Colour in the Ancient Mediterranean World 9781407326870, 9781841713731


136 6 34MB

English Pages [169] Year 2004

Report DMCA / Copyright

DOWNLOAD PDF FILE

Table of contents :
Front Cover
Title Page
Copyright
Table of Contents
Figures and Plates
Introduction
Notes on Contributors
Section One: The Creation of Colour
Colours of Ancient Egyptian Funerary Artefacts in the National Museums of Scotland
Take it or Leave it? Towards More Non-Destructive Approaches in Aegean and Eastern Mediterranean Bronze Age Painted Plaster Studies
Notes on the Nature of Creta Anularia and Vitruvius' Recipe for Egyptian Blue
The Role of Colour in Herod's Place at Jericho
Red Coloured Textiles in the Linear B Inscriptions
Purple Dyeing in the Mediterranean World: Characterisation of Biblical Tekhelet
The Industrial Exploitation of Murex: Purple Dye Production in the Western Mediterranean
Coloured Textiles Found Along the Spice Route Joining Petra and Gaza - Examples from the First to Eighth Centuries AD
Section Two: Colour in Artistic Culture
Colours of Power: Brown Men and Brown Women in the Art of Akhenaten
The Use of Colour in the Aegean Bronze Age
Colour in the Aegean Bronze Age: From Monochromy to Polychromy
Colour Coding and the Representation of Costumes in Mycenaean Wall Painting
Amber
Pretending to be What They Are Not; Colour and the Deceptive Gift
Athena Blues? Colour and Divinity in Ancient Greece
Empedocles and the Ancient Painters
Coloured Hellenistic Architectural Remains from El Ashmunein (Hermopolis Magna) Egypt
Section Three: Colour in Literary and Liguistic Culture
The Cosmetic Use of Red Ochre (Miltos)
Melas in Greek Cultural Practices: The Case of Heroic Sacrifices in the Perigesis of Pausanias
The Colours of Desire and Death: Colour Terms in Bion's Epitaph on Adonis
The Colour 'Blush' in Ancient Rome
Colour Sequences in Catullus' 'Long Poems'
The Terminology of Ancient Egyptian Colours in Context
The Semantics of Colour in the Early Greek Word-Hoard
After-Paper
Colour in Antiquity
Plate Section
Captions
Recommend Papers

Colour in the Ancient Mediterranean World
 9781407326870, 9781841713731

  • 0 0 0
  • Like this paper and download? You can publish your own PDF file online for free in a few minutes! Sign Up
File loading please wait...
Citation preview

Colour in the Ancient Mediterranean World

Colour in the Ancient Mediterranean World

Liza Cleland and Karen Stears With Glenys Davies

BAR International Series 1267 2004

Published in 2016 by BAR Publishing, Oxford BAR International Series 1267

Colourin the Ancient Mediterranean World © The authors individually and the Publisher 2004 Volume Editor: John W Hedges The authors' moral rights under the 1988 UK Copyright, Designs and Patents Act are hereby expressly asserted. All rights reserved. No part of this work may be copied, reproduced, stored, sold, distributed, scanned, saved in any form of digital format or transmitted in any form digitally, without the written permission of the Publisher.

ISBN 9781841713731 paperback ISBN 9781407326870 e-format DOI https://doi.org/10.30861/9781841713731 A catalogue record for this book is available from the British Library BAR Publishing is the trading name of British Archaeological Reports (Oxford) Ltd. British Archaeological Reports was first incorporated in 1974 to publish the BAR Series, International and British. In 1992 Hadrian Books Ltd became part of the BAR group. This volume was originally published by Hedges in conjunction with British Archaeological Reports (Oxford) Ltd/ Hadrian Books Ltd, the Series principal publisher, in 2004. This present volume is published by BAR Publishing, 2016.

BAR

PUBLISHING BAR titles are available from:

EMAIL

PHONE FAX

BAR Publishing 122 Banbury Rd, Oxford, OX2 7BP, UK [email protected] +44 (0)1865 310431 +44 (0)1865 316916 www.barpublishing .com

&217(176 /LVWRI)LJXUHVDQG3ODWHV

LLL

,1752'8&7,21 /L]D&OHODQG

Y

1RWHVRQ&RQWULEXWRUV

YLLL

6(&7,2121(7+(&5($7,212)&2/285 .DWKHULQH(UHPLQ$QLWD4X\H+RZHOO(GZDUGV6XVDQD-RUJH9LOODUDQG%LOO0DQOH\ &RORXUVRI$QFLHQW(J\SWLDQ)XQHUDU\$UWHIDFWVLQWKH1DWLRQDO0XVHXPVRI6FRWODQG $QQ%U\VEDHUW 7DNH,WRU/HDYH,W"7RZDUGVPRUHQRQ'HVWUXFWLYH$SSURDFKHVLQ$HJHDQDQG(DVWHUQ 0HGLWHUUDQHDQ%URQ]H$JH3DLQWHG3ODVWHU6WXGLHV

 

)UHGHULF'DYLGRYLWV 1RWHVRQWKH1DWXUHRI&UHWD$QXODULDDQG9LWUXYLXV¶5HFLSHIRU(J\SWLDQ%OXH



6\OYLD5R]HQEHUJ 7KH5ROHRI&RORXULQ+HURG¶V3DODFHDW-HULFKR



0DULH/RXLVH1RVFK 5HG&RORXUHG7H[WLOHVLQWKH/LQHDU%,QVFULSWLRQV



,,UYLQJ=LGHUPDQ 3XUSOH'\HLQJLQWKH0HGLWHUUDQHDQ:RUOG&KDUDFWHULVDWLRQRI%LEOLFDO7HNKHOHW



%HQHGLFW/RZH 7KH,QGXVWULDO([SORLWDWLRQRI0XUH[3XUSOH'\H3URGXFWLRQLQWKH:HVWHUQ0HGLWHUUDQHDQ



2ULW6KDPLU &RORXUHG7H[WLOHVIRXQGDORQJWKH6SLFH5RXWHMRLQLQJ3HWUDDQG*D]D±([DPSOHVIURPWKH )LUVWWR(LJKWK&HQWXULHV$'



6(&7,217:2&2/285,1$57,67,&&8/785( 0DU\$QQ(DYHUO\ &RORXUVRI3RZHU%URZQ0HQDQG%URZQ:RPHQLQWKH$UWRI$NKHQDWHQ



&DUROH*LOOLV 7KH8VHRI&RORXULQWKH$HJHDQ%URQ]H$JH



)ULW]%ODNROPHU &RORXULQWKH$HJHDQ%URQ]H$JH)URP0RQRFKURP\WR3RO\FKURP\



*HRUJLQD0XVNHWW &RORXU&RGLQJDQGWKH5HSUHVHQWDWLRQRI&RVWXPHVLQ0\FHQDHDQ:DOO3DLQWLQJ



)D\D&DXVH\ZLWK-DFN6KHSKHUG $PEHU



0LFKDHO'XLJDQ &RORXUDQGWKH'HFHSWLYH*LIW



6XVDQ'HDF\DQG$OH[DQGUD9LOOLQJ $WKHQD%OXHV"&RORXUDQG'LYLQLW\LQ$QFLHQW*UHHFH



.DWHULQD,HURGLDNRQRX (PSHGRFOHVDQGWKH$QFLHQW3DLQWHUV

 L

Marek Baranski Coloured Hellenistic Architectural Remains from El Ashmunein (Hermopolis Magna) Egypt

96

SECTION THREE: COLOUR IN LITERARY AND LINGUISTIC CULTURE Patricia Hannah The Cosmetic Use of Red Ochre (Miltos)

100

Kerasia Stratiki Melas in Greek Cultural Practices: the case of heroic sacrifices in the Periegesis of Pausanias

106

Andreas Fountoulakis The Colours of Desire and Death: Colour Terms in Bion's Epitaph on Adonis

110

Mark Bradley The Colour 'Blush' in Ancient Rome

117

Jacqueline Clarke Colour Sequences in Catullus' 'Long Poems'

122

David A. Warburton The Terminology of Ancient Egyptian Colours in Context

126

Michael Clarke The Semantics of Colour in the Early Greek Word-Hoard

131

AFTER-PAPER Liza Cleland Colour in Antiquity

140

PLATE CAPTIONS

146

PLATE SECTION

147

Acknowledgements I would like to thank Dr. Karen Stears for organising the conference, Dr. Glenys Davies for proof-reading the penultimate draft of this text , and John Hedges , the publisher , for his encouragement in making it camera-ready. I also thank all the contributors for bearing with me throughout the long and complex process of bringing the volume together. On a more personal note, I thank Anna for coming through on the illustrations when it mattered , and generally the Clelands and MacDonalds , for their support and inspiration , and for helping me keep it together.

