'HD H ,ODULD %HYLODFTXD
'HD DQG ,ODULD %HYLODFTXD
RQ WKH OHIW LQ WKH WRS 3X]]ROD XS KLJK $VVHV WKH 3ROOLQR
&DODEULD QRUWK RI WKH GHHS VRXWK
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
WR WKH OHIW &DPLJOLDWHOOR 6LODQR &6 ULYHU &DPLJOLDWL
FXVR 7KH 6WDWH 1DWXUDO 5HVHUYHV LQ WKH SURYLQFH RI &RVHQ]D DUH *DOORSDQH *ROH GHO 5DJDQHOOR *ROLD &RUYR , *LJDQWL GHOOD 6LOD ,RQD 6HUUD GHOOD *XDU GLD 0DFFKLD GHOOD *LXPHQWD 6DQ 6DOYDWRUH 6HU UD 1LFROLQR 3LDQ G·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
0RFFRQH &6 H[ 66 ZLWK WKH VQRZ
RQ WKH ULJKW LQ WKH WRS 3DSDVLGHUR &6 JURWWD GHO 5RPLWR XS KLJK 3ROOLQR &6 ULYHU 5DJDQHOOR
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·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
*URWWD GHO 5RPLWR WKH KHUPLW·V FDYH DQG WKH 9DOOH GHO 0HUFXUH GDWLQJ EDFN WR WKH *UHHN FRORQL]DWLRQ VDQFWXDULHV FRQYHQWV FDVWOHV WRZHUV DQG KLVWRULFDO FHQWUHV 2WKHU WKLQJV WKDW FDQ EH QRWHG DUH DWPR VSKHUHV RI DJUR SDVWRUDO OLIH WRZQ IHDVWV DQG HWKQLF OLQJXLVWLF PLQRULWLHV RI $OEDQLDQ RULJLQ 7KH 3ROOLQR 3DUN IDOOV LQWR WKH GLVWULFWV RI &DODEULD DQG %DVLOLFDWD DQG LQ WKH SURYLQFHV RI &RVHQ]D 0D WHUD DQG 3RWHQ]D WKH PXQLFLSDOLWLHV LQYROYHG DUH LQ %DVLOLFDWD DQG LQ &DODEULD DUH WKH &RPXQLWj 0RQWDQH RI &DODEULD DQG WKRVH RI %DVLOLFDWD 7KH KLVWRULFDO FHQWUHV LQ WKH SURYLQFH RI &RVHQ]D WKDW FRPH ZLWKLQ WKH 3DUN ERXQGDULHV DUH $FTXDIRUPR VD $LHWD $OHVVDQGULD GHO &DUUHWWR %HOYHGHUH 0DULWWLPR %XRQYLFLQR &DVWURYLOODUL &HUFKLDUD GL &DODEULD &LYLWD )UDQFDYLOOD 0DULWWLPD )UD VFLQHWR *ULVROLD /DLQR %RUJR /DLQR &DVWHOOR /XQJUR 0DLHUj 0RUDQR &DODEUR 0RUPDQQR 0RWWDIROORQH 2UVRPDQQR 3DSDVLGHUR 3ODWDFL 3UDLD D 0DUH 6DQ %DVLOH 6DQ 'RQDWR GL 1LQHD 6DQJLQHWR 6DQ /RUHQ]R %HOOL]]L 6DQ 6RVWL 6DQW·$JDWD G·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·V D YDVW VSDFH SUR WHFWHG E\ D URFN\ FOLII +HUH RQ D EORFN RI VWRQH WKH KDQG RI SUHKLVWRULF PDQ HQJUDYHG JUDIILWL WKDW V\P EROLVH WKH IRUP RI WKH %RV SULPLJHQLXV 7KH 5DJDQHOOR FDQ\RQ LV RQH RI WKH PRVW VXJJHVWLYH QDWXUDOLVWLF SH RQ WKH ULJKW 6DQ 'RQDWR GL 1LQHD &6 IUD]LRQH GL 3ROLFDVWUHOOR
RQ WKH ULJKW LQ WKH WRS &HUYRQH XS KLJK 5RVDOLD DOSLQD
