтїлйлйклͿχ΀ωϕϓϓϋϔϚχϘϟ΀ϕϔ΀ϖϘχϟϋϘ΀ϓϛώϙϏϔ΀ϗχϘχχϚϏͿкнͨώϚϓ ͸л ϕό л͹кйͿктͿлйкл оͧймͧнр ΙΖ


TOC: A Commentary on Prayer

A Commentary on Prayer 7LWOH 7UDQVOLWHUDWLRQ 6\PEROV 3XEOLVKHU¶V )RUHZRUG )RUHZRUG 3UHIDFH Chapter 1 :RUVKLS ^µLEDGDK` DQG 6HUYLWXGH ^µXEXGL\\DK` :KDW LV ZRUVKLS ^µLEDGDK`" 1DWXUDO GLVSRVLWLRQ ^ILWUDK` DQG ZRUVKLS ^µLEDGDK` 7KH 5RRW RI :RUVKLS 7KH SURIXQGLW\ RI ZRUVKLS ,QGLIIHUHQFH WRZDUG ZRUVKLS 7KH SOHDVXUH RI *RG DV WKH D[LV RI ZRUVKLS 7KH VSLULW RI ZRUVKLS 0RGHUDWLRQ LQ ZRUVKLS 0DQDJHPHQW LQ ZRUVKLS :RUVKLS DV D KRXU SKDUPDF\ :RUVKLS DV WKH VRXUFH RI WUDQTXLOLW\ :RUVKLS DQG DFTXLVLWLRQV 7KH UHFLSURFDO HIIHFWV RI IDLWK DQG ZRUVKLS 7KH SKLORVRSK\ RI ZRUVKLS DFFRUGLQJ WR WKH 4XU¶DQ 3UD\HU LQ WKH ZRUGV RI

file:///C|/Documents%20and%20Settings/mehzad.sahar/D...202012/a-commentary-on-prayer-muhsin-qaraati/toc.htm (1 of 5)10/19/2012 5:04:05 PM


TOC: A Commentary on Prayer

,PDPµ$OL µD

7KH HIIHFWV DQG EOHVVLQJV RI VHUYLWXGH DQG VXEPLVVLRQ 6HQVH RI KRQRU DQG HVWHHP 6HQVH RI VWUHQJWK 6HQVH RI GLJQLW\ 7UDLQLQJ DJHQW 6XPPRQLQJ XS VSLULWV *XDUGLDQVKLS ^ZLOD\DK` RYHU FUHDWLRQ 7KH YLVDJH RI SUD\HU 3UD\HU DQG WKH 4XU¶DQ 3UD\HU DQG TLVDV :RUVKLS DQG JXDUGLDQVKLS 3UD\HU DQG OHDGHUVKLS 7KH GHJUHHV RI ZRUVKLS 7KH YLVDJH RI ZRUVKLS 3UD\HUV WKDW UHOLHYH GLIILFXOW\ 7KH SUD\HU RI -DµIDU DW 7D\\DU 7KH VDQFWLW\ RI SUD\HU 7KH 8QLYHUVDOLW\ RI 3UD\HU

Chapter 2 ,QWHQWLRQ ^QL\\DK` 6LQFHUH ,QWHQWLRQ 7KH PRWLYH IRU VHHNLQJ QHDUQHVV ^TXUE` WR $OODK 7KH GHJUHHV RI SUR[LPLW\ ^TXUE` :H KDYH WR ORYH *RG IRU WKH VDNH RI *RG $WWDLQPHQW RI WKH VWDWH RI SUR[LPLW\ ^TXUE` $ 5HFROOHFWLRQ 4XDOLW\ RU TXDQWLW\" $ 5HFROOHFWLRQ $QRWKHU UHFROOHFWLRQ 7KH LQWHQWLRQ JLYHV YDOXH WR WKH GHHG 7ZR KLVWRULFDO DFFRXQWV $ UHFROOHFWLRQ 7KH HIIHFWV DQG EOHVVLQJV file:///C|/Documents%20and%20Settings/mehzad.sahar/D...202012/a-commentary-on-prayer-muhsin-qaraati/toc.htm (2 of 5)10/19/2012 5:04:05 PM


TOC: A Commentary on Prayer

RI D SXUH LQWHQWLRQ 7KH SUHHPLQHQFH RI LQWHQWLRQ RYHU DFWLRQ 7KH GHJUHHV RI LQWHQWLRQ 7KH UROH RI LQWHQWLRQ RQ WKH SHQDO LVVXHV *QRVLV DV WKH SUHOLPLQDU\ VWHS WRZDUG WKH LQWHQWLRQ IRU QHDUQHVV 7KH HIIHFWV RI FRUUXSW LQWHQWLRQV