Erratum p. 128 left column: The Akkadian word uqnu denotes both lapis lazuli and a kind of blue, and is derived from the Egyptian word for amethyst, which was not used as a colour-term in Egyptian (Warburton 2004; forthcoming). Should read The Akkadian word uqnu denotes both lapis lazuli and a kind of blue. This blue is different from a lighter blue for which the Akkadian word, khashmanum , is derived from the Egyptian word for amethyst, which was not used as a colour-term in Egyptian (Warburton 2004; forthcoming).

II

)LJXUHVDQG3ODWHV .DWKHULQH(UHPLQHWDO 7DEOH,GHQWLILHG3LJPHQWV 7DEOH,GHQWLILHG'\HV 3O$WK'\QDVW\4XUQDDGXOWIHPDOHDQGFKLOGKLJKVWDWXVQG,QWHUPHGLDWH3HULRG 3O$VW'\QDVW\7KHEHVDGXOWPDOHSULHVWUG,QWHUPHGLDWH3HULRG 3O$5RPDQSHULRG ODWHQGHDUO\UG&$' 7KHEHVWZRER\V

    

$QQ%U\VEDHUW )LJ$QDO\WLFDOWHFKQLTXHVDQGWKHLUSURSHUWLHV )LJ7KHPHDQLQJRIVDPSOLQJ )LJ;5'UHVXOWVRIFRORXUHGHDUWKV 3O'ROSKLQGHVLJQDIWHUWKH\HOORZSDLQWDSSOLFDWLRQ 3O'ROSKLQGHVLJQZKHQGU\VKRZLQJWURZHOOLQJPDUNVDQGVKLQ\VXUIDFH 3O&RORXUHGHDUWKVDSSOLHGZLWKOLPHZDWHUDQGKRQH\

     

6\OYLD5R]HQEHUJ )LJ,VRPHWULFYLHZRI+HURG¶V7KLUG3DODFHIURPWKHVRXWKZHVW DIWHU(1HW]HU )LJ'HWDLOHGSODQRIWKHQRUWKHUQZLQJRIWKH+HURGLDQSDODFH-HULFKR DIWHU(1HW]HU 3O5HFRQVWUXFWLRQRI5RRP%GHFRUDWLRQ 3O7KHZHVWHUQZDOORI5RRP% 3O5HFRQVWUXFWLRQRI5RRP%GHFRUDWLRQ 3O7KHQRUWKHUQZDOORI+DOO% 3O5HFRQVWUXFWLRQRI5RRP%GHFRUDWLRQ 3O&RRNLQJSRWZLWKFLQQDEDUSLJPHQW 3O%RZOZLWK(J\SWLDQEOXH 3O3DLQWHGSODVWHUIUDJPHQWV

         

0DULH/RXLVH1RVFK )LJ3ODFHVDQG3URGXFWV



,,UYLQJ=LGHUPDQ )LJ7KUHHVSHFLHVRIPDULQHVQDLOV )LJ/HIWEDQGHGG\HPXUH[5LJKWIUDJPHQWRIWKHVDPHVSHFLHV

 

2ULW6KDPLU )LJ6SLFHURXWHVMRLQLQJ3HWUDDQG*D]D )LJ3ODQRIµ(Q5DKHOIRUWFRQVLVWLQJRIURRPVDURXQGDFRXUW\DUG 3O$SXUSOHEDQGG\HGZLWKNHUPHVµ(Q5DKHO 3O%URZQZRROGHFRUDWHGZLWKDEDQGLQVKDGHVRIOLJKWDQGGDUNEOXHµ(Q5DKHO 3O$SDWFKZLWKDUHGEDQGµ(Q5DKHO 3O,NDW

     

&DUROH*LOOLV )LJ7ZRFOD\YDVHVFRYHUHGZLWKWXPEDJDIRLOIURPWKH+XDFD/DV9HQWDQDVJUDYH )LJ.\OL[ GULQNLQJYHVVHO WKHEODFNDUHDVDUHFRUURGHGWLQIRLO )LJ%LPHWDOOLFULQJ/DWH%URQ]H$JH0\FHQDH 0\ORQDV  )LJ%LPHWDOOLFULQJ/DWH%URQ]H$JH$VLQH 3O7ZRVPDOOFOD\FXSVRQHFRYHUHGZLWKWLQIRLOWKHRWKHUZLWKWLQIRLOWKDWKDVEHHQ KHDWHGDQGR[LGLVHGWRDJROGHQFRORXU

LLL

    

)ULW]%ODNROPHU 7DEOH/LQHDU%&RORXU7HUPVDQGWKHLU&RQWH[WV 3O0LGGOH0LQRDQWHUUDFRWWDILJXULQHIURP3HWVRSKDV&UHWH DIWHU0\UHV±SO,;  3O0LGGOH0LQRDQYDVHLQ.DPDUHVVW\OHIURP3KDLVWRV&UHWH DIWHU/HYLFROSO /;;9,,,  3O0LQRDQIDLHQFHWDEOHWVVKRZLQJKRXVHIDFDGHVIURPµ7RZQ0RVDLF¶.QRVVRV 3Oµ0LQLDWXUH)UHVFR¶IURP6RXWKIULH]H$NURWLUL7KHUD DIWHU'RXPDVSO  3O0\FHQDHDQµ3URFHVVLRQ)UHVFR¶IURP%RHRWLDQ7KHEHV5HFRQVWUXFWLRQGUDZLQJE\+ 5HXVFK DIWHU5HXVFKSO 

     

*HRUJLQD0XVNHWW )LJ6WLPXOLIRUH[SHULPHQWUHJDUGLQJWKHSHUFHSWLRQRIFRQMXQFWLRQVRIIHDWXUHV ILJ  )LJ+HDY\UREHUHGUDZQIURP&06,E\DXWKRU )LJ3URFHVVLRQUREHUHGUDZQE\DXWKRUIURP/DQJ SO2+QZV  )LJ)HPDOHWXQLFUHGUDZQIURP5HXVFK DEE E\DXWKRU

   

)D\D&DXVH\ZLWK-DFN6KHSKHUG )LJ$PEHUDQGJROGEHDGVDQGSHQGDQWVIURP7RPE%UDLGDGL9DJOLR %DVLOLFDWD  DIWHU%RWWLQL 6HWDULSO;/,9  )LJ'HWDLORI)LJ 3O6HFWLRQRIDSLHFHRI%DOWLFDPEHU DIWHU*ULPDOGL 

  

0LFKDHO'XLJDQ  )LJ&UDIWVPDQSDLQWLQJSRWUHGILJXUHEHOOFUDWHU$WKHQVWKFHQWXU\%&$VKPROHDQ $1* 9  )LJ$UWLVWSDLQWLQJDVWDWXHRI+HUDFOHV$SXOLDQYDVHDWWULEXWHGWRWKH%RVWRQ*URXS  F%&1HZ  @YDFDW > 7UDFHVDWOHIW7UDFHVDWULJKWQRWLQFRPSDWLEOHZLWK /$1$>

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

:HDOVRNQRZD.QRVVLDQWH[WLOHFUDIWVPDQHWDZRQHX ZKR ZRUNV ZLWK SRQLNLMR +H GHFRUDWHV DQG ILQLVKHV FORWK .LOOHQQ 2QWZR IUDJPHQWDU\WDEOHWVKH RFFXUVZLWKOLQNVWRGLIIHUHQWDVSHFWVRIWKHFRORXULQJRU G\HLQJSURFHVV .QRVVRV*D   VFULEH D "HWD@ZRQHZH> E @SRQLNLMR> .QRVVRV;H VFULEH D "NX@SLULMRGRNH> E @HWDZRQH> D7UDFHVDWULJKWSHUKDSVQRWLQFRQVLVWHQWZLWK/$1$> 2Q*D  LWVHHPVWKDWHWDZRQHX LQWKHGDWLYHIRUPH WDZRQHZH  UHFHLYHV SRQLNLMR 2Q ;H  VRPHRQH JLYHV µGRNHL¶ VRPHWKLQJ WR HWDZRQHX 6KHOPHUGLQH    7KH SURGXFW JLYHQ LV SUREDEO\ZRRORUWH[WLOHVVLQFHWKHWDEOHWZDVZULWWHQE\ WKHVSHFLDOLVWVFULEHZHFDOOZKRGHDOVZLWKQHDUO\DOO 