JXDJH -XQLSHU FRPPXQLV WKH FRPPRQ KDZWKRUQ NURPXPELKVH DQG PXUUL]D ORFDO $OEDQLDQ ODQJXDJH &UDWDHJXV PRQRJ\QLHV WKH PLQRU SHULZLQNOH 9LQFD PLQRU WKH &RURQLOOD HPHUXV &RURQLOOD HPHUXV WKH ELVWRUW GRFN 3RO\JRQXP ELVWRUWD WKH \HZ PXOOHLQ 9HUEDVFXP WKDSVXV WKH PDMRU JHQWLDQ *HQWLDQD OX WHD WKH FRPPRQ GDQGHOLRQ VRIILRQO ORFDO $OEDQLDQ ODQJXDJH 7DUD[DFXP RIILFLQDOH WKH ODXUHO GEDIQD OR FDO $OEDQLDQ ODQJXDJH /DXUXV QRELOLV WKH RGRURXV EURRP 6SDUWLP MXQFHXP DQG WKH G\HU·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¶FHUYRQH· (ODSKH TXDW XRUOLQHDWXV DQG WKH DGGHU ,PSRUWDQW SUHVHQFHV DUH WKRVH RI WKH UDUH EODFN ZRRGSHFNHU 'U\RFRSXV PDU WLXV DPRQJVW WKH ELJJHVW LQ ,WDO\ DQG WKH PDMRU UHG ZRRGSHFNHU 3LFRLGHV PDMRU WKH JUHHQ ZRRGSHFNHU DQG WKH ILYH W\SHV RI ,WDOLDQ ODUN $PRQJVW WKH ELUGV RI SUH\ DUH WKH PDMHVWLF UR\DO HDJOH $TXLOD FU\VDHWRV
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
,VROD &DSR 5L]]XWR .5 /H &DVWHOOD DUFKDHRORJLFDO VLWH
&URFH GL 0DJDUD &6
XS KLJK %ULGJH RQ WKH ODNH &HFLWD &6
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
WKH VFHQHU\ D SDUWLFXODU DHVWKHWLF YDOXH ZLWK WKH LQWHUUXSWLRQ RI WKH JUDVV\ FRYHULQJ DQG WKH OLYH OLQHVV DQG YDULHW\ RI FRORXUV HVSHFLDOO\ LQ VSULQJ $PRQJVW WKH PDPPDOV WKH ZROI LV FHUWDLQO\ WKH PRVW UHSUHVHQWDWLYH VSHFLHV UHGXFHG WR RQO\ D IHZ VSHFLPHQV RZLQJ WR WKH VKRFNLQJ KXQW WR ZKLFK LW KDV EHHQ VXEPLWWHG LQ WKH SDVW QRZDGD\V LW LV D SURWHFWHG VSHFLHV ,W LVQ·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
WR WKH OHIW /H &DVWHOOD .5 $UDJRQHVH FDVWOH ;,, ;9 ;9, VHFROR
6DODPDQGUD SH]]DWD
VKRUW SDXVH RU DV D UHVSLWH ]RQH IRU PDQ\ PL JUDWLQJ VSHFLHV VXFK DV WKH PDOODUG $QDV SODW \UKLQFKRV WKH JUH\ KHURQ $UGHD FLQHUHD WKH JUHDW FUHVWHG JUHEH DQG WKH UDUHU VPDOO FUHVWHG JUHEH 3RGLFHSV QLJULFROOLV DQG WKH ZDWHU RX]HO 7DFK\EDSWXV UXILFROOLV 7KH $ULDPDFLQD ODNH LV DQ H[WUDRUGLQDU\ UHVWLQJ SRLQW IRU PLJUDWRU\ PDUVK IRZOV DQG LW LV RQH RI WKH IHZ SODFHV ZKHUH WKH JUHDW FUHVWHG JUHEH 3RGLFHSV FULV WDWXV QHVWV ,Q WKH PDQ\ VWUHDPV WKDW FURVV WKH 3DUN LW LVQ·W GLIILFXOW WR ILQG SUHVHQFH RI WURXW HHO PLQQRZ URDFK DQG ¶FRELWH· FDUS OLNH ILVK $PRQJVW WKH DPSKLELDQV LW LV TXLWH HDV\ WR FRPH XSRQ WKH \HOORZ EHOOLHG WRDG WKH ,WDOLDQ FUHVWHG QHZW 7ULWXUXV FDUQLIH[ WKH WUHH IURJ +\OD DUERUHD WKH VSHFWDFOHG VDOD PDQGHU 6DODPDQGULQD WHUGLJLWDWD WKH VSRWWHG VDODPDQGHU WKH HPHUDOG²JUHHQ WRDG WKH JUHHQ