Chapter 3 7DNELUDK DO ,KUDP $OODKX DNEDU ^$OODK LV JUHDWHU` 7DNELU LQ RWKHU SUD\HUV +RZ ZH VKRXOG UHFLWH WKH WDNELU LQ SUD\HU 7KH PHDQLQJ RI WDNELU 7DNELU LQ ,VODPLF FXOWXUH

Chapter 4 6XUDK DO )DWLKDK 7KH LQVWUXFWLYH OHVVRQV RI 6XUDK DO )DWLKDK %LVPLOODKL¶U UDKPDQL¶U UDKLP %LVPLOODK 7KH ZRUG ³$OODK´ ³$O KDPGXOLOODK´ ³5DEE DO µDODPLQ´ ³$U UDKPDQL¶U UDKLP´ ³0DOLNL \DZPL¶G GLQ´ 7KH $UDELF ZRUG ³GLQ´ ³,\\DND QDµEXG ZD L\\DND QDVWDµLQ´ ³,KGLQD¶V 6LUDW $O 0XVWDTLP´ :KLFK RQH LV WKH 6WUDLJKW 3DWK " ³6LUDW DOODGKLQD DQµDPWD µDOD\KLP JKD\UL¶O PDJKGXEL µDOD\KLP ZD ODG GDOOLQ´ :KR DUH WKRVH ZKR DUH DVWUD\ DQG KDYH LQFXUUHG

file:///C|/Documents%20and%20Settings/mehzad.sahar/D...202012/a-commentary-on-prayer-muhsin-qaraati/toc.htm (3 of 5)10/19/2012 5:04:05 PM


TOC: A Commentary on Prayer

WKH GLYLQH ZUDWK"

Chapter 5 6XUDK DO ,NKODV 7KH LPSRUWDQFH RI 6XUDK DO ,NKODV ³4XO KXZD¶OODKX DKDG´ ^6D\ µ+H LV $OODK WKH 2QH¶` ³$OODKX¶V VDPDG´ ³/DP \DOLG ZD ODP \XODG´ ³:D ODP \DNXQ ODKX NXIXZDQ DKDG´

Chapter 6 %RZLQJ 'RZQ ^UXNXµ` DQG 3URVWUDWLRQ ^VXMXG` %RZLQJ GRZQ ^UXNXµ` 7KH HIIHFWV RI UXNXµ 7KH HWLTXHWWH RI SHUIRUPLQJ UXNXµ 7KH UXNXµ RI WKH VDLQWV RI *RG 7KH KLVWRU\ RI VXMXG 7KH LPSRUWDQFH RI VXMXG 7KH ZLVGRP EHKLQG VXMXG 7KH HWLTXHWWH RI SHUIRUPLQJ VXMXG 7KH VRLO RI .DUEDOD¶ 3URVWUDWLRQ RI WKDQNV ^VXMXG VKXNU` 7KH EOHVVLQJV RI VXMXG VKXNU 7KH SURVWUDWLRQV RI WKH VDLQWV RI *RG 6RPH SRLQWV

Chapter 7 'KLNU DW 7DVELK ³6XEKDQ $OODK´ 7KH VWDWLRQ RI WDVELK 7KH UHZDUG IRU WDVELK 3UDFWLFDO WDVELK 5HSHWLWLRQ RI WDVELK 5HPHPEUDQFH RI *RG LQ ,VODPLF FXOWXUH file:///C|/Documents%20and%20Settings/mehzad.sahar/D...202012/a-commentary-on-prayer-muhsin-qaraati/toc.htm (4 of 5)10/19/2012 5:04:05 PM


TOC: A Commentary on Prayer

7KH WDVELK RI RWKHU FUHDWXUHV

Chapter 8 4XQXW

7KH TXQXW RI GLIIHUHQW SUD\HUV 7KH TXQXW RI WKH ,QIDOOLEOHV µD

Chapter 9 7DVKDKKXG DQG 6DODP 7DVKDKKXG 7KH VORJDQ RI WDZKLG 3ULVWLQH 7DZKLG 7HVWLPRQ\ WR WKH $SRVWOHVKLS 6DODZDW 7KH PDQQHU RI VHQGLQJ VDODZDW 6DODP 7KH SK\VLRJQRP\ RI VDODP

Chapter 10 %LEOLRJUDSK\

file:///C|/Documents%20and%20Settings/mehzad.sahar/D...202012/a-commentary-on-prayer-muhsin-qaraati/toc.htm (5 of 5)10/19/2012 5:04:05 PM


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.