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

+RZHYHU VHYHUDO RI WKH WHQ YLOODJHV UHFRUGHG DV GHOLYHULQJSRQLNLMRDUHDOVROLVWHGHOVHZKHUHDVFHQWUHV RI DJULFXOWXUDO 8I VHULHV (   DQG VSLFH SURGXFWLRQ *D VHULHV  7KHVH PXVW WKHUHIRUH KDYH EHHQ SODFHV ZLWK JRRG VRLO 7KH SODFHQDPHV SUHVHUYHG RQ WKH WDEOHWV IRU GHOLYHULHVRISRQLNLMRDUHGDZR *D>@ NXWDWR *D>@ "  SXQDVR *D>@ !"   SXVR %J   TDPR *D>@   TDUD *D>@   VXULPR *D>@ WLULWR *D>@%J" 7\OLVVRV %J   DQG ±NRZH *D>@  SHUKDSV %J  D UHDGLQJFULWLFLVHGE\2OLYLHULQ*RGDUWHWDO ,Q DOO WKHVH SODFHV IORFNV RI VKHHS ZHUH DOVR UHFRUGHG 2OLYLHU 

SRQLNLMR FRXOG DOVR EH PDGGHU 0HOHQD  %DUEHU  Q  7KLV LV LQ P\ RSQLRQ D EHWWHU VXJJHVWLRQ VLQFH WKH PDMRULW\ RI G\HG WH[WLOHV IRXQG LQ DUFKDHRORJLFDO FRQWH[WV DUH G\HG ZLWK PDGGHU )RU H[DPSOH WKH DQDO\VLV RI G\HG WH[WLOHV H[FDYDWHG DW 0DVDGDKDVVKRZQWKDWDOOWKHUHGWH[WLOHVKDGEHHQG\HG ZLWK PDGGHU .RUHQ    NLORV RI PDGGHU URRWV UHGXFH WR  NLORV RI SRZGHU ZKLFK FRXOG G\H VRPH  NLORV RI ZRRO &DUGRQ  5RWK HW DO   0DGGHU LV D PRUGDQW G\H DQG ZH NQRZ WKDW WKH0\FHQDHDQVKDGDOXP±WXUXSWHULMDVWUXSWHULD± DWWKHLUGLVSRVDODVDPRUGDQW 3WKUGFHQWXU\%&@VD\VLQWKHWKLUGERRNRI KLV /LYHV EXW DOVR WKHLU VNLQFRORXUV DUH D ELW OX[XULRXV DQG PDNH WKRVH ZKR KDQGOH WKHP FRPSOHWHO\HIIHPLQDWH ai) xroiai\ trufero\n e)/xousai/ ti sunekqhlu/nousai tou\j metaxeirizome/nouj

7KHQ DSSDUHQWO\ RXW RI SODFH DW WKH HQG RI   LQ D GLVFXVVLRQRIWKHHIIHFWVRIYDULRXVVSLFHVDVDGGLWLYHVKH QRWHV 7KH URRW RI DONDQHW DOVR KHOSV WRZDUGV WKH FRORXURIURVHSHUIXPHDQGLULVSHUIXPH sunergei= de\ kai\ th=j a)gxou/shj to\ r(izi/on ei)j th\n xro/an tou= r(odi/nou kai\ th=j i)/ridoj.

-XVW SULRU WR WKLV DW GH WKH SDVVDJH LQ ;HQRSKRQ¶V 6\PSRVLXP   KDG EHHQ TXRWHG ZKHUH 6RFUDWHV SURYRFDWLYHO\ DFFHSWHG WKH XVH RI SXUH ROLYH RLO IRU IUHH PHQ EXW UHVWULFWHG SHUIXPH WR ZRPHQ 7KHUH FDQ EH QR GRXEWKRZHYHUWKDWRUGLQDU\PHQWKURXJKRXWWKHDQFLHQW ZRUOG DSSOLHG XQJXHQWV QRW MXVW WR WKH KHDG EXW WKH HQWLUH ERG\ 'D\DJL0HQGHOV   6LQFH ,VFKRPDFKXV LV SUHVHQWHG DV D FRQVHUYDWLYH WUDGLWLRQDOLVW SHUKDSV KH ZDVLQWHQGLQJWRKRUULI\KLVZLIHZLWKWKHWKRXJKWRIKLV ZHDULQJHIIHPLQDWHSHUIXPHGPLOWRV

3OLQ\ 1+   LGHQWLILHV ERWK RLOV DQG HVVHQFHV DQG DGGV ³%HWZHHQ WKHVH WKHUH LV D WKLUG >LQJUHGLHQW@ QHJOHFWHG E\ PDQ\ SHRSOH  FRORXU IRU WKH VDNH RI WKLV GUDJRQ¶V EORRG DQG DONDQHW DUH DGGHG´ 7HUWLXV LQWHU KDHF HVW FRORV PXOWLV QHJOHFWXV KXLXV FDXVD DGGXQWXU FLQQDEDULV HW DQFKXVD  $ONDQHW LV OLVWHG DV DQ RSWLRQDO LQJUHGLHQW IRU FRORXULQJ URVHSHUIXPH E\ 'LRVFRULGHV  a)/gxousan e(/neka eu)xroi/aj DQGDJDLQ ZLWK GUDJRQ¶V EORRG IRU ERWK URVH DQG VDIIURQSHUIXPH E\ 3OLQ\ 1+   ZKR DOVR PHQWLRQV JUHHQ EODFN ZKLWHDQGSDOHFRORXUHGSHUIXPHV 1+ $FFRUGLQJ WR %UXQ    D UHG WLQW ZDV DOVR LPSDUWHG E\ PDGGHU 5XELD WLQFWRULD %DXPDQQ   SOV    8QIRUWXQDWHO\ PLOWRV LV QRW DFWXDOO\ VSHFLILHG LQ WKHVHVRXUFHVEXW3OLQ\ 1+ LVDZDUHRI³DOOVRUWV RI H[WHUQDO DGGLWLYHV´ H[WHUQD RPQLD  DQG LW FRXOG VLPSO\ KDYH EHHQ GURSSHG IURP WKH OLVWV RI LQJUHGLHQWV RQFH WKH PDQXIDFWXULQJ SURFHVV ZDV SHUIHFWHG LQ WKH +HOOHQLVWLF DQG 5RPDQ SHULRGV 'RQDWR DQG 6HHIULHG  

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

$OWHUQDWLYHO\ WKH UHG RFKUH FRXOG KDYH EHHQ UXEEHG RQ WKH VNLQ DV D GU\ SRZGHU 7KHRSKUDVWXV 2G   EULHIO\ PHQWLRQV WKH XVH ³RI SRZGHUV IRU EHGGLQJ´ tw=n diapasma/twn ei)j th\n strwmnh/n ) VR WKDW WKH SHUIXPHWRXFKHVWKHVNLQDQGODVWVORQJHUDQG3OLQ\ 1+   NQRZV RI ³VSULQNOLQJ SRZGHUV´ DOVR FDOOHG GLDSDVPDWD  PDGH RI GU\ VFHQWV ,Q IDFW $WKHQDHXV

 

&Iµ0LOWRQ¶UHFRUGHGDW(UHWULDVHFRQGFHQWXU\%& )UDVHU DQG0DWWKHZV DQGµ0LOWHXV¶ ,*   (SLGDXUXVVL[WKFHQWXU\%& SHUKDSVDSURSHUQDPHRU QLFNQDPHLQGLFDWLYHRIUXGG\FRPSOH[LRQRUHPSOR\PHQWWKH µUHGRFKUHPDQ¶ DSDLQWHURFKUHVHOOHURUPLQHU" 