:ROI
IURJ WKH FRPPRQ WRDG DQG WKH $SHQQLQH IURJ $PRQJVW WKH UHSWLOHV ZH RIWHQ ILQG WKH FRP PRQ DGGHU 9LSHUD DVSLV DQG WKH YDULRXV VSH FLHV RI DGGHU DUH YHU\ GDQJHURXV WR KXPDQV 7KH RWKHU UHSWLOHV WKDW FDQ EH IRXQG DUH WKH JUHHQ OL]DUG WKH VPRRWK FROXEULG &RURQHOOD DXVWULDFD WKH JUDVV VQDNH WKH FROODU VQDNH WKH ¶FHUYRQH· RU PLON VQDNH (ODSKH TXDWX RUOLQHDWD D FROXEULG QRQYHOHQRXV VQDNH IURP WKH /DWLQ FHUYXV VWDJ LQ UHIHUHQFH WR WKH QREOH VQDNH NLQJ RI WKH RSKLGLDQV 7KH PLON VQDNH RU ¶PSDVWXUDYDFFKH FDODEUHVH GLD OHFW QDPH FRPHV IURP DQ DQFLHQW EHOLHI IRU ZKLFK WKDW VQDNH ZDV VXSSRVHG WR EH D JOXW WRQ IRU PLON DQG WR JHW LW LW ZRXOG JR GLUHFWO\ WR WKH FRZV· XGGHUV 7KH PD[LPXP OHQJWK IRU WKH PLON VQDNH LV FP EXW LQ WKH UHVW RI ,WDO\ LW·V FP
)DOOLVWUR &6 VFXOSWXUH DUERUHD
7KH 6WDWH 1DWXUDO 5HVHUYH , *LJDQWL GHOOD 6LOD 7KH 6LOD *LDQWV
1HDU &URFH GL 0DJDUD D IDUPLQJ YLOODJH WKDW ZDV IRXQGHG DIWHU WKH $JUDULDQ 5HIRUP DQG LV QRZ D SODFH RI JUHDW WRXULVW HQYLURQPHQWDO LQWHU HVW ZH ILQG WKH ORFDOLW\ )DOOLVWUR GHULYHV IURP GXJ DQG RU GDUN SODFH ,Q WKLV HQFORVHG UHVHUYH ZH ILQG , *LJDQWL GHOOD 6LOD 7KH 6LOD *LDQWV VSOHQGLG PRQXPHQWDO VSHFLPHQV RI ODUFK 3LQHV 3LQXV ODULFXV WKDW DUH RYHU \HDUV RI DJH DQG KDYH D KHLJKW EHWZHHQ DQG PHWUHV ,Q WKH UHVHUYH WKHUH DUH SODQWV RI ODUFK 3LQH DQG RI PRXQWDLQ 0DSOH ,Q ZLQWHU DORQJ WKH URDG ZKLFK OHDGV WR WKH )DOOLVWUR UHVHUYH RQH FDQ SUDFWLFH 1RUGLF VNL RQ D QDWXUDO WUDFN )DOOLVWUR &6 7KH 6LOD *LDQWV
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¶V 3HDN &6 PRQXPHQWDO PDSOH WUHH
7KH $VSURPRQWH 1DWLRQDO 3DUN 7KH 3DUN ZDV IRXQGHG RQ WK -DQXDU\ DQG ZLWK LWV KHFWDUHV LW·V WKH VHFRQG ODUJ HVW 1DWLRQDO 3DUN LQ WKH &DODEULD 5HJLRQ 7KH $VSURPRQWH LV WKH ILQDO OLQN RI WKH ORQJ JUDQLWLF &DODEUHVH UDQJH WKDW EHJLQV ZLWK WKH 6LOD DQG FRQWLQXHV ZLWK WKH &RDVWDO 5DQJH DQG WKH 6HUUH ,Q WKH &DODEULD UHJLRQ WKHUH FR²H[LVW WZR GLIIHU HQW JHRORJLFDO ]RQHV FDOFDUHRXV GRORPLWLF DQG