6HFWLRQ7KUHH&RORXULQ/LWHUDU\DQG/LQJXLVWLF&XOWXUH (J\SW LQGLFDWHV RFKUH UHG IRU PHQ \HOORZ IRU ZRPHQ ZDVSDLQWHGQRWRQO\RQZDOOVDQGVWDWXHVEXWDOVRRQ³WKH IDFHRUVRPHWLPHVWKHZKROHERG\´RIFRUSVHVGXULQJWKH 7ZHQW\ILUVW WR 7ZHQW\WKLUG '\QDVWLHV ³WR UHVWRUH WKH FRORXULQJ DSSDUHQW LQ OLIH´ 2Q WKH EDVLV RI UHVLGXHV IRXQG LQ WRPEV (J\SWLDQ ZRPHQ OLNH %DE\ORQLDQV DUH VDLG WR KDYH XVHG KDHPDWLWH DQG UHG RFKUH IRU IDFLDO FRVPHWLFV 'D\DJL0HQGHOV    6R DW OHDVW VRPH DQFLHQW SHRSOHV PD\ KDYH FKRVHQ WR FRORXU WKHPVHOYHV ZLWK RFKUH ZKLOH VWLOO DOLYH OLNH WKH PRGHUQ 1XED 6DPEXUXDQG $QGDPDQHVH *U|QLQJ     

DG LQUHODWLRQWRVRPHWKLQJFDOOHGµba/kkarij¶ WHVWLILHV WR DQFLHQW FRQIXVLRQ DERXW WKH FODVVLILFDWLRQ RI SRZGHUHG URRWV DV µSHUIXPHV¶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µD PRXQWDLQ ZLWK WKH FRORXU RI PLOWRV¶ miltw/dh xro/an e)/xon o)/roj  0RVW RIWHQ LW LV DVVRFLDWHG ZLWK e)ruqro/j /DWLQ UXEHU  DV LW ZDV E\ 7KHRSKUDVWXV DQG 3OLQ\ +HURGRWXV   LQ WKH FRQWH[W RI WKH 6DPLDQ H[LOHV¶ DWWDFN RQ 6LSKQRV GHVFULEHV WKHLU VKLSV DV ³SDLQWHG ZLWK PLOWRV´ milthlife/ej  DQG \HW WKHRUDFOHKDGIRUHZDUQHGWKH6LSKQLDQVRID³UHGKHUDOG´ kh/ruka/ t' e)ruqro/n  6WUDER   VD\V WKDW DFFRUGLQJ WR &WHVLDV RI &QLGXV WKH 5HG 6HD E)ruqra\n qa/lassan  LV VRFDOOHG EHFDXVH ³PDGGHU UHG DQG PLOWRVUHG ZDWHU´ HPSWLHV LQWR LW e)reuqe\j kai\ miltw=dej u(/dwr  (XVWDWKLXV &RPP DG+RPHUL,OLDGHPYRO VWDWHVWKDW³PLOWRVLVUHG LQ FRORXU´ mi/ltoj xrw=ma/ e)stin e)ruqro/n  &I +VFK VY mi/ltoj µD NLQG RI UHG¶ ei)=doj e)ruqro\n  e)ruqro/j ZDVDOVRXVHGWRGHVFULEHQHFWDUFRSSHUJROG HJJ\RON DQG EORRG  IRU XV D ZLGH UDQJH RI \HOORZ DQG UHG /6-VY 

&RQFOXVLRQ ,QFRQFOXVLRQ,SURSRVHWKDWDW\SHRIUHGRFKUH PLOWRV ZDVDFWXDOO\XVHGLQ&ODVVLFDO$WKHQVDVD EDUHO\VRFLDOO\ DFFHSWDEOH  FRVPHWLF E\ RWKHU PHQ WKDQ ,VFKRPDFKXV DOWKRXJK PDNHXS LV QRW XVXDOO\ OLVWHG DPRQJ LWV DSSOLFDWLRQV LQ PRGHUQ VXPPDULHV ,W ZDV UHDGLO\ DYDLODEOHLQDYDULHW\RIJUDGHVIURPGLIIHUHQWVRXUFHVVR WKDWRQHFRXOGH[SHFWWKHUHWRKDYHEHHQFDUHIXOVHOHFWLRQ RI WKH EHVW IRU WKLV XVH :KHWKHU DV D GU\ SRZGHU RU EOHQGHGLQWRDVFHQWHGRLOLWVSXUSRVHPXVWKDYHEHHQWR LPSURYH WKH DSSHDUDQFH RI WKH VNLQ RI WKH ZHDUHU DUJXDEO\ RYHU WKH ZKROH ERG\ DQG QRW MXVW WKH IDFH  E\ FUHDWLQJ WKH LPSUHVVLRQ RI D VXQWDQQHG KHDOWK\ PDOH ZLWKRXW WKH FKRUH RI H[HUFLVH DW WKH J\PQDVLXP $V D SLJPHQWLWZDVXVHGE\DUWLVWVRQLPDJHVRIPHQEHFDXVH LW ZDV µPDQOLNH¶ RU HTXLYDOHQW WR D PDQO\ FRORXU ;HQRSKRQ¶V WH[W WKHQ UHPLQGV XV RI D VHOGRP UHDOLVHG DVSHFWRIFODVVLFDOFLYLOLVDWLRQ %LEOLRJUDSK\ %DXPDQQ+  *UHHN:LOG)ORZHUVDQG3ODQW/RUH LQ$QFLHQW*UHHFH /RQGRQ  %UXQ-3  µ7KHSURGXFWLRQRISHUIXPHVLQ DQWLTXLW\WKHFDVHVRI'HORVDQG3DHVWXP $PHULFDQ -RXUQDORI$UFKDHRORJ\

:K\UHGGHQRQH¶VVNLQ" ,Q WKH $ULVWRWHOLDQ 3K\VLRJQRPRQLFD D  ZKHUH VNLQ FRORXUV DQG WKHLU PHDQLQJV DUH GLVFXVVHG UHG FRPSOH[LRQV DUH JHQHUDOO\ QRW FRQVLGHUHG LQ SRVLWLYH WHUPV DQG e)ruqro/j LV WKH FRORXU RI VRPHRQH ZKR LV VKDUS RU KDVW\ RI-XSLWHU&DSLWROLQXV@LVDEVROXWHO\QHFHVVDU\IRU WKHUHGRFKUHSURGXFWZLWKZKLFKWKH\XVHGWRVWDLQDQFLHQW VWDWXHVTXLFNO\ORVHVLWVEORRP´,Q1RQQXV¶'LRQ\VLDFD   LQWKHILIWKVL[WKFHQWXU\$'LWLVZLWKPLOWRVWKDW(QY\ VWDLQVKLVKDQGVWRSUHWHQGWKDWKHLV$UHVFRYHUHGLQWKHEORRG\ JRUHRIKLVGHDGHQHPLHV  'DYLG

0LOWRVLVUHFRUGHGDQXPEHURIWLPHVLQ*UHHNWH[WVDVWKH SLJPHQW XVHGWR FRORXU WHUUDFRWWD DQG ZRRGHQ ILJXUHV WR PDNH WKHP ORRN DOLYH $UFKDHRORJLFDO HYLGHQFH IURP   &I+VFKVY brenqi/na, bre/nqon 

(J7KH6LE\OOLQH2UDFOHV  UHIHUWR³FOD\LPDJHVRI GHDGJRGVUXEEHGZLWKUHGRFKUH´/XFLDQ /H[LSKDQHV WRPRXOGPDGHWHUUDFRWWDV³FRDWHGZLWKUHGRFKUHDQGEOXH FRSSHUFDUERQDWH´WKH6HSWXDJLQW 6DSLHQWLD6DORPRQLV  WRFRORXULQJDZRRGHQLGROUHGZLWKRFKUHDQGWKH



6HFWLRQ7KUHH&RORXULQ/LWHUDU\DQG/LQJXLVWLF&XOWXUH 'D\DJL0HQGHOV0  3HUIXPHVDQG&RVPHWLFVLQ WKH$QFLHQW:RUOG -HUXVDOHP 

0LFKHOO+  7KH(FRQRPLFVRI$QFLHQW*UHHFH &DPEULGJH 

'RQDWR* 6HHIULHG0  7KH)UDJUDQW3DVW 3HUIXPHVRI&OHRSDWUDDQG-XOLXV&DHVDU 5RPH 

1LFKROVRQ37 6KDZ, HGV   $QFLHQW (J\SWLDQ0DWHULDOVDQG7HFKQRORJ\ &DPEULGJH 

)UDVHU30 0DWWKHZV( HGV   $/H[LFRQRI *UHHN3HUVRQDO1DPHV9RO 2[IRUG 

3KRWRV-RQHV(&RWWLHU$+DOO$- 0HQGRQL/ *  µ.HDQPLOWRVWKHZHOONQRZQLURQR[LGHVRI DQWLTXLW\¶$QQXDORIWKH%ULWLVK6FKRRODW$WKHQV 

*U|QLQJ.  'HFRUDWHG6NLQD:RUOG6XUYH\RI %RG\$UW /RQGRQ 

3RPHUR\6%  ;HQRSKRQ2HFRQRPLFXVD 6RFLDODQG+LVWRULFDO&RPPHQWDU\ 2[IRUG 

+DQQDK3$  µ7KHUHDOLW\RI*UHHNPDOHQXGLW\ ORRNLQJWR$IULFDQSDUDOOHOV¶6FKROLD

6DLEXOO62 &DUU5  +HUGDQG6SHDUWKH 0DDVDLRI(DVW$IULFD /RQGRQ 

+RSSHU5-  7UDGHDQG,QGXVWU\LQ&ODVVLFDO *UHHFH /RQGRQ  /HH/ 4XLUNH6  µ3DLQWLQJPDWHULDOV¶LQ 1LFKROVRQ 6KDZ HGV 



6HFWLRQ7KUHH&RORXULQ/LWHUDU\DQG/LQJXLVWLF&XOWXUH KHURHV DV LW ZDV WR WKH GHDG WXUQLQJ WKH KHDG RI WKH YLFWLP RIWHQ EODFN 6FKRO ,O  WRZDUGV WKH HDUWK EHIRUH VOLWWLQJ LWV WKURDW ,O  $OWDUV IRU KHURLF FXOW ZHUH XVXDOO\ ORZ DQG KROORZ HVFKDUDL 6FKRO (3KRHQ WRUHFHLYHWKHEORRGRIWKHYLFWLPDQGFDUU\ LWWRWKHHDUWK 2G 6RPHKHURLFVDFULILFHVZHUH FHOHEUDWHG DW QLJKW  6FKRO $SROORQLXV 5KRGLXV  

0HODVLQ*UHHN&XOWXUDO3UDFWLFHVWKHFDVHRIKHURLF VDFULILFHVLQWKH3HULHJHVLVRI3DXVDQLDV .HUDVLD6WUDWLNL ,QWURGXFWLRQ 7KHFXOWXUDOSUDFWLFHVGHGLFDWHGWRWKHGLIIHUHQWGLYLQLWLHV RI DQFLHQW *UHHFH DUH D YHU\ FRPSOH[ SKHQRPHQRQ RUJDQLVHG DURXQG SDUWLFXODU V\VWHPV JURXSHG DFFRUGLQJ WR UXOHV DQG H[FHSWLRQV LQ DFFRUGDQFH ZLWK WKH FRQFHSWLRQV RI D SRO\WKHLVWLF FXOWXUH 7KLV VWXG\ DSSURDFKHV D FDWHJRU\ RI SHUVRQLILHG µSUHVHQFHV¶ FDOOHG µKHURHV¶ DQG D SDUWLFXODU FDWHJRU\ RI FXOWXUDO SUDFWLFHV GHGLFDWHG WR WKHP LQ WKHLU VDQFWXDULHV ZKLFK ZLOO EH WHUPHG µEODFNIRFXVHG¶ FXOWXUDO SUDFWLFHV 3DXVDQLDV¶ 3HULHJHVLV KDV HWKQRJUDSKLF DQG GHVFULSWLYH YDOXHV ZKLFK ZLOO EH FRQVLGHUHG LQ LQYHVWLJDWLQJ LWV UHSUHVHQWDWLRQ RI WKH FXOW RI KHURHV VSHFLILFDOO\ WKH V\PEROLVP RI WKH EODFN FRORXU PHODV  ± ZLWKRXW IRUJHWWLQJWKHZRUN¶VODWHFKDUDFWHUDQGWKHSRO\VHP\RI WKHVHFXOWXUDOWHUPV

+HURFXOWVLQWKH3HULHJHVLVRI3DXVDQLDV 6XUYH\ RI WKH DQFLHQW OLWHUDU\ VRXUFHV VXJJHVWV WKDW 3DXVDQLDVSUHVHQWVWKHPRVWZLGHVSUHDGSLFWXUHRIDQFLHQW *UHHN FXOW SODFHV DQG SURYLGHV WKH WRWDOLW\ RI RXU LQIRUPDWLRQ FRQFHUQLQJ VRPH UHJLRQV 7KHUH DUH ILYH LQVWDQFHV LQ WKH 3HULHJHVLV ZKHUH ZH ILQG PHODV LQ UHODWLRQ WR KHURLF FXOW WKUHH RI QRFWXUQDO VDFULILFHV RQH RI WKH VDFULILFH RI D EODFN YLFWLP DQG RQH FDVH RI EODFN FORWKLQJZRUQLQKRQRXURIKHURHV7KXVZHFDQVSHDNRI DPHWDSKRULFDORUV\PEROLFFXOWXUDODSSHDUDQFHRIPHODV LQWKHKHURFXOWVRI*UHHFH

+HURFXOWLQDQFLHQW*UHHFH )RUWKH*UHHNVµKHURHV¶EHFDPHµKHURLF¶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

1RFWXUQDOVDFULILFHVDQGKHURLFULWXDO 3DXVDQLDV UHODWHV KRZ $OH[DQRU JUDQGVRQ RI $VNOHSLRV DUULYHGDW7LWDQHLQ6LF\RQDQGEXLOWWKH$VNOHSLRQZLWK VWDWXHVRI$OH[DQRUDQG(YDPHULRQDOVRWKRXJKWWREHKLV ZRUNWKHLQKDELWDQWVKRQRXUHGWKHILUVWDVDKHURDQGWKH VHFRQG DV D JRG   %RWK ZHUH SUREDEO\ DQFLHQW ORFDOGHLWLHVZKRKDGEHHQVXSHUVHGHGE\$VNOHSLRV7KH ZRUG HQDJL]HLQ LV XVHG IRU KHURLF VDFULILFHV DW 7LWDQH FOHDUO\VWDWHGWREHQRFWXUQDO±LQWKHDEVHQFHRIVXQOLJKW ± ZKLOH WK\HLQ LV XVHG IRU GLYLQH VDFULILFHV +HURHV DQG WKH GHDG ZHUH RIWHQ KRQRXUHG DIWHU VXQVHW ZKLOVW WKH JRGV ZHUH XVXDOO\ UHJDUGHG DV SUHIHUULQJ WKH OLJKW IRU WKHLU VDFULILFHV D GLVWLQFWLRQ EHWZHHQ GDUNQHVV DQG OLJKW PDGH E\ VHYHUDO UHOLJLRQV GDUNQHVV IRU WKH HDUWK DQG ZRUOG RI WKH GHDG OLJKW IRU WKH VN\ DQG WKH OLYLQJ HJ 2UWKRGR[&KULVWLDQLW\ 

+HURLF FXOW IUHTXHQWO\ UHVHPEOHV IXQHUDO FXOW WKH PDLQ GLIIHUHQFH EHLQJ WKDW KHURLF ULWXDOV ZHUH DQXDOO\ UHSHDWHG3DXVDQLDVGHVFULEHVWKH*UHHNVKRQRXULQJWKHLU KHURHV ZLWK ERWK µRO\PSLDQ¶ DQG µFKWKRQLDQ¶ VDFULILFHV ZLWK ULWXDO GLIIHUHQFHV EHWZHHQ UHJLRQV HVSHFLDOO\ SURQRXQFHG LQ WKH W\SLFDOO\ ORFDO KHURLF FXOWV +RZHYHU WKHFRPPRQIHDWXUHLVWKDWKHURHVZHUHKRQRXUHGDWWKHLU JUDYHV  +GW   6DFULILFH ZDV RIWHQ PDGH WR