JUDQLWLF FU\VWDOOLQH 7KH 6FDORQH 3DVV PDUNV WKH ERUGHU EHWZHHQ WKH WZR EORFNV 7KH $VSURPRQWH IURP WKH *UHHN j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j &LQTXHIURQGL &LWWDQRYD &RQGRIXUL &R VROHWR 'HOLDQXRYD *HUDFH 0RORFKLR 0DP PROD 2SSLGR 0DPHUWLQD 3DOD]]L 3ODWu 5HJ JLR &DODEULD 5RFFDIRUWH GHO *UHFR 5RJKXGL 6DPR 6DQW·$JDWD GHO %LDQFR 6DQWD &ULVWLQD G·$VSURPRQWH 6DQW·(XIHPLD G·$VSURPRQWH 6DQ *LRUJLR 0RUJHWR 6DQ /RUHQ]R 6DQ /XFD 6DQ 5REHUWR 6DQWR 6WHIDQR LQ $VSURPRQWH 6FLGR 6FLOOD 6LQRSROL 6WDLWL 9DURSRGLR 7KH &RPXQLWj 0RQWDQH 7HUULWRULDO $XWKRULW\ DUH $VSURPRQWH 2ULHQWDOH 9HUVDQWH ,RQLFR 0H ULGLRQDOH GHOOD /LPLQD 9HUVDQWH GHOOR 6WUHWWR 9HUVDQWH 7LUUHQLFR 6HWWHQWULRQDOH 9HUVDQWH 7LU UHQLFR 0HULGLRQDOH
XS KLJK 0RQWDOWR 5& 5HJJLR &DODEULD 6WUHWWR GL 0HVVLQD RQ WKH ULJKW LQ WKH WRS $VSURPRQWH 5& RQ WKH ULJKW 3HQWLGDWWLOR 5&
5LYHUV DQG 7RUUHQWV 7KH SHFXOLDULWLHV RI WKH $VSURPRQWH VXUURXQGLQJV DUH WKH ILXPDUH &DODEUHVH ZRUG IRU ULYHU FKDUDF WHULVWLF HVSHFLDOO\ RQ WKH ,RQLDQ FRDVW 7KH\ DUH ZD WHUFRXUVHV WKDW DUH ERUQ RQ WKH PRXQWDLQ VORSHV DV EURRNV DQG WKHQ DIWHU KDYLQJ FDUYHG GHHS JRUJHV UXQ GRZQ WR WKH YDOOH\V +HUH WKH\ DVVXPH WKH W\SLFDO DVSHFW RI ULYHUV ILXPDUH ZLWK ZLGH DQG DULG VWRQ\ ULYHUEHGV 'U\ IRU PRVW SDUW RI WKH \HDU WKH\ EH FRPH GDQJHURXV GXULQJ WKH VHDVRQDO VSDWHV ,Q IDFW WKH\ KDYH D JUHDW SRZHU RI HURVLRQ DQG EULQJ GRZQ ZLWK WKHP HQRUPRXV TXDQWLWLHV RI PDWHULDO JLYLQJ RULJLQ WR GLVDVWURXV ODQGVOLGHV 7KH ¶ILXPDUH· SUHVHQW LQ WKH 3DUN DUH 0HOLWR $PHQGROHD /DYHUGH 3RU WLJOLROD &RQGRMDQQL *HUDFH &DUDFL 3ODWu 6FL DUDSRWDPR 1RYLWR 7RUQR 6 3DVTXDOH DQG %RQ DPLFR ,Q 'HFHPEHU DQ HQRUPRXV ODQGVOLGH IHOO RQ WKH ULYHU %RQDPLFR LW REVWUXFWHG LWV FRXUVH DQG RULJLQDWHG WKXV WKH ODNH &RVWDQWLQR 7KH WRU UHQWV 3DOL]]L 9HQD &DORSLQDFH )DUOD 5D]]D $SRVFLSR 0HQWD )HUUDLQD 6 /HR $FRQH DQG 9DFDOH $QRWKHU FKDUDFWHULVWLF RI WKH $VSURPRQWH VXUURXQGLQJV DUH WKH ZDWHUIDOOV VXFK DV $PHQGROHD )RUJLDUHOOH 3DOPDUHOOR 0DHVDQR DQG &DOzQHUR WKDW FUHDWH VFHQHULHV RI LQFRPSDUDEOH EHDXW\ 7KH 5RFNV 3LHWUH
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
5RJKXGL 5& WKH 0LON 6DXFHSDQV XS KLJK 6DPR 5& )RUJLDQHOOH ZDWHUIDOOV