7KH QH[W FDVH LV WKH JUDYH RI WKH KHUR 0\UWLORV EHKLQG KLVIDWKHU+HUPHV¶WHPSOH WKHPRVWKRQRXUHGJRGRIWKH FLW\  DW 3KHQHRV LQ $UFDGLD ,Q WKLV FDVH WRR 3DXVDQLDV LQVLVWV WKDW DQQXDO HQDJLVPRL ZHUH FXVWRPDULO\ DW QLJKW  +RZHYHUZHFDQQRWJHQHUDOLVHWKLVDVSHFWRI ULWXDO DFURVV *UHHFH EHFDXVH WKLV SDUWLFXODU FHOHEUDWLRQ ZDVVSHFLILFWRWKLVUHJLRQ





*UHDWDFNQRZOHGJPHQWVWR'U.DUHQ6WHDUVDQG'U*OHQ\V 'DYLHVRUJDQLVHUVRIWKHµ&RORXUVLQ$QWLTXLW\¶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

7KHUH LV D ILQDO FDVH RI QRFWXUQDO VDFULILFH IURP 3DXVDQLDV¶GHVFULSWLRQRI%RHRWLDZKLFKSURYLGHVDORQJ GHVFULSWLRQRI7URSKRQLXV¶ JURYH DQG RUDFOH DW /HEDGHLD  'HWDLOVRIWKHULWXDOZHUHSURYLGHGE\ WKH RUDFOH DQG DGKHUHQWV RI WKH FXOW 6DFULILFHV ZHUH RIIHUHG QRW RQO\ WR 7URSKRQLXV EXW DOVR WR KLV FKLOGUHQ DQGWRRWKHUGLYLQLWLHV  7KHDGYLFHRIWKHRUDFOH ZDV FRQILUPHG E\ H[DPLQLQJ WKH HQWUDLOV RI D VDFULILFLDO UDP VDFULILFHG DW QLJKW LQ D ERWKURV LQYRNLQJ WKH  

)UD]HU9H\QH)RQGDWLRQ+DUGW.QRHSOIOHU 3LHUUH)RUKHURLFFXOWLQWKH3HULHJHVLVVHH6WUDWLNL   3HWURSRXORX  %RWKURV VLJQRIVDFULILFHV DSLWZKLFKVKRZVWKHERWWRPRI WKHHDUWK6HH2G(W\PRORJLFRQPDJQXPVY %RWKURV



6HFWLRQ7KUHH&RORXULQ/LWHUDU\DQG/LQJXLVWLF&XOWXUH UHQRZQHG DUFKLWHFW $JDPHGHV 7URSKRQLXV¶ EURWKHU $ VWHOH DW $JDPHGHV¶ JUDYH LV DOVR PHQWLRQHG   $IWHU WKH QRFWXUQDO WK\VLD LQ WKH ERWKURV D SDUWLFLSDQW GHVFHQGHG NDWDEDVLV LQWRWKHDG\WRQRIWKH7URSKRQHLRQ ZLWK IHUPHQWHG KRQH\VZHHWV REYLRXVO\ QRFWXUQDO RIIHULQJVIRU7URSKRQLXV  

DQLPDOV ZKLOH VOHHSLQJ UHSUHVHQWV JRRG IRUWXQH   %HDULQJLQPLQGWKHIDFWWKDWEODFNFRORXUVDUHDVVRFLDWHG ZLWK +DGHV ZH FRXOG VXSSRVH WKDW EODFN DQLPDOV DOVR UHSUHVHQWHGGHDWK %ODFNFORWKHVDQGKHURLFULWXDO 7KH JUDYH RI 0HGHD¶V FKLOGUHQ 0HUPHURV DQG 3KHULV ZDVLQWKHDJRUDRI&RULQWKDFFRUGLQJWRORFDOWUDGLWLRQ WKH &RULQWKLDQV KDG NLOOHG WKHP E\ VWRQLQJ EHFDXVH RI WKH GHDGO\ JLIWV WKH\ KDG FDUULHG WR *ODINL   $V WKHLUGHDWKKDGEHHQYLROHQWDQGXQIDLUDQQXDOVDFULILFHV ZHUH HVWDEOLVKHG E\ 'HOSKL LQ WKHLU KRQRXU $IWHU WKH LQKDELWDQWVRI&RULQWKZHUHH[WHUPLQDWHGE\WKH5RPDQV WKH QHZ LQKDELWDQWV GLG QRW PDNH WKHVH VDFULILFHV DQG WKHLUFKLOGUHQGLGQRWFXWWKHLUKDLURUZHDUEODFNFORWKHV LQKRQRXURI0HGHD¶VFKLOGUHQ  &RQVHTXHQWO\ZH XQGHUVWDQG WKDW 0HGHD¶V FKLOGUHQ KDG SUHYLRXVO\ EHHQ KRQRXUHGDQQXDOO\ZLWKD DQQXDOWK\VLDLDKHURLFULWXDO E  KDLUFXWWLQJ FI ,O  DQG ZHDULQJ EODFN FORWKHVZKLFKZHUHIXQHUDODQGPRXUQLQJFXVWRPV

7KHPRVWLQWHUHVWLQJHOHPHQWRIWKLVFDVHKRZHYHULVWKH QRFWXUQDOVDFULILFHWR$JDPHGHVLQWKHILUVWWZRFDVHVZH KDYH H[DPLQHG WKH QRFWXUQDO VDFULILFHV ZHUH RI WKH HQDJLVPRV W\SH EXW LQ WKLV FDVH ZH KDYH D QRFWXUQDO WK\VLDIURPZKLFKWKHPHDWZDVDEDQGRQHG&RQFHUQLQJ WKH WHUPV HQDJL]HLQ DQG WK\HLQ ZH KDYH WKH FDVH RI WKH VDQFWXDU\RIWKH(XPHQLGHVLQ$UFDGLDZKHUHDFFRUGLQJ WR WUDGLWLRQ 2UHVWHV KRQRXUHG µWKH EODFN RQHV¶ ZLWK HQDJLVPRLDQGµWKHRQHV ZKRZHUHZKLWH¶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¶V PHDW FRXOG QRW HQWHU WKH VDQFWXDU\ RI =HXV DQG WKH VRRWKVD\HU GLG QRW SDUWLFLSDWH LQ WKH EDQTXHW

0HODV ± µEODFN IRFXVHG¶  FXOWXUDO SUDFWLFHV LQ WKH 3HULHJHVLV *HQHUDOO\ KHURHV ZHUH H[FHSWLRQDO GHDG SHRSOH ZKRVH FXOWVZHUHFRQVLGHUHGFHQWUDOWRWKHOLIHRIDSROLV+DYLQJ FODVVLILHG GLIIHUHQW DVSHFWV RI WKH DSSHDUDQFH RI WKH FRORXU EODFN LQ WKH GHVFULSWLRQV RI KHUR FXOWV , PXVW HPSKDVLVHWKDWWKHQDWXUHRIWKLVVLQJOHSDSHULVOLPLWHG, KDYH KDG WR JLYH D VLPSOH SUHVHQWDWLRQ RI WKH ILYH FDVHV ZKHUHZHHQFRXQWHUWKHFRORXUEODFNLQUHODWLRQWRKHURLF ULWXDOV7KLVGRHVQRWPHDQWKDWWKHVHFDVHVZHUHWKHRQO\ LQVWDQFHV RI VXFK SUDFWLFHV VLQFH 3DXVDQLDV PD\ KDYH QHJOHFWHG WR GHVFULEH LQ GHWDLO RWKHU KHURLF VDFULILFHV RI WKLV NLQG'XHWRWKHGLYHUVLW\RIFXOWXUDOV\VWHPV ZKLFK FRH[LVWHG LQ *UHHFH VXFK SUDFWLFHV GLG QRW KDYH D XQLIRUPVKDSH$OPRVWHYHU\SROLVKDGLWVRZQYDULDQWRQ FXOWXUDO V\VWHPV DQG HYHQ WKLV FRXOG EH GLYHUVLILHG ZLWKLQ WKH FRPPXQLW\ ZLWK FKDQJHV RFFXUULQJ WKURXJKRXWWKHFHQWXULHV

6DFULILFHLQKRQRXURIKHURHVZDVRIWHQDKRORFDXVWDQG WKHUHIRUH WKH PHDW RI WKH YLFWLP ZDV QRW HDWHQ E\ WKH SDUWLFLSDQWVLQFRQWUDVWWRWKHXVXDOW\SHRIVDFULILFHLQ ZKLFKWKHPHDWZDVFRQVXPHGLQDULWXDOEDQTXHW 1RFN   ,Q WKLV FDVH KRZHYHU WKHUH ZDV D WDERR FRQFHUQLQJWKHPHDWRIWKHEODFNUDP FIWKHDEDQGRQHG PHDWDERYH WKHYLFWLPRIIHUHGWRWKHKHUR±DGHDGPDQ DQG FKWKRQLDQ SRZHU ± ZDV HDWHQ EXW WKRVH ZKR FRQVXPHGLWFRXOGQRWHQWHUWKHVDQFWXDU\RIDQRO\PSLDQ JRG :LWK UHIHUHQFH WR EODFN VDFULILFLDO YLFWLPV LW LV ZRUWK PHQWLRQLQJ WKDW LQ $UWHPLGRUXV¶ 7KH .H\ RI 'UHDPVZHHQFRXQWHUDQDQFLHQW*UHHNYLHZWKDWEODFN FRORXUHGVKHHSDQGVKHJRDWVDUHEDGEXWWKHZKLWHRQHV DUHJRRG 6HHLQJEODFNDQLPDOVLQGUHDPV PHDQVEDG OXFNIRUWKHGUHDPHURQWKHFRQWUDU\GUHDPLQJRIZKLWH

7KH FDVH RI QRFWXUQDO VDFULILFH LV D PHWDSKRULFDO DSSHDUDQFHRIPHODVZKLOHWKDWRIEODFNYLFWLPVDQGWKH ZHDULQJ RI EODFN FORWKHV DUH OLWHUDO DSSHDUDQFHV %RWK VKRZ WKH LPSRUWDQFH RI WKH FRORXU EODFN LQ WKH KHURLF ULWXDOVRIVRPH*UHHNUHJLRQV,QVSLWHRIWKHSOXUDOQDWXUH RI KHURLF FXOW DQG RI WKH GLYHUVLW\ RI SROLVFHQWUHG FXOWXUDO SUDFWLFHV WKH GHILQLWLYH NH\ WR DOO RI WKHVH YDULDQWV LV WKH FRPSDUDWLYH VWXG\ RI ORFDO FXOWXUDO SUDFWLFHVDFFRUGLQJWRDQFLHQWHYLGHQFH 0HODV±WKHFRORXUEODFN±LQDQFLHQWVRXUFHV ,W LV LQWHUHVWLQJ WKDW ZH FDQ ILQG FDVHV VLPLODU WR WKHVH DSSHDUDQFHVRIµEODFNIRFXVHG¶FXOWXUDOSUDFWLFHLQKHURLF ULWXDO LQ RWKHU VRXUFHV ZKLFK ZLOO EH EULHIO\ RXWOLQHG DV FRQWH[WIRUWKHPDWHULDOZHKDYHFRQVLGHUHGLQGHWDLO,WLV FOHDU WKDW WKHUH LV D UHODWLRQVKLS EHWZHHQ GHDWK DQG GDUNQHVV ,Q WKH ,OLDG II  WKH KDELWDWLRQ RI 3RVHLGRQ LV WKH JUH\ VHD DQG RI =HXV WKH EURDG KHDYHQ DPLGDLUDQGFORXGVZKLOVW+DGHVLVFKDUDFWHULVHGDVWKH µORUGRIWKHGHDG¶ZKRVHGRPDLQLVWKHµPXUN\GDUNQHVV¶ 





  7KHUH LV DOVR WKH FDVH RI $FKLOOHV ZKR ZDV KRQRXUHG DW VXQVHW LQ (OLV EXW WKH WHUPV WK\HLQ DQG HQDJL]HLQ DUHQRWPHQWLRQHG    )RU RWKHU VRXUFHV GHVFULELQJ VDFULILFHV RI EODFN YLFWLPVVHH,O2G    6HH  IRU D VDFULILFLDO EDQTXHW LQ KRQRXU RI D KHUR $UFKHJHWLV RI 7URQLV  VHH DOVR 6RNRORZVNL  1RFN  +HV\FKLXVVY(QDJD]HLQ6XLGDVVY(QDJLVPRL  1HJDWLYHDVSHFWVRIEODFNFRORXUVHH3O5 µGDUN¶PHQDV RIPDOLJQDQWFKDUDFWHU 



+\PQWR'HPHWHU6HHDOVRIRUWKHFXOWRI'HPHWHU 0HODLQDLQ$UFDGLDKRQRXUHGLQDVDFUHGFDYH



6HFWLRQ7KUHH&RORXULQ/LWHUDU\DQG/LQJXLVWLF&XOWXUH +RPHU IUHTXHQWO\ FKDUDFWHULVHV QLJKW DV PHODV DQ LGHD DOVR IRXQG LQ +HVLRG¶V 7KHRJRQ\ ZKHUH WKH KRPH RI 1LJKW LV ZUDSSHG LQ GDUN FORXGV 'D\ KROGV DOOVHHLQJ OLJKWIRUWKHHDUWKEXWGDUNHYLO1LJKWKROGVKHUFKLOGUHQ LQKHUDUPV6OHHSDQGKLVEURWKHU'HDWKDQGLVZUDSSHG LQ YDSRURXV FORXG WKH JORZLQJ 6XQ QHYHU ORRNV XSRQ WKHP ZLWK KLV EHDPV DV KH JRHV XS WR KHDYHQ II  +HUH ZH ILQG WZR RSSRVLWLRQV D  1LJKW DQG 'D\  GDUN DQGOLJKWE 'D\6XQDQG1LJKW6OHHS'HDWK$VZHFDQ VHH 'HDWK 1LJKW DQG GDUNQHVV DUH KHUH FORVHO\ UHODWHG PHWDSKRULFDOO\

PRXUQLQJLVSDUWRIWKHQDWXUHRIWKHVHVSHFLILFORFDOKHUR FXOWV &RQFOXVLRQ 7KH3HULHJHVLVJLYHVLPSRUWDQWLQIRUPDWLRQDERXWKHURLF FXOWDQGPDWHULDOFXOWXUHLQ*UHHFH,QWKHVSHFLILFFDVHRI WKH FRORXU EODFN LQ KHURLF ULWXDO LW LQIRUPV XV DERXW WKH DVSHFWRIPRXUQLQJWKHGHDGLQVRPHKHURFXOWVLQZKLFK WKH KHUR LV UHFRJQL]HG DV D FKWKRQLDQ SRZHU RI +DGHV¶ GDUNZRUOG±PHODV$LGLV 627 7KHOLYLQJKRQRXUHG WKHLUKHURHV±DQGDOVRPHWDSKRULFDOO\'HDWK1LJKWDQG WKH JRGV RI WKH RWKHUZRUOG ± DV D UHFRJQLWLRQ RI WKHLU SRZHULQWKHZRUOGRIPRUWDOV,WVHHPVWKDWDFFRUGLQJWR VRPH ORFDO FXVWRPV KHURHV ZHUH VHHQ DV µOLYLQJ¶ LQ WKH EODFNGDUNZRUOGRIGHDWKDQGZHUHWKHUHIRUHKRQRXUHG DQQXDOO\ E\ FKWKRQLDQ VDFULILFHV DQG PRXUQLQJ DV H[FHSWLRQDO H[LVWHQFHV ZKR QHYHUWKHOHVV SDUWLFLSDWH LQ PRUWDOQDWXUHZKLFKKDVERWKDVWDUWDQGDQHQG

7KLVUHODWLRQVKLSLVDOVRHYLGHQWLQWKH,OLDGZKHUHGHDWK LV FKDUDFWHULVHG DV µEODFN¶   7KH DVVRFLDWLRQ FRQWLQXHV ZLWK EODFN LQ ULWXDO 0HQHODRV VD\V WKDW WKH *UHHNVPXVWFDUU\WZRVKHHS±DEODFNRQHIRU(DUWKDQG D ZKLWH RQH IRU WKH 6XQ   +HUH ZH VHH D UHODWLRQVKLS EHWZHHQ WKH EODFN FRORXU DQG WKH HDUWK FI 2G DQGEODFNDQGWKHFKWKRQLDQFXOWVDQGFXOWVRI WKHGHDG,Q2G\VVH\2G\VVHXVPXVWGLJDSLW WR PDNH OLEDWLRQV IRU FDOOLQJ WKH GHDG VSULQNOLQJ LW ZLWK ZKLWH IORXU DQG SURPLVH WKDW RQ UHWXUQLQJ WR ,WKDFD KH ZLOOVDFULILFHWKHEHVWRIKLVVWHULOHFRZVWRWKHGHDGDQG DQXQPDUNHGEODFNUDPWR7HLUHVLDV$IWHUWKLVSUD\HUKH RIIHUV D EODFN ODPS DQG D EODFN VKHHS WXUQLQJ LWV KHDG WRZDUGV(UHERVDQGWXUQLQJKLVRZQH\HVDZD\

%LEOLRJUDSK\ $QWRQDFFLR&0  $Q$UFKDHRORJ\RI$QFHVWRUV +HURDQG7RPE&XOWLQ(DUO\*UHHFH /DQKDP0G  %pUDUG&  µ/¶KpURwVDWLRQHWODIRUPDWLRQGHOD FLWpXQFRQIOLWLGpRORJLTXH¶$UFKLWHFWXUHHW6RFLpWp 

6RWKHDVVRFLDWLRQRIWKHFRORXUEODFNDQGWKHFKWKRQLDQ FXOWV LV DQ HVVHQWLDO HOHPHQW RI *UHHN ULWXDO ZKLFK DSSHDUVWREHJLQLQWKH+RPHULFDJHDQGFRQWLQXHWRWKH HQGRIDQWLTXLW\7KHUHDUHPDQ\H[DPSOHVRIWKLV FXOWLF KDELW LQ OLWHUDU\ VRXUFHV DQG LQVFULSWLRQV ,Q (XULSLGHV¶ $OFHVWLV $GPHWXV FRPPDQGV KLV VXEMHFWV WR MRLQ WKH PRXUQLQJ IRU KLV ZLIH E\ FXWWLQJ WKHLU KDLU DQG ZHDULQJ EODFN FORWKHV   /DWHU +HUDNOHV VHHNV WKH µEODFN UREHGORUGRIWKHGHDG¶'HDWKKLPVHOIZKRLVH[SHFWHGWR EHQHDUWKHWRPEGULQNLQJIURPWKHRIIHULQJV  ,Q DQ LQVFULSWLRQ IURP 0\NRQRV RI F %& WKH LQKDELWDQWV KDYH WR VDFULILFH GHUWD PHODQD EODFN IOD\HG VKHHS  DQQXDOO\ LQ KRQRXU RI =HXV &KWKRQLXV DQG (DUWK &KWKRQLD ERWK REYLRXVO\ FKWKRQLDQ FXOWV 1LJKW FRQWLQXHV WR EH DFFRPSDQLHG E\ HSLWKHWV RI EODFN FRORUDWLRQ DV ZH VHH LQ (XULSLGHV¶ ,RQ ZKHUH 1LJKW LV PHODPSHSORV   ,W LV FOHDU WKDW WKH EODFN FRORXU LV UHODWHGWRWKHGDUNQHVVRIQLJKWDQGRIWKHFKWKRQLDQFXOWV RIFKWKRQLDQJRGVDQGWKHGHDG

%XUNHUW:  µ.HNURSLGHQVDJHXQG$UUKHSKRULD¶ +HUPHV &DODPH&  0\WKHHWKLVWRLUHGDQVO¶$QWLTXLWp JUHFTXH/DFUpDWLRQV\PEROLTXHG¶XQHFRORQLH /DXVDQQH  'HOFRXUW0  /pJHQGHVHWFXOWHVGHKpURVHQ *UqFH 3DULV  )DUQHOO/5  +HUR&XOWDQG,GHDVRI,PPRUWDOLW\ 2[IRUG  )RXFDUW-*  /HFXOWHGHVKpURVFKH]OHV*UHFV 3DULV  )UD]HU-*  3DXVDQLDV¶'HVFULSWLRQRI*UHHFH /RQGRQ  +DJJ5 HG $QFLHQW*UHHN+HUR&XOW 6WRFNKROP 

7KHDSSHDUDQFHRIµEODFNIRFXVHG¶SUDFWLFHVLQKHURLFFXOW LVFRQVLVWHQWZLWKWKLVZLGHUSLFWXUH$VWKHGHDGKHURHV KDYH D VWURQJ UHODWLRQVKLS ZLWK +DGHV DQG WKH RWKHU FKWKRQLDQSRZHUVEODFN1LJKWLVWKHPRWKHURI'HDWKWKH ZRUOGRI+DGHVLVDGDUNZRUOG (+LSS 7KXVWKH\ DUHKRQRXUHG ZLWK QRFWXUQDO VDFULILFHV RU EODFN YLFWLPV RUEODFNFORWKHVDQGRWKHUPRXUQLQJFXVWRPV%ODFNZDV WKH FRORXU RI GHDWK DQG PRXUQLQJ D UHODWLRQ ZKLFK LV WHVWLILHG WR LQ +RPHU WKDQDWRV PHODV ,O  7KRVH KHURHVZKRVHKRQRXUVLQYROYHGµEODFNIRFXVHG¶SUDFWLFHV DSSHDU WR EH KRQRXUHG E\ WKH LQKDELWDQWV RI WKHLU SDUWLFXODU UHJLRQV DV WKH µJUHDW GHDG¶ WKH HOHPHQW RI

.QRHSIOHU' 3LpUDUW0 HGV   (GLWHU WUDGXLUHFRPPHQWHU3DXVDQLDVHQO¶DQ *HQRYD  .XUW]'& %RDUGPDQ-  *UHHN%XULDO &XVWRPV /RQGRQ  /DORQGH*9  µ$KHURVKULQHLQWKH$WKHQLDQ $JRUD¶+HVSHULD 0DONLQ,  5HOLJLRQDQG&RORQL]DWLRQLQ$QFLHQW *UHHFH /HLGHQ 1HZ7XUQXV@DQGKHIL[HV KLVIDFHRQWKHPDLGHQKHEXUQVIRUDUPVDOO WKHPRUH 9HUJLO$HQHLG

7KH µUXERU¶ WKDW WLQJHG +LSSRO\WXV¶ IDFH LV OHVV FRQWURYHUVLDO $QG \HW WKH EOXVK ZDV MXVW DV PXFK D µWKLQJ¶DVWKHEORQGVWXEEOHLWFRPSOHPHQWHG,WZDVDOVR D5RPDQFDWHJRU\RIFRORXUµEOXVK¶ZDVUXERUDQGUXERU  UHGQHVV  ZDV ZKDW SDLQWHG WKH IDFHV RI DQWLTXLW\¶V EOXVKLQJEULGHV2WKHU/DWLQµUHGV¶KDGWKHLURZQSDWWHUQV RI XVH UXWLOXV IRU H[DPSOH XVXDOO\ GHQRWHG WKH KDLU RI 1RUGLF EDUEDULDQV  5XERU ZDV WKH SURSHU VLJQDO WKDW DQ LQGLYLGXDO SRVVHVVHG D VHQVH RI VKDPH SXGRU  7KH HPEDUUDVVHG IDFH LV D TXLQWHVVHQWLDO VLWH IRU ORFDWLQJ WKH 5RPDQ FRORXU µUHG¶ &RORXU DQG SKHQRPHQRQ ZHUH RQH DQGWKHVDPH

/DYLQLD QHYHU VSHDNV D ZRUG LQ WKH $HQHLG +HU RQO\ FRQWULEXWLRQ LV KHU UXERU DQG WKLV VSHDNV YROXPHV 7KLV FRORUGULYHV7XUQXVEDFNLQWREDWWOHIRUFHVWKHILQDOGXHO WRVHFXUH5RPH¶VGRPLQLRQDQGJHWVKLPNLOOHG/DYLQLD KDV DOPRVW EHFRPH D VSHFLPHQ RI PRGHUQ SV\FKRORJ\  FULWLFVKDYHGHWHFWHGLQKHUUXERUDQµDSRORJ\¶DKLQWRI DSSURSULDWH VHOISROLFLQJ UHSHQWDQFH VXEPLVVLRQ DSSHDVHPHQW DQG VR